{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 1-5", "Provision_Key": "s1-5", "Heading": "Short title", "Text": "This Act may be cited as the Fuel Tax Act 2006 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s1-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 1-10", "Provision_Key": "s1-10", "Heading": "Commencement", "Text": "This Act commences on 1 July 2006.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s1-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 1-15", "Provision_Key": "s1-15", "Heading": "States and Territories are bound by the fuel tax law", "Text": "The * fuel tax law binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. However, it does not make the Crown liable to be prosecuted for an offence. Note: For the application of this Act to the Commonwealth, see section 95 ‑ 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s1-15"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 2-1", "Provision_Key": "s2-1", "Heading": "Overview and purpose of the fuel tax law", "Text": "This Act provides a single system of fuel tax credits. Fuel tax credits are paid to reduce or remove the incidence of fuel tax levied on taxable fuels, ensuring that, generally, fuel tax is effectively only applied to: (a) fuel used in private vehicles and for certain other private purposes; and (b) fuel used on ‑ road in light vehicles for business purposes. Liability for fuel tax currently arises under the Excise Act 1901 , the Excise Tariff Act 1921 , the Customs Act 1901 and the Customs Tariff Act 1995 . The administrative aspects of this Act (such as your rights, obligations and payment arrangements) are aligned as closely as possible to the administrative aspects of other indirect taxes (primarily, the GST), and other taxes administered by the Commissioner, to reduce your compliance costs.", "Amendment_Count": 4, "First_Amended": "No 68 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 68 of 2011 | No 157 of 2011 | No 84 of 2012 | No 83 of 2014", "History_Notes": "Amended by No 68 of 2011, Sch 1 item 15, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 157 of 2011, Sch 1 item 1, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 84 of 2012, Sch 2 item 76, effective sch 2 (items 76-85): 1 July 2012 (s 2(1) item 3) | Amended by No 83 of 2014, Sch 1 item 108, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s2-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 3-1", "Provision_Key": "s3-1", "Heading": "When defined terms are identified", "Text": "(1) Many of the terms used in the * fuel tax law are defined. (2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “ * enterprise”. The footnote that goes with the asterisk contains a signpost to the Dictionary definitions at section 110 ‑ 5.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s3-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 3-5", "Provision_Key": "s3-5", "Heading": "When terms are not identified", "Text": "(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the non ‑ operative material contained in this Act. Note: The non ‑ operative material is described in Division 4. (3) The following basic terms used throughout the Act are not identified with an asterisk. Common definitions that are not asterisked Item This term: 1 Commissioner 2 entity 3 fuel tax 4 fuel tax credit 5 indirect tax zone 6 taxable fuel 7 you", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Amended by No 70 of 2015, Sch 6 item 5, effective sch 6 (items 5-12): 25 June 2015 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s3-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 3-10", "Provision_Key": "s3-10", "Heading": "Identifying the defined term in a definition", "Text": "Within a definition, the defined term is identified by bold italics .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s3-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 4-1", "Provision_Key": "s4-1", "Heading": "Non ‑ operative material", "Text": "In addition to the operative provisions themselves, this Act contains other material to help you identify accurately and quickly the provisions that are relevant to you and to help you understand them. This other material falls into 2 main categories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s4-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 4-5", "Provision_Key": "s4-5", "Heading": "Guides", "Text": "The first is the “Guides”. A * Guide consists of sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc. * Guides form part of this Act but are kept separate from the operative provisions. In interpreting an operative provision, a Guide may only be considered for limited purposes. These are set out in section 105 ‑ 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s4-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 4-10", "Provision_Key": "s4-10", "Heading": "Other material", "Text": "The other category consists of material such as notes and examples. These also form part of the Act. Generally, they are distinguished by type size from the operative provisions, but are not kept separate from them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s4-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 40-5", "Provision_Key": "s40-5", "Heading": "Object of this Chapter", "Text": "(1) The object of this Chapter is to provide a single system of fuel tax credits to ensure that, generally, fuel tax is effectively only applied to: (a) fuel used in private vehicles and for certain other private purposes; and (b) fuel used on ‑ road in light vehicles for business purposes. (2) To do this, a fuel tax credit is provided to reduce or remove the incidence of fuel tax applied to: (a) fuel used in * carrying on your * enterprise (other than fuel used on ‑ road in light vehicles); and (b) fuel used for domestic heating and domestic electricity generation; and (c) fuel packaged for use other than in an internal combustion engine; and (d) fuel supplied into certain kinds of tanks. Note: However, other provisions of this Act might affect your entitlement to a fuel tax credit.", "Amendment_Count": 3, "First_Amended": "No 68 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 68 of 2011 | No 157 of 2011 | No 83 of 2014", "History_Notes": "Amended by No 68 of 2011, Sch 1 item 16, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 157 of 2011, Sch 1 item 2 | Sch 1 item 3, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 83 of 2014, Sch 1 item 109, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s40-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-1", "Provision_Key": "s41-1", "Heading": "What this Division is about", "Text": "Fuel tax credits are provided under Subdivision 41 ‑ A to business taxpayers who are registered, or required to be registered, for GST (and to some non ‑ profit bodies) in 2 situations. The first situation is where you acquire, manufacture or import fuel to use in carrying on your enterprise (whether the fuel is used as fuel or otherwise). The second situation is where you acquire, manufacture or import fuel to: (a) make a taxable supply to a private user for domestic heating; or (b) package the fuel for the purpose of making a taxable supply of it for use other than in an internal combustion engine; or (c) make a taxable supply of LPG into certain kinds of tanks. However, fuel tax credits are denied under Subdivision 41 ‑ B if: (a) another person is already entitled to a fuel tax credit in respect of the fuel; or (b) the fuel is for use on ‑ road in light vehicles; or (c) the fuel is for use in vehicles that do not meet certain environmental criteria; or (d) the fuel is for use in aircraft.", "Amendment_Count": 3, "First_Amended": "No 68 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 68 of 2011 | No 157 of 2011 | No 83 of 2014", "History_Notes": "Amended by No 68 of 2011, Sch 1 item 17, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 157 of 2011, Sch 1 item 4, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 83 of 2014, Sch 1 item 111, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-5", "Provision_Key": "s41-5", "Heading": "Fuel tax credit for fuel to be used in carrying on your enterprise", "Text": "(1) You are entitled to a fuel tax credit for taxable fuel that you acquire or manufacture in, or import into, the indirect tax zone to the extent that you do so for use in * carrying on your * enterprise. Note 1: Other provisions can affect your entitlement to the credit. (For example, see Subdivision 41 ‑ B.) Note 2: Fuel is taken to have been used if it is blended as specified in a determination made under section 95 ‑ 5. Registration for GST (2) However, you are only entitled to the fuel tax credit if, at the time you acquire, manufacture or import the fuel, you are * registered for GST, or * required to be registered for GST. (3) Subsection (2) does not apply if, at the time you acquire, manufacture or import the fuel: (a) you are a non ‑ profit body; and (b) you acquire, manufacture or import the fuel for use in a vehicle (or vessel) that: (i) provides emergency services; and (ii) is clearly identifiable as such.", "Amendment_Count": 3, "First_Amended": "No 157 of 2011", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 157 of 2011 | No 83 of 2014 | No 70 of 2015", "History_Notes": "Amended by No 157 of 2011, Sch 1 item 5, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 83 of 2014, Sch 1 item 112, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2) | Amended by No 70 of 2015, effective sch 6 (items 5-12): 25 June 2015 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-10", "Provision_Key": "s41-10", "Heading": "Fuel tax credit for fuel supplied for domestic heating, packaged for supply or transferred into tanks", "Text": "Certain fuels supplied for domestic heating (1) You are entitled to a fuel tax credit for taxable fuel that you acquire or manufacture in, or import into, the indirect tax zone to the extent that: (a) you do so to make a * taxable supply of the fuel to an entity; and (b) the fuel is kerosene, heating oil or any other fuel prescribed by the regulations; and (c) you have a reasonable belief that the entity: (i) will not use the fuel in * carrying on an * enterprise; but (ii) will use the fuel for domestic heating. Certain fuels packaged for supply (2) You are entitled to a fuel tax credit for taxable fuel that you acquire or manufacture in, or import into, the indirect tax zone to the extent that: (a) you do so to package the fuel, in accordance with the regulations, for the purpose of making a * taxable supply of the fuel for use other than in an internal combustion engine; and (b) the fuel is kerosene, mineral turpentine, white spirit or any other fuel prescribed by the regulations. LPG supplied into certain kinds of tanks (3) You are entitled to a fuel tax credit for taxable fuel that is * LPG that you acquire or manufacture in, or import into, the indirect tax zone to the extent that: (a) you do so for making a * taxable supply of the LPG; and (b) the supply involves transferring the LPG to a tank; and (c) the tank is not for use in a system for supplying fuel to an internal combustion engine of either a * motor vehicle or a vessel, either directly or by filling another tank connected to such an engine; and (d) any of the following apply to the tank: (i) the tank has a capacity of not more than 210 kilograms of LPG; (ii) the tank is at * residential premises and is not for use in * carrying on an * enterprise; (iii) the tank is for use in a system for supplying fuel to at least 2 residential premises (whether or not the system also supplies fuel to premises other than residential premises). (4) Paragraph (3)(c) does not apply to a * motor vehicle that: (a) is designed merely to move goods with a forklift and is for use primarily off public roads; or (b) is of a kind prescribed by the regulations for the purposes of this paragraph.", "Amendment_Count": 3, "First_Amended": "No 68 of 2011", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 68 of 2011 | No 136 of 2011 | No 70 of 2015", "History_Notes": "Amended by No 68 of 2011, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 136 of 2011, Sch 4 item 7, effective Schedule 4 (items 5–7): 1 Dec 2011 (s 2(1) item 7) | Amended by No 70 of 2015, effective sch 6 (items 5-12): 25 June 2015 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-15", "Provision_Key": "s41-15", "Heading": "No fuel tax credit if another entity was previously entitled to a credit", "Text": "(1) You are not entitled to a fuel tax credit (under this Division or Division 42) for taxable fuel if it is reasonable to conclude that another entity has previously been entitled to a fuel tax credit (under this Division or Division 42), or a * decreasing fuel tax adjustment, for the fuel. (2) However, subsection (1) does not apply if it is also reasonable to conclude that another entity had, in respect of the credit, an * increasing fuel tax adjustment of the * amount of the credit.", "Amendment_Count": 3, "First_Amended": "No 68 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 68 of 2011 | No 84 of 2012 | No 83 of 2014", "History_Notes": "Amended by No 68 of 2011, Sch 1 item 23 | Sch 1 item 24, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 84 of 2012, Sch 2 item 77, effective sch 2 (items 76-85): 1 July 2012 (s 2(1) item 3) | Amended by No 83 of 2014, Sch 1 item 113, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-15"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-20", "Provision_Key": "s41-20", "Heading": "No fuel tax credit for fuel to be used in light vehicles on a public road", "Text": "You are not entitled to a fuel tax credit for taxable fuel to the extent that you acquire, manufacture or import the fuel for use in a vehicle with a gross vehicle mass of 4.5 tonnes or less travelling on a public road.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-20"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-25", "Provision_Key": "s41-25", "Heading": "No fuel tax credit for fuel to be used in motor vehicles that do not meet environmental criteria", "Text": "(1) You are not entitled to a fuel tax credit for taxable fuel to the extent that you acquire, manufacture or import the fuel for use in a * motor vehicle, unless the vehicle meets one of the following criteria: (a) it is manufactured on or after 1 January 1996; (b) it is registered in an audited maintenance program that is accredited by the * Transport Secretary; (c) it meets Rule 147A of the Australian Vehicle Standards Rules 1999; (d) it complies with a maintenance schedule that is endorsed by the Transport Secretary. (2) Subsection (1) does not apply to a * motor vehicle: (a) that is used: (i) in carrying on a * primary production business; and (ii) primarily on an agricultural property; or (b) that is not powered by a diesel engine; or (c) that is not used on a public road.", "Amendment_Count": 2, "First_Amended": "No 157 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 157 of 2011 | No 83 of 2014", "History_Notes": "Amended by No 157 of 2011, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 83 of 2014, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-25"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 41-30", "Provision_Key": "s41-30", "Heading": "No fuel tax credit for fuel to be used in an aircraft", "Text": "You are not entitled to a fuel tax credit for taxable fuel that you acquire, manufacture or import for use as fuel in aircraft if the fuel was entered for home consumption for that use (within the meaning of the Excise Act 1901 or the Customs Act 1901 , as the case requires).", "Amendment_Count": 2, "First_Amended": "No 157 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 157 of 2011 | No 83 of 2014", "History_Notes": "Amended by No 157 of 2011, Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 83 of 2014, Sch 1 item 115 | Sch 1 item 116 | Sch 1 item 117, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s41-30"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 42-1", "Provision_Key": "s42-1", "Heading": "What this Division is about", "Text": "Fuel tax credits are provided under this Division to non ‑ business taxpayers. Currently, a credit is only provided for fuel to be used by you for generating electricity for domestic use.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s42-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 42-5", "Provision_Key": "s42-5", "Heading": "Fuel tax credit for fuel to be used in generating electricity for domestic use", "Text": "You are entitled to a fuel tax credit for taxable fuel that you acquire or manufacture in, or import into, the indirect tax zone to the extent that you do so for use by you in generating electricity for domestic use. Note: If you are carrying on an enterprise, you might be entitled to a credit under section 41 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Amended by No 70 of 2015, Sch 6 item 7, effective sch 6 (items 5-12): 25 June 2015 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s42-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 43-1", "Provision_Key": "s43-1", "Heading": "What this Division is about", "Text": "The amount of your credit for taxable fuel is the amount of fuel tax that was payable on the fuel, reduced to take account of certain grants and subsidies that were payable in respect of the fuel (as the grants or subsidies reduced the amount of fuel tax that effectively applied to the fuel). For taxable fuel that is a blend of fuels, there are additional rules for working out the amount of your credit. In some cases, the credit is reduced so that some of the fuel tax can be retained as a road user charge.", "Amendment_Count": 5, "First_Amended": "No 68 of 2011", "Last_Amended": "No 81 of 2015", "Amending_Acts": "No 68 of 2011 | No 157 of 2011 | No 84 of 2012 | No 83 of 2014 | No 81 of 2015", "History_Notes": "Amended by No 68 of 2011, Sch 1 item 25, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 157 of 2011, Sch 1 item 10, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 84 of 2012, Sch 2 item 80, effective sch 2 (items 76-85): 1 July 2012 (s 2(1) item 3) | Amended by No 83 of 2014, Sch 1 item 120, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2) | Amended by No 81 of 2015, Sch 1 item 15, effective sch 1 (items 9-12, 15-18, 25-28): 1 July 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s43-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 43-5", "Provision_Key": "s43-5", "Heading": "Working out your fuel tax credit", "Text": "(1) The * amount of your fuel tax credit for taxable fuel is the amount of * effective fuel tax that is payable on the fuel. Note: The amount of the credit may be reduced under section 43 ‑ 10. Amount of effective fuel tax (2) The * amount of effective fuel tax that is payable on the fuel is the amount (but not less than nil) worked out using the formula: where: fuel tax amount means the * amount of fuel tax that was or would be payable on the fuel at the rate in force on the day worked out using the table in subsection (2A). grant or subsidy amount means the * amount of any grant or subsidy, except a grant specified in subsection (3), that was or would be payable in respect of the fuel by the Commonwealth at the rate in force on the day worked out using the table in subsection (2A). Note: Section 43 ‑ 7 affects how this subsection applies to blends. Day for rate of fuel tax, grant or subsidy (2A) Work out the day using the table: Day for rate of fuel tax, grant or subsidy If: The day is: 1 You acquired or imported the fuel The day you acquired or imported the fuel 2 You: (a) manufactured the fuel; and (b) entered the fuel for home consumption (within the meaning of the Excise Act 1901 ) The day you entered the fuel for home consumption (within the meaning of the Excise Act 1901 ) Note: Division 65 sets out which tax period a credit is attributable to. (3) In applying subsection (2), disregard a benefit under the Product Stewardship (Oil) Act 2000 .", "Amendment_Count": 8, "First_Amended": "No 73 of 2006", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 73 of 2006 | No 68 of 2011 | No 157 of 2011 | No 84 of 2012 | No 83 of 2014 | No 133 of 2014 | No 81 of 2015 | No 8 of 2019", "History_Notes": "Amended by No 73 of 2006, Sch 3 item 39, effective Schedule 3 (items 23A, 23B): 1 July 2006 (s 2(10 item 10A) Schedule 3 (items 34A, 34B): 1 July 2008 Schedule 3 (items 35, 36): 1 July 2010 Schedule 3 (items 37–39): 1 July 2012 Schedule 3 (items 40, 41): 1 July 2013 | Amended by No 68 of 2011, Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 43 | Sch 1 item 29 | Sch 1 item 32, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 157 of 2011, Sch 1 item 11, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 84 of 2012, Sch 2 item 81 | Sch 2 item 82, effective sch 2 (items 76-85): 1 July 2012 (s 2(1) item 3) | Amended by No 83 of 2014, Sch 1 item 121 | Sch 2 item 60A, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2) | Amended by No 133 of 2014, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3, effective sch 4: 10 Nov 2014 (s 2(1) item 3) | Amended by No 81 of 2015, Sch 1 item 9 | Sch 1 item 16, effective sch 1 (items 9-12, 15-18, 25-28): 1 July 2015 (s 2(1) item 1) | Amended by No 8 of 2019, Sch 8 item 26, effective sch 8 (items 3 ‑ 7): 2 Mar 2019 (s 2(1) item 10) sch 8 (item 26): 1 Apr 2019 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s43-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 43-6", "Provision_Key": "s43-6", "Heading": "Meaning of fuel tax", "Text": "(1) Fuel tax is duty that is payable on fuel under: (a) the Excise Act 1901 and the Excise Tariff Act 1921 ; or (b) the Customs Act 1901 and the Customs Tariff Act 1995 ; other than any duty that is expressed as a percentage of the value of fuel for the purposes of section 9 of the Customs Tariff Act 1995 . (2) For the purposes of subsection (1), if: (a) an Excise Tariff alteration, proposed by a motion moved in the House of Representatives, relates to duty payable on fuel; or (b) a Customs Tariff alteration, proposed by a motion moved in the House of Representatives, relates to duty payable on fuel; the alteration is taken to have effect as if it is an amendment of the Act it proposes to alter, and as if that amendment is in force. (3) However, the alteration ceases to be taken to have that effect unless, before whichever of the following first happens: (a) the close of the session in which the Excise Tariff alteration or Customs Tariff alteration, is proposed; (b) the expiration of 12 months after the Excise Tariff alteration or Customs Tariff alteration, is proposed; one or more amendments of an Act come into force that have the effect proposed by the alteration. (4) For the purposes of subsection (3), the Excise Tariff alteration, or the Customs Tariff alteration, is taken to have been proposed at the time the motion referred to in subsection (2) was moved.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, Sch 4 item 4 | Sch 4 item 5, effective sch 4: 10 Nov 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s43-6"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 43-7", "Provision_Key": "s43-7", "Heading": "Working out the effective fuel tax for fuel blends", "Text": "Certain blends containing ethanol (1) The effective fuel tax for taxable fuel that: (a) is a blend of ethanol and one or more other kinds of fuel; and (b) meets the requirements prescribed by the regulations; is worked out under subsection 43 ‑ 5(2) as if the fuel were entirely petrol. Certain blends containing biodiesel (2) The effective fuel tax for taxable fuel that: (a) is a blend of * biodiesel and one or more other kinds of fuel; and (b) meets the requirements prescribed by the regulations; is worked out under subsection 43 ‑ 5(2) as if the fuel were entirely diesel. Other blends for which there is evidence of fuel proportions (3) The effective fuel tax for taxable fuel: (a) that is a blend of more than one kind of fuel; and (b) to which neither subsection (1) nor (2) applies; and (c) for which you have documentary evidence that satisfies the Commissioner of the actual proportions of the kinds of fuel in the blend; is worked out under subsection 43 ‑ 5(2) in accordance with those proportions. (4) The Commissioner may determine, by legislative instrument, the kinds of documentary evidence that are able to satisfy the Commissioner for the purposes of paragraph (3)(c). (5) If: (a) you acquire or manufacture in, or import into, the indirect tax zone a taxable fuel that is a blend of either of the following (whether or not the blend includes other substances other than fuel): (i) petrol and one other kind of fuel; (ii) diesel and one other kind of fuel; and (b) none of subsections (1), (2) or (3) apply to the fuel; and (c) you acquire, manufacture or import the fuel on terms and conditions that specify or require that the blend contains a minimum percentage by volume of petrol or diesel (as the case requires); then the effective fuel tax for the fuel is worked out under subsection 43 ‑ 5(2) as if: (d) the fuel contains that minimum percentage of petrol or diesel (as the case requires); and (e) the remaining percentage by volume of the fuel consists of the other kind of fuel contained in the blend. Rules for working out fuel tax in other cases of blends (6) For the purposes of working out under subsection 43 ‑ 5(2) the * effective fuel tax payable on taxable fuels that are blends other than blends to which any of subsections (1), (2), (3) or (5) of this section apply, the Commissioner may determine, by legislative instrument, rules for working out the proportions of one or more of the constituents of the blends. Note: The rules may make different provision for different blends or different classes of blends (see subsection 33(3A) of the Acts Interpretation Act 1901 ). Working out the fuel tax for certain fuels containing ethanol or biodiesel (7) Work out the * effective fuel tax under subsection 43 ‑ 5(2) for taxable fuel: (a) that you acquired, manufactured or imported; and (b) that is, or is a blend containing, ethanol or * biodiesel; and (c) to which neither subsection (1) nor (2) of this section applies; as if all the ethanol or biodiesel were manufactured or produced in Australia. Note: As you may not know whether the ethanol or biodiesel is imported or manufactured domestically, this subsection requires you to work out the effective fuel tax assuming that they were manufactured domestically.", "Amendment_Count": 4, "First_Amended": "No 68 of 2011", "Last_Amended": "No 81 of 2015", "Amending_Acts": "No 68 of 2011 | No 110 of 2014 | No 70 of 2015 | No 81 of 2015", "History_Notes": "Inserted by No 68 of 2011, Sch 1 item 26 | Sch 1 item 29, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 110 of 2014, Sch 5 item 94, effective sch 5 (item 94): 16 Oct 2014 (s 2(1) item 7) | Amended by No 70 of 2015, Sch 6 item 8, effective sch 6 (items 5-12): 25 June 2015 (s 2(1) item 11) | Amended by No 81 of 2015, Sch 1 item 9, effective sch 1 (items 9-12, 15-18, 25-28): 1 July 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s43-7"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 43-10", "Provision_Key": "s43-10", "Heading": "Reducing the amount of your fuel tax credit", "Text": "Road user charge (3) To the extent that you acquire, manufacture or import taxable fuel to use, in a vehicle, for travelling on a public road, the * amount of your fuel tax credit for the fuel is reduced by the amount of the road user charge for the fuel. Note: Only certain motor vehicles whose gross vehicle mass is more than 4.5 tonnes are entitled to any credit (see sections 41 ‑ 20 and 41 ‑ 25). (4) However, the * amount is not reduced under subsection (3) if the vehicle’s travel on a public road is incidental to the vehicle’s main use. Working out the amount of the reduction (6) The * amount by which a fuel tax credit for taxable fuel is reduced under subsection (3) is worked out by reference to the rate of fuel tax or road user charge in force on the day worked out using the table in subsection 43 ‑ 5(2A). Determining the rate of road user charge (7) The * amount of road user charge for a taxable fuel is worked out using the rate determined under subsection (8) that applies to the taxable fuel. (8) The * Transport Minister may, by legislative instrument, determine a rate of road user charge for the following classes of taxable fuels: (a) taxable fuels for which duty is payable at a rate per litre of fuel; (b) taxable fuels for which duty is payable at a rate per kilogram of fuel; (c) taxable fuels for which duty is payable at a rate expressed in a unit of measurement that is not mentioned in paragraph (a) or (b). Note 1: A different rate may be determined for each class of taxable fuels. Note 2: For the purposes of determining whether duty is payable for a taxable fuel at a rate per litre, per kilogram or per another unit of measurement, see whichever of the Excise Tariff Act 1921 and the Customs Tariff Act 1995 is applicable to the taxable fuel. (9) Before the * Transport Minister determines an increased rate of road user charge, the Transport Minister must: (a) make the following publicly available for at least 60 days: (i) the proposed increased rate of road user charge; (ii) any information that was relied on in determining the proposed increased rate; and (b) consider any comments received, within the period specified by the Transport Minister, from the public in relation to the proposed increased rate. (10) However, the * Transport Minister may, as a result of considering any comments received from the public in accordance with subsection (9), determine a rate of road user charge that is different from the proposed rate that was made publicly available without making that different rate publicly available in accordance with that subsection. (11) In determining the road user charge, the * Transport Minister must not apply a method for indexing the charge. (11A) In determining the road user charge, the * Transport Minister must determine the rate to one decimal place of a cent. (12) The * Transport Minister must not make more than one determination in respect of a class of taxable fuel in a financial year if the effect of the determination would be to increase the road user charge for that class of taxable fuel more than once in that financial year. Note: For the classes of taxable fuel, see subsection (8). (13) For the purposes of determining, after the commencement of this subsection and before 1 July 2027, a rate of road user charge under subsection (8) in relation to a * financial year beginning on 1 July 2025 or 1 July 2026: (a) subsections (9), (10), (11) and (12) do not apply; and (b) the * Transport Minister may determine (including by varying a determination) a rate of road user charge for a day before the determination is made.", "Amendment_Count": 10, "First_Amended": "No 148 of 2008", "Last_Amended": "No 22 of 2026", "Amending_Acts": "No 148 of 2008 | No 157 of 2011 | No 39 of 2012 | No 88 of 2013 | No 83 of 2014 | No 133 of 2014 | No 81 of 2015 | No 102 of 2015 | No 8 of 2019 | No 22 of 2026", "History_Notes": "Amended by No 148 of 2008, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 4, effective Schedule 3 (items 1, 2, 4, 9): 1 Jan 2009 | Amended by No 157 of 2011, Sch 1 item 11 | Sch 1 item 13 | Sch 1 item 14, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 39 of 2012, Sch 4 item 14, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1) | Amended by No 88 of 2013, effective sch 7 (item 198): 28 June 2013 (s 2(1) item 1) | Amended by No 83 of 2014, Sch 1 item 121 | Sch 1 item 124 | Sch 1 item 125, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2) | Amended by No 133 of 2014, Sch 4 item 3, effective sch 4: 10 Nov 2014 (s 2(1) item 3) | Amended by No 81 of 2015, Sch 1 item 18, effective sch 1 (items 9-12, 15-18, 25-28): 1 July 2015 (s 2(1) item 1) | Amended by No 102 of 2015, Sch 3 item 1 | Sch 3 item 2, effective sch 3: 30 June 2015 (s 2(1) item 6) | Amended by No 8 of 2019, Sch 8 item 4 | Sch 8 item 5 | Sch 8 item 6 | Sch 8 item 7 | Sch 8 item 1, effective sch 8 (items 3 ‑ 7): 2 Mar 2019 (s 2(1) item 10) sch 8 (item 26): 1 Apr 2019 (s 2(1) item 11) | Amended by No 22 of 2026, Sch 3 item 1, effective sch 3: 2 Apr 2026 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s43-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 44-1", "Provision_Key": "s44-1", "Heading": "What this Division is about", "Text": "Your entitlement to a fuel tax credit for taxable fuel is worked out on the basis of what the fuel is intended for when you acquire, manufacture or import the fuel. If you use or supply the fuel differently, or you do not use or supply the fuel at all, you have an increasing or decreasing fuel tax adjustment. Fuel tax adjustments are included in working out your net fuel amount under Division 60. (Your assessed net fuel amount determines how much you owe the Commissioner or the Commissioner owes you.)", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 166, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s44-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 44-5", "Provision_Key": "s44-5", "Heading": "Increasing and decreasing fuel tax adjustments for change of circumstances", "Text": "(1) You have a * fuel tax adjustment if you use fuel, or make a * taxable supply of fuel, and the * amount of the fuel tax credit to which you would have been entitled for the use or supply would have been different from the amount to which you are or were entitled if one or both of the following were to apply: (a) you had originally acquired, manufactured or imported the fuel to use or make a taxable supply in the circumstances in which you did use, or make a taxable supply of, the fuel; (b) an alteration of a kind referred to in subsection 43 ‑ 6(2) that: (i) under that subsection, had been taken to have effect as if it is an amendment of an Act; and (ii) under subsection 43 ‑ 6(3) ceased to be taken to have that effect; had never been proposed as mentioned in subsection 43 ‑ 6(2). (2) The * amount of the adjustment is the difference between the 2 amounts. Note: Division 65 sets out which tax period or fuel tax return period the fuel tax adjustment is attributable to. Decreasing fuel tax adjustments (3) The * fuel tax adjustment is a decreasing fuel tax adjustment if the * amount to which you would have been entitled is greater than the amount to which you are or were entitled. Increasing fuel tax adjustments (4) The * fuel tax adjustment is an increasing fuel tax adjustment if the * amount to which you are or were entitled is greater than the amount to which you would have been entitled. Example: You acquire taxable fuel to use in a harvester in carrying on your farming enterprise, so you are paid a fuel tax credit for the fuel. Later on, you use the fuel to transport wheat in a vehicle of more than 4.5 tonnes travelling on a public road. As your fuel tax credit would have been reduced by the amount of the road user charge, you have an increasing fuel tax adjustment of the difference between the 2 amounts.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Amended by No 133 of 2014, Sch 4 item 4, effective sch 4: 10 Nov 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s44-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 44-10", "Provision_Key": "s44-10", "Heading": "Increasing fuel tax adjustment for failure to use or make a taxable supply of fuel", "Text": "You have an increasing fuel tax adjustment if: (a) you are or were entitled to a fuel tax credit for taxable fuel; and (b) you have no reasonable prospect of using, or making a * taxable supply of, the fuel. The * amount of the adjustment is the amount of the credit that you are or were entitled to. Example: You acquire taxable fuel to use in a harvester in carrying on your farming enterprise, so you are paid a fuel tax credit for the fuel. Later on, the fuel is stolen. You have an increasing fuel tax adjustment of the amount of the credit. Note: Division 65 sets out which tax period or fuel tax return period the fuel tax adjustment is attributable to.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s44-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 46-1", "Provision_Key": "s46-1", "Heading": "What this Division is about", "Text": "If you are a GST instalment taxpayer, you work out and claim your fuel tax credits for GST instalment quarters, instead of the annual tax period you use for the GST. However, you can choose not to give a return for the first 3 GST instalment quarters in a financial year (but if you have an increasing fuel tax adjustment, you must give a return for the last quarter in the year).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s46-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 46-5", "Provision_Key": "s46-5", "Heading": "Instalment taxpayers", "Text": "(1) If you are a * GST instalment payer, you must treat each * GST instalment quarter as if it were a * tax period. GST instalment quarters to be treated as tax periods (2) For the purposes of working out under subsection 65 ‑ 5(1) which * GST instalment quarter a fuel tax credit is attributable to, you must treat each GST instalment quarter as if, in the * GST Act, the quarter were a * tax period. Choice to give a return for first 3 quarters (3) You may choose whether to give the Commissioner a return for any of the first 3 * GST instalment quarters in a * financial year. If you do so, you must give the Commissioner your return on or before the day on which you are, or would be, required to pay your * GST instalment to the Commissioner for the quarter (disregarding section 162 ‑ 80 of the * GST Act). Note: Section 162 ‑ 80 of the GST Act allows certain entities to pay only 2 GST instalments for a financial year. (4) If you choose not to give a return for any of those quarters, then any fuel tax credit or * fuel tax adjustment that is attributable to that quarter: (a) ceases to be attributable to that quarter; and (b) becomes attributable to the first quarter for which you give the Commissioner a return. Note: See subsection 65 ‑ 5(4) if your assessment for a quarter does not include a fuel tax credit that is attributable, under this subsection, to the quarter. Requirement to give a return for final quarter (5) If you have an * increasing fuel tax adjustment that is (or, under subsection (4), would be) attributable to the last * GST instalment quarter in the * financial year, you must give the Commissioner a return for that quarter on or before the day on which you are, or would be, required to pay your * GST instalment to the Commissioner for the quarter (disregarding section 162 ‑ 80 of the * GST Act).", "Amendment_Count": 1, "First_Amended": "No 72 of 2025", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 72 of 2025", "History_Notes": "Amended by No 72 of 2025, Sch 4 item 39 | Sch 4 item 40, effective sch 4 (items 39, 40, 43): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s46-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 47-1", "Provision_Key": "s47-1", "Heading": "What this Division is about", "Text": "Your entitlements to fuel tax credits cease unless they are included in your assessed net fuel amounts within a limited period (generally 4 years).", "Amendment_Count": 3, "First_Amended": "No 20 of 2010", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 20 of 2010 | No 39 of 2012", "History_Notes": "Inserted by No 20 of 2010, effective Schedule 1 (items 17, 20) and Schedule 5 (items 6, 7): 24 Mar 2010 (s 2(1) item 1) | Repealed and substituted by No 39 of 2012, Sch 1 item 167 | Sch 1 item 247, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1) | Amended by No 39 of 2012, Sch 1 item 167 | Sch 1 item 247, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s47-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 47-5", "Provision_Key": "s47-5", "Heading": "Time limit on entitlements to fuel tax credits", "Text": "(1) You cease to be entitled to a fuel tax credit to the extent that it has not been taken into account, in an * assessment of a * net fuel amount of yours, during the period of 4 years after the day on which you were required to give to the Commissioner a return for the tax period or fuel tax return period to which the fuel tax credit would be attributable under subsection 65 ‑ 5(1), (2) or (3). (2) Without limiting subsection (1), you also cease to be entitled to a fuel tax credit for taxable fuel you acquire, manufacture or import, to the extent that you did not give to the Commissioner under section 61 ‑ 15 during the period of 4 years after the day on which the acquisition, manufacture or importation occurred a return that takes the fuel tax credit into account. Note: Section 47 ‑ 10 sets out circumstances in which your entitlement to the fuel tax credit does not cease under this section.", "Amendment_Count": 2, "First_Amended": "No 20 of 2010", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 20 of 2010 | No 39 of 2012", "History_Notes": "Inserted by No 20 of 2010, Sch 1 item 47, effective Schedule 1 (items 17, 20) and Schedule 5 (items 6, 7): 24 Mar 2010 (s 2(1) item 1) | Repealed and substituted by No 39 of 2012, Sch 1 item 168 | Sch 1 item 169, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s47-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 47-10", "Provision_Key": "s47-10", "Heading": "Exceptions to time limit on entitlements to fuel tax credits", "Text": "If: (a) you requested the Commissioner to treat a document under subsection 29 ‑ 70(1B) of the * GST Act as a tax invoice (within the meaning of that Act) for the purposes of attributing an * input tax credit for fuel to a * tax period; and (b) you made the request before the end of the 4 ‑ year period mentioned in subsection 47 ‑ 5(1) of this Act in relation to the tax period; and (c) the Commissioner agrees to the request after the end of the 4 ‑ year period; you do not cease under subsection 47 ‑ 5(1) to be entitled to a fuel tax credit for the fuel to the extent that, had the Commissioner agreed to the request before the end of the 4 ‑ year period, you would not cease under that subsection to be entitled to the credit.", "Amendment_Count": 2, "First_Amended": "No 20 of 2010", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 20 of 2010 | No 39 of 2012", "History_Notes": "Inserted by No 20 of 2010, Sch 1 item 47, effective Schedule 1 (items 17, 20) and Schedule 5 (items 6, 7): 24 Mar 2010 (s 2(1) item 1) | Amended by No 39 of 2012, Sch 1 item 47 | Sch 1 item 169 | Sch 1 item 227 | Sch 1 item 228 | Sch 1 item 229 | Sch 1 item 230 | Sch 1 item 249 | Sch 1 item 250, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s47-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 60-1", "Provision_Key": "s60-1", "Heading": "What this Division is about", "Text": "Your net fuel amount reflects how much you or the Commissioner must pay. A positive net fuel amount reflects how much you must pay the Commissioner. A negative net fuel amount reflects how much the Commissioner must pay you. Your net fuel amount is worked out for each tax period (or fuel tax return period if you are not registered, nor required to be registered, for GST).", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 170, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s60-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 60-5", "Provision_Key": "s60-5", "Heading": "Working out your net fuel amount", "Text": "Your net fuel amount for a * tax period or a * fuel tax return period is worked out using the following formula: where: total decreasing fuel tax adjustments is the sum of all * decreasing fuel tax adjustments that are attributable to the period. Note: Division 65 sets out which tax periods or fuel tax return periods fuel tax adjustments are attributable to. total fuel tax is nil. Note: Fuel tax is currently assessed under the Excise Act 1901 , the Excise Tariff Act 1921 , the Customs Act 1901 and the Customs Tariff Act 1995 . total fuel tax credits is the sum of all fuel tax credits to which you are entitled that are attributable to the period. Note: Division 65 sets out which tax periods or fuel tax return periods fuel tax credits are attributable to. total increasing fuel tax adjustments is the sum of all * increasing fuel tax adjustments that are attributable to the period. Note: Division 65 sets out which tax periods or fuel tax return periods fuel tax adjustments are attributable to.", "Amendment_Count": 2, "First_Amended": "No 42 of 2009", "Last_Amended": "No 68 of 2011", "Amending_Acts": "No 42 of 2009 | No 68 of 2011", "History_Notes": "Amended by No 42 of 2009, Sch 7 item 4 | Sch 7 item 5, effective Schedule 7 (items 1–12, 16): 1 July 2009 | Amended by No 68 of 2011, Sch 1 item 30 | Sch 1 item 31, effective Schedule 1 (items 15–34): 1 Dec 2011", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s60-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 60-10", "Provision_Key": "s60-10", "Heading": "Determinations relating to how to work out net fuel amounts", "Text": "(1) The Commissioner may make a determination that, in the circumstances specified in the determination, a * net fuel amount for a * tax period or a * fuel tax return period may be worked out to take account of other matters in the way specified in the determination. (2) The matters must relate to correction of errors that were made in working out * net fuel amounts to which subsection (3) or (4) applies. (3) This subsection applies to a * net fuel amount for a * tax period (the earlier tax period ) if: (a) the earlier tax period precedes the tax period mentioned in subsection (1); and (b) the tax period mentioned in subsection (1) starts during the * period of review for the * assessment of the net fuel amount. (4) This subsection applies to a * net fuel amount for a * fuel tax return period (the earlier fuel tax return period ) if: (a) the earlier fuel tax return period precedes the fuel tax return period mentioned in subsection (1); and (b) the fuel tax return period mentioned in subsection (1) starts during the * period of review for the * assessment of the net fuel amount. (5) If the circumstances mentioned in subsection (1) apply in relation to a * tax period or a * fuel tax return period applying to you, you may work out your * net fuel amount for the tax period or fuel tax return period in that way.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 251 | Sch 1 item 252 | Sch 1 item 253, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s60-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 61-1", "Provision_Key": "s61-1", "Heading": "What this Division is about", "Text": "You must give the Commissioner a return for each tax period (or fuel tax return period if you are not registered, nor required to be registered, for GST) by a specified time. If the Commissioner assesses you as having a positive net fuel amount, you must pay the Commissioner that amount. If the Commissioner assesses you as having a negative net fuel amount, the Commissioner must pay you that amount. Note: For the assessment of the net fuel amount (including self ‑ assessment), see Division 155 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 171 | Sch 1 item 172, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s61-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 61-5", "Provision_Key": "s61-5", "Heading": "Entitlement to a refund", "Text": "(1) If your * assessed net fuel amount for a * tax period or * fuel tax return period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that * amount (expressed as a positive amount) to you. Note 1: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay you. Division 3 of Part IIB of that Act allows the Commissioner to apply the amount owing as a credit against tax debts that you owe to the Commonwealth. Note 2: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in paying the amount. (2) However, if: (a) the Commissioner amends the * assessment of your * net fuel amount for a * tax period or * fuel tax return period; and (b) your * assessed net fuel amount before the amendment was less than zero; and (c) the * amount that, because of the assessment, was: (i) paid; or (ii) applied under the Taxation Administration Act 1953 ; exceeded the amount (including a nil amount) that would have been payable or applicable had your assessed net fuel amount always been the later assessed net fuel amount; you must pay the excess to the Commissioner as if: (d) the excess were an assessed net fuel amount for that period; and (e) that assessed net fuel amount were an amount greater than zero and equal to the amount of the excess; and (f) despite section 61 ‑ 10, that assessed net fuel amount became payable, and due for payment, by you at the time when the amount was paid or applied. Note: Treating the excess as if it were an assessed net fuel amount has the effect of applying the collection and recovery rules in Part 3 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 , such as a liability to pay the general interest charge under section 105 ‑ 80 in that Schedule.", "Amendment_Count": 2, "First_Amended": "No 20 of 2010", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 20 of 2010 | No 39 of 2012", "History_Notes": "Amended by No 20 of 2010, Sch 5 item 6 | Sch 5 item 7, effective Schedule 1 (items 17, 20) and Schedule 5 (items 6, 7): 24 Mar 2010 (s 2(1) item 1) | Repealed and substituted by No 39 of 2012, Sch 1 item 61, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s61-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 61-7", "Provision_Key": "s61-7", "Heading": "When entitlement arises", "Text": "Your entitlement to be paid an * amount under section 61 ‑ 5 arises when the Commissioner gives you notice of the * assessment of your * net fuel amount for the * tax period or * fuel tax return period. Note: In certain circumstances, the Commissioner is treated as having given you notice of the assessment when you give to the Commissioner your return (see section 155 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s61-7"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 61-10", "Provision_Key": "s61-10", "Heading": "Requirement to pay an assessed net fuel amount", "Text": "You must pay your * assessed net fuel amount for a * tax period to the Commissioner by the day on which you are required under section 46 ‑ 5 or 61 ‑ 15 to give to the Commissioner your return for the tax period, if your assessed net fuel amount is greater than zero.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Repealed and substituted by No 39 of 2012, Sch 1 item 61, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s61-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 61-15", "Provision_Key": "s61-15", "Heading": "When you must give the Commissioner your return", "Text": "(1) If you are * registered for GST, or * required to be registered for GST, you must give the Commissioner your return for a * tax period on or before the day on which you are required to give the Commissioner your * GST return for the tax period. Note 1: For the penalties for failing to comply with these obligations, see the Taxation Administration Act 1953 . Note 2: If you lodge your GST return electronically, you must also electronically notify the Commissioner of your net fuel amount (see section 388 ‑ 80 in Schedule 1 to the Taxation Administration Act 1953 ). Note 3: Instalment taxpayers may give their returns on a different day (see section 46 ‑ 5). (2) If you are neither * registered for GST, nor * required to be registered for GST, you must give the Commissioner your return for a * fuel tax return period by the 21st day after the end of the fuel tax return period. (2A) You must, if required by the Commissioner, whether before or after the end of a * tax period or * fuel tax return period, give to the Commissioner, within the time required, a return or a further or fuller return for the tax period or fuel tax return period or a specified period, whether or not you have given the Commissioner a return for the tax period or fuel tax return period under subsection (1) or (2). (3) You must give the Commissioner your return for a * tax period or a * fuel tax return period in the * approved form.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 47 | Sch 1 item 174 | Sch 1 item 175 | Sch 4 item 16, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s61-15"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 61-20", "Provision_Key": "s61-20", "Heading": "Fuel tax return periods", "Text": "(1) If you are neither * registered for GST, nor * required to be registered for GST, your fuel tax return period is the period specified in the return. (2) However, you must end a * fuel tax return period within 90 days, or any longer period allowed by the Commissioner, after you become aware of an * increasing fuel tax adjustment under Division 44. If you do not do so, your fuel tax return period ends at the end of the 90 days, or the longer period allowed by the Commissioner. Note: You must give your return to the Commissioner by the 21st day after the end of the fuel tax return period (see section 61 ‑ 15).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s61-20"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 65-1", "Provision_Key": "s65-1", "Heading": "What this Division is about", "Text": "Fuel tax credits and fuel tax adjustments are attributed to tax periods (or fuel tax return periods). Generally, if you are a business taxpayer, your fuel tax credit for taxable fuel is attributed to the same period as your input tax credit for the fuel (to reduce compliance costs). If you are a non ‑ business taxpayer, your fuel tax credit for taxable fuel is attributed to the fuel tax return period in which you acquire, manufacture or import the fuel. Fuel tax adjustments are attributed to the tax period (or fuel tax return period) in which you become aware of the adjustment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s65-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 65-5", "Provision_Key": "s65-5", "Heading": "Attribution rules for fuel tax credits", "Text": "Attribution rules for fuel you acquire or import (1) If you are * registered for GST, or * required to be registered for GST, your fuel tax credit for taxable fuel that you acquire or import is attributable to: (a) the same * tax period that your * input tax credit for the fuel is attributable to under the * GST Act; or (b) the same tax period that an input tax credit would have been attributable to under that Act if the fuel had been a * creditable acquisition or a * creditable importation. (2) If you are neither * registered for GST, nor * required to be registered for GST, your fuel tax credit for taxable fuel that you acquire or import is attributable to the * fuel tax return period in which you acquire or import the fuel. Attribution rule for fuel you manufacture (3) Your fuel tax credit for taxable fuel that you manufacture is attributable to the * tax period or * fuel tax return period in which the fuel was entered for home consumption (within the meaning of the Excise Act 1901 ). Fuel tax credits not taken into account in assessments (4) Subsections (5) and (6) apply to a fuel tax credit to the extent that: (a) the fuel tax credit would otherwise be attributable to a particular * tax period or * fuel tax return period; and (b) the fuel tax credit has not been taken into account in an * assessment of a * net fuel amount of yours for that period. Note: For another attribution rule for fuel tax credits, see subsection 46 ‑ 5(4) (GST instalment taxpayers). (5) To the extent this subsection applies to the fuel tax credit, you may, by notifying the Commissioner in the * approved form, elect for: (a) the fuel tax credit not to be attributable to that * tax period or * fuel tax return period; and (b) the fuel tax credit to be attributable to a later specified tax period or fuel tax return period. Note: Division 47 may provide a time limit on your entitlement to a fuel tax credit. (6) You cannot revoke or amend an election you make under subsection (5).", "Amendment_Count": 3, "First_Amended": "No 42 of 2009", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 42 of 2009 | No 39 of 2012 | No 72 of 2025", "History_Notes": "Amended by No 42 of 2009, Sch 7 item 6 | Sch 7 item 16, effective Schedule 7 (items 1–12, 16): 1 July 2009 | Amended by No 39 of 2012, Sch 1 item 47 | Sch 1 item 176, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1) | Amended by No 72 of 2025, Sch 4 item 27 | Sch 4 item 40 | Sch 4 item 42 | Sch 4 item 43, effective sch 4 (items 39, 40, 43): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s65-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 65-10", "Provision_Key": "s65-10", "Heading": "Attribution rules for fuel tax adjustments", "Text": "A * fuel tax adjustment under Division 44 is attributable to the * tax period or * fuel tax return period in which you become aware of the adjustment. Note: For another attribution rule for fuel tax adjustments, see subsection 46 ‑ 5(4) (GST instalment taxpayers).", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Amended by No 42 of 2009, Sch 7 item 7 | Sch 7 item 8 | Sch 7 item 13 | Sch 7 item 14, effective Schedule 7 (items 1–12, 16): 1 July 2009", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s65-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-1", "Provision_Key": "s70-1", "Heading": "What this Division is about", "Text": "This Act applies to GST groups, joint ventures, religious practitioners, incapacitated entities, branches, resident agents and non ‑ profit sub ‑ entities in a similar way to the way in which the GST Act applies to those entities. Government entities that are registered for GST are treated as if they are carrying on an enterprise.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-5", "Provision_Key": "s70-5", "Heading": "Application of fuel tax law to GST groups and joint ventures", "Text": "(1) The entities in column 1 of the table are treated as a single entity for the purposes of the * fuel tax law. (2) The entity in column 2 of the table has all the rights, powers and obligations of the single entity under the * fuel tax law (instead of each entity in column 1 having those rights, powers and obligations). Application of fuel tax law to GST groups and joint ventures Item Column 1 These entities are treated as a single entity for the purposes of the fuel tax law Column 2 This entity has all the rights, powers and obligations of the single entity under the fuel tax law 1 The members of a * GST group The representative member of the group 2 The * participants in a * GST joint venture (to the extent that any relevant fuel is acquired, manufactured or imported in the course of activities for which the joint venture was entered into) The * joint venture operator of the joint venture Note: Sections 444 ‑ 80 and 444 ‑ 90 in Schedule 1 to the Taxation Administration Act 1953 affect the operation of this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-10", "Provision_Key": "s70-10", "Heading": "Entry and exit history rules", "Text": "Entry history rule (1) For the purposes of the * fuel tax law, from the time when a particular entity starts to be treated as part of a single entity under section 70 ‑ 5, everything that happened (including because of any previous application of this section) before that time, in relation to any fuel in the hands of the particular entity at that time, is taken to have happened as if the fuel had been in the hands of the single entity. Example: The single entity is taken to have acquired the fuel for the purposes for which the particular entity acquired the fuel. Exit history rule (2) For the purposes of the * fuel tax law, from the time when a particular entity ceases to be treated as part of a single entity under section 70 ‑ 5, everything that happened (including because of any previous application of this section) before that time, in relation to any fuel in the hands of the particular entity immediately after that time, is taken to have happened as if the fuel had been in the hands of the particular entity. Example: The particular entity is taken to have acquired the fuel for the purposes for which the single entity acquired the fuel.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-15", "Provision_Key": "s70-15", "Heading": "Consolidating joint venture returns", "Text": "If, under section 51 ‑ 52 of the * GST Act, an election is in force to consolidate a * joint venture operator’s * GST returns relating to its * GST joint ventures, the operator must consolidate its returns under this Act relating to the joint ventures.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-15"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-20", "Provision_Key": "s70-20", "Heading": "Application of fuel tax law to religious practitioners", "Text": "The * fuel tax law applies to * religious practitioners and religious institutions in the same way as the * GST Act applies to them under Division 50 of that Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-20"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-25", "Provision_Key": "s70-25", "Heading": "Application of fuel tax law to incapacitated entities", "Text": "The * fuel tax law applies to an * incapacitated entity and its representative (within the meaning of the * GST Act) in the same way as that Act applies to them under Division 58 of that Act.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Amended by No 118 of 2009, Sch 1 item 11 | Sch 1 item 46, effective Schedule 1 (item 11): 1 July 2006 Schedule 1 (item 46): 4 Dec 2009 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-25"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-30", "Provision_Key": "s70-30", "Heading": "Application of fuel tax law to GST branches, resident agents and non ‑ profit sub ‑ entities", "Text": "While an entity meets the condition in column 1 of the table, the * fuel tax law applies to: (a) the entity; and (b) its fuel tax credits, * net fuel amount, * assessed net fuel amount and * fuel tax adjustments; in a corresponding way to the way in which the * GST law applies, because of the Division of the * GST Act mentioned in column 2, to: (c) the entity; and (d) its * input tax credits, * net amount, assessed net amount and * adjustments. Application of fuel tax law to GST branches, resident agents and non ‑ profit sub ‑ entities Item Column 1 While this condition is met ... Column 2 the fuel tax law applies in a corresponding way to the way in which the GST law applies to the entity because of this Division of the GST Act ... 1 The entity has a * GST branch Division 54 2 The entity has a * resident agent Division 57 3 The entity has a non ‑ profit sub ‑ entity Division 63", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 177 | Sch 1 item 178, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-30"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 70-35", "Provision_Key": "s70-35", "Heading": "Application of fuel tax law to government entities", "Text": "A * government entity that is * registered for GST is treated, while its registration has effect, as if it were an entity * carrying on an * enterprise.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s70-35"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-1", "Provision_Key": "s75-1", "Heading": "What this Division is about", "Text": "The object of this Division is to deter schemes that give entities benefits by reducing fuel tax, increasing refunds or altering the timing of payment of assessed net fuel amounts. If the dominant purpose or principal effect of a scheme is to give an entity such a benefit, the Commissioner may negate the benefit any entity gets from the scheme by making a declaration stating the entity’s net fuel amount for a particular tax period, despite the scheme.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 179, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-5", "Provision_Key": "s75-5", "Heading": "When does this Division operate?", "Text": "General rule (1) This Division operates if: (a) an entity (the avoider ) gets a * fuel tax benefit from a * scheme; and (b) the fuel tax benefit is not attributable to the making, by any entity, of a choice, election, application or agreement that is expressly provided for by the * fuel tax law or the * GST law; and (c) taking account of the matters described in section 75 ‑ 15, it is reasonable to conclude that either: (i) an entity that (whether alone or with others) entered into or carried out the scheme, or part of the scheme, did so with the sole or dominant purpose of that entity or another entity getting a fuel tax benefit from the scheme; or (ii) the principal effect of the scheme, or of part of the scheme, is that the avoider gets the fuel tax benefit from the scheme directly or indirectly; and (d) the avoider gets the fuel tax benefit from the scheme on or after 1 July 2006. Territorial application (2) It does not matter whether the * scheme, or any part of the scheme, was entered into or carried out inside or outside Australia.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-10", "Provision_Key": "s75-10", "Heading": "When does an entity get a fuel tax benefit from a scheme?", "Text": "(1) An entity gets a fuel tax benefit from a * scheme if: (a) an * amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, smaller than it would be apart from the scheme or a part of the scheme; or (b) an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, larger than it would be apart from the scheme or a part of the scheme; or (c) all or part of an amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, payable later than it would have been apart from the scheme or a part of the scheme; or (d) all or part of an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, payable earlier than it would have been apart from the scheme or a part of the scheme. Fuel tax benefit can arise even if no economic alternative (2) An entity can get a * fuel tax benefit from a * scheme even if the entity or entities that entered into or carried out the scheme, or a part of the scheme, could not have engaged economically in any activities: (a) of the kind to which this Act applies; and (b) that would produce an effect equivalent (except in terms of this Act) to the effect of the scheme or part of the scheme; other than the activities involved in entering into or carrying out the scheme or part of the scheme.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-15", "Provision_Key": "s75-15", "Heading": "Matters to be considered in determining purpose or effect", "Text": "(1) The following matters are to be taken into account under section 75 ‑ 5 in considering an entity’s purpose in entering into or carrying out the * scheme from which the avoider got a * fuel tax benefit, and the effect of the scheme: (a) the manner in which the scheme was entered into or carried out; (b) the form and substance of the scheme, including: (i) the legal rights and obligations involved in the scheme; and (ii) the economic and commercial substance of the scheme; (c) the purpose or object (whether or not expressly stated) of any of the following Acts, and any relevant provision of those Acts, so far as they are relevant to this Act: (i) this Act; (ii) the Excise Act 1901 and the Excise Tariff Act 1921 ; (iii) the Customs Act 1901 and the Customs Tariff Act 1995 ; (v) the * GST Act; (d) the timing of the scheme; (e) the period over which the scheme was entered into and carried out; (f) the effect that this Act would have in relation to the scheme apart from this Division; (g) any change in the avoider’s financial position that has resulted, or may reasonably be expected to result, from the scheme; (h) any change that has resulted, or may reasonably be expected to result, from the scheme in the financial position of an entity (a connected entity ) that has or had a connection or dealing with the avoider, whether the connection or dealing is or was of a family, business or other nature; (i) any other consequence for the avoider or a connected entity of the scheme having been entered into or carried out; (j) the nature of the connection between the avoider and a connected entity; (k) the circumstances surrounding the scheme; (l) any other relevant circumstances. (2) Subsection (1) applies in relation to consideration of an entity’s purpose in entering into or carrying out a part of a * scheme from which the avoider gets a * fuel tax benefit, and the effect of part of the scheme, as if the part were itself the scheme from which the avoider gets the fuel tax benefit.", "Amendment_Count": 1, "First_Amended": "No 81 of 2015", "Last_Amended": "No 81 of 2015", "Amending_Acts": "No 81 of 2015", "History_Notes": "Amended by No 81 of 2015, effective sch 1 (items 9-12, 15-18, 25-28): 1 July 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-15"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-40", "Provision_Key": "s75-40", "Heading": "Commissioner may make declaration for purpose of negating avoider’s fuel tax benefits", "Text": "(1) For the purpose of negating a * fuel tax benefit the avoider gets from the * scheme, the Commissioner may make a declaration stating the * amount that is (and has been at all times) the avoider’s * net fuel amount for a specified * tax period or * fuel tax return period that has ended. (2) A declaration under this section is not a legislative instrument. (3) The Commissioner must take such action as he or she considers necessary to give effect to a declaration made under this section.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 350 | Sch 1 item 180 | Sch 1 item 181 | Sch 1 item 182 | Sch 1 item 183 | Sch 1 item 212, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-40"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-45", "Provision_Key": "s75-45", "Heading": "Commissioner may reduce an entity’s net fuel amount to compensate", "Text": "(1) This section operates if: (a) the Commissioner has made a declaration under subsection 75 ‑ 40(1) to negate the * fuel tax benefit an entity gets from a * scheme; and (b) the Commissioner considers that another entity (the loser ) gets a * fuel tax disadvantage from the scheme; and (c) the Commissioner considers that it is fair and reasonable that the loser’s fuel tax disadvantage be negated or reduced. (2) An entity gets a fuel tax disadvantage from a * scheme if: (a) an * amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, larger than it would have been apart from the scheme or a part of the scheme; or (b) an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, smaller than it would have been apart from the scheme or a part of the scheme; or (c) all or part of an amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, payable earlier than it would have been apart from the scheme or a part of the scheme; or (d) all or part of an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, payable later than it would have been apart from the scheme or a part of the scheme. (3) For the purposes of negating or reducing the loser’s * fuel tax disadvantage from the * scheme, the Commissioner may make a declaration (under this section) stating the * amount that is (and has been at all times) the loser’s * net fuel amount for a specified * tax period or * fuel tax return period that has ended. (4) An * amount stated in a declaration as the loser’s * net fuel amount must not be less than the net fuel amount would have been apart from the * scheme, or part of the scheme, and the declaration. (5) An entity may give the Commissioner a written request to make a declaration under this section relating to the entity. The Commissioner must decide whether or not to grant the request, and give the entity notice of the Commissioner’s decision. (6) A declaration under this section is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 155 | Sch 1 item 183, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-45"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-50", "Provision_Key": "s75-50", "Heading": "Declaration has effect according to its terms", "Text": "For the purpose of making an * assessment, a statement in a declaration under this Subdivision has effect according to its terms, despite the provisions of this Act outside of this Division.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Repealed and substituted by No 39 of 2012, Sch 1 item 185, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-50"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-55", "Provision_Key": "s75-55", "Heading": "Commissioner may disregard scheme in making declarations", "Text": "For the purposes of making a declaration under this Subdivision, the Commissioner may: (a) treat a particular event that actually happened as not having happened; and (b) treat a particular event that did not actually happen as having happened and, if appropriate, treat the event as: (i) having happened at a particular time; and (ii) having involved particular action by a particular entity; and (c) treat a particular event that actually happened as: (i) having happened at a time different from the time it actually happened; or (ii) having involved particular action by a particular entity (whether or not the event actually involved any action by that entity).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-55"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-60", "Provision_Key": "s75-60", "Heading": "One declaration may cover several tax periods or fuel tax return periods", "Text": "Statements relating to different * tax periods or * fuel tax return periods may be included in a single declaration under this Subdivision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-60"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 75-65", "Provision_Key": "s75-65", "Heading": "Commissioner must give copy of declaration to entity affected", "Text": "(1) The Commissioner must give a copy of a declaration under this Subdivision to the entity whose * net fuel amount is stated in the declaration. (2) A failure to comply with subsection (1) does not affect the validity of the declaration.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s75-65"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 95-1", "Provision_Key": "s95-1", "Heading": "What this Division is about", "Text": "This Division provides for determinations and regulations to be made for the purposes of the fuel tax law.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s95-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 95-5", "Provision_Key": "s95-5", "Heading": "Determination of blends that no longer constitute fuels", "Text": "(1) For the purposes of the * fuel tax law, the Commissioner may, by legislative instrument, determine that a blend of a fuel and another product does not constitute a fuel. (2) An entity that blends that fuel and that other product to produce that blend is taken to have used that fuel. (3) In making a determination under subsection (1), the Commissioner must consider the following matters: (a) the physical and chemical properties of the blend; (b) whether the blend can be used in an internal combustion engine; (c) whether the blend is marketed and distributed as fuel; (d) whether there is a risk that the blend might be used as fuel, and the financial impact on the Commonwealth if the blend were used as fuel; (e) any other relevant matter. The Commissioner must give the greatest weight to the matter mentioned in paragraph (d).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s95-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 95-10", "Provision_Key": "s95-10", "Heading": "Application of this law to the Commonwealth", "Text": "(1) It is the Parliament’s intention that the Commonwealth and * untaxable Commonwealth entities should: (a) be notionally entitled to fuel tax credits; and (b) have notional * fuel tax adjustments. Note: The fuel tax law binds the Crown in right of the States, the Australian Capital Territory and the Northern Territory (see section 1 ‑ 15). (2) The * Finance Minister may give such written directions as are necessary or convenient for carrying out or giving effect to subsection (1) and, in particular, may give directions in relation to the transfer of money within an account, or between accounts, operated by the Commonwealth or an * untaxable Commonwealth entity. (3) The directions given under subsection (2) may also take account of the provisions of the Fuel Tax (Consequential and Transitional Provisions) Act 2006 . (4) Directions under subsection (2) have effect, and must be complied with, despite any other Commonwealth law. (5) A direction given under subsection (2) is not a legislative instrument.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s95-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 95-100", "Provision_Key": "s95-100", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s95-100"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 105-1", "Provision_Key": "s105-1", "Heading": "What forms part of this Act", "Text": "(1) These all form part of this Act: (a) the headings to the Chapters, Parts, Divisions and Subdivisions of this Act; (b) * Guides; (c) the headings to the sections and subsections of this Act; (d) the headings for groups of sections of this Act (group headings); (e) the notes and examples (however described) that follow provisions of this Act. (2) The asterisks used to identify defined terms form part of this Act. However, if a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s105-1"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 105-5", "Provision_Key": "s105-5", "Heading": "What does not form part of this Act", "Text": "These do not form part of this Act: (a) footnotes and endnotes; (b) Tables of Subdivisions; (c) Tables of sections.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s105-5"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 105-10", "Provision_Key": "s105-10", "Heading": "Guides, and their role in interpreting this Act", "Text": "(1) A Guide consists of: (a) sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc.; or (b) a Subdivision, Division or Part that is identified as a Guide by a provision in the Subdivision, Division or Part. (2) * Guides form part of this Act, but they are kept separate from the operative provisions. In interpreting an operative provision, a Guide may only be considered: (a) in determining the purpose or object underlying the provision; or (b) to confirm that the provision’s meaning is the ordinary meaning conveyed by its text, taking into account its context in the Act and the purpose or object underlying the provision; or (c) in determining the provision’s meaning if the provision is ambiguous or obscure; or (d) in determining the provision’s meaning if the ordinary meaning conveyed by its text, taking into account its context in the Act and the purpose or object underlying the provision, leads to a result that is manifestly absurd or is unreasonable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s105-10"}
{"Act_Short_Name": "FTA", "Act_Title": "Fuel Tax Act 2006", "Act_Year": "2006", "Act_FRL_Id": "C2006A00072", "Provision": "s 110-5", "Provision_Key": "s110-5", "Heading": "Dictionary", "Text": "In this Act: adjustment has the meaning given by section 195 ‑ 1 of the * GST Act. amount includes a nil amount. approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . assessed net fuel amount , for a * tax period, or for a * fuel tax return period, means the * net fuel amount * assessed for the tax period or fuel tax return period. assessment has the meaning given by the Income Tax Assessment Act 1997 . biodiesel has the same meaning as it has in the Excise Tariff Act 1921 . carrying on an * enterprise has the meaning given by section 195 ‑ 1 of the * GST Act. Commissioner means the Commissioner of Taxation. Note: The office of Commissioner of Taxation is created by section 4 of the Taxation Administration Act 1953 . creditable acquisition has the meaning given by section 195 ‑ 1 of the * GST Act. creditable importation has the meaning given by section 195 ‑ 1 of the * GST Act. decreasing adjustment has the meaning given by section 195 ‑ 1 of the * GST Act. decreasing fuel tax adjustment has the meaning given by section 44 ‑ 5. effective fuel tax has the meaning given by sections 43 ‑ 5 and 43 ‑ 7. enterprise has the meaning given by section 9 ‑ 20 of the * GST Act. entity has the meaning given by section 184 ‑ 1 of the * GST Act. Finance Minister has the meaning given by section 195 ‑ 1 of the * GST Act. financial year has the meaning given by section 195 ‑ 1 of the * GST Act. fuel tax has the meaning given by section 43 ‑ 6. fuel tax adjustment means an * increasing fuel tax adjustment or a * decreasing fuel tax adjustment. fuel tax benefit has the meaning given by section 75 ‑ 10. fuel tax credit means an entitlement arising under section 41 ‑ 5, 41 ‑ 10 or 42 ‑ 5. fuel tax disadvantage has the meaning given by section 75 ‑ 45. fuel tax law means: (a) this Act; and (b) the Fuel Tax (Consequential and Transitional Provisions) Act 2006 ; and (c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and (d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and (e) regulations under any Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered). fuel tax return period has the meaning given by section 61 ‑ 20. government entity has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . GST Act means the A New Tax System (Goods and Services Tax) Act 1999 . GST branch has the meaning given by section 54 ‑ 5 of the * GST Act. GST group has the meaning given by section 48 ‑ 5 of the * GST Act. GST instalment has the meaning given by subsection 162 ‑ 70(1) of the * GST Act. GST instalment payer has the meaning given by section 162 ‑ 50 of the * GST Act. GST instalment quarter has the meaning given by subsections 162 ‑ 70(2) and (3) of the * GST Act. GST joint venture has the meaning given by section 51 ‑ 5 of the * GST Act. GST law has the meaning given by section 195 ‑ 1 of the * GST Act. GST return has the meaning given by section 195 ‑ 1 of the * GST Act. Guide has the meaning given by section 105 ‑ 10. incapacitated entity has the meaning given by section 195 ‑ 1 of the * GST Act. increasing adjustment has the meaning given by section 195 ‑ 1 of the * GST Act. increasing fuel tax adjustment has the meaning given by sections 44 ‑ 5 and 44 ‑ 10. indirect tax zone has the meaning given by section 195 ‑ 1 of the * GST Act. input tax credit has the meaning given by section 195 ‑ 1 of the * GST Act. input taxed has the meaning given by section 195 ‑ 1 of the * GST Act. joint venture operator has the meaning given by section 195 ‑ 1 of the * GST Act. LPG means: (a) liquid propane; or (b) a liquid mixture of propane and butane; or (c) a liquid mixture of propane and other hydrocarbons that consists mainly of propane; or (d) a liquid mixture of propane, butane and other hydrocarbons that consists mainly of propane and butane. motor vehicle has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 . net amount has the meaning given by section 195 ‑ 1 of the * GST Act. net fuel amount has the meaning given by section 60 ‑ 5. participant has the meaning given by section 195 ‑ 1 of the * GST Act. period of review , for an * assessment, has the meaning given by section 155 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . primary production business has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . registered for GST has the meaning given to registered by section 195 ‑ 1 of the * GST Act. religious practitioner has the meaning given by section 195 ‑ 1 of the * GST Act. required to be registered for GST has the meaning given to required to be registered by section 195 ‑ 1 of the * GST Act. resident agent has the meaning given by section 195 ‑ 1 of the * GST Act. residential premises has the meaning given by section 195 ‑ 1 of the * GST Act. scheme has the meaning given by subsection 165 ‑ 10(2) of the * GST Act. taxable fuel means fuel in respect of which duty is payable under: (a) the Excise Act 1901 and the Excise Tariff Act 1921 ; or (b) the Customs Act 1901 and the Customs Tariff Act 1995 ; but does not include fuel covered by: (c) item 15, 20 or 21 of the Schedule to the Excise Tariff Act 1921 ; or (d) any imported goods that would be classified to item 15 of the Schedule to the Excise Tariff Act 1921 , if the goods had been manufactured in the indirect tax zone. Note: Item 15 of the Schedule to the Excise Tariff Act 1921 deals with certain petroleum based oils and greases. Item 20 of that Schedule deals with certain stabilised crude petroleum oils. Item 21 of that Schedule deals with certain condensate. taxable supply has the meaning given by section 195 ‑ 1 of the * GST Act. tax period has the meaning given by section 195 ‑ 1 of the * GST Act. Transport Department means the Department administered by the * Transport Minister. Transport Minister means the Minister who administers the Road Vehicle Standards Act 2018 . Transport Secretary means the Secretary of the * Transport Department. untaxable Commonwealth entity has the meaning given by section 177 ‑ 1 of the * GST Act. you : if a provision of this Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note: The expression you is not used in provisions that apply only to entities that are not individuals.", "Amendment_Count": 13, "First_Amended": "No 42 of 2006", "Last_Amended": "No 164 of 2018", "Amending_Acts": "No 42 of 2006 | No 58 of 2006 | No 73 of 2006 | No 74 of 2006 | No 42 of 2009 | No 68 of 2011 | No 157 of 2011 | No 39 of 2012 | No 84 of 2012 | No 83 of 2014 | No 133 of 2014 | No 70 of 2015 | No 164 of 2018", "History_Notes": "Amended by No 42 of 2006 | Amended by No 58 of 2006, Sch 7 item 172, effective Schedule 7 (item 172): 1 July 2006 (s 2(1) item 8) | Amended by No 73 of 2006, Sch 3 item 8 | Sch 3 item 16 | Sch 3 item 23B | Sch 3 item 34B | Sch 3 item 36 | Sch 3 item 41 | Sch 5 item 4 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 30, effective Schedule 3 (items 23A, 23B): 1 July 2006 (s 2(10 item 10A) Schedule 3 (items 34A, 34B): 1 July 2008 Schedule 3 (items 35, 36): 1 July 2010 Schedule 3 (items 37–39): 1 July 2012 Schedule 3 (items 40, 41): 1 July 2013 | Amended by No 74 of 2006, Sch 1 item 92 | Sch 1 item 93 | Sch 1 item 94, effective Schedule 1 (items 92–94): 1 July 2006 (s 2(1) item 3) | Amended by No 42 of 2009, Sch 7 item 9 | Sch 7 item 10 | Sch 7 item 11 | Sch 7 item 12, effective Schedule 7 (items 1–12, 16): 1 July 2009 | Amended by No 68 of 2011, Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 34, effective Schedule 1 (items 15–34): 1 Dec 2011 | Amended by No 157 of 2011, Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 34 | Sch 1 item 35 | Sch 1 item 36 | Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40 | Sch 1 item 41 | Sch 1 item 42 | Sch 1 item 43, effective Schedule 1 (items 1–43, 45): 1 July 2012 | Amended by No 39 of 2012, Sch 1 item 16 | Sch 1 item 17 | Sch 2 item 4, effective Sch 1 (items 16, 17, 166–185, 227–230, 239, 240) and Sch 2 (items 3, 4): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 247–253, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 14–16): 15 Apr 2012 (s 2(1) item 1) | Amended by No 84 of 2012, Sch 2 item 5 | Sch 2 item 85, effective sch 2 (items 76-85): 1 July 2012 (s 2(1) item 3) | Amended by No 83 of 2014, Sch 1 item 128 | Sch 1 item 129 | Sch 1 item 130 | Sch 1 item 131 | Sch 1 item 132 | Sch 1 item 133 | Sch 1 item 134 | Sch 1 item 135 | Sch 1 item 136 | Sch 1 item 137 | Sch 1 item 138 | Sch 1 item 139 | Sch 1 item 140 | Sch 1 item 141 | Sch 1 item 142 | Sch 1 item 143 | Sch 1 item 144 | Sch 1 item 145 | Sch 1 item 146 | Sch 1 item 147 | Sch 1 item 148 | Sch 1 item 149 | Sch 1 item 150 | Sch 1 item 151 | Sch 1 item 152 | Sch 1 item 153 | Sch 1 item 154, effective sch 1 (items 108-154, 334): 1 July 2014 (s 2(1) item 2) | Amended by No 133 of 2014, Sch 4 item 5, effective sch 4: 10 Nov 2014 (s 2(1) item 3) | Amended by No 70 of 2015, Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 11, effective sch 6 (items 5-12): 25 June 2015 (s 2(1) item 11) | Amended by No 164 of 2018, Sch 4 item 4, effective sch 4 (item 4): 1 July 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2006A00072/latest/text#s110-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 1-1", "Provision_Key": "s1-1", "Heading": "Short title", "Text": "This Act may be cited as the A New Tax System (Goods and Services Tax) Act 1999 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s1-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 1-2", "Provision_Key": "s1-2", "Heading": "Commencement", "Text": "(1) This Act commences on 1 July 2000.", "Amendment_Count": 1, "First_Amended": "No 154 of 1999", "Last_Amended": "No 154 of 1999", "Amending_Acts": "No 154 of 1999", "History_Notes": "Amended by No 154 of 1999, Sch 1 item 1, effective 11 Nov 1999", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s1-2"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 1-3", "Provision_Key": "s1-3", "Heading": "Commonwealth ‑ State financial relations", "Text": "The Parliament acknowledges that the Commonwealth: (a) will introduce legislation to provide that the revenue from the GST will be granted to the States, the Australian Capital Territory and the Northern Territory; and (b) will maintain the rate and base of the GST in accordance with the Agreement on Principles for the Reform of Commonwealth ‑ State Financial Relations endorsed at the Special Premiers’ Conference in Canberra on 13 November 1998.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s1-3"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 1-4", "Provision_Key": "s1-4", "Heading": "States and Territories are bound by the GST law", "Text": "The * GST law binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. However, it does not make the Crown liable to be prosecuted for an offence.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s1-4"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-1", "Provision_Key": "s2-1", "Heading": "What this Act is about", "Text": "This Act is about the GST. It begins (in Chapter 2) with the basic rules about the GST, and then sets out in Chapter 3 the exemptions from the GST and in Chapter 4 the special rules that can apply in particular cases. It concludes with definitions and other interpretative material. Note: The GST is imposed by 6 Acts, the most important of which are: (a) the A New Tax System (Goods and Services Tax Imposition—General) Act 1999 ; and (b) the A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999 ; and (c) the A New Tax System (Goods and Services Tax Imposition—Excise) Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 10 of 2005", "Last_Amended": "No 10 of 2005", "Amending_Acts": "No 10 of 2005", "History_Notes": "Amended by No 10 of 2005, Sch 1 item 3, effective Schedule 1 (items 3–5): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-5", "Provision_Key": "s2-5", "Heading": "The basic rules (Chapter 2)", "Text": "Chapter 2 has the basic rules for the GST, including:  when and how the GST arises, and who is liable to pay it;  when and how input tax credits arise, and who is entitled to them;  how to work out payments and refunds of GST;  when and how the payments and refunds are to be made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-10", "Provision_Key": "s2-10", "Heading": "The exemptions (Chapter 3)", "Text": "Chapter 3 sets out the supplies and importations that are GST ‑ free or input taxed.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-15", "Provision_Key": "s2-15", "Heading": "The special rules (Chapter 4)", "Text": "Chapter 4 has special rules which, in particular cases, have the effect of modifying the basic rules in Chapter 2. Note: There is a checklist of special rules at the end of Chapter 2 (in Part 2 ‑ 8).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-20", "Provision_Key": "s2-20", "Heading": "Miscellaneous (Chapter 5)", "Text": "Chapter 5 deals with miscellaneous matters.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-25", "Provision_Key": "s2-25", "Heading": "Interpretative provisions (Chapter 6)", "Text": "Chapter 6 contains the Dictionary, which sets out a list of all the terms that are defined in this Act. It also sets out the meanings of some important concepts and rules on how to interpret this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2-30", "Provision_Key": "s2-30", "Heading": "Administration, collection and recovery provisions in the Taxation Administration Act 1953", "Text": "Schedule 1 to the Taxation Administration Act 1953 contains provisions relating to the administration of the GST, and to collection and recovery of amounts of GST.", "Amendment_Count": 3, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 74 of 2010 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 65 | Sch 5 item 66, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 74 of 2010, Sch 2 item 1, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 39 of 2012, Sch 1 item 31, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 3-1", "Provision_Key": "s3-1", "Heading": "When defined terms are identified", "Text": "(1) Many of the terms used in the law relating to the GST are defined. (2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “ * enterprise”. The footnote that goes with the asterisk contains a signpost to the Dictionary definitions starting at section 195 ‑ 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s3-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 3-5", "Provision_Key": "s3-5", "Heading": "When terms are not identified", "Text": "(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the non ‑ operative material contained in this Act. Note: The non ‑ operative material is described in Division 4. (3) The following basic terms used throughout the Act are not identified with an asterisk. Common definitions that are not asterisked Item This term: 1 acquisition 2 amount 3 Commissioner 4 entity 5 goods 6 GST 7 import 8 indirect tax zone 9 individual 10 input tax credit 11 supply 12 tax period 13 thing 14 you", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 2, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 2 of 2015, Sch 4 item 24 | Sch 4 item 38 | Sch 4 item 50, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s3-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 3-10", "Provision_Key": "s3-10", "Heading": "Identifying the defined term in a definition", "Text": "Within a definition, the defined term is identified by bold italics .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s3-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 4-1", "Provision_Key": "s4-1", "Heading": "Non ‑ operative material", "Text": "In addition to the operative provisions themselves, this Act contains other material to help you identify accurately and quickly the provisions that are relevant to you and to help you understand them. This other material falls into 2 main categories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s4-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 4-5", "Provision_Key": "s4-5", "Heading": "Explanatory sections", "Text": "One category is the explanatory section in many Divisions. Under the section heading “What this Division is about”, a short explanation of the Division appears in boxed text. Explanatory sections form part of this Act but are not operative provisions. In interpreting an operative provision, explanatory sections may only be considered for limited purposes. They are set out in section 182 ‑ 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s4-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 4-10", "Provision_Key": "s4-10", "Heading": "Other material", "Text": "The other category consists of material such as notes and examples. These also form part of the Act. They are distinguished by type size from the operative provisions (except for formulas), but are not kept separate from them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s4-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 5-1", "Provision_Key": "s5-1", "Heading": "What this Chapter is about", "Text": "This Chapter sets out the basic rules for the GST. In particular, these rules will tell you: • where liability for GST arises; • where entitlements to input tax credits arise; • how the amounts of GST and input tax credits are combined to work out the amount payable by you or to you; • when and how that amount is to be paid.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s5-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 5-5", "Provision_Key": "s5-5", "Heading": "The structure of this Chapter", "Text": "The diagram on the next page shows how the basic rules in this Chapter relate to each other. It also shows their relationship with: • the exemptions (Chapter 3)—these provisions exempt from the GST what would otherwise be taxable; and • the special rules (Chapter 4)—these provisions modify the basic rules in particular situations, often in quite limited ways.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s5-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 7-1", "Provision_Key": "s7-1", "Heading": "GST and input tax credits", "Text": "(1) GST is payable on * taxable supplies and * taxable importations. (2) Entitlements to input tax credits arise on * creditable acquisitions and * creditable importations. For taxable supplies and creditable acquisitions, see Part 2 ‑ 2. For taxable importations and creditable importations, see Part 2 ‑ 3.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s7-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 7-5", "Provision_Key": "s7-5", "Heading": "Net amounts", "Text": "Amounts of GST and amounts of input tax credits are set off against each other to produce a * net amount for a tax period (which may be altered to take account of * adjustments). For net amounts (including adjustments to net amounts), see Part 2 ‑ 4.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s7-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 7-10", "Provision_Key": "s7-10", "Heading": "Tax periods", "Text": "Every entity that is * registered, or * required to be registered, has tax periods applying to it. For registration, see Part 2 ‑ 5. For tax periods, see Part 2 ‑ 6.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s7-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 7-15", "Provision_Key": "s7-15", "Heading": "Payments and refunds", "Text": "The amount * assessed as being the * net amount for a tax period is the amount that the entity must pay to the Commonwealth, or the Commonwealth must refund to the entity, in respect of the period. For payments and refunds (and GST returns), see Part 2 ‑ 7. Note 1: For assessment of net amounts, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: Refunds may be set off against your other liabilities (if any) under laws administered by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 34, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s7-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-1", "Provision_Key": "s9-1", "Heading": "What this Division is about", "Text": "GST is payable on taxable supplies. This Division defines taxable supplies, states who is liable for the GST, and describes how to work out the GST on supplies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-5", "Provision_Key": "s9-5", "Heading": "Taxable supplies", "Text": "You make a taxable supply if: (a) you make the supply for * consideration; and (b) the supply is made in the course or furtherance of an * enterprise that you * carry on; and (c) the supply is * connected with the indirect tax zone; and (d) you are * registered, or * required to be registered. However, the supply is not a * taxable supply to the extent that it is * GST ‑ free or * input taxed.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 31, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-10", "Provision_Key": "s9-10", "Heading": "Meaning of supply", "Text": "(1) A supply is any form of supply whatsoever. (2) Without limiting subsection (1), supply includes any of these: (a) a supply of goods; (b) a supply of services; (c) a provision of advice or information; (d) a grant, assignment or surrender of * real property; (e) a creation, grant, transfer, assignment or surrender of any right; (f) a * financial supply; (g) an entry into, or release from, an obligation: (i) to do anything; or (ii) to refrain from an act; or (iii) to tolerate an act or situation; (h) any combination of any 2 or more of the matters referred to in paragraphs (a) to (g). (3) It does not matter whether it is lawful to do, to refrain from doing or to tolerate the act or situation constituting the supply. (3A) For the avoidance of doubt, the delivery of: (a) livestock for slaughtering or processing into * food; or (b) game for processing into * food; under an arrangement under which the entity making the delivery only relinquishes title after food has been produced, is the supply of the livestock or game (regardless of when the entity relinquishes title). The supply does not take place on or after the subsequent relinquishment of title. (4) However, supply does not include: (a) a supply of * money unless the money is provided as * consideration for a supply that is a supply of money or * digital currency; or (b) a supply of digital currency unless the digital currency is provided as consideration for a supply that is a supply of digital currency or money.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 118 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 11 item 3, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 118 of 2017, Sch 1 item 1, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-15", "Provision_Key": "s9-15", "Heading": "Consideration", "Text": "(1) Consideration includes: (a) any payment, or any act or forbearance, in connection with a supply of anything; and (b) any payment, or any act or forbearance, in response to or for the inducement of a supply of anything. (2) It does not matter whether the payment, act or forbearance was voluntary, or whether it was by the * recipient of the supply. (2A) It does not matter: (a) whether the payment, act or forbearance was in compliance with an order of a court, or of a tribunal or other body that has the power to make orders; or (b) whether the payment, act or forbearance was in compliance with a settlement relating to proceedings before a court, or before a tribunal or other body that has the power to make orders. (2B) For the avoidance of doubt, the fact that the supplier is an entity of which the * recipient of the supply is a member, or that the supplier is an entity that only makes supplies to its members, does not prevent the payment, act or forbearance from being consideration.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 75 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 5, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 78 | Sch 6 item 100, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 11 item 3A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 75 of 2012, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 9 | Sch 2 item 3 | Sch 2 item 8 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 13, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-17", "Provision_Key": "s9-17", "Heading": "Certain payments and other things not consideration", "Text": "(1) If a right or option to acquire a thing is granted, then: (a) the consideration for the supply of the thing on the exercise of the right or option is limited to any additional consideration provided either for the supply or in connection with the exercise of the right or option; or (b) if there is no such additional consideration—there is no consideration for the supply. (2) Making a gift to a non ‑ profit body is not the provision of consideration . (3) A payment is not the provision of consideration if: (a) the payment is made by a * government related entity to another government related entity for making a supply; and (b) the payment is: (i) covered by an appropriation under an * Australian law; or (ii) made under the National Health Reform Agreement agreed to by the Council of Australian Governments on 2 August 2011, as amended from time to time; or (iii) made under another agreement entered into to implement the National Health Reform Agreement; and (c) the payment is calculated on the basis that the sum of: (i) the payment (including the amounts of any other such payments) relating to the supply; and (ii) anything (including any payment for any act or forbearance) that the other government related entity receives from another entity in connection with, or in response to, or for the inducement of, the supply, or for any other related supply; does not exceed the supplier’s anticipated or actual costs of making those supplies. (4) A payment is not the provision of consideration if the payment is made by a * government related entity to another government related entity and the payment is of a kind specified in regulations made for the purposes of this subsection. (5) This section applies despite section 9 ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 75 of 2012", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 75 of 2012", "History_Notes": "Inserted by No 75 of 2012, Sch 2 item 3 | Sch 2 item 5 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 11 | Sch 2 item 12, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-17"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-20", "Provision_Key": "s9-20", "Heading": "Enterprises", "Text": "(1) An enterprise is an activity, or series of activities, done: (a) in the form of a * business; or (b) in the form of an adventure or concern in the nature of trade; or (c) on a regular or continuous basis, in the form of a lease, licence or other grant of an interest in property; or (d) by the trustee of a fund that is covered by, or by an authority or institution that is covered by, Subdivision 30 ‑ B of the * ITAA 1997 and to which deductible gifts can be made; or (da) by a trustee of a * complying superannuation fund or, if there is no trustee of the fund, by a person who manages the fund; or (e) by a charity; or (g) by the Commonwealth, a State or a Territory, or by a body corporate, or corporation sole, established for a public purpose by or under a law of the Commonwealth, a State or a Territory; or (h) by a trustee of a fund covered by item 2 of the table in section 30 ‑ 15 of the ITAA 1997 or of a fund that would be covered by that item if it had an ABN. (2) However, enterprise does not include an activity, or series of activities, done: (a) by a person as an employee or in connection with earning * withholding payments covered by subsection (4) (unless the activity or series is done in supplying services as the holder of an office that the person has accepted in the course of or in connection with an activity or series of activities of a kind mentioned in subsection (1)); or Note: Acts done as mentioned in paragraph (a) will still form part of the activities of the enterprise to which the person provides work or services. (b) as a private recreational pursuit or hobby; or (c) by an individual (other than a trustee of a charitable fund, or of a fund covered by item 2 of the table in section 30 ‑ 15 of the ITAA 1997 or of a fund that would be covered by that item if it had an ABN), or a * partnership (all or most of the members of which are individuals), without a reasonable expectation of profit or gain; or (d) as a member of a local governing body established by or under a * State law or * Territory law (except a local governing body to which paragraph 12 ‑ 45(1)(e) in Schedule 1 to the Taxation Administration Act 1953 applies). (3) For the avoidance of doubt, the fact that activities of an entity are limited to making supplies to members of the entity does not prevent those activities: (a) being in the form of a * business within the meaning of paragraph (1)(a); or (b) being in the form of an adventure or concern in the nature of trade within the meaning of paragraph (1)(b). (4) This subsection covers a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 35 Payment to employee 2 Section 12 ‑ 40 Payment to company director 3 Section 12 ‑ 45 Payment to office holder 4 Section 12 ‑ 60 Payment under labour hire arrangement, or specified by regulations", "Amendment_Count": 5, "First_Amended": "No 177 of 1999", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 177 of 1999 | No 178 of 1999 | No 92 of 2000 | No 12 of 2012 | No 169 of 2012", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 3, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 178 of 1999, Sch 1 item 50 | Sch 1 item 51 | Sch 1 item 52 | Sch 3 item 21, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 92 of 2000, Sch 11 item 3B | Sch 11 item 3C | Sch 11 item 3D, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 12 of 2012, Sch 6 item 68, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 169 of 2012, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-25", "Provision_Key": "s9-25", "Heading": "Supplies connected with the indirect tax zone", "Text": "Supplies of goods wholly within the indirect tax zone (1) A supply of goods is connected with the indirect tax zone if the goods are delivered, or made available, in the indirect tax zone to the * recipient of the supply. Supplies of goods from the indirect tax zone (2) A supply of goods that involves the goods being removed from the indirect tax zone is connected with the indirect tax zone . Supplies of goods to the indirect tax zone (3) A supply of goods that involves the goods being brought to the indirect tax zone is connected with the indirect tax zone if the supplier imports the goods into the indirect tax zone. (3A) A supply of goods that is an * offshore supply of low value goods is connected with the indirect tax zone if it is connected with the indirect tax zone under Subdivision 84 ‑ C. Supplies of real property (4) A supply of * real property is connected with the indirect tax zone if the real property, or the land to which the real property relates, is in the indirect tax zone. Supplies of anything else (5) A supply of anything other than goods or * real property is connected with the indirect tax zone if: (a) the thing is done in the indirect tax zone; or (b) the supplier makes the supply through an * enterprise that the supplier * carries on in the indirect tax zone; or (c) all of the following apply: (i) neither paragraph (a) nor (b) applies in respect of the thing; (ii) the thing is a right or option to acquire another thing; (iii) the supply of the other thing would be connected with the indirect tax zone; or (d) the * recipient of the supply is an * Australian consumer. Example: A holiday package for a trip to Queensland that is supplied by a travel operator in Japan will be connected with the indirect tax zone under paragraph (5)(c). Note: A supply that is connected with the indirect tax zone under this subsection might be GST ‑ free if it is consumed outside the indirect tax zone: see section 38 ‑ 190. For more rules about supplies that are GST ‑ free, see Division 38. Supplies of goods involving installation or assembly services (6) If a supply of goods (other than a * luxury car) (the actual supply ) involves the goods being brought to the indirect tax zone and the installation or assembly of the goods in the indirect tax zone, then the actual supply is to be treated as if it were 2 separate supplies in the following way: (a) the part of the actual supply that involves the installation or assembly of the goods in the indirect tax zone is to be treated as if it were a separate supply of a thing done in the indirect tax zone; (b) the remainder of the actual supply is to be treated as if it were a separate supply of goods involving the goods being brought to the indirect tax zone but not involving the installation or assembly of the goods. Note 1: The paragraph (a) supply is connected with the indirect tax zone (see paragraph (5)(a)), unless item 1 or 2 of the table in section 9 ‑ 26 applies. Note 2: The paragraph (b) supply may be a taxable supply (see subsection (3)), or there may be a taxable importation of the goods: see Division 13. Note 3: For the price of the separate supplies, see subsection 9 ‑ 75(4). Meaning of Australian consumer (7) An entity is an Australian consumer of a supply made to the entity if: (a) the entity is an * Australian resident (other than an entity that is an Australian resident solely because the definition of Australia in the * ITAA 1997 includes the external Territories); and (b) the entity: (i) is not * registered; or (ii) if the entity is registered—the entity does not acquire the thing supplied solely or partly for the purpose of an * enterprise that the entity * carries on. Note: Suppliers must take reasonable steps to ascertain whether recipients are Australian consumers: see section 84 ‑ 100.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 77 of 2005 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 6, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 77 of 2005, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 7 | Sch 3 item 16C | Sch 3 item 16D, effective 29 June 2005 | Amended by No 2 of 2015, Sch 4 item 27 | Sch 4 item 31, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 84 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 126 | Sch 1 item 33 | Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 15, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 1 | Sch 1 item 4 | Sch 1 item 29 | Sch 1 item 84, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-26", "Provision_Key": "s9-26", "Heading": "Supplies by non ‑ residents that are not connected with the indirect tax zone", "Text": "(1) A supply is not connected with the indirect tax zone if: (a) the supplier is a * non ‑ resident; and (b) the supplier does not make the supply through an * enterprise that the supplier * carries on in the indirect tax zone; and (c) the supply is covered by an item in this table: Offshore supplies that are not connected with the indirect tax zone Item Topic These supplies are not connected with the indirect tax zone … 1 Inbound intangible supply a supply of anything other than goods or * real property if: (a) the thing is done in the indirect tax zone; and (b) the * recipient is an * Australian ‑ based business recipient of the supply. 2 Intangible supply between non ‑ residents a supply of anything other than goods or * real property if: (a) the thing is done in the indirect tax zone; and (b) the * recipient is a * non ‑ resident that acquires the thing supplied solely for the purpose of an * enterprise that the recipient * carries on outside the indirect tax zone. 3 Supply between non ‑ residents of leased goods a supply by way of transfer of ownership of leased goods if: (a) the * recipient is a * non ‑ resident that does not acquire the thing supplied solely or partly for the purpose of an * enterprise that the recipient * carries on in the indirect tax zone; and (b) the lessee: (i) made a * taxable importation of the goods before the supply was made; and (ii) continues to lease the goods on substantially similar terms and conditions after the supply is made. 4 Supply by way of continued lease of goods from item 3 a supply made by way of lease if: (a) the * recipient is the lessee referred to in paragraph (b) of item 3 of this table; and (b) the lease is the lease referred to in subparagraph (ii) of that paragraph. Note: This subsection does not apply to supplies made by a non ‑ resident through a resident agent if they have agreed it is not to apply: see section 57 ‑ 7. (2) An entity is an Australian ‑ based business recipient of a supply made to the entity if: (a) the entity is * registered; and (b) an * enterprise of the entity is * carried on in the indirect tax zone; and (c) the entity’s acquisition of the thing supplied is not solely of a private or domestic nature. Note: If a supply is not connected with the indirect tax zone, the Australian ‑ based business recipient may be subject to a reverse charge: see Subdivision 84 ‑ A. (3) This section applies despite sections 9 ‑ 25 (which is about when supplies are connected with the indirect tax zone) and 85 ‑ 5 (which is about telecommunication supplies).", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, Sch 2 item 2 | Sch 2 item 57 | Sch 2 item 13 | Sch 2 item 14, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-26"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-27", "Provision_Key": "s9-27", "Heading": "When enterprises are carried on in the indirect tax zone", "Text": "(1) An * enterprise of an entity is carried on in the indirect tax zone if: (a) the enterprise is * carried on by one or more individuals covered by subsection (3) who are in the indirect tax zone; and (b) any of the following applies: (i) the enterprise is carried on through a fixed place in the indirect tax zone; (ii) the enterprise has been carried on through one or more places in the indirect tax zone for more than 183 days in a 12 month period; (iii) the entity intends to carry on the enterprise through one or more places in the indirect tax zone for more than 183 days in a 12 month period. (2) It does not matter whether: (a) the entity has exclusive use of a place; or (b) the entity owns, leases or has any other claim or interest in relation to a place. (3) This subsection covers the following individuals: (a) if the entity is an individual—that individual; (b) an employee or * officer of the entity; (c) an individual who is, or is employed by, an agent of the entity that: (i) has, and habitually exercises, authority to conclude contracts on behalf of the entity; and (ii) is not a broker, general commission agent or other agent of independent status that is acting in the ordinary course of the agent’s business as such an agent.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, Sch 2 item 15, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-27"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-30", "Provision_Key": "s9-30", "Heading": "Supplies that are GST ‑ free or input taxed", "Text": "GST ‑ free (1) A supply is GST ‑ free if: (a) it is GST ‑ free under Division 38 or under a provision of another Act; or (b) it is a supply of a right to receive a supply that would be GST ‑ free under paragraph (a). Input taxed (2) A supply is input taxed if: (a) it is input taxed under Division 40 or under a provision of another Act; or (b) it is a supply of a right to receive a supply that would be input taxed under paragraph (a). Note: If a supply is input taxed, there is no entitlement to an input tax credit for the things that are acquired or imported to make the supply (see sections 11 ‑ 15 and 15 ‑ 10). Supplies that would be both GST ‑ free and input taxed (3) To the extent that a supply would, apart from this subsection, be both * GST ‑ free and * input taxed: (a) the supply is GST ‑ free and not input taxed, unless the provision under which it is input taxed requires the supplier to have chosen for its supplies of that kind to be input taxed; or (b) the supply is input taxed and not GST ‑ free, if that provision requires the supplier to have so chosen. Note: Subdivisions 40 ‑ E (School tuckshops and canteens) and 40 ‑ F (Fund ‑ raising events conducted by charities etc.) require such a choice.) Supply of things used solely in connection with making supplies that are input taxed but not financial supplies (4) A supply is taken to be a supply that is * input taxed if it is a supply of anything (other than * new residential premises) that you have used solely in connection with your supplies that are input taxed but are not * financial supplies.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 169 of 2012", "History_Notes": "Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 1 item 1 | Sch 11 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 169 of 2012, Sch 2 item 70, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-39", "Provision_Key": "s9-39", "Heading": "Special rules relating to taxable supplies", "Text": "Chapter 4 contains special rules relating to taxable supplies, as follows: Checklist of special rules Item For this case ... See: 1A Agents and insurance brokers Division 153 1 Associates Division 72 2 Cancelled lay ‑ by sales Division 102 3 Company amalgamations Division 90 3A Compulsory third party schemes Division 79 4 Deposits as security Division 99 5 Gambling Division 126 5A GST religious groups Division 49 6 Insurance Division 78 7 Offshore supplies Division 84 8 Payments of taxes, fees and charges Division 81 8AA Resident agents acting for non ‑ residents Division 57 8A Second ‑ hand goods Division 66 8B Settlement sharing arrangements Division 80 9 Supplies and acquisitions made on a progressive or periodic basis Division 156 9A Supplies in return for rights to develop land Division 82 10 Supplies in satisfaction of debts Division 105 11 Supplies partly connected with the indirect tax zone Division 96 12 Supply under arrangement covered by PAYG voluntary agreement Division 113 12A Tax ‑ related transactions Division 110 13 Telecommunication supplies Division 85 14 Vouchers Division 100", "Amendment_Count": 10, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 178 of 1999 | No 92 of 2000 | No 97 of 2002 | No 67 of 2003 | No 74 of 2010 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 7, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 5 | Sch 6 item 6, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 178 of 1999, Sch 1 item 53, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 92 of 2000, Sch 1 item 1A | Sch 4 item 1, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 97 of 2002, Sch 1 item 1 | Sch 1 item 9, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent | Amended by No 67 of 2003, Sch 11 item 1 | Sch 11 item 2, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 74 of 2010, Sch 1 item 46 | Sch 1 item 47, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 2 item 3A, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 2, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-39"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-40", "Provision_Key": "s9-40", "Heading": "Liability for GST on taxable supplies", "Text": "You must pay the GST payable on any * taxable supply that you make.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-69", "Provision_Key": "s9-69", "Heading": "Special rules relating to liability for GST on taxable supplies", "Text": "Chapter 4 contains special rules relating to liability for GST on taxable supplies, as follows: Checklist of special rules Item For this case ... See: 1 Company amalgamations Division 90 2 GST groups Division 48 3 GST joint ventures Division 51 4 Offshore supplies Division 84 4A Non ‑ residents making supplies connected with the indirect tax zone Division 83 4B Representatives of incapacitated entities Division 58 5 Resident agents acting for non ‑ residents Division 57 6 Valuable metals Division 86", "Amendment_Count": 5, "First_Amended": "No 92 of 2000", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 92 of 2000 | No 118 of 2009 | No 2 of 2015 | No 76 of 2017 | No 77 of 2017", "History_Notes": "Amended by No 92 of 2000, Sch 3 item 1, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 118 of 2009, Sch 1 item 1, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 76 of 2017, Sch 1 item 1, effective 27 June 2017 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 3, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-69"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-70", "Provision_Key": "s9-70", "Heading": "The amount of GST on taxable supplies", "Text": "The amount of GST on a * taxable supply is 10% of the * value of the taxable supply.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-75", "Provision_Key": "s9-75", "Heading": "The value of taxable supplies", "Text": "(1) The value of a * taxable supply is as follows: where: price is the sum of: (a) so far as the * consideration for the supply is consideration expressed as an amount of * money—the amount (without any discount for the amount of GST (if any) payable on the supply); and (b) so far as the consideration is not consideration expressed as an amount of money—the * GST inclusive market value of that consideration. Example: You make a taxable supply by selling a car for $22,000 in the course of carrying on an enterprise. The value of the supply is: The GST on the supply is therefore $2,000 (i.e. 10% of $20,000). (2) However, if the taxable supply is of a * luxury car, the value of the taxable supply is as follows: where: luxury car tax value has the meaning given by section 5 ‑ 20 of the A New Tax System (Luxury Car Tax) Act 1999 . (3) In working out under subsection (1) the value of a * taxable supply made in a * tax period, being a supply that is a * fringe benefit, the price is taken to be the sum of: (a) to the extent that, apart from this subsection, paragraph(a) of the definition of price in subsection (1) would be applicable: (i) if the fringe benefit is a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the * recipient’s payment made in that period; or (ii) if the fringe benefit is a benefit other than a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the * recipients contribution made in that period; and (b) to the extent that, apart from this subsection, paragraph(b) of the definition of price in subsection (1) would be applicable: (i) if the fringe benefit is a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the recipient’s payment made in that period; or (ii) if the fringe benefit is a benefit other than a car fringe benefit—so much of the amount that would be worked out under that paragraph as represented the recipients contribution made in that period. (4) Despite subsection (1), if a supply of goods (the actual supply ) is to be treated as separate supplies because of subsection 9 ‑ 25(6) or 84 ‑ 79(2), then the price of each such separate supply is so much of the price of the actual supply, worked out under subsection (1), as reasonably represents the price of the separate supply.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 52 of 2000 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 8, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 52 of 2000, Sch 2 item 1, effective 30 May 2000 | Amended by No 52 of 2016, Sch 2 item 2 | Sch 2 item 4 | Sch 2 item 84 | Sch 2 item 17, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 4, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-80", "Provision_Key": "s9-80", "Heading": "The value of taxable supplies that are partly GST ‑ free or input taxed", "Text": "(1) If a supply (the actual supply ) is: (a) partly a * taxable supply; and (b) partly a supply that is * GST ‑ free or * input taxed; the value of the part of the actual supply that is a taxable supply is the proportion of the value of the actual supply that the taxable supply represents. (2) The value of the actual supply, for the purposes of subsection (1), is as follows: where: taxable proportion is the proportion of the value of the actual supply that represents the value of the * taxable supply (expressed as a number between 0 and 1).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 4A | Sch 11 item 4B, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-85", "Provision_Key": "s9-85", "Heading": "Value of taxable supplies to be expressed in Australian currency", "Text": "(1) For the purposes of this Act, the * value of a * taxable supply is to be expressed in Australian currency. (2) In working out the * value of a * taxable supply, any amount of the * consideration for the supply that is expressed in: (a) a currency other than Australian currency; or (b) * digital currency; is to be treated as if it were an amount of Australian currency worked out in the manner determined by the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 176 of 1999 | No 118 of 2017", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 118 of 2017, Sch 1 item 2 | Sch 1 item 3, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-90", "Provision_Key": "s9-90", "Heading": "Rounding of amounts of GST", "Text": "One taxable supply recorded on an invoice (1) If the amount of GST on a * taxable supply that is the only taxable supply recorded on a particular * invoice would, apart from this section, be an amount that includes a fraction of a cent, the amount of GST is rounded to the nearest cent (rounding 0.5 cents upwards). Several taxable supplies recorded on an invoice (2) If 2 or more * taxable supplies are recorded on the same * invoice, the total amount of GST on the supplies is: (a) what would be the amount of GST if it were worked out by: (i) working out the GST on each of the supplies (without rounding the amounts to the nearest cent); and (ii) adding the amounts together and, if the total is an amount that includes a fraction of a cent, rounding it to the nearest cent (rounding 0.5 cents upwards); or (b) the amount worked out using the following method statement: Method statement Step 1. Work out, for each * taxable supply, what would, apart from this section, be the amount of GST on the supply. Step 2. If the amount for the supply has more decimal places than the number of decimal places allowed by the accounting system used to work out the amount, round the amount (up or down as appropriate) to that number of decimal places. Note: Subsection (4) gives further details of this rounding. Step 3. Work out the sum of the amounts worked out under step 1 and (if applicable) step 2 for each supply. Step 4. If the sum under step 3 includes a fraction of a cent, round the sum to the nearest cent (rounding 0.5 cents upwards). (3) Whether to use paragraph (2)(a) or paragraph (2)(b) to work out the total amount of GST on the supplies is a matter of choice for: (a) the supplier if the amount is being worked out to ascertain the supplier’s liability for GST; or (b) the * recipient of the supplies if the amount is being worked out to ascertain the recipient’s entitlement to input tax credits. (4) In applying step 2 of the method statement in subsection (2), if: (a) the number of decimal places in the amount for the supply exceeds by one decimal place the number of decimal places allowed by the accounting system used to work out the amount; and (b) the last digit of the amount (before rounding) is 5; the amount is rounded upwards to that number of decimal places. Taxable supplies divided into items (5) If one or more * taxable supplies recorded on the same * invoice are divided into 2 or more items: (a) subsection (1) does not apply; and (b) subsection (2) applies as if each such item represented a separate taxable supply. Taxable supplies recorded on documents other than invoices (6) If one or more * taxable supplies, none of which are recorded on an * invoice, are recorded on a document that is not an invoice, this section applies as if the document were an invoice.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 6 | Sch 6 item 24B, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 9-99", "Provision_Key": "s9-99", "Heading": "Special rules relating to the amount of GST on taxable supplies", "Text": "Chapter 4 contains special rules relating to the amount of GST on taxable supplies, as follows: Checklist of special rules Item For this case ... See: 1A Agents and insurance brokers Division 153 1 Associates Division 72 2 Company amalgamations Division 90 2A Compulsory third party schemes Division 79 3 Gambling Division 126 4 Long ‑ term accommodation in commercial residential premises Division 87 4AA Non ‑ residents making supplies connected with the indirect tax zone Division 83 4A Offshore supplies Division 84 5 Sale of freehold interests etc. Division 75 7 Supplies partly connected with the indirect tax zone Division 96 8 Transactions relating to insurance policies Division 78 8A Valuable metals Division 86 9 Valuation of taxable supplies of goods in bond Division 108 10 Excess GST Division 142 Note: There are other laws that may affect the amount of GST on taxable supplies. For example, see subsection 357 ‑ 60(3) in Schedule 1 to the Taxation Administration Act 1953 (about the effect of rulings made under Part 5 ‑ 5 in that Schedule).", "Amendment_Count": 8, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 67 of 2003 | No 74 of 2010 | No 34 of 2014 | No 2 of 2015 | No 76 of 2017 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 10 | Sch 1 item 11, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 3 item 2 | Sch 4 item 2, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 67 of 2003, Sch 11 item 3, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 74 of 2010, Sch 2 item 2 | Sch 2 item 3, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 34 of 2014, Sch 2 item 1, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 76 of 2017, Sch 1 item 2, effective 27 June 2017 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 5, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s9-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-1", "Provision_Key": "s11-1", "Heading": "What this Division is about", "Text": "You are entitled to input tax credits for your creditable acquisitions. This Division defines creditable acquisitions, states who is entitled to the input tax credits and describes how to work out the input tax credits on acquisitions.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-5", "Provision_Key": "s11-5", "Heading": "What is a creditable acquisition?", "Text": "You make a creditable acquisition if: (a) you acquire anything solely or partly for a * creditable purpose; and (b) the supply of the thing to you is a * taxable supply; and (c) you provide, or are liable to provide, * consideration for the supply; and (d) you are * registered, or * required to be registered.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-10", "Provision_Key": "s11-10", "Heading": "Meaning of acquisition", "Text": "(1) An acquisition is any form of acquisition whatsoever. (2) Without limiting subsection (1), acquisition includes any of these: (a) an acquisition of goods; (b) an acquisition of services; (c) a receipt of advice or information; (d) an acceptance of a grant, assignment or surrender of * real property; (e) an acceptance of a grant, transfer, assignment or surrender of any right; (f) an acquisition of something the supply of which is a * financial supply; (g) an acquisition of a right to require another person: (i) to do anything; or (ii) to refrain from an act; or (iii) to tolerate an act or situation; (h) any combination of any 2 or more of the matters referred to in paragraphs (a) to (g). (3) However, acquisition does not include: (a) an acquisition of * money unless the money is provided as * consideration for a supply that is a supply of money or * digital currency; or (b) an acquisition of digital currency unless the digital currency is provided as consideration for a supply that is a supply of digital currency or money.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 176 of 1999 | No 118 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 12 | Sch 1 item 13, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 118 of 2017, Sch 1 item 4, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-15", "Provision_Key": "s11-15", "Heading": "Meaning of creditable purpose", "Text": "(1) You acquire a thing for a creditable purpose to the extent that you acquire it in * carrying on your * enterprise. (2) However, you do not acquire the thing for a creditable purpose to the extent that: (a) the acquisition relates to making supplies that would be * input taxed; or (b) the acquisition is of a private or domestic nature. (3) An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that the supply is made through an * enterprise, or a part of an enterprise, that you * carry on outside the indirect tax zone. (4) An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed if: (a) the only reason it would (apart from this subsection) be so treated is because it relates to making * financial supplies; and (b) you do not * exceed the financial acquisitions threshold. (5) An acquisition is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that: (a) the acquisition relates to making a * financial supply consisting of a borrowing (other than through a * deposit account you make available); and (b) the borrowing relates to you making supplies that are not input taxed.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 156 of 2000 | No 12 of 2012 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 14, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 5 item 1 | Sch 5 item 2, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 1 item 1, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 12 of 2012, Sch 3 item 4 | Sch 6 item 117 | Sch 6 item 118 | Sch 6 item 134 | Sch 6 item 136 | Sch 6 item 137 | Sch 6 item 138 | Sch 6 item 139 | Sch 6 item 140 | Sch 6 item 141 | Sch 6 item 142 | Sch 6 item 143 | Sch 6 item 1A | Sch 6 item 2 | Sch 6 item 146 | Sch 6 item 147 | Sch 6 item 148, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 2 of 2015, Sch 2 item 111 | Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-20", "Provision_Key": "s11-20", "Heading": "Who is entitled to input tax credits for creditable acquisitions?", "Text": "You are entitled to the input tax credit for any * creditable acquisition that you make.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-25", "Provision_Key": "s11-25", "Heading": "How much are the input tax credits for creditable acquisitions?", "Text": "The amount of the input tax credit for a * creditable acquisition is an amount equal to the GST payable on the supply of the thing acquired. However, the amount of the input tax credit is reduced if the acquisition is only * partly creditable. Note: The basic rule for working out the GST payable on the supply is in Subdivision 9 ‑ C. However, the GST payable may be affected by other provisions in: (a) this Act (for a list of provisions, see section 9 ‑ 99); and (b) other GST laws (for example, see subsection 357 ‑ 60(3) in Schedule 1 to the Taxation Administration Act 1953 (about the effect of rulings made under Part 5 ‑ 5 in that Schedule)).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Amended by No 74 of 2010, Sch 2 item 3, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-30", "Provision_Key": "s11-30", "Heading": "Acquisitions that are partly creditable", "Text": "(1) An acquisition that you make is partly creditable if it is a * creditable acquisition to which one or both of the following apply: (a) you make the acquisition only partly for a * creditable purpose; (b) you provide, or are liable to provide, only part of the * consideration for the acquisition. (3) The amount of the input tax credit on an acquisition that you make that is * partly creditable is as follows: where: extent of consideration is the extent to which you provide, or are liable to provide, the * consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition. extent of creditable purpose is the extent to which the * creditable acquisition is for a * creditable purpose, expressed as a percentage of the total purpose of the acquisition. full input tax credit is what would have been the amount of the input tax credit for the acquisition if it had been made solely for a creditable purpose and you had provided, or had been liable to provide, all of the consideration for the acquisition. (4) For the purpose of working out the extent of the * consideration, so far as the consideration is not expressed as an amount of * money, take into account the * GST inclusive market value of the consideration. (5) The Commissioner may determine, in writing, one or more ways in which to work out, for the purpose of subsection (3), the extent to which a * creditable acquisition is for a * creditable purpose.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 176 of 1999 | No 177 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 15, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 7, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 11-99", "Provision_Key": "s11-99", "Heading": "Special rules relating to acquisitions", "Text": "Chapter 4 contains special rules relating to acquisitions, as follows: Checklist of special rules Item For this case ... See: 1A Agents and insurance brokers Division 153 1B Annual apportionment of creditable purpose Division 131 1 Associates Division 72 2 Company amalgamations Division 90 2A Compulsory third party schemes Division 79 3 Financial supplies (reduced credit acquisitions) Division 70 3A Fringe benefits provided by input taxed suppliers Division 71 4 Gambling Division 126 5 GST groups Division 48 6 GST joint ventures Division 51 6A GST religious groups Division 49 7 Insurance Division 78 7A Limited registration entities Division 146 8 Non ‑ deductible expenses Division 69 8A Offshore supplies Division 84 9 Pre ‑ establishment costs Division 60 10 Reimbursement of employees etc. Division 111 10A Representatives of incapacitated entities Division 58 11 Resident agents acting for non ‑ residents Division 57 13 Sale of freehold interests etc. Division 75 14 Second ‑ hand goods Division 66 15 Settlement sharing arrangements Division 80 16 Time limit on entitlements to input tax credits Division 93", "Amendment_Count": 8, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 156 of 2000 | No 67 of 2003 | No 134 of 2004 | No 118 of 2009 | No 20 of 2010 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 16, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 1 item 1B | Sch 4 item 3 | Sch 5 item 2A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 1 | Sch 6 item 1, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 67 of 2003, Sch 11 item 4 | Sch 11 item 5, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 2, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 20 of 2010, Sch 1 item 1, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 77 of 2017, Sch 1 item 6 | Sch 1 item 7, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s11-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-1", "Provision_Key": "s13-1", "Heading": "What this Division is about", "Text": "GST is payable on taxable importations. This Division defines taxable importations, states who is liable for the GST and describes how to work out the GST on importations. Note 1: This Division applies whether or not you are registered. Note 2: Things other than goods that are supplied overseas for use in the indirect tax zone (and are therefore in that sense “imported”) are not taxable importations, but they can attract GST under Subdivision 84 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 2 of 2015", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 2 of 2015 | No 52 of 2016", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 10, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-5", "Provision_Key": "s13-5", "Heading": "What are taxable importations?", "Text": "(1) You make a taxable importation if: (a) goods are imported; and (b) you enter the goods for home consumption (within the meaning of the Customs Act 1901 ). However, the importation is not a taxable importation to the extent that it is a * non ‑ taxable importation. Note: There is no registration requirement for taxable importations, and the importer need not be carrying on an enterprise. (3) However, an importation of * money is not an importation of goods into the indirect tax zone.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 101 | Sch 1 item 106 | Sch 1 item 163 | Sch 3 item 27, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 2 of 2015, Sch 4 item 1936 | Sch 4 item 54, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-10", "Provision_Key": "s13-10", "Heading": "Meaning of non ‑ taxable importation", "Text": "An importation is a non ‑ taxable importation if: (a) it is a non ‑ taxable importation under Part 3 ‑ 2; or (b) it would have been a supply that was * GST ‑ free or * input taxed if it had been a supply.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-15", "Provision_Key": "s13-15", "Heading": "Who is liable for GST on taxable importations?", "Text": "You must pay the GST payable on any * taxable importation that you make.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-20", "Provision_Key": "s13-20", "Heading": "How much GST is payable on taxable importations?", "Text": "(1) The amount of GST on the * taxable importation is 10% of the * value of the taxable importation. (2) The value of a * taxable importation is the sum of: (a) the * customs value of the goods imported; and (b) the amount paid or payable: (i) for the * international transport of the goods to their * place of consignment in the indirect tax zone; and (ii) to insure the goods for that transport; to the extent that the amount is not already included under paragraph (a); and (ba) the amount paid or payable for a supply to which item 5A in the table in subsection 38 ‑ 355(1) applies, to the extent that the amount: (i) is not an amount, the payment of which (or the discharging of a liability to make a payment of which), because of Division 81 or regulations made under that Division, is not the provision of * consideration; and Note: Division 81 excludes certain taxes, fees and charges from the provision of consideration. (ii) is not already included under paragraph (a) or (b); and (c) any * customs duty payable in respect of the importation of the goods; and (d) any * wine tax payable in respect of the * local entry of the goods. (2A) If an amount to be taken into account under paragraph (2)(b) or (ba) is not an amount in Australian currency, the amount so taken into account is the equivalent in Australian currency of that amount, ascertained in the way provided in section 161J of the Customs Act 1901 . (3) The Commissioner may, in writing: (a) determine the way in which the amount paid or payable for a specified kind of transport or insurance is to be worked out for the purposes of paragraph (2)(b); and (b) determine the way in which the amount paid or payable for a specified kind of supply referred to in paragraph (2)(ba) is to be worked out for the purposes of that paragraph; and (c) in relation to importations of a specified kind or importations to which specified circumstances apply—determine that: (i) the amount paid or payable for a specified kind of transport or insurance is taken, for the purposes of paragraph (2)(b), to be zero; or (ii) the amount paid or payable for a specified kind of supply referred to in paragraph (2)(ba) is taken, for the purposes of that paragraph, to be zero. (4) For a * taxable importation that you make, you may choose to treat the amount under paragraph (2)(b), (or, if paragraph (2)(ba) applies, the sum of the amounts under paragraphs (2)(b) and (ba)), as an amount equal to: (a) the percentage prescribed by the regulations of the * customs value of the goods imported; or (b) if no percentage is prescribed—10% of their customs value. (5) However, subsection (4) does not apply if: (a) you are not * registered; or (b) the * local entry of the goods is a * taxable dealing in relation to * wine; or (c) the importation of the goods is a * taxable importation of a luxury car.", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 91 of 2010 | No 41 of 2011 | No 2 of 2015 | No 52 of 2016", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 18 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 177 | Sch 2 item 21, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 156 of 2000, Sch 2 item 1 | Sch 2 item 117, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 91 of 2010, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 15, effective 29 June 2010 | Amended by No 41 of 2011, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent | Amended by No 2 of 2015, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 2 item 22, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-25", "Provision_Key": "s13-25", "Heading": "The value of taxable importations that are partly non ‑ taxable importations", "Text": "If an importation (the actual importation ) is: (a) partly a * taxable importation; and (b) partly a * non ‑ taxable importation; the value of the part of the actual importation that is a taxable importation is the proportion of the value of the actual importation (worked out as if it were solely a taxable importation) that the taxable importation represents.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 13-99", "Provision_Key": "s13-99", "Heading": "Special rules relating to taxable importations", "Text": "Chapter 4 contains special rules relating to taxable importations, as follows: Checklist of special rules Item For this case ... See: 1 GST groups Division 48 2 GST joint ventures Division 51 3 Importations without entry for home consumption Division 114 4 Representatives of incapacitated entities Division 58 5 Resident agents acting for non ‑ residents Division 57 6 Valuation of re ‑ imported goods Division 117 Note: There are other laws that may affect the amount of GST on taxable importations. For example, see subsection 357 ‑ 60(3) in Schedule 1 to the Taxation Administration Act 1953 (about the effect of rulings made under Part 5 ‑ 5 in that Schedule).", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 118 of 2009 | No 74 of 2010", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 22, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 156 of 2000, Sch 2 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 118 of 2009, Sch 1 item 3, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 74 of 2010, Sch 2 item 4 | Sch 2 item 5, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s13-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-1", "Provision_Key": "s15-1", "Heading": "What this Division is about", "Text": "You are entitled to input tax credits for your creditable importations. This Division defines creditable importations, states who is entitled to the input tax credits and describes how to work out the input tax credits on importations.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-5", "Provision_Key": "s15-5", "Heading": "What are creditable importations?", "Text": "You make a creditable importation if: (a) you import goods solely or partly for a * creditable purpose; and (b) the importation is a * taxable importation; and (c) you are * registered, or * required to be registered.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-10", "Provision_Key": "s15-10", "Heading": "Meaning of creditable purpose", "Text": "(1) You import goods for a creditable purpose to the extent that you import the goods in * carrying on your * enterprise. (2) However, you do not import the goods for a creditable purpose to the extent that: (a) the importation relates to making supplies that would be * input taxed; or (b) the importation is of a private or domestic nature. (3) An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that the supply is made through an * enterprise, or a part of an enterprise, that you * carry on outside the indirect tax zone. (4) An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed if: (a) the only reason it would (apart from this subsection) be so treated is because it relates to making * financial supplies; and (b) you do not * exceed the financial acquisitions threshold. (5) An importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that: (a) the importation relates to making a * financial supply consisting of a borrowing; and (b) the borrowing relates to you making supplies that are not input taxed.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 156 of 2000 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 23, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 5 item 3 | Sch 5 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 1 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-15", "Provision_Key": "s15-15", "Heading": "Who is entitled to input tax credits for creditable importations?", "Text": "You are entitled to the input tax credit for any * creditable importation that you make.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-20", "Provision_Key": "s15-20", "Heading": "How much are the input tax credits for creditable importations?", "Text": "The amount of input tax credit for a * creditable importation is an amount equal to the GST payable on the importation. However, the amount of the input tax credit is reduced if the importation is only * partly creditable. Note: The basic rule for working out the GST payable on the importation is in section 13 ‑ 20. However, the GST payable may be affected by other provisions in: (a) this Act (for a list of provisions, see section 13 ‑ 99); and (b) other GST laws (for example, see subsection 357 ‑ 60(3) in Schedule 1 to the Taxation Administration Act 1953 (about the effect of rulings made under Part 5 ‑ 5 in that Schedule)).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Amended by No 74 of 2010, Sch 2 item 5, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-25", "Provision_Key": "s15-25", "Heading": "Importations that are partly creditable", "Text": "(1) An importation that you make is partly creditable if it is a * creditable importation that you make only partly for a * creditable purpose. (3) The amount of the input tax credit on an importation that you make that is * partly creditable is as follows: where: extent of creditable purpose is the extent to which the importation is for a * creditable purpose, expressed as a percentage of the total purpose of the importation. full input tax credit is what would have been the amount of the input tax credit for the importation if it had been made solely for a creditable purpose. (4) The Commissioner may determine, in writing, one or more ways in which to work out, for the purpose of subsection (3), the extent to which an importation is for a * creditable purpose.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 176 of 1999 | No 177 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 24, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 8, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 15-99", "Provision_Key": "s15-99", "Heading": "Special rules relating to creditable importations", "Text": "Chapter 4 contains special rules relating to creditable importations, as follows: Checklist of special rules Item For this case ... See: 1AA Annual apportionment of creditable purpose Division 131 1A Fringe benefits provided by input taxed suppliers Division 71 1 GST groups Division 48 2 GST joint ventures Division 51 2AA Importations without entry for home consumption Division 114 2A Non ‑ deductible expenses Division 69 3 Pre ‑ establishment costs Division 60 3A Representatives of incapacitated entities Division 58 4 Resident agents acting for non ‑ residents Division 57", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 156 of 2000 | No 134 of 2004 | No 118 of 2009", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 25, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 5 item 4A | Sch 11 item 4C, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 4, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s15-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 17-1", "Provision_Key": "s17-1", "Heading": "What this Division is about", "Text": "A net amount is worked out for each tax period that applies to you. Adjustments can be made to the net amount. Increasing adjustments increase your net amount, and decreasing adjustments decrease your net amount. Note: GST on taxable importations is not included in the net amount. It is dealt with separately under section 33 ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Repealed and substituted by No 39 of 2012, Sch 1 item 35, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s17-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 17-5", "Provision_Key": "s17-5", "Heading": "Net amounts", "Text": "(1) The net amount for a tax period applying to you is worked out using the following formula: where: GST is the sum of all of the GST for which you are liable on the * taxable supplies that are attributable to the tax period. input tax credits is the sum of all of the input tax credits to which you are entitled for the * creditable acquisitions and * creditable importations that are attributable to the tax period. Note 1: For the basic rules on what is attributable to a particular period, see Division 29. Note 2: For further rules if you have excess GST for the period, see Division 142. (2) However, the * net amount for the tax period: (a) may be increased or decreased if you have any * adjustments for the tax period; and (b) may be increased or decreased under Subdivision 21 ‑ A of the * Wine Tax Act; and (c) may be increased or decreased under Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 . Note 1: Under Subdivision 21 ‑ A of the Wine Tax Act, amounts of wine tax increase the net amount, and amounts of wine tax credits reduce the net amount. Note 2: Under Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 , amounts of luxury car tax increase the net amount, and luxury car tax adjustments alter the net amount.", "Amendment_Count": 2, "First_Amended": "No 39 of 2012", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 39 of 2012 | No 34 of 2014", "History_Notes": "Amended by No 39 of 2012, Sch 3 item 1 | Sch 3 item 7, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 34 of 2014, Sch 2 item 2, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s17-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 17-10", "Provision_Key": "s17-10", "Heading": "Adjustments", "Text": "If you have any * adjustments that are attributable to a tax period applying to you, alter your * net amount for the period as follows: (a) add to the amount worked out under subsection 17 ‑ 5(1) for the period the sum of all the * increasing adjustments (if any) that are attributable to the period; (b) subtract from that amount the sum of all the * decreasing adjustments (if any) that are attributable to the period. For the basic rules on what adjustments are attributable to a particular period, see Division 29.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s17-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 17-20", "Provision_Key": "s17-20", "Heading": "Determinations relating to how to work out net amounts", "Text": "(1) The Commissioner may make a determination that, in the circumstances specified in the determination, a * net amount for a tax period may be worked out to take account of other matters in the way specified in the determination. (2) The matters must relate to correction of errors that were made in working out * net amounts for tax periods to which subsection (2A) applies. (2A) This subsection applies to a * net amount for a tax period (the earlier tax period ) if: (a) the earlier tax period precedes the tax period mentioned in subsection (1); and (b) the tax period mentioned in subsection (1) starts during the * period of review for the * assessment of the * net amount. (3) If those circumstances apply in relation to a tax period applying to you, you may work out your * net amount for the tax period in that way.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 242 | Sch 1 item 243 | Sch 2 item 1, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s17-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 17-99", "Provision_Key": "s17-99", "Heading": "Special rules relating to net amounts or adjustments", "Text": "Chapter 4 contains special rules relating to net amounts or adjustments, as follows: Checklist of special rules Item For this case ... See: 1A Annual apportionment of creditable purpose Division 131 1 Anti ‑ avoidance Division 165 2 Cessation of registration Division 138 3 Changes in the extent of creditable purpose Division 129 4 Company amalgamations Division 90 4AA Compulsory third party schemes Division 79 4A Distributions from deceased estates Division 139 5 Gambling Division 126 5A Goods applied solely to private or domestic use Division 130 6 GST branches Division 54 7 GST groups Division 48 8 GST joint ventures Division 51 8A GST religious groups Division 49 9 Insurance Division 78 9AA Non ‑ deductible expenses Division 69 9A Non ‑ profit sub ‑ entities Division 63 9B Payment of GST by instalments Division 162 9C Providing additional consideration under gross ‑ up clauses Division 133 10 Representatives of incapacitated entities Division 58 11 Resident agents acting for non ‑ residents Division 57 11A Sale of freehold interests etc. Division 75 12 Second ‑ hand goods Division 66 12AA Settlement sharing arrangements Division 80 12A Simplified accounting methods for retailers and small enterprise entities Division 123 12B Stock on hand on becoming registered etc. Division 137 13 Supplies in satisfaction of debts Division 105 14 Supplies of going concerns Division 135 15 Supplies of things acquired etc. without full input tax credits Division 132 15A Third party payments Division 134 16 Tradex scheme goods Division 141 17 Vouchers Division 100", "Amendment_Count": 12, "First_Amended": "No 176 of 1999", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 73 of 2001 | No 67 of 2003 | No 134 of 2004 | No 78 of 2005 | No 112 of 2007 | No 118 of 2009 | No 20 of 2010 | No 21 of 2010", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 26 | Sch 7 item 9, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 11 | Sch 6 item 12, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 1 item 1C | Sch 11 item 4D, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 3 | Sch 4 item 1, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2001, Sch 5 item 23, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 67 of 2003, Sch 11 item 6 | Sch 11 item 7, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 78 of 2005, Sch 6 item 1, effective 29 June 2005 | Amended by No 112 of 2007, Sch 1 item 1, effective 28 June 2007 | Amended by No 118 of 2009, Sch 1 item 5 | Sch 1 item 12, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 20 of 2010, Sch 1 item 2, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 1, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s17-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-1", "Provision_Key": "s19-1", "Heading": "What this Division is about", "Text": "Adjustments can arise because of adjustment events. They are events such as a cancellation of a supply or acquisition, or a change in the consideration for a supply or acquisition (for example, because of a volume discount). Note: Importations do not give rise to adjustment events.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-5", "Provision_Key": "s19-5", "Heading": "Explanation of the effect of adjustment events", "Text": "The following diagram shows how an * adjustment event for a supply or acquisition can give rise to an * increasing adjustment or a * decreasing adjustment. Note: This section is an explanatory section.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 27, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-10", "Provision_Key": "s19-10", "Heading": "Adjustment events", "Text": "(1) An adjustment event is any event which has the effect of: (a) cancelling a supply or acquisition; or (b) changing the * consideration for a supply or acquisition; or (c) causing a supply or acquisition to become, or stop being, a * taxable supply or * creditable acquisition. Example: If goods that are supplied for export are not exported within the time provided in section 38 ‑ 185, the supply is likely to become a taxable supply after originally being a supply that was GST ‑ free. (2) Without limiting subsection (1), these are * adjustment events: (a) the return to a supplier of a thing, or part of a thing, supplied (whether or not the return involves a change of ownership of the thing); (b) a change to the previously agreed * consideration for a supply or acquisition, whether due to the offer of a discount or otherwise; (c) a change in the extent to which an entity that makes an acquisition provides, or is liable to provide, consideration for the acquisition (unless the entity * accounts on a cash basis). (3) An * adjustment event: (a) can arise in relation to a supply even if it is not a * taxable supply; and (b) can arise in relation to an acquisition even if it is not a * creditable acquisition. (4) However, the return of a thing supplied, or part of a thing supplied, to its supplier is not an * adjustment event if the return is for the purpose of repair or maintenance.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 28, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-40", "Provision_Key": "s19-40", "Heading": "Where adjustments for supplies arise", "Text": "You have an adjustment for a supply for which you are liable to pay GST (or would be liable to pay GST if it were a * taxable supply) if: (a) in relation to the supply, one or more * adjustment events occur during a tax period; and (b) GST on the supply was attributable to an earlier tax period (or, if the supply was not a taxable supply, would have been attributable to an earlier tax period had the supply been a taxable supply); and (c) as a result of those adjustment events, the * previously attributed GST amount for the supply (if any) no longer correctly reflects the amount of GST (if any) on the supply (the corrected GST amount ), taking into account any change of circumstances that has given rise to an adjustment for the supply under this Subdivision or Division 21 or 134.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 177 of 1999 | No 21 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 13, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 21 of 2010, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-45", "Provision_Key": "s19-45", "Heading": "Previously attributed GST amounts", "Text": "The previously attributed GST amount for a supply is: (a) the amount of any GST that was attributable to a tax period in respect of the supply; plus (b) the sum of any * increasing adjustments, under this Subdivision or Division 21, that were previously attributable to a tax period in respect of the supply; minus (c) the sum of any * decreasing adjustments, under this Subdivision or Division 21 or 134, that were previously attributable to a tax period in respect of the supply.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 177 of 1999 | No 21 of 2010", "History_Notes": "Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 21 of 2010, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-50", "Provision_Key": "s19-50", "Heading": "Increasing adjustments for supplies", "Text": "If the * corrected GST amount is greater than the * previously attributed GST amount, you have an increasing adjustment equal to the difference between the corrected GST amount and the previously attributed GST amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-55", "Provision_Key": "s19-55", "Heading": "Decreasing adjustments for supplies", "Text": "If the * corrected GST amount is less than the * previously attributed GST amount, you have a decreasing adjustment equal to the difference between the previously attributed GST amount and the corrected GST amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-70", "Provision_Key": "s19-70", "Heading": "Where adjustments for acquisitions arise", "Text": "(1) You have an adjustment for an acquisition for which you are entitled to an input tax credit (or would be entitled to an input tax credit if the acquisition were a * creditable acquisition) if: (a) in relation to the acquisition, one or more * adjustment events occur during a tax period; and (b) an input tax credit on the acquisition was attributable to an earlier tax period (or, if the acquisition was not a creditable acquisition, would have been attributable to an earlier tax period had the acquisition been a creditable acquisition); and (c) as a result of those adjustment events, the * previously attributed input tax credit amount for the acquisition (if any) no longer correctly reflects the amount of the input tax credit (if any) on the acquisition (the corrected input tax credit amount ). (2) In working out the * corrected input tax credit amount for the acquisition: (a) take into account any change of circumstances that has given rise to an adjustment for the acquisition under this Subdivision or Division 21, 129, 133 or 134; and (b) if an adjustment relating to the acquisition under Division 131 was attributable to an earlier tax period: (i) do not take into account that adjustment; and (ii) treat the acquisition as one in relation to which Division 131 had not applied.", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 177 of 1999 | No 134 of 2004 | No 20 of 2010 | No 21 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 15, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 20 of 2010, Sch 1 item 133, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 3, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-75", "Provision_Key": "s19-75", "Heading": "Previously attributed input tax credit amounts", "Text": "The previously attributed input tax credit amount for an acquisition is: (a) the amount of any input tax credit that was attributable to a tax period in respect of the acquisition; minus (b) the sum of any * increasing adjustments, under this Subdivision or Division 21, 129, 131 or 134, that were previously attributable to a tax period in respect of the acquisition; plus (c) the sum of any * decreasing adjustments, under this Subdivision or Division 21, 129 or 133, that were previously attributable to a tax period in respect of the acquisition.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 134 of 2004 | No 20 of 2010 | No 21 of 2010", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 29 | Sch 1 item 30, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 4, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-80", "Provision_Key": "s19-80", "Heading": "Increasing adjustments for acquisitions", "Text": "If the * previously attributed input tax credit amount is greater than the * corrected input tax credit amount, you have an increasing adjustment equal to the difference between the previously attributed input tax credit amount and the corrected input tax credit amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-85", "Provision_Key": "s19-85", "Heading": "Decreasing adjustments for acquisitions", "Text": "If the * previously attributed input tax credit amount is less than the * corrected input tax credit amount, you have a decreasing adjustment equal to the difference between the corrected input tax credit amount and the previously attributed input tax credit amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 19-99", "Provision_Key": "s19-99", "Heading": "Special rules relating to adjustment events", "Text": "Chapter 4 contains special rules relating to * adjustment events in particular cases, as follows: Checklist of special rules Item For this case ... See: 1AA Compulsory third party schemes Division 79 1AB Excess GST and cancelled supplies Division 142 1A GST religious groups Division 49 1 Insurance Division 78 2 Non ‑ deductible expenses Division 69 2A Providing additional consideration under gross ‑ up clauses Division 133 3 Settlement sharing arrangements Division 80 4 Third party payments Division 134", "Amendment_Count": 7, "First_Amended": "No 177 of 1999", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 67 of 2003 | No 20 of 2010 | No 21 of 2010 | No 34 of 2014", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 1 item 1D, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 4, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 67 of 2003, Sch 11 item 8 | Sch 11 item 9, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 20 of 2010, Sch 1 item 4, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 5, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 34 of 2014, Sch 2 item 3, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s19-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 21-1", "Provision_Key": "s21-1", "Heading": "What this Division is about", "Text": "If debts are written off as bad or are outstanding after 12 months, adjustments (for the purpose of working out net amounts) are made. They can arise both for amounts written off or outstanding and for recovery of amounts previously written off or outstanding. Note: This Division does not apply to supplies and acquisitions that you account for on a cash basis (except in the limited circumstances referred to in Division 159).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s21-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 21-5", "Provision_Key": "s21-5", "Heading": "Writing off bad debts (taxable supplies)", "Text": "(1) You have a decreasing adjustment if: (a) you made a * taxable supply; and (b) the whole or part of the * consideration for the supply has not been received; and (c) you write off as bad the whole or a part of the debt, or the whole or a part of the debt has been * overdue for 12 months or more. The amount of the decreasing adjustment is 1 / 11 of the amount written off, or 1 / 11 of the amount that has been overdue for 12 months or more, as the case requires. (2) However, you cannot have an * adjustment under this section if you * account on a cash basis.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 18 | Sch 6 item 19 | Sch 6 item 136 | Sch 6 item 8 | Sch 6 item 17 | Sch 6 item 11B | Sch 6 item 36, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s21-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 21-10", "Provision_Key": "s21-10", "Heading": "Recovering amounts previously written off (taxable supplies)", "Text": "You have an increasing adjustment if: (a) you made a * taxable supply in relation to which you had a * decreasing adjustment under section 21 ‑ 5 for a debt; and (b) you recover the whole or a part of the amount written off, or the whole or a part of the amount that has been * overdue for 12 months or more, as the case requires. The amount of the increasing adjustment is 1 / 11 of the amount recovered.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 20, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s21-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 21-15", "Provision_Key": "s21-15", "Heading": "Bad debts written off (creditable acquisitions)", "Text": "(1) You have an increasing adjustment if: (a) you made a * creditable acquisition for * consideration; and (b) the whole or part of the consideration is * overdue, but you have not provided the consideration overdue; and (c) the supplier of the thing you acquired writes off as bad the whole or a part of the debt, or the whole or a part of the debt has been overdue for 12 months or more. The amount of the increasing adjustment is 1 / 11 of the amount written off, or 1 / 11 of the amount that has been overdue for 12 months or more, as the case requires. (2) However, you cannot have an * adjustment under this section if you * account on a cash basis.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 21 | Sch 6 item 22 | Sch 6 item 23 | Sch 6 item 24 | Sch 6 item 136 | Sch 6 item 18, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s21-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 21-20", "Provision_Key": "s21-20", "Heading": "Recovering amounts previously written off (creditable acquisitions)", "Text": "You have a decreasing adjustment if: (a) you made a * creditable acquisition in relation to which you had an * increasing adjustment under section 21 ‑ 15 for a debt; and (b) you pay to the supplier of the thing you acquired the whole or a part of the amount written off, or the whole or a part of the amount that has been * overdue for 12 months or more, as the case requires. The amount of the decreasing adjustment is 1 / 11 of the amount recovered.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 25, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s21-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 21-99", "Provision_Key": "s21-99", "Heading": "Special rules relating to adjustments for bad debts", "Text": "Chapter 4 contains special rules relating to adjustments for bad debts, as follows: Checklist of special rules Item For this case ... See: 1A Bad debts relating to transactions that are not taxable or creditable to the fullest extent Division 136 1 Changing your accounting basis Division 159 2 Gambling Division 126 2A Representatives of incapacitated entities Division 58 3 Sale of freehold interests etc. Division 75", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 177 of 1999 | No 156 of 2000 | No 118 of 2009", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 26, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 156 of 2000, Sch 4 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 118 of 2009, Sch 1 item 6, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s21-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 23-1", "Provision_Key": "s23-1", "Heading": "Explanation of Division", "Text": "This diagram shows when you are required to be, and when you may, be registered. Note: This section is an explanatory section.", "Amendment_Count": 2, "First_Amended": "No 80 of 2007", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 80 of 2007 | No 70 of 2015", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 1, effective 21 June 2007 | Amended by No 70 of 2015, Sch 6 item 1, effective Sch 6 (items 1, 2): 25 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s23-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 23-5", "Provision_Key": "s23-5", "Heading": "Who is required to be registered", "Text": "You are required to be registered under this Act if: (a) you are * carrying on an * enterprise; and (b) your * GST turnover meets the * registration turnover threshold. Note: It is the entity that carries on the enterprise that is required to be registered (and not the enterprise).", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 2, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s23-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 23-10", "Provision_Key": "s23-10", "Heading": "Who may be registered", "Text": "(1) You may be * registered under this Act if you are carrying on an * enterprise (whether or not your * GST turnover is at, above or below the * registration turnover threshold). (2) You may be * registered under this Act if you intend to carry on an * enterprise from a particular date.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 3, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s23-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 23-15", "Provision_Key": "s23-15", "Heading": "The registration turnover threshold", "Text": "(1) Your registration turnover threshold (unless you are a non ‑ profit body) is: (a) $50,000; or (b) such higher amount as the regulations specify. (2) Your registration turnover threshold if you are a non ‑ profit body is: (a) $100,000; or (b) such higher amount as the regulations specify.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s23-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 23-20", "Provision_Key": "s23-20", "Heading": "Not registered for 4 years", "Text": "Despite section 23 ‑ 5, you are treated as not having been * required to be registered under this Act on a day if your * registration could not take effect from that day because of subsection 25 ‑ 10(1A). Note: Subsection 25 ‑ 10(1A) provides that the date of effect of your registration must not be a day that occurred more than 4 years before the day of the Commissioner’s decision to register you, unless the Commissioner is of the opinion there has been fraud or evasion.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s23-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 23-99", "Provision_Key": "s23-99", "Heading": "Special rules relating to who is required to be registered or who may be registered", "Text": "Chapter 4 contains special rules relating to who is * required to be registered, or who may be * registered, as follows: Checklist of special rules Item For this case ... See: 1A Government entities Division 149 1B Non ‑ profit sub ‑ entities Division 63 1 Representatives of incapacitated entities Division 58 2 Resident agents acting for non ‑ residents Division 57 3 Taxis Division 144", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 177 of 1999 | No 118 of 2009", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 27, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2009, Sch 1 item 13, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s23-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-1", "Provision_Key": "s25-1", "Heading": "When you must apply for registration", "Text": "You must apply, in the * approved form, to be * registered under this Act if: (a) you are not registered under this Act; and (b) you are * required to be registered. You must make your application within 21 days after becoming required to be registered.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-5", "Provision_Key": "s25-5", "Heading": "When the Commissioner must register you", "Text": "(1) The Commissioner must * register you if: (a) you have applied for registration in an * approved form; and (b) the Commissioner is satisfied that you are * carrying on an * enterprise, or you intend to carry on an enterprise from a particular date specified in your application. Note: Refusing to register you under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must * register you (even if you have not applied for registration) if the Commissioner is satisfied that you are * required to be registered. Note: Registering you under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) The Commissioner must notify you in writing of any decision he or she makes in relation to you under this section. If the Commissioner decides to * register you, the notice must specify the following: (a) the date of effect of your registration; (b) your registration number; (c) the tax periods that apply to you.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 73 of 2006 | No 69 of 2023", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 67 | Sch 5 item 68, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 69 of 2023, Sch 4 item 76 | Sch 21 item 105, effective sch 4 (items 105-110, 114-116): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-10", "Provision_Key": "s25-10", "Heading": "The date of effect of your registration", "Text": "(1) The Commissioner must decide the date from which your * registration takes effect, or took effect. However: (a) if you did not apply for registration and the Commissioner is satisfied that you are * required to be registered—the date of effect must not be a day before the day on which you became required to be registered; or (b) if you applied for registration—the date of effect must not be a day before: (i) the day specified in your application; or (ii) if the Commissioner is satisfied that you became required to be registered on an earlier day—the day that the Commissioner is satisfied is that earlier day; or (c) if you are being registered only because you intend to * carry on an * enterprise—the date of effect must not be a day before the day specified, in your application for registration, as the day from which you intend to carry on the enterprise. Note: Deciding the date of effect of your registration is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (1A) The date of effect must not be a day that occurred more than 4 years before the day of the decision, unless the Commissioner is of the opinion there has been fraud or evasion. (2) The * Australian Business Registrar must enter in the * Australian Business Register the date on which your * registration takes or took effect.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 176 of 1999 | No 73 of 2006 | No 39 of 2012 | No 69 of 2020", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 31, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 69, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 23 | Sch 1 item 37, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 69 of 2020, Sch 1 item 90 | Sch 1 item 93, effective Sch 1 (items 90–98, 1465–1467): awaiting commencement (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-15", "Provision_Key": "s25-15", "Heading": "Effect of backdating your registration", "Text": "If the Commissioner decides under section 25 ‑ 10, as the date of effect of your * registration ( your registration day ), a day before the day of the decision, then you are taken: (a) for the purpose of determining whether a supply you made on or after your registration day was a * taxable supply; and (b) for the purpose of determining whether an acquisition you made on or after that day was a * creditable acquisition; and (c) for the purpose of determining whether an importation you made on or after that day was a * creditable importation; to have been registered from and including your registration day. Note: This section ensures that backdating your registration enables your supplies and acquisitions made on or after the date of effect to be picked up by the GST system. Section 25 ‑ 10 limits the extent to which your registration can be backdated.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-49", "Provision_Key": "s25-49", "Heading": "Special rules relating to registration", "Text": "Chapter 4 contains special rules relating to * registration in particular cases, as follows: Checklist of special rules Item For this case ... See: 1A Government entities Division 149 1 GST branches Division 54 1AA Limited registration entities Division 146 2 Non ‑ profit sub ‑ entities Division 63 3 Non ‑ residents making supplies connected with the indirect tax zone Division 83", "Amendment_Count": 5, "First_Amended": "No 177 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 28 | Sch 6 item 29, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 3 item 3, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 11, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-49"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-50", "Provision_Key": "s25-50", "Heading": "When you must apply for cancellation of registration", "Text": "If you are * registered and you are not * carrying on any * enterprise, you must apply to the Commissioner in the * approved form for cancellation of your * registration. You must lodge your application within 21 days after the day on which you ceased to be carrying on any * enterprise.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-55", "Provision_Key": "s25-55", "Heading": "When the Commissioner must cancel registration", "Text": "(1) The Commissioner must cancel your * registration if: (a) you have applied for cancellation of registration in the * approved form; and (b) at the time you applied for cancellation of registration, you had been registered for at least 12 months; and (c) the Commissioner is satisfied that you are not * required to be registered. Note: Refusing to cancel your registration under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must cancel your * registration (even if you have not applied for cancellation of your registration) if: (a) the Commissioner is satisfied that you are not * carrying on an * enterprise; and (b) the Commissioner believes on reasonable grounds that you are not likely to carry on an enterprise for at least 12 months. Note: Cancelling your registration under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) The Commissioner must notify you of any decision he or she makes in relation to you under this section. If the Commissioner decides to cancel your * registration, the notice must specify the date of effect of the cancellation.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 73 of 2006 | No 69 of 2023", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 70 | Sch 5 item 71, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 69 of 2023, Sch 21 item 106, effective sch 4 (items 105-110, 114-116): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-57", "Provision_Key": "s25-57", "Heading": "When the Commissioner may cancel your registration", "Text": "(1) The Commissioner may cancel your * registration if: (a) less than 12 months after being registered, you apply for cancellation of registration in the * approved form; and (b) the Commissioner is satisfied that you are not * required to be registered. Note: Refusing to cancel your registration under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) In considering your application, the Commissioner may have regard to: (a) how long you have been * registered; and (b) whether you have previously been registered; and (c) any other relevant matters. (3) The Commissioner must notify you of any decision he or she makes in relation to you under this section. If the Commissioner decides to cancel your * registration, the notice must specify the date of effect of the cancellation.", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 156 of 2000 | No 73 of 2006 | No 69 of 2023", "History_Notes": "Inserted by No 156 of 2000, Sch 5 item 2 | Sch 5 item 7 | Sch 5 item 18, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 72, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 69 of 2023, Sch 21 item 107, effective sch 4 (items 105-110, 114-116): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-57"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-60", "Provision_Key": "s25-60", "Heading": "The date of effect of your cancellation", "Text": "(1) The Commissioner must decide the date on which the cancellation of your * registration under subsection 25 ‑ 55(1) or (2) or section 25 ‑ 57 takes effect. That date may be any day occurring before, on or after the day on which the Commissioner makes the decision. Note: Deciding the date of effect of the cancellation of your registration is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The * Australian Business Registrar must enter in the * Australian Business Register the date on which the cancellation of your * registration takes effect.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 73 of 2006 | No 69 of 2020", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 32, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 156 of 2000, Sch 5 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 73, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 69 of 2020, Sch 1 item 91 | Sch 1 item 95, effective Sch 1 (items 90–98, 1465–1467): awaiting commencement (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-65", "Provision_Key": "s25-65", "Heading": "Effect of backdating your cancellation of registration", "Text": "If the Commissioner decides under section 25 ‑ 60, as the date of effect of the cancellation of your * registration ( your cancellation day ), a day before the day of the decision, your registration is taken: (a) for the purpose of determining whether a supply you made on or after your cancellation day was a * taxable supply; and (b) for the purpose of determining whether an acquisition you made on or after that day was a * creditable acquisition; and (c) for the purpose of determining whether an importation you made on or after that date was a * creditable importation; to have been cancelled from and including your cancellation day.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 25-99", "Provision_Key": "s25-99", "Heading": "Special rules relating to cancellation of registration", "Text": "Chapter 4 contains special rules relating to cancellation of * registration in particular cases, as follows: Checklist of special rules Item For this case ... See: 1A Government entities Division 149 1 GST branches Division 54 1AA Limited registration entities Division 146 1B Non ‑ profit sub ‑ entities Division 63 2 Representatives of incapacitated entities Division 58 3 Resident agents acting for non ‑ residents Division 57", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 177 of 1999 | No 118 of 2009 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 30 | Sch 6 item 31, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2009, Sch 1 item 14, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 52 of 2016, Sch 1 item 12, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 10 | Sch 1 item 11, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s25-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-1", "Provision_Key": "s27-1", "Heading": "What this Division is about", "Text": "This Division tells you the tax periods that apply to you. You need to know this because your net amounts are worked out in respect of these tax periods.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 38, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-5", "Provision_Key": "s27-5", "Heading": "General rule—3 month tax periods", "Text": "The tax periods that apply to you are each period of 3 months ending on 31 March, 30 June, 30 September or 31 December in any year, except to the extent that: (a) an election is in force under section 27 ‑ 10; or (b) the Commissioner determines otherwise under this Division. Note: Several provisions in Chapter 4 provide for different tax periods. In particular, Division 151 provides for annual tax periods.", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-10", "Provision_Key": "s27-10", "Heading": "Election of one month tax periods", "Text": "(1) The tax periods that apply to you are each individual month if, by notifying the Commissioner in the * approved form, you elect to have as the tax periods that apply to you each individual month. (2) The election takes effect on the day specified in the notice. However, the day specified must be 1 January, 1 April, 1 July or 1 October.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-15", "Provision_Key": "s27-15", "Heading": "Determination of one month tax periods", "Text": "(1) The Commissioner must determine that the tax periods that apply to you are each individual month if: (a) the Commissioner is satisfied that your * GST turnover meets the * tax period turnover threshold; or (b) the Commissioner is satisfied that the period for which you will be * carrying on an * enterprise in the indirect tax zone is less than 3 months; or (c) the Commissioner is satisfied that you have a history of failing to comply with your obligations under a * taxation law. Note: Determining under this section the tax periods applying to you is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The determination takes effect on the day specified in the determination. However, the day specified must be 1 January, 1 April, 1 July or 1 October. Note: Deciding the date of effect of the determination is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) The tax period turnover threshold is: (a) $20 million; or (b) such other amount as the regulations specify. However, if the regulations change the tax period turnover threshold, the change does not apply to you until the start of the next tax period that starts after the regulation in question comes into operation.", "Amendment_Count": 5, "First_Amended": "No 92 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 92 of 2000 | No 73 of 2001 | No 73 of 2006 | No 80 of 2007 | No 2 of 2015", "History_Notes": "Amended by No 92 of 2000, Sch 1 item 2, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2001, Sch 5 item 162 | Sch 5 item 63 | Sch 5 item 64 | Sch 5 item 65 | Sch 5 item 66, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 74 | Sch 5 item 75 | Sch 5 item 156 | Sch 5 item 157 | Sch 5 item 158, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2007, Sch 2 item 4, effective 21 June 2007 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-20", "Provision_Key": "s27-20", "Heading": "Withdrawing elections of one month tax periods", "Text": "(1) You may, by notifying the Commissioner in the * approved form, withdraw an election under section 27 ‑ 10, unless your * GST turnover meets the * tax period turnover threshold. (2) The withdrawal takes effect on the day specified in the notice. However, the day specified: (a) must be 1 January, 1 April, 1 July or 1 October, or any day occurring before the election takes effect; and (b) must not be a day occurring earlier than 12 months after the election took effect.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 5, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-22", "Provision_Key": "s27-22", "Heading": "Revoking elections of one month tax periods", "Text": "(1) The Commissioner may, if you so request in the * approved form, revoke your election under section 27 ‑ 10, with effect from a day occurring earlier than 12 months after the election took effect, unless the Commissioner is satisfied that your * GST turnover meets the * tax period turnover threshold. Note: Refusing to revoke your election under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) In considering your request, the Commissioner may have regard to: (a) for how long the tax periods applying to you have been each individual month; and (b) whether you have previously been * registered, and whether such tax periods had applied to you; and (c) any other relevant matters. (3) The revocation: (a) takes effect on the day specified in the instrument of revocation; or (b) is taken to have had effect from a past day specified in the instrument of revocation. However, the day specified must be 1 January, 1 April, 1 July or 1 October. Note: Deciding the date of effect of the revocation is a reviewable decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 156 of 2000 | No 73 of 2006 | No 80 of 2007", "History_Notes": "Inserted by No 156 of 2000, Sch 5 item 8, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 76 | Sch 5 item 77, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2007, Sch 2 item 6, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-22"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-25", "Provision_Key": "s27-25", "Heading": "Revoking determinations of one month tax periods", "Text": "(1) The Commissioner must revoke a determination under section 27 ‑ 15 relating to you if you so request, unless the Commissioner is satisfied that any of the grounds for making a determination under that section apply to you. Note: Refusing to revoke a determination under this section is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The revocation takes effect on the day specified in the instrument of revocation. However, the day specified: (a) must be 1 January, 1 April, 1 July or 1 October; and (b) must not be a day occurring earlier than 12 months after the determination took effect. Note: Deciding the date of effect of the revocation is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 78 | Sch 5 item 79, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-30", "Provision_Key": "s27-30", "Heading": "Tax periods determined by the Commissioner to take account of changes in tax periods", "Text": "(1) For the purpose of ensuring the effective operation of this Division where: (a) you become * registered or * required to be registered; or (b) the tax periods applying to you have changed; the Commissioner may, by written notice given to you, determine that a period specified in the notice is a tax period that applies to you. Note: Determining under this section a tax period applying to you is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The period specified in the notice may start earlier than the day on which the notice is given to you. (3) However, the period specified in the notice: (a) must be less than 3 months; and (b) must not overlap with any part of any other tax period for which you have already given a * GST return to the Commissioner. For the giving of GST returns to the Commissioner, see Division 31.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 176 of 1999 | No 73 of 2006", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 33, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 80, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-35", "Provision_Key": "s27-35", "Heading": "Changing the days on which your tax periods end", "Text": "(1) You may change the day in each year on which a tax period would otherwise end. However: (a) the day must be no more than 7 days earlier or 7 days later than a day on which one of the tax periods that applies to you would otherwise end if the days were not changed; and (b) the change must be consistent with the commercial accounting periods that apply to you. (2) If the day on which a tax period ends is changed, the next tax period starts on the day after that day.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-37", "Provision_Key": "s27-37", "Heading": "Special determination of tax periods on request", "Text": "(1) The Commissioner may, in accordance with a request you make in the * approved form, determine the tax periods applying to you to be the tax periods specified in the request if the Commissioner is satisfied that: (a) your * GST turnover meets the * tax period turnover threshold; and (b) the tax periods specified in the request are consistent with the commercial accounting periods that apply to you; and (c) the tax periods specified in the request would, if determined under this section, result in 12 complete tax periods in each year; and (d) any other requirements specified in the regulations are complied with. Note: Refusing a request for a determination under this section is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) A determination under this section overrides any determination under section 27 ‑ 15 or 27 ‑ 30 relating to tax periods applying to you.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 73 of 2006 | No 80 of 2007", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 81, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2007, Sch 2 item 7, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-37"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-38", "Provision_Key": "s27-38", "Heading": "Revoking special determination of tax periods", "Text": "(1) The Commissioner must revoke a determination under section 27 ‑ 37 if the Commissioner is satisfied that any of the requirements of paragraphs 27 ‑ 37(1)(a), (b), (c) and (d) are not complied with. Note: Revoking a determination under this section is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The revocation takes effect on the day specified in the instrument of revocation. However, the day specified must be 1 January, 1 April, 1 July or 1 October. Note: Deciding the date of effect of the revocation is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) A revocation under this section revives any election under section 27 ‑ 10, or any determination under section 27 ‑ 15 or 27 ‑ 30, relating to tax periods applying to you.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 82 | Sch 5 item 83, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-38"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-39", "Provision_Key": "s27-39", "Heading": "Tax periods of incapacitated entities", "Text": "(1) If an entity becomes an * incapacitated entity, the entity’s tax period at the time is taken to have ended at the end of the day before the entity became incapacitated. (2) If a tax period (the first tax period ) ends on a particular day because of subsection (1), the next tax period starts on the day after that day and ends when the first tax period would have ended but for that subsection.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, Sch 1 item 48 | Sch 1 item 27 | Sch 1 item 29 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 37 | Sch 1 item 38, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-39"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-40", "Provision_Key": "s27-40", "Heading": "An entity’s concluding tax period", "Text": "(1) If: (a) an individual dies; or (b) another entity for any reason ceases to exist; the individual’s or entity’s tax period at the time is taken to have ceased at the end of the day before the death or cessation. (1A) If an entity ceases to * carry on any * enterprise, the entity’s tax period at the time is taken to have ceased at the end of the day on which the cessation occurred. (2) If an entity’s * registration is cancelled, the entity’s tax period at the date of effect of the cancellation (the cancellation day ) ceases at the end of the cancellation day.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 176 of 1999 | No 118 of 2009", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 34, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 118 of 2009, Sch 1 item 16 | Sch 1 item 27 | Sch 1 item 32 | Sch 1 item 38, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 27-99", "Provision_Key": "s27-99", "Heading": "Special rules relating to tax periods", "Text": "Chapter 4 contains special rules relating to tax periods, as follows: Checklist of special rules Item For this case ... See: 1AAA Annual tax periods Division 151 1 Changes in the extent of creditable purpose Division 129 1AA GST groups Division 48 1AB Limited registration entities Division 146 1AC Payment of GST by instalments Division 162 1A Representatives of incapacitated entities Division 58 2 Resident agents acting for non ‑ residents Division 57", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 73 of 2001 | No 134 of 2004 | No 118 of 2009 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 35, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2001, Sch 5 item 24, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 17 | Sch 1 item 18, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 52 of 2016, Sch 1 item 13, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 12, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s27-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-1", "Provision_Key": "s29-1", "Heading": "What this Division is about", "Text": "This Division tells you the tax periods to which your taxable supplies, creditable acquisitions, creditable importations and adjustments are attributable. You need to know this to work out your net amounts under Part 2 ‑ 4. Note: This Division does not deal with your taxable importations, because they are not attributed to tax periods. See section 33 ‑ 15 for payment of assessed GST on taxable importations.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 39, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-5", "Provision_Key": "s29-5", "Heading": "Attributing the GST on your taxable supplies", "Text": "(1) The GST payable by you on a * taxable supply is attributable to: (a) the tax period in which any of the * consideration is received for the supply; or (b) if, before any of the consideration is received, an * invoice is issued relating to the supply—the tax period in which the invoice is issued. (2) However, if you * account on a cash basis, then: (a) if, in a tax period, all of the * consideration is received for a * taxable supply—GST on the supply is attributable to that tax period; or (b) if, in a tax period, part of the consideration is received—GST on the supply is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or (c) if, in a tax period, none of the consideration is received—none of the GST on the supply is attributable to that tax period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-10", "Provision_Key": "s29-10", "Heading": "Attributing the input tax credits for your creditable acquisitions", "Text": "(1) The input tax credit to which you are entitled for a * creditable acquisition is attributable to: (a) the tax period in which you provide any of the * consideration for the acquisition; or (b) if, before you provide any of the consideration, an * invoice is issued relating to the acquisition—the tax period in which the invoice is issued. (2) However, if you * account on a cash basis, then: (a) if, in a tax period, you provide all of the * consideration for a * creditable acquisition—the input tax credit for the acquisition is attributable to that tax period; or (b) if, in a tax period, you provide part of the consideration—the input tax credit for the acquisition is attributable to that tax period, but only to the extent that you provided the consideration in that tax period; or (c) if, in a tax period, none of the consideration is provided—none of the input tax credit for the acquisition is attributable to that tax period. (3) If you do not hold a * tax invoice for a * creditable acquisition when you give to the Commissioner a * GST return for the tax period to which the input tax credit (or any part of the input tax credit) on the acquisition would otherwise be attributable: (a) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and (b) the input tax credit (or part) is attributable to the first tax period (if any) for which you give to the Commissioner a GST return at a time when you hold that tax invoice. However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner to be circumstances in which the requirement for a tax invoice does not apply. For the giving of GST returns to the Commissioner, see Division 31. Input tax credits not taken into account in assessments (4) Subsections (5) and (6) apply to the input tax credit to which you are entitled for a * creditable acquisition to the extent that: (a) the input tax credit would otherwise be attributable to a particular tax period; and (b) the input tax credit has not been taken into account in an * assessment of a * net amount of yours for that tax period. Note: The input tax credit would not otherwise be attributable to a particular tax period if you do not hold a tax invoice for the creditable acquisition when you give to the Commissioner a GST return for the tax period: see paragraph (3)(a). (5) To the extent this subsection applies to the input tax credit, you may, by notifying the Commissioner in the * approved form, elect for: (a) the input tax credit not to be attributable to that tax period; and (b) the input tax credit to be attributable to a later specified tax period. Note: Division 93 may provide a time limit on your entitlement to an input tax credit. (6) You cannot revoke or amend an election you make under subsection (5).", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 156 of 2000 | No 21 of 2010 | No 39 of 2012 | No 72 of 2025", "History_Notes": "Amended by No 156 of 2000, Sch 5 item 14 | Sch 6 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 21 of 2010, Sch 2 item 1 | Sch 2 item 2, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 39 of 2012, Sch 1 item 40 | Sch 1 item 41 | Sch 1 item 93, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 72 of 2025, Sch 4 item 36 | Sch 4 item 37 | Sch 4 item 38 | Sch 4 item 41 | Sch 4 item 43, effective sch 4 (items 32 ‑ 38, 43 ‑ 51): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-15", "Provision_Key": "s29-15", "Heading": "Attributing the input tax credits for your creditable importations", "Text": "(1) The input tax credit to which you are entitled for a * creditable importation is attributable to the tax period in which you pay the * assessed GST on the importation. (2) However, if paragraph 33 ‑ 15(1)(b) applies to payment of the * assessed GST on the importation, the input tax credit is attributable to the tax period in which the liability for the GST arose.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 41 of 2005 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 36, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 41 of 2005, Sch 10 item 1, effective Schedule 10 (items 1–14): Royal Assent | Amended by No 39 of 2012, Sch 1 item 42 | Sch 1 item 43, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-20", "Provision_Key": "s29-20", "Heading": "Attributing your adjustments", "Text": "(1) An * adjustment that you have is attributable to the tax period in which you become aware of the adjustment. (2) However, if you * account on a cash basis, and the * adjustment arises from an * adjustment event as a result of which you are liable to provide * consideration, then: (a) if, in a tax period, all of the consideration is provided—the * adjustment is attributable to that tax period; or (b) if, in a tax period, part of the consideration is provided—the adjustment is attributable to that tax period, but only to the extent that the consideration is provided in that tax period; or (c) if, in a tax period, none of the consideration is provided—none of the adjustment is attributable to that tax period. (3) If: (a) you have a * decreasing adjustment arising from an * adjustment event; and (b) you do not hold an * adjustment note for the adjustment when you give to the Commissioner a * GST return for the tax period to which the adjustment (or any part of the adjustment) would otherwise be attributable; then: (c) the adjustment (including any part of the adjustment) is not attributable to that tax period; and (d) the adjustment (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that adjustment note. However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner to be circumstances in which the requirement for an adjustment note does not apply. For the giving of GST returns to the Commissioner, see Division 31.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-25", "Provision_Key": "s29-25", "Heading": "Commissioner may determine particular attribution rules", "Text": "(1) The Commissioner may, in writing, determine the tax periods to which: (a) GST on * taxable supplies of a specified kind; or (b) input tax credits for * creditable acquisitions of a specified kind; or (c) input tax credits for * creditable importations of a specified kind; or (d) * adjustments of a specified kind; are attributable. (2) However, the Commissioner must not make a determination under this section unless satisfied that it is necessary to prevent the provisions of this Division and Chapter 4 applying in a way that is inappropriate in circumstances involving: (a) a supply or acquisition in which possession of goods passes, but title in the goods will, or may, pass at some time in the future; or (b) a supply or acquisition for which payment is made or an * invoice is issued, but use, enjoyment or passing of title will, or may, occur at some time in the future; or (c) a supply or acquisition occurring, but still being subject to a statutory cooling off period under an * Australian law; or (d) a supply or acquisition occurring before the supplier or * recipient knows it has occurred; or (e) a supply or acquisition occurring before the supplier or recipient knows the total * consideration; or (f) a supply or acquisition made under a contract that is subject to preconditions; or (g) a supply or acquisition made under a contract that provides for retention of some or all of the consideration until certain conditions are met; or (h) a supply or acquisition for which the GST treatment will be unknown until a later supply is made. (3) Determinations under subsection (1) override the provisions of this Division (except this section) and Chapter 4, but only to the extent of any inconsistency.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Amended by No 32 of 2006, Sch 4 item 1, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-39", "Provision_Key": "s29-39", "Heading": "Special rules relating to attribution rules", "Text": "Chapter 4 contains special rules relating to attribution rules, as follows: Checklist of special rules Item For this case ... See: 1 Agents and insurance brokers Division 153 2 Associates Division 72 3 Cancelled lay ‑ by sales Division 102 4 Cessation of registration Division 138 5 Changes in the extent of creditable purpose Division 129 6 Changing your accounting basis Division 159 7 Company amalgamations Division 90 8 Deposits as security Division 99 8A Distributions from deceased estates Division 139 8AA Hire purchase agreements Division 158 8B Non ‑ deductible expenses Division 69 9 Pre ‑ establishment costs Division 60 10 Reimbursement of employees etc. Division 111 11 Representatives of incapacitated entities Division 58 11A Second ‑ hand goods Division 66 12 Supplies and acquisitions made on a progressive or periodic basis Division 156 13 Supplies of things acquired etc. without full input tax credits Division 132 13A Third party payments Division 134 14 Tradex scheme goods Division 141", "Amendment_Count": 7, "First_Amended": "No 176 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 118 of 2009 | No 21 of 2010 | No 12 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 7 item 10, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 32 | Sch 6 item 33, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 11 item 4E, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 5 | Sch 4 item 3 | Sch 6 item 3, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 118 of 2009, Sch 1 item 7, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 21 of 2010, Sch 1 item 6, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 12 of 2012, Sch 3 item 7, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-39"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-40", "Provision_Key": "s29-40", "Heading": "Choosing to account on a cash basis", "Text": "(1) You may choose to * account on a cash basis, with effect from the first day of the tax period that you choose, if: (a) you are a * small business entity (other than because of subsection 328 ‑ 110(4) of the * ITAA 1997) for the * income year in which you make your choice; or (ab) you do not carry on a * business and your * GST turnover does not exceed the * cash accounting turnover threshold; or (b) for income tax purposes, you account for your income using the receipts method; or (c) each of the * enterprises that you * carry on is an enterprise of a kind that the Commissioner determines, in writing, to be a kind of enterprise in respect of which a choice to * account on a cash basis may be made under this section. (3) The cash accounting turnover threshold is: (a) $2 million; or (b) such higher amount as the regulations specify.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 80 of 2007", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 138, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 1 item 2A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 2 | Sch 12 item 157, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 80 of 2007, Sch 1 item 328 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 68 | Sch 3 item 328, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-45", "Provision_Key": "s29-45", "Heading": "Permission to account on a cash basis", "Text": "(1) The Commissioner may permit you to * account on a cash basis if: (a) you apply to the Commissioner in the * approved form for permission to account on a cash basis; and (b) the Commissioner is satisfied that, having regard to: (i) the nature and size of the * enterprise that you * carry on; and (ii) the nature of the accounting system that you use; it is appropriate to permit you to account on a cash basis. Note: Refusing to permit you to account on a cash basis is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must notify you in writing of any decision he or she makes in relation to you under this section. If the Commissioner decides to permit you to * account on a cash basis, the notice must specify the date of effect of your permission. Note: Deciding the date of effect of your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 176 of 1999 | No 73 of 2006", "History_Notes": "Amended by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 84 | Sch 5 item 85, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-50", "Provision_Key": "s29-50", "Heading": "Ceasing to account on a cash basis", "Text": "(1) You cease to * account on a cash basis if: (a) in a case to which paragraph 29 ‑ 40(1)(a) applied—you are not a * small business entity of the kind referred to in that paragraph for an * income year and you do not have permission to * account on a cash basis; or (ab) in a case to which paragraph 29 ‑ 40(1)(ab) applied—you do not satisfy the requirements of that paragraph and you do not have permission to account on a cash basis; or (b) you notify the Commissioner, in the * approved form, that you are ceasing to * account on a cash basis. (2) The date of effect of your cessation is the first day of the next tax period to commence after: (a) if paragraph (1)(a) applies—the start of the * income year referred to in that paragraph; or (b) if paragraph (1)(ab) applies—you do not satisfy the requirements of paragraph 29 ‑ 40(1)(ab); or (c) if paragraph (1)(b) applies—you notify the Commissioner. (3) The Commissioner must revoke any permission for you to * account on a cash basis if the Commissioner is satisfied that: (a) either: (i) you carry on a * business but you are not a * small business entity (other than because of subsection 328 ‑ 110(4) of the * ITAA 1997) for an * income year; or (ii) you do not carry on a business and your * GST turnover meets the * cash accounting turnover threshold; and (b) it is not appropriate to permit you to account on a cash basis. Note: Revoking your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (4) The Commissioner must notify you in writing of his or her decision under subsection (3). The notice must specify the date of effect of the revocation, which can be the first day of any tax period starting before, on or after the day on which the Commissioner makes the decision. Note: Deciding the date of effect of the revocation of your permission to account on a cash basis is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 4, "First_Amended": "No 95 of 2004", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 95 of 2004 | No 73 of 2006 | No 80 of 2006 | No 80 of 2007", "History_Notes": "Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 86 | Sch 5 item 87, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2006, Sch 12 item 157, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 80 of 2007, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 29, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-69", "Provision_Key": "s29-69", "Heading": "Special rules relating to accounting on a cash basis", "Text": "Chapter 4 contains special rules relating to accounting on a cash basis, as follows: Checklist of special rules Item For this case ... See: 1 Accounting basis of charities etc. Division 157 2 Hire purchase agreements Division 158", "Amendment_Count": 3, "First_Amended": "No 80 of 2006", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 80 of 2006 | No 12 of 2012 | No 169 of 2012", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 12 of 2012, Sch 3 item 8, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 169 of 2012, Sch 2 item 71, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-69"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-70", "Provision_Key": "s29-70", "Heading": "Tax invoices", "Text": "(1) A tax invoice is a document that complies with the following requirements: (a) it is issued by the supplier of the supply or supplies to which the document relates, unless it is a * recipient created tax invoice (in which case it is issued by the * recipient); (b) it is in the * approved form; (c) it contains enough information to enable the following to be clearly ascertained: (i) the supplier’s identity and the supplier’s * ABN; (ii) if the total * price of the supply or supplies is at least $1,000 or such higher amount as the regulations specify, or if the document was issued by the recipient—the recipient’s identity or the recipient’s ABN; (iii) what is supplied, including the quantity (if applicable) and the price of what is supplied; (iv) the extent to which each supply to which the document relates is a * taxable supply; (v) the date the document is issued; (vi) the amount of GST (if any) payable in relation to each supply to which the document relates; (vii) if the document was issued by the recipient and GST is payable in relation to any supply—that the GST is payable by the supplier; (viii) such other matters as the regulations specify; (d) it can be clearly ascertained from the document that the document was intended to be a tax invoice or, if it was issued by the recipient, a recipient created tax invoice. Note: If the recipient is a member of a GST group, section 48 ‑ 57 may relax the requirements relating to the recipient’s identity or the recipient’s ABN. (1A) A document issued by an entity to another entity may be treated by the other entity as a * tax invoice for the purposes of this Act if: (a) it would comply with the requirements for a tax invoice but for the fact that it does not contain certain information; and (b) all of that information can be clearly ascertained from other documents given by the entity to the other entity. Note: The requirements for a tax invoices are primarily contained in subsection (1), but can be affected by sections 48 ‑ 57 and 54 ‑ 50. (1B) However, the Commissioner may treat as a * tax invoice a particular document that would not, apart from this subsection, be a tax invoice. (2) The supplier of a * taxable supply must, within 28 days after the * recipient of the supply requests it, give to the recipient a * tax invoice for the supply, unless it is a * recipient created tax invoice. (3) A recipient created tax invoice is a * tax invoice belonging to a class of tax invoices that the Commissioner has determined in writing may be issued by the * recipient of a * taxable supply.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 74 of 2010 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 42, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 74 of 2010, Sch 3 item 1 | Sch 3 item 48 | Sch 3 item 4, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 39 of 2012, Sch 1 item 44 | Sch 1 item 82 | Sch 1 item 169, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-75", "Provision_Key": "s29-75", "Heading": "Adjustment notes", "Text": "(1) An adjustment note for an * adjustment that arises from an * adjustment event relating to a * taxable supply: (a) must be issued by the supplier of the * taxable supply in the circumstances set out in subsection (2); and (b) must set out the * ABN of the entity that issues it; and (c) must contain such other information as the Commissioner determines in writing; and (d) must be in the * approved form. However, the Commissioner may treat as an adjustment note a particular document that is not an adjustment note. (2) The supplier of the * taxable supply must: (a) within 28 days after the * recipient of the supply requests the supplier to give an * adjustment note for the * adjustment relating to the supply; or (b) if the supplier has issued a * tax invoice in relation to the supply (or the recipient has requested one) and the supplier becomes aware of the adjustment before an adjustment note is requested—within 28 days after becoming aware of that fact; give to the recipient an * adjustment note for the * adjustment, unless any * tax invoice relating to the supply would have been a * recipient created tax invoice (in which case it must be issued by the recipient). (3) However, in circumstances that the Commissioner determines in writing, paragraph (2)(b) has effect as if the number of days referred to in that paragraph is the number of days specified in the determination in relation to those circumstances. (4) Those circumstances may, for example, include the kind of the * taxable supply.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 43, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 34 | Sch 6 item 35 | Sch 6 item 36, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 9 item 288 | Sch 11 item 5, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-80", "Provision_Key": "s29-80", "Heading": "Tax invoices and adjustment notes not required for low value transactions", "Text": "(1) Subsections 29 ‑ 10(3) and 29 ‑ 70(2) do not apply to a * creditable acquisition that relates to a * taxable supply the * value of which does not exceed $50, or such higher amount as the regulations specify. (2) Subsections 29 ‑ 20(3) and 29 ‑ 75(2) do not apply to a * decreasing adjustment of an amount that does not exceed $50, or such higher amount as the regulations specify.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 6 | Sch 11 item 10, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 29-99", "Provision_Key": "s29-99", "Heading": "Special rules relating to tax invoices and adjustment notes", "Text": "Chapter 4 contains special rules relating to tax invoices and adjustment notes, as follows: Checklist of special rules Item For this case ... See: 1 Agents and insurance brokers Division 153 1A Annual apportionment of creditable purpose Division 131 2 Gambling Division 126 3 GST branches Division 54 3A GST groups Division 48 4 Non ‑ residents making supplies connected with the indirect tax zone Division 83 4A Offshore supplies Division 84 5 Sale of freehold interests etc. Division 75", "Amendment_Count": 8, "First_Amended": "No 177 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 134 of 2004 | No 74 of 2010 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 37, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 3 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 6 item 4, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 74 of 2010, Sch 3 item 2, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 14, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 13, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s29-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-1", "Provision_Key": "s31-1", "Heading": "What this Division is about", "Text": "This Division is about your obligation (if you are registered or required to be registered) to give to the Commissioner GST returns for each tax period. For the penalties for failing to comply with these obligations, see the Taxation Administration Act 1953 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-5", "Provision_Key": "s31-5", "Heading": "Who must give GST returns", "Text": "(1) If you are * registered or * required to be registered, you must give to the Commissioner a * GST return for each tax period. (2) You must give the return whether or not: (a) your * net amount for the tax period is zero; or (b) you are liable for the GST on any * taxable supplies that are attributable to the tax period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-8", "Provision_Key": "s31-8", "Heading": "When GST returns must be given—quarterly tax periods", "Text": "(1) If a tax period applying to you is a * quarterly tax period, you must give your * GST return for the tax period to the Commissioner: (a) as provided in the following table; or (b) within such further period as the Commissioner allows. When quarterly GST returns must be given Item If this day falls within the quarterly tax period … Give the GST return to the Commissioner on or before this day: 1 1 September the following 28 October 2 1 December the following 28 February 3 1 March the following 28 April 4 1 June the following 28 July (2) A tax period is a quarterly tax period if: (a) it is a period of 3 months; or (b) it would be a period of 3 months but for the application of section 27 ‑ 30 or 27 ‑ 35. Note: Under section 27 ‑ 30, a tax period can be determined to take account of changes in tax periods. Under section 27 ‑ 35, the start or finish of a 3 month tax period can vary by up to 7 days from the start or finish of a normal quarter.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 20 | Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-8"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-10", "Provision_Key": "s31-10", "Heading": "When GST returns must be given—other tax periods", "Text": "(1) You must give your * GST return for a tax period (other than a * quarterly tax period) to the Commissioner: (a) on or before the 21st day of the month following the end of that tax period; or (b) within such further period as the Commissioner allows. (2) However, if the tax period ends during the first 7 days of a month, you must give the * GST return to the Commissioner: (a) on or before the 21st day of that month; or (b) within such further period as the Commissioner allows.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 176 of 1999 | No 73 of 2001", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 44, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2001, Sch 5 item 2 | Sch 5 item 3, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-15", "Provision_Key": "s31-15", "Heading": "The form and contents of GST returns", "Text": "(1) Your * GST return for a tax period must be in the * approved form. (2) However, if during the tax period: (a) you are not liable for the GST on any * taxable supplies, and you did not make any supplies that would have been taxable supplies had they not been * GST ‑ free or * input taxed; and (b) you are not liable for the GST on any * taxable importations the GST on which is payable at the time when GST on taxable supplies is normally payable; and (c) you are not entitled to the input tax credits on any * creditable acquisitions or * creditable importations; you may give your * GST return for the period to the Commissioner in the manner the Commissioner requires.", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 92 of 2000 | No 73 of 2001 | No 21 of 2015", "History_Notes": "Amended by No 92 of 2000, Sch 6 item 17 | Sch 6 item 3 | Sch 9 item 1, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2001, Sch 5 item 4 | Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 21 of 2015, Sch 7 item 2, effective Sch 7 (items 1–6): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-20", "Provision_Key": "s31-20", "Heading": "Additional GST returns", "Text": "(1) You must, if required by the Commissioner, whether before or after the end of a tax period, give to the Commissioner, within the time required, a * GST return or a further or fuller GST return for the tax period or a specified period, whether or not you have given the Commissioner a GST return for the tax period under section 31 ‑ 5. (2) The * approved form for a further or fuller * GST return may require information to be provided relating to: (a) the tax period to which the return relates; or (b) one or more preceding tax periods; or (c) both the tax period to which the return relates, and one or more preceding tax periods.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 73 of 2001 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 45, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2001, Sch 5 item 5, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 45, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-25", "Provision_Key": "s31-25", "Heading": "Electronic lodgment of GST returns", "Text": "(1) You may give your * GST returns to the Commissioner by * lodging them electronically. Note: Section 388 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 deals with signing returns. (2) However, if your * GST turnover meets the * electronic lodgment turnover threshold, you must give your * GST returns to the Commissioner by * lodging them electronically, unless the Commissioner otherwise approves. Note 1: A penalty applies if you fail to lodge your GST return electronically as required—see section 288 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: If you lodge your GST return electronically, you must also electronically notify the Commissioner of other BAS amounts—see section 388 ‑ 80 in that Schedule. (3) A * GST return is lodged electronically if it is transmitted to the Commissioner in an electronic format approved by the Commissioner. (4) The electronic lodgment turnover threshold is: (a) $20 million; or (b) such higher amount as the regulations specify.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 176 of 1999 | No 179 of 1999 | No 92 of 2000 | No 80 of 2007", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 46, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 179 of 1999, Sch 18 item 1 | Sch 18 item 288, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 92 of 2000, Sch 9 item 2 | Sch 9 item 3 | Sch 9 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2007, Sch 2 item 16, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 31-99", "Provision_Key": "s31-99", "Heading": "Special rules relating to GST returns", "Text": "Chapter 4 contains special rules relating to * GST returns, as follows: Checklist of special rules Item For this case … See: 1A Annual tax periods Division 151 1 GST branches Division 54 2 GST groups Division 48 3 GST joint ventures Division 51 4 Insurance Division 78 4A Payment of GST by instalments Division 162 4B Representatives of incapacitated entities Division 58 5 Resident agents acting for non ‑ residents Division 57 6 Supplies in satisfaction of debts Division 105", "Amendment_Count": 3, "First_Amended": "No 73 of 2001", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 73 of 2001 | No 134 of 2004 | No 118 of 2009", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 25, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 19, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s31-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 33-1", "Provision_Key": "s33-1", "Heading": "What this Division is about", "Text": "This Division is about your obligation to pay to the Commonwealth amounts of GST that remain after off ‑ setting your entitlements to input tax credits. The obligation to pay arises for any of your assessed net amounts that are greater than zero. Note 1A: For provisions about assessment (including self ‑ assessment), see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 1: For the penalties for failing to comply with these obligations, see the Taxation Administration Act 1953 . Note 2: For provisions about collection and recovery of GST, see Subdivision 105 ‑ C, and Part 4 ‑ 15, in Schedule 1 to the Taxation Administration Act 1953 . Note 3: Payments of GST on importations of goods are dealt with separately in section 33 ‑ 15 of this Act. Note 4: For taxable supplies of new residential premises or potential residential land, section 14 ‑ 250 in Schedule 1 to the Taxation Administration Act 1953 may require the recipient to pay to the Commissioner an amount representing the GST on the supply, and the entity liable for the GST on the supply is then entitled to a credit for that payment under section 18 ‑ 60 in that Schedule.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 39 of 2012 | No 23 of 2018 | No 76 of 2023", "History_Notes": "Amended by No 179 of 1999, Sch 18 item 5, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 73 of 2006, Sch 5 item 34 | Sch 5 item 35 | Sch 5 item 37 | Sch 5 item 38 | Sch 5 item 88, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 47 | Sch 1 item 48, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 23 of 2018, Sch 5 item 5, effective Sch 5 (items 5, 6, 26–28): 1 Apr 2018 (s 2(1) item 12) | Amended by No 76 of 2023, Sch 6 item 41, effective sch 6 (items 9, 41, 42): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s33-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 33-3", "Provision_Key": "s33-3", "Heading": "When payments of assessed net amounts must be made—quarterly tax periods", "Text": "If: (a) the * assessed net amount for a tax period applying to you is greater than zero; and (b) the tax period is a * quarterly tax period; you must pay the assessed net amount to the Commissioner as follows: When quarterly GST payments must be made Item If this day falls within the quarterly tax period … Pay the assessed net amount to the Commissioner on or before this day: 1 1 September the following 28 October 2 1 December the following 28 February 3 1 March the following 28 April 4 1 June the following 28 July", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 12 | Sch 5 item 15, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 49 | Sch 1 item 50 | Sch 1 item 51 | Sch 1 item 52, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s33-3"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 33-5", "Provision_Key": "s33-5", "Heading": "When payments of assessed net amounts must be made—other tax periods", "Text": "(1) If the * assessed net amount for a tax period (other than a * quarterly tax period) applying to you is greater than zero, you must pay the assessed net amount to the Commissioner on or before the 21st day of the month following the end of that tax period. (2) However, if the tax period ends during the first 7 days of a month, you must pay the * assessed net amount to the Commissioner on or before the 21st day of that month.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 7 | Sch 5 item 8 | Sch 5 item 9 | Sch 5 item 12 | Sch 5 item 15, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 53 | Sch 1 item 54 | Sch 1 item 55 | Sch 1 item 56, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s33-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 33-10", "Provision_Key": "s33-10", "Heading": "How payment of assessed net amounts are made", "Text": "(1) You may pay by * electronic payment any * assessed net amounts payable by you. Any amounts of an assessed net amount that you do not pay by electronic payment must be paid in the manner determined in writing by the Commissioner. (2) However, if your * GST turnover meets the * electronic lodgment turnover threshold, you must pay by * electronic payment any * assessed net amounts payable by you. Note 1: A penalty applies if you fail to pay electronically as required—see section 288 ‑ 20 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: You must also pay other tax debts electronically—see section 8AAZMA in that Act.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 179 of 1999 | No 92 of 2000 | No 73 of 2001 | No 80 of 2007 | No 39 of 2012", "History_Notes": "Amended by No 179 of 1999, Sch 18 item 2 | Sch 18 item 288, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 92 of 2000, Sch 9 item 6, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 80 of 2007, Sch 2 item 17, effective 21 June 2007 | Amended by No 39 of 2012, Sch 1 item 57 | Sch 1 item 58 | Sch 1 item 59 | Sch 1 item 60, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s33-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 33-15", "Provision_Key": "s33-15", "Heading": "Payments of assessed GST on importations", "Text": "(1) Amounts of * assessed GST on * taxable importations are to be paid by the importer to the Commonwealth: (a) at the same time, at the same place, and in the same manner, as * customs duty is payable on the goods in question (or would be payable if the goods were subject to customs duty); or (b) in the circumstances specified in the regulations, within such further time specified in the regulations, and at the place and in the manner specified in the regulations. Note: The regulations could (for example) allow for deferral of payments to coincide with payments of assessed net amounts. (2) An officer of Customs (within the meaning of subsection 4(1) of the Customs Act 1901 ) may refuse to deliver the goods concerned unless the * assessed GST has been paid.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 36 | Sch 1 item 47 | Sch 1 item 114 | Sch 2 item 21 | Sch 3 item 27, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 39 of 2012, Sch 1 item 17 | Sch 1 item 61 | Sch 1 item 62 | Sch 1 item 63 | Sch 1 item 64 | Sch 1 item 114, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s33-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 33-99", "Provision_Key": "s33-99", "Heading": "Special rules relating to payments of GST", "Text": "Chapter 4 contains special rules relating to payments of GST, as follows: Checklist of special rules Item For this case … See: 1A Annual tax periods Division 151 1 Anti ‑ avoidance Division 165 2 Customs security etc. given on taxable importations Division 171 3 GST branches Division 54 4 GST joint ventures Division 51 4A Importations without entry for home consumption Division 114 5 Insurance Division 78 5A Payment of GST by instalments Division 162 6 Supplies in satisfaction of debts Division 105", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 176 of 1999 | No 73 of 2001 | No 134 of 2004", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 48, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2001, Sch 5 item 26, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s33-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 35-1", "Provision_Key": "s35-1", "Heading": "What this Division is about", "Text": "This Division is about the Commissioner’s obligation to pay to you your entitlements to input tax credits that remain after off ‑ setting amounts of GST. The obligation to pay arises for any of your assessed net amounts that are less than zero.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 65, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s35-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 35-5", "Provision_Key": "s35-5", "Heading": "Entitlement to refund", "Text": "(1) If the * assessed net amount for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that amount (expressed as a positive amount) to you. Note 1: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay you. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that you owe to the Commonwealth. Note 2: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount. (2) However, if: (a) the Commissioner amends the * assessment of your * net amount; and (b) your * assessed net amount before the amendment was less than zero; and (c) the amount that, because of the assessment, was: (i) paid; or (ii) applied under the Taxation Administration Act 1953 ; exceeded the amount (including a nil amount) that would have been payable or applicable had your assessed net amount always been the later assessed net amount; the amount of the excess is to be treated as if: (d) the excess were an assessed net amount for the tax period; and (e) that assessed net amount were an amount greater than zero and equal to the amount of the excess; and (f) despite Division 33, that assessed net amount became payable, and due for payment, by you at the time when the amount was paid or applied. Note: Treating the excess as if it were an assessed net amount has the effect of applying the collection and recovery rules in Part 3 ‑ 10 and Divisions 268 and 269 in Schedule 1 to the Taxation Administration Act 1953 , such as a liability to pay the general interest charge under section 105 ‑ 80 in that Schedule.", "Amendment_Count": 6, "First_Amended": "No 179 of 1999", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 20 of 2010 | No 39 of 2012 | No 34 of 2014 | No 6 of 2020", "History_Notes": "Repealed and substituted by No 179 of 1999, Sch 18 item 1, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 73 of 2006, Sch 5 item 105 | Sch 5 item 89, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 20 of 2010, Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 39 of 2012, Sch 1 item 66 | Sch 1 item 67 | Sch 1 item 35, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 34 of 2014, Sch 2 item 4, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 6 of 2020, Sch 3 item 1, effective Sch 3 (items 1, 22): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s35-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 35-10", "Provision_Key": "s35-10", "Heading": "When entitlement arises", "Text": "Your entitlement to be paid an amount under section 35 ‑ 5 arises when the Commissioner gives you notice of the * assessment of your * net amount for the tax period. Note: In certain circumstances, the Commissioner is treated as having given you notice of the assessment when you give to the Commissioner your GST return (see section 155 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 179 of 1999 | No 92 of 2000 | No 73 of 2001 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 49, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Repealed by No 179 of 1999, Sch 18 item 2, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2001, Sch 5 item 10, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Repealed and substituted by No 39 of 2012, Sch 1 item 68, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s35-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 35-99", "Provision_Key": "s35-99", "Heading": "Special rules relating to refunds", "Text": "Chapter 4 contains special rules relating to refunds, as follows: Checklist of special rules Item For this case … See: 1 Anti ‑ avoidance Division 165 1A Excess GST Division 142 2 GST branches Division 54 3 GST joint ventures Division 51 4 Tourist refund scheme Division 168", "Amendment_Count": 4, "First_Amended": "No 179 of 1999", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 39 of 2012 | No 34 of 2014", "History_Notes": "Amended by No 179 of 1999, Sch 18 item 3, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 73 of 2006, Sch 5 item 90, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 69, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 34 of 2014, Sch 2 item 5 | Sch 2 item 6, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s35-99"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 37-1", "Provision_Key": "s37-1", "Heading": "Checklist of special rules", "Text": "The provisions set out in the table contain special rules relating to the matters indicated. Checklist of special rules Item For this case… See: 1AA Accounting basis of charities etc. Division 157 1 Agents and insurance brokers Division 153 1A Annual apportionment of creditable purpose Division 131 1B Annual tax periods Division 151 2 Anti ‑ avoidance Division 165 3 Associates Division 72 3A Bad debts relating to transactions that are not taxable or creditable to the fullest extent Division 136 4 Cancelled lay ‑ by sales Division 102 5 Cessation of registration Division 138 6 Changes in the extent of creditable purpose Division 129 7 Changing your accounting basis Division 159 8 Company amalgamations Division 90 8A Compulsory third party schemes Division 79 9 Customs security etc. given for taxable importations Division 171 10 Deposits as security Division 99 10A Distributions from deceased estates Division 139 10B Excess GST Division 142 11 Financial supplies (reduced credit acquisitions) Division 70 11A Fringe benefits provided by input taxed suppliers Division 71 12 Gambling Division 126 12A Goods applied solely to private or domestic use Division 130 12B Government entities Division 149 13 GST branches Division 54 14 GST groups Division 48 15 GST joint ventures Division 51 15A GST religious groups Division 49 17 Importations without entry for home consumption Division 114 18 Insurance Division 78 18A Limited registration entities Division 146 19 Long ‑ term accommodation in commercial residential premises Division 87 20 Non ‑ deductible expenses Division 69 20A Non ‑ profit sub ‑ entities Division 63 20B Non ‑ residents making supplies connected with the indirect tax zone Division 83 21 Offshore supplies Division 84 21A Payment of GST by instalments Division 162 22 Payments of taxes Division 81 23 Pre ‑ establishment costs Division 60 23A Providing additional consideration under gross ‑ up clauses Division 133 24 Reimbursement of employees etc. Division 111 25 Representatives of incapacitated entities Division 58 26 Resident agents acting for non ‑ residents Division 57 28 Sale of freehold interests etc. Division 75 29 Second ‑ hand goods Division 66 29AA Settlement sharing arrangements Division 80 29A Simplified accounting methods for retailers and small enterprise entities Division 123 29B Stock on hand on becoming registered etc. Division 137 30 Supplies and acquisitions made on a progressive or periodic basis Division 156 30A Supplies in return for rights to develop land Division 82 31 Supplies in satisfaction of debts Division 105 32 Supplies of going concerns Division 135 33 Supplies of things acquired etc. without full input tax credits Division 132 33A Supply under arrangement covered by PAYG voluntary agreement Division 113 34 Supplies partly connected with the indirect tax zone Division 96 35 Taxis Division 144 35AA Tax ‑ related transactions Division 110 35A Telecommunication supplies Division 85 35B Third party payments Division 134 35C Time limit on entitlements to input tax credits Division 93 36 Tourist refund scheme Division 168 36A Tradex scheme goods Division 141 36AA Valuable metals Division 86 36B Valuation of re ‑ imported goods Division 117 37 Valuation of taxable supplies of goods in bond Division 108 38 Vouchers Division 100", "Amendment_Count": 20, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 178 of 1999 | No 92 of 2000 | No 156 of 2000 | No 73 of 2001 | No 97 of 2002 | No 67 of 2003 | No 134 of 2004 | No 80 of 2006 | No 112 of 2007 | No 118 of 2009 | No 20 of 2010 | No 21 of 2010 | No 74 of 2010 | No 169 of 2012 | No 34 of 2014 | No 2 of 2015 | No 76 of 2017 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 50 | Sch 7 item 11, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 38 | Sch 6 item 39 | Sch 6 item 40 | Sch 6 item 41 | Sch 6 item 42 | Sch 6 item 43 | Sch 6 item 44, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 178 of 1999, Sch 1 item 54, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 92 of 2000, Sch 1 item 2B | Sch 3 item 5 | Sch 5 item 4B | Sch 11 item 6A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 2 item 3 | Sch 2 item 4 | Sch 3 item 6 | Sch 3 item 7 | Sch 4 item 4 | Sch 4 item 5 | Sch 6 item 5, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2001, Sch 5 item 27, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 97 of 2002, Sch 1 item 2 | Sch 1 item 10, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent | Amended by No 67 of 2003, Sch 11 item 10 | Sch 11 item 11, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 80 of 2006, Sch 12 item 5, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 112 of 2007, Sch 1 item 2, effective 28 June 2007 | Amended by No 118 of 2009, Sch 1 item 20, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 20 of 2010, Sch 1 item 5 | Sch 1 item 6, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 7, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 74 of 2010, Sch 1 item 48 | Sch 1 item 49, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 169 of 2012, Sch 2 item 72, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3) | Amended by No 34 of 2014, Sch 2 item 7, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 76 of 2017, Sch 1 item 3, effective 27 June 2017 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 14 | Sch 1 item 15, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s37-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-1", "Provision_Key": "s38-1", "Heading": "What this Division is about", "Text": "This Division sets out the supplies that are GST ‑ free. If a supply is GST ‑ free, then: • no GST is payable on the supply; • an entitlement to an input tax credit for anything acquired or imported to make the supply is not affected. For the basic rules about supplies that are GST ‑ free, see sections 9 ‑ 30 and 9 ‑ 80.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-2", "Provision_Key": "s38-2", "Heading": "Food", "Text": "A supply of * food is GST ‑ free .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-2"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-3", "Provision_Key": "s38-3", "Heading": "Food that is not GST ‑ free", "Text": "(1) A supply is not GST ‑ free under section 38 ‑ 2 if it is a supply of: (a) * food for consumption on the * premises from which it is supplied; or (b) hot food for consumption away from those premises; or (c) food of a kind specified in the third column of the table in clause 1 of Schedule 1, or food that is a combination of one or more foods at least one of which is food of such a kind; or (d) a * beverage (or an ingredient for a beverage), other than a beverage (or ingredient) of a kind specified in the third column of the table in clause 1 of Schedule 2; or (e) food of a kind specified in regulations made for the purposes of this subsection. (2) However, this section does not apply to a supply of * food of a kind specified in regulations made for the purposes of this subsection. (3) The items in the table in clause 1 of Schedule 1 or 2 are to be interpreted subject to the other clauses of Schedule 1 or 2, as the case requires.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-3"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-4", "Provision_Key": "s38-4", "Heading": "Meaning of food", "Text": "(1) Food means any of these, or any combination of any of these: (a) food for human consumption (whether or not requiring processing or treatment); (b) ingredients for food for human consumption; (c) * beverages for human consumption; (d) ingredients for beverages for human consumption; (e) goods to be mixed with or added to food for human consumption (including condiments, spices, seasonings, sweetening agents or flavourings); (f) fats and oils marketed for culinary purposes; but does not include: (g) live animals (other than crustaceans or molluscs); or (ga) unprocessed cow’s milk; or (h) any grain, cereal or sugar cane that has not been subject to any process or treatment resulting in an alteration of its form, nature or condition; or (i) plants under cultivation that can be consumed (without being subject to further process or treatment) as food for human consumption. (2) Beverage includes water.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 52, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-4"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-5", "Provision_Key": "s38-5", "Heading": "Premises used in supplying food", "Text": "Premises , in relation to a supply of * food, includes: (a) the place where the supply takes place; or (b) the grounds surrounding a cafe or public house, or other outlet for the supply; or (c) the whole of any enclosed space such as a football ground, garden, showground, amusement park or similar area where there is a clear boundary or limit; but does not include any part of a public thoroughfare unless it is an area designated for use in connection with supplies of food from an outlet for the supply of food.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-6", "Provision_Key": "s38-6", "Heading": "Packaging of food", "Text": "(1) A supply of the packaging in which * food is supplied is GST ‑ free if the supply of the food is GST ‑ free. (2) However, the supply of the packaging is GST ‑ free under this section only to the extent that the packaging: (a) is necessary for the supply of the food; and (b) is packaging of a kind in which food of that kind is normally supplied.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-6"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-7", "Provision_Key": "s38-7", "Heading": "Medical services", "Text": "(1) A supply of a * medical service is GST ‑ free . (2) However, a supply of a * medical service is not GST ‑ free under subsection (1) if: (a) it is a supply of a * professional service rendered in circumstances covered by a prescribed provision of regulations made under the Health Insurance Act 1973 ; or (b) it is rendered for cosmetic reasons and is not a * professional service for which medicare benefit is payable under Part II of the Health Insurance Act 1973 (or for which medicare benefit would be payable under that Part if section 19AD of that Act were disregarded). (3) A supply of goods is GST ‑ free if: (a) it is made to an individual in the course of supplying to him or her a * medical service the supply of which is GST ‑ free; and (b) it is made at the premises at which the medical service is supplied.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 8 of 2025", "Amending_Acts": "No 177 of 1999 | No 18 of 2020 | No 8 of 2025", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 45, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 18 of 2020, Sch 1 item 18, effective Sch 1 (item 18): 6 Sept 2020 (s 2(1) item 1) | Amended by No 8 of 2025, Sch 2 item 1, effective sch 2 (items 1, 2): 15 Feb 2025 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-7"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-10", "Provision_Key": "s38-10", "Heading": "Other health services", "Text": "(1) A supply is GST ‑ free if: (a) it is a service of a kind specified in the table in this subsection, or of a kind specified in the regulations; and (b) the supplier is a * recognised professional in relation to the supply of services of that kind; and (c) the supply would generally be accepted, in the profession associated with supplying services of that kind, as being necessary for the appropriate treatment of the * recipient of the supply. Health services Item Service 1 Aboriginal or Torres Strait Islander health 2 Acupuncture 3 Audiology, audiometry 4 Chiropody 5 Chiropractic 6 Dental 7 Dietary 8 Herbal medicine (including traditional Chinese herbal medicine) 9 Naturopathy 10 Nursing 11 Occupational therapy 12 Optometry 13 Osteopathy 14 Paramedical 15 Pharmacy 16 Psychology 17 Physiotherapy 18 Podiatry 19 Speech pathology 20 Speech therapy 21 Social work (2) However, a supply of a pharmacy service is not GST ‑ free under subsection (1) unless it is: (a) a supply relating to a supply that is GST ‑ free because of section 38 ‑ 50; or (b) a service of conducting a medication review. (3) A supply of goods is GST ‑ free if: (a) it is made to a person in the course of supplying to the person a service the supply of which is GST ‑ free under subsection (1) (other than a service referred to in item 8, 9, 12 or 15 of the table in subsection (1)); and (b) it is made at the premises at which the service is supplied. (4) A supply of goods is GST ‑ free if: (a) it is made to a person in the course of supplying to the person a service referred to in item 8 or 9 of the table in subsection (1); and (b) it is supplied, and used or consumed, at the premises at which the service is supplied. (5) A supply is GST ‑ free if it is provided by an ambulance service in the course of the treatment of the * recipient of the supply.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 53, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-15", "Provision_Key": "s38-15", "Heading": "Other government funded health services", "Text": "A supply is GST ‑ free if: (a) it is a supply of a health service in connection with a supply that is GST ‑ free because of section 38 ‑ 7 or 38 ‑ 10; and (b) the supplier receives funding from the Commonwealth , a State or a Territory in connection with the supply of the health service; and (c) the supply of the health service is of a kind determined in writing by the * Health Minister.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-20", "Provision_Key": "s38-20", "Heading": "Hospital treatment", "Text": "(1) A supply of * hospital treatment is GST ‑ free . (2) However, a supply of * hospital treatment is not GST ‑ free to the extent that it relates to a supply of a * professional service that, because of subsection 38 ‑ 7(2), is not GST ‑ free. (3) A supply of goods is GST ‑ free if it is a supply that is directly related to a supply of * hospital treatment that is: (a) GST ‑ free because of subsection (1); and (b) supplied by, or on behalf of, the supplier of the hospital treatment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-25", "Provision_Key": "s38-25", "Heading": "Residential care etc.", "Text": "(1) A supply of services is GST ‑ free if: (a) it is a supply of services covered by a provision of the * aged care service list specified in regulations made for the purposes of this paragraph; and (b) it is provided at an * approved residential care home; and (c) the supplier is a registered provider (within the meaning of the Aged Care Act 2024 ). (2) A supply of services is GST ‑ free if: (a) the services are provided to one or more aged or disabled people; and (b) the * Aged Care Minister has determined in writing that the services are of a kind covered by a provision of the * aged care service list specified in regulations made for the purposes of this paragraph; and (c) the supplier receives funding from the Commonwealth , a State or a Territory in connection with the supply. (3) A supply of services is GST ‑ free if: (a) the services are provided to one or more aged or disabled people in a residential setting; and (b) the * Aged Care Minister has determined in writing that the services are of a kind covered by a provision of the * aged care service list specified in regulations made for the purposes of this paragraph; and (c) the services include, and are only provided to people who require, the services ( care services ) set out in a provision of the * aged care service list specified in regulations made for the purposes of this paragraph. (3A) Services provided to a resident of a * retirement village are taken, for the purposes of paragraph (3)(a), to be provided in a residential setting if, and only if: (a) he or she is a resident of a * serviced apartment in the retirement village; and (b) there is in force a written agreement under which the operator of the retirement village provides daily meals and heavy laundry services to all of the residents of the apartment. (3B) However, services provided to a resident of a * serviced apartment in a * retirement village are not taken, for the purposes of paragraph (3)(a), to be provided in a residential setting if: (a) the * Aged Care Minister has determined in writing: (i) the levels of care services that residents of serviced apartments in retirement villages must require in order for subsection (3) to apply; and (ii) the way in which the levels of care services required by residents are to be assessed; and (b) the * Aged Care System Governor has not, in accordance with the determination, assessed the person to whom the services are provided as requiring the levels of care services so determined. (3C) A determination made for the purposes of paragraph (3B)(a) may be restricted to a specified class of residents of * serviced apartments in * retirement villages. (4) A supply of accommodation is GST ‑ free if it is made to a person in the course of making a supply to that person that is GST ‑ free under subsection (1), (2) or (3). (4A) A supply is GST ‑ free if: (a) it is made to a person who is a person of a kind referred to in paragraph (3)(c); and (b) it is: (i) a supply, by way of lease, hire or licence, of * residential premises consisting of a * serviced apartment in a * retirement village; or (ii) a sale of * real property that is residential premises consisting of a serviced apartment in a retirement village; or (iii) a supply of an excluded security (within the meaning of the Corporations Act 2001 ) in respect of which the right to participate in a retirement village scheme (within the meaning of that Act) entitles the person to use or occupy a serviced apartment in a retirement village; and (c) in a case where: (i) a determination made for the purposes of paragraph (3B)(a) is in force; and (ii) the determination is not restricted under subsection (3C) in such a way that the determination excludes the person; the * Aged Care System Governor has, in accordance with the determination, assessed the person as requiring the levels of care services determined in the determination; and (d) it is made in connection with one or more supplies, or proposed supplies, to the person that are or will be GST ‑ free under subsection (3). (5) However, a supply of services that is covered by an extra service fee (within the meaning of the Aged Care Rules 2025 ) is only GST ‑ free under this section to the extent that the services were: (a) supplied before 31 October 2026; and (b) covered by Schedule 1 to the Quality of Care Principles 2014 (as in force before the commencement of the Aged Care Act 2024 ) when the extra service agreement concerned was entered into.", "Amendment_Count": 2, "First_Amended": "No 143 of 2004", "Last_Amended": "No 45 of 2025", "Amending_Acts": "No 143 of 2004 | No 45 of 2025", "History_Notes": "Amended by No 143 of 2004, effective 14 Dec 2004 | Amended by No 45 of 2025, Sch 3 item 54 | Sch 3 item 61, effective sch 3 (items 54 ‑ 79): 1 Nov 2025 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-30", "Provision_Key": "s38-30", "Heading": "Home care etc.", "Text": "(1) A supply of care is GST ‑ free if subsidy is payable under Division 1, 2 or 3 of Part 2 of Chapter 4 of the Aged Care Act 2024 to the supplier for the care. (2) A supply of care is GST ‑ free if the supplier receives funding under the Home and Community Care Act 1985 in connection with the supply. (3) A supply of care is GST ‑ free if the supply is of services: (a) that are provided to one or more aged or disabled people; and (b) that are of a kind covered by a provision of the * aged care service list specified in regulations made for the purposes of this paragraph. (4) A supply of care is GST ‑ free if: (a) the supplier receives funding from the Commonwealth, a State or a Territory in connection with the supply; and (b) the supply of the care is of a kind determined in writing by the * Aged Care Minister for the purposes of this paragraph.", "Amendment_Count": 3, "First_Amended": "No 76 of 2013", "Last_Amended": "No 45 of 2025", "Amending_Acts": "No 76 of 2013 | No 2 of 2021 | No 45 of 2025", "History_Notes": "Amended by No 76 of 2013, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 6, effective Sch 4 (items 1–5): 1 Aug 2013 (s 2(1) item 5) Sch 4 (items 6, 7): 1 July 2014 (s 2(1) item 6) | Amended by No 2 of 2021, Sch 1 item 14, effective Sch 1 (items 14, 15): 1 Sept 2021 (s 2(1) item 2) | Amended by No 45 of 2025, Sch 3 item 63 | Sch 3 item 64 | Sch 3 item 66, effective sch 3 (items 54 ‑ 79): 1 Nov 2025 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-35", "Provision_Key": "s38-35", "Heading": "Specialist aged care programs", "Text": "A supply of a funded aged care service (within the meaning of the Aged Care Act 2024 ) is GST ‑ free if subsidy for a specialist aged care program is payable under Division 5 of Part 2 of Chapter 4 of that Act to the supplier for the care.", "Amendment_Count": 2, "First_Amended": "No 76 of 2013", "Last_Amended": "No 45 of 2025", "Amending_Acts": "No 76 of 2013 | No 45 of 2025", "History_Notes": "Amended by No 76 of 2013, Sch 4 item 7, effective Sch 4 (items 1–5): 1 Aug 2013 (s 2(1) item 5) Sch 4 (items 6, 7): 1 July 2014 (s 2(1) item 6) | Repealed and substituted by No 45 of 2025, effective sch 3 (items 54 ‑ 79): 1 Nov 2025 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-38", "Provision_Key": "s38-38", "Heading": "Disability support provided to NDIS participants", "Text": "A supply is GST ‑ free if the supply: (a) is a supply to a participant (within the meaning of the National Disability Insurance Scheme Act 2013 ) for whom a participant’s plan is in effect under section 37 of that Act; and (b) is a supply of one or more of the reasonable and necessary supports specified in the statement included, under subsection 33(2) of that Act, in the participant’s plan; and (c) is made under a written agreement, between the supplier and the participant or another person, that: (i) identifies the participant; and (ii) states that the supply is a supply of one or more of the reasonable and necessary supports specified in the statement included, under subsection 33(2) of that Act, in the participant’s plan; and (d) is of a kind that the * Disability Services Minister has determined in writing.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, Sch 9 item 2, effective Sch 9: 29 June 2013 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-38"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-40", "Provision_Key": "s38-40", "Heading": "Specialist disability services", "Text": "(1) A supply of services is GST ‑ free if the supplier receives funding under the former Disability Services Act 1986 or under a complementary * State law or * Territory law in respect of the services. (2) A supply of services is GST ‑ free if the supplier receives funding under the Disability Services and Inclusion Act 2023 or under a complementary * State law or * Territory law in respect of the services.", "Amendment_Count": 1, "First_Amended": "No 72 of 2025", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 72 of 2025", "History_Notes": "Amended by No 72 of 2025, Sch 4 item 32 | Sch 4 item 33 | Sch 4 item 34 | Sch 4 item 35, effective sch 4 (items 32 ‑ 38, 43 ‑ 51): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-45", "Provision_Key": "s38-45", "Heading": "Medical aids and appliances", "Text": "(1) A supply is GST ‑ free if: (a) it is covered by Schedule 3 (medical aids and appliances), or specified in the regulations; and (b) the thing supplied is specifically designed for people with an illness or disability, and is not widely used by people without an illness or disability. (2) A supply is GST ‑ free if the thing supplied is supplied as a spare part for, and is specifically designed as a spare part for, another thing the supply of which would be GST ‑ free under subsection (1). (3) However, a supply is not GST ‑ free under subsection (1) or (2) if the supplier and the * recipient have agreed that the supply, or supplies of a kind that include that supply, not be treated as GST ‑ free supplies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-47", "Provision_Key": "s38-47", "Heading": "Other GST ‑ free health goods", "Text": "(1) A supply is GST ‑ free if it is a supply of goods of a kind that the * Health Minister, by determination in writing, declares to be goods the supply of which is GST ‑ free. (2) However, a supply is not GST ‑ free under subsection (1) if the supplier and the * recipient have agreed that the supply, or supplies of a kind that include that supply, not be treated as GST ‑ free supplies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-47"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-50", "Provision_Key": "s38-50", "Heading": "Drugs and medicinal preparations etc.", "Text": "(1) A supply of a drug or medicinal preparation is GST ‑ free if the supply is on prescription and: (a) under a * State law or a * Territory law in the State or Territory in which the supply takes place, supply of the drug or medicinal preparation is restricted, but may be supplied on prescription; or (b) the drug or medicinal preparation is a pharmaceutical benefit (within the meaning of Part VII of the National Health Act 1953 ). (2) A supply of a drug or medicinal preparation is GST ‑ free if, under a * State law or a * Territory law in the State or Territory in which it is supplied, the supply of the drug or medicinal preparation to an individual for private or domestic use or consumption is restricted but may be made by: (a) a * medical practitioner, * dental practitioner or pharmacist; or (b) any other person permitted by or under that law to do so. (3) Subsection (2) does not cover the supply of a drug or medicinal preparation of a kind specified in the regulations. (4) A supply of a drug, medicine or other pharmaceutical item is GST ‑ free if the supply is on prescription and: (a) it is supplied as a pharmaceutical benefit (within the meaning of section 91 of the Veterans’ Entitlements Act 1986); and (b) it is supplied under an approved scheme (within the meaning of that section). (4A) A supply of a drug, medicine or other pharmaceutical item is GST ‑ free if the supply is on prescription and: (a) it is supplied as a pharmaceutical benefit (within the meaning of section 5 of the Military Rehabilitation and Compensation Act 2004 ); and (b) it is supplied in accordance with a determination made under paragraph 286(1)(c) of that Act. (5) A supply of a drug or medicinal preparation is GST ‑ free if: (a) the drug or medicinal preparation is an analgesic that has a single active ingredient the supply of which as a drug or medicinal preparation would be GST ‑ free under subsection (2) if it were supplied in a larger quantity; and (b) the drug or medicinal preparation is of a kind the supply of which is declared by the * Health Minister to be GST ‑ free, by determination in writing. (6) A supply of a drug or medicinal preparation is GST ‑ free if: (a) the drug or medicinal preparation is the subject of an approval under paragraph 19(1)(a) of the Therapeutic Goods Act 1989 , and any conditions to which the approval is subject have been complied with; or (b) the drug or medicinal preparation is supplied under an authority under subsection 19(5) of that Act, and the supply is in accordance with any regulations made for the purposes of subsection 19(7) of that Act; or (ba) the supply of the drug or medicinal preparation is authorised by rules under subsection 19(7A) of that Act; or (c) the drug or medicinal preparation is exempted from the operation of Part 3 of that Act under regulation 12A of the Therapeutic Goods Regulations. (7) A supply of a drug or medicinal preparation covered by this section is GST ‑ free if, and only if: (a) the drug or medicinal preparation is for human use or consumption; and (b) the supply is to an individual for private or domestic use or consumption.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 47 of 2017", "Amending_Acts": "No 176 of 1999 | No 110 of 2006 | No 4 of 2007 | No 47 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 54 | Sch 1 item 56 | Sch 1 item 57, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 110 of 2006, Sch 2 item 1, effective Schedule 2: Royal Assent | Amended by No 4 of 2007, Sch 2 item 25, effective Schedule 2 (item 25): Royal Assent | Amended by No 47 of 2017, Sch 3 item 1, effective Sch 3 (item 1): 20 June 2017 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-55", "Provision_Key": "s38-55", "Heading": "Private health insurance etc.", "Text": "(1) A supply of * private health insurance is GST ‑ free . (2) A supply of insurance against liability to pay for services supplied by ambulance is GST ‑ free . (3) However, a supply of re ‑ insurance is not GST ‑ free under this section.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 58 | Sch 1 item 59, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-60", "Provision_Key": "s38-60", "Heading": "Third party procured GST ‑ free health supplies", "Text": "Insurers (1) If: (a) a supply is a supply of a service to an insurer; and (b) the service is the supplier making one or more other supplies of goods or services to an individual; and (c) at least one of the other supplies is: (i) wholly or partly * GST ‑ free under this Subdivision; and (ii) for settling one or more claims under an * insurance policy of which the insurer is an insurer; the first ‑ mentioned supply is GST ‑ free to the extent that the other supplies mentioned in paragraph (b) are GST ‑ free under this Subdivision. Note: For subparagraph (c)(ii), the insurer may be an insurer of the policy because of a portfolio transfer (see section 78 ‑ 118). Compulsory third party scheme operators (2) If: (a) a supply is a supply of a service to an * operator of a * compulsory third party scheme; and (b) the service is the supplier making one or more other supplies of goods or services to an individual; and (c) at least one of the other supplies is: (i) wholly or partly * GST ‑ free under this Subdivision; and (ii) made under the compulsory third party scheme; the first ‑ mentioned supply is GST ‑ free to the extent that the other supplies mentioned in paragraph (b) are GST ‑ free under this Subdivision. Government agencies (3) If: (a) a supply is a supply of a service to an * Australian government agency; and (b) the service is the supplier making one or more other supplies of goods or services to an individual; and (c) at least one of the other supplies is wholly or partly * GST ‑ free under this Subdivision; the first ‑ mentioned supply is GST ‑ free to the extent that the other supplies mentioned in paragraph (b) are GST ‑ free under this Subdivision. Parties may agree for supply not to be GST ‑ free (4) However, a supply is not GST ‑ free (to any extent) under this section if the supplier and the * recipient have agreed that the supply, or supplies of a kind that include that supply, not be treated as GST ‑ free supplies.", "Amendment_Count": 1, "First_Amended": "No 75 of 2012", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 75 of 2012", "History_Notes": "Inserted by No 75 of 2012, Sch 1 item 2 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-85", "Provision_Key": "s38-85", "Heading": "Education courses", "Text": "A supply is GST ‑ free if it is a supply of: (a) an * education course; or (b) administrative services directly related to the supply of such a course, but only if they are supplied by the supplier of the course.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-90", "Provision_Key": "s38-90", "Heading": "Excursions or field trips", "Text": "(1) A supply is GST ‑ free if it is a supply of an excursion or field trip, but only if the excursion or field trip: (a) is directly related to the curriculum of an * education course; and (b) is not predominantly recreational. (2) However: (a) if the course is a * tertiary course, a * tertiary residential college course or a * professional or trade course—any supply of accommodation as part of the excursion or field trip is not GST ‑ free; and (b) in any case—any supply of * food as part of the excursion or field trip is not GST ‑ free under this section.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Amended by No 143 of 2007, Sch 7 item 2, effective Schedule 1 (items 6, 7, 222, 225, 226): Royal Assent Schedule 7 (items 2–6): 1 July 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-95", "Provision_Key": "s38-95", "Heading": "Course materials", "Text": "A supply of * course materials for a subject undertaken in an * education course is GST ‑ free .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-97", "Provision_Key": "s38-97", "Heading": "Lease etc. of curriculum related goods", "Text": "A supply by way of lease or hire of goods is GST ‑ free if: (a) the goods are for use directly or principally by a student in undertaking a * pre ‑ school course, * primary course or * secondary course in which the student is enrolled; and (b) the entity supplying the course leases or hires the goods; and (c) at all times while the lease or hiring has effect, the entity supplying the course has the right to decide who uses goods and the use to which the goods are put; and (d) the lease or hiring is not part of an arrangement that includes: (i) a transfer of ownership of the goods; or (ii) an agreement to transfer ownership of the goods; or (iii) imposing an obligation, or conferring a right, to transfer ownership of the goods.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 2 item 2, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-97"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-100", "Provision_Key": "s38-100", "Heading": "Supplies that are not GST ‑ free", "Text": "To avoid doubt, the following supplies related to an * education course are not GST ‑ free: (a) a supply by way of sale, lease or hire of goods (other than * course materials covered by section 38 ‑ 95, or a supply by way of lease or hire that is covered by section 38 ‑ 97); (b) a supply of membership of a student organisation.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 2 item 2, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-105", "Provision_Key": "s38-105", "Heading": "Accommodation at boarding schools etc.", "Text": "(1) A supply is GST ‑ free if: (a) it is a supply of * student accommodation to students undertaking a * primary course, a * secondary course or a * special education course; and (b) the supplier of the accommodation also supplies the course. (2) A supply is GST ‑ free if: (a) it is a supply of * student accommodation to students who are undertaking a * primary course, a * secondary course or a * special education course; and (b) the accommodation is provided in a hostel whose primary purpose is to provide accommodation for students from rural or remote locations who are undertaking such courses. (3) Student accommodation means the right to occupy the whole or part of the premises used to provide the accommodation, including, if it is provided as part of the right so to occupy, the supply of: (a) cleaning and maintenance; or (b) electricity, gas, air ‑ conditioning or heating; or (c) telephone, television, radio or any other similar thing. (4) However, a supply is not GST ‑ free under subsection (1) or (2) to the extent that it consists of the supply of * food.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-105"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-110", "Provision_Key": "s38-110", "Heading": "Recognition of prior learning etc.", "Text": "(1) A supply is GST ‑ free if the supply is the assessment or issue of qualifications for the purpose of: (a) access to education; or (b) membership of a professional or trade association; or (c) registration or licensing for a particular occupation; or (d) employment. (2) However, a supply is not GST ‑ free under subsection (1) unless the supply is carried out by: (a) a professional or trade association; or (b) an * education institution; or (c) an entity that is registered by a training recognition authority of a State or Territory in accordance with the Australian Recognition Framework to provide skill recognition (assessment only) services; or (d) an authority of the Commonwealth or of a State or Territory; or (e) a local government body.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-110"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-145", "Provision_Key": "s38-145", "Heading": "Child care—approved child care services under the family assistance law", "Text": "A supply is GST ‑ free if: (a) it is a supply of child care by an approved child care service (within the meaning of section 3 of the A New Tax System (Family Assistance) (Administration) Act 1999 ); or (b) it is a supply of an excursion that is directly related to a supply of child care covered by paragraph (a).", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Repealed and substituted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-145"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-150", "Provision_Key": "s38-150", "Heading": "Other child care", "Text": "(1) A supply is GST ‑ free if it is a supply of child care specified in a determination made under subsection (2). (2) The * Child Care Minister may, by legislative instrument, determine kinds of child care for the purposes of subsection (1). A kind of child care may only be included in a determination if the supplier of the care is eligible for Commonwealth funding in respect of the kind of care.", "Amendment_Count": 1, "First_Amended": "No 22 of 2017", "Last_Amended": "No 22 of 2017", "Amending_Acts": "No 22 of 2017", "History_Notes": "Repealed and substituted by No 22 of 2017, Sch 3 item 7 | Sch 3 item 8, effective Sch 2 (items 1, 2): 2 July 2018 (s 2(1) item 2) Sch 3 (items 7, 8) and Sch 4: 5 Apr 2017 (s 2(1) items 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-150"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-155", "Provision_Key": "s38-155", "Heading": "Supplies directly related to child care that is GST ‑ free", "Text": "A supply is GST ‑ free if it is a supply that is directly related to a supply of child care that is: (a) GST ‑ free because of section 38 ‑ 145 or 38 ‑ 150; and (b) supplied by, or on behalf of, the supplier of the child care.", "Amendment_Count": 1, "First_Amended": "No 22 of 2017", "Last_Amended": "No 22 of 2017", "Amending_Acts": "No 22 of 2017", "History_Notes": "Amended by No 22 of 2017, Sch 2 item 2, effective Sch 2 (items 1, 2): 2 July 2018 (s 2(1) item 2) Sch 3 (items 7, 8) and Sch 4: 5 Apr 2017 (s 2(1) items 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-155"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-185", "Provision_Key": "s38-185", "Heading": "Exports of goods", "Text": "(1) The third column of this table sets out supplies that are GST ‑ free : GST ‑ free exports of goods Item Topic These supplies are GST ‑ free ... 1 Export of goods—general a supply of goods, but only if the supplier exports them from the indirect tax zone before, or within 60 days (or such further period as the Commissioner allows) after: (a) the day on which the supplier receives any of the * consideration for the supply; or (b) if, on an earlier day, the supplier gives an * invoice for the supply—the day on which the supplier gives the invoice. 2 Export of goods—supplies paid for by instalments a supply of goods for which the * consideration is provided in instalments under a contract that requires the goods to be exported, but only if the supplier exports them from the indirect tax zone before, or within 60 days (or such further period as the Commissioner allows) after: (a) the day on which the supplier receives any of the final instalment of the consideration for the supply; or (b) if, on an earlier day, the supplier gives an * invoice for that final instalment—the day on which the supplier gives the invoice. 2A Export of goods—supplies to associates without consideration a supply of goods without * consideration to an * associate of the supplier, but only if the supplier exports them from the indirect tax zone. 3 Export of aircraft or ships a supply of an aircraft or * ship, but only if the recipient of the aircraft or ship exports it from the indirect tax zone under its own power within 60 days (or such further period as the Commissioner allows) after taking physical possession of it. 4 Export of aircraft or ships—paid for by instalments a supply of an aircraft or * ship for which the * consideration is provided in instalments under a contract that requires the aircraft or ship to be exported, but only if the * recipient exports it from the indirect tax zone before, or within 60 days (or such further period as the Commissioner allows) after, the earliest day on which one or more of the following occurs: (a) the supplier receives any of the final instalment of the consideration for the supply; (b) the supplier gives an * invoice for that final instalment; (c) the supplier delivers the aircraft or ship to the recipient or (at the recipient’s request) to another person. 4A Export of new recreational boats a supply of a * ship, but only if: (a) the ship is a * new recreational boat on the earliest day (the receipt day ) on which one or more of the following occurs: (i) the * recipient takes physical possession of the ship; (ii) if * consideration for the supply is provided in instalments under a contract that requires the ship to be exported—the supplier receives any of the final instalment; (iii) if consideration for the supply is provided in instalments under a contract that requires the ship to be exported—the supplier gives an * invoice for the final instalment; and (b) the supplier or recipient exports the ship from the indirect tax zone within 12 months (or such further period as the Commissioner allows) after the receipt day; and (c) subsection (6) does not apply at any time during the period: (i) starting on the receipt day; and (ii) ending when the supplier or recipient exports the ship. 5 Export of goods that are to be consumed on international flights or voyages a supply of: (a) * aircraft’s stores, or spare parts, for use, consumption or sale on an aircraft on a flight that has a destination outside the indirect tax zone; or (b) * ship’s stores, or spare parts, for use, consumption or sale on a * ship on a voyage that has a destination outside the indirect tax zone; whether or not part of the flight or voyage involves a journey between places in the indirect tax zone. 6 Export of goods used to repair etc. imported goods a supply of goods in the course of repairing, renovating, modifying or treating other goods from outside the indirect tax zone whose destination is outside the indirect tax zone, but only if: (a) the goods are attached to, or become part of, the other goods; or (b) the goods become unusable or worthless as a direct result of being used to repair, renovate, modify or treat the other goods. 7 Goods exported by travellers as accompanied baggage a supply of goods to a * relevant traveller, but only if: (a) the supply is made in accordance with the rules specified in the regulations; and (b) the goods are exported as accompanied baggage of the relevant traveller. (2) However, a supply covered by any of items 1 to 6 in the table in subsection (1) is not GST ‑ free if the supplier reimports the goods into the indirect tax zone. (3) Without limiting items 1 and 2 in the table in subsection (1), a supplier of goods is treated, for the purposes of those items, as having exported the goods from the indirect tax zone if: (a) before the goods are exported, the supplier supplies them to an entity that is not * registered or * required to be registered; and (b) that entity exports the goods from the indirect tax zone; and (c) the goods have been entered for export within the meaning of section 113 of the Customs Act 1901 ; and (d) since their supply to that entity, the goods have not been altered or used in any way, except to the extent (if any) necessary to prepare them for export; and (e) the supplier has sufficient documentary evidence to show that the goods were exported; and (f) if that entity is covered by paragraph 168 ‑ 5(1A)(c)—the supplier has a declaration by that entity stating that: (i) a payment has not been sought under section 168 ‑ 5 for the supply; and (ii) if the goods are * wine—a payment has not been sought under section 25 ‑ 5 of that Act for the supply. However, if the goods are reimported into the indirect tax zone, the supply is not GST ‑ free unless the reimportation is a * taxable importation. Note: The entity will be covered by paragraph 168 ‑ 5(1A)(c) if the entity is an individual who resides in an external Territory. (4) Without limiting item 2A in the table in subsection (1), a supplier of goods is treated, for the purposes of that item, as having exported the goods from the indirect tax zone if: (a) before the goods are exported, the supplier supplies them to an entity that: (i) is an * associate of the supplier; and (ii) is not * registered or * required to be registered; and (b) the associate exports the goods from the indirect tax zone within 60 days (or such further period as the Commissioner allows) after the earlier of the following: (i) the day the goods were delivered in the indirect tax zone to the associate; (ii) the day the goods were made available in the indirect tax zone to the associate; and (c) the goods have been entered for export within the meaning of section 113 of the Customs Act 1901 ; and (d) since their supply to the associate, the goods have not been altered or used in any way, except to the extent (if any) necessary to prepare them for export; and (e) the supplier has sufficient documentary evidence to show that the goods were exported; and (f) if the associate is covered by paragraph 168 ‑ 5(1A)(c)—the supplier has a declaration by the associate stating that: (i) a payment has not been sought under section 168 ‑ 5 for the supply; and (ii) if the goods are * wine—a payment has not been sought under section 25 ‑ 5 of that Act for the supply. However, if the goods are reimported into the indirect tax zone, the supply is not GST ‑ free unless the reimportation is a * taxable importation. Note: The associate will be covered by paragraph 168 ‑ 5(1A)(c) if the associate is an individual who resides in an external Territory. Export of new recreational boats (5) For the purposes of item 4A of the table in subsection (1), the * ship is a new recreational boat if the ship: (a) has not been substantially reconstructed; and (b) has not been sold, leased or used since the completion of its construction, except in connection with: (i) the supply or acquisition of the ship as stock held for the purpose of sale or exchange in * carrying on an * enterprise; or (ii) the supply mentioned in that item, or the acquisition of the ship by the * recipient as mentioned in that item; and (c) was designed, and is fitted out, principally for use in activities done as private recreational pursuits or hobbies; and (d) is not a commercial ship. (6) For the purposes of item 4A in the table in subsection (1), this subsection applies if, apart from use of the * ship by the supplier in connection with the supply of the ship to the * recipient, the * ship is used: (a) as security for the performance of an obligation (other than an obligation relating to the acquisition of the ship); or (b) in * carrying on an * enterprise in the indirect tax zone; or (c) in the indirect tax zone in carrying on an enterprise outside the indirect tax zone, not including use that involves the ship being used: (i) in a way that is private or domestic in nature; or (ii) in an activity, or series of activities, done as a private recreational pursuit or hobby; or Example: Allowing an employee to live on the ship, or to take the ship on a fishing trip. (d) for * consideration, unless the consideration: (i) consists of the provision of services by an employee of an enterprise carried on by the * recipient outside the indirect tax zone; or (ii) is in respect of the recipient competing in a race or other sporting event (e.g. a prize).", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 176 of 1999 | No 20 of 2010 | No 51 of 2011 | No 39 of 2012 | No 2 of 2015 | No 52 of 2016", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 60 | Sch 1 item 61 | Sch 1 item 62 | Sch 1 item 63 | Sch 1 item 64 | Sch 1 item 65 | Sch 1 item 66, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 20 of 2010, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 6 item 1 | Sch 6 item 2, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 51 of 2011, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3, effective Schedule 1: 1 July 2011 | Amended by No 39 of 2012, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-185"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-187", "Provision_Key": "s38-187", "Heading": "Lease etc. of goods for use outside the indirect tax zone", "Text": "A supply of goods is GST ‑ free if: (a) the supply is by way of lease or hire; and (b) the goods are used outside the indirect tax zone. Note: If goods are leased or hired and used partly in the indirect tax zone and partly outside the indirect tax zone, the supply could be taxable to the extent that the goods are used in the indirect tax zone (see section 9 ‑ 5).", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-187"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-188", "Provision_Key": "s38-188", "Heading": "Tooling used by non ‑ residents to manufacture goods for export", "Text": "A supply of goods is GST ‑ free if: (a) the * recipient of the supply is a * non ‑ resident, and is not * registered or * required to be registered; and (b) the goods are jigs, patterns, templates, dies, punches and similar machine tools to be used in the indirect tax zone solely to manufacture goods that will be for export from the indirect tax zone.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 92 of 2000 | No 2 of 2015", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-188"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-190", "Provision_Key": "s38-190", "Heading": "Supplies of things, other than goods or real property, for consumption outside the indirect tax zone", "Text": "(1) The third column of this table sets out supplies that are GST ‑ free (except to the extent that they are supplies of goods or * real property): Supplies of things, other than goods or real property, for consumption outside the indirect tax zone Item Topic These supplies are GST ‑ free (except to the extent that they are supplies of goods or * real property)... 1 Supply connected with property outside the indirect tax zone a supply that is directly connected with goods or real property situated outside the indirect tax zone. 2 Supply to * non ‑ resident outside the indirect tax zone. a supply that is made to a * non ‑ resident who is not in the indirect tax zone when the thing supplied is done, and: (a) the supply is neither a supply of work physically performed on goods situated in the indirect tax zone when the work is done nor a supply directly connected with * real property situated in the indirect tax zone; or (b) the * non ‑ resident acquires the thing in * carrying on the non ‑ resident’s * enterprise, but is not * registered or * required to be registered. 3 Supplies used or enjoyed outside the indirect tax zone a supply: (a) that is made to a * recipient who is not in the indirect tax zone when the thing supplied is done; and (b) the effective use or enjoyment of which takes place outside the indirect tax zone; other than a supply of work physically performed on goods situated in the indirect tax zone when the thing supplied is done, or a supply directly connected with * real property situated in the indirect tax zone. 4 Rights a supply that is made in relation to rights if: (a) the rights are for use outside the indirect tax zone; or (b) the supply is to an entity that is not an * Australian resident and is outside the indirect tax zone when the thing supplied is done. 5 Export of services used to repair etc. imported goods a supply that is constituted by the repair, renovation, modification or treatment of goods from outside the indirect tax zone whose destination is outside the indirect tax zone. (2) However, a supply covered by any of items 1 to 5 in the table in subsection (1) is not GST ‑ free if it is the supply of a right or option to acquire something the supply of which would be * connected with the indirect tax zone and would not be * GST ‑ free. (2A) A supply covered by any of items 2 to 4 in the table in subsection (1) is not * GST ‑ free if the acquisition of the supply relates (whether directly or indirectly, or wholly or partly) to the making of a supply of * real property situated in the indirect tax zone that would be, wholly or partly, * input taxed under Subdivision 40 ‑ B or 40 ‑ C. Note: Subdivision 40 ‑ B deals with the supply of premises (including a berth at a marina) by way of lease, hire or licence. Subdivision 40 ‑ C deals with the sale of residential premises and the supply of residential premises by way of long ‑ term lease. (3) Without limiting subsection (2) or (2A), a supply covered by item 2 in that table is not GST ‑ free if: (a) it is a supply under an agreement entered into, whether directly or indirectly, with a * non ‑ resident; and (b) the supply is provided, or the agreement requires it to be provided, to another entity in the indirect tax zone; and (c) for a supply other than an * input taxed supply—none of the following applies: (i) the other entity would be an * Australian ‑ based business recipient of the supply, if the supply had been made to it; (ii) the other entity is an individual who is provided with the supply as an employee or * officer of an entity that would be an Australian ‑ based business recipient of the supply, if the supply had been made to it; or (iii) the other entity is an individual who is provided with the supply as an employee or officer of the * recipient, and the recipient’s acquisition of the thing is solely for a * creditable purpose and is not a * non ‑ deductible expense. (4) A supply is taken, for the purposes of item 3 in that table, to be a supply made to a * recipient who is not in the indirect tax zone if: (a) it is a supply under an agreement entered into, whether directly or indirectly, with an * Australian resident; and (b) the supply is provided, or the agreement requires it to be provided, to another entity outside the indirect tax zone. (5) Subsection (4) does not apply to any of the following supplies: (a) a transport of goods within the indirect tax zone that is part of, or is connected with, the * international transport of the goods; (b) a loading or handling of goods within the indirect tax zone that is part of, or is connected with, the international transport of the goods; (c) a service, done within the indirect tax zone, in relation to the goods that facilitates the international transport of the goods; Example: The services of a customs broker in processing the information necessary for the clearance of goods into home consumption. (d) insuring transport covered by paragraph (a); (e) arranging transport covered by paragraph (a), or insurance covered by paragraph (d). Note: The supply might still be GST ‑ free under item 5, 5A, 6 or 7 in the table in subsection 38 ‑ 355(1).", "Amendment_Count": 6, "First_Amended": "No 177 of 1999", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 23 of 2005 | No 91 of 2010 | No 2 of 2015 | No 52 of 2016", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 46 | Sch 6 item 100, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 10 | Sch 3 item 11, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 23 of 2005, Sch 9 item 1 | Sch 9 item 2 | Sch 9 item 3, effective Schedule 9: Royal Assent | Amended by No 91 of 2010, Sch 1 item 4, effective 29 June 2010 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 2 | Sch 2 item 19, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-190"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-191", "Provision_Key": "s38-191", "Heading": "Supplies relating to the repair etc. of goods under warranty", "Text": "(1) A supply of anything other than goods or * real property is GST ‑ free if: (a) the * recipient is a * non ‑ resident who: (i) is not in the indirect tax zone when the thing supplied is done; and (ii) acquires the thing in * carrying on the recipient’s * enterprise, but is not * registered or * required to be registered; and (b) the supply is constituted by the repair, renovation, modification or treatment of goods; and (c) the repair, renovation, modification or treatment is done in order to meet the recipient’s obligations under a warranty relating to the goods; and (d) either: (i) * consideration for the warranty was included in the consideration for the supply of the goods; or (ii) the supply of the warranty was a separate * taxable supply to the supply of the goods. (2) A supply of goods is GST ‑ free if: (a) it is made in the course of a supply that is GST ‑ free under subsection (1), and to the same * recipient; and (b) either: (i) the goods are attached to, or become part of, the goods to which the warranty relates; or (ii) the goods become unusable or worthless as a direct result of being used to repair, renovate, modify or treat the goods to which the warranty relates.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-191"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-220", "Provision_Key": "s38-220", "Heading": "Religious services", "Text": "A supply is GST ‑ free if it is a supply of service that: (a) is supplied by a * ACNC ‑ registered religious institution; and (b) is integral to the practice of that religion.", "Amendment_Count": 1, "First_Amended": "No 169 of 2012", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 169 of 2012", "History_Notes": "Amended by No 169 of 2012, Sch 2 item 73, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-220"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-250", "Provision_Key": "s38-250", "Heading": "Nominal consideration etc.", "Text": "(1) A supply is GST ‑ free if: (a) the supplier is an * endorsed charity, a * gift ‑ deductible entity or a * government school; and (b) the supply is for * consideration that: (i) if the supply is a supply of accommodation—is less than 75% of the * GST inclusive market value of the supply; or (ii) if the supply is not a supply of accommodation—is less than 50% of the GST inclusive market value of the supply. (2) A supply is GST ‑ free if: (a) the supplier is an * endorsed charity, a * gift ‑ deductible entity or a * government school; and (b) the supply is for * consideration that: (i) if the supply is a supply of accommodation—is less than 75% of the cost to the supplier of providing the accommodation; or (ii) if the supply is not a supply of accommodation—is less than 75% of the consideration the supplier provided, or was liable to provide, for acquiring the thing supplied. (4) Subsections (1) and (2) do not apply to a supply by a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless: (a) the supplier is: (i) an * endorsed charity; or (ii) a * government school; or (iii) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; or (b) each purpose to which the supply relates is a * gift ‑ deductible purpose of the supplier. Note: This subsection denies GST ‑ free status under this section to supplies by certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. However, supplies can be GST ‑ free under this section if they relate to the principal purpose of the fund, authority or institution.", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 67 | Sch 1 item 68, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 6, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 76, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-250"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-255", "Provision_Key": "s38-255", "Heading": "Second ‑ hand goods", "Text": "(1) A supply of * second ‑ hand goods is GST ‑ free if: (a) the supplier is an * endorsed charity, a * gift ‑ deductible entity or a * government school; and (b) the goods were supplied to the endorsed charity, gift ‑ deductible entity or government school: (i) as a gift; or (ii) by way of a supply that was GST ‑ free because of a previous application of this section. However, the supply is not GST ‑ free if the endorsed charity, gift ‑ deductible entity or government school has dealt with the goods in such a way that the goods no longer have their original character. (3) Subsection (1) does not apply to a supply by a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless: (a) the supplier is: (i) an * endorsed charity; or (ii) a * government school; or (iii) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; or (b) each purpose to which the supply relates is a * gift ‑ deductible purpose of the supplier. Note: This subsection denies GST ‑ free status under this section to supplies by certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. However, supplies can be GST ‑ free under this section if they relate to the principal purpose of the fund, authority or institution.", "Amendment_Count": 4, "First_Amended": "No 92 of 2000", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Amended by No 92 of 2000, Sch 1 item 2D | Sch 1 item 2E, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 7, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 78 | Sch 2 item 79 | Sch 2 item 80 | Sch 2 item 81, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-255"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-260", "Provision_Key": "s38-260", "Heading": "Supplies of retirement village accommodation etc.", "Text": "A supply is GST ‑ free if: (a) the supplier is an * endorsed charity that operates a * retirement village; and (b) the supply is made to a resident of the retirement village; and (c) the supply is: (i) a supply of accommodation in the retirement village, or a supply of a service related to the supply of the accommodation; or (ii) a supply of meals.", "Amendment_Count": 3, "First_Amended": "No 143 of 2004", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 143 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Inserted by No 143 of 2004, effective 14 Dec 2004 | Amended by No 80 of 2006, Sch 12 item 8, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 83, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-260"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-270", "Provision_Key": "s38-270", "Heading": "Raffles and bingo conducted by charities etc.", "Text": "(1) A supply is GST ‑ free if: (a) the supplier is an * endorsed charity, a * gift ‑ deductible entity or a * government school; and (b) the supply is: (i) a supply of a ticket in a raffle; or (ii) an acceptance of a person’s participation in a game of bingo; or (iii) a * gambling supply of a kind specified in the regulations; and (c) the supply does not contravene a * State law or a * Territory law. (3) Subsection (1) does not apply to a supply by a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless: (a) the supplier is: (i) an * endorsed charity; or (ii) a * government school; or (iii) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; or (b) each purpose to which the supply relates is a * gift ‑ deductible purpose of the supplier. Note: This subsection denies GST ‑ free status under this section to supplies by certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. However, supplies can be GST ‑ free under this section if they relate to the principal purpose of the fund, authority or institution.", "Amendment_Count": 4, "First_Amended": "No 92 of 2000", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Amended by No 92 of 2000, Sch 1 item 2F, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 9, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 84 | Sch 2 item 85 | Sch 2 item 86, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-270"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-285", "Provision_Key": "s38-285", "Heading": "Water", "Text": "(1) A supply of water is GST ‑ free . (2) However, a supply of water is not GST ‑ free under this section if it is: (a) supplied in a container; or (b) transferred into a container; that has a capacity of less than 100 litres or such other quantity as the regulations specify. (3) It does not matter whether or not the amount of water supplied or transferred fills the container.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-285"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-290", "Provision_Key": "s38-290", "Heading": "Sewerage and sewerage ‑ like services", "Text": "(1) A supply of sewerage services is GST ‑ free . (2) A supply that consists of removing waste matter from * residential premises is GST ‑ free if: (a) the premises are not serviced by sewers; and (b) the waste matter is of a kind that would normally be removed using sewers if the premises were serviced by sewers. (3) A supply that consists of servicing a domestic self ‑ contained sewage system is GST ‑ free .", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 2 item 3 | Sch 2 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-290"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-295", "Provision_Key": "s38-295", "Heading": "Emptying of septic tanks", "Text": "A supply of a service that consists of the emptying of a septic tank is GST ‑ free .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-295"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-300", "Provision_Key": "s38-300", "Heading": "Drainage", "Text": "A supply of a service that consists of draining storm water is GST ‑ free .", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-300"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-325", "Provision_Key": "s38-325", "Heading": "Supply of a going concern", "Text": "(1) The * supply of a going concern is GST ‑ free if: (a) the supply is for * consideration; and (b) the * recipient is * registered or * required to be registered; and (c) the supplier and the recipient have agreed in writing that the supply is of a going concern. (2) A supply of a going concern is a supply under an arrangement under which: (a) the supplier supplies to the * recipient all of the things that are necessary for the continued operation of an * enterprise; and (b) the supplier carries on, or will carry on, the enterprise until the day of the supply (whether or not as a part of a larger enterprise carried on by the supplier).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-325"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-355", "Provision_Key": "s38-355", "Heading": "Supplies of transport and related matters", "Text": "(1) The third column of this table sets out supplies that are GST ‑ free : Supplies of transport and related matters Item Topic These supplies are GST ‑ free ... 1 Transport of passengers to, from or outside the indirect tax zone the transport of a passenger: (a) from the last place of departure in the indirect tax zone to a destination outside the indirect tax zone; or (b) from a place outside the indirect tax zone to the first place of arrival in the indirect tax zone; or (c) from a place outside the indirect tax zone to the same or another place outside the indirect tax zone. 2 Transport of passengers on domestic legs of international flights the transport of a passenger within the indirect tax zone by air, but only if: (a) the transport is part of a wider arrangement, itinerary or contract for transport by air involving international travel; and (b) at the time the arrangement, itinerary or contract was entered into, the transport within the indirect tax zone formed part of a ticket for international travel, or was cross referenced to such a ticket, issued at that time. 3 Domestic air travel of non ‑ residents the transport of a passenger within the indirect tax zone by air, but only if: (a) the passenger is a * non ‑ resident; and (b) the supply was purchased while the passenger was outside the indirect tax zone. 4 Transport of passengers on domestic legs of international sea voyages the transport of a passenger within the indirect tax zone by sea, but only if: (a) the transport is part of a journey by sea from the indirect tax zone to a destination outside the indirect tax zone, or from a destination outside the indirect tax zone to the indirect tax zone; and (b) the transport is provided by the supplier who transports the passenger to or from the indirect tax zone. 5 Transport etc. of goods subject to subsections (2) and (3), the * international transport of goods: (a) from their * place of export in the indirect tax zone to a destination outside the indirect tax zone; or (b) from a place outside the indirect tax zone to their * place of consignment in the indirect tax zone; or (c) from a place outside the indirect tax zone to the same or another place outside the indirect tax zone. 5A Loading or handling etc. subject to subsections (2) and (3): (a) loading or handling of goods, the * international transport of which is covered by item 5, during the course of the international transport; or (b) supply of a service, during the course of the international transport of goods covered by item 5, that facilitates the international transport. 6 Insuring transport etc. subject to subsection (3): (a) insuring transport covered by item 1, 2, 3 or 4; or (b) insuring the * international transport of goods from their * place of export in the indirect tax zone to a destination outside the indirect tax zone; or (c) insuring: (i) the transport of goods from a place outside the indirect tax zone to their * place of consignment in the indirect tax zone; and (ii) the subsequent transport of those goods within the indirect tax zone, if it is an integral part of the transport of goods from the place outside the indirect tax zone to the place of consignment in the indirect tax zone; including loading and handling within the indirect tax zone that is part of that transport; or (d) insuring the transport of goods from a place outside the indirect tax zone to the same or another place outside the indirect tax zone. 7 Arranging transport etc. subject to subsection (3): (a) arranging transport covered by item 1, 2, 3 or 4; or (b) arranging the * international transport of goods covered by item 5; or (c) arranging insurance covered by item 6. (2) Paragraphs (a) and (b) of item 5, and item 5A, in the table in subsection (1) do not apply to a supply to the extent that the thing supplied is done in the indirect tax zone, unless: (a) the * recipient of the supply: (i) is a * non ‑ resident; and (ii) is not in the indirect tax zone when the thing supplied is done in the indirect tax zone; or (b) the supply is done by the supplier of the transport of the goods from or to the indirect tax zone (whichever is relevant). (3) Items 5 and 5A, paragraphs (b) to (d) of item 6, and paragraphs (b) and (c) of item 7, in the table in subsection (1) do not apply to a supply to the extent that: (a) the supply is, or relates to, the * international transport of goods; and (b) the supplier is a * redeliverer that is treated as the supplier of the goods under subsection 84 ‑ 81(4); and (c) the supply of the goods is a * taxable supply.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 91 of 2010 | No 2 of 2015 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 71 | Sch 1 item 72 | Sch 1 item 73 | Sch 1 item 74 | Sch 1 item 75, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 8 item 1, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 91 of 2010, Sch 1 item 1 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10, effective 29 June 2010 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 77 of 2017, Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-355"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-360", "Provision_Key": "s38-360", "Heading": "Travel agents arranging overseas supplies", "Text": "A supply is GST ‑ free if: (a) the supplier makes it in the course of * carrying on an * enterprise as a travel agent; and (b) it consists of arranging for the making of a supply, the effective use or enjoyment of which is to take place outside the indirect tax zone.", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 156 of 2000 | No 2 of 2015", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-360"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-385", "Provision_Key": "s38-385", "Heading": "Supplies of precious metals", "Text": "A supply of * precious metal is GST ‑ free if: (a) it is the first supply of that precious metal after its refining by, or on behalf of, the supplier; and (b) the entity that refined the precious metal is a * refiner of precious metal; and (c) the * recipient of the supply is a * dealer in precious metal. Note: Any other supply of precious metal is input taxed under section 40 ‑ 100.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 48, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-385"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-415", "Provision_Key": "s38-415", "Heading": "Supplies through inwards duty free shops", "Text": "A supply is GST ‑ free if the supply is a sale of * airport shop goods through an * inwards duty free shop to a * relevant traveller.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Repealed and substituted by No 92 of 2000, Sch 2 item 4A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-415"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-445", "Provision_Key": "s38-445", "Heading": "Grants of freehold and similar interests by governments", "Text": "(1) A supply by the Commonwealth, a State or a Territory of land on which there are no improvements is GST ‑ free if: (a) the supply is of a freehold interest in the land; or (b) the supply is by way of * long ‑ term lease. (1A) A supply by the Commonwealth, a State or a Territory of land is GST ‑ free if: (a) the supply is of a freehold interest in the land, or is by way of * long ‑ term lease; and (b) the Commonwealth, State or Territory had previously supplied the land, by way of lease, to the * recipient of the supply; and (c) at the time of that previous supply, there were no improvements on the land; and (d) because conditions to which that lease was subject had been satisfied, the recipient was entitled to the supply of the freehold interest or the supply by way of long ‑ term lease. (2) However, the supply is not GST ‑ free if, since 1 July 2000, the land has already been the subject of a supply that is GST ‑ free under this section.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Amended by No 156 of 2000, Sch 1 item 6 | Sch 1 item 38 | Sch 1 item 12, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-445"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-450", "Provision_Key": "s38-450", "Heading": "Leases preceding grants of freehold and similar interests by governments", "Text": "(1) A supply by the Commonwealth, a State or a Territory of land on which there are no improvements is GST ‑ free if: (a) the supply is by way of lease (other than * long ‑ term lease); and (b) the lease is subject to conditions the satisfaction of which will entitle the * recipient of the supply to the grant of a freehold interest in the land or a long ‑ term lease of the land. (2) A supply consisting of the surrender, to the Commonwealth, a State or Territory, of a lease over land is GST ‑ free if: (a) the supplier acquired the land under a supply that: (i) was GST ‑ free under subsection (1); or (ii) if the supply was made before 1 July 2000—would have been GST ‑ free under subsection (1) if it had been made on or after that day; and (b) solely or partly in return for the surrender of the lease, the Commonwealth, State or Territory makes a supply of the land to the supplier that is GST ‑ free under section 38 ‑ 445.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 1 item 12, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-450"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-475", "Provision_Key": "s38-475", "Heading": "Subdivided farm land", "Text": "(1) The supply of a freehold interest in, or the lease by an * Australian government agency of or the * long term lease of, * potential residential land is GST ‑ free if: (a) the land is subdivided from land on which a * farming business has been * carried on for at least 5 years; and (b) the supply is made to an * associate of the supplier of the land without * consideration or for consideration that is less than the * GST inclusive market value of the supply. (2) An entity * carries on a farming business if it carries on a * business of: (a) cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things), in any physical environment; or (b) maintaining animals for the purpose of selling them or their bodily produce (including natural increase); or (c) manufacturing dairy produce from raw material that the entity produced; or (d) planting or tending trees in a plantation or forest that are intended to be felled.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 49, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 2 item 5, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-475"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-480", "Provision_Key": "s38-480", "Heading": "Farm land supplied for farming", "Text": "The supply of a freehold interest in, or the lease by an * Australian government agency of or the * long term lease of, land is GST ‑ free if: (a) the land is land on which a * farming business has been * carried on for at least the period of 5 years preceding the supply; and (b) the * recipient of the supply intends that a farming business be carried on, on the land.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 50, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 2 item 6, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-480"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-505", "Provision_Key": "s38-505", "Heading": "Disabled veterans", "Text": "(1) A supply is GST ‑ free if it is a supply of a * car to an individual who: (a) has served in the Defence Force or in any other armed force of the Sovereign; and (b) as a result of that service: (i) has lost a leg or both arms; or (ii) has had a leg, or both arms, rendered permanently and completely useless; or (iii) is a veteran to whom section 24 of the Veterans’ Entitlements Act 1986 applies and receives a pension under Part II of that Act; or (iv) is receiving a Special Rate Disability Pension under Part 6 of Chapter 4 of the Military Rehabilitation and Compensation Act 2004 , or satisfies the eligibility criteria in section 199 of that Act; and (c) intends to use the car in his or her personal transportation during all of the * Subdivision 38 ‑ P period. (2) However, a supply covered by subsection (1) is not GST ‑ free to the extent that the * GST inclusive market value of the * car exceeds the * car limit. (3) In working out the * GST inclusive market value of the * car for the purposes of subsection (2), disregard any value that is attributable to modifications made to the car solely for the purpose of: (a) adapting it for driving by the person; or (b) adapting it for transporting the person. (4) A supply is GST ‑ free if it is a supply of * car parts that are for a * car for an individual to whom paragraphs (1)(a), (b) and (c) apply.", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 115 of 2024", "Amending_Acts": "No 77 of 2001 | No 110 of 2006 | No 115 of 2024", "History_Notes": "Amended by No 77 of 2001, Sch 2 item 10, effective Sch 2 (items 10–14, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 110 of 2006, Sch 2 item 3, effective Schedule 2: Royal Assent | Amended by No 115 of 2024, Sch 1 item 3, effective sch 1 (item 3): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-505"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-510", "Provision_Key": "s38-510", "Heading": "Other disabled people", "Text": "(1) A supply is GST ‑ free if it is a supply of a * car to an individual who: (a) has a current certificate of medical eligibility issued by a * medical practitioner, in the * approved form, certifying that the individual has lost the use of one or more limbs to such an extent that the individual is unable to use public transport; and (b) intends to use the car in his or her personal transportation to or from gainful employment during all of the * Subdivision 38 ‑ P period. (2) However, a supply covered by subsection (1) is not GST ‑ free to the extent that the * GST inclusive market value of the * car exceeds the * car limit. (3) In working out the * GST inclusive market value of the * car for the purposes of subsection (2), disregard any value that is attributable to modifications made to the car solely for the purpose of: (a) adapting it for driving by the individual; or (b) adapting it for transporting the individual. (4) A supply is GST ‑ free if it is a supply of * car parts that are for a * car for an individual to whom paragraphs (1)(a) and (b) applies.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 176 of 1999 | No 77 of 2001 | No 127 of 2021", "History_Notes": "Amended by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 77 of 2001, Sch 2 item 11, effective Sch 2 (items 10–14, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 127 of 2021, Sch 3 item 44 | Sch 3 item 45, effective Sch 3 (items 44, 45): 1 Jan 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-510"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-540", "Provision_Key": "s38-540", "Heading": "International mail", "Text": "A supply is GST ‑ free if it is a supply of services to a foreign postal administration for: (a) the delivery in the indirect tax zone; or (b) the transit through the indirect tax zone; of postal articles mailed outside the indirect tax zone.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 177 of 1999 | No 2 of 2015", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-540"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-570", "Provision_Key": "s38-570", "Heading": "Telecommunication supplies made under arrangements for global roaming in the indirect tax zone", "Text": "(1) A * telecommunication supply is GST ‑ free if: (a) the supply is to enable the use in the indirect tax zone of a portable device for sending and receiving signals, writing, images, sounds or information by an electromagnetic system while the device is linked to: (i) an international mobile subscriber identity; or (ii) an IP address; or (iii) another internationally recognised identifier; containing a home network identity that indicates a subscription to a telecommunications network outside the indirect tax zone; and (b) the supply is covered by subsection (2) or (3). Supply by non ‑ resident telecommunications supplier (2) This subsection covers the supply if: (a) the supply is made to the subscriber in connection with the subscription; and (b) the billing of the subscriber for the supply is to an address outside the indirect tax zone; and (c) the supply is made by a * non ‑ resident that: (i) * carries on outside the indirect tax zone an * enterprise of making * telecommunication supplies; and (ii) does not * carry on in the indirect tax zone such an enterprise. Supply by Australian resident telecommunications supplier (3) This subsection covers the supply if: (a) the supply is made by an * Australian resident that is: (i) a carrier, or a carriage service provider, as defined in the Telecommunications Act 1997 ; or (ii) an internet service provider as defined in the Online Safety Act 2021 ; and (b) the supply is provided to the user in the indirect tax zone of the device; and (c) the supply is made to a * non ‑ resident that: (i) * carries on outside the indirect tax zone an * enterprise of making * telecommunication supplies; and (ii) does not * carry on in the indirect tax zone such an enterprise.", "Amendment_Count": 3, "First_Amended": "No 91 of 2010", "Last_Amended": "No 77 of 2021", "Amending_Acts": "No 91 of 2010 | No 2 of 2015 | No 77 of 2021", "History_Notes": "Inserted by No 91 of 2010, effective 29 June 2010 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 77 of 2021, effective Sch 2 (item 1): 23 Jan 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-570"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-590", "Provision_Key": "s38-590", "Heading": "Eligible emissions units", "Text": "A supply of an * eligible emissions unit is GST ‑ free .", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Schedule 2 (items 1, 2): 10 May 2012 ( see Gazette 2012, No. GN18)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-590"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 38-610", "Provision_Key": "s38-610", "Heading": "Inbound intangible consumer supplies", "Text": "(1) An * inbound intangible consumer supply is GST ‑ free if: (a) it is made by a * non ‑ resident; and (b) it is covered by a determination under subsection (2). (2) The Minister may, by legislative instrument, determine that a specified class of * inbound intangible consumer supplies are GST ‑ free. (3) However, the Minister must not make the determination unless: (a) the * Foreign Minister has advised the Minister in writing that the treatment of the class of supplies under the * GST law would, apart from the determination, be inconsistent with Australia’s international obligations; and (b) the Minister is satisfied that similar supplies made by * Australian residents would be GST ‑ free.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s38-610"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-1", "Provision_Key": "s40-1", "Heading": "What this Division is about", "Text": "This Division provides for the supplies that are input taxed. If a supply is input taxed, then: • no GST is payable on the supply; • there is no entitlement to an input tax credit for anything acquired or imported to make the supply (see sections 11 ‑ 15 and 15 ‑ 10). For the basic rules about supplies that are input taxed, see sections 9 ‑ 30 and 9 ‑ 80.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 52, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-5", "Provision_Key": "s40-5", "Heading": "Financial supplies", "Text": "(1) A * financial supply is input taxed . (2) Financial supply has the meaning given by the regulations.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 129, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-35", "Provision_Key": "s40-35", "Heading": "Residential rent", "Text": "(1) A supply of premises that is by way of lease, hire or licence (including a renewal or extension of a lease, hire or licence) is input taxed if: (a) the supply is of * residential premises (other than a supply of * commercial residential premises or a supply of accommodation in commercial residential premises provided to an individual by the entity that owns or controls the commercial residential premises); or (b) the supply is of * commercial accommodation and Division 87 (which is about long ‑ term accommodation in commercial premises) would apply to the supply but for a choice made by the supplier under section 87 ‑ 25. (1A) A supply of a berth at a marina that is by way of lease, hire or licence (including a renewal or extension of a lease, hire or licence) is input taxed if: (a) the berth is occupied, or is to be occupied, by a * ship used as a residence; and (b) the supply is of * commercial accommodation and Division 87 (which is about long ‑ term accommodation in commercial premises) would apply to the supply but for a choice made by the supplier under section 87 ‑ 25. (2) However: (a) the supply is input taxed only to the extent that the premises are to be used predominantly for residential accommodation (regardless of the term of occupation); and (b) the supply is not input taxed under this section if the lease, hire or licence, or the renewal or extension of a lease, hire or licence, is a * long ‑ term lease.", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 156 of 2000 | No 80 of 2006", "History_Notes": "Amended by No 156 of 2000, Sch 1 item 8 | Sch 1 item 40, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 80 of 2006, Sch 15 item 1 | Sch 15 item 2, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-65", "Provision_Key": "s40-65", "Heading": "Sales of residential premises", "Text": "(1) A sale of * real property is input taxed , but only to the extent that the property is * residential premises to be used predominantly for residential accommodation (regardless of the term of occupation). (2) However, the sale is not input taxed to the extent that the * residential premises are: (a) * commercial residential premises; or (b) * new residential premises other than those used for residential accommodation (regardless of the term of occupation) before 2 December 1998. Note: For sales of residential premises that are new residential premises, the recipient of the supply must pay an amount representing the GST on the supply to the Commissioner under section 14 ‑ 250 in Schedule 1 to the Taxation Administration Act 1953 , and the entity liable for the GST on the supply is entitled to a credit for that payment under section 18 ‑ 60 in that Schedule.", "Amendment_Count": 4, "First_Amended": "No 92 of 2000", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 92 of 2000 | No 80 of 2006 | No 23 of 2018 | No 76 of 2023", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 7, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2006, Sch 15 item 3 | Sch 15 item 4, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 23 of 2018, Sch 5 item 6, effective Sch 5 (items 5, 6, 26–28): 1 Apr 2018 (s 2(1) item 12) | Amended by No 76 of 2023, Sch 6 item 42, effective sch 6 (items 9, 41, 42): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-70", "Provision_Key": "s40-70", "Heading": "Supplies of residential premises by way of long ‑ term lease", "Text": "(1) A supply is input taxed if: (a) the supply is of * real property but only to the extent that the property is * residential premises to be used predominantly for residential accommodation (regardless of the term of occupation); and (b) the supply is by way of * long ‑ term lease. (2) However, the supply is not input taxed to the extent that the * residential premises are: (a) * commercial residential premises; or (b) * new residential premises other than those used for residential accommodation (regardless of the term of occupation) before 2 December 1998.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 92 of 2000 | No 80 of 2006", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 8, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2006, Sch 15 item 5 | Sch 15 item 6, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-75", "Provision_Key": "s40-75", "Heading": "Meaning of new residential premises", "Text": "When premises are new residential premises (1) * Residential premises are new residential premises if they: (a) have not previously been sold as residential premises (other than * commercial residential premises) and have not previously been the subject of a * long ‑ term lease; or (b) have been created through * substantial renovations of a building; or (c) have been built, or contain a building that has been built, to replace demolished premises on the same land. Paragraphs (b) and (c) have effect subject to paragraph (a). Note 1: For example, residential premises will be new residential premises if they are created as described in paragraph (b) or (c) to replace earlier premises that had ceased to be new residential premises because of paragraph (a). Note 2: However, premises that are new residential premises because of paragraph (b) or (c) will cease to be new residential premises once they are sold, or supplied by way of long ‑ term lease, as residential premises (see paragraph (a)). Note 3: Premises created because of the registration of, for example, a strata title plan, or a plan to subdivide land, may not become new residential premises (see subsection (2AA)). (2) However, the * residential premises are not new residential premises if, for the period of at least 5 years since: (a) if paragraph (1)(a) applies (and neither paragraph (1)(b) nor paragraph (1)(c) applies)—the premises first became residential premises; or (b) if paragraph (1)(b) applies—the premises were last * substantially renovated; or (c) if paragraph (1)(c) applies—the premises were last built; the premises have only been used for making supplies that are * input taxed because of paragraph 40 ‑ 35(1)(a). Subdivisions etc. may not result in new residential premises (2AA) Despite subsection (1), the * residential premises are not new residential premises if: (a) they are created from residential premises that became the subject of a * property subdivision plan; and (b) the residential premises referred to in paragraph (a) were not new residential premises immediately before they became the subject of that plan. This subsection has effect subject to paragraphs (1)(b) and (c). Disregard certain supplies of the premises (2A) A supply of the * residential premises is disregarded as a sale or supply for the purposes of applying paragraph (1)(a): (a) if it is a supply by a member of a * GST group to another member of the GST group; or (b) if: (i) it is a supply by the * joint venture operator of a * GST joint venture to another entity that is a * participant in the joint venture; and (ii) the other entity acquired the interest, unit or lease for consumption, use or supply in the course of activities for which the joint venture was entered into. (2B) A supply (the wholesale supply ) of the * residential premises is disregarded as a sale or supply for the purposes of applying paragraph (1)(a) if: (a) the premises from which the residential premises were created had earlier been supplied to the * recipient of the wholesale supply or one or more of its * associates; and (b) an arrangement (including an agreement) was made by: (i) the supplier of the earlier supply, or one or more associates of the supplier; and (ii) the recipient of the earlier supply, or one or more associates of the recipient; and (c) under the arrangement, the wholesale supply was conditional on: (i) specified building or renovation work being undertaken by the recipient of the earlier supply, or by one or more associates of the recipient; or (ii) circumstances existing as specified in regulations made for the purposes of this subparagraph. Note 1: The premises referred to in paragraph (a) could be vacant land. Note 2: For subparagraph (c)(ii), circumstances may be specified by class (see subsection 13(3) of the Legislation Act 2003 ). Note 3: This subsection does not apply to a supply if certain commercial commitments were in place before 27 January 2011 (see item 12 of Schedule 4 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 ). (2C) A supply of the * residential premises is disregarded as a sale or supply for the purposes of applying paragraph (1)(a) if it is made because a * property subdivision plan relating to the premises was lodged for registration (however described) by the * recipient of the supply or the recipient’s * associate. Note: This subsection does not apply to a supply if the plan was lodged for registration before 27 January 2011 (see item 13 of Schedule 4 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 ). New residential premises include associated land (3) To avoid doubt, if the * residential premises are new residential premises because of paragraph (1)(b) or (c), the new residential premises include land of which the new residential premises are a part.", "Amendment_Count": 5, "First_Amended": "No 156 of 2000", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 156 of 2000 | No 78 of 2005 | No 80 of 2006 | No 12 of 2012 | No 126 of 2015", "History_Notes": "Inserted by No 156 of 2000, Sch 1 item 16, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 78 of 2005, Sch 6 item 2, effective 29 June 2005 | Amended by No 80 of 2006, Sch 15 item 7, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 12 of 2012, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 7 | Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 12 | Sch 4 item 13, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 126 of 2015, Sch 1 item 20, effective Sch 1 (items 20–23): 5 Mar 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-100", "Provision_Key": "s40-100", "Heading": "Precious metals", "Text": "A supply of * precious metal is input taxed . Note: If the supply is the first supply of precious metal after refinement, the supply is GST ‑ free under section 38 ‑ 385.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-130", "Provision_Key": "s40-130", "Heading": "School tuckshops and canteens", "Text": "(1) A supply of * food is input taxed if: (a) the supply is made by a non ‑ profit body through a shop operating on the grounds of a * school that supplies * primary courses or * secondary courses; and (b) the non ‑ profit body chooses to have all its supplies of food through the shop treated as input taxed. (2) However, the non ‑ profit body: (b) cannot revoke the choice within 12 months after the day on which the non ‑ profit body made the choice; and (c) cannot make a further choice within 12 months after the day on which the non ‑ profit body revoked a previous choice. (3) This section does not apply to a supply of * food by a * school to boarding students of the school as part of their board.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 1 item 2G, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-130"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-160", "Provision_Key": "s40-160", "Heading": "Fund ‑ raising events conducted by charities etc.", "Text": "(1) A supply is input taxed if: (a) the supplier is an * endorsed charity, a * gift ‑ deductible entity or a * government school; and (b) the supply is made in connection with a * fund ‑ raising event; and (c) the supplier chooses to have all supplies that it makes in connection with the event treated as input taxed; and (d) the event is referred to in the supplier’s records as an event that is treated as input taxed. (3) Subsection (1) does not apply to a supply by a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless: (a) the supplier is: (i) an * endorsed charity; or (ii) a * government school; or (iii) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; or (b) each purpose to which the supply relates is a * gift ‑ deductible purpose of the supplier. Note: This subsection denies input taxed status under this section to supplies by certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. However, supplies can be input taxed under this section if they relate to the principal purpose of the fund, authority or institution.", "Amendment_Count": 5, "First_Amended": "No 92 of 2000", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 12 of 2012 | No 169 of 2012", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 11, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 10, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 12 of 2012, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 169 of 2012, Sch 2 item 89 | Sch 2 item 90 | Sch 2 item 91, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-160"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-165", "Provision_Key": "s40-165", "Heading": "Meaning of fund ‑ raising event", "Text": "(1) Any of these is a fund ‑ raising event if it is conducted for the purpose of fund ‑ raising and it does not form any part of a series or regular run of like or similar events: (a) a fete, ball, gala show, dinner, performance or similar event; (b) an event comprising sales of goods if: (i) each sale is for a * consideration that does not exceed $20 or such other amount as the regulations specify; and (ii) selling such goods is not a normal part of the supplier’s * business; (c) an event that the Commissioner decides, on an application by the supplier in writing, to be a fund ‑ raising event. Note: Refusing an application for a decision under this paragraph is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) Paragraph (1)(b) does not apply to an event that involves the sale of alcoholic beverages or tobacco products. (3) The Commissioner must not make a decision under paragraph (1)(c) unless satisfied that: (a) the supplier is not in the * business of conducting such events; and (b) the proceeds from conducting the event are for the direct benefit of the supplier’s charitable or non ‑ profit purposes. (4) The Commissioner may determine, in writing, the frequency with which events may be held without forming any part of a series or regular run of like or similar events for the purposes of subsection (1).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 92 of 2000 | No 73 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 8 | Sch 1 item 10, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 91, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-165"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 40-180", "Provision_Key": "s40-180", "Heading": "Inbound intangible consumer supplies", "Text": "(1) An * inbound intangible consumer supply is input taxed if: (a) it is made by a * non ‑ resident; and (b) it is covered by a determination under subsection (2). (2) The Minister may, by legislative instrument, determine that a specified class of * inbound intangible consumer supplies are input taxed. (3) However, the Minister must not make the determination unless: (a) the * Foreign Minister has advised the Minister in writing that the treatment of the class of supplies under the * GST law would, apart from the determination, be inconsistent with Australia’s international obligations; and (b) the Minister is satisfied that similar supplies made by * Australian residents would be input taxed.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s40-180"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 42-1", "Provision_Key": "s42-1", "Heading": "What this Division is about", "Text": "This Division sets out the importations that are non ‑ taxable. No GST is payable on an importation that is non ‑ taxable (see sections 7 ‑ 1 and 13 ‑ 5). For the basic rules about non ‑ taxable importations, see sections 13 ‑ 10 and 13 ‑ 25.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s42-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 42-5", "Provision_Key": "s42-5", "Heading": "Non ‑ taxable importations—Schedule 4 to the Customs Tariff Act 1995", "Text": "(1) An importation of goods is a non ‑ taxable importation if the goods are covered by item 4, 10, 11, 15, 18, 21, 21A, 23, 24, 25, 26 or 27 in Schedule 4 to the Customs Tariff Act 1995 . (1A) An importation of a container is a non ‑ taxable importation if: (a) goods covered by item 22 in Schedule 4 to the Customs Tariff Act 1995 are imported in or on the container; and (b) the container will be exported from the indirect tax zone without being put to any other use. (1C) An importation of goods is a non ‑ taxable importation if the goods are covered by: (a) item 1, 3, 7, 12, 13 or 29 in Schedule 4 to the Customs Tariff Act 1995 ; and (b) regulations made for the purposes of this subsection. (2) To avoid doubt, a reference to goods that are covered by an item in Schedule 4 to the Customs Tariff Act 1995 includes a reference to goods to which that item would apply apart from the operation of subsection 18(1) of that Act.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 138 of 2012 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 77 | Sch 1 item 78 | Sch 1 item 79 | Sch 7 item 12 | Sch 7 item 141, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 54 | Sch 6 item 55, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 11 item 8A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 138 of 2012, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3, effective Sch 2 (items 1–3, 6): 1 Mar 2013 (s 2(1) item 2) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s42-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 42-10", "Provision_Key": "s42-10", "Heading": "Goods returned to the indirect tax zone in an unaltered condition", "Text": "(1) An importation of goods is a non ‑ taxable importation if: (a) the goods were exported from the indirect tax zone and are returned to the indirect tax zone, without having been subject to any treatment, industrial processing, repair, renovation, alteration or any other process since their export; and (b) the importer was not entitled to, and did not claim, a payment under Division 168 (about the tourist refund scheme) related to the export of the goods; and (c) the importer: (i) is the manufacturer of the goods; or (ii) has previously acquired the goods, and the supply by means of which the importer acquired the goods was a * taxable supply (or would have been a taxable supply but for section 66 ‑ 45); or (iii) has previously imported the goods, and the previous importation was a * taxable importation in respect of which the GST was paid. (2) An importation of goods is a non ‑ taxable importation if: (a) the importer had manufactured, acquired or imported the goods before 1 July 2000; and (b) the goods were exported from the indirect tax zone before, on or after 1 July 2000; and (c) the goods are returned to the indirect tax zone on or after 1 July 2000, without having been subject to any treatment, industrial processing, repair, renovation, alteration or any other process since their export; and (d) the importer was not entitled to, and did not claim, a payment under Division 168 (about the tourist refund scheme) related to the export of the goods; and (e) the ownership of the goods when they are returned to the indirect tax zone is the same as their ownership on 1 July 2000. Note: An importation covered by this section may also be duty ‑ free under item 17 of Schedule 4 to the Customs Tariff Act 1995 .", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 156 of 2000 | No 2 of 2015", "History_Notes": "Repealed by No 176 of 1999, Sch 1 item 80, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 2 item 5, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s42-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 42-15", "Provision_Key": "s42-15", "Heading": "Supplies of low value goods", "Text": "(1) An importation of goods is a non ‑ taxable importation to the extent that a supply of the goods was a * supplier ‑ taxed offshore supply of low value goods. Note 1: Under Subdivision 84 ‑ C, offshore supplies of low value goods may be treated as connected with the indirect tax zone (this is not the case if the supplier reasonably believes there will be a taxable importation: see section 84 ‑ 83). Note 2: There are limits on refunds of excess GST paid as a result of the incorrect treatment of the supply as a taxable supply, if this section has been treated as applying: see section 142 ‑ 16. (2) However, this section does not apply unless the * Comptroller ‑ General of Customs is notified that the supply was a * taxable supply at or before the time by which the * taxable importation would (apart from this section) have been made. (3) The notice must be given, in the * approved form, by or on behalf of the importer of the goods.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 177 of 1999 | No 77 of 2017", "History_Notes": "Repealed by No 177 of 1999, Sch 6 item 56, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Inserted by No 77 of 2017, Sch 1 item 84 | Sch 1 item 142, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s42-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 45-1", "Provision_Key": "s45-1", "Heading": "What this Chapter is about", "Text": "This Chapter sets out the special rules for the GST. The special rules apply only in particular circumstances, and are generally quite limited in their scope. The special rules modify the application of the basic rules for the GST in Chapter 2. Note 1: The special rules that modify each group of basic rules in Chapter 2 are specifically identified in tables located at the end of the Divisions and Subdivisions in Chapter 2. In addition, a checklist of special rules is set out in Part 2 ‑ 8. Note 2: This section is an explanatory section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s45-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 45-5", "Provision_Key": "s45-5", "Heading": "The effect of special rules", "Text": "The provisions of this Chapter override the provisions of Chapter 2 (except section 29 ‑ 25), but only to the extent of any inconsistency.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s45-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-1", "Provision_Key": "s48-1", "Heading": "What this Division is about", "Text": "Companies within a 90% owned group, and in some cases other entities (such as non ‑ profit bodies), can form a GST group. One member of the group then deals with all the GST liabilities and entitlements (except for GST on most taxable importations) of the group, and (in most cases) intra ‑ group transactions are excluded from the GST. Note: Provisions for members of GST groups apply for the wine equalisation tax (see Subdivision 21 ‑ B of the Wine Tax Act) and the luxury car tax (see Subdivision 16 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 ).", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 74 of 2010 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 81 | Sch 1 item 82, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 156 of 2000, Sch 6 item 6, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 74 of 2010, Sch 1 item 1, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 39 of 2012, Sch 4 item 2, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-5", "Provision_Key": "s48-5", "Heading": "Formation of GST groups", "Text": "(1) Two or more entities may form a * GST group if: (a) each of the entities * satisfies the membership requirements of the group; and (b) each of the entities agrees in writing to the formation of the group; and (c) one of those entities notifies the Commissioner, in the * approved form, of the formation of the group; and (d) that entity is nominated, in that notice, to be the * representative member of the group; and (e) that entity is an * Australian resident. A group of entities that is so formed is a GST group . (2) If 2 or more entities would * satisfy the membership requirements for the * GST group, the group need not include all those entities. (3) The formation of the * GST group takes effect from the start of the day specified in the notice under paragraph (1)(c) (whether that day is before, on or after the day on which the entities decided to form the group). (4) However, if the notice was given to the Commissioner after the day by which the entity nominated to be the * representative member of the group is required to give to the Commissioner a * GST return for the tax period in which the day specified in the notice occurs, the formation of the * GST group takes effect from the start of: (a) the day specified in the notice, if that day is approved by the Commissioner under section 48 ‑ 71; and (b) if paragraph (a) does not apply—such other day as the Commissioner approves under that section.", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 156 of 2000 | No 73 of 2006 | No 74 of 2010", "History_Notes": "Amended by No 156 of 2000, Sch 6 item 7, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 92, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Repealed and substituted by No 74 of 2010, Sch 1 item 3 | Sch 1 item 48 | Sch 1 item 40 | Sch 1 item 43, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-7", "Provision_Key": "s48-7", "Heading": "Membership of GST groups", "Text": "(1) A member of a * GST group is an entity that: (a) formed the group under section 48 ‑ 5, or was added to the group under section 48 ‑ 70; and (b) * satisfies the membership requirements of the group. (2) However, the entity is not a member of the * GST group if the entity has, since the last time the entity became such a member: (a) left, or been removed from, the group under section 48 ‑ 70; or (b) ceased to * satisfy the membership requirements of the group. (3) The * representative member of a * GST group must notify the Commissioner, in the * approved form, if a * member of the group no longer * satisfies the membership requirements for the GST group. (4) The notice must be given within 21 days after the * member no longer * satisfies the membership requirements for the * GST group. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, Sch 1 item 38, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-7"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-10", "Provision_Key": "s48-10", "Heading": "Membership requirements of a GST group", "Text": "(1) An entity satisfies the membership requirements of a * GST group, or a proposed GST group, if the entity: (a) is: (i) a * company; or (ii) a * partnership, trust or individual that satisfies the requirements specified in the regulations; and (b) is, if the entity is a company, a company of the same * 90% owned group as all the other members of the GST group or proposed GST group that are also companies; and (c) is * registered; and (d) has the same tax periods applying to it as the tax periods applying to all the other members of the GST group or proposed GST group; and (e) accounts on the same basis as all the other members of the GST group or proposed GST group; and (f) is not a member of any other GST group; and (g) does not have any branch that is registered under Division 54. (2) Paragraph (1)(b) does not apply if: (a) the entity is a non ‑ profit body; and (b) all the other members of the GST group or proposed GST group are non ‑ profit bodies; and (c) the entity and all those other members are members of the same * non ‑ profit association. Note 1: For the membership requirements of non ‑ profit sub ‑ entities, see section 63 ‑ 50. Note 2: For the membership requirements of a GST group of government related entities, see section 149 ‑ 25. (2A) Paragraph (1)(d) does not apply in relation to a tax period that the Commissioner has determined under section 27 ‑ 30 if the tax period: (a) ends at the same time as a tax period (a corresponding tax period ) of each of the other * members of the * GST group; and (b) is not longer than any corresponding tax period (other than a tax period that the Commissioner has determined under section 27 ‑ 30). (3) A * company does not satisfy the membership requirements of a * GST group, or a proposed GST group, if: (a) one or more other members of the GST group or proposed GST group are not companies; and (b) none of the members of the GST group or proposed GST group that are companies satisfy section 48 ‑ 15.", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 74 of 2010", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 83, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 57 | Sch 6 item 149, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 1 item 4 | Sch 1 item 8E, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 11, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 74 of 2010, Sch 1 item 4, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-15", "Provision_Key": "s48-15", "Heading": "Relationship of companies and non ‑ companies in a GST group", "Text": "(1) A * company that is a member of a * GST group, or a proposed GST group, satisfies this section if: (a) a * partnership, trust or individual that is a member of the GST group or proposed GST group would, if it were another company, have * at least a 90% stake in that company; or (b) the company has only one member, and that member: (i) is a partner in a partnership that is a member of the GST group or proposed GST group; or (ii) is an individual that is a member of the GST group or proposed GST group; or (iii) is a * family member of that partner or individual; or (c) the company has more than one member, each of whom is: (i) a partner in the same partnership that is a member of the GST group or proposed GST group; or (ii) a family member of any such partner; and one of the following applies: (iii) at least 2 of the partners are members of the company; (iv) one of the partners is a member of the company, and at least one other member of the company is a family member of a different partner; (v) none of the partners is a member of the company, and the members of the company are not all family members of the same partner and no other partner; or (d) the company has more than one member, each of whom is: (i) an individual who is a member of the GST group or proposed GST group; or (ii) a family member of that individual; or (e) a trust is a member of the GST group or proposed GST group, and distributions of income or capital of the trust are not made except to an entity that is: (i) the company; or (ii) any other company that is a member of the GST group or proposed GST group; or (iia) a member of, or a family member of a member of, any company referred to in subparagraph (i) or (ii) that is a company to which subsection (1A) applies; or (iii) an * endorsed charity or a * gift ‑ deductible entity. (1A) This subsection applies to a company if: (a) the company has only one member; or (b) the company has more than one member, and: (i) at least 2 of the members are beneficiaries of the trust in question (either directly, or indirectly through one or more interposed trusts); or (ii) one of the members is such a beneficiary, and at least one other such beneficiary is a * family member of a different member of the company; or (iii) none of the members is such a beneficiary, and those family members (of the members of the company) who are such beneficiaries are not all family members of the same member of the company and no other member. (2) A person is a family member of an individual if the individual’s family, within the meaning of section 272 ‑ 95 in Schedule 2F to the * ITAA 1936, includes that person. There are no family members of an entity that is not an individual.", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 156 of 2000 | No 95 of 2004 | No 169 of 2012 | No 67 of 2024", "History_Notes": "Inserted by No 156 of 2000, Sch 6 item 11 | Sch 6 item 36, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 169 of 2012, Sch 2 item 94, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3) | Amended by No 67 of 2024, Sch 5 item 40, effective sch 5 (item 40): 1 Oct 2024 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-40", "Provision_Key": "s48-40", "Heading": "Who is liable for GST", "Text": "(1) GST that is payable on any * taxable supply an entity makes and that is attributable to a tax period during which the entity is a * member of a * GST group: (a) is payable by the * representative member; and (b) is not payable by the entity that made it (unless the entity is the representative member). Note: However, each member may be jointly and severally liable to pay the GST that is payable by the representative member (see section 444 ‑ 90 in Schedule 1 to the Taxation Administration Act 1953 ). (1A) GST that is payable on any * taxable importation an entity makes while the entity is a * member of a * GST group: (a) is payable by the * representative member; and (b) is not payable by the member that made it (unless the member is the representative member). Note: However, each member may be jointly and severally liable to pay the GST that is payable by the representative member (see section 444 ‑ 90 in Schedule 1 to the Taxation Administration Act 1953 ). (2) However: (a) a supply that an entity makes to another * member of the same * GST group is treated as if it were not a * taxable supply, unless: (i) it is a taxable supply because of section 84 ‑ 5 (which is about offshore supplies); or (ii) the entity is a participant in a * GST joint venture and acquired the thing supplied from the * joint venture operator for the joint venture; and (b) this section only applies to GST payable on a * taxable importation made, by a member of the GST group other than the * representative member, if the GST on the importation is payable at a time when GST on * taxable supplies is normally payable by the representative member. (3) This section has effect despite sections 9 ‑ 40 and 13 ‑ 15 (which are about liability for GST).", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 73 of 2006 | No 74 of 2010 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 84 | Sch 3 item 17 | Sch 6 item 11, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 73 of 2006, Sch 5 item 2, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 74 of 2010, Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 48 | Sch 1 item 50, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-45", "Provision_Key": "s48-45", "Heading": "Who is entitled to input tax credits", "Text": "(1) If an entity makes a * creditable acquisition or * creditable importation the input tax credit for which is attributable to a tax period during which the entity is a * member of a * GST group: (a) the * representative member is entitled to the input tax credit on the acquisition or importation; and (b) the entity making the acquisition or importation is not entitled to the input tax credit on the acquisition or importation (unless the entity is the representative member). (2) In deciding, for the purposes of subsection (1), whether an acquisition or importation by an entity is a * creditable acquisition or * creditable importation, the acquisition or importation is treated as being solely or partly for a * creditable purpose if, and only if, it would be so treated if: (a) the GST group were treated as a single entity; and (b) the GST group were not treated as a number of entities corresponding to the members of the GST group. (3) However, an acquisition that an entity makes from another * member of the same * GST group is not a * creditable acquisition unless the supply of the thing acquired by the entity was a * taxable supply because of section 84 ‑ 5 (which is about offshore supplies). (4) This section has effect despite sections 11 ‑ 5 and 15 ‑ 5 (which are about what are creditable acquisitions and creditable importations), and sections 11 ‑ 20 and 15 ‑ 15 (which are about who is entitled to input tax credits).", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 156 of 2000 | No 74 of 2010 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 156 of 2000, Sch 6 item 13, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 74 of 2010, Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 48 | Sch 3 item 48, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 52 of 2016, Sch 1 item 16, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 21, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-50", "Provision_Key": "s48-50", "Heading": "Adjustments", "Text": "(1) Any * adjustment that an entity has and that is attributable to a tax period during which the entity is a * member of a * GST group is to be treated as if: (a) the entity did not have the adjustment (unless the entity is the * representative member); and (b) the representative member had the adjustment. (2) This section has effect despite section 17 ‑ 10 (which is about the effect of adjustments on net amounts).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Amended by No 74 of 2010, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 48, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-51", "Provision_Key": "s48-51", "Heading": "Consequences of being a member of a GST group for part of a tax period", "Text": "(1) If you are a * member of a * GST group only for one or more parts of a tax period: (a) section 48 ‑ 40 does not apply to the GST payable on a * taxable supply that you make, to the extent that the GST would be attributable to a period to which subsection (2) applies if it were a tax period applying to you; and (b) section 48 ‑ 40 does not apply to the GST payable on a * taxable importation that you make during a period to which subsection (2) applies; and (c) section 48 ‑ 45 does not apply to the input tax credit for a * creditable acquisition or * creditable importation that you make, to the extent that the input tax credit would be attributable to a period to which subsection (2) applies if it were a tax period applying to you; and (d) section 48 ‑ 50 does not apply to an * adjustment that you have that would be attributable to a period to which subsection (2) applies if it were a tax period applying to you. (2) This section applies to any period, during the tax period, during which you were not a * member of that * GST group or any other GST group.", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, Sch 1 item 15, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-51"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-52", "Provision_Key": "s48-52", "Heading": "Consequences for a representative member of membership change during a tax period", "Text": "(1) If an entity is a * member of a * GST group, of which you are the * representative member, only for one or more parts of a tax period: (a) section 48 ‑ 40 only applies to the GST payable on a * taxable supply that the entity makes, to the extent that the GST would be attributable to a period to which subsection (2) applies if it were a tax period applying to the entity; and (b) section 48 ‑ 40 only applies to the GST payable on a * taxable importation that the entity makes during a period to which subsection (2) applies; and (c) section 48 ‑ 45 only applies to the input tax credit for a * creditable acquisition or * creditable importation that the entity makes, to the extent that the input tax credit would be attributable to a period to which subsection (2) applies if it were a tax period applying to the entity; and (d) section 48 ‑ 50 only applies to an * adjustment that the entity has that would be attributable to a period to which subsection (2) applies if it were a tax period applying to the entity. (2) This section applies to any period, during the tax period, during which the entity was a * member of the * GST group of which you are the * representative member. (3) However, if you are the * representative member of the * GST group only for one or more parts of the tax period, this section has effect subject to section 48 ‑ 53. (4) If an entity is a * member of different * GST groups during the same tax period, subsections (1) and (2) apply separately in relation to each of those groups.", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-52"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-53", "Provision_Key": "s48-53", "Heading": "Consequences of changing a representative member during a tax period", "Text": "(1) If you are the * representative member of a * GST group only for one or more parts of a tax period, then, in relation to your capacity as the representative member: (a) section 48 ‑ 40 only applies to the GST payable on a * taxable supply that an entity makes, to the extent that the GST would be attributable to a period to which subsection (2) applies if it were a tax period applying to you; and (b) section 48 ‑ 40 only applies to the GST payable on a * taxable importation that an entity makes during a period to which subsection (2) applies; and (c) section 48 ‑ 45 only applies to the input tax credit for a * creditable acquisition or * creditable importation that an entity makes, to the extent that the input tax credit would be attributable to a period to which subsection (2) applies if it were a tax period applying to you; and (d) section 48 ‑ 50 only applies to an * adjustment that an entity has that would be attributable to a period to which subsection (2) applies if it were a tax period applying to you. (2) This section applies to any period, during the tax period, during which you were the * representative member of the * GST group.", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, Sch 1 item 48, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-53"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-55", "Provision_Key": "s48-55", "Heading": "GST groups treated as single entities for certain purposes", "Text": "(1) Despite sections 48 ‑ 45 and 48 ‑ 50, a * GST group is treated as a single entity, and not as a number of entities corresponding to the * members of the GST group, for the purposes of working out: (a) the amounts of any input tax credits to which the * representative member is entitled; and (b) whether the representative member has any * adjustments; and (c) the amounts of any such adjustments. (1A) If: (a) while you were not a * member of any * GST group, you acquired or imported a thing; and (b) you become a member of a GST group at a time when you still hold the thing; then, when the * representative member of the GST group applies section 129 ‑ 40 for the first time after you became a member of the GST group, the * intended or former application of the thing is the extent of * creditable purpose last used to work out: (c) the amount of the input tax credit to which you were entitled for the acquisition or importation; or (d) the amount of any * adjustment you had under Division 129 in relation to the thing; as the case requires. (2) This section has effect despite section 11 ‑ 25 (which is about the amount of input tax credits) and section 17 ‑ 10 (which is about the effect of adjustments on net amounts).", "Amendment_Count": 1, "First_Amended": "No 78 of 2005", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 78 of 2005", "History_Notes": "Amended by No 78 of 2005, Sch 6 item 3 | Sch 6 item 5, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-57", "Provision_Key": "s48-57", "Heading": "Tax invoices that are required to identify recipients", "Text": "(1) A document issued for a supply is taken to be a tax invoice if: (a) it would not, but for this section, be a tax invoice because it does not contain enough information to enable the identity, or the * ABN, of the * recipient of the supply to be clearly ascertained; and (b) there is no other reason why it would not be a tax invoice; and (c) the * representative member of a * GST group is entitled under section 48 ‑ 45 to an input tax credit for the * creditable acquisition relating to the supply; and (d) the document contains enough information to enable the identity of at least one of the following to be clearly ascertained: (i) the GST group; (ii) the representative member; (iii) another entity that is or was a * member of the GST group, if the representative member would still have been entitled under section 48 ‑ 45 to that input tax credit if that other entity had been the recipient of the supply. Note: Subparagraph (d)(iii) ensures that a member of the GST group identified in the document was a member of the group at the relevant time for the supply in question. (2) However, any obligation that the supplier of a * taxable supply has under subsection 29 ‑ 70(2) is an obligation to give to the * recipient of the supply a document that would be a * tax invoice for the supply even if subsection (1) of this section had not been enacted. Note: This subsection ensures that a recipient’s entitlement to a tax invoice, including (if subparagraph 29 ‑ 70(1)(c)(ii) requires it) an entitlement to a tax invoice that enables the recipient’s identity or the recipient’s ABN to be clearly ascertained, is unaffected by this section. (3) This section has effect despite section 29 ‑ 70 (which is about tax invoices).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, Sch 3 item 1, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-57"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-60", "Provision_Key": "s48-60", "Heading": "GST returns", "Text": "(1) If you are a * member of a * GST group during the whole of a tax period, you are not required to give to the Commissioner a * GST return for that tax period, unless you are the * representative member of the group during that period. Note: If you were not a member of a GST group during the whole of a tax period, you are still obliged to give a GST return for the tax period, and (because of section 48 ‑ 51) your net amount for the tax period will take into account your liabilities and entitlements relating to the one or more parts of the tax period during which you were not a member. (2) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Amended by No 74 of 2010, Sch 1 item 15, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-70", "Provision_Key": "s48-70", "Heading": "Changing the membership etc. of GST groups", "Text": "(1) The following actions may be taken, in accordance with subsection (2), in relation to a * GST group: (a) the * representative member of the group may, with the written agreement of an entity that * satisfies the membership requirements of the GST group, add the entity to the group; (b) the representative member may leave the group; or (c) another * member of the group, nominated by the members, who is an * Australian resident may become the new representative member; or (d) the representative member may remove from the group any other member of the group; or (e) if a member of the group is an * incapacitated entity—the entity’s * representative may remove the entity from the group; or (f) the representative member may dissolve the group. (2) The action is to be taken by notice given to the Commissioner, in the * approved form, by: (a) if paragraph (1)(a), (d) or (f) applies—the * representative member; or (b) if paragraph (1)(b) or (c) applies—the new representative member of the group; or (c) if paragraph (1)(e) applies—the * representative of the * incapacitated entity. (3) The action takes effect from the start of the day specified in the notice (whether that day is before, on or after the day on which the notice was given to the Commissioner). (4) However, if the notice was given to the Commissioner after the day by which the * representative member of the group, or the entity nominated to be the new representative member of the group, is required to give to the Commissioner a * GST return for the tax period in which the day specified in the notice occurs, the action takes effect from the start of: (a) the day specified in the notice, if that day is approved by the Commissioner under section 48 ‑ 71; and (b) if paragraph (a) does not apply—such other day as the Commissioner approves under that section. (5) Despite subsections (3) and (4), action taken under paragraph (1)(e) cannot take effect earlier than the day on which the * member of the group became an * incapacitated entity. (6) A * GST group is taken to be dissolved if: (a) a * member of the group ceases to be the * representative member of the group; and (b) no other member of the group becomes the representative member of the group, with effect from the day after the previous representative member ceased to be the representative member of the group. (7) A notice that another * member of the * GST group has become the * representative member of the group must be given to the Commissioner within 21 days after the other member became the representative member. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 156 of 2000 | No 73 of 2006 | No 118 of 2009 | No 74 of 2010", "History_Notes": "Amended by No 156 of 2000, Sch 6 item 14, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 93 | Sch 5 item 94, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 118 of 2009, Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 48, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Repealed and substituted by No 74 of 2010, Sch 1 item 48 | Sch 1 item 16 | Sch 1 item 43, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-71", "Provision_Key": "s48-71", "Heading": "Approval of early day of effect of forming, changing etc. GST groups", "Text": "(1) If an entity that gives a notice to the Commissioner under paragraph 48 ‑ 5(1)(c) or subsection 48 ‑ 70(2) applies, in the * approved form, to the Commissioner for approval of a day specified in the notice, the Commissioner must: (a) approve, for the purposes of subsection 48 ‑ 5(4) or 48 ‑ 70(4), the day specified in the notice; or (b) approve another day for those purposes. Note: Approving another day under paragraph (b) is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner may revoke an approval given under subsection (1) if the Commissioner is satisfied that the day approved is not appropriate. Note: Revoking an approval under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) The Commissioner must give notice, to the entity referred to in subsection (1), of any decision that he or she makes under this section.", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, Sch 1 item 48 | Sch 1 item 41 | Sch 1 item 43, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-71"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-73", "Provision_Key": "s48-73", "Heading": "Tax periods of GST groups with incapacitated members", "Text": "(1) If a * member of a * GST group becomes an * incapacitated entity, the * representative member of that group may, by notifying the Commissioner in the * approved form, elect for the tax period that applies at the time to the members of the group to end at the same time as the incapacitated entity’s tax period ends under subsection 27 ‑ 39(1). Note 1: Section 31 ‑ 10 provides for when a GST return must be given to the Commissioner for a tax period other than a quarterly tax period. Note 2: If the representative member does not make an election under this section when a member of the group becomes an incapacitated entity, the member’s membership of the group may cease if, because of section 27 ‑ 39, the tax periods applying to it are not the same as those applying to the other members of the group. (1A) If an entity ceases to be the * representative member of a * GST group as a result of becoming an * incapacitated entity, the entity may make an election under subsection (1), in relation to becoming an incapacitated entity, as if the entity were still the representative member of the group. (1B) A notice under subsection (1) must be given to the Commissioner within 21 days after the * member becomes an * incapacitated entity. (2) If a tax period (the first tax period ) ends on a particular day because of subsection (1), the next tax period starts on the day after that day and ends when the first tax period would have ended but for that subsection. (3) This section has effect despite Division 27 (which is about how to work out the tax periods that apply).", "Amendment_Count": 2, "First_Amended": "No 118 of 2009", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 118 of 2009 | No 74 of 2010", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 74 of 2010, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 48, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-73"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-75", "Provision_Key": "s48-75", "Heading": "Effect of representative member becoming an incapacitated entity", "Text": "(1) If: (a) the * representative member of a * GST group becomes an * incapacitated entity; and (b) the representative member does not cease to be a * member of the group; the representative member ceases to be the representative member of the group unless all the other * members of the group are incapacitated entities. (2) Subsection (1) does not apply for the purposes of the representative member making an election under subsection 48 ‑ 73(1) relating to the representative member. (3) The * representative member of a * GST group ceases to be the representative member of the group if: (a) all the * members of the group are * incapacitated entities; and (b) a member of the group who is not the representative member ceases to be an incapacitated entity.", "Amendment_Count": 3, "First_Amended": "No 73 of 2006", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 73 of 2006 | No 118 of 2009 | No 74 of 2010", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 95 | Sch 5 item 96, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 118 of 2009, Sch 1 item 23, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Repealed and substituted by No 74 of 2010, Sch 1 item 43, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-110", "Provision_Key": "s48-110", "Heading": "Adjustments after you cease to be a member of a GST group", "Text": "(1) If you cease to be a member of a GST group (the first GST group ), any * adjustment that arises afterwards in relation to a supply, acquisition or importation that you made while a * member of the first GST group (other than a supply to, or an acquisition from, another member of that group): (a) is an adjustment that you have; and (b) is not an adjustment of the entity that is or was the * representative member of the first GST group (unless you were that representative member). (2) In relation to the first GST group, this section has effect despite section 48 ‑ 50 (which is about who has adjustments for a GST group).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 177 of 1999 | No 12 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 12 of 2012, Sch 6 item 97, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-110"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 48-115", "Provision_Key": "s48-115", "Heading": "Changes in extent of creditable purpose after you cease to be a member of a GST group", "Text": "(1) If: (a) either: (i) while you were a * member of a * GST group (the first GST group ), you acquired a thing (other than from another member of that group) or imported a thing; or (ii) you acquired or imported a thing while you were not a member of any GST group, and you subsequently became a member of a GST group (the first GST group ) while you still held the thing; and (b) you cease to be a member of the first GST group; then, when applying section 129 ‑ 40 for the first time after that cessation, the * intended or former application of the thing is the extent of * creditable purpose last used to work out: (c) the amount of the input tax credit to which you or the * representative member was entitled for the acquisition or importation; or (d) the amount of any * adjustment you or the representative member had under Division 129 in relation to the thing. (2) If: (a) while you were a * member of a * GST group (the first GST group ), you acquired a thing (other than from another member of that group) or imported a thing; and (b) you have ceased to be a member of the first GST group; and (c) you have an * adjustment under Division 129 in relation to the thing, or the * representative member of another GST group of which you are a * member has that adjustment; then, for the purposes of working out the full input tax credit in section 129 ‑ 70 or 129 ‑ 75, you are taken not to have been a member of a GST group when you acquired or imported the thing.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 177 of 1999 | No 78 of 2005 | No 12 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 78 of 2005, Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 6 | Sch 6 item 7, effective 29 June 2005 | Amended by No 12 of 2012, Sch 6 item 98 | Sch 6 item 99, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s48-115"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-1", "Provision_Key": "s49-1", "Heading": "What this Division is about", "Text": "Some registered charitable bodies can be approved as a GST religious group. Transactions between members of the group are then excluded from the GST.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-5", "Provision_Key": "s49-5", "Heading": "Approval of GST religious groups", "Text": "The Commissioner must approve 2 or more entities as a * GST religious group if: (a) the entities jointly apply, in the * approved form, for approval as a GST religious group; and (b) each of the entities * satisfies the membership requirements for that GST religious group; and (c) the application nominates one of the entities to be the * principal member for the group; and (d) the entity so nominated is an * Australian resident. A group of entities that is so approved is a GST religious group . Note: Refusing an application for approval under this section is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 92 of 2000 | No 73 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 8B | Sch 1 item 8C | Sch 1 item 8D | Sch 1 item 10A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 98, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-10", "Provision_Key": "s49-10", "Heading": "Membership requirements of a GST religious group", "Text": "An entity satisfies the membership requirements of a * GST religious group, or a proposed GST religious group, if: (a) the entity is * registered; and (b) the entity is endorsed as exempt from income tax under Subdivision 50 ‑ B of the * ITAA 1997; and (c) all the other members of the GST religious group or proposed GST religious group are so endorsed; and (d) the entity and all those other members are part of the same religious organisation; and (e) the entity is not a member of any other GST religious group.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 8E, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-30", "Provision_Key": "s49-30", "Heading": "Supplies between members of GST religious groups", "Text": "(1) A supply that a * member of a * GST religious group makes to another member of the same GST religious group is treated as if it were not a * taxable supply. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-35", "Provision_Key": "s49-35", "Heading": "Acquisitions between members of GST religious groups", "Text": "(1) An acquisition that a * member of a * GST religious group makes from another member of the same GST religious group is treated as if it were not a * creditable acquisition. (2) This section has effect despite section 11 ‑ 5 (which is about what are creditable acquisitions).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-40", "Provision_Key": "s49-40", "Heading": "Adjustment events", "Text": "(1) An * adjustment event cannot arise in relation to: (a) a supply that a * member of a * GST religious group makes to another member of the same GST religious group; or (b) an acquisition that a member of a GST religious group makes from another member of the same GST religious group. (2) This section has effect despite section 19 ‑ 10 (which is about what are adjustment events).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-45", "Provision_Key": "s49-45", "Heading": "Changes in the extent of creditable purpose", "Text": "(1) An * adjustment cannot arise under Division 129 in relation to an acquisition that a * member of a * GST religious group makes from another member of the same GST religious group. (2) This section has effect despite section 129 ‑ 5 (which is about when adjustments can arise under Division 129).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-50", "Provision_Key": "s49-50", "Heading": "GST religious groups treated as single entities for certain purposes", "Text": "(1) Despite sections 49 ‑ 35, 49 ‑ 40 and 49 ‑ 45, a * GST religious group is treated as a single entity, and not as a number of entities corresponding to the * members of the GST religious group, for the purposes of working out: (a) whether acquisitions or importations by a member are for a * creditable purpose; and (b) the amounts of any input tax credits to which the member is entitled; and (c) whether the member has any * adjustments; and (d) the amounts of any such adjustments. (2) This section has effect despite section 11 ‑ 25 (which is about the amount of input tax credits) and section 17 ‑ 10 (which is about the effect of adjustments on net amounts).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-70", "Provision_Key": "s49-70", "Heading": "Changing the membership etc. of GST religious groups", "Text": "Changes made on application (1) The Commissioner must, if the * principal member of a * GST religious group applies to the Commissioner in the * approved form, do one or more of these (as requested in the application): (a) approve, as an additional * member of the GST religious group, another entity that * satisfies the membership requirements for the GST religious group; (b) revoke the approval of one of the members of the GST religious group as a member of the group; (c) approve another member of the GST religious group to replace the applicant as the principal member of the group. Note: Refusing an application for approval or revocation under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). Changes made without application (2) The Commissioner must revoke the approval of one of the * members of a * GST religious group if satisfied that the member does not * satisfy the membership requirements for the GST religious group. Note: Revoking under this subsection an approval under this Division is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 92 of 2000 | No 73 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 49 | Sch 1 item 8C | Sch 1 item 8D | Sch 1 item 10A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 99 | Sch 5 item 100, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-75", "Provision_Key": "s49-75", "Heading": "Revoking the approval of GST religious groups", "Text": "Revoking on application (1) The Commissioner must, if the principal member of a * GST religious group applies to the Commissioner in the * approved form, revoke the approval of the group as a GST religious group. Note: Refusing an application for revocation under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). Revoking without application (2) The Commissioner must revoke the approval of the * GST religious group if satisfied that none of its members, or only one of its members, * satisfies the membership requirements for that GST religious group. Note: Revoking under this subsection the approval of a GST group is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 92 of 2000 | No 73 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 49 | Sch 1 item 10A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 101 | Sch 5 item 102, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-80", "Provision_Key": "s49-80", "Heading": "Notification by principal members", "Text": "The principal member of a * GST religious group must notify the Commissioner of any circumstances under which the Commissioner must: (a) revoke the approval of one of the * members of the group under subsection 49 ‑ 70(2); or (b) revoke the approval of the group under subsection 49 ‑ 75(2). The notification may (in appropriate cases) be in the form of an application under subsection 49 ‑ 70(1) or 49 ‑ 75(1). The notification, or application, must be given to the Commissioner within 21 days after the circumstances occurred.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-85", "Provision_Key": "s49-85", "Heading": "Date of effect of approvals and revocations", "Text": "(1) The Commissioner must decide the date of effect of any approval, or any revocation of an approval, under this Division. (2) The date of effect may be the day of the decision, or a day before or after that day. However, it must be a day on which, for all the * members of the * GST religious group in question, a tax period begins. Note: Deciding under this section the date of effect of any approval, or any revocation of an approval, under this Division is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 92 of 2000 | No 73 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 10A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 103, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 49-90", "Provision_Key": "s49-90", "Heading": "Notification by the Commissioner", "Text": "The Commissioner must give notice of any decision that he or she makes under this Division: (a) if the decision relates to the approval of 2 or more entities as a * GST religious group—to the entity nominated in the application for approval to be the * principal member of the group; or (b) otherwise—to the principal member of the * GST religious group to which the decision relates.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s49-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 50-1", "Provision_Key": "s50-1", "Heading": "What this Division is about", "Text": "Activities of a religious practitioner done in pursuit of his or her vocation as a religious practitioner and as a member of a religious institution will be treated as activities done by the religious institution, unless the religious practitioner is acting as an employee or agent. Table of sections 50 ‑ 5 GST treatment of religious practitioners", "Amendment_Count": 1, "First_Amended": "No 168 of 2001", "Last_Amended": "No 168 of 2001", "Amending_Acts": "No 168 of 2001", "History_Notes": "Inserted by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s50-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 50-5", "Provision_Key": "s50-5", "Heading": "GST treatment of religious practitioners", "Text": "If a * religious practitioner: (a) does an activity, or a series of activities: (i) in pursuit of his or her vocation as a religious practitioner; and (ii) as a member of a religious institution; and (b) does not do the activity, or series of activities, as an employee or agent of the religious institution or another entity; the * GST law applies as if the activity, or series of activities, had been done by the religious institution and not by the religious practitioner. Note: This will mean that such an activity will be an enterprise of the religious institution under subsection 9 ‑ 20(1) and not an enterprise of the religious practitioner.", "Amendment_Count": 1, "First_Amended": "No 168 of 2001", "Last_Amended": "No 168 of 2001", "Amending_Acts": "No 168 of 2001", "History_Notes": "Inserted by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s50-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-1", "Provision_Key": "s51-1", "Heading": "What this Division is about", "Text": "Entities engaged in a joint venture can form a GST joint venture. The joint venture operator then deals with the GST liabilities and entitlements arising from the joint venture operator’s dealings on behalf of the participants in the joint venture. Note: Provisions for participants in GST joint ventures apply for the wine equalisation tax (see Subdivision 21 ‑ C of the Wine Tax Act) and the luxury car tax (see Subdivision 16 ‑ B of the A New Tax System (Luxury Car Tax) Act 1999 ).", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 74 of 2010 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 85, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 59, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 7 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 74 of 2010, Sch 1 item 21, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 39 of 2012, Sch 4 item 3, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-5", "Provision_Key": "s51-5", "Heading": "Formation of GST joint ventures", "Text": "(1) Two or more entities may become the * participants in a * GST joint venture if: (a) the joint venture is a joint venture for the exploration or exploitation of * mineral deposits, or for a purpose specified in the regulations; and (b) the joint venture is not a * partnership; and (d) each of those entities * satisfies the participation requirements for that GST joint venture; and (e) each of those entities agrees in writing to the * formation of the joint venture as a GST joint venture; and (ea) one of those entities, or another entity, is nominated, in that agreement, to be the * joint venture operator of the joint venture; and (eb) the nominated joint venture operator notifies the Commissioner, in the * approved form, of the formation of the joint venture as a GST joint venture; and (f) if the nominated joint venture operator is not a party to the joint venture agreement—the nominated joint venture operator satisfies the requirements of paragraphs 51 ‑ 10(c) and (f). Such a joint venture is a GST joint venture . (2) Not all of the entities that are engaged in, or intend to engage in, the joint venture need to become * participants in the * GST joint venture. (3) The * formation of the * GST joint venture takes effect from the start of the day specified in the notice under paragraph (1)(eb) (whether that day is before, on or after the day on which the entities decided to form the joint venture). (4) However, if the notice was given to the Commissioner after the day by which the entity nominated to be the * joint venture operator of the * GST joint venture is required to give to the Commissioner a * GST return for the tax period in which the day specified in the notice occurs, the * formation of the GST joint venture takes effect from the start of: (a) the day specified in the notice, if that day is approved by the Commissioner under section 51 ‑ 75; and (b) if paragraph (a) does not apply—such other day as the Commissioner approves under that section.", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 73 of 2006 | No 74 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 60 | Sch 6 item 61 | Sch 6 item 139, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 104, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 74 of 2010, Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 51 | Sch 1 item 37 | Sch 1 item 44, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-7", "Provision_Key": "s51-7", "Heading": "Participants in GST joint ventures", "Text": "(1) A participant in a * GST joint venture is an entity that: (a) became a participant in the joint venture under section 51 ‑ 5 or was added to the joint venture under section 51 ‑ 70; and (b) * satisfies the participation requirements for the joint venture. (2) However, the entity is not a participant in the * GST joint venture if the entity has, since the last time the entity became such a participant: (a) left, or been removed from, the joint venture under section 51 ‑ 70; or (b) ceased to * satisfy the participation requirements for the joint venture. (3) The * joint venture operator of a * GST joint venture must notify the Commissioner, in the * approved form, if a * participant in the joint venture no longer * satisfies the participation requirements for the GST joint venture. (4) The notice must be given within 21 days after the * participant no longer * satisfies the participation requirements for the * GST joint venture. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, Sch 1 item 36 | Sch 1 item 39, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-7"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-10", "Provision_Key": "s51-10", "Heading": "Participation requirements of a GST joint venture", "Text": "An entity satisfies the participation requirements for a * GST joint venture, or a proposed GST joint venture, if the entity: (a) participates in, or intends to participate in, the joint venture; and (b) is a party to a joint venture agreement with all the other entities participating in, or intending to participate in, the joint venture; and (c) is * registered; and (f) accounts on the same basis as all those other participants.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 176 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 87 | Sch 1 item 88, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 7 item 8 | Sch 7 item 9, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-30", "Provision_Key": "s51-30", "Heading": "Who is liable for GST", "Text": "(1) GST payable on any * taxable supply or * taxable importation that the * joint venture operator of a * GST joint venture makes, on behalf of another entity that is a * participant in the joint venture, in the course of activities for which the joint venture was entered into: (a) is payable by the joint venture operator; and (b) is not payable by the participant. Note: However, each participant may be jointly and severally liable to pay the GST that is payable by the joint venture operator (see section 444 ‑ 80 in Schedule 1 to the Taxation Administration Act 1953 ). (2) However, a supply that the * joint venture operator of a * GST joint venture makes is treated as if it were not a * taxable supply if: (a) it is made to another entity that is a * participant in the joint venture; and (b) the participant acquired the thing supplied for consumption, use or supply in the course of activities for which the joint venture was entered into. (3) This section has effect despite sections 9 ‑ 40 and 13 ‑ 15 (which are about liability for GST).", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 73 of 2006 | No 74 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 51, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 3, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 74 of 2010, Sch 1 item 51, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-35", "Provision_Key": "s51-35", "Heading": "Who is entitled to input tax credits", "Text": "(1) If the * joint venture operator of a * GST joint venture makes a * creditable acquisition or * creditable importation, on behalf of another entity that is a * participant in the joint venture, in the course of activities for which the joint venture was entered into: (a) the * joint venture operator is entitled to the input tax credit for the acquisition or importation; and (b) the participant is not entitled to the input tax credit on the acquisition or importation. (2) This section has effect despite sections 11 ‑ 20 and 15 ‑ 15 (which are about who is entitled to input tax credits).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 64 | Sch 6 item 65 | Sch 6 item 51, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-40", "Provision_Key": "s51-40", "Heading": "Adjustments", "Text": "(1) Any * adjustment relating to any supply, acquisition or importation that the * joint venture operator of a * GST joint venture makes, on behalf of another entity that is a * participant in the joint venture, in the course of activities for which the joint venture was entered into is to be treated as if: (a) the participant did not have the adjustment; and (b) the entity that is the joint venture operator at the time the adjustment arises had the adjustment. (2) This section has effect despite section 17 ‑ 10 (which is about the effect of adjustments on net amounts).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 66 | Sch 6 item 67 | Sch 6 item 68 | Sch 6 item 51, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-45", "Provision_Key": "s51-45", "Heading": "Additional net amounts relating to GST joint ventures", "Text": "(1) Division 17 applies to the * joint venture operator of a * GST joint venture as if the joint venture operator had an additional * net amount, relating to the joint venture, for each tax period. (2) The additional * net amount relating to the joint venture is worked out as if the joint venture operator: (a) is only liable for the GST on * taxable supplies that the joint venture operator makes, on behalf of another entity that is a * participant in the joint venture, in the course of activities for which the joint venture was entered into; and (b) is only entitled to the input tax credits for * creditable acquisitions or * creditable importations that the joint venture operator makes on behalf of another entity that is a participant in the joint venture, in the course of activities for which the joint venture was entered into; and (c) only has adjustments relating to supplies, acquisitions or importations that the joint venture operator makes, on behalf of another entity that is a participant in the joint venture, in the course of activities for which the joint venture was entered into. (2A) However, while an election made by the * joint venture operator under section 51 ‑ 52 has effect: (a) Division 17 applies to the joint venture operator as if the joint venture operator had an additional * net amount, relating to all the * GST joint ventures for which the joint venture operator is the joint venture operator, for each tax period; and (b) that additional net amount is worked out by aggregating what would be the additional * net amounts relating to each GST joint venture under subsection (2) if that subsection applied. (3) This section has effect despite sections 17 ‑ 5 and 17 ‑ 10 (which are about net amounts and adjustments).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 69, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 7 item 12, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-50", "Provision_Key": "s51-50", "Heading": "GST returns relating to GST joint ventures", "Text": "(1) The * joint venture operator of a * GST joint venture must, in relation to each * GST joint venture of the joint venture operator, give to the Commissioner a * GST return for each tax period applying to the joint venture operator. (2) However, while an election made by the * joint venture operator under section 51 ‑ 52 has effect, the joint venture operator must, in relation to all the * GST joint ventures for which the joint venture operator is the joint venture operator, give to the Commissioner a single * GST return for each tax period applying to the joint venture operator. (3) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 92 of 2000 | No 73 of 2001", "History_Notes": "Amended by No 92 of 2000, Sch 7 item 13 | Sch 7 item 14, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-52", "Provision_Key": "s51-52", "Heading": "Consolidation of GST returns relating to GST joint ventures", "Text": "Electing to consolidate GST returns (1) The * joint venture operator of 2 or more * GST joint ventures may, by notifying the Commissioner in the * approved form, elect to give to the Commissioner consolidated * GST returns relating to all the GST joint ventures of the joint venture operator. (2) The election takes effect on the day specified in the notice. However, the day specified must be the first day of a tax period applying to the * joint venture operator that has not already ceased when the notice is given. Withdrawal of elections (3) The * joint venture operator may, by notifying the Commissioner in the * approved form, withdraw the election. (4) The withdrawal takes effect on the day specified in the notice. However, the day specified: (a) must be the first day of a tax period applying to the * joint venture operator that has not already ceased when the notice is given; and (b) must not be a day occurring earlier than 12 months after the election took effect. Disallowance of elections (5) The Commissioner may disallow the election if the Commissioner is satisfied that the * joint venture operator has a history of failing to comply with the joint venture operator’s obligations (either as a joint venture operator or in any other capacity) under a * taxation law. Note: Disallowing an election is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (6) The disallowance is taken to have had effect from the start of the tax period in which the disallowance occurs.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 92 of 2000 | No 73 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 7 item 12 | Sch 7 item 13 | Sch 7 item 33, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 105, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-52"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-55", "Provision_Key": "s51-55", "Heading": "Payments of GST relating to GST joint ventures", "Text": "(1) If the * assessed net amount relating to one or more * GST joint ventures for a tax period is greater than zero: (a) the * joint venture operator of that GST joint venture or those GST joint ventures must pay that assessed net amount to the Commissioner; and (b) Division 33 applies to payment of that amount as if it were a payment the joint venture operator was obliged to make under section 33 ‑ 3 or 33 ‑ 5 (as the case requires). (2) This section has effect despite Division 33 (which is about payments of GST).", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 92 of 2000 | No 73 of 2001 | No 39 of 2012", "History_Notes": "Amended by No 92 of 2000, Sch 7 item 15 | Sch 7 item 16, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2001, Sch 5 item 12, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 70 | Sch 1 item 71, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-60", "Provision_Key": "s51-60", "Heading": "Refunds relating to GST joint ventures", "Text": "If the * assessed net amount relating to one or more * GST joint ventures for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that assessed net amount (expressed as a positive amount) to the * joint venture operator of that GST joint venture or those GST joint ventures. Note 1: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the operator. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the operator owes to the Commonwealth. Note 2: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 179 of 1999 | No 92 of 2000 | No 73 of 2006 | No 39 of 2012 | No 34 of 2014", "History_Notes": "Repealed and substituted by No 179 of 1999, Sch 18 item 4, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 92 of 2000, Sch 7 item 17 | Sch 7 item 18, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 106, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 72 | Sch 1 item 73, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 34 of 2014, Sch 2 item 8, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-70", "Provision_Key": "s51-70", "Heading": "Changing the participants etc. of GST joint ventures", "Text": "(1) The following actions may be taken in relation to a * GST joint venture: (a) the * joint venture operator of the joint venture may, with the written agreement of an entity that * satisfies the participation requirements of the GST joint venture, add the entity to the joint venture; (b) the joint venture operator may: (i) if the joint venture operator is a * participant in the joint venture—leave the joint venture; or (ii) remove from the joint venture a participant in the joint venture; (c) another entity, nominated by the participants in the joint venture, that satisfies the requirements of paragraphs 51 ‑ 10(c) and (f) may become the joint venture operator; (d) the joint venture operator may dissolve the joint venture; by notice given to the Commissioner, in the * approved form, by the joint venture operator, or (if subparagraph (b)(i) or paragraph (c) applies) by the new joint venture operator of the joint venture. (2) The action takes effect from the start of the day specified in the notice (whether that day is before, on or after the day on which the notice was given to the Commissioner). (3) However, if the notice was given to the Commissioner after the day by which the * joint venture operator of the joint venture, or the entity nominated to be the new joint venture operator of the joint venture, is required to give to the Commissioner a * GST return for the tax period in which the day specified in the notice occurs, the action takes effect from the start of: (a) the day specified in the notice, if that day is approved by the Commissioner under section 51 ‑ 75; and (b) if paragraph (a) does not apply—such other day as the Commissioner approves under that section. (4) A * GST joint venture is taken to be dissolved if: (a) an entity ceases to be the * joint venture operator of the joint venture, and no other entity becomes the joint venture operator of the joint venture with effect from the day after the previous joint venture operator ceased to be the joint venture operator; or (b) there are no longer 2 or more * participants in the joint venture. (5) A notice that another entity has become the * joint venture operator of the * GST joint venture must be given to the Commissioner within 21 days after the other entity became the joint venture operator. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 73 of 2006 | No 74 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 71 | Sch 6 item 72, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 107 | Sch 5 item 108, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Repealed and substituted by No 74 of 2010, Sch 1 item 51 | Sch 1 item 44, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-75", "Provision_Key": "s51-75", "Heading": "Approval of early day of effect of forming, changing etc. GST joint ventures", "Text": "(1) If an entity that gives a notice to the Commissioner under paragraph 51 ‑ 5(1)(eb) or subsection 51 ‑ 70(1) applies, in the * approved form, to the Commissioner for approval of a day specified in the notice, the Commissioner must: (a) approve, for the purposes of subsection 51 ‑ 5(4) or 51 ‑ 70(3), the day specified in the notice; or (b) approve another day for those purposes. Note: Approving another day under paragraph (b) is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner may revoke an approval given under subsection (1) if the Commissioner is satisfied that the day approved is not appropriate. Note: Revoking an approval under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) The Commissioner must give notice, to the entity referred to in subsection (1), of any decision that he or she makes under this section.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 73 of 2006 | No 74 of 2010", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 109, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Repealed and substituted by No 74 of 2010, Sch 1 item 28 | Sch 1 item 51 | Sch 1 item 42 | Sch 1 item 44, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-110", "Provision_Key": "s51-110", "Heading": "Adjustments after you cease to be a participant in a GST joint venture", "Text": "(1) If you cease to be a participant in a GST joint venture, any * adjustment that arises afterwards in relation to a supply, acquisition or importation that the * joint venture operator made on your behalf in the course of activities for which the joint venture was entered into (other than a supply covered by subsection 51 ‑ 30(2)): (a) is an adjustment that you have; and (b) is not an adjustment of the entity that is or was the joint venture operator. (2) This section has effect despite section 51 ‑ 40 (which is about who has adjustments for a GST joint venture).", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 12 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 12 of 2012, Sch 6 item 100, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-110"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 51-115", "Provision_Key": "s51-115", "Heading": "Changes in extent of creditable purpose after you cease to be a member of a GST joint venture", "Text": "(1) If: (a) while you were a * participant in a * GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and (b) you cease to be a participant in the GST joint venture; then, when applying section 129 ‑ 40 for the first time after that cessation, the * intended or former application of the thing is the extent of * creditable purpose last used to work out: (c) under section 51 ‑ 35, the amount of the input tax credit to which the * joint venture operator was entitled for the acquisition or importation; or (d) under section 51 ‑ 40, the amount of any * adjustment the joint venture operator had under Division 129 in relation to the acquisition or importation. (2) If: (a) while you were a * participant in a * GST joint venture, you acquired or imported a thing by the joint venture operator acquiring or importing it on your behalf; and (b) you have ceased to be a participant in the GST joint venture; and (c) you have an * adjustment under Division 129 in relation to the acquisition or importation; then, for the purposes of working out the full input tax credit in section 129 ‑ 70 or 129 ‑ 75, you are taken not to have been a participant of a GST joint venture when you acquired or imported the thing.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 177 of 1999 | No 12 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 12 of 2012, Sch 6 item 101 | Sch 6 item 102, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s51-115"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-1", "Provision_Key": "s54-1", "Heading": "What this Division is about", "Text": "A branch of a registered entity can be separately registered as a GST branch. Separate GST returns are given, and separate payments and refunds of GST are made, in respect of the branch.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-5", "Provision_Key": "s54-5", "Heading": "Registration of GST branches", "Text": "(1) The Commissioner must * register a branch of a * registered entity if: (a) the registered entity applies, in the * approved form, for registration of the branch; and (b) the Commissioner is satisfied that the branch maintains an independent system of accounting, and can be separately identified by reference to: (i) the nature of the activities carried on through the branch; or (ii) the location of the branch; and (c) the Commissioner is satisfied that the registered entity is * carrying on an * enterprise through the branch, or intends to carry on an enterprise through the branch, from a particular date specified in the application. A branch that is so registered is a GST branch . (2) A branch of a * registered entity can be registered as a * GST branch without all or any of the other branches of the entity being so registered. (3) However, a branch of a * registered entity cannot be registered as a * GST branch if the registered entity is a * member of a * GST group. Note: Refusing an application for registration under this section is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 112, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-10", "Provision_Key": "s54-10", "Heading": "The date of effect of registration of a GST branch", "Text": "The Commissioner must decide the date from which * registration as a * GST branch takes effect. However, the date of effect must not be a day before: (a) the day specified in the application for that purpose; or (b) if the branch is being registered only because it is intended that an * enterprise be * carried on through the branch—the date of effect must not be a day before the day specified, in the application, as the day from which it is intended to carry on the enterprise through the branch. Note: Deciding the date of effect of registration as a GST branch is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 113, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-15", "Provision_Key": "s54-15", "Heading": "GST branch registration number", "Text": "If the Commissioner * registers a * GST branch, the Commissioner must notify the registered entity of the branch’s * GST branch registration number.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Amended by No 156 of 2000, Sch 7 item 1 | Sch 7 item 2, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-40", "Provision_Key": "s54-40", "Heading": "Additional net amounts relating to GST branches", "Text": "(1) If an entity (the parent entity ) has a * GST branch, Division 17 applies to the parent entity as if it had an additional * net amount, relating to the branch, for each tax period. (2) The additional * net amount relating to the branch is worked out as if the branch were a separate entity and as if: (a) all the supplies, acquisitions and importations made through the branch were made by that separate entity; and (b) all the * adjustments that the parent entity has arising from such supplies, acquisitions and importations were adjustments that the branch has; and (c) all transfers of anything by the branch to the parent entity (including any other branch of the parent entity), that would have been supplies made by the branch if it were an entity, were supplies made by the separate entity; and (d) all transfers of anything by the parent entity (including any other branch of the parent entity) to the branch, that would have been acquisitions made by the branch if it were an entity, were acquisitions made by the separate entity; and (e) all adjustments that the branch would have had, if it were an entity, relating to the supplies and acquisitions it would have made as mentioned in paragraphs (c) and (d), were adjustments that the branch had. (3) This section has effect despite sections 17 ‑ 5 and 17 ‑ 10 (which are about net amounts and adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-45", "Provision_Key": "s54-45", "Heading": "Net amounts of parent entities", "Text": "(1) If an entity (the parent entity ) has a * GST branch, the parent entity’s * net amount is worked out as if: (a) all the supplies, acquisitions and importations made through any GST branch of the parent entity were not supplies for which the parent entity is liable for GST, or acquisitions or importations for which the parent entity is entitled to input tax credits; and (b) the parent entity does not have any * adjustments arising from such supplies, acquisitions and importations; and (c) all transfers of anything by the parent entity to any GST branch of the parent entity, that would have been supplies made to the branch if it were an entity, were supplies made by the parent entity; and (d) all transfers of anything by any GST branch of the parent entity to the parent entity, that would have been acquisitions made from the branch if it were an entity, were acquisitions made by the parent entity; and (e) all adjustments that the parent entity would have had, if the GST branches of the parent entity were entities, relating to the supplies and acquisitions the parent entity would have made as mentioned in paragraphs (c) and (d), were adjustments that the parent entity had. (2) However, the parent entity has no * net amount under this section if all the * enterprises that it * carries on are carried on through its * GST branches. (3) This section has effect despite sections 17 ‑ 5 and 17 ‑ 10 (which are about net amounts and adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-50", "Provision_Key": "s54-50", "Heading": "Tax invoices and adjustment notes", "Text": "(1) The * GST branch registration number of a * GST branch must be set out in: (a) any * tax invoice relating to a * taxable supply made through that GST branch; and (b) any * adjustment note for a * decreasing adjustment that arose from the occurrence of an * adjustment event relating to a * taxable supply made through that GST branch; and (c) any * third party adjustment note for a decreasing adjustment under section 134 ‑ 5 that relates to a taxable supply made through that GST branch. (2) This section has effect despite sections 29 ‑ 70 and 29 ‑ 75 (which are about tax invoices and adjustment notes), and section 134 ‑ 20 (which is about third party adjustment notes).", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Amended by No 21 of 2010, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 23, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-55", "Provision_Key": "s54-55", "Heading": "GST returns relating to GST branches", "Text": "(1) An entity must, in relation to each * GST branch of the entity, give to the Commissioner a * GST return for each tax period applying to the entity. (3) The entity must still give a * GST return under section 31 ‑ 5, unless all the * enterprises that it * carries on are carried on through its * GST branches. (4) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 13 | Sch 5 item 14, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-60", "Provision_Key": "s54-60", "Heading": "Payments of GST relating to GST branches", "Text": "(1) If an entity has a * GST branch and the * assessed net amount relating to the * GST branch for a tax period is greater than zero: (a) the entity must pay that assessed net amount to the Commissioner; and (b) Division 33 applies to payment of that amount as if it were a payment the entity was obliged to make under section 33 ‑ 3 or 33 ‑ 5 (as the case requires). (2) This section has effect despite Division 33 (which is about payments of GST).", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 15, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 74 | Sch 1 item 75, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-65", "Provision_Key": "s54-65", "Heading": "Refunds relating to GST branches", "Text": "If an entity has a * GST branch and the * assessed net amount relating to the * GST branch for a tax period is less than zero, the Commissioner must, on behalf of the Commonwealth, pay that assessed net amount (expressed as a positive amount) to the entity. Note 1: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the entity. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the entity owes to the Commonwealth. Note 2: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in refunding the amount.", "Amendment_Count": 4, "First_Amended": "No 179 of 1999", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 39 of 2012 | No 34 of 2014", "History_Notes": "Repealed and substituted by No 179 of 1999, Sch 18 item 5, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 73 of 2006, Sch 5 item 114, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 76 | Sch 1 item 77, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 34 of 2014, Sch 2 item 9, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-70", "Provision_Key": "s54-70", "Heading": "When an entity must apply for cancellation of registration of a GST branch", "Text": "(1) If an entity has a * GST branch and the entity is not * carrying on any * enterprise through the branch, the entity must apply to the Commissioner in the * approved form for cancellation of the * registration of the branch. (2) The entity must lodge its application within 21 days after the day on which it ceased to * carry on any * enterprise through the branch.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-75", "Provision_Key": "s54-75", "Heading": "When the Commissioner must cancel registration of a GST branch", "Text": "(1) The Commissioner must cancel the * registration of a * GST branch of an entity if: (a) the entity has applied for cancellation of registration in the * approved form; and (b) at the time it applied, the branch had been registered for at least 12 months. Note: Refusing to cancel the registration of a GST branch under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must cancel the * registration of a * GST branch of the entity (even if the entity has not applied for cancellation of the registration) if: (a) the Commissioner is satisfied that the entity is not * carrying on an * enterprise through the branch; and (b) the Commissioner believes on reasonable grounds that the entity is unlikely to carry on an enterprise through the branch for at least 12 months. Note: Cancelling the registration of a GST branch under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) The Commissioner must notify the entity of any decision he or she makes in relation to it under this section. If the Commissioner decides to cancel the * registration, the notice must specify the date of effect of the cancellation.", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 156 of 2000 | No 73 of 2006", "History_Notes": "Amended by No 156 of 2000, Sch 7 item 3, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 115 | Sch 5 item 116, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-80", "Provision_Key": "s54-80", "Heading": "The date of effect of cancellation of registration of a GST branch", "Text": "The Commissioner must decide the date on which the cancellation of the * registration of a * GST branch of an entity under subsection 54 ‑ 75(1) or (2) takes effect. That date may be any day occurring before, on or after the day on which the Commissioner makes the decision. Note: Deciding the date of effect of the cancellation of the registration of a GST branch is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 117, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-85", "Provision_Key": "s54-85", "Heading": "Application of Subdivision 25 ‑ B", "Text": "Subdivision 25 ‑ B does not apply to the cancellation of the * registration of a * GST branch.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 54-90", "Provision_Key": "s54-90", "Heading": "Effect on GST branches of cancelling the entity’s registration", "Text": "If an entity’s * registration is cancelled, the registration of any * GST branches of the entity ceases to have effect from the day the cancellation takes effect.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s54-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-1", "Provision_Key": "s57-1", "Heading": "What this Division is about", "Text": "This Division effectively makes resident agents acting for non ‑ residents responsible for the GST consequences of what the non ‑ residents do through their resident agents.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-5", "Provision_Key": "s57-5", "Heading": "Who is liable for GST", "Text": "(1) GST payable on a * taxable supply or * taxable importation made by a * non ‑ resident through a * resident agent: (a) is payable by the agent; and (b) is not payable by the non ‑ resident. (2) This section has effect despite sections 9 ‑ 40 and 13 ‑ 15 (which are about liability for GST). (3) However, this section does not apply to a * taxable supply if: (a) apart from this section, the * non ‑ resident would not be liable to pay GST on the supply; or (b) the non ‑ resident makes the supply through an * enterprise that the non ‑ resident * carries on in the indirect tax zone.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Amended by No 52 of 2016, Sch 2 item 5 | Sch 2 item 5A | Sch 2 item 57, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-7", "Provision_Key": "s57-7", "Heading": "Agreement to apply this Division to all supplies through a resident agent", "Text": "(1) Subsection 9 ‑ 26(1) does not apply to a supply made by a * non ‑ resident through a * resident agent if: (a) section 57 ‑ 5 would apply to the supply if that subsection did not apply to the supply; and (b) the non ‑ resident and the agent have agreed in writing that that subsection will not apply to any supplies made by the non ‑ resident through the agent; and (c) the supply is made no earlier than: (i) if the agreement specifies a time (not earlier than the start of the day the agreement is made) as the time the agreement takes effect—that time; or (ii) otherwise—the start of the day the agreement is made. Note: An agreement under paragraph (1)(b) prevents subsection 9 ‑ 26(1) having the effect that the supply would not be connected with the indirect tax zone (that subsection could otherwise result in the GST on the supply being reverse charged to the recipient under Division 84). (2) If the * recipient of the supply is an * Australian ‑ based business recipient, the recipient must be given a notice in the * approved form by: (a) if the agreement referred to in paragraph (1)(b) specifies that the * non ‑ resident is to give the notice—the non ‑ resident; or (b) otherwise—the * resident agent. (3) The notice must be given no later than 7 days after the earlier of: (a) the first day any of the * consideration for the supply is provided; or (b) the day on which an * invoice for the supply is issued. Note: Subsection 286 ‑ 75(7) in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of subsection (2) or this subsection. (4) If the * non ‑ resident and the agent agree in writing to terminate the agreement referred to in paragraph (1)(b), this section ceases to apply: (a) if the agreement to terminate specifies a time (not earlier than the start of the day the agreement to terminate is made) as the time the termination takes effect—at that time; or (b) otherwise—at the start of the day the agreement to terminate is made.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, Sch 2 item 9, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-7"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-10", "Provision_Key": "s57-10", "Heading": "Who is entitled to input tax credits", "Text": "(1) If a * non ‑ resident makes a * creditable acquisition or * creditable importation through a * resident agent: (a) the agent is entitled to the input tax credit on the acquisition or importation; and (b) the non ‑ resident is not entitled to the input tax credit on the acquisition or importation. (2) This section has effect despite sections 11 ‑ 20 and 15 ‑ 15 (which are about who is entitled to input tax credits).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-15", "Provision_Key": "s57-15", "Heading": "Adjustments", "Text": "(1) Any * adjustment that a * non ‑ resident has relating to a supply, acquisition or importation made through a * resident agent is to be treated as if: (a) the non ‑ resident did not have the adjustment; and (b) the agent had the adjustment. (2) This section has effect despite section 17 ‑ 10 (which is about the effect of adjustments on net amounts).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-20", "Provision_Key": "s57-20", "Heading": "Resident agents are required to be registered", "Text": "(1) A * resident agent who is acting as agent for a * non ‑ resident is required to be registered if the non ‑ resident is * registered or * required to be registered. (2) The section has effect despite section 23 ‑ 5 (which is about who is required to be registered).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-25", "Provision_Key": "s57-25", "Heading": "Cancellation of registration of a resident agent", "Text": "(1) The Commissioner must cancel the * registration of a * resident agent if the Commissioner is satisfied that the resident agent is not * required to be registered. Note: Cancelling the registration of a resident agent under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must notify the * resident agent of the cancellation. (3) Sections 25 ‑ 50 and 25 ‑ 55 do not apply to the cancellation of the * registration of a * resident agent.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 118, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-30", "Provision_Key": "s57-30", "Heading": "Notice of cessation of agency", "Text": "A * resident agent who ceases to act as agent for a * non ‑ resident must notify the Commissioner of that cessation, in the * approved form, within 14 days after so ceasing to act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-35", "Provision_Key": "s57-35", "Heading": "Tax periods of resident agents", "Text": "(1) If you are a * resident agent who is acting as agent for a * non ‑ resident, the Commissioner must determine that the tax periods that apply to you are each individual month if the Commissioner is satisfied that the non ‑ resident’s * GST turnover meets the * tax period turnover threshold. Note: Determining under this section the tax periods applying to you is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The determination takes effect on the day specified in the determination. However, the day specified must be 1 January, 1 April, 1 July or 1 October. Note: Deciding the date of effect of the determination is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (3) This section has effect in addition to section 27 ‑ 15 (which is about determination of one month tax periods).", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 73 of 2006 | No 80 of 2007", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 119 | Sch 5 item 120, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2007, Sch 2 item 18, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-40", "Provision_Key": "s57-40", "Heading": "GST returns for non ‑ residents", "Text": "(1) A * non ‑ resident is not required to give a * GST return for a tax period if: (a) the non ‑ resident’s * net amount for the tax period is zero; or (b) the only * taxable supplies or * taxable importations that the non ‑ resident made that are attributable to the tax period are taxable supplies or taxable importations made through a * resident agent. (2) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-45", "Provision_Key": "s57-45", "Heading": "Resident agents giving GST returns", "Text": "If you are a * resident agent acting for a * non ‑ resident, subsection 31 ‑ 15(2) does not apply to you in relation to a tax period if, during the tax period: (a) the non ‑ resident made * taxable supplies, or supplies that would have been taxable supplies had they not been * GST ‑ free or * input taxed, through you as agent; or (b) the non ‑ resident made * creditable acquisitions through you as agent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 57-50", "Provision_Key": "s57-50", "Heading": "Non ‑ residents that belong to GST groups", "Text": "This Division does not apply in relation to a * non ‑ resident that is a * member of a * GST group.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s57-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-1", "Provision_Key": "s58-1", "Heading": "What this Division is about", "Text": "This Division sets out how to ascribe activities of a representative of an incapacitated entity between the representative and the incapacitated entity for GST purposes. In particular, supplies, acquisitions and importations, and associated acts and omissions, by the representative are, in most cases, treated as having been by the incapacitated entity. This ensures that a transaction by the representative has the same consequences under the GST law as if the incapacitated entity had no representative. However, in most cases, GST ‑ related liabilities and entitlements are allocated to the representative for transactions that are within the scope of the representative’s responsibility or authority. Note: This Division does not apply to a representative to the extent that paragraph 105 ‑ 5(1)(a) (which is about supplies by creditors in satisfaction of debts) will apply to its supplies. See section 58 ‑ 95.", "Amendment_Count": 2, "First_Amended": "No 118 of 2009", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 118 of 2009 | No 142 of 2012", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 142 of 2012, Sch 2 item 1, effective Sch 2: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-5", "Provision_Key": "s58-5", "Heading": "General principle for the relationship between incapacitated entities and their representatives", "Text": "(1) Subject to this Division, any supply, acquisition or importation by an entity in the capacity of a * representative of another entity that is an * incapacitated entity is taken to be a supply, acquisition or importation by the other entity. (2) Subject to this Division, any other act, or any omission, of an entity in the capacity of a * representative of another entity that is an * incapacitated entity is taken to be an act or omission of the other entity, but only for the purposes of determining, for the purposes of the * GST law: (a) whether a supply or importation is a * taxable supply or * taxable importation, or the amount of GST payable on the supply or importation; or (b) whether an acquisition or importation is a * creditable acquisition or * creditable importation, or the amount of the input tax credit for the acquisition or importation; or (c) whether an * adjustment arises in relation to a supply, acquisition or importation, or the amount of such an adjustment. (3) To avoid doubt, if the other entity ceases to be an * incapacitated entity, this section continues to apply in relation to the supply, acquisition or importation, or to the act or omission, after the other entity ceases to be an incapacitated entity. (4) To avoid doubt, to the extent that an act or omission referred to in subsection (2) relates to deciding to * account on a cash basis, that subsection does not apply for the purposes of determining, for the purposes of the * GST law, whether an * adjustment arises under Division 21 in relation to a supply or acquisition.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-10", "Provision_Key": "s58-10", "Heading": "Circumstances in which representatives have GST ‑ related liabilities and entitlements", "Text": "General rule (1) A * representative of an * incapacitated entity: (a) is liable to pay any GST that the incapacitated entity would, but for this section or section 48 ‑ 40, be liable to pay on a * taxable supply or a * taxable importation; and (b) is entitled to any input tax credit that the incapacitated entity would, but for this section or section 48 ‑ 45, be entitled to for a * creditable acquisition or a * creditable importation; and (c) has any * adjustment that the incapacitated entity would, but for this section or section 48 ‑ 50, have; to the extent that the making of the supply, importation or acquisition to which the GST, input tax credit or adjustment relates is within the scope of the representative’s responsibility or authority for managing the incapacitated entity’s affairs. Exceptions for certain taxable supplies (2) This section does not apply to the GST payable on a * taxable supply to the extent that one or more of the following apply: (a) the * incapacitated entity received the * consideration for the supply before the * representative became a representative of the incapacitated entity; (b) if, under Division 83 or section 84 ‑ 5 or 86 ‑ 5, the GST is payable by the recipient of the supply—the incapacitated entity provided the consideration for the supply before the representative became a representative of the incapacitated entity; (c) if: (i) the supply is a supply for which a * voucher to which Division 100 applies is redeemed; and (ii) the incapacitated entity supplied the voucher before the representative became a representative of the incapacitated entity; the consideration for the supply referred to in subparagraph (i) does not exceed the consideration provided for the incapacitated entity’s supply of the voucher. Exception for certain creditable acquisitions (3) This section does not apply to an input tax credit for a * creditable acquisition to the extent that the * incapacitated entity provided the * consideration for the acquisition before the * representative became a representative of the incapacitated entity. Exceptions for certain adjustments (4) This section does not apply to an * adjustment to the extent that one or more of the following apply: (a) if the adjustment relates to a supply—the * incapacitated entity received the * consideration for the supply before the * representative became a representative of the incapacitated entity; (b) if the adjustment relates to an acquisition—the incapacitated entity provided the consideration for the supply before the representative became a representative of the incapacitated entity; (c) the adjustment would not be attributable to a tax period applying to the representative in the capacity of a representative of the incapacitated entity. Incapacitated entity not liable to pay GST etc. (5) An * incapacitated entity or, if the incapacitated entity is a * member of a * GST group, the * representative member of that group: (a) is not liable to pay the GST on a * taxable supply or a * taxable importation to the extent that a * representative of the incapacitated entity is liable under this section to pay the GST on the supply or importation; and (b) is not entitled to the input tax credit for a * creditable acquisition or a * creditable importation to the extent that a representative of the incapacitated entity is entitled under this section to the input tax credit for the acquisition or importation; and (c) does not have an * adjustment to the extent that a representative of the incapacitated entity has the adjustment under this section. Other (6) This section has effect despite sections 9 ‑ 40, 11 ‑ 20, 13 ‑ 15, 15 ‑ 15, 83 ‑ 5, 84 ‑ 10 and 86 ‑ 5 and subsections 48 ‑ 40(1) and (1A), 48 ‑ 45(1) and 48 ‑ 50(1) (which are about who is liable for GST, and who is entitled to input tax credits).", "Amendment_Count": 4, "First_Amended": "No 118 of 2009", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 118 of 2009 | No 74 of 2010 | No 52 of 2016 | No 76 of 2017", "History_Notes": "Inserted by No 118 of 2009, Sch 1 item 58, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 74 of 2010, Sch 1 item 32, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 52 of 2016, Sch 1 item 17, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 76 of 2017, Sch 1 item 4 | Sch 1 item 5, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-15", "Provision_Key": "s58-15", "Heading": "Adjustments for bad debts", "Text": "(1) For the purposes of determining whether an * adjustment arises under section 21 ‑ 5 or 21 ‑ 15 for the whole or a part of a debt relating to a * taxable supply or * creditable acquisition for which a * representative of an * incapacitated entity is liable to pay GST, or is entitled to an input tax credit, under section 58 ‑ 10: (a) the adjustment cannot arise if, when the whole or part of the debt is written off, or has been * overdue for 12 months, the representative * accounts on a cash basis; but (b) it does not matter whether the incapacitated entity accounts on a cash basis at that or any other time. (2) This section has effect despite subsections 21 ‑ 5(2) and 21 ‑ 15(2) (which preclude adjustments for bad debts when accounting on a cash basis).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, Sch 1 item 24, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-20", "Provision_Key": "s58-20", "Heading": "Representatives are required to be registered", "Text": "(1) A * representative of an * incapacitated entity is required to be registered in that capacity if the incapacitated entity is * registered or * required to be registered. (2) This section has effect despite section 23 ‑ 5 (which is about who is required to be registered).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-25", "Provision_Key": "s58-25", "Heading": "Cancellation of registration of a representative", "Text": "(1) The Commissioner must cancel the * registration of a * representative of an * incapacitated entity if the Commissioner is satisfied that the representative is not * required to be registered in that capacity. Note: Cancelling the registration of a representative under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must notify the * representative of the cancellation. (3) Sections 25 ‑ 50 and 25 ‑ 55 do not apply to the cancellation of the * registration of a * representative of an * incapacitated entity.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, Sch 1 item 47 | Sch 1 item 51, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-30", "Provision_Key": "s58-30", "Heading": "Notice of cessation of representation", "Text": "A * representative who ceases to be a representative of an * incapacitated entity must notify the Commissioner of that cessation, in the * approved form, within 21 days after so ceasing.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, Sch 1 item 52, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-35", "Provision_Key": "s58-35", "Heading": "Tax periods of representatives", "Text": "(1) If a * representative of an * incapacitated entity is * required to be registered in that capacity, the tax periods applying to the representative in that capacity are the same tax periods that apply to the incapacitated entity. (2) This section has effect despite Division 27 (which is about how to work out the tax periods that apply).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-40", "Provision_Key": "s58-40", "Heading": "Effect on attribution rules of not accounting on a cash basis", "Text": "(1) If: (a) a * representative of an * incapacitated entity does not * account on a cash basis; and (b) because of section 58 ‑ 10, all or part of the amount of GST payable on a * taxable supply is payable by the representative, or the representative is entitled to all or part of the input tax credit for a * creditable acquisition; then, to the extent that, but for this section, the GST or input tax credit would be attributable to a tax period that ended before the representative became a representative of the incapacitated entity, the GST or input tax credit is instead attributable to the first tax period applying to the representative in that capacity. (2) This section has effect despite sections 29 ‑ 5 and 29 ‑ 10 (which are about attribution of GST on taxable supplies and of input tax credits for creditable acquisitions).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-45", "Provision_Key": "s58-45", "Heading": "GST returns for representatives of incapacitated entities", "Text": "(1) If an individual is appointed as a * representative of 2 or more * incapacitated entities, the individual may give to the Commissioner one * GST return for a tax period in respect of the entities if the entities are * members of the same * GST group. (2) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-50", "Provision_Key": "s58-50", "Heading": "Representatives to give GST returns for incapacitated entities", "Text": "(1) A * representative of an * incapacitated entity must give to the Commissioner a * GST return for a tax period applying to the incapacitated entity if: (a) the incapacitated entity has failed to give to the Commissioner a GST return for a tax period; and (b) the Commissioner, in writing, directs the representative to give to the Commissioner a GST return. Note: Deciding to direct a representative of an incapacitated entity to give to the Commissioner a GST return is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The tax period may be any tax period applying to the * incapacitated entity, including: (a) a tax period that ends before the * representative became a representative of the incapacitated entity; and (b) a tax period that starts after the representative became a representative of the incapacitated entity. (3) The * GST return by the * representative: (a) must be in accordance with the requirements of Division 31 as they would apply in relation to the * incapacitated entity except to the extent that the direction under paragraph (1)(b) modifies those requirements; and (b) must be given to the Commissioner within the period specified in the direction. (4) Without limiting the matters that the Commissioner may take into account in deciding whether to give a direction under paragraph (1)(b), the Commissioner must take into account: (a) the likelihood of a dividend to unsecured creditors of the * incapacitated entity being declared, and the likely amounts of any such dividend; and (b) the likelihood that, if the Commissioner were given the * GST return, it would reveal a liability to pay an amount to the Commissioner under the * GST law; and (c) the availability of books and records that would make it possible to prepare the GST return; and (d) the likelihood that the cost to the * representative of preparing the GST return would be covered by the incapacitated entity’s assets without resulting in an unreasonable impact on the other creditors of the incapacitated entity. (5) The * incapacitated entity is taken to have complied with Division 31 in relation to giving a * GST return for a tax period if the * representative gives to the Commissioner a return for the tax period in accordance with this section. (6) A direction under paragraph (1)(b) is not a legislative instrument. (7) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, Sch 1 item 41 | Sch 1 item 47, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-55", "Provision_Key": "s58-55", "Heading": "Incapacitated entities not required to give GST returns in some cases", "Text": "(1) An * incapacitated entity is not required to give a * GST return for a tax period if: (a) the entity’s * net amount for the tax period is zero; and (b) the entity does not have an * increasing adjustment that is attributable to the tax period; and (c) the entity is not liable for GST that is attributable to the tax period. (2) This section has effect despite section 31 ‑ 5 (which is about who must give GST returns).", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-60", "Provision_Key": "s58-60", "Heading": "Representative to notify Commissioner of certain liabilities etc.", "Text": "(1) A * representative of an * incapacitated entity must notify the Commissioner, in the * approved form, of an amount of GST for which the entity is liable, or an * increasing adjustment that the entity has, if: (a) the representative becomes aware, or could reasonably be expected to have become aware, of the amount of GST, or the adjustment; and (b) the amount of GST, or the adjustment, has not been taken into account in any * GST return that has been given to the Commissioner; and (c) the Commissioner has not been previously notified of the amount of GST, or the adjustment, under this section. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection. (2) The notification must be given to the Commissioner before the day on which the * representative declares a dividend to unsecured creditors of the * incapacitated entity. (3) This section does not apply if the * representative is a representative of a kind that does not have the capacity to declare dividends to unsecured creditors of the * incapacitated entity. (4) This section does not apply in circumstances determined by the Commissioner under subsection (5). (5) The Commissioner may, by legislative instrument, determine circumstances in which this section does not apply.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-65", "Provision_Key": "s58-65", "Heading": "Money available to meet representative’s liabilities", "Text": "A * representative of an * incapacitated entity who is liable to pay an amount because of this Division is authorised and required to apply any money which the representative receives in his or her capacity as that representative in order to pay the liability.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-70", "Provision_Key": "s58-70", "Heading": "Protection for actions of representative", "Text": "A * representative of an * incapacitated entity is not liable to civil or criminal proceedings in relation to an act done, or omitted to be done, in good faith, in the performance or purported performance, or exercise or purported exercise, of the representative’s duties or powers under, or in relation to, the * GST law.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 58-95", "Provision_Key": "s58-95", "Heading": "Division does not apply to the extent that the representative is a creditor of the incapacitated entity", "Text": "This Division does not apply in relation to a * representative of an entity to the extent that paragraph 105 ‑ 5(1)(a) will apply to a supply by the representative of the entity’s property. Note: For example, if the representative: (a) is a mortgagee in possession of the entity’s property; and (b) is not a representative of the entity for any other reason; the representative need not register under section 58 ‑ 20 if it will supply that property in or towards the satisfaction of a debt owed to it by the entity.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, Sch 2 item 1 | Sch 2 item 3, effective Sch 2: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s58-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-1", "Provision_Key": "s60-1", "Heading": "What this Division is about", "Text": "This Division enables input tax credits to arise in some circumstances in which acquisitions and importations are made before a company is in existence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-5", "Provision_Key": "s60-5", "Heading": "Input tax credit for acquisitions and importations before establishment", "Text": "(1) If you make a * creditable acquisition that is a * pre ‑ establishment acquisition, or a * creditable importation that is a * pre ‑ establishment importation, relating to a * company before it is in existence: (a) you are not entitled to the input tax credit on the acquisition or importation; and (b) once the company is in existence, it is entitled to the input tax credit on the acquisition or importation. (2) This section has effect despite sections 11 ‑ 20 and 15 ‑ 15 (which are about who is entitled to input tax credits).", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Amended by No 41 of 2005, Sch 10 item 3, effective Schedule 10 (items 1–14): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-10", "Provision_Key": "s60-10", "Heading": "Registration etc. not needed for input tax credits", "Text": "(1) If you make a * pre ‑ establishment acquisition, the fact that you are not * registered or * required to be registered does not stop the acquisition being a * creditable acquisition. (2) If you make a * pre ‑ establishment importation, the fact that you are not * registered or * required to be registered does not stop the acquisition being a * creditable importation. (3) This section has effect despite sections 11 ‑ 5 and 15 ‑ 5 (which are about what are creditable acquisitions and creditable importations).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-15", "Provision_Key": "s60-15", "Heading": "Pre ‑ establishment acquisitions and importations", "Text": "(1) An acquisition that you make is a pre ‑ establishment acquisition , and an importation that you make is a pre ‑ establishment importation , if: (a) you do not * apply the thing acquired or imported for any purpose other than for a * creditable purpose relating to a * company not yet in existence; and (b) the company comes into existence, and becomes * registered, within 6 months after the acquisition or importation; and (c) you become a member, officer or employee of the company; and (d) in the case of an acquisition—you have been fully reimbursed by the company for the * consideration you provided for the acquisition; and (e) in the case of an importation—you have been fully reimbursed by the company: (i) for the * assessed GST paid on the importation; and (ii) for the cost of acquiring or producing the thing imported. (2) However, the acquisition or importation is not a pre ‑ establishment acquisition or a pre ‑ establishment importation if: (a) you are entitled to an input tax credit for the acquisition or importation; or (b) the company acquires the thing acquired or imported, and that acquisition by the company is a * creditable acquisition.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 41 of 2005 | No 39 of 2012", "History_Notes": "Amended by No 41 of 2005, Sch 10 item 4, effective Schedule 10 (items 1–14): Royal Assent | Amended by No 39 of 2012, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-20", "Provision_Key": "s60-20", "Heading": "Creditable purpose", "Text": "(1) If, before a * company is in existence, you make an acquisition or importation: (a) for the purpose of bringing the company into existence; or (b) for the purpose of the company * carrying on an * enterprise after it is in existence; you acquire or import the thing for a creditable purpose only to the extent that you acquire or import it for either or both of those purposes. (2) However, you do not acquire or import the thing for a creditable purpose to the extent that: (a) the acquisition or importation relates (directly or indirectly) to the company making supplies that would be * input taxed; or (b) the acquisition or importation is of a private or domestic nature. (3) An acquisition or importation is not treated, for the purposes of paragraph (2)(a), as relating to making supplies that would be * input taxed to the extent that the supply is made through an * enterprise, or a part of an enterprise, that the company will * carry on outside the indirect tax zone. (4) This section has effect despite sections 11 ‑ 15 and 15 ‑ 10 (which are about creditable purpose).", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 156 of 2000 | No 41 of 2005 | No 2 of 2015", "History_Notes": "Amended by No 156 of 2000, Sch 1 item 10, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 41 of 2005, Sch 10 item 5, effective Schedule 10 (items 1–14): Royal Assent | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-25", "Provision_Key": "s60-25", "Heading": "Attributing the input tax credit for pre ‑ establishment acquisitions", "Text": "(1) The input tax credit to which a * company is entitled under this Division for an acquisition that you made is attributable to the tax period (applying to the company) in which you were fully reimbursed by the company for the * consideration you paid for the acquisition. (2) However, if the company does not hold a copy of a * tax invoice that you (or your agent) hold for the acquisition when the company gives to the Commissioner a * GST return for the tax period to which the input tax credit for the acquisition would otherwise be attributable, then: (a) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and (b) the input tax credit (or the part of the input tax credit) is attributable to the first tax period for which the company gives to the Commissioner a GST return at a time when it holds a copy of that tax invoice. However, this subsection does not apply in circumstances of a kind determined in writing by the Commissioner, under subsection 29 ‑ 10(3), to be circumstances in which the requirement for a tax invoice does not apply. For the giving of GST returns to the Commissioner, see Division 31. (3) This section has effect despite section 29 ‑ 10 (which is about attributing input tax credits for acquisitions).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-30", "Provision_Key": "s60-30", "Heading": "Attributing the input tax credit for pre ‑ establishment importations", "Text": "(1) The input tax credit to which a * company is entitled under this Division for an importation that you made is attributable to the tax period (applying to the company) in which you were fully reimbursed by the company: (a) for the * assessed GST paid on the importation; and (b) for the cost of acquiring or producing the thing imported. (2) This section has effect despite section 29 ‑ 15 (which is about attributing input tax credits for importations).", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 79, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 60-35", "Provision_Key": "s60-35", "Heading": "Application of Division 129", "Text": "If a * company is entitled under this Division to an input tax credit for an acquisition or importation, the acquisition or importation is treated, for the purposes of Division 129 (which is about changes in the extent of creditable purpose), as if the company had made it.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s60-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-1", "Provision_Key": "s63-1", "Heading": "What this Division is about", "Text": "Some kinds of non ‑ profit entities may choose to have some (or all) of their separately identifiable branches treated as separate entities for GST purposes. Note: The parent entities then cease to be responsible, for GST purposes, for these branches. (By way of contrast, parent entities would remain responsible for their branches if they registered them under Division 54.)", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-5", "Provision_Key": "s63-5", "Heading": "Entities that may choose to apply this Division", "Text": "(1) An entity may choose to apply this Division. (2) However, the entity must be * registered and must be: (a) an * endorsed charity or a * government school; or (aa) a * gift ‑ deductible entity that is a non ‑ profit body; or (b) a non ‑ profit body that is exempt from income tax under any of these provisions of the * ITAA 1997: (i) section 50 ‑ 5 (charity, education and science); (ii) section 50 ‑ 10 (community service); (iii) section 50 ‑ 15 (employees and employers); (iv) section 50 ‑ 40 (primary and secondary resources, and tourism); (v) item 9.1 or 9.2 of section 50 ‑ 45 (sports, culture and recreation).", "Amendment_Count": 5, "First_Amended": "No 177 of 1999", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 63, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 1 item 2 | Sch 1 item 4B, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 11, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 95 | Sch 2 item 96, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-10", "Provision_Key": "s63-10", "Heading": "Period for which a choice has effect", "Text": "(1) The choice has effect from the time the entity makes the choice. (2) The choice ceases to have effect if: (a) the entity revokes the choice; or (b) the entity ceases to meet the requirements of subsection 63 ‑ 5(2). (3) However, the entity: (a) cannot revoke the choice within 12 months after the day on which the entity made the choice; and (b) cannot make a further choice within 12 months after the day on which the entity revoked a previous choice.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-15", "Provision_Key": "s63-15", "Heading": "Consequences of choosing to apply this Division", "Text": "(1) While the choice has effect, any branch of the entity is treated, for the purposes of the * GST law (other than sections 63 ‑ 5 and 63 ‑ 10 and this section), as an entity if that branch: (a) maintains an independent system of accounting; and (b) can be separately identified by reference to: (i) the nature of the activities carried on through the branch; or (ii) the location of the branch; and (c) is referred to in the entity’s records to the effect that it is to be treated as a separate entity for the purposes of the GST law. (2) The branch’s treatment as an entity ceases if: (a) the choice ceases to have effect; or (b) the branch ceases to meet the requirements of paragraphs (1)(a), (b) and (c). However, if the branch is * registered, its treatment as an entity continues until its registration is cancelled. (3) At all times during its treatment as an entity, the branch is a non ‑ profit sub ‑ entity .", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 144, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-20", "Provision_Key": "s63-20", "Heading": "Non ‑ profit sub ‑ entities may register", "Text": "(1) A * non ‑ profit sub ‑ entity may apply to be * registered under section 23 ‑ 10 even if it is not * carrying on an * enterprise and is not intending to carry on an enterprise. (2) The Commissioner must * register the * non ‑ profit sub ‑ entity whether or not the Commissioner is satisfied that it is * carrying on an * enterprise or intending to carry on an enterprise. (3) This section has effect despite section 23 ‑ 10 (which is about who may be registered) and section 25 ‑ 5 (which is about when the Commissioner must register an entity).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-25", "Provision_Key": "s63-25", "Heading": "Registration turnover threshold for non ‑ profit sub ‑ entities", "Text": "(1) Subsection 23 ‑ 15(2) applies in relation to a * non ‑ profit sub ‑ entity of an entity (the parent entity ) whether or not the parent entity is a non ‑ profit body. (2) Regulations made for the purposes of paragraph 23 ‑ 15(2)(b) may: (a) provide that they apply only to * non ‑ profit sub ‑ entities, or only to other non ‑ profit entities; or (b) specify one amount for * non ‑ profit sub ‑ entities and a different amount for other non ‑ profit entities.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 177 of 1999 | No 61 of 2011", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 61 of 2011, Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3, effective Schedule 5: 30 June 2011", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-27", "Provision_Key": "s63-27", "Heading": "Application of particular provisions relating to charities etc.", "Text": "Application of particular provisions (1) For the purposes of the provisions mentioned in subsection (2), a * non ‑ profit sub ‑ entity of an entity (the parent entity ) is taken to be a body of the following type, if the parent entity is a body of that type: (a) a non ‑ profit body; (b) a * gift ‑ deductible entity; (c) a * government school; (d) an * endorsed charity; (e) a gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997; (f) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; (g) a body that has a particular * gift ‑ deductible purpose; (h) a body that operates a particular * retirement village; (i) a particular * school. (2) The provisions are: (a) subsection 9 ‑ 17(2) (gifts to non ‑ profit bodies not consideration); and (b) Subdivision 38 ‑ G (Activities of charities etc.); and (c) Subdivision 40 ‑ E (Schools tuckshops and canteens); and (d) Subdivision 40 ‑ F (fund ‑ raising events); and (e) section 111 ‑ 18 (reimbursement of volunteers’ expenses); and (f) section 129 ‑ 45 (Gifts to gift ‑ deductible entities); and (g) Division 157 (Accounting basis of charities etc.). (3) To avoid doubt, subsection (1) does not prevent the * non ‑ profit sub ‑ entity being a body of a particular type merely because the parent entity is not a body of that type.", "Amendment_Count": 4, "First_Amended": "No 61 of 2011", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 61 of 2011 | No 75 of 2012 | No 169 of 2012 | No 21 of 2015", "History_Notes": "Inserted by No 61 of 2011, effective Schedule 5: 30 June 2011 | Amended by No 75 of 2012, Sch 2 item 3, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2) | Amended by No 169 of 2012, Sch 2 item 97 | Sch 2 item 98 | Sch 2 item 99, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3) | Amended by No 21 of 2015, Sch 7 item 4, effective Sch 7 (items 1–6): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-27"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-30", "Provision_Key": "s63-30", "Heading": "When non ‑ profit sub ‑ entities must apply for cancellation of registration", "Text": "(1) If a * non ‑ profit sub ‑ entity is * registered and it does not meet the requirements of paragraphs 63 ‑ 15(1)(a), (b) and (c), it must apply to the Commissioner in the * approved form for cancellation of its * registration. It must lodge the application within 21 days after the day on which it ceased to meet those requirements. (2) Section 25 ‑ 50 (which is about cancelling registration) does not apply to * non ‑ profit sub ‑ entities.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-35", "Provision_Key": "s63-35", "Heading": "When the Commissioner must cancel registration of non ‑ profit sub ‑ entities", "Text": "(1) The Commissioner must cancel * registration of a * non ‑ profit sub ‑ entity (even if it has not applied for cancellation of the registration) if the Commissioner is satisfied that the sub ‑ entity does not meet the requirements of paragraphs 63 ‑ 15(1)(a), (b) and (c). Note: Cancelling registration under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must notify the sub ‑ entity if the Commissioner decides to cancel its * registration. The notice must specify the date of effect of the cancellation. (3) Subsection 25 ‑ 55(2) (which is about cancelling registration) does not apply to * non ‑ profit sub ‑ entities.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 177 of 1999 | No 73 of 2006 | No 69 of 2023", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 21, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 121, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 69 of 2023, Sch 21 item 108, effective sch 4 (items 105-110, 114-116): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-40", "Provision_Key": "s63-40", "Heading": "Effect on adjustments of becoming a non ‑ profit sub ‑ entity", "Text": "(1) If a branch of an entity becomes a * non ‑ profit sub ‑ entity, any * adjustment arising afterwards in relation to a supply, acquisition or importation, made by the entity through the branch before it became a non ‑ profit sub ‑ entity: (a) is taken to be an adjustment that the non ‑ profit sub ‑ entity has, as if the non ‑ profit sub ‑ entity had made the supply, acquisition or importation; and (b) is not taken to be an adjustment that the entity has. (2) For the purpose of applying subsection (1) to an adjustment under Division 129 relating to a thing acquired or imported before the branch became a * non ‑ profit sub ‑ entity, that Division applies as if: (a) the extent to which the acquisition or importation of the thing was for a * creditable purpose were the extent to which the non ‑ profit sub ‑ entity acquired or imported it for a creditable purpose; and (b) the extent to which the thing has been * applied for a creditable purpose since its acquisition or importation were the extent to which the non ‑ profit sub ‑ entity applied it for a creditable purpose.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-45", "Provision_Key": "s63-45", "Heading": "Effect on adjustments of ceasing to be a non ‑ profit sub ‑ entity", "Text": "(1) If a branch of an entity ceases to be a * non ‑ profit sub ‑ entity, any * adjustment arising afterwards in relation to a supply, acquisition or importation, made by the branch while it was a non ‑ profit sub ‑ entity, is taken to be an adjustment that the entity has, as if the entity had made the supply, acquisition or importation. (2) For the purpose of applying subsection (1) to an adjustment under Division 129 relating to a thing acquired or imported before the branch ceased to be a * non ‑ profit sub ‑ entity, that Division applies as if: (a) the extent to which the acquisition or importation of the thing was for a * creditable purpose were the extent to which the entity acquired or imported it for a creditable purpose; and (b) the extent to which the thing has been * applied for a creditable purpose since its acquisition or importation were the extent to which the entity applied it for a creditable purpose.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 63-50", "Provision_Key": "s63-50", "Heading": "Membership requirements of GST groups", "Text": "A * non ‑ profit sub ‑ entity satisfies the membership requirements for a * GST group, or a proposed GST group, if: (a) it is * registered; and (b) it has the same tax periods applying to it as the tax periods applying to all the other members of the GST group or proposed GST group; and (c) it accounts on the same basis as all those other members; and (d) it is not a * member of any other GST group; and (e) each of the other members of the GST group or proposed GST group is either: (i) the entity of which the non ‑ profit sub ‑ entity is a branch; or (ii) another branch of that entity that is a non ‑ profit sub ‑ entity.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 1 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s63-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-1", "Provision_Key": "s66-1", "Heading": "What this Division is about", "Text": "This Division allows you to claim input tax credits for your acquisitions of second ‑ hand goods, even though GST was not payable on the supply of the goods to you. However, some limitations apply, and a form of global accounting is used for some acquisitions of second ‑ hand goods that are divided for re ‑ supply.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 75 | Sch 6 item 76, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-5", "Provision_Key": "s66-5", "Heading": "Creditable acquisitions of second ‑ hand goods", "Text": "(1) If you acquire * second ‑ hand goods for the purposes of sale or exchange (but not for manufacture) in the ordinary course of * business, the fact that the supply of the goods to you is not a * taxable supply does not stop the acquisition being a * creditable acquisition. (2) However, this section does not apply, and is taken never to have applied, to the acquisition if: (a) the supply of the goods to you was a * taxable supply, or was * GST ‑ free; or (b) you * imported the goods; or (c) the supply of the goods to you was a supply by way of hire; or (d) Subdivision 66 ‑ B applies to the acquisition; or (e) you make a supply of the goods that is not a taxable supply. (3) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 77 | Sch 6 item 78, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-10", "Provision_Key": "s66-10", "Heading": "Amounts of input tax credits for creditable acquisitions of second ‑ hand goods", "Text": "(1) The amount of the input tax credit for a * creditable acquisition of * second ‑ hand goods for which the * consideration is more than $300 is: (a) an amount equal to 1 / 11 of the * consideration that you provide, or are liable to provide, for the acquisition; or (b) if that amount is more than the amount of the GST payable on a * taxable supply of the goods that you make—the amount of GST on that taxable supply. (1A) The amount of the input tax credit for a * creditable acquisition of * second ‑ hand goods for which the * consideration is $300 or less is an amount equal to 1 / 11 of the * consideration that you provide, or are liable to provide, for the acquisition. (2) However, this section does not apply if the supply of the goods to you is a * taxable supply. (3) This section has effect despite section 11 ‑ 25 (which is about the amount of input tax credits for creditable acquisitions).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 79 | Sch 6 item 80, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-15", "Provision_Key": "s66-15", "Heading": "Attributing input tax credits for creditable acquisitions of second ‑ hand goods", "Text": "(1) If: (a) you are entitled, under this Division, to the input tax credit for a * creditable acquisition of * second ‑ hand goods; and (b) either the * consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition; the input tax credit for the acquisition is attributable to: (c) the tax period in which any * consideration is received for a subsequent * taxable supply of the goods; or (d) if, before any of the consideration is received, you have issued an * invoice relating to the supply—the tax period in which the invoice is issued. (2) However, if you * account on a cash basis, then: (a) if, in a tax period, all of the * consideration is received for the subsequent * taxable supply—the input tax credit for the acquisition is attributable to that tax period; or (b) if, in a tax period, part of the consideration is received—the input tax credit for the acquisition is attributable to that tax period, but only to the extent that the consideration is received in that tax period; or (c) if, in a tax period, none of the consideration is received—none of the input tax credit for the acquisition is attributable to that tax period. (4) This section has effect despite section 29 ‑ 10 (which is about attributing the input tax credits for creditable acquisitions).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 81 | Sch 6 item 82 | Sch 6 item 83, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-17", "Provision_Key": "s66-17", "Heading": "Records of creditable acquisitions of second ‑ hand goods", "Text": "(1) If you make a * creditable acquisition of second ‑ hand goods and the supply of the goods to you was not a * taxable supply: (a) subsection 29 ‑ 10(3) applies to the acquisition as if references to a * tax invoice were references to a record you prepared that complies with this section; and (b) subsection 29 ‑ 20(3) applies to an adjustment event relating to the acquisition as if references to an * adjustment note were references to a record you prepared that complies with this section. (2) To comply with this section, the record must: (a) set out the name and address of the entity that supplied the goods to you; and (b) describe the goods (including their quantity); and (c) set out the date of, and the * consideration for, the acquisition. (2A) Subsection 29 ‑ 10(3) does not apply to a * creditable acquisition of * second ‑ hand goods if: (a) the supply to which the acquisition relates is not a * taxable supply; and (b) the amount that would have been the * value of the supply (if it had been a * taxable supply) does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29 ‑ 80(1) specify. (2B) Subsection 29 ‑ 20(3) does not apply to a * decreasing adjustment relating to a * creditable acquisition of * second ‑ hand goods if: (a) the supply to which the acquisition relates is not a * taxable supply; and (b) the amount of the adjustment does not exceed $50, or such higher amount as the regulations made for the purposes of subsection 29 ‑ 80(2) specify. (3) This section has effect despite section 29 ‑ 10 (which is about attributing the input tax credits for creditable acquisitions) and section 29 ‑ 20 (which is about attributing decreasing adjustments).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 11 item 10, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-17"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-40", "Provision_Key": "s66-40", "Heading": "Acquisitions of second ‑ hand goods that can be used to offset GST on future re ‑ supplies", "Text": "(1) This Subdivision applies to an acquisition of * second ‑ hand goods if: (a) you acquire the goods for the purposes of sale or exchange (but not for manufacture) in the ordinary course of * business; and (b) either the * consideration for the acquisition was more than $300 or you choose to have this section apply to the acquisition; and (c) the goods are of such a kind, or they are supplied to you in such a way, that it would be reasonable to expect you to divide them before supplying them in 2 or more separate supplies; and (d) you do not subsequently make a single supply of the entirety of the goods acquired. (2) However, this Subdivision does not apply, and is taken never to have applied, to the acquisition if: (a) the * consideration for the acquisition separately itemises the consideration for the different goods acquired, and your division of the goods before supplying them: (i) corresponds to that itemisation; or (ii) does not involve dividing the goods any further than the division indicated by that itemisation; or (b) the supply of the goods to you was a * taxable supply, or was * GST ‑ free; or (c) you * imported the goods; or (d) the supply of the goods to you was a supply by way of hire; or (e) you make a supply of the goods, or of part of the goods, that is not a taxable supply (other than because of section 66 ‑ 45).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-45", "Provision_Key": "s66-45", "Heading": "Future re ‑ supplies that are not taxable supplies", "Text": "(1) A supply you make is not a * taxable supply if: (a) it is a supply of goods that were part of an acquisition you made that was an acquisition of * second ‑ hand goods to which this Subdivision applied; and (b) your * total Subdivision 66 ‑ B credit amount is more than your * total Subdivision 66 ‑ B GST amount; and (c) what would be the amount of GST payable on the supply, if the supply were a taxable supply, is less than or equal to the difference between: (i) your * total Subdivision 66 ‑ B credit amount; and (ii) your * total Subdivision 66 ‑ B GST amount. Note: This section will not apply unless the record keeping requirements of section 66 ‑ 55 are met. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 55 | Sch 6 item 66, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-50", "Provision_Key": "s66-50", "Heading": "Future re ‑ supplies on which GST is reduced", "Text": "(1) The amount of GST on a * taxable supply you make is reduced if: (a) it is a supply of goods that were part of an acquisition you made that was an acquisition of * second ‑ hand goods to which this Subdivision applied; and (b) your * total Subdivision 66 ‑ B credit amount is more than your * total Subdivision 66 ‑ B GST amount; and (c) what would be the amount of GST payable on the supply, if the amount were not reduced under this section, is more than the difference between: (i) your total Subdivision 66 ‑ B credit amount; and (ii) your total Subdivision 66 ‑ B GST amount. Note: This section will not apply unless the record keeping requirements of section 66 ‑ 55 are met. (2) The amount by which the GST on the supply is reduced is an amount equal to the difference between: (a) your * total Subdivision 66 ‑ B credit amount; and (b) your * total Subdivision 66 ‑ B GST amount. (3) This section has effect despite section 9 ‑ 70 (which is about the amount of GST on taxable supplies). Note: Section 9 ‑ 90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 66, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 6 item 4, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-55", "Provision_Key": "s66-55", "Heading": "Records of acquisitions of second ‑ hand goods to which this Subdivision applied", "Text": "Sections 66 ‑ 45 and 66 ‑ 50 do not apply to a supply of goods you made unless you hold a record, relating to the acquisition of * second ‑ hand goods of which the goods supplied were a part, that: (a) sets out the name and address of the entity that supplied the goods to you; and (b) describes the goods (including their quantity); and (c) sets out the date of, and the * consideration for, the acquisition.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 66, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-60", "Provision_Key": "s66-60", "Heading": "Input tax credits for acquiring second ‑ hand goods the supply of which is not fully taxable", "Text": "(1) If an entity acquires * second ‑ hand goods, and, because of section 66 ‑ 45 and for no other reason, the supply of the goods to the entity is not a * taxable supply: (a) the fact that the supply is not a taxable supply does not stop the acquisition being a * creditable acquisition; and (b) the amount of the input tax credit for the creditable acquisition is worked out as if the supply were a taxable supply. (2) If: (a) an entity makes a * creditable acquisition of * second ‑ hand goods; and (b) the amount of GST on the supply of the goods to the entity was reduced because of section 66 ‑ 50; the amount of the input tax credit for the creditable acquisition is worked out as if that amount of GST had not been so reduced. (3) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition) and section 11 ‑ 25 (which is about the amount of input tax credits for creditable acquisitions).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-65", "Provision_Key": "s66-65", "Heading": "Total Subdivision 66 ‑ B credit amounts and Subdivision 66 ‑ B GST amounts", "Text": "(1) Your total Subdivision 66 ‑ B credit amount is the sum of the amounts of the input tax credits to which you would have been entitled, for all your acquisitions of * second ‑ hand goods to which this Subdivision applied, if this Subdivision had not applied to them. (2) Your total Subdivision 66 ‑ B GST amount is the sum of: (a) all the amounts of GST that, but for the operation of section 66 ‑ 45, would have been payable on supplies that you made; and (b) all the amounts by which GST payable on supplies that you made has been reduced under section 66 ‑ 50.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 157 | Sch 6 item 158, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 66-70", "Provision_Key": "s66-70", "Heading": "Commissioner may determine rules for applying this Subdivision", "Text": "(1) The Commissioner may, in writing, determine: (a) that acquisitions of * second ‑ hand goods of a specified kind are, or are not, acquisitions of second ‑ hand goods to which this Subdivision applies; or (b) how * total Subdivision 66 ‑ B credit amounts or * total Subdivision 66 ‑ B GST amounts are to be worked out in specified circumstances. (2) Determinations under subsection (1) override the provisions of this Subdivision (except this section), but only to the extent of any inconsistency.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s66-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-1", "Provision_Key": "s69-1", "Heading": "What this Division is about", "Text": "Some expenses that are not deductible under the ITAA 1997 do not give rise to creditable acquisitions or creditable importations. The amount of input tax credits on some creditable acquisitions or creditable importations of cars is reduced.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-5", "Provision_Key": "s69-5", "Heading": "Non ‑ deductible expenses do not give rise to creditable acquisitions or creditable importations", "Text": "(1) An acquisition is not a * creditable acquisition to the extent that it is a * non ‑ deductible expense. (2) An importation is not a * creditable importation to the extent that it is a * non ‑ deductible expense. (3) An acquisition or importation is a non ‑ deductible expense if it is not deductible under Division 8 of the * ITAA 1997 because of one of the following: (a) section 26 ‑ 5 of the * ITAA 1997 (Penalties); (b) section 26 ‑ 30 of the * ITAA 1997 (Relative’s travel expenses); (c) section 26 ‑ 40 of the * ITAA 1997 (Maintaining your family); (d) section 26 ‑ 45 of the * ITAA 1997 (Recreational club expenses); (e) section 26 ‑ 50 of the * ITAA 1997 (Expenses for a leisure facility); (f) Division 32 of the * ITAA 1997 (Entertainment expenses); (g) Division 34 of the * ITAA 1997 (Non ‑ compulsory uniforms); (h) section 51AK of the * ITAA 1936 (Agreements for the provision of non ‑ deductible non ‑ cash business benefits). (3A) An acquisition or importation is also a non ‑ deductible expense to the extent that it is not deductible under Division 8 of the * ITAA 1997 because of one of the following: (a) section 51AEA of the * ITAA 1936 (Meal entertainment—election to use the 50/50 split method); (b) section 51AEB of the ITAA 1936 (Meal entertainment—election to use the 12 week register method); (c) section 51AEC of the ITAA 1936 (Entertainment facility—election to use the 50/50 split method). (4) If the entity making the acquisition or importation is an * exempt entity, the acquisition or importation is a non ‑ deductible expense if it would have been a non ‑ deductible expense under subsection (3) or (3A) had the entity not been an exempt entity. (5) This section has effect despite sections 11 ‑ 5 and 15 ‑ 5 (which are about what is a creditable acquisition and what is a creditable importation).", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 156 of 2000 | No 41 of 2005 | No 78 of 2007", "History_Notes": "Amended by No 156 of 2000, Sch 3 item 9 | Sch 3 item 9A | Sch 3 item 69 | Sch 3 item 32, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 41 of 2005, effective Schedule 10 (items 1–14): Royal Assent | Amended by No 78 of 2007, Sch 2 item 5 | Sch 7 item 16, effective Schedule 2 (items 5, 18): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-10", "Provision_Key": "s69-10", "Heading": "Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars", "Text": "(1) If: (a) you are entitled to an input tax credit for a * creditable acquisition or * creditable importation of a * car; and (b) you are not, for the purposes of the A New Tax System (Luxury Car Tax) Act 1999 , entitled to quote an * ABN in relation to the supply to which the creditable acquisition relates, or in relation to the importation, as the case requires; and (c) the * GST inclusive market value of the car exceeds the * car limit for the * financial year in which you first used the car for any purpose; the amount of the input tax credit on the acquisition or importation is the amount of GST payable on the supply or importation of the car up to 1 / 11 of that limit. (2) However, if: (a) the supply of the car is * GST ‑ free to any extent under Subdivision 38 ‑ P; or (b) the importation of the car is non ‑ taxable to any extent under paragraph 13 ‑ 10(b) because it would have been GST ‑ free to any extent under Subdivision 38 ‑ P if it had been a supply; you are not entitled to the input tax credit for the acquisition or importation. (3) If your acquisition or importation is * partly creditable, the input tax credit is reduced to the extent (expressed as a percentage) to which the acquisition or importation is made for a * creditable purpose. (4) This section does not apply in relation to: (a) the acquisition or importation of a * car that is not a * luxury car because of subsection 25 ‑ 1(2) of the A New Tax System (Luxury Car Tax) Act 1999 ; or Note: Emergency vehicles, cars fitted to transport disabled people, non ‑ passenger commercial vehicles, motor homes and campervans are not luxury cars under that subsection. (b) the acquisition of a car by lease or hire. (5) This section has effect despite sections 11 ‑ 25 and 15 ‑ 20 (which are about the amount of input tax credits on creditable acquisitions and creditable importations).", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 92 of 2000 | No 156 of 2000 | No 77 of 2001", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 10A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 6 item 16, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 77 of 2001, Sch 2 item 12, effective Sch 2 (items 10–14, 488(1)): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-15", "Provision_Key": "s69-15", "Heading": "What this Subdivision is about", "Text": "The GST consequences of incurring certain expenses for the provision of meal entertainment and entertainment facilities depend on elections made under fringe benefits tax law. These elections might not be made until after GST returns are due. This Subdivision allows elections to be made for GST purposes so that GST returns can take into account the likely application of subsection 69 ‑ 5(3A) to those expenses, before the fringe benefits tax elections are made.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-20", "Provision_Key": "s69-20", "Heading": "Effect of elections on net amounts", "Text": "(1) If you make an election under this Subdivision that has effect during a particular tax period, your * net amount for the tax period must be worked out on the basis of that election. (2) This section has effect despite section 17 ‑ 5 (which is about working out your net amount).", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-25", "Provision_Key": "s69-25", "Heading": "Election to use the 50/50 split method for meal entertainment", "Text": "You may elect to have acquisitions or importations treated, for the purposes of this Subdivision, as * non ‑ deductible expenses because of paragraph 69 ‑ 5(3A)(a), to the extent that the acquisitions or importations would be non ‑ deductible expenses because of that paragraph if: (a) an election were in force under section 37AA of the Fringe Benefits Tax Assessment Act 1986 (but no further election were in force under section 37CA of that Act); and (b) section 51AEA of the * ITAA 1936 were to apply, because of that election, to expenses relating to the acquisitions or importations.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 3 item 69, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-30", "Provision_Key": "s69-30", "Heading": "Election to use the 12 week register method for meal entertainment", "Text": "(1) You may elect to have acquisitions or importations treated, for the purposes of this Subdivision, as * non ‑ deductible expenses because of paragraph 69 ‑ 5(3A)(b), to the extent that the acquisitions or importations would be non ‑ deductible expenses because of that paragraph if: (a) an election were in force under section 37CA of the Fringe Benefits Tax Assessment Act 1986 ; and (b) section 51AEB of the * ITAA 1936 were to apply, because of that election, to expenses relating to the acquisitions or importations. (2) However, you cannot make the election unless you have a * valid meal entertainment register.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 3 item 69, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-35", "Provision_Key": "s69-35", "Heading": "Election to use the 50/50 split method for entertainment facilities", "Text": "You may elect to have acquisitions or importations treated, for the purposes of this Subdivision, as * non ‑ deductible expenses because of paragraph 69 ‑ 5(3A)(c), to the extent that the acquisitions or importations would be non ‑ deductible expenses because of that paragraph if: (a) an election were in force under section 152B of the Fringe Benefits Tax Assessment Act 1986 ; and (b) section 51AEC of the * ITAA 1936 were to apply, because of that election, to expenses relating to the acquisitions or importations.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 3 item 69, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-40", "Provision_Key": "s69-40", "Heading": "When elections take effect", "Text": "(1) An election under this Subdivision is taken to have effect, or to have had effect, from the start of the tax period specified in the election. (2) The tax period may be a future tax period or the current tax period. It cannot be a tax period that has already come to an end.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-45", "Provision_Key": "s69-45", "Heading": "When elections cease to have effect", "Text": "If a circumstance specified in the second column of the following table occurs, the election ceases to have effect from the start of the tax period specified in the third column: When elections cease to have effect Item Kind of election Circumstance Tax period 1 Any election under this Subdivision You withdraw the election The tax period (which must not be a past tax period) specified in the withdrawal 2 An election under section 69 ‑ 25 You make an election under section 69 ‑ 30 The tax period at the start of which the election under section 69 ‑ 30 takes effect 3 An election under section 69 ‑ 30 You make an election under section 69 ‑ 25 The tax period at the start of which the election under section 69 ‑ 25 takes effect 4 An election under section 69 ‑ 30 You cease to have a * valid meal entertainment register The tax period during which you cease to have such a register 5 An election under section 69 ‑ 25 or 69 ‑ 30 You make an election under section 37AA or 37CA of the Fringe Benefits Tax Assessment Act 1986 The tax period during which the election is made 6 An election under section 69 ‑ 35 You make an election under section 152B of that Act The tax period during which the election is made", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-50", "Provision_Key": "s69-50", "Heading": "Adjustment events relating to elections", "Text": "(1) The following are adjustment events if they have the effect of changing the extent to which an acquisition you made is a * creditable acquisition: (a) an election you make under this Subdivision ceases to have effect at a time other than the start of an * FBT year; (b) an election is made under section 37AA, 37CA or 152B of the Fringe Benefits Tax Assessment Act 1986 for an FBT year, without one or more corresponding elections under this Subdivision having been made covering all the tax periods in that year; (c) an election is not made under section 37AA, 37CA or 152B of that Act for an FBT year, but one or more corresponding elections have been made under this Subdivision covering one or more of the tax periods in that year. (2) However, an * adjustment event under this section arises only in respect of a tax period in which: (a) the day occurs by which you are required, under section 68 of the Fringe Benefits Tax Assessment Act 1986 , to furnish a return to the Commissioner relating to an * FBT year; or (b) if you are not required under that section to lodge a return relating to that FBT year—the day occurs by which you would have been required under that section to lodge a return relating to that FBT year, if you were required to lodge the return. (3) Subdivision 19 ‑ C applies to the acquisition in question as if every * adjustment event under this section that occurred during the * FBT year, and that relates to the acquisition, occurred during the tax period referred to in paragraph 19 ‑ 70(a). (4) This table sets out when elections that you make or fail to make under section 37AA, 37CA or 152B of the Fringe Benefits Tax Assessment Act 1986 correspond to elections under this Subdivision: Corresponding elections Item These elections under the Fringe Benefits Tax Assessment Act 1986 . .. correspond to these elections under this Subdivision... 1 an election under section 37AA, but without a further election under section 37CA an election under section 69 ‑ 25 2 an election under section 37AA, together with a further election under section 37CA an election under section 69 ‑ 30 3 an election under section 152B an election under section 69 ‑ 35", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 3 item 69, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 69-55", "Provision_Key": "s69-55", "Heading": "Adjustment notes not required", "Text": "Subsection 29 ‑ 20(3) does not apply to a * decreasing adjustment arising from an * adjustment event of a kind referred to in section 69 ‑ 50.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s69-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 70-1", "Provision_Key": "s70-1", "Heading": "What this Division is about", "Text": "In some cases, acquisitions relating to financial supplies can attract a reduced input tax credit, even though no input tax credit could arise under the basic rules.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s70-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 70-5", "Provision_Key": "s70-5", "Heading": "Acquisitions that attract the reduced credit", "Text": "(1) The regulations may provide that acquisitions of a specified kind that relate to making * financial supplies can give rise to an entitlement to a reduced input tax credit. These are reduced credit acquisitions . (1A) However, an acquisition is not a reduced credit acquisition to the extent (if any) that, without this Division applying, an entity is entitled to an input tax credit for the acquisition. Note: Acquisitions relating to financial supplies can give rise to input tax credits: see subsections 11 ‑ 15(4) and (5). (2) For each kind of * reduced credit acquisition specified, the regulations must specify a percentage to which the input tax credit is reduced.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 92 of 2000 | No 156 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 5 item 5 | Sch 5 item 11, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 1 item 11, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s70-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 70-10", "Provision_Key": "s70-10", "Heading": "Extended meaning of creditable purpose", "Text": "(1) The fact that a * reduced credit acquisition relates to making * financial supplies does not stop it being for a * creditable purpose, to the extent that it relates to making financial supplies. (2) The fact that you * apply a * reduced credit acquisition in making * financial supplies does not stop it being applied for a * creditable purpose, to the extent that it relates to making financial supplies. (3) This section has effect despite sections 11 ‑ 15 and 129 ‑ 50 (which are about the meaning of creditable purpose).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s70-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 70-15", "Provision_Key": "s70-15", "Heading": "How much are the reduced input tax credits?", "Text": "(1) The amount of an input tax credit for a * creditable acquisition of a * reduced credit acquisition is an amount equal to the GST payable on the supply of the acquisition multiplied by the percentage specified under subsection 70 ‑ 5(2) for acquisitions of that kind. (2) However, the amount of such an input tax credit is further reduced if the acquisition is only * partly creditable. (3) This section has effect despite section 11 ‑ 25 (which is about the amount of input tax credits).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s70-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 70-20", "Provision_Key": "s70-20", "Heading": "Extent of creditable purpose", "Text": "(1) If: (a) a * reduced credit acquisition is a * creditable acquisition; and (b) it is not wholly for a * creditable purpose because of this Division; it is * partly creditable. (2) The extent to which the acquisition is acquired or applied for a * creditable purpose is worked out using the following formula: where: extent of creditable purpose is the extent to which the purpose for which you applied or acquired the acquisition was a * creditable purpose otherwise than because of this Division, expressed as a percentage. extent of Division 70 creditable purpose is the extent to which the purpose for which you applied or acquired the acquisition was a * creditable purpose because of this Division, expressed as a percentage. percentage credit reduction is the reduced input tax credit percentage prescribed for the purposes of subsection 70 ‑ 5(2) for an acquisition of that kind. Note: This section affects sections 11 ‑ 30 and 129 ‑ 40. It is used even if the reduced credit acquisition is used wholly in carrying on your enterprise (unless the acquisition was wholly for a creditable purpose because of this Division, then section 70 ‑ 15 applies). Example 1: You make a reduced credit acquisition of $110,000, wholly for the purposes of carrying on your enterprise, partly for the purpose of making financial supplies (40%) and partly for the purpose of making taxable supplies (60%). Assume the percentage credit reduction to be 50%. The extent to which you make the acquisition for a creditable purpose is: Applying section 11 ‑ 30, your input tax credit is $8,000 (assuming you were liable for all the consideration). Example 2: You subsequently apply the acquisition partly in making financial supplies (40%), partly in making taxable supplies (40%) and partly for private use (20%). The extent to which you made the acquisition for a creditable purpose is: Applying Division 129, your input tax credit is reduced to $6,000, giving you an increasing adjustment of $2,000. (3) The Commissioner may determine, in writing, one or more ways in which to work out, for the purpose of subsection (2), the extent to which an acquisition is for a * creditable purpose.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 85, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s70-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 70-25", "Provision_Key": "s70-25", "Heading": "Sale of reduced credit acquisitions (Division 132)", "Text": "(1) If: (a) you supply a * reduced credit acquisition in circumstances to which Division 132 applies; and (b) you made the acquisition for a * creditable purpose because of this Division, or you applied the acquisition for a * creditable purpose because of this Division; this section applies for the purposes of Division 132. (2) In working out the full input tax credit in subsection 132 ‑ 5(2), the reference to a * creditable purpose in paragraph (a) of the definition of full input tax credit is to be read as a reference to a * creditable purpose otherwise than because of Division 70. (3) In working out the adjusted input tax credit in subsection 132 ‑ 5(2), the extent of the * creditable purpose because of subsection 132 ‑ 5(4) is increased by the following extent: where: extent of Division 70 creditable purpose has the same meaning as in section 70 ‑ 20. percentage credit reduction has the same meaning as in section 70 ‑ 20.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s70-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 71-1", "Provision_Key": "s71-1", "Heading": "What this Division is about", "Text": "Suppliers making input taxed supplies may not be entitled to input tax credits for acquisitions or importations they make to provide fringe benefits to their employees. Note: Under the Fringe Benefits Tax Assessment Act 1986 , a lower rate of fringe benefits tax is payable for providing fringe benefits without entitlement to input tax credits.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 92 of 2000 | No 156 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 12, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s71-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 71-5", "Provision_Key": "s71-5", "Heading": "Acquisitions by input taxed suppliers to provide fringe benefits", "Text": "(1) An acquisition that solely or partly relates to making supplies that are * input taxed is not a * creditable acquisition if: (a) the acquisition would (but for this section) be an acquisition of a kind referred to in paragraph 149A(2)(b) of the Fringe Benefits Tax Assessment Act 1986 ; and (b) the acquisition specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which * fringe benefits tax is or will be payable. (2) However, this section does not apply to an acquisition if: (a) the only reason it relates to making supplies that are * input taxed is because it relates to making * financial supplies; and (b) you do not * exceed the financial acquisitions threshold. (3) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 92 of 2000 | No 156 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 13, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s71-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 71-10", "Provision_Key": "s71-10", "Heading": "Importations by input taxed suppliers to provide fringe benefits", "Text": "(1) An importation that solely or partly relates to making supplies that are * input taxed is not a * creditable importation if: (a) the importation would (but for this section) be an importation of a kind referred to in paragraph 149A(2)(b) of the Fringe Benefits Tax Assessment Act 1986 ; and (b) the importation specifically relates to the provision of a particular benefit (within the meaning of that Act) in respect of which * fringe benefits tax is or will be payable. (2) However, this section does not apply to an importation if: (a) the only reason it relates to making supplies that are * input taxed is because it relates to making * financial supplies; and (b) you do not * exceed the financial acquisitions threshold. (3) This section has effect despite section 15 ‑ 5 (which is about what is a creditable importation).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 92 of 2000 | No 156 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 15, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s71-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-1", "Provision_Key": "s72-1", "Heading": "What this Division is about", "Text": "This Division ensures that supplies to, and acquisitions from, your associates without consideration are brought within the GST system, and that supplies to your associates for inadequate consideration are properly valued for GST purposes.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-5", "Provision_Key": "s72-5", "Heading": "Taxable supplies without consideration", "Text": "(1) The fact that a supply to your * associate is without * consideration, does not stop the supply being a * taxable supply if: (a) your associate is not * registered or * required to be registered; or (b) your associate acquires the thing supplied otherwise than solely for a * creditable purpose. (2) This section has effect despite paragraphs 9 ‑ 5(a) and 84 ‑ 5(1)(a) (which would otherwise require a taxable supply to be for consideration). (3) However, this section does not apply to any supply that is constituted by an insured entity settling a claim under an * insurance policy or by an entity (other than an * operator) settling a claim under a * compulsory third party scheme.", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 177 of 1999 | No 67 of 2003 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 86, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 67 of 2003, Sch 11 item 12, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 52 of 2016, Sch 2 item 6 | Sch 2 item 84, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 22, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-10", "Provision_Key": "s72-10", "Heading": "The value of taxable supplies without consideration", "Text": "(1) If a supply to your * associate without * consideration is a * taxable supply, its value is the * GST exclusive market value of the supply. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies). (3) This section does not apply to a supply that is a * taxable supply because of section 84 ‑ 5 (which is about offshore supplies).", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 52 of 2016, Sch 2 item 7, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-15", "Provision_Key": "s72-15", "Heading": "Attributing the GST to tax periods", "Text": "(1) The tax period to which the GST on a * taxable supply to your * associate without * consideration is attributable is the tax period in which the supply first becomes a supply that is * connected with the indirect tax zone. (2) This section has effect despite section 29 ‑ 5 (which is about attributing GST on taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-20", "Provision_Key": "s72-20", "Heading": "Supplies and acquisitions that would otherwise be sales etc.", "Text": "(1) If, apart from a lack of * consideration: (a) a supply to your * associate from you; or (b) a supply to you from your associate; would be a sale or some other kind of supply, the supply is taken for the purposes of the * GST law to be a supply of that kind. (2) If, apart from a lack of * consideration: (a) an acquisition by your * associate from you; or (b) an acquisition by you from your associate; would be by sale or some other means, the acquisition is taken for the purposes of the * GST law to be an acquisition by that means.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-25", "Provision_Key": "s72-25", "Heading": "Supplies that would otherwise be GST ‑ free, input taxed or financial supplies", "Text": "The fact that a supply to or from your * associate is without * consideration does not stop the supply from being any of the following for the purposes of the * GST law: (a) a * GST ‑ free supply; (b) a supply that is * input taxed; (c) a * financial supply.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-40", "Provision_Key": "s72-40", "Heading": "Creditable acquisitions without consideration", "Text": "(1) The fact that an acquisition from your * associate is without * consideration does not stop the acquisition being a * creditable acquisition if you acquire the thing supplied otherwise than solely for a * creditable purpose. (2) This section has effect despite paragraph 11 ‑ 5(c) (which would otherwise require a creditable acquisition to be for consideration). (3) However, this section does not apply to any acquisition that is constituted by an insurer settling a claim under an * insurance policy or by an * operator settling a claim under a * compulsory third party scheme.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 177 of 1999 | No 67 of 2003", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 87, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 67 of 2003, Sch 11 item 13, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-45", "Provision_Key": "s72-45", "Heading": "The amount of the input tax credit", "Text": "(1) The amount of the input tax credit on an acquisition from your * associate that is without * consideration is as follows: where: extent of creditable purpose is the extent to which the creditable acquisition is for a * creditable purpose, expressed as a percentage of the total purpose of the acquisition. full input tax credit is what would have been the amount of the input tax credit for the acquisition if it had been made solely for a creditable purpose and you had provided, or had been liable to provide, all of the consideration for the acquisition. (1A) However, if: (a) an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and (b) the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph 131 ‑ 40(1)(b); the amount of the input tax credit on the acquisition is worked out under section 131 ‑ 40 as if you had provided, or had been liable to provide, all of the * consideration for the acquisition. (2) This section has effect despite subsection 11 ‑ 30(3) (which is about the amount of input tax credits on partly creditable acquisitions).", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 156 of 2000 | No 134 of 2004", "History_Notes": "Amended by No 156 of 2000, Sch 7 item 4, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-50", "Provision_Key": "s72-50", "Heading": "Attributing the input tax credit to tax periods", "Text": "(1) The tax period to which the input tax credit for a * creditable acquisition from your * associate without * consideration is attributable is the tax period in which the supply to which the acquisition relates first becomes a supply that is * connected with the indirect tax zone. (2) This section has effect despite section 29 ‑ 10 (which is about attributing input tax credits for creditable acquisitions).", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-70", "Provision_Key": "s72-70", "Heading": "The value of taxable supplies for inadequate consideration", "Text": "(1) If a supply to your * associate for * consideration that is less than the * GST inclusive market value is a * taxable supply, its value is the * GST exclusive market value of the supply. (2) Subsection (1) does not apply if: (a) your associate is * registered or * required to be registered; and (b) your associate acquires the thing supplied solely for a * creditable purpose. (3) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies). (4) This section does not apply to a supply that is a * taxable supply because of section 84 ‑ 5 (which is about offshore supplies).", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 52 of 2016, Sch 2 item 8, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-90", "Provision_Key": "s72-90", "Heading": "GST branches", "Text": "This Division applies to a * GST branch of an entity as if the GST branch were an * associate of: (a) that entity; and (b) every other GST branch of that entity; and (c) any other associate of that entity.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-92", "Provision_Key": "s72-92", "Heading": "Non ‑ profit sub ‑ entities", "Text": "This Division applies to a * non ‑ profit sub ‑ entity of an entity as if the non ‑ profit sub ‑ entity were an * associate of: (a) that entity; and (b) every other non ‑ profit sub ‑ entity of that entity; and (c) any other associate of that entity.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-92"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-95", "Provision_Key": "s72-95", "Heading": "Commonwealth government entities", "Text": "(1) This Division applies to a * government entity that is: (a) a Department of State of the Commonwealth; or (b) a Department of the Parliament established under the Parliamentary Service Act 1999 ; or (c) an Executive Agency, or Statutory Agency, within the meaning of the Public Service Act 1999 ; or (d) an organisation, established by the Commonwealth, of a kind referred to in paragraph (e) of the definition of government entity in section 41 of the A New Tax System (Australian Business Number) Act 1999 ; as if the government entity were an * associate of the Commonwealth, of every other government entity of a kind referred to in paragraph (a), (b), (c) or (d) and of any other associate of the Commonwealth. (2) However, this Division does not apply to a supply or acquisition if a payment for the supply or acquisition is covered by subsection 9 ‑ 17(3) or (4).", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 92 of 2000 | No 5 of 2011 | No 75 of 2012", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 5 of 2011, Sch 6 item 121, effective Schedule 6 (item 121): 19 Apr 2011 | Amended by No 75 of 2012, Sch 2 item 4 | Sch 2 item 5, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 72-100", "Provision_Key": "s72-100", "Heading": "State or Territory government entities", "Text": "(1) This Division applies to a * government entity that is: (a) a Department of State of a State or Territory; or (b) an organisation, established by a State or Territory, of a kind referred to in paragraph (e) of the definition of government entity in section 41 of the A New Tax System (Australian Business Number) Act 1999 ; as if the government entity were an * associate of: (c) that State or Territory; and (d) every other Department of State of that State or Territory, or organisation, established by that State or Territory, of a kind referred to in paragraph (e) of that definition; and (e) any other associate of that State or Territory. (2) However, this Division does not apply to a supply or acquisition if a payment for the supply or acquisition is covered by subsection 9 ‑ 17(3) or (4).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 92 of 2000 | No 75 of 2012", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 75 of 2012, Sch 2 item 6 | Sch 2 item 7, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s72-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-1", "Provision_Key": "s75-1", "Heading": "What this Division is about", "Text": "This Division allows you to use a margin scheme to bring within the GST system your taxable supplies of freehold interests in land, of stratum units and of long ‑ term leases.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-5", "Provision_Key": "s75-5", "Heading": "Applying the margin scheme", "Text": "(1) The * margin scheme applies in working out the amount of GST on a * taxable supply of * real property that you make by: (a) selling a freehold interest in land; or (b) selling a * stratum unit; or (c) granting or selling a * long ‑ term lease; if you and the * recipient of the supply have agreed in writing that the margin scheme is to apply. (1A) The agreement must be made: (a) on or before the making of the supply; or (b) within such further period as the Commissioner allows. Note: Refusing to allow, or allowing, a further period within which to make an agreement is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (1B) A supply that you make to your * associate is taken for the purposes of subsection (1) to be a sale to your associate whether or not the supply is for * consideration. (2) However, the * margin scheme does not apply if you acquired the entire freehold interest, * stratum unit or * long ‑ term lease through a supply that was * ineligible for the margin scheme. Note: If you acquired part of the interest, unit or lease through a supply that was ineligible for the margin scheme, you may have an increasing adjustment: see section 75 ‑ 22. (3) A supply is ineligible for the margin scheme if: (a) it is a * taxable supply on which the GST was worked out without applying the * margin scheme; or (b) it is a supply of a thing you acquired by * inheriting it from a deceased person, and the deceased person had acquired all of it through a supply that was ineligible for the margin scheme; or (c) it is a supply in relation to which all of the following apply: (i) you were a * member of a * GST group at the time you acquired the interest, unit or lease in question; (ii) the entity from whom you acquired it was a member of the GST group at that time; (iii) the last supply of the interest, unit or lease by an entity who was not (at the time of that supply) a member of the GST group to an entity who was (at that time) such a member was a supply that was ineligible for the margin scheme; or (d) it is a supply in relation to which both of the following apply: (i) you acquired the interest, unit or lease from the * joint venture operator of a * GST joint venture at a time when you were a * participant in the joint venture; (ii) the joint venture operator had acquired the interest, unit or lease through a supply that was ineligible for the margin scheme; or (e) it is a supply in relation to which all of the following apply: (i) you acquired the interest, unit or lease from an entity as, or as part of, a * supply of a going concern to you that was * GST ‑ free under Subdivision 38 ‑ J; (ii) the entity was * registered or * required to be registered, at the time of the acquisition; (iii) the entity had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme; or (f) it is a supply in relation to which all of the following apply: (i) you acquired the interest, unit or lease from an entity as, or as part of, a supply to you that was GST ‑ free under Subdivision 38 ‑ O; (ii) the entity was registered or required to be registered, at the time of the acquisition; (iii) the entity had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme; or (g) it is a supply in relation to which all of the following apply: (i) you acquired the interest, unit or lease from an entity who was your * associate, and who was registered or required to be registered, at the time of the acquisition; (ii) the acquisition from your associate was without * consideration; (iii) the supply by your associate was not a taxable supply; (iv) your associate made the supply in the course or furtherance of an * enterprise that your associate * carried on; (v) your associate had acquired the entire interest, unit or lease through a taxable supply on which the GST was worked out without applying the margin scheme. (3A) Subparagraphs (3)(g)(iii) and (iv) do not apply if the acquisition from your * associate was not by means of a supply by your associate. (4) A reference in paragraph (3)(b), (c) or (d) to a supply that was ineligible for the margin scheme is a reference to a supply: (a) that was ineligible for the margin scheme because of one or more previous applications of subsection (3); or (b) that would have been ineligible for the margin scheme for that reason if subsection (3) had been in force at all relevant times.", "Amendment_Count": 3, "First_Amended": "No 78 of 2005", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 78 of 2005 | No 73 of 2006 | No 145 of 2008", "History_Notes": "Amended by No 78 of 2005, Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 11 | Sch 6 item 27A | Sch 6 item 27B, effective 29 June 2005 | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 122, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 145 of 2008, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 10, effective Schedule 1 (items 1–13): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-10", "Provision_Key": "s75-10", "Heading": "The amount of GST on taxable supplies", "Text": "(1) If a * taxable supply of * real property is under the * margin scheme, the amount of GST on the supply is 1 / 11 of the * margin for the supply. (2) Subject to subsection (3) and section 75 ‑ 11, the margin for the supply is the amount by which the * consideration for the supply exceeds the consideration for your acquisition of the interest, unit or lease in question. (3) Subject to section 75 ‑ 11, if: (a) the circumstances specified in an item in the second column of the table in this subsection apply to the supply; and (b) an * approved valuation of the freehold interest, * stratum unit or * long ‑ term lease, as at the day specified in the corresponding item in the third column of the table, has been made; the margin for the supply is the amount by which the * consideration for the supply exceeds that valuation of the interest, unit or lease. Use of valuations to work out margins Item When valuations may be used Days when valuations are to be made 1 The supplier acquired the interest, unit or lease before 1 July 2000, and items 2, 3 and 4 do not apply. 1 July 2000 2 The supplier acquired the interest, unit or lease before 1 July 2000, but does not become * registered or * required to be registered until after 1 July 2000. The date of effect of your registration, or the day on which you applied for registration (if it is earlier) 2A The supplier acquired the interest, unit or lease on or after 1 July 2000, but the supply to the supplier: (a) was * GST ‑ free under subsection 38 ‑ 445(1A); and 1 July 2000 (b) related to a supply before 1 July 2000, by way of lease, that would have been GST ‑ free under section 38 ‑ 450 had it been made on or after 1 July 2000. 3 The supplier is * registered or * required to be registered and has held the interest, unit or lease since before 1 July 2000, and there were improvements on the land or premises in question as at 1 July 2000. 1 July 2000 4 The supplier is the Commonwealth, a State or a Territory and has held the interest, unit or lease since before 1 July 2000, and there were no improvements on the land or premises in question as at 1 July 2000. The day on which the * taxable supply takes place (3A) If: (a) the circumstances specified in item 4 in the second column of the table in subsection (3) apply to the supply; and (b) there are improvements on the land or premises in question on the day on which the * taxable supply takes place; the valuation is to be made as if there are no improvements on the land or premises on that day. (4) This section has effect despite section 9 ‑ 70 (which is about the amount of GST on taxable supplies). Note: Section 9 ‑ 90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 78 of 2005", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 88, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 6 item 5, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 1 item 12, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 78 of 2005, Sch 6 item 12 | Sch 6 item 13 | Sch 6 item 14 | Sch 6 item 15 | Sch 6 item 16 | Sch 6 item 17 | Sch 6 item 21 | Sch 6 item 27, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-11", "Provision_Key": "s75-11", "Heading": "Margins for supplies of real property in particular circumstances", "Text": "Margin for supply of real property acquired from fellow member of GST group (1) If: (a) you acquired the interest, unit or lease in question at a time when both you and the entity from whom you acquired it were * members of the same * GST group; and (b) on or after 1 July 2000, there has been a supply (an earlier supply ) of the interest, unit or lease that occurred at a time when the supplier was not a member of the GST group; and (ba) the * recipient was at that time, or subsequently became, a member of the GST group; the margin for the supply you make is the amount by which the * consideration for the supply exceeds: (c) the consideration for the last such earlier supply, if the supplier and the recipient were not * associates at that time; or (d) the * GST inclusive market value of the interest, unit or lease at that time, if the 2 entities were associates at that time. (2) If: (a) you acquired the interest, unit or lease in question at a time when both you and the entity from whom you acquired it were * members of the same * GST group; and (b) subsection (1) does not apply; the margin for the supply you make is the amount by which the * consideration for the supply exceeds an * approved valuation of the interest, unit or lease as at 1 July 2000. Margin for supply of real property acquired from joint venture operator of a GST joint venture (2A) If: (a) you acquired the interest, unit or lease in question at a time when you were a * participant in a * GST joint venture and the entity from whom you acquired it was the * joint venture operator of the joint venture; and (b) you acquired the interest, unit or lease for consumption, use or supply in the course of activities for which the joint venture was entered into; and (c) on or after 1 July 2000, there has been a supply (an earlier supply ) of the interest, unit or lease to the entity from whom you acquired it (whether or not that entity was the joint venture operator of the joint venture at the time of that acquisition); the margin for the supply you make is the amount by which the * consideration for the supply exceeds: (d) the consideration for the last such earlier supply, if the supplier and the * recipient were not * associates at the time of the earlier supply; or (e) the * GST inclusive market value of the interest, unit or lease at that time, if the 2 entities were associates at that time. (2B) If: (a) you acquired the interest, unit or lease in question at a time when you were a * participant in a * GST joint venture and the entity from whom you acquired it was the * joint venture operator of the joint venture; and (b) you acquired the interest, unit or lease for consumption, use or supply in the course of activities for which the joint venture was entered into; and (c) subsection (2A) does not apply; the margin for the supply you make is the amount by which the * consideration for the supply exceeds an * approved valuation of the interest, unit or lease as at 1 July 2000. Margin for supply of real property acquired from deceased estate (3) If: (a) you acquired the interest, unit or lease in question by * inheriting it; and (b) none of subsections (1) to (2B) applies; and (c) the entity from whom you inherited the interest, unit or lease (the deceased ) acquired it before 1 July 2000; the margin for the supply you make is the amount by which the * consideration for the supply exceeds: (ca) if you know what was the consideration for the supply of the interest, unit or lease to the deceased and you choose to use that consideration to work out the margin for the supply—that consideration; or (d) if paragraph (ca) does not apply and, immediately before the time at which you inherited the interest, unit or lease, the deceased was neither * registered nor * required to be registered—an * approved valuation of the interest, unit or lease as at the latest of: (i) 1 July 2000; or (ii) the day on which you inherited the interest, unit or lease; or (iii) the first day on which you registered or were required to be registered; or (e) if paragraph (ca) does not apply and, immediately before the time at which you inherited the interest, unit or lease, the deceased was registered or required to be registered—an approved valuation of the interest, unit or lease as at the later of: (i) 1 July 2000; or (ii) the first day on which the deceased registered or was required to be registered. (4) If: (a) you acquired the interest, unit or lease in question by * inheriting it; and (b) none of subsections (1) to (2B) applies; and (c) the entity from whom you inherited the interest, unit or lease (the deceased ) acquired it on or after 1 July 2000; the margin for the supply you make is the amount by which the * consideration for the supply exceeds: (d) if you know what was the consideration for the supply of the interest, unit or lease to the deceased and you choose to use that consideration to work out the margin for the supply—that consideration; or (e) if paragraph (d) does not apply—an * approved valuation of the interest, unit or lease as at the day on which the deceased acquired it. Margin for supply of real property acquired as a GST ‑ free going concern or as GST ‑ free farm land (5) If: (a) you acquired the interest, unit or lease in question from an entity as, or as part of: (i) a * supply of a going concern to you that was * GST ‑ free under Subdivision 38 ‑ J; or (ii) a supply to you that was GST ‑ free under Subdivision 38 ‑ O; and (b) the entity was * registered or * required to be registered, at the time of the acquisition; and (c) none of subsections (1) to (4) applies; the margin for the supply you make is the amount by which the * consideration for the supply exceeds: (d) if that entity had acquired the interest, unit or lease before 1 July 2000 and on that day was registered or required to be registered: (i) if you choose to apply an * approved valuation to work out the margin for the supply—an approved valuation of the interest, unit or lease as at 1 July 2000; or (ii) if subparagraph (i) does not apply—the * GST inclusive market value of the interest, unit or lease as at 1 July 2000; or (e) if that entity had acquired the interest, unit or lease on or after 1 July 2000 and had been registered or required to be registered at the time of the acquisition: (i) if the entity’s acquisition was for consideration and you choose to apply an approved valuation to work out the margin for the supply—an approved valuation of the interest, unit or lease as at the day on which the entity had acquired it; or (ii) if the entity’s acquisition was for consideration and subparagraph (i) does not apply—that consideration; or (iii) if the entity’s acquisition was without consideration—the GST inclusive market value of the interest, unit or lease as at the time of the acquisition; or (f) if that entity had not been registered or required to be registered at the time of the entity’s acquisition of the interest, unit or lease (and paragraph (d) does not apply): (i) if you choose to apply an approved valuation to work out the margin for the supply—an approved valuation of the interest, unit or lease as at the first day on which the entity was registered or required to be registered; or (ii) if subparagraph (i) does not apply—the GST inclusive market value of the interest, unit or lease as at that day. Margin for supply of real property acquired from associate (6) If: (a) you acquired the interest, unit or lease in question from an entity who was your * associate, and who was * registered or * required to be registered, at the time of the acquisition; and (b) the acquisition from your associate was without * consideration; and (c) the supply by your associate was not a * taxable supply; and (d) your associate made the supply in the course or furtherance of an * enterprise that your associate * carried on; and (e) none of subsections (1) to (5) applies; the margin for the supply you make is the amount by which the consideration for the supply exceeds: (f) if your associate had acquired the interest, unit or lease before 1 July 2000 and on that day was registered or required to be registered: (i) if you choose to apply an * approved valuation to work out the margin for the supply—an approved valuation of the interest, unit or lease as at 1 July 2000; or (ii) if subparagraph (i) does not apply—the * GST inclusive market value of the interest, unit or lease as at 1 July 2000; or (g) if your associate had acquired the interest, unit or lease on or after 1 July 2000 and had been registered or required to be registered at the time of the acquisition: (i) if your associate’s acquisition was for consideration and you choose to apply an approved valuation to work out the margin for the supply—an approved valuation of the interest, unit or lease as at the day on which your associate had acquired it; or (ii) if your associate’s acquisition was for consideration and subparagraph (i) does not apply—that consideration; or (iii) if your associate’s acquisition was without consideration—the GST inclusive market value of the interest, unit or lease at the time of the acquisition; or (h) if your associate had not been registered or required to be registered at the time of your associate’s acquisition of the interest, unit or lease (and paragraph (f) does not apply): (i) if you choose to apply an approved valuation to work out the margin for the supply—an approved valuation of the interest, unit or lease as at the first day on which the entity was registered or required to be registered; or (ii) if subparagraph (i) does not apply—the GST inclusive market value of the interest, unit or lease as at that day. (6A) Paragraphs (6)(c) and (d) do not apply if the acquisition from your * associate was not by means of a supply by your associate. (6B) To avoid doubt, you cannot be taken, for the purposes of paragraph (5)(f) or (6)(h), to be * registered or * required to be registered on a day earlier than 1 July 2000. (7) If: (a) you acquired the interest, unit or lease in question from an entity who was your * associate at the time of the acquisition; and (b) none of the other subsections of this section apply; the margin for the supply you make is the amount by which the * consideration for the supply exceeds: (c) if your acquisition was made before 1 July 2000—an * approved valuation of the interest, unit or lease as at 1 July 2000; or (d) if your acquisition was made on or after 1 July 2000—the * GST inclusive market value of the interest, unit or lease at the time of the acquisition. (8) Subsection (6) or (7) applies to an acquisition through a supply made by: (a) a * GST branch; or (b) a * non ‑ profit sub ‑ entity; or (c) a * government entity of a kind referred to in section 72 ‑ 95 or 72 ‑ 100; as if Subdivision 72 ‑ D affected the operation of that subsection in the same way that it affects the operation of Division 72.", "Amendment_Count": 3, "First_Amended": "No 78 of 2005", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 78 of 2005 | No 58 of 2006 | No 145 of 2008", "History_Notes": "Inserted by No 78 of 2005, Sch 6 item 12 | Sch 6 item 13, effective 29 June 2005 | Amended by No 58 of 2006, Sch 7 item 2, effective Schedule 7 (items 2–15, 220–226): Royal Assent | Amended by No 145 of 2008, Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 75, effective Schedule 1 (items 1–13): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-11"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-12", "Provision_Key": "s75-12", "Heading": "Working out margins to take into account failure to pay full consideration", "Text": "In working out the * margin for a * taxable supply of * real property you make (the later supply ), if: (a) you had acquired the interest, unit or lease in question through a supply (the earlier supply ); and (b) the * consideration for: (i) if your acquisition was not an acquisition from a * member of a * GST group of which you were also a member at the time of the acquisition—the earlier supply; or (ii) if your acquisition was such an acquisition—the last supply of the interest, unit or lease at a time when the supplier of that last supply was not, but the * recipient of that last supply was, a member of the GST group; had not been paid in full at the time of the later supply; treat the amount of the consideration as having been reduced by the amount of unpaid consideration referred to in paragraph (b). Note: If you subsequently pay more of the consideration for the earlier supply, you may have a decreasing adjustment: see section 75 ‑ 27.", "Amendment_Count": 1, "First_Amended": "No 78 of 2005", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 78 of 2005", "History_Notes": "Inserted by No 78 of 2005, Sch 6 item 75, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-12"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-13", "Provision_Key": "s75-13", "Heading": "Working out margins to take into account supplies to associates", "Text": "In working out the * margin for a * taxable supply of * real property you make to an entity who is your * associate at the time of the supply, treat the * consideration for the supply (whether or not the supply was for consideration) as if it were the same as the * GST inclusive market value of the interest, unit or lease at the time of the supply.", "Amendment_Count": 2, "First_Amended": "No 78 of 2005", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 78 of 2005 | No 145 of 2008", "History_Notes": "Inserted by No 78 of 2005, effective 29 June 2005 | Amended by No 145 of 2008, Sch 1 item 8, effective Schedule 1 (items 1–13): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-13"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-14", "Provision_Key": "s75-14", "Heading": "Consideration for acquisition of real property not to include cost of improvements etc.", "Text": "(1) To avoid doubt, in working out the * consideration for an acquisition for the purposes of applying the * margin scheme to a * taxable supply of * real property, disregard: (a) the cost or value of any other acquisitions that have been made by you, or any work that has been performed, in relation to the real property; and (b) the cost or value of any other acquisitions that are intended to be made by you, or any work that is intended to be performed, in relation to the real property after its acquisition; including acquisitions or work connected with bringing into existence the interest, unit or lease supplied. (2) This section does not affect what constitutes * consideration for a purpose not connected with applying the * margin scheme.", "Amendment_Count": 1, "First_Amended": "No 78 of 2005", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 78 of 2005", "History_Notes": "Inserted by No 78 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-14"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-15", "Provision_Key": "s75-15", "Heading": "Subdivided real property", "Text": "(1) This section applies if you make a * taxable supply of * real property that relates only to part of the land or premises in which you acquired an interest, unit or lease. (2) In applying any of sections 75 ‑ 10 to 75 ‑ 14 in working out the * margin for the * taxable supply, use only the corresponding proportion of the following (as applicable): (a) the * consideration for the acquisition or supply referred to in that section of that interest, unit or lease; (b) an * approved valuation of that interest, unit or lease as at the day referred to in that section; (c) the * GST inclusive market value of that interest, unit or lease as at the day or time referred to in that section. Example 1: If subsection 75 ‑ 11(2) applies, use only the corresponding proportion of an approved valuation of your interest, unit or lease in the unsubdivided property as at 1 July 2000. Example 2: If subparagraph 75 ‑ 11(5)(e)(ii) applies, use only the corresponding proportion of the consideration for the acquisition of the interest, unit or lease in the unsubdivided property by the entity that supplied it to you.", "Amendment_Count": 2, "First_Amended": "No 78 of 2005", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 78 of 2005 | No 84 of 2013", "History_Notes": "Amended by No 78 of 2005, Sch 6 item 17, effective 29 June 2005 | Repealed and substituted by No 84 of 2013, Sch 8 item 17, effective Sch 8 (items 17–19): 28 June 2013 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-16", "Provision_Key": "s75-16", "Heading": "Margins for supplies of real property acquired through several acquisitions", "Text": "(1) If: (a) you make a * taxable supply of * real property under the * margin scheme; and (b) the interest, unit or lease in question is one that you acquired through 2 or more acquisitions ( partial acquisitions ); and (c) one of the following provisions (a margin provision ) applies in relation to such a partial acquisition, or would so apply if the partial acquisition had been an acquisition of the whole of the interest, unit or lease: (i) section 75 ‑ 10; (ii) subsection 75 ‑ 11(1), (2), (2A), (2B), (3), (4), (5), (6) or (7); the margin provision applies, in working out the margin for the supply you make, only to the extent that the supply is connected to the partial acquisition. (2) The application of a margin provision in relation to one of the partial acquisitions does not prevent that margin provision or a different margin provision applying in relation to another of the partial acquisitions.", "Amendment_Count": 1, "First_Amended": "No 145 of 2008", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 145 of 2008", "History_Notes": "Inserted by No 145 of 2008, effective Schedule 1 (items 1–13): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-16"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-20", "Provision_Key": "s75-20", "Heading": "Supplies under a margin scheme do not give rise to creditable acquisitions", "Text": "(1) An acquisition of a freehold interest in land, a * stratum unit or a * long ‑ term lease is not a * creditable acquisition if the supply of the interest, unit or lease was a * taxable supply under the * margin scheme. (2) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-22", "Provision_Key": "s75-22", "Heading": "Increasing adjustment relating to input tax credit entitlement", "Text": "(1) You have an increasing adjustment if: (a) you make a * taxable supply of * real property under the * margin scheme; and (b) an acquisition that you made of part of the interest, unit or lease in question was made through a supply that was * ineligible for the margin scheme; and (c) you were, or are, entitled to an input tax credit for the acquisition. The amount of the increasing adjustment is an amount equal to the * previously attributed input tax credit amount for the acquisition. (2) You have an increasing adjustment if: (a) you make a * taxable supply of * real property under the * margin scheme; and (b) you acquired all or part of the interest, unit or lease in question by inheriting it; and (c) the entity from whom you inherited (the deceased ) had acquired part of the interest, unit or lease that you inherited through a supply that was * ineligible for the margin scheme; and (d) the deceased was entitled to an input tax credit for that acquisition. The amount of the increasing adjustment is an amount equal to the * previously attributed input tax credit amount for the acquisition. (3) You have an increasing adjustment if: (a) you make a * taxable supply of * real property under the * margin scheme; and (b) an acquisition that you made of part of the interest, unit or lease in question was made through a supply that was * ineligible for the margin scheme because of paragraph 75 ‑ 5(3)(e), (f) or (g); and (c) the entity from whom you made the acquisition had been entitled to an input tax credit for its acquisition. (4) You have an increasing adjustment if: (a) you make a * taxable supply of * real property under the * margin scheme; and (b) the acquisition that you made of the interest, unit or lease in question: (i) was made through a supply that was * GST ‑ free under Subdivision 38 ‑ J or Subdivision 38 ‑ O; or (ii) was made through a supply (other than a taxable supply) from your * associate without * consideration and in the course or furtherance of an * enterprise that your associate * carried on; or (iii) was made from your associate but not by means of a supply from your associate; and (c) the entity from whom you acquired the interest, unit or lease: (i) acquired part of the interest, unit or lease through a supply that would have been * ineligible for the margin scheme if it had been a supply of the whole of the interest, unit or lease; and (ii) had been entitled to an input tax credit for its acquisition; and (iii) was * registered or * required to be registered, at the time of your acquisition of the interest, unit or lease. (5) The amount of the * increasing adjustment under subsection (3) or (4) is an amount equal to 1 / 11 of: (a) if you choose to apply an * approved valuation to work out the amount—an approved valuation of the part of the interest, unit or lease referred to in paragraph (3)(b) or subparagraph (4)(c)(i) as at the day on which the entity had acquired it; or (b) otherwise—the * consideration for the entity’s acquisition of that part of the interest, unit or lease.", "Amendment_Count": 2, "First_Amended": "No 78 of 2005", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 78 of 2005 | No 145 of 2008", "History_Notes": "Inserted by No 78 of 2005, Sch 6 item 11 | Sch 6 item 25, effective 29 June 2005 | Amended by No 145 of 2008, Sch 1 item 10, effective Schedule 1 (items 1–13): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-22"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-25", "Provision_Key": "s75-25", "Heading": "Adjustments relating to bad debts", "Text": "(1) If: (a) you have an * adjustment under Division 21 relating to a supply that you made that is a * taxable supply of * real property under the * margin scheme; and (b) the amount of the adjustment would (apart from this section) exceed 1 / 11 of the * margin for the supply; the amount of the adjustment is 1 / 11 of the margin for the supply. (2) This section has effect despite sections 21 ‑ 5 and 21 ‑ 10 (which are about adjustments for writing off and recovering suppliers’ bad debts).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-27", "Provision_Key": "s75-27", "Heading": "Decreasing adjustment for later payment of consideration", "Text": "(1) You have a decreasing adjustment if: (a) section 75 ‑ 12 applied to working out the * margin for a * taxable supply of * real property that you made; and (b) after you made the supply, a further amount of the * consideration was paid for the earlier supply referred to in that section. (2) The amount of the decreasing adjustment is an amount equal to 1 / 11 of the further amount of the * consideration paid.", "Amendment_Count": 1, "First_Amended": "No 78 of 2005", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 78 of 2005", "History_Notes": "Inserted by No 78 of 2005, Sch 6 item 75 | Sch 6 item 24, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-27"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-30", "Provision_Key": "s75-30", "Heading": "Tax invoices not required for supplies of real property under the margin scheme", "Text": "(1) You are not required to issue a * tax invoice for a * taxable supply that you make that is solely a supply of * real property under the * margin scheme. (2) This section has effect despite section 29 ‑ 70 (which is about the requirement to issue tax invoices).", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 75-35", "Provision_Key": "s75-35", "Heading": "Approved valuations", "Text": "(1) The Commissioner may, by legislative instrument, determine in writing requirements for making valuations for the purposes of this Division. (2) A valuation made in accordance with those requirements is an approved valuation .", "Amendment_Count": 1, "First_Amended": "No 78 of 2005", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 78 of 2005", "History_Notes": "Inserted by No 78 of 2005, Sch 6 item 21 | Sch 6 item 22, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s75-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-1", "Provision_Key": "s78-1", "Heading": "What this Division is about", "Text": "Stamp duty is not included in working out the GST on insurance premiums. Insurers have decreasing adjustments which enable the net GST on insurance to reflect correctly their margins after settlements of claims are taken into account. Note: Payments and supplies under compulsory third party schemes are dealt with in some cases under this Division and in others under Division 79 or 80. Table of Subdivisions 78 ‑ A Insurers 78 ‑ B Insured entities etc. 78 ‑ C Third parties 78 ‑ D Insured entities that are not registered etc. 78 ‑ E Statutory compensation schemes 78 ‑ F Miscellaneous", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 177 of 1999 | No 67 of 2003", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 89, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 67 of 2003, Sch 11 item 14, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-5", "Provision_Key": "s78-5", "Heading": "GST on insurance premiums is exclusive of stamp duty", "Text": "(1) The * value of a * taxable supply of an * insurance policy is worked out as if the * price of the supply were reduced by the amount of any stamp duty payable under a * State law or * Territory law in respect of the supply. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 124, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-10", "Provision_Key": "s78-10", "Heading": "Decreasing adjustments for settlements of insurance claims", "Text": "(1) An insurer has a decreasing adjustment if, in settlement of a claim under an * insurance policy, the insurer makes one or more of the following: (a) a payment of * money; (b) a payment of * digital currency; (c) a supply. (2) However, this section only applies if: (a) the supply of the * insurance policy by the insurer was solely or partly a * taxable supply; and (b) either: (i) there was no entitlement to an input tax credit for the premium paid in relation to the period during which the event giving rise to the claim happened; or (ii) there was an entitlement to such an input tax credit, but the amount of the input tax credit was less than the GST payable by the insurer for the taxable supply; and (c) the insurer settles the claim for a * creditable purpose; and (d) the insurer is * registered, or * required to be registered; and (e) the settlement does not relate solely to one or more * non ‑ creditable insurance events. (2A) In working out the amount of an input tax credit for the purposes of subparagraph (2)(b)(ii), disregard sections 131 ‑ 40 and 131 ‑ 50 (which are about amounts of input tax credits under the annual apportionment rules). (3) An event is a non ‑ creditable insurance event if the supply of an * insurance policy would not be a * taxable supply if it were only an insurance policy against loss, damage, injury or risk that relates to that event happening.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 134 of 2004 | No 118 of 2017", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 78 | Sch 6 item 127, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2017, Sch 1 item 5, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-15", "Provision_Key": "s78-15", "Heading": "How to work out the decreasing adjustments", "Text": "No input tax credit for the premium (1) If there was no entitlement to an input tax credit for the premium paid in relation to the period during which the event giving rise to the claim happened, the amount of the decreasing adjustment is 1 / 11 of the * settlement amount. Partial input tax credit for the premium (2) If there was an entitlement to such an input tax credit, the amount of the decreasing adjustment is as follows: where: extent of input tax credit is the amount of the input tax credit expressed as a fraction of the GST payable for the supply of the * insurance policy for the period to which the premium relates. Note: There is no decreasing adjustment if there is a full input tax credit for the premium paid: see paragraph 78 ‑ 10(2)(b). Non ‑ creditable insurance events (3) The amount of the decreasing adjustment under subsection (1) or (2) is reduced to the extent (if any) that the settlement relates to one or more * non ‑ creditable insurance events. Settlement amounts (4) The settlement amount is worked out using this method statement. Method statement Step 1. Add together: (a) the sum of the payments of * money, or * digital currency, (if any) made in settlement of the claim; and (b) the * GST inclusive market value of the supplies (if any) made by the insurer in settlement of the claim (other than supplies that would have been * taxable supplies but for section 78 ‑ 25). Step 2. If any payments of excess were made to the insurer under the * insurance policy in question, subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78 ‑ 18 applies). Step 3. Multiply the step 1 amount, or (if step 2 applies) the step 2 amount, by the following: where: extent of input tax credit has the meaning given by subsection (2).", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 118 of 2017", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 151, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 8 item 2, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 6 item 20 | Sch 6 item 21, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 118 of 2017, Sch 1 item 6, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-18", "Provision_Key": "s78-18", "Heading": "Increasing adjustments for payments of excess under insurance policies", "Text": "(1) An insurer has an increasing adjustment if: (a) there is a payment of an excess to the insurer under an * insurance policy; and (b) the insurer makes, or has made, payments or supplies in settlement of a claim under the policy; and (c) the insurer makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of settling the claim. (2) The amount of the increasing adjustment is 1 / 11 of the amount that represents the extent to which the payment of excess relates to * creditable acquisitions and * creditable importations made by the insurer directly for the purpose of settling the claim. (3) An insurer has an increasing adjustment if: (a) there is a payment of an excess to the insurer under an * insurance policy; and (b) the insurer makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of settling the claim; and (c) the insurer has not made any payments or supplies in settlement of the claim. The amount of the increasing adjustment is 1 / 11 of the amount of the payment of the excess.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 6 item 20 | Sch 6 item 78 | Sch 6 item 38, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-18"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-20", "Provision_Key": "s78-20", "Heading": "Settlements of insurance claims do not give rise to creditable acquisitions", "Text": "(1) If, in settlement of a claim under an * insurance policy, an insurer makes one or more of the following: (a) a payment of * money; (b) a payment of * digital currency; (c) a supply; the payment or supply is not treated as * consideration for an acquisition made by the insurer. (2) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 118 of 2017", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2017, Sch 1 item 7, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-25", "Provision_Key": "s78-25", "Heading": "Supplies in settlement of claims are not taxable supplies", "Text": "(1) A supply that an insurer makes in settlement of a claim under an * insurance policy is not a * taxable supply. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 78, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-30", "Provision_Key": "s78-30", "Heading": "Acquisitions by insurers in the course of settling claims under non ‑ taxable policies", "Text": "(1) An acquisition is not a * creditable acquisition if: (a) the insurer makes the acquisition: (i) to the extent that the acquisition is an acquisition of goods—solely for the purpose of supplying the goods in the course of settling a claim under an * insurance policy; or (ii) otherwise—solely for a purpose directly related to settling a particular claim under an * insurance policy; and (b) the supply of the insurance policy by the insurer was * GST ‑ free. (2) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 177 of 1999 | No 156 of 2000", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 92 | Sch 6 item 93 | Sch 6 item 94, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 156 of 2000, Sch 6 item 22 | Sch 6 item 23 | Sch 6 item 24 | Sch 6 item 25, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-35", "Provision_Key": "s78-35", "Heading": "Taxable supplies relating to rights of subrogation", "Text": "(1) If, in settlement of a claim made by an insurer in the insurer’s exercising of rights of subrogation in respect of an * insurance policy, an entity that is not insured under the policy makes one or more of the following: (a) a payment of * money; (b) a payment of * digital currency; (c) a supply; the payment or supply is not treated as * consideration for a supply made by the insurer (whether or not the payment or supply is made to the insurer) or by the entity insured. (2) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 118 of 2017", "History_Notes": "Repealed and substituted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2017, Sch 1 item 8, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-40", "Provision_Key": "s78-40", "Heading": "Adjustment events relating to decreasing adjustments under this Division", "Text": "(1) Division 19 applies in relation to a * decreasing adjustment that an insurer has under this Division as if: (a) the adjustment were an input tax credit; and (b) the settlement of the claim to which the adjustment relates were a * creditable acquisition that the insurer made; and (c) any payment or supply made by another entity, in settlement of a claim made by an insurer in the insurer’s exercising of rights of subrogation in respect of the * insurance policy in question, were a reduction in the * consideration for the acquisition. (2) Paragraph (1)(c) does not apply to a payment by another entity in relation to which an * increasing adjustment arises under section 80 ‑ 30 or 80 ‑ 70 (which are about settlement sharing arrangements).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 177 of 1999 | No 83 of 2004", "History_Notes": "Repealed and substituted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-42", "Provision_Key": "s78-42", "Heading": "Adjustment events relating to increasing adjustments under section 78 ‑ 18", "Text": "Division 19 applies in relation to an * increasing adjustment that an insurer has under section 78 ‑ 18 as if: (a) payments of excess under an * insurance policy to which the adjustment relates were * consideration for a * taxable supply that the insurer made; and (b) the adjustment were the GST payable on the taxable supply; and (c) any refund of that payment of excess made by the insurer were a reduction in the consideration for the supply.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-42"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-45", "Provision_Key": "s78-45", "Heading": "Settlements of insurance claims do not give rise to taxable supplies", "Text": "(1) If, in settlement of a claim under an * insurance policy, an insurer makes one or more of the following: (a) a payment of * money; (b) a payment of * digital currency; (c) a supply; the payment or supply is not treated as * consideration for a supply made by the entity insured, or by any entity (other than the entity insured) that was entitled to an input tax credit for the premium paid for the insurance policy. (2) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 118 of 2017", "History_Notes": "Repealed and substituted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2017, Sch 1 item 9, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-50", "Provision_Key": "s78-50", "Heading": "Settlements of insurance claims give rise to taxable supplies if entitlement to input tax credits is not disclosed", "Text": "(1) However, the payment or supply is treated as * consideration for a supply made by an entity if: (a) the entity paid all or a part of the premium, for the * insurance policy, relating to the period during which the event giving rise to the claim happened; and (b) the entity, or the * representative member of the * GST group of which the entity is a * member, was entitled to an input tax credit for the premium it paid; and (c) the entity: (i) did not, at or before the time a claim was first made under the insurance policy since the last payment of a premium, inform the insurer of the entitlement to an input tax credit for the premium it paid; or (ii) in informing the insurer of the entitlement at or before that time, understated its extent; and (d) the insurance policy was not issued under a * compulsory third party scheme. It does not matter whether that entity is the entity insured, or whether the payment or supply is made to that entity or any other entity. (2) The extent to which the payment or supply is treated as * consideration is the extent of the entitlement, or the extent to which the entitlement was understated, as the case requires. (2A) In working out, for the purposes of subparagraph (1)(c)(ii) or subsection (2), whether an entitlement to an input tax credit has been understated, or the extent of the understatement, disregard sections 131 ‑ 40 and 131 ‑ 50 (which are about amounts of input tax credits under the annual apportionment rules). (3) The supply made by the entity is a taxable supply whether or not the entity is * registered, or * required to be registered, at the time of the settlement or at the time of the payment or supply by the insurer. Note: Subdivision 78 ‑ D deals with how GST applies to the taxable supply if the insured entity is not registered, or required to be registered. (4) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 17 (which is about consideration).", "Amendment_Count": 6, "First_Amended": "No 177 of 1999", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 156 of 2000 | No 67 of 2003 | No 134 of 2004 | No 75 of 2012", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 92 | Sch 6 item 93 | Sch 6 item 94 | Sch 6 item 23A, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 6 item 26, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 67 of 2003, Sch 11 item 15, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 75 of 2012, Sch 2 item 8, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-55", "Provision_Key": "s78-55", "Heading": "Payments of excess under insurance policies are not consideration for supplies", "Text": "(1) The making of any payment by an entity is not treated as * consideration for a supply, to the entity or any other entity, to the extent that the payment is the payment of an excess to the insurer under an * insurance policy. (2) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-60", "Provision_Key": "s78-60", "Heading": "Supplies of goods to insurers in the course of settling claims", "Text": "(1) A supply of goods is not a * taxable supply if it is solely a supply made under an * insurance policy to an insurer in the course of settling a claim under the policy. (2) In working out the value of a * taxable supply that is partly a supply of goods made under an * insurance policy to an insurer in the course of settling a claim under the policy, disregard the * consideration to the extent that it relates to the supply of those goods. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-65", "Provision_Key": "s78-65", "Heading": "Payments etc. to third parties by insurers", "Text": "(1) The making of any payment by an insurer to an entity is not treated as * consideration for a supply to the insurer by the entity, to the extent that: (a) the payment is made in settlement of a claim under an * insurance policy under which the entity is not insured; and (b) the payment is to discharge a liability owed to that entity by the entity insured. (2) The making of any supply by an insurer to an entity: (a) is not to be treated as a * taxable supply by the insurer; and (b) is not to be treated as * consideration for a supply to the insurer by the entity, or any other entity; to the extent that: (c) the supply is made in settlement of a claim under an * insurance policy under which the entity is not insured; and (d) the supply is to discharge a liability owed to that entity by the entity insured. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Amended by No 156 of 2000, Sch 6 item 28 | Sch 6 item 29, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-70", "Provision_Key": "s78-70", "Heading": "Payments etc. to third parties by insured entities", "Text": "(1) The making of any payment by an entity to another entity is not to be treated as * consideration for a supply to the entity by that other entity, to the extent that: (a) the payment is to discharge a liability of the entity to that other entity; and (b) the payment is covered by a settlement of a claim under an * insurance policy under which the entity was insured against that liability. (2) The making of any supply by an entity to another entity: (a) is not to be treated as a * taxable supply by the entity; and (b) is not to be treated as * consideration for a supply to the entity by that other, or any other, entity; to the extent that: (c) the supply is to discharge a liability of the entity to that other entity; and (d) the supply is covered by a settlement of a claim under an * insurance policy under which the entity was insured against that liability. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-75", "Provision_Key": "s78-75", "Heading": "Creditable acquisitions relating to rights of subrogation", "Text": "(1) If, in settlement of a claim made by an insurer in the insurer’s exercising of rights of subrogation in respect of an * insurance policy, an entity that is not insured under the policy makes one or more of the following: (a) a payment of * money; (b) a payment of * digital currency; (c) a supply; the payment or supply is not treated as * consideration for an acquisition made by the entity. (2) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 118 of 2017", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2017, Sch 1 item 10, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-80", "Provision_Key": "s78-80", "Heading": "Net amounts", "Text": "(1) If an entity insured under an * insurance policy is not * registered or * required to be registered, it does not have a * net amount under Part 2 ‑ 4 merely because it makes a * taxable supply under section 78 ‑ 50. (2) This section does not prevent an * adjustment arising that relates to such a supply, but the entity cannot have a * decreasing adjustment unless it is * registered or * required to be registered. (3) This section has effect despite Division 17 (which is about net amounts and adjustments).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 92, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-85", "Provision_Key": "s78-85", "Heading": "GST returns", "Text": "(1) If, during a month: (a) an entity makes any * taxable supplies under section 78 ‑ 50; or (b) an entity has any * increasing adjustments that arise in relation to any such supplies (whether made in that month or a previous month); and the entity is not * registered or * required to be registered during that month, it must give to the Commissioner a * GST return, within 21 days after the end of the month, relating to those supplies it made in that month and those adjustments. (3) This section has effect despite sections 31 ‑ 5 and 31 ‑ 10 (which are about giving GST returns).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 177 of 1999 | No 73 of 2001", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 93, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 73 of 2001, Sch 5 item 16 | Sch 5 item 17, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-90", "Provision_Key": "s78-90", "Heading": "Payments of GST", "Text": "(1) An entity that is not * registered or * required to be registered during a particular month must pay to the Commissioner: (a) amounts of * assessed GST on * taxable supplies under section 78 ‑ 50 that it makes during that month; and (b) * assessed amounts of * increasing adjustments that it has that arise, during that month, in relation to supplies that are taxable supplies under section 78 ‑ 50. (1A) The entity must pay each amount: (a) on or before the later of: (i) the 21st day after the end of the month; and (ii) the day the Commissioner gives notice of the relevant * assessment to the entity under section 155 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 ; and (b) at the place and in the manner specified by the Commissioner. (2) This section has effect despite Division 33 (which is about payments of GST).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 177 of 1999 | No 39 of 2012", "History_Notes": "Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 39 of 2012, Sch 1 item 80 | Sch 1 item 241, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-95", "Provision_Key": "s78-95", "Heading": "GST on premiums etc. under statutory compensation schemes is exclusive of stamp duty", "Text": "(1) The * value of a * taxable supply of membership of, or participation in, a * statutory compensation scheme is worked out as if the * price of the supply were reduced by the amount of any stamp duty payable under a * State law or * Territory law in respect of the supply. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-100", "Provision_Key": "s78-100", "Heading": "Settlements of claims for compensation under statutory compensation schemes", "Text": "(1) Subsection 38 ‑ 60(1) and this Division apply in relation to a payment or supply made in settlement of a claim for compensation under a * statutory compensation scheme in the same way that they apply to a payment or supply made in settlement of a claim under an * insurance policy. Note: Subsection 38 ‑ 60(1) provides that certain supplies to insurers are GST ‑ free. (2) For the purposes of the application of subsection 38 ‑ 60(1) and this Division in relation to such a payment or supply: (a) the claim for compensation under the scheme is treated as a claim under an * insurance policy; and (b) the entity operating the scheme is treated as the insurer; and (c) an entity is treated as the entity insured if: (i) the entity’s payment of premiums, contributions or similar payments under the scheme, or payment of levy in connection with the scheme; or (ii) the entity’s liability to pay premiums, contributions or similar payments under the scheme, or liability to pay levy in connection with the scheme; enabled the claim for compensation to arise; and (ca) those payments that that entity makes or is liable to make are treated as a premium it has paid; and (d) the supply of membership of, or participation in, the scheme is treated as the supply of an * insurance policy. (3) However, if the entity treated as the entity insured: (a) is liable to make payments referred to in paragraph (2)(c); and (b) has not made all those payments; for the purposes of sections 78 ‑ 10 and 78 ‑ 15, the entity’s entitlement to an input tax credit for the premium paid is taken to be what its entitlement would have been if it had made all those payments.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 75 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 8 item 4 | Sch 8 item 5, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 75 of 2012, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-105", "Provision_Key": "s78-105", "Heading": "Meaning of statutory compensation scheme", "Text": "A statutory compensation scheme is a scheme or arrangement: (a) that is established by an * Australian law; and (b) under which compensation is payable for particular kinds of injury, loss or damage; and (c) that is specified in the regulations, or that is of a kind specified in the regulations; but does not include a * compulsory third party scheme. Note: Divisions 79 and 80 deal with compulsory third party schemes.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 177 of 1999 | No 67 of 2003", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 152, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 67 of 2003, Sch 11 item 16 | Sch 11 item 17, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-105"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-110", "Provision_Key": "s78-110", "Heading": "Effect of judgments and court orders", "Text": "If: (a) an entity makes one or more of the following: (i) a payment of * money; (ii) a payment of * digital currency; (iii) a supply; in compliance with a judgment or order of a court relating to: (iv) a claim under an * insurance policy; or (v) a claim by an insurer in exercising rights of subrogation in respect of an insurance policy; or (vi) a claim for compensation under a * statutory compensation scheme; and (b) had the payment or supply been made in the absence of such a judgment or order, it would have been a payment or supply made in settlement of the claim; the payment or supply is treated as having been made in settlement of the claim.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 177 of 1999 | No 118 of 2017", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 118 of 2017, Sch 1 item 11, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-110"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-115", "Provision_Key": "s78-115", "Heading": "Exclusion of certain Commonwealth, State or Territory insurance schemes", "Text": "This Division (other than sections 78 ‑ 5 and 78 ‑ 95) does not apply to an * insurance policy, or to a payment or supply made in settlement of a claim made under an insurance policy, if: (a) the policy was supplied under a scheme for insurance, or a * statutory compensation scheme, established by an * Australian law; and (b) that scheme is of a kind specified in the regulations.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-115"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-118", "Provision_Key": "s78-118", "Heading": "Portfolio transfers", "Text": "(1) If an insurer (the first insurer ) enters into an arrangement, in the nature of a portfolio transfer, with another insurer for the other insurer: (a) to act as the insurer in relation to an * insurance policy; or (b) to meet the first insurer’s liabilities arising under an insurance policy; subsection 38 ‑ 60(1) and this Division apply, from the time the arrangement takes effect, as if the other insurer were an insurer in relation to the policy. Note: Subsection 38 ‑ 60(1) provides that certain supplies to insurers are GST ‑ free. (2) Without limiting subsection (1): (a) anything done after that time by the other insurer that, if it had been done by the first insurer, would have been done under the policy is taken, for the purposes of subsection 38 ‑ 60(1) and this Division, to have been done by the other insurer under the policy; and (b) sections 78 ‑ 10 and 78 ‑ 30 apply as if the other insurer were the insurer that supplied the policy; and (c) section 78 ‑ 18 applies as if the insurer that settles the claim referred to in paragraph 78 ‑ 18(1)(b) or (3)(b) (as the case requires) has the * increasing adjustment under that section, regardless of which insurer was paid the excess to which the adjustment relates.", "Amendment_Count": 2, "First_Amended": "No 169 of 2001", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 169 of 2001 | No 75 of 2012", "History_Notes": "Inserted by No 169 of 2001, effective s 4 and Sch 5 (items 9A–14): 1 Oct 2001 (s 2(1), (4A)) | Amended by No 75 of 2012, Sch 1 item 38 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-118"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 78-120", "Provision_Key": "s78-120", "Heading": "HIH rescue package", "Text": "(1) If a payment of * money, a supply or both a payment of money and a supply are received by an entity from an * HIH rescue entity as * consideration for: (a) the entity transferring or surrendering rights under an * insurance policy held with an * HIH company; or (b) the entity transferring or surrendering rights against another entity that is insured under an insurance policy held with an HIH company; or (c) the entity transferring or surrendering rights against another entity in relation to a matter in relation to which the entity also has or had rights under an insurance policy held with an HIH company; this Division (other than sections 78 ‑ 10, 78 ‑ 15 and 78 ‑ 40) applies to the payment or supply as if the HIH rescue entity made the payment or supply as the insurer in settlement of a claim under the insurance policy. (2) In particular: (a) this Division (other than sections 78 ‑ 10, 78 ‑ 15 and 78 ‑ 40, subsection 78 ‑ 50(1) and this section) applies as if: (i) references to an insurer were references to the * HIH rescue entity; and (ii) references to a claim under an * insurance policy were references to a request or claim to the HIH rescue entity for such a payment or supply; and (iii) references to a settlement of such a claim were references to the agreement to make such a payment or supply as consideration for the transfer or surrender; and (b) sections 78 ‑ 18, 78 ‑ 42 and 78 ‑ 55 apply as if references in those sections to payments of excess to the insurer under the policy were references to payments to the HIH rescue entity corresponding to such payments of excess; and (c) section 78 ‑ 30 applies as if references in that section to settling a claim were references to providing the consideration for the transfer or surrender; and (d) section 78 ‑ 100 applies as if references in that section to a claim for compensation under a * statutory compensation scheme were references to a claim made to the HIH rescue entity corresponding to a claim for compensation under the scheme. (3) This section does not affect the operation of sections 78 ‑ 10, 78 ‑ 15 and 78 ‑ 40.", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, Sch 5 item 11 | Sch 5 item 14, effective s 4 and Sch 5 (items 9A–14): 1 Oct 2001 (s 2(1), (4A))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s78-120"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-1", "Provision_Key": "s79-1", "Heading": "What this Division is about", "Text": "Operators of compulsory third party schemes have adjustments which enable the net GST on the schemes to reflect correctly their margins after settlements of claims and other payments and supplies under the schemes are taken into account. The normal application of Division 78 to some insurance policy payments and supplies under the schemes is modified (see Subdivision 79 ‑ A). That Division is also extended so that it applies in a modified form to payments and supplies connected with, but not under, insurance policies (see Subdivision 79 ‑ B). For other settlements, and payments, provisions similar to Division 78 apply (see Subdivision 79 ‑ C). Certain adjustments are worked out using an “applicable average input tax credit fraction” (see Subdivision 79 ‑ D). Note: Division 80 deals with use of settlement sharing arrangements by the operators of compulsory third party schemes. Table of Subdivisions 79 ‑ A Modified application of Division 78 to certain compulsory third party scheme payments and supplies under insurance policies 79 ‑ B Extension of Division 78 to cover certain compulsory third party scheme payments and supplies connected with, but not under, insurance policies 79 ‑ C Other payments and supplies under compulsory third party schemes 79 ‑ D Compulsory third party scheme decreasing adjustments worked out using applicable average input tax credit fraction", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-5", "Provision_Key": "s79-5", "Heading": "Application of sections 78 ‑ 10 and 78 ‑ 15 (about decreasing adjustments) where premium selection test is satisfied", "Text": "(1) This section applies to a payment or supply if: (a) it is a payment or supply made under a * compulsory third party scheme; and (b) the payment or supply is made in settlement of a claim under an * insurance policy; and (c) the * premium selection test is satisfied; and (d) the payment or supply is not a payment or supply to which section 79 ‑ 15 (about sole operator elections) applies. Premium selection test (2) The premium selection test is satisfied if the amount of the premium or premiums for the policy resulted from: (a) an * operator of the * compulsory third party scheme offering a number of different premium amounts to the entity liable to pay the premium or premiums; and (b) that entity selecting a premium amount: (i) that was offered on the basis that there would be an entitlement to an input tax credit for some or all of the amount; or (ii) that was offered on the basis that there would be no entitlement to an input tax credit for any of the amount. Input tax credit entitlement (3) If subparagraph (2)(b)(i) applies, then, for the purposes of sections 78 ‑ 10 and 78 ‑ 15: (a) there is taken to be an entitlement to an input tax credit for the premium paid in relation to the period during which the event giving rise to the claim happened; and (b) if the supply of the insurance policy was solely or partly a * taxable supply—the amount of the input tax credit is taken to equal the GST payable by the * operator for the taxable supply. No input tax credit entitlement (4) If subparagraph (2)(b)(ii) applies, then, for the purposes of sections 78 ‑ 10 and 78 ‑ 15, there is taken to be no entitlement to an input tax credit for the premium paid in relation to the period during which the event giving rise to the claim happened.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79 | Sch 11 item 28 | Sch 11 item 39, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-10", "Provision_Key": "s79-10", "Heading": "Adjustment where operator becomes aware that correct input tax credit situation differs from basis on which premium selection test was satisfied", "Text": "Decreasing adjustment (1) If: (a) subsection 79 ‑ 5(3) applies to a payment or supply; and (b) after the * premium selection test was satisfied, the * operator became or becomes aware that there was actually no entitlement to an input tax credit for any of the amount of the premium or premiums paid in relation to the period during which the event giving rise to the claim happened; and (c) if subsection 79 ‑ 5(4) had applied, the operator would have been entitled to a * decreasing adjustment (the notional decreasing adjustment ); then: (d) the operator has a decreasing adjustment whose amount is, subject to paragraph (e), equal to the notional decreasing adjustment; and (e) if one or more * increasing adjustments (each being a notional section 78 ‑ 40 increasing adjustment ) would have arisen, before the decreasing adjustment under paragraph (d) arose, under Division 19 because of section 78 ‑ 40 applying in relation to the notional decreasing adjustment, the amount of the decreasing adjustment under paragraph (d) is reduced by the sum of the notional section 78 ‑ 40 increasing adjustments; and (f) for the purposes of applying section 78 ‑ 40 after the decreasing adjustment arises under this subsection, that decreasing adjustment is taken to arise under Division 78. Increasing adjustment (2) If: (a) subsection 79 ‑ 5(4) applies to a payment or supply; and (b) as a result, the * operator has a * decreasing adjustment (the original decreasing adjustment); and (c) after the * premium selection test was satisfied, the operator became or becomes aware that there actually was an entitlement to an input tax credit for some or all of the amount of the premium or premiums paid in relation to the period during which the event giving rise to the claim happened; then: (d) the operator has an increasing adjustment whose amount is, subject to paragraph (e), equal to the original decreasing adjustment; and (e) if one or more * increasing adjustments (each being a section 78 ‑ 40 increasing adjustment ) arose, before the increasing adjustment under paragraph (d) arose, under Division 19 because of section 78 ‑ 40 applying in relation to the original decreasing adjustment, the amount of the increasing adjustment under paragraph (d) is reduced by the sum of the section 78 ‑ 40 increasing adjustments; and (f) after the increasing adjustment arises under paragraph (d), no adjustment arises under Division 19 because of section 78 ‑ 40 applying in relation to the original decreasing adjustment.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 32 | Sch 11 item 33, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-15", "Provision_Key": "s79-15", "Heading": "Application of sections 78 ‑ 10 and 78 ‑ 15 (about decreasing adjustments) where sole operator election to use average input tax credit entitlement", "Text": "(1) This section applies to a payment or supply if: (a) it is a payment or supply made under a * compulsory third party scheme; and (b) the payment or supply is made in settlement of a claim under an * insurance policy; and (c) there is only one * operator who issues insurance policies under the scheme; and (d) assuming the requirements of paragraph 78 ‑ 10(2)(b) were satisfied, the operator would have a * decreasing adjustment under section 78 ‑ 10 in respect of the payment or supply; and (e) an election under subsection (4) is in force during the * financial year in which the payment or supply is made. (2) For the purposes of section 78 ‑ 10, the * operator has a * decreasing adjustment under that section in relation to the payment or supply. (3) Section 78 ‑ 15 does not apply to the * decreasing adjustment, but its amount is instead worked out using the applicable * average input tax credit fraction (see section 79 ‑ 95). (4) The * operator may, in writing, elect that, from the start of a specified * financial year, any * decreasing adjustment in relation to all payments or supplies: (a) that are made during the financial year; and (b) to which paragraphs (1)(a), (b), (c) and (d) apply; are to be worked out using the applicable * average input tax credit fraction. (5) Subject to subsection (6), the election must be made before the start of the specified * financial year. (6) Subsection (5) does not apply if the election specifies the * financial year beginning on 1 July 2003 and is made before the end of 30 days after the day on which this section commences. (7) The election is in force during the specified * financial year and every later financial year, other than one that begins after a financial year in which the election is revoked.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-20", "Provision_Key": "s79-20", "Heading": "Extension of various references in Division 78 to rights of subrogation to cover other rights of recovery", "Text": "Payments or supplies in settlement of claims (1) For the purposes of sections 78 ‑ 35, 78 ‑ 40 and 78 ‑ 75, a reference in those sections to a payment or supply made by an entity in settlement of a claim by an insurer in exercising the insurer’s rights of subrogation in respect of an * insurance policy includes a reference to a payment or supply that satisfies the following requirements: (a) the payment or supply is made by an entity in settlement of a claim by an * operator of a * compulsory third party scheme; (b) the claim was made by the operator in exercise of the operator’s rights to recover in respect of a payment or supply made under the compulsory third party scheme; (c) the claim was not made under an * insurance policy that is a policy of reinsurance. Payments or supplies in compliance with court judgments etc. relating to claims (2) For the purposes of section 78 ‑ 110, a reference in that section to a payment or supply made by an entity in compliance with a judgment or order of a court relating to a claim made by an insurer in exercising the insurer’s rights of subrogation in respect of an * insurance policy includes a reference to a payment or supply that satisfies the following requirements: (a) the payment or supply is made by an entity in compliance with a judgment or order of a court relating to a claim made by an * operator of a * compulsory third party scheme; (b) the claim was made by the * operator in exercise of the operator’s rights to recover a payment or supply made under the * compulsory third party scheme; (c) the claim was not made under an insurance policy that is a policy of reinsurance.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-25", "Provision_Key": "s79-25", "Heading": "Meaning of CTP hybrid payment or supply", "Text": "(1) Subject to this section, a payment or supply is a CTP hybrid payment or supply if: (a) it is made in settlement of a claim for compensation under a * compulsory third party scheme; and (b) the claim would not have been made but for an * insurance policy issued under the scheme; and (c) the claim was not made under the insurance policy. (2) A payment or supply is not a CTP hybrid payment or supply if: (a) when the payment or supply is made, the entity that paid the premium for the * insurance policy cannot be located; and (b) that entity did not, at or before the time the * operator making the payment or supply was first made aware of the circumstances to which the payment or supply relates, inform the operator of the entitlement to an input tax credit for the CTP premium it paid; and (c) the * premium selection test was not satisfied in relation to the insurance policy. (2A) Subsection (2) does not apply if the cover under the * insurance policy commenced before 1 July 2003 (whether or not all or part of the premium on the policy was paid before that day). (3) A payment or supply is not a CTP hybrid payment or supply if the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79 | Sch 11 item 29 | Sch 11 item 42, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-30", "Provision_Key": "s79-30", "Heading": "Application of Division 78", "Text": "(1) Division 78 (other than section 78 ‑ 100), as modified by Subdivision 79 ‑ A, applies in relation to a * CTP hybrid payment or supply as if it were a payment or supply made in settlement of a claim under the * insurance policy mentioned in paragraph 79 ‑ 25(1)(b). (2) This section does not prevent Division 78 applying to a payment or supply under a * compulsory third party scheme if the payment or supply is made in settlement of a claim under an * insurance policy.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-35", "Provision_Key": "s79-35", "Heading": "Meaning of CTP compensation or ancillary payment or supply etc.", "Text": "Meaning of CTP compensation or ancillary payment or supply (1) A payment or supply is a CTP compensation or ancillary payment or supply if it is a * CTP compensation payment or supply or a * CTP ancillary payment or supply. Meaning of CTP compensation payment or supply (2) A payment or supply is a CTP compensation payment or supply if (a) it is a payment or supply made under a * compulsory third party scheme; and (b) it is a payment or supply made in settlement of a claim for compensation under the scheme; and (c) it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and (d) Division 78 does not apply in relation to the payment or supply; and (e) the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply. Meaning of CTP ancillary payment or supply (3) A payment or supply is a CTP ancillary payment or supply if: (a) the payment or supply is made under a * compulsory third party scheme; and (b) the payment or supply is of a kind specified in the regulations; and (c) it is not the case that the * operator making the payment or supply was required to do so by law because of the bankruptcy or insolvency of another operator who is an insurer; and (d) Division 78 does not apply in relation to the payment or supply; and (e) the payment or supply is not a * CTP dual premium or election payment or supply or a * CTP hybrid payment or supply; and (f) the payment or supply is not made in settlement of a claim for compensation under the scheme; and (g) the payment or supply is not * consideration for a * creditable acquisition.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 25 | Sch 11 item 26 | Sch 11 item 27, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-40", "Provision_Key": "s79-40", "Heading": "GST on CTP premiums is exclusive of stamp duty", "Text": "(1) The * value of a * taxable supply for which the * consideration includes an amount of * CTP premium is worked out as if the * price of the supply were reduced by the amount of any stamp duty payable under a * State law or * Territory law in respect of the supply. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-45", "Provision_Key": "s79-45", "Heading": "Exclusion of certain compulsory third party schemes", "Text": "This Subdivision (other than section 79 ‑ 40) does not apply to a * compulsory third party scheme under which * CTP compensation or ancillary payments or supplies are made, or to a * CTP compensation or ancillary payment or supply, if the compulsory third party scheme is of a kind specified in the regulations.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-50", "Provision_Key": "s79-50", "Heading": "Decreasing adjustments for CTP compensation or ancillary payments or supplies", "Text": "(1) An * operator of a * compulsory third party scheme has a decreasing adjustment if the operator makes a * CTP compensation or ancillary payment or supply under the scheme. (2) However, this section only applies if: (a) the payments of * CTP premium to the * operator that have been or are required to be made under the scheme are, or would be, * consideration for a * taxable supply; and (b) the * operator is * registered or * required to be registered. (3) The * decreasing adjustment in relation to the payment or supply is worked out using the applicable * average input tax credit fraction (see section 79 ‑ 95).", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79 | Sch 11 item 32, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-55", "Provision_Key": "s79-55", "Heading": "Increasing adjustments for payments of excess etc. under compulsory third party schemes", "Text": "(1) An * operator of a * compulsory third party scheme has an increasing adjustment if: (a) there is a payment of an excess to the operator under the scheme; and (b) the payment relates to a * CTP compensation payment or supply that the operator makes or has made; and (c) the operator makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of making the CTP compensation payment or supply. (2) The amount of the increasing adjustment is 1 / 11 of the amount that represents the extent to which the payment of excess relates to * creditable acquisitions or * creditable importations made by the * operator directly for the purpose of making the * CTP compensation payment or supply. (3) An * operator of a * compulsory third party scheme has an increasing adjustment if: (a) there is a payment of an excess to the operator under the scheme; and (b) the operator makes, or has made, * creditable acquisitions or * creditable importations directly for the purpose of making a * CTP compensation payment or supply to which the payment of excess would relate; and (c) the operator has not made any CTP compensation payment or supply to which the payment of excess relates. The amount of the increasing adjustment is 1 / 11 of the amount of the payment of excess.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79 | Sch 11 item 33, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-60", "Provision_Key": "s79-60", "Heading": "Effect of settlements and payments under compulsory third party schemes", "Text": "(1) If an * operator of a * compulsory third party scheme makes a payment under the scheme, it is not treated as * consideration: (a) for an acquisition made by the operator; or (b) for a supply made to the operator by the entity to whom the payment was made; to the extent that the payment is a * CTP compensation or ancillary payment or supply. (2) If an * operator of a * compulsory third party scheme makes a supply under the scheme: (a) it is not a * taxable supply; and (b) it is not treated as * consideration for an acquisition made by the operator; and (c) it is not treated as * consideration for a supply made to the operator by the entity to whom the supply was made; to the extent that the supply is a * CTP compensation or ancillary payment or supply. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies), section 9 ‑ 15 (which is about consideration) and section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-65", "Provision_Key": "s79-65", "Heading": "Taxable supplies relating to recovery by operators of compulsory third party schemes", "Text": "(1) If: (a) an * operator of a * compulsory third party scheme has made a claim in relation to a * CTP compensation or ancillary payment or supply; and (b) the operator’s claim is made in exercising rights to recover in respect of that payment or supply; and (c) an entity makes one or more of the following in settlement of the operator’s claim: (i) a payment of * money; (ii) a payment of * digital currency; (iii) a supply; the payment or supply mentioned in paragraph (c) is not treated as * consideration for a supply made by the operator (whether or not the payment or supply is made to the operator), or for an acquisition made by the entity making the payment or supply (or payment and supply). (2) This section has effect despite section 9 ‑ 15 (which is about consideration) and section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 67 of 2003 | No 118 of 2017", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 118 of 2017, Sch 1 item 12, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-70", "Provision_Key": "s79-70", "Heading": "Adjustment events relating to decreasing adjustments for operators of compulsory third party schemes", "Text": "(1) Division 19 applies in relation to a * decreasing adjustment that an * operator of a * compulsory third party scheme has under section 79 ‑ 50 as if: (a) the adjustment were an input tax credit; and (b) either: (i) if the adjustment relates to a * CTP compensation payment or supply—the settlement of the claim to which the adjustment relates were a * creditable acquisition that the operator made; or (ii) if the adjustment relates to a * CTP ancillary payment or supply—the operator had made a creditable acquisition for which the payment or supply was the * consideration; and (c) any payment or supply made by another entity, in settlement of a claim made by the operator in exercising rights to recover from the other entity in respect of the settlement mentioned in subparagraph (b)(i) or the payment or supply mentioned in subparagraph (b)(ii), were a reduction in the consideration for the acquisition. (2) Paragraph (1)(c) does not apply to a payment by another entity in relation to which an * increasing adjustment arises under section 80 ‑ 30 or 80 ‑ 70 (which are about settlement sharing arrangements). (3) This section does not apply in relation to a payment or supply that the operator receives in settlement of a claim under an * insurance policy that the operator entered into, as the entity insured, in relation to any liability to make a * CTP compensation or ancillary payment or supply.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-75", "Provision_Key": "s79-75", "Heading": "Adjustment events relating to increasing adjustments under section 79 ‑ 55", "Text": "Division 19 applies in relation to an * increasing adjustment that an * operator of a * compulsory third party scheme has under section 79 ‑ 55 as if: (a) payments of excess to which the adjustment relates were * consideration for a * taxable supply that the operator made; and (b) the adjustment were the GST payable on the taxable supply; and (c) any refunds made by the operator of any of those payments of excess were reductions in the consideration for the supply.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-80", "Provision_Key": "s79-80", "Heading": "Payments of excess under compulsory third party schemes are not consideration for supplies", "Text": "(1) The making of any payment by an entity is not treated as * consideration for a supply, to the entity or any other entity, to the extent that the payment is the payment of an excess to an * operator of a * compulsory third party scheme. (2) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-85", "Provision_Key": "s79-85", "Heading": "Supplies of goods to operators in the course of settling claims", "Text": "(1) A supply of goods is not a * taxable supply if it is solely a supply made under a * compulsory third party scheme to an * operator of the scheme in the course of settling a claim for compensation made under the scheme. (2) In working out the value of a * taxable supply that is partly a supply of goods made under a * compulsory third party scheme to an * operator of the scheme in the course of settling a claim for compensation made under the scheme, disregard the * consideration to the extent that it relates to the supply of those goods. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-90", "Provision_Key": "s79-90", "Heading": "Effect of judgments and court orders", "Text": "(1) If: (a) a judgment or order of a court relates to a claim for compensation under a * compulsory third party scheme; and (aa) an entity makes one or more of the following in compliance with the judgment or order: (i) a payment of * money; (ii) a payment of * digital currency; (iii) a supply; and (b) had the payment or supply been made in the absence of such a judgment or order, it would have been a * CTP compensation payment or supply or a CTP ancillary payment or supply; the payment or supply is treated as having been a CTP compensation payment or supply or a CTP ancillary payment or supply. (2) If: (a) a judgment or order of a court relates to a claim by an * operator of a compulsory third party scheme exercising rights to recover from an entity in respect of a settlement made under the scheme; and (aa) an entity makes one or more of the following in compliance with the judgment or order: (i) a payment of * money; (ii) a payment of * digital currency; (iii) a supply; and (b) had the payment or supply been made in the absence of such a judgment or order, it would have been a settlement of a claim made in exercising rights to recover from an entity in respect of a settlement made under the scheme; the payment or supply is treated as having been made in settlement of the operator’s claim made in exercising those rights.", "Amendment_Count": 3, "First_Amended": "No 67 of 2003", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 67 of 2003 | No 83 of 2004 | No 118 of 2017", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 25 | Sch 11 item 27, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent | Amended by No 118 of 2017, Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-95", "Provision_Key": "s79-95", "Heading": "How to work out decreasing adjustments using the applicable average input tax credit fraction", "Text": "(1) If an * operator of a * compulsory third party scheme has a * decreasing adjustment in relation to a payment or supply that is to be worked out using the applicable * average input tax credit fraction, the amount of the * decreasing adjustment is as follows. (2) The amount is worked out using the formula: where: applicable average input tax credit fraction is the * average input tax credit fraction for the * compulsory third party scheme concerned for the * financial year in which: (a) if the payment or supply is a * CTP compensation payment or supply—the accident or other incident to which the claim relates happened; or (b) if the payment or supply is a * CTP ancillary payment or supply—the payment or supply was made; or (c) if the payment or supply is a payment or supply to which section 79 ‑ 15 applies—the accident or other incident to which the claim relates happened. payment or supply amount is the amount worked out in accordance with subsection (3). Payment or supply amount (3) The payment or supply amount mentioned in subsection (2) is worked out using this method statement. Method statement Step 1. Add together: (a) the sum of the payments of * money, or * digital currency, (if any) that are included in the payment or supply; and (b) the * GST inclusive market value of the supplies (if any) made by the * operator that are included in the payment or supply (other than supplies that would have been * taxable supplies but for section 78 ‑ 25 or 79 ‑ 60). Step 2. If, in relation to the payment or supply, any payments of an excess were made to the * operator, subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78 ‑ 18 or 79 ‑ 55 applies). Step 3. Except where the payment or supply is a * CTP ancillary payment or supply, multiply the step 1 amount, or (if step 2 applies) the step 2 amount, by the following: where: applicable average input tax credit fraction has the meaning given by subsection (2). Reduction for non ‑ creditable insurance events (4) The amount of the * decreasing adjustment under subsection (1) is reduced to the extent (if any) that the payment or supply relates to one or more * non ‑ creditable insurance events.", "Amendment_Count": 3, "First_Amended": "No 67 of 2003", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 67 of 2003 | No 83 of 2004 | No 118 of 2017", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 79, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent | Amended by No 118 of 2017, Sch 1 item 16, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 79-100", "Provision_Key": "s79-100", "Heading": "Meaning of average input tax credit fraction", "Text": "(1) Except where subsection (7) applies, the average input tax credit fraction for a * compulsory third party scheme for a * financial year is: (a) if paragraph (b) does not apply—the same fraction as the average input tax credit fraction for the scheme for the preceding financial year; or (b) if, under subsection (3), the Minister determines the average input tax credit fraction for the scheme for the financial year—that fraction. Note: The average input tax credit fraction for financial years beginning on or before 1 July 2006 was worked out under this section as in force before the commencement of item 146 of Schedule 3 to the Treasury Laws Amendment (2019 Measures No. 3) Act 2020 . Minister to use statistical information to determine whether average input tax credit fraction is to be varied (3) As soon as practicable after the beginning of each of the following * financial years (a determination year ): (a) the financial year that begins on 1 July 2006; (b) the financial years that begin on each 1 July that occurs 3 years, or a multiple of 3 years, after 1 July 2006; the Minister must, for each * compulsory third party scheme: (c) work out business vehicle use fractions (see subsection (4)) using each set of statistical information, relating to business and total use of vehicles in the State or Territory in which the scheme operates, published by the Australian Bureau of Statistics during the 3 financial years before the determination year; and (d) work out the average of those fractions (the new fraction ); and (e) if the Minister considers the new fraction is significantly different from the average input tax credit fraction that would, disregarding this subsection, apply under paragraph (1)(a) for the scheme for the financial year (the operative year ) following the determination year—by legislative instrument, determine that the new fraction is to be the average input tax credit fraction for the scheme for the operative year. Business vehicle use fraction (4) The business vehicle use fraction is the fraction of total vehicle use, in the State or Territory in which the * compulsory third party scheme operates, represented by business vehicle use. Publication of revised statistical information (5) To avoid doubt, if, after publishing statistical information relating to business and total use of vehicles in a State or Territory, the Australian Bureau of Statistics publishes a revised or replacement version of that statistical information, that revision or replacement is to be disregarded for the purposes of this section. Exception (7) If: (a) this section is being applied in working out the amount of a * decreasing adjustment that arises under section 79 ‑ 15 (about sole operator elections); and (b) the cover under the * insurance policy concerned commenced before 1 July 2003; the average input tax credit fraction for the * compulsory third party scheme concerned is nil for all * financial years beginning on or after 1 July 2000.", "Amendment_Count": 3, "First_Amended": "No 67 of 2003", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 67 of 2003 | No 110 of 2014 | No 64 of 2020", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 20, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 110 of 2014, Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5 | Sch 5 item 6, effective Sch 5 (items 1–6, 92, 93): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 64 of 2020, Sch 11 item 146 | Sch 11 item 147 | Sch 11 item 148 | Sch 11 item 149 | Sch 11 item 150 | Sch 11 item 151, effective Sch 3 (items 146–154, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s79-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-1", "Provision_Key": "s80-1", "Heading": "What this Division is about", "Text": "A series of adjustments arise if, under an arrangement, an operator of a compulsory third party scheme settles a claim, arising from one or more accidents or other incidents, covered by the arrangement and other operators are obliged to contribute payments to that operator in respect of the settlement. Table of Subdivisions 80 ‑ A Insurance policy settlement sharing arrangements 80 ‑ B Nominal defendant settlement sharing arrangements 80 ‑ C Hybrid settlement sharing arrangements", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-5", "Provision_Key": "s80-5", "Heading": "Meaning of insurance policy settlement sharing arrangement etc.", "Text": "Meaning of insurance policy settlement sharing arrangement (1) An insurance policy settlement sharing arrangement is an arrangement: (a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and (b) to which the parties are the * operators of a * compulsory third party scheme or schemes who have issued * insurance policies to persons involved in the accidents or incidents; and (c) under which: (i) one party (the managing operator ) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes, relating to the accidents or incidents; and (ii) each other party (a contributing operator ) is to make a payment to the * managing operator in respect of that operator settling the claim. Meaning of managing operator’s payment or supply (2) If a payment or supply mentioned in subparagraph (1)(c)(i) is not a * CTP ancillary payment or supply, it is a managing operator’s payment or supply . Meaning of contributing operator’s payment (3) A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the * managing operator for managing the process of making settlements under the arrangement, is a contributing operator’s payment .", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 24 | Sch 11 item 34 | Sch 11 item 36, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-10", "Provision_Key": "s80-10", "Heading": "Effect of becoming parties to industry deeds or entering into settlement sharing arrangements", "Text": "(1) An * operator of a * compulsory third party scheme does not make a * taxable supply by: (a) entering into, or becoming a party to, an * insurance policy settlement sharing arrangement; or (b) becoming a party to a deed created by or under a * State law or a * Territory law establishing a * compulsory third party scheme, that provides for an insurance policy settlement sharing arrangement. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-15", "Provision_Key": "s80-15", "Heading": "Effect of contributing operator’s payment", "Text": "(1) A * contributing operator’s payment is not treated as * consideration for a supply by the * managing operator, or for an acquisition by the * contributing operator. (2) This section has effect despite section 9 ‑ 15 (which is about consideration) and section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-20", "Provision_Key": "s80-20", "Heading": "Managing operator’s payments or supplies", "Text": "(1) For the purposes of Divisions 78 and 79, a * managing operator’s payment or supply is treated as follows. (2) If the * managing operator is a party to the * insurance policy settlement sharing arrangement because it issued only one * insurance policy, the * managing operator’s payment or supply is treated as a payment or supply, made by the managing operator, in settlement of a claim relating to the accidents or incidents, under that insurance policy. (3) If the * managing operator is a party to the * insurance policy settlement sharing arrangement because it issued 2 or more * insurance policies, the * managing operator’s payment or supply is treated as a payment or supply made by the managing operator, in settlement of a claim relating to the accidents or incidents, under the insurance policies, and for that purpose is divided among the policies in equal proportions. Example: 3 vehicles are involved in an accident, 2 of which are covered by insurance policies issued by the managing operator and the other by a policy issued by a contributing operator. The managing operator makes a payment in settlement of a claim by an insured person in respect of the accident. For the purposes of Division 78 or 79, half of the payment will be treated as being made under each of the policies issued by the managing operator.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 80, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-25", "Provision_Key": "s80-25", "Heading": "Contributing operator’s payment", "Text": "(1) For the purposes of Divisions 78 and 79, a * contributing operator’s payment is treated as follows. (2) If the * contributing operator is a party to the * insurance policy settlement sharing arrangement because it issued only one * insurance policy, the * contributing operator’s payment is treated as a payment or supply, made by the contributing operator, in settlement of a claim relating to the accidents or incidents, under that insurance policy. Example: Assume the same facts as in the example in section 80 ‑ 20. The contributing operator who issued 1 of the 3 policies covering the vehicles in the accident makes a payment to the managing operator. For the purposes of Division 78 or 79, the payment (except to the extent that it represents a managing operator’s fee) will be treated as being made by the contributing operator under the insurance policy that it issued. (3) If the * contributing operator is a party to the * insurance policy settlement sharing arrangement because it issued 2 or more * insurance policies, the * contributing operator’s payment is treated as a payment or supply, made by the contributing operator, in settlement of a claim relating to the accidents or incidents, under the insurance policies, and for that purpose is divided among the policies in equal proportions.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-30", "Provision_Key": "s80-30", "Heading": "Managing operator’s increasing adjustment where contributing operator’s payment", "Text": "(1) If: (a) a * contributing operator’s payment is made; and (b) as a result of section 80 ‑ 20, there was a * decreasing adjustment for the * managing operator under Division 78 or 79 in relation to the * managing operator’s payment or supply; there is an increasing adjustment for the managing operator of the following amount: Managing operator’s settlement amount (2) The managing operator’s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement Step 1. Add together: (a) the sum of the payments of * money, or * digital currency, (if any) that are included in the * managing operator’s payment or supply; and (b) the * GST inclusive market value of the supplies (if any) that are included in the * managing operator’s payment or supply (other than supplies that would have been * taxable supplies but for section 78 ‑ 25 or 79 ‑ 60). Step 2. If, in relation to the * managing operator’s payment or supply, any payments of an excess were made to the * managing operator, subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78 ‑ 18 or 79 ‑ 55 applies). Example: Assume the same facts as in the examples in sections 80 ‑ 20 and 80 ‑ 25. Assume also that, as a result of section 80 ‑ 20, there was a decreasing adjustment under Division 78 or 79 for the managing operator’s payment or supply. The managing operator has an increasing adjustment. It equals the part of the decreasing adjustment that is attributable to the managing operator’s payment or supply that was repaid by the contributing operator’s contribution.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 67 of 2003 | No 118 of 2017", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 80 | Sch 11 item 33, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 118 of 2017, Sch 1 item 17, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-35", "Provision_Key": "s80-35", "Heading": "Adjustment events relating to managing operator’s payment or supply", "Text": "Division 19 applies in relation to an * increasing adjustment that the * managing operator has under section 80 ‑ 30 as a result of the making of a * managing operator’s payment or supply as if: (a) the * contributing operator’s payment were * consideration for a * taxable supply made by the managing operator; and (b) the adjustment were the GST payable on the taxable supply; and (c) any changes made to those payments were a change in the consideration for the supply.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-40", "Provision_Key": "s80-40", "Heading": "Meaning of nominal defendant settlement sharing arrangement etc.", "Text": "Meaning of nominal defendant settlement sharing arrangement (1) A nominal defendant settlement sharing arrangement is an arrangement: (a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and (b) to which the parties are * operators of a * compulsory third party scheme, where they are parties because the person involved in the accidents or incidents was not covered under an * insurance policy; and (c) under which: (i) one party (the managing operator ) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme, relating to the accidents or incidents; and (ii) the other party, or one or more of the other parties, (each being a contributing operator ) is to make a payment to the * managing operator in respect of that operator settling the claim. Meaning of managing operator’s payment or supply (2) If a payment or supply mentioned in subparagraph (1)(c)(i) is not a * CTP ancillary payment or supply, it is a managing operator’s payment or supply . Meaning of contributing operator’s payment (3) A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the * managing operator for managing the process of making settlements under the arrangement, is a contributing operator’s payment .", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 37, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-45", "Provision_Key": "s80-45", "Heading": "Nominal defendant settlement sharing arrangements to which this Subdivision applies", "Text": "This Subdivision applies to a * nominal defendant settlement sharing arrangement if its * managing operator is not a party to a * hybrid settlement sharing arrangement relating to the same accidents or incidents.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 80, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-50", "Provision_Key": "s80-50", "Heading": "Effect of becoming parties to industry deeds or entering into nominal defendant settlement sharing arrangements", "Text": "(1) An * operator of a * compulsory third party scheme does not make a * taxable supply by: (a) entering into, or becoming a party to, a * nominal defendant settlement sharing arrangement to which this Subdivision applies; or (b) becoming a party to a deed created by or under a * State law or a * Territory law establishing a compulsory third party scheme, that provides for a nominal defendant settlement sharing arrangement to which this Subdivision applies. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-55", "Provision_Key": "s80-55", "Heading": "Effect of contributing operator’s payment", "Text": "(1) A * contributing operator’s payment is not treated as * consideration for a supply by the * managing operator, or for an acquisition by the * contributing operator. (2) This section has effect despite section 9 ‑ 15 (which is about consideration) and section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-60", "Provision_Key": "s80-60", "Heading": "Managing operator’s payment or supply", "Text": "For the purposes of Division 79, a * managing operator’s payment or supply is treated as a * CTP compensation payment or supply.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 80, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-65", "Provision_Key": "s80-65", "Heading": "Contributing operator’s payment", "Text": "For the purposes of Division 79, a * contributing operator’s payment is treated as a * CTP compensation payment or supply.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-70", "Provision_Key": "s80-70", "Heading": "Managing operator’s increasing adjustment where contributing operator’s payment", "Text": "(1) If: (a) a * contributing operator’s payment is made; and (b) as a result of section 80 ‑ 60, there was a * decreasing adjustment for the * managing operator under Division 79 in relation to the * managing operator’s payment or supply; there is an increasing adjustment for the managing operator of the following amount: Managing operator’s settlement amount (2) The managing operator’s settlement amount mentioned in subsection (1) is worked out using this method statement. Method statement Step 1. Add together: (a) the sum of the payments of * money, or * digital currency, (if any) that are included in the * managing operator’s payment or supply; and (b) the * GST inclusive market value of the supplies (if any) that are included in the * managing operator’s payment or supply (other than supplies that would have been * taxable supplies but for section 78 ‑ 25 or 79 ‑ 60). Step 2. If, in relation to the * managing operator’s payment or supply, any payments of an excess were made to the * managing operator, subtract from the step 1 amount the sum of all those payments (except to the extent that they are payments of excess to which section 78 ‑ 18 or 79 ‑ 55 applies).", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 67 of 2003 | No 118 of 2017", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 80 | Sch 11 item 33, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 118 of 2017, Sch 1 item 18, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-75", "Provision_Key": "s80-75", "Heading": "Adjustment events relating to managing operator’s payment or supply", "Text": "Division 19 applies in relation to an * increasing adjustment that the * managing operator has under section 80 ‑ 70 as a result of the making of a * managing operator’s payment or supply as if: (a) the * contributing operator’s payment were * consideration for a * taxable supply made by the managing operator; and (b) the adjustment were the GST payable on the taxable supply; and (c) any changes made to those payments were a change in the consideration for the supply.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-80", "Provision_Key": "s80-80", "Heading": "Meaning of hybrid settlement sharing arrangement etc.", "Text": "Meaning of hybrid settlement sharing arrangement (1) A hybrid settlement sharing arrangement is an arrangement: (a) that relates to an accident or other incident or 2 or more related accidents or other incidents; and (b) to which the parties are: (i) an entity that is the * managing operator of a * nominal defendant settlement sharing arrangement, or entities that are managing operators of nominal defendant settlement sharing arrangements, that relate to the accidents or incidents; and (ii) an * operator or operators of a * compulsory third party scheme or schemes who have issued * insurance policies to persons involved in the accidents or incidents; and (c) under which: (i) one party (the managing operator ) is to make one or more payments or supplies in settlement of a claim, under the compulsory third party scheme or one of the compulsory third party schemes involved, relating to the accidents or incidents; and (ii) each other party (a contributing operator ) is to make a payment to the * managing operator in respect of that operator settling the claim. Meaning of managing operator’s payment or supply (2) If a payment or supply mentioned in subparagraph (1)(c)(i) is not a * CTP ancillary payment or supply, it is a managing operator’s payment or supply . Meaning of contributing operator’s payment (3) A payment mentioned in subparagraph (1)(c)(ii), to the extent that it is not a fee to the * managing operator for managing the process of making settlements under the arrangement, is a contributing operator’s payment .", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 31, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 83 of 2004, effective Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-85", "Provision_Key": "s80-85", "Heading": "Subdivision 80 ‑ A to apply to hybrid settlement sharing arrangement, subject to exceptions", "Text": "In addition to its operation apart from this Subdivision, Subdivision 80 ‑ A has effect, subject to sections 80 ‑ 90 and 80 ‑ 95, as if a * hybrid settlement sharing arrangement were an * insurance policy settlement sharing arrangement.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, Sch 11 item 80, effective Schedule 11 (items 1–41, 43): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-90", "Provision_Key": "s80-90", "Heading": "Subdivision 80 ‑ B to apply to payments or supplies by managing operator of hybrid settlement sharing arrangement who is also managing operator of nominal defendant settlement sharing arrangement", "Text": "If: (a) the entity that is the * managing operator of the * hybrid settlement sharing arrangement is a party to that arrangement because it is also the managing operator of a * nominal defendant settlement sharing arrangement; and (b) the entity makes a payment or supply that, as a result of section 80 ‑ 85, is a * managing operator’s payment or supply under the hybrid settlement sharing arrangement; then: (c) Subdivision 80 ‑ A does not have any other effect in relation to the payment or supply in accordance with section 80 ‑ 85; but (d) Subdivision 80 ‑ B (other than section 80 ‑ 45) applies in relation to the payment or supply as if it were a managing operator’s payment or supply under the nominal defendant settlement sharing arrangement and the entity were not party to the hybrid settlement sharing arrangement.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 67 of 2003 | No 41 of 2005", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 41 of 2005, Sch 10 item 7, effective Schedule 10 (items 1–14): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 80-95", "Provision_Key": "s80-95", "Heading": "Subdivision 80 ‑ B to apply to payments or supplies by contributing operator of hybrid settlement sharing arrangement who is also managing operator of nominal defendant settlement sharing arrangement", "Text": "If: (a) an entity that is a * contributing operator of the * hybrid settlement sharing arrangement is a party to that arrangement because it is also the * managing operator of a * nominal defendant settlement sharing arrangement; and (b) the entity makes a payment that, as a result of section 80 ‑ 85, is a * contributing operator’s payment under the hybrid settlement sharing arrangement; then: (c) Subdivision 80 ‑ A does not have any other effect in relation to the payment or supply in accordance with section 80 ‑ 85; but (d) Subdivision 80 ‑ B (other than section 80 ‑ 45) applies in relation to the payment as if it were a * managing operator’s payment or supply under the nominal defendant settlement sharing arrangement and the entity were not party to the hybrid settlement sharing arrangement.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 67 of 2003 | No 41 of 2005", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 41 of 2005, Sch 10 item 8, effective Schedule 10 (items 1–14): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s80-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 81-1", "Provision_Key": "s81-1", "Heading": "What this Division is about", "Text": "GST does not apply to payments of taxes, fees and charges that are excluded from the GST by this Division or by regulations. GST applies to certain taxes, fees and charges prescribed by regulations.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 176 of 1999 | No 41 of 2011", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 90, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Repealed and substituted by No 41 of 2011, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s81-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 81-5", "Provision_Key": "s81-5", "Heading": "Effect of payment of tax", "Text": "Australian tax not consideration (1) A payment, or the discharging of a liability to make a payment, is not the provision of * consideration to the extent the payment is an * Australian tax. Regulations may provide for exceptions (2) However, a payment you make, or a discharging of your liability to make a payment, is treated as the provision of * consideration to the extent the payment is an * Australian tax that is, or is of a kind, prescribed by the regulations. (3) For the purposes of subsection (2), the * consideration is taken to be provided to the entity to which the tax is payable, for a supply that the entity makes to you.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 176 of 1999 | No 97 of 2002 | No 58 of 2006 | No 41 of 2011", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 91 | Sch 1 item 92 | Sch 1 item 93, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 97 of 2002, Sch 1 item 3 | Sch 1 item 82, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent | Amended by No 58 of 2006, Sch 7 item 220 | Sch 7 item 221, effective Schedule 7 (items 2–15, 220–226): Royal Assent | Repealed and substituted by No 41 of 2011, Sch 4 item 81 | Sch 4 item 3 | Sch 4 item 16, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s81-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 81-10", "Provision_Key": "s81-10", "Heading": "Effect of payment of certain fees and charges", "Text": "Certain fees and charges not consideration (1) A payment, or the discharging of a liability to make a payment, is not the provision of * consideration to the extent the payment is an * Australian fee or charge that is of a kind covered by subsection (4) or (5). Prescribed fees and charges treated as consideration (2) However, a payment you make, or a discharging of your liability to make a payment, is treated as the provision of * consideration to the extent the payment is an * Australian fee or charge that is, or is of a kind, prescribed by the regulations. (3) For the purposes of subsection (2), the * consideration is taken to be provided to the entity to which the fee or charge is payable, for a supply that the entity makes to you. Fees or charges paid for permissions etc. (4) This subsection covers a fee or charge if the fee or charge: (a) relates to; or (b) relates to an application for; the provision, retention, or amendment, under an * Australian law, of a permission, exemption, authority or licence (however described). Fees or charges relating to information and record ‑ keeping etc. (5) This subsection covers a fee or charge paid to an * Australian government agency if the fee or charge relates to the agency doing any of the following: (a) recording information; (b) copying information; (c) modifying information; (d) allowing access to information; (e) receiving information; (f) processing information; (g) searching for information.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 176 of 1999 | No 41 of 2011", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 94 | Sch 1 item 95, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Repealed and substituted by No 41 of 2011, Sch 4 item 3, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s81-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 81-15", "Provision_Key": "s81-15", "Heading": "Other fees and charges that do not constitute consideration", "Text": "The regulations may provide that the payment of a prescribed * Australian fee or charge, or of an Australian fee or charge of a prescribed kind, or the discharging of a liability to make such a payment, is not the provision of * consideration.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Inserted by No 41 of 2011, Sch 4 item 81, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s81-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 81-20", "Provision_Key": "s81-20", "Heading": "Division has effect despite sections 9 ‑ 15 and 9 ‑ 17", "Text": "This Division has effect despite sections 9 ‑ 15 and 9 ‑ 17 (which are about consideration).", "Amendment_Count": 2, "First_Amended": "No 41 of 2011", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 41 of 2011 | No 75 of 2012", "History_Notes": "Inserted by No 41 of 2011, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent | Amended by No 75 of 2012, Sch 2 item 9 | Sch 2 item 10, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s81-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 81-25", "Provision_Key": "s81-25", "Heading": "Retrospective application of regulations", "Text": "Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply in relation to regulations made for the purposes of subsection 81 ‑ 5(2) or 81 ‑ 10(2) or section 81 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 41 of 2011", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 41 of 2011 | No 126 of 2015", "History_Notes": "Inserted by No 41 of 2011, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent | Repealed and substituted by No 126 of 2015, Sch 1 item 21, effective Sch 1 (items 20–23): 5 Mar 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s81-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 82-1", "Provision_Key": "s82-1", "Heading": "What this Division is about", "Text": "GST does not apply to transactions for making supplies (commonly referred to as in kind developer contributions) in return for the supply by an Australian government agency of a right to develop land.", "Amendment_Count": 1, "First_Amended": "No 97 of 2002", "Last_Amended": "No 97 of 2002", "Amending_Acts": "No 97 of 2002", "History_Notes": "Inserted by No 97 of 2002, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s82-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 82-5", "Provision_Key": "s82-5", "Heading": "Supplies of rights to develop land do not constitute consideration in certain cases", "Text": "(1) The supply, by an * Australian government agency, of a right to develop land is not treated as * consideration for another supply if the other supply complies with requirements imposed by or under an * Australian law. (2) It does not matter whether the other supply is made to the * Australian government agency. (3) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 1, "First_Amended": "No 97 of 2002", "Last_Amended": "No 97 of 2002", "Amending_Acts": "No 97 of 2002", "History_Notes": "Inserted by No 97 of 2002, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s82-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 82-10", "Provision_Key": "s82-10", "Heading": "Supplies by Australian government agencies of rights to develop land are not for consideration", "Text": "(1) The supply, by an * Australian government agency, of a right to develop land is treated as a supply that is not made for * consideration to the extent that it is made in return for another supply that complies with requirements imposed by or under an * Australian law. (2) It does not matter whether the other supply is made to the * Australian government agency. (3) If the other supply constitutes the payment of: (a) an * Australian tax prescribed by regulations made for the purposes of subsection 81 ‑ 5(2); or (b) an * Australian fee or charge prescribed by regulations made for the purposes of subsection 81 ‑ 10(2); this section overrides those regulations in relation to the payment. (4) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 2, "First_Amended": "No 97 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 97 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 97 of 2002, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent | Amended by No 41 of 2011, Sch 4 item 3, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s82-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-1", "Provision_Key": "s83-1", "Heading": "What this Division is about", "Text": "The GST on taxable supplies made by non ‑ residents can, with the agreement of the recipients, be “reverse charged” to the recipients.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-5", "Provision_Key": "s83-5", "Heading": "“Reverse charge” on supplies made by non ‑ residents", "Text": "(1) The GST on a * taxable supply is payable by the * recipient of the supply, and is not payable by the supplier, if: (a) the supplier is a * non ‑ resident; and (b) the supplier does not make the supply through an * enterprise that the supplier * carries on in the indirect tax zone; and (c) the recipient is * registered or * required to be registered; and (d) the supplier and the recipient agree that the GST on the supply be payable by the recipient. (2) However, this section does not apply to: (a) a supply that is a * taxable supply under section 84 ‑ 5 (which is about offshore supplies); or (b) a taxable supply made by a * non ‑ resident through a * resident agent; or (c) a supply that is disregarded under paragraph 188 ‑ 15(3)(b) or 188 ‑ 20(3)(b) (which are about supplies of rights or options offshore). Note: GST on these taxable supplies is payable by the resident agent: see section 57 ‑ 5. (3) This section has effect despite section 9 ‑ 40 (which is about liability for the GST).", "Amendment_Count": 6, "First_Amended": "No 92 of 2000", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 92 of 2000 | No 77 of 2005 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017 | No 65 of 2019", "History_Notes": "Inserted by No 92 of 2000, Sch 3 item 83, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 77 of 2005, Sch 3 item 4 | Sch 3 item 4A, effective 29 June 2005 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 18, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 24, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1) | Amended by No 65 of 2019, Sch 2 item 1, effective Sch 2: 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-10", "Provision_Key": "s83-10", "Heading": "Recipients who are members of GST groups", "Text": "(1) If section 83 ‑ 5 applies to a * taxable supply but the * recipient of the supply is a * member of a * GST group, the GST on the supply: (a) is payable by the * representative member; and (b) is not payable by the member (unless the member is the representative member). (2) This section has effect despite section 83 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-15", "Provision_Key": "s83-15", "Heading": "Recipients who are participants in GST joint ventures", "Text": "(1) If section 83 ‑ 5 applies to a * taxable supply but the * recipient of the supply is a * participant in a * GST joint venture and the supply is made, on the recipient’s behalf, by the * joint venture operator of the GST joint venture in the course of activities for which the joint venture was entered into, the GST on the supply: (a) is payable by the joint venture operator; and (b) is not payable by the participant. (2) This section has effect despite section 83 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-20", "Provision_Key": "s83-20", "Heading": "The amount of GST on “reverse charged” supplies made by non ‑ residents", "Text": "(1) The amount of GST on a supply to which section 83 ‑ 5, 83 ‑ 10 or 83 ‑ 15 applies is 10% of the * price of the supply. (2) This section has effect despite section 9 ‑ 70 (which is about the amount of GST on taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-25", "Provision_Key": "s83-25", "Heading": "When non ‑ residents must apply for registration", "Text": "(1) A * non ‑ resident need not apply to be * registered under this Act if the non ‑ resident’s * GST turnover would not meet the * registration turnover threshold but for the * taxable supplies of the non ‑ resident that are taxable supplies to which section 83 ‑ 5 applies. (2) It does not matter whether the * non ‑ resident is * required to be registered. (3) This section has effect despite section 25 ‑ 1 (which is about when entities must apply for registration).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 92 of 2000 | No 80 of 2007", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2007, Sch 2 item 19, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-30", "Provision_Key": "s83-30", "Heading": "When the Commissioner must register non ‑ residents", "Text": "(1) The Commissioner need not * register a * non ‑ resident if the Commissioner is satisfied that the non ‑ resident’s * GST turnover would not meet the * registration turnover threshold but for the * taxable supplies of the non ‑ resident that are taxable supplies to which section 83 ‑ 5 applies. (2) It does not matter whether the * non ‑ resident is * required to be registered. (3) This section has effect despite section 25 ‑ 5 (which is about when the Commissioner must register an entity).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 92 of 2000 | No 80 of 2007", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2007, Sch 2 item 20, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 83-35", "Provision_Key": "s83-35", "Heading": "Tax invoices not required for “reverse charged” supplies made by non ‑ residents", "Text": "(1) A * non ‑ resident is not required to issue a * tax invoice for a * taxable supply of the non ‑ resident that is a taxable supply to which section 83 ‑ 5 applies. (2) Subsection (1) has effect despite section 29 ‑ 70 (which is about the requirement to issue tax invoices). (3) Subsection 29 ‑ 10(3) does not apply in relation to a * creditable acquisition made by an entity as a result of being the * recipient of a * taxable supply to which section 83 ‑ 5 applies.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s83-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-1", "Provision_Key": "s84-1", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with certain supplies taking place outside the indirect tax zone. The GST on a supply that is a taxable supply under this Subdivision is “reverse charged” to the recipient of the supply.", "Amendment_Count": 4, "First_Amended": "No 77 of 2005", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2005 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Repealed and substituted by No 77 of 2005, Sch 3 item 5, effective 29 June 2005 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 27, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-5", "Provision_Key": "s84-5", "Heading": "Offshore supplies that are taxable supplies under this Subdivision", "Text": "(1) A supply is a taxable supply (except to the extent that it is * GST ‑ free or * input taxed) if: (a) the supply is for * consideration; and (b) the * recipient of the supply is * registered, or * required to be registered; and (c) the supply is covered by the third column of this table. Offshore supplies that are taxable supplies under this Subdivision Item Topic These supplies are covered … 1 Intangible supply—general a supply of anything other than goods or * real property if: (a) the supply is not * connected with the indirect tax zone; and (b) the * recipient of the supply satisfies the purpose test in subsection (1A). 2 Intangible supply—right or option a supply of anything other than goods or * real property if: (a) the supply is * connected with the indirect tax zone because of paragraph 9 ‑ 25(5)(c); and (b) the * recipient of the supply satisfies the purpose test in subsection (1A). 3 Intangible supply—supplier believed recipient was not a consumer a supply of anything other than goods or * real property if: (a) the supply is * connected with the indirect tax zone because of paragraph 9 ‑ 25(5)(d); and (b) under section 84 ‑ 100, the * GST law applies in relation to the supplier as if the * recipient was not an * Australian consumer of the supply; and (c) the * ABN of the recipient, or the other identifying information prescribed under subsection 84 ‑ 100(4) relating to the recipient, has been disclosed to the supplier; and (d) the recipient has provided to the supplier a declaration or information that indicates that the recipient is * registered. 4 Low value goods—general an * offshore supply of low value goods if: (a) the supply is not * connected with the indirect tax zone; and (b) the * recipient of the supply satisfies the purpose test in subsection (1A); and (c) the importation of the goods is not a * taxable importation on which the recipient is liable to pay GST. 5 Low value goods—supplier believed recipient was not a consumer an * offshore supply of low value goods if: (a) the supply is * connected with the indirect tax zone solely because of Subdivision 84 ‑ C; and (b) under section 84 ‑ 105, the * GST law applies in relation to the supplier as if the * recipient was not a * consumer of the supply; and (c) the importation of the goods is not a * taxable importation on which the recipient is liable to pay GST. (1A) The purpose test referred to in items 1, 2 and 4 of the table in subsection (1) is that: (a) the * recipient of the supply acquires the thing supplied solely or partly for the purpose of an * enterprise that the recipient * carries on in the indirect tax zone; and (b) the recipient does not acquire the thing supplied solely for a * creditable purpose. (1B) However, items 3 and 5 of the table in subsection (1) only cover a supply to the extent that it is * connected with the indirect tax zone solely because of: (a) for item 3—paragraph 9 ‑ 25(5)(d); or (b) for item 5—Subdivision 84 ‑ C. (2) For the purposes of this section, in determining whether the * recipient is * required to be registered, what would be the * value of such supplies (if they were * taxable supplies) is to be counted towards the recipient’s * GST turnover. (3) This section has effect despite section 9 ‑ 5 (which is about what is a taxable supply).", "Amendment_Count": 5, "First_Amended": "No 77 of 2005", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2005 | No 80 of 2007 | No 2 of 2015 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Amended by No 77 of 2005, Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8, effective 29 June 2005 | Amended by No 80 of 2007, Sch 2 item 21, effective 21 June 2007 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 84, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 28 | Sch 1 item 30 | Sch 1 item 34, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-10", "Provision_Key": "s84-10", "Heading": "“Reverse charge” on offshore supplies", "Text": "(1) The GST on a supply that is a * taxable supply because of section 84 ‑ 5: (a) is payable by the * recipient of the supply; and (b) is not payable by the supplier. (2) This section has effect despite section 9 ‑ 40 (which is about liability for the GST). (3) If a supply is a taxable supply under both sections 9 ‑ 5 and 84 ‑ 5, GST is only payable under this section (instead of section 9 ‑ 40).", "Amendment_Count": 2, "First_Amended": "No 77 of 2005", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2005 | No 77 of 2017", "History_Notes": "Amended by No 77 of 2005, Sch 3 item 9, effective 29 June 2005 | Amended by No 77 of 2017, Sch 1 item 31, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-12", "Provision_Key": "s84-12", "Heading": "The amount of GST on offshore supplies that are “reverse charged”", "Text": "(1) The amount of GST on a supply that is a * taxable supply because of section 84 ‑ 5 is 10% of the * price of the supply. (2) This section has effect despite section 9 ‑ 70 (which is about the amount of GST on taxable supplies). Note: Section 9 ‑ 90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 77 of 2017", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 6 item 6, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 77 of 2017, Sch 1 item 32, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-12"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-13", "Provision_Key": "s84-13", "Heading": "The amount of input tax credits relating to offshore supplies", "Text": "(1) The amount of the input tax credit for a * creditable acquisition that relates to a supply that is a * taxable supply because of section 84 ‑ 5 is as follows: where: extent of consideration is: (a) if the * recipient is the supplier’s * associate and the supply is without * consideration—100%; or (b) in any other case—the extent to which you provide, or are liable to provide, the consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition. extent of creditable purpose is the extent to which the * creditable acquisition is for a * creditable purpose, expressed as a percentage of the total purpose of the acquisition. full input tax credit is 11 / 10 of what would have been the amount of the input tax credit for the acquisition if: (a) the supply had been or is a * taxable supply otherwise than because of section 84 ‑ 5; and (b) the acquisition had been made solely for a creditable purpose; and (c) you had provided, or had been liable to provide, all of the consideration for the acquisition. (1A) However, if: (a) an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and (b) the acquisition is not an acquisition of a kind specified in the regulations made for the purposes of paragraph 131 ‑ 40(1)(b); the amount of the input tax credit on the acquisition is worked out under section 131 ‑ 40 as if full input tax credit had the same meaning in subsection 131 ‑ 40(2) as it has in subsection (1) of this section. (2) This section has effect despite: (a) sections 11 ‑ 25 and 11 ‑ 30 (which are about the amount of input tax credits for creditable acquisitions); and (b) section 72 ‑ 45 (which is about the amount of input tax credits on an acquisition from an associate without consideration).", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 134 of 2004 | No 77 of 2005 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 77 of 2005, Sch 3 item 10, effective 29 June 2005 | Amended by No 52 of 2016, Sch 2 item 10 | Sch 2 item 11, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 33, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-13"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-14", "Provision_Key": "s84-14", "Heading": "Supplies relating to employee share ownership schemes", "Text": "This Subdivision does not apply to a supply, to the extent that it is a supply relating to an * employee share scheme, if: (a) the * recipient of the supply is not an entity that has acquired, or may in the future acquire, an ESS interest (within the meaning of the * ITAA 1997) under the scheme; and (b) Subdivision 83A ‑ B or 83A ‑ C of the ITAA 1997 applies to any ESS interest (within the meaning of that Act) acquired under the scheme; and (c) either: (i) the * recipient of the supply is a * 100% subsidiary of the supplier; or (ii) the supply is a transfer that is taken to be a supply because of section 84 ‑ 15.", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 156 of 2000 | No 56 of 2007 | No 133 of 2009 | No 52 of 2016", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 56 of 2007, Sch 3 item 8 | Sch 3 item 9, effective 12 Apr 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 6, 7, 86, 87): 14 Dec 2009 | Amended by No 52 of 2016, Sch 1 item 25, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-14"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-15", "Provision_Key": "s84-15", "Heading": "Transfers etc. between branches of the same entity", "Text": "(1) For the purposes of section 84 ‑ 5, if an entity: (a) * carries on an * enterprise in the indirect tax zone; and (b) also carries on that or another enterprise outside the indirect tax zone; then: (c) the transfer of anything to the enterprise in the indirect tax zone from the enterprise outside the indirect tax zone; or (d) the doing of anything for the enterprise in the indirect tax zone by the enterprise outside the indirect tax zone; is taken to be a supply that is not * connected with the indirect tax zone. Example: An entity acquires, through a place of business it has overseas, the right to exploit a particular copyright in the indirect tax zone. That right is then transferred to a place of business that the entity has in the indirect tax zone. Under this section, the transfer is taken to be a supply that is not connected with the indirect tax zone and, if the other requirements of section 84 ‑ 5 are satisfied, the transfer is a taxable supply. (2) If the transfer is a transfer of the services of an employee, this section does not apply to the transfer to the extent that any payments that: (a) are made from the * enterprise in the indirect tax zone to the enterprise outside the indirect tax zone; and (b) relate to the transfer; would be * withholding payments if they were payments from the enterprise in the indirect tax zone to the employee.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 92 of 2000 | No 2 of 2015", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 72, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-20", "Provision_Key": "s84-20", "Heading": "The price of taxable supplies of offshore intangibles without, or for inadequate, consideration", "Text": "(1) The price of a supply that is a * taxable supply because of section 84 ‑ 5 is the * GST inclusive market value of the supply, if: (a) the supply is from the * recipient’s * associate; and (b) the supply is: (i) without * consideration; or (ii) for consideration that is less than the GST inclusive market value. Note: A supply to an associate without consideration may be a taxable supply, see section 72 ‑ 5. (2) This section has effect despite section 9 ‑ 75 (which is about the price of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-25", "Provision_Key": "s84-25", "Heading": "Tax periods for supplies from associates that are not connected with the indirect tax zone", "Text": "(1) This section applies if a supply that is a * taxable supply because of section 84 ‑ 5 is: (a) a supply from the * recipient’s * associate without * consideration; and (b) not * connected with the indirect tax zone. Note: If the supply is connected with the indirect tax zone, see sections 72 ‑ 15 and 72 ‑ 50 for the tax periods. (2) The tax period to which the GST on the supply, and the input tax credit on the acquisition, is attributable is the tax period in which the thing supplied starts to be done. (3) This section has effect despite: (a) sections 29 ‑ 5 and 72 ‑ 15 (about attributing GST to tax periods); and (b) sections 29 ‑ 10 and 72 ‑ 50 (about attributing input tax credits to tax periods).", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-30", "Provision_Key": "s84-30", "Heading": "Adjustments for acquisitions made solely for a creditable purpose", "Text": "(1) This section applies to an acquisition that relates to a supply if the supply would be a * taxable supply under section 84 ‑ 5 if paragraph 84 ‑ 5(1A)(b) were disregarded. (2) For the purpose of working out whether there is an * adjustment for the acquisition, and the amount of that adjustment, disregard paragraph 84 ‑ 5(1A)(b). Note: As a result, the adjustment (including the full input tax credit referred to in sections 129 ‑ 70 and 129 ‑ 75) is worked out assuming the supply is taxable and the acquisition fully creditable.", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-45", "Provision_Key": "s84-45", "Heading": "What this Subdivision is about", "Text": "Tax invoices and adjustment notes are not required for offshore supplies to Australian consumers. The operator of an electronic distribution platform is treated as having made electronic supplies that are made through the platform: (a) from offshore to Australian consumers; or (b) in some cases, under an agreement with the supplier. The result is that the operator, instead of the suppliers, counts the supplies towards its GST turnover and pays GST on the supplies.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-50", "Provision_Key": "s84-50", "Heading": "No tax invoices or adjustment notes for inbound intangible consumer supplies", "Text": "(1) You are not required to issue a * tax invoice for a * taxable supply that you make if the supply is solely an * inbound intangible consumer supply. (2) You are not required to issue an * adjustment note for an * adjustment event relating to a * taxable supply that you make if the supply is solely an * inbound intangible consumer supply. (3) This section has effect despite sections 29 ‑ 70 and 29 ‑ 75 (which are about tax invoices and adjustment notes).", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-55", "Provision_Key": "s84-55", "Heading": "Operator of electronic distribution platform treated as supplier", "Text": "(1) If an * inbound intangible consumer supply is made through an * electronic distribution platform, the operator of the platform, instead of the supplier, is treated, for the purposes of the * GST law: (a) as being the supplier of, and as making, the supply; and (b) as having made the supply for the * consideration for which it was made; and (c) as having made the supply in the course or furtherance of an * enterprise that the operator * carries on. Note: As a consequence, GST on the supply is payable by the operator of the electronic distribution platform. (2) Despite subsection (1), if an * inbound intangible consumer supply is made through more than one * electronic distribution platform, that subsection only applies to the operator of any of those platforms who is: (a) * registered and a party to a written agreement, where: (i) the agreement is between the operator and at least one of the other operators of the platforms; and (ii) the operator is to be treated as the supplier under the agreement; or (b) if paragraph (a) does not apply—the operator determined in accordance with an instrument made under subsection (3); or (c) if paragraph (a) does not apply and no instrument has been made under subsection (3): (i) the first of the operators of those platforms to receive, or to authorise the charging of, any * consideration for the supply; or (ii) if subparagraph (i) does not apply—the first of the operators of those platforms to authorise the delivery of the supply. (3) The Commissioner may, by legislative instrument, specify how an operator is to be determined for the purposes of paragraph (2)(b). (4) Despite subsections (1) and (2), this section does not apply to an operator of an * electronic distribution platform in relation to an * inbound intangible consumer supply made through the platform if: (a) a document, relating to the supply, issued to the * recipient of the supply identifies: (i) the supply; and (ii) the supplier as the supplier of the supply; and (b) the supplier and the operator of the electronic distribution platform have agreed in writing that the supplier is the entity responsible for paying GST for: (i) the supply; or (ii) a class of supplies that includes the supply; and (c) the operator of the electronic distribution platform: (i) does not authorise the charge to the recipient for the supply; and (ii) does not authorise the delivery of the supply; and (iii) does not (whether directly or indirectly) set any of the terms and conditions under which the supply is made.", "Amendment_Count": 3, "First_Amended": "No 52 of 2016", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 52 of 2016 | No 77 of 2017 | No 69 of 2023", "History_Notes": "Inserted by No 52 of 2016, Sch 1 item 84 | Sch 1 item 27 | Sch 1 item 28, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 84 | Sch 1 item 50, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1) | Amended by No 69 of 2023, Sch 21 item 114 | Sch 21 item 116, effective sch 4 (items 105-110, 114-116): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-60", "Provision_Key": "s84-60", "Heading": "Extension of section 84 ‑ 55 to certain other supplies through an electronic distribution platform", "Text": "(1) Section 84 ‑ 55 applies to a supply that is to be made by means of * electronic communication as if it were an * inbound intangible consumer supply if: (a) the supply is made through an * electronic distribution platform; and (b) the supply is covered by a written agreement entered into between the supplier and the operator of the platform before the supply is made; and (c) the operator is * registered; and (d) under the agreement, the supply is to be treated as if it were an inbound intangible consumer supply made through the platform. (2) However, subsection (1) does not apply to the supply if: (a) the supply is GST ‑ free or input taxed; or (b) the operator would not be treated under section 84 ‑ 55 as being the supplier of, and as making, the supply if it were an * inbound intangible consumer supply. (3) If subsection (1) applies to the supply, the supply is treated as having been made in the course or furtherance of the carrying on of the * enterprise through which the operator operates the platform.", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 52 of 2016, Sch 1 item 27 | Sch 1 item 28, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 36, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-65", "Provision_Key": "s84-65", "Heading": "Meaning of inbound intangible consumer supply", "Text": "(1) A supply of anything other than goods or * real property is an inbound intangible consumer supply if the * recipient is an * Australian consumer, unless: (a) the thing is done wholly in the indirect tax zone; or (b) the supplier makes the supply wholly through an * enterprise that the supplier * carries on in the indirect tax zone. (2) Disregard section 84 ‑ 55 in determining whether paragraph (1)(b) applies.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, Sch 1 item 36, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-70", "Provision_Key": "s84-70", "Heading": "Meaning of electronic distribution platform", "Text": "(1) A service (including a website, internet portal, gateway, store or marketplace) is an electronic distribution platform if: (a) the service allows entities to make supplies available to end ‑ users; and (b) the service is delivered by means of * electronic communication; and (c) any of the supplies that are * inbound intangible consumer supplies are to be made by means of electronic communication. (2) However, a service is not an electronic distribution platform solely because it is: (a) a carriage service (within the meaning of the Telecommunications Act 1997 ); or (b) a service consisting of one or more of the following: (i) providing access to a payment system; (ii) processing payments; (iii) providing * vouchers the supply of which are not * taxable supplies because of section 100 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 52 of 2016, Sch 1 item 36, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 37, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-73", "Provision_Key": "s84-73", "Heading": "What this Subdivision is about", "Text": "Supplies of low value goods involving goods being brought to the indirect tax zone may be connected with the indirect tax zone. An entity may be treated as the supplier of an offshore supply of low value goods, if the entity is the operator of an electronic distribution platform through which the supply is made, or the entity is a redeliverer of the goods. The result is that the operator or redeliverer, instead of the supplier, counts the supplies towards its GST turnover and pays GST on the supplies. Suppliers of offshore supplies of low value goods are not required to issue tax invoices and adjustment notes, but they must ensure relevant information is included in customs documents. Note 1: The supplies will need to meet other requirements in order to be taxable supplies: see section 9 ‑ 5. Note 2: Offshore supplies of low value goods that are not connected with the indirect tax zone under this Subdivision may be taxable supplies, and “reverse ‑ charged”, under Subdivision 84 ‑ A.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-73"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-75", "Provision_Key": "s84-75", "Heading": "Supplies of low value goods that are connected with the indirect tax zone", "Text": "(1) An * offshore supply of low value goods is connected with the indirect tax zone if the * recipient of the supply is a * consumer of the supply. Note: There is an exception to this rule if the supplier reasonably believes there will be a taxable importation of the goods: see section 84 ‑ 83. (2) An entity is a consumer of a supply made to the entity if: (a) the entity is not * registered; or (b) if the entity is registered—the entity does not acquire the thing supplied solely or partly for the purpose of an * enterprise that the entity * carries on in the indirect tax zone. Note: A supplier may treat a recipient as not being a consumer if the supplier reasonably believes (based on certain information) that to be the case: see section 84 ‑ 105. (3) This section has effect in addition to section 9 ‑ 25 (which is about when supplies are connected with the indirect tax zone).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 84 | Sch 1 item 57, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-77", "Provision_Key": "s84-77", "Heading": "Meaning of offshore supply of low value goods", "Text": "Supplies of low value goods delivered etc. into the indirect tax zone by suppliers (1) A * supply of low value goods is an offshore supply of low value goods if: (a) the supply involves the goods being brought to the indirect tax zone; and (b) the supplier delivers the goods into the indirect tax zone, or procures, arranges or facilitates the delivery of the goods into the indirect tax zone. Supplies of low value goods made through an electronic distribution platform (2) Without limiting subsection (1), a * supply of low value goods is an offshore supply of low value goods if: (a) the supply involves the goods being brought to the indirect tax zone; and (b) the supply is made through an * electronic distribution platform; and (c) the operator of the platform delivers the goods into the indirect tax zone, or procures, arranges or facilitates the delivery of the goods into the indirect tax zone. Supplies of low value goods delivered etc. into the indirect tax zone by redeliverers (3) A * supply of low value goods is an offshore supply of low value goods if: (a) the supply involves the goods being delivered to a place outside the indirect tax zone; and (b) a * redeliverer delivers the goods into the indirect tax zone, or procures, arranges or facilitates the delivery of the goods into the indirect tax zone. (4) An entity is a redeliverer in relation to a * supply of low value goods if, as a result of an arrangement with the * recipient of the supply (or another entity acting on the recipient’s behalf), the entity, in the course of * carrying on an enterprise: (a) delivers the goods into the indirect tax zone, or procures, arranges or facilitates the delivery of the goods into the indirect tax zone; and (b) does one or more of the following: (i) provides use of an address outside the indirect tax zone to which the goods are delivered; (ii) procures, arranges or facilitates use of an address outside the indirect tax zone to which the goods are delivered; (iii) purchases the goods; (iv) procures, arranges or facilitates purchase of the goods. (5) Disregard section 84 ‑ 81 in applying this section.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 84 | Sch 1 item 59, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-77"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-79", "Provision_Key": "s84-79", "Heading": "Meaning of supply of low value goods", "Text": "(1) A supply of goods is a supply of low value goods if: (a) the goods supplied are covered by subsection (3); or (b) the goods supplied include goods covered by subsection (3). (2) However, if the goods supplied include goods that are not covered by subsection (3), then the supply of goods (the actual supply ) is to be treated as if it were 2 separate supplies in the following way: (a) the part of the actual supply consisting of goods covered by subsection (3) is to be treated as if it were a separate supply that is a supply of low value goods (regardless of the total * customs value of the goods to which those supplies relate); and (b) the remainder of the actual supply is to be treated as if it were a separate supply that is not a supply of low value goods . Low value goods (3) This subsection covers goods if: (a) the * customs value of the goods is $1,000 or less; and (b) the goods are not tobacco, tobacco products or alcoholic beverages. (4) Work out the * customs value of goods for the purposes of this section at the time when the * consideration for the supply was first agreed, and as if: (a) the goods were exported from the country from which they were brought to the indirect tax zone; and (b) the goods were imported into Australia; and (c) the agreement for the supply was an agreement for the importation and for the exportation; and (d) to the extent that working out the value involves an assumption about the way in which the Collector (within the meaning of the Customs Act 1901 ) will exercise a discretion—the Collector exercised that discretion in a reasonable manner in accordance with law; and (e) if an amount to be taken into account in working out that value is not an amount in Australian currency, the amount so taken into account is the equivalent in Australian currency of that amount, ascertained in any of the following ways: (i) in the way provided in section 161J of the Customs Act 1901 ; (ii) in the manner determined by the Commissioner under subsection (5) of this section. (5) The Commissioner may, by legislative instrument, determine a manner of ascertaining an amount in Australian currency for the purposes of paragraph (4)(e). (6) Disregard section 84 ‑ 81 in applying this section.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 59, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-79"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-81", "Provision_Key": "s84-81", "Heading": "Who makes an offshore supply of low value goods", "Text": "(1) This section does not apply to a supply to the extent it is * connected with the indirect tax zone because of a provision of this Act other than this Subdivision. (2) This section applies in relation to an * offshore supply of low value goods, regardless of whether the * recipient of the supply is a * consumer. Note: If the recipient is not a consumer, the entity treated as a supplier by this section must still ensure information is included in customs documents: see section 84 ‑ 91. Operator of electronic distribution platform—extension of section 84 ‑ 55 (3) Section 84 ‑ 55 applies to a supply as if it were an * inbound intangible consumer supply if: (a) the supply is made through an * electronic distribution platform; and (b) the supply is an * offshore supply of low value goods. Note: Section 84 ‑ 55 treats the operator of an electronic distribution platform as the supplier of supplies made through the platform. Redeliverer (4) If a supply of goods is an * offshore supply of low value goods solely because of subsection 84 ‑ 77(3), the * redeliverer is taken, for the purposes of this Act: (a) as being the supplier of, and as making, the supply; and (b) as having made the supply for the * consideration for which it was made; and (c) as having made the supply in the course or furtherance of an * enterprise that the redeliverer * carries on. (5) Despite subsection (4), if there is more than one * redeliverer in relation to the supply, that subsection only applies to the redeliverer who is: (a) the first of the redeliverers to enter into an arrangement, with the * recipient, relating to the supply; or (b) if paragraph (a) does not apply—the first of the redeliverers to enter into an arrangement, with an * associate of the recipient, relating to the supply; or (c) if paragraphs (a) and (b) do not apply—the first of the redeliverers to enter into an arrangement, of a kind referred to in subsection 84 ‑ 77(4), relating to the supply; or (d) if paragraphs (a), (b) and (c) do not apply—the redeliverer determined in accordance with an instrument made under subsection (6). (6) The Commissioner may, by legislative instrument, make a determination specifying how a * redeliverer of * offshore supplies of low value goods is to be determined for the purposes of paragraph (5)(d). (7) Division 57 (resident agents acting for non ‑ residents) does not apply in relation to a supply to which subsection (4) applies.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 18 | Sch 1 item 84 | Sch 1 item 50, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-81"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-83", "Provision_Key": "s84-83", "Heading": "Exception—when supplier reasonably believes there will be a taxable importation", "Text": "(1) This section does not apply to a supply to the extent it is * connected with the indirect tax zone because of a provision of this Act other than this Subdivision. (2) An * offshore supply of low value goods is not connected with the indirect tax zone to the extent that: (a) the supplier takes reasonable steps to obtain information about whether or not the goods would be imported into the indirect tax zone as a * taxable importation; and (b) after taking those steps, the supplier reasonably believed that the goods would be imported into the indirect tax zone as a taxable importation. (3) Without limiting subsection (2), paragraph (2)(a) is taken to be satisfied if the supplier’s usual business systems and processes provide the supplier with a reasonable basis for forming a reasonable belief about whether or not goods to be imported into the indirect tax zone would be imported as a * taxable importation. (4) For the purposes of paragraph (2)(b), the time at which the supplier must have the reasonable belief is: (a) if subsection 84 ‑ 81(4) (about redeliverers treated as suppliers) does not apply—at the most recent time before export that the * consideration for the supply was agreed; or (b) if subsection 84 ‑ 81(4) applies—at the time of delivering the goods into the indirect tax zone, or procuring, arranging or facilitating the delivery of the goods into the indirect tax zone. (5) This section has effect despite section 84 ‑ 75.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 42 | Sch 1 item 84, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-83"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-85", "Provision_Key": "s84-85", "Heading": "Exception—when there is also a taxable importation", "Text": "(1) Subsection (2) applies to an * offshore supply of low value goods you made to the extent that: (a) the supply is, apart from this section, a * supplier ‑ taxed offshore supply of low value goods; and (b) an importation of the goods was a * taxable importation. Note: This section applies if section 42 ‑ 15 has not applied to treat the importation as a non ‑ taxable importation. (2) The supply is treated as if it were not a * taxable supply if: (a) to the extent (if any) that you have * passed on the GST on the supply to another entity—you reimburse the other entity for the passed on GST; and (b) an entity provides to you a declaration or information that indicates that GST has been paid on the * taxable importation. (3) A supply of goods is a supplier ‑ taxed offshore supply of low value goods if the supply is: (a) an * offshore supply of low value goods; and (b) a taxable supply solely under section 9 ‑ 5; and (c) * connected with the indirect tax zone solely because of this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 59, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-87", "Provision_Key": "s84-87", "Heading": "No tax invoices or adjustment notes for offshore supplies of low value goods", "Text": "(1) You are not required to issue a * tax invoice for a * taxable supply that you make if the supply is a * supplier ‑ taxed offshore supply of low value goods. (2) You are not required to issue an * adjustment note for an * adjustment event relating to a * taxable supply that you make if the supply is a * supplier ‑ taxed offshore supply of low value goods. (3) This section has effect despite sections 29 ‑ 70 and 29 ‑ 75 (which are about tax invoices and adjustment notes).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-87"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-89", "Provision_Key": "s84-89", "Heading": "Notifying amounts of GST to recipients of offshore supplies of low value goods", "Text": "(1) You must give the * recipient of a supply a notice of the amount of GST (if any) payable in relation to the supply if the supply is a * supplier ‑ taxed offshore supply of low value goods. (2) You must give the notice in the * approved form, and at the time the * consideration for the supply is first agreed. (3) If: (a) you make a * supplier ‑ taxed offshore supply of low value goods; and (b) you did not give a notice under subsection (1); and (c) the * recipient of the supply requests you to notify the recipient of the amount of GST (if any) payable in relation to the supply; you must, within 5 * business days after the request is made, give the recipient a notice of that amount in the * approved form. Note: If you do not give the notice as required by this subsection, you are liable to an administrative penalty under subsection 288 ‑ 45(2A) in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 46 | Sch 1 item 63, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-89"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-91", "Provision_Key": "s84-91", "Heading": "The amount of GST on offshore supplies of low value goods made by redeliverers", "Text": "(1) If a * supplier ‑ taxed offshore supply of low value goods is an * offshore supply of low value goods solely because of subsection 84 ‑ 77(3), the amount of GST on the supply is 10% of the * price of the supply. (2) This section has effect despite section 9 ‑ 70 (which is about the amount of GST on taxable supplies). Note: Section 9 ‑ 90 (rounding of amounts of GST) can apply to amounts of GST worked out using this section.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 84, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-91"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-93", "Provision_Key": "s84-93", "Heading": "Suppliers of offshore supplies of low value goods to ensure tax information is included in customs documents", "Text": "(1) If: (a) you make an * offshore supply of low value goods; and (b) you are * registered, or * required to be registered; you must ensure that the information set out in subsection (2) is included in one or more of the documents referred to in subsection (3) (regardless of whether or not the supply is * connected with the indirect tax zone). Note: If you do not ensure the information is included, you are liable to an administrative penalty under section 288 ‑ 46 in Schedule 1 to the Taxation Administration Act 1953 . (2) For the purposes of subsection (1), the information is as follows: (a) your registration number; (b) if the * recipient’s * ABN has been disclosed to you—that ABN; (c) the extent (if any) to which you are treating the supply as a * taxable supply. (3) For the purposes of subsection (1), the documents are as follows: (a) an import declaration (within the meaning of the Customs Act 1901 ); (b) an import declaration advice (within the meaning of that Act); (c) a self ‑ assessed clearance declaration (within the meaning of that Act); (d) a self ‑ assessed clearance declaration advice (within the meaning of that Act); (e) a document of a kind specified in an instrument made under subsection (4). (4) The Commissioner may, by legislative instrument, make a determination specifying kinds of documents for the purposes of paragraph (3)(e).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 288, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-93"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-95", "Provision_Key": "s84-95", "Heading": "What this Subdivision is about", "Text": "A supplier is treated in some situations to be making a supply to an entity that is not a consumer, or not an Australian consumer. Note 1: Whether the recipient of a supply of an intangible is an Australian consumer is one of the tests for whether the supply is connected with the indirect tax zone: see subsection 9 ‑ 25(5). Note 2: Whether the recipient of an offshore supply of low value goods is a consumer is one of the tests for whether the supply is connected with the indirect tax zone: see subsection 84 ‑ 75(1). Note 3: Supplies affected by this Subdivision may be supplies that are taxable supplies, and reverse charged, under Subdivision 84 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Repealed and substituted by No 77 of 2017, Sch 1 item 40, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-100", "Provision_Key": "s84-100", "Heading": "When entities are treated as not being Australian consumers", "Text": "(1) The * GST law applies in relation to you as if another entity was not an * Australian consumer of a supply if: (a) you take reasonable steps to obtain information about whether or not the other entity is an Australian consumer of the supply; and (b) after taking those steps, you reasonably believe that the other entity is not an Australian consumer of the supply. (2) Without limiting subsection (1), the * GST law applies in relation to you as if another entity was not an * Australian consumer of a supply if: (a) your usual business systems and processes provide you with a reasonable basis for forming a reasonable belief about whether the other entity is an Australian consumer of the supply; and (b) you reasonably believe that the other entity is not an Australian consumer of the supply. (3) For the purposes of subsections (1) and (2), to the extent that your belief that the other entity is not an * Australian consumer of the supply is based on the other entity being * registered, your belief is reasonable only if: (a) the other entity’s * ABN, or the other identifying information prescribed under subsection (4) relating to the other entity, has been disclosed to you; and (b) the other entity has provided to you a declaration or information that indicates that the other entity is registered. (4) The Commissioner may, by legislative instrument, prescribe identifying information for the purposes of paragraph (3)(a).", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, Sch 1 item 3 | Sch 1 item 24 | Sch 1 item 33, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 84-105", "Provision_Key": "s84-105", "Heading": "When entities are treated as not being consumers", "Text": "(1) The * GST law applies in relation to you as if another entity was not a * consumer of a supply if you reasonably believe that the other entity is not a consumer of the supply. (2) For the purposes of subsection (1), your belief is reasonable only if: (a) the other entity’s * ABN, or the other identifying information prescribed under subsection (3) relating to the other entity, has been disclosed to you; and (b) the other entity has provided to you a declaration or information that indicates that the other entity is * registered. (3) The Commissioner may, by legislative instrument, make a determination prescribing identifying information for the purposes of paragraph (2)(a).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 29 | Sch 1 item 84, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s84-105"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 85-1", "Provision_Key": "s85-1", "Heading": "What this Division is about", "Text": "Telecommunication supplies that are effectively used or enjoyed in the indirect tax zone are included in the GST system (regardless of where the supplier has a physical presence).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 177 of 1999 | No 2 of 2015", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s85-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 85-5", "Provision_Key": "s85-5", "Heading": "When telecommunication supplies are connected with the indirect tax zone", "Text": "(1) A * telecommunication supply is connected with the indirect tax zone if the * recipient of the supply will effectively use or enjoy the supply in the indirect tax zone. (2) However, subsection (1) does not apply to a * telecommunication supply, or a telecommunication supply included in a class of telecommunication supplies, if: (a) the supplier makes the supply through an * enterprise that is not * carried on in the indirect tax zone; and (b) the Commissioner determines that collection of GST on that supply or class of supplies would not be administratively feasible. (3) This section has effect in addition to section 9 ‑ 25 (which is about when supplies are connected with the indirect tax zone), but is subject to section 9 ‑ 26 (which is about when supplies are not connected with the indirect tax zone).", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 177 of 1999 | No 2 of 2015 | No 52 of 2016", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 2 item 13, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s85-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 85-10", "Provision_Key": "s85-10", "Heading": "Meaning of telecommunication supply", "Text": "A telecommunication supply is a supply relating to the transmission, emission or reception of signals, writing, images, sounds or information of any kind by wire, radio, optical or other electromagnetic systems. It includes: (a) the related transfer or assignment of the right to use capacity for such transmission, emission or reception; and (b) provision of access to global information networks.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 156, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s85-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 86-1", "Provision_Key": "s86-1", "Heading": "What this Division is about", "Text": "The GST on taxable supplies of goods consisting wholly or partly of valuable metal can be “reverse charged” to the recipients.", "Amendment_Count": 1, "First_Amended": "No 76 of 2017", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 76 of 2017", "History_Notes": "Inserted by No 76 of 2017, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s86-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 86-5", "Provision_Key": "s86-5", "Heading": "“Reverse charge” on supplies of goods consisting of valuable metal", "Text": "(1) The GST on a * taxable supply of goods is payable by the * recipient of the supply, and is not payable by the supplier, if: (a) the goods consist wholly or partly of * valuable metal; and (b) the recipient is * registered or * required to be registered; and (c) either: (i) at the time of the supply, the market value of the goods does not exceed the * valuable metal threshold; or (ii) the supplier and the recipient agree, in writing, that the GST on the supply be payable by the recipient. (2) Subsection (1) does not apply to a * taxable supply of goods if the supply is in a class of supplies determined under subsection (3). Determination (3) For the purposes of subsection (2), the Commissioner may, by legislative instrument, determine that subsection (1) does not apply to a specified class of supplies. (4) In making a determination under subsection (3), the Commissioner may have regard to the following: (a) the likelihood that * recipients and suppliers of that class of supply will otherwise comply with their obligations under the * GST law, and the risk of GST not being paid on * taxable supplies in that class if recipients do not pay the GST; (b) the costs for recipients and suppliers of that class of supplies to comply with subsection (1); (c) any other relevant matters. Effect of this section on other sections (5) This section has effect despite sections 9 ‑ 40 (which is about liability for the GST), 48 ‑ 40, 51 ‑ 30 and 83 ‑ 5 (which are about who is liable for GST).", "Amendment_Count": 1, "First_Amended": "No 76 of 2017", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 76 of 2017", "History_Notes": "Inserted by No 76 of 2017, Sch 1 item 86, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s86-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 86-10", "Provision_Key": "s86-10", "Heading": "The valuable metal threshold", "Text": "(1) The market value of goods consisting wholly or partly of * valuable metal exceeds the valuable metal threshold at a time if, at that time: (a) unless paragraph (b) applies—the market value of the goods exceeds the market value of the valuable metal in the goods by at least the specified percentage (see subsection (4)); or (b) if the goods consist of goods ( separate goods ), each of which: (i) consist wholly or partly of valuable metal; and (ii) can be separately supplied; the market value of each of the separate goods exceeds the market value of the valuable metal in those particular separate goods by at least the specified percentage. Market value of goods and valuable metal (2) For the purposes of subsection (1), the market value of goods or * valuable metal in goods: (a) is to be worked out disregarding any amount of GST: (i) that is payable on the supply of the goods or metal; or (ii) if there is no supply of valuable metal—that would be payable if there were a supply of valuable metal; and (b) either: (i) unless subparagraph (ii) applies—is the market value of the goods or metal within the ordinary meaning of the expression; or (ii) if the Commissioner has determined under subsection (3) one or more methods for working out the market value of goods or metal—the market value of the goods or metal worked out using any one of those methods. (3) The Commissioner may, by legislative instrument, determine one or more methods of working out the market value of goods or * valuable metal for the purposes of subparagraph (2)(b)(ii). Specified percentage (4) For the purposes of subsection (1), the specified percentage is: (a) if the Minister determines a percentage under subsection (5)—that percentage; or (b) otherwise—10%. (5) The Minister may, by legislative instrument, determine a percentage for the purposes of paragraph (4)(a). Effect of section (6) To avoid doubt, this section does not affect how goods that consist of goods that can be separately supplied are otherwise treated for the purposes of this Act.", "Amendment_Count": 1, "First_Amended": "No 76 of 2017", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 76 of 2017", "History_Notes": "Inserted by No 76 of 2017, Sch 1 item 11, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s86-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 86-15", "Provision_Key": "s86-15", "Heading": "Recipients who are members of GST groups", "Text": "(1) If section 86 ‑ 5 applies to a * taxable supply but the * recipient of the supply is a * member of a * GST group, the GST on the supply: (a) is payable by the * representative member; and (b) is not payable by the member (unless the member is the representative member). (2) This section has effect despite sections 48 ‑ 40, 51 ‑ 30 and 86 ‑ 5 (which are about who is liable for GST).", "Amendment_Count": 1, "First_Amended": "No 76 of 2017", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 76 of 2017", "History_Notes": "Inserted by No 76 of 2017, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s86-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 86-20", "Provision_Key": "s86-20", "Heading": "Recipients who are participants in GST joint ventures", "Text": "(1) If section 86 ‑ 5 applies to a * taxable supply but the * recipient of the supply is a * participant in a * GST joint venture and the supply is made, on the recipient’s behalf, by the * joint venture operator of the GST joint venture in the course of activities for which the joint venture was entered into, the GST on the supply: (a) is payable by the joint venture operator; and (b) is not payable by the participant. (2) This section has effect despite sections 48 ‑ 40, 51 ‑ 30 and 86 ‑ 5 (which are about who is liable for GST).", "Amendment_Count": 1, "First_Amended": "No 76 of 2017", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 76 of 2017", "History_Notes": "Inserted by No 76 of 2017, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s86-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 86-25", "Provision_Key": "s86-25", "Heading": "The amount of GST on “reverse charged” supplies of goods consisting of valuable metal", "Text": "(1) The amount of GST on a supply to which section 86 ‑ 5, 86 ‑ 15 or 86 ‑ 20 applies is 10% of the * price of the supply. (2) This section has effect despite section 9 ‑ 70 (which is about the amount of GST on taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 76 of 2017", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 76 of 2017", "History_Notes": "Inserted by No 76 of 2017, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s86-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 87-1", "Provision_Key": "s87-1", "Heading": "What this Division is about", "Text": "Long ‑ term stays in commercial residential premises are given a lower value than would otherwise apply, reducing the amount of GST payable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s87-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 87-5", "Provision_Key": "s87-5", "Heading": "Commercial residential premises that are predominantly for long ‑ term accommodation", "Text": "(1) The value of a * taxable supply of * commercial accommodation that: (a) is provided in * commercial residential premises that are * predominantly for long ‑ term accommodation; and (b) is provided to an individual as * long ‑ term accommodation; is 50%, or such other percentage as is specified in the regulations, of what would be the * price of the supply if this Division did not apply. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s87-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 87-10", "Provision_Key": "s87-10", "Heading": "Commercial residential premises that are not predominantly for long ‑ term accommodation", "Text": "(1) The value of a * taxable supply of * commercial accommodation that: (a) is provided in * commercial residential premises that are not * predominantly for long ‑ term accommodation; and (b) is provided to an individual as * long ‑ term accommodation; is the sum of: (c) the value, worked out in the way set out in section 9 ‑ 75, of that part of the supply that relates to provision of the commercial accommodation during the first 27 days; and (d) 50%, or such other percentage as is specified in the regulations, of what would be the * price (if this Division did not apply) of that part of the supply that relates to provision of the commercial accommodation after the first 27 days. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s87-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 87-15", "Provision_Key": "s87-15", "Heading": "Meaning of commercial accommodation", "Text": "Commercial accommodation means the right to occupy the whole or any part of * commercial residential premises, including, if it is provided as part of the right so to occupy, the supply of: (a) cleaning and maintenance; or (b) electricity, gas, air ‑ conditioning or heating; or (c) telephone, television, radio or any other similar thing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s87-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 87-20", "Provision_Key": "s87-20", "Heading": "Meaning of long ‑ term accommodation etc.", "Text": "(1) Long ‑ term accommodation is provided to an individual if * commercial accommodation is provided, for a continuous period of 28 days or more, in the same premises: (a) to that individual alone; or (b) to that individual, together with one or more other individuals who: (i) are also provided with that commercial accommodation; and (ii) are not provided with it at their own expense (whether incurred directly or indirectly). (2) For the purpose of working out the number of days in the period for which an individual is provided with * commercial accommodation: (a) count the day on which he or she is first provided with the commercial accommodation; and (b) disregard the day on which he or she ceases to be provided with commercial accommodation. (3) * Commercial residential premises are predominantly for long ‑ term accommodation if at least 70% of the individuals who are provided with * commercial accommodation in the premises are provided with commercial accommodation as * long ‑ term accommodation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s87-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 87-25", "Provision_Key": "s87-25", "Heading": "Suppliers may choose not to apply this Division", "Text": "(1) This Division does not apply to a supply of * commercial accommodation if the supplier chooses not to apply this Division to any supplies of commercial accommodation that the supplier makes. (2) The choice applies to all supplies of * commercial accommodation that the supplier makes after the choice is made and before the choice is revoked. (3) However, the supplier: (a) cannot revoke the choice within 12 months after the day on which the supplier made the choice; and (b) cannot make a further choice within 12 months after the day on which the supplier revoked a previous choice. Note: If you choose not to apply this Division, your supplies (other than GST ‑ free supplies) of long ‑ term accommodation in commercial residential premises are input taxed under section 40 ‑ 35.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Amended by No 97 of 2008, Sch 3 item 1, effective Schedule 3 (item 1): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s87-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-1", "Provision_Key": "s90-1", "Heading": "What this Division is about", "Text": "This Division ensures proper account is taken of liabilities and entitlements under the GST system when companies amalgamate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-5", "Provision_Key": "s90-5", "Heading": "Supplies not taxable—amalgamated company registered or required to be registered", "Text": "(1) A supply made by an * amalgamating company to an * amalgamated company in the course of * amalgamation is not a * taxable supply if, immediately after the amalgamation, the amalgamated company is * registered or * required to be registered. (2) This section has effect despite section 9 ‑ 5 (which is about what is a taxable supply).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-10", "Provision_Key": "s90-10", "Heading": "Value of taxable supplies—amalgamated company not registered or required to be registered", "Text": "(1) If: (a) an * amalgamating company makes a * taxable supply to an * amalgamated company in the course of * amalgamation; and (b) immediately after the amalgamation, the amalgamated company is neither * registered nor * required to be registered; the value of the taxable supply is the * GST exclusive market value of the supply. (2) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-15", "Provision_Key": "s90-15", "Heading": "Acquisitions not creditable—amalgamated company registered or required to be registered", "Text": "(1) An acquisition made by an * amalgamated company from an * amalgamating company in the course of * amalgamation is not a * creditable acquisition if, immediately after the amalgamation, the amalgamated company is * registered or * required to be registered. (2) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-20", "Provision_Key": "s90-20", "Heading": "Liability after amalgamation for GST on amalgamating company’s supplies", "Text": "(1) An * amalgamated company must pay the GST payable on a * taxable supply if: (a) apart from the * amalgamation, the GST would have been payable by any of the * amalgamating companies; and (b) the GST was not attributable, before the amalgamation, to a tax period applying to the amalgamating company. (2) This section has effect despite section 9 ‑ 40 (which is about liability for GST).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-25", "Provision_Key": "s90-25", "Heading": "Entitlement after amalgamation to input tax credits for amalgamating company’s acquisitions", "Text": "(1) An * amalgamated company is entitled to the input tax credit for a * creditable acquisition if: (a) apart from the * amalgamation, any of the * amalgamating companies would have been entitled to the input tax credit; and (b) the input tax credit was not attributable, before the amalgamation, to a tax period applying to the amalgamating company. (2) This section has effect despite section 11 ‑ 20 (which is about who is entitled to input tax credits).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-30", "Provision_Key": "s90-30", "Heading": "Adjustments", "Text": "(1) An * amalgamated company has an * adjustment if: (a) apart from the * amalgamation, any of the * amalgamating companies would have had the adjustment; and (b) the adjustment was not attributable, before the amalgamation, to a tax period applying to the amalgamating company. (2) This section has effect despite section 17 ‑ 10 (which is about the effect of adjustments on net amounts).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 90-35", "Provision_Key": "s90-35", "Heading": "Amalgamating companies accounting on a cash basis", "Text": "(1) If: (a) immediately before * amalgamation, an * amalgamating company * accounted on a cash basis; and (b) GST payable by the company on a * taxable supply, an input tax credit to which the company was entitled for a * creditable acquisition, or an * adjustment that the company had, was not attributable, before the amalgamation, to any of the tax periods applying to the company; and (c) the GST, input tax credit or adjustment would have been attributable to such a tax period if the company had not accounted on a cash basis during that period; and (d) immediately after the amalgamation, the * amalgamated company does not account on a cash basis; the GST, input tax credit or adjustment (as the case requires) is attributable to the first tax period applying to the amalgamated company that ends after the amalgamation. (2) If: (a) immediately before * amalgamation, an * amalgamating company * accounted on a cash basis; and (b) GST payable by the company on a * taxable supply, an input tax credit to which the company was entitled for a * creditable acquisition, or an * adjustment that the company had, was only to some extent attributable, before the amalgamation, to any of the tax periods applying to the company; and (c) the GST, input tax credit or adjustment would have been solely attributable to such a tax period if the company had not accounted on a cash basis during that period; and (d) immediately after the amalgamation, the * amalgamated company does not account on a cash basis; the GST, input tax credit or adjustment (as the case requires) is attributable to the first tax period applying to the amalgamated company that ends after the amalgamation, but only to the extent that it was not attributable to any of the tax periods applying to the amalgamating company. (3) This section has effect despite sections 29 ‑ 5, 29 ‑ 10 and 29 ‑ 20 (which are about attributing GST on supplies, input tax credits for acquisitions, and adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s90-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 93-1", "Provision_Key": "s93-1", "Heading": "What this Division is about", "Text": "Your entitlements to input tax credits for creditable acquisitions cease unless they are included in your assessed net amounts within a limited period (generally 4 years).", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 156 of 2000 | No 20 of 2010 | No 39 of 2012", "History_Notes": "Repealed by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Inserted by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Repealed and substituted by No 39 of 2012, Sch 1 item 244, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 39 of 2012, Sch 1 item 244, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s93-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 93-5", "Provision_Key": "s93-5", "Heading": "Time limit on entitlements to input tax credits", "Text": "(1) You cease to be entitled to an input tax credit for a * creditable acquisition to the extent that the input tax credit has not been taken into account, in an * assessment of a * net amount of yours, during the period of 4 years after the day on which you were required to give to the Commissioner a * GST return for the tax period to which the input tax credit would be attributable under subsection 29 ‑ 10(1) or (2). Note: Section 93 ‑ 10 sets out circumstances in which your entitlement to the input tax credit does not cease under this section. (2) This section has effect despite section 11 ‑ 20 (which is about entitlement to input tax credits). Note: You must hold a valid tax invoice relating to a creditable acquisition to be entitled to have an input tax credit for that acquisition taken into account in working out your assessed net amount for a tax period: see subsection 29 ‑ 10(3).", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 156 of 2000 | No 20 of 2010 | No 39 of 2012", "History_Notes": "Repealed by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Inserted by No 20 of 2010, Sch 1 item 93 | Sch 1 item 133, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Repealed and substituted by No 39 of 2012, Sch 1 item 41 | Sch 1 item 82 | Sch 1 item 91, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s93-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 93-10", "Provision_Key": "s93-10", "Heading": "Exceptions to time limit on entitlements to input tax credits", "Text": "Commissioner determines particular attribution rules (1) If the Commissioner determines, under subsection 29 ‑ 25(1), the tax period to which an input tax credit for a * creditable acquisition you make is attributable: (a) you do not cease to be entitled to the input tax credit under section 93 ‑ 5; and (b) you cease to be entitled to the input tax credit to the extent that the input tax credit has not been taken into account, in an * assessment of a * net amount of yours, during the period of 4 years after the day on which you were required to give to the Commissioner a * GST return for the tax period to which the input tax credit is attributable under the determination. Note: Subsections (4) and (5) set out circumstances in which your entitlement to the input tax credit does not cease under paragraph (b) of this subsection. (2) Paragraph (1)(b) has effect despite section 11 ‑ 20 (which is about entitlement to input tax credits). Amendment of assessments in relation to supplies (4) You do not cease under section 93 ‑ 5 or paragraph (1)(b) of this section to be entitled to an input tax credit if: (a) the input tax credit is for a * creditable acquisition that relates to making a supply; and (b) during the period of 4 years mentioned in subsection 93 ‑ 5(1) or paragraph (1)(b) of this section, whichever is relevant, a * net amount of yours is * assessed on the basis that the supply is * input taxed; and (c) after the end of that 4 ‑ year period, the Commissioner amends the assessment of your net amount for the tax period to which the supply is attributable under section 155 ‑ 35, 155 ‑ 45 or 155 ‑ 50, or paragraph 155 ‑ 60(a) or (b), in Schedule 1 to the Taxation Administration Act 1953 on the basis that the supply is not input taxed; and (d) the input tax credit is taken into account in an assessment of a net amount of yours (the credit assessment ): (i) after the end of that 4 ‑ year period; and (ii) at a time when the Commissioner may amend the assessment of your net amount for the tax period mentioned in subsection 93 ‑ 5(1) of this Act or paragraph (1)(b) of this section, whichever is relevant, (whether the credit assessment or another assessment) under Subdivision 155 ‑ B in Schedule 1 to the Taxation Administration Act 1953 on the basis that you are entitled to the input tax credit. Request to treat document as tax invoice (5) If: (a) you requested the Commissioner to treat a document under subsection 29 ‑ 70(1B) as a * tax invoice for the purposes of attributing an input tax credit to a tax period; and (b) you made the request before the end of the 4 ‑ year period mentioned in subsection 93 ‑ 5(1) or paragraph (1)(b) of this section in relation to the tax period; and (c) the Commissioner agrees to the request after the end of the 4 ‑ year period; you do not cease under section 93 ‑ 5 or paragraph (1)(b) of this section, whichever is relevant, to be entitled to the input tax credit to the extent that, had the Commissioner agreed to the request before the end of the 4 ‑ year period, you would not cease under that section or paragraph to be entitled to the credit.", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 156 of 2000 | No 20 of 2010 | No 39 of 2012 | No 72 of 2025", "History_Notes": "Repealed by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Inserted by No 20 of 2010, Sch 1 item 93, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 39 of 2012, Sch 1 item 93 | Sch 1 item 82 | Sch 1 item 83 | Sch 1 item 224 | Sch 1 item 225 | Sch 1 item 226, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 72 of 2025, Sch 4 item 44 | Sch 4 item 45 | Sch 4 item 46 | Sch 4 item 48 | Sch 4 item 49 | Sch 4 item 50, effective sch 4 (items 32 ‑ 38, 43 ‑ 51): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s93-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 93-15", "Provision_Key": "s93-15", "Heading": "GST no longer able to be taken into account", "Text": "You are not entitled to an input tax credit for a * creditable acquisition to the extent that GST on the related supply has not been taken into account in the * assessment of the supplier’s * net amount for the tax period to which that GST is attributable if: (a) the period of review (within the meaning of section 155 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 ) for that assessment has ended; and (b) when that period of review ended, you did not hold a * tax invoice for the creditable acquisition.", "Amendment_Count": 4, "First_Amended": "No 156 of 2000", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 156 of 2000 | No 20 of 2010 | No 39 of 2012 | No 21 of 2015", "History_Notes": "Repealed by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Inserted by No 20 of 2010, Sch 1 item 93, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 39 of 2012, Sch 1 item 83 | Sch 1 item 84, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Repealed and substituted by No 21 of 2015, Sch 7 item 5, effective Sch 7 (items 1–6): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s93-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 96-1", "Provision_Key": "s96-1", "Heading": "What this Division is about", "Text": "This Division treats a supply that is partly connected with the indirect tax zone as separate supplies, so that only the part of a supply that is connected with the indirect tax zone is included in the GST system.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s96-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 96-5", "Provision_Key": "s96-5", "Heading": "Supplies that are only partly connected with the indirect tax zone", "Text": "(1) If, because a supply (the actual supply ) is a supply of more than one of these kinds: (a) a supply of goods; (b) a supply of * real property; (c) a * telecommunication supply; (d) a supply of anything, other than goods or real property, that is not a telecommunication supply; only part of the actual supply is * connected with the indirect tax zone, then the actual supply is to be treated as if it were separate supplies in the following way. (2) The part of the actual supply that is * connected with the indirect tax zone is to be treated as if it were a separate supply that is connected with the indirect tax zone. (3) The part of the actual supply that is not * connected with the indirect tax zone is to be treated as if it were a separate supply that is not connected with the indirect tax zone. (4) However, if one of the kinds of supply that forms part of the actual supply may reasonably be regarded as incidental to: (a) the other kind of supply that forms part of the actual supply; or (b) one (but not both) of the other kinds of supply that form part of the actual supply; and its value (if it were a separate * taxable supply) would not exceed $50,000, it is treated as part of that other kind of supply. (5) This section has effect despite section 9 ‑ 25 (which is about when supplies are connected with the indirect tax zone).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 177 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 97, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 2 of 2015, Sch 4 item 29 | Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s96-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 96-10", "Provision_Key": "s96-10", "Heading": "The value of the taxable components of supplies that are only partly connected with the indirect tax zone", "Text": "(1) If a supply (the actual supply ): (a) is, because of section 96 ‑ 5, to be treated as separate supplies; and (b) the part of the actual supply that is * connected with the indirect tax zone is a * taxable supply, or is partly a * taxable supply and partly a supply that is * GST ‑ free or * input taxed; the value of that part of the actual supply is worked out as follows: (c) work out the value of the actual supply, under section 9 ‑ 75, as if it were solely a taxable supply; and (d) work out the proportion of that value of the actual supply that the taxable supply represents; and (e) multiply that value by the proportion in paragraph (d). (2) If that part of the actual supply is partly a * taxable supply and partly a supply that is * GST ‑ free or * input taxed, this section does not affect the operation of section 9 ‑ 80 in working out the value of so much of that part of the actual supply as is a taxable supply. (3) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s96-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 99-1", "Provision_Key": "s99-1", "Heading": "What this Division is about", "Text": "GST does not apply to the taking of a deposit as security for the performance of an obligation (unless the deposit is forfeited or is applied as consideration). GST is not attributable prior to forfeiture.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s99-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 99-5", "Provision_Key": "s99-5", "Heading": "Giving a deposit as security does not constitute consideration", "Text": "(1) A deposit held as security for the performance of an obligation is not treated as * consideration for a supply, unless the deposit: (a) is forfeited because of a failure to perform the obligation; or (b) is applied as all or part of the consideration for a supply. (2) This section has effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s99-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 99-10", "Provision_Key": "s99-10", "Heading": "Attributing the GST relating to deposits that are forfeited etc.", "Text": "(1) The GST payable by you on a * taxable supply for which the * consideration is a deposit that was held as security for the performance of an obligation is attributable to the tax period during which the deposit: (a) is forfeited because of a failure to perform the obligation; or (b) is applied as all or part of the consideration for a supply. (2) This section has effect despite section 29 ‑ 5 (which is about attributing GST for taxable supplies).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s99-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-1", "Provision_Key": "s100-1", "Heading": "What this Division is about", "Text": "A supply of a voucher for supplies up to a stated monetary value is not subject to GST. GST may still be payable on the supply for which the voucher is redeemed, and there is an increasing adjustment for unredeemed vouchers. Note: Vouchers that do not have a stated monetary value can be subject to GST when supplied, but the price of the voucher is excluded when working out the GST on the supply for which the voucher is redeemed (see subsection 9 ‑ 17(1)).", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 177 of 1999 | No 32 of 2006 | No 75 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 32 of 2006, Sch 4 item 2, effective 6 Apr 2006 | Amended by No 75 of 2012, Sch 2 item 11, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-5", "Provision_Key": "s100-5", "Heading": "Supplies of vouchers with a stated monetary value", "Text": "(1) A supply of a * voucher is not a * taxable supply if: (a) on redemption of the voucher, the holder of the voucher is entitled to supplies up to the * stated monetary value of the voucher; and (b) the * consideration for supply of the voucher does not exceed the stated monetary value of the voucher. (2) If the * consideration for supply of the voucher exceeds the * stated monetary value of the voucher, the consideration is treated (except for the purposes of this section) as if it were reduced by that monetary value. (2A) The stated monetary value , in relation to a * voucher other than a * prepaid phone card or facility, means the monetary value stated on the voucher or in documents accompanying the voucher. (2B) The stated monetary value , in relation to a * voucher that is a * prepaid phone card or facility, means the sum of: (a) in any case—the monetary value stated on the voucher or in documents accompanying the voucher; and (b) if the voucher is topped up after it is supplied—the monetary value of the top ‑ up stated on the voucher or in documents accompanying the top ‑ up. However, disregard the monetary value stated on the voucher (or in documents accompanying the voucher) or top ‑ up (as the case requires), of any bonus supplies covered by the voucher or top ‑ up (as the case requires). (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 177 of 1999 | No 32 of 2006", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 32 of 2006, Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 7, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-10", "Provision_Key": "s100-10", "Heading": "Redemption of vouchers", "Text": "(1) The act of redeeming a * voucher is not a supply. Note: A supply for which the voucher is redeemed is still a supply. (2) Subsection (1) has effect despite section 9 ‑ 10 (which is about what is a supply). (3) Subsection 9 ‑ 17(1) (which is about the consideration for exercising rights or options) does not apply to a right or option that is granted by way of a * voucher if, on redemption of the voucher, the holder of the voucher is entitled to supplies up to the * stated monetary value of the voucher.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 177 of 1999 | No 32 of 2006 | No 75 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 32 of 2006, Sch 4 item 8 | Sch 4 item 9, effective 6 Apr 2006 | Amended by No 75 of 2012, Sch 2 item 12, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-12", "Provision_Key": "s100-12", "Heading": "Consideration on redemption of vouchers", "Text": "(1) To avoid doubt, the consideration for a * taxable supply of a thing acquired by fully redeeming a * voucher is taken to be the sum of: (a) the * stated monetary value of the voucher, reduced by any amount of that value refunded to the holder of the voucher in respect of the supply; and (b) any additional consideration provided for the supply. (2) To avoid doubt, the consideration for a * taxable supply of a thing acquired by partly redeeming a * voucher is taken to be the sum of: (a) the amount of the * stated monetary value of the voucher that the redemption represents; and (b) any additional consideration provided for the supply. (3) Subsections (1) and (2) have effect despite section 9 ‑ 15 (which is about consideration).", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-12"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-15", "Provision_Key": "s100-15", "Heading": "Increasing adjustments for unredeemed vouchers", "Text": "(1) You have an increasing adjustment if: (a) you supplied a * voucher for * consideration; and (b) on redemption of the voucher, the holder of the voucher was entitled to supplies up to the * stated monetary value of the voucher; and (c) the voucher has not been fully redeemed; and (d) you have, for accounting purposes, written back to current income any reserves for the redemption of the voucher. (2) The amount of the increasing adjustment is 1/11 of the * stated monetary value of the voucher to the extent that it was not redeemed.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 177 of 1999 | No 32 of 2006", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 135 | Sch 6 item 24A, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 32 of 2006, Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 4 item 13, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-18", "Provision_Key": "s100-18", "Heading": "Arrangement for supply of voucher", "Text": "(1) An entity (the supplier ) may, in writing, enter into an arrangement with another entity under which the other entity supplies (whether or not as an agent on the supplier’s behalf) a * voucher to a third party. (2) If, under the arrangement, the supplier pays, or is liable to pay, an amount, as a commission or similar payment, to the other entity for the other entity’s supply, the supply by the other entity to the supplier, to which the supplier’s payment or liability relates, is treated as if it were not a * taxable supply. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-18"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-20", "Provision_Key": "s100-20", "Heading": "Vouchers supplied to non ‑ residents and redeemed by others in the indirect tax zone", "Text": "This Division does not apply to a * voucher supplied to a * non ‑ resident if, because of the application of subsection 38 ‑ 190(3), the supply is not * GST ‑ free.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 177 of 1999 | No 2 of 2015", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 100-25", "Provision_Key": "s100-25", "Heading": "Meaning of voucher etc.", "Text": "(1) A voucher is any: (a) voucher, token, stamp, coupon or similar article; or (b) * prepaid phone card or facility; the redemption of which in accordance with its terms entitles the holder to receive supplies in accordance with its terms. However, a postage stamp is not a voucher. (2) A prepaid phone card or facility is any article or facility supplied for the primary purpose of enabling the holder: (a) to use, on a prepaid basis, telephone or like services supplied by a supplier of * telecommunications supplies; or (b) to make, on a prepaid basis, acquisitions that are facilitated by using telephone or like services supplied by such a supplier.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 177 of 1999 | No 32 of 2006", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 162, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Repealed and substituted by No 32 of 2006, Sch 4 item 14 | Sch 4 item 16 | Sch 4 item 19, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s100-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 102-1", "Provision_Key": "s102-1", "Heading": "What this Division is about", "Text": "If a lay ‑ by sale is cancelled, any amount retained or recovered by the supplier is within the GST system.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s102-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 102-5", "Provision_Key": "s102-5", "Heading": "Cancelled lay ‑ by sales", "Text": "(1) If a supply by way of lay ‑ by sale is cancelled: (a) any amount already paid by the * recipient that the supplier retains because of the cancellation; and (b) any amount the supplier recovers from the recipient because of the cancellation; is treated as * consideration for a supply made by the supplier and as consideration for an acquisition made by the recipient. (2) This section has effect despite section 9 ‑ 15 (which is about what is consideration).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s102-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 102-10", "Provision_Key": "s102-10", "Heading": "Attributing GST and input tax credits", "Text": "(1) If an amount is retained or recovered in circumstances referred to in section 102 ‑ 5: (a) the GST payable by you on a * taxable supply for which the amount is * consideration; or (b) the input tax credit to which you are entitled for a * creditable acquisition for which the amount is consideration; is attributable to the tax period during which the amount was retained or recovered, as the case requires. (2) This section has effect despite sections 29 ‑ 5 and 29 ‑ 10 (which are about attributing GST for taxable supplies and input tax credits for creditable acquisitions).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s102-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 105-1", "Provision_Key": "s105-1", "Heading": "What this Division is about", "Text": "This Division makes a creditor liable for GST on supplies of a debtor’s property where the supply is in satisfaction of a debt owed to the creditor. Note: This Division overrides Division 58 to the extent that the creditor is a representative of the debtor and the debtor is an incapacitated entity (see section 58 ‑ 95).", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Amended by No 142 of 2012, Sch 2 item 3, effective Sch 2: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s105-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 105-5", "Provision_Key": "s105-5", "Heading": "Supplies by creditors in satisfaction of debts may be taxable supplies", "Text": "(1) You make a taxable supply if: (a) you supply the property of another entity (the debtor ) to a third entity in or towards the satisfaction of a debt that the debtor owes to you; and (b) had the debtor made the supply, the supply would have been a * taxable supply. (2) It does not matter whether: (a) you made the supply in the course or furtherance of an * enterprise that you * carry on; or (b) you are * registered, or * required to be registered. (3) However, the supply is not a * taxable supply if: (a) the debtor has given you a written notice stating that the supply would not be a taxable supply if the debtor were to make it, and stating fully the reasons why the supply would not be a taxable supply; or (b) if you cannot obtain such a notice—you believe on the basis of reasonable information that the supply would not be a taxable supply if the debtor were to make it. (4) This section has effect despite section 9 ‑ 5 (which is about what is a taxable supply).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s105-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 105-10", "Provision_Key": "s105-10", "Heading": "Net amounts", "Text": "(1) If you are not * registered or * required to be registered, you do not have a * net amount under Part 2 ‑ 4 merely because you make a * taxable supply under section 105 ‑ 5. (2) This section does not prevent an * adjustment arising that relates to such a supply, but you cannot have a * decreasing adjustment unless you are * registered or * required to be registered. (3) This section has effect despite Division 17 (which is about net amounts and adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s105-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 105-15", "Provision_Key": "s105-15", "Heading": "GST returns", "Text": "(1) If, during a month: (a) you make any * taxable supplies under section 105 ‑ 5; or (b) you have any * increasing adjustments that arise in relation to any such supplies (whether made in that month or a previous month); and you are not * registered or * required to be registered during that month, you must give to the Commissioner a * GST return, within 21 days after the end of the month, relating to those supplies you made in that month and those adjustments. (3) This section has effect despite sections 31 ‑ 5 and 31 ‑ 10 (which are about giving GST returns).", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 18 | Sch 5 item 19, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s105-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 105-20", "Provision_Key": "s105-20", "Heading": "Payments of GST", "Text": "(1) If you are not * registered or * required to be registered during a particular month, you must pay to the Commissioner: (a) amounts of * assessed GST on * taxable supplies under section 105 ‑ 5 that you make during that month; and (b) * assessed amounts of * increasing adjustments that you have that arise, during that month, in relation to supplies that are taxable supplies under section 105 ‑ 5. (1A) You must pay each amount: (a) on or before the later of: (i) the 21st day after the end of the month; and (ii) the day the Commissioner gives notice of the relevant * assessment to you under section 155 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 ; and (b) at the place and in the manner specified by the Commissioner. (2) This section has effect despite Division 33 (which is about payments of GST).", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 85 | Sch 1 item 241, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s105-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 108-1", "Provision_Key": "s108-1", "Heading": "What this Division is about", "Text": "Taxable supplies of goods in bond are given a higher value than would otherwise apply, because the price of a supply in bond does not include any excise duty that would be included after entry of the goods for home consumption.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 98, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s108-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 108-5", "Provision_Key": "s108-5", "Heading": "Taxable supplies of goods in bond etc.", "Text": "(1) The value of a * taxable supply of * excisable goods that are in bond is the sum of: (a) the value of the supply worked out in the way set out in section 9 ‑ 75; and (b) the amount of * excise duty to which the goods would have been subject if they had been entered for home consumption under the Excise Act 1901 at the time the supply first became a supply * connected with the indirect tax zone. (2) However, this section does not apply to a supply of goods to a * recipient who: (a) is * registered or * required to be registered; and (b) acquires the goods solely for a * creditable purpose. (3) This section has effect despite section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 99 | Sch 1 item 100, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s108-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-1", "Provision_Key": "s110-1", "Heading": "What this Division is about", "Text": "Some transactions that relate to aspects of income tax and other taxes are outside the GST system.", "Amendment_Count": 2, "First_Amended": "No 97 of 2002", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 97 of 2002 | No 74 of 2010", "History_Notes": "Inserted by No 97 of 2002, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent | Amended by No 74 of 2010, Sch 1 item 53 | Sch 1 item 54, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-5", "Provision_Key": "s110-5", "Heading": "Transfers of tax losses and net capital losses", "Text": "(1) A supply is not a * taxable supply if the supply is: (a) the transfer of a * tax loss in accordance with Subdivision 170 ‑ A of the * ITAA 1997; or (b) the transfer of a * net capital loss in accordance with Subdivision 170 ‑ B of the ITAA 1997. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 97 of 2002", "Last_Amended": "No 97 of 2002", "Amending_Acts": "No 97 of 2002", "History_Notes": "Inserted by No 97 of 2002, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-15", "Provision_Key": "s110-15", "Heading": "Supplies under operation of consolidated group regime", "Text": "(1) A supply is not a * taxable supply to the extent that it occurs because of the operation of these provisions: (a) Part 3 ‑ 90 of the * ITAA 1997; (b) Part 3 ‑ 90 of the Income Tax (Transitional Provisions) Act 1997 . (2) Without limiting the scope of subsection (1), for the purposes of that subsection, the operation mentioned in that subsection includes an operation that results from: (a) a choice made under the provisions mentioned in that subsection; or (b) any other voluntary action provided for by those provisions. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective Schedule 6: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-20", "Provision_Key": "s110-20", "Heading": "Tax sharing agreements—entering into agreement etc.", "Text": "(1) This section applies if: (a) an entity makes a supply because it enters into or becomes a party to an agreement; and (b) the agreement satisfies the requirements of subsections 721 ‑ 25(1) and (2) of the * ITAA 1997 in relation to an existing or future * group liability of the * head company of a * consolidated group or * MEC group. (2) The supply is not a * taxable supply to the extent that it relates to the fact that the agreement satisfies those requirements. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective Schedule 6: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-25", "Provision_Key": "s110-25", "Heading": "Tax sharing agreements—leaving group clear of group liability", "Text": "(1) A supply made to a * TSA contributing member of a * consolidated group or a * MEC group is not a * taxable supply if: (a) the supply is a release from an obligation relating to a * contribution amount in relation to a * group liability of the * head company of the group; and Example: The obligation could be a contractual obligation created by the agreement under which the contribution amount was determined. (b) the TSA contributing member has, for the purposes of subsection 721 ‑ 30(3) of the * ITAA 1997, left the group clear of the group liability. Note: See section 721 ‑ 35 of the ITAA 1997 for when a TSA contributing member has left a group clear of the group liability. (2) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective Schedule 6: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-30", "Provision_Key": "s110-30", "Heading": "Tax funding agreements", "Text": "(1) This section applies if: (a) an entity makes a supply because it enters into or becomes a party to a written agreement; and (b) the agreement deals with the distribution of economic burdens and benefits directly related to * tax ‑ related liabilities mentioned in subsection 721 ‑ 10(2) of the * ITAA 1997 of the * head company of a * consolidated group or * MEC group, among * members and former members of the group; and (c) if the group is not in existence when the entity enters into or becomes a party to the agreement—the agreement contemplates that the parties to the agreement will become members of the group when it does come into existence; and (d) the agreement complies with the requirements (if any) set out in the regulations. (2) The supply is not a * taxable supply to the extent that it relates to the fact that the agreement deals with the distribution mentioned in paragraph (1)(b). (3) Without limiting paragraph (1)(b), the agreement deals with the distribution mentioned in that paragraph if it includes one or more of the following kinds of provisions: (a) provisions for * members or former members of the group to contribute towards payment of * tax ‑ related liabilities mentioned in subsection 721 ‑ 10(2) of the * ITAA 1997 of the * head company of the group; (b) provisions for payments to be made to a member or former member of the group in recognition of activities or attributes of that member that have the effect of reducing the amount of those liabilities. (4) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective Schedule 6: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-60", "Provision_Key": "s110-60", "Heading": "Indirect tax sharing agreements—entering into agreement etc.", "Text": "(1) This section applies if: (a) an entity makes a supply because it enters into or becomes a party to an agreement; and (b) the agreement: (i) satisfies the requirements of subsections 444 ‑ 90(1A) to (1E) in Schedule 1 to the Taxation Administration Act 1953 in relation to an indirect tax amount referred to in subsection 444 ‑ 90(1) in that Schedule; or (ii) satisfies the requirements of subsections 444 ‑ 80(1A) to (1E) in Schedule 1 to the Taxation Administration Act 1953 in relation to an indirect tax amount referred to in subsection 444 ‑ 80(1) in that Schedule. (2) The supply is not a * taxable supply to the extent that it relates to the fact that the agreement satisfies those requirements. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 110-65", "Provision_Key": "s110-65", "Heading": "Indirect tax sharing agreements—leaving GST group or GST joint venture clear of liability", "Text": "(1) A supply made to a contributing member (within the meaning of subsection 444 ‑ 90(1A) in Schedule 1 to the Taxation Administration Act 1953 ) of a * GST group is not a * taxable supply if: (a) the supply is a release from an obligation relating to a contribution amount (within the meaning of that subsection) relating to liabilities of the * representative member of the group that are referred to in that subsection; and Example: The obligation could be a contractual obligation created by the agreement under which the contribution amount was determined. (b) the contributing member leaves the group in circumstances in which subsection 444 ‑ 90(1B) in that Schedule applies to the contributing member. (2) A supply made to a contributing participant (within the meaning of subsection 444 ‑ 80(1A) in Schedule 1 to the Taxation Administration Act 1953 ) of a * GST joint venture is not a * taxable supply if: (a) the supply is a release from an obligation relating to a contribution amount (within the meaning of that subsection) relating to liabilities of the * joint venture operator of the joint venture that are referred to in that subsection; and Example: The obligation could be a contractual obligation created by the agreement under which the contribution amount was determined. (b) the contributing participant leaves the joint venture in circumstances in which subsection 444 ‑ 80(1B) in that Schedule applies to the contributing participant. (3) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies).", "Amendment_Count": 1, "First_Amended": "No 74 of 2010", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 74 of 2010", "History_Notes": "Inserted by No 74 of 2010, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s110-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-1", "Provision_Key": "s111-1", "Heading": "What this Division is about", "Text": "You may be entitled to input tax credits for some reimbursements you make to employees (or associates of employees), agents, officers or partners for expenses they incur. The entitlement extends to charitable bodies and government schools reimbursing their volunteers.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 92 of 2000 | No 156 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 1 item 6, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 17, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-5", "Provision_Key": "s111-5", "Heading": "Creditable acquisitions relating to reimbursements", "Text": "(1) If one or more of the following applies: (a) you reimburse an employee or agent for an expense he or she incurs that is related directly to his or her activities as your employee or agent; (ab) you reimburse an employee (whether or not you are the employee’s employer) for an expense that the employee or the employee’s * associate incurs, and the reimbursement constitutes an * expense payment benefit; (ac) you reimburse an associate of an employee (whether or not you are the employee’s employer) for an expense that the associate or employee incurs, and the reimbursement constitutes an expense payment benefit; (b) you are a * company and you reimburse an * officer for an expense he or she incurs that is related directly to his or her activities as your officer; (c) you are a * partnership and you reimburse a partner for an expense he or she incurs that is related directly to his or her activities as a partner in the partnership; the reimbursement is treated as * consideration for an acquisition that you make from the employee, associate, agent, officer or partner. Note: This section also applies if you reimburse the recipient of certain withholding payments: see section 111 ‑ 20. (2) The fact that the supply to you is not a * taxable supply does not stop the acquisition being a * creditable acquisition. (3) However, the acquisition is not a * creditable acquisition: (a) to the extent (if any) that: (i) the employee, * associate, agent, * officer or partner is entitled to an input tax credit for acquiring the thing acquired in incurring the expense; or (ii) the acquisition would not, because of Division 69, be a creditable acquisition if you made it; or (b) unless the supply of the thing acquired, by the employee, associate, agent, officer or partner in incurring the expense, was a taxable supply; or (c) if you would, because of Division 71, not have been entitled to an input tax credit if you had made the acquisition that the employee, associate, agent, officer or partner made. (3AA) In working out the extent to which a person is entitled to an input tax credit for the purposes of paragraph (3)(a), disregard sections 131 ‑ 40 and 131 ‑ 50 (which are about amounts of input tax credits under the annual apportionment rules). (3A) If you are a * partnership, this section does not apply to your reimbursement of a partner for an expense he or she incurs if, even without this Division applying, you are entitled to an input tax credit arising from the incurring of the expense. (4) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 178 of 1999 | No 92 of 2000 | No 156 of 2000 | No 134 of 2004 | No 110 of 2014", "History_Notes": "Amended by No 178 of 1999, Sch 1 item 55 | Sch 1 item 56 | Sch 1 item 57 | Sch 1 item 58 | Sch 1 item 59 | Sch 1 item 60, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 92 of 2000, Sch 11 item 11A, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 18 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 23 | Sch 3 item 24 | Sch 3 item 25 | Sch 3 item 111, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 110 of 2014, Sch 5 item 92, effective Sch 5 (items 1–6, 92, 93): 16 Oct 2014 (s 2(1) items 4, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-10", "Provision_Key": "s111-10", "Heading": "Amounts of input tax credits relating to reimbursements", "Text": "(1) The amount of the input tax credit for a * creditable acquisition the * consideration for which is a reimbursement to which section 111 ‑ 5 applies is an amount equal to 1 / 11 of the amount of the reimbursement. (2) However, if: (a) the person incurring the expense incurs it in the capacity of an agent, * officer or partner; and (b) the incurring of the expense is only in part related directly to his or her activities as your agent or officer, or as a partner, as the case requires; the amount of the input tax credit under subsection (1) is reduced by an extent equivalent to the extent to which the incurring of the expense is not related directly to those activities. (3) This section has effect despite section 11 ‑ 25 (which is about the amount of input tax credits for creditable acquisitions).", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 178 of 1999 | No 156 of 2000", "History_Notes": "Amended by No 178 of 1999, Sch 1 item 61 | Sch 1 item 62, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 156 of 2000, Sch 3 item 26, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-15", "Provision_Key": "s111-15", "Heading": "Tax invoices relating to reimbursements", "Text": "For the purposes of subsection 29 ‑ 10(3), you are taken to hold a * tax invoice for a * creditable acquisition the * consideration for which is a reimbursement to which section 111 ‑ 5 applies if you hold a tax invoice for the * taxable supply referred to in subsection 111 ‑ 5(3).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-18", "Provision_Key": "s111-18", "Heading": "Application of Division to volunteers working for charities etc.", "Text": "(1) If: (a) an * endorsed charity, a * gift ‑ deductible entity or a * government school reimburses an individual for an expense he or she incurs; and (b) the expense is directly related to his or her activities as a volunteer of the endorsed charity, gift ‑ deductible entity or government school; this Division applies to the endorsed charity, gift ‑ deductible entity or government school as if: (c) the individual were an employee of the endorsed charity, gift ‑ deductible entity or government school; and (d) his or her activities in connection with incurring the expense were activities as such an employee. (3) Subsection (1) does not apply in relation to a reimbursement by a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless: (a) the entity is: (i) an * endorsed charity; or (ii) a * government school; or (iii) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; or (b) each purpose to which the expense relates is a * gift ‑ deductible purpose of the entity. Note: This subsection excludes from this section reimbursements by certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. However, reimbursements can be covered by this section if they relate to the principal purpose of the fund, authority or institution.", "Amendment_Count": 4, "First_Amended": "No 92 of 2000", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 92 of 2000 | No 95 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 12, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 101 | Sch 2 item 102 | Sch 2 item 103 | Sch 2 item 104 | Sch 2 item 105 | Sch 2 item 106, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-18"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-20", "Provision_Key": "s111-20", "Heading": "Application of Division to recipients of certain withholding payments", "Text": "(1) If you make, or are liable to make, * withholding payments covered by subsection (2), this Division applies to you as if: (a) an individual to whom you make (or are liable to make) such payments were your employee; and (b) his or her activities in connection with earning such payments were activities as your employee. (2) This subsection covers a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 35 Payment to employee 2 Section 12 ‑ 40 Payment to company director 3 Section 12 ‑ 45 Payment to office holder 4 Section 12 ‑ 55 Voluntary agreement to withhold 5 Section 12 ‑ 60 Payment under labour hire arrangement, or specified by regulations", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, Sch 1 item 58, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-25", "Provision_Key": "s111-25", "Heading": "Employers paying expenses of employees etc.", "Text": "If you make, or are liable to make: (a) a payment on behalf of your employee for an expense that he or she incurs that is related directly to his or her activities as your employee; or (b) a payment: (i) on behalf of an employee (whether or not you are the employee’s employer) for an expense that the employee or the employee’s * associate incurs; or (ii) on behalf of an associate of an employee (whether or not you are the employee’s employer) for an expense that the associate or employee incurs; that constitutes an * expense payment benefit; this Division applies to you as if you reimbursed your employee, or you reimbursed the employee or associate, for the expense.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 92 of 2000 | No 156 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Repealed and substituted by No 156 of 2000, Sch 3 item 27 | Sch 3 item 111, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 111-30", "Provision_Key": "s111-30", "Heading": "Reimbursements etc. of former or future employees etc.", "Text": "This Division applies in relation to: (a) reimbursements, of a kind referred to in paragraph 111 ‑ 5(1)(ab) or (ac), of former employees and future employees, and of the * associates of former employees and future employees; and (b) payments, of a kind referred to in paragraph 111 ‑ 25(b), that you make or are liable to make on behalf of former employees and future employees, and of the * associates of former employees and future employees; in the same way that this Division applies to such reimbursements of, and such payments that you make or are liable to make to, employees and their associates.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s111-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 113-1", "Provision_Key": "s113-1", "Heading": "What this Division is about", "Text": "A supply is not a taxable supply if: (a) an amount must be withheld from payment for the supply because of section 12 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 (about voluntary agreements to withhold); and (b) the acquisition of the thing supplied would be a creditable acquisition if the supply were a taxable supply.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s113-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 113-5", "Provision_Key": "s113-5", "Heading": "Supply of work or services not a taxable supply", "Text": "(1) A supply that you make is not a * taxable supply to the extent that you make it under an arrangement (within the meaning of the * ITAA 1997) if: (a) the arrangement the performance of which, in whole or in part, involves the performance of work or services (whether or not by you); and (b) an agreement is in force that: (i) complies with section 12 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 (about voluntary agreements to withhold); and (ii) states that the section covers payments under the arrangement, or payments under a series of arrangements that includes the arrangement; and (c) you, and the entity acquiring what you supply under the arrangement, are parties to that agreement; and (d) you have an * ABN that is in force and is quoted in the agreement; and (e) the acquisition, by that entity, of what you supply under the arrangement would be a * creditable acquisition (and not * partly creditable) if the supply were a * taxable supply. (2) This section has effect despite section 9 ‑ 5 (about what is a taxable supply.) A New Tax System (Goods and Services Tax) Act 1999 No. 55, 1999 Compilation No. 96 Compilation date: 1 January 2026 Includes amendments: Act No. 72, 2025 This compilation is in 2 volumes Volume 1: sections 1 ‑ 1 to 113 ‑ 5 Volume 2: sections 114 ‑ 1 to 195 ‑ 1 Schedules Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the A New Tax System (Goods and Services Tax) Act 1999 that shows the text of the law as amended and in force on 1 January 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 178 of 1999 | No 12 of 2012", "History_Notes": "Inserted by No 178 of 1999, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 12 of 2012, Sch 6 item 69, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s113-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 114-1", "Provision_Key": "s114-1", "Heading": "What this Division is about", "Text": "This Division treats as taxable importations several kinds of importations of goods covered by the Customs Act 1901 , even though the goods are not entered for home consumption. An entity that enters for home consumption warehoused goods imported by someone else is entitled to any input tax credit for the importation.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 11C, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s114-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 114-5", "Provision_Key": "s114-5", "Heading": "Importations without entry for home consumption", "Text": "(1) You make a taxable importation if: (a) the circumstances referred to in the third column of the following table occur; and (b) you are referred to in the fourth column of the table as the importer in relation to those circumstances. However, there is not a taxable importation to the extent that the importation to which the circumstances relate is a * non ‑ taxable importation. Importations without entry for home consumption Item Topic Circumstance Importer 1 Personal or household effects of passengers or crew Goods of a kind referred to in paragraph 68(1)(d) of the Customs Act 1901 are delivered into home consumption in accordance with an authorisation under section 71 of that Act. The person to whom the authorisation was granted. 2 Low value consignments by post Goods of a kind referred to in paragraph 68(1)(e) of the Customs Act 1901 are delivered into home consumption in accordance with an authorisation under section 71 of that Act. The person to whom the authorisation was granted. 3 Other low value consignments Goods of a kind referred to in paragraph 68(1)(f) of the Customs Act 1901 are delivered into home consumption in accordance with an authorisation under section 71 of that Act. The person to whom the authorisation was granted. 4 Other goods exempt from entry Goods of a kind referred to in paragraph 68(1)(i) of the Customs Act 1901 are delivered into home consumption in accordance with an authorisation under section 71 of that Act. The person to whom the authorisation was granted. 5 Like customable goods Goods are delivered into home consumption in accordance with a permission granted under section 69 of the Customs Act 1901 . The person to whom the permission was granted. 6 Special clearance goods Goods are delivered into home consumption in accordance with a permission granted under section 70 of the Customs Act 1901 . The person to whom the permission was granted. 10 Return of seized goods Goods that have been seized under a warrant issued under section 203 of the Customs Act 1901 , or under section 203B or 203C of that Act, are delivered to a person on the basis that they are not forfeited goods. The person to whom the goods are delivered. 13 Inwards duty free shops Goods that are * airport shop goods purchased from an * inwards duty free shop by a * relevant traveller are removed from a * customs clearance area. The relevant traveller. 15 Installations and goods on installations Goods are deemed by section 49B of the Customs Act 1901 to be imported into the indirect tax zone. The person who is the owner (within the meaning of the Customs Act 1901 ) of the goods when they are deemed to be so imported. 16 Goods not entered for home consumption when required Goods not covered by any other item of this table are imported into the indirect tax zone, and: (a) if they are required to be entered under section 68 of the Customs Act 1901 —they are not entered in accordance with that requirement; or (b) in any other case—a requirement under that Act relating to their importation has not been complied with The person who fails to comply with that requirement. (2) This section has effect despite section 13 ‑ 5.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 82 of 2002 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 101 | Sch 1 item 102 | Sch 1 item 103 | Sch 1 item 104 | Sch 1 item 105 | Sch 1 item 106 | Sch 1 item 114, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 82 of 2002, Sch 6 item 8, effective Sch 3 (item 8): 19 July 2005 (s 2(1) item 5) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s114-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 114-10", "Provision_Key": "s114-10", "Heading": "Goods that have already been entered for home consumption etc.", "Text": "Once goods have been: (a) entered for home consumption within the meaning of the Customs Act 1901 ; or (b) taken to be imported because of the application of an item in the table in section 114 ‑ 5; they cannot subsequently be taken to be imported because of the application of an item in the table, unless they have been exported from the indirect tax zone since they were so entered or taken to be imported.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s114-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 114-15", "Provision_Key": "s114-15", "Heading": "Payments of amounts of assessed GST where security for payment of customs duty is forfeited", "Text": "(1) If: (a) a circumstance relating to goods is an importation of the goods into the indirect tax zone because of an item of the table in section 114 ‑ 5; and (b) security has been given under the Customs Act 1901 for payment of * customs duty in respect of the goods; and (c) the security is forfeited; any * assessed GST payable on the importation is to be paid when the security is forfeited. (2) This section has effect despite section 33 ‑ 15 (which is about payments of amounts of assessed GST on importations).", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 39 of 2012 | No 2 of 2015", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Repealed and substituted by No 39 of 2012, Sch 1 item 86, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s114-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 114-20", "Provision_Key": "s114-20", "Heading": "Payments of amounts of assessed GST where delivery into home consumption is authorised under section 71 of the Customs Act", "Text": "(1) If: (a) the delivery of goods into home consumption in accordance with an authorisation under section 71 of the Customs Act 1901 is an importation into the indirect tax zone because of item 1, 2, 3 or 4 of the table in section 114 ‑ 5; and (b) information was provided under section 71 of that Act in connection with the granting of the authorisation; any * assessed GST payable on the importation is to be paid when the information was provided/on or before the granting of the authorisation. (2) This section has effect despite sections 33 ‑ 15 (which is about payments of amounts of assessed GST on importations) and 114 ‑ 15.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 39 of 2012 | No 2 of 2015", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Repealed and substituted by No 39 of 2012, Sch 1 item 87, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s114-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 114-25", "Provision_Key": "s114-25", "Heading": "Warehoused goods entered for home consumption by an entity other than the importer", "Text": "(1) If you enter for home consumption (within the meaning of the Customs Act 1901 ) goods that are warehoused goods (within the meaning of that Act) and that were imported by another person: (a) you are treated, for the purposes of Division 15, as having imported the goods; and (b) the extent (if any) to which you entered the goods for home consumption for a * creditable purpose is treated as the extent (if any) to which you imported the goods for a creditable purpose. (2) This section has effect despite Division 15 (which is about creditable importations).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s114-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 117-1", "Provision_Key": "s117-1", "Heading": "What this Division is about", "Text": "Taxable importations of goods that were exported, and then re ‑ imported, are in some cases given a lower value than would otherwise apply. The GST then applies only to the lower value, and not to the entire value, of the goods.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Repealed and substituted by No 156 of 2000, Sch 2 item 7, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s117-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 117-5", "Provision_Key": "s117-5", "Heading": "Valuation of taxable importations of goods that were exported for repair or renovation", "Text": "(1) The value of a * taxable importation of goods that were exported from the indirect tax zone for repair or renovation, or that are part of a * batch repair process, is the sum of: (a) the cost, as determined by the * Comptroller ‑ General of Customs, of materials, labour and other charges involved in the repair or renovation; and (b) the amount paid or payable: (i) for the * international transport of the goods to their * place of consignment in the indirect tax zone; and (ii) to insure the goods for that transport; to the extent that the amount is not already included under paragraph (a); and (ba) the amount paid or payable for a supply to which item 5A in the table in subsection 38 ‑ 355(1) applies, to the extent that the amount: (i) is not an amount, the payment of which (or the discharging of a liability to make a payment of which), because of Division 81 or regulations made under that Division, is not the provision of * consideration; and Note: Division 81 excludes certain taxes, fees and charges from the provision of consideration. (ii) is not already included under paragraph (a) or (b); and (c) any * customs duty payable in respect of the importation of the goods. (1A) If an amount to be taken into account under paragraph (1)(b) or (ba) is not an amount in Australian currency, the amount so taken into account is the equivalent in Australian currency of that amount, ascertained in the way provided in section 161J of the Customs Act 1901 . (2) Goods are part of a batch repair process if: (a) they are part of a process to replace goods that were exported from the indirect tax zone for repair or renovation; and (b) they are not new or upgraded versions of the exported goods; and (c) they are not replacing goods that have reached the end of their effective operational life. (3) This section has effect despite subsection 13 ‑ 20(2) (which is about the value of taxable importations).", "Amendment_Count": 9, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 156 of 2000 | No 33 of 2009 | No 91 of 2010 | No 41 of 2011 | No 2 of 2015 | No 41 of 2015 | No 77 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 108 | Sch 1 item 109, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 156 of 2000, Sch 2 item 8, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 33 of 2009, Sch 2 item 3, effective Schedule 2 (item 3): 23 May 2009 | Amended by No 91 of 2010, Sch 1 item 10 | Sch 1 item 11, effective 29 June 2010 | Amended by No 41 of 2011, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 41 of 2015, Sch 6 item 1 | Sch 6 item 2, effective Sch 6 (items 1, 2) and Sch 9: 1 July 2015 (s 2(1) item 2) | Amended by No 77 of 2017, Sch 1 item 43, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s117-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 117-10", "Provision_Key": "s117-10", "Heading": "Valuation of taxable importations of live animals that were exported", "Text": "(1) If there is a * taxable importation of a live animal that was exported, and the difference between: (a) what would have been the value of the importation if this section did not apply; and (b) what would have been the value of a taxable importation of the animal if it had been imported immediately before the time of the exportation; is greater than zero, the value of the * taxable importation is an amount equal to that difference. (2) In any other case, the value of a * taxable importation of a live animal that was exported is nil. (3) However, this section does not apply if the ownership of the animal when it is imported is different from its ownership when it was last exported. (4) This section has effect despite subsection 13 ‑ 20(2) (which is about the value of taxable importations).", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 176 of 1999 | No 156 of 2000", "History_Notes": "Repealed by No 176 of 1999, Sch 1 item 110, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Inserted by No 156 of 2000, Sch 2 item 117, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s117-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 117-15", "Provision_Key": "s117-15", "Heading": "Refunds of assessed GST on certain reimportations of live animals", "Text": "(1) If: (a) you were liable to pay the * assessed GST on a * taxable importation to which section 117 ‑ 10 applied; and (b) the importation was not a * creditable importation; and (c) the circumstances specified in the regulations occur; the Commissioner must, on behalf of the Commonwealth, pay to you an amount equal to the amount of the assessed GST payable on the taxable importation. (2) The amount is payable within the period and in the manner specified in the regulations.", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 156 of 2000 | No 39 of 2012", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 39 of 2012, Sch 1 item 88 | Sch 1 item 89 | Sch 1 item 90, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s117-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 123-1", "Provision_Key": "s123-1", "Heading": "What this Division is about", "Text": "The Commissioner can create simplified accounting methods that some retailers and small enterprise entities can choose to apply with a view to reducing their costs of complying with the requirements of the GST.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 112 of 2007", "Amending_Acts": "No 176 of 1999 | No 112 of 2007", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 112 of 2007, Sch 1 item 4, effective 28 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s123-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 123-5", "Provision_Key": "s123-5", "Heading": "Commissioner may determine simplified accounting methods", "Text": "(1) The Commissioner may determine in writing an arrangement (to be known as a simplified accounting method) that: (a) specifies the kinds of * retailers to whom it is available and provides a method for working out * net amounts of retailers to whom the method applies; or (b) specifies the kinds of * small enterprise entities to whom it is available and provides a method for working out * net amounts of small enterprise entities to whom the method applies. (2) The kinds of * retailer specified under paragraph (1)(a) must all be kinds of retailers that: (a) sell * food; or (b) make supplies that are * GST ‑ free under Subdivision 38 ‑ G (Non ‑ commercial activities of charities etc.); in the course or furtherance of * carrying on their * enterprise. (3) The kinds of * small enterprise entities specified under paragraph (1)(b) must all be kinds of small enterprise entities that, in the course or furtherance of * carrying on their * enterprises: (a) make both: (i) * taxable supplies; and (ii) supplies that are * GST ‑ free; or (b) make both: (i) * creditable acquisitions; and (ii) acquisitions that are not creditable acquisitions because the supplies, made to the small enterprise entities, to which the acquisitions relate are GST ‑ free.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 176 of 1999 | No 112 of 2007 | No 169 of 2012", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 159, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 112 of 2007, Sch 1 item 6 | Sch 1 item 7, effective 28 June 2007 | Amended by No 169 of 2012, Sch 2 item 108, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s123-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 123-7", "Provision_Key": "s123-7", "Heading": "Meaning of small enterprise entity", "Text": "(1) An entity is a small enterprise entity at a particular time if: (a) the entity is a * small business entity (other than because of subsection 328 ‑ 110(4) of the * ITAA 1997) for the * income year in which the time occurs; or (aa) the entity is an entity covered by subsection (1A) for the income year in which the time occurs; or (b) at that time, the entity does not carry on a business and its * GST turnover does not exceed the * small enterprise turnover threshold. (1A) An entity is covered by this subsection for an * income year if: (a) the entity is not a * small business entity (other than because of subsection 328 ‑ 110(4) of the * ITAA 1997) for the income year; and (b) the entity would be such a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection. (2) The small enterprise turnover threshold is $2 million.", "Amendment_Count": 2, "First_Amended": "No 112 of 2007", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 112 of 2007 | No 92 of 2020", "History_Notes": "Inserted by No 112 of 2007, Sch 1 item 14 | Sch 1 item 16 | Sch 1 item 17, effective 28 June 2007 | Amended by No 92 of 2020, Sch 3 item 1 | Sch 3 item 2, effective Sch 3 (items 1, 2, 40): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s123-7"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 123-10", "Provision_Key": "s123-10", "Heading": "Choosing to apply a simplified accounting method", "Text": "(1) You may, by notifying the Commissioner in the * approved form: (a) choose to apply a * simplified accounting method if you are a * retailer of the kind to whom the method is available; or (aa) choose to apply a * simplified accounting method if you are a * small enterprise entity of the kind to whom the method is available; or (b) revoke your choice under paragraph (a) or (aa). (2) However, you: (a) cannot revoke the choice within 12 months after the day on which you made the choice; and (b) cannot make a further choice as a * retailer within 12 months after the day on which you revoked a previous choice as a retailer; and (ba) cannot make a further choice as a * small enterprise entity within 12 months after the day on which you revoked a previous choice as a small enterprise entity; and (c) cannot choose to apply a * simplified accounting method in addition to another simplified accounting method. (3) Your choice to apply a * simplified accounting method has effect from the start of the tax period specified in your notice. (4) Your choice to apply a * simplified accounting method ceases to have effect: (a) if you made your choice as a * retailer and cease to be a retailer of the kind to whom the method is available—from the start of the tax period occurring after the day on which you cease to be such a retailer; or (aa) if you made your choice as a * small enterprise entity and cease to be a small enterprise entity of the kind to whom the method is available—from the start of the tax period occurring after the day on which you cease to be such a small enterprise entity; or (b) if you revoke your choice to apply the method—from the start of the tax period specified in your notice of revocation.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 112 of 2007", "Amending_Acts": "No 176 of 1999 | No 112 of 2007", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 112 of 2007, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12, effective 28 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s123-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 123-15", "Provision_Key": "s123-15", "Heading": "Net amounts", "Text": "(1) If you are a * retailer or a * small enterprise entity who has chosen to apply a * simplified accounting method, the net amount for a tax period during which the choice has effect is worked out using the method provided for by the simplified accounting method. (1A) However, the * net amount worked out under subsection (1) for the tax period: (a) may be increased or decreased under Subdivision 21 ‑ A of the * Wine Tax Act; and (b) may be increased or decreased under Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 . Note 1: Under Subdivision 21 ‑ A of the Wine Tax Act, amounts of wine tax increase the net amount, and amounts of wine tax credits reduce the net amount. Note 2: Under Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 , amounts of luxury car tax increase the net amount, and luxury car tax adjustments alter the net amount. (2) This section has effect despite section 17 ‑ 5 (which is about net amounts).", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 112 of 2007 | No 39 of 2012", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 112 of 2007, Sch 1 item 13, effective 28 June 2007 | Amended by No 39 of 2012, Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 7, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s123-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-1", "Provision_Key": "s126-1", "Heading": "What this Division is about", "Text": "Gambling is dealt with under the GST by using a global accounting system that provides for an alternative way of working out your net amounts by incorporating your net profits from taxable supplies involving gambling.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-5", "Provision_Key": "s126-5", "Heading": "Global accounting system for gambling supplies", "Text": "(1) If you are liable for the GST on a * gambling supply, your net amount for the tax period to which the GST on the supply is attributable is as follows: where: global GST amount is your * global GST amount for the tax period. input tax credits is the sum of all of the input tax credits to which you are entitled on the * creditable acquisitions and * creditable importations that are attributable to the tax period. Note: Any supplies under the global accounting system will not have attracted input tax credits. other GST is the sum of all of the GST for which you are liable on the * taxable supplies that are attributable to the tax period, other than * gambling supplies. For the basic rules on what is attributable to a particular period, see Division 29. (2) However, the * net amount worked out under subsection (1) for the tax period: (a) may be increased or decreased if you have any * adjustments for the tax period; and (b) may be increased or decreased under Subdivision 21 ‑ A of the * Wine Tax Act; and (c) may be increased or decreased under Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 . Note 1: See Part 2 ‑ 4 for the basic rules on adjustments. Note 2: Under Subdivision 21 ‑ A of the Wine Tax Act, amounts of wine tax increase the net amount, and amounts of wine tax credits reduce the net amount. Note 3: Under Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 , amounts of luxury car tax increase the net amount, and luxury car tax adjustments alter the net amount. (3) This section has effect despite section 17 ‑ 5 (which is about net amounts). Note: If you are a * GST instalment payer your net amount is reduced by GST instalments you have paid: see section 162 ‑ 105.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 28, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 3 item 5 | Sch 3 item 7, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-10", "Provision_Key": "s126-10", "Heading": "Global GST amounts", "Text": "(1) Your global GST amount for a tax period is as follows: where: total amounts wagered is the sum of the * consideration for all of your * gambling supplies that are attributable to that tax period. total monetary prizes is the sum of: (a) the * monetary prizes you are liable to pay, during the tax period, on the outcome of gambling events (whether or not any of those gambling events, or the * gambling supplies to which the monetary prizes relate, take place during the tax period); and (b) any amounts of * money or * digital currency you are liable to pay, during the tax period, under agreements between you and * recipients of your gambling supplies, to repay to them a proportion of their losses relating to those supplies (whether or not the supplies take place during the tax period). For the basic rules on what is attributable to a particular period, see Division 29. (2) However, your global GST amount is zero for any tax period in which total monetary prizes exceeds total amounts wagered. (3) In working out the total monetary prizes for a tax period, disregard any * monetary prizes you are liable to pay, during the tax period, that relate to supplies that are * GST ‑ free. (4) Your global GST amount for a tax period may be affected by sections 126 ‑ 15 and 126 ‑ 20.", "Amendment_Count": 3, "First_Amended": "No 58 of 2006", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 58 of 2006 | No 20 of 2010 | No 118 of 2017", "History_Notes": "Amended by No 58 of 2006, Sch 7 item 3, effective Schedule 7 (items 2–15, 220–226): Royal Assent | Amended by No 20 of 2010, Sch 4 item 1, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 118 of 2017, Sch 1 item 19, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-15", "Provision_Key": "s126-15", "Heading": "Losses carried forward", "Text": "If, for any tax period, your total monetary prizes referred to in subsection 126 ‑ 10(1) exceed your total amounts wagered referred to in that subsection, the amount of that excess is to be added to your total monetary prizes, referred to in that subsection, for the next tax period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-20", "Provision_Key": "s126-20", "Heading": "Bad debts", "Text": "(1) You cannot have an * adjustment under Division 21 in relation to a * gambling supply. (2) If, in a tax period, you write off as bad the whole or part of the * consideration for a * gambling supply that is due as a debt, but has not been received, the amount written off is to be added to your total monetary prizes, referred to in subsection 126 ‑ 10(1), for that tax period. (3) However, if, in a tax period, you recover the whole or part of the amount written off, the amount recovered is to be added to your total amounts wagered, referred to in subsection 126 ‑ 10(1), for that tax period. (4) This section has effect despite sections 21 ‑ 5 and 21 ‑ 10 (which are about adjustments for writing off and recovering suppliers’ bad debts).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-25", "Provision_Key": "s126-25", "Heading": "Application of Subdivision 9 ‑ C", "Text": "Subdivision 9 ‑ C does not apply to a * gambling supply.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-27", "Provision_Key": "s126-27", "Heading": "When gambling supplies are connected with the indirect tax zone", "Text": "(1) A * gambling supply is connected with the indirect tax zone if the * recipient of the supply is an Australian resident (unless he or she is an Australian resident solely because the definition of Australia in the * ITAA 1997 includes the external Territories). (2) This section has effect in addition to section 9 ‑ 25 (which is about when supplies are connected with the indirect tax zone).", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-27"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-30", "Provision_Key": "s126-30", "Heading": "Gambling supplies do not give rise to creditable acquisitions", "Text": "(1) An acquisition of a thing is not a * creditable acquisition if the supply of the thing acquired was a * gambling supply. (2) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-32", "Provision_Key": "s126-32", "Heading": "Repayments of gambling losses are not consideration", "Text": "(1) A payment of * money or * digital currency is not the provision of * consideration to the extent that the payment: (a) is made by a supplier of * gambling supplies to a * recipient of gambling supplies that the supplier makes; and (b) is made, under an agreement between them, to repay to the recipient a proportion of his or her losses relating to those supplies. (2) This section has effect despite section 9 ‑ 15 (which is about what is consideration).", "Amendment_Count": 1, "First_Amended": "No 118 of 2017", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 118 of 2017", "History_Notes": "Amended by No 118 of 2017, Sch 1 item 20, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-32"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-33", "Provision_Key": "s126-33", "Heading": "Tax invoices not required for gambling supplies", "Text": "(1) You are not required to issue a * tax invoice for a * taxable supply that you make that is solely a * gambling supply. (2) This section has effect despite section 29 ‑ 70 (which is about the requirement to issue tax invoices).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-33"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 126-35", "Provision_Key": "s126-35", "Heading": "Meaning of gambling supply and gambling event", "Text": "(1) A gambling supply is a * taxable supply involving: (a) the supply of a ticket (however described) in a lottery, raffle or similar undertaking; or (b) the acceptance of a bet (however described) relating to the outcome of a * gambling event. (2) A gambling event is: (a) the conducting of a lottery or raffle, or similar undertaking; or (b) a race, game, or sporting event, or any other event, for which there is an outcome.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s126-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-1", "Provision_Key": "s129-1", "Heading": "What this Division is about", "Text": "The extent to which an acquisition or importation is for a creditable purpose affects the amount of the resulting input tax credit. When the extent of creditable purpose is changed by later events, adjustments (for the purpose of working out net amounts under Part 2 ‑ 4) may need to be made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-5", "Provision_Key": "s129-5", "Heading": "Adjustments arising under this Division", "Text": "(1) An * adjustment can arise under this Division for: (a) an acquisition, even if it is not a * creditable acquisition; or (b) an importation, even if it is not a * creditable importation; in respect of any * adjustment period for the acquisition or importation. (2) However, in determining: (a) whether an adjustment under this Division arises; or (b) the amount of such an * adjustment; disregard any change in the extent to which the thing acquired or imported is * applied in making * financial supplies, unless you * exceed the financial acquisitions threshold.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 176 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 112, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 92 of 2000, Sch 1 item 49 | Sch 5 item 6, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-10", "Provision_Key": "s129-10", "Heading": "Adjustments do not arise under this Division for acquisitions and importations below a certain value", "Text": "(1) Despite section 129 ‑ 5, an adjustment cannot arise under this Division for an acquisition or importation that * relates to business finance, unless the acquisition or importation had a * GST exclusive value of more than $10,000. (2) Despite section 129 ‑ 5, an adjustment cannot arise under this Division for an acquisition or importation that does not * relate to business finance, unless the acquisition or importation had a * GST exclusive value of more than $1,000. (3) An acquisition or importation relates to business finance if, at the time of the acquisition or importation, it: (a) related solely or partly to making * financial supplies; and (b) was not solely or partly of a private or domestic nature.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-15", "Provision_Key": "s129-15", "Heading": "Adjustments do not arise under this Division where there are adjustments under Division 130", "Text": "Despite section 129 ‑ 5, you cannot have an adjustment under this Division for an acquisition if you have already had an * adjustment under Division 130 (goods applied solely to private or domestic use) for the acquisition.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-20", "Provision_Key": "s129-20", "Heading": "Adjustment periods", "Text": "(1) An adjustment period for an acquisition or importation is a tax period applying to you that: (a) starts at least 12 months after the end of the tax period to which the acquisition or importation is attributable (or would be attributable if it were a * creditable acquisition or * creditable importation); and (b) ends: (i) on 30 June in any year; or (ii) if none of the tax periods applying to you in a particular year ends on 30 June—closer to 30 June than any of the other tax periods applying to you in that year. In addition, a tax period provided for under section 27 ‑ 39 or 27 ‑ 40 or subsection 151 ‑ 55(1) or 162 ‑ 85(1) is an adjustment period for the acquisition or importation. Note: Section 27 ‑ 39 deals with an incapacitated entity’s tax periods. Section 27 ‑ 40 and subsections 151 ‑ 55(1) and 162 ‑ 85(1) deal with an entity’s concluding tax period. (2) Despite subsection (1), for an acquisition or importation that * relates to business finance: (a) if the * GST exclusive value of the acquisition or importation is $50,000 or less—only the first such tax period is an adjustment period ; or (b) if the GST exclusive value of the acquisition or importation is more than $50,000 but less than $500,000—only the first 5 such tax periods are adjustment periods ; or (c) if the GST exclusive value of the acquisition or importation is $500,000 or more—only the first 10 such tax periods are adjustment periods . (3) Despite subsection (1), for an acquisition or importation that does not * relate to business finance: (a) if the * GST exclusive value of the acquisition or importation is $5,000 or less—only the first 2 such tax periods are adjustment periods ; or (b) if the GST exclusive value of the acquisition or importation is more than $5,000 but less than $500,000—only the first 5 such tax periods are adjustment periods ; or (c) if the GST exclusive value of the acquisition or importation is $500,000 or more—only the first 10 such tax periods are adjustment periods . However, the Commissioner may, having regard to record keeping requirements for the purposes of income tax, determine in writing that a fewer number of tax periods are adjustment periods for a particular class of acquisitions or importations that do not * relate to business finance.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 177 of 1999 | No 134 of 2004 | No 118 of 2009", "History_Notes": "Amended by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 26 | Sch 1 item 27, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-25", "Provision_Key": "s129-25", "Heading": "Effect on adjustment periods of things being disposed of etc.", "Text": "(1) Despite section 129 ‑ 20, if: (a) you dispose of a thing acquired or imported (other than in circumstances giving rise to a * decreasing adjustment under Division 132); or (b) a thing acquired or imported is lost, stolen or destroyed; or (c) a thing is acquired only for a particular period and that period expires; the next tax period applying to you that ends: (d) on 30 June in any year; or (e) if none of the tax periods applying to you in a particular year ends on 30 June—closer to 30 June than any of the other tax periods applying to you in that year; is the last * adjustment period for the acquisition or importation in question. (2) Despite section 129 ‑ 20, if: (a) you dispose of a thing acquired or imported; and (b) the disposal takes place in circumstances giving rise to a * decreasing adjustment under Division 132; then: (c) the last * adjustment period to end before the disposal is the last adjustment period for the acquisition or importation in question; and (d) if no such adjustment period ended before the disposal, there is no adjustment period for the acquisition or importation. (3) This section does not apply to a disposal if this Division continues to apply to the acquisition or importation of the thing because of subsection 138 ‑ 17(2).", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 102, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 11 item 11E, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-40", "Provision_Key": "s129-40", "Heading": "Working out whether you have an adjustment", "Text": "(1) This is how to work out whether you have an * increasing adjustment or a * decreasing adjustment under this Division, for an * adjustment period, for an acquisition or importation: Method statement Step 1. Work out the extent (if any) to which you have * applied the thing acquired or imported for a * creditable purpose during the period of time: (a) starting when you acquired or imported the thing; and (b) ending at the end of the * adjustment period. This is the actual application of the thing . Step 2. Work out: (a) if you have not previously had an * adjustment under this Division for the acquisition or importation—the extent (if any) to which you acquired or imported the thing for a * creditable purpose; or (b) if you have previously had an * adjustment under this Division for the acquisition or importation—the * actual application of the thing in respect of the last adjustment. This is the intended or former application of the thing . Step 3. If the * actual application of the thing is less than its * intended or former application, you have an increasing adjustment , for the * adjustment period, for the acquisition or importation. Step 4. If the * actual application of the thing is greater than its * intended or former application, you have a decreasing adjustment , for the * adjustment period, for the acquisition or importation. Step 5. If the * actual application of the thing is the same as its * intended or former application, you have neither an increasing adjustment nor a decreasing adjustment, for the * adjustment period, for the acquisition or importation. (2) * Actual applications and * intended or former applications are to be expressed as percentages. (3) If the thing is acquired through a * reduced credit acquisition and, at the time of the acquisition, it was wholly for a * creditable purpose because of Division 70, the extent to which it was acquired for a creditable purpose is the reduced input tax credit percentage prescribed for the purposes of subsection 70 ‑ 5(2) for an acquisition of that kind.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 48 | Sch 6 item 51 | Sch 6 item 103, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-45", "Provision_Key": "s129-45", "Heading": "Gifts to gift ‑ deductible entities", "Text": "(1) If you are or were entitled to an input tax credit for the * creditable acquisition of a thing, an * adjustment does not arise under this Subdivision merely because you supply the thing as a gift to an * endorsed charity or * gift ‑ deductible entity. (3) Subsection (1) does not apply in relation to a thing that you supply to a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless: (a) the entity is: (i) an * endorsed charity; or (ii) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997; or (b) each purpose to which the supply relates is a * gift ‑ deductible purpose of the entity. Note: This subsection excludes from this section supplies to certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. However, supplies can be covered by this section if they relate to the principal purpose of the fund, authority or institution.", "Amendment_Count": 3, "First_Amended": "No 95 of 2004", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 95 of 2004 | No 80 of 2006 | No 169 of 2012", "History_Notes": "Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 80 of 2006, Sch 12 item 13, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 109 | Sch 2 item 110, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-50", "Provision_Key": "s129-50", "Heading": "Creditable purpose", "Text": "(1) You * apply a thing for a creditable purpose to the extent that you apply it in * carrying on your * enterprise. (2) However, you do not * apply a thing for a creditable purpose to the extent that: (a) the application relates to making supplies that are * input taxed; or (b) the application is of a private or domestic nature. (3) To the extent that an * application relates to making * financial supplies through an * enterprise, or a part of an enterprise, that you * carry on outside the indirect tax zone, the application is not, for the purposes of paragraph (2)(a), treated as one that relates to making supplies that would be * input taxed.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-55", "Provision_Key": "s129-55", "Heading": "Meaning of apply", "Text": "Apply , in relation to a thing acquired or imported, includes: (a) supply the thing; and (b) consume, dispose of or destroy the thing; and (c) allow another entity to consume, dispose of or destroy the thing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-70", "Provision_Key": "s129-70", "Heading": "The amount of an increasing adjustment", "Text": "The amount of an * increasing adjustment that you have under Step 3 of the Method statement in section 129 ‑ 40 for the thing acquired or imported is worked out as follows: where: full input tax credit is the amount of the input tax credit to which you would have been entitled for acquiring or importing the thing for the purpose of your * enterprise if: (a) the acquisition or importation had been solely for a * creditable purpose; and (b) in the case where the supply to you was a * taxable supply because of section 72 ‑ 5 or 84 ‑ 5—the supply had been or is a * taxable supply under section 9 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 77 of 2005", "Last_Amended": "No 77 of 2005", "Amending_Acts": "No 77 of 2005", "History_Notes": "Amended by No 77 of 2005, Sch 3 item 11 | Sch 3 item 12, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-75", "Provision_Key": "s129-75", "Heading": "The amount of a decreasing adjustment", "Text": "The amount of a * decreasing adjustment that you have under Step 4 of the Method statement in section 129 ‑ 40 for the thing acquired or imported is worked out as follows: where: full input tax credit is the amount of the input tax credit to which you would have been entitled for acquiring or importing the thing for the purpose of your * enterprise if: (a) the acquisition or importation had been solely for a * creditable purpose; and (b) in the case where the supply to you was a * taxable supply because of section 72 ‑ 5 or 84 ‑ 5—the supply had been or is a * taxable supply under section 9 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 77 of 2005", "Last_Amended": "No 77 of 2005", "Amending_Acts": "No 77 of 2005", "History_Notes": "Amended by No 77 of 2005, Sch 3 item 13 | Sch 3 item 14, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-80", "Provision_Key": "s129-80", "Heading": "Effect of adjustment under certain Divisions", "Text": "For the purpose of working out under this Subdivision the amount of an * adjustment for an acquisition, any adjustments under Division 19, 21, 133 or 134 that you have had for the acquisition are to be taken into account in working out the full input tax credit for the purpose of section 129 ‑ 70 or 129 ‑ 75.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 177 of 1999 | No 20 of 2010 | No 21 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 104, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 20 of 2010, Sch 1 item 8 | Sch 1 item 9, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 10 | Sch 1 item 11, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 129-90", "Provision_Key": "s129-90", "Heading": "Attributing your adjustments for changes in extent of creditable purpose", "Text": "(1) An * adjustment that you have arising in respect of an * adjustment period under this Division is attributable to the tax period that is that adjustment period. (2) This section has effect despite section 29 ‑ 20 (which is about attributing adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s129-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 130-1", "Provision_Key": "s130-1", "Heading": "What this Division is about", "Text": "You may have an increasing adjustment if you apply solely to private or domestic use goods for which you had a full input tax credit.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s130-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 130-5", "Provision_Key": "s130-5", "Heading": "Goods applied solely to private or domestic use", "Text": "(1) You have an increasing adjustment if: (a) you made a * creditable acquisition or * creditable importation of goods; and (b) the acquisition or importation was solely for a * creditable purpose; and (c) you * apply the goods solely to private or domestic use. (2) The amount of the increasing adjustment is an amount equal to the amount of the input tax credit to which you were entitled for the acquisition or importation, taking account of any * adjustments for the acquisition or importation. (3) However, this section does not apply if you have previously had an adjustment under Division 129 for the acquisition or importation.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 136, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s130-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-1", "Provision_Key": "s131-1", "Heading": "What this Division is about", "Text": "In some cases, you may be able to claim a full input tax credit for acquisitions that are only partly for a creditable purpose. You will then have an increasing adjustment for a later tax period (that better matches your obligation to lodge an income tax return).", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-5", "Provision_Key": "s131-5", "Heading": "Eligibility to make an annual apportionment election", "Text": "(1) You are eligible to make an * annual apportionment election if: (a) either: (i) you are a * small business entity (other than because of subsection 328 ‑ 110(4) of the * ITAA 1997) for the * income year in which you make your election; or (ii) you do not carry on a * business and your * GST turnover does not exceed the * annual apportionment turnover threshold; and (b) you have not made any election under section 162 ‑ 15 to pay GST by instalments (other than such an election that is no longer in effect); and (c) you have not made any * annual tax period election (other than such an election that is no longer in effect). (2) The annual apportionment turnover threshold is: (a) $2 million; or (b) such higher amount as the regulations specify.", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 134 of 2004 | No 80 of 2007", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 80 of 2007, Sch 1 item 328 | Sch 2 item 22 | Sch 3 item 328, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-10", "Provision_Key": "s131-10", "Heading": "Making an annual apportionment election", "Text": "(1) You may make an * annual apportionment election if you are eligible under section 131 ‑ 5. (2) Your election takes effect from: (a) the start of the earliest tax period for which, on the day on which you make your election, your * GST return is not yet due (taking into account any further period the Commissioner allows under paragraph 31 ‑ 8(1)(b) or 31 ‑ 10(1)(b)); or (b) the start of such other tax period as the Commissioner allows, in accordance with a request you make in the * approved form. Note: Refusing a request to allow your election to take effect from the start of another tax period is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 134 of 2004 | No 73 of 2006", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 123, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-15", "Provision_Key": "s131-15", "Heading": "Annual apportionment elections by representative members of GST groups", "Text": "(1) A * representative member of a * GST group cannot make an * annual apportionment election unless each * member of the GST group is eligible under section 131 ‑ 5. (2) If the * representative member makes such an election, or revokes such an election, each * member of the * GST group is taken to have made, or revoked, the election.", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-20", "Provision_Key": "s131-20", "Heading": "Duration of an annual apportionment election", "Text": "General rule (1) Your election ceases to have effect if: (a) you revoke it; or (b) the Commissioner disallows it under subsection (3); or (c) in a case to which subparagraph 131 ‑ 5(1)(a)(i) applied—you are not a * small business entity of the kind referred to in that subparagraph for an * income year; or (d) in a case to which subparagraph 131 ‑ 5(1)(a)(ii) applied—on 31 July in a * financial year, you do not satisfy the requirements of that subparagraph. Revocation (2) A revocation of your election is taken to have had, or has, effect at the start of the earliest tax period for which, on the day of the revocation, your * GST return is not yet due. Disallowance (3) The Commissioner may disallow your election if, and only if, the Commissioner is satisfied that you have failed to comply with one or more of your obligations under a * taxation law. Note: Disallowing your election is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (4) A disallowance of your election is taken to have had effect from the start of the tax period in which the Commissioner notifies you of the disallowance. Not being a small business entity for an income year (5) If paragraph (1)(c) applies, your election is taken to have ceased to have effect from the start of the tax period in which the first day of the * income year referred to in that paragraph falls. Failing to satisfy the requirements of subparagraph 131 ‑ 5(1)(a)(ii) (6) If paragraph (1)(d) applies, your election is taken to have ceased to have effect from the start of the tax period in which 31 July in the * financial year referred to in that paragraph falls.", "Amendment_Count": 3, "First_Amended": "No 134 of 2004", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 134 of 2004 | No 73 of 2006 | No 80 of 2007", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 124, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2007, Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 25 | Sch 2 item 26, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-40", "Provision_Key": "s131-40", "Heading": "Input tax credits for acquisitions that are partly creditable", "Text": "(1) The amount of the input tax credit on an acquisition that you make that is * partly creditable is an amount equal to the GST payable on the supply of the thing acquired if: (a) an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and (b) the acquisition is not an acquisition of a kind specified in the regulations. (2) However, if one or both of the following apply to the acquisition: (a) the acquisition relates to making supplies that would be * input taxed; (b) you provide, or are liable to provide, only part of the * consideration for the acquisition; the amount of the input tax credit on the acquisition is as follows: where: extent of consideration is the extent to which you provide, or are liable to provide, the * consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition. extent of non ‑ input ‑ taxed purpose is the extent to which the acquisition does not relate to making supplies that would be * input taxed, expressed as a percentage of the total purpose of the acquisition. full input tax credit is what would have been the amount of the input tax credit for the acquisition if it had been made solely for a * creditable purpose and you had provided, or had been liable to provide, all of the consideration for the acquisition. (3) In determining for the purposes of subsection (2) whether, or the extent to which, an acquisition relates to making supplies that would be * input taxed, subsections 11 ‑ 15(3) to (5) apply in the same way that they apply for the purposes of paragraph 11 ‑ 15(2)(a). (4) Determinations made by the Commissioner under subsection 11 ‑ 30(5) apply (so far as they are capable of applying) to working out the extent to which a * partly creditable acquisition does not relate to making supplies that would be * input taxed. (5) This section does not apply to an input tax credit on an acquisition if the acquisition is, to any extent, a * reduced credit acquisition. (6) This section has effect despite sections 11 ‑ 25 and 11 ‑ 30 (which are about amounts of input tax credits).", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-45", "Provision_Key": "s131-45", "Heading": "Input tax credits for importations that are partly creditable", "Text": "(1) The amount of the input tax credit on an importation that you make that is * partly creditable is an amount equal to the GST payable on the importation if: (a) an * annual apportionment election that you have made has effect at the end of the tax period to which the input tax credit is attributable; and (b) the importation is not an importation of a kind specified in the regulations. (2) However, if the importation relates to making supplies that would be * input taxed, the amount of the input tax credit on the importation is as follows: where: extent of non ‑ input ‑ taxed purpose is the extent to which the importation does not relate to making supplies that would be * input taxed, expressed as a percentage of the total purpose of the importation. full input tax credit is what would have been the amount of the input tax credit for the importation if it had been made solely for a * creditable purpose. (3) In determining for the purposes of subsection (2) whether, or the extent to which, an importation relates to making supplies that would be * input taxed, subsections 15 ‑ 10(3) to (5) apply in the same way that they apply for the purposes of paragraph 15 ‑ 10(2)(a). (4) Determinations made by the Commissioner under subsection 15 ‑ 25(4) apply (so far as they are capable of applying) to working out the extent to which a * partly creditable importation does not relate to making supplies that would be * input taxed. (5) This section has effect despite sections 15 ‑ 20 and 15 ‑ 25 (which are about amounts of input tax credits).", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-50", "Provision_Key": "s131-50", "Heading": "Amounts of input tax credits for creditable acquisitions or creditable importations of certain cars", "Text": "(1) If: (a) this Division applies to working out the amount of a * creditable acquisition or * creditable importation that you made; and (b) the acquisition or importation is an acquisition or importation of a * car; the amount of the input tax credit on the acquisition or importation under this Division must not exceed the amount (if any) of the input tax credit worked out under section 69 ‑ 10. (2) However, if subsection 131 ‑ 40(2) or 131 ‑ 45(2) applies to the acquisition or importation: (a) take into account the operation of section 69 ‑ 10 in working out the full input tax credit for the purposes of that subsection; but (b) disregard subsection 69 ‑ 10(3).", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-55", "Provision_Key": "s131-55", "Heading": "Increasing adjustments relating to annually apportioned acquisitions and importations", "Text": "(1) You have an increasing adjustment if: (a) an acquisition or importation that you made was * partly creditable; and (b) the input tax credit on the acquisition or importation is attributable to a tax period ending in a particular * financial year; and (c) the amount of the input tax credit is an amount worked out under this Division. (2) The amount of the increasing adjustment is an amount equal to the difference between: (a) the amount of the input tax credit worked out under this Division; and (b) what would have been the amount of the input tax credit if this Division did not apply. (3) In working out for the purposes of paragraph (2)(a) the amount of an input tax credit, take into account any change of circumstances that has given rise to: (a) an adjustment for the acquisition under Division 19; or (b) an adjustment for the acquisition under Division 21; or (c) an adjustment for the acquisition under Division 134. Note: Because of subsection 136 ‑ 10(3), the amount of the Division 21 adjustment will not be reduced under Division 136. (4) In working out for the purposes of paragraph (2)(b) what would have been the amount of an input tax credit, take into account any change of circumstances that has given rise to: (a) an adjustment for the acquisition under Division 19 (worked out as if this Division had not applied to working out the amount of the input tax credit); or (b) an adjustment for the acquisition under Division 21; or (c) an adjustment for the acquisition under Division 134. Note: If this Division did not apply, the amount of the Division 21 adjustment would have been worked out under Division 136. Example: While an annual apportionment election has effect, you make a partly creditable acquisition for $1,100, for which you have an input tax credit of $100. The extent of your creditable purpose is 10%. During later tax periods, the price increases by $110, for which you have a decreasing adjustment under Division 19 of $10, and the supplier writes off $660 as a bad debt, for which you have an increasing adjustment under Division 21 of $60 (subsection 136 ‑ 10(3) prevents the amount from being reduced under Division 136). The amount of your increasing adjustment under this section is $45. This is the difference between the amounts under paragraphs (2)(a) and (b). The paragraph (2)(a) amount (which is effectively worked out on a fully creditable basis) is: The paragraph (2)(b) amount (which is based on a 10% creditable purpose) is:", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 134 of 2004 | No 21 of 2010", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 21 of 2010, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 131-60", "Provision_Key": "s131-60", "Heading": "Attributing adjustments under section 131 ‑ 55", "Text": "(1) An * increasing adjustment under section 131 ‑ 55 is attributable to: (a) the tax period worked out using the method statement; or (b) such earlier tax period as you choose. Method statement Step 1. Work out the tax period (the ITC tax period ) to which the input tax credit for the acquisition or importation to which the adjustment relates is attributable. Step 2. Work out in which year of income that tax period starts. Step 3. If you are required under section 161 of the * ITAA 1936 to lodge a return in relation to that year of income, work out the last day of the period, specified in the instrument made under that section, for you to lodge as required under that section. Step 4. The * increasing adjustment is attributable to the tax period in which that last day occurs. Step 5. If step 3 does not apply, the increasing adjustment is attributable to the tax period in which occurs 31 December in the next * financial year to start after the end of the ITC tax period. Note: Section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving the GST return. (2) Despite subsection (1), if, during (but not from the start of) the * financial year in which the ITC tax period ended, your * annual apportionment election ceases to have effect because: (a) you revoke your annual apportionment election, or the Commissioner disallows your election, during that financial year; and (b) the revocation or disallowance takes effect before the end of that financial year; the * increasing adjustment is attributable to the tax period in which the cessation takes effect, or to such earlier tax period as you choose. (3) However, the * increasing adjustment is attributable to a tax period provided under section 27 ‑ 39 or 27 ‑ 40 if that tax period ends earlier than the end of the tax period to which the increasing adjustment would, but for this subsection, be attributable under subsections (1) and (2). (4) This section has effect despite section 29 ‑ 20 (which is about attributing your adjustments).", "Amendment_Count": 3, "First_Amended": "No 134 of 2004", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 134 of 2004 | No 118 of 2009 | No 64 of 2020", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 28, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 64 of 2020, Sch 11 item 152, effective Sch 3 (items 146–154, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s131-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 132-1", "Provision_Key": "s132-1", "Heading": "What this Division is about", "Text": "You may have a decreasing adjustment if you make a supply of something that you earlier acquired or imported, or subsequently applied, to make financial supplies or for a private or domestic purpose.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Amended by No 156 of 2000, Sch 4 item 7, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s132-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 132-5", "Provision_Key": "s132-5", "Heading": "Decreasing adjustments for supplies of things acquired, imported or applied for a purpose that is not fully creditable", "Text": "(1) You have a decreasing adjustment under this Division if: (a) you make a * taxable supply of a thing (or a supply of a thing that would have been a taxable supply had it not been * GST ‑ free under Subdivision 38 ‑ J); and (b) the supply is a supply by way of sale; and (c) your acquisition, importation or subsequent * application of the thing, related solely or partly to making * financial supplies, or was solely or partly of a private or domestic nature. (2) The amount of the * decreasing adjustment is as follows: where: adjusted input tax credit is: (a) the amount of any input tax credit that was attributable to a tax period in respect of the acquisition or importation; minus (b) the sum of: (i) any * increasing adjustments, under Subdivision 19 ‑ C or Division 129, that were previously attributable to a tax period in respect of the acquisition or importation; and (ii) any increasing adjustment under Division 131 that has been previously, is or will be attributable to a tax period in respect of the acquisition or importation; plus (c) the sum of any * decreasing adjustments, under Subdivision 19 ‑ C or Division 129 or 133, that were previously attributable to a tax period in respect of the acquisition or importation. full input tax credit is the amount of the input tax credit to which you would have been entitled for acquiring or importing the thing for the purpose of your * enterprise if: (a) the acquisition or importation had been solely for a * creditable purpose; and (b) in the case where the supply to you was a * taxable supply because of section 72 ‑ 5 or 84 ‑ 5—the supply had been or is a * taxable supply under section 9 ‑ 5. price is the * price of the * taxable supply. (3) However, if the amount worked out under subsection (2) is greater than the difference between the full input tax credit and the adjusted input tax credit, the amount of the * decreasing adjustment is an amount equal to that difference. (4) In working out the adjusted input tax credit, the acquisition, importation or * application in question is treated as having been for a * creditable purpose except to the extent * that the acquisition, importation or application: (a) relates to the making of * financial supplies; or (b) is of a private or domestic nature.", "Amendment_Count": 5, "First_Amended": "No 156 of 2000", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 156 of 2000 | No 134 of 2004 | No 41 of 2005 | No 77 of 2005 | No 20 of 2010", "History_Notes": "Amended by No 156 of 2000, Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 10, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 41 of 2005, Sch 10 item 10 | Sch 10 item 11, effective Schedule 10 (items 1–14): Royal Assent | Amended by No 77 of 2005, Sch 3 item 15 | Sch 3 item 16, effective 29 June 2005 | Amended by No 20 of 2010, Sch 1 item 10, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s132-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 132-10", "Provision_Key": "s132-10", "Heading": "Attribution of adjustments under this Division", "Text": "(1) A * decreasing adjustment under this Division is attributable to: (a) the same tax period as the * taxable supply to which it relates; or (b) if it relates to a supply that is not a taxable supply—the tax period to which the supply would be attributable if it were a taxable supply. (2) This section has effect despite section 29 ‑ 20 (which is about attributing your adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s132-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 133-1", "Provision_Key": "s133-1", "Heading": "What this Division is about", "Text": "You may have a decreasing adjustment for an acquisition that you made if, to take account of a GST liability that the supplier is subsequently found to have, you provide additional consideration at a time when you can no longer claim an input tax credit.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s133-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 133-5", "Provision_Key": "s133-5", "Heading": "Decreasing adjustments for additional consideration provided under gross ‑ up clauses", "Text": "(1) You have a decreasing adjustment if: (a) you made an acquisition on the basis that: (i) it was not a * creditable acquisition because the supply to which the acquisition relates was not a * taxable supply; or (ii) it was * partly creditable because the supply to which the acquisition relates was only partly a taxable supply; and (b) you provided * additional consideration for the acquisition in compliance with a contractual obligation that required you, or had the effect of requiring you, to provide additional consideration if: (i) in a case where subparagraph (a)(i) applies—the supply was later found to be a taxable supply, or to be partly a taxable supply; or (ii) in a case where subparagraph (a)(ii) applies—the supply was later found to be a taxable supply to a greater extent; and (c) GST on the supply has not ceased to be payable (other than as a result of its payment); and (d) at the time you provided the additional consideration, you were no longer entitled to an input tax credit for the acquisition. Note: Section 93 ‑ 5 or 93 ‑ 15 may provide a time limit on your entitlement to an input tax credit. (2) The amount of the * decreasing adjustment is the difference between: (a) what would have been the * previously attributed input tax credit amount for the acquisition if: (i) the * additional consideration for the acquisition had been provided as part of the original * consideration for the acquisition; and (ii) in a case where you have not held a * tax invoice for the acquisition—you held such an invoice; and (iii) subsection 29 ‑ 10(5) did not apply in relation to the acquisition; and (b) the previously attributed input tax credit amount. (3) To avoid doubt, additional consideration for an acquisition includes a part of the * consideration for the acquisition that: (a) relates to the amount of GST payable on the * taxable supply to which the acquisition relates; and (b) at the time of the acquisition, the parties to the transaction under which the acquisition was made assumed was not payable.", "Amendment_Count": 3, "First_Amended": "No 20 of 2010", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 20 of 2010 | No 39 of 2012 | No 72 of 2025", "History_Notes": "Inserted by No 20 of 2010, Sch 1 item 12 | Sch 1 item 13, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 39 of 2012, Sch 1 item 91, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 72 of 2025, effective sch 4 (items 32 ‑ 38, 43 ‑ 51): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s133-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 133-10", "Provision_Key": "s133-10", "Heading": "Availability of adjustments under Division 19 for acquisitions", "Text": "(1) If: (a) you have a * decreasing adjustment under this Division for an acquisition; and (b) the circumstances that gave rise to the adjustment also constitute an * adjustment event; you do not have a decreasing adjustment under section 19 ‑ 70 for the acquisition in relation to those circumstances. (2) This section has effect despite section 19 ‑ 70 (which is about adjustments for acquisitions arising because of adjustment events).", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s133-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-1", "Provision_Key": "s134-1", "Heading": "What this Division is about", "Text": "You may have a decreasing adjustment if you make a payment to an entity that acquires something that you had supplied to another entity. The entity receiving the payment may have an increasing adjustment.", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Inserted by No 21 of 2010, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-5", "Provision_Key": "s134-5", "Heading": "Decreasing adjustments for payments made to third parties", "Text": "(1) You have a decreasing adjustment if: (a) you make a payment to an entity (the payee ) that acquires a thing that you supplied to another entity (whether or not that other entity supplies the thing to the payee); and (b) your supply of the thing to the other entity: (i) was a * taxable supply; or (ii) would have been a taxable supply but for a reason to which subsection (3) applies; and (c) the payment is in one or more of the following forms: (i) a payment of * money or * digital currency; (ii) an offset of an amount of money or digital currency that the payee owes to you; (iii) a crediting of an amount of money or digital currency to an account that the payee holds; and (d) the payment is made in connection with, in response to or for the inducement of the payee’s acquisition of the thing; and (e) the payment is not * consideration for a supply to you. (1A) However, subsection (1) does not apply if: (a) the supply of the thing to the payee is a * GST ‑ free supply, or is not * connected with the indirect tax zone; or (b) the Commissioner is required to make a payment to the payee, under Division 168 (about the tourist refund scheme), related to the payee’s acquisition of the thing; and you know, or have reasonable grounds to suspect, that the supply of the thing to the payee is a GST ‑ free supply or is not connected with the indirect tax zone, or that the Commissioner is so required. (2) The amount of the * decreasing adjustment is an amount equal to the difference between: (a) either: (i) if your supply to the other entity was a * taxable supply—the amount of GST payable on the supply; or (ii) if your supply to the other entity would have been a taxable supply but for a reason to which subsection (3) applies—the amount of GST that would have been payable on the supply had it been a taxable supply; taking into account any other * adjustments that arose, or would have arisen, relating to the supply; and (b) the amount of GST that would have been payable, or would (but for a reason to which subsection (3) applies) have been payable, for that supply: (i) if the * consideration for the supply had been reduced by the amount of your payment to the payee; and (ii) taking into account any other adjustments that arose, or would have arisen, relating to the supply, as they would have been affected (if applicable) by such a reduction in the consideration. (3) This subsection applies to the following reasons why your supply of the thing to the other entity was not a * taxable supply: (a) you and the other entity are * members of the same * GST group; (b) you and the other entity are members of the same * GST religious group; (c) you are the * joint venture operator for a * GST joint venture, and the other entity is a * participant in the GST joint venture. (4) However: (a) paragraph (3)(a) does not apply if you and the payee are * members of the same * GST group when the payment referred to in paragraph (1)(a) is made; and (b) paragraph (3)(b) does not apply if you and the payee are members of the same * GST religious group when that payment is made.", "Amendment_Count": 5, "First_Amended": "No 21 of 2010", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 21 of 2010 | No 91 of 2010 | No 136 of 2010 | No 2 of 2015 | No 118 of 2017", "History_Notes": "Inserted by No 21 of 2010, Sch 1 item 8 | Sch 1 item 134 | Sch 1 item 21, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 91 of 2010, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 5, effective 29 June 2010 | Amended by No 136 of 2010, Sch 1 item 1, effective Schedule 1: Royal Assent | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 118 of 2017, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-10", "Provision_Key": "s134-10", "Heading": "Increasing adjustments for payments received by third parties", "Text": "(1) You have an increasing adjustment if: (a) you receive a payment from an entity (the payer ) that supplied a thing that you acquire from another entity (whether or not that other entity acquired the thing from the payer); and (b) your acquisition of the thing from the other entity: (i) was a * creditable acquisition; or (ii) would have been a creditable acquisition but for a reason to which subsection (3) applies; and (c) the payment is in one or more of the following forms: (i) a payment of * money or * digital currency; (ii) an offset of an amount of money or digital currency that you owe to the payer; (iii) a crediting of an amount of money or digital currency to an account that you hold; and (d) the payment is made in connection with, in response to or for the inducement of your acquisition of the thing; and (e) the payment is not * consideration for a supply you make. (1A) However, subsection (1) does not apply unless the supply of the thing by the payer: (a) was a * taxable supply; or (b) would have been a taxable supply but for any of the following: (i) the payer and the entity that acquired the thing from the payer being * members of the same * GST group; (ii) the payer and the entity that acquired the thing from the payer being members of the same * GST religious group; (iii) the payer being the * joint venture operator for a * GST joint venture, and the entity that acquired the thing from the payer being a * participant in the GST joint venture. (2) The amount of the * increasing adjustment is an amount equal to the difference between: (a) either: (i) if your acquisition from the other entity was a * creditable acquisition—the amount of the input tax credit entitlement for the acquisition; or (ii) if your acquisition from the other entity would have been a creditable acquisition but for a reason to which subsection (3) applies—the amount that would have been the amount of the input tax credit entitlement for the acquisition had it been a creditable acquisition; taking into account any other * adjustments that arose, or would have arisen, relating to the acquisition; and (b) the amount of the input tax credit to which you would have been entitled, or would (but for a reason to which subsection (3) applies) have been entitled, for that acquisition: (i) if the * consideration for the acquisition had been reduced by the amount of the payer’s payment to you; and (ii) taking into account any other adjustments that arose, or would have arisen, relating to the acquisition, as they would have been affected (if applicable) by such a reduction in the consideration. (3) This subsection applies to the following reasons why your acquisition of the thing from the other entity was not a * creditable acquisition: (a) you and the other entity are * members of the same * GST group; (b) you and the other entity are members of the same * GST religious group; (c) you are the * joint venture operator for a * GST joint venture, and the other entity is a * participant in the GST joint venture. (4) However: (a) paragraph (3)(a) does not apply if you and the payer are * members of the same * GST group when the payment referred to in paragraph (1)(a) is made; and (b) paragraph (3)(b) does not apply if you and the payer are members of the same * GST religious group when that payment is made.", "Amendment_Count": 5, "First_Amended": "No 21 of 2010", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 21 of 2010 | No 91 of 2010 | No 136 of 2010 | No 70 of 2015 | No 118 of 2017", "History_Notes": "Inserted by No 21 of 2010, Sch 1 item 22, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 91 of 2010, Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 10, effective 29 June 2010 | Amended by No 136 of 2010, Sch 1 item 2, effective Schedule 1: Royal Assent | Amended by No 70 of 2015, Sch 6 item 2, effective Sch 6 (items 1, 2): 25 June 2015 (s 2(1) item 9) | Amended by No 118 of 2017, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-15", "Provision_Key": "s134-15", "Heading": "Attribution of decreasing adjustments", "Text": "(1) If: (a) you have a * decreasing adjustment under section 134 ‑ 5; and (b) you do not hold a * third party adjustment note for the adjustment when you give to the Commissioner a * GST return for the tax period to which the adjustment (or any part of the adjustment) would otherwise be attributable; then: (c) the adjustment (including any part of the adjustment) is not attributable to that tax period; and (d) the adjustment (or part) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you hold that third party adjustment note. However, this subsection does not apply in circumstances of a kind determined by the Commissioner, by legislative instrument, to be circumstances in which the requirement for an adjustment note does not apply. Note: For the giving of GST returns to the Commissioner, see Division 31. (2) This section does not apply to a * decreasing adjustment of an amount that does not exceed the amount provided for under subsection 29 ‑ 80(2). (3) This section has effect despite section 29 ‑ 20 (which is about attributing adjustments).", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Inserted by No 21 of 2010, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-20", "Provision_Key": "s134-20", "Heading": "Third party adjustment notes", "Text": "(1) A third party adjustment note for a * decreasing adjustment that you have under section 134 ‑ 5 is a document: (a) that is created by you; and (b) a copy of which is given, in the circumstances set out in subsection (2), to the entity that received the payment that gave rise to the adjustment; and (c) that sets out your * ABN; and (d) that contains such other information as the Commissioner determines in writing; and (e) that is in the * approved form. However, the Commissioner may treat as a third party adjustment note a particular document that is not a third party adjustment note. (2) You must give the copy of the document to the entity that received the payment: (a) within 28 days after the entity requests you to give the copy; or (b) if you become aware of the * adjustment before the copy is requested—within 28 days, or such other number of days as the Commissioner determines under subsection (4) or (6), after becoming aware of the adjustment. (3) Subsection (2) does not apply to an * adjustment of an amount that does not exceed the amount provided for under subsection 29 ‑ 80(2). (4) The Commissioner may determine in writing that paragraph (2)(b) has effect, in relation to a particular document, as if the number of days referred to in that paragraph is the number of days specified in the determination. (5) A determination made under subsection (4) is not a legislative instrument. (6) The Commissioner may determine, by legislative instrument, circumstances in which paragraph (2)(b) has effect, in relation to those circumstances, as if the number of days referred to in that paragraph is the number of days specified in the determination. (7) A determination made under subsection (4) has effect despite any determination made under subsection (6).", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Inserted by No 21 of 2010, Sch 1 item 9 | Sch 1 item 17 | Sch 1 item 23 | Sch 1 item 27, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-25", "Provision_Key": "s134-25", "Heading": "Adjustment events do not arise", "Text": "To avoid doubt, a payment that gives rise to an * adjustment under this Division cannot give rise to an * adjustment event.", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Inserted by No 21 of 2010, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 134-30", "Provision_Key": "s134-30", "Heading": "Application of sections 48 ‑ 55 and 49 ‑ 50", "Text": "(1) For the purposes of working out whether you have an adjustment under this Division, disregard sections 48 ‑ 55 and 49 ‑ 50. (2) However, this section does not affect the application of sections 48 ‑ 55 and 49 ‑ 50 for the purposes of working out the amount of an adjustment under this Division. Note: Sections 48 ‑ 55 and 49 ‑ 50 require GST groups and GST religious groups to be treated as single entities for the purposes of adjustments.", "Amendment_Count": 1, "First_Amended": "No 91 of 2010", "Last_Amended": "No 91 of 2010", "Amending_Acts": "No 91 of 2010", "History_Notes": "Inserted by No 91 of 2010, effective 29 June 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s134-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 135-1", "Provision_Key": "s135-1", "Heading": "What this Division is about", "Text": "The recipient of a supply of a going concern has an increasing adjustment to take into account the proportion (if any) of supplies that will be made in running the concern and that will not be taxable supplies or GST ‑ free supplies. Later adjustments are needed if this proportion changes over time.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 113, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s135-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 135-5", "Provision_Key": "s135-5", "Heading": "Initial adjustments for supplies of going concerns", "Text": "(1) You have an increasing adjustment if: (a) you are the * recipient of a * supply of a going concern, or a supply that is * GST ‑ free under section 38 ‑ 480; and (b) you intend that some or all of the supplies made through the * enterprise to which the supply relates will be supplies that are neither * taxable supplies nor * GST ‑ free supplies. (2) The amount of the increasing adjustment is as follows: where: proportion of non ‑ creditable use is the proportion of all the supplies made through the * enterprise that you intend will be supplies that are neither * taxable supplies nor * GST ‑ free supplies, expressed as a percentage worked out on the basis of the * prices of those supplies. supply price means the * price of the supply in relation to which the increasing adjustment arises.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 176 of 1999 | No 156 of 2000", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 114 | Sch 1 item 115, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 156 of 2000, Sch 4 item 11, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s135-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 135-10", "Provision_Key": "s135-10", "Heading": "Later adjustments for supplies of going concerns", "Text": "(1) If you are the * recipient of a * supply of a going concern, or a supply that is * GST ‑ free under section 38 ‑ 480, Division 129 (which is about changes in the extent of creditable purpose) applies to that acquisition, in relation to: (a) the proportion of all the supplies made through the * enterprise that you intend will be supplies that are neither * taxable supplies nor * GST ‑ free supplies; and (b) the proportion of all the supplies made through the * enterprise that are supplies that are neither taxable supplies nor GST ‑ free supplies; in the same way as that Division applies: (c) in relation to the extent to which you made an acquisition for a * creditable purpose; and (d) in relation to the extent to which a thing acquired is * applied for a creditable purpose. (2) For the purpose of applying Division 129, the proportions referred to in paragraphs (1)(a) and (b) are to be expressed as percentages worked out on the basis of the * prices of the supplies in question. (3) This section applies in relation to any * supply of a going concern, or a supply that is * GST ‑ free under section 38 ‑ 480, whether or not it is a supply in respect of which you have had an * increasing adjustment under section 135 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 116 | Sch 1 item 117, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s135-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-1", "Provision_Key": "s136-1", "Heading": "What this Division is about", "Text": "The amount of an adjustment that you have under Division 21 for a bad debt is reduced under this Division if the transaction to which the adjustment relates: • was a supply that was partly taxable or an acquisition that was partly creditable; or • was fully taxable or creditable, but not to the extent of 1 / 11 of the price or consideration for the transaction.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 177 of 1999 | No 156 of 2000", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Repealed and substituted by No 156 of 2000, Sch 4 item 13, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-5", "Provision_Key": "s136-5", "Heading": "Adjustments relating to partly taxable supplies", "Text": "If you have an * adjustment under section 21 ‑ 5, 21 ‑ 10, 136 ‑ 30 or 136 ‑ 35 in relation to a supply that was partly a * taxable supply, the amount of that adjustment is reduced to the following amount: where: full adjustment is what would be the amount of the adjustment worked out under section 21 ‑ 5, 21 ‑ 10, 136 ‑ 30 or 136 ‑ 35 if this section did not apply. taxable proportion is the proportion of the * value of the supply (worked out as if it were solely a taxable supply) that the taxable supply represents. Example: If the amount of an adjustment under section 21 ‑ 5 would be $100 but the supply was only 80% taxable, the amount of the adjustment is $80.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 177 of 1999 | No 156 of 2000", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 156 of 2000, Sch 4 item 14, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-10", "Provision_Key": "s136-10", "Heading": "Adjustments in relation to partly creditable acquisitions", "Text": "(1) If you have an * adjustment under section 21 ‑ 15, 21 ‑ 20, 136 ‑ 40 or 136 ‑ 45 in relation to a * creditable acquisition that was * partly creditable, the amount of that adjustment is reduced to the following amount: where: extent of consideration is the extent to which you provide, or are liable to provide, the * consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition. extent of creditable purpose is the extent of * creditable purpose last used to work out: (a) the amount of the input tax credit for the acquisition; or (b) the amount of any * adjustment under Division 129 in relation to the acquisition; expressed as a percentage of the total purpose of the acquisition. full adjustment is what would be the amount of the adjustment worked out under section 21 ‑ 15, 21 ‑ 20, 136 ‑ 40 or 136 ‑ 45 if this section did not apply. (2) If you have an * adjustment under section 21 ‑ 15, 21 ‑ 20, 136 ‑ 40 or 136 ‑ 45 in relation to a * creditable acquisition that was a * reduced credit acquisition and that was not * partly creditable (that is, it is wholly for a * creditable purpose because of Division 70), the amount of that adjustment is reduced to the following amount: where: extent of consideration is the extent to which you provide, or are liable to provide, the * consideration for the acquisition, expressed as a percentage of the total consideration for the acquisition. percentage credit reduction is the reduced input tax credit percentage prescribed for the purposes of subsection 70 ‑ 5(2) for an acquisition of that kind. full adjustment is what would be the amount of the adjustment worked out under section 21 ‑ 15, 21 ‑ 20, 136 ‑ 40 or 136 ‑ 45 if this section did not apply. (3) However, this section does not apply to an * adjustment that you have in relation to a * creditable acquisition if: (a) the amount of the input tax credit for the acquisition is worked out under Division 131; and (b) the adjustment is attributable to a tax period that is not later than the tax period to which an adjustment under section 131 ‑ 55 relating to the acquisition is attributable.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 177 of 1999 | No 156 of 2000 | No 134 of 2004", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-30", "Provision_Key": "s136-30", "Heading": "Writing off bad debts (taxable supplies)", "Text": "(1) The amount of a * decreasing adjustment that you have under section 21 ‑ 5, relating to a * taxable supply that is * taxable at less than 1 / 11 of the price, is worked out under this section and not under section 21 ‑ 5. (2) This is how to work out the amount: Method statement Step 1. Work out the amount of GST (if any) that was payable on the supply, taking into account any previous * adjustments for the supply. This amount is the previous GST amount . Step 2. Add together: (a) the amount or amounts written off as bad from the debt to which the decreasing adjustment relates; and (b) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off). Step 3. Subtract the step 2 amount from the * price of the supply. Step 4. Work out the amount of GST (if any), taking into account any previous * adjustments for the supply (but not adjustments relating to bad debts or debts overdue), that would be payable on the supply if the * price of the supply were the step 3 amount. This amount of GST is the adjusted GST amount . Step 5. Subtract the adjusted GST amount from the previous GST amount.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-35", "Provision_Key": "s136-35", "Heading": "Recovering amounts previously written off (taxable supplies)", "Text": "(1) The amount of an * increasing adjustment that you have under section 21 ‑ 10, relating to a * taxable supply that is * taxable at less than 1 / 11 of the price, is worked out under this section and not under section 21 ‑ 10. (2) This is how to work out the amount: Method statement Step 1. Work out the amount of GST (if any) that was payable on the supply, taking into account any previous * adjustments for the supply. This amount is the previous GST amount . Step 2. Add together: (a) the amount or amounts previously written off as bad from the debt to which the increasing adjustment relates; and (b) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off). Step 3. Subtract the step 2 amount from the * price of the supply. Step 4. Add to the step 3 amount an amount equal to the amount or amounts, written off or overdue for 12 months or more, that have been recovered. Step 5. Work out the amount of GST (if any), taking into account any previous * adjustments for the supply (but not adjustments relating to bad debts or debts overdue), that would be payable on the supply if the * price of the supply were the step 4 amount. This amount of GST is the adjusted GST amount . Step 6. Subtract the previous GST amount from the adjusted GST amount.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-40", "Provision_Key": "s136-40", "Heading": "Bad debts written off (creditable acquisitions)", "Text": "(1) The amount of an * increasing adjustment that you have under section 21 ‑ 15, relating to a * creditable acquisition that is * creditable at less than 1 / 11 of the consideration, is worked out under this section and not under section 21 ‑ 15. (2) This is how to work out the amount: Method statement Step 1. Work out the amount of the input tax credit (if any) to which you were entitled for the acquisition, taking into account any previous * adjustments for the acquisition. This amount is the previous credit amount . Step 2. Add together: (a) the amount or amounts previously written off as bad from the debt to which the increasing adjustment relates; and (b) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off). Step 3. Subtract the step 2 amount from the total amount of the * consideration that you have either provided, or are liable to provide, for the acquisition. Step 4. Work out the amount of the input tax credit (if any), taking into account any previous * adjustments for the acquisition (but not adjustments relating to bad debts or debts overdue), to which you would be entitled for the acquisition if the * consideration for the acquisition were the step 3 amount. This amount of GST is the adjusted credit amount . Step 5. Subtract the adjusted credit amount from the previous credit amount.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-45", "Provision_Key": "s136-45", "Heading": "Recovering amounts previously written off (creditable acquisitions)", "Text": "(1) The amount of a * decreasing adjustment that you have under section 21 ‑ 20, relating to a * creditable acquisition that is * creditable at less than 1 / 11 of the consideration, is worked out under this section and not under section 21 ‑ 20. (2) This is how to work out the amount: Method statement Step 1. Work out the amount of the input tax credit (if any) to which you were entitled for the acquisition, taking into account any previous * adjustments for the acquisition. This amount is the previous credit amount . Step 2. Add together: (a) the amount or amounts previously written off as bad from the debt to which the decreasing adjustment relates; and (b) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off). Step 3. Subtract the step 2 amount from the total amount of the * consideration that you have either provided, or are liable to provide, for the acquisition. Step 4. Add to the step 3 amount an amount equal to the amount or amounts, written off or overdue for 12 months or more, that you have paid. Step 5. Work out the amount of the input tax credit (if any), taking into account any previous * adjustments for the acquisition (but not adjustments relating to bad debts or debts overdue), to which you would be entitled for the acquisition if the * consideration for the acquisition were the step 4 amount. This amount of GST is the adjusted credit amount . Step 6. Subtract the previous credit amount from the adjusted credit amount.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 136-50", "Provision_Key": "s136-50", "Heading": "Meanings of taxable at less than 1 / 11 of the price and creditable at less than 1 / 11 of the consideration", "Text": "(1) A * taxable supply is taxable at less than 1 / 11 of the price if the amount of GST payable on the supply is an amount that is less than 1 / 11 of the * price of the supply. (2) A * creditable acquisition is creditable at less than 1 / 11 of the consideration if the * taxable supply to which it relates is * taxable at less than 1 / 11 of the price.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, Sch 4 item 18 | Sch 4 item 19, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s136-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 137-1", "Provision_Key": "s137-1", "Heading": "What this Division is about", "Text": "If you become registered or required to be registered, you may have a decreasing adjustment for stock you have already acquired.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s137-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 137-5", "Provision_Key": "s137-5", "Heading": "Adjustments for stock on hand on becoming registered etc.", "Text": "(1) You have a decreasing adjustment if: (a) you become * registered or * required to be registered; and (b) at that time, you hold stock for the purpose of sale or exchange, or for use as raw materials, in * carrying on your * enterprise; and (c) you had acquired the stock solely or partly for a * creditable purpose. (2) However, this section does not apply if: (a) you were entitled to an input tax credit for the acquisition; and (b) you have not had a * increasing adjustment under Division 138 (cessation of registration) relating solely or partly to the stock. (3) The amount of the decreasing adjustment is an amount equal to what would have been the * previously attributed input tax credit amount for the acquisition if you had been * registered at the time of the acquisition.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 128, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s137-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 138-1", "Provision_Key": "s138-1", "Heading": "What this Division is about", "Text": "An entity whose registration has been cancelled may still have acquisitions and importations for which entitlements to input tax credits have arisen. This Division provides for an increasing adjustment to cancel those input tax credits.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s138-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 138-5", "Provision_Key": "s138-5", "Heading": "Adjustments for cessation of registration", "Text": "(1) You have an increasing adjustment if: (a) your * registration is cancelled; and (b) immediately before the cancellation takes effect, your assets include anything in respect of which you were, or are, entitled to an input tax credit. Note: Increasing adjustments increase your net amounts. (2) The amount of the adjustment, for each thing referred to in paragraph (1)(b), is as follows: where: applicable value is: (a) the * GST inclusive market value of the thing immediately before the cancellation takes effect; or (b) if you were, or are, entitled to an input tax credit for acquiring the thing—the amount of the * consideration that you provided, or were liable to provide, for your acquisition of the thing, but only if the amount is less than that value; or (c) if you were, or are, entitled to an input tax credit for importing the thing—the cost to you of acquiring or producing the thing (plus the * assessed GST paid on its importation), but only if the amount is less than that value. (3) However, an * adjustment does not arise under this section in respect of an asset if: (a) there were one or more * adjustment periods for your acquisition or importation of the asset; and (b) the last of those adjustment periods has ended before the cancellation of your * registration takes effect.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 92, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s138-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 138-10", "Provision_Key": "s138-10", "Heading": "Attributing adjustments for cessation of registration", "Text": "(1) An * adjustment that you have under this Division is attributable to: (aa) if you are an * incapacitated entity—your tax period under section 27 ‑ 39; or (a) your concluding tax period under section 27 ‑ 40; or (b) if, because of subsection 151 ‑ 55(1) or 162 ‑ 85(1), you do not have a concluding tax period under section 27 ‑ 40—the tax period to which that subsection applies. (2) This section has effect despite section 29 ‑ 20 (which is about attributing your adjustments).", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 134 of 2004 | No 118 of 2009", "History_Notes": "Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 29, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s138-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 138-15", "Provision_Key": "s138-15", "Heading": "Ceasing to be registered—amounts not previously attributed", "Text": "(1) The GST payable by you on a * taxable supply, the input tax credit to which you are entitled for a * creditable acquisition, or an * adjustment that you have, is attributable to a particular tax period, and no other, if: (a) during the tax period, your * registration is cancelled; and (b) immediately before the cancellation, you were * accounting on a cash basis; and (c) the GST on the supply, the input tax credit on the acquisition, or the adjustment, was not attributable, to any extent, to a previous tax period during which you accounted on a cash basis; and (d) it would have been attributable to that previous tax period had you not accounted on a cash basis during that period. For accounting on a cash basis, see Subdivision 29 ‑ B. (2) This section has effect despite sections 29 ‑ 5, 29 ‑ 10 and 29 ‑ 20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s138-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 138-17", "Provision_Key": "s138-17", "Heading": "Situations to which this Division does not apply", "Text": "(1) This Division does not apply to anything included in the assets of an entity whose * registration is cancelled, to the extent that the thing relates to an * enterprise that the entity * carried on before the cancellation, if: (a) the cancellation arises as a result of the death of the entity, and the executor or trustee of the deceased estate: (i) is registered or is * required to be registered; and (ii) continues, immediately after the cancellation, to carry on that enterprise; or (b) the cancellation arises as a result of the executor or trustee of a deceased estate ceasing to carry on any enterprise, and one or more beneficiaries of the deceased estate: (i) are registered or is * required to be registered; and (ii) continue, immediately after the cancellation, to carry on the enterprise that the deceased had carried on. (2) Division 129 (which is about changes in the extent of creditable purpose) continues to apply to the acquisition or importation of the thing immediately after the cancellation if: (a) Subdivision 129 ‑ A does not prevent an adjustment arising under that Division for the acquisition or importation; and (b) the cancellation occurs during an * adjustment period for the acquisition or importation. (3) For the purposes of applying Division 129 to the acquisition or importation after the cancellation: (a) the entity * carrying on the * enterprise in question immediately after the cancellation is taken to have made the acquisition or importation at the time it was originally made; and (b) the extent (if any) to which the thing was originally acquired or imported for a * creditable purpose is taken to be the extent (if any) to which the entity acquired or imported the thing for a creditable purpose; and (c) any * application of the thing since the original acquisition or importation is taken to be an application of the thing by the entity.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 11 item 11E, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s138-17"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 138-20", "Provision_Key": "s138-20", "Heading": "Application of Division 129", "Text": "This Division (except subsections 138 ‑ 17(2) and (3)) does not affect the operation of Division 129 (which is about changes in the extent of creditable purpose).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 11 item 11G, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s138-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 139-1", "Provision_Key": "s139-1", "Heading": "What this Division is about", "Text": "Distributions from deceased estates, for private consumption, that are not taxable supplies may involve disposing of assets that were acquired or imported in circumstances giving rise to entitlements to input tax credits. This Division provides for an increasing adjustment to cancel those input tax credits.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s139-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 139-5", "Provision_Key": "s139-5", "Heading": "Adjustments for distributions from deceased estates", "Text": "(1) You have an increasing adjustment if: (a) you are the executor or trustee of a deceased estate; and (b) you are * registered or * required to be registered; and (c) you supply an asset of the deceased estate to a beneficiary of the deceased estate; and (d) the supply is not a * taxable supply and is not a supply that is * GST ‑ free or * input taxed; and (e) you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person’s acquisition or importation of the asset. Note: Increasing adjustments increase your net amounts. (2) The amount of the adjustment, for the asset, is as follows: where: applicable value is: (a) the * GST inclusive market value of the asset immediately before it is supplied; or (b) if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person acquiring the thing—the amount of the * consideration that you or the deceased person provided, or was liable to provide, for the acquisition of the thing, but only if the amount is less than that value; or (c) if you were, or are, or the deceased person was, entitled to an input tax credit for the deceased person importing the thing—the cost to you or the deceased person of acquiring or producing the thing (plus the * assessed GST paid on its importation), but only if the amount is less than that value. (3) However, an * adjustment does not arise under this section in respect of the asset if: (a) the asset related to an * enterprise that the deceased person * carried on, and the beneficiary intends to continue to carry on that enterprise; or (b) there were one or more * adjustment periods for the deceased person’s acquisition or importation of the asset, and the last of those adjustment periods has ended before the cancellation of your * registration takes effect.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 92 of 2000 | No 39 of 2012", "History_Notes": "Inserted by No 92 of 2000, Sch 11 item 12B, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 39 of 2012, Sch 1 item 93, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s139-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 139-10", "Provision_Key": "s139-10", "Heading": "Attributing adjustments for distributions from deceased estates", "Text": "(1) An * adjustment that you have under this Division is attributable to the tax period in which it arises. (2) This section has effect despite section 29 ‑ 20 (which is about attributing your adjustments).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s139-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 139-15", "Provision_Key": "s139-15", "Heading": "Application of Division 129", "Text": "This Division does not affect the operation of Division 129 (which is about changes in the extent of creditable purpose).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s139-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 141-1", "Provision_Key": "s141-1", "Heading": "What this Division is about", "Text": "The holder of a tradex order has an increasing adjustment if goods relating to that order are dealt with contrary to the Tradex Scheme. Note: GST would not have been payable on importation of the goods under the Tradex Scheme: see section 42 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s141-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 141-5", "Provision_Key": "s141-5", "Heading": "Adjustments for applying goods contrary to the Tradex Scheme", "Text": "(1) You have an increasing adjustment if: (a) you import * tradex scheme goods; and (b) you are the holder (within the meaning of the Tradex Scheme Act 1999 ) of the * tradex order relating to the goods; and (c) the importation would have been a * taxable importation if the goods had not been covered by item 21A of Schedule 4 to the Customs Tariff Act 1995 at the time of their entry for home consumption under the Customs Act 1901 ; and (d) any of the circumstances referred to in subsection 21(1) of that Act occur in respect of any of the goods. However, the increasing adjustment only arises in relation to the first occurrence of such a circumstance following an importation of the goods. (2) The amount of the * increasing adjustment is the difference between: (a) the amount of GST that would have been payable on the importation if the importation had been a * taxable importation; and (b) the amount (if any) of the input tax credit to which you would have been entitled for the importation if the importation had been a taxable importation.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s141-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 141-10", "Provision_Key": "s141-10", "Heading": "Meaning of tradex scheme goods etc.", "Text": "(1) Tradex scheme goods are imported goods that: (a) are nominated goods (within the meaning of the Tradex Scheme Act 1999 ) in relation to a * tradex order; and (b) were covered by item 21A in Schedule 4 to the Customs Tariff Act 1995 at the time of their entry for home consumption under the Customs Act 1901 . (2) Tradex order has the meaning given by section 4 of the Tradex Scheme Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 7 item 15 | Sch 7 item 16 | Sch 7 item 20, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s141-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 141-15", "Provision_Key": "s141-15", "Heading": "Attribution of adjustments under this Division", "Text": "(1) An adjustment under this Division is attributable to the tax period in which the adjustment arises. (2) This section has effect despite section 29 ‑ 20 (which is about attributing your adjustments).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s141-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 141-20", "Provision_Key": "s141-20", "Heading": "Application of Division 129", "Text": "This Division does not affect the operation of Division 129 (which is about changes in the extent of creditable purpose).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s141-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-1", "Provision_Key": "s142-1", "Heading": "What this Division is about", "Text": "Excess GST is not to be refunded if this would give an entity a windfall gain . Note: Refunding excess GST to a supplier will give it a windfall gain if it has already passed on the excess GST in the price of the supply (and not reimbursed the recipient).", "Amendment_Count": 1, "First_Amended": "No 34 of 2014", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 34 of 2014", "History_Notes": "Inserted by No 34 of 2014, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-5", "Provision_Key": "s142-5", "Heading": "When this Subdivision applies", "Text": "(1) This Subdivision applies if, after disregarding any amounts covered by subsection (2), your * assessed net amount for a tax period takes into account an amount of GST exceeding that which is payable. Note: This Subdivision applies whether or not you have paid, or been refunded, the assessed net amount. Example: Sunny Co mistakenly reports a negative net amount of $4,000 made up of GST of $10,000 less input tax credits of $14,000. In fact, Sunny Co’s GST should have been $8,000 making its negative net amount $6,000. Sunny Co has excess GST of $2,000. (2) Disregard the following amounts: (a) an amount of GST that was correctly payable and attributable to the tax period, but which later becomes the subject of a * decreasing adjustment; (b) an amount of GST that is payable, but is correctly attributable to a different tax period; (c) an amount of GST to which section 142 ‑ 16 (about low value goods) applies.", "Amendment_Count": 2, "First_Amended": "No 34 of 2014", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 34 of 2014 | No 77 of 2017", "History_Notes": "Inserted by No 34 of 2014, Sch 2 item 142, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 77 of 2017, Sch 1 item 44, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-10", "Provision_Key": "s142-10", "Heading": "Refunding the excess GST", "Text": "For the purposes of each * taxation law, so much of the excess from subsection 142 ‑ 5(1) (the excess GST ) as you have * passed on to another entity is taken to have always been: (a) payable; and (b) on a * taxable supply; until you reimburse the other entity for the passed ‑ on GST. Note 1: If you reimburse the passed ‑ on GST so that this section ceases to apply there will be an adjustment event under paragraph 19 ‑ 10(1)(b) or (c). You will have a decreasing adjustment (see section 19 ‑ 55) and the other entity may have an increasing adjustment (see section 19 ‑ 80). Note 2: Any excess GST you have not passed on will be refunded as described in section 155 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 . Note 3: While this section applies, paragraph 11 ‑ 5(b) (about taxable supplies) is satisfied for the corresponding acquisition by the other entity.", "Amendment_Count": 1, "First_Amended": "No 34 of 2014", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 34 of 2014", "History_Notes": "Inserted by No 34 of 2014, Sch 2 item 142, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-15", "Provision_Key": "s142-15", "Heading": "When section 142 ‑ 10 does not apply", "Text": "Commissioner satisfied it is inappropriate for that section to apply (1) Treat section 142 ‑ 10 as never having applied to the extent that the Commissioner is satisfied that: (a) applying that section would be inconsistent with the principle that excess GST is not to be refunded if this would give an entity a windfall gain; and (b) you have requested a decision under this subsection in the * approved form. Note: Refusing to make the requested decision is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must notify you in writing of any decision relating to you made under subsection (1). If there never was a supply (3) Treat section 142 ‑ 10 as never having applied to the extent that: (a) you treated the excess GST as payable on a supply, but in fact there never was a supply; and (b) you reimburse the other entity for the * passed ‑ on GST. Note: If you reimburse the passed ‑ on GST, you will be refunded an equivalent amount as described in section 155 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 . So far as it relates to your creditable acquisitions (4) Section 142 ‑ 10 does not apply for the purposes of applying subsection 11 ‑ 15(2) (about creditable purpose) to you. If the recipient knows you have not paid the excess GST (5) Section 142 ‑ 10 does not apply for the purposes of applying a * taxation law to the other entity if, and while, that other entity knows, or could reasonably be expected to have known, that you have not paid the excess GST to the Commissioner. Note: Section 142 ‑ 10 still applies for the purposes of applying taxation laws to you.", "Amendment_Count": 1, "First_Amended": "No 34 of 2014", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 34 of 2014", "History_Notes": "Inserted by No 34 of 2014, Sch 2 item 15, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-16", "Provision_Key": "s142-16", "Heading": "No refund of excess GST relating to supplies treated as non ‑ taxable importations", "Text": "(1) This section applies to an amount of GST on a supply (the low value goods GST ) that is taken into account in your * assessed net amount for a tax period if: (a) you incorrectly treated the low value goods GST as payable on a supply of goods; and (b) an importation of the goods was a * taxable importation, but was incorrectly treated as being a * non ‑ taxable importation under section 42 ‑ 15; and (c) the * recipient of the supply is a * consumer of the supply. (2) For the purposes of each * taxation law, the low value goods GST is taken to have always been payable on a * taxable supply until: (a) to the extent (if any) that you have * passed on the GST to another entity—you reimburse the other entity for the passed on GST; and (b) an entity provides to you a declaration or information that indicates that GST has been paid on the * taxable importation.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 42 | Sch 1 item 44, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-16"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-20", "Provision_Key": "s142-20", "Heading": "Refunding GST relating to cancelled supplies", "Text": "(1) This section applies if: (a) your * assessed net amount for a tax period takes into account an amount of GST on a supply; and (b) you have a * decreasing adjustment attributable to a later tax period as a result of the cancellation of the supply. (2) Reduce: (a) your * decreasing adjustment; and (b) if the * recipient of the supply has a corresponding * increasing adjustment—the recipient’s increasing adjustment; to the extent that you have * passed on that GST to the recipient, but not reimbursed the recipient for the passed ‑ on GST. (3) This section has effect despite sections 19 ‑ 55 (about decreasing adjustments for supplies) and 19 ‑ 80 (about increasing adjustments for acquisitions).", "Amendment_Count": 1, "First_Amended": "No 34 of 2014", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 34 of 2014", "History_Notes": "Inserted by No 34 of 2014, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 142-25", "Provision_Key": "s142-25", "Heading": "Working out if GST has been passed on", "Text": "(1) Some or all of an amount of GST may have been passed on to another entity even if: (a) a * tax invoice is not issued to or by that other entity; or (b) a tax invoice issued to or by that other entity relates to that GST, but does not contain enough information to enable that GST to be clearly ascertained. (2) If: (a) you issue a * tax invoice or a notice under section 84 ‑ 89 to another entity, or another entity issues a * recipient created tax invoice to you; and (b) the invoice or notice contains enough information to enable some or all of an amount of GST to be clearly ascertained; and (c) in a case where you must pay the * assessed net amount for a tax period to which the invoice or notice relates—you have paid that assessed net amount to the Commissioner; the invoice or notice is prima facie evidence of that part of that GST having * passed on to that other entity.", "Amendment_Count": 2, "First_Amended": "No 34 of 2014", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 34 of 2014 | No 77 of 2017", "History_Notes": "Inserted by No 34 of 2014, Sch 2 item 11, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 77 of 2017, Sch 1 item 46 | Sch 1 item 48, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s142-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 144-1", "Provision_Key": "s144-1", "Heading": "What this Division is about", "Text": "Taxi operators are required to be registered, regardless of turnover.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s144-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 144-5", "Provision_Key": "s144-5", "Heading": "Requirement to register", "Text": "(1) You are required to be registered if, in * carrying on your enterprise, you supply * taxi travel. (2) It does not matter whether: (a) your * GST turnover meets the * registration turnover threshold; or (b) in * carrying on your enterprise, you make other supplies besides supplies of * taxi travel. (3) This section has effect despite section 23 ‑ 5 (which is about who is required to be registered).", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 27, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s144-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 146-1", "Provision_Key": "s146-1", "Heading": "What this Division is about", "Text": "Non ‑ residents may elect to be limited registration entities. Limited registration entities are not entitled to input tax credits for acquisitions and importations, and must have quarterly tax periods. Note: The Commissioner may approve simpler approved forms for limited registration entities: see subsection 388 ‑ 50(3) in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s146-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 146-5", "Provision_Key": "s146-5", "Heading": "Limited registration entities", "Text": "(1) You are a limited registration entity for a tax period applying to you if an election under subsection (2) is in effect for you during the period. Electing to be a limited registration entity (2) You may, by notifying the Commissioner in the * approved form, make an election under this subsection if you are a * non ‑ resident who: (a) makes, or intends to make, one or more supplies that are: (i) * inbound intangible consumer supplies; or (ii) * offshore supplies of low value goods that were, or would be, * connected with the indirect tax zone, solely because of Subdivision 84 ‑ C; or (b) is, or intends to become, a * redeliverer of * offshore supplies of low value goods. When an election is in effect (3) The election: (a) takes effect from the start of the tax period you nominate in the election; and (b) if your * registration is cancelled and the date of effect of the cancellation occurs after the start of that tax period—ceases to have effect on the date of effect of the cancellation; and (c) if paragraph (b) does not apply and, under subsection (5), you revoke the election—ceases to have effect at the start of your first tax period to start after the revocation. (4) However, the election never takes effect if your * registration is cancelled and the date of effect of the cancellation occurs on or before the start of the tax period you nominate in the election. Revoking an election (5) You may, by notifying the Commissioner in the * approved form, revoke an election under subsection (2). (6) However, subsection (5) does not apply if you have been notified that the Commissioner has decided to cancel your * registration (whether or not the cancellation has already taken effect).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, Sch 1 item 146 | Sch 1 item 58 | Sch 1 item 66, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s146-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 146-10", "Provision_Key": "s146-10", "Heading": "Limited registration entities cannot make creditable acquisitions", "Text": "(1) An acquisition made by a * limited registration entity is not a * creditable acquisition if an election under subsection 146 ‑ 5(2) is in effect for the entity when the acquisition is made. (2) However, subsection (1) does not apply, and is taken never to have applied, to the acquisition if you revoke the election under subsection 146 ‑ 5(5) during: (a) the * financial year in which the acquisition is made; or (b) the next financial year. (3) This section has effect despite section 11 ‑ 5 (which is about what is a creditable acquisition).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s146-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 146-15", "Provision_Key": "s146-15", "Heading": "Limited registration entities cannot make creditable importations", "Text": "(1) An importation made by a * limited registration entity is not a * creditable importation if an election under subsection 146 ‑ 5(2) is in effect for the entity when the importation is made. (2) However, subsection (1) does not apply, and is taken never to have applied, to the importation if you revoke the election under subsection 146 ‑ 5(5) during: (a) the * financial year in which the importation is made; or (b) the next financial year. (3) This section has effect despite section 15 ‑ 5 (which is about what is a creditable importation).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s146-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 146-20", "Provision_Key": "s146-20", "Heading": "Entries in the Australian Business Register", "Text": "(1) Subsection 25 ‑ 10(2) does not apply if: (a) you become * registered; and (b) on the date your registration takes or took effect, you are a * limited registration entity. Note: Under subsection 25 ‑ 10(2), the Australian Business Registrar would otherwise be required to enter that date in the Australian Business Register. (2) However, if: (a) you cease to be a * limited registration entity at a time when you are * registered; and (b) because of subsection (1) of this section, subsection 25 ‑ 10(2) did not apply to your registration; subsection 25 ‑ 10(2) is taken to apply from the time you cease to be a limited registration entity. (3) Subsection 25 ‑ 60(2) does not apply if: (a) your * registration is cancelled; and (b) because of subsection (1) of this section, the date on which your registration took effect was not entered in the * Australian Business Register; and (c) immediately before the cancellation took effect, you were a * limited registration entity. Note: Under subsection 25 ‑ 60(2), the Australian Business Registrar would otherwise be required to enter that date in the Australian Business Register.", "Amendment_Count": 2, "First_Amended": "No 77 of 2017", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 77 of 2017 | No 69 of 2020", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1) | Amended by No 69 of 2020, Sch 1 item 92 | Sch 1 item 93 | Sch 1 item 94 | Sch 1 item 95, effective Sch 1 (items 90–98, 1465–1467): awaiting commencement (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s146-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 146-25", "Provision_Key": "s146-25", "Heading": "Limited registration entities have only quarterly tax periods", "Text": "(1) If you are a * limited registration entity, you cannot make an election under section 27 ‑ 10, and the Commissioner cannot determine your tax periods under section 27 ‑ 15 or 27 ‑ 37. Note: Sections 27 ‑ 10 and 27 ‑ 15 provide for each individual month to be a tax period. Section 27 ‑ 37 provides for 12 complete tax periods in each year. (2) An election by you under section 27 ‑ 10 or a determination under section 27 ‑ 15 or 27 ‑ 37 in relation to you is taken not to be in force at any time during which you are a * limited registration entity. (3) This section has effect despite sections 27 ‑ 10, 27 ‑ 15 and 27 ‑ 37 (which are about one month tax periods).", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s146-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 149-1", "Provision_Key": "s149-1", "Heading": "What this Division is about", "Text": "Parts of the Commonwealth, a State or a Territory may register even if they are not separate legal entities. Once registered, they may become liable for GST and entitled to input tax credits. Government entities may also form GST groups.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s149-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 149-5", "Provision_Key": "s149-5", "Heading": "Government entities may register", "Text": "(1) A * government entity may apply to be * registered under section 23 ‑ 10 even if: (a) it is not an entity; and (b) it is not * carrying on an * enterprise or is not intending to carry on an enterprise. (2) For the purposes of subsections 25 ‑ 5(1) and (3), the Commissioner is to treat the government entity as an entity. (3) The Commissioner must * register the government entity whether or not the Commissioner is satisfied that it is * carrying on an * enterprise or intending to carry on an enterprise. (4) This section has effect despite section 23 ‑ 10 (which is about who may be registered) and modifies the effect of section 25 ‑ 5 (which is about when the Commissioner must register an entity).", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s149-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 149-10", "Provision_Key": "s149-10", "Heading": "Government entities are not required to be registered", "Text": "(1) A * government entity is not * required to be registered even if: (a) it is * carrying on an * enterprise; and (b) its * GST turnover meets the * registration turnover threshold. (2) This subsection has effect despite section 23 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 177 of 1999 | No 80 of 2007", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 80 of 2007, Sch 2 item 28, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s149-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 149-15", "Provision_Key": "s149-15", "Heading": "GST law applies to registered government entities", "Text": "For the purposes of the * GST law, a * government entity that is * registered is treated, while its registration has effect, as if it were an entity carrying on an * enterprise.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 177 of 1999 | No 39 of 2012", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 39 of 2012, Sch 4 item 4 | Sch 4 item 5, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s149-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 149-20", "Provision_Key": "s149-20", "Heading": "Government entities not required to cancel their registration", "Text": "Section 25 ‑ 50 and subsection 25 ‑ 55(2) (which are about cancelling registration) do not apply to * government entities.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s149-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 149-25", "Provision_Key": "s149-25", "Heading": "Membership requirements of a government GST group", "Text": "A * government related entity satisfies the membership requirements for a * GST group, or a proposed GST group, of government related entities if: (a) it is * registered; and (b) it is not a * member of any other GST group; and (c) it has the same tax periods applying to it as the tax periods applying to all the other members of the GST group or proposed GST group; and (d) it accounts on the same basis as all those other members; and (e) all those other members are government related entities. Note: Some government related entities can still use section 48 ‑ 10 to satisfy the membership requirements of GST groups.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 57, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s149-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-1", "Provision_Key": "s151-1", "Heading": "What this Division is about", "Text": "In some cases, you may elect to have annual tax periods. You will then lodge GST returns, and pay amounts of GST or receive refunds of GST, on an annual basis (which better matches your obligation to lodge an income tax return).", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-5", "Provision_Key": "s151-5", "Heading": "Eligibility to make an annual tax period election", "Text": "(1) You are eligible to make an * annual tax period election if: (a) you are not * required to be registered; and (b) you have not made any election under section 162 ‑ 15 to pay GST by instalments (other than such an election that is no longer in effect). (2) However, you are not eligible to make an * annual tax period election if the only reason you are not * required to be registered is because you disregarded supplies under paragraph 188 ‑ 15(3)(b) or 188 ‑ 20(3)(b) (which are about supplies of rights or options offshore).", "Amendment_Count": 3, "First_Amended": "No 134 of 2004", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 134 of 2004 | No 77 of 2005 | No 65 of 2019", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 77 of 2005, Sch 3 item 16A | Sch 3 item 16B, effective 29 June 2005 | Amended by No 65 of 2019, Sch 2 item 2, effective Sch 2: 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-10", "Provision_Key": "s151-10", "Heading": "Making an annual tax period election", "Text": "(1) You may, by notifying the Commissioner in the * approved form, make an * annual tax period election if you are eligible under section 151 ‑ 5. (2) Your election takes effect from: (a) the start of the earliest tax period for which, on the day on which you make your election, your * GST return is not yet due (taking into account any further period the Commissioner allows under paragraph 31 ‑ 8(1)(b) or 31 ‑ 10(1)(b)); or (b) the start of such other tax period as the Commissioner allows, in accordance with a request you make in the * approved form. Note: Refusing a request to allow your election to take effect from the start of another tax period is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 134 of 2004 | No 73 of 2006", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 126, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-15", "Provision_Key": "s151-15", "Heading": "Annual tax period elections by representative members of GST groups", "Text": "(1) A * representative member of a * GST group cannot make an * annual tax period election unless each * member of the GST group is eligible under section 151 ‑ 5. (2) If the * representative member makes such an election, the * annual tax period applying to the representative member also applies to each member.", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-20", "Provision_Key": "s151-20", "Heading": "When you must make your annual tax period election", "Text": "(1) You must make your * annual tax period election: (a) if the tax periods applying to you are * quarterly tax periods—on or before 28 October in the * financial year to which it relates; or (b) in any other case—on or before 21 August in that financial year. (2) However: (a) if: (i) during the * financial year but after 28 October in that financial year, you became eligible under section 151 ‑ 5 to make an * annual tax period election; and (ii) this subsection had not applied to you before; and (iii) your * current GST lodgment record is not more than 6 months; or (b) if the financial year started on 1 July 2004 and the Commissioner determines in writing that this paragraph applies; you must make your election on or before the first day, after becoming eligible under section 151 ‑ 5 or after the Commissioner’s determination, on which you would, but for this Division, be required to give a * GST return to the Commissioner. (3) The Commissioner may, in accordance with a request you make in the * approved form, allow you to make your election on a specified day occurring after the day provided for under subsection (1) or (2). Note: Refusing a request to be allowed to make an election on a specified day under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 134 of 2004 | No 73 of 2006", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 127, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-25", "Provision_Key": "s151-25", "Heading": "Duration of an annual tax period election", "Text": "General rule (1) Your election ceases to have effect if: (a) you revoke it by notifying the Commissioner in the * approved form; or (b) the Commissioner disallows it under subsection (3); or (c) on 31 July in a * financial year, you are * required to be registered. Your election also ceases to have effect at the end of your tax period under subsection 27 ‑ 39(1), at the end of your concluding tax period under section 27 ‑ 40, or at the end of a tax period applying to you to which subsection 151 ‑ 55(1) applies. Revocation (2) A revocation of your election is taken to have had, or has, effect: (a) if you notify the Commissioner on or before 28 October in a financial year—from the start of that * financial year; or (b) if you notify the Commissioner after 28 October in a financial year—from the start of the next financial year. Disallowance (3) The Commissioner may disallow your election if, and only if, the Commissioner is satisfied that you have failed to comply with one or more of your obligations under a * taxation law. Note: Disallowing your election is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (4) A disallowance of your election is taken to have had effect: (a) if the Commissioner notifies you of the disallowance during the * financial year in which your election first took effect—from the start of the tax period in which it first took effect; or (b) if the Commissioner notifies you of the disallowance on or before 28 October during a later financial year—from the start of that later financial year; or (c) if the Commissioner notifies you of the disallowance after 28 October during a later financial year—from the start of the financial year immediately following that later financial year. Becoming subject to a requirement to register (5) If paragraph (1)(c) applies, your election is taken to have ceased to have effect from the start of the * financial year referred to in that paragraph.", "Amendment_Count": 4, "First_Amended": "No 134 of 2004", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 134 of 2004 | No 73 of 2006 | No 118 of 2009 | No 74 of 2010", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 128, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 118 of 2009, Sch 1 item 31, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 74 of 2010, Sch 1 item 33 | Sch 1 item 34, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-40", "Provision_Key": "s151-40", "Heading": "Annual tax periods", "Text": "(1) While an * annual tax period election that you have made has effect, each * financial year is a tax period that applies to you. (2) However, if your * annual tax period election takes effect on a day that is not the start of a * financial year, the period from when your annual tax period election takes effect until the end of the financial year in which it takes effect is a tax period that applies to you. (3) A tax period under this section is an annual tax period . (4) This section has effect despite sections 27 ‑ 5, 27 ‑ 10 and 27 ‑ 30 (which are about tax periods).", "Amendment_Count": 1, "First_Amended": "No 134 of 2004", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 134 of 2004", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-45", "Provision_Key": "s151-45", "Heading": "When GST returns for annual tax periods must be given", "Text": "(1) You must give your * GST return for an * annual tax period to the Commissioner: (a) if you are required under section 161 of the * ITAA 1936 to lodge a return in relation to a year of income corresponding to, or ending during, an annual tax period applying to you—within: (i) the period, specified in the instrument made under that section, for you to lodge as required under that section; or (ii) such further time as the Commissioner has permitted for you to lodge as required under that section; or (b) if paragraph (a) does not apply—on or before the 28 February following the end of the annual tax period. Note: Section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving the GST return. (2) This section has effect despite sections 31 ‑ 8 and 31 ‑ 10 (which are about when GST returns must be given).", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 134 of 2004 | No 64 of 2020", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 64 of 2020, effective Sch 3 (items 146–154, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-50", "Provision_Key": "s151-50", "Heading": "When payments of assessed net amounts for annual tax periods must be made", "Text": "(1) If the * assessed net amount for an * annual tax period applying to you is greater than zero, you must pay the assessed net amount to the Commissioner on or before the day on which, under section 151 ‑ 45, you are required to give to the Commissioner your * GST return for the annual tax period. (2) This section has effect despite section 33 ‑ 5 (which is about when payments of assessed net amounts must be made).", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 134 of 2004 | No 39 of 2012", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 94 | Sch 1 item 95 | Sch 1 item 96 | Sch 1 item 97, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-55", "Provision_Key": "s151-55", "Heading": "An entity’s concluding annual tax period", "Text": "(1) If any of the following occurs: (a) an entity who is an individual dies; (b) an entity ceases to * carry on any * enterprise; (c) an entity’s * registration is cancelled; during an * annual tax period applying to the entity, the annual tax period is not affected by the death, cessation or cancellation. (2) This section has effect despite section 27 ‑ 40 (which is about an entity’s concluding tax period). (3) However, this section does not affect the application of: (a) section 27 ‑ 39; or (b) if an entity for any reason ceases to exist—section 27 ‑ 40.", "Amendment_Count": 2, "First_Amended": "No 134 of 2004", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 134 of 2004 | No 118 of 2009", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 32, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 151-60", "Provision_Key": "s151-60", "Heading": "The effect of incapacitation or cessation", "Text": "(1) If an entity becomes an * incapacitated entity, or the entity for any reason ceases to exist, the entity must give the * GST return, for the * annual tax period that ends as a result, to the Commissioner: (a) on or before the 21st day of the month following the end of the annual tax period; or (b) within such further period as the Commissioner allows. (2) If the * assessed net amount for the * annual tax period is greater than zero, the entity must pay the assessed net amount to the Commissioner on or before the 21st day of the month following the end of the annual tax period. (3) This section has effect despite sections 151 ‑ 45 (which is about when GST returns for annual tax periods must be given) and 151 ‑ 50 (which is about when payments of assessed net amounts for annual tax periods must be made).", "Amendment_Count": 3, "First_Amended": "No 134 of 2004", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 134 of 2004 | No 118 of 2009 | No 39 of 2012", "History_Notes": "Inserted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 33 | Sch 1 item 34, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 39 of 2012, Sch 1 item 98 | Sch 1 item 99 | Sch 1 item 100, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s151-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-1", "Provision_Key": "s153-1", "Heading": "What this Division is about", "Text": "This Division sets out the rules for holding and issuing tax invoices and adjustment notes when your supplies or acquisitions are made through an agent, or when insurance is supplied through an insurance broker. It also allows in some cases a supply or acquisition made through, or facilitated by, an entity on your behalf to be treated as 2 separate supplies or acquisitions.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 20 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 110, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 4 item 4 | Sch 4 item 5, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 20 of 2010, Sch 3 item 2, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-5", "Provision_Key": "s153-5", "Heading": "Attributing the input tax credits for your creditable acquisitions", "Text": "(1) If: (a) you are entitled to the input tax credit for a * creditable acquisition made through an agent; and (b) neither you nor your agent holds a * tax invoice for the acquisition when you give to the Commissioner a * GST return for the tax period to which the input tax credit on the acquisition would otherwise be attributable; then: (c) the input tax credit (including any part of the input tax credit) is not attributable to that tax period; and (d) the input tax credit (or the part of the input tax credit) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you or your agent holds that tax invoice. (2) This section has effect despite subsection 29 ‑ 10(3) (which is about the requirement to hold a tax invoice).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-10", "Provision_Key": "s153-10", "Heading": "Attributing your adjustments", "Text": "(1) If: (a) you have a * decreasing adjustment relating to a supply made by you through an agent or made to you through an agent; and (b) neither you nor your agent holds an * adjustment note or * third party adjustment note for the adjustment when you give to the Commissioner a * GST return for the tax period to which the adjustment would otherwise be attributable; then: (c) the adjustment (including any part of the adjustment) is not attributable to that tax period; and (d) the adjustment (or the part of the adjustment) is attributable to the first tax period for which you give to the Commissioner a GST return at a time when you or your agent holds that adjustment note or third party adjustment note. (2) This section has effect despite subsections 29 ‑ 20(3) (which is about the requirement to hold an adjustment note) and 134 ‑ 15(1) (which is about the requirement to hold a third party adjustment note).", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Amended by No 21 of 2010, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-15", "Provision_Key": "s153-15", "Heading": "Tax invoices", "Text": "(1) If you make a * taxable supply through an agent, an obligation to issue a * tax invoice relating to the supply: (a) arises whether the * recipient makes a request for a tax invoice to you or the agent; and (b) is complied with if either you or the agent gives the recipient a tax invoice within 28 days after the request. (2) However, you and the agent must not both issue separate * tax invoices relating to the supply. Note: If Subdivision 153 ‑ B is to apply to the supply, there will be an arrangement under which only your agent can issue the tax invoice: see paragraph 153 ‑ 50(1)(d). (3) This section has effect despite section 29 ‑ 70 (which is about tax invoices).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 92 of 2000 | No 20 of 2010", "History_Notes": "Amended by No 92 of 2000, Sch 4 item 6 | Sch 9 item 288, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 20 of 2010, Sch 3 item 3, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-20", "Provision_Key": "s153-20", "Heading": "Adjustment notes", "Text": "(1) If you have a * decreasing adjustment relating to a supply made by you through an agent or made to you through an agent, an obligation under subsection 29 ‑ 75(2) to issue an * adjustment note for the adjustment, or an obligation under subsection 134 ‑ 20(2) to issue a * third party adjustment note for the adjustment: (a) arises whether the * recipient makes a request for an adjustment note or a third party adjustment note to you or the agent; and (b) is complied with if either you or your agent gives the recipient an adjustment note or a third party adjustment note within 28 days after the request. (2) However, you and the agent must not both issue separate * adjustment notes or * third party adjustment notes for the adjustment. (3) This section has effect despite sections 29 ‑ 75 (which is about adjustment notes) and 134 ‑ 20 (which is about third party adjustment notes).", "Amendment_Count": 1, "First_Amended": "No 21 of 2010", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 21 of 2010", "History_Notes": "Amended by No 21 of 2010, Sch 1 item 17 | Sch 1 item 19 | Sch 1 item 20, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-25", "Provision_Key": "s153-25", "Heading": "Insurance supplied through insurance brokers", "Text": "(1) If an insurer supplies an * insurance policy through an * insurance broker acting on behalf of the * recipient of the supply, this Subdivision has effect as if the supply were made through the insurance broker as an agent of the insurer. (2) This section does not affect the application of this Subdivision in relation to the acquisition of the * insurance policy through the insurance broker as an agent of the * recipient.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 4 item 8, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-50", "Provision_Key": "s153-50", "Heading": "Arrangements under which intermediaries are treated as suppliers or acquirers", "Text": "(1) An entity (the principal ) may, in writing, enter into an arrangement with another entity (the intermediary ) under which: (a) the intermediary will, on the principal’s behalf, do any or all of the following: (i) make supplies to third parties; (ii) facilitate supplies to third parties (including by issuing * invoices relating to, or receiving * consideration for, such supplies); (iii) make acquisitions from third parties; (iv) facilitate acquisitions from third parties (including by providing consideration for such acquisitions); and (b) the kinds of supplies or acquisitions, or the kinds of supplies and acquisitions, to which the arrangement applies are specified; and (c) for the purposes of the GST law: (i) the intermediary will be treated as making the supplies to the third parties, or acquisitions from the third parties, or both; and (ii) the principal will be treated as making corresponding supplies to the intermediary, or corresponding acquisitions from the intermediary, or both; and (d) in the case of supplies to third parties: (i) the intermediary will issue to the third parties, in the intermediary’s own name, all the * tax invoices and * adjustment notes relating to those supplies; and (ii) the principal will not issue to the third parties any tax invoices and adjustment notes relating to those supplies; and (e) the arrangement ceases to have effect if the principal or the intermediary, or both of them, cease to be * registered. (2) For the purposes of subsection (1), an entity can be an intermediary whether or not the entity is the agent of the principal.", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 92 of 2000 | No 20 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 92 of 2000, Sch 4 item 153 | Sch 4 item 10, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 20 of 2010, Sch 3 item 3 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 10 | Sch 3 item 25, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 41 of 2011, Sch 5 item 1, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-55", "Provision_Key": "s153-55", "Heading": "The effect of these arrangements on supplies", "Text": "(1) A * taxable supply that the principal makes to a third party through the intermediary is taken to be a supply that is a taxable supply made by the intermediary to the third party, and not by the principal, if: (a) the supply is of a kind to which the arrangement applies; and (b) the supply is made in accordance with the arrangement; and (c) both the principal and the intermediary are * registered. (2) In addition, the principal is taken to make a supply that is a * taxable supply to the intermediary. This supply is taken: (a) to be a supply of the same thing as is supplied in the taxable supply (the intermediary’s supply ) that the intermediary is taken to make; and (b) to have a * value equal to 10 / 11 of the amount that is payable to the principal by the intermediary in respect of the intermediary’s supply. The intermediary is taken to make a corresponding * creditable acquisition from the principal. (3) If the principal pays, or is liable to pay, an amount, as a commission or similar payment, to the intermediary for the intermediary’s supply to the third party: (a) for the purpose of paragraph (2)(b), the amount payable by the intermediary to the principal is taken to be reduced by the amount the principal pays, or is liable to pay, to the intermediary; and (b) the supply by the intermediary to the principal, to which the principal’s payment or liability relates, is not a * taxable supply. (4) However, this section no longer applies, and is taken never to have applied, if the principal issues to the third party, in the principal’s own name, any * tax invoice or * adjustment note relating to the supply. (4A) Without limiting subsection (4), this section does not apply in relation to a supply to which section 84 ‑ 55 or section 84 ‑ 81 applies. Note: These sections treat an operator of an electronic distribution platform, or a goods redeliverer, as having made the supply. (5) This section has effect despite section 9 ‑ 5 (which is about what are taxable supplies), section 9 ‑ 75 (which is about the value of taxable supplies) and section 11 ‑ 5 (which is about what are creditable acquisitions).", "Amendment_Count": 4, "First_Amended": "No 92 of 2000", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 92 of 2000 | No 20 of 2010 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 92 of 2000, Sch 4 item 6 | Sch 4 item 188, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 20 of 2010, Sch 3 item 11 | Sch 3 item 12 | Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 52 of 2016, Sch 1 item 27, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 50 | Sch 1 item 51, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-60", "Provision_Key": "s153-60", "Heading": "The effect of these arrangements on acquisitions", "Text": "(1) An acquisition that the principal makes from a third party through the intermediary is taken to be a * creditable acquisition made by the intermediary from the third party, and not by the principal, if: (a) the acquisition is of a kind to which the arrangement applies; and (b) the acquisition is made in accordance with the arrangement; and (c) both the principal and the intermediary are * registered. (2) In addition, the intermediary is taken to make a supply that is a * taxable supply to the principal. This supply is taken: (a) to be a supply of the same thing as is acquired in the * creditable acquisition (the intermediary’s acquisition ) that the intermediary is taken to make; and (b) to have a * value equal to 10 / 11 of the amount that is payable to the intermediary by the principal in respect of the intermediary’s acquisition. The principal is taken to make a corresponding acquisition from the intermediary, and the acquisition is taken to be a creditable acquisition if, apart from this section, the principal’s acquisition from the third party would have been a creditable acquisition. (3) If the principal pays, or is liable to pay, an amount, as a commission or similar payment, to the intermediary for the intermediary’s acquisition from the third party: (a) for the purpose of paragraph (2)(b), the amount payable by the principal to the intermediary is taken to be increased by the amount the principal pays, or is liable to pay, to the intermediary; and (b) the supply by the intermediary to the principal, to which the principal’s payment or liability relates, is not a * taxable supply. (3A) This section does not apply in relation to an acquisition if section 84 ‑ 55 applies to the supply to which the acquisition relates. Note: Under section 84 ‑ 55, an inbound intangible consumer supply, or an offshore supply of low value goods, made through an electronic distribution platform (or a supply that is taken to be such a supply because of section 84 ‑ 60) is treated as having been made by the operator of the platform. (4) This section has effect despite section 11 ‑ 5 (which is about what are creditable acquisitions), section 11 ‑ 10 (which is about what are acquisitions), section 9 ‑ 5 (which is about what are taxable supplies) and section 9 ‑ 75 (which is about the value of taxable supplies).", "Amendment_Count": 4, "First_Amended": "No 92 of 2000", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 92 of 2000 | No 20 of 2010 | No 52 of 2016 | No 77 of 2017", "History_Notes": "Inserted by No 92 of 2000, Sch 4 item 188, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 20 of 2010, Sch 3 item 18 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 23, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 52 of 2016, Sch 1 item 28, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 52, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 153-65", "Provision_Key": "s153-65", "Heading": "Determinations that supplies or acquisitions are taken to be under these arrangements", "Text": "(1) The Commissioner may determine in writing that: (a) supplies of a specified kind to third parties that any entity (the intermediary ) makes or facilitates (including by issuing * invoices relating to, or receiving * consideration for, such supplies) on behalf of any other entity (the principal ); or (b) acquisitions of a specified kind from third parties that any entity (the intermediary ) makes or facilitates (including by providing consideration for such acquisitions) on behalf of any other entity (the principal ); are taken to be supplies or acquisitions that are of a kind to which an arrangement of a kind referred to in section 153 ‑ 50 applies, and that are made in accordance with that arrangement. (2) The determination has effect accordingly, unless either the intermediary or the principal notifies the other in writing, or both notify each other in writing, that: (a) any supplies to third parties that the intermediary makes or facilitates (including by issuing * invoices relating to, or receiving * consideration for, such supplies) on the principal’s behalf are not supplies to which such an arrangement applies; and (b) any acquisitions from third parties that the intermediary makes or facilitates (including by providing consideration for such acquisitions) on the principal’s behalf are not acquisitions to which such an arrangement applies.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 92 of 2000 | No 20 of 2010", "History_Notes": "Inserted by No 92 of 2000, Sch 4 item 10, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 20 of 2010, Sch 3 item 25 | Sch 3 item 26 | Sch 3 item 27 | Sch 3 item 28, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s153-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-1", "Provision_Key": "s156-1", "Heading": "What this Division is about", "Text": "Supplies and acquisitions made for a period or on a progressive basis are treated as separate supplies or acquisitions for some purposes, in particular the attribution rules.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-5", "Provision_Key": "s156-5", "Heading": "Attributing the GST on progressive or periodic supplies", "Text": "(1) The GST payable by you on a * taxable supply that is made: (a) for a period or on a progressive basis; and (b) for * consideration that is to be provided on a progressive or periodic basis; is attributable, in accordance with section 29 ‑ 5, as if each progressive or periodic component of the supply were a separate supply. (2) If the progressive or periodic components of such a supply are not readily identifiable, the components correspond to the proportion of the total * consideration for the supply that the separate amounts of consideration represent.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 112 | Sch 6 item 113, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-10", "Provision_Key": "s156-10", "Heading": "Attributing the input tax credits on progressive or periodic acquisitions", "Text": "(1) The input tax credit to which you are entitled for a * creditable acquisition that is made: (a) for a period or on a progressive basis; and (b) for * consideration that is to be provided on a progressive or periodic basis; is attributable, in accordance with section 29 ‑ 10, as if each progressive or periodic component of the acquisition were a separate acquisition. (2) If the progressive or periodic components of such an acquisition are not readily identifiable, the components correspond to the proportion of the total * consideration for the acquisition that the separate amounts of consideration represent.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 114 | Sch 6 item 115, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-15", "Provision_Key": "s156-15", "Heading": "Progressive or periodic supplies partly connected with the indirect tax zone", "Text": "(1) If: (a) a * taxable supply is made for a period or on a progressive basis; and (b) the supply is made for * consideration that is to be provided on a progressive or periodic basis; and (c) the whole of a progressive or periodic component of the supply would not be * connected with the indirect tax zone if it were a separate supply; that component is treated as if it were a separate supply that is not connected with the indirect tax zone. (2) This section has effect despite section 9 ‑ 25 (which is about when supplies are connected with the indirect tax zone) and Division 96.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 119 | Sch 1 item 121, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-17", "Provision_Key": "s156-17", "Heading": "Application of Division 58 to progressive or periodic supplies and acquisitions", "Text": "(1) A supply that is made: (a) for a period or on a progressive basis; and (b) for * consideration that is to be provided on a progressive or periodic basis; is treated, for the purposes of Division 58 (which is about representatives of incapacitated entities), as if each progressive or periodic component of the supply were a separate supply. (2) An acquisition that is made: (a) for a period or on a progressive basis; and (b) for * consideration that is to be provided on a progressive or periodic basis; is treated, for the purposes of Division 58 (which is about representatives of incapacitated entities), as if each progressive or periodic component of the acquisition were a separate acquisition.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-17"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-20", "Provision_Key": "s156-20", "Heading": "Application of Division 129 to progressive or periodic acquisitions", "Text": "An acquisition that is made: (a) for a period or on a progressive basis; and (b) for * consideration that is to be provided on a progressive or periodic basis; is treated, for the purposes of Division 129 (which is about changes in the extent of creditable purpose), as if each progressive or periodic component of the acquisition were a separate acquisition.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-22", "Provision_Key": "s156-22", "Heading": "Leases etc. treated as being on a progressive or periodic basis", "Text": "For the purposes of this Division, a supply or acquisition by way of lease, hire or similar arrangement is to be treated as a supply or acquisition that is made on a progressive or periodic basis, for the period of the lease, hire or arrangement.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-22"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-23", "Provision_Key": "s156-23", "Heading": "Certain supplies or acquisitions under hire purchase agreements treated as not on progressive or periodic basis", "Text": "For the purposes of this Division, a supply or acquisition of goods or credit under a * hire purchase agreement is treated as not being a supply or acquisition made on a progressive or periodic basis.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-23"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 156-25", "Provision_Key": "s156-25", "Heading": "Accounting on a cash basis", "Text": "This Division (other than sections 156 ‑ 15 and 156 ‑ 17) does not apply if you * account on a cash basis.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 176 of 1999 | No 118 of 2009", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 121, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 118 of 2009, Sch 1 item 36, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s156-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 157-1", "Provision_Key": "s157-1", "Heading": "What this Division is about", "Text": "The choice available to an endorsed charity, gift ‑ deductible entity or government school to account on a cash basis is not restricted as it is for other entities, but other restrictions may apply.", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 80 of 2006 | No 169 of 2012", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 113, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s157-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 157-5", "Provision_Key": "s157-5", "Heading": "Charities etc. choosing to account on a cash basis", "Text": "(1) An * endorsed charity, a * gift ‑ deductible entity or a * government school may choose to * account on a cash basis, with effect from the first day of the tax period that the endorsed charity or entity chooses. (3) This section does not apply in relation to a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless the entity is: (a) an * endorsed charity; or (b) a * government school; or (c) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997. Note: This subsection excludes from this section certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution. (4) This section has effect despite section 29 ‑ 40 (which is about choosing to account on a cash basis).", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 80 of 2006 | No 169 of 2012", "History_Notes": "Inserted by No 80 of 2006, Sch 12 item 2, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 169 of 2012, Sch 2 item 114 | Sch 2 item 115 | Sch 2 item 116 | Sch 2 item 117 | Sch 2 item 118, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s157-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 157-10", "Provision_Key": "s157-10", "Heading": "Charities etc. ceasing to account on a cash basis", "Text": "(1) Paragraphs 29 ‑ 50(1)(a) and (ab) and subsection 29 ‑ 50(3) do not apply in relation to any * endorsed charity, any * gift ‑ deductible entity or any * government school. (3) This section does not apply in relation to a * gift ‑ deductible entity endorsed as a deductible gift recipient (within the meaning of the * ITAA 1997) under section 30 ‑ 120 of the ITAA 1997, unless the entity is: (a) an * endorsed charity; or (b) a * government school; or (c) a fund, authority or institution of a kind referred to in paragraph 30 ‑ 125(1)(b) of the ITAA 1997. Note: This subsection excludes from this section certain (but not all) gift ‑ deductible entities that are only endorsed for the operation of a fund, authority or institution.", "Amendment_Count": 3, "First_Amended": "No 80 of 2006", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 80 of 2006 | No 80 of 2007 | No 169 of 2012", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 80 of 2007, Sch 2 item 29, effective 21 June 2007 | Amended by No 169 of 2012, Sch 2 item 119 | Sch 2 item 120 | Sch 2 item 121 | Sch 2 item 122, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s157-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 158-1", "Provision_Key": "s158-1", "Heading": "What this Division is about", "Text": "If you account on a cash basis, you are treated as if you do not account on a cash basis for any acquisition made under a hire purchase agreement.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s158-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 158-5", "Provision_Key": "s158-5", "Heading": "Treat as not accounting on a cash basis", "Text": "(1) This section applies if you * account on a cash basis. (2) This Act and the regulations apply in relation to: (a) an acquisition you make under a * hire purchase agreement; or (b) an input tax credit to which you are entitled, or an * adjustment you have, under subsection 58 ‑ 10(1) for an acquisition made under a hire purchase agreement; as if you do not * account on a cash basis.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s158-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-1", "Provision_Key": "s159-1", "Heading": "What this Division is about", "Text": "This Division tells you to which tax periods to attribute any supplies and acquisitions that are affected by a change in your accounting basis, and how to treat bad debts if your accounting basis changes.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-5", "Provision_Key": "s159-5", "Heading": "Ceasing to account on a cash basis—amounts not previously attributed", "Text": "(1) The GST payable by you on a * taxable supply, the input tax credit to which you are entitled for a * creditable acquisition, or an * adjustment that you have, is attributable to a particular tax period (the transition tax period ), and not to any other tax period, if: (a) at the start of the transition tax period, you cease to * account on a cash basis; and (b) the GST on the supply, the input tax credit on the acquisition, or the adjustment, was not attributable, to any extent, to a previous tax period during which you accounted on a cash basis; and (c) it would have been attributable to that previous tax period had you not accounted on a cash basis during that period. For accounting on a cash basis, see Subdivision 29 ‑ B. Example: In tax period A in the following diagram, you issue an invoice for a supply that you made, but you receive no payment for the supply until tax period D. However, you cease to account on a cash basis at the start of tax period C (which is therefore the transition tax period). Under section 29 ‑ 5, the supply was not attributable to tax period A (because at the time you were accounting on a cash basis), but it would have been attributable to that period if you had not been accounting on a cash basis (because you issued the invoice in that period). Therefore the supply is attributable to tax period C (the transition tax period). (2) This section has effect despite sections 29 ‑ 5, 29 ‑ 10 and 29 ‑ 20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-10", "Provision_Key": "s159-10", "Heading": "Ceasing to account on a cash basis—amounts partly attributed", "Text": "(1) The GST payable by you on a * taxable supply, the input tax credit to which you are entitled for a * creditable acquisition, or an * adjustment that you have, is attributable to a particular tax period (the transition tax period ), and not to any other tax period, if: (a) at the start of the transition tax period, you cease to * account on a cash basis; and (b) the GST on the supply, the input tax credit on the acquisition, or the adjustment, was only to some extent attributable to a previous tax period during which you accounted on a cash basis; and (c) it would have been attributable solely to that previous tax period had you not accounted on a cash basis during that period. (2) However, the GST on the supply, the input tax credit on the acquisition, or the adjustment, is attributable to the transition tax period only to the extent that it has not been previously attributed to one or more of those previous tax periods. For accounting on a cash basis, see Subdivision 29 ‑ B. Example: Take the example in section 159 ‑ 5 as changed in the following diagram so that you receive part of the payment for the supply in tax period A. The transition tax period is still tax period C. Under section 29 ‑ 5, the supply was to some extent attributable to tax period A, but it would have been attributable only to that tax period if you had not been accounting on a cash basis. Therefore the supply is attributable to tax period C (the transition tax period), but only to the extent that it is not attributable to tax period A. (3) This section has effect despite sections 29 ‑ 5, 29 ‑ 10 and 29 ‑ 20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-15", "Provision_Key": "s159-15", "Heading": "Ceasing to account on a cash basis—bad debts", "Text": "(1) If: (a) the GST payable by you on a * taxable supply or the input tax credit to which you are entitled for a * creditable acquisition is attributable to a particular tax period (the transition tax period) under section 159 ‑ 5 or 159 ‑ 10; and (b) before the start of the transition tax period, the whole or part of a debt relating to the * consideration for the supply or acquisition is written off as bad; then: (c) the amount written off, and any part of that amount recovered before the start of the transition tax period, is to be treated, for the purposes of Division 21, as if at all relevant times you were not * accounting on a cash basis; and (d) any adjustment arising under Division 21 as a result is attributable to the transition tax period. (2) This section has effect despite subsections 21 ‑ 5(2) and 21 ‑ 15(2) (which preclude adjustments for bad debts when accounting on a cash basis) and section 29 ‑ 20 (which is about attributing adjustments).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-20", "Provision_Key": "s159-20", "Heading": "Starting to account on a cash basis", "Text": "(1) If, at the start of a tax period, you start to * account on a cash basis, then: (a) the GST payable by you on a * taxable supply that you made; or (b) the input tax credit to which you are entitled for a * creditable acquisition; or (c) an * adjustment that you have; that was attributable to one or more previous tax periods remains attributable to those periods, and not to any other tax period. (2) This section has effect despite sections 29 ‑ 5, 29 ‑ 10 and 29 ‑ 20 (which are about attributing GST on supplies, input tax credits on acquisitions, and adjustments) and any other provisions of this Chapter.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-25", "Provision_Key": "s159-25", "Heading": "Starting to account on a cash basis—bad debts", "Text": "(1) If: (a) the GST payable by you on a * taxable supply, or the input tax credit to which you are entitled for a * creditable acquisition, was attributable to a tax period during which you were not * accounting on a cash basis; and (b) at a time when you are accounting on a cash basis, the whole or part of a debt relating to the * consideration for the supply or acquisition is written off as bad; the amount written off, and any part of that amount that is recovered, is to be treated, for the purposes of Division 21, as if at all relevant times you were not accounting on a cash basis. (2) This section has effect despite subsections 21 ‑ 5(2) and 21 ‑ 15(2) (which preclude adjustments for bad debts when accounting on a cash basis).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 159-30", "Provision_Key": "s159-30", "Heading": "Entities ceasing to exist or coming into existence", "Text": "This Division does not apply in relation to an entity ceasing to * account on a cash basis as it ceases to exist, or in relation to an entity starting to account on a cash basis as it comes into existence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s159-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-1", "Provision_Key": "s162-1", "Heading": "What this Division is about", "Text": "You may be able to elect to pay GST by instalments. If you do, GST returns are given to the Commissioner annually, and quarterly instalments of GST are paid on the basis of the Commissioner’s or your estimates of what your annual GST liability will be (followed by a reconciliation based on the annual GST return). If you can average your income for income tax purposes, you only pay the last 2 quarterly instalments. Note: In some cases, you will only pay the last 2 quarterly instalments: see section 162 ‑ 105.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-5", "Provision_Key": "s162-5", "Heading": "Eligibility to elect to pay GST by instalments", "Text": "(1) You are eligible to elect to pay GST by instalments if: (a) either: (i) you are a * small business entity (other than because of subsection 328 ‑ 110(4) of the * ITAA 1997) for the * income year in which you make your election; or (ii) you do not carry on a * business and your * GST turnover does not exceed the * instalment turnover threshold; and (b) the current tax period applying to you is not affected by: (i) an election under section 27 ‑ 10 (election of one month tax periods); or (ii) a determination under section 27 ‑ 15 (determination of one month tax periods); or (iii) a determination under section 27 ‑ 37 (special determination of tax periods on request); and (c) your * current GST lodgment record is at least 4 months; and (d) you have complied with all your obligations to give * GST returns to the Commissioner; and (e) you are not in a * net refund position; and (f) you are not a * limited registration entity. (2) The instalment turnover threshold is: (a) $2 million; or (b) such higher amount as the regulations specify. (3) You are in a net refund position if the sum of all your * assessed net amounts is less than zero, for the tax periods for which * GST returns fell due during the period referred to in the relevant item in the third column of this table. When you are in a net refund position Item If your * current GST lodgment record is… Take into account this period to work out whether you are in a net refund position: 1 at least 13 months the 12 months preceding the current tax period applying to you 2 at least 10 months, but less than 13 months the 9 months preceding that current tax period 3 at least 7 months, but less than 10 months the 6 months preceding that current tax period 4 less than 7 months the 3 months preceding that current tax period", "Amendment_Count": 4, "First_Amended": "No 73 of 2001", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 73 of 2001 | No 80 of 2007 | No 39 of 2012 | No 52 of 2016", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 30 | Sch 5 item 49 | Sch 5 item 51, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 80 of 2007, Sch 1 item 328 | Sch 2 item 30 | Sch 3 item 328, effective 21 June 2007 | Amended by No 39 of 2012, Sch 1 item 101 | Sch 4 item 6, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 52 of 2016, Sch 1 item 29 | Sch 1 item 30, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-10", "Provision_Key": "s162-10", "Heading": "Your current GST lodgment record", "Text": "(1) If you are not a * member of a * GST group, your current GST lodgment record is the period, immediately preceding the current tax period applying to you, that is covered by tax periods applying to you for which you have given * GST returns to the Commissioner. (2) If you are a * member of a * GST group, your current GST lodgment record is the period, immediately preceding the current tax period applying to you, that is covered by tax periods applying to you: (a) for which you have given * GST returns to the Commissioner; and (b) during which the membership of the GST group has not changed. (3) However, if you have been (but are not currently) the * representative member of a * GST group, any tax periods applying to you during which you were such a representative member are not to be counted towards your current GST lodgment record.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 39, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-15", "Provision_Key": "s162-15", "Heading": "Electing to pay GST by instalments", "Text": "(1) You may, by notifying the Commissioner in the * approved form, elect to pay GST by instalments if you are eligible under section 162 ‑ 5. (2) Your election takes effect from: (a) the start of the earliest tax period for which, on the day on which you make your election, your * GST return is not yet due; or (b) the start of such other tax period as the Commissioner allows, in accordance with a request you make in the * approved form. Note: Refusing a request to allow your election to take effect from the start of another tax period is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 3, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2001 | No 134 of 2004 | No 73 of 2006", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 60, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 129, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-20", "Provision_Key": "s162-20", "Heading": "Elections by representative members of GST groups", "Text": "(1) A * representative member of a * GST group cannot elect to pay GST by instalments unless each * member of the GST group is eligible under section 162 ‑ 5. (2) If the * representative member makes such an election, the * instalment tax period applying to the representative member also applies to each member. However, the members other than the representative member are not * GST instalment payers.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-25", "Provision_Key": "s162-25", "Heading": "When you must make your election", "Text": "(1) You must make your election on or before 28 October in the * financial year to which it relates. (2) However, if: (a) during the * financial year but after 28 October in that financial year, you became eligible under section 162 ‑ 5 to elect to pay GST by instalments; and (b) this subsection had not applied to you before; and (c) your * current GST lodgment record is not more than 6 months; you must make your election on or before the first day, after becoming eligible under section 162 ‑ 5, on which you would, but for this Division, be required under section 31 ‑ 8 to give a * GST return to the Commissioner. (3) The Commissioner may, in accordance with a request you make in the * approved form, allow you to make your election on a specified day occurring after the day provided for under subsection (1) or (2). Note: Refusing a request to be allowed to make an election on a specified day under this subsection is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2001 | No 73 of 2006", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 60, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 130, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-30", "Provision_Key": "s162-30", "Heading": "Duration of your election", "Text": "General rule (1) Your election ceases to have effect if: (a) you revoke it, by notifying the Commissioner in the * approved form; or (b) the Commissioner disallows it under subsection (3); or (c) in a case to which subparagraph 162 ‑ 5(1)(a)(i) applied—you are not a * small business entity of the kind referred to in that subparagraph for an * income year; or (ca) in a case to which subparagraph 162 ‑ 5(1)(a)(ii) applied—on 31 July in a * financial year, you do not satisfy the requirements of that subparagraph; or (d) during a financial year, you become a * limited registration entity; or (e) in a case where you are the * representative member of a * GST group—the membership of the GST group changes. Your election also ceases to have effect at the end of your tax period under subsection 27 ‑ 39(1), at the end of your concluding tax period under section 27 ‑ 40, or at the end of a tax period applying to you to which subsection 162 ‑ 85(1) applies. Revocation (2) A revocation of your election is taken to have had, or has, effect: (a) if you notify the Commissioner on or before 28 October in a * financial year—from the start of that financial year; or (b) if you notify the Commissioner after 28 October in a financial year—from the start of the next financial year. Disallowance (3) The Commissioner may disallow your election if, and only if, the Commissioner is satisfied that you have failed to comply with one or more of your obligations under a * taxation law. Note: Disallowing your election is a reviewable GST decision (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (4) A disallowance of your election is taken to have had effect: (a) if the Commissioner notifies you of the disallowance during the * financial year in which your election first took effect—from the start of the tax period in which it first took effect; or (b) if the Commissioner notifies you of the disallowance on or before 28 October during a later financial year—from the start of that later financial year; or (c) if the Commissioner notifies you of the disallowance after 28 October during a later financial year—from the start of the financial year immediately following that later financial year. Not being a small business entity for an income year (5) If paragraph (1)(c) applies, your election is taken to have ceased to have effect from 1 July in the * income year referred to in that paragraph. Failing to satisfy the requirements of subparagraph 162 ‑ 5(1)(a)(ii) (5A) If paragraph (1)(ca) applies, your election is taken to have ceased to have effect from the start of the * financial year referred to in that paragraph. Becoming a limited registration entity (6) If paragraph (1)(d) applies, your election is taken to have ceased to have effect from the start of the * financial year referred to in that paragraph.", "Amendment_Count": 7, "First_Amended": "No 73 of 2001", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 73 of 2001 | No 134 of 2004 | No 73 of 2006 | No 80 of 2007 | No 118 of 2009 | No 85 of 2013 | No 52 of 2016", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Repealed and substituted by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 5 item 110 | Sch 5 item 131, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2007, Sch 2 item 31 | Sch 2 item 32 | Sch 2 item 33 | Sch 2 item 34, effective 21 June 2007 | Amended by No 118 of 2009, Sch 1 item 37, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 85 of 2013, Sch 3 item 1 | Sch 3 item 2, effective Sch 3: 28 June 2013 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 31 | Sch 1 item 32, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-50", "Provision_Key": "s162-50", "Heading": "GST instalment payers", "Text": "(1) You are a GST instalment payer while an election that you have made under section 162 ‑ 15 has effect. (2) You are a GST instalment payer for any * financial year for which your election has effect. (3) However, if your election has effect only for part of a * financial year, you are a GST instalment payer only for that part of that financial year.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 134 of 2004", "Amending_Acts": "No 73 of 2001 | No 134 of 2004", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 45, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-55", "Provision_Key": "s162-55", "Heading": "Tax periods for GST instalment payers", "Text": "(1) The tax period that applies to you, if you are a * GST instalment payer for a * financial year, is that financial year. (2) The tax period that applies to you, if you are a * GST instalment payer only for part of a * financial year, is that part of that financial year. (3) A tax period under this section is an instalment tax period . (4) This section has effect despite sections 27 ‑ 5, 27 ‑ 10, 27 ‑ 15 and 27 ‑ 30 (which are about tax periods).", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 48, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-60", "Provision_Key": "s162-60", "Heading": "When GST returns for GST instalment payers must be given", "Text": "(1) You must give your * GST return for the * instalment tax period to the Commissioner: (a) if you are required under section 161 of the * ITAA 1936 to lodge a return in relation to a year of income corresponding to, or ending during, an instalment tax period applying to you—within the period, specified in the instrument made under that section, for you to lodge as required under that section; or (b) if paragraph (a) does not apply—on or before the 28 February following the end of the instalment tax period. Note: Section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving the GST return. (2) However, in relation to an * instalment tax period that: (a) ends on 30 June 2001; or (b) would have ended on 30 June 2001 but for the application of section 27 ‑ 35; the period referred to in paragraph (1)(a) that would otherwise end after 28 February 2002 is taken to end on that day. Note: Under section 27 ‑ 35, the start or finish of a 3 month tax period could vary by up to 7 days from the start or finish of a normal quarter. (3) This section has effect despite sections 31 ‑ 8 and 31 ‑ 10 (which are about when GST returns must be given).", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 73 of 2001 | No 64 of 2020", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 64 of 2020, Sch 11 item 154, effective Sch 3 (items 146–154, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-65", "Provision_Key": "s162-65", "Heading": "The form and contents of GST returns for GST instalment payers", "Text": "(1) If you are a * GST instalment payer only for part of a * financial year, the * approved form for your * GST return for the * instalment tax period consisting of that part of the financial year may require that the return relate to: (a) the instalment tax period; and (b) the one or more preceding tax periods applying to you that fall within the financial year; as if they are a single tax period consisting of the whole of the financial year. (2) This section has effect in addition to, and does not limit the scope of, section 31 ‑ 15 (which is about the form and contents of GST returns).", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-70", "Provision_Key": "s162-70", "Heading": "Payment of GST instalments", "Text": "(1) If you are a * GST instalment payer, you must, for each * instalment tax period applying to you, pay to the Commissioner an amount (your GST instalment ) for each * GST instalment quarter of the instalment tax period. Note 1: GST instalments are worked out under Subdivision 162 ‑ C. Note 2: Entities covered by section 162 ‑ 80 only pay GST instalments on the last 2 GST instalment quarters. (2) These are the GST instalment quarters for an * instalment tax period: (a) the 3 months ending on 30 September during the period; (b) the 3 months ending on 31 December during the period; (c) the 3 months ending on 31 March during the period; (d) the 3 months ending on 30 June during the period. (3) However, if the * instalment tax period is only part of a * financial year, any 3 month periods referred to in subsection (2) that do not form part of the instalment tax period are not GST instalment quarters of the instalment tax period. (4) You must pay your * GST instalment to the Commissioner as follows: When GST instalments must be paid Item If the GST instalment quarter ends on this day … Pay the GST instalment to the Commissioner on or before this day: 1 30 September the following 28 October 2 31 December the following 28 February 3 31 March the following 28 April 4 30 June the following 28 July Note: Section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for payment of the GST instalment. (5) You may pay by * electronic payment any * GST instalments payable by you. Any amounts of a GST instalment that you do not pay by electronic payment must be paid in the manner determined in writing by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 44, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-70"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-75", "Provision_Key": "s162-75", "Heading": "Giving notices relating to GST instalments", "Text": "If: (a) you are required to pay a * GST instalment; and (b) the Commissioner requires you to give a notice relating to the GST instalment; you must give the notice to the Commissioner, in the * approved form, on or before the day on which you are required to pay the GST instalment.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-75"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-80", "Provision_Key": "s162-80", "Heading": "Certain entities pay only 2 GST instalments for each year", "Text": "(1) If: (a) you are a * GST instalment payer for an * instalment tax period; and (b) subsection (2) applies to you; section 162 ‑ 70 has effect as if you are only required to pay * GST instalments for the last 2 * GST instalment quarters for the instalment tax period. (2) This subsection applies to you if: (a) both of the following conditions are satisfied: (i) you are carrying on a * primary production business in an * income year corresponding to, or ending during, the * instalment tax period; (ii) the * assessable income that was * derived from, or resulted from, a primary production business that you carried on in the * base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income; or (b) both of the following conditions are satisfied: (i) you are a * special professional in an income year corresponding to, or ending during, the instalment tax period; (ii) your * assessable professional income in the base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-80"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-85", "Provision_Key": "s162-85", "Heading": "A GST instalment payer’s concluding tax period", "Text": "(1) If any of the following occurs: (a) a * GST instalment payer who is an individual dies; (b) a GST instalment payer ceases to * carry on any * enterprise; (c) a GST instalment payer’s * registration is cancelled; during an * instalment tax period applying to the GST instalment payer, the instalment tax period is not affected by the death, cessation or cancellation. (2) However, any requirement to pay * GST instalments for a * GST instalment quarter of the * instalment tax period does not apply if the GST instalment quarter commences after: (a) the death or cessation occurred; or (b) the cancellation took effect. (3) This section has effect despite sections 27 ‑ 40 (which is about an entity’s concluding tax period) and 162 ‑ 70. (4) However, this section does not affect the application of: (a) section 27 ‑ 39; or (b) if a * GST instalment payer for any reason ceases to exist—section 27 ‑ 40.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 73 of 2001 | No 118 of 2009", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 38, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-85"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-90", "Provision_Key": "s162-90", "Heading": "The effect of incapacitation or cessation", "Text": "(1) If a * GST instalment payer becomes an * incapacitated entity, or for any reason ceases to exist, the GST instalment payer must give the * GST return, for the * instalment tax period that ends as a result, to the Commissioner: (a) on or before the 21st day of the month following the end of the instalment tax period; or (b) within such further period as the Commissioner allows. (2) If the * assessed net amount for the * instalment tax period is greater than zero, the * GST instalment payer must pay the assessed net amount to the Commissioner on or before the 21st day of the month following the end of the instalment tax period. (3) This section has effect despite sections 162 ‑ 60 (which is about when GST instalment payers must give GST returns) and 162 ‑ 110 (which is about when GST instalment payers must pay assessed net amounts).", "Amendment_Count": 3, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 118 of 2009 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 118 of 2009, Sch 1 item 39 | Sch 1 item 40, effective Schedule 1 (items 1–10): 1 July 2000 Schedule 1 (items 12–45, 50–52, 55): Royal Assent | Amended by No 39 of 2012, Sch 1 item 102 | Sch 1 item 103 | Sch 1 item 104, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-90"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-95", "Provision_Key": "s162-95", "Heading": "The effect of changing the membership of GST groups", "Text": "(1) If you are: (a) a * GST instalment payer; and (b) a * member of a * GST group whose membership changes during an * instalment tax period applying to you; the instalment tax period ends when the membership of the GST group changes. (2) The * representative member of the * GST group must give the * GST return for the * instalment tax period to the Commissioner: (a) on or before the 21st day of the month following the end of the instalment tax period; or (b) within such further period as the Commissioner allows. (3) If the * assessed net amount for the * instalment tax period is greater than zero, the * representative member of the * GST group must pay the assessed net amount to the Commissioner on or before the 21st day of the month following the end of the instalment tax period. (4) This section has effect despite sections 162 ‑ 55 (which is about tax periods for GST instalment payers), 162 ‑ 60 (which is about when GST instalment payers must give GST returns) and 162 ‑ 110 (which is about when GST instalment payers must pay assessed net amounts).", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 105 | Sch 1 item 106 | Sch 1 item 107, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-95"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-100", "Provision_Key": "s162-100", "Heading": "General interest charge on late payment", "Text": "If you fail to pay some or all of a * GST instalment by the time by which the GST instalment is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the GST instalment was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the GST instalment; (ii) general interest charge on any of the instalment.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-100"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-105", "Provision_Key": "s162-105", "Heading": "Net amounts for GST instalment payers", "Text": "If you are a * GST instalment payer, your * net amount for an * instalment tax period is the difference between: (a) the amount that, but for this section, would be your * net amount under section 17 ‑ 5, 123 ‑ 15 or 126 ‑ 5 for the instalment tax period; and (b) the sum of all of the * GST instalments payable by you for the * GST instalment quarters of the instalment tax period.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 28 | Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 3 item 6 | Sch 3 item 7, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-105"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-110", "Provision_Key": "s162-110", "Heading": "When payments of assessed net amounts must be made—GST instalment payers", "Text": "(1) If: (a) you are a * GST instalment payer; and (b) the * assessed net amount for an * instalment tax period applying to you is greater than zero; you must pay the assessed net amount to the Commissioner on or before the day on which, under section 162 ‑ 60, you are required to give to the Commissioner your * GST return for the instalment tax period. (2) This section has effect despite sections 33 ‑ 3 and 33 ‑ 5 (which are about when payments of assessed net amounts are made).", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 108 | Sch 1 item 109 | Sch 1 item 110 | Sch 1 item 111, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-110"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-130", "Provision_Key": "s162-130", "Heading": "What are your GST instalments", "Text": "(1) If you are a * GST instalment payer, your * GST instalments for the * GST instalment quarters of an * instalment tax period applying to you are worked out under subsections (2) and (3). (2) Your * GST instalment for the first * GST instalment quarter is whichever of the following you choose: (a) your * notified instalment amount for the GST instalment quarter; or (b) your * varied instalment amount for the GST instalment quarter. (3) Your * GST instalment for any other * GST instalment quarter is: (a) if you have a * notified instalment amount for the GST instalment quarter—whichever of the following you choose: (i) your notified instalment amount for the GST instalment quarter; or (ii) your * varied instalment amount for the GST instalment quarter; or (b) if you do not have a notified instalment amount for the GST instalment quarter—whichever of the following you choose: (i) 25% of your * estimated annual GST amount relating to the preceding GST instalment quarter; or (ii) your varied instalment amount for the GST instalment quarter. Note: Subsection 162 ‑ 135(2) sets out when you will not have a notified instalment amount for a GST instalment quarter.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-130"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-135", "Provision_Key": "s162-135", "Heading": "Notified instalment amounts", "Text": "(1) Your notified instalment amount for a * GST instalment quarter is the amount that is: (a) worked out by the Commissioner; and (b) notified by the Commissioner to you before the day on which the * GST instalment is due. The amount must not be less than zero. (2) However, the Commissioner is not to work out or notify a * notified instalment amount for a * GST instalment quarter if you had a * varied instalment amount for an earlier GST instalment quarter of the same * instalment tax period.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 73 of 2001 | No 85 of 2013", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 52, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 85 of 2013, Sch 3 item 3, effective Sch 3: 28 June 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-135"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-140", "Provision_Key": "s162-140", "Heading": "Varied instalment amounts", "Text": "(1) You may, by notifying the Commissioner in the * approved form, substitute another amount for: (a) your * notified instalment amount for a * GST instalment quarter; or (b) if paragraph 162 ‑ 130(3)(b) applies to a GST instalment quarter—your * GST instalment for the preceding GST instalment quarter. The amount substituted is your varied instalment amount for the GST instalment quarter. (2) The amount substituted must not be less than zero. (3) You must give the notice to the Commissioner on or before the day on which the * GST instalment for the * GST instalment quarter is due. (4) You must include in the notice an estimate of your * annual GST liability relating to the * instalment tax period in question. This estimate is your estimated annual GST amount relating to the * GST instalment quarter. Note 1: You may be liable to penalty under Subdivision 162 ‑ D if your variation of the notified instalment amount is too much of an underestimate of your total GST liability. Note 2: Your estimated annual GST amount is taken to be zero if it would otherwise be less than zero (see subsection (6)). (5) However, if paragraph 162 ‑ 130(3)(b) applies to a * GST instalment quarter but you do not, under subsection (1) of this section, substitute another amount by notifying the Commissioner in the * approved form: (a) your varied instalment amount for the GST instalment quarter is 25% of your * estimated annual GST amount relating to the preceding GST instalment quarter; and (b) your estimated annual GST amount relating to the GST instalment quarter is your * estimated annual GST amount relating to the preceding GST instalment quarter. (6) Your estimated annual GST amount relating to the * GST instalment quarter is zero if, apart from this subsection, this estimate would be less than zero.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 73 of 2001 | No 85 of 2013", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 42 | Sch 5 item 55, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 85 of 2013, Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7, effective Sch 3: 28 June 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-140"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-145", "Provision_Key": "s162-145", "Heading": "Your annual GST liability", "Text": "(1) Your annual GST liability , for an * instalment tax period that is a * financial year, is the amount that would be your * net amount for the period if it were not reduced under section 162 ‑ 105. (2) Your annual GST liability , for an * instalment tax period that is only part of a * financial year, is the sum of: (a) the amount that would be your * net amount for the period if it were not reduced under section 162 ‑ 105; and (b) your * early net amounts for the financial year (subtracting any of those amounts that are less than zero). (3) Your early net amounts for the * financial year are your * assessed net amounts for any tax periods that: (a) started, or would but for section 27 ‑ 35 have started, at the start of or during that financial year; and (b) ended before the start of the * instalment tax period applying to you that forms part of that financial year. Note: Under section 27 ‑ 35, the start or finish of a 3 month tax period could vary by up to 7 days from the start or finish of a normal quarter.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 33 | Sch 5 item 41, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 112, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-145"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-170", "Provision_Key": "s162-170", "Heading": "What this Subdivision is about", "Text": "There are 3 circumstances where a penalty can arise if a varied instalment amount is too low: (a) your payments are too low a proportion of your annual GST liability (see section 162 ‑ 175); (b) your estimated annual GST amount is too low a proportion of your annual GST liability (see section 162 ‑ 180); (c) the varied instalment amount is too low a proportion of your estimated annual GST amount (see section 162 ‑ 185). The penalty is based on the general interest charge rate, and the machinery provisions of Division 298 in Schedule 1 to the Taxation Administration Act 1953 apply. Note: This section is an explanatory section.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-170"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-175", "Provision_Key": "s162-175", "Heading": "GST payments are less than 85% of annual GST liability", "Text": "(1) You are liable to pay a penalty, for a * GST instalment quarter of an * instalment tax period applying to you, if you have a * varied instalment amount for the GST instalment quarter, and: (a) if the instalment tax period is a * financial year—the sum of your * GST instalments for all the GST instalment quarters of the instalment tax period is less than 85% of your * annual GST liability for the instalment tax period; or (b) if the instalment tax period is only part of a financial year—the sum of: (i) your * GST instalments for all the GST instalment quarters of the instalment tax period; and (ii) your * early net amounts for the financial year (subtracting any of those amounts that are less than zero); is less than 85% of your annual GST liability for the instalment tax period. (2) The amount of the penalty, for a particular day, is worked out by applying the * general interest charge: (a) for each day in the period in section 162 ‑ 190; and (b) in the way set out in subsection 8AAC(4) of the Taxation Administration Act 1953 ; to your * GST instalment shortfall, under this section, for the * GST instalment quarter. (3) Your GST instalment shortfall , under this section, for the * GST instalment quarter is the amount worked out as follows: where: GST already payable is the sum of: (a) the * varied instalment amount; and (b) all your other * GST instalments (if any) for earlier * GST instalment quarters of the * instalment tax period in question; and (c) if the instalment tax period is only part of a * financial year—your * early net amounts for the financial year (subtracting any of those amounts that are less than zero). (4) However, if: (a) the * GST instalment quarter is not the first GST instalment quarter of the * instalment tax period in question; and (b) you are liable for one or more penalties under this section in relation to any of the earlier GST instalment quarters of the instalment tax period; then: (c) your GST instalment shortfall , under this section, for the * GST instalment quarter is the difference between: (i) the amount worked out using the formula in subsection (3); and (ii) the sum of all your GST instalment shortfalls for those earlier GST instalment quarters; and (d) if that sum is greater than the amount worked out using the formula in subsection (3)—you are not liable to pay a penalty under this section in relation to the GST instalment quarter. (5) The appropriate percentage for a * GST instalment quarter is: (a) if the GST instalment quarter ends on 30 September—25%; or (b) if the GST instalment quarter ends on 31 December—50%; or (c) if the GST instalment quarter ends on 31 March—75%; or (d) if the GST instalment quarter ends on 30 June—100%.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 35 | Sch 5 item 47, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-175"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-180", "Provision_Key": "s162-180", "Heading": "Estimated annual GST amount is less than 85% of annual GST liability", "Text": "(1) You are liable to pay a penalty, for a * GST instalment quarter of an * instalment tax period applying to you, if: (a) you have a * varied instalment amount for the GST instalment quarter; and (b) you are not liable to pay a penalty, for the GST instalment quarter, under section 162 ‑ 175; and (c) your * estimated annual GST amount relating to the GST instalment quarter is less than: (i) 85% of your * annual GST liability for the instalment tax period; or (ii) if the GST instalment quarter ends on 30 September 2001—75% of your * annual GST liability for the instalment tax period; and (d) the varied instalment amount is less than or equal to 25% of your annual GST liability for the instalment tax period. (2) The amount of the penalty, for a particular day, is worked out by applying the * general interest charge: (a) for each day in the period in section 162 ‑ 190; and (b) in the way set out in subsection 8AAC(4) of the Taxation Administration Act 1953 ; to your * GST instalment shortfall, under this section, for the * GST instalment quarter. (3) Your GST instalment shortfall , under this section, for the * GST instalment quarter is the amount worked out as follows: (4) However, if: (a) the * GST instalment quarter is not the first GST instalment quarter of the * instalment tax period in question; and (b) you are liable for one or more penalties under this section in relation to any of the earlier GST instalment quarters of the instalment tax period; then: (c) your GST instalment shortfall , under this section, for the * GST instalment quarter is the difference between: (i) the amount worked out using the formula in subsection (3); and (ii) the sum of all your GST instalment shortfalls for those earlier GST instalment quarters; and (d) if that sum is greater than the amount worked out using the formula in subsection (3)—you are not liable to pay a penalty under this section in relation to the GST instalment quarter. (5) For the purpose of working out your * GST instalment shortfall under this section, your * estimated annual GST amount relating to the * GST instalment quarter is taken to be the amount worked out as follows, if the amount is less than that estimated annual GST amount: where: GST already payable is the sum of: (a) the * varied instalment amount in question; and (b) all your other * GST instalments (if any) for earlier * GST instalment quarters of the * instalment tax period in question; and (c) if the instalment tax period is only part of a * financial year—your * early net amounts for the financial year (subtracting any of those amounts that are less than zero).", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 47, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-180"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-185", "Provision_Key": "s162-185", "Heading": "Shortfall in GST instalments worked out on the basis of estimated annual GST amount", "Text": "(1) You are liable to pay a penalty, for a * GST instalment quarter of an * instalment tax period applying to you, if: (a) you have a * varied instalment amount for the GST instalment quarter; and (b) you are not liable to pay a penalty, for the GST instalment quarter, under section 162 ‑ 175 or 162 ‑ 180; and (c) the amount worked out by multiplying your * estimated annual GST amount relating to the GST instalment quarter by the * appropriate percentage for the GST instalment quarter exceeds the sum of: (i) the varied instalment amount; and (ii) all your other * GST instalments (if any) for earlier GST instalment quarters of the * instalment tax period in question; and (iii) if the instalment tax period is only part of a * financial year—your * early net amounts for the financial year (subtracting any of those amounts that are less than zero). (2) The amount of the penalty, for a particular day, is worked out by applying the * general interest charge: (a) for each day in the period in section 162 ‑ 190; and (b) in the way set out in subsection 8AAC(4) of the Taxation Administration Act 1953 ; to your * GST instalment shortfall, under this section, for the * GST instalment quarter. (3) Your GST instalment shortfall , under this section, for the * GST instalment quarter is the amount of the excess referred to in paragraph (1)(c).", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162 | Sch 5 item 47, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-185"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-190", "Provision_Key": "s162-190", "Heading": "Periods for which penalty is payable", "Text": "You are liable to pay the penalty under this Subdivision for each day in the period that: (a) started at the beginning of the day by which the * GST instalment, for the * GST instalment quarter to which the charge relates, was due to be paid; and (b) finishes at the end of the day before which you must, under section 162 ‑ 110, pay to the Commissioner your * assessed net amount for the * instalment tax period that includes that GST instalment quarter.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 113, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-190"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-195", "Provision_Key": "s162-195", "Heading": "Reduction in penalties if notified instalment amount is less than 25% of annual GST liability", "Text": "(1) This section reduces your * GST instalment shortfall, for a * GST instalment quarter of an * instalment tax period applying to you, if: (a) you are liable to pay a penalty under section 162 ‑ 175 or 162 ‑ 180 for a * GST instalment quarter of an * instalment tax period applying to you; and (b) for that or any other GST instalment quarter of an * instalment tax period: (i) you have a * notified instalment amount that is less than 25% of your * annual GST liability for the instalment tax period; or (ii) you do not have a notified instalment amount, but the Commissioner is satisfied that, if you had such a notified instalment amount, it would be less than 25% of your annual GST liability for the instalment tax period. (2) The * GST instalment shortfall is reduced by the amount worked out as follows: where: notified and other amounts is the sum of: (a) the * notified instalment amount, or, if you do not have a notified instalment amount for the * GST instalment quarter, the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and (b) for each of the earlier GST instalment quarters (if any) of the * instalment tax period in question: (i) the notified instalment amount; or (ii) if you do not have a notified instalment amount for the * GST instalment quarter—the amount that the Commissioner is satisfied would have otherwise been that notified instalment amount; and (c) if the instalment tax period is only part of a * financial year—your * early net amounts for the financial year (subtracting any of those amounts that are less than zero). (3) If, because of the reduction, your * GST instalment shortfall for the * GST instalment quarter is zero or less than zero, you are not liable to pay a penalty under section 162 ‑ 175 or 162 ‑ 180 (as the case requires) in relation to the GST instalment quarter. (4) If both this section and section 162 ‑ 200 apply to a particular * GST instalment shortfall, apply this section to the shortfall before applying section 162 ‑ 200.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 47, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-195"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-200", "Provision_Key": "s162-200", "Heading": "Reduction in penalties if GST instalment shortfall is made up in a later instalment", "Text": "(1) This section reduces your * GST instalment shortfall, for a * GST instalment quarter of an * instalment tax period applying to you, if: (a) you pay to the Commissioner a * GST instalment for a later GST instalment quarter of the instalment tax period; and (b) that GST instalment exceeds 25% of your * annual GST liability for the instalment tax period. The amount of that excess is called the top up . (2) The * GST instalment shortfall is reduced by applying so much of the top up as does not exceed the GST instalment shortfall. (3) However, if some of the top up has already been applied (under any other application or applications of this section) to reduce a * GST instalment shortfall for a different * GST instalment quarter of the * instalment tax period, the GST instalment shortfall is reduced by applying so much of the top up as has not already been applied, and does not exceed the GST instalment shortfall. (4) The reduction under subsection (2) has effect for each day in the period that: (a) started at the beginning of the day on which you paid the * GST instalment for the later * GST instalment quarter; and (b) finishes at the end of the day before which you must, under section 162 ‑ 110, pay to the Commissioner your * assessed net amount for the * instalment tax period.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2001 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2001, Sch 5 item 162, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2012, Sch 1 item 114, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-200"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 162-205", "Provision_Key": "s162-205", "Heading": "This Subdivision does not create a liability for general interest charge", "Text": "For the avoidance of doubt, this Subdivision does not have the effect of making you liable to pay the * general interest charge.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s162-205"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-1", "Provision_Key": "s165-1", "Heading": "What this Division is about", "Text": "The object of this Division is to deter schemes to give entities benefits by reducing GST, increasing refunds or altering the timing of payment of GST or refunds. If the dominant purpose or principal effect of a scheme is to give an entity such a benefit, the Commissioner may negate the benefit an entity gets from the scheme by declaring how much GST or refund would have been payable, and when it would have been payable, apart from the scheme. This Division is aimed at artificial or contrived schemes. It is not, for example, intended to apply to: • an exporter electing to have monthly tax periods in order to bring forward the entitlement to input tax credits; or • a supplier of child care applying to be approved under the A New Tax System (Family Assistance) (Administration) Act 1999 (this would make the supplies of child care GST ‑ free); or • a supplier choosing under section 9 ‑ 25 of the Wine Tax Act to use the average wholesale price method for working out the taxable value of retail sales of grape wine; or • a bank having its car fleet serviced earlier than usual, and before 1 July 2000, so that the servicing does not, at least initially, bear the GST.", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 156 of 2000 | No 39 of 2012", "History_Notes": "Amended by No 156 of 2000, Sch 1 item 13, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 39 of 2012, Sch 4 item 7, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-5", "Provision_Key": "s165-5", "Heading": "When does this Division operate?", "Text": "General rule (1) This Division operates if: (a) an entity (the avoider ) gets or got a * GST benefit from a * scheme; and (b) the GST benefit is not attributable to the making, by any entity, of a choice, election, application or agreement that is expressly provided for by the * GST law, the * wine tax law or the * luxury car tax law; and (c) taking account of the matters described in section 165 ‑ 15, it is reasonable to conclude that either: (i) an entity that (whether alone or with others) entered into or carried out the scheme, or part of the scheme, did so with the sole or dominant purpose of that entity or another entity getting a * GST benefit from the scheme; or (ii) the principal effect of the scheme, or of part of the scheme, is that the avoider gets the GST benefit from the scheme directly or indirectly; and (d) the scheme: (i) is a scheme that has been or is entered into on or after 2 December 1998; or (ii) is a scheme that has been or is carried out or commenced on or after that day (other than a scheme that was entered into before that day). Territorial application (2) It does not matter whether the * scheme, or any part of the scheme, was entered into or carried out inside or outside Australia. Creating circumstances or states of affairs (3) A * GST benefit that the avoider gets or got from a * scheme is not taken, for the purposes of paragraph (1)(b), to be attributable to a choice, election, application or agreement of a kind referred to in that paragraph if: (a) the scheme, or part of the scheme, was entered into or carried out for the sole or dominant purpose of creating a circumstance or state of affairs; and (b) the existence of the circumstance or state of affairs is necessary to enable the choice, election, application or agreement to be made.", "Amendment_Count": 1, "First_Amended": "No 145 of 2008", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 145 of 2008", "History_Notes": "Amended by No 145 of 2008, Sch 1 item 11, effective Schedule 1 (items 1–13): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-10", "Provision_Key": "s165-10", "Heading": "When does an entity get a GST benefit from a scheme?", "Text": "(1) An entity gets a GST benefit from a * scheme if: (a) an amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, smaller than it would be apart from the scheme or a part of the scheme; or (b) an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, larger than it would be apart from the scheme or a part of the scheme; or (c) all or part of an amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, payable later than it would have been apart from the scheme or a part of the scheme; or (d) all or part of an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, payable earlier than it would have been apart from the scheme or a part of the scheme; or (e) each of the following applies: (i) the entity is the * recipient of a * supply that is not * connected with the indirect tax zone; (ii) apart from the scheme or a part of the scheme, the supply would be, or could reasonably be expected to be, connected with the indirect tax zone solely because of Subdivision 84 ‑ C; (iii) an amount that is payable, in relation to the supply, by another entity under this Act apart from this Division is, or could reasonably be expected to be, smaller than it would be apart from the scheme or a part of the scheme; (iv) the amount by which that amount is smaller is not, or could not reasonably be expected to be, equal to the amount of any decrease in the amount of any input tax credit to which the recipient is entitled in relation to the acquisition of the thing supplied. What is a scheme ? (2) A scheme is: (a) any arrangement, agreement, understanding, promise or undertaking: (i) whether it is express or implied; and (ii) whether or not it is, or is intended to be, enforceable by legal proceedings; or (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. GST benefit can arise even if no economic alternative (3) An entity can get a * GST benefit from a * scheme even if the entity or entities that entered into or carried out the scheme, or a part of the scheme, could not have engaged economically in any activities: (a) of the kind to which this Act applies; and (b) that would produce an effect equivalent (except in terms of this Act) to the effect of the scheme or part of the scheme; other than the activities involved in entering into or carrying out the scheme or part of the scheme.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Amended by No 77 of 2017, Sch 1 item 53, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-15", "Provision_Key": "s165-15", "Heading": "Matters to be considered in determining purpose or effect", "Text": "(1) The following matters are to be taken into account under section 165 ‑ 5 in considering an entity’s purpose in entering into or carrying out the * scheme from which the avoider got a * GST benefit, and the effect of the scheme: (a) the manner in which the scheme was entered into or carried out; (b) the form and substance of the scheme, including: (i) the legal rights and obligations involved in the scheme; and (ii) the economic and commercial substance of the scheme; (c) the purpose or object of this Act, the Customs Act 1901 (so far as it is relevant to this Act) and any relevant provision of this Act or that Act (whether the purpose or object is stated expressly or not); (d) the timing of the scheme; (e) the period over which the scheme was entered into and carried out; (f) the effect that this Act would have in relation to the scheme apart from this Division; (g) any change in the avoider’s financial position that has resulted, or may reasonably be expected to result, from the scheme; (h) any change that has resulted, or may reasonably be expected to result, from the scheme in the financial position of an entity (a connected entity ) that has or had a connection or dealing with the avoider, whether the connection or dealing is or was of a family, business or other nature; (i) any other consequence for the avoider or a connected entity of the scheme having been entered into or carried out; (j) the nature of the connection between the avoider and a connected entity, including the question whether the dealing is or was at arm’s length; (k) the circumstances surrounding the scheme; (l) any other relevant circumstances. (2) Subsection (1) applies in relation to consideration of an entity’s purpose in entering into or carrying out a part of a * scheme from which the avoider gets or got a * GST benefit, and the effect of part of the scheme, as if the part were itself the * scheme from which the avoider gets or got the GST benefit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-40", "Provision_Key": "s165-40", "Heading": "Commissioner may make declaration for purpose of negating avoider’s GST benefits", "Text": "(1) For the purpose of negating a * GST benefit the avoider mentioned in section 165 ‑ 5 gets or got from the * scheme, the Commissioner may make a declaration stating either or both of the following: (a) the amount that is (and has been at all times) the avoider’s * net amount for a specified tax period that has ended; (b) the amount that is (and has been at all times) the amount of GST on a specified * taxable importation that was made (or is stated in the declaration to have been made) by the avoider. (2) The Commissioner must take such action as he or she considers necessary to give effect to a declaration made under this section.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 105 | Sch 5 item 110 | Sch 5 item 132, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 350 | Sch 1 item 115 | Sch 1 item 116 | Sch 1 item 117 | Sch 1 item 118 | Sch 1 item 119 | Sch 1 item 209, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-45", "Provision_Key": "s165-45", "Heading": "Commissioner may reduce an entity’s net amount or GST to compensate", "Text": "(1) This section operates if: (a) the Commissioner has made a declaration under subsection 165 ‑ 40(1) to negate the * GST benefit an entity gets or got from a * scheme; and (b) the Commissioner considers that another entity (the loser ) gets or got a * GST disadvantage from the scheme; and (c) the Commissioner considers that it is fair and reasonable that the loser’s GST disadvantage be negated or reduced. (2) An entity gets a GST disadvantage from a * scheme if: (a) an amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, larger than it would have been apart from the scheme or a part of the scheme; or (b) an amount that is payable to the entity under this Act apart from this Division is, or could reasonably be expected to be, smaller than it would have been apart from the scheme or a part of the scheme; or (c) all or part of an amount that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, payable earlier than it would have been apart from the scheme or a part of the scheme; or (d) all or part of an amount that is payable to the entity under this Act apart from this Division is, or could reasonably expected to be, payable later than it would have been apart from the scheme or a part of the scheme. (3) For the purposes of negating or reducing the loser’s * GST disadvantage from the * scheme, the Commissioner may make a declaration (under this section) stating either or both of the following: (a) the amount that is (and has been at all times) the loser’s * net amount for a specified tax period that has ended; (b) the amount that is (and has been at all times) the amount of GST on a specified * taxable importation that was made (or is stated in the declaration to have been made) by the loser. (4) An amount stated in a declaration as the loser’s * net amount or the amount of GST on a * taxable importation must not be less than the net amount or amount of GST (as appropriate) would have been apart from the * scheme, or part of the scheme, and the declaration. (5) An entity may give the Commissioner a written request to make a declaration under this section relating to the entity. The Commissioner must decide whether or not to grant the request, and give the entity notice of the Commissioner’s decision.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 105 | Sch 5 item 110 | Sch 5 item 133 | Sch 5 item 134, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, Sch 1 item 155 | Sch 1 item 119 | Sch 1 item 120 | Sch 1 item 121, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-45"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-50", "Provision_Key": "s165-50", "Heading": "Declaration has effect according to its terms", "Text": "For the purpose of making an * assessment, a statement in a declaration under this Subdivision has effect according to its terms, despite the provisions of this Act outside of this Division.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Repealed and substituted by No 39 of 2012, Sch 1 item 122, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-50"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-55", "Provision_Key": "s165-55", "Heading": "Commissioner may disregard scheme in making declarations", "Text": "For the purposes of making a declaration under this Subdivision, the Commissioner may: (a) treat a particular event that actually happened as not having happened; and (b) treat a particular event that did not actually happen as having happened and, if appropriate, treat the event as: (i) having happened at a particular time; and (ii) having involved particular action by a particular entity; and (c) treat a particular event that actually happened as: (i) having happened at a time different from the time it actually happened; or (ii) having involved particular action by a particular entity (whether or not the event actually involved any action by that entity).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-55"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-60", "Provision_Key": "s165-60", "Heading": "One declaration may cover several tax periods and importations", "Text": "To avoid doubt, statements relating to different tax periods and different * taxable importations may be included in a single declaration under this Subdivision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-60"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 165-65", "Provision_Key": "s165-65", "Heading": "Commissioner must give copy of declaration to entity affected", "Text": "(1) The Commissioner must give a copy of a declaration under this Subdivision to the entity whose * net amount or GST liability is stated in the declaration. (2) A failure to comply with subsection (1) does not affect the validity of the declaration.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s165-65"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 168-1", "Provision_Key": "s168-1", "Heading": "What this Division is about", "Text": "If you take goods overseas as accompanied baggage, or you are a resident of an external Territory and send goods home, you may be entitled to a refund of the GST that was payable on the supply of the goods to you.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Amended by No 20 of 2010, Sch 2 item 5, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s168-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 168-5", "Provision_Key": "s168-5", "Heading": "Tourist refund scheme", "Text": "Exporting goods as accompanied baggage (1) If: (a) you make an acquisition of goods the supply of which to you is a * taxable supply; and (b) the acquisition is of a kind specified in the regulations; and (c) you leave the indirect tax zone, and export the goods from the indirect tax zone as accompanied baggage, in the circumstances specified in the regulations; the Commissioner must, on behalf of the Commonwealth, pay to you an amount equal to: (d) the amount of the GST payable on the taxable supply; or (e) such proportion of that amount of GST as is specified in the regulations. Resident of external Territory sending goods home (1A) If: (a) you make an acquisition of goods the supply of which to you is a * taxable supply; and (b) the acquisition is of a kind specified in the regulations; and (c) at the time of the acquisition, you are an individual to whom one of the following subparagraphs applies: (i) you reside in an external Territory; (ii) your domicile is in an external Territory; (iii) you have actually been in an external Territory, continuously or intermittently, during more than half of the last 12 months; and (d) at the time of the acquisition, you are not * registered or * required to be registered; and (e) you leave the indirect tax zone, and export the goods to the external Territory: (i) in circumstances not covered by paragraph (1)(c); and (ii) in circumstances specified in the regulations; the Commissioner must, on behalf of the Commonwealth, pay to you an amount equal to: (f) the amount of the GST payable on the taxable supply; or (g) such proportion of that amount of GST as is specified in the regulations. Paying the refund (2) An amount payable under this section is payable within the period and in the manner specified in the regulations. You may be found not to be a resident of an external Territory (3) Subparagraph (1A)(c)(ii) does not apply to you if the Commissioner is satisfied that your permanent place of abode is outside that external Territory. (4) Subparagraph (1A)(c)(iii) does not apply to you if the Commissioner is satisfied: (a) that your usual place of abode is outside that external Territory; and (b) that you do not intend to take up residence in that Territory.", "Amendment_Count": 2, "First_Amended": "No 20 of 2010", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 20 of 2010 | No 2 of 2015", "History_Notes": "Amended by No 20 of 2010, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 168 | Sch 2 item 14, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s168-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 168-10", "Provision_Key": "s168-10", "Heading": "Supplies later found to be GST ‑ free supplies", "Text": "(1) If: (a) you are paid an amount under subsection 168 ‑ 5(1A) for a supply; and (b) the supply is or becomes a * GST ‑ free supply; you become liable to repay the amount (the recoverable amount ) to the Commonwealth on the later of the following days (the due day ): (c) the day you were paid the recoverable amount; (d) the day the supply becomes a GST ‑ free supply. (2) You are liable to pay general interest charge on the whole, or any part, of the recoverable amount that remains unpaid after the due day for each day in the period that: (a) starts on the due day; and (b) finishes at the end of the last day at the end of which any of the following remains unpaid: (i) the recoverable amount; (ii) general interest charge on any of the recoverable amount.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s168-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 171-1", "Provision_Key": "s171-1", "Heading": "What this Division is about", "Text": "Security or undertakings can be required under the Customs Act 1901 before a temporary import is permitted. In these cases, this Division delays the requirement to pay assessed GST on the importation.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 123, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s171-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 171-5", "Provision_Key": "s171-5", "Heading": "Security or undertaking given under section 162 or 162A of the Customs Act", "Text": "(1) An amount of * assessed GST on a * taxable importation of goods is not payable if: (a) a security or undertaking described in section 162 of the Customs Act 1901 has been given; and (b) the provisions of the regulations mentioned in paragraph 162(3)(a) of that Act are complied with; and (c) either: (i) the goods are exported within the relevant period mentioned in paragraph 162(3)(b) of that Act; or (ii) one or more of the circumstances or conditions specified in the regulations mentioned in paragraph 162(3)(b) of that Act apply in relation to the goods. Note: Section 162 of the Customs Act 1901 allows delivery of imported goods if the importer gives a security or undertaking to pay any customs duty, assessed GST and assessed luxury car tax relating to the importation. (1A) An amount of * assessed GST on a * taxable importation of goods is not payable if: (a) a security or undertaking described in section 162A of the Customs Act 1901 has been given; and (b) the goods are not dealt with in contravention of regulations made for the purposes of that section; and (c) one or more of the following applies: (i) the goods are exported within the relevant period mentioned in paragraph 162A(5)(b) of that Act; (ii) if the goods are described in subsection 162A(5A) of that Act—the goods are exported before the end of the relevant day mentioned in paragraph 162A(5A)(b) of that Act; (iii) one or more of the circumstances or conditions specified in the regulations mentioned in paragraph 162A(5)(b) of that Act apply in relation to the goods. Note: Section 162A of the Customs Act 1901 allows delivery of imported goods if the importer gives a security or undertaking to pay any customs duty, assessed GST and assessed luxury car tax relating to the importation. (2) This section has effect despite section 33 ‑ 15 (which is about payments of amounts of assessed GST on importations).", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 122 | Sch 2 item 12 | Sch 2 item 29, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 156 of 2000, Sch 2 item 10 | Sch 2 item 11, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 39 of 2012, Sch 1 item 124 | Sch 1 item 125 | Sch 1 item 126 | Sch 1 item 127 | Sch 1 item 128, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s171-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 176-1", "Provision_Key": "s176-1", "Heading": "Endorsement by Commissioner as charity", "Text": "(1) The Commissioner must endorse an entity as a charity if: (a) the entity is entitled to be endorsed as a charity (see subsection (2)); and (b) the entity has applied for that endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . (2) An entity is entitled to be endorsed as a charity if the entity: (a) is an * ACNC ‑ registered charity; and (b) has an * ABN.", "Amendment_Count": 2, "First_Amended": "No 95 of 2004", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 95 of 2004 | No 169 of 2012", "History_Notes": "Inserted by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Repealed and substituted by No 169 of 2012, Sch 2 item 124 | Sch 2 item 125 | Sch 2 item 129 | Sch 2 item 131 | Sch 2 item 134, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s176-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-1", "Provision_Key": "s177-1", "Heading": "Commonwealth etc. not liable to pay GST", "Text": "(1) The Commonwealth and * untaxable Commonwealth entities are not liable to pay GST payable under this Act. However, it is the Parliament’s intention that the Commonwealth and untaxable Commonwealth entities should: (a) be notionally liable to pay GST payable under this Act; and (b) be notionally entitled to input tax credits arising under this Act; and (c) notionally have * adjustments arising under this Act. (2) The * Finance Minister may give such written directions as are necessary or convenient for carrying out or giving effect to subsection (1) and, in particular, may give directions in relation to the transfer of money within an account, or between accounts, operated by the Commonwealth or an * untaxable Commonwealth entity. (2A) The directions given under subsection (2) may also take account of the provisions of the A New Tax System (Goods and Services Tax Transition) Act 1999 . (3) Directions under subsection (2) have effect, and must be complied with, despite any other Commonwealth law. (4) If the Commonwealth or an * untaxable Commonwealth entity is notionally liable to pay GST for a supply made to another entity (other than the Commonwealth or an untaxable Commonwealth entity), the * GST law applies in relation to the other entity as if: (a) the supply were a * taxable supply to that entity; and (b) the amount of GST for which the Commonwealth or an untaxable Commonwealth entity is notionally liable for the supply is treated as the amount of GST payable for the supply. (5) Untaxable Commonwealth entity means a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013 ) that cannot be made liable to taxation by a law of the Commonwealth.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 36 of 2015", "Amending_Acts": "No 176 of 1999 | No 58 of 2006 | No 36 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 123, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 58 of 2006, Sch 7 item 6 | Sch 7 item 7 | Sch 7 item 8 | Sch 7 item 9 | Sch 7 item 10 | Sch 7 item 11 | Sch 7 item 15 | Sch 7 item 23 | Sch 7 item 29, effective Schedule 7 (items 2–15, 220–226): Royal Assent | Amended by No 36 of 2015, Sch 5 item 2, effective Sch 5 (items 2, 3, 74–77) and Sch 7: 14 Apr 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-3", "Provision_Key": "s177-3", "Heading": "Acquisitions from State or Territory bodies where GST liability is notional", "Text": "If: (a) an * Australian government agency, other than the Commonwealth or an * untaxable Commonwealth entity, makes a supply to another entity; and (b) the agency is not liable for GST on the supply, but an amount relating to the agency’s notional liability for GST on the supply is included in the * consideration for the supply; the * GST law applies in relation to the other entity as if: (c) the supply were a * taxable supply to that entity; and (d) the amount of GST for which the agency is notionally liable on the supply is the amount of GST payable on the supply.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Amended by No 58 of 2006, Sch 7 item 12, effective Schedule 7 (items 2–15, 220–226): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-3"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-5", "Provision_Key": "s177-5", "Heading": "Cancellation of exemptions from GST", "Text": "(1) This section cancels the effect of a provision of another Act that would have the effect of exempting a person from liability to pay GST payable under this Act. (2) The cancellation does not apply if the provision of the other Act: (a) commences after this section commences; and (b) refers specifically to GST payable under this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-10", "Provision_Key": "s177-10", "Heading": "Ministerial determinations", "Text": "(1) The * Aged Care Minister may, by legislative instrument, make a determination for the purposes of: (b) paragraph 38 ‑ 25(2)(b); or (c) paragraph 38 ‑ 25(3)(b); or (ca) paragraph 38 ‑ 25(3B)(a); or (d) paragraph 38 ‑ 30(4)(b). (2) The * Child Care Minister may, by legislative instrument, make a determination for the purposes of section 38 ‑ 150. (3) The * Student Assistance Minister may, by legislative instrument, make a determination under: (a) paragraphs (a) and (b) of the definition of adult and community education course in the Dictionary; or (b) paragraph (b) of the definition of primary course in the Dictionary; or (c) paragraph (b) of the definition of secondary course in the Dictionary; or (d) paragraph (b) of the definition of tertiary course in the Dictionary. (4) The * Health Minister may, by legislative instrument, make a determination for the purposes of: (a) paragraph 38 ‑ 15(c); or (b) subsection 38 ‑ 47(1); or (c) paragraph 38 ‑ 50(5)(b). (5) The * Disability Services Minister may, by legislative instrument, make a determination for the purposes of paragraph 38 ‑ 38(d). (6) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply in relation to determinations made under subsection (5) of this section.", "Amendment_Count": 7, "First_Amended": "No 176 of 1999", "Last_Amended": "No 22 of 2017", "Amending_Acts": "No 176 of 1999 | No 143 of 2004 | No 58 of 2006 | No 124 of 2013 | No 126 of 2015 | No 15 of 2017 | No 22 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 124, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 143 of 2004, effective 14 Dec 2004 | Amended by No 58 of 2006, Sch 7 item 222 | Sch 7 item 223 | Sch 7 item 224 | Sch 7 item 225 | Sch 7 item 226, effective Schedule 7 (items 2–15, 220–226): Royal Assent | Amended by No 124 of 2013, Sch 9 item 2, effective Sch 9: 29 June 2013 (s 2(1) item 10) | Amended by No 126 of 2015, Sch 1 item 22, effective Sch 1 (items 20–23): 5 Mar 2015 (s 2(1) item 2) | Amended by No 15 of 2017, Sch 4 item 9, effective Sch 4 (items 9–18): 1 Apr 2017 (s 2(1) item 8) | Amended by No 22 of 2017, Sch 3 item 8, effective Sch 2 (items 1, 2): 2 July 2018 (s 2(1) item 2) Sch 3 (items 7, 8) and Sch 4: 5 Apr 2017 (s 2(1) items 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-11", "Provision_Key": "s177-11", "Heading": "Delegation by Aged Care System Governor", "Text": "The *Aged Care System Governor may, in writing, delegate his or her powers under paragraph 38 ‑ 25(3B)(b) to: (a) a person in relation to whom there is in force a delegation by the Aged Care System Governor of functions under D ivision 1 of Part 3 of Chapter 8 of the Aged Care Act 2024 ; or (b) a person: (i) who is a person of a kind specified in a determination that is in force and that is made by the * Aged Care Minister for the purposes of paragraph 38 ‑ 25(3B)(a); and (ii) whom the Aged Care System Governor is satisfied is qualified and experienced to make assessments of the kind referred to in paragraph 38 ‑ 25(3B)(b).", "Amendment_Count": 2, "First_Amended": "No 143 of 2004", "Last_Amended": "No 45 of 2025", "Amending_Acts": "No 143 of 2004 | No 45 of 2025", "History_Notes": "Inserted by No 143 of 2004, effective 14 Dec 2004 | Amended by No 45 of 2025, Sch 3 item 68 | Sch 3 item 69 | Sch 3 item 70, effective sch 3 (items 54 ‑ 79): 1 Nov 2025 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-11"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-12", "Provision_Key": "s177-12", "Heading": "GST implications of references to price, value etc. in other Acts", "Text": "(1) In any Act, unless the contrary intention appears, a reference to a * price relating to a supply, or proposed supply, is taken to include the * net GST (if any) that is, or would be, payable by an entity making the supply. (2) Subsection (1) applies in relation to: (a) any fee or charge made, or required to be made; or (b) any * consideration provided, or required to be provided; for or in connection with the supply in the same way that it applies to a * price relating to a supply. (3) In any Act, unless the contrary intention appears, a reference to the value relating to a thing is taken not to include the GST (if any) that would be payable if an entity were to make a supply of the thing. (4) This section does not apply to: (a) this Act; or (b) the * ITAA 1997; or (c) the * Wine Tax Act; or (d) the A New Tax System (Luxury Car Tax) Act 1999 ; or (e) Schedule 1 to the Taxation Administration Act 1953 ; or (f) the Income Tax Assessment Act 1936 ; or (g) the Fringe Benefits Tax Assessment Act 1986 ; or (h) the Petroleum Resource Rent Tax Assessment Act 1987 .", "Amendment_Count": 5, "First_Amended": "No 177 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 177 of 1999 | No 12 of 2012 | No 14 of 2012 | No 39 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 23, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 12 of 2012, Sch 6 item 70, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 14 of 2012, Sch 3 item 2, effective Sch 3 (item 2): 1 July 2012 (s 2(1) item 5) | Amended by No 39 of 2012, Sch 4 item 8, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 96 of 2014, Sch 1 item 7 | Sch 1 item 8, effective Sch 1 (items 7, 8, 122–124): 30 Sept 2014 (s 2(1) item 2 and F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-12"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-15", "Provision_Key": "s177-15", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 177-20", "Provision_Key": "s177-20", "Heading": "Review of provisions relating to offshore supplies of low value goods", "Text": "(1) By the day after this section commences, the Productivity Minister must, under Part 3 of the Productivity Commission Act 1998 , refer to the Productivity Commission for inquiry the matter of the amendments to this Act made by the amending Act, including: (a) the effectiveness of the amendments; and (b) whether models for collecting goods and services tax in relation to * offshore supplies of low value goods other than the amendments might be suitable (including evaluation of the effects of the models on Australian small businesses and * consumers); and (c) any other aspect the Productivity Commission considers relevant to the implementation of the amendments. (2) In referring the matter to the Productivity Commission for inquiry, the Productivity Minister must: (a) under paragraph 11(1)(a) of the Productivity Commission Act 1998 , require the Productivity Commission to hold hearings for the purposes of the inquiry; and (b) under paragraph 11(1)(b) of that Act, specify the period ending on 31 October 2017 as the period within which the Productivity Commission must submit its report on the inquiry; and (c) under paragraph 11(1)(d) of that Act, require the Productivity Commission to make recommendations in relation to the matter referred to in subsection (1). Note: Under section 12 of the Productivity Commission Act 1998 , the Productivity Minister must cause a copy of the Productivity Commission’s report to be tabled in each House of the Parliament. (3) The Productivity Minister must not withdraw the reference before the Productivity Minister has received the report. (4) For the purposes of paragraph 6(1)(a) of the Productivity Commission Act 1998 , the matter mentioned in subsection (1) is taken to be a matter relating to industry, industry development and productivity. (5) In this section: amending Act means the Treasury Laws Amendment (GST Low Value Goods) Act 2017 . Productivity Minister means the Minister administering the Productivity Commission Act 1998 .", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s177-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 182-1", "Provision_Key": "s182-1", "Heading": "What forms part of this Act", "Text": "(1) These all form part of this Act:  the headings to the Chapters, Parts, Divisions and Subdivisions of this Act;  * explanatory sections;  the headings to the sections and subsections of this Act;  the headings for groups of sections of this Act (group headings);  the notes and examples (however described) that follow provisions of this Act. (2) The asterisks used to identify defined terms form part of this Act. However, if a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s182-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 182-5", "Provision_Key": "s182-5", "Heading": "What does not form part of this Act", "Text": "These do not form part of this Act:  footnotes and endnotes;  Tables of Subdivisions.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s182-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 182-10", "Provision_Key": "s182-10", "Heading": "Explanatory sections, and their role in interpreting this Act", "Text": "(1) An explanatory section is: (a) any section that is the first section in a Division and that has as its heading “What this Division is about”; or (b) any section in Chapter 1 (other than sections 1 ‑ 1 and 1 ‑ 2); or (c) any section in Division 5 or 37; or (d) any section that is the last section in a Division or Subdivision of Chapter 2 and that has a checklist of special rules in Chapter 4; or (e) any section that a note states to be an explanatory section. (2) Explanatory sections form part of this Act, but they are not operative provisions. In interpreting an operative provision, an explanatory section may only be considered: (a) in determining the purpose or object underlying the provision; or (b) to confirm that the provision’s meaning is the ordinary meaning conveyed by its text, taking into account its context in this Act and the purpose or object underlying the provision; or (c) in determining the provision’s meaning if the provision is ambiguous or obscure; or (d) in determining the provision’s meaning if the ordinary meaning conveyed by its text, taking into account its context in this Act and the purpose or object underlying the provision, leads to a result that is manifestly absurd or is unreasonable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s182-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 182-15", "Provision_Key": "s182-15", "Heading": "Schedules 1, 2 and 3", "Text": "The second columns of the tables in Schedules 1, 2 and 3 are not operative. In interpreting an item in those tables, or any other operative provision, those columns may only be considered for a purpose for which an * explanatory section may be considered under subsection 182 ‑ 10(2).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 125 | Sch 1 item 126 | Sch 1 item 168, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s182-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 184-1", "Provision_Key": "s184-1", "Heading": "Entities", "Text": "(1) Entity means any of the following: (a) an individual; (b) a body corporate; (c) a corporation sole; (d) a body politic; (e) a * partnership; (f) any other unincorporated association or body of persons; (g) a trust; (h) a * superannuation fund. Note: The term entity is used in a number of different but related senses. It covers all kinds of legal persons. It also covers groups of legal persons, and other things, that in practice are treated as having a separate identity in the same way as a legal person does. (1A) Paragraph (1)(f) does not include a * non ‑ entity joint venture. (2) The trustee of a trust or of a * superannuation fund is taken to be an entity consisting of the person who is the trustee, or the persons who are the trustees, at any given time. Note 1: This is because a right or obligation cannot be conferred or imposed on an entity that is not a legal person. Note 2: The entity that is the trustee of a trust or fund does not change merely because of a change in the person who is the trustee of the trust or fund, or persons who are the trustees of the trust or fund. (3) A legal person can have a number of different capacities in which the person does things. In each of those capacities, the person is taken to be a different entity. Example: In addition to his or her personal capacity, an individual may be:  sole trustee of one or more trusts; and  one of a number of trustees of a further trust. In his or her personal capacity, he or she is one entity. As trustee of each trust, he or she is a different entity. The trustees of the further trust are a different entity again, of which the individual is a member. (4) If a provision refers to an entity of a particular kind, it refers to the entity in its capacity as that kind of entity, not to that entity in any other capacity. Example: A provision that refers to a company does not cover a company in a capacity as trustee, unless it also refers to a trustee. Note: For GST purposes, non ‑ profit sub ‑ entities are treated as entities (see Division 63), and government entities can be treated as entities (see Division 149).", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 177 of 1999 | No 92 of 2000 | No 4 of 2007 | No 19 of 2010", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 117, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 92 of 2000, Sch 7 item 20, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 4 of 2007, Sch 2 item 25, effective Schedule 2 (item 25): Royal Assent | Amended by No 19 of 2010, Sch 1 item 14 | Sch 1 item 15, effective Schedule 1 (items 14, 15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s184-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 184-5", "Provision_Key": "s184-5", "Heading": "Supplies etc. by partnerships and other unincorporated bodies", "Text": "(1) For the avoidance of doubt, a supply, acquisition or importation made by or on behalf of a partner of a * partnership in his or her capacity as a partner: (a) is taken to be a supply, acquisition or importation made by the partnership; and (b) is not taken to be a supply, acquisition or importation made by that partner or any other partner of the partnership. Note: Section 444 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 deals with the liability of partners for the obligations imposed on a partnership under the GST law. (2) For the avoidance of doubt, a supply, acquisition or importation made by or on behalf of one or more members of the committee of management of an unincorporated association or body of persons (other than a * partnership), in their capacity as members of that committee: (a) is taken to be a supply, acquisition or importation made by the body; and (b) is not taken to be a supply, acquisition or importation made by any members of the association or body. Note: Section 444 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 deals with the liability of members of committees of management for the obligations imposed on an unincorporated association or body of persons under the GST law.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 177 of 1999 | No 73 of 2006", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 73 of 2006, Sch 5 item 135 | Sch 5 item 136, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s184-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-1", "Provision_Key": "s188-1", "Heading": "What this Division is about", "Text": "In some important respects, the way that this Act applies to you depends on your GST turnover. There are several turnover thresholds, and whether your GST turnover meets a particular turnover threshold, or whether it does not exceed a particular turnover threshold , can determine how this Act applies to you.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 36, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-5", "Provision_Key": "s188-5", "Heading": "Explanation of the turnover thresholds", "Text": "This table specifies the turnover thresholds and indicates how they affect the operation of this Act. Turnover thresholds Item This turnover threshold ... Is relevant to working out: 1 Registration turnover threshold whether you are required to be registered (see section 23 ‑ 5). 2 Tax period turnover threshold whether tax periods must be monthly (see section 27 ‑ 15). 3 Cash accounting turnover threshold whether you can elect to account on a cash basis (see section 29 ‑ 40) 4 Electronic lodgment turnover threshold whether you must lodge GST returns electronically (see section 31 ‑ 25); whether you must pay amounts of GST electronically (see section 33 ‑ 10). 4AA Small enterprise turnover threshold whether you can choose to apply a simplified accounting method as a small enterprise entity (see section 123 ‑ 7) 4A Annual apportionment turnover threshold whether you can make an annual apportionment election (see subsection 131 ‑ 5(2)) 5 Instalment turnover threshold whether you can elect to pay GST by instalments (see subsection 162 ‑ 5(2)) Note 1: The provisions referred to in the table indicate if the issue in relation to the turnover threshold in question is whether the threshold is met, or whether the threshold is not exceeded. Note 2: Items 3, 4A and 5 of the table apply to you only if you do not carry on a business. Note 3: This section is an explanatory section.", "Amendment_Count": 4, "First_Amended": "No 73 of 2001", "Last_Amended": "No 112 of 2007", "Amending_Acts": "No 73 of 2001 | No 134 of 2004 | No 80 of 2007 | No 112 of 2007", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 30, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 80 of 2007, Sch 2 item 37, effective 21 June 2007 | Amended by No 112 of 2007, Sch 1 item 14, effective 28 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-10", "Provision_Key": "s188-10", "Heading": "Whether your GST turnover meets, or does not exceed, a turnover threshold", "Text": "(1) You have a GST turnover that meets a particular * turnover threshold if: (a) your * current GST turnover is at or above the turnover threshold, and the Commissioner is not satisfied that your * projected GST turnover is below the turnover threshold; or (b) your projected GST turnover is at or above the turnover threshold. (2) You have a GST turnover that does not exceed a particular * turnover threshold if: (a) your * current GST turnover is at or below the turnover threshold, and the Commissioner is not satisfied that your * projected GST turnover is above the turnover threshold; or (b) your projected GST turnover is at or below the turnover threshold. (3) Each of these is a turnover threshold : (aaa) the * annual apportionment turnover threshold; (aa) the * cash accounting turnover threshold; (a) the * electronic lodgment turnover threshold; (ab) the * instalment turnover threshold; (b) the * registration turnover threshold; (ba) the * small enterprise turnover threshold; (c) the * tax period turnover threshold.", "Amendment_Count": 4, "First_Amended": "No 73 of 2001", "Last_Amended": "No 112 of 2007", "Amending_Acts": "No 73 of 2001 | No 134 of 2004 | No 80 of 2007 | No 112 of 2007", "History_Notes": "Amended by No 73 of 2001, Sch 5 item 31 | Sch 5 item 32, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 80 of 2007, Sch 2 item 38 | Sch 2 item 39 | Sch 2 item 41 | Sch 2 item 56 | Sch 2 item 60, effective 21 June 2007 | Amended by No 112 of 2007, Sch 1 item 15, effective 28 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-15", "Provision_Key": "s188-15", "Heading": "Current GST turnover", "Text": "General (1) Your current GST turnover at a time during a particular month is the sum of the * values of all the supplies that you have made, or are likely to make, during the 12 months ending at the end of that month, other than: (a) supplies that are * input taxed; or (b) supplies that are not for * consideration (and are not * taxable supplies under section 72 ‑ 5); or (c) supplies that are not made in connection with an * enterprise that you * carry on. Members of GST groups (2) If you are a * member of a * GST group, your current GST turnover at a time during a particular month is the sum of the * values of all the supplies that you or any other member of the group have made, or are likely to make, during the 12 months, other than: (a) supplies made from one member of the group to another member of the group; or (b) supplies that are * input taxed; or (c) supplies that are not for * consideration (and are not * taxable supplies under section 72 ‑ 5); or (d) supplies that are not made in connection with an * enterprise that you * carry on. Supplies that are disregarded (3) In working out your current GST turnover , disregard: (a) any supply that is not * connected with the indirect tax zone; and (b) any supply that is connected with the indirect tax zone because of paragraph 9 ‑ 25(5)(c), unless: (i) the supply is made to an * Australian consumer; and (ii) the supply is not * GST ‑ free; and (iii) the thing to be acquired under the right or option referred to in that paragraph is not goods or * real property; and (d) any * GST ‑ free supply made by a * non ‑ resident that does not make the supply through an * enterprise that the non ‑ resident * carries on in the indirect tax zone.", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 176 of 1999 | No 77 of 2005 | No 80 of 2007 | No 2 of 2015 | No 52 of 2016 | No 65 of 2019", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 128, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 77 of 2005, Sch 3 item 4A | Sch 3 item 16B | Sch 3 item 16C, effective 29 June 2005 | Amended by No 80 of 2007, Sch 2 item 43 | Sch 2 item 55, effective 21 June 2007 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 7, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 65 of 2019, effective Sch 2: 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-20", "Provision_Key": "s188-20", "Heading": "Projected GST turnover", "Text": "General (1) Your projected GST turnover at a time during a particular month is the sum of the * values of all the supplies that you have made, or are likely to make, during that month and the next 11 months, other than: (a) supplies that are * input taxed; or (b) supplies that are not for * consideration (and are not * taxable supplies under section 72 ‑ 5); or (c) supplies that are not made in connection with an * enterprise that you * carry on. Members of GST groups (2) If you are a * member of a * GST group, your projected GST turnover at a time during a particular month is the sum of the * values of all the supplies that you or any other member of the group have made, or are likely to make, during that month and the next 11 months other than: (a) supplies made from one member of the group to another member of the group; or (b) supplies that are * input taxed; or (c) supplies that are not for * consideration (and are not * taxable supplies under section 72 ‑ 5); or (d) supplies that are not made in connection with an * enterprise that you * carry on. Supplies that are disregarded (3) In working out your projected GST turnover , disregard: (a) any supply that is not * connected with the indirect tax zone; and (b) any supply that is connected with the indirect tax zone because of paragraph 9 ‑ 25(5)(c), unless: (i) the supply is made to an * Australian consumer; and (ii) the supply is not * GST ‑ free; and (iii) the thing to be acquired under the right or option referred to in that paragraph is not goods or * real property; and (d) any * GST ‑ free supply made by a * non ‑ resident that does not make the supply through an * enterprise that the non ‑ resident * carries on in the indirect tax zone.", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 176 of 1999 | No 77 of 2005 | No 80 of 2007 | No 2 of 2015 | No 52 of 2016 | No 65 of 2019", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 129 | Sch 1 item 130, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 77 of 2005, Sch 3 item 16D, effective 29 June 2005 | Amended by No 80 of 2007, Sch 2 item 45 | Sch 2 item 58, effective 21 June 2007 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 52 of 2016, Sch 1 item 8, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 65 of 2019, effective Sch 2: 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-20"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-22", "Provision_Key": "s188-22", "Heading": "Settlements of insurance claims to be disregarded", "Text": "In working out your * current GST turnover or your * projected GST turnover, disregard any supply that you have made to the extent that the * consideration for the supply: (a) is a payment of * money or * digital currency, or a supply, by an insurer in settlement of a claim under an * insurance policy; or (aa) is a * CTP dual premium or election payment or supply, a * CTP hybrid payment or supply or a * CTP compensation or ancillary payment or supply; or (b) is a payment of money, or a supply, by an * HIH rescue entity in the circumstances referred to in subsection 78 ‑ 120(1). Note: Under Subdivision 78 ‑ B, your settlements of insurance claims can be treated as constituting supplies by insured entities.", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 176 of 1999 | No 169 of 2001 | No 57 of 2002 | No 67 of 2003 | No 80 of 2007 | No 118 of 2017", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 139, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 169 of 2001, Sch 5 item 11, effective s 4 and Sch 5 (items 9A–14): 1 Oct 2001 (s 2(1), (4A)) | Amended by No 57 of 2002, effective Sch 12 (item 57): 1 Oct 2001 (s 2(1) item 57) | Amended by No 67 of 2003, Sch 11 item 19, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 80 of 2007, Sch 2 item 47 | Sch 2 item 55, effective 21 June 2007 | Amended by No 118 of 2017, Sch 1 item 25, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-22"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-23", "Provision_Key": "s188-23", "Heading": "Supplies “reverse charged” under Division 83 or 86 not to be included in a recipient’s GST turnover", "Text": "To avoid doubt, if the GST on a * taxable supply is, under Division 83 or 86, payable by the * recipient of the supply, that supply is disregarded in working out the * current GST turnover or the * projected GST turnover of the recipient.", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 76 of 2017", "Amending_Acts": "No 92 of 2000 | No 80 of 2007 | No 76 of 2017", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2007, Sch 2 item 48 | Sch 2 item 49, effective 21 June 2007 | Amended by No 76 of 2017, Sch 1 item 7 | Sch 1 item 8, effective 27 June 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-23"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-24", "Provision_Key": "s188-24", "Heading": "Supplies to which Subdivision 153 ‑ B applies", "Text": "(1) In working out your * current GST turnover or your * projected GST turnover, you may choose to treat the * value of any * taxable supply that, under subsection 153 ‑ 55(1), you are taken to make as an intermediary as being an amount equal to the difference between: (a) what is, apart from this section, the value of the supply; and (b) the value of the taxable supply that, under subsection 153 ‑ 55(2), is taken to be made to you in relation to the taxable supply that you are taken to make. (2) In working out your * current GST turnover or your * projected GST turnover, you may choose to treat the * value of any * taxable supply that, under subsection 153 ‑ 60(2), you are taken to make as an intermediary as being an amount equal to the difference between: (a) what is, apart from this section, the value of the supply; and (b) 10 / 11 of the * consideration you provided or are liable to provide for the * creditable acquisition that, under subsection 153 ‑ 60(1), you are taken to make and that relates to that supply.", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 92 of 2000 | No 80 of 2007 | No 20 of 2010", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 20 of 2010, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-24"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-25", "Provision_Key": "s188-25", "Heading": "Transfer of capital assets, and termination etc. of enterprise, to be disregarded", "Text": "In working out your * projected GST turnover, disregard: (a) any supply made, or likely to be made, by you by way of transfer of ownership of a capital asset of yours; and (b) any supply made, or likely to be made, by you solely as a consequence of: (i) ceasing to carry on an * enterprise; or (ii) substantially and permanently reducing the size or scale of an enterprise.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Amended by No 80 of 2007, Sch 2 item 51, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-25"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-30", "Provision_Key": "s188-30", "Heading": "The value of non ‑ taxable supplies", "Text": "For the purposes only of this Division, the value of a supply that is not a * taxable supply is taken to be 11 / 10 of what would be the * value of the supply if it were a taxable supply. For the basic rules on the value of taxable supplies, see Subdivision 9 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Repealed and substituted by No 176 of 1999, Sch 1 item 131, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-30"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-32", "Provision_Key": "s188-32", "Heading": "The value of gambling supplies", "Text": "For the purposes only of this Division, the value of all the * gambling supplies that an entity makes during a particular period is taken to be an amount equal to 11 times: (a) the entity’s * global GST amount for that period; or (b) if that period is not a tax period—what would have been the entity’s global GST amount for the period if that period had been a tax period.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 11 item 13, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-32"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-35", "Provision_Key": "s188-35", "Heading": "The value of loans", "Text": "To the extent that a supply is constituted by a loan of * money or * digital currency, any repayment of the principal, and any obligation to repay the principal, is to be disregarded in working out the value of the supply.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 118 of 2017", "Amending_Acts": "No 176 of 1999 | No 118 of 2017", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 165, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 118 of 2017, Sch 1 item 26, effective Sch 1: 1 July 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-35"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 188-40", "Provision_Key": "s188-40", "Heading": "Supplies of employee services by overseas entities to be disregarded for the registration turnover threshold", "Text": "(1) In working out a * non ‑ resident’s * current GST turnover or * projected GST turnover in order to determine whether it meets the * registration turnover threshold, if: (a) the non ‑ resident makes a supply of the services of an employee of the non ‑ resident; and (b) the * recipient of the supply is the non ‑ resident’s * 100% subsidiary; and (c) the services that the employee performs for the recipient are performed in the indirect tax zone; disregard the supply to the extent that the payments that the non ‑ resident makes to the employee for performing those services would, if they were made by the recipient, be * withholding payments. (2) This section does not affect how to work out any * turnover threshold other than the * registration turnover threshold.", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 156 of 2000 | No 80 of 2007 | No 2 of 2015", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 80 of 2007, Sch 2 item 52, effective 21 June 2007 | Amended by No 2 of 2015, Sch 4 item 1936, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s188-40"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 189-1", "Provision_Key": "s189-1", "Heading": "What this Division is about", "Text": "You can be entitled to input tax credits for your acquisitions relating to financial supplies (even though financial supplies are input taxed) if you do not exceed the financial acquisitions threshold.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s189-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 189-5", "Provision_Key": "s189-5", "Heading": "Exceeding the financial acquisitions threshold—current acquisitions", "Text": "General (1) You exceed the financial acquisitions threshold at a time during a particular month if, assuming that all the * financial acquisitions you have made, or are likely to make, during the 12 months ending at the end of that month were made solely for a * creditable purpose, either or both of the following would apply: (a) the amount of all the input tax credits to which you would be entitled for those acquisitions would exceed $150,000 or such other amount specified in the regulations; (b) the amount of the input tax credits referred to in paragraph (a) would be more than 10% of the total amount of the input tax credits to which you would be entitled for all your acquisitions and importations during that 12 months (including the financial acquisitions). Members of GST groups (2) If you are a * member of a * GST group, you exceed the financial acquisitions threshold at a time during a particular month if, assuming that all the * financial acquisitions you or any other member of the group have made, or are likely to make, during the 12 months ending at the end of that month were made solely for a * creditable purpose, either or both of the following would apply: (a) the amount of all the input tax credits to which you or any other member of the group would be entitled for those acquisitions would exceed $150,000 or such other amount specified in the regulations; (b) the amount of the input tax credits referred to in paragraph (a) would be more than 10% of the total amount of the input tax credits to which you or any other member of the group would be entitled for all acquisitions and importations of any member of the group during that 12 months (including the financial acquisitions).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 92 of 2000 | No 12 of 2012", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 12 of 2012, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s189-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 189-10", "Provision_Key": "s189-10", "Heading": "Exceeding the financial acquisitions threshold—future acquisitions", "Text": "General (1) You exceed the financial acquisitions threshold at a time during a particular month if, assuming that all the * financial acquisitions you have made, or are likely to make, during that month and the next 11 months were made solely for a * creditable purpose, either or both of the following would apply: (a) the amount of all the input tax credits to which you would be entitled for those acquisitions would exceed $150,000 or such other amount specified in the regulations; (b) the amount of the input tax credits referred to in paragraph (a) would be more than 10% of the total amount of the input tax credits to which you would be entitled for all your acquisitions and importations during those months (including the financial acquisitions). Members of GST groups (2) If you are a * member of a * GST group, you exceed the financial acquisitions threshold at a time during a particular month if, assuming that all the * financial acquisitions you or any other member of the group have made, or are likely to make, during that month and the next 11 months were made solely for a * creditable purpose, either or both of the following would apply: (a) the amount of all the input tax credits to which you or any other member of the group would be entitled for those acquisitions would exceed $150,000 or such other amount specified in the regulations; (b) the amount of the input tax credits referred to in paragraph (a) would be more than 10% of the total amount of the input tax credits to which you or any other member of the group would be entitled for all acquisitions and importations of any member of the group during those months (including the financial acquisitions).", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 92 of 2000 | No 12 of 2012", "History_Notes": "Inserted by No 92 of 2000, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 12 of 2012, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s189-10"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 189-15", "Provision_Key": "s189-15", "Heading": "Meaning of financial acquisition", "Text": "A financial acquisition is an acquisition that relates to the making of a * financial supply (other than a financial supply consisting of a borrowing).", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 5 item 10, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s189-15"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 190-1", "Provision_Key": "s190-1", "Heading": "90% owned groups", "Text": "Two companies are members of the same 90% owned group if: (a) one of the companies has * at least a 90% stake in the other company; or (b) a third company has * at least a 90% stake in each of the two companies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s190-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 190-5", "Provision_Key": "s190-5", "Heading": "When a company has at least a 90% stake in another company", "Text": "A * company (the holding company ) has at least a 90% stake in another company (the subsidiary company ) if the holding company: (a) controls, or is able to control, at least 90% of the voting power in the subsidiary company (whether directly, or indirectly through one or more interposed companies); and (b) has the right to receive (whether directly, or indirectly through one or more interposed companies) at least 90% of any * dividends that the subsidiary company may pay; and (c) has the right to receive (whether directly, or indirectly through one or more interposed companies) at least 90% of any distribution of capital of the subsidiary company.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s190-5"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 195-1", "Provision_Key": "s195-1", "Heading": "Dictionary", "Text": "In this Act, except so far as the contrary intention appears: 90% owned group has the meaning given by section 190 ‑ 1. 100% subsidiary has the meaning given by section 975 ‑ 505 of the * ITAA 1997. ABN has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . account on a cash basis : you account on a cash basis while a choice you make under section 29 ‑ 40, or a permission of the Commissioner under section 29 ‑ 45 in relation to you, has effect. account on the same basis : 2 or more * companies account on the same basis if: (a) each company * accounts on a cash basis; or (b) none of the companies account on a cash basis. ACNC ‑ registered charity means an entity that is registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25 ‑ 5(5) of that Act. ACNC ‑ registered religious institution means an institution that is: (a) an * ACNC ‑ registered charity; and (b) registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 4 of the table in subsection 25 ‑ 5(5) of that Act. acquisition has the meaning given by section 11 ‑ 10. actual application of a thing has the meaning given by section 129 ‑ 40. additional consideration includes the meaning given by subsection 133 ‑ 5(3). adjustment means an * increasing adjustment or a * decreasing adjustment. adjustment event has the meaning given by sections 19 ‑ 10 and 69 ‑ 50. adjustment note means a document that complies with the requirements of subsection 29 ‑ 75(1) and (if applicable) section 54 ‑ 50. adjustment period has the meaning given by Subdivision 129 ‑ B. adult and community education course means a course of study or instruction that is likely to add to the employment related skills of people undertaking the course and: (a) is of a kind determined by the * Student Assistance Minister to be an adult and community education course and is provided by, or on behalf of, a body: (i) that is a * higher education institution; or (ii) that is recognised, by a State or Territory authority, as a provider of courses of a kind described in the determination; or (iii) that is funded by a State or Territory on the basis that it is a provider of courses of a kind described in the determination; or (b) is determined by the Student Assistance Minister to be an adult and community education course. Aged Care Minister means the Minister administering the Aged Care Act 2024 . aged care service list means the list of services prescribed in the rules made under the Aged Care Act 2024 for the purposes of section 8 of that Act. Aged Care System Governor means the System Governor (within the meaning of the Aged Care Act 2024 ). aircraft’s stores has the meaning given by section 130C of the Customs Act 1901 . airport shop goods has the same meaning as in the Customs Act 1901 . amalgamated company , in relation to an * amalgamation, means the single * company that is, or will be, the result of the amalgamation, and that continues, or will continue, after the amalgamation. It may be one of the * amalgamating companies or a new company. amalgamating company , in relation to an * amalgamation, means any * company that amalgamates with one or more other companies under the amalgamation. amalgamation means any procedure, under an * Australian law or a * foreign law, by which 2 or more * companies amalgamate and continue as one company. amount includes a nil amount. annual apportionment election means an election made under section 131 ‑ 10. annual apportionment turnover threshold has the meaning given by subsection 131 ‑ 5(2). annual GST liability , for an * instalment tax period, has the meaning given by section 162 ‑ 145. annual tax period has the meaning given by section 151 ‑ 40. annual tax period election means an election made under section 151 ‑ 10. apply , in relation to a thing acquired or imported, has the meaning given by section 129 ‑ 55. appropriate percentage , for a * GST instalment quarter, has the meaning given by subsection 162 ‑ 175(5). approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . approved pathology practitioner means a person who is an approved pathology practitioner for the purposes of the Health Insurance Act 1973 . approved residential care home has the meaning given by section 7 of the Aged Care Act 2024 . approved valuation has the meaning given by subsection 75 ‑ 35(2). assessable income has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. assessable professional income has the meaning given by subsection 405 ‑ 20(1) of the * ITAA 1997. assessed GST , on: (a) a * taxable supply under section 78 ‑ 50 (settlements of insurance claim) or 105 ‑ 5 (supplies by creditors in satisfaction of debts); or (b) a * taxable importation; means the GST * assessed on the taxable supply or taxable importation. assessed net amount , for a * tax period, means the * net amount * assessed for the tax period. assessment has the meaning given by the * ITAA 1997. associate has the meaning given by section 318 of the * ITAA 1936. at least a 90% stake in a * company has the meaning given by section 190 ‑ 5. Australian ‑ based business recipient has the meaning given by subsection 9 ‑ 26(2). Australian Business Register means the register established under section 24 of the A New Tax System (Australian Business Number) Act 1999 . Australian Business Registrar means the Registrar of the * Australian Business Register. Australian consumer has the meaning given by subsection 9 ‑ 25(7) and affected by section 84 ‑ 100. Australian fee or charge means a fee or charge (however described), other than an * Australian tax, imposed under an * Australian law and payable to an * Australian government agency. Australian government agency has the meaning given by section 995 ‑ 1 of the * ITAA 1997. Australian law has the meaning given by section 995 ‑ 1 of the * ITAA 1997. Australian resident means a person who is a resident of Australia for the purposes of the * ITAA 1936. Australian tax means a tax (however described) imposed under an * Australian law. average income has the meaning given by subsection 392 ‑ 45(1) of the * ITAA 1997. average input tax credit fraction has the meaning given by section 79 ‑ 100. base year has the meaning given by sections 45 ‑ 320 and 45 ‑ 470 in Schedule 1 to the Taxation Administration Act 1953 . batch repair process has the meaning given by section 117 ‑ 5. beverage has the meaning given by subsection 38 ‑ 4(2). borrowing has the meaning given by section 995 ‑ 1 of the * ITAA 1997. business includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee. business day has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. car has the meaning given by section 995 ‑ 1 of the * ITAA 1997. car limit has the meaning given by section 40 ‑ 230 of the * ITAA 1997. car parts , in relation to * cars, includes: (a) bodies for those cars (including insulated bodies, tank ‑ bodies, and other bodies designed for the transport or delivery of goods or other property of particular kinds); and (b) underbody hoists, and other equipment or apparatus of a kind ordinarily fitted to cars for use in connection with the transport or delivery of goods or other property by those road vehicles. carried on in the indirect tax zone , in relation to an * enterprise, has the meaning given by section 9 ‑ 27. carrying on an * enterprise includes doing anything in the course of the commencement or termination of the enterprise. cash accounting turnover threshold has the meaning given by subsection 29 ‑ 40(3). Child Care Minister means the Minister administering the Child Care Act 1972 and the family assistance law (within the meaning of section 3 of the A New Tax System (Family Assistance) (Administration) Act 1999 . commercial accommodation has the meaning given by section 87 ‑ 15. commercial residential premises means: (a) a hotel, motel, inn, hostel or boarding house; or (b) premises used to provide accommodation in connection with a * school; or (c) a * ship that is mainly let out on hire in the ordinary course of a * business of letting ships out on hire; or (d) a ship that is mainly used for * entertainment or transport in the ordinary course of a * business of providing ships for entertainment or transport; or (da) a marina at which one or more of the berths are occupied, or are to be occupied, by * ships used as residences; or (e) a caravan park or a camping ground; or (f) anything similar to * residential premises described in paragraphs (a) to (e). However, it does not include premises to the extent that they are used to provide accommodation to students in connection with an * education institution that is not a * school. Commissioner means the Commissioner of Taxation. company means: (a) a body corporate; or (b) any other unincorporated association or body of persons; but does not include a * partnership or a * non ‑ entity joint venture. complying superannuation fund has the meaning given by section 995 ‑ 1 of the * ITAA 1997. Comptroller ‑ General of Customs has the same meaning as in the Customs Act 1901 . compulsory third party scheme is a scheme or arrangement: (a) that is established by an * Australian law; and (b) that is specified in the regulations, or that is of a kind specified in the regulations, made for the purposes of this definition. connected with the indirect tax zone , in relation to a supply, has the meaning given by sections 9 ‑ 25, 84 ‑ 75, 85 ‑ 5 and 126 ‑ 27. Note: This meaning is also affected by sections 9 ‑ 26, 84 ‑ 83 and 96 ‑ 5. consideration , for a supply or acquisition, means any consideration, within the meaning given by sections 9 ‑ 15 and 9 ‑ 17, in connection with the supply or acquisition. Note: This meaning is affected by sections 75 ‑ 12, 75 ‑ 13, 75 ‑ 14, 78 ‑ 20, 78 ‑ 35, 78 ‑ 45, 78 ‑ 50, 78 ‑ 65, 78 ‑ 70, 79 ‑ 60, 79 ‑ 65, 79 ‑ 80, 80 ‑ 15, 80 ‑ 55, 81 ‑ 5, 81 ‑ 10, 81 ‑ 15, 82 ‑ 5, 82 ‑ 10, 99 ‑ 5, 100 ‑ 5, 100 ‑ 12 and 102 ‑ 5. consolidated group has the meaning given by section 703 ‑ 5 of the * ITAA 1997. consumer has the meaning given by section 84 ‑ 75. contributing operator has the meaning given by subparagraph 80 ‑ 5(1)(c)(ii), 80 ‑ 40(1)(c)(ii) or 80 ‑ 80(1)(c)(ii). contributing operator’s payment has the meaning given by subsection 80 ‑ 5(3), 80 ‑ 40(3) or 80 ‑ 80(3). contribution amount has the meaning given by paragraph 721 ‑ 25(1)(b) of the * ITAA 1997. corrected GST amount has the meaning given by paragraph 19 ‑ 40(c). corrected input tax credit amount has the meaning given by paragraph 19 ‑ 70(c). course materials , in relation to an * education course, means materials provided by the entity supplying the course that are necessarily consumed or transformed by the students undertaking the course for the purposes of the course. creditable acquisition has the meaning given by section 11 ‑ 5. Note: This meaning is affected by sections 49 ‑ 35, 60 ‑ 10, 69 ‑ 5, 72 ‑ 40, 75 ‑ 20, 78 ‑ 30, 84 ‑ 145, 90 ‑ 15, 93 ‑ 5, 93 ‑ 15 and 111 ‑ 5. creditable at less than 1 / 11 of the consideration has the meaning given by subsection 136 ‑ 50(2). creditable importation has the meaning given by section 15 ‑ 5. Note: This meaning is affected by sections 60 ‑ 10 and 69 ‑ 5. creditable purpose : (a) in relation to the acquisition of a thing—has the meaning given by sections 11 ‑ 15 and 60 ‑ 20; and (b) in relation to the importation of a thing—has the meaning given by sections 15 ‑ 10 and 60 ‑ 20; and (c) in relation to the * application of a thing acquired or imported—has the meaning given by section 129 ‑ 50. Note: This meaning is affected by section 70 ‑ 10. CTP ancillary payment or supply has the meaning given by subsection 79 ‑ 35(3). Note: Section 79 ‑ 90 also treats certain payments or supplies as CTP ancillary payments or supplies. CTP compensation or ancillary payment or supply has the meaning given by subsection 79 ‑ 35(1). CTP compensation payment or supply has the meaning given by subsection 79 ‑ 35(2). Note: Section 79 ‑ 90 also treats certain payments or supplies as CTP compensation payments or supplies. CTP dual premium or election payment or supply means a payment or supply to which section 79 ‑ 5 or 79 ‑ 15 applies. CTP hybrid payment or supply has the meaning given by section 79 ‑ 25. CTP premium , in relation to a * compulsory third party scheme, means: (a) a payment of a premium, contribution or similar payment under the scheme; or (b) a payment of levy in connection with the scheme. current GST lodgment record has the meaning given by section 162 ‑ 10. current GST turnover has the meaning given by section 188 ‑ 15. Note: This meaning is affected by section 188 ‑ 22. customs clearance area means a place identified under section 234AA of the Customs Act 1901 . customs duty means any duty of customs imposed by that name under a law of the Commonwealth, other than: (a) the A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999 ; or (aa) the A New Tax System (Goods and Services Tax Imposition (Recipients)—Customs) Act 2005 ; or (b) the A New Tax System (Wine Equalisation Tax Imposition—Customs) Act 1999 ; or (c) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999 . customs value , in relation to goods, means the customs value of the goods for the purposes of Division 2 of Part VIII of the Customs Act 1901 . dealer in precious metal means an entity that satisfies the Commissioner that a principal part of * carrying on its * enterprise is the regular supply and acquisition of * precious metal. decreasing adjustment means an amount arising under one of the following provisions: Decreasing adjustments Item Provision Subject matter 1 Section 19 ‑ 55 Adjustment events (supplies) 2 Section 19 ‑ 85 Adjustment events (acquisitions) 3 Section 21 ‑ 5 Writing off bad debts (taxable supplies) 4 Section 21 ‑ 20 Recovering amounts previously written off (creditable acquisitions) 4AA Section 75 ‑ 27 Payments of further consideration for supplies relating to supplies of real property under the margin scheme 4A Section 78 ‑ 10 (including as it applies in accordance with Subdivision 79 ‑ A or 79 ‑ B or Division 80) Payments or supplies in settlement of insurance claims or under compulsory third party schemes 4B Subsection 79 ‑ 10(1) (including as it applies in accordance with Division 80) Decreasing adjustments under compulsory third party schemes 4C Section 79 ‑ 50 (including as it applies in accordance with Division 80) Decreasing adjustments under compulsory third party schemes 5 Section 129 ‑ 40 Changes in the extent of creditable purpose 6 Section 132 ‑ 5 Supplies of things acquired or imported to make supplies 6A Section 133 ‑ 5 Decreasing adjustments for additional consideration provided under gross ‑ up clauses 6B Section 134 ‑ 5 Third party payments 7 Section 137 ‑ 5 Stock on hand on becoming registered etc. Note: Decreasing adjustments decrease your net amounts. dental practitioner has the meaning given by subsection 3(1) of the Health Insurance Act 1973 . deposit account : an account is a deposit account if: (a) the account is made available by an Australian ADI (within the meaning of the Corporations Act 2001 ) in the course of carrying on a banking business (within the meaning of the Banking Act 1959 ); and (b) amounts credited to the account represent money taken by the ADI on deposit (other than as part ‑ payment for identified goods or services); and (c) amounts credited to the account do not relate to a debenture (as defined in section 9 of the Corporations Act 2001 ) of the ADI. derived has a meaning affected by subsection 6 ‑ 5(4) of the * ITAA 1997. digital currency means digital units of value that: (a) are designed to be fungible; and (b) can be provided as * consideration for a supply; and (c) are generally available to members of the public without any substantial restrictions on their use as consideration; and (d) either: (i) are not denominated in any country’s currency; or (ii) are denominated in a currency that is not issued by, or under the authority of, an * Australian government agency or a foreign government agency (within the meaning of the Income Tax Assessment Act 1997) ; and (e) do not have a value that depends on, or is derived from, the value of anything else; and (f) do not give an entitlement to receive, or to direct the supply of, a particular thing or things, unless the entitlement is incidental to: (i) holding the digital units of value; or (ii) using the digital units of value as consideration; but does not include a thing that, if supplied, would be a * financial supply for a reason other than being a supply of: (g) one or more digital units of value to which paragraphs (a) to (f) apply; or (h) * money. Disability Services Minister means the Minister administering the National Disability Insurance Scheme Act 2013 . dividend has the meaning given by subsections 6(1), (4) and (5) of the * ITAA 1936. early net amount has the meaning given by subsection 162 ‑ 145(3). education course means: (a) a * pre ‑ school course; or (b) a * primary course; or (c) a * secondary course; or (d) a * tertiary course; or (f) a * special education course; or (g) an * adult and community education course; or (h) an * English language course for overseas students; or (i) a * first aid or life saving course; or (j) a * professional or trade course; or (k) a * tertiary residential college course. education institution has the meaning given by subsection 3(1) of the Student Assistance Act 1973 . electronic communication has the same meaning as in the Electronic Transactions Act 1999 . electronic distribution platform has the meaning given by section 84 ‑ 70. electronic lodgment turnover threshold has the meaning given by subsection 31 ‑ 25(4). electronic payment means a payment by way of electronic transmission, in an electronic format approved by the Commissioner. eligible Australian carbon credit unit means: (a) a Kyoto Australian carbon credit unit (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ); or (b) a non ‑ Kyoto Australian carbon credit unit (within the meaning of that Act) issued in relation to an eligible offsets project (within the meaning of that Act) for a reporting period (within the meaning of that Act), where: (i) if it were assumed that the reporting period had ended before the Kyoto abatement deadline (within the meaning of that Act), a Kyoto Australian carbon credit unit would have been issued in relation to the project for the reporting period instead of the non ‑ Kyoto Australian carbon credit unit; and (ii) the non ‑ Kyoto Australian carbon credit unit is not of a kind specified in the regulations; or (c) an Australian carbon credit unit (within the meaning of that Act) of a kind specified in the regulations. Subparagraph (b)(ii) and paragraph (c) do not, by implication, limit the application of subsection 13(3) of the Legislation Act 2003 to other instruments under this Act. eligible emissions unit means: (a) an * eligible international emissions unit; or (b) an * eligible Australian carbon credit unit. eligible international emissions unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011 . employee share scheme has the meaning given by the * ITAA 1997. endorsed charity means an entity that is endorsed as a charity under subsection 176 ‑ 1(1). English language course for overseas students means a course of study or education supplied to overseas students that: (a) includes study or education in the English language; and (b) is supplied by an entity that is accredited to provide such courses by a State or Territory authority responsible for their accreditation. enterprise has the meaning given by section 9 ‑ 20. entertainment has the meaning given by section 32 ‑ 10 of the * ITAA 1997. entity has the meaning given by section 184 ‑ 1. essential prerequisite : a qualification is an essential prerequisite in relation to the entry to, or the commencement of the practice of, a particular profession or trade if the qualification is imposed: (a) by or under an * industrial instrument; or (b) if there is no industrial instrument for that profession or trade but there is a professional or trade association that has uniform national requirements relating to the entry to, or the commencement of the practice of, the profession or trade concerned—by that association; or (c) if neither paragraph (a) nor (b) applies but there is a professional or trade association in a State or Territory that has requirements relating to the entry to, or the commencement of the practice of, the profession or trade concerned—by that association. estimated annual GST amount has the meaning given by section 162 ‑ 140. exceed the financial acquisitions threshold has the meaning given by Division 189. excisable goods has the meaning given by subsection 4(1) of the Excise Act 1901 . excise duty means any duty of excise imposed by that name under a law of the Commonwealth. exempt entity has the meaning given by section 995 ‑ 1 of the * ITAA 1997. expense payment benefit means a * fringe benefit that is a benefit of a kind referred to in section 20 of the Fringe Benefits Tax Assessment Act 1986 . explanatory section has the meaning given by section 182 ‑ 10. family member has the meaning given by subsection 48 ‑ 15(2). farming business has the meaning given by subsection 38 ‑ 475(2). FBT year means a year beginning on 1 April. Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013 . financial acquisition has the meaning given by section 189 ‑ 15. financial supply has the meaning given by the regulations made for the purposes of subsection 40 ‑ 5(2). financial year means a period of 12 months beginning on 1 July. first aid or life saving course means a course of study or instruction that: (a) principally involves training individuals in one or more of the following: (i) first aid, resuscitation or other similar life saving skills including personal aquatic survival skills but not including swimming lessons; (ii) surf life saving; (iii) aero ‑ medical rescue; and (b) is provided by an entity: (i) that is registered (or otherwise approved) by a State or Territory authority that has responsibility for registering (or otherwise approving) entities that provide such courses; or (ii) that is approved to provide such courses by a State or Territory body that has responsibility for approving the provision of such courses; or (iii) that uses, as the instructor for the course, a person who holds a training qualification for that course that was issued by Austswim Limited (ACN 097 784 122); or (iv) that uses, as the instructor for the course, a person who holds a training qualification for that course that was issued by Surf Life Saving Australia Limited (ACN 003 147 180); or (v) that uses, as the instructor for the course, a person who holds a training qualification for that course that was issued by The Royal Life Saving Society—Australia (ACN 008 594 616); or (vi) that uses, as the instructor for the course, a person who holds a training qualification for that course that is a qualification (in life saving) specified in, or of a kind specified in, the regulations. floating home means a structure that is composed of a floating platform and a building designed to be occupied (regardless of the term of occupation) as a residence that is permanently affixed to the platform, but does not include any structure that has means of, or is capable of being readily adapted for, self ‑ propulsion. food has the meaning given by section 38 ‑ 4. foreign law has the meaning given by section 995 ‑ 1 of the * ITAA 1997. Foreign Minister means the Minister administering the Diplomatic Privileges and Immunities Act 1967 . formation , in relation to a * GST joint venture, means 2 or more entities becoming * participants in the joint venture as mentioned in subsection 51 ‑ 7(1). freight container means a container within the meaning of the Customs Convention on Containers, 1972, signed in Geneva on 2 December 1972, as affected by any amendment of the Convention that has come into force. fringe benefit has the meaning given by section 995 ‑ 1 of the * ITAA 1997 but includes a benefit within the meaning of subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 that is an exempt benefit for the purposes of that Act. fringe benefits tax means tax imposed by the Fringe Benefits Tax Act 1986 . fund ‑ raising event has the meaning given by section 40 ‑ 165. futures exchange means: (a) a body corporate in relation to which an approval under section 1126 of the Corporations Act 2001 is in force, or is taken to be in force because of subsection 1126(3) of that Act; or (b) a body corporate that is recognised as a futures exchange in a foreign country and operates as a futures exchange under the laws of that country. gambling event has the meaning given by subsection 126 ‑ 35(2). gambling supply has the meaning given by subsection 126 ‑ 35(1). general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . gift ‑ deductible entity : an entity is a gift ‑ deductible entity if gifts or contributions made to it can be deductible under Division 30 of the * ITAA 1997. gift ‑ deductible purpose , of an entity, means a purpose that is the principal purpose of: (a) if the entity legally owns a fund for the operation of which the entity is entitled, under subsection 30 ‑ 125(2) of the * ITAA 1997, to be so endorsed—that fund; or (b) if the entity includes an authority or institution for the operation of which the entity is entitled, under subsection 30 ‑ 125(2) of the ITAA 1997, to be so endorsed—that authority or institution. global GST amount has the meaning given by sections 126 ‑ 10, 126 ‑ 15 and 126 ‑ 20. goods means any form of tangible personal property. government entity has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . government related entity is: (a) a * government entity; or (b) an entity that would be a government entity but for subparagraph (e)(i) of the definition of government entity in the A New Tax System (Australian Business Number) Act 1999 ; or (c) a local governing body established by or under a * State law or * Territory law. government school means a * school that: (a) supplies any of these kinds of * education courses: (i) * pre ‑ school courses; (ii) full ‑ time * primary courses; (iii) full ‑ time * secondary courses; (whether or not the school supplies any other education courses); and (b) is conducted by or on behalf of an * Australian government agency; and includes a proposed school that will meet the requirements of paragraphs (a) and (b) once it starts operation. group liability of a * head company of a * consolidated group or a * MEC group has the meaning given by paragraph 721 ‑ 10(1)(a) of the * ITAA 1997. GST means tax that is payable under the * GST law and imposed as goods and services tax by any of these: (a) the A New Tax System (Goods and Services Tax Imposition—General) Act 1999 ; or (b) the A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999 ; or (c) the A New Tax System (Goods and Services Tax Imposition—Excise) Act 1999 ; or (d) the A New Tax System (Goods and Services Tax Imposition (Recipients)—General) Act 2005 ; or (e) the A New Tax System (Goods and Services Tax Imposition (Recipients)—Customs) Act 2005 ; or (f) the A New Tax System (Goods and Services Tax Imposition (Recipients)—Excise) Act 2005 . GST benefit has the meaning given by subsection 165 ‑ 10(1). GST branch has the meaning given by section 54 ‑ 5. GST branch registration number , of a branch, means the branch’s GST branch registration number notified under section 54 ‑ 15. GST disadvantage has the meaning given by subsection 165 ‑ 45(2). GST exclusive market value , in relation to a supply or acquisition: (a) other than of a * luxury car—is 10 / 11 of the * GST inclusive market value of the supply or acquisition; or (b) of a * luxury car—is 10 / 11 of the * GST inclusive market value of the luxury car (excluding any * luxury car tax that is, or would be, payable on the supply of that car). GST exclusive value : (a) in relation to an acquisition: (i) other than of a * luxury car—means 10 / 11 of the * price of the supply of the thing being acquired; or (ii) of a * luxury car—means 10 / 11 of the * price of the supply of the luxury car (excluding any * luxury car tax payable on the supply); and (b) in relation to an importation that is a * taxable importation, means the * value of the importation; and (c) in relation to an importation that is not a taxable importation, means the amount that would be the value of the importation if it were a taxable importation. GST ‑ free has the meaning given by subsection 9 ‑ 30(1) and Division 38. GST group has the meaning given by section 48 ‑ 5. GST inclusive market value of: (a) * consideration in connection with a supply; or (b) a thing, or a supply or acquisition of a thing; means the market value of the consideration or thing, without any discount for any amount of GST or * luxury car tax payable on the supply. GST instalment has the meaning given by subsection 162 ‑ 70(1). GST instalment payer has the meaning given by section 162 ‑ 50. GST instalment quarter has the meaning given by subsections 162 ‑ 70(2) and (3). GST instalment shortfall , for a * GST instalment quarter in relation to which you are liable to pay a penalty under Subdivision 162 ‑ D, means: (a) if the penalty is payable under section 162 ‑ 175—the amount worked out under subsection 162 ‑ 175(3) or paragraph 162 ‑ 175(4)(c) (whichever is applicable); or (b) if the penalty is payable under section 162 ‑ 180—the amount worked out under subsection 162 ‑ 180(3) or paragraph 162 ‑ 180(4)(c) (whichever is applicable); or (c) if the penalty is payable under section 162 ‑ 185—the amount worked out under subsection 162 ‑ 185(3). Note: The amount of a GST instalment shortfall can be reduced under section 162 ‑ 195 or 162 ‑ 200 (or both). GST joint venture has the meaning given by section 51 ‑ 5. GST law means: (a) this Act; and (b) any Act that imposes GST; and (c) the A New Tax System (Goods and Services Tax Transition) Act 1999 ; and (d) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) to (c); and (e) any other Act, so far as it relates to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered); and (f) regulations under any Act, so far as they relate to any Act covered by paragraphs (a) to (e) (or to so much of that Act as is covered). GST religious group has the meaning given by section 49 ‑ 5. GST return means a return of the kind referred to in Division 31, that complies with all the requirements of sections 31 ‑ 15 and 31 ‑ 25 of this Act and section 388 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 , and includes a return given in accordance with section 58 ‑ 50 of this Act. GST turnover : (a) in relation to meeting a * turnover threshold—has the meaning given by subsection 188 ‑ 10(1); and (b) in relation to not exceeding a * turnover threshold—has the meaning given by subsection 188 ‑ 10(2). head company of a * consolidated group or a * MEC group has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. Health Minister means the Minister administering the National Health Act 1953 . higher education institution means an entity that is a higher education provider as defined in section 16 ‑ 1 of the Higher Education Support Act 2003 . HIH company has the meaning given by section 322 ‑ 5 of the * ITAA 1997. HIH rescue entity means: (a) the HIH Claims Support Trust (established on 6 July 2001); or (b) the Commonwealth; or (c) an entity prescribed for the purposes of subsection 322 ‑ 5(1) of the * ITAA 1997. hire purchase agreement has the meaning given by section 995 ‑ 1 of the * ITAA 1997. hospital treatment has the same meaning as in the Private Health Insurance Act 2007 . hybrid settlement sharing arrangement has the meaning given by subsection 80 ‑ 80(1). import means import goods into the indirect tax zone. inbound intangible consumer supply has the meaning given by section 84 ‑ 65. incapacitated entity means: (a) an individual who is a bankrupt; or (b) an entity that is in liquidation or receivership; or (c) an entity that has a * representative. incidental valuable metal goods means goods: (a) acquired for the purposes of sale or exchange (but not for manufacture) in the ordinary course of * business; and (b) that consist wholly or partly of * valuable metal; and (c) in relation to which any of the following applies: (i) the goods are collectables or antiques, and the goods are not * precious metals; (ii) at the time of the acquisition, the market value of the goods exceeds the * valuable metal threshold; (iii) the goods are in a class determined by the Minister, by legislative instrument, for the purposes of this subparagraph. income year has the meaning given by section 995 ‑ 1 of the * ITAA 1997. increasing adjustment means an amount arising under one of the following provisions: Increasing adjustments Item Provision Subject matter 1 Section 19 ‑ 50 Adjustment events (supplies) 2 Section 19 ‑ 80 Adjustment events (acquisitions) 3 Section 21 ‑ 10 Recovering amounts previously written off (taxable supplies) 4 Section 21 ‑ 15 Bad debts written off (creditable acquisitions) 4AAA Section 75 ‑ 22 Input tax credit entitlements for acquisitions relating to supplies of real property under the margin scheme 4AA Section 78 ‑ 18 (including as it applies in accordance with Subdivision 79 ‑ B or Division 80) Payments of excess etc. under insurance policies or compulsory third party schemes 4AB Subsection 79 ‑ 10(2) (including as it applies in accordance with Division 80) Increasing adjustments under compulsory third party schemes 4AC Section 79 ‑ 55 (including as it applies in accordance with Division 80) Increasing adjustments under compulsory third party schemes 4AD Section 80 ‑ 30 Increasing adjustments under insurance policy settlement sharing arrangements 4AE Section 80 ‑ 70 Increasing adjustments under nominal defendant settlement sharing arrangements 4A Section 100 ‑ 15 Unredeemed vouchers 5 Section 129 ‑ 40 Changes in the extent of creditable purpose 5A Section 130 ‑ 5 Goods applied solely to private or domestic use 5B Section 131 ‑ 55 Annually apportioned acquisitions and importations 6 Section 134 ‑ 10 Third party payments 7 Section 135 ‑ 5 Supplies of going concerns 8 Section 138 ‑ 5 Cessation of registration 8A Section 139 ‑ 5 Distributions from deceased estates 9 Section 141 ‑ 50 Tradex scheme goods Note: Increasing adjustments increase your net amounts. indirect tax zone means Australia (within the meaning of the * ITAA 1997), but does not include any of the following: (a) the external Territories; (b) an offshore area for the purpose of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 ; other than an installation (within the meaning of the Customs Act 1901 ) that is deemed by section 5C of the Customs Act 1901 to be part of Australia and that is located in an offshore area. individual means a natural person. industrial instrument has the meaning given by section 995 ‑ 1 of the * ITAA 1997. ineligible for the margin scheme has the meaning given by subsections 75 ‑ 5(3) and (4). inherit : you inherit a freehold interest in land, a stratum unit or a long ‑ term lease if you become an owner of the interest, unit or lease: (a) under the will of a deceased person, or that will as varied by a court order; or (b) by operation of an intestacy law, or such a law as varied by a court order; or (c) because it is appropriated to you by the legal personal representative of a deceased person in satisfaction of a pecuniary legacy or some other interest or share in the deceased person’s estate; or (d) under a deed of arrangement if: (i) you entered into the deed to settle a claim to participate in the distribution of the deceased person’s estate; and (ii) any * consideration given by you for the interest, unit or lease consisted only of the variation or waiver of a claim to one or more other assets that formed part of the estate. input tax credit means an entitlement arising under section 11 ‑ 20 or 15 ‑ 15. input taxed has the meaning given by subsection 9 ‑ 30(2) and Division 40. instalment tax period has the meaning given by subsection 162 ‑ 55(3). instalment turnover threshold has the meaning given by subsection 162 ‑ 5(2). insurance broker has the meaning given by section 11 of the Insurance Contracts Act 1984 . insurance policy means a policy of insurance (or of reinsurance) against loss, damage, injury or risk of any kind, whether under a contract or a law. However, it does not include such a policy to the extent that it does not relate to insurance (or reinsurance) against loss, damage, injury or risk of any kind. insurance policy settlement sharing arrangement has the meaning given by subsection 80 ‑ 5(1). intended or former application of a thing has the meaning given by section 129 ‑ 40. international transport means: (a) in relation to the export of goods—the transport of the goods from their * place of export in the indirect tax zone to a destination outside the indirect tax zone; or (b) in relation to the import of goods—the transport of the goods from a place outside the indirect tax zone to their * place of consignment in the indirect tax zone. invoice means a document notifying an obligation to make a payment. inwards duty free shop has the same meaning as in section 96B of the Customs Act 1901 . ITAA 1936 means the Income Tax Assessment Act 1936 . ITAA 1997 means the Income Tax Assessment Act 1997 . joint venture operator , of a * GST joint venture, is the entity last nominated in relation to the joint venture as mentioned in paragraph 51 ‑ 5(1)(ea) or 51 ‑ 70(1)(c), but does not include an entity that does not satisfy the requirements of paragraphs 51 ‑ 10(c) and (f). legal practitioner means a person who is enrolled as a barrister, a solicitor or a barrister and solicitor of: (a) a federal court; or (b) a court of a State or Territory. life insurance policy means a policy of insurance on the life of an individual. limited registration entity has the meaning given by section 146 ‑ 5. liquidator has the meaning given by subsection 6(1) of the * ITAA 1936. local entry has the meaning given by section 5 ‑ 30 of the * Wine Tax Act. lodged electronically has the meaning given by subsection 31 ‑ 25(3). long ‑ term accommodation has the meaning given by subsection 87 ‑ 20(1). long ‑ term lease means a supply by way of lease, hire or licence (including a renewal or extension of a lease, hire or licence) for at least 50 years if: (a) at the time of the lease, hire or licence, or the renewal or extension of the lease, hire or licence, it was reasonable to expect that it would continue for at least 50 years; and (b) unless the supplier is an * Australian government agency—the terms of the lease, hire or licence, or the renewal or extension of the lease, hire or licence, as they apply to the * recipient are substantially the same as those under which the supplier held the premises. luxury car has the same meaning as in section 25 ‑ 1 of the A New Tax System (Luxury Car Tax) Act 1999 . luxury car tax has the meaning given by section 27 ‑ 1 of the A New Tax System (Luxury Car Tax) Act 1999 . luxury car tax law has the meaning given in section 27 ‑ 1 of the A New Tax System (Luxury Car Tax) Act 1999 . managing operator has the meaning given by subparagraph 80 ‑ 5(1)(c)(i), 80 ‑ 40(1)(c)(i) or 80 ‑ 80(1)(c)(i). managing operator’s payment or supply has the meaning given by subsection 80 ‑ 5(2), 80 ‑ 40(2) or 80 ‑ 80(2). margin , in relation to a * taxable supply of * real property, has the meaning given by sections 75 ‑ 10, 75 ‑ 11 and 75 ‑ 16. Note: This meaning is affected by sections 75 ‑ 12 to 75 ‑ 15. margin scheme : a * taxable supply of * real property is under the margin scheme if subsection 75 ‑ 5(1) applies. MEC group has the meaning given by section 719 ‑ 5 of the * ITAA 1997. medical practitioner means a person who is a medical practitioner for the purposes of the Health Insurance Act 1973 . medical service means: (a) a service for which medicare benefit is payable under Part II of the Health Insurance Act 1973 ; or (aa) a service for which medicare benefit would be payable under that Part if section 19AD of that Act were disregarded; or (b) any other service supplied by or on behalf of a * medical practitioner or * approved pathology practitioner that is generally accepted in the medical profession as being necessary for the appropriate treatment of the * recipient of the supply. member : (a) in relation to a * GST group—has the meaning given by section 48 ‑ 7; or (b) in relation to a * GST religious group—means an entity currently approved as one of the members of the group under section 49 ‑ 5 or paragraph 49 ‑ 70(1)(a); or (c) in relation to a * consolidated group—has the meaning given by section 703 ‑ 15 of the * ITAA 1997. mineral deposit means a deposit of * minerals, and includes a deposit of sand or gravel. minerals has the meaning given by section 40 ‑ 730 of the * ITAA 1997. monetary prize means: (a) any prize, or part of a prize, in the form of * money or * digital currency; or (b) if the prize is given at a casino—any prize, or part of a prize, in the form of: (i) money or digital currency; or (ii) gambling chips that may be redeemed for money or digital currency. money includes: (a) currency (whether of Australia or of any other country); and (b) promissory notes and bills of exchange; and (c) any negotiable instrument used or circulated, or intended for use or circulation, as currency (whether of Australia or of any other country); and (d) postal notes and money orders; and (e) whatever is supplied as payment by way of: (i) credit card or debit card; or (ii) crediting or debiting an account; or (iii) creation or transfer of a debt. However, it does not include: (f) a collector’s piece; or (g) an investment article; or (h) an item of numismatic interest; or (i) currency the market value of which exceeds its stated value as legal tender in the country of issue; or (j) one or more digital units of value to which paragraphs (a) to (f) of the definition of digital currency apply. net amount , for a tax period, has the meaning given by section 17 ‑ 5. However: (a) it has the meaning given by section 162 ‑ 105 if the tax period is an * instalment tax period; or (b) it has the meaning given by section 123 ‑ 15 if a choice under Division 123 to apply a * simplified accounting method has effect during the tax period, and paragraph (a) does not apply; or (c) it has the meaning given by section 126 ‑ 5 if you are liable for GST on a * gambling supply that is attributable to the tax period, and paragraphs (a) and (b) do not apply. Note: Subdivision 21 ‑ A of the Wine Tax Act and Subdivision 13 ‑ A of the A New Tax System (Luxury Car Tax) Act 1999 can affect the net amount. net capital loss has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. net GST : the net GST that is or would be payable by an entity for a supply is: (a) the GST that is or would be payable by the entity on the supply; plus (b) the sum of any * increasing adjustments that the entity has or would have relating to the supply; minus (c) the sum of any * decreasing adjustments that the entity has or would have relating to the supply. net refund position has the meaning given by subsection 162 ‑ 5(3). new recreational boat has the meaning given by subsection 38 ‑ 185(5). new residential premises has the meaning given by section 40 ‑ 75. nominal defendant settlement sharing arrangement has the meaning given by subsection 80 ‑ 40(1). non ‑ cash benefit has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. non ‑ creditable insurance event has the meaning given by subsection 78 ‑ 10(3). non ‑ deductible expense has the meaning given by subsections 69 ‑ 5(3) and (3A). non ‑ entity joint venture has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. non ‑ government higher education institution means an institution that is not a * higher education institution and that: (a) is established as a non ‑ government higher education institution under the law of a State or Territory; or (b) is registered by a State or Territory higher education recognition authority. non ‑ profit association means an entity all the members of which are non ‑ profit bodies. Non ‑ profit sub ‑ entity has the meaning given by subsection 63 ‑ 15(3). non ‑ resident means an entity that is not an * Australian resident. non ‑ taxable importation has the meaning given by section 13 ‑ 10 and Division 42. notified instalment amount has the meaning given by subsection 162 ‑ 135(1). officer has the meaning given by the Corporations Act 2001 . offshore supply of low value goods has the meaning given by section 84 ‑ 77. operator of a * compulsory third party scheme means an entity that is required to make payments or supplies in settlement of claims under the scheme. outwards duty free shop has the same meaning as in section 96A of the Customs Act 1901 . overdue : a debt is overdue if there has been a failure to discharge the debt, and that failure is a breach of the debtor’s obligations in relation to the debt. participant , in relation to a * GST joint venture, has the meaning given by section 51 ‑ 7. partly creditable : (a) in relation to an acquisition, has the meaning given by sections 11 ‑ 30 and 70 ‑ 20; or (b) in relation to an importation, has the meaning given by section 15 ‑ 25. partnership has the meaning given by section 995 ‑ 1 of the * ITAA 1997. passed on has a meaning affected by section 142 ‑ 25. period of review , for an * assessment, has the meaning given by section 155 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . person includes a * company. place of consignment of goods means: (a) if the goods are posted to a place in the indirect tax zone—the place in the indirect tax zone to which the goods are addressed; or (aa) if the supplier of the goods is to deliver the goods to a place in the indirect tax zone—the place in the indirect tax zone to which the goods are to be delivered under the contract for the supply of the goods; or (ab) if: (i) neither paragraph (a) nor (aa) applies; and (ii) the goods are to be transported into the indirect tax zone by an entity supplying a transport service to an entity that is to import the goods into the indirect tax zone; the place in the indirect tax zone to which the goods are to be delivered under the contract for the supply of the transport service; or (b) in any other case—the port or airport of final destination as indicated on the * transportation document. place of export of goods means: (a) if the goods were posted from a place in the indirect tax zone—the place from which they were posted; or (b) if paragraph (a) does not apply and the goods were packed in a * freight container: (i) the last place from which they were collected, or to which they were delivered, prior to being so packed; or (ii) if subparagraph (i) does not apply—the place where they were so packed; or (c) if the goods are self transported goods—the place, or last place, from which the goods departed the indirect tax zone; or (d) if paragraphs (a), (b) and (c) do not apply—the place, or first place, where the goods were placed on board a ship or aircraft for export from the indirect tax zone. potential residential land means land that it is permissible to use for residential purposes, but that does not contain any buildings that are * residential premises. precious metal means: (a) gold (in an investment form) of at least 99.5% fineness; or (b) silver (in an investment form) of at least 99.9% fineness; or (c) platinum (in an investment form) of at least 99% fineness; or (d) any other substance (in an investment form) specified in the regulations of a particular fineness specified in the regulations. predominantly for long ‑ term accommodation has the meaning given by subsection 87 ‑ 20(3). pre ‑ establishment acquisition has the meaning given by section 60 ‑ 15. pre ‑ establishment importation has the meaning given by section 60 ‑ 15. premises , in relation to a supply of * food, has the meaning given by section 38 ‑ 5. premium selection test is satisfied has the meaning given by subsection 79 ‑ 5(2). prepaid phone card or facility has the meaning given by subsection 100 ‑ 25(2). pre ‑ school course means a course that is delivered: (a) in accordance with a pre ‑ school curriculum recognised by: (i) the education authority of the State or Territory in which the course is delivered; or (ii) a State or Territory body that has the responsibility for recognising pre ‑ school curricula for courses delivered in that State or Territory; and (b) by a * school that is recognised as a pre ‑ school under the law of the State or Territory. previously attributed GST amount has the meaning given by section 19 ‑ 45. previously attributed input tax credit amount has the meaning given by section 19 ‑ 75. price , in relation to a supply, has the meaning given by sections 9 ‑ 75 and 84 ‑ 20. primary course means: (a) a course of study or instruction that is delivered: (i) in accordance with a primary curriculum recognised by the education authority of the State or Territory in which the course is delivered; and (ii) by a * school that is recognised as a primary school under the law of the State or Territory; or (b) any other course of study or instruction that the * Student Assistance Minister has determined is a primary course for the purposes of this Act. primary production business has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. principal member , for a * GST religious group, is the * member of the group nominated as mentioned in paragraph 49 ‑ 5(c), or approved as a replacement principal member for the group under paragraph 49 ‑ 70(1)(c). private health insurance means insurance provided under a contract of insurance that was entered into by a private health insurer (within the meaning of the Private Health Insurance Act 2007 ) in the course of carrying on health insurance business (within the meaning of Division 121 of that Act). professional or trade course means a course leading to a qualification that is an * essential prerequisite: (a) for entry to a particular profession or trade in Australia; or (b) to commence the practice of (but not to maintain the practice of) a profession or trade in Australia. professional service has the meaning given by subsection 3(1) of the Health Insurance Act 1973 . projected GST turnover has the meaning given by section 188 ‑ 20. Note: This meaning is affected by sections 188 ‑ 22 and 188 ‑ 25. property subdivision plan means a plan: (a) for the division of * real property; and (b) that is registered (however described) under an * Australian law. Note: Examples are strata title plans and plans to subdivide land. quarterly tax period has the meaning given by subsection 31 ‑ 8(2). real property includes: (a) any interest in or right over land; or (b) a personal right to call for or be granted any interest in or right over land; or (c) a licence to occupy land or any other contractual right exercisable over or in relation to land. recipient , in relation to a supply, means the entity to which the supply was made. recipient created tax invoice has the meaning given by subsection 29 ‑ 70(3). recipients contribution has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 but includes any consideration paid in respect of the provision of a benefit that is an exempt benefit for the purposes of that Act. recipient’s payment has the meaning given by paragraph 9(2)(e) or 10(3)(c) of the Fringe Benefits Tax Assessment Act 1986 . recognised professional : a person is a recognised professional, in relation to the supply of a service of a kind specified in the table in subsection 38 ‑ 10(1), if: (a) the service is supplied in a State or Territory in which the person has a permission or approval, or is registered, under a * State law or a * Territory law prohibiting the supply of services of that kind without such permission, approval or registration; or (b) the service is supplied in a State or Territory in which there is no State law or Territory law requiring such permission, approval or registration, and the person is a member of a professional association that has uniform national registration requirements relating to the supply of services of that kind; or (c) in the case of services covered by item 3 in the table—the service is supplied by an accredited service provider within the meaning of section 4 of the Hearing Services Administration Act 1997 . recognised tax adviser has the meaning given by section 995 ‑ 1 of the * ITAA 1997. redeliverer , of a * supply of low value goods, has the meaning given by subsection 84 ‑ 77(4). reduced credit acquisition has the meaning given by section 70 ‑ 5. refiner of precious metal means an entity that satisfies the Commissioner that it regularly converts or refines * precious metal in * carrying on its * enterprise. registered means: (a) in relation to an entity—registered under Part 2 ‑ 5; or (b) in relation to a branch of an entity—registered under Division 54. registration turnover threshold has the meaning given by sections 23 ‑ 15 and 63 ‑ 25. relates to business finance has the meaning given by subsection 129 ‑ 10(3). relevant traveller : (a) in relation to goods that are exported—has the same meaning as in section 96A of the Customs Act 1901 ; and (b) in relation to goods that are * airport shop goods—has the same meaning as in section 96B of the Customs Act 1901 . religious practitioner means: (a) a minister of religion; or (b) a student at an institution who is undertaking a course of instruction in the duties of a minister of religion; or (c) a full ‑ time member of a religious order; or (d) a student at a college conducted solely for training persons to become members of religious orders. representative means: (a) a trustee in bankruptcy; or (b) a * liquidator; or (c) a receiver; or (ca) a controller (within the meaning of section 9 of the Corporations Act 2001 ); or (d) an administrator appointed to an entity under Division 2 of Part 5.3A of the Corporations Act 2001 ; or (e) a person appointed, or authorised, under an * Australian law to manage the affairs of an entity because it is unable to pay all its debts as and when they become due and payable; or (f) an administrator of a deed of company arrangement executed by the entity. representative member , of a * GST group, is the * member of the group last nominated as mentioned in paragraph 48 ‑ 5(1)(d) or 48 ‑ 70(1)(c). required to be registered has the meaning given by sections 23 ‑ 5, 57 ‑ 20, 58 ‑ 20 and 144 ‑ 5. resident agent means an agent that is an * Australian resident. residential premises means land or a building that: (a) is occupied as a residence or for residential accommodation; or (b) is intended to be occupied, and is capable of being occupied, as a residence or for residential accommodation; (regardless of the term of the occupation or intended occupation) and includes a * floating home. retailer means an entity that, in the course or furtherance of * carrying on its * enterprise, sells * goods to people who buy them for private or domestic use or consumption. retirement village : premises are a retirement village if: (a) the premises are * residential premises; and (b) accommodation in the premises is intended to be for persons who are at least 55 years old, or who are a certain age that is more than 55 years; and (c) the premises include communal facilities for use by the residents of the premises; but the following are not retirement villages: (d) an * approved residential care home; (e) * commercial residential premises. reviewable GST decision has the meaning given by Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 . satisfies the membership requirements : (a) in relation to a * GST group—has the meaning given by section 48 ‑ 10, 63 ‑ 50 or 149 ‑ 25; or (b) in relation to a * GST religious group—has the meaning given by section 49 ‑ 10. satisfies the participation requirements for a * GST joint venture has the meaning given by section 51 ‑ 10. scheme has the meaning given by subsection 165 ‑ 10(2). school means an institution that supplies * pre ‑ school courses, * primary courses, * secondary courses or * special education courses but not any other * education course. secondary course means: (a) a course of study or instruction that is a secondary course determined by the * Student Assistance Minister under subsection 5D(1) of the Student Assistance Act 1973 for the purposes of that Act; or (b) any other course of study or instruction that the Student Assistance Minister has determined is a secondary course for the purposes of this Act. second ‑ hand goods does not include: (a) goods (except * incidental valuable metal goods) to the extent that they consist of * valuable metal; or (c) animals or plants. serviced apartment : an apartment (however described) is a serviced apartment in relation to a * retirement village if: (a) the apartment is designed to be occupied by aged residents who require the services set out in a provision of the * aged care service list specified in regulations made for the purposes of this paragraph (b) at least one responsible person is continuously: (i) on call to render emergency assistance to the residents of the apartment; and (ii) in reasonable proximity to the apartment; and (c) the apartment is part of a single complex of apartments to which paragraphs (a) and (b) apply, and is accessible from a common corridor linking the apartment to the other apartments in the complex; and (d) there is in the retirement village a communal dining facility that is available for use by the residents of apartments in the retirement village to which paragraphs (a), (b) and (c) apply. However, a detached house, row house, terrace house, town house or villa unit is not a serviced apartment. settlement amount has the meaning given by subsection 78 ‑ 15(4). share in a * company means a share in the capital of the company, and includes stock. ship means any vessel used in navigation, other than air navigation. ship’s stores has the meaning given by section 130C of the Customs Act 1901 . simplified accounting method means an arrangement in respect of which a determination under section 123 ‑ 5 is in force. small business entity has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. small enterprise entity has the meaning given by subsection 123 ‑ 7(1). small enterprise turnover threshold has the meaning given by subsection 123 ‑ 7(2). special education course means a course of education that provides special programs designed specifically for children with disabilities or students with disabilities (or both). special professional has the meaning given by subsection 405 ‑ 25(1) of the * ITAA 1997. stated monetary value has the meanings given by subsections 100 ‑ 5(2A) and (2B). State law has the meaning given by section 995 ‑ 1 of the * ITAA 1997. statutory compensation scheme has the meaning given by section 78 ‑ 105. stratum unit has the meaning given by subsection 124 ‑ 190(3) of the * ITAA 1997. student accommodation has the meaning given by subsection 38 ‑ 105(3). Student Assistance Minister has the same meaning as in the Income Tax Assessment Act 1997 . Subdivision 38 ‑ P period , in relation to the supply of a * car to an individual, means the period starting when he or she acquires it and ending at the earliest of the following times: (a) the end of 2 years after the acquisition; (b) the time when the car is no longer reasonably capable of being used for the purpose for which cars of that kind are ordinarily used; (c) a time that the Commissioner considers to be appropriate in special circumstances. substantial renovations of a building are renovations in which all, or substantially all, of a building is removed or replaced. However, the renovations need not involve removal or replacement of foundations, external walls, interior supporting walls, floors, roof or staircases. superannuation fund has the meaning given by section 995 ‑ 1 of the * ITAA 1997. supplier ‑ taxed offshore supply of low value goods has the meaning given by section 84 ‑ 85. supply has the meaning given by section 9 ‑ 10. supply of a going concern has the meaning given by subsection 38 ‑ 325(2). supply of low value goods has the meaning given by section 84 ‑ 79. taxable at less than 1 / 11 of the price has the meaning given by subsection 136 ‑ 50(1). taxable dealing , in relation to * wine, has the meaning given by section 33 ‑ 1 of the * Wine Tax Act. taxable importation has the meaning given by subsections 13 ‑ 5(1) and 114 ‑ 5(1). taxable importation of a luxury car has the meaning given by section 27 ‑ 1 of the A New Tax System (Luxury Car Tax) Act 1999 . taxable supply has the meaning given by sections 9 ‑ 5, 78 ‑ 50, 84 ‑ 5 and 105 ‑ 5. Note: This meaning is also affected by sections 49 ‑ 30, 66 ‑ 45, 72 ‑ 5, 78 ‑ 25, 78 ‑ 60, 78 ‑ 65, 78 ‑ 70, 79 ‑ 60, 79 ‑ 85, 80 ‑ 10, 80 ‑ 50, 84 ‑ 85, 90 ‑ 5, 100 ‑ 5, 100 ‑ 18, 110 ‑ 5, 110 ‑ 15, 110 ‑ 20, 110 ‑ 25, 110 ‑ 30, 113 ‑ 5 and 142 ‑ 10. taxation law has the meaning given by section 2 of the Taxation Administration Act 1953 . tax invoice has the meaning given by subsections 29 ‑ 70(1) and 48 ‑ 57(1), and includes a document that the Commissioner treats as a tax invoice under subsection 29 ‑ 70(1B). However, it does not include a document that does not comply with the requirements of section 54 ‑ 50 (if applicable). taxi travel means travel that involves transporting passengers, by taxi or limousine, for fares. tax loss has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. tax period means a tax period applying to you under: (a) Division 27 (about quarterly and one month tax periods); or (b) section 48 ‑ 73 (about GST groups with incapacitated entities); or (c) section 57 ‑ 35 (about resident agents); or (d) section 58 ‑ 35 (about representatives of incapacitated entities); or (e) section 151 ‑ 40 (about annual tax periods); or (f) section 162 ‑ 55 (about instalment tax periods). tax period turnover threshold has the meaning given by subsection 27 ‑ 15(3). tax ‑ related liability has the meaning given by section 255 ‑ 1 in Schedule 1 to the Taxation Administration Act 1953 . telecommunication supply has the meaning given by section 85 ‑ 10. Territory law has the meaning given by section 995 ‑ 1 of the * ITAA 1997. tertiary course means: (a) a course of study or instruction that is a tertiary course determined by the * Student Assistance Minister under subsection 5D(1) of the Student Assistance Act 1973 for the purposes of that Act; or (aa) a course of study or instruction accredited at Masters or Doctoral level and supplied by a * higher education institution or a * non ‑ government higher education institution; or (b) any other course of study or instruction that the Student Assistance Minister has determined is a tertiary course for the purposes of this Act. tertiary residential college course means a course supplied in connection with a * tertiary course at premises that are used to provide accommodation to students undertaking tertiary courses. thing means anything that can be supplied or imported. third party adjustment note means a document that complies with the requirements of section 134 ‑ 20 and (if applicable) section 54 ‑ 50. total Subdivision 66 ‑ B credit amount has the meaning given by subsection 66 ‑ 65(1). total Subdivision 66 ‑ B GST amount has the meaning given by subsection 66 ‑ 65(2). tradex order has the meaning given by subsection 141 ‑ 10(2). tradex scheme goods has the meaning given by subsection 141 ‑ 10(1). transportation document includes the following: (a) a consignment note; (b) a house bill of lading; (c) an ocean bill of lading; (d) a house air waybill; (e) a master air waybill; (f) a sea waybill; (g) a straight line air waybill; (h) a sub ‑ master air waybill; (i) other similar documents. TSA contributing member of a * consolidated group or a * MEC group has the meaning given by paragraph 721 ‑ 25(1)(a) of the * ITAA 1997. turnover threshold has the meaning given by subsection 188 ‑ 10(3). unit trust has the meaning given by subsection 202A(1) of the * ITAA 1936. untaxable Commonwealth entity has the meaning given by section 177 ‑ 1. valid meal entertainment register means a valid meal entertainment register within the meaning of section 37CA of the Fringe Benefits Tax Assessment Act 1986 . valuable metal means: (a) gold, silver or platinum; or (b) any other substance specified for the purposes of paragraph (d) of the definition of precious metal in this section. valuable metal threshold has the meaning given by section 86 ‑ 10. value : (a) value of a * taxable importation has the meaning given by sections 13 ‑ 20, 13 ‑ 25, 117 ‑ 5 and 117 ‑ 10; and (b) value of a * taxable supply has the meaning given by sections 9 ‑ 75, 9 ‑ 80, 72 ‑ 10, 72 ‑ 70, 78 ‑ 5, 78 ‑ 60, 78 ‑ 95, 79 ‑ 40, 79 ‑ 85, 87 ‑ 10, 90 ‑ 10, 96 ‑ 10 and 108 ‑ 5; (d) value of a supply includes the meaning given by section 188 ‑ 35. Note: Section 188 ‑ 30 contains a means of working out, for the purposes of Division 188, the value of a supply that is not a taxable supply, and section 188 ‑ 32 contains a means of working out, for those purposes, the value of gambling supplies. varied instalment amount has the meaning given by subsection 162 ‑ 140(1) and paragraph 162 ‑ 140(5)(a). voucher has the meaning given by subsection 100 ‑ 25(1). wine has the meaning given by Subdivision 31 ‑ A of the * Wine Tax Act. wine tax has the meaning given by section 33 ‑ 1 of the * Wine Tax Act. Wine Tax Act means the A New Tax System (Wine Equalisation Tax) Act 1999 . wine tax law has the meaning given in section 33 ‑ 1 of the * Wine Tax Act. withholding payment covered by a particular provision in Schedule 1 to the Taxation Administration Act 1953 has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. withholding payment has the meaning given by subsection 995 ‑ 1(1) of the * ITAA 1997. you : if a provision of this Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note: The expression you is not used in provisions that apply only to entities that are not individuals.", "Amendment_Count": 74, "First_Amended": "No 176 of 1999", "Last_Amended": "No 45 of 2025", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 178 of 1999 | No 179 of 1999 | No 52 of 2000 | No 92 of 2000 | No 156 of 2000 | No 55 of 2001 | No 73 of 2001 | No 77 of 2001 | No 168 of 2001 | No 169 of 2001 | No 97 of 2002 | No 67 of 2003 | No 101 of 2003 | No 20 of 2004 | No 95 of 2004 | No 101 of 2004 | No 134 of 2004 | No 143 of 2004 | No 10 of 2005 | No 41 of 2005 | No 78 of 2005 | No 32 of 2006 | No 58 of 2006 | No 73 of 2006 | No 80 of 2006 | No 101 of 2006 | No 32 of 2007 | No 56 of 2007 | No 80 of 2007 | No 112 of 2007 | No 143 of 2007 | No 14 of 2008 | No 114 of 2008 | No 118 of 2008 | No 145 of 2008 | No 133 of 2009 | No 20 of 2010 | No 21 of 2010 | No 56 of 2010 | No 74 of 2010 | No 91 of 2010 | No 41 of 2011 | No 51 of 2011 | No 132 of 2011 | No 12 of 2012 | No 39 of 2012 | No 75 of 2012 | No 169 of 2012 | No 76 of 2013 | No 84 of 2013 | No 96 of 2013 | No 124 of 2013 | No 34 of 2014 | No 83 of 2014 | No 2 of 2015 | No 36 of 2015 | No 126 of 2015 | No 52 of 2016 | No 15 of 2017 | No 76 of 2017 | No 77 of 2017 | No 118 of 2017 | No 8 of 2019 | No 59 of 2019 | No 116 of 2019 | No 69 of 2020 | No 127 of 2021 | No 29 of 2023 | No 69 of 2023 | No 8 of 2025 | No 45 of 2025", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 133 | Sch 1 item 134 | Sch 1 item 135 | Sch 1 item 136 | Sch 1 item 137 | Sch 1 item 138 | Sch 1 item 139 | Sch 1 item 140 | Sch 1 item 141 | Sch 1 item 142 | Sch 1 item 143 | Sch 1 item 144 | Sch 1 item 145 | Sch 1 item 146 | Sch 1 item 147 | Sch 1 item 148 | Sch 1 item 149 | Sch 1 item 150 | Sch 1 item 151 | Sch 1 item 152 | Sch 1 item 153 | Sch 1 item 154 | Sch 1 item 155 | Sch 1 item 156 | Sch 1 item 157 | Sch 1 item 158 | Sch 1 item 159 | Sch 1 item 160 | Sch 1 item 161 | Sch 1 item 162 | Sch 1 item 163 | Sch 1 item 164 | Sch 1 item 165 | Sch 1 item 166 | Sch 1 item 192 | Sch 1 item 197 | Sch 1 item 198 | Sch 1 item 199 | Sch 1 item 200 | Sch 1 item 201 | Sch 1 item 202 | Sch 1 item 249 | Sch 1 item 251 | Sch 1 item 253 | Sch 1 item 254 | Sch 2 item 1 | Sch 3 item 54 | Sch 3 item 55 | Sch 3 item 56 | Sch 3 item 57 | Sch 3 item 58 | Sch 3 item 59 | Sch 3 item 60 | Sch 3 item 61 | Sch 3 item 62 | Sch 3 item 64 | Sch 3 item 67 | Sch 3 item 69 | Sch 3 item 70 | Sch 7 item 14 | Sch 7 item 15 | Sch 7 item 16 | Sch 8 item 3 | Sch 8 item 5 | Sch 8 item 16 | Sch 8 item 20, effective Sch 1 (items 1–168) and Sch 7 (items 9–16): 1 July 2000 (s 2(2), (5), (14)(b)) | Amended by No 177 of 1999, Sch 6 item 119 | Sch 6 item 120 | Sch 6 item 121 | Sch 6 item 122 | Sch 6 item 123 | Sch 6 item 124 | Sch 6 item 125 | Sch 6 item 126 | Sch 6 item 127 | Sch 6 item 128 | Sch 6 item 129 | Sch 6 item 130 | Sch 6 item 131 | Sch 6 item 132 | Sch 6 item 133 | Sch 6 item 134 | Sch 6 item 135 | Sch 6 item 136 | Sch 6 item 137 | Sch 6 item 138 | Sch 6 item 139 | Sch 6 item 140 | Sch 6 item 141 | Sch 6 item 142 | Sch 6 item 143 | Sch 6 item 144 | Sch 6 item 145 | Sch 6 item 146 | Sch 6 item 147 | Sch 6 item 148 | Sch 6 item 149 | Sch 6 item 150 | Sch 6 item 151 | Sch 6 item 152 | Sch 6 item 153 | Sch 6 item 154 | Sch 6 item 155 | Sch 6 item 156 | Sch 6 item 157 | Sch 6 item 158 | Sch 6 item 159 | Sch 6 item 160 | Sch 6 item 161 | Sch 6 item 162 | Sch 6 item 6 | Sch 6 item 10 | Sch 6 item 1 | Sch 6 item 5 | Sch 6 item 14 | Sch 6 item 19 | Sch 6 item 22 | Sch 6 item 24 | Sch 6 item 29 | Sch 6 item 33 | Sch 6 item 7 | Sch 6 item 8 | Sch 6 item 9 | Sch 6 item 12 | Sch 6 item 13, effective Sch 1 (items 1–162): 1 July 2000 (s 2(2)) | Amended by No 178 of 1999, Sch 1 item 65 | Sch 1 item 66 | Sch 1 item 67 | Sch 1 item 68 | Sch 1 item 69, effective Sch 1 (items 50–69): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 6 | Sch 18 item 17 | Sch 18 item 21, effective Sch 2 (items 5–8): 22 Dec 1999 (s 2(1)) Sch 12 (items 1, 2) and Sch 15 (items 1–6): 1 July 2000 (s 2(12)) | Amended by No 52 of 2000, Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4, effective 30 May 2000 | Amended by No 92 of 2000, Sch 1 item 7A | Sch 1 item 8 | Sch 1 item 8A | Sch 1 item 8B | Sch 1 item 8C | Sch 1 item 8D | Sch 1 item 8E | Sch 1 item 8F | Sch 1 item 9 | Sch 2 item 7 | Sch 2 item 8 | Sch 5 item 8 | Sch 5 item 9 | Sch 5 item 10 | Sch 5 item 10A | Sch 5 item 10B | Sch 5 item 11 | Sch 7 item 21 | Sch 7 item 22 | Sch 7 item 23 | Sch 7 item 24 | Sch 7 item 25 | Sch 9 item 9 | Sch 9 item 10 | Sch 9 item 11 | Sch 11 item 12A | Sch 11 item 12B | Sch 11 item 13, effective Sch 1 (items 1–9), Sch 2, Sch 3, Sch 4 (items 1–9), Sch 5, Sch 6 (items 1–6), Sch 7 (items 4–25), Sch 8 (items 1–5), Sch 9 (items 1–11) and Sch 11 (items 3–13): 1 July 2000 (s 2(1)) | Amended by No 156 of 2000, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 15A | Sch 1 item 16 | Sch 2 item 12 | Sch 3 item 28 | Sch 3 item 29 | Sch 3 item 30 | Sch 3 item 31 | Sch 3 item 32 | Sch 3 item 33 | Sch 4 item 18 | Sch 4 item 19 | Sch 6 item 33 | Sch 6 item 34 | Sch 6 item 35 | Sch 6 item 36 | Sch 6 item 37 | Sch 6 item 38 | Sch 6 item 39 | Sch 6 item 40 | Sch 7 item 5 | Sch 7 item 6 | Sch 7 item 7 | Sch 7 item 155, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 156 of 2000, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 15A | Sch 1 item 16 | Sch 2 item 12 | Sch 3 item 28 | Sch 3 item 29 | Sch 3 item 30 | Sch 3 item 31 | Sch 3 item 32 | Sch 3 item 33 | Sch 4 item 18 | Sch 4 item 19 | Sch 6 item 33 | Sch 6 item 34 | Sch 6 item 35 | Sch 6 item 36 | Sch 6 item 37 | Sch 6 item 38 | Sch 6 item 39 | Sch 6 item 40 | Sch 7 item 5 | Sch 7 item 6 | Sch 7 item 7 | Sch 7 item 155, effective Sch 1 (items 1–16, 18), Sch 2 (items 1–12, 25), Sch 3, Sch 4, Sch 5 (items 1–3, 18(1)), and Sch 6 (items 1–40, 49(1), (2)): 21 Dec 2000 (s 2(1)) Sch 7 (items 1–7): 1 July 2000 (s 2(3)) | Amended by No 55 of 2001, Sch 3 item 31 | Sch 3 item 32 | Sch 3 item 33 | Sch 3 item 34, effective s 4–14 and Sch 3 (items 31–34): 15 July 2001 (s 2(1), (3)) | Amended by No 73 of 2001, Sch 5 item 20 | Sch 5 item 33 | Sch 5 item 34 | Sch 5 item 35 | Sch 5 item 36 | Sch 5 item 37 | Sch 5 item 38 | Sch 5 item 39 | Sch 5 item 40 | Sch 5 item 41 | Sch 5 item 42 | Sch 5 item 43 | Sch 5 item 44 | Sch 5 item 45 | Sch 5 item 46 | Sch 5 item 47 | Sch 5 item 48 | Sch 5 item 49 | Sch 5 item 50 | Sch 5 item 51 | Sch 5 item 52 | Sch 5 item 53 | Sch 5 item 54 | Sch 5 item 55, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 77 of 2001, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 370, effective Sch 2 (items 10–14, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 168 of 2001, Sch 1 item 5, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 169 of 2001, Sch 5 item 12 | Sch 5 item 13, effective s 4 and Sch 5 (items 9A–14): 1 Oct 2001 (s 2(1), (4A)) | Amended by No 97 of 2002, Sch 1 item 5 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16, effective Schedule 1 (items 1–6, 9–11, 14–16, 19): Royal Assent | Amended by No 67 of 2003, Sch 11 item 20 | Sch 11 item 21 | Sch 11 item 22 | Sch 11 item 23 | Sch 11 item 24 | Sch 11 item 25 | Sch 11 item 26 | Sch 11 item 27 | Sch 11 item 28 | Sch 11 item 29 | Sch 11 item 30 | Sch 11 item 31 | Sch 11 item 32 | Sch 11 item 33 | Sch 11 item 34 | Sch 11 item 35 | Sch 11 item 36 | Sch 11 item 37 | Sch 11 item 38 | Sch 11 item 39 | Sch 11 item 40 | Sch 11 item 41, effective Schedule 11 (items 1–41, 43): Royal Assent | Amended by No 101 of 2003, Sch 6 item 9 | Sch 6 item 2, effective Sch 6 (item 2): 1 July 2000 (s 2(1) item 9) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 95 of 2004, effective Schedule 10 (items 4–17, 42, 44(1), (2)): 1 July 2005 | Amended by No 101 of 2004, effective Schedule 6: Royal Assent | Amended by No 134 of 2004, effective Schedule 3 (items 1–4): 13 Dec 2004 (s 2(1) item 4) Remainder: Royal Assent | Amended by No 143 of 2004, effective 14 Dec 2004 | Amended by No 10 of 2005, Sch 1 item 4 | Sch 1 item 5, effective Schedule 1 (items 3–5): 1 July 2005 | Amended by No 41 of 2005, Sch 10 item 11 | Sch 10 item 13 | Sch 10 item 14 | Sch 10 item 213, effective Schedule 10 (items 1–14): Royal Assent | Amended by No 78 of 2005, Sch 6 item 22 | Sch 6 item 23 | Sch 6 item 24 | Sch 6 item 25 | Sch 6 item 26 | Sch 6 item 26A | Sch 6 item 27 | Sch 6 item 27A, effective 29 June 2005 | Amended by No 32 of 2006, Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 18 | Sch 4 item 19, effective 6 Apr 2006 | Amended by No 58 of 2006, Sch 7 item 13 | Sch 7 item 14 | Sch 7 item 15, effective Schedule 7 (items 2–15, 220–226): Royal Assent | Amended by No 73 of 2006, Sch 5 item 9 | Sch 5 item 10 | Sch 5 item 16 | Sch 5 item 23 | Sch 5 item 24 | Sch 5 item 137, effective Schedule 5 (items 2, 3, 65–137): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2006, Sch 12 item 15 | Sch 15 item 8 | Sch 15 item 9, effective Schedule 10 (items 3–5): 1 July 2005 Schedules 12 and 15: Royal Assent | Amended by No 101 of 2006, Sch 2 item 778 | Sch 2 item 1019, effective Schedule 2 (items 13, 1017, 1019) and Schedule 6 (items 1, 6–11): Royal Assent | Amended by No 32 of 2007, Sch 2 item 2A | Sch 2 item 3, effective Schedule 2 (item 2A): Royal Assent Schedule 2 (item 3): 1 Apr 2007 ( see s. 2(1)) | Amended by No 56 of 2007, Sch 3 item 10, effective 12 Apr 2007 | Amended by No 80 of 2007, Sch 2 item 53 | Sch 2 item 54 | Sch 2 item 55 | Sch 2 item 56 | Sch 2 item 57 | Sch 2 item 58 | Sch 2 item 59 | Sch 2 item 60 | Sch 2 item 64 | Sch 2 item 65, effective 21 June 2007 | Amended by No 112 of 2007, Sch 1 item 16 | Sch 1 item 17, effective 28 June 2007 | Amended by No 143 of 2007, Sch 1 item 7 | Sch 7 item 3 | Sch 7 item 4 | Sch 7 item 5 | Sch 7 item 6, effective Schedule 1 (items 6, 7, 222, 225, 226): Royal Assent Schedule 7 (items 2–6): 1 July 2006 | Amended by No 14 of 2008 | Amended by No 114 of 2008 | Amended by No 118 of 2008 | Amended by No 145 of 2008, Sch 1 item 12, effective Schedule 1 (items 1–13): Royal Assent | Amended by No 133 of 2009, Sch 1 item 7, effective Schedule 1 (items 6, 7, 86, 87): 14 Dec 2009 | Amended by No 20 of 2010, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14, effective Schedule 1 (items 1–13, 19), Schedule 3 (items 1–29, 31), Schedule 4, Schedule 5 (items 1–3) and Schedule 6: Royal Assent Schedule 2 (items 1–11, 23(1)): 1 July 2010 | Amended by No 21 of 2010, Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 23, effective Sch 1 (items 1, 2, 4–9, 12–23, 29) and Sch 2 (items 1, 3): 24 Mar 2010 (s 2(1) items 2, 4, 6) Sch 1 (items 3, 10, 11) and Sch 2 (item 2): 24 Mar 2010 (s 2(1) items 3, 5, 8) | Amended by No 56 of 2010, Sch 6 item 15 | Sch 6 item 117, effective Schedule 6 (items 15, 117): Royal Assent | Amended by No 74 of 2010, Sch 1 item 36 | Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40 | Sch 3 item 4, effective Schedule 1 (items 1–40, 43–55, 63) and Schedule 3: Royal Assent Schedule 2 (items 1–5): 1 July 2010 | Amended by No 91 of 2010, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14, effective 29 June 2010 | Amended by No 41 of 2011, Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 7 | Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 13 | Sch 4 item 14 | Sch 5 item 2 | Sch 5 item 3, effective Schedule 4 (items 1–10, 16) and Schedule 5 (items 1–3): Royal Assent | Amended by No 51 of 2011, Sch 1 item 3, effective Schedule 1: 1 July 2011 | Amended by No 132 of 2011, Sch 2 item 2, effective Schedule 2 (items 1, 2): 10 May 2012 ( see Gazette 2012, No. GN18) | Amended by No 12 of 2012, Sch 3 item 5 | Sch 4 item 10 | Sch 6 item 71 | Sch 6 item 72 | Sch 6 item 73 | Sch 6 item 103 | Sch 6 item 104 | Sch 6 item 184, effective Schedule 3: 1 July 2012 Schedule 4 and Schedule 6 (items 68–73, 184): Royal Assent Schedule 6 (items 97–105): 22 Mar 2012 | Amended by No 39 of 2012, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 129 | Sch 2 item 2 | Sch 3 item 7 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 4 item 13, effective Sch 1 (items 3–5, 31–129, 224–226, 239–241), Sch 2 (items 1, 2) and Sch 3 (items 1–7): 1 July 2012 (s 2(1) items 2, 7) Sch 1 (items 242–245, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 1–13): 15 Apr 2012 (s 2(1) item 8) | Amended by No 75 of 2012, Sch 2 item 13, effective Sch 1 and 2: 27 June 2012 (s 2(1) item 2) | Amended by No 169 of 2012, Sch 2 item 126 | Sch 2 item 127 | Sch 2 item 128 | Sch 2 item 129 | Sch 2 item 130, effective Sch 2 (items 25, 69–130): 3 Dec 2012 (s 2(1) item 3) | Amended by No 76 of 2013, Sch 4 item 4 | Sch 4 item 5, effective Sch 4 (items 1–5): 1 Aug 2013 (s 2(1) item 5) Sch 4 (items 6, 7): 1 July 2014 (s 2(1) item 6) | Amended by No 84 of 2013, Sch 8 item 18, effective Sch 8 (items 17–19): 28 June 2013 (s 2(1) item 4) | Amended by No 96 of 2013, Sch 1 item 5, effective Sch 1 (item 5): 1 Jan 2014 (s 2(1) item 2) | Amended by No 124 of 2013, Sch 9 item 3, effective Sch 9: 29 June 2013 (s 2(1) item 10) | Amended by No 34 of 2014, Sch 2 item 11 | Sch 2 item 12, effective Sch 2 (items 1–12, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 83 of 2014, Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 7–9): 1 July 2014 (s 2(1) item 2) Sch 1 (item 330): 1 July 2014 (s 2(1) item 3) | Amended by No 2 of 2015, Sch 4 item 25 | Sch 4 item 26 | Sch 4 item 27 | Sch 4 item 28 | Sch 4 item 29 | Sch 4 item 30 | Sch 4 item 1936 | Sch 4 item 36 | Sch 4 item 37 | Sch 4 item 45 | Sch 4 item 47 | Sch 4 item 64, effective Sch 2 (items 21, 73): 1 July 2015 (s 2(1) item 4) Sch 4 (items 24–31, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 36 of 2015, Sch 5 item 3, effective Sch 5 (items 2, 3, 74–77) and Sch 7: 14 Apr 2015 (s 2) | Amended by No 126 of 2015, Sch 1 item 23, effective Sch 1 (items 20–23): 5 Mar 2015 (s 2(1) item 2) | Amended by No 52 of 2016, Sch 1 item 33 | Sch 1 item 34 | Sch 1 item 35 | Sch 1 item 36 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 24, effective Sch 1 (items 1–8, 10–36, 38, 39) and Sch 2 (items 1–17, 18–27): 1 July 2016 (s 2(1) item 1) | Amended by No 15 of 2017, Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 4 item 13 | Sch 4 item 14 | Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 18, effective Sch 4 (items 9–18): 1 Apr 2017 (s 2(1) item 8) | Amended by No 76 of 2017, Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12, effective 27 June 2017 (s 2(1) item 1) | Amended by No 77 of 2017, Sch 1 item 54 | Sch 1 item 55 | Sch 1 item 56 | Sch 1 item 57 | Sch 1 item 58 | Sch 1 item 59 | Sch 1 item 60, effective Sch 1 (items 1–60, 65, 66): 1 July 2017 (s 2(1) item 1) | Amended by No 118 of 2017, Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29, effective Sch 1: 1 July 2017 (s 2(1) item 2) | Amended by No 8 of 2019, Sch 8 item 20, effective Sch 8 (item 20): 1 Apr 2019 (s 2(1) item 11) | Amended by No 59 of 2019, Sch 2 item 1 | Sch 2 item 2, effective Sch 2 (items 1, 2): 30 Aug 2019 (s 2(1) item 2) | Amended by No 116 of 2019, Sch 1 item 72, effective Sch 1 (item 72) and Sch 4: 1 Jan 2020 (s 2(1) item 2) | Amended by No 69 of 2020, Sch 1 item 96 | Sch 1 item 97 | Sch 1 item 98, effective Sch 1 (items 90–98, 1465–1467): awaiting commencement (s 2(1) items 2, 5) | Amended by No 127 of 2021, Sch 3 item 45, effective Sch 3 (items 44, 45): 1 Jan 2022 (s 2(1) item 5) | Amended by No 29 of 2023, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 10, effective Sch 2 (items 1–3, 15): 1 July 2023 (s 2(1) item 2) | Amended by No 69 of 2023, Sch 21 item 109 | Sch 21 item 110, effective sch 4 (items 105-110, 114-116): 1 Oct 2023 (s 2(1) item 6) | Amended by No 8 of 2025, Sch 2 item 2, effective sch 2 (items 1, 2): 15 Feb 2025 (s 2(1) item 7) | Amended by No 45 of 2025, Sch 3 item 72 | Sch 3 item 73 | Sch 3 item 75 | Sch 3 item 76 | Sch 3 item 77 | Sch 3 item 78 | Sch 3 item 79, effective sch 3 (items 54 ‑ 79): 1 Nov 2025 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s195-1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Food that is not GST ‑ free", "Text": "* Food specified in the third column of the table is not GST ‑ free. Food that is not GST ‑ free Item Category Food 1 Prepared food quiches 2 sandwiches (using any type of bread or roll) 3 pizzas, pizza subs, pizza pockets and similar * food 4 * food marketed as a prepared meal, but not including soup 5 platters etc. of cheese, cold cuts, fruit or vegetables and other arrangements of * food 6 hamburgers, chicken burgers and similar * food 7 hot dogs 8 Confectionery confectionery, * food marketed as confectionery, food marketed as ingredients for confectionery or food consisting principally of confectionery 9 popcorn 10 confectionery novelties 11 * food known as muesli bars or health food bars, and similar foodstuffs 12 crystallised fruit, glace fruit and drained fruit 13 crystallised ginger and preserved ginger 14 edible cake decorations 15 Savoury snacks potato crisps, sticks or straws, corn crisps or chips, bacon or pork crackling or prawn chips 16 seeds or nuts that have been processed or treated by salting, spicing, smoking or roasting, or in any other similar way 17 caviar and similar fish roe 18 * food similar to that covered by item 15 or 16, whether or not it consists wholly or partly of any vegetable, herb, fruit, meat, seafood or dairy product or extract and whether or not it is artificially flavoured 19 * food consisting principally of food covered by items 15 to 18 20 Bakery products cakes, slices, cheesecakes, pancakes, waffles, crepes, muffins and puddings 21 pavlova and meringues 22 pies (meat, vegetable or fruit), pasties and sausage rolls 23 tarts and pastries 24 doughnuts and croissants 25 pastizzi, calzoni and brioche 26 scones and scrolls 27 bread (including buns) with a sweet filling or coating 28 Ice ‑ cream food ice ‑ cream, ice ‑ cream cakes, ice ‑ creams and ice ‑ cream substitutes 29 frozen confectionery, frozen yoghurt and frozen fruit products (but not frozen whole fruit) 30 flavoured iceblocks (whether or not marketed in a frozen state) 31 any * food similar to food listed in items 28 to 30 32 Biscuit goods * food that is, or consists principally of, biscuits, cookies, crackers, pretzels, cones or wafers", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s1"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Prepared food, bakery products and biscuit goods", "Text": "For the purpose of determining whether particular * food is covered by any of the items in the table relating to the category of prepared food, bakery products or biscuit goods, it does not matter whether it is supplied hot or cold, or requires cooking, heating, thawing or chilling prior to consumption.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s2"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Prepared meals", "Text": "Item 4 in the table only applies to * food that requires refrigeration or freezing for its storage.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s3"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Candied peel", "Text": "None of the items in the table relating to the category of confectionery include candied peel.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s4"}
{"Act_Short_Name": "GST", "Act_Title": "A New Tax System (Goods and Services Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00446", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Goods that are not biscuit goods", "Text": "None of the items in the table relating to the category of biscuit goods include: (a) breakfast * food consisting principally of compressed, rolled or flattened cereal; or (b) rusks for infants or invalids, or goods consisting principally of those rusks.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00446/latest/text#s5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 48 of 1950", "Last_Amended": "No 103 of 1965", "Amending_Acts": "No 48 of 1950 | No 103 of 1965", "History_Notes": "Repealed and substituted by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Repealed and substituted by No 103 of 1965, effective 14 Dec 1965 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s1"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Interpretation", "Text": "(1AA) So far as a provision of the Income Tax Assessment Act 1936 gives an expression a particular meaning, the provision does not also have effect for the purposes of the Income Tax Assessment Act 1997 (the 1997 Act ), or for the purposes of Schedule 1 to the Taxation Administration Act 1953 , except as provided in the 1997 Act or in that Schedule. (1) In this Act, unless the contrary intention appears: 100% subsidiary has the same meaning as in the Income Tax Assessment Act 1997 . adjusted fringe benefits total , of a taxpayer for a year of income, has the meaning given by clause 4 of Schedule 3 to the A New Tax System (Family Assistance) Act 1999 . adjusted taxable income for rebates means adjusted taxable income (within the meaning of the A New Tax System (Family Assistance) Act 1999 , disregarding clauses 3 and 3A of Schedule 3 to that Act). AFOF means an Australian venture capital fund of funds within the meaning of subsection 118 ‑ 410(3) of the Income Tax Assessment Act 1997 . agent : this Act applies to some entities (within the meaning of the Income Tax Assessment Act 1997 ) that are not agents in the same way as it applies to agents: see section 960 ‑ 105 of the Income Tax Assessment Act 1997 . allowable deduction has the same meaning as deduction has in the Income Tax Assessment Act 1997 . AMIT (short for attribution managed investment trust ) has the same meaning as in the Income Tax Assessment Act 1997 . amount paid ‑ up on a share means the amount (if any), including any premium, paid on that share. amount unpaid on a share means the amount (if any) unpaid on that share. apportionable deductions has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . approved stock exchange has the same meaning as in the Income Tax Assessment Act 1997 . assessable income has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . assessment means: (a) the ascertainment: (i) of the amount of taxable income (or that there is no taxable income); and (ii) of the tax payable on that taxable income (or that no tax is payable); and (iii) of the total of a taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or Note 1: A taxpayer does not have a taxable income if the taxpayer’s deductions equal or exceed the taxpayer’s assessable income: see subsection 4 ‑ 15(1) of the Income Tax Assessment Act 1997 . Note 2: A taxpayer may have no tax payable on an amount of taxable income if that income is below the tax ‑ free threshold or if the taxpayer’s tax offsets reduce the taxpayer’s basic income tax liability to nil. (c) for a taxpayer that is the trustee of a unit trust that is a public trading trust (within the meaning of section 102R)—the ascertainment: (i) of the net income of the trust (within the meaning of section 102M) (or that there is no net income); and (ii) of the tax payable on that net income (or that no tax is payable); and (iii) of the total of a taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or (d) for a taxpayer that is the trustee of a trust estate (other than a trustee to which paragraph (b) or (c) applies or the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust)—the ascertainment: (i) of so much of the net income of the trust estate as is net income in respect of which the trustee is liable to pay tax (or that there is no net income in respect of which the trustee is so liable); and (ii) of the tax payable on that net income (or that no tax is payable); and (iii) of the total of a taxpayer’s tax offset refunds for a year of income (or that the taxpayer can get no such refunds for the year of income); or (e) the ascertainment of the amount of interest payable under section 102AAM (about distributions from non ‑ resident trust estates); or (h) the ascertainment of the amount of income tax payable on the no ‑ TFN contributions income as defined by section 295 ‑ 610 of the Income Tax Assessment Act 1997 (or that no tax is payable); or (j) the ascertainment of the amount payable (or that no amount is payable) under the following: (i) subsection 276 ‑ 105(2) of the Income Tax Assessment Act 1997 (AMIT trustee taxed on amounts attributed to foreign resident members); (ii) subsection 276 ‑ 340(2) of that Act (AMIT trustee taxed on trust component deficit of character relating to tax offset); (iii) subsection 276 ‑ 405(2) of that Act (AMIT trustee taxed on shortfall in determined member components of character relating to assessable income); (iv) subsection 276 ‑ 410(2) of that Act (AMIT trustee taxed on excess in determined member components of character relating to tax offset); (v) subsection 276 ‑ 415(2) of that Act (AMIT trustee taxed on amounts of determined trust component that are not reflected in member components); (vi) subsection 276 ‑ 420(2) of that Act (AMIT trustee taxed on amounts of under of character relating to assessable income not properly carried forward); (vii) subsection 276 ‑ 425(2) of that Act (AMIT trustee taxed on amounts of over of character relating to tax offset not properly carried forward); or (k) the ascertainment of the amount payable under subsection 177P(1) (diverted profits tax). attribution managed investment trust : see AMIT . Australia has the same meaning as in the Income Tax Assessment Act 1997 . Australian superannuation fund has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . bank or banker includes, but is not limited to, a body corporate that is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 . base interest rate has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . basic income tax liability has the meaning given by section 4 ‑ 10 of the Income Tax Assessment Act 1997 . business has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . capital gain has the same meaning as in the Income Tax Assessment Act 1997 . capital loss has the same meaning as in the Income Tax Assessment Act 1997 . capital proceeds has the same meaning as in the Income Tax Assessment Act 1997 . CGT asset has the same meaning as in the Income Tax Assessment Act 1997 . CGT event has the same meaning as in the Income Tax Assessment Act 1997 . Chief Executive Centrelink has the same meaning as in the Human Services (Centrelink) Act 1997 . child has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . Commissioner means the Commissioner of Taxation. Commonwealth education or training payment has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . company has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . complying approved deposit fund has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . complying superannuation fund has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . consolidated group has the same meaning as in the Income Tax Assessment Act 1997 . constituent document , in relation to a company, means the memorandum and articles of association of the company, or any rules or other document constituting the company or governing its activities. corporate limited partnership has the meaning given by section 94D. corporate tax entity has the same meaning as in the Income Tax Assessment Act 1997 . corporate tax rate has the same meaning as in the Income Tax Assessment Act 1997 . cost base of a CGT asset has the same meaning as in the Income Tax Assessment Act 1997 . creditable acquisition has the meaning given by section 195 ‑ 1 of the GST Act. debenture , in relation to a company, includes debenture stock, bonds, notes and any other securities of the company, whether constituting a charge on the assets of the company or not. debt interest has the same meaning as in the Income Tax Assessment Act 1997 . deductible gift recipient has the meaning given by the Income Tax Assessment Act 1997 . demerged entity has the meaning given by section 125 ‑ 70 of the Income Tax Assessment Act 1997 . demerger has the meaning given by section 125 ‑ 70 of the Income Tax Assessment Act 1997 . demerger allocation means: (a) the total market value of the allocation represented by the ownership interests issued by the demerged entity in itself under a demerger to the owners of ownership interests in the head entity of the demerger group; or (b) the total market value of the allocation represented by the ownership interests disposed of by a member of a demerger group under a demerger to the owners of ownership interests in the head entity; or (c) the total of both of those market values. demerger dividend means that part of a demerger allocation that is assessable as a dividend under subsection 44(1) or that would be so assessable apart from subsections 44(3) and (4). demerger group has the meaning given by section 125 ‑ 65 of the Income Tax Assessment Act 1997 . demerger subsidiary has the meaning given by section 125 ‑ 65 of the Income Tax Assessment Act 1997 . demerging entity has the meaning given by section 125 ‑ 70 of the Income Tax Assessment Act 1997 . depreciating asset has the same meaning as in the Income Tax Assessment Act 1997 . Deputy Commissioner means a Deputy Commissioner of Taxation. distribution , when used in a franking context, has the same meaning as in the Income Tax Assessment Act 1997 . diverted profits tax has the meaning given by the Income Tax Assessment Act 1997 . dividend includes: (a) any distribution made by a company to any of its shareholders, whether in money or other property; and (b) any amount credited by a company to any of its shareholders as shareholders; but does not include: (d) moneys paid or credited by a company to a shareholder or any other property distributed by a company to shareholders (not being moneys or other property to which this paragraph, by reason of subsection (4), does not apply or moneys paid or credited, or property distributed for the redemption or cancellation of a redeemable preference share), where the amount of the moneys paid or credited, or the amount of the value of the property, is debited against an amount standing to the credit of the share capital account of the company; or (e) moneys paid or credited, or property distributed, by a company for the redemption or cancellation of a redeemable preference share if: (i) the company gives the holder of the share a notice when it redeems or cancels the share; and (ii) the notice specifies the amount paid ‑ up on the share immediately before the cancellation or redemption; and (iii) the amount is debited to the company’s share capital account; except to the extent that the amount of those moneys or the value of that property, as the case may be, is greater than the amount specified in the notice as the amount paid ‑ up on the share; or (f) a reversionary bonus on a life assurance policy. Note: Subsection (4) sets out when paragraph (d) of this definition does not apply. Division 230 financial arrangement has the same meaning as in the Income Tax Assessment Act 1997 . dual resident investment company has the meaning given by section 6F. dwelling has the meaning given by the Income Tax Assessment Act 1997 . eligible taxable income has the meaning given by section 102AD. Employment Secretary has the meaning given by the Income Tax Assessment Act 1997 . employment termination payment has the same meaning as in the Income Tax Assessment Act 1997. equity holder has the same meaning as in the Income Tax Assessment Act 1997 . equity interest has the same meaning as in the Income Tax Assessment Act 1997 . ESVCLP means an early stage venture capital limited partnership within the meaning of subsection 118 ‑ 407(4) of the Income Tax Assessment Act 1997 . exempt entity has the same meaning as in the Income Tax Assessment Act 1997 . exempt income has the meaning given by section 6 ‑ 20 of the Income Tax Assessment Act 1997 . exploration credit has the same meaning as in the Income Tax Assessment Act 1997 . Families Secretary has the meaning given by the Income Tax Assessment Act 1997 . farm management deposit has the meaning given by the Income Tax Assessment Act 1997 . FMD provider has the meaning given by the Income Tax Assessment Act 1997 . foreign superannuation fund has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . foreign tax has the meaning given by section 6AB. frankable distribution has the same meaning as in the Income Tax Assessment Act 1997 . franked part of a distribution has the same meaning as in the Income Tax Assessment Act 1997 . franking credit has the same meaning as in the Income Tax Assessment Act 1997 . franking debit has the same meaning as in the Income Tax Assessment Act 1997 . franking deficit tax has the same meaning as in the Income Tax Assessment Act 1997 . franking surplus has the same meaning as in the Income Tax Assessment Act 1997 . franks with an exempting credit has the same meaning as in the Income Tax Assessment Act 1997 . friendly society has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . friendly society dispensary has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . fringe benefit has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . full self ‑ assessment taxpayer , for a year of income (the current year ), means any of the following: (a) a company; (c) the trustee of a trust that is a public trading trust in relation to the current year for the purposes of Division 6C of Part III; (d) the trustee of a complying approved deposit fund or a non ‑ complying approved deposit fund in relation to the current year; (e) the trustee of a complying superannuation fund or a non ‑ complying superannuation fund in relation to the current year; (f) the trustee of a pooled superannuation trust in relation to the current year. Note: A corporate limited partnership is taken to be a company under section 94J, so it will fall within paragraph (a) of this definition. fund payment has the same meaning as in the Income Tax Assessment Act 1997 . general insurance company has the same meaning as in the Income Tax Assessment Act 1997 . general insurance policy has the same meaning as in the Income Tax Assessment Act 1997 . general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . general partner has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . GST Act means the A New Tax System (Goods and Services Tax) Act 1999 . head company of a consolidated group or a MEC group has the same meaning as in the Income Tax Assessment Act 1997 . head entity of a demerger group has the meaning given by section 125 ‑ 65 of the Income Tax Assessment Act 1997 . Health Minister has the meaning given by the Income Tax Assessment Act 1997 . hold , in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997 . holder , in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997 . income from personal exertion or income derived from personal exertion means income consisting of earnings, salaries, wages, commissions, fees, bonuses, pensions, superannuation allowances, retiring allowances and retiring gratuities, allowances and gratuities received in the capacity of employee or in relation to any services rendered, the proceeds of any business carried on by the taxpayer either alone or as a partner with any other person, any amount received as a bounty or subsidy in carrying on a business, any amount that is included in the assessable income of the taxpayer by reason of section 393 ‑ 10 of the Income Tax Assessment Act 1997 , the income from any property where that income forms part of the emoluments of any office or employment of profit held by the taxpayer, and any profit arising from the sale by the taxpayer of any property acquired by the taxpayer for the purpose of profit ‑ making by sale or from the carrying on or carrying out of any profit ‑ making undertaking or scheme, but does not include: (a) interest, unless the taxpayer’s principal business consists of the lending of money, or unless the interest is received in respect of a debt due to the taxpayer for goods supplied or services rendered by the taxpayer in the course of the taxpayer’s business; or (b) rents, dividends or non ‑ share dividends. income from property or income derived from property means all income not being income from personal exertion. income tax means income tax imposed as such by any Act, as assessed under this Act, but, except in section 260, does not include mining withholding tax or withholding tax. Indigenous land has the same meaning as in the Income Tax Assessment Act 1997 . Indigenous person has the same meaning as in the Income Tax Assessment Act 1997 . industrial, commercial or scientific equipment means industrial, commercial or scientific equipment to the extent that an amount paid or credited as consideration for the use of the equipment, or for the right to use the equipment, is not rent from land (including rent from an interest in land or rent from fixtures on land). insurance business has the same meaning as in the Insurance Act 1973 . insurance funds , in relation to a company, means all the Australian statutory funds of the company and all other funds maintained by the company in respect of the life assurance business of the company. interest income , in relation to a taxpayer, means income consisting of interest, or a payment in the nature of interest, in respect of: (a) money lent, advanced or deposited; or (b) credit given; or (c) any other form of debt or liability; whether security is given or not, other than: (d) an amount to the extent to which it is a return on an equity interest in a company; or (e) interest derived by the taxpayer from a transaction directly related to the active conduct of a trade or business; or (f) interest derived by the taxpayer from carrying on a banking business or any other business whose income is principally derived from the lending of money; or (g) interest received by the taxpayer during a year of income from a foreign company, where: (i) at any time during the year of income, the taxpayer had (or would have had, if the taxpayer were a company and a resident), a voting interest, within the meaning of section 334A, amounting to at least 10% of the voting power, within the meaning of that section, in that company; and (ii) during the year of income or the preceding year of income, the company has not derived an amount of interest income exceeding 10% of the total profits derived by the company during the same year. junior minerals exploration incentive tax offset means a tax offset under Subdivision 418 ‑ B of the Income Tax Assessment Act 1997 . life assurance company has the meaning given to life insurance company by the Income Tax Assessment Act 1997 . life assurance policy has the meaning given to life insurance policy by the Income Tax Assessment Act 1997 . life assurance premium has the meaning given to life insurance premium by the Income Tax Assessment Act 1997 . limited partner has the same meaning as in the Income Tax Assessment Act 1997 . limited partnership has the same meaning as in the Income Tax Assessment Act 1997 . liquidator means the person who, whether or not appointed as liquidator, is the person required by law to carry out the winding ‑ up of a company. listed public company has the same meaning as in the Income Tax Assessment Act 1997 . Note: For the meaning of listed public company in Schedule 2F to this Act, see section 272 ‑ 135 in that Schedule. loss carry back tax offset has the same meaning as in the Income Tax Assessment Act 1997 . loss year has the same meaning as in the Income Tax Assessment Act 1997 . managed investment trust has the same meaning as in the Income Tax Assessment Act 1997 . MEC group has the same meaning as in the Income Tax Assessment Act 1997 . Medicare levy means Medicare levy imposed as such by any Act as assessed under this Act. Medicare levy (fringe benefits) surcharge has the meaning given by the Income Tax Assessment Act 1997 . member of a consolidated group or MEC group has the same meaning as in the Income Tax Assessment Act 1997 . member of a family tax benefit (Part B) family without shared care : a taxpayer is a member of a family tax benefit (Part B) family without shared care if: (a) the taxpayer, or the taxpayer’s spouse while being the taxpayer’s partner (within the meaning of the A New Tax System (Family Assistance) Act 1999 ), is eligible for family tax benefit at the Part B rate (within the meaning of that Act); and (b) clause 31 of Schedule 1 to that Act does not apply in respect of the Part B rate. minerals has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . mining withholding tax means income tax payable in accordance with section 128V. mortgage includes any charge, lien or encumbrance to secure the repayment of money. mutual life assurance company means a life assurance company the profits of which are divisible only among the policy holders. natural resource has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . net capital gain has the same meaning as in the Income Tax Assessment Act 1997 . net capital loss has the same meaning as in the Income Tax Assessment Act 1997 . net GST has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 . net input tax credit has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 . non ‑ assessable non ‑ exempt income has the meaning given by the Income Tax Assessment Act 1997 . non ‑ complying approved deposit fund has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . non ‑ complying superannuation fund has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . non ‑ entity joint venture has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . non ‑ equity share has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ resident means a person who is not a resident of Australia. non ‑ share capital account has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ share capital return has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ share distribution has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ share dividend has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ share equity interest has the same meaning as in the Income Tax Assessment Act 1997 . once ‑ only deduction : a deduction in a year of income in respect of a percentage of expenditure is a once ‑ only deduction , in relation to the expenditure, if no deduction is allowable in respect of a percentage of the expenditure in any other year of income. ordinary class has the same meaning as in the Income Tax Assessment Act 1997 . ordinary income has the same meaning as in the Income Tax Assessment Act 1997 . over ‑ franking tax has the same meaning as in the Income Tax Assessment Act 1997 . owner of a farm management deposit has the meaning given by the Income Tax Assessment Act 1997 . ownership interest has the meaning given by section 125 ‑ 60 of the Income Tax Assessment Act 1997 . paid in relation to dividends or non ‑ share dividends includes credited or distributed. paid ‑ up share capital has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . parent has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . partnership has the same meaning as in the Income Tax Assessment Act 1997 . part of a distribution that is franked with an exempting credit has the same meaning as in the Income Tax Assessment Act 1997 . part of a distribution that is franked with a venture capital credit has the same meaning as in the Income Tax Assessment Act 1997 . passive commodity gain , in relation to a taxpayer, in relation to a year of income, means a gain realised by the taxpayer in a year of income from disposing of a forward contract or a futures contract, or a right or option in respect of a forward contract or a futures contract, in respect of any thing (a commodity ): (a) that is capable of delivery under an agreement for its delivery; and (b) that is not an instrument creating or evidencing a chose in action; unless the contract, right or option relates to the carrying on by the taxpayer of a business: (c) of producing or processing the commodity; or (d) that involves the use of the commodity as a raw material in a production process. passive income , in relation to a taxpayer, in relation to a year of income means: (a) dividends (within the meaning of this section) and non ‑ share dividends paid to the taxpayer in the year of income; or (b) unit trust dividends (within the meaning of Division 6C) paid to the taxpayer in the year of income; or (c) a distribution made to the taxpayer in the year of income that is taken to be a dividend because of section 47; or (d) an amount that is taken to be a dividend paid to the taxpayer in the year of income because of section 47A or 108 or Division 7A of Part III; or (e) interest income derived by the taxpayer in the year of income; or (f) annuities derived by the taxpayer in the year of income; or (g) income derived by the taxpayer by way of rent (within the meaning of Part X) in the year of income; or (h) royalties derived by the taxpayer in the year of income; or (i) an amount derived by the taxpayer in the year of income as consideration for the assignment, in whole or in part, of any copyright, patent, design, trade mark or other like property or right; or (j) profits of a capital nature that accrued to the taxpayer in the year of income; or (k) passive commodity gains that accrued to the taxpayer in the year of income; or (l) an amount included in the assessable income of the taxpayer of the year of income under section 102AAZD, 456, 457 or 459A; but does not include: (m) an amount that arose from an asset necessarily held by the taxpayer in connection with an insurance business actively carried on by the taxpayer; or (n) an amount included in the taxpayer’s assessable income under Division 83A of the Income Tax Assessment Act 1997 (about employee share schemes). PDF (pooled development fund) means a company that is a PDF within the meaning of the Pooled Development Funds Act 1992 , but does not include such a company in the capacity of a trustee. PDF component , in relation to a company that becomes a PDF during the year of income and is still a PDF at the end of the year of income, means: (a) in a case where the amount that, if: (i) the period beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company; and (ii) the period ( the PDF notional year ) beginning when the company becomes a PDF and ending at the end of the year of income were a year of income of the company; and (iii) paragraph (c) of the definition of taxable income were omitted; would be the company’s taxable income of the PDF notional year is $1 or more—that amount; or (b) otherwise—a nil amount. permanent establishment , in relation to a person (including the Commonwealth, a State or an authority of the Commonwealth or a State), means a place at or through which the person carries on any business and, without limiting the generality of the foregoing, includes: (a) a place where the person is carrying on business through an agent; (b) a place where the person has, is using or is installing substantial equipment or substantial machinery; (c) a place where the person is engaged in a construction project; and (d) where the person is engaged in selling goods manufactured, assembled, processed, packed or distributed by another person for, or at or to the order of, the first ‑ mentioned person and either of those persons participates in the management, control or capital of the other person or another person participates in the management, control or capital of both of those persons—the place where the goods are manufactured, assembled, processed, packed or distributed; but does not include: (e) a place where the person is engaged in business dealings through a bona fide commission agent or broker who, in relation to those dealings, acts in the ordinary course of his or her business as a commission agent or broker and does not receive remuneration otherwise than at a rate customary in relation to dealings of that kind, not being a place where the person otherwise carries on business; (f) a place where the person is carrying on business through an agent: (i) who does not have, or does not habitually exercise, a general authority to negotiate and conclude contracts on behalf of the person; or (ii) whose authority extends to filling orders on behalf of the person from a stock of goods or merchandise situated in the country where the place is located, but who does not regularly exercise that authority; not being a place where the person otherwise carries on business; or (g) a place of business maintained by the person solely for the purpose of purchasing goods or merchandise. Note: Subsection (6) treats a person as carrying on, at or through a permanent establishment that is a place described in paragraph (d) of this definition, the business of selling the goods manufactured, assembled, processed, packed or distributed by the other person as described in that paragraph. person has the same meaning as in the Income Tax Assessment Act 1997 . pooled superannuation trust has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . post FIF abolition credit means a post FIF abolition credit arising under: (a) subsection 23AK(6); and (b) subsection 717 ‑ 220(2) of the Income Tax Assessment Act 1997 ; and (c) subsection 717 ‑ 255(2) of that Act. post FIF abolition debit means a post FIF abolition debit arising under: (a) subsection 23AK(2); and (b) subsection 23B(1); and (c) subsection 717 ‑ 220(3) of the Income Tax Assessment Act 1997 ; and (d) subsection 717 ‑ 255(3) of that Act. post FIF abolition surplus has the meaning given by section 23AK. prescribed dual resident means a company that satisfies either of the following conditions: (a) the first condition is that: (i) the company is a resident of Australia within the meaning of subsection 6(1); and (ii) there is an agreement (within the meaning of the International Tax Agreements Act 1953 ) in force in respect of a foreign country; and (iii) the agreement contains a provision that is expressed to apply where, apart from the provision, the company would, for the purposes of the agreement, be both a resident of Australia and a resident of the foreign country; and (iv) that provision has the effect that the company is, for the purposes of the agreement, a resident solely of the foreign country; (b) the alternative condition is that the company: (i) is a resident of Australia within the meaning of subsection 6(1) for no other reason than that it carries on business in Australia and has its central management and control in Australia; and (ii) it is also a resident of another country; and (iii) its central management and control is in another country. primary production business has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . principal beneficiary of a special disability trust has the same meaning as in the Income Tax Assessment Act 1997 . private company , in relation to a year of income, means a company that is a private company in relation to that year of income for the purposes of Division 7 of Part III. proclaimed superannuation standards day means 1 July 1990. provider , in relation to an RSA, has the same meaning as in the Retirement Savings Accounts Act 1997 . prudential standards has the same meaning as in the Income Tax Assessment Act 1997 . rebatable benefit has the meaning given by subsection 160AAA(1). rebate income of an individual for a year of income is the sum of: (a) the individual’s taxable income for the year of income, disregarding the individual’s assessable FHSS released amount (within the meaning of the Income Tax Assessment Act 1997 ) for the year of income; and (b) the individual’s reportable superannuation contributions for the year of income; and (c) the individual’s total net investment loss for the year of income; and (d) the individual’s adjusted fringe benefits total for the year of income. recognised large credit union has the meaning given by section 6H. recognised medium credit union has the meaning given by section 6H. recognised small credit union has the meaning given by section 6H. reduced cost base of a CGT asset has the same meaning as in the Income Tax Assessment Act 1997 . relative has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . reportable superannuation contributions has the same meaning as in the Income Tax Assessment Act 1997 . resident or resident of Australia means: (a) a person, other than a company, who resides in Australia and includes a person: (i) whose domicile is in Australia, unless the Commissioner is satisfied that the person’s permanent place of abode is outside Australia; (ii) who has actually been in Australia, continuously or intermittently, during more than one ‑ half of the year of income, unless the Commissioner is satisfied that the person’s usual place of abode is outside Australia and that the person does not intend to take up residence in Australia; or (iii) who is: (A) a member of the superannuation scheme established by deed under the Superannuation Act 1990 ; or (B) an eligible employee for the purposes of the Superannuation Act 1976 ; or (C) the spouse, or a child under 16, of a person covered by sub ‑ subparagraph (A) or (B); and (b) a company which is incorporated in Australia, or which, not being incorporated in Australia, carries on business in Australia, and has either its central management and control in Australia, or its voting power controlled by shareholders who are residents of Australia. resident trust for CGT purposes has the same meaning as in the Income Tax Assessment Act 1997 . return on a debt interest or equity interest has the same meaning as in the Income Tax Assessment Act 1997 . return of income means a return of income, or of profits or gains of a capital nature, or of both income and such profits or gains. royalty or royalties includes any amount paid or credited, however described or computed, and whether the payment or credit is periodical or not, to the extent to which it is paid or credited, as the case may be, as consideration for: (a) the use of, or the right to use, any copyright, patent, design or model, plan, secret formula or process, trade mark, or other like property or right; (b) the use of, or the right to use, any industrial, commercial or scientific equipment; (c) the supply of scientific, technical, industrial or commercial knowledge or information; (d) the supply of any assistance that is ancillary and subsidiary to, and is furnished as a means of enabling the application or enjoyment of, any such property or right as is mentioned in paragraph (a), any such equipment as is mentioned in paragraph (b) or any such knowledge or information as is mentioned in paragraph (c); (da) the reception of, or the right to receive, visual images or sounds, or both, transmitted to the public by: (i) satellite; or (ii) cable, optic fibre or similar technology; (db) the use in connection with television broadcasting or radio broadcasting, or the right to use in connection with television broadcasting or radio broadcasting, visual images or sounds, or both, transmitted by: (i) satellite; or (ii) cable, optic fibre or similar technology; (dc) the use of, or the right to use, some or all of the part of the spectrum (within the meaning of the Radiocommunications Act 1992 ) specified in a spectrum licence issued under that Act; (e) the use of, or the right to use: (i) motion picture films; (ii) films or video tapes for use in connexion with television; or (iii) tapes for use in connexion with radio broadcasting; or (f) a total or partial forbearance in respect of: (i) the use of, or the granting of the right to use, any such property or right as is mentioned in paragraph (a) or any such equipment as is mentioned in paragraph (b); (ii) the supply of any such knowledge or information as is mentioned in paragraph (c) or of any such assistance as is mentioned in paragraph (d); (iia) the reception of, or the granting of the right to receive, any such visual images or sounds as are mentioned in paragraph (da); (iib) the use of, or the granting of the right to use, any such visual images or sounds as are mentioned in paragraph (db); (iic) the use of, or the granting of the right to use, some or all of such part of the spectrum specified in a spectrum licence as is mentioned in paragraph (dc); or (iii) the use of, or the granting of the right to use, any such property as is mentioned in paragraph (e). RSA has the same meaning as in the Income Tax Assessment Act 1997 . Note: That Act defines RSA as having the meaning given by the Retirement Savings Accounts Act 1997 . RSA provider has the same meaning as in the Income Tax Assessment Act 1997 . Note: That Act defines RSA provider as having the same meaning as in the Retirement Savings Accounts Act 1997 . Second Commissioner means a Second Commissioner of Taxation. share in a company has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . share capital account has the same meaning as in the Income Tax Assessment Act 1997 . shareholder includes member or stockholder. shareholders’ funds has the same meaning as in the Life Insurance Act 1995 . shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953 . small business entity has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . social security law has the meaning given by the Social Security Act 1991 . special disability trust has the same meaning as in the Income Tax Assessment Act 1997 . spouse has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . statutory income has the meaning given by the Income Tax Assessment Act 1997 . Student Assistance Secretary has the meaning given by the Income Tax Assessment Act 1997 . subsidiary member of a consolidated group or a MEC group has the same meaning as in the Income Tax Assessment Act 1997 . superannuation benefits means individual personal benefits, pensions or retiring allowances. superannuation fund means: (a) a scheme for the payment of superannuation benefits upon retirement or death; or (b) a superannuation fund within the definition of superannuation fund in section 10 of the Superannuation Industry (Supervision) Act 1993 . superannuation fund for foreign residents has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . superannuation lump sum has the same meaning as in the Income Tax Assessment Act 1997. tainted , in relation to a company’s share capital account, has the same meaning as in the Income Tax Assessment Act 1997 . tax means income tax imposed as such by any Act, as assessed under this Act, but does not include mining withholding tax or withholding tax. taxable Australian property has the same meaning as in the Income Tax Assessment Act 1997 . taxable income has the same meaning as in the Income Tax Assessment Act 1997 . taxable supply has the meaning given by section 195 ‑ 1 of the GST Act. tax cost is set has the same meaning as in the Income Tax Assessment Act 1997 . tax loss has the same meaning as in the Income Tax Assessment Act 1997 . tax offset refund has the meaning given by the Income Tax Assessment Act 1997 . taxpayer means a person deriving income or deriving profits or gains of a capital nature. this Act includes: (a) the Income Tax Assessment Act 1997 ; and (b) Part IVC of the Taxation Administration Act 1953 , so far as that Part relates to: (i) this Act or the Income Tax Assessment Act 1997 ; or (ii) Schedule 1 to the Taxation Administration Act 1953 ; and (c) Schedule 1 to the Taxation Administration Act 1953 . Note: Subsection (1AA) of this section prevents definitions in the Income Tax Assessment Act 1936 from affecting the interpretation of the Income Tax Assessment Act 1997 . total net investment loss has the same meaning as in the Income Tax Assessment Act 1997 . trading stock has the meaning given by section 70 ‑ 10 of the Income Tax Assessment Act 1997 . Tribunal means the Administrative Review Tribunal. trustee in addition to every person appointed or constituted trustee by act of parties, by order, or declaration of a court, or by operation of law, includes: (a) an executor or administrator, guardian, committee, receiver, or liquidator; and (b) every person having or taking upon himself the administration or control of income affected by any express or implied trust, or acting in any fiduciary capacity, or having the possession, control or management of the income of a person under any legal or other disability; unfranked part of a distribution has the same meaning as in the Income Tax Assessment Act 1997 . VCLP means a venture capital limited partnership within the meaning of subsection 118 ‑ 405(2) of the Income Tax Assessment Act 1997 . VCMP means a venture capital management partnership. venture capital deficit tax has the same meaning as in the Income Tax Assessment Act 1997 . venture capital management partnership has the meaning given by subsection 94D(3). Veterans’ Affairs Secretary means the Secretary of the Department administered by the Minister administering the Veterans’ Entitlements Act 1986 . withholding tax has the same meaning as in the Income Tax Assessment Act 1997 . work and income support related withholding payments and benefits means: (a) payments from which an amount: (i) must be withheld under a provision of Subdivision 12 ‑ B (other than section 12 ‑ 55), 12 ‑ C or 12 ‑ D or Division 13 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or (ii) would be required to be withheld under a provision mentioned in subparagraph (i) (other than section 12 ‑ 55) apart from subsection 12 ‑ 1(1A) in Schedule 1 to that Act; and (b) amounts included in a person’s assessable income under section 86 ‑ 15 of the Income Tax Assessment Act 1997 in respect of which an amount must be paid under Division 13 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not paid); and (c) non ‑ cash benefits in relation to which the provider of the benefit must pay an amount to the Commissioner under Division 14 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not paid). Note: The payments covered by paragraph (a) are: payments to employees and company directors, payments to office holders, return to work payments, payments under labour hire arrangements, payments of annuities, superannuation benefits, payments for termination of employment, payments for unused leave, benefit payments, compensation payments and payments specified by regulations. year of income means an income year as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . year of tax means the financial year for which income tax is levied. (1A) Unless the contrary intention appears, a reference in this Act to a failure to do an act or thing includes a reference to a refusal to do the act or thing. (2AA) A reference in this Act to an accounting period adopted in lieu of a year of income includes a reference to an accounting period: (a) that commences or ends under section 18A; and (b) that would, but for that section, form part of an accounting period so adopted. (2AB) The Commissioner may, by legislative instrument, make a determination modifying the operation of one or more provisions of this Act in relation to limited partnerships whose accounting periods commence or end under section 18A of the Income Tax Assessment Act 1936 . (2AC) A determination can only be made under subsection (2AB) in order to take account of the fact that such accounting periods are of less than 12 months’ duration. (3) The express references in this Act to companies do not imply that references to persons do not include references to companies. (4) Paragraph (d) of the definition of dividend in subsection (1) does not apply if, under an arrangement: (a) a person pays or credits any money or gives property to the company and the company credits its share capital account with the amount of the money or the value of the property; and (b) the company pays or credits any money, or distributes property to another person, and debits its share capital account with the amount of the money or the value of the property so paid, credited or distributed. (6) Where a place is, by virtue of paragraph (d) of the definition of permanent establishment in subsection (1), a permanent establishment of a person, the person shall, for the purposes of this Act, be deemed to be carrying on at or through that permanent establishment the business of selling the goods manufactured, assembled, processed, packed or distributed by the other person at the place that is that permanent establishment.", "Amendment_Count": 169, "First_Amended": "No 88 of 1936", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 88 of 1936 | No 30 of 1939 | No 50 of 1942 | No 3 of 1944 | No 6 of 1946 | No 44 of 1948 | No 48 of 1950 | No 1 of 1953 | No 65 of 1957 | No 55 of 1958 | No 85 of 1959 | No 18 of 1960 | No 108 of 1960 | No 17 of 1961 | No 69 of 1963 | No 110 of 1964 | No 103 of 1965 | No 85 of 1967 | No 4 of 1968 | No 60 of 1968 | No 87 of 1968 | No 93 of 1969 | No 54 of 1971 | No 51 of 1973 | No 164 of 1973 | No 216 of 1973 | No 20 of 1974 | No 126 of 1974 | No 80 of 1975 | No 117 of 1975 | No 50 of 1976 | No 143 of 1976 | No 205 of 1976 | No 87 of 1978 | No 172 of 1978 | No 27 of 1979 | No 24 of 1980 | No 108 of 1981 | No 154 of 1981 | No 103 of 1983 | No 47 of 1984 | No 123 of 1984 | No 168 of 1985 | No 41 of 1986 | No 48 of 1986 | No 52 of 1986 | No 154 of 1986 | No 138 of 1987 | No 73 of 1989 | No 97 of 1989 | No 105 of 1989 | No 107 of 1989 | No 20 of 1990 | No 35 of 1990 | No 135 of 1990 | No 4 of 1991 | No 5 of 1991 | No 100 of 1991 | No 216 of 1991 | No 80 of 1992 | No 98 of 1992 | No 224 of 1992 | No 17 of 1993 | No 18 of 1993 | No 57 of 1993 | No 82 of 1993 | No 138 of 1994 | No 181 of 1994 | No 5 of 1995 | No 169 of 1995 | No 39 of 1997 | No 62 of 1997 | No 95 of 1997 | No 121 of 1997 | No 122 of 1997 | No 147 of 1997 | No 174 of 1997 | No 45 of 1998 | No 46 of 1998 | No 48 of 1998 | No 63 of 1998 | No 85 of 1998 | No 11 of 1999 | No 17 of 1999 | No 44 of 1999 | No 54 of 1999 | No 117 of 1999 | No 176 of 1999 | No 179 of 1999 | No 25 of 2000 | No 89 of 2000 | No 91 of 2000 | No 92 of 2000 | No 77 of 2001 | No 163 of 2001 | No 15 of 2002 | No 90 of 2002 | No 97 of 2002 | No 117 of 2002 | No 136 of 2002 | No 10 of 2003 | No 16 of 2003 | No 66 of 2003 | No 52 of 2004 | No 83 of 2004 | No 95 of 2004 | No 101 of 2004 | No 23 of 2005 | No 41 of 2005 | No 75 of 2005 | No 161 of 2005 | No 58 of 2006 | No 80 of 2006 | No 101 of 2006 | No 168 of 2006 | No 9 of 2007 | No 15 of 2007 | No 78 of 2007 | No 79 of 2007 | No 80 of 2007 | No 143 of 2007 | No 32 of 2008 | No 45 of 2008 | No 92 of 2008 | No 97 of 2008 | No 144 of 2008 | No 15 of 2009 | No 27 of 2009 | No 88 of 2009 | No 114 of 2009 | No 133 of 2009 | No 56 of 2010 | No 75 of 2010 | No 79 of 2010 | No 90 of 2010 | No 105 of 2010 | No 114 of 2010 | No 145 of 2010 | No 32 of 2011 | No 41 of 2011 | No 43 of 2011 | No 147 of 2011 | No 159 of 2011 | No 12 of 2012 | No 169 of 2012 | No 84 of 2013 | No 88 of 2013 | No 101 of 2013 | No 11 of 2014 | No 31 of 2014 | No 96 of 2014 | No 110 of 2014 | No 2 of 2015 | No 21 of 2015 | No 70 of 2015 | No 53 of 2016 | No 55 of 2016 | No 15 of 2017 | No 27 of 2017 | No 132 of 2017 | No 4 of 2018 | No 15 of 2018 | No 34 of 2019 | No 59 of 2019 | No 64 of 2020 | No 92 of 2020 | No 101 of 2023 | No 38 of 2024 | No 17 of 2025", "History_Notes": "Amended by No 88 of 1936, effective 7 Dec 1936 | Amended by No 30 of 1939, effective 24 Oct 1939 | Amended by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 3 of 1944, effective s 7–9: 1 July 1943 (s 2(2)) s 16–20 and 22–25: 1 July 1944 (s 2(3)) Remainder: 3 Apr 1944 (s 2(1)) | Amended by No 6 of 1946, effective 13 Apr 1946 (s 2) | Amended by No 44 of 1948, effective 22 Dec 1948 | Amended by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Amended by No 1 of 1953, Sch 1 item 8A | Sch 1 item 8B | Sch 1 item 8C | Sch 1 item 8D | Sch 1 item 8H | Sch 1 item 8J | Sch 1 item 8K | Sch 1 item 8L | Sch 1 item 8Q | Sch 1 item 8W | Sch 1 item 8Z | Sch 1 item 14Z | Sch 1 item 12 | Sch 1 item 14 | Sch 1 item 16 | Sch 1 item 18 | Sch 1 item 255 | Sch 1 item 265 | Sch 1 item 340 | Sch 1 item 353 | Sch 1 item 355 | Sch 1 item 382 | Sch 1 item 398 | Sch 1 item 426 | Sch 1 item 20, effective First Sch: 1 Apr 1953 | Amended by No 65 of 1957, effective s 3–23: 28 Nov 1957 (s 2) | Amended by No 55 of 1958, effective 1 Oct 1958 (s 2) | Amended by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 108 of 1960, effective s 3–6: 16 Dec 1960 (s 2) | Amended by No 17 of 1961, effective 12 June 1961 | Amended by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 103 of 1965, item 4 | item 5, effective 14 Dec 1965 (s 2) | Amended by No 85 of 1967, item 2 | item 4 | item 5 | item 35, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 4 of 1968, item 3 | item 4, effective 8 May 1968 (s 2(1)) | Amended by No 60 of 1968, item 4, effective s 2(2), (3) and 3–23: 25 June 1968 (s 2(1)) | Amended by No 87 of 1968, item 3 | item 4, effective s 3–11: 21 Nov 1968 (s 2) | Amended by No 93 of 1969, item 3, effective s 3–19: 27 Sept 1969 (s 2) | Amended by No 54 of 1971, item 4 | item 11, effective s 3–12: 25 May 1971 (s 2) | Amended by No 51 of 1973, item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, item 4, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 216 of 1973, item 8 | Sch 1 item 11 | Sch 2 item 11, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, Sch 1 item 1 | Sch 1 item 10 | Sch 1 item 23, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 126 of 1974, item 3, effective s 3–46: 6 Dec 1974 (s 2) | Amended by No 80 of 1975, item 3 | item 4 | Sch 2 item 54, effective 20 June 1975 (s 2) | Amended by No 117 of 1975, item 3, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 50 of 1976, item 3 | item 22, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 143 of 1976, item 4 | item 5 | item 6 | item 7 | item 9, effective s 4–6, 8 and 9: 6 Dec 1976 (s 2) | Amended by No 205 of 1976, item 3, effective s 3–36: 20 Dec 1976 (s 2(1)) | Amended by No 87 of 1978, item 3 | item 17 | item 74 | item 77, effective s 17–71: 22 June 1978 (s 2) | Amended by No 172 of 1978, item 3, effective 28 Nov 1978 (s 2) | Amended by No 27 of 1979, item 2 | item 3, effective s 5: 5 Dec 1978 (s 2(2)) s 6: 23 June 1977 (s 2(3)) Remainder: 4 June 1979 (s 2(1)) | Amended by No 24 of 1980, item 3, effective 1 May 1980 (s 2) | Amended by No 108 of 1981, item 4 | item 27 | item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 154 of 1981, item 4 | item 10, effective s 4–31 and 39–41: 26 Oct 1981 (s 2) | Amended by No 103 of 1983, item 3 | item 14, effective s 3: 22 Dec 1983 (s 2(2)) Remainder: 23 Nov 1983 (s 2(1)) | Amended by No 47 of 1984, item 3 | item 60, effective 25 June 1984 (s 2) | Amended by No 123 of 1984, item 5 | Sch 16 item 4 | Sch 16 item 5 | Sch 16 item 27 | Sch 16 item 92 | Sch 16 item 153 | Sch 16 item 297, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 168 of 1985, item 11 | item 13 | item 15 | item 17 | item 19, effective s 19–43: 16 Dec 1985 (s 2(1)) | Amended by No 41 of 1986, item 4, effective s 4 and Sch: 24 June 1986 (s 2(1)) | Amended by No 48 of 1986, item 70, effective s 70–98, 213, 216, 219, 221, 226 and 228: 1 July 1986 (s 2(1)) | Amended by No 52 of 1986, item 3 | item 4 | item 19, effective 24 June 1986 (s 2) | Amended by No 154 of 1986, item 13 | item 24 | item 27 | item 44, effective s 23–25, 26(a), 27, 29–39, 41–48, 49(1), (2), (4)–(6), (8)–(11) and 50: 18 Dec 1986 (s 2(1)) s 26(b), (c), 28, 40, 49(3) and (7): 1 Jan 1987 (s 2(4) and gaz 1986, No S650) | Amended by No 138 of 1987, Sch 2 item 2 | Sch 2 item 4 | Sch 2 item 38 | Sch 2 item 67, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 73 of 1989, item 4, effective Sch: 21 June 1989 (s 2) | Amended by No 97 of 1989, Sch 2 item 11 | Sch 1 item 17 | Sch 2 item 1988, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 105 of 1989, item 4, effective s 4, 5(a)–(n), (p) and 6–66: 30 June 1989 (s 2(1)) s 5(o): 18 Dec 1987 (s 2(2)) | Amended by No 107 of 1989, Sch 1 item 35, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 20 of 1990, item 6, effective s 6–8, 9 (amdt to s 78(1)(a)(xcv) Income Tax Assessment Act 1936) and 10–50: 17 Jan 1990 (s 2(1)) s 9 (amdt to s 78(1)(a)(xcvi) Income Tax Assessment Act 1936): 10 Nov 1989 (s 2(2)) | Amended by No 35 of 1990, item 4, effective s 4–41: 7 June 1990 (s 2) | Amended by No 135 of 1990, item 38 | item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 4 of 1991, item 4 | Sch 2 item 32 | Sch 2 item 23, effective s 4–37: 8 Jan 1991 (s 2(1)) | Amended by No 5 of 1991, item 380 | item 4 | item 100 | item 1990 | item 29 | item 37 | item 47 | item 341 | item 334 | item 371 | item 80G | item 434 | item 79D, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 100 of 1991, Sch 2 item 15, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 23A, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 80 of 1992, item 4 | item 65, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 98 of 1992, item 4 | item 8 | item 9 | item 1929, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 224 of 1992, item 59 | item 82, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 17 of 1993, item 18, effective s 8–59: 9 June 1993 (s 2(1)) | Amended by No 18 of 1993, item 9, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 57 of 1993, item 29, effective s 13–34: 27 Oct 1993 (s 2) | Amended by No 82 of 1993, item 11 | item 15 | item 34 | item 53 | item 55 | item 62, effective s 15, 16(1) and 17–35: 1 July 1994 (s 2(2)(d)) s 16(2): 1 Dec 1993 (s 2(1)) | Amended by No 138 of 1994, item 22 | item 23 | item 68 | item 118, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 181 of 1994, Sch 3 item 2 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 10 | Sch 3 item 64 | Sch 5 item 45, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 5 of 1995, item 14 | item 58, effective s 3(2), (3) and Sch (items 14–35): 1 July 1995 (s 2) | Amended by No 169 of 1995, Sch 1 item 2 | Sch 8 item 1, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 39 of 1997, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 111 | Sch 4 item 113 | Sch 4 item 118 | Sch 4 item 127 | Sch 4 item 129 | Sch 4 item 132 | Sch 4 item 257 | Sch 4 item 123 | Sch 4 item 6 | Sch 4 item 8 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 13, effective Sch 1: 1 July 1997 (s 2) | Amended by No 62 of 1997, Sch 19 item 5 | Sch 19 item 4 | Sch 19 item 1 | Sch 19 item 2 | Sch 19 item 3, effective Sch 13: 2 June 1997 (s 2) | Amended by No 95 of 1997, Sch 3 item 1 | Sch 3 item 17 | Sch 5 item 10 | Sch 5 item 128F, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 121 of 1997, Sch 1 item 15 | Sch 1 item 25 | Sch 1 item 50 | Sch 1 item 51 | Sch 1 item 70 | Sch 2 item 17 | Sch 2 item 26 | Sch 5 item 70 | Sch 5 item 43 | Sch 9 item 16, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 122 of 1997, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 15, effective s 4, Sch 1 (items 1–15, 20), Sch 3 (items 1, 2, 6–21) and Sch 5: 8 July 1997 (s 2(1)) Sch 1 (items 17–19): 3 June 1990 (s 2(2)) Sch 1 (items 22, 23): 1 Sept 1994 (s 2(4)) Sch 1 (item 24): 1 Jan 1993 (s 2(3)) Sch 3 (items 3, 4): 24 June 1986 (s 2(6)) Sch 3 (item 5): 30 June 1992 (s 2(7)) Sch 4: 20 Jan 1997 (s 2(8)) Sch 6: 27 June 1996 (s 2(9)) Sch 8: 19 Dec 1996 (s 2(11)) | Amended by No 147 of 1997, Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 3 | Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 8 | Sch 6 item 9 | Sch 6 item 13 | Sch 14 item 42, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5)) | Amended by No 174 of 1997, Sch 7 item 1 | Sch 7 item 2, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 45 of 1998, Sch 1 item 1067L | Sch 9 item 110 | Sch 12 item 1, effective Sch 12 (items 1–24): 1 July 1998 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 118 | Sch 10 item 49 | Sch 10 item 50 | Sch 10 item 51 | Sch 10 item 52 | Sch 10 item 53 | Sch 10 item 54 | Sch 10 item 55 | Sch 10 item 56 | Sch 10 item 57 | Sch 10 item 58 | Sch 10 item 59 | Sch 10 item 60 | Sch 10 item 61 | Sch 10 item 62 | Sch 10 item 160 | Sch 10 item 191 | Sch 10 item 231 | Sch 10 item 258 | Sch 10 item 304 | Sch 10 item 108 | Sch 10 item 134, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 48 of 1998, Sch 3 item 60 | Sch 3 item 61 | Sch 3 item 83 | Sch 3 item 122 | Sch 3 item 133 | Sch 3 item 192, effective Sch 1 (items 83–97): 1 July 1998 (s 2(2)) | Amended by No 63 of 1998, Sch 7 item 1 | Sch 7 item 2 | Sch 7 item 3 | Sch 7 item 4 | Sch 7 item 5 | Sch 7 item 6 | Sch 7 item 7, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 85 of 1998, Sch 2G item 393 | Sch 2G item 3, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 11 of 1999, item 12 | item 13 | item 14 | item 15 | item 309 | item 310 | item 327 | item 328 | item 344 | item 354 | item 376 | item 377, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 17 of 1999, Sch 2 item 1 | Sch 2 item 2, effective Sch 2 (items 1–13, 15–40): 19 Apr 1999 (s 2(1)) Sch 2 (item 14): 17 May 1999 (s 2(2)) | Amended by No 44 of 1999, Sch 4 item 59 | Sch 4 item 126 | Sch 4 item 127, effective Sch 7 (items 59–104): 1 July 1999 (s 3(2)(e)) Sch 8 (items 18, 22, 23): 17 June 1999 (s 2(1)) | Amended by No 54 of 1999, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 7 item 1, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 117 of 1999, Sch 1 item 1 | Sch 1 item 6D, effective Sch 1 (items 1–4, 8): 1 July 1998 (s 2(1)) | Amended by No 176 of 1999, Sch 3 item 1 | Sch 8 item 16 | Sch 8 item 17 | Sch 8 item 18 | Sch 8 item 19 | Sch 8 item 20, effective Sch 8 (items 16–25): 1 July 2000 (s 2(17)) | Amended by No 179 of 1999, Sch 18 item 1 | Sch 18 item 22 | Sch 18 item 3 | Sch 18 item 20, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 25 of 2000, Sch 2 item 34, effective s 4–6 and Sch 2 (items 34, 35): 1:23am (Australian Central Standard Time) 26 Oct 1999 (s 2(2), 4) | Amended by No 89 of 2000, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 3 item 30 | Sch 3 item 31 | Sch 3 item 32 | Sch 3 item 33, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 91 of 2000, Sch 2 item 13, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 92 of 2000, Sch 7 item 26 | Sch 7 item 27 | Sch 10A item 6A, effective Sch 7 (items 26, 27): 1 July 2000 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 17 | Sch 2 item 20 | Sch 2 item 99 | Sch 2 item 15, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 163 of 2001, Sch 1 item 35 | Sch 1 item 36 | Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40 | Sch 1 item 41 | Sch 1 item 42 | Sch 1 item 43 | Sch 1 item 44 | Sch 1 item 45 | Sch 1 item 46 | Sch 1 item 46A | Sch 1 item 90, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 15 of 2002, Sch 1 item 1, effective Sch 1 (items 1–4, 21): 4 Apr 2002 (s 2(1) item 2) | Amended by No 90 of 2002, Sch 16 item 2 | Sch 16 item 3 | Sch 16 item 3A | Sch 16 item 4 | Sch 16 item 5 | Sch 16 item 6 | Sch 16 item 7 | Sch 16 item 8 | Sch 16 item 9 | Sch 16 item 46, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 97 of 2002, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7, effective s 4 and Sch 2 (items 1–9): 10 Nov 2002 (s 2(1) items 1, 2) Sch 3: 3 July 2002 (s 2(1) item 3) | Amended by No 117 of 2002, Sch 11 item 1 | Sch 11 item 2 | Sch 11 item 3 | Sch 11 item 4 | Sch 11 item 5 | Sch 11 item 6, effective s 4 and Sch 16: 2 Dec 2002 (s 2(1) items 1, 10) Sch 11 (items 1–7), Sch 14 (items 3–7): 24 Oct 2002 (s 2(1) item 9) | Amended by No 136 of 2002, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 26 | Sch 3 item 118 | Sch 4 item 6, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 10 of 2003, Sch 1 item 34 | Sch 1 item 35, effective s 4: 2 Apr 2003 (s 2(1) item 1) Sch 1 (items 34–52, 81): 20 May 2002 (s 2(1) item 2) | Amended by No 16 of 2003, Sch 29 item 1 | Sch 29 item 2 | Sch 29 item 3 | Sch 29 item 4, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 5 (item 1), Sch 9 (items 3–12), Sch 10 (item 1) and Sch 23 (items 1–9): 24 Oct 2002(s 2(1) items 4–6, 13) Sch 29 (items 1–11, 14): 29 June 2002 (s 2(1) items 20, 22) | Amended by No 66 of 2003, Sch 3 item 1 | Sch 3 item 27 | Sch 3 item 49 | Sch 3 item 50 | Sch 3 item 51 | Sch 3 item 52 | Sch 3 item 53 | Sch 3 item 54 | Sch 3 item 55 | Sch 3 item 56 | Sch 3 item 131, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 52 of 2004, effective Sch 4 (items 1–9, 14(1), 15): 1 July 2004 (s 2(1) item 7) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 108–115, 126(7)), Sch 2 (items 1, 3, 4, 35, 37), Sch 3 (items 1–3, 6, 7), Sch 9, Sch 10 (item 43(1)) and Sch 11: 25 June 2004 (s 2(1) items 1, 12, 13, 16, 17, 21, 27, 28) Sch 1 (item 1): 30 June 2000 (s 2(1) item 2) Sch 10 (items 1, 2): 1 July 2000 (s 2(1) item 22) | Amended by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 101 of 2004, item 3 | item 19C | item 19D | item 20B | item 22B | item 105 | item 106D | item 106E | item 124B | item 124L | item 124M | item 127 | item 128 | item 128A | item 129 | item 130 | item 16 | item 9 | item 8 | item 22 | item 25 | item 5 | item 27 | item 19 | item 4, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16 | Sch 3 item 17 | Sch 3 item 18 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 23 | Sch 3 item 24, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 41 of 2005, Sch 2 item 1 | Sch 10 item 19 | Sch 10 item 37 | Sch 10 item 38, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 75 of 2005, Sch 1 item 2, effective Sch 1 (items 2–17, 31): 29 June 2005 (s 2) | Amended by No 161 of 2005, Sch 1 item 1 | Sch 2G item 16 | Sch 2G item 21, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 58 of 2006, Sch 7 item 35 | Sch 7 item 36 | Sch 7 item 56 | Sch 7 item 3C | Sch 7 item 241 | Sch 7 item 242, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 80 of 2006, Sch 4 item 197 | Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 975 | Sch 4 item 21 | Sch 7 item 1 | Sch 7 item 2 | Sch 7 item 78 | Sch 7 item 78A, effective Sch 1 (items 1, 4), Sch 2, Sch 3 (items 1, 5), Sch 4 (items 3, 4, 14, 21, 22, 30), Sch 6 (item 2) and Sch 9: 30 June 2006 (s 2(1) items 2–4, 6, 7) Sch 4 (items 15–19): 30 June 2002 (s 2(1) item 5) | Amended by No 101 of 2006, Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 31 | Sch 1 item 32 | Sch 2 item 118 | Sch 2 item 119 | Sch 2 item 120 | Sch 2 item 121 | Sch 2 item 122 | Sch 2 item 123 | Sch 2 item 124 | Sch 2 item 125 | Sch 2 item 126 | Sch 2 item 127 | Sch 2 item 128 | Sch 2 item 129 | Sch 2 item 130 | Sch 2 item 131 | Sch 2 item 132 | Sch 2 item 133 | Sch 2 item 134 | Sch 2 item 135 | Sch 2 item 136 | Sch 2 item 137 | Sch 2 item 138 | Sch 2 item 139 | Sch 2 item 140 | Sch 2 item 15 | Sch 2 item 25 | Sch 2 item 26 | Sch 2 item 768 | Sch 2 item 842 | Sch 2 item 929 | Sch 2 item 1023 | Sch 2 item 1055 | Sch 3 item 2 | Sch 5 item 67, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 168 of 2006, Sch 4 item 14 | Sch 4 item 15, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4) | Amended by No 9 of 2007, Sch 1 item 295 | Sch 1 item 3 | Sch 1 item 28 | Sch 1 item 31 | Sch 2 item 82 | Sch 4 item 6 | Sch 4 item 7 | Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 8 | Sch 10 item 89, effective Sch 1 (items 3, 4, 24(1), 26, 27, 37): 15 Mar 2007 (s 2(1) item 2) | Amended by No 15 of 2007, Sch 1 item 18 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 34 | Sch 1 item 35 | Sch 1 item 36 | Sch 1 item 148 | Sch 1 item 346 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 104A, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 78 of 2007, Sch 8 item 86 | Sch 8 item 158 | Sch 8 item 159, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6) | Amended by No 79 of 2007, Sch 6 item 3 | Sch 8 item 394 | Sch 10 item 3 | Sch 10 item 4 | Sch 10 item 5, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 80 of 2007, Sch 3 item 97, effective Sch 3 (items 97–108) and Sch 8 (items 1, 9): 21 June 2007 (s 2) | Amended by No 143 of 2007, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 142 | Sch 8 item 272, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 32 of 2008, Sch 1 item 4, effective Sch 1 (items 4–11, 58): 23 June 2008 (s 2) | Amended by No 45 of 2008, Sch 1 item 2 | Sch 1 item 3 | Sch 3 item 4, effective Sch 1 (items 2–7), Sch 4 (items 1–7) and Sch 7 (items 1–5): 26 June 2008 (s 2) | Amended by No 92 of 2008, Sch 1 item 5 | Sch 2 item 4, effective Sch 1 (items 5–9, 26) and Sch 2 (item 38): 1 Oct 2008 (s 2(1) item 2) | Amended by No 97 of 2008, Sch 3 item 2 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 144 of 2008, Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5 | Sch 10 item 5 | Sch 10 item 6 | Sch 10 item 81 | Sch 11 item 23 | Sch 11 item 24 | Sch 11 item 25 | Sch 11 item 26 | Sch 11 item 27 | Sch 11 item 28 | Sch 11 item 31 | Sch 11 item 35 | Sch 13 item 1 | Sch 14 item 7 | Sch 14 item 55 | Sch 14 item 105 | Sch 14 item 106 | Sch 14 item 107 | Sch 14 item 108 | Sch 14 item 109 | Sch 14 item 110, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 15 of 2009, Sch 1 item 31, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 58 | Sch 2 item 71 | Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5, effective Sch 3 (items 1–5, 40–43, 94–100, 102(1)): 27 Mar 2009 (s 2(1) item 5) | Amended by No 88 of 2009, Sch 2 item 2 | Sch 2 item 426 | Sch 5 item 21 | Sch 5 item 22 | Sch 5 item 23 | Sch 5 item 24 | Sch 5 item 25 | Sch 5 item 26 | Sch 5 item 27 | Sch 5 item 28 | Sch 5 item 29 | Sch 5 item 30 | Sch 5 item 31 | Sch 5 item 32 | Sch 5 item 33 | Sch 5 item 34 | Sch 5 item 35 | Sch 5 item 36 | Sch 5 item 37 | Sch 5 item 38 | Sch 5 item 39 | Sch 5 item 40 | Sch 5 item 41 | Sch 5 item 42 | Sch 5 item 43 | Sch 5 item 44 | Sch 5 item 45 | Sch 5 item 46 | Sch 5 item 47 | Sch 5 item 48 | Sch 5 item 49 | Sch 5 item 50 | Sch 5 item 232 | Sch 5 item 306, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 114 of 2009, Sch 1 item 5 | Sch 2 item 18, effective Sch 1 (items 5–7) and Sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 133 of 2009, Sch 1 item 9 | Sch 3 item 1 | Sch 3 item 2, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 56 of 2010, Sch 1 item 2 | Sch 3 item 275 | Sch 5 item 8 | Sch 6 item 55 | Sch 6 item 114 | Sch 6 item 118 | Sch 6 item 119 | Sch 6 item 120 | Sch 6 item 121 | Sch 6 item 122 | Sch 6 item 123, effective s 4, Sch 3 (items 1, 10(1)) and Sch 6 (items 17, 18, 55, 114, 118–126): 3 June 2010 (s 2(1) items 1, 7, 15, 23) Sch 1 (item 7): 1 July 2010 (s 2(1) item 3) Sch 2 (items 1, 4): 4 June 2010 (s 2(1) item 6) Sch 6 (item 108): 1 July 2006 (s 2(1) item 19) | Amended by No 75 of 2010, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 79 of 2010, Sch 1 item 4 | Sch 2 item 245 | Sch 4 item 398 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 90 of 2010, Sch 4 item 1 | Sch 4 item 2, effective Sch 4 (items 1–4, 8): 29 June 2010 (s 2(1) item 3) | Amended by No 105 of 2010, Sch 1 item 37, effective Sch 1 (items 37–52) and Sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 9–11, 14) | Amended by No 114 of 2010, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 145 of 2010, Sch 1 item 355 | Sch 2 item 69 | Sch 2 item 80 | Sch 2 item 83 | Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 6, effective Sch 2 (items 31–33) and Sch 3 (items 1–6): 17 Dec 2010 (s 2(1) item 2) | Amended by No 32 of 2011, Sch 1 item 30 | Sch 1 item 31 | Sch 4 item 150 | Sch 4 item 282 | Sch 4 item 468 | Sch 4 item 469 | Sch 4 item 470 | Sch 4 item 470A | Sch 4 item 471 | Sch 4 item 472 | Sch 4 item 473 | Sch 4 item 474 | Sch 4 item 475 | Sch 4 item 476 | Sch 4 item 477 | Sch 4 item 478 | Sch 4 item 479 | Sch 4 item 479A | Sch 5 item 621, effective Sch 4 (items 282–284) and Sch 5: 1 July 2011 (s 2(1) items 3, 8) Sch 4 (items 621–624): never commenced (s 2(1) item 4) | Amended by No 41 of 2011, Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17 | Sch 5 item 61 | Sch 5 item 62 | Sch 5 item 63 | Sch 5 item 64 | Sch 5 item 176 | Sch 5 item 177 | Sch 5 item 178 | Sch 5 item 179 | Sch 5 item 180, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 43 of 2011, Sch 2 item 1 | Sch 2 item 2, effective s 4 and Sch 2 (items 1–3, 6): 27 June 2011 (s 2(1) items 1, 5) | Amended by No 147 of 2011, Sch 8 item 42, effective s 4, Sch 7 and Sch 8 (item 42): 29 Nov 2011 (s 2(1) items 1, 7, 11) | Amended by No 159 of 2011, Sch 3 item 1, effective Sch 1 (items 1–3) and Sch 3 (items 1–16, 24): 1 July 2012 (s 2(1) items 2, 5) Sch 1 (items 4–6): repealed before commencing (s 2(1) item 3) | Amended by No 12 of 2012, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 6 item 132 | Sch 6 item 204 | Sch 6 item 219 | Sch 6 item 220, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 169 of 2012, Sch 2 item 1 | Sch 2 item 142 | Sch 2 item 150 | Sch 2 item 153, effective Sch 2 (items 1–3, 26, 27): 3 Dec 2012 (s 2(1) item 3) | Amended by No 84 of 2013, Sch 1 item 10 | Sch 1 item 11 | Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5 | Sch 5 item 6 | Sch 8 item 25, effective s 4, Sch 1 (items 1, 9(1), 10–18) and Sch 5: 28 June 2013 (s 2(1) items 1, 2) | Amended by No 88 of 2013, Sch 5 item 11 | Sch 5 item 12 | Sch 5 item 28, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 101 of 2013, Sch 2 item 8, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 11 of 2014, Sch 3 item 3, effective Sch 3 (item 1): 18 Mar 2014 (s 2(1) item 4) Sch 3 (items 3, 4, 6): 1 July 2019 (s 2(1) item 6) Sch 3 (item 5): repealed before commencing (s 2(1) item 6) | Amended by No 31 of 2014, Sch 1 item 34 | Sch 1 item 35 | Sch 4 item 93 | Sch 4 item 97 | Sch 8 item 9 | Sch 8 item 35 | Sch 8 item 36 | Sch 8 item 37, effective Sch 4 (items 97, 98): 24 June 2014 (s 2(1) item 9) | Amended by No 96 of 2014, Sch 2 item 3 | Sch 5 item 4, effective Sch 2 (items 3–13, 42, 43): 30 Sept 2014 (s 2(1) item 2) | Amended by No 110 of 2014, Sch 5 item 7 | Sch 5 item 8 | Sch 5 item 9 | Sch 5 item 10 | Sch 5 item 95 | Sch 5 item 96 | Sch 5 item 97, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 2 of 2015, Sch 1 item 3 | Sch 2 item 62 | Sch 4 item 9 | Sch 4 item 73, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 21 of 2015, Sch 2 item 10 | Sch 6 item 3 | Sch 6 item 38, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15) | Amended by No 70 of 2015, Sch 7 item 19 | Sch 1 item 7 | Sch 1 item 47 | Sch 1 item 48 | Sch 1 item 49 | Sch 1 item 50 | Sch 1 item 51 | Sch 1 item 52 | Sch 3 item 8, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 53 of 2016, Sch 2 item 104 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 8 | Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 3, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) | Amended by No 55 of 2016, Sch 7 item 8 | Sch 12 item 6 | Sch 12 item 7 | Sch 12 item 8 | Sch 12 item 9 | Sch 13 item 5 | Sch 13 item 6 | Sch 14 item 5 | Sch 15 item 2 | Sch 15 item 3, effective Sch 15 (items 2, 3, 5): 1 Jan 2017 (s 2(1) item 17) Sch 23 (items 37–39, 41–43): 1 Oct 2016 (s 2(1) item 25) | Amended by No 15 of 2017, Sch 4 item 20 | Sch 4 item 21 | Sch 4 item 22, effective Sch 4 (items 1–3, 7, 8): never commenced (s 2(1) items 5–7) Sch 4 (items 20–25): 1 Apr 2017 (s 2(1) item 8) | Amended by No 27 of 2017, Sch 1 item 2 | Sch 1 item 3, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3) | Amended by No 132 of 2017, Sch 1 item 26, effective Sch 1 (item 26): 1 July 2018 (s 2(1) item 2) | Amended by No 4 of 2018, Sch 2 item 1 | Sch 2 item 2 | Sch 3 item 1 | Sch 6 item 4, effective Sch 6 (items 4–8, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 15 of 2018, Sch 1 item 7 | Sch 1 item 8, effective Sch 1 (items 7–10, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 29–41, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 34 of 2019, Sch 1 item 12 | Sch 1 item 15, effective Sch 1 (items 15, 16), Sch 3 and Sch 4 (items 1, 2): 1 July 2019 (s 2(1) item 2) | Amended by No 59 of 2019, Sch 2 item 4, effective Sch 2 (items 4–8): 30 Aug 2019 (s 2(1) item 2) | Amended by No 64 of 2020, Sch 3 item 41 | Sch 3 item 42 | Sch 3 item 170 | Sch 3 item 171 | Sch 3 item 203 | Sch 3 item 292, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 92 of 2020, Sch 2 item 4, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7) | Amended by No 101 of 2023, Sch 4 item 10, effective Sch 4 (items 1–5, 9–12): 1 Jan 2024 (s 2(1) item 6) | Amended by No 38 of 2024, Sch 3 item 107 | Sch 3 item 108 | Sch 3 item 109 | Sch 3 item 110, effective Sch 1 (items 29, 30, 63): 14 Oct 2024 (s 2(1) item 2) | Amended by No 17 of 2025, Sch 1 item 51 | Sch 1 item 55 | Sch 1 item 56 | Sch 1 item 57 | Sch 1 item 58 | Sch 1 item 60 | Sch 7 item 7 | Sch 7 item 110 | Sch 8 item 33, effective Sch 8 (items 33–37): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6AB", "Provision_Key": "s6ab", "Heading": "Foreign income and foreign tax", "Text": "(1) A reference in this Act to foreign income is a reference to income (including superannuation lump sums and employment termination payments) derived from sources in a foreign country or foreign countries, and includes a reference to an amount included in assessable income under section 102AAZD, 456, 457 or 459A of this Act, or section 305 ‑ 70 of the Income Tax Assessment Act 1997 . (1C) A reference in this Act to foreign income includes a reference to an amount included in assessable income under: (a) Division 301 of the Income Tax Assessment Act 1997 in its application under section 301 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 ; or (b) Division 302 of the Income Tax Assessment Act 1997 in its application under section 302 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 . (2) A reference in this Act to foreign tax is a reference to tax imposed by a law of a foreign country, being: (a) tax upon income; or (b) tax upon profits or gains, whether of an income or capital nature; or (c) any other tax, being a tax that is subject to an agreement having the force of law under the International Tax Agreements Act 1953 ; but does not include a unitary tax or a credit absorption tax. (5B) This section applies to a non ‑ share dividend in the same way as it applies to a dividend. (6) In this section: credit absorption tax means a tax imposed by a law of a foreign country to the extent that the tax would not have been payable if the taxpayer concerned or another taxpayer had not been entitled to an offset in respect of the tax under Division 770 of the Income Tax Assessment Act 1997 . law , in relation to a foreign country, means a law of that country, or of any part of, or place in, that country. unitary tax means tax imposed by a law of a foreign country, being a law which, for the purposes of taxing income, profits or gains of a company derived from sources within that country, takes into account, or is entitled to take into account, income, losses, outgoings or assets of the company (or of a company that for the purposes of that law is treated as being associated with the company) derived, incurred or situated outside that country, but does not include tax imposed by that law if that law only takes those matters into account: (a) if such an associated company is a resident for the purposes of that law; or (b) for the purposes of granting any form of relief in relation to tax imposed on dividends received by one company from another company.", "Amendment_Count": 14, "First_Amended": "No 51 of 1986", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 51 of 1986 | No 78 of 1988 | No 5 of 1991 | No 48 of 1991 | No 190 of 1992 | No 181 of 1994 | No 22 of 1995 | No 170 of 1995 | No 163 of 2001 | No 66 of 2003 | No 96 of 2004 | No 15 of 2007 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 51 of 1986, effective s 3–35: 22 July 1986 | Amended by No 78 of 1988, item 8, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 5 of 1991, item 5 | item 18 | item 28 | item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 9, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 190 of 1992, item 3, effective 1 Jan 1993 (s 2) | Amended by No 181 of 1994, Sch 3 item 19 | Sch 3 item 25 | Sch 3 item 74, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 22 of 1995, item 17, effective Sch (items 16–35): 29 Mar 1995 (s 2) | Amended by No 170 of 1995, Sch 1 item 17, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 163 of 2001, Sch 1 item 47, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 66 of 2003, Sch 3 item 4 | Sch 3 item 5, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 15 of 2007, Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40 | Sch 1 item 41, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 143 of 2007, Sch 1 item 21 | Sch 1 item 23 | Sch 1 item 25, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 114 of 2010, Sch 1 item 6, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6B", "Provision_Key": "s6b", "Heading": "Income beneficially derived", "Text": "(1) For the purposes of this Act, an amount of income derived by a person, not being a dividend paid by a company to the person as a shareholder in the company, shall be deemed to be attributable to a dividend: (a) if the person derived the amount of income by reason of being the beneficial owner of the share in respect of which the dividend was paid; or (b) if the person derived the amount of income as a beneficiary in a trust estate and the amount of income can be attributed, directly or indirectly, to the dividend or to an amount that is deemed, by any application or successive applications of this subsection, to be an amount of income attributable to the dividend. (1A) For the purposes of this Act, an amount of income derived by a person, being income other than passive income, is to be taken to be income attributable to passive income: (a) if the person derived the amount of income by reason of being beneficially entitled to an amount representing passive income; or (b) if the person derived the amount of income as a beneficiary in a trust estate and the amount of income can be attributed, directly or indirectly, to passive income or to an amount that is taken, by any application or successive applications of this subsection, to be an amount of income attributable to passive income. (2) For the purposes of this Act, an amount of income derived by a person, being income other than interest income, shall be deemed to be income attributable to interest income: (a) if the person derived the amount of income by reason of being beneficially entitled to an amount representing interest income; or (b) if the person derived the amount of income as a beneficiary in a trust estate and the amount of income can be attributed, directly or indirectly, to interest income or to an amount that is deemed, by any application or successive applications of this subsection, to be an amount of income attributable to interest income. (2A) For the purposes of this Act, an amount of income derived by a person shall be deemed to be income derived from a particular source: (a) except where paragraph (b) applies: (i) if the person derived the amount of income by reason of being beneficially entitled to an amount that is derived from that source; or (ii) if the person derived the amount of income as a beneficiary in a trust estate and the amount of income can be attributed, directly or indirectly, to income derived from that source or to an amount that is deemed, by any other application or applications of this subsection, to be an amount that is income derived from that source; or (b) if the income so derived is, by virtue of subsection (1), (1A) or (2), attributable to a dividend, passive income or interest income derived from that source. (3) Where a beneficiary in a trust estate is presently entitled to income of the trust estate, that income shall, for the purposes of this section, be deemed to be an amount of income derived by the person. (4) This section: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend.", "Amendment_Count": 7, "First_Amended": "No 85 of 1967", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 85 of 1967 | No 51 of 1973 | No 108 of 1981 | No 51 of 1986 | No 5 of 1991 | No 163 of 2001 | No 143 of 2007", "History_Notes": "Inserted by No 85 of 1967, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 51 of 1986, effective s 3–35: 22 July 1986 | Amended by No 5 of 1991, item 7, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 163 of 2001, Sch 1 item 49, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 143 of 2007, Sch 1 item 770, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6BA", "Provision_Key": "s6ba", "Heading": "Taxation treatment of certain shares", "Text": "(1) This section applies if a shareholder holds shares in a company (the original shares ) and the company issues other shares (the bonus shares ) in respect of the original shares. (2) If the bonus shares are a dividend, or taken to be a dividend (including as a result of section 45C), the consideration for the acquisition of the shares for the purposes of this Act is so much of the dividend as is: (a) included in the taxpayer’s assessable income; and (b) is not rebatable under section 46A. (3) If the bonus shares are issued for no consideration and are not a dividend or taken to be a dividend, then for the purposes of this Act, in determining: (a) the value of such of the original shares and bonus shares as the taxpayer elects under section 70 ‑ 45 of the Income Tax Assessment Act 1997 to value at cost; and (b) where any of the original shares or any of the bonus shares are not articles of trading stock of the taxpayer: (i) the amount or value of the consideration paid in respect of the acquisition of any of those shares for the purposes of Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 ; or (ii) the amount of any profit or loss arising on the sale or disposal of any of those shares; any amounts paid or payable by the taxpayer in respect of the original shares (whether on purchase of the shares, on application for or allotment of the shares, to meet calls or otherwise) shall be deemed to have been paid or to be payable by the taxpayer in respect of the original shares and the bonus shares in such proportions as the Commissioner considers appropriate in the circumstances. (4) A company issues shares for no consideration if: (a) it credits its capital account with profits in connection with the issue of the shares; or (b) it credits its capital account with the amount of any dividend to a shareholder and the shareholder does not have a choice whether to be paid the dividend or to be issued with the shares. This subsection does not limit the generality of subsection (3). Note: A company that makes a credit covered by paragraph (a) or (b) will have a tainted share capital account. (5) Subject to subsection (6), if a shareholder has a choice whether to be paid a dividend or to be issued shares and the shareholder chooses to be issued with shares: (a) the dividend is taken to be credited to the shareholder; and (b) the dividend is taken to have been paid out of profits; and (c) subsections (2) and (3) apply in working out the consideration for the acquisition of the shares for the purposes of this Act. However, the share capital account of the company does not become a tainted share capital account as a result of the crediting of the dividend to the share capital account. (6) Subsection (5) does not apply if: (a) a shareholder in a listed public company has a choice whether to be paid a dividend (other than a minimally franked dividend within the meaning of subsection 45(3)) or to be issued shares and the shareholder chooses to be issued with shares; and (b) the company does not credit the share capital account in connection with the issue of those shares. Note: If subsection (5) does not apply because of this subsection, subsection (3) will apply. (7) This section (other than subsection (6)): (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend.", "Amendment_Count": 14, "First_Amended": "No 57 of 1978", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 57 of 1978 | No 146 of 1979 | No 108 of 1981 | No 47 of 1984 | No 52 of 1986 | No 120 of 1995 | No 121 of 1997 | No 63 of 1998 | No 58 of 2000 | No 163 of 2001 | No 101 of 2003 | No 101 of 2006 | No 133 of 2009 | No 101 of 2023", "History_Notes": "Inserted by No 57 of 1978, effective 22 June 1978 (s 2) | Amended by No 146 of 1979, effective 28 Nov 1979 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 47 of 1984, item 4 | item 10, effective 25 June 1984 (s 2) | Amended by No 52 of 1986, effective 24 June 1986 (s 2) | Amended by No 120 of 1995, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6, effective Sch 1 (items 1–57, 59–90) and Sch 2 (items 1, 3, 4): 25 Oct 1995 (s 2(1)) Sch 1 (item 58): 23 Nov 1994 (s 2(2)) | Amended by No 121 of 1997, Sch 5 item 44, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 63 of 1998, Sch 7 item 1 | Sch 7 item 2 | Sch 7 item 4 | Sch 7 item 54, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 58 of 2000, Sch 8 item 1 | Sch 8 item 2 | Sch 8 item 3, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 163 of 2001, Sch 1 item 50, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 101 of 2003, Sch 6 item 5, effective s 4, Sch 1 (items 1, 21), Sch 3 (items 1, 6), Sch 4, Sch 6 (items 7–15): 14 Oct 2003 (s 2(1) items 1, 3, 5, 6, 14–16) s 5: 11 Oct 2002 (s 2(1) item 2) Sch 6 (item 5): 1 July 1998 (s 2(1) item 12) Sch 6 (item 6): 30 June 1992 (s 2(1) item 13) | Amended by No 101 of 2006, Sch 2 item 147 | Sch 4 item 1, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 133 of 2009, Sch 1 item 10, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 4 item 11, effective Sch 4 (items 1–5, 9–12): 1 Jan 2024 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6BA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6C", "Provision_Key": "s6c", "Heading": "Source of royalty income derived by a non ‑ resident", "Text": "(1) This section applies to income that is derived on or after 1 July 1968 by a non ‑ resident and consists of royalty that: (a) is paid or credited to the non ‑ resident by the Commonwealth, by a State, by an authority of the Commonwealth or of a State or by a person who is, or by persons at least one of whom is, a resident and is not an outgoing wholly incurred by the Commonwealth, the State, the authority or that person or those persons in carrying on business in a country outside Australia at or through a permanent establishment of the Commonwealth, the State, the authority or that person or those persons in that country; or (b) is paid or credited to the non ‑ resident by a person who is, or by persons each of whom is, a non ‑ resident and is, or is in part, an outgoing incurred by that person or those persons in carrying on business in Australia at or through a permanent establishment of that person or those persons in Australia. (1A) For the purposes of Division 5 and Division 6 of Part III, but subject to subsections (3) and (4), income to which this section applies shall be deemed to be attributable to sources in Australia. (2) For the purposes of sections 6 ‑ 5 and 6 ‑ 10 of the Income Tax Assessment Act 1997 , but subject to subsections (3) and (4), income to which this section applies shall be deemed to have been derived from a source in Australia. (3) Where: (a) income to which this section applies is paid or credited to the non ‑ resident by whom it is derived by the Commonwealth, by a State, by an authority of the Commonwealth or of a State or by a person who is, or by persons at least one of whom is, a resident; and (b) the royalty of which the income consists is, in part, an outgoing incurred by the Commonwealth, the State, the authority or that person or those persons in carrying on business in a country outside Australia at or through a permanent establishment of the Commonwealth, the State, the authority or that person or those persons in that country; subsection (2) has effect in relation to so much only of the income as is attributable to so much of the royalty as is not an outgoing so incurred. (4) Where: (a) income to which this section applies is paid or credited to the non ‑ resident by whom it is derived by a person who, or by persons each of whom, is a non ‑ resident; and (b) the royalty of which the income consists is, in part only, an outgoing incurred by the person or persons by whom it is paid or credited in carrying on business in Australia at or through a permanent establishment of that person or those persons in Australia; subsection (2) has effect in relation to so much only of the income as is attributable to so much of the royalty as is an outgoing so incurred. (5) In subsection (6), a reference to a relevant person is a reference to the Commonwealth, a State, an authority of the Commonwealth or of a State or a person who is, or persons at least 1 of whom is, a resident. (6) For the purposes of paragraphs (1)(a) and (3)(b), where: (a) royalty is paid or credited, after the commencement of this subsection, to a non ‑ resident by a relevant person carrying on business in a country outside Australia; and (b) the royalty or a part of the royalty: (i) is incurred by the relevant person in gaining or producing income that is derived by the relevant person otherwise than in carrying on business in a country outside Australia at or through a permanent establishment of the relevant person in that country or is incurred by the relevant person for the purpose of gaining or producing income to be so derived; or (ii) is incurred by the relevant person in carrying on business for the purpose of gaining or producing income and is reasonably attributable to income that is derived, or may be derived, by the relevant person otherwise than in so carrying on business at or through a permanent establishment of the relevant person in a country outside Australia; the royalty or the part of the royalty, as the case may be, is not an outgoing incurred by the relevant person in carrying on business in a country outside Australia at or through a permanent establishment of the relevant person in that country. (7) For the purposes of paragraphs (1)(b) and (4)(b), where: (a) royalty is paid or credited, after the commencement of this subsection, to a non ‑ resident by another person or other persons (in this subsection referred to as the payer ), being: (i) another person who is carrying on business in Australia and is a non ‑ resident; or (ii) other persons who are carrying on business in Australia and each of whom is a non ‑ resident; and (b) the royalty or a part of the royalty: (i) is incurred by the payer in gaining or producing income that is derived by the payer in carrying on business in Australia at or through a permanent establishment of the payer in Australia or is incurred by the payer for the purpose of gaining or producing income to be so derived; or (ii) is incurred by the payer in carrying on a business for the purpose of gaining or producing income and is reasonably attributable to income that is derived, or may be derived, by the payer in so carrying on business at or through a permanent establishment of the payer in Australia; the royalty or the part of the royalty, as the case may be, is an outgoing incurred by the payer in carrying on business in Australia at or through a permanent establishment of the payer in Australia.", "Amendment_Count": 12, "First_Amended": "No 4 of 1968", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 4 of 1968 | No 51 of 1973 | No 26 of 1974 | No 50 of 1976 | No 143 of 1976 | No 126 of 1977 | No 12 of 1979 | No 57 of 1980 | No 108 of 1981 | No 224 of 1992 | No 39 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 4 of 1968, effective 8 May 1968 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 26 of 1974, effective 1 Aug 1974 (s 2) | Amended by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 143 of 1976, effective s 4–6, 8 and 9: 6 Dec 1976 (s 2) | Amended by No 126 of 1977, effective 10 Nov 1977 (s 2) | Amended by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 57 of 1980, effective 23 May 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 224 of 1992, item 60, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 39 of 1997, Sch 4 item 4, effective Sch 1: 1 July 1997 (s 2) | Amended by No 101 of 2006, Sch 2 item 149, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6CA", "Provision_Key": "s6ca", "Heading": "Source of natural resource income derived by a non ‑ resident", "Text": "(1) In this section: double tax agreement means an agreement within the meaning of the International Tax Agreements Act 1953 . natural resource income means income that: (a) is derived by a non ‑ resident; and (b) is calculated, in whole or in part, by reference to the value or quantity of natural resources produced, recovered or produced and recovered, in Australia after 7 April 1986; but does not include: (c) income that consists of royalty; or (d) income where: (i) on 7 April 1986, the non ‑ resident had a continuing entitlement to receive the income; (ii) the income was derived by the non ‑ resident pursuant to that continuing entitlement; (iii) the non ‑ resident was, at 5 o’clock in the afternoon, by standard time in the Australian Capital Territory on 7 April 1986, a resident, within the meaning of a double tax agreement, of a foreign country in respect of which the double tax agreement was in force; (iv) before 8 April 1986, the Commissioner had given a statement in writing to the effect that income tax would be levied on 50% of income included in a specified class of income; and (v) the income is included in that class of income. (2) For the purposes of Divisions 5 and 6 of Part III, natural resource income shall be deemed to be attributable to sources in Australia. (3) For the purposes of section 255 of this Act and sections 6 ‑ 5 and 6 ‑ 10 of the Income Tax Assessment Act 1997 , natural resource income shall be deemed to have been derived from a source in Australia.", "Amendment_Count": 4, "First_Amended": "No 154 of 1986", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 154 of 1986 | No 22 of 1995 | No 39 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 154 of 1986, effective s 23–25, 26(a), 27, 29–39, 41–48, 49(1), (2), (4)–(6), (8)–(11) and 50: 18 Dec 1986 (s 2(1)) s 26(b), (c), 28, 40, 49(3) and (7): 1 Jan 1987 (s 2(4) and gaz 1986, No S650) | Amended by No 22 of 1995, item 18, effective Sch (items 16–35): 29 Mar 1995 (s 2) | Amended by No 39 of 1997, Sch 4 item 5, effective Sch 1: 1 July 1997 (s 2) | Amended by No 101 of 2006, Sch 2 item 150, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6CA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6D", "Provision_Key": "s6d", "Heading": "Some tax offsets under the 1997 Assessment Act are treated as credits", "Text": "A tax offset under a provision of the Income Tax Assessment Act 1997 that corresponds to a provision of this Act that provides for a credit is taken to be a credit for the purposes of this Act. Note: All other tax offsets under the Income Tax Assessment Act 1997 are treated as rebates: see section 160ADA.", "Amendment_Count": 8, "First_Amended": "No 46 of 1972", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 46 of 1972 | No 51 of 1973 | No 165 of 1973 | No 108 of 1981 | No 107 of 1989 | No 117 of 1999 | No 80 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 46 of 1972, effective s 3: 12 Apr 1972 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 165 of 1973, effective s 3–36: 11 Dec 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed by No 107 of 1989, Sch 1 item 35, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Inserted by No 117 of 1999, Sch 1 item 1, effective Sch 1 (items 1–4, 8): 1 July 1998 (s 2(1)) | Repealed by No 80 of 2006, Sch 4 item 197 | Sch 4 item 22, effective Sch 1 (items 1, 4), Sch 2, Sch 3 (items 1, 5), Sch 4 (items 3, 4, 14, 21, 22, 30), Sch 6 (item 2) and Sch 9: 30 June 2006 (s 2(1) items 2–4, 6, 7) Sch 4 (items 15–19): 30 June 2002 (s 2(1) item 5) | Inserted by No 143 of 2007, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6F", "Provision_Key": "s6f", "Heading": "Dual resident investment company", "Text": "(1) For the purposes of this Act, a company (other than a company in the capacity of trustee) is a dual resident investment company in relation to a year of income if: (a) at any time during the year of income the company is a resident of Australia; and (b) the company is liable to tax in a foreign country in respect of some or all of the income or profits of the company of the year of income (or would be so liable if the company derived income or profits) because: (i) the company is treated as a resident of that country for the purposes of the relevant law of that country; or (ii) the company is treated as domiciled in that country for the purposes of the relevant law of that country; or (iii) the company’s management and control is treated as being located in that country for the purposes of the relevant law of that country; and (c) at any time during the year of income when the company was in existence: (i) the company was not carrying on business with a reasonable view to profit; or (ii) a substantial purpose of the company (whether or not stated in its constituent document) was to acquire or hold shares, securities or other investments in related companies (whether directly or indirectly through one or more companies, partnerships or trusts). (2) For the purposes of this section, companies are related to each other if they are controlled (as defined by subsection (3)) by the same person, either alone or together with associates (whether or not the same associates are involved in relation to each company). (3) For the purposes of this section, a person, either alone or together with associates, controls a company if: (a) the person, either alone or together with associates: (i) controls or is capable of controlling, either directly or through one or more interposed companies, partnerships or trusts, at least 50% of the maximum number of votes that might be cast at a general meeting of the company; or (ii) is beneficially entitled to receive, directly or indirectly, at least 50% of any dividends that are or might be paid, or of any distribution of capital that is or may be made, by the company; or (iii) is capable, under a scheme, of gaining such control or such an entitlement; or (b) the company or its directors are accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the person, either alone or together with associates. (4) Section 159GZH applies for the purposes of this section in determining the beneficial entitlement of a person to receive indirectly the whole or a particular fraction of a dividend that is, or might be, paid by a company or of a distribution of capital of a company. (5) In this section: associate has the same meaning as in section 318. scheme means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether there are 2 or more parties or only one party involved.", "Amendment_Count": 2, "First_Amended": "No 35 of 1990", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 35 of 1990 | No 101 of 2006", "History_Notes": "Inserted by No 35 of 1990, item 4, effective s 4–41: 7 June 1990 (s 2) | Amended by No 101 of 2006, Sch 2 item 151, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 6H", "Provision_Key": "s6h", "Heading": "Recognised small credit unions, recognised medium credit unions and recognised large credit unions", "Text": "Recognised small credit union in relation to a year of income (1) For the purposes of this Act, a credit union is a recognised small credit union in relation to a year of income if: (a) both: (i) the year of income is the 1994 ‑ 95 year of income; and (ii) either: (A) the credit union is not a designated credit union; or (B) the credit union’s notional taxable income of the year of income is less than $50,000; or (b) both: (i) the year of income is the 1995 ‑ 96 year of income or a later year of income; and (ii) the credit union’s notional taxable income of the year of income is less than $50,000. Recognised medium credit union in relation to a year of income (2) For the purposes of this Act, a credit union is a recognised medium credit union in relation to a year of income if: (a) the year of income is the 1994 ‑ 95 year of income or a later year of income; and (b) the credit union is not a recognised small credit union in relation to the year of income; and (c) the credit union’s notional taxable income of the year of income is less than $150,000. Recognised large credit union in relation to a year of income (3) For the purposes of this Act, a credit union is a recognised large credit union in relation to a year of income if: (a) the year of income is the 1994 ‑ 95 year of income or a later year of income; and (b) the credit union is neither: (i) a recognised small credit union in relation to the year of income; nor (ii) a recognised medium credit union in relation to the year of income. Designated credit union (4) For the purposes of this section, a credit union is a designated credit union if: (a) it was in existence on 1 July 1993; and (b) assuming that its accounts for the last accounting period that ended before 1 July 1993 had been prepared in accordance with generally accepted accounting principles—the amount that would have been shown in those accounts as the gross value of its assets as at the end of that accounting period is more than $30 million. Notional taxable income (5) For the purposes of this section, the notional taxable income of a credit union of a year of income is the amount that would be its taxable income of the year of income if: (a) section 23G did not apply to income derived by it in the 1994 ‑ 95 year of income or any later year of income; and (b) Division 9 of Part III had not been enacted. Definitions (6) In this section: accounting period , in relation to a credit union, means a period at the end of which the balance of its accounts is struck. accounts , in relation to a credit union, means accounts prepared for the purposes of reporting annually to the shareholders in the credit union. credit union means a credit union as defined in section 23G, except a life assurance company.", "Amendment_Count": 3, "First_Amended": "No 57 of 1993", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 57 of 1993 | No 181 of 1994 | No 101 of 2004", "History_Notes": "Inserted by No 57 of 1993, item 29, effective s 13–34: 27 Oct 1993 (s 2) | Amended by No 181 of 1994, Sch 1 item 89, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s6H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 7B", "Provision_Key": "s7b", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Inserted by No 146 of 2001, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s7B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Commissioner", "Text": "The Commissioner shall have the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 1 of 1953", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 1 of 1953 | No 145 of 2010", "History_Notes": "Repealed and substituted by No 1 of 1953, Sch 1 item 6D | Sch 1 item 17 | Sch 1 item 357 | Sch 1 item 18 | Sch 1 item 20, effective First Sch: 1 Apr 1953 | Amended by No 145 of 2010, Sch 2 item 28 | Sch 2 item 31 | Sch 2 item 87 | Sch 2 item 88 | Sch 2 item 89 | Sch 2 item 119, effective Sch 2 (items 31–33) and Sch 3 (items 1–6): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s8"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Annual report", "Text": "(1) The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act, including any breaches or evasions of this Act of which the Commissioner has notice. (2) The Minister shall cause a copy of a report furnished to him or her under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which he or she receives the report. (3) For the purposes of section 34C of the Acts Interpretation Act 1901 , a report that is required by subsection (1) to be furnished as soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June.", "Amendment_Count": 3, "First_Amended": "No 39 of 1983", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 39 of 1983 | No 123 of 1984 | No 41 of 2011", "History_Notes": "Repealed and substituted by No 39 of 1983, Sch 1 item 7, effective s 7(1) and Sch 1: 18 July 1983 (s 2(1), (11)(b)) Sch 1: (amdt to s 221ZC(5)(b)(i) Income Tax Assessment Act 1936): 13 Dec 1982 (s 2(11)(a)) | Amended by No 123 of 1984, item 327 | Sch 16 item 31 | Sch 16 item 94 | Sch 16 item 172 | Sch 16 item 304 | Sch 16 item 326 | Sch 16 item 327 | Sch 1 item 385 | Sch 2 item 385 | Sch 9 item 385 | Sch 16 item 385, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 41 of 2011, Sch 5 item 182 | Sch 5 item 183, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s14"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Accounting period", "Text": "Any person may, with the leave of the Commissioner, adopt an accounting period being the 12 months ending on some date other than 30 June. For the purposes of this Act, the person’s accounting period in each succeeding year shall end on the corresponding date of that year, unless: (a) with the leave of the Commissioner some other date is adopted; or (b) the accounting period ends earlier under section 18A.", "Amendment_Count": 4, "First_Amended": "No 108 of 1981", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 108 of 1981 | No 39 of 1997 | No 136 of 2002 | No 101 of 2006", "History_Notes": "Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 39 of 1997, Sch 4 item 7, effective Sch 1: 1 July 1997 (s 2) | Amended by No 136 of 2002, Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 19 | Sch 2 item 21 | Sch 2 item 25, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 101 of 2006, Sch 2 item 154 | Sch 2 item 155 | Sch 2 item 341 | Sch 2 item 12 | Sch 2 item 14 | Sch 2 item 960 | Sch 2 item 1051 | Sch 5 item 11 | Sch 5 item 104 | Sch 5 item 105, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s18"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 18A", "Provision_Key": "s18a", "Heading": "Accounting periods for VCLPs, ESVCLPs, AFOFs and VCMPs", "Text": "(1) If a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP on a particular day: (a) the accounting period during which that day occurs (the first accounting period ) is taken to have ended immediately before that day; and (b) another accounting period is taken to have commenced at the beginning of that day. The other accounting period ends on the day on which the first accounting period would have ended if this section did not apply. Example: A partnership whose accounting periods ended on 30 June becomes a VCLP, an ESVCLP on 1 October 2002, and ceases to be a VCLP, an ESVCLP on 1 April 2003. The effect of becoming a VCLP, an ESVCLP: the accounting period that commenced on 1 July 2002 is taken under this section to end on 30 September 2002, and a second accounting period commences on 1 October 2002. The second accounting period is scheduled to end on 30 June 2003. The effect of ceasing to be a VCLP, an ESVCLP: the second accounting period is now taken under this section to end on 31 March 2003, and a third accounting period commences on 1 April 2003. The third accounting period is to end on 30 June 2003. (2) This section does not apply in relation to a partnership becoming, or ceasing to be, a VCLP, an ESVCLP, an AFOF or a VCMP on the day on which an accounting period commences.", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 136 of 2002, Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 17 | Sch 2 item 19 | Sch 2 item 21 | Sch 2 item 195 | Sch 2 item 24 | Sch 2 item 25, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 78 of 2007, Sch 8 item 87, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s18A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Where consideration not in cash", "Text": "(1) Where, upon any transaction, any consideration is paid or given otherwise than in cash, the money value of that consideration shall, for the purposes of this Act, be deemed to have been paid or given. (2) This section has effect subject to section 21A.", "Amendment_Count": 1, "First_Amended": "No 95 of 1988", "Last_Amended": "No 95 of 1988", "Amending_Acts": "No 95 of 1988", "History_Notes": "Amended by No 95 of 1988, item 12 | item 13, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s21"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 21A", "Provision_Key": "s21a", "Heading": "Non ‑ cash business benefits", "Text": "(1) For the purposes of this Act, in determining the income derived by a taxpayer, a non ‑ cash business benefit that is not convertible to cash shall be treated as if it were convertible to cash. (2) For the purposes of this Act, if a non ‑ cash business benefit (whether or not convertible to cash) is income derived by a taxpayer: (a) the benefit shall be brought into account at its arm’s length value reduced by the recipient’s contribution (if any); and (b) if the benefit is not convertible to cash—in determining the arm’s length value of the benefit, any conditions that would prevent or restrict the conversion of the benefit to cash shall be disregarded. (3) Where: (a) a non ‑ cash business benefit is income derived by a taxpayer in a year of income; and (b) if the taxpayer had, at the time the benefit was provided, incurred and paid unreimbursed expenditure in respect of the provision of the benefit equal to the amount of the arm’s length value of the benefit—a once ‑ only deduction would, or would but for Subdivisions F, GA and G of Division 3 of this Part, and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the taxpayer in respect of a percentage (in this subsection called the deductible percentage ) of the expenditure; the amount that, apart from this subsection, would be applicable under subsection (2) of this section in respect of the benefit shall be reduced by the deductible percentage. (4) Where: (a) a non ‑ cash business benefit is income derived by a taxpayer in a year of income; and (b) a percentage (in this subsection called the non ‑ deductible entertainment percentage ) of any expenditure incurred by the provider in respect of the provision of the benefit is non ‑ deductible entertainment expenditure; the amount that, apart from this subsection, would be applicable under subsection (2) in respect of the benefit shall be reduced by the non ‑ deductible entertainment percentage. (5) In this section: arm’s length value , in relation to a non ‑ cash business benefit, means: (a) the amount that the recipient could reasonably be expected to have been required to pay to obtain the benefit from the provider under a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction; or (b) if such an amount cannot be practically determined—such amount as the Commissioner considers reasonable. income derived by a taxpayer means income derived by a taxpayer in carrying on a business for the purpose of gaining or producing assessable income. non ‑ cash business benefit means property or services provided after 31 August 1988: (a) wholly or partly in respect of a business relationship; or (b) wholly or partly for or in relation directly or indirectly to a business relationship. non ‑ deductible entertainment expenditure means expenditure to the extent to which: (a) section 32 ‑ 5 of the Income Tax Assessment Act 1997 applies to the expenditure; and (b) but for that section, the expenditure would be deductible under section 8 ‑ 1 of the Income Tax Assessment Act 1997 . provide : (a) in relation to property—includes dispose of (whether by assignment, declaration of trust or otherwise); and (b) in relation to services—includes allow, confer, give, grant or perform. recipient’s contribution , in relation to a non ‑ cash business benefit, means the amount of any consideration paid to the provider by the recipient in respect of the provision of the benefit, reduced by the amount of any reimbursement paid to the recipient in respect of that consideration. services includes any benefit, right (including a right in relation to, and an interest in, real or personal property), privilege or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or facility that is, or is to be, provided under: (a) an arrangement for or in relation to: (i) the performance of work (including work of a professional nature), whether with or without the provision of property; (ii) the provision of, or of the use of facilities for, entertainment, recreation or instruction; or (iii) the conferring of rights, benefits or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction; (b) a contract of insurance; or (c) an arrangement for or in relation to the lending of money. (6) Notwithstanding section 21, the consideration referred to in the definition of recipient’s contribution in subsection (5) of this section is consideration in money. (7) This section does not apply to an ESS interest (within the meaning of the Income Tax Assessment Act 1997 ) to which Subdivision 83A ‑ B or 83A ‑ C of that Act (about employee share schemes) applies.", "Amendment_Count": 7, "First_Amended": "No 95 of 1988", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 95 of 1988 | No 30 of 1995 | No 39 of 1997 | No 121 of 1997 | No 133 of 2009 | No 75 of 2010 | No 84 of 2022", "History_Notes": "Inserted by No 95 of 1988, item 12 | item 15 | item 25 | item 55, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 30 of 1995, Sch 2 item 1, effective Sch 1 and 2: 7 Apr 1995 (s 2) | Amended by No 39 of 1997, Sch 4 item 9 | Sch 4 item 10, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 10 item 12 | Sch 10 item 13, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 133 of 2009, Sch 1 item 11, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 75 of 2010, Sch 1 item 5, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 84 of 2022, Sch 3 item 18 | Sch 3 item 19, effective Sch 3 (items 18–27, 33): 1 Jan 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s21A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AA", "Provision_Key": "s23aa", "Heading": "Income of persons connected with certain projects of United States Government", "Text": "(1) In this section, unless the contrary intention appears: approved project means the establishment, maintenance or operation of the North West Cape naval communication station, of the Joint Defence Space Research Facility, of the Sparta project, of the Joint Defence Space Communications Station or of a Force Posture Initiative. civilian accompanying the United States Forces means a person (not being a member of the United States Forces, an Australian citizen or a person ordinarily resident in Australia) who: (a) is an employee: (i) of the United States Forces; or (ii) of, or of a body conducting, a club or other facility established for the benefit or welfare of members of the United States Forces or of persons accompanying those Forces and which is recognized by the Government of the United States of America as a non ‑ appropriated fund activity; or (b) is serving with an organization that, with the approval of the Government of the Commonwealth, accompanies the United States Forces in Australia. dependant , in relation to a person, means: (a) the spouse of that person; or (b) a relative, other than the spouse, of that person who is wholly or mainly dependent for support on that person; but, in the case of a person who, immediately before becoming such a spouse or relative, was ordinarily resident in Australia, does not include that person so long as that person continues to be ordinarily resident in Australia. Force Posture Agreement means the Force Posture Agreement between the Government of Australia and the Government of the United States of America done at Sydney on 12 August 2014, as amended and in force for Australia from time to time. Note: The Treaty could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). Force Posture Initiative has the same meaning as in the Force Posture Agreement. Note: As well as some announced initiatives, this includes future initiatives that Australia and the United States mutually decide to be Force Posture Initiatives for the purposes of that Agreement. foreign contractor means a person who is a party to a prescribed contract and is not: (a) a company incorporated in Australia; (b) an Australian citizen; or (c) a person, other than a company, who is ordinarily resident in Australia. foreign employee means a person who: (a) is an employee of a foreign contractor; or (b) is a director of a company that is a foreign contractor; and is not an Australian citizen or ordinarily resident in Australia. prescribed contract means: (a) a contract to which the Government of the United States of America is a party in connexion with an approved project; or (b) a contract made for purposes connected with the performance of a contract referred to in paragraph (a). prescribed purposes means: (a) in relation to a foreign contractor or foreign employee—purposes relating to the performance of a prescribed contract; (aa) in relation to a United States employee—purposes relating to an approved project; and (b) in relation to a member of the United States Forces or a civilian accompanying the United States Forces—purposes relating to the carrying on of activities agreed upon between the Government of the Commonwealth and the Government of the United States of America. the Joint Defence Space Communications Station means the undertaking the establishment of which is provided for by an agreement dated 10 November 1969 between the Government of the Commonwealth and the Government of the United States of America. the Joint Defence Space Research Facility means the undertaking the establishment of which is provided for by an agreement dated 9 December 1966 between the Government of the Commonwealth and the Government of the United States of America. the North West Cape naval communication station means the naval communication station the establishment of which is provided for by the agreement approved by the United States Naval Communication Station Agreement Act 1963 . the Sparta project means the undertaking the establishment of which is provided for by a memorandum of arrangement dated 30 March 1966 between the Government of the Commonwealth, the Government of the United Kingdom of Great Britain and Northern Ireland and the Government of the United States of America. the United States Forces means the armed forces of the Government of the United States of America. United States employee means a person who is employed by the Government of the United States of America and is not: (a) a member of the United States Forces; (b) a civilian accompanying the United States Forces; (c) an Australian citizen; or (d) a person ordinarily resident in Australia. (2) For the purposes of this section, a foreign contractor, foreign employee or United States employee who is in Australia, or is carrying on business in Australia, solely for prescribed purposes does not cease to be in Australia solely for those purposes, or to be carrying on business in Australia solely for those purposes, by reason of anything undertaken or done by him or her in connexion with an undertaking in Australia of the Government of the United States of America, other than an approved project, agreed upon between the Government of the Commonwealth and the Government of the United States of America. (3) Where a person: (a) has been in Australia, or has carried on business in Australia, solely for prescribed purposes during a period when the person was a foreign contractor or foreign employee; (b) has been in Australia solely for prescribed purposes during a period when the person was a member of the United States Forces, a civilian accompanying the United States Forces or a United States employee; or (c) has been in Australia during a period when the person was a dependant of such a contractor, employee, member or civilian who was in Australia solely for prescribed purposes; that person shall, for the purposes of the provisions of this Act other than Subdivision A of Division 17, be deemed not to have been a resident of Australia during that period, and the presence of that person in Australia during that period shall be disregarded in determining, for the purposes of those provisions, whether the person was a resident of Australia at any other time. (4) Subsection (3) does not apply in respect of, or of a part of, a period when a person was, or was a dependant of, a foreign contractor, a foreign employee, a civilian accompanying the United States Forces or a United States employee if the person: (a) being a company—was not a domestic corporation for the purposes of the law of the United States of America relating to income tax; or (b) not being a company—was not a resident of the United States of America for the purposes of that law or a citizen of the United States of America; during that period or that part of that period, as the case may be. (5) Where: (a) a foreign contractor or a foreign employee has derived income wholly and exclusively from, or from employment in connexion with, the performance in Australia of a prescribed contract; (b) the income is not exempt from income tax imposed by Chapter One of Subtitle A of the Internal Revenue Code of 1986 of the United States of America; and (c) the foreign contractor or foreign employee was, at the time the income was derived, in Australia, or carrying on business in Australia, solely for prescribed purposes; the income shall, for the purposes of this Act, be deemed to have been derived from sources out of Australia. (6) Where: (a) a person has derived income in respect of service as a civilian accompanying the United States Forces or as a United States employee during a period when the person was in Australia solely for prescribed purposes; and (b) the income is not exempt from income tax imposed by Chapter One of Subtitle A of the Internal Revenue Code of 1986 of the United States of America; the income shall, for the purposes of this Act, be deemed to have been derived from sources out of Australia.", "Amendment_Count": 12, "First_Amended": "No 69 of 1963", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 69 of 1963 | No 38 of 1967 | No 93 of 1971 | No 51 of 1973 | No 216 of 1973 | No 20 of 1974 | No 117 of 1975 | No 108 of 1981 | No 82 of 1994 | No 41 of 2011 | No 133 of 2014 | No 2 of 2015", "History_Notes": "Inserted by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 38 of 1967, effective s 3–16: 25 May 1967 (s 2) | Amended by No 93 of 1971, effective s 3–9: 12 Nov 1971 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 117 of 1975, item 4, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 82 of 1994, Sch 4 item 121, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 41 of 2011, Sch 5 item 184, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 133 of 2014, Sch 3 item 1 | Sch 3 item 2, effective Sch 1 (items 2, 3, 39) and Sch 3: 12 Dec 2014 (s 2(1) item 2) | Amended by No 2 of 2015, Sch 4 item 12, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AB", "Provision_Key": "s23ab", "Heading": "Income of certain persons serving with an armed force under the control of the United Nations", "Text": "(1) In this section: prescribed taxpayer means a taxpayer who, being a resident of Australia, is, or is included in a class of persons that is, prescribed by the regulations for the purposes of this section. tax deductions unapplied , in relation to a deceased person, means any amounts withheld under Part 2 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 from work and income support related withholding payments and benefits derived by the deceased person in respect of United Nations service: (a) that have not been credited in payment of income tax; and (b) in respect of which a payment has not been made by the Commissioner. the prescribed area has the same meaning as in section 79A. United Nations service means service, other than service as a member of the Defence Force, performed, at the direction or with the approval of the Commonwealth, outside Australia with an armed force under the control of the United Nations, at a time when the person performing the service was a prescribed taxpayer. (2) The regulations may prescribe a person or a class of persons for the purposes of this section but shall not so prescribe a person or class of persons unless the salary, wages and allowances received by the person or by all the persons in that class, as the case may be, in respect of his, her or their United Nations service are paid, given or granted by the Commonwealth or by the United Nations for and on behalf of the Commonwealth. (3) A succeeding provision of this section does not apply in relation to a person if the regulations provide that that provision does not apply in relation to that person or in relation to a class of persons in which that person is included. (4) Subsection 12(2) (retrospective commencement of legislative instruments) of the Legislation Act 2003 does not apply to regulations made for the purposes of subsection (2) or (3) of this section. (5) Where: (a) a payment of compensation under the Safety, Rehabilitation and Compensation Act 1988 is made in respect of the incapacity, impairment or death of a taxpayer; and (b) the incapacity, impairment or death of the taxpayer resulted from an occurrence that happened during the performance by the taxpayer of United Nations service; and (c) if the taxpayer had, at the time of the happening of the occurrence, been a member of the Defence Force rendering continuous full ‑ time service outside Australia while the taxpayer was allotted for duty in an operational area described in item 4, 5, 6, 7 8, 9, 10, 11, 12, 13 or 14 of Column 1 of Schedule 2 to the Veterans’ Entitlements Act 1986 , the Commonwealth would be liable to pay a pension under that Act in respect of the incapacity, impairment or death of the taxpayer; the payment of compensation is exempt from income tax. (6) For the purposes of section 15 ‑ 2 of the Income Tax Assessment Act 1997 , the total value of all allowances, gratuities, compensations, benefits, bonuses and premiums (in this subsection referred to as living allowances ) allowed, given or granted in meals, sustenance or the use of premises or quarters (including payment in lieu of one or more of those living allowances) to a taxpayer in respect of, or for or in relation directly or indirectly to, United Nations service shall be deemed to be an amount calculated at the rate of $2 for each week of that service in which any of those living allowances were so allowed, given or granted, or in which payment in lieu of any of those living allowances was made, to the taxpayer. (7) Subject to subsections (8), (8A) and (9A) and subsection 79B(4), a taxpayer is entitled to a rebate of tax in his or her assessment in respect of income of a year of income in which he or she has performed United Nations service and derived income by way of salary, wages or other allowances in respect of that service. The amount of the rebate is: (a) where the total period of that service performed by the taxpayer during the year of income is more than one ‑ half of the year of income or where the taxpayer dies while performing that service during the year of income—an amount equal to the sum of: (i) $338; and (ii) the amount worked out using subsection (7A); or (b) in any other case—such amount as, in the opinion of the Commissioner, is reasonable in the circumstances, being an amount not greater than the amount of the rebate to which the taxpayer would have been entitled under this subsection if paragraph (a) had applied to him or her in respect of the year of income. (7A) For the purposes of subparagraph (7)(a)(ii), the amount is equal to 50% of the sum of the following rebates (if any) in respect of the year of income: (a) any tax offset to which the taxpayer is entitled under Subdivision 61 ‑ A of the Income Tax Assessment Act 1997 ; (b) any notional tax offset to which the taxpayer is entitled under Subdivision 961 ‑ A of the Income Tax Assessment Act 1997 . (8) For the purposes of subsection (7), but subject to subsection (8A), the total period of United Nations service of a taxpayer in any year of income shall be deemed to include any period in that year of income during which the taxpayer has resided, or has actually been, in the prescribed area. (8A) For the purposes of subsection (7), United Nations service does not include any period of service of the taxpayer in respect of which an exemption from income tax applies under section 23AG. (9) Where a rebate is allowable under subsection (7) in the assessment of a taxpayer in respect of income of a year of income and, but for this subsection, a rebate of a lesser amount would be allowable in that assessment under section 79A, a rebate under section 79A is not allowable in that assessment. (9A) Where a rebate is allowable under section 79A in the assessment of a taxpayer in respect of income of a year of income and, but for this subsection, a rebate of the same or a lesser amount would be allowable in that assessment under subsection (7), a rebate under subsection (7) is not allowable in that assessment. (9B) Subsection 79B(4) shall be disregarded in determining for the purposes of subsections (9) and (9A) of this section the amount of a rebate allowable to a taxpayer under subsection (7) of this section or under section 79A. (10) Where: (a) the trustee of the estate of a deceased person who has performed United Nations service is liable to pay income tax, in respect of a year of income, upon income that consists of or includes salary, wages or allowances derived by the deceased person in respect of that service; or (b) the death of the person resulted from an occurrence that happened during that service; and (c) if the person had, at the time of the happening of the occurrence, been a member of the Defence Force rendering continuous full ‑ time service outside Australia while the taxpayer was allotted for duty in an operational area described in item 4, 5, 6, 7 or 8 of Column 1 of Schedule 2 to the Veterans’ Entitlements Act 1986 , the Commonwealth would be liable to pay a pension under that Act in respect of the death of the person; the trustee is, by force of this subsection, released from the payment of so much of that tax as remains after deducting any tax deductions unapplied: (d) if the assessable income of the deceased person of the year of income consists solely of the salary, wages or allowances derived in respect of that service—from the amount of income tax so payable by the trustee; or (e) if the assessable income of the deceased person of the year of income includes income other than the salary, wages or allowances derived in respect of that service: (i) from the amount of income tax so payable by the trustee; or (ii) from the amount by which the income tax payable in respect of the income of the year of income has been increased by the inclusion of the salary, wages or allowances so derived in the assessable income of the deceased person of the year of income; whichever is the less. (11) Nothing in subsection (10) shall be construed as authorizing or requiring the Commissioner to refund any amount paid as or for income tax by or on behalf of the deceased person or the trustee of his or her estate.", "Amendment_Count": 33, "First_Amended": "No 68 of 1964", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 68 of 1964 | No 143 of 1965 | No 51 of 1973 | No 216 of 1973 | No 20 of 1974 | No 117 of 1975 | No 56 of 1976 | No 108 of 1981 | No 29 of 1982 | No 124 of 1984 | No 173 of 1985 | No 49 of 1986 | No 75 of 1988 | No 78 of 1988 | No 208 of 1991 | No 70 of 1992 | No 224 of 1992 | No 18 of 1993 | No 27 of 1993 | No 138 of 1994 | No 82 of 1999 | No 179 of 1999 | No 45 of 2000 | No 101 of 2004 | No 101 of 2006 | No 75 of 2007 | No 14 of 2009 | No 105 of 2010 | No 41 of 2011 | No 62 of 2011 | No 71 of 2012 | No 70 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 68 of 1964, effective s 3–10: 20 Oct 1964 (s 2(1)) | Amended by No 143 of 1965, effective 14 Feb 1966 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 117 of 1975, item 22 | item 27, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 56 of 1976, effective s 3–18: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, item 11, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1)) | Amended by No 173 of 1985, item 4, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 75 of 1988, effective Sch: 1 Dec 1988 (s 2(2) and gaz 1988, No S196) | Amended by No 78 of 1988, item 11, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 208 of 1991, Sch 2 item 21, effective Sch: 24 Dec 1991 (s 2) | Amended by No 70 of 1992, Sch 2 item 5D, effective Sch (Pt 8): 20 Oct 1991 (s 2(12)) Sch (Pt 9): 1 July 1992 (s 2(13)) | Amended by No 224 of 1992, item 14, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 18 of 1993, item 16, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 27 of 1993, Sch 2 item 17, effective s 3 and 17: 9 June 1993 (s 2(1)) | Amended by No 138 of 1994, item 52, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 82 of 1999, Sch 9 item 6, effective Sch 8 (items 1–25, 29): 1 July 2000 (s 2(2)) | Amended by No 179 of 1999, Sch 18 item 360 | Sch 18 item 17 | Sch 18 item 18, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 45 of 2000, Sch 4 item 14, effective Sch 4 (items 11–28): 1 July 2000 (s 2(10), (11) Sch 4 (item 29): 3 May 2000 (s 2(1)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 101 of 2006, Sch 1 item 41 | Sch 1 item 42 | Sch 2 item 156 | Sch 2 item 157 | Sch 2 item 158 | Sch 2 item 398, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 75 of 2007, effective Sch 1 (items 1–13): 21 June 2007 (s 2) | Amended by No 14 of 2009, Sch 4 item 6, effective Sch 4 (items 6–10): 26 Mar 2009 (s 2(1) item 2) Sch 5 (items 1, 14(1)): 29 Jan 2009 (s 2(1) items 3, 7) Sch 5 (item 4): never commenced (s 2(1) item 4) | Amended by No 105 of 2010, effective Sch 1 (items 37–52) and Sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 9–11, 14) | Amended by No 41 of 2011, Sch 5 item 3 | Sch 5 item 56 | Sch 5 item 57 | Sch 5 item 58 | Sch 5 item 59 | Sch 5 item 60 | Sch 5 item 186 | Sch 5 item 187 | Sch 5 item 188 | Sch 5 item 189 | Sch 5 item 190, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 62 of 2011, Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 14, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 71 of 2012, effective Sch 4: 27 June 2012 (s 2(1) item 5) | Amended by No 70 of 2015, Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 961, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 64 of 2020, Sch 3 item 204, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AD", "Provision_Key": "s23ad", "Heading": "Exemption of pay and allowances of Defence Force members performing certain overseas duty", "Text": "Requirements for exemption (1) The pay and allowances earned by a person serving as a member of the Defence Force are exempt from tax if: (a) they are earned while there is in force a certificate in writing issued by the Chief of the Defence Force to the effect that the person is on eligible duty with a specified organisation in a specified area outside Australia; and (b) the eligible duty is not as, or under, an attaché at an Australian embassy or legation. Eligible duty (2) The regulations may declare that duty with a specified organisation, in a specified area outside Australia and after a specified day, is eligible duty for the purposes of this section. Where paragraph (1)(a) certificate in force (3) A certificate under paragraph (1)(a): (a) comes into force at the later of: (i) the time specified in the certificate (which may be before the time when it is issued, but not before the end of the specified day under the regulations); and (ii) the time when the person arrives for duty in the specified area concerned; and (b) subject to paragraph (c), continues in force until the earliest of: (i) the time of the person’s departure from the specified area; and (ii) the time when, in accordance with a certificate of revocation signed by the Chief of the Defence Force, it ceases to be in force; and (iii) any time prescribed by the regulations in relation to the eligible duty for the purposes of this subparagraph; and (c) is in force during any period of hospital treatment resulting from an illness contracted, or injuries sustained, during the person’s eligible duty. Review of paragraph (1)(a) certificate (4) An application may be made to the Tribunal for review of a decision of the Chief of the Defence Force under paragraph (1)(a). Delegation of paragraph (1)(a) power (5) The Chief of the Defence Force may, by signed instrument, delegate to an officer of the Defence Force the power conferred by paragraph (1)(a). Revocation certificate is legislative instrument (6) A certificate of revocation referred to in subparagraph (3)(b)(ii) is a legislative instrument.", "Amendment_Count": 21, "First_Amended": "No 165 of 1973", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 165 of 1973 | No 56 of 1976 | No 57 of 1977 | No 108 of 1981 | No 106 of 1982 | No 103 of 1983 | No 14 of 1984 | No 123 of 1984 | No 49 of 1985 | No 173 of 1985 | No 49 of 1986 | No 154 of 1986 | No 78 of 1988 | No 95 of 1988 | No 20 of 1990 | No 35 of 1990 | No 48 of 1991 | No 100 of 1991 | No 216 of 1991 | No 18 of 1993 | No 58 of 2006", "History_Notes": "Inserted by No 165 of 1973, effective s 3–36: 11 Dec 1973 (s 2) | Amended by No 56 of 1976, effective s 3–18: 4 June 1976 (s 2) | Amended by No 57 of 1977, effective s 3–15 and 18: 16 June 1977 (s 2(1)) s 16: 1 July 1976 (s 2(2)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 106 of 1982, effective 30 Oct 1982 (s 2) | Amended by No 103 of 1983, effective s 3: 22 Dec 1983 (s 2(2)) Remainder: 23 Nov 1983 (s 2(1)) | Amended by No 14 of 1984, effective 12 Apr 1984 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 49 of 1985, Sch 2 item 43, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 173 of 1985, item 5 | item 1940, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 154 of 1986, item 27, effective s 23–25, 26(a), 27, 29–39, 41–48, 49(1), (2), (4)–(6), (8)–(11) and 50: 18 Dec 1986 (s 2(1)) s 26(b), (c), 28, 40, 49(3) and (7): 1 Jan 1987 (s 2(4) and gaz 1986, No S650) | Amended by No 78 of 1988, item 12 | item 66, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 95 of 1988, item 14, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 20 of 1990, item 7, effective s 6–8, 9 (amdt to s 78(1)(a)(xcv) Income Tax Assessment Act 1936) and 10–50: 17 Jan 1990 (s 2(1)) s 9 (amdt to s 78(1)(a)(xcvi) Income Tax Assessment Act 1936): 10 Nov 1989 (s 2(2)) | Amended by No 35 of 1990, item 6, effective s 4–41: 7 June 1990 (s 2) | Amended by No 48 of 1991, item 10, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Repealed by No 100 of 1991, item 17 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 66, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 11, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Inserted by No 18 of 1993, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 58 of 2006, Sch 7 item 244, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AF", "Provision_Key": "s23af", "Heading": "Exemption of certain income derived in respect of approved overseas projects", "Text": "(1) Where a taxpayer, being a natural person, has been engaged on qualifying service on a particular approved project for a continuous period of not less than 91 days, any eligible foreign remuneration derived by the person that is attributable to that qualifying service is exempt from tax. (3) Subject to subsections (4) and (5), a person shall be taken for the purposes of this section to be engaged on qualifying service on an approved project during any period during which: (a) the person is outside Australia and is engaged in the performance of personal services in connection with the approved project; (b) the person is travelling between Australia and the site of the approved project; (c) by reason of an incapacity for work due to accident or illness occurring while the person was, by virtue of paragraph (a) or (b), to be taken to be engaged on qualifying service on the approved project, the person is absent from work; or (d) the person is on eligible leave, being leave that accrued in respect of a period during which the person was, by virtue of any of the preceding paragraphs, to be taken to be engaged on qualifying service on the approved project. (4) A person shall not be taken to have been engaged on qualifying service on a particular approved project while the person was travelling between Australia and the site of the approved project unless the Commissioner is satisfied that the time taken for the journey is reasonable. (5) A person shall not be taken to have been engaged on qualifying service on a particular approved project by virtue of paragraph (3)(c) during a period of incapacity for work unless the person is taken to have been engaged on qualifying service on that approved project by virtue of paragraph (3)(a), (b) or (d) during a period that commenced immediately after the incapacity ceased. (6) Where: (a) a person was engaged on qualifying service on a particular approved project; and (b) due to unforeseen circumstances, the person ceased to be engaged on qualifying service on that approved project; the period during which the person is to be taken to have been engaged on qualifying service on that approved project shall, except for the purpose of determining whether income derived by the person is eligible foreign remuneration, be taken to include the additional period after the person ceased to be engaged on qualifying service on that approved project during which the person would, in the opinion of the Commissioner, have continued to be engaged on qualifying service on that approved project but for those unforeseen circumstances. (7) Where: (a) a person (in this subsection referred to as the original person ) was engaged on qualifying service on a particular approved project; (b) due to unforeseen circumstances, the original person ceased to be engaged on qualifying service on that approved project; and (c) as soon as practicable after the time when the original person ceased to be engaged on qualifying service on that approved project, another person (in this subsection referred to as the substituted person ) commenced to be engaged on qualifying service on that approved project in lieu of the original person; the period during which the substituted person is to be taken to have been engaged on qualifying service on that approved project shall, except for the purpose of determining whether income derived by the substituted person is eligible foreign remuneration, be taken to include a period that ended immediately before the substituted person commenced to be engaged on qualifying service on that approved project in lieu of the original person and was of the same duration as the continuous period during which the original person was, immediately before the original person ceased to be engaged on qualifying service on that approved project, taken to have been engaged on qualifying service on that approved project. (8) Where: (a) during the period (in this subsection referred to as the total project period ) commencing at the time when a person was first engaged on qualifying service on an approved project and ending at the time when the person was last engaged on qualifying service on that approved project, the person was in Australia during a period or periods (in this subsection referred to as the intervening period or intervening periods ) during which the person was not engaged on qualifying service on that approved project; (b) the total number of days in the intervening period or intervening periods does not exceed one ‑ sixth of the total number of days during the total project period during which the person was engaged on qualifying service on the approved project; and (c) at all times during the total project period, the person was engaged on qualifying service on the approved project or was in Australia; the periods during the total project period during which the person was engaged on qualifying service on the approved project shall together be taken to constitute a continuous period during which the person was engaged on qualifying service on the approved project. (9) Where, immediately before a person commences to take eligible leave, leave of the same kind as the eligible leave has accrued in relation to the person but has not been used and that unused leave consists of: (a) leave that accrued in respect of a period or periods when the person was engaged on qualifying service on an approved project and leave that accrued in respect of a period or periods when the person was not engaged on qualifying service on an approved project; (b) leave that accrued in respect of 2 or more periods when the person was engaged on qualifying service on 2 or more different approved projects; or (c) leave that accrued in respect of 2 or more periods when the person was engaged on qualifying service on 2 or more different approved projects and leave that accrued in respect of a period or periods when the person was not engaged on qualifying service on an approved project; the following provisions apply for the purposes of determining the extent to which the eligible leave taken by the person was eligible leave that accrued in respect of a period when the person was engaged on qualifying service on a particular approved project: (d) in a case to which paragraph (a) applies—the person shall be deemed first to have taken leave that accrued in respect of the period when the person was engaged on qualifying service on the approved project referred to in that paragraph; (e) in a case to which paragraph (b) applies—the leave shall be deemed to have been taken in the order that is reverse to the order in which it accrued; (f) in a case to which paragraph (c) applies: (i) the person shall be deemed not to have taken any of the leave that accrued in respect of a period or periods when the person was not engaged on qualifying service on an approved project until the person had taken leave for a number of days equal to the number of days of leave referred to in that paragraph that had accrued in respect of periods when the person was engaged on qualifying service on approved projects; and (ii) the leave that had accrued in respect of periods when the person was engaged in qualifying service on approved projects shall be deemed to have been taken by the person in the order that is reverse to the order in which that leave accrued. (10) Where the amount of income derived by a person that: (a) is attributable to qualifying service on an approved project; and (b) would, apart from this subsection, be eligible foreign remuneration; exceeds the amount of income that the Commissioner considers would be reasonable remuneration in respect of that qualifying service, the amount of the excess is not eligible foreign remuneration for the purposes of this section. (11) Where the Trade Minister is satisfied that the undertaking of an eligible project that was commenced, or is proposed to be commenced, after 19 August 1980 is, or will be, in the national interest, that Minister may, by writing signed by that Minister, approve that eligible project for the purposes of this section. (12) The Trade Minister may, either generally or as otherwise provided by the instrument of delegation, by writing signed by that Minister, delegate to a person that Minister’s power under subsection (11). (13) The power so delegated, when exercised by the delegate shall, for the purposes of this section, be deemed to have been exercised by the Trade Minister. (14) A delegation under subsection (12) does not prevent the exercise of a power by the Trade Minister. (15) Where: (a) a person has derived eligible foreign remuneration during a year of income; and (b) at the time of making an assessment in respect of income of the person of the year of income, the Commissioner is of the opinion that, at a later time, circumstances will exist by reason of which that eligible foreign remuneration will be exempt from tax by virtue of this section; the Commissioner may apply the provisions of this section as if those circumstances existed at the time of making the assessment. (16) Where, in the making of an assessment, this section has been applied on the basis that a circumstance that did not exist at the time of making the assessment would exist at a later time and the Commissioner, after making the assessment, becomes satisfied that that circumstance will not exist, then, notwithstanding anything contained in section 170, the Commissioner may amend the assessment at any time for the purposes of ensuring that this section shall be taken always to have applied on the basis that that circumstance did not exist. (17) For the purposes of this section, income is excluded income if: (a) the income is income to which section 23AG applies; or (aa) the income is a payment, consideration or amount that: (i) is included in assessable income under Division 82, section 83 ‑ 295 or Division 301, 302, 304 or 305 of the Income Tax Assessment Act 1997 ; or (ii) is included in assessable income under Division 82 of the Income Tax (Transitional Provisions) Act 1997 ; or (iii) is mentioned in paragraph 82 ‑ 135(e), (f), (g), (i) or (j) of the Income Tax Assessment Act 1997 ; or (iv) is an amount transferred to a fund, if the amount is included in the assessable income of the fund under section 295 ‑ 200 of the Income Tax Assessment Act 1997 ; or (b) the income is derived from sources in a country other than Australia and: (i) is exempt from income tax in that country; and (ii) would not be exempt from income tax in that country apart from the operation of an agreement applying to Australia and that other country relating to the avoidance of double taxation or of a law of that other country giving effect to such an agreement; or (c) the income consists of: (i) payments in lieu of long service leave; or (ii) payments by way of superannuation or pension. (17A) If the income of a taxpayer of a year of income consists of an amount that is exempt from tax under this section (in this section called the exempt amount ) and other income, the amount of tax (if any) payable in respect of the other income is calculated using the formula: where: Notional gross tax means the number of whole dollars in the amount of income tax that would be assessed under this Act in respect of the taxpayer’s taxable income of the year of income if: (a) the exempt amount were not exempt income; and (aa) if the exempt amount is a payment covered by section 83 ‑ 240 or 305 ‑ 65 of the Income Tax Assessment Act 1997 —the exempt amount (excluding any part of that amount that represented contributions made by the taxpayer) were assessable income of the taxpayer; and (b) the taxpayer were not entitled to any rebate of tax. Notional gross taxable income means the number of whole dollars in the amount that would have been the taxpayer’s taxable income of the year of income if the exempt amount were not exempt income. Other taxable income means the amount (if any) remaining after deducting from so much of the other income as is assessable income: (d) any deductions allowable to the taxpayer in relation to the year of income that relate exclusively to that assessable income; and (e) so much of any other deductions (other than apportionable deductions) allowable to the taxpayer in relation to the year of income as, in the opinion of the Commissioner, may appropriately be related to that assessable income; and (f) the amount calculated using the formula in subsection (17B). (17B) The formula referred to in paragraph (17A)(f) is: where: Apportionable deductions means the number of whole dollars in the apportionable deductions allowable to the taxpayer in relation to the year of income. Other taxable income means the amount that, apart from paragraph (17A)(f), would be represented by the component Other taxable income in subsection (17A). Notional gross taxable income means the number of whole dollars in the amount that would have been the taxpayer’s taxable income of the year of income if the exempt amount were not exempt income. (17C) Subsection (17A) applies to a taxpayer in respect of income of a year of income as if any payment covered by section 83 ‑ 240 or 305 ‑ 65 of the Income Tax Assessment Act 1997 in relation to qualifying service that was made in respect of the taxpayer during that year of income were income of the taxpayer of that year of income that is exempt from tax under this section. (18) In this section, unless the contrary intention appears: approved project means a project in respect of which there is in force an approval granted under subsection (11). eligible contractor means: (a) a resident of Australia; (b) the Commonwealth, a State, a Territory, the government of a country other than Australia or an authority of the Commonwealth, of a State, of a Territory or of the government of a country other than Australia; (c) an organization: (i) of which Australia and a country or countries other than Australia are members; or (ii) that is constituted by a person or persons representing Australia and a person or persons representing a country or countries other than Australia; or (d) an agency of an organization to which paragraph (c) applies. eligible foreign remuneration , in relation to a person, means income (not being excluded income) that is derived by the person at a time when the person is a resident, being: (a) income consisting of salary, wages, commission, bonuses or allowances, or of amounts included in a person’s assessable income under Division 83A of the Income Tax Assessment Act 1997 (about employee share schemes), derived by the person in his or her capacity as an employee of an eligible contractor; or (b) income, or amounts included in a person’s assessable income under that Division, derived by the person under a contract with an eligible contractor, being a contract that is wholly or substantially for the personal services of the person; that is directly attributable to qualifying service by the person on an approved project and includes any payments received in lieu of eligible leave that accrued in respect of a period during which the person was a resident and was engaged on qualifying service on an approved project. eligible leave means leave other than long service leave. eligible project means: (a) a project for the design, supply or installation of any equipment or facilities; or (b) a project for the construction of works; or (c) a project for the development of an urban area or a regional area; or (d) a project for the development of agriculture; or (e) a project consisting of giving advice or assistance relating to the management or administration of a government department or of a public utility; or (f) a project included in a class of projects approved in writing for the purposes of this section by the Trade Minister. employee includes: (a) a person employed by the Commonwealth, by a State, by a Territory, by the government of a country other than Australia or by an authority of the Commonwealth, of a State, of a Territory or of the government of a country other than Australia; and (b) a member of the Defence Force. long service leave means long leave, furlough, extended leave or leave of a similar kind (however described).", "Amendment_Count": 16, "First_Amended": "No 133 of 1980", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 133 of 1980 | No 108 of 1981 | No 123 of 1984 | No 51 of 1986 | No 100 of 1991 | No 216 of 1991 | No 181 of 1994 | No 39 of 1996 | No 147 of 1997 | No 69 of 1999 | No 83 of 1999 | No 64 of 2005 | No 15 of 2007 | No 88 of 2009 | No 133 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 133 of 1980, effective 19 Sept 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 51 of 1986, effective s 3–35: 22 July 1986 | Amended by No 100 of 1991, Sch 2 item 18, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 12, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 181 of 1994, Sch 3 item 56 | Sch 3 item 57 | Sch 3 item 58 | Sch 3 item 59 | Sch 3 item 64, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 39 of 1996, effective Sch 2: 9 Oct 1996 (s 2) | Amended by No 147 of 1997, Sch 3 item 1 | Sch 3 item 2, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5)) | Amended by No 69 of 1999, Sch 2 item 1, effective Sch 2 (item 1) and Sch 3: 9 July 1999 (s 2) | Amended by No 83 of 1999, Sch 10 item 9 | Sch 10 item 10, effective Sch 10 (item 22): 10 Dec 1999 (s 2(6A)) Sch 10 (items 7–21, 23, 68): 1 July 2000 (s 2(2)) | Amended by No 64 of 2005, Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 17, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 43 | Sch 1 item 44, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 88 of 2009, Sch 5 item 72 | Sch 5 item 73, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 133 of 2009, Sch 1 item 12 | Sch 1 item 13, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 41 of 2011, Sch 5 item 200 | Sch 5 item 201 | Sch 5 item 202 | Sch 5 item 203 | Sch 5 item 204, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AG", "Provision_Key": "s23ag", "Heading": "Exemption of income earned in overseas employment", "Text": "(1) Where a resident, being a natural person, has been engaged in foreign service for a continuous period of not less than 91 days, any foreign earnings derived by the person from that foreign service are exempt from tax. (1AA) However, those foreign earnings are not exempt from tax under this section unless the continuous period of foreign service is directly attributable to any of the following: (a) the delivery of Australian official development assistance by the person’s employer (except if that employer is an Australian government agency (within the meaning of the Income Tax Assessment Act 1997 )); (b) the activities of the person’s employer in operating a public fund that: (i) is covered by item 9.1.1 or 9.1.2 of the table in subsection 30 ‑ 80(1) of the Income Tax Assessment Act 1997 (international affairs deductible gift recipients); and (ii) meets the special conditions mentioned in that item; (c) the activities of the person’s employer, if the employer is exempt from income tax because of paragraph 50 ‑ 50(1)(c) or (d) of the Income Tax Assessment Act 1997 (prescribed institutions located or pursuing objectives outside Australia); (d) the person’s deployment outside Australia as a member of a disciplined force by: (i) the Commonwealth, a State or a Territory; or (ii) an authority of the Commonwealth, a State or a Territory; (e) an activity of a kind specified in the regulations. (1A) A person is taken, for the purposes of subsection (1), to have been engaged in foreign service for a continuous period of 91 days if: (a) the person died at a time when he or she was engaged in foreign service for a continuous period of less than 91 days; and (b) he or she would have otherwise continued to be engaged in the foreign service; and (c) his or her continuous period of engagement in the foreign service would have otherwise been a period of at least 91 days. (2) An amount of foreign earnings derived in a foreign country is not exempt from tax under this section if the amount is exempt from income tax in the foreign country only because of any of the following: (a) a law of the foreign country giving effect to a double tax agreement within the meaning of Part X; (b) a double tax agreement within the meaning of Part X; (c) provisions of a law of the foreign country under which income covered by any of the following categories is generally exempt from income tax: (i) income derived in the capacity of an employee; (ii) income from personal services; (iii) similar income; (d) the law of the foreign country does not provide for the imposition of income tax on one or more of the categories of income mentioned in paragraph (c); (e) a law of the foreign country corresponding to the International Organisations (Privileges and Immunities) Act 1963 or to the regulations under that Act; (f) an international agreement to which Australia is a party and that deals with: (i) diplomatic or consular privileges and immunities; or (ii) privileges and immunities in relation to persons connected with international organisations; (g) a law of the foreign country giving effect to an agreement covered by paragraph (f). (2A) Subsection (2) does not apply in relation to foreign earnings to the extent that the person derived them from foreign service in Iraq after 31 December 2002 but before 1 May 2004. (3) If the income of a taxpayer of a year of income consists of an amount that is exempt from tax under this section (in this section called the exempt amount ) and other income, the amount of tax (if any) payable in respect of the other income is calculated using the formula: where: Notional gross tax means the number of whole dollars in the amount of income tax that would be assessed under this Act in respect of the taxpayer’s taxable income of the year of income if: (a) the exempt amount were not exempt income; and (aa) if the exempt amount is a payment covered by section 83 ‑ 240 or 305 ‑ 65 of the Income Tax Assessment Act 1997 —the exempt amount (excluding any part of that amount that represented contributions made by the taxpayer) were assessable income of the taxpayer; and (b) the taxpayer were not entitled to any rebate of tax. Notional gross taxable income means the number of whole dollars in the amount that would have been the taxpayer’s taxable income of the year of income if the exempt amount were not exempt income. Other taxable income means the amount (if any) remaining after deducting from so much of the other income as is assessable income: (d) any deductions allowable to the taxpayer in relation to the year of income that relate exclusively to that assessable income; and (e) so much of any other deductions (other than apportionable deductions) allowable to the taxpayer in relation to the year of income as, in the opinion of the Commissioner, may appropriately be related to that assessable income; and (f) the amount calculated using the formula in subsection (4). (4) The formula referred to in paragraph (3)(f) is: where: Apportionable deductions means the number of whole dollars in the apportionable deductions allowable to the taxpayer in relation to the year of income. Other taxable income means the amount that, apart from paragraph (3)(f), would be represented by the component Other taxable income in subsection (3). Notional gross taxable income means the number of whole dollars in the amount that would have been the taxpayer’s taxable income of the year of income if the exempt amount were not exempt income. (5) Subsection (3) applies to a taxpayer in respect of income of a year of income as if any payment covered by section 83 ‑ 240 or 305 ‑ 65 of the Income Tax Assessment Act 1997 that related to the termination of employment that was made in respect of the taxpayer during that year of income were income of the taxpayer of that year of income that is exempt from tax under this section. (6) For the purposes of this section, a period during which a person is engaged in foreign service includes any period during which the person is, in accordance with the terms and conditions of that service: (a) absent on recreation leave, other than: (i) leave wholly or partly attributable to a period of service or employment other than that foreign service; (ii) long service leave, furlough, extended leave or leave of a similar kind (however described); or (iii) leave without pay or on reduced pay; or (b) absent from work because of accident or illness. (6A) 2 or more periods in which a person has been engaged in foreign service are together taken to constitute a continuous period of foreign service until: (a) the end of the last of the 2 or more periods; or (b) a time (if any), since the start of the first of the 2 or more periods, when the person’s total period of absence exceeds 1 / 6 of the person’s total period of foreign service; whichever happens sooner. Example: Kate is engaged in foreign service for 20 days, is absent for 2 days and is then engaged in foreign service for 10 days. These 2 periods of foreign service constitute a continuous period of foreign service, because the total period of absence is never more than 1 / 10 of the total period of foreign service. Kate is then absent for 5 days before commencing a further period of foreign service. No matter how long the further period lasts, it can never constitute a continuous period of foreign service with the first 2 periods of foreign service, because on the fourth day of the second absence the total period of absence is 1 / 5 of the total period of foreign service. (6B) In subsection (6A): total period of absence , in relation to a particular time, means the number of days, in the period starting at the start of the first of the 2 or more periods and ending at that time, for which the person was not engaged in foreign service. total period of foreign service , in relation to a particular time, means the number of days, in the period starting at the start of the first of the 2 or more periods and ending at that time, for which the person was engaged in foreign service. (6F) Where: (a) a person has derived foreign earnings during a year of income; and (b) at the time of making an assessment in respect of income of the person of the year of income, the Commissioner is of the opinion that, at a later time, circumstances will exist because of which those foreign earnings will be exempted from tax by this section; the Commissioner may apply the provisions of this section as if those circumstances existed at the time of making the assessment. (7) In this section: employee includes: (a) a person employed by a government or an authority of a government or by an international organisation; or (b) a member of a disciplined force. foreign earnings means income consisting of earnings, salary, wages, commission, bonuses or allowances, or of amounts included in a person’s assessable income under Division 83A of the Income Tax Assessment Act 1997 (about employee share schemes), but does not include any payment, consideration or amount that: (a) is included in assessable income under Division 82 or Subdivision 83 ‑ 295 or Division 301, 302, 304 or 305 of the Income Tax Assessment Act 1997 ; or (b) is included in assessable income under Division 82 of the Income Tax (Transitional Provisions) Act 1997 ; or (c) is mentioned in paragraph 82 ‑ 135(e), (f), (g), (i) or (j) of the Income Tax Assessment Act 1997 ; or (d) is an amount transferred to a fund, if the amount is included in the assessable income of the fund under section 295 ‑ 200 of the Income Tax Assessment Act 1997 . foreign service means service in a foreign country as the holder of an office or in the capacity of an employee. income tax , in relation to a foreign country: (a) in all cases—does not include a municipal income tax; and (b) in the case of a federal foreign country—does not include a State income tax.", "Amendment_Count": 21, "First_Amended": "No 51 of 1986", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 51 of 1986 | No 78 of 1988 | No 100 of 1991 | No 216 of 1991 | No 181 of 1994 | No 147 of 1997 | No 150 of 1997 | No 69 of 1999 | No 83 of 1999 | No 10 of 2003 | No 64 of 2005 | No 162 of 2005 | No 15 of 2007 | No 14 of 2009 | No 62 of 2009 | No 133 of 2009 | No 75 of 2010 | No 169 of 2012 | No 124 of 2013 | No 135 of 2015 | No 59 of 2019", "History_Notes": "Inserted by No 51 of 1986, effective s 3–35: 22 July 1986 | Amended by No 78 of 1988, item 13 | item 30, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 100 of 1991, Sch 2 item 19, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 13, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 181 of 1994, Sch 3 item 60 | Sch 3 item 61 | Sch 3 item 62 | Sch 3 item 64, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 147 of 1997, Sch 3 item 3 | Sch 3 item 4, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5)) | Amended by No 150 of 1997, Sch 2 item 3, effective Sch 2 (items 3–7): 17 Oct 1997 (s 2(1)) | Amended by No 69 of 1999, Sch 2 item 1, effective Sch 2 (item 1) and Sch 3: 9 July 1999 (s 2) | Amended by No 83 of 1999, Sch 10 item 12 | Sch 10 item 13, effective Sch 10 (item 22): 10 Dec 1999 (s 2(6A)) Sch 10 (items 7–21, 23, 68): 1 July 2000 (s 2(2)) | Amended by No 10 of 2003, Sch 1 item 37, effective s 4: 2 Apr 2003 (s 2(1) item 1) Sch 1 (items 34–52, 81): 20 May 2002 (s 2(1) item 2) | Amended by No 64 of 2005, Sch 4 item 4, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 4 | Sch 1 item 5, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6) | Amended by No 15 of 2007, Sch 1 item 45 | Sch 1 item 46 | Sch 1 item 47, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 14 of 2009, Sch 4 item 7, effective Sch 4 (items 6–10): 26 Mar 2009 (s 2(1) item 2) Sch 5 (items 1, 14(1)): 29 Jan 2009 (s 2(1) items 3, 7) Sch 5 (item 4): never commenced (s 2(1) item 4) | Amended by No 62 of 2009, Sch 1 item 1 | Sch 1 item 2, effective Sch 1: 29 June 2009 (s 2) | Amended by No 133 of 2009, Sch 1 item 14, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 75 of 2010, Sch 6 item 2, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 169 of 2012, Sch 2 item 2, effective Sch 2 (items 1–3, 26, 27): 3 Dec 2012 (s 2(1) item 3) | Amended by No 124 of 2013, Sch 11 item 33, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22) | Amended by No 135 of 2015, Sch 2 item 1, effective Sch 2: 13 Oct 2015 (s 2(1) item 2) | Amended by No 59 of 2019, Sch 2 item 6, effective Sch 2 (items 4–8): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AH", "Provision_Key": "s23ah", "Heading": "Foreign branch income of Australian companies not assessable", "Text": "Objects (1) The objects of this section are: (a) to ensure that active foreign branch income derived by a resident company, and capital gains made by a resident company in disposing of non ‑ tainted assets used in deriving foreign branch income, (except income and capital gains from the operation of ships or aircraft in international traffic) are not assessable income or exempt income of the company; and (b) to include in the assessable income of a resident company that part of its income and capital gains derived through a branch in a foreign country that is comparable to the amounts that would be included in an attributable taxpayer’s assessable income for income and capital gains derived by a CFC resident in the same foreign country; and (c) to get the same outcomes where one or more partnerships or trusts are interposed between a resident company and a foreign branch; and (d) to limit the effect mentioned in paragraph (a) where there is a branch hybrid mismatch for the purposes of Division 832 of the Income Tax Assessment Act 1997 . Foreign branch income not assessable (2) Subject to this section, foreign income derived by a company, at a time when the company is a resident, in carrying on a business at or through a PE of the company in a listed country or unlisted country is not assessable income, and is not exempt income, of the company. Foreign capital gains and losses disregarded (3) Subject to this section, a capital gain from a CGT event happening to a CGT asset is disregarded for the purposes of Part 3 ‑ 1 of the Income Tax Assessment Act 1997 if: (a) the gain is made by a company that is a resident; and (b) the company used the asset wholly or mainly for the purpose of producing foreign income in carrying on a business at or through a PE of the company in a listed country or unlisted country; and (c) the asset is not taxable Australian property. (4) Subject to this section, a capital loss from a CGT event happening to a CGT asset is disregarded for the purposes of Part 3 ‑ 1 of the Income Tax Assessment Act 1997 if: (a) the loss is made by a company that is a resident; and (b) the company used the asset wholly or mainly for the purpose of producing foreign income in carrying on a business at or through a PE of the company in a listed country or unlisted country; and (c) had the loss been a gain, it would be disregarded under subsection (3). Exception relating to hybrid mismatch rules (4A) Subsection (2) does not apply to foreign income derived by the company if the foreign income is branch hybrid mismatch income (see subsection (14C)). Exceptions: listed country PE (5) Subsection (2) does not apply to foreign income derived by the company if: (a) the PE is in a listed country; and (b) the PE does not pass the active income test (see subsection (12)); and (c) the foreign income is both: (i) adjusted tainted income (see subsection (13)); and (ii) eligible designated concession income in relation to a listed country. (6) Subsection (3) or (4) does not apply to a capital gain or capital loss if: (a) the PE is in a listed country; and (b) for a capital gain—the gain is from a tainted asset and is eligible designated concession income in relation to a listed country; and (c) for a capital loss—the loss is from a tainted asset and would be eligible designated concession income in relation to a listed country if it were a capital gain. Exceptions: unlisted country PE (7) Subsection (2) does not apply to foreign income derived by the company if: (a) the PE is in an unlisted country; and (b) the PE does not pass the active income test (see subsection (12)); and (c) the foreign income is adjusted tainted income (see subsection (13)). (8) Subsection (3) or (4) does not apply to a capital gain or capital loss if: (a) the PE is in an unlisted country; and (b) the gain or loss is from a tainted asset. Income derived in disposing of a business (9) This section applies to foreign income derived by an entity in the course of disposing, in whole or in part, of a business carried on in a listed country or unlisted country at or through a PE of the entity in the listed country or unlisted country as if the foreign income had been derived in carrying on that business. Interposed partnerships or trusts (10) This section applies to any indirect interest (through one or more partnerships or trust estates) of a company in foreign income derived by a partnership or trustee through a PE of the partnership or trustee in a listed country or unlisted country as if that indirect interest were foreign income derived by the company through a PE of the company in that country. (11) This section applies to any indirect interest (through one or more partnerships or trust estates) of a company in a capital gain or capital loss made in relation to an asset of a partnership, or made by a trustee, in carrying on a business at or through a PE of the partnership or trustee in a listed country or unlisted country as if that indirect interest were a capital gain or capital loss made by the company through a PE of the company in that country. Active income test (12) A PE of an entity passes the active income test for a year of income if the entity would have passed the active income test in section 432 if: (a) the assumptions in subsection (14) were made; and (b) subsection 432(3) and 446(2) and paragraphs 432(1)(b) and (e) and 447(1)(b), (d) and (f) had not been enacted. Adjusted tainted income (13) For the purposes of this section, the adjusted tainted income of a PE of an entity is income or other amounts that would be adjusted tainted income of the entity for the purposes of Part X if: (a) the assumptions in subsection (14) were made; and (b) subsection 446(2) and paragraphs 447(1)(b), (d) and (f) had not been enacted. Assumptions for subsections (12) and (13) (14) The assumptions referred to in paragraphs (12)(a) and (13)(a) are: (a) except in applying paragraphs 447(1)(a), (c) and (e) and 450(6)(c), (7)(d) and (8)(b), the only income or other amounts derived by the entity were the income derived in carrying on business at or through the PE; and (b) the entity’s statutory accounting periods were the same as the entity’s years of income; and (c) in applying paragraphs 447(1)(a), (c) and (e) and 450(6)(c), (7)(d) and (8)(b): (i) the part of the entity’s operations that consists of the business carried on at or through the PE were a company (the PE company ); and (ii) the remaining part of the entity’s operations were a separate company (the HQ company ); and (iii) the PE company and the HQ company had carried out the transactions that they would have carried out if the PE company were engaged in the same or similar activities as the PE under the same or similar conditions as the PE and were dealing wholly independently with the HQ company; and (iv) any income derived by the HQ company were disregarded; and (d) if the entity is an AFI entity (within the meaning of subsection 326(2))—the entity were an AFI subsidiary; and (e) in applying paragraphs 447(1)(a), (c) and (e), the HQ company were an associate of the PE company. (14A) This section does not apply to foreign income, or to a capital gain or capital loss, of a company to the extent that the income, gain or loss is from: (a) the operation of ships or aircraft in international traffic at or through a PE of the company in a listed country or unlisted country; or (b) things that are ancillary to that operation. (14B) A company operates a ship or aircraft in international traffic if the company operates it for transporting passengers or goods between a place in one country and a place in another country. Branch hybrid mismatch income (14C) For the purposes of this section, if foreign income derived by the company is an amount that, for the purposes of Division 832 of the Income Tax Assessment Act 1997 , is a payment: (a) received by the company; and (b) that, apart from subsection (4A) of this section, would give rise to a branch hybrid mismatch; then so much of the foreign income as does not exceed the amount of the branch hybrid mismatch is branch hybrid mismatch income . (14D) For the purposes of this section, PE , when it is used in Division 832 of the Income Tax Assessment Act 1997 , does not have the meaning it has in that Act but instead has the same meaning as in this section. Definitions (15) In this section: company does not include a company in the capacity of a trustee. double tax agreement has the same meaning as in Part X. eligible designated concession income has the same meaning as in Part X. foreign income includes an amount that: (a) apart from this section, would be included in assessable income under a provision of this Act other than Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 (CGT); and (b) is derived from sources in a listed country or unlisted country. listed country has the same meaning as in Part X. permanent establishment , or PE , in relation to a listed country or unlisted country: (a) if there is a double tax agreement in relation to that country—has the same meaning as in the double tax agreement; or (b) in any other case—has the meaning given by subsection 6(1). statutory accounting period has the same meaning as in Part X. tainted asset has the same meaning as in Part X. unlisted country has the same meaning as in Part X.", "Amendment_Count": 14, "First_Amended": "No 5 of 1991", "Last_Amended": "No 49 of 2019", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 80 of 1992 | No 121 of 1997 | No 155 of 1997 | No 46 of 1998 | No 77 of 2001 | No 66 of 2003 | No 96 of 2004 | No 41 of 2005 | No 63 of 2005 | No 168 of 2006 | No 84 of 2018 | No 49 of 2019", "History_Notes": "Inserted by No 5 of 1991, item 11 | item 12 | item 21 | item 22 | item 38, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 11, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 80 of 1992, item 6, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 121 of 1997, Sch 4 item 94, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 155 of 1997, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 120, effective 24 Oct 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 118 | Sch 10 item 63 | Sch 10 item 64 | Sch 10 item 65 | Sch 10 item 66 | Sch 10 item 67 | Sch 10 item 68 | Sch 10 item 69 | Sch 10 item 70 | Sch 10 item 71 | Sch 10 item 72 | Sch 10 item 73 | Sch 10 item 74 | Sch 10 item 75 | Sch 10 item 76 | Sch 10 item 79 | Sch 10 item 80 | Sch 10 item 81 | Sch 10 item 82 | Sch 10 item 85 | Sch 10 item 86 | Sch 10 item 87, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 66 of 2003, Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 10 | Sch 3 item 11 | Sch 3 item 118, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Repealed and substituted by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 41 of 2005, Sch 10 item 20, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 63 of 2005, Sch 2 item 1 | Sch 2 item 2, effective Sch 1 (items 1–4, 23), Sch 2 and Sch 5: 26 June 2005 (s 2(1) items 2, 4) | Amended by No 168 of 2006, Sch 4 item 855 | Sch 4 item 16, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4) | Amended by No 84 of 2018, Sch 1 item 832 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1) | Amended by No 49 of 2019, Sch 4 item 68, effective Sch 4 (items 67–70): 1 July 2019 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AI", "Provision_Key": "s23ai", "Heading": "Amounts paid out of attributed income not assessable", "Text": "(1) Where: (a) either: (i) an attribution account payment of a kind referred to in paragraph 365(1)(a), (b), (c) or (e) is made to a taxpayer (other than a partnership or taxpayer in the capacity of trustee of a trust); or (ii) an attribution account payment of a kind referred to in paragraph 365(1)(d) is made to a taxpayer; and (b) on the making of the payment, an attribution debit arises, for the entity making the payment, in relation to the taxpayer; the following provisions have effect: (c) if the payment is of a kind referred to in paragraph 365(1)(a)—the payment is not assessable income, and is not exempt income, to the extent of the debit; (d) if the payment is of a kind referred to in paragraph 365(1)(b) and, apart from this section, an amount would be included in the taxpayer’s assessable income under section 92 in respect of an individual interest in the net income of the partnership of the year of income referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit; (e) if the payment is of a kind referred to in paragraph 365(1)(c) and, apart from this section, an amount would be included in the taxpayer’s assessable income under section 97, 98A or 100 in respect of a share of the net income of the trust of the year of income referred to in that paragraph—that amount is not assessable income and is not exempt income, to the extent of the debit; (ea) if the payment is of a kind referred to in paragraph 365(1)(c) and, apart from this section, an amount would be assessable to the trustee of the trust referred to in that paragraph under section 98 in respect of a share of the net income of the trust of the year of income referred to in that paragraph—that amount is not so assessable to the extent of the debit; (f) if the payment is of a kind referred to in paragraph 365(1)(d)—the payment is not, to the extent of the debit, assessable to the taxpayer as mentioned in that paragraph; (g) if the payment is of a kind referred to in paragraph 365(1)(e) and, apart from this section, an amount would be included in the taxpayer’s assessable income, of the year of income referred to in that paragraph, under section 99B in respect of the trust property referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit. (2) This section is to be disregarded for the purposes of applying any other provision of this Act to determine allowable deductions. (3) In this section: attribution account payment has the same meaning as in Part X. attribution debit has the same meaning as in Part X. company has the same meaning as in Part X. trust has the same meaning as in Part X, but does not include a trust covered by subsection 371(7).", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 216 of 1991 | No 66 of 2003 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, item 5 | item 33 | item 40 | item 100, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 216 of 1991, Sch 4 item 14, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 66 of 2003, Sch 3 item 12 | Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 39 | Sch 3 item 118, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 143 of 2007, Sch 1 item 770 | Sch 1 item 29, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23AK", "Provision_Key": "s23ak", "Heading": "Amounts paid out of attributed foreign investment fund income not assessable", "Text": "When this section applies (1) This section applies if: (a) either: (i) a FIF attribution account payment of a kind referred to in former paragraph 603(1)(a), (b), (c), (d), (f), (g) or (h) is made to a taxpayer (other than a partnership or taxpayer in the capacity of trustee of a trust); or (ii) a FIF attribution account payment of a kind referred to in former paragraph 603(1)(e) is made to a taxpayer; and (b) on the making of the payment, a post FIF abolition debit arises, for the FIF attribution account entity making the payment, in relation to the taxpayer. Post FIF abolition debit arises (2) A post FIF abolition debit arises for a FIF attribution account entity (the eligible entity ) in relation to a taxpayer if: (a) the eligible entity makes a FIF attribution account payment to the taxpayer or to a FIF attribution account entity; and (b) immediately before the eligible entity makes the FIF attribution account payment, there is a post FIF abolition surplus for the eligible entity in relation to the taxpayer. Amount of post FIF abolition debit (3) The amount of the post FIF abolition debit is the lesser of: (a) the post FIF abolition surplus; and (b) whichever of the following is applicable: (i) if the attribution account payment is made to the taxpayer—the FIF attribution account payment; (ii) in any other case—the taxpayer’s FIF attribution account percentage (for the FIF attribution account entity to which the payment is made) of the FIF attribution account payment; reduced by any attribution debit that arises under section 372 for the entity in relation to the taxpayer as a result of the making of the payment. When the post FIF abolition debit arises (4) The post FIF abolition debit arises when the FIF attribution account payment is made. When a post FIF abolition surplus exists (5) A post FIF abolition surplus for a FIF attribution account entity in relation to a taxpayer exists at a particular time (the relevant time ) if the sum of: (a) the entity’s total FIF attribution credits (within the meaning of former section 605) that arose before the commencement of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 ; and (b) the entity’s total post FIF abolition credits arising before the relevant time in relation to the taxpayer; exceeds the sum of: (c) the entity’s total FIF attribution debits (within the meaning of former section 606) that arose before that commencement in relation to the taxpayer; and (d) the entity’s total post FIF abolition debits arising before the relevant time in relation to the taxpayer. Post FIF abolition credit arises (6) A post FIF abolition credit arises for a FIF attribution account entity (the eligible entity ) in relation to a taxpayer if a FIF attribution account payment that requires a post FIF abolition debit for another entity in relation to the taxpayer is made to the eligible entity. Amount of post FIF abolition credit (7) The amount of the post FIF abolition credit is equal to the amount of the post FIF abolition debit for the other entity. When the post FIF abolition credit arises (8) The post FIF abolition credit arises when the FIF attribution account payment referred to in subsection (6) is made. Effect of this section applying (9) If this section applies, the following provisions have effect: (a) if the payment is of a kind referred to in former paragraph 603(1)(a) or (b)—the payment is not assessable income, and is not exempt income, to the extent of the debit; (b) if the payment is of a kind referred to in former paragraph 603(1)(c) and, apart from this section, an amount would be included in the taxpayer’s assessable income under section 92 in respect of an individual interest in the net income of the partnership of the year of income referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit; (c) if the payment is of a kind referred to in former paragraph 603(1)(d) and, apart from this section, an amount would be included in the taxpayer’s assessable income under section 97, 98A or 100 in respect of a share of the net income of the trust of the year of income referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit; (d) if the payment is of a kind referred to in former paragraph 603(1)(d) and, apart from this section, an amount would be assessable to the trustee of the trust referred to in that paragraph under section 98 in respect of a share of the net income of the trust of the year of income referred to in that paragraph—that amount is not so assessable to the extent of the debit; (e) if the payment is of a kind referred to in former paragraph 603(1)(e)—the payment is not, to the extent of the debit, assessable to the taxpayer as mentioned in that paragraph; (f) if the payment is of a kind referred to in former paragraph 603(1)(f) and, apart from this section, an amount would be included in the taxpayer’s assessable income, of the year of income referred to in that paragraph, under section 99B in respect of the trust property referred to in that paragraph—that amount is not assessable income, and is not exempt income, to the extent of the debit; (g) if the payment is of a kind referred to in former paragraph 603(1)(g)—the payment is not assessable income, and is not exempt income, to the extent of the debit; (h) if the payment is of a kind referred to in former paragraph 603(1)(h)—the payment is not assessable income, and is not exempt income, to the extent of the debit. (10) This section is to be disregarded for the purposes of applying any other provision of this Act to determine allowable deductions. (11) In this section: FIF attribution account entity has the same meaning as in former Part XI. FIF attribution account payment has the same meaning as in former Part XI. FIF attribution account percentage has the same meaning as in former Part XI. trust has the same meaning as in former Part XI, but does not include a trust covered by former subsection 605(11).", "Amendment_Count": 6, "First_Amended": "No 190 of 1992", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 190 of 1992 | No 181 of 1994 | No 66 of 2003 | No 58 of 2006 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 190 of 1992, item 3 | item 11 | item 15, effective 1 Jan 1993 (s 2) | Amended by No 181 of 1994, Sch 3 item 97, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 66 of 2003, Sch 3 item 17 | Sch 3 item 18 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 40 | Sch 3 item 118, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 58 of 2006, Sch 7 item 37, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 143 of 2007, Sch 1 item 30, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Repealed and substituted by No 114 of 2010, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 7 | Sch 1 item 35, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23AK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23B", "Provision_Key": "s23b", "Heading": "Reduction of disposal consideration if FIF attributed income not distributed", "Text": "(1) If: (a) it is necessary, for the purposes of applying a provision of this Act in the assessment of a taxpayer for a year of income, to take into account: (i) the amount of consideration received, entitled to be received or taken to have been received, by the taxpayer in respect of the disposal of an asset; or (ii) the capital proceeds from a CGT event happening in relation to a CGT asset; being an asset that is an interest in a FIF attribution account entity; and (b) immediately before the disposal or CGT event takes place there is a post FIF abolition surplus for the FIF attribution account entity in relation to the taxpayer; then, for the purposes of this Act: (c) the consideration or capital proceeds that, apart from this section, would be taken into account under the provision referred to in paragraph (a) in respect of the disposal or CGT event is taken to be reduced by so much of the amount of the post FIF abolition surplus as does not exceed the consideration or capital proceeds; and (d) a post FIF abolition debit arises at the time of the disposal or the CGT event under this paragraph, in relation to the taxpayer, for the FIF attribution account entity; and (e) the amount of the post FIF abolition debit is equal to so much of the surplus as is taken into account under paragraph (c). (2) For the purposes of paragraph (1)(c), if the disposal of the asset or the CGT event causes the taxpayer’s FIF attribution account percentage for the FIF attribution account entity to be reduced by a proportion, then only that proportion of the post FIF abolition surplus for the entity is to be taken into account under that paragraph. (3) In this section: FIF attribution account entity has the same meaning as in former Part XI. FIF attribution account percentage has the same meaning as in former Part XI.", "Amendment_Count": 3, "First_Amended": "No 44 of 1951", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 44 of 1951 | No 101 of 1956 | No 114 of 2010", "History_Notes": "Inserted by No 44 of 1951, effective 7 Dec 1951 (s 2) | Repealed by No 101 of 1956, effective s 3–13(b) and 14–26: 15 Nov 1956 (s 2(1)) s 13(c): 1 July 1956 (s 2(2)) | Inserted by No 114 of 2010, Sch 1 item 4 | Sch 1 item 48, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23G", "Provision_Key": "s23g", "Heading": "Exemption of interest received by credit unions", "Text": "(1) In this section: credit union means a company in relation to which the following conditions are satisfied: (a) the company is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 ; (b) the company has a consent under section 66 of that Act that allows it to assume or use the expression “credit union” or “credit society”, or another expression (whether or not in English) that is of like import to either of those expressions. (2) Income derived during a year of income by a credit union that is an approved credit union in relation to that year of income, being interest paid to the credit union by members of the credit union not being companies in respect of loans made to those members, is exempt from income tax. (2A) Subsection (2) does not apply to a credit union in relation to a year of income if: (a) the credit union is a recognised medium credit union in relation to the year of income; or (b) the credit union is a recognised large credit union in relation to the year of income. (3) For the purposes of this section, a credit union is an approved credit union in relation to a year of income if, and only if, the Commissioner is satisfied that: (a) during that year of income the credit union did not enter into any transactions of a kind not ordinarily entered into by a company of a kind referred to in paragraph (a) of the definition of credit union in subsection (1); and (b) by comparison with the profits of other credit unions for that year of income and the amounts transferred by those credit unions out of those profits to reserves, and after making due allowance for differences in the numbers of transactions entered into by other credit unions and the first ‑ mentioned credit union and the amounts to which the respective transactions related, the profit of the first ‑ mentioned credit union for that year of income was not excessive and the first ‑ mentioned credit union did not transfer an unreasonable part of that profit to a reserve. (4) In determining for the purposes of paragraph (3)(a) whether any transactions entered into by a credit union during a year of income were transactions of a kind referred to in that paragraph, the Commissioner may have regard to: (a) the circumstances in which, and the terms and conditions upon which, during that year of income: (i) moneys were lent to, invested with, or otherwise obtained by, the credit union; (ii) moneys were lent or otherwise made available by the credit union to its members or to other persons; and (iii) moneys were invested by the credit union; (b) the nature of the connexion (if any) between: (i) the credit union or any of its members and any of the persons by whom moneys were lent to, invested with, or otherwise made available to, the credit union during that year of income; (ii) the credit union or any of its members and any of the persons who owed moneys to the credit union at any time during that year of income; or (iii) any of the persons by whom moneys were lent to, invested with, or otherwise made available to, the credit union during that year of income and any of the persons who owed moneys to the credit union at any time during that year of income; and (c) any other relevant matters.", "Amendment_Count": 4, "First_Amended": "No 126 of 1974", "Last_Amended": "No 44 of 1999", "Amending_Acts": "No 126 of 1974 | No 108 of 1981 | No 57 of 1993 | No 44 of 1999", "History_Notes": "Inserted by No 126 of 1974, effective s 3–46: 6 Dec 1974 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 57 of 1993, item 6H | item 31 | item 33, effective s 13–34: 27 Oct 1993 (s 2) | Amended by No 44 of 1999, Sch 4 item 60, effective Sch 7 (items 59–104): 1 July 1999 (s 3(2)(e)) Sch 8 (items 18, 22, 23): 17 June 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23K", "Provision_Key": "s23k", "Heading": "Substitution of certain securities", "Text": "(1) In this section: central borrowing authority means: (a) the New South Wales Treasury Corporation; (b) the Victorian Public Authorities Finance Agency; (c) the Victoria Transport Borrowing Agency; (d) the Queensland Government Development Authority; (e) the Treasurer of the State of Western Australia; (f) the South Australian Government Financing Authority; (g) the Local Government Finance Authority of South Australia; (h) any other public authority of a State, being a public authority that is empowered to issue securities in the manner referred to in paragraph (2)(a). public authority includes a Minister of the Crown in right of a State, a municipal corporation and any other local government body. security means stock, a bond or debenture, or any other document evidencing the indebtedness of a person, whether or not the debt is secured. (2) For the purposes of this section, a person shall be taken to have issued a security (in this subsection referred to as the substituted security ) to a taxpayer in substitution for another security (in this subsection referred to as the original security ) held by the taxpayer if and only if: (a) the substituted security was issued by the person to the taxpayer in exchange for the surrender or transfer of, or otherwise in replacement or substitution for, the original security; and (b) the terms and conditions provided for by the substituted security were identical in all material respects to those provided for by the original security. (3) Where: (a) but for this subsection, a person would be taken to have issued a security (in this subsection referred to as the substituted security ) to a taxpayer in substitution for another security (in this subsection referred to as the original security ) held by the taxpayer; and (b) either or both of the following conditions is or are satisfied: (i) an amount was payable by the taxpayer by way of consideration for the issue of the substituted security; or (ii) an amount was payable to the taxpayer by way of consideration for the surrender, transfer, replacement or substitution of the original security; the person shall not be taken for the purposes of this section to have issued the substituted security in substitution for the original security. (4) Where: (a) under terms and conditions provided for by a security, the day on which interest is payable in respect of a period is different from that on which interest is payable in respect of the same period under another security; and (b) the terms and conditions provided for by the securities are otherwise identical in all material respects; the following provisions have effect: (c) if the days on which the interest is payable are separated by an interval not exceeding 31 days—the terms and conditions provided for by the 2 securities shall, for the purposes of paragraph (2)(b), be taken to be identical in all material respects; and (d) in any other case—the terms and conditions provided for by the 2 securities shall, for the purposes of paragraph (2)(b), be taken not to be identical in all material respects. (5) Where, on or after 8 August 1984, a central borrowing authority issued or issues a security (in this subsection referred to as the substituted security ) to a taxpayer in substitution for another security (in this subsection referred to as the original security ) held by the taxpayer that was issued by a public authority other than the central borrowing authority: (a) the substituted security shall, for the purposes of this Act, be deemed to be a continuation of the original security on the terms and conditions provided for by the substituted security; and (b) no amount shall, in respect of the issue of the substituted security or the surrender, transfer, replacement or substitution of the original security, be included in, allowable as a deduction from or taken into account in ascertaining any amount included in or allowable as a deduction from, the assessable income of any taxpayer in respect of any year of income.", "Amendment_Count": 1, "First_Amended": "No 124 of 1984", "Last_Amended": "No 124 of 1984", "Amending_Acts": "No 124 of 1984", "History_Notes": "Inserted by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23K"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 23L", "Provision_Key": "s23l", "Heading": "Certain benefits in the nature of income not assessable", "Text": "(1) Income derived by a taxpayer by way of the provision of a fringe benefit is not assessable income and is not exempt income of the taxpayer. (1A) Income derived by a taxpayer by way of the provision of a benefit (other than a benefit to which section 15 ‑ 70 of the Income Tax Assessment Act 1997 applies) that, but for paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 , would be a fringe benefit is exempt income of the taxpayer. (2) Where: (a) in a year of income, a taxpayer derives income consisting of one or more non ‑ cash business benefits (within the meaning of section 21A); and (b) the total amount that is applicable under section 21A in respect of those benefits does not exceed $300; the income is exempt income.", "Amendment_Count": 5, "First_Amended": "No 41 of 1986", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 41 of 1986 | No 95 of 1988 | No 66 of 2003 | No 101 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 41 of 1986, effective s 4 and Sch: 24 June 1986 (s 2(1)) | Amended by No 95 of 1988, item 15, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 66 of 2003, Sch 3 item 25 | Sch 3 item 118 | Sch 3 item 135 | Sch 3 item 360, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 101 of 2006, Sch 2 item 166 | Sch 2 item 167 | Sch 2 item 168 | Sch 2 item 15, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 97 of 2008, Sch 3 item 10, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s23L"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AK", "Provision_Key": "s24ak", "Heading": "Key principle", "Text": "A body that is a State/Territory body (an STB ) is exempt from income tax under this Division unless it is an excluded STB. There are 5 different ways in which a body can be an STB.", "Amendment_Count": 1, "First_Amended": "No 169 of 1995", "Last_Amended": "No 169 of 1995", "Amending_Acts": "No 169 of 1995", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AL", "Provision_Key": "s24al", "Heading": "Diagram—guide to work out if body is exempt under this Division", "Text": "The following diagram is a guide to help work out whether a body is exempt from income tax under this Division:", "Amendment_Count": 2, "First_Amended": "No 169 of 1995", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 169 of 1995 | No 41 of 2005", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 41 of 2005, Sch 10 item 21, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AM", "Provision_Key": "s24am", "Heading": "Certain STBs exempt from tax", "Text": "The income of a State/Territory body (an STB ) is exempt from income tax unless section 24AN applies to the STB.", "Amendment_Count": 1, "First_Amended": "No 169 of 1995", "Last_Amended": "No 169 of 1995", "Amending_Acts": "No 169 of 1995", "History_Notes": "Inserted by No 169 of 1995, Sch 1 item 9 | Sch 1 item 13, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AN", "Provision_Key": "s24an", "Heading": "Certain STBs not exempt from tax under this Division", "Text": "Income derived by an STB is not exempt from income tax under this Division if, at the time that it is derived, the STB is an excluded STB. Notes: 1. For the definition of excluded STB see section 24AT. 2. Even though an excluded STB is not exempt from income tax under this Division, it may still be exempt under another provision of this Act.", "Amendment_Count": 2, "First_Amended": "No 169 of 1995", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 169 of 1995 | No 101 of 2004", "History_Notes": "Inserted by No 169 of 1995, Sch 1 item 1, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AO", "Provision_Key": "s24ao", "Heading": "First way in which a body can be an STB", "Text": "A body is an STB if: (a) it is a company limited solely by shares; and (b) all the shares in it are beneficially owned by one or more government entities. Note: For the definition of government entity see section 24AT. Note that an excluded STB is not a government entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AP", "Provision_Key": "s24ap", "Heading": "Second way in which a body can be an STB", "Text": "A body is an STB if: (a) it is established by State or Territory legislation; and (b) it is not a company limited solely by shares; and (c) the legislation provides that it must distribute all of its profits (if any) only to one or more government entities; and (d) if the legislation makes provision as to the way its net assets may be distributed if it is dissolved or wound up—the provision is that, if it is dissolved, all of its net assets (if any) must be distributed only to one or more government entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AQ", "Provision_Key": "s24aq", "Heading": "Third way in which a body can be an STB", "Text": "A body is an STB if: (a) it is established by State or Territory legislation; and (b) it is not a company limited solely by shares; and (c) the legislation gives the power to appoint or dismiss its governing person or body only to one or more government entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AQ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AR", "Provision_Key": "s24ar", "Heading": "Fourth way in which a body can be an STB", "Text": "A body is an STB if: (a) it is established by State or Territory legislation; and (b) it is not a company limited solely by shares; and (c) the legislation gives the power to direct its governing person or body as to the conduct of its affairs only to one or more government entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AS", "Provision_Key": "s24as", "Heading": "Fifth way in which a body can be an STB", "Text": "A body is an STB if: (a) it is not a company limited solely by shares; and (b) it is not established by State or Territory legislation; and (c) all the legal and beneficial interests (including, but not limited to, interests as to income, profits, dividends, capital and distributions of capital) in it are held only by one or more government entities; and (d) all the rights or powers (if any) to vote, appoint or dismiss its governing person or body and direct its governing person or body as to the conduct of its affairs are held only by one or more government entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AS"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AT", "Provision_Key": "s24at", "Heading": "What do excluded STB, government entity and Territory mean?", "Text": "In this Division: excluded STB means an STB that: (a) at a particular time, is prescribed as an excluded STB in relation to that time; or (b) is a municipal corporation or other local governing body (within the meaning of section 50 ‑ 25 of the Income Tax Assessment Act 1997 ); or (c) is a public educational institution to which any of paragraphs 50 ‑ 55(1)(a) to (c) of the Income Tax Assessment Act 1997 applies; or (d) is a public hospital to which any of paragraphs 50 ‑ 55(1)(a) to (c) of the Income Tax Assessment Act 1997 applies; or (e) is a superannuation fund. government entity means: (a) a State; or (b) a Territory; or (ba) a municipal corporation or other local governing body (within the meaning of section 50 ‑ 25 of the Income Tax Assessment Act 1997 ); or Note: The effect of this paragraph is that some bodies owned or controlled by a municipal corporation or other local governing body may be an STB even though the municipal corporation or other local governing body is an excluded STB. (c) another STB that is not an excluded STB. Territory means the Northern Territory or the Australian Capital Territory.", "Amendment_Count": 4, "First_Amended": "No 169 of 1995", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 169 of 1995 | No 169 of 2001 | No 101 of 2006 | No 124 of 2013", "History_Notes": "Inserted by No 169 of 1995, Sch 1 item 1 | Sch 1 item 3, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 169 of 2001, Sch 2 item 1 | Sch 2 item 2, effective s 4, Sch 2, 3 and Sch 6 (items 16A–16K, 19(1), (2), (2B)): 1 Oct 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 169 | Sch 2 item 170, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 124 of 2013, Sch 11 item 34, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AT"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AU", "Provision_Key": "s24au", "Heading": "Governor, Minister and Department Head taken to be a government entity", "Text": "For the purposes of sections 24AQ, 24AR and 24AS, if the power to appoint, dismiss or direct the governing body is given to, or is held by: (a) a Governor of a State; or (b) a Minister of the Crown of a State; or (c) a Minister of a Territory; or (d) the head of a Department of a State or a Territory; or (e) any combination of paragraphs (a) to (d); the power is taken to be given to, or held by, a government entity.", "Amendment_Count": 1, "First_Amended": "No 169 of 1995", "Last_Amended": "No 169 of 1995", "Amending_Acts": "No 169 of 1995", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AU"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AV", "Provision_Key": "s24av", "Heading": "Regulations prescribing excluded STBs", "Text": "States and Territories to consent to STBs being excluded STBs (1) The regulations may prescribe that an STB is an excluded STB only if all States and Territories consent to the STB being so prescribed. Retrospective application of regulations prescribing excluded STBs (2) Subsection 12(2) (retrospective application of legislative instruments) of the Legislation Act 2003 does not apply to a regulation prescribing an STB as an excluded STB.", "Amendment_Count": 3, "First_Amended": "No 169 of 1995", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 169 of 1995 | No 58 of 2006 | No 126 of 2015", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 58 of 2006, Sch 7 item 246, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 126 of 2015, Sch 1 item 298, effective Sch 1 (item 298): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AV"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AW", "Provision_Key": "s24aw", "Heading": "Body ceasing to be an STB", "Text": "If a body ceases to be an STB in a year of income (the cessation year ), this Act applies to the body as if: (a) the cessation were a change which requires a company to calculate its taxable income and tax loss under Subdivision 165 ‑ B of the Income Tax Assessment Act 1997 ; and (b) the references in that Subdivision to “company” were references to “body”; and (c) if the body is not a company—there were no further requirement for the body to calculate its taxable income for the year of income under that Subdivision; and (d) the amount of any notional loss of the body calculated under section 165 ‑ 50 of that Act for the period before the cessation were nil; and (e) the body’s deductions for tax losses were attributed under section 165 ‑ 55 of that Act to the period before the cessation and not to any other period; and (f) those deductions were taken not to be full year deductions under section 165 ‑ 55 of that Act; and (g) the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 were modified, for the purposes of that Subdivision, in accordance with section 24AX of this Act.", "Amendment_Count": 4, "First_Amended": "No 169 of 1995", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 169 of 1995 | No 39 of 1997 | No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Repealed and substituted by No 39 of 1997, Sch 4 item 14, effective Sch 1: 1 July 1997 (s 2) | Amended by No 46 of 1998, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, Sch 6 item 67, effective s 4, Sch 3 (items 1–3), Sch 4, Sch 5 (items 23–35) and Sch 6 (items 67–73): 16 July 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AW"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AX", "Provision_Key": "s24ax", "Heading": "Special provisions relating to capital gains and losses", "Text": "Period after cessation date—prior net capital losses to be disregarded (1) In determining if an amount is to be included in the assessable income of the body under Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 for a period that occurred after the cessation, any net capital losses incurred before the cessation are to be disregarded. Special cases where net capital gain before cessation and net capital loss after cessation (2) Subsections (3) and (4) apply if: (a) a net capital gain accrued in the period before the cessation; and (b) if the period from the cessation until the end of the year of income were treated as a year of income—a net capital loss would have accrued in that period. Special case 1—gain exceeds loss (3) If this subsection applies and the net capital gain exceeds the net capital loss: (a) the amount that is to be included in the assessable income of the body for the period that occurred before the cessation as a result of the net capital gain accruing to the body is taken to be the amount by which the net capital gain exceeds the net capital loss; and (b) no net capital gain is taken to have accrued, and no net capital loss is taken to have been incurred, in any period in the cessation year after the cessation; and (c) in determining if a net capital gain accrued to, or a net capital loss was incurred by, the body for the year following the cessation year, no net capital loss is taken to have been incurred by the body in the cessation year. Special case 2—loss equal to or exceeds gain (4) If this subsection applies and the net capital gain does not exceed the net capital loss: (a) no amount is to be included in the assessable income of the body for any period in the cessation year as a result of a net capital gain accruing to the body; and (b) in determining if a net capital gain accrued to, or a net capital loss was incurred by, the body for the year following the cessation year, the net capital loss that the body incurred in the cessation year is taken to be the amount (if any) by which the net capital loss exceeds the net capital gain.", "Amendment_Count": 3, "First_Amended": "No 169 of 1995", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 169 of 1995 | No 39 of 1997 | No 46 of 1998", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 39 of 1997, Sch 4 item 14 | Sch 4 item 15, effective Sch 1: 1 July 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 102 | Sch 10 item 96, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AX"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AY", "Provision_Key": "s24ay", "Heading": "Losses from STB years not carried forward", "Text": "(1) If a body is an STB on the last day of a year of income in which it incurs a tax loss, the tax loss is not allowable as a deduction from the body’s assessable income of a later year of income unless the body is an STB on the first day of that later year of income. Note: This section prevents losses from years prior to the cessation year from being carried forward to years after the cessation year. (2) This section only applies to a tax loss incurred in the 1995 ‑ 96 year of income or a later year of income.", "Amendment_Count": 2, "First_Amended": "No 169 of 1995", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 169 of 1995 | No 39 of 1997", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 39 of 1997, Sch 4 item 16 | Sch 4 item 17, effective Sch 1: 1 July 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AY"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AYA", "Provision_Key": "s24aya", "Heading": "Effect of unfunded superannuation liabilities", "Text": "(1) This section applies to a deduction under section 290 ‑ 60 of the Income Tax Assessment Act 1997 in respect of a contribution made in relation to a person who was an employee of a prescribed excluded STB when it ceased to be an STB. (2) A deduction to which this section applies is not allowable to the body for any year of income unless the requirements of subsections (3) and (4) are complied with. (3) For the deduction to be allowable, the body must obtain a certificate by an authorised actuary stating the actuarial value, as at the time the body ceases to be an STB, of liabilities of the STB to provide superannuation benefits for, or for SIS dependants of, employees of the body, where the liabilities: (a) accrued after 30 June 1995 and before the time when the body ceased to be an STB; and (b) were, according to actuarial principles, unfunded at that time. (4) The certificate must be in a form approved in writing by the Commissioner. The body must obtain the certificate: (a) before the date of lodgment of its return of income of the year of income in which the body ceased to be an STB; or (b) within such further time as the Commissioner allows. (5) If the body obtains the certificate, a deduction to which this section applies is nevertheless not allowable for a year of income if the sum of all deductions to which this section applies for the year of income is less than or equal to the unfunded liability limit (see subsection (6)) for the year of income. (6) If the sum is greater than that limit, so much of the deduction as is worked out using the following formula is not allowable: where: Unfunded liability limit for a year of income is: (a) if the year of income is the one in which the body ceases to be an STB—the actuarial value of the liabilities set out in the actuary’s certificate; or (b) in any other case—that actuarial value as reduced by the total amount of deductions to which this section applies that, because of subsection (5), have not been allowable to the body for all previous years of income. (7) Expressions used in this section that are also used in section 290 ‑ 60 of the Income Tax Assessment Act 1997 have the same respective meanings as in that section.", "Amendment_Count": 2, "First_Amended": "No 169 of 1995", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 169 of 1995 | No 15 of 2007", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 15 of 2007, Sch 1 item 48 | Sch 1 item 49 | Sch 1 item 50, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AYA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 24AZ", "Provision_Key": "s24az", "Heading": "Meaning of period and prescribed excluded STB", "Text": "In this Subdivision: period means any of the periods into which the cessation year is divided under section 165 ‑ 45 of the Income Tax Assessment Act 1997 . prescribed excluded STB means an STB that is an excluded STB as a result of regulations made for the purposes of paragraph (a) of the definition of excluded STB in section 24AT.", "Amendment_Count": 2, "First_Amended": "No 169 of 1995", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 169 of 1995 | No 39 of 1997", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 39 of 1997, Sch 4 item 18, effective Sch 1: 1 July 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s24AZ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 25A", "Provision_Key": "s25a", "Heading": "Assessable income to include certain profits", "Text": "(1A) This section does not apply in respect of the sale of property acquired on or after 20 September 1985. (1B) This section does not apply to a profit arising in the 1997 ‑ 98 year of income or a later year of income from the carrying on or carrying out of a profit ‑ making undertaking or scheme, even if the undertaking or scheme was entered into, or began to be carried on or carried out, before the 1997 ‑ 98 year of income. Note: Section 15 ‑ 15 (Profit ‑ making undertaking or plan) of the Income Tax Assessment Act 1997 deals with such a profit. (1) The assessable income of a taxpayer shall include profit arising from the sale by the taxpayer of any property acquired by the taxpayer for the purpose of profit ‑ making by sale, or from the carrying on or carrying out of any profit ‑ making undertaking or scheme. (2) Subject to subsection (3), where: (a) after 23 August 1983, a taxpayer sold or sells property (in this subsection referred to as the relevant property ) being: (i) shares in a private company; (ii) an interest in a partnership; or (iii) an interest in a private trust estate; and (b) at the time of sale of the relevant property: (i) the company, partnership or trustee of the trust estate, as the case may be, held property that: (A) was acquired for the purpose of profit ‑ making by sale by the company, partnership or trustee, as the case may be; and (B) was not excepted property of the company, partnership or trust estate, as the case may be; or (ii) the company, partnership or trustee of the trust estate, as the case may be, held an interest, through one or more interposed companies, partnerships or trusts, in property that: (A) was acquired for the purpose of profit ‑ making by sale by another private company, partnership or trustee of a private trust estate; and (B) was not excepted property of that other company, partnership or trust estate, as the case may be; the taxpayer shall, for the purposes of the application of this Act (including any application of any other provision of this section), be deemed to have acquired the relevant property for the purpose of profit ‑ making by sale. (3) Subsection (2) does not apply in relation to the sale by a taxpayer of property where the Commissioner, having regard to: (a) the extent to which the assets of the company, partnership or trust estate, as the case may be, referred to in paragraph (2)(a), immediately before the time of sale, consisted of the property referred to in subparagraph (2)(b)(i) or the interest referred to in subparagraph (2)(b)(ii), as the case may be; (b) the nature and extent, immediately before the time of sale, of the taxpayer’s control of the company, partnership or trust estate, as the case may be, referred to in paragraph (2)(a) including, in the case of a company, the nature and extent of the taxpayer’s shareholding in the company; (c) the circumstances surrounding any other sale, whether or not by the taxpayer, of shares in the company, or an interest in the partnership or trust estate, as the case may be, referred to in paragraph (2)(a), being a sale at a time when the property of that company, partnership or trust estate included the property referred to in subparagraph (2)(b)(i) or the interest referred to in subparagraph (2)(b)(ii), as the case may be; and (d) such other matters as the Commissioner considers relevant; considers that it is not appropriate that that subsection should apply in relation to the sale of the property by the taxpayer. (4) Where: (a) a taxpayer acquired or acquires property, being shares in a company, for the purpose of profit ‑ making by sale; and (b) after 23 August 1983: (i) the company issued or issues other shares (in this subsection referred to as the bonus shares ) to the taxpayer in satisfaction of a dividend (including an amount debited against an amount standing to the credit of a share premium account) payable to the taxpayer in respect of the shares referred to in paragraph (a); or (ii) by reason that the taxpayer was the owner of the shares referred to in paragraph (a), the company issued or issues to the taxpayer rights to acquire other shares in the company; the taxpayer shall, for the purposes of the application of this Act (including any other application of this subsection and any application of any other provision of this section), be deemed to have acquired the bonus shares or the rights, as the case may be, for the purpose of profit ‑ making by sale. (5) Where, after 23 August 1983, property was or is acquired by a taxpayer as a result of a transfer in the prescribed manner by a person who acquired the property for the purpose of profit ‑ making by sale, the taxpayer shall, for the purposes of the application of this Act (including any other application of this subsection and any application of any other provision of this section), be deemed to have acquired the property for the purpose of profit ‑ making by sale. (6) Where: (a) after 23 August 1983, a taxpayer sold or sells property; and (b) the property sold was: (i) an interest in property, being property acquired by the taxpayer for the purpose of profit ‑ making by sale; or (ii) property, or an interest in property, in which was merged an interest in property, being an interest acquired by the taxpayer for the purpose of profit ‑ making by sale; the taxpayer shall, for the purposes of the application of this Act (including any application of any other provision of this section), be deemed to have acquired the property sold for the purpose of profit ‑ making by sale. (7) For the purposes of subsection (2), where a company, partnership or trustee of a trust estate holds or held property (in this subsection referred to as the underlying property ) consisting of: (a) an interest in property, being property acquired by the company, partnership or trustee for the purpose of profit ‑ making by sale; or (b) property, or an interest in property, in which was merged an interest in property, being an interest acquired by the company, partnership or trustee for the purpose of profit ‑ making by sale; the company, partnership or trustee, as the case may be, shall be deemed to have acquired the underlying property for the purpose of profit ‑ making by sale. (8) Where: (a) property (in this subsection referred to as the acquired property ) was or is acquired for the purpose of profit ‑ making by sale; and (b) after 23 August 1983, property (in this subsection referred to as the transferred property ) being: (i) an interest in the acquired property; or (ii) property, or an interest in property, in which was merged an interest in the acquired property; was or is transferred to a taxpayer in the prescribed manner; the taxpayer shall, for the purposes of the application of this Act (including any other application of this subsection and any application of any other provision of this section), be deemed to have acquired the transferred property for the purpose of profit ‑ making by sale. (9) Where a taxpayer sold or sells property that, by virtue of any of the preceding provisions of this section, is deemed to have been acquired by the taxpayer for the purpose of profit ‑ making by sale, so much (if any) of the proceeds of sale as, in the opinion of the Commissioner, is appropriate shall, for the purposes of this Act, be deemed to be profit arising from the sale by the taxpayer of the property. (10) For the purposes of the application of subsection (9) in relation to the sale of property (in this subsection referred to as the relevant property ) by a taxpayer: (a) if: (i) the relevant property is deemed by subsection (2) to have been acquired by the taxpayer for the purpose of profit ‑ making by sale; (ii) the property (in this paragraph referred to as the underlying property ) to which sub ‑ subparagraph (2)(b)(i)(A) or (2)(b)(ii)(A), as the case may be, applies was actually acquired for the purpose of profit ‑ making by sale by the company, partnership or trustee referred to in that sub ‑ subparagraph (which company, partnership or trustee is in this paragraph referred to as the underlying owner ); and (iii) the relevant property was not transferred to the taxpayer in the prescribed manner; the Commissioner shall have regard to the extent to which, in the Commissioner’s opinion, the proceeds of sale of the relevant property are attributable to the amount of any increase in the value of the underlying property during the period (in this paragraph referred to as the relevant period ) when the underlying property was held by the underlying owner and the relevant property was held by the taxpayer reduced by the amount of any capital expenditure incurred by the underlying owner in respect of the underlying property during the relevant period (not including expenditure in respect of which a deduction has been allowed, or is allowable, to the underlying owner); (b) if the relevant property is deemed by subsection (5) to have been acquired by the taxpayer for the purpose of profit ‑ making by sale and the relevant property was actually acquired for the purpose of profit ‑ making by sale by the person (in this paragraph referred to as the transferor ) who transferred the relevant property to the taxpayer in the prescribed manner—the Commissioner shall have regard to the extent to which the amount (if any) that would have been included in the assessable income of the transferor if the transferor had sold the relevant property at the time when it was sold by the taxpayer for an amount of consideration equal to the amount of the consideration received or receivable by the taxpayer in respect of the sale of the relevant property by the taxpayer exceeds the sum of: (i) any expenditure incurred by the taxpayer in respect of the relevant property, not including: (A) any consideration given by the taxpayer in respect of the transfer of the relevant property to the taxpayer; or (B) expenditure to which subparagraph (ii) applies; (ii) where the taxpayer incurred expenditure of a capital nature in respect of the relevant property otherwise than: (A) in acquiring property for the purpose of profit ‑ making by sale; or (B) as part of a profit ‑ making undertaking or scheme; an amount equal to so much of the consideration received or receivable by the taxpayer in respect of the sale of the relevant property by the taxpayer as exceeds the amount that, in the opinion of the Commissioner, would have been the consideration received or receivable by the taxpayer if the taxpayer had not incurred that capital expenditure; and (iii) the amount of any profit included in the assessable income of the transferor in respect of the transfer of the relevant property to the taxpayer; (c) if the relevant property is deemed to have been acquired by the taxpayer by virtue of the application of this section (either directly or indirectly) in relation to property (in this paragraph referred to as the related property ) that was actually acquired by the taxpayer or by another person or other persons for the purpose of profit ‑ making by sale—the Commissioner shall have regard to the extent to which the relevant property consists of, or is attributable to, the related property; (d) if the relevant property consists of rights to acquire shares in a company, being rights that the taxpayer is deemed by subsection (4) to have acquired for the purpose of profit ‑ making by sale—the relevant property shall be deemed to have been acquired by the taxpayer at no cost; and (e) if the relevant property consists of bonus shares that the taxpayer is deemed by subsection (4) to have acquired for the purpose of profit ‑ making by sale—the cost to the taxpayer of the relevant property shall be ascertained in accordance with section 6BA. (11) For the purposes of this section, property shall be taken to have been transferred to a person (in this subsection referred to as the transferee ) in the prescribed manner if: (a) the following conditions are satisfied: (i) the property is transferred by way of gift or for consideration the amount or value of which is less than the amount that, in the opinion of the Commissioner, is the value of the property immediately before the time of transfer; (ii) the property is transferred otherwise than as a result of: (A) a will, a codicil or an order of a court that varied or modified the provisions of a will or a codicil; or (B) an intestacy or an order of a court that varied or modified the application, in relation to the estate of a deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate; and (iii) the Commissioner is satisfied that the transferee and the person who transferred the property were not dealing with each other at arm’s length in relation to the transfer of the property; or (b) the property: (i) is transferred by way of a distribution of property of a private company or private trust estate made (whether in the course of the winding up of the company or trust estate or otherwise) to the transferee in the transferee’s capacity as a shareholder in the company or a beneficiary of the trust estate, as the case may be; and (ii) is not excepted property of the company or trust estate, as the case may be. (12) In this section: (a) a reference to excepted property of a company, partnership or trust estate is a reference to: (i) trading stock of the company, partnership or trustee; or (ii) property being plant within the meaning of section 45 ‑ 40 of the Income Tax Assessment Act 1997 purchased for use by the company, partnership or trustee of the trust estate for the purpose of producing assessable income; (b) a reference to a private company is a reference to a company other than a company the shares in which are listed for quotation in the official list of a stock exchange in Australia or elsewhere; (c) a reference to a private trust estate is a reference to a trust estate other than a unit trust the units in which are listed for quotation in the official list of a stock exchange in Australia or elsewhere or are ordinarily available for subscription or purchase by the public; and (d) a reference to property generally or to a particular kind of property includes a reference to an estate or interest in property or in that kind of property, as the case may be.", "Amendment_Count": 5, "First_Amended": "No 47 of 1984", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 47 of 1984 | No 52 of 1986 | No 121 of 1997 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 52 of 1986, effective 24 June 1986 (s 2) | Amended by No 121 of 1997, Sch 1 item 15 | Sch 2 item 19 | Sch 2 item 20, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 101 of 2006, Sch 2 item 1049, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 212 | Sch 5 item 213, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s25A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26AB", "Provision_Key": "s26ab", "Heading": "Assessable income—premium for lease", "Text": "(1A) For the purposes of assessments for the 1997 ‑ 98 year of income and later years of income, this section applies only in relation to assignments of leases granted before 20 September 1985. Note: The Income Tax Assessment Act 1997 does not contain a rewritten version of this section. For the 1998 ‑ 99 year of income and later years of income, Parts 3 ‑ 1 and 3 ‑ 3 (about CGT) deal with the income tax treatment of premiums for: granting leases; and assigning leases granted on or after 20 September 1985. For the 1997 ‑ 98 year of income, former Part IIIA of this Act (about CGT) dealt with the income tax treatment of such premiums. (1) In this section, premium means a consideration payable in one amount, or each amount of a consideration payable in more than one amount, where the consideration is: (a) in the nature of a premium, fine or foregift payable for or in connexion with the grant or assignment of a lease; or (b) for or in connexion with an assent to the grant or assignment of a lease; but does not include an amount in respect of goodwill or a licence. (2) Where, in the year of income, a taxpayer receives a premium that relates to the grant or assignment of a lease of property that was not, at the date on which the agreement to grant or assign the lease was made, or the assent to the grant or assignment of the lease was given, as the case may be, intended by the grantee or assignee to be used by the grantee or the assignee or some other person wholly or partly for the purpose of gaining or producing assessable income, the assessable income of the taxpayer shall include the premium. (3) Where, in the year of income, a taxpayer receives a premium that relates to the grant or assignment of a lease of property that was, at the date on which the agreement to grant or assign the lease was made, or the assent to the grant or assignment of the lease was given, as the case may be, intended by the grantee or assignee to be used by the grantee or assignee or some other person partly for the purpose of gaining or producing assessable income and partly for other purposes, the assessable income of the taxpayer shall include such part of the premium as the Commissioner considers may reasonably be attributed to the intended use of the property for purposes other than gaining or producing assessable income. (4) Where, in a case referred to in subsection (2) or (3), the taxpayer satisfies the Commissioner that, at the date on which the agreement to grant or assign the lease was made, or the assent to the grant or assignment of the lease was given, as the case may be, the taxpayer believed on reasonable grounds that the grantee or assignee intended a particular use of the property by the grantee or assignee or some other person for the purpose of gaining or producing assessable income, the Commissioner may apply this section on the basis that that intention existed. (5) This section does not apply in relation to: (b) a premium received in connexion with the assignment of a lease of land granted under a law of a State or Territory relating to mining; (c) a premium received in connexion with the grant or assignment of a lease that was, for the purposes of former section 88B, a grant or assignment for mining purposes; or (d) a premium received in connexion with the assignment from the Commonwealth or a State of a lease: (i) granted in perpetuity or for a term not less than 99 years; or (ii) with a right of purchase; or (iii) effecting improvements to be used for residential purposes only.", "Amendment_Count": 7, "First_Amended": "No 110 of 1964", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 108 of 1981 | No 121 of 1997 | No 46 of 1998 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 121 of 1997, Sch 2 item 22, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 46 of 1998, Sch 10 item 100, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, Sch 1 item 55 | Sch 2 item 179 | Sch 2 item 180 | Sch 2 item 181 | Sch 2 item 182, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 215, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26AF", "Provision_Key": "s26af", "Heading": "Assessable income to include value of benefits received from or in connection with former paragraph 23(ja) funds or former section 23FB funds", "Text": "(1) Where: (a) in a year of income and after 19 August 1980, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, a paragraph 23(ja) fund or a section 23FB fund; (aa) if the fund is an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 )—the benefit was received or obtained by the taxpayer before the proclaimed superannuation standards day; (b) the benefit is received or obtained otherwise than in accordance with approved terms and conditions applicable to the fund at the time when the benefit is received or obtained; and (c) the Commissioner is satisfied that the taxpayer received or obtained the benefit: (i) by reason that the taxpayer was, or had been, a member of the fund; (ii) by reason that the taxpayer was, or had been, a dependant of a person who was, or had been, a member of the fund; or (iii) by reason that the taxpayer was, or had been, associated with a person who was, or had been, a member of the fund; the assessable income of the taxpayer of the year of income shall include the amount or value of that benefit. (2) Where, in a year of income and after 19 August 1980, a taxpayer receives valuable consideration in respect of the transfer by the taxpayer to another person (whether by assignment, by declaration of trust or by any other means) of a right (whether vested or contingent) to receive a benefit from a fund, being a paragraph 23(ja) fund or a section 23FB fund and not being an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 ), the assessable income of the taxpayer of the year of income shall include the amount or value of that consideration. (3) In this section: approved terms and conditions , in relation to a fund, means: (a) in the case of a paragraph 23(ja) fund—terms and conditions approved by the Commissioner under subparagraph 23(ja)(ii) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 ; or (b) in the case of a section 23FB fund—terms and conditions approved by the Commissioner under subsection 23FB(2) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 . paragraph 23(ja) fund means a fund the income of which of any year of income is or has been exempt from tax by virtue of paragraph 23(ja) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 or would, but for the provisions of section 121C as in force at any time before the commencement of section 21 of the Taxation Laws Amendment Act 1985 and Division 9C, be, or have been, exempt from tax by virtue of that paragraph; section 23FB fund means: (a) a fund the income of which of any year of income is or has been exempt from tax by virtue of section 23FB as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 or would, but for the provisions of Division 9C, be, or have been, exempt from tax by virtue of that section; and (b) a fund that was a section 79 fund for the purposes of this section as in force at any time before the commencement of the Income Tax Assessment Amendment Act (No. 3) 1984 . (4) For the purposes of this section, where either of the following paragraphs applies in relation to an exempt fund within the meaning of section 26AFB of this Act (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 ) in relation to the year of income of the fund commencing on 1 July 1986 or a subsequent year of income: (a) the year of income ended before the proclaimed superannuation standards day and the income of the fund of the year of income would, but for the amendments made by the Taxation Laws Amendment Act (No. 4) 1987 , have been exempt from tax under paragraph 23(ja) or section 23FB of this Act, as in force at any time before the commencement of section 1 of that Act; (b) the proclaimed superannuation standards day occurred during the year of income and, if the year of income had ended on the proclaimed superannuation standards day, the income of the fund of the year of income would have been exempt from tax under paragraph 23(ja) or section 23FB of this Act, as in force at any time before the commencement of section 1 of that Act; paragraph 23(ja) or section 23FB of this Act, as in force immediately before the commencement of section 1 of that Act, shall be taken to have continued to apply in relation to the fund in relation to the year of income of the fund.", "Amendment_Count": 6, "First_Amended": "No 124 of 1980", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 124 of 1980 | No 108 of 1981 | No 47 of 1984 | No 49 of 1985 | No 138 of 1987 | No 15 of 2007", "History_Notes": "Inserted by No 124 of 1980, effective 17 Sept 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 49 of 1985, item 7, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 138 of 1987, Sch 2 item 9, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 15 of 2007, Sch 1 item 20 | Sch 1 item 51 | Sch 1 item 52 | Sch 1 item 53 | Sch 3 item 37, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26AF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26AFA", "Provision_Key": "s26afa", "Heading": "Assessable income to include value of certain benefits received from or in connection with former section 23F funds", "Text": "(1) Where: (a) in a year of income and on or after 7 December 1983, a taxpayer receives or obtains a benefit of any kind out of, or attributable to assets of, a section 23F fund; (aa) if the fund is an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 )—the benefit was received or obtained by the taxpayer before the proclaimed superannuation standards day; (b) the benefit: (i) is not a benefit that the taxpayer has a right to receive from the fund; or (ii) is an excessive benefit; and (c) the Commissioner is satisfied that the taxpayer received or obtained the benefit: (i) by reason that the taxpayer was, or had been, a member of the fund; (ii) by reason that the taxpayer was, or had been, a dependant of a person who was, or had been, a member of the fund; (iii) by reason that the taxpayer was, or had been, associated with a person who was, or had been, a member of the fund; or (iv) by reason that the taxpayer was, or had been, associated with a person who had made contributions to the fund, being contributions to which Subdivision AA of Division 3 applied; the assessable income of the taxpayer of the year of income shall include the amount or value of that benefit. (2) Where: (a) subsection (1) would, but for this subsection, apply to the amount or value of an excessive benefit received or obtained by a taxpayer out of, or attributable to assets of, a section 23F fund; and (b) the Commissioner, having regard to: (i) the nature of the fund; (ii) the circumstances by reason of which the benefit is an excessive benefit; and (iii) such other matters relating to the receiving or obtaining of the benefit by the taxpayer as the Commissioner considers relevant; is satisfied that it would be unreasonable for subsection (1) to apply to the whole or part of the benefit; that subsection does not apply to the benefit, or to that part of the benefit, as the case may be. (3) Where, in a year of income and on or after 7 December 1983, a taxpayer receives valuable consideration in respect of the transfer by the taxpayer to another person (whether by assignment, by declaration of trust or by any other means) of a right (whether vested or contingent) to receive a benefit from a fund, being a section 23F fund and not being an exempt fund within the meaning of section 26AFB (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 ), the assessable income of the taxpayer of the year of income shall include the amount or value of that consideration. (4) In this section: dependant , in relation to a taxpayer, includes the spouse and any child of the taxpayer. excessive benefit means a benefit of any kind that is excessive in amount or value having regard to the matters mentioned in subparagraphs 23F(2)(h)(i), (ii), (iii) and (iv) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 . section 23F fund means a fund to which section 23F (as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 ) applies, or has applied, in relation to any year of income. (5) For the purposes of this section, where either of the following paragraphs applies in relation to an exempt fund within the meaning of section 26AFB of this Act (as in force just before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 ) in relation to the year of income of the fund commencing on 1 July 1986 or a subsequent year of income: (a) the year of income ended before the proclaimed superannuation standards day and section 23F of this Act, as in force immediately before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 , would, but for the amendments made by that Act, have applied in relation to the fund in relation to the year of income; (b) the proclaimed superannuation standards day occurred during the year of income and, if the year of income had ended on the proclaimed superannuation standards day, section 23F of this Act, as in force immediately before the commencement of section 1 of that Act, would, but for the amendments made by that Act, have applied in relation to the fund in relation to the year of income; section 23F of this Act, as in force immediately before the commencement of section 1 of that Act, shall be taken to have continued to apply in relation to the fund in relation to the year of income of the fund.", "Amendment_Count": 4, "First_Amended": "No 115 of 1984", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 115 of 1984 | No 49 of 1985 | No 138 of 1987 | No 15 of 2007", "History_Notes": "Inserted by No 115 of 1984, effective 17 Oct 1984 (s 2) | Amended by No 49 of 1985, item 8, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 138 of 1987, Sch 2 item 10 | Sch 2 item 11, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 15 of 2007, Sch 1 item 54 | Sch 1 item 55 | Sch 1 item 56, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26AFA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26AG", "Provision_Key": "s26ag", "Heading": "Certain film proceeds included in assessable income", "Text": "(1) Where: (a) under a contract entered into on or after 1 October 1980, a taxpayer has expended, or is deemed by former section 124ZAP to have expended, capital moneys in producing, or by way of contribution to the cost of producing, a film; (b) by reason of the moneys having been expended, the taxpayer became the owner of an interest in the copyright in the film; and (c) a deduction has been allowed, or is allowable, to the taxpayer under former section 124ZAF or 124ZAFA in respect of some or all of those moneys; this section applies, and shall be deemed always to have applied, in relation to the taxpayer in relation to a year of income (whether commencing before or after the commencement of this section), to: (d) any amount derived by the taxpayer in the year of income from sources in or out of Australia as consideration for the use of, or the right to use, the copyright or the film, to the extent to which the amount derived is attributable to the interest referred to in paragraph (b); and (e) any amount (other than an amount to which paragraph (d) applies) receivable by the taxpayer from sources in or out of Australia as consideration in respect of the disposal, in the year of income, of the whole or a part of the interest referred to in paragraph (b). (2) The assessable income of a taxpayer of a year of income shall include amounts to which this section applies in relation to the taxpayer in relation to the year of income. (3) Where: (a) for any reason, including: (i) the formation or dissolution of a partnership; or (ii) a variation in the constitution of a partnership or in the interests of the partners; a change has occurred in the ownership of, or in the interests of persons in, a copyright in a film; (b) the person, or one or more of the persons, who owned the copyright before the change has or have an interest in the copyright after the change; and (c) any person (in this subsection referred to as the relevant person ) who had an interest in the copyright before the change: (i) did not have an interest in the copyright after the change; or (ii) had a lesser interest in the copyright after the change; the following provisions have effect: (d) if the relevant person did not have an interest in the copyright after the change, the relevant person shall be deemed, for the purposes of subsection (1), to have disposed of the whole of his or her interest in the copyright at the time when the change occurred for an amount of consideration equal to: (i) if the change occurred in pursuance of an agreement and the agreement specified, as the value of the copyright for the purposes of the agreement, an amount greater than the value of the copyright at the time when the change occurred—so much of the amount specified in the agreement as bears to that amount the same proportion as the value, at the time when the change occurred, of the interest deemed to have been disposed of bears to the value of the copyright at the time when the change occurred; and (ii) in any other case—the value, at the time when the change occurred, of the interest disposed of; (e) if the relevant person had a lesser interest in the copyright after the change, the relevant person shall be deemed, for the purposes of subsection (1), to have disposed of a part of his or her interest in the copyright at the time when the change occurred for an amount of consideration equal to: (i) if the change occurred in pursuance of an agreement and the agreement specified, as the value of the copyright for the purposes of the agreement, an amount greater than the value of the copyright at the time when the change occurred—so much of the amount specified in the agreement as bears to that amount the same proportion as the value, at the time when the change occurred, of the part of the interest deemed to have been disposed of bears to the value of the copyright at the time when the change occurred; and (ii) in any other case—the value, at the time when the change occurred, of the part of the interest disposed of. (4) For the purposes of this section, where, in pursuance of a judgment of a court or otherwise, an amount is paid to a taxpayer in respect of an infringement, or an alleged infringement, of a copyright in a film, the taxpayer shall be deemed to have disposed of a part of his or her interest in the copyright, at the time of payment, in consideration of the payment of that amount. (5) Subject to subsections (3) and (6), a reference in this section to the consideration receivable by a taxpayer in respect of the disposal of the whole or a part of the taxpayer’s interest in a copyright (which whole or part is in this subsection referred to as the unit ) is a reference to: (a) where the unit is disposed of for a specified price—that price less: (i) the expenses of the disposal; and (ii) if the disposal is a taxable supply—an amount equal to the GST payable on the supply; or (b) where the unit is disposed of together with other property and no separate price is allocated to the unit—such amount as the Commissioner determines. (6) Where: (a) a taxpayer disposes of the whole or a part of the taxpayer’s interest in a copyright (which whole or part is in this subsection referred to as the unit ) to another person; (b) the Commissioner is satisfied, having regard to any connection between the taxpayer and that other person or to any other relevant circumstances, that the taxpayer and that other person were not dealing with each other at arm’s length in relation to the disposal; and (c) there was no amount receivable by the taxpayer in respect of the disposal or the amount receivable by the taxpayer in respect of the disposal was less than the value of the unit at the time of the disposal; the amount of the consideration receivable by the taxpayer in respect of the disposal shall be taken, for the purposes of this section, to be the amount that was the value of the unit at the time of the disposal. (8) If: (a) a non ‑ resident taxpayer derives, from sources outside Australia, income in respect of a film; and (b) but for this subsection, subsection (2) would include the amount in the taxpayer’s assessable income of a year of income; that subsection does not include in the taxpayer’s assessable income so much of the amount as: (c) is attributable to the exhibition of the film in the country from sources in which the income was derived; and (d) is not exempt from income tax in the country from sources in which the income was derived. (9) Where: (a) an amount (in this subsection referred to as the relevant amount ) is derived by a partnership in a year of income; and (b) if the relevant amount were derived by a partner in the partnership, the relevant amount, or a part of the relevant amount, would, by virtue of paragraph (1)(d), be an amount to which this section applies in relation to that partner in relation to the year of income; the following provisions have effect: (c) the relevant amount shall not be taken into account, for the purposes of any provision of this Act, in calculating the net income of the partnership, or the partnership loss, of any year of income in accordance with section 90; and (d) for the purposes of the application of this Act in relation to a taxpayer being a partner in the partnership, an amount equal to: (i) so much of the relevant amount as the partners have agreed is derived for the benefit of the taxpayer; or (ii) if the partners have not agreed as mentioned in subparagraph (i)—so much of the relevant amount as bears to the relevant amount the same proportion as the individual interest of the taxpayer in the net income of the partnership of the year of income in which the relevant amount was derived by the partnership bears to that net income or, as the case requires, the individual interest of the taxpayer in the partnership loss for that year of income bears to that partnership loss; shall be taken to have been derived by the taxpayer. (10) Where: (a) a partnership has disposed of the whole or a part of the copyright or of an interest in the copyright in a film; (b) an amount (in this subsection referred to as the relevant amount ) is receivable by the partnership as consideration in respect of that disposal; and (c) if the relevant amount were receivable by a partner in the partnership, the relevant amount or a part of the relevant amount would, by virtue of paragraph (1)(e), be an amount to which this section applies in relation to that partner in relation to the year of income; the following provisions have effect: (d) the relevant amount shall not be taken into account, for the purposes of any provision of this Act, in calculating the net income of the partnership, or the partnership loss, of any year of income in accordance with section 90; (e) for the purposes of the application of this Act in relation to a taxpayer being a partner in the partnership, an amount equal to: (i) so much of the relevant amount as the partners have agreed is receivable for the benefit of the taxpayer; or (ii) if the partners have not agreed as mentioned in subparagraph (i)—so much of the relevant amount as bears to the relevant amount the same proportion as the individual interest of the taxpayer in the net income of the partnership of the year of income in which the disposal mentioned in paragraph (a) occurred bears to that net income, or, as the case requires, the individual interest of the taxpayer in the partnership loss for that year of income bears to that partnership loss; shall be taken to be receivable by the taxpayer; (f) where the taxpayer had an interest in the copyright before the disposal and did not have an interest in the copyright after the disposal or had a lesser interest in the copyright after the disposal, the amount deemed to be receivable by the taxpayer shall be deemed to be receivable in respect of the disposal by the taxpayer of his or her interest in the copyright or of a part of his or her interest in the copyright, as the case may be; (g) where the disposal is deemed to have occurred by virtue of subsection (4) or is a disposal to which paragraph (13)(a) applies, the amount deemed to be receivable by the taxpayer shall be deemed to be receivable, in respect of the disposal by the taxpayer of a part of his or her interest in the copyright. (11) In determining for the purposes of subsection (10) whether a partnership has disposed of the whole or part of a copyright or of an interest in a copyright and in determining the amount of consideration receivable by the partnership in respect of the disposal, subsections (4), (5), (6) and (13) apply as if the partnership were a taxpayer. (12) Where: (a) a taxpayer has disposed of the whole or a part of the taxpayer’s interest in a copyright; (b) by reason of that disposal, an amount would, but for former subsection 124T(3), be included in the assessable income of the taxpayer of a year of income under former section 124P or would be applied, under former section 124N or 124S, in reducing the residual value, for the purposes of former Division 10B, of a unit of industrial property owned by the taxpayer; and (c) but for this subsection, this section would apply, in relation to a year of income, to the amount of the consideration receivable by the taxpayer in respect of the disposal; the amount to which this section applies by virtue of the disposal is the amount of the consideration referred to in paragraph (c) reduced by the amount that would be included in the assessable income of the taxpayer, or would be applied under former section 124N or 124S, as mentioned in paragraph (b). (13) In this section: (a) a reference to a disposal by a taxpayer of the whole or a part of the taxpayer’s interest in a copyright in a film includes a reference to the assignment by the taxpayer of a right to receive amounts as consideration for the use of, or the right to use, the copyright or the film; (b) a reference to an amount derived by a taxpayer as consideration for the use of, or the right to use, a copyright in a film includes a reference to an amount derived as consideration for the granting of a licence in respect of copyright in the film that is to come into existence at a future time or upon the happening of a future event; (c) a reference to the value of property at a particular time shall, if there is insufficient evidence of the value of the property at that time, be read as a reference to such amount as, in the opinion of the Commissioner, is fair and reasonable; (d) a reference to the expenditure of capital moneys is a reference to the expenditure of moneys that is expenditure of a capital nature; (e) a reference to a taxpayer becoming the owner of an interest in copyright includes a reference to the taxpayer becoming the owner of the copyright; and (f) a reference to copyright, in relation to a film, is a reference to the copyright subsisting in the film by virtue of Part IV of the Copyright Act 1968 and includes a reference to copyright subsisting in, or in relation to, the film or in any work comprised in the film, under the law of a country other than Australia.", "Amendment_Count": 8, "First_Amended": "No 111 of 1981", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 111 of 1981 | No 14 of 1983 | No 49 of 1985 | No 51 of 1986 | No 176 of 1999 | No 101 of 2006 | No 164 of 2007 | No 41 of 2011", "History_Notes": "Inserted by No 111 of 1981, effective 24 June 1981 (s 2) | Amended by No 14 of 1983, effective s 4: 14 Feb 1983 (s 2(2)) Remainder: 14 June 1983 (s 2(1)) | Amended by No 49 of 1985, Sch 2 item 43, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 51 of 1986, effective s 3–35: 22 July 1986 | Amended by No 176 of 1999, Sch 8 item 21, effective Sch 8 (items 16–25): 1 July 2000 (s 2(17)) | Amended by No 101 of 2006, Sch 2 item 185 | Sch 2 item 186 | Sch 2 item 187 | Sch 2 item 188 | Sch 2 item 400 | Sch 2 item 118, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 10 item 26 | Sch 10 item 27 | Sch 10 item 28 | Sch 10 item 29 | Sch 10 item 76 | Sch 10 item 79, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 41 of 2011, Sch 5 item 217, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26AG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26AH", "Provision_Key": "s26ah", "Heading": "Bonuses and other amounts received in respect of certain short ‑ term life assurance policies", "Text": "(1) In this section, unless the contrary intention appears: agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. assurance year , in relation to an eligible policy, means the period of 12 months commencing on, or on any anniversary of, the date of commencement of risk of the policy. date of commencement of risk , in relation to an eligible policy, means the date of commencement of the period in respect of which the first or only premium paid under the policy was paid or, if the first or only premium was not paid in respect of a period, the date on which that premium was paid. eligible period , in relation to an eligible policy, means the period of 10 years commencing on the date of commencement of risk of the policy. eligible policy means a life assurance policy in relation to which the date of commencement of risk is after 27 August 1982, other than a funeral policy (as defined in the Income Tax Assessment Act 1997 ) issued on or after 1 January 2003. eligible reckoning date , in relation to an eligible policy, means the date of commencement of an assurance year that, for the purposes of an application of subsection (13), is the premium increase year referred to in that subsection. (2) Where a paid ‑ up life assurance policy is issued to a taxpayer in lieu of an eligible policy: (a) the paid ‑ up policy shall, for the purposes of this section, be deemed to be a continuation of the eligible policy; and (b) no amount shall be taken for the purposes of subsection (4) to have been re ‑ invested or otherwise dealt with on behalf of the taxpayer or as he or she directs in connection with the issue of the paid ‑ up policy to the taxpayer in lieu of the eligible policy. (3) This section applies to any amount received after 27 August 1982 under an eligible policy. (4) For the purposes of this section, but subject to subsection (5), a taxpayer shall be taken to have received an amount under or in relation to an eligible policy although the amount is not actually paid to the taxpayer but is re ‑ invested or otherwise dealt with on his or her behalf or as he or she directs. (5) Subsection (4) does not apply in relation to an amount in relation to an eligible policy if the amount is re ‑ invested or otherwise dealt with on behalf of the taxpayer or as the taxpayer directs so as to increase the amount that might reasonably be expected to be received under the eligible policy on a surrender or maturity of the eligible policy. (6) Where, during the eligible period in relation to an eligible policy, a taxpayer receives an amount (in this subsection referred to as the relevant amount ) under the policy as or by way of a bonus, being an amount that, but for this section, would not be included in the assessable income of the taxpayer of any year of income, the assessable income of the taxpayer of the year of income in which the relevant amount is received shall include: (a) if the relevant amount is received during the first 8 years of the eligible period—an amount equal to the relevant amount; (b) if the relevant amount is received during the ninth year of the eligible period—an amount equal to two ‑ thirds of the relevant amount; or (c) if the relevant amount is received during the tenth year of the eligible period—an amount equal to one ‑ third of the relevant amount. (6A) If, during the year of income, an amount referred to in subsection (6) is received during the eligible period in relation to an eligible policy held by the trustee of a non ‑ complying superannuation fund: (a) subsection (6) does not apply to the amount; and (b) the amount is included in the assessable income of the fund of the year of income. (7) Subsection (6) does not apply to any amount received by a taxpayer in a year of income under an eligible policy where: (a) the amount is received in consequence of: (i) the death of the person on whose life the policy was effected; or (ii) an accident, illness or other disability suffered by the person on whose life the policy was effected; or (aa) the eligible policy is an RSA; or (b) the eligible policy is held by the trustee of: (i) a complying superannuation fund; or (ii) a complying approved deposit fund; or (iii) a pooled superannuation trust; or (ba) the eligible policy is issued by a life assurance company and the company’s liabilities under the policy are to be discharged out of: (i) complying superannuation assets within the meaning of the Income Tax Assessment Act 1997 ; or (ii) segregated exempt assets within the meaning of that Act; or (c) except where the policy was effected, purchased or taken on assignment with a view to it being forfeited, surrendered or otherwise terminated, or to it maturing, within 10 years—the amount was received by the taxpayer by reason of the forfeiture, surrender or other termination of the whole or a part of the policy in circumstances arising out of serious financial difficulties of the taxpayer. (8) Where: (a) subsection (6) would, but for this subsection, apply to an amount (in this subsection referred to as the relevant amount ) received by a taxpayer by reason of the forfeiture, surrender or other termination of the whole or a part of an eligible policy; and (b) the Commissioner, having regard to: (i) the total amount of premiums paid under the eligible policy; (ii) the total amounts received by the taxpayer or by any other person under the eligible policy and the total amounts of bonuses included in the amounts so received; (iii) the amount of the surrender value of the eligible policy at the time when the forfeiture, surrender or other termination occurred; and (iv) such other matters as the Commissioner considers relevant, is of the opinion that it would be unreasonable for subsection (6) to apply to the relevant amount or to a part of the relevant amount; subsection (6) does not apply to the relevant amount, or to that part of the relevant amount, as the case may be. (9) Where: (a) otherwise than as or by way of a bonus, a taxpayer receives an amount (in this subsection referred to as the relevant amount ) under an eligible policy; and (b) the Commissioner is of the opinion that the relevant amount or a part of the relevant amount represents the whole or part of: (i) a bonus that has accrued or has been declared in respect of the policy; or (ii) a bonus that can reasonably be expected to accrue in respect of the policy; the relevant amount or the part of the relevant amount, as the case may be, shall, for the purposes of subsection (6), be deemed to have been received by the taxpayer under the policy as or by way of a bonus. (10) Where: (a) subsection (9) applies by reason that the Commissioner has formed an opinion under paragraph (9)(b) that the whole or a part of an amount received by a taxpayer represents the whole or a part of a bonus; and (b) the taxpayer subsequently receives an amount (in this subsection referred to as the actual bonus ), being the whole or a part of the bonus, or of the part of the bonus, as the case may be, referred to in paragraph (a) of this subsection; the following provisions have effect: (c) the operation of subsection (9) is not affected by the receipt of the actual bonus; and (d) no part of the actual bonus shall be included in the assessable income of the taxpayer. (11) Where, in relation to an eligible policy, a taxpayer receives an amount from the assurer, or from another person at the request of, or under an agreement with, the assurer, by way of an advance or loan in respect of which interest is not payable or in respect of which interest is payable at a rate less than the rate of interest that could reasonably be expected to be payable in respect of a loan of the same amount made on similar terms and conditions by the assurer or the other person, as the case may be, to a person with whom the assurer or that other person was dealing at arm’s length, the amount shall, for the purposes of subsection (9), be deemed to be an amount to which paragraph (9)(a) applies. (12) Where an eligible policy, or any right to receive any benefits that have accrued, or will or may reasonably be expected to accrue, under an eligible policy, is sold or assigned in whole or in part by a taxpayer during the eligible period in relation to the policy: (a) the amount of any consideration received by the taxpayer in respect of that sale or assignment shall be deemed to be an amount to which paragraph (9)(a) applies; and (b) subsections (9) and (10) apply in relation to that consideration as if “represents” were omitted from paragraphs (9)(b) and (10)(a) and “is attributable” to were substituted. (13) Where the amount of the premiums payable under an eligible policy in relation to an assurance year (in this subsection referred to as the premium increase year ) exceeds by more than 25% the amount of the premiums payable under the policy in relation to the immediately preceding assurance year, the eligible period in relation to the policy shall, for the purposes of: (a) the application of subsection (6) in relation to any amount received under the policy after the date of commencement of the premium increase year and before the first subsequent eligible reckoning date (if any) in relation to the eligible policy; and (b) the application of subsection (12) in relation to any sale or assignment of the policy after the date of commencement of the premium increase year and before the first subsequent eligible reckoning date (if any) in relation to the eligible policy; be reckoned from the date of commencement of the premium increase year. (14) This section has effect in relation to an eligible policy in relation to which the date of commencement of risk is on or before 7 December 1983 as if: (a) “10 years” were omitted from the definition of eligible period in subsection (1) and “4 years” were substituted; (b) “8 years”, “ninth year” and “tenth year” were omitted from subsection (6) and “2 years”, “third year” and “fourth year” respectively were substituted; and (c) “10 years” were omitted from paragraph (7)(c) and “4 years” were substituted.", "Amendment_Count": 10, "First_Amended": "No 14 of 1984", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 14 of 1984 | No 55 of 1993 | No 62 of 1997 | No 89 of 2000 | No 12 of 2003 | No 83 of 2004 | No 15 of 2007 | No 45 of 2008 | No 41 of 2011 | No 70 of 2015", "History_Notes": "Inserted by No 14 of 1984, effective 12 Apr 1984 (s 2) | Amended by No 55 of 1993, item 13 | item 15 | item 19, effective s 8–12: 27 Oct 1993 (s 2(1)) s 13: 1 July 1995 (s 2(2)(a)) s 14: repealed before commencing (s 2(3)(a)) s 15: 1 July 2000 (s 2(4)) | Amended by No 62 of 1997, Sch 19 item 7, effective Sch 13: 2 June 1997 (s 2) | Amended by No 89 of 2000, Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 62, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 12 of 2003, Sch 3 item 7, effective Sch 1: 29 Aug 2001 (s 2(1) item 2) Sch 3 (items 7, 11): 2 Apr 2003 (s 2(1) item 4) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 108–115, 126(7)), Sch 2 (items 1, 3, 4, 35, 37), Sch 3 (items 1–3, 6, 7), Sch 9, Sch 10 (item 43(1)) and Sch 11: 25 June 2004 (s 2(1) items 1, 12, 13, 16, 17, 21, 27, 28) Sch 1 (item 1): 30 June 2000 (s 2(1) item 2) Sch 10 (items 1, 2): 1 July 2000 (s 2(1) item 22) | Amended by No 15 of 2007, Sch 1 item 57 | Sch 1 item 58, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 45 of 2008, effective Sch 1 (items 2–7), Sch 4 (items 1–7) and Sch 7 (items 1–5): 26 June 2008 (s 2) | Amended by No 41 of 2011, Sch 5 item 219 | Sch 5 item 220 | Sch 5 item 221, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 70 of 2015, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26AH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26AJ", "Provision_Key": "s26aj", "Heading": "Investment ‑ related lottery winnings to be included in assessable income", "Text": "(1) If: (a) either: (i) a loan benefit is provided to a taxpayer, or to another person, in respect of a year of income (in this subsection called the current year of income ); or (ii) an amount (other than loan principal) is paid or credited to a taxpayer, or to another person, during a year of income (in this subsection also called the current year of income ); or (iii) other property or services are provided to a taxpayer, or to another person, during a year of income (in this subsection also called the current year of income ); and (b) the making of a loan, the payment or crediting of the amount, or the provision of the property or services, as the case may be, is by way of winnings from: (i) betting (including pool betting); or (ii) a lottery or other form of gambling; or (iii) a game with prizes; and (c) the chance to participate in the betting, lottery, gambling or game (in this subsection called the betting chance ) was provided: (i) wholly or partly in respect of an investment held by the taxpayer in or with a third person (who may be an associate of the taxpayer) (in this subsection called the investment body ); or (ii) wholly or partly in relation directly or indirectly to such an investment; and (d) the betting, lottery, gambling or game was organised by, or on behalf of: (i) the investment body (either acting alone or together with one or more other persons); or (ii) an associate of the investment body (either acting alone or together with one or more other persons); and (e) if the recipient of the loan benefit, amount or property or services, as the case may be, is a person other than the taxpayer—either: (i) the other person is an associate of the taxpayer; or (ii) the loan benefit, amount or property or services, as the case may be, is provided under an arrangement to which the taxpayer, or an associate of the taxpayer, is a party; and (f) no part of the value of the betting chance is included in the assessable income of the taxpayer of any year of income; and (g) the provision of the betting chance is neither: (i) a fringe benefit; nor (ii) a benefit that, apart from paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 , would be a fringe benefit; then: (h) if subparagraph (a)(i) applies—the taxpayer’s assessable income of the current year of income includes the amount (if any) by which the benchmark amount of interest in relation to the loan in respect of the current year of income exceeds the amount of interest that has accrued on the loan in respect of the current year of income; or (i) if subparagraph (a)(ii) applies—the taxpayer’s assessable income of the current year of income includes the amount paid or credited; or (j) if subparagraph (a)(iii) applies—the taxpayer’s assessable income of the current year of income includes the arm’s length value of the property or services, reduced by the recipient’s contribution (if any). (2) If: (a) apart from this subsection, an amount (in this subsection called the gross assessable amount ) is included in a taxpayer’s assessable income of a year of income under paragraph (1) (h) in respect of a loan benefit; and (b) assuming that: (i) the recipient of the loan benefit had, on the last day of the period (in this subsection called the loan period ) during the year of income when the recipient was under an obligation to repay the whole or any part of the loan, incurred and paid unreimbursed interest (in this subsection called the gross interest ), in respect of the loan, in respect of the loan period; and (ii) the amount of the gross interest was equal to the benchmark amount of interest in relation to the loan in respect of the year of income; a once ‑ only deduction (in this subsection called the gross deduction ) would, or would apart from Subdivisions F and GA of Division 3 of this Part, and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient in respect of the gross interest; the gross assessable amount is reduced by: (c) if no interest accrued on the loan in respect of the loan period—the amount of the gross deduction; or (d) in any other case—the amount worked out using the formula: where: Gross deduction means the amount of the gross deduction. Reducing amount means the amount (if any) that would, or that would apart from Subdivisions F and GA of Division 3 of this Part, and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable as a once ‑ only deduction to the recipient in respect of the interest that accrued on the loan in respect of the loan period if that interest had been incurred and paid by the recipient on the last day of the loan period. (3) If: (a) apart from this subsection, an amount (in this subsection called the gross assessable amount ) is included in a taxpayer’s assessable income of a year of income under paragraph (1)(j) in respect of the provision of property or services; and (b) assuming that: (i) the recipient of the property or services had, at the time the property or services were provided, incurred and paid unreimbursed expenditure in respect of the provision of the property or services; and (ii) the expenditure was equal to the amount of the arm’s length value of the property or services; a once ‑ only deduction would, or would apart from Subdivisions F and GA of Division 3 of this Part, and Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient in respect of a percentage (in this subsection called the deductible percentage ) of the expenditure; the gross assessable amount is reduced by the deductible percentage. (4) For the purposes of the application of this section to a taxpayer, if a person (in this subsection called the provider ) makes a loan to another person (who may be the taxpayer) (in this subsection called the recipient ): (a) the making of the loan is taken to constitute a loan benefit provided by the provider to the recipient; and (b) that loan benefit is taken to be provided in respect of each year of income of the taxpayer during the whole or part of which the recipient is under an obligation to repay the whole or any part of the loan. (5) For the purposes of this section, if a person (in this subsection called the provider ) makes a deferred interest loan (in this subsection called the principal loan ) to another person (in this subsection called the recipient ): (a) the provider is taken, at the end of: (i) the period of 6 months commencing on the day on which the principal loan was made; and (ii) each subsequent period of 6 months; (being in either case a period during the whole of which the recipient is under an obligation to repay the whole or any part of the principal loan) to have made a loan (in this subsection called the deemed loan ) to the recipient; and (b) the amount of the deemed loan is equal to the amount by which the interest (in this subsection called the accrued interest ) that has accrued on the principal loan in respect of that period exceeds the amount (if any) paid in respect of the accrued interest before the end of that period; and (c) if any part of the accrued interest becomes payable or is paid after the time when the deemed loan is taken to have been made, the deemed loan is to be reduced accordingly; and (d) the deemed loan is taken to have been made at a nil rate of interest. (6) For the purposes of this section, if no interest is payable in respect of a loan, a nil rate of interest is taken to be payable in respect of the loan. (7) For the purposes of this section, a person is taken to be under an obligation to pay or repay an amount even though the amount is not due for payment or repayment. (8) For the purposes of this section, if a person does anything that results in the creation of property in another person, the first ‑ mentioned person is taken to have provided that property to the other person at the time when the property comes into existence. (9) For the purposes of this section, if: (a) a particular mode of application of money by a taxpayer in relation to another person (in this subsection called the investment body ) would not, apart from this subsection, be an investment; and (b) a chance to participate in: (i) betting (including pool betting); or (ii) a lottery or other form of gambling; or (iii) a game with prizes; is provided to the taxpayer or a third person: (iv) wholly or partly in respect of the mode of application of money by the taxpayer; or (v) wholly or partly in relation directly or indirectly to the mode of application of money by the taxpayer; and (c) if a cash payment had been provided by the investment body to the taxpayer instead of that chance, the payment would constitute, to any extent, a return on an investment held by the taxpayer in or with the investment body; the mode of application of money is taken to be an investment held by the taxpayer with the investment body. (10) If a ballot is held to determine the order in which loans are to be made by a Starr ‑ Bowkett building society to its members, then the making of a loan in accordance with the ballot is not covered by paragraph (1)(b). (11) In this section: arm’s length value , in relation to property or services, means: (a) the amount that the recipient could reasonably have been expected to have been required to pay to obtain the property or services from the provider under a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction; or (b) if such an amount cannot be practically determined—such amount as represents a reasonable valuation of the property or services. arrangement means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. associate has the same meaning in relation to a person as that expression has in relation to a person in section 318. benchmark amount of interest , in relation to a loan, in relation to a year of income, means the amount of interest that would have accrued on the loan in respect of the year of income if the interest was calculated on the daily balance of the loan at the benchmark interest rate in relation to the year of income. benchmark interest rate , in relation to a year of income, means the predominant per cent per annum interest rate on new, variable interest rate housing loans to individuals for owner ‑ occupation that is specified, for the June immediately preceding the financial year to which the year of income relates, in the “Interest Rates and Yields: Banks” table in the Statistical Directory of the Reserve Bank of Australia Bulletin dated July in that financial year. deferred interest loan means a loan in respect of which interest is payable at a rate exceeding nil, other than: (a) a loan where the whole of the interest is due for payment within 6 months after the loan is made; or (b) a loan where: (i) the interest is payable by instalments; and (ii) the intervals between instalments do not exceed 6 months; and (iii) the first instalment is due for payment within 6 months after the loan is made. investment means any mode of application of money for the purpose of gaining a return. loan includes: (a) an advance of money; and (b) the provision of credit or any other form of financial accommodation; and (c) the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation (whether express or implied) to repay the amount; and (d) a transaction (whatever its terms or form) which in substance effects a loan of money. loan benefit has the meaning given by subsection (4). person means any of the following: (a) a company; (b) a partnership; (c) a person in the capacity of trustee; (d) any other person. provide : (a) in relation to property—includes dispose of (whether by assignment, declaration of trust or otherwise); and (b) in relation to services—includes allow, confer, give, grant or perform. recipient’s contribution , in relation to property or services, means the amount of any consideration paid to the provider by the recipient in respect of the provision of the property or services, reduced by the amount of any reimbursement paid to the recipient in respect of that consideration. return , in relation to an investment, includes interest, income or profit. services includes any benefit, right (including a right in relation to, and an interest in, real or personal property), privilege or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or facility that is, or is to be, provided under: (a) an arrangement for or in relation to: (i) the performance of work (including work of a professional nature), whether with or without the provision of property; or (ii) the provision of, or the use of facilities for, entertainment, recreation or instruction; or (iii) the conferring of rights, benefits or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction; or (b) a contract of insurance; or (c) an arrangement for or in relation to the lending of money. unreimbursed expenditure means expenditure no part of which has been reimbursed. unreimbursed interest means interest no part of which has been reimbursed.", "Amendment_Count": 6, "First_Amended": "No 216 of 1991", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 216 of 1991 | No 30 of 1995 | No 39 of 1997 | No 101 of 2006 | No 75 of 2010 | No 84 of 2022", "History_Notes": "Inserted by No 216 of 1991, Sch 4 item 69 | Sch 4 item 74 | Sch 4 item 76 | Sch 4 item 77 | Sch 4 item 29, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 30 of 1995, Sch 2 item 2, effective Sch 1 and 2: 7 Apr 1995 (s 2) | Amended by No 39 of 1997, Sch 4 item 21 | Sch 4 item 22 | Sch 4 item 23, effective Sch 1: 1 July 1997 (s 2) | Amended by No 101 of 2006, Sch 2 item 191, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 75 of 2010, Sch 1 item 6, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 84 of 2022, Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 23 | Sch 3 item 24 | Sch 3 item 25, effective Sch 3 (items 18–27, 33): 1 Jan 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26AJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26BB", "Provision_Key": "s26bb", "Heading": "Assessability of gain on disposal or redemption of traditional securities", "Text": "(1) In this section: acquire , in relation to a security, means acquire, on issue, purchase, transfer, assignment or otherwise, the security or the right to receive payment of the amount or amounts payable under the security. connected entity has the same meaning as in the Income Tax Assessment Act 1997 . dispose , in relation to a security, means sell, transfer, assign or dispose of in any way the security or the right to receive payment of the amount or amounts payable under the security. eligible return has the same meaning as in Division 16E. periodic interest has the same meaning as in Division 16E. security has the same meaning as in Division 16E. traditional security , in relation to a taxpayer, means a security held by the taxpayer that: (a) is or was acquired by the taxpayer after 10 May 1989; (b) either: (i) does not have an eligible return; or (ii) has an eligible return, where: (A) the precise amount of the eligible return is able to be ascertained at the time of issue of the security; and (B) that amount is not greater than 1 1 / 2 % of the amount calculated in accordance with the formula: where: Payments is the amount of the payment or of the sum of the payments (excluding any periodic interest) liable to be made under the security when held by any person; and Term is the number (including any fraction) of years in the term of the security; and (d) is not trading stock of the taxpayer. (2) Where a taxpayer disposes of a traditional security or a traditional security of a taxpayer is redeemed, the amount of any gain on the disposal or redemption shall be included in the assessable income of the taxpayer of the year of income in which the disposal or redemption takes place. (3) Where the Commissioner, having regard to any connection between the parties to the transaction by which the taxpayer disposed of the traditional security or by which it was redeemed, or by which the taxpayer acquired the traditional security, is satisfied that the parties were not dealing with each other at arm’s length in relation to the transaction, then, for the purposes of determining under subsection (2) the amount of any gain on the disposal or redemption, the consideration for the transaction shall be taken to be: (a) the amount that might reasonably be expected for the transaction if the parties were independent parties dealing at arm’s length with each other; or (b) where, for any reason it is not possible or practicable for the Commissioner to ascertain that amount—such amount as the Commissioner determines. (4) Subsection (2) does not apply to a gain on the disposal or redemption of a traditional security if: (a) the disposal or redemption occurs because the traditional security is converted into ordinary shares in a company that is: (i) the issuer of the traditional security; or (ii) a connected entity of the issuer of the traditional security; and (b) the traditional security was issued on the basis that it will or may convert into ordinary shares in: (i) the issuer of the traditional security; or (ii) the connected entity. (5) Subsection (2) does not apply to a gain on the disposal or redemption of a traditional security if: (a) the disposal or redemption is in exchange for ordinary shares in a company that is neither: (i) the issuer of the traditional security; nor (ii) a connected entity of the issuer of the traditional security; and (b) in the case of a disposal—the disposal is to: (i) the issuer of the traditional security; or (ii) a connected entity of the issuer of the traditional security; and (c) the traditional security was issued on the basis that it will or may be: (i) disposed of to the issuer of the traditional security or to the connected entity; or (ii) redeemed; in exchange for ordinary shares in the company.", "Amendment_Count": 3, "First_Amended": "No 107 of 1989", "Last_Amended": "No 47 of 2016", "Amending_Acts": "No 107 of 1989 | No 133 of 2003 | No 47 of 2016", "History_Notes": "Inserted by No 107 of 1989, Sch 1 item 10 | Sch 1 item 13 | Sch 1 item 18, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 133 of 2003, Sch 1 item 1 | Sch 1 item 2, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 47 of 2016, Sch 6 item 9, effective Sch 6 (items 8–15, 19–25): 6 May 2016 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26BB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26BC", "Provision_Key": "s26bc", "Heading": "Securities lending arrangements", "Text": "(1) In this section: convertible note : (a) in relation to a company—has the same meaning as in Division 3A; or (b) in relation to a unit trust—means a note issued by the trustee of the unit trust, being a note that, if the unit trust were a company, would be a convertible note issued by the company, and includes a note that would be a convertible note within the meaning of Division 3A if: (i) references in that Division to a company were references to a unit trust, or to the trustee of the unit trust, as the context requires; and (ii) references in that Division to shares were references to units. debenture , in relation to a unit trust, means an instrument issued by the trustee of the unit trust, being an instrument that, if the unit trust were a company, would be a debenture issued by the company. distribution includes: (a) interest; or (b) a dividend; or (c) a share issued by a company to a shareholder in the company where the share is issued: (i) as a bonus share; or (ii) in the circumstances mentioned in subsection 6BA(1); or (d) an amount credited by the trustee of a unit trust to a unit holder as a unit holder; or (e) a unit issued by the trustee of a unit trust to which section 130 ‑ 20 of the Income Tax Assessment Act 1997 applies (apart from subsection (4) of that section). eligible security means: (a) a share, bond, debenture, convertible note, right, option or similar financial instrument issued by a public company; or (b) a unit, bond, debenture, convertible note, right, option or similar financial instrument issued by the trustee of: (i) a listed unit trust; or (ii) a unit trust any of the units of which were offered to the public; or (c) a bond, debenture, right, option or similar financial instrument issued by a government or by an authority of a government. government means: (a) the Commonwealth, a State or a Territory; or (b) the government of, or of a part of, a foreign country. listed company means a company any of the shares of which are listed for quotation in the official list of a stock exchange in Australia or elsewhere. listed unit trust means a unit trust any of the units of which are listed for official quotation in the official list of a stock exchange in Australia or elsewhere. option : (a) in relation to a company—means an option to acquire shares in the company; or (b) in relation to a unit trust—means an option to acquire units in the unit trust; or (c) in relation to a government or an authority of a government—means an option to acquire a bond, debenture or similar financial instrument issued by the government or by the authority. public company means: (a) a listed company; or (b) a mutual life assurance company; or (c) a company in which a government or an authority of a government has a controlling interest; or (d) a company that is a 100% subsidiary of a company covered by paragraph (a), (b) or (c). right : (a) in relation to a company—means a right to acquire shares in the company or to acquire an option; or (b) in relation to a unit trust—means a right to acquire units in the unit trust or to acquire an option; or (c) in relation to a government or an authority of a government—means a right to acquire a bond, debenture or similar financial instrument issued by the government or by the authority or to acquire an option. (2) If an eligible security is held by a person as trustee for another person who is absolutely entitled to the eligible security as against the trustee, this section applies as if the eligible security were vested in the other person and any acts of the trustee were the acts of that other person. (3) This section applies where: (a) under a written agreement of the kind known as a securities lending arrangement, being an agreement that was entered into after 9 May 1990: (i) at a particular time (in this section called the original disposal time ), a taxpayer (in this section called the lender ) disposed of an eligible security (in this section called the borrowed security ) to another taxpayer (in this section called the borrower ); and (ii) at a later time (in this section called the re ‑ acquisition time ), being less than 12 months after the original disposal time, the lender: (A) re ‑ acquired the borrowed security (which re ‑ acquired security is in this section called the replacement security ) from the borrower; or (B) acquired an identical security (which acquired security is in this section also called the replacement security ) from the borrower; and (b) both the borrower and the lender were dealing with each other at arm’s length in relation to each of the transactions mentioned in paragraph (a); and (c) if any of the following events occurred during the period (in this section called the borrowing period ) commencing at the original disposal time and ending at the re ‑ acquisition time: (i) the making or payment of a distribution (whether in property or money) in respect of the borrowed security; (ii) the issue, by the company, trustee, government or government authority concerned, of a right or option in respect of the borrowed security; (iii) if the borrowed security is a right or option: (A) the giving of a direction by the lender to the borrower to exercise the right or option; or (B) the giving of a direction by the lender to the borrower to exercise an identical right or option; then (even if the event occurred after the borrowed security was disposed of by the borrower to a third party), the lender receives from the borrower, under the agreement: (iv) if subparagraph (i) applies: (A) the distribution; or (B) if the distribution is in property—identical property; or (C) a payment (in this section called the compensatory payment ) equal to the value to the lender of the distribution; or (v) if subparagraph (ii) applies: (A) the right or option; or (B) an identical right or option; or (C) a payment (in this section also called the compensatory payment ) equal to the value to the lender of the right or option; or (vi) if subparagraph (iii) applies: (A) the shares, units, bonds, debentures or financial instruments that resulted from exercising the right or option; or (B) shares, units, bonds, debentures or financial instruments that are identical to those that resulted from, or that would have resulted from, exercising the right or option; or (C) a payment (in this section also called the compensatory payment ) equal to the value to the lender of the shares, units, bonds, debentures or financial instruments that resulted from, or would have resulted from, exercising the right or option; and (d) if the total consideration payable or to be given by the borrower under the agreement consists of: (i) the transfer of, or the promise to transfer, the replacement security or replacement securities concerned; and (ii) other consideration (in this paragraph called the notifiable consideration ); the agreement contains: (iii) if the notifiable consideration is wholly covered by one of the following categories: (A) a fee; (B) an adjustment for variations in the market value of eligible securities; (C) other consideration; a statement specifying the category concerned and setting out such information as will enable the amount or value of the notifiable consideration to be readily ascertained; or (iv) if the notifiable consideration is covered by 2 or more of the following categories: (A) a fee; (B) an adjustment for variations in the market value of eligible securities; (C) other consideration; a statement dissecting the notifiable consideration into those categories in such a manner as will enable the amount or value of each category to be readily ascertained; and (e) the lender does not dispose of (by transfer, declaration of trust or otherwise) the right to receive any part of the total consideration payable or to be given by the borrower under the agreement. (3A) For the purposes of paragraph (3)(c), if, apart from this subsection, either of the following events occurred after the commencement of the borrowing period: (a) the making or payment of a distribution (whether in property or money) in respect of the borrowed security; (b) the issue, by the company, trustee, government or government authority concerned, of a right or option in respect of the borrowed security; (even if the event occurred after the borrowed security was disposed of by the borrower to a third party), the event is taken to have occurred during the borrowing period if, and only if, (assuming that the borrower had held the borrowed security at all times during the borrowing period) the entitlement to the distribution or issue would have been attributable to the borrower’s holding of the borrowed security at a particular time during the borrowing period. (4) In determining: (a) whether an amount (other than a fee payable under the securities lending arrangement) is included in the assessable income of the lender under a provision of this Act other than Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT); or (b) whether an amount is allowable as a deduction to the lender; in respect of either or both of the transactions covered by paragraph (3)(a), the lender is to be treated as if: (c) neither of those transactions had been entered into; and (d) the lender had held the borrowed security at all times during the borrowing period; and (e) if the replacement security is not the borrowed security—the replacement security were the borrowed security. (4A) If the lender receives a compensatory payment covered by sub ‑ subparagraph (3)(c)(v)(C), then, in determining whether an amount is included in the assessable income of the lender under a provision of this Act other than Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 , the lender is to be treated as if: (a) the lender had held the borrowed security at all relevant times during the borrowing period; and (b) the right or option had been issued directly to the lender in respect of the borrowed security; and (c) the lender had disposed of the right or option immediately after its issue for a consideration equal to the compensatory payment. (4B) If the lender receives a compensatory payment covered by sub ‑ subparagraph (3)(c)(vi)(C), then, in determining whether an amount is included in the assessable income of the lender under a provision of this Act other than Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 , the lender is to be treated as if: (a) the lender had held the right or option at all relevant times during the borrowing period; and (b) the lender had exercised the right or option; and (c) the lender had immediately disposed of the shares, units, bonds, debentures or financial instruments that resulted from exercising the right or option for a consideration equal to the compensatory payment. (5) In determining: (a) whether an amount is included in the assessable income of the borrower under a provision of this Act other than Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 ; or (b) an amount (other than a fee payable under the securities lending arrangement) is allowable as a deduction to the borrower; in respect of either or both of the transactions covered by paragraph (3)(a): (c) if the borrowed security was disposed of by the borrower to a third party: (i) the borrower is to be treated as if the borrower had acquired the borrowed security from the lender for a consideration equal to the market value of the borrowed security at the time of its acquisition; and (ii) the borrower is to be treated as if the borrower had disposed of the replacement security to the lender for a consideration equal to the market value of the borrowed security at the time of its acquisition from the lender; or (d) in any other case—the borrower is to be treated as if neither of the transactions referred to in paragraph (3)(a) had been entered into. (6) Any capital gain or capital loss from the disposal of the borrowed security by the lender is disregarded. (6A) If the lender acquired the borrowed security before 20 September 1985, the lender is taken (for the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 ) to have acquired the replacement security before that day. (6B) If the lender acquired the borrowed security on or after 20 September 1985, the first element of the cost base of the replacement security is the cost base of the borrowed security just before the acquisition of the replacement security. The reduced cost base of the replacement security is worked out similarly. (7) If: (a) the borrowed security was acquired on or after 20 September 1985; and (b) a CGT event (other than one involving a transaction covered by subsection (3)) happens in relation to the replacement security at least 12 months after the lender acquired a paired security in relation to the replacement security (otherwise than under a transaction covered by subsection (3)); section 114 ‑ 10 of the Income Tax Assessment Act 1997 (about the requirement for 12 months ownership) does not apply to the CGT event. (8) For the purposes of subsection (7): (a) if CGT event A1 happens (involving a transaction covered by subsection (3)) by the lender disposing of an eligible security to the borrower, that security is a paired security in relation to the replacement security subsequently acquired or re ‑ acquired by the lender; and (b) a security is a paired security in relation to a second security if the first security is a paired security in relation to a third security that is a paired security in relation to the second security (including a pairing with the second security by another application or other applications of this paragraph). (9) For the purpose of applying Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to the borrower: (a) if the borrower disposes of the borrowed security to a third party: (i) the first element of the cost base and reduced cost base of the borrowed security (in the hands of the borrower) is taken to be its market value when the borrower acquired it; and (ii) when the borrower disposes of a replacement security to the lender, the capital proceeds from that CGT event are taken to be that market value; and (b) if no third party is involved—the transactions referred to in paragraph (3)(a) are ignored. (9A) For the purpose of applying Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to the borrower, the incidental costs to the borrower of the acquisition of an eligible security covered by sub ‑ subparagraph (3)(a)(ii)(B) include a compensatory payment incurred by the borrower (to the extent that the borrower has not deducted and cannot deduct it). (9B) For the purposes of the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to a right or option received by the lender as mentioned in subparagraph (3)(c)(v), the borrower and lender are to be treated as if the eligible security in respect of which the right or option was issued had been held by the lender at the time of the acquisition of the right or option. (9C) For the purposes of the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to a share, unit, bond, debenture or financial instrument received by the lender as mentioned in subparagraph (3)(c)(vi), the borrower and the lender are to be treated as if: (a) the share, unit, bond, debenture or financial instrument had been received as the result of the exercise of the borrowed security; and (b) the borrowed security had been held by the lender at the time of the exercise; and (c) the lender had exercised the borrowed security; and (d) the lender had exercised the borrowed security at the time the direction concerned was given; and (e) the amount of the contribution (if any) made by the lender to the borrower in respect of the carrying out of the direction were an amount paid as consideration by the lender in respect of the exercise. (9D) If a distribution covered by subparagraph (3)(c)(i) consists of one or more shares issued by a company to the borrower or to a third party in the circumstances mentioned in subsection 6BA(1), then, for the purposes of the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to a share (in this subsection called the notional bonus share ) received by the lender in relation to the distribution in the circumstances mentioned in sub ‑ subparagraph (3)(c)(iv)(A) or (B), the borrower and the lender are to be treated as if: (a) the company had issued the notional bonus share to the lender instead of the borrower or the third party, as the case requires; and (b) the notional bonus share had been issued in the circumstances mentioned in subsection 6BA(1); and (c) the notional bonus share had been issued in respect of the borrowed security; and (d) the lender had held the borrowed security at the time the notional bonus share was issued. (9E) If a distribution covered by subparagraph (3)(c)(i) consists of one or more units issued by the trustee of a unit trust to the borrower or to a third party in the circumstances covered by section 130 ‑ 20 of the Income Tax Assessment Act 1997 , then, for the purposes of the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to a unit (in this subsection called the notional bonus unit ) received by the lender in relation to the distribution in the circumstances mentioned in sub ‑ subparagraph (3)(c)(iv)(A) or (B), the borrower and the lender are to be treated as if: (a) the trustee had issued the notional bonus unit to the lender instead of the borrower or the third party, as the case requires; and (b) the notional bonus unit had been issued in the circumstances covered by section 130 ‑ 20 of the Income Tax Assessment Act 1997 ; and (c) the notional bonus unit had been issued in respect of the borrowed security; and (d) the lender had held the borrowed security at the time the notional bonus unit was issued. (9F) If the lender receives a compensatory payment covered by sub ‑ subparagraph (3)(c)(v)(C), then, for the purposes of the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to the lender, the lender is to be treated as if: (a) the lender had held the borrowed security at all relevant times during the borrowing period; and (b) the right or option had been issued directly to the lender in respect of the borrowed security; and (c) the lender had disposed of the right or option immediately after its issue and had received capital proceeds of an amount equal to the compensatory payment. (9G) If the lender receives a compensatory payment covered by sub ‑ subparagraph (3)(c)(vi)(C), then, for the purposes of the application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to the lender, the lender is to be treated as if: (a) the lender had held the right or option at all relevant times during the borrowing period; and (b) the lender had exercised the right or option; and (c) the lender had immediately disposed of the shares, units, bonds, debentures or financial instruments that resulted from exercising the right or option and had received capital proceeds of an amount equal to the compensatory payment. (11A) If: (a) the lender receives from the borrower a distribution or identical property covered by subparagraph (3)(c)(iv); and (b) assuming that the borrowed security had continued to be held by the lender, an amount (in this subsection called the otherwise assessable amount ) would have been included in the lender’s assessable income of a year of income in respect of the distribution concerned; the lender’s assessable income of the year of income includes an amount equal to the otherwise assessable amount. (11B) If: (a) the lender receives from the borrower a compensatory payment covered by sub ‑ subparagraph (3)(c)(iv)(C); and (b) assuming that the borrowed security had continued to be held by the lender, an amount (in this subsection called the otherwise assessable amount ) would have been included in the lender’s assessable income of a year of income in respect of the distribution concerned; the lender’s assessable income of the year of income includes an amount equal to the otherwise assessable amount. (12) Where: (a) a taxpayer has entered into a transaction of a kind referred to in subparagraph (3)(a)(i); and (b) at the time of making an assessment in respect of income of the taxpayer of the year of income in which the transaction occurred, the Commissioner is of the opinion that, at a later time, circumstances will exist because of which this section will apply in connection with that transaction; the Commissioner may apply the provisions of this section as if those circumstances existed at the time of making the assessment. (13) Where: (a) in the making of an assessment, this section has been applied on the basis that a circumstance that did not exist at the time of making the assessment would exist at a later time; and (b) after the making of the assessment, the Commissioner becomes satisfied that the circumstance will not exist; then, in spite of anything in section 170, the Commissioner may amend the assessment at any time for the purpose of ensuring that this section is to be taken always to have applied on the basis that the circumstance did not exist.", "Amendment_Count": 6, "First_Amended": "No 57 of 1990", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 57 of 1990 | No 100 of 1991 | No 82 of 1994 | No 46 of 1998 | No 101 of 2004 | No 8 of 2019", "History_Notes": "Inserted by No 57 of 1990, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 100 of 1991, Sch 2 item 25 | Sch 2 item 52, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 82 of 1994, item 35, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 46 of 1998, Sch 10 item 112 | Sch 10 item 118 | Sch 10 item 130 | Sch 10 item 101 | Sch 10 item 102 | Sch 10 item 103 | Sch 10 item 104 | Sch 10 item 105 | Sch 10 item 106 | Sch 10 item 107 | Sch 10 item 109 | Sch 10 item 111 | Sch 10 item 113 | Sch 10 item 114 | Sch 10 item 115 | Sch 10 item 116 | Sch 10 item 117 | Sch 10 item 119, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 8 of 2019, Sch 8 item 27, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26BC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 26E", "Provision_Key": "s26e", "Heading": "Income from RSAs", "Text": "(1) All benefits provided in respect of, and amounts that are paid from, an RSA (including amounts taken to be paid from an RSA under subsection (2)) are taken to have an Australian source. (2) If the premiums of an insurance policy are paid from an RSA, any amounts paid by the insurer under the policy are taken to be paid by the RSA provider as a benefit of the RSA.", "Amendment_Count": 1, "First_Amended": "No 62 of 1997", "Last_Amended": "No 62 of 1997", "Amending_Acts": "No 62 of 1997", "History_Notes": "Inserted by No 62 of 1997, effective Sch 13: 2 June 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s26E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 27H", "Provision_Key": "s27h", "Heading": "Assessable income to include annuities and superannuation pensions", "Text": "(1) Subject to Division 54 of the Income Tax Assessment Act 1997 , the assessable income of a taxpayer of a year of income shall include: (a) the amount of any annuity derived by the taxpayer during the year of income excluding, in the case of an annuity that has been purchased, any amount that, in accordance with the succeeding provisions of this section, is the deductible amount in relation to the annuity in relation to the year of income; and (b) the amount of any payment made to the taxpayer during the year of income as a supplement to an annuity, whether the payment is made voluntarily, by agreement or by compulsion of law and whether or not the payment is one of a series of recurrent payments. Note: Division 54 of the Income Tax Assessment Act 1997 provides a tax exemption for certain payments under structured settlements and structured orders. (2) Subject to subsections (3) and (3A), the deductible amount in relation to an annuity derived by a taxpayer during a year of income is the amount (if any) ascertained in accordance with the formula , where: A is the relevant share in relation to the annuity in relation to the taxpayer in relation to the year of income. B is the amount of the undeducted purchase price of the annuity. C is: (a) if there is a residual capital value in relation to the annuity and that residual capital value is specified in the agreement by virtue of which the annuity is payable or is capable of being ascertained from the terms of that agreement at the time when the annuity is first derived—that residual capital value; or (b) in any other case—nil; and D is the relevant number in relation to the annuity. (3) Subject to subsection (3A), where the Commissioner is of the opinion that the deductible amount ascertained in accordance with subsection (2) is inappropriate having regard to: (a) the terms and conditions applying to the annuity; and (b) such other matters as the Commissioner considers relevant; the deductible amount in relation to the annuity derived by the taxpayer during the year of income is so much of the annuity as, in the opinion of the Commissioner, represents the undeducted purchase price having regard to: (c) the terms and conditions applying to the annuity; (d) any certificate or certificates of an actuary or actuaries stating the extent to which, in the opinion of the actuary or actuaries, the amount of the annuity derived by the taxpayer during the year of income represents the undeducted purchase price; and (e) such other matters as the Commissioner considers relevant. (3A) For the purposes of this section, where the annuity derived by a taxpayer during a year of income is part of an annuity of which a part has been commuted in the year of income or a preceding year of income, the deductible amount ascertained under subsection (2) or (3) shall be reduced by such amount as, in the opinion of the Commissioner, is appropriate having regard to: (c) any deductible amount ascertained under this section in relation to the annuity in relation to a preceding year of income; and (d) such other matters as the Commissioner considers relevant. (4) In this section: actuary means a Fellow or Accredited Member of the Institute of Actuaries of Australia. agreement means any agreement, arrangement or understanding whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. annuity means an annuity, a pension paid from a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997 ) or a pension paid from a scheme mentioned in paragraph 290 ‑ 5(c) of that Act, but does not include: (a) an annuity that is a qualifying security for the purposes of Division 16E; or (b) a superannuation income stream (within the meaning of the Income Tax Assessment Act 1997 ). life expectation factor , in relation to a person in relation to an annuity, means the number of years in the complete expectation of life of the person as ascertained by reference to the prescribed Life Tables at the time at the beginning of the period to which the first payment of the annuity relates. purchase price means: (a) in relation to a pension—the sum of: (i) contributions made by any person to a foreign superannuation fund to obtain the pension; and (ii) so much as the Commissioner considers reasonable of contributions made by any person to a foreign superannuation fund to obtain superannuation benefits including the pension; and (b) in relation to an annuity other than a pension—the sum of: (i) payments made solely to purchase the annuity; and (ii) so much as the Commissioner considers reasonable of payments made to purchase the annuity and to obtain other benefits. relevant number , in relation to an annuity in relation to a year of income, means: (a) where the annuity is payable for a term of years certain—the number of years in the term; (b) where the annuity is payable during the lifetime of a person and not thereafter—the life expectation factor of the person; and (c) in any other case—the number that the Commissioner considers appropriate having regard to the number of years in the total period during which the annuity will be, or may reasonably be expected to be, payable. relevant share , in relation to an annuity derived by a taxpayer during a year of income, means: (a) in a case where the annuity derived by the taxpayer is a share of an annuity (which annuity is in this paragraph referred to as the total annuity ) payable to the taxpayer and another person or other persons—the fraction ascertained by dividing the number of whole dollars in the amount of the annuity derived by the taxpayer during the year of income by the number of whole dollars in the amount of the total annuity derived during the year of income by the taxpayer and the other person or persons; or (b) in any other case—the number 1. residual capital value , in relation to an annuity, means the capital amount payable on the termination of the annuity. undeducted purchase price , in relation to an annuity, has the meaning given by section 27A immediately before the commencement of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 . (5) In the definition of purchase price in subsection (4): (a) a reference to contributions made by any person to a foreign superannuation fund to obtain a pension does not include a reference to contributions made to a foreign superannuation fund by an employer, or by another person under an agreement to which the employer is a party, for the purpose of providing superannuation benefits for, or for dependants of, an employee of the employer; and (b) a reference to payments made to purchase, or solely to purchase, an annuity (other than a pension) does not include a reference to payments made by an employer, or by another person under an agreement to which the employer is a party, to purchase, or solely to purchase, the annuity for, or for dependants of, an employee of the employer. (6) For the purposes of subsection (5), in determining whether a person is an employer of another person, treat the holding of an office by the other person as employment of that person.", "Amendment_Count": 10, "First_Amended": "No 47 of 1984", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 47 of 1984 | No 129 of 1985 | No 138 of 1987 | No 105 of 1989 | No 35 of 1990 | No 208 of 1992 | No 181 of 1994 | No 169 of 1995 | No 139 of 2002 | No 15 of 2007", "History_Notes": "Inserted by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 129 of 1985, effective 18 Nov 1985 (s 2) | Amended by No 138 of 1987, Sch 2 item 13 | Sch 2 item 49, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 105 of 1989, item 8 | item 1987 | item 52, effective s 4, 5(a)–(n), (p) and 6–66: 30 June 1989 (s 2(1)) s 5(o): 18 Dec 1987 (s 2(2)) | Amended by No 35 of 1990, item 39 | item 7 | item 38, effective s 4–41: 7 June 1990 (s 2) | Amended by No 208 of 1992, item 19 | item 32, effective s 4–6, 19–33 and 47–61: 1 July 1994 (s 2(2)(a)) s 7–18 and 34–46: 22 Dec 1992 (s 2(1)) | Amended by No 181 of 1994, Sch 3 item 87 | Sch 3 item 88 | Sch 3 item 89, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 169 of 1995, Sch 3 item 32, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 139 of 2002, Sch 1 item 3 | Sch 1 item 4, effective s 4 and Sch 1 (items 3–5): 19 Dec 2002 (s 2) | Amended by No 15 of 2007, Sch 1 item 20 | Sch 1 item 60 | Sch 1 item 61 | Sch 1 item 63 | Sch 1 item 64 | Sch 1 item 65 | Sch 1 item 66 | Sch 1 item 67 | Sch 1 item 68 | Sch 1 item 248, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s27H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 43A", "Provision_Key": "s43a", "Heading": "Subdivision has effect subject to provisions of Division 216 of the Income Tax Assessment Act 1997", "Text": "This Subdivision has effect subject to the provisions of Division 216 of the Income Tax Assessment Act 1997 (which describes cum dividend sales in which a distribution to a member of a corporate tax entity is treated as having been made to someone else).", "Amendment_Count": 2, "First_Amended": "No 100 of 1991", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 100 of 1991 | No 23 of 2005", "History_Notes": "Inserted by No 100 of 1991, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Repealed and substituted by No 23 of 2005, Sch 3 item 25, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s43A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 43B", "Provision_Key": "s43b", "Heading": "Application of Subdivision to non ‑ share dividends", "Text": "(1) This Subdivision: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend. (2) Subsection (1) does not apply to section 47A. (3) Paragraph (1)(c) does not apply to subsection 44(1). (4) Subsection (1) has effect subject to the special provision that is made for non ‑ share dividends in subsection 44(1).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s43B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 44", "Provision_Key": "s44", "Heading": "Dividends", "Text": "(1) The assessable income of a shareholder in a company (whether the company is a resident or a non ‑ resident) includes: (a) if the shareholder is a resident: (i) dividends (other than non ‑ share dividends) that are paid to the shareholder by the company out of profits derived by it from any source; and (ii) all non ‑ share dividends paid to the shareholder by the company; and (b) if the shareholder is a non ‑ resident: (i) dividends (other than non ‑ share dividends) paid to the shareholder by the company to the extent to which they are paid out of profits derived by it from sources in Australia; and (ii) non ‑ share dividends paid to the shareholder by the company to the extent to which they are derived from sources in Australia; and (c) if the shareholder is a non ‑ resident carrying on business in Australia at or through a permanent establishment of the shareholder in Australia, and the company is a resident: (i) dividends (other than non ‑ share dividends) that are paid to the shareholder by the company and are attributable to the permanent establishment, to the extent to which they are paid out of profits derived by the company from sources outside Australia; and (ii) non ‑ share dividends that are paid to the shareholder by the company and are attributable to the permanent establishment, to the extent to which they are derived from sources outside Australia. This subsection does not apply to a dividend (or non ‑ share dividend) to the extent to which another provision of this Act that expressly deals with dividends includes some or all of the dividend (or non ‑ share dividend) in, or excludes some or all of the dividend (or non ‑ share dividend) from, the shareholder’s assessable income. Note 1: Some other provisions that expressly deal with dividends are sections 23AI, 23AK and 128D of this Act and section 768 ‑ 5 of the Income Tax Assessment Act 1997 . Note 2: An amount declared to be conduit foreign income is not included in assessable income under paragraph (1)(b) or (c): see section 802 ‑ 15 of the Income Tax Assessment Act 1997 . (1A) For the purposes of this Act, a dividend paid out of an amount other than profits is taken to be a dividend paid out of profits. (1B) Where: (a) the amount of the moneys or of the value of other property of which a dividend paid by a company consists is debited against an amount standing to the credit of a share capital account of the company; or (b) a dividend paid by a company is a repayment by the company of an amount paid ‑ up on a share; the dividend shall, for the purposes of this section, be deemed to have been paid by the company out of profits derived by it. (2) Subsections (3) and (4) apply to a demerger dividend unless the head entity elects in writing, within one month after it decides which of its shareholders will receive ownership interests in the demerged entity under the demerger, that those subsections do not apply to the total demerger dividend for all shareholders. (3) This section applies to the demerger dividend as if it had not been paid out of profits. (4) A demerger dividend is not assessable income or exempt income. (5) However, subsections (3) and (4) do not apply to a demerger dividend unless, just after the demerger, CGT assets owned by the demerged entity or a demerger subsidiary representing at least 50% by market value of all the CGT assets (or a reasonable approximation of market value) owned by the demerged entity and its demerger subsidiaries are used, directly or indirectly, in one or more businesses carried on by one or more of those entities. (6) In applying subsection (5), disregard any assets that are ownership interests in a demerger subsidiary unless they are used in a business referred to in that subsection. (7) In this section: permanent establishment of a person: (a) has the same meaning as in a double tax agreement (as defined in Part X) that relates to a foreign country and affects the person; or (b) has the meaning given by subsection 6(1), if there is no such agreement.", "Amendment_Count": 35, "First_Amended": "No 46 of 1938", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 46 of 1938 | No 17 of 1940 | No 58 of 1941 | No 50 of 1942 | No 11 of 1947 | No 44 of 1951 | No 45 of 1953 | No 43 of 1954 | No 62 of 1955 | No 85 of 1959 | No 18 of 1960 | No 34 of 1963 | No 69 of 1963 | No 46 of 1964 | No 103 of 1965 | No 85 of 1967 | No 93 of 1969 | No 87 of 1970 | No 51 of 1973 | No 164 of 1973 | No 165 of 1973 | No 80 of 1975 | No 50 of 1976 | No 57 of 1980 | No 108 of 1981 | No 46 of 1986 | No 51 of 1986 | No 62 of 1987 | No 63 of 1998 | No 163 of 2001 | No 90 of 2002 | No 64 of 2005 | No 147 of 2005 | No 66 of 2010 | No 110 of 2014", "History_Notes": "Amended by No 46 of 1938, effective 28 Dec 1938 | Amended by No 17 of 1940, effective 24 June 1940 | Amended by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Amended by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 11 of 1947, effective 3 June 1947 (s 2) | Amended by No 44 of 1951, effective 7 Dec 1951 (s 2) | Amended by No 45 of 1953, effective 26 Oct 1953 (s 2) | Amended by No 43 of 1954, effective 6 Nov 1954 (s 2) | Amended by No 62 of 1955, effective s 3–12: 4 Nov 1955 (s 2) | Amended by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 34 of 1963, effective s 4: 13 July 1962 (s 2(2)) s 5: 1 July 1962 (s 2(3)) s 8: 1 Jan 1963 (s 2(4)) Remainder: 31 May 1963 (s 2(1)) | Amended by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 46 of 1964, effective 28 May 1964 (s 2) | Amended by No 103 of 1965, item 13 | item 14 | item 44, effective 14 Dec 1965 (s 2) | Amended by No 85 of 1967, item 8, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 93 of 1969, item 4, effective s 3–19: 27 Sept 1969 (s 2) | Amended by No 87 of 1970, item 4, effective 27 Oct 1970 (s 2) | Amended by No 51 of 1973, item 4 | item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 165 of 1973, item 8, effective s 3–36: 11 Dec 1973 (s 2) | Amended by No 80 of 1975, item 15 | item 16 | item 32, effective 20 June 1975 (s 2) | Amended by No 50 of 1976, item 6, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 57 of 1980, item 5, effective 23 May 1980 (s 2) | Amended by No 108 of 1981, item 27 | item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 46 of 1986, item 5, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 51 of 1986, item 10, effective s 3–35: 22 July 1986 | Amended by No 62 of 1987, Sch 4 item 9 | Sch 4 item 25 | Sch 4 item 35 | Sch 4 item 1987, effective s 9–38 and Sch 4: 5 June 1987 (s 2(1), (3), (4)) | Amended by No 63 of 1998, Sch 7 item 1 | Sch 7 item 4 | Sch 7 item 8 | Sch 7 item 9, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 163 of 2001, Sch 1 item 43B | Sch 1 item 57 | Sch 1 item 75 | Sch 1 item 78, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 90 of 2002, Sch 16 item 125 | Sch 16 item 4 | Sch 16 item 10, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 64 of 2005, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 6, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 147 of 2005, Sch 2 item 2 | Sch 2 item 3, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 66 of 2010, Sch 1 item 56 | Sch 1 item 57, effective Sch 1 (items 56, 57): 28 June 2010 (s 2(1) item 5) | Amended by No 110 of 2014, Sch 2 item 7, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s44"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 45", "Provision_Key": "s45", "Heading": "Streaming of bonus shares and unfranked dividends", "Text": "Application of section (1) This section applies in respect of a company that, whether in the same year of income or in different years of income, streams the provision of shares (other than shares to which subsection 6BA(5) applies) and the payment of minimally franked dividends to its shareholders in such a way that: (a) the shares are received by some shareholders but not all shareholders; and (b) some or all of the shareholders who do not receive the shares receive or will receive minimally franked dividends. (2) The value of the share at the time that the shareholder is provided with the share is taken, for the purposes of this Act, to be a dividend that is unfrankable (within the meaning of subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ) and that is paid by the company, out of profits of the company, to the shareholder at that time. (3) A dividend is minimally franked if it is not franked, or is franked to less than 10%, in accordance with section 202 ‑ 5 or 208 ‑ 60 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 15, "First_Amended": "No 58 of 1941", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 58 of 1941 | No 11 of 1947 | No 44 of 1948 | No 44 of 1951 | No 81 of 1953 | No 18 of 1960 | No 85 of 1967 | No 4 of 1968 | No 51 of 1973 | No 164 of 1973 | No 80 of 1975 | No 108 of 1981 | No 51 of 1986 | No 63 of 1998 | No 101 of 2006", "History_Notes": "Repealed by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Inserted by No 11 of 1947, effective 3 June 1947 (s 2) | Amended by No 44 of 1948, effective 22 Dec 1948 | Amended by No 44 of 1951, effective 7 Dec 1951 (s 2) | Amended by No 81 of 1953, effective s 3–9: 11 Dec 1953 (s 2) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 85 of 1967, item 9, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 4 of 1968, item 6, effective 8 May 1968 (s 2(1)) | Amended by No 51 of 1973, item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 80 of 1975, item 17 | item 44, effective 20 June 1975 (s 2) | Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Repealed by No 51 of 1986, item 11 | item 10 | item 29 | item 30 | item 31, effective s 3–35: 22 July 1986 | Inserted by No 63 of 1998, Sch 7 item 1 | Sch 7 item 3 | Sch 7 item 5 | Sch 7 item 8 | Sch 7 item 12, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 101 of 2006, Sch 1 item 58 | Sch 1 item 295 | Sch 1 item 296 | Sch 2 item 178 | Sch 2 item 205 | Sch 2 item 206 | Sch 2 item 207 | Sch 2 item 961 | Sch 2 item 962 | Sch 2 item 963 | Sch 2 item 964 | Sch 2 item 965 | Sch 3 item 4, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 45A", "Provision_Key": "s45a", "Heading": "Streaming of dividends and capital benefits", "Text": "Application of section (1) This section applies in respect of a company that, whether in the same year of income or in different years of income, streams the provision of capital benefits and the payment of dividends to its shareholders in such a way that: (a) the capital benefits are, or apart from this section would be, received by shareholders (the advantaged shareholders ) who would, in the year of income in which the capital benefits are provided, derive a greater benefit from the capital benefits than other shareholders; and (b) it is reasonable to assume that the other shareholders (the disadvantaged shareholders ) have received, or will receive, dividends. However, it does not apply if section 45 applies in relation to the streaming or in the circumstances set out in subsection (5). Commissioner to determine that section 45C applies (2) The Commissioner may make, in writing, a determination that section 45C applies in relation to the whole, or a part, of the capital benefits. A determination does not form part of an assessment. Note: Subsection (6) limits the determination to a part of the capital benefit in certain cases. Meaning of provision of capital benefit (3) A reference to the provision of a capital benefit to a shareholder in a company is a reference to any of the following: (a) the provision to the shareholder of shares in the company; (b) the distribution to the shareholder of share capital or share premium; (c) something that is done in relation to a share that has the effect of increasing the value of a share (which may or may not be the same share) held by the shareholder. (3A) For the purposes of this section, a non ‑ share distribution to an equity holder is taken to be the distribution to the equity holder of share capital to the extent to which it is a non ‑ share capital return. Meaning of greater benefit from capital benefits (4) The circumstances in which a shareholder would, in a year of income, derive a greater benefit from capital benefits than another shareholder include, but are not limited to, any of the following circumstances existing in relation to the first shareholder and not in relation to the other shareholder: (a) some or all of the shares in the company held by the shareholder were acquired, or are taken to have been acquired, before 20 September 1985; (b) the shareholder is a non ‑ resident; (c) the cost base (for the purposes of Part IIIA) of the relevant share is not substantially less than the value of the applicable capital benefit; (d) the shareholder has a net capital loss for the year of income in which this capital benefit is provided; (e) the shareholder is a private company who would not have been entitled to a rebate under former section 46F if the shareholder had received the dividend that was paid to the disadvantaged shareholder; (f) the shareholder has income tax losses. Certain capital benefits not covered (5) This section does not apply where the capital benefit provided to the advantaged shareholders is the provision of shares and it is reasonable to assume that the disadvantaged shareholders have received, or will receive, fully franked dividends. Determination limited in certain cases (6) If the capital benefit provided to the advantaged shareholders is the provision of shares and it is reasonable to assume that the disadvantaged shareholders have received, or will receive, partly franked dividends, the Commissioner may only make a determination under subsection (2) in relation to so much of the capital benefit as the Commissioner considers relates to the unfranked part of the dividend.", "Amendment_Count": 4, "First_Amended": "No 63 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 63 of 1998 | No 58 of 2000 | No 163 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 63 of 1998, Sch 7 item 1, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 58 of 2000, Sch 8 item 4, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 163 of 2001, Sch 1 item 58, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 101 of 2006, Sch 2 item 208, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s45A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 45B", "Provision_Key": "s45b", "Heading": "Schemes to provide certain benefits", "Text": "Purpose of section (1) The purpose of this section is to ensure that relevant amounts are treated as dividends for taxation purposes if: (a) components of a demerger allocation as between capital and profit do not reflect the circumstances of a demerger; or (b) certain payments, allocations and distributions are made in substitution for dividends. Application of section (2) This section applies if: (a) there is a scheme under which a person is provided with a demerger benefit or a capital benefit by a company; and (b) under the scheme, a taxpayer (the relevant taxpayer ), who may or may not be the person provided with the demerger benefit or the capital benefit, obtains a tax benefit; and (c) having regard to the relevant circumstances of the scheme, it would be concluded that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a purpose (whether or not the dominant purpose but not including an incidental purpose) of enabling a taxpayer (the relevant taxpayer ) to obtain a tax benefit. Commissioner to determine that section 45BA or 45C applies (3) The Commissioner may make, in writing, a determination that: (a) section 45BA applies in relation to the whole, or a part, of the demerger benefit; or (b) section 45C applies in relation to the whole, or a part, of the capital benefit. A determination does not form part of an assessment. Note: If section 45BA applies in relation to the whole, or a part, of a demerger benefit, this benefit may be a capital benefit. Meaning of provided with a demerger benefit (4) A person is provided with a demerger benefit if in relation to a demerger: (a) a company provides the person with ownership interests in that or another company; or (b) something is done in relation to an ownership interest owned by the person that has the effect of increasing the value of an ownership interest (which may or may not be the same ownership interest) owned by the person. Meaning of provided with a capital benefit (5) A reference to a person being provided with a capital benefit is a reference to any of the following: (a) the provision of ownership interests in a company to the person; (b) the distribution to the person of share capital or share premium; (c) something that is done in relation to an ownership interest that has the effect of increasing the value of an ownership interest (which may or may not be the same interest) that is held by the person. (6) However, a person is not provided with a capital benefit to the extent that the provision of interests, the distribution or the thing done referred to in subsection (5) involves the person receiving a demerger dividend. (7) For the purposes of this section, a non ‑ share distribution to an equity holder is taken to be the distribution to the equity holder of share capital to the extent to which it is a non ‑ share capital return. Meaning of relevant circumstances of scheme (8) The relevant circumstances of a scheme include the following: (a) the extent to which the demerger benefit or capital benefit is attributable to capital or the extent to which the demerger benefit or capital benefit is attributable to profits (realised and unrealised) of the company or of an associate (within the meaning in section 318) of the company; (b) the pattern of distributions of dividends, bonus shares and returns of capital or share premium by the company or by an associate (within the meaning in section 318) of the company; (c) whether the relevant taxpayer has capital losses that, apart from the scheme, would be unutilised (within the meaning of the Income Tax Assessment Act 1997 ) at the end of the relevant year of income; (d) whether some or all of the ownership interests in the company or in an associate (within the meaning in section 318) of the company held by the relevant taxpayer were acquired, or are taken to have been acquired, by the relevant taxpayer before 20 September 1985; (e) whether the relevant taxpayer is a non ‑ resident; (f) whether the cost base (for the purposes of the Income Tax Assessment Act 1997 ) of the relevant ownership interest is not substantially less than the value of the applicable demerger benefit or capital benefit; (h) if the scheme involves the distribution of share capital or share premium—whether the interest held by the relevant taxpayer after the distribution is the same as the interest would have been if an equivalent dividend had been paid instead of the distribution of share capital or share premium; (i) if the scheme involves the provision of ownership interests and the later disposal of those interests, or an increase in the value of ownership interests and the later disposal of those interests: (i) the period for which the ownership interests are held by the holder of the interests; and (ii) when the arrangement for the disposal of the ownership interests was entered into; (j) for a demerger only: (i) whether the profits of the demerging entity and demerged entity are attributable to transactions between the entity and an associate (within the meaning in section 318) of the entity; and (ii) whether the assets of the demerging entity and demerged entity were acquired under transactions between the entity and an associate (within the meaning in section 318) of the entity; (k) any of the matters referred to in subsection 177D(2). Meaning of obtaining a tax benefit (9) A relevant taxpayer obtains a tax benefit if an amount of tax payable, or any other amount payable under this Act, by the relevant taxpayer would, apart from this section, be less than the amount that would have been payable, or would be payable at a later time than it would have been payable, if the demerger benefit had been an assessable dividend or the capital benefit had been an assessable dividend. (10) In this section: scheme has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 8, "First_Amended": "No 63 of 1998", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 63 of 1998 | No 58 of 2000 | No 163 of 2001 | No 90 of 2002 | No 101 of 2006 | No 56 of 2010 | No 88 of 2013 | No 101 of 2013", "History_Notes": "Inserted by No 63 of 1998, Sch 7 item 1 | Sch 7 item 2, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 58 of 2000, Sch 8 item 5 | Sch 8 item 6 | Sch 8 item 7, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 163 of 2001, Sch 1 item 59, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Repealed and substituted by No 90 of 2002, Sch 16 item 11 | Sch 16 item 45B | Sch 16 item 16 | Sch 16 item 18 | Sch 16 item 20 | Sch 16 item 54, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 101 of 2006, Sch 1 item 59, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 56 of 2010, Sch 6 item 124 | Sch 6 item 125 | Sch 6 item 126, effective s 4, Sch 3 (items 1, 10(1)) and Sch 6 (items 17, 18, 55, 114, 118–126): 3 June 2010 (s 2(1) items 1, 7, 15, 23) Sch 1 (item 7): 1 July 2010 (s 2(1) item 3) Sch 2 (items 1, 4): 4 June 2010 (s 2(1) item 6) Sch 6 (item 108): 1 July 2006 (s 2(1) item 19) | Amended by No 88 of 2013, Sch 6 item 1 | Sch 6 item 2, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 101 of 2013, Sch 1 item 1, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s45B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 45BA", "Provision_Key": "s45ba", "Heading": "Effect of determinations under section 45B for demerger benefits", "Text": "(1) If the Commissioner makes a determination under subsection 45B(3), the amount of the demerger benefit, or the part of the benefit, is taken not to be a demerger dividend for the purposes of this Act for the owner of the ownership interest or the relevant taxpayer at the time when the owner or relevant taxpayer is provided with the demerger benefit. (2) The amount of the demerger benefit is: (a) if the benefit is the provision of an ownership interest—the market value of the interest at the time that it is provided; or (b) if the benefit is an increase in the value of an ownership interest—the increase in the market value of the interest as a result of the change; or (c) if the benefit is a distribution to the shareholder of share capital or share premium—the amount debited to the share capital account or share premium account of the company in connection with the provision of the benefit.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, Sch 16 item 45B, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s45BA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 45C", "Provision_Key": "s45c", "Heading": "Effect of determinations under sections 45A and 45B for capital benefits", "Text": "(1) If the Commissioner makes a determination under subsection 45A(2) or 45B(3), the amount of the capital benefit, or the part of the benefit, is taken, for the purposes of this Act, to be an unfranked dividend that is paid by the company to the shareholder or relevant taxpayer at the time that the shareholder or relevant taxpayer is provided with the capital benefit. (2) The dividend is taken to have been paid out of profits of the company. (3) If the Commissioner has made a determination under section 45B in respect of the whole or a part of a capital benefit and the Commissioner makes a further written determination that the capital benefit, or the part of the capital benefit, was paid under a scheme for which a purpose, other than an incidental purpose, was to avoid franking debits arising in relation to the distribution from the company: (a) on the day on which notice of the determination is served in writing on the company, a franking debit of the company arises in respect of the capital benefit; and (b) the amount of the franking debit is the amount that, if the company had: (i) paid a dividend of an amount equal to the amount of the capital benefit, or the part of the capital benefit, at the time when it was provided; and (ii) fully franked the dividend; would have been the amount of the franking credit of the company that would have arisen as a result of the dividend. (4) The amount of the capital benefit is: (a) if the benefit is the provision of an ownership interest—the market value of the interest at the time that it is provided; or (b) if the benefit is an increase in the market value of an ownership interest—the increase in the market value of the interest as a result of the change; or (c) if the benefit is a distribution to the shareholder of share capital or share premium—the amount debited to the share capital account or share premium account of the company in connection with the provision of the benefit. (4A) For the purposes of this section: (a) a non ‑ share distribution to an equity holder is taken to be the distribution to the equity holder of share capital to the extent to which it is a non ‑ share capital return; and (b) the debit to the company’s non ‑ share capital account, in respect of the non ‑ share distribution, is taken to be a debit to the company’s share capital account.", "Amendment_Count": 7, "First_Amended": "No 63 of 1998", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 63 of 1998 | No 58 of 2000 | No 163 of 2001 | No 90 of 2002 | No 101 of 2006 | No 41 of 2011 | No 12 of 2012", "History_Notes": "Inserted by No 63 of 1998, Sch 7 item 1 | Sch 7 item 2, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 58 of 2000, Sch 8 item 1 | Sch 8 item 8 | Sch 8 item 9, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 163 of 2001, Sch 1 item 60, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 90 of 2002, Sch 16 item 45B | Sch 16 item 12 | Sch 16 item 13, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 101 of 2006, Sch 2 item 209 | Sch 2 item 210 | Sch 2 item 211 | Sch 3 item 5, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 68 | Sch 5 item 69, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 12 of 2012, Sch 6 item 254 | Sch 6 item 255, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s45C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 45D", "Provision_Key": "s45d", "Heading": "Determinations under sections 45A, 45B and 45C", "Text": "Notice by Commissioner of determination (1) If the Commissioner makes a determination under section 45A, 45B or 45C, the Commissioner must give a copy of the determination to the company concerned (which, in the case of a demerger benefit referred to in section 45B, is the head entity of the demerger group). Notice by company of determination (1A) That company must, in the case of a determination under section 45A or 45B, give a copy of the notice to: (a) the advantaged shareholder referred to in section 45A; or (b) the relevant taxpayer referred to in section 45B. Publication of determination in relation to listed public company (2) If the Commissioner makes a determination under section 45A, in respect of a dividend paid by a listed public company, the Commissioner is taken to have served notice in writing of the determination on the advantaged shareholder if the Commissioner causes the notice to be published in a manner that results in the notice being accessible to the public and reasonably prominent. The notice is taken to have been served on the day on which the publication takes place. Evidence of determination (3) The production of: (a) a notice of a determination; or (b) a document signed by the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of a determination; is conclusive evidence of: (c) the due making of the determination; and (d) except in proceedings under Part IVC of the Taxation Administration Act 1953 on an appeal or review relating to the determination, that the determination is correct. Objections (4) If a taxpayer to whom a determination relates is dissatisfied with the determination, the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 7, "First_Amended": "No 63 of 1998", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 63 of 1998 | No 58 of 2000 | No 90 of 2002 | No 41 of 2011 | No 81 of 2016 | No 69 of 2023 | No 101 of 2023", "History_Notes": "Inserted by No 63 of 1998, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 58 of 2000, Sch 8 item 10 | Sch 8 item 11, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 90 of 2002, Sch 16 item 16, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 41 of 2011, Sch 5 item 71 | Sch 5 item 72, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 81 of 2016, Sch 10 item 66, effective Sch 10 (items 66–71, 93): 1 Jan 2017 (s 2(1) item 6) | Amended by No 69 of 2023, Sch 1 item 105 | Sch 1 item 106, effective Sch 1 (items 105–108): 1 Jan 2024 (s 2(1) item 3) | Amended by No 101 of 2023, Sch 4 item 12, effective Sch 4 (items 1–5, 9–12): 1 Jan 2024 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s45D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 46FA", "Provision_Key": "s46fa", "Heading": "Deduction for dividends on ‑ paid to non ‑ resident owner", "Text": "Allowable deduction (1) An amount is allowable as a deduction from the assessable income of a company (the resident company ) if: (a) the resident company is paid a dividend (the original dividend ) that: (i) is paid by a company that is a resident; and (ii) is a non ‑ portfolio dividend; and (iii) is not a fully ‑ franked dividend; and (b) the resident company is not a group company in relation to the company that paid the original dividend in relation to the year of income in which the dividend is paid; and (ba) neither the resident company, nor the company that pays the dividend, is a prescribed dual resident; and (c) ignoring the amendments made by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 , but for subsection 46AB(1) or 46AC(2) or subparagraph 46F(2)(a)(i) of this Act as in force just before the commencement of those amendments, the resident company would have been entitled to a rebate under section 46 of this Act as so in force in respect of the unfranked amount of the original dividend; and (d) the resident company pays a dividend (the flow ‑ on dividend ) to a company that is not a resident (the non ‑ resident company ); and (e) the flow ‑ on dividend is not a fully ‑ franked dividend; and (f) the resident company declares that the unfranked amount of the flow ‑ on dividend is an on ‑ payment of the unfranked amount of the original dividend to the extent of a specified percentage (not exceeding 100%); and (g) when the original dividend is paid, when the declaration is made and when the flow ‑ on dividend is paid, the resident company is: (i) a resident; and (ii) wholly owned by the non ‑ resident company. The deduction is from assessable income of the year of income in which the flow ‑ on dividend is paid. The amount of the deduction is equal to the flow ‑ on amount worked out using subsection (2). (2) The flow ‑ on amount is: Flow ‑ on declarations (3) The declaration under paragraph (1)(f) (the flow ‑ on declaration ) must be made: (a) in writing; and (b) before the flow ‑ on dividend is paid. The declaration cannot be revoked or varied. (4) The flow ‑ on declaration is effective only to the extent to which the flow ‑ on amount does not exceed the surplus in the resident company’s unfranked non ‑ portfolio dividend account immediately before the declaration is made. Note: See section 46FB for the unfranked non ‑ portfolio dividend account. Unfranked amount of flow ‑ on dividend unfrankable (5) Part 3 ‑ 6 of the Income Tax Assessment Act 1997 (the imputation system) applies to the unfranked amount of the flow ‑ on dividend as if it were an unfrankable distribution within the meaning of section 202 ‑ 45 of that Act if a deduction is allowed to the resident company in relation to the flow ‑ on dividend. Wholly owned by non ‑ resident company (6) The resident company is wholly owned by the non ‑ resident company if all the shares in the resident company are held by and beneficially owned by the non ‑ resident company. (7) However, the company is not wholly owned by the non ‑ resident company if a person is in a position to affect rights, in relation to the resident company, of the non ‑ resident company. (8) The resident company is also not wholly owned by the non ‑ resident company if at some future time a person will be in a position to affect rights as described in subsection (7). A person in a position to affect rights (9) A person is in a position to affect rights of a company in relation to another company if the person has a right, power or option: (a) to acquire those rights from one or other of those companies; or (b) to do something that would prevent one or other of those companies from exercising its rights for its own benefit, or from receiving any benefit arising from having those rights. (10) It does not matter whether the person has the right, power or option because of the constitution of one or other of those companies, any agreement or otherwise. Definitions (11) In this section: fully ‑ franked dividend means a dividend whose franking percentage (within the meaning of section 203 ‑ 35 of the Income Tax Assessment Act 1997 ) is 100%. group company has the same meaning as in former section 160AFE as in force immediately before 1 July 2002. non ‑ portfolio dividend has the same meaning as in section 317. non ‑ resident company means a company that is not a resident. unfranked amount of a dividend (including an unfrankable distribution within the meaning of section 202 ‑ 45 of the Income Tax Assessment Act 1997 ) means the amount of the dividend less the franked part.", "Amendment_Count": 5, "First_Amended": "No 79 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 79 of 2000 | No 57 of 2002 | No 95 of 2004 | No 101 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 79 of 2000, Sch 1 item 2, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 1, 2, 4), Sch 2 (items 6A–6J, 7), Sch 3, Sch 4 (items 1–5) and Sch 6 (items 12–15): 1 July 2000 (s 2(2)) Sch 4 (items 6–10): 1 July 2001 (s 2(3)) Sch 5: 10 Dec 1999 (s 2(4)) | Amended by No 57 of 2002, Sch 3 item 3, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 101 of 2006, Sch 2 item 213, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 33, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s46FA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 46FB", "Provision_Key": "s46fb", "Heading": "Unfranked non ‑ portfolio dividend account", "Text": "Company may establish account (1) A company may establish an unfranked non ‑ portfolio dividend account. Account surplus (2) An unfranked non ‑ portfolio dividend account surplus exists for a company at a particular time if the company’s total unfranked non ‑ portfolio dividend credits arising before that time exceed its total unfranked non ‑ portfolio dividend debits arising before that time. (3) The amount of the surplus is equal to the amount of the excess. Credits (4) An unfranked non ‑ portfolio dividend credit arises for a company if: (a) the company is paid an unfranked non ‑ portfolio dividend; and (b) the company is not a group company in relation to the company that paid the dividend in relation to the year of income in which the dividend is paid; and (c) ignoring the amendments made by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 , but for subsection 46AB(1) or 46AC(2) or subparagraph 46F(2)(a)(i) of this Act as in force just before the commencement of those amendments, the company would have been entitled to a rebate under section 46 of this Act as so in force in respect of the unfranked amount of the dividend. The amount of the credit is the unfranked amount of the dividend. The credit arises when the dividend is paid to the company. Debits (5) An unfranked non ‑ portfolio dividend debit arises for a company if the company makes a declaration under paragraph 46FA(1)(f) in relation to a dividend paid on a particular day. The amount of the debit is the flow ‑ on amount under subsection 46FA(2). The debit arises when the declaration is made. Definitions (6) In this section: group company has the same meaning as in former section 160AFE as in force immediately before 1 July 2002. non ‑ portfolio dividend has the same meaning as in section 317. unfranked amount of a dividend (including an unfrankable distribution within the meaning of section 202 ‑ 45 of the Income Tax Assessment Act 1997 ) means the amount of the dividend less the franked part.", "Amendment_Count": 5, "First_Amended": "No 79 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 79 of 2000 | No 95 of 2004 | No 23 of 2005 | No 101 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 79 of 2000, Sch 1 item 2, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 1, 2, 4), Sch 2 (items 6A–6J, 7), Sch 3, Sch 4 (items 1–5) and Sch 6 (items 12–15): 1 July 2000 (s 2(2)) Sch 4 (items 6–10): 1 July 2001 (s 2(3)) Sch 5: 10 Dec 1999 (s 2(4)) | Amended by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 23 of 2005, Sch 3 item 26, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 101 of 2006, Sch 2 item 214, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 34, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s46FB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 47", "Provision_Key": "s47", "Heading": "Distributions by liquidator", "Text": "(1) Distributions to shareholders of a company by a liquidator in the course of winding ‑ up the company, to the extent to which they represent income derived by the company (whether before or during liquidation) other than income which has been properly applied to replace a loss of paid ‑ up share capital, shall, for the purposes of this Act, be deemed to be dividends paid to the shareholders by the company out of profits derived by it. (1A) A reference in subsection (1) to income derived by a company includes a reference to: (a) an amount (except a net capital gain) included in the company’s assessable income for a year of income; or (b) a net capital gain that would be included in the company’s assessable income for a year of income if the Income Tax Assessment Act 1997 required a net capital gain to be worked out as follows: Method statement Step 1. Work out each capital gain (except a capital gain that is disregarded) that the company made during that year of income. Do so without indexing any amount used to work out the cost base of a CGT asset. Step 2. Total the capital gain or gains worked out under Step 1. The result is the net capital gain for that year of income. (2) Those distributions shall, to the extent to which they are made out of any profits or income, be deemed to have been paid wholly and exclusively out of those profits or that income. (2A) Where: (a) the business of a company has been, or is in the course of being, discontinued otherwise than in the course of a winding up of the company under any law relating to companies; (b) in connexion with the discontinuance, any moneys of the company have been or other property of the company has been, on or after 19 October 1967, distributed, otherwise than by the company, to shareholders of the company; and (c) the moneys or other property so distributed are not, for the purposes of this Act, dividends; the distribution shall, subject to subsection (2B), be deemed to be, for the purposes of this section, a distribution to the shareholders by a liquidator in the course of winding up the company. (2B) Where: (a) subsection (2A) would, but for this subsection, apply in relation to any moneys or other property of a company distributed to shareholders of the company; and (b) the company does not cease to exist within a period of 3 years after the distribution, or within such further period as the Commissioner allows; subsection (2A) shall not apply, and shall be deemed never to have applied, in relation to those moneys or that other property, and those moneys or that other property so distributed shall, for the purposes of this Act, be deemed to be dividends paid by the company to the shareholders out of profits derived by it. (3) For the purposes of this section, paid ‑ up share capital includes capital which has been paid up in money or by other valuable consideration and which has been cancelled and has not been repaid by the company to the shareholders.", "Amendment_Count": 10, "First_Amended": "No 58 of 1941", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 58 of 1941 | No 85 of 1967 | No 51 of 1973 | No 108 of 1981 | No 58 of 1987 | No 62 of 1987 | No 46 of 1998 | No 63 of 1998 | No 114 of 2000 | No 41 of 2005", "History_Notes": "Amended by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Amended by No 85 of 1967, item 10, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 51 of 1973, item 21 | item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 58 of 1987, item 7 | item 8 | item 47 | item 18, effective s 6–19: 5 June 1987 (s 2) | Amended by No 62 of 1987, Sch 4 item 12 | Sch 6 item 28, effective s 9–38 and Sch 4: 5 June 1987 (s 2(1), (3), (4)) | Amended by No 46 of 1998, Sch 10 item 104, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, Sch 7 item 14 | Sch 7 item 15, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 114 of 2000, Sch 4 item 1, effective s 4, Sch 3 and Sch 4 (items 1, 2, 82(1)): 5 Sept 2000 (s 2(1)) | Amended by No 41 of 2005, Sch 10 item 22, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s47"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 47A", "Provision_Key": "s47a", "Heading": "Distribution benefits—CFCs", "Text": "(1) Subject to subsection (2), if: (a) a company (in this section called the first company ) has profits immediately before a distribution time for a distribution benefit in relation to the first company; and (b) the distribution time occurred after 3 June 1990; and (c) the first company is a CFC at the distribution time; and (d) the first company is a resident of an unlisted country at the distribution time; so much of the distribution payment in relation to the distribution time as would not otherwise be a dividend and does not exceed the amount of those profits is taken, for the purposes of this Act, to be a dividend paid by the first company: (e) to the recipient of the benefit as a shareholder in the first company; and (f) out of profits derived by the first company; and (g) at the distribution time. (2) If: (a) any of the following subparagraphs applies: (i) by virtue of subsection (1), the whole or a part of the distribution payment is included in the assessable income of a taxpayer of the year of income in which the distribution time occurred under section 44; (ii) by virtue of subsection (1), the whole or a part of the distribution payment would, apart from section 23AI or section 768 ‑ 5 of the Income Tax Assessment Act 1997 , be included in the assessable income of a taxpayer of the year of income in which the distribution time occurred under section 44; and (b) both of the following subparagraphs apply: (i) the taxpayer’s return of income for the year of income was not prepared on the basis that the distribution payment had the consequence specified in subsection (1); (ii) the taxpayer has not notified the Commissioner, in writing, within 12 months after the end of the year of income, that the distribution payment had the consequence specified in subsection (1); that subsection has effect in relation to the taxpayer and in relation to that distribution payment as if the reference in that subsection to the purposes of this Act were a reference to the purposes of this Act (other than section 365 of this Act and Division 770 of the Income Tax Assessment Act 1997 ). (3) Subject to subsections (9) and (12), a reference in this section to a distribution benefit in relation to the first company is a reference to an eligible benefit where the following conditions are satisfied: (a) the eligible benefit was provided to: (i) an associated entity in relation to the first company; or (ii) another entity that, immediately after the time of the provision of the eligible benefit, was an associated entity in relation to the first company; (b) the eligible benefit was provided by: (i) the first company; or (ii) an entity (in this subsection called the arranger ) other than the first company under an arrangement between: (A) the first company; and (B) the arranger or another entity; (c) if subparagraph (b)(ii) applies—the first company made, or entered into an undertaking to make, one or more transfers of property or services to the arranger or to another entity (which transfers are in this section called the arrangement transfers ) that are attributable, in whole or in part, to the provision of the eligible benefit. (4) Where the first company entered into an undertaking to make one or more arrangement transfers, the time of the arrangement transfers is the time the undertaking was entered into. (5) Where, at a particular time, an entity (in this subsection called the provider ) waives or releases the obligation of another entity (in this subsection called the recipient ) to pay or repay to the provider an amount: (a) the waiver or release is taken to constitute an eligible benefit provided at that time by the provider to the recipient; and (b) if the eligible benefit is a distribution benefit in relation to the first company—each of the following times is a distribution time for the eligible benefit: (i) if the eligible benefit was provided by the first company—the time of the provision of the eligible benefit; or (ii) in any other case—the time, or each of the times, of the arrangement transfers concerned; (c) if the eligible benefit is a distribution benefit in relation to the first company—the distribution payment in relation to the distribution time is: (i) if the benefit was provided by the first company—the amount the payment or repayment of which is waived or released; or (ii) in any other case—so much of the amount or market value of the arrangement transfer as is attributable to the provision of the eligible benefit. (6) For the purposes of subsection (5), an entity is taken to be under an obligation to pay or repay an amount even if the amount is not due for payment or repayment. (7) Where, at a particular time, an entity (in this subsection called the provider ) makes a loan to another entity (in this subsection called the recipient ), where: (a) the parties to the loan are not at arm’s length with each other in relation to the loan; or (b) the purpose, or one of the purposes, of the making of the loan was to facilitate, directly or indirectly (through one or more interposed companies, partnerships or trusts), the payment of a dividend that is, or would be, non ‑ assessable non ‑ exempt income under section 768 ‑ 5 of the Income Tax Assessment Act 1997 (in whole or in part); or (c) the purpose, or one of the purposes, of the making of the loan was to facilitate, directly or indirectly, the provision of an eligible benefit by the recipient, being an eligible benefit that is a distribution benefit in relation to any company; the following provisions have effect: (d) the making of the loan is taken to constitute an eligible benefit provided by the provider to the recipient at that time; (e) if the eligible benefit is a distribution benefit in relation to the first company—each of the following times is a distribution time for the eligible benefit: (i) if the benefit was provided by the first company—the time of the provision of the benefit; or (ii) in any other case—the time, or each of the times, of the arrangement transfers concerned; (f) if the eligible benefit is a distribution benefit in relation to the first company—the distribution payment in relation to the distribution time is: (i) if the benefit was provided by the first company—the amount of the loan; or (ii) in any other case—so much of the amount or market value of the arrangement transfer as is attributable to the provision of the eligible benefit. (8) Where, at a particular time: (a) an entity (in this subsection called the provider ) acquires from a company (in this subsection called the recipient ): (i) a share in the recipient; (ii) a right to acquire a share in the recipient; (iii) an option to acquire a share in the recipient; or (b) an entity (in this subsection also called the provider ) acquires from the trustee of a unit trust (in this subsection also called the recipient ): (i) a unit in the recipient; (ii) a right to acquire a unit in the recipient; (iii) an option to acquire a unit in the recipient; the following provisions have effect: (c) the acquisition is taken to constitute an eligible benefit provided by the provider to the recipient at that time; (d) if the eligible benefit is a distribution benefit in relation to the first company—each of the following is a distribution time for the eligible benefit: (i) if the benefit was provided by the first company—the time of the provision of the benefit; or (ii) in any other case—the time, or each of the times, of the arrangement transfers concerned; (e) if the eligible benefit is a distribution benefit in relation to the first company—the distribution payment in relation to the distribution time is: (i) if the benefit was provided by the first company—the amount or market value of the consideration paid or given by the first company in respect of the acquisition; or (ii) in any other case—so much of the amount or market value of the arrangement transfer as is attributable to the provision of the eligible benefit; (f) if: (i) the eligible benefit is a distribution benefit in relation to the first company; and (ii) the provider transferred property or services to the recipient in respect of the acquisition; in determining the profits of the company immediately before the distribution time, or the first distribution time, as the case requires, for the distribution benefit, the following assumptions are to be made: (iii) if the benefit was provided by the first company—the assumption that, immediately before the distribution time, the company had: (A) disposed of the property or services to an entity other than the recipient; and (B) received, in respect of that disposal, consideration equal to the market value of the property or services; (iv) if subparagraph (iii) does not apply—the assumption that, immediately before the distribution time, the company had: (A) disposed of equivalent property or services to an entity other than the recipient or the entity who provided the eligible benefit; and (B) received, in respect of that disposal, consideration equal to the market value of the property or services. (9) An eligible benefit that is covered by subsection (8) and provided at a particular time is not a distribution benefit in relation to the first company if, at that time, there is no entity (other than the provider referred to in that subsection) who is: (a) either: (i) the holder of an eligible equity interest in the first company; or (ii) an associate of an entity who is the holder of an eligible equity interest in the first company; and (b) the holder of an eligible equity interest in the recipient referred to in that subsection. (10) Where: (a) an entity (in this subsection called the provider ) transfers property or services to another entity (in this subsection called the recipient ); and (b) the property or services are transferred: (i) for no consideration; or (ii) for a consideration less than the market value of the property or services; and (c) in the case of a transfer of services—the services do not consist of the making of a loan; and (d) in any case—the property or services are not transferred by way of consideration for the acquisition from a company of: (i) a share in the company; or (ii) a right to acquire a share in the company; or (iii) an option to acquire a share in the company; and (e) in any case—the property or services are not transferred in respect of the acquisition from the trustee of a unit trust of: (i) a unit in the unit trust; or (ii) a right to acquire a unit in the unit trust; or (iii) an option to acquire a unit in the unit trust; and (f) in the case of a transfer of property—the property does not consist of a payment in respect of a call on a share in a company; the following provisions have effect: (g) the transfer is taken to constitute an eligible benefit provided by the provider to the recipient at that time; (h) if the eligible benefit is a distribution benefit in relation to the first company—each of the following is a distribution time for the eligible benefit: (i) if the benefit was provided by the first company—the time of the provision of the benefit; or (ii) in any other case—the time, or each of the times, of the arrangement transfers concerned; (j) if the eligible benefit is a distribution benefit in relation to the first company—the distribution payment in relation to the distribution time is: (i) if the benefit was provided by the first company—the amount by which the amount or market value of the property or services exceeds the consideration (including nil consideration) mentioned in paragraph (b); or (ii) if subparagraph (i) does not apply and there is only one arrangement transfer—so much of the amount or market value of the arrangement transfer as is attributable to the provision of the eligible benefit; or (iii) if subparagraph (i) does not apply and there are 2 or more arrangement transfers—the amount worked out in relation to the arrangement transfer using the following formula: where: Total Excess means so much of the total amount or market value of all the arrangement transfers as is attributable to the provision of the eligible benefit. Arrangement transfer means the amount or market value of the arrangement transfer concerned. Total arrangement transfers means the total amount or market value of all of the arrangement transfers. (k) if the eligible benefit is a distribution benefit in relation to the first company—in determining the profits of the company immediately before a distribution time for the distribution benefit, the following assumptions are to be made: (i) if the benefit was provided by the first company—the assumption that, immediately before the distribution time, the company had: (A) disposed of the property or services to an entity other than the recipient; and (B) received, in respect of that disposal, consideration equal to the market value of the property or services; (ii) if subparagraph (i) does not apply and there is only one arrangement transfer—the assumption that, immediately before the distribution time, the company had: (A) disposed of the property or services covered by the arrangement transfer to an entity other than the entity who provided the eligible benefit; and (B) received, in respect of that disposal, consideration equal to the market value of the property or services; (iii) if subparagraph (i) does not apply and there are 2 or more arrangement transfers—the assumption that, immediately before each distribution time, the company had: (A) disposed of the property or services covered by the arrangement transfer concerned to an entity other than the entity who provided the eligible benefit; and (B) received, in respect of that disposal, consideration equal to the market value of the property or services. (10A) Subsection (10) does not apply to a transfer that is taken by section 70 ‑ 30 or 70 ‑ 110 of the Income Tax Assessment Act 1997 to have occurred. (11) Where, at a particular time, an entity (in this subsection called the provider ) makes a payment to another entity, being a company (in this subsection called the recipient ), in respect of a call on a share in the recipient: (a) the making of the payment is taken to constitute an eligible benefit provided by the provider to the recipient at that time; and (b) if the eligible benefit is a distribution benefit in relation to the first company—each of the following is a distribution time for the eligible benefit: (i) if the benefit was provided by the first company—the time of the provision of the benefit; or (ii) in any other case—the time, or each of the times, of the arrangement transfers concerned; (c) if the eligible benefit is a distribution benefit in relation to the first company—the distribution payment in relation to the distribution time is: (i) if the benefit was provided by the first company—the amount of the payment; or (ii) in any other case—so much of the amount or market value of the arrangement transfer as is attributable to the provision of the eligible benefit. (12) An eligible benefit that is covered by subsection (11) and provided at a particular time is not a distribution benefit in relation to the first company if, at that time, there is no entity (other than the provider referred to in that subsection) who is: (a) either: (i) the holder of an eligible equity interest in the first company; or (ii) an associate of an entity who is the holder of an eligible equity interest in the first company; and (b) the holder of an eligible equity interest in the recipient referred to in that subsection. (13) If: (a) apart from this subsection, a particular eligible benefit that is covered by subsection (8) or (11) and provided at a particular time is not a distribution benefit in relation to the first company only because of subsection (9) or (12); and (b) at a later time, there is an entity (other than the provider referred to in subsection (8) or (11), as the case may be) who is: (i) either: (A) the holder of an eligible equity interest in the first company; or (B) an associate of an entity who is the holder of an eligible equity interest in the first company; and (ii) the holder of an eligible equity interest in the recipient referred to in whichever of subsections (8) and (11) is applicable; and (ba) if the eligible benefit consists of the acquisition of a share or unit—at that later time, the share or unit has not been redeemed or bought back by the recipient mentioned in subsection (8) for a consideration equal to or greater than the arm’s length value of the share or unit; the following provisions have effect: (c) this section has effect as if subsection (9) or (12), as the case requires, had never applied in relation to that eligible benefit; (d) section 170 does not prevent the amendment of an assessment at any time for the purposes of giving effect to this subsection. (14) If: (a) apart from this subsection, a particular eligible benefit (in this subsection called the first eligible benefit ) that is covered by subsection (8) or (11) and provided at a particular time is not a distribution benefit in relation to the first company only because of subsection (9) or (12); and (b) the recipient referred to in whichever of subsections (8) and (11) is applicable provides an eligible benefit (in this subsection called the second eligible benefit ) to: (i) the first company; or (ii) the provider referred to in whichever of those subsections is applicable; or (iii) an associated entity in relation to: (A) the first company; or (B) that provider; and (c) the provision of the first eligible benefit facilitated, directly or indirectly, the provision of the second eligible benefit; and (ca) if the second eligible benefit is covered by subsection (8) or (11): (i) the second eligible benefit is provided on or after 13 September 1990; or (ii) both: (A) the second eligible benefit was provided before 13 September 1990; and (B) the Commissioner is of the opinion that the provision of the second eligible benefit had, or would be likely to have, the effect of enabling any taxpayer to avoid tax; the following provisions have effect: (d) this section has effect as if subsection (9) or (12), as the case requires, had never applied in relation to the first eligible benefit; (e) section 170 does not prevent the amendment of an assessment at any time for the purposes of giving effect to this subsection. (15) In determining whether a company has profits at a particular time, it is to be assumed that the accounts of the company had been drawn up immediately before that time. (16) For the purposes of this section, where: (a) the first company has profits (in this subsection called the original profits ) immediately before a distribution time for a distribution benefit in relation to the first company; and (b) by virtue of subsection (1), an amount (in this subsection called the original assessable amount ) is included in the assessable income of a taxpayer (in this subsection called the original taxpayer ) of a year of income (in this subsection called the original year of income ) under section 44 in respect of the distribution payment in relation to the distribution time; and (c) any of the following subparagraphs applies: (i) the original taxpayer is: (A) a resident at any time during the original year of income; and (B) a company or a natural person (other than a company or a natural person in the capacity of a trustee); (iii) the original taxpayer is the trustee of a public trading trust in relation to the original year of income; (iv) the original taxpayer is the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to the original year of income; (v) the original taxpayer is the trustee of a resident trust estate (within the meaning of Division 6) in relation to the year of income who is liable to be assessed and pay tax under section 99 or 99A in respect of a part of the net income of the trust estate; then, in determining the profits that the first company has at a later time, no account is to be taken of so much of the original profits as is equal to the original assessable amount. (17) For the purposes of this section, where: (a) the first company has profits (in this subsection called the original profits ) immediately before a distribution time for a distribution benefit in relation to the first company; and (b) by virtue of subsection (1), an amount (in this subsection called the original assessable amount ) is included in the assessable income of a taxpayer (in this subsection called the original taxpayer ) of a year of income (in this subsection called the original year of income ) under section 44 in respect of the distribution payment in relation to the distribution time; and (c) all of the following conditions are satisfied: (i) the original taxpayer is the trustee of a trust estate who is liable to be assessed and pay tax under section 98 in respect of a share in the net income of the trust estate of the original year of income; (ii) the beneficiary who was entitled to that share was a resident at any time during the original year of income; (iii) the whole or a part (which whole or part is in this subsection called the beneficiary’s portion of the original assessable amount ) of the share of the net income is attributable to the original assessable amount; then, in determining the profits that the first company has at a later time, no account is to be taken of so much of the original profits as is equal to the beneficiary’s portion of the original assessable amount. (18) For the purposes of this section, where: (a) the first company has profits (in this subsection called the original profits ) immediately before a distribution time for a distribution benefit in relation to the first company; and (b) by virtue of subsection (1), an amount (in this subsection called the original assessable amount ) is included in the assessable income of a taxpayer (in this subsection called the original taxpayer ) of a year of income (in this subsection called the original year of income ) under section 44 in respect of the distribution payment in relation to the distribution time; and (c) the original taxpayer is the trustee of a trust estate or a partnership; and (d) the following conditions are satisfied in relation to another taxpayer (in this subsection called the actual taxpayer ): (i) an amount is included in the assessable income of the actual taxpayer of a year of income (in this subsection called the assessment year of income ) under subsection 92(1) or section 97 or 100; (ii) the actual taxpayer is: (A) a resident at any time during the assessment year of income, being a company or a natural person (other than a company or a natural person in the capacity of a trustee); or (C) the trustee of a public trading trust in relation to the assessment year of income; or (D) the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to the assessment year of income; or (E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98 in respect of a share in the net income of a trust estate; or (F) the trustee of a trust estate who is liable to be assessed and pay tax under section 99 or 99A in respect of a part of the net income of a trust estate; or (G) the trustee of a trust estate where trustee beneficiary non ‑ disclosure tax is payable under Division 6D on the whole or part of the net income of the trust estate; (iii) if sub ‑ subparagraph (ii)(A), (B), (C) or (D) applies—the whole or a part of the amount so included in the actual taxpayer’s assessable income (which whole or part is in this subsection called the actual taxpayer’s portion of the original assessable amount ) is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the original assessable amount; (iv) if sub ‑ subparagraph (ii)(E) applies: (A) the beneficiary who was entitled to the share concerned was a resident at any time during the assessment year of income; and (B) the whole or a part (which whole or part is in this subsection also called the actual taxpayer’s portion of the original assessable amount ) of the share of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the original assessable amount; (v) if sub ‑ subparagraph (ii)(F) applies: (A) the trust estate was a resident trust estate (within the meaning of Division 6) in relation to the assessment year of income; and (B) the whole or a part (which whole or part is in this subsection also called the actual taxpayer’s portion of the original assessable amount ) of the part of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the original assessable amount; (vi) if sub ‑ subparagraph (ii)(G) applies: (A) the trust estate was a resident trust estate (within the meaning of Division 6) in relation to the assessment year of income; and (B) the whole or a part (which whole or part is in this subsection also called the actual taxpayer’s portion of the original assessable amount ) of the whole or the part of the share of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the original assessable amount; then, in determining the profits that the first company has at a later time, no account is to be taken of so much of the original profits as is equal to the actual taxpayer’s portion of the original assessable amount. (18A) An assessment may be made of a taxpayer on the assumption that subsection (2) will not be applicable in relation to a particular distribution payment made during a year of income of the taxpayer. (18B) Where: (a) the assessment mentioned in subsection (18A) is made; and (b) after the making of the assessment, the Commissioner becomes aware that subsection (2) was applicable in relation to the distribution payment concerned; then, in spite of anything in section 170, the Commissioner may amend the assessment at any time for the purposes of ensuring that the assessment is made as if subsection (18A) of this section were disregarded. (19) The provisions of section 102AAJ apply for the purposes of this section in like manner as they apply for the purposes of Division 6AAA. (20) For the purposes of this section, the question whether a company is a resident of an unlisted country is to be determined in the same manner in which that question is determined for the purposes of Part X. (21) In this section: arm’s length value , in relation to the redemption or buy ‑ back of a share in a company or a unit in a unit trust, means the amount that the company or trustee could reasonably be expected to have been required to pay to obtain the redemption or buy ‑ back of the share or unit under a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction. arrangement means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether there are 2 or more parties or only one party involved. associate has the same meaning as in Part X. associated entity , in relation to a company, means either of the following entities: (a) a shareholder in the company; (b) an entity who is an associate of a shareholder in the company. CFC has the same meaning as in Part X. distribution benefit has the meaning given by subsection (3) of this section. eligible equity interest : (a) in relation to a company, means any of the following: (i) a share, or an interest in a share, in the company; (ii) a right to acquire a share, or an interest in a share, in the company; (iii) an option to acquire a share, or an interest in a share, in the company; or (b) in relation to a unit trust, means any of the following: (i) a unit, or an interest in a unit, in the unit trust; (ii) a right to acquire a unit, or an interest in a unit, in the unit trust; (iii) an option to acquire a unit, or an interest in a unit, in the unit trust; or entity has the same meaning as in Part X. loan includes: (a) an advance of money; and (b) the provision of credit or any other form of financial accommodation; and (c) the payment of an amount for, on account of, on behalf or at the request of an entity where there is an obligation (whether expressed or implied) to repay the amount; and (d) a transaction (whatever its terms or form) which in substance effects a loan of money. property has the same meaning as in Division 6AAA. services has the same meaning as in Division 6AAA. statutory accounting period has the same meaning as in Part X. transfer has the same meaning as in Division 6AAA.", "Amendment_Count": 14, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 100 of 1991 | No 224 of 1992 | No 121 of 1997 | No 122 of 1997 | No 70 of 1999 | No 66 of 2003 | No 96 of 2004 | No 15 of 2007 | No 143 of 2007 | No 97 of 2008 | No 110 of 2014 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 39 | item 423 | item 459 | item 29 | item 7 | item 1990 | item 434, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 12, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 100 of 1991, Sch 2 item 28, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 224 of 1992, item 83 | item 85 | item 86, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 121 of 1997, Sch 1 item 70 | Sch 5 item 64, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 122 of 1997, Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19, effective s 4, Sch 1 (items 1–15, 20), Sch 3 (items 1, 2, 6–21) and Sch 5: 8 July 1997 (s 2(1)) Sch 1 (items 17–19): 3 June 1990 (s 2(2)) Sch 1 (items 22, 23): 1 Sept 1994 (s 2(4)) Sch 1 (item 24): 1 Jan 1993 (s 2(3)) Sch 3 (items 3, 4): 24 June 1986 (s 2(6)) Sch 3 (item 5): 30 June 1992 (s 2(7)) Sch 4: 20 Jan 1997 (s 2(8)) Sch 6: 27 June 1996 (s 2(9)) Sch 8: 19 Dec 1996 (s 2(11)) | Amended by No 70 of 1999, Sch 2 item 4, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 66 of 2003, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 15 of 2007, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 143 of 2007, Sch 1 item 20 | Sch 1 item 35, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 97 of 2008, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 110 of 2014, Sch 2 item 9, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 53 of 2016, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s47A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AAA", "Provision_Key": "s51aaa", "Heading": "Deductions not allowable in certain circumstances", "Text": "(1) Where: (a) an amount is included in the assessable income of a taxpayer of a year of income by section 102 ‑ 5 of the Income Tax Assessment Act 1997 (about net capital gains) or subsection 124ZZB(1) of this Act (about notional capital gains of PDFs); (b) a deduction would, but for this section, be allowable under a provision listed in the table in subsection (2) to the taxpayer; and (c) if the amount had not been included in the assessable income the deduction would not be allowable; the deduction is not allowable. (2) The table lists provisions allowing deductions that are affected by subsection (1). Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Deduction provisions affected by net capital gains limit Item Provision Description 1 Subdivision A of Division 3 of Part III General 2 section 8 ‑ 1 General deductions 3 Division 25 Some expenses you can deduct 4 Division 30 Gifts or contributions 5 Division 34 Non ‑ compulsory uniforms 6 Division 36 Tax losses of earlier income years 7 Subdivision 40 ‑ F Facilities to conserve or convey water 8 Subdivision 40 ‑ F Establishing grapevines 9 Subdivision 40 ‑ G Landcare operations 10 Subdivision 40 ‑ G Mains electricity supply 11 Subdivision 40 ‑ G Telephone lines 12 Division 165 Income tax consequences of changing ownership or control of a company 13 Subdivision 170 ‑ A Transfer of tax losses within wholly ‑ owned groups of companies 14 Division 230 Financial arrangements", "Amendment_Count": 6, "First_Amended": "No 52 of 1986", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 52 of 1986 | No 121 of 1997 | No 46 of 1998 | No 77 of 2001 | No 101 of 2004 | No 15 of 2009", "History_Notes": "Inserted by No 52 of 1986, effective 24 June 1986 (s 2) | Amended by No 121 of 1997, Sch 4 item 63 | Sch 4 item 64 | Sch 11 item 37, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 46 of 1998, Sch 10 item 135, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, Sch 2 item 25, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 15 of 2009, Sch 1 item 230 | Sch 1 item 32, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AD", "Provision_Key": "s51ad", "Heading": "Deductions not allowable in respect of property used under certain leveraged arrangements", "Text": "(1) In this section: arrangement includes: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. associate has the same meaning in relation to a person as that expression has in relation to a person in section 318. construction includes manufacture. control means effectively control. goods includes whatever is capable of being owned or used. hire ‑ purchase agreement means a hire purchase agreement to which Division 240 of the Income Tax Assessment Act 1997 applies. lease , in relation to property, includes: (a) any arrangement under which a right to use the property is granted by the owner to another person; and (b) any arrangement under which a right to use the property, being a right derived directly or indirectly from a right referred to in paragraph (a), is granted by a person to another person; but does not include a hire ‑ purchase agreement. owner , in relation to property, includes a person who has taken, and holds, the property on hire under a hire ‑ purchase agreement. person includes a person in the capacity of a trustee. prescribed time means one o’clock in the afternoon, by standard time in the Australian Capital Territory, on 24 June 1982. Note: This section applies to deductions under Division 40 (Capital allowances) and Division 43 (Capital works) of the Income Tax Assessment Act 1997 as if you were the owner of an asset you hold (under that Division) instead of any other person: see section 40 ‑ 135 of that Act. (1A) This section does not apply to property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if the tax preferred use: (a) starts on or after 1 July 2007; and (b) does not occur under a legally enforceable arrangement entered into before 1 July 2007. (1B) This section does not apply to property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if: (a) the tax preferred use starts on or after 1 July 2007; and (b) the tax preferred use occurs under a legally enforceable arrangement that was entered into before 1 July 2007; and (c) an election is made under item 71 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 to have subitem 71(2) of that Schedule apply to the property. (1C) This section does not apply to property on or after 1 July 2007 if: (a) Division 16D applied to the property immediately before 1 July 2007; or (b) this section did not apply to the property immediately before 1 July 2007 and Division 16D would apply to the property on or after 1 July 2007 but for subsection 159GH(2). For the purposes of applying paragraph (b), disregard the operation of section 159GL. (1D) Subparagraph (4)(a)(iii) and sub ‑ subparagraph (4)(b)(ii)(D) do not apply to property acquired by a taxpayer if: (a) the property is acquired by the taxpayer on or after 1 July 2007; and (b) the property is not acquired under a legally enforceable arrangement entered into before 1 July 2007. (2) In this section, a reference to the acquisition of property by a person is a reference to: (a) the person becoming the owner of the property; or (b) the construction of the property for the person by another person or other persons on premises of the first ‑ mentioned person. (3) In this section, a reference to property being held for use includes a reference to property that is installed ready for use and held in reserve. (3B) For the purpose of this section, disregard an acquisition or disposal of property by way of the transfer of the property for the provision or redemption of a security. Consequently this section applies as if the person who was the owner of the property before the transfer continues to be the owner after the transfer. (4) Subject to subsections (1A), (1B), (1C), (1D) and (8), this section applies, in relation to a taxpayer, to property acquired or constructed by the taxpayer, being property acquired by the taxpayer under a contract entered into after the prescribed time or property constructed by the taxpayer, construction having commenced after that time, if: (a) at a time when the property is owned by the taxpayer, a person (which person is in this section referred to as the end ‑ user ) holds rights as lessee under a lease of the property, and: (i) in a case where the end ‑ user is not a resident of Australia—while the lease is in force, the property is, or is to be, used by a person other than the taxpayer wholly or principally outside Australia; (ii) while the lease is in force, the property is, or is to be, used by a person other than the taxpayer otherwise than wholly and exclusively for the purpose of producing assessable income; or (iii) in a case where the property was acquired by the taxpayer—the property was, prior to its acquisition by the taxpayer, owned, and used or held for use, by the end ‑ user; or (b) in a case to which paragraph (a) does not apply: (i) at a time when the property is owned by the taxpayer, the property is, or is to be, used (whether or not by the taxpayer) wholly or partly in or in connection with the production, supply, carriage, transmission or delivery of goods or the provision of services; and (ii) a person other than the taxpayer (which person is in this section also referred to as the end ‑ user ) controls, will control, or is or will be able to control, directly or indirectly, that use of the property, and: (A) in a case where the end ‑ user is not a resident of Australia—that use of the property takes place, or is to take place, wholly or principally outside Australia; (B) in a case where some or all of the goods are, or are to be, produced for the end ‑ user or supplied, carried, transmitted or delivered to or for the end ‑ user, or some or all of the services are, or are to be, provided to or for the end ‑ user—any of those goods or services are, or are to be, used by the end ‑ user otherwise than wholly and exclusively for the purpose of producing assessable income; (C) in relation to the production, supply, carriage, transmission or delivery of goods, or the provision of services, as mentioned in subparagraph (i), the end ‑ user derives, or is to derive, no income or income that is wholly or partly exempt from income tax; or (D) in a case where the property was acquired by the taxpayer—the property was, prior to its acquisition by the taxpayer, owned, and used or held for use, by the end ‑ user. (5) In subparagraph (4)(a)(iii) and sub ‑ subparagraph (4)(b)(ii)(D), a reference to the end ‑ user is a reference to the end ‑ user, any of the end ‑ users (where there are 2 or more end ‑ users), any associate of the end ‑ user or of any of those end ‑ users, or any 2 or more such persons. (6) For the purposes of subsection (4), property shall be taken not to have been, prior to its acquisition by the taxpayer, owned, and used or held for use, by a person if: (a) the property was first used or held for use by the person at a time within 6 months before the acquisition of the property by the taxpayer; and (b) at that time there was in existence an arrangement that the property would be sold to another person and leased by that person to the first ‑ mentioned person. (7) Where: (a) the end ‑ user consists of all or any of the partners in a partnership; and (b) a condition of paragraph (4)(a) or (b), as the case may be, is satisfied in relation to any of the partners in the partnership; that condition shall be taken to be satisfied in relation to all the partners in the partnership. (8) This section does not apply to property, in relation to a taxpayer, unless the whole or a predominant part of the cost of the acquisition or construction, as the case may be, of the property by the taxpayer is financed directly or indirectly by a debt or debts (which debt is, or debts are, referred to in this subsection as the non ‑ recourse debt ) and the rights of the creditor or creditors as against the taxpayer in the event of default in the repayment of principal or payment of interest: (a) are limited wholly or predominantly to any or all of the following: (i) rights (including the right to moneys payable) in relation to any or all of the following: (A) the property or the use of the property; (B) goods produced, supplied, carried, transmitted or delivered, or services provided, by means of the property; (C) the loss or disposal of the whole or a part of the property or of the taxpayer’s interest in the property; (ii) rights in respect of a mortgage or other security over the property; (iii) rights arising out of any arrangement relating to the financial obligations of the end ‑ user of the property towards the taxpayer, being financial obligations in relation to the property; (b) are in the opinion of the Commissioner capable of being so limited, having regard to either or both of the following: (i) the assets of the taxpayer; (ii) any arrangement to which the taxpayer is a party; or (c) where paragraphs (a) and (b) do not apply—are limited by reason that not all of the assets of the taxpayer (not being assets that are security for debts of the taxpayer other than the non ‑ recourse debt) would be available for the purpose of the discharge of the whole of the non ‑ recourse debt (including the payment of interest) in the event of any action or actions by the creditor or creditors against the taxpayer arising out of that debt. (9) Where: (a) property has been financed by a debt or debts as mentioned in subsection (8); and (b) the rights of the creditor or creditors as against the taxpayer are, or are capable of being, limited as mentioned in that subsection; the Commissioner may treat those rights as not being, or capable of being, so limited if the Commissioner is of the opinion, having regard to the circumstances in which the debt was, or debts were, incurred and any other matters that the Commissioner thinks relevant, that it would be reasonable to do so. (10) Subject to subsections (11), (12), (13) and (15), where this section has applied to property, in relation to a taxpayer, at any time, the taxpayer shall be deemed not to have occupied or used the property, or held the property for use, at that time, for the purpose of producing assessable income or in carrying on a business for that purpose. (11) Where this section has applied to property, in relation to a taxpayer, at any time during a year of income by reason of subparagraph (4)(a)(ii) or sub ‑ subparagraph (4)(b)(ii)(B), and for any part of that time the end ‑ user held, occupied or used the property referred to in that subparagraph, or held it for use, or used any goods or services referred to in that sub ‑ subparagraph, as the case may be, partly for the purpose of producing assessable income, the taxpayer shall be deemed, for the whole of the time during the year of income when this section applied to the property, to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose, to the extent that the Commissioner considers appropriate. (12) Where this section has applied to property, in relation to a taxpayer, at any time during a year of income by reason of sub ‑ subparagraph (4)(b)(ii)(C), and for any part of that time the end ‑ user derived assessable income in relation to the production, supply, carriage, transmission or delivery of goods, or the provision of services, as mentioned in subparagraph (4)(b)(i), the taxpayer shall be deemed, for the whole of the time during the year of income when this section applied to the property, to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose, to the extent that the Commissioner considers appropriate. (13) Where: (a) this section has applied to property, in relation to a taxpayer, at any time during a year of income by reason of subparagraph (4)(a)(ii) or sub ‑ subparagraph (4)(b)(ii)(B) or (C); (b) the end ‑ user referred to in that subparagraph or sub ‑ subparagraph, as the case may be, consisted of all or any of the partners in a partnership; and (c) for any part of that time one or more of the partners in the partnership was a person in respect of whom, but for the operation of subsection (7), that subparagraph or sub ‑ subparagraph, as the case may be, would not have applied; the taxpayer shall be deemed, for the whole of the time during the year of income when this section applied to the property, to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose, to the extent that the Commissioner considers appropriate. (14) In considering, for the purposes of subsection (13), the extent to which the taxpayer shall be deemed to have held, occupied or used property, or held if for use, for the purpose of producing assessable income, or in carrying on a business for that purpose, the Commissioner shall have regard: (a) to the interest or interests of the partner or partners referred to in paragraph (13)(c) in the net income, or the partnership loss, of the partnership of the year of income corresponding to the year of income referred to in paragraph (13)(a); (b) the extent to which, for any part of the time referred to in paragraph (13)(a), a partner or partners other than the partner or partners referred to in paragraph (13)(c) held, occupied or used the property, or held it for use, or used the goods or services referred to in sub ‑ subparagraph (4)(b)(ii)(B), as the case may be, for the purpose of producing assessable income; and (c) the extent to which, for any part of the time referred to in paragraph (13)(a), a partner or partners other than the partner or partners referred to in paragraph (13)(c) derived assessable income in relation to the production, supply, carriage, transmission or delivery of goods, or the provision of services, as mentioned in subparagraph (4)(b)(i). (15) Notwithstanding anything contained in subsections (10), (11) and (13), at any time when this section applies to property by reason of subparagraph (4)(a)(ii), the property shall be deemed not to be held, occupied or used, or held for use, by the taxpayer for the purpose of producing assessable income, or in carrying on a business for that purpose, if, at that time: (a) 2 or more end ‑ users hold rights as lessees under the lease of the property; (b) one or more of the end ‑ users (which end ‑ user is, or end ‑ users are, referred to in this subsection as the exempt end ‑ user ) is a company, or are companies, the income of which is ordinarily exempt from income tax; (c) the property is, or is to be, used wholly or principally in or in connection with the conduct of operations or transactions of a kind that the exempt end ‑ user ordinarily engages in; (d) the exempt end ‑ user controls, will control, or is or will be able to control, directly or indirectly, that use of the property; and (e) in relation to those operations or transactions, the exempt end ‑ user derives, or is to derive, no income or income that is exempt from income tax. (16) Where a taxpayer has incurred expenditure for repairs to property to which this section applies or has applied in relation to the taxpayer and, but for this section, a deduction would be allowable under section 25 ‑ 10 (Repairs) of the Income Tax Assessment Act 1997 in respect of that expenditure, so much of the expenditure as the Commissioner considers appropriate shall be deemed not to be allowable, having regard to: (a) the period for which the taxpayer owned the property before the repairs were commenced and any part of that period during which this section applies or applied to the property in relation to the taxpayer; and (b) in a case to which subsection (11), (12) or (13) of this section applies or applied—the extent to which, for the time during the part of the period referred to in paragraph (a), the taxpayer was deemed to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose. (17) Where a taxpayer has incurred expenditure in borrowing money to finance the acquisition or construction of property to which this section applies or has applied in relation to the taxpayer and a deduction has been allowed, or would but for this section be allowable, under section 25 ‑ 25 (Borrowing expenses) of the Income Tax Assessment Act 1997 in relation to that expenditure, so much of the deduction as the Commissioner considers appropriate shall be deemed not to have been, or not to be, allowable, as the case may be, having regard to: (a) the period for which the money was borrowed or, by the operation of subsection 25 ‑ 25(6) of that Act, is deemed to have been borrowed and any part of that period during which this section applies, applied or, in the opinion of the Commissioner, will apply to the property; and (b) in a case to which subsection (11), (12), or (13) of this section applies or applied—the extent to which, for the time during the part of the period referred to in paragraph (a), the taxpayer is, or in the opinion of the Commissioner will be, deemed to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose. (18) Where a taxpayer has incurred expenditure for the preparation, registration and stamping of a lease, or of an assignment or surrender of a lease, of property to which this section applies or has applied in relation to the taxpayer and a deduction has been allowed, or would but for this section be allowable, under section 25 ‑ 20 (Lease document expenses) of the Income Tax Assessment Act 1997 in respect of that expenditure, so much of the deduction as the Commissioner considers appropriate shall be deemed not to have been, or not to be, allowable, as the case may be, having regard to: (a) the period of the lease and any part of that period during which this section applies, applied or, in the opinion of the Commissioner, will apply to the property; and (b) in a case to which subsection (11), (12) or (13) of this section applies or applied—the extent to which, for the time during the part of the period mentioned in paragraph (a), the taxpayer is, or in the opinion of the Commissioner will be, deemed to have held, occupied or used the property, or held it for use, for the purpose of producing assessable income, or in carrying on a business for that purpose. (19) Where: (a) the individual interest of a taxpayer in the net income of a partnership has been or is to be included in the assessable income of the taxpayer of a year of income (in this subsection referred to as the relevant year of income ), or the individual interest of a taxpayer in a partnership loss has been allowed or is allowable as a deduction from the assessable income of the taxpayer of a year of income (in this subsection also referred to as the relevant year of income ); (b) a deduction was taken into account in calculating that net income or partnership loss; (c) the deduction or a part of the deduction (which deduction or part of the deduction, as the case may be, is referred to in this subsection as the relevant deduction ) would not have been taken into account for the purpose of that calculation if this section applied in relation to particular property acquired or constructed by the partnership; (d) this section does not apply in relation to the property by reason only that the property was acquired by the partnership under a contract entered into at or before the prescribed time or was constructed by the partnership, construction having commenced at or before that time; and (e) the taxpayer became a partner in the partnership under a contract entered into by the taxpayer after the prescribed time; there shall be included in the assessable income of the taxpayer of the relevant year of income an amount that bears to the amount of the relevant deduction the same proportion as the individual interest of the taxpayer in that net income bears to that net income or, as the case requires, as the individual interest of the taxpayer in that partnership loss bears to that partnership loss. (20) Where: (a) the individual interest of a taxpayer in the net income of a partnership has been or is to be included in the assessable income of the taxpayer of a year of income (in this subsection referred to as the relevant year of income ), or the individual interest of a taxpayer in a partnership loss has been allowed or is allowable as a deduction from the assessable income of the taxpayer of a year of income (in this subsection also referred to as the relevant year of income ); (b) a deduction was taken into account in calculating that net income or partnership loss; (c) the deduction or a part of the deduction (which deduction or part of the deduction, as the case may be, is referred to in this subsection as the relevant deduction ) would not have been taken into account for the purpose of that calculation if this section applied in relation to particular property acquired or constructed by the partnership; (d) this section does not apply in relation to the property by reason only that the property was acquired by the partnership under a contract entered into at or before the prescribed time or was constructed by the partnership, construction having commenced at or before that time; (e) the taxpayer became a partner in the partnership under a contract entered into by the taxpayer before the prescribed time; and (f) after the prescribed time, the taxpayer made or agreed to make a contribution or contributions (which contribution is or contributions are in this subsection referred to as the additional contribution ) to the capital of the partnership in addition to any contribution or contributions to the capital of the partnership that, under a contract or contracts entered into at or before that time, the taxpayer had made or agreed to make; and (g) by reason of making or agreeing to make the additional contribution, the individual interest of the taxpayer in that net income or partnership loss, being that individual interest expressed as a fraction of the aggregate of the individual interests of the partners in that net income or partnership loss, is greater than it would otherwise have been; there shall be included in the assessable income of the taxpayer of the relevant year of income an amount ascertained in accordance with the formula A (B – C) , where: A is the amount of the relevant deduction. B is the individual interest of the taxpayer in that net income or partnership loss, being that individual interest expressed as a fraction of the aggregate of the individual interests of the partners in that net income or partnership loss; and C is the fraction that would be B if another partner, and not the taxpayer, had made or agreed to make the additional contribution. (21) For the purposes of determining if this section applies to property, the income of a prescribed excluded STB (within the meaning of Division 1AB) is taken to be exempt.", "Amendment_Count": 9, "First_Amended": "No 14 of 1984", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 14 of 1984 | No 169 of 1995 | No 121 of 1997 | No 174 of 1997 | No 72 of 2001 | No 77 of 2001 | No 101 of 2006 | No 164 of 2007 | No 41 of 2011", "History_Notes": "Inserted by No 14 of 1984, effective 12 Apr 1984 (s 2) | Amended by No 169 of 1995, Sch 1 item 5, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 121 of 1997, Sch 1 item 42 | Sch 4 item 70 | Sch 4 item 71 | Sch 4 item 72 | Sch 4 item 73 | Sch 4 item 74 | Sch 4 item 75 | Sch 4 item 76, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 174 of 1997, Sch 6 item 17, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 72 of 2001, Sch 2 item 2 | Sch 2 item 101, effective Sch 2 (items 2–6, 62–65, 101–107, 108(2), 109(2), 110): 30 June 2001 (s 2) | Amended by No 77 of 2001, Sch 2 item 26 | Sch 2 item 27 | Sch 2 item 43, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 215 | Sch 2 item 216 | Sch 2 item 217 | Sch 2 item 218, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 2E item 61 | Sch 2E item 62 | Sch 2E item 71, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 41 of 2011, Sch 5 item 225 | Sch 5 item 226, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AEA", "Provision_Key": "s51aea", "Heading": "Meal entertainment—election under section 37AA of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method", "Text": "(1) If a meal entertainment fringe benefit arises for a taxpayer for an FBT year and the taxpayer elects that Division 9A of Part III of the Fringe Benefits Tax Assessment Act 1986 applies to the taxpayer for the FBT year, and has not elected that Subdivision C of that Division applies: (a) for each expense incurred in the FBT year by the taxpayer in providing meal entertainment, a deduction equal to 50% of that expense is allowable to the taxpayer for the year of income in which it is incurred; and (b) no other deduction under any provision of this Act is allowable to the taxpayer for the expense. (2) Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, Sch 1 item 6, effective Sch 1 (item 6) and Sch 2 (item 15): 12 Dec 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AEA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AEB", "Provision_Key": "s51aeb", "Heading": "Meal entertainment—election under section 37CA of Fringe Benefits Tax Assessment Act 1986 to use the 12 week register method", "Text": "(1) If a taxpayer has made an election under section 37CA of the Fringe Benefits Tax Assessment Act 1986 : (a) for each expense incurred in the FBT year by the taxpayer in providing meal entertainment, a deduction equal to the amount worked out using the following formula is allowable to the taxpayer for the year of income in which it is incurred: (b) no other deduction under any provision of this Act is allowable to the taxpayer for the expense. (2) The register percentage is the percentage worked out using the formula: where: Total deductions for register meal entertainment means the total of deductions that would (but for this section and section 51AEA) be allowable to the taxpayer for expenses incurred by the taxpayer in providing meal entertainment in the 12 week period covered by the register kept by the employer under Subdivision C of Division 9A of the Fringe Benefits Tax Assessment Act 1986 . Total register meal entertainment expenses means the total of expenses incurred by the taxpayer in providing meal entertainment during that 12 week period. (3) Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 41 of 1998", "Amending_Acts": "No 145 of 1995 | No 41 of 1998", "History_Notes": "Inserted by No 145 of 1995, effective Sch 1 (item 6) and Sch 2 (item 15): 12 Dec 1995 (s 2) | Amended by No 41 of 1998, Sch 5 item 16, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AEB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AEC", "Provision_Key": "s51aec", "Heading": "Entertainment facility—election under section 152B of Fringe Benefits Tax Assessment Act 1986 to use 50/50 split method", "Text": "(1) If a taxpayer has made an election under section 152B of the Fringe Benefits Tax Assessment Act 1986 : (a) for each entertainment facility leasing expense incurred in the FBT year by the taxpayer, a deduction equal to 50% of that expense is allowable to the taxpayer for the year of income in which it is incurred; and (b) no other deduction under any provision of this Act is allowable to the taxpayer for entertainment facility leasing expenses incurred in the FBT year. (2) Expressions used in this section have the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective Sch 1 (item 6) and Sch 2 (item 15): 12 Dec 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AEC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AF", "Provision_Key": "s51af", "Heading": "Car expenses incurred by employee", "Text": "(1) Where: (a) during a particular period, an employer provides a car for the exclusive use of a person who is, or of persons any of whom is, an employee of the employer or a relative of such an employee; and (b) at any time during that period, the employee or a relative of the employee is entitled to use the car for private purposes; a deduction is not allowable under this Act in respect of a car expense that relates to the car and: (c) is incurred by the employee during that period; or (d) is incurred by the employee and is wholly or partly attributable to that period. (2) In this section: car has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 , but does not include a car covered by section 28 ‑ 165 of that Act. car expense has the meaning given by section 28 ‑ 13 of the Income Tax Assessment Act 1997 , but does not include a car expense covered by section 28 ‑ 165 of that Act. employee means a person who receives, or is entitled to receive, work and income support related withholding payments and benefits. employer means a person who pays or is liable to pay work and income support related withholding payments and benefits, and includes: (a) in the case of an unincorporate body of persons other than a partnership—the manager or other principal officer of that body; and (b) in the case of a partnership—each partner; and (c) an Australian government agency as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 5, "First_Amended": "No 173 of 1985", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 173 of 1985 | No 135 of 1990 | No 30 of 1995 | No 39 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 173 of 1985, item 23, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 30 of 1995, Sch 2 item 3, effective Sch 1 and 2: 7 Apr 1995 (s 2) | Amended by No 39 of 1997, Sch 4 item 43, effective Sch 1: 1 July 1997 (s 2) | Amended by No 101 of 2006, Sch 2 item 219 | Sch 2 item 220, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AGA", "Provision_Key": "s51aga", "Heading": "No deduction to employee for certain car parking expenses", "Text": "No deduction (1) A deduction is not allowable to an employee under this Act in respect of expenditure to the extent to which it is incurred in respect of the provision of car parking facilities for a car on a day if: (a) on that day, the employee has a primary place of employment; and (b) on that day, the car is parked for one or more daylight periods exceeding 4 hours in total at, or in the vicinity of, that primary place of employment; and (c) the expenditure is in respect of the provision of the parking facilities to which that parking relates; and (d) on that day, the car was used in connection with travel by the employee between: (i) the place of residence of the employee; and (ii) that primary place of employment; and (e) the provision of parking facilities for the car during the period or periods is not taken, under the regulations, to be excluded from this section; and (f) the day is on or after 1 July 1993. Definitions (2) In this section: car has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 . daylight period has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 . employee has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 . place of residence has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 . primary place of employment has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 237 of 1992", "Last_Amended": "No 237 of 1992", "Amending_Acts": "No 237 of 1992", "History_Notes": "Inserted by No 237 of 1992, item 10, effective s 9 and 10: 24 Dec 1992 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AGA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AH", "Provision_Key": "s51ah", "Heading": "Deductions not allowable where expenses incurred by employee are reimbursed", "Text": "(1) Where: (a) either of the following subparagraphs applies: (i) a person makes a payment in discharge, in whole or in part, of an obligation of the taxpayer to pay an amount to a third person in respect of an amount of a loss or outgoing incurred by the taxpayer; (ii) a person reimburses the taxpayer, in whole or in part, in respect of an amount of a loss or outgoing incurred by the taxpayer; (b) the payment or reimbursement, as the case may be, constitutes: (i) a fringe benefit; or (ii) a benefit that, but for paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 , would be a fringe benefit; and (c) in the case of a reimbursement—the amount of the reimbursement is not included in the taxpayer’s assessable income under section 15 ‑ 70 of the Income Tax Assessment Act 1997 ; the amount of the deduction that, but for this section, has been allowed or would be allowable in respect of the loss or outgoing shall be: (d) if it would be concluded that the amount of the payment or reimbursement would have been the same even if the loss or outgoing were not incurred in producing assessable income of the taxpayer—calculated as if the loss or outgoing were reduced by the amount of the payment or reimbursement; or (e) in any other case—reduced by the amount of the payment or reimbursement. (2) Expressions (other than “fringe benefit”) used in this section and in the Fringe Benefits Tax Assessment Act 1986 have the same respective meanings in this section as they have in that Act. (3) This section does not apply to deductions under Division 40 of the Income Tax Assessment Act 1997 (about capital allowances).", "Amendment_Count": 5, "First_Amended": "No 41 of 1986", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 41 of 1986 | No 139 of 1987 | No 101 of 2006 | No 59 of 2008 | No 97 of 2008", "History_Notes": "Inserted by No 41 of 1986, effective s 4 and Sch: 24 June 1986 (s 2(1)) | Amended by No 139 of 1987, item 65 | item 66, effective s 64–75: 18 Dec 1987 (s 2) | Amended by No 101 of 2006, Sch 2 item 221 | Sch 2 item 222, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 59 of 2008, Sch 1 item 6, effective Sch 1 (items 6, 7, 10–13): 30 June 2008 (s 2) | Amended by No 97 of 2008, Sch 3 item 13, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AJ", "Provision_Key": "s51aj", "Heading": "Deductions not allowable for private component of contributions for fringe benefits etc.", "Text": "(1) Where: (a) any of the following benefits is provided in respect of the employment of an employee of an employer: (i) an airline transport benefit; (ii) a board benefit; (iii) a loan benefit; (iv) a property benefit; (v) a residual benefit; (b) the benefit is: (i) a fringe benefit; or (ii) a benefit that, but for paragraph (g) of the definition of fringe benefit in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 , would be a fringe benefit; (c) in the case of a loan benefit—the taxpayer, being the recipient or the employee, incurs interest (in this section called the recipients interest ) in respect of the loan; (d) in the case of a benefit other than a loan benefit—the taxpayer, being the recipient or the employee, incurs consideration (in this section called the recipients contribution ) to the provider or to the employer in respect of the provision of the recipients transport, the recipients meal, the recipients property or the recipients benefit, as the case may be; (e) it would be concluded that, in calculating the amount of the recipients interest, or the amount of the recipients contribution, as the case may be, the provider or the employer made an allowance for a particular level of application or use of the benefit in producing assessable income of the taxpayer; and (f) it would be concluded that the amount of the recipients interest, or the amount of the recipients contribution, as the case may be, would have been greater if it had been calculated without making that allowance; the following provisions have effect: (g) if the extent of the application or use of the benefit concerned in producing assessable income of the taxpayer is equal to, or less than, that level—a deduction is not allowable to the taxpayer under this Act in respect of the recipients interest or the recipients contribution; (h) if the extent of the application or use of the benefit concerned in producing assessable income of the taxpayer exceeds that level—the amount of the deduction that, but for this section, has been allowed or would be allowable to the taxpayer under this Act in respect of the recipients interest or the recipients contribution shall not exceed the amount calculated in accordance with the formula: where: D is the amount of the deduction that, but for this section, would have been allowable to the taxpayer under this Act in respect of the amount of the recipients interest or the amount of the recipients contribution if it had been calculated without making that allowance; and A is the amount of that allowance. (2) Expressions (other than “recipients contribution” and “fringe benefit”) used in this section and in the Fringe Benefits Tax Assessment Act 1986 have the same respective meanings in this section as they have in that Act.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 139 of 1987 | No 101 of 2006", "History_Notes": "Inserted by No 139 of 1987, effective s 64–75: 18 Dec 1987 (s 2) | Amended by No 101 of 2006, Sch 2 item 223, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 51AK", "Provision_Key": "s51ak", "Heading": "Agreements for the provision of non ‑ deductible non ‑ cash business benefits", "Text": "(1) Subject to this section, where: (a) under an agreement: (i) a taxpayer incurs expenditure; and (ii) a non ‑ cash business benefit is provided to the taxpayer or another person; and (b) that benefit is not exclusively for use or application for the purpose of producing assessable income of the taxpayer; the taxpayer shall be treated, for the purposes of this Act, as if so much of the expenditure as does not exceed the arm’s length value of the benefit had been incurred by the taxpayer exclusively in respect of that benefit. (2) This section does not apply so as to treat particular expenditure, or the cost of particular property, to be a particular amount for a particular purpose if there is another provision of this Act that deems that expenditure, or the cost of that property, to be a lesser amount for that purpose. (3) A reference in this section to producing assessable income includes a reference to: (a) gaining assessable income; or (b) carrying on a business for the purpose of gaining or producing assessable income. (4) Expressions used in this section and in section 21A have the same respective meanings in this section as they have in that section. (5) In this section: agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. expenditure includes a loss or outgoing.", "Amendment_Count": 1, "First_Amended": "No 95 of 1988", "Last_Amended": "No 95 of 1988", "Amending_Acts": "No 95 of 1988", "History_Notes": "Inserted by No 95 of 1988, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s51AK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 52", "Provision_Key": "s52", "Heading": "Loss on property acquired for profit ‑ making", "Text": "(1AA) This section does not apply to a loss arising in the 1997 ‑ 98 year of income or a later year of income from the carrying on or carrying out of a profit ‑ making undertaking or scheme, even if the undertaking or scheme was entered into, or began to be carried on or carried out, before the 1997 ‑ 98 year of income. Note: Section 25 ‑ 40 (Loss from profit ‑ making scheme) of the Income Tax Assessment Act 1997 deals with such a loss. (1A) This section does not apply in respect of the sale of property acquired on or after 20 September 1985. (1) Any loss incurred by the taxpayer in the year of income upon the sale of any property or from the carrying on or carrying out of any undertaking or scheme, the profit (if any) from which sale, undertaking or scheme would have been included in the taxpayer’s assessable income, shall be an allowable deduction: Provided that, in respect of property acquired by the taxpayer after the date of the commencement of this proviso, no deduction shall be allowable under this section (except where the Commissioner, being satisfied that the property was acquired by the taxpayer for the purpose of profit ‑ making by sale or for the carrying on or carrying out of any profit ‑ making undertaking or scheme, otherwise directs) unless the taxpayer, not later than the date upon which he or she lodges his or her first return under this Act after having acquired the property, notifies the Commissioner that the property has been acquired by the taxpayer for the purpose of profit ‑ making by sale or for the carrying on or carrying out of any profit ‑ making undertaking or scheme. (2) Where: (a) a taxpayer sells property (in this subsection referred to as the relevant property ) that is deemed by subsection 25A(5) or (8) to have been acquired by the taxpayer for the purpose of profit ‑ making by sale; (b) the Commissioner is satisfied that the relevant property has not been held or used by the taxpayer in a manner inconsistent with such a purpose; and (c) the Commissioner, having regard to: (i) the amount of the consideration paid by the person who transferred the relevant property or, in a case to which subsection 25A(8) applies, the property referred to in paragraph 25A(8)(b), to the taxpayer in respect of the purchase of the property so transferred; and (ii) such other matters as the Commissioner considers relevant; considers that it is appropriate that a loss be deemed to be incurred by the taxpayer upon the sale of the relevant property; the taxpayer shall be deemed, for the purposes of this section, to have incurred a loss upon the sale of the relevant property of such amount as the Commissioner considers appropriate. (3) Except as provided by subsection (2), a deduction is not allowable to a taxpayer under this section in respect of a loss incurred upon a sale of property to which paragraph (2)(a) applies. (4) Where: (a) a loss is incurred by a taxpayer upon the sale of property (in this subsection referred to as the relevant property ); and (b) the taxpayer is deemed to have acquired the relevant property for the purpose of profit ‑ making by sale by virtue of the application of subsection 25A(6) in accordance with subparagraph (b)(ii) of that subsection; the deduction that would, but for this subsection, be allowable to the taxpayer under subsection (1) in respect of the loss shall be reduced by such amount (if any) as the Commissioner considers reasonable having regard to the extent to which the relevant property is attributable to the interest in property that was acquired by the taxpayer for the purpose of profit ‑ making by sale as mentioned in that subparagraph. (5) A deduction is not allowable to a taxpayer under subsection (1) in respect of a loss incurred by the taxpayer upon the sale of property if: (a) the sale is a transfer in the prescribed manner by the taxpayer for the purposes of section 25A; or (b) the property is deemed by subsection 25A(2) to have been acquired by the taxpayer for the purposes of profit ‑ making by sale and was not actually acquired by the taxpayer for that purpose.", "Amendment_Count": 5, "First_Amended": "No 58 of 1941", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 1941 | No 47 of 1984 | No 52 of 1986 | No 121 of 1997 | No 41 of 2011", "History_Notes": "Amended by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Amended by No 47 of 1984, item 17 | item 60, effective 25 June 1984 (s 2) | Amended by No 52 of 1986, item 11, effective 24 June 1986 (s 2) | Amended by No 121 of 1997, Sch 1 item 25 | Sch 1 item 52 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 34 | Sch 1 item 1 | Sch 1 item 9 | Sch 3 item 19 | Sch 3 item 24 | Sch 3 item 29 | Sch 3 item 53 | Sch 3 item 54 | Sch 3 item 60 | Sch 4 item 80, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 41 of 2011, Sch 5 item 227 | Sch 5 item 228 | Sch 5 item 229 | Sch 5 item 230, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s52"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 52A", "Provision_Key": "s52a", "Heading": "Certain amounts disregarded in ascertaining taxable income", "Text": "(1) Notwithstanding section 8 ‑ 1 of the Income Tax Assessment Act 1997 , losses or outgoings consisting of expenditure incurred by a taxpayer in the purchase or acquisition, after 7 April 1978, of any prescribed property as trading stock of the taxpayer shall, if the Commissioner considers that it would be unreasonable that a deduction be allowable to the taxpayer in respect of the whole of those losses or outgoings, be allowable as a deduction to the taxpayer to the extent only that the Commissioner considers that it is reasonable in the circumstances that a deduction be allowable to the taxpayer in respect of those losses or outgoings. (2) Where: (a) expenditure incurred by a taxpayer in the purchase or acquisition, after 7 April 1978, of any prescribed property that was purchased or acquired in the carrying on or carrying out of any profit ‑ making undertaking or scheme would, but for this subsection, be taken into account for the purpose of ascertaining whether any profit arose, or any loss was incurred, from the carrying on or carrying out of the undertaking or scheme and for the purpose of ascertaining the amount of any such profit or loss; and (b) the Commissioner considers that it would be unreasonable that the whole of that expenditure be taken into account for those purposes; that expenditure shall be taken into account for those purposes to the extent only that the Commissioner considers that it is reasonable in the circumstances that the expenditure be taken into account for those purposes. (2A) Where: (a) prescribed property that was acquired by a taxpayer after 24 September 1978 and before the commencement of this subsection or is acquired after the commencement of this subsection was or is treated or used by the taxpayer as an asset of a business carried on by the taxpayer; (b) but for this subsection, a deduction would be allowable to the taxpayer in respect of the value of that property; and (c) the Commissioner considers that it would be unreasonable that a deduction be allowable to the taxpayer in respect of the value of the property to the extent to which, but for this subsection, a deduction would be allowable to the taxpayer in respect of the value of the property; a deduction shall be allowable to the taxpayer in respect of the value of the property to the extent only that the Commissioner considers that it is reasonable in the circumstances that a deduction be allowable to the taxpayer in respect of that value. (2B) Where: (a) the value of any prescribed property that: (i) was acquired by a taxpayer after 24 September 1978 and before the commencement of this subsection or is acquired after the commencement of this subsection; and (ii) was or is used by the taxpayer in the carrying on or carrying out of any profit ‑ making undertaking or scheme; would, but for this subsection, be taken into account for the purpose of ascertaining whether or not any profit arose, or any loss was incurred, from the carrying on or the carrying out of the undertaking or scheme and for the purpose of ascertaining the amount of any such profit or loss; and (b) the Commissioner considers that it would be unreasonable that the value of the property be taken into account for those purposes to the extent to which the value would, but for this subsection, be taken into account for those purposes; the value of the property shall be taken into account for those purposes to the extent only that the Commissioner considers that it is reasonable in the circumstances that that value be taken into account for those purposes. (3) In forming an opinion for the purposes of subsection (1) or (2A) as to the extent to which it is reasonable that a deduction be allowable to a taxpayer in respect of expenditure incurred in the purchase or acquisition of prescribed property or in respect of the value of prescribed property, as the case may be, or in forming an opinion for the purposes of subsection (2) or (2B) as to the extent to which it is reasonable that expenditure incurred by a taxpayer in the purchase or acquisition of prescribed property should be taken into account for the purposes referred to in subsection (2) or that the value of prescribed property should be taken into account for the purposes referred to in subsection (2B), as the case may be: (a) if the taxpayer expended moneys in purchasing or acquiring the prescribed property—the Commissioner shall have regard to the circumstances in which, and the person or persons from whom, the taxpayer obtained moneys: (i) that were expended by the taxpayer in purchasing or acquiring the prescribed property; or (ii) that, in the opinion of the Commissioner, were obtained by, or paid to, the taxpayer to enable the taxpayer to expend moneys in purchasing or acquiring the prescribed property; (b) if the taxpayer borrowed from another person (in this paragraph referred to as the lender ) moneys that were expended by the taxpayer in purchasing or acquiring the prescribed property or moneys that, in the opinion of the Commissioner, were obtained by, or paid to, the taxpayer to enable the taxpayer to expend moneys in purchasing or acquiring the prescribed property—the Commissioner shall have regard to: (i) the circumstances in which, and the terms and conditions on which, the taxpayer borrowed those moneys from the lender; and (ii) whether, in the opinion of the Commissioner, the taxpayer and the lender were dealing with each other at arm’s length in connexion with the borrowing of those moneys by the taxpayer; (c) if, either before or after the purchase or acquisition of the prescribed property by the taxpayer, an agreement or arrangement (whether or not enforceable by legal proceedings and whether or not intended to be so enforceable) was entered into, or an understanding was reached, as a result of which there has been, or there could reasonably be expected to be, a substantial reduction in the value of the prescribed property—the Commissioner shall have regard to that agreement, arrangement or understanding; (d) if the purchase or acquisition of the prescribed property by the taxpayer arose out of, or was made in the course of, a transaction, operation, undertaking, scheme or arrangement that was entered into or carried out for the purpose, or for purposes that included the purpose, of securing that a person who, if the transaction, operation, undertaking, scheme or arrangement, had not been entered into or carried out, would have been liable to pay income tax in respect of a year of income would not be liable to pay income tax in respect of that year of income or would be liable to pay less income tax in respect of that year of income than that person would have been liable to pay if the transaction, operation, undertaking, scheme or arrangement had not been entered into or carried out—the Commissioner shall have regard to that transaction, operation, undertaking, scheme or arrangement; (e) if the purchase or acquisition of the prescribed property by the taxpayer arose out of, or was made in the course of, a transaction, operation, undertaking, scheme or arrangement that the Commissioner is satisfied was by way of dividend stripping or was similar to a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping—the Commissioner shall have regard to that transaction, operation, undertaking, scheme or arrangement; (f) if: (i) the purchase or acquisition of the prescribed property by the taxpayer arose out of, or was made in the course of, a transaction, operation, undertaking, scheme or arrangement under which, or in the course of which, money was to be paid, or other property was to be transferred or made available by a person other than the taxpayer, whether before or after the purchase or acquisition of the prescribed property, to the taxpayer, to the taxpayer and a person or persons other than the taxpayer or to a person or persons other than the taxpayer; (ii) the Commissioner is satisfied that the amount of money so to be paid, or the value of the property so to be transferred or made available, as the case may be, was to be not less than, or not substantially less than, the amount expended by the taxpayer in the purchase or acquisition of the prescribed property; the Commissioner shall have regard to the fact that the purchase or acquisition of the prescribed property by the taxpayer arose out of, or was made in the course of such a transaction, operation, undertaking, scheme or arrangement; (g) if the purchase or acquisition of the prescribed property by the taxpayer arose out of, or was made in the course of, a transaction, operation, undertaking, scheme or arrangement under which, or in the course of which, other prescribed property was to be issued or allotted by a company (whether to the taxpayer or any other person or persons) and it could reasonably be expected that, as a result of the issue or allotment of that other prescribed property, the value of the prescribed property purchased or acquired by the taxpayer would be substantially reduced—the Commissioner shall have regard to that transaction, operation, undertaking, scheme or arrangement; (h) if the purchase or acquisition of the prescribed property by the taxpayer arose out of, or was made in the course of, a transaction, operation, undertaking, scheme or arrangement under which, or in the course of which, rights in respect of the prescribed property or in respect of other prescribed property (whether that other prescribed property had been issued or allotted before the time of the purchase or acquisition by the taxpayer of the first ‑ mentioned prescribed property or was to be issued or allotted at a later time) were to be withdrawn or varied and it could reasonably be expected that, as a result of a withdrawal or variation of those rights, the value of the prescribed property purchased or acquired by the taxpayer would be substantially reduced—the Commissioner shall have regard to that transaction, operation, undertaking, scheme or arrangement; and (j) the Commissioner shall have regard to any other matters that he or she considers relevant. (4) In this section, prescribed property means any chose in action. (4A) In the preceding provisions of this section, references to the value of any prescribed property shall, unless the contrary intention appears, be read as including references to part of the value of that prescribed property. (5) For the purposes of this section: (a) a person to whom prescribed property is issued or allotted by a company shall be taken to have acquired that prescribed property; (b) a person upon whom prescribed property devolves by reason of the death of a person shall be taken to have acquired that prescribed property; and (c) a person in whom prescribed property vests by the operation of any trust or the exercise of any power under a trust shall be taken to have acquired that prescribed property. (6) The reference in paragraph (3)(b) to terms and conditions shall be read as including a reference to implied terms and conditions and to terms and conditions that are not enforceable by legal proceedings whether or not they were intended to be so enforceable. (7) Where, by virtue of the application of the preceding provisions of this section, the amount (in this subsection referred to as the relevant amount ) of the deduction that is allowable to a taxpayer in respect of losses or outgoings incurred by the taxpayer in the purchase or acquisition of prescribed property is less than the amount of those losses and outgoings, the cost of that prescribed property shall, for the purposes of the application of Divisions 70 (Trading stock) and 385 (Primary production) of the Income Tax Assessment Act 1997 in relation to that property in relation to the taxpayer, be taken to be an amount that is the same as the relevant amount. (8) References in this section to expenditure incurred by a taxpayer in the purchase or acquisition of any prescribed property shall, in the case of prescribed property being a share or stock in the capital of a company, be read as including references to any payment made or other consideration given by the taxpayer to the company in respect of the prescribed property, whether as a payment of unpaid capital in respect of the prescribed property or otherwise and whether on application for or allotment of the prescribed property, to meet calls or otherwise. (9) Subsection (8) applies to a non ‑ share equity interest in the same way as it applies to a share.", "Amendment_Count": 8, "First_Amended": "No 57 of 1978", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 57 of 1978 | No 146 of 1979 | No 108 of 1981 | No 39 of 1997 | No 121 of 1997 | No 63 of 1998 | No 163 of 2001 | No 41 of 2011", "History_Notes": "Inserted by No 57 of 1978, effective 22 June 1978 (s 2) | Amended by No 146 of 1979, item 6, effective 28 Nov 1979 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 39 of 1997, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 5 item 68 | Sch 5 item 69, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 63 of 1998, Sch 7 item 16, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 163 of 2001, Sch 1 item 66, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 41 of 2011, Sch 5 item 231, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s52A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 63", "Provision_Key": "s63", "Heading": "Bad debts", "Text": "Where a debt in respect of the whole or a part of a payment that has, or will, become liable to be made under a qualifying security within the meaning of Division 16E is written off as a bad debt by a taxpayer during a year of income, then, for the purposes of paragraph 25 ‑ 35(1)(a) of the Income Tax Assessment Act 1997 , there is taken to have been included in the taxpayer’s assessable income of a year of income so much of the debt as equals the amount (if any) ascertained in accordance with the formula A – B , where: A is the amount (if any) or the sum of the amounts (if any) included in the assessable income of the taxpayer of any year or years of income under section 159GQ that is or are attributable to the payment or to the part of the payment, as the case requires; and B is the amount (if any) or the sum of the amounts (if any) allowable as a deduction or deductions from the assessable income of the taxpayer of any year or years of income under section 159GQ that is or are attributable to the payment or to the part of the payment, as the case requires.", "Amendment_Count": 16, "First_Amended": "No 43 of 1954", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 43 of 1954 | No 69 of 1963 | No 49 of 1986 | No 48 of 1991 | No 98 of 1992 | No 82 of 1994 | No 76 of 1996 | No 39 of 1997 | No 95 of 1997 | No 121 of 1997 | No 58 of 2000 | No 41 of 2005 | No 101 of 2006", "History_Notes": "Amended by No 43 of 1954, effective 6 Nov 1954 (s 2) | Amended by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 49 of 1986, item 6, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 48 of 1991, item 13, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 98 of 1992, item 22 | item 102N, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 82 of 1994, item 17 | Sch 4 item 130, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 76 of 1996, Sch 2C item 245 | Sch 2C item 14, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 39 of 1997, Sch 4 item 49 | Sch 4 item 50 | Sch 4 item 51 | Sch 4 item 52 | Sch 4 item 90, effective Sch 1: 1 July 1997 (s 2) | Amended by No 95 of 1997, Sch 2E item 2, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 121 of 1997, Sch 1 item 25 | Sch 3 item 64 | Sch 3 item 68 | Sch 4 item 83 | Sch 4 item 84 | Sch 4 item 119 | Sch 4 item 137 | Sch 8 item 32 | Sch 8 item 33 | Sch 8 item 52, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Inserted by No 58 of 2000, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Inserted by No 58 of 2000, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 41 of 2005, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 41 of 2005, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Inserted by No 41 of 2005, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 101 of 2006, Sch 2 item 19 | Sch 2 item 49 | Sch 2 item 224 | Sch 2 item 225 | Sch 2 item 226 | Sch 2 item 227 | Sch 2 item 523 | Sch 2 item 533, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s63"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 63D", "Provision_Key": "s63d", "Heading": "Bad debts etc. of money ‑ lenders not allowable deductions where attributable to listed country or unlisted country branches", "Text": "(1) Subject to section 63F, if: (a) apart from this section and section 63F, a deduction would be allowable to a taxpayer: (i) under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the writing off of a debt as bad; or (ii) under section 63E of this Act in respect of a debt/equity swap in relation to a debt; and (b) the debt was created or acquired in the ordinary course of a money ‑ lending business of the taxpayer who carries on that business; and (c) during any part or parts (the foreign country branch period ) of the period since the debt was so created or acquired (the debt holding period ), it is the case that, if income had been derived by the taxpayer in respect of the debt, the income would not, because of section 23AH of this Act, have been included in the assessable income of the taxpayer; then only a proportion of the deduction is allowable, being the proportion calculated using the formula: where: debt holding period means the number of days in the debt holding period. eligible debt term means: (a) where the debt was acquired from a person other than an associate, within the meaning of section 318 of this Act—the number of days in the debt holding period; or (b) in any other case—the number of days in the period beginning on the day on which the debt was created (whether by the taxpayer or another person) and ending at the end of the day on which it was written off. foreign country branch period means the number of days in the foreign country branch period. (2) Where a debt that is written off, or in respect of which there is a debt/equity swap (within the meaning of section 63E), was acquired from another person, the creation, and any previous acquisition, of the debt is to be disregarded for the purposes of applying subsection (1), other than paragraph (b) of the definition of eligible debt term in subsection (1). (3) Where a part of a debt is written off as bad, this section applies as if the part were an entire debt that is written off as bad.", "Amendment_Count": 7, "First_Amended": "No 48 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 48 of 1991 | No 100 of 1991 | No 98 of 1992 | No 39 of 1997 | No 121 of 1997 | No 46 of 1998 | No 96 of 2004", "History_Notes": "Inserted by No 48 of 1991, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 100 of 1991, Sch 2 item 29 | Sch 2 item 76, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 98 of 1992, item 26 | item 27, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 39 of 1997, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 4 item 94 | Sch 4 item 95, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 46 of 1998, Sch 10 item 137 | Sch 10 item 6, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s63D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 63E", "Provision_Key": "s63e", "Heading": "Debt/equity swaps", "Text": "Meaning of debt/equity swap (1) For the purposes of this section, a debt/equity swap occurs if: (a) under an arrangement (defined in subsection (6)), a taxpayer discharges, releases or otherwise extinguishes the whole or part of a debt owed to the taxpayer in return for the issue by the debtor to the taxpayer of shares (other than redeemable preference shares), or units, in the debtor; and (b) the debtor is: (i) a company; or (ii) a trading trust (within the meaning of section 102N), or a public unit trust (within the meaning of section 102P), in relation to the year of income in which the units are issued; and (c) the debt either: (i) has been brought to account by the taxpayer as assessable income of any year of income; or (ii) is in respect of money lent in the ordinary course of the business of the lending of money by the taxpayer who carries on that business. Meaning of equity value and swap loss (2) For the purposes of this section: (a) the equity value of the shares or units is the greater of: (i) their market value at the time of their issue to the taxpayer; and (ii) their value shown in the accounts of the taxpayer as at the time of their issue to the taxpayer; and (b) a swap loss occurs if the amount of the whole or the part of the debt that is extinguished is greater than the equity value of the shares or units. Swap loss is deductible etc. (3) If a debt/equity swap occurs: (a) subject to section 63F, any swap loss is allowable as a deduction from the taxpayer’s assessable income of the year of income in which the shares or units are issued; and (b) no amount is allowable as a deduction from the assessable income of the taxpayer of any year of income under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the writing off of the whole or part of the debt as bad in connection with the debt/equity swap; and (c) for the purposes of any application of Subdivision 20 ‑ A of the Income Tax Assessment Act 1997 in relation to the issue of the shares or units to the taxpayer, the amount received in respect of the issue is taken to be the same as the equity value of the shares or units. Effect of debt/equity swap on later equity disposal etc. (4) If a debt/equity swap occurs and the taxpayer later disposes of any of the shares or units or they are cancelled or redeemed: (a) except in accordance with paragraph (b), no amount is included in, or allowable as a deduction from, the taxpayer’s assessable income of any year of income under this Act in respect of the later disposal, cancellation or redemption; and (b) if the consideration received or receivable by the taxpayer in respect of the disposal, cancellation or redemption is different from the equity value of the shares or units: (i) if the consideration is greater—the difference is included in the taxpayer’s assessable income of the year of income in which the disposal, cancellation or redemption occurs; or (ii) if it is less—the difference is allowable as a deduction from that assessable income. Consideration of a nil amount (5) For the purposes of subsection (4), if no consideration is received or receivable by the taxpayer in respect of the disposal, cancellation or redemption, then consideration of a nil amount is taken to have been so received or receivable. (5A) Subdivisions 165 ‑ C, 166 ‑ C and 175 ‑ C of the Income Tax Assessment Act 1997 apply to an allowable deduction under this section in respect of the whole or part of a debt that is extinguished, in the same way as they apply to a debt (or part of a debt) that is written off as bad. Meaning of arrangement (6) In this section: arrangement means any agreement, arrangement, understanding, promise, undertaking or scheme, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings.", "Amendment_Count": 5, "First_Amended": "No 98 of 1992", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 98 of 1992 | No 39 of 1997 | No 121 of 1997 | No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 98 of 1992, item 21 | item 23 | item 24 | item 25 | item 26 | item 102N | item 28 | item 29 | item 30 | item 31, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 39 of 1997, Sch 4 item 49 | Sch 4 item 51, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 4 item 35 | Sch 4 item 93 | Sch 4 item 96 | Sch 4 item 98 | Sch 4 item 100 | Sch 8 item 33, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 46 of 1998, Sch 10 item 17, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, Sch 2 item 225, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s63E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 63F", "Provision_Key": "s63f", "Heading": "Limit on deductions where debt write offs and debt/equity swaps occur", "Text": "Situations where limit is to be applied (1) If: (a) apart from this section, a deduction ( the current deduction ) would be allowable to a taxpayer: (i) under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the writing off of the whole or part of a debt as bad; or (ii) under section 63E of this Act in respect of a debt/equity swap relating to the whole or part of a debt; and (b) a deduction ( a previous deduction ) was allowed or allowable to the taxpayer under any of those sections, under former section 51 of this Act or under section 63 in respect of any number of occurrences of either or both of the following: (i) a previous writing off as bad of the whole or part of a debt ( a previous debt ) that was the same as, or included, the debt mentioned in subparagraph (a)(i) or (ii); (ii) a previous debt/equity swap relating to a part of a debt ( a previous debt ) that was the same as, or included, the debt mentioned in subparagraph (a)(i) or (ii); and (c) the current deduction or at least one previous deduction is a deduction allowable under section 63E of this Act in respect of a debt/equity swap; then the current deduction is only allowable to the extent that it does not exceed the limit worked out under subsection (2). Calculation of limit (2) The limit is worked out as follows: Step 1: Take the amount of the previous debt in respect of the earliest or only writing off or debt/equity swap to which paragraph (1)(b) applies. Step 2: Reduce the amount by the previous deduction in respect of that writing off or debt/equity swap. Step 3: If one or more of the following events occur after the writing off or debt/equity swap, progressively reduce the balance of the amount in the way set out below and in the order in which the events occur: Event How balance reduced A writing off or debt/equity swap in respect of which there is a previous deduction. Reduce the balance by the amount of that previous deduction. If the reduced balance is higher than the level of the debt owing after the event, further reduce the balance to that lower level. Any other event (e.g. a repayment) that reduces the amount of debt owing, being an event that occurs before the writing off or debt/equity swap in respect of the current deduction. If the balance at the time of the event is higher than the level of the debt owing after the event occurs, reduce the balance to that lower level The limit is the resulting balance.", "Amendment_Count": 4, "First_Amended": "No 98 of 1992", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 98 of 1992 | No 39 of 1997 | No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 98 of 1992, item 26 | item 102N, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 39 of 1997, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 4 item 99 | Sch 4 item 100, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 101 of 2006, Sch 2 item 226, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s63F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 63G", "Provision_Key": "s63g", "Heading": "Bad debts etc. of trust not allowable in certain circumstances", "Text": "If: (a) a deduction is allowable from a trust’s assessable income of any year of income: (i) under former section 51 of this Act, under section 63 of this Act or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the writing off of the whole or part of a debt as bad; or (ii) under subsection 63E(3) or (4) in respect of the extinguishment of the whole or part of a debt; and (b) the debt was incurred as well as written off or extinguished on the last day of the year of income; the deduction is not allowable. Schedule 2F may also prevent a taxpayer deducting an amount in respect of a debt in other circumstances.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 17 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 18, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s63G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 65", "Provision_Key": "s65", "Heading": "Payments to associated persons and relatives", "Text": "(1B) Where, by virtue of section 26 ‑ 35 (Reduction of deduction for amounts paid to related entities) of the Income Tax Assessment Act 1997 , an amount is not allowable as a deduction in calculating in accordance with section 90 of this Act the net income, or a partnership loss, of a partnership in which a company, being a private company in relation to the year of income of the company to which the individual interest of the company in the net income of the partnership or in the partnership loss relates, is a partner: (a) the company shall, for the purposes of this Act other than Division 11A, be deemed to have paid, on the last day of that year of income, a dividend of an amount ascertained in accordance with subsection (1C); and (b) subsection 26 ‑ 35(4) of the Income Tax Assessment Act 1997 does not apply in relation to so much of the amount that is not so allowable as a deduction as is equal to the amount of the dividend that the company is to be so deemed to have paid. (1C) For the purposes of subsection (1B), the amount of the dividend that the company is to be deemed to have paid is: (a) where the effect of the disallowance of the deduction has been to increase the net income of the partnership—an amount equal to the difference between the amount of the individual interest of the company in the net income of the partnership and the amount that would have been the individual interest of the company in the net income of the partnership if the deduction had been allowed; (b) where the effect of the disallowance of the deduction has been to reduce the partnership loss—an amount equal to the difference between the amount of the individual interest of the company in the partnership loss and the amount that would have been the individual interest of the company in the partnership loss if the deduction had been allowed; (c) where there is net income of the partnership and the amount of the deduction that was disallowed is equal to that net income—an amount equal to the individual interest of the company in the net income of the partnership; (d) where there is net income of the partnership and, but for the disallowance of the deduction, there would have been a partnership loss—an amount equal to the sum of the amount of the individual interest of the company in the net income of the partnership and the amount that would have been the individual interest of the company in the partnership loss if the deduction had been allowed; and (e) where there is no net income of the partnership and, but for the disallowance of the deduction, there would have been a partnership loss—an amount equal to the amount that would have been the individual interest of the company in the partnership loss if the deduction had been allowed.", "Amendment_Count": 7, "First_Amended": "No 110 of 1964", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 108 of 1981 | No 107 of 1989 | No 135 of 1990 | No 121 of 1997 | No 101 of 2006", "History_Notes": "Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 107 of 1989, Sch 1 item 12, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 121 of 1997, Sch 1 item 26 | Sch 4 item 103 | Sch 4 item 104 | Sch 4 item 105 | Sch 4 item 106, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 101 of 2006, Sch 2 item 228 | Sch 2 item 1042, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 70B", "Provision_Key": "s70b", "Heading": "Deduction for loss on disposal or redemption of traditional securities", "Text": "(1) Expressions used in this section that are also used in section 26BB have the same meanings in this section as in section 26BB. (2) Where a taxpayer disposes of a traditional security or a traditional security of a taxpayer is redeemed, the amount of any loss on the disposal or redemption is allowable as a deduction from the assessable income of the taxpayer of the year of income in which the disposal or redemption takes place. (2A) A deduction is not allowable under subsection (2) for a loss on the disposal or redemption of traditional securities that are: (a) segregated exempt assets (for the purposes of the Income Tax Assessment Act 1997 ) of a life assurance company; or (b) segregated current pension assets (as defined in the Income Tax Assessment Act 1997 ) of a complying superannuation fund. (2B) A deduction is not allowable under subsection (2) for a loss on the disposal or redemption of a traditional security if: (a) the disposal or redemption occurs because the traditional security is converted into ordinary shares in a company that is: (i) the issuer of the traditional security; or (ii) a connected entity of the issuer of the traditional security; and (b) the traditional security was issued on the basis that it will or may convert into ordinary shares in: (i) the issuer of the traditional security; or (ii) the connected entity. (2C) A deduction is not allowable under subsection (2) for a loss on the disposal or redemption of a traditional security if: (a) the disposal or redemption is in exchange for ordinary shares in a company that is neither: (i) the issuer of the traditional security; nor (ii) a connected entity of the issuer of the traditional security; and (b) in the case of a disposal—the disposal is to: (i) the issuer of the traditional security; or (ii) a connected entity of the issuer of the traditional security; and (c) the traditional security was issued on the basis that it will or may be: (i) disposed of to the issuer of the traditional security or to the connected entity; or (ii) redeemed; in exchange for ordinary shares in the company. (3) Where the Commissioner, having regard to any connection between the parties to the transaction by which the taxpayer disposed of the traditional security or by which it was redeemed, or by which the taxpayer acquired the traditional security, is satisfied that the parties were not dealing with each other at arm’s length in relation to the transaction, then, for the purposes of determining under subsection (2) the amount of any loss on the disposal or redemption, the consideration for the transaction shall be taken to be: (a) the amount that might reasonably be expected for the transaction if the parties were independent parties dealing at arm’s length with each other; or (b) where, for any reason it is not possible or practicable for the Commissioner to ascertain that amount—such amount as the Commissioner determines. (4) If: (a) a taxpayer disposes of a traditional security or a traditional security of a taxpayer is redeemed; and (b) there is a loss on the disposal or redemption; and (c) in the case of a disposal or redemption of a marketable security: (i) the taxpayer did not acquire the security in the ordinary course of trading on a securities market; and (ii) at the time the taxpayer acquired the security, it was not open to the taxpayer to acquire an identical security in the ordinary course of trading on a securities market; and (d) in the case of a disposal of a marketable security—the disposal did not take place in the ordinary course of trading on a securities market; and (e) having regard to: (i) the financial position of the issuer of the security; and (ii) perceptions of the financial position of the issuer of the security; and (iii) other relevant matters; it would be concluded that the disposal or redemption took place for the reason, or for reasons that included the reason, that there was an apprehension or belief that the issuer was, or would be likely to be, unable or unwilling to discharge all liability to pay amounts under the security; a deduction is not allowable to the taxpayer under this section in respect of so much of the amount of the loss as is a loss of capital or a loss of a capital nature. (5) A reference in this section to the disposal by a taxpayer of a security, or to the redemption of a security of a taxpayer, does not include a reference to the waiver or release by the taxpayer of: (a) the whole or a part of the debt the subject of the security; or (b) any other right of the taxpayer under the security. (6) Subsection (5) does not, by implication, affect the meaning of an expression used in: (a) a provision of this Act other than this section; or (b) any other law of the Commonwealth. (7) In this section: issuer , in relation to a security at a particular time, means the person who, if the amount or amounts payable under the security were due and payable at that time, would be liable to pay the amount or amounts. marketable security means a traditional security that is covered by paragraph (a) of the definition of security in subsection 159GP(1). securities market means a market, exchange or other place at which, or a facility by means of which, offers to sell, purchase or exchange marketable securities are regularly made or accepted.", "Amendment_Count": 6, "First_Amended": "No 107 of 1989", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 107 of 1989 | No 224 of 1992 | No 89 of 2000 | No 133 of 2003 | No 58 of 2006 | No 15 of 2007", "History_Notes": "Inserted by No 107 of 1989, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 224 of 1992, item 22 | item 19 | item 21, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 89 of 2000, Sch 2 item 6, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 133 of 2003, Sch 1 item 3, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 58 of 2006, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 15 of 2007, Sch 1 item 72, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s70B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 73A", "Provision_Key": "s73a", "Heading": "Expenditure on scientific research", "Text": "(1A) This section has effect subject to Division 245 of the Income Tax Assessment Act 1997 . (1) The following payments made, and expenditure incurred, during the year of income (other than any amount which is allowable as a deduction under any other section of this Act) by a person carrying on a business for the purpose of gaining or producing assessable income shall be allowable deductions: (a) Payments to: (i) an approved research institute for scientific research related to that business; or (ii) an approved research institute, the object of which is the undertaking of scientific research related to the class of business to which that business belongs; and (b) Expenditure of a capital nature on scientific research related to that business (except to the extent that it is expenditure on plant, machinery, land or buildings or on alterations, additions or extensions to buildings or in the acquisition of rights in or arising out of scientific research). (2) Where, on or after the first day of the year of income ending on 30 June 1946, a taxpayer carrying on a business for the purpose of gaining or producing assessable income incurs expenditure of a capital nature in the construction or acquisition of a building, or part of a building, or in making any alteration or addition to a building, in which scientific research related to that business is to be carried on by or on behalf of the taxpayer, and the building, part of a building, alteration or addition, as the case may be, is of use for scientific research purposes only, an amount equal to one ‑ third of that expenditure shall be an allowable deduction: (a) from the assessable income of the year of income in which the building, part of a building, alteration or addition is first used by or on behalf of the taxpayer for such scientific research; and (b) from the assessable income of each of the 2 years of income next succeeding that year of income, if the taxpayer continues to carry on that business during the year in which that assessable income was derived. (2A) Subsection (2) does not apply to expenditure incurred by a taxpayer in the construction of a building or part of a building, in the making of an alteration or addition to a building or in the acquisition of a building or part of a building unless: (a) either of the following subparagraphs applies: (i) that construction or making commenced, or that acquisition occurred, before 21 November 1987; (ii) any contract in respect of that construction, making or acquisition was entered into before 21 November 1987; and (b) if the expenditure was incurred after 20 November 1987—the taxpayer intended, on 20 November 1987, that: (i) scientific research, being research related to a business carried on by the taxpayer for the purpose of gaining or producing assessable income, would be carried on by or on behalf of the taxpayer in the building; and (ii) the building, part of the building, alteration or addition, as the case may be, would be of use for scientific research purposes only. (3) Where any expenditure or payment to which this section refers is incurred or made outside Australia and the business in relation to which it is so incurred or made is carried on partly in and partly out of Australia, the deduction allowable under this section shall be such part of the amount which would otherwise be allowable as the Commissioner considers reasonable in the circumstances. (4) Where any expenditure has been allowed or is allowable as a deduction under subsection (2) and: (a) the taxpayer sells, transfers or otherwise disposes of the building or any part thereof; or (b) the building or any part thereof is destroyed; the termination value of the building or part shall, to the extent of the expenditure so allowed or allowable as a deduction, be included in the assessable income of the year of income in which the disposal or destruction occurs: Provided that where the Commissioner is of opinion that part only, or no part, of that termination value relates to the disposal or destruction of any property which was acquired or created by that expenditure, that part only, or no part, as the case may be, of the termination value shall be taken into account for the purposes of this subsection. (4A) If: (a) a person has purchased from another person a building, or part of a building, where the vendor had incurred capital expenditure of a kind in respect of which deductions are or have been allowable under subsection (2); and (b) it would be concluded that, having regard to any connection between the vendor and the purchaser or to any other relevant circumstances, those persons were not dealing with each other at arm’s length; and (c) the purchase price is greater or lesser than the market value of the building, or the part of the building, at the time of the purchase; the purchase price is, for all purposes of the application of this Act in relation to the vendor, taken to have been the amount of the market value of the property at the time of the purchase. (5) If the purchase of the building is a creditable acquisition by the vendor, references in subsection (4A) to the purchase price are taken to be references to that price reduced by the amount of the net input tax credit to which the purchaser is entitled for the acquisition. (6) In this section: an approved research institute means the Commonwealth Scientific and Industrial Research Organization, or any university, college, institute, association or organization which is approved in writing for the purposes of this section by that Organization, by the Chief Executive Officer of the NHMRC or by the Research Secretary, as an institution, association or organization for undertaking scientific research which is or may prove to be of value to Australia. NHMRC means the National Health and Medical Research Council established by section 5B of the National Health and Medical Research Council Act 1992 . Research Secretary means the Secretary of the Department administered by the Minister administering the Australian Research Council Act 2001 . scientific research means any activities in the fields of natural or applied science for the extension of knowledge. termination value has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . (7) An approval for the purposes of subsection (6) may: (a) operate as from a date, whether before or after the date of the approval, specified in the instrument of approval; and (b) be withdrawn at any time. (8) In this section, any reference to scientific research related to a business or class of business shall be read as including a reference to: (i) any scientific research which may lead to or facilitate an extension, or an improvement in the technical efficiency, of that business, or, as the case may be, of businesses of that class; and (ii) any scientific research of a medical nature which is of special relation to the welfare of workers employed in that business or, as the case may be, in businesses of that class. (9) This section does not apply in relation to payments made, or expenditure incurred, after 30 June 1995.", "Amendment_Count": 27, "First_Amended": "No 6 of 1946", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 6 of 1946 | No 65 of 1957 | No 18 of 1960 | No 51 of 1973 | No 164 of 1973 | No 216 of 1973 | No 20 of 1974 | No 80 of 1975 | No 50 of 1976 | No 27 of 1979 | No 108 of 1981 | No 80 of 1982 | No 165 of 1984 | No 112 of 1986 | No 11 of 1988 | No 97 of 1989 | No 167 of 1989 | No 35 of 1992 | No 76 of 1996 | No 176 of 1999 | No 101 of 2006 | No 97 of 2008 | No 14 of 2009 | No 88 of 2009 | No 79 of 2010 | No 41 of 2011 | No 110 of 2014", "History_Notes": "Inserted by No 6 of 1946, effective 13 Apr 1946 (s 2) | Amended by No 65 of 1957, effective s 3–23: 28 Nov 1957 (s 2) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 80 of 1975, effective 20 June 1975 (s 2) | Amended by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 27 of 1979, effective s 5: 5 Dec 1978 (s 2(2)) s 6: 23 June 1977 (s 2(3)) Remainder: 4 June 1979 (s 2(1)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 80 of 1982, effective s 280(2), (3) and Sch 12: 22 Sept 1982 (s 2(1)) | Amended by No 165 of 1984, effective s 9 and Sch 1: 13 Dec 1984 (s 2(29) and gaz 1984, No S519) | Amended by No 112 of 1986, effective s 15–34, 46 and 47: 4 Nov 1986 (s 2) | Amended by No 11 of 1988, item 12, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 97 of 1989, item 13 | Sch 2 item 4 | Sch 2 item 3 | Sch 2 item 13, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 167 of 1989, item 6, effective s 4–30 and 32: 19 Dec 1989 (s 2(1)) s 31: 19 Jan 1989 (s 2(2)) | Amended by No 35 of 1992, item 27 | item 23 | item 26 | item 73A | item 1992 | item 64 | item 55 | item 69 | item 1988, effective s 7–75: 25 May 1992 (s 2) | Amended by No 76 of 1996, Sch 2C item 245 | Sch 2C item 18, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 176 of 1999, Sch 8 item 24, effective Sch 8 (items 16–25): 1 July 2000 (s 2(17)) | Amended by No 101 of 2006, Sch 1 item 79 | Sch 2 item 229 | Sch 2 item 230 | Sch 2 item 231 | Sch 2 item 232 | Sch 2 item 233, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 97 of 2008, Sch 3 item 15 | Sch 3 item 16 | Sch 3 item 17 | Sch 3 item 18, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 14 of 2009, Sch 4 item 8, effective Sch 4 (items 6–10): 26 Mar 2009 (s 2(1) item 2) Sch 5 (items 1, 14(1)): 29 Jan 2009 (s 2(1) items 3, 7) Sch 5 (item 4): never commenced (s 2(1) item 4) | Amended by No 88 of 2009, Sch 5 item 74, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 79 of 2010, Sch 2 item 245, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 232 | Sch 5 item 233, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 110 of 2014, Sch 5 item 11, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s73A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 73AA", "Provision_Key": "s73aa", "Heading": "Section 73A roll ‑ over relief in the case of certain CGT roll ‑ overs", "Text": "Roll ‑ over relief where CGT roll ‑ over relief allowed (1) This section applies to the disposal of a building, or part of a building, by a taxpayer (in this section called the transferor ) to another taxpayer (in this section called the transferee ) if: (b) subject to subsection (7), deductions have been allowed or are allowable under subsection 73A(2) to the transferor in respect of the building or the part of the building; and (c) the disposal involves a CGT event; and (d) the conditions in an item in the table are satisfied. CGT roll ‑ overs that qualify transferor for relief Item Type of CGT roll ‑ over Conditions 1 Disposal of asset to wholly ‑ owned company There is a roll ‑ over under Subdivision 122 ‑ A of the Income Tax Assessment Act 1997 for the CGT event. 2 Disposal of asset by partnership to wholly ‑ owned company The transferor is a partnership, the building or part is partnership property, and there is a roll ‑ over under Subdivision 122 ‑ B of the Income Tax Assessment Act 1997 for the disposal by the partners of the CGT assets consisting of their interests in the building or part. 3 Marriage or relationship breakdown There is a roll ‑ over under Subdivision 126 ‑ A of the Income Tax Assessment Act 1997 for the CGT event. 4 Disposal of asset to another member of the same wholly ‑ owned group There is a roll ‑ over under Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 for the CGT event. No balancing charges (2) Subsection 73A(4) (which deals with balancing charges) does not apply to the disposal of the building or the part of the building by the transferor. Transferee to inherit certain characteristics from transferor (3) Section 73A applies as if: (a) the transferee had acquired the building or the part of the building for a consideration equal to the cost of the building or the part of the building to the transferor; and (b) deductions were not allowable to the transferee under subsection 73A(2) in respect of: (i) so much of the cost of the building or the part of the building to the transferor as was allowed or allowable as a deduction to the transferor under that subsection in respect of the building or the part of the building; or (ii) if there have been 2 or more prior successive applications of this section—so much of the cost of the building or the part of the building to the transferor as was allowed or allowable as a deduction to the prior successive transferors under that subsection in respect of the building or the part of the building; and (c) deductions were not allowable to the transferor under subsection 73A(2) in respect of the building or the part of the building for the year of income in which the disposal took place or for a subsequent year of income. Subsection 73A(2A)—special rules (4) If subsection 73A(2A) applies to the transferor and in relation to the building or the part of the building, that subsection applies in relation to the transferee and in relation to the building or the part of the building. Disposal by transferee where no roll ‑ over relief—inheritance of deductions (5) If: (a) after the disposal of the building or the part of the building to the transferee, the building or the part of the building is lost or destroyed or the transferee disposes of the building or the part of the building; and (b) in the case of a disposal by the transferee—this section does not apply to the disposal; then, for the purposes of the application of subsection 73A(4) in relation to the loss, destruction or disposal, the total of: (c) the deductions allowed or allowable to the transferor under subsection 73A(2) in relation to the building or the part of the building; and (d) if there have been 2 or more prior successive applications of this section—the deductions allowed or allowable to the prior successive transferors under subsection 73A(2) in relation to the building or the part of the building; are taken to have been deductions allowed or allowable to the transferee under subsection 73A(2) in relation to the building or the part of the building. Meaning of cost (6) A reference in this section to the cost of a building or of a part of a building to the transferor is a reference to expenditure of a capital nature incurred by the transferor in the construction or acquisition of the building or the part of the building, or in making any alteration or addition to the building or to the part of the building. Second or subsequent application of section—paragraph (1)(b) does not apply (7) If, apart from this subsection, this section has applied to the disposal of the building or the part of the building to the transferee, then, in working out whether this section applies to a subsequent disposal of the building or the part of the building by: (a) the transferee; or (b) one or more subsequent successive transferees; this section has effect as if paragraph (1)(b) (which deals with deductions) had not been enacted.", "Amendment_Count": 4, "First_Amended": "No 35 of 1992", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 35 of 1992 | No 224 of 1992 | No 46 of 1998 | No 144 of 2008", "History_Notes": "Inserted by No 35 of 1992, effective s 7–75: 25 May 1992 (s 2) | Amended by No 224 of 1992, item 47, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 138 | Sch 10 item 139, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 144 of 2008, Sch 14 item 13, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s73AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 78A", "Provision_Key": "s78a", "Heading": "Certain gifts not to be allowable deductions", "Text": "(1) In this section: agreement includes any agreement, arrangement or understanding, whether formal or informal or express or implied, and whether or not enforceable by legal proceedings (whether or not the agreement, arrangement or understanding was intended to be so enforceable). associate , in relation to the donor of a gift, means: (a) in the case of a donor being a natural person: (i) a relative of the donor; (ii) a partner of the donor; (iii) if a partner of the donor is a natural person—the spouse of that partner; (iv) a trustee of a trust estate where the donor or a person who is an associate of the donor by virtue of subparagraph (i), (ii), (iii) or (v) benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, partnerships or trusts; or (v) a company where: (A) the company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the donor, of a person who is an associate of the donor by virtue of subparagraph (i), (ii), (iii) or (iv) or of a company that is an associate of the donor by virtue of another application of this subparagraph; or (B) the donor is, the persons who are associates of the donor by virtue of subparagraphs (i), (ii), (iii) and (iv) are, or the donor and the persons who are associates of the donor by virtue of those paragraphs are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company; or (b) in the case of a donor being a company: (i) a partner of the donor company; (ii) if a partner of the donor company is a natural person—the spouse of that partner; (iii) another person where: (A) the donor company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that person, whether those directions, instructions or wishes are communicated directly to the donor company or its directors, or through any interposed companies; or (B) that person is, or that person and the persons who, if that person were the donor, would be associates of that person by virtue of paragraph (a) or by virtue of another subparagraph of this paragraph are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the donor company; (iv) a trustee of a trust estate where the donor company or a person who is an associate of the donor company by virtue of subparagraph (i), (ii), (iii), (v) or (vi) benefits, or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, partnerships or trusts; (v) another company where: (A) the other company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the donor company, of a person who is an associate of the donor company by virtue of subparagraph (i), (ii), (iii), (iv) or (vi) or of a company that is an associate of the donor company by virtue of another application of this subparagraph; or (B) the donor company is, the persons who are associates of the donor company by virtue of subparagraphs (i), (ii), (iii), (iv) and (vi) are, or the donor company and the persons who are associates of the donor company by virtue of those subparagraphs are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the other company; or (vi) another person who, if a third person who is an associate of the donor company by virtue of subparagraph (iii) were the donor, would be an associate of that third person by virtue of paragraph (a) or by virtue of another subparagraph of this paragraph. (2) Subject to this section, a gift of money, or of property other than money, made by a person (in this section referred to as the donor ) to a fund, authority, institution or person is not an allowable deduction under Division 30 of the Income Tax Assessment Act 1997 where: (a) by reason of any act, transaction or circumstance that has occurred, will occur, or may reasonably be expected to occur, being an act, transaction or circumstance occurring as part of, in connexion with or as a result of: (i) the making or receipt of the gift; or (ii) any agreement or scheme entered into in association with the making or receipt of the gift; the amount or value of the benefit derived by the fund, authority, institution or person as a consequence of the gift is, will be, or may reasonably be expected to be, less than the amount or value at the time when the gift was made of the property comprising the gift; (b) by reason of any act, transaction or circumstance of a kind referred to in paragraph (a), any fund, authority, institution or person other than the fund, authority, institution or person to which the gift was made, makes, becomes liable to make, or may reasonably be expected to make or to become liable to make, a payment, or transfers, becomes liable to transfer, or may reasonably be expected to transfer or to become liable to transfer, any property, to any person or incurs, becomes liable to incur, or may reasonably be expected to incur or to become liable to incur, any other detriment, disadvantage, liability or obligation; (c) by reason of any act, transaction or circumstance of a kind referred to in paragraph (a), the donor or an associate of the donor has obtained, will obtain or may reasonably be expected to obtain any benefit, advantage, right or privilege other than the benefit of any deduction that, but for this section, would be allowable from the assessable income of the donor under Division 30 of the Income Tax Assessment Act 1997 ; or (d) by reason of any agreement or scheme entered into as part of or in association with the making of the gift, any property, other than property comprising the gift, has been acquired or will be acquired, whether directly or indirectly, from the donor or an associate of the donor by that fund, authority, institution or person or by another fund, authority, institution or person. (3) Without limiting the application of subsection (2), where the terms and conditions on which a gift of property other than money is made are such that the fund, authority, institution or person to which the gift is made does not receive immediate custody and control of the property, does not have the unconditional right to retain custody and control of the property in perpetuity to the exclusion of the donor or an associate of the donor or does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property, paragraph (2)(c) shall be deemed to apply in relation to that gift. (4) Paragraph (2)(a) does not prevent a deduction under Division 30 of the Income Tax Assessment Act 1997 from being allowed from the assessable income of the donor where the amount or value of the benefit derived by the fund, authority, institution or person as a consequence of the gift is, will be, or may reasonably be expected to be, less than the amount or value at the time when the gift was made of the property comprising the gift by reason only that the fund, authority, institution or person has incurred, will incur, or may reasonably be expected to incur, expenses for the purpose of obtaining or soliciting the gift, being expenses that, in the opinion of the Commissioner, are reasonable in relation to the value of the gift. (5) This section does not prevent a deduction under section 30 ‑ 15 of the Income Tax Assessment Act 1997 (because of item 4, 5 or 6 of the table in that section) from being allowed from the assessable income of the donor in respect of a gift of property other than money by reason only that the terms and conditions on which the gift was made are such, or the effect of any arrangement (within the meaning of that Act) entered into in association with the making or receipt of the gift is such, that the value of the gift may be reduced in accordance with section 30 ‑ 220 of that Act. Income Tax Assessment Act 1936 No. 27, 1936 Compilation No. 191 Compilation date: 1 April 2026 Includes amendments: Act No. 12, 2026 This compilation is in 7 volumes Volume 1: sections 1-78A Volume 2: sections 79A-121L Volume 3: sections 124ZM-204 Volume 4: sections 251R-468 Volume 5: Schedules Volume 6: Endnotes 1-4 Volume 7: Endnote 5 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1936 that shows the text of the law as amended and in force on 1 April 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 6, "First_Amended": "No 57 of 1978", "Last_Amended": "No 65 of 2006", "Amending_Acts": "No 57 of 1978 | No 108 of 1981 | No 124 of 1984 | No 18 of 1993 | No 121 of 1997 | No 65 of 2006", "History_Notes": "Inserted by No 57 of 1978, item 21, effective 22 June 1978 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1)) | Amended by No 18 of 1993, item 10, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 121 of 1997, Sch 9 item 33 | Sch 9 item 34 | Sch 9 item 35 | Sch 9 item 36 | Sch 9 item 37, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 65 of 2006, effective Sch 4 (items 11, 12): 22 June 2006 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s78A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 79A", "Provision_Key": "s79a", "Heading": "Rebates for residents of isolated areas", "Text": "(1) For the purpose of granting to residents of the prescribed area an income tax concession in recognition of the disadvantages to which they are subject because of the uncongenial climatic conditions, isolation and high cost of living in Zone A and, to a lesser extent, in Zone B, in comparison with parts of Australia not included in the prescribed area, a taxpayer (not being a company or a taxpayer in the capacity of a trustee) who is a resident of the prescribed area in the year of income is entitled, in the taxpayer’s assessment in respect of income of that year of income, to a rebate of tax ascertained in accordance with this section. (2) Subject to subsections (2A) and 79B(4), the rebate allowable under this section in the assessment of a taxpayer in respect of income of the year of income is: (a) if the taxpayer is a resident of the special area in Zone A, or of the special area in Zone B, in the year of income—an amount equal to the sum of: (i) $1,173; and (ii) an amount equal to 50% of the relevant rebate amount in relation to the taxpayer in relation to the year of income; or (b) if the taxpayer is a resident of Zone A (but not of the special area in Zone A or of the special area in Zone B) in the year of income—an amount equal to the sum of: (i) $338; and (ii) an amount equal to 50% of the relevant rebate amount in relation to the taxpayer in relation to the year of income; or (c) if the taxpayer is a resident of Zone B (but not of Zone A or of the special area in Zone B) in the year of income—an amount equal to the sum of: (i) $57; and (ii) an amount equal to 20% of the relevant rebate amount in relation to the taxpayer in relation to the year of income; or (f) in any other case—such amount as, in the opinion of the Commissioner, is reasonable in the circumstances, being an amount not greater than the amount of the rebate to which the taxpayer would have been entitled under this section if paragraph (a) had applied to the taxpayer in respect of the year of income and not less than the amount of rebate to which the taxpayer would have been so entitled if paragraph (c) had so applied to the taxpayer. (2A) The amount of any rebate that would, but for this subsection, be allowable to a taxpayer under this section in the taxpayer’s assessment in respect of income of a year of income shall be reduced by the amount of any prescribed allowance paid to the taxpayer in respect of the year of income. (3) Any alteration of the boundaries of any area referred to in Schedule 2 made (otherwise than by an amendment of this Act) after the commencement of this section shall not affect the operation of this section. (3A) This section has effect subject to section 23AB. (3B) For the purposes of this section, a taxpayer is a resident of a particular area, being the prescribed area, Zone A, Zone B, the special area in Zone A or the special area in Zone B (in this subsection referred to as the relevant area ) in a year of income if: (a) the taxpayer had his or her usual place of residence in the relevant area in the year of income for a period of more than one ‑ half of the year of income; or (c) the taxpayer died during the year of income and at the date of his or her death had his or her usual place of residence in the relevant area; or (d) the following conditions are satisfied: (i) the taxpayer had his or her usual place of residence in the relevant area in the year of income for a period of not more than one ‑ half of the year of income; (ii) the taxpayer had his or her usual place of residence in the relevant area in the next preceding year of income for a period of not more than one ‑ half of the next preceding year of income; (iii) for the purposes of this section, the taxpayer was not a resident of the relevant area in the next preceding year of income; (iv) the sum of: (A) the number of days in the period mentioned in subparagraph (i); and (B) the number of days in the period mentioned in subparagraph (ii), other than days included in a period to which subsection 23AB(8) or 79B(3) applied in relation to the taxpayer in relation to the next preceding year of income; exceeds 182; or (e) the following conditions are satisfied: (i) the taxpayer had his or her usual place of residence in the relevant area in the year of income for a period of not more than one ‑ half of the year of income, being a period that included the first day of the year of income; (ii) the taxpayer had his or her usual place of residence in the relevant area, in a relevant preceding year of income, for a period of not more than one ‑ half of that relevant preceding year of income; (iii) for the purposes of this section, the taxpayer was not a resident of the relevant area in that relevant preceding year of income; (iv) the sum of: (A) the number of days in the period mentioned in subparagraph (i); and (B) the number of days in the period mentioned in subparagraph (ii), other than days included in a period to which subsection 23AB(8) or 79B(3) applied in relation to the taxpayer in relation to that relevant preceding year of income; exceeds 182; (v) the taxpayer had his or her usual place of residence in the relevant area continuously from the commencement of the period mentioned in subparagraph (ii) until the end of the period mentioned in subparagraph (i). (3C) In subsection (3B), a reference to a taxpayer having his or her usual place of residence in a particular area in a year of income for a period of more than, or not more than, one ‑ half of the year of income is a reference to the taxpayer: (a) having his or her usual place of residence in that area in the year of income for one period of more than, or not more than, as the case may be, one ‑ half of the year of income; or (b) having his or her usual place of residence in that area in the year of income for 2 or more periods the aggregate of the lengths of which is more than, or not more than, as the case may be, one ‑ half of the year of income. (3D) For the purposes of this section: (a) the special area within Zone A or Zone B is constituted by: (i) the points in that Zone that were not, as at 1 November 1981, situated at a distance of 250 kilometres or less by the shortest practicable surface route, from the centre point of the nearest urban centre (whether or not within that Zone) with a census population of not less than 2,500; and (ii) the points in that Zone that were within the special area in that Zone for the purposes of this section as in force immediately before the commencement of the Income Tax Assessment Amendment Act (No. 4) 1984 ; and (b) the distance, by the shortest practicable surface route, between a point in Zone A or Zone B and the centre point of an urban centre is: (i) where there is only one location within that urban centre from which distances between the urban centre and other places are usually measured—the distance, by the shortest practicable surface route, between that point in Zone A or Zone B and that location; and (ii) where there are 2 or more locations within that urban centre from which distances between parts of the urban centre and other places are usually measured—the distance, by the shortest practicable surface route, between that point in Zone A or Zone B and the one of those locations that is in the principal one of those parts. (3E) For the purposes of this section other than this subsection, the Commissioner may, if he or she considers it appropriate having regard to all the circumstances, treat a point in Zone A or Zone B that is not in the special area in that Zone but is adjacent to or in close proximity to the special area in that Zone as being a point in the special area in that Zone. (3F) For the purposes of this section, the census population of Nhulunbuy is taken to be less than 2,500. (4) In this section: census population , in relation to an urban centre, means the population of that urban centre specified in the results of the Census of Population and Housing taken by the Australian Statistician on 30 June 1981, being the results published by the Australian Bureau of Statistics in the documents entitled “Persons and Dwellings in Local Government Areas and Urban Centres”. prescribed allowance means so much of a payment under the Social Security Act 1991 or the Veterans’ Entitlements Act 1986 as was included in the payment by way of remote area allowance. relevant preceding year of income , in relation to a year of income, means any of the next 4 preceding years of income other than the immediately preceding year of income. relevant rebate amount , in relation to a taxpayer in relation to a year of income, means the sum of the following rebates (if any): (a) any tax offset to which the taxpayer is entitled under Subdivision 61 ‑ A of the Income Tax Assessment Act 1997 ; (b) any notional tax offset to which the taxpayer is entitled under Subdivision 961 ‑ A of the Income Tax Assessment Act 1997 ; (c) any notional tax offset to which the taxpayer is entitled under Subdivision 961 ‑ B of the Income Tax Assessment Act 1997 . surface route means a route other than an air route. the prescribed area means the area comprised in Zone A and Zone B. urban centre means an area that is described as an urban centre or bounded locality in the results of the Census of Population and Housing taken by the Australian Statistician on 30 June 1981, being the results published by the Australian Bureau of Statistics in the documents entitled “Persons and Dwellings in Local Government Areas and Urban Centres”. Zone A means the area described in Part I of Schedule 2. Zone B means the area described in Part II of Schedule 2.", "Amendment_Count": 38, "First_Amended": "No 4 of 1945", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 4 of 1945 | No 11 of 1947 | No 62 of 1955 | No 101 of 1956 | No 55 of 1958 | No 94 of 1961 | No 69 of 1963 | No 68 of 1964 | No 143 of 1965 | No 51 of 1973 | No 117 of 1975 | No 56 of 1976 | No 108 of 1981 | No 29 of 1982 | No 103 of 1983 | No 124 of 1984 | No 49 of 1986 | No 78 of 1988 | No 4 of 1991 | No 100 of 1991 | No 224 of 1992 | No 125 of 1994 | No 138 of 1994 | No 184 of 1994 | No 1 of 1996 | No 179 of 1997 | No 45 of 1998 | No 82 of 1999 | No 45 of 2000 | No 144 of 2000 | No 75 of 2007 | No 105 of 2010 | No 41 of 2011 | No 62 of 2011 | No 71 of 2012 | No 13 of 2014 | No 70 of 2015 | No 162 of 2015", "History_Notes": "Inserted by No 4 of 1945, effective 15 June 1945 | Amended by No 11 of 1947, effective 3 June 1947 (s 2) | Amended by No 62 of 1955, effective s 3–12: 4 Nov 1955 (s 2) | Amended by No 101 of 1956, effective s 3–13(b) and 14–26: 15 Nov 1956 (s 2(1)) s 13(c): 1 July 1956 (s 2(2)) | Amended by No 55 of 1958, effective 1 Oct 1958 (s 2) | Amended by No 94 of 1961, effective s 3–23: 30 Oct 1961 (s 2) | Amended by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 68 of 1964, effective s 3–10: 20 Oct 1964 (s 2(1)) | Amended by No 143 of 1965, effective 14 Feb 1966 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 117 of 1975, item 5 | item 22 | item 27, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 56 of 1976, effective s 3–18: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, item 10, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 103 of 1983, effective s 3: 22 Dec 1983 (s 2(2)) Remainder: 23 Nov 1983 (s 2(1)) | Amended by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1)) | Amended by No 49 of 1986, item 8 | item 29, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 78 of 1988, item 66, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 4 of 1991, item 7, effective s 4–37: 8 Jan 1991 (s 2(1)) | Amended by No 100 of 1991, Sch 2 item 32, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 224 of 1992, item 15, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 125 of 1994, item 91, effective Sch (items 89–93): 18 Oct 1994 (s 2) | Amended by No 138 of 1994, item 55, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 184 of 1994, Sch 3 item 59, effective Sch 3 (items 55–62): 1 Jan 1995 (s 2) | Amended by No 1 of 1996, Sch 11 item 9 | Sch 11 item 16, effective Sch 11 (items 1–7): 1 July 1996 (s 2(4)(d)) Sch 11 (items 8, 9): 20 Sept 1996 (s 2(5)(d)) Sch 11 (items 10–21): 1 July 1997 (s 2(6)) | Amended by No 179 of 1997, Sch 2 item 10, effective Sch 2 (items 10, 11): 25 Nov 1997 (s 2) | Amended by No 45 of 1998, Sch 12 item 6, effective Sch 12 (items 1–24): 1 July 1998 (s 2(1)) | Amended by No 82 of 1999, Sch 9 item 7 | Sch 9 item 8 | Sch 9 item 9 | Sch 9 item 10 | Sch 9 item 11 | Sch 9 item 12, effective Sch 8 (items 1–25, 29): 1 July 2000 (s 2(2)) | Amended by No 45 of 2000, Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 18, effective Sch 4 (items 11–28): 1 July 2000 (s 2(10), (11) Sch 4 (item 29): 3 May 2000 (s 2(1)) | Amended by No 144 of 2000, Sch 2 item 5, effective Sch 2 (items 5, 6) and Sch 3 (item 7(3), 8):18 Dec 2000 (s 2(2) and gaz, 2000 No S634) | Amended by No 75 of 2007, Sch 1 item 2 | Sch 1 item 4, effective Sch 1 (items 1–13): 21 June 2007 (s 2) | Amended by No 105 of 2010, Sch 1 item 42 | Sch 1 item 43 | Sch 1 item 44, effective Sch 1 (items 37–52) and Sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 9–11, 14) | Amended by No 41 of 2011, Sch 5 item 234 | Sch 5 item 235 | Sch 5 item 236 | Sch 5 item 237 | Sch 5 item 238 | Sch 5 item 239 | Sch 5 item 240, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 62 of 2011, Sch 4 item 5 | Sch 4 item 6, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 71 of 2012, Sch 4 item 4, effective Sch 4: 27 June 2012 (s 2(1) item 5) | Amended by No 13 of 2014, Sch 2 item 31, effective Sch 2 (items 31, 32, 56): 1 July 2014 (s 2(1) item 3) | Amended by No 70 of 2015, Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 961, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 162 of 2015, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 13, effective Sch 2: 30 Nov 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s79A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 79B", "Provision_Key": "s79b", "Heading": "Rebates for members of Defence Force serving overseas", "Text": "(1) Subject to this section, a taxpayer who, during the year of income, serves as a member of the Defence Force at an overseas locality is entitled, in his or her assessment in respect of income of the year of income, to a rebate of tax ascertained in accordance with this section. (1A) A taxpayer is not entitled to a rebate under this section in relation to service: (a) as or under an attaché at an Australian Embassy or Legation in an overseas locality at a time as at which that locality was, or is deemed to have been, a specified locality for the purposes of this subsection; or (b) with the South ‑ East Asia Treaty Organization Military Planning Office. (1B) Where the Chief of the Defence Force or a person authorized by the Chief of the Defence Force to give certificates under this subsection certifies, and the Minister is satisfied, that any service of a taxpayer in any locality was or will be performed in circumstances similar to those in which any service referred to in subsection (1A) is performed, the taxpayer is not entitled to a rebate under this section in relation to that service. (2) Subject to the succeeding provisions of this section, the rebate allowable under this section in the assessment of a taxpayer in respect of income of the year of income is: (a) where the total period of service of the taxpayer at overseas localities during the year of income is more than one ‑ half of the year of income, or where the taxpayer dies at an overseas locality during the year of income—an amount equal to the sum of: (i) $338; and (ii) an amount equal to 50% of the concessional rebate amount; or (b) in any other case—such amount as, in the opinion of the Commissioner, is reasonable in the circumstances, being an amount not greater than the amount of the rebate to which the taxpayer would have been entitled under this section if paragraph (a) had applied to him or her in respect of the year of income. (3) For the purposes of subsection (2), the total periods of service of the taxpayer in any year of income at overseas localities shall be deemed to include any period of service of the taxpayer as a member of the Defence Force in that year of income in the prescribed area. (3A) For the purposes of subsection (2), the total periods of service of the taxpayer in any year of income at overseas localities shall be deemed not to include any period of service of the taxpayer in respect of which an exemption from income tax applies under section 23AD or 23AG. (4) The aggregate of the rebates allowable under this section and section 23AB or under this section and section 79A in the assessment of a taxpayer in respect of income of a year of income shall not exceed an amount equal to the sum of: (a) $338; and (b) an amount equal to 50% of the concessional rebate amount. (4A) Where: (a) but for subsection (4) and this subsection, a rebate would be allowable under this section and a rebate would be allowable under section 79A in the assessment of a taxpayer in respect of income of a year of income; and (b) the rebate allowable under section 79A exceeds an amount equal to the sum of: (i) $338; and (ii) an amount equal to 50% of the concessional rebate amount; the taxpayer is not entitled to a rebate under this section in that assessment and subsection (4) does not apply in relation to that assessment. (5) For the purposes of this section the Minister may, by writing signed by the Minister and deposited with the Commissioner, declare that a locality outside Australia specified in the declaration shall: (a) by reason of the uncongenial nature of service in that locality and the isolation of the locality, be, or be deemed to have been, as from a date, or during a period, (whether before or after the date of the declaration) specified in the declaration, a locality in relation to which this section applies; or (b) as from a date (whether before or after the date of the declaration) specified in the declaration, cease, or be deemed to have ceased, to be such a locality; and this section shall apply, or be deemed to have applied, and shall cease to apply, or be deemed to have ceased to apply, in relation to any such locality accordingly. (5A) The Minister may, by writing signed by the Minister and deposited with the Commissioner, declare that an overseas locality specified in the declaration shall become, or be deemed to have become, on a specified date, or shall cease, or be deemed to have ceased, on a specified date, to be, a specified locality for the purposes of subsection (1A). (5B) Nothing in section 170 prevents the amendment of an assessment at any time for the purpose of allowing a rebate to which the taxpayer has become entitled under this section after the making of the assessment. (6) For the purpose of this section: concessional rebate amount , in relation to a taxpayer in relation to a year of income, means the sum of the following rebates (if any): (a) any tax offset to which the taxpayer is entitled under Subdivision 61 ‑ A of the Income Tax Assessment Act 1997 ; (b) any notional tax offset to which the taxpayer is entitled under Subdivision 961 ‑ A of the Income Tax Assessment Act 1997 ; (c) any notional tax offset to which the taxpayer is entitled under Subdivision 961 ‑ B of the Income Tax Assessment Act 1997 . locality means an area of land or waters or an area of land and waters. overseas locality means, in relation to service during any period or death at any time, a locality in relation to which, during that period or at that time, this section applies or is deemed to have applied; and the prescribed area has the same meaning as that expression has in section 79A.", "Amendment_Count": 34, "First_Amended": "No 63 of 1947", "Last_Amended": "No 164 of 2015", "Amending_Acts": "No 63 of 1947 | No 101 of 1956 | No 55 of 1958 | No 18 of 1960 | No 94 of 1961 | No 98 of 1962 | No 69 of 1963 | No 103 of 1965 | No 143 of 1965 | No 51 of 1973 | No 164 of 1973 | No 80 of 1975 | No 117 of 1975 | No 56 of 1976 | No 108 of 1981 | No 29 of 1982 | No 124 of 1984 | No 135 of 1990 | No 224 of 1992 | No 18 of 1993 | No 138 of 1994 | No 1 of 1997 | No 82 of 1999 | No 45 of 2000 | No 101 of 2004 | No 75 of 2007 | No 105 of 2010 | No 41 of 2011 | No 62 of 2011 | No 71 of 2012 | No 110 of 2014 | No 2 of 2015 | No 70 of 2015 | No 164 of 2015", "History_Notes": "Inserted by No 63 of 1947, effective s 3–13 and 15: 15 Dec 1947 (s 2) | Amended by No 101 of 1956, effective s 3–13(b) and 14–26: 15 Nov 1956 (s 2(1)) s 13(c): 1 July 1956 (s 2(2)) | Amended by No 55 of 1958, effective 1 Oct 1958 (s 2) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 94 of 1961, effective s 3–23: 30 Oct 1961 (s 2) | Amended by No 98 of 1962, effective s 3–5: 28 May 1963 (s 2) | Amended by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 103 of 1965, effective 14 Dec 1965 (s 2) | Amended by No 143 of 1965, effective 14 Feb 1966 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 80 of 1975, effective 20 June 1975 (s 2) | Amended by No 117 of 1975, item 1, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 56 of 1976, effective s 3–18: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, item 11, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1)) | Amended by No 135 of 1990, item 29 | item 11 | item 25, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 224 of 1992, item 16, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 18 of 1993, item 19, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 138 of 1994, item 56, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 1 of 1997, Sch 2 item 135, effective Sch 2 (item 135): 19 Feb 1997 (s 2(1)) | Amended by No 82 of 1999, Sch 9 item 13 | Sch 9 item 14 | Sch 9 item 15 | Sch 9 item 16 | Sch 9 item 17 | Sch 9 item 18, effective Sch 8 (items 1–25, 29): 1 July 2000 (s 2(2)) | Amended by No 45 of 2000, Sch 4 item 19 | Sch 4 item 20 | Sch 4 item 21 | Sch 4 item 22, effective Sch 4 (items 11–28): 1 July 2000 (s 2(10), (11) Sch 4 (item 29): 3 May 2000 (s 2(1)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 75 of 2007, Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 1–13): 21 June 2007 (s 2) | Amended by No 105 of 2010, Sch 1 item 45 | Sch 1 item 46 | Sch 1 item 47, effective Sch 1 (items 37–52) and Sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 9–11, 14) | Amended by No 41 of 2011, Sch 5 item 241 | Sch 5 item 242, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 62 of 2011, Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 4 item 13, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 71 of 2012, Sch 4 item 6 | Sch 4 item 8, effective Sch 4: 27 June 2012 (s 2(1) item 5) | Amended by No 110 of 2014, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 2 of 2015, Sch 2 item 101, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 70 of 2015, Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 961, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 164 of 2015, Sch 2 item 56, effective Sch 2 (items 56, 80): 1 July 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s79B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82", "Provision_Key": "s82", "Heading": "Double deductions", "Text": "Where the profit arising from the sale of any property is included in the assessable income of any person, or where the loss arising from the sale is an allowable deduction, and any expenditure incurred by the person in connexion with that property has been allowed or is allowable as a deduction under this Act, that expenditure shall not be deducted in ascertaining the amount of the profit or loss.", "Amendment_Count": 10, "First_Amended": "No 55 of 1958", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 55 of 1958 | No 70 of 1959 | No 60 of 1968 | No 93 of 1969 | No 51 of 1973 | No 108 of 1981 | No 107 of 1989 | No 39 of 1997 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Amended by No 55 of 1958, effective 1 Oct 1958 (s 2) | Amended by No 70 of 1959, effective s. 1(4): 14 Jan 1960 (s 1(5)) Remainder: 20 Nov 1959 (s 2) | Amended by No 60 of 1968, item 14, effective s 2(2), (3) and 3–23: 25 June 1968 (s 2(1)) | Amended by No 93 of 1969, item 12, effective s 3–19: 27 Sept 1969 (s 2) | Amended by No 51 of 1973, item 4 | item 14 | item 21 | item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 13 | item 14 | item 15 | item 16 | item 23 | item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 107 of 1989, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 39 of 1997, Sch 4 item 78 | Sch 4 item 82, effective Sch 1: 1 July 1997 (s 2) | Amended by No 101 of 2006, Sch 2 item 254 | Sch 2 item 255, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 4 item 3 | Sch 5 item 244, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KH", "Provision_Key": "s82kh", "Heading": "Interpretation", "Text": "(1) In this Subdivision, unless the contrary intention appears: additional benefit , in relation to an amount of eligible relevant expenditure, means the additional benefit, or the aggregate of the additional benefits, as the case may be, referred to in paragraph (1F)(b) in relation to that eligible relevant expenditure. agreement means any agreement, arrangement, understanding or scheme, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. associate , in relation to a taxpayer, means: (a) in the case of a taxpayer who is a natural person, other than a taxpayer in the capacity of a trustee: (i) a relative of the taxpayer; (ii) a partner of the taxpayer; (iii) if a person who is an associate of the taxpayer by virtue of subparagraph (ii) is a natural person—the spouse or a child of that person; (iv) a trustee of a trust estate where the taxpayer or another person who is an associate of the taxpayer by virtue of another subparagraph of this paragraph benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, partnerships or trusts; or (v) a company where: (A) the company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the taxpayer, of another person who is an associate of the taxpayer by virtue of another subparagraph of this paragraph, of a company that is an associate of the taxpayer by virtue of another application of this subparagraph or of any 2 or more such persons; or (B) the taxpayer is, the persons who are associates of the taxpayer by virtue of sub ‑ subparagraph (A) and the preceding subparagraphs of this paragraph are, or the taxpayer and the persons who are associates of the taxpayer by virtue of that sub ‑ subparagraph and those subparagraphs are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company; (b) in the case of a taxpayer being a company, other than a taxpayer in the capacity of a trustee: (i) a partner of the taxpayer; (ii) if a person who is an associate of the taxpayer by virtue of subparagraph (i) is a natural person—the spouse or a child of that person; (iii) a trustee of a trust estate where the taxpayer or another person who is an associate of the taxpayer by virtue of another subparagraph of this paragraph benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, partnerships or trusts; (iv) another person where: (A) the taxpayer company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of that person, or of that person and another person or other persons, whether those directions, instructions or wishes are communicated directly to the taxpayer company or its directors, or through any interposed companies, partnerships or trusts; or (B) that person is, or that person and the persons who, if that person were the taxpayer, would be associates of that person by virtue of paragraph (a), by virtue of sub ‑ subparagraph (A), by virtue of another subparagraph of this paragraph or by virtue of paragraph (c) are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the taxpayer company; (v) another company where: (A) the other company is, or its directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the taxpayer company, of a person who is an associate of the taxpayer company by virtue of another subparagraph of this paragraph, of a company that is an associate of the taxpayer company by virtue of another application of this subparagraph or of any 2 or more such persons; or (B) the taxpayer company is, the persons who are associates of the taxpayer company by virtue of sub ‑ subparagraph (A) and the other subparagraphs of this paragraph are, or the taxpayer company and the persons who are associates of the taxpayer company by virtue of that sub ‑ subparagraph and those subparagraphs are, in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the other company; or (vi) any other person who, if a third person who is an associate of the taxpayer company by virtue of subparagraph (iv) were the taxpayer, would be an associate of that third person by virtue of paragraph (a), by virtue of another subparagraph of this paragraph or by virtue of paragraph (c); (c) in the case of a taxpayer in the capacity of a trustee of a trust estate: (i) any person who benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust estate, either directly or through any interposed companies, partnerships or trusts; (ii) where a person who is an associate of the taxpayer by virtue of subparagraph (i) is a natural person—any person who, if that natural person were the taxpayer, would be an associate of that natural person by virtue of paragraph (a) or this paragraph; or (iii) where a person who is an associate of the taxpayer by virtue of subparagraph (i) or (ii) is a company—any person who, if that company were the taxpayer, would be an associate of that company by virtue of paragraph (b) or this paragraph; or (d) in the case of a taxpayer being a partnership: (i) a partner in the partnership; (ii) where any partner in the partnership is a natural person—any person who, if that natural person were the taxpayer, would be an associate of that natural person by virtue of paragraph (a) or (c); or (iii) where any partner in the partnership is a company—any person who, if the company were the taxpayer, would be an associate of the company by virtue of paragraph (b) or (c). consumable supplies means property other than: (a) trading stock; or (b) choses in action. expected tax saving , in relation to an amount of eligible relevant expenditure incurred by a taxpayer, means: (a) where only one amount is, under subsection (1B), a tax saving amount for the purposes of the application of this definition in relation to the eligible relevant expenditure—that tax saving amount; and (b) where 2 or more amounts are, under subsection (1B), tax saving amounts for the purposes of the application of this definition in relation to the eligible relevant expenditure—the sum of those tax saving amounts. film means an aggregate of images, or of images and sounds, embodied in any material. market research means: (a) the undertaking of research to ascertain the location, extent, value or other characteristics of the market, or the potential market, for goods or services; and (b) the provision of information, advice or assistance in connection with the marketing of particular goods or services or of goods or services generally. property includes a chose in action and also includes any estate, interest, right or power, whether at law or in equity, in or over property. relevant expenditure , in relation to a taxpayer, means: (a) expenditure in respect of which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 25 ‑ 25 (Borrowing expenses) of the Income Tax Assessment Act 1997 ; (b) expenditure in respect of which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 25 ‑ 30 (Expenses of discharging a mortgage) of the Income Tax Assessment Act 1997 ; (c) a loss or outgoing incurred by the taxpayer in the purchase by the taxpayer of property (not being a chose in action) that, for the purposes of the application of this Act in relation to the taxpayer, is trading stock, to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (d) a loss or outgoing incurred by the taxpayer in respect of interest to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (e) a loss or outgoing incurred by the taxpayer in respect of rent to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (f) a bad debt incurred by the taxpayer in respect of money lent by the taxpayer in the course of carrying on a business to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 or section 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the bad debt; (g) a loss or outgoing incurred by the taxpayer in respect of: (i) the production, marketing or distribution of a film; or (ii) the acquisition of a copyright subsisting in a film; to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (h) expenditure incurred by the taxpayer in respect of a unit of industrial property, being a unit of industrial property that relates to copyright subsisting in a film, to the extent to which the amount of that expenditure is taken into account, or would, apart from former subsections 124R(2) and (3), be taken into account, in calculating the residual value of the unit of industrial property in ascertaining whether, apart from section 82KL, a deduction would be allowable to the taxpayer under former section 124M or 124N in respect of the residual value of the unit of industrial property; (ka) expenditure incurred by the taxpayer in respect of an item of intellectual property (as defined in of the Income Tax Assessment Act 1997 ) that relates to copyright subsisting in a film, but only to the extent described at the end of this definition; (k) a loss or outgoing incurred by the taxpayer in the purchase of consumable supplies to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (m) a loss or outgoing incurred by the taxpayer in respect of market research to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (n) expenditure incurred by the taxpayer in respect of the acquisition of a unit of industrial property, being a licence under a copyright subsisting in computer software, to the extent to which the amount of that expenditure is taken into account, or would, apart from former subsection 124R(3) be taken into account, in calculating the residual value of the unit of industrial property in ascertaining whether, apart from section 82KL, a deduction would be allowable to the taxpayer under former section 124M or 124N in respect of the residual value of the unit of industrial property; (oa) expenditure incurred by the taxpayer in respect of acquiring an item of intellectual property (as defined in of the Income Tax Assessment Act 1997 ) that is a licence under a copyright subsisting in computer software, but only to the extent described at the end of this definition; (o) a loss or outgoing or expenditure incurred by the taxpayer by way of commission for collecting assessable income of the taxpayer to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing or the expenditure; (p) a loss or outgoing incurred by the taxpayer in respect of the growing, care or supervision of trees on behalf of the taxpayer to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (pa) a loss or outgoing incurred by the taxpayer in respect of the establishment and tending of trees for felling on behalf of the taxpayer to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 394 ‑ 10 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (q) a loss or outgoing incurred by the taxpayer for the purpose of increasing the value of shares in a company, being shares held or beneficially owned by the taxpayer as trading stock, to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (r) a loss or outgoing incurred by the taxpayer in respect of: (i) the production by another person of a master sound recording; or (ii) the procuration of the production by another person of a master sound recording; to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing; (s) calls paid by the taxpayer on shares owned by the taxpayer in respect of which a deduction would, apart from section 82KL, be allowable to the taxpayer under Division 30 (which is about gifts) of the Income Tax Assessment Act 1997 ; (v) expenditure (other than expenditure to which a preceding paragraph of this definition applies) incurred by the taxpayer in respect of a unit of industrial property to the extent to which the amount of that expenditure is taken into account, or would, apart from former subsections 124R(2) and (3), be taken into account, in calculating the residual value of the unit of industrial property in ascertaining whether, apart from section 82KL, a deduction would be allowable to the taxpayer under former section 124M or 124N in respect of the residual value of the unit of industrial property; or (wa) expenditure (unless covered by an earlier paragraph of this definition) incurred by the taxpayer in respect of an item of intellectual property (as defined in of the Income Tax Assessment Act 1997 ), but only to the extent described at the end of this definition; (w) a loss or outgoing (other than a loss or outgoing referred to in subsection 52A(1) or to which a preceding paragraph of this definition applies) incurred by the taxpayer to the extent to which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the loss or outgoing. However, paragraph (ka), (oa) or (wa) only covers expenditure to the extent that: (x) it is taken into account in working out under Division 40 of the Income Tax Assessment Act 1997 the adjustable value of the item to the taxpayer in determining whether, apart from section 82KL of this Act, the taxpayer could deduct an amount under that Division for the item for a year of income; or (y) it would be so taken into account apart from item 8 in the table in subsection 40 ‑ 180(2), or item 1 in the table in subsection 40 ‑ 190(3) (both about non ‑ arm’s length transactions). rent means rent in respect of land or premises. tax avoidance agreement means an agreement that was entered into or carried out for the purpose, or for purposes that included the purpose, of securing that a person who, if the agreement had not been entered into or carried out, would have been liable to pay income tax in respect of a year of income would not be liable to pay income tax in respect of that year of income or would be liable to pay less income tax in respect of that year of income than that person would have been liable to pay if the agreement had not been entered into or carried out. unit of industrial property has the same meaning as in former Division 10B. (1A) In determining for the purposes of this Subdivision whether an agreement is a tax avoidance agreement, no regard shall be had to a purpose that is a merely incidental purpose. (1AA) A reference in this Subdivision to the incurring by a taxpayer of a bad debt shall be read as a reference to a debt, or a part of a debt, owed to the taxpayer becoming a bad debt. (1AB) A reference in: (a) subsection 82KL(2); or (b) former section 80 in relation to this Subdivision; to the incurring by a taxpayer of a loss or outgoing shall be read as including a reference to the incurring by a taxpayer of a bad debt. (1ABA) This section has the same effect in relation to an allowable deduction under section 63E in respect of the extinguishing of the whole or part of a debt as it has in respect of an allowable deduction under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the writing off of the whole or part of a debt as bad. (1AC) In this Subdivision: (a) a reference to a copyright subsisting in a film shall be read as including a reference to: (i) a licence under a copyright subsisting in a film; and (ii) an interest, whether at law or in equity, in respect of a copyright, or in respect of a licence under a copyright, subsisting in a film; and (b) a reference to a licence under a copyright subsisting in computer software shall be read as including a reference to an interest, whether at law or in equity, in a licence under a copyright subsisting in computer software. (1AD) A reference in this Subdivision to a tax benefit being allowed or allowable or not being allowed or allowable in respect of relevant expenditure incurred by a taxpayer shall be read as a reference to: (a) in a case where the relevant expenditure is relevant expenditure to which paragraph (h), (n) or (v) of the definition of relevant expenditure in subsection (1) applies—a deduction being allowed or allowable or not being allowed or allowable, as the case may be, to the taxpayer under former section 124M or 124N in respect of the residual value of a unit of industrial property where that residual value would be calculated by reference to the relevant expenditure; and (b) if paragraph (ka), (oa) or (wa) of the definition of relevant expenditure in subsection (1) covers the expenditure—the taxpayer deducting or being able to deduct, or not deducting or not being able to deduct, as appropriate, an amount under Division 40 of the Income Tax Assessment Act 1997 for an item of intellectual property for a year of income because the taxpayer’s adjustable value of the item would be calculated under that Division by reference to the relevant expenditure; and (d) in any other case—a deduction being allowed or allowable or not being allowed or allowable, as the case may be, to the taxpayer in respect of the relevant expenditure. (1B) For the purposes of the application of the definition of expected tax saving in subsection (1) in relation to an amount of eligible relevant expenditure incurred by a taxpayer: (a) where: (i) if a tax benefit were not allowable in respect of any part of that eligible relevant expenditure, a person (whether the taxpayer or another person and whether in the capacity of a trustee of a trust estate or otherwise) would be liable to pay income tax in respect of a year of income; and (ii) if a tax benefit or tax benefits were allowable under this Act in respect of that eligible relevant expenditure, that person would be liable to pay a lesser amount of income tax in respect of that year of income; the amount by which the amount of the tax referred to in subparagraph (i) exceeds the amount of the tax referred to in subparagraph (ii) is a tax saving amount; and (b) where: (i) if a tax benefit were not allowable in respect of any part of that eligible relevant expenditure, a person (whether the taxpayer or another person and whether in the capacity of a trustee of a trust estate or otherwise) would be liable to pay income tax in respect of a year of income; and (ii) if a tax benefit or tax benefits were allowable under this Act in respect of that eligible relevant expenditure, that person would not be liable to pay income tax in respect of that year of income; the amount of the tax referred to in subparagraph (i) is a tax saving amount. (1BA) In the application of subsection (1B) in determining whether there is a tax saving amount in relation to an amount of eligible relevant expenditure incurred by a taxpayer in a case where, if a tax benefit or tax benefits were allowable in respect of that eligible relevant expenditure, a person (whether the taxpayer or another person and whether in the capacity of a trustee of a trust estate or otherwise) would: (a) have a tax loss for a year of income that the person would not have; or (b) have a greater tax loss for a year of income than the person would have; if a tax benefit were not allowable in respect of any part of that eligible relevant expenditure, apply Division 36 and former Subdivision 375 ‑ G of the Income Tax Assessment Act 1997 as if the amount were relevant expenditure but not eligible relevant expenditure. (1D) Subject to subsection (1E), where, in respect of any 2 or more amounts of eligible relevant expenditure (whether incurred by one taxpayer or by 2 or more taxpayers and whether incurred in one year of income or in 2 or more years of income), the following conditions are satisfied, namely: (a) if subsection (1B) were applied in relation to one of those amounts of eligible relevant expenditure in relation to a person (whether or not that person is the person or one of the persons who incurred the eligible relevant expenditure) in relation to a year of income on the assumption that no tax benefit is or was allowable in respect of any part of the other amount of eligible relevant expenditure, or in respect of any part of any of the other amounts of eligible relevant expenditure, as the case may be, the tax saving amount determined in accordance with that subsection would be greater than the tax saving amount that would be determined in accordance with that subsection in relation to that amount of eligible relevant expenditure in relation to that person in relation to that year of income if that subsection were applied on the assumption that a tax benefit or tax benefits were allowable under this Act in respect of the other amount of eligible relevant expenditure, or in respect of each of the other amounts of eligible relevant expenditure, as the case may be; and (b) if paragraph (a) of this subsection were applied in relation to that person in relation to that year of income in relation to the other amount of eligible relevant expenditure, or in relation to each of the other amounts of eligible relevant expenditure, as the case may be, the condition specified in that paragraph would be satisfied in relation to that other amount or in relation to each of those other amounts, as the case may be; then, in the application of subsection (1B) in calculating the tax saving amount in relation to that person in relation to the year of income in relation to any one of the amounts of eligible relevant expenditure first referred to in this subsection, it shall be assumed that no tax benefit is or was allowable in respect of any part of the other of those amounts or in respect of any part of any of the other of those amounts, as the case may be. (1E) Where: (a) but for this subsection, subsection (1D) would apply to require it to be assumed, for the purposes of the application of subsection (1B) in relation to an amount of eligible relevant expenditure, that no tax benefit is or was allowable in respect of any part of another amount of eligible relevant expenditure (in this subsection referred to as the allowable relevant expenditure ); and (b) section 82KL does not and will not operate to deem a tax benefit not to be allowable and never to have been allowable in respect of any part of the allowable relevant expenditure; subsection (1D) shall not apply and shall be taken never to have applied so as to require it to be assumed, in the application of subsection (1B) in relation to an amount of eligible relevant expenditure other than the allowable relevant expenditure, that no tax benefit is or was allowable in respect of any part of the allowable relevant expenditure. (1F) For the purposes of this Subdivision, an amount of relevant expenditure incurred by a taxpayer shall be taken to be an amount of eligible relevant expenditure if: (a) that amount of relevant expenditure was incurred after 24 September 1978 by reason of, as a result of or as part of a tax avoidance agreement entered into after that date; (b) by reason of, as a result of or as part of the tax avoidance agreement the taxpayer has obtained, in relation to that relevant expenditure being incurred, a benefit or benefits in addition to: (i) in a case to which subparagraph (ii) does not apply: (A) the benefit in respect of which the relevant expenditure was incurred; and (B) any benefit that resulted directly or indirectly from the benefit in respect of which the relevant expenditure was incurred and is a benefit that, in the opinion of the Commissioner, might reasonably be expected to have resulted if the benefit in respect of which the relevant expenditure was incurred had been obtained otherwise than by reason of, as a result of or as part of a tax avoidance agreement; or (ii) in a case where the relevant expenditure is relevant expenditure to which paragraph (w) of the definition of relevant expenditure in subsection (1) applies—any benefit that resulted directly or indirectly from the incurring of the relevant expenditure and is a benefit that, in the opinion of the Commissioner, might reasonably be expected to have resulted if the relevant expenditure had been incurred otherwise than by reason of, as a result of or as part of a tax avoidance agreement; and (c) in a case where the relevant expenditure is relevant expenditure to which paragraph (s), (v) or (w) of the definition of relevant expenditure in subsection (1) applies—that amount of relevant expenditure was incurred by reason of, as a result of or as part of a tax avoidance agreement entered into before 28 May 1981. (1FA) For the purposes of the application of subsection (1F) in relation to an amount of relevant expenditure to which paragraph (f) of the definition of relevant expenditure in subsection (1) applies, any benefit obtained by the taxpayer in relation to the making of the loan in respect of which the bad debt is incurred shall be taken to be a benefit obtained by the taxpayer in relation to that relevant expenditure being incurred. (1G) The reference in subsection (1F) to the benefit in respect of which relevant expenditure was incurred by a taxpayer shall be read as a reference to: (a) in a case where the relevant expenditure is expenditure incurred by the taxpayer in borrowing money, being expenditure in respect of which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 25 ‑ 25 (Borrowing expenses) of the Income Tax Assessment Act 1997 —the making available to the taxpayer of the money borrowed by the taxpayer; (b) in a case where the relevant expenditure is expenditure incurred by the taxpayer in connection with the discharge of a mortgage, being expenditure in respect of which a deduction would, apart from section 82KL, be allowable to the taxpayer under section 25 ‑ 30 (Expenses of discharging a mortgage) of the Income Tax Assessment Act 1997 —the discharge of the mortgage; (c) in a case where the relevant expenditure was incurred by the taxpayer in the purchase of property that, for the purposes of the application of this Act in relation to the taxpayer, is or was trading stock—the acquisition of that property by the taxpayer; (d) in a case where the relevant expenditure was incurred by the taxpayer in respect of interest—the availability to the taxpayer of the money borrowed by the taxpayer; (e) in a case where the relevant expenditure was incurred by the taxpayer in respect of rent—the use of the property in respect of which the rent was paid; (f) in a case where the relevant expenditure incurred by the taxpayer was in respect of a bad debt—any interest received or receivable by the taxpayer in respect of the loan in respect of which the bad debt was incurred; (g) in a case where the relevant expenditure was incurred by the taxpayer in respect of the production, marketing or distribution of a film or the acquisition of a copyright subsisting in a film and is relevant expenditure to which paragraph (g) of the definition of relevant expenditure in subsection (1) applies—the production, marketing or distribution of the film, or the acquisition of the copyright by the taxpayer, as the case may be; (h) in a case where the relevant expenditure was incurred by the taxpayer in respect of a unit of industrial property, being a unit of industrial property that relates to copyright subsisting in a film, and is relevant expenditure to which paragraph (h) of the definition of relevant expenditure in subsection (1) applies—the ownership by the taxpayer of the unit of industrial property; (k) in a case where the relevant expenditure was incurred by the taxpayer in the purchase of consumable supplies—the acquisition of those consumable supplies by the taxpayer; (m) in a case where the relevant expenditure was incurred by the taxpayer in respect of market research—the undertaking of the research, or the provision of the information, advice or assistance, in respect of which the relevant expenditure was incurred; (n) in a case where the relevant expenditure was incurred by the taxpayer in respect of the acquisition of a unit of industrial property, being a licence under a copyright subsisting in computer software—the acquisition by the taxpayer of the unit of industrial property; (o) in a case where the relevant expenditure was incurred by the taxpayer by way of commission for collecting assessable income of the taxpayer—the collection on behalf of the taxpayer of assessable income of the taxpayer; (p) in a case where the relevant expenditure was incurred by the taxpayer in respect of the growing, care or supervision of trees on behalf of the taxpayer—the growing, care or supervision of the trees on behalf of the taxpayer; (pa) in a case where the relevant expenditure was incurred by the taxpayer in respect of the establishment and tending of trees for felling on behalf of the taxpayer—the establishment and tending of trees for felling on behalf of the taxpayer; (q) in a case where the relevant expenditure was incurred by the taxpayer for the purpose of increasing the value of shares in a company, being shares held or beneficially owned by the taxpayer as trading stock—the increase in the value of those shares; (r) in a case where the relevant expenditure was incurred by the taxpayer in respect of the production of, or the procuration of the production of, a master sound recording—any amount payable to the taxpayer in respect of the master sound recording, being an amount that, in the opinion of the Commissioner, would be payable to the taxpayer as a result of the incurring by the taxpayer of the relevant expenditure if that expenditure had been incurred by reason of, as a result of or as part of an agreement other than a tax avoidance agreement; (s) in a case where the relevant expenditure consists of calls paid by the taxpayer on shares owned by the taxpayer and is relevant expenditure to which paragraph (s) of the definition of relevant expenditure in subsection (1) applies—the satisfaction of any liability of the taxpayer to pay the calls and the taxpayer’s continuing ownership of the shares; and (u) in a case where the relevant expenditure was incurred by the taxpayer in respect of a unit of industrial property and is relevant expenditure to which paragraph (v) of the definition of relevant expenditure in subsection (1) applies—the ownership by the taxpayer of the unit of industrial property. (1H) For the purposes of paragraph (1F)(b), but without limiting the generality of that paragraph, where: (a) an amount of relevant expenditure is incurred by a taxpayer by reason of, as a result of or as part of a tax avoidance agreement; (b) in relation to that relevant expenditure being incurred and by reason of, as a result of or as part of the tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of the tax avoidance agreement, the taxpayer or an associate of the taxpayer acquires from another person the right to recover the amount of a debt that was owed to that other person; and (c) by reason of, as a result of or as part of the tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of the tax avoidance agreement, no consideration was paid or given by the taxpayer or the associate of the taxpayer, as the case may be, in respect of the acquisition of that right or the amount or value of the consideration paid or given by the taxpayer or the associate of the taxpayer, as the case may be, in respect of the acquisition of that right was less than the amount of the debt; the taxpayer shall be deemed to have obtained, by reason of the tax avoidance agreement and in relation to the relevant expenditure being incurred by the taxpayer, a benefit having a value equal to: (d) in a case where no consideration was paid or given by the taxpayer or the associate of the taxpayer, as the case may be, in respect of the acquisition of the right to recover the amount of the debt—the amount of the debt; and (e) in any other case—the amount by which the amount of the debt exceeds the amount or value of the consideration paid or given by the taxpayer or the associate of the taxpayer, as the case may be, in respect of the acquisition of the right to recover the amount of the debt. (1J) For the purposes of paragraph (1F)(b), but without limiting the generality of that paragraph, where: (a) an amount of relevant expenditure is incurred by a taxpayer by reason of, as a result of or as part of a tax avoidance agreement; (b) in relation to that relevant expenditure being incurred and by reason of, as a result of or as part of the tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of the tax avoidance agreement: (i) a debt becomes owing by the taxpayer or an associate of the taxpayer; or (ii) a debt became owing, before or at the time of the incurring of the relevant expenditure, by the taxpayer or an associate of the taxpayer; and (c) it may reasonably be expected that, by reason of, as a result of or as part of the tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of the tax avoidance agreement, the person to whom the debt is owed will release, abandon or fail to demand repayment of the debt or of a part of the debt; the taxpayer shall be deemed to have obtained, by reason of the tax avoidance agreement and in relation to the relevant expenditure being incurred by the taxpayer, a benefit of an amount equal to the amount of the debt or that part of the debt, as the case may be. (1JA) For the purposes of the application of subsection (1H) in relation to an amount of relevant expenditure incurred by a taxpayer, being relevant expenditure to which paragraph (f) of the definition of relevant expenditure in subsection (1) applies, a reference in paragraph (1H)(b) to the acquisition by the taxpayer or an associate of the taxpayer, in relation to that relevant expenditure being incurred, of the right to recover a debt shall be read as including a reference to the acquisition by the taxpayer or an associate of the taxpayer, in relation to the making by the taxpayer of the loan in respect of which the relevant expenditure was incurred, of such a right. (1JB) For the purposes of the application of subsection (1J) in relation to an amount of relevant expenditure incurred by a taxpayer, being relevant expenditure to which paragraph (f) of the definition of relevant expenditure in subsection (1) applies, a reference in paragraph (1J)(b) to a debt becoming owing, or having become owing, by the taxpayer or an associate of the taxpayer in relation to that relevant expenditure being incurred, shall be read as including a reference to a debt becoming owing, or having become owing, by the taxpayer or an associate of the taxpayer, in relation to the making by the taxpayer of the loan in respect of which the relevant expenditure was incurred. (1JE) For the purposes of paragraph (1F)(b), but without limiting the generality of that paragraph, where: (a) an amount of relevant expenditure is incurred by a taxpayer by reason of, as a result of or as part of a tax avoidance agreement; (b) that relevant expenditure consists of calls paid by the taxpayer on shares owned by the taxpayer and is relevant expenditure to which paragraph (s) of the definition of relevant expenditure in subsection (1) applies; and (c) in relation to that relevant expenditure being incurred and by reason of, as a result of or as part of the tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of the tax avoidance agreement, consideration (in this subsection referred to as the relevant consideration ) is paid or given to the taxpayer or an associate of the taxpayer in respect of the acquisition by any person from the taxpayer of: (i) all or any of those shares; (ii) the right to purchase all or any of those shares; or (iii) the right to require a person to vote, in a meeting of shareholders of the company, in favour of a resolution to vary the rights attached to all or any of those shares; the taxpayer shall be deemed to have obtained, by reason of the tax avoidance agreement and in relation to the relevant expenditure being incurred by the taxpayer, a benefit in addition to the benefits referred to in subparagraphs (1F)(b)(i) and (ii) having a value equal to the amount or value of the relevant consideration reduced by the amount or value of the part (if any) of that relevant consideration that, in the opinion of the Commissioner, is attributable to expenditure (other than the relevant expenditure) incurred by the taxpayer in respect of the shares. (1K) Where: (a) 2 or more amounts of relevant expenditure are incurred by a taxpayer (whether in the same year of income or in different years of income) by reason of, as a result of or as part of the same tax avoidance agreement; (b) the same paragraph of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts; and (c) those amounts were incurred in respect of the same benefit; those amounts shall, for the purposes of this Subdivision, be treated as together constituting one amount of relevant expenditure. (1L) For the purposes of subsection (1K), 2 or more amounts of relevant expenditure shall be taken to have been incurred in respect of the same benefit if: (a) in a case where paragraph (a) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same loan; (b) in a case where paragraph (b) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the discharge of the same mortgage; (c) in a case where paragraph (c) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in the purchase of the same property; (d) in a case where paragraph (d) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same loan; (e) in a case where paragraph (e) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same property; (f) in a case where paragraph (f) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same loan; (g) in a case where paragraph (g) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same film; (h) in a case where paragraph (h) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same film; (k) in a case where paragraph (k) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in the purchase of the same property; (m) in a case where paragraph (m) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same market research; (n) in a case where paragraph (n) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same unit of industrial property; (o) in a case where paragraph (o) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same source of assessable income; (p) in a case where paragraph (p) or paragraph (pa) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of trees on the same parcel of land; (q) in a case where paragraph (q) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same shares; (r) in a case where paragraph (r) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were payable to the same person; (s) in a case where paragraph (s) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were calls paid on shares in the same company; (v) in a case where paragraph (v) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same unit of industrial property; and (w) in a case where paragraph (w) of the definition of relevant expenditure in subsection (1) applies in relation to each of those amounts—those amounts were incurred in respect of the same source of assessable income or in carrying on the same business. (1M) For the purposes of this Subdivision, a person who obtains a benefit by reason of an act, transaction or circumstance that occurs as part of, in connection with or as a result of a tax avoidance agreement shall be deemed to have obtained that benefit by reason of the tax avoidance agreement. (1N) Where, for the purposes of the application of any provision of this Subdivision, it is required to be assumed that a tax benefit is not or was not allowable in respect of any part of an amount of eligible relevant expenditure and that expenditure is expenditure that was incurred in the acquisition of property that, for the purposes of the application of this Act in relation to the person who incurred the expenditure, is or was trading stock, it shall also be assumed, for the purposes of the application of that provision, that, for the purposes of the application of Division 70 (Trading stock) or 385 (Primary production) of the Income Tax Assessment Act 1997 in relation to that property in relation to the person who incurred the expenditure, that the cost of that property is, and at all times was, nil. (1P) For the purposes of this Subdivision, any benefit that has been obtained by an associate of a taxpayer by reason of, as a result of or as part of a tax avoidance agreement, being a benefit that was obtained in relation to the incurring by the taxpayer, by reason of, as a result of or as part of that tax avoidance agreement, of relevant expenditure, not being relevant expenditure to which subsection (1Q) applies, shall be taken to be a benefit that was obtained by the taxpayer by reason of that tax avoidance agreement and in relation to that relevant expenditure being incurred by the taxpayer. (1Q) For the purposes of this Subdivision, any benefit that has been obtained by an associate of a taxpayer by reason of, as a result of or as part of a tax avoidance agreement, being a benefit that was obtained in relation to: (a) the incurring by the taxpayer, by reason of, as a result of or as part of that tax avoidance agreement, of relevant expenditure to which paragraph (f) of the definition of relevant expenditure in subsection (1) applies; or (b) the making by the taxpayer, by reason of, as a result of or as part of that tax avoidance agreement, of the loan in respect of which relevant expenditure to which that paragraph applies was incurred; shall be taken to be a benefit that was obtained by the taxpayer by reason of that tax avoidance agreement and in relation to the relevant expenditure being incurred by the taxpayer or that loan being made by the taxpayer, as the case may be. (1S) For the purposes of the application of this section in determining the amount of any additional benefit obtained by a taxpayer in relation to an amount of relevant expenditure to which paragraph (h) of the definition of relevant expenditure in subsection (1) applies being incurred, being expenditure that, by virtue of the expenditure of moneys (in this subsection referred to as the partnership moneys ) by a partnership, is deemed by former section 124KA to have been incurred by the taxpayer: (a) the partnership shall be taken to be an associate of the taxpayer; (b) a reference to the relevant expenditure being incurred by the taxpayer shall be read as including a reference to the partnership moneys being expended by the partnership; and (c) any benefit obtained by the partnership in relation to the partnership moneys being expended by the partnership shall be taken to have been obtained by the taxpayer in relation to the relevant expenditure being incurred by the taxpayer to such extent only as the Commissioner considers fair and reasonable. (1T) Where: (a) a taxpayer expends moneys (in this subsection referred to as the film moneys ) in producing, or by way of contribution to the cost of producing, a film; and (b) by virtue of the operation of former subsection 124K(2), a part only of the film moneys is taken to be an amount of relevant expenditure to which paragraph (h) of the definition of relevant expenditure in subsection (1) applies; for the purposes of the application of this section in determining the amount of any additional benefit obtained by the taxpayer in relation to the relevant expenditure being incurred: (c) a reference to the relevant expenditure being incurred by the taxpayer shall read as including a reference to the film moneys being expended by the taxpayer; and (d) any benefit obtained by the taxpayer in relation to the film moneys being expended by the taxpayer shall be taken to have been obtained by the taxpayer in relation to the relevant expenditure being incurred by the taxpayer to such extent only as the Commissioner considers fair and reasonable. (2) A reference in this Subdivision to the supply of goods or the provision of services shall be read as not including a reference to the making available of money by way of loan. (3) For the purposes of this Subdivision, an agreement shall be taken to have been entered into or carried out for a particular purpose, or for purposes that included a particular purpose, if any of the parties to the agreement entered into or carried out the agreement for that purpose, or for the purposes that included that purpose, as the case may be. (4) A reference in this Subdivision to a person shall be read as including a reference to a person in the capacity of a trustee. (5) A reference in this Subdivision to a provision of the Income Tax Assessment Act 1997 includes a reference to the corresponding provision of the Income Tax Assessment Act 1936.", "Amendment_Count": 24, "First_Amended": "No 12 of 1979", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 12 of 1979 | No 146 of 1979 | No 147 of 1979 | No 19 of 1980 | No 108 of 1981 | No 111 of 1981 | No 76 of 1982 | No 49 of 1985 | No 123 of 1985 | No 168 of 1985 | No 73 of 1989 | No 107 of 1989 | No 57 of 1990 | No 100 of 1991 | No 98 of 1992 | No 39 of 1997 | No 121 of 1997 | No 46 of 1998 | No 54 of 1999 | No 77 of 2001 | No 101 of 2006 | No 79 of 2007 | No 164 of 2007 | No 97 of 2008", "History_Notes": "Inserted by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 146 of 1979, effective 28 Nov 1979 (s 2) | Amended by No 147 of 1979, effective 29 Nov 1979 (s 2) | Amended by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 111 of 1981, effective 24 June 1981 (s 2) | Amended by No 76 of 1982, effective 13 Sept 1982 (s 2) | Amended by No 49 of 1985, item 14, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 123 of 1985, item 18, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 168 of 1985, item 30, effective s 19–43: 16 Dec 1985 (s 2(1)) | Amended by No 73 of 1989, effective Sch: 21 June 1989 (s 2) | Amended by No 107 of 1989, Sch 1 item 73B, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 57 of 1990, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 100 of 1991, Sch 2 item 33, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 98 of 1992, item 29, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 39 of 1997, Sch 4 item 89 | Sch 4 item 90 | Sch 4 item 91 | Sch 4 item 92 | Sch 4 item 93, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 4 item 117 | Sch 4 item 118 | Sch 4 item 119 | Sch 4 item 120 | Sch 4 item 121 | Sch 4 item 122 | Sch 4 item 123 | Sch 5 item 70 | Sch 5 item 71 | Sch 9 item 38, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 46 of 1998, Sch 10 item 17 | Sch 10 item 18 | Sch 10 item 19 | Sch 10 item 20 | Sch 10 item 21, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 54 of 1999, Sch 3 item 2, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 54 | Sch 2 item 55 | Sch 2 item 56 | Sch 2 item 57, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 1 item 92 | Sch 2 item 260 | Sch 2 item 261, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 8 item 4 | Sch 8 item 5 | Sch 8 item 6, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 164 of 2007, Sch 10 item 30 | Sch 10 item 31 | Sch 10 item 32 | Sch 10 item 33 | Sch 10 item 34 | Sch 10 item 35 | Sch 10 item 36 | Sch 10 item 37 | Sch 10 item 38 | Sch 10 item 39 | Sch 10 item 40, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KJ", "Provision_Key": "s82kj", "Heading": "Deduction not allowable in respect of certain pre ‑ paid outgoings", "Text": "Where: (a) a loss or outgoing in respect of which a deduction would, but for this Subdivision, be allowable, was incurred by a taxpayer after 19 April 1978 by reason of, as a result of or as part of a tax avoidance agreement; (b) having regard to the benefit in respect of which the loss or outgoing was incurred (but without regard to any benefit relating to the acquisition or possible acquisition of the property referred to in paragraph (c)), the amount of the loss or outgoing was greater than the amount (if any) that might reasonably be expected to have been incurred, at the time when the loss or outgoing was incurred, in respect of that benefit if the loss or outgoing had not been incurred by reason of, as a result of or as part of a tax avoidance agreement; (c) property has been, will be, or may reasonably be expected to be, acquired by the taxpayer or by an associate of the taxpayer as a result of, by reason of, or as part of the tax avoidance agreement; and (d) the consideration (if any) that was payable in respect of the acquisition of that property was less, or the consideration that may reasonably be expected to be payable in respect of the acquisition of that property is less, than the consideration that might reasonably be expected to have been payable, or to be payable, as the case may be, in respect of the acquisition of that property if the loss or outgoing had not been incurred; notwithstanding any other provision of this Act, a deduction is not allowable to the taxpayer in respect of the loss or outgoing.", "Amendment_Count": 2, "First_Amended": "No 12 of 1979", "Last_Amended": "No 146 of 1979", "Amending_Acts": "No 12 of 1979 | No 146 of 1979", "History_Notes": "Inserted by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 146 of 1979, effective 28 Nov 1979 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KK", "Provision_Key": "s82kk", "Heading": "Schemes designed to postpone tax liability", "Text": "(1) This section applies to a loss or outgoing incurred by a taxpayer if: (a) the loss or outgoing was incurred after 19 April 1978 and was incurred to an associate of the taxpayer; (b) a deduction is allowable to the taxpayer in respect of that loss or outgoing; and (c) the deduction allowable in respect of that loss or outgoing would, but for this section, be allowable to the taxpayer in the year of income in which the loss or outgoing was incurred and: (i) in a case where the loss or outgoing is in respect of interest that, if it had actually been paid, would be subject to withholding tax under Division 11A—the withholding tax payable in respect of the whole or a part of the interest is not payable until a time occurring in a subsequent year of income; and (ii) in any other case—the whole or a part of the amount incurred to the associate will not be included in the assessable income of the associate until a subsequent year of income. (2) Notwithstanding any other provision of this Act, where: (a) a taxpayer incurs in a year of income (in this subsection referred to as the relevant year of income ) a loss or outgoing (not being a loss or outgoing in respect of the supply of goods or the provision of services at a time that occurs after, or during a period that occurs after or extends beyond, the end of the relevant year of income) and the loss or outgoing is a loss or outgoing to which this section applies; and (b) the loss or outgoing was incurred by reason of, as a result of, as part of or in connection with an agreement, course of conduct or course of business that was entered into or carried out for the purpose, or for purposes that included the purpose, of securing that: (i) in a case where the loss or outgoing is in respect of interest that, if it had actually been paid, would be subject to withholding tax under Division 11A—the withholding tax payable in respect of the whole or a part of the interest will not be payable until a time occurring in a subsequent year of income; and (ii) in any other case—the whole or a part of the amount incurred to the associate would not be included in the assessable income of the associate until a subsequent year of income; the loss or outgoing shall, for the purposes of this Act, be deemed to have been incurred by the taxpayer in the relevant year of income and in any subsequent year of income only to the extent to which the loss or outgoing represents an amount actually paid during the relevant year of income or that subsequent year of income by the taxpayer to the person to whom the loss or outgoing is incurred. (3) Notwithstanding any other provision of this Act but subject to subsection (4), where: (a) a taxpayer incurs in a year of income a loss or outgoing in respect of the supply of goods or the provision of services at a time that occurs after, or during a period that occurs after or extends beyond, the end of the year of income and the loss or outgoing is a loss or outgoing to which this section applies; and (b) the loss or outgoing was incurred by reason of, as a result of or as part of an agreement that was entered into or carried out for the purpose, or for purposes that included the purpose, of securing that: (i) a deduction would be allowable to the taxpayer in a year of income in respect of the loss or outgoing; and (ii) the whole or a part of the amount of the loss or outgoing would not be included in the assessable income of the person to whom the loss or outgoing was incurred until a subsequent year of income; that loss or outgoing shall, for the purposes of this Act, be deemed to have been incurred by the taxpayer in the year of income in which, or in the years of income in which, goods to which the loss or outgoing relates are supplied or services to which the loss or outgoing relates are provided. (4) Where, by virtue of subsection (3), a loss or outgoing incurred by a taxpayer in respect of the supply of goods or the provision of services is deemed to have been incurred by the taxpayer in each of 2 or more years of income, there shall be allowable as a deduction to the taxpayer in each such year of income so much only of the amount that, apart from this section, would be allowable as a deduction in respect of the loss or outgoing as the Commissioner considers reasonable having regard to the extent to which the goods in respect of which the loss or outgoing was incurred were supplied or the services in respect of which the loss or outgoing was incurred were provided, in each of those years of income. (5) In determining whether paragraph (2)(b) or (3)(b) applies in relation to a loss or outgoing, no regard shall be had to a purpose that is a merely incidental purpose.", "Amendment_Count": 3, "First_Amended": "No 12 of 1979", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 12 of 1979 | No 146 of 1979 | No 108 of 1981", "History_Notes": "Inserted by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 146 of 1979, effective 28 Nov 1979 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KL", "Provision_Key": "s82kl", "Heading": "Tax benefit not allowable in respect of certain recouped expenditure", "Text": "(1) Where the sum of the amount or value of the additional benefit in relation to an amount of eligible relevant expenditure incurred by a taxpayer and the expected tax saving in relation to that amount of eligible relevant expenditure is equal to or greater than the amount of the eligible relevant expenditure, notwithstanding any other provision of this Act but subject to this section, a tax benefit is not and shall be deemed never to have been, allowable in respect of any part of that amount of eligible relevant expenditure. (2) Where, at any time, the Commissioner is of the opinion that, apart from this subsection, subsection (1) might reasonably be expected, at a later time, to operate to deem a tax benefit not to be allowable and never to have been allowable in respect of expenditure or a loss or outgoing incurred by a taxpayer then, notwithstanding any other provision of this Act but subject to this section, a tax benefit is not allowable and shall be deemed never to have been allowable in respect of that expenditure or that loss or outgoing, as the case may be. (3) Where, in the making of an assessment, subsection (2) has been applied by reason that the Commissioner was of the opinion that a particular circumstance would exist and the Commissioner later becomes satisfied that that circumstance will not exist, then, notwithstanding anything contained in section 170, the Commissioner may amend the assessment at any time for the purposes of ensuring that this Subdivision shall be taken always to have applied on the basis that that circumstance did not, and would not, exist. (4) Where: (a) an amount of eligible relevant expenditure is incurred by a partnership; (b) apart from this subsection, this section would not operate to deem a tax benefit not to be allowable and never to have been allowable in respect of any part of that amount of eligible relevant expenditure; and (c) the Commissioner is satisfied that any partner in the partnership became a partner in the partnership by reason of or as a result of an agreement (whether or not that agreement was the agreement by virtue of which the partner became a partner in the partnership) that was entered into by any of the parties to the agreement for the purpose, or primarily for the purpose, of ensuring that this section would not operate to deem a tax benefit not to be allowable and never to have been allowable in respect of any part of the amount of the eligible relevant expenditure; then, notwithstanding any other provision of this Act, a tax benefit is not allowable and shall be deemed never to have been allowable in respect of any part of that amount of eligible relevant expenditure. (5) Where: (a) in the making of an assessment, this section has been applied on the basis that a taxpayer was to be taken to have obtained a benefit by reason that it was reasonable to expect that a person to whom a debt was owed by the taxpayer or an associate of the taxpayer would release, abandon or fail to demand repayment of the debt or of a part of the debt; and (b) the whole or a part of that debt or of that part of the debt is repaid; then, notwithstanding anything contained in section 170, the Commissioner may amend the assessment at any time for the purposes of ensuring that this Subdivision shall be taken never to have applied on the basis that it was reasonable to expect that the person to whom the debt was owed would release, abandon or fail to demand repayment of the amount that was repaid. (6) Where subsection (1), (2) or (4) deems a tax benefit not to be and never to have been allowable in respect of a loss or outgoing incurred by a taxpayer in the purchase of property that, for the purposes of the application of this Act and the Income Tax Assessment Act 1997 in relation to the taxpayer is or was trading stock, then, notwithstanding any other provision of this Act or that Act, the cost or cost price of that property, for the purposes of the application of (Primary production) of the Income Tax Assessment Act 1997 Subdivision B of Division 2 of Part III of this Act or Division 70 (Trading stock) or 385 in relation to that property in relation to the taxpayer, shall be taken to be, and at all times to have been, nil. (7) Where, at any time after the making of an assessment in relation to a taxpayer, the taxpayer considers that the Commissioner ought to amend the assessment in accordance with subsection (3) or (5), the taxpayer may post to or lodge with the Commissioner a request in writing for an amendment of the assessment in accordance with subsection (3) or (5) or in accordance with subsections (3) and (5). (8) The Commissioner shall consider the request and shall serve on the taxpayer, by post or otherwise, a written notice of the Commissioner’s decision on the request. (9) If the taxpayer is dissatisfied with the Commissioner’s decision on the request, the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 6, "First_Amended": "No 146 of 1979", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 146 of 1979 | No 76 of 1982 | No 48 of 1986 | No 216 of 1991 | No 121 of 1997 | No 41 of 2011", "History_Notes": "Inserted by No 146 of 1979, effective 28 Nov 1979 (s 2) | Amended by No 76 of 1982, effective 13 Sept 1982 (s 2) | Amended by No 48 of 1986, item 73, effective s 70–98, 213, 216, 219, 221, 226 and 228: 1 July 1986 (s 2(1)) | Amended by No 216 of 1991, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 121 of 1997, Sch 5 item 72 | Sch 5 item 73 | Sch 5 item 74, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 41 of 2011, Sch 5 item 245, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZL", "Provision_Key": "s82kzl", "Heading": "Interpretation", "Text": "(1) In this Subdivision, unless the contrary intention appears: agreement means any agreement, arrangement, understanding or scheme, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. associate has the meaning given by section 318. eligible service period , in relation to an amount of expenditure incurred under an agreement, means the period from the beginning of: (a) the day, or the first day, on which the thing to be done under the agreement in return for the amount of expenditure is required, or permitted, as the case may be, to commence being done; or (b) if the expenditure is incurred on a later day—the day on which the expenditure is incurred; until the end of: (c) the day, or the last day, on which the thing to be done under the agreement in return for the amount of expenditure is required, or permitted, as the case may be, to cease being done; or (d) if that day or last day ends more than 10 years after the beginning of the period—10 years after the beginning of the period. excluded expenditure means an amount of expenditure: (a) less than $1,000; or (b) required to be incurred by a law, or by an order of a court, of the Commonwealth, a State or a Territory; or (c) under a contract of service; or (d) to the extent that it is of a capital nature and cannot be deducted under: (i) section 355 ‑ 205 (R&D expenditure); or (ii) section 355 ‑ 480 (earlier year associate R&D expenditure); of the Income Tax Assessment Act 1997 ; or (da) to the extent that it is of a private or domestic nature; or (e) that has been or is incurred after 21 September 1999 by a general insurance company in connection with the issue of a general insurance policy and was related or relates to the gross premiums derived by the company in respect of the policy; or (f) that has been or is incurred after 21 September 1999 by a general insurance company in payment of reinsurance premiums in respect of the reinsurance of risks covered by general insurance policies, other than reinsurance premiums that were or are paid in respect of a particular class of insurance business where, under the contract of reinsurance, the reinsurer agrees, in respect of a loss incurred by the company that is covered by the relevant policy, to pay only some or all of the excess over an agreed amount. pre ‑ RBT obligation means a contractual obligation that: (a) exists under an agreement at or before 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and (b) requires the payment of an amount for the doing of a thing under the agreement; and (c) requires the payment to be made before the doing of the thing; and (d) cannot be escaped by unilateral action by the party bound by the obligation to make the payment. R&D activities has the same meaning as in the Income Tax Assessment Act 1997 . transfer includes assign. (2) Without otherwise limiting the generality of references in this Subdivision to expenditure being incurred under an agreement in return for the doing of a thing under the agreement: (a) where expenditure incurred under an agreement consists of a payment of loan interest or a payment of a similar kind, the expenditure shall, for the purposes of this Subdivision, be taken to be incurred in return for the making available or continued making available, as the case requires, of the loan principal, or other amount of a similar kind, under the agreement during the period to which the payment relates; and (b) where expenditure incurred under an agreement consists of a payment of rent, a lease payment or a payment of a similar kind, the expenditure shall, for the purposes of this Subdivision, be taken to be incurred in return for the making available or continued making available, as the case requires, of the thing rented or leased, or other thing of a similar kind, under the agreement during the period to which the payment relates; and (c) where expenditure incurred under an agreement consists of a payment of an insurance premium or a payment of a similar kind, the expenditure shall, for the purposes of this Subdivision, be taken to be incurred in return for the provision or continued provision, as the case requires, of insurance against the risk concerned, or of a thing of a similar kind, under the agreement during the period to which the payment relates. (3) This Subdivision has effect as if conducting R&D activities were carrying on a business.", "Amendment_Count": 11, "First_Amended": "No 95 of 1988", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 95 of 1988 | No 169 of 1999 | No 89 of 2000 | No 90 of 2000 | No 78 of 2001 | No 170 of 2001 | No 97 of 2002 | No 80 of 2007 | No 88 of 2009 | No 114 of 2010 | No 93 of 2011", "History_Notes": "Inserted by No 95 of 1988, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 169 of 1999, Sch 10 item 1 | Sch 10 item 2 | Sch 10 item 4 | Sch 10 item 5 | Sch 10 item 80, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 89 of 2000, Sch 8 item 1, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 90 of 2000, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 7, effective Sch 2: 30 June 2000 (s 2) | Amended by No 78 of 2001, Sch 3 item 1 | Sch 3 item 8, effective Sch 3 (items 1–4, 6–13, 15): 30 June 2001 (s 2(1)) Sch 3 (item 5): 22 Sept 2002 (s 2(2)) | Amended by No 170 of 2001, Sch 4 item 7 | Sch 4 item 8, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 97 of 2002, Sch 2 item 8, effective s 4 and Sch 2 (items 1–9): 10 Nov 2002 (s 2(1) items 1, 2) Sch 3: 3 July 2002 (s 2(1) item 3) | Amended by No 80 of 2007, Sch 3 item 99 | Sch 8 item 1, effective Sch 3 (items 97–108) and Sch 8 (items 1, 9): 21 June 2007 (s 2) | Amended by No 88 of 2009, Sch 5 item 311 | Sch 5 item 312, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 114 of 2010, Sch 1 item 8, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 93 of 2011, Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZLA", "Provision_Key": "s82kzla", "Heading": "Subdivision does not apply to financial arrangements to which Subdivision 250 ‑ E applies", "Text": "To avoid doubt, this Subdivision does not apply to: (a) a Division 230 financial arrangement (within the meaning of the Income Tax Assessment Act 1997 ); or (b) a financial benefit (within the meaning of that Act) that is provided or received in relation to such an arrangement. Note: See section 250 ‑ 210 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 164 of 2007 | No 15 of 2009", "History_Notes": "Inserted by No 164 of 2007, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 15 of 2009, Sch 1 item 33, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZLA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZLB", "Provision_Key": "s82kzlb", "Heading": "How this Subdivision applies to deductible R&D expenditure incurred to associates in earlier income years", "Text": "In addition to its application apart from this section, this Subdivision applies to expenditure deductible under section 355 ‑ 480 of the Income Tax Assessment Act 1997 as if: (a) references in this Subdivision to incurring the expenditure were references to paying the expenditure; and (b) references in this Subdivision to the expenditure year were references to the payment year.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZLB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZM", "Provision_Key": "s82kzm", "Heading": "Expenditure by small and medium business entities and individuals incurring non ‑ business expenditure", "Text": "(1) Where: (a) a taxpayer incurs expenditure under an agreement entered into after 25 May 1988; and (aa) at least one of the following applies: (i) the taxpayer is a small business entity, or is covered by subsection (1A), for the year of income and has not chosen to apply section 82KZMD to the expenditure; (ii) the taxpayer is an individual and the expenditure is not incurred in carrying on a business; (iii) the expenditure meets a pre ‑ RBT obligation (see subsection 82KZL(1)); and (b) the expenditure is not excluded expenditure; and (ba) either: (i) the eligible service period for the expenditure is longer than 12 months; or (ii) the eligible service period for the expenditure is 12 months or shorter but ends after the last day of the year of income after the one in which the expenditure was incurred; and (c) apart from this section, a deduction under: (i) section 8 ‑ 1; or (ii) section 355 ‑ 205 (R&D expenditure) or 355 ‑ 480 (earlier year associate R&D expenditure); of the Income Tax Assessment Act 1997 , in respect of the expenditure, would be allowable from the taxpayer’s assessable income for the year of income in which the expenditure is incurred; then, for the purposes of this Act, instead of the deduction being allowable as mentioned in paragraph (c), a proportion of the deduction is allowable from the assessable income of the taxpayer of each year of income during which the whole or part of the eligible service period in relation to the expenditure occurs, being a proportion ascertained in accordance with the formula: where: Period in year is the number of days in the whole or the part of the eligible service period that occurs in the year of income. Eligible service period is the number of days in the eligible service period. (1A) A taxpayer is covered by this subsection for a year of income if: (a) the taxpayer is not a small business entity for the year of income; and (b) the taxpayer would be a small business entity for the year of income if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to a taxpayer covered by this subsection. (2) Subsection (1) has effect subject to Division 245 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 14, "First_Amended": "No 95 of 1988", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 95 of 1988 | No 76 of 1996 | No 39 of 1997 | No 16 of 1998 | No 169 of 1999 | No 89 of 2000 | No 78 of 2001 | No 170 of 2001 | No 101 of 2006 | No 80 of 2007 | No 164 of 2007 | No 79 of 2010 | No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 95 of 1988, item 25, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 76 of 1996, Sch 2C item 245 | Sch 2C item 30, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 39 of 1997, Sch 4 item 98 | Sch 4 item 99, effective Sch 1: 1 July 1997 (s 2) | Amended by No 16 of 1998, Sch 8 item 2, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 169 of 1999, Sch 10 item 3 | Sch 10 item 4 | Sch 10 item 5, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 89 of 2000, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 78 of 2001, Sch 3 item 2 | Sch 3 item 4, effective Sch 3 (items 1–4, 6–13, 15): 30 June 2001 (s 2(1)) Sch 3 (item 5): 22 Sept 2002 (s 2(2)) | Amended by No 170 of 2001, Sch 4 item 6, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 101 of 2006, Sch 2 item 262, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 80 of 2007, Sch 3 item 100, effective Sch 3 (items 97–108) and Sch 8 (items 1, 9): 21 June 2007 (s 2) | Amended by No 164 of 2007, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 79 of 2010, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 93 of 2011, Sch 3 item 10, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5) | Amended by No 92 of 2020, Sch 3 item 17 | Sch 3 item 19, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZMA", "Provision_Key": "s82kzma", "Heading": "Application of section 82KZMD", "Text": "Overview (1) Section 82KZMD sets the amount and timing of deductions for expenditure that a taxpayer incurs in a year of income (the expenditure year ), if: (a) apart from that section, the taxpayer could deduct the expenditure for the expenditure year under: (i) section 8 ‑ 1; or (ii) section 355 ‑ 205 (R&D expenditure) or 355 ‑ 480 (earlier year associate R&D expenditure); of the Income Tax Assessment Act 1997 ; and (b) the requirements in subsections (2), (3), (4) and (5) are met. Requirements for taxpayer (2) The taxpayer: (a) must: (i) carry on a business; or (ii) be a taxpayer that is not an individual and that does not carry on a business; and (b) if the taxpayer is a small business entity, or is covered by subsection (2A), for the expenditure year—must, before lodging its return of income for that year or within such further time as the Commissioner allows, choose to apply section 82KZMD to the expenditure. (2A) A taxpayer is covered by this subsection for the expenditure year if: (a) the taxpayer is not a small business entity for the expenditure year; and (b) the taxpayer would be a small business entity for the expenditure year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to a taxpayer covered by this subsection. (3) The expenditure must be: (a) either: (i) incurred in carrying on a business; or (ii) incurred otherwise than in carrying on a business by a taxpayer that is not an individual; and (b) incurred under an agreement (see subsection 82KZL(1); and (c) incurred in return for the doing of a thing under the agreement that is not to be wholly done within the expenditure year. Requirement for expenditure not to be excluded expenditure (4) The expenditure must not be excluded expenditure (see subsection 82KZL(1)). Requirement for expenditure not to meet pre ‑ RBT obligation (5) The expenditure must not meet a pre ‑ RBT obligation (see subsection 82KZL(1)). Relationship with other provisions (6) Section 82KZMD has effect: (a) despite section 8 ‑ 1 of the Income Tax Assessment Act 1997 ; and (b) subject to Division 245 of that Act.", "Amendment_Count": 10, "First_Amended": "No 169 of 1999", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 78 of 2001 | No 170 of 2001 | No 80 of 2007 | No 164 of 2007 | No 79 of 2010 | No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 169 of 1999, Sch 10 item 80 | Sch 10 item 6 | Sch 10 item 7, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 169 of 1999, Sch 10 item 80 | Sch 10 item 6 | Sch 10 item 7, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 89 of 2000, Sch 8 item 3 | Sch 8 item 4, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 78 of 2001, Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8, effective Sch 3 (items 1–4, 6–13, 15): 30 June 2001 (s 2(1)) Sch 3 (item 5): 22 Sept 2002 (s 2(2)) | Amended by No 170 of 2001, Sch 4 item 7, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 80 of 2007, Sch 3 item 101 | Sch 3 item 102, effective Sch 3 (items 97–108) and Sch 8 (items 1, 9): 21 June 2007 (s 2) | Amended by No 164 of 2007, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 79 of 2010, Sch 2 item 11, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 93 of 2011, Sch 3 item 11, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5) | Amended by No 92 of 2020, Sch 3 item 20 | Sch 3 item 21, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZMA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZMD", "Provision_Key": "s82kzmd", "Heading": "Business expenditure and non ‑ business expenditure by non ‑ individual", "Text": "(2) For each year of income containing all or part of the eligible service period for the expenditure, the taxpayer may deduct the amount worked out using the formula: Note: This section does not apply to expenditure incurred by a small or medium business entity unless the entity chooses to apply this section to the expenditure: see paragraph 82KZMA(2)(b).", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 169 of 1999 | No 80 of 2007 | No 92 of 2020", "History_Notes": "Inserted by No 169 of 1999, Sch 10 item 5 | Sch 10 item 6 | Sch 10 item 7 | Sch 10 item 9, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 169 of 1999, Sch 10 item 5 | Sch 10 item 6 | Sch 10 item 7 | Sch 10 item 9, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 80 of 2007, Sch 3 item 100 | Sch 3 item 101 | Sch 3 item 102, effective Sch 3 (items 97–108) and Sch 8 (items 1, 9): 21 June 2007 (s 2) | Amended by No 92 of 2020, Sch 3 item 22, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZMD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZME", "Provision_Key": "s82kzme", "Heading": "Expenditure under some agreements", "Text": "(1) Section 82KZMF applies to set the amount and timing of deductions for expenditure that a taxpayer incurs in a year of income (the expenditure year ) if: (a) apart from that section, the taxpayer could deduct the expenditure for the expenditure year under: (i) section 8 ‑ 1; or (ii) section 355 ‑ 205 (R&D expenditure) or 355 ‑ 480 (earlier year associate R&D expenditure); of the Income Tax Assessment Act 1997 ; and (c) the requirements of subsections (2) and (3) are met. Note: There are some exceptions: see subsections (5), (7), (8) and (9). General requirements for expenditure (2) The expenditure must be incurred: (a) after 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999 under an agreement; and (b) in return for the doing of a thing under the agreement that is not to be wholly done within the expenditure year. Requirements for agreement (3) There are these requirements for the agreement: (a) the taxpayer’s allowable deductions for the expenditure year that are attributable to the agreement must exceed the taxpayer’s assessable income (if any) for the expenditure year that is attributable to the agreement; and (b) the taxpayer does not have day to day control over the operation of the agreement (whether or not the taxpayer has the right to be consulted or give directions); and (c) at least one of these must be satisfied: (i) there is more than one participant in the agreement in the same capacity as the taxpayer; (ii) the person who manages, arranges or promotes the agreement, or an associate of that person, manages, arranges or promotes similar agreements for other taxpayers. Activities that relate to the agreement (4) Without affecting the operation of any other section in this Subdivision, an agreement referred to in this section includes all activities that relate to the agreement, including those that give rise to deductions or assessable income. Exception 1: certain negatively geared investments (5) The expenditure must not be: (a) a premium for building insurance, contents insurance or rent protection insurance; or (b) interest on money borrowed to acquire: (i) real property or an interest in real property; or (ii) shares that are listed for quotation in the official list of an approved stock exchange; or (iii) units in a trust that has at least 300 beneficiaries and is a widely held unit trust as defined in section 272 ‑ 105 in Schedule 2F; where: (c) the taxpayer has obtained, or can reasonably be expected to obtain, rent, dividends or trust income from the agreement; and (d) the taxpayer has not obtained and will not obtain any other kind of assessable income from the agreement (except a capital gain or an insurance receipt); and (e) all aspects of the agreement have been conducted at arm’s length. Exception 3: expenditure is excluded expenditure (7) The expenditure must not be excluded expenditure (see subsection 82KZL(1)). Exception 4: expenditure meets a pre ‑ existing obligation (8) The expenditure by the taxpayer must not meet a contractual obligation that: (a) exists under an agreement at or before 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999; and (b) requires the payment of an amount for the doing of a thing under the agreement; and (c) requires the payment to be made before the doing of the thing; and (d) cannot be escaped by unilateral action by the taxpayer. Exception 5: agreement to which a product ruling applies (9) The expenditure must not be under an agreement to which a product ruling applies, describing expenditure under the agreement as being allowable as a deduction. (10) The product ruling must be made: (a) on or before 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999; or (b) in response to an application for a product ruling where: (i) the application was received by the Commissioner on or before the time specified in paragraph (a); and (ii) the Commissioner acknowledged receiving the application. (11) In this section: product ruling means a public ruling made under Part IVAAA of the Taxation Administration Act 1953 about a particular investment product.", "Amendment_Count": 7, "First_Amended": "No 90 of 2000", "Last_Amended": "No 4 of 2018", "Amending_Acts": "No 90 of 2000 | No 78 of 2001 | No 170 of 2001 | No 164 of 2007 | No 93 of 2011 | No 4 of 2018", "History_Notes": "Inserted by No 90 of 2000, Sch 2 item 8 | Sch 2 item 9, effective Sch 2: 30 June 2000 (s 2) | Amended by No 90 of 2000, Sch 2 item 8 | Sch 2 item 9, effective Sch 2: 30 June 2000 (s 2) | Amended by No 78 of 2001, Sch 3 item 11 | Sch 3 item 12 | Sch 3 item 13, effective Sch 3 (items 1–4, 6–13, 15): 30 June 2001 (s 2(1)) Sch 3 (item 5): 22 Sept 2002 (s 2(2)) | Amended by No 170 of 2001, Sch 4 item 8, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 164 of 2007, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, Sch 3 item 12, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5) | Amended by No 4 of 2018, Sch 6 item 5 | Sch 6 item 6, effective Sch 6 (items 4–8, 27): 21 Feb 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZME"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZMF", "Provision_Key": "s82kzmf", "Heading": "Proportional deduction", "Text": "(1) If this section applies to expenditure incurred by a taxpayer in a year of income: (a) the taxpayer cannot deduct all of the expenditure for the expenditure year; and (b) instead, the taxpayer can deduct, for each year of income during which part of the eligible service period for the expenditure occurs, an amount worked out using this formula: (2) This section has effect: (a) despite section 8 ‑ 1 of the Income Tax Assessment Act 1997 ; and (b) subject to Division 245 of the Income Tax Assessment Act 1997 . Note: Deductions under section 355 ‑ 205 or 355 ‑ 480 of the Income Tax Assessment Act 1997 for R&D expenditure are subject to this section (see subsection 8 ‑ 5(2) and section 355 ‑ 105 of that Act).", "Amendment_Count": 6, "First_Amended": "No 90 of 2000", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 90 of 2000 | No 170 of 2001 | No 164 of 2007 | No 79 of 2010 | No 93 of 2011", "History_Notes": "Inserted by No 90 of 2000, Sch 2 item 4 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 10, effective Sch 2: 30 June 2000 (s 2) | Amended by No 90 of 2000, Sch 2 item 4 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 10, effective Sch 2: 30 June 2000 (s 2) | Amended by No 170 of 2001, Sch 4 item 9, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 164 of 2007, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 79 of 2010, Sch 2 item 12, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 93 of 2011, Sch 3 item 13 | Sch 3 item 14, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZMF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZMG", "Provision_Key": "s82kzmg", "Heading": "Deductions for certain forestry expenditure", "Text": "(1) Sections 82KZMD and 82KZMF do not affect the timing of a deduction for expenditure incurred by a taxpayer in a year of income (the expenditure year ) to the extent that the requirements of this section are met. General requirements for expenditure (2) There are these requirements for the expenditure: (a) it must be incurred on or after 2 October 2001 and on or before 30 June 2008 under an agreement; and (b) the eligible service period for the expenditure must be 12 months or shorter and must end on or before the last day of the year of income after the expenditure year; and (c) it must be incurred in return for the doing of a thing under the agreement that is not to be wholly done within the expenditure year. Requirements for agreement (3) There are these requirements for the agreement: (a) the agreement must be for planting and tending trees for felling; and (b) the taxpayer must not have day to day control over the operation of the agreement (whether or not the taxpayer has the right to be consulted or give directions); and (c) at least one of these must be satisfied: (i) there is more than one participant in the agreement in the same capacity as the taxpayer; (ii) the person (the manager ) who manages, arranges or promotes the agreement, or an associate of that person, manages, arranges or promotes similar agreements for other taxpayers. Requirements for expenditure (4) The expenditure incurred by the taxpayer must be paid for seasonally dependent agronomic activities undertaken by the manager during the establishment period for the relevant planting of trees for felling. Example: Examples of seasonally dependent agronomic activities include: tending the seedlings prior to planting, and planting them; ripping and mounding the site where the planting is to occur; applying fertiliser, herbicide or pesticide in conjunction with the planting. (5) The establishment period for a particular planting of trees starts on the day when the first seasonally dependent agronomic activity for that planting is done and ends on the later of: (a) the day when the last seedling is planted as part of that planting, not including replacement of seedlings already planted; and (b) the day when any fertiliser, herbicide or pesticide is applied to the seedlings in conjunction with that planting.", "Amendment_Count": 3, "First_Amended": "No 26 of 2002", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 26 of 2002 | No 162 of 2005", "History_Notes": "Inserted by No 26 of 2002, Sch 1 item 2 | Sch 1 item 15 | Sch 1 item 4 | Sch 1 item 8, effective Sch 1 (items 1, 8, 9(1), (3)): 4 Apr 2002 (s 2) | Amended by No 26 of 2002, Sch 1 item 2 | Sch 1 item 15 | Sch 1 item 4 | Sch 1 item 8, effective Sch 1 (items 1, 8, 9(1), (3)): 4 Apr 2002 (s 2) | Amended by No 162 of 2005, Sch 5 item 1, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZMG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZMGA", "Provision_Key": "s82kzmga", "Heading": "Deductions for certain forestry expenditure", "Text": "(1) A taxpayer cannot deduct expenditure in relation to which the requirements in section 82KZMG (apart from paragraph 82KZMG(2)(a)) are met if: (a) the taxpayer holds the taxpayer’s interest in the agreement mentioned in section 82KZMG as an initial participant in the agreement; and (b) a CGT event happens in relation to that interest within 4 years after the end of the year of income in which the taxpayer first incurred expenditure under the agreement; and (c) the expenditure is incurred on or before 30 June 2008. (1A) Paragraph (1)(b) does not apply to a CGT event if: (a) the CGT event happens because of circumstances outside the taxpayer’s control; and Example: The interest is compulsorily acquired. (b) when the taxpayer acquired the interest, the taxpayer could not reasonably have foreseen the CGT event happening. (2) Despite section 170, the Commissioner may amend the taxpayer’s assessment at any time within 2 years after the end of the year of income in which the CGT event happens, for the purpose of giving effect to this section.", "Amendment_Count": 3, "First_Amended": "No 79 of 2007", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 79 of 2007 | No 14 of 2009 | No 56 of 2010", "History_Notes": "Inserted by No 79 of 2007, Sch 8 item 1, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 14 of 2009, Sch 4 item 9, effective Sch 4 (items 6–10): 26 Mar 2009 (s 2(1) item 2) Sch 5 (items 1, 14(1)): 29 Jan 2009 (s 2(1) items 3, 7) Sch 5 (item 4): never commenced (s 2(1) item 4) | Amended by No 56 of 2010, Sch 2 item 1 | Sch 2 item 3, effective s 4, Sch 3 (items 1, 10(1)) and Sch 6 (items 17, 18, 55, 114, 118–126): 3 June 2010 (s 2(1) items 1, 7, 15, 23) Sch 1 (item 7): 1 July 2010 (s 2(1) item 3) Sch 2 (items 1, 4): 4 June 2010 (s 2(1) item 6) Sch 6 (item 108): 1 July 2006 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZMGA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZMGB", "Provision_Key": "s82kzmgb", "Heading": "CGT event in relation to interest in 82KZMG agreement", "Text": "(1) This section applies if: (a) a taxpayer holds an interest in an agreement mentioned in section 82KZMG as an initial participant in the agreement; and (b) at least one of these conditions is satisfied: (i) the taxpayer can deduct or has deducted an amount for a year of income in relation to the interest; (ii) the condition in subparagraph (i) would be satisfied if section 82KZMGA were disregarded; and (c) subsection 82KZMG(1) applies to the timing of the deduction (or would apply if section 82KZMGA were disregarded); and (d) a CGT event happens in relation to the interest, other than a CGT event that happens in respect of thinning. (2) The taxpayer’s assessable income for the year of income in which the CGT event happens includes: (a) if, as a result of the CGT event, the taxpayer no longer holds the interest—the market value of the interest (worked out as at the time of the event); or (b) otherwise—the decrease (if any) in the market value of the interest as a result of the CGT event. (3) Any amount that the taxpayer actually receives because of the CGT event is not included in the taxpayer’s assessable income (nor is it exempt income).", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZMGB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZN", "Provision_Key": "s82kzn", "Heading": "Transfer etc. of rights under agreement", "Text": "Where: (a) under an agreement entered into either before or after the commencement of this section, a taxpayer (in this section called the original taxpayer ) incurs expenditure in return for the doing of a thing during a period after the incurring of the expenditure; and (b) either: (i) the original taxpayer transfers to another taxpayer (in this section called the recipient taxpayer ) all of his or her rights under the agreement in relation to the doing of the thing during the remainder of the period; or (ii) the agreement is discharged (whether by performance or otherwise) in so far as it relates to the doing of the thing during the remainder of the period; the following provisions have effect for the purpose of this Subdivision: (c) if the whole or part of a deduction under former section 51 of this Act or section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the expenditure is, because of this Subdivision, allowable from the assessable income of the original taxpayer of any year of income occurring after the year of income in which the transfer or discharge occurs—that deduction is instead allowable from the assessable income of the year of income in which the transfer, assignment or discharge occurs; (d) if the recipient taxpayer incurs expenditure in return for the transfer—the recipient taxpayer shall be taken to have incurred, under an agreement entered into at the time of the transfer, so much of that expenditure as is not of a capital, private or domestic nature in return for the doing of the thing during the remainder of the period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82KZO", "Provision_Key": "s82kzo", "Heading": "Partnership changes where entire interest in agreement rights is not transferred", "Text": "Where: (a) under an agreement entered into after 25 May 1988, a person (in this section called the original person ), or the partners in a partnership (in this section called the original partnership ), incurs or incur expenditure in return for the doing of a thing during a period after the incurring of the expenditure; (b) either of the following (in this section called a partnership change ) happens: (i) a partnership is formed or the original partnership is dissolved, or both; or (ii) the constitution of the original partnership, or the interests of the partners in the original partnership, is or are varied; with the result that, after the partnership change: (iii) a person (in this section called the later person ), or the partners in a partnership (in this section called the later partnership ), holds or hold all of any rights under the agreement to have the thing done during the period after the partnership change; and (iv) the original person, or one or more of the partners in the original partnership, has an interest in the rights after the partnership change; and (c) the whole or part of a deduction under former section 51 of this Act or section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the expenditure (which whole or part is in this section called a spread deduction ) is, because of the application of this Subdivision, allowable from the assessable income of the original person or the original partnership of the year of income in which the partnership change happens or a subsequent year of income; the following provisions have effect: (d) if a spread deduction is allowable in relation to the year of income in which the partnership change occurs—the entitlement to the deduction shall, for the purposes of this Act but subject to any later application of this section, be apportioned between the original person or original partnership and the later person or later partnership according to the portions of the eligible service period in the year of income (or, if the case requires, of so much of the period as occurs after a partnership change resulting from a previous application of this section) that occur before and after the partnership change; (e) if a spread deduction relates to a subsequent year of income—the later person or later partnership, instead of the original person or original partnership, shall, for the purposes of this Act but subject to any later application of this section, be entitled to the deduction; (f) for the purposes of any later application of this section or section 82KZN, the later person or later partnership, instead of the original person or original partnership, shall be taken to have incurred the expenditure under the agreement.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82KZO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82LA", "Provision_Key": "s82la", "Heading": "Application of Division", "Text": "(1) This Division applies only for the purposes of: (a) calculating an eligible CFC’s attributable income for the purposes of Part X; and (b) defining convertible note . (2) A term used in paragraph (1)(a) has the same meaning as it has when used in Part X.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82LA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82L", "Provision_Key": "s82l", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: attributable income has the meaning given by Division 7 of Part X. CFC or controlled foreign company has the meaning given by section 340. convertible note includes a note issued by a company that provides, whether in pursuance of or by virtue of a trust deed or otherwise: (a) that the amount of the loan to the company that is evidenced, acknowledged or created by the note or to which the note relates: (i) whether with or without interest; (iii) whether at the option of the holder or owner of the note or of some other person or not; (iv) whether in whole or in part; or (v) whether exclusively or otherwise; is to be or may be converted into shares in the capital of the company or of another company or is to be or may be redeemed, repaid or satisfied by: (vi) the allotment or transfer of shares in the capital of the company or of some other company, whether to the holder or owner of the note or to some other person; (vii) the acquisition of such shares, whether by the holder or owner or by some other person, otherwise than as mentioned in subparagraph (vi); or (viii) application in or towards paying ‑ up, in whole or in part, the balance unpaid on shares issued or to be issued by the company or by some other company, whether to the holder or owner or to some other person; or (b) that the holder or owner of the note is to have, or may have, any right or option to have allotted or transferred to him or her or to some other person, or for him or her or some other person otherwise to acquire, shares in the capital of the company or of some other company. foreign loan means a loan to a company raised outside Australia in a currency other than the currency of Australia. instrument includes debenture, bond, certificate, receipt or any other document or writing. issued includes given and executed, and issue has a corresponding meaning. loan , in relation to a company, means: (a) a loan, advance or deposit of money to or with the company; (b) money subscribed to the company; or (c) any other form of debt or liability of the company; whether secured or unsecured and whenever redeemable, repayable or to be satisfied. note means a note or other instrument issued by a company that evidences, acknowledges, creates or relates to a loan to the company. prescribed stock exchange means an approved stock exchange (within the meaning of the Income Tax Assessment Act 1997 ) operating in Australia. qualified person , in relation to the valuing of a share in the capital of a company, means a person registered as a company auditor under a law in force in a State or a Territory, but does not include: (a) a director, secretary or employee of the company; (b) a partner, employer or employee of a person referred to in paragraph (a); or (c) a partner or employee of an employee of a person so referred to. the date of offer , in relation to a loan to a company means the earliest date on which, by any relevant prospectus, notice, circular, advertisement or other written invitation, any person was or persons were invited to subscribe to the loan: (a) in the case of a new loan—by the payment of money to the company; or (b) in the case of an approved replacement loan—by converting, in whole or in part, an earlier loan, or by converting, in whole or in part, an earlier loan and the payment of money to the company. the maturity date , in relation to a loan to which a convertible note applies, means the date by which the whole of the loan is, under the terms applicable to the note, to be repaid, redeemed or satisfied. the relevant valuation period , in relation to a share, means: (a) where neither paragraph (b) nor (c) applies in relation to the share—the period of one month ending on the date that is the valuation date in relation to the share; (b) where: (i) the share is included in a class of shares that, during the whole of the period of 2 months ending on the valuation date, was listed for quotation in the official list of a stock exchange that was a prescribed stock exchange during the whole of that period of 2 months, or in the official lists of 2 or more stock exchanges each of which was a prescribed stock exchange during the whole of that period of 2 months; and (ii) fully paid shares included in that class of shares were not recorded by that stock exchange or by any of those stock exchanges, as the case may be, as having been sold during the period of one month specified in paragraph (a) but were recorded by that stock exchange or by one or more of those stock exchanges, as the case may be, as having been sold during the period of one month immediately preceding the commencement of the period of one month so specified; that preceding period of one month; or (c) where: (i) the share is included in a class of shares that, during the whole of the period of 3 months ending on the valuation date, was listed for quotation in the official list of a stock exchange that was a prescribed stock exchange during the whole of that period of 3 months, or in the official lists of 2 or more stock exchanges each of which was a prescribed stock exchange during the whole of that period of 3 months; and (ii) fully paid shares included in that class of shares were not recorded by that stock exchange or by any of those stock exchanges, as the case may be, as having been sold during the period of 2 months ending on the valuation date but were recorded by that stock exchange or by one or more of those stock exchanges, as the case may be, as having been sold during the period of one month immediately preceding the commencement of that period of 2 months; that preceding period of one month. the valuation date , in relation to a share, means the date that is earlier by 6 weeks than the date that is the date of offer in relation to the loan in respect of which the value of the share is to be ascertained. (2) Where the combined effect or operation of 2 or more related instruments, whether issued at the same time or not, would have the effect or operation of a convertible note, those instruments shall, for the purposes of this Division, be deemed to be together a convertible note. (3) Where: (a) a company issues a note that provides that the amount of the loan to the company that is evidenced, acknowledged or created by the note or to which the note relates: (i) whether with or without interest; (iii) whether at the option of the holder or owner of the note or of some other person or not; (iv) whether in whole or in part; or (v) whether exclusively or otherwise; is to be or may be redeemed, repaid or satisfied by the issue, whether by the same company or by another company, of an instrument or a series of instruments; and (b) that instrument, or any instrument in that series of instruments, is to provide, whether in pursuance of or by virtue of a trust deed or otherwise, as mentioned in paragraph (a) or (b) of the definition of convertible note in subsection (1); that note and the instrument, or that note and each of the instruments in the series of instruments, shall, for the purposes of this Division, be deemed to be a convertible note. (4) For the purposes of this Division, a convertible note issued by a company applies to a loan to a company if it evidences, acknowledges or creates the loan. (5) A reference in this Division to the terms, or a term, applicable to a convertible note shall be read as including a reference to terms, or a term, that so apply or applies in pursuance of or by virtue of a trust deed or otherwise.", "Amendment_Count": 10, "First_Amended": "No 87 of 1970", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 87 of 1970 | No 51 of 1973 | No 216 of 1973 | No 20 of 1974 | No 92 of 1981 | No 108 of 1981 | No 63 of 1998 | No 163 of 2001 | No 41 of 2011 | No 2 of 2015", "History_Notes": "Inserted by No 87 of 1970, effective 27 Oct 1970 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 92 of 1981, effective Sch: 1 July 1982 (s 2(3)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 63 of 1998, Sch 7 item 17, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 163 of 2001, Sch 1 item 67 | Sch 1 item 68 | Sch 1 item 69, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 41 of 2011, Sch 5 item 246, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 2 of 2015, Sch 2 item 102, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82L"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82M", "Provision_Key": "s82m", "Heading": "New loans and replacement loans", "Text": "(1) Where: (a) a loan to a company is made, and is wholly made, by money being paid to the company at the time when the loan is made; and (b) the loan is not part of or related to a transaction, or is not one of a series of related transactions, under which the person making the loan is to receive or has received, for the purpose of enabling him or her to make, or of assisting him or her in making, the loan, any money or other property from the company, or from another company or person as a result of arrangements made with that other company or person by the first ‑ mentioned company; the loan shall, for the purposes of this Division, be treated as a new loan. (2) Where: (a) a loan to a company is, under subsection (1), to be treated as a new loan for the purposes of this Division; (b) the loan is not evidenced, acknowledged or created by a convertible note or is not a loan to which a convertible note otherwise applies; (c) the loan is for a fixed period; (d) the rate of interest payable in respect of the loan is the same in respect of all periods occurring before the date by which the whole of the loan is to be repaid, redeemed or satisfied; and (e) the loan is, in whole or in part, converted into another loan to the company or to another company, or the loan is, in whole or in part, converted into a part of another loan to the company or to another company and the remainder of the other loan: (i) is made by money being paid to the company or other company at the time when the loan is made; and (ii) would, if it were a separate loan, be a loan that, under subsection (1), is to be treated as a new loan for the purposes of this Division; that other loan shall, for the purposes of this Division, be treated as an approved replacement loan.", "Amendment_Count": 3, "First_Amended": "No 87 of 1970", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 87 of 1970 | No 108 of 1981 | No 41 of 2011", "History_Notes": "Inserted by No 87 of 1970, effective 27 Oct 1970 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 41 of 2011, Sch 5 item 247, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82M"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82P", "Provision_Key": "s82p", "Heading": "Bonus share allotments", "Text": "(1) For the purposes of this section, the making of a bonus share allotment by a company is the allotment by the company of shares (in this section referred to as bonus shares ) in the capital of the company (being shares all of which are of the same class as each other) to persons who are the holders of other shares (in this section referred to as qualifying shares ) in the capital of the company or in the capital of another company (being shares all of which are of the same class as each other but which are not necessarily of the same class as the bonus shares), being an allotment made to the holders of all shares of the same class as the qualifying shares or an allotment made in pursuance of applications for the allotment of the bonus shares by the holders of the qualifying shares in accordance with an invitation to apply for the allotment of shares given to the holders of the qualifying shares and the holders of all other shares of the same class as the qualifying shares. (2) Where: (a) the option to convert that exists under a convertible note is an option to have shares allotted to the holder or owner of the note; and (b) the terms applicable to the note are such that, if a bonus share allotment is made by the company that issued the note or by another company in respect of qualifying shares that are of the same class as the shares that are to be allotted to the holder or owner of the note upon the exercise of the option to convert, the holder or owner of the note is to have the right to have allotted to him or her shares in the capital of the company or of that other company, as the case may be, of the same class as the bonus shares on terms and conditions that are the same as or correspond with, or are no more favourable to him or her than, the terms and conditions on which bonus shares are allotted to any holder of qualifying shares; that right shall, for the purposes of subparagraph 82SA(1)(d)(ii), be deemed to be an approved right relating to the allotting or transfer of bonus shares to the holder or owner of the convertible note. (3) Where: (a) the option to convert that exists under a convertible note is an option to have shares transferred to the holder or owner of the note; and (b) the terms applicable to the note are such that, if a bonus share allotment is made by the company that issued the note or by another company, being an allotment the qualifying shares relating to which include the shares that are to be transferred to the holder or owner of the note upon the exercise of the option to convert, and bonus shares allotted in respect of the qualifying shares to be so transferred are allotted to the holder of those shares on terms and conditions that are the same as or correspond with, or are no more favourable to him or her than, the terms and conditions on which bonus shares are allotted to any other holder of qualifying shares, the holder or owner of the note is to have the right to have the bonus shares allotted to that person transferred to him or her upon the payment by him or her, where a consideration was paid or is payable in respect of the allotment of the bonus shares to the other person, of a consideration not less than that consideration; that right shall, for the purposes of subparagraphs 82S(1)(d)(ii) and 82SA(1)(d)(ii), be deemed to be an approved right relating to the allotting or transfer of bonus shares to the holder or owner of the convertible note.", "Amendment_Count": 6, "First_Amended": "No 87 of 1970", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 87 of 1970 | No 51 of 1973 | No 50 of 1976 | No 108 of 1981 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 87 of 1970, effective 27 Oct 1970 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 101 of 2006, Sch 2 item 264, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82P"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82Q", "Provision_Key": "s82q", "Heading": "Classes of shares", "Text": "(1) Shares in the capital of a company to which there are attached the same rights, including the following rights: (a) rights in respect of voting; (b) rights in respect of dividends; (c) rights in respect of distribution of share capital in consequence of a reduction of share capital; (d) rights in respect of distribution of the property of the company in the event of the winding up of the company; constitute a class of shares for the purposes of this Division, and no other shares in the capital of the company constitute a class of shares for such purposes. (2) Notwithstanding anything contained in subsection (1), a share in the capital of a company to be allotted upon the exercise of the option to convert given under the terms applicable to a convertible note shall not, for the purposes of this Division, be deemed to be a share of a different class from a share in the capital of the company already allotted by reason only that during the period of one year after the allotment of the first ‑ mentioned share, any dividend payable in respect of the share will or may be less than any dividend payable in respect of the second ‑ mentioned share.", "Amendment_Count": 3, "First_Amended": "No 87 of 1970", "Last_Amended": "No 63 of 1998", "Amending_Acts": "No 87 of 1970 | No 108 of 1981 | No 63 of 1998", "History_Notes": "Inserted by No 87 of 1970, effective 27 Oct 1970 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 63 of 1998, Sch 7 item 19, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82Q"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82R", "Provision_Key": "s82r", "Heading": "Interest on certain convertible notes not to be an allowable deduction", "Text": "(1) Subject to section 82SA, this section applies to a convertible note issued by a company, not being: (a) a convertible note issued on or before 15 November 1960; or (b) a convertible note: (i) the terms of the issue of which were announced by the company on or before that date; or (ii) that the company was, in pursuance of an agreement made on or before that date, bound to issue. (2) Where, in pursuance of the terms upon which any convertible notes were issued by a company, a person was entitled to have a convertible note issued to him or her by that company, the company shall, for the purposes of subsection (1), be deemed to have issued the convertible note to that person at the time when the person first became entitled to have the convertible note issued to him or her. (3) An outgoing consisting of interest, or a payment in the nature of interest, under a convertible note to which this section applies shall be deemed not to be an allowable deduction from the assessable income of the company. (4) Where a payment has been made by a person (whether under a guarantee or otherwise) that represents, in effect, a payment of interest under a convertible note to which this section applies and the company has incurred an outgoing by way of making good the first ‑ mentioned payment to that person, whether by way of indemnification or otherwise, the amount of that outgoing shall, for the purposes of this section, be deemed to be an outgoing consisting of interest under the convertible note. (5) Section 25 ‑ 25 (Borrowing expenses) of the Income Tax Assessment Act 1997 does not apply to the expenditure incurred by the company in borrowing money by means of convertible notes to which this section applies.", "Amendment_Count": 7, "First_Amended": "No 87 of 1970", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 87 of 1970 | No 51 of 1973 | No 50 of 1976 | No 108 of 1981 | No 121 of 1997 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 87 of 1970, effective 27 Oct 1970 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 121 of 1997, Sch 4 item 124, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 101 of 2006, Sch 1 item 94, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 249, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82SA", "Provision_Key": "s82sa", "Heading": "Interest on certain convertible notes to be an allowable deduction—where loan made on or after 1 January 1976", "Text": "(1) Subject to the succeeding provisions of this section, section 82R does not apply in relation to a convertible note issued by a company where: (a) the loan to the company to which the note applies is, under section 82M, to be treated as a new loan or an approved replacement loan for the purposes of this Division; (b) the loan was made on or after 1 January 1976; (c) the convertible note was issued before the expiration of 2 months after the loan was made; and (d) the terms applicable to the convertible note are, at the time the note was issued and at all subsequent times, such that: (i) an option is given to the holder or owner of the convertible note (in this Division referred to as the option to convert ) to have allotted or transferred to him or her shares in the capital of the company or of another company; (ii) no provision is made for the allotting or transferring of shares in the capital of the company or of another company to the holder or owner of the convertible note except in pursuance of the exercise of the option to convert or except in pursuance of a right that, under section 82P, is an approved right relating to the allotting or transfer of bonus shares to the holder or owner of the note; (iii) the convertible note would not, but for the option to convert and any right of the kind referred to in subparagraph (ii), be a convertible note; (iv) the earliest date on which the option to convert may be exercised is a date not later than 2 years after the date of offer; (v) the latest date on which the option to convert may be exercised is a date not later than the maturity date of the loan or, if the date of offer is more than 10 years earlier than the maturity date, a date not later than 10 years after the date of offer; (vi) the rate of interest payable in respect of the loan is, subject to subsection (5), the same in respect of all periods occurring before the maturity date of the loan; (vii) subject to subsection (6), the obligations and rights of the holder or owner of the convertible note (including, but without limiting the generality of the foregoing, obligations and rights with respect to the amount payable on repayment, redemption or satisfaction of the loan and the terms on which shares are to be allotted or transferred in pursuance of the exercise of the option to convert) do not vary in his or her favour by reason that he or she exercises the option, or he, she or the company exercises any other right in relation to the note, at a later rather than at an earlier time after the issue of the note; (viii) the rights of the holder or owner of the convertible note with respect to the amount payable on repayment, redemption or satisfaction of the loan do not vary according to whether or not he or she exercises the option to convert; (ix) the shares to be allotted or transferred upon the exercise of the option to convert: (A) are to be allotted or transferred within 2 months after the exercise of the option; (B) in the case of shares to be allotted, are, upon payment of the amount payable in respect of the allotment, to be fully paid shares or, in the case of shares to be transferred, are, at the time of transfer, to be fully paid shares; and (C) are to be shares of the same class as shares in the capital of the company that, not later than 6 weeks before the date that is the date of offer in relation to the loan, had been allotted and were fully paid; (x) the shares to be allotted or transferred upon the exercise of the option to convert are to be shares with respect to which no provision is made (whether by the memorandum, or memorandum and articles, of the company, or other instrument constituting or defining the constitution of the company, or otherwise) for changing or converting them into shares of another class, except for the purpose of enabling, in accordance with any law relating to companies, the consolidation and division of all or any of the share capital of the company or of another company or the sub ‑ division of all or any of the shares in the capital of the company or of another company; and (xi) the amount payable in respect of the allotment or transfer of a share in pursuance of the exercise of the option to convert is to be paid not later than 1 month after the allotment or transfer, and is to be not less than 90% of the amount that, in accordance with section 82T, is the value as at the valuation date of a fully paid share included in the class of shares in which the share to be allotted or transferred will be, or is, included. (2) Where subsection (1) ceases to have effect in relation to a convertible note by reason of a change in the terms applicable to the note (not being a change resulting from a compromise or arrangement approved by a court), subsection (1) shall be deemed never to have had effect in relation to the note. (3) Where a note is a convertible note in relation to which subsection (1) has effect and the right to exercise the option to convert relating to the note becomes exercisable by a person other than the holder or owner of the note by reason of an assignment of that right, the assignment shall, for the purposes of this section, be disregarded. (4) Where, in relation to a convertible note issued by a company, the company or a director of the company does any act or thing for the purpose of, or purposes that include the purpose of, and having the effect of, causing the amount that, for the purposes of subsection (1), is the minimum amount applicable to a share to be allotted or transferred in pursuance of the exercise of the option to convert relating to the note, to be less than it would otherwise have been, subsection (1) does not have effect in relation to the note. (5) Where, under the terms applicable to a convertible note, the rate of interest payable in respect of the loan to which the note applies is to be varied from time to time (otherwise than with retrospective effect) in accordance with changes, or changes exceeding a specified percentage, in the rate of interest prevailing from time to time: (a) where the loan is a foreign loan, at a specified place outside Australia in respect of a specified class of transactions; or (b) where the loan is not a foreign loan, in respect of a specified class of securities issued under an Act; the term shall, for the purposes of subparagraph (1)(d)(vi), be deemed not to be a term providing for a variation in the rate of interest payable in respect of the loan. (6) For the purposes of subparagraph (1)(d)(vii), the obligations and rights of the holder or owner of a convertible note shall not be deemed to vary in a manner referred to in that subparagraph by reason only that any dividend payable in respect of a share in the capital of a company to be allotted upon the exercise of the option to convert relating to the note, being a dividend payable during the period of 1 year after the allotment of the share, will or may vary according to the time when, in relation to the period to which the dividend relates, the option to convert is exercised.", "Amendment_Count": 5, "First_Amended": "No 50 of 1976", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 50 of 1976 | No 108 of 1981 | No 63 of 1998 | No 41 of 2011 | No 64 of 2020", "History_Notes": "Inserted by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 63 of 1998, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 64 of 2020, Sch 3 item 205, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82SA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 82T", "Provision_Key": "s82t", "Heading": "Value of shares", "Text": "(1) For the purposes of section 82SA, the value of a fully paid share as at the valuation date is: (a) where: (i) the share is included in a class of shares that, during the whole of the relevant valuation period, was listed for quotation in the official list of a stock exchange that was a prescribed stock exchange during the whole of that period, or in the official lists of 2 or more stock exchanges each of which was a prescribed stock exchange during the whole of that period; and (ii) fully paid shares included in that class of shares were recorded by that stock exchange, or by one or more of those stock exchanges, as the case may be, as having been sold during that period; an amount ascertained by dividing the total consideration paid or payable in respect of those sales by the total number of shares so recorded as having been sold; and (b) in any other case—the amount that a person who is a qualified person in relation to the valuing of the share certifies that, on a true and fair view of the state of the company’s affairs, would, in respect of a sale at the end of the relevant valuation period between a willing but not anxious seller and a willing but not anxious buyer, be expected to be the consideration paid for the share, on the assumption, in a case where the class of shares in which that share is included was not, at the end of the relevant valuation period, listed for quotation in the official list of a stock exchange that, at that time, was a prescribed stock exchange, that the memorandum, or memorandum and articles, of the company, or other instrument constituting or defining the constitution of the company, satisfied, at that time, such of the requirements of a stock exchange that, at that time, was a prescribed stock exchange as it would have been necessary to satisfy to enable that class of shares to be listed for quotation in the official list of that stock exchange.", "Amendment_Count": 5, "First_Amended": "No 87 of 1970", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 87 of 1970 | No 50 of 1976 | No 108 of 1981 | No 123 of 1984 | No 101 of 2006", "History_Notes": "Inserted by No 87 of 1970, effective 27 Oct 1970 (s 2) | Amended by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s82T"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 90", "Provision_Key": "s90", "Heading": "Interpretation", "Text": "In this Division: exempt income , in relation to a partnership, means the exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident. net income , in relation to a partnership, means the assessable income of the partnership, calculated as if the partnership were a taxpayer who was a resident, less all allowable deductions except deductions allowable under section 290 ‑ 150 or Division 36 of the Income Tax Assessment Act 1997 . non ‑ assessable non ‑ exempt income , in relation to a partnership, means the non ‑ assessable non ‑ exempt income of the partnership calculated as if the partnership were a taxpayer who was a resident. partnership loss , in relation to a partnership, means the excess (if any) of the allowable deductions, other than deductions allowable under section 290 ‑ 150 or Division 36 of the Income Tax Assessment Act 1997 , over the assessable income of the partnership calculated as if the partnership were a taxpayer who was a resident.", "Amendment_Count": 11, "First_Amended": "No 22 of 1942", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 22 of 1942 | No 48 of 1950 | No 50 of 1966 | No 51 of 1973 | No 12 of 1979 | No 124 of 1980 | No 107 of 1989 | No 57 of 1990 | No 39 of 1997 | No 66 of 2003 | No 15 of 2007", "History_Notes": "Amended by No 22 of 1942, effective 7 June 1942 (s 2) | Amended by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Amended by No 50 of 1966, effective s 17: 4 Mar 1968 (s 2(2)) Remainder: 26 Oct 1966 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Repealed and substituted by No 12 of 1979, item 7, effective 13 Mar 1979 (s 2) | Amended by No 124 of 1980, item 7 | item 12, effective 17 Sept 1980 (s 2) | Amended by No 107 of 1989, Sch 1 item 73B, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 57 of 1990, Sch 1 item 68, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 39 of 1997, Sch 4 item 104, effective Sch 1: 1 July 1997 (s 2) | Amended by No 66 of 2003, Sch 3 item 28, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 15 of 2007, Sch 1 item 77 | Sch 1 item 78, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 91", "Provision_Key": "s91", "Heading": "Liability of partnerships", "Text": "A partnership shall furnish a return of the income of the partnership, but shall not be liable to pay tax thereon.", "Amendment_Count": 1, "First_Amended": "No 110 of 1964", "Last_Amended": "No 110 of 1964", "Amending_Acts": "No 110 of 1964", "History_Notes": "Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s91"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 92", "Provision_Key": "s92", "Heading": "Income and deductions of partner", "Text": "(1) The assessable income of a partner in a partnership shall include: (a) so much of the individual interest of the partner in the net income of the partnership of the year of income as is attributable to a period when the partner was a resident; and (b) so much of the individual interest of the partner in the net income of the partnership of the year of income as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia. (2) Subject to section 830 ‑ 45 of the Income Tax Assessment Act 1997 , if a partnership loss is incurred by a partnership in a year of income, there shall be allowable as a deduction to a partner in the partnership: (a) so much of the individual interest of the partner in the partnership loss as is attributable to a period when the partner was a resident; and (b) so much of the individual interest of the partner in the partnership loss as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia. (2AA) However, if: (a) the partner is a limited partner in a partnership; and (b) the partnership is a VCLP, an ESVCLP, an AFOF or a VCMP during the year of income; the amount allowable under subsection (2), in respect of the year of income, as a deduction must not exceed the amount worked out as follows: Method statement Step 1. Work out the sum of the amounts that the partner has contributed (the partner’s contribution ) to the partnership. Step 2. Subtract the sum of all the amounts (if any) of the partner’s contribution that are repaid to the partner. Step 3. Subtract the sum of all deductions allowed to the partner for losses of the partnership in previous years of income. Step 4. Subtract the sum of the amounts of all the debt interests issued by the partner to the extent that they are secured by the partner’s interest in the partnership. Example: A limited partner contributes $100,000 to a VCLP, having borrowed $80,000. Because the lender values the partner’s interest in the partnership at $70,000, the partner also provides, as additional security, other assets valued at $10,000. If none of the partner’s contribution has been repaid and the partner has not been allowed deductions for partnership losses in previous years of income, the amount allowable to the partner for a partnership loss cannot exceed $30,000. (2A) Subsection (2) does not apply to a partnership loss if the partner’s interest in the partnership at the end of the year of income is: (a) a segregated exempt asset (as defined in the Income Tax Assessment Act 1997 ) of a life assurance company; or (b) a segregated current pension asset (as defined in the Income Tax Assessment Act 1997 ) of a complying superannuation fund. (3) The exempt income of a partner in a partnership shall include: (a) so much of the individual interest of the partner in the exempt income of the partnership of the year of income as is attributable to a period when the partner was a resident; and (b) so much of the individual interest of the partner in the exempt income of the partnership of the year of income as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia. (4) The non ‑ assessable non ‑ exempt income of a partner in a partnership shall include: (a) so much of the individual interest of the partner in the non ‑ assessable non ‑ exempt income of the partnership of the year of income as is attributable to a period when the partner was a resident; and (b) so much of the individual interest of the partner in the non ‑ assessable non ‑ exempt income of the partnership of the year of income as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia.", "Amendment_Count": 8, "First_Amended": "No 12 of 1979", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 12 of 1979 | No 89 of 2000 | No 136 of 2002 | No 66 of 2003 | No 101 of 2004 | No 58 of 2006 | No 15 of 2007 | No 78 of 2007", "History_Notes": "Repealed and substituted by No 12 of 1979, item 8, effective 13 Mar 1979 (s 2) | Amended by No 89 of 2000, Sch 2 item 7, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 136 of 2002, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 92A, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 66 of 2003, Sch 3 item 29, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 101 of 2004, item 19B | item 19D | item 21B | item 22A | item 81 | item 89C | item 92 | item 92A | item 94 | item 106Q | item 106U | item 106Z | item 25 | item 4, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 58 of 2006, Sch 7 item 41, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 15 of 2007, Sch 1 item 79, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 78 of 2007, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s92"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 92A", "Provision_Key": "s92a", "Heading": "Deductions in respect of outstanding subsection 92(2AA) amounts", "Text": "(1) If: (a) the partner is a limited partner in a partnership; and (b) the partnership is a VCLP, an ESVCLP, an AFOF or a VCMP during the year of income; and (c) the amount allowable under subsection 92(2) as a deduction to the partner for partnership losses incurred by the partnership in the year of income is not reduced because of subsection 92(2AA); and (d) the partner has an outstanding subsection 92(2AA) amount for the year of income; there is allowable as a deduction to the partnership an amount worked out as follows: Method statement Step 1. Subtract the amount allowable under subsection 92(2) as a deduction to the partner for partnership losses incurred by the partnership in the year of income from the amount worked out using the method statement in subsection 92(2AA). Step 2. If the amount worked out under step 1 is greater than or equal to the outstanding subsection 92(2AA) amount for the year of income, the amount of the deduction allowable under this section is the outstanding subsection 92(2AA) amount. Step 3. If the amount worked out under step 1 is less than the outstanding subsection 92(2AA) amount for the year of income, the amount of the deduction allowable under this section is the amount worked out under step 1. (2) The partner has an outstanding subsection 92(2AA) amount for a year of income if: (a) an amount allowable under subsection 92(2) as a deduction to the partner for partnership losses incurred by the partnership in a previous year of income was reduced because of subsection 92(2AA); and (b) the difference between: (i) the sum of all reductions made under subsection 92(2AA) to amounts allowable under subsection 92(2) as deductions to the partner for partnership losses incurred by the partnership in previous years of income; and (ii) the sum of all amounts allowable under this section, in respect of previous years of income, as deductions to the partner in relation to those reductions; is greater than zero. The amount of that difference is the partner’s outstanding subsection 92(2AA) amount for the year of income. (3) To avoid doubt, a partner’s outstanding subsection 92(2AA) amount for a year of income cannot form part of a tax loss for the purposes of Division 36 or 160 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 5, "First_Amended": "No 136 of 2002", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 136 of 2002 | No 78 of 2007 | No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 136 of 2002, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 78 of 2007, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6) | Amended by No 88 of 2013, Sch 6 item 49, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 96 of 2014, Sch 2 item 4, effective Sch 2 (items 3–13, 42, 43): 30 Sept 2014 (s 2(1) item 2) | Amended by No 92 of 2020, Sch 2 item 14, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s92A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94", "Provision_Key": "s94", "Heading": "Partner not having control and disposal of share in partnership income", "Text": "(1) Subject to this section, where: (a) a share in the net income of a partnership of a year of income is included in the assessable income of a partner in the partnership, not being: (i) a company; (ii) a person in the capacity of a trustee; or (iii) a person who was under the age of 18 years on the last day of the year of income of the person that corresponds with the year of income of the partnership; and (b) the partnership is so constituted or controlled, or its operations are so conducted, that the partner has not the real and effective control and disposal of that share or of a part of that share; this section applies to that share or that part of that share, as the case may be. (2) Subject to the succeeding provisions of this section, where: (a) a partnership is so constituted or controlled, or its operations are so conducted, that a partner in the partnership, being a trustee of a trust estate, has not the real and effective control and disposal of his or her share in the net income of the partnership of a year of income or of a part of that share (which share or part of a share, as the case may be, is in this subsection referred to as uncontrolled partnership income ); and (b) in calculating in accordance with section 95 the net income of that trust estate or of any other trust estate, there is included in the assessable income of the trust estate any uncontrolled partnership income; then: (c) if: (i) a beneficiary, not being a company or a person who was under the age of 18 years on the last day of the year of income of the person that corresponds with the year of income of the partnership, is presently entitled to the whole of the income of the trust estate otherwise than in the capacity of a trustee; or (ii) there is no part of the net income of the trust estate that is included in the assessable income of a beneficiary in pursuance of section 97 or in respect of which the trustee is assessed and liable to pay tax in pursuance of section 98; this section applies to the portion of the net income of the trust estate that was derived from uncontrolled partnership income; (d) if a beneficiary, not being a company or a person who was under the age of 18 years on the last day of the year of income of the person that corresponds with the year of income of the partnership, is presently entitled to a share of the income of the trust estate otherwise than in the capacity of a trustee, this section applies to so much of that share of the net income of the trust estate as bears to that share the same proportion as the portion of the net income of the trust estate that was derived from uncontrolled partnership income bears to the net income of the trust estate; and (e) if there is a part of the net income of the trust estate that is not included in the assessable income of a beneficiary in pursuance of section 97 and in respect of which the trustee is not assessed and is not liable to pay tax in pursuance of section 98, this section applies to so much of that part of the net income of the trust estate as bears to that part the same proportion as the portion of the net income of the trust estate that was derived from uncontrolled partnership income bears to the net income of the trust estate. (5) For the purposes of this section: (a) where: (i) the assessable income of a trust estate includes the net income or a share of the net income of another trust estate; and (ii) the assessable income of the other trust estate by reference to which that net income is calculated included income of a particular class (including an amount that is to be deemed by an application or applications of this paragraph to be income of a particular class); the assessable income of the first ‑ mentioned trust estate shall be deemed to include income of that class of an amount equal to so much of the net income or share of the net income of the other trust estate that is included in the assessable income of the first ‑ mentioned trust estate as bears to that net income or share of that net income the same proportion as the portion of the net income of the other trust estate that was derived from income of that class bears to the net income of the other trust estate; and (b) the portion of the net income of a trust estate that is derived from income of a particular class that is included in the assessable income of the trust estate is the amount remaining after deducting from the income of that class that is included in the assessable income of the trust estate: (i) any prescribed deductions that relate exclusively to that income of that class; (ii) so much of any other prescribed deductions (other than apportionable deductions) as, in the opinion of the Commissioner, may appropriately be related to that income of that class; and (iii) the amount that bears to the prescribed deductions (being apportionable deductions) the same proportion as the amount that, but for this subparagraph, would be the portion of the net income of the trust estate that is derived from that income of that class bears to the sum of the net income of the trust estate and those last ‑ mentioned prescribed deductions. (6) Where the assessable income of a trust estate includes, or, by virtue of paragraph (5)(a), is to be deemed to include, income of a particular class but the Commissioner is of the opinion that it would be unreasonable to treat each part or share of the net income of the trust estate that is included in the assessable income of a beneficiary, or on or in respect of which the trustee is assessed and liable to pay tax, as including a proportionate part of the portion of the net income of the trust estate that is derived from income of that class, the amount: (a) that is the amount of a part or share of the net income of the trust estate to which this section applies by virtue of paragraph (2)(d) or (e); or (b) that is, by virtue of paragraph (5)(a), the amount of the income of that class that is to be deemed to be included in the assessable income of another trust estate; is, in lieu of the amount that, but for this subsection, would be the amount of that part or share of that net income or the amount of that income of that class, as the case may be, such amount as the Commissioner considers reasonable in the circumstances. (8) Where the Commissioner is of the opinion that, by reason of special circumstances, it would be unreasonable that this section should apply to any income, this section does not apply to that income. (8A) In forming an opinion for the purposes of subsection (8) as to whether it is unreasonable that this section should apply in relation to any of the net income of a trust estate, the Commissioner shall take into consideration the extent (if any) to which that net income represents income to which a beneficiary is presently entitled that is attributable to a period when the beneficiary was not a resident and is also attributable to sources out of Australia. (9) Where the assessable income of a taxpayer, other than a taxpayer in the capacity of a trustee, includes income to which this section applies, the taxpayer shall be assessed and is liable to pay further tax, in accordance with subsection (10A) or (10B), upon the portion (in this section referred to as the eligible portion ) of his or her taxable income that is derived from income to which this section applies. (10) For the purposes of subsection (9), the portion of the taxable income of a taxpayer that is derived from income to which this section applies is the amount remaining after deducting from the income to which this section applies that is included in his or her assessable income: (a) any deductions allowed or allowable in his or her assessment that relate exclusively to the income to which this section applies that is included in his or her assessable income; (b) so much of any other deductions allowed or allowable in his or her assessment (other than apportionable deductions) as, in the opinion of the Commissioner, may appropriately be related to the income to which this section applies that is included in his or her assessable income; and (c) the amount that bears to the apportionable deductions allowed or allowable in his or her assessment the same proportion as the amount that, but for this paragraph, would be the portion of his or her taxable income that is derived from income to which this section applies bears to the sum of his or her taxable income and those apportionable deductions. (10A) Where Division 392 (Long ‑ term averaging of primary producers’ tax liability) of the Income Tax Assessment Act 1997 does not apply in relation to the income of a taxpayer of the year of income, the taxpayer is liable to pay further tax upon the eligible portion of his or her taxable income at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (9) in respect of the relevant part of the taxable income. (10B) Where Division 392 (Long ‑ term averaging of primary producers’ tax liability) of the Income Tax Assessment Act 1997 applies in relation to the income of a taxpayer of the year of income, the taxpayer is liable to pay further tax upon the relevant part of the eligible portion of his or her taxable income at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (9) in respect of the relevant part of the taxable income and is, in addition, liable to pay further tax upon the prescribed part of the eligible portion of his or her taxable income at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (9) in respect of the prescribed part of the taxable income. (10C) For the purposes of subsections (10A) and (10B): (a) the prescribed part of the eligible portion of the taxable income of a taxpayer of a year of income is: (i) in a case to which subparagraph (ii) does not apply—the sum of: (A) the amount ascertained by deducting from so much of the assessable primary production income of the taxpayer as is also income to which this section applies so much of the deductions allowable in his or her assessment as constitutes primary production deductions and is also deductible in accordance with subsection (10) from income to which this section applies; and (B) the amount (if any) ascertained in accordance with the formula , where: A is the amount shown in the following table: Value of A for formula Item Taxpayer’s taxable non ‑ primary production income Value of A 1 Nil Nil 2 Not more than $5,000 (but more than nil) Difference between basic taxable income and taxable primary production income 3 Between $5,000 and $10,000 $10,000 taxable non ‑ primary production income 4 At least $10,000 Nil B is the number of whole dollars in the amount ascertained by deducting from the eligible portion the amount calculated in accordance with sub ‑ subparagraph (A); and C is the number of whole dollars in the amount ascertained by deducting from the taxable income of the taxpayer of the year of income the taxable primary production income of the taxpayer of the year of income; and (ii) in a case where the taxpayer’s primary production deductions for the year of income exceed the taxpayer’s assessable primary production income for that year—the amount ascertained in accordance with the formula , where: A is the amount shown in the following table: Value of A for formula Item Taxpayer’s taxable non ‑ primary production income Value of A 1 Nil Nil 2 Not more than $5,000 (but more than nil) Basic taxable income 3 Between $5,000 and $10,000 Non ‑ primary production shade ‑ out amount worked out under subsection 392 ‑ 90(3) of the Income Tax Assessment Act 1997 4 At least $10,000 Nil B is the number of whole dollars in the eligible portion. C is the number of whole dollars in the taxable income of the taxpayer of the year of income; and D is the number of whole dollars in the difference between the taxpayer’s primary production deductions for the year of income and the taxpayer’s assessable primary production income for that year; and (b) the relevant part of the eligible portion of the taxable income of the taxpayer is the amount ascertained by deducting from the amount of that eligible portion so much of that eligible portion as is the prescribed part of that eligible portion. (11) Where: (a) section 98 applies in relation to the net income of a trust estate or a share of that net income; and (b) this section applies to a portion (in this subsection referred to as the relevant portion ) of that net income or of that share of that net income, as the case may be; the trustee of the trust estate shall be assessed and is liable to pay further tax, in accordance with subsection (12A) or (12B), upon the relevant portion of that net income or of that share of that net income, as the case may be. (12) Where: (a) section 99 applies in relation to the net income of a trust estate or a part of that net income; and (b) this section applies to a portion (in this section referred to as the eligible trust portion ) of that net income or of that part of that net income, as the case may be; the trustee of the trust estate shall be assessed and is liable to pay further tax, in accordance with subsection (12A) or (12B), upon the eligible trust portion. (12A) Where Division 16 does not apply in respect of the net income of a trust estate of which the eligible trust portion is a portion, the trustee is liable to pay further tax upon the eligible trust portion at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (11) or (12) in respect of the relevant part of the net income of a trust estate. (12B) Where Division 16 applies in respect of the net income of a trust estate of which the eligible trust portion is a portion, the trustee is liable to pay further tax upon the relevant part of the eligible trust portion at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (11) or (12) in respect of the relevant part of the net income of a trust estate and is, in addition, liable to pay further tax upon the prescribed part of the eligible trust portion at the rate declared by the Parliament to be the rate of further tax payable in pursuance of subsection (11) or (12) in respect of the prescribed part of the net income of a trust estate. (12C) For the purposes of subsections (12A) and (12B): (a) the prescribed part of the eligible trust portion in relation to a trust estate in relation to a year of income is: (i) in a case to which subparagraph (ii) does not apply—the sum of: (A) the amount ascertained by deducting from so much of the assessable primary production income of the trust estate of the year of income as is also income that was taken into account in determining the amount of the eligible trust portion so much of the deductions allowable in the assessment of the trustee of the trust estate as constitutes relevant primary production deductions and was also deductible in accordance with subsection (5) in determining the amount of the eligible trust portion; and (B) the amount (if any) ascertained in accordance with the formula , where: A is the amount of the notional net income from primary production of the trust estate of the year of income. B is the number of whole dollars in the amount ascertained by deducting from the eligible trust portion the amount calculated in accordance with sub ‑ subparagraph (A); and C is the number of whole dollars in the amount ascertained by deducting from the net income of the trust estate of which the eligible trust portion is a portion the actual net income from primary production of the trust estate of the year of income; and (ii) in a case where the aggregate of the relevant primary production deductions allowable in calculating the net income of the trust estate of the year of income exceeds the assessable primary production income of the trust estate of the year of income—the amount ascertained in accordance with the formula , where: A is the amount of the notional net income from primary production of the trust estate of the year of income. B is the number of whole dollars in the eligible trust portion. C is the number of whole dollars in the net income of the trust estate of which the eligible trust portion is a portion; and D is the number of whole dollars in the amount by which the net income of the trust estate of which the eligible trust portion is a portion would have been increased if the aggregate of the relevant primary production deductions allowable in calculating the net income of the trust estate of the year of income had been equal to the assessable primary production income of the trust estate of the year of income; and (b) the relevant part of the eligible trust portion in relation to a trust estate is the amount ascertained by deducting from that eligible trust portion so much of that eligible trust portion as is the prescribed part of that eligible trust portion. (13) In this section: prescribed deductions , in relation to a trust estate, means the deductions that are allowable in calculating in accordance with section 95 the net income of the trust estate. share in the net income of a partnership , in relation to a partner, means: (a) so much of the individual interest of the partner in the net income of the partnership and of any income derived by the partner from the partnership otherwise than as a partner as is attributable to a period when the partner was a resident; and (b) so much of the individual interest of the partner in the net income of the partnership and of any income derived by the partner from the partnership otherwise than as a partner as is attributable to a period when the partner was not a resident and is also attributable to sources in Australia. (14) In this section, actual net income from primary production , assessable primary production income , notional net income from primary production and relevant primary production deductions have the same respective meanings as in section 156. (15) In this section, the following terms have the same meanings that they have in Division 392 (Long ‑ term averaging of primary producers’ tax liability) of the Income Tax Assessment Act 1997 : (a) assessable primary production income; (b) basic taxable income; (c) non ‑ primary production shade ‑ out amount; (d) primary production deductions; (e) taxable non ‑ primary production income; (f) taxable primary production income.", "Amendment_Count": 11, "First_Amended": "No 46 of 1938", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1938 | No 110 of 1964 | No 51 of 1973 | No 123 of 1978 | No 12 of 1979 | No 19 of 1980 | No 108 of 1981 | No 103 of 1983 | No 107 of 1989 | No 46 of 1998 | No 41 of 2011", "History_Notes": "Amended by No 46 of 1938, effective 28 Dec 1938 | Repealed and substituted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 123 of 1978, item 8 | item 11, effective 13 Oct 1978 (s 2) | Amended by No 12 of 1979, item 9, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, item 8 | item 17, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, item 27 | item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 103 of 1983, item 11 | item 12, effective s 3: 22 Dec 1983 (s 2(2)) Remainder: 23 Nov 1983 (s 2(1)) | Amended by No 107 of 1989, Sch 1 item 73B, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 392 | Sch 10 item 9 | Sch 10 item 10 | Sch 10 item 18 | Sch 10 item 19 | Sch 10 item 20, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2011, Sch 5 item 255, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94A", "Provision_Key": "s94a", "Heading": "Object", "Text": "The object of this Division is to provide for certain limited partnerships to be treated as companies for tax purposes.", "Amendment_Count": 1, "First_Amended": "No 227 of 1992", "Last_Amended": "No 227 of 1992", "Amending_Acts": "No 227 of 1992", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94B", "Provision_Key": "s94b", "Heading": "Interpretation", "Text": "In this Division: income tax law means: (a) this Act (other than this Division and Division 830 of the Income Tax Assessment Act 1997 ); and (b) an Act that imposes any tax payable under this Act; and (c) the Income Tax Rates Act 1986 ; and (d) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a), (b) or (c); and (e) any other Act, so far as it relates to an Act covered by paragraph (a), (b), (c) or (d); and (f) regulations under an Act covered by any of the preceding paragraphs. year of income means (except in paragraph 94L(b)) the year of income in which 19 August 1992 occurred or a later year of income.", "Amendment_Count": 4, "First_Amended": "No 227 of 1992", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 227 of 1992 | No 136 of 2002 | No 101 of 2004 | No 75 of 2010", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 136 of 2002, Sch 2 item 15 | Sch 2 item 26, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 75 of 2010, Sch 1 item 7, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94C", "Provision_Key": "s94c", "Heading": "Continuity of limited partnership not affected by changes in composition", "Text": "For the purposes of this Division, a change in the composition of a limited partnership does not affect the continuity of the partnership.", "Amendment_Count": 1, "First_Amended": "No 227 of 1992", "Last_Amended": "No 227 of 1992", "Amending_Acts": "No 227 of 1992", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94D", "Provision_Key": "s94d", "Heading": "Corporate limited partnerships", "Text": "(1) For the purposes of this Division, a limited partnership is a corporate limited partnership in relation to a year of income of the partnership if: (a) the year of income is the 1995 ‑ 96 year of income or a later year of income; or (b) the partnership was formed on or after 19 August 1992; or (c) both: (i) the partnership was formed before 19 August 1992; and (ii) the partnership does not pass the continuity of business test set out in section 94E; or (d) all of the following apply: (i) the partnership was formed before 19 August 1992; (ii) a change in the composition of the partnership occurs during the period: (A) beginning on 19 August 1992; and (B) ending at the end of the year of income; (iii) the partners do not elect, in accordance with section 94F, that the partnership is not to be treated as a corporate limited partnership in relation to the year of income. (2) However, a partnership that is a VCLP, an ESVCLP, an AFOF or a venture capital management partnership cannot be a corporate limited partnership. Note 1: This subsection can apply without the partnership meeting the applicable registration requirements under the Venture Capital Act 2002 . It must be registered under that Act in order to be a VCLP, an ESVCLP or an AFOF, but it is possible for it to remain registered while the requirements are not met. Note 2: VCLPs, ESVCLPs, AFOFs and VCMPs are taxed as ordinary partnerships under Division 5. Note 3: If the partnership’s registration as a VCLP, ESVCLP or AFOF is unconditional, some partners’ share in capital gains and losses from CGT events relating to some investments may be disregarded: see Subdivision 118 ‑ F of the Income Tax Assessment Act 1997 . (3) A venture capital management partnership is a limited partnership that: (a) is a general partner of one or more of the following: (i) one or more VCLPs; (ia) one or more ESVCLPs; (ii) one or more AFOFs; and (b) only carries on activities that are related to being such a general partner. A limited partnership ceases to be a venture capital management partnership if it ceases to meet the requirements of paragraphs (a) and (b). Note: In this Act, the term “venture capital management partnership” is usually abbreviated to “VCMP”. (4) The place of residence of a VCMP is the place at which the partnership has its central management and control. (5) A limited partnership that is a foreign hybrid limited partnership in relation to a year of income because of subsection 830 ‑ 10(1) of the Income Tax Assessment Act 1997 is not a corporate limited partnership in relation to the year of income. Note: As result, both the normal partnership provisions and special provisions relating to foreign hybrid limited partnerships will apply to the entity. (6) If, for the purpose of applying this Act and the Income Tax Assessment Act 1997 in relation to a partner’s interest in a limited partnership, the partnership is a foreign hybrid limited partnership in relation to a year of income because of subsection 830 ‑ 10(2) of that Act, the partnership is not a corporate limited partnership in relation to the partner’s interest in relation to the year of income. Note: As result, both the normal partnership provisions and special provisions relating to foreign hybrid limited partnerships will apply to the entity, but only in relation to the partner’s interest.", "Amendment_Count": 6, "First_Amended": "No 227 of 1992", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 227 of 1992 | No 136 of 2002 | No 101 of 2004 | No 105 of 2004 | No 58 of 2006 | No 78 of 2007", "History_Notes": "Inserted by No 227 of 1992, item 9, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 136 of 2002, Sch 2 item 7 | Sch 2 item 16 | Sch 2 item 27, effective Sch 2 (items 1–17, 28): 19 Dec 2002 (s 2(1) item 6) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 105 of 2004, effective s 4, Sch 1 (items 1–3) and Sch 3: 30 June 2004 (s 2(1) items 1, 2, 4) | Amended by No 58 of 2006, Sch 7 item 176 | Sch 7 item 177 | Sch 7 item 178 | Sch 7 item 192, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 78 of 2007, Sch 8 item 89 | Sch 8 item 90 | Sch 8 item 91 | Sch 8 item 92 | Sch 8 item 93, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94E", "Provision_Key": "s94e", "Heading": "Continuity of business test", "Text": "In determining whether a limited partnership is a corporate limited partnership in relation to a year of income, the partnership passes the continuity of business test if, and only if: (a) at all times during the period: (i) beginning on 19 August 1992; and (ii) ending at the end of the year of income; the partnership carried on the same business as it carried on immediately before the beginning of that period; and (b) the partnership did not, at any time during that period, derive income from a business of a kind that it did not carry on, or from a transaction of a kind that it had not entered into in the course of its business operations, before that period.", "Amendment_Count": 1, "First_Amended": "No 227 of 1992", "Last_Amended": "No 227 of 1992", "Amending_Acts": "No 227 of 1992", "History_Notes": "Inserted by No 227 of 1992, item 9 | item 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94F", "Provision_Key": "s94f", "Heading": "Change in composition of limited partnership—election that partnership not be treated as an eligible limited partnership", "Text": "An election referred to in paragraph 94D(1)(d) in relation to a limited partnership and in relation to a year of income has no effect unless: (a) the partnership passes the continuity of ownership test set out in section 94G; and (b) the election is made: (i) within 6 months after the end of the later of the following years of income: (A) the year of income to which the election relates; (B) the year of income in which the Taxation Laws Amendment Act (No. 6) 1992 received the Royal Assent; or (ii) within such further period as the Commissioner allows.", "Amendment_Count": 2, "First_Amended": "No 227 of 1992", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 227 of 1992 | No 58 of 2006", "History_Notes": "Inserted by No 227 of 1992, item 9, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 58 of 2006, Sch 7 item 177, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94G", "Provision_Key": "s94g", "Heading": "Continuity of ownership test", "Text": "In determining whether a limited partnership is a corporate limited partnership in relation to a year of income, the partnership passes the continuity of ownership test if, and only if: (a) at all times during the period: (i) beginning on 19 August 1992; and (ii) ending at the end of the year of income; more than 50% of the interests in the partnership were held by persons who, immediately before that period, held more than 50% of the interests in the partnership; or (b) the condition set out in paragraph (a) is not satisfied only because of the acquisition during so much of that period as occurred before 1 July 1993 of interests in the partnership, where the acquisitions are in response to, and in accordance with the terms of: (i) a prospectus, offer or invitation issued before 19 August 1992; or (ii) if that prospectus, offer or invitation was varied before 19 August 1992—that prospectus, offer or invitation as so varied.", "Amendment_Count": 1, "First_Amended": "No 227 of 1992", "Last_Amended": "No 227 of 1992", "Amending_Acts": "No 227 of 1992", "History_Notes": "Inserted by No 227 of 1992, item 9 | item 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94H", "Provision_Key": "s94h", "Heading": "Corporate tax modifications applicable to corporate limited partnerships", "Text": "If a partnership is a corporate limited partnership in relation to a year of income, the income tax law has effect, in relation to the partnership and in relation to the year of income, subject to the changes set out in the following provisions of this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 227 of 1992", "Last_Amended": "No 227 of 1992", "Amending_Acts": "No 227 of 1992", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94J", "Provision_Key": "s94j", "Heading": "Company includes corporate limited partnership", "Text": "A reference in the income tax law (other than the definitions of dividend , and resident or resident of Australia , in section 6 of this Act and other than Division 355 of the Income Tax Assessment Act 1997 ) to a company or to a body corporate includes a reference to the partnership.", "Amendment_Count": 2, "First_Amended": "No 227 of 1992", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 227 of 1992 | No 93 of 2011", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 93 of 2011, Sch 3 item 45, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94J"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94K", "Provision_Key": "s94k", "Heading": "Partnership does not include corporate limited partnership", "Text": "A reference in the income tax law to a partnership does not include a reference to the partnership.", "Amendment_Count": 1, "First_Amended": "No 227 of 1992", "Last_Amended": "No 227 of 1992", "Amending_Acts": "No 227 of 1992", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94K"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94L", "Provision_Key": "s94l", "Heading": "Dividend includes distribution of corporate limited partnership", "Text": "A reference in the income tax law (other than subsection 44(1A) of this Act) to a dividend or to a dividend within the meaning of section 6: (a) includes a reference to a distribution made by the partnership, whether in money or in other property, to a partner in the partnership; and (b) does not include a reference to a distribution to the extent to which the distribution is attributable to profits or gains arising during a year of income in relation to which the partnership was not a corporate limited partnership.", "Amendment_Count": 3, "First_Amended": "No 227 of 1992", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 227 of 1992 | No 138 of 1994 | No 21 of 2015", "History_Notes": "Inserted by No 227 of 1992, item 9, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 138 of 1994, item 22, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 21 of 2015, Sch 7 item 9, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94L"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94M", "Provision_Key": "s94m", "Heading": "Drawings etc. deemed to be dividends paid out of profits", "Text": "(1) If the partnership pays or credits an amount to a partner in the partnership: (a) against the profits or anticipated profits of the partnership; or (b) otherwise in anticipation of the profits of the partnership; (whether or not the amount of the profits or anticipated profits is ascertainable), the amount paid or credited is taken, for the purposes of the income tax law, to be a dividend paid by the partnership to the partner out of profits derived by the partnership. (2) If the partnership makes a subsequent distribution, the Commissioner must take such steps (if any) as are necessary to ensure that the partner is not subject to double taxation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94M"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94N", "Provision_Key": "s94n", "Heading": "Private company does not include corporate limited partnership", "Text": "A reference in the income tax law to a private company in relation to the year of income does not include a reference to the partnership. Note: Division 7A (Distributions to entities connected with a private company) applies to certain corporate limited partnerships in the same way as it applies to private companies: see section 109BB.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94N"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94P", "Provision_Key": "s94p", "Heading": "Share includes interest in corporate limited partnership", "Text": "A reference in the income tax law to a share includes a reference to an interest in the partnership.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94P"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94Q", "Provision_Key": "s94q", "Heading": "Shareholder includes partner in corporate limited partnership", "Text": "A reference in the income tax law to a shareholder includes a reference to a partner in the partnership.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94Q"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94R", "Provision_Key": "s94r", "Heading": "Liquidator may include partner in corporate limited partnership", "Text": "For the purposes of the income tax law: (a) a reference to the liquidator of the partnership includes a reference to a partner in the partnership who carries out the winding ‑ up of the partnership; and (b) a reference to distributions made by a liquidator in the course of winding up the partnership includes a reference to distributions made by such a partner to himself or herself in the course of winding ‑ up the partnership.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94S", "Provision_Key": "s94s", "Heading": "Continuity of corporate limited partnership not affected by changes in composition", "Text": "For the purposes of the income tax law, a change in the composition of the partnership does not affect the continuity of the partnership.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94S"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94T", "Provision_Key": "s94t", "Heading": "Residence of corporate limited partnership", "Text": "(1) For the purposes of the income tax law, the partnership is: (a) a resident; and (b) a resident within the meaning of section 6; and (c) a resident of Australia; and (d) a resident of Australia within the meaning of section 6; if and only if: (e) the partnership was formed in Australia; or (f) either: (i) the partnership carries on business in Australia; or (ii) the partnership’s central management and control is in Australia. (2) In determining whether the partnership carries on business in Australia for the purposes of subparagraph (1)(f)(i), if, for the year of income, the partnership is an IMR entity (within the meaning of the Income Tax Assessment Act 1997 , but disregarding paragraph 842 ‑ 220(a) of that Act), disregard business that: (a) is carried on by the partnership (either by itself directly or by another entity on its behalf); and (b) solely relates to IMR financial arrangements (within the meaning of that Act).", "Amendment_Count": 3, "First_Amended": "No 227 of 1992", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 227 of 1992 | No 138 of 1994 | No 70 of 2015", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Repealed and substituted by No 138 of 1994, item 23, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 70 of 2015, Sch 7 item 2 | Sch 7 item 3 | Sch 7 item 842, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94T"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94U", "Provision_Key": "s94u", "Heading": "Incorporation", "Text": "For the purposes of the income tax law, the partnership is taken to have been incorporated: (a) in the place where it was formed; and (b) under a law in force in that place.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94U"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94V", "Provision_Key": "s94v", "Heading": "Obligations and offences", "Text": "(1) The application of the income tax law to the partnership as if the partnership were a company is subject to the following changes: (a) obligations that would be imposed on the partnership are imposed instead on each partner, but may be discharged by any of the partners; (b) the partners are jointly and severally liable to pay any amount that would be payable by the partnership; (c) any offence against the income tax law that would otherwise be committed by the partnership is taken to have been committed by each of the partners. (2) In a prosecution of a person for an offence that the person is taken to have committed because of paragraph (1)(c), it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the person).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94V"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 94X", "Provision_Key": "s94x", "Heading": "Modification of loss provisions", "Text": "Subdivisions 165 ‑ A and 165 ‑ B of the Income Tax Assessment Act 1997 apply in relation to the partnership as if the provisions relating to voting power had not been enacted.", "Amendment_Count": 2, "First_Amended": "No 227 of 1992", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 227 of 1992 | No 39 of 1997", "History_Notes": "Inserted by No 227 of 1992, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 39 of 1997, Sch 4 item 105, effective Sch 1: 1 July 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s94X"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95AAA", "Provision_Key": "s95aaa", "Heading": "Simplified outline of the relationship between this Division, Division 6E and Subdivisions 115 ‑ C and 207 ‑ B of the Income Tax Assessment Act 1997", "Text": "The following is a simplified outline of the relationship between this Division, Division 6E and Subdivisions 115 ‑ C and 207 ‑ B of the Income Tax Assessment Act 1997 . This Division sets out the basic income tax treatment of the net income of the trust estate. Generally: (a) it has the result of assessing beneficiaries on a share of the net income of the trust estate based on their present entitlement to a share of the income of the trust estate; and (b) it has the result of assessing the trustee directly on any residual net income; and (c) as a collection mechanism, it has the result of assessing the trustee in respect of some beneficiaries, such as non ‑ residents or those under a legal disability. If the trust estate has capital gains, franked distributions or franking credits, this basic treatment is modified as described below. Division 6E modifies the operation of this Division for the purpose of excluding amounts relevant to capital gains, franked distributions and franking credits from the calculations of assessable amounts under sections 97, 98, 99, 99A and 100. Division 6E does not modify the operation of this Division (or any other provision of this Act) for any other purpose. For example: (a) it does not modify the operation of this Division for the purposes of applying section 100A; and (b) it does not modify amounts taxed in the hands of the trustee under Subdivisions 115 ‑ C and 207 ‑ B of the Income Tax Assessment Act 1997 . Subdivisions 115 ‑ C and 207 ‑ B of the Income Tax Assessment Act 1997 provide the corresponding taxation treatment for those capital gains, franked distributions and franking credits. Specifically: (a) Subdivision 115 ‑ C of that Act has the effect that an amount corresponding to each of those capital gains is taxed in the hands of the beneficiaries of the trust (as a capital gain) and, if necessary, assessed to the trustee. (b) Subdivision 207 ‑ B of that Act has the effect that an amount corresponding to each of those franked distributions is taxed in the hands of the beneficiaries of the trust and, if necessary, the trustee. It also has the effect that the entity in whose hands those distributions are taxed can take advantage of the relevant amount of related franking credits.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95AAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95AAB", "Provision_Key": "s95aab", "Heading": "Adjustments under Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 —references in this Act to assessable income under section 97, 98A or 100", "Text": "(1) Subsection (2) applies if an amount is included in the assessable income of a beneficiary of a trust estate because of Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 . (2) For the purposes of a provision of this Act (other than a provision mentioned in subsection (3)), treat the amount as being included in the beneficiary’s assessable income in relation to the net income of the trust estate under section 97, 98A or 100 (as the case requires). (3) The provisions are as follows: (a) sections 97, 98A (other than subsection 98A(2)) and 100 (other than subsections 100(2) and (3)); (b) sections 98, 99 and 99A; (c) Subdivisions 115 ‑ C and 207 ‑ B of the Income Tax Assessment Act 1997 . (4) To avoid doubt, subsection (2) applies despite subsection 6(1AA).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95AAB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95AAC", "Provision_Key": "s95aac", "Heading": "Adjustments under Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 —references in this Act to liabilities under section 98, 99 or 99A", "Text": "(1) Subsection (2) applies if an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section 98 in respect of the beneficiary is increased because of Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 . (2) For the purposes of a provision of this Act (other than a provision mentioned in subsection (5)), treat the amount of the increase as being an amount in respect of which the trustee is liable to be assessed (and pay tax) under section 98 in respect of the beneficiary’s interest in or share of the net income of the trust estate. (3) Subsection (4) applies if an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section 99 or 99A is increased because of Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 . (4) For the purposes of a provision of this Act (other than a provision mentioned in subsection (5)), treat the amount of the increase as being an amount in respect of which the trustee is liable to be assessed (and pay tax) under section 99 or 99A in respect of the net income of the trust estate. (5) The provisions are as follows: (a) sections 97, 98A (other than subsection 98A(2)) and 100 (other than subsections 100(2) and (3)); (b) sections 98, 99 and 99A; (c) Subdivisions 115 ‑ C and 207 ‑ B of the Income Tax Assessment Act 1997 . (6) To avoid doubt, subsections (2) and (4) apply despite subsection 6(1AA).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95AAC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95AAD", "Provision_Key": "s95aad", "Heading": "Division does not apply in relation to AMIT", "Text": "This Division does not apply in relation to a trust estate that is an AMIT.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95AAD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95", "Provision_Key": "s95", "Heading": "Interpretation", "Text": "(1) In this Division: adjusted Division 6 percentage , of an entity that is a beneficiary or trustee of a trust estate, means the entity’s Division 6 percentage of the income of the trust estate calculated on the assumption that the amount of a capital gain or franked distribution to which any beneficiary or the trustee of the trust estate is specifically entitled were disregarded in working out the income of the trust estate. adjusted net income , in relation to a trust estate, has the meaning given by subsection 100AB(4). Division 6 percentage : (a) a beneficiary of a trust estate has a Division 6 percentage of the income of the trust estate equal to the share (expressed as a percentage) of the income of the trust estate to which the beneficiary is presently entitled; and (b) the trustee of a trust estate has a Division 6 percentage of the income of the trust estate equal to the share (expressed as a percentage) of the income of the trust estate to which no beneficiary is presently entitled. However, if the income of a trust estate is nil: (c) a beneficiary of a trust estate has a Division 6 percentage of the income of the trust estate of 0%; and (d) the trustee of a trust estate has a Division 6 percentage of the income of the trust estate of 100%. exempt income , in relation to a trust estate, means the exempt income of the trust estate calculated as if the trustee were a taxpayer who was a resident. Note: See also Division 54 of the Income Tax Assessment Act 1997 (in particular, the provisions in section 54 ‑ 70 about trusts), which provides a tax exemption for certain payments under structured settlements and structured orders. net income , in relation to a trust estate, means the total assessable income of the trust estate calculated under this Act as if the trustee were a taxpayer in respect of that income and were a resident, less all allowable deductions, except deductions under Division 393 of the Income Tax Assessment Act 1997 (Farm management deposits) and except also, in respect of any beneficiary who has no beneficial interest in the corpus of the trust estate, or in respect of any life tenant, the deductions allowable under Division 36 of the Income Tax Assessment Act 1997 in respect of such of the tax losses of previous years as are required to be met out of corpus. A trust may be required to work out its net income in a special way by Division 266 or 267 in Schedule 2F to this Act or Division 275 of the Income Tax Assessment Act 1997 . non ‑ assessable non ‑ exempt income , in relation to a trust estate, means the non ‑ assessable non ‑ exempt income of the trust estate calculated as if the trustee were a taxpayer who was a resident. specifically entitled has the same meaning as in the Income Tax Assessment Act 1997 . (2) For the purposes of this Division, a trust estate shall be taken to be a resident trust estate in relation to a year of income if: (a) a trustee of the trust estate was a resident at any time during the year of income; or (b) the central management and control of the trust estate was in Australia at any time during the year of income. (3) In this Division, a trust estate that is not a resident trust estate in relation to a year of income is referred to as a non ‑ resident trust estate in relation to that year of income.", "Amendment_Count": 20, "First_Amended": "No 22 of 1942", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 22 of 1942 | No 48 of 1950 | No 50 of 1966 | No 51 of 1973 | No 205 of 1976 | No 12 of 1979 | No 111 of 1981 | No 107 of 1989 | No 57 of 1990 | No 190 of 1992 | No 39 of 1997 | No 17 of 1998 | No 85 of 1998 | No 139 of 2002 | No 66 of 2003 | No 101 of 2006 | No 56 of 2010 | No 79 of 2010 | No 41 of 2011 | No 62 of 2011", "History_Notes": "Amended by No 22 of 1942, effective 7 June 1942 (s 2) | Amended by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Amended by No 50 of 1966, effective s 17: 4 Mar 1968 (s 2(2)) Remainder: 26 Oct 1966 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 205 of 1976, item 7, effective s 3–36: 20 Dec 1976 (s 2(1)) | Repealed and substituted by No 12 of 1979, item 11, effective 13 Mar 1979 (s 2) | Amended by No 111 of 1981, item 19, effective 24 June 1981 (s 2) | Amended by No 107 of 1989, Sch 1 item 73B, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 57 of 1990, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 190 of 1992, item 10 | item 27, effective 1 Jan 1993 (s 2) | Amended by No 39 of 1997, Sch 4 item 106 | Sch 4 item 107, effective Sch 1: 1 July 1997 (s 2) | Amended by No 17 of 1998, Sch 2F item 268 | Sch 2F item 5, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 85 of 1998, Sch 2G item 4, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 139 of 2002, Sch 1 item 5, effective s 4 and Sch 1 (items 3–5): 19 Dec 2002 (s 2) | Amended by No 66 of 2003, Sch 3 item 30, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 101 of 2006, Sch 2 item 266, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 56 of 2010, Sch 3 item 1, effective s 4, Sch 3 (items 1, 10(1)) and Sch 6 (items 17, 18, 55, 114, 118–126): 3 June 2010 (s 2(1) items 1, 7, 15, 23) Sch 1 (item 7): 1 July 2010 (s 2(1) item 3) Sch 2 (items 1, 4): 4 June 2010 (s 2(1) item 6) Sch 6 (item 108): 1 July 2006 (s 2(1) item 19) | Amended by No 79 of 2010, Sch 4 item 13, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 376, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 62 of 2011, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95AB", "Provision_Key": "s95ab", "Heading": "Modifications for special disability trusts", "Text": "(1) This Division applies with the modifications set out in this section in relation to a year of income in relation to a trust estate that is a special disability trust at the end of the year of income. (2) Treat the principal beneficiary of the trust estate as being presently entitled to all of the income of the trust estate of the year of income. (3) If the principal beneficiary of the trust estate is a resident of Australia at the end of the year of income treat that person as being under a legal disability throughout the year of income. (4) If there is no income of the trust estate assume that: (a) there is income of the trust estate of the year of income; and (b) the principal beneficiary of the trust estate is presently entitled to all of the income of the trust estate of the year of income. (5) If the amount to be deducted under subsection 100(2) from the income tax assessed against the principal beneficiary is greater than the amount of the income tax assessed against the principal beneficiary, the Commissioner must pay to the principal beneficiary an amount equal to the difference between those 2 amounts. Note: The tax offset is subject to the refundable tax offset rules: see section 67 ‑ 23 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 90 of 2010", "Last_Amended": "No 90 of 2010", "Amending_Acts": "No 90 of 2010", "History_Notes": "Inserted by No 90 of 2010, Sch 4 item 5, effective Sch 4 (items 1–4, 8): 29 June 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95A", "Provision_Key": "s95a", "Heading": "Special provisions relating to present entitlement", "Text": "(1) For the purposes of this Act, where a beneficiary of a trust estate is presently entitled to any income of the trust estate, the beneficiary shall be taken to continue to be presently entitled to that income notwithstanding that the income is paid to, or applied for the benefit of, the beneficiary. (2) For the purposes of this Act, where a beneficiary has a vested and indefeasible interest in any of the income of a trust estate but is not presently entitled to that income, the beneficiary shall be deemed to be presently entitled to that income of the trust estate.", "Amendment_Count": 6, "First_Amended": "No 11 of 1947", "Last_Amended": "No 19 of 1980", "Amending_Acts": "No 11 of 1947 | No 45 of 1953 | No 126 of 1974 | No 117 of 1975 | No 12 of 1979 | No 19 of 1980", "History_Notes": "Inserted by No 11 of 1947, effective 3 June 1947 (s 2) | Repealed by No 45 of 1953, effective 26 Oct 1953 (s 2) | Inserted by No 126 of 1974, effective s 3–46: 6 Dec 1974 (s 2) | Repealed by No 117 of 1975, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Inserted by No 12 of 1979, item 11, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, effective 30 Apr 1980 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 95B", "Provision_Key": "s95b", "Heading": "Certain beneficiaries deemed not to be under legal disability", "Text": "For the purposes of this Act, a beneficiary of a trust estate who is presently entitled to a share of the income of the trust estate in the capacity of a trustee of another trust estate shall, in respect of his or her present entitlement to that share, be deemed not to be under a legal disability.", "Amendment_Count": 2, "First_Amended": "No 29 of 1982", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 29 of 1982 | No 41 of 2011", "History_Notes": "Inserted by No 29 of 1982, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 41 of 2011, Sch 5 item 258, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s95B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 96", "Provision_Key": "s96", "Heading": "Trustees", "Text": "Except as provided in this Act, a trustee shall not be liable as trustee to pay income tax upon the income of the trust estate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s96"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 97", "Provision_Key": "s97", "Heading": "Beneficiary not under any legal disability", "Text": "(1) Subject to Division 6D, where a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate: (a) the assessable income of the beneficiary shall include: (i) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and (ii) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; and (b) the exempt income of the beneficiary shall include: (i) so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and (ii) so much of the individual interest of the beneficiary in the exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; except to the extent to which the exempt income to which that individual interest relates was taken into account in calculating the net income of the trust estate; and (c) the non ‑ assessable non ‑ exempt income of the beneficiary shall include: (i) so much of the individual interest of the beneficiary in the non ‑ assessable non ‑ exempt income of the trust estate as is attributable to a period when the beneficiary was a resident; and (ii) so much of the individual interest of the beneficiary in the non ‑ assessable non ‑ exempt income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia. (2) A reference in this section to income of a trust estate to which a beneficiary is presently entitled shall be read as not including a reference to income of a trust estate: (a) to which a beneficiary is deemed to be presently entitled by virtue of the operation of subsection 95A(2) where the beneficiary: (i) is a natural person; (ii) is a resident at the end of the year of income; (iii) is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate; and (iv) is not a beneficiary to whom subsection 97A(1) or (1A) applies in relation to the year of income; or (b) to which a beneficiary is presently entitled where the beneficiary: (i) is a non ‑ resident at the end of the year of income; (ii) is not a beneficiary to whom subsection (3) of this section or subsection 97A(1) or (1A) applies in relation to the year of income; and (iii) is not, in respect of that income, a beneficiary in the capacity of a trustee of another trust estate. (3) Where: (a) a beneficiary of a trust estate is presently entitled to a share of the income of the trust estate; (b) the beneficiary is a non ‑ resident at the end of the year of income; and (c) the beneficiary is: (i) a body, association, fund or organization the income of which is exempt from tax by virtue of the operation of Subdivision 50 ‑ A or section 51 ‑ 5, 51 ‑ 10 or 51 ‑ 30 of the Income Tax Assessment Act 1997 ; or (ii) an organization the income of which is exempt from tax by virtue of a regulation in force under the International Organisations (Privileges and Immunities) Act 1963 ; that beneficiary is, for the purposes of the application of this Division in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies.", "Amendment_Count": 11, "First_Amended": "No 12 of 1979", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 12 of 1979 | No 19 of 1980 | No 108 of 1981 | No 29 of 1982 | No 14 of 1983 | No 121 of 1997 | No 150 of 1997 | No 70 of 1999 | No 57 of 2001 | No 66 of 2003 | No 101 of 2006", "History_Notes": "Repealed and substituted by No 12 of 1979, item 5 | item 12 | item 14 | item 15 | item 16, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, item 10 | item 16, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, item 18 | item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, item 4 | item 13, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 14 of 1983, item 6 | item 8 | item 17 | item 18 | item 65, effective s 4: 14 Feb 1983 (s 2(2)) Remainder: 14 June 1983 (s 2(1)) | Amended by No 121 of 1997, Sch 1 item 52, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 150 of 1997, effective Sch 2 (items 3–7): 17 Oct 1997 (s 2(1)) | Amended by No 70 of 1999, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 57 of 2001, effective Sch 2 (items 1, 2, 4): 28 June 2001 (s 2) | Amended by No 66 of 2003, Sch 3 item 14 | Sch 3 item 19 | Sch 3 item 31, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s97"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 97A", "Provision_Key": "s97a", "Heading": "Beneficiaries who are owners of farm management deposits", "Text": "(1) Where a beneficiary who is under a legal disability: (a) is presently entitled to a share of the income of a trust estate derived during a year of income of the beneficiary; and (b) is the owner of a farm management deposit made during the year of income; this Division applies in relation to the beneficiary in relation to the year of income as if the beneficiary were not under any legal disability. (1A) Where a beneficiary who is deemed by subsection 95A(2) to be presently entitled to any income of a trust estate derived during a year of income of the beneficiary: (a) is not under a legal disability; and (b) is the owner of a farm management deposit made during the year of income; the beneficiary is, for the purposes of the application of this Division in relation to that beneficiary in relation to that year of income, a beneficiary to whom this subsection applies. Note: This section applies to certain beneficiaries as if they were individuals who are carrying on a primary production business: see subsections 393 ‑ 25(3), (4), (5) and (6) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 205 of 1976", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 205 of 1976 | No 19 of 1980 | No 108 of 1981 | No 56 of 1989 | No 85 of 1998 | No 101 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 205 of 1976, effective s 3–36: 20 Dec 1976 (s 2(1)) | Amended by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed and substituted by No 56 of 1989, effective s 32–37: 1 July 1989 (s 2) | Amended by No 85 of 1998, Sch 2G item 5 | Sch 2G item 6 | Sch 2G item 7 | Sch 2G item 8 | Sch 2G item 9, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 101 of 2006, Sch 1 item 100 | Sch 1 item 101 | Sch 2 item 268 | Sch 2 item 269 | Sch 2 item 270 | Sch 2 item 271 | Sch 2 item 272, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2010, Sch 4 item 393 | Sch 4 item 14 | Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 18 | Sch 4 item 19 | Sch 4 item 20 | Sch 4 item 21, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s97A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 98", "Provision_Key": "s98", "Heading": "Liability of trustee", "Text": "(1) Where a beneficiary of a trust estate who is under a legal disability is presently entitled to a share of the income of the trust estate, the trustee of the trust estate shall be assessed and liable to pay tax in respect of: (a) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and (b) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; as if it were the income of an individual and were not subject to any deduction. (2) Where a beneficiary of a trust estate: (a) is deemed to be presently entitled to a share of the income of the trust estate of a year of income by virtue of the operation of subsection 95A(2); (aa) is a natural person and is not, in respect of that share of the income of the trust estate, a beneficiary in the capacity of a trustee of another trust estate; (b) is not a beneficiary to whom subsection 97A(1) or (1A) applies in relation to the year of income; and (c) is not under a legal disability; the trustee of the trust estate shall be assessed and liable to pay tax in respect of: (d) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and (e) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; as if it were the income of an individual and were not subject to any deduction. (2A) If: (a) a beneficiary of a trust estate who is presently entitled to a share of the income of the trust estate: (i) is a non ‑ resident at the end of the year of income; and (ii) is not, in respect of that share of the income of the trust estate, a beneficiary in the capacity of a trustee of another trust estate; and (iii) is not a beneficiary to whom section 97A applies in relation to the year of income; and (iv) is not a beneficiary to whom subsection 97(3) applies; and (b) the trustee of the trust estate is not assessed and is not liable to pay tax under subsection (1) or (2) in respect of any part of that share of the net income of the trust estate; subsection (3) applies to the trustee in respect of: (c) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and (d) so much of that share of the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia. (3) A trustee to whom this subsection applies in respect of an amount of net income is to be assessed and is liable to pay tax: (a) if the beneficiary is not a company—in respect of the amount of net income as if it were the income of an individual and were not subject to any deduction; or (b) if the beneficiary is a company—in respect of the amount of net income at the rate declared by the Parliament for the purposes of this paragraph. Note: If the trust estate’s net income includes a net capital gain, and the beneficiary is a company, Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 affects the assessment of the trustee. (4) If: (a) a beneficiary of a trust estate (the first trust estate ) who is presently entitled to a share of the income of the first trust estate: (i) is, in respect of that share of the income of the first trust estate, a beneficiary in the capacity of a trustee of another trust estate; and (ii) is not a beneficiary to whom subsection 97(3) applies; and (b) a trustee of the other trust estate is a non ‑ resident at the end of the year of income; the trustee of the first trust estate is to be assessed and is liable to pay tax in respect of so much of that share of the net income of the first trust estate as is attributable to sources in Australia at the rate declared by the Parliament for the purposes of this subsection. Note: If the trust estate’s net income includes a net capital gain, Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 affects the assessment of the trustee.", "Amendment_Count": 9, "First_Amended": "No 22 of 1942", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 22 of 1942 | No 48 of 1950 | No 12 of 1979 | No 19 of 1980 | No 108 of 1981 | No 29 of 1982 | No 14 of 1983 | No 107 of 1989 | No 79 of 2007", "History_Notes": "Amended by No 22 of 1942, effective 7 June 1942 (s 2) | Amended by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Repealed and substituted by No 12 of 1979, item 5 | item 13 | item 14 | item 15 | item 16, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, item 12 | item 15 | item 16, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, item 18 | item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, item 4 | item 14, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 14 of 1983, item 18 | item 19 | item 55 | item 64 | item 65 | item 67, effective s 4: 14 Feb 1983 (s 2(2)) Remainder: 14 June 1983 (s 2(1)) | Amended by No 107 of 1989, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 79 of 2007, Sch 3 item 115 | Sch 9 item 4 | Sch 9 item 98B | Sch 9 item 7 | Sch 9 item 99E | Sch 9 item 11 | Sch 9 item 115 | Sch 9 item 18 | Sch 9 item 19 | Sch 9 item 20 | Sch 9 item 802 | Sch 9 item 27 | Sch 9 item 28 | Sch 9 item 31 | Sch 9 item 32 | Sch 9 item 33 | Sch 10 item 99G, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s98"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 98A", "Provision_Key": "s98a", "Heading": "Non ‑ resident beneficiaries assessable in respect of certain income", "Text": "(1) Where the trustee of a trust estate is assessed and is liable to pay tax in respect of the whole or a part of a share of the net income of a trust estate of a year of income in pursuance of subsection 98(3), the assessable income of the beneficiary who is presently entitled to that share of the income of the trust estate shall include: (a) so much of the individual interest of the beneficiary in the net income of the trust estate as is attributable to a period when the beneficiary was a resident; and (b) so much of the individual interest of the beneficiary in the net income of the trust estate as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia. (2) Where the trustee of a trust estate is assessed and is liable to pay tax in respect of the whole or a part of a share of the net income of a trust estate of a year of income in pursuance of subsection 98(3): (a) there shall be deducted from the income tax assessed against the beneficiary the amount (in this subsection referred to as the relevant amount ) of the tax paid by the trustee in respect of the beneficiary’s interest in the net income of the trust estate; and (b) if the relevant amount is greater than the amount of the income tax assessed against the beneficiary—the Commissioner shall pay to the beneficiary an amount equal to the difference between those 2 amounts. Note: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the entity. Division 3 of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the entity owes to the Commonwealth. (3) If a beneficiary of a trust estate who is presently entitled to a share of the income of the trust estate: (a) is not, in respect of that share of the income of the trust estate, a beneficiary in the capacity of a trustee of another trust estate; and (b) is a non ‑ resident at the end of the year of income; the assessable income of the beneficiary includes so much of the individual interest of the beneficiary in the net income of the trust estate as is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and is liable to pay tax under subsection 98(4). (4) To the extent that subsection (3) includes an amount in the assessable income of a beneficiary of a trust estate, the amount is not included by subsection (1) or section 100.", "Amendment_Count": 3, "First_Amended": "No 14 of 1983", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 14 of 1983 | No 79 of 2007 | No 62 of 2011", "History_Notes": "Inserted by No 14 of 1983, effective s 4: 14 Feb 1983 (s 2(2)) Remainder: 14 June 1983 (s 2(1)) | Amended by No 79 of 2007, Sch 9 item 2 | Sch 9 item 3 | Sch 9 item 4 | Sch 9 item 5 | Sch 9 item 98B | Sch 9 item 10 | Sch 9 item 11 | Sch 9 item 16 | Sch 9 item 22 | Sch 9 item 25 | Sch 9 item 34, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 62 of 2011, Sch 2 item 1 | Sch 2 item 29 | Sch 2 item 30 | Sch 2 item 31 | Sch 2 item 32, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s98A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 98B", "Provision_Key": "s98b", "Heading": "Deduction from beneficiary’s tax", "Text": "(1) This section applies to a beneficiary of a trust estate for a year of income if the assessable income of the beneficiary of the year of income includes an amount covered by subsection (2). (2) This subsection covers an amount (the assessable amount ) if: (a) the amount is included in the assessable income of the beneficiary under one of the following: (i) section 97; (ii) subsection 98A(3); (iii) section 100; and (b) the amount does not represent income of the trust estate to which the beneficiary is presently entitled in the capacity of a trustee of another trust estate; and (c) the amount is reasonably attributable to: (i) an amount (the taxed net income ) in respect of which the trustee of another trust estate is assessed and liable to pay tax (the subsection 98(4) tax ) under subsection 98(4); or (ii) an amount (the taxed component ) in respect of which the trustee of an AMIT is assessed and liable to pay tax (the paragraph 276 ‑ 105(2)(c) tax ) because of paragraph 276 ‑ 105(2)(c) of the Income Tax Assessment Act 1997 . (3) A proportion of the subsection 98(4) tax or of the paragraph 276 ‑ 105(2)(c) tax (as applicable) is to be deducted from the income tax assessed against the beneficiary of the year of income. That proportion is the same as the proportion of the taxed net income or of the taxed component (as applicable) that gave rise to the assessable amount. Note: To work out the proportion of the taxed net income that gives rise to assessable income for a beneficiary of another trust estate, you would have regard to the share of the income of each interposed trust estate to which a beneficiary (including a beneficiary in the capacity of a trustee) is presently entitled. Example: The P Trust has two non ‑ resident trustee beneficiaries, the trustees of the S Trust and the H Trust. Each trustee is presently entitled to a 1/2 share of the income of the P Trust. The net income of the P Trust is $100,000. The trustee of the P Trust pays tax of $22,500 under subsection 98(4) in respect of the trustee of the S Trust’s interest and $22,500 under subsection 98(4) in respect of the trustee of the H Trust’s interest. The S Trust has a non ‑ resident beneficiary, G, who is presently entitled to a 1/3 share of the income of the S Trust. The net income of the S Trust is $30,000. Subsection 98A(3) includes $10,000 in G’s assessable income. The taxed net income of the P trust is $50,000. The proportion of that taxed net income that gave rise to the $10,000 being included in G’s assessable income is 1/3.This is because G had a 1/3 share of the income of the S Trust. $7,500 (1/3 x $22,500) is deducted from the income tax assessed against G. If section 97, subsection 98A(3) or section 100 also includes amounts in the assessable income of any beneficiaries of the H Trust, each of those beneficiaries also works out the amount of the deduction against the income tax assessed against them in the same way. (4) If the amount to be deducted under subsection (3) is greater than the amount of the income tax assessed against the beneficiary, the Commissioner must pay to the beneficiary an amount equal to the difference between those 2 amounts. Note: See Division 3A of Part IIB of the Taxation Administration Act 1953 for the rules about how the Commissioner must pay the entity. Division 3A of Part IIB allows the Commissioner to apply the amount owing as a credit against tax debts that the entity owes to the Commonwealth.", "Amendment_Count": 4, "First_Amended": "No 79 of 2007", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 79 of 2007 | No 62 of 2011 | No 34 of 2014 | No 53 of 2016", "History_Notes": "Inserted by No 79 of 2007, Sch 9 item 11 | Sch 9 item 12, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 62 of 2011, Sch 2 item 33, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 34 of 2014, Sch 2 item 14, effective Sch 2 (items 13, 14, 16): 30 May 2014 (s 2(1) item 3) | Amended by No 53 of 2016, Sch 6 item 5 | Sch 6 item 6 | Sch 6 item 7, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s98B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99", "Provision_Key": "s99", "Heading": "Certain trust income to be taxed as income of an individual", "Text": "(1) This section applies in relation to a trust estate in relation to a year of income only if section 99A does not apply in relation to that trust estate in relation to that year of income. (2) Where there is no part of the net income of a resident trust estate: (a) that is included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; (b) in respect of which the trustee of the trust estate is assessed and liable to pay tax in pursuance of section 98; or (c) that represents income to which a beneficiary is presently entitled that is attributable to a period when the beneficiary was not a resident and is also attributable to sources out of Australia; the trustee shall be assessed and is liable to pay tax on the net income of the trust estate as if it were the income of an individual who was a resident and were not subject to any deduction. (3) Where there is a part of the net income of a resident trust estate: (a) that is not included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; (b) in respect of which the trustee is not assessed and is not liable to pay tax in pursuance of section 98; and (c) that does not represent income to which a beneficiary is presently entitled that is attributable to a period when the beneficiary was not a resident and is also attributable to sources out of Australia; the trustee shall be assessed and is liable to pay tax on that part of the net income of the trust estate as if it were the income of an individual who was a resident and were not subject to any deduction. (4) Where there is no part of the net income of a trust estate that is not a resident trust estate: (a) that is included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; (b) in respect of which the trustee of the trust estate is assessed and liable to pay tax in pursuance of section 98; or (c) that is attributable to sources out of Australia; the trustee shall be assessed and is liable to pay tax on the net income of the trust estate as if it were the income of an individual and were not subject to any deduction. (5) Where there is a part of the net income of a trust estate that is not a resident trust estate: (a) that is attributable to sources in Australia; (b) that is not included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; and (c) in respect of which the trustee of the trust estate is not assessed and is not liable to pay tax in pursuance of section 98; the trustee shall be assessed and is liable to pay tax on that part of the net income of the trust estate as if it were the income of an individual and were not subject to any deduction.", "Amendment_Count": 5, "First_Amended": "No 22 of 1942", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 22 of 1942 | No 110 of 1964 | No 51 of 1973 | No 12 of 1979 | No 108 of 1981", "History_Notes": "Amended by No 22 of 1942, effective 7 June 1942 (s 2) | Repealed and substituted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 12 of 1979, item 14 | item 15 | item 16, effective 13 Mar 1979 (s 2) | Amended by No 108 of 1981, item 18 | item 27 | item 124, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99A", "Provision_Key": "s99a", "Heading": "Certain trust income to be taxed at special rate", "Text": "(2) This section does not apply in relation to a trust estate in relation to a year of income, being a trust estate: (a) that resulted from: (i) a will, a codicil or an order of a court that varied or modified the provisions of a will or a codicil; or (ii) an intestacy or an order of a court that varied or modified the application, in relation to the estate of a deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate; (b) that consists of the property of a person who has become bankrupt, being property that has vested in The Official Receiver in Bankruptcy, or in a registered trustee, under the Bankruptcy Act 1966 ; (c) that is administered under Part XI of the Bankruptcy Act 1966 ; or (d) that consists of property of a kind referred to in paragraph 102AG(2)(c); if the Commissioner is of the opinion that it would be unreasonable that this section should apply in relation to that trust estate in relation to that year of income. (3) In forming an opinion for the purposes of subsection (2): (a) the Commissioner shall have regard to the circumstances in which and the conditions, if any, upon which, at any time, property (including money) was acquired by or lent to the trust estate, income was derived by the trust estate, benefits were conferred on the trust estate or special rights or privileges were conferred on or attached to property of the trust estate, whether or not the rights or privileges have been exercised; (b) if a person who has, at any time, directly or indirectly: (i) transferred or lent any property (including money) to, or conferred any benefits on, the trust estate; or (ii) conferred or attached any special right or privilege, or done any act or thing, either alone or together with another person or persons, that has resulted in the conferring or attaching of any special right or privilege, on or to property of the trust estate whether or not the right or privilege has been exercised; has not, at any time, directly or indirectly: (iii) transferred or lent any property (including money) to, or conferred any benefits on, another trust estate; or (iv) conferred or attached any special right or privilege, or done any act or thing, either alone or together with another person or persons, that has resulted in the conferring or attaching of any special right or privilege, on or to property of another trust estate, whether or not the right or privilege has been exercised; the Commissioner shall have regard to that fact; and (c) the Commissioner shall have regard to such other matters, if any, as he or she thinks fit. (3A) For the purposes of the application of paragraph (3)(a) in relation to a trust estate of the kind referred to in paragraph (2)(a), a reference in that first ‑ mentioned paragraph to the trust estate shall be read as including a reference to the person as a result of whose death the trust estate arose. (4) Where there is no part of the net income of a resident trust estate: (a) that is included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; (b) in respect of which the trustee of the trust estate is assessed and liable to pay tax in pursuance of section 98; or (c) that represents income to which a beneficiary is presently entitled that is attributable to a period when the beneficiary was not a resident and is also attributable to sources out of Australia; the trustee shall be assessed and is liable to pay tax on the net income of the trust estate at the rate declared by the Parliament for the purposes of this section. Note: If the trust estate’s net income includes a net capital gain, Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 affects the assessment of the trustee. (4A) Where there is a part of the net income of a resident trust estate: (a) that is not included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; (b) in respect of which the trustee is not assessed and is not liable to pay tax in pursuance of section 98; and (c) that does not represent income to which a beneficiary is presently entitled that is attributable to a period when the beneficiary was not a resident and is also attributable to sources out of Australia; the trustee shall be assessed and is liable to pay tax on that part of the net income of the trust estate at the rate declared by the Parliament for the purposes of this section. Note: If the trust estate’s net income includes a net capital gain, Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 affects the assessment of the trustee. (4B) Where there is no part of the net income of a trust estate that is not a resident trust estate: (a) that is included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; (b) in respect of which the trustee of the trust estate is assessed and liable to pay tax in pursuance of section 98; or (c) that is attributable to sources out of Australia; the trustee shall be assessed and is liable to pay tax on the net income of the trust estate at the rate declared by the Parliament for the purposes of this section. Note: If the trust estate’s net income includes a net capital gain, Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 affects the assessment of the trustee. (4C) Where there is a part of the net income of a trust estate that is not a resident trust estate: (a) that is attributable to sources in Australia; (b) that is not included in the assessable income of a beneficiary of the trust estate in pursuance of section 97; and (c) in respect of which the trustee of the trust estate is not assessed and is not liable to pay tax in pursuance of section 98; the trustee shall be assessed and is liable to pay tax on that part of the net income of the trust estate at the rate declared by the Parliament for the purposes of this section. Note: If the trust estate’s net income includes a net capital gain, Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 affects the assessment of the trustee.", "Amendment_Count": 9, "First_Amended": "No 110 of 1964", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 126 of 1977 | No 12 of 1979 | No 19 of 1980 | No 108 of 1981 | No 41 of 1998 | No 169 of 1999 | No 41 of 2011", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 126 of 1977, item 6, effective 10 Nov 1977 (s 2) | Amended by No 12 of 1979, item 16 | item 18, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 41 of 1998, Sch 6 item 2, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 169 of 1999, Sch 9 item 115 | Sch 10 item 115, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 41 of 2011, Sch 5 item 259, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99B", "Provision_Key": "s99b", "Heading": "Receipt of trust income not previously subject to tax", "Text": "(1) Where, at any time during a year of income, an amount, being property of a trust estate, is paid to, or applied for the benefit of, a beneficiary of the trust estate who was a resident at any time during the year of income, the assessable income of the beneficiary of the year of income shall, subject to subsection (2), include that amount. (2) The amount that, but for this subsection, would be included in the assessable income of a beneficiary of a trust estate under subsection (1) by reason that an amount, being property of the trust estate, was paid to, or applied for the benefit of, the beneficiary shall be reduced by so much (if any) of the amount, as represents: (a) corpus of the trust estate (except to the extent to which it is attributable to amounts derived by the trust estate that, if they had been derived by a taxpayer being a resident, would have been included in the assessable income of that taxpayer of a year of income); (b) an amount that, if it had been derived by a taxpayer being a resident, would not have been included in the assessable income of that taxpayer of a year of income; (ba) an amount that is non ‑ assessable non ‑ exempt income of the beneficiary because of section 802 ‑ 17 of the Income Tax Assessment Act 1997 ; (c) an amount: (i) that is or has been included in the assessable income of the beneficiary in pursuance of section 97; or (ii) in respect of which the trustee of the trust estate is or has been assessed and liable to pay tax in pursuance of section 98, 99 or 99A; or (iii) that is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and is liable to pay tax under subsection 98(4); (d) an amount that is or has been included in the assessable income of any taxpayer (other than a company) under section 102AAZD; or (e) if the beneficiary is a company—an amount that is or has been included in the assessable income of the beneficiary under section 102AAZD. (2A) An amount that is not included in a beneficiary’s assessable income because of paragraph (2)(d) or (e) is not assessable income and is not exempt income. (3) In paragraphs (2)(d) and (e): company means a company other than a company in the capacity of a trustee.", "Amendment_Count": 4, "First_Amended": "No 12 of 1979", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 12 of 1979 | No 5 of 1991 | No 66 of 2003 | No 79 of 2007", "History_Notes": "Inserted by No 12 of 1979, item 16, effective 13 Mar 1979 (s 2) | Amended by No 5 of 1991, item 100 | item 11 | item 12 | item 16 | item 78 | item 204 | item 38, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 66 of 2003, Sch 3 item 32 | Sch 3 item 118, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 79 of 2007, Sch 9 item 6, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99C", "Provision_Key": "s99c", "Heading": "Determining whether property is applied for benefit of beneficiary", "Text": "(1) In determining for the purposes of section 99B whether any amount has been applied for the benefit of a beneficiary of a trust estate, regard shall be had to all benefits that have accrued at any time to the beneficiary (whether or not the beneficiary had rights at law or in equity in or to those benefits) as a result of the derivation of, or in relation to, that amount, irrespective of the nature or form of the benefits. (2) Without limiting the generality of subsection (1), an amount shall be taken, for the purposes of section 99B, to have been applied for the benefit of a beneficiary if: (a) whether by re ‑ investment, accumulation, capitalization or otherwise, and whether directly or indirectly, the amount has been so dealt with that it will, at a future time, and whether in the form of income or not, enure for the benefit of the beneficiary; (b) the derivation of the amount has operated to increase the value to the beneficiary of any property or rights of any kind held by or for the benefit of the beneficiary; (c) the beneficiary has received or become entitled to receive any benefit (including a loan or a repayment, in whole or in part, of a loan, or any other payment of any kind) provided directly or indirectly out of that amount or out of property or money that was available for the purpose by reason of the derivation of the amount; (d) the beneficiary has power, by means of the exercise by the beneficiary of any power of appointment or revocation or otherwise, to obtain, whether with or without the consent of any other person, the beneficial enjoyment of the amount; or (e) the beneficiary has directly or indirectly assigned to another person his or her interest in the amount or is able, in any manner whatsoever, and whether directly or indirectly, to control the application of that interest.", "Amendment_Count": 2, "First_Amended": "No 12 of 1979", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 12 of 1979 | No 41 of 2011", "History_Notes": "Inserted by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 41 of 2011, Sch 5 item 260, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99D", "Provision_Key": "s99d", "Heading": "Refund of tax to non ‑ resident beneficiary", "Text": "(1) Where: (a) a trustee of a trust estate has been assessed and was liable to pay tax in pursuance of subsection 99(2) or (3) or subsection 99A(4) or (4A) in respect of the net income or a part of the net income of the trust estate of a year of income (in this subsection referred to as the relevant year of income ), being the year of income that commenced on 1 July 1978 or a subsequent year of income; (b) the amount (in this subsection referred to as the relevant tax amount ) of the tax so assessed in respect of that net income or that part of that net income has been paid; (c) the trustee of the trust estate has, in accordance with the terms of the trust, paid an amount (in this subsection referred to as the distributed amount ) of the income of the trust estate of the relevant year of income to a beneficiary of the trust estate; (d) before the expiration of 60 days after the date on which the payment was made, or within such further period as the Commissioner allows, the beneficiary, by writing signed by or on behalf of the beneficiary, makes an application to the Commissioner for a refund under this section in relation to the distributed amount; and (e) the beneficiary satisfies the Commissioner that the whole or a part (which whole or part, as the case may be, is in this subsection referred to as the non ‑ Australian distributed amount ) of the distributed amount: (i) is attributable to a period when the beneficiary was not a resident and is also attributable to sources out of Australia; (ii) was taken into account in calculating the net income of the trust estate of the relevant year of income; and (iii) is not income that, by the operation of section 100A, is deemed not to have been paid to or applied for the benefit of the beneficiary or to be income to which the beneficiary is not presently entitled; the Commissioner shall, subject to subsection (2), refund to the beneficiary so much (if any) of the relevant tax amount as is attributable to the non ‑ Australian distributed amount, reduced by so much of any refund or credit to which the trustee is or was entitled in respect of the relevant tax amount as is attributable to the non ‑ Australian distributed amount. (2) The Commissioner may refuse to make a refund of tax in relation to an amount paid to a beneficiary of a trust estate if the Commissioner considers that the whole or a part of that amount was paid to the beneficiary by the trustee for the purpose or for purposes that included the purpose of enabling the beneficiary to become entitled to a refund of tax under this section in relation to that amount.", "Amendment_Count": 2, "First_Amended": "No 12 of 1979", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 12 of 1979 | No 108 of 1981", "History_Notes": "Inserted by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99E", "Provision_Key": "s99e", "Heading": "Later trust not taxed on income already taxed under subsection 98(4)", "Text": "Sections 98, 99 and 99A do not apply to so much of the net income of a trust estate of a year of income as is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and is liable to pay tax under subsection 98(4).", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99G", "Provision_Key": "s99g", "Heading": "Amounts covered by withholding requirement", "Text": "Subsection 98(4) does not apply to so much of the net income of a trust estate as represents income to which a beneficiary is presently entitled and gives rise to an amount from which an entity is required to withhold an amount under Subdivision 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 79 of 2007", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 79 of 2007, Sch 10 item 12, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Repealed and substituted by No 32 of 2008, Sch 1 item 6, effective Sch 1 (items 4–11, 58): 23 June 2008 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99GA", "Provision_Key": "s99ga", "Heading": "Amounts covered by sovereign immunity exemption", "Text": "Subsection 98(3) does not apply to so much of the net income of a trust estate as represents income to which a beneficiary is presently entitled and gives rise to an amount that is non ‑ assessable non ‑ exempt income because of: (a) Division 880 of the Income Tax Assessment Act 1997 ; or (b) Division 880 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 15, 16), Sch 3 and Sch 4 (items 1, 2): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99GA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 99H", "Provision_Key": "s99h", "Heading": "Late payments", "Text": "(1) This section applies if: (a) a beneficiary of a trust estate that is a managed investment trust is presently entitled to a share of the income of the trust estate of a year of income; and (b) the beneficiary is a non ‑ resident at the end of the year of income; and (c) all or part of that share of the net income of the trust estate (the late amount ) has not been paid to the beneficiary by the end of the period applicable under subsection 12 ‑ 405(4) in Schedule 1 to the Taxation Administration Act 1953 ; and Note: That subsection requires payments to be made before the end of 3 months after the end of the relevant year of income or within a longer period allowed by the Commissioner. (d) if the late amount had been paid to the beneficiary within that period, the payment would have been a fund payment made by the trustee of the managed investment trust. (2) This Division applies as if that portion of the beneficiary’s income that represents the late amount were income to which no beneficiary was presently entitled. (3) In working out the net income of the trust estate for the year of income for the purposes of subsection (1), disregard these amounts ( excluded amounts ): (a) a dividend (as defined in Division 11A of Part III) that is subject to, or exempted from, a requirement to withhold under Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ; (b) interest (as so defined) that is subject to, or exempted from, such a requirement; (c) a royalty that is subject to, or exempted from, such a requirement; (d) a capital gain or capital loss from a CGT event that happens in relation to a CGT asset that is not taxable Australian property; (e) amounts that are not from a source in Australia; and disregard deductions relating to excluded amounts.", "Amendment_Count": 3, "First_Amended": "No 79 of 2007", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 88 of 2009", "History_Notes": "Inserted by No 79 of 2007, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 32 of 2008, effective Sch 1 (items 4–11, 58): 23 June 2008 (s 2) | Amended by No 88 of 2009, Sch 5 item 313, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s99H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 100", "Provision_Key": "s100", "Heading": "Beneficiary assessable in respect of certain trust income", "Text": "(1) The assessable income of any beneficiary who: (a) is under a legal disability or is deemed to be presently entitled to any of the income of a trust estate by virtue of the operation of subsection 95A(2); and (b) is a beneficiary in more than one trust estate or derives income from any other source; shall include: (c) so much of the individual interest of the beneficiary in the net income of the trust estate or of each of the trust estates as is attributable to a period when the beneficiary was a resident; and (d) so much of the individual interest of the beneficiary in the net income of the trust estate or of each of the trust estates as is attributable to a period when the beneficiary was not a resident and is also attributed to sources in Australia. Note: An amount is not included in assessable income under this section to the extent that subsection 98A(3) already includes it: see subsection 98A(4). (1AA) If an amount is included in the assessable income of a beneficiary of a trust estate because of Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 , for the purposes of paragraph (1)(b), treat the beneficiary as deriving income from another source. (1A) If: (a) a beneficiary in a trust estate is under a legal disability or is deemed to be presently entitled to any of the income of the trust estate by virtue of the operation of subsection 95A(2); and (b) the beneficiary is not a beneficiary in any other trust estate and does not derive income from any other source; and (c) the beneficiary would receive a refund of tax offsets under Division 67 of the Income Tax Assessment Act 1997 for a particular year of income if the following amounts were included in the assessable income of the beneficiary for that year: (i) so much of the individual interest of the beneficiary in the net income of the trust estate for that year as is attributable to a period when the beneficiary was a resident; (ii) so much of the individual interest of the beneficiary in the net income of the trust estate for that year as is attributable to a period when the beneficiary was not a resident and is also attributable to sources in Australia; then those amounts are included in the assessable income of the beneficiary for that year. (1B) If a beneficiary in a trust estate who is under a legal disability or is deemed to be presently entitled to any of the income of the trust estate by virtue of the operation of subsection 95A(2): (a) is a resident at the end of the year of income; and (b) is not a beneficiary in any other trust estate and does not derive income from any other source; the assessable income of the beneficiary includes so much of the individual interest of the beneficiary in the net income of the trust estate as is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and is liable to pay tax under subsection 98(4). Note 2: A credit is available under section 98B for an appropriate part of the subsection 98(4) tax. Note 3: An amount is not included in assessable income under this section to the extent that subsection 98A(3) already includes it: see subsection 98A(4). (1C) If a beneficiary in a trust estate who is under a legal disability or is deemed to be presently entitled to any of the income of the trust estate by virtue of the operation of subsection 95A(2): (a) is a resident at the end of the year of income; and (b) is not a beneficiary in any other trust estate and does not derive income from any other source; the assessable income of the beneficiary includes so much of the individual interest of the beneficiary in the net income of the trust estate as is represented by or reasonably attributable to a payment from which an entity was required to withhold an amount under Subdivision 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 . Note: A credit is available under section 18 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 for an appropriate part of the amount withheld. (2) There shall be deducted from the income tax assessed against a beneficiary to whom subsection (1) or (1A) applies (or a beneficiary under a legal disability whose assessable income is increased as a result of Subdivision 115 ‑ C or 207 ‑ B of the Income Tax Assessment Act 1997 ) the tax paid or payable by any trustee in respect of that beneficiary’s interest in the net income of the trust estate. (3) However, an amount of tax is not to be deducted under subsection (2) from the income tax assessed against a beneficiary to the extent that the amount is deducted under section 98B from the income tax assessed against the beneficiary.", "Amendment_Count": 6, "First_Amended": "No 12 of 1979", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 12 of 1979 | No 19 of 1980 | No 108 of 1981 | No 57 of 2002 | No 79 of 2007 | No 62 of 2011", "History_Notes": "Amended by No 12 of 1979, item 11 | item 16 | item 17 | item 18, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, item 14 | item 15, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, item 17 | item 18 | item 23 | item 27 | item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 57 of 2002, Sch 4 item 1 | Sch 4 item 2, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 79 of 2007, Sch 9 item 4 | Sch 9 item 98B | Sch 9 item 9 | Sch 9 item 10 | Sch 9 item 11 | Sch 9 item 12 | Sch 9 item 16 | Sch 9 item 22 | Sch 10 item 6 | Sch 10 item 7, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 62 of 2011, Sch 2 item 6 | Sch 2 item 34 | Sch 2 item 35 | Sch 2 item 36 | Sch 2 item 37 | Sch 2 item 38, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s100"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 100AA", "Provision_Key": "s100aa", "Heading": "Failure to pay or notify present entitlement of exempt entity", "Text": "(1) Subsection (3) applies if: (a) an exempt entity is presently entitled to an amount of the income of a trust estate; and (b) the exempt entity is not an exempt Australian government agency (within the meaning of the Income Tax Assessment Act 1997 ); and (c) at the end of 2 months after the end of the relevant income year, the trustee has failed to notify the exempt entity in writing of the present entitlement. (2) For the purposes of this section, treat the trustee as giving the exempt entity notice in writing of the present entitlement at a time to the extent that the trustee pays the exempt entity the amount of the present entitlement at that time. (3) For the purposes of this Act, treat the exempt entity as not being presently entitled, and having never been presently entitled, to the amount mentioned in paragraph (1)(a) of the income of the trust estate, to the extent that the trustee failed to notify the exempt entity of that amount as mentioned in paragraph (1)(c). (4) However, subsection (3) does not apply if the Commissioner decides that the failure mentioned in paragraph (1)(c) of the trustee should be disregarded. (5) In making a decision under subsection (4) (or refusing to make such a decision), the Commissioner must have regard to the following: (a) the circumstances that led to the failure mentioned in paragraph (1)(c); (b) the extent to which the trustee has taken action to try to correct the failure and if so, how quickly that action was taken; (c) whether this section has operated previously in relation to the trustee, and if so, the circumstances in which this occurred; (d) any other matters that the Commissioner considers relevant. (6) If subsection (3) applies, for the purposes of any application of section 99A in relation to the trust estate in relation to the relevant year of income, treat the trust estate as a resident trust estate. (7) This section does not apply in relation to a trust estate that is a managed investment trust (within the meaning of the Income Tax Assessment Act 1997 ) in relation to a year of income.", "Amendment_Count": 2, "First_Amended": "No 62 of 2011", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 62 of 2011 | No 53 of 2016", "History_Notes": "Inserted by No 62 of 2011, Sch 2 item 6, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 53 of 2016, Sch 6 item 8, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s100AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 100AB", "Provision_Key": "s100ab", "Heading": "Adjusted Division 6 percentage exceeding benchmark percentage: present entitlement of exempt entity", "Text": "(1) Subsection (2) applies if: (a) an exempt entity is presently entitled to an amount of the income of a trust estate; and (b) the exempt entity is not an exempt Australian government agency (within the meaning of the Income Tax Assessment Act 1997 ); and (c) the exempt entity’s adjusted Division 6 percentage of the income of the trust estate exceeds the benchmark percentage determined under subsection (3). (2) Subject to subsection 100AA(3), for the purposes of this Act, treat the exempt entity as not being presently entitled, and having never been presently entitled, to the amount of the income of the trust estate mentioned in paragraph (1)(a) of this section, to the extent that ensures that the exempt entity’s adjusted Division 6 percentage of the income of the trust estate equals the benchmark percentage determined under subsection (3) of this section. (3) Determine the benchmark percentage by working out the following fraction (expressed as a percentage): (4) A trust estate’s adjusted net income for a year of income is its net income for that year of income, with the following adjustments: (a) firstly, in determining that net income, disregard any capital gain or franked distribution to the extent to which a beneficiary of the trust estate or the trustee is specifically entitled to that gain or distribution; (b) next, in determining the net capital gain (if any) of the trust for the year of income, disregard steps 3 and 4 of the method statement in subsection 102 ‑ 5(1) (CGT discount and small business concessions); (c) next, reduce that net income by amounts (if any) that do not represent net accretions of value to the trust estate in that year of income (other than amounts included in that net income under Part IVA). (5) Subsection (2) does not apply in relation to a trust estate in relation to a year of income if the Commissioner is of the opinion that it would be unreasonable that the subsection should apply in relation to that trust estate in relation to that year of income. (6) In forming an opinion for the purposes of subsection (5), the Commissioner must consider the following matters: (a) the circumstances that led to the exempt entity’s adjusted Division 6 percentage exceeding the benchmark percentage determined under subsection (3); (b) the extent to which the exempt entity’s adjusted Division 6 percentage exceeds that benchmark percentage; (c) the extent to which the exempt entity actually received distributions from the trust estate in respect of the year of income; (d) the extent to which other beneficiaries of the trust estate were entitled to receive distributions of, or otherwise benefit from, amounts representing the adjusted net income of the trust estate ; (e) any other matters that the Commissioner considers relevant. (7) If subsection (2) applies, for the purposes of any application of section 99A in relation to the trust estate in relation to the relevant year of income, treat the trust estate as a resident trust estate. (8) This section does not apply in relation to a trust estate that is a managed investment trust (within the meaning of the Income Tax Assessment Act 1997 ) in relation to a year of income.", "Amendment_Count": 2, "First_Amended": "No 62 of 2011", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 62 of 2011 | No 53 of 2016", "History_Notes": "Inserted by No 62 of 2011, Sch 2 item 3, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 53 of 2016, Sch 6 item 9, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s100AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 100A", "Provision_Key": "s100a", "Heading": "Present entitlement arising from reimbursement agreement", "Text": "(1) Where: (a) apart from this section, a beneficiary of a trust estate who is not under any legal disability is presently entitled to a share of the income of the trust estate; and (b) the present entitlement of the beneficiary to that share or to a part of that share of the income of the trust estate (which share or part, as the case may be, is in this subsection referred to as the relevant trust income ) arose out of a reimbursement agreement or arose by reason of any act, transaction or circumstance that occurred in connection with, or as a result of, a reimbursement agreement; the beneficiary shall, for the purposes of this Act, be deemed not to be, and never to have been, presently entitled to the relevant trust income. (2) Where: (a) apart from this section, a beneficiary of a trust estate who is not under any legal disability would, by reason that income of the trust estate was paid to, or applied for the benefit of, the beneficiary, be deemed to be presently entitled to income of the trust estate; and (b) that income or a part of that income (which income or part, as the case may be, is in this subsection referred to as the relevant trust income ) was paid to, or applied for the benefit of, the beneficiary as a result of a reimbursement agreement or as a result of any act, transaction or circumstance that occurred in connection with, or as a result of, a reimbursement agreement; the relevant trust income shall, for the purposes of this Act, be deemed not to have been paid to, or applied for the benefit of, the beneficiary. (3) In the preceding provisions of this section: (a) a reference to income of a trust estate to which a beneficiary is, apart from this section, presently entitled shall be read as not including a reference to: (i) income of the trust estate to which the beneficiary is presently entitled in the capacity of a trustee of another trust estate, being income that was paid to, or applied for the benefit of, the beneficiary before 6 March 1980; or (ii) income that was paid to, or applied for the benefit of, the beneficiary before 12 June 1978; and (b) a reference to income of a trust estate that was paid to, or applied for the benefit of, a beneficiary of the trust estate shall be read as not including a reference to: (i) income of the trust estate that, before 6 March 1980, was paid to, or applied for the benefit of, the beneficiary in the capacity of a trustee of another trust estate; or (ii) income of the trust estate that was paid to, or applied for the benefit of, the beneficiary before 12 June 1978. (3A) Where: (a) apart from this section, a beneficiary (in this subsection referred to as the trustee beneficiary ) of a trust estate is presently entitled to a share of the income of the trust estate in the capacity of a trustee of another trust estate (in this subsection referred to as the interposed trust estate ); (b) apart from this subsection, the trustee beneficiary would, by virtue of subsection (1), be deemed not to be, and never to have been, presently entitled to that share or a part of that share of the income of the first ‑ mentioned trust estate (which share or part is in this subsection referred to as the relevant trust income ); and (c) apart from this section, a beneficiary of the interposed trust estate is or was, or beneficiaries of the interposed trust estate are or were, presently entitled, or deemed to be presently entitled, to any income of the interposed trust estate (in this subsection referred to as the distributable trust income ) that is attributable to the relevant trust income; subsection (1) does not apply, and shall be deemed never to have applied, in relation to the trustee beneficiary, in relation to any part of the relevant trust income to which the distributable trust income is attributable. (3B) Where: (a) apart from this section, a beneficiary (in this subsection referred to as the trustee beneficiary ) of a trust estate would, by reason that income of the trust estate was paid to, or applied for the benefit of, the trustee beneficiary, be deemed to be presently entitled to income of the trust estate in the capacity of a trustee of another trust estate (in this subsection referred to as the interposed trust estate ); (b) apart from this subsection, that income or a part of that income (which income or part is in this subsection referred to as the relevant trust income ) would, by virtue of subsection (2), be deemed not to have been paid to, or applied for the benefit of, the trustee beneficiary; and (c) apart from this section, a beneficiary of the interposed trust estate is or was, or beneficiaries of the interposed trust estate are or were, presently entitled, or deemed to be presently entitled, to any income of the interposed trust estate (in this subsection referred to as the distributable trust income ) that is attributable to the relevant trust income; subsection (2) does not apply, and shall be deemed never to have applied, in relation to the trustee beneficiary, in relation to any part of the relevant trust income to which the distributable trust income is attributable. (3C) A reference in paragraph (3A)(c) or (3B)(c) to a beneficiary of a trust estate shall be read as not including a reference to a beneficiary who is under a legal disability. (4) Where subsection (1) or (2) applies in relation to any income of a trust estate of a year of income: (a) in the application of this Division in relation to the trust estate in relation to the year of income, section 99A shall be read as if subsections (2), (3) and (3A) of that section were omitted; and (b) for the purposes of any application of section 99A in relation to the trust estate in relation to the year of income, the trust estate shall be deemed to be a resident trust estate. (5) For the purposes of subsection (1), but without limiting the generality of that subsection, where: (a) a reimbursement agreement was entered into at or after the time when a person became a beneficiary of a trust estate (whether the person became a beneficiary of the trust estate before or after the commencement of this section); and (b) the amount (in this subsection referred to as the increased amount ) of the share of the income of the trust estate to which the beneficiary is presently entitled exceeds the amount (in this subsection referred to as the original amount ) of the income of the trust estate to which the beneficiary would have been, or could reasonably be expected to have been, presently entitled if the reimbursement agreement had not been entered into or if an act, transaction or circumstance that occurred in connection with, or as a result of, the reimbursement agreement had not occurred; the present entitlement of the beneficiary to so much of the increased amount as exceeds the original amount shall be taken to have arisen out of the reimbursement agreement. (6) For the purposes of subsection (2), but without limiting the generality of that subsection, where: (a) a reimbursement agreement was entered into at or after the time when a person became a beneficiary of a trust estate (whether the person became a beneficiary of the trust estate before or after the commencement of this section); and (b) income of the trust estate was paid to, or applied for the benefit of, the beneficiary and the amount (in this subsection referred to as the increased amount ) of that income exceeds the amount (in this subsection referred to as the original amount ) that would have been, or could reasonably be expected to have been, paid to, or applied for the benefit of, the beneficiary if the reimbursement agreement had not been entered into or if an act, transaction or circumstance that occurred in connection with, or as a result of, the reimbursement agreement had not occurred; so much of the increased amount as exceeds the original amount shall be taken to be income of the trust estate that was paid to, or applied for the benefit of, the beneficiary as a result of the reimbursement agreement. (6A) Where: (a) subsection (1) or (2) applies, or would but for subsection (3A) or (3B) apply, in relation to a beneficiary of a trust estate in relation to a reimbursement agreement in relation to any income of the trust estate; and (b) as part of, under or in connection with the reimbursement agreement, the beneficiary incurred or incurs a loss or outgoing after 5 March 1980 in respect of which a deduction has been allowed or would, but for this subsection, be allowable; then, notwithstanding any other provision of this Act, a deduction shall be deemed not to have been, or not to be, allowable, as the case may be, in respect of that loss or outgoing. (6B) Where subsection (6A) deems a deduction not to have been, or not to be, allowable in respect of a loss or outgoing incurred by a taxpayer in the acquisition of property that, for the purposes of the application of this Act and the Income Tax Assessment Act 1997 in relation to the taxpayer is or was trading stock, then, notwithstanding any other provision of this Act or that Act, the cost or cost price of that property, for the purposes of the application of Subdivision B of Division 2 of Part III of this Act or Division 70 (Trading stock) or 385 (Primary production) of the Income Tax Assessment Act 1997 in relation to that property in relation to the taxpayer, shall be taken to be, and at all times to have been, nil. (7) Subject to subsection (8), a reference in this section, in relation to a beneficiary of a trust estate, to a reimbursement agreement shall be read as a reference to an agreement, whether entered into before or after the commencement of this section, that provides for the payment of money or the transfer of property to, or the provision of services or other benefits for, a person or persons other than the beneficiary or the beneficiary and another person or other persons. (8) A reference in subsection (7) to an agreement shall be read as not including a reference to an agreement that was not entered into for the purpose, or for purposes that included the purpose, of securing that a person who, if the agreement had not been entered into, would have been liable to pay income tax in respect of a year of income would not be liable to pay income tax in respect of that year of income or would be liable to pay less income tax in respect of that year of income than that person would have been liable to pay if the agreement had not been entered into. (9) For the purposes of subsection (8), an agreement shall be taken to have been entered into for a particular purpose, or for purposes that included a particular purpose, if any of the parties to the agreement entered into the agreement for that purpose, or for purposes that included that purpose, as the case may be. (10) A reference in subsection (7) to the payment of money to a person or persons shall be read as including a reference to the payment of money to a person or persons by way of loan. (11) A reference in this section to a person shall be read as including a reference to a person in the capacity of a trustee. (12) For the purposes of this section, an agreement that provides for a person to release, abandon, fail to demand payment of or postpone payment of, a debt owed by another person shall be deemed to be an agreement that provides for the payment of money to that other person. (13) In this section: agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings, but does not include an agreement, arrangement or understanding entered into in the course of ordinary family or commercial dealing. Note: Section 960 ‑ 255 of the Income Tax Assessment Act 1997 may be relevant to determining family relationships for the purposes of the definition of agreement . property includes a chose in action and also includes an estate, interest, right or power, whether at law or in equity, in or over property.", "Amendment_Count": 9, "First_Amended": "No 22 of 1942", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 22 of 1942 | No 11 of 1947 | No 48 of 1950 | No 12 of 1979 | No 19 of 1980 | No 108 of 1981 | No 29 of 1982 | No 121 of 1997 | No 144 of 2008", "History_Notes": "Inserted by No 22 of 1942, effective 7 June 1942 (s 2) | Repealed and substituted by No 11 of 1947, effective 3 June 1947 (s 2) | Repealed by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Inserted by No 12 of 1979, item 20, effective 13 Mar 1979 (s 2) | Amended by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 121 of 1997, Sch 5 item 77 | Sch 5 item 78 | Sch 5 item 79, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 144 of 2008, Sch 14 item 14, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s100A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 101", "Provision_Key": "s101", "Heading": "Discretionary trusts", "Text": "For the purposes of this Act, where a trustee has a discretion to pay or apply income of a trust estate to or for the benefit of specified beneficiaries, a beneficiary in whose favour the trustee exercises the trustee’s discretion shall be deemed to be presently entitled to the amount paid to the beneficiary or applied for the beneficiary’s benefit by the trustee in the exercise of that discretion.", "Amendment_Count": 2, "First_Amended": "No 110 of 1964", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 110 of 1964 | No 41 of 2011", "History_Notes": "Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 41 of 2011, Sch 5 item 261 | Sch 5 item 262 | Sch 5 item 263, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s101"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 101A", "Provision_Key": "s101a", "Heading": "Income of deceased received after death", "Text": "(1) Where in the year of income, the trustee of the estate of a deceased person receives any amount which would have been assessable income in the hands of the deceased person if it had been received by him or her during his or her lifetime, that amount shall be included in the assessable income of that year of the trust estate and shall be deemed to be income to which no beneficiary is presently entitled. (2) Subsection (1) does not apply in relation to an amount received by the trustee of the estate of a deceased person to the extent to which, if it had been received by the deceased person during his or her lifetime, it would have been included in the assessable income of that person by virtue of section 83 ‑ 10 or 83 ‑ 80 of the Income Tax Assessment Act 1997 . (3) To avoid doubt, if in the year of income an amount is included in the assessable income of a deceased taxpayer under Division 82 or 302 of the Income Tax Assessment Act 1997 in respect of a payment received by the trustee of the estate of the deceased taxpayer, that amount shall be included in the assessable income of that year of income of the trust estate. (4) This section does not apply in relation to any amount received by the trustee of the estate of a deceased person if the amount is a farm management deposit, of which the deceased person was the owner, that has become repayable.", "Amendment_Count": 7, "First_Amended": "No 58 of 1941", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 1941 | No 123 of 1978 | No 47 of 1984 | No 85 of 1998 | No 15 of 2007 | No 79 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Amended by No 123 of 1978, effective 13 Oct 1978 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 85 of 1998, Sch 2G item 10, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 15 of 2007, Sch 1 item 80 | Sch 1 item 81 | Sch 1 item 82 | Sch 1 item 83, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 79 of 2010, Sch 4 item 22, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 264 | Sch 5 item 265, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s101A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102", "Provision_Key": "s102", "Heading": "Revocable trusts", "Text": "(1) Where a person has created a trust in respect of any income or property (including money) and: (a) the person has power, whenever exercisable, to revoke or alter the trusts so as to acquire a beneficial interest in the income derived by the trustee during the year of income, or the property producing that income, or any part of that income or property; or (b) income is, under that trust, in the year of income, payable to or accumulated for, or applicable for the benefit of a child or children of that person who is or are under the age of 18 years; the Commissioner may assess the trustee to pay income tax, under this section, and the trustee shall be liable to pay the tax so assessed. (2) The amount of the tax payable in pursuance of this section shall be the amount by which the tax actually payable on the person’s own taxable income by the person who created the trust is less than the tax which would have been payable by the person if he or she had received, in addition to any other income derived by the person, so much of the net income of the trust estate as: (a) is attributable to the property in which he or she has power to acquire the beneficial interest; (b) represents the income, or the part of the income, in which he or she has power to acquire the beneficial interest; or (c) is payable to or accumulated for, or applicable for the benefit of, a child or children of that person who is or are under the age of 18 years. (2A) Where any property the subject of a trust has been converted into other property, this section shall apply in the same way as if the trust had originally been created in respect of that other property. (2B) In the application of subsection (2) in determining the amount of tax that is payable by a trustee of a trust estate in pursuance of this section, the reference in that subsection to the net income of the trust estate shall be read as a reference to that net income reduced by: (a) so much (if any) of that net income as is attributable to a period when the person who created the trust was not a resident and is also attributable to sources out of Australia; and (b) so much (if any) of that net income as is not covered by paragraph (a) and represents an amount included in the assessable income of any taxpayer under section 102AAZD. (3) Where this section is applied to the assessment of the income of a trust estate or part thereof derived in the year of income, no beneficiary shall be assessed in his or her individual capacity in respect of his or her individual interest in the income or part to which this section has been so applied, and the trustee shall not be assessed in respect of that income or part otherwise than under this section.", "Amendment_Count": 9, "First_Amended": "No 58 of 1941", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 1941 | No 11 of 1947 | No 12 of 1979 | No 108 of 1981 | No 95 of 1988 | No 153 of 1988 | No 135 of 1990 | No 5 of 1991 | No 41 of 2011", "History_Notes": "Amended by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Amended by No 11 of 1947, effective 3 June 1947 (s 2) | Amended by No 12 of 1979, item 19, effective 13 Mar 1979 (s 2) | Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 95 of 1988, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 153 of 1988, effective s 9–42 and 44: 26 Dec 1988 (s 2(1)) s 43: 1 Jan 1989 (s 2(2)) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 5 of 1991, item 17 | item 18, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 41 of 2011, Sch 5 item 266 | Sch 5 item 267 | Sch 5 item 268 | Sch 5 item 269 | Sch 5 item 270 | Sch 5 item 272, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAA", "Provision_Key": "s102aaa", "Heading": "Object of Division", "Text": "The object of this Division is to set out rules relating to the following: (a) the payment of interest on distributions from certain non ‑ resident trust estates (Subdivision B); (b) the winding ‑ up of certain non ‑ resident trust estates in existence on 12 April 1989 (Subdivision C); (c) an accruals system of taxation of certain non ‑ resident trust estates (Subdivision D).", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 18, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAB", "Provision_Key": "s102aab", "Heading": "Interpretation", "Text": "In this Division, unless the contrary intention appears: 1 July 1990 net worth , in relation to a trust estate, means the market value, as at the beginning of 1 July 1990, of the assets of the trust estate, reduced by the liabilities of the trust estate as at the beginning of that day. accounts has the same meaning as in Part X. actual transfer , in relation to property or services, means a transfer of the property or services other than a transfer that is taken to have been made because of subsection 102AAK(1), (2), (5), (6), (8), (10) or (11). arm’s length amount , in relation to an actual transfer of property or services to a trust estate, means the amount that the trustee could reasonably be expected to have been required to pay to obtain the property or the services concerned from the transferor under a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction. associate has the same meaning as in Part X. attributable income , in relation to a trust estate, has the meaning given by section 102AAU. attributable taxpayer has the meaning given by section 102AAT. attribution account payment has the same meaning as in Part X. attribution debit has the same meaning as in Part X. Australian entity has the same meaning as in Part X. Australian trust has the same meaning as in Part X. base interest rate for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953 . CFC has the same meaning as in Part X. controlled foreign trust has the same meaning as in Part X. de facto relationship means: (a) a relationship between 2 persons (whether of the same sex or different sexes) that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; or (b) a relationship between 2 persons (whether of the same sex or different sexes) who, although not legally married to each other, live with each other on a genuine domestic basis in a relationship as a couple. depreciation provision means: (a) any provision of Division 40 of the Income Tax Assessment Act 1997 (other than Subdivision 40 ‑ E); or (b) any provision of Division 43 of that Act. designated concession income has the same meaning as in Part X. discretionary trust estate means a trust estate where: (a) both of the following conditions are satisfied: (i) a person (who may include the trustee) is empowered (either unconditionally or on the fulfilment of a condition) to exercise any power of appointment or other discretion; (ii) the exercise of the power or discretion, or the failure to exercise the power or discretion, has the effect of determining, to any extent, either or both of the following: (A) the identities of those who may benefit under the trust; (B) how beneficiaries are to benefit, as between themselves, under the trust; or (b) one or more of the beneficiaries under the trust have a contingent or defeasible interest in some or all of the corpus or income of the trust estate; or (c) the trustee of another trust estate, being a trust estate where both of the conditions in paragraph (a) are satisfied, benefits, or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the first ‑ mentioned trust estate. eligible designated concession income has the same meaning as in Part X. entity means any of the following: (a) a company; (b) a partnership; (c) a person in the capacity of trustee; (d) any other person. exempt income , in relation to a trust estate, means the exempt income of the trust estate calculated as if the trustee were a taxpayer who was a resident. IP time means 7.30 p.m., by standard time in the Australian Capital Territory, on 12 April 1989. listed country has the same meaning as in Part X. listed country trust estate has the meaning given by section 102AAE. net income , in relation to a trust estate, in relation to a year of income, means: (b) if the trust estate is a public trading trust in relation to the year of income—the net income (within the meaning of Division 6C) of the public trading trust of the year of income; or (c) in any other case—the net income (within the meaning of Division 6) of the trust estate. non ‑ attributable year of income , in relation to a trust estate, means a non ‑ resident year of income of the trust estate where no amount calculated by reference to the attributable income of the trust estate of that year of income is included in the assessable income of any taxpayer under subsection 102AAZD(1). non ‑ discretionary trust estate means a trust estate other than a discretionary trust estate. non ‑ resident family trust has the meaning given by section 102AAH. non ‑ resident trust estate (except in section 102AAA), in relation to a year of income, means a trust estate that is not a resident trust estate in relation to the year of income. non ‑ resident year of income , in relation to a trust estate, means a year of income in relation to which the trust estate is a non ‑ resident trust estate. profits includes gains, whether of an income or capital nature. property includes money. public trading trust , in relation to a year of income, means a unit trust that is a public trading trust in relation to the year of income for the purposes of Division 6C. public unit trust has the meaning given by section 102AAF. resident trust estate , in relation to a year of income, means: (a) a resident trust estate in relation to the year of income within the meaning of Division 6; or (b) a unit trust that is a public trading trust, in relation to the year of income; or (c) a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to the year of income. scheme means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether there are 2 or more parties or only one party involved. services includes any benefit, right (including a right in relation to, and an interest in, real or personal property), privilege or facility and, without limiting the generality of the foregoing, includes a benefit, right, privilege, service or facility that is, or is to be, provided under: (a) an arrangement for or in relation to: (i) the performance of work (including work of a professional nature), whether with or without the provision of property; or (ii) the provision of, or of the use of facilities for, entertainment, recreation or instruction; or (iii) the conferring of benefits, rights or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction; or (b) a contract of insurance; or (c) an arrangement for or in relation to the lending of money. subject to tax has the same meaning as in Part X. tax accounting period has the same meaning as in Part X. tax law , in relation to a listed country or an unlisted country, has the same meaning as in Part X. tax offset has the same meaning as in the Income Tax Assessment Act 1997 . transfer : (a) in relation to property—includes dispose of (whether by assignment, declaration of trust or otherwise) or provide; and (b) in relation to services—includes allow, confer, give, grant, perform or provide. trust estate , in relation to a transfer of property or services, means the trust estate or, as the case requires, the trustee of the trust estate. underlying transfer , in relation to a transfer of property or services to a trust estate, means: (a) if that transfer was an actual transfer—the actual transfer; or (b) if that transfer was taken to have been made because of subsection 102AAK(1)—the actual transfer referred to in that subsection; or (c) if that transfer was taken to have been made because of subsection 102AAK(2)—the actual transfer referred to in paragraph 102AAK(2)(d); or (d) if that transfer was taken to have been made because of subsection 102AAK(5)—the actual transfer referred to in paragraph 102AAK(5)(b); or (e) if that transfer was taken to have been made because of the application of subsection 102AAK(6) or (8) to an actual transfer—the actual transfer; or (f) if that transfer was taken to have been made because of the application of subsection 102AAK(6) or (8) to a transfer that was taken to have been made because of subsection 102AAK(1)—the actual transfer referred to in subsection 102AAK(1); or (g) if that transfer was taken to have been made because of the application of subsection 102AAK(6) or (8) to a transfer that was taken to have been made because of subsection 102AAK(5)—the actual transfer referred to in paragraph 102AAK(5)(b); or (h) if that transfer was taken to have been made because of subsection 102AAK(10)—the actual transfer referred to in paragraph 102AAK(10)(b); or (j) if that transfer was taken to have been made because of one or more applications of subsection 102AAK(11) to an actual transfer—the actual transfer; or (k) if that transfer was taken to have been made because of one or more applications of subsection 102AAK(11) to a transfer (in this paragraph called the deemed transfer ) that was taken to have been made because of subsection 102AAK(1), (2), (5), (6), (8) or (10)—the actual transfer that, under a preceding paragraph of this definition, is the underlying transfer in relation to the deemed transfer. underlying transferor , in relation to a transfer of property or services to a trust estate, means the entity who made the underlying transfer concerned. unlisted country has the same meaning as in Part X. weighted statutory interest rate , in relation to a year of income, means: (a) if there is only one base interest rate in relation to the year of income—that rate; or (b) if there are 2 or more base interest rates in relation to the year of income—the weighted average of the base rates for the year of income.", "Amendment_Count": 15, "First_Amended": "No 135 of 1990", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 135 of 1990 | No 5 of 1991 | No 181 of 1994 | No 155 of 1997 | No 11 of 1999 | No 77 of 2001 | No 96 of 2004 | No 58 of 2006 | No 101 of 2006 | No 4 of 2007 | No 15 of 2007 | No 143 of 2007 | No 144 of 2008 | No 46 of 2011 | No 53 of 2016", "History_Notes": "Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 181 of 1994, Sch 5 item 26 | Sch 5 item 28, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 155 of 1997, Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 58 | Sch 1 item 114, effective 24 Oct 1997 (s 2) | Amended by No 11 of 1999, item 16, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 59, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 58 of 2006, Sch 7 item 42, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 101 of 2006, Sch 1 item 102 | Sch 1 item 103 | Sch 2 item 273 | Sch 2 item 274 | Sch 2 item 275, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 4 of 2007, Sch 2 item 1 | Sch 2 item 2, effective Sch 2 (items 1–10): 19 Feb 2007 (s 2(1) item 4) | Amended by No 15 of 2007, Sch 1 item 84, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 143 of 2007, Sch 1 item 38, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 144 of 2008, Sch 14 item 15 | Sch 14 item 16, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 46 of 2011, Sch 2 item 688, effective Sch 2 (items 688–692) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 5, 12) | Amended by No 53 of 2016, Sch 5 item 11 | Sch 5 item 12 | Sch 5 item 13, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAC", "Provision_Key": "s102aac", "Heading": "Each listed country and unlisted country to be treated as a separate foreign country", "Text": "For the purposes of the application of section 6AB to this Division, each listed country and each unlisted country is to be treated as a separate foreign country.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 59 | Sch 1 item 104 | Sch 1 item 106 | Sch 1 item 112, effective 24 Oct 1997 (s 2) | Repealed and substituted by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAD", "Provision_Key": "s102aad", "Heading": "Subject to tax —application of subsection 324(2)", "Text": "Subsection 324(2) applies in relation to this Division in a corresponding way to the way in which it applies in relation to Part X.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAE", "Provision_Key": "s102aae", "Heading": "Listed country trust estates", "Text": "(1) For the purposes of this Division, a trust estate is taken to be a listed country trust estate in relation to a year of income if, and only if, either of the following paragraphs applies to each item of income or profit derived by the trust estate in the year of income: (a) the income or profit is either: (i) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or (ii) designated concession income in relation to any listed country; (b) both of the following conditions are satisfied: (i) a part of the income or profit is either: (A) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or (B) designated concession income in relation to any listed country; (ii) the remaining part, or each of the remaining parts, of the income or profit: (A) is subject to tax in another listed country or in different listed countries, as the case may be, in a tax accounting period ending before the end of the year of income or commencing during the year of income; or (B) is designated concession income in relation to any listed country. (2) For the purposes of the application of subparagraph (1)(b)(ii) to a trust estate, if a particular part of an item of income or profit (which part is in this subsection called the item part ) derived by the trust estate is included, or would apart from Subdivision 50 ‑ A or section 51 ‑ 5, 51 ‑ 10 or 51 ‑ 30 of the Income Tax Assessment Act 1997 be included, in the assessable income of the trust estate of a year of income (in this subsection called the trust’s year of income ) and one of the following paragraphs applies: (a) both of the following conditions are satisfied: (i) the trustee of the trust estate is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of the trust estate of the trust’s year of income; (ii) the whole or a part of the part or share of the net income is attributable to the item part; (b) all of the following conditions are satisfied: (i) an amount is included in the assessable income of another taxpayer of the trust’s year of income or the next following year of income (which taxpayer is in this subsection called the actual taxpayer ) under subsection 92(1) or section 97, 98A or 100; (ii) the actual taxpayer is: (A) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or (B) the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to the year of income concerned; or (D) the trustee of a public trading trust in relation to the year of income concerned; or (E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of a trust estate; (iii) if sub ‑ subparagraph (ii)(A), (B), (C) or (D) applies—the whole or a part of the amount so included in the actual taxpayer’s assessable income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the item part; (iv) if sub ‑ subparagraph (ii)(E) applies—the whole or a part of the part or share of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the item part; (c) both of the following conditions are satisfied: (i) trustee beneficiary non ‑ disclosure tax is payable under Division 6D on the whole or part (the net income amount ) of a share of the net income of the trust estate of the trust’s year of income; (ii) the whole or part of the net income amount is attributable to the item part; the item part is to be treated as if it were subject to tax in a listed country in a tax accounting period ending before the end of the trust’s year of income. (3) For the purposes of this section, where a part of a particular item of income or profits derived by an entity would, if it were a separate item of income or profits, be taken to be subject to tax in a listed country in a particular tax accounting period, that part is taken to be subject to tax in that listed country in that tax accounting period.", "Amendment_Count": 10, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 121 of 1997 | No 155 of 1997 | No 70 of 1999 | No 57 of 2001 | No 96 of 2004 | No 101 of 2006 | No 15 of 2007 | No 143 of 2007 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 18 | item 57, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 121 of 1997, Sch 3 item 40, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 155 of 1997, Sch 1 item 8 | Sch 1 item 60 | Sch 1 item 61 | Sch 1 item 62 | Sch 1 item 104, effective 24 Oct 1997 (s 2) | Amended by No 70 of 1999, Sch 2 item 6 | Sch 2 item 7, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 57 of 2001, Sch 2 item 2, effective Sch 2 (items 1, 2, 4): 28 June 2001 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 276, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 143 of 2007, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 53 of 2016, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAF", "Provision_Key": "s102aaf", "Heading": "Public unit trusts", "Text": "(1) Subject to this section, for the purposes of this Division, a unit trust is a public unit trust at all times during a year of income if either of the following conditions are satisfied: (a) at any time during the year of income: (i) any of the units in the unit trust were listed for quotation in the official list of a stock exchange in Australia or elsewhere; or (ii) any of the units in the unit trust were offered to the public; (b) at all times during the year of income, the units in the unit trust were held by not fewer than 50 persons. (2) In determining whether a unit trust is a public unit trust at all times during a year of income for the purposes of this Division, subsections 102P(3) to (9) (inclusive) and (11) apply as if: (a) a reference in those subsections to Division 6C were a reference to this Division; and (b) a reference in those subsections to subsection 102P(1) were a reference to subsection (1) of this section; and (c) a reference in those subsections to a public unit trust in relation to a year of income were a reference to a public unit trust at all times during a year of income. (3) In determining whether a unit trust (in this subsection called the first unit trust ) is a public unit trust at all times during a year of income for the purposes of this Division, the following provisions have effect: (a) the following entities are taken to be one person: (i) an entity, whether or not it holds units in the first unit trust; and (ii) the entity or entities who are the associate or associates of the entity; (b) where any units in the first unit trust are held by the trustee of another trust that, apart from this paragraph, is a public unit trust at all times during the year of income—a person who has a beneficial interest in property of that other trust that consists of those units is taken to hold those units; (c) where any units in the first unit trust are held by the trustee of another trust that: (i) apart from paragraph (b); or (ii) by virtue of the application of paragraph (b); is a public unit trust at all times during the year of income—a person who has a beneficial interest in the property of that other trust that consists of those units (whether or not that beneficial interest is taken to be held by virtue of the application of this paragraph) is taken to hold those units.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 18, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 53 of 2016, Sch 6 item 10, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAG", "Provision_Key": "s102aag", "Heading": "When entity is in a position to control a trust estate", "Text": "(1) For the purposes of this Division, an entity is taken to be in a position to control a trust estate if, and only if: (a) a group in relation to the entity had the power by means of the exercise by the group of any power of appointment or revocation or otherwise, to obtain, with or without the consent of any other entity, the beneficial enjoyment of the corpus or income of the trust estate; or (b) a group in relation to the entity was able in any manner whatsoever, whether directly or indirectly, to control the application of the corpus or income of the trust estate; or (c) a group in relation to the entity was capable under a scheme of gaining the enjoyment or the control referred to in paragraph (a) or (b); or (d) a trustee of the trust estate was accustomed or under an obligation (whether formally or informally) or might reasonably be expected to act in accordance with the directions, instructions or wishes of a group in relation to the entity; or (e) a group in relation to the entity was able to remove or appoint the trustee, or any of the trustees, of the trust estate. (2) In subsection (1), a reference to a group in relation to an entity is a reference to: (a) the entity acting alone; or (b) an associate of the entity acting alone; or (c) the entity and one or more associates of the entity acting together; or (d) 2 or more associates of the entity acting together.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAH", "Provision_Key": "s102aah", "Heading": "Non ‑ resident family trusts", "Text": "(1) Subject to subsections (4) and (5), for the purposes of this Division, a trust estate is a non ‑ resident family trust in relation to a natural person at a particular time if, and only if, at that time: (a) the trust estate is either: (i) a post ‑ marital or post ‑ relationship family trust in relation to the natural person; or (ii) a family relief trust in relation to the natural person; and (b) the trust is constituted by: (i) a deed of trust or other instrument; or (ii) an order or declaration of a court. (2) For the purposes of this section, a trust estate is a post ‑ marital or post ‑ relationship family trust in relation to a natural person at a particular time if: (a) either of the following conditions is satisfied: (i) the trust was created pursuant to: (A) a decree or order of dissolution or annulment of marriage, being a dissolution or annulment that, because of the Family Law Act 1975 , has effect, or continues to have effect in Australia or is recognised as valid in Australia; or (B) a decree or order of judicial separation or a similar decree or order; (ii) the trust was created in consequence of the break ‑ down of a de facto relationship; and (b) at that time, the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust (which persons are in subsections (4) and (5) called the primary potential beneficiaries ) are natural persons who: (i) are non ‑ residents at that time; and (ii) are covered by any of the following categories: (A) the spouse or former spouse of the natural person; (B) a child of the natural person; (C) a child of the former spouse of the natural person, being a child who was such a child at a time when the former spouse was the spouse of the natural person; (D) a child of the spouse of the natural person. (3) For the purposes of this section, a trust estate is a family relief trust in relation to a natural person at a particular time (in this subsection called the test time ) if: (a) the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust (which persons are in subsections (4) and (5) called the primary potential beneficiaries ) are natural persons who: (i) are identified by name in the trust deed or instrument, or in the court order or declaration, constituting the trust; and (ii) are non ‑ residents at that time; and (iii) are covered by any of the following categories: (A) the spouse or former spouse of the natural person; (B) a parent of the natural person or of the natural person’s spouse or former spouse; (C) a child of the natural person or of the natural person’s spouse or former spouse; (D) a grandparent of the natural person; (E) a grandchild of the natural person; (F) a brother or sister of the natural person or of the natural person’s spouse or former spouse; (G) a child of a brother or sister mentioned in sub ‑ subparagraph (F); and (b) the trust was established, and is operated, for the relief of persons who are in necessitous circumstances; and (c) any of the following conditions is satisfied: (i) at the test time, the assets of the trust are not excessive having regard to the requirements, or likely requirements, of the primary potential beneficiaries; (ii) no transfers of property or services to the trust estate were made during the period (in this paragraph called the test period ) commencing at the IP time and ending at the test time; (iii) immediately after each transfer of property or services to the trust estate made during the test period, the assets of the trust were not excessive having regard to the requirements, or likely requirements, of the beneficiaries at the time of the transfer. Note: Section 960 ‑ 255 of the Income Tax Assessment Act 1997 may be relevant to determining relationships for the purposes of subparagraph (3)(a)(iii). (4) Subsection (1) does not prevent a trust estate from being a non ‑ resident family trust in relation to a natural person at a particular time if, in the event of the death of a particular primary potential beneficiary at that time, one or more natural persons (which persons are in subsection (5) called the secondary potential beneficiaries ) who: (a) are non ‑ residents at that time; and (b) are children of the primary potential beneficiary; would benefit, or be capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust. (5) Subsections (1) and (4) do not prevent a trust estate from being a non ‑ resident family trust in relation to a natural person at a particular time if, in the event of the death of all of the primary potential beneficiaries and all of the secondary potential beneficiaries at that time, there are one or more deductible gift recipients covered by an item in any of the tables in Subdivision 30 ‑ B of the Income Tax Assessment Act 1997 , or item 2 of the table in section 30 ‑ 15 of that Act, that would benefit, or be capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust. (6) For the purposes of this section, if, at a particular time, an entity holds an interest in, or right to benefit under, a trust that is dependent on the death of one or more natural persons, then, the entity is taken to be an entity who, in the event of the death of that natural person or those natural persons immediately after that time, would benefit under the trust. (7) A reference in this section to a natural person does not include a reference to a natural person in the capacity of a trustee.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 5 of 1991 | No 18 of 1993 | No 121 of 1997 | No 144 of 2008 | No 169 of 2012", "History_Notes": "Inserted by No 5 of 1991, item 18, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 18 of 1993, item 11, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 121 of 1997, Sch 9 item 39, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 144 of 2008, Sch 14 item 18 | Sch 14 item 20, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 169 of 2012, effective Sch 2 (items 1–3, 26, 27): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAJ", "Provision_Key": "s102aaj", "Heading": "Transfer of property or services", "Text": "(1) A reference in this Division to the transfer of property or services to a trust estate includes a reference to the transfer of such property or services by way of the creation of the trust estate. (2) For the purposes of this Division, where an entity acquires property that did not previously exist, the property is taken to have existed immediately before the acquisition and to have been transferred by the entity who created the property. (3) For the purposes of this Division, property or services are taken to have been transferred to an entity if the property or services have been applied for the benefit of, or in accordance with the directions of, the entity. (4) Without limiting the generality of subsection (3), a reference in that subsection to the application of property or services for the benefit of an entity includes a reference to the application of property or services in the discharge, in whole or in part, of a debt due by the entity. (5) Unless the contrary intention appears, a reference in this Division to a transfer of property or services includes a reference to a transfer made before the commencement of this Division. (6) A reference in this Division to a transfer of property or services made before the IP time includes a reference to a transfer made at the IP time.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 44, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAK", "Provision_Key": "s102aak", "Heading": "Deemed transfers of property or services to trust estate", "Text": "(1) For the purposes of this Division, where an entity (in this subsection called the prime entity ) causes another entity to actually transfer property or services to a trust estate, the prime entity is taken to have transferred the property or services (instead of the other entity). (2) For the purposes of this Division, where: (a) the trustee of a trust estate issues units in the trust to an entity (in this subsection called the first entity ) in the first entity’s capacity as a manager, underwriter or dealer in relation to the marketing or placement of the units; and (b) in the course of the marketing or placement of the units, the units are disposed of by the first entity to another entity (in this subsection called the second entity ); and (c) at a particular time (in this subsection called the second entity’s transfer time ), the second entity transfers property or services to the first entity as consideration for the acquisition of the units; and (d) the first entity has actually transferred, or actually transfers, property or services (in this subsection called the original property or services ) to the trust estate for the sole purpose of acquiring the units; the second entity is taken to have transferred the original property or services (instead of the first entity) at the second entity’s transfer time. (3) A reference in subsection (2) to a unit in a trust estate is a reference to an interest (however described) in any of the income or property of the trust estate. (4) Subsections (1) and (2) do not limit the operation of subsection (5). (5) Where, under a scheme: (a) an entity (in this subsection called the scheme entity ) actually transfers property or services to another entity; and (b) property or services are actually transferred to a trust estate at a particular time otherwise than by the scheme entity; the Commissioner may, for the purposes of this Division, treat the property or services mentioned in paragraph (b) as having been transferred by the scheme entity to the trust estate (instead of by any other entity) at that time to such extent as the Commissioner considers reasonable. (6) For the purposes of this Division, if (apart from subsections (8), (10) and (11)) an entity, being a partnership, transfers property or services to a trust estate at a particular time: (a) each partner in the partnership is taken to have transferred a part of the property or services to the trust estate at that time; and (b) the market value of the part transferred by a particular partner is calculated using the formula: where: Market value means the market value, immediately before the transfer, of the property or services transferred by the partnership. Partner’s interest means: (i) the partner’s percentage interest in the profits of the partnership as at that time; or (ii) the partner’s percentage interest in the property of the partnership as at that time; or, if they are different, whichever is the higher. (7) Nothing in paragraph (6)(a) affects the application of this Division to the transfer made by the partnership concerned. (8) For the purposes of this Division, if: (a) apart from this subsection, subsections (6), (10) and (11), an entity being the trustee of a trust estate (in this subsection called the transferor trust estate ) transfers property or services (in this subsection called the transferred property or services ) to another trust estate (in this subsection called the transferee trust estate ) at a particular time (in this subsection called the transfer time ); and (b) the transferor trust estate was an Australian trust, or a controlled foreign trust, at the transfer time; and (c) the transferor trust estate was a discretionary trust estate at the transfer time; and (d) apart from this subsection, subsections (6), (10) and (11), one or more other entities transferred property or services to the transferor trust estate at or before the transfer time; each of those other entities is taken to have transferred the transferred property or services to the transferee trust estate at the transfer time. (9) Nothing in subsection (8) affects the application of this Division to the transfer mentioned in paragraph (8)(a). (10) For the purposes of this Division, where: (a) any of the following subparagraphs applies: (i) any of the following events occurs in relation to a company (which company is in this subsection called the transferor ): (A) the company passes a resolution for its winding ‑ up; (B) an order is made for the winding ‑ up of the company; (C) any similar event; (ii) a partnership (in this subsection also called the transferor ) ceases to exist for the purposes of this Act; (iii) either of the following sub ‑ subparagraphs applies in relation to the trustee of a trust estate (in this subsection also called the transferor ): (A) the trust estate commences to be wound ‑ up; (B) the trust estate ceases to exist for the purposes of this Act; and (b) an actual transfer of property or services is made to a trust estate (in this subsection called the transferee ) as a consequence of the transferor being wound ‑ up or ceasing to exist; the transferor is taken to have transferred to the transferee the property or services concerned. (11) For the purposes of this Division, where: (a) the following subparagraphs apply to an entity (in this subsection called the defunct entity ): (i) the defunct entity is a company, a partnership or the trustee of a trust estate; (ii) the defunct entity transferred property or services to a trust estate (including a transfer that was taken to have been made because of another application or other applications of this subsection) at a particular time; (iii) if the defunct entity is a company—any of the following events occurs: (A) the company passes a resolution for its winding ‑ up; (B) an order is made for the winding ‑ up of the company; (C) any similar event; (iv) if the defunct entity is a partnership—the partnership ceases to exist for the purposes of this Act; (v) if the defunct entity is a trustee of a trust estate—either of the following sub ‑ subparagraphs applies: (A) the trust estate commences to be wound ‑ up; (B) the trust estate ceases to exist for the purposes of this Act; and (b) the Commissioner is satisfied that another entity (in this subsection called the successor entity ) has benefited or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting (either directly or indirectly through one or more interposed companies, partnerships or trusts) by, or as a result of: (i) a transfer of property or services made by the defunct entity; or (ii) a transfer of property or services made as a consequence of the defunct entity being wound ‑ up or ceasing to exist; and (c) the Commissioner is of the opinion that it is appropriate to apply this subsection to the successor entity; the assessable income of the successor entity of the year of income in which the event, or the earliest event, mentioned in subparagraph (a)(iii), (iv) or (v) occurred and of each subsequent year of income is to be determined as if the successor entity had transferred to the trust estate mentioned in subparagraph (a)(ii), at the time mentioned in that subparagraph: (d) the whole of the property or services mentioned in that subparagraph; or (e) if the Commissioner thinks it appropriate—a part of the property or services referred to in that subparagraph.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, item 18 | item 78 | item 100, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 101 of 2006, Sch 2 item 277, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAL", "Provision_Key": "s102aal", "Heading": "Division not to apply to transfers by trustees of deceased estates", "Text": "A reference in this Division to a transfer of property or services to a trust estate does not include a reference to a transfer made by the trustee of the estate of a deceased person under: (a) the terms of the deceased person’s will or codicil; or (b) an order of a court that varied or modified the provisions of the deceased person’s will or codicil; unless: (c) the transfer was made in or as the result of the exercise (by the trustee or any other person) of a power of appointment or any other discretion; or (d) under subsection 102AAK(1), the property or services are taken to have been transferred by an entity other than the trustee, instead of by the trustee; or (e) under subsection 102AAK(5), the Commissioner treats the property or services as having been (to any extent) transferred by an entity other than the trustee, instead of by the trustee.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAM", "Provision_Key": "s102aam", "Heading": "Payment of interest by taxpayer on distributions from certain non ‑ resident trust estates", "Text": "(1) For the purposes of this section, if: (a) an amount is included in the assessable income of a taxpayer of a year of income (which year of income is in this section called the current year of income ), being the year of income commencing on 1 July 1990 or a subsequent year of income, under section 99B in relation to a trust estate; and (b) the whole or a part of the amount so included in the taxpayer’s assessable income (which whole or part is in this section called the distributed amount ) is attributable to: (i) if the trust estate was a listed country trust estate in relation to a particular non ‑ resident year of income of the trust estate (in this section called the non ‑ resident trust’s year of income )—so much of the income and profits of the trust estate of the non ‑ resident trust’s year of income as represents eligible designated concession income in relation to any listed country in relation to the non ‑ resident trust’s year of income; or (ii) if the trust estate was not a listed country trust estate in relation to a particular non ‑ resident year of income of the trust estate (in this section also called the non ‑ resident trust’s year of income )—so much of the income and profits of the trust estate of the non ‑ resident trust’s year of income as has not been subject to tax in any listed country in a tax accounting period: (A) ending before the end of the non ‑ resident trust’s year of income; or (B) commencing during the non ‑ resident trust’s year of income; then: (c) the distributed amount is the distributed amount of the non ‑ resident trust’s year of income; and (d) the taxpayer is the original taxpayer in relation to the distributed amount of the non ‑ resident trust’s year of income. (1A) For the purposes of subsection (1), unless the contrary is established by the taxpayer: (a) a distributed amount in relation to a listed country trust estate in relation to a non ‑ resident trust’s year of income is taken to be wholly attributable to income and profits of the trust estate of that year of income that represent eligible designated concession income in relation to a listed country; and (b) a distributed amount in relation to a trust estate that was not a listed country trust estate in relation to a non ‑ resident trust’s year of income is taken to be wholly attributable to income and profits of the trust estate of that year of income that have not been subject to tax in any listed country in a tax accounting period. (1B) This section does not apply to a distributed amount that is attributable to income or profits of the estate of a deceased person if the amount was paid to, or applied for the benefit of, the taxpayer within 3 years after the death of that person. (1C) This section does not apply to a distributed amount that was included in the assessable income of a taxpayer of a year of income under section 99B in relation to a trust estate if, at all times during the year of income, the trust: (a) was a public unit trust; and (b) was not a controlled foreign trust. (2) Subject to this section, if the original taxpayer in relation to the distributed amount of the non ‑ resident trust’s year of income is: (a) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or (c) the trustee of a public trading trust in relation to the current year of income; or (d) the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to the current year of income; the taxpayer is liable to pay interest to the Commissioner in respect of the distributed amount of the non ‑ resident trust’s year of income, calculated under subsection (5), on the amount calculated using the formula: where: Distributed amount means the distributed amount of the non ‑ resident trust’s year of income. Applicable rate of tax has the meaning given by subsection (10). FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the taxpayer is entitled as is attributable to the distributed amount of the non ‑ resident trust’s year of income. (3) Subject to this section, if: (a) the original taxpayer in relation to the distributed amount of the non ‑ resident trust’s year of income is the trustee of a trust estate who is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of the trust estate; and (b) the whole or a part (which whole or part is in this subsection called the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income ) of the part or share of the net income is attributable to the distributed amount of the non ‑ resident trust’s year of income; the taxpayer is liable to pay interest to the Commissioner in respect of the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income, calculated under subsection (5), on the amount calculated using the formula: where: Taxpayer’s portion of the distributed amount means the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income. Applicable rate of tax has the meaning given by subsection (10). FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the taxpayer is entitled as is attributable to the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income. (4) Subject to this section, if: (a) the original taxpayer in relation to the distributed amount of the non ‑ resident trust’s year of income is the trustee of a trust estate or a partnership; and (b) the following conditions are satisfied in relation to another taxpayer (in this subsection called the actual taxpayer ): (i) an amount is included in the assessable income of the actual taxpayer of a year of income under subsection 92(1) or section 97, 98A or 100; (ii) the actual taxpayer is: (A) a company or a natural person (other than a company or a natural person in the capacity of a trustee); or (B) the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to the year of income; or (D) the trustee of a public trading trust in relation to the year of income; or (E) the trustee of a trust estate who is liable to be assessed and pay tax under section 98, 99 or 99A in respect of a part of, or a share in, the net income of a trust estate; (iii) if sub ‑ subparagraph (ii)(A), (B), (C) or (D) applies—the whole or a part of the amount so included in the actual taxpayer’s assessable income (which whole or part is in this subsection called the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income ) is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the distributed amount of the non ‑ resident trust’s year of income; (iv) if sub ‑ subparagraph (ii)(E) applies—the whole or a part (which whole or part is in this subsection also called the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income ) of the part or share of the net income is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the distributed amount of the non ‑ resident trust’s year of income; the actual taxpayer is liable to pay interest to the Commissioner in respect of the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income, calculated under subsection (5), on the amount calculated using the formula: where: Taxpayer’s portion of the distributed amount means the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income. Applicable rate of tax has the meaning given by subsection (10). FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the taxpayer is entitled as is attributable to the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income. (4A) If: (a) paragraph 102UK(2)(b) or 102UM(2)(b) has the effect that the whole or a part of a share of the net income of a trust estate (the first trust estate ) is not included in the assessable income of the trustee of another trust estate (the second trust estate ); and (b) the whole or the part of the share (which whole or part is in this subsection called the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income ) is attributable (either directly or indirectly through one or more interposed partnerships or trusts) to the distributed amount of the non ‑ resident trust’s year of income; and (c) if paragraph 102UK(2)(b) or 102UM(2)(b) were ignored, the second trust estate would be an interposed trust mentioned in applying subparagraph (4)(b)(iii) or (iv) of this section; and (d) this subsection does not also apply to the trustee of a trust interposed between the first trust estate and the non ‑ resident trust; the trustee of the first trust estate is liable to pay interest to the Commissioner in respect of the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income, calculated under subsection (5), on the amount calculated using the formula: where: applicable rate of tax has the meaning given by subsection (10). FITO (Foreign income tax offset) means so much of any tax offset under Division 770 of the Income Tax Assessment Act 1997 to which the trustee of the first trust would be entitled, in respect of the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income, if the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s income were an amount in respect of which the trustee were liable to be assessed and to pay tax under section 99A. taxpayer’s portion of the distributed amount means the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income. (5) Interest payable by a taxpayer under this section is to be calculated: (a) in respect of the period commencing at whichever of the following times is the latest: (i) the beginning of the first year of income of the taxpayer that begins after the end of the non ‑ resident trust’s year of income; (ii) the beginning of the year of income of the taxpayer commencing on 1 July 1990; (iii) if the taxpayer is a natural person (other than a natural person in the capacity of a trustee) who first commenced to be a resident of Australia at a time (in this subparagraph called the first residence time ) on or after 1 July 1990—the beginning of the year of income of the taxpayer next following the year of income of the taxpayer in which the first residence time occurred; and ending at the end of the assessment year of income; and (b) at the base interest rate. (6) Where the assessable income of a taxpayer of a year of income includes one or more of the following amounts in relation to one or more non ‑ resident years of income of a particular trust estate (which amounts are in this subsection called the principal amounts ): (a) the distributed amount of the non ‑ resident trust’s year of income; (b) the taxpayer’s portion of the distributed amount of the non ‑ resident trust’s year of income; the aggregate of the interest payable by the taxpayer in respect of the principal amounts is not to exceed the difference between: (c) the aggregate of the principal amounts; and (d) so much of the tax payable in respect of the year of income as is attributable to the aggregate of the principal amounts (ignoring any tax offset under Part 3 ‑ 6 of the Income Tax Assessment Act 1997 ). (7) For the purposes of this section, the extent to which an amount (in this subsection called the section 99B amount ) included in the assessable income of a taxpayer of a year of income under section 99B in relation to a trust estate is attributable to an amount (in this subsection called the trust amount ) covered by subparagraph (1)(b)(i) or (ii) is to be determined in accordance with the following paragraphs: (a) in all cases—distributions of income and profits of the trust estate are to be taken to have been made in the following order: (i) first, from income and profits of the earliest non ‑ resident year of income; (ii) then, successively from income and profits of successive subsequent years of income; (b) if subparagraph (1)(b)(i) applies—the extent to which the amount (in this paragraph called the adjusted section 99B amount ), being so much of the section 99B amount as is attributable to the income and profits of the trust estate of the non ‑ resident trust’s year of income, represents eligible designated concession income in relation to any listed country in relation to the non ‑ resident trust’s year of income is calculated using the formula: where: Adjusted section 99B amount means the adjusted section 99B amount. Eligible designated concession income means the number of dollars in the amount, being so much of the income and profits of the trust estate of the non ‑ resident trust’s year of income as represents eligible designated concession income in relation to any listed country in relation to the non ‑ resident trust’s year of income. Total income means the number of dollars in the income and profits of the trust estate of the non ‑ resident trust’s year of income. (c) if subparagraph (1)(b)(ii) applies—the extent to which the amount (in this paragraph called the adjusted section 99B amount ), being so much of the section 99B amount as is attributable to the income and profits of the trust estate of the non ‑ resident trust’s year of income, represents income and profits that have not been subject to tax in a listed country in a tax accounting period mentioned in that subparagraph is calculated using the formula: where: Adjusted section 99B amount means the adjusted section 99B amount. Untaxed income means the number of dollars in the amount, being so much of the income and profits of the trust estate of the non ‑ resident trust’s year of income as is not subject to tax in any listed country in a tax accounting period mentioned in that subparagraph. Total income means the number of dollars in the income and profits of the trust estate of the non ‑ resident trust’s year of income. (8) For the purposes of subsection (7), an amount of income or profits of a trust estate is to be taken to be distributed if the amount is paid to, or applied for the benefit of (within the meaning of section 99B), a beneficiary of the trust estate. (9) Where, apart from this subsection, the amount of interest that would be payable under this section by a taxpayer in respect of the distributed amount of a non ‑ resident trust’s year of income, or in respect of the taxpayer’s portion of the distributed amount of a non ‑ resident trust’s year of income, is less than 50 cents, interest is not payable by the taxpayer under this section. (10) For the purposes of this section, the applicable rate of tax in relation to a taxpayer is: (a) if the taxpayer is a company (other than a company in the capacity of a trustee)—the corporate tax rate for the year of tax to which the assessment year of income relates; or (b) in any other case—the maximum rate specified in the table in Part I of Schedule 7 of the Income Tax Rates Act 1986 that applies for the assessment year of income. (10A) Paragraph (10)(b) has effect as if the maximum rate specified as mentioned in that paragraph was increased by 2 percentage points for assessment years of income that correspond to the temporary budget repair levy years (within the meaning of section 4 ‑ 11 of the Income Tax (Transitional Provisions) Act 1997 ). (11) For the purposes of the application of this section to a taxpayer, the assessment year of income is: (a) if subsection (2) or (3) applies—the current year of income; or (b) if subsection (4) applies—the year of income referred to in subparagraph (4)(b)(i). (12) For a taxpayer who is not a full self ‑ assessment taxpayer for the assessment year of income, the Commissioner must make an assessment of the interest payable by the taxpayer under this section. (13A) If: (a) a taxpayer is a full self ‑ assessment taxpayer for the assessment year of income; and (b) the taxpayer lodges a return for that year; then: (c) the Commissioner is taken to have made an assessment of the interest payable by the taxpayer under this section for the year, equal to the amount specified in the return as the interest so payable; and Note: If any interest is so payable, the return must specify the amount: see section 161AA. (d) the assessment is taken to have been made on the day on which the return is lodged; and (e) the return is taken to be a notice of that assessment given to the taxpayer by the Commissioner on that day.", "Amendment_Count": 22, "First_Amended": "No 5 of 1991", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 5 of 1991 | No 100 of 1991 | No 216 of 1991 | No 101 of 1992 | No 190 of 1992 | No 181 of 1994 | No 155 of 1997 | No 41 of 1998 | No 11 of 1999 | No 70 of 1999 | No 179 of 1999 | No 67 of 2003 | No 96 of 2004 | No 23 of 2005 | No 58 of 2006 | No 101 of 2006 | No 15 of 2007 | No 143 of 2007 | No 79 of 2010 | No 47 of 2014 | No 53 of 2016 | No 81 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 4 | item 45, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 100 of 1991, Sch 2 item 34, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 23A, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 190 of 1992, item 12, effective 1 Jan 1993 (s 2) | Amended by No 181 of 1994, Sch 5 item 11 | Sch 5 item 22 | Sch 5 item 24 | Sch 5 item 8A | Sch 5 item 27, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 155 of 1997, Sch 1 item 65 | Sch 1 item 66 | Sch 1 item 67 | Sch 1 item 68, effective 24 Oct 1997 (s 2) | Amended by No 41 of 1998, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 11 of 1999, item 17 | item 18 | item 354, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 70 of 1999, Sch 2 item 8, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 179 of 1999, Sch 18 item 4 | Sch 18 item 5 | Sch 18 item 6 | Sch 18 item 7, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 67 of 2003, Sch 9 item 340 | Sch 9 item 6, effective Sch 10 (item 13): 14 Oct 2003 (s 2(1) item 8) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 23 of 2005, Sch 3 item 27, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 58 of 2006, Sch 7 item 43 | Sch 7 item 3C, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 101 of 2006, Sch 2 item 278 | Sch 2 item 279 | Sch 2 item 280 | Sch 2 item 281 | Sch 2 item 282 | Sch 2 item 283 | Sch 2 item 284, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 86, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 143 of 2007, Sch 1 item 39 | Sch 1 item 40 | Sch 1 item 41 | Sch 1 item 42 | Sch 1 item 43 | Sch 1 item 44 | Sch 1 item 45 | Sch 1 item 46 | Sch 1 item 47 | Sch 1 item 48 | Sch 1 item 49 | Sch 1 item 50, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 79 of 2010, Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 31 | Sch 1 item 44, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 47 of 2014, Sch 1 item 1, effective 25 June 2014 (s 2(1) items 1, 2) | Amended by No 53 of 2016, Sch 5 item 15, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) | Amended by No 81 of 2016, Sch 10 item 67, effective Sch 10 (items 66–71, 93): 1 Jan 2017 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAN", "Provision_Key": "s102aan", "Heading": "Collection etc. of interest", "Text": "Sections 170, 172, 174, 254 and 255 of this Act, and Division 5 of the Income Tax Assessment Act 1997 (How to work out when to pay your income tax), apply to interest payable under section 102AAM in the same way as they apply to income tax.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 5 of 1991 | No 101 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 5 of 1991, item 78 | item 47, effective s 4–61: 8 Jan 1991 (s 2) | Repealed by No 101 of 2006, Sch 2 item 277 | Sch 2 item 278 | Sch 2 item 431, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Inserted by No 79 of 2010, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAS", "Provision_Key": "s102aas", "Heading": "Object of Subdivision", "Text": "The object of this Subdivision is to set out rules relating to the following: (a) the determination of attributable taxpayer status (section 102AAT); (b) the calculation of the attributable income of a trust estate (sections 102AAU to 102AAZC (inclusive)); (c) the inclusion of amounts in assessable income (sections 102AAZD, 102AAZE and 102AAZF); (d) the keeping of associated records (section 102AAZG).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAS"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAT", "Provision_Key": "s102aat", "Heading": "Accruals system of taxation—attributable taxpayer", "Text": "(1) Subject to this Division, for the purposes of this Division, an entity is an attributable taxpayer in relation to a year of income of the entity (which year of income is in this section called the entity’s current year of income ) and in relation to a particular trust estate if, and only if: (a) either of the following subparagraphs applies: (i) all of the following conditions are satisfied: (A) the trust estate was a discretionary trust estate at any time during the entity’s current year of income; (B) the trust estate was not a public unit trust at all times during the entity’s current year of income; (C) the entity has transferred property or services to the trust estate at a time (in this subparagraph called the transfer time ) before or during the entity’s current year of income; (D) if the underlying transfer was made in the course of carrying on a business—it is not the case that, at or about the time of the underlying transfer, identical or similar property or services were transferred by the underlying transferor in the ordinary course of business to ordinary clients or customers under arm’s length transactions and in similar circumstances and subject to identical or similar terms and conditions as those that applied in relation to the underlying transfer of the property or services concerned; (E) if the underlying transfer was made under an arm’s length transaction otherwise than in the course of carrying on a business—the entity was in a position, at any time after the transfer time and before the end of the entity’s current year of income, to control the trust estate; (F) if the transfer was made before the IP time and the trust estate was in existence, and was a discretionary trust estate, at the IP time—the entity was in a position, at any time after the IP time and before the end of the entity’s current year of income, to control the trust estate; (ii) all of the following conditions are satisfied: (A) the trust estate was a non ‑ discretionary trust estate, or a public unit trust, at all times during the entity’s current year of income when the trust estate was in existence; (B) the entity has transferred property or services to the trust estate after the IP time and before or during the entity’s current year of income; (C) the underlying transfer was made for no consideration or for a consideration less than the arm’s length amount in relation to the underlying transfer; (D) it is not the case that the sole purpose of the underlying transfer was the acquisition of units in the trust estate where the parties to the underlying transfer were at arm’s length with each other in relation to the underlying transfer and the trust estate was a public unit trust at all times during the entity’s current year of income when the trust estate was in existence; and (b) if the entity is a natural person (other than a natural person in the capacity of a trustee): (i) if: (A) the natural person first commenced to be a resident of Australia at a time (in this subparagraph called the first residence time ) after the IP time and before the end of the entity’s current year of income; and (B) the transfer, or each of the transfers, covered by paragraph (a) was made before the first residence time; the trust estate was not a non ‑ resident family trust in relation to the natural person at all times: (C) after the beginning of the first year of income of the natural person after the first residence time; and (D) before the end of the entity’s current year of income; when the trust estate was in existence; or (ii) in any other case—the trust estate was not a non ‑ resident family trust in relation to the natural person at all times after the beginning of the year of income of the taxpayer commencing on 1 July 1990 and before the end of the entity’s current year of income when the trust estate was in existence; and (c) it is not the case that: (i) the entity is a natural person (other than a natural person in the capacity of a trustee) who first commenced to be a resident of Australia at a time (in this paragraph called the first residence time ) after the IP time and before the end of the entity’s current year of income; and (ii) the transfer was made before the first residence time; and (iii) the entity was not in a position to control the trust estate at any time during the period: (A) commencing at the beginning of the first year of income of the entity after the first residence time; and (B) ending at the end of the entity’s current year of income. (2) For the purposes of this section, if: (a) an entity (in this subsection called the transferor ) being a partnership is an attributable taxpayer in relation to the entity’s current year of income and in relation to a particular trust estate (in this subsection called the transferee trust estate ) because of one or more transfers (being actual transfers or transfers taken to have been made because of subsection 102AAK(1), (2) or (5)) of property or services made by the transferor to the transferee trust estate; or (b) an entity (in this subsection also called the transferor ) being a trust estate is an attributable taxpayer in relation to the entity’s current year of income and in relation to another trust estate (in this subsection also called the transferee trust estate ) because of one or more transfers (being actual transfers or transfers taken to have been made because of subsection 102AAK(1), (2) or (5)) of property or services made by the transferor to the transferee trust estate; the question whether any other entity is an attributable taxpayer in relation to the same year of income and in relation to the transferee trust estate is to be determined as if: (c) if paragraph (a) applies—subsection 102AAK(6) did not apply in relation to any of the transfers mentioned in that paragraph; or (d) if paragraph (b) applies—subsection 102AAK(8) did not apply in relation to any of the transfers mentioned in that paragraph. (3) If: (a) apart from this subsection, an entity, being a natural person (other than a natural person in the capacity of a trustee), is not an attributable taxpayer in relation to the entity’s current year of income and in relation to a trust estate; and (b) apart from paragraph (1)(b), the entity would have been such an attributable taxpayer; and (c) apart from subparagraph 102AAH(2)(b)(i) or (3)(a)(ii), the trust estate was not a non ‑ resident family trust in relation to the natural person at some time after the entity’s current year of income when the natural person was alive and the trust estate was in existence; the following provisions have effect: (d) subsection (1) has effect as if paragraph (1)(b) had applied; (e) section 170 does not prevent the amendment of an assessment at any time for the purposes of giving effect to this subsection. (4) If: (a) apart from this subsection, an entity is not an attributable taxpayer in relation to the entity’s current year of income and in relation to a trust estate; and (b) apart from sub ‑ subparagraph (1)(a)(i)(E) or (F) or paragraph (1)(c), the entity would have been such an attributable taxpayer; and (c) the entity was in a position to control the trust estate at some time after the entity’s current year of income when the trust estate was in existence; the following provisions have effect: (d) subsection (1) has effect as if sub ‑ subparagraph (1)(a)(i)(E) or (F) or paragraph (1)(c), as the case may be, had applied; (e) section 170 does not prevent the amendment of an assessment at any time for the purposes of giving effect to this subsection.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAT"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAU", "Provision_Key": "s102aau", "Heading": "Attributable income of a trust estate", "Text": "(1) Subject to this Subdivision, the attributable income of a non ‑ resident trust estate of a year of income is: (a) if the non ‑ resident trust estate is not a listed country trust estate in relation to the year of income—the net income of the non ‑ resident trust estate of the year of income; or (b) if the non ‑ resident trust estate is a listed country trust estate in relation to the year of income—the amount that would have been the net income of the non ‑ resident trust estate of the year of income if the exempt income of the trust estate included all income and profits of the trust estate, other than eligible designated concession income in relation to any listed country in relation to the year of income; reduced by: (c) so much (if any) of the amount covered by paragraph (a) or (b) as represents: (i) an amount: (A) that is or has been included in the assessable income of a beneficiary under section 97; or (B) in respect of which the trustee of the non ‑ resident trust estate is or has been assessed and liable to pay tax under section 98, 99 or 99A; or (C) on which trustee beneficiary non ‑ disclosure tax is payable under Division 6D; or (ii) an amount: (A) that is paid to a beneficiary, being a resident of a listed country, during the period of 13 months commencing at the beginning of the year of income; and (B) subject to tax in a listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; or (iii) an amount that consists of, or is attributable to, the franked part of a distribution, or the part of a distribution that has been franked with an exempting credit; or (v) if an amount is or has been included in the assessable income of any taxpayer under section 102AAZD because the taxpayer is an attributable taxpayer in relation to any year of income (in this subparagraph called the taxpayer’s year of income ) and in relation to a trust estate other than the non ‑ resident trust estate—so much of an amount paid to the trustee of the non ‑ resident trust estate as represents the attributable income of that other trust estate of the taxpayer’s year of income; or (vii) if: (A) an attribution account payment is made to the trustee of the trust estate during the year of income; and (B) the making of the attribution account payment gives rise to an attribution debit, in relation to any taxpayer, for the entity making the payment; the amount of the attribution debit; or (viii) an amount of income or profits of the trust estate: (A) that is subject to tax in any listed country in a tax accounting period ending before the end of the year of income or commencing during the year of income; and (B) that is not eligible designated concession income in relation to any listed country in relation to the year of income; and (d) so much of any foreign tax or Australian tax paid by the trustee or a beneficiary as is attributable to so much of the amount covered by paragraph (a) or (b), as the case requires, as remains after the reduction or reductions covered by paragraph (c). (2) The attributable income of a resident trust estate of a year of income is 0. (3) For the purposes of sub ‑ subparagraph (1)(c)(ii)(A), a beneficiary is to be taken to be a resident of a listed country if, and only if, the beneficiary is treated as a resident of the listed country for the purposes of the tax law of the listed country. (4) If the tax law of a listed country adopts some criterion other than treatment as a resident as the criterion for applying a worldwide source tax base to a beneficiary, then, subsection (3) has effect, in relation to that tax law, as if that criterion were the same as treatment as a resident of the listed country for the purposes of that tax law. (5) For the purposes of this section, where, because of section 101, a beneficiary is presently entitled to a particular amount, the amount is taken to have been paid to the beneficiary. (6) For the purposes of this section, the extent to which an amount referred to in subparagraph (1)(c)(i) or (ii) (in this subsection called the taxed amount ) represents the amount covered by paragraph (1)(b) (in this subsection called the listed country trust amount ) is calculated using the formula: where: Listed country trust amount means the number of dollars in the listed country trust amount. Taxed amount means the taxed amount. Net income means the number of dollars in the net income of the non ‑ resident trust estate concerned of the year of income concerned.", "Amendment_Count": 10, "First_Amended": "No 5 of 1991", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 5 of 1991 | No 138 of 1994 | No 155 of 1997 | No 70 of 1999 | No 93 of 1999 | No 96 of 2004 | No 23 of 2005 | No 143 of 2007 | No 114 of 2010 | No 62 of 2011", "History_Notes": "Inserted by No 5 of 1991, item 18 | item 41, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 138 of 1994, item 13 | item 15, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 155 of 1997, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 69 | Sch 1 item 70 | Sch 1 item 75 | Sch 1 item 76, effective 24 Oct 1997 (s 2) | Amended by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 93 of 1999, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 23 of 2005, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 143 of 2007, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 114 of 2010, Sch 1 item 10, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 62 of 2011, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAU"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAV", "Provision_Key": "s102aav", "Heading": "Double tax agreements to be disregarded", "Text": "In calculating the attributable income of a trust estate, the International Tax Agreements Act 1953 is to be disregarded, except for the purpose of references in this Act to that Act.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 22 of 1995", "Amending_Acts": "No 5 of 1991 | No 22 of 1995", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 22 of 1995, item 19, effective Sch (items 16–35): 29 Mar 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAV"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAW", "Provision_Key": "s102aaw", "Heading": "Certain provisions to be disregarded in calculating attributable income", "Text": "(1) For the purpose of applying this Act in calculating the attributable income of a trust estate, sections 23AI, 128D, 456, 457, and 459A of this Act and section 802 ‑ 15 of the Income Tax Assessment Act 1997 are to be disregarded. (2) For the purpose of applying this Act in calculating the attributable income of a trust estate: (aa) Division 230 of the Income Tax Assessment Act 1997 ; and (a) Division 974 of the Income Tax Assessment Act 1997 ; and (b) the operation of any provision of this Act to the extent to which that operation depends on an expression whose meaning is given by a Division mentioned in paragraph (aa) or (a); are to be disregarded.", "Amendment_Count": 8, "First_Amended": "No 5 of 1991", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 163 of 2001 | No 133 of 2003 | No 96 of 2004 | No 147 of 2005 | No 101 of 2006 | No 136 of 2010", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 15, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 163 of 2001, Sch 1 item 72, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 133 of 2003, Sch 4 item 23 | Sch 4 item 78, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 147 of 2005, Sch 2 item 4, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 285, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 136 of 2010, Sch 3 item 1 | Sch 3 item 2, effective s 4 and Sch 5: 7 Dec 2010 (s 2(1) items 1, 10) Sch 3 (items 1, 2: 26 Mar 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAW"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAY", "Provision_Key": "s102aay", "Heading": "Modified application of trading stock provisions", "Text": "When applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of the trust estate, Division 70 of the Income Tax Assessment Act 1997 has effect as if the cost of the item of trading stock were the value to be taken into account at the start of the year of income.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 5 of 1991 | No 121 of 1997", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 121 of 1997, Sch 1 item 70 | Sch 5 item 80, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAY"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZ", "Provision_Key": "s102aaz", "Heading": "Modified application of depreciation provisions", "Text": "(1) For the purpose of determining the attributable income of a trust estate of a year of income (in this section called the attributable year of income ), where property has been held by the trustee of the trust estate in a non ‑ attributable year of income before the attributable year of income, then, in relation to the application of a depreciation provision to the property, subsection (2) applies. (2) Such amount as the Commissioner considers appropriate to take account of the holding of the property as mentioned in subsection (1) is, under the depreciation provision: (a) an allowable deduction to the trustee of the trust estate; or (b) included in the assessable income of the trust estate; as the case requires, for the attributable year of income in substitution for any amount that would otherwise be so included or allowable. (4) For the purpose of exercising the Commissioner’s power under subsection (2) in relation to deductions allowable under Division 40 of the Income Tax Assessment Act 1997 , the Commissioner must assume that the property was used by the trustee of the trust estate during any non ‑ attributable year of income wholly and exclusively for a taxable purpose (within the meaning of that Division).", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 121 of 1997 | No 79 of 2000 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 121 of 1997, Sch 6 item 84, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 79 of 2000, Sch 6 item 12, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 1, 2, 4), Sch 2 (items 6A–6J, 7), Sch 3, Sch 4 (items 1–5) and Sch 6 (items 12–15): 1 July 2000 (s 2(2)) Sch 4 (items 6–10): 1 July 2001 (s 2(3)) Sch 5: 10 Dec 1999 (s 2(4)) | Amended by No 77 of 2001, Sch 2 item 60 | Sch 2 item 61, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 1 item 105, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZB", "Provision_Key": "s102aazb", "Heading": "General modifications—CGT", "Text": "For the purposes of applying this Act in calculating the attributable income of a trust estate, Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT) apply as if: (a) sections 118 ‑ 12 (about assets used to produce non ‑ assessable income) and 855 ‑ 50 (about a trust becoming a resident trust) were disregarded; and (b) the trust estate were a resident trust for CGT purposes.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 5 of 1991 | No 46 of 1998 | No 66 of 2003 | No 168 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 46 of 1998, Sch 10 item 118 | Sch 10 item 136 | Sch 10 item 145, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 66 of 2003, Sch 3 item 33, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 168 of 2006, Sch 4 item 855 | Sch 4 item 17, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZBA", "Provision_Key": "s102aazba", "Heading": "Modified application of CGT—effect of certain changes of residence", "Text": "For the purposes of applying this Act in calculating the attributable income of a trust estate of a year of income (in this section called the attributable income year ), where: (a) disregarding the assumption in paragraph 102AAZB(b), at any time (in this section called the residence ‑ change time ) during the attributable income year or an earlier year of income, the trust estate ceased to be a resident trust for CGT purposes and became a non ‑ resident trust estate; and (b) the trust estate owned a CGT asset at the residence ‑ change time; and (c) a CGT event happens in relation to the asset during the attributable income year; and (d) section 104 ‑ 170 of the Income Tax Assessment Act 1997 (CGT event I2) applies to the asset in respect of the change of residence for the purposes of the application of this Act apart from this Subdivision; then sections 411 to 414 (inclusive) apply to the asset as if: (e) those sections had effect for the purposes of calculating attributable income under this Subdivision instead of Part X; and (f) any reference in those sections to an eligible CFC were a reference to the trust estate; and (g) any reference in those sections to a commencing day asset were a reference to the asset; and (h) any reference in those sections relating to the eligible CFC’s commencing day or the day following the eligible CFC’s commencing day were a reference relating respectively to the residence ‑ change time or a time immediately after the residence ‑ change time; and (j) subsections 412(2) and (3), and paragraphs 414(3)(b) and (4)(b), referred only to the market value of the asset concerned.", "Amendment_Count": 4, "First_Amended": "No 48 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 48 of 1991 | No 170 of 1995 | No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 48 of 1991, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 170 of 1995, Sch 1 item 1, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 30 | Sch 10 item 112 | Sch 10 item 146 | Sch 10 item 148 | Sch 10 item 149 | Sch 10 item 150, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, Sch 2 item 286, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZBA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZC", "Provision_Key": "s102aazc", "Heading": "Modified application of loss provisions—pre ‑ 1990 ‑ 91 losses", "Text": "In calculating the attributable income of a trust estate of a year of income, no deductions are allowable under Division 36 of the Income Tax Assessment Act 1997 in respect of tax losses of a year of income earlier than the year of income commencing on 1 July 1990.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 39 of 1997 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 39 of 1997, Sch 4 item 108 | Sch 4 item 109, effective Sch 1: 1 July 1997 (s 2) | Amended by No 143 of 2007, Sch 1 item 51 | Sch 1 item 52, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZD", "Provision_Key": "s102aazd", "Heading": "Assessable income of attributable taxpayer to include attributable income of trust estate to which taxpayer has transferred property or services", "Text": "(1) Subject to section 102AAZE and to this section, if: (a) an entity is an attributable taxpayer: (i) in relation to the year of income of the taxpayer commencing on 1 July 1990 (which year of income is in this section called the taxpayer’s current year of income ) or in relation to a subsequent year of income of the taxpayer (which year of income is in this section also called the taxpayer’s current year of income ); and (ii) in relation to a trust estate; and (b) any part of a non ‑ resident year of income of the trust estate occurs during the taxpayer’s current year of income; and (c) the taxpayer is a resident at any time during the taxpayer’s current year of income; the assessable income of the taxpayer of the taxpayer’s current year of income includes: (d) if the taxpayer is a resident at all times during the taxpayer’s current year of income—the whole of the notional attributable income of the trust estate of the taxpayer’s current year of income; or (e) if the taxpayer is a resident for only part of the taxpayer’s current year of income—the amount calculated using the formula: where: Notional attributable income means the notional attributable income of the trust estate of the taxpayer’s current year of income. Days in residency period means the number of whole days during the taxpayer’s current year of income when the taxpayer was a resident. Days in year of income means the number of whole days in the taxpayer’s current year of income. (2) A reference in subsection (1) to the notional attributable income of the trust estate of the taxpayer’s current year of income is a reference to: (a) if there is a year of income of the trust estate that begins at the same time as the beginning of the taxpayer’s current year of income—the attributable income of the trust estate of that year of income; or (b) in any other case—the amount obtained: (i) by calculating, for each year of income of the trust estate (in this paragraph called the trust’s year of income ) any part of which occurs during the taxpayer’s current year of income, the amount calculated using the formula: where: Attributable income means the attributable income of the trust estate of the trust’s year of income. Days in overlapping period means the number of whole days in the trust’s year of income that occurred during the taxpayer’s current year of income. Days in trust’s year of income means the number of whole days in the trust’s year of income; and (ii) by adding together the amounts calculated under subparagraph (i). (3) If: (a) an amount is included in the assessable income of an attributable taxpayer of the taxpayer’s current year of income under subsection (1); and (b) before or during the taxpayer’s current year of income, one or more entities other than the taxpayer have transferred property or services to the trust estate concerned; and (c) the taxpayer gives to the Commissioner, in accordance with the approved form, such information in connection with the operation of this Division as is required by the form to be set out; the Commissioner may reduce the amount included in the taxpayer’s assessable income of the taxpayer’s current year of income under subsection (1) having regard to: (d) the extent to which the attributable income of the trust estate is, in the opinion of the Commissioner, attributable to property or services transferred by the taxpayer; and (e) such other matters as the Commissioner considers relevant. (4) If: (a) apart from this subsection, an amount would be included in the assessable income of an attributable taxpayer of the taxpayer’s current year of income under subsection (1) in relation to a particular trust estate; and (b) the taxpayer could not reasonably be expected to obtain the information required to determine the attributable income of the trust estate; the following provisions have effect: (c) no amount is to be included in the assessable income of the taxpayer of the taxpayer’s current year of income under subsection (1) in relation to the trust estate; (d) the assessable income of the taxpayer of the taxpayer’s current year of income includes the amount obtained: (i) if any of the transfers that were taken into account in determining whether the taxpayer was an attributable taxpayer in relation to the taxpayer’s current year of income and in relation to the trust estate were made by the taxpayer to the trust estate after the IP time—by calculating, for each such transfer, the amount calculated using the formula: where: Adjusted value of the transfer has the meaning given by subsection (5). Weighted statutory interest rate means the weighted statutory interest rate in relation to the taxpayer’s current year of income; and (ii) if any of the transfers that were taken into account in determining whether the taxpayer was an attributable taxpayer in relation to the taxpayer’s current year of income and in relation to the trust estate were made by the taxpayer to the trust estate before the IP time—the amount calculated using the formula: where: Adjusted net worth of trust estate has the meaning given by subsection (6). Weighted statutory interest rate means the weighted statutory interest rate in relation to the taxpayer’s current year of income; and (iii) by adding together the amounts calculated under subparagraphs (i) and (ii). (5) For the purposes of subsection (4), the adjusted value of a transfer of property or services made by an attributable taxpayer to a trust estate is: (a) if the transfer occurred during the taxpayer’s current year of income—the amount calculated using the formula: where: Market value of transferred property or services means the market value, immediately before the transfer, of the property or services. Days after transfer means the number of whole days in the taxpayer’s current year of income after the day on which the transfer took place. Days in year of income means the number of whole days in the taxpayer’s current year of income; or (b) if the transfer of the property or services occurred before the taxpayer’s current year of income—the sum of: (i) the market value, immediately before the transfer, of the property or services; and (ii) the amount obtained: (A) by calculating, in respect of the transfer, for each year of income preceding the taxpayer’s current year of income, the amount ascertained using the formula in subparagraph (4)(d)(i); and (B) by adding together the amounts calculated under sub ‑ subparagraph (A). (6) For the purposes of the application of subsection (4) in relation to a transfer of property or services made by an attributable taxpayer to a trust estate, the adjusted net worth of the trust estate is: (a) if the taxpayer’s current year of income is the year of income commencing on 1 July 1990—the 1 July 1990 net worth of the trust estate; or (b) in any other case—the sum of: (i) the 1 July 1990 net worth of the trust estate; and (ii) the amount obtained: (A) by calculating, in respect of the transfer, for each year of income preceding the taxpayer’s current year of income, the amount ascertained using the formula in subparagraph (4)(d)(ii); and (B) by adding together the amounts calculated under sub ‑ subparagraph (A). (7) If: (a) subsection (4) applies to an attributable taxpayer in relation to the taxpayer’s current year of income; and (b) any of the transfers taken into account in determining whether the taxpayer was an attributable taxpayer in relation to the taxpayer’s year of income and in relation to the trust estate concerned were made before the IP time; and (c) the taxpayer gives to the Commissioner, in accordance with the approved form, such information in connection with the operation of this Division as is required by the form to be set out; the Commissioner may reduce the amount included in the taxpayer’s assessable income of the taxpayer’s current year of income under subsection (4) having regard to: (d) the extent to which the market value, as at the beginning of the taxpayer’s current year of income, of the assets of the trust estate is, in the opinion of the Commissioner, attributable to property or services transferred by the taxpayer before the IP time; and (e) such other matters as the Commissioner considers relevant.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 5 | item 16 | item 17 | item 100 | item 1990 | item 29 | item 371, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZE", "Provision_Key": "s102aaze", "Heading": "Accruals system of taxation does not apply to small amounts", "Text": "An amount is not to be included in the assessable income of the taxpayer of a year of income under section 102AAZD in relation to a trust estate that is a listed country trust estate in relation to the year of income if the amount obtained by: (a) identifying each trust estate in relation to which the taxpayer is an attributable taxpayer in relation to the year of income; and (b) calculating the attributable income of the year of income of each such trust estate; and (c) adding the amounts calculated under paragraph (b); does not exceed the lesser of the following amounts: (d) $20,000; (e) 10% of the total of the net incomes of each of those trust estates of the year of income.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, item 100, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 77, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZF", "Provision_Key": "s102aazf", "Heading": "Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution", "Text": "Section 460 applies to an amount included in the assessable income of a taxpayer under section 102AAZD in a corresponding way to the way in which section 460 applies to an amount included in the assessable income of a taxpayer under section 456 or 457 and, for the purposes of that corresponding application, references in sections 336, 338 and 460 to a Part X Australian resident are to be read as references to a resident within the meaning of section 6.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AAZG", "Provision_Key": "s102aazg", "Heading": "Keeping of records", "Text": "(1) Subject to this section, a person who is an attributable taxpayer: (a) in relation to the year of income of the person commencing on 1 July 1990 or in relation to a subsequent year of income of the person; and (b) in relation to a particular trust estate; must keep records (in Australia or elsewhere) containing particulars of: (c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to that year of income and in relation to that trust estate; and (d) except where subsection 102AAZD(4) applies in relation to the trust estate and in relation to the year of income of the person—the basis of the calculation of the attributable income of the trust estate for each year of income of the trust estate any part of which occurred during the year of income of the person; and (e) the basis of the calculation of the amounts (including nil amounts) included in the assessable income of the person of the year of income of the person under section 102AAZD. Note: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . (2) A person who contravenes subsection(1) commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2A) An offence under subsection (2) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (3) A person who is required by this section to keep records must: (a) keep the records in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) keep the records so as to enable the person’s liability under this Act to be readily ascertained. (4) This section does not require a person to keep a record of information if: (a) the person did not know, and had no reasonable grounds to suspect, that the person was an attributable taxpayer of the kind mentioned in subsection (1); or (b) the person did not know that, and made all reasonable efforts to ascertain whether, the person was an attributable taxpayer as mentioned in subsection (1); or (c) the person did not know, and made all reasonable efforts to obtain, the information. Note: A defendant bears an evidential burden in relation to the matters in subsection (4), see subsection 13.3(3) of the Criminal Code . (5) Subject to subsections (6) and (7), the following provisions apply to a partnership as if the partnership were a person: (a) subsections (1) to (4) (inclusive) of this section; (b) subsections 262A(4) and (5), in so far as those subsections apply to records kept under or for the purposes of this section; (c) Part III of the Taxation Administration Act 1953 , in so far as that Part of that Act relates to the provisions covered by paragraph (a) or (b) of this subsection. (6) Where, by virtue of subsection (5), an offence is taken to have been committed by a partnership, that offence is taken to have been committed by each of the partners. (7) In a prosecution of a person for an offence by virtue of subsection (6), it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission by virtue of which the offence was taken to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, an act or omission by virtue of which the offence is taken to have been committed. Note 1: The defence under subsection (7) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (7), see section 13.4 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 5 of 1991 | No 91 of 2000 | No 146 of 2001 | No 4 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 100, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 91 of 2000, Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 18, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 146 of 2001, Sch 4 item 60 | Sch 4 item 61 | Sch 4 item 62, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 188, 397–399): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AAZG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AA", "Provision_Key": "s102aa", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: agreement means any agreement, arrangement, understanding or scheme, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. occupation includes any office, employment, trade, business, profession, vocation or calling, but does not include a course of education at a school, college, university or similar institution. property means property whether real or personal, and includes money. (2) In this Division: (a) a reference to the derivation by a person of assessable income shall be read as including a reference to the inclusion of an amount in the assessable income of the person; and (b) a reference to the derivation by a person of any assessable income from particular property shall be read as including a reference to the inclusion of an amount in the assessable income of the person in respect of that property. (3) In this Division, a reference to the share of a beneficiary of the net income of a trust estate shall be read as a reference to a share of the beneficiary of the net income of a trust estate: (a) that is included in the assessable income of the beneficiary under section 97 or 100; or (b) in respect of which the trustee of the trust estate is liable to be assessed and to pay tax in pursuance of section 98. (4) A reference in this Division to income that is derived from particular property shall be read as including a reference to income that is derived from property that, in the opinion of the Commissioner, represents that property.", "Amendment_Count": 3, "First_Amended": "No 50 of 1942", "Last_Amended": "No 85 of 1959", "Amending_Acts": "No 50 of 1942 | No 4 of 1945 | No 85 of 1959", "History_Notes": "Inserted by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 4 of 1945, effective 15 June 1945 | Repealed by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AB", "Provision_Key": "s102ab", "Heading": "Application of Division", "Text": "This Division applies in relation to the year of income that commenced on 1 July 1979 and in relation to all subsequent years of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AC", "Provision_Key": "s102ac", "Heading": "Persons to whom Division applies", "Text": "(1) For the purposes of this Division, a person is a prescribed person in relation to a year of income if: (a) the person is less than 18 years of age on the last day of the year of income; and (b) the person is not an excepted person in relation to the year of income. (2) Subject to this section, a person (in this subsection referred to as the minor ) is an excepted person in relation to a year of income for the purposes of this Division if, and only if: (b) the minor was engaged in a full ‑ time occupation on the last day of the year of income; (c) the minor is a person: (i) in respect of whom a carer allowance under the Social Security Act 1991 was payable in respect of a period that included the last day of the year of income; or (ii) to whom a disability support pension under that Act was payable in respect of a period that included the last day of the year of income; or (d) the Commissioner: (i) has received a certificate issued by a legally qualified medical practitioner certifying that the minor is: (A) a disabled child, or a disabled adult, within the meaning of Part 2.19 of the Social Security Act 1991 ; or (B) a person who has a continuing inability to work within the meaning of Part 2.3 of the Social Security Act 1991 or is permanently blind; and (ii) is satisfied that, on the last day of the year of income, the minor was a person of the kind mentioned in sub ‑ subparagraph (i)(A) or (B); (da) the minor is the principal beneficiary of a special disability trust; (e) a double orphan pension was payable in respect of the minor under the Social Security Act 1991 in respect of a period that included the last day of the year of income; (f) but for section 1003 of the Social Security Act 1991 , a double orphan pension would have been payable in respect of the minor under that Act in respect of a period that included the last day of the year of income; or (g) the Commissioner: (i) has received a certificate issued by a legally qualified medical practitioner certifying that the minor is a person who, by reason of a permanent disability, is unlikely to be able to engage in a full ‑ time occupation; and (ii) is satisfied that, on the last day of the year of income, the minor was such a person. (3) Where: (a) a double orphan pension was payable, or would, but for section 1003 of the Social Security Act 1991 , have been payable, in respect of a person under that Act in respect of a period during a year of income, being a period that included the last day of the year of income; and (b) during the whole of the period referred to in paragraph (a), the person was wholly or substantially dependent for support on a relative or relatives of the person; that person shall not be taken by virtue of paragraph (2)(e) or (f) to be an excepted person in relation to the year of income. (4) Where: (a) the Commissioner is of the opinion that, during a period during a year of income, being a period that included the last day of the year of income, a person was a person who, by reason of a permanent disability, was unlikely to be able to engage in a full ‑ time occupation; and (b) during the whole of the period referred to in paragraph (a), the person was wholly or substantially dependent for support on a relative or relatives of the person; that person shall not be taken, by virtue of paragraph (2)(g), to be an excepted person in relation to the year of income. (5) For the purposes of subsections (3) and (4), a person shall be taken to have been wholly or substantially dependent for support on a relative or relatives of the person during any period during which that person resided with a relative or relatives of the person unless the contrary is established to the satisfaction of the Commissioner. (6) Subject to this section, a person shall be taken, for the purposes of subsection (2), to have been engaged in a full ‑ time occupation on the last day of a year of income if, and only if: (a) the person was, on the last day of the year of income, a person engaged in a full ‑ time occupation; or (b) in a case to which paragraph (a) does not apply—the person was engaged in a full ‑ time occupation during the year of income for a period of not less than 3 months or for periods the aggregate of which is not less than 3 months. (7) Where: (a) during a period during a year of income, a person was engaged in a full ‑ time occupation; and (b) during the year of income and after the expiration of that period, the person was engaged in a course of full ‑ time education at a school, college, university or similar institution; no regard shall be had to that period in determining whether the person is to be taken, by virtue of paragraph (6)(b), to have been engaged in a full ‑ time occupation on the last day of the year of income. (8) A person shall not be taken to have been engaged in a full ‑ time occupation on the last day of a year of income unless the Commissioner is satisfied that, on that day: (a) the person had the intention of engaging in a full ‑ time occupation or full ‑ time occupations during the whole or a substantial part of the next succeeding year of income; and (b) the person did not have the intention of engaging in a course of full ‑ time education at a school, college, university or similar institution at any time during the next succeeding year of income.", "Amendment_Count": 11, "First_Amended": "No 19 of 1980", "Last_Amended": "No 90 of 2010", "Amending_Acts": "No 19 of 1980 | No 108 of 1981 | No 106 of 1982 | No 78 of 1988 | No 107 of 1989 | No 135 of 1990 | No 100 of 1991 | No 216 of 1991 | No 13 of 1999 | No 33 of 2010 | No 90 of 2010", "History_Notes": "Inserted by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 106 of 1982, effective 30 Oct 1982 (s 2) | Amended by No 78 of 1988, item 66, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 107 of 1989, Sch 1 item 15 | Sch 1 item 21, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 100 of 1991, Sch 2 item 35, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 13 of 1999, effective Sch 1 (items 126–128): 1 July 1997 (s 2(3)) Sch 2 (items 56–64): 1 July 1999 (s 2(2)(b)) | Amended by No 33 of 2010, effective Sch 2 (items 1–5): 13 Apr 2010 (s 2(1) item 3) | Amended by No 90 of 2010, Sch 4 item 4, effective Sch 4 (items 1–4, 8): 29 June 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AD", "Provision_Key": "s102ad", "Heading": "Taxable income to which Division applies", "Text": "The eligible taxable income of a year of income of a person who is a prescribed person in relation to the year of income is the amount (if any) remaining after deducting from the eligible assessable income of the person of the year of income: (a) any deductions allowable to the person in relation to the year of income that relate exclusively to that eligible assessable income; (b) so much of any other deductions (other than apportionable deductions) allowable to the person in relation to the year of income as, in the opinion of the Commissioner, may appropriately be related to that eligible assessable income; and (c) the amount that bears to the apportionable deductions allowable to the person in relation to the year of income the same proportion as the amount that, but for this paragraph, would be the eligible taxable income of the person of the year of income bears to the sum of: (i) the taxable income of the person of the year of income; and (ii) the apportionable deductions allowable to the person in relation to the year of income.", "Amendment_Count": 1, "First_Amended": "No 19 of 1980", "Last_Amended": "No 19 of 1980", "Amending_Acts": "No 19 of 1980", "History_Notes": "Inserted by No 19 of 1980, effective 30 Apr 1980 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AE", "Provision_Key": "s102ae", "Heading": "Eligible assessable income", "Text": "(1) For the purposes of this Division, the eligible assessable income of a year of income of a person is so much of the assessable income of the person of the year of income as is not excepted assessable income. (2) Subject to this section, an amount included in the assessable income of a person (in this subsection referred to as the minor ) is excepted assessable income to the extent to which the amount: (a) is employment income or business income; (b) is derived by the minor from the investment of any property transferred to the minor: (i) by way of, or in satisfaction of a claim for, damages in respect of: (A) loss by the minor of parental support; or (B) personal injury to the minor, any disease suffered by the minor or any impairment of the minor’s physical or mental condition; (ii) pursuant to any law relating to worker’s compensation; (iii) pursuant to any law relating to the payment of compensation in respect of criminal injuries; (iv) directly as the result of the death of another person and under the terms of a life assurance policy; (v) directly as the result of the death of another person and out of a provident, benefit, superannuation or retirement fund; (vi) directly as the result of the death of another person by an employer of the deceased person; (vii) out of a public fund established and maintained exclusively for the relief of persons in necessitous circumstances; or (viii) as the result of a family breakdown (see section 102AGA); (c) is derived by the minor from the investment of any property: (i) that devolved upon the minor from the estate of a deceased person; (ii) that was transferred to the minor by another person out of property that devolved upon that other person from the estate of a deceased person and was so transferred within 3 years after the date of the death of the deceased person; or (iii) that was acquired by the minor as the beneficial owner of a verifiable prize in a legally authorized and conducted lottery; (d) not being business income, is included in the assessable income of the minor under section 92; (e) is included in the assessable income of the minor under section 97 or 100; or (f) is derived by the minor from the investment of any property that, in the opinion of the Commissioner, represents accumulations of: (i) excepted assessable income derived by the minor during a year of income in relation to which this Division applies; (ii) assessable income derived by the minor during a year of income in relation to which this Division does not apply, being assessable income that would, in the opinion of the Commissioner, have been excepted assessable income if this Division were applicable in relation to the year of income during which the assessable income was derived; or (iii) exempt income derived by the minor to which subparagraph (i) or (ii) would, in the opinion of the Commissioner, apply if that exempt income had been assessable income. (3) A reference in paragraph (2)(d) to an amount (not being business income) that is included in the assessable income of a person under section 92 in respect of the individual interest of the person in the net income of a partnership shall be read as a reference to so much of an amount so included in that assessable income as, in the opinion of the Commissioner, is attributable to so much of the assessable income of the partnership as would, in the opinion of the Commissioner, have been excepted assessable income if the assessable income of the partnership had been derived by that person. (4) A reference in paragraph (2)(e) to an amount included in the assessable income of a person under section 97 or 100 shall be read as not including a reference to any part to which this Division applies of an amount included in that assessable income under either of those sections. (5) Subject to subsections (6) and (7), a reference in paragraph (2)(a), in relation to a person (in this subsection referred to as the minor ), to business income shall, in relation to any business income derived by the minor during a year of income from the carrying on of a business, be read as a reference to: (a) in a case where during the year of income, the business was carried on by the minor either alone or in partnership with another person who was, or other persons each of whom was, under the age of 18 years on the first day of the year of income—so much of that business income as the Commissioner considers fair and reasonable having regard to: (i) the extent to which, during the year of income, the minor had the real and effective conduct and control of the business and participated in the operations and activities of the business; (ii) the extent to which the minor had the real and effective control over the disposal of income derived by the minor from the business during the year of income; (iii) the extent to which the capital of the business consisted of property contributed by the minor, being property the income from which would, in the opinion of the Commissioner, be excepted assessable income in relation to the minor; and (iv) such other matters (if any) as the Commissioner thinks fit; and (b) in any other case—the amount that, in the opinion of the Commissioner, is reasonable remuneration by way of salary or wages for any services rendered by the minor during the year of income in the production of assessable income of the business increased by such amount (if any) as, in the opinion of the Commissioner, is reasonable, having regard to the extent to which the capital of the business consisted of property contributed by the minor the income from which would, in the opinion of the Commissioner, be excepted assessable income in relation to the minor. (6) Subject to subsection (7), if any 2 or more parties to: (a) the derivation of the excepted assessable income mentioned in subsection (2); or (b) any act or transaction directly or indirectly connected with the derivation of that excepted assessable income; were not dealing with each other at arm’s length in relation to the derivation, or in relation to the act or transaction, the excepted assessable income is only so much (if any) of that income as would have been derived if they had been dealing with each other at arm’s length in relation to the derivation, or in relation to the act or transaction. (7) Subsection (2) does not apply in relation to assessable income derived by a person directly or indirectly under or as a result of an agreement that was entered into or carried out by any person (whether before or after the commencement of this subsection) for the purpose, or for purposes that included the purpose, of securing that that assessable income would not be eligible assessable income. (8) In determining whether subsection (7) applies in relation to an agreement, no regard shall be had to a purpose that is a merely incidental purpose. (9) Where: (a) any assessable income is derived by a person from the investment of any property transferred to the person by way of, or in satisfaction of a claim for, damages in respect of: (i) loss by the person of parental support; or (ii) personal injury to the person, any disease suffered by the person or any impairment of the person’s physical or mental condition; and (b) that property was transferred to that person otherwise than in pursuance of an order of a court; paragraph (2)(b) applies only to so much (if any) of that assessable income as the Commissioner considers fair and reasonable. (10) Where: (a) the assessable income of a person (in this subsection referred to as the minor ) of a year of income: (i) includes an amount derived by the minor from property that: (A) was transferred to the minor by another person out of property that devolved upon that other person from the estate of a deceased person; and (B) was so transferred within 3 years after the date of the death of the deceased person; but does not include any amount that: (C) was derived by the minor from property that devolved upon the minor from the estate of that deceased person; or (D) is included in the assessable income of the minor under section 97 or 100 in respect of the share of the minor of the net income of a trust estate that resulted from a will or codicil of that deceased person, an order of a court that varied or modified the provisions of a will or codicil of that deceased person, a partial intestacy of that deceased person or an order of a court that varied or modified the application, in relation to the estate of that deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate; or (ii) includes an amount derived by the minor from property that: (A) was transferred to the minor by another person out of property that devolved upon that other person from the estate of a deceased person; and (B) was so transferred within 3 years after the date of death of the deceased person; and also includes an amount or amounts to which sub ‑ subparagraph (i)(C) or (D) applies; and (b) the amount to which subparagraph (a)(i) applies or the sum of the amounts to which subparagraph (a)(ii) applies, as the case may be, exceeds the amount that, in the opinion of the Commissioner, would have been included in the assessable income of the minor of the year of income in respect of an amount or amounts derived by the minor from property that, in the opinion of the Commissioner, would have devolved upon or for the benefit of the minor from the estate of that deceased person if that deceased person had died intestate; the amount of the assessable income of the minor of the year of income that would, apart from this subsection, have been excepted assessable income by virtue of subparagraph (2)(c)(ii) shall be reduced by the amount of that excess.", "Amendment_Count": 4, "First_Amended": "No 19 of 1980", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 19 of 1980 | No 108 of 1981 | No 181 of 1994 | No 83 of 2004", "History_Notes": "Inserted by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 181 of 1994, Sch 1 item 16, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 108–115, 126(7)), Sch 2 (items 1, 3, 4, 35, 37), Sch 3 (items 1–3, 6, 7), Sch 9, Sch 10 (item 43(1)) and Sch 11: 25 June 2004 (s 2(1) items 1, 12, 13, 16, 17, 21, 27, 28) Sch 1 (item 1): 30 June 2000 (s 2(1) item 2) Sch 10 (items 1, 2): 1 July 2000 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AF", "Provision_Key": "s102af", "Heading": "Employment income and business income", "Text": "(1) A reference in this Division to employment income is to be read as a reference to: (a) work and income support related withholding payments and benefits; and (b) payments made for services rendered or to be rendered; and (c) compensation, sickness or accident payments: (i) made to an individual because of the individual’s or another’s incapacity for work; and (ii) calculated at a periodical rate. (3) In this Division, a reference, in relation to a person in relation to a year of income, to business income shall be read as a reference to income derived by the person during the year of income from carrying on of a business either alone or together with another person or other persons.", "Amendment_Count": 5, "First_Amended": "No 19 of 1980", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 19 of 1980 | No 108 of 1981 | No 29 of 1982 | No 179 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 179 of 1999, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 101 of 2006, Sch 2 item 287, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AG", "Provision_Key": "s102ag", "Heading": "Trust income to which Division applies", "Text": "(1) Where a beneficiary of a trust estate is a prescribed person in relation to a year of income, this Division applies to so much of the share of the beneficiary of the net income of the trust estate of the year of income as, in the opinion of the Commissioner, is attributable to assessable income of the trust estate that is not, in relation to that beneficiary, excepted trust income. (2) Subject to this section, an amount included in the assessable income of a trust estate is excepted trust income in relation to a beneficiary of the trust estate to the extent to which the amount: (a) is assessable income, of a kind covered by subsection (2AA), of a trust estate that resulted from: (i) a will, codicil or an order of a court that varied or modified the provisions of a will or codicil; or (ii) an intestacy or an order of a court that varied or modified the application, in relation to the estate of a deceased person, of the provisions of the law relating to the distribution of the estates of persons who die intestate; (b) is employment income; (c) is derived by the trustee of the trust estate from the investment of any property transferred to the trustee for the benefit of the beneficiary: (i) by way of, or in satisfaction of a claim for, damages in respect of: (A) loss by the beneficiary of parental support; or (B) personal injury to the beneficiary, any disease suffered by the beneficiary or any impairment of the beneficiary’s physical or mental condition; (ii) pursuant to any law relating to worker’s compensation; (iii) pursuant to any law relating to the payment of compensation in respect of criminal injuries; (iv) directly as the result of the death of a person and under the terms of a policy of life insurance; (v) directly as the result of the death of a person and out of a provident, benefit, superannuation or retirement fund; (vi) directly as the result of the death of a person by an employer of the deceased person; (vii) out of a public fund established and maintained exclusively for the relief of persons in necessitous circumstances; or (viii) as the result of a family breakdown (see section 102AGA); (d) is derived by the trustee of the trust estate from the investment of any property: (i) that devolved for the benefit of the beneficiary from the estate of a deceased person; (ii) that was transferred to the trustee for the benefit of the beneficiary by another person out of property that devolved upon that other person from the estate of a deceased person and was so transferred within 3 years after the date of the death of the deceased person; or (iii) being a verifiable prize in a legally authorized and conducted lottery and being a prize of which the beneficiary is the beneficial owner; or (e) is derived by the trustee of the trust estate from the investment of any property that, in the opinion of the Commissioner, represents accumulations of: (i) assessable income derived by the trustee during a year of income in relation to which this Division applies, being assessable income that, in relation to the beneficiary, is excepted trust income; (ii) assessable income derived by the trustee during a year of income in relation to which this Division does not apply, being assessable income that would, in the opinion of the Commissioner, have been excepted trust income in relation to the beneficiary if this Division were applicable in relation to the year of income during which the assessable income was derived; or (iii) exempt income derived by the trustee to which subparagraph (i) or (ii) would, in the opinion of the Commissioner, apply if that exempt income had been assessable income. (2AA) For the purposes of paragraph (2)(a), assessable income of a trust estate is of a kind covered by this subsection if: (a) the assessable income is derived by the trustee of the trust estate from property; and (b) the property satisfies any of the following requirements: (i) the property was transferred to the trustee of the trust estate to benefit the beneficiary from the estate of the deceased person concerned, as a result of the will, codicil, intestacy or order of a court mentioned in paragraph (2)(a); (ii) the property represents accumulations of income or capital from property that satisfies the requirement in subparagraph (i); (iii) the property represents accumulations of income or capital from property that satisfies the requirement in subparagraph (ii), or (because of a previous operation of this subparagraph) the requirement in this subparagraph. (2A) Paragraph (2)(c) or subparagraph (2)(d)(ii) does not apply unless the beneficiary of the trust concerned will, under the terms of the trust, acquire the trust property (other than as a trustee) when the trust ends. (3) Subject to subsection (4), if any 2 or more parties to: (a) the derivation of the excepted trust income mentioned in subsection (2); or (b) any act or transaction directly or indirectly connected with the derivation of that excepted trust income; were not dealing with each other at arm’s length in relation to the derivation, or in relation to the act or transaction, the excepted trust income is only so much (if any) of that income as would have been derived if they had been dealing with each other at arm’s length in relation to the derivation, or in relation to the act or transaction. (4) Subsection (2) does not apply in relation to assessable income derived by a trustee directly or indirectly under or as a result of an agreement that was entered into or carried out by any person (whether before or after the commencement of this subsection) for the purpose, or for purposes that included the purpose, of securing that that assessable income would be excepted trust income. (5) In determining whether subsection (4) applies in relation to an agreement, no regard shall be had to a purpose that is a merely incidental purpose. (5A) In the application of paragraph 102AF(1)(b) for the purposes of the application of paragraph (2)(b) of this section in relation to a beneficiary of a trust estate, payments made for services rendered or to be rendered shall not be taken to be employment income unless the services are rendered or to be rendered by the beneficiary. (6) Where: (a) any assessable income is derived by a trustee of a trust estate from the investment of any property transferred to the trustee for the benefit of a beneficiary of the trust estate by way of, or in satisfaction of a claim for, damages in respect of: (i) loss by the beneficiary of parental support; or (ii) personal injury to the beneficiary, any disease suffered by the beneficiary or any impairment of the beneficiary’s physical or mental condition; and (b) that property was transferred to the trustee otherwise than in pursuance of an order of a court; paragraph (2)(c) applies only to so much (if any) of that assessable income as the Commissioner considers fair and reasonable. (7) Where: (a) any assessable income is derived by a trustee of a trust estate from the investment of any property transferred to the trustee for the benefit of a beneficiary of the trust estate by another person out of property that devolved upon that other person from the estate of a deceased person and was so transferred to the trustee within 3 years after the date of death of the deceased person; and (b) the amount referred to in paragraph (a) or, if the assessable income of that beneficiary of the year of income includes any amount that: (i) was derived by the beneficiary from property that was transferred to the beneficiary by another person out of property that devolved upon that other person from the estate of that deceased person and was so transferred within 3 years after the date of death of that deceased person; (ii) was derived by the beneficiary from property that devolved upon the beneficiary from the estate of that deceased person; or (iii) is included in that assessable income under section 97 or 100 in respect of the share of that beneficiary of the net income of another trust estate, being a trust estate that resulted from a will or codicil of that deceased person, an order of a court that varied or modified the provisions of a will or codicil of that deceased person, a partial intestacy of that deceased person or an order of a court that varied or modified the application, in relation to the estate of that deceased person, of the provisions of the law relating to the distribution of estates of persons who die intestate; the sum of the amount referred to in paragraph (a) and the amount or amounts applicable by virtue of subparagraphs (i), (ii) and (iii) of this paragraph, exceeds the amount that, in the opinion of the Commissioner, would have been included in the assessable income of the beneficiary of the year of income in respect of an amount or amounts derived by the beneficiary from property that, in the opinion of the Commissioner, would have devolved directly upon that beneficiary if that deceased person had died intestate; the amount of the assessable income of the trust estate that would, apart from this subsection, have been excepted trust income in relation to that beneficiary by virtue of subparagraph (2)(d)(ii) shall be reduced by the amount of that excess. (8) For the purposes of this section, where: (a) any property is transferred to the trustee of a trust estate; and (b) the trustee has a discretion to pay or apply the income derived from that property to or for the benefit of specified beneficiaries or beneficiaries included in a specified class of beneficiaries; that property shall be taken to have been transferred to the trustee for the benefit of each of those specified beneficiaries or for each of the beneficiaries in that specified class of beneficiaries, as the case may be.", "Amendment_Count": 5, "First_Amended": "No 19 of 1980", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 19 of 1980 | No 108 of 1981 | No 29 of 1982 | No 181 of 1994 | No 64 of 2020", "History_Notes": "Inserted by No 19 of 1980, effective 30 Apr 1980 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 181 of 1994, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 64 of 2020, Sch 1 item 1 | Sch 1 item 2, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102AGA", "Provision_Key": "s102aga", "Heading": "Transfer of property as the result of a family breakdown", "Text": "(1) For the purposes of subparagraph 102AE(2)(b)(viii) or 102AG(2)(c)(viii), the transfer of property (the subject property ) by a person (the transferor ): (a) to the minor mentioned in subparagraph 102AE(2)(b)(viii); or (b) to the trustee mentioned in subparagraph 102AG(2)(c)(viii) for the benefit of the beneficiary mentioned in that subparagraph; is as the result of a family breakdown if the requirements of subsection (2) or (3) of this section are met. (2) The transfer will be as the result of a family breakdown if: (a) a person ceases to live with another person as the spouse of that person; and (b) at least one of the persons: (i) is the parent; or (iv) has legal custody or guardianship; of the minor or the beneficiary; and (c) an order, determination or assessment of a court, person or body (whether or not in Australia) is made wholly or partly because the person has ceased to live as the spouse of the other person; and (d) the effect of the order, determination or assessment is that a person (whether one of the spouses, the transferor or any other person) becomes subject to a legal obligation to maintain, transfer property to, or do some other thing for the benefit of, the minor or beneficiary or one of the spouses; and (e) the transferor transfers the subject property to the minor, or to the trustee for the benefit of the beneficiary, in giving effect to the legal obligation (including in discharging the legal obligation if it falls on someone else, and whether or not the legal obligation could have been given effect in some other way). (3) The transfer will also be as a result of a family breakdown if: (a) when the minor or beneficiary is born, his or her parents are not living together as spouses; and (b) an order, determination or assessment of a court, person or body (whether or not in Australia) is made wholly or partly because the parents are not living together as mentioned in paragraph (a); and (c) the effect of the order, determination or assessment is that a person (whether one of the parents, the transferor or any other person) becomes subject to a legal obligation to maintain, transfer property to, or do some other thing for the benefit of, the minor or beneficiary or one of the parents of the minor or beneficiary; and (d) the transferor transfers the subject property to the minor, or to the trustee for the benefit of the beneficiary, in giving effect to the legal obligation (including in discharging the legal obligation if it falls on someone else, and whether or not the legal obligation could have been given effect in some other way).", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 181 of 1994 | No 144 of 2008", "History_Notes": "Inserted by No 181 of 1994, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 144 of 2008, Sch 14 item 21 | Sch 14 item 24 | Sch 14 item 25 | Sch 14 item 26 | Sch 14 item 27 | Sch 14 item 28, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102AGA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102A", "Provision_Key": "s102a", "Heading": "Interpretation", "Text": "(1) In this Division: associate , in relation to a person, means any person who is an associate, within the meaning of section 318, in relation to the person. interest , in relation to property, means any legal or equitable estate or interest in the property. property means any property whether real or personal. right to receive income from property means a right to have income that will or may be derived from property paid to, or applied or accumulated for the benefit of, the person owning the right. the prescribed date , in relation to a person who transfers to another person a right to receive income from property, means the day preceding the seventh anniversary of the date on which income from the property is first paid to, or applied or accumulated for the benefit of, the other person by reason of the transfer. (2) A reference in this Division to a transfer of an interest in property or of a right to receive income from property shall be read as a reference to any such transfer, whether made for valuable consideration or not. (3) For the purposes of this Division, any income that will or may be derived by a trust estate from a business carried on by the trustee of the trust estate shall be deemed to be income that will or may be derived from property. (4) For the purposes of this Division: (a) where a person: (i) declares that he or she holds a right to receive income from property upon trust for another person; or (ii) transfers such a right to a trustee to be held upon trust for another person; the right shall be deemed to be transferred to that other person; and (b) where a person: (i) declares that he or she holds a right to receive income from property upon trust for 2 or more other persons in succession; or (ii) transfers such a right to, or to a trustee to be held upon trust for, 2 or more other persons in succession; the right shall be deemed to be separately transferred to each of those other persons for the respective periods for which the right is held upon trust for, or transferred to, those persons. (5) Where an interest in property or a right to receive income from property is transferred by 2 or more persons jointly, each of those persons shall, for the purposes of this Division, be deemed to have transferred an interest in that property or a right to receive income from that property, as the case may be. (6) In this Division, unless the contrary intention appears: (a) a reference to the arm’s length consideration in respect of a transfer of a right to receive income from property is a reference to the consideration that might reasonably be expected to have been received or receivable in respect of the transfer if the right had been transferred under an agreement between independent parties dealing at arm’s length with each other in relation to the agreement and transfer; and (b) a reference to the amount of consideration is, in a case where consideration is paid or given otherwise than in cash, a reference to the money value of the consideration.", "Amendment_Count": 5, "First_Amended": "No 110 of 1964", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 110 of 1964 | No 108 of 1981 | No 46 of 1986 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 46 of 1986, item 13 | item 1986, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 288, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102B", "Provision_Key": "s102b", "Heading": "Certain income transferred for short periods to be included in assessable income of transferor", "Text": "(1) Subject to this section, where a right to receive income from property is transferred, otherwise than by a will or codicil, by a person (in this subsection referred to as the transferor ) to an associate of the transferor for a period that will, or may for any reason other than the death of any person or the associate becoming under a legal disability, terminate before the prescribed date, any income that: (a) is derived from the property; (b) is paid to, or applied or accumulated for the benefit of: (i) the associate; or (ii) any other associate of the transferor to whom a right to receive income from the property has been transferred (whether by the first ‑ mentioned associate or any other person) after the first ‑ mentioned transfer; and (c) would, if the first ‑ mentioned transfer had not been made, have been included in the assessable income of the transferor; shall be treated for the purposes of this Act as if the first ‑ mentioned transfer had not been made. (2) Subsection (1) (other than subparagraph (1)(b)(ii)) does not apply in relation to a transfer of a right to receive income from property where: (a) the right was not a right that arose from the ownership by the transferor of an interest in the property; (b) the right arose from the ownership by the transferor of an interest in the property and, before or at the time of the first ‑ mentioned transfer, the transferor transferred that interest to the transferee or another person; or (c) consideration has been received or is receivable in respect of the transfer and the amount of that consideration is not less than the arm’s length consideration in respect of the transfer. (3) Where, on a particular day, a person who has transferred to another person a right to receive income from property: (a) in any case—transfers to the other person or to a third person an interest in the property, being the interest from the ownership of which by the transferor the right arose; (b) in the case of a natural person—dies; or (c) in the case of a company—ceases to exist; subsection (1) (other than subparagraph (1)(b)(ii)) does not apply, in relation to the transfer of the right to receive income, in relation to income that is derived from the property after that day. (4) Subsection (1) does not apply in relation to income derived by a person in pursuance of a transfer to that person of a right to receive income from property where, by reason of subsection 51 ‑ 50(3) of the Income Tax Assessment Act 1997 , the income so derived by the person is not exempt from tax under section 51 ‑ 30 of that Act. (4A) Where: (a) subsection (1) (other than subparagraph (1)(b)(ii)) applies in relation to a transfer by a person of a right to receive income from property; and (b) consideration has been received or is receivable in respect of the transfer; then, notwithstanding any other provision of this Act (other than a provision of Part IVA), the amount of the consideration shall not be included in the assessable income of the person of a year of income. (5) Nothing in any other provision of this Act prevents the amendment of an assessment at any time for the purpose of excluding from the assessable income of a person income that is, by virtue of subsection (1), to be included in the assessable income of another person. (6) Where there is excluded from the assessable income of a person an amount that, in pursuance of subsection (1) was previously treated as assessable income of that person, nothing in any other provision of this Act prevents the amendment of any assessment at any time to give effect to the inclusion in the assessable income of another person of an amount that, in pursuance of that subsection, was treated as not being so included for the purposes of the assessment.", "Amendment_Count": 5, "First_Amended": "No 110 of 1964", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 108 of 1981 | No 46 of 1986 | No 121 of 1997", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 46 of 1986, item 14 | item 15, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 121 of 1997, Sch 3 item 41 | Sch 3 item 42, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102C", "Provision_Key": "s102c", "Heading": "Effect of certain transfers of rights to receive income from property", "Text": "Where: (a) any income is paid to, or applied or accumulated for the benefit of, a person (in this section referred to as the transferee ) by reason of the transfer to the person of a right to receive income from property; and (b) the income so paid, applied or accumulated is, by virtue of section 102B, to be included in the assessable income of another person (in this section referred to as the transferor ); then: (c) for the purposes of the application of this Act other than this Division in relation to the transferor, an amount equal to the income so paid, applied or accumulated: (i) shall be deemed to have been paid by the transferor to the transferee at the time at which the income was paid to, or applied or accumulated for the benefit of, the transferee; and (ii) shall be deemed to have been so paid for the purpose for which the right was transferred; and (d) where, if the right had not been transferred, but the transferor had paid to the transferee, at the time at which the income was so paid to, or applied or accumulated for the benefit of, the transferee and for the purpose for which the right was transferred, an amount (in this paragraph referred to as the notional amount ) equal to the amount of the income so paid, applied or accumulated, the notional amount or a part of the notional amount would have been included in the assessable income of the transferee—there shall be included in that assessable income an amount equal to the notional amount or that part of the notional amount, as the case may be.", "Amendment_Count": 2, "First_Amended": "No 110 of 1964", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 110 of 1964 | No 108 of 1981", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102CA", "Provision_Key": "s102ca", "Heading": "Consideration in respect of transfer to be included in assessable income of transferor in certain cases", "Text": "(1) Subject to this section, where: (a) a right to receive income from property is transferred, otherwise than by a will or codicil, by a person to another person; (b) consideration has been received or is receivable in respect of the transfer; and (c) immediately after the transfer, subsection 102B(1) (other than subparagraph 102B(1)(b)(ii)) does not apply in relation to the transfer; the assessable income of the transferor of the year of income in which the right is transferred shall include the amount of the consideration. (2) Subsection (1) does not apply in relation to a transfer of a right to receive income from property where: (a) the right was not a right that arose from the ownership by the transferor of an interest in the property; or (b) the right arose from the ownership by the transferor of an interest in the property and, before or at the time of the first ‑ mentioned transfer, the transferor transferred that interest to the transferee; or (c) the right is, or is part of, a Division 230 financial arrangement (within the meaning of the Income Tax Assessment Act 1997 ). (3) Where, by reason of subsection 51 ‑ 50(3) of the Income Tax Assessment Act 1997 , income derived by a person pursuant to a transfer to the person of a right to receive income from property is not exempt from tax under section 51 ‑ 30 of that Act, subsection (1) does not apply in relation to the transfer.", "Amendment_Count": 3, "First_Amended": "No 46 of 1986", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 46 of 1986 | No 121 of 1997 | No 15 of 2009", "History_Notes": "Inserted by No 46 of 1986, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 121 of 1997, Sch 3 item 43 | Sch 3 item 44, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 15 of 2009, Sch 1 item 35, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102CA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102M", "Provision_Key": "s102m", "Heading": "Interpretation", "Text": "In this Division, unless the contrary intention appears: arrangement has the same meaning as in the Income Tax Assessment Act 1997 . eligible investment business means one or more of: (a) investing in land for the purpose, or primarily for the purpose, of deriving rent; or (b) investing or trading in any or all of the following: (i) secured or unsecured loans (including deposits with a bank or other financial institution); (ii) bonds, debentures, stock or other securities; (iii) shares in a company, including shares in a foreign hybrid company (as defined in the Income Tax Assessment Act 1997 ); (iv) units in a unit trust; (v) futures contracts; (vi) forward contracts; (vii) interest rate swap contracts; (viii) currency swap contracts; (ix) forward exchange rate contracts; (x) forward interest rate contracts; (xi) life assurance policies; (xii) a right or option in respect of such a loan, security, share, unit, contract or policy; (xiii) any similar financial instruments; or (c) investing or trading in financial instruments (not covered by paragraph (b)) that arise under financial arrangements, other than arrangements excepted by section 102MA. excluded rent means rent worked out by reference to the profits or receipts of an entity that uses any of the relevant land under an arrangement that is designed to result in the transfer of all, or substantially all, of what would otherwise be the profits of the entity to another party to the arrangement. financial arrangement has the same meaning as in the Income Tax Assessment Act 1997 . land includes an interest in land and fixtures on land. net income , in relation to a public trading trust, means the total assessable income of the trust calculated under this Act as if the trustee were a taxpayer in respect of that income and were a resident, less all allowable deductions. A public trading trust may be required to work out its net income in a special way by Division 266 or 267 in Schedule 2F. prescribed trust estate means a trust estate that is, or has been, a public trading trust in relation to any year of income. property includes a chose in action and also includes any estate, interest, right or power, whether at law or in equity, in or over property. relevant year of income means the year of income that commenced on 1 July 1985 or a subsequent year of income. trading business means a business that does not consist wholly of eligible investment business. unit , in relation to a prescribed trust estate, includes a beneficial interest, however described, in any of the income or property of the trust estate. unitholder , in relation to a prescribed trust estate, means the holder of a unit or units in the prescribed trust estate. unit trust dividend means: (a) any distribution made by the trustee of a prescribed trust estate, whether in money or in other property, to a unitholder; and (b) any amount credited by the trustee of a prescribed trust estate to a unitholder as a unitholder; but does not include: (c) money paid or credited, or property distributed, by the trustee of a prescribed trust estate to the extent to which the money or property is attributable to profits arising during a year of income in relation to which the prescribed trust estate was not a public trading trust; or (d) money paid or credited, or property distributed, by the trustee of a prescribed trust estate in respect of the cancellation, extinguishment or redemption of a unit to the extent to which: (i) the money paid or credited or the property distributed represents money paid to, or property transferred to, the trustee for the purpose of the creation or issue of that unit; and (ii) the amount of the money paid or credited or the value of the property distributed, as the case may be, does not exceed the amount of the money paid to the trustee, or the value, at the time of transfer, of the property transferred to the trustee, for the purpose of the creation or issue of that unit.", "Amendment_Count": 21, "First_Amended": "No 173 of 1985", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 173 of 1985 | No 138 of 1987 | No 78 of 1988 | No 95 of 1988 | No 153 of 1988 | No 97 of 1989 | No 105 of 1989 | No 56 of 1994 | No 169 of 1995 | No 121 of 1997 | No 150 of 1997 | No 17 of 1998 | No 41 of 1998 | No 44 of 1999 | No 101 of 2004 | No 63 of 2005 | No 15 of 2007 | No 45 of 2008 | No 145 of 2008 | No 75 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 138 of 1987, Sch 2 item 22, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 78 of 1988, item 18, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 95 of 1988, item 47, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 153 of 1988, item 14, effective s 9–42 and 44: 26 Dec 1988 (s 2(1)) s 43: 1 Jan 1989 (s 2(2)) | Amended by No 97 of 1989, Sch 1 item 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 105 of 1989, item 12, effective s 4, 5(a)–(n), (p) and 6–66: 30 June 1989 (s 2(1)) s 5(o): 18 Dec 1987 (s 2(2)) | Amended by No 56 of 1994, item 57, effective s 14–23, 39–54, 65–69, 70(3), 71(3), (4), 72–74, 75(2), 76–82, 83(3) and 84–87: 7 Apr 1994 (s 2(1)) s 24–32: 1 July 1993 (s 2(2)) s 33–38: 20 Mar 1994 (s 2(3)) s 55–64: 1 July 1994 (s 2(4)) s 70(1) and 83(1): 30 June 1989 (s 2(5), (8)) s 70(2), 71(2) and 83(2): 8 Jan 1991 (s 2(9)) s 71(1) and 75(1): 17 Jan 1990 (s 2(6), (7)) | Amended by No 169 of 1995, Sch 1 item 8, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 121 of 1997, Sch 3 item 45 | Sch 3 item 46 | Sch 3 item 47, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 150 of 1997, Sch 2 item 5, effective Sch 2 (items 3–7): 17 Oct 1997 (s 2(1)) | Amended by No 17 of 1998, Sch 2F item 7, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 1998, Sch 6 item 3, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 44 of 1999, Sch 4 item 63, effective Sch 7 (items 59–104): 1 July 1999 (s 3(2)(e)) Sch 8 (items 18, 22, 23): 17 June 1999 (s 2(1)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 63 of 2005, Sch 1 item 1, effective Sch 1 (items 1–4, 23), Sch 2 and Sch 5: 26 June 2005 (s 2(1) items 2, 4) | Amended by No 15 of 2007, Sch 1 item 89, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 45 of 2008, Sch 4 item 3, effective Sch 1 (items 2–7), Sch 4 (items 1–7) and Sch 7 (items 1–5): 26 June 2008 (s 2) | Amended by No 145 of 2008, Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 8, effective Sch 3 and 5: 9 Dec 2008 (s 2) | Amended by No 75 of 2010, Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 41 of 2011, Sch 5 item 378, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102M"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102MA", "Provision_Key": "s102ma", "Heading": "Arrangements not covered", "Text": "(1) For the purposes of paragraph (c) of the definition of eligible investment business in section 102M, the excepted arrangements are those specified in this section. Note: This section does not affect an arrangement that satisfies paragraph (a) or (b) of that definition. Leasing or property arrangement (2) A right or obligation arising under: (b) an arrangement to which Division 240 of the Income Tax Assessment Act 1997 (about arrangements treated as a sale and loan) applies; or (ba) an arrangement to which Division 242 (about leases of luxury cars) of the Income Tax Assessment Act 1997 applies; or (c) a financial arrangement in the form of a loan that is taken to exist by subsection 250 ‑ 155(1) of the Income Tax Assessment Act 1997 ; or (d) an arrangement that, in substance or effect, depends on the use of a specific asset that is: (i) real property; or (ii) goods or a personal chattel (other than money or a money equivalent); or (iii) intellectual property; and gives a right to control the use of the asset; or (e) an arrangement that is a licence to use: (i) real property; or (ii) goods or a personal chattel (other than money or a money equivalent); or (iii) intellectual property. Interest in partnership or trust estate (3) A right carried by an interest in a partnership or a trust estate, or an obligation that corresponds to such a right, if: (a) there is only one class of interest in the partnership or trust estate; or (b) the interest is an equity interest in the partnership or trust estate; or (c) for a right or obligation relating to a trust estate—the trust estate is managed by a funds manager or custodian, or a responsible entity (as defined in the Corporations Act 2001 ) of a registered scheme (as so defined). General insurance policies (4) A right or obligation under a general insurance policy. Guarantees and indemnities (5) A right or obligation under a guarantee or indemnity unless: (a) the financial arrangement is one where: (i) its value changes in response to changes in a specified variable or variables (such as an interest rate, foreign exchange rate, credit rating, index or commodity or financial instrument price); and (ii) there is no requirement for a net investment, or there is such a requirement but the net investment is smaller than would be required for other types of financial arrangement that would be expected to have a similar response to changes in market factors; or (b) the guarantee or indemnity is given or entered into in relation to a financial arrangement. Superannuation and pension income (6) A right to receive, or an obligation to provide, a financial benefit (as defined in the Income Tax Assessment Act 1997 ) if the right or obligation arises from a person’s membership of a superannuation or pension scheme. Retirement village arrangements (7) A right or obligation arising under: (a) a contract that gives rise to a right to occupy residential premises in a retirement village (as defined in the A New Tax System (Goods and Services Tax) Act 1999 ); or (b) a contract under which a resident of such a retirement village is provided with general or personal services in the retirement village.", "Amendment_Count": 2, "First_Amended": "No 145 of 2008", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 145 of 2008 | No 12 of 2012", "History_Notes": "Inserted by No 145 of 2008, Sch 5 item 4, effective Sch 3 and 5: 9 Dec 2008 (s 2) | Amended by No 12 of 2012, Sch 6 item 1 | Sch 6 item 2, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102MA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102MB", "Provision_Key": "s102mb", "Heading": "Investing in land", "Text": "Moveable property (1) For the purposes of this Division, investments in moveable property, being property that is: (a) incidental to and relevant to the renting of land; and (b) customarily supplied or provided in connection with the renting of land; and (c) ancillary to the ownership and use of land; are taken to be investments in land. Safe harbour rule (2) For the purposes of this Division, an entity’s investments in land are taken to be for the purpose, or primarily for the purpose, of deriving rent during a year of income if: (a) each of those investments is for purposes (other than the purpose of trading) that include a purpose of deriving rent; and (b) at least 75% of the gross revenue from those investments for the year of income consists of rent (except excluded rent); and (c) none of the remaining gross revenue from those investments for the year of income is: (i) excluded rent; or (ii) from the carrying on of a business that is not incidental and relevant to the renting of the land. (3) In working out the gross revenue referred to in paragraph (2)(b), payments for the provision of services that: (a) are incidental to and relevant to the renting of land; and (b) are ancillary to the ownership and use of the land; are taken to be rent derived from the land. Example: Payments as reimbursement for expenses incurred by the lessor in providing security services for a shopping centre would be covered by this subsection. (4) In working out the gross revenue referred to in subsection (2), disregard any capital gains and capital losses from a CGT event arising from a disposal or other realisation of ownership of land. Meaning of entity (5) In this section: entity has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102MB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102MC", "Provision_Key": "s102mc", "Heading": "When trading business not carried on", "Text": "A trustee of a unit trust that would, apart from this section, carry on a trading business at a time during a year of income is taken for the purposes of this Division not to carry on a trading business at a time during that year if, for that year, not more than 2% of the gross revenue of the trustee (as trustee of the unit trust) was income from things other than eligible investment business (except from the carrying on of a business that is not incidental and relevant to the eligible investment business).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102MC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102MD", "Provision_Key": "s102md", "Heading": "Exempt institution that is eligible for a refund not treated as exempt entity", "Text": "For the purposes of this Division, treat an entity as not being an exempt entity if: (a) the entity is an exempt institution that is eligible for a refund (within the meaning of the Income Tax Assessment Act 1997 ); or (b) the entity is treated as such an exempt institution that is eligible for a refund. Example: The Future Fund Board is treated as an exempt institution that is eligible for a refund for the purposes of the Income Tax Assessment Act 1997 (see section 84B of the Future Fund Act 2006 ).", "Amendment_Count": 3, "First_Amended": "No 75 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 75 of 2010 | No 70 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 75 of 2010, Sch 5 item 9, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 70 of 2015, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Repealed and substituted by No 53 of 2016, Sch 5 item 1, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102MD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102N", "Provision_Key": "s102n", "Heading": "Trading trusts", "Text": "(1) For the purposes of this Division, a unit trust is a trading trust in relation to a year of income if, at any time during the year of income, the trustee: (a) carried on a trading business; or (b) controlled, or was able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business. (2) Despite paragraph (1)(b), a unit trust is not a trading trust only because it has acquired ownership interests (including a controlling interest) in, or controls: (a) a foreign entity whose business, when considered together with the businesses of entities that the foreign entity controls or is able to control, directly or indirectly, consists primarily of investing in land outside Australia for the purpose, or primarily for the purpose, of deriving rent; or (b) a foreign entity controlled, or able to be controlled, directly or indirectly, by an entity covered by paragraph (a). (3) In this section: entity has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 173 of 1985", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 173 of 1985 | No 164 of 2007", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 164 of 2007, Sch 8 item 2 | Sch 8 item 3 | Sch 8 item 4 | Sch 8 item 5, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102N"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102NA", "Provision_Key": "s102na", "Heading": "Certain interposed trusts not trading trusts", "Text": "(1) A unit trust is not a trading trust for the purposes of this Division in relation to a year of income if: (a) the trust is an interposed trust in relation to a scheme for reorganising the affairs of stapled entities referred to in Subdivision 124 ‑ Q of the Income Tax Assessment Act 1997 in relation to the year of income or an earlier year of income; and (b) a roll ‑ over was obtained by any entity under that Subdivision of that Act in relation to the scheme for the year of income or that earlier year of income; and (c) the condition in subsection (2) is satisfied. (2) The trustee of the trust must not, at any time during the year of income: (a) carry on a trading business; or (b) control, or be able to control, directly or indirectly, the affairs or operations of another entity that carries on a trading business, other than: (i) a company that was, before the scheme was completed, one of the stapled entities referred to in Subdivision 124 ‑ Q of the Income Tax Assessment Act 1997 ; or (ii) a subsidiary of one of those stapled entities that is a company, or an entity that is controlled or able to be controlled, directly or indirectly, by that company; or (iii) a trust whose trustee was, before the scheme was completed, assessed and liable to pay tax under this Division (or under former Division 6B, before its repeal by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 and that was, before the scheme was completed, one of those stapled entities; or (iv) an entity that is controlled or able to be controlled, directly or indirectly, by the trust referred to in subparagraph (iii); in relation to the year of income or an earlier year of income. (3) In this section: entity has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 164 of 2007 | No 53 of 2016", "History_Notes": "Inserted by No 164 of 2007, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 53 of 2016, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102NA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102P", "Provision_Key": "s102p", "Heading": "Public unit trusts", "Text": "(1) For the purposes of this Division, but subject to the succeeding provisions of this section, a unit trust is a public unit trust in relation to a year of income if, at any time during the year of income: (a) any of the units in the unit trust were listed for quotation in the official list of a stock exchange in Australia or elsewhere; (b) any of the units in the unit trust were offered to the public; or (c) the units in the unit trust were held by not fewer than 50 persons. (2) For the purposes of this Division, but subject to the succeeding provisions of this section, a unit trust is also a public unit trust in relation to a year of income if: (a) at any time during the year of income, an exempt entity or exempt entities held, or had the right to acquire or become the holder or holders of, a unit or units in the unit trust that entitled the holder or holders to not less than 20% of: (i) the beneficial interests in the income of the unit trust; or (ii) the beneficial interests in the property of the unit trust; (b) not less than 20% of the total of money paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders was paid or credited to an exempt entity or exempt entities; or (c) by reason of: (i) any provision in the instrument by which the trust was created, or any contract agreement or instrument authorising the variation or abrogation of the rights attaching to any of the units in the unit trust or relating to the conversion, cancellation, extinguishment or redemption of any such units; (ii) any contract, agreement, option or instrument under which a person has power to acquire a unit or units in the unit trust; or (iii) any power, authority or discretion in a person in relation to the rights attaching to any of the units in the unit trust; the rights attaching to any of the units in the unit trust were, at any time during the year of income, capable of being varied or abrogated in such a manner (notwithstanding that they were not in fact varied or abrogated in that manner) that: (iv) units in the unit trust that entitled the holder or holders to not less than 20% of: (A) the beneficial interests in the income of the unit trust; or (B) the beneficial interests in the property of the unit trust; would have been held by an exempt entity or exempt entities; (v) not less than 20% of the total of money paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders would have been paid or credited to an exempt entity or exempt entities; or (vi) in the case where no money was paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders—if money had been so paid or credited by the trustee of the unit trust during the year of income, not less than 20% of the amount of that money would have been paid or credited to an exempt entity or exempt entities. (3) A unit trust shall not be taken to be a public unit trust in relation to a year of income by reason that units in the unit trust were offered to the public at any time during the year of income if the Commissioner is of the opinion that any of those units were offered to the public for the purpose, or for purposes that included the purpose, of enabling the unit trust to be treated as a public unit trust for the purposes of this Division in relation to the year of income. (4) Subject to subsection (5), a unit trust that, but for this subsection and subsection (7), would be a public unit trust in relation to a year of income by virtue only of subsection (1) shall be deemed not to be a public unit trust in relation to the year of income if, at any time during the year of income, one person or persons not more than 20 in number held, or had the right to acquire or become the holder or holders of, a unit or units in the unit trust that entitled the holder or holders thereof to not less than 75% of: (a) the beneficial interests in the income of the unit trust; or (b) the beneficial interests in the property of the unit trust. (5) Subject to subsection (7), where by virtue of subsection (4), a unit trust would, but for this subsection, be deemed not to be a public unit trust in relation to a year of income by reason that, at any time during the year of income, one person or persons not more than 20 in number held, or had the right to acquire or become the holder or holders of, the unit or units referred to in subsection (4) and the Commissioner is of the opinion that, having regard to: (a) the length of the period or the aggregate of the lengths of the periods in the year of income during which one person or persons not more than 20 in number held, or had the right to acquire or become the holder or holders of, the unit or units referred to in subsection (4); and (b) any other matters that the Commissioner considers relevant; it is reasonable that the unit trust should be treated as a public unit trust in relation to the year of income, the unit trust shall be deemed to be a public unit trust in relation to the year of income. (6) For the purposes of subsections (4) and (5), a person (in this subsection referred to as the transferee ) to whom a right to acquire or become the holder of a unit in a unit trust is granted or transferred shall be deemed not to have such a right if the Commissioner is of the opinion, having regard to the financial circumstances of the transferee and to any other matters that the Commissioner considers relevant, that it was not intended by the person who granted or transferred the right to the transferee that the right would be exercised by the transferee. (7) Subject to subsection (8), a unit trust that, but for this subsection, would be a public unit trust in relation to a year of income by virtue only of subsection (1), shall be deemed not to be a public unit trust in relation to that year of income if: (a) not less than 75% of the total of money paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders was paid or credited to one person or persons not more than 20 in number; or (b) by reason of: (i) any provision in the instrument by which the trust was created, or any contract, agreement or instrument authorising the variation or abrogation of the rights attaching to any of the units in the unit trust or relating to the conversion, cancellation, extinguishment or redemption of any such units; (ii) any contract, agreement, option or instrument under which a person has power to acquire a unit or units in the unit trust; or (iii) any power, authority or discretion in a person in relation to the rights attaching to any of the units in the unit trust; the rights attaching to any of the units in the unit trust were, at any time during the year of income, capable of being varied or abrogated in such a manner (notwithstanding that they were not in fact varied or abrogated in that manner) that: (iv) units in the unit trust that entitled the holder or holders thereof to not less than 75% of: (A) the beneficial interests in the income of the unit trust; or (B) the beneficial interests in the property of the unit trust; would have been held by one person or persons not more than 20 in number; (v) not less than 75% of the total of money paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders would have been paid or credited to one person or persons not more than 20 in number; or (vi) in the case where no money was paid or credited by the trustee of the unit trust during the year of income to unitholders as unitholders—if money had been so paid or credited by the trustee of the unit trust during the year of income, not less than 75% of the amount of that money would have been paid or credited to one person or persons not more than 20 in number. (8) A unit trust shall not be deemed by subsection (7) not to be a public unit trust in relation to a year of income by reason that rights attaching to any of the units in the unit trust were, at any time during the year of income, capable of being varied in the manner mentioned in paragraph (7)(b) if the Commissioner is of the opinion that the person or persons who were able to vary the rights in that manner intended not to vary the rights in that manner during the year of income. (9) For the purposes of subsections (1) and (3), units in a unit trust shall be taken to be offered to the public if and only if: (a) an offer is made to the public or to a section of the public to subscribe for or purchase the units; or (b) an invitation is issued to the public or to a section of the public to make offers to subscribe for or purchase the units. (10) For the purposes of this section, where any units in a unit trust (except a foreign entity to which subsection 102N(2) applies) are held by the trustee of another trust estate, a person who has a beneficial interest in property of that other trust estate that consists of those units (whether or not that beneficial interest is deemed to be held by virtue of the application of this subsection) shall be deemed to hold those units. (10A) Subsection (10) does not apply in relation to units in a unit trust that are held by the trustee of another trust estate if the other trust estate is a complying superannuation entity (within the meaning of the Income Tax Assessment Act 1997 ). (11) For the purposes of this section, a distribution of property of a unit trust to a unitholder shall be taken to be a payment of money to the unitholder of an amount equal to the value of the property. (12) For the purposes of this section: (a) a person, whether or not he or she holds units in the unit trust concerned; (b) his or her relatives; and (c) in relation to any units in respect of which they are such nominees, his or her nominees and the nominees of any of his or her relatives; shall be deemed to be one person.", "Amendment_Count": 3, "First_Amended": "No 173 of 1985", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 173 of 1985 | No 164 of 2007 | No 53 of 2016", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 164 of 2007, Sch 8 item 5, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 53 of 2016, Sch 6 item 10 | Sch 6 item 12 | Sch 6 item 14, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102P"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102Q", "Provision_Key": "s102q", "Heading": "Resident unit trusts", "Text": "For the purposes of this Division, a unit trust is a resident unit trust in relation to a year of income if, at any time during the year of income: (a) either of the following conditions was satisfied: (i) any property of the unit trust was situated in Australia; (ii) the trustee of the unit trust carried on business in Australia; and (b) either of the following conditions was satisfied: (i) the central management and control of the unit trust was in Australia; (ii) a person who was a resident or persons who were residents held more than 50% of: (A) the beneficial interests in the income of the unit trust; or (B) the beneficial interests in the property of the unit trust.", "Amendment_Count": 1, "First_Amended": "No 173 of 1985", "Last_Amended": "No 173 of 1985", "Amending_Acts": "No 173 of 1985", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102Q"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102R", "Provision_Key": "s102r", "Heading": "Public trading trusts", "Text": "(1) A unit trust is a public trading trust in relation to a relevant year of income if: (a) where the relevant year of income is the year of income that commenced on 1 July 1985, the year of income commencing on 1 July 1986 or the year of income commencing on 1 July 1987: (i) the unit trust was established after 19 September 1985; (ii) the unit trust is a public unit trust in relation to the relevant year of income; (iii) the unit trust is a trading trust in relation to the relevant year of income; (iv) either of the following conditions is satisfied: (A) the unit trust is a resident unit trust in relation to the relevant year of income; (B) the unit trust was a public trading trust in relation to a year of income preceding the relevant year of income; or (b) where the relevant year of income is the year of income commencing on 1 July 1988 or a subsequent year of income: (i) the unit trust is a public unit trust in relation to the relevant year of income; (ii) the unit trust is a trading trust in relation to the relevant year of income; (iii) either of the following conditions is satisfied: (A) the unit trust is a resident unit trust in relation to the relevant year of income; (B) the unit trust was a public trading trust in relation to a year of income preceding the relevant year of income. (2) Where: (a) a unit trust would, but for this subsection, be a unit trust established on or before 19 September 1985; (b) the unit trust was not a trading trust on 19 September 1985; and (c) the unit trust became a trading trust on a day after 19 September 1985; the unit trust shall be taken, for the purposes of this section, to have been established after 19 September 1985. (3) For the purposes of subsection (2), a unit trust is a trading trust on a particular day if, on that day, the trustee: (a) carries on a trading business; or (b) controls or is able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business. (4) Where: (a) a unit trust would, but for this subsection, be a unit trust established on or before 19 September 1985; (b) if the year of income in which 19 September 1985 occurred had ended on that date, the unit trust would not have been a public unit trust in relation to that year of income; and (c) the Commissioner is satisfied that, at no time on or before that date, was it the intention of the trustee of the unit trust that the unit trust would become a public unit trust in relation to a year of income; the unit trust shall be taken, for the purposes of this section, to have been established after 19 September 1985. (5) In determining whether a unit trust is a public trading trust under this section, disregard any interest that the trust has that is disregarded under subsection 275 ‑ 10(4A) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 173 of 1985", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 173 of 1985 | No 53 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 53 of 2016, Sch 5 item 43 | Sch 5 item 51 | Sch 5 item 56, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) | Amended by No 8 of 2020, Sch 2 item 18, effective Sch 2 (items 18, 19): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102S", "Provision_Key": "s102s", "Heading": "Taxation of net income of public trading trust", "Text": "The trustee of a unit trust that is a public trading trust in relation to a relevant year of income shall be assessed and is liable to pay tax on the net income of the public trading trust of the relevant year of income at the rate declared by the Parliament for the purposes of this section.", "Amendment_Count": 1, "First_Amended": "No 173 of 1985", "Last_Amended": "No 173 of 1985", "Amending_Acts": "No 173 of 1985", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102S"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102T", "Provision_Key": "s102t", "Heading": "Modified application of Act in relation to certain unit trusts", "Text": "(1) For the purpose of the application of this Act in relation to the imposition, assessment and collection of tax in respect of: (a) the net income of a public trading trust; and (b) the income or assessable income of a unitholder in a prescribed trust estate; the following provisions of this section have effect. Note: Under Subdivision 713 ‑ C of the Income Tax Assessment Act 1997 , this Act applies differently in relation to a public trading trust that chooses to form a consolidated group. (3) For the purposes of the application of sections 46A and 46B in accordance with subsection (2), the Commissioner may be satisfied, in relation to a unit trust dividend, that a transaction, operation, undertaking, scheme or arrangement was by way of dividend stripping or similar to a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping if the Commissioner would have been satisfied, had the unit trust dividend been a dividend paid by a company, that the transaction, operation, undertaking, scheme or arrangement would have been a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping or, as the case requires, would have been similar to a transaction, operation, undertaking, scheme or arrangement by way of dividend stripping. (6) For the purposes of the application of the definition of year of income in subsection 6(1), the reference in that definition to a company (except a company in the capacity of a trustee) shall be read as including a reference to a public trading trust or, as the context requires, to the trustee of a public trading trust. (7) A reference in the definition of person in subsection 6(1) to a company shall be read as including a reference to a public trading trust or, as the context requires, to the trustee of a public trading trust. (8) The reference in section 158 to the taxable income of a company except income in respect of which it is assessable as trustee shall be read as including a reference to the net income of a public trading trust. (9) A reference in section 355 ‑ 35 of the Income Tax Assessment Act 1997 to a body corporate is to be read as including a reference to a body corporate acting in its capacity as trustee of a public trading trust. (11) A reference in subsection 44(1) or section 128B of this Act, in subsection 840 ‑ 805(3) of the Income Tax Assessment Act 1997 , in Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 (except section 12 ‑ 225) or in subsection 12 ‑ 390(10) in that Schedule, to a company or to a company that is a resident shall be read as including a reference to a prescribed trust estate or, as the context requires, to the trustee of a prescribed trust estate. (12) A reference in the definition of paid in subsection 6(1) or 44(1), or in section 128A or 128B, of this Act, or in Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 (except section 12 ‑ 225), to a dividend shall be read as including a reference to a unit trust dividend. (13A) Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 applies in respect of units in a prescribed trust estate in the same way as it applies in respect of shares. (14) A reference in subsection 44(1) to a shareholder in relation to a company shall be read as including a reference to a unitholder in a prescribed trust estate. (16) A reference in section 6B, Division 6 or subsection 128A(3) or 157(3) of this Act, Division 275 or Subdivision 840 ‑ M of the Income Tax Assessment Act 1997 or Subdivision 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 to a trust estate or to a trustee shall be read as not including a reference to a trust estate that is a public trading trust or to the trustee of a public trading trust, as the case may be. (19) For the purposes of subsection 44(1), a unit trust dividend paid by the trustee of a prescribed trust estate out of corpus of the trust estate shall, to the extent to which the unit trust dividend is attributable to profits derived by the trustee, be taken to be paid out of those profits. (20) For the purposes of section 128B, a unit trust dividend paid to a unitholder in a prescribed trust estate shall be deemed to be income derived by the unitholder at the time at which the unit trust dividend is paid. Non ‑ unit dividend (21) Subsections (2), (3), (4) and (20) apply as if references in those subsections to a unit trust dividend included a reference to a non ‑ unit dividend. (22) For the purposes of subsection 44(1), a non ‑ unit dividend paid by the trustee of a prescribed trust estate out of corpus of the trust estate is taken, to the extent to which the non ‑ unit dividend is attributable to a source in Australia, to be derived from a source in Australia. (22A) For the purposes of subsection 44(1), a non ‑ unit dividend paid by the trustee of a prescribed trust estate out of corpus of the trust estate is taken, to the extent to which the non ‑ unit dividend is attributable to a source outside Australia, to be derived from a source outside Australia. (23) If a provision of this Act that applies to a dividend: (a) is taken under this section to apply to a unit trust dividend; and (b) applies to a non ‑ share dividend in the same way as it applies to a dividend; that provision also applies to a non ‑ unit dividend in the same way as it applies to a dividend. Non ‑ unit equity interest (24) If a provision of this Act that applies to a share: (a) is taken under this section to apply to a unit in a prescribed trust estate; and (b) applies to a non ‑ share equity interest in a company in the same way as it applies to a share; that provision also applies to a non ‑ unit equity interest in a prescribed trust estate in the same way as it applies to a share. Equity holder (25) Subsections (1), (2), (18) and (20) apply as if references in those subsections to a unitholder included a reference to an equity holder who is not a unitholder. (26) If a provision of this Act that applies to a shareholder: (a) is taken because of this section to apply to a unitholder in a prescribed trust estate; and (b) applies to an equity holder in a company who is not a shareholder in the same way as it applies to a shareholder; that provision also applies to an equity holder in a prescribed trust estate who is not a unitholder in the same way as it applies to a shareholder. Definitions (27) In this section: equity holder in a prescribed trust estate means the holder of an equity interest in the prescribed trust estate. equity interest in a prescribed trust estate means: (a) a unit in the prescribed trust estate; or (b) any other interest that would be an equity interest in the prescribed trust estate if references in Division 974 of the Income Tax Assessment Act 1997 to a company included references to a prescribed trust estate or, as the context requires, to the trustee of a prescribed trust estate. non ‑ unit dividend means a unit trust distribution that is not a unit trust dividend. non ‑ unit equity interest in a prescribed trust estate means an equity interest in the prescribed trust estate that is not a unit in the prescribed trust estate. unit trust distribution means a distribution, or an amount credited, that would be a unit trust dividend if references in the definition of unit trust dividend in section 102M to a unitholder were references to an equity holder.", "Amendment_Count": 16, "First_Amended": "No 173 of 1985", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 173 of 1985 | No 58 of 1987 | No 61 of 1987 | No 62 of 1987 | No 108 of 1987 | No 35 of 1992 | No 179 of 1999 | No 163 of 2001 | No 83 of 2004 | No 64 of 2005 | No 101 of 2006 | No 143 of 2007 | No 32 of 2008 | No 14 of 2009 | No 93 of 2011 | No 53 of 2016", "History_Notes": "Inserted by No 173 of 1985, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 58 of 1987, item 10, effective s 6–19: 5 June 1987 (s 2) | Amended by No 61 of 1987, item 11, effective s 6–33: 5 June 1987 (s 2) | Amended by No 62 of 1987, Sch 4 item 24, effective s 9–38 and Sch 4: 5 June 1987 (s 2(1), (3), (4)) | Amended by No 108 of 1987, item 14, effective s 4–40: 13 Nov 1987 (s 2) | Amended by No 35 of 1992, item 32, effective s 7–75: 25 May 1992 (s 2) | Amended by No 179 of 1999, Sch 18 item 23, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 163 of 2001, Sch 1 item 76 | Sch 1 item 77 | Sch 1 item 78, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 108–115, 126(7)), Sch 2 (items 1, 3, 4, 35, 37), Sch 3 (items 1–3, 6, 7), Sch 9, Sch 10 (item 43(1)) and Sch 11: 25 June 2004 (s 2(1) items 1, 12, 13, 16, 17, 21, 27, 28) Sch 1 (item 1): 30 June 2000 (s 2(1) item 2) Sch 10 (items 1, 2): 1 July 2000 (s 2(1) item 22) | Amended by No 64 of 2005, Sch 1 item 4, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 101 of 2006, Sch 2 item 294 | Sch 2 item 296 | Sch 2 item 297 | Sch 2 item 298 | Sch 3 item 8, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 54, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 32 of 2008, Sch 1 item 10 | Sch 1 item 11, effective Sch 1 (items 4–11, 58): 23 June 2008 (s 2) | Amended by No 14 of 2009, Sch 4 item 10, effective Sch 4 (items 6–10): 26 Mar 2009 (s 2(1) item 2) Sch 5 (items 1, 14(1)): 29 Jan 2009 (s 2(1) items 3, 7) Sch 5 (item 4): never commenced (s 2(1) item 4) | Amended by No 93 of 2011, Sch 1 item 355 | Sch 3 item 46, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5) | Amended by No 53 of 2016, Sch 4 item 4 | Sch 5 item 21 | Sch 6 item 13, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102T"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UA", "Provision_Key": "s102ua", "Heading": "What this Division is about", "Text": "(1) The main purpose of this Division is to ensure that the trustee of a closely held trust with one or more trustee beneficiaries that are presently entitled to a share of the income or of a tax ‑ preferred amount of the trust advises the Commissioner soon after the end of the year of income of certain details about those trustee beneficiaries. This will allow the Commissioner to check whether the assessable income of the trustee beneficiaries includes the correct share of net income, and whether the net assets of the trustee beneficiaries reflect the receipt of the tax ‑ preferred amounts. (2) To achieve this purpose, the Division: (a) provides for the trustee to correctly identify the trustee beneficiaries within a specified period after the end of the year of income; and (b) if the trustee fails to do so, provides for taxation at a penalty rate (in the case of net income) or offences under the Taxation Administration Act 1953 (in the case of tax ‑ preferred amounts). (3) This Division also provides that, where the trustee of the closely held trust becomes presently entitled to an amount that is reasonably attributable to the whole or a part of the share of the net income of the closely held trust, there will also be taxation at a penalty rate.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UB", "Provision_Key": "s102ub", "Heading": "Definitions—general", "Text": "In this Division: closely held trust has the meaning given by subsection 102UC(1). correct TB statement has the meaning given by section 102UG. present entitlement has a meaning affected by section 102UJ. tax offset has the same meaning as in the Income Tax Assessment Act 1997 . tax ‑ preferred amount has the meaning given by section 102UI. TB statement period has the meaning given by section 102UH. trustee beneficiary has the meaning given by section 102UD. trustee beneficiary non ‑ disclosure tax means tax payable under paragraph 102UK(2)(a) or 102UM(2)(a). untaxed part , of a share of the net income of a closely held trust, has the meaning given by section 102UE.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 4 | Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 7 | Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UC", "Provision_Key": "s102uc", "Heading": "Closely held trust", "Text": "(1) A closely held trust is: (a) a trust where an individual has, or up to 20 individuals have between them, directly or indirectly, and for their own benefit, fixed entitlements to a 75% or greater share of the income, or a 75% or greater share of the capital, of the trust; or (b) a discretionary trust; except where the trust is an excluded trust. Trustees of discretionary trusts treated as individuals (2) For the purposes of paragraph (1)(a), if: (a) a trustee of a discretionary trust holds a fixed entitlement to a share of the income or capital of the trust mentioned in that paragraph directly or indirectly; and (b) no person holds that fixed entitlement directly or indirectly through the discretionary trust; the trustee is taken to hold that fixed entitlement directly or indirectly as an individual and for the individual’s own benefit. Individuals treated as single individual (3) For the purposes of paragraph (1)(a), all of the following are taken to be a single individual: (a) an individual, whether or not the individual holds fixed entitlements directly in the trust mentioned in that paragraph; (b) the individual’s relatives; (c) in relation to any fixed entitlements in respect of which other individuals are nominees of the individual or of the individual’s relatives—those other individuals. Definitions (4) In this section: discretionary trust means a trust that is not a fixed trust within the meaning of section 272 ‑ 65 in Schedule 2F. excluded trust means: (a) a trust to which paragraph (b), (c) or (d) of the definition of excepted trust in section 272 ‑ 100 in Schedule 2F applies; or (b) a unit trust whose units are listed on the stock market operated by ASX Limited. fixed entitlement has the meaning given by sections 272 ‑ 5, 272 ‑ 10, 272 ‑ 15 and 272 ‑ 40 in Schedule 2F. indirectly has the meaning given by section 272 ‑ 20 in Schedule 2F.", "Amendment_Count": 5, "First_Amended": "No 70 of 1999", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 70 of 1999 | No 143 of 2007 | No 97 of 2008 | No 41 of 2011 | No 95 of 2019", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 13, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 97 of 2008, Sch 3 item 19, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 41 of 2011, Sch 5 item 379 | Sch 5 item 380 | Sch 5 item 381 | Sch 5 item 382, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 95 of 2019, Sch 4 item 1 | Sch 4 item 2, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UD", "Provision_Key": "s102ud", "Heading": "Trustee beneficiary", "Text": "A person is a trustee beneficiary of a closely held trust if the person is a beneficiary of the trust in the capacity of trustee of another trust.", "Amendment_Count": 1, "First_Amended": "No 70 of 1999", "Last_Amended": "No 70 of 1999", "Amending_Acts": "No 70 of 1999", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UE", "Provision_Key": "s102ue", "Heading": "Meaning of untaxed part", "Text": "(1) The untaxed part of a share of the net income of a closely held trust is so much of that share as is not covered by subsection (2). (2) The share of the net income of the closely held trust is covered by this subsection to the extent that: (a) the trustee of the closely held trust is assessed and liable to pay tax under subsection 98(4) in respect of the share; or (b) the share is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate is assessed and liable to pay tax under subsection 98(4); or (c) the share is represented by or reasonably attributable to an amount from which an entity was required to withhold an amount under Subdivision 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 ; or (d) the share is reasonably attributable to a part of the net income of another trust estate in respect of which the trustee of the other trust estate was liable to pay trustee beneficiary non ‑ disclosure tax.", "Amendment_Count": 3, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 43 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 43 of 2000, Sch 3 item 1 | Sch 3 item 2, effective s 4, Sch 2 and 3: 3 May 2000 (s 2) | Repealed and substituted by No 143 of 2007, Sch 4 item 12, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UG", "Provision_Key": "s102ug", "Heading": "Correct TB statement", "Text": "Share of net income case (1) This section applies if a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97 and the share comprises or includes an untaxed part. Tax ‑ preferred amount case (2) This section also applies if a trustee beneficiary of a closely held trust is presently entitled at the end of a year of income to a share of a tax ‑ preferred amount of the trust. Correct TB statement (3) If this section applies, the trustee of the closely held trust makes a correct TB statement about the share if the trustee correctly states, in the approved form: (a) if the trustee beneficiary is a resident at the end of the year of income: (i) the name and tax file number of the trustee beneficiary; and (ii) the amount of the untaxed part of the share or the amount of the share of the tax ‑ preferred amount; and (b) if the trustee beneficiary is a non ‑ resident at the end of the year of income: (i) the name and address of the trustee beneficiary; and (ii) the amount of the untaxed part of the share or the amount of the share of the tax ‑ preferred amount. Note: If a closely held trust has multiple trustee beneficiaries, the requirements in subsection (3) will have to be met for each of them for the trustee of the closely held trust to avoid paying any trustee beneficiary non ‑ disclosure tax.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Repealed and substituted by No 143 of 2007, Sch 4 item 4 | Sch 4 item 15, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UH", "Provision_Key": "s102uh", "Heading": "TB statement period", "Text": "The TB statement period , for the trustee of a trust in relation to a year of income, is the period from the end of the year of income until the end of: (a) the period within which the trustee is required to give to the Commissioner the trust’s return of income for the year of income; or (b) such further period as the Commissioner allows.", "Amendment_Count": 3, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 43 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Repealed and substituted by No 43 of 2000, Sch 3 item 3 | Sch 3 item 9, effective s 4, Sch 2 and 3: 3 May 2000 (s 2) | Repealed and substituted by No 143 of 2007, Sch 4 item 7 | Sch 4 item 16, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UI", "Provision_Key": "s102ui", "Heading": "Tax ‑ preferred amount", "Text": "The expression “tax ‑ preferred amount” of a trust means: (a) income of the trust that is not included in its assessable income in working out its net income; or (b) capital of the trust.", "Amendment_Count": 1, "First_Amended": "No 70 of 1999", "Last_Amended": "No 70 of 1999", "Amending_Acts": "No 70 of 1999", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UJ", "Provision_Key": "s102uj", "Heading": "Extended concept of present entitlement to capital of a trust", "Text": "For the purposes of this Division, section 95A applies in relation to capital of a trust in the same way as it applies to income of the trust.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Repealed and substituted by No 143 of 2007, Sch 4 item 17, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UK", "Provision_Key": "s102uk", "Heading": "Trustee beneficiary non ‑ disclosure tax where no correct TB statement", "Text": "(1) Subject to subsection (2A), this section applies if: (a) a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97; and (b) the share comprises or includes an untaxed part; and (c) the trustee of the closely held trust is not covered by a determination under subsection (1A) for the year of income; and (ca) the closely held trust is none of the following: (i) a family trust (within the meaning of section 272 ‑ 75 in Schedule 2F); (ii) a trust in relation to which an interposed entity election has been made and is in force in accordance with section 272 ‑ 85 in Schedule 2F; (iii) a trust covered by subsection 272 ‑ 90(5) in Schedule 2F; and (d) during the TB statement period in relation to the year of income, the trustee of the closely held trust does not make and give to the Commissioner a correct TB statement about the share. Determination that a class of trustees is not required to give a correct TB statement (1A) The Commissioner may, by legislative instrument, determine that a specified class of trustees is not required to make a correct TB statement for a year of income. (1B) A determination under subsection (1A): (a) may be expressed to be subject to conditions; and (b) may be for one or more years of income. Consequences of section applying (2) If this section applies: (a) either: (i) if the trustee of the closely held trust is the only person in the trustee group (see subsection (3))—the trustee is liable to pay tax; or (ii) if the trustee of the closely held trust is not the only person in the trustee group—the persons in the trustee group are jointly and severally liable to pay tax; as imposed by the Taxation (Trustee Beneficiary Non ‑ disclosure Tax) Act (No. 1) 2007 , on the untaxed part; and (b) except for the purposes of sections 99, 99A and 99B and this Division, the untaxed part is not included in the assessable income of the trustee beneficiary under section 97. Note: Provisions dealing with the payment etc. of the tax under paragraph (a) (known as trustee beneficiary non ‑ disclosure tax) are set out in Subdivision D. Amendment of incorrect statement (2A) If: (a) during the TB statement period in relation to a year of income, the trustee of a closely held trust makes and gives to the Commissioner a statement, that the trustee believes on reasonable grounds is a correct TB statement, about a share of the net income of the trust; and (b) the statement is not a correct TB statement about the share, with the result that, apart from this subsection, this section applies; and (c) either: (i) the trustee could not reasonably have foreseen the event that caused the statement not to be a correct TB statement; or (ii) the statement is not a correct TB statement because of an inadvertent error; and (d) either: (i) before any trustee beneficiary non ‑ disclosure tax becomes due and payable on the untaxed part as a result of this section applying; or (ii) before the end of 4 years after any such tax becomes due and payable; the trustee advises the Commissioner in writing of any change that is necessary to make the statement a correct TB statement about the share; this section does not apply, and is taken never to have applied, to the untaxed part. Trustee group (3) The trustee group consists of the following: (a) the trustee of the closely held trust; (b) if the trustee of the closely held trust is a company—the directors of the company.", "Amendment_Count": 4, "First_Amended": "No 70 of 1999", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 70 of 1999 | No 43 of 2000 | No 143 of 2007 | No 95 of 2019", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2 | Sch 2 item 5 | Sch 2 item 8 | Sch 2 item 10, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 43 of 2000, Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 7, effective s 4, Sch 2 and 3: 3 May 2000 (s 2) | Amended by No 143 of 2007, Sch 4 item 8 | Sch 4 item 19 | Sch 4 item 23 | Sch 4 item 36 | Sch 4 item 38 | Sch 4 item 52, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 95 of 2019, Sch 4 item 3, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UL", "Provision_Key": "s102ul", "Heading": "Exclusion of directors of closely held trust from liability to pay tax", "Text": "(1) This section applies if a director of a company that is the trustee of the closely held trust is included in the trustee group under section 102UK. Director not taking part in statement decision because of illness or other good reason (2) If, because of illness or for some other good reason, the director did not take part in any decision not to make the correct TB statement, the director is not included in the trustee group. Director otherwise not taking part in statement decision (3) If: (a) the director did not take part in any decision not to make the correct TB statement; and (b) either: (i) the director was not aware of the proposal to make such a decision; or (ii) the director was aware and took reasonable steps to prevent the making of the decision; the director is not included in the trustee group. Director taking part in statement decision (4) If: (a) the director took part in any decision not to make a correct TB statement; and (b) the director voted against, or otherwise disagreed with the decision; and (c) the director took reasonable steps to ensure that a correct TB statement would be made; the director is not included in the trustee group. Where no statement decision (5) If: (a) no decision was made not to make a correct TB statement; and (b) either: (i) the director, because of illness or for some other good reason, was not involved in the management of the company during the TB statement period in relation to the year of income; or (ii) the director took reasonable steps to ensure that a correct TB statement would be made; the director is not included in the trustee group.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 20, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UM", "Provision_Key": "s102um", "Heading": "Trustee beneficiary non ‑ disclosure tax where share is distributed to trustee of closely held trust", "Text": "(1) This section applies if: (a) a share of the net income of a closely held trust for a year of income is included in the assessable income of a trustee beneficiary of the trust under section 97; and (b) the trustee of the closely held trust becomes presently entitled to an amount that is reasonably attributable to the whole or a part of the untaxed part of the share; and (c) trustee beneficiary non ‑ disclosure tax is not payable by the trustee of the closely held trust on the untaxed part under paragraph 102UK(2)(a). Consequences of section applying (2) If this section applies: (a) either: (i) if the trustee of the closely held trust is the only person in the trustee group (see subsection (3))—the trustee is liable to pay tax; or (ii) if the trustee of the closely held trust is not the only person in the trustee group—the persons in the trustee group are jointly and severally liable to pay tax; as imposed by the Taxation (Trustee Beneficiary Non ‑ disclosure Tax) Act (No. 2) 2007 , on the whole or that part of the untaxed part; and (b) except for the purposes of sections 99, 99A and 99B and this Division, the whole or that part of the untaxed part is not included in the assessable income of the trustee beneficiary under section 97. Note: Provisions dealing with the payment etc. of the tax under paragraph (a) (known as trustee beneficiary non ‑ disclosure tax) are set out in Subdivision D. Trustee group (3) The trustee group consists of the following: (a) the trustee of the closely held trust; (b) if the trustee of the closely held trust is a company—the directors of the company.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 23, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UN", "Provision_Key": "s102un", "Heading": "Amount of trustee beneficiary non ‑ disclosure tax reduced by notional tax offset", "Text": "(1) This section applies to trustee beneficiary non ‑ disclosure tax that a trustee group would otherwise be liable to pay on the whole or part of a share of the net income of a closely held trust. (2) The amount of the trustee beneficiary non ‑ disclosure tax is reduced by the amount of any tax offset to which the trustee of the closely held trust would be entitled in an assessment under section 99A if it were assumed that the trustee were assessed and liable to pay tax under that section on the whole or the part of the share of the net income.", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 25, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UO", "Provision_Key": "s102uo", "Heading": "Payment of trustee beneficiary non ‑ disclosure tax", "Text": "Due date (1) Trustee beneficiary non ‑ disclosure tax is due and payable at the end of: (a) 21 days after the TB statement period concerned ends; or (b) such later day as the Commissioner, in special circumstances, allows. Debt due (2) Trustee beneficiary non ‑ disclosure tax, when it becomes due and payable, is a debt due to the Commonwealth and payable to the Commissioner. (3) Any unpaid trustee beneficiary non ‑ disclosure tax may be sued for and recovered in a court of competent jurisdiction by the Commissioner suing in his or her official name. Application (4) Subsections (2) and (3) do not apply in relation to any trustee beneficiary non ‑ disclosure tax that becomes due and payable on or after 1 July 2000. Note: For provisions about collection and recovery of trustee beneficiary non ‑ disclosure tax and other amounts on or after 1 July 2000, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 4, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 178 of 1999 | No 179 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 178 of 1999, Sch 1 item 40, effective s 4, Sch 1 (items 9–49A), Sch 2 (items 23–32, 35, 40–62, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 20, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 143 of 2007, Sch 4 item 26 | Sch 4 item 27 | Sch 4 item 28 | Sch 4 item 29 | Sch 4 item 30 | Sch 4 item 31, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UP", "Provision_Key": "s102up", "Heading": "Late payment of trustee beneficiary non ‑ disclosure tax", "Text": "If any of the trustee beneficiary non ‑ disclosure tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the 60th day after the day by which the trustee beneficiary non ‑ disclosure tax was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the trustee beneficiary non ‑ disclosure tax; (ii) general interest charge on any of the trustee beneficiary non ‑ disclosure tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 4, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 178 of 1999 | No 101 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Repealed and substituted by No 178 of 1999, effective s 4, Sch 1 (items 9–49A), Sch 2 (items 23–32, 35, 40–62, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 1024, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 4 item 32 | Sch 4 item 36, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UR", "Provision_Key": "s102ur", "Heading": "Notice of liability", "Text": "(1) The Commissioner may give a person or persons, by post or otherwise, a notice specifying: (a) the amount of any trustee beneficiary non ‑ disclosure tax that the Commissioner has ascertained is payable by the person or persons; and (b) the day on which that tax became or will become due and payable. Effect of notice on liability etc. (2) The amount of the liability of a person or persons to trustee beneficiary non ‑ disclosure tax, and the due date for payment of the tax, are not dependent on, or in any way affected by, the giving of a notice. Amendment of notice (3) The Commissioner may at any time amend a notice. An amended notice is a notice for the purposes of this section. Inconsistency between notices (4) If there is an inconsistency between notices that relate to the same subject matter, the later notice prevails to the extent of the inconsistency. Objections (5) A person who is or persons who are dissatisfied with a notice made in relation to the person or persons may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 70 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 70 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 70 of 1999, Sch 1 item 2, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 33, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102URA", "Provision_Key": "s102ura", "Heading": "Request for notice of liability", "Text": "(1) A person or persons may make a written request to the Commissioner to be given a notice under subsection 102UR(1) in respect of specified circumstances in which trustee beneficiary non ‑ disclosure tax may be payable. Compliance with request (2) The Commissioner must, subject to subsection (3) of this section, comply with the request. Further information (3) If the Commissioner considers that the notice cannot be given unless the person or persons give the Commissioner further information, the Commissioner must request the person or persons to give the Commissioner the information. Failure to give information (4) If the person or persons do not give the information, the Commissioner is not required to comply with the request to give the notice.", "Amendment_Count": 2, "First_Amended": "No 43 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 43 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 43 of 2000, effective s 4, Sch 2 and 3: 3 May 2000 (s 2) | Amended by No 143 of 2007, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102URA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102USA", "Provision_Key": "s102usa", "Heading": "Recovery of trustee beneficiary non ‑ disclosure tax from trustee beneficiaries providing incorrect information etc. to head trustee", "Text": "(1) This section applies if the requirements in subsections (2) and (3) are satisfied. Requirement for payment of trustee beneficiary non ‑ disclosure tax (2) A requirement for this section to apply is that: (a) the trustee of a closely held trust does not make a correct TB statement about a share of the net income of the trust of a year of income during the TB statement period in relation to the year of income; and (b) as a result, the trustee becomes liable, or the persons in the trustee group become jointly and severally liable, under section 102UK to pay trustee beneficiary non ‑ disclosure tax; and (c) the trustee or any of the persons in the trustee group pays an amount (the recoverable amount ), being some or all of the tax or any general interest charge under section 102UP in relation to the tax. Requirement for refusal etc. to provide information or for incorrect statement (3) A requirement for this section to apply is that: (a) either: (i) the trustee of the closely held trust was unable to make a correct TB statement about the share of the net income during the TB statement period because the trustee beneficiary in whose assessable income the share is included under section 97, when requested to do so, refused or failed to give information to the trustee; or (ii) the trustee of the closely held trust purported to make a correct TB statement about the share of the net income during the TB statement period but the statement was not a correct TB statement because it contained incorrect information given to the trustee of the closely held trust by the trustee beneficiary in whose assessable income the share is included under section 97, and the trustee honestly believed on reasonable grounds that the information was correct; and (b) the trustee of the closely held trust distributed to the trustee beneficiary an amount representing some or all of the share of the net income without withholding an amount under section 254 in respect of the recoverable amount. Consequences of section applying (4) If this section applies, the trustee or the person in the trustee group mentioned in paragraph (2)(c) may, in a court of competent jurisdiction, sue for the recoverable amount and recover it from the trustee beneficiary.", "Amendment_Count": 2, "First_Amended": "No 43 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 43 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 43 of 2000, effective s 4, Sch 2 and 3: 3 May 2000 (s 2) | Repealed and substituted by No 143 of 2007, Sch 4 item 36, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102USA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UT", "Provision_Key": "s102ut", "Heading": "Requirement to make correct TB statement about trustee beneficiaries of tax ‑ preferred amounts", "Text": "(1) If, at the end of a year of income: (a) a trustee beneficiary of a closely held trust is presently entitled to a share of a tax ‑ preferred amount of the trust; and (b) the trustee of the closely held trust is not covered by a determination under subsection 102UK(1A) for the year of income; and (c) the closely held trust is none of the following: (i) a family trust (within the meaning of section 272 ‑ 75 in Schedule 2F); (ii) a trust in relation to which an interposed entity election has been made and is in force in accordance with section 272 ‑ 85 in Schedule 2F; (iii) a trust covered by subsection 272 ‑ 90(5) in Schedule 2F; the trustee of the closely held trust must, during the TB statement period, make and send to the Commissioner a correct TB statement covering the share. (2) For the purposes of the Taxation Administration Act 1953 , if the trustee contravenes the requirement in subsection (1) of this section to make and send a statement to the Commissioner, then, subject to subsection (3) of this section, the trustee commits an offence against section 8C of that Act. (3) The trustee does not commit an offence against section 8C of the Taxation Administration Act 1953 as a result of a contravention of the requirement if: (a) the trustee did not know all the information required to be included in the statement; and (b) the trustee had taken reasonable steps to ascertain the information that he or she did not know; and (c) if the trustee did know some of the information, he or she included it in a statement that he or she sent to the Commissioner during the TB statement period. (4) The only burden of proof that the trustee bears in respect of subsection (3) is the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter in question existed.", "Amendment_Count": 4, "First_Amended": "No 70 of 1999", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 70 of 1999 | No 143 of 2007 | No 4 of 2016 | No 95 of 2019", "History_Notes": "Inserted by No 70 of 1999, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 143 of 2007, Sch 4 item 38 | Sch 4 item 39 | Sch 4 item 40, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 4 of 2016, Sch 4 item 397, effective Sch 4 (items 1, 188, 397–399): 10 Mar 2016 (s 2(1) item 6) | Amended by No 95 of 2019, Sch 4 item 4, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UT"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UU", "Provision_Key": "s102uu", "Heading": "Trustee beneficiary may quote tax file number to trustee of closely held trust", "Text": "A trustee beneficiary in respect of: (a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under section 97; or (b) a share of a tax ‑ preferred amount of a closely held trust to which the trustee beneficiary of the trust is presently entitled at the end of a year of income; may quote his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct TB statement about that share. Note: Section 8WA of the Taxation Administration Act 1953 makes it an offence for a person to require or request another person to quote the other person’s tax file number unless provision is made by a taxation law for the other person to quote the number.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UU"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UV", "Provision_Key": "s102uv", "Heading": "Trustee of closely held trust may record etc. tax file number", "Text": "(1) This section applies if a trustee beneficiary in respect of: (a) a share of the net income of a closely held trust for a year of income that is included in the assessable income of the trustee beneficiary of the trust under section 97; or (b) a share of a tax ‑ preferred amount of a closely held trust to which the trustee beneficiary of the trust is presently entitled at the end of a year of income; quotes his or her tax file number to the trustee of the closely held trust in connection with that trustee making a correct TB statement about that share. (2) Section 8WB of the Taxation Administration Act 1953 does not prohibit the trustee of the closely held trust from: (a) recording the tax file number or maintaining such a record; or (b) using the tax file number in a manner connecting it with the identity of the trustee beneficiary; or (c) divulging or communicating the tax file number to a third person; in connection with that trustee making a correct TB statement about that share.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UV"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UW", "Provision_Key": "s102uw", "Heading": "Application of Division", "Text": "This Division applies if: (a) the net income of a trust estate exceeds nil; and (b) any of the following things are taken into account in working out the net income of the trust estate: (i) a capital gain (to the extent that an amount of the capital gain remained after applying steps 1 to 4 of the method statement in subsection 102 ‑ 5(1) of the Income Tax Assessment Act 1997 ); (ii) a franked distribution (to the extent that an amount of the franked distribution remained after reducing it by deductions that were directly relevant to it); (iii) a franking credit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UW"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UX", "Provision_Key": "s102ux", "Heading": "Adjustment of Division 6 assessable amount in relation to capital gains, franked distributions and franking credits", "Text": "(1) Make the assumptions in the following subsections for the purposes of working out in accordance with Division 6 an amount: (a) included in the assessable income of a beneficiary of a trust estate under section 97, 98A or 100; or (b) in respect of which a trustee of a trust estate is liable to pay tax under section 98, in relation to a beneficiary of the trust estate; or (c) in respect of which a trustee of a trust estate is liable to pay tax under section 99 or 99A. Note: Those assumptions are made only for the purposes of working out the amounts mentioned in paragraphs (a), (b) and (c). They are not made for any other purposes (for example, determining the income of a trust estate, the net income of a trust estate, or the amount of a present entitlement of a beneficiary of a trust estate to the income of the trust estate). (2) Assume that the income of the trust estate were equal to the Division 6E income of the trust estate. (3) Assume that the net income of the trust estate were equal to the Division 6E net income of the trust estate. (4) Assume that the amount of a present entitlement of a beneficiary of the trust estate to the income of the trust estate were equal to the amount of the beneficiary’s Division 6E present entitlement to the income of the trust estate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UX"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102UY", "Provision_Key": "s102uy", "Heading": "Interpretation", "Text": "(1) Expressions used in this Division have the same meaning as in Division 6. (2) The Division 6E income , of the trust estate, is the income of the trust estate worked out on the assumption that amounts attributable to the things mentioned in paragraph 102UW(b) were disregarded. The Division 6E income of the trust estate cannot be less than nil. (3) The Division 6E net income , of the trust estate, is the net income of the trust estate worked out on the assumption that the things mentioned in paragraph 102UW(b) were disregarded. The Division 6E net income of the trust estate cannot be less than nil. (4) A beneficiary of the trust estate has an amount of a Division 6E present entitlement to the income of the trust estate that is equal to the amount of the beneficiary’s present entitlement to the income of the trust estate, decreased by: (a) for each capital gain taken into account as mentioned in paragraph 102UW(b)—so much of the beneficiary’s share of the capital gain as was included in the income of the trust estate; and (b) for each franked distribution taken into account as mentioned in paragraph 102UW(b)—so much of the beneficiary’s share of the franked distribution as was included in the income of the trust estate. (5) The following expressions in this Division have the same meaning as in the Income Tax Assessment Act 1997 : (a) share of a capital gain (see section 115 ‑ 227 of that Act); (b) share of a franked distribution (see section 207 ‑ 55 of that Act).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102UY"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 102V", "Provision_Key": "s102v", "Heading": "Application of Division to non ‑ share dividends", "Text": "(1) This Division: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend. (2) Subsection (1) does not apply to section 103A.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s102V"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 103", "Provision_Key": "s103", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: the relevant holding company or holding companies , in relation to another company in relation to a year of income of that other company, means: (a) if the other company would, apart from subsection 103A(4D), be a subsidiary of a public company for the purposes of section 103A in relation to that year of income by virtue of subsection 103A(4)—the public company or public companies referred to in paragraph 103A(4)(a); or (b) if the other company would, apart from subsection 103A(4D), be a subsidiary of a public company for the purposes of section 103A in relation to that year of income by virtue of subsection 103A(4B)—the listed company or listed companies referred to in paragraphs 103A(4B)(a) and (b). (2) For the purposes of this Division, a person is the nominee of another person in relation to shares if that first ‑ mentioned person may be required to exercise his or her voting power in relation to those shares at the direction of, or holds those shares directly or indirectly on behalf of or for the benefit of, that second ‑ mentioned person. (3) For the purposes of this Division, shares in a company shall be deemed to be held indirectly on behalf of or for the benefit of a person (not being a private company, trustee or partnership) if, in the event of the payment of a dividend on those shares, that person would, otherwise than as a shareholder of the company, receive the whole or a part of that dividend if there were successive distributions of the relative parts of that dividend to and by each of any private companies, trustees or partnerships interposed between the company paying the dividend and that person. (4) For the purposes of this Division, a company shall be taken to have been a listed company during a period that was included in a year of income of another company (in this subsection referred to as the relevant year of income ) where: (a) if the period was included in the year of income of the first ‑ mentioned company (in this subsection referred to as the corresponding year of income ) that corresponded with the relevant year of income—the first ‑ mentioned company was by virtue of paragraph 103A(2)(a), a public company for the purposes of subsection 103A(1) in relation to the corresponding year of income; or (b) if the period was included in the year of income of the first ‑ mentioned company that immediately preceded or immediately followed the corresponding year of income—the first ‑ mentioned company was, by virtue of paragraph 103A(2)(a), a public company for the purposes of subsection 103A(1) in relation to that preceding or following year of income, as the case may be. (5) A reference in this Division to a right, power, option, agreement or instrument shall be read as including a reference to a right, power, option, agreement or instrument that is not enforceable by legal proceedings whether or not it was intended to be so enforceable. (6) For the purposes of this Division, an arrangement or understanding, whether formal or informal and whether express or implied, shall be deemed to be an agreement.", "Amendment_Count": 36, "First_Amended": "No 46 of 1938", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1938 | No 17 of 1940 | No 65 of 1940 | No 58 of 1941 | No 22 of 1942 | No 50 of 1942 | No 10 of 1943 | No 3 of 1944 | No 37 of 1945 | No 44 of 1948 | No 48 of 1950 | No 44 of 1951 | No 90 of 1952 | No 45 of 1953 | No 101 of 1956 | No 85 of 1959 | No 18 of 1960 | No 110 of 1964 | No 103 of 1965 | No 4 of 1968 | No 47 of 1972 | No 51 of 1973 | No 164 of 1973 | No 216 of 1973 | No 20 of 1974 | No 80 of 1975 | No 126 of 1977 | No 108 of 1981 | No 49 of 1986 | No 51 of 1986 | No 62 of 1987 | No 224 of 1992 | No 96 of 2004 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Amended by No 46 of 1938, effective 28 Dec 1938 | Amended by No 17 of 1940, effective 24 June 1940 | Amended by No 65 of 1940, effective s 3, 14 and 15: 1 Jan 1941 (s 2(2)) s 10: 28 Nov 1940 (s 2(3)) Remainder: 14 Dec 1940 (s 2(1)) | Amended by No 58 of 1941, effective s 27: 13 Oct 1939 (s 27(2)) Remainder: 31 Dec 1941 | Amended by No 22 of 1942, effective 7 June 1942 (s 2) | Amended by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 10 of 1943, effective s 17 and 26 (new s 251L and 251O added): 1 July 1943 (s 2(2) and gaz 1943, p 1289) s 19–25: 1 Apr 1943 (s 2(3)) Remainder: 20 Mar 1943 (s 2(1)) | Amended by No 3 of 1944, effective s 7–9: 1 July 1943 (s 2(2)) s 16–20 and 22–25: 1 July 1944 (s 2(3)) Remainder: 3 Apr 1944 (s 2(1)) | Amended by No 37 of 1945, effective s 3–9: 11 Oct 1945 (s 2) | Repealed and substituted by No 44 of 1948, effective 22 Dec 1948 | Amended by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Repealed and substituted by No 44 of 1951, effective 7 Dec 1951 (s 2) | Repealed and substituted by No 90 of 1952, effective s 3–24: 18 Nov 1952 (s 2) | Repealed by No 90 of 1952, effective s 3–24: 18 Nov 1952 (s 2) | Amended by No 45 of 1953, item 18, effective 26 Oct 1953 (s 2) | Amended by No 101 of 1956, effective s 3–13(b) and 14–26: 15 Nov 1956 (s 2(1)) s 13(c): 1 July 1956 (s 2(2)) | Amended by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 103 of 1965, item 29, effective 14 Dec 1965 (s 2) | Amended by No 4 of 1968, item 7, effective 8 May 1968 (s 2(1)) | Amended by No 47 of 1972, item 5 | item 6 | item 12, effective s 3–12: 7 June 1972 (s 2) | Amended by No 51 of 1973, item 15 | item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, item 11 | item 12 | item 21, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 216 of 1973, Sch 1 item 11 | Sch 2 item 11, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, Sch 1 item 10 | Sch 1 item 22, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 80 of 1975, item 32 | item 33 | Sch 2 item 54, effective 20 June 1975 (s 2) | Amended by No 126 of 1977, item 7, effective 10 Nov 1977 (s 2) | Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 49 of 1986, item 10, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 51 of 1986, item 17, effective s 3–35: 22 July 1986 | Amended by No 62 of 1987, Sch 4 item 25, effective s 9–38 and Sch 4: 5 June 1987 (s 2(1), (3), (4)) | Amended by No 224 of 1992, item 61, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, Sch 1 item 109 | Sch 1 item 110, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 105 | Sch 5 item 276, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s103"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 103A", "Provision_Key": "s103a", "Heading": "Private companies", "Text": "(1) For the purposes of this Division, a company is a private company in relation to the year of income if the company is not a public company in relation to the year of income. (2) For the purposes of subsection (1), a company is, subject to the succeeding provisions of this section, a public company in relation to the year of income if: (a) shares in the company, not being shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits, were listed for quotation in the official list of a stock exchange, being a stock exchange in Australia or elsewhere, as at the last day of the year of income; (b) at all times during the year of income, the company was a co ‑ operative company as defined by section 117; (c) the company has not, at any time since its formation, been carried on for the purposes of profit or gain to its individual members and was, at all times during the year of income, prohibited by the terms of its constituent document from making any distribution, whether in money, property or otherwise, to its members or to relatives of its members; or (d) the company is: (i) a mutual life assurance company; (ii) a friendly society dispensary; (iii) a body constituted by a law of the Commonwealth or of a State or Territory and established for public purposes, not being a company within the meaning of the law in force in a State or Territory relating to companies; (iv) a company in which a Government or a body referred to in subparagraph (iii) had a controlling interest on the last day of the year of income; or (v) in relation to the year of income, a subsidiary of a public company. (3) Subject to subsection (5), a company is not, by virtue of paragraph (2)(a) or (b), a public company for the purposes of subsection (1) in relation to the year of income where: (a) at any time during the year of income, one person or persons not more than 20 in number held, or had the right to acquire or become the holder or holders of, shares representing not less than three ‑ quarters of the value of the shares in the company, other than shares entitled to a fixed rate of dividend only; (b) at any time during the year of income, not less than three ‑ quarters of the voting power in the company was capable of being exercised by one person or by persons not more than 20 in number; (c) not less than three ‑ quarters of: (i) the amount of any dividend paid by the company during the year of income; or (ii) if more than one dividend was paid by the company during the year of income—the total amount of all the dividends paid by the company during the year of income; was paid to one person or to persons not more than 20 in number; or (d) a dividend was not paid by the company during the year of income but the Commissioner is of the opinion that, if a dividend had been paid by the company at any time during the year of income, not less than three ‑ quarters of the amount of that dividend would have been paid to one person or to persons not more than 20 in number. (3A) Subject to subsection (3B), a company shall not be taken for the purposes of subsection (1) to be a public company in relation to a year of income by reason that a body constituted and established as mentioned in subparagraph (2)(d)(iii) (in this subsection referred to as the public body ) had a controlling interest in the company on the last day of the year of income if: (a) by reason of: (i) any of the provisions contained in the constituent document of the company as in force on the last day of the year of income; or (ii) any right, power, option or agreement in existence on the last day of the year of income that related to the management or conduct of the affairs of the company, including any right, power, option or agreement that related to the issue, allotment or redemption of shares, or the grant, withdrawal or variation of rights in respect of shares; the exercise by the public body of any right or power in connexion with the company (being a right or power relating to the exercise by the public body of a controlling interest in the company), whether on the last day of the year of income or at any later time, could have been prevented; (b) rights or powers of the public body in connexion with the company were exercised during the year of income otherwise than for the benefit of the public body or were not exercised in circumstances where it might reasonably have been expected that they would have been exercised; (c) any shares in the company that were held by the public body on the last day of the year of income were acquired by the public body for no consideration or for a consideration that, in the ordinary course of commercial dealing, would be considered inadequate; (d) in pursuance of any agreement entered into before the end of the year of income, the public body agreed to dispose of all or any of the shares in the company that were held by the public body on the last day of the year of income, being a disposal that was to take place at any time after the last day of the year of income; (e) a dividend was paid by the company at a time during the year of income when the public body had a controlling interest in the company, and less than one ‑ half of the amount of that dividend was paid to the public body; or (f) a dividend was not paid by the company at a time during the year of income when the public body had a controlling interest in the company but the Commissioner is of the opinion that, if a dividend had been paid by the company at such a time, less than one ‑ half of the amount of the dividend would have been paid to the public body. (3B) Subsection (3A) does not apply in relation to a company in relation to a year of income if the Commissioner is satisfied that no shares in the company that were held by the public body referred to in that subsection on the last day of the year of income were allotted or transferred to the public body for the purpose, or for purposes that included the purpose, of enabling the company to be treated as a public company in relation to the year of income for the purposes of subsection (1), or in pursuance of an agreement entered into, or a course of conduct engaged in, for the purpose, or for purposes that included the purpose, of enabling the company to be so treated. (3C) Paragraph (3A)(c) does not apply to an acquisition that is taken by section 70 ‑ 30 or 70 ‑ 110 of the Income Tax Assessment Act 1997 to have occurred. (4) Subject to subsection (4D), a company is, for the purposes of this section, a subsidiary of a public company in relation to the year of income if: (a) at all times during the year of income all the shares in the first ‑ mentioned company were beneficially owned by a company which, or companies each of which, is a public company for the purposes of subsection (1) in relation to the year of income of that company (in this subsection referred to as the corresponding year of income ) that corresponds with the first ‑ mentioned year of income but which is not, or none of which is: (i) a company to which paragraph (2)(c) applies in relation to the corresponding year of income; or (ii) a subsidiary of a public company for the purposes of this section in relation to the corresponding year of income by reason of subsection (4B); (b) the corresponding year of income, or each of the corresponding years of income, referred to in paragraph (a) ended on the same day as the year of income first ‑ mentioned in that paragraph; (c) at no time during the year of income was a person or were 2 or more persons in a position to affect rights of the relevant holding company or holding companies in connexion with the first ‑ mentioned company so as to prevent the relevant holding company or holding companies from exercising for its or their own benefit the whole of the voting power in the first ‑ mentioned company or from receiving for its or their own benefit the whole of any dividends that might be paid by the first ‑ mentioned company or of any distribution that might be made of capital of the first ‑ mentioned company; and (d) no agreement was entered into before or during the year of income by virtue of which a person or 2 or more persons would be in a position after the year of income so to affect rights of the relevant holding company or holding companies in connexion with the first ‑ mentioned company. (4A) For the purposes of paragraphs 4(c) and (d), a person shall be taken to have been, or to be, in a position at a particular time to affect any rights of the relevant holding company or holding companies in connexion with the company first ‑ mentioned in subsection (4) (in this subsection referred to as the first ‑ mentioned company ) if at that time that person had or has a right, power or option (whether by virtue of any provision in the constituent document of the first ‑ mentioned company or by virtue of any agreement or instrument or otherwise) to acquire those rights or to do an act or thing that would prevent the relevant holding company or holding companies from exercising those rights for its or their own benefit or receiving any benefits accruing by reason of those rights. (4B) Subject to subsection (4D), a company that is not, by virtue of subsection (4), a subsidiary of a public company for the purposes of this section in relation to the year of income is, for the purposes of this section, a subsidiary of a public company in relation to the year of income if: (a) at all times during the year of income the voting power in the first ‑ mentioned company was controlled, or was capable of being controlled, by a listed company or listed companies, either directly or through one or more companies, trustees or partnerships interposed between the first ‑ mentioned company and the listed company or listed companies; (b) at all times during the year of income a listed company or listed companies had a right to receive, either directly or through one or more companies, trustees or partnerships interposed between the first ‑ mentioned company and the listed company or listed companies, more than one ‑ half of any dividends that might be paid by the first ‑ mentioned company and more than one ‑ half of any distribution that might be made of capital of the first ‑ mentioned company; (c) at no time during the year of income was a person or were 2 or more persons in a position to affect rights of the listed company or listed companies in connexion with the first ‑ mentioned company so as to prevent the listed company or listed companies from exercising for its or their own benefit control of the voting power in the first ‑ mentioned company or from receiving for its or their own benefit more than one ‑ half of any dividends that might be paid by the first ‑ mentioned company or of any distribution that might be made of capital of the first ‑ mentioned company; and (d) no agreement was entered into before or during the year of income by virtue of which a person or 2 or more persons would be in a position after the year of income so to affect rights of the listed company or listed companies in connexion with the first ‑ mentioned company. (4C) For the purposes of paragraphs (4B)(c) and (d), a person shall be taken to have been, or to be, in a position at a particular time to affect any rights of a listed company or listed companies in connexion with another company if at that time that person had, or has, a right, power or option (whether by virtue of any provision in the constituent document of the other company or of any company interposed between the listed company or listed companies and the other company or by virtue of any agreement or instrument or otherwise) to acquire those rights or to do an act or thing that would prevent the listed company or listed companies from exercising those rights for its or their own benefit or receiving any benefits accruing by reason of those rights. (4D) A company (in this subsection and subsection (4E) referred to as the company concerned ) that would, apart from this subsection, be a subsidiary of a public company for the purposes of this section in relation to the year of income shall be deemed, for the purposes of this section, not to be a subsidiary of a public company in relation to the year of income if the Commissioner is satisfied that: (a) where the company concerned would, apart from this subsection, be such a subsidiary in relation to the year of income by virtue of subsection (4)—the affairs of the company concerned were managed or conducted in the year of income in the interests of persons other than the relevant holding company or holding companies; or (b) where the company concerned would, apart from this subsection, be such a subsidiary in relation to the year of income by virtue of subsection (4B)—the affairs of the company concerned were managed or conducted in the year of income without proper regard to the interests of the relevant holding company or holding companies. (4E) In considering whether the affairs of the company concerned were managed or conducted in the year of income as mentioned in subsection (4D), the Commissioner shall have regard to: (a) the circumstances in which the relevant holding company or holding companies acquired a direct or indirect beneficial interest or interests in shares in the company concerned (whether the interest was, or the interests were, acquired before or during the year of income) and, in particular, whether those circumstances were capable of explanation by reference to ordinary commercial dealing; (b) the provisions of the constituent document of the company concerned as in force during the year of income that related to the management or conduct of the affairs of that company, including the provisions of the constituent document that related to the appointment or removal of directors, the issue, allotment or redemption of shares, the grant, withdrawal or variation of rights in respect of shares, the payment of dividends and the investment or other application of moneys of that company; (c) the nature and extent of any right, power, option or agreement in existence during the year of income that related to the management or conduct of the affairs of the company concerned, including any right, power, option or agreement that related to the appointment or removal of directors, the issue, allotment or redemption of shares, the grant, withdrawal or variation of rights in respect of shares, the payment of dividends and the investment or other application of moneys of that company; (d) whether rights of the relevant holding company or holding companies in connexion with the company concerned were exercised during the year of income otherwise than for the benefit of the relevant holding company or holding companies or were not exercised in circumstances where it might reasonably have been expected that they would have been exercised; (e) the nature and source of the income derived by the company concerned during the year of income and whether the derivation by that company of that income was capable of explanation by reference to ordinary commercial dealing; (f) the manner in which the moneys of the company concerned were applied during the year of income and, in particular, whether they were lent to, or invested or otherwise made available for the use or benefit of, a person or persons other than the relevant holding company or holding companies and, if any such moneys were so lent, invested or made available: (i) the terms and conditions upon which the moneys were so lent, invested or made available; (ii) whether the lending, investment or making available of those moneys was capable of explanation by reference to ordinary commercial dealing; and (iii) the connexion (if any) between that person or those persons, the directors of the company concerned and the directors of, or the beneficial owners of the shares in, the company from which the company concerned received dividends before or during the year of income; (g) the respective amounts of any dividends in respect of shares in the company concerned that were paid during the year of income or might reasonably be expected to be paid after that year by that company and the circumstances in which those dividends were, or might be expected to be, paid; and (h) any other relevant matters. (5) Where a company would not, under the preceding provisions of this section, be a public company for the purposes of subsection (1) in relation to the year of income but the Commissioner is of the opinion that, having regard to: (a) the number of persons who were, at any time during the year of income, capable of controlling the company and whether any of those persons was a public company; (b) the market value of the shares issued by the company before the end of the year of income; (c) the number of persons who beneficially owned shares in the company at the end of the year of income; and (d) any other matters that the Commissioner thinks relevant; it is reasonable that the company should be treated as a public company for the purposes of subsection (1) in relation to the year of income, the company shall be deemed to be a public company for those purposes in relation to the year of income. (5A) The Commissioner may, under subsection (5), form an opinion that it is reasonable that a company should be treated as a public company for the purposes of subsection (1) in relation to a year of income notwithstanding that the forming of such an opinion by the Commissioner would impose on the company a liability to pay a greater amount of income tax than the company would otherwise be liable to pay. (6) Notwithstanding anything in the preceding provisions of this section, the Commissioner may treat a company as not being, by virtue of paragraph (2)(a) or (b), a public company for the purposes of subsection (1) in relation to the year of income if the Commissioner is of the opinion that, by reason of: (a) any provisions in the company’s constituent document, or in any contract, agreement or instrument, authorizing the variation or abrogation of the voting rights or rights to dividends in respect of any shares in the company or relating to the conversion, exchange or redemption of any such shares; (b) any contract, agreement, option or instrument under which a person has power to acquire shares in the company; or (c) any power or authority in a person in relation to the voting rights or rights to dividends in respect of any shares in the company; the voting rights or rights to dividends in respect of any shares in the company were, at any time during the year of income, capable of being varied or abrogated in such a manner (notwithstanding that they were not in fact varied or abrogated in that manner) that: (d) not less than three ‑ quarters of the voting power in the company would have been capable of being exercised by one person or by persons not more than 20 in number; (e) not less than three ‑ quarters of: (i) the amount of any dividend paid by the company during the year of income; or (ii) if more than one dividend was paid by the company during the year of income—the total amount of all the dividends paid by the company during the year of income; would have been paid to one person or to persons not more than 20 in number; or (f) in the case where the company did not pay a dividend during the year of income—if a dividend had been paid by the company at any time during the year of income, not less than three ‑ quarters of the amount of that dividend would have been paid to one person or to persons not more than 20 in number. (7) For the purposes of this section: (a) a person, whether or not he or she holds shares in the company concerned; (b) his or her relatives; and (c) in relation to any shares in respect of which they are such nominees, his or her nominees and the nominees of any of his or her relatives; shall be deemed to be one person.", "Amendment_Count": 19, "First_Amended": "No 44 of 1951", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 44 of 1951 | No 90 of 1952 | No 110 of 1964 | No 47 of 1972 | No 51 of 1973 | No 165 of 1973 | No 216 of 1973 | No 20 of 1974 | No 126 of 1977 | No 92 of 1981 | No 108 of 1981 | No 154 of 1981 | No 47 of 1984 | No 121 of 1997 | No 63 of 1998 | No 57 of 2002 | No 101 of 2004 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 44 of 1951, effective 7 Dec 1951 (s 2) | Repealed by No 90 of 1952, effective s 3–24: 18 Nov 1952 (s 2) | Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 47 of 1972, effective s 3–12: 7 June 1972 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 165 of 1973, effective s 3–36: 11 Dec 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, Sch 1 item 22, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 126 of 1977, item 8, effective 10 Nov 1977 (s 2) | Amended by No 92 of 1981, effective Sch: 1 July 1982 (s 2(3)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 154 of 1981, effective s 4–31 and 39–41: 26 Oct 1981 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 121 of 1997, Sch 1 item 70 | Sch 5 item 81, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 63 of 1998, Sch 7 item 22 | Sch 7 item 23, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 57 of 2002, Sch 12 item 4, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 101 of 2004, item 104A | item 4, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 101 of 2006, Sch 2 item 299, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 277 | Sch 5 item 278, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s103A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109", "Provision_Key": "s109", "Heading": "Excessive payments to shareholders, directors and associates deemed to be dividends", "Text": "(1) If a private company pays or credits to an associated person an amount (in this subsection called the excessive amount ) that is, or purports to be: (a) remuneration for services rendered by the associated person; or (b) an allowance, gratuity or compensation in consequence of the retirement of the associated person from an office or employment held by the associated person in the company, or upon the termination of any such office or employment; so much (if any) of the excessive amount as exceeds an amount that, in the opinion of the Commissioner, is reasonable: (c) is not an allowable deduction; and (d) shall, for the purposes of this Act other than Division 11A of Part III, be deemed to be a dividend paid by the company: (i) to the associated person as a shareholder in the company; (ii) out of profits derived by the company; and (iii) on the last day of the year of income of the company in which the excessive payment or credit is made. Note: This section does not apply to an amount if the amount is paid to a CGT concession stakeholder under subsection 152 ‑ 325(1) of the Income Tax Assessment Act 1997 (see subsection 152 ‑ 325(11)). (2) For the purposes of this section: (a) a transfer of property shall be deemed to be the payment of an amount equal to the value of the property; and (b) a reference to an associated person, in relation to a company, is a reference to: (i) a person who is, or has been, a shareholder in, or director of, the company; or (ii) a person who is an associate, within the meaning of section 318, of a person who is, or has been, a shareholder in, or director of, the company.", "Amendment_Count": 6, "First_Amended": "No 90 of 1952", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 90 of 1952 | No 85 of 1959 | No 108 of 1987 | No 135 of 1990 | No 101 of 2006 | No 42 of 2009", "History_Notes": "Repealed and substituted by No 90 of 1952, effective s 3–24: 18 Nov 1952 (s 2) | Amended by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Repealed and substituted by No 108 of 1987, effective s 4–40: 13 Nov 1987 (s 2) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 101 of 2006, Sch 2 item 25 | Sch 2 item 26 | Sch 2 item 302, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 42 of 2009, Sch 2 item 17 | Sch 2 item 38, effective Sch 1 (items 11–16), Sch 2 (items 17, 18) and Sch 4 (item 1): 23 June 2009 (s 2(1) items 2, 4, 8)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109B", "Provision_Key": "s109b", "Heading": "Simplified outline of this Division", "Text": "The following is a simplified outline of this Division: This Division treats 3 kinds of amounts as dividends paid by a private company: • amounts paid by the company to a shareholder or shareholder’s associate (see section 109C); • amounts lent by the company to a shareholder or shareholder’s associate (see sections 109D and 109E); • amounts of debts owed by a shareholder or shareholder’s associate to the company that the company forgives (see section 109F). This treatment makes the amounts assessable income of the shareholder or associate (under section 44). However, some payments, loans and forgiven debts are not treated as dividends. (See Subdivisions C and D.) Also, this Division does not apply to demerger dividends. (See Subdivision DA.) An amount may be treated as a dividend even if it is paid or lent by the company to the shareholder or associate through one or more interposed entities. (See Subdivision E.) An amount may also be included in the assessable income of a shareholder or shareholder’s associate if: (a) a company has an unpaid present entitlement to income of a trust; and (b) the trustee makes a payment or loan to, or forgives a debt of, the shareholder or associate. (See Subdivisions EA and EB.) If the total of the amounts is more than the company’s distributable surplus, only the part of the total equal to the distributable surplus is treated as dividends. (See section 109Y.) This Division applies to non ‑ share equity interests and non ‑ share dividends in the same way it applies to shares and dividends.", "Amendment_Count": 6, "First_Amended": "No 47 of 1998", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 47 of 1998 | No 163 of 2001 | No 90 of 2002 | No 23 of 2005 | No 79 of 2007 | No 75 of 2010", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 163 of 2001, Sch 1 item 80, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 90 of 2002, Sch 16 item 17, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 23 of 2005, Sch 3 item 35, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 79 of 2007, Sch 1 item 1, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 75 of 2010, Sch 1 item 9, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109BA", "Provision_Key": "s109ba", "Heading": "Application of Division to non ‑ share dividends", "Text": "This Division: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109BA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109BB", "Provision_Key": "s109bb", "Heading": "Application of Division to closely ‑ held corporate limited partnerships", "Text": "This Division applies to a corporate limited partnership in relation to a year of income in the same way as it applies to a private company in relation to a year of income, if, any time during the year of income: (a) the partnership has fewer than 50 members; or (b) any entity has, directly or indirectly, and for the entity’s own benefit, an entitlement to a 75% or greater share of the income or capital of the partnership. Example: Michael has an entitlement to an 80% share of the income of 2 fixed trusts. The 2 fixed trusts have, between them, an entitlement to 100% of the income of a corporate limited partnership. For the purposes of paragraph (b), Michael has, indirectly, and for his own benefit, an entitlement to a 75% or greater share of the income of the partnership.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109BB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109BC", "Provision_Key": "s109bc", "Heading": "Application of Division to non ‑ resident companies", "Text": "(1) This Division applies, in relation to a payment, loan or debt forgiveness, in relation to a private company that is a non ‑ resident as if: (a) references in this Division to a year of income of the company were references to a tax accounting period in relation to the company in relation to a foreign tax imposed by a tax law of: (i) if the company is a resident of only one foreign country—that foreign country; or (ii) otherwise—the foreign country to which subsection (2) applies; and (b) references in this Division to the lodgment day for the year of income were references to the due date for lodgment of the company’s return of income for the tax accounting period under that tax law. (2) For the purposes of subparagraph (1)(a)(ii), this subsection applies to a foreign country (the relevant country ) if: (a) the company is a resident of the relevant country; and (b) of all the tax accounting periods: (i) in relation to the company in relation to the foreign taxes imposed by the tax laws of the foreign countries of which the company is resident; and (ii) during which the payment, loan or debt forgiveness is made; the tax accounting period under the tax law of the relevant country ends first; and (c) if more than one of the tax accounting periods mentioned in paragraph (b) end first—the due date for lodgment of the company’s return of income for the tax accounting period under the tax law of the relevant country is not later than the due date for lodgment for any of the other tax accounting periods that end first. (3) In this section: tax accounting period has the meaning given by section 317. tax law has the meaning given by section 317. Note: Section 109L prevents amounts from being included in assessable income under this Division if the amounts are included in, or excluded from, assessable income under another provision of this Act, such as the rules relating to CFCs and FIFs.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109BC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109C", "Provision_Key": "s109c", "Heading": "Payments treated as dividends", "Text": "When private company is taken to pay a dividend (1) A private company is taken to pay a dividend to an entity at the end of the private company’s year of income if the private company pays an amount to the entity during the year and either: (a) the payment is made when the entity is a shareholder in the private company or an associate of such a shareholder; or (b) a reasonable person would conclude (having regard to all the circumstances) that the payment is made because the entity has been such a shareholder or associate at some time. Note 1: Some payments do not give rise to dividends under Subdivision D. This section also does not give rise to a dividend if the amount is paid to a CGT concession stakeholder under subsection 152 ‑ 325(1) of the Income Tax Assessment Act 1997 (see subsection 152 ‑ 325(11)). Note 2: A private company is treated as making a payment to a shareholder or shareholder’s associate if an interposed entity makes a payment to the shareholder or associate. See Subdivision E. Amount of dividend (2) The dividend is taken to equal the amount paid, subject to section 109Y. Note: Section 109Y limits the total amount of dividends taken to have been paid by a private company under this Division to the company’s distributable surplus. What is a payment to an entity? (3) In this Division, payment to an entity means: (a) a payment to the extent that it is to the entity, on behalf of the entity or for the benefit of the entity; and (b) a credit of an amount to the extent that it is: (i) to the entity; or (ii) on behalf of the entity; or (iii) for the benefit of the entity; and (c) a transfer of property to the entity. Note: See also section 109CA ( Payment includes provision of asset). Loans are not payments (3A) However, a loan to an entity is not a payment to the entity. Note: Payments converted to loans before the private company’s lodgment day are treated as loans (see subsection 109D(4A)). Value of payment by transfer of property (4) The amount of a payment consisting of a transfer of property is the amount that would have been paid for the transfer by parties dealing at arm’s length less any consideration given by the transferee for the transfer. (The amount of a payment is nil if the consideration given by the transferee equals or exceeds the amount that would have been paid at arm’s length for the transfer.)", "Amendment_Count": 4, "First_Amended": "No 47 of 1998", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 47 of 1998 | No 79 of 2007 | No 42 of 2009 | No 75 of 2010", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 1 | Sch 8 item 109B | Sch 8 item 109F | Sch 8 item 109J | Sch 8 item 109K | Sch 8 item 109L | Sch 8 item 109N | Sch 8 item 109X | Sch 8 item 109Z, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 79 of 2007, Sch 1 item 2, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 42 of 2009, Sch 2 item 18, effective Sch 1 (items 11–16), Sch 2 (items 17, 18) and Sch 4 (item 1): 23 June 2009 (s 2(1) items 2, 4, 8) | Amended by No 75 of 2010, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 27, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109CA", "Provision_Key": "s109ca", "Heading": "Payment includes provision of asset", "Text": "(1) In this Division, payment to an entity includes the provision of an asset for use by the entity. Note: This includes provision under a lease or licence. Example: Yacht builder Mainbrace Enterprises Pty Ltd owns a yacht for the purpose of sales demonstrations. With the private company’s permission, one of its shareholders uses the yacht on weekends. The company has made a payment to the shareholder, unless one of the exceptions to subsection (1) applies. (2) The time the payment is made is the time the entity first: (a) uses the asset with the permission of the provider of the asset; or (b) has a right to use the asset (whether alone or together with other entities), at a time when the provider of the asset does not have a right: (i) to use the asset; or (ii) to provide the asset for use by another entity. Example: Paragraph (a) could apply if a shareholder were driving a company car with the company’s permission. Paragraph (b) could apply if the shareholder had the car parked at his or her house or at another place of his or her choosing. (3) However, if the use or right continues into another income year of the entity, treat the provision of the asset for use in the other income year as being a separate payment made at the start of that year. Exceptions (4) Subsection (1) does not apply if the provision of the asset would, if done in respect of the employment of an employee, be a minor benefit under section 58P of the Fringe Benefits Tax Assessment Act 1986 . (5) Subsection (1) does not apply to the extent that, if the entity had incurred and paid expenditure in respect of the provision of the asset, a once ‑ only deduction would have been allowable to the entity in respect of the expenditure, ignoring Divisions 28 (Car expenses) and 900 (Substantiation rules) of the Income Tax Assessment Act 1997 . (6) Subsection (1) does not apply to the provision of a dwelling, if: (a) the entity, or an associate of the entity, carries on a business; and (b) the entity or associate: (i) uses; or (ii) is granted or has a lease, licence or other right to use; land, water or a building for the purpose of carrying on the business; and (c) the provision of the dwelling to the entity is connected with that use or with that lease, licence or other right. Note: For the meaning of land , see section 2B of the Acts Interpretation Act 1901 . (7) Subsection (1) does not apply to the provision of a dwelling, if: (a) the dwelling is the main residence of the entity; and (b) the provider of the dwelling is a private company; and (c) the private company acquired the dwelling before 1 July 2009; and (d) the private company would meet the conditions in section 165 ‑ 12 of the Income Tax Assessment Act 1997 (which is about the company maintaining the same owners) if, despite subsection 165 ‑ 12(1), the ownership test period were the period: (i) starting on the start of 1 July 2009; and (ii) ending at the time of payment, worked out under subsection (2) of this section. (7A) Subsection (1) does not apply to the provision of a dwelling to the entity if: (a) the dwelling is a flat or home unit that is part of a complex of 2 or more flats or home units; and (b) the provider of the dwelling is a company that owns a legal or equitable interest in the land on which the complex is erected; and (c) there is more than one share in the company, and each share (whether singly or as part of a parcel of shares) gives the relevant shareholder the right to occupy a flat or home unit in the complex; and (d) each flat or home unit in the complex is covered by a share, or a parcel of shares, in the company; and (e) the dwelling is provided to the entity because a shareholder holds such a share, or parcel of shares; and (f) the company does not have legal or equitable interests in any assets other than legal or equitable interests in: (i) the complex, and the land on which it is erected; and (ii) any related land and buildings; and (iii) any related plant, machinery, equipment, furniture or fittings; and (iv) any assets relating to the matters mentioned in paragraph (g); and (g) the assessable income of the company is derived predominantly from: (i) managing and maintaining the complex (including the assets mentioned in subparagraphs (f)(i), (ii) and (iii)); and (ii) interest and dividends relating to income derived from managing and maintaining the complex (including the assets mentioned in those subparagraphs). (7B) Subsection (7A) does not apply in a case to which Subdivision E (about interposed entities) applies, if the company mentioned in that subsection is interposed between: (a) a private company; and (b) a shareholder, or an associate of a shareholder, of the private company. (8) Section 118 ‑ 120 of the Income Tax Assessment Act 1997 (Extension to adjacent land) applies in relation to subsections (6) to (7A) of this section in the same way as it applies in relation to Subdivision 118 ‑ B of that Act. (9) Subsection (1) does not apply if the provision of the asset to the entity is a transfer of property to the entity. Note: For transfers of property, see paragraph 109C(3)(c). Value of payment (10) Subject to subsection (11), the amount of the payment is: (a) the amount that would have been paid for the provision of the asset by the parties dealing at arm’s length; less (b) any consideration given for the provision of the asset by the entity. (11) The amount of the payment is nil if the consideration given by the entity equals or exceeds the amount that would have been paid at arm’s length for the provision of the asset.", "Amendment_Count": 4, "First_Amended": "No 75 of 2010", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 75 of 2010 | No 46 of 2011 | No 12 of 2012 | No 84 of 2022", "History_Notes": "Inserted by No 75 of 2010, Sch 1 item 12 | Sch 1 item 32, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 46 of 2011, Sch 2 item 689, effective Sch 2 (items 688–692) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 5, 12) | Amended by No 12 of 2012, Sch 6 item 4 | Sch 6 item 251, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 84 of 2022, Sch 3 item 27, effective Sch 3 (items 18–27, 33): 1 Jan 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109CA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109D", "Provision_Key": "s109d", "Heading": "Loans treated as dividends", "Text": "Loans treated as dividends in year of making (1) A private company is taken to pay a dividend to an entity at the end of one of the private company’s years of income (the current year ) if: (a) the private company makes a loan to the entity during the current year; and (b) the loan is not fully repaid before the lodgment day for the current year; and (c) Subdivision D does not prevent the private company from being taken to pay a dividend because of the loan at the end of the current year; and (d) either: (i) the entity is a shareholder in the private company, or an associate of such a shareholder, when the loan is made; or (ii) a reasonable person would conclude (having regard to all the circumstances) that the loan is made because the entity has been such a shareholder or associate at some time. Note 1: Some repayments cannot be counted for the purpose of this subsection. See section 109R. Note 2: A private company is treated as making a loan to a shareholder or shareholder’s associate if an interposed entity makes a loan to the shareholder or associate. See Subdivision E. Amount of dividend (1AA) The amount of the dividend taken under subsection (1) to have been paid is the amount of the loan that has not been repaid before the lodgment day for the current year, subject to section 109Y. Note: Section 109Y limits the total amount of dividends taken to have been paid by a private company under this Division to the company’s distributable surplus. Loans treated as dividends in year following that of making (1A) A private company is taken to pay a dividend to an entity at the end of the private company’s year of income (the current year ) if: (a) the private company made a loan to the entity during the previous year of income; and (b) it made the loan in the course of a winding ‑ up of the private company by a liquidator; and (c) the loan is not fully repaid by the end of the current year; and (d) either: (i) the entity is a shareholder in the private company, or an associate of such a shareholder, when the loan is made; or (ii) a reasonable person would conclude (having regard to all the circumstances) that the loan is made because the entity has been such a shareholder or associate at some time. Subdivision D (other than section 109R) does not apply to loans covered by this subsection. Amount of dividend (2) The amount of the dividend taken under subsection (1A) to have been paid is the amount of the loan that has not been repaid at the end of the current year, subject to section 109Y. Note: Section 109Y limits the total amount of dividends taken to have been paid by a private company under this Division to the company’s distributable surplus. What is a loan? (3) In this Division, loan includes: (a) an advance of money; and (b) a provision of credit or any other form of financial accommodation; and (c) a payment of an amount for, on account of, on behalf of or at the request of, an entity, if there is an express or implied obligation to repay the amount; and (d) a transaction (whatever its terms or form) which in substance effects a loan of money. In which year of income is a loan made? (4) For the purposes of this Division, a loan is made to an entity at the time the amount of the loan is paid to the entity by way of loan or anything described in subsection (3) is done in relation to the entity. Payment converted to loan before lodgment day (4A) If: (a) a private company makes a payment to an entity at a time in a year of income; and (b) the payment is converted to a loan before the end of the private company’s lodgment day for the year of income; for the purposes of this Division, treat the events mentioned in paragraphs (a) and (b) as the private company making a loan to the entity at the time mentioned in paragraph (a). Loans made before 4 December 1997 (5) If the terms of a loan made before 4 December 1997 are varied on or after that day by extending the term of the loan or increasing its amount, this Division applies to the loan as if it were made on the new terms when the variation occurred. When is the lodgment day? (6) In this Division, the lodgment day for a private company’s year of income is the earlier of: (a) the due date for lodgment of the private company’s return of income for the year of income; and (b) the date of lodgment of the private company’s return of income for the year of income. Note: For the lodgment day for a private company that is a non ‑ resident, see section 109BC.", "Amendment_Count": 4, "First_Amended": "No 47 of 1998", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 47 of 1998 | No 41 of 2005 | No 79 of 2007 | No 75 of 2010", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109E | Sch 8 item 109G | Sch 8 item 109M | Sch 8 item 109N | Sch 8 item 109P | Sch 8 item 109U | Sch 8 item 109W | Sch 8 item 109X | Sch 8 item 109Z | Sch 8 item 7, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 41 of 2005, Sch 9 item 1 | Sch 9 item 3 | Sch 9 item 4 | Sch 9 item 5 | Sch 9 item 6 | Sch 9 item 12, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 7 | Sch 1 item 30 | Sch 1 item 32, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 75 of 2010, Sch 1 item 14 | Sch 1 item 28, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109E", "Provision_Key": "s109e", "Heading": "Amalgamated loan from a previous year treated as dividend if minimum repayment not made", "Text": "Amalgamated loan treated as dividend in first year in which payment is less than minimum yearly repayment (1) A private company is taken to pay a dividend to an entity at the end of one of the private company’s years of income (the current year ) if: (a) the private company made an amalgamated loan to the entity in an earlier year of income; and (b) the amalgamated loan is not repaid at the end of the current year; and (c) the amount (if any) paid to the private company during the current year in relation to the amalgamated loan falls short of the minimum yearly repayment of the amalgamated loan worked out under subsection (5) for the current year; and (d) section 109Q does not apply in relation to the current year. Note: The amalgamated loan does not give rise to a dividend for that year if the minimum yearly repayment is not made and the entity satisfies the Commissioner that treating the loan as a dividend would cause hardship. See section 109Q. Amount of dividend (2) The amount of the dividend is taken to be the amount of the shortfall mentioned in paragraph (1)(c), subject to section 109Y. Note: Section 109Y limits the total amount of dividends taken to have been paid by a private company under this Division to the company’s distributable surplus. What is an amalgamated loan? (3) For the purposes of this Division, a private company is taken to make a loan (the amalgamated loan ) to a single entity during a year of income if the private company makes one or more loans ( constituent loans ) to the entity during the year, each of which: (a) is not fully repaid before the lodgment day for the year; and (b) would cause the company to be taken under section 109D to pay a dividend to the entity at the end of the year, apart from section 109N; and (c) has the same maximum term for the purposes of that section. The amount of the amalgamated loan is the sum of the amounts of the constituent loans that have not been repaid before the lodgment day for the year of income in which the amalgamated loan is made. (3A) Subsection (3B) applies if: (a) a private company is taken to have made an amalgamated loan (the old amalgamated loan ) during a year of income (the original year of income ); and (b) the maximum term of the old amalgamated loan under subsection 109N(3) was 7 years; and (c) in a later year of income (the later year of income ): (i) a constituent loan taken account of by the old amalgamated loan becomes secured by a mortgage over real property; and (ii) the term of the constituent loan is extended; and (d) as a result of the mortgage, the maximum term of the constituent loan under subsection 109N(3) is 25 years; and (e) the term of the constituent loan after the extension (including the period before the extension during which the constituent loan was in existence) does not exceed 25 years. (3B) For the purposes of this Division in relation to the later year of income and subsequent years of income: (a) treat the constituent loan as a new amalgamated loan that takes account of that constituent loan; and (b) treat the new amalgamated loan as having been made just before the start of the later year of income; and (c) treat the amount of the new amalgamated loan just before the start of the later year of income as the amount of the constituent loan that had not been repaid at that time; and (d) unless paragraph (e) applies—reduce the amount of the old amalgamated loan just before the start of the later year of income by the amount of the new amalgamated loan at that time; and (e) if the constituent loan was the only constituent loan taken account of by the old amalgamated loan—disregard the old amalgamated loan. Payments in relation to constituent loans treated as payments in relation to amalgamated loan (4) For the purposes of this Division, a payment to the private company in relation to a constituent loan in a year of income after the one in which the constituent loan was made is taken to be a payment in relation to the amalgamated loan that takes account of the constituent loan. Minimum yearly repayment (5) The minimum yearly repayment of an amalgamated loan for a year of income is the amount worked out using the formula in subsection (6). However, the minimum yearly repayment of an amalgamated loan for a year of income is the amount worked out under the regulations, if they provide for working it out. Formula for minimum yearly repayment (6) The formula for the minimum yearly repayment for a year of income is: where: current year’s benchmark interest rate is the benchmark interest rate for the year of income for which the minimum yearly repayment is being worked out. remaining term is the difference between: (a) the number of years in the longest term of any of the constituent loans that the amalgamated loan takes account of; and (b) the number of years between the end of the private company’s year of income in which the loan was made and the end of the private company’s year of income before the year of income for which the minimum yearly repayment is being worked out; rounded up to the next higher whole number if the difference is not already a whole number. Note: Section 109R provides that certain payments relating to a loan are not to be taken into account for the purposes of working out the minimum yearly repayment. Benchmark interest rate used to work out how much of a payment relating to amalgamated loan is a repayment (7) Work out the amount of an amalgamated loan repaid by the end of a year of income on the basis that interest is payable on the balance of the loan from time to time in a year of income at a rate equal to the benchmark interest rate for the year of income.", "Amendment_Count": 3, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 41 of 2005 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 1 | Sch 8 item 109F | Sch 8 item 109P | Sch 8 item 109Q | Sch 8 item 109R | Sch 8 item 109Z, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 41 of 2005, Sch 9 item 7 | Sch 9 item 8, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 9 | Sch 1 item 11 | Sch 1 item 13 | Sch 1 item 15, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109F", "Provision_Key": "s109f", "Heading": "Forgiven debts treated as dividends", "Text": "Forgiven debt treated as dividend (1) A private company is taken to pay a dividend to an entity at the end of the private company’s year of income if all or part of a debt the entity owed the private company is forgiven in that year and either: (a) the amount is forgiven when the entity is a shareholder in the private company, or an associate of such a shareholder; or (b) a reasonable person would conclude (having regard to all the circumstances) that the amount is forgiven because the entity has been such a shareholder or associate at some time. Note: In some cases forgiving a debt does not give rise to a dividend. See section 109G. Amount of dividend (2) The amount of the dividend equals the amount of debt forgiven, subject to section 109Y. Note: Section 109Y limits the total amount of dividends taken to have been paid by a private company under this Division to the company’s distributable surplus. When is a debt forgiven? (3) An amount of a debt is forgiven for the purposes of this Division if and when the amount would be forgiven under section 245 ‑ 35 or 245 ‑ 37 of the Income Tax Assessment Act 1997 , assuming the amount were a debt to which Subdivisions 245 ‑ C to 245 ‑ G of that Act apply. Note: Division 245 of the Income Tax Assessment Act 1997 applies to forgiveness of certain commercial debts. Discharge of debt by transfer of property is not forgiveness (4) Despite subsection (3), an amount of debt is not forgiven for the purposes of this Division if the obligation to pay the amount is discharged by a payment to the creditor consisting of a transfer of property. Note: Subsection 109C(4) explains how to work out the value of a payment consisting of a transfer of property. Debt forgiveness by debt parking (5) An amount of debt an entity (the debtor ) owes a private company is also forgiven for the purposes of this Division if: (a) the private company assigns the right to receive payment of the amount to another entity (the new creditor ) who is either: (i) an associate of the debtor; or (ii) a party to an arrangement with the debtor about the assignment; and (b) a reasonable person would conclude (having regard to all the circumstances) that the new creditor will not exercise the assigned right. Debt forgiveness by failure to rely on obligation to pay (6) An amount of debt an entity (the debtor ) owes a private company is also forgiven for the purposes of this Division if a reasonable person would conclude (having regard to all the circumstances) that the private company will not insist on the entity paying the amount or rely on the entity’s obligation to pay the amount. (The amount is forgiven when a reasonable person would first reach that conclusion.) Forgiveness of amalgamated loan debt (7) If a private company forgives an amount of debt resulting from a constituent loan taken into account in working out the amount of an amalgamated loan under subsection 109E(3), the private company is taken to forgive the same amount of the debt resulting from the amalgamated loan. This section operates on only the earliest debt forgiveness (8) If the same debt is forgiven for the purposes of this Division at different times under different provisions of this section, this section operates on the first forgiveness only. Example: Subsection (3) of this section provides that a debt is forgiven if it has not been paid by the time a statute of limitations prevents recovery of the debt. (It does this by applying paragraph 245 ‑ 35(b) of the Income Tax Assessment Act 1997 .) The debt might already have been forgiven under subsection (6) of this section (because a reasonable person would have concluded earlier that the private company was not going to insist on payment). This section would apply to the forgiveness under subsection (6) but not the forgiveness under subsection (3).", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 47 of 1998 | No 79 of 2010", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109B | Sch 8 item 109G | Sch 8 item 109Z, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 79 of 2010, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109G", "Provision_Key": "s109g", "Heading": "Debt forgiveness that does not give rise to a dividend", "Text": "Forgiveness of debt owed by company generally not treated as dividend (1) A private company is not taken under this Division to pay a dividend because a debt owed to it by another company is forgiven. Note: This does not apply to a debt owed by a company as trustee. (See section 109ZE.) Forgiveness of debts under Bankruptcy Act not treated as dividends (2) A private company is not taken under this Division to pay a dividend because a debt is forgiven because the debtor becomes a bankrupt or because of Part X of the Bankruptcy Act 1966 . Forgiveness of loan debt does not give rise to dividend if loan gives rise to dividend under section 109D (3) A private company is not taken under section 109F to pay a dividend at the end of a year of income because of the forgiveness of an amount of a debt resulting from a loan if, because of the loan, the private company is taken: (a) under section 109D to pay a dividend at the end of that year or an earlier one; or (b) under former subsection 108(1) to pay a dividend on the last day of that year or an earlier one. Reduced dividend for forgiveness of loan debt if loan causes dividend under section 109E (3A) Subsection (3B) applies if: (a) a private company is taken under section 109F to pay a dividend at the end of a year of income because of the forgiveness of an amount of a debt resulting from a loan; and (b) the private company is taken under section 109E to pay a dividend at the end of an earlier year of income in relation to the loan. (3B) The amount of the dividend mentioned in paragraph (3A)(a) is reduced by the amount of the dividend mentioned in paragraph (3A)(b) (but not below zero). Note: There may be more than one reduction under this subsection if the private company has been taken under section 109E to pay more than one dividend in relation to the loan. Commissioner may treat forgiveness as not giving rise to dividend (4) A private company is not taken under this Division to pay a dividend because of the forgiveness of a debt owed by an entity if the Commissioner is satisfied that: (a) the debt was forgiven because payment of the debt would have caused the entity undue hardship; and (b) when the entity incurred the debt, the entity had the capacity to pay the debt; and (c) the entity lost the ability to pay the debt in the foreseeable future as a result of circumstances beyond the entity’s control.", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109F, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 79 of 2007, Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109H", "Provision_Key": "s109h", "Heading": "Simplified outline of this Subdivision", "Text": "The following is a simplified outline of this Subdivision: This Subdivision sets out rules about payments and loans that are not treated as dividends. The following sorts of payments are not treated as dividends: • payments of genuine debts (section 109J); • payments to other companies (section 109K); • payments that are otherwise assessable or that are specifically excluded from assessable income (section 109L). The following sorts of loans are not treated as dividends: • loans to other companies (section 109K); • loans that are otherwise assessable (section 109L); • loans made in the ordinary course of business on ordinary commercial terms (section 109M); • loans that meet criteria for minimum interest rate and maximum term (section 109N); • certain loans and distributions by liquidators (section 109NA); • loans that are for the purpose of funding the purchase of certain ESS interests under an employee share scheme (section 109NB). An amalgamated loan may not be treated as a dividend if the Commissioner is satisfied that doing so would cause undue hardship. (See section 109Q.) This Subdivision also provides for some loan repayments and interest payments to private companies to be disregarded if they are made with the intention of borrowing a similar amount from a private company later. (See section 109R.)", "Amendment_Count": 3, "First_Amended": "No 47 of 1998", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 47 of 1998 | No 56 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 56 of 2007, Sch 3 item 14, effective Sch 3 (items 1–7, 14–16, 39): 12 Apr 2007 (s 2) | Amended by No 133 of 2009, Sch 1 item 16, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109J", "Provision_Key": "s109j", "Heading": "Payments discharging pecuniary obligations not treated as dividends", "Text": "A private company is not taken under section 109C to pay a dividend because of the payment of an amount, to the extent that the payment: (a) discharges an obligation of the private company to pay money to the entity; and (b) is not more than would have been required to discharge the obligation had the private company and entity been dealing with each other at arm’s length.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109J"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109K", "Provision_Key": "s109k", "Heading": "Inter ‑ company payments and loans not treated as dividends", "Text": "A private company is not taken under section 109C or 109D to pay a dividend because of a payment or loan the private company makes to another company. Note: This does not apply to a payment or loan to a company in its capacity as trustee. (See section 109ZE.)", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109K"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109L", "Provision_Key": "s109l", "Heading": "Certain payments and loans not treated as dividends", "Text": "(1) A private company is not taken under section 109C or 109D to pay a dividend because of a payment or loan the private company makes to an entity, to the extent that the payment or loan would be included in the entity’s assessable income apart from this Division (as it operates in conjunction with section 44). (2) In addition, a private company is not taken under section 109C or 109D to pay a dividend because of a payment or loan that the private company made to an entity to the extent that a provision of this Act (other than this Division) has the effect that the payment or loan is not included in the entity’s assessable income even though it would otherwise be included.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109L"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109M", "Provision_Key": "s109m", "Heading": "Loans made in the ordinary course of business on arm’s length terms not treated as dividends", "Text": "A private company is not taken under section 109D to pay a dividend because of a loan made: (a) in the ordinary course of the private company’s business; and (b) on the usual terms on which the private company makes similar loans to parties at arm’s length.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109M"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109N", "Provision_Key": "s109n", "Heading": "Loans meeting criteria for minimum interest rate and maximum term not treated as dividends", "Text": "Criteria (1) A private company that makes a loan to an entity in one of the private company’s years of income is not taken under section 109D to pay a dividend at the end of the year of income because of the loan if, before the lodgment day for the year of income: (a) the agreement that the loan was made under is in writing; and (b) the rate of interest payable on the loan for years of income after the year in which the loan is made equals or exceeds the benchmark interest rate for the year; and (c) the term of the loan does not exceed the term (the maximum term ) for that kind of loan worked out under subsection (3). Benchmark interest rate (2) The benchmark interest rate for the year of income is the Indicator Lending Rates—Bank variable housing loans interest rate last published by the Reserve Bank of Australia before the start of the year of income. However, the benchmark interest rate is the rate worked out under the regulations, if they provide for working it out. Maximum term (3) The maximum term is: (a) 25 years for a loan if: (i) 100% of the value of the loan is secured by a mortgage over real property that has been registered in accordance with a law of a State or Territory; and (ii) when the loan is first made, the market value of that real property (less the amounts of any other liabilities secured over that property in priority to the loan) is at least 110% of the amount of the loan; and (b) 7 years for any other loan. However, the maximum term for a loan is the period worked out under the regulations, if they provide for working out the maximum term for that kind of loan. (3A) Reduce the maximum term under paragraph (3)(a) for a loan (the new loan ) in accordance with subsection (3B) if: (a) the new loan results from the refinancing of another loan (the old loan ); and (b) the maximum term of the old loan under subsection (3) was 7 years; and (c) the maximum term of the new loan under subsection (3) is 25 years (disregarding this subsection). (3B) The amount of the reduction is equal to the length of the period: (a) starting when the old loan was made; and (b) ending when the old loan was refinanced. (3C) Reduce the maximum term under paragraph (3)(b) for a loan (the new loan ) in accordance with subsection (3D) if: (a) the new loan results from the refinancing of another loan (the old loan ); and (b) the maximum term of the old loan under subsection (3) was 25 years; and (c) the maximum term of the new loan under subsection (3) is 7 years (disregarding this subsection); and (d) the length of the period: (i) starting when the old loan was made; and (ii) ending when the old loan was refinanced; exceeds 18 years. (3D) The amount of the reduction is the excess mentioned in paragraph (3C)(d). Regulations may adopt rate as published from time to time (4) Regulations made for the purposes of subsection (2) may apply, adopt or incorporate a rate published in an instrument after they are made or take effect, or a rate contained in an instrument from time to time despite any other Act.", "Amendment_Count": 4, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 140 of 2003 | No 41 of 2005 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109E | Sch 8 item 109H | Sch 8 item 109Z | Sch 8 item 10, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 140 of 2003, Sch 1 item 27, effective Sch 1 (item 27): 1 Jan 2005 (s 2(1) item 3) | Amended by No 41 of 2005, Sch 9 item 9 | Sch 9 item 10, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 1 item 6 | Sch 1 item 10 | Sch 1 item 12 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 30 | Sch 1 item 32, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109N"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109NA", "Provision_Key": "s109na", "Heading": "Certain liquidator’s distributions and loans not treated as dividends", "Text": "A private company is not taken under section 109C or subsection 109D(1) to pay a dividend because of a distribution or loan made in the course of the winding ‑ up of the company by a liquidator. Note: However, if such a loan is not fully repaid by the end of the following year of income, the company will be taken to have paid a dividend under subsection 109D(1A).", "Amendment_Count": 1, "First_Amended": "No 47 of 1998", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 47 of 1998", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109H, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109NA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109NB", "Provision_Key": "s109nb", "Heading": "Loans to purchase shares under employee share schemes not treated as dividends", "Text": "A private company is not taken under section 109D to pay a dividend because of a loan made solely for the purpose of enabling the shareholder, or an associate of the shareholder, to acquire an ESS interest under an employee share scheme (within the meaning of the Income Tax Assessment Act 1997 ) to which: (a) Subdivision 83A ‑ B, and the provisions referred to in paragraphs 83A ‑ 33(1)(a) to (c), of that Act apply; or (aa) Subdivision 83A ‑ B, and the provisions referred to in paragraphs 83A ‑ 35(1)(a) and (b), of that Act apply; or (b) Subdivision 83A ‑ C of that Act applies.", "Amendment_Count": 4, "First_Amended": "No 47 of 1998", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 47 of 1998 | No 56 of 2007 | No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109H, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 56 of 2007, Sch 3 item 15, effective Sch 3 (items 1–7, 14–16, 39): 12 Apr 2007 (s 2) | Repealed and substituted by No 133 of 2009, Sch 1 item 17, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 105 of 2015, Sch 1 item 1, effective Sch 1 (items 1, 44): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109NB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109P", "Provision_Key": "s109p", "Heading": "Amalgamated loans not treated as dividends in the year they are made", "Text": "A private company is not taken under section 109D to pay a dividend because of an amalgamated loan it makes. Note: A shortfall in a minimum yearly repayment of an amalgamated loan may be treated as a dividend under section 109E.", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 79 of 2007, Sch 1 item 11, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109P"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109Q", "Provision_Key": "s109q", "Heading": "Commissioner may allow amalgamated loan not to be treated as dividend", "Text": "(1) A private company is not taken under section 109E to pay a dividend at the end of one of its years of income (the current year ) because of an amalgamated loan to an entity if: (a) the amount paid to the private company by the entity in the current year in relation to the loan is less than the minimum yearly repayment of the loan for the current year worked out under subsection 109E(5); and (b) the entity satisfies the Commissioner that: (i) that amount was less than the minimum yearly repayment because of circumstances beyond the entity’s control; and (ii) the entity would suffer undue hardship if the private company were taken under section 109E to pay a dividend to the entity at the end of the current year because of the loan. (2) In deciding whether he or she is satisfied, the Commissioner must consider: (a) the entity’s capacity, at the end of the year of income in which the amalgamated loan was made, to repay the loan; and (b) any circumstances that have reduced the entity’s capacity to repay the loan; and (c) whether the entity took all reasonable steps to make payments relating to the amalgamated loan during the current year equal to the minimum yearly repayment of the loan for the current year; and (d) whether the entity has made payments relating to the loan as soon as possible after the current year equalling the difference between: (i) the minimum yearly repayment for the current year; and (ii) the amount of payments made during the current year relating to the loan.", "Amendment_Count": 1, "First_Amended": "No 47 of 1998", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 47 of 1998", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109E | Sch 8 item 109H, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109Q"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109R", "Provision_Key": "s109r", "Heading": "Some payments relating to loans not taken into account", "Text": "(1) This section provides for some payments to a private company in relation to a loan the private company made to an entity not to be taken into account for the purpose of working out: (a) how much of the loan has been repaid for the purposes of sections 109D and 109E (which treat amounts of loans that have not been repaid as dividends); or (b) the minimum yearly repayment for the loan under subsection 109E(5). (2) A payment must not be taken into account if: (a) a reasonable person would conclude (having regard to all the circumstances) that, when the payment was made, the entity intended to obtain a loan or loans from the private company of a total amount similar to, or larger than, the payment; or (b) both of the following subparagraphs apply: (i) the entity obtained, before the payment was made, a loan or loans from the private company of a total amount similar to, or larger than, the amount of the payment; (ii) a reasonable person would conclude (having regard to all the circumstances) that the entity obtained the loan or loans in order to make the payment. (3) Subsection (2) does not apply to a payment made by setting off against an amount payable in relation to the loan: (a) a dividend payable by the private company to the entity; or (b) work and income support related withholding payments and benefits payable by the private company to the entity; or (ba) payments covered by section 12 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 ; or (c) if the entity has transferred property to the private company—an amount equalling the difference between: (i) the amount that a party at arm’s length from the entity would have paid for the transfer of the property to the party; and (ii) the amount that the private company has already paid the entity (by way of set ‑ off or otherwise) for the transfer. (4) Nor does subsection (2) apply to a payment made on behalf of the entity (the borrower ) by another entity paying to the private company an amount that: (a) is payable by the other entity to the borrower; and (b) is assessable income of the borrower for the year of income in which the payment was made or an earlier year of income. (5) Subsection (2) does not apply to a payment if: (a) the payment is made to refinance the loan mentioned in subsection (1) (the old loan ); and (b) the entity to which the old loan was made has another loan (the primary loan) from another entity; and (c) the old loan becomes subordinated to the primary loan; and (d) the refinancing of the old loan mentioned in paragraph (a) took place in connection with that subordination; and (e) that subordination arose as a result of circumstances beyond the control of the entity to which the old loan was made; and (f) the entity to which the old loan was made and the other entity dealt with each other at arm’s length in relation to that subordination; and (g) the private company and the other entity dealt with each other at arm’s length in relation to that subordination. (6) Subsection (2) does not apply to a payment if: (a) the payment is made to refinance the loan mentioned in subsection (1) (the old loan ); and (b) the refinancing results in another loan (the new loan ); and (c) the maximum term of the old loan under subsection 109N(3) was 7 years; and (d) the maximum term of the new loan under subsection 109N(3) is 25 years (reduced in accordance with subsection 109N(3B)). (7) Subsection (2) does not apply to a payment if: (a) the payment is made to refinance the loan mentioned in subsection (1) (the old loan ); and (b) the refinancing results in another loan (the new loan ); and (c) the maximum term of the old loan under subsection 109N(3) was 25 years; and (d) the maximum term of the new loan under subsection 109N(3) is: (i) unless subparagraph (ii) applies—7 years; or (ii) if subsection 109N(3D) applies—7 years reduced in accordance with that subsection.", "Amendment_Count": 4, "First_Amended": "No 47 of 1998", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 79 of 2007 | No 75 of 2010", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109D | Sch 8 item 109E | Sch 8 item 109H, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 24 | Sch 18 item 25, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 79 of 2007, Sch 1 item 12, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 75 of 2010, Sch 1 item 15 | Sch 1 item 23, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109RA", "Provision_Key": "s109ra", "Heading": "Demerger dividends not treated as dividends", "Text": "This Division does not apply to a demerger dividend to which section 45B does not apply.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109RA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109RB", "Provision_Key": "s109rb", "Heading": "Commissioner may disregard operation of Division or allow dividend to be franked", "Text": "(1) The Commissioner may make a decision under subsection (2) if: (a) this Division (disregarding this section) operates with the result that: (i) a private company is taken to pay a particular dividend to a particular entity (the recipient ) under this Division; or (ii) a particular amount is included, as if it were a dividend, in the assessable income of a particular entity (also the recipient ) in relation to a private company under Subdivision EA; and (b) the result mentioned in paragraph (a) arises because of an honest mistake or inadvertent omission by any of the following entities: (i) the recipient; (ii) the private company; (iii) any other entity whose conduct contributed to that result. (2) The Commissioner may decide in writing that: (a) the result mentioned in paragraph (1)(a) should be disregarded (see subsection (4)); or (b) the dividend mentioned in subparagraph (1)(a)(i) may be franked in accordance with Part 3 ‑ 6 of the Income Tax Assessment Act 1997 (see subsection (6)). (3) In making a decision under subsection (2) (or refusing to make such a decision), the Commissioner must have regard to the following: (a) the circumstances that led to the mistake or omission mentioned in paragraph (1)(b); (b) the extent to which any of the entities mentioned in paragraph (1)(b) have taken action to try to correct the mistake or omission and if so, how quickly that action was taken; (c) whether this Division has operated previously in relation to any of the entities mentioned in paragraph (1)(b), and if so, the circumstances in which this occurred; (d) any other matters that the Commissioner considers relevant. (4) The Commissioner may make a decision under subsection (2) subject to any of the following kinds of condition: (a) a condition that the recipient or another entity must make specified payments to the private company or another entity within a specified time; (b) a condition that a specified requirement in this Division must be met within a specified time. (5) This Division is taken not to operate with the result mentioned in paragraph (1)(a) if: (a) the Commissioner makes a decision under paragraph (2)(a); and (b) if the Commissioner makes the decision subject to a condition under subsection (4)—the condition is satisfied. (6) If the Commissioner makes a decision under paragraph (2)(b), subparagraph 202 ‑ 45(g)(i) of the Income Tax Assessment Act 1997 does not make the dividend mentioned in subparagraph (1)(a)(i) unfrankable. (7) Despite subsection 33(3A) of the Acts Interpretation Act 1901 , each decision made under subsection (2) must relate only to one amount that would (disregarding this section): (a) be taken to be a dividend paid by the private company; or (b) be included, as if it were a dividend, in the assessable income of an entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109RB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109RC", "Provision_Key": "s109rc", "Heading": "Dividend may be franked if taken to be paid because of family law obligation", "Text": "(1) This section applies if a dividend is taken to be paid under this Division because of a family law obligation. (2) Subparagraph 202 ‑ 45(g)(i) of the Income Tax Assessment Act 1997 does not make the amount of the dividend unfrankable. (3) The dividend can be franked in accordance with Part 3 ‑ 6 of the Income Tax Assessment Act 1997 only if: (a) the dividend is franked at the private company’s benchmark franking percentage for the franking period in which the dividend is taken to be paid; or (b) if the private company does not have a benchmark franking percentage for the period—the dividend is franked at a franking percentage of 100%. (4) For the purposes of subsection (3), if the recipient of the dividend is not a member of the private company for the purposes of Part 3 ‑ 6 of the Income Tax Assessment Act 1997 , treat that recipient as such a member.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109RC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109RD", "Provision_Key": "s109rd", "Heading": "Commissioner may extend period for repayments of amalgamated loan", "Text": "(1) The Commissioner may make a decision under subsection (2) if: (a) section 109E operates with the result that a private company is taken to pay a particular dividend to a particular entity (the recipient ); and (b) the shortfall mentioned in paragraph 109E(1)(c) arises because the recipient is unable to pay the private company the minimum yearly repayment mentioned in that paragraph because of circumstances beyond the recipient’s control. (2) The Commissioner may decide in writing that the result mentioned in paragraph (1)(a) should be disregarded (see subsection (4)) if the recipient pays the private company the amount of the shortfall within a specified time. (3) In making a decision under subsection (2) (or refusing to make such a decision), the Commissioner must have regard to the following: (a) the nature of the circumstances mentioned in paragraph (1)(b); (b) any other matters that the Commissioner considers relevant. (4) This Division is taken not to operate with the result mentioned in paragraph (1)(a) if: (a) the Commissioner makes a decision under subsection (2); and (b) the recipient pays the private company the amount of the shortfall within the specified time. (5) Despite subsection 33(3A) of the Acts Interpretation Act 1901 , each decision made under subsection (2) must relate only to one amount that would be taken to be a dividend paid by the private company (disregarding this section).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109RD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109S", "Provision_Key": "s109s", "Heading": "Simplified outline of this Subdivision", "Text": "The following is a simplified outline of this Subdivision: This Subdivision allows a private company to be taken under Subdivision B to pay a dividend to an entity (the target entity ) if an entity interposed between the private company and the target entity makes a payment or loan to the target entity under an arrangement involving the private company. This result is achieved by treating the private company as making a payment or loan of an amount determined by the Commissioner to the target entity (according to whether the interposed entity made a payment or loan to the target entity). (See sections 109V (for payments) and 109W (for loans).) The arrangement must involve the private company and one or more interposed entities in making payments or loans or giving loan guarantees for the purpose of the target entity receiving a payment or loan from an interposed entity. (See sections 109T, 109U and 109UA.) If the target entity repays a fraction of the loan made by the interposed entity, the target entity is treated as repaying the same fraction of the loan taken to have been made by the private company. (See subsection 109W(3).) Some provisions that prevent payments or loans from giving rise to dividends do not apply to payments or loans this Subdivision treats a private company as making. (See section 109X.)", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 47 of 1998 | No 95 of 2004", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109S"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109T", "Provision_Key": "s109t", "Heading": "Payments and loans by a private company to an entity through one or more interposed entities", "Text": "(1) This Division operates as if a private company makes a payment or loan to an entity (the target entity ) as described in section 109V or 109W if: (a) the private company makes a payment or loan to another entity (the first interposed entity ) that is interposed between the private company and the target entity; and (b) a reasonable person would conclude (having regard to all the circumstances) that the private company made the payment or loan solely or mainly as part of an arrangement involving a payment or loan to the target entity; and (c) either: (i) the first interposed entity makes a payment or loan to the target entity; or (ii) another entity interposed between the private company and the target entity makes a payment or loan to the target entity. This section operates regardless of certain factors (2) For the purposes of this section, it does not matter: (a) whether the interposed entity made the payment or loan to the target entity before, after or at the same time as the first interposed entity received the payment or loan from the private company; or (b) whether or not the interposed entity paid or lent the target entity the same amount as the private company paid or lent the first interposed entity. This section does not operate if the payment or loan to the first interposed entity is treated as a dividend (3) This Division does not operate as described in subsection (1) (and sections 109V and 109W) if the private company is taken under Subdivision B (as it applies apart from this Subdivision) to pay a dividend as a result of the payment or loan to the first interposed entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109T"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109U", "Provision_Key": "s109u", "Heading": "Payments and loans through interposed entities relying on guarantees", "Text": "(1) This Division operates as if a private company makes a payment to an entity (the target entity ) as described in section 109V if: (a) during a year of income the private company guarantees a loan made by another entity (the first interposed entity ); and (b) a reasonable person would conclude (having regard to all the circumstances) that the private company gave the guarantee solely or mainly as part of an arrangement involving a payment or loan to the target entity; and (c) either: (i) the first interposed entity that is a private company makes a loan to the target entity; or (ii) another entity that is a private company interposed between the private company and the target entity makes a payment or loan to the target entity; and (d) the amount of the payment or the loan is greater than the amount worked out using the formula: (2) The amount of the payment from the private company to the target entity (as worked out under section 109V) is to be reduced by the amount worked out using the formula: (3) In the formulas in paragraph (1)(d) and subsection (2): distributable surplus means the distributable surplus (worked out under subsection 109Y(2)) for the interposed entity that made the payment or loan to the target entity for the year of income. subsection 109Y(3) amount means the total of any amounts calculated under subsection 109Y(3) in relation to that interposed entity for the year of income (apart from as a result of the operation of this section). This section operates regardless of certain factors (4) For the purposes of this section, it does not matter: (a) whether the interposed entity made the payment or loan to the target entity before, after or at the same time as the first interposed entity received the guarantee from the private company; or (b) whether or not the interposed entity paid or lent the target entity the same amount as the private company guaranteed.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109U"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109UA", "Provision_Key": "s109ua", "Heading": "Certain liabilities under guarantees treated as payments", "Text": "(1) Section 109T operates as if one entity (the first entity ) makes a payment to a second entity if the first entity guarantees a loan the second entity makes to a third entity (the target entity ) and, as a result of the guarantee, the first entity has a liability (other than a contingent liability) to make a payment to the second entity. Example: A private company guarantees a loan that a bank makes to a shareholder in the private company and the shareholder defaults on the loan. As a result, the company has a presently existing liability to make a payment to the bank. Section 109T operates as if the private company had made a payment to the bank, so the company is treated by section 109V as making a payment to the shareholder (because the bank is interposed between company and shareholder). (2) The amount of the payment (as worked out under section 109V) is to be reduced by any amount treated as a dividend as a result of the operation of section 109U in relation to the payment or loan made by the interposed entity to the target entity. (3) A private company is not taken under this Division to pay a dividend because of the operation of subsection (1) in relation to a guarantee if the Commissioner is satisfied that: (a) the target entity would suffer undue hardship if the private company were taken to pay a dividend to the entity because of the liability; and (b) when the target entity entered into the loan, the entity had the capacity to pay the loan. (4) This section does not the limit the operation of section 109T. (5) Subsection (1) does not apply if: (a) as a result of the first entity’s liability mentioned in that subsection, the target entity has a liability (other than a contingent liability) to make a payment to the first entity; and (b) because of section 109N, the liability to make a payment to the first entity is not treated under this Division as giving rise to a dividend paid to the first entity.", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 79 of 2007, Sch 1 item 14, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109UA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109V", "Provision_Key": "s109v", "Heading": "Amount of private company’s payment to target entity through one or more interposed entities", "Text": "Private company taken to pay if target entity is paid (1) If the target entity is paid an amount by the interposed entity, this Division operates as if the private company had paid the amount (if any) determined by the Commissioner to the target entity when the interposed entity paid the target entity. Determining the amount of the private company’s payment (2) In determining the amount of the payment the private company is taken to have made, the Commissioner must take account of: (a) the amount the interposed entity paid the target entity; and (b) how much (if any) of that amount the Commissioner believes represented consideration payable to the target entity by the private company or any of the interposed entities for anything (assuming that the consideration payable equals that for similar transactions at arm’s length).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109V"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109W", "Provision_Key": "s109w", "Heading": "Private company’s loan to target entity through one or more interposed entities", "Text": "Private company taken to lend if target entity receives loan (1) If the target entity is lent an amount by the interposed entity, this Division operates as if the private company had made a loan (the notional loan ) of the amount (if any) determined by the Commissioner to the target entity when the interposed entity made the loan to the target entity. Note: Subsection 109D(4) specifies the time at which a loan is made. How big is the notional loan? (2) In determining the amount of the notional loan, the Commissioner must take account of: (a) the amount the interposed entity lent the target entity; and (b) how much (if any) of that amount the Commissioner believes represented consideration payable to the target entity by the private company or any of the interposed entities for anything (assuming that the consideration payable equals that for similar transactions at arm’s length). Notional repayments of notional loan (3) When working out whether the private company is taken under section 109D to pay a dividend as a result of the notional loan, and the amount of any such dividend, assume that the target entity repays an amount of the notional loan equal to the amount worked out using the formula: where: amount actually lent to target entity is the amount the interposed entity lent to the target entity. repayment made by target entity to lender is the amount of any repayment made by the target entity of the loan the interposed entity made to the target entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109W"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109X", "Provision_Key": "s109x", "Heading": "Operation of Subdivision D in relation to payment or loan", "Text": "Payment or loan not affected by being made through interposed entity (1) Despite sections 109K and 109L, a private company may be taken under section 109C or 109D to pay a dividend as a result of this Subdivision treating the private company as making a payment or loan to an entity (the target entity ), even if: (a) the private company is treated that way because it makes a payment or loan to an entity that is a company interposed between the private company and the target entity; or (b) some or all of the amount paid or lent by a private company to an entity interposed between the private company and the target entity is included in the interposed entity’s assessable income for a year of income. (2) Subsections (3) and (4) apply if a notional loan arises under section 109W because an entity interposed between the private company and the target entity makes a loan (the actual loan ) to the target entity. (3) For the purposes of section 109N, treat the agreement under which the actual loan was made as the agreement under which the notional loan was made. (4) For the purposes of section 109E: (a) treat the notional loan as an amalgamated loan from the private company to the target entity; and (b) treat the amount of the notional loan worked out under subsection 109W(1) as the amount of the amalgamated loan; and (c) treat the agreement under which the actual loan was made as the agreement under which the amalgamated loan was made; and (d) treat repayments by the target entity of the amount of the notional loan worked out under subsection 109W(3) as payments by the target entity to the private company in relation to the amalgamated loan.", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109S, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 79 of 2007, Sch 1 item 15, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109X"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XA", "Provision_Key": "s109xa", "Heading": "Payments, loans and debt forgiveness by a trustee in favour of a shareholder etc. of a private company with an unpaid present entitlement", "Text": "Payments (1) Section 109XB applies if: (a) a trustee makes a payment (including a payment through an interposed entity as described in section 109XF) to a shareholder or an associate of a shareholder of a private company (except a shareholder or associate that is a company) (the actual transaction ); and (b) the payment is a discharge of or a reduction in a present entitlement of the shareholder or associate that is wholly or partly attributable to an amount that is an unrealised gain; and (c) either: (i) the company is presently entitled to an amount from the net income of the trust estate at the time the actual transaction takes place, and the whole of that amount has not been paid to the company before the earlier of the due date for lodgment and the date of lodgment of the trustee’s return of income for the trust for the year of income of the trust in which the actual transaction takes place; or (ii) the company becomes presently entitled to an amount from the net income of the trust estate after the actual transaction takes place, but before the earlier of the due date for lodgment and the date of lodgment of the trustee’s return of income for the trust for the year of income of the trust in which the actual transaction takes place, and the whole of the amount has not been paid to the company before the earlier of those dates. Note: For entitlements through interposed trusts, see section 109XI. Loan repayments (1A) Disregard paragraph (1)(b) if: (a) subsection (1) has previously applied because the trustee made a payment (the original transaction ) to the shareholder, or to an associate of the shareholder, during a previous year of income; and (b) the shareholder, or an associate of the shareholder, makes a loan or loans to the trustee on or after 1 July 2009; and (c) either: (i) a reasonable person would conclude (having regard to all the circumstances) that at the time the original transaction took place the shareholder, or an associate of the shareholder, intended to make the loan or loans to the trustee; or (ii) the shareholder, or an associate of the shareholder, made the loan or loans to the trustee before the time the original transaction took place and a reasonable person would conclude (having regard to all the circumstances) that the trustee obtained the loan or loans in order to make the payment; and (d) the actual transaction is applied to repay all or a part of the loan or loans. (1B) For the purposes of applying section 109XB in a case covered by subsections (1) and (1A) of this section, disregard section 109J (Payments discharging pecuniary obligations not treated as dividends). Loans (2) Section 109XB applies if: (a) a trustee makes a loan (including a loan through an interposed entity as described in section 109XG) to a shareholder or an associate of a shareholder of a private company (except a shareholder or associate that is a company) (the actual transaction ); and (b) either: (i) the company is presently entitled to an amount from the net income of the trust estate at the time the actual transaction takes place, and the whole of that amount has not been paid to the company before the earlier of the due date for lodgment and the date of lodgment of the trustee’s return of income for the trust for the year of income of the trust in which the actual transaction takes place; or (ii) the company becomes presently entitled to an amount from the net income of the trust estate after the actual transaction takes place, but before the earlier of the due date for lodgment and the date of lodgment of the trustee’s return of income for the trust for the year of income of the trust in which the actual transaction takes place, and the whole of the amount has not been paid to the company before the earlier of those dates. Note: For entitlements through interposed trusts, see section 109XI. Forgiven debts (3) Section 109XB applies if: (a) all or part of a debt owed to a trustee by a shareholder or an associate of a shareholder of a private company is forgiven (except where the shareholder or associate is a company) (the actual transaction ); and (b) either: (i) the company is presently entitled to an amount from the net income of the trust estate at the time the actual transaction takes place, and the whole of that amount has not been paid to the company before the earlier of the due date for lodgment and the date of lodgment of the trustee’s return of income for the trust for the year of income of the trust in which the actual transaction takes place; or (ii) the company becomes presently entitled to an amount from the net income of the trust estate after the actual transaction takes place, but before the earlier of the due date for lodgment and the date of lodgment of the trustee’s return of income for the trust for the year of income of the trust in which the actual transaction takes place, and the whole of the amount has not been paid to the company before the earlier of those dates. Note: For entitlements through interposed trusts, see section 109XI. Amount involved in the actual transaction (4) The amount involved in the actual transaction is the lesser of: (a) the amount actually involved in the actual transaction; and (b) the amount worked out using the formula: where: previous transactions means the sum of: (a) the amounts that, because of previous applications of section 109UB (as in force before the commencement of this section) have been taken to be loans; and (b) the amounts that, because of previous applications of this Subdivision, have been included in an entity’s assessable income; in relation to the unpaid present entitlement. unpaid present entitlement means: (a) in a case mentioned in subparagraph (1)(c)(i), (2)(b)(i) or (3)(b)(i)—the amount of the present entitlement that remained unpaid on the earlier of the dates mentioned in that subparagraph; and (b) in a case mentioned in subparagraph (1)(c)(ii), (2)(b)(ii) or (3)(b)(ii)—the amount of the present entitlement that remained unpaid on the earlier of the dates mentioned in that subparagraph. The amount of the actual transaction where the entitlement is only partly attributable to an unrealised gain (5) For the purposes of subsection (4), where the actual transaction was a payment and that payment was only partly attributable to an amount that is an unrealised gain, the amount of the actual transaction is taken to be the amount of the payment that was attributable to the amount that is the unrealised gain. Creation of a present entitlement is not a payment (6) The creation of a present entitlement to the capital or income of a trust estate is not, of itself, a payment for the purposes of this Subdivision. Meaning of unrealised gain (7) In this section: unrealised gain , in relation to a trust estate and an actual payment, means any unrealised gain, whether of a capital or income nature, but does not include an unrealised gain to the extent that it has been or would be included in the assessable income of the trust, apart from this Division, for: (a) a year of income before the year in which the actual payment was made; or (b) the year of income in which the actual payment was made; or (c) the year of income following the year in which the actual payment was made.", "Amendment_Count": 3, "First_Amended": "No 95 of 2004", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 95 of 2004 | No 75 of 2010", "History_Notes": "Inserted by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 75 of 2010, Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 31, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XB", "Provision_Key": "s109xb", "Heading": "Amounts included in assessable income", "Text": "(1) An amount is included, as if it were a dividend paid by the company at the end of the year of income of the company in which the actual transaction took place, in the assessable income of the shareholder or associate referred to in subsection 109XA(1), (2) or (3) if: (a) had the actual transaction been done by a private company (the notional company ); and (b) had the shareholder or associate been a shareholder of the notional company at the time the actual transaction took place; an amount (the Division 7A amount ) would have been included in the shareholder’s or associate’s assessable income because of a provision of this Division outside this Subdivision. (2) Subject to section 109Y, the amount that is included under subsection (1) is the Division 7A amount. Note: There are some modifications of this Division for the purposes of working out the Division 7A amount: see section 109XC.", "Amendment_Count": 2, "First_Amended": "No 95 of 2004", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 95 of 2004 | No 75 of 2010", "History_Notes": "Inserted by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 75 of 2010, Sch 1 item 18 | Sch 1 item 22 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 28 | Sch 1 item 31, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XC", "Provision_Key": "s109xc", "Heading": "Modifications", "Text": "Modifications for this Subdivision only (1) The modifications in this section have effect for the purposes of the operation of this Subdivision. General modifications (2) This Division (but not this Subdivision) applies to an actual transaction done by a trustee of a trust estate with these modifications: (a) a reference (except in section 109Y) to an amount paid to a private company has effect as a reference to an amount paid to the trustee; and (b) a reference to a year of income of a private company has effect as a reference to the corresponding year of income of the trust estate; and (c) a reference to the ordinary course of a private company’s business has effect as a reference to the ordinary course of the trust estate’s business. Modified operation of section 109J (4) Section 109J does not apply to a payment to the extent that it is a discharge of or a reduction in a present entitlement. Modified operation of section 109R (6) For the purposes of applying section 109R to an actual transaction: (a) a reference in that section to obtaining a loan from a private company has effect as a reference to obtaining a loan from the trustee; and (b) a reference in that section to property transferred to a private company has effect as a reference to property transferred to the trustee; and (c) a reference in that section to an amount paid by a private company for a transfer of property has effect as a reference to an amount paid by the trustee for a transfer of property. Modified operation of section 109Y (7) Section 109Y applies to the Division 7A amount in this way: (a) assume that the private company referred to in subsection 109XA(1), (2) or (3) had been taken to have paid a dividend to the shareholder or associate referred to in that subsection equal to the Division 7A amount; and (b) assume that the dividend was taken to have been paid at the end of the year of income of the company in which the actual transaction took place; and (c) a reference in that section to a private company’s distributable surplus has effect as a reference to the distributable surplus of the private company referred to in paragraph (a). Certain provisions do not apply (8) Subsection 109D(1A), sections 109K, 109NA and 109NB and paragraph 109R(3)(a) do not apply to an actual transaction.", "Amendment_Count": 3, "First_Amended": "No 95 of 2004", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 95 of 2004 | No 41 of 2005 | No 75 of 2010", "History_Notes": "Inserted by No 95 of 2004, effective s 4, Sch 1, 8 and 9: 29 June 2004 (s 2(1) items 1, 2, 7) Sch 7 (items 11–13): 1 July 2004 (s 2(1) item 6) | Amended by No 41 of 2005, Sch 9 item 1, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 75 of 2010, Sch 1 item 23, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XD", "Provision_Key": "s109xd", "Heading": "Forgiveness of loan debt does not give rise to assessable income if loan gives rise to assessable income", "Text": "An amount is not included in the assessable income for a year of income of the shareholder or associate referred to in subsection 109XA(3) because of the forgiveness of an amount of a debt resulting from a loan if, because of the loan, an amount was included in the assessable income of the shareholder or associate under section 109XB (or former section 109UB) in that or an earlier year of income.", "Amendment_Count": 1, "First_Amended": "No 75 of 2010", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 75 of 2010", "History_Notes": "Inserted by No 75 of 2010, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XE", "Provision_Key": "s109xe", "Heading": "Simplified outline of this Subdivision", "Text": "The following is a simplified outline of this Subdivision: Payments and loans This Subdivision allows an amount to be included in an entity’s (the target entity’s ) assessable income under Subdivision EA if an entity interposed between a trustee and the target entity makes a payment or loan to the target entity under an arrangement involving the trustee. This result is achieved by treating the trustee as making a payment or loan of an amount determined by the Commissioner to the target entity. The arrangement must involve the trustee and one or more interposed entities in making payments or loans for the purpose of the target entity receiving a payment or loan from an interposed entity. If the target entity repays a fraction of the loan made by the interposed entity, the target entity is treated as repaying the same fraction of the loan taken to have been made by the trustee. Some provisions that prevent payments or loans from giving rise to assessable income do not apply to payments or loans this Subdivision treats a trustee as making. Present entitlements This Subdivision similarly allows an amount to be included in an entity’s assessable income under Subdivision EA if a private company is or becomes presently entitled to an amount from the net income of a trust estate interposed between the private company and another trust estate (the target trust ) under an arrangement involving the target trust.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XF", "Provision_Key": "s109xf", "Heading": "Payments through interposed entities", "Text": "(1) For the purposes of paragraphs 109XA(1)(a) and (1A)(a), a trustee is taken to have made a payment to a shareholder, or to an associate of a shareholder, (the target entity ) of a private company if: (a) the trustee makes a payment or loan to another entity (the first interposed entity ) that is interposed between: (i) the trustee; and (ii) the target entity; and (b) a reasonable person would conclude (having regard to all the circumstances) that the trustee made the payment or loan solely or mainly as part of an arrangement involving a payment to the target entity; and (c) either: (i) the first interposed entity makes a payment to the target entity; or (ii) another entity interposed between the trustee and the target entity makes a payment to the target entity. (2) For the purposes of this section, it does not matter: (a) whether the interposed entity made the payment to the target entity before, after or at the same time as the first interposed entity received the payment or loan from the trustee; or (b) whether or not the interposed entity paid the target entity the same amount as the trustee paid or lent the first interposed entity. (3) Treat the reference in paragraph 109XA(1)(b) to a payment as being a reference to the payment to the target entity mentioned in paragraph (1)(c) of this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XG", "Provision_Key": "s109xg", "Heading": "Loans through interposed entities", "Text": "Loans by a trustee through interposed entities (1) For the purposes of paragraph 109XA(2)(a), a trustee is taken to have made a loan (the notional loan ) to a shareholder, or to an associate of a shareholder, (the target entity ) of a private company if: (a) the trustee makes a payment or loan to another entity (the first interposed entity ) that is interposed between: (i) the trustee; and (ii) the target entity; and (b) a reasonable person would conclude (having regard to all the circumstances) that the trustee made the payment or loan solely or mainly as part of an arrangement involving a loan to the target entity; and (c) either: (i) the first interposed entity makes a loan to the target entity; or (ii) another entity interposed between the trustee and the target entity makes a loan to the target entity. (2) For the purposes of this section, it does not matter: (a) whether the interposed entity made the loan to the target entity before, after or at the same time as the first interposed entity received the payment or loan from the trustee; or (b) whether or not the interposed entity lent the target entity the same amount as the trustee paid or lent the first interposed entity. Notional loans (3) When working out whether an amount is included in the assessable income of the target entity under section 109XB as a result of the notional loan under subsection (1) of this section, and the amount included in assessable income, assume that the target entity repays an amount of the notional loan equal to the amount worked out using the formula: where: amount actually lent to target entity is the amount the interposed entity lent to the target entity. repayment made by target entity to lender is the amount of any repayment made by the target entity of the loan the interposed entity made to the target entity. (4) For the purposes of section 109E (Amalgamated loan from a previous year treated as dividend if minimum repayment not made): (a) treat the notional loan as an amalgamated loan from the private company to the target entity; and (b) treat the amount of the notional loan worked out under section 109XH as the amount of the amalgamated loan; and (c) treat the agreement under which the actual loan was made as the agreement under which the amalgamated loan was made; and (d) treat repayments by the target entity of the amount of the notional loan worked out under subsection (3) of this section as payments by the target entity to the private company in relation to the amalgamated loan. (5) For the purposes of section 109N (about certain loans not being treated as dividends), treat the agreement under which the actual loan was made as the agreement under which the notional loan was made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XH", "Provision_Key": "s109xh", "Heading": "Amount and timing of payment or loan through interposed entities", "Text": "Amount of payment or loan (1) The amount the trustee is taken under section 109XF or 109XG to have paid or lent the target entity is the amount (if any) determined by the Commissioner. (2) In determining the amount of the payment or loan, the Commissioner must take account of: (a) the amount the interposed entity paid or lent the target entity; and (b) how much (if any) of that amount the Commissioner believes represented consideration payable to the target entity by: (i) the trustee; or (ii) any of the interposed entities; for anything (assuming that the consideration payable equals that for similar transactions at arm’s length). (3) The total of the amounts determined under subsection (1) for payments and loans in relation to which section 109XB applies because of the same present entitlement mentioned in paragraph 109XA(1)(c), (2)(b) or (3)(b) must not exceed the unpaid present entitlement mentioned in subsection 109XA(4). Timing of payment or loan (4) The trustee is taken under section 109XF or 109XG to have made the payment or loan at the time the interposed entity made the payment or loan mentioned in paragraph 109XF(1)(c) or 109XG(1)(c) to the target entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109XI", "Provision_Key": "s109xi", "Heading": "Entitlements to trust income through interposed trusts", "Text": "Entitlements through interposed trusts (1) For the purposes of paragraphs 109XA(1)(c), (2)(b) and (3)(b), a private company is taken to be or to become entitled to an amount from the net income of a trust estate (the target trust ) if: (a) the company is or becomes presently entitled to an amount from the net income of another trust estate (the first interposed trust ) that is interposed between the target trust and the company; and (b) a reasonable person would conclude (having regard to all the circumstances) that the company is or becomes so entitled solely or mainly as part of an arrangement involving an entitlement to an amount from the target trust; and (c) either: (i) the first interposed trust is or becomes presently entitled to an amount from the net income of the target trust; or (ii) another trust interposed between the target trust and the company is or becomes presently entitled to an amount from the net income of the target trust. This section operates regardless of certain factors (2) For the purposes of this section, it does not matter: (a) whether the company became or becomes entitled to the amount from the net income of the first interposed trust before, after or at the same time as the interposed trust became or becomes presently entitled to an amount from the net income of the target trust; or (b) whether or not the company became presently entitled to the same amount as the amount to which the interposed trust become entitled. This section does not operate to the extent Subdivision EA would otherwise apply (3) Subsection (1) does not apply to the extent that an amount is included in the assessable income of a shareholder, or an associate of a shareholder, of the company under Subdivision EA (as it applies apart from this section) as a result of the present entitlement of any interposed trust. Amount of entitlement (4) The amount the private company is taken to be or to become entitled to from the net income of the target trust is the amount (if any) determined by the Commissioner. (5) The total amount determined under subsection (4) for present entitlements to which that subsection applies because of the same present entitlement to an amount from the net income of the target trust mentioned in paragraph (1)(c) must not exceed that amount. (6) In determining the amount of the entitlement, the Commissioner must take account of: (a) the amount the private company is or becomes entitled to from the net income of the first interposed trust; and (b) how much (if any) of that amount the Commissioner believes represented consideration payable to the private company by: (i) the target trust; or (ii) any of the interposed trusts; for anything (assuming that the consideration payable equals that for similar transactions at arm’s length). Timing of entitlement (7) The company is taken to be or to become entitled to the amount from the net income of the target trust at the time the company is or becomes entitled to the amount from the net income of the first interposed trust mentioned in paragraph (1)(a).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109XI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109Y", "Provision_Key": "s109y", "Heading": "Proportional reduction of dividends so they do not exceed distributable surplus", "Text": "Reduction of amounts of dividends (1) If, apart from this section, the sum of all the dividends a private company is taken under this Division to pay at the end of the year of income would be more than the company’s distributable surplus for that year, the amount of each of those dividends is the amount worked out under subsection (3). Distributable surplus (2) A private company’s distributable surplus for its year of income is the amount worked out using the formula: where: Division 7A amounts is the total of any amounts the company is taken under section 109C or 109F to have paid as dividends in the year of income apart from this section. net assets means the amount (if any), at the end of the company’s year of income, by which the company’s assets (according to the company’s accounting records) exceed the sum of: (a) the present legal obligations of the company to persons other than the company; and (b) the following provisions (according to the company’s accounting records): (i) provisions for depreciation; (ii) provisions for annual leave and long service leave; (iii) provisions for amortisation of intellectual property and trade marks; (iv) other provisions prescribed under regulations made for the purposes of this subparagraph. If the Commissioner considers that the company’s accounting records significantly undervalue or overvalue its assets or undervalue or overvalue its provisions, the Commissioner may substitute a value that the Commissioner considers is appropriate. non ‑ commercial loans means the total of: (a) any amounts that: (i) the company is taken under former section 108, or section 109D or 109E, to have paid as dividends in earlier years of income; and (ii) are shown as assets in the company’s accounting records at the end of year of income; and (b) any amounts that are included in the assessable income of shareholders, or associates of shareholders, of the company under section 109XB as if the amounts were dividends paid by the company in earlier years of income. Note: The total amount worked out under paragraph (b) might be reduced under subsection (2A). paid ‑ up share value is the paid ‑ up share capital of the company at the end of its year of income. repayments of non ‑ commercial loans means the total of: (a) any repayments to the company of loans or amounts that have been taken by former section 108, or section 109D or 109E, to be dividends; and (b) amounts set off against loans that have been taken by former section 108, or section 109D or 109E, to be dividends, other than such amounts that are set off as a result of: (i) a dividend (being a later dividend for the purposes of section 109ZC or a subsequent dividend for the purposes of former subsection 108(2)) being paid by the company to the extent of the unfranked part of the dividend; or (ii) a loan, or a part of a loan, being forgiven. (2A) Reduce the total of the amounts worked out under paragraph (b) of the definition of non ‑ commercial loans in subsection (2) by the total of the unfranked parts of any dividends: (a) that are distributed by the company; and (b) to which section 109ZCA applies. (3) The amount of a dividend that a private company is taken under this Division to pay is worked out using the formula: where: provisional dividend is the amount of the dividend that the private company would be taken to pay apart from this section. total of provisional dividends is the sum of all the dividends the private company is taken under this Division to pay at the end of the year of income apart from this section. Requirement for private company to provide statement (4) If this section sets the amount of a dividend taken under this Division to be paid by a private company to an entity at the end of a year of income, the private company must give the entity a written statement as soon as possible after the end of the year of income. What the statement must contain (5) The statement must set out: (a) the private company’s distributable surplus for the year of income; and (b) the total amount the company would be taken under this Division to pay as dividends in the year of income apart from this section.", "Amendment_Count": 7, "First_Amended": "No 47 of 1998", "Last_Amended": "No 31 of 2014", "Amending_Acts": "No 47 of 1998 | No 63 of 1998 | No 23 of 2005 | No 79 of 2007 | No 97 of 2008 | No 75 of 2010 | No 31 of 2014", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109B | Sch 8 item 109C | Sch 8 item 109D | Sch 8 item 109E | Sch 8 item 109F | Sch 8 item 109U | Sch 8 item 109Z, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 63 of 1998, Sch 7 item 24, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 23 of 2005, Sch 3 item 36, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 79 of 2007, Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 34 | Sch 1 item 35 | Sch 1 item 36, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 97 of 2008, Sch 3 item 20, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 75 of 2010, Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 31 of 2014, Sch 4 item 98, effective Sch 4 (items 97, 98): 24 June 2014 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109Y"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109Z", "Provision_Key": "s109z", "Heading": "Characteristics of dividends taken to be paid under this Division", "Text": "If a private company is taken under this Division to have paid a dividend to an entity, the dividend is taken for the purposes of this Act to be paid: (a) to the entity as a shareholder in the private company; and (b) out of the private company’s profits.", "Amendment_Count": 1, "First_Amended": "No 47 of 1998", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 47 of 1998", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109Z"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109ZA", "Provision_Key": "s109za", "Heading": "No dividend taken to be paid for withholding tax purposes", "Text": "If a private company is taken under this Division to have paid a dividend to an entity, disregard the dividend for the purposes of: (a) Division 11A of Part III (which deals with withholding tax on dividends paid to non ‑ residents and some other people); and (c) Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 (which deals with PAYG withholding).", "Amendment_Count": 3, "First_Amended": "No 47 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 26, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 101 of 2006, Sch 1 item 112, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109ZA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109ZB", "Provision_Key": "s109zb", "Heading": "Amount treated as dividend is not a fringe benefit", "Text": "(1) This Division applies to a loan of an amount to an entity by a private company, even if the loan is made: (a) to the entity in its capacity as an employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) or an associate of such an employee; or (b) in respect of the employment of an employee (as defined in that Act). Note: This helps ensure that a loan is not a fringe benefit for the purposes of that Act. (2) This Division applies to a private company’s forgiveness of a debt owed by an entity to the private company, even if: (a) the entity owed the debt in its capacity as an employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) or an associate of such an employee; or (b) the forgiveness occurs in respect of the employment of an employee (as defined in that Act). Note: This helps ensure that the forgiveness of a debt is not a fringe benefit for the purposes of that Act. (3) However, this Division does not apply to a payment made to a shareholder, or an associate of a shareholder, in their capacity as an employee (as defined in the Fringe Benefits Tax Assessment Act 1986 ) or an associate of such an employee.", "Amendment_Count": 1, "First_Amended": "No 47 of 1998", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 47 of 1998", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109ZB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109ZC", "Provision_Key": "s109zc", "Heading": "Treatment of dividend that is reduced on account of an amount taken under this Division to be a dividend", "Text": "(1) This section sets out special rules for dealing with a dividend (the later dividend ) distributed by a private company if some or all of the later dividend is set off against some or all of an amount taken under this Division to be a dividend previously paid by the company. Example: Some or all of a dividend distributed by a private company to a shareholder might be set off to reduce a loan the company had previously made to the shareholder that was treated as a dividend under Subdivision B. (1A) This section also sets out special rules for dealing with a dividend (also the later dividend ) distributed by a private company if: (a) the private company distributes the later dividend to a shareholder in the company; and (b) the shareholder applies the amount of the dividend to repay all or part of a loan: (i) that was obtained from the private company by an associate of the shareholder; and (ii) in relation to which a dividend was previously taken under this Division to have been paid by the private company. (2) The amount of the later dividend set off or applied is taken not to be a dividend for the purposes of this Act, except Part 3 ‑ 6 of the Income Tax Assessment Act 1997 (which deals with franking of distributions). However, if the amount set off or applied exceeds the amount of the later dividend that is not either the franked part of that dividend, or the part of that dividend that has been franked with an exempting credit, the excess is still a dividend. Note: This prevents double taxation by ensuring that the entity’s assessable income does not include the amount of the later dividend that is not paid to the entity (except to the extent that that amount is franked). (3) An amount that is taken not to be a dividend under subsection (2) is not assessable income and is not exempt income.", "Amendment_Count": 5, "First_Amended": "No 47 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 47 of 1998 | No 93 of 1999 | No 66 of 2003 | No 23 of 2005 | No 79 of 2007", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109Y, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 93 of 1999, Sch 5 item 7 | Sch 5 item 8, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 66 of 2003, Sch 3 item 34, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 23 of 2005, Sch 3 item 37 | Sch 3 item 38 | Sch 3 item 112, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 79 of 2007, Sch 1 item 19 | Sch 1 item 20, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109ZC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109ZCA", "Provision_Key": "s109zca", "Heading": "Treatment of dividend that is reduced on account of an amount included in assessable income under Subdivision EA", "Text": "(1) This section sets out special rules for dealing with a dividend (the later dividend ) distributed by a private company if: (a) an amount is included in the assessable income of a shareholder, or an associate of a shareholder, of the company under section 109XB because of a loan made to the shareholder or associate by a trustee in relation to a present entitlement of the company to an amount from the net income of the trust estate; and (b) subsection 109XA(2) applied to the loan; and (c) some or all of the later dividend is applied to repay all or a part of the loan. (2) The amount of the later dividend applied is taken not to be a dividend for the purposes of this Act, except Part 3 ‑ 6 of the Income Tax Assessment Act 1997 (which deals with franking of distributions). (3) However, if the amount set off or applied exceeds the amount of the later dividend that is neither: (a) the franked part of that dividend; nor (b) the part of that dividend that has been franked with an exempting credit; the excess is still a dividend. Note: This prevents double taxation by ensuring that the entity’s assessable income does not include the amount of the later dividend that is not paid to the entity (except to the extent that that amount is franked). (4) An amount that is taken not to be a dividend under subsection (2) is not assessable income and is not exempt income.", "Amendment_Count": 1, "First_Amended": "No 75 of 2010", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 75 of 2010", "History_Notes": "Inserted by No 75 of 2010, Sch 1 item 30, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109ZCA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109ZD", "Provision_Key": "s109zd", "Heading": "Defined terms", "Text": "In this Division: amalgamated loan has the meaning given by subsection 109E(3). arrangement has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 . associate has the meaning given by section 318. benchmark franking percentage has the same meaning as in the Income Tax Assessment Act 1997 . benchmark interest rate for a year of income has the meaning given by subsection 109N(2). deficit has the same meaning as in the Income Tax Assessment Act 1997 . distributable surplus of a company for a year of income has the meaning given by subsection 109Y(2). entity has the meaning given by section 960 ‑ 100 of the Income Tax Assessment Act 1997 . family law obligation means an order, agreement or award mentioned in paragraph 126 ‑ 5(1)(a), (b), (d), (e) or (f) of the Income Tax Assessment Act 1997 . forgive a debt has the meaning given by section 109F. franking account has the same meaning as in the Income Tax Assessment Act 1997 . franking percentage has the same meaning as in the Income Tax Assessment Act 1997 . franking period has the same meaning as in the Income Tax Assessment Act 1997 . guarantee , in relation to a loan, includes providing security for the loan. loan has the meaning given by subsection 109D(3). lodgment day for a private company’s year of income has the meaning given by subsection 109D(6). payment has the meaning given by subsection 109C(3) and section 109CA. unfrankable has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 47 of 1998", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 41 of 2005 | No 101 of 2006 | No 79 of 2007 | No 144 of 2008 | No 75 of 2010", "History_Notes": "Inserted by No 47 of 1998, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 27, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 41 of 2005, Sch 9 item 12, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 101 of 2006, Sch 1 item 113 | Sch 1 item 114, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 144 of 2008, Sch 14 item 29, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 75 of 2010, Sch 1 item 32, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109ZD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 109ZE", "Provision_Key": "s109ze", "Heading": "Interpretation rules about entities", "Text": "The rules in section 960 ‑ 100 of the Income Tax Assessment Act 1997 about entities apply to this Division.", "Amendment_Count": 1, "First_Amended": "No 47 of 1998", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 47 of 1998", "History_Notes": "Inserted by No 47 of 1998, Sch 8 item 109G | Sch 8 item 109K, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s109ZE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 117", "Provision_Key": "s117", "Heading": "Co ‑ operative companies", "Text": "(1) In this Division, co ‑ operative company means a company, not being a friendly society dispensary, the rules of which limit the number of shares which may be held by, or by and on behalf of, any one shareholder, and prohibit the quotation of the shares for sale or purchase at any stock exchange or in any other public manner whatever, and includes a company, not being a friendly society dispensary, which has no share capital, and which in either case is established for the purpose of carrying on any business having as its primary object or objects one or more of the following: (a) the acquisition of commodities or animals for disposal or distribution among its shareholders; (b) the acquisition of commodities or animals from its shareholders for disposal or distribution; (c) the storage, marketing, packing or processing of commodities of its shareholders; (d) the rendering of services to its shareholders; (e) the obtaining of funds from its shareholders for the purpose of making loans to its shareholders to enable them to acquire land or buildings to be used for the purpose of residence or of residence and business. (2) A company is not a co ‑ operative company within the meaning of this Division in relation to a year of income if the company is, for the purposes of section 23G, an approved credit union in relation to that year of income. (3) Subsection (2) does not apply to a credit union in relation to a year of income if: (a) the credit union is a recognised medium credit union in relation to the year of income; or (b) the credit union is a recognised large credit union in relation to the year of income.", "Amendment_Count": 3, "First_Amended": "No 126 of 1974", "Last_Amended": "No 57 of 1993", "Amending_Acts": "No 126 of 1974 | No 154 of 1981 | No 57 of 1993", "History_Notes": "Amended by No 126 of 1974, item 20, effective s 3–46: 6 Dec 1974 (s 2) | Amended by No 154 of 1981, item 12, effective s 4–31 and 39–41: 26 Oct 1981 (s 2) | Amended by No 57 of 1993, item 32, effective s 13–34: 27 Oct 1993 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s117"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 118", "Provision_Key": "s118", "Heading": "Company not co ‑ operative if less than 90% of business with members", "Text": "If, in the ordinary course of business of a company in the year of income, the value of commodities and animals disposed of to, or acquired from, its shareholders by the company, or the amount of its receipts from the storage, marketing, packing and processing of commodities of its shareholders, or from the rendering of services to them, or the amount lent by it to them, is less respectively than 90% of the total value of commodities and animals disposed of or acquired by the company, or of its receipts from the storage, marketing, packing and processing of commodities, or from the rendering of services, or of the total amount lent by it, that company shall in respect of that year be deemed not to be a co ‑ operative company.", "Amendment_Count": 1, "First_Amended": "No 108 of 1981", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 108 of 1981", "History_Notes": "Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s118"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 119", "Provision_Key": "s119", "Heading": "Sums received to be taxed", "Text": "(1) The assessable income of a co ‑ operative company shall include all sums received by it, whether from shareholders or from other persons, for the storage, marketing, packing or processing of commodities, or for the rendering of services, or in payment for commodities or animals or land sold, whether on account of the company or on account of its shareholders. (2) For the purposes of subsection (1), if a credit union (within the meaning of section 23G) receives a payment of, or in the nature of, interest, the payment is taken to be for the rendering of services. (3) Subsection (2) does not limit the generality of subsection (1).", "Amendment_Count": 1, "First_Amended": "No 57 of 1993", "Last_Amended": "No 57 of 1993", "Amending_Acts": "No 57 of 1993", "History_Notes": "Amended by No 57 of 1993, item 33, effective s 13–34: 27 Oct 1993 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s119"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 120", "Provision_Key": "s120", "Heading": "Deductions allowable to co ‑ operative company", "Text": "(1) So much of the assessable income of a co ‑ operative company as: (a) is distributed among its shareholders as rebates or bonuses based on business done by shareholders with the company; (b) is distributed among its shareholders as interest or dividends on shares; or (c) in the case of a company having as its primary object that specified in paragraph 117(1)(b)—is applied by the company for or towards the repayment of any moneys loaned to the company by a government of the Commonwealth or a State to enable the company to acquire assets which are required for the purpose of carrying on the business of the company or to pay that government for assets so required which the company has taken over from that government; shall be an allowable deduction: Provided that the deduction under paragraph (c) shall not be allowed unless shares representing not less than 90% of the value of the company are held by persons who supply the company with the commodities or animals which the company requires for the purposes of its business. (2) No such rebate or bonus based on purchases made by a shareholder from the company shall be included in his or her assessable income except where the amount of such purchases is allowable as a deduction in ascertaining his or her taxable income of any year. (3) It is hereby declared to be the intention of the Parliament that paragraph (1)(c) applies to loans taken out for the purpose of acquiring assets from: (a) government sources; or (b) non ‑ government sources. (4) No deduction is allowable under subsection (1) to the extent that the assessable income of a co ‑ operative company is distributed as the franked part of a franked distribution. (5) For the purposes of this section, in determining whether the assessable income of a co ‑ operative company is distributed as the franked part of a franked distribution, if: (a) an amount is distributed by the co ‑ operative company as a franked distribution; and (b) the franking percentage (within the meaning of the Income Tax Assessment Act 1997 ) for the distribution is less than 100%; and (c) a part of the distribution is attributable to sources other than the assessable income of the co ‑ operative company; it is to be assumed that the franked part of the distribution is attributable, to the greatest extent possible, to those other sources. (6) If a co ‑ operative company distributes assessable income among its shareholders within the period of 3 months (or such longer period as the Commissioner decides) starting at the end of a year of income, the co ‑ operative company may elect that the distribution is to be taken, for the purposes of this section only, to have been made on the last day of the year of income. (7) In this section: franked distribution has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 51 of 1973", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 51 of 1973 | No 108 of 1981 | No 78 of 1996 | No 63 of 1998 | No 176 of 1999 | No 101 of 2003 | No 41 of 2011", "History_Notes": "Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 27, effective s 4–25: 24 June 1981 (s 2) | Amended by No 78 of 1996, Sch 4 item 14, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 63 of 1998, Sch 7 item 25, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 176 of 1999, Sch 8 item 25, effective Sch 8 (items 16–25): 1 July 2000 (s 2(17)) | Amended by No 101 of 2003, Sch 3 item 1 | Sch 3 item 218, effective s 4, Sch 1 (items 1, 21), Sch 3 (items 1, 6), Sch 4, Sch 6 (items 7–15): 14 Oct 2003 (s 2(1) items 1, 3, 5, 6, 14–16) s 5: 11 Oct 2002 (s 2(1) item 2) Sch 6 (item 5): 1 July 1998 (s 2(1) item 12) Sch 6 (item 6): 30 June 1992 (s 2(1) item 13) | Amended by No 41 of 2011, Sch 5 item 280, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s120"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121", "Provision_Key": "s121", "Heading": "Mutual insurance associations", "Text": "(1) An association of persons formed for the purpose of insuring those persons against loss, damage or risk of any kind is taken, for the purposes of this Act, to be a company carrying on the business of insurance. (2) The assessable income of such a company includes all premiums derived by it, whether from its members or not.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Repealed and substituted by No 89 of 2000, Sch 2 item 24, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AA", "Provision_Key": "s121aa", "Heading": "What this Division is about", "Text": "Basically, if an insurance company demutualises and its policyholders or members dispose of their listed shares in the company, for tax purposes the acquisition cost of the shares is based on the lesser of: (a) the embedded value or net tangible asset value of the company; and (b) the value of the company based on the total first trading day price of all shares in the company. Other tax consequences result from disposals of other interests and from other events in connection with the demutualisation.", "Amendment_Count": 1, "First_Amended": "No 171 of 1995", "Last_Amended": "No 171 of 1995", "Amending_Acts": "No 171 of 1995", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AB", "Provision_Key": "s121ab", "Heading": "Insurance company definitions", "Text": "(1) A mutual insurance company is an insurance company: (a) whose profits are divisible only among its policyholders; or (b) that satisfies all of the following conditions: (i) it is limited by guarantee; (ii) it did not divide its profits among its members during the 10 years ending on 9 May 1995; (iii) on a winding ‑ up, its profits are not divisible among its members; or (c) that satisfies all of the following conditions: (i) at 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995, it was a friendly society (within the meaning of this Act as in force at that time); (ii) it was an insurance company on 1 July 1999; (iii) it does not have capital divided into shares held by its members; or (d) if the insurance company is a mutual entity (within the meaning of the Corporations Act 2001 )—that would be covered by paragraph (a), (b) or (c) if the following were disregarded: (i) any MCIs (within the meaning of that Act) issued by the entity; (ii) any dividends or profits paid or payable in respect of such MCIs; (iii) any members of the entity who are members by virtue of holding such MCIs. (2) An insurance company is a life insurance company or a general insurance company. (3) A life insurance company is a company registered under section 21 of the Life Insurance Act 1995 . (4) A general insurance company is a company whose sole or principal business is insurance business within the meaning of subsection 3(1) of the Insurance Act 1973 , but does not include a life insurance company.", "Amendment_Count": 4, "First_Amended": "No 171 of 1995", "Last_Amended": "No 37 of 2019", "Amending_Acts": "No 171 of 1995 | No 20 of 2004 | No 75 of 2009 | No 37 of 2019", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 20 of 2004, effective s 4, Sch 4 (item 1) and Sch 8 (items 9–11, 14): (s 2(1) items 1, 2, 4) Sch 6: 1 July 2000 (s 2(1) item 3) | Amended by No 75 of 2009, Sch 1 item 206, effective Sch 1 (items 206, 207): 27 Feb 2010 (s 2(1) item 2) | Amended by No 37 of 2019, Sch 2 item 13, effective Sch 2 (items 13–16): 6 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AC", "Provision_Key": "s121ac", "Heading": "Mutual affiliate company", "Text": "(1) A mutual affiliate company is a company that satisfies the following conditions: (a) it is limited by guarantee; (b) it is not an insurance company; (c) at least 75% of the policyholders of a mutual insurance company are members of it; (d) it did not divide its profits among its members during the 10 years ending on 9 May 1995; (e) on a winding ‑ up, its profits are not divisible among its members in their capacity as such. (2) If the company is a mutual entity (within the meaning of the Corporations Act 2001 ) then, for the purposes of subsection (1), disregard the following: (a) any MCIs (within the meaning of that Act) issued by the company; (b) any dividends or profits paid or payable in respect of such MCIs; (c) any members of the company who are members by virtue of holding such MCIs.", "Amendment_Count": 2, "First_Amended": "No 171 of 1995", "Last_Amended": "No 37 of 2019", "Amending_Acts": "No 171 of 1995 | No 37 of 2019", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 37 of 2019, Sch 2 item 14 | Sch 2 item 15, effective Sch 2 (items 13–16): 6 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AD", "Provision_Key": "s121ad", "Heading": "Demutualisation and demutualisation resolution day", "Text": "(1) A mutual insurance company demutualises if it ceases to be a mutual insurance company: (a) in any case—other than by ceasing to be an insurance company; or (b) if it is a life insurance company—because the whole of its life insurance business is transferred to another company under a scheme confirmed by the Federal Court of Australia. (2) A mutual affiliate company demutualises if it ceases to be a mutual affiliate company other than by ceasing to be a company. (3) The demutualisation resolution day , in relation to the demutualisation of a company, is: (a) if paragraph (b) does not apply—the day on which the resolution to proceed with the demutualisation is passed; or (b) if paragraph (1)(b) applies to the demutualisation—the day on which the transfer of the whole of the company’s life insurance business takes place.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AE", "Provision_Key": "s121ae", "Heading": "Demutualisation methods, the policyholder/member group and the listing period", "Text": "Demutualisation methods 1 to 6 (1) There are 6 methods by which the demutualisation of a mutual insurance company, where a mutual affiliate company is not also demutualised, may be implemented that are relevant for the purposes of this Division. They are described in sections 121AF to 121AK as demutualisation methods 1 to 6. Demutualisation method 7 (2) There is one method by which the demutualisation of both a mutual insurance company and a mutual affiliate company may be implemented that is relevant for the purposes of this Division. It is described in section 121AL as demutualisation method 7. Demutualisation methods (3) Each of the methods described in sections 121AF to 121AL is a demutualisation method . Policyholder/member group (4) The policyholder/member group , in relation to the demutualisation of a mutual insurance company under any of demutualisation methods 1 to 6, consists of the following persons: (a) in the case of a mutual insurance company covered by paragraph 121AB(1)(a)—policyholders (other than trustees covered by paragraph (d) or (e)) in the company immediately before the demutualisation; (b) in the case of any other mutual insurance company—members (other than trustees covered by paragraph (d) or (e)) of the company immediately before the demutualisation; (c) in any case—any of the following who, in connection with the demutualisation, are entitled to the same rights to shares or the proceeds of the sale of shares as the policyholders (in a paragraph (a) case) or the members (in a paragraph (b) case): (i) employees of the company or a wholly ‑ owned subsidiary of the company; (ii) persons who ceased to be such policyholders or members before the demutualisation; (iii) charities; (iv) persons who are entitled to the rights because of the death of the policyholders or members; (d) in any case—each person who satisfies the following requirements: (i) the person is a member of a regulated superannuation fund (as defined by section 19 of the Superannuation Industry (Supervision) Act 1993 ), other than a standard employer ‑ sponsored member (as defined by subsection 16(5) of that Act); (ii) the trustee of the fund holds a policy or policies in the mutual insurance company; (iii) the trustee of the fund is a company that is a wholly ‑ owned subsidiary of the mutual insurance company; (iv) the person’s benefits in the fund consist solely of the proceeds of the policy or policies; (v) in connection with the demutualisation, the person, rather than the trustee, has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee; (e) in any case—each person who satisfies the following requirements: (i) the person is the member of a single ‑ member superannuation fund; (ii) the trustee of the fund holds a policy or policies in the mutual insurance company; (iii) in connection with the demutualisation, the person, rather than the trustee, has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee. (5) The policyholder/member group , in relation to the demutualisation of a mutual insurance company and a mutual affiliate company under demutualisation method 7, consists of the following persons: (a) if the mutual insurance company is covered by paragraph 121AB(1)(a)—policyholders (other than trustees covered by paragraph (e) or (f)) in the mutual insurance company immediately before the demutualisation; (b) in the case of any other mutual insurance company—members (other than trustees covered by paragraph (e) or (f)) of the company immediately before the demutualisation; (c) members (other than trustees covered by paragraph (e) or (f)) of the mutual affiliate company immediately before the demutualisation; (d) any of the following who, in connection with the demutualisation, are entitled to the same rights to shares or the proceeds of the sale of shares as the members: (i) employees of the mutual insurance company, the mutual affiliate company or a wholly ‑ owned subsidiary of either company; (ii) persons who ceased to be such members before the demutualisation; (iii) charities; (iv) persons who are entitled to the rights because of the death of members; (e) in any case—each person who satisfies the following requirements: (i) the person is a member of a regulated superannuation fund (as defined by section 19 of the Superannuation Industry (Supervision) Act 1993 ), other than a standard employer ‑ sponsored member (as defined by subsection 16(5) of that Act); (ii) the trustee of the fund holds a policy or policies in the mutual insurance company; (iii) the trustee of the fund is a company that is a wholly ‑ owned subsidiary of the mutual insurance company; (iv) the person’s benefits in the fund consist of the proceeds of the policy or policies; (v) in connection with the demutualisation, the person, rather than the trustee, has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee; (f) in any case—each person who satisfies the following requirements: (i) the person is the member of a single ‑ member superannuation fund; (ii) the trustee of the fund holds a policy or policies in the mutual insurance company; (iii) in connection with the demutualisation, the person, rather than the trustee, has the right to shares or the proceeds of the sale of shares in respect of the policy or policies held by the trustee. (6) The listing period is the period ending 2 years after the demutualisation resolution day, or at such later time as the Commissioner, before the end of the 2 years, allows.", "Amendment_Count": 1, "First_Amended": "No 171 of 1995", "Last_Amended": "No 171 of 1995", "Amending_Acts": "No 171 of 1995", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AEA", "Provision_Key": "s121aea", "Heading": "Replacement of policyholders by persons exercising certain rights", "Text": "If, as a result of the exercise of any power under the articles of association of an insurance company, persons are entitled to exercise rights in place of policyholders, then, to the extent that the Commissioner considers it appropriate, the persons are treated for the purposes of this Division as replacing the policyholders.", "Amendment_Count": 1, "First_Amended": "No 171 of 1995", "Last_Amended": "No 171 of 1995", "Amending_Acts": "No 171 of 1995", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AEA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AF", "Provision_Key": "s121af", "Heading": "Demutualisation method 1", "Text": "(1) Under demutualisation method 1 , in connection with the implementation of the demutualisation: (a) all membership rights in the mutual insurance company are extinguished; and (b) shares (the ordinary shares ) of only one class in the mutual insurance company are issued to each person in the policyholder/member group; and (c) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows, where this demutualisation method is used, the issue of the shares to the policyholder/member group.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AG", "Provision_Key": "s121ag", "Heading": "Demutualisation method 2", "Text": "(1) Under demutualisation method 2 , in connection with the implementation of the demutualisation: (a) all membership rights in the mutual insurance company are extinguished; and (b) not more than 10 shares (the special shares ) in the mutual insurance company are issued to a trustee to hold for the benefit of the policyholder/member group, where: (i) the issue takes place before the issue of the ordinary shares mentioned in paragraph (c); and (ii) on the issue of all the ordinary shares, the rights attaching to the special shares become the same as those attaching to the ordinary shares; and (c) a greater number of shares (the ordinary shares ) of only one class in the mutual insurance company are either: (i) issued, at the election of each person in the policyholder/member group, to the person or to a trustee to sell on behalf of the person; or (ii) issued to a trustee, at the election of each person in the policyholder/member group, to distribute to the person or to sell on behalf of the person; and (d) the trustee sells the ordinary shares and distributes the proceeds to the person, or distributes the ordinary shares to the person; and (e) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events, where this demutualisation method is used involving an election covered by subparagraph (1)(c)(ii).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AH", "Provision_Key": "s121ah", "Heading": "Demutualisation method 3", "Text": "(1) Under demutualisation method 3 , in connection with the implementation of the demutualisation: (a) all membership rights in the mutual insurance company are extinguished; and (b) shares in the mutual insurance company are issued to another company (the holding company ); and (c) shares (the ordinary shares ) of only one class in: (i) the holding company; or (ii) another company (the ultimate holding company ) of which the holding company is a wholly ‑ owned subsidiary, either directly or through one or more other wholly ‑ owned subsidiaries (each of which is an interposed holding company ); are issued to each person in the policyholder/member group; and (d) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events, where this demutualisation method is used.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AI", "Provision_Key": "s121ai", "Heading": "Demutualisation method 4", "Text": "(1) Under demutualisation method 4 , in connection with the implementation of the demutualisation: (a) all membership rights in the mutual insurance company are extinguished; and (b) shares in the mutual insurance company are issued to another company (the holding company ); and (c) not more than 10 shares (the special shares ) in: (i) the holding company; or (ii) another company (the ultimate holding company ) of which the holding company is a wholly ‑ owned subsidiary, either directly or through one or more other wholly ‑ owned subsidiaries (each of which is an interposed holding company ); are issued to a trustee to hold for the benefit of the policyholder/member group; and (d) the issue of the special shares takes place before the issue of the ordinary shares mentioned in paragraph (e), and on the issue of all the ordinary shares, the rights attaching to the special shares become the same as those attaching to the ordinary shares; and (e) a greater number of shares (the ordinary shares ) of only one class in the holding company or ultimate holding company are either: (i) issued, at the election of each person in the policyholder/member group, to the person or to a trustee to sell on behalf of the person; or (ii) issued to a trustee, at the election of each person in the policyholder/member group, to distribute to the person or to sell on behalf of the person; and (f) the trustee sells the ordinary shares and distributes the proceeds of sale to the person, or distributes the ordinary shares to the person; and (g) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events, where this demutualisation method is used involving 2 trustees and an election covered by subparagraph (1)(e)(ii).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AJ", "Provision_Key": "s121aj", "Heading": "Demutualisation method 5", "Text": "(1) Under demutualisation method 5 , in connection with the implementation of the demutualisation: (a) all membership rights in the mutual insurance company are extinguished; and (b) shares in the mutual insurance company are issued to another company (the holding company ); and (c) shares (the ordinary shares ) of only one class in: (i) the holding company; or (ii) another company (the ultimate holding company ) of which the holding company is a wholly ‑ owned subsidiary, either directly or through one or more other wholly ‑ owned subsidiaries (each of which is an interposed holding company ); are either: (iii) issued, at the election of each person in the policyholder/ member group, to the person or to a trustee to sell on behalf of the person; or (iv) issued to a trustee, at the election of each person in the policyholder/member group, to distribute to the person or to sell on behalf of the person; and (d) the trustee sells the ordinary shares and distributes the proceeds of sale to the person, or distributes the ordinary shares to the person; and (e) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events, where this demutualisation method is used involving an election covered by subparagraph (1)(c)(iv).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AK", "Provision_Key": "s121ak", "Heading": "Demutualisation method 6", "Text": "(1) Under demutualisation method 6 , in connection with the implementation of the demutualisation of a life insurance company: (a) all membership rights in the company are extinguished; and (b) the whole of the life insurance business of the company is, under a scheme confirmed by the Federal Court of Australia, transferred to another company formed for the purpose; and (c) shares (the ordinary shares ) of only one class in the other company are: (i) issued, at the election of each person in the policyholder/member group, to the person or to a trustee to sell on behalf of the person; or (ii) issued to a trustee, at the election of each person in the policyholder/member group, to distribute to the person or to sell on behalf of the person; and (d) the trustee sells the ordinary shares and distributes the proceeds of sale to the person or distributes the ordinary shares to the person; and (e) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events, where this demutualisation method is used.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AL", "Provision_Key": "s121al", "Heading": "Demutualisation method 7", "Text": "(1) Under demutualisation method 7 , in connection with the implementation of the demutualisation of both a mutual insurance company and a mutual affiliate company: (a) all membership rights in both companies are extinguished; and (b) shares in the mutual insurance company and the mutual affiliate company are issued to another company (the holding company ); and (c) shares (the ordinary shares ) of only one class in: (i) the holding company; or (ii) another company (the ultimate holding company ) of which the holding company is a wholly ‑ owned subsidiary, either directly or through one or more other wholly ‑ owned subsidiaries (each of which is an interposed holding company ); are either: (iii) issued, at the election of each person in the policyholder/member group to the person or to a trustee to sell on behalf of the person; or (iv) issued to a trustee, at the election of each person in the policyholder/member group, to distribute to the person or to sell on behalf of the person; and (d) the trustee sells the ordinary shares and distributes the proceeds of the sale to the person, or distributes the ordinary shares to the person; and (e) the ordinary shares are listed within the listing period. Note: Other things may also happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events, where this demutualisation method is used involving an election covered by subparagraph (1)(c)(iv).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AM", "Provision_Key": "s121am", "Heading": "Embedded value of a mutual life insurance company", "Text": "(1) The embedded value of a mutual life insurance company that demutualises using a demutualisation method is, in accordance with this section, the sum of its existing business value and its adjusted net worth on the applicable accounting day (see subsection (3)). Eligible actuary and Australian actuarial practice (2) The sum is to be worked out by an eligible actuary (see subsection 121AO(3)) according to Australian actuarial practice. Applicable accounting day (3) The applicable accounting day is: (a) if an accounting period of the company ends on the demutualisation resolution day—that day; or (b) in any other case—the last day of the most recent accounting period of the company ending before the demutualisation resolution day. Adjustment for changes after applicable accounting day (4) In a case covered by paragraph (3)(b), if any significant change in the amount of the existing business value or adjusted net worth occurs between the applicable accounting day and the demutualisation resolution day, the amount is to be adjusted to take account of the change. Continued business assumption (5) In working out the existing business value or the adjusted net worth, it is to be assumed: (a) that after the applicable accounting day the company will continue to conduct its life insurance business and any other activity in the same way as it did before that day, and that it will not conduct any different business or other activity; and (b) that the demutualisation will not occur. Discount rate assumption (6) In working out the existing business value or adjusted net worth, the annual discount rate to be used in respect of each future accounting period is worked out using the formula: where: 10 year Treasury bond rate means the Treasury bond rate (see subsection 121AO(1)) for the applicable accounting day in respect of bonds with a 10 year term. Capital reserve adequacy shortfall percentage means: (a) if, for any future accounting period, the capital reserves of the company are projected to fall below the capital reserve adequacy level (see subsection 121AO(2)) by 1% or more at both the beginning and end of the accounting period—the percentage worked out by averaging the percentages worked out under each of the following subparagraphs: (i) 0.2% for each 1% by which the capital reserves are projected to fall below the level at the beginning of the period; (ii) 0.2% for each 1% by which the capital reserves are projected to fall below the level at the end of the period; or (b) in any other case—nil. Annual inflation rate assumption (7) In working out the existing business value, the annual inflation rate to be applied is worked out using the formula: Expenditure assumption (8) In working out the existing business value, it is to be assumed that expenditure that the company will incur, in conducting its life insurance business, on recurring items after the demutualisation resolution day will be of the same kinds and amounts (increased to take account of any inflation, using the annual inflation rate in subsection (7)) as the company incurred in the accounting period, or part of an accounting period, ending on the demutualisation resolution day. Investment return assumption (9) In working out the existing business value or the adjusted net worth, it is to be assumed that the annual rate of return on each investment of the company is: (a) if the investment is a security with a term less than 2 years or is cash—the Treasury bond rate (see subsection 121AO(1)) for the applicable accounting day in respect of bonds with a 26 week term; or (b) if the investment is any other kind of security—the Treasury bond rate for the applicable accounting day in respect of bonds with a 10 year term; or (c) in any other case—the rate mentioned in paragraph (b), plus 3%. Future distributable profits assumption (10) In working out the existing business value or the adjusted net worth, the future distributable profits are to be determined on the assumption that the company: (a) will not distribute its profits so as to cause its capital reserves to fall below the capital reserve adequacy level (see subsection 121AO(2)) applicable to the company; and (b) will distribute all of its profits except to the extent necessary for its capital reserves not to fall below the capital reserve adequacy level.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AN", "Provision_Key": "s121an", "Heading": "Net tangible asset value of a general insurance company or mutual affiliate company", "Text": "(1) The net tangible asset value of a general insurance company, or a mutual affiliate company, that demutualises using a demutualisation method is, in accordance with this section: (a) the amount of its assets on the applicable accounting day (see subsection (4)); reduced by: (b) the amount of its liabilities (including future liabilities) arising from its business conducted before that day. Australian accounting practice (2) The amount of the company’s assets and liabilities (other than future liabilities) is to be worked out according to Australian accounting practice. Eligible actuary and Australian actuarial practice (3) The amount of the company’s future liabilities is to be worked out by an eligible actuary (see subsection 121AO(3)) according to Australian actuarial practice. Applicable accounting day (4) The applicable accounting day is: (a) if an accounting period of the company ends on the demutualisation resolution day—that day; or (b) in any other case—the last day of the most recent accounting period of the company ending before the demutualisation resolution day. Adjustment for changes after applicable accounting day (5) In a case covered by paragraph (4)(b), if any significant change in the amount of the company’s assets or liabilities occurs between the applicable accounting day and the demutualisation resolution day, that amount is to be adjusted to take account of the change. Continued business assumption (6) In working out the net tangible asset value, it is to be assumed: (a) that after the applicable accounting day the company will continue to conduct its business and any other activity in the same way as it did before that day, and that it will not conduct any different business or other activity; and (b) that the demutualisation will not occur.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AO", "Provision_Key": "s121ao", "Heading": "Treasury bond rate, capital reserve adequacy level, eligible actuary and security", "Text": "Treasury bond rate (1) The Treasury bond rate for the applicable accounting day in respect of bonds with a particular term is: (a) if any Treasury bonds with that term were issued on the applicable accounting day—the annual yield on those bonds; or (b) in any other case—the annual yield on Treasury bonds with that term, as published by the Reserve Bank of Australia and applicable to the accounting day. Capital reserve adequacy level (2) The capital reserve adequacy level for a life insurance company that demutualises is: (a) if, after 1 July 1995 and before the applicable accounting day mentioned in subsection 121AM(3) or 121AN(4), a prudential standard made under section 230B of the Life Insurance Act 1995 in relation to capital adequacy applied to the company—the level of capital reserves required by that standard; or (b) in any other case—the level of capital reserves required to provide adequate capital for the conduct of the life insurance business and other activities of the company. Eligible actuary (3) An eligible actuary is a Fellow or Accredited Member of the Institute of Actuaries of Australia who is not an employee of: (a) the mutual insurance company or, where demutualisation method 7 applies, the mutual insurance company or the mutual affiliate company; or (b) a subsidiary of that company or, where demutualisation method 7 applies, of either company. Security (4) A security is: (a) a bond, debenture, certificate of entitlement, bill of exchange or promissory note; or (b) a deposit with a bank or other financial institution; or (c) a secured or unsecured loan.", "Amendment_Count": 3, "First_Amended": "No 171 of 1995", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 171 of 1995 | No 44 of 1999 | No 154 of 2007", "History_Notes": "Inserted by No 171 of 1995, Sch 3 item 1993 | Sch 3 item 10, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 44 of 1999, Sch 4 item 89, effective Sch 7 (items 59–104): 1 July 1999 (s 3(2)(e)) Sch 8 (items 18, 22, 23): 17 June 1999 (s 2(1)) | Amended by No 154 of 2007, Sch 1 item 172A, effective Sch 1 (item 172A): 1 Jan 2008 (s 2(1) item 3) Sch 1 (item 296) and Sch 3 (item 3): 24 Sept 2007 (s 2(1) items 6, 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AP", "Provision_Key": "s121ap", "Heading": "Subsidiary and wholly ‑ owned subsidiary", "Text": "Subsidiary (1) A company (the test company ) is a subsidiary of another company (the holding company ) if at least half of the shares in the test company are beneficially owned by: (a) the holding company; or (b) a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or (c) the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company. (2) If a company is a subsidiary of another company (including because of this subsection), every company that is a subsidiary of the first ‑ mentioned company is a subsidiary of the other company. Wholly ‑ owned subsidiary (3) A company is a wholly ‑ owned subsidiary of another company if it would, under subsection (1) or (2), be a subsidiary of the other company assuming that the reference in subsection (1) to at least half of the shares were instead a reference to all of the shares.", "Amendment_Count": 1, "First_Amended": "No 171 of 1995", "Last_Amended": "No 171 of 1995", "Amending_Acts": "No 171 of 1995", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AQ", "Provision_Key": "s121aq", "Heading": "Other definitions", "Text": "In this Division: annuity has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993 . first trading day price , in relation to a listed share, means the price on the stock market operated by ASX Limited, as published by that company, at which the share was last traded on the trading day on which it was listed. general insurance business means insurance business (within the meaning of the Insurance Act 1973 ) other than life insurance business. life insurance business has the same meaning as in the Life Insurance Act 1995 . listed means listed for quotation in the official list of ASX Limited. superannuation interest has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 171 of 1995", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 171 of 1995 | No 15 of 2007 | No 97 of 2008", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 15 of 2007, Sch 1 item 90 | Sch 1 item 91 | Sch 1 item 92 | Sch 1 item 93 | Sch 1 item 94 | Sch 1 item 95, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 97 of 2008, Sch 3 item 21 | Sch 3 item 22, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AQ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AR", "Provision_Key": "s121ar", "Heading": "List of definitions", "Text": "The following table lists the expressions defined in this Division and shows the provisions in which they are defined: Definition Provision annuity 121AQ applicable accounting day 121AM(3) and 121AN(4) capital reserve adequacy level 121AO(2) eligible actuary 121AO(3) embedded value 121AM(1) demutualise 121AD(1) and (2) demutualisation method 121AE(3) demutualisation method 1 to demutualisation method 7 121AF to 121AL demutualisation resolution day 121AD(3) first trading day price 121AQ general insurance business 121AQ general insurance company 121AB(4) insurance company 121AB(2) life insurance business 121AQ life insurance company 121AB(3) listed 121AQ listing period 121AE(6) mutual affiliate company 121AC mutual insurance company 121AB(1) net tangible asset value 121AN(1) policyholder/member group 121AE(4) and (5) security 121AO(4) subsidiary 121AP(1) and (2) superannuation interest 121AQ Treasury bond rate 121AO(1) wholly ‑ owned subsidiary 121AP(3)", "Amendment_Count": 2, "First_Amended": "No 171 of 1995", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 171 of 1995 | No 15 of 2007", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 15 of 2007, Sch 1 item 96, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AS", "Provision_Key": "s121as", "Heading": "CGT consequences of demutualisation", "Text": "The table below sets out modifications of the application of Parts 3 ‑ 1 and 3 ‑ 3 (about CGT) of the Income Tax Assessment Act 1997 in respect of events that are described in, or relate to events that are described in, particular demutualisation methods. TABLE 1—MODIFICATIONS OF CGT RULES Item Event Modifications 1 Any demutualisation method: Extinguishment of membership rights as mentioned in paragraph (1)(a) of sections 121AF to 121AL. A capital gain or capital loss arising from a CGT event constituted by the extinguishment is disregarded. 2 Demutualisation method 6: The whole of the life insurance business of the life insurance company is transferred to the other company as mentioned in paragraph 121AK(1)(b). Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 as in force immediately before 21 October 1999 (about roll ‑ overs for transfers) applies as if the life insurance company and the other company were members of the same wholly ‑ owned group within the meaning of that Act. 3 Any demutualisation method: A person (the disposer ) in the policyholder/ member group disposes of a right to have ordinary shares issued or distributed to the person, or the proceeds of sale of ordinary shares distributed to the person, as mentioned in paragraph 121AF(1)(b), 121AG(1)(c) or (d), 121AH(1)(c), 121AI(1)(e) or (f), 121AJ(1)(c) or (d), 121AK(1)(c) or (d) or 121AL(1)(c) or (d). 1. A capital loss that the disposer makes from the disposal is disregarded if the disposal takes place before the demutualisation listing day (see note 4 to this table). 2. For the purpose of working out whether the disposer made a capital gain, or made a capital loss (where modification 1 does not apply), from the disposal, he or she is taken: (a) to have paid, as consideration for the acquisition of the right disposed of, an amount worked out using the following formula: ; and (b) to have paid the amount in paragraph (a), and to have acquired the right disposed of, on the demutualisation resolution day. 4 Demutualisation method 2, 4, 5, 6 or 7: A person (the disposer ) in the policyholder/member group disposes of an asset consisting of all or part of the person’s interest in the trust property of the trustee mentioned in paragraph 121AG(1)(b) or (c), 121AI(1)(c) or (e), 121AJ(1)(c), 121AK(1)(c) or 121AL(1)(c). 1. A capital loss that the disposer makes from the disposal is disregarded if the disposal takes place before the demutualisation listing day (see note 4 to this table). 2. For the purpose of working out whether the disposer made a capital gain, or made a capital loss (where modification 1 does not apply), from the disposal, he or she is taken: (a) to have paid, as consideration for the acquisition of the interest disposed of, an amount worked out using the following formula: ; and (b) to have paid the amount in paragraph (a), and to have acquired the interest disposed of, on the demutualisation resolution day. 5 Demutualisation method 3, 4 or 5: After the issue of the shares (each of which is a demutualisation share ) in the mutual insurance company as mentioned in paragraph 121AH(1)(b), 121AI(1)(b) or 121AJ(1)(b), the holding company (the disposer ) disposes of an asset consisting of: (a) a demutualisation share, or an interest in such a share; or (b) another share (a non ‑ demutualisation bonus share) in the mutual insurance company, or an interest in such a share, where the share is a bonus share mentioned in Division 8 of former Part IIIA and any of the demutualisation shares are the original shares mentioned in that Division. 1. A capital loss that the disposer makes from the disposal of the demutualisation share or interest in such a share is disregarded if the disposal takes place before the demutualisation listing day (see note 4 to this table). 2. If the disposal is of a demutualisation share (other than a demutualisation original share) or an interest in such a share then, for the purpose of working out whether the disposer made a capital gain, or made a capital loss (where modification 1 does not apply), from the disposal, the disposer is taken: (a) to have paid as consideration for the acquisition of the share or interest both: (i) the amount worked out using the formula: ; and (ii) any consideration actually paid or given for the acquisition; and (For the purposes of the modifications relating to this item, if any of the original shares mentioned in Division 8 of former Part IIIA is a demutualisation share, it is called a demutualisation original share .) (b) to have paid the amount in subparagraph (a)(i) on the demutualisation resolution day and the amount in subparagraph (a)(ii) when it was actually paid; and (c) to have acquired the share or interest on the demutualisation resolution day. 3. If the disposal is of either: (a) a demutualisation original share, or an interest in such a share; or (b) a non ‑ demutualisation bonus share, or an interest in such a share; then, for the purpose of working out whether the disposer made a capital gain, or made a capital loss (where modification 1 does not apply), from the disposal: (c) for the purposes of applying section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 , the consideration for the acquisition of all of the demutualisation original shares to be taken into account under that section is taken to consist of both: (i) if the disposal and all previous disposals of the demutualisation original shares and the non ‑ demutualisation bonus shares, or interests in them, take place after the demutualisation listing day—the amount worked out using the formula: ; and (ii) if subparagraph (i) does not apply—the amount worked out using the formula: ; and (iii) any consideration actually paid or given for the acquisition of the share or interest disposed of; and (d) if the disposal is of a demutualisation original share or an interest in such a share, the disposer is taken: (i) to have paid the amount in subparagraph (c)(i) or (ii) on the demutualisation resolution day and the amount in subparagraph (c)(iii) when it was actually paid; and (ii) to have acquired the share or interest on the demutualisation resolution day. 6 Demutualisation method 7 : After the issue of the shares (each of which is a demutualisation share ) in the mutual insurance company and the mutual affiliate company as mentioned in paragraph 121AL(1)(b), the holding company (the disposer ) disposes of an asset consisting of: (a) a demutualisation share, or an interest in such a share; or (b) another share (a non ‑ demutualisation bonus share ) in the mutual insurance company or the mutual affiliate company, or an interest in such a share, where the share is a bonus share mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 and any of the demutualisation shares are the original shares mentioned in that section. 1. A capital loss that the disposer makes from the disposal of the demutualisation share or interest in such a share is disregarded if the disposal takes place before the demutualisation listing day (see note 4 to this table). 2. If the disposal is of a demutualisation share (other than a demutualisation original share) or an interest in such a share then, for the purpose of working out whether the disposer made a capital gain, or made a capital loss (where modification 1 does not apply), from the disposal, the disposer is taken: (a) to have paid as consideration for the acquisition of the share or interest both: (i) the amount worked out using the formula: ; and (ii) any consideration actually paid or given for the acquisition; and (For the purposes of the modifications relating to this item, if any of the original shares mentioned in that section is a demutualisation share, it is called a demutualisation original share .) (b) to have paid the amount in subparagraph (a)(i) on the demutualisation resolution day and the amount in subparagraph (a)(ii) when it was actually paid; and (c) to have acquired the share or interest on the demutualisation resolution day. 3. If the disposal is of either: (a) a demutualisation original share, or an interest in such a share; or (b) a non ‑ demutualisation bonus share, or an interest in such a share; then, for the purpose of working out whether the disposer made a capital gain, or made a capital loss (where modification 1 does not apply), from the disposal: (c) for the purposes of applying section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 , the consideration for the acquisition of all of the demutualisation original shares to be taken into account under that section is taken to consist of both: (i) the amount worked out using the formula: ; and (ii) any consideration actually paid or given for the acquisition of the share or interest disposed of; and (d) if the disposal is of a share connected with the demutualisation or interest in such a share, the disposer is taken: (i) to have paid the amount in subparagraph (c)(i) on the demutualisation resolution day and the amount in subparagraph (c)(ii) when it was actually paid; and (ii) to have acquired the share or interest on the demutualisation resolution day. 7 Demutualisation method 3, 4, 5 or 7: After the issue of the shares in the mutual insurance company to the holding company as mentioned in paragraph 121AH(1)(b), 121AI(1)(b), 121AJ(1)(b), or in the mutual insurance company and the mutual affiliate company as mentioned in paragraph 121AL(1)(b): (a) the ultimate holding company (the disposer ) disposes of an asset consisting of either of the following shares in the holding company or an interposed holding company: (i) a share (a demutualisation share ) acquired before the issue of the shares in the mutual insurance company, or an interest in such a share; or The same modifications apply as for item 5. (ii) another share (a non ‑ demutualisation bonus share ), or an interest in such a share, where the share is a bonus share mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original shares mentioned in that section; or (b) the interposed holding company, or any of the interposed holding companies, (the disposer ) disposes of an asset consisting of either of the following shares in the holding company or an interposed holding company: (i) a share (a demutualisation share ) acquired before the issue of the shares in the mutual insurance company, or an interest in such a share; or (ii) another share (a non ‑ demutualisation bonus share ), or an interest in such a share, where the share is a bonus share mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original shares mentioned in that section. (For the purposes of the modifications relating to this item, if any of the original shares mentioned in that section is a demutualisation share, it is called a demutualisation original share .) (The ultimate holding company and interposed holding company are those mentioned in paragraph 121AH(1)(c), 121AI(1)(c), 121AJ(1)(c) or 121AL(1)(c)). 8 Demutualisation method 2 or 4: The rights attaching to the special shares held by the trustee become the same as those attaching to the ordinary shares as mentioned in subparagraph 121AG(1)(b)(ii) or paragraph 121AI(1)(d). A capital gain or capital loss arising from a CGT event constituted by the change in the rights is disregarded. 9 Demutualisation method 2, 4, 5, 6 or 7: The trustee (the disposer ): (a) sells an ordinary share (a demutualisation share ) in the company as mentioned in paragraph 121AG(1)(d), 121AI(1)(f), 121AJ(1)(d), 121AK(1)(d) or 121AL(1)(d); or (b) sells another share (a non ‑ demutualisation bonus share ), where the share is a bonus share mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not sold at the time) are the original shares mentioned in that section. (For the purposes of the modifications relating to this item, if any of the original shares mentioned in that section is a demutualisation share, it is called a demutualisation original share .) 1. The person in the policyholder/member group, instead of the trustee, is taken: (a) to have sold the demutualisation share or non ‑ demutualisation bonus share; and (b) to have paid, given and received any consideration that was paid, given or received by the trustee in respect of either share; and (c) to have done any other act in relation to either share that was done by the trustee. 2. The modifications in item 5 apply to the sale of the demutualisation share or non ‑ demutualisation bonus share in the same way as they do to the disposal of such shares covered by that item. 10 Demutualisation method 2, 4, 5, 6 or 7: The trustee distributes an ordinary share as mentioned in paragraph 121AG(1)(d), 121AI(1)(f), 121AJ(1)(d), 121AK(1)(d) or 121AL(1)(d). A capital gain or capital loss arising from a CGT event constituted by the distribution is disregarded. 11 Any demutualisation method: A person (the disposer ) in the policyholder/member group disposes of an asset consisting of: (a) a share (a demutualisation share ), or an interest in such a share, issued or distributed to the person as mentioned in paragraph 121AF(1)(b), 121AG(1)(c) or (d), 121AH(1)(c), 121AI(1)(e) or (f), 121AJ(1)(c) or (d), 121AK(1)(c) or (d) or 121AL(1)(c) or (d); or The same modifications apply as for item 5. (b) another share (a non ‑ demutualisation bonus share ) in the same company, or an interest in such a share, where the share is a bonus share mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original shares mentioned in that section. (For the purposes of the modifications relating to this item, if any of the original shares mentioned in that section is a demutualisation share, it is called a demutualisation original share .) 12 Various demutualisation methods: A disposal of an asset takes place before the demutualisation listing day, where: (a) modification 1 of item 3, 4, 5, 6, 7 or 11 of this table applies to the disposal; and (b) a roll ‑ over provision (see note 5 to this table) applies to the disposal. 1. If the person who is taken to acquire the asset under the roll ‑ over provision disposes of it before the demutualisation listing day, a capital loss that the person makes from the disposal is disregarded. 2. If the person disposes of the asset on or after the demutualisation listing day, then for the purposes of applying the roll ‑ over provision to that disposal, the modifications in the item in this table apply as if modification 1 were not made. Notes: 1. For the purposes of the table, the applicable company valuation amount , in relation to the disposal of an asset or the allocation of an amount to a member in the records of a superannuation fund, is: (a) if the asset is disposed of, or the amount is allocated, before the demutualisation listing day—the pre ‑ listing day company valuation amount; or (b) in any other case—the listing day company valuation amount. 2. The pre ‑ listing day company valuation amount is: (a) in relation to demutualisation methods 1 to 6, where the mutual insurance company is a life insurance company—the embedded value of the company; or (b) in relation to demutualisation methods 1 to 6, where the mutual insurance company is a general insurance company—the net tangible asset value of the company; or (c) in relation to demutualisation method 7—the sum of the net tangible asset values of the general insurance company and the mutual affiliate company. 3. The listing day company valuation amount is the lesser of: (a) the pre ‑ listing day company valuation amount; and (b) the amount worked out using the formula: 4. The demutualisation listing day is the day on which the ordinary shares mentioned in the demutualisation method concerned are listed. 5. A roll ‑ over provision is: any of these Subdivisions of the Income Tax Assessment Act 1997 : 122 ‑ A, 122 ‑ B, 124 ‑ B, 124 ‑ C, 124 ‑ D, 124 ‑ E, 124 ‑ F, 124 ‑ I, 126 ‑ A, 126 ‑ B; or section 128 ‑ 10 or 128 ‑ 15, or Division 615, of that Act. 6. A trustee who gets a roll ‑ over under Subdivision 124 ‑ M of the Income Tax Assessment Act 1997 for an original interest consisting of shares issued as part of a demutualisation may be eligible for a further roll ‑ over under Subdivision 126 ‑ E of that Act when a beneficiary becomes absolutely entitled to the replacement shares.", "Amendment_Count": 7, "First_Amended": "No 171 of 1995", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 171 of 1995 | No 46 of 1998 | No 169 of 1999 | No 57 of 2002 | No 58 of 2006 | No 101 of 2006 | No 133 of 2014", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 46 of 1998, Sch 10 item 30 | Sch 10 item 112 | Sch 10 item 118 | Sch 10 item 126 | Sch 10 item 283 | Sch 10 item 284 | Sch 10 item 285 | Sch 10 item 286 | Sch 10 item 287 | Sch 10 item 288 | Sch 10 item 289 | Sch 10 item 290 | Sch 10 item 291 | Sch 10 item 292 | Sch 10 item 293 | Sch 10 item 294 | Sch 10 item 295 | Sch 10 item 296 | Sch 10 item 297 | Sch 10 item 298 | Sch 10 item 299 | Sch 10 item 300 | Sch 10 item 301 | Sch 10 item 302 | Sch 10 item 303 | Sch 10 item 304 | Sch 10 item 305 | Sch 10 item 306 | Sch 10 item 307 | Sch 10 item 308 | Sch 10 item 309 | Sch 10 item 310 | Sch 10 item 311 | Sch 10 item 312 | Sch 10 item 313 | Sch 10 item 314 | Sch 10 item 315 | Sch 10 item 316 | Sch 10 item 317 | Sch 10 item 318 | Sch 10 item 319 | Sch 10 item 320 | Sch 10 item 321 | Sch 10 item 322, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, Sch 10 item 17, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 57 of 2002, Sch 11 item 1, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 58 of 2006, Sch 7 item 44, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 101 of 2006, Sch 2 item 304, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 133 of 2014, Sch 1 item 2 | Sch 1 item 3, effective Sch 1 (items 2, 3, 39) and Sch 3: 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AS"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AT", "Provision_Key": "s121at", "Heading": "Other tax consequences of demutualisation", "Text": "The table below sets out modifications of the application of this Act (except Parts 3 ‑ 1 and 3 ‑ 3 (about CGT) of the Income Tax Assessment Act 1997 ) in respect of events that are described in, or relate to events that are described in, particular demutualisation methods. TABLE 2—MODIFICATIONS OF THIS ACT (EXCEPT CGT RULES) Item Event Modifications 1 Event described in item 1 of Table 1. No amount is included in, or allowable as a deduction from, assessable income in respect of the extinguishment. 2 Event described in item 3 or 4 of Table 1. 1. If the disposal takes place before the demutualisation listing day (see note 4 to Table 1): (a) no loss is allowable as a deduction from the disposer’s assessable income in respect of the disposal; and (b) any deduction allowable from the disposer’s assessable income in respect of the acquisition of the right or interest does not exceed the amount included in the disposer’s assessable income in respect of the disposal. 2. Paragraphs 2(a) and (b) of the modifications column for item 3 or 4 in Table 1 apply for the purposes of working out: (a) the amount of any profit included in the disposer’s assessable income in respect of the disposal; or (b) the amount of any deduction allowable from the disposer’s assessable income in respect of the acquisition of the right or interest. 3 Event that would be described in item 5 of Table 1 if the references in that item to bonus shares and original shares mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 were instead references to bonus shares and original shares mentioned in section 6BA. 1. If the disposal is of a demutualisation share, or interest in such a share, and the disposal takes place before the demutualisation listing day: (a) no loss is allowable as a deduction from the disposer’s assessable income in respect of the disposal; and (b) any deduction allowable from the disposer’s assessable income in respect of the acquisition of the share or interest does not exceed the amount included in the disposer’s assessable income in respect of the disposal. 2. If the disposal is of a demutualisation share (other than a demutualisation original share), or an interest in such a share, then paragraphs 2(a) to (c) of the modifications column for item 5 in Table 1 apply for the purposes of working out: (a) the amount of any profit included in, or loss (where modification 1 does not apply) allowable as a deduction from, the disposer’s assessable income in respect of the disposal; or (b) the amount of any deduction allowable (where modification 1 does not apply) from the disposer’s assessable income in respect of the acquisition of the share or interest 3. If the disposal is of either: (a) a demutualisation original share, or an interest in such a share; or (b) a non ‑ demutualisation bonus share, or an interest in such a share; then paragraphs 3(c) and (d) of the modifications column for item 5 in Table 1 apply for the purpose of working out: (c) the amount of any profit included in, or loss (where modification 1 does not apply) allowable as a deduction from, the disposer’s assessable income in respect of the disposal; or (d) the amount of any deduction allowable (where modification 1 does not apply) from the disposer’s assessable income in respect of the acquisition of the share or interest. In applying paragraph 3(c) of the modifications column for item 5 in Table 1, the reference to section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 is taken instead to be a reference to section 6BA. 4 Event that would be described in item 6 of Table 1 if the references in that item to bonus shares and original shares mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 were instead references to bonus shares and original shares mentioned in section 6BA. 1. If the disposal is of a demutualisation share, or interest in such a share, and the disposal takes place before the demutualisation listing day: (a) no loss is allowable as a deduction from the disposer’s assessable income in respect of the disposal; and (b) any deduction allowable from the disposer’s assessable income in respect of the acquisition of the share or interest does not exceed the amount included in the disposer’s assessable income in respect of the disposal. 2. If the disposal is of a demutualisation share (other than a demutualisation original share), or an interest in such a share, then paragraphs 2(a) to (c) of the modifications column for item 6 in Table 1 apply for the purposes of working out: (a) the amount of any profit included in, or loss (where modification 1 does not apply) allowable as a deduction from, the disposer’s assessable income in respect of the disposal; or (b) the amount of any deduction allowable (where modification 1 does not apply) from the disposer’s assessable income in respect of the acquisition of the share or interest. 3. If the disposal is of either: (a) a demutualisation original share, or interest in such a share; or (b) a non ‑ demutualisation bonus share, or an interest in such a share; then paragraphs 3(c) and (d) of the modifications column for item 6 in Table 1 apply for the purpose of working out: (c) the amount of any profit included in, or loss (where modification 1 does not apply) allowable as a deduction from, the disposer’s assessable income in respect of the disposal; or (d) the amount of any deduction allowable (where modification 1 does not apply) from the disposer’s assessable income in respect of the acquisition of the share or interest. In applying paragraph 3(c) of the modifications column for item 6 in Table 1, the reference to section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 is taken instead to be a reference to section 6BA. 5 Event that would be described in item 7 of Table 1 if the references in that item to bonus shares and original shares mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 were instead references to bonus shares and original shares mentioned in section 6BA. The same modifications as for item 3 of this table apply. 6 Event described in item 8 of Table 1. No amount is included in, or allowable as a deduction from, assessable income in respect of the change in the rights. 7 Event that would be described in item 9 of Table 1 if the references in that item to bonus shares and original shares mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 were instead references to bonus shares and original shares mentioned in section 6BA. 1. The person in the policyholder/member group, instead of the trustee is taken: (a) to have sold the demutualisation share or non ‑ demutualisation bonus share; and (b) to have paid, given and received any consideration that was paid, given or received by the trustee in respect of either share; and (c) to have done any other act in relation to either share that was done by the trustee. 2. The modifications in item 3 of this table apply to the sale of the demutualisation share or non ‑ demutualisation bonus share in the same way as they do to the disposal of such shares covered by that item. 8 Event that would be described in item 11 of Table 1 if the references in that item to bonus shares and original shares mentioned in section 130 ‑ 20 (about bonus shares) of the Income Tax Assessment Act 1997 were instead references to bonus shares and original shares mentioned in section 6BA. The same modifications as for item 3 of this table apply. 9 Under demutualisation method 6, the whole of the life insurance business of a life insurance company is transferred to another company as mentioned in paragraph 121AK(1)(b). The other company is taken to continue to carry on the transferred life insurance business of the mutual life insurance company. 10 An ordinary share is issued or distributed to a person in the policyholder/member group as mentioned in paragraph 121AF(1)(b), 121AG(1)(c) or (d), 121AH(1)(c), 121AI(1)(e) or (f), 121AJ(1)(c) or (d), 121AK(1)(c) or (d) or 121AL(1)(c) or (d). No amount is included in, or allowable as a deduction from, assessable income of the person in respect of the issue or distribution of the share, except where the share is issued in consideration for services provided, or to be provided, by the person. 11 Ordinary shares in the company are issued or distributed as mentioned in paragraph 121AF(1)(b), 121AG(1)(c) or (d), 121AH(1)(c), 121AI(1)(e) or (f), 121AJ(1)(c) or (d), 121AK(1)(c) or (d) or 121AL(1)(c) or (d) to a person in the policyholder/member group who is the trustee of a superannuation fund to hold on behalf of a member of the fund. The trustee within 30 days allocates to the member, in the records of the fund, an amount representing the member’s contributions in respect of the shares (the allocation shares ). If the trustee pays a superannuation benefit to the member, the tax free component (within the meaning of the Income Tax Assessment Act 1997 ) of the superannuation interest (within the meaning of that Act) from which the benefit is paid is increased by the amount worked out using the formula: 12 A resolution is passed to proceed, in accordance with one of the demutualisation methods, with the demutualisation of: (a) a mutual insurance company that is a general insurance company; or (b) both such a mutual insurance company and a mutual affiliate company. The franking surplus is reduced to nil at the beginning of the demutualisation resolution day. Immediately before the demutualisation resolution day: (a) in the case of any demutualisation method—the general insurance company or any wholly ‑ owned subsidiary of the general insurance company; or (b) in the case of demutualisation method 7—the mutual affiliate company, a wholly ‑ owned subsidiary of the mutual affiliate company, or a company all of whose shares are beneficially owned by the general insurance company and the mutual affiliate company; has a franking surplus. 13 A resolution is passed to proceed with the demutualisation of a mutual insurance company or both a mutual insurance company and a mutual affiliate company. A dividend that was declared before the demutualisation resolution day is paid on or after the demutualisation resolution day to: (a) in the case of any demutualisation method—the mutual insurance company or any wholly ‑ owned subsidiary of the mutual insurance company; or (b) in the case of demutualisation method 7—the mutual affiliate company, a wholly ‑ owned subsidiary of the mutual affiliate company, or a company all of whose shares are beneficially owned by the general insurance company and the mutual affiliate company. No franking credit arises for the company or the subsidiary in relation to the payment of the dividend on or after the demutualisation resolution day.", "Amendment_Count": 5, "First_Amended": "No 171 of 1995", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 171 of 1995 | No 41 of 1998 | No 46 of 1998 | No 23 of 2005 | No 15 of 2007", "History_Notes": "Inserted by No 171 of 1995, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 41 of 1998, Sch 6 item 4, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 46 of 1998, Sch 10 item 323 | Sch 10 item 324 | Sch 10 item 325 | Sch 10 item 326 | Sch 10 item 327 | Sch 10 item 328 | Sch 10 item 329 | Sch 10 item 330 | Sch 10 item 331, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 23 of 2005, Sch 3 item 39 | Sch 3 item 40 | Sch 3 item 41, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 15 of 2007, Sch 1 item 97, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AT"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121AU", "Provision_Key": "s121au", "Heading": "This Subdivision does not apply to demutualisation of friendly society health or life insurers", "Text": "This Subdivision does not apply in relation to the demutualisation of a company in relation to whose demutualisation Division 316 (Demutualisation of friendly society health or life insurers) of the Income Tax Assessment Act 1997 applies. Note: Section 316 ‑ 5 of the Income Tax Assessment Act 1997 explains which demutualisations of entities Division 316 of that Act applies to.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121AU"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121B", "Provision_Key": "s121b", "Heading": "Simplified outline", "Text": "Scope of section (1) The following is a simplified outline of the Division. Main concepts (2) Subdivision B sets out the concepts used in the Division, the most important being: (a) OB activity (sections 121D, 121EA and 121EAA) together with the related definition of offshore person (section 121E); and (b) special income and allowable deduction definitions relating to OB activities (sections 121EDA to 121EF). Operative provisions (3) Subdivision C contains the operative provisions. Basically, they provide as follows: (d) income from OB activities is taken to be Australian sourced; (e) a deemed interest penalty applies to equity provided by an OBU’s resident owner; (f) income of OBU offshore investment trusts is exempt from tax; (g) income derived by overseas charitable institutions from OBUs is exempt from tax; (h) certain adjustments are made to the capital gains and losses that flow from disposals of certain interests in trusts of which an OBU is the trustee.", "Amendment_Count": 17, "First_Amended": "No 63 of 1947", "Last_Amended": "No 110 of 2021", "Amending_Acts": "No 63 of 1947 | No 62 of 1955 | No 65 of 1957 | No 17 of 1961 | No 110 of 1964 | No 51 of 1973 | No 108 of 1981 | No 47 of 1984 | No 49 of 1985 | No 123 of 1985 | No 138 of 1987 | No 97 of 1989 | No 191 of 1992 | No 93 of 1999 | No 143 of 2007 | No 70 of 2015 | No 110 of 2021", "History_Notes": "Inserted by No 63 of 1947, effective s 3–13 and 15: 15 Dec 1947 (s 2) | Repealed and substituted by No 62 of 1955, effective s 3–12: 4 Nov 1955 (s 2) | Repealed by No 65 of 1957, effective s 3–23: 28 Nov 1957 (s 2) | Inserted by No 17 of 1961, effective 12 June 1961 | Repealed and substituted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 49 of 1985, item 20, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 123 of 1985, item 19 | item 20, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 138 of 1987, Sch 2 item 24 | Sch 2 item 25, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Repealed by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 191 of 1992, item 20, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 93 of 1999, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 143 of 2007, Sch 1 item 55 | Sch 1 item 56, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 70 of 2015, Sch 3 item 3 | Sch 3 item 9, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 110 of 2021, Sch 2 item 2, effective Sch 2 (items 1–7, 13–15): 1 Oct 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121C", "Provision_Key": "s121c", "Heading": "Interpretation", "Text": "In this Division: adjusted assessable OB income has the meaning given by subsection 121EE(4). adjusted total assessable income has the meaning given by subsection 121EE(5). allowable OB deduction has the meaning given by subsection 121EF(2). apportionable OB deduction has the meaning given by subsection 121EF(5). assessable OB income has the meaning given by subsection 121EE(2). associate has the meaning given by section 318. Australian thing has the meaning given by subsection 121DA(5). average Australian asset percentage has the meaning given by subsection 121DA(2). borrow includes raise finance by the issue of a security. eligible contract means: (a) any of the following: (i) a futures contract; (ii) a forward contract; (iii) an options contract; (iv) a swap contract; (v) a cap, collar, floor or similar contract; or (b) a loan contract; or (c) a securities lending or repurchase arrangement; or (d) a non ‑ deliverable forward foreign currency contract. exclusive non ‑ OB deduction has the meaning given by subsection 121EF(6). exclusive OB deduction has the meaning given by subsection 121EF(3). general OB deduction has the meaning given by subsection 121EF(4). lend includes provide finance by the purchase of a security. loss deduction has the meaning given by subsection 121EF(7). monthly Australian asset percentage has the meaning given by subsection 121DA(3). non ‑ OB accounting records has the meaning given by subsection 121EAA(3). non ‑ OB money , in relation to an OBU, means money of the OBU other than: (a) money received by the OBU in carrying on an OB activity; or (b) OBU resident ‑ owner money of the OBU; or (c) money paid to the OBU by a non ‑ resident (other than in carrying on business in Australia at or through a permanent establishment of the non ‑ resident) by way of subscription for, or a call on, shares in the OBU; (an example of non ‑ OB money being money borrowed from a resident whose lending of the money does not occur in carrying on business in a country outside Australia at or through a permanent establishment of the resident). non ‑ resident trust means a unit trust that is not a resident unit trust within the meaning of section 102Q. OB activity has the meaning given by section 121D. OB advisory activity has the meaning given by section 121DC. OB eligible contract activity has the meaning given by section 121DB. OB income has the meaning given by section 121EDA. OB leasing activity has the meaning given by section 121DD. OBU (offshore banking unit) means an offshore banking unit within the meaning of Division 11A of Part III. Note: In this Division, the head company of a consolidated group or MEC group may be treated for certain purposes as an OBU at a time when a subsidiary member of the group is an OBU (see Subdivision 717 ‑ O of the Income Tax Assessment Act 1997 ). OBU resident ‑ owner money has the meaning given by section 121EC. offshore person has the meaning given by section 121E. offshore property means property that: (a) cannot be in Australia; or Example: Land outside Australia. (b) is used, or will be used: (i) wholly outside Australia; or (ii) in Australia to an extent that is not material. overseas charitable institution means a non ‑ resident institution the income of which: (a) would be exempt from tax under item 1.1 of section 50 ‑ 5 of the Income Tax Assessment Act 1997 (and not under any other item of that section) if the institution had a physical presence in Australia and incurred its expenditure and pursued its objectives principally in Australia; and (b) is exempt in the country in which it is resident. owner , in relation to a company, means a person who, alone or together with an associate or associates, is the beneficial owner of all of the shares in the company. portfolio investment has the meaning given by subsection 121DA(1). related person , in relation to an OBU, means: (a) an associate of the OBU; or (b) a permanent establishment referred to in paragraph 121EB(1)(b) in relation to the OBU. security means a bond, debenture, debt interest, bill of exchange, promissory note or other security or similar instrument. trade with a person has the meaning given by section 121ED. 90 ‑ day bank bill rate , at a particular time, means: (a) if the Reserve Bank of Australia has published a rate described as the 90 ‑ day bank accepted bill rate in respect of a period in which the particular time occurs—that rate; or (b) in any other case—the rate declared by regulations for the purposes of this definition to be the 90 ‑ day bank accepted bill rate in respect of a period in which the particular time occurs.", "Amendment_Count": 16, "First_Amended": "No 63 of 1947", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 63 of 1947 | No 62 of 1955 | No 17 of 1961 | No 110 of 1964 | No 51 of 1973 | No 108 of 1981 | No 54 of 1983 | No 49 of 1985 | No 123 of 1985 | No 138 of 1987 | No 191 of 1992 | No 76 of 1996 | No 93 of 1999 | No 16 of 2003 | No 21 of 2005 | No 70 of 2015", "History_Notes": "Inserted by No 63 of 1947, effective s 3–13 and 15: 15 Dec 1947 (s 2) | Repealed by No 62 of 1955, effective s 3–12: 4 Nov 1955 (s 2) | Inserted by No 17 of 1961, effective 12 June 1961 | Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 54 of 1983, Sch 4 item 10, effective Sch 4: 1 Feb 1984 (s 2(2)) | Repealed by No 49 of 1985, item 21 | item 7 | item 13 | item 20 | item 22 | item 29, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Inserted by No 123 of 1985, item 21 | item 22 | item 23 | item 34, effective s 10–36: 28 Oct 1985 (s 2) | Repealed by No 138 of 1987, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Inserted by No 191 of 1992, item 20, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 76 of 1996, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 93 of 1999, Sch 1 item 4 | Sch 1 item 26, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 16 of 2003, Sch 10 item 1, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 5 (item 1), Sch 9 (items 3–12), Sch 10 (item 1) and Sch 23 (items 1–9): 24 Oct 2002(s 2(1) items 4–6, 13) Sch 29 (items 1–11, 14): 29 June 2002 (s 2(1) items 20, 22) | Amended by No 21 of 2005, Sch 3 item 1, effective Sch 3 (items 1–31, 45, 47(1), (2)): 21 Mar 2005 (s 2) | Amended by No 70 of 2015, Sch 3 item 4 | Sch 3 item 10 | Sch 3 item 11 | Sch 3 item 17 | Sch 3 item 18, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121D", "Provision_Key": "s121d", "Heading": "Meaning of OB activity", "Text": "Kinds of OB activity (1) Each of the following things done by an OBU is an OB activity (offshore banking activity) of the OBU (subject to sections 121EA and 121EAA): (a) a borrowing or lending activity described in subsection (2); or (b) a guarantee ‑ type activity described in subsection (3); or (c) a trading activity described in subsection (4) (subject to subsection (4A)); or (d) an OB eligible contract activity (see section 121DB); or (e) an investment activity described in subsection (6), (6A) or (6B); or (f) an OB advisory activity (see section 121DC); or (g) a hedging activity described in subsection (8); or (ga) an OB leasing activity (see section 121DD); or (h) any other activity involving an offshore person, being an activity declared by regulations for the purposes of this paragraph to be an OB activity. Borrowing or lending activity (2) For the purposes of paragraph (1)(a), a borrowing or lending activity is: (a) borrowing money from an offshore person where, if that person is a related person or a person to whom paragraph 121E(b) applies and is not an OBU, the money is not Australian currency; or (b) lending money, or making commitments to lend money, to an offshore person where, if that person is a person to whom paragraph 121E(b) applies and is not an OBU, the money is not Australian currency; or (c) borrowing gold from an offshore person; or (d) lending gold to an offshore person; or (e) acting as an arranger in a syndicated lending arrangement that includes a borrowing or lending activity to which paragraph (a), (b), (c) or (d) applies. Guarantee ‑ type activity (3) For the purposes of paragraph (1)(b), a guarantee ‑ type activity is: (a) providing a guarantee or letter of credit to an offshore person in relation to activities that are, or will be, conducted: (i) wholly outside Australia; or (ii) in Australia to an extent that is not material; or (b) underwriting a risk for an offshore person in respect of: (i) offshore property; or (ii) an event, if the likelihood of the event happening in Australia is not material; or (c) syndicating a loan for an offshore person; or (d) issuing a performance bond to an offshore person in relation to activities that are, or will be, conducted: (i) wholly outside Australia; or (ii) in Australia to an extent that is not material; where, if the offshore person is a related person, any money payable under the guarantee, letter, underwriting, loan or bond is not Australian currency. Trading activity (4) For the purposes of paragraph (1)(c), a trading activity is: (a) trading with an offshore person in: (i) securities issued by non ‑ residents; or (ii) eligible contracts, under which any amounts payable are payable by non ‑ residents; or (aa) trading with any person in non ‑ deliverable forward foreign currency contracts; or (b) trading with an offshore person in: (i) shares in non ‑ resident companies; or (ii) units in non ‑ resident trusts; or (c) trading with an offshore person in options or rights in respect of securities, eligible contracts, shares or units referred to in paragraph (a) or (b); or (d) trading (including on behalf of an offshore person) on the Sydney Futures Exchange in futures contracts, or options contracts, under which any money payable is not Australian currency; or (e) trading in currency, or options or rights in respect of currency, with any person, where the currency is not Australian currency; or (ea) trading in currency, or options or rights in respect of currency, with an offshore person; or (f) trading in gold bullion, or in options or rights in respect of such bullion: (i) with an offshore person where the money or moneys payable or receivable is or are in any currency; or (ii) a person other than an offshore person where the money or moneys payable or receivable is or are in a currency other than Australian currency; or (g) trading with an offshore person in silver, platinum or palladium bullion, or in options or rights in respect of such bullion; or (h) trading with an offshore person in base metals; or (i) trading with an offshore person in commodities, or in options or rights in respect of commodities, if: (i) the commodities, options or rights are not mentioned in another paragraph of this subsection; and (ii) the trading is incidental to an OB eligible contract activity. (4A) However, paragraph (1)(c) does not apply to a trading activity done by an OBU if: (a) the thing traded in affected the OBU’s total participation interest (within the meaning of the Income Tax Assessment Act 1997 ) in another entity; and (b) just before the trading activity: (i) the OBU’s total participation interest in the other entity was at least 10%; or (ii) any of the thing traded in was held by the OBU, and was not recorded in the OBU’s accounting records as held for trading in accordance with accounting standards (within the meaning of that Act). (4B) For the purposes of subsection (4A), disregard rights on winding ‑ up. Investment activity (6) For the purposes of paragraph (1)(e), an investment activity is making (but not managing), as broker or agent for, or trustee for the benefit of, an offshore person to whom paragraph 121E(a) applies, an investment with an offshore person to whom that paragraph applies, where: (a) the currency in which the investment is made is not Australian currency; and (b) if the investment involves the purchase of any thing: (i) if the thing is a share in a company—the company is a non ‑ resident company; or (ii) if the thing is a unit in a unit trust—the unit trust is a non ‑ resident trust; or (iii) if the thing is land or a building—the land or building is not in Australia; or (iv) in any other case—the thing is located outside Australia. Investment activity—portfolio investment (6A) For the purposes of paragraph (1)(e), an investment activity is also the managing by an OBU of a portfolio investment (see subsection 121DA(1)) for the whole or part (the investment management period ) of a year of income, where: (a) the portfolio investment is managed as broker, agent or custodian for, or trustee for the benefit of, a non ‑ resident; and (b) the portfolio investment was made by the OBU or the non ‑ resident; and (c) the portfolio investment was made with a non ‑ resident (except to the extent that making the investment consisted of making a loan or purchasing an Australian thing); and (d) the currency in which the portfolio investment was made was not Australian currency; and (e) if the portfolio investment consists of only a single thing—the thing is not an Australian thing (see subsection 121DA(5)). Investment activity—portfolio investment for overseas charitable institutions (6B) For the purposes of paragraph (1)(e), an investment activity is also the managing by an OBU of a portfolio investment (see subsection 121DA(1)) for the whole or part (the investment management period ) of a year of income, where: (a) the portfolio investment is managed as broker, agent or custodian for, or trustee for the benefit of, an overseas charitable institution; and (b) the portfolio investment was made by the OBU or the overseas charitable institution. Hedging activities (8) For the purposes of paragraph (1)(g), a hedging activity is entering into a financial arrangement (within the meaning of the Income Tax Assessment Act 1997 ) with an offshore person for the sole purpose of eliminating or reducing the risk of adverse financial consequences that might result to the OBU from: (a) interest rate exposure of the OBU in respect of borrowing or lending activities (described in subsection (2)) of the OBU; or (b) currency exposure of the OBU in respect of borrowing or lending activities (described in subsection (2)) of the OBU. Effect of subsection (8) (9) Subsection (8) does not limit the scope of any other OB activity of the OBU (for example the trading activity mentioned in paragraph (4)(e)).", "Amendment_Count": 13, "First_Amended": "No 17 of 1961", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 17 of 1961 | No 110 of 1964 | No 51 of 1973 | No 108 of 1981 | No 49 of 1985 | No 138 of 1987 | No 97 of 1989 | No 191 of 1992 | No 82 of 1994 | No 76 of 1996 | No 93 of 1999 | No 15 of 2009 | No 70 of 2015", "History_Notes": "Inserted by No 17 of 1961, effective 12 June 1961 | Repealed and substituted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed by No 49 of 1985, item 23 | item 22, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Inserted by No 138 of 1987, Sch 2 item 32 | Sch 2 item 58, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Repealed by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 191 of 1992, item 15 | item 90 | item 2 | item 16 | item 20, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 82 of 1994, Sch 4 item 111, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 76 of 1996, Sch 1 item 6 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 13 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 93 of 1999, Sch 1 item 5 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 21 | Sch 1 item 22, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 15 of 2009, Sch 1 item 36, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 70 of 2015, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 5 | Sch 3 item 12 | Sch 3 item 13 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 23 | Sch 3 item 25 | Sch 3 item 26 | Sch 3 item 27 | Sch 3 item 28 | Sch 3 item 29 | Sch 3 item 30 | Sch 3 item 31 | Sch 3 item 32, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121DA", "Provision_Key": "s121da", "Heading": "Meaning of expressions relevant to investment activity", "Text": "Portfolio investment (1) If, under a contract or trust instrument, an OBU manages one or more investments as broker an agent or custodian for, or trustee for the benefit of, a non ‑ resident, the investment, or all of the investments, constitute a portfolio investment . Average Australian asset percentage (2) The average Australian asset percentage of a portfolio investment is the average, for all months that wholly or partly fall within the investment management period (see subsection 121D(6A) or (6B)), of the monthly Australian asset percentages (see subsection (3)) of all of the things comprising the portfolio investment. Monthly Australian asset percentage (3) For the purposes of subsection (2), the monthly Australian asset percentage of the things for a month is the percentage of the total value of all of the things comprising the portfolio investment, for the month, that is represented by the value of Australian things. Basis for working out percentage (4) The percentage in subsection (3) must be worked out according to reasonable accounting practice that applies on the same basis for all months falling wholly or partly within the investment management period. Australian thing (5) A thing is an Australian thing at a particular time if: (a) where the thing is a share in a company—the company is a resident company at the time; or (b) where the thing is a unit in a unit trust—the unit trust is a resident trust (within the meaning of section 102Q) in relation to the year of income in which the time occurs; or (c) where the thing is land or a building—the land or building is in Australia; or (d) where the thing is a loan—the loan was made to an Australian resident; or (e) in any other case—the thing is located in Australia at the time.", "Amendment_Count": 9, "First_Amended": "No 110 of 1964", "Last_Amended": "No 93 of 1999", "Amending_Acts": "No 110 of 1964 | No 108 of 1981 | No 47 of 1984 | No 49 of 1985 | No 123 of 1985 | No 138 of 1987 | No 97 of 1989 | No 76 of 1996 | No 93 of 1999", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 49 of 1985, item 24, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 123 of 1985, item 24, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 138 of 1987, Sch 2 item 27, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Repealed by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 76 of 1996, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 10 | Sch 1 item 13 | Sch 1 item 17, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 93 of 1999, Sch 1 item 15 | Sch 1 item 17 | Sch 1 item 18, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121DA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121DB", "Provision_Key": "s121db", "Heading": "Meaning of OB eligible contract activity", "Text": "An OB eligible contract activity is entering into an eligible contract (other than a loan contract that is not a securities lending or repurchase arrangement) with: (a) an offshore person; or (b) if the eligible contract is a non ‑ deliverable forward foreign currency contract—any person.", "Amendment_Count": 6, "First_Amended": "No 110 of 1964", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 47 of 1984 | No 138 of 1987 | No 97 of 1989 | No 70 of 2015", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 138 of 1987, Sch 2 item 31, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Repealed by No 97 of 1989, Sch 2 item 1988, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 70 of 2015, Sch 3 item 18 | Sch 3 item 19, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121DB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121DC", "Provision_Key": "s121dc", "Heading": "Meaning of OB advisory activity", "Text": "(1) An OB advisory activity is giving investment or other financial advice to an offshore person, including advice about disposing of an investment. (2) Giving advice about the making of a particular investment is not an OB advisory activity unless the investment is of a kind mentioned in subsection 121D(6) (Investment activity). (3) Subsection (2) does not exclude giving advice about a particular investment of a different kind if doing so is incidental to advising on an investment of a kind mentioned in subsection 121D(6) (for example for the purpose of comparison or because the investments are commercially related). (4) To avoid doubt, for the purposes of this section, advice about disposing of an investment is not advice about the making of the investment.", "Amendment_Count": 6, "First_Amended": "No 110 of 1964", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 47 of 1984 | No 138 of 1987 | No 97 of 1989 | No 70 of 2015", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Repealed and substituted by No 138 of 1987, item 32 | Sch 2 item 32, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Repealed by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 70 of 2015, Sch 3 item 18 | Sch 3 item 20, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121DC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121DD", "Provision_Key": "s121dd", "Heading": "Meaning of OB leasing activity", "Text": "(1) An OB leasing activity is leasing activity with an offshore person involving offshore property. (2) Without limiting subsection (1), OB leasing activity includes entering into: (a) any arrangement (within the meaning of section 51AD) under which a right to use offshore property is granted by the owner to another person; or (b) any arrangement (within the meaning of that section) under which a right to use offshore property, being a right derived directly or indirectly from a right mentioned in paragraph (a) in relation to the property, is granted by a person to another person; with an offshore person.", "Amendment_Count": 10, "First_Amended": "No 110 of 1964", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 110 of 1964 | No 103 of 1965 | No 47 of 1972 | No 51 of 1973 | No 126 of 1977 | No 106 of 1982 | No 47 of 1984 | No 138 of 1987 | No 97 of 1989 | No 70 of 2015", "History_Notes": "Inserted by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 103 of 1965, effective 14 Dec 1965 (s 2) | Amended by No 47 of 1972, effective s 3–12: 7 June 1972 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 126 of 1977, effective 10 Nov 1977 (s 2) | Amended by No 106 of 1982, effective 30 Oct 1982 (s 2) | Repealed and substituted by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 138 of 1987, Sch 2 item 33, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Repealed by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 70 of 2015, Sch 3 item 18 | Sch 3 item 21, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121DD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121E", "Provision_Key": "s121e", "Heading": "Meaning of offshore person", "Text": "A reference to an offshore person, in relation to the doing of any thing by an OBU ( the first OBU ), is a reference to: (a) a non ‑ resident whose involvement in the doing of the thing does not occur in carrying on business in Australia at or through a permanent establishment of that person; or (b) a resident whose involvement in the doing of the thing occurs in carrying on business in a country outside Australia at or through a permanent establishment of the person; or (c) another OBU ( the second OBU ), where, if the doing of the thing involves the payment of any money (for example a loan of money) by the second OBU to the first OBU, the second OBU gives, at or before the time of the payment, a statement in writing to the first OBU to the effect that none of the money is non ‑ OB money of the second OBU.", "Amendment_Count": 5, "First_Amended": "No 17 of 1961", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 17 of 1961 | No 51 of 1973 | No 97 of 1989 | No 191 of 1992 | No 70 of 2015", "History_Notes": "Inserted by No 17 of 1961, effective 12 June 1961 | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Repealed by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Inserted by No 191 of 1992, item 15 | item 90 | item 20, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 70 of 2015, Sch 3 item 3 | Sch 3 item 12, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EA", "Provision_Key": "s121ea", "Heading": "OBU requirement", "Text": "For a thing done by an OBU to be an OB activity, it is necessary that, when the thing is done: (a) the OBU is a resident and the thing is not done in carrying on business in a country outside Australia at or through a permanent establishment of the OBU; or (b) the OBU is a non ‑ resident and the thing is done in carrying on business in Australia at or through a permanent establishment of the OBU.", "Amendment_Count": 1, "First_Amended": "No 191 of 1992", "Last_Amended": "No 191 of 1992", "Amending_Acts": "No 191 of 1992", "History_Notes": "Inserted by No 191 of 1992, item 15 | item 90, effective s 4–35: 21 Dec 1992 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EAA", "Provision_Key": "s121eaa", "Heading": "Activities recorded in domestic books not OB activities", "Text": "(1) An OBU may, when it does a thing that would otherwise be an OB activity of the OBU, choose to have the thing not be an OB activity . Accounting records (2) The OBU recording the thing in the OBU’s non ‑ OB accounting records is sufficient evidence of the making of the choice, if the OBU uses money in the thing. Note 1: The OBU must maintain accounting records, separate from its non ‑ OB accounting records, in respect of money used in its OB activities: see subsection 262A(1A). Note 2: Subsection (2) of this section and subsection 262A(1A) do not apply if the OBU does not use money in the thing, but the OBU must keep documents containing particulars of the choice: see paragraph 262A(2)(b). Note 3: Subsection (2) does not prevent the OBU from correcting a mistake in its accounting records. (3) The OBU’s non ‑ OB accounting records are the OBU’s accounting records, other than the accounting records maintained in respect of money used in the OBU’s OB activities under subsection 262A(1A). Grouping (4) The OBU is treated as having chosen under subsection (1) to have a thing (the transaction ) done by the OBU not be an OB activity if: (a) it is reasonable to regard the transaction and one or more other things done by the OBU as constituting a single scheme (within the meaning of the Income Tax Assessment Act 1997 ); and (b) the OBU chooses under subsection (1) to have any of those other things done by the OBU not be an OB activity. (5) For the purposes of subsection (4), whether the transaction and one or more other things constitute a single scheme is a question of fact and degree determined having regard to the following (whichever are applicable): (a) the nature of the transaction and the other things; (b) their terms and conditions (including those relating to any payment or other consideration for them); (c) the circumstances surrounding their creation and their proposed exercise or performance (including what can reasonably be seen as the purposes of one or more of the entities involved); (d) whether they can be dealt with separately or must be dealt with together; (e) normal commercial understandings and practices in relation to them (including whether they are regarded commercially as separate things or as a group or series that forms a whole). (6) In applying subsection (5), have regard to the matters mentioned in paragraphs (5)(a) to (e) both: (a) in relation to the transaction and other things separately; and (b) in relation to the transaction and other things in combination with each other.", "Amendment_Count": 2, "First_Amended": "No 70 of 2015", "Last_Amended": "No 110 of 2021", "Amending_Acts": "No 70 of 2015 | No 110 of 2021", "History_Notes": "Inserted by No 70 of 2015, Sch 3 item 4, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 110 of 2021, Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5, effective Sch 2 (items 1–7, 13–15): 1 Oct 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EB", "Provision_Key": "s121eb", "Heading": "Internal financial dealings of an OBU", "Text": "Permanent establishments treated as separate persons (1) If an OBU consists of: (a) one or more permanent establishments in Australia at or through which the OBU carries on what are OB activities apart from this section; and (b) one or more other permanent establishments either in Australia or outside Australia; then sections 121D to 121EAA (inclusive) apply as if: (c) the OBU consisted only of the permanent establishments referred to in paragraph (a); and (d) the permanent establishments referred to in paragraph (b) were separate persons. Head office can be permanent establishment (2) For the purpose of determining under subsection (1) whether something is a permanent establishment, it does not matter whether it is a head office or not. (3) To avoid doubt, this section applies for the purposes of applying Subdivision 230 ‑ A of the Income Tax Assessment Act 1997 to a financial arrangement (within the meaning of that Act). Note: This means that it is possible for financial arrangements to be entered into between the bank and the branch and for the bank or the branch to have a gain or loss from such an arrangement dealt with under Division 230 of the Income Tax Assessment Act 1997 . Arm’s length pricing (4) For the purposes of this Division, treat an amount that, because of subsections (1) to (3): (a) is included in the OBU’s OB income; or (b) is an allowable OB deduction of the OBU; as being the amount that would be so included, or that would be the amount of the allowable OB deduction, were the OBU and the permanent establishments mentioned in paragraph (1)(d) dealing with each other at arm’s length. (5) For the purposes of determining the effect subsection (4) has in relation to the amount that is included or allowable, work out the arm’s length dealing so as best to achieve consistency with: (a) the documents covered by section 815 ‑ 235 of the Income Tax Assessment Act 1997 (Guidance); and (b) subject to paragraph (a), the documents covered by section 815 ‑ 135 of that Act.", "Amendment_Count": 3, "First_Amended": "No 191 of 1992", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 191 of 1992 | No 15 of 2009 | No 70 of 2015", "History_Notes": "Inserted by No 191 of 1992, item 15 | item 90, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 15 of 2009, Sch 1 item 230 | Sch 1 item 37, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 70 of 2015, Sch 3 item 7 | Sch 3 item 13 | Sch 3 item 33, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EC", "Provision_Key": "s121ec", "Heading": "Meaning of OBU resident ‑ owner money", "Text": "Money is OBU resident ‑ owner money of an OBU if it is paid to the OBU by a resident owner of the OBU by way of a subscription for, or a call on, shares in the OBU, except if the shares are redeemable preference shares.", "Amendment_Count": 2, "First_Amended": "No 191 of 1992", "Last_Amended": "No 63 of 1998", "Amending_Acts": "No 191 of 1992 | No 63 of 1998", "History_Notes": "Inserted by No 191 of 1992, item 15 | item 80 | item 20, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 63 of 1998, Sch 7 item 26, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121ED", "Provision_Key": "s121ed", "Heading": "Meaning of trade with a person", "Text": "A person ( the trader ) is said to trade with another person in a thing if: (a) the trader, for the purpose of trading in the thing, acquires it on issue from the other person; or (b) the trader, for the purpose of trading in the thing, buys it from the other person; or (c) the trader, in trading in the thing, sells it to the other person.", "Amendment_Count": 1, "First_Amended": "No 191 of 1992", "Last_Amended": "No 191 of 1992", "Amending_Acts": "No 191 of 1992", "History_Notes": "Inserted by No 191 of 1992, item 15, effective s 4–35: 21 Dec 1992 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121ED"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EDA", "Provision_Key": "s121eda", "Heading": "Meaning of OB income", "Text": "OB income (1) Subject to subsections (2) to (5), the OB income of an OBU of a year of income is so much of the OBU’s ordinary income and statutory income of the year of income as is: (a) derived from OB activities of the OBU or the part of the OBU to which paragraph 121EB(1)(c) applies; or (b) included in the statutory income because of such activities. (2) Subsection (1) does not apply to amounts included under Part 3 ‑ 1 of the Income Tax Assessment Act 1997 (about capital gains). (3) Subsection (1) does not apply to the extent that the money lent, invested or otherwise used in carrying on the OB activities is non ‑ OB money of the OBU. (4) A typical example of an amount covered by the exception in subsection (3) is interest derived from the OB activity of lending money to an offshore person, where the money lent is non ‑ OB money. Reduction of OB income because of certain investment activities (5) Ordinary or statutory income that: (a) would otherwise be taken into account under subsection (1); and (b) is derived from an investment activity (within the meaning of subsection 121D(6A) or (6B)) included in OB activities of the OBU or the part of the OBU to which paragraph 121EB(1)(c) applies; is reduced by the average Australian asset percentage (within the meaning of subsection 121DA(2)) of the portfolio investment concerned.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, Sch 3 item 11 | Sch 3 item 16, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EDA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EE", "Provision_Key": "s121ee", "Heading": "Definitions relating to assessable income of an OBU", "Text": "Purpose of section (1) This section sets out certain definitions used in this Division that relate to the assessable income of an OBU of a year of income. Assessable OB income (2) The assessable OB income of an OBU is so much of the OBU’s OB income of the year of income as is assessable income. Adjusted assessable OB income (4) The adjusted assessable OB income of an OBU is the OBU’s assessable OB income of the year of income reduced by the sum of the OBU’s exclusive OB deductions for interest (including a discount in the nature of interest). Adjusted total assessable income (5) The adjusted total assessable income of an OBU is the OBU’s assessable income of the year of income reduced by the sum of the OBU’s exclusive OB deductions, and exclusive non ‑ OB deductions, for interest (including a discount in the nature of interest).", "Amendment_Count": 5, "First_Amended": "No 191 of 1992", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 191 of 1992 | No 76 of 1996 | No 46 of 1998 | No 93 of 1999 | No 70 of 2015", "History_Notes": "Inserted by No 191 of 1992, item 15 | item 80, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 76 of 1996, Sch 1 item 1 | Sch 1 item 12 | Sch 1 item 13, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 46 of 1998, Sch 10 item 332, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 93 of 1999, Sch 1 item 19, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 70 of 2015, Sch 3 item 10 | Sch 3 item 16, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EF", "Provision_Key": "s121ef", "Heading": "Definitions relating to allowable deductions of an OBU", "Text": "Purpose of section (1) This section sets out certain definitions used in this Division relating to allowable deductions of an OBU in relation to a year of income. Allowable OB deduction (2) An allowable OB deduction is any of the following 3 kinds of allowable deduction: (a) an exclusive OB deduction; (b) a general OB deduction; (c) an apportionable OB deduction. Exclusive OB deduction (3) An exclusive OB deduction is any deduction (other than a loss deduction) allowable from the OBU’s assessable income of the year of income that relates exclusively to assessable OB income. General OB deduction (4) A deduction that: (a) is none of the following: (i) a loss deduction; (ii) an apportionable deduction; (iii) an exclusive OB deduction; (iv) an exclusive non ‑ OB deduction; and (b) is allowable from the OBU’s assessable income of the year of income; is a general OB deduction to the extent that: (c) it is incurred in gaining or producing the OB income of the OBU; or (d) it is necessarily incurred in carrying on a business for the purpose of gaining or producing the OB income of the OBU. Apportionable OB deduction (5) An apportionable OB deduction is so much of any apportionable deduction allowable from the OBU’s assessable income of the year of income as is calculated by multiplying the deduction by the following fraction: Exclusive non ‑ OB deduction (6) An exclusive non ‑ OB deduction is any deduction (other than a loss deduction) allowable from the OBU’s assessable income of the year of income that relates exclusively to assessable income that is not assessable OB income. Loss deduction (7) A loss deduction is any allowable deduction under Division 36 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 191 of 1992", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 191 of 1992 | No 39 of 1997 | No 70 of 2015", "History_Notes": "Inserted by No 191 of 1992, item 15, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 39 of 1997, Sch 4 item 139, effective Sch 1: 1 July 1997 (s 2) | Amended by No 70 of 2015, Sch 3 item 15, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EJ", "Provision_Key": "s121ej", "Heading": "Source of income derived from OB activities", "Text": "For the purposes of this Act, income of an OBU that is derived from OB activities of the OBU is taken to be derived from a source in Australia.", "Amendment_Count": 4, "First_Amended": "No 191 of 1992", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 191 of 1992 | No 93 of 1999 | No 143 of 2007 | No 8 of 2019", "History_Notes": "Inserted by No 191 of 1992, item 19, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 93 of 1999, Sch 1 item 20, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 143 of 2007, Sch 1 item 60 | Sch 1 item 61, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 8 of 2019, Sch 8 item 28, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EK", "Provision_Key": "s121ek", "Heading": "Deemed interest on 90% of certain OBU resident ‑ owner money", "Text": "Deemed interest (1) If: (a) an owner of an OBU pays an amount of money to the OBU and, because of section 121EC, the amount becomes OBU resident ‑ owner money of the OBU; and (b) the OBU uses, or holds ready for use, the whole or part of the amount (which whole or part is called the OB use amount ) in carrying on any of its OB activities during the whole or part of any year of income (which whole or part is called the OB use period ); then the assessable income of the owner of the year of income includes deemed interest as described in subsection (2). Amount of deemed interest (2) The deemed interest is: (a) applied to 90% of the OB use amount; and (b) applied on a daily ‑ rests basis for the OB use period at a rate that is 2% above the 90 ‑ day bank bill rate from time to time during that period. Deduction for deemed interest (3) A deduction is allowable from the OBU’s assessable income, equal to the amount included in the owner’s assessable income, for the year of income. The deduction is taken to be an exclusive OB deduction for interest.", "Amendment_Count": 1, "First_Amended": "No 191 of 1992", "Last_Amended": "No 191 of 1992", "Amending_Acts": "No 191 of 1992", "History_Notes": "Inserted by No 191 of 1992, item 19 | item 20, effective s 4–35: 21 Dec 1992 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121EL", "Provision_Key": "s121el", "Heading": "Exemption of income etc. of OBU offshore investment trusts", "Text": "(1) If: (a) an OBU is a trustee, or is the central manager and controller, of a trust estate; and (b) the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust are non ‑ residents; and (c) the terms of the trust are to the effect that income, profits or capital gains of the trust estate may only come from investment activities covered by subsection 121D(6) or (6A); then: (d) any income of the trust estate derived from an investment activity covered by subsection 121D(6) is exempt from income tax; and (e) any capital gain or capital loss made by the trust estate from a CGT event happening in relation to a CGT asset of the trust estate in the course of, or in connection with, an investment activity covered by subsection 121D(6) is disregarded; and (f) any income of the trust estate derived from an investment activity covered by subsection 121D(6A) is exempt from income tax, in so far as the income exceeds the average Australian asset percentage (within the meaning of subsection 121DA(2)) for the portfolio investment concerned; and (g) if, apart from this section, the trust estate would make a capital gain or capital loss from a CGT event happening in relation to a CGT asset of the trust estate in the course of, or in connection with, an investment activity covered by subsection 121D(6A)—the trust estate makes only the average Australian asset percentage (for the portfolio investment concerned) of the gain or loss. (2) If: (a) an OBU is a trustee, or is the central manager and controller, of a trust estate; and (b) the only person who benefits, or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust is an overseas charitable institution; and (c) the terms of the trust are to the effect that income, profits or capital gains of the trust estate may only come from investment activities covered by subsection 121D(6B); then: (d) any income of the trust estate derived from an investment activity covered by subsection 121D(6B) is exempt from income tax; and (e) any capital gain or capital loss made by the trust estate from a CGT event happening in relation to a CGT asset of the trust estate in the course of, or in connection with, an investment activity covered by subsection 121D(6B) is disregarded.", "Amendment_Count": 4, "First_Amended": "No 191 of 1992", "Last_Amended": "No 93 of 1999", "Amending_Acts": "No 191 of 1992 | No 76 of 1996 | No 46 of 1998 | No 93 of 1999", "History_Notes": "Inserted by No 191 of 1992, item 19, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 76 of 1996, Sch 1 item 15 | Sch 1 item 17, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 46 of 1998, Sch 10 item 118 | Sch 10 item 333 | Sch 10 item 334, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 93 of 1999, Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 37, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121EL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121ELA", "Provision_Key": "s121ela", "Heading": "Exemption of income etc. of overseas charitable institutions", "Text": "Investment with OBU (1) Income, derived by an overseas charitable institution, is exempt to the extent that it is: (a) a payment or outgoing from an OBU as part of the OB activities of the OBU; or (b) a distribution of income that is exempt under subsection 121EL(2). Capital gains and losses (2) If: (a) an OBU is a trustee, or is the central manager and controller, of a unit trust estate; and (b) the only person who benefits, or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust is an overseas charitable institution; and (c) the terms of the trust are to the effect that income, profits or capital gains of the trust estate may only come from investment activities covered by subsection 121D(6B); and (d) the overseas charitable institution disposes of its interest in the trust; then the overseas charitable institution makes no capital gain or capital loss from a CGT event happening in relation to the disposal.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121ELA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121ELB", "Provision_Key": "s121elb", "Heading": "Adjustment of capital gains and losses from disposal of units in OBU offshore investment trusts", "Text": "Trust with subsection 121D(6) investment activities (1) If: (a) an OBU is a trustee, or is the central manager and controller, of a unit trust estate; and (b) the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust are non ‑ residents; and (c) all units in the trust are held by non ‑ residents; and (d) the terms of the trust are to the effect that income, profits or capital gains of the trust estate may only come from investment activities covered by subsection 121D(6); and (e) a non ‑ resident disposes of a unit in the trust; then the non ‑ resident makes no capital gain or capital loss from a CGT event happening in relation to the disposal. Trust with subsection 121D(6A) investment activities (2) If: (a) an OBU is a trustee, or is the central manager and controller, of a unit trust estate; and (b) the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust are non ‑ residents; and (c) all units in the trust are held by non ‑ residents; and (d) the terms of the trust are to the effect that income, profits or capital gains of the trust estate may only come from investment activities covered by subsection 121D(6A); and (e) a non ‑ resident disposes of a unit in the trust; and (f) the average Australian asset percentage for the portfolio investment concerned was 10% or less; then if, apart from this section, the non ‑ resident would make a capital gain or capital loss from a CGT event happening in relation to the disposal, the non ‑ resident makes only the average Australian asset percentage of the gain or loss. (3) In working out the average Australian asset percentage for the purposes of subsection (2), the investment management period is taken to be the period during the 12 months before the disposal during which the non ‑ resident held the unit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121ELB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121F", "Provision_Key": "s121f", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. consideration includes a benefit of any kind. diverted income , in relation to a taxpayer, means all the amounts that are included under this Division in the diverted income of the taxpayer. diverted trust income , in relation to a trustee of a trust estate, means all the amounts that are included under this Division in the diverted trust income of the trust estate. income includes all amounts that, apart from the operation of the relevant exempting provisions, would be assessable income. property includes: (a) a chose in action; (b) any estate, interest, right or power, whether at law or in equity, in or over property; and (c) any right to receive income. public company rate means the rate of tax payable in respect of the taxable income of a company that is not a private company. relevant exempting provision means any of the following provisions: (aa) section 50 ‑ 5, 50 ‑ 10, 50 ‑ 15, 50 ‑ 25, 50 ‑ 30, 50 ‑ 40 or 50 ‑ 45 of the Income Tax Assessment Act 1997 ; (b) paragraph 23(ja) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 ; (baa) paragraph 23(x) as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1988 ; (ba) section 23F, 23FA or 23FB, as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 4) 1987 ; (bb) paragraph 23(jaa) or section 23FC or 23FD, as in force at any time before the commencement of section 1 of the Taxation Laws Amendment Act (No. 2) 1989 ; (bc) section 24AM; (c) paragraph 320 ‑ 37(1)(a) of the Income Tax Assessment Act 1997 ; (cb) regulations under the International Organisations (Privileges and Immunities) Act 1963 , insofar as those regulations provide that an organisation is not liable to income tax; (d) any provision of an Act other than this Act to the effect that income of a particular person or body is not subject to taxation under any law of the Commonwealth or to the effect that a particular person or body is not subject to taxation under any law of the Commonwealth. right to receive income , in relation to a person, means a right of the person to have income that will or may be derived (whether from property or otherwise) paid to, or applied or accumulated for the benefit of, the person. tax avoidance agreement means an agreement that was entered into after 24 June 1980 and was entered into or carried out for the purpose, or for purposes that included the purpose, of securing that a person who, if the agreement had not been entered into or carried out, would have been liable to pay income tax in respect of a year of income would not be liable to pay income tax in respect of that year of income or would be liable to pay less income tax in respect of that year of income than that person would have been liable to pay if the agreement had not been entered into or carried out. taxpayer does not include a partnership. (2) In determining for the purposes of this Division whether an agreement is a tax avoidance agreement, no regard shall be had to a purpose that is a merely incidental purpose. (3) For the purposes of this Division, an agreement shall be taken to have been entered into or carried out for a particular purpose, or for purposes that included a particular purpose, if any of the parties to the agreement entered into or carried out the agreement for that purpose, or for purposes that included that purpose, as the case may be. (4) A reference in this Division to a person shall be read as including a reference to a person in the capacity of a trustee. (5) For the purposes of the application of this Division in relation to property acquired under a tax avoidance agreement, a reference to income that is derived from that property shall be read as including a reference to income that is derived from the disposal of that property, of any part of that property or of any interest in that property.", "Amendment_Count": 17, "First_Amended": "No 108 of 1981", "Last_Amended": "No 96 of 2013", "Amending_Acts": "No 108 of 1981 | No 154 of 1981 | No 47 of 1984 | No 52 of 1986 | No 138 of 1987 | No 78 of 1988 | No 153 of 1988 | No 97 of 1989 | No 56 of 1994 | No 169 of 1995 | No 121 of 1997 | No 150 of 1997 | No 46 of 1998 | No 101 of 2004 | No 63 of 2005 | No 101 of 2006 | No 96 of 2013", "History_Notes": "Inserted by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 154 of 1981, effective s 4–31 and 39–41: 26 Oct 1981 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 52 of 1986, effective 24 June 1986 (s 2) | Amended by No 138 of 1987, Sch 2 item 34, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 78 of 1988, item 19, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 153 of 1988, item 15, effective s 9–42 and 44: 26 Dec 1988 (s 2(1)) s 43: 1 Jan 1989 (s 2(2)) | Amended by No 97 of 1989, Sch 2 item 1988 | Sch 1 item 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 56 of 1994, item 58, effective s 14–23, 39–54, 65–69, 70(3), 71(3), (4), 72–74, 75(2), 76–82, 83(3) and 84–87: 7 Apr 1994 (s 2(1)) s 24–32: 1 July 1993 (s 2(2)) s 33–38: 20 Mar 1994 (s 2(3)) s 55–64: 1 July 1994 (s 2(4)) s 70(1) and 83(1): 30 June 1989 (s 2(5), (8)) s 70(2), 71(2) and 83(2): 8 Jan 1991 (s 2(9)) s 71(1) and 75(1): 17 Jan 1990 (s 2(6), (7)) | Amended by No 169 of 1995, Sch 1 item 9, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 121 of 1997, Sch 3 item 50, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 150 of 1997, Sch 2 item 6, effective Sch 2 (items 3–7): 17 Oct 1997 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 336, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 63 of 2005, Sch 1 item 2, effective Sch 1 (items 1–4, 23), Sch 2 and Sch 5: 26 June 2005 (s 2(1) items 2, 4) | Amended by No 101 of 2006, Sch 1 item 116 | Sch 2 item 48, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 96 of 2013, Sch 1 item 19 | Sch 1 item 20, effective Sch 1 (items 19–22): 1 Jan 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121G", "Provision_Key": "s121g", "Heading": "Diverted income and diverted trust income", "Text": "(1) Where: (a) a taxpayer, not being a taxpayer in the capacity of a trustee, has acquired property (in this subsection referred to as the relevant property ) under a tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of a tax avoidance agreement; (b) by reason that the taxpayer derives any income from the relevant property, an amount (in this subsection referred to as the relevant amount ) would, apart from the operation of the relevant exempting provisions, be included in the assessable income of the taxpayer of a year of income otherwise than under Division 5, section 97, section 99B or section 100; (c) apart from this Division, the relevant amount would not be included in the assessable income of the taxpayer of the year of income; and (d) so much of the amount or value of the consideration provided by the taxpayer under or in connection with the tax avoidance agreement as the Commissioner is satisfied was provided in respect of the acquisition by the taxpayer of the relevant property substantially exceeds the amount or value of the consideration that might reasonably be expected to have been provided by the taxpayer in respect of the acquisition of the relevant property if the taxpayer were liable to pay tax, in respect of any income derived by the taxpayer from the relevant property, at the public company rate applicable for the financial year in which the taxpayer acquired the relevant property; the diverted income of the taxpayer of the year of income shall include the relevant amount. (2) Where: (a) a taxpayer, not being a taxpayer in the capacity of a trustee, has acquired property (in this subsection referred to as the relevant property ), being an interest in a partnership, under a tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of a tax avoidance agreement; (b) by reason of the ownership by the taxpayer of the relevant property, an amount (in this subsection referred to as the relevant amount ) would, apart from the operation of the relevant exempting provisions, be included, under Division 5, in the assessable income of the taxpayer of a year of income (in this subsection referred to as the relevant year of income ); (c) apart from this Division, the relevant amount would not be included in the assessable income of the taxpayer of the relevant year of income; and (d) so much of the amount or value of the consideration provided by the taxpayer under or in connection with the tax avoidance agreement as the Commissioner is satisfied was provided in respect of the acquisition by the taxpayer of the relevant property substantially exceeds the amount or value of the consideration that might reasonably be expected to have been provided by the taxpayer in respect of the acquisition of the relevant property if the taxpayer were liable to pay tax, in respect of any income derived by the taxpayer from the relevant property, at the public company rate applicable for the financial year in which the taxpayer acquired the relevant property; the diverted income of the taxpayer of the relevant year of income shall include the relevant amount. (3) Where: (a) a taxpayer, not being a taxpayer in the capacity of a trustee, has acquired property (in this subsection referred to as the relevant property ), being a beneficial interest in a trust estate, under a tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of a tax avoidance agreement; (b) by reason of the ownership by the taxpayer of the relevant property, an amount (in this subsection referred to as the relevant amount ) would, apart from the operation of the relevant exempting provisions, be included, under Division 6, in the assessable income of the taxpayer of a year of income (in this subsection referred to as the relevant year of income ); (c) apart from this Division, the relevant amount would not be included in the assessable income of the taxpayer of the relevant year of income; and (d) so much of the amount or value of the consideration provided by the taxpayer under or in connection with the tax avoidance agreement as the Commissioner is satisfied was provided in respect of the acquisition by the taxpayer of the relevant property substantially exceeds the amount or value of the consideration that might reasonably be expected to have been provided by the taxpayer in respect of the acquisition of the relevant property if the taxpayer were liable to pay tax, in respect of any income derived by the taxpayer from the relevant property, at the public company rate applicable for the financial year in which the taxpayer acquired the relevant property; the diverted income of the taxpayer of the relevant year of income shall include the relevant amount. (4) Where: (a) a taxpayer, being a taxpayer in the capacity of a trustee of a trust estate, has acquired property (in this subsection referred to as the relevant property ) under a tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of a tax avoidance agreement; (b) by reason that the taxpayer derives any income from the relevant property, an amount (in this subsection referred to as the relevant amount ) would, apart from the operation of the relevant exempting provisions, be included in the assessable income of the trust estate of a year of income otherwise than under Division 5, section 97, section 99B or section 100; (c) apart from this Division, the relevant amount would not be included in the assessable income of the trust estate of the year of income; and (e) so much of the amount or value of the consideration provided by the taxpayer under or in connection with the tax avoidance agreement as the Commissioner is satisfied was provided in respect of the acquisition by the taxpayer of the relevant property substantially exceeds the amount or value of the consideration that might reasonably be expected to have been provided by the taxpayer in respect of the acquisition of the relevant property if the taxpayer were liable to pay tax, in respect of any income derived by the taxpayer from the relevant property, at the public company rate applicable for the financial year in which the taxpayer acquired the relevant property; the diverted trust income of the trust estate of the year of income shall include the relevant amount. (5) Where: (a) a taxpayer, being a taxpayer in the capacity of a trustee of a trust estate, has acquired property (in this subsection referred to as the relevant property ), being an interest in a partnership, under a tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of a tax avoidance agreement; (b) by reason of the ownership by the taxpayer of the relevant property, an amount (in this subsection referred to as the relevant amount ) would, apart from the operation of the relevant exempting provisions, be included, under Division 5, in the assessable income of the trust estate of a year of income (in this subsection referred to as the relevant year of income ); (c) apart from this Division, the relevant amount would not be included in the assessable income of the trust estate of the relevant year of income; and (e) so much of the amount or value of the consideration provided by the taxpayer under or in connection with the tax avoidance agreement as the Commissioner is satisfied was provided in respect of the acquisition by the taxpayer of the relevant property substantially exceeds the amount or value of the consideration that might reasonably be expected to have been provided by the taxpayer in respect of the acquisition of the relevant property if the taxpayer were liable to pay tax, in respect of any income derived by the taxpayer from the relevant property, at the public company rate applicable for the financial year in which the taxpayer acquired the relevant property; the diverted trust income of the trust estate of the relevant year of income shall include the relevant amount. (6) Where: (a) a taxpayer, being a taxpayer in the capacity of a trustee of a trust estate (in this subsection referred to as the relevant trust estate ), has acquired property (in this subsection referred to as the relevant property ), being a beneficial interest in another trust estate, under a tax avoidance agreement or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of a tax avoidance agreement; (b) by reason of the ownership by the taxpayer of the relevant property, an amount (in this subsection referred to as the relevant amount ) would, apart from the operation of the relevant exempting provisions, be included, under section 97, 99B or 100, in the assessable income of the relevant trust estate of a year of income (in this subsection referred to as the relevant year of income ); (c) apart from this Division, the relevant amount would not be included in the assessable income of the relevant trust estate of the relevant year of income; and (e) so much of the amount or value of the consideration provided by the taxpayer under or in connection with the tax avoidance agreement as the Commissioner is satisfied was provided in respect of the acquisition by the taxpayer of the relevant property substantially exceeds the amount or value of the consideration that might reasonably be expected to have been provided by the taxpayer in respect of the acquisition of the relevant property if the taxpayer were liable to pay tax, in respect of any income derived by the taxpayer from the relevant property, at the public company rate applicable for the financial year in which the taxpayer acquired the relevant property; the diverted trust income of the relevant trust estate of the relevant year of income shall include the relevant amount. (8) Where: (a) a deduction is allowable or deductions are allowable, in calculating the net income of a partnership or trust estate of a year of income, in respect of losses or outgoings (in this subsection referred to as the relevant losses or outgoings ) incurred under or in connection with a tax avoidance agreement; (b) if no deduction were allowable, in calculating that net income, in respect of the relevant losses or outgoings and no relevant exempting provisions were applicable in relation to a taxpayer, an amount would be included in the assessable income of the taxpayer of a year of income by reason that the taxpayer owned an interest in the partnership or a beneficial interest in the trust estate or owned an interest in any other partnership or a beneficial interest in any other trust estate; and (c) if the deduction or deductions were allowed, in calculating that net income, in respect of the relevant losses or outgoings and no relevant exempting provision were applicable in relation to the taxpayer: (i) no amount would be included in the assessable income of the taxpayer of the year of income by reason that the taxpayer owned an interest in a partnership or a beneficial interest in a trust estate as mentioned in paragraph (b); or (ii) an amount would be included in the assessable income of the taxpayer of the year of income by reason that the taxpayer owned an interest in a partnership or a beneficial interest in a trust estate as mentioned in paragraph (b) but the amount that would be so included in that assessable income would be less than the amount referred to in paragraph (b); then, for the purposes of the application of subsections (2), (3), (5) and (6) in relation to the taxpayer in relation to the tax avoidance agreement, no deduction shall be allowed in respect of the relevant losses or outgoings in calculating the net income of the partnership or trust estate referred to in paragraph (a). (10) For the purposes of the application of subsection (8), a reference to a deduction that is allowable in calculating the net income of a partnership does not include a reference to a deduction allowable to the partnership in respect of expenditure taken under sections 70 ‑ 90 and 70 ‑ 95 and subsection 70 ‑ 100(3) of the Income Tax Assessment Act 1997 to have been incurred in the acquisition of trading stock by the partnership. (11) In determining for the purposes of this section the amount or value of the consideration that might reasonably be expected to have been provided by a taxpayer in respect of the acquisition of property by the taxpayer if the taxpayer were liable to pay tax in respect of any income derived by the taxpayer from the property at the public company rate applicable for the financial year in which the taxpayer acquired the property, the possibility that the taxpayer would be entitled to a rebate of tax in respect of any of that income shall be disregarded. (12) In determining for the purposes of this section whether an amount would, apart from the operation of the relevant exempting provisions, be included in the assessable income of a taxpayer or a trust estate of a year of income, section 128D of this Act and section 802 ‑ 15 of the Income Tax Assessment Act 1997 shall be disregarded. (13) For the purposes of this section, where: (a) a taxpayer acquired property, being an interest in a trust estate or partnership, before the time when a tax avoidance agreement was entered into; and (b) under the tax avoidance agreement, or by reason of an act, transaction or circumstance occurring as part of, in connection with or as a result of the tax avoidance agreement, the amount of the share (in this subsection referred to as the relevant share ) of the taxpayer of the income of the trust estate or partnership of any year of income was or is increased; the following provisions apply: (c) the property referred to in paragraph (a) shall be taken to have been acquired by the taxpayer under the tax avoidance agreement; and (d) any consideration provided by the taxpayer in respect of the increase in the amount of the relevant share shall be taken to be consideration provided by the taxpayer in respect of the acquisition of the property referred to in paragraph (a). (14) For the purposes of the application of this section in relation to the acquisition of property by a person under a tax avoidance agreement, the Commissioner may be satisfied that consideration provided by the person under or in connection with the tax avoidance agreement was provided by the person in respect of the acquisition of the property notwithstanding, in a case where the person acquired property from another person, that the consideration was not provided to that other person.", "Amendment_Count": 8, "First_Amended": "No 108 of 1981", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 108 of 1981 | No 29 of 1982 | No 49 of 1985 | No 123 of 1985 | No 97 of 1989 | No 121 of 1997 | No 147 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 29 of 1982, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 49 of 1985, item 27, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 123 of 1985, item 26, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 97 of 1989, Sch 2 item 1988, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 121 of 1997, Sch 5 item 82, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 147 of 2005, Sch 2 item 5, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 305, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121H", "Provision_Key": "s121h", "Heading": "Assessment of diverted income and diverted trust income", "Text": "(1) A taxpayer, not being a taxpayer in the capacity of a trustee of a trust estate, shall be assessed and is liable to pay tax, at the rate declared by the Parliament for the purposes of this Division, upon the diverted income of the taxpayer of the year of income. (2) A taxpayer in the capacity of a trustee of a trust estate shall be assessed and is liable to pay tax, at the rate declared by the Parliament for the purposes of this Division, upon the diverted trust income of the trust estate of the year of income.", "Amendment_Count": 2, "First_Amended": "No 108 of 1981", "Last_Amended": "No 97 of 1989", "Amending_Acts": "No 108 of 1981 | No 97 of 1989", "History_Notes": "Inserted by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 97 of 1989, Sch 2 item 1988 | Sch 1 item 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121J", "Provision_Key": "s121j", "Heading": "Ascertainment of diverted income or diverted trust income deemed to be an assessment", "Text": "The ascertainment of the amount of the diverted income or diverted trust income and of the tax payable thereon shall, for all purposes of this Act be deemed to be an assessment.", "Amendment_Count": 1, "First_Amended": "No 108 of 1981", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 108 of 1981", "History_Notes": "Inserted by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121J"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121K", "Provision_Key": "s121k", "Heading": "Application of International Tax Agreements Act", "Text": "For the purposes of sections 15 and 16 of the International Tax Agreements Act 1953 , any amount that is included in the diverted income or diverted trust income of a taxpayer of a year of income shall be deemed to be included in the assessable income of the taxpayer of the year of income.", "Amendment_Count": 3, "First_Amended": "No 108 of 1981", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 108 of 1981 | No 22 of 1995 | No 143 of 2007", "History_Notes": "Inserted by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 22 of 1995, item 20, effective Sch (items 16–35): 29 Mar 1995 (s 2) | Amended by No 143 of 2007, Sch 1 item 62, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121K"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 121L", "Provision_Key": "s121l", "Heading": "Division applies notwithstanding exemption under other laws", "Text": "This Division has effect notwithstanding anything contained in any law of the Commonwealth other than this Act. Income Tax Assessment Act 1936 No. 27, 1936 Compilation No. 191 Compilation date: 1 April 2026 Includes amendments: Act No. 12, 2026 This compilation is in 7 volumes Volume 1: sections 1 ‑ 78A Volume 2: sections 79A ‑ 121L Volume 3: sections 124ZM ‑ 204 Volume 4: sections 251R ‑ 468 Volume 5: Schedules Volume 6: Endnotes 1 ‑ 4 Volume 7: Endnote 5 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1936 that shows the text of the law as amended and in force on 1 April 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 108 of 1981", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 108 of 1981", "History_Notes": "Inserted by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s121L"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZM", "Provision_Key": "s124zm", "Heading": "Treatment distributions to shareholders in PDF", "Text": "Unfranked part of distribution exempt from income tax (1) If a company makes a distribution to a shareholder at a time when the company is a PDF, the unfranked part of the distribution is exempt from income tax. Rest of section deals with franked part (2) The rest of this section applies to the franked part of the distribution. Usual case (3) Subsection (4) applies if the assessable income of a year of income of a taxpayer who or that is: (a) a company or a natural person (other than a company or natural person in the capacity of a trustee); or (c) a public trading trust in relation to that year of income; or (d) a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust in relation to that year of income; would (apart from subsection (4)) include: (e) the franked part of the distribution; or (f) any of the franked part of the distribution that flows indirectly to the taxpayer. This subsection does not apply to cases dealt with in subsections (5) and (6). (4) Subject to subsection (7), the following is exempt income of the taxpayer: (a) if paragraph (3)(e) applies—the franked part; (b) if paragraph (3)(f) applies—so much of the franked part of the distribution as flows indirectly to the taxpayer. Taxpayers who qualify for venture capital franking tax offset (5) If a taxpayer (other than a life assurance company) is entitled to a tax offset in relation to the distribution under section 210 ‑ 170 of the Income Tax Assessment Act 1997 , then: (a) so much of the franked part of the distribution as equals the part of the distribution that is franked with a venture capital credit is exempt income of the taxpayer; and (b) if the franked part exceeds the amount so exempt—the excess is, subject to subsection (7), exempt income of the taxpayer. (6) If a life assurance company is entitled to a tax offset in relation to the distribution under section 210 ‑ 170 of the Income Tax Assessment Act 1997 , then: (a) so much of the franked part of the distribution as equals the amount worked out using the following formula is exempt income of the life assurance company: where: complying superannuation class of taxable income is the life assurance company’s complying superannuation class of taxable income, within the meaning of the Income Tax Assessment Act 1997 , for the year of income in which the distribution is made. venture capital franked part i s the part of the distribution that is franked with a venture capital credit. total income is the life assurance company’s assessable income for the year of income in which the distribution is made; and (b) if the franked part exceeds the amount so exempt—the excess is, subject to subsection (7), exempt income of the life assurance company. No exemption if return prepared on basis that amount assessable (7) Subsection (4) and paragraphs (5)(b) and (6)(b) do not exempt, and are taken never to have exempted, an amount if the taxpayer’s return of income of the year of income is prepared on the basis that the amount is included in the taxpayer’s assessable income of that year. Where partner entitled to deduction for amount flowing indirectly (8) If: (a) any of the franked part of the distribution flows indirectly to a taxpayer who is a partner in a partnership; and (b) apart from this subsection, the amount that flows indirectly would be allowable as a deduction from the taxpayer’s assessable income of a year of income; and (c) the taxpayer is of a kind mentioned in any of paragraphs (3)(a) to (d); the amount that flows indirectly is not allowable as a deduction from that assessable income. (9) Subsection (8) does not prevent, and is taken never to have prevented, an amount from being allowable as a deduction if the taxpayer’s return of income of the year of income is prepared on the basis that the amount is so allowable. Where trustee assessed on amount flowing indirectly (10) If: (a) any of the franked part of the distribution flows indirectly to the trustee of a trust estate; and (b) apart from this subsection, the trustee would be liable under section 98, 99 or 99A to be assessed and pay tax on the amount that flows indirectly; the trustee is not liable under that section to be assessed and to pay tax on the amount that flows indirectly. (11) Subsection (10) does not prevent, and is taken never to have prevented, the trustee from being liable under that section to be assessed and to pay tax on an amount if the trustee elects to be so liable. (12) An election must be made in the trustee’s return of income of the trust estate for the year of income concerned. Interpretation (13) In this section: flows indirectly has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . part of a distribution that is franked with a venture capital credit has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 98 of 1992", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 98 of 1992 | No 79 of 2000 | No 101 of 2006 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 98 of 1992, item 12 | item 14 | item 15 | item 16 | item 18 | item 20, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 79 of 2000, Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 32 | Sch 5 item 44, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 1, 2, 4), Sch 2 (items 6A–6J, 7), Sch 3, Sch 4 (items 1–5) and Sch 6 (items 12–15): 1 July 2000 (s 2(2)) Sch 4 (items 6–10): 1 July 2001 (s 2(3)) Sch 5: 10 Dec 1999 (s 2(4)) | Repealed and substituted by No 101 of 2006, Sch 2 item 329, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 98, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 45 of 2008, Sch 1 item 5 | Sch 7 item 1 | Sch 7 item 2, effective Sch 1 (items 2–7), Sch 4 (items 1–7) and Sch 7 (items 1–5): 26 June 2008 (s 2) | Amended by No 70 of 2015, Sch 1 item 56 | Sch 1 item 57 | Sch 1 item 58 | Sch 1 item 59, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 53 of 2016, Sch 5 item 22, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZN", "Provision_Key": "s124zn", "Heading": "Exemption of income from sale of shares in a PDF", "Text": "Income derived by a taxpayer from selling shares in a company is exempt from income tax if the company is a PDF at the time of the sale. Note: Any capital gain or capital loss from a disposal of shares in a PDF is disregarded: see section 118 ‑ 13 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 98 of 1992", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 98 of 1992 | No 46 of 1998", "History_Notes": "Inserted by No 98 of 1992, item 20, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 339, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZO", "Provision_Key": "s124zo", "Heading": "Shares in a PDF are not trading stock", "Text": "Shares in a PDF are not trading stock for the purposes of this Act.", "Amendment_Count": 1, "First_Amended": "No 98 of 1992", "Last_Amended": "No 98 of 1992", "Amending_Acts": "No 98 of 1992", "History_Notes": "Inserted by No 98 of 1992, item 20, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZQ", "Provision_Key": "s124zq", "Heading": "Effect of company becoming a PDF", "Text": "(1) This section applies to shares in a company that a taxpayer holds when the company becomes a PDF. (2) In determining for the purposes of this Act whether an amount is or was allowable as a deduction to the taxpayer in respect of acquiring the shares, the shares are taken to have been shares in a PDF throughout the period beginning immediately before the taxpayer acquired them and ending when the company became a PDF. (3) For the purposes of this Act, the shares are taken to have been trading stock of the taxpayer at no time during that period. (4) Section 170 does not prevent an assessment from being amended to give effect to this section.", "Amendment_Count": 1, "First_Amended": "No 98 of 1992", "Last_Amended": "No 98 of 1992", "Amending_Acts": "No 98 of 1992", "History_Notes": "Inserted by No 98 of 1992, item 20, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZQ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZR", "Provision_Key": "s124zr", "Heading": "Effect of company ceasing to be a PDF", "Text": "(1) This section applies to shares in a company that a taxpayer holds when the company ceases to be a PDF. (2) For the purposes of this Act (except Parts 3 ‑ 1 and 3 ‑ 3 (about CGT) of the Income Tax Assessment Act 1997 ), the taxpayer is taken: (a) to have sold the shares immediately before the company ceased to be a PDF; and (b) to have rebought the shares immediately after the company so ceased; for a consideration equal to the market value of the shares immediately after the company so ceased. (3) Parts 3 ‑ 1 and 3 ‑ 3 (about CGT) of the Income Tax Assessment Act 1997 apply as if the taxpayer: (a) had disposed of the CGT assets constituted by the shares, and had done so immediately before the company ceased to be a PDF; and (b) had re ‑ acquired those assets immediately afterwards; for an amount equal to the shares’ market value immediately after the company so ceased.", "Amendment_Count": 2, "First_Amended": "No 98 of 1992", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 98 of 1992 | No 46 of 1998", "History_Notes": "Inserted by No 98 of 1992, item 20, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 30 | Sch 10 item 112 | Sch 10 item 341 | Sch 10 item 342, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZS", "Provision_Key": "s124zs", "Heading": "Definitions", "Text": "In this Subdivision: non ‑ CGT assessable income means an amount included in assessable income otherwise than under Part 3 ‑ 1 or 3 ‑ 3 (about CGT) of the Income Tax Assessment Act 1997 or Subdivision C of this Division. SME investment means an investment other than an unregulated investment. Note: SME stands for small and medium enterprises. unregulated investment has the same meaning as in the Pooled Development Funds Act 1992 .", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 181 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 181 of 1994, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 343, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZS"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZTA", "Provision_Key": "s124zta", "Heading": "Taxable income in first year as PDF if PDF component is nil", "Text": "(1) This section applies if: (a) a company becomes a PDF during a year of income and is still a PDF at the end of the year of income; and (b) the PDF component for the year of income is a nil amount; and (c) the year of income is the 1997 ‑ 98 year of income or a later one. (2) The company’s taxable income of the year of income is the amount that, if the period (the notional year ) beginning at the start of the year of income and ending immediately before the company becomes a PDF were a year of income of the company, would be the company’s taxable income of the notional year.", "Amendment_Count": 1, "First_Amended": "No 39 of 1997", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 39 of 1997", "History_Notes": "Inserted by No 39 of 1997, effective Sch 1: 1 July 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZTA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZT", "Provision_Key": "s124zt", "Heading": "SME assessable income", "Text": "SME assessable income (1) A company’s SME assessable income of a year of income is the sum of: (a) so much of the company’s non ‑ CGT assessable income of the year of income as was derived: (i) from, or from the disposal of, an SME investment of the company; and (ii) at a time when the company was a PDF; and (b) any assessable income allocated to the company’s SME assessable income under section 124ZZB. Note: Section 124ZZB deals with capital gains etc. When assessable income derived (2) For the purposes of paragraph (1)(a), if an amount is derived by a company during, but not at a particular time during, a year of income, the amount is taken to have been derived by the company on the last day of the year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZT"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZU", "Provision_Key": "s124zu", "Heading": "SME income component", "Text": "Full ‑ year PDFs (1) The SME income component of a year of income of a company that is a PDF throughout the year of income is so much of the company’s taxable income of the year of income as does not exceed the amount (if any) remaining after deducting from the company’s SME assessable income of the year of income any deductions allowable to the company in relation to the year of income. Part ‑ year PDFs (2) The SME income component of a year of income of a company that becomes a PDF during the year of income and is still a PDF at the end of the year of income is so much of the company’s adjusted taxable income of the year of income as does not exceed the amount (if any) remaining after deducting from the company’s SME assessable income of the year of income any deductions where both of the following conditions are satisfied: (a) the deductions were allowable to the company in relation to the year of income; (b) the deductions were taken into account in working out the company’s PDF component of the year of income. For this purpose, adjusted taxable income means so much of the company’s taxable income of the year of income as does not exceed its PDF component of the year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZU"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZV", "Provision_Key": "s124zv", "Heading": "Unregulated investment component", "Text": "Full ‑ year PDFs (1) The unregulated investment component of a year of income of a company that is a PDF throughout the year of income is the amount (if any) remaining after deducting from the company’s taxable income of the year of income the company’s SME income component of the year of income. Part ‑ year PDFs (2) The unregulated investment component of a year of income of a company that becomes a PDF during the year of income and is still a PDF at the end of the year of income is the amount (if any) remaining after deducting from the company’s adjusted taxable income of the year of income the company’s SME income component of the year of income. For this purpose, adjusted taxable income means so much of the company’s taxable income of the year of income as does not exceed its PDF component of the year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZV"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZW", "Provision_Key": "s124zw", "Heading": "Definitions", "Text": "In this Subdivision: accumulated net capital loss for a year of income (the loss year ) means the amount (if any) by which the total of: (a) the total of the overall capital losses for all classes of assessable income for the loss year; and (b) any accumulated net capital loss for the last year of income before the loss year; exceeds: (c) the total of the overall capital gains for all classes of assessable income for the loss year (before section 116GB is applied). class , in relation to assessable income, means a class specified in section 124ZY. company does not include a company in a capacity of trustee. non ‑ CGT assessable income means an amount included in assessable income otherwise than under Part 3 ‑ 1 or 3 ‑ 3 (about CGT) of the Income Tax Assessment Act 1997 or this Subdivision. ordinary capital gain for a CGT event means any capital gain that would (apart from this Subdivision) arise from the event. ordinary capital loss for a CGT event means any capital loss that would (apart from this Subdivision) arise from the event. overall capital gain for a class of assessable income means: (a) the amount by which the total ordinary capital gain for that class exceeds the total ordinary capital loss for that class; or (b) if an amount has been applied under subsection 124ZZB(2) to reduce an overall capital gain previously worked out under this definition—that gain as so reduced. overall capital loss for a class of assessable income means the amount by which the total ordinary capital gain for that class is less than the total ordinary capital loss for that class. residual overall capital gain means so much of an overall capital gain as remains after applying subsection 124ZZB(2). SME assessable income has the meaning given by Subdivision B. SME investment means an investment other than an unregulated investment. total ordinary capital gain for a class means the total of so much of any ordinary capital gains as has been allocated to that class under section 124ZZA. total ordinary capital loss for a class means the total of so much of any ordinary capital losses as has been allocated to that class under section 124ZZA. unregulated investment has the same meaning as in the Pooled Development Funds Act 1992 .", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 181 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 181 of 1994, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 344 | Sch 10 item 345 | Sch 10 item 346 | Sch 10 item 347 | Sch 10 item 348 | Sch 10 item 349 | Sch 10 item 350 | Sch 10 item 351 | Sch 10 item 352 | Sch 10 item 353, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZW"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZX", "Provision_Key": "s124zx", "Heading": "Companies to which this Subdivision applies", "Text": "This Subdivision applies to a company in relation to a year of income if: (a) the company is a PDF throughout the year of income; or (b) the company becomes a PDF during the year of income and is still a PDF at the end of the year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZX"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZY", "Provision_Key": "s124zy", "Heading": "Classes of assessable income", "Text": "Classes (1) The classes of assessable income of the company are as follows: (a) SME assessable income (see section 124ZT); (b) other assessable income (see subsection(2)). Other assessable income (2) The company’s other assessable income of the year of income is the sum of: (a) so much of the company’s non ‑ CGT assessable income of the year of income as is not included in the company’s SME assessable income of the year of income; and (b) any assessable income allocated to the company’s other assessable income under section 124ZZB.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZY"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZZ", "Provision_Key": "s124zz", "Heading": "Treatment of capital gains", "Text": "Nothing is to be included in the company’s assessable income of the year of income under section 102 ‑ 5 of the Income Tax Assessment Act 1997 (about net capital gains).", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 181 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 181 of 1994, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 354, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZZ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZZA", "Provision_Key": "s124zza", "Heading": "Allocation of gain amounts and loss amounts to classes of assessable income", "Text": "Disposals of SME investments (1) If: (a) there is an ordinary capital gain amount, or an ordinary capital loss amount, in respect of a disposal of an SME investment of the company; and (b) the company was a PDF at the time of the disposal; the ordinary capital gain amount or ordinary capital loss amount, as the case may be, is taken into account in determining the overall capital gain or overall capital loss for the class known as SME assessable income. Disposals of assets other than SME investments (2) If: (a) there is an ordinary capital gain amount, or an ordinary capital loss amount, in respect of a disposal of an asset of the company; and (b) subsection (1) does not apply to the disposal; the ordinary capital gain amount or the ordinary capital loss amount, as the case may be, is taken into account in determining the overall capital gain or overall capital loss for the class known as other assessable income.", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 181 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 181 of 1994, Sch 2 item 160Z, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 352 | Sch 10 item 353 | Sch 10 item 355, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZZA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZZB", "Provision_Key": "s124zzb", "Heading": "Assessable income etc. in relation to capital gains", "Text": "(1) The assessable income of each class includes the amount (if any) that is left over after the overall capital gain for that class has been reduced in accordance with this section. (2) If there is an overall capital loss for a particular class of assessable income, the loss is to be applied in reduction of overall capital gains for the remaining class. (3) Any accumulated net capital loss for the immediately preceding year of income is to be applied in reduction of residual overall capital gains for the classes of assessable income in the following order: (a) SME assessable income; (b) other assessable income.", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 181 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 181 of 1994, Sch 2 item 23 | Sch 2 item 160Z, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 46 of 1998, Sch 10 item 348 | Sch 10 item 351 | Sch 10 item 356 | Sch 10 item 357 | Sch 10 item 358 | Sch 10 item 359, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZZB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 124ZZD", "Provision_Key": "s124zzd", "Heading": "No net capital loss", "Text": "The company does not make a net capital loss for the year of income, despite section 102 ‑ 10 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 181 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 181 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 181 of 1994, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Repealed and substituted by No 46 of 1998, Sch 10 item 361, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s124ZZD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 126", "Provision_Key": "s126", "Heading": "Interest paid by a company on bearer debentures", "Text": "(1) If: (a) a company pays or credits an amount of interest in respect of a debenture payable to bearer; and (b) the interest is not, to any extent, subject to withholding tax under Division 11A; and (c) neither of sections 128F (to the extent it applies to non ‑ residents who are not engaged in carrying on a business in Australia at or through a permanent establishment in Australia) and 128GB applies to the interest; and (e) the company does not give the Commissioner the name and address of the holder of the debenture; the company is liable to pay income tax, as imposed by the Income Tax (Bearer Debentures) Act 1971 , on the amount paid or credited, or, if the company makes a deduction under subsection (2), the amount that otherwise would have been paid or credited. (1A) Subsection (1) does not affect any other liability of the company to pay income tax. (2) The company may deduct and retain for its own use from an amount payable to a person in respect of which the company is liable to pay tax in accordance with subsection (1) an amount equal to that tax. (3) Where the Commissioner is satisfied that that person is not liable to furnish a return, the Commissioner must refund to that person the amount of tax paid by the company in respect of his or her debentures.", "Amendment_Count": 12, "First_Amended": "No 6 of 1946", "Last_Amended": "No 4 of 2018", "Amending_Acts": "No 6 of 1946 | No 45 of 1953 | No 143 of 1965 | No 85 of 1967 | No 54 of 1971 | No 51 of 1973 | No 108 of 1981 | No 95 of 1997 | No 93 of 1999 | No 101 of 2006 | No 41 of 2011 | No 4 of 2018", "History_Notes": "Amended by No 6 of 1946, effective 13 Apr 1946 (s 2) | Amended by No 45 of 1953, item 18, effective 26 Oct 1953 (s 2) | Amended by No 143 of 1965, item 6, effective 14 Feb 1966 (s 2) | Amended by No 85 of 1967, item 15, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 54 of 1971, item 6, effective s 3–12: 25 May 1971 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 95 of 1997, Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 6, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 93 of 1999, Sch 1 item 23, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 101 of 2006, Sch 2 item 330 | Sch 2 item 847 | Sch 4 item 2, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 9 | Sch 5 item 281 | Sch 5 item 419, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 4 of 2018, effective Sch 6 (items 4–8, 27): 21 Feb 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s126"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 127", "Provision_Key": "s127", "Heading": "Credit for tax paid by company", "Text": "(1) Where the company pays tax under this Division on any interest, and that interest is included in the assessment of the person to whom it was paid or credited, the proportionate amount of tax paid by the company in respect of the interest shall be deducted from the total tax payable by that person.", "Amendment_Count": 4, "First_Amended": "No 85 of 1967", "Last_Amended": "No 95 of 1997", "Amending_Acts": "No 85 of 1967 | No 51 of 1973 | No 108 of 1981 | No 95 of 1997", "History_Notes": "Amended by No 85 of 1967, item 16, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 95 of 1997, Sch 5 item 4, effective Sch 1 (item 23): 30 June 1997 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s127"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128", "Provision_Key": "s128", "Heading": "Assessments of tax", "Text": "An assessment of tax payable in accordance with this Division by a company may be an assessment of the amount of tax so payable upon interest in respect of a number of debentures, whether held by the one holder or not.", "Amendment_Count": 1, "First_Amended": "No 54 of 1971", "Last_Amended": "No 54 of 1971", "Amending_Acts": "No 54 of 1971", "History_Notes": "Repealed and substituted by No 54 of 1971, item 7 | item 8 | item 9 | item 11, effective s 3–12: 25 May 1971 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AAA", "Provision_Key": "s128aaa", "Heading": "Application of Division to non ‑ share dividends", "Text": "(1) This Division: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend. (2) Subsection (1) does not apply to: (a) section 128AE; and (b) section 128F; and (ba) section 128FA.", "Amendment_Count": 3, "First_Amended": "No 163 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 163 of 2001 | No 73 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 73 of 2004, effective 23 June 2004 (s 2) | Amended by No 101 of 2006, Sch 2 item 331, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128A", "Provision_Key": "s128a", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: ADI means a body corporate that is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 . dividend : (a) includes part of a dividend; and (b) (except when used in paragraph (d) of the definition of interest in subsection (1AB)) does not include a dividend paid in respect of a non ‑ equity share. enterprise means a business or other industrial or commercial undertaking. entity means: (a) the Commonwealth, a State or an authority of the Commonwealth or of a State; (b) a natural person; (c) a company; (d) the partners in a partnership, in their capacity as partners; (e) the persons carrying on a joint venture, in their capacity as such persons; or (f) the trustees of a trust, in their capacity as such trustees. foreign bank means a non ‑ resident company that carries on a banking business. joint venture means an enterprise carried on by 2 or more persons in common otherwise than as partners. non ‑ ADI financial institution means a corporation that: (a) is a registered entity within the meaning of the Financial Sector (Collection of Data) Act 2001 ; and (b) is included in Category D (Money Market Corporation) in a list kept under section 11 of that Act; and (c) carries on a general business of providing finance (within the meaning of that Act) on a commercial basis. nostro account means an account that: (a) an ADI or non ‑ ADI financial institution holds with a foreign bank and maintains for the sole purpose of settling international transactions; and (b) operates on the basis that: (i) amounts deposited in the account are held in the account for no more than 10 days; and (ii) amounts advanced by way of an overdraft on the account are repaid within 10 days. (1AA) In this Division and in an Act imposing withholding tax: income includes a royalty and a dividend. (1AB) For the purposes of this Division: interest includes an amount: (a) that is in the nature of interest; or (b) to the extent that it could reasonably be regarded as having been converted into a form that is in substitution for interest; or (c) to the extent that it could reasonably be regarded as having been received in exchange for interest in connection with a washing arrangement; or (d) that is a dividend paid in respect of a non ‑ equity share; or (e) if regulations under the Income Tax Assessment Act 1997 are made having the effect that instruments known as upper tier 2 capital instruments, or a class of instruments of that kind, are debt interests—that is paid on such a debt interest and is not a return of an investment; but does not include an amount to the extent to which it is a return on an equity interest in a company. washing arrangement means an arrangement under which the title to a security is transferred to a resident shortly before an interest payment is made where the sole or dominant purpose of the arrangement is to reduce the amount of withholding tax payable by a person. (1AC) An example of an amount in the nature of interest is an amount representing a discount on a security. (1AD) An example of an amount in substitution for interest is a lump sum payment made instead of payments of interest. (1AE) For the purposes of this Division, if a lender assigns a loan, or the right to interest under a loan, any payment from the borrower to the assignee that represents an amount that would have been interest if the assignment had not taken place is taken to be a payment of interest. (1AF) For the purposes of this Division, if a person acquires a security, or the right to interest under a security, any payment from the issuer of the security to that person that represents an amount that would have been interest if the acquisition had not taken place is taken to be a payment of interest. (1A) Subject to subsection (1B), for the purposes of this subsection and sections 128AA, 128AB, 128AD, 128C, 128NA and 128NBA: (a) a reference to the reduced issue price of a security that has been partially redeemed on one or more occasions is a reference to the issue price of the security reduced by the amount of the partial redemption or the sum of the amounts of the partial redemptions, as the case may be; (b) expressions used in this subsection or those sections that are also used in Division 16E have the same respective meanings as in that Division; and (c) sections 159GV (other than subsection 159GV(2)) and 159GZ apply as if references in those sections to “this Division” were references to “subsection 128A(1A) and sections 128AA, 128AB, 128AD, 128C, 128NA and 128NBA”. (1B) Subsection (1A) applies as if: (a) paragraph (c) of the definition of qualifying security in subsection 159GP(1) were omitted; and (b) paragraph (a) of the definition of security in that subsection included a reference to debt interests. (2) For the purposes of this Division, interest or a royalty shall be deemed to have been paid by a person to another person although it is not actually paid over to the other person but is reinvested, accumulated, capitalized, carried to any reserve, sinking fund or insurance fund however designated, or otherwise dealt with on behalf of the other person or as the other person directs. (3) For the purposes of this Division, a beneficiary who is presently entitled to a dividend, to interest or to a royalty included in the income of a trust estate shall be deemed to have derived income consisting of that dividend, interest or royalty at the time when he or she became so entitled. (4) In section 260, income tax or tax includes withholding tax. (5) For the purposes of this Division: (a) the borrowing of moneys by a company by means of the issue of a number of debentures or debt interests in one borrowing operation shall be deemed to be the raising of a loan; (b) subject to paragraph (a), each receipt of moneys by a borrower under a contract under which moneys are to be, or may be, advanced by way of loan shall be deemed to be the raising of a loan; and (c) the moneys received by the raising of a loan, less the expenses of borrowing, shall be deemed to be the loan moneys in respect of the loan. (6) A reference in this Division to beneficial interests in relation to an entity shall be read: (a) in the case of an entity being a company or the partners in a partnership—as a reference to beneficial interests in respect of the capital of, and in respect of any profits or income of, the company or partnership; (b) in the case of an entity being persons carrying on a joint venture—as a reference to beneficial interests in respect of the enterprise; and (c) in the case of an entity being the trustees of a trust—as a reference to beneficial interests under the trust. (7) A reference in this Division to the use of moneys for the purposes of an enterprise shall be read as not including use of those moneys in the course of carrying on an enterprise: (a) by way of providing capital for another enterprise; or (b) by way of the making of loans. (9) For the purposes of this Division: (a) a reference to particular loan moneys (including the reference in paragraph (b)) includes a reference to moneys that, in the opinion of the Commissioner, represent those loan moneys; and (b) without limiting the generality of paragraph (a): (i) moneys received by way of repayment of a loan made out of particular loan moneys; and (ii) moneys received in respect of shares in the capital of a company, being shares purchased or subscribed for by the expenditure of particular loan moneys, upon a sale of the shares, a return of capital by the company or liquidation of the company; shall be deemed to represent those loan moneys. (10) For the purposes of this Division, the trustee of a provident, benefit, superannuation or retirement fund is a non ‑ resident at a particular time if, and only if, the fund is a foreign superannuation fund at that time. (11) If, apart from this subsection, there is, in relation to a fund, no person who is a trustee of the fund for the purposes of this Division, the person, or each of the persons, who manages the fund is taken, for the purposes of this Division, to be the trustee, or a trustee, as the case requires, of the fund.", "Amendment_Count": 23, "First_Amended": "No 85 of 1959", "Last_Amended": "No 47 of 2016", "Amending_Acts": "No 85 of 1959 | No 18 of 1960 | No 38 of 1967 | No 85 of 1967 | No 4 of 1968 | No 54 of 1971 | No 51 of 1973 | No 165 of 1973 | No 80 of 1975 | No 108 of 1981 | No 123 of 1984 | No 49 of 1986 | No 224 of 1992 | No 181 of 1994 | No 95 of 1997 | No 163 of 2001 | No 12 of 2003 | No 67 of 2003 | No 21 of 2005 | No 101 of 2006 | No 15 of 2007 | No 41 of 2011 | No 47 of 2016", "History_Notes": "Inserted by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 38 of 1967, effective s 3–16: 25 May 1967 (s 2) | Repealed and substituted by No 85 of 1967, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 4 of 1968, effective 8 May 1968 (s 2(1)) | Amended by No 54 of 1971, effective s 3–12: 25 May 1971 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 165 of 1973, effective s 3–36: 11 Dec 1973 (s 2) | Amended by No 80 of 1975, effective 20 June 1975 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 49 of 1986, item 11 | item 12, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 224 of 1992, item 63, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 181 of 1994, Sch 3 item 31, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 95 of 1997, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 163 of 2001, Sch 1 item 82 | Sch 1 item 83 | Sch 1 item 84, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 12 of 2003, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 2A | Sch 1 item 3, effective Sch 1: 29 Aug 2001 (s 2(1) item 2) Sch 3 (items 7, 11): 2 Apr 2003 (s 2(1) item 4) | Amended by No 67 of 2003, Sch 9 item 9, effective Sch 10 (item 13): 14 Oct 2003 (s 2(1) item 8) | Amended by No 21 of 2005, Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 45 | Sch 3 item 47, effective Sch 3 (items 1–31, 45, 47(1), (2)): 21 Mar 2005 (s 2) | Amended by No 101 of 2006, Sch 1 item 126 | Sch 1 item 127 | Sch 1 item 128 | Sch 2 item 298 | Sch 2 item 332 | Sch 2 item 333 | Sch 2 item 334, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 99, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 41 of 2011, Sch 5 item 282, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 47 of 2016, Sch 6 item 12, effective Sch 6 (items 8–15, 19–25): 6 May 2016 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AA", "Provision_Key": "s128aa", "Heading": "Deemed interest in respect of transfers of certain securities", "Text": "(1) Where: (a) a person transfers a qualifying security; and (b) the transfer price of the security exceeds the issue price or, where the security has been partially redeemed, the reduced issue price of the security; so much of the transfer price as equals the excess referred to in paragraph (b) shall, for the purposes of this Division, be deemed to be income that consists of interest. (2) For the purposes of references to the transfer price, issue price or reduced issue price of a qualifying security in subsection (1), any application of subsection 159GP(2) shall be disregarded.", "Amendment_Count": 1, "First_Amended": "No 49 of 1986", "Last_Amended": "No 49 of 1986", "Amending_Acts": "No 49 of 1986", "History_Notes": "Inserted by No 49 of 1986, item 13 | item 14 | item 20 | item 265B | item 22 | item 26 | item 31, effective s 4–29: 24 June 1986 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AB", "Provision_Key": "s128ab", "Heading": "Certificates relating to issue price of certain securities", "Text": "(1) Where: (a) a qualifying security is or was transferred either before or after the commencement of this section; and (b) at the time of transfer either: (i) the transferor is or was a resident; or (ii) the transferor is or was a non ‑ resident and the transfer price is or was derived from a source in Australia; the transferee may at any time after the transfer (including a time after the transferee ceases to be the holder of the security) apply, in the approved form, to the Commissioner for the issue of a certificate under this section. (3) Where the Commissioner is satisfied that the requirements of paragraph (1)(b) are satisfied in relation to the transfer of the qualifying security to which an application under subsection (1) relates and that the security was transferred on a particular date and for a particular consideration to the applicant, the Commissioner shall issue to the applicant a certificate that: (a) is expressed to be issued under this section; (b) identifies the security to which it relates; (c) specifies that date as the date of transfer; (d) specifies that consideration, or, where subsection 159GP(2) applies, the amount that is taken under that subsection to be the consideration for the transfer, as the transfer price; and (e) specifies the name of the applicant as the transferee. (4) Where the Commissioner issues a certificate under this section in relation to a qualifying security that has been transferred to a person, the following provisions have effect: (a) for the purposes of the application of this Division in relation to the first subsequent transfer (if any) of the qualifying security by the person: (i) the amount specified in the certificate shall be taken to be the issue price of the security; and (ii) where the security was partially redeemed before the transfer to the person—any such partial redemption shall be taken not to have occurred; (b) if the security is redeemed or partially redeemed without having been subsequently transferred by the person—in determining for the purposes of the application of this Division the extent (if any) to which the redemption payment comprises an amount that is interest by reason only of the definition of interest in subsection 128A(1AB): (i) the amount specified in the certificate as the transfer price shall be taken to be the issue price of the security; and (ii) where the security was partially redeemed before the transfer to the person—any such partial redemption shall be taken not to have occurred. (5) If the Commissioner refuses an application under subsection (1), the Commissioner shall serve on the applicant, by post or otherwise, notice in writing that the application has been refused.", "Amendment_Count": 3, "First_Amended": "No 49 of 1986", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 49 of 1986 | No 95 of 1997 | No 64 of 2020", "History_Notes": "Inserted by No 49 of 1986, item 21 | item 15 | item 265B, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 95 of 1997, Sch 2 item 4, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 64 of 2020, Sch 3 item 206 | Sch 3 item 207, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AC", "Provision_Key": "s128ac", "Heading": "Deemed interest in respect of hire ‑ purchase and certain other agreements", "Text": "(1) In this section: agreement means any agreement, arrangement or understanding, whether formal or informal, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings. attributable agreement payment , in relation to a relevant agreement, means so much of any payment made or liable to be made under the agreement as represents consideration for the use, sale or disposal of the relevant agreement property. carry forward interest , in relation to an attributable agreement payment in relation to a relevant agreement, means so much (if any) of the notional interest in relation to the payment as exceeds the amount of the payment. eligible value , in relation to the relevant agreement property in relation to a relevant agreement, means the market value of the property at the time at which the agreement commences or commenced to apply in relation to the property. formula interest , in relation to an attributable agreement payment in relation to a relevant agreement, means the amount ascertained in accordance with the formula , where: A is the total interest in relation to the relevant agreements. B is the total number of attributable agreement payments liable to be made under the relevant agreements; and C is the number that is B , reduced by the number of attributable agreement payments made under the relevant agreement before the attributable agreement payment concerned. notional interest , in relation to an attributable agreement payment in relation to a relevant agreement, means the sum of the formula interest (if any) in relation to the payment and the carry forward interest (if any) in relation to the immediately preceding attributable agreement payment in relation to the relevant agreement. relevant agreement means an agreement entered into after 16 December 1984, being: (a) a hire ‑ purchase agreement; or (b) a lease or any other agreement relating to the use by a person of property owned by another person, being a lease or agreement under which: (i) the lessee or person using the property is entitled to purchase or require the transfer of the lease property or property subject to the agreement on the termination or expiration of the lease or agreement; or (ii) the lease term or term of the agreement is for all, or substantially all, of the effective life of the lease property or property subject to the agreement. relevant agreement property , in relation to a relevant agreement, means: (a) in the case of a hire ‑ purchase agreement—the property that is the subject of the agreement; and (b) in any other case—the property in relation to which subparagraph (b)(i) or (ii) of the definition of relevant agreement applies. total interest , in relation to a relevant agreement, means the sum of all of the attributable agreement payments liable to be made under the relevant agreement, reduced by the eligible value of the relevant agreement property. (2) Where an agreement (including a hire ‑ purchase agreement and a lease) relates to the use by a person of 2 or more items of property owned by another person, this section applies as if, instead of the single agreement, there were separate agreements relating to the use of each of the items of property having such of the terms of the first ‑ mentioned agreement as are relevant. (3) Where a variation is or was made in the terms of, or liability to make payments under, a relevant agreement, then, for the purposes of the application of this section: (a) the relevant agreement shall be taken to be, or to have been, terminated at the time at which the variation has effect; and (b) a new relevant agreement shall be taken to be, or to have been, entered into at the time at which the variation has effect and on the terms of the first ‑ mentioned relevant agreement as so varied. (4) Where any right or option under an agreement to extend the term of, or otherwise vary the effect of, the agreement is or was exercised, then, for the purposes of this section, the exercise of that right or option shall be taken to be a variation of the terms of the agreement to provide for the extension or other effect. (5) Where an attributable agreement payment in relation to a relevant agreement is made, so much of the attributable agreement payment as does not exceed the notional interest in relation to the payment shall, for the purposes of this Division, be deemed to be income that consists of interest. (6) Where: (a) a relevant agreement is entered into after the commencement of this section; and (b) at the time at which the relevant agreement is entered into, the total interest in relation to the relevant agreement exceeds the sum of all amounts that, if all of the attributable agreement payments liable to be made under the relevant agreement were made, would, disregarding this subsection, be deemed to be income that consists of interest under subsection (5) in relation to the relevant agreement; the amount of the notional interest in relation to the first attributable agreement payment in relation to the relevant agreement shall, for the purposes of this section, be increased by an amount equal to the excess referred to in paragraph (b). (7) For the purposes of section 128D, where withholding tax is payable on a part of an attributable agreement payment that is taken under subsection (5) of this section to be an amount of interest, the withholding tax shall be taken to be payable on the whole of the attributable agreement payment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AD", "Provision_Key": "s128ad", "Heading": "Indemnification etc. agreements in relation to bills of exchange and promissory notes", "Text": "(1) Where: (a) the drawer of a bill of exchange issued after the day on which this section comes into operation pays an amount (in this subsection referred to as the indemnification amount ) to the acceptor of the bill to indemnify, reimburse or otherwise compensate the acceptor in respect of the whole or a part of an amount (which whole or part is in this subsection referred to as the eligible presentment amount ) that the acceptor has, or will, become liable to pay to the payee under the bill on presentment of the bill; (b) no part of the indemnification amount is, or will be, included in the assessable income of the acceptor of any year of income; and (c) the whole or a part (in this subsection referred to as the eligible presentment interest ) of the eligible presentment amount consists or will consist of interest; so much of the indemnification amount as indemnifies, reimburses or otherwise compensates the acceptor in respect of the eligible presentment interest shall, for the purposes of this Division, be deemed to be income that consists of interest. (2) Where: (a) a person (in this subsection referred to as the indemnifier ) pays an amount (in this subsection referred to as the indemnification amount ) to the issuer of a promissory note issued after the day on which this section comes into operation to indemnify, reimburse or otherwise compensate the issuer in respect of the whole or a part of an amount (which whole or part is in this subsection referred to as the eligible presentment amount ) that the issuer has, or will, become liable to pay to the payee under the note on presentment of the note; (b) no part of the indemnification amount is, or will be, included in the assessable income of the issuer of any year of income; and (c) the whole or a part (in this subsection referred to as the eligible presentment interest ) of the eligible presentment amount consists or will consist of interest; so much of the indemnification amount as indemnifies, reimburses or otherwise compensates the issuer in respect of the eligible presentment interest shall, for the purposes of this Division, be deemed to be income that consists of interest.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AE", "Provision_Key": "s128ae", "Heading": "Interpretation provisions relating to offshore banking units", "Text": "(1) In this Division, unless the contrary intention appears: borrow includes raise finance by the issue of a security. lend includes provide finance by the purchase of a security. OB activity has the same meaning as in section 121D. offshore banking unit has the meaning given by this section. offshore borrowing means: (a) a borrowing in any currency, by a person who is or has been an offshore banking unit, from a non ‑ resident who is not a related person (within the meaning of Division 9A); or (b) a borrowing in a currency other than Australian currency, by a person who is or has been an offshore banking unit, from a resident or a related person (within the meaning of Division 9A). offshore gold borrowing means borrowing gold from an offshore person within the meaning of section 121E. prevailing borrowing rate , in relation to a person who is or has been an offshore banking unit, in relation to a particular time, means the effective annual interest rate that the Commissioner considers was payable by the person on borrowings at or about that time or, where there were none, by offshore banking units generally at or about that time. prevailing borrowing term , in relation to a person who is or has been an offshore banking unit, in relation to a particular time, means the period that the Commissioner considers was the usual term of borrowings by the person at or about that time or, where there were none, by offshore banking units generally at or about that time. security means a bond, debenture, debt interest, bill of exchange, promissory note or other security or similar instrument. tax exempt gold means gold that is tax exempt gold under this section. tax exempt loan money means an amount that is tax exempt loan money under this section. transfer to a person includes apply an amount for the benefit of a person. (1A) The Minister must not make a declaration under subsection (2), or a determination under subsection (2AA), after the day on which the Treasury Laws Amendment (2021 Measures No. 2) Act 2021 received the Royal Assent. (2) The Minister may, by notifiable instrument, declare a person being: (a) a body corporate that is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 ; or (b) a public authority constituted by a law of a State, being a public authority that carries on the business of State banking; or (ba) a company in which all of the equity interests are beneficially owned by an offshore banking unit (other than one to which paragraph (c) applies); or (c) a person whom the Minister is satisfied is appropriately authorised to carry on business as a dealer in foreign exchange; or (d) a life insurance company registered under section 21 of the Life Insurance Act 1995 ; or (e) a company incorporated under the Corporations Act 2001 that provides funds management services on a commercial basis (other than solely to related persons): (i) that is, under the Financial Sector (Collection of Data) Act 2001 , a registered entity included in the category for money market corporations; or (ii) all of the shares which are beneficially owned by a company covered by subparagraph (i); or (iii) a financial services licensee (within the meaning of the Corporations Act 2001 ) whose licence covers dealing in securities (within the meaning of subsection 92(3) of that Act), providing financial advice in relation to such securities or operating a managed investment scheme (within the meaning of that Act); or (f) a company that the Minister determines, in writing, to be an OBU under subsection (2AA); to be an offshore banking unit for the purposes of this Division. (2AA) The Minister may, on written application by a company, determine, by notifiable instrument, that the company is an OBU. (2AB) The determination must: (a) specify the day when the company commences to be an OBU; and (b) contain any other information the Minister considers appropriate. (2AC) A determination of the Minister under subsection (2AA) must be made in accordance with guidelines determined by the Minister under subsection (2AD). (2ACA) A determination under subsection (2AA) that a company is an OBU and a declaration under subsection (2), for the purposes of paragraph (2)(f), that the company is an offshore banking unit for the purposes of this Division may be included in the same instrument. (2AD) The Minister must, by legislative instrument, determine guidelines for the making of determinations under subsection (2AA). The guidelines may require the Minister to take into account: (a) specified criteria; or (b) recommendations of particular bodies; or (c) any other factors. (2A) If a person who is an offshore banking unit for the purposes of this Division: (a) is convicted of an offence against section 8L, 8N, 8Q, 8T or 8U of the Taxation Administration Act 1953 , or against Division 136 or 137 of the Criminal Code in relation to a taxation law (within the meaning of the Taxation Administration Act 1953 ); or (b) incurs a tax liability, within the meaning of that Act, by way of a penalty equal to 90% of an amount; the Minister may, by notifiable instrument, declare that the person is no longer an offshore banking unit for the purposes of this Division. (2B) If the Minister makes such a declaration in respect of a company that is an offshore banking unit only because of paragraph (2)(ba), the offshore banking unit mentioned in that paragraph, and in any previous application of that paragraph that was necessary for it to apply to the company, is no longer an offshore banking unit from the time when the declaration comes into force. (2C) If a person who is an offshore banking unit ceases to be a person of a kind mentioned in any of paragraphs (2)(a), (b), (ba) and (c), the Minister must, by notifiable instrument, declare that the person is no longer an offshore banking unit for the purposes of this Division. (2D) Except as mentioned in subsection (2A), (2B) or (2C), a person does not cease to be an offshore banking unit for the purposes of this Division. (3) A declaration under subsection (2), (2A) or (2C) shall not come into force before the day on which the declaration is registered on the Federal Register of Legislation under the Legislation Act 2003 . (4) Where: (a) a person who is an offshore banking unit makes an offshore borrowing or offshore gold borrowing; and (b) the lender would, but for section 128GB, be liable to pay withholding tax on income consisting of interest on the offshore borrowing or offshore gold borrowing; then, for the purposes of this Division, the amount borrowed is tax exempt loan money or tax exempt gold of the person. (5) Where: (a) a person who is or has been an offshore banking unit makes a loan of tax exempt loan money or tax exempt gold where the loan is an OB activity or would be if the person were an OBU; and (b) the loan is repaid; the amount repaid is, for the purposes of this Division, deemed to be tax exempt loan money or tax exempt gold of the person. (7) Where a person who is or has been an offshore banking unit transfers an amount of tax exempt loan money or tax exempt gold to another person, the following provisions have effect for the purposes of this Division: (a) subject to subsections (10) and (11), the amount transferred ceases to be tax exempt loan money or tax exempt gold of the person; and (b) the amount transferred does not become tax exempt loan money or tax exempt gold of the other person. (8) Where a person who is or has been an offshore banking unit transfers to another person an amount of money or gold that, in the opinion of the Commissioner, includes tax exempt loan money or tax exempt gold, so much of the amount transferred as the Commissioner considers was tax exempt loan money or tax exempt gold is deemed, for the purposes of this Division, to have been tax exempt loan money or tax exempt gold of the person. (9) Where a person who is or has been an offshore banking unit deals with an amount of tax exempt loan money or tax exempt gold of the person under the person’s internal accounting arrangements in such a way that the amount becomes available for possible transfer to other persons (other than by way of payment in carrying on an OB activity, or what would be an OB activity if the person were an OBU, or repayment of an offshore borrowing or an offshore gold borrowing), the following provisions have effect for the purposes of this Division: (a) the person is, when the amount so becomes available, deemed to make a transfer of the amount to another person, other than by way of payment in carrying on an OB activity (or what would be an OB activity if the person were an OBU) or repayment of an offshore borrowing or an offshore gold borrowing; (b) any actual transfer of the amount by the person to another person shall be disregarded. (10) For the purposes of this Division, where a person who is or has been an offshore banking unit transfers tax exempt loan money to another person in exchange for an equivalent amount in a different currency: (a) the amount received in exchange shall be taken to be the same money as was transferred; and (b) the transfer shall be taken not to have occurred. (11) For the purposes of this Division, where a person who is or has been an offshore banking unit transfers tax exempt loan money or tax exempt gold to another person by way of a deposit for the purposes of temporary safe ‑ keeping pending the making of an offshore loan or repayment of an offshore borrowing or an offshore gold borrowing: (a) the amount held on deposit and upon being repaid shall be taken to be the same money as was transferred; and (b) the transfer shall be taken not to have occurred. (12) For the purposes of this section, an amount: (a) deposited in an account with a bank or other financial institution; or (b) paid by way of consideration for the issue of a security; shall be taken to have been lent to, and borrowed by, the bank, financial institution or issuer of the security. (13) If an offshore banking unit consists of: (a) one or more permanent establishments in Australia at or through which the offshore banking unit carries on what are OB activities within the meaning of Division 9A; and (b) one or more other permanent establishments either in Australia or outside Australia; then this section and section 128NB apply as if: (c) the offshore banking unit consisted only of the permanent establishments referred to in paragraph (a); and (d) the permanent establishments referred to in paragraph (b) were separate persons.", "Amendment_Count": 19, "First_Amended": "No 11 of 1988", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 11 of 1988 | No 129 of 1989 | No 191 of 1992 | No 82 of 1994 | No 76 of 1996 | No 48 of 1998 | No 93 of 1999 | No 55 of 2001 | No 121 of 2001 | No 123 of 2001 | No 146 of 2001 | No 21 of 2005 | No 58 of 2006 | No 75 of 2009 | No 110 of 2014 | No 61 of 2018 | No 64 of 2020 | No 110 of 2021 | No 76 of 2023", "History_Notes": "Inserted by No 11 of 1988, item 39, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 129 of 1989, effective Sch 4: 28 Dec 1989 (s 2(4) and gaz 1989, No S383) | Amended by No 191 of 1992, item 14 | item 16, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 82 of 1994, Sch 4 item 112, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 76 of 1996, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 22, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 48 of 1998, Sch 3 item 87, effective Sch 1 (items 83–97): 1 July 1998 (s 2(2)) | Amended by No 93 of 1999, Sch 1 item 24 | Sch 1 item 25, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 55 of 2001, Sch 3 item 221, effective s 4–14 and Sch 3 (items 220–263): 15 July 2001 (s 2(1), (3)) | Amended by No 121 of 2001, effective Sch 2 (items 154–157): 1 July 2002 (s 2(2)) | Amended by No 123 of 2001, effective Sch 1 (items 238, 239): 11 Mar 2002 (s 2(1), (6)) | Amended by No 146 of 2001, Sch 4 item 65, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1)) | Amended by No 21 of 2005, Sch 3 item 4 | Sch 3 item 5, effective Sch 3 (items 1–31, 45, 47(1), (2)): 21 Mar 2005 (s 2) | Amended by No 58 of 2006, Sch 7 item 250 | Sch 7 item 251, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 75 of 2009, Sch 1 item 207, effective Sch 1 (items 206, 207): 27 Feb 2010 (s 2(1) item 2) | Amended by No 110 of 2014, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 61 of 2018, effective Sch 2A (item 7): 18 Sept 2018 (s 2(1) item 2) | Amended by No 64 of 2020, Sch 3 item 208 | Sch 3 item 209 | Sch 3 item 210 | Sch 3 item 211 | Sch 3 item 212 | Sch 3 item 213, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 110 of 2021, Sch 2 item 14, effective Sch 2 (items 1–7, 13–15): 1 Oct 2021 (s 2(1) item 2) | Amended by No 76 of 2023, effective Sch 2 (item 648): 20 Oct 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128AF", "Provision_Key": "s128af", "Heading": "Payments through interposed entities", "Text": "(1) This section applies if: (a) a payment received by a non ‑ resident through one or more interposed companies, partnerships, trusts or other persons is attributable to an amount of dividends, interest or royalties paid by a resident; and (b) one or more of the interposed companies, partnerships, trusts or other persons is exempt from tax. (1A) However, this section does not apply if one or more of the interposed entities is an AMIT for the year of income in which the payment is received. Note: See Division 12A in Schedule 1 to the Taxation Administration Act 1953 for provisions about withholding tax that apply specifically to AMITs. (2) If this section applies, the amount of dividends, interest or royalties paid by a resident is taken, for the purposes of this Division, to have been paid by the resident directly to the non ‑ resident. (3) For the purposes of this section, a person is exempt from tax if, at the time at which the payment was received by the non ‑ resident, all income of the person was exempt from tax.", "Amendment_Count": 2, "First_Amended": "No 95 of 1997", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 95 of 1997 | No 53 of 2016", "History_Notes": "Inserted by No 95 of 1997, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 53 of 2016, Sch 3 item 1, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128AF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128B", "Provision_Key": "s128b", "Heading": "Liability to withholding tax", "Text": "(1A) In this section, a reference to a person to whom this section applies is a reference to the Commonwealth, a State, an authority of the Commonwealth or of a State or a person who is, or persons at least 1 of whom is, a resident. Note: References in this section to amounts paid to a person may include amounts from an AMIT that, under section 12A ‑ 205 in Schedule 1 to the Taxation Administration Act 1953 , are treated as payments to the person (from the trustee of the AMIT or a custodian). (1) Subject to subsections (3), (3A), (3D) and (3E), this section applies to income that: (a) is derived, on or after 1 January 1968, by a non ‑ resident; and (b) consists of a dividend paid by a company that is a resident. Note: An amount declared to be conduit foreign income is an amount to which this section does not apply: see sections 802 ‑ 15 and 802 ‑ 17 of the Income Tax Assessment Act 1997 . (2) Subject to subsection (3), this section also applies to income that: (a) is derived, on or after 1 January 1968, by a non ‑ resident; and (b) consists of interest that: (i) is paid to the non ‑ resident by a person to whom this section applies and is not an outgoing wholly incurred by that person in carrying on business in a country outside Australia at or through a permanent establishment of that person in that country; or (ii) is paid to the non ‑ resident by a person who, or by persons each of whom, is not a resident and is, or is in part, an outgoing incurred by that person or those persons in carrying on business in Australia at or through a permanent establishment of that person or those persons in Australia. Note: An amount of interest paid to a person by a temporary resident is an amount to which this section does not apply: see section 768 ‑ 980 of the Income Tax Assessment Act 1997 . (2A) Subject to subsection (3), where income: (a) is, or has, after 2 July 1973, been, derived, or derived in part, by a person to whom this section applies in carrying on business in a country outside Australia at or through a permanent establishment of the person in that country; and (b) consists of interest that: (i) is or has been paid to the person by another person to whom this section applies and is not an outgoing wholly incurred by that other person in carrying on business in a country outside Australia at or through a permanent establishment of that other person in that country; or (ii) is or has been paid to the first ‑ mentioned person by a person who is, or by persons each of whom is, not a resident and is, or is in part, an outgoing incurred by that last ‑ mentioned person or those last ‑ mentioned persons in carrying on business in Australia at or through a permanent establishment of that last ‑ mentioned person or those last ‑ mentioned persons in Australia; this section also applies to that income or to the part of that income so derived, as the case may be. Note: An amount of interest paid to a person by a temporary resident is an amount to which this section does not apply: see section 768 ‑ 980 of the Income Tax Assessment Act 1997 . (2B) Subject to subsection (3), this section also applies to income that: (a) is derived by a non ‑ resident: (i) during the 1993 ‑ 94 year of income of the non ‑ resident; or (ii) during a later year of income of the non ‑ resident; and (b) consists of a royalty that: (i) is paid to the non ‑ resident by a person to whom this section applies and is not an outgoing wholly incurred by that person in carrying on business in a foreign country at or through a permanent establishment of that person in that country; or (ii) is paid to the non ‑ resident by a person who, or by persons each of whom, is not a resident and is, or is in part, an outgoing incurred by that person or those persons in carrying on business in Australia at or through a permanent establishment of that person or those persons in Australia. (2C) Subject to subsection (3), where income: (a) is derived, or derived in part, by a person (the recipient ) to whom this section applies in carrying on business in a country outside Australia at or through a permanent establishment of the person in that country; and (b) consists of a royalty that: (i) is paid to the recipient by another person (the payer ) to whom this section applies and is not an outgoing wholly incurred by the payer in carrying on business in a country outside Australia at or through a permanent establishment of the payer in that country; or (ii) is paid to the recipient by one or more persons (the non ‑ resident payers ), each of whom is not a resident, and is, or is in part, an outgoing incurred by the non ‑ resident payers in carrying on business in Australia at or through a permanent establishment of the non ‑ resident payers in Australia; this section also applies to that income or to the part of that income mentioned in paragraph (a). (2D) Subsections (2B) and (2C) do not apply to income to the extent to which it is a return on an equity interest in a company. (3) This section does not apply to: (aaa) income that consists of a non ‑ share dividend that is unfrankable under section 215 ‑ 10 of the Income Tax Assessment Act 1997 ; or (a) income derived by a non ‑ resident that is: (i) exempt from income tax because of section 50 ‑ 5 (other than because of item 1.6 in the table in that section) or 50 ‑ 10, item 6.1 or 6.2 of the table in section 50 ‑ 30, section 50 ‑ 40 or item 9.1, 9.2, 9.3, 9.4, 9.5, 9.10 or 9.11 of the table in section 50 ‑ 45 of the Income Tax Assessment Act 1997 ; and (ii) exempt from income tax in the country in which the non ‑ resident resides; or (aa) income derived by a non ‑ resident that is an overseas charitable institution (within the meaning of section 121C) where the income is exempt under subsection 121ELA(1); or (ab) income derived by a non ‑ resident that is exempt from income tax because of item 9.8, 9.9, 9.12 or 9.13 of the table in section 50 ‑ 45 of the Income Tax Assessment Act 1997 ; or (ba) income that is exempt from income tax because of section 124ZM (which exempts dividends paid by PDFs); or (d) income in respect of which a trustee is liable to be assessed under section 99 or section 99A; or (e) income that is derived by a trustee, being a trustee in relation to a trust created by a person who, at the time the income is derived, is a resident and in respect of which the Commissioner is empowered, under section 102, to assess the trustee to pay income tax; or (ga) income that consists of: (i) the franked part of a dividend; or (ii) in relation to a dividend that is paid by a former exempting entity (within the meaning of the Income Tax Assessment Act 1997 ) on a share acquired under an employee share scheme (within the meaning of that Act)—the part of the dividend that is franked with an exempting credit; or (iii) in relation to a dividend that is paid by a former exempting entity (within the meaning of the Income Tax Assessment Act 1997 ) to an eligible continuing substantial member (within the meaning of that Act)—the part of the dividend that is franked with an exempting credit; other than a dividend in respect of which a determination is made under paragraph 204 ‑ 30(3)(c) of the Income Tax Assessment Act 1997 or a dividend or a part of a dividend in respect of which a determination is made under paragraph 177EA(5)(b) of this Act; or (gb) income that consists of a dividend derived from assets included in the insurance funds of a life assurance company that carries on business in Australia at or through a permanent establishment of the life assurance company in Australia; or (gc) income that consists of interest derived on a nostro account by a non ‑ resident that is a foreign bank; or (h) income that consists of: (ii) interest derived by a non ‑ resident in carrying on business in Australia at or through a permanent establishment of the non ‑ resident in Australia (except interest derived by a limited partner in a VCLP, ESVCLP or AFOF as such a partner); (iv) interest to which section 128F, 128FA or 128GB applies; or (j) income in respect of which a taxpayer is liable to be assessed under Division 9C; or (jb) income that: (i) is derived by a non ‑ resident that is a superannuation fund for foreign residents; and (ii) consists of interest, or consists of dividends or non ‑ share dividends paid by a company that is a resident; and (iii) is exempt from income tax in the country in which the non ‑ resident resides; or Note: See subsection (3CA) for extra requirements relating to this paragraph. (k) income that is not included in assessable income because of subsection 271 ‑ 105(1); or (l) income derived by a trustee that, because of paragraph 102UK(2)(b) or 102UM(2)(b), is not included in the assessable income of a trustee beneficiary of the trust estate; or (m) income that consists of a royalty that is paid to the non ‑ resident by a person (the lessee ) as consideration for the lease, by the lessee from the non ‑ resident, of a vessel if: (i) the lessee is an Australian resident company; and (ii) the vessel is not an excluded vessel (within the meaning of the Shipping Reform (Tax Incentives) Act 2012 ); and (iii) under the lease, the lessee has whole possession and control of the vessel (including the right to appoint the master and crew of the ship); and (iv) during the period of the lease, the vessel is used, or is available for use, as mentioned in paragraph 8(1)(c) of the Shipping Reform (Tax Incentives) Act 2012 ; or (n) income that is non ‑ assessable non ‑ exempt income because of Division 880 of the Income Tax Assessment Act 1997 or Division 880 of the Income Tax (Transitional Provisions) Act 1997 . (3A) Paragraph (3)(ga) does not apply to income consisting of a dividend, or a part of a dividend, that is derived by the trustee of a trust, or a partnership, to the extent (if any) to which any amount paid to, or applied for the benefit of, a taxpayer (being a beneficiary in the trust or a partner in the partnership) that: (a) was attributable to the dividend; and (b) was paid or applied: (i) in respect of an interest in the trust or partnership that was acquired, or was acquired for a period that was extended, at or after the commencing time; or (ii) under a financing arrangement (including an arrangement extending an earlier arrangement) entered into at or after the commencing time; may reasonably be regarded as equivalent to the payment of interest on a loan. (3B) In subsection (3A): commencing time means 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997. financing arrangement has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . (3C) In determining for the purposes of subsection (3A) the extent (if any) to which an amount may reasonably be regarded as equivalent to the payment of interest on a loan, regard is to be had to: (a) the way in which the amount was calculated; and (b) the conditions applying to the payment or application of the amount; and (c) any other relevant matters. (3CA) Paragraph (3)(jb) applies to income derived by the superannuation fund mentioned in subparagraph (3)(jb)(i) only if: (a) the superannuation fund satisfies the portfolio interest test in subsection (3CC) in relation to the entity mentioned in subsection (3CB) (the test entity ): (i) at the time the income was derived; and (ii) throughout any 12 month period that began no earlier than 24 months before that time and ended no later than that time; and (b) the superannuation fund does not, at the time the income was derived, have influence of a kind described in subsection (3CD) in relation to the test entity; and (c) the income is not non ‑ assessable non ‑ exempt income of the superannuation fund because of: (i) Subdivision 880 ‑ C of the Income Tax Assessment Act 1997 ; or (ii) Division 880 of the Income Tax (Transitional Provisions) Act 1997 . (3CB) For the purposes of subsection (3CA), the test entity is: (a) unless paragraph (b) applies—the entity that paid the interest, dividends or non ‑ share dividends as mentioned in subparagraph (3)(jb)(ii); or (b) if subsection 128A(3) applies in relation to a resident trust estate (within the meaning of Division 6)—the trust estate. (3CC) A superannuation fund satisfies the portfolio interest test in this subsection in relation to the test entity at a time if, at that time, the total participation interest (within the meaning of the Income Tax Assessment Act 1997 ) the superannuation fund holds in the test entity: (a) is less than 10%; and (b) would be less than 10% if, in working out the direct participation interest (within the meaning of that Act) that any entity holds in a company: (i) an equity holder were treated as a shareholder; and (ii) the total amount contributed to the company in respect of non ‑ share equity interests were included in the total paid ‑ up share capital of the company. (3CD) A superannuation fund has influence of a kind described in this subsection in relation to the test entity at a time if any of the following requirements are satisfied at that time: (a) the superannuation fund: (i) is directly or indirectly able to determine; or (ii) in acting in concert with others, is directly or indirectly able to determine; the identity of at least one of the persons who, individually or together with others, make (or might reasonably be expected to make) the decisions that comprise the control and direction of the test entity’s operations; (b) at least one of those persons is accustomed or obliged to act, or might reasonably be expected to act, in accordance with the directions, instructions or wishes of the superannuation fund (whether those directions, instructions or wishes are expressed directly or indirectly, or through the superannuation fund acting in concert with others). (3CE) However, a superannuation fund does not have influence of a kind described in subsection (3CD) if, disregarding any breach of terms of a debt interest by any entity, the superannuation fund would not have influence of that kind. (3D) This section does not apply to a demerger dividend to which section 45B does not apply. (3E) This section does not apply to income that consists of a dividend that: (a) is paid to a person who is a non ‑ resident carrying on business in Australia at or through a permanent establishment of the person in Australia; and (b) is attributable to the permanent establishment; and (c) is not paid to the person in the person’s capacity as trustee. Note: This subsection not only ensures that this section does not apply to that income to make withholding tax payable on it, but also (as a result) ensures that none of that income is non ‑ assessable non ‑ exempt income under section 128D. Subsection 44(1) makes that income assessable income. (3F) In subsection (3E): permanent establishment of a person: (a) has the same meaning as in a double tax agreement (as defined in Part X) that relates to a foreign country and affects the person; or (b) has the meaning given by subsection 6(1), if there is no such agreement. (4) A person who derives income to which this section applies that consists of a dividend is liable to pay income tax upon that income at the rate declared by the Parliament in respect of income to which this subsection applies. (5) A person who derives income to which this section applies that consists of interest is, subject to subsections (6) and (7), liable to pay income tax upon that income at the rate declared by the Parliament in respect of income to which this subsection applies. (5A) A person who derives income to which this section applies that consists of a royalty is liable to pay income tax upon that income at the rate declared by the Parliament in respect of income to which this subsection applies. (6) Where: (a) income to which this section applies consists of interest and is paid to the person by whom it is derived by a person to whom this section applies; and (b) the interest is, in part only, an outgoing incurred by that person to whom this section applies in carrying on business in a country outside Australia at or through a permanent establishment of that person to whom this section applies in that country; income tax is payable under subsection (5) upon so much only of the income as is attributable to so much of the interest as is not an outgoing so incurred. (7) Where: (a) income to which this section applies consists of interest and is paid to the person by whom it is derived by a person who, or by persons each of whom, is not a resident; and (b) the interest is, in part only, an outgoing incurred by the person or persons by whom it is paid in carrying on business in Australia at or through a permanent establishment of that person or those persons in Australia; income tax is payable under subsection (5) upon so much only of the income as is attributable to so much of the interest as is an outgoing so incurred. (8) For the purposes of subparagraphs (2)(b)(i) and (2A)(b)(i) and paragraph (6)(b), where: (a) interest is paid, or has, after 2 July 1973, been paid, to a person by another person, being a person to whom this section applies, carrying on business in a country outside Australia; and (b) the interest or a part of the interest: (i) is interest incurred by the other person in gaining or producing income that is derived by the other person otherwise than in carrying on business in a country outside Australia at or through a permanent establishment of the other person in that country or is interest incurred by the other person for the purpose of gaining or producing income to be so derived; or (ii) is interest incurred by the other person in carrying on business for the purpose of gaining or producing income and is reasonably attributable to income that is derived, or may be derived, by the other person otherwise than in so carrying on business at or through a permanent establishment of the other person in a country outside Australia; the interest or the part of the interest, as the case may be, is not an outgoing incurred by the other person in carrying on business in a country outside Australia at or through a permanent establishment of the other person in that country. (9) For the purposes of subparagraphs (2)(b)(ii) and (2A)(b)(ii) and paragraph (7)(b), where: (a) interest is paid, or has, after 2 July 1973, been paid, to a person by another person or other persons (in this subsection referred to as the borrower ), being: (i) another person who is or was carrying on business in Australia and is not or was not a resident; or (ii) other persons who are or were carrying on business in Australia and each of whom is not or was not a resident; and (b) the interest or a part of the interest: (i) is interest incurred by the borrower in gaining or producing income that is derived by the borrower in carrying on business in Australia at or through a permanent establishment of the borrower in Australia or is interest incurred by the borrower for the purpose of gaining or producing income to be so derived; or (ii) is interest incurred by the borrower in carrying on a business for the purpose of gaining or producing income and is reasonably attributable to income that is derived, or may be derived, by the borrower in so carrying on business at or through a permanent establishment of the borrower in Australia; the interest or the part of the interest, as the case may be, is an outgoing incurred by the borrower in carrying on business in Australia at or through a permanent establishment of the borrower in Australia. (9A) For the purposes of subparagraphs (2B)(b)(i) and (2C)(b)(i), where: (a) a royalty is paid, to a person by another person, being a person to whom this section applies, carrying on business in a country outside Australia; and (b) the royalty, or a part of the royalty: (i) is a royalty incurred by the other person in gaining or producing income that is derived by the other person otherwise than in carrying on business in a country outside Australia at or through a permanent establishment of the other person in that country or is a royalty incurred by the other person for the purpose of gaining or producing income to be so derived; or (ii) is a royalty incurred by the other person in carrying on business for the purpose of gaining or producing income and is reasonably attributable to income that is derived, or may be derived, by the other person otherwise than in so carrying on business at or through a permanent establishment of the other person in a country outside Australia; the royalty or the part of the royalty, as the case may be, is not an outgoing incurred by the other person in carrying on business in a country outside Australia at or through a permanent establishment of the other person in that country. (9B) For the purposes of subparagraphs (2B)(b)(ii) and (2C)(b)(ii), where: (a) a royalty is paid to a person by another person or other persons (the licensee ), being: (i) another person who is or was carrying on business in Australia and is not or was not a resident; or (ii) other persons who are or were carrying on business in Australia and each of whom is not or was not a resident; and (b) the royalty or a part of the royalty: (i) is a royalty incurred by the licensee in gaining or producing income that is derived by the licensee in carrying on business in Australia at or through a permanent establishment of the licensee in Australia or is a royalty incurred by the licensee for the purpose of gaining or producing income to be so derived; or (ii) is a royalty incurred by the licensee in carrying on a business for the purpose of gaining or producing income and is reasonably attributable to income that is derived, or may be derived, by the licensee in so carrying on business at or through a permanent establishment of the licensee in Australia; the royalty or the part of the royalty, as the case may be, is an outgoing incurred by the licensee in carrying on business in Australia at or through a permanent establishment of the licensee in Australia. (9C) If: (a) apart from this subsection, tax would be payable under subsection 126(1) on an amount of interest paid to a person; and (b) section 128F would apply to the interest, assuming that paragraph (1)(e) of that section had not been enacted; then: (c) despite anything else in this section, the interest is taken, for the purposes of this Division, to be income derived by the person and to be income to which this section applies; and Note: As a result of this paragraph, the interest will not be subject to tax under subsection 126(1): see paragraph 126(1)(b). (d) in addition to the effect of any credit arising under section 18 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 in respect of the interest, the total tax payable by the person, other than under this section, is reduced by the amount of any tax payable under this section on the interest; and (e) tax paid under this section on the interest is not an allowable deduction. (10) Income tax payable by a person in accordance with this section is in addition to any other income tax payable by him or her upon income to which this section does not apply. (11) Income tax payable by a person in accordance with this section upon income to which this section applies by virtue of subsection (2A) or (2C) is in addition to, and shall not be taken into account in arriving at the amount of, any other income tax payable by him or her in respect of that income.", "Amendment_Count": 56, "First_Amended": "No 85 of 1959", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 85 of 1959 | No 17 of 1961 | No 110 of 1964 | No 103 of 1965 | No 85 of 1967 | No 54 of 1971 | No 51 of 1973 | No 26 of 1974 | No 80 of 1975 | No 50 of 1976 | No 108 of 1981 | No 25 of 1983 | No 58 of 1987 | No 62 of 1987 | No 11 of 1988 | No 78 of 1988 | No 105 of 1989 | No 98 of 1992 | No 224 of 1992 | No 56 of 1994 | No 138 of 1994 | No 181 of 1994 | No 95 of 1997 | No 121 of 1997 | No 17 of 1998 | No 47 of 1998 | No 70 of 1999 | No 93 of 1999 | No 179 of 1999 | No 163 of 2001 | No 90 of 2002 | No 12 of 2003 | No 16 of 2003 | No 65 of 2003 | No 73 of 2004 | No 101 of 2004 | No 105 of 2004 | No 23 of 2005 | No 64 of 2005 | No 147 of 2005 | No 32 of 2006 | No 101 of 2006 | No 15 of 2007 | No 78 of 2007 | No 79 of 2007 | No 143 of 2007 | No 97 of 2008 | No 41 of 2011 | No 57 of 2012 | No 169 of 2012 | No 4 of 2018 | No 84 of 2018 | No 15 of 2019 | No 34 of 2019 | No 35 of 2022 | No 12 of 2026", "History_Notes": "Inserted by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 17 of 1961, effective 12 June 1961 | Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 103 of 1965, effective 14 Dec 1965 (s 2) | Repealed and substituted by No 85 of 1967, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 54 of 1971, effective s 3–12: 25 May 1971 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 26 of 1974, item 9, effective 1 Aug 1974 (s 2) | Amended by No 80 of 1975, effective 20 June 1975 (s 2) | Amended by No 50 of 1976, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 25 of 1983, item 9, effective 19 June 1983 (s 2) | Amended by No 58 of 1987, item 11 | item 99, effective s 6–19: 5 June 1987 (s 2) | Amended by No 62 of 1987, Sch 4 item 35, effective s 9–38 and Sch 4: 5 June 1987 (s 2(1), (3), (4)) | Amended by No 11 of 1988, item 21 | item 24, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 78 of 1988, item 22, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 105 of 1989, item 25, effective s 4, 5(a)–(n), (p) and 6–66: 30 June 1989 (s 2(1)) s 5(o): 18 Dec 1987 (s 2(2)) | Amended by No 98 of 1992, item 12 | item 33, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 224 of 1992, item 64 | item 82 | item 89, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 56 of 1994, item 60 | item 64, effective s 14–23, 39–54, 65–69, 70(3), 71(3), (4), 72–74, 75(2), 76–82, 83(3) and 84–87: 7 Apr 1994 (s 2(1)) s 24–32: 1 July 1993 (s 2(2)) s 33–38: 20 Mar 1994 (s 2(3)) s 55–64: 1 July 1994 (s 2(4)) s 70(1) and 83(1): 30 June 1989 (s 2(5), (8)) s 70(2), 71(2) and 83(2): 8 Jan 1991 (s 2(9)) s 71(1) and 75(1): 17 Jan 1990 (s 2(6), (7)) | Amended by No 138 of 1994, item 46 | item 48 | item 113, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 181 of 1994, Sch 3 item 32, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 95 of 1997, Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 13 | Sch 5 item 6, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 121 of 1997, Sch 3 item 51 | Sch 3 item 52, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 17 of 1998, Sch 2F item 8, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 47 of 1998, Sch 7 item 2 | Sch 7 item 5 | Sch 7 item 12 | Sch 7 item 25, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 70 of 1999, Sch 2 item 10, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 93 of 1999, Sch 1 item 26 | Sch 5 item 10 | Sch 7 item 3, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 179 of 1999, Sch 18 item 28 | Sch 18 item 34 | Sch 18 item 35, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 163 of 2001, Sch 1 item 85 | Sch 1 item 86, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 90 of 2002, Sch 13 item 4 | Sch 16 item 19 | Sch 16 item 20, effective s 4, Sch 10, Sch 15 (items 16–18) and Sch 16 (items 2–20, 54, 55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) | Amended by No 12 of 2003, Sch 1 item 4, effective Sch 1: 29 Aug 2001 (s 2(1) item 2) Sch 3 (items 7, 11): 2 Apr 2003 (s 2(1) item 4) | Amended by No 16 of 2003, Sch 29 item 8 | Sch 29 item 9 | Sch 29 item 10, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 5 (item 1), Sch 9 (items 3–12), Sch 10 (item 1) and Sch 23 (items 1–9): 24 Oct 2002(s 2(1) items 4–6, 13) Sch 29 (items 1–11, 14): 29 June 2002 (s 2(1) items 20, 22) | Amended by No 65 of 2003, Sch 5 item 1 | Sch 5 item 2, effective s 4, Sch 3 (items 1, 2), Sch 4, Sch 5 (items 2, 4): 30 June 2003 (s 2(1) items 1, 3, 4, 7) Sch 5 (item 1): 16 July 1999 (s 2(1) item 6) | Amended by No 73 of 2004, effective 23 June 2004 (s 2) | Amended by No 101 of 2004, item 130 | item 4, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 105 of 2004, effective s 4, Sch 1 (items 1–3) and Sch 3: 30 June 2004 (s 2(1) items 1, 2, 4) | Amended by No 23 of 2005, Sch 3 item 43, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 64 of 2005, Sch 1 item 5 | Sch 1 item 6, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 147 of 2005, Sch 2 item 802 | Sch 2 item 6 | Sch 2 item 7, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 32 of 2006, Sch 1 item 768 | Sch 1 item 5 | Sch 1 item 6, effective Sch 1 (items 4–15, 40(8), (9)): 6 Apr 2006 (s 2) | Amended by No 101 of 2006, Sch 1 item 40 | Sch 1 item 130 | Sch 2 item 292 | Sch 2 item 293 | Sch 2 item 297 | Sch 2 item 337 | Sch 2 item 339 | Sch 2 item 340 | Sch 2 item 341, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 260, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 78 of 2007, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6) | Amended by No 79 of 2007, Sch 9 item 13 | Sch 9 item 802, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 143 of 2007, Sch 7 item 11 | Sch 7 item 16 | Sch 7 item 71, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 97 of 2008, Sch 3 item 23, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 41 of 2011, Sch 5 item 79, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 57 of 2012, Sch 4 item 1, effective Sch 4: 21 June 2012 (s 2) | Amended by No 169 of 2012, effective Sch 2 (items 1–3, 26, 27): 3 Dec 2012 (s 2(1) item 3) | Amended by No 4 of 2018, effective Sch 6 (items 4–8, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 84 of 2018, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1) | Amended by No 15 of 2019, Sch 1 item 1, effective Sch 1 (items 1, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 34 of 2019, Sch 3 item 1 | Sch 3 item 2 | Sch 4 item 2, effective Sch 1 (items 15, 16), Sch 3 and Sch 4 (items 1, 2): 1 July 2019 (s 2(1) item 2) | Amended by No 35 of 2022, effective Sch 3 (item 1): 1 Oct 2022 (s 2(1) item 4) | Amended by No 12 of 2026, Sch 3 item 2, effective sch 3 (items 1-3): 1 Apr 2026 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128C", "Provision_Key": "s128c", "Heading": "Payment of withholding tax", "Text": "(1) Withholding tax is due and payable by the person liable to pay the tax at the expiration of 21 days after the end of the month in which the income to which the tax relates was derived by the person. (3) If any of the withholding tax which a person is liable to pay remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the withholding tax was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the withholding tax; (ii) general interest charge on any of the withholding tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . (4AA) If: (a) a person is liable to pay the general interest charge on an amount of withholding tax which is payable on an amount that, by virtue of the application of section 128AA, is taken to consist of interest paid in relation to the transfer of a qualifying security; (b) the Commissioner is satisfied that: (i) before the security was transferred, a notice expressed to be issued under subsection 265B(4) identifying the security was given by the person, in connection with the transfer, to the transferee; (ii) one or more of the statements made in the notice is incorrect; and (iii) the person did not know of the circumstance referred to in subparagraph (ii) at the time of transfer of the security; and (c) the proper amount of the withholding tax liability of the person exceeds the amount that would have been the amount of the withholding tax liability if it were determined on the basis that the statements made in the notice were correct; the Commissioner shall remit so much of the amount of the general interest charge as bears to that amount the same proportion as the amount of the excess referred to in paragraph (c) bears to the amount of withholding tax. (6) The ascertainment of the amount of any withholding tax shall not be deemed to be an assessment within the meaning of any of the provisions of this Act. (7) The Commissioner may serve on a person, by post or otherwise, a notice in which is specified: (a) the amount of any withholding tax that the Commissioner has ascertained is payable by that person; and (b) the date on which that tax became due and payable. (8) The production of a notice served under subsection (7), or of a document under the hand of the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of such a notice, is prima facie evidence that the amount of withholding tax specified in the notice became due and payable by the person on whom the notice was served on the date so specified.", "Amendment_Count": 12, "First_Amended": "No 85 of 1959", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 85 of 1959 | No 85 of 1967 | No 108 of 1981 | No 123 of 1982 | No 123 of 1984 | No 49 of 1986 | No 191 of 1992 | No 11 of 1999 | No 179 of 1999 | No 44 of 2000 | No 101 of 2006 | No 61 of 2016", "History_Notes": "Inserted by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Repealed and substituted by No 85 of 1967, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1982, effective 13 Dec 1982 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 49 of 1986, item 13, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 191 of 1992, item 33, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 11 of 1999, item 19 | item 20 | item 21 | item 22 | item 23 | item 24 | item 25 | item 26 | item 216, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 21, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 44 of 2000, Sch 3 item 14 | Sch 3 item 15, effective Sch 3 (items 14–33, 36, 37), Sch 4 (items 10–12): 22 Dec 1999 (s 2(1)) Sch 3 (items 34, 35) and Sch 4 (items 4–9): 1 July 2000 (s 2(4), (5), (11)) | Amended by No 101 of 2006, Sch 1 item 131 | Sch 1 item 132 | Sch 2 item 342 | Sch 2 item 1025, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 61 of 2016, Sch 3 item 24, effective Sch 1 (item 296) and Sch 3 (items 24, 25): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128D", "Provision_Key": "s128d", "Heading": "Certain income not assessable", "Text": "Income other than income to which section 128B applies by virtue of subsection (2A), (2C) or (9C) of that section upon which withholding tax is payable, or upon which withholding tax would, but for paragraph 128B(3)(ga), (jb) or (m), section 128F, section 128FA or section 128GB, be payable, is not assessable income and is not exempt income of a person. Note: An amount of interest paid to a person by a temporary resident is non ‑ assessable non ‑ exempt income: see section 768 ‑ 980 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 19, "First_Amended": "No 85 of 1959", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 85 of 1959 | No 38 of 1967 | No 85 of 1967 | No 54 of 1971 | No 51 of 1973 | No 26 of 1974 | No 80 of 1975 | No 108 of 1981 | No 25 of 1983 | No 58 of 1987 | No 11 of 1988 | No 138 of 1994 | No 95 of 1997 | No 66 of 2003 | No 73 of 2004 | No 147 of 2005 | No 32 of 2006 | No 101 of 2006 | No 57 of 2012", "History_Notes": "Inserted by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Repealed and substituted by No 38 of 1967, effective s 3–16: 25 May 1967 (s 2) | Repealed and substituted by No 85 of 1967, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 54 of 1971, effective s 3–12: 25 May 1971 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 26 of 1974, effective 1 Aug 1974 (s 2) | Amended by No 80 of 1975, effective 20 June 1975 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 25 of 1983, item 10, effective 19 June 1983 (s 2) | Amended by No 58 of 1987, item 12 | item 128D, effective s 6–19: 5 June 1987 (s 2) | Amended by No 11 of 1988, item 22, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 138 of 1994, item 47, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 95 of 1997, Sch 2 item 9 | Sch 5 item 7 | Sch 5 item 8, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 66 of 2003, Sch 3 item 35 | Sch 3 item 118, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 73 of 2004, effective 23 June 2004 (s 2) | Amended by No 147 of 2005, Sch 2 item 8, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 32 of 2006, Sch 1 item 7, effective Sch 1 (items 4–15, 40(8), (9)): 6 Apr 2006 (s 2) | Amended by No 101 of 2006, Sch 2 item 343 | Sch 2 item 344 | Sch 4 item 4, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 57 of 2012, Sch 4 item 1A, effective Sch 4: 21 June 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128F", "Provision_Key": "s128f", "Heading": "Division does not apply to interest on certain publicly offered company debentures or debt interests", "Text": "Interest to which this section applies (1) This section applies to interest paid by a company in respect of a debenture or debt interest in the company if: (a) the company was a resident of Australia when it issued the debenture or debt interest; and (b) the company is a resident of Australia when the interest is paid; and (c) for a debt interest other than a debenture—the debt interest: (i) is a non ‑ equity share; or (ii) consists of 2 or more related schemes (within the meaning of the Income Tax Assessment Act 1997 ) where one or more of them is a non ‑ equity share; or (iii) is a syndicated loan; or (iv) is prescribed by the regulations for the purposes of this section; and (d) either: (i) the issue of the debenture or debt interest satisfies the public offer test set out in subsection (3) or (4); or (ii) for a syndicated loan—the invitation to become a lender under the relevant syndicated loan facility satisfies the public offer test set out in subsection (3A). (1A) This section also applies to interest paid by a company in respect of a debenture or debt interest in the company if: (a) the company was a non ‑ resident when it issued the debenture or debt interest; and (b) the company is a non ‑ resident when the interest is paid; and (c) the debenture or debt interest was issued, and the interest is paid, by the company in carrying on business at or through a permanent establishment in Australia; and (d) for a debt interest other than a debenture—the debt interest: (i) is a non ‑ equity share; or (ii) consists of 2 or more related schemes (within the meaning of the Income Tax Assessment Act 1997 ) where one or more of them is a non ‑ equity share; or (iii) is a syndicated loan; or (iv) is prescribed by the regulations for the purposes of this section; and (e) either: (i) the issue of the debenture or debt interest satisfies the public offer test set out in subsection (3) or (4); or (ii) for a syndicated loan—the invitation to become a lender under the relevant syndicated loan facility satisfies the public offer test set out in subsection (3A). (1B) If: (a) some or all of the transfer price (within the meaning of section 128AA) of a debenture or debt interest is taken under that section to be income that consists of interest; and (b) for a debt interest other than a debenture—the debt interest: (i) is a non ‑ equity share; or (ii) consists of 2 or more related schemes (within the meaning of the Income Tax Assessment Act 1997 ) where one or more of them is a non ‑ equity share; or (iii) is a syndicated loan; or (iv) is prescribed by the regulations for the purposes of this section; and (c) either: (i) the issue of the debenture or debt interest satisfies the public offer test set out in subsection (3) or (4); or (ii) for a syndicated loan—the invitation to become a lender under the relevant syndicated loan facility satisfies the public offer test set out in subsection (3A); this section applies to the interest. Note: Subsection (6) does not apply to the interest because that subsection deals only with interest paid on a debenture or debt interest by the issuing company. Tax not payable (2) Tax is not payable under this Division in respect of interest to which this section applies. Public offer test (3) The issue of a debenture or debt interest by a company satisfies the public offer test if the issue resulted from the debenture or debt interest being offered for issue: (a) to at least 10 persons each of whom: (i) was carrying on a business of providing finance, or investing or dealing in securities, in the course of operating in financial markets; and (ii) was not known, or suspected, by the company to be an associate (see subsection (9)) of any of the other persons covered by this paragraph; or (b) to at least 100 persons whom it was reasonable for the company to have regarded as either: (i) having acquired debentures or debt interests in the past; or (ii) being likely to be interested in acquiring debentures or debt interests; or (c) as a result of being accepted for listing on a stock exchange, where the company had previously entered into an agreement with a dealer, manager or underwriter, in relation to the placement of debentures or debt interests, requiring the company to seek such listing; or (d) as a result of negotiations being initiated publicly in electronic form, or in another form, that was used by financial markets for dealing in debentures or debt interests; or (e) to a dealer, manager or underwriter, in relation to the placement of debentures or debt interests, who, under an agreement with the company, offered the debenture or debt interest for sale within 30 days in a way covered by any of paragraphs (a) to (d). (3A) An invitation to become a lender under a syndicated loan facility by a company satisfies the public offer test if the invitation was made: (a) to at least 10 persons each of whom: (i) was carrying on a business of providing finance, or investing or dealing in securities, in the course of operating in financial markets; and (ii) was not known, or suspected, by the company to be an associate (see subsection (9)) of any of the other persons covered by this paragraph; or (b) publicly in electronic form, or in another form, that was used by financial markets for dealing in debentures or debt interests; or (c) to a dealer, manager or underwriter, in relation to the placement of debentures or debt interests, who, under an agreement with the company, made the invitation to become a lender under the facility within 30 days in a way covered by paragraph (a) or (b). Global bonds (4) The issue of a debenture or debt interest by a company also satisfies the public offer test if the debenture or debt interest is a global bond (see subsection (10)). Issues and invitations that always fail the public offer test (5) The issue of a debenture or debt interest by a company does not satisfy the public offer test if, at the time of the issue, the company knew, or had reasonable grounds to suspect, that: (a) the debenture, an interest in the debenture or the debt interest was being, or would be, acquired either directly or indirectly by an associate of the company; and (b) either: (i) the associate is a non ‑ resident and the debenture or interest, or the debt interest, was not being, or would not be, acquired by the associate in carrying on a business in Australia at or through a permanent establishment of the associate in Australia; or (ii) the associate is a resident of Australia and the debenture or interest, or the debt interest, was being, or would be, acquired by the associate in carrying on a business in a country outside Australia at or through a permanent establishment of the associate in that country; and (c) the debenture or interest, or the debt interest, was not being, or would not be, acquired by the associate in the capacity of: (i) a dealer, manager or underwriter in relation to the placement of the debenture or debt interest; or (ii) a clearing house, custodian, funds manager or responsible entity of a registered scheme. (5AA) An invitation to become a lender under a syndicated loan facility is taken never to have satisfied the public offer test if, at the time the invitation is made, the company knew, or had reasonable grounds to suspect, that: (a) an associate of the company is or will become a lender under the facility; and (b) either: (i) the associate is a non ‑ resident and the associate is not or would not become a lender under the facility in carrying on a business in Australia at or through a permanent establishment of the associate in Australia; or (ii) the associate is a resident of Australia and the associate is or would become a lender under the facility in carrying on a business in a country outside Australia at or through a permanent establishment of the associate in that country; and (c) the associate is not or would not become a lender under the facility in the capacity of: (i) a dealer, manager or underwriter in relation to the invitation; or (ii) a clearing house, custodian, funds manager or responsible entity of a registered scheme. No exemption for interest paid to certain associates of the issuing company (6) This section does not apply to interest paid by the company to a person in respect of the debenture or debt interest if, at the time of the payment, the company knows, or has reasonable grounds to suspect, that: (a) the person is an associate of the company; and (b) either: (i) the associate is a non ‑ resident and the payment is not received by the associate in respect of a debenture or debt interest that the associate acquired in carrying on a business in Australia at or through a permanent establishment of the associate in Australia; or (ii) the associate is a resident of Australia and the payment is received by the associate in respect of a debenture or debt interest that the associate acquired in carrying on a business in a country outside Australia at or through a permanent establishment of the associate in that country; and (c) the associate does not receive the payment in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme. Australian public bodies are treated as Australian resident companies (7) This section applies in relation to a debenture or debt interest issued by: (a) the Commonwealth, a State or a Territory; or (b) an authority of the Commonwealth, of a State or of a Territory; as if the Commonwealth, State, Territory or authority were a company and a resident of Australia. Debentures or debt interests issued through certain non ‑ resident subsidiaries can also get the exemption (8) If: (a) a company (the parent company ) beneficially owns all of the issued equity interests in the capital of a company (the subsidiary ) that is not a resident of Australia; and (b) the subsidiary’s only business is raising finance for the purposes of the parent company; and (c) the subsidiary raises finance in the United States of America or in another country specified in the regulations (but not Australia) by issuing a debenture or debt interest in that country; and (d) when the debenture or debt interest is issued, the subsidiary is treated as a resident of that country for the purposes of the tax law (see subsection (9)) of the country; then this section has effect as if the parent company had raised the finance and issued the debenture or debt interest. Definitions (9) In this section: associate has the meaning given by section 318, except that paragraphs (1)(b), (2)(a) and (4)(a) of that section must be disregarded. clearing house means a person who operates a facility that is used by financial markets for investing in or dealing in securities. company includes a company in the capacity of trustee of a resident trust estate if: (a) the trust is not a charity; and (b) the only person who is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust is a company other than a company in the capacity of trustee. debenture , without affecting its meaning elsewhere in this Act, includes a promissory note or a bill of exchange (in addition to the things mentioned in the definition of debenture in subsection 6(1)). global bond has the meaning given by subsection (10). registered scheme has the same meaning as in the Corporations Act 2001 . responsible entity , of a registered scheme, has the same meaning as in the Corporations Act 2001 . syndicated loan means a loan or other form of financial accommodation that is provided under a syndicated loan facility, being a facility that has 2 or more lenders. syndicated loan facility has the meaning given by subsections (11), (12) and (13). tax law , in relation to a country other than Australia, means: (a) if the country has federal foreign tax—the law of the country that imposes the federal foreign tax; or (b) in any other case—the law of the country that imposes foreign tax. Global bond (10) A debenture or debt interest issued by a company is a global bond if: (a) it describes itself as a global bond or a global note; and (b) it is issued to a clearing house (see subsection (9)) or to a person as trustee or agent for, or otherwise on behalf of, one or more clearing houses; and (c) in connection with the issue, the clearing house or houses: (i) confer rights in relation to the debenture or debt interest on other persons; and (ii) record the existence of the rights; and (d) before the issue: (i) the company; or (ii) a dealer, manager or underwriter, in relation to the placement of debentures or debt interests, on behalf of the company; announces that, as a result of the issue, such rights will be able to be created; and (e) the announcement is made in a way or ways covered by any of paragraphs (3)(a) to (e) (reading a reference in those paragraphs to “debentures or debt interests” as if it were a reference to such a right, and a reference to the “company” as if it included a reference to the dealer, manager or underwriter); and (f) under the terms of the debenture or debt interest, interests in the debenture or debt interest are able to be surrendered, whether or not in particular circumstances, in exchange for other debentures or debt interests issued by the company that are not themselves global bonds. (11) A written agreement is a syndicated loan facility if: (a) the agreement describes itself as a syndicated loan facility or syndicated facility agreement; and (b) the agreement is between one or more borrowers and at least 2 lenders; and (c) under the agreement each lender severally, but not jointly, agrees to lend money to, or otherwise provide financial accommodation to, the borrower or borrowers; and (d) the amount to which the borrower or borrowers will have access at the time the first loan or other form of financial accommodation is to be provided under the agreement is at least $100,000,000 (or a prescribed amount). (12) A written agreement is also a syndicated loan facility if: (a) the agreement describes itself as a syndicated loan facility or syndicated facility agreement; and (b) the agreement is between one or more borrowers and one lender where the agreement provides for the addition of other lenders; and (c) the agreement provides that, when other lenders are added, each lender severally, but not jointly, agrees to lend money to, or otherwise provide financial accommodation to, the borrower or borrowers; and (d) the amount to which the borrower or borrowers will have access at the time the first loan or other form of financial accommodation is to be provided under the agreement is at least $100,000,000 (or a prescribed amount). (13) However, an agreement under which there are 2 or more borrowers is a syndicated loan facility only if all of them are: (a) members of the same wholly ‑ owned group (within the meaning of the Income Tax Assessment Act 1997 ); or (b) parties to the same joint venture; or (c) associates of each other. (14) For the purposes of this section, a change (including by novation) to the lenders under a syndicated loan facility does not result in a different agreement. (15) For a debt interest that consists of 2 or more related schemes (within the meaning of the Income Tax Assessment Act 1997 ) where one or more of them is a non ‑ equity share, this section applies only to interest paid in respect of the non ‑ equity share. Note: Subsection 128A(1AB) defines interest for the purposes of this Division. Under that subsection, dividends paid in respect of a non ‑ equity share are treated as being interest. (16) The rule in subsection (15) does not apply to the extent that interest in respect of the other related scheme or schemes would be interest to which this section applies in respect of a debenture or debt interest.", "Amendment_Count": 16, "First_Amended": "No 54 of 1971", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 54 of 1971 | No 51 of 1973 | No 108 of 1981 | No 14 of 1984 | No 112 of 1986 | No 95 of 1997 | No 93 of 1999 | No 162 of 2001 | No 12 of 2003 | No 73 of 2004 | No 21 of 2005 | No 79 of 2007 | No 145 of 2008 | No 118 of 2009 | No 96 of 2013 | No 2 of 2015", "History_Notes": "Inserted by No 54 of 1971, item 12, effective s 3–12: 25 May 1971 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 14 of 1984, effective 12 Apr 1984 (s 2) | Amended by No 112 of 1986, effective s 15–34, 46 and 47: 4 Nov 1986 (s 2) | Repealed and substituted by No 95 of 1997, Sch 5 item 3 | Sch 5 item 6 | Sch 5 item 11 | Sch 5 item 12 | Sch 5 item 13 | Sch 5 item 14 | Sch 5 item 16, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 93 of 1999, Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 34, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 162 of 2001, Sch 1 item 820 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 23, effective Sch 1 (items 2–13, 23–26): 1 July 2001 (s 2(1)) | Amended by No 12 of 2003, Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9, effective Sch 1: 29 Aug 2001 (s 2(1) item 2) Sch 3 (items 7, 11): 2 Apr 2003 (s 2(1) item 4) | Amended by No 73 of 2004, effective 23 June 2004 (s 2) | Amended by No 21 of 2005, Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 12 | Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16 | Sch 3 item 18 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 23 | Sch 3 item 24, effective Sch 3 (items 1–31, 45, 47(1), (2)): 21 Mar 2005 (s 2) | Amended by No 79 of 2007, Sch 7 item 1 | Sch 7 item 2 | Sch 7 item 3 | Sch 7 item 4 | Sch 7 item 5 | Sch 7 item 6 | Sch 7 item 7 | Sch 7 item 8 | Sch 7 item 12 | Sch 7 item 14 | Sch 7 item 15, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 145 of 2008, Sch 3 item 1, effective Sch 3 and 5: 9 Dec 2008 (s 2) | Amended by No 118 of 2009, Sch 5 item 2, effective Sch 5: 5 Dec 2009 (s 2(1) item 9) | Amended by No 96 of 2013, Sch 1 item 21, effective Sch 1 (items 19–22): 1 Jan 2014 (s 2(1) item 2) | Amended by No 2 of 2015, Sch 2 item 104, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128FA", "Provision_Key": "s128fa", "Heading": "Division does not apply to interest on certain publicly offered unit trust debentures or debt interests", "Text": "Interest to which this section applies (1) This section applies to interest paid by the trustee of an eligible unit trust in respect of a debenture or debt interest issued by the trustee if: (a) for a debt interest other than a debenture—the debt interest: (i) is a syndicated loan; or (ii) is prescribed by the regulations for the purposes of this section; and (b) either: (i) the issue of the debenture or debt interest satisfies the public offer test set (see subsection (6)); or (ii) for a syndicated loan—the invitation to become a lender under the relevant syndicated loan facility satisfies the public offer test (see subsection (6A)). (2) If: (a) some or all of the transfer price (within the meaning of section 128AA) of a debenture or debt interest issued by the trustee of an eligible unit trust is taken under that section to be income that consists of interest; and (b) for a debt interest other than a debenture—the debt interest: (i) is a syndicated loan; or (ii) is prescribed by the regulations for the purposes of this section; and (c) either: (i) the issue of the debenture or debt interest satisfies the public offer test set (see subsection (6)); or (ii) for a syndicated loan—the invitation to become a lender under the relevant syndicated loan facility satisfies the public offer test (see subsection (6A)); this section applies to the interest. Note: Subsection (4) does not apply to the interest because that subsection deals only with interest paid on a debenture or debt interest by the issuing eligible unit trust. Tax not payable (3) Tax is not payable under this Division in respect of interest to which this section applies. No exemption for interest paid to certain associates of the issuing trustee (4) This section does not apply to interest paid by the trustee of an eligible unit trust to a person in respect of the debenture or debt interest if, at the time of the payment, the trustee knows, or has reasonable grounds to suspect, that: (a) the person is an associate of the trustee; and (b) either: (i) the associate is a non ‑ resident and the payment is not received by the associate in respect of a debenture or debt interest that the associate acquired in carrying on a business in Australia at or through a permanent establishment of the associate in Australia; or (ii) the associate is a resident of Australia and the payment is received by the associate in respect of a debenture or debt interest that the associate acquired in carrying on a business in a country outside Australia at or through a permanent establishment of the associate in that country; and (c) the associate does not receive the payment in the capacity of a clearing house, paying agent, custodian, funds manager or responsible entity of a registered scheme. Debentures or debt interests issued through certain non ‑ resident subsidiaries can also get the exemption (5) If: (a) the trustee of an eligible unit trust holds all of the issued equity interests in the capital of a company that is not a resident of Australia; and (b) the company’s only business is raising finance for the purposes of the eligible unit trust; and (c) the company raises finance in a country specified in the regulations (but not Australia) by issuing a debenture or debt interest in that country; and (d) when the debenture or debt interest is issued, the company is treated as a resident of that country for the purposes of the tax law (see subsection (8)) of the country; then this section has effect as if the trustee had raised the finance and issued the debenture or debt interest. Public offer test (6) For the purposes of working out under this section whether the issue of a debenture or debt interest by the trustee of an eligible unit trust satisfies the public offer test , subsections 128F(3) to (5) apply to the trustee of the eligible unit trust in a corresponding way to the way in which those subsections apply to a company, subject to subsection (7) of this section. (6A) For the purposes of working out under this section whether an invitation to become a lender under a syndicated loan facility satisfies the public offer test, subsections 128F(3A) and (5AA) apply to the trustee of the eligible unit trust in a corresponding way to the way in which those subsections apply to a company, subject to subsection (7) of this section. (7) For the purposes of applying subsection 128F(3), (3A), (4), (5) or (5AA) as mentioned in subsection (6) or (6A) of this section: (a) a reference in any of those subsections to a company knowing, suspecting or having reasonable grounds to suspect something, or it being reasonable for a company to have regarded something, is taken to be a reference to the trustee of the eligible unit trust knowing, suspecting or having reasonable grounds to suspect that thing, or it being reasonable for the trustee of the eligible unit trust to have regarded that thing; and (b) a reference in any of those subsections to an associate is taken to be a reference to an associate within the meaning of this section; and (c) a reference in any of those subsections to a global bond is taken to be a reference to a global bond within the meaning of subsection 128F(10). (7A) For the purposes of this section, a change (including by novation) to the lenders under a syndicated loan facility does not result in a different agreement. Definitions (8) In this section: associate has the meaning given by section 318, except that: (a) paragraphs (1)(b), (2)(a) and (4)(a) of that section must be disregarded; and (b) subsection (5) of that section applies to a unit trust mentioned in paragraph (b) of the definition of eligible unit trust in this subsection in the same way as that subsection applies in relation to a public unit trust. clearing house has the same meaning as in section 128F. company has the same meaning as in section 128F. debenture : (a) in relation to the trustee of an eligible unit trust, includes debenture stock, bonds, promissory and other notes, bills of exchange and any other securities issued by the trustee, whether constituting a charge on the assets of the eligible unit trust or not; and (b) in relation to a company, has the same meaning as in section 128F. eligible unit holder means: (a) the trustee of a public unit trust; or (b) the trustee (within the meaning of the Income Tax Assessment Act 1997 ) of a complying superannuation fund that has 50 or more members; or (c) the trustee of a pooled superannuation trust within the meaning of the Income Tax Assessment Act 1997 ; or (d) the trustee (within the meaning of the Income Tax Assessment Act 1997 ) of a complying approved deposit fund; or (e) a life insurance company within the meaning of the Income Tax Assessment Act 1997 ; or (f) a public company within the meaning of section 103A; or (g) the trustee of a unit trust in which all of the issued units are held by 2 or more entities that are eligible unit holders because of: (i) the application of another paragraph of this definition (whether or not the same paragraph); or (ii) a previous application of this paragraph; or (iii) any combination of subparagraphs (i) and (ii). eligible unit trust means: (a) a public unit trust; or (b) a unit trust in which all of the issued units are held by 2 or more eligible unit holders. public unit trust has the same meaning as in section 102P (disregarding subsection (2) of that section). registered scheme has the same meaning as in section 128F. responsible entity has the same meaning as in section 128F. syndicated loan has the same meaning as in section 128F. syndicated loan facility has the same meaning as in section 128F. tax law has the same meaning as in section 128F. (9) For the purposes of this section, a trust or fund of a kind mentioned in any of paragraphs (a) to (d) of the definition of eligible unit holder in subsection (8) in relation to a year of income is taken to be a trust or fund of that kind at all times during the year of income.", "Amendment_Count": 5, "First_Amended": "No 73 of 2004", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 73 of 2004 | No 21 of 2005 | No 15 of 2007 | No 79 of 2007 | No 53 of 2016", "History_Notes": "Inserted by No 73 of 2004, effective 23 June 2004 (s 2) | Amended by No 21 of 2005, Sch 3 item 25 | Sch 3 item 27 | Sch 3 item 28 | Sch 3 item 29 | Sch 3 item 30 | Sch 3 item 31, effective Sch 3 (items 1–31, 45, 47(1), (2)): 21 Mar 2005 (s 2) | Amended by No 15 of 2007, Sch 1 item 101 | Sch 1 item 102, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 79 of 2007, Sch 7 item 9 | Sch 7 item 10 | Sch 7 item 11 | Sch 7 item 13 | Sch 7 item 14 | Sch 7 item 15, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 53 of 2016, Sch 6 item 14, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128FA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128GB", "Provision_Key": "s128gb", "Heading": "Division not to apply to interest payments on offshore borrowings by offshore banking units", "Text": "(1) This section applies to: (a) interest paid by a person in respect of an offshore borrowing of the person; or (b) interest consisting of gold paid by a person in respect of an offshore gold borrowing of the person; if, when the borrowing took place, the person was an offshore banking unit (whether or not the person is still an offshore banking unit when the interest is paid). (1A) However, this section does not apply to: (a) interest paid on or after 1 January 2024; and (b) interest consisting of gold paid on or after 1 January 2024. (2) Tax is not payable in accordance with this Division in respect of interest to which this section applies.", "Amendment_Count": 5, "First_Amended": "No 11 of 1988", "Last_Amended": "No 110 of 2021", "Amending_Acts": "No 11 of 1988 | No 82 of 1994 | No 76 of 1996 | No 93 of 1999 | No 110 of 2021", "History_Notes": "Inserted by No 11 of 1988, item 20 | item 22 | item 38 | item 39, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 82 of 1994, Sch 4 item 113, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 76 of 1996, Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 93 of 1999, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 110 of 2021, Sch 2 item 15, effective Sch 2 (items 1–7, 13–15): 1 Oct 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128GB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128NA", "Provision_Key": "s128na", "Heading": "Special tax payable in respect of certain securities and agreements", "Text": "(1) Where, but for subsection 128AA(2): (a) the transferor of a qualifying security who is not liable to pay withholding tax in relation to the transfer of the qualifying security would be liable to pay withholding tax in relation to the transfer; or (b) the transferor of a qualifying security who is liable to pay withholding tax in relation to the transfer of the qualifying security would be liable to pay additional withholding tax in relation to the transfer; then, for the purposes of this section, there shall be taken to be an avoided withholding tax amount in relation to the person who is the transferee of the qualifying security of an amount equal to the withholding tax or the additional withholding tax, as the case may be, that the person would be so liable to pay. (2) Where: (a) an attributable agreement payment or attributable agreement payments were made by a person under a relevant agreement before the commencement of section 128AC; and (b) the Commissioner is of the opinion that the payment or payments were made before the commencement of that section, or that the payment or payments were of a greater amount than they would otherwise have been, for the sole or dominant purpose of securing the result that the total amount (in this subsection referred to as the actual withholding tax ) of withholding tax payable under that section in relation to all attributable agreement payments made under the relevant agreement after the commencement of that section would be less than the amount (in this subsection referred to as the notional withholding tax ) that would otherwise have been payable; then, for the purposes of this section, there shall be taken to be an avoided withholding tax amount in relation to the person of an amount equal to the amount by which the notional withholding tax exceeds the actual withholding tax. (3) For the purposes of subsection (2), expressions used in that subsection that are also used in section 128AC have the same respective meanings in that subsection as in that section. (4) Where there is an avoided withholding tax amount in relation to a person under this section, the person is liable to pay income tax, as imposed by the Income Tax (Securities and Agreements) (Withholding Tax Recoupment) Act 1986 , in respect of the avoided withholding tax amount.", "Amendment_Count": 1, "First_Amended": "No 49 of 1986", "Last_Amended": "No 49 of 1986", "Amending_Acts": "No 49 of 1986", "History_Notes": "Inserted by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128NA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128NB", "Provision_Key": "s128nb", "Heading": "Special tax payable in respect of certain dealings by current and former offshore banking units", "Text": "(1) Where a person who is or has been an offshore banking unit transfers to another person an amount of tax exempt loan money or tax exempt gold, other than by way of: (a) payment in carrying on an OB activity or what would be an OB activity if the person were an OBU; or (b) repayment of an offshore borrowing or offshore gold borrowing; the person is liable to pay income tax, as imposed by the Income Tax (Offshore Banking Units) (Withholding Tax Recoupment) Act 1988 , on the lost withholding tax amount in respect of the transfer. (2) For the purposes of subsection (1), the lost withholding tax amount in respect of the transfer is an amount ascertained in accordance with the formula: where: IWT rate is the rate declared by the Parliament in respect of income to which subsection 128B(5) applies. PB rate is the prevailing borrowing rate in relation to the person at the time of the transfer. PB term is the number of years in the prevailing borrowing term in relation to the person at the time of the transfer; and TA is the amount of tax exempt loan money or tax exempt gold transferred. (3) Tax under this section is due and payable by the person liable to pay the tax at the end of: (a) 21 days after the end of the month in which the transfer to which it relates takes place; or (b) such further period as the Commissioner, in special circumstances, allows. Application (3A) The Commissioner must not exercise his or her power under paragraph (3)(b) on or after 1 July 2000. Note: For provisions about collection and recovery of tax on or after 1 July 2000, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . (4) Section 128C (other than subsections (1) and (4AA)) applies, in addition to its application apart from this subsection, as if references in that section to withholding tax were references to tax payable under this section. (5) The Commissioner may remit the whole or part of an amount of tax payable under this section in relation to the transfer of an amount of tax exempt loan money or tax exempt gold to another person if: (a) the Commissioner is satisfied that: (i) the liability to pay the amount of tax arose because the person mistakenly believed, on reasonable grounds, that the other person was a non ‑ resident or an offshore banking unit, that interest payable to the person in respect of the amount transferred would be an outgoing of a particular kind or that the amount transferred was not tax exempt loan money or tax exempt gold; and (ii) the person had taken reasonable steps to ascertain the matter to which the mistaken belief related; or (b) the Commissioner is satisfied that there are special circumstances justifying the remission of the whole or part of the amount of tax.", "Amendment_Count": 4, "First_Amended": "No 11 of 1988", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 11 of 1988 | No 191 of 1992 | No 76 of 1996 | No 44 of 2000", "History_Notes": "Inserted by No 11 of 1988, item 39, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 191 of 1992, item 16 | item 17, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 76 of 1996, Sch 1 item 27 | Sch 1 item 28, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 44 of 2000, Sch 3 item 16, effective Sch 3 (items 14–33, 36, 37), Sch 4 (items 10–12): 22 Dec 1999 (s 2(1)) Sch 3 (items 34, 35) and Sch 4 (items 4–9): 1 July 2000 (s 2(4), (5), (11))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128NB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128NBA", "Provision_Key": "s128nba", "Heading": "Credits in respect of amounts assessed in relation to certain financial arrangements", "Text": "When section applies (1) This section applies if: (a) the amount of any withholding tax that has become payable by a taxpayer on a payment of interest under, or in relation to the transfer of, a qualifying security or a Division 230 financial arrangement has been paid; and (b) there is a net financial arrangement amount (see subsection (5)) in relation to the taxpayer in relation to: (i) if the payment of interest is a payment in relation to the transfer of the qualifying security—the security; or (ii) if the payment of interest is such a payment by virtue of the application of section 128AC in relation to an attributable agreement payment within the meaning of that section—the attributable agreement payment; or (iii) in any other case—the payment of interest; and (c) the amount of the withholding tax payable on the interest exceeds the amount that would have been payable on the interest if the interest were reduced by the net financial arrangement amount. Entitlement to apply for credit (2) The taxpayer may apply to the Commissioner for a credit of an amount equal to the excess. Requirements for application (3) The application must be in the approved form. Entitlement to credit (4) If the Commissioner is satisfied as to the matters mentioned in paragraphs (1)(a), (b) and (c), the applicant is entitled to a credit of an amount equal to the excess. Net financial arrangement amount (5) For the purposes of this section, if: (a) in the case of a qualifying security—the sum of all amounts (if any) included in the assessable income of the taxpayer of any years of income in relation to the qualifying security, attributable agreement payment or payment of interest under section 159GQ; or (b) in the case of a Division 230 financial arrangement—the sum of all amounts (if any) included in the assessable income of the taxpayer of any years of income in relation to the arrangement under Division 230 of the Income Tax Assessment Act 1997 ; exceeds: (c) in the case of a qualifying security—the sum of all amounts (if any) allowable as deductions from the assessable income of the taxpayer of any years of income in relation to the security or the payment, as the case may be, under that section; or (d) in the case of a Division 230 financial arrangement—the sum of: (i) all amounts (if any) allowable as deductions from the assessable income of the taxpayer of any years of income in relation to the arrangement under Division 230 of the Income Tax Assessment Act 1997 ; and (ii) all amounts (if any) of interest paid under the arrangement before the interest mentioned in paragraph (1)(a) is paid; there is a net financial arrangement amount equal to the excess. (6) For the purposes of paragraph (5)(b) and subparagraph (5)(d)(i), disregard any year of income in which the taxpayer was not an Australian resident. (7) For the purposes of subsection (6): (a) if section 230 ‑ 485 of the Income Tax Assessment Act 1997 applies in relation to a year of income: (i) treat the foreign residency period mentioned in that section as a year of income in which the taxpayer was not an Australian resident; and (ii) treat the Australian residency period mentioned in that section as a year of income in which the taxpayer was an Australian resident; and (b) if section 230 ‑ 490 of that Act applies in relation to a year of income: (i) treat the period during that year in which the taxpayer was not an Australian resident as a year of income in which the taxpayer was not an Australian resident; and (ii) treat the period during that year in which the taxpayer was an Australian resident as a year of income in which the taxpayer was an Australian resident.", "Amendment_Count": 2, "First_Amended": "No 101 of 2006", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 101 of 2006 | No 15 of 2009", "History_Notes": "Inserted by No 101 of 2006, Sch 2 item 960, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2009, Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128NBA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128P", "Provision_Key": "s128p", "Heading": "Objections", "Text": "If an applicant for a certificate under this Division is dissatisfied with a decision of the Commissioner: (a) in any case—to refuse to issue the certificate; or (b) in the case of a certificate under section 128AB—to specify a particular amount in the certificate; the applicant may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 4, "First_Amended": "No 54 of 1971", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 54 of 1971 | No 48 of 1986 | No 49 of 1986 | No 216 of 1991", "History_Notes": "Inserted by No 54 of 1971, effective s 3–12: 25 May 1971 (s 2) | Amended by No 48 of 1986, effective s 70–98, 213, 216, 219, 221, 226 and 228: 1 July 1986 (s 2(1)) | Amended by No 49 of 1986, item 15, effective s 4–29: 24 June 1986 (s 2(1)) | Repealed and substituted by No 216 of 1991, Sch 4 item 23A, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128P"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128R", "Provision_Key": "s128r", "Heading": "Informal arrangements", "Text": "For the purposes of this Division, the Commissioner may have regard to arrangements, understandings and practices not having legal force in the same manner as if they had legal force.", "Amendment_Count": 2, "First_Amended": "No 54 of 1971", "Last_Amended": "No 164 of 1973", "Amending_Acts": "No 54 of 1971 | No 164 of 1973", "History_Notes": "Inserted by No 54 of 1971, effective s 3–12: 25 May 1971 (s 2) | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128U", "Provision_Key": "s128u", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: Aboriginals Benefit Account means the Aboriginals Benefit Account continued in existence by section 62 of the Aboriginal Land Rights (Northern Territory) Act 1976 . distributing body means: (a) an Aboriginal Land Council established by or under the Aboriginal Land Rights (Northern Territory) Act 1976 ; (b) a corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 ; or (d) any other incorporated body that: (i) is established by or under provisions of a law of the Commonwealth or of a State or Territory that relate to Indigenous persons; and (ii) is empowered or required (whether under that law or otherwise) to pay moneys received by the body to Indigenous persons or to apply such moneys for the benefit of Indigenous persons, either directly or indirectly. mineral royalties means royalties payable in respect of the mining of minerals. minerals means: (a) gold, silver, copper, tin and other metals; (b) coal, shale, petroleum (within the meaning of the Income Tax Assessment Act 1997 ) and valuable earths and substances; (c) mineral substances; (d) gems and precious stones; and (e) ores and other substances containing minerals; whether suspended in water or not, and includes water. miner’s right means a miner’s right or other authority issued or granted under a law of the Commonwealth or of a State or Territory relating to mining of minerals, being a right or authority that empowers the holders to take possession of, mine or occupy land or take any other action in relation to land for any purpose in connection with mining. mining includes the obtaining of minerals from alluvial or surface deposits. mining interests , in relation to any land, means any lease or other interest in the land (including a right to prospect or explore for minerals in or on the land) issued or granted under a law of the Commonwealth or of a State or Territory relating to mining of minerals. mining payment means a payment made to a distributing body or made to, or applied for the benefit of, an Indigenous person or persons, being: (a) a payment made on or after 1 July 1979 and before the day that the Financial Management Legislation Amendment Act 1999 commenced, out of the Aboriginals Benefit Reserve to the extent that the payment represents money paid into the Aboriginals Benefit Reserve on or after 1 July 1979 in pursuance of subsection 63(2) or (4) of the Aboriginal Land Rights (Northern Territory) Act 1976 ; and (aa) a payment made on or after the day that the Financial Management Legislation Amendment Act 1999 commenced by the Commonwealth in respect of a debit from the Aboriginals Benefit Account to the extent that the payment represents an amount credited to the Aboriginals Benefit Account in pursuance of subsection 63(1) or (4) of the Aboriginal Land Rights (Northern Territory) Act 1976 ; and (b) any payment made on or after 1 July 1979 that is of the kind referred to in subsection 44 (1) or (2) of the Aboriginal Land Rights (Northern Territory) Act 1976 ; and (c) any other payment made on or after 1 July 1979 under provisions of a law of the Commonwealth or of a State or Territory that relate to Indigenous persons or under an agreement made in accordance with such provisions, being a payment made: (i) in consideration of the issuing, granting or renewal of a miner’s right or mining interest in respect of Indigenous land; (ii) in consideration of the granting of permission to a person to enter or remain on Indigenous land or to do any act on Indigenous land in relation to prospecting or exploring for, or mining of, minerals; or (iii) by way of payment of mineral royalties payable in respect of the mining of minerals on Indigenous land or by way of payment of an amount determined by reference to an amount of mineral royalties received by the Commonwealth, a State or the Northern Territory in respect of the mining of minerals on Indigenous land; but does not include: (d) a payment made by a distributing body; or (e) a native title benefit (within the meaning of the Income Tax Assessment Act 1997 ). (2) In section 260, income tax or tax includes mining withholding tax. (3) For the purposes of this Division, a mining payment is taken to include any amount that has been, or purports to have been, withheld from the mining payment for the purposes of section 12 ‑ 320 in Schedule 1 to the Taxation Administration Act 1953 . (4) For the purposes of the succeeding provisions of this Division, where a mining payment (in this subsection referred to as the relevant mining payment ) is made to, or applied for the benefit of, 2 or more persons, there shall be deemed to have been made to, or applied for the benefit of, each of those persons, a mining payment of an amount equal to so much of the relevant mining payment as bears to the relevant mining payment the same proportion as 1 bears to the number of persons to whom the relevant mining payment was made or for whose benefit the relevant mining payment was applied, as the case may be.", "Amendment_Count": 10, "First_Amended": "No 27 of 1979", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 27 of 1979 | No 108 of 1981 | No 123 of 1984 | No 152 of 1997 | No 179 of 1999 | No 67 of 2003 | No 8 of 2005 | No 101 of 2006 | No 125 of 2006 | No 84 of 2013", "History_Notes": "Inserted by No 27 of 1979, effective s 5: 5 Dec 1978 (s 2(2)) s 6: 23 June 1977 (s 2(3)) Remainder: 4 June 1979 (s 2(1)) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 152 of 1997, Sch 2 item 877 | Sch 2 item 878 | Sch 2 item 879, effective Sch 2 (items 877–880): 1 Jan 1998 (s 2(2)) | Amended by No 179 of 1999, Sch 18 item 30, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 67 of 2003, Sch 9 item 10, effective Sch 10 (item 13): 14 Oct 2003 (s 2(1) item 8) | Amended by No 8 of 2005, Sch 1 item 156 | Sch 1 item 157 | Sch 1 item 158, effective s 4 and Sch 1 (items 156–158, 496): 22 Feb 2005 (s 2(1) items 1, 2) | Amended by No 101 of 2006, Sch 2 item 346, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 125 of 2006, Sch 2 item 98, effective Sch 2 (item 98): 1 July 2007 (s 2(1) item 2) | Amended by No 84 of 2013, Sch 1 item 1 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18, effective s 4, Sch 1 (items 1, 9(1), 10–18) and Sch 5: 28 June 2013 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128U"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128V", "Provision_Key": "s128v", "Heading": "Liability to mining withholding tax", "Text": "(1) Where a mining payment is made to, or applied for the benefit of, a person, that person is liable to pay income tax on the amount of the mining payment at the rate declared by the Parliament for the purposes of this section. (2) Income tax payable by a person in accordance with this section is in addition to other income tax payable by that person upon amounts that are not mining payments.", "Amendment_Count": 1, "First_Amended": "No 27 of 1979", "Last_Amended": "No 27 of 1979", "Amending_Acts": "No 27 of 1979", "History_Notes": "Inserted by No 27 of 1979, effective s 5: 5 Dec 1978 (s 2(2)) s 6: 23 June 1977 (s 2(3)) Remainder: 4 June 1979 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128V"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 128W", "Provision_Key": "s128w", "Heading": "Payment of mining withholding tax", "Text": "(1) Mining withholding tax is due and payable by a person liable to pay the tax at the expiration of 21 days after the end of the month in which the payment of the amount to which the tax relates was made, or of such further period as the Commissioner, in special circumstances, allows. Note: For provisions about collection and recovery of mining withholding tax and other amounts, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . (4) The ascertainment of the amount of any mining withholding tax shall not be deemed to be an assessment within the meaning of any of the provisions of this Act. (5) The Commissioner may serve on a person liable to pay mining withholding tax, by post or otherwise, a notice in which is specified: (a) the amount of any mining withholding tax that the Commissioner has ascertained is payable by that person; and (b) the date on which that tax became due and payable. (6) The production of a notice served under subsection (5), or of a document under the hand of the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of such a notice, is prima facie evidence that the amount of mining withholding tax specified in the notice became due and payable by the person on whom the notice was served on the date specified in the notice as the date on which that tax became due and payable.", "Amendment_Count": 4, "First_Amended": "No 27 of 1979", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 27 of 1979 | No 179 of 1999 | No 88 of 2009 | No 61 of 2016", "History_Notes": "Inserted by No 27 of 1979, effective s 5: 5 Dec 1978 (s 2(2)) s 6: 23 June 1977 (s 2(3)) Remainder: 4 June 1979 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 22, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 88 of 2009, Sch 5 item 314, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 61 of 2016, Sch 3 item 25, effective Sch 1 (item 296) and Sch 3 (items 24, 25): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s128W"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 129", "Provision_Key": "s129", "Heading": "Taxable income of ship ‑ owner or charterer", "Text": "Where a ship belonging to or chartered by a person whose principal place of business is out of Australia carries passengers, live ‑ stock, mails or goods shipped in Australia, 5% of the amount paid or payable to him or her in respect of such carriage, whether that amount is payable in or out of Australia, shall be deemed to be taxable income derived by him or her in Australia.", "Amendment_Count": 2, "First_Amended": "No 108 of 1981", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 108 of 1981 | No 41 of 2011", "History_Notes": "Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s129"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 130", "Provision_Key": "s130", "Heading": "Commissioner may require master or agent to make return", "Text": "(1) The Commissioner may, by writing, require: (a) the master of a particular ship to which section 129 applies, or the agent or other representative in Australia of the owner or charterer of the ship; or (b) the master of a ship included in a class of ships to which section 129 applies, or the agent or other representative in Australia of the owner or charterer of the ship; to make a return of the amounts so paid or payable. (2) An instrument under paragraph (1)(a): (a) must be given to the master, agent or representative; and (b) is not a legislative instrument. (3) An instrument under paragraph (1)(b) is a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 41 of 2011", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 41 of 2011 | No 64 of 2020", "History_Notes": "Amended by No 41 of 2011, Sch 5 item 26 | Sch 5 item 27 | Sch 5 item 28 | Sch 5 item 33, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Repealed and substituted by No 64 of 2020, Sch 3 item 35 | Sch 3 item 214 | Sch 3 item 326, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s130"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 131", "Provision_Key": "s131", "Heading": "Determination by Commissioner", "Text": "If such return is not made, or if the Commissioner is not satisfied with the return, the Commissioner may determine the amount so paid or payable.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Amended by No 41 of 2011, Sch 5 item 285, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s131"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 132", "Provision_Key": "s132", "Heading": "Assessment of tax", "Text": "The master, agent or representative, as agent for the owner or charterer, may be assessed upon the taxable income and shall be liable to pay the tax assessed.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s132"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 133", "Provision_Key": "s133", "Heading": "Master liable to pay", "Text": "(1) Where the assessment is made on the agent or representative, and the tax is not paid forthwith upon receipt of notice of the assessment, the master shall be liable to pay the tax. (2) This section shall not, so long as any tax for which the master becomes liable under this section remains unpaid, relieve any other person to whom the notice of assessment has been given in respect of that tax, from liability to pay the tax remaining unpaid.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s133"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 134", "Provision_Key": "s134", "Heading": "Notice of assessment", "Text": "Where any person is liable to pay tax under this Division, the Commissioner shall give notice to the person of the assessment, and he or she shall forthwith pay the tax.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Amended by No 41 of 2011, Sch 5 item 286, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s134"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 135", "Provision_Key": "s135", "Heading": "Clearance of ship", "Text": "A collector or officer of customs for any State or Territory shall not grant a clearance to the ship until he or she is satisfied that any tax which has been or may be assessed under this Division has been paid, or that arrangements for its payment have been made to the satisfaction of the Commissioner.", "Amendment_Count": 3, "First_Amended": "No 216 of 1973", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 216 of 1973 | No 20 of 1974 | No 41 of 2011", "History_Notes": "Amended by No 216 of 1973, Sch 1 item 11, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, Sch 1 item 18, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s135"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 135A", "Provision_Key": "s135a", "Heading": "Freights payable under certain agreements", "Text": "Where goods are shipped in pursuance of an agreement of the kind specified in section 7C of the Australian Industries Preservation Act 1906 ‑ 1937 , the amount paid or payable to the owner or charterer of the ship in respect of the carriage of those goods shall, for the purposes of this Division, be deemed to be the amount remaining after deducting from the amount which would be payable according to the gross rate of freight specified in the agreement the amount of any rebate allowed in pursuance of the agreement or any payment, whenever made, by the owner or charterer, or out of funds provided by the owner or charterer, to any person or persons being the owner or shipper of the goods or the agent of either of them in respect of the shipment.", "Amendment_Count": 2, "First_Amended": "No 46 of 1938", "Last_Amended": "No 51 of 1973", "Amending_Acts": "No 46 of 1938 | No 51 of 1973", "History_Notes": "Inserted by No 46 of 1938, effective 28 Dec 1938 | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s135A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 141", "Provision_Key": "s141", "Heading": "Interpretation", "Text": "In this Division: insurance contract means a contract or guarantee whereby liability is undertaken, contingent upon the happening of any specified event, to pay any money or make good any loss or damage, but does not include a contract of life assurance. insured event means an event upon the happening of which the liability under an insurance contract arises. insured person means a person with whom any insurance contract is entered into by an insurer. insured property means the property the subject of an insurance contract made or given by an insurer. insurer means any non ‑ resident who undertakes liability under an insurance contract.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s141"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 142", "Provision_Key": "s142", "Heading": "Income derived by non ‑ resident insurer", "Text": "(1) Where an insured person, whether a resident or non ‑ resident, has entered into an insurance contract with an insurer, and the insured property at the time of the making of the contract is situated in Australia, or the insured event is one which can happen only in Australia, the premium paid or payable under the contract shall be included in the assessable income of the insurer, and shall be deemed to be derived by the insurer from sources in Australia, and, unless the contract was made by a principal office or branch established by the insurer in Australia, this Division shall apply to that premium. (2) Where an insured person who is a resident has entered into an insurance contract with an insurer, and an agent or representative in Australia of the insurer was in any way instrumental in inducing the entry of the insured person into that contract, any premium paid or payable under the contract shall, wherever the insured property is situate, or the insured event may happen, be included in the assessable income of the insurer and shall be deemed to be derived by the insurer from sources in Australia, and, unless the contract was made by a principal office or branch established by the insurer in Australia, this Division shall apply to that premium.", "Amendment_Count": 4, "First_Amended": "No 18 of 1960", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 18 of 1960 | No 164 of 1973 | No 80 of 1975 | No 41 of 2011", "History_Notes": "Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 80 of 1975, item 42, effective 20 June 1975 (s 2) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s142"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 143", "Provision_Key": "s143", "Heading": "Taxable income of non ‑ resident insurer", "Text": "The insurer shall be deemed to have derived in any year, in respect of the premiums paid or payable in that year under such contracts, a taxable income equal to 10% of the total amount of such premiums: Provided that, where the actual profit or loss derived or made by the insurer in respect of such premiums is established to the satisfaction of the Commissioner, the taxable income of the insurer in respect thereof, or the amount of the loss so made by the insurer shall, subject to this Act, be calculated by reference to receipts and expenditure taken into account in calculating that profit or loss.", "Amendment_Count": 2, "First_Amended": "No 108 of 1981", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 108 of 1981 | No 41 of 2011", "History_Notes": "Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s143"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 144", "Provision_Key": "s144", "Heading": "Liability of agents of insurer", "Text": "The insured person and any person in Australia acting on behalf of the insurer shall be the agents of the insurer, and shall be jointly and severally liable as such for all purposes of this Act. If either of those persons pays or credits to the insurer any amount in respect of the insurance contract before arrangements have been made to the satisfaction of the Commissioner for the payment of any income tax which has been or may be assessed under this Division in respect of that amount, that person shall be personally liable to pay that tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s144"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 145", "Provision_Key": "s145", "Heading": "Deduction of premiums", "Text": "Notwithstanding any other provision of this Act, no such premium shall be an allowable deduction to the insured person unless arrangements have been made to the satisfaction of the Commissioner for the payment of any income tax which has been or may be assessed in respect of that premium.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s145"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 146", "Provision_Key": "s146", "Heading": "Exporter to furnish information", "Text": "Every person who exports any goods from Australia shall furnish to the Collector of Customs for transmission to the Commissioner a copy of the customs entry for such goods, and shall show thereon such information as is prescribed regarding the insurance of such goods.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s146"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 147", "Provision_Key": "s147", "Heading": "Rate of tax in special circumstances", "Text": "Where the insurer satisfies the Commissioner that, on account of special circumstances, it is necessary that the rate of tax payable by the insurer under this Division should be ascertained at the time when premiums are paid to the insurer, the Commissioner may direct that the tax so payable in respect of premiums paid during any financial year shall be calculated at the rate which would have been payable if an assessment had been made in respect of those premiums at the date when they were paid.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s147"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 148", "Provision_Key": "s148", "Heading": "Reinsurance with non ‑ residents", "Text": "(1) Notwithstanding anything contained in this Act other than section 177F, but subject to this section, where a person carrying on the business of insurance in Australia reinsures out of Australia the whole or part of any risk with a non ‑ resident: (a) the premiums paid or credited in respect of the reinsurance shall not be: (i) an allowable deduction to the person carrying on the business of insurance in Australia; or (ii) included in the assessable income of the non ‑ resident; and (b) the income of the person carrying on the business of insurance in Australia shall not include sums recovered from that non ‑ resident in respect of a loss on any risk so reinsured. (2) A person carrying on the business of insurance in Australia who reinsures out of Australia the whole or part of any risk with a non ‑ resident may elect, in accordance with this section, that the provisions of subsection (1) shall not be applied in arriving at that person’s taxable income, and thereupon: (a) those provisions shall not apply in arriving at that person’s taxable income of a year of income to which the election applies; and (b) that person shall be liable to furnish returns, and to pay tax, in accordance with the succeeding provisions of this section, as agent for all non ‑ residents with whom that person so reinsures. (3) Where a person makes an election under subsection (2), he or she shall, subject to subsection (5), be assessed and liable to pay tax as agent, on an amount equal to 10% of the sum of the gross amounts of the premiums paid or credited by him or her in the year of income (being a year of income to which the election applies) to non ‑ residents in respect of all such reinsurances, as if that amount were the taxable income of a non ‑ resident company (not being a private company) not carrying on business in Australia by means either of a principal office or a branch. (4) A person who has made an election under this section shall, as agent, furnish to the Commissioner, within the prescribed time, or within such further time as the Commissioner allows, in respect of every year of income to which the election applies: (a) a return showing the gross amounts of the premiums paid or credited by that person to non ‑ residents in respect of all such reinsurances; or (b) 2 returns, of which: (i) one shall show the gross amounts of such premiums paid or credited by that person to non ‑ residents which are companies; and (ii) the other shall show the gross amounts of such premiums paid or credited by that person to non ‑ residents who are not companies. (5) Where returns are furnished by a person in accordance with paragraph (4)(b), there shall be excluded from the amount on which that person shall be assessed and liable to pay tax as agent in pursuance of subsection (3) an amount equal to 10% of the sum of the gross premiums properly shown in the return specified in subparagraph (4)(b)(ii), and that person shall, in addition to any other tax which that person is liable under this section to pay as agent, be assessed and liable to pay tax as agent on the amount so excluded as if it were the taxable income of a non ‑ resident company (being a private company) not carrying on business in Australia by means either of a principal office or a branch. (6) An election for the purposes of this section shall: (c) be made on or before the last day for the furnishing of the taxpayer’s return of income of the year of income in respect of which the election is first to apply, or within such further time as the Commissioner allows; (d) first apply in respect of a year of income which shall be specified in the election; and (e) apply in respect of all subsequent years of income. (7) An assessment for the purposes of subsection (3) or (5) shall be made and notified separately from any other assessment. (8) Where a person is liable, in pursuance of an assessment for the purposes of this section, to pay tax, in respect of any premiums, as agent for more than one non ‑ resident, the amount which that person shall be liable to pay as agent for any one of those non ‑ residents shall be so much of the tax so payable as bears to the whole of that tax the same proportion as the total amount of such of those premiums as were paid to that non ‑ resident bears to the total amount of those premiums. (9) Where a person is or may become liable under this section to pay tax as agent for a non ‑ resident in respect of any premium paid or credited by that person to that non ‑ resident: (a) that person shall, for the purposes of section 254, be deemed to have received the premium in that person’s representative capacity immediately before it was so paid or credited; and (b) if that person pays or credits the premium before arrangements have been made to the satisfaction of the Commissioner for the payment of any tax which may be assessed in respect of that premium, that person shall be personally liable to pay that tax. Application to a life assurance company (10) This section applies to a life assurance company in relation to the whole or a part of a risk if, and only if, the risk or that part of the risk: (a) is covered by a disability policy as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ; and (b) relates to a benefit that is payable in an event mentioned in that definition.", "Amendment_Count": 8, "First_Amended": "No 46 of 1938", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1938 | No 11 of 1947 | No 51 of 1973 | No 108 of 1981 | No 110 of 1981 | No 101 of 1992 | No 83 of 2004 | No 41 of 2011", "History_Notes": "Repealed and substituted by No 46 of 1938, effective 28 Dec 1938 | Repealed and substituted by No 11 of 1947, effective 3 June 1947 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 110 of 1981, item 6, effective s 4–11: 24 June 1981 (s 2) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 108–115, 126(7)), Sch 2 (items 1, 3, 4, 35, 37), Sch 3 (items 1–3, 6, 7), Sch 9, Sch 10 (item 43(1)) and Sch 11: 25 June 2004 (s 2(1) items 1, 12, 13, 16, 17, 21, 27, 28) Sch 1 (item 1): 30 June 2000 (s 2(1) item 2) Sch 10 (items 1, 2): 1 July 2000 (s 2(1) item 22) | Amended by No 41 of 2011, Sch 5 item 291 | Sch 5 item 292 | Sch 5 item 293 | Sch 5 item 294 | Sch 5 item 295 | Sch 5 item 297 | Sch 5 item 298 | Sch 5 item 299 | Sch 5 item 300, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s148"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 149", "Provision_Key": "s149", "Heading": "Average income", "Text": "(1) For the purposes of the application of this Division in relation to a taxpayer in relation to a year of income, a reference in this Division to the average income of the taxpayer shall be construed as a reference to the average of the taxable incomes of the taxpayer of the years of income (in this Division referred to as average years ) beginning with the first average year and ending with the first ‑ mentioned year of income.", "Amendment_Count": 2, "First_Amended": "No 57 of 1977", "Last_Amended": "No 126 of 1977", "Amending_Acts": "No 57 of 1977 | No 126 of 1977", "History_Notes": "Repealed and substituted by No 57 of 1977, item 9 | item 10 | item 11, effective s 3–15 and 18: 16 June 1977 (s 2(1)) s 16: 1 July 1976 (s 2(2)) | Amended by No 126 of 1977, item 12 | item 13, effective 10 Nov 1977 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s149"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 149A", "Provision_Key": "s149a", "Heading": "Capital gains, abnormal income and certain death benefits to be disregarded", "Text": "(1) For the purposes of this Division (including the purpose of determining whether this Division applies to the income of a taxpayer): (a) references in this Division to the assessable income of a taxpayer shall be read as references to the amount that would have been the assessable income if the assessable income did not include any net capital gain and did not include any amount under section 82 ‑ 65, 82 ‑ 70 or 302 ‑ 145 of the Income Tax Assessment Act 1997 ; and (b) references in this Division to the taxable income of a taxpayer shall be read as references to the amount that would have been the taxable income if: (i) the assessable income did not include any net capital gain and did not include any amount under section 82 ‑ 65, 82 ‑ 70 or 302 ‑ 145 of the Income Tax Assessment Act 1997 ; and (ii) the taxable income were reduced by so much of the taxable income as consists of above ‑ average special professional income within the meaning of the Income Tax Assessment Act 1997 . (2) A reference in subsection (1) to the assessable income or taxable income of a taxpayer of a year of income shall, in relation to a taxpayer in the capacity of trustee of a trust estate, be read as a reference to the assessable income or net income, as the case may be, of the trust estate of the year of income.", "Amendment_Count": 6, "First_Amended": "No 52 of 1986", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 52 of 1986 | No 138 of 1987 | No 7 of 1993 | No 46 of 1998 | No 101 of 2006 | No 15 of 2007", "History_Notes": "Inserted by No 52 of 1986, effective 24 June 1986 (s 2) | Amended by No 138 of 1987, Sch 2 item 37, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 7 of 1993, item 28, effective s 4–6, 8–11 and 30–34: 27 May 1993 (s 2(1)) s 7 and 12–29: 1 July 1994 (s 2(2)(a), (3)) | Amended by No 46 of 1998, Sch 10 item 364 | Sch 10 item 392, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 103, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s149A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 150", "Provision_Key": "s150", "Heading": "First average year", "Text": "Subject to this Division, the first average year shall be the fourth year before the year of income. A year the income of which was subject to assessment under the previous Act shall be capable of being a first or subsequent average year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s150"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 151", "Provision_Key": "s151", "Heading": "First application of Division in relation to a taxpayer", "Text": "(1) For the purposes of the first application of this Division in determining the tax payable by a taxpayer, the first average year shall be the first year which is otherwise capable of being an average year, and in which the taxable income is not greater than that of the next succeeding year. No year prior to that first average year shall, for the purposes of any application of this Division in determining the tax payable by a taxpayer, be capable of being an average year. (2) Any year in which the taxpayer was not carrying on business and was not in receipt of a taxable income shall not be counted as a first average year for the purposes of the first application of this Division in determining the tax payable by a taxpayer. (3) This section shall not apply to a taxpayer whose income has been or is liable to be assessed at an average rate of tax determined under the provisions of the previous Act.", "Amendment_Count": 1, "First_Amended": "No 123 of 1978", "Last_Amended": "No 123 of 1978", "Amending_Acts": "No 123 of 1978", "History_Notes": "Amended by No 123 of 1978, item 10, effective 13 Oct 1978 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s151"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 152", "Provision_Key": "s152", "Heading": "Taxpayer not in receipt of assessable income", "Text": "Any year in which the taxpayer was not carrying on business and was not in receipt of assessable income shall not be counted as an average year, and the provisions of this Division shall apply to the income thereafter derived by the taxpayer as if he or she had never been a taxpayer before that year.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Amended by No 41 of 2011, Sch 5 item 91 | Sch 5 item 92 | Sch 5 item 93 | Sch 5 item 94 | Sch 5 item 95 | Sch 5 item 96 | Sch 5 item 97 | Sch 5 item 98 | Sch 5 item 99 | Sch 5 item 100 | Sch 5 item 101 | Sch 5 item 102 | Sch 5 item 105 | Sch 5 item 301, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s152"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 153", "Provision_Key": "s153", "Heading": "Taxpayer with no taxable income", "Text": "Any year in which the taxpayer was carrying on business but had no taxable income shall be capable of being an average year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s153"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 154", "Provision_Key": "s154", "Heading": "Excess of allowable deductions", "Text": "Any excess of allowable deductions over the assessable income of the taxpayer in any average year shall not be taken into account in calculating the average income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s154"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 155", "Provision_Key": "s155", "Heading": "Permanent reduction of income", "Text": "(1) Where a taxpayer establishes that, owing to his or her retirement from his or her occupation, or from any other cause (but not including a change in the investment of assets from which assessable income was derived into assets from which the taxpayer derives income which is not liable to be assessed under this Act), his or her taxable income has been permanently reduced to an amount which is less than two ‑ thirds of his or her average taxable income, he or she shall be assessed, and the provisions of this Division shall apply to the income thereafter derived by him or her, as if he or she had never been a taxpayer before that year. (2) For the purposes of the application of subsection (1) in relation to a taxpayer in relation to a year of income, a reference in that subsection to the average taxable income of the taxpayer shall be construed as a reference to the amount that would be the average income of the taxpayer in relation to that year of income ascertained in accordance with section 149 if there were excluded from the assessable income of the taxpayer of the average years any income received by him or her from sources from which he or she does not usually receive income.", "Amendment_Count": 3, "First_Amended": "No 57 of 1977", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 57 of 1977 | No 126 of 1977 | No 41 of 2011", "History_Notes": "Amended by No 57 of 1977, item 10, effective s 3–15 and 18: 16 June 1977 (s 2(1)) s 16: 1 July 1976 (s 2(2)) | Amended by No 126 of 1977, item 13, effective 10 Nov 1977 (s 2) | Amended by No 41 of 2011, Sch 5 item 302 | Sch 5 item 303 | Sch 5 item 304 | Sch 5 item 305 | Sch 5 item 306 | Sch 5 item 307, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s155"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 156", "Provision_Key": "s156", "Heading": "Rebate of tax for, or complementary tax payable by, certain primary producers", "Text": "(1) In this section: actual taxable income from primary production , in relation to a taxpayer in relation to a year of income, means the amount (if any) remaining after deducting from the assessable primary production income of the taxpayer of the year of income so much of the aggregate of the relevant primary production deductions of the taxpayer of the year of income as does not exceed that assessable income. assessable primary production income , in relation to a taxpayer in relation to a year of income, means so much of the assessable income of the taxpayer of the year of income as was derived from the carrying on of a primary production business by the taxpayer or was included in the assessable income of the taxpayer of the year of income in consequence of the carrying on of a primary production business by the taxpayer. deemed taxable income from primary production , in relation to a taxpayer in relation to a year of income, means: (a) if the taxpayer did not have a non ‑ primary production profit in relation to the year of income—the taxable income of the taxpayer; and (b) in any other case—the sum of the actual taxable income from primary production of the taxpayer of the year of income and the notional taxable income from primary production of the taxpayer of the year of income. notional taxable income from primary production , in relation to a taxpayer in relation to a year of income, being a taxpayer who had a non ‑ primary production profit in relation to the year of income, means: (a) where the taxpayer did not incur a primary production loss in relation to the year of income: (i) in a case to which subparagraph (ii) does not apply—the amount ascertained by deducting from the taxable income of the taxpayer of the year of income the actual taxable income from primary production of the taxpayer of the year of income; and (ii) where the taxable income of the taxpayer of the year of income exceeds the actual taxable income from primary production of the taxpayer of the year of income and that excess is greater than $5,000—$5,000 reduced by $1 for each whole dollar by which the amount of that excess exceeds $5,000; and (b) where the taxpayer incurred a primary production loss in relation to the year of income: (i) in a case where the sum of the taxable income of the taxpayer of the year of income and the amount of the primary production loss is less than or equal to $5,000—the taxable income of the taxpayer of the year of income; and (ii) in a case where the sum of the taxable income of the taxpayer of the year of income and the amount of the primary production loss (which sum is in this subparagraph referred to as the non ‑ farm income ) exceeds $5,000—an amount ascertained by deducting from $5,000 one dollar for each whole dollar by which so much of the non ‑ farm income as does not exceed $10,000 exceeds $5,000 and deducting from the resultant amount so much (if any) of the amount of the primary production loss as does not exceed that resultant amount. relevant primary production deductions , in relation to a taxpayer in relation to a year of income, means: (a) any deductions allowed or allowable in the taxpayer’s assessment in respect of income of the year of income that relate exclusively to assessable primary production income of the taxpayer of a year of income; (b) so much of any other deductions (other than apportionable deductions) allowed or allowable in the taxpayer’s assessment in respect of income of the year of income as, in the opinion of the Commissioner, may appropriately be related to assessable primary production income of the taxpayer of a year of income; and (c) the amount that bears to the apportionable deductions allowed or allowable in the taxpayer’s assessment the same proportion as the amount ascertained by deduction from the assessable primary production income of the taxpayer of the year of income any deductions allowable from that assessable income in accordance with paragraphs (a) and (b) bears to the sum of the taxable income of the taxpayer of the year of income and the apportionable deductions. (2) For the purposes of subsection (1), a taxpayer shall be taken to have a non ‑ primary production profit in relation to a year of income if the assessable income of the taxpayer of the year of income other than assessable primary production income exceeds the aggregate of the deductions (other than relevant primary production deductions) allowable to the taxpayer in respect of the year of income. (3) For the purposes of subsection (1), a taxpayer shall be taken to have incurred a primary production loss in relation to a year of income if the aggregate of the relevant primary production deductions in relation to the year of income exceeds the assessable primary production income of the taxpayer of the year of income, and the amount of that loss shall be taken to be the amount of the excess. (5) Where: (a) this Division applies to a share of the net income of a trust estate of a year of income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of subsection 98(1) or (2) or to the net income or a part of the net income of a trust estate of a year of income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 99 (which share, net income or part, as the case may be, is in this subsection referred to as the eligible net income ); and (b) the amount of tax that would, apart from this section, section 94, Division 6AA and Part VIIB and but for any rebate or credit to which the trustee is entitled, be payable by the trustee in respect of the eligible net income exceeds the amount of tax that would, apart from this section, section 94, Division 6AA and Part VIIB and but for any rebate or credit to which the trustee is entitled, be payable by the trustee in respect of the eligible net income if the notional rates declared by the Parliament for the purposes of this section were the rates of tax payable by the trustee in respect of the eligible net income; the trustee is entitled, in his or her assessment in respect of the eligible net income, to a rebate of tax of an amount ascertained in accordance with the formula , where: A is the number of whole dollars in the amount of the deemed net income from primary production. B is the excess referred to in paragraph (b); and C is the number of whole dollars in the eligible net income. (5A) Where: (a) this Division applies to a share of the net income of a trust estate of a year of income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of subsection 98(1) or (2) or to the net income or a part of the net income of a trust estate of a year of income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 99 (which share, net income or part, as the case may be, is in this subsection referred to as the eligible net income ); and (b) the amount of tax that would, apart from this section, section 94, Division 6AA and Part VIIB and but for any rebate or credit to which the trustee is entitled, be payable by the trustee in respect of the eligible net income if the notional rates declared by the Parliament for the purposes of this section were the rates of tax payable by the trustee in respect of the eligible net income exceeds the amount of tax that would, apart from this section, section 94, Division 6AA and Part VIIB and but for any rebate or credit to which the trustee is entitled, be payable by the trustee in respect of the eligible net income; the trustee is liable to pay complementary tax, at the rate declared by the Parliament for the purposes of this subsection, on so much of the net income of the trust estate as is equal to the deemed net income from primary production. (6) For the purposes of the application of this section in relation to a share of the net income of a trust estate of a year of income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of subsection 98(1) or (2) or in relation to the net income or a part of the net income of a trust estate of a year of income in respect of which a trustee is liable to be assessed and to pay tax in pursuance of section 99 (which share, net income or part, as the case may be, is in this subsection referred to as the eligible net income ): actual net income from primary production means so much of the net income from primary production of the trust estate as is included in the eligible net income. assessable primary production income means so much of the assessable income of the trust estate of the year of income as was derived from the carrying on of a primary production business by the trustee or was included in the assessable income of the trust estate of the year of income in consequence of the carrying on of a primary production business by the trustee. deemed net income from primary production means: (a) if the trust estate did not have a non ‑ primary production profit in relation to the year of income—the eligible net income; and (b) in any other case—the sum of the actual net income from primary production of the trust estate of the year of income and the notional net income from primary production of the trust estate of the year of income. eligible part of the primary production loss , in relation to a primary production loss incurred by the trust estate in the year of income, means so much of the primary production loss as is equal to the amount by which the eligible net income would have been increased if the aggregate of the relevant primary production deductions allowable in calculating the amount of the net income of the trust estate of the year of income had been equal to the assessable primary production income of the trust estate of the year of income. net income from primary production means the amount (if any) remaining after deducting from the assessable primary production income of the trust estate of the year of income so much of the aggregate of the relevant primary production deductions allowable in calculating the net income of the trust estate as does not exceed that assessable primary production income. notional net income from primary production means: (a) where the trust estate had a non ‑ primary production profit in relation to the year of income and did not incur a primary production loss in relation to the year of income: (i) in a case to which subparagraph (ii) does not apply—the amount ascertained by deducting from the eligible net income the actual net income from primary production (if any); and (ii) where the eligible net income exceeds the actual net income from primary production in relation to the year of income and that excess is greater than $5,000—$5,000 reduced by $1 for each whole dollar by which the amount of that excess exceeds $5,000; and (b) where the trust estate had a non ‑ primary production profit in relation to the year of income and incurred a primary production loss in relation to the year of income: (i) in a case where the sum of the eligible net income and the eligible part of the primary production loss is less than or equal to $5,000—the eligible net income; and (ii) in a case where the sum of the eligible net income and the eligible part of the primary production loss (which sum is in this subparagraph referred to as the non ‑ farm income ) exceeds $5,000—an amount ascertained by deducting from $5,000 one dollar for each whole dollar by which so much of the non ‑ farm income as does not exceed $10,000 exceeds $5,000 and deducting from the resultant amount so much (if any) of the eligible part of the primary production loss as does not exceed that resultant amount. relevant primary production deductions means: (a) any deductions allowed or allowable in calculating the amount of the net income of the trust estate of the year of income that relate exclusively to assessable primary production income of a year of income; (b) so much of any other deductions (other than apportionable deductions) allowed or allowable in calculating the amount of that net income as, in the opinion of the Commissioner, may appropriately be related to assessable primary production income of the trust estate of a year of income; and (c) the amount that bears to the apportionable deductions allowed or allowable in calculating the amount of that net income the same proportion as the amount ascertained by deducting from the assessable primary production income of the trust estate of the year of income any deductions allowable from that assessable primary production income in accordance with paragraphs (a) and (b) bears to the sum of the net income of the trust estate and the apportionable deductions. (7) For the purposes of subsection (6), a trust estate shall be taken to have incurred a primary production loss in relation to a year of income if the aggregate of the relevant primary production deductions allowable in calculating the amount of the net income of the trust estate of the year of income exceeds the assessable primary production income of the trust estate of the year of income, and the amount of that loss shall be taken to be the amount of the excess. (8) For the purposes of subsection (6), a trust estate shall be taken to have a non ‑ primary production profit in relation to a year of income if the assessable income of the trust estate of the year of income other than assessable primary production income exceeds the aggregate of the deductions (other than relevant primary production deductions) allowable in calculating the amount of the net income of the trust estate of the year of income.", "Amendment_Count": 10, "First_Amended": "No 123 of 1978", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 123 of 1978 | No 149 of 1979 | No 19 of 1980 | No 14 of 1983 | No 103 of 1983 | No 63 of 1996 | No 46 of 1998 | No 83 of 1999 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Repealed and substituted by No 123 of 1978, item 8 | item 11 | item 13 | item 20, effective 13 Oct 1978 (s 2) | Amended by No 149 of 1979, item 19 | item 27, effective s 3–23 and 25–27: 28 Nov 1979 (s 2(1)) s 24: 21 July 1979 (s 2(2)) | Amended by No 19 of 1980, item 17, effective 30 Apr 1980 (s 2) | Amended by No 14 of 1983, item 55, effective s 4: 14 Feb 1983 (s 2(2)) Remainder: 14 June 1983 (s 2(1)) | Amended by No 103 of 1983, item 11 | item 12 | item 25, effective s 3: 22 Dec 1983 (s 2(2)) Remainder: 23 Nov 1983 (s 2(1)) | Amended by No 63 of 1996, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6, effective s 3 and Sch 1: 1 Jan 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 21 | Sch 10 item 27, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 83 of 1999, Sch 10 item 15 | Sch 10 item 16, effective Sch 10 (item 22): 10 Dec 1999 (s 2(6A)) Sch 10 (items 7–21, 23, 68): 1 July 2000 (s 2(2)) | Amended by No 101 of 2006, Sch 2 item 359 | Sch 2 item 360, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 308 | Sch 5 item 309, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s156"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 157", "Provision_Key": "s157", "Heading": "Application of Division to primary producers", "Text": "(1) In respect of income derived during the year ending on 30 June 1938 and during any subsequent year or during any accounting period adopted in lieu of any such year, the foregoing provisions of this Division shall not apply except in respect of income derived by a primary producer. (2) For the purposes of this section, primary producer means a person who carries on in Australia a primary production business. (3) Subject to subsection (3A), for the purposes only of determining whether a person is carrying on a primary production business, a beneficiary in a trust estate shall, to the extent to which he or she is presently entitled to the income or part of the income of that estate, be deemed to be carrying on the business carried on by the trustees of the estate which produces that income. (3A) Subsection (3) does not operate to deem a beneficiary in a trust estate who is presently entitled to the income or a part of the income of that estate to be carrying on the business carried on by the trustees of the trust estate in a year of income unless: (a) the share of the income of that trust estate of the year of income to which the beneficiary is presently entitled is not less than $1,040; or (b) the Commissioner is satisfied that the interest of the beneficiary in the trust estate was not acquired by, or granted to, the beneficiary for the purpose, or primarily for the purpose, of enabling the provisions of this Division to apply in respect of income derived by the beneficiary. (4) If in any year in respect of which this Division applies only to taxpayers who are primary producers, a taxpayer was not carrying on business as a primary producer, that year shall not be counted as an average year and the provisions of this Division shall apply to the income thereafter derived by the taxpayer as if he or she had never been a taxpayer before that year.", "Amendment_Count": 9, "First_Amended": "No 50 of 1942", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 50 of 1942 | No 18 of 1960 | No 51 of 1973 | No 164 of 1973 | No 80 of 1975 | No 57 of 1978 | No 108 of 1981 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Amended by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 18 of 1960, effective 17 June 1960 | Amended by No 51 of 1973, item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 164 of 1973, effective s 3–17, 19–22 and Sch: 11 Dec 1973 (s 2) | Amended by No 80 of 1975, item 43, effective 20 June 1975 (s 2) | Amended by No 57 of 1978, item 17, effective 22 June 1978 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 310 | Sch 5 item 311, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s157"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 158", "Provision_Key": "s158", "Heading": "Application of Division", "Text": "This Division shall not apply in any case where there are not at least 2 average years or where the taxpayer is assessed in accordance with section 99A in respect of the year of income, and shall not apply to the taxable income of a company except income in respect of which it is assessable as a trustee.", "Amendment_Count": 3, "First_Amended": "No 110 of 1964", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 110 of 1964 | No 51 of 1973 | No 108 of 1981", "History_Notes": "Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 51 of 1973, item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s158"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 158A", "Provision_Key": "s158a", "Heading": "Election that Division not apply", "Text": "(1) A taxpayer may elect that this Division shall not apply in relation to income of the taxpayer of a year of income specified in the election and of all subsequent years of income. (2) An election in pursuance of subsection (1) shall be made in writing and lodged with the Commissioner on or before the date of lodgment of the return of income of the taxpayer for the year of income specified in the election or within such further time as the Commissioner allows. (3) Where a taxpayer makes an election under subsection (1), this Division shall not apply in relation to income of the taxpayer of the year of income specified in the election or of any subsequent year of income.", "Amendment_Count": 6, "First_Amended": "No 44 of 1951", "Last_Amended": "No 103 of 1983", "Amending_Acts": "No 44 of 1951 | No 50 of 1966 | No 51 of 1973 | No 126 of 1977 | No 108 of 1981 | No 103 of 1983", "History_Notes": "Inserted by No 44 of 1951, effective 7 Dec 1951 (s 2) | Amended by No 50 of 1966, effective s 17: 4 Mar 1968 (s 2(2)) Remainder: 26 Oct 1966 (s 2(1)) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 126 of 1977, effective 10 Nov 1977 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed and substituted by No 103 of 1983, effective s 3: 22 Dec 1983 (s 2(2)) Remainder: 23 Nov 1983 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s158A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GE", "Provision_Key": "s159ge", "Heading": "Interpretation", "Text": "(1) In this Division: arrangement includes: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct whether unilateral or otherwise. arrangement payment , in relation to an arrangement relating to the use, or the control of the use, of an item of property, means so much of any payment liable to be made under the arrangement as represents consideration for any one or more of the following: (a) the use of the item; (b) the control of the use of the item; (c) the sale or disposal of the item. arrangement period , in relation to an item of eligible property that is, or is included in, arrangement property in relation to an arrangement at a particular time, means the period that is at that time the total period during which the arrangement is likely to be in force in relation to that item of eligible property (including any period before that time when the arrangement was in force in relation to that item of eligible property). arrangement property means property that is, or is to be, used, or the use of which is, or is to be, controlled, under an arrangement. assessable arrangement payment means an arrangement payment that, apart from this Division, would be included in whole or in part in the assessable income of a taxpayer of a year of income. associate means, in relation to a person other than an exempt public body, any person who is an associate, within the meaning of section 318, in relation to the person or, in relation to an exempt public body: (a) a partner of the exempt public body or a partnership in which the exempt public body is a partner; or (b) if a partner of the exempt public body is a natural person otherwise than in the capacity of trustee—the spouse or a child of that partner; or (c) a trustee of a trust where the exempt public body, or another entity that is an associate of the exempt public body because of paragraph (a), (b) or (d), benefits under the trust; or (d) a company where: (i) the company is sufficiently influenced by: (A) the exempt public body; or (B) another entity that is an associate of the exempt public body because of paragraph (a), (b) or (c); or (C) another company that is an associate of the exempt public body because of another application of this paragraph; or (D) 2 or more entities covered by the preceding sub ‑ subparagraphs; or (ii) a majority voting interest in the company is held by: (A) the exempt public body; or (B) the entities that are associates of the primary entity because of subparagraph (i) of this paragraph and paragraphs (a), (b) and (c); or (C) the exempt public body and the entities that are associates of the exempt public body because of subparagraph (i) of this paragraph and because of paragraphs (a), (b) and (c). Subsections 318(6) and (7) apply for the purposes of paragraphs (a) to (d) in the same way as those subsections apply for the purposes of section 318. capital expenditure deduction means a deduction: (a) under the former Division 10, 10AAA, 10AA, 10A, 10C or 10D of this Part; or (b) under Subdivision 40 ‑ B of the Income Tax Assessment Act 1997 for a depreciating asset that is a forestry road or timber mill building; or (c) under Division 43 of that Act; or (d) under section 40 ‑ 830 of that Act for an amount that is a project amount under subsection 40 ‑ 840(1) (about mining capital expenditure and transport capital expenditure); or (e) under the former Subdivision 330 ‑ C, 330 ‑ H or 387 ‑ G of that Act. control means effectively control. depreciation deduction means a deduction: (a) in respect of depreciation under Division 3 of this Act or the former Division 42 of the Income Tax Assessment Act 1997 ; or (b) for the decline in value of a depreciating asset under Division 40 of the Income Tax Assessment Act 1997 . Division 10, 10AA or 10A property means property in relation to which there has been incurred: (a) allowable capital expenditure within the meaning of the former Division 10 or 10AA of this Part or the former Subdivision 330 ‑ C of the Income Tax Assessment Act 1997 or mining capital expenditure within the meaning of section 40 ‑ 860 of that Act; (b) expenditure taken into account in ascertaining an amount of residual capital expenditure specified in the former paragraph 122C(1)(a); or (c) capital expenditure specified in the former subsection 124F(1) or 124JA(1) of this Act or the former section 387 ‑ 460 of the Income Tax Assessment Act 1997 ; or (d) capital expenditure on a forestry road in connection with a timber operation, or capital expenditure for the construction or acquisition of a timber mill building. Division 10AAA property means property in relation to which there has been incurred capital expenditure to which the former Division 10AAA of this Part applies or transport capital expenditure within the meaning of the former Subdivision 330 ‑ H, or section 40 ‑ 865 of the Income Tax Assessment Act 1997 . Division 10C or 10D property means property in relation to which there has been incurred qualifying expenditure within the meaning of the former Division 10C or 10D or for which there is a pool of construction expenditure within the meaning of Division 43 of the Income Tax Assessment Act 1997 . effective life , in relation to an item of eligible property at a particular time, means the period (if any) that the Commissioner estimates will be, or would be, at that time the effective life of the property after that time assuming that it is or would be maintained in reasonably good order and condition. eligible amount , in relation to an item of eligible property, means: (a) where the item is an item of eligible depreciation property—the amount that: (i) was the cost of the item of property within the meaning of Division 40, or the former Division 42, of the Income Tax Assessment Act 1997 to the taxpayer who holds it; or (ii) would have been the cost of the item of property to the taxpayer for the purposes of that Division if that Division had applied in relation to the item of property; and (b) where the item is an item of eligible capital expenditure property—any amount of eligible capital expenditure in relation to the item of property. eligible capital expenditure , in relation to an item of eligible capital expenditure property, means expenditure by reason of which the item of property is eligible capital expenditure property. eligible capital expenditure property means Division 10, 10AA or 10A property, Division 10AAA property, Division 10C or 10D property or eligible spectrum licences. eligible depreciation property means: (a) plant or articles within the meaning of the former section 54 of this Act; or (b) plant within the meaning of the former section 42 ‑ 18 of the Income Tax Assessment Act 1997 or plant within the meaning of section 45 ‑ 40 of that Act; or (c) a depreciating asset within the meaning of Division 40 of that Act. eligible property means: (a) eligible depreciation property; (b) Division 10, 10AA or 10A property; (c) Division 10AAA property; (d) Division 10C or 10D property; or (e) eligible spectrum licences. eligible real property , means eligible property that is: (a) a building or a part of a building; or (b) a structure that is a fixture or a part of such a structure. eligible spectrum licence means a spectrum licence within the meaning of the Income Tax Assessment Act 1997 . exempt public body means: (a) the Commonwealth, a State or a Territory; or (aa) an STB (within the meaning of Division 1AB) the income of which is wholly exempt from tax; or (b) a municipal corporation or other local governing body, the income of which is wholly exempt from tax; or (c) a public authority: (i) that is constituted by or under a law of the Commonwealth, a State or a Territory; and (ii) the income of which is wholly exempt from tax. payment portion , in relation to an arrangement payment in relation to an eligible amount in relation to an item of eligible property, means so much of the arrangement payment as the Commissioner considers is attributable to the eligible amount in relation to the item of eligible property. person includes an exempt public body. total notional principal , in relation to an eligible amount in relation to an item of eligible property in relation to an application period, means the sum of all notional principal amounts (if any) in relation to payment portions of arrangement payments in relation to the eligible amount in relation to the application period. Note: This Division applies to deductions under Division 40 (Capital allowances) and Division 43 (Capital works) of the Income Tax Assessment Act 1997 as if you were the owner of an asset you hold (under that Division) instead of any other person: see section 40 ‑ 135 of that Act. (2) For the purposes of the definition of arrangement period in subsection (1), a reference in that definition to the total period during which an arrangement is, at a particular time, likely to be in force in relation to an item of eligible property that at that time is, or is included in, arrangement property in relation to the arrangement is a reference to: (a) where at that time the total period during which the arrangement was, or is, to be in force in relation to that item of eligible property (including any period before that time when the arrangement was in force in relation to that item) was or is specified in or ascertainable in accordance with the arrangement—that period; and (b) in any other case—such period as would have been, or is, at that time the period during which the arrangement would be, or is, likely to be in force in relation to the item of property (including any period before that time when the arrangement was in force in relation to the item), having regard to the provisions of the arrangement and any other relevant circumstances in relation to the arrangement, or in relation to the item of property. (3) Nothing in this Division prevents an item of eligible property from being an item of eligible property by reason of the application of 2 or more paragraphs of the definition of eligible property in subsection (1). (4) For the purposes of the definition of total notional principal in subsection (1), where: (a) under section 159GK there is an interest amount within the meaning of that section in relation to a payment portion (not being a notional final payment portion within the meaning of that section) in relation to an arrangement payment; and (b) the interest amount is less than the amount of the payment portion; there shall be taken to be a notional principal amount in relation to the payment portion of an amount equal to the difference between the interest amount and the amount of the payment portion. (5) Where: (a) under 2 or more successive arrangements relating to the use by a person, or the control by a person of the use, of property owned by another person, the same property is used by, or the use of the same property is controlled by, the same person or by persons who, in relation to each other, are associates; and (b) the Commissioner considers that the arrangements should be taken, for the purposes of this Division, to be a single arrangement; the arrangements shall, for the purposes of this Division, be deemed to be a single arrangement entered into at the same time as the first of the arrangements, coming into force at the same time as the first of the arrangements and continuing in force until the expiration of the second or last, as the case requires, of the arrangements. (6) A reference in subsection (5) to successive arrangements includes a reference to: (a) where the arrangement periods of 2 or more arrangements overlap—those arrangements; and (b) where there is a period between the expiration of an arrangement and the commencement of another arrangement and the Commissioner considers that the arrangements should be taken to be successive arrangements for the purposes of that subsection—those arrangements. (7) Where this Division applies in relation to an item of eligible property in relation to a qualifying arrangement, a reference in this Division to the application period in relation to that application of this Division in relation to the item of eligible property is a reference to the period commencing at the time at which this Division in that application commences to apply and ending at the time at which this Division in that application ceases to apply. (8) For the purposes of this Division, where one or more of the partners in a partnership uses, or controls the use of, an item of property, each of the partners in the partnership shall be taken to use, or to control the use of, the item of property and the partnership shall be taken not to use, or to control the use of, the item of property. (10) For the purpose of this Division, disregard an acquisition or disposal of property by way of the transfer of the property for the provision or redemption of a security. Consequently this Division applies as if the person who was the owner of the property before the transfer continues to be the owner after the transfer.", "Amendment_Count": 9, "First_Amended": "No 123 of 1985", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1985 | No 169 of 1995 | No 39 of 1997 | No 121 of 1997 | No 174 of 1997 | No 54 of 1999 | No 72 of 2001 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1985, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 169 of 1995, Sch 1 item 11 | Sch 1 item 12, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 39 of 1997, Sch 4 item 211 | Sch 4 item 212 | Sch 4 item 213 | Sch 4 item 214, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 6 item 85 | Sch 6 item 86 | Sch 6 item 87 | Sch 6 item 88 | Sch 11 item 45 | Sch 11 item 46, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 174 of 1997, Sch 6 item 21, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 54 of 1999, Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 72 of 2001, Sch 2 item 106, effective Sch 2 (items 2–6, 62–65, 101–107, 108(2), 109(2), 110): 30 June 2001 (s 2) | Amended by No 77 of 2001, Sch 2 item 63 | Sch 2 item 64 | Sch 2 item 65 | Sch 2 item 66 | Sch 2 item 67 | Sch 2 item 68 | Sch 2 item 69 | Sch 2 item 70 | Sch 2 item 71 | Sch 2 item 72, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 362 | Sch 2 item 363 | Sch 2 item 364 | Sch 2 item 365 | Sch 2 item 366 | Sch 2 item 367 | Sch 2 item 368 | Sch 2 item 369 | Sch 2 item 370, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GEA", "Provision_Key": "s159gea", "Heading": "Division applies to certain State/Territory bodies", "Text": "In addition to any other operation that this Division has, this Division operates as if the references to an exempt public body included a reference to a prescribed excluded STB (within the meaning of Division 1AB).", "Amendment_Count": 1, "First_Amended": "No 169 of 1995", "Last_Amended": "No 169 of 1995", "Amending_Acts": "No 169 of 1995", "History_Notes": "Inserted by No 169 of 1995, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GEA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GF", "Provision_Key": "s159gf", "Heading": "Residual amounts", "Text": "(1) Subject to subsection 159GJ(1), in this Division a reference to the residual amount at a particular time (in this subsection referred to as the relevant time ) in relation to the eligible amount by reason of which an item of property is eligible depreciation property at the relevant time is a reference to the eligible amount reduced by: (a) where the item of property was not dealt with by the taxpayer who holds the item in the prescribed manner at any time during the period (in this subsection referred to as the relevant period ) before the relevant time when it was held by the taxpayer (within the meaning of Division 40 of the Income Tax Assessment Act 1997 )—the total amount of deductions for depreciation or decline in value that would, but for any deduction denying provision, have been allowable to the taxpayer under this Act or the Income Tax Assessment Act 1997 in respect of that item of property for the relevant period if: (i) at all times during the relevant period the taxpayer had wholly and exclusively dealt with the item of property in the prescribed manner; and (ii) those deductions were calculated using the diminishing value method; and (iii) section 57AG, as in force immediately before the commencement of section 1 of the Taxation Laws Amendment Act 1992 , did not apply in relation to the item of property; (b) where the item of property was wholly and exclusively dealt with by the taxpayer who held the item in the prescribed manner at all times during the relevant period—the total amount of deductions for depreciation or decline in value that were or, but for any deduction denying provision, would have been, allowed or allowable to the taxpayer in respect of the item of property for that period under this Act or the Income Tax Assessment Act 1997 ; and (c) in any other case—the total amount of deductions for depreciation or decline in value that, but for any deduction denying provision, would have been allowable to the taxpayer who holds the item of property in respect of the item under this Act or the Income Tax Assessment Act 1997 for the relevant period if: (i) the taxpayer had wholly and exclusively dealt with the item of property in the prescribed manner at all times during the relevant period; and (ii) in respect of any part of the relevant period for which deductions for depreciation or decline in value were or, but for any deduction denying provision, would have been allowed or allowable under this Act or the Income Tax Assessment Act 1997 —the deductions were allowable on the same basis and at the same percentage as was or would have been allowed or allowable for that part of the relevant period; and (iii) in respect of any other part (in this subparagraph referred to as the relevant part ) of the relevant period—the deductions were allowable: (A) where the relevant part was immediately succeeded by another part of the relevant period in respect of which deductions for depreciation or decline in value were or, but for any deduction denying provision, would have been allowed or allowable under this Act or the Income Tax Assessment Act 1997 —on the same basis and at the same percentage as was or would have been allowed or allowable in respect of that other part; and (B) in any other case—on the same basis and at the same percentage as was or, but for any deduction denying provision, would have been allowed or allowable under this Act or the Income Tax Assessment Act 1997 in respect of the part of the relevant period for which deductions for depreciation or decline in value was or would have been allowed or allowable, being the part that immediately preceded the relevant part. (2) For the purposes of subsection (1): (a) an item of eligible depreciation property shall be taken to be dealt with by a taxpayer in the prescribed manner at a particular time if: (i) the item of property is used by the taxpayer at that time for the purpose of producing assessable income; or (ii) the item of property is, at that time, installed ready for use for the purpose of producing assessable income and held in reserve by the taxpayer; and (b) a reference to a deduction denying provision is a reference to a provision of this Act that would have the effect of denying an entitlement in whole or in part to a deduction otherwise wholly allowable under this Act. (3) Subject to subsection 159GJ(2), where any of the following amounts (in this subsection referred to as the attributable amount ): (a) an amount of residual previous capital expenditure within the meaning of the former Division 10 or 10AA; (b) an amount of residual capital expenditure within the meaning of the former Division 10, 10AA or 10A; (c) an amount of residual (1 May 1981 to 18 August 1981) capital expenditure within the meaning of the former Division 10 or 10AA; (d) an amount of residual (19 August 1981 to 19 July 1982) capital expenditure within the meaning of the former Division 10 or 10AA; (e) so much as is unrecouped of an amount of allowable (post ‑ 19 July 1982) capital expenditure within the meaning of the former Division 10 or 10AA; (f) so much as is unrecouped of an amount of allowable capital expenditure within the meaning of the former Subdivision 330 ‑ C of the Income Tax Assessment Act 1997 ; (fa) so much of an amount of mining capital expenditure or transport capital expenditure (within the meaning of the Income Tax Assessment Act 1997 ) as has not been deducted under Division 40 of that Act; (g) the difference between capital expenditure and previous deductions as defined in the former subsection 387 ‑ 470(1) of the Income Tax Assessment Act 1997 ; (h) the difference between the cost of a forestry road or timber mill building for the purposes of Division 40 of the Income Tax Assessment Act 1997 and its adjustable value for the purposes of that Division; ascertained as at the end of a year of income, is attributable in whole or in part to an amount of expenditure (in this subsection referred to as the relevant expenditure ) by reason of which an item of property is Division 10, 10AA or 10A property, in this Division a reference to the residual amount at any time during the year of income in relation to the relevant expenditure is a reference to so much of the attributable amount as is attributable to the relevant expenditure. (4) Subject to subsection 159GJ(3), in this Division a reference to the residual amount at a particular time in relation to an amount of expenditure by reason of which an item of property is Division 10AAA property is a reference to the amount of expenditure reduced by any part of that expenditure that has been allowed or is allowable as a deduction under the former Division 10AAA of this Part or the former Subdivision 330 ‑ H of the Income Tax Assessment Act 1997 , or under Subdivision 40 ‑ I of that Act for transport capital expenditure, from the assessable income of any taxpayer of a year of income preceding the year of income in which the particular time occurs. (5) Subject to subsection 159GJ(4), in this Division a reference to the residual amount at a particular time in relation to an amount of expenditure by reason of which an item of property is Division 10C or 10D property is a reference to the residual capital expenditure within the meaning of the former Division 10C or 10D of this Part, or to the undeducted construction expenditure within the meaning of Division 43 of the Income Tax Assessment Act 1997 , as appropriate, at that time in relation to the amount of expenditure. (6) In this Division, a reference to the residual amount at a particular time in relation to an amount of expenditure because of which an item of property is an eligible spectrum licence is a reference to: (a) the amount of unrecouped expenditure (within the meaning of the former section 380 ‑ 20 of the Income Tax Assessment Act 1997 ) on that licence at that time; or (b) the adjustable value of that licence (within the meaning of Division 40 of that Act) at that time.", "Amendment_Count": 7, "First_Amended": "No 123 of 1985", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1985 | No 80 of 1992 | No 39 of 1997 | No 121 of 1997 | No 54 of 1999 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1985, item 1984 | item 10A | item 10D, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 80 of 1992, item 22, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 39 of 1997, Sch 4 item 215 | Sch 4 item 216 | Sch 4 item 217, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 6 item 89 | Sch 11 item 47, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 54 of 1999, Sch 1 item 9 | Sch 1 item 10, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 73 | Sch 2 item 74 | Sch 2 item 75 | Sch 2 item 76 | Sch 2 item 77 | Sch 2 item 78 | Sch 2 item 79 | Sch 2 item 80 | Sch 2 item 81, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 372 | Sch 2 item 373, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GG", "Provision_Key": "s159gg", "Heading": "Qualifying arrangements", "Text": "(1) For the purposes of this Division, where at any time (in this subsection referred to as the relevant time ) any of the following conditions is satisfied in relation to an arrangement relating to the use by a person (in this subsection referred to as the end ‑ user ), or to the control by a person (in this subsection also referred to as the end ‑ user ) of the use, of property owned by another person who is a party to the arrangement, being property that is or includes an item of eligible property: (a) the arrangement contains provision to the effect that: (i) if: (A) on the termination or expiration of the arrangement, the owner sells or otherwise disposes of the whole of the arrangement property, or part of the arrangement property that is or includes the item of eligible property, to any person; and (B) the owner or an associate receives in respect of the sale or disposal no consideration, or consideration of an amount less than an amount (in this subparagraph referred to as the guaranteed residual value ) specified in, or ascertainable under, the provision; the end ‑ user or an associate will pay to the owner or an associate an amount equal to the guaranteed residual value, or to the amount by which the guaranteed residual value exceeds the consideration, as the case may be; (ii) at or after the termination or expiration of the arrangement, the whole of the arrangement property or part of the arrangement property that is or includes the item of eligible property is to be transferred (whether or not for any consideration) to the end ‑ user or an associate; (iii) the end ‑ user or an associate has or will have the right to purchase or to require the transfer of the whole of the arrangement property or part of the arrangement property that is or includes the item of eligible property; or (iv) the arrangement period in relation to the item of eligible property in relation to the arrangement is a period that exceeds 1 year and the end ‑ user or an associate will be liable to carry out, to expend money in respect of or to reimburse the owner or an associate for expenditure in respect of, repairs that may be required to the whole of the arrangement property or to part of the arrangement property that is or includes the item of eligible property; (b) the arrangement period in relation to the item of eligible property in relation to the arrangement is equal to or greater than: (i) where the item is an item of eligible real property—50% of the effective life of that item at the commencement of the arrangement period; or (ii) in any other case—75% of the effective life of that item at the commencement of the arrangement period; (c) the sum of: (i) the payment portions of arrangement payments that were liable to be made at or before the relevant time in relation to the eligible amount, or in relation to all of the eligible amounts (including any eligible amount in respect of expenditure incurred after the commencement of the arrangement period), in relation to the item of eligible property; and (ii) the payment portions of arrangement payments that, having regard to the provisions of the arrangement and any other relevant circumstances, are or were, at the relevant time, likely to become liable to be made after the relevant time in relation to the eligible amount, or in relation to all of the eligible amounts (including any eligible amount in respect of expenditure that, having regard to the provisions of the arrangement and any other relevant circumstances, is or was likely to be incurred during the arrangement period), in relation to the item of eligible property; is equal to or greater than 90% of the sum of: (iii) the residual amount in relation to the eligible amount, or the sum of the residual amounts in relation to the eligible amounts, in respect of which expenditure was incurred before the commencement of the arrangement period in relation to the item of eligible property, as ascertained at the commencement of the arrangement period; and (iv) the amount of any expenditure that was, or is likely to be, incurred during the arrangement period, being expenditure giving rise to an eligible amount in relation to the item of eligible property; the arrangement shall be taken to be, or to have been, a qualifying arrangement in relation to the item of eligible property: (d) at the relevant time; and (e) at all times before the relevant time when the arrangement was in force in relation to the item of eligible property. (2) For the purposes of this Division, where: (a) an item of eligible property is, or is included in, arrangement property in relation to an arrangement relating to the use by a person (in this subsection referred to as the end ‑ user ), or to the control by a person (in this subsection also referred to as the end ‑ user ) of the use, of property owned by another person who is a party to the arrangement; and (b) the ownership of the item of eligible property is transferred to the end ‑ user or an associate within 1 year after the arrangement ceases to be in force (whether by termination or expiration) in relation to the item of eligible property; the arrangement shall be taken to have been a qualifying arrangement in relation to the item of eligible property at all times during the period during which the arrangement was in force in relation to the item of eligible property. (3) For the purposes of subsections (1) and (2): (a) a lease to a person of property owned by another person shall be taken to be an arrangement relating to the use by the person of property owned by the other person; and (b) any arrangement entered into in relation to the lease referred to in paragraph (a) shall be taken to be part of the arrangement referred to in that paragraph. (4) Where, but for this subsection, an arrangement would be a qualifying arrangement in relation to an item of eligible property at a particular time (in this subsection referred to as the relevant time ) and the Commissioner, having regard to: (a) the circumstances by reason of which the arrangement is a qualifying arrangement in relation to that item of eligible property; and (b) any other relevant circumstances; considers it unreasonable that the arrangement should be a qualifying arrangement at the relevant time in relation to the item of eligible property, the arrangement shall be taken not to be a qualifying arrangement at the relevant time in relation to the item of eligible property. (5) Where an arrangement is a qualifying arrangement in relation to an item of eligible property at a particular time (in this subsection referred to as the relevant time ) and the arrangement ceases to be a qualifying arrangement in relation to that item of eligible property at a later time, the arrangement shall not be taken not to have been a qualifying arrangement in relation to that item of eligible property at the relevant time by reason of it ceasing to be a qualifying arrangement in relation to that item of eligible property at the later time.", "Amendment_Count": 1, "First_Amended": "No 123 of 1985", "Last_Amended": "No 123 of 1985", "Amending_Acts": "No 123 of 1985", "History_Notes": "Inserted by No 123 of 1985, item 10C | item 1984 | item 10D, effective s 10–36: 28 Oct 1985 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GH", "Provision_Key": "s159gh", "Heading": "Application of Division in relation to property", "Text": "(1A) This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if the tax preferred use: (a) starts on or after 1 July 2007; and (b) does not occur under a legally enforceable arrangement entered into before 1 July 2007. (1B) This Division does not apply in relation to the item of eligible property that is put to a tax preferred use (within the meaning of the Income Tax Assessment Act 1997 ) if: (a) the tax preferred use starts on or after 1 July 2007; and (b) the tax preferred use occurs under a legally enforceable arrangement that was entered into before 1 July 2007; and (c) an election is made under item 71 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 to have subitem 71(2) of that Schedule apply to the property. (1) Subject to subsections (1A), (1B) and (2), where: (a) at a particular time (in this subsection referred to as the relevant time ) an arrangement is a qualifying arrangement under subsection 159GG(1) or (2) in relation to an item of eligible property; and (b) either of the following conditions is satisfied: (i) the qualifying arrangement was entered into after 5 o’clock in the afternoon, by standard time in the Australian Capital Territory, on 15 May 1984 and the end ‑ user referred to in subsection 159GG(1) or (2) is an exempt public body; (ii) the arrangement was entered into after 5 o’clock in the afternoon, by legal time in the Australian Capital Territory, on 16 December 1984 and the use of the property referred to in subsection 159GG(1) or (2) takes place, or will take place, outside Australia and is, or will be, wholly or partly for the purpose of producing exempt income; this Division applies in relation to the item of eligible property at the relevant time. (2) This Division does not apply in relation to an item of eligible property at a particular time if at that time section 51AD applies to the item of eligible property in relation to a taxpayer.", "Amendment_Count": 2, "First_Amended": "No 123 of 1985", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 123 of 1985 | No 164 of 2007", "History_Notes": "Inserted by No 123 of 1985, item 10D, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 164 of 2007, Sch 1 item 27 | Sch 1 item 33 | Sch 1 item 34, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GJ", "Provision_Key": "s159gj", "Heading": "Effect of application of Division on certain deductions etc.", "Text": "(1) Where this Division applies in relation to an item of eligible depreciation property: (b) in relation to any year of income the whole of which is included in or comprises the application period—no depreciation deduction shall be allowable to any taxpayer in relation to the item of property for that year of income; (c) in relation to any other year of income in which the whole or a part of the application period occurs: (i) in relation to any part (in this subsection referred to as the pre ‑ application part ) of the year of income that precedes the application period—there shall be allowable to a taxpayer as a depreciation deduction in relation to the item of property: (A) where this Division has not previously applied in relation to the item of property—the same depreciation deduction (if any) as would, apart from this Division, be allowable to the taxpayer; and (B) in any other case—the same depreciation deduction (if any) as would, but for this application of this section, be allowable to the taxpayer; (ii) in relation to the part of the year of income during which this Division applies—no depreciation deduction shall be allowable to any taxpayer in relation to the item of property; and (iii) in relation to any part (in this subsection referred to as the post ‑ application part ) of the year of income that occurs after the application period (not being a part that occurs after the commencement of a subsequent application period): (A) the residual amount in relation to the item of eligible depreciation property at any time (in this sub ‑ subparagraph referred to as the relevant time ) during the post ‑ application part is an amount ascertained in accordance with the formula: where: A is the amount that, but for this application of this section, would be the residual amount at the relevant time in relation to the eligible amount (in this subparagraph referred to as the relevant eligible amount ) by reason of which the item is an item of eligible depreciation property. B is: (a) where paragraph (b) of this component does not apply—the amount that, in determining the residual amount in component A, would be taken into account as depreciation under subsection 159GF(1) in respect of the application period; and (b) where, in determining the residual amount in component A, depreciation deductions taken into account in respect of the post ‑ application part would be calculated under this Act or the Income Tax Assessment Act 1997 using the diminishing value method—the amount that, in determining the residual amount in component A, would be taken into account under subsection 159GF(1) as depreciation deductions in respect of the application period and the part of the post ‑ application part before the relevant time; and C is: (a) where paragraph (a) of component B applies—an amount equal to the total notional principal in relation to the relevant eligible amount in relation to the application period; and (b) where paragraph (b) of component B applies—the sum of: (i) the total notional principal in relation to the relevant eligible amount in relation to the application period; and (ii) the amount that, in determining the residual amount in component A, would be taken into account as depreciation deductions under subsection 159GF(1) in respect of the part of the post ‑ application part before the relevant time if the depreciated value under this Act, the undeducted cost under the former Division 42 of the Income Tax Assessment Act 1997 or the adjustable value under Division 40 of that Act, of the item of eligible depreciation property at the beginning of the year of income in which this Division ceases to apply were equal to the residual amount at the beginning of the application period as reduced by the total notional principal in relation to the relevant eligible amount in relation to the application period; (B) for the purposes of any application of this Act or the Income Tax Assessment Act 1997 , in relation to the item of property in relation to the post ‑ application part—the depreciated value, within the meaning of Division 3 of this Part, the undeducted cost under the former Division 42 of the Income Tax Assessment Act 1997 or the adjustable value under Division 40 of that Act, of the item of property at any time during the post ‑ application part shall be taken to be an amount equal to the residual amount in relation to the relevant eligible amount at that time as ascertained in accordance with sub ‑ subparagraph (A); and (C) the depreciation deduction (if any) allowable to a taxpayer in relation to the item of property in relation to the post ‑ application part is the depreciation deduction that would be allowable in respect of that period if this Division did not apply and, in the case of an item of property in relation to which the former paragraph 56(1)(a) of this Act or the diminishing value method under the former Division 42, or Division 40, of the Income Tax Assessment Act 1997 would, apart from this Division, apply, if the depreciated value, within the meaning of the former section 62 of this Act, the undeducted cost, under the former Division 42 of the Income Tax Assessment Act 1997 or the adjustable value under Division 40 of that Act, of the item of property at the beginning of the year of income were equal to the residual amount, as ascertained under sub ‑ subparagraph (A), in relation to the relevant eligible amount at the commencement of the post ‑ application part; (d) the residual amount at any time (in this paragraph referred to as the relevant time ) after the year of income in which the application period ends (not being a time after the commencement of a subsequent application period) in relation to the eligible amount (in this paragraph referred to as the relevant eligible amount ) by reason of which the item is an item of eligible depreciation property is the amount that would be the residual amount in relation to the relevant eligible amount in relation to the relevant time under sub ‑ subparagraph (1)(c)(iii)(A) if the post ‑ application part referred to in that sub ‑ subparagraph extended to include the relevant time; and (e) for the purpose of the application of this Act and the Income Tax Assessment Act 1997 in relation to the item of property at any time after the year of income in which the application period ends—there shall be taken to have been allowed as a depreciation deduction in relation to the item of property in relation to the application period an amount equal to the total notional principal in relation to the eligible amount by reason of which the item of property is eligible depreciation property in relation to the application period. (2) Where this Division applies in relation to an item of Division 10, 10AA or 10A property: (a) no deduction is allowable to any taxpayer under: (ii) section 40 ‑ 830 of the Income Tax Assessment Act 1997 for a project amount that is mining capital expenditure within the meaning of that Act; or (iii) Subdivision 40 ‑ B of that Act for a depreciating asset that is a forestry road or timber mill building; in relation to any amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10, 10AA or 10A property for any year of income in which the whole or a part of the application period occurs; (b) the residual amount at any time after the application period (not being a time after the commencement of a subsequent application period) in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10, 10AA or 10A property is an amount equal to the amount that, but for this paragraph, would be the residual amount at that time in relation to the amount of expenditure under subsection 159GF(3) reduced by an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period and any prior application period; and (c) for the purposes of the application of: (ii) section 40 ‑ 830 of the Income Tax Assessment Act 1997 for a project amount that is mining capital expenditure within the meaning of that Act; or (iii) Subdivision 40 ‑ B of that Act for a depreciating asset that is a forestry road or timber mill building; in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10, 10AA or 10A property at any time after the application period, there shall be taken to have been allowed in respect of the amount of expenditure a deduction under whichever of those provisions applies in respect of the amount of expenditure of an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period. (3) Where this Division applies in relation to an item of Division 10AAA property: (a) no deduction is allowable to any taxpayer under section 40 ‑ 830 of the Income Tax Assessment Act 1997 for a project amount that is transport capital expenditure within the meaning of that Act in relation to any amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income in which the whole or a part of the application period occurs; and (b) the residual amount at any time after the application period (not being a time after the commencement of a subsequent application period) in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property is an amount equal to the amount that, but for this paragraph, would be the residual amount at that time in relation to the amount of expenditure under subsection 159GF(4) reduced by an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period and any prior application period; and (c) for the purposes of the application of section 40 ‑ 830 of the Income Tax Assessment Act 1997 , for a project amount that is transport capital expenditure within the meaning of that Act, in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10AAA property for any year of income after the year of income in which this Division ceases to apply—it is taken to be a requirement of that section that the deduction allowable under that section in respect of the amount of expenditure does not exceed the residual amount in relation to the amount of expenditure as worked out in accordance with paragraph (b). (4) Where this Division applies in relation to an item of Division 10C or 10D property: (a) in relation to any year of income the whole of which is included in or comprises the application period—no deduction shall be allowable to any taxpayer under Division 43 of the Income Tax Assessment Act 1997 , in relation to any amount of expenditure by reason of which the item is Division 10C or 10D property for that year of income; (b) in relation to any other year of income in which the whole or a part of the application period occurs: (i) in relation to any part (in this subsection referred to as the pre ‑ application part ) of the year of income that precedes the application period—there shall be allowable to the taxpayer as a deduction under Division 43 of the Income Tax Assessment Act 1997 in relation to an amount of expenditure by reason of which the item is Division 10C or 10D property: (A) where this Division has not previously applied in relation to the amount of expenditure—the same deduction (if any) as would, apart from this Division, be allowable under that Division; and (B) in any other case—the same deduction (if any) as would, but for this application of this section, be allowable under that Division; (ii) in relation to the part of the year of income during which this Division applies—no deduction shall be allowable to any taxpayer under Division 43 of the Income Tax Assessment Act 1997 in relation to any amount of expenditure by reason of which the item is Division 10C or 10D property; and (iii) in relation to any part (in this subsection referred to as the post ‑ application part ) of the year of income that occurs after the application period (not being a part that occurs after the commencement of a subsequent application period): (A) the residual amount at any time during the post ‑ application part in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10C or 10D property is an amount equal to the amount that, but for this paragraph, would be the residual amount at that time in relation to the amount of expenditure under subsection 159GF(5) reduced by an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period and any prior application period; and (C) the deduction (if any) allowable to a taxpayer in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10C or 10D property under Division 43 of the Income Tax Assessment Act 1997 in relation to the post ‑ application part is the deduction (if any) that would be allowable to the taxpayer under that Division in respect of that period if this Division (other than this sub ‑ subparagraph) did not apply and if it were a requirement of that Division that the deduction did not exceed the residual amount in relation to the amount of expenditure as ascertained in accordance with sub ‑ subparagraph (A); (c) the residual amount at any time after the year of income in which the application period ends (not being a time after the commencement of a subsequent application period) in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10C or 10D property is the amount that, but for this paragraph, would be the residual amount at that time in relation to the amount of expenditure under subsection 159GF (5) reduced by an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period and any prior application period; and (d) in the application of Division 43 of the Income Tax Assessment Act 1997 in relation to any year of income after the year of income in which this Division ceases to apply, in relation to an amount of expenditure (not being expenditure incurred after the application period) by reason of which the item is Division 10C or 10D property it shall be taken to be a requirement of Division 43 of the Income Tax Assessment Act 1997 that the deduction (if any) allowable to a taxpayer under that Division in respect of the amount of expenditure does not exceed the residual amount in relation to the amount of expenditure as ascertained in accordance with paragraph (c). (5) If this Division applies in relation to an item of property that is an eligible spectrum licence: (a) an amount cannot be deducted under Division 40 of the Income Tax Assessment Act 1997 in relation to any amount of expenditure (other than expenditure incurred after the application period) by reason of which the item is an eligible spectrum licence for any year of income in which any of the application period occurs; and (b) the residual amount at any time after the application period (but before the start of a later application period) in relation to an amount of expenditure (other than expenditure incurred after the application period) because of which the item is an eligible spectrum licence is an amount equal to: • the amount that, if not for this paragraph, would be the residual amount at that time in relation to the amount of expenditure under subsection 159GF(6); reduced by: • an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period and any prior application period; and (c) for the purposes of applying Division 40 of the Income Tax Assessment Act 1997 in relation to an amount of expenditure (other than expenditure incurred after the application period) because of which the item is an eligible spectrum licence at any time after the application period, a deduction under that Division is taken to have been allowed, for the amount of expenditure, of an amount equal to the total notional principal in relation to the amount of expenditure in relation to the application period.", "Amendment_Count": 8, "First_Amended": "No 123 of 1985", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1985 | No 18 of 1993 | No 31 of 1995 | No 39 of 1997 | No 121 of 1997 | No 54 of 1999 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1985, item 10C | item 10A | item 10D, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 18 of 1993, item 28, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 31 of 1995, Sch 1 item 7, effective Sch 1: 7 Apr 1995 (s 2) | Amended by No 39 of 1997, Sch 4 item 218 | Sch 4 item 219 | Sch 4 item 220 | Sch 4 item 221 | Sch 4 item 222 | Sch 4 item 223 | Sch 4 item 224 | Sch 4 item 229, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 1 item 42 | Sch 6 item 97 | Sch 11 item 48 | Sch 11 item 49, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 54 of 1999, Sch 1 item 10, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 73 | Sch 2 item 82 | Sch 2 item 83 | Sch 2 item 84 | Sch 2 item 85 | Sch 2 item 86 | Sch 2 item 87 | Sch 2 item 88, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 1 item 140 | Sch 2 item 378 | Sch 2 item 379 | Sch 2 item 380 | Sch 2 item 385, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GK", "Provision_Key": "s159gk", "Heading": "Effect of application of Division on assessability of arrangement payments", "Text": "(1) Where this Division applies in relation to an item of eligible property in relation to which there is an assessable arrangement payment or assessable arrangement payments in relation to a taxpayer in respect of the application period, there shall be included in the assessable income of the taxpayer so much only of any payment portion of each assessable arrangement payment in relation to an eligible amount as does not exceed the interest amount (if any) in relation to the payment portion. (2) For the purposes of subsection (1), a reference to the interest amount in relation to a payment portion of an assessable arrangement payment in relation to an eligible amount is a reference to the amount (if any) ascertained in accordance with the formula A (1 + B) t – A , where: A is the eligible principal in relation to the payment portion; B is: (a) where the sum of the payment portions of the likely arrangement payments in relation to the eligible amount in respect of the likely application period (including any notional final payment portion of an arrangement payment) exceeds the residual amount, as ascertained at the commencement of the application period, in relation to the eligible amount—the fraction that is the effective annual interest rate, ascertained at the commencement of the application period referred to in subsection (1), at which the sum of the present values of the payment portions equals the residual amount; and (b) in any other case—nil; and t is the number of whole days in the arrangement payment period divided by 365. (3) For the purposes of subsection (2): (a) a reference in that subsection to the eligible principal in relation to a payment portion of an arrangement payment in relation to an eligible amount is a reference to: (i) where the arrangement payment is the first arrangement payment in the likely application period referred to in that subsection—the residual amount in relation to the eligible amount, as ascertained at the commencement of the arrangement payment period in relation to the arrangement payment; and (ii) in the case of any other arrangement payment—an amount ascertained in accordance with the formula A ‑ B + C , where: A is the eligible principal in relation to the payment portion of the immediately preceding arrangement payment; B is the amount of the payment portion of the immediately preceding arrangement payment; and C is the interest amount in relation to the payment portion of the immediately preceding arrangement payment; and (b) a reference in that subsection to the arrangement payment period in relation to an arrangement payment is a reference to: (i) where the arrangement payment is the first arrangement payment liable to be made in respect of the application period referred to in that subsection—the period commencing at the beginning of the application period and ending at the time at which the arrangement payment is liable to be made; and (ii) in the case of any other arrangement payment—the period commencing at the time at which the immediately preceding arrangement payment was liable to be made and ending at the time at which the arrangement payment concerned is liable to be made. (4) Where the qualifying arrangement in relation to an item of eligible property in relation to which this Division applies does not provide for the sale or disposal of the item to a person who is a party to the qualifying arrangement or to an associate, for the purposes of this section an arrangement payment (not being an assessable arrangement payment) that includes a payment portion (which portion is in this section referred to as a notional final payment portion ) in relation to any eligible amount by reason of which the item is an item of eligible property shall be taken to be liable to be made at the end of the likely application period of an amount equal to: (a) where the qualifying arrangement is a qualifying arrangement by reason of the application of subparagraph 159GG(1)(a)(i)—so much of the guaranteed residual value referred to in that subparagraph as is attributable to the eligible amount; or (b) in any other case—the amount that in the opinion of the Commissioner was, or would have been, at the commencement of the application period, the market value at the end of the application period of so much of the item of eligible property as is attributable to the eligible amount. (5) Where an amount of eligible capital expenditure is incurred in relation to an item of eligible property at any time after this Division commences to apply in relation to the item of eligible property, this section applies in respect of that expenditure as if this Division had commenced to apply in relation to the item of eligible property at the time at which the expenditure was incurred. (6) In this section: (a) likely application period , in relation to an application of this Division, means the period that, having regard to the provisions of the qualifying arrangement referred to in section 159GH and to any other relevant circumstances, was, at the time at which that application of this Division commenced, the likely length of the application period; and (b) likely arrangement payment , in relation to a likely application period, means an arrangement payment that, having regard to the provisions of the qualifying arrangement referred to in section 159GH and to any other relevant circumstances, was, at the time at which the likely application period commenced, likely to become liable to be made during the likely application period.", "Amendment_Count": 1, "First_Amended": "No 123 of 1985", "Last_Amended": "No 123 of 1985", "Amending_Acts": "No 123 of 1985", "History_Notes": "Inserted by No 123 of 1985, item 10C | item 10D, effective s 10–36: 28 Oct 1985 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GL", "Provision_Key": "s159gl", "Heading": "Special provision relating to Division 10C or 10D property", "Text": "(1) If: (a) section 159GH applies in relation to an item of Division 10C or 10D property; and (b) at the time at which that section commenced to apply in relation to the item of property, the sum of the present values of the net Division 16D amounts, for each year of income during which the whole or a part of the likely application period occurs, in relation to an amount of expenditure by reason of which the property is Division 10C or 10D property will be less than the sum of the present values, at that time, of the net Division 10C or 10D amounts for each such year of income in relation to the expenditure; sections 159GJ and 159GK do not apply in relation to the amount of expenditure in relation to the application period. (2) In subsection (1): (a) a reference to the net Division 10C or 10D amounts for a year of income in relation to an amount of expenditure by reason of which an item of property is Division 10C or 10D property is a reference to the sum of the payment portions of any assessable arrangement payments likely to become liable to be made in relation to the amount of expenditure in relation to that year of income reduced by the deduction (if any) that, but for this Division, would be allowable under the former Division 10C or 10D of this Part, or under Division 43 of the Income Tax Assessment Act 1997 , for the year of income in respect of the amount of expenditure; (b) a reference to the net Division 16D amounts for a year of income in relation to an amount of expenditure by reason of which an item of property is Division 10C or 10D property is a reference to the sum of so much of the payment portions of any assessable arrangement payments likely to become liable to be made during the year of income in relation to the amount of expenditure as would, but for this section, be included in the assessable income of any taxpayer of the year of income under section 159GK; and (c) likely application period has the same meaning as in section 159GK.", "Amendment_Count": 3, "First_Amended": "No 123 of 1985", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1985 | No 39 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1985, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 39 of 1997, Sch 4 item 230, effective Sch 1: 1 July 1997 (s 2) | Amended by No 101 of 2006, Sch 2 item 387, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GM", "Provision_Key": "s159gm", "Heading": "Special provision where cost of plant etc. is also eligible capital expenditure", "Text": "Where: (a) at a particular time (in this section referred to as the relevant time ) an item of eligible property is both eligible depreciation property and eligible capital expenditure property; and (b) the expenditure by reason of which the item of property is eligible capital expenditure property is the amount that: (i) was the cost of the item of property to the taxpayer who incurred the expenditure for the purpose of the former Subdivision 42 ‑ B, or Subdivision 40 ‑ C, of the Income Tax Assessment Act 1997 ; or (ii) would have been the cost to the taxpayer for the purpose of that Subdivision if it applied in relation to the item of property; for the purpose of ascertaining the residual amount at the relevant time in relation to the amount of expenditure: (c) if a capital expenditure deduction would, apart from this Division, be allowable to a taxpayer in respect of the amount of eligible capital expenditure in relation to the year of income in which the relevant time occurs—the item of eligible property shall be taken to be at the relevant time an item of eligible capital expenditure property and not an item of eligible depreciation property; and (d) in any other case—the item of eligible property shall be taken to be at the relevant time an item of eligible depreciation property and not an item of eligible capital expenditure property.", "Amendment_Count": 4, "First_Amended": "No 123 of 1985", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1985 | No 121 of 1997 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1985, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 121 of 1997, Sch 6 item 98 | Sch 6 item 99, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 77 of 2001, Sch 2 item 89, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 388, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GN", "Provision_Key": "s159gn", "Heading": "Effect of use of property under qualifying arrangement for producing assessable income", "Text": "(1) Where: (a) this Division applies in relation to an item of eligible property by reason of the application of subparagraph 159GH(1)(b)(i) in relation to the use by an exempt public body, or the control by an exempt public body of the use, of the item of eligible property under a qualifying arrangement; (b) the exempt public body jointly uses, or jointly controls the use of, the item of eligible property together with another person, or one or more other persons, who are not exempt public bodies; (c) the item of eligible property is or will be used during the arrangement period in relation to the qualifying arrangement for producing income of an amount that, having regard to the provisions of the qualifying arrangement and any other relevant circumstances, is not likely to be less than the total amount of the arrangement payments under the qualifying arrangement in relation to the item of eligible property; and (d) the income, or a part of the income, referred to in paragraph (c) will be included in the assessable income of one or more persons (which person, or each of which persons, is in this subsection referred to as an assessable person ); the following provisions have effect: (e) where all of the income referred to in paragraph (c) will be included in the assessable income of one or more persons—sections 159GJ and 159GK do not apply in relation to the item of eligible property; (f) where paragraph (e) does not apply: (i) there is allowable to a taxpayer so much of any deduction that, but for this section, would not, by reason of the application of section 159GJ, be allowable to the taxpayer in relation to any eligible amount in relation to the item of eligible property in respect of the application period as is ascertained in accordance with the formula AB , where: A is the amount of the deduction that, but for this section would not, by reason of the application of section 159GJ, be allowable to the taxpayer; and B is the assessable person fraction for the purposes of the application of this Division concerned; (ii) for the purposes of section 159GJ, a reference in that section to the total notional principal in relation to an eligible amount in relation to the item of eligible property in respect of the application period shall be taken to be a reference to the amount that, but for this subparagraph, would be the total notional principal, as increased by the amount of any deduction allowable under subparagraph (i) of this paragraph in relation to the eligible amount in respect of the application period; and (iii) for the purposes of the application of section 159GK, any eligible amount in relation to the item of property in respect of the application period shall be ascertained in accordance with the formula AB , where: A is the amount that, but for this section, would be the eligible amount; and B is the non ‑ assessable person fraction in relation to the application of this Division concerned. (2) For the purposes of subsection (1): (a) a reference in that subsection to the assessable person fraction in relation to an application of this Division in relation to an item of eligible property is a reference to the interest of all of the assessable persons in the income referred to in paragraph (1)(c) expressed as a fraction of the interests of all of the persons entitled to that income; and (b) a reference in that subsection to the non ‑ assessable person fraction in relation to an application of this Division in relation to an item of eligible property is a reference to the fraction ascertained by subtracting the assessable person fraction in relation to that application of this Division in relation to the item of eligible property from the number 1. (3) Where: (a) this Division applies in relation to an item of eligible property by reason of the application of subparagraph 159GH(1)(b)(ii) in relation to the use of the item of property outside Australia partly for the purpose of producing exempt income; and (b) that use is also partly for the purpose of producing assessable income; the following provisions have effect: (c) there is allowable to a taxpayer so much of any deduction that, but for this section, would not, by reason of the application of section 159GJ, be allowable to the taxpayer in relation to any eligible amount in relation to the item of eligible property in respect of the application period as is ascertained in accordance with the formula AB , where: A is the amount of the deduction that, but for this section would not, by reason of the application of section 159GJ, be allowable to the taxpayer; and B is the assessable income fraction for the purposes of the application of this Division concerned; (d) for the purposes of section 159GJ, a reference in that section to the total notional principal in relation to an eligible amount in relation to the item of eligible property in respect of the application period shall be taken to be a reference to the amount that, but for this paragraph, would be the total notional principal, as increased by the amount of any deduction allowable under paragraph (c) of this subsection in relation to the eligible amount in respect of the application period; and (e) for the purposes of the application of section 159GK, any eligible amount in relation to the item of property in respect of the application period shall be ascertained in accordance with the formula AB , where: A is the amount that, but for this section, would be the eligible amount; and B is the exempt income fraction in relation to the application of this Division concerned. (4) For the purposes of subsection (3): (a) a reference in that subsection to the assessable income fraction in relation to an application of this Division in relation to an item of eligible property is a reference to the amount of the assessable income referred to in paragraph (3)(b) expressed as a fraction of the sum of that assessable income and the exempt income referred to in paragraph (3)(a); and (b) a reference in that subsection to the exempt income fraction in relation to an application of this Division in relation to an item of eligible property is a reference to the fraction ascertained by subtracting the assessable income fraction in relation to that application of this Division in relation to the item of eligible property from the number 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GO", "Provision_Key": "s159go", "Heading": "Special provisions relating to partnerships", "Text": "(1) Where: (a) the individual interest of a taxpayer in the net income of a partnership has been or is to be included in the assessable income of the taxpayer of a year of income (in this subsection referred to as the relevant year of income ), or the individual interest of a taxpayer in a partnership loss has been allowed or is allowable as a deduction from the assessable income of the taxpayer of a year of income (in this subsection also referred to as the relevant year of income ); (b) either a deduction or an arrangement payment, or both, were taken into account in calculating that net income or partnership loss; (c) the deduction or a part of the deduction (which deduction or part of the deduction, as the case may be, is referred to in this subsection as the relevant deduction ), or the arrangement payment or a part of the arrangement payment (which arrangement payment or part of the arrangement payment, as the case may be, is referred to in this subsection as the relevant arrangement payment ) would not have been taken into account for the purpose of that calculation if this Division applied in relation to the partnership in relation to particular property that is arrangement property in relation to a qualifying arrangement; (d) this Division does not apply in relation to the partnership in relation to the property by reason only that the qualifying arrangement was entered into before the time (in this subsection referred to as the earliest application time ) referred to in whichever subparagraph of paragraph 159GH(1)(b) would be applicable if this Division applied as mentioned in paragraph (c); and (e) the taxpayer became a partner in the partnership under a contract entered into by the taxpayer after the earliest application time; the following provisions have effect: (f) there shall be included in the assessable income of the taxpayer of the relevant year of income an amount that bears to the amount of the relevant deduction the same proportion as the individual interest of the taxpayer in that net income bears to that net income or, as the case requires, as the individual interest of the taxpayer in that partnership loss bears to that partnership loss; (g) there shall be allowable as a deduction in the assessment of the taxpayer of the relevant year of income an amount that bears to the amount of the relevant arrangement payment the same proportion as the individual interest of the taxpayer in that net income bears to that net income or, as the case requires, as the individual interest of the taxpayer in that partnership loss bears to that partnership loss. (2) Where: (a) the individual interest of a taxpayer in the net income of a partnership has been or is to be included in the assessable income of the taxpayer of a year of income (in this subsection referred to as the relevant year of income ), or the individual interest of a taxpayer in a partnership loss has been allowed or is allowable as a deduction from the assessable income of the taxpayer of a year of income (in this subsection also referred to as the relevant year of income ); (b) either a deduction or an arrangement payment, or both, were taken into account in calculating that net income or partnership loss; (c) the deduction or a part of the deduction (which deduction or part of the deduction, as the case may be, is referred to in this subsection as the relevant deduction ), or the arrangement payment or a part of the arrangement payment (which arrangement payment or part of the arrangement payment, as the case may be, is referred to in this subsection as the relevant arrangement payment ), would not have been taken into account for the purpose of that calculation if this Division applied in relation to the partnership in relation to particular property that is arrangement property in relation to a qualifying arrangement; (d) this Division does not apply in relation to the partnership in relation to the property by reason only that the qualifying arrangement was entered into before the time (in this subsection referred to as the earliest application time ) referred to in whichever subparagraph of paragraph 159GH(1)(b) would be applicable if this Division applied as mentioned in paragraph (c); (e) the taxpayer became a partner in the partnership under a contract entered into by the taxpayer before the earliest application time; (f) after the earliest application time, the taxpayer made or agreed to make a contribution or contributions (which contribution is or contributions are in this subsection referred to as the additional contribution ) to the capital of the partnership in addition to any contribution or contributions to the capital of the partnership that, under a contract or contracts entered into at or before that time, the taxpayer had made or agreed to make; and (g) by reason of making or agreeing to make the additional contribution, the individual interest of the taxpayer in that net income or partnership loss, being that individual interest expressed as a fraction of the aggregate of the individual interests of the partners in that net income or partnership loss, is greater than it would otherwise have been; the following provisions have effect: (h) where a deduction was taken into account in calculating that net income or partnership loss—there shall be included in the assessable income of the taxpayer of the relevant year of income an amount ascertained in accordance with the formula A (B – C) ; (j) where an arrangement payment was taken into account in calculating that net income or partnership loss—there shall be allowable as a deduction in the assessment of the taxpayer of the relevant year of income an amount ascertained in accordance with the formula A (B – C) ; where: A is the amount of the relevant deduction or of the relevant arrangement payment, as the case requires; B is the individual interest of the taxpayer in that net income or partnership loss, being that individual interest expressed as a fraction of the aggregate of the individual interests of the partners in that net income or partnership loss; and C is the fraction that would be B if that fraction were ascertained on the basis of the individual interests of the partners immediately before the earliest application time and the net income or partnership loss at that time were equal to the net income or partnership loss of the relevant year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GP", "Provision_Key": "s159gp", "Heading": "Interpretation", "Text": "(1) In this Division, unless the contrary intention appears: accrual amount has the meaning given by subsection 159GQB(1). accrual period has the meaning given by section 159GQA. agreement has the same meaning as in Subdivision D of Division 3. annuity has the same meaning as in section 10 of the Superannuation Industry (Supervision) Act 1993 . associate has the same meaning as in Subdivision D of Division 3. deferred superannuation income stream has the same meaning as in the Income Tax Assessment Act 1997 . eligible return has the meaning given by subsection (3). fixed return security means a qualifying security under which the amount or amounts payable are or consist of: (a) a specified amount or specified amounts; (b) an amount or amounts the method of calculation of which does not involve an interest or indexation rate or other factor, being a rate or factor that varies or may vary during the term of the security; or (c) any combination of amounts referred to in paragraph (a) or (b). holder , in relation to a security at a particular time, means the person who, if the amount or amounts payable under the security were due and payable at that time, would be entitled to receive payment of the amount or amounts. implicit interest rate has the meaning given by subsection 159GQB(2). ineligible annuity means: (a) an annuity that is issued by a life assurance company to or for the benefit of a natural person other than in the capacity of trustee of a trust estate; or (b) an annuity that is issued by a life assurance company to a complying superannuation fund if: (i) the annuity is held by the fund for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more members of the fund; and (ii) the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and (iii) the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same; or (c) an annuity that is issued by a life assurance company to an RSA provider if: (i) the annuity is held by the RSA provider for the sole purpose of meeting its liabilities to provide one or more deferred superannuation income streams to one or more holders of the RSA; and (ii) the value of the annuity and the one or more deferred superannuation income streams is the same or substantially the same; and (iii) the terms on which the annuity and the one or more deferred superannuation income streams are payable are the same or substantially the same. issue , in relation to a security other than a bill of exchange, means the creation of the liability to pay an amount or amounts under the security. issue price , in relation to a security, means the consideration (if any) for the issue of the security. issuer , in relation to a security (other than a bill of exchange) at a particular time, means the person who, if the amount or amounts payable under the security were due and payable at that time, would be liable to pay the amount or amounts. partial redemption , in relation to a security, means the discharging of a part (other than the final part) of a liability to pay an amount or amounts under the security representing a return of the issue price of the security. partial redemption payment , in relation to a security, means a payment that has the effect of partially redeeming the security. qualifying security means any security: (a) that is issued after 16 December 1984; (ba) that is not part of an exempt series (see subsection (9A)); (c) the term of which, ascertained as at the time of issue of the security will, or is reasonably likely to, exceed 1 year; (d) that has an eligible return; and (e) where the precise amount of the eligible return is able to be ascertained at the time of issue of the security—in relation to which the amount of the eligible return is greater than 1 ½ % of the amount ascertained by multiplying the amount of the payment or the sum of the payments (excluding any periodic interest) liable to be made under the security by the number (including any fraction) of years in the term of the security; but does not, except as provided by subsection (10), include an annuity. redemption , in relation to a security, means the discharging of all liability to pay any amount or amounts under the security representing a return of the issue price of the security. redemption payment , in relation to a security, means any payment that has the effect of redeeming the security. security means: (a) stock, a bond, debenture, certificate of entitlement, bill of exchange, promissory note or other security; (b) a deposit with a bank or other financial institution; (c) a secured or unsecured loan; or (d) any other contract, whether or not in writing, under which a person is liable to pay an amount or amounts, whether or not the liability is secured. taxpayer’s maximum term , in relation to a security held by a taxpayer, means: (a) if the security was issued to the taxpayer—the term of the security; or (b) if the security was transferred to the taxpayer—the part of the term remaining after the transfer. term , in relation to a security, means the period from the issue of the security until the time at which the liability to make the payment or final payment or payments, as the case requires, under the security arises. transfer , in relation to a security, means transfer, sell, assign or dispose in any way of the security or of the right to receive payment of the amount or amounts payable under the security, but does not include a redemption or partial redemption of the security. transfer price , in relation to the transfer of a security, means the consideration (if any) for the transfer of the security. variable return security means a qualifying security that is not a fixed return security. (2) Where: (a) the Commissioner, having regard to any connection between the parties to the issue or transfer of a security and to any other relevant circumstances, is satisfied that the parties were not dealing with each other at arm’s length in relation to the issue or transfer; and (b) the Commissioner determines that this subsection should apply in relation to the issue or transfer; then, for the purposes of the application of the definition of issue price or transfer price , as the case may be, in subsection (1) in relation to the issue or transfer, the consideration for the issue or transfer shall be taken to be equal to: (c) the consideration that might reasonably be expected for the issue or transfer if the parties to the issue or transfer were independent parties dealing at arm’s length with each other in relation to the issue or transfer; or (d) where, for any reason (including an insufficiency of information available to the Commissioner), it is not possible or not practicable for the Commissioner to ascertain the amount referred to in paragraph (c)—such amount as the Commissioner determines. (3) For the purposes of this Division, there shall be taken to be an eligible return in relation to a security if at the time when the security is issued it is reasonably likely, by reason that the security was issued at a discount, bears deferred interest or is capital indexed or for any other reason, having regard to the terms of the security, for the sum of all payments (other than periodic interest payments) under the security to exceed the issue price of the security, and the amount of the eligible return is the amount of the excess. (6) For the purposes of this Division, where an amount of interest is payable under a security, the amount shall be taken to be periodic interest if the period between the commencement of the period in respect of which the interest is expressed to be payable and the time at which the interest is payable is less than or equal to one year. (7) Where: (a) but for this subsection, an amount of interest payable under a security would, by reason of the application of subsection (6), be taken, for the purposes of this Division, to be periodic interest; and (b) the Commissioner, having regard to the amount of the interest, considers that it is properly attributable to a period in excess of one year; then, for purposes of the application of this Division: (c) the amount of interest shall not be taken to be periodic interest; and (d) the amount of interest shall be taken to be attributable to the period to which the Commissioner considers it is properly attributable. (8) Where 2 or more of the amounts payable under a security are payable to different persons and in return for consideration given by different persons, the 2 or more amounts shall, for the purposes of this Division, be taken to be payable under a separate security having such of the terms of the first ‑ mentioned security as are relevant. (9) For the purposes of the application of this Division in relation to the holding of a security acquired by a taxpayer on transfer, any prior holding of the security by the taxpayer, whether on issue or transfer, shall be disregarded. (9A) For the purposes of paragraph (ba) of the definition of qualifying security in subsection (1), if: (a) after 16 December 1984, a person issues a security (the first in the series ) that is not a qualifying security; and (b) during the period from the end of 16 December 1984 until the issuing of the first in the series, the person did not issue any qualifying security with exactly the same payment dates, payment amounts and other terms as the first in the series; and (c) after issuing the first in the series, the person issues another security (the later security ) with exactly the same payment dates, payment amounts and other terms as the first in the series; the later security is part of an exempt series . (9B) In determining for the purposes of paragraph (9A)(b) or (c) whether a security has exactly the same other terms as another security, the fact that the first ‑ mentioned security has a different issue price than the second ‑ mentioned security is to be disregarded. (10) Where: (a) an annuity is issued on or after 29 October 1987; (b) the requirements of paragraphs (b) to (e) (inclusive) of the definition of qualifying security in subsection (1) are satisfied in relation to the annuity; and (c) the annuity is not an ineligible annuity; the annuity is a qualifying security for the purposes of this Division.", "Amendment_Count": 9, "First_Amended": "No 49 of 1986", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 49 of 1986 | No 138 of 1987 | No 7 of 1993 | No 82 of 1993 | No 82 of 1994 | No 44 of 1999 | No 101 of 2004 | No 47 of 2016 | No 8 of 2019", "History_Notes": "Inserted by No 49 of 1986, item 11 | item 12 | item 26C | item 265B | item 25 | item 223 | item 16E, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 138 of 1987, Sch 2 item 39 | Sch 2 item 1986 | Sch 2 item 49, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 7 of 1993, item 32, effective s 4–6, 8–11 and 30–34: 27 May 1993 (s 2(1)) s 7 and 12–29: 1 July 1994 (s 2(2)(a), (3)) | Amended by No 82 of 1993, item 24, effective s 15, 16(1) and 17–35: 1 July 1994 (s 2(2)(d)) s 16(2): 1 Dec 1993 (s 2(1)) | Amended by No 82 of 1994, item 9 | item 23, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 44 of 1999, Sch 4 item 90, effective Sch 7 (items 59–104): 1 July 1999 (s 3(2)(e)) Sch 8 (items 18, 22, 23): 17 June 1999 (s 2(1)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 47 of 2016, Sch 6 item 13, effective Sch 6 (items 8–15, 19–25): 6 May 2016 (s 2(1) item 8) | Amended by No 8 of 2019, Sch 8 item 29 | Sch 8 item 30 | Sch 8 item 31, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GQ", "Provision_Key": "s159gq", "Heading": "Tax treatment of holder of qualifying security", "Text": "Accrual amounts to be worked out (1) If a taxpayer holds a qualifying security for all or part of a year of income, the effect on the taxpayer’s taxable income is determined by working out the accrual amount (see section 159GQB) for each accrual period (see section 159GQA) in the year of income and then summing the accrual amounts. Positive sum assessable (2) If the sum is a positive amount, the amount is included in the assessable income of the taxpayer of the year of income. Negative sum deductible (3) If the sum is a negative amount, a deduction of the amount is allowable in the assessment of the taxpayer of the year of income.", "Amendment_Count": 2, "First_Amended": "No 49 of 1986", "Last_Amended": "No 82 of 1994", "Amending_Acts": "No 49 of 1986 | No 82 of 1994", "History_Notes": "Inserted by No 49 of 1986, item 6 | item 26C | item 25, effective s 4–29: 24 June 1986 (s 2(1)) | Repealed and substituted by No 82 of 1994, item 10 | item 19, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GQ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GQA", "Provision_Key": "s159gqa", "Heading": "Accrual period", "Text": "Taxpayer’s maximum term to be divided into accrual periods (1) The taxpayer’s maximum term for the qualifying security is divided into accrual periods in accordance with this section. Whole year of income (2) If a year of income is wholly taken up by any of the taxpayer’s maximum term, the year of income is divided into 2 accrual periods of 6 months. Beginning of taxpayer’s maximum term (3) If the taxpayer’s maximum term begins after the beginning of the year of income: (a) if it begins less than 6 months after the beginning of the year of income—the period from the beginning of the taxpayer’s maximum term until the middle of the year of income is an accrual period and the second 6 months of the year of income is an accrual period; and (b) in any other case—the part of the year of income taken up by the taxpayer’s maximum term is an accrual period. End of taxpayer’s maximum term (4) If the taxpayer’s maximum term ends before the end of a year of income: (a) if it ends no later than 6 months after the beginning of the year of income—the part of the year of income taken up by the taxpayer’s maximum term is an accrual period; and (b) in any other case—the first 6 months of the year of income is an accrual period and the period from the middle of the year of income until the end of the taxpayer’s maximum term is an accrual period. Example (5) For example, if the taxpayer’s year of income is a financial year and a security with a 2 year term is issued to the taxpayer on 1 April, the accrual periods will be as follows: 1st year 2nd year 3rd year of income of income of income 1 Apr. 1 July 1 Jan. 1 July 1 Jan. 1 Apr. 3 month 6 month 6 month 6 month 3 month accrual accrual accrual accrual accrual period period period period period", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GQA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GQB", "Provision_Key": "s159gqb", "Heading": "Accrual amount", "Text": "Formula (1) The accrual amount for an accrual period is worked out using the formula: Implicit interest rate (2) In the formula in subsection (1), Implicit interest rate means the rate of interest worked out under section 159GQC (for a fixed return security) or 159GQD (for a variable return security), properly adjusted to take account of the case where the accrual period is less than 6 months. Opening balance (3) In the formula in subsection (1), Opening balance means the amount worked out using the formula: Issue/transfer price + Previous accruals – Payments where: Issue/transfer price means the issue price or transfer price, as the case requires, of the security; and Previous accruals means: (a) if paragraph (b) does not apply—the sum, whether positive or negative, of all accrual amounts for previous accrual periods in the taxpayer’s maximum term; or (b) if the accrual period is the first in the taxpayer’s maximum term—nil; and Payments means all payments (other than of periodic interest) made or liable to be made under the security during all previous accrual periods in the taxpayer’s maximum term. Periodic interest etc. (4) In the formula in subsection (1), Periodic interest etc. means the sum of: (a) all periodic interest payments made or liable to be made under the security during the accrual period, properly adjusted in the case of any payment made other than at the end of the period; and (b) if any payments (other than of periodic interest) made or liable to be made under the security during the accrual period are made or liable to be made other than at its end—an amount to adjust properly for the making of the payments other than at the end of the period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GQB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GQC", "Provision_Key": "s159gqc", "Heading": "Implicit interest rate for fixed return security", "Text": "For the purposes of the formula component Implicit interest rate in subsection 159GQB(1), the rate of interest for a fixed return security in relation to a taxpayer is the rate of compound interest per period of 6 months at which: (a) the sum of the present values of all amounts payable under the security during the taxpayer’s maximum term; equals: (b) the issue price or the transfer price, as the case requires, of the security.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GQC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GQD", "Provision_Key": "s159gqd", "Heading": "Implicit interest rate for variable return security", "Text": "Implicit interest rate to be recalculated each year etc. (1) For the purposes of the formula component Implicit interest rate in subsection 159GQB(1), the rate of interest for a variable return security must be worked out in accordance with subsection (2) separately for each year of income during the taxpayer’s maximum term. If there are 2 accrual periods of 6 months in the year of income, the rate is the same for both periods. It is possible for the rate to be negative. Rate (2) The rate applicable in relation to a year of income is the rate of compound interest per period of 6 months in the calculation period (see subsection (3)) at which: (a) the sum of the present values of all amounts payable under the security during the calculation period; equals: (b) the opening balance, mentioned in subsection 159GQB(1), for the accrual period that begins the calculation period. Calculation period (3) The calculation period means the part of the taxpayer’s maximum term that occurs after the beginning of the year of income. Where amount payable is not known (4) For the purposes of paragraph (2)(a), if by the end of the year of income it is not possible to determine whether an amount will be payable, or the size of the amount that will be payable, after the end of the year of income, the determination is to be made by applying subsection (5), (7) or (11), or a combination of those subsections. Assumption of constant level (5) Subject to subsection (7), if an amount payable is worked out to any extent by reference to the amount or level, at a particular time, of a rate, price, index or other thing, it is to be assumed that the rate, price, index or thing will be the same at all times after the end of the year of income as it was at the end of the year of income (or, if it was not available at the end of the year of income, at the time when it was last available in the year of income). Examples (6) For the purposes of subsection (5): (a) an example of an amount worked out wholly by reference to the amount of a rate at a particular time is an interest payment under a floating rate note. The amount payable is the product of an interest rate indicator (such as the prevailing bank bill rate) and the face or par value of the note; and (b) an example of an amount worked out wholly by reference to the amount of a price at a particular time is a redemption payment under a commodity linked security where the amount of the payment is the product of the prevailing price of a commodity (such as gold) and the face or par value of the security. Assumption of continuing rate of change (7) If an amount payable is worked out to any extent by reference to the amount of change in an index or other thing that occurs during a period, it is to be assumed that the index or other thing will continue to change at the same rate as it did: (a) if the index or other thing was available at the end of the year of income—during the year of income; or (b) in any other case—during the period of 12 months in respect of which the index or other thing was last available in the year of income. Example (8) An example for the purposes of subsection (7) is a payment whose amount is the product of the face or par value of a security and the percentage increase in the All Groups Consumer Price Index number (the CPI ) during the year ending on 30 June 1995. If the year of income for which the implicit interest rate is being worked out is the 1993 ‑ 94 year of income and the CPI increases by 2% during the year ending on 31 March 1994 (the date of the last available number during the year of income), the CPI is assumed to increase by 2% during the year ending on 30 June 1995. Disguised continuing rate of change case (9) For the purposes of subsection (7), if an amount payable is worked out to any extent by reference to the quotient of: (a) the amount or level of an index or other thing at a particular time; and (b) either: (i) the amount or level of the index or other thing at a different time; or (ii) another amount that, while not expressed to be the amount or level of the index or other thing at a different time, may reasonably be regarded as representing the amount or level of the index or other thing at a different time; the amount payable is taken to be worked out to that extent by reference to the amount of change in the index or other thing that occurs during the period between the 2 times. Example (10) An example for the purposes of subsection (9) is a payment under a security issued in December 1994 that is worked out by multiplying a number of dollars by the quotient of: (a) the All Groups Consumer Price Index number in respect of the quarter ending on 31 December 1997; and (b) the number 114. Assume that the number in paragraph (b) is the same as the All Groups Consumer Price Index number in respect of the quarter ending on 31 December 1994. In this case, it would be reasonable to regard the number as representing the amount of the index at 31 December 1994, and therefore to apply subsection (7). General assumption (11) If it is not possible to make the determination mentioned in subsection (4) in respect of the whole or part of any amount by applying subsection (5) or (7), or both, (for example, because no information about a rate, price or index was available during the year of income), the determination in respect of that whole or part is to be made on the basis of what is most likely in the circumstances.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GQD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GR", "Provision_Key": "s159gr", "Heading": "Consequences of actual payments", "Text": "(1) Where a payment (not being a payment that is, or to the extent that it consists of, a periodic interest payment, a redemption payment or a partial redemption payment) is made or liable to be made in a year of income to a taxpayer under a qualifying security: (a) no amount shall be included in the assessable income of the taxpayer of the year of income in respect of the payment otherwise than under section 159GQ; and (b) where the taxpayer acquired the qualifying security on transfer—no amount shall be allowable as a deduction from the assessable income of the taxpayer of the year of income in respect of the payment otherwise than under section 159GQ.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GS", "Provision_Key": "s159gs", "Heading": "Balancing adjustments on transfer of qualifying security", "Text": "(1) Where there is a profit amount in relation to the transfer of a qualifying security by a taxpayer in a year of income: (a) if there is a net assessable amount in relation to the transfer and: (i) the profit amount exceeds the net assessable amount—an amount equal to the excess shall be included in the assessable income of the taxpayer of the year of income; or (ii) the net assessable amount exceeds the profit amount—an amount equal to the excess shall be allowable as a deduction from the assessable income of the taxpayer of the year of income; and (b) if there is a net deductible amount in relation to the transfer—an amount equal to the sum of that amount and the profit amount shall be included in the assessable income of the taxpayer of the year of income. (2) Where there is a loss amount in relation to the transfer of a qualifying security by a taxpayer in a year of income and: (a) there is a net assessable amount in relation to the transfer—an amount equal to the net assessable amount shall be allowable as a deduction from the assessable income of the taxpayer of the year of income; or (b) there is a net deductible amount in relation to the transfer that exceeds the loss amount—an amount equal to the excess shall be included in the assessable income of the taxpayer of the year of income. (3) For the purposes of the application of this section in relation to the transfer (in this subsection referred to as the relevant transfer ) of a qualifying security by a taxpayer: (a) where the transfer price, as increased by the amount of any payments (other than periodic interest payments) made to the taxpayer under the security in respect of the period when the security was held by the taxpayer exceeds: (i) the issue price of the security; or (ii) where the security was acquired by the taxpayer on transfer—the transfer price in relation to that transfer; there shall be taken to be a profit amount in relation to the relevant transfer of an amount equal to the excess; (b) where the issue price of the security or, where the security was acquired by the taxpayer on transfer, the transfer price in relation to that transfer exceeds the sum of the transfer price in relation to the relevant transfer and any payments (other than periodic interest payments) made to the taxpayer under the security in respect of the period when the security was held by the taxpayer, there shall be taken to be a loss amount in relation to the relevant transfer of an amount equal to the excess; (c) where the sum of all amounts (if any) included under section 159GQ in the assessable income of the taxpayer in respect of the security in respect of the period when the security was held by the taxpayer exceeds the sum of all amounts (if any) allowable under those sections as deductions from the assessable income of the taxpayer in respect of the security in respect of that period, there shall be taken to be a net assessable amount in relation to the relevant transfer of an amount equal to the excess; and (d) where the sum of all amounts (if any) allowable under section 159GQ as deductions from the assessable income of the taxpayer in respect of the security in respect of the period when the taxpayer held the security exceeds the sum of all amounts (if any) included under those sections in the assessable income of the taxpayer in respect of the security in respect of that period, there shall be taken to be a net deductible amount in relation to the relevant transfer of an amount equal to the excess.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GS"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GT", "Provision_Key": "s159gt", "Heading": "Tax treatment of issuer of a qualifying security", "Text": "(1) Subsections (1A) and (1B) apply if a taxpayer is an issuer of a qualifying security to which this section applies during a period (the issuer period ) comprising the whole or part of a year of income. (1A) If, on the assumptions in subsection (1C), an amount would be included in the taxpayer’s assessable income of the year of income in respect of the issuer period, then, subject to this section, the taxpayer is entitled to a deduction in his or her assessment for the year of income equal to that amount. (1B) If, on the assumptions in subsection (1C), a deduction would be allowable in the taxpayer’s assessment for the year of income, then an amount equal to the deduction is included in the taxpayer’s assessable income of the year of income. (1C) For the purposes of subsections (1A) and (1B), the assumptions are that: (a) the security was issued to the taxpayer (rather than the taxpayer being the issuer of the security); and (b) the taxpayer held the security during the whole of the issuer period; and (c) the taxpayer did not transfer the security at the end of the issuer period; and (d) sections 159GW, 159GX and 159GY were not enacted. (2) A deduction is not allowable to a taxpayer under subsection (1A) in relation to a qualifying security to which this section applies unless the taxpayer would, but for this Division, be entitled to a deduction under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of payments (not being redemption payments, partial redemption payments or periodic interest payments) made or liable to be made under the security in respect of the relevant period referred to in that subsection. (3) Where a payment (not being a payment that is, or to the extent that it consists of, a periodic interest payment, a redemption payment or a partial redemption payment) is made or liable to be made in a year of income by a taxpayer under a qualifying security to which this section applies, no amount shall be allowable as a deduction from the assessable income of the taxpayer of the year of income in respect of the payment otherwise than under this section. (5) Subject to subsection (6), this section applies to: (a) any qualifying security issued on or before 22 May 1986; and (b) any qualifying security issued in Australia after 22 May 1986 other than a negotiable instrument issued payable to bearer. (6) This section does not apply to a qualifying security issued by a taxpayer after 5 o’clock in the evening, by standard time in the Australian Capital Territory, on 23 April 1987: (a) to, on behalf of or otherwise for the benefit of, a non ‑ resident or a prescribed dual resident associate of the taxpayer; or (b) subject to an agreement between the taxpayer and an associate of the taxpayer under which the security is or was to be transferred to a non ‑ resident or a prescribed dual resident associate of the taxpayer.", "Amendment_Count": 5, "First_Amended": "No 49 of 1986", "Last_Amended": "No 95 of 1997", "Amending_Acts": "No 49 of 1986 | No 138 of 1987 | No 82 of 1994 | No 39 of 1997 | No 95 of 1997", "History_Notes": "Inserted by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 138 of 1987, item 41 | Sch 2 item 40 | Sch 2 item 16F, effective s 4, 5 and 7–52: 18 Dec 1987 (s 2(1)) s 6: 21 Dec 1987 (s 2(2)) | Amended by No 82 of 1994, item 13, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 39 of 1997, Sch 4 item 231, effective Sch 1: 1 July 1997 (s 2) | Amended by No 95 of 1997, Sch 3 item 5, effective Sch 1 (item 23): 30 June 1997 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GT"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GU", "Provision_Key": "s159gu", "Heading": "Effect of Division on certain transfer profits and losses", "Text": "(1) Where, apart from this Division, a profit that is made by a resident taxpayer in relation to a transfer of a qualifying security that does not form part of the trading stock of the taxpayer would be included in the assessable income of the taxpayer of a year of income, the profit shall not be so included in the assessable income of the taxpayer. (2) Where, apart from this Division, a loss that is incurred by a resident taxpayer in relation to a transfer of a qualifying security that does not form part of the trading stock of the taxpayer would be allowable as a deduction from the assessable income of the taxpayer of a year of income and there is a net deductible amount, within the meaning of section 159GS, in relation to the transfer, so much only of the amount of the loss as exceeds the net deductible amount shall be so allowable as a deduction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GU"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GV", "Provision_Key": "s159gv", "Heading": "Consequence of variation of terms of security", "Text": "(1) Where, after 22 May 1986, a material variation is made in the terms of a security, for the purposes of the application of this Division in relation to the security in respect of the period after the variation and before any subsequent material variation: (a) the security shall be taken to have been issued on the terms on which it was originally issued as varied by the material variation and any prior variation; (b) where consideration for the variation is paid or payable by the holder of the security—the issue price of the security shall be taken to be an amount equal to the amount that was the issue price of the security immediately before this application of this subsection increased by the amount of that consideration; (c) where consideration for the variation is paid or payable by the issuer of the security—the issue price of the security shall be taken to be an amount equal to the amount that was the issue price of the security immediately before this application of this subsection reduced by the amount of that consideration; and (d) paragraph (a) of the definition of qualifying security in subsection 159GP(1) shall be disregarded. (2) Where: (a) subsection (1) applies in relation to a security held by a taxpayer in relation to a material variation in the terms of the security; and (b) if: (i) that subsection had effect not only in relation to the period after the variation but also in relation to the whole of the term of the security before the variation; and (ii) any previous material variations were taken into account but any subsequent material variations were disregarded; the sum (in this subsection referred to as the total notional taxable income ) of the taxable incomes of the taxpayer in respect of the year of income in which the variation is made and all previous years of income would have differed from the sum (in this subsection referred to as the total actual taxable income ) of the actual taxable incomes of the taxpayer of those years of income; the following provisions have effect: (c) where the total notional taxable income exceeds the total actual taxable income—an amount equal to the excess shall be included in the assessable income of the taxpayer of the year of income in which the variation is made; (d) where the total actual taxable income exceeds the total notional taxable income—an amount equal to the excess shall be allowable as a deduction from the assessable income of the taxpayer of the year of income in which the variation is made. (3) In this section, a reference to a material variation of the terms of a security is a reference to a variation of the terms of the security: (a) that has the effect that a security that was not a qualifying security before the variation would, if the security had been originally issued with the terms as varied and if paragraph (a) of the definition of qualifying security in subsection 159GP(1) were disregarded, have been a qualifying security when the security was issued; (b) that has the effect that a security that is a qualifying security would, if originally issued with the terms as varied, not have been a qualifying security at the time of issue; or (c) that has the effect that the amount, or time of making, of a payment under the security, or that the holder or issuer of the security, is varied. (4) Where any right or option under a security to extend the term of, or otherwise vary the effect of, the security is exercised, then, for the purposes of this section, the exercise of that right or option shall be taken to be a variation of the terms of the security to provide for the extension or other effect.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GV"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GW", "Provision_Key": "s159gw", "Heading": "Effect of Division in relation to non ‑ residents", "Text": "(1) Subject to subsection (2), where during the whole or a part of a year of income (which whole or part is in this subsection referred to as the period of non ‑ residence ) a taxpayer is not a resident: (a) no amount shall be included in, or allowable as a deduction from, the assessable income of the taxpayer of the year of income under section 159GQ in relation to the period of non ‑ residence; and (c) no amount shall be included in, or allowable as a deduction from, the assessable income of the taxpayer of the year of income under section 159GS in relation to any transfer of the security that occurred during the period of non ‑ residence. (2) Where: (a) a payment is made or liable to be made under a qualifying security to a resident taxpayer; and (b) the taxpayer was not a resident for the whole or a part (which whole or part is in this subsection referred to as the period of non ‑ residence ) of the period during which the taxpayer held the security; the following provisions have effect: (c) there shall be included in the assessable income of the taxpayer of the year of income in which the payment is made or liable to be made an amount equal to the amount that, but for subsection (1), would have been included in the assessable income of the taxpayer of any year or years of income under section 159GQ in respect of the payment in respect of the period of non ‑ residence; (d) there shall be allowable as a deduction from the assessable income of the taxpayer of the year of income in which the payment is made or liable to be made an amount equal to the amount that, but for subsection (1), would have been allowable as a deduction from the assessable income of the taxpayer of any year or years of income under section 159GQ in respect of the payment in respect of the period of non ‑ residence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GW"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GX", "Provision_Key": "s159gx", "Heading": "Effect of Division where certain payments not assessable", "Text": "Where, but for this section, an amount would be included in, or allowable as a deduction from, the assessable income of a taxpayer of a year of income under section 159GQ in respect of the whole or a part of a payment under a qualifying security, no amount shall be so included or allowable unless the payment or a part of the payment, when actually made or liable to be made, would, disregarding section 128D, be included in the assessable income of the taxpayer of a year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GX"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GY", "Provision_Key": "s159gy", "Heading": "Effect of Division where qualifying security is trading stock", "Text": "No amount shall be included in, or allowable as a deduction from, the assessable income of a taxpayer: (a) under section 159GQ in relation to a qualifying security in respect of any year or part of a year of income during which the qualifying security forms part of the trading stock of the taxpayer; or (c) under section 159GS in relation to the transfer of a qualifying security by the taxpayer where, immediately before the transfer, the qualifying security was or formed part of the trading stock of the taxpayer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GY"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZ", "Provision_Key": "s159gz", "Heading": "Stripped securities", "Text": "(1) Where: (a) at any time a taxpayer acquires or acquired a security (in this subsection referred to as the underlying security ) in relation to which there are or were 2 or more payment rights; and (b) the taxpayer transfers or transferred one or some but not all of those rights to a particular person or particular persons jointly; for the purposes of the application of this Division (including any subsequent application of this subsection) in relation to any period after the transfer of the right or rights: (c) instead of the underlying security, there shall be taken to have been originally issued: (i) a separate security under which the payment right or payment rights transferred to the person or persons referred to in paragraph (b) were created; (ii) where at the time at which that right or those rights were transferred, another payment right or other payment rights in relation to the underlying security was or were transferred to another person or to other persons jointly—a separate security under which that other right or those other rights were created; and (iii) where immediately after the transfer the taxpayer retains or retained any payment right or rights—a separate security under which that right or those rights were created; (d) where the underlying security was issued to the taxpayer—the issue price of each separate security referred to in paragraph (c) shall be taken to be so much of the issue price of the underlying security as bears to that amount the proportion that the market value of the separate security at the time of issue of the underlying security bears to the market value of the underlying security at that time; and (e) where the underlying security was acquired by the taxpayer on transfer—the transfer price, in relation to that transfer, of each separate security referred to in paragraph (c) shall be taken to be so much of the transfer price of the underlying security as bears to that amount the proportion that the market value of the separate security at the time of transfer bears to the market value of the underlying security at that time. (2) Where, by reason of the application of subsection (1) in relation to the transfer after 16 December 1984 of a payment right or payment rights in relation to a security to a particular person or particular persons jointly, the payment right or rights is or are taken to comprise a separate security, then, for the purposes of the application of this Division in relation to the separate security in relation to any period after the transfer, paragraph (a) of the definition of qualifying security in subsection 159GP(1) shall be disregarded. (3) In subsections (1) and (2), payment right , in relation to a security, means a right to receive a particular payment that is liable to be made under the security. (4) Where: (a) at any time a taxpayer acquires or acquired a security (in this subsection referred to as the underlying security ) on issue or transfer; (b) after 16 December 1984, the taxpayer issues a qualifying security (in this subsection referred to as the stripped security ); and (c) but for this subsection, a deduction of an amount equal to the whole or a part of the issue price or, where the underlying security was acquired on transfer, the transfer price of the underlying security would be allowable from the assessable income of the taxpayer of the year of income in which the taxpayer issues the stripped security in respect of the issue of the stripped security; the amount of the deduction allowable shall be an amount that bears to the issue price or transfer price, as the case may be, of the underlying security the same proportion as the market value of the stripped security at the time of issue or purchase, as the case may be, bears to the market value of the underlying security at that time.", "Amendment_Count": 2, "First_Amended": "No 49 of 1986", "Last_Amended": "No 11 of 1988", "Amending_Acts": "No 49 of 1986 | No 11 of 1988", "History_Notes": "Inserted by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 11 of 1988, item 25, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZC", "Provision_Key": "s159gzzzc", "Heading": "Interpretation—general", "Text": "(1) In this Division: associate has the same meaning as in section 318. cancellation includes redemption. disposal includes cancellation. entity means a company, a partnership or a trust estate. pre ‑ cancellation period , in relation to a cancellation of shares to which this Division applies, means the period beginning when the holding company concerned became a holding company of the subsidiary concerned and ending at the time of the cancellation. security means stock, a bond or debenture, or any other document evidencing the indebtedness of a person, whether or not the debt is secured. (3) For the purposes of this Division, a company is: (a) a subsidiary of another company; or (b) the holding company of another company; if the first ‑ mentioned company is such for the purposes of the Corporations Act 2001 . (4) For the purposes of this Division, a reference to an interest in an entity is a reference to a legal or equitable interest in: (a) if the entity is a company—shares in the company; (b) if the entity is a partnership—capital or profits of the partnership; (c) if the entity is a trust estate—corpus or income of the trust estate; or (d) in any case—securities issued by the entity.", "Amendment_Count": 4, "First_Amended": "No 97 of 1989", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 97 of 1989 | No 135 of 1990 | No 55 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 55 of 2001, Sch 3 item 224, effective s 4–14 and Sch 3 (items 220–263): 15 July 2001 (s 2(1), (3)) | Amended by No 101 of 2006, Sch 1 item 145 | Sch 2 item 389, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZD", "Provision_Key": "s159gzzzd", "Heading": "Meaning of eligible entity , eligible interest and eligible proportion", "Text": "For the purposes of this Division, where a holding company holds interests in a subsidiary of the holding company either directly or indirectly through interposed entities: (a) a reference to an eligible entity in relation to the holding company and the subsidiary is a reference to the holding company or any of the interposed entities; (b) a reference to an eligible interest of an eligible entity is a reference to any interest held by the eligible entity directly in the subsidiary or directly in any other eligible entity in relation to the holding company and the subsidiary; and (c) a reference to the eligible proportion in relation to an eligible interest of an eligible entity is a reference to the proportion of the total interests held directly in the subsidiary by all persons and entities that is represented by: (i) if the eligible entity holds the eligible interest directly in the subsidiary—the eligible interest; or (ii) if, by virtue of holding the eligible interest, the eligible entity holds an interest in the subsidiary indirectly through another eligible entity or other eligible entities—that interest in the subsidiary.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZE", "Provision_Key": "s159gzzze", "Heading": "Share cancellations to which this Division applies", "Text": "Where a holding company cancels shares in itself that are held by a subsidiary of that company, this Division applies to the cancellation of the shares.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZF", "Provision_Key": "s159gzzzf", "Heading": "Effect on subsidiary of share cancellations to which this Division applies", "Text": "(1) Where: (a) this Division applies to a cancellation of shares; and (b) apart from this section, either: (i) the subsidiary concerned would not receive or be entitled to receive any capital proceeds in respect of the cancellation; or (ii) the capital proceeds that the subsidiary concerned would receive or be entitled to receive in respect of the cancellation would be less than the adjusted market value of the shares; the following provisions have effect for the purposes of this Act: (c) where subparagraph (b)(i) applies—the subsidiary shall be taken to have received or to be entitled to receive, as capital proceeds in respect of the cancellation, an amount equal to the adjusted market value of the shares; (d) where subparagraph (b)(ii) applies—the amount of the capital proceeds that the subsidiary receives or is entitled to receive in respect of the cancellation shall be taken to be increased by an amount so that it equals the adjusted market value of the shares. (2) For the purposes of subsection (1), the adjusted market value of the shares is the amount that would have been their market value at the time of the cancellation if the cancellation did not occur and was never proposed to occur.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZG", "Provision_Key": "s159gzzzg", "Heading": "Pre ‑ cancellation disposals of eligible interests", "Text": "(1) Where: (a) this Division applies to a cancellation of shares; (b) during the pre ‑ cancellation period, there is a disposal of an eligible interest held by an eligible entity in relation to the holding company and the subsidiary concerned; and (c) apart from this section, either: (i) the eligible entity would not have received or been entitled to receive any capital proceeds in respect of the disposal; or (ii) the capital proceeds that the eligible entity would have received or been entitled to receive in respect of the disposal would have been less than the adjusted market value of the eligible interest; the following provisions have effect for the purposes of this Act: (d) where subparagraph (c)(i) applies—the eligible entity shall be taken to have received or to have been entitled to receive, as capital proceeds in respect of the disposal, an amount equal to the adjusted market value of the eligible interest; (e) where subparagraph (c)(ii) applies—the amount of the capital proceeds that the eligible entity received or was entitled to receive in respect of the disposal shall be taken to be increased by an amount so that it equals the adjusted market value of the eligible interest. (2) For the purposes of subsection (1), the adjusted market value of the eligible interest is the amount that would have been its market value at the time of the disposal if the cancellation of the shares to which this Division applies did not occur and was never proposed to occur.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZH", "Provision_Key": "s159gzzzh", "Heading": "Post ‑ cancellation disposals of eligible interests etc.", "Text": "(1) Where: (a) as a result of the application of section 159GZZZF in relation to a cancellation of shares, the subsidiary concerned is taken to have received or to be entitled to receive an amount of capital proceeds or an increase in an amount of capital proceeds (which amount or increase is in this section called the cancellation adjustment amount ) in relation to the cancellation of the shares; and (b) an eligible entity in relation to the holding company and the subsidiary concerned holds an eligible interest at the time of the share cancellation; then this section applies in relation to the eligible interest. (2) For the purposes of this Act (other than Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 ): (a) if the eligible interest is not trading stock—in determining: (i) the amount of any deduction allowed or allowable to the eligible entity in respect of the acquisition of the eligible interest; or (ii) the amount of any profit included in, or loss allowable as a deduction from, the assessable income of the eligible entity in respect of the acquisition and any subsequent disposal of the eligible interest; the capital proceeds in respect of the acquisition of the eligible interest shall be taken to have been reduced by the eligible interest’s eligible proportion of the cancellation adjustment amount; and (b) if the eligible interest is trading stock—the capital proceeds in respect of any subsequent disposal of the eligible interest shall be taken to be increased by the eligible interest’s eligible proportion of the cancellation adjustment amount. (3) For the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 , if a CGT event happens in relation to the eligible interest, the cost base and reduced cost base of the eligible interest is reduced by the eligible interest’s eligible proportion of the cancellation adjustment amount. (5) This section applies in relation to the acquisition of the eligible interest held by the eligible entity, and to a CGT event happening in relation to the eligible interest, even if the entity was not an eligible entity, and the interest was not an eligible interest, at the time of the acquisition or CGT event.", "Amendment_Count": 3, "First_Amended": "No 97 of 1989", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 97 of 1989 | No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 97 of 1989, Sch 2 item 11, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 46 of 1998, Sch 10 item 112 | Sch 10 item 377 | Sch 10 item 379, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, Sch 6 item 68 | Sch 6 item 69, effective s 4, Sch 3 (items 1–3), Sch 4, Sch 5 (items 23–35) and Sch 6 (items 67–73): 16 July 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZI", "Provision_Key": "s159gzzzi", "Heading": "Additional application of sections 159GZZZG and 159GZZZH to associates", "Text": "(1) Subject to this section, where a natural person is an associate of a holding company (otherwise than solely because of being the trustee of a trust estate), sections 159GZZZG and 159GZZZH apply (in addition to any application apart from this application of this section) as if references in those sections to: (a) an eligible entity in relation to the holding company and the subsidiary concerned; (b) an eligible interest of such an entity; or (c) the eligible proportion in relation to such an interest; were references to what would, if the natural person were a holding company in relation to the subsidiary, be respectively: (d) an eligible entity in relation to the natural person and the subsidiary; (e) an eligible interest of such an entity; or (f) the eligible proportion in relation to such an interest. (2) For the purposes of applying section 159GZZZG or 159GZZZH in accordance with subsection (1): (a) any interest of an entity that is an eligible interest for the purposes of the application of that section apart from subsection (1) shall be taken not to be an eligible interest; and (b) any eligible interest of an eligible entity (including the natural person) held in the actual holding company referred to in subsection (1), or in any eligible entity interposed between the natural person and that holding company, shall be taken not to be an eligible interest.", "Amendment_Count": 1, "First_Amended": "No 97 of 1989", "Last_Amended": "No 97 of 1989", "Amending_Acts": "No 97 of 1989", "History_Notes": "Inserted by No 97 of 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZIA", "Provision_Key": "s159gzzzia", "Heading": "Application of Division to non ‑ share dividends", "Text": "(1) This Division: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend. (2) Paragraph (1)(a) does not apply to subsection 159GZZZP(1).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZIA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZJ", "Provision_Key": "s159gzzzj", "Heading": "Interpretation", "Text": "In this Division: buy ‑ back has the meaning given by paragraph 159GZZZK(a). off ‑ market purchase has the meaning given by paragraph 159GZZZK(d). on ‑ market purchase has the meaning given by paragraph 159GZZZK(c). purchase price has the meaning given by section 159GZZZM. seller has the meaning given by paragraph 159GZZZK(b).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZK", "Provision_Key": "s159gzzzk", "Heading": "Explanation of terms", "Text": "For the purposes of this Division, where a company buys a share in itself from a shareholder in the company: (a) the purchase is a buy ‑ back; and (b) the shareholder is the seller; and (c) if: (i) the share is listed for quotation in the official list of a stock exchange in Australia or elsewhere; and (ii) the buy ‑ back is made in the ordinary course of trading on that stock exchange; the buy ‑ back is an on ‑ market purchase; and (d) if the buy ‑ back is not covered by paragraph (c)—the buy ‑ back is an off ‑ market purchase.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZL", "Provision_Key": "s159gzzzl", "Heading": "Special buy ‑ backs not made in ordinary course of trading on a stock exchange", "Text": "For the purposes of this Division, a buy ‑ back is not made in the ordinary course of trading on a stock exchange in Australia if, when reported to the stock exchange, the transaction under which the buy ‑ back is made, is, under the stock exchange’s rules, described as special .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZM", "Provision_Key": "s159gzzzm", "Heading": "Purchase price in respect of buy ‑ back", "Text": "For the purposes of this Division, the purchase price in respect of a buy ‑ back of a share is: (a) if the seller has received or is entitled to receive an amount or amounts of money as a result of or in respect of the buy ‑ back—that amount or the sum of those amounts; or (b) if the seller has received or is entitled to receive property other than money as a result of or in respect of the buy ‑ back—the market value of that property at the time of the buy ‑ back; or (c) if the seller has received or is entitled to receive both an amount or amounts of money and property other than money as a result of or in respect of the buy ‑ back—the sum of that amount or those amounts and the market value of that property at the time of the buy ‑ back.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZN", "Provision_Key": "s159gzzzn", "Heading": "Buy ‑ back and cancellation disregarded for certain purposes", "Text": "If a company buys ‑ back a share then the buy ‑ back, and any subsequent cancellation of the share, are disregarded for the purposes of: (a) determining for the purposes of this Act: (i) whether an amount is included in the assessable income of the company under a provision of this Act (other than a provision of Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT)); or (ii) whether an amount is allowable as a deduction to the company; or (b) determining whether the company makes a capital gain or capital loss.", "Amendment_Count": 2, "First_Amended": "No 58 of 1990", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 58 of 1990 | No 46 of 1998", "History_Notes": "Inserted by No 58 of 1990, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3)) | Repealed and substituted by No 46 of 1998, Sch 10 item 118 | Sch 10 item 380, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZP", "Provision_Key": "s159gzzzp", "Heading": "Part of off ‑ market purchase price is a dividend if the company is not a listed public company", "Text": "(1) For the purposes of this Act, but subject to subsection (1A), where a buy ‑ back of a share or non ‑ share equity interest by a company is an off ‑ market purchase, the difference between: (a) the purchase price; and (b) the part (if any) of the purchase price in respect of the buy ‑ back of the share or non ‑ share equity interest which is debited against amounts standing to the credit of: (i) the company’s share capital account if it is a share that is bought back; or (ii) the company’s share capital account or non ‑ share capital account if it is a non ‑ share equity interest that is bought back; is taken to be a dividend paid by the company: (c) to the seller as a shareholder in the company; and (d) out of profits derived by the company; and (e) on the day the buy ‑ back occurs. (1A) If the dividend is included to any extent in the seller’s assessable income of any year of income, it is not taken into account to that extent under section 118 ‑ 20 of the Income Tax Assessment Act 1997 . (2) The remainder of the purchase price is taken not to be a dividend for the purposes of this Act. (3) This section does not apply if the company is a listed public company.", "Amendment_Count": 8, "First_Amended": "No 58 of 1990", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 58 of 1990 | No 82 of 1994 | No 170 of 1995 | No 31 of 1996 | No 46 of 1998 | No 63 of 1998 | No 163 of 2001 | No 101 of 2023", "History_Notes": "Inserted by No 58 of 1990, item 16, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3)) | Amended by No 82 of 1994, item 64 | item 65, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 170 of 1995, Sch 1 item 23, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 31 of 1996, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 7 | Sch 1 item 8, effective 9 July 1996 (s 2) | Amended by No 46 of 1998, Sch 10 item 118 | Sch 10 item 381, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, Sch 7 item 48 | Sch 7 item 49 | Sch 7 item 50, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 163 of 2001, Sch 1 item 87 | Sch 1 item 88 | Sch 1 item 89, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 101 of 2023, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3, effective Sch 4 (items 1–5, 9–12): 1 Jan 2024 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZPA", "Provision_Key": "s159gzzzpa", "Heading": "No part of off ‑ market purchase price is a dividend if the company is a listed public company", "Text": "For the purposes of this Act, where a buy ‑ back of a share by a listed public company is an off ‑ market purchase, no part of the purchase price in respect of the buy ‑ back of the share is taken to be a dividend.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023, effective Sch 4 (items 1–5, 9–12): 1 Jan 2024 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZPA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZQ", "Provision_Key": "s159gzzzq", "Heading": "Consideration in respect of off ‑ market purchase", "Text": "(1) Subject to this section, if a buy ‑ back of a share is an off ‑ market purchase, then: (a) in determining, for the purposes of this Act: (i) whether an amount is included in the assessable income of the seller under a provision of this Act other than Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT); or (ii) whether an amount is allowable as a deduction to the seller; or (b) whether the seller makes a capital gain or capital loss; in respect of the buy ‑ back, the seller is taken to have received or to be entitled to receive, as consideration in respect of the sale of the share, an amount equal to the purchase price in respect of the buy ‑ back. Deemed consideration increased to market value (2) If apart from this section: (a) the purchase price in respect of the buy ‑ back; is less than: (b) the amount that would have been the market value of the share at the time of the buy ‑ back if the buy ‑ back did not occur and was never proposed to occur; then, subject to subsection (3), in making the determinations mentioned in paragraphs (1)(a) and (b), the amount of consideration that the seller is taken to have received or to be entitled to receive in respect of the sale of the share is equal to the market value mentioned in paragraph (b) of this subsection. Deemed consideration reduced where dividend assessable etc. (3) Subject to subsections (3A) and (8), if there is a reduction amount in respect of the buy ‑ back (see subsection (4)), then, in making the determinations mentioned in paragraphs (1)(a) and (b), the amount of consideration that the seller is taken to have received or to be entitled to receive in respect of the sale of the share, after any application of subsection (2), is reduced by the reduction amount. (3A) Subsection (3) does not apply if the buy ‑ back is by a listed public company. Reduction amount (4) The following steps are to be taken in working out whether there is a reduction amount in respect of the buy ‑ back: (a) first, work out whether the whole or part of the purchase price in respect of the buy ‑ back is taken to be a dividend by section 159GZZZP; (b) second, for any amount satisfying paragraph (a), work out whether the whole or part of it is either: (i) included in the seller’s assessable income of any year of income (disregarding section 128D of this Act and section 802 ‑ 15 of the Income Tax Assessment Act 1997 ); or (ii) an eligible non ‑ capital amount (see subsection (5)). The amount worked out is the reduction amount in respect of the buy ‑ back. Eligible non ‑ capital amount (5) An amount is an eligible non ‑ capital amount if it is neither: (a) debited against a share capital account or a reserve to the extent that it consists of profits from the revaluation of assets of the company that have not been disposed of by the company; nor (b) attributable, either directly or indirectly, to amounts that were transferred from such an account or reserve of the company. Debit for deemed dividend (7) For the purposes of subsection (5), an amount of the purchase price that is taken to be a dividend by section 159GZZZP is taken to have been debited against the account or reserves against which the purchase price was debited, and to the same extent. Offsetable amount excluded from reduction where loss (8) If: (aa) the seller is a corporate tax entity; and (a) the amount of consideration that the seller is taken by subsection (1) or (2) to have received or to be entitled to receive in respect of the sale of the share is, apart from this subsection, reduced by a reduction amount under subsection (3); and (b) the dividend mentioned in paragraph (4)(a), so far as it does not exceed the reduction amount, consists to any extent of an offsetable amount (see subsection (9)); and (c) disregarding this subsection, as a result of the operation of this section: (i) for the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT), the seller incurs a capital loss or an increased capital loss (which loss or increase is the loss amount ) in respect of the buy ‑ back; or (ii) a loss, or an increased loss, (which loss or increase is also the loss amount ) in respect of the buy ‑ back is allowable as a deduction to the seller under a provision of a Part of this Act other than Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 ; or (iii) the amount of a deduction allowable from the seller’s assessable income of any year of income in respect of the issue or acquisition of the share exceeds, or exceeds by a greater amount, (the excess or increased excess is also the loss amount ) the amount included in the seller’s assessable income of any year of income in respect of the buy ‑ back of the share; then the reduction in the amount of the consideration under subsection (3) is instead a reduction equal to: (d) the reduction amount; less: (e) so much of the offsetable amount as does not exceed the loss amount. Meaning of offsetable amount (9) For the purposes of subsection (8), if the seller is entitled to a tax offset under Division 207 of the Income Tax Assessment Act 1997 in the seller’s assessment for a year of income in respect of the dividend, the dividend consists of an offsetable amount worked out using the formula:", "Amendment_Count": 9, "First_Amended": "No 58 of 1990", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 58 of 1990 | No 82 of 1994 | No 170 of 1995 | No 31 of 1996 | No 46 of 1998 | No 63 of 1998 | No 23 of 2005 | No 147 of 2005 | No 101 of 2023", "History_Notes": "Inserted by No 58 of 1990, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3)) | Amended by No 82 of 1994, item 66, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 170 of 1995, Sch 1 item 24 | Sch 1 item 25, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 31 of 1996, Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 9, effective 9 July 1996 (s 2) | Amended by No 46 of 1998, Sch 10 item 140 | Sch 10 item 383, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, Sch 7 item 4 | Sch 7 item 51 | Sch 7 item 52 | Sch 7 item 53, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 23 of 2005, Sch 3 item 48 | Sch 3 item 49 | Sch 3 item 50 | Sch 3 item 51, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 147 of 2005, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 101 of 2023, Sch 4 item 4 | Sch 4 item 5, effective Sch 4 (items 1–5, 9–12): 1 Jan 2024 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZQ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZR", "Provision_Key": "s159gzzzr", "Heading": "No part of on ‑ market purchase price is a dividend", "Text": "For the purposes of this Act, where a buy ‑ back by a company of a share is an on ‑ market purchase, no part of the purchase price in respect of the buy ‑ back of the share is taken to be a dividend.", "Amendment_Count": 1, "First_Amended": "No 58 of 1990", "Last_Amended": "No 58 of 1990", "Amending_Acts": "No 58 of 1990", "History_Notes": "Inserted by No 58 of 1990, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159GZZZS", "Provision_Key": "s159gzzzs", "Heading": "Consideration in respect of on ‑ market purchase", "Text": "Where a buy ‑ back is an on ‑ market purchase, then: (a) in determining, for the purposes of this Act: (i) whether an amount is included in the assessable income of the seller under a provision of this Act other than Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT); or (ii) whether an amount is allowable as a deduction to the seller; or (b) whether the seller makes a capital gain or capital loss; in respect of the buy ‑ back, the seller is taken to have received or to be entitled to receive, as consideration in respect of the sale of the share, the purchase price in respect of the buy ‑ back of the share.", "Amendment_Count": 2, "First_Amended": "No 58 of 1990", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 58 of 1990 | No 46 of 1998", "History_Notes": "Inserted by No 58 of 1990, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3)) | Amended by No 46 of 1998, Sch 10 item 387, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159GZZZS"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159H", "Provision_Key": "s159h", "Heading": "Application", "Text": "This Subdivision applies in relation to an assessment in respect of the income of a taxpayer if and only if: (a) the taxpayer is a resident and is not a company, and the assessment is not in respect of income derived by him or her in a representative capacity as an agent or trustee; or (b) both of the following requirements are satisfied: (i) the taxpayer is a trustee who is liable to be assessed under section 98 in respect of a share of the net income of a trust estate in respect of a beneficiary; (ii) the beneficiary is a resident and is not a company.", "Amendment_Count": 6, "First_Amended": "No 117 of 1975", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 117 of 1975 | No 124 of 1984 | No 135 of 1990 | No 97 of 2008 | No 41 of 2011 | No 62 of 2011", "History_Notes": "Inserted by No 117 of 1975, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1)) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 97 of 2008, Sch 3 item 27 | Sch 3 item 28, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 41 of 2011, Sch 5 item 312, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 62 of 2011, Sch 2 item 40, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159ZR", "Provision_Key": "s159zr", "Heading": "Interpretation", "Text": "(1) In this Subdivision, unless the contrary intention appears: accrual year , in relation to the total arrears amount, means a year of income in which any part of the total arrears amount accrued. annual arrears amount , in relation to an accrual year, means so much of the total arrears amount as accrued in that year. associate has the same meaning as in section 318. BSWAT payment amount means a payment amount paid to a person under the Business Services Wage Assessment Tool Payment Scheme Act 2015 . current year means the year of income for which the rebate is being calculated. distant accrual year means an accrual year that is not a recent accrual year. eligible income means: (a) salary or wages to the extent to which they accrued during a period ending more than 12 months before the date on which they are paid; (b) salary or wages paid to a person after re ‑ instatement to duty following a period of suspension of the person from duty, to the extent to which the salary or wages accrued during the period of suspension; (c) a payment covered by section 12 ‑ 80 or 12 ‑ 120 in Schedule 1 to the Taxation Administration Act 1953 ; (d) a Commonwealth education or training payment (see subsection 6(1)); (e) a payment that is covered by Division 52, 53 or 55 of the Income Tax Assessment Act 1997 , but that is not exempt from income tax under that Division; (f) a payment under a law of a foreign country that is similar to a payment covered by paragraph (e); but does not include so much of any such amount as was taken into account in calculating the amount of a tax reimbursement payment by the Commonwealth that was authorised under section 65 of the Public Governance, Performance and Accountability Act 2013 (which deals with act of grace payments by the Commonwealth). eligible lump sum , in relation to a year of income, means a lump sum payment of eligible income received on or after 1 July 1986 that is included in the assessable income of the year of income and accrued, in whole or in part, in an earlier year or years of income. gross tax means the tax payable before the allowance of any rebates or credits. law of a foreign country includes a law of any part of, or place in, a foreign country. normal taxable income is the amount that would be the taxable income if: (a) no amount were included in assessable income under Division 82, section 83 ‑ 10 or 83 ‑ 80 or Division 301 or 302 of the Income Tax Assessment Act 1997 or Division 82 of the Income Tax (Transitional Provisions) Act 1997 ; and (b) the taxable income were reduced by any above ‑ average special professional income included in the taxable income under section 405 ‑ 15 of the Income Tax Assessment Act 1997 ; and (c) no amount were included in assessable income under section 102 ‑ 5 of the Income Tax Assessment Act 1997 (about including net capital gains in assessable income). notional tax amount has the meaning given by sections 159ZRC and 159ZRD. rebated tax means the tax payable after the allowance of any tax offset under Division 82, 83, 301 or 302 of the Income Tax Assessment Act 1997 , subsection 392 ‑ 35(2) of that Act (which allows some primary producers tax offsets) or Division 82 of the Income Tax (Transitional Provisions) Act 1997 , but before the allowance of any other tax offsets or any credits. rebate year means a year of income for which the conditions in paragraphs 159ZRA(1)(a) and (b) are satisfied. recent accrual year , in relation to the total arrears amount, means: (a) if there are 3 or more accrual years for the total arrears amount—the most recent 2 of those years; or (b) in any other case—the accrual year, or each of the accrual years, for the total arrears amount. salary or wages means payments covered by sections 12 ‑ 35, 12 ‑ 40 (except payments of remuneration to a director of the company who is also an associate of the company), 12 ‑ 45, 12 ‑ 80, 12 ‑ 110, 12 ‑ 115 and 12 ‑ 120 in Schedule 1 to the Taxation Administration Act 1953 . total arrears amount , in relation to a year of income, means the aggregate of the eligible lump sums included in the assessable income of the year of income to the extent to which those eligible lump sums accrued in an earlier year or years of income. (2) This Subdivision applies in relation to a BSWAT payment amount as if: (a) the BSWAT payment amount were an eligible lump sum accrued wholly in an earlier year or years of income; and (b) the wages by reference to which the BSWAT payment amount was worked out were eligible income accrued in the year of income to which the wages relate.", "Amendment_Count": 17, "First_Amended": "No 153 of 1988", "Last_Amended": "No 112 of 2015", "Amending_Acts": "No 153 of 1988 | No 135 of 1990 | No 100 of 1991 | No 216 of 1991 | No 121 of 1997 | No 122 of 1997 | No 152 of 1997 | No 41 of 1998 | No 46 of 1998 | No 54 of 1999 | No 94 of 1999 | No 179 of 1999 | No 101 of 2006 | No 4 of 2007 | No 15 of 2007 | No 36 of 2015 | No 112 of 2015", "History_Notes": "Inserted by No 153 of 1988, effective s 9–42 and 44: 26 Dec 1988 (s 2(1)) s 43: 1 Jan 1989 (s 2(2)) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 100 of 1991, Sch 2 item 48, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 3 item 133, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 121 of 1997, Sch 2 item 29 | Sch 3 item 55 | Sch 3 item 56, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 122 of 1997, Sch 1 item 10, effective s 4, Sch 1 (items 1–15, 20), Sch 3 (items 1, 2, 6–21) and Sch 5: 8 July 1997 (s 2(1)) Sch 1 (items 17–19): 3 June 1990 (s 2(2)) Sch 1 (items 22, 23): 1 Sept 1994 (s 2(4)) Sch 1 (item 24): 1 Jan 1993 (s 2(3)) Sch 3 (items 3, 4): 24 June 1986 (s 2(6)) Sch 3 (item 5): 30 June 1992 (s 2(7)) Sch 4: 20 Jan 1997 (s 2(8)) Sch 6: 27 June 1996 (s 2(9)) Sch 8: 19 Dec 1996 (s 2(11)) | Amended by No 152 of 1997, Sch 2 item 880, effective Sch 2 (items 877–880): 1 Jan 1998 (s 2(2)) | Amended by No 41 of 1998, Sch 2 item 1, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 46 of 1998, Sch 10 item 390 | Sch 10 item 23 | Sch 10 item 3, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 54 of 1999, Sch 5 item 13, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 94 of 1999, Sch 6 item 70, effective s 4, Sch 3 (items 1–3), Sch 4, Sch 5 (items 23–35) and Sch 6 (items 67–73): 16 July 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 31 | Sch 18 item 32, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 101 of 2006, Sch 2 item 394 | Sch 2 item 395 | Sch 2 item 396 | Sch 2 item 397, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 4 of 2007, Sch 2 item 4, effective Sch 2 (items 1–10): 19 Feb 2007 (s 2(1) item 4) | Amended by No 15 of 2007, Sch 1 item 105 | Sch 1 item 106, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 36 of 2015, Sch 5 item 38, effective Sch 5 (items 38, 39, 74–77) and Sch 7: 14 Apr 2015 (s 2) | Amended by No 112 of 2015, Sch 1 item 1 | Sch 1 item 2, effective Sch 1 (items 1, 2): 1 July 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159ZR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159ZRA", "Provision_Key": "s159zra", "Heading": "Eligibility for rebate", "Text": "(1) Where: (a) the assessable income of the taxpayer of a year of income (in this Subdivision called the current year ) includes one or more eligible lump sums; and (b) the total arrears amount is not less than 10% of the amount (if any) remaining after deducting that total arrears amount from the normal taxable income of the current year; the taxpayer is entitled to a rebate of tax, in the taxpayer’s assessment for the current year, of the amount (if any) calculated in accordance with this Subdivision. (2) The rebate is only available to a natural person (otherwise than in the capacity of a trustee).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159ZRA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159ZRB", "Provision_Key": "s159zrb", "Heading": "Calculation of rebate", "Text": "The rebate is calculated in accordance with the formula: Tax on arrears – Notional tax on arrears where: Tax on arrears is the amount by which the rebated tax on the taxable income of the current year exceeds the rebated tax on the taxable income of the current year, being that taxable income reduced by the total arrears amount. Notional tax on arrears is the total of the notional tax amounts for the accrual years.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159ZRB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159ZRC", "Provision_Key": "s159zrc", "Heading": "Notional tax amount for recent accrual years", "Text": "The notional tax amount for a recent accrual year is calculated in accordance with the formula: Tax on increased income – Tax on actual income where: Tax on increased income is the rebated tax on the taxable income of the accrual year, being that taxable income adjusted as follows: (a) the annual arrears amount for the accrual year is to be added; (b) if the accrual year is also a rebate year—the total arrears amount for the accrual year is to be deducted; and (c) if, during the accrual year, there accrued an amount that is, or is part of, the total arrears amount for a rebate year before the current year—the amount that so accrued during the accrual year is to be added. Tax on actual income is the rebated tax on the taxable income of the accrual year, being that taxable income adjusted as follows (if applicable): (d) if the accrual year is also a rebate year—the total arrears amount for the accrual year is to be deducted; and (e) if, during the accrual year, there accrued an amount that is, or is part of, the total arrears amount for a rebate year before the current year—the amount that so accrued during the accrual year is to be added.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159ZRC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 159ZRD", "Provision_Key": "s159zrd", "Heading": "Notional tax amount for distant accrual years", "Text": "(1) The notional tax amount for a distant accrual year is calculated in accordance with the formula: Arrears amount  Average tax rate on recent arrears where: Arrears amount is the annual arrears amount in relation to the accrual year. Average tax rate on recent arrears is the average of the rates calculated in accordance with the following formula in respect of each of the recent accrual years: where: Increased normal tax is the gross tax on the normal taxable income of the recent accrual year, being that normal taxable income adjusted as follows: (a) the annual arrears amount for the recent accrual year is to be added; (b) if the recent accrual year is also a rebate year—the total arrears amount for the recent accrual year is to be deducted; and (c) if, during the recent accrual year, there accrued an amount that is, or is part of, the total arrears amount for a rebate year before the current year—the amount that so accrued during the recent accrual year is to be added. Normal tax is the gross tax on the normal taxable income of the recent accrual year, being that normal taxable income adjusted as follows (if applicable): (d) if the recent accrual year is also a rebate year—the total arrears amount for the recent accrual year is to be deducted; and (e) if, during the recent accrual year, there accrued an amount that is, or is part of, the total arrears amount for a rebate year before the current year—the amount that so accrued during the recent accrual year is to be added. Arrears amount is the annual arrears amount for the recent accrual year. (2) A rate calculated for the purposes of subsection (1) in respect of a recent accrual year shall be calculated as a decimal fraction to 3 decimal places. (3) If a rate so calculated would end with a number greater than 4 if it were calculated to 4 decimal places, the rate shall be increased by 0.001.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s159ZRD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160AAAA", "Provision_Key": "s160aaaa", "Heading": "Tax rebate for low income aged persons and pensioners", "Text": "(1) Subject to subsection 160AAA(4), a taxpayer who is an individual (other than in the capacity as trustee) is entitled to a rebate of tax in the taxpayer’s assessment in respect of income of a year of income of an amount (if any), ascertained in accordance with the regulations, if the taxpayer satisfies the conditions in subsections (2) and (3). (2) The first condition is that: (a) on at least one day during the year of income, the taxpayer: (i) is eligible for a pension, allowance or benefit under the Veterans’ Entitlements Act 1986 (other than Part VII); and (ii) has reached pension age, within the meaning of that Act; and (iii) is not in gaol; or (b) on at least one day during the year of income, the taxpayer: (i) is qualified for an age pension under the Social Security Act 1991 ; and (ii) is not in gaol; or (c) the assessable income of the taxpayer of the year of income includes an amount of: (i) social security pension or education entry payment (within the meaning of the Social Security Act 1991 ); or (ii) service pension, carer service pension or income support supplement under the Veterans’ Entitlements Act 1986 ; and, on at least one day during the year of income, the taxpayer is not in gaol. (3) The second condition is that the taxpayer’s rebate income for the year of income is less than an amount ascertained in accordance with the regulations. (4) If the taxpayer is the spouse of another person, the amount applicable to the taxpayer under subsection (3) is half of the sum of: (a) the taxpayer’s rebate income for the year of income; and (b) the taxpayer’s spouse’s rebate income for the year of income (reduced by any amount included in the spouse’s assessable income under section 100); and (c) an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section 98 in respect of the taxpayer’s spouse. (5) Regulations made for the purposes of this section may be expressed to apply in relation to a year of income any part of which occurred before the notification of the regulations.", "Amendment_Count": 8, "First_Amended": "No 78 of 1996", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 78 of 1996 | No 44 of 2001 | No 57 of 2002 | No 27 of 2009 | No 62 of 2011 | No 159 of 2011 | No 142 of 2021 | No 17 of 2025", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 44 of 2001, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 10 | Sch 1 item 12 | Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 6 | Sch 2 item 7, effective Sch 1: 25 May 2001 (s 2) | Amended by No 57 of 2002, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 27 of 2009, Sch 3 item 40 | Sch 3 item 41, effective Sch 3 (items 1–5, 40–43, 94–100, 102(1)): 27 Mar 2009 (s 2(1) item 5) | Amended by No 62 of 2011, Sch 2 item 41, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 159 of 2011, Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 6 | Sch 3 item 15, effective Sch 1 (items 1–3) and Sch 3 (items 1–16, 24): 1 July 2012 (s 2(1) items 2, 5) Sch 1 (items 4–6): repealed before commencing (s 2(1) item 3) | Amended by No 142 of 2021, Sch 1 item 14, effective Sch 1 (items 10–14): 1 Jan 2022 (s 2(1) item 2) | Amended by No 17 of 2025, Sch 8 item 37, effective Sch 8 (items 33–37): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160AAAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160AAAB", "Provision_Key": "s160aaab", "Heading": "Tax rebate for low income aged persons and pensioners—trustees assessed under section 98", "Text": "(1) Subject to subsection 160AAA(4A), a trustee who is liable to be assessed under section 98 in respect of a beneficiary’s share of the net income of the trust estate is entitled to a rebate of tax in the trustee’s assessment in respect of income of a year of income of an amount (if any), ascertained in accordance with the regulations, if the conditions in subsections (2) and (3) are satisfied. (2) The first condition is that: (a) on at least one day during the year of income, the beneficiary: (i) is eligible for a pension, allowance or benefit under the Veterans’ Entitlements Act 1986 (other than Part VII); and (ii) has reached pension age, within the meaning of that Act; and (iii) is not in gaol; or (b) on at least one day during the year of income, the beneficiary: (i) is qualified for an age pension under the Social Security Act 1991 ; and (ii) is not in gaol; or (c) the assessable income of the beneficiary of the year of income includes an amount of: (i) social security pension or education entry payment (within the meaning of the Social Security Act 1991 ); or (ii) service pension, carer service pension or income support supplement under the Veterans’ Entitlements Act 1986 ; and, on at least one day during the year of income, the beneficiary is not in gaol. (3) The second condition is that the beneficiary has an amount applicable under subsection (4) or (5) for the year of income less than an amount ascertained in accordance with the regulations. (4) If the beneficiary is not the spouse of another person, the amount applicable to the beneficiary under subsection (3) is the amount that would be the beneficiary’s rebate income for the year of income if the beneficiary’s taxable income for that year were the beneficiary’s share of the net income of the trust estate. (5) If the beneficiary is the spouse of another person, the amount applicable to the beneficiary under subsection (3) is half the sum of: (a) the amount that would be applicable to the beneficiary under subsection (3) if the beneficiary were not the spouse of another person; and (b) the beneficiary’s spouse’s rebate income for the year of income (reduced by any amount included in the spouse’s assessable income under section 100); and (c) an amount in respect of which a trustee of a trust estate is liable to be assessed (and pay tax) under section 98 in respect of the taxpayer’s spouse. (6) Regulations made for the purposes of this section may be expressed to apply in relation to a year of income any part of which occurred before the notification of the regulations.", "Amendment_Count": 7, "First_Amended": "No 78 of 1996", "Last_Amended": "No 142 of 2021", "Amending_Acts": "No 78 of 1996 | No 44 of 2001 | No 57 of 2002 | No 27 of 2009 | No 62 of 2011 | No 159 of 2011 | No 142 of 2021", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 44 of 2001, Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 10 | Sch 1 item 12 | Sch 2 item 7, effective Sch 1: 25 May 2001 (s 2) | Amended by No 57 of 2002, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 27 of 2009, Sch 3 item 42, effective Sch 3 (items 1–5, 40–43, 94–100, 102(1)): 27 Mar 2009 (s 2(1) item 5) | Amended by No 62 of 2011, Sch 2 item 42, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 159 of 2011, Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 11 | Sch 3 item 16, effective Sch 1 (items 1–3) and Sch 3 (items 1–16, 24): 1 July 2012 (s 2(1) items 2, 5) Sch 1 (items 4–6): repealed before commencing (s 2(1) item 3) | Amended by No 142 of 2021, Sch 1 item 14, effective Sch 1 (items 10–14): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160AAAB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160AAA", "Provision_Key": "s160aaa", "Heading": "Rebate in respect of certain benefits etc.", "Text": "(1) In this section: rebatable benefit means an amount: (a) paid by way of a benefit under Part 2.11, 2.11A, 2.12, 2.15 or 2.23B of the Social Security Act 1991 ; or (aa) paid by way of parenting payment that is PP (partnered) under the Social Security Act 1991 , to the extent that the amount is not exempt under Division 52 of the Income Tax Assessment Act 1997 ; or (ab) paid from the Commonwealth by way of an ex ‑ gratia payment to which subsection (2) applies; or (b) consisting of a Commonwealth education or training payment (see subsection 6(1)), except where the recipient, or the individual on whose behalf the recipient receives the payment, is an employee of any person who is entitled to a Commonwealth subsidy in respect of the employment; or (e) paid by way of income support to farmers and small business owners affected by Cyclone Larry or Cyclone Monica; or (f) known as an interim income support payment and paid under section 65 of the Public Governance, Performance and Accountability Act 2013 (which deals with act of grace payments by the Commonwealth); or (g) known as the Equine Workers Hardship Wage Supplement Payment. (2) This subsection applies to an ex ‑ gratia payment known as income support allowance for special category visa (subclass 444) holders if the payment is for a disaster: (a) occurring in Australia during the 2014 ‑ 15 financial year or a later financial year; and (b) for which a determination under subsection 36A(1) of the Social Security Act 1991 has been made. (3) Subject to subsections (4) and (4A), where the assessable income of a taxpayer of a year of income includes an amount of rebatable benefit, the taxpayer is entitled in the taxpayer’s assessment in respect of income of the year of income to a rebate of tax of an amount (if any) ascertained in accordance with the regulations. (4) Where, apart from this subsection, the taxpayer would be entitled in his or her assessment in respect of income of a year of income to a rebate of tax under both section 160AAAA (Tax rebate for low income aged persons and pensioners) and this section: (a) if the amounts of the rebates are the same—the taxpayer is entitled to only one of the rebates; and (b) if the amounts of the rebates are not the same—the taxpayer is not entitled to the lesser of the rebates. (4A) If, apart from this subsection: (a) the taxpayer would be entitled in his or her assessment in respect of income of a year of income to a rebate of tax under this section; and (b) the taxpayer is the beneficiary of a trust; and (c) the trustee of the trust is entitled to a rebate of tax for the year of income under section 160AAAB in respect of the taxpayer; then: (d) if the amounts of the rebates are the same, or the amount of the rebate under this section is the lesser amount—the taxpayer is not entitled to the rebate under this section; or (e) if the amount of the rebate under this section is the greater amount—the trustee is not entitled to the rebate under section 160AAAB. (5) Regulations made for the purposes of this section may be expressed to apply in relation to a year of income any part of which occurred before the notification of the regulations.", "Amendment_Count": 42, "First_Amended": "No 106 of 1982", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 106 of 1982 | No 124 of 1984 | No 123 of 1985 | No 173 of 1985 | No 49 of 1986 | No 109 of 1986 | No 154 of 1986 | No 108 of 1987 | No 78 of 1988 | No 95 of 1988 | No 107 of 1989 | No 57 of 1990 | No 100 of 1991 | No 216 of 1991 | No 191 of 1992 | No 125 of 1994 | No 138 of 1994 | No 174 of 1994 | No 184 of 1994 | No 169 of 1995 | No 1 of 1996 | No 122 of 1997 | No 179 of 1997 | No 197 of 1997 | No 45 of 1998 | No 102 of 1998 | No 94 of 1999 | No 76 of 2000 | No 144 of 2000 | No 44 of 2001 | No 80 of 2006 | No 130 of 2007 | No 38 of 2008 | No 97 of 2008 | No 159 of 2011 | No 62 of 2013 | No 13 of 2014 | No 36 of 2015 | No 25 of 2017 | No 26 of 2018 | No 107 of 2020 | No 67 of 2024", "History_Notes": "Inserted by No 106 of 1982, effective 30 Oct 1982 (s 2) | Amended by No 124 of 1984, effective s 3(b): 1 July 1984 (s 2(2)) Remainder: 19 Oct 1984 (s 2(1)) | Amended by No 123 of 1985, item 30, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 173 of 1985, item 17, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 109 of 1986, effective s 4(2)–(9) and Sch: 4 Nov 1986 (s 2) | Amended by No 154 of 1986, item 28 | item 26, effective s 23–25, 26(a), 27, 29–39, 41–48, 49(1), (2), (4)–(6), (8)–(11) and 50: 18 Dec 1986 (s 2(1)) s 26(b), (c), 28, 40, 49(3) and (7): 1 Jan 1987 (s 2(4) and gaz 1986, No S650) | Amended by No 108 of 1987, item 17, effective s 4–40: 13 Nov 1987 (s 2) | Amended by No 78 of 1988, item 56 | item 29 | item 1987 | item 1 | item 66, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 95 of 1988, item 52, effective s 12–43, 44(b), 45–52, 54–58 and Sch: 24 Nov 1988 (s 2(1)) s 44(a) and 54(11): 16 Mar 1989 (s 2(2)) | Amended by No 107 of 1989, Sch 1 item 16, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Repealed and substituted by No 57 of 1990, item 40 | Sch 2 item 40, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 100 of 1991, Sch 2 item 49, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 1 item 133, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 191 of 1992, item 21, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 125 of 1994, item 92, effective Sch (items 89–93): 18 Oct 1994 (s 2) | Amended by No 138 of 1994, item 88, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 174 of 1994, Sch 1 item 171 | Sch 1 item 172 | Sch 3 item 38 | Sch 4 item 50 | Sch 4 item 51, effective s 14, 15 and Sch 4 (items 38–41, 47–51): 1 Jan 1995 (s 2(5)) Sch 1 (items 163–174): 1 July 1995 (s 2(1)) Sch 3 (items 34–38): 20 Sept 1994 (s 2(2)) | Amended by No 184 of 1994, Sch 3 item 60, effective Sch 3 (items 55–62): 1 Jan 1995 (s 2) | Amended by No 169 of 1995, Sch 3 item 26, effective Sch 1 (items 1–14, 16), Sch 2 (items 1–8, 11–15), Sch 3 (items 1–36, 40–44) and Sch 8 (items 1–5): 16 Dec 1995 (s 2(1)) Sch 3 (items 37–39): 1 July 1994 (s 2(2)) Sch 10 (item 2): 13 Oct 1994 (s 2(5)) | Amended by No 1 of 1996, Sch 11 item 6 | Sch 11 item 7 | Sch 11 item 17 | Sch 11 item 18, effective Sch 11 (items 1–7): 1 July 1996 (s 2(4)(d)) Sch 11 (items 8, 9): 20 Sept 1996 (s 2(5)(d)) Sch 11 (items 10–21): 1 July 1997 (s 2(6)) | Amended by No 122 of 1997, Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13, effective s 4, Sch 1 (items 1–15, 20), Sch 3 (items 1, 2, 6–21) and Sch 5: 8 July 1997 (s 2(1)) Sch 1 (items 17–19): 3 June 1990 (s 2(2)) Sch 1 (items 22, 23): 1 Sept 1994 (s 2(4)) Sch 1 (item 24): 1 Jan 1993 (s 2(3)) Sch 3 (items 3, 4): 24 June 1986 (s 2(6)) Sch 3 (item 5): 30 June 1992 (s 2(7)) Sch 4: 20 Jan 1997 (s 2(8)) Sch 6: 27 June 1996 (s 2(9)) Sch 8: 19 Dec 1996 (s 2(11)) | Amended by No 179 of 1997, Sch 2 item 11, effective Sch 2 (items 10, 11): 25 Nov 1997 (s 2) | Amended by No 197 of 1997, Sch 1 item 323 | Sch 1 item 324, effective Sch 1 (items 313–337): 20 Mar 1998 (s 2(2)) | Amended by No 45 of 1998, Sch 12 item 8 | Sch 12 item 9, effective Sch 12 (items 1–24): 1 July 1998 (s 2(1)) | Amended by No 102 of 1998, Sch 2 item 2, effective Sch 2 (items 1, 2): 30 July 1998 (s 2) | Amended by No 94 of 1999, Sch 4 item 1, effective s 4, Sch 3 (items 1–3), Sch 4, Sch 5 (items 23–35) and Sch 6 (items 67–73): 16 July 1999 (s 2(1)) | Amended by No 76 of 2000, Sch 1 item 1 | Sch 1 item 2, effective Sch 1 (items 1–5, 8(1)–(3)): 28 June 2000 (s 2) | Amended by No 144 of 2000, Sch 2 item 6, effective Sch 2 (items 5, 6) and Sch 3 (item 7(3), 8):18 Dec 2000 (s 2(2) and gaz, 2000 No S634) | Amended by No 44 of 2001, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 2 item 1 | Sch 2 item 2, effective Sch 1: 25 May 2001 (s 2) | Amended by No 80 of 2006, Sch 1 item 1 | Sch 2 item 1 | Sch 3 item 1, effective Sch 1 (items 1, 4), Sch 2, Sch 3 (items 1, 5), Sch 4 (items 3, 4, 14, 21, 22, 30), Sch 6 (item 2) and Sch 9: 30 June 2006 (s 2(1) items 2–4, 6, 7) Sch 4 (items 15–19): 30 June 2002 (s 2(1) item 5) | Amended by No 130 of 2007, Sch 3 item 1, effective Sch 3 (item 1): 18 Aug 2007 (s 2) | Amended by No 38 of 2008, Sch 9 item 1, effective Sch 9 (items 1, 4) and Sch 11: 24 June 2008 (s 2(1) item 7) | Amended by No 97 of 2008, Sch 3 item 35, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 159 of 2011, Sch 3 item 1 | Sch 3 item 3 | Sch 3 item 8 | Sch 3 item 12 | Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16, effective Sch 1 (items 1–3) and Sch 3 (items 1–16, 24): 1 July 2012 (s 2(1) items 2, 5) Sch 1 (items 4–6): repealed before commencing (s 2(1) item 3) | Amended by No 62 of 2013, Sch 1 item 11, effective Sch 1 (item 11): 1 Oct 2013 (s 2) | Amended by No 13 of 2014, Sch 2 item 32, effective Sch 2 (items 31, 32, 56): 1 July 2014 (s 2(1) item 3) | Amended by No 36 of 2015, Sch 5 item 39, effective Sch 5 (items 38, 39, 74–77) and Sch 7: 14 Apr 2015 (s 2) | Amended by No 25 of 2017, Sch 4 item 1 | Sch 4 item 2, effective Sch 4 (items 1, 2): 5 Apr 2017 (s 2(1) item 6) | Amended by No 26 of 2018, Sch 5 item 26 | Sch 5 item 140 | Sch 6 item 5 | Sch 6 item 64 | Sch 7 item 1 | Sch 7 item 69, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 107 of 2020, Sch 3 item 1, effective Sch 3 (item 1): 27 Nov 2020 (s 2(1) item 3) | Amended by No 67 of 2024, Sch 5 item 41 | Sch 5 item 42, effective Sch 5 (items 41–43, 48): 1 Oct 2024 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160AAA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160AAB", "Provision_Key": "s160aab", "Heading": "Rebate in respect of amounts assessable under section 26AH", "Text": "(1) In this section: eligible 26AH amount , in relation to a year of income, means an amount included in assessable income under section 26AH in relation to an eligible policy within the meaning of that section issued by: (a) a life assurance company, not being a life assurance company the whole of the income of which of the year of income is exempt from tax; (c) the Government Insurance Office of New South Wales; (d) Suncorp Insurance and Finance, being a body corporate established by a law of Queensland; (e) the State Government Insurance Commission established by a law of South Australia; (f) the State Insurance Office established by a law of Victoria; or (g) the State Government Insurance Corporation established by a law of Western Australia. statutory percentage means: (a) if the policy concerned was issued by a friendly society: (i) if the year of income is earlier than the 2002 ‑ 03 year of income—33%; or (ii) if the year of income is the 2002 ‑ 03 year of income or a later year of income—30%; or (b) otherwise: (i) if the year of income is earlier than the 2001 ‑ 02 year of income—39%; or (ii) if the year of income is the 2001 ‑ 02 year of income—34%; or (iii) if the year of income is the 2002 ‑ 03 year of income or a later year of income—30%. (2) A taxpayer, not being a taxpayer in the capacity of trustee of a trust estate, is entitled in his or her assessment in respect of income of a year of income to a rebate of tax equal to the statutory percentage of an eligible 26AH amount included in his or her assessable income of the year of income. (3) Where: (a) an amount is included under section 97, 98A or 100 in the assessable income of a year of income of a taxpayer being a beneficiary of a trust estate otherwise than in the capacity of trustee of another trust estate; and (b) the whole or a part of the amount so included (which whole or part is in this subsection referred to as the rebatable amount ) is attributable to an eligible 26AH amount included in the assessable income of the year of income of the trust estate or of another trust estate; the taxpayer is entitled in his or her assessment in respect of income of the year of income to a rebate of tax equal to the statutory percentage of the rebatable amount. (4) Where: (a) a taxpayer being the trustee of a trust estate is liable to be assessed and to pay tax in pursuance of section 98 in respect of a share of the net income of the trust estate of a year of income; and (b) the whole or part of that share (which whole or part is in this subsection referred to as the rebatable amount ) is attributable to an eligible 26AH amount included in the assessable income of the year of income of the trust estate or of another trust estate; the taxpayer is entitled in that assessment to a rebate of tax equal to the statutory percentage of the rebatable amount. (5) Where: (a) a taxpayer being the trustee of a trust estate is liable to be assessed and to pay tax in pursuance of section 99 or 99A in respect of the whole or a part (which whole or part is in this subsection referred to as the relevant trust income ) of the net income of the trust estate of a year of income; and (b) the whole or a part of the relevant trust income (which whole or part is in this subsection referred to as the rebatable amount ) is attributable to an eligible 26AH amount included in the assessable income of the year of income of the trust estate or of another trust estate; the taxpayer is entitled in that assessment to a rebate of tax equal to the statutory percentage of the rebatable amount. (5A) A taxpayer being the trustee of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust is entitled in the taxpayer’s assessment in respect of income of a year of income to a rebate of tax equal to the statutory percentage of any eligible section 26AH amount included in the taxpayer’s assessable income of the year of income. (6) Where an eligible 26AH amount is included in the assessable income of a partnership of a year of income in the calculation of the net income or partnership loss of the partnership of the year of income, a partner in the partnership is entitled in his or her assessment in respect of income of the year of income to a rebate of tax equal to the statutory percentage of the amount by which the taxable income of the partner of the year of income exceeds the amount that could reasonably be expected to be that taxable income if the eligible 26AH amount had not been included in the assessable income of the partnership of the year of income.", "Amendment_Count": 13, "First_Amended": "No 14 of 1984", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 14 of 1984 | No 47 of 1984 | No 173 of 1985 | No 109 of 1986 | No 154 of 1986 | No 11 of 1988 | No 97 of 1989 | No 105 of 1989 | No 55 of 1993 | No 89 of 2000 | No 101 of 2004 | No 15 of 2007 | No 41 of 2011", "History_Notes": "Inserted by No 14 of 1984, effective 12 Apr 1984 (s 2) | Amended by No 47 of 1984, effective 25 June 1984 (s 2) | Amended by No 173 of 1985, item 18, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 109 of 1986, effective s 4(2)–(9) and Sch: 4 Nov 1986 (s 2) | Amended by No 154 of 1986, item 29 | item 26, effective s 23–25, 26(a), 27, 29–39, 41–48, 49(1), (2), (4)–(6), (8)–(11) and 50: 18 Dec 1986 (s 2(1)) s 26(b), (c), 28, 40, 49(3) and (7): 1 Jan 1987 (s 2(4) and gaz 1986, No S650) | Amended by No 11 of 1988, item 26, effective s 9–13 and 15–40: 26 Apr 1988 (s 2(1)) s 14: 24 June 1986 (s 2(2)) | Amended by No 97 of 1989, Sch 2 item 12 | Sch 2 item 1988 | Sch 1 item 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 105 of 1989, item 27, effective s 4, 5(a)–(n), (p) and 6–66: 30 June 1989 (s 2(1)) s 5(o): 18 Dec 1987 (s 2(2)) | Amended by No 55 of 1993, item 19, effective s 8–12: 27 Oct 1993 (s 2(1)) s 13: 1 July 1995 (s 2(2)(a)) s 14: repealed before commencing (s 2(3)(a)) s 15: 1 July 2000 (s 2(4)) | Amended by No 89 of 2000, Sch 2 item 25, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 15 of 2007, Sch 1 item 107, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 41 of 2011, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160AAB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160AD", "Provision_Key": "s160ad", "Heading": "Maximum amount of rebates", "Text": "Notwithstanding anything contained in this or any other Act, the sum of the rebates allowable under this Act shall not exceed the amount of tax which would otherwise be payable by the taxpayer.", "Amendment_Count": 4, "First_Amended": "No 22 of 1942", "Last_Amended": "No 143 of 1965", "Amending_Acts": "No 22 of 1942 | No 37 of 1945 | No 48 of 1950 | No 143 of 1965", "History_Notes": "Inserted by No 22 of 1942, effective 7 June 1942 (s 2) | Amended by No 37 of 1945, effective s 3–9: 11 Oct 1945 (s 2) | Amended by No 48 of 1950, effective s 3–34 and 36: 14 Dec 1950 (s 2) | Repealed and substituted by No 143 of 1965, effective 14 Feb 1966 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160AD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ADA", "Provision_Key": "s160ada", "Heading": "Most tax offsets under the 1997 Assessment Act are treated as rebates", "Text": "A tax offset under a provision of the Income Tax Assessment Act 1997 is taken to be a rebate for the purposes of this Act, unless that provision corresponds to a provision of this Act that provides for a credit. Note: If the tax offset provision does correspond to a credit provision, the tax offset is treated as a credit: see section 6D.", "Amendment_Count": 2, "First_Amended": "No 47 of 1998", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 47 of 1998 | No 143 of 2007", "History_Notes": "Inserted by No 47 of 1998, Sch 9 item 8 | Sch 9 item 10, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 143 of 2007, Sch 1 item 6D | Sch 1 item 63, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ADA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZVA", "Provision_Key": "s160zzva", "Heading": "Object", "Text": "(1) The object of this Part is: (a) to assist in calculating that part of a foreign bank’s taxable income that is referable to certain activities of its Australian branch; and (b) to make it clear that withholding tax will apply to amounts that are taken by this Part to be interest paid by the branch to the bank. Note: This Part also: (a) applies to foreign entities that are financial entities in the same way as it applies to foreign banks; and (b) applies to permanent establishments in Australia of foreign entities that are financial entities in the same way as it applies to Australian branches of foreign banks. See Division 4. (2) For the purpose of achieving the object mentioned in subsection (1), this Part requires, in the circumstances stated in this Part and not otherwise, that the Australian branch is to be treated as if it were a separate legal entity from the bank.", "Amendment_Count": 2, "First_Amended": "No 138 of 1994", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 138 of 1994 | No 64 of 2005", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 64 of 2005, Sch 3 item 1, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZVA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZVB", "Provision_Key": "s160zzvb", "Heading": "Application", "Text": "(1) It is the intention that, in so far as this Part is to be applied to identify amounts of income and expenditure that are taken into account in calculating that part of a foreign bank’s taxable income of a year of income that is referable to certain activities of its Australian branch, the provisions of this Part are to be applied in their entirety. (2) If, as a result of the application of this Part: (a) the taxable income of a year of income of a foreign bank that is attributable to activities carried on by the bank through its Australian branch is greater than the amount that would be that taxable income if this Part did not apply; or (b) a foreign bank would be taken not to incur a loss in a year of income in respect of activities carried on by the bank through its Australian branch that it would be taken to have incurred if this Part did not apply; or (c) the amount of a loss that a foreign bank would be taken to incur in a year of income in respect of activities carried on by the bank through its Australian branch is less than the amount of the loss that it would be taken to have incurred if this Part did not apply; the bank may elect that this Part is not to apply in the calculation of its taxable income of that year of income. (3) If a foreign bank makes an election as mentioned in subsection (2): (a) this Part does not apply in the calculation of the bank’s taxable income of the year of income to which the election relates and the bank may furnish returns, and is liable to pay tax, accordingly; but (b) the election does not affect the operation of this Part in respect of the application of withholding tax to amounts that are taken by this Part to be interest paid by the branch to the bank.", "Amendment_Count": 3, "First_Amended": "No 138 of 1994", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 138 of 1994 | No 21 of 2015 | No 84 of 2018", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 21 of 2015, Sch 7 item 11, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15) | Amended by No 84 of 2018, Sch 1 item 5, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZVB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZV", "Provision_Key": "s160zzv", "Heading": "Definitions", "Text": "In this Part, unless the contrary intention appears: accounting records includes: (a) invoices, receipts, vouchers and other documents of prime entry; and (b) any working papers and other documents that are necessary to explain the methods and calculations by which accounts are made up. Australian branch , in relation to a foreign bank, means a permanent establishment in Australia through which the bank carries on banking business. derivative transaction means a Division 230 financial arrangement (within the meaning of the Income Tax Assessment Act 1997 ) that is entered into for the purpose of eliminating, reducing or altering the risk of adverse financial consequences that might result from changes in rates of interest or changes in rates of exchange between currencies, or for the purpose of making a profit from such changes, but does not include a transaction entered into for the provision of finance or a foreign exchange transaction. foreign bank means a body corporate that is a foreign ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 . foreign exchange transaction means a transaction by which different currencies are exchanged. interest has the same meaning as in Division 11A of Part III. offshore banking unit has the same meaning as in Division 11A of Part III. time of establishment , in relation to an Australian branch of a foreign bank, means the time when the bank began to carry on business through the permanent establishment in Australia that constitutes the branch.", "Amendment_Count": 4, "First_Amended": "No 138 of 1994", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 138 of 1994 | No 95 of 1997 | No 48 of 1998 | No 15 of 2009", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 95 of 1997, Sch 5 item 19, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 48 of 1998, Sch 3 item 90, effective Sch 1 (items 83–97): 1 July 1998 (s 2(2)) | Amended by No 15 of 2009, Sch 1 item 41 | Sch 1 item 42, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZV"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZW", "Provision_Key": "s160zzw", "Heading": "Certain provisions to apply as if Australian branch of foreign bank were a separate legal entity", "Text": "(1) Subsections (2), (3), (4) and (5) apply only: (a) for the purposes of sections 160ZZZ, 160ZZZA, 160ZZZC, 160ZZZE and 160ZZZF as they have effect in the determination under this Act of the liability of a foreign bank to tax (other than withholding tax) in respect of income derived from an Australian branch of the bank; and (b) for the purposes of the provisions of this Act other than this Part as those provisions apply in relation to amounts that are taken by this Part to have been received from a foreign bank by its Australian branch or to have been paid to a foreign bank by its Australian branch; and (c) for the purposes of section 160ZZZJ as it has effect in determining the liability of a foreign bank to withholding tax in respect of amounts paid to the bank by an Australian branch of the bank. (1A) To avoid doubt, subsection (2) applies for the purposes of applying Subdivision 230 ‑ A of the Income Tax Assessment Act 1997 to a financial arrangement (within the meaning of that Act). Note: This means that it is possible for financial arrangements to be entered into between the bank and the branch and for the bank or the branch to have a gain or loss from such an arrangement dealt with under Division 230 of the Income Tax Assessment Act 1997 . (2) The branch and the bank are taken to be, and to have been since the time of establishment of the branch, separate legal entities. Note: For cross ‑ border transfer pricing, the rules in Subdivision 815 ‑ B of the Income Tax Assessment Act 1997 apply to the separate legal entity, rather than the rules for permanent establishments in Subdivision 815 ‑ C: see subsection 815 ‑ 210(3) of that Act. (3) The branch is taken to be, and to have been since the time of its establishment, a company having a share capital all the shares in which are or were beneficially owned by the bank. (4) The branch is taken to be a non ‑ resident and to have been a non ‑ resident since the time of its establishment.", "Amendment_Count": 4, "First_Amended": "No 138 of 1994", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 138 of 1994 | No 162 of 2001 | No 15 of 2009 | No 101 of 2013", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 162 of 2001, Sch 1 item 6, effective Sch 1 (items 2–13, 23–26): 1 July 2001 (s 2(1)) | Amended by No 15 of 2009, Sch 1 item 230 | Sch 1 item 43, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 101 of 2013, Sch 2 item 815 | Sch 2 item 10 | Sch 2 item 11, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZW"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZX", "Provision_Key": "s160zzx", "Heading": "Income of branch to have Australian source", "Text": "(1) All income derived by a foreign bank through its Australian branch is taken, for the purposes of this Act, to be income derived from a source in Australia. (2) All gains from a Division 230 financial arrangement (within the meaning of the Income Tax Assessment Act 1997 ) made by a foreign bank through its Australian branch is taken, for the purposes of this Act, to be from an Australian source.", "Amendment_Count": 2, "First_Amended": "No 138 of 1994", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 138 of 1994 | No 15 of 2009", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 15 of 2009, Sch 1 item 44 | Sch 1 item 45, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZX"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZ", "Provision_Key": "s160zzz", "Heading": "Notional borrowing by branch from bank", "Text": "(1) If an amount has been made available by a foreign bank for use by an Australian branch of the bank and is recorded in the branch’s accounting records as having been provided by the bank to the branch, that amount is taken, for the purposes of this Act, to have been borrowed by the branch from the bank when the amount became so available and to have been so borrowed in the currency in which the amount became so available. (2) If an amount has been made available by the branch to the bank in purported repayment of an amount that is taken, under subsection (1), to have been borrowed by the branch from the bank and the amount so made available is recorded in the branch’s accounting records as having been repaid by the branch to the bank, the amount that was so taken to have been borrowed is taken, for the purposes of this Act, to have been repaid by the branch to the bank when the amount became so available and to have been so repaid in the currency in which the amount became so available.", "Amendment_Count": 1, "First_Amended": "No 138 of 1994", "Last_Amended": "No 138 of 1994", "Amending_Acts": "No 138 of 1994", "History_Notes": "Inserted by No 138 of 1994, item 113, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZA", "Provision_Key": "s160zzza", "Heading": "Notional payment of interest by branch to bank", "Text": "(1) If, under section 160ZZZ, an amount is taken, for the purposes of this Act, to have been borrowed (the notional borrowing ) in a particular currency from a foreign bank by an Australian branch of the bank, the following provisions have effect: (a) at any time (the relevant time ) when, in respect of the notional borrowing, an amount (the notional amount of interest ) is entered in the branch’s accounting records as interest for a period fixed by the bank, interest is taken, for the purposes of this Act, to be incurred by the branch, paid by the branch to the bank, and derived by the bank, in respect of the notional borrowing; (b) subject to the application of paragraph (c), the notional amount of interest is taken, for the purposes of this Act, to be the amount of interest so taken to be paid; (c) if the interest on the notional borrowing at the relevant time was at a rate of interest that exceeded the LIBOR that was applicable at the beginning of the relevant interest calculation period in relation to the notional borrowing, there is taken to have been entered in the branch’s accounting records at the relevant time, in lieu of the notional amount of interest, the amount that would have been so entered if interest on the notional borrowing for the relevant interest calculation period had been calculated at the LIBOR that was applicable at the beginning of that period. (2) For the purposes of this section, a reference to the LIBOR that was applicable at the beginning of the relevant interest calculation period in relation to the notional borrowing is a reference to: (a) the LIBOR applicable at the beginning of that period in respect of advances in the currency of that borrowing for a term the number of days in which was equal to the number of days in that period; or (b) if there was no LIBOR applicable at the beginning of that period in respect of advances in the currency of that borrowing for such a term: (i) the LIBOR applicable at the beginning of that period in respect of advances in that currency for a term the number of days in which most nearly approximated the number of days in that period; or (ii) if there were different LIBORs so applicable for different terms the number of days in each of which could be described as having most nearly approximated the number of days in that period—the LIBOR so applicable for the shorter of those terms. (3) For the purposes of this section: (a) a reference to LIBOR, in relation to a particular time, is a reference to the rate of interest applicable at that time in relation to banks in the London inter bank market as determined by reference to the Reuter Monitor Money Rates Service or any other published source; and (b) a reference to the relevant interest calculation period in relation to a notional borrowing from a foreign bank by an Australian branch of the bank is a reference to the period fixed by the bank for the calculation of the notional amount of interest in respect of the notional borrowing.", "Amendment_Count": 2, "First_Amended": "No 138 of 1994", "Last_Amended": "No 95 of 1997", "Amending_Acts": "No 138 of 1994 | No 95 of 1997", "History_Notes": "Inserted by No 138 of 1994, item 113, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 95 of 1997, Sch 5 item 20, effective Sch 1 (item 23): 30 June 1997 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZC", "Provision_Key": "s160zzzc", "Heading": "Offshore banking units", "Text": "If: (a) apart from this section, a foreign bank would be an offshore banking unit under a declaration made under subsection 128AE(2); and (b) the foreign bank has an Australian branch; this Act has effect as if the Australian branch were the offshore banking unit under the declaration.", "Amendment_Count": 2, "First_Amended": "No 138 of 1994", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 138 of 1994 | No 64 of 2020", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 64 of 2020, Sch 3 item 215, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZE", "Provision_Key": "s160zzze", "Heading": "Notional derivative transactions between branch and bank", "Text": "If the accounting records of an Australian branch of a foreign bank reflect a derivative transaction notionally entered into by the branch with the bank: (a) the notional transaction is taken to be a transaction entered into by the branch with the bank; and (b) any amount entered in the branch’s accounting records as a payment or receipt in respect of the notional transaction is taken, for the purposes of this Act, to be an amount paid or received by the branch, as the case may be, in respect of the derivative transaction when the amount was so entered.", "Amendment_Count": 1, "First_Amended": "No 138 of 1994", "Last_Amended": "No 138 of 1994", "Amending_Acts": "No 138 of 1994", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZF", "Provision_Key": "s160zzzf", "Heading": "Notional foreign exchange transactions between branch and bank", "Text": "If the accounting records of an Australian branch of a foreign bank reflect a foreign exchange transaction notionally entered into by the branch with the bank: (a) the notional transaction is taken to be a transaction entered into by the branch with the bank; and (b) any amount entered in the branch’s accounting records as a payment or receipt in respect of the notional transaction is taken, for the purposes of this Act, to be an amount paid or received by the branch, as the case may be, in respect of the foreign exchange transaction when the amount was so entered.", "Amendment_Count": 1, "First_Amended": "No 138 of 1994", "Last_Amended": "No 138 of 1994", "Amending_Acts": "No 138 of 1994", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZG", "Provision_Key": "s160zzzg", "Heading": "Losses", "Text": "Subdivision 170 ‑ A of the Income Tax Assessment Act 1997 has effect as if an Australian branch of a foreign bank were a subsidiary of the bank and a resident of Australia.", "Amendment_Count": 2, "First_Amended": "No 138 of 1994", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 138 of 1994 | No 39 of 1997", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 39 of 1997, Sch 4 item 246, effective Sch 1: 1 July 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZH", "Provision_Key": "s160zzzh", "Heading": "Net capital losses", "Text": "Subdivision 170 ‑ B of the Income Tax Assessment Act 1997 (about transfer of net capital losses within wholly ‑ owned groups of companies) has effect as if an Australian branch of a foreign bank were a 100% subsidiary (within the meaning of that Act) of the bank and an Australian resident (within the meaning of that Act).", "Amendment_Count": 2, "First_Amended": "No 138 of 1994", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 138 of 1994 | No 46 of 1998", "History_Notes": "Inserted by No 138 of 1994, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Repealed and substituted by No 46 of 1998, Sch 10 item 400, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZI", "Provision_Key": "s160zzzi", "Heading": "Certain transactions to be disregarded", "Text": "Any transaction entered into by a foreign bank otherwise than through its Australian branch: (a) under which finance is provided to the bank; or (b) that is a derivative transaction or a foreign exchange transaction; is to be disregarded for the purpose of determining whether a deduction is allowable to the bank under this Act.", "Amendment_Count": 1, "First_Amended": "No 138 of 1994", "Last_Amended": "No 138 of 1994", "Amending_Acts": "No 138 of 1994", "History_Notes": "Inserted by No 138 of 1994, item 113, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZJ", "Provision_Key": "s160zzzj", "Heading": "Withholding tax on interest paid by branch to bank", "Text": "(1) If: (a) an amount of interest is taken under section 160ZZZA to be paid to, and derived by, a foreign bank by an Australian branch of the bank; and (b) apart from this section, section 128B of this Act, and Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 , would apply to an amount (the taxable amount ) that comprises the whole or a part of the amount so taken to be paid; the following subsections have effect. (2) Section 128B of this Act, and Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 , apply only to the amount worked out using the formula: (3) An amount to which section 128B applies because of subsection (2) of this section is taken, for the purposes of section 128C, to be income that was derived by the bank when the amount of interest referred to in paragraph (1)(a) is taken to have been paid to the bank.", "Amendment_Count": 4, "First_Amended": "No 138 of 1994", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 138 of 1994 | No 179 of 1999 | No 162 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 138 of 1994, item 113, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 179 of 1999, Sch 18 item 34 | Sch 18 item 35, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 162 of 2001, Sch 1 item 9 | Sch 1 item 25, effective Sch 1 (items 2–13, 23–26): 1 July 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 402 | Sch 2 item 403, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZK", "Provision_Key": "s160zzzk", "Heading": "Treatment like Australian branches of foreign banks", "Text": "Objects (1) The main objects of this section are: (a) to treat foreign entities that are financial entities like foreign banks for the purposes of this Part; and (b) to treat Australian permanent establishments of foreign entities that are financial entities like Australian branches of foreign banks for the purposes of this Part. Foreign financial entities treated like foreign banks (2) This Part (except this Division) applies to a foreign entity that is a financial entity in the same way as this Part applies to a foreign bank. Australian permanent establishments treated like Australian branches (3) This Part (except this Division) applies to a permanent establishment in Australia of a foreign entity that is a financial entity in the same way as this Part applies to an Australian branch of a foreign bank. Definitions (4) In this section: financial entity has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 . foreign entity has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 64 of 2005", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 64 of 2005", "History_Notes": "Inserted by No 64 of 2005, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZK"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZL", "Provision_Key": "s160zzzl", "Heading": "Certain “hybrid mismatch” deductions denied", "Text": "(1) Subsection (2) applies if: (a) either: (i) an amount of interest (a notional payment ) is taken under section 160ZZZA to be incurred by an Australian branch of a foreign bank in respect of a notional borrowing; or (ii) an amount (also a notional payment ) is taken under section 160ZZZE to be an amount paid by an Australian branch of a foreign bank in respect of a notional derivative transaction; and (b) the amount would, apart from this section, give rise to a deduction for the Australian branch in a year of income; and (c) the amount of the deduction exceeds the amount worked out under subsection (3). Neutralising hybrid mismatch outcomes (2) So much of the deduction as equals the excess worked out under paragraph (1)(c) is not allowable as a deduction for the year of income. Extent to which notional payment gives rise to a deduction/non ‑ inclusion outcome (3) For the purposes of paragraph (1)(c), sum the following amounts: (a) the amount of the notional payment that is subject to foreign income tax; (b) so much (if any) of the amount of the notional payment as it is reasonable to conclude is effectively funding expenses covered by subsection (4) or (5) (about non ‑ deductible third party expenses); (c) the amount (if any) of income or profits of the Australian branch that is both: (i) subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) of the Income Tax Assessment Act 1997 in the year of income mentioned in paragraph (1)(b); and (ii) subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) of the Income Tax Assessment Act 1997 in the foreign country in which the foreign bank is a resident. Non ‑ deductible third party expenses (4) For the purposes of paragraph (3)(b), if: (a) the notional payment is in respect of a notional borrowing; and (b) it is reasonable to conclude that the notional borrowing is effectively funded by actual borrowings by the foreign bank; then the expenses in respect of the actual borrowings are covered by this subsection to the extent (if any) that those expenses do not give rise to foreign income tax deductions. (5) For the purposes of paragraph (3)(b), if: (a) the notional payment is in respect of a notional derivative transaction; and (b) it is reasonable to conclude that the foreign bank has hedged or managed all or part of its risk in relation to the notional derivative transaction by entering into actual transactions; then the expenses in respect of the actual transactions are covered by this subsection to the extent (if any) that those expenses do not give rise to foreign income tax deductions. Safe harbour (6) The deduction is taken for the purposes of paragraph (1)(c) not to exceed the amount worked out under subsection (3) if the foreign bank adopts a recognised transfer pricing methodology in allocating expenditure and income between itself and all its branches.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, Sch 1 item 6, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZN", "Provision_Key": "s160zzzn", "Heading": "Adjusting if Australian branch derives dual inclusion income in a later year", "Text": "(1) There is an adjustment under subsection (2) for the Australian branch in a year of income (the adjustment year ) if: (a) an amount of a deduction was not allowable for the branch in an earlier year of income under subsection 160ZZZL(2); and (b) this Part applies in the calculation of the foreign bank’s taxable income in the adjustment year; and (c) an amount of income or profits of the Australian branch is: (i) subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) of the Income Tax Assessment Act 1997 in the adjustment year; and (ii) subject to foreign income tax for the purposes of that subsection in the foreign country in which the foreign bank is a resident. (2) So much of the amount of income or profits that satisfies paragraph (1)(c) as does not exceed the amount of the deduction that was not allowable is an amount the Australian branch can deduct in the adjustment year. (3) For the purposes of a later application of this section, treat the amount of the deduction that was not allowable under subsection 160ZZZL(2) as being reduced by the amount deducted under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, Sch 1 item 6, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZP", "Provision_Key": "s160zzzp", "Heading": "Dual inclusion income not to be applied more than once", "Text": "(1) For the purposes of paragraphs 160ZZZL(3)(c) and 160ZZZN(1)(c), an amount of income or profits is to be disregarded if: (a) the amount is dual inclusion income; and (b) the amount has been applied by a provision of Division 832 of the Income Tax Assessment Act 1997 . (2) For the purposes of Division 832 of that Act, an amount of dual inclusion income is not available to be applied by a provision of that Division if it has been taken into account under paragraph 160ZZZL(3)(c) or subsection 160ZZZN(2).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 160ZZZR", "Provision_Key": "s160zzzr", "Heading": "Interpretation", "Text": "In this Division: dual inclusion income has the same meaning as in the Income Tax Assessment Act 1997. foreign income tax deduction has the same meaning as in the Income Tax Assessment Act 1997. subject to Australian income tax has the same meaning as in the Income Tax Assessment Act 1997. subject to foreign income tax has the same meaning as in the Income Tax Assessment Act 1997.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s160ZZZR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 161", "Provision_Key": "s161", "Heading": "Annual returns", "Text": "Requirement to lodge a return (1) Every person must, if required by the Commissioner by legislative instrument, give to the Commissioner a return for a year of income within the period specified in the instrument. Note: The Commissioner may defer the time for giving the return: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . (1A) The Commissioner may, in the instrument, exempt from liability to furnish returns such classes of persons not liable to pay income tax as the Commissioner thinks fit, and a person so exempted need not furnish a return unless the person is required by the Commissioner to do so. (2) If the taxpayer is absent from Australia, or is unable from physical or mental infirmity to make such return, the return may be signed and delivered by some person duly authorized. (3) Nothing in this section prevents an approval by the Commissioner of a form of return under section 35D of the Superannuation Industry (Supervision) Act 1993 from requiring or permitting a return under that section to be attached to, or to form part of, a return under this section. Note: However, the rules applicable to a return under section 35D of the Superannuation Industry (Supervision) Act 1993 are those specified in that Act.", "Amendment_Count": 12, "First_Amended": "No 85 of 1959", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 85 of 1959 | No 85 of 1967 | No 87 of 1978 | No 52 of 1986 | No 73 of 1989 | No 20 of 1990 | No 174 of 1997 | No 121 of 1999 | No 24 of 2000 | No 91 of 2000 | No 154 of 2007 | No 64 of 2020", "History_Notes": "Amended by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 85 of 1967, item 19 | item 35, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 87 of 1978, item 26, effective s 17–71: 22 June 1978 (s 2) | Amended by No 52 of 1986, item 20, effective 24 June 1986 (s 2) | Amended by No 73 of 1989, item 4, effective Sch: 21 June 1989 (s 2) | Amended by No 20 of 1990, item 29, effective s 6–8, 9 (amdt to s 78(1)(a)(xcv) Income Tax Assessment Act 1936) and 10–50: 17 Jan 1990 (s 2(1)) s 9 (amdt to s 78(1)(a)(xcvi) Income Tax Assessment Act 1936): 10 Nov 1989 (s 2(2)) | Amended by No 174 of 1997, Sch 7 item 5 | Sch 7 item 6, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 121 of 1999, Sch 2 item 6, effective Sch 2 (items 5, 6): 8 Oct 1999 (s 2(1)) | Amended by No 24 of 2000, Sch 11 item 5, effective Sch 11 (item 5): 12 May 2000 (s 2(11)) | Amended by No 91 of 2000, Sch 2 item 131 | Sch 2 item 132 | Sch 2 item 145, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 154 of 2007, Sch 3 item 3, effective Sch 1 (item 172A): 1 Jan 2008 (s 2(1) item 3) Sch 1 (item 296) and Sch 3 (item 3): 24 Sept 2007 (s 2(1) items 6, 7) | Amended by No 64 of 2020, Sch 3 item 216 | Sch 3 item 217 | Sch 3 item 218, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s161"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 161A", "Provision_Key": "s161a", "Heading": "Form and content of returns", "Text": "(1) The return must be in the approved form. Electronic returns (2) An approval given by the Commissioner of a form of return may require or permit the return to be given on a specified kind of data processing device, or by way of electronic transmission, in accordance with specified software requirements.", "Amendment_Count": 2, "First_Amended": "No 174 of 1997", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 174 of 1997 | No 91 of 2000", "History_Notes": "Inserted by No 174 of 1997, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 91 of 2000, Sch 2 item 133, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s161A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 161AA", "Provision_Key": "s161aa", "Heading": "Contents of returns of full self ‑ assessment taxpayers", "Text": "A full self ‑ assessment taxpayer must, in a return for a year of income, specify: (a) its taxable income or its net income for that year of income (or that it has no taxable income or net income for that year); and (b) the amount of the tax payable on that taxable income or net income (or that no tax is payable); and (ba) the total of its tax offset refunds for that year of income (or that it can get no such refund for that year of income); or (c) the amount of interest (if any) payable by the taxpayer under section 102AAM for that year of income; and (d) for a company that is an RSA provider, or a trustee of a superannuation fund in relation to the year of income: (i) its no ‑ TFN contributions income as defined by section 295 ‑ 610 of the Income Tax Assessment Act 1997 (or that it has no no ‑ TFN contributions income); and (ii) the amount of the income tax payable on that income (or that no income tax is payable).", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 179 of 1999 | No 161 of 2005 | No 9 of 2007 | No 88 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 179 of 1999, Sch 18 item 6, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 161 of 2005, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 9 of 2007, Sch 1 item 4, effective Sch 1 (items 3, 4, 24(1), 26, 27, 37): 15 Mar 2007 (s 2(1) item 2) | Amended by No 88 of 2009, Sch 5 item 317, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 88 of 2013, Sch 5 item 13, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s161AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 161G", "Provision_Key": "s161g", "Heading": "Tax agent to give taxpayer copy of notice of assessment", "Text": "Where a taxpayer has given the address of a registered tax agent as the taxpayer’s address for service, the registered tax agent must give the taxpayer the original of, or a copy of, any notice of assessment in respect of that taxpayer that is delivered to that address. Penalty: 30 penalty units.", "Amendment_Count": 1, "First_Amended": "No 174 of 1997", "Last_Amended": "No 174 of 1997", "Amending_Acts": "No 174 of 1997", "History_Notes": "Inserted by No 174 of 1997, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s161G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 162", "Provision_Key": "s162", "Heading": "Further returns and information", "Text": "A person must, if required by the Commissioner, whether before or after the end of the year of income, give the Commissioner, within the time required and in the approved form: (a) a return or a further or fuller return for a year of income or a specified period, whether or not the person has given the Commissioner a return for the same period; or (b) any information, statement or document about the person’s financial affairs.", "Amendment_Count": 3, "First_Amended": "No 52 of 1986", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 52 of 1986 | No 17 of 1999 | No 91 of 2000", "History_Notes": "Amended by No 52 of 1986, item 21, effective 24 June 1986 (s 2) | Amended by No 17 of 1999, Sch 2 item 18 | Sch 2 item 19, effective Sch 2 (items 1–13, 15–40): 19 Apr 1999 (s 2(1)) Sch 2 (item 14): 17 May 1999 (s 2(2)) | Repealed and substituted by No 91 of 2000, Sch 2 item 138, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s162"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 163", "Provision_Key": "s163", "Heading": "Special returns", "Text": "Every person, whether a taxpayer or not, if required by the Commissioner, shall, in the approved form and within the time required by the Commissioner, furnish any return required by the Commissioner for the purposes of this Act.", "Amendment_Count": 4, "First_Amended": "No 87 of 1978", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 87 of 1978 | No 73 of 1989 | No 91 of 2000 | No 41 of 2011", "History_Notes": "Amended by No 87 of 1978, item 27, effective s 17–71: 22 June 1978 (s 2) | Amended by No 73 of 1989, item 4, effective Sch: 21 June 1989 (s 2) | Amended by No 91 of 2000, Sch 2 item 139, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 41 of 2011, Sch 5 item 320, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s163"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 166", "Provision_Key": "s166", "Heading": "Assessment", "Text": "From the returns, and from any other information in the Commissioner’s possession, or from any one or more of these sources, the Commissioner must make an assessment of: (a) the amount of the taxable income (or that there is no taxable income) of any taxpayer; and (b) the amount of the tax payable thereon (or that no tax is payable); and (c) the total of the taxpayer’s tax offset refunds (or that the taxpayer can get no such refunds).", "Amendment_Count": 3, "First_Amended": "No 161 of 2005", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 161 of 2005 | No 41 of 2011 | No 88 of 2013", "History_Notes": "Amended by No 161 of 2005, Sch 2G item 39 | Sch 2G item 40, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 41 of 2011, Sch 5 item 322, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Repealed and substituted by No 88 of 2013, Sch 5 item 14, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s166"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 166A", "Provision_Key": "s166a", "Heading": "Deemed assessment", "Text": "(1) Where a taxpayer that is a relevant entity within the meaning of former Division 1B of Part VI furnishes a return in respect of income of a year of income to which that Division applied: (a) the Commissioner is taken to have made, on the day on which the return is furnished, an assessment of the relevant taxable income or net income, as the case may be, and of the tax payable on that taxable income or net income, being those respective amounts as specified in the return; and (b) on and after the day on which the Commissioner is deemed to have made the assessment, the return is deemed to be a notice of the deemed assessment and to be under the hand of the Commissioner; and (c) the notice referred to in paragraph (b) is deemed to have been served on the entity on the day on which the Commissioner is deemed to have made the assessment. (2) Where: (aa) at a particular time, a taxpayer to which former Division 1C of Part VI applied gives a return in respect of income of a year of income to which that Division applied; and (ab) before that time, no return has been given, and no assessment has been made, in relation to the taxpayer in respect of the income of the year of income: the following provisions apply: (a) the Commissioner is deemed to have made an assessment of the taxable income or net income, and the tax payable on that income, equal to those respective amounts specified in the return; (b) the assessment is deemed to have been made on the day on which the return is lodged; (c) on and after the day on which the Commissioner is deemed to have made the assessment, the return is deemed to be a notice of the deemed assessment: (i) under the hand of the Commissioner; and (ii) served on the taxpayer on the day on which the Commissioner is deemed to have made the assessment. (3) If: (a) at a particular time, a full self ‑ assessment taxpayer gives a return in respect of a year of income for which the taxpayer is a full self ‑ assessment taxpayer; and (b) before that time, no return has been given, and no assessment has been made, in relation to the taxpayer in respect of the income of the year of income; the following provisions apply: (c) the Commissioner is taken to have made an assessment of: (i) the taxable income or net income (or an assessment that there is no taxable income or net income); and (ii) the tax payable on that income (or that no tax is payable); and (iii) the total of the taxpayer’s tax offset refunds for the year of income (or that the taxpayer can get no such refunds); in accordance with what the taxpayer specified in the return; (d) the assessment is taken to have been made on the day on which the return is lodged; (e) on and after the day on which the Commissioner is taken to have made the assessment, the return is taken to be a notice of the assessment: (i) under the hand of the Commissioner; and (ii) served on the taxpayer on the day on which the Commissioner is taken to have made the assessment.", "Amendment_Count": 10, "First_Amended": "No 20 of 1990", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 20 of 1990 | No 100 of 1991 | No 18 of 1993 | No 56 of 1994 | No 120 of 1995 | No 174 of 1997 | No 179 of 1999 | No 161 of 2005 | No 101 of 2006 | No 88 of 2013", "History_Notes": "Inserted by No 20 of 1990, item 20 | item 31 | item 1B | item 12, effective s 6–8, 9 (amdt to s 78(1)(a)(xcv) Income Tax Assessment Act 1936) and 10–50: 17 Jan 1990 (s 2(1)) s 9 (amdt to s 78(1)(a)(xcvi) Income Tax Assessment Act 1936): 10 Nov 1989 (s 2(2)) | Amended by No 100 of 1991, Sch 2 item 56, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 18 of 1993, item 207 | Sch 1 item 71, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 56 of 1994, item 40, effective s 14–23, 39–54, 65–69, 70(3), 71(3), (4), 72–74, 75(2), 76–82, 83(3) and 84–87: 7 Apr 1994 (s 2(1)) s 24–32: 1 July 1993 (s 2(2)) s 33–38: 20 Mar 1994 (s 2(3)) s 55–64: 1 July 1994 (s 2(4)) s 70(1) and 83(1): 30 June 1989 (s 2(5), (8)) s 70(2), 71(2) and 83(2): 8 Jan 1991 (s 2(9)) s 71(1) and 75(1): 17 Jan 1990 (s 2(6), (7)) | Amended by No 120 of 1995, Sch 1 item 72 | Sch 1 item 73, effective Sch 1 (items 1–57, 59–90) and Sch 2 (items 1, 3, 4): 25 Oct 1995 (s 2(1)) Sch 1 (item 58): 23 Nov 1994 (s 2(2)) | Amended by No 174 of 1997, Sch 7 item 9, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 179 of 1999, Sch 18 item 5 | Sch 18 item 6 | Sch 18 item 10, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 161 of 2005, Sch 2G item 41 | Sch 2 item 14, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 101 of 2006, Sch 2 item 407 | Sch 2 item 408 | Sch 2 item 409 | Sch 2 item 410, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 88 of 2013, Sch 5 item 15, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s166A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 167", "Provision_Key": "s167", "Heading": "Default assessment", "Text": "If: (a) any person makes default in furnishing a return; or (b) the Commissioner is not satisfied with the return furnished by any person; or (c) the Commissioner has reason to believe that any person who has not furnished a return has derived taxable income; the Commissioner may make an assessment of the amount upon which in his or her judgment income tax ought to be levied, and that amount shall be the taxable income of that person for the purpose of section 166.", "Amendment_Count": 2, "First_Amended": "No 108 of 1981", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 108 of 1981 | No 41 of 2011", "History_Notes": "Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 41 of 2011, Sch 5 item 323, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s167"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 168", "Provision_Key": "s168", "Heading": "Special assessment", "Text": "(1) The Commissioner may at any time during any year, or after its expiration, make an assessment of: (a) the taxable income derived (or that there is no taxable income) in that year or any part of it by any taxpayer; and (b) the tax payable thereon (or that no tax is payable); and (c) the total of the taxpayer’s tax offset refunds for that year or that part of it (or that the taxpayer can get no such refunds). (2) Where the income, in respect of which such an assessment is made, is derived in a period less than a year, the assessment shall be made as if the beginning and end of that period were the beginning and end respectively of the year of income.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 161 of 2005 | No 88 of 2013", "History_Notes": "Amended by No 161 of 2005, Sch 2G item 42 | Sch 2G item 43, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 88 of 2013, Sch 5 item 16, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s168"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 169", "Provision_Key": "s169", "Heading": "Assessments on all persons liable to tax", "Text": "Where under this Act any person is liable to pay tax (including a nil liability), the Commissioner may make an assessment of the amount of such tax (or an assessment that no tax is payable).", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Amended by No 161 of 2005, Sch 2G item 44 | Sch 2G item 45, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s169"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 169AA", "Provision_Key": "s169aa", "Heading": "Consolidated assessments", "Text": "(1) This section applies if 2 or more persons (the recipients ) are in receipt of income, or of profits or gains of a capital nature, for or on behalf of: (a) a non ‑ resident; or (b) a person absent from Australia. (2) The Commissioner may, if it appears to him or her to be expedient to do so: (a) consolidate all or any of the assessments of the income, profits or gains; and (b) declare one of the recipients to be the agent of the non ‑ resident or absent person in respect of the consolidated assessment; and (c) require the agent to pay income tax on the amount assessed. (3) If the Commissioner does so, the agent is liable to pay the tax.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s169AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 169A", "Provision_Key": "s169a", "Heading": "Reliance by Commissioner on returns and statements", "Text": "(1) Where a return of income of a taxpayer of a year of income is furnished to the Commissioner (whether or not by the taxpayer), the Commissioner may, for the purposes of making an assessment in relation to the taxpayer under this Act, accept, either in whole or in part, a statement in the return of the assessable income derived by the taxpayer and of any allowable deductions or rebates to which it is claimed that the taxpayer is entitled and any other statement in the return or otherwise made by or on behalf of the taxpayer. (2) Despite subsection (1), if, in a document given with a return of income of a taxpayer of a year of income and signed by or on behalf of the taxpayer, a question is raised: (a) that is relevant to the liability of the taxpayer in respect of the year of income; and (b) on which the taxpayer is not entitled to apply for a private ruling under Division 359 in Schedule 1 to the Taxation Administration Act 1953 ; the Commissioner must give attention to that question. (3) In determining whether an assessment is correct, any determination, opinion or judgment of the Commissioner made, held or formed in connection with the consideration of an objection against the assessment shall be deemed to have been made, held or formed when the assessment was made.", "Amendment_Count": 3, "First_Amended": "No 46 of 1986", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 46 of 1986 | No 101 of 1992 | No 161 of 2005", "History_Notes": "Inserted by No 46 of 1986, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 161 of 2005, Sch 2 item 4, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s169A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 170", "Provision_Key": "s170", "Heading": "Amendment of assessments", "Text": "(1) The Commissioner may amend an assessment as follows: Amendment of assessments Time of amendment Qualification 1 The Commissioner may amend an assessment of an individual for a year of income within 2 years after the day on which the Commissioner gives notice of the assessment to the individual. This item does not apply: (a) if the individual carries on a business at any time in that year unless the individual is a small business entity or medium business entity for that year; or (b) if the individual is a partner in a partnership that carries on a business at any time in that year unless the partnership is a small business entity or medium business entity for that year; or (c) to an individual in the capacity of a trustee of a trust estate at any time in that year (see item 3 for this case); or (d) if the individual is a beneficiary of a trust estate at any time in that year unless the trust is a small business entity or medium business entity for that year or the trustee of the trust (in that capacity) is a full self ‑ assessment taxpayer for that year; or (e) if it is reasonable to conclude that any person entered into or carried out a scheme (either alone or with others) for the sole or dominant purpose of the individual obtaining a scheme benefit in relation to income tax from the scheme for that year; or (f) in any other circumstance prescribed by the regulations. This item is subject to items 5 and 6. 2 The Commissioner may amend an assessment of a company that is a small business entity or medium business entity for the year of income to which the assessment relates within 2 years after the day on which the Commissioner gives notice of the assessment to the company. This item does not apply: (a) if the company is a partner in a partnership that carries on a business at any time in that year unless the partnership is a small business entity or medium business entity for that year; or (b) to a company in the capacity of a trustee of a trust estate at any time in that year (see item 3 for this case); or (c) if the company is a beneficiary of a trust estate at any time in that year unless the trust is a small business entity or medium business entity for that year or the trustee of the trust (in that capacity) is a full self ‑ assessment taxpayer for that year; or (d) if it is reasonable to conclude that any person entered into or carried out a scheme (either alone or with others) for the sole or dominant purpose of the company obtaining a scheme benefit in relation to income tax from the scheme for that year; or (e) in any other circumstance prescribed by the regulations. This item is subject to items 5 and 6. 3 The Commissioner may amend an assessment of a person (in the capacity of a trustee of a trust estate) for a year of income if the trust is a small business entity or medium business entity for that year. The Commissioner may amend the assessment within 2 years after the day on which he or she gives notice of the assessment to the person. This item does not apply: (a) if the person (in that capacity) is a partner in a partnership that carries on a business at any time in that year unless the partnership is a small business entity or medium business entity for that year; or (b) if the person (in that capacity) is a beneficiary of another trust estate at any time in that year unless the other trust is a small business entity or medium business entity for that year or the trustee of the other trust (in that capacity) is a full self ‑ assessment taxpayer for that year; or (c) if it is reasonable to conclude that any person entered into or carried out a scheme (either alone or with others) for the sole or dominant purpose of the person (in that capacity) obtaining a scheme benefit in relation to income tax from the scheme for that year; or (d) in any other circumstance prescribed by the regulations. This item is subject to items 5 and 6. 3A The Commissioner may amend an assessment of an individual, a company or a person (in the capacity of a trustee of a trust estate) for a year of income within 4 years after the day on which the Commissioner gives notice of the assessment to the taxpayer if: (a) the individual, company or trust is a small business entity or a medium business entity for the year; and (b) the individual, company or trustee applies for an amendment in the approved form before the end of that 4 year period; and (c) the Commissioner could amend the assessment within 2 years under item 1, 2 or 3; and (d) the period within which the Commissioner could amend the assessment under item 1, 2 or 3 has ended. The Commissioner may amend the assessment to give effect to the decision on the application. This item is subject to items 5 and 6. 4 If item 1, 2 or 3 does not apply, the Commissioner may amend an assessment within 4 years after the day on which he or she gives notice of the assessment to the taxpayer. This item is subject to items 5 and 6. 5 The Commissioner may amend an assessment at any time if he or she is of the opinion there has been fraud or evasion. None. 6 The Commissioner may amend an assessment at any time: (a) to give effect to a decision on a review or appeal; or (b) as a result of an objection made by the taxpayer or pending a review or appeal. None. Note 1: This section applies to assessments where no tax is payable: see the definition of assessment in subsection 6(1). Note 2: This section also applies to amended assessments: see section 173. However, there are limits on how amended assessments can be amended: see subsections (2) and (3) of this section. Note 3: The amendment period mentioned in item 1, 2, 3 or 4 may be extended: see subsections (5) to (7). Limit on amending amended assessments under subsection (1) (2) The Commissioner cannot amend an amended assessment under item 1, 2, 3 or 4 of the table in subsection (1) if the limited amendment period for the original assessment concerned has ended. Note: The Commissioner can amend amended assessments at any time under item 5 or 6 of the table in subsection (1). (2A) The Commissioner cannot amend an amended assessment under item 3A of the table in subsection (1) if the period of 4 years after the day on which the Commissioner gives notice of the original assessment concerned has ended. Refreshed amendment period for amending amended assessments (3) If the Commissioner amends an assessment (the earlier assessment ) as set out in column 2 of the following table, he or she may, under this subsection, amend the assessment (the later assessment ) that results from that amendment in the way set out in column 3 within: (a) if item 1, 2, 3 or 3A of the table in subsection (1) applies to the original assessment concerned (which may or may not be the earlier assessment)—2 years after the day on which he or she gives notice of the later assessment to the taxpayer; or (b) otherwise—4 years after that day. Amendment of later assessment Column 1 Item Column 2 In this case: Column 3 the position is: 1 The Commissioner amends the earlier assessment about a particular in a way that reduces a taxpayer’s liability and the Commissioner accepts a statement made by the taxpayer in making the amendment The Commissioner may amend the later assessment about that particular in a way that increases the taxpayer’s liability. 2 The Commissioner amends the earlier assessment about a particular in a way that: (a) increases a taxpayer’s liability; or (b) reduces a taxpayer’s liability (other than in a case covered by item 1) The Commissioner may amend the later assessment about that particular in a way that reduces the taxpayer’s liability. Note 1: The earlier assessment may be the original assessment or an amended assessment. Note 2: The Commissioner can amend the later assessment at any time under item 5 or 6 of the table in subsection (1). Note 3: The amendment period mentioned in paragraph (3)(a) or (b) may be extended: see subsections (5) to (7). (4) The Commissioner cannot amend an assessment under item 2 of the table in subsection (3) about a particular if he or she has previously amended an assessment under item 1 of that table about that particular. Extensions—applications by taxpayer (5) The Commissioner may amend an assessment even though the limited amendment period has ended if, before the end of that period, the taxpayer applies for an amendment in the approved form. The Commissioner may amend the assessment to give effect to the decision on the application. Extensions—giving effect to private rulings (6) The Commissioner may amend an assessment even though the limited amendment period has ended if: (a) the taxpayer applies for a private ruling under Division 359 in Schedule 1 to the Taxation Administration Act 1953 before the end of that period; and (b) the Commissioner makes a private ruling under that Division because of the application. The Commissioner may amend the assessment to give effect to the ruling. Extensions—Federal Court orders or taxpayer consent (7) If: (a) the Commissioner has started to examine the affairs of a taxpayer in relation to an assessment; and (b) the Commissioner has not completed the examination before the end of the limited amendment period or that period as extended; the limited amendment period may be extended as follows: Extensions of limited amendment period In this case: the position is: 1 The Commissioner, before the end of the limited amendment period or that period as extended, applies to the Federal Court of Australia for an order extending the limited amendment period The Court may order an extension of the limited amendment period for a specified period if it is satisfied that it was not reasonably practicable, or it was inappropriate, for the Commissioner to complete the examination within the limited amendment period, or that period as extended, because of: (a) any action taken by the taxpayer; or (b) any failure of the taxpayer to take action that would have been reasonable for the taxpayer to take. 2 The Commissioner, before the end of the limited amendment period or that period as extended, requests the taxpayer to consent to extending the limited amendment period The taxpayer may, by notice in writing, consent to extending the limited amendment period for a specified period. (8) The limited amendment period for an assessment may be extended more than once under subsection (7). Other amendment periods (9) Notwithstanding anything contained in this section, when the assessment of the taxable income of any year includes an estimated amount of income, or of profits or gains of a capital nature, derived by the taxpayer in that year from an operation or series of operations the profit or loss on which was not ascertainable at the end of that year owing to the fact that the operation or series of operations extended over more than one or parts of more than one year, the Commissioner may at any time within 4 years after ascertaining the total profit or loss actually derived or arising from the operation or series of operations, amend the assessment so as to ensure its completeness and accuracy on the basis of the profit or loss so ascertained. (9D) This section does not prevent the amendment of an assessment at any time if the amendment is made, in relation to a contract that after the making of the assessment is found to be void ab initio, to ensure that Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT) is taken always to have applied to the contract as if the contract had never been made. (10) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of giving effect to any of the provisions of this Act set out in this table. Item Provision Brief description 1 Section 23AB Income of certain persons serving with an armed force under the control of the United Nations 3 Section 26AG Certain film proceeds included in assessable income 4 Subsection 47(2B) Distributions by liquidator 5 Section 51AD Deductions not allowable in respect of property used under certain leveraged arrangements 6 Section 51AH Deductions not allowable where expenses incurred by employee are reimbursed 10 Section 78A Certain gifts not to be allowable deductions 14 Section 82KL Tax benefit not allowable in respect of certain recouped expenditure 16 Subsection 82SA(2) Interest on certain convertible notes to be an allowable deduction—where loan made on or after 1 January 1976 17 Section 100A Present entitlement arising from reimbursement agreement 18 Subdivision C of Division 6D of Part III Trustee beneficiary non ‑ disclosure tax on share of net income 20 Section 105AB Additional period for distribution by liquidator 21 Section 121AT Other tax consequences of demutualisation 22 Division 9C of Part III Assessable income diverted under certain tax avoidance schemes 23 Former Division 10BA of Part III Australian films 25 Division 16D of Part III Certain arrangements relating to the use of property 26 Subsection 159GZZZH(2) Post ‑ cancellation disposals of eligible interests etc. 27 Section 160ABB Rebate in respect of certain payments by the Commonwealth Savings Bank of Australia 27A Subsection 170B(7) Removal of protection relating to discontinued announcement because of later inconsistent return 28 Section 271 ‑ 105 in Schedule 2F Amounts subject to family trust distribution tax not assessable (10AA) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of giving effect to any of the provisions of the Income Tax Assessment Act 1997 set out in this table. Amendment of assessments Item Provision Brief description 5 Subsection 26 ‑ 25(3) Deduction for interest or royalty if withholding tax paid 15 Subsection 26 ‑ 25A(2) Deduction for salary, wages etc. if labour mobility program withholding tax paid 17 The cell, of the table in subsection 43 ‑ 145(1), dealing with use in the 4% build to rent manner Section 43 ‑ 237 Deductions for capital works relating to build to rent developments 22 Section 59 ‑ 30 Repayment of amounts 23 Subdivision 61 ‑ G Private health insurance offset complementary to Part 2 ‑ 2 of the Private Health Insurance Act 2007 26 Section 83A ‑ 310 Forfeiture of ESS interests acquired under an employee share scheme 28 Section 83A ‑ 340 Rights that become rights to acquire shares 30 Subsection 104 ‑ 10(3) or (6) Subsection 104 ‑ 25(2) Subsection 104 ‑ 45(2) Subsection 104 ‑ 90(2) Subsection 104 ‑ 110(2) Subsection 104 ‑ 205(2) Subsection 104 ‑ 225(5) Subsection 104 ‑ 230(5) The time of a CGT event is decided by there being a contract entered into 40 Paragraph 104 ‑ 15(4)(a) CGT event B1: agreement ends without title passing 50 Subsection 104 ‑ 40(5) Exception to CGT event D2 where option is exercised 60 Section 108 ‑ 15 Disposal of collectable that is part of a set 70 Section 108 ‑ 25 Disposal of personal use asset that is part of a set 80 Section 116 ‑ 45 Modification to capital proceeds for non ‑ receipt 90 Section 116 ‑ 50 Modification to capital proceeds for amounts you repay 100 Subsection 122 ‑ 25(4) Right or option etc. exercised after roll ‑ over to acquire trading stock 110 Subsection 122 ‑ 135(4) Right or option etc. exercised after roll ‑ over to acquire trading stock 120 Subdivision 124 ‑ B Roll ‑ over for assets compulsorily acquired, lost or destroyed 130 Subsection 126 ‑ 5(3) CGT event B1: agreement ends without title passing 140 Subsection 126 ‑ 45(3) CGT event B1: agreement ends without title passing 150 Subsection 126 ‑ 50(3) Right or option etc. exercised after roll ‑ over to acquire trading stock 160 Section 126 ‑ 70 Capital loss disregarded despite choice for no roll ‑ over 165 Subsection 138 ‑ 15(5) CGT event B1: agreement ends without title passing 168 Subsection 160 ‑ 16(1) Change of a loss carry back choice 170 Subsection 165 ‑ 115ZA(2) Reduction in respect of reduced cost base etc. of debt disregarded if commercial debt forgiveness provisions apply 173 Division 250 Asset is put to a tax preferred use by a tax preferred end user 174 Section 295 ‑ 25 Commissioner makes an assessment as if an entity were a complying superannuation entity or a pooled superannuation trust for the income year and: (a) the entity does not become one; or (b) the Australian Prudential Regulation Authority (APRA) does not receive certain documents about the entity within a specified period 175 Section 295 ‑ 30 Notice under section 342 of the Superannuation Industry (Supervision) Act 1993 or under regulations made for the purposes of that section is revoked, or the decision to give the notice is set aside 176 Subsection 295 ‑ 195(3) An amount is excluded from the assessable income of a complying superannuation fund or an RSA provider because of the exercise of an option by the trustee or provider 177 Section 295 ‑ 270 Commissioner makes an assessment on the basis of an amount of pre ‑ 1 July 88 funding credits being anticipated for an income year and: (a) it becomes clear that those credits will not be available; or (b) APRA does not receive certain documents within a specified period 178 295 ‑ 490(2) Deduction is denied because financial assistance funding levy is remitted or there is a refund of an overpayment of the levy 185 Former Subdivision 375 ‑ H Deductions for shares in a film licensed investment company 190 Subdivision 385 ‑ E Primary producer elects to spread or defer tax on profit from forced disposal or death of live stock 200 Section 385 ‑ 160 Disentitling event happens in relation to your primary production business 210 Division 393 Farm management deposits (10AB) Nothing in this section prevents the amendment, at any time, of an assessment for the purpose of reflecting information contained in an AMMA statement (within the meaning of the Income Tax Assessment Act 1997 ) if: (a) the statement is given by an AMIT for a year of income to an entity that is or was a member of the AMIT in respect of the year of income; and (b) the statement is so given later than 3 months after the end of the year of income. (11) Nothing in this section prevents the amendment, at any time, of an assessment to decrease the liability of a taxpayer for the purpose of giving effect to section 24 of the International Tax Agreements Act 1953. (12) Nothing in this section prevents the amendment, at any time, of an assessment to increase the liability of a taxpayer if: (a) the Commissioner amends a DPT assessment to decrease the liability of the taxpayer to diverted profits tax; and (b) that increase is attributable to that decrease. Definitions (14) In this section, unless the contrary intention appears: DPT assessment has the meaning given by the Income Tax Assessment Act 1997 . limited amendment period , for an assessment, means the period within which the Commissioner may amend the assessment: (a) under item 1, 2, 3 or 4 of the table in subsection (1); or (b) under paragraph (3)(a) or (b). medium business entity , for a year of income, means an entity (within the meaning of the Income Tax Assessment Act 1997 ) who: (a) is not a small business entity for the year of income; and (b) would be a small business entity for the year of income if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity (within the meaning of that Act) covered by this definition. scheme has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . scheme benefit has the meaning given by section 284 ‑ 150 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 133, "First_Amended": "No 88 of 1936", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 88 of 1936 | No 22 of 1942 | No 50 of 1942 | No 28 of 1944 | No 11 of 1947 | No 45 of 1953 | No 101 of 1956 | No 65 of 1957 | No 55 of 1958 | No 70 of 1959 | No 85 of 1959 | No 27 of 1961 | No 94 of 1961 | No 39 of 1962 | No 69 of 1963 | No 46 of 1964 | No 68 of 1964 | No 110 of 1964 | No 38 of 1967 | No 85 of 1967 | No 60 of 1968 | No 87 of 1968 | No 93 of 1969 | No 87 of 1970 | No 51 of 1973 | No 52 of 1973 | No 216 of 1973 | No 20 of 1974 | No 126 of 1974 | No 117 of 1975 | No 50 of 1976 | No 205 of 1976 | No 57 of 1977 | No 57 of 1978 | No 172 of 1978 | No 12 of 1979 | No 146 of 1979 | No 19 of 1980 | No 57 of 1980 | No 58 of 1980 | No 124 of 1980 | No 133 of 1980 | No 159 of 1980 | No 108 of 1981 | No 111 of 1981 | No 29 of 1982 | No 38 of 1982 | No 106 of 1982 | No 123 of 1982 | No 49 of 1983 | No 14 of 1984 | No 47 of 1984 | No 76 of 1984 | No 123 of 1984 | No 123 of 1985 | No 173 of 1985 | No 41 of 1986 | No 46 of 1986 | No 52 of 1986 | No 90 of 1986 | No 112 of 1986 | No 61 of 1987 | No 141 of 1987 | No 59 of 1988 | No 153 of 1988 | No 97 of 1989 | No 107 of 1989 | No 167 of 1989 | No 20 of 1990 | No 57 of 1990 | No 101 of 1992 | No 224 of 1992 | No 18 of 1993 | No 82 of 1994 | No 138 of 1994 | No 181 of 1994 | No 22 of 1995 | No 30 of 1995 | No 31 of 1995 | No 170 of 1995 | No 171 of 1995 | No 78 of 1996 | No 39 of 1997 | No 121 of 1997 | No 147 of 1997 | No 174 of 1997 | No 17 of 1998 | No 41 of 1998 | No 46 of 1998 | No 85 of 1998 | No 70 of 1999 | No 94 of 1999 | No 179 of 1999 | No 89 of 2000 | No 91 of 2000 | No 77 of 2001 | No 167 of 2001 | No 170 of 2001 | No 32 of 2002 | No 57 of 2002 | No 10 of 2003 | No 65 of 2003 | No 66 of 2003 | No 123 of 2003 | No 133 of 2003 | No 20 of 2004 | No 161 of 2005 | No 58 of 2006 | No 101 of 2006 | No 15 of 2007 | No 32 of 2007 | No 80 of 2007 | No 143 of 2007 | No 164 of 2007 | No 133 of 2009 | No 75 of 2010 | No 79 of 2010 | No 41 of 2011 | No 93 of 2011 | No 58 of 2012 | No 115 of 2012 | No 101 of 2013 | No 68 of 2014 | No 109 of 2014 | No 53 of 2016 | No 27 of 2017 | No 49 of 2019 | No 92 of 2020 | No 127 of 2021 | No 75 of 2022 | No 135 of 2024 | No 138 of 2024", "History_Notes": "Amended by No 88 of 1936, effective 7 Dec 1936 | Amended by No 22 of 1942, effective 7 June 1942 (s 2) | Amended by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 28 of 1944, effective 6 Oct 1944 (s 2) | Amended by No 11 of 1947, effective 3 June 1947 (s 2) | Amended by No 45 of 1953, effective 26 Oct 1953 (s 2) | Amended by No 101 of 1956, effective s 3–13(b) and 14–26: 15 Nov 1956 (s 2(1)) s 13(c): 1 July 1956 (s 2(2)) | Amended by No 65 of 1957, effective s 3–23: 28 Nov 1957 (s 2) | Amended by No 55 of 1958, effective 1 Oct 1958 (s 2) | Amended by No 70 of 1959, effective s. 1(4): 14 Jan 1960 (s 1(5)) Remainder: 20 Nov 1959 (s 2) | Amended by No 85 of 1959, effective s 3–36: 2 Dec 1959 (s 2(1)) | Amended by No 27 of 1961, effective s 3–5: 16 June 1961 | Amended by No 94 of 1961, effective s 3–23: 30 Oct 1961 (s 2) | Amended by No 39 of 1962, effective 28 May 1962 (s 2) | Amended by No 69 of 1963, effective s 3, 4, 6(b), (c) and 7–56: 31 Oct 1963 (s 2(1)) s 5: 9 May 1963 (s 2(2)) s 6(a): 12 Dec 1957 (s 2(3)) | Amended by No 46 of 1964, effective 28 May 1964 (s 2) | Amended by No 68 of 1964, effective s 3–10: 20 Oct 1964 (s 2(1)) | Amended by No 110 of 1964, effective s 3–46: 23 Nov 1964 (s 2(1)) | Amended by No 38 of 1967, item 10, effective s 3–16: 25 May 1967 (s 2) | Amended by No 85 of 1967, item 20, effective s 2(2), (3) and 3–37: 8 Nov 1967 (s 2(1)) | Amended by No 60 of 1968, item 20, effective s 2(2), (3) and 3–23: 25 June 1968 (s 2(1)) | Amended by No 87 of 1968, item 10, effective s 3–11: 21 Nov 1968 (s 2) | Amended by No 93 of 1969, item 18, effective s 3–19: 27 Sept 1969 (s 2) | Amended by No 87 of 1970, item 7, effective 27 Oct 1970 (s 2) | Amended by No 51 of 1973, item 21 | item 3, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 52 of 1973, item 13, effective s 3–14: 14 June 1973 (s 2) | Amended by No 216 of 1973, Sch 1 item 11, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, Sch 1 item 11 | Sch 1 item 18, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 126 of 1974, item 39, effective s 3–46: 6 Dec 1974 (s 2) | Amended by No 117 of 1975, item 7 | item 24 | item 33, effective s 3–11(1)(b) and (d)–34: 11 Nov 1975 (s 2(1)) s 11(1)(c): 9 Feb 1976 (s 2(2)) s 30: never commenced (s 2(3)) | Amended by No 50 of 1976, item 17, effective s 3–19 and Sch: 4 June 1976 (s 2) | Amended by No 205 of 1976, item 4 | item 35, effective s 3–36: 20 Dec 1976 (s 2(1)) | Amended by No 57 of 1977, item 12, effective s 3–15 and 18: 16 June 1977 (s 2(1)) s 16: 1 July 1976 (s 2(2)) | Amended by No 57 of 1978, item 11 | item 21, effective 22 June 1978 (s 2) | Amended by No 172 of 1978, item 29, effective 28 Nov 1978 (s 2) | Amended by No 12 of 1979, item 20, effective 13 Mar 1979 (s 2) | Amended by No 146 of 1979, item 10 | item 11, effective 28 Nov 1979 (s 2) | Amended by No 19 of 1980, item 3 | item 4 | item 16 | item 18, effective 30 Apr 1980 (s 2) | Amended by No 57 of 1980, item 13 | item 26, effective 23 May 1980 (s 2) | Amended by No 58 of 1980, item 6, effective 23 May 1980 (s 2) | Amended by No 124 of 1980, item 14, effective 17 Sept 1980 (s 2) | Amended by No 133 of 1980, item 3 | item 6 | item 9, effective 19 Sept 1980 (s 2) | Amended by No 159 of 1980, item 5 | item 15, effective 10 Dec 1980 (s 2) | Amended by No 108 of 1981, item 10 | item 23 | item 27 | item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 111 of 1981, effective 24 June 1981 (s 2) | Amended by No 29 of 1982, item 21 | item 24, effective s 3–24: 17 May 1982 (s 2(1)) | Amended by No 38 of 1982, item 5, effective 2 June 1982 (s 2) | Amended by No 106 of 1982, item 5 | item 20 | item 24, effective 30 Oct 1982 (s 2) | Amended by No 123 of 1982, item 8, effective 13 Dec 1982 (s 2) | Amended by No 49 of 1983, item 8, effective 21 Sept 1983 (s 2) | Amended by No 14 of 1984, item 27 | item 30, effective 12 Apr 1984 (s 2) | Amended by No 47 of 1984, item 15 | item 53 | item 62, effective 25 June 1984 (s 2) | Amended by No 76 of 1984, Sch 2 item 30, effective s 28–30: 29 June 1984 (s 2 and gaz 1984, No S241) | Amended by No 123 of 1984, Sch 16 item 100, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 123 of 1985, item 32, effective s 10–36: 28 Oct 1985 (s 2) | Amended by No 173 of 1985, item 19, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 41 of 1986, item 4, effective s 4 and Sch: 24 June 1986 (s 2(1)) | Amended by No 46 of 1986, item 51 | item 20, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 52 of 1986, item 9 | item 19 | item 22, effective 24 June 1986 (s 2) | Amended by No 90 of 1986, item 8 | item 9, effective 25 June 1986 (s 2) | Amended by No 112 of 1986, Sch 1 item 29 | Sch 1 item 47, effective s 15–34, 46 and 47: 4 Nov 1986 (s 2) | Amended by No 61 of 1987, item 13, effective s 6–33: 5 June 1987 (s 2) | Amended by No 141 of 1987, effective s 5(1): 18 Dec 1987 (s 2(1)) Sch 1: 25 June 1986 (s 2(19)) | Amended by No 59 of 1988, item 6, effective s 4–7 and 18: 1 July 1988 (s 2) | Amended by No 153 of 1988, item 11 | item 32 | item 1988, effective s 9–42 and 44: 26 Dec 1988 (s 2(1)) s 43: 1 Jan 1989 (s 2(2)) | Amended by No 97 of 1989, Sch 2 item 8 | Sch 2 item 293 | Sch 1 item 1989, effective s 4–9, 11–15 and Sch 1: 30 June 1989 (s 2) | Amended by No 107 of 1989, Sch 1 item 73B, effective s 9–23, 32 and Sch 1: 30 June 1989 (s 2(1)) | Amended by No 167 of 1989, item 25, effective s 4–30 and 32: 19 Dec 1989 (s 2(1)) s 31: 19 Jan 1989 (s 2(2)) | Amended by No 20 of 1990, item 31 | item 42, effective s 6–8, 9 (amdt to s 78(1)(a)(xcv) Income Tax Assessment Act 1936) and 10–50: 17 Jan 1990 (s 2(1)) s 9 (amdt to s 78(1)(a)(xcvi) Income Tax Assessment Act 1936): 10 Nov 1989 (s 2(2)) | Amended by No 57 of 1990, Sch 2 item 1985 | Sch 2 item 58 | Sch 2 item 80, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 224 of 1992, item 25 | item 31 | item 3 | item 10, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 18 of 1993, item 29, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 82 of 1994, item 48 | item 51 | item 52 | item 53, effective s 8–43, 47–71, 80–83, 93–112, 114–119, 122, 128–134: 23 June 1994 (s 2(1)) s 7, 120 and 121: 22 Oct 1986 (s 2(2)) s 44–46: 9 June 1993 (s 2(3)) s 72–79: 1 Jan 1993 (s 2(4)) s 84–92: 30 June 1992 (s 2(5)) s 113: 21Dec 1992 (s 2(6)) s 123–127): 24 Dec 1992 (s 2(7)) | Amended by No 138 of 1994, item 77, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 181 of 1994, Sch 1 item 12 | Sch 3 item 100 | Sch 4 item 23, effective Sch 1 (items 1–21, 86–91), Sch 2 (items 5–23, 23 (2nd occurring)), Sch 3 (items 6–100), Sch 4 (items 9–23) and Sch 5 (items 25–30, 46(10)): 19 Dec 1994 (s 2(1)) Sch 1 (items 22–85): 13 Oct 1994 (s 2(2)) | Amended by No 22 of 1995, item 21 | item 22, effective Sch (items 16–35): 29 Mar 1995 (s 2) | Amended by No 30 of 1995, Sch 2B item 9, effective Sch 1 and 2: 7 Apr 1995 (s 2) | Amended by No 31 of 1995, Sch 1 item 8, effective Sch 1: 7 Apr 1995 (s 2) | Amended by No 170 of 1995, Sch 4 item 2, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 171 of 1995, Sch 3 item 2 | Sch 4 item 30, effective s 4, Sch 1, Sch 2 (items 1, 2, 86), Sch 3 and Sch 4 (items 1–4): 16 Dec 1995 (s 2(1), (3)) Sch 2 (items 3–85, 87–160): 1 July 1995 (s 2(2)) Sch 4 (items 5–14): 1 Mar 1996 (s 2(4)) | Amended by No 78 of 1996, Sch 4 item 11 | Sch 4 item 12, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 39 of 1997, Sch 4 item 247 | Sch 4 item 248 | Sch 1 item 170, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 1 item 387 | Sch 5 item 87 | Sch 5 item 88 | Sch 6 item 120 | Sch 7 item 7 | Sch 12 item 9, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 147 of 1997, Sch 14 item 35 | Sch 14 item 40 | Sch 14 item 48 | Sch 14 item 248, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5)) | Amended by No 147 of 1997, Sch 14 item 35 | Sch 14 item 40 | Sch 14 item 48 | Sch 14 item 248, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5)) | Amended by No 174 of 1997, Sch 7 item 10, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 17 of 1998, Sch 2F item 10 | Sch 2F item 11, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 1998, Sch 1 item 15 | Sch 6 item 16, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 46 of 1998, Sch 10 item 4 | Sch 10 item 170 | Sch 10 item 130 | Sch 10 item 401 | Sch 10 item 402, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 85 of 1998, Sch 2G item 13, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 70 of 1999, Sch 2 item 11, effective Sch 1 and Sch 2 (items 1–12): 8 July 1999 (s 2) | Amended by No 94 of 1999, Sch 5 item 33, effective s 4, Sch 3 (items 1–3), Sch 4, Sch 5 (items 23–35) and Sch 6 (items 67–73): 16 July 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 4 | Sch 18 item 6 | Sch 18 item 7 | Sch 18 item 8 | Sch 18 item 9 | Sch 18 item 10 | Sch 18 item 11 | Sch 18 item 36, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 89 of 2000, Sch 1 item 8 | Sch 1 item 16 | Sch 1 item 165 | Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40 | Sch 1 item 41 | Sch 1 item 42 | Sch 1 item 43 | Sch 1 item 44 | Sch 1 item 45 | Sch 1 item 47 | Sch 1 item 48 | Sch 1 item 49 | Sch 1 item 50 | Sch 1 item 51 | Sch 1 item 52 | Sch 1 item 53 | Sch 1 item 54 | Sch 1 item 55 | Sch 1 item 58 | Sch 1 item 59 | Sch 1 item 60 | Sch 1 item 61 | Sch 1 item 62 | Sch 1 item 63 | Sch 1 item 64 | Sch 1 item 65A | Sch 1 item 66 | Sch 9 item 32, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 91 of 2000, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 77 of 2001, Sch 2 item 92 | Sch 2 item 93 | Sch 2 item 94 | Sch 2 item 320 | Sch 2 item 321 | Sch 2 item 322 | Sch 2 item 323, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, Sch 6 item 2, effective Sch 2, 3, Sch 4 (items 5–7), Sch 6 (items 1–3): 1 Oct 2001 (s 2(1)) Sch 5: 1 July 2000 (s 2(2)) | Amended by No 170 of 2001, Sch 4 item 21 | Sch 4 item 63 | Sch 4 item 10, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 32 of 2002, Sch 2 item 1, effective s 4 and Sch 2: 30 May 2002 (s 2) | Amended by No 57 of 2002, Sch 12 item 5 | Sch 12 item 7 | Sch 12 item 8, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 10 of 2003, Sch 1 item 50 | Sch 1 item 51, effective s 4: 2 Apr 2003 (s 2(1) item 1) Sch 1 (items 34–52, 81): 20 May 2002 (s 2(1) item 2) | Amended by No 65 of 2003, Sch 3 item 1, effective s 4, Sch 3 (items 1, 2), Sch 4, Sch 5 (items 2, 4): 30 June 2003 (s 2(1) items 1, 3, 4, 7) Sch 5 (item 1): 16 July 1999 (s 2(1) item 6) | Amended by No 66 of 2003, Sch 3 item 46, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 123 of 2003, Sch 3 item 1 | Sch 3 item 2, effective Sch 3 (items 1, 2): 5 Dec 2003 (s 2) | Amended by No 133 of 2003, Sch 4 item 25 | Sch 4 item 77, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 20 of 2004, effective s 4, Sch 4 (item 1) and Sch 8 (items 9–11, 14): (s 2(1) items 1, 2, 4) Sch 6: 1 July 2000 (s 2(1) item 3) | Amended by No 161 of 2005, Sch 1 item 1 | Sch 1 item 3 | Sch 2G item 4 | Sch 2G item 5 | Sch 2G item 6 | Sch 2G item 7 | Sch 2G item 8 | Sch 2G item 9 | Sch 2G item 10 | Sch 2G item 11 | Sch 2G item 12 | Sch 2G item 13 | Sch 2G item 28 | Sch 2G item 29 | Sch 2G item 60 | Sch 2G item 66 | Sch 2G item 67 | Sch 2G item 69 | Sch 2G item 70 | Sch 2G item 71 | Sch 2G item 72, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 58 of 2006, Sch 7 item 4 | Sch 7 item 47 | Sch 7 item 215, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 101 of 2006, Sch 1 item 154 | Sch 2 item 411 | Sch 2 item 412 | Sch 2 item 705 | Sch 2 item 706 | Sch 2 item 851 | Sch 2 item 852, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 114, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 32 of 2007, Sch 3 item 3, effective Sch 3 (items 1–7): 1 July 2007 (s 2(1) item 8) | Amended by No 80 of 2007, Sch 3 item 328 | Sch 3 item 103 | Sch 3 item 104 | Sch 3 item 105 | Sch 3 item 106 | Sch 3 item 107 | Sch 3 item 108, effective Sch 3 (items 97–108) and Sch 8 (items 1, 9): 21 June 2007 (s 2) | Amended by No 143 of 2007, Sch 1 item 770 | Sch 1 item 68 | Sch 1 item 24 | Sch 4 item 45, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 164 of 2007, Sch 12 item 4 | Sch 1 item 35 | Sch 10 item 376 | Sch 10 item 42 | Sch 10 item 43 | Sch 10 item 67 | Sch 10 item 70 | Sch 11 item 46, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 133 of 2009, Sch 1 item 19, effective Sch 1 (items 9–20, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 75 of 2010, Sch 6 item 3 | Sch 6 item 4 | Sch 6 item 108, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 79 of 2010, Sch 2 item 245 | Sch 4 item 23 | Sch 4 item 24, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 31 | Sch 5 item 412, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 93 of 2011, Sch 1 item 355 | Sch 3 item 48, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5) | Amended by No 58 of 2012, Sch 1 item 1, effective Sch 1 (item 1) and Sch 3: 21 June 2012 (s 2(1) items 2, 3) | Amended by No 115 of 2012, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 1–4): 8 Sept 2012 (s 2) | Amended by No 101 of 2013, Sch 2 item 815 | Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 68 of 2014, Sch 2 item 1 | Sch 2 item 170B, effective Sch 1 (items 1, 6(1)) and Sch 2: 30 June 2014 (s 2(1) item 2) | Amended by No 109 of 2014, Sch 10 item 20 | Sch 10 item 27, effective Sch 10 (items 20, 27): 17 Oct 2014 (s 2(1) item 8) | Amended by No 53 of 2016, Sch 1 item 276 | Sch 6 item 15, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) | Amended by No 27 of 2017, Sch 1 item 4 | Sch 1 item 5, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3) | Amended by No 49 of 2019, Sch 4 item 70, effective Sch 4 (items 67–70): 1 July 2019 (s 2(1) item 12) | Amended by No 92 of 2020, Sch 3 item 23 | Sch 3 item 24 | Sch 3 item 40, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7) | Amended by No 127 of 2021, Sch 3 item 32 | Sch 3 item 160, effective Sch 3 (item 32): 8 Dec 2021 (s 2(1) item 4) | Amended by No 75 of 2022, Sch 4 item 1, effective Sch 4 (items 1, 38): 1 July 2022 (s 2(1) item 4) | Amended by No 135 of 2024, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3, effective Sch 3 (items 1–3): 1 Jan 2024 (s 2(1) item 4) | Amended by No 138 of 2024, Sch 1 item 1, effective Sch 1 (item 1): 1 Jan 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s170"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 170A", "Provision_Key": "s170a", "Heading": "Amendment of assessments—interaction with other Acts", "Text": "Scope (1) This section applies if a law other than section 170 or this section provides that section 170 does not prohibit the amendment of an assessment if the amendment is made: (a) for a particular purpose; and (b) within a particular period (the later amendment period ). Extensions—applications by taxpayer (2) Section 170 does not prevent the Commissioner amending the assessment even though the later amendment period has ended if the taxpayer applies: (a) before the end of the later amendment period; and (b) in the approved form mentioned in subsection 170(5); for an amendment for the purpose mentioned in paragraph (1)(a) of this section. The Commissioner may amend the assessment to give effect to the decision on the application. Extensions—giving effect to private rulings (3) The Commissioner may amend an assessment even though the later amendment period has ended if: (a) the taxpayer applies for a private ruling under Division 359 in Schedule 1 to the Taxation Administration Act 1953 : (i) before the end of the later amendment period; and (ii) for the purpose mentioned in paragraph (1)(a); and (b) the Commissioner makes a private ruling under that Division because of the application. The Commissioner may amend the assessment to give effect to the ruling. Extensions—Federal Court orders or taxpayer consent (4) If: (a) the Commissioner has started to examine the affairs of a taxpayer in relation to an assessment for the purpose mentioned in paragraph (1)(a); and (b) the Commissioner has not completed the examination before the end of the later amendment period or that period as extended; the later amendment period may be extended as follows: Extensions of later amendment period In this case: The position is: 1 The Commissioner, before the end of the later amendment period or that period as extended, applies to the Federal Court of Australia for an order extending the later amendment period The Court may order an extension of the later amendment period for a specified period if it is satisfied that it was not reasonably practicable, or it was inappropriate, for the Commissioner to complete the examination within the later amendment period, or that period as extended, because of: (a) any action taken by the taxpayer; or (b) any failure of the taxpayer to take action that would have been reasonable for the taxpayer to take. 2 The Commissioner, before the end of the later amendment period or that period as extended, requests the taxpayer to consent to extending the later amendment period The taxpayer may, by notice in writing, consent to extending the later amendment period for a specified period. (5) The later amendment period for an assessment may be extended more than once under subsection (4).", "Amendment_Count": 3, "First_Amended": "No 103 of 1965", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 103 of 1965 | No 161 of 2005 | No 12 of 2012", "History_Notes": "Inserted by No 103 of 1965, effective 14 Dec 1965 (s 2) | Repealed by No 161 of 2005, Sch 2G item 14, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Inserted by No 12 of 2012, Sch 6 item 189, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s170A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 170B", "Provision_Key": "s170b", "Heading": "Protection for anticipation of certain discontinued announcements", "Text": "Limit on amending assessments (1) The Commissioner cannot amend an assessment of a taxpayer about a particular in a way that would produce a less favourable result for the taxpayer if: (a) the taxpayer has anticipated amendments (see subsection (3)); and (b) in making the assessment, the particular was ascertained on the basis of the taxpayer’s anticipated amendments having been made; and (c) that way of amending the assessment would instead ascertain the particular on the basis of the anticipated amendments not having been made. Anticipation not to give rise to administrative overpayment (2) If ascertaining that particular on the basis of the taxpayer’s anticipated amendments not having been made: (a) would not result in an amendment of the assessment; but (b) would, apart from this subsection, result in an amount the Commissioner paid to the taxpayer on the basis of the assessment being an administrative overpayment (within the meaning of section 8AAZN of the Taxation Administration Act 1953 ); the amount of the administrative overpayment is taken, for the purposes of the taxation law, to be an amount to which the taxpayer is entitled. Meaning of anticipated amendments (3) One or more hypothetical amendments of the taxation law, taken together, are anticipated amendments a taxpayer has if: (a) the amendments, if made, would reasonably reflect an announcement mentioned in the table in subsection (8); and (b) a statement made by or on behalf of the taxpayer: (i) is consistent with the amendments having been made; and (ii) is made in good faith; and (iii) meets the timing requirement in column 2 of an applicable item of the following table. Timing requirements for statements Item Column 1 In this case: Column 2 The timing requirement is: 1 The statement is made in a return lodged on or before 14 December 2013 The return: (a) is lodged in the period that the announcement is on foot (see subsection (8)); and (b) was not required to be lodged before the start of that period. 2 The statement is made otherwise than in a return The statement is made in the period that the announcement is on foot. 3 All of the following apply: (a) the statement is made in a return of the taxpayer lodged after 14 December 2013; (b) the return was not required to be lodged on or before that date; (c) just before the statement is made, no return has been given, and no assessment has been made, in relation to the taxpayer in respect of the year of income to which the statement relates The statement relates to the application of the taxation law (as hypothetically amended by the amendments) to events or circumstances: (a) that happened or existed on or before 14 December 2013; or (b) to the happening or existence of which the taxpayer had definitively committed on or before 14 December 2013. (4) In determining, for the purpose of paragraph (3)(a), whether amendments would reasonably reflect an announcement, have regard to the following: (a) the terms of the announcement; (b) any related document published after the announcement on behalf of the Commonwealth Government, the Department of the Treasury or the Commissioner; (c) if the announcement proposes to apply to a particular kind of scheme or practice—that kind of scheme or practice; (d) existing provisions of the taxation law, if: (i) the announcement proposes to effect a particular result in relation to the operation of the taxation law; and (ii) those existing provisions effect that result, or a substantially similar result, in relation to another matter; (e) any other relevant matter. Operation of section (5) Subsections (1) and (2) apply despite any other provision of the taxation law, apart from subsections (6) and (7), (which are about exceptions). Exceptions (6) Subsection (1) does not prevent an amendment if: (a) the taxpayer applies for the amendment; or (b) the Commissioner may make the amendment in accordance with item 6 (objection, review or appeal) of the table in subsection 170(1). (7) Subsections (1) and (2) do not apply in relation to a particular ascertained on the basis of a taxpayer’s anticipated amendments, in any year of income, if: (a) the taxpayer makes a statement (in a return of income or otherwise) for a later year of income that is not consistent with the taxpayer’s anticipated amendments; and (b) if the assessment for the later year of income was to be made on the basis of the taxpayer’s anticipated amendments, instead of on the basis of the statement, the result would be less favourable to the taxpayer in that year of income. Note: An amendment of an assessment can be made at any time to give effect to this subsection (see item 27A of the table in subsection 170(10)). Table of discontinued announcements (8) The following table lists the announcements to which this section applies. An announcement is on foot during the period: (a) starting on the day mentioned in column 2 of the table for the announcement; and (b) ending on 14 December 2013. Discontinued announcements Item Column 1 Announcement Column 2 Announcement date 1 Budget Paper No. 2, Budget Measures 2012 ‑ 13, Part 1, topic headed “Bad debts—ensuring consistent treatment in related party financing arrangements”. 8 May 2012 2 Budget Paper No. 2, Budget Measures 2012 ‑ 13, Part 1, topic headed “Capital gains tax—refinements to the income tax law in relation to deceased estates”, second dot point (which is about modifying application dates for 2 minor changes from the 2011 ‑ 12 Budget). 8 May 2012 3 The following constitute the announcement: (a) Media Release No. 137, issued by the then Assistant Treasurer on 9 October 2011, titled “No Capital Gains Tax for Properties in Natural Disaster Land Swap Programs”; (b) Budget Paper No. 2, Budget Measures 2012 ‑ 13, Part 1, topic headed “Capital gains tax—broadening relief for taxpayers affected by natural disasters”. 9 October 2011 4 Budget Paper No. 2, Budget Measures 2011 ‑ 12, Part 1, topic headed “Income tax relief for water reforms”. 10 May 2011 5 Budget Paper No. 2, Budget Measures 2011 ‑ 12, Part 1, topic headed “Capital gains tax and other roll ‑ overs for amalgamations of indigenous corporations”. 10 May 2011 6 Budget Paper No. 2, Budget Measures 2011 ‑ 12, Part 1, topic headed “Securities lending arrangements tax rules—extending the scope to address insolvency issues”. 10 May 2011 7 Budget Paper No. 2, Budget Measures 2011 ‑ 12, Part 1, topic headed “Capital gains tax—exemption for incentives related to renewable resources or for preserving environmental benefits”. 10 May 2011 8 Budget Paper No. 2, Budget Measures 2011 ‑ 12, Part 1, topic headed “Improvements to the company loss recoupment rules”, but not the sentence stating “This measure will modify the continuity of ownership test so that ownership does not need to be traced through certain superannuation entities.”. 10 May 2011 9 Mid ‑ Year Economic and Fiscal Outlook 2010 ‑ 11, Appendix A, Part 2, topic headed “Consolidation—operation of the rules following a demerger”. 9 November 2010 10 The following constitute the announcement: (a) Budget Paper No. 2, Budget Measures 2009 ‑ 10, Part 1, topic headed “Uniform capital allowance regime—technical changes”; (b) Media Release No. 048, issued by the then Assistant Treasurer on 12 May 2009, Attachment D headed “Technical changes to uniform capital allowance regime”. 12 May 2009 11 The following constitute the announcement: (a) Budget Paper No. 2, Budget Measures 2007 ‑ 08, Part 1, topic headed “Consolidation—further improvements to the operation of the income tax law for consolidated groups”; (b) Media Release No. 050, issued by the then Minister for Revenue and Assistant Treasurer on 8 May 2007, topic headed “Extension of the single entity rule and entry history rule for certain CGT integrity provisions affecting third parties”. 8 May 2007 12 The following constitute the announcement: (a) Budget Paper No. 2, Budget Measures 2007 ‑ 08, Part 1, topic headed “Consolidation—further improvements to the operation of the income tax law for consolidated groups”; (b) Media Release No. 050, issued by the then Minister for Revenue and Assistant Treasurer on 8 May 2007, topic headed “Trusts joining or leaving a consolidated group or MEC group part way through an income year”. 8 May 2007 13 The following constitute the announcement: (a) Budget Paper No. 2, Budget Measures 2006 ‑ 07 , Part 1, topic headed “Simplified imputation system—franking credits available to life tenants”; (b) Media Release No. 010, issued by the then Minister for Revenue and Assistant Treasurer on 20 March 2006, titled “Franking credits available to life tenants”. 20 March 2006 (9) In this section: anticipated amendments , in relation to a taxpayer, has the meaning given by subsection (3). on foot , in relation to an announcement, has the meaning given by subsection (8). taxation law has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 103 of 1965", "Last_Amended": "No 68 of 2014", "Amending_Acts": "No 103 of 1965 | No 51 of 1973 | No 216 of 1973 | No 20 of 1974 | No 108 of 1981 | No 91 of 2000 | No 68 of 2014", "History_Notes": "Inserted by No 103 of 1965, effective 14 Dec 1965 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed by No 91 of 2000, Sch 2 item 24, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Inserted by No 68 of 2014, Sch 2 item 1, effective Sch 1 (items 1, 6(1)) and Sch 2: 30 June 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s170B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 170C", "Provision_Key": "s170c", "Heading": "Power of Commissioner to reduce amount of tax payable in certain cases", "Text": "For the purposes of the making of an assessment on or after 1 July 1966, the Commissioner may reduce by One cent the amount of tax that would, but for this section, be payable by a taxpayer being a person other than a company or being a company in the capacity of a trustee, before deducting any rebate or credit to which the taxpayer is entitled.", "Amendment_Count": 3, "First_Amended": "No 103 of 1965", "Last_Amended": "No 108 of 1981", "Amending_Acts": "No 103 of 1965 | No 51 of 1973 | No 108 of 1981", "History_Notes": "Inserted by No 103 of 1965, effective 14 Dec 1965 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s170C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 171", "Provision_Key": "s171", "Heading": "Where no notice of assessment served", "Text": "(1) Where a taxpayer has duly furnished to the Commissioner a return of income, or of profits or gains of a capital nature, and no notice of assessment in respect thereof has been served within 12 months thereafter, the taxpayer may in writing by registered post request the Commissioner to make an assessment. (2) If within 3 months after the receipt by the Commissioner of the request a notice of assessment is not served upon the taxpayer, any assessment issued thereafter in respect of that income, or of those profits or gains, shall be deemed to be an amended assessment, and for the purpose of determining whether such amended assessment may be made, the taxpayer shall be deemed to have been served on the last day of the 3 months with a notice of assessment in respect of which income tax was payable on that day.", "Amendment_Count": 3, "First_Amended": "No 108 of 1981", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 108 of 1981 | No 52 of 1986 | No 41 of 2011", "History_Notes": "Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 52 of 1986, item 23, effective 24 June 1986 (s 2) | Amended by No 41 of 2011, Sch 5 item 324, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s171"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 171A", "Provision_Key": "s171a", "Heading": "Limited period to make assessments for nil liability returns for the 2003 ‑ 04 year of income or earlier", "Text": "(1) If the circumstances set out in column 2 of the following table apply to a taxpayer in relation to the 2003 ‑ 04 year of income (a nil year ) or an earlier year of income (also a nil year ), the Commissioner cannot make an original assessment for that taxpayer for that year in the circumstances set out in column 3: Making assessments Column 1 Item Column 2 In this case: Column 3 the position is: 1 The taxpayer’s return of income for a nil year disclosed, or the Commissioner has given the taxpayer a notice for a nil year that stated, either of the following: (a) the taxpayer had an amount of taxable income, and that no tax was payable; (b) the taxpayer had no taxable income because the taxpayer’s deductions equalled the taxpayer’s assessable income; and the taxpayer did not deduct a tax loss in the nil year The Commissioner cannot make an original assessment for the taxpayer for the nil year after the later of the following: (a) 31 October 2008; (b) the period of 4 years beginning on the day on which the taxpayer lodged the taxpayer’s return of income for the nil year. 2 The taxpayer’s return of income for a nil year disclosed, or the Commissioner has given the taxpayer a notice for a nil year that stated, either of the following: (a) the taxpayer had an amount of taxable income, and that no tax was payable; (b) the taxpayer had no taxable income because the taxpayer’s deductions equalled the taxpayer’s assessable income; and the taxpayer did deduct a tax loss in the nil year The Commissioner cannot make an original assessment for the taxpayer for the nil year after the period of 6 years beginning on the later of the following: (a) the day on which the taxpayer lodged the taxpayer’s return of income for the 2004 ‑ 05 year of income or, if the taxpayer is a member of a consolidated group at the end of that year of income, the day on which head company’s return of income for that year of income is lodged; (b) the day on which the taxpayer lodged the taxpayer’s return of income for the nil year. 3 The taxpayer had a tax loss in a nil year, none of which has been carried forward to the 2004 ‑ 05 year of income The Commissioner cannot make an original assessment for the taxpayer for the nil year after the period of 6 years beginning on the later of the following: (a) the day on which the taxpayer lodged the taxpayer’s return of income for the 2004 ‑ 05 year of income or, if the taxpayer is a member of a consolidated group at the end of that year of income, the day on which head company’s return of income for that year of income is lodged; (b) the day on which the taxpayer lodged the taxpayer’s return of income for the nil year. 4 (a) the taxpayer had a tax loss in a nil year, some or all of which has been carried forward to the 2004 ‑ 05 year of income; and (b) the taxpayer or, if the taxpayer is a member of a consolidated group at the end of the 2004 ‑ 05 year of income, the head company notifies the Commissioner, in the approved form, that the taxpayer or the head company had a tax loss in the nil year The Commissioner cannot make an original assessment for the taxpayer for the nil year after the period of 6 years beginning on the later of the following: (a) the day on which the Commissioner received the notification; (b) the day on which the taxpayer lodged the taxpayer’s return of income for the nil year. (2) Subsection (1) does not apply in relation to a nil year if: (a) the Commissioner is of the opinion there has been fraud or evasion; or (b) had the Commissioner made an assessment, in accordance with the taxpayer’s return of income, that the taxpayer had no taxable income or that no tax was payable by the taxpayer (assuming that such an assessment could have been made)—this Act would not have prevented the Commissioner amending the assessment at any time.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s171A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 172", "Provision_Key": "s172", "Heading": "Refunds of amounts overpaid", "Text": "(1) Where, by reason of an amendment of an assessment, a person’s liability to tax (the earlier liability ) is reduced: (a) the amount by which the tax is so reduced is taken never to have been payable for the purposes of: (i) provisions of this Act that apply the general interest charge; and (ii) Division 280 in Schedule 1 to the Taxation Administration Act 1953 (which applies the shortfall interest charge); and (b) the Commissioner must apply the amount of any tax overpaid in accordance with Divisions 3 and 3A of Part IIB of the Taxation Administration Act 1953 . (1A) However, if a later amendment of an assessment is made and all or some of the person’s earlier liability in relation to a particular is reinstated, paragraph (1)(a) is taken not to have applied, or not to have applied to the extent that the earlier liability is reinstated. (2) In subsection (1), unless the contrary intention appears, tax includes the general interest charge under a provision of this Act, additional tax under Part VII and shortfall interest charge. Note 1: The general interest charge is worked out under of Part IIA of the Taxation Administration Act 1953 . Note 2: Subsection 8AAB(4) of that Act lists the provisions that apply the charge.", "Amendment_Count": 8, "First_Amended": "No 87 of 1978", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 87 of 1978 | No 123 of 1984 | No 46 of 1986 | No 101 of 1992 | No 11 of 1999 | No 91 of 2000 | No 75 of 2005 | No 101 of 2006", "History_Notes": "Repealed and substituted by No 87 of 1978, item 28, effective s 17–71: 22 June 1978 (s 2) | Repealed and substituted by No 123 of 1984, Sch 16 item 101, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 46 of 1986, item 22, effective s 4–26: 24 June 1986 (s 2(1)) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 11 of 1999, item 69 | item 70 | item 71, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 91 of 2000, Sch 2 item 25, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 75 of 2005, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6, effective Sch 1 (items 2–17, 31): 29 June 2005 (s 2) | Amended by No 101 of 2006, Sch 2 item 1028, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s172"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 172A", "Provision_Key": "s172a", "Heading": "Consequences of amendment of assessments of tax offset refunds", "Text": "Amendment increases total of tax offset refunds (1) If, by reason of an amendment of an assessment, the total of a person’s tax offset refunds is increased, the Commissioner must apply the amount of the increase in accordance with Divisions 3 and 3A of Part IIB of the Taxation Administration Act 1953 . Note: Interest on the amount of the increase may be payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 . Amendment reduces total of tax offset refunds (2) If: (a) by reason of an amendment of an assessment, the total of a person’s tax offset refunds is reduced; and (b) as a result, an amount applied in accordance with Divisions 3 and 3A of Part IIB of the Taxation Administration Act 1953 before the amendment was excessive; the person is liable to pay to the Commonwealth the amount of the excess. The amount is due 21 days after the Commissioner gives the person notice of the amended assessment. Note: For provisions about collection and recovery of the amount, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . Shortfall interest charge (2A) If: (a) a person is liable to pay an amount under subsection (2); and (b) as a result, the person is liable to pay shortfall interest charge on that amount under section 280 ‑ 102F in Schedule 1 to the Taxation Administration Act 1953 ; then the shortfall interest charge is due and payable 21 days after the day on which the Commissioner gives the person notice of the charge. Note: Shortfall interest charge is worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953 . General interest charge (3) If any of the amount (the overpayment ) the person is liable to pay under subsection (2), or any amount of shortfall interest charge on the overpayment, remains unpaid after the time by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the overpayment or shortfall interest charge was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the overpayment or shortfall interest charge; (ii) general interest charge on any of the overpayment or shortfall interest charge. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 88 of 2013", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 88 of 2013 | No 9 of 2025", "History_Notes": "Amended by No 88 of 2013, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 9 of 2025, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 13 | Sch 1 item 280 | Sch 1 item 21, effective Sch 1 (items 8–13) and Sch 2 (items 2–11): 1 Apr 2025 (s 2(1) items 3, 5) Sch 1 (items 22–31): 1 Jan 2026 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s172A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 173", "Provision_Key": "s173", "Heading": "Amended assessment to be an assessment", "Text": "Except as otherwise provided every amended assessment shall be an assessment for all the purposes of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s173"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 174", "Provision_Key": "s174", "Heading": "Notice of assessment", "Text": "(1) As soon as conveniently may be after any assessment is made, the Commissioner shall serve notice thereof in writing by post or otherwise upon the person liable to pay the tax. (3) In subsection (1), tax includes additional tax under Part VII.", "Amendment_Count": 3, "First_Amended": "No 87 of 1978", "Last_Amended": "No 73 of 1989", "Amending_Acts": "No 87 of 1978 | No 123 of 1984 | No 73 of 1989", "History_Notes": "Amended by No 87 of 1978, item 29, effective s 17–71: 22 June 1978 (s 2) | Amended by No 123 of 1984, Sch 16 item 102, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 73 of 1989, item 4, effective Sch: 21 June 1989 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s174"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 175", "Provision_Key": "s175", "Heading": "Validity of assessment", "Text": "The validity of any assessment shall not be affected by reason that any of the provisions of this Act have not been complied with.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s175"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 175A", "Provision_Key": "s175a", "Heading": "Objections against assessments", "Text": "(1) A taxpayer who is dissatisfied with an assessment made in relation to the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 . (2) A taxpayer cannot object under subsection (1) against an assessment ascertaining that: (a) the taxpayer has no taxable income; or (b) the taxpayer has an amount of taxable income and no tax is payable. (3) Subsection (2) does not prevent the taxpayer from objecting against an assessment if the taxpayer is seeking an increase in: (a) the taxpayer’s liability; or (b) the total of the taxpayer’s tax offset refunds.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 216 of 1991 | No 161 of 2005 | No 88 of 2013 | No 92 of 2020", "History_Notes": "Inserted by No 216 of 1991, Sch 4 item 1953, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 161 of 2005, Sch 2G item 17 | Sch 2G item 18 | Sch 2G item 28, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 88 of 2013, Sch 5 item 18 | Sch 5 item 19 | Sch 5 item 20, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 92 of 2020, Sch 2 item 15, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s175A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177A", "Provision_Key": "s177a", "Heading": "Interpretation", "Text": "(1) In this Part, unless the contrary intention appears: associate has the same meaning as in Part X. Australian customer , of a foreign entity, means another entity who: (a) is in Australia, or is an Australian entity; and (b) if the foreign entity is a member of a global group—is not a member of that global group. Australian entity has the same meaning as in Part X. Australian permanent establishment of an entity means: (a) if: (i) the entity is a resident in a country that has entered into an international tax agreement (within the meaning of subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ) with Australia; and (ii) that agreement contains a permanent establishment article (within the meaning of that subsection); a permanent establishment (within the meaning of that agreement) in Australia; or (b) otherwise—a permanent establishment of the person in Australia. capital loss has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . CMPTI tax offset has the same meaning as in the Income Tax Assessment Act 1997 . DPT base amount has the meaning given by subsection 177P(2). DPT provisions means sections 177H, 177J, 177K, 177L, 177M, 177N, 177P, 177Q and 177R. DPT tax benefit has the meaning given by subsection 177J(1). entity has the meaning given by section 960 ‑ 100 of the Income Tax Assessment Act 1997 . foreign entity has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . foreign entity participant : (a) if a beneficiary of a trust estate or a partner in a partnership is a foreign entity, the trust estate or partnership has a foreign entity participant ; and (b) if a trust estate or partnership has a foreign entity participant (including through a previous operation of this paragraph): (i) a trust of which the trust estate or partnership is a beneficiary also has a foreign entity participant ; and (ii) a partnership in which the trust estate or partnership is a partner also has a foreign entity participant . foreign income tax offset means a tax offset allowed under Division 770 of the Income Tax Assessment Act 1997 . foreign law has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . global group means a group of entities, at least one of which is a foreign entity, that are consolidated for accounting purposes as a single group. hydrogen production tax offset has the same meaning as in the Income Tax Assessment Act 1997 . innovation tax offset means a tax offset allowed under: (a) Subdivision 61 ‑ P (about early stage venture capital limited partnerships) of the Income Tax Assessment Act 1997 ; or (b) Subdivision 360 ‑ A (about early stage investors in innovation companies) of that Act. non ‑ refundable R&D tax offset means a tax offset allowed under Division 355 of the Income Tax Assessment Act 1997 , other than a refundable R&D tax offset. refundable R&D tax offset means a tax offset allowed under Division 355 of the Income Tax Assessment Act 1997 that is subject to the refundable tax offset rules under section 67 ‑ 30 of that Act. scheme means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct. significant global entity has the meaning given by section 960 ‑ 555 of the Income Tax Assessment Act 1997 . standard corporate tax rate means the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(b) of the Income Tax Rates Act 1986 . supply has the meaning given by section 9 ‑ 10 of the GST Act, but does not include any of the following, or of any combination of 2 or more of the following: (a) a supply of an equity interest in an entity; (b) a supply of a debt interest in an entity; (c) a supply of an option for: (i) a supply of a kind referred to in paragraph (a) or (b); or (ii) any combination of 2 or more such supplies. taxpayer includes a taxpayer in the capacity of a trustee. (2) The definition of taxpayer in subsection (1) shall not be taken to affect in any way the interpretation of that expression where it is used in this Act other than this Part. (3) The reference in the definition of scheme in subsection (1) to a scheme, plan, proposal, action, course of action or course of conduct shall be read as including a reference to a unilateral scheme, plan, proposal, action, course of action or course of conduct, as the case may be. (4) A reference in this Part to the carrying out of a scheme by a person shall be read as including a reference to the carrying out of a scheme by a person together with another person or other persons. (5) A reference in this Part (other than sections 177DA and 177J) to a scheme or a part of a scheme being entered into or carried out by a person for a particular purpose shall be read as including a reference to the scheme or the part of the scheme being entered into or carried out by the person for 2 or more purposes of which that particular purpose is the dominant purpose.", "Amendment_Count": 14, "First_Amended": "No 110 of 1981", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 110 of 1981 | No 135 of 1990 | No 208 of 1992 | No 46 of 1998 | No 11 of 1999 | No 16 of 1999 | No 173 of 2000 | No 143 of 2007 | No 170 of 2015 | No 54 of 2016 | No 27 of 2017 | No 124 of 2018 | No 92 of 2020 | No 9 of 2025", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 135 of 1990, item 17, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 208 of 1992, item 10, effective s 4–6, 19–33 and 47–61: 1 July 1994 (s 2(2)(a)) s 7–18 and 34–46: 22 Dec 1992 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 403, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 11 of 1999, item 1, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 16 of 1999, Sch 1 item 2, effective s 4, Sch 1, Sch 3 (items 8–10, 12(3)), Sch 5, 6, Sch 7 (items 1–8) and Sch 8–11: 9 Apr 1999 (s 2(1)) | Amended by No 173 of 2000, Sch 4 item 1, effective s 4 and Sch 4 (items 1–5, 65(1), (2)): 21 Dec 2000 (s 2(1)) | Amended by No 143 of 2007, Sch 1 item 69 | Sch 1 item 70, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 170 of 2015, Sch 2 item 1 | Sch 2 item 2, effective Sch 2 (items 1–4, 7): 11 Dec 2015 (s 2(1) item 1) | Amended by No 54 of 2016, Sch 1 item 2, effective Sch 1 (items 2–11, 19): 1 July 2016 (s 2(1) item 2) | Amended by No 27 of 2017, Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3) | Amended by No 124 of 2018, Sch 1 item 1, effective Sch 1: 1 Jan 2019 (s 2(1) item 1) | Amended by No 92 of 2020, Sch 5 item 1, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7) | Amended by No 9 of 2025, Sch 1 item 22 | Sch 2 item 2, effective Sch 1 (items 8–13) and Sch 2 (items 2–11): 1 Apr 2025 (s 2(1) items 3, 5) Sch 1 (items 22–31): 1 Jan 2026 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177B", "Provision_Key": "s177b", "Heading": "Operation of Part", "Text": "(1) Nothing in the following limit the operation of this Part: (a) the provisions of this Act (other than this Part); (b) the International Tax Agreements Act 1953 . (2) This Part does not affect the operation of Division 393 of the Income Tax Assessment Act 1997 (Farm management deposits). (3) Where a provision of this Act other than this Part is expressed to have effect where a deduction would be allowable to a taxpayer but for or apart from a provision or provisions of this Act, the reference to that provision or to those provisions, as the case may be, shall be read as including a reference to subsection 177F(1). (4) Where a provision of this Act other than this Part is expressed to have effect where a deduction would otherwise be allowable to a taxpayer, that provision shall be deemed to be expressed to have effect where a deduction would, but for subsection 177F(1), be otherwise allowable to the taxpayer.", "Amendment_Count": 11, "First_Amended": "No 110 of 1981", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 110 of 1981 | No 37 of 1990 | No 135 of 1990 | No 208 of 1992 | No 22 of 1995 | No 85 of 1998 | No 25 of 2000 | No 10 of 2003 | No 101 of 2006 | No 79 of 2010 | No 59 of 2019", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 37 of 1990, effective s 14: 18 Feb 1991 (s 2) | Amended by No 135 of 1990, item 18, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 208 of 1992, item 11, effective s 4–6, 19–33 and 47–61: 1 July 1994 (s 2(2)(a)) s 7–18 and 34–46: 22 Dec 1992 (s 2(1)) | Amended by No 22 of 1995, item 23, effective Sch (items 16–35): 29 Mar 1995 (s 2) | Amended by No 85 of 1998, Sch 2G item 14, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 25 of 2000, Sch 2 item 35, effective s 4–6 and Sch 2 (items 34, 35): 1:23am (Australian Central Standard Time) 26 Oct 1999 (s 2(2), 4) | Amended by No 10 of 2003, Sch 1 item 52, effective s 4: 2 Apr 2003 (s 2(1) item 1) Sch 1 (items 34–52, 81): 20 May 2002 (s 2(1) item 2) | Amended by No 101 of 2006, Sch 2 item 413, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 59 of 2019, Sch 2 item 7 | Sch 2 item 8, effective Sch 2 (items 4–8): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177C", "Provision_Key": "s177c", "Heading": "Tax benefits", "Text": "(1) Subject to this section, a reference in this Part to the obtaining by a taxpayer of a tax benefit in connection with a scheme shall be read as a reference to: (a) an amount not being included in the assessable income of the taxpayer of a year of income where that amount would have been included, or might reasonably be expected to have been included, in the assessable income of the taxpayer of that year of income if the scheme had not been entered into or carried out; or (b) a deduction being allowable to the taxpayer in relation to a year of income where the whole or a part of that deduction would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out; or (ba) a capital loss being incurred by the taxpayer during a year of income where the whole or a part of that capital loss would not have been, or might reasonably be expected not to have been, incurred by the taxpayer during the year of income if the scheme had not been entered into or carried out; or (baa) a loss carry back tax offset being allowable to the taxpayer where the whole or a part of that loss carry back tax offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer if the scheme had not been entered into or carried out; or (bb) a foreign income tax offset being allowable to the taxpayer where the whole or a part of that foreign income tax offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer if the scheme had not been entered into or carried out; or (bbaa) an innovation tax offset being allowable to the taxpayer where the whole or a part of that innovation tax offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer if the scheme had not been entered into or carried out; or (bba) an exploration credit being issued to the taxpayer where the whole or a part of that exploration credit would not have been issued, or might reasonably be expected not to have been issued, to the taxpayer if the scheme had not been entered into or carried out; or (bc) the taxpayer not being liable to pay withholding tax on an amount where the taxpayer either would have, or might reasonably be expected to have, been liable to pay withholding tax on the amount if the scheme had not been entered into or carried out; or (bd) a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, being allowable to the taxpayer in relation to a year of income where the whole or a part of the offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out; or (be) a CMPTI tax offset being allowable to the taxpayer in relation to a year of income where the whole or a part of the offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out; or (bf) a hydrogen production tax offset being allowable to the taxpayer in relation to a year of income where the whole or a part of the offset would not have been allowable, or might reasonably be expected not to have been allowable, to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out; and, for the purposes of this Part, the amount of the tax benefit shall be taken to be: (c) in a case to which paragraph (a) applies—the amount referred to in that paragraph; and (d) in a case to which paragraph (b) applies—the amount of the whole of the deduction or of the part of the deduction, as the case may be, referred to in that paragraph; and (e) in a case to which paragraph (ba) applies—the amount of the whole of the capital loss or of the part of the capital loss, as the case may be, referred to in that paragraph; and (ea) in a case where paragraph (baa) applies—the amount of the whole of the loss carry back tax offset or of the part of the loss carry back tax offset, as the case may be, referred to in that paragraph; and (f) in a case where paragraph (bb) applies—the amount of the whole of the foreign income tax offset or of the part of the foreign income tax offset, as the case may be, referred to in that paragraph; and (faa) in a case where paragraph (bbaa) applies—the amount of the whole of the innovation tax offset or of the part of the innovation tax offset, as the case may be, referred to in that paragraph; and (fa) in a case where paragraph (bba) applies—the amount of the whole of the exploration credit or of the part of the exploration credit, as the case may be, referred to in that paragraph; and (g) in a case to which paragraph (bc) applies—the amount referred to in that paragraph; and (h) in a case to which paragraph (bd) applies—the amount of the whole of the offset or of the part of the offset, as the case may be, referred to in that paragraph; and (i) in a case to which paragraph (be) applies—the amount of the whole of the CMPTI tax offset or of the part of the CMPTI tax offset, as the case may be, referred to in that paragraph; or (j) in a case to which paragraph (bf) applies—the amount of the whole of the hydrogen production tax offset or of the part of the hydrogen production tax offset, as the case may be, referred to in that paragraph. (2) A reference in this Part to the obtaining by a taxpayer of a tax benefit in connection with a scheme shall be read as not including a reference to: (a) the assessable income of the taxpayer of a year of income not including an amount that would have been included, or might reasonably be expected to have been included, in the assessable income of the taxpayer of that year of income if the scheme had not been entered into or carried out where: (i) the non ‑ inclusion of the amount in the assessable income of the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option (expressly provided for by this Act or the Income Tax Assessment Act 1997 ) by any person, except one under Subdivision 126 ‑ B, 170 ‑ B or 960 ‑ D of the Income Tax Assessment Act 1997 ; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (b) a deduction being allowable to the taxpayer in relation to a year of income the whole or a part of which would not have been, or might reasonably be expected not to have been, allowable to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out where: (i) the allowance of the deduction to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act or the Income Tax Assessment Act 1997 , except one under Subdivision 960 ‑ D of the Income Tax Assessment Act 1997 ; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (c) a capital loss being incurred by the taxpayer during a year of income the whole or part of which would not have been, or might reasonably be expected not to have been, incurred by the taxpayer during the year of income if the scheme had not been entered into or carried out where: (i) the incurring of the capital loss by the taxpayer is attributable to the making of a declaration, agreement, choice, election or selection, the giving of a notice or the exercise of an option (expressly provided for by this Act or the Income Tax Assessment Act 1997 ) by any person, except one under Subdivision 126 ‑ B, 170 ‑ B or 960 ‑ D of the Income Tax Assessment Act 1997 ; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, notice or option to be made, given or exercised, as the case may be; or (ca) a loss carry back tax offset being allowable to the taxpayer the whole or a part of which would not have been, or might reasonably be expected not to have been, allowable to the taxpayer if the scheme had not been entered into or carried out, where: (i) the allowance of the loss carry back tax offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (d) a foreign income tax offset being allowable to the taxpayer the whole or a part of which would not have been, or might reasonably be expected not to have been, allowable to the taxpayer if the scheme had not been entered into or carried out, where: (i) the allowance of the foreign income tax offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (e) an innovation tax offset being allowable to the taxpayer the whole or a part of which would not have been, or might reasonably be expected not to have been, allowable to the taxpayer if the scheme had not been entered into or carried out, where: (i) the allowance of the innovation tax offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (f) a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, being allowable to the taxpayer in relation to a year of income the whole or a part of which offset would not have been, or might reasonably be expected not to have been, allowable to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out, where: (i) the allowance of the offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (g) a CMPTI tax offset being allowable to the taxpayer in relation to a year of income the whole or a part of which offset would not have been, or might reasonably be expected not to have been, allowable to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out, where: (i) the allowance of the offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be; or (h) a hydrogen production tax offset being allowable to the taxpayer in relation to a year of income the whole or a part of which offset would not have been, or might reasonably be expected not to have been, allowable to the taxpayer in relation to that year of income if the scheme had not been entered into or carried out, where: (i) the allowance of the offset to the taxpayer is attributable to the making of a declaration, agreement, election, selection or choice, the giving of a notice or the exercise of an option by any person, being a declaration, agreement, election, selection, choice, notice or option expressly provided for by this Act; and (ii) the scheme was not entered into or carried out by any person for the purpose of creating any circumstance or state of affairs the existence of which is necessary to enable the declaration, agreement, election, selection, choice, notice or option to be made, given or exercised, as the case may be. (2A) A reference in this Part to the obtaining by a taxpayer of a tax benefit in connection with a scheme is to be read as not including a reference to: (a) the assessable income of the taxpayer of a year of income not including an amount that would have been included, or might reasonably be expected to have been included, in the assessable income of the taxpayer of that year of income if the scheme had not been entered into or carried out where: (i) the non ‑ inclusion of the amount in the assessable income of the taxpayer is attributable to the making of a choice under Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 or an agreement under Subdivision 170 ‑ B of that Act; and (ii) the scheme consisted solely of the making of the agreement or election; or (b) a capital loss being incurred by the taxpayer during a year of income the whole or part of which would not have been, or might reasonably be expected not to have been, incurred by the taxpayer during the year of income if the scheme had not been entered into or carried out where: (i) the incurring of the capital loss by the taxpayer is attributable to the making of a choice under Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 or an agreement under Subdivision 170 ‑ B of that Act; and (ii) the scheme consisted solely of the making of the agreement or election; or (c) an exploration credit being issued to the taxpayer the whole or a part of which would not have been, or might reasonably be expected not to have been, issued to the taxpayer if the scheme had not been entered into or carried out, where: (i) the issuing of the exploration credit to the taxpayer is attributable to the making of a choice under Division 418 of the Income Tax Assessment Act 1997 ; and (ii) the scheme consisted solely of the making of the choice. (3) For the purposes of subparagraph (2)(a)(i), (b)(i), (c)(i), (ca)(i), (d)(i), (e)(i), (f)(i), (g)(i) or (h)(i) or (2A)(a)(i), (b)(i) or (c)(i): (a) the non ‑ inclusion of an amount in the assessable income of a taxpayer; or (b) the allowance of a deduction to a taxpayer; or (c) the incurring of a capital loss by a taxpayer; or (ca) the allowance of a foreign income tax offset to a taxpayer; or (caa) the allowance of an innovation tax offset to a taxpayer; or (cab) the allowance of a loss carry back tax offset to a taxpayer; or (cb) the issuing of an exploration credit to a taxpayer; or (cc) the allowance of a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, to a taxpayer; or (cd) the allowance of a CMPTI tax offset to a taxpayer; or (ce) the allowance of a hydrogen production tax offset to a taxpayer; is taken to be attributable to the making of a declaration, election, agreement or selection, the giving of a notice or the exercise of an option where, if the declaration, election, agreement, selection, notice or option had not been made, given or exercised, as the case may be: (d) the amount would have been included in that assessable income; or (e) the deduction would not have been allowable; or (f) the capital loss would not have been incurred; or (fa) the loss carry back tax offset would not have been allowable; or (g) the foreign income tax offset would not have been allowable; or (ga) the innovation tax offset would not have been allowable; or (h) the exploration credit would not have been issued; or (i) the refundable R&D tax offset, or non ‑ refundable R&D tax offset, would not have been allowable; or (j) the CMPTI tax offset would not have been allowable; or (k) the hydrogen production tax offset would not have been allowable. (4) To avoid doubt, paragraph (1)(a) applies to a scheme if: (a) an amount of income is not included in the assessable income of the taxpayer of a year of income; and (b) an amount would have been included, or might reasonably be expected to have been included, in the assessable income if the scheme had not been entered into or carried out; and (c) instead, the taxpayer or any other taxpayer makes a discount capital gain (within the meaning of the Income Tax Assessment Act 1997 ) for that or any other year of income. (5) Subsection (4) does not limit the generality of any other provision of this Part.", "Amendment_Count": 21, "First_Amended": "No 110 of 1981", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 110 of 1981 | No 135 of 1990 | No 208 of 1992 | No 16 of 1998 | No 41 of 1998 | No 46 of 1998 | No 11 of 1999 | No 16 of 1999 | No 169 of 1999 | No 173 of 2000 | No 133 of 2003 | No 101 of 2006 | No 143 of 2007 | No 88 of 2013 | No 101 of 2013 | No 96 of 2014 | No 21 of 2015 | No 54 of 2016 | No 8 of 2019 | No 92 of 2020 | No 9 of 2025", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 135 of 1990, item 19, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 208 of 1992, item 12, effective s 4–6, 19–33 and 47–61: 1 July 1994 (s 2(2)(a)) s 7–18 and 34–46: 22 Dec 1992 (s 2(1)) | Amended by No 16 of 1998, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 41 of 1998, Sch 1 item 18, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 46 of 1998, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 11 of 1999, item 2 | item 3 | item 4 | item 5 | item 6 | item 7 | item 8 | item 9, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 16 of 1999, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8, effective s 4, Sch 1, Sch 3 (items 8–10, 12(3)), Sch 5, 6, Sch 7 (items 1–8) and Sch 8–11: 9 Apr 1999 (s 2(1)) | Amended by No 169 of 1999, Sch 10 item 21, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 173 of 2000, effective s 4 and Sch 4 (items 1–5, 65(1), (2)): 21 Dec 2000 (s 2(1)) | Amended by No 133 of 2003, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 72, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 88 of 2013, Sch 5 item 29 | Sch 5 item 30 | Sch 5 item 31 | Sch 5 item 32 | Sch 5 item 33 | Sch 5 item 34, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 101 of 2013, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 96 of 2014, Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10, effective Sch 2 (items 3–13, 42, 43): 30 Sept 2014 (s 2(1) item 2) | Amended by No 21 of 2015, Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 6 | Sch 6 item 7 | Sch 6 item 8 | Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 41 | Sch 6 item 42 | Sch 6 item 43 | Sch 6 item 44 | Sch 6 item 45, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15) | Amended by No 54 of 2016, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8, effective Sch 1 (items 2–11, 19): 1 July 2016 (s 2(1) item 2) | Amended by No 8 of 2019, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11) | Amended by No 92 of 2020, Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 5 | Sch 5 item 6 | Sch 5 item 7, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7) | Amended by No 9 of 2025, Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8, effective Sch 1 (items 8–13) and Sch 2 (items 2–11): 1 Apr 2025 (s 2(1) items 3, 5) Sch 1 (items 22–31): 1 Jan 2026 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177CB", "Provision_Key": "s177cb", "Heading": "The bases for identifying tax benefits", "Text": "(1) This section applies to deciding, under section 177C, whether any of the following ( tax effects ) would have occurred, or might reasonably be expected to have occurred, if a scheme had not been entered into or carried out: (a) an amount being included in the assessable income of the taxpayer; (b) the whole or a part of a deduction not being allowable to the taxpayer; (c) the whole or a part of a capital loss not being incurred by the taxpayer; (ca) the whole or a part of a loss carry back tax offset not being allowable to the taxpayer; (d) the whole or a part of a foreign income tax offset not being allowable to the taxpayer; (daa) the whole or a part of an innovation tax offset not being allowable to the taxpayer; (da) the whole or a part of an exploration credit not being issued to the taxpayer; (e) the taxpayer being liable to pay withholding tax on an amount; (f) the whole or a part of a refundable R&D tax offset, or of a non ‑ refundable tax offset, not being allowable to the taxpayer; (g) the whole or a part of a CMPTI tax offset not being allowable to the taxpayer; (h) the whole or a part of a hydrogen production tax offset not being allowable to the taxpayer. (2) A decision that a tax effect would have occurred if the scheme had not been entered into or carried out must be based on a postulate that comprises only the events or circumstances that actually happened or existed (other than those that form part of the scheme). (3) A decision that a tax effect might reasonably be expected to have occurred if the scheme had not been entered into or carried out must be based on a postulate that is a reasonable alternative to entering into or carrying out the scheme. (4) In determining for the purposes of subsection (3) whether a postulate is such a reasonable alternative: (a) have particular regard to: (i) the substance of the scheme; and (ii) any result or consequence for the taxpayer that is or would be achieved by the scheme (other than a result in relation to the operation of this Act); but (b) disregard any result in relation to the operation of this Act that would be achieved by the postulate for any person (whether or not a party to the scheme). (5) Subsection (4) applies in relation to the scheme as if references in that subsection to the operation of this Act included references to the operation of any foreign law relating to taxation: (a) if this Part applies to the scheme because of section 177DA or 177J; or (b) for the purposes of determining whether this Part applies to the scheme because of section 177DA or 177J.", "Amendment_Count": 9, "First_Amended": "No 88 of 2013", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 88 of 2013 | No 101 of 2013 | No 96 of 2014 | No 21 of 2015 | No 170 of 2015 | No 54 of 2016 | No 27 of 2017 | No 92 of 2020 | No 9 of 2025", "History_Notes": "Amended by No 88 of 2013, Sch 5 item 35, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Inserted by No 101 of 2013, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 96 of 2014, Sch 2 item 11, effective Sch 2 (items 3–13, 42, 43): 30 Sept 2014 (s 2(1) item 2) | Amended by No 21 of 2015, Sch 6 item 11, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15) | Amended by No 170 of 2015, Sch 2 item 3, effective Sch 2 (items 1–4, 7): 11 Dec 2015 (s 2(1) item 1) | Amended by No 54 of 2016, Sch 1 item 9, effective Sch 1 (items 2–11, 19): 1 July 2016 (s 2(1) item 2) | Amended by No 27 of 2017, Sch 1 item 9 | Sch 1 item 10, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3) | Amended by No 92 of 2020, Sch 2 item 11 | Sch 5 item 8, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7) | Amended by No 9 of 2025, Sch 1 item 29 | Sch 2 item 9, effective Sch 1 (items 8–13) and Sch 2 (items 2–11): 1 Apr 2025 (s 2(1) items 3, 5) Sch 1 (items 22–31): 1 Jan 2026 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177CB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177D", "Provision_Key": "s177d", "Heading": "Schemes to which this Part applies", "Text": "Scheme for purpose of obtaining a tax benefit (1) This Part applies to a scheme if it would be concluded (having regard to the matters in subsection (2)) that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for the purpose of: (a) enabling a taxpayer (a relevant taxpayer ) to obtain a tax benefit in connection with the scheme; or (b) enabling the relevant taxpayer and another taxpayer (or other taxpayers) each to obtain a tax benefit in connection with the scheme; whether or not that person who entered into or carried out the scheme or any part of the scheme is the relevant taxpayer or is the other taxpayer or one of the other taxpayers. Have regard to certain matters (2) For the purpose of subsection (1), have regard to the following matters: (a) the manner in which the scheme was entered into or carried out; (b) the form and substance of the scheme; (c) the time at which the scheme was entered into and the length of the period during which the scheme was carried out; (d) the result in relation to the operation of this Act that, but for this Part, would be achieved by the scheme; (e) any change in the financial position of the relevant taxpayer that has resulted, will result, or may reasonably be expected to result, from the scheme; (f) any change in the financial position of any person who has, or has had, any connection (whether of a business, family or other nature) with the relevant taxpayer, being a change that has resulted, will result or may reasonably be expected to result, from the scheme; (g) any other consequence for the relevant taxpayer, or for any person referred to in paragraph (f), of the scheme having been entered into or carried out; (h) the nature of any connection (whether of a business, family or other nature) between the relevant taxpayer and any person referred to in paragraph (f). Note: Section 960 ‑ 255 of the Income Tax Assessment Act 1997 may be relevant to determining family relationships for the purposes of paragraphs (f) and (h). Tax benefit (3) Despite subsection (1), this Part applies to the scheme only if the relevant taxpayer has obtained, or would but for section 177F obtain, a tax benefit in connection with the scheme. When schemes entered into etc. (4) Despite subsection (1), this Part applies to the scheme only if: (a) the scheme has been or is entered into after 27 May 1981; or (b) the scheme has been or is carried out or commenced to be carried out after that day (and is not a scheme that was entered into on or before that day). Schemes outside Australia (5) This section applies whether or not the scheme has been or is entered into or carried out in Australia or outside Australia or partly in Australia and partly outside Australia.", "Amendment_Count": 3, "First_Amended": "No 110 of 1981", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 110 of 1981 | No 144 of 2008 | No 101 of 2013", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 144 of 2008, Sch 14 item 32, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Repealed and substituted by No 101 of 2013, Sch 1 item 1 | Sch 1 item 6, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177DA", "Provision_Key": "s177da", "Heading": "Schemes that limit a taxable presence in Australia", "Text": "Scheme for a purpose including obtaining a tax benefit etc. (1) Without limiting section 177D, this Part also applies to a scheme if: (a) under, or in connection with, the scheme: (i) a foreign entity makes a supply to an Australian customer of the foreign entity; and (ii) activities are undertaken in Australia directly in connection with the supply; and (iii) some or all of those activities are undertaken by an Australian entity who, or are undertaken at or through an Australian permanent establishment of an entity who, is an associate of or is commercially dependent on the foreign entity; and (iv) the foreign entity derives ordinary income, or statutory income, from the supply; and (v) some or all of that income is not attributable to an Australian permanent establishment of the foreign entity; and (b) it would be concluded (having regard to the matters in subsection (2)) that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a principal purpose of, or for more than one principal purpose that includes a purpose of: (i) enabling a taxpayer (a relevant taxpayer ) to obtain a tax benefit, or both to obtain a tax benefit and to reduce one or more of the relevant taxpayer’s liabilities to tax under a foreign law, in connection with the scheme; or (ii) enabling the relevant taxpayer and another taxpayer (or other taxpayers) each to obtain a tax benefit, or both to obtain a tax benefit and to reduce one or more of their liabilities to tax under a foreign law, in connection with the scheme; whether or not that person who entered into or carried out the scheme or any part of the scheme is the relevant taxpayer or is the other taxpayer or one of the other taxpayers; and (c) the foreign entity is a significant global entity for a year of income in which the relevant taxpayer, or one or more other taxpayers, would (but for this Part): (i) obtain a tax benefit; or (ii) reduce one or more of their liabilities to tax under a foreign law; in connection with the scheme. Have regard to certain matters (2) For the purposes of paragraph (1)(b), have regard to the following matters: (a) the matters in subsection 177D(2); (b) the extent to which the activities that contribute to bringing about the contract for the supply are performed, and are able to be performed, by: (i) the foreign entity; or (ii) another entity referred to in subparagraph (1)(a)(iii); or (iii) any other entities; (c) the result, in relation to the operation of any foreign law relating to taxation, that (but for this Part) would be achieved by the scheme. Deferral of foreign tax liabilities (3) For the purposes of paragraph (1)(b), a deferral of a taxpayer’s liabilities to tax under a foreign law is taken to be a reduction of those liabilities, unless there are reasonable commercial grounds for the deferral. Tax benefit (4) Despite subsection (1), this Part applies to the scheme because of this section only if the relevant taxpayer has obtained, or would but for section 177F obtain, a tax benefit in connection with the scheme. Commissioner not required to enquire into foreign tax matters (5) The Commissioner is required to have regard to a matter referred to in paragraph (2)(c) only so far as information relevant to that matter is available to the Commissioner, and is not required to acquire further information in order to have regard to that matter. Schemes outside Australia (6) This section applies whether or not the scheme has been or is entered into or carried out in Australia or outside Australia or partly in Australia and partly outside Australia. Income from supply by trust estate or partnership (7) Subsection (8) applies if: (a) both of the following conditions are satisfied: (i) a trust estate or partnership makes a supply to an entity; (ii) that entity would be an Australian customer of the trust estate or partnership if the trust estate or partnership were a foreign entity; and (b) because of the supply, an amount of ordinary income, or statutory income, is included in the assessable income of the trust estate or partnership (as worked out for the purposes of working out its net income for a year of income); and (c) the trust estate or partnership has a foreign entity participant at any time in that year of income; and (d) any of the following conditions are satisfied at the time the supply is made: (i) the trust estate or partnership is connected with (within the meaning of the Income Tax Assessment Act 1997 ) a foreign entity; (ii) the trust estate or partnership would be an affiliate (within the meaning of that Act) of a foreign entity if the trust estate or partnership were an individual or a company; (iii) the trust estate or partnership and a foreign entity are members of the same global group. (8) For the purposes of this section: (a) treat the foreign entity mentioned in paragraph (7)(d) as having made the supply; and (b) treat the entity mentioned in subparagraph (7)(a)(ii) as being an Australian customer of the foreign entity; and (c) treat the foreign entity as having derived the ordinary income, or statutory income, from the supply.", "Amendment_Count": 2, "First_Amended": "No 170 of 2015", "Last_Amended": "No 124 of 2018", "Amending_Acts": "No 170 of 2015 | No 124 of 2018", "History_Notes": "Inserted by No 170 of 2015, Sch 1 item 960 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 5, effective Sch 2 (items 1–4, 7): 11 Dec 2015 (s 2(1) item 1) | Amended by No 124 of 2018, Sch 1 item 2, effective Sch 1: 1 Jan 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177DA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177E", "Provision_Key": "s177e", "Heading": "Stripping of company profits", "Text": "(1) Where: (a) as a result of a scheme that is, in relation to a company: (i) a scheme by way of or in the nature of dividend stripping; or (ii) a scheme having substantially the effect of a scheme by way of or in the nature of a dividend stripping; any property of the company is disposed of; (b) in the opinion of the Commissioner, the disposal of that property represents, in whole or in part, a distribution (whether to a shareholder or another person) of profits of the company (whether of the accounting period in which the disposal occurred or of any earlier or later accounting period); (c) if, immediately before the scheme was entered into, the company had paid a dividend out of profits of an amount equal to the amount determined by the Commissioner to be the amount of profits the distribution of which is, in his or her opinion, represented by the disposal of the property referred to in paragraph (a), an amount (in this subsection referred to as the notional amount ) would have been included, or might reasonably be expected to have been included, by reason of the payment of that dividend, in the assessable income of a taxpayer of a year of income; and (d) the scheme has been or is entered into after 27 May 1981, whether in Australia or outside Australia; the following provisions have effect: (e) the scheme shall be taken to be a scheme to which this Part applies; (f) for the purposes of section 177F, the taxpayer shall be taken to have obtained a tax benefit in connection with the scheme that is referable to the notional amount not being included in the assessable income of the taxpayer of the year of income; and (g) the amount of that tax benefit shall be taken to be the notional amount. (2) Without limiting the generality of subsection (1), a reference in that subsection to the disposal of property of a company shall be read as including a reference to: (a) the payment of a dividend by the company; (b) the making of a loan by the company (whether or not it is intended or likely that the loan will be repaid); (c) a bailment of property by the company; and (d) any transaction having the effect, directly or indirectly, of diminishing the value of any property of the company. (2A) This section: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder; and (c) applies to a non ‑ share dividend in the same way as it applies to a dividend. (3) In this section, property includes a chose in action and also includes any estate, interest, right or power, whether at law or in equity, in or over property.", "Amendment_Count": 3, "First_Amended": "No 110 of 1981", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 110 of 1981 | No 163 of 2001 | No 41 of 2011", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 163 of 2001, Sch 1 item 103, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 41 of 2011, Sch 5 item 325, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177E"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177EA", "Provision_Key": "s177ea", "Heading": "Creation of franking debit or cancellation of franking credits", "Text": "(1) In this section, unless the contrary intention appears: relevant circumstances has a meaning affected by subsection (17). relevant taxpayer has the meaning given by subsection (3). scheme for a disposition , in relation to membership interests or an interest in membership interests, has a meaning affected by subsection (14). (2) An expression used in this section that is defined in the Income Tax Assessment Act 1997 has the same meaning as in that Act, except to the extent that its meaning is extended by subsection (16), (18) or (19), or affected by subsection (15). Application of section (3) This section applies if: (a) there is a scheme for a disposition of membership interests, or an interest in membership interests, in a corporate tax entity; and (b) either: (i) a frankable distribution has been paid, or is payable or expected to be payable, to a person in respect of the membership interests; or (ii) a frankable distribution has flowed indirectly, or flows indirectly or is expected to flow indirectly, to a person in respect of the interest in membership interests, as the case may be; and (c) the distribution was, or is expected to be, a franked distribution or a distribution franked with an exempting credit; and (d) except for this section, the person (the relevant taxpayer ) would receive, or could reasonably be expected to receive, imputation benefits as a result of the distribution; and (e) having regard to the relevant circumstances of the scheme, it would be concluded that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a purpose (whether or not the dominant purpose but not including an incidental purpose) of enabling the relevant taxpayer to obtain an imputation benefit. Bare acquisition of membership interests or interest in membership interests (4) It is not to be concluded for the purposes of paragraph (3)(e) that a person entered into or carried out a scheme for a purpose mentioned in that paragraph merely because the person acquired membership interests, or an interest in membership interests, in the entity. Commissioner to determine franking debit or deny franking credit (5) The Commissioner may make, in writing, either of the following determinations: (a) if the corporate tax entity is a party to the scheme, a determination that a franking debit or exempting debit of the entity arises in respect of each distribution made to the relevant taxpayer or that flows indirectly to the relevant taxpayer; (b) a determination that no imputation benefit is to arise in respect of a distribution or a specified part of a distribution that is made, or that flows indirectly, to the relevant taxpayer. A determination does not form part of an assessment. Notice of determination (6) If the Commissioner makes a determination under subsection (5), the Commissioner must: (a) in respect of a determination made under paragraph (5)(a)—serve notice in writing of the determination on the corporate tax entity; or (b) in respect of a determination made under paragraph (5)(b)—serve notice in writing of the determination on the relevant taxpayer. Publication of determination in relation to listed public company denying imputation benefit (7) If the Commissioner makes a determination under paragraph (5)(b), in respect of a distribution made by a listed public company, the Commissioner is taken to have served notice in writing of the determination on the relevant taxpayer if the Commissioner causes the notice to be published in a manner that results in the notice being accessible to the public and reasonably prominent. The notice is taken to have been served on the day on which the publication takes place. Objections (9) If a taxpayer to whom a determination relates is dissatisfied with the determination, the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 . Effect of determination of franking debit or exempting debit (10) If the Commissioner makes a determination under paragraph (5)(a): (a) on the day on which notice in writing of the determination is served on the entity, a franking debit or exempting debit of the corporate tax entity arises in respect of the distribution; and (b) the amount of the franking debit or exempting debit is such amount as is stated in the Commissioner’s determination, being an amount that: (i) the Commissioner considers reasonable in the circumstances; and (ii) does not exceed the amount of the franking debit or exempting debit of the entity arising under item 1 of the table in section 205 ‑ 30 of the Income Tax Assessment 1997 or item 2 of the table in section 208 ‑ 120 of that Act in respect of the distribution. Effect of determination that no imputation benefit is to arise (11) If the Commissioner makes a determination under paragraph (5)(b), the determination has effect according to its terms. Application of section to non ‑ share dividends (12) This section: (a) applies to a non ‑ share equity interest in the same way as it applies to a membership interest; and (b) applies to an equity holder in the same way as it applies to a member; and (c) applies to a non ‑ share dividend in the same way as it applies to a distribution. Meaning of interest in membership interests (13) A person has an interest in membership interests if: (a) the person has any legal or equitable interest in the membership interests; or (b) the person is a partner in a partnership and: (i) the assets of the partnership include, or will include, the membership interests; or (ii) the partnership derives, or will derive, income indirectly through interposed companies, trusts or partnerships, from distributions made on the membership interests; or (c) the person is a beneficiary of a trust (including a potential beneficiary of a discretionary trust) and: (i) the membership interests form, or will form, part of the trust estate; or (ii) the trust derives, or will derive, income indirectly through interposed companies, trusts or partnerships, from distributions made on the membership interests. Meaning of scheme for a disposition (14) A scheme for a disposition of membership interests or an interest in membership interests includes, but is not limited to, a scheme that involves any of the following: (a) issuing the membership interests or creating the interest in membership interests; (b) entering into any contract, arrangement, transaction or dealing that changes or otherwise affects the legal or equitable ownership of the membership interests or interest in membership interests; (c) creating, varying or revoking a trust in relation to the membership interests or interest in membership interests; (d) creating, altering or extinguishing a right, power or liability attaching to, or otherwise relating to, the membership interests or interest in membership interests; (e) substantially altering any of the risks of loss, or opportunities for profit or gain, involved in holding or owning the membership interests or having the interest in membership interests; (f) the membership interests or interest in membership interests beginning to be included, or ceasing to be included, in any of the insurance funds of a life assurance company. (15) In determining whether a distribution flows indirectly to a person, assume that the following provisions of the Income Tax Assessment Act 1997 had not been enacted: (a) section 295 ‑ 385 (about income from assets set aside to meet current pension liabilities), section 295 ‑ 390 (about income from other assets used to meet current pension liabilities) and 295 ‑ 400 (about income of a PST attributable to current pension liabilities); or (b) paragraph 320 ‑ 37(1)(a) (about segregated exempt assets) or paragraph 320 ‑ 37(1)(d) (about income bonds, funeral policies and scholarship plans). When imputation benefit is received (16) A taxpayer to whom a distribution flows indirectly receives an imputation benefit as a result of the distribution if: (a) the taxpayer is entitled to a tax offset under Division 207 of the Income Tax Assessment Act 1997 as a result of the distribution; or (b) where the taxpayer is a corporate tax entity—a franking credit would arise in the franking account of the taxpayer as a result of the distribution. Note: Where the distribution is made directly to the taxpayer, see subsection 204 ‑ 30(6) of the Income Tax Assessment Act 1997 for a definition of imputation benefit . Meaning of relevant circumstances of scheme (17) The relevant circumstances of a scheme include the following: (a) the extent and duration of the risks of loss, and the opportunities for profit or gain, from holding membership interests, or having interests in membership interests, in the corporate tax entity that are respectively borne by or accrue to the parties to the scheme, and whether there has been any change in those risks and opportunities for the relevant taxpayer or any other party to the scheme (for example, a change resulting from the making of any contract, the granting of any option or the entering into of any arrangement with respect to any membership interests, or interests in membership interests, in the corporate tax entity); (b) whether the relevant taxpayer would, in the year of income in which the distribution is made, or if the distribution flows indirectly to the relevant taxpayer, in the year in which the distribution flows indirectly to the relevant taxpayer, derive a greater benefit from franking credits than other entities who hold membership interests, or have interests in membership interests, in the corporate tax entity; (c) whether, apart from the scheme, the corporate tax entity would have retained the franking credits or exempting credits or would have used the franking credits or exempting credits to pay a franked distribution to another entity referred to in paragraph (b); (d) whether, apart from the scheme, a franked distribution would have flowed indirectly to another entity referred to in paragraph (b); (e) if the scheme involves the issue of a non ‑ share equity interest to which section 215 ‑ 10 of the Income Tax Assessment Act 1997 applies—whether the corporate tax entity has issued, or is likely to issue, equity interests in the corporate tax entity: (i) that are similar, from a commercial point of view, to the non ‑ share equity interest; and (ii) distributions in respect of which are frankable; (f) whether any consideration paid or given by or on behalf of, or received by or on behalf of, the relevant taxpayer in connection with the scheme (for example, the amount of any interest on a loan) was calculated by reference to the imputation benefits to be received by the relevant taxpayer; (g) whether a deduction is allowable or a capital loss is incurred in connection with a distribution that is made or that flows indirectly under the scheme; (ga) whether a distribution that is made or that flows indirectly under the scheme to the relevant taxpayer is sourced, directly or indirectly, from unrealised or untaxed profits; (h) whether a distribution that is made or that flows indirectly under the scheme to the relevant taxpayer is equivalent to the receipt by the relevant taxpayer of interest or of an amount in the nature of, or similar to, interest; (i) the period for which the relevant taxpayer held membership interests, or had an interest in membership interests, in the corporate tax entity; (j) any of the matters referred to in subsection 177D(2). Meaning of greater benefit from franking credits (18) The following subsection lists some of the cases in which a taxpayer to whom a distribution flows indirectly receives a greater benefit from franking credits than an entity referred to in paragraph (17)(b). It is not an exhaustive list. (19) A taxpayer to whom a distribution flows indirectly receives a greater benefit from franking credits than an entity referred to in paragraph (17)(b) if any of the following circumstances exist in relation to that entity in the year of income in which the distribution giving rise to the benefit is made, and not in relation to the taxpayer if: (a) the entity is not an Australian resident; or (b) the entity would not be entitled to any tax offset under Division 207 of the Income Tax Assessment Act 1997 because of the distribution; or (c) the amount of income tax that would be payable by the entity because of the distribution is less than the tax offset to which the entity would be entitled; or (d) the entity is a corporate tax entity at the time the distribution is made, but no franking credit arises for the entity as a result of the distribution; or (e) the entity is a corporate tax entity at the time the distribution is made, but cannot use franking credits received on the distribution to frank distributions to its own members because: (i) it is not a franking entity; or (ii) it is unable to make frankable distributions. Note: Where the distribution is made directly to the taxpayer, see subsections 204 ‑ 30(7), (8), (9) and (10) of the Income Tax Assessment Act 1997 for a list of circumstances in which the taxpayer will be treated as deriving a greater benefit from franking credits than another entity.", "Amendment_Count": 12, "First_Amended": "No 47 of 1998", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 47 of 1998 | No 93 of 1999 | No 163 of 2001 | No 16 of 2003 | No 66 of 2003 | No 58 of 2006 | No 15 of 2007 | No 79 of 2007 | No 101 of 2013 | No 2 of 2015 | No 81 of 2016 | No 69 of 2023", "History_Notes": "Inserted by No 47 of 1998, Sch 7 item 10 | Sch 7 item 12 | Sch 7 item 13 | Sch 7 item 14 | Sch 7 item 15 | Sch 7 item 16 | Sch 7 item 17 | Sch 7 item 18 | Sch 7 item 19 | Sch 7 item 20 | Sch 7 item 21 | Sch 7 item 24, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 93 of 1999, Sch 4 item 8 | Sch 5 item 10 | Sch 5 item 44 | Sch 5 item 51 | Sch 5 item 65 | Sch 5 item 66 | Sch 5 item 67 | Sch 5 item 68 | Sch 5 item 70 | Sch 5 item 71 | Sch 5 item 72, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 163 of 2001, Sch 1 item 104 | Sch 1 item 105, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Repealed and substituted by No 16 of 2003, Sch 27 item 210 | Sch 29 item 9 | Sch 29 item 11, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 5 (item 1), Sch 9 (items 3–12), Sch 10 (item 1) and Sch 23 (items 1–9): 24 Oct 2002(s 2(1) items 4–6, 13) Sch 29 (items 1–11, 14): 29 June 2002 (s 2(1) items 20, 22) | Amended by No 66 of 2003, Sch 3 item 46A, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A) | Amended by No 58 of 2006, Sch 7 item 48, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13) | Amended by No 15 of 2007, Sch 1 item 115, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 79 of 2007, Sch 6 item 2, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 101 of 2013, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 2 of 2015, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 81 of 2016, Sch 10 item 69, effective Sch 10 (items 66–71, 93): 1 Jan 2017 (s 2(1) item 6) | Amended by No 69 of 2023, Sch 1 item 107 | Sch 1 item 108, effective Sch 1 (items 105–108): 1 Jan 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177EA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177EB", "Provision_Key": "s177eb", "Heading": "Cancellation of franking credits—consolidated groups", "Text": "Expressions to have same meanings as in section 177EA and Income Tax Assessment Act 1997 (1) Unless the contrary intention appears, expressions used in this section: (a) if those expressions are defined in section 177EA—have the same meanings as in that section (subject to subsection (10) of this section); and (b) otherwise—have the same meanings as in the Income Tax Assessment Act 1997 . This section and section 177EA do not limit each other (2) This section does not limit the operation of section 177EA, and section 177EA does not limit the operation of this section. Application of section (3) This section applies if: (a) there is a scheme for a disposition of membership interests in an entity (the joining entity ); and (b) as a result of the disposition, the joining entity becomes a subsidiary member of a consolidated group; and (c) a credit arises in the franking account of the head company of the group because of the joining entity becoming a subsidiary member of the group; and (d) having regard to the relevant circumstances of the scheme, it would be concluded that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a purpose (whether or not the dominant purpose but not including an incidental purpose) of enabling the credit referred to in paragraph (c) to arise in the head company’s franking account. Bare acquisition of membership interests (4) It is not to be concluded for the purposes of paragraph (3)(d) that a person entered into or carried out a scheme for a purpose mentioned in that paragraph merely because the person acquired membership interests in the joining entity. Commissioner to determine no franking credit (5) The Commissioner may make, in writing, a determination that no credit is to arise in the head company’s franking account because of the joining entity becoming a subsidiary member of the consolidated group. A determination does not form part of an assessment. Effect of determination (6) A determination under subsection (5) has effect according to its terms. Notice of determination (7) If the Commissioner makes a determination under subsection (5), the Commissioner must serve notice in writing of the determination on the head company. Objections (9) If a taxpayer to whom a determination relates is dissatisfied with the determination, the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 . Relevant circumstances (10) The relevant circumstances of a scheme include the following: (a) the extent and duration of the risks of loss, and the opportunities for profit or gain, from holding membership interests in the joining entity that are respectively borne by or accrue to the parties to the scheme, and whether there has been any change in those risks and opportunities for the head company or any other party to the scheme (for example, a change resulting from the making of any contract, the granting of any option or the entering into of any arrangement with respect to any membership interests in the joining entity); (b) whether the head company, or a person holding membership interests in the head company, would, in the year of income in which the joining entity became a subsidiary member of the group or any later year of income, derive a greater benefit from franking credits than other persons who held membership interests in the joining entity immediately before it became a subsidiary member of the group; (c) the extent (if any) to which the joining entity was able to pay a franked dividend or distribution immediately before it became a subsidiary member of the group; (d) whether any consideration paid or given by or on behalf of, or received by or on behalf of, the head company in connection with the scheme (for example, the amount of any interest on a loan) was calculated by reference to the franking credit benefits to be received by the head company; (e) the period for which the head company held membership interests in the joining entity; (f) any of the matters referred to in subsection 177D(2). Section to apply to exempting credits (11) This section applies to exempting credits arising in the exempting account of the head company of a consolidated group in the same way that it applies to credits arising in the head company’s franking account.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 101 of 2013 | No 2 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 68 of 2002, effective s 4 and Sch 3 (item 40): 24 Oct 2002 (s 2) | Amended by No 16 of 2003, Sch 5 item 1, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 5 (item 1), Sch 9 (items 3–12), Sch 10 (item 1) and Sch 23 (items 1–9): 24 Oct 2002(s 2(1) items 4–6, 13) Sch 29 (items 1–11, 14): 29 June 2002 (s 2(1) items 20, 22) | Amended by No 101 of 2013, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 2 of 2015, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 81 of 2016, Sch 10 item 70, effective Sch 10 (items 66–71, 93): 1 Jan 2017 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177EB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177F", "Provision_Key": "s177f", "Heading": "Cancellation of tax benefits etc.", "Text": "(1) Where this Part applies to a scheme in connection with which a tax benefit has been obtained, or would but for this section be obtained, the Commissioner may: (a) in the case of a tax benefit that is referable to an amount not being included in the assessable income of the taxpayer of a year of income—determine that the whole or a part of that amount shall be included in the assessable income of the taxpayer of that year of income; or (b) in the case of a tax benefit that is referable to a deduction or a part of a deduction being allowable to the taxpayer in relation to a year of income—determine that the whole or a part of the deduction or of the part of the deduction, as the case may be, shall not be allowable to the taxpayer in relation to that year of income; or (c) in the case of a tax benefit that is referable to a capital loss or a part of a capital loss being incurred by the taxpayer during a year of income—determine that the whole or a part of the capital loss or of the part of the capital loss, as the case may be, was not incurred by the taxpayer during that year of income; or (ca) in the case of a tax benefit that is referable to a loss carry back tax offset, or a part of a loss carry back tax offset, being allowable to the taxpayer—determine that the whole or a part of the loss carry back tax offset, or the part of the loss carry back tax offset, as the case may be, is not to be allowable to the taxpayer; or (d) in the case of a tax benefit that is referable to a foreign income tax offset, or a part of a foreign income tax offset, being allowable to the taxpayer—determine that the whole or a part of the foreign income tax offset, or the part of the foreign income tax offset, as the case may be, is not to be allowable to the taxpayer; or (da) in the case of a tax benefit that is referable to an innovation tax offset, or a part of an innovation tax offset, being allowable to the taxpayer—determine that the whole or a part of the innovation tax offset, or the part of the innovation tax offset, as the case may be, is not to be allowable to the taxpayer; or (e) in the case of a tax benefit that is referable to an exploration credit, or a part of an exploration credit, being issued to the taxpayer—determine that: (i) the whole or a part of a junior minerals exploration incentive tax offset that would otherwise be allowable to the taxpayer in relation to the exploration credit, or the part of the exploration credit, as the case may be, is not to be allowable to the taxpayer; or (ii) the whole or a part of a franking credit that would otherwise arise in the franking account of the taxpayer in relation to the exploration credit, or the part of the exploration credit, as the case may be, is not to arise in the franking account of the taxpayer; or (f) in the case of a tax benefit that is referable to: (i) a refundable R&D tax offset; or (ii) a non ‑ refundable R&D tax offset; or (iii) a part of a refundable R&D tax offset; or (iv) a part of a non ‑ refundable R&D tax offset; being allowable to the taxpayer in relation to a year of income—determine that the whole or a part of the offset, or the part of the offset, as the case may be, is not to be allowable to the taxpayer in relation to that year of income; or (g) in the case of a tax benefit that is referable to a CMPTI tax offset, or a part of a CMPTI tax offset, being allowable to the taxpayer—determine that the whole or a part of the CMPTI tax offset, or the part of the CMPTI tax offset, as the case may be, is not to be allowable to the taxpayer; or (h) in the case of a tax benefit that is referable to a hydrogen production tax offset, or a part of a hydrogen production tax offset, being allowable to the taxpayer in relation to a year of income—determine that the whole or a part of the offset, or the part of the offset, as the case may be, is not to be allowable to the taxpayer in relation to that year of income; and, where the Commissioner makes such a determination, he or she shall take such action as he or she considers necessary to give effect to that determination. (2) Where the Commissioner determines under paragraph (1)(a) that an amount is to be included in the assessable income of a taxpayer of a year of income, that amount shall be deemed to be included in that assessable income by virtue of such provision of this Act as the Commissioner determines. (2A) Where a tax benefit that is covered by paragraph 177C(1)(bc) has been obtained, or would but for this section be obtained, by a taxpayer in connection with a scheme to which this Part applies: (a) the Commissioner may determine that the taxpayer is subject to withholding tax under section 128B on the whole or a part of that amount; and (b) if the Commissioner makes such a determination, he or she must take such action as he or she considers necessary to give effect to that determination. (2B) A determination under paragraph (1)(c) or subsection (2A) must be in writing. (2C) Notice of the determination must be given to the taxpayer and, in the case of a determination under subsection (2A), to the person who paid the amount. (2E) A failure to comply with subsection (2C) does not affect the validity of a determination. (2F) If the Commissioner makes a determination under subsection (2A), the amount that the Commissioner determines is taken to be subject to withholding tax is taken to have been subject to withholding tax at all times by virtue of such provision of section 128B as the Commissioner determines. (2G) If the taxpayer is dissatisfied with a determination under paragraph (1)(c) or subsection (2A), the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 . (3) Where the Commissioner has made a determination under subsection (1) or (2A) in respect of a taxpayer in relation to a scheme to which this Part applies, or the Commissioner has made a DPT assessment in respect of a taxpayer in relation to a scheme to which this Part applies, the Commissioner may, in relation to any taxpayer (in this subsection referred to as the relevant taxpayer ): (a) if, in the opinion of the Commissioner: (i) there has been included, or would but for this subsection be included, in the assessable income of the relevant taxpayer of a year of income an amount that would not have been included or would not be included, as the case may be, in the assessable income of the relevant taxpayer of that year of income if the scheme had not been entered into or carried out; and (ii) it is fair and reasonable that that amount or a part of that amount should not be included in the assessable income of the relevant taxpayer of that year of income; determine that that amount or that part of that amount, as the case may be, should not have been included or shall not be included, as the case may be, in the assessable income of the relevant taxpayer of that year of income; or (b) if, in the opinion of the Commissioner: (i) an amount would have been allowed or would be allowable to the relevant taxpayer as a deduction in relation to a year of income if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, but for this subsection, be allowable, as the case may be, as a deduction to the relevant taxpayer in relation to that year of income; and (ii) it is fair and reasonable that that amount or a part of that amount should be allowable as a deduction to the relevant taxpayer in relation to that year of income; determine that that amount or that part, as the case may be, should have been allowed or shall be allowable, as the case may be, as a deduction to the relevant taxpayer in relation to that year of income; or (c) if, in the opinion of the Commissioner: (i) a capital loss would have been incurred by the relevant taxpayer during a year of income if the scheme had not been entered into or carried out, being a capital loss that was not incurred or would not, but for this subsection, be incurred, as the case may be, by the relevant taxpayer during that year of income; and (ii) it is fair and reasonable that the capital loss or a part of that capital loss should be incurred by the relevant taxpayer during that year of income; determine that the capital loss or the part, as the case may be, should be incurred by the relevant taxpayer during that year of income; or (ca) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a loss carry back tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a loss carry back tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a loss carry back tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a loss carry back tax offset to the relevant taxpayer; or (d) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a foreign income tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a foreign income tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a foreign income tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a foreign income tax offset to the relevant taxpayer; or (da) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as an innovation tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as an innovation tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as an innovation tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as an innovation tax offset to the relevant taxpayer; or (e) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a junior minerals exploration incentive tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a junior minerals exploration incentive tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a junior minerals exploration incentive tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as an exploration development incentive tax offset to the relevant taxpayer; or (f) if, in the opinion of the Commissioner: (i) an amount of a franking credit would have arisen, or would arise, in the franking account of the relevant taxpayer in relation to an exploration credit, being an amount that did not arise, or would not, apart from this subsection, have arisen, as the case may be, in the franking account of the relevant taxpayer in relation to the exploration credit; and (ii) it is fair and reasonable that the amount, or a part of the amount, should arise, in the franking account of the relevant taxpayer in relation to the exploration credit; determine that that amount or that part, as the case may be, should have arisen, or arises, as the case may be, in the franking account of the relevant taxpayer in relation to the exploration credit or (g) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, in relation to a year of income if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, as the case may be, to the relevant taxpayer in relation to that year of income; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, as the case may be, to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a refundable R&D tax offset, or a non ‑ refundable R&D tax offset, as the case may be, to the relevant taxpayer in relation to that year of income; or (h) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a CMPTI tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a CMPTI tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a CMPTI tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a CMPTI tax offset to the relevant taxpayer; or (i) if, in the opinion of the Commissioner: (i) an amount would have been allowed, or would be allowable, to the relevant taxpayer as a hydrogen production tax offset if the scheme had not been entered into or carried out, being an amount that was not allowed or would not, apart from this subsection, be allowable, as the case may be, as a hydrogen production tax offset to the relevant taxpayer; and (ii) it is fair and reasonable that the amount, or a part of the amount, should be allowable as a hydrogen production tax offset to the relevant taxpayer; determine that that amount or that part, as the case may be, should have been allowed or is allowable, as the case may be, as a hydrogen production tax offset to the relevant taxpayer; and the Commissioner shall take such action as he or she considers necessary to give effect to any such determination. (4) Where the Commissioner makes a determination under subsection (3) by virtue of which an amount is allowed as a deduction to a taxpayer in relation to a year of income, that amount shall be deemed to be so allowed as a deduction by virtue of such provision of this Act as the Commissioner determines. (5) Where, at any time, a taxpayer considers that the Commissioner ought to make a determination under subsection (3) in relation to the taxpayer in relation to a year of income, the taxpayer may post to or lodge with the Commissioner a request in writing for the making by the Commissioner of a determination under that subsection. (5A) Subsection (5B) applies if the taxpayer considers that the Commissioner ought to make the determination under subsection (3) because the Commissioner has made a DPT assessment in respect of a taxpayer in relation to a scheme to which this Part applies. (5B) Despite subsection (5), the request may be posted to or lodged with the Commissioner only after the end of the period of review (within the meaning of section 145 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 ) for the DPT assessment. (6) The Commissioner shall consider the request and serve on the taxpayer, by post or otherwise, a written notice of the Commissioner’s decision on the request. (7) If the taxpayer is dissatisfied with the Commissioner’s decision on the request, the taxpayer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 20, "First_Amended": "No 110 of 1981", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 110 of 1981 | No 48 of 1986 | No 135 of 1990 | No 216 of 1991 | No 208 of 1992 | No 95 of 1997 | No 11 of 1999 | No 16 of 1999 | No 143 of 2007 | No 41 of 2011 | No 88 of 2013 | No 101 of 2013 | No 96 of 2014 | No 21 of 2015 | No 54 of 2016 | No 81 of 2016 | No 27 of 2017 | No 15 of 2018 | No 92 of 2020 | No 9 of 2025", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 48 of 1986, effective s 70–98, 213, 216, 219, 221, 226 and 228: 1 July 1986 (s 2(1)) | Amended by No 135 of 1990, item 18 | item 20, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 216 of 1991, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 208 of 1992, item 13, effective s 4–6, 19–33 and 47–61: 1 July 1994 (s 2(2)(a)) s 7–18 and 34–46: 22 Dec 1992 (s 2(1)) | Amended by No 95 of 1997, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 11 of 1999, item 10 | item 11 | item 12 | item 13 | item 177H | item 17, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 16 of 1999, Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13, effective s 4, Sch 1, Sch 3 (items 8–10, 12(3)), Sch 5, 6, Sch 7 (items 1–8) and Sch 8–11: 9 Apr 1999 (s 2(1)) | Amended by No 143 of 2007, Sch 1 item 74 | Sch 1 item 75, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 41 of 2011, Sch 5 item 327, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 88 of 2013, Sch 5 item 36 | Sch 5 item 37 | Sch 5 item 38, effective s 4 and Sch 7 (item 199): 28 June 2013 (s 2(1) items 1, 21) Sch 5 (items 11–20, 24): 1 July 2013 (s 2(1) item 10) Sch 5 (items 28–34, 36–38) and Sch 6 (items 1, 2, 49): 29 June 2013 (s 2(1) items 11, 13) Sch 5 (item 35): 29 June 2013 (s 2(1) item 12) | Amended by No 101 of 2013, Sch 1 item 177D | Sch 1 item 7 | Sch 1 item 8, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 96 of 2014, Sch 2 item 12 | Sch 2 item 13, effective Sch 2 (items 3–13, 42, 43): 30 Sept 2014 (s 2(1) item 2) | Amended by No 21 of 2015, Sch 6 item 12 | Sch 6 item 13 | Sch 6 item 14 | Sch 6 item 15 | Sch 6 item 47 | Sch 6 item 48 | Sch 6 item 49, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15) | Amended by No 54 of 2016, Sch 1 item 10 | Sch 1 item 11, effective Sch 1 (items 2–11, 19): 1 July 2016 (s 2(1) item 2) | Amended by No 81 of 2016, Sch 10 item 71, effective Sch 10 (items 66–71, 93): 1 Jan 2017 (s 2(1) item 6) | Amended by No 27 of 2017, Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 177J | Sch 1 item 177N, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3) | Amended by No 15 of 2018, effective Sch 1 (items 7–10, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 29–41, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 92 of 2020, Sch 2 item 12 | Sch 2 item 13 | Sch 5 item 9 | Sch 5 item 10, effective Sch 1 (items 17, 24): 15 Oct 2020 (s 2(1) item 4) Sch 2 (items 4–15), Sch 3 (items 17–24, 40) and Sch 5 (items 1–10, 56): 1 Jan 2021 (s 2(1) item 7) | Amended by No 9 of 2025, Sch 1 item 30 | Sch 1 item 31 | Sch 2 item 10 | Sch 2 item 11, effective Sch 1 (items 8–13) and Sch 2 (items 2–11): 1 Apr 2025 (s 2(1) items 3, 5) Sch 1 (items 22–31): 1 Jan 2026 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177G", "Provision_Key": "s177g", "Heading": "Amendment of assessments", "Text": "Nothing in section 170 prevents the amendment of an assessment at any time if the amendment is for the purpose of giving effect to subsection 177F(3).", "Amendment_Count": 2, "First_Amended": "No 110 of 1981", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 110 of 1981 | No 161 of 2005", "History_Notes": "Inserted by No 110 of 1981, effective s 4–11: 24 June 1981 (s 2) | Amended by No 161 of 2005, Sch 2G item 64 | Sch 2G item 65, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177G"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177H", "Provision_Key": "s177h", "Heading": "Diverted profits tax—objects", "Text": "(1) The primary objects of the DPT provisions are: (a) to ensure that the Australian tax payable by significant global entities properly reflects the economic substance of the activities that those entities carry on in Australia; and (b) to prevent those entities from reducing the amount of Australian tax they pay by diverting profits offshore through contrived arrangements between related parties. (2) In addition, the DPT provisions (in combination with Division 145 in Schedule 1 to the Taxation Administration Act 1953 ) have the object of encouraging significant global entities to provide sufficient information to the Commissioner to allow for the timely resolution of disputes about Australian tax.", "Amendment_Count": 3, "First_Amended": "No 11 of 1999", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 11 of 1999 | No 143 of 2007 | No 27 of 2017", "History_Notes": "Inserted by No 11 of 1999, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Repealed by No 143 of 2007, Sch 1 item 76, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Inserted by No 27 of 2017, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177H"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177J", "Provision_Key": "s177j", "Heading": "Diverted profits tax—application", "Text": "Scheme for a purpose including obtaining a tax benefit etc. (1) This Part also applies to a scheme, in relation to a tax benefit (the DPT tax benefit ) if: (a) a taxpayer (a relevant taxpayer ) has obtained, or would but for section 177F obtain, the DPT tax benefit in connection with the scheme, in a year of income; and (b) it would be concluded (having regard to the matters in subsection (2)) that the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a principal purpose of, or for more than one principal purpose that includes a purpose of: (i) enabling the relevant taxpayer to obtain a tax benefit, or both to obtain a tax benefit and to reduce one or more of the relevant taxpayer’s liabilities to tax under a foreign law, in connection with the scheme; or (ii) enabling the relevant taxpayer and another taxpayer (or other taxpayers) each to obtain a tax benefit, or both to obtain a tax benefit and to reduce one or more of their liabilities to tax under a foreign law, in connection with the scheme; whether or not that person who entered into or carried out the scheme or any part of the scheme is the relevant taxpayer or is the other taxpayer or one of the other taxpayers; and (c) the relevant taxpayer is a significant global entity for the year of income mentioned in paragraph (a); and (d) a foreign entity is an associate (within the meaning of section 318) of the relevant taxpayer at any time in the year of income mentioned in paragraph (a); and (e) that foreign entity: (i) is the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme; or (ii) is otherwise connected with the scheme or any part of the scheme; and (f) the relevant taxpayer is not any of the following: (i) a managed investment trust (within the meaning of the Income Tax Assessment Act 1997 ); (ii) an entity covered by paragraph 275 ‑ 20(4)(f) of that Act (foreign collective investment vehicle with a wide membership); (iii) an entity covered by paragraph 275 ‑ 20(4)(h) of that Act (entity owned by foreign government etc.) that is a foreign entity; (iv) a complying superannuation entity (within the meaning of that Act); (v) a foreign pension fund (within the meaning of that Act); and (g) it is reasonable to conclude that none of the following sections apply in relation to the relevant taxpayer, in relation to the DPT tax benefit: (i) section 177K ($25 million income test); (ii) section 177L (sufficient foreign tax test); (iii) section 177M (sufficient economic substance test). Have regard to certain matters (2) For the purposes of paragraph (1)(b), have regard to the following matters: (a) the matters in subsection 177D(2); (b) without limiting subsection 177D(2), the extent to which non ‑ tax financial benefits that are quantifiable have resulted, will result, or may reasonably be expected to result, from the scheme; (c) the result, in relation to the operation of any foreign law relating to taxation, that (but for this Part) would be achieved by the scheme; (d) the amount of the tax benefit mentioned in paragraph (1)(b). Deferral of foreign tax liabilities (3) For the purposes of paragraph (1)(b), a deferral of a taxpayer’s liabilities to tax under a foreign law is taken to be a reduction of those liabilities, unless there are reasonable commercial grounds for the deferral. Modification where thin capitalisation provisions apply (4) Subsection (5) applies if: (a) Division 820 of the Income Tax Assessment Act 1997 (about thin capitalisation) applies to the relevant taxpayer for the year of income mentioned in paragraph (1)(a); and (b) the DPT tax benefit includes all or part of a debt deduction (within the meaning of that Act); and (c) the calculation of the amount of the DPT tax benefit involves applying a rate to a debt interest (within the meaning of that Act). (5) For the purposes of the DPT provisions, in calculating the amount of the DPT tax benefit, apply the rate to the debt interest the entity actually issued (rather than the debt interest that would have existed if the scheme had not been entered into or carried out). Modification where foreign entity is CFC (6) Subsection (6A) applies if: (a) the foreign entity mentioned in paragraph (1)(d) is a CFC (within the meaning of Part X); and (b) an amount of attributable income (within the meaning of that Part) of the foreign entity has been included as a result of the operation of that Part in the assessable income of: (i) the relevant taxpayer; or (ii) an associate (within the meaning given by section 318) of the relevant taxpayer, if the associate is a Part X Australian resident (within the meaning of that Part) and is not a trust or partnership. (6A) For the purposes of the DPT provisions, reduce the DPT tax benefit to the extent to which the amount included in assessable income as mentioned in paragraph (6)(b): (a) would not have been so included if the scheme had not been entered into or carried out; and (b) is directly referable to the DPT tax benefit. Schemes outside Australia (7) This section applies whether or not the scheme has been or is entered into or carried out in Australia or outside Australia or partly in Australia and partly outside Australia. Non ‑ limitation in relation to other provisions in this Part (8) This section: (a) does not limit sec tion 177D, 177DA, 177E, 177EA or 177EB; and (b) is not limited by those sections.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 6 | Sch 1 item 177K | Sch 1 item 177L | Sch 1 item 177N | Sch 1 item 177P | Sch 1 item 145, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177J"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177K", "Provision_Key": "s177k", "Heading": "Diverted profits tax—$25 million income test", "Text": "(1) This section applies in relation to the relevant taxpayer, in relation to the DPT tax benefit, if the sum of the following does not exceed $25 million: (a) the assessable income of the relevant taxpayer for the year of income mentioned in paragraph 177J(1)(a); (b) the exempt income of the relevant taxpayer for that year of income; (c) the non ‑ assessable non ‑ exempt income of the relevant taxpayer for that year of income; (d) the assessable income of each entity covered by subsection (2) for that year of income; (e) if the DPT tax benefit is a tax benefit mentioned in paragraph 177C(1)(a)—the amount of the DPT tax benefit. (2) An entity is covered by this subsection if for the year of income mentioned in paragraph 177J(1)(a): (a) the entity is an associate (within the meaning given by section 318) of the relevant taxpayer; and (b) both the entity and the relevant taxpayer: (i) are members of the same global group; and (ii) are significant global entities because they are members of that group.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 177J, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177K"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177L", "Provision_Key": "s177l", "Heading": "Diverted profits tax—sufficient foreign tax test", "Text": "(1) This section applies in relation to the relevant taxpayer, in relation to the DPT tax benefit, if the amount worked out under subsection (2) (foreign tax liability) equals or exceeds 80% of the amount worked out under subsection (6) (reduced Australian tax liability). Foreign tax liability (2) The amount is the total of the increases in liability for foreign income tax (within the meaning of the Income Tax Assessment Act 1997 ) of each entity covered by subsection (5) that results, will result, or may reasonably be expected to result, from the scheme during a foreign tax period that corresponds to the year of income mentioned in paragraph 177J(1)(a). (3) The regulations may provide for a method of working out increases in foreign tax liability for the purposes of subsection (2): (a) for all situations; or (b) for specified situations. (4) If the regulations provide for such a method, apply that method in working out increases in foreign tax liability for the purposes of subsection (2) in relevant situations. (5) An entity is covered by this subsection if: (a) the entity is a foreign entity; and (b) the entity is the relevant taxpayer or an associate (within the meaning given by section 318) of the relevant taxpayer; and (c) the entity: (i) is the person, or one of the persons, who entered into or carried out the scheme or any part of the scheme; or (ii) is otherwise connected with the scheme or any part of the scheme. Reduced Australian tax liability (6) The amount is: (a) if the DPT tax benefit is a tax benefit mentioned in paragraph 177C(1)(a), (b), (ba) or (bc)—the amount of the tax benefit multiplied by the standard corporate tax rate; or (b) otherwise—the amount of the DPT tax benefit. (7) If the relevant taxpayer must withhold an amount in respect of withholding tax as a result of the tax benefit, reduce the amount worked out under subsection (6) by the amount withheld.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 177J, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177L"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177M", "Provision_Key": "s177m", "Heading": "Diverted profits tax—sufficient economic substance test", "Text": "(1) This section applies in relation to the relevant taxpayer, in relation to the DPT tax benefit, if the profit made as a result of the scheme by each entity covered by subsection (2) reasonably reflects the economic substance of the entity’s activities in connection with the scheme. (2) This subsection covers an entity if: (a) the entity is the relevant taxpayer or an associate (within the meaning given by section 318) of the relevant taxpayer; and (b) any of the following apply: (i) the entity entered into or carried out the scheme or any part of the scheme; (ii) the entity is otherwise connected with the scheme or any part of the scheme. (3) However, subsection (2) does not cover an entity if the entity’s role in the scheme is minor or ancillary. (4) In determining whether the profit made as a result of the scheme by an entity reasonably reflects the economic substance of the entity’s activities in connection with the scheme, have regard to: (a) the functions that the entity performs in connection with the scheme, taking into account assets used and risks assumed by the entity in connection with the scheme; and (b) the documents covered by section 815 ‑ 135 of the Income Tax Assessment Act 1997 , to the extent that they are relevant to the matters mentioned in paragraph (a) or to any other aspect of the determination; and (c) any other relevant matters.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 177J, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177M"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177N", "Provision_Key": "s177n", "Heading": "Diverted profits tax—consequences", "Text": "If this Part applies to a scheme because of section 177J: (a) section 177P applies to the relevant taxpayer mentioned in section 177J; and (b) the Commissioner cannot make a determination under subsection 177F(1) or (2A) in relation to the scheme merely because of section 177J.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177N"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177P", "Provision_Key": "s177p", "Heading": "Diverted profits tax—liability", "Text": "(1) The relevant taxpayer is liable to pay tax at the rate declared by the Parliament on: (a) if this Part applies to a scheme in respect of the relevant taxpayer for the year of income mentioned in paragraph 177J(1)(a), in relation to one DPT tax benefit—the DPT base amount for that DPT tax benefit; or (b) if this Part applies to a scheme in respect of the relevant taxpayer for the year of income mentioned in paragraph 177J(1)(a), in relation to more than one DPT tax benefit—the sum of the DPT base amounts for those DPT tax benefits. Note: The tax is imposed by the Diverted Profits Tax Act 2017 and the rate of the tax is set out in that Act. (2) The DPT base amount for a DPT tax benefit is: (a) if the DPT tax benefit is a tax benefit mentioned in paragraph 177C(1)(a), (b), (ba) or (bc)—the amount of the DPT tax benefit; or (b) otherwise—the amount of the DPT tax benefit divided by the standard corporate tax rate. (3) The tax is due and payable at the end of 21 days after the Commissioner gives the relevant taxpayer notice of the assessment of the amount of the tax for the year of income mentioned in paragraph 177J(1)(a). Note: For assessments of the amount of the tax see Divisions 145 and 155 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 2 | Sch 1 item 6 | Sch 1 item 177N | Sch 1 item 40 | Sch 1 item 46 | Sch 1 item 280, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177P"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177Q", "Provision_Key": "s177q", "Heading": "Diverted profits tax—general interest charge on unpaid diverted profits tax or shortfall interest charge", "Text": "If an amount of diverted profits tax or shortfall interest charge that an entity is liable to pay remains unpaid after the time by which it is due to be paid, the entity is liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the diverted profits tax or shortfall interest charge; (ii) general interest charge on any of the diverted profits tax or shortfall interest charge. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 280, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177Q"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 177R", "Provision_Key": "s177r", "Heading": "Diverted profits tax—when shortfall interest charge is payable", "Text": "An amount of shortfall interest charge that an entity is liable to pay under section 280 ‑ 102C in Schedule 1 to the Taxation Administration Act 1953 is due and payable 21 days after the day on which the Commissioner gives the entity notice of the charge.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, Sch 1 item 46 | Sch 1 item 280, effective Sch 1 (items 2–6, 8–13, 52): 1 July 2017 (s 2(1) items 2, 4) Sch 1 (item 7): never commenced (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s177R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202", "Provision_Key": "s202", "Heading": "Objects of this Part", "Text": "The objects of this Part are, by means of the establishment of a system of tax file numbers: (a) to increase the effectiveness and efficiency of the matching of information contained in reports given to the Commissioner under this Act or the regulations with information disclosed in income tax returns by taxpayers; and (b) to prevent evasion of liability to taxation under the laws of the Commonwealth relating to income tax; and (c) to facilitate the administration of any legislation enacted by the Parliament under which benefits are provided by the Commonwealth to students in relation to contributions or charges payable by students in respect of the costs of courses of study provided by institutions of higher education or vocational education and training, or in respect of the costs of other services and amenities available to students in connection with such institutions; and (d) to facilitate the administration of any legislation enacted by the Parliament to impose charge equal to any shortfall in the amount spent by employers on training employees; and (e) to facilitate the administration of a provision of an Act, being a provision which authorises the collection of a tax file number as a condition to the giving of personal assistance within the meaning of the Data ‑ matching Program (Assistance and Tax) Act 1990 ; and (f) to facilitate the administration of the Data ‑ matching Program (Assistance and Tax) Act 1990 ; and (g) to facilitate the administration of any legislation enacted by the Parliament in relation to the imposition of charge on an employer’s superannuation guarantee shortfall; and (ga) to facilitate the administration of the Child Support (Assessment) Act 1989 and the Child Support (Registration and Collection) Act 1988 ; and (gaa) to facilitate the administration of Part 2 of the Student Assistance Act 1973 , which deals with ABSTUDY student start ‑ up loans and debts in relation to those loans; and (h) to facilitate the administration of Division 6 of Part 4A of the Student Assistance Act 1973 ; and (hab) to facilitate the administration of Chapter 2AA of the Social Security Act 1991 , which deals with student start ‑ up loans and debts in relation to those loans; and (hac) to facilitate the administration of the Australian Apprenticeship Support Loans Act 2014 ; and (ha) to facilitate the administration of: (i) Part 2B.3 of the Social Security Act 1991 ; or (ii) a provision of an instrument under Chapter 2B of the Social Security Act 1991 (as in force before the commencement of Schedule 2 to the Youth Allowance Consolidation Act 2000 ) establishing a Student Financial Supplement Scheme, being a provision relating to the recovery through the taxation system of a student’s outstanding indebtedness in respect of financial supplement paid to the student in accordance with the Scheme; and (hb) to facilitate the administration of Part 3.18 of the Social Security Act 1991 ; and (hc) to facilitate the administration of Division 11A of Part IIIB of the Veterans’ Entitlements Act 1986 ; and (i) to facilitate: (i) the administration of Part 25A of the Superannuation Industry (Supervision) Act 1993 in relation to individuals; and (ii) the administration of that Act in relation to superannuation entities (within the meaning of that Act) or regulated exempt public sector superannuation schemes (within the meaning of Part 25A of that Act); and (ia) to facilitate the administration of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (including the administration of registers by State or Territory authorities (within the meaning of that Act) in accordance with section 18 of that Act); and (j) to facilitate the administration of the Small Superannuation Accounts Act 1995 ; and (ka) to facilitate: (i) the administration of Part 11 of the Retirement Savings Accounts Act 1997 in relation to individuals; and (ii) the administration of that Act in relation to RSA providers; and (l) to facilitate the administration of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ; and (la) to facilitate the administration of the Paid Parental Leave Act 2010 ; and (m) to facilitate the administration of the A New Tax System (Family Assistance) (Administration) Act 1999 and section 5 of the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 1) 1999 ; and (o) to facilitate the administration of section 204A of the Social Security (Administration) Act 1999 ; and (p) to facilitate the administration of the fuel tax law (within the meaning of section 110 ‑ 5 of the Fuel Tax Act 2006 ); and (q) to facilitate the administration of Division 2AA of Part II of the Banking Act 1959 ; and (r) to facilitate investigations under the Inspector ‑ General of Taxation Act 2003 (and provisions of the Ombudsman Act 1976 to the extent that they are applied by the Inspector ‑ General of Taxation Act 2003 ); and (s) to facilitate the administration of Subdivision 14 ‑ D in Schedule 1 to the Taxation Administration Act 1953 ; and (sa) to facilitate the administration of the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 ; and (t) to facilitate the administration of the Migration Act 1958 ; and (u) to facilitate the administration of Part 9.1A of the Corporations Act 2001 and Part 6 ‑ 7A of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 .", "Amendment_Count": 43, "First_Amended": "No 123 of 1984", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 123 of 1984 | No 46 of 1986 | No 48 of 1986 | No 97 of 1988 | No 60 of 1990 | No 6 of 1991 | No 81 of 1992 | No 92 of 1992 | No 138 of 1992 | No 82 of 1993 | No 116 of 1993 | No 53 of 1995 | No 63 of 1996 | No 76 of 1996 | No 62 of 1997 | No 71 of 1997 | No 191 of 1997 | No 45 of 1998 | No 83 of 1999 | No 128 of 1999 | No 94 of 2000 | No 106 of 2000 | No 132 of 2000 | No 75 of 2001 | No 73 of 2006 | No 45 of 2008 | No 105 of 2008 | No 105 of 2010 | No 145 of 2010 | No 130 of 2011 | No 141 of 2011 | No 82 of 2014 | No 21 of 2015 | No 70 of 2015 | No 143 of 2015 | No 169 of 2015 | No 10 of 2016 | No 74 of 2016 | No 23 of 2018 | No 90 of 2018 | No 38 of 2020 | No 69 of 2020 | No 61 of 2023", "History_Notes": "Repealed and substituted by No 123 of 1984, Sch 16 item 108, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 46 of 1986, item 23, effective s 4–26: 24 June 1986 (s 2(1)) | Repealed by No 48 of 1986, item 91 | item 90, effective s 70–98, 213, 216, 219, 221, 226 and 228: 1 July 1986 (s 2(1)) | Inserted by No 97 of 1988, Sch 2 item 6 | Sch 2 item 9 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 23 | Sch 2 item 26 | Sch 2 item 30, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 60 of 1990, item 103, effective Sch: 1 July 1990 (s 2(1)) | Amended by No 6 of 1991, Sch 1 item 95 | Sch 1 item 97, effective s 95: 1 Jan 1991 (s 2) | Amended by No 81 of 1992, Sch 2 item 4, effective s 3 and Sch 2 (Pt 1): 30 June 1992 (s 2(1)(a), (g)) Sch 2 (Pt 6): 1 July 1992 (s 2(14)(c)) | Amended by No 92 of 1992, item 3, effective Sch: 1 July 1992 (s 2) | Amended by No 138 of 1992, item 29, effective s 27–30: 19 Nov 1992 (s 2(1)) | Amended by No 82 of 1993, item 27, effective s 15, 16(1) and 17–35: 1 July 1994 (s 2(2)(d)) s 16(2): 1 Dec 1993 (s 2(1)) | Amended by No 116 of 1993, item 24, effective s 22–25: 1 Jan 1994 (s 2(2)) | Amended by No 53 of 1995, Sch 2 item 16 | Sch 2 item 17, effective Sch 2: 1 July 1995 (s 2) | Amended by No 63 of 1996, Sch 1 item 9, effective s 3 and Sch 1: 1 Jan 1997 (s 2) | Amended by No 76 of 1996, Sch 4 item 23, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, Sch 19 item 107, effective Sch 13: 2 June 1997 (s 2) | Amended by No 71 of 1997, Sch 5 item 1, effective Sch 1: 5 June 1997 (s 2) | Amended by No 191 of 1997, Sch 9 item 2, effective Sch 1: 7 Dec 1997 (s 2(1)) | Amended by No 45 of 1998, Sch 12 item 12, effective Sch 12 (items 1–24): 1 July 1998 (s 2(1)) | Amended by No 83 of 1999, Sch 10 item 22, effective Sch 10 (item 22): 10 Dec 1999 (s 2(6A)) Sch 10 (items 7–21, 23, 68): 1 July 2000 (s 2(2)) | Amended by No 128 of 1999, Sch 3 item 9 | Sch 3 item 1 | Sch 3 item 4, effective s 8, Sch 1 (items 3–11) and Sch 3 (item 4): 13 Oct 1999 (s 2(1), (2), (6)) Sch 3 (item 1): 2 June 1997 (s 2(5)) | Amended by No 94 of 2000, Sch 10 item 1, effective Sch 4: 1 July 2000 (s 2(5)) | Amended by No 106 of 2000, Sch 5 item 3 | Sch 5 item 10, effective Sch 5 (items 2–4): 6 July 2000 (s 2(1)) | Amended by No 132 of 2000, Sch 5 item 23 | Sch 5 item 9 | Sch 5 item 1, effective Sch 4: 13 Nov 2000 (s 2) | Amended by No 75 of 2001, Sch 5 item 69, effective Schedule 5 (items 68, 69): 30 June 2001 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 4, effective Sch 5 (items 4, 154, 155): 1 July 2006 (s 2(1) items 18, 21) | Amended by No 45 of 2008, Sch 1 item 6, effective Sch 1 (items 2–7), Sch 4 (items 1–7) and Sch 7 (items 1–5): 26 June 2008 (s 2) | Amended by No 105 of 2008, Sch 1 item 58, effective Sch 1 (item 58): 18 Oct 2008 (s 2(1) item 2) | Amended by No 105 of 2010, Sch 1 item 52, effective Sch 1 (items 37–52) and Sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 9–11, 14) | Amended by No 145 of 2010, Sch 2 item 33, effective Sch 2 (items 31–33) and Sch 3 (items 1–6): 17 Dec 2010 (s 2(1) item 2) | Amended by No 130 of 2011, Sch 1 item 44, effective Sch 1 (item 44): 1 Jan 2012 (s 2(1) item 2) | Amended by No 141 of 2011, Sch 6 item 11, effective Sch 6 (item 11): 14 May 2012 (s 2(1) item 14) | Amended by No 82 of 2014, Sch 1 item 3, effective Sch 1 (items 2–4): 18 July 2014 (s 2(1) item 2) | Amended by No 21 of 2015, Sch 2 item 36, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15) | Amended by No 70 of 2015, Sch 1 item 60, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 143 of 2015, Sch 1 item 17 | Sch 1 item 22, effective Sch 1 (items 17, 22): 1 July 2017 (s 2(1) items 2, 5) | Amended by No 169 of 2015, Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 2–5, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 10 of 2016, Sch 2 item 2, effective Sch 2 (items 2, 30): 26 Feb 2016 (s 2(1) item 4) | Amended by No 74 of 2016, Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 26 | Sch 2 item 19, effective Sch 2 (items 19–23): 24 Nov 2016 (s 2(1) item 6) | Amended by No 23 of 2018, Sch 1 item 57, effective Sch 1 (items 10, 11, 19, 57–59): 1 Apr 2018 (s 2(1) items 3, 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 90 of 2018, Sch 1 item 6, effective Sch 1 (items 6, 10): 13 Dec 2018 (s 2(1) item 1) | Amended by No 38 of 2020, Sch 2 item 1 | Sch 2 item 2, effective Sch 2 (items 1, 2): 9 Apr 2020 (s 2(1) item 4) | Amended by No 69 of 2020, Sch 2 item 15, effective Sch 2 (item 15): 4 Apr 2021 (s 2(1) item 6) | Amended by No 61 of 2023, Sch 1 item 130, effective Sch 1 (items 130, 131, 156–165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202A", "Provision_Key": "s202a", "Heading": "Interpretation", "Text": "In this Part, unless the contrary intention appears: alienated personal services payment has the meaning given by section 13 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . applicant , in relation to an application for the issue of a tax file number, means the person specified in the application as the person by whom or on whose behalf the issue of a tax file number is sought. bank means: (a) the Reserve Bank of Australia; (b) a body corporate that is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 ; or (c) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution. child means a person who is less than 16 years of age. co ‑ operative housing society means a society registered or incorporated as a co ‑ operative housing society or similar society under a law of a State or Territory. data processing device means any article or material from which information is capable of being reproduced with or without the aid of any other article or device. eligible PAYG payment means: (a) a payment from which an amount must be withheld under Subdivision 12 ‑ B (other than section 12 ‑ 55), Subdivision 12 ‑ C or Subdivision 12 ‑ D in Schedule 1 to the Taxation Administration Act 1953 ; or (aa) an alienated personal services payment in respect of which Division 13 in Schedule 1 to the Taxation Administration Act 1953 requires an amount to be paid to the Commissioner; or (b) a non ‑ cash benefit in respect of which an amount is payable to the Commissioner under section 14 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 because of the application of that section in relation to Subdivision 12 ‑ B, 12 ‑ C or 12 ‑ D of that Schedule; and has a meaning affected by section 202AA. entity means a body corporate or unincorporated association, but does not include a natural person or a partnership. financial institution means: (a) a bank; or (b) a co ‑ operative housing society. government body means the Commonwealth, a State, a Territory or an authority of the Commonwealth or of a State or Territory. interest ‑ bearing account means any facility, other than an RSA, by which a financial institution: (a) does any one or more of the following: (i) accepts deposits of money to the credit of a person; (ii) allows withdrawals from the money deposited; (iii) pays cheques or payment orders drawn on the institution by, or collects cheques or payment orders on behalf of, the person; and (b) pays or credits interest, or amounts in the nature of interest, on the balance standing to the credit of the person from time to time. interest ‑ bearing deposit means a deposit of money, other than into an RSA, with a financial institution, in consideration of which the financial institution pays or credits interest, or amounts in the nature of interest, to a person. investment body means a person who is an investment body within the meaning of section 202D. investment to which this Part applies means an investment of a kind mentioned in section 202D. investor means a person who is an investor within the meaning of section 202D. payer means: (a) a person who makes an eligible PAYG payment (other than an alienated personal services payment), or is likely to make such a payment; or (b) a person who receives an alienated personal services payment, or is likely to receive such a payment. person includes a partnership, a company and a person in the capacity of trustee of a trust estate. public company means a public company within the meaning of the Corporations Act 2001 . recipient means: (a) a person who receives an eligible PAYG payment (other than an alienated personal services payment), or is likely to receive such a payment; or (b) a person in relation to whose personal services income (within the meaning of the Income Tax Assessment Act 1997 ) a payer receives an alienated personal services payment, or is likely to receive such a payment. securities dealer has the same meaning as in the Income Tax Assessment Act 1997 . solicitor means a solicitor, barrister and solicitor or legal practitioner of the High Court or of the Supreme Court of a State or Territory. tax file number , in relation to a person, means a number issued to the person by the Commissioner, being a number that is either: (a) a number issued to the person under Division 2; or (aa) a number issued to a person under section 44 or 48 of the Higher Education Funding Act 1988 ; or (b) a number notified, before the commencement of this section, to the person as the person’s income tax file number. TFN declaration means a declaration made for the purposes of section 202C. unit trust means a trust to which a unit trust scheme relates, and includes: (a) a cash management trust; (b) a property trust; (c) an arrangement declared by the Minister under section 202AB to be a unit trust for the purposes of this definition; but does not include any arrangement declared by the Minister under section 202AB not to be a unit trust for the purposes of this definition. unit trust scheme means an arrangement made for the purpose, or having the effect, of providing, for a person who has funds available for investment, facilities for participation by the person, as a beneficiary under a trust, in any profit or income arising from the acquisition, holding, management or disposal of property under the trust.", "Amendment_Count": 18, "First_Amended": "No 97 of 1988", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 227 of 1992 | No 62 of 1997 | No 48 of 1998 | No 44 of 1999 | No 179 of 1999 | No 86 of 2000 | No 55 of 2001 | No 169 of 2001 | No 150 of 2003 | No 101 of 2006 | No 92 of 2008 | No 12 of 2012 | No 70 of 2015 | No 122 of 2015 | No 15 of 2017 | No 64 of 2020", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 57 of 1990, Sch 2 item 46, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 227 of 1992, item 14 | item 17, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 62 of 1997, Sch 19 item 108 | Sch 19 item 109, effective Sch 13: 2 June 1997 (s 2) | Amended by No 48 of 1998, Sch 3 item 91, effective Sch 1 (items 83–97): 1 July 1998 (s 2(2)) | Amended by No 44 of 1999, Sch 4 item 91 | Sch 4 item 92 | Sch 4 item 93 | Sch 4 item 94, effective Sch 7 (items 59–104): 1 July 1999 (s 3(2)(e)) Sch 8 (items 18, 22, 23): 17 June 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 360 | Sch 18 item 1 | Sch 18 item 2 | Sch 18 item 3 | Sch 18 item 4 | Sch 18 item 5 | Sch 18 item 6 | Sch 18 item 7 | Sch 18 item 8 | Sch 18 item 9 | Sch 18 item 14, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 86 of 2000, Sch 1 item 63 | Sch 1 item 64, effective Sch 1 (items 62, 72): 30 June 2000 (s 2(1)) Sch 1 (items 63–71): 1 July 2000 (s 2(2)) | Amended by No 55 of 2001, Sch 3 item 229, effective s 4–14 and Sch 3 (items 220–263): 15 July 2001 (s 2(1), (3)) | Amended by No 169 of 2001, Sch 6 item 16A | Sch 6 item 16B, effective s 4, Sch 2, 3 and Sch 6 (items 16A–16K, 19(1), (2), (2B)): 1 Oct 2001 (s 2(1)) | Amended by No 150 of 2003, Sch 2 item 131, effective Sch 2 (items 125–132): 1 Jan 2004 (s 2(1) item 16) | Amended by No 101 of 2006, Sch 1 item 156 | Sch 1 item 157, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 92 of 2008, Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 5–9, 26) and Sch 2 (item 38): 1 Oct 2008 (s 2(1) item 2) | Amended by No 12 of 2012, Sch 6 item 153, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 70 of 2015, Sch 1 item 61 | Sch 1 item 62 | Sch 1 item 63, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 122 of 2015, Sch 1 item 102, effective Sch 1 (item 102): 8 Oct 2015 (s 2(1) item 2) | Amended by No 15 of 2017, Sch 4 item 23, effective Sch 4 (items 1–3, 7, 8): never commenced (s 2(1) items 5–7) Sch 4 (items 20–25): 1 Apr 2017 (s 2(1) item 8) | Amended by No 64 of 2020, Sch 3 item 219 | Sch 3 item 220 | Sch 3 item 326, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202AA", "Provision_Key": "s202aa", "Heading": "Definition of eligible PAYG payment", "Text": "In applying the definition of eligible PAYG payment in section 202A: (a) a requirement to withhold a nil amount is treated as a requirement to withhold an amount; and (b) a requirement to pay a nil amount to the Commissioner is treated as a requirement to pay an amount to the Commissioner; and (c) the following provisions in Schedule 1 to the Taxation Administration Act 1953 are to be disregarded, namely: section 12 ‑ 1, subsection 12 ‑ 45(2), subsection 12 ‑ 110(2) and subsection 12 ‑ 115(2).", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, Sch 18 item 2, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202AA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202AB", "Provision_Key": "s202ab", "Heading": "Declaration that an arrangement is, or is not, a unit trust", "Text": "The Minister may, by legislative instrument, declare that an arrangement is, or is not, a unit trust for the purposes of the definition of that term in section 202A.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, Sch 3 item 219 | Sch 3 item 326, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202AB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202B", "Provision_Key": "s202b", "Heading": "Application for tax file number", "Text": "(1) A person may apply to the Commissioner for the issue of a tax file number. (2) An application must be in the approved form. The approved form may require the application to include documentary evidence of the applicant’s identity.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 97 of 1988 | No 12 of 2012 | No 64 of 2020", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 12 of 2012, Sch 6 item 154 | Sch 6 item 156, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 64 of 2020, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202BA", "Provision_Key": "s202ba", "Heading": "Issuing of tax file numbers", "Text": "(1) Subject to subsection (3), if, on an application for a tax file number, the Commissioner is satisfied that the applicant’s identity has been established, the Commissioner shall issue a tax file number to the applicant. (2) If, on such an application, the Commissioner is not satisfied as to the applicant’s true identity, the Commissioner may refuse the application. (3) If, on such an application, the Commissioner is satisfied that: (a) the applicant already has a tax file number; or (b) a notice under section 202BD in relation to the applicant is in force; the Commissioner shall refuse the application. (4) The Commissioner may, without an application being made, issue a tax file number to a person whenever it is necessary to do so in connection with the performance of a function of the Commissioner under a law of the Commonwealth relating to taxation. (5) The Commissioner shall issue a tax file number to a person by giving the person a written notice of the number. (6) The Commissioner shall refuse an application for a tax file number by giving the applicant a written notice of the refusal and of the reasons for the refusal.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202BA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202BB", "Provision_Key": "s202bb", "Heading": "Current tax file number", "Text": "On the issue of a tax file number to a person, any tax file number previously issued to the person and not already cancelled or withdrawn ceases to have effect.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202BB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202BC", "Provision_Key": "s202bc", "Heading": "Deemed refusal by Commissioner", "Text": "(1) If the Commissioner has not decided an application for a tax file number within 28 days after the application is made, the applicant may, at any time, give to the Commissioner written notice that the applicant wishes to treat the application as having been refused. (2) If in the application the applicant has stated the name and address of one or more payers of the applicant, subsection (1) does not apply at a particular time if at that time a notice has been issued to each such payer under section 202BD in relation to the applicant and each such notice is in force. (3) For the purposes of Division 6, where an applicant gives notice under subsection (1), the Commissioner shall be taken to have refused the application for a tax file number on the day on which the notice was given.", "Amendment_Count": 2, "First_Amended": "No 97 of 1988", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 97 of 1988 | No 179 of 1999", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 179 of 1999, Sch 18 item 10 | Sch 18 item 11, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202BC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202BD", "Provision_Key": "s202bd", "Heading": "Interim notices", "Text": "(1) Where an application for a tax file number states the name and address of a payer of the applicant, the Commissioner may give to the payer a notice under this section in relation to the applicant. (2) The notice remains in force for the period of 28 days commencing on the day specified in the notice. (3) The notice shall specify: (a) the applicant’s name as shown in the application; and (b) the last day of the period for which the notice remains in force. (4) On giving the notice, the Commissioner shall inform the applicant that the notice has been given. (5) The notice may be given to take effect on the expiration of a notice previously given to the payer under this section in relation to the applicant. (6) Where, while an application for a tax file number is pending, the applicant notifies the Commissioner, in writing, of the name and address of a payer of the applicant (being a payer whose name and address is not stated on the application), the payer’s name and address shall, at the end of the period of 7 days after the notification, be taken to have been stated on the application.", "Amendment_Count": 4, "First_Amended": "No 97 of 1988", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 97 of 1988 | No 227 of 1992 | No 179 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 227 of 1992, item 15 | item 18, effective s 9 and 10: 19 Aug 1992 (s 2(2)) s 11–13: 1 Jan 1993 (s 2(3)) Remainder: 24 Dec 1992 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 12 | Sch 18 item 13 | Sch 18 item 14 | Sch 18 item 15 | Sch 18 item 21, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 101 of 2006, Sch 1 item 158 | Sch 2 item 415 | Sch 2 item 416, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202BD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202BE", "Provision_Key": "s202be", "Heading": "Cancellation of tax file numbers", "Text": "(1) Where the Commissioner concludes that a tax file number was issued to a person under an identity that is not the person’s true identity, the Commissioner may, by written notice given to the person, cancel the tax file number. (2) The Commissioner shall set out in the notice the reasons for the Commissioner’s conclusion.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202BE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202BF", "Provision_Key": "s202bf", "Heading": "Alteration of tax file numbers", "Text": "The Commissioner may, at any time, by written notice given to a person who has a tax file number: (a) withdraw that number; and (b) issue to the person a new tax file number in place of the withdrawn number.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202BF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202C", "Provision_Key": "s202c", "Heading": "TFN declarations by recipients of eligible PAYG payments", "Text": "(1) A person who is a recipient of a payer, or expects to become a recipient of a payer, may make a TFN declaration in relation to the payer. (2) To be effective, the declaration must be made to the payer or the Commissioner, and must be made in the approved form.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 97 of 1988 | No 179 of 1999 | No 55 of 2016", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 7, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Repealed and substituted by No 179 of 1999, Sch 18 item 8 | Sch 18 item 17 | Sch 18 item 60 | Sch 18 item 35, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 55 of 2016, Sch 23 item 37, effective Sch 15 (items 2, 3, 5): 1 Jan 2017 (s 2(1) item 17) Sch 23 (items 37–39, 41–43): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202C"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CA", "Provision_Key": "s202ca", "Heading": "Operation of TFN declaration", "Text": "(1) Subject to this Division, a TFN declaration commences to have effect when it is made. Note: Under section 202CB, a TFN declaration is not effective unless the tax file number of the recipient is stated in the declaration. (1A) A TFN declaration ceases to have effect when the recipient makes another TFN declaration in relation to the payer. (1B) A TFN declaration ceases to have effect 12 months after it is made if no eligible PAYG payment is made by the payer to the recipient during that 12 month period. (1C) If: (a) the payer makes an eligible PAYG payment to the recipient after the TFN declaration is made; and (b) a period of 12 months then elapses without any further eligible PAYG payment being made by the payer to the recipient; then the TFN declaration ceases to have effect at the end of that period of 12 months. (2) A TFN declaration to which a determination under subsection (3) applies ceases to have effect at the end of the day fixed by the determination. (3) The Commissioner may, by legislative instrument, determine that: (a) all TFN declarations; or (b) a specified class of TFN declarations; shall cease to have effect at the end of the day specified in the determination.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 97 of 1988 | No 179 of 1999 | No 64 of 2020", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 179 of 1999, Sch 18 item 18 | Sch 18 item 19 | Sch 18 item 20, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 64 of 2020, Sch 3 item 222 | Sch 3 item 223, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CB", "Provision_Key": "s202cb", "Heading": "Quotation of tax file number in TFN declaration", "Text": "(1) Subject to subsections (2) and (4) and subsection 202CE(2), a TFN declaration is not effective for the purposes of this Part unless the tax file number of the recipient is stated in the declaration. (2) For the purposes of this Part, a recipient is taken to have stated his or her tax file number in a TFN declaration if the declaration includes a statement: (a) that an application by the recipient for a tax file number is pending; or (b) that the recipient has a tax file number but does not know what it is and has asked the Commissioner to inform him or her of the number. (3) Where: (a) a TFN declaration includes such a statement; and (b) the recipient who made the declaration fails to inform the payer of the recipient’s tax file number within 28 days after making the declaration; subsection (2) does not apply to the declaration in respect of any time after the end of the period of 28 days. (4) For the purposes of this Part, a recipient is taken to have stated his or her tax file number in a TFN declaration in relation to a payer while a notice under section 202BD given to the payer in relation to the recipient is in force. (5) If: (a) the tax file number of a recipient is withdrawn under section 202BF; and (b) at the time of the withdrawal, the number is stated in a TFN declaration; the declaration is taken to state the tax file number of the recipient in spite of the withdrawal of the number. (6) Subsections (2) to (4) do not apply to a TFN declaration given to the Student Assistance Secretary, to the Employment Secretary or to the Chief Executive Centrelink: (a) by a person who is an applicant for an austudy payment, a jobseeker payment or a youth allowance under the Social Security Act 1991 ; or (aaa) by a person who is not a member of a couple and is an applicant for a parenting payment under the Social Security Act 1991 ; or (b) by a person who is a recipient for the purposes of this Part because the person receives, or expects to receive, a payment referred to in paragraph (a). Persons receiving benefits under Veterans’ Entitlements Act (7) Subsections (2) to (4) do not apply to a TFN declaration given to the Veterans’ Affairs Secretary: (a) by a person who is an applicant for a pension or allowance under the Veterans’ Entitlements Act 1986 ; or (b) by a person who is a recipient for the purposes of this Part because the person receives, or expects to receive, a pension, veteran payment (within the meaning of that Act) or allowance under that Act. Persons receiving benefits under Military Rehabilitation and Compensation Act (8) Subsections (2) to (4) do not apply to a TFN declaration given to the Military Rehabilitation and Compensation Commission: (a) by a person who is an applicant for compensation or an allowance under the Military Rehabilitation and Compensation Act 2004 ; or (b) by a person who is a recipient for the purposes of this Part because the person receives, or expects to receive, such compensation or allowance.", "Amendment_Count": 20, "First_Amended": "No 97 of 1988", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 97 of 1988 | No 163 of 1989 | No 119 of 1990 | No 100 of 1991 | No 216 of 1991 | No 184 of 1994 | No 1 of 1996 | No 29 of 1997 | No 197 of 1997 | No 45 of 1998 | No 179 of 1999 | No 76 of 2000 | No 52 of 2004 | No 88 of 2009 | No 32 of 2011 | No 15 of 2017 | No 17 of 2018 | No 26 of 2018 | No 67 of 2024 | No 17 of 2025", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 30, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 163 of 1989, effective s 4, 19 and 20: 13 Nov 1989 (s 2) | Amended by No 119 of 1990, effective s 38 and 39: 28 Dec 1990 (s 2(1)) | Amended by No 100 of 1991, Sch 2 item 57, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 2 item 133, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 184 of 1994, Sch 3 item 61, effective Sch 3 (items 55–62): 1 Jan 1995 (s 2) | Amended by No 1 of 1996, Sch 11 item 19, effective Sch 11 (items 1–7): 1 July 1996 (s 2(4)(d)) Sch 11 (items 8, 9): 20 Sept 1996 (s 2(5)(d)) Sch 11 (items 10–21): 1 July 1997 (s 2(6)) | Amended by No 29 of 1997, Sch 1 item 69, effective Sch 2 (items 68–70): 1 July 1997 (s 2) | Amended by No 197 of 1997, Sch 1 item 325 | Sch 1 item 326, effective Sch 1 (items 313–337): 20 Mar 1998 (s 2(2)) | Amended by No 45 of 1998, Sch 12 item 13 | Sch 12 item 14 | Sch 12 item 15 | Sch 12 item 16, effective Sch 12 (items 1–24): 1 July 1998 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 18 | Sch 18 item 21 | Sch 18 item 22 | Sch 18 item 23 | Sch 18 item 24 | Sch 18 item 25 | Sch 18 item 26, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 76 of 2000, Sch 1 item 3, effective Sch 1 (items 1–5, 8(1)–(3)): 28 June 2000 (s 2) | Amended by No 52 of 2004, effective Sch 4 (items 1–9, 14(1), 15): 1 July 2004 (s 2(1) item 7) | Amended by No 88 of 2009, Sch 5 item 104 | Sch 5 item 105, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 32 of 2011, Sch 4 item 283, effective Sch 4 (items 282–284) and Sch 5: 1 July 2011 (s 2(1) items 3, 8) Sch 4 (items 621–624): never commenced (s 2(1) item 4) | Amended by No 15 of 2017, Sch 4 item 2 | Sch 4 item 24, effective Sch 4 (items 1–3, 7, 8): never commenced (s 2(1) items 5–7) Sch 4 (items 20–25): 1 Apr 2017 (s 2(1) item 8) | Amended by No 17 of 2018, Sch 2 item 45, effective Sch 2 (items 45, 46): 1 May 2018 (s 2(1) item 3) | Amended by No 26 of 2018, Sch 1 item 12 | Sch 5 item 27, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 67 of 2024, effective Sch 5 (items 41–43, 48): 1 Oct 2024 (s 2(1) item 10) | Amended by No 17 of 2025, effective Sch 8 (items 33–37): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CC", "Provision_Key": "s202cc", "Heading": "Making a replacement TFN declaration in place of an ineffective declaration", "Text": "Nothing in this Division prevents a recipient making a new TFN declaration in place of a TFN declaration that is ineffective under subsection 202CB(1).", "Amendment_Count": 2, "First_Amended": "No 97 of 1988", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 97 of 1988 | No 179 of 1999", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Repealed and substituted by No 179 of 1999, Sch 18 item 26, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CD", "Provision_Key": "s202cd", "Heading": "Sending of TFN declaration to Commissioner", "Text": "(1) Where a recipient gives a payer a TFN declaration, the payer shall: (a) countersign the original of the declaration; (b) within 14 days after the declaration is made, send the original to the office of a Deputy Commissioner; and (c) retain the copy of the declaration in accordance with subsection (6). Penalty: 10 penalty units. (4) If: (a) a TFN declaration, when given to a payer, does not quote the recipient’s tax file number; and (b) before the payer sends the declaration to the Deputy Commissioner, the recipient informs the payer of the recipient’s tax file number; the payer shall write the number on the declaration and on the copy. Penalty: 10 penalty units. (5) Where a tax file number has been written on a declaration under subsection (4), the declaration shall be regarded as stating that number as the tax file number of the recipient who made the declaration. (5A) A payer who fails to comply with subsection (1) or (4) is liable to pay to the Commissioner a penalty of 10 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 in Schedule 1 to the Taxation Administration Act 1953 contains machinery provisions relating to civil penalties. (6) The payer shall retain the copy of a TFN declaration until the second 1 July after the day on which the declaration ceases to have effect.", "Amendment_Count": 4, "First_Amended": "No 97 of 1988", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 97 of 1988 | No 167 of 1989 | No 179 of 1999 | No 143 of 2007", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 167 of 1989, item 26, effective s 4–30 and 32: 19 Dec 1989 (s 2(1)) s 31: 19 Jan 1989 (s 2(2)) | Amended by No 179 of 1999, Sch 18 item 27 | Sch 18 item 28 | Sch 18 item 31 | Sch 18 item 32 | Sch 18 item 33 | Sch 18 item 34 | Sch 18 item 35 | Sch 18 item 74, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 143 of 2007, Sch 7 item 2 | Sch 7 item 10, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CE", "Provision_Key": "s202ce", "Heading": "Effect of incorrect quotation of tax file number", "Text": "(1) If the Commissioner is satisfied: (a) that the tax file number stated in a TFN declaration: (i) has been cancelled or withdrawn since the declaration was given; or (ii) is otherwise wrong; and (b) that the recipient has a tax file number; the Commissioner may give to the payer concerned written notice of the incorrect statement and the recipient’s tax file number. (2) If a notice is given under subsection (1), the TFN declaration shall be regarded, for the purposes of this Part, as having always stated the recipient’s tax file number. (3) If: (a) the Commissioner is satisfied that the tax file number stated in a TFN declaration: (i) has been cancelled since the declaration was given; or (ii) is for any other reason not the recipient’s tax file number; and (b) the Commissioner is not satisfied that the recipient has a tax file number; the Commissioner may, by written notice given to the payer, inform the payer accordingly. (4) A notice under subsection (3) takes effect on the day specified in the notice, being a day not earlier than the day on which a copy of the notice is given to the recipient under subsection (5). (5) The Commissioner shall give a copy of any notice under subsection (3) to the recipient concerned, together with a written statement of the reasons for the decision to give the notice. (6) On and from the day on which a notice under subsection (3) takes effect, the TFN declaration concerned shall be taken not to state the tax file number of the recipient concerned. (7) Subsection (6) does not apply to a TFN declaration given to the Employment Secretary or to the Chief Executive Centrelink: (a) by a person who is an applicant for an austudy payment, a jobseeker payment or a youth allowance under the Social Security Act 1991 ; or (aaa) by a person who is not a member of a couple and is an applicant for a parenting payment under the Social Security Act 1991 ; or (b) by a person who is a recipient for the purposes of this Part because the person receives, or expects to receive, a payment referred to in paragraph (a). Persons receiving benefits under Veterans’ Entitlements Act (8) Subsection (6) does not apply to a TFN declaration given to the Veterans’ Affairs Secretary: (a) by a person who is an applicant for a pension or allowance under the Veterans’ Entitlements Act 1986 ; or (b) by a person who is a recipient for the purposes of this Part because the person receives, or expects to receive, a pension, veteran payment (within the meaning of that Act) or allowance under that Act. (9) Subsection (6) does not apply to a TFN declaration given to the Military Rehabilitation and Compensation Commission: (a) by a person who is an applicant for compensation or an allowance under the Military Rehabilitation and Compensation Act 2004 ; or (b) by a person who is a recipient for the purposes of this Part because the person receives, or expects to receive, such compensation or allowance.", "Amendment_Count": 19, "First_Amended": "No 97 of 1988", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 97 of 1988 | No 163 of 1989 | No 119 of 1990 | No 100 of 1991 | No 216 of 1991 | No 184 of 1994 | No 1 of 1996 | No 29 of 1997 | No 197 of 1997 | No 45 of 1998 | No 179 of 1999 | No 76 of 2000 | No 52 of 2004 | No 88 of 2009 | No 32 of 2011 | No 17 of 2018 | No 26 of 2018 | No 67 of 2024 | No 17 of 2025", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 163 of 1989, effective s 4, 19 and 20: 13 Nov 1989 (s 2) | Amended by No 119 of 1990, effective s 38 and 39: 28 Dec 1990 (s 2(1)) | Amended by No 100 of 1991, Sch 2 item 58, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 1 item 133 | Sch 2 item 133, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 184 of 1994, Sch 3 item 62, effective Sch 3 (items 55–62): 1 Jan 1995 (s 2) | Amended by No 1 of 1996, Sch 11 item 20, effective Sch 11 (items 1–7): 1 July 1996 (s 2(4)(d)) Sch 11 (items 8, 9): 20 Sept 1996 (s 2(5)(d)) Sch 11 (items 10–21): 1 July 1997 (s 2(6)) | Amended by No 29 of 1997, Sch 1 item 70, effective Sch 2 (items 68–70): 1 July 1997 (s 2) | Amended by No 197 of 1997, Sch 1 item 327 | Sch 1 item 328, effective Sch 1 (items 313–337): 20 Mar 1998 (s 2(2)) | Amended by No 45 of 1998, Sch 12 item 17 | Sch 12 item 18 | Sch 12 item 19 | Sch 12 item 20, effective Sch 12 (items 1–24): 1 July 1998 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 21 | Sch 18 item 36 | Sch 18 item 37 | Sch 18 item 38 | Sch 18 item 39 | Sch 18 item 40 | Sch 18 item 41 | Sch 18 item 42 | Sch 18 item 44 | Sch 18 item 45 | Sch 18 item 46 | Sch 18 item 47 | Sch 18 item 48 | Sch 18 item 49 | Sch 18 item 50 | Sch 18 item 51 | Sch 18 item 52 | Sch 18 item 53 | Sch 18 item 54, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 76 of 2000, Sch 1 item 4, effective Sch 1 (items 1–5, 8(1)–(3)): 28 June 2000 (s 2) | Amended by No 52 of 2004, effective Sch 4 (items 1–9, 14(1), 15): 1 July 2004 (s 2(1) item 7) | Amended by No 88 of 2009, Sch 5 item 106 | Sch 5 item 107, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 32 of 2011, Sch 4 item 284, effective Sch 4 (items 282–284) and Sch 5: 1 July 2011 (s 2(1) items 3, 8) Sch 4 (items 621–624): never commenced (s 2(1) item 4) | Amended by No 17 of 2018, Sch 2 item 46, effective Sch 2 (items 45, 46): 1 May 2018 (s 2(1) item 3) | Amended by No 26 of 2018, Sch 1 item 13 | Sch 5 item 28, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 67 of 2024, effective Sch 5 (items 41–43, 48): 1 Oct 2024 (s 2(1) item 10) | Amended by No 17 of 2025, effective Sch 8 (items 33–37): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CEA", "Provision_Key": "s202cea", "Heading": "Validation notices", "Text": "(1) The Commissioner may give a payer a notice under subsection (2) if: (a) the payer gives the Commissioner information that the payer believes to be: (i) the full name, tax file number and date of birth of a person; or (ii) the full name, tax file number, date of birth and address of a person; and (b) the Commissioner is satisfied that: (i) the person is a recipient of the payer; and (ii) the recipient has made a TFN declaration in relation to the payer; and (c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice. (2) The notice must state whether or not the Commissioner is able to validate the information given. (3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under subsection 202CE(3). (4) If a person states his or her tax file number in a TFN declaration in relation to the payer, the payer may use the tax file number in a manner connecting it with the person’s identity for the purpose of asking the Commissioner to validate information about the person under this section.", "Amendment_Count": 1, "First_Amended": "No 55 of 2016", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 55 of 2016", "History_Notes": "Inserted by No 55 of 2016, effective Sch 15 (items 2, 3, 5): 1 Jan 2017 (s 2(1) item 17) Sch 23 (items 37–39, 41–43): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CEA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CF", "Provision_Key": "s202cf", "Heading": "Payer must notify Commissioner if no TFN declaration by recipient", "Text": "(1) If, after the commencement of this section, a person (the payer ) commences a relationship with another person under which, or as a result of which, the payer will make (or will be likely to make) eligible PAYG payments to a person (the recipient ), whether or not the recipient is a party to the relationship, the payer must give notice to the Commissioner in the approved form, within 14 days after the commencement of the relationship, unless a TFN declaration made by the recipient to the payer is in effect at the end of that 14 day period. (1A) However, subsection (1) does not apply if the recipient’s tax file number has been disclosed to the payer under section 202CG before the end of that 14 day period. (2) If, at the commencement of this section, a person (the payer ) has a relationship with another person under which, or as a result of which, the payer will make (or will be likely to make) eligible PAYG payments to a person (the recipient ), whether or not the recipient is a party to the relationship, the payer must give notice to the Commissioner in the approved form, not later than 31 October 2000, unless a TFN declaration made by the recipient to the payer is in effect on 31 October 2000. (3) A payer who fails to comply with subsection (1) or (2) is liable to pay to the Commissioner a penalty of 10 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 in Schedule 1 to the Taxation Administration Act 1953 contains machinery provisions relating to civil penalties.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 179 of 1999 | No 55 of 2016", "History_Notes": "Inserted by No 179 of 1999, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 55 of 2016, Sch 23 item 38 | Sch 23 item 41, effective Sch 15 (items 2, 3, 5): 1 Jan 2017 (s 2(1) item 17) Sch 23 (items 37–39, 41–43): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202CG", "Provision_Key": "s202cg", "Heading": "Disclosing recipients’ tax file numbers to payers", "Text": "A taxation officer (within the meaning of the Income Tax Assessment Act 1997 ) may disclose a recipient’s tax file number to a payer of the recipient if: (a) the recipient provided the number in a TFN declaration to the Commissioner in relation to the payer; or (b) the recipient made a TFN declaration to the Commissioner in relation to the payer that included a statement referred to in subsection 202CB(2).", "Amendment_Count": 2, "First_Amended": "No 55 of 2016", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 55 of 2016 | No 8 of 2019", "History_Notes": "Inserted by No 55 of 2016, Sch 23 item 38 | Sch 23 item 40, effective Sch 15 (items 2, 3, 5): 1 Jan 2017 (s 2(1) item 17) Sch 23 (items 37–39, 41–43): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, Sch 6 item 1, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202CG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202D", "Provision_Key": "s202d", "Heading": "Explanation of terms: investment, investor, investment body", "Text": "(1A) This section: (a) applies to a non ‑ share equity interest in the same way as it applies to a share; and (b) applies to an equity holder in the same way as it applies to a shareholder. (1) Investments of the kinds mentioned in column 1 of the following table are investments to which this Part applies, whether or not the investments come into existence before the commencement of this section. Table Item No. Column 1 Investment Column 2 Investor Column 3 Investment body 1 Interest ‑ bearing account with a financial institution The person in whose name the account is held The financial institution 2 Interest ‑ bearing deposit (other than a deposit to the credit of an account) with a financial institution The person in whose name the deposit is made The financial institution 3 Loan of money to a government body or to a body corporate (other than a deposit to the credit of an account referred to in item 1, a deposit to which item 2 applies or a loan made in the ordinary course of the business of providing business or consumer finance by a person who carries on that business) The person in whose name the money is lent The government body or body corporate 4 Deposit of money with a solicitor for the purpose of: (a) being invested by the solicitor; or (b) being lent under an agreement to be arranged by or on behalf of the solicitor The person for whose benefit the money is to be invested or lent The solicitor 5 Units in a unit trust The person in whose name the units are held The manager of the unit trust 6 Shares in a public company The shareholder The company 7 An investment ‑ related betting chance The betting investor The betting investment body (2) In relation to an investment of a kind mentioned in column 1 of an item in the table in subsection (1): (a) the investor is the person specified in column 2 of the item; and (b) the investment body is the person specified in column 3 of the item. (3) Where: (a) by virtue of subsection (2), a body corporate other than an entrepot nominee company is the investor in relation to an investment; and (b) another person is entitled to receive from the body corporate all or part of the income from the investment; the person’s right to receive the income or part of the income is an investment to which this Part applies. (3A) In the case of an investment that is a relevant Part VA investment for the purposes of section 221YHZLA, subsection (3) does not apply to a person’s right to receive income if: (a) the body corporate concerned has received a payment of the kind referred to in paragraph 221YHZLA(2)(a); and (b) the circumstances referred to in subparagraph 221YHZLA(2)(c)(i) or (ii) in relation to an applicant exist in relation to the body corporate. (4) In relation to an investment referred to in subsection (3): (a) the person entitled to receive income is the investor; and (b) the body corporate is the investment body. (5) Subsection (4) does not affect a person’s status or obligations as an investor by virtue of subsection (2). (6) In determining whether a person in the capacity of trustee of a trust estate is an investor in relation to an investment, it is irrelevant that the name of the trust estate, the name of any actual or potential beneficiary or any other indication of trust is shown on any documentation in connection with the investment. (7) Subsection (6) is enacted for the guidance and information of investors and investment bodies and does not, by implication, affect the meaning of other provisions of this Act dealing with trustees and trust estates. (8) If subparagraph 26AJ(1)(a)(ii) and paragraphs 26AJ(1)(b), (c), (d), (e), (f) and (g) apply in relation to the payment or crediting of an amount to a person, being the taxpayer referred to in subsection 26AJ(1), then: (a) for the purposes of this section: (i) the betting chance referred to in paragraph 26AJ(1)(c) is an investment ‑ related betting chance; and (ii) the person is the betting investor in relation to the investment ‑ related betting chance; and (iii) the investment body referred to in paragraph 26AJ(1)(c) is the betting investment body in relation to the investment ‑ related betting chance; and (b) for the purposes of this Part, and for the purposes of Subdivision 12 ‑ E in Schedule 1 to the Taxation Administration Act 1953 : (i) the betting chance referred to in paragraph 26AJ(1)(c) is taken to be an investment; and (ii) the amount paid or credited is taken to be income in respect of the investment. (9) For the purposes of subsection (3), an entrepot nominee company is a body corporate that is: (a) controlled solely by a securities dealer or by 2 or more persons each of whom is a securities dealer; and (b) operated for the sole purpose of facilitating settlement of security transactions.", "Amendment_Count": 8, "First_Amended": "No 97 of 1988", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 100 of 1991 | No 216 of 1991 | No 35 of 1992 | No 179 of 1999 | No 163 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 30, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 57 of 1990, Sch 2 item 47, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 100 of 1991, Sch 2 item 59 | Sch 2 item 60, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 69 | Sch 4 item 79, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 35 of 1992, item 52 | item 53 | item 55, effective s 7–75: 25 May 1992 (s 2) | Amended by No 179 of 1999, Sch 18 item 37, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 163 of 2001, Sch 1 item 106, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 101 of 2006, Sch 2 item 417 | Sch 2 item 12 | Sch 2 item 14, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202D"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DB", "Provision_Key": "s202db", "Heading": "Quotation of tax file numbers in connection with investments", "Text": "(1) A person who is an investor in relation to an investment to which this Part applies may quote the person’s tax file number to the investment body in connection with the investment. (2) Where: (a) a person holds an investment on behalf of another person; and (b) the first ‑ mentioned person does not have a tax file number in his or her capacity of trustee of a trust estate in relation to the investment; the first ‑ mentioned person may quote his or her tax file number to the investment body in connection with the investment and, for the purposes of this Part, that person is to be taken to have quoted the investor’s tax file number in connection with the investment.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 2 of 2015", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 57 of 1990, Sch 2 item 48, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 2 of 2015, Sch 2 item 106 | Sch 2 item 107, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DC", "Provision_Key": "s202dc", "Heading": "Method of quoting tax file number", "Text": "(1) A person quotes a tax file number to an investment body by informing the body of the number in a manner approved by the Commissioner. (2) The investment body may be so informed by the person or by another person acting for that person. (3) If a person becomes an investor as a result of a transaction carried out through a securities dealer, the person shall be taken to have quoted the person’s tax file number to the investment body concerned if the dealer is informed of the number.", "Amendment_Count": 2, "First_Amended": "No 97 of 1988", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 97 of 1988 | No 2 of 2015", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 2 of 2015, Sch 2 item 108, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DD", "Provision_Key": "s202dd", "Heading": "Investor excused from quoting tax file number in certain circumstances", "Text": "Where: (a) at a particular time a person becomes an investor in relation to an investment to which this Part applies by virtue of acquiring shares in a public company; and (b) at that time, the person has quoted, or is taken to have quoted, a tax file number in connection with an existing investment consisting of a shareholding in that company; and (c) the company has not, since the quotation of the number in connection with the existing investment, informed the person that the company has lost the person’s tax file number; the person is to be taken to have quoted a tax file number in connection with the first ‑ mentioned investment.", "Amendment_Count": 2, "First_Amended": "No 97 of 1988", "Last_Amended": "No 57 of 1990", "Amending_Acts": "No 97 of 1988 | No 57 of 1990", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Repealed and substituted by No 57 of 1990, item 49 | Sch 2 item 49, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DD"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DDB", "Provision_Key": "s202ddb", "Heading": "Quotation of tax file number in connection with indirectly held investment", "Text": "(1) If, apart from this section: (a) either of the following subparagraphs applies: (i) both of the following conditions are satisfied: (A) a body corporate (in this section called the interposed entity ) is the investor in relation to an investment (in this section called the secondary investment ) with an investment body (in this section called the secondary investment body ); (B) another person (in this section called the primary investor ) is entitled to receive from the interposed entity all or part of the income from the secondary investment (which right to receive the income or part of the income is in this section called primary investment ); (ii) both of the following conditions are satisfied: (A) a person (in this section also called the primary investor ) is the investor in relation to an investment (in this section also called the primary investment ) covered by item 4 in the table in subsection 202D(1), being a deposit of money with a solicitor (in this section also called the interposed entity ); (B) as a result of carrying out the purpose for which that investment was made, the interposed entity is the investor in relation to another investment (in this section also called the secondary investment ) with an investment body (in this section also called the secondary investment body ); and (b) either: (i) the secondary investment has a descriptive title which identifies all the primary investors; or (ii) the conditions set out in the regulations are satisfied; the following provisions have effect for the purposes of this Part and Subdivision 12 ‑ E in Schedule 1 to the Taxation Administration Act 1953 : (c) the primary investor may quote his or her tax file number under section 202DB to the secondary investment body in connection with the secondary investment as if he or she were the investor in relation to the secondary investment; (d) if the primary investor quotes his or her tax file number as mentioned in paragraph (c)—the interposed entity is taken to have quoted his or her tax file number to the secondary investment body in connection with the secondary investment; (e) the interposed entity is not entitled to actually quote his or her tax file number to the secondary investment body in connection with the secondary investment; (f) the interposed entity is taken not to be an investment body in relation to the primary investment. (2) If there are 2 or more primary investors in relation to a primary investment, all the primary investors are taken to have quoted their tax file numbers as mentioned in paragraph (1)(c) if, and only if: (a) all of those primary investors are persons who, for the purposes of this Part, are taken, by section 202EE, to have quoted their tax file numbers under this Division in connection with the primary investment; or (b) if: (i) paragraph (a) does not apply; and (ii) all of those primary investors are covered by any or all of the following categories: (A) persons who, for the purpose of this Part, are taken, under section 202EE, to have quoted their tax file numbers under this Division in connection with the primary investment; (B) persons to whom section 202EB applies; (C) entities mentioned in paragraph 202EC(1)(a); and (iii) all of the following conditions are satisfied in relation to at least one of those primary investors: (A) the primary investor is covered by sub ‑ subparagraph (ii)(B) or (C); (B) the primary investor gives to the secondary investment body the information mentioned in subsection 202EB(1) or 202EC(1) as if the primary investor were the investor in relation to the secondary investment; (C) as a result of the giving of that information, the primary investor would be taken, under section 202EB or 202EC, to have quoted his or her tax file number under this Division in connection with the secondary investment; or (c) at least one of those primary investors: (i) has a tax file number; and (ii) has quoted that number under section 202DB to the secondary investment body in connection with the secondary investment as if he or she were the investor in relation to the secondary investment.", "Amendment_Count": 5, "First_Amended": "No 100 of 1991", "Last_Amended": "No 53 of 2015", "Amending_Acts": "No 100 of 1991 | No 179 of 1999 | No 101 of 2006 | No 2 of 2015 | No 53 of 2015", "History_Notes": "Inserted by No 100 of 1991, Sch 2 item 61 | Sch 2 item 1991, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 179 of 1999, Sch 18 item 38, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 101 of 2006, Sch 2 item 418, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 2 of 2015, Sch 2 item 109, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2015, Sch 1 item 2, effective Sch 1 (items 1–8, 19): 1 July 2016 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DDB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DE", "Provision_Key": "s202de", "Heading": "Securities dealer to inform the investment body of tax file number", "Text": "Where: (a) a person becomes an investor as a result of a transaction carried out through a securities dealer; and (b) the person informs the dealer of the person’s tax file number; the dealer shall inform the investment body concerned of the person’s tax file number.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 2 of 2015", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 57 of 1990, Sch 2 item 50, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 2 of 2015, Sch 2 item 110, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DF", "Provision_Key": "s202df", "Heading": "Effect of incorrect quotation of tax file number", "Text": "(1) If the Commissioner is satisfied: (a) that the tax file number quoted to an investment body in relation to an investment: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (b) that the investor has a tax file number; the Commissioner may give to the investment body concerned notice of the incorrect statement and the investor’s tax file number. (2) If a notice is given under subsection (1), the investor shall be regarded, for the purposes of this Part, as having always stated the investor’s tax file number in connection with the investment. (3) If: (a) the Commissioner is satisfied that the tax file number quoted to an investment body in relation to an investment: (i) has been cancelled since it was quoted; or (ii) is for any other reason not the investor’s tax file number; and (b) the Commissioner is not satisfied that the investor has a tax file number; the Commissioner may, by written notice given to the investment body concerned, inform the investment body accordingly. (4) A notice under subsection (3) takes effect on the day specified in the notice, being a day not earlier than the day on which a copy of the notice is given to the investor under subsection (5). (5) The Commissioner shall give a copy of any notice under subsection (3) to the investor concerned, together with a written statement of the reasons for the decision to give the notice. (6) On and from the day on which a notice under subsection (3) takes effect, the investor concerned shall be taken not to have quoted the investor’s tax file number in connection with the investment.", "Amendment_Count": 2, "First_Amended": "No 97 of 1988", "Last_Amended": "No 48 of 1991", "Amending_Acts": "No 97 of 1988 | No 48 of 1991", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 48 of 1991, item 69, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DF"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DG", "Provision_Key": "s202dg", "Heading": "Investments held jointly", "Text": "(1) Where 2 persons are jointly entitled to the property or rights that constitute an investment to which this Part applies, neither person shall be taken to have quoted the person’s tax file number in connection with the investment unless both persons have quoted their tax file numbers under this Division in connection with the investment. (2) Where more than 2 persons are jointly entitled to the property or rights that constitute an investment to which this Part applies, all of the persons are to be taken to have quoted their tax file numbers in connection with the investment if and only if: (a) where one of those persons has a tax file number and is not an exempt person in relation to the investment—that person has quoted that number, and at least one of the other persons is, for the purposes of this Part, to be taken to have quoted his or her tax file number, under this Division in connection with the investment; or (b) where 2 or more of those persons have tax file numbers and are not exempt persons in relation to the investment—at least 2 of those persons have quoted their own tax file numbers under this Division in connection with the investment; or (c) in any other case—at least 2 of those persons are, for the purposes of this Part, to be taken to have quoted their tax file numbers under this Division in connection with the investment. (2A) A reference in subsection (2) to an exempt person in relation to an investment is a reference to a person who, for the purposes of this Part, is to be taken to have quoted his or her tax file number under this Division in connection with the investment although the person has not actually done so. (3) This section does not apply in relation to persons who are jointly entitled to property or rights merely because they are partners in a partnership. (4) This section does not apply in relation to investments covered by section 202DDB.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 100 of 1991", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 100 of 1991", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 57 of 1990, Sch 2 item 51, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 100 of 1991, Sch 2 item 61 | Sch 2 item 1991, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DH", "Provision_Key": "s202dh", "Heading": "Tax file number quoted for superannuation or surcharge purposes taken to be quoted for purposes of the taxation of eligible termination payments", "Text": "(1) If a person (the first person ) who is a beneficiary of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme has quoted his or her tax file number to the trustee of the entity or scheme in connection with the operation or possible future operation of the Superannuation Industry (Supervision) Act 1993 , the Superannuation Contributions Tax (Assessment and Collection) Act 1997 , the Superannuation (Unclaimed Money and Lost Members) Act 1999 or the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 , the first person is taken, so long as he or she continues to be such a beneficiary, to have made a TFN declaration in relation to the trustee that has effect under Division 3. (2) In this section and section 202DHA: eligible superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993. regulated exempt public sector superannuation scheme has the same meaning as in Part 25A of the Superannuation Industry (Supervision) Act 1993 .", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 191 of 1997 | No 128 of 1999 | No 44 of 2000 | No 9 of 2007 | No 158 of 2012 | No 23 of 2018", "History_Notes": "Inserted by No 76 of 1996, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, Sch 5 item 2, effective Sch 1: 5 June 1997 (s 2) | Amended by No 191 of 1997, Sch 9 item 2, effective Sch 1: 7 Dec 1997 (s 2(1)) | Amended by No 128 of 1999, Sch 3 item 11, effective s 8, Sch 1 (items 3–11) and Sch 3 (item 4): 13 Oct 1999 (s 2(1), (2), (6)) Sch 3 (item 1): 2 June 1997 (s 2(5)) | Amended by No 44 of 2000, Sch 4 item 4, effective Sch 3 (items 14–33, 36, 37), Sch 4 (items 10–12): 22 Dec 1999 (s 2(1)) Sch 3 (items 34, 35) and Sch 4 (items 4–9): 1 July 2000 (s 2(4), (5), (11)) | Amended by No 9 of 2007, Sch 1 item 26 | Sch 1 item 27, effective Sch 1 (items 3, 4, 24(1), 26, 27, 37): 15 Mar 2007 (s 2(1) item 2) | Amended by No 158 of 2012, Sch 4 item 48, effective Sch 4 (items 48–52): 29 Nov 2012 (s 2(1) item 10) | Amended by No 23 of 2018, Sch 1 item 58, effective Sch 1 (items 10, 11, 19, 57–59): 1 Apr 2018 (s 2(1) items 3, 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DHA", "Provision_Key": "s202dha", "Heading": "Tax file number quoted for Division 3 purposes taken to have been quoted for superannuation purposes", "Text": "If: (a) a person has on or after 1 July 2007 made a TFN declaration in relation to a payer; and (b) the person is a beneficiary of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme or is an RSA holder; and (c) the payer makes a contribution to the person’s eligible superannuation entity or regulated exempt public sector superannuation scheme or RSA for the benefit of the person; the person is taken to have authorised the payer to inform the trustee of the superannuation entity or scheme or the RSA provider of the person’s tax file number.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, Sch 1 item 26, effective Sch 1 (items 3, 4, 24(1), 26, 27, 37): 15 Mar 2007 (s 2(1) item 2) | Amended by No 15 of 2007, Sch 1 item 117 | Sch 1 item 118 | Sch 1 item 119 | Sch 1 item 120, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DHA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DI", "Provision_Key": "s202di", "Heading": "Tax file number quoted for RSA purposes taken to be quoted for purposes of the taxation of superannuation benefits", "Text": "If a person (the first person ) who is the holder of an RSA has quoted his or her tax file number to the provider of the RSA in connection with the operation or possible future operation of the Retirement Savings Accounts Act 1997 , the first person is taken, so long as he or she continues to be the holder of the RSA, to have made a TFN declaration in relation to the provider of the RSA that has effect under Division 3.", "Amendment_Count": 3, "First_Amended": "No 62 of 1997", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 62 of 1997 | No 44 of 2000 | No 15 of 2007", "History_Notes": "Inserted by No 62 of 1997, effective Sch 13: 2 June 1997 (s 2) | Amended by No 44 of 2000, Sch 4 item 6, effective Sch 3 (items 14–33, 36, 37), Sch 4 (items 10–12): 22 Dec 1999 (s 2(1)) Sch 3 (items 34, 35) and Sch 4 (items 4–9): 1 July 2000 (s 2(4), (5), (11)) | Amended by No 15 of 2007, Sch 1 item 113, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DI"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DJ", "Provision_Key": "s202dj", "Heading": "Tax file number quoted for purposes of taxation of superannuation benefits taken to be quoted for surcharge purposes", "Text": "(1) If a person who is: (a) a beneficiary of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme; or (b) a member of a constitutionally protected superannuation fund; or (c) the holder of an RSA; has made a TFN declaration in relation to the trustee of the entity, scheme or fund, or the RSA provider, that states his or her tax file number, and has effect under Division 3 (except a declaration that includes a statement mentioned in subsection 202CB(2)), the person is taken, so long as he or she continues to be such a beneficiary, member or holder, to have quoted that tax file number to the trustee of the entity, scheme or fund or to the RSA provider, as the case may be, in connection with the operation or possible future operation of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 and the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 . (2) In this section: constitutionally protected superannuation fund has the same meaning as constitutionally protected fund has in the Income Tax Assessment Act 1997 . eligible superannuation entity has the same meaning as in the Superannuation Industry (Supervision) Act 1993. regulated exempt public sector superannuation scheme has the same meaning as in Part 25A of the Superannuation Industry (Supervision) Act 1993 .", "Amendment_Count": 7, "First_Amended": "No 71 of 1997", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 71 of 1997 | No 191 of 1997 | No 44 of 2000 | No 8 of 2007 | No 15 of 2007 | No 158 of 2012 | No 23 of 2018", "History_Notes": "Inserted by No 71 of 1997, effective Sch 1: 5 June 1997 (s 2) | Amended by No 191 of 1997, Sch 9 item 3 | Sch 9 item 4, effective Sch 1: 7 Dec 1997 (s 2(1)) | Amended by No 44 of 2000, Sch 4 item 8 | Sch 4 item 9, effective Sch 3 (items 14–33, 36, 37), Sch 4 (items 10–12): 22 Dec 1999 (s 2(1)) Sch 3 (items 34, 35) and Sch 4 (items 4–9): 1 July 2000 (s 2(4), (5), (11)) | Amended by No 8 of 2007, Sch 1 item 16, effective Sch 1 (item 16): 5 June 1997 (s 2(1) item 13) | Amended by No 15 of 2007, Sch 1 item 113 | Sch 1 item 121, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 158 of 2012, Sch 4 item 49 | Sch 4 item 50 | Sch 4 item 51 | Sch 4 item 52, effective Sch 4 (items 48–52): 29 Nov 2012 (s 2(1) item 10) | Amended by No 23 of 2018, Sch 1 item 59, effective Sch 1 (items 10, 11, 19, 57–59): 1 Apr 2018 (s 2(1) items 3, 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DJ"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DL", "Provision_Key": "s202dl", "Heading": "Quotation of tax file number", "Text": "A depositor of a farm management deposit quotes the owner’s tax file number to the FMD provider in connection with the deposit by: (a) stating the number in the form mentioned in subsection 393 ‑ 20(2) of the Income Tax Assessment Act 1997 in relation to the deposit; or (b) informing the FMD provider of the number in any other manner approved by the Commissioner in connection with the deposit. Note: If a farm management deposit was made by a trustee on behalf of a beneficiary who was under a legal disability when the deposit was made, and the beneficiary is no longer under a legal disability, this Division applies as if the beneficiary had made the deposit: see section 393 ‑ 28 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 85 of 1998", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 85 of 1998 | No 79 of 2010 | No 62 of 2011", "History_Notes": "Inserted by No 85 of 1998, Sch 2G item 2, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 79 of 2010, Sch 4 item 27 | Sch 4 item 28 | Sch 4 item 29 | Sch 4 item 30, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 62 of 2011, Sch 1 item 5, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DL"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DM", "Provision_Key": "s202dm", "Heading": "Effect of incorrect quotation of tax file number", "Text": "Commissioner may notify FMD provider of correct tax file number (1) If the Commissioner is satisfied: (a) that the tax file number quoted to an FMD provider in connection with a farm management deposit: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (b) that the owner has a tax file number; the Commissioner may give the FMD provider notice in writing of the owner’s correct tax file number. Commissioner may notify FMD provider if owner does not have a tax file number etc. (3) If: (a) the Commissioner is satisfied that the tax file number quoted to an FMD provider in connection with a farm management deposit: (i) has been cancelled since it was quoted; or (ii) is for any other reason not the owner’s tax file number; and (b) the Commissioner is not satisfied that the owner has a tax file number; the Commissioner may give the FMD provider notice in writing accordingly. Commissioner to give owner copy of notice (4) If a notice is given under subsection (3), the Commissioner must give the depositor a copy of the notice, together with a written statement of the reasons for the decision to give the notice. Notice takes effect when given to owner (5) The notice takes effect on the day specified in the notice, being a day not earlier than the day on which the copy of the notice is given to the depositor. Tax file number deemed not quoted (6) On and from the day on which the notice takes effect, the depositor is taken not to have quoted the owner’s tax file number in connection with the deposit.", "Amendment_Count": 3, "First_Amended": "No 85 of 1998", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 85 of 1998 | No 101 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 85 of 1998, Sch 2G item 16, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 101 of 2006, Sch 1 item 159, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2010, Sch 4 item 31 | Sch 4 item 32 | Sch 4 item 33 | Sch 4 item 34, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DM"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DN", "Provision_Key": "s202dn", "Heading": "Application of Division", "Text": "This Division applies to both the trustee of a trust and to a beneficiary of the trust, if: (a) paragraph 12 ‑ 175(1)(c) in Schedule 1 to the Taxation Administration Act 1953 applies to the trust; and Note: That paragraph applies to certain closely held trusts. (b) paragraph 12 ‑ 175(1)(d) in that Schedule applies to the beneficiary.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DN"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DO", "Provision_Key": "s202do", "Heading": "Quotation of tax file numbers", "Text": "(1) The beneficiary may quote the beneficiary’s tax file number to the trustee. (2) The beneficiary quotes the beneficiary’s tax file number to the trustee if the beneficiary, or another person acting for the beneficiary, informs the trustee of the number in a manner approved by the Commissioner.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DO"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DP", "Provision_Key": "s202dp", "Heading": "Trustee must report quoted tax file numbers", "Text": "(1) The trustee must report the beneficiary’s tax file number to the Commissioner, in the approved form, if: (a) the beneficiary quotes the beneficiary’s tax file number to the trustee during a quarter (within the meaning of the Income Tax Assessment Act 1997 ); and (b) the beneficiary has not quoted the beneficiary’s tax file number to the trustee in connection with an investment to which this Part applies; and (c) the trustee has not reported, and is not required to report, the beneficiary’s tax file number to the Commissioner under Division 6D of Part III of this Act (about trustee beneficiary non ‑ disclosure tax). (2) The trustee must give the report to the Commissioner within: (a) one month after the end of the quarter to which it relates; or (b) within such further time as the Commissioner allows. (3) The Commissioner may, by notice in writing given to the trustee, inform the trustee that the period specified in the notice (being a period greater than 3 months) is to be the trustee’s reporting period for the purposes of this section. If the Commissioner does so, a reference in this section to a quarter is taken to be a reference to the period specified in the notice. (4) For the purposes of this section, disregard subsection 202DR(3). Note: Refusal or failure to report to the Commissioner as required by this section is an offence under section 8C of the Taxation Administration Act 1953 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DP"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202DR", "Provision_Key": "s202dr", "Heading": "Effect of incorrect quotation of tax file number", "Text": "Commissioner may notify trustee of correct tax file number (1) If the Commissioner is satisfied: (a) that the tax file number quoted to the trustee: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (b) that the beneficiary has a tax file number; the Commissioner may give the trustee notice in writing of the beneficiary’s correct tax file number. (2) The notice given under subsection (1) is taken to have taken effect on the day on which the cancelled or withdrawn tax file number was quoted to the trustee as mentioned in paragraph (1)(a). (3) On and from the day on which the notice given under subsection (1) took effect, the beneficiary is taken to have quoted the beneficiary’s correct tax file number to the trustee. Commissioner may notify trustee if beneficiary does not have a tax file number etc. (4) If: (a) the Commissioner is satisfied that the tax file number quoted to the trustee: (i) has been cancelled or withdrawn since it was quoted; or (ii) is for any other reason not the beneficiary’s tax file number; and (b) the Commissioner is not satisfied that the beneficiary has a tax file number; the Commissioner must give the trustee written notice accordingly. (5) The Commissioner must give the beneficiary a copy of the notice given under subsection (4), together with a written statement of the reasons for the decision to give the notice. (6) The notice given under subsection (4) takes effect on the day specified in the notice, being a day not earlier than the day on which the copy of the notice is given to the beneficiary. (7) On and from the day on which the notice given under subsection (4) takes effect, the beneficiary is taken not to have quoted the beneficiary’s tax file number to the trustee. Note: The trustee may be required to withhold an amount from a payment to the beneficiary if the beneficiary has not quoted the beneficiary’s tax file number to the trustee at the time the payment is made: see sections 12 ‑ 175 and 12 ‑ 180 in Schedule 1 to the Taxation Administration Act 1953 . As such, the trustee may be required to withhold if a notice under subsection (4) of this section is in effect on the day on which the payment is made.", "Amendment_Count": 2, "First_Amended": "No 75 of 2010", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 75 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 75 of 2010, Sch 2 item 1 | Sch 2 item 2, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 41 of 2011, Sch 5 item 413, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202DR"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202EA", "Provision_Key": "s202ea", "Heading": "Persons receiving certain pensions etc.—employment", "Text": "(1) Nothing in this Part shall be taken to provide for a person who is a recipient because the person receives, or expects to receive, a pension or benefit referred to in subsection (5) to make a TFN declaration, or to quote his or her tax file number, in connection with the payment of that pension, benefit or allowance. (2) For the purposes of this Part, a person who is being paid a pension or benefit referred to in subsection (5) shall be taken to have quoted his or her tax file number in a TFN declaration given to a payer of the person if a statement is made in the declaration to the effect that the person is being paid such a pension or benefit. (3) A person who, as a person who is being paid a pension or benefit referred to in subsection (5), is taken, because of this section, to have quoted his or her tax file number in a TFN declaration shall continue to be taken to have, because of this section, quoted the number in the declaration until the Commissioner gives a written notice to the person to the effect that the person is no longer entitled to exemption under this section. (4) The Commissioner may not give a notice under subsection (3) until the person has ceased to be paid any pension or benefit referred to in subsection (5). (5) This section applies in relation to the following: (a) an age pension under Part 2.2 of the Social Security Act 1991 ; (b) a disability support pension under Part 2.3 of that Act; (d) a carer payment under Part 2.5 of that Act; (fa) a parenting payment that is a pension PP (single) under Part 2.10 of that Act; (g) a special benefit under Part 2.15 of that Act; (h) a special needs pension under Part 2.16 of that Act; (i) a pension under Part III of the Veterans’ Entitlements Act 1986 ; (ia) income support supplement under Part IIIA of the Veterans’ Entitlements Act 1986 .", "Amendment_Count": 10, "First_Amended": "No 97 of 1988", "Last_Amended": "No 142 of 2021", "Amending_Acts": "No 97 of 1988 | No 100 of 1991 | No 216 of 1991 | No 197 of 1997 | No 13 of 1999 | No 179 of 1999 | No 100 of 2004 | No 89 of 2007 | No 26 of 2018 | No 142 of 2021", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 100 of 1991, Sch 2 item 62, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 2 item 133, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 197 of 1997, Sch 1 item 329 | Sch 1 item 330, effective Sch 1 (items 313–337): 20 Mar 1998 (s 2(2)) | Amended by No 13 of 1999, Sch 1 item 126, effective Sch 1 (items 126–128): 1 July 1997 (s 2(3)) Sch 2 (items 56–64): 1 July 1999 (s 2(2)(b)) | Amended by No 179 of 1999, Sch 18 item 55 | Sch 18 item 56 | Sch 18 item 57 | Sch 18 item 58 | Sch 18 item 59, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 100 of 2004, effective Sch 2 (item 31): 20 Sept 2004 (s 2(1) item 3D) | Amended by No 89 of 2007, Sch 4 item 1, effective Sch 4: 22 June 2007 (s 2(1) item 22) | Amended by No 26 of 2018, Sch 2 item 1 | Sch 2 item 83 | Sch 3 item 3 | Sch 3 item 101, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 142 of 2021, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14, effective Sch 1 (items 10–14): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202EA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202EB", "Provision_Key": "s202eb", "Heading": "Persons receiving certain pensions etc.—investments", "Text": "(1) For the purposes of this Part, a person to whom this section applies shall be taken to have quoted his or her tax file number under Division 4 in connection with the investment if the investment body concerned is given the following information by the person in a manner approved by the Commissioner: (a) the person’s full name; (b) the nature of the pension, benefit or allowance by virtue of the payment of which the person is a person to whom this section applies. (3) A person who, as a person to whom this section applies, is taken, because of this section, to have quoted his or her tax file number in connection with an investment shall continue to be taken to have, because of this section, quoted the number in connection with the investment until the Commissioner gives a written notice to the person to the effect that the person is no longer entitled to exemption under this section. (4) The Commissioner may not give a notice under subsection (3) until the person has ceased to be a person to whom this section applies. (5) A person to whom this section applies is a person who is being paid: (a) one of the following: (i) an age pension under Part 2.2 of the Social Security Act 1991 ; (ii) a disability support pension under Part 2.3 of that Act; (iv) a carer payment under Part 2.5 of that Act; (via) a parenting payment that is a pension PP (single) under Part 2.10 of that Act; (vii) a special benefit under Part 2.15 of that Act; (viii) a special needs pension under Part 2.16 of that Act; or (c) a pension under Part III of the Veterans’ Entitlements Act 1986 ; or (d) income support supplement under Part IIIA of the Veterans’ Entitlements Act 1986 .", "Amendment_Count": 8, "First_Amended": "No 97 of 1988", "Last_Amended": "No 26 of 2018", "Amending_Acts": "No 97 of 1988 | No 58 of 1990 | No 100 of 1991 | No 216 of 1991 | No 197 of 1997 | No 13 of 1999 | No 89 of 2007 | No 26 of 2018", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 58 of 1990, item 19, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3)) | Amended by No 100 of 1991, Sch 2 item 202D | Sch 2 item 63, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 197 of 1997, Sch 1 item 333, effective Sch 1 (items 313–337): 20 Mar 1998 (s 2(2)) | Amended by No 13 of 1999, effective Sch 1 (items 126–128): 1 July 1997 (s 2(3)) Sch 2 (items 56–64): 1 July 1999 (s 2(2)(b)) | Amended by No 89 of 2007, Sch 4 item 2, effective Sch 4: 22 June 2007 (s 2(1) item 22) | Amended by No 26 of 2018, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202EB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202EC", "Provision_Key": "s202ec", "Heading": "Entities not required to lodge income tax returns", "Text": "(1) For the purposes of this Part, where: (a) an entity that is not required to furnish to the Commissioner a return under section 161 in respect of a year of income is, at any time during that year, an investor in relation to an investment to which this Part applies; and (b) the entity does not have a tax file number; the entity shall be taken to have quoted its tax file number in connection with the investment if the investment body concerned is given the following information by the eligible representative in a manner approved by the Commissioner: (c) the name and address of the entity; (d) the reason why the entity is not obliged to furnish to the Commissioner a return under section 161 in respect of the year of income. (3) An entity that, as an entity that is not required to furnish to the Commissioner a return under section 161 in respect of a year of income, is to be taken, because of this section, to have quoted its tax file number in connection with an investment shall continue to be taken to have, because of this section, quoted the number in connection with the investment until 2 months after the end of the first year of income, following the time at which the entity is to be taken to have quoted the number, in respect of which the entity is required so to furnish a return. (4) Where an entity in respect of which information has been given to an investment body under subsection (1) in connection with an investment becomes obliged under section 161 to furnish a return in respect of a year of income, the person who is the public officer of the entity for the purposes of this Act commits an offence if: (a) the entity is, at the end of the year of income, still an investor in relation to the investment; and (b) the investment body is not, within 2 months after the end of the year of income, informed of the entity’s tax file number or informed that the entity is obliged to furnish the return. Penalty: 10 penalty units. (5) For the purposes of this section, a person is an eligible representative of an entity if the person is: (a) where the entity is a body corporate—a person who is any one or more of the following: (i) the public officer of the body corporate for the purposes of this Act; (ii) an officer of the body corporate within the meaning of section 8Y of the Taxation Administration Act 1953 ; (iii) a receiver of property of the body corporate, whether appointed by a court or otherwise and whether or not also a manager; (iv) a liquidator of the body corporate appointed by a court; (v) in the case of a foreign company within the meaning of the Corporations Act 2001 —a local agent of the company within the meaning of that Act; (vi) an employee of the body corporate in relation to whom there is in force a written authorisation to act as an eligible representative of the body corporate, being an authorisation by a person who, when the authorisation was given, was an eligible representative of the body corporate by virtue of one or more of the preceding subparagraphs; or (b) where the entity is an unincorporated association—a person who is any one or more of the following: (i) the public officer of the unincorporated association for the purposes of this Act; (ii) a director, secretary, office ‑ holder, liquidator, receiver or trustee of the association; (iii) an employee or member of the unincorporated association in relation to whom there is in force a written authorisation to act as an eligible representative of the unincorporated association, being an authorisation by a person who, when the authorisation was given, was an eligible representative of the unincorporated association by virtue of either or both of the preceding subparagraphs.", "Amendment_Count": 5, "First_Amended": "No 97 of 1988", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 97 of 1988 | No 58 of 1990 | No 55 of 2001 | No 4 of 2016 | No 61 of 2016", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 58 of 1990, item 20, effective s 10–22 and 24–35: 16 June 1990 (s 2(1), (2)) s 23: 4 Dec 1989 (s 2(3)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 220–263): 15 July 2001 (s 2(1), (3)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 188, 397–399): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, Sch 1 item 296, effective Sch 1 (item 296) and Sch 3 (items 24, 25): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202EC"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202EE", "Provision_Key": "s202ee", "Heading": "Non ‑ residents", "Text": "(1) For the purposes of this Part, where: (a) a non ‑ resident is an investor in relation to an investment to which this Part applies; and (b) at a particular time, the investment body pays an amount to the non ‑ resident by way of income derived from the investment; the non ‑ resident is taken to have quoted the non ‑ resident’s tax file number in connection with the investment at that time if: (c) the investment body is required: (i) to withhold an amount under Subdivision 12 ‑ F or 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 from the payment; or (ii) to pay the Commissioner an amount under Subdivision 12A ‑ C in that Schedule in respect of the payment; or (d) the investment body would have been required to withhold such an amount but for the operation of paragraph 128B(3)(a), (ga) or (jb) or subparagraph 128B(3)(h)(iv) of this Act or subsection 802 ‑ 15(1) of the Income Tax Assessment Act 1997 . (2) If: (a) a person who was a non ‑ resident and an investor in relation to an investment to which this Part applies becomes a resident of Australia at a particular time; and (b) the person is, at that time, still an investor in relation to the investment; and (c) the investment body concerned is not, within one month after that time, informed of the person’s tax file number or informed that the person has become such a resident; the person commits an offence. Penalty: 10 penalty units. (3) Nothing in this section affects the person’s liability to pay withholding tax.", "Amendment_Count": 12, "First_Amended": "No 97 of 1988", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 100 of 1991 | No 95 of 1997 | No 179 of 1999 | No 147 of 2005 | No 101 of 2006 | No 79 of 2007 | No 143 of 2007 | No 97 of 2008 | No 4 of 2016 | No 53 of 2016", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Repealed and substituted by No 57 of 1990, Sch 2 item 53, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 100 of 1991, Sch 2 item 202D | Sch 2 item 64, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 95 of 1997, Sch 5 item 9, effective Sch 1 (item 23): 30 June 1997 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 39 | Sch 18 item 40, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 147 of 2005, Sch 2 item 11, effective Sch 1 (items 1–3, 169(1)), Sch 2 (items 2–11, 27(1)–(4), 28(1)–(3)), Sch 4 (items 1–3, 12), Sch 5 (items 1–12, 20) and Sch 7 (items 1–13, 19, 20): 14 Dec 2005 (s 2(1) items 2, 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 419 | Sch 2 item 420, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 10 item 8, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 143 of 2007, Sch 7 item 16 | Sch 7 item 10, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 97 of 2008, Sch 3 item 36, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 188, 397–399): 10 Mar 2016 (s 2(1) item 6) | Amended by No 53 of 2016, Sch 6 item 16, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202EE"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202EG", "Provision_Key": "s202eg", "Heading": "Manner of completing declarations", "Text": "Where a person is unable to make a declaration under this Division, the declaration may be made by another person on behalf of the first ‑ mentioned person.", "Amendment_Count": 1, "First_Amended": "No 97 of 1988", "Last_Amended": "No 97 of 1988", "Amending_Acts": "No 97 of 1988", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202EG"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202EH", "Provision_Key": "s202eh", "Heading": "Declarations under this Division to be retained in certain circumstances", "Text": "The Commissioner may, by legislative instrument, direct an investment body to retain declarations, or declarations of a particular kind, made under this Division for such time as is specified in the direction.", "Amendment_Count": 3, "First_Amended": "No 97 of 1988", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 97 of 1988 | No 57 of 1990 | No 64 of 2020", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Repealed and substituted by No 57 of 1990, Sch 2 item 54, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 64 of 2020, Sch 3 item 224, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202EH"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202F", "Provision_Key": "s202f", "Heading": "Review of decisions", "Text": "(1) Applications may be made to the Tribunal for review of the following decisions of the Commissioner: (a) a decision refusing an application for the issue of a tax file number under section 202BA (including a decision that is to be taken to have been made by virtue of section 202BC); (b) a decision to cancel a tax file number under section 202BE; (c) a decision to give a notice under subsection 202CE(3); (d) a decision to give a notice under subsection 202DF(3); (da) a decision to give a notice under subsection 202DM(3); (db) a decision to give a notice under subsection 202DR(4); (e) a decision to give a notice under subsection 202EB(3); (fa) a decision to give a notice under subsection 190 ‑ 15(1) or (1A) of the Higher Education Support Act 2003 ; (fb) a decision to give a notice under subsection 190 ‑ 20(1) or (1A) of the Higher Education Support Act 2003 ; (fc) a decision to give a notice under subsection 1061ZVJD(1) of the Social Security Act 1991 ; (fd) a decision to give a notice under subsection 1061ZVJF(1) of the Social Security Act 1991 ; (fe) a decision to give a notice under subsection 11D(1) of the Student Assistance Act 1973 ; (ff) a decision to give a notice under subsection 11F(1) of the Student Assistance Act 1973 ; (fg) a decision to give a notice under subsection 68(1) of the Australian Apprenticeship Support Loans Act 2014 ; (fh) a decision to give a notice under subsection 70(1) of the Australian Apprenticeship Support Loans Act 2014 ; (g) a decision stated by the regulations to be a reviewable decision for the purposes of this section. (2) Where an application has been made to the Tribunal for review of a decision referred to in paragraph (1)(a), the orders that may be made under section 32 of the Administrative Review Tribunal Act 2024 staying or otherwise affecting the operation or implementation of the decision include an order that the Commissioner issue a tax file number to the applicant pending the determination of the application for review. (3) A tax file number issued in accordance with an order referred to in subsection (2) ceases to have effect when the application is finally disposed of. (4) When a tax file number ceases to have effect under subsection (3), this Part (other than this section) applies as if the number had been cancelled.", "Amendment_Count": 10, "First_Amended": "No 97 of 1988", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 97 of 1988 | No 85 of 1998 | No 150 of 2003 | No 114 of 2004 | No 75 of 2010 | No 82 of 2014 | No 169 of 2015 | No 64 of 2020 | No 61 of 2023 | No 38 of 2024", "History_Notes": "Inserted by No 97 of 1988, Sch 2 item 6, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Amended by No 85 of 1998, Sch 2G item 16, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 150 of 2003, Sch 2 item 132, effective Sch 2 (items 125–132): 1 Jan 2004 (s 2(1) item 16) | Amended by No 114 of 2004, effective Sch 5: 13 July 2004 (s 2(1) item 10) | Amended by No 75 of 2010, Sch 2 item 2, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7) | Amended by No 82 of 2014, Sch 1 item 4, effective Sch 1 (items 2–4): 18 July 2014 (s 2(1) item 2) | Amended by No 169 of 2015, Sch 1 item 5 | Sch 1 item 24 | Sch 1 item 11D | Sch 1 item 11F, effective Sch 1 (items 2–5, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 64 of 2020, Sch 3 item 226, effective Sch 1: 1 July 2020 (s 2(1) item 2) Sch 3 (items 203–227, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 61 of 2023, effective Sch 1 (items 130, 131, 156–165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 38 of 2024, Sch 1 item 29, effective Sch 1 (items 29, 30, 63): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202F"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 202FA", "Provision_Key": "s202fa", "Heading": "Statements to accompany notification of decisions", "Text": "(1) Where a decision of a kind referred to in section 202F is made and notice in writing of the decision is given to a person whose interests are affected by the decision, that notice shall include a statement to the effect that, if the person is dissatisfied with the decision, application may, subject to the Administrative Review Tribunal Act 2024 : (a) be made to the Tribunal for review of the decision; and (b) include a statement to the effect that the person may request a statement of reasons under that Act. (2) A failure to comply with subsection (1) does not affect the validity of the decision.", "Amendment_Count": 2, "First_Amended": "No 97 of 1988", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 97 of 1988 | No 38 of 2024", "History_Notes": "Inserted by No 97 of 1988, effective s 6–11, 13–20 and Sch 1: 1 Jan 1989 (s 2(1)) s 12: 1 July 1989 (s 2(2)) and gaz 1989, No S159) | Inserted by No 38 of 2024, Sch 1 item 30, effective Sch 1 (items 29, 30, 63): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s202FA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 203", "Provision_Key": "s203", "Heading": "Verification of tax file numbers", "Text": "(1) This section applies if an Agency (within the meaning of the Public Service Act 1999 ) obtains or has obtained, in accordance with a law of the Commonwealth, a number that any of the following (the relevant official ) believes to be the tax file number of a person (the relevant person ): (a) the Agency Head (within the meaning of that Act); (b) an SES employee, or acting SES employee, in the Agency. Note: For example, the Agency may have received the number in a TFN declaration made by the relevant person in relation to an assistance payment, or from another person in accordance with a law that provides for an official to ask the other person to provide the relevant person’s tax file number. (2) The relevant official may give the Commissioner a notice, in writing, asking the Commissioner to verify the number under this section. (3) A notice under subsection (2): (a) must include the number; and (b) must include the full name and date of birth of the relevant person; and (c) may include any other information that the relevant official considers may assist in identifying the relevant person. (4) If the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the number, that it is reasonable to do so, the Commissioner may give the Agency a notice, in writing, that states whether or not the Commissioner is able to verify the information given. (5) If: (a) the Commissioner is not satisfied that the number is the tax file number of the relevant person; but (b) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the number, that another number (the correct number ) is the tax file number of the relevant person; the notice under subsection (4) may state the correct number. (6) If the notice under subsection (4) states the correct number, the correct number is taken to be the number that was obtained by the Agency as mentioned in subsection (1). (7) This section does not limit, and is not limited by, section 202CEA or any other provision, in this or any other law of the Commonwealth, that provides for the sharing or verification of tax file numbers. Notices are not legislative instruments (8) A notice given under subsection (2) or (4) is not a legislative instrument.", "Amendment_Count": 4, "First_Amended": "No 5 of 1937", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 5 of 1937 | No 87 of 1978 | No 73 of 1989 | No 8 of 2019", "History_Notes": "Repealed by No 5 of 1937, item 5, effective 3 July 1937 | Inserted by No 87 of 1978, item 20 | item 24 | item 44 | item 45 | item 58 | item 62 | item 63 | item 64 | item 70 | item 75, effective s 17–71: 22 June 1978 (s 2) | Repealed by No 73 of 1989, item 4, effective Sch: 21 June 1989 (s 2) | Inserted by No 8 of 2019, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s203"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 204", "Provision_Key": "s204", "Heading": "Disclosure of tax file numbers to certain registrars", "Text": "(1) If: (a) the Commissioner is appointed as the Commonwealth Registrar (within the meaning of the Corporations (Aboriginal and Torres Strait Islander) Act 2006 ); and (b) no other person or body is appointed as that registrar; the Commissioner may disclose the tax file number of a person to that registrar if the disclosure is made for the purposes of facilitating the administration of Part 6 ‑ 7A of that Act. (2) If: (a) the Commissioner is appointed as the Registrar (within the meaning of the Corporations Act 2001 ); and (b) no other person or body is appointed as that registrar; the Commissioner may disclose the tax file number of a person to that registrar if the disclosure is made for the purposes of facilitating the administration of Part 9.1A of that Act. (2A) The Commissioner may disclose the tax file number of a person to a registrar specified in subsection 355 ‑ 67(2) in Schedule 1 to the Taxation Administration Act 1953 if: (a) the Commissioner is appointed as that registrar; and (b) no other person or body is appointed as that registrar; and (c) the disclosure is made through use of a computer application or system that is used for the performance of functions, or the exercise of powers, of both the Commissioner and that registrar; and (d) use of the application or system by that registrar is on the condition that tax file numbers disclosed through use of the application or system are only to be recorded, used, divulged, disclosed or communicated to the extent reasonably necessary for the application or system to be used for the performance of that registrar’s functions, or the exercise of that registrar’s powers. (3) To avoid doubt, subsection (1), (2) or (2A) applies to the disclosure of the person’s tax file number whether or not that registrar has requested the person, or the Commissioner, to give the tax file number to that registrar. Income Tax Assessment Act 1936 No. 27, 1936 Compilation No. 191 Compilation date: 1 April 2026 Includes amendments: Act No. 12, 2026 This compilation is in 7 volumes Volume 1: sections 1-78A Volume 2: sections 79A-121L Volume 3: sections 124ZM-204 Volume 4: sections 251R-468 Volume 5: Schedules Volume 6: Endnotes 1-4 Volume 7: Endnote 5 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1936 that shows the text of the law as amended and in force on 1 April 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 15, "First_Amended": "No 17 of 1940", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 17 of 1940 | No 65 of 1940 | No 43 of 1954 | No 108 of 1981 | No 123 of 1984 | No 1 of 1999 | No 179 of 1999 | No 44 of 2000 | No 91 of 2000 | No 101 of 2004 | No 75 of 2005 | No 101 of 2006 | No 79 of 2010 | No 141 of 2020 | No 8 of 2022", "History_Notes": "Amended by No 17 of 1940, effective 24 June 1940 | Repealed and substituted by No 65 of 1940, effective s 3, 14 and 15: 1 Jan 1941 (s 2(2)) s 10: 28 Nov 1940 (s 2(3)) Remainder: 14 Dec 1940 (s 2(1)) | Amended by No 43 of 1954, effective 6 Nov 1954 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, Sch 16 item 109, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 1 of 1999 | Amended by No 179 of 1999, Sch 18 item 163A | Sch 18 item 255 | Sch 18 item 13 | Sch 18 item 14, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 44 of 2000, Sch 3 item 19, effective Sch 3 (items 14–33, 36, 37), Sch 4 (items 10–12): 22 Dec 1999 (s 2(1)) Sch 3 (items 34, 35) and Sch 4 (items 4–9): 1 July 2000 (s 2(4), (5), (11)) | Amended by No 91 of 2000, Sch 2 item 145 | Sch 2 item 146, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 75 of 2005, Sch 1 item 280 | Sch 1 item 7, effective Sch 1 (items 2–17, 31): 29 June 2005 (s 2) | Amended by No 101 of 2006, Sch 2 item 432 | Sch 2 item 434 | Sch 2 item 907 | Sch 2 item 921 | Sch 2 item 4 | Sch 2 item 969 | Sch 2 item 991 | Sch 2 item 999 | Sch 2 item 1029, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Repealed by No 79 of 2010, Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 34 | Sch 1 item 35 | Sch 1 item 47 | Sch 1 item 48 | Sch 1 item 49 | Sch 1 item 51 | Sch 1 item 5 | Sch 1 item 56 | Sch 2 item 31, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Inserted by No 141 of 2020, effective Sch 4 (item 126): 4 Apr 2021 (s 2(1) item 13) | Amended by No 8 of 2022, Sch 20 item 39 | Sch 20 item 40 | Sch 20 item 43, effective Sch 8 (items 39, 40, 43): 4 Apr 2021 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s204"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251R", "Provision_Key": "s251r", "Heading": "Interpretation", "Text": "(2) If, during any period, 2 persons (whether of the same sex or different sexes): (a) had a relationship that was registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; or (b) lived together in a relationship as a couple on a genuine domestic basis, although not legally married to each other; this Part and any Act imposing Medicare levy has effect in relation to the period as if the persons were married to each other. (2A) If, during the period, either or both of the persons was legally married to another person, or in a relationship mentioned in paragraph (2)(a) with another person, this Part and any Act imposing Medicare levy has effect as if the person or persons were not legally married to, or in a relationship mentioned in paragraph (2)(a) with, the other person or persons. (3) Subject to subsections (4), (5), (6), (6B), (6C) and (6D), a person shall be taken to have been a dependant of another person for the purposes of this Part during any part of the year of income in which: (a) the first ‑ mentioned person was a resident of Australia; (b) the first ‑ mentioned person was: (i) the spouse of the other person; (ii) a child of the other person less than 21 years of age; or (iii) a child of the other person not less than 21 years of age but less than 25 years of age and receiving full ‑ time education at a school, college or university; and (c) the other person contributed to the maintenance of the first ‑ mentioned person. (4) A child referred to in subparagraph (3)(b)(iii) shall not be taken to have been a dependant of a person for the purposes of this Part during a period being the whole or a part of a year of income unless the person is entitled to a notional tax offset in respect of that child under Subdivision 961 ‑ A of the Income Tax Assessment Act 1997 . (5) If, in relation to a period, being the whole or a part of a year of income: (a) the parents of a child referred to in paragraph (3)(b) lived separately and apart from each other; and (b) the child would, but for this subsection, be taken, for the purposes of this Part, to be a dependant of each of his or her parents in respect of that period; and (c) both of the parents or their spouses, being partners as defined in the A New Tax System (Family Assistance) Act 1999 , are eligible for family tax benefit at the Part A rate under that Act in respect of that child (whether the child is an FTB child or a regular care child within the meaning of that Act) in respect of the period; and (d) the Families Secretary has determined, under Subdivision D of Division 1 of Part 3 of that Act, each parent’s or spouse’s percentage of care for the child during a care period (within the meaning of that Act); the child is to be taken to be a dependant of each parent for the purposes of Part VIIB of this Act, for so much only of that period as corresponds with that percentage of care. (6) For the purposes of paragraph (3)(c), a person shall be taken to have contributed to the maintenance of another person during any period during which the person and that other person resided together, unless the contrary is established to the satisfaction of the Commissioner. (6A) A reference in subsections (6B), (6C) and (6D) to an eligible prescribed person in relation to a period is a reference to a person who would, apart from subsections 251U(2) and (3), be taken to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during that period by virtue of paragraph 251U(1)(a), (b), (ca), (caa) or (cb). (6B) For the purposes of this Part, where: (a) a person (in this subsection called the first person ) was an eligible prescribed person in relation to a period in a year of income; and (b) apart from this subsection, another person (in this subsection called the leviable person ) would be a dependant of the first person during that period; and (c) Medicare levy is payable by the leviable person upon the taxable income of the year of income; the leviable person is not to be taken to have been a dependant of the first person during that period. (6C) For the purposes of this Part, where: (a) a person (in this subsection called the first person ) was an eligible prescribed person in relation to a period in a year of income; and (b) another person (in this subsection called the spouse ) was the spouse of the first person during the whole of that period; and (c) the spouse was not an eligible prescribed person in relation to that period; and (d) Medicare levy is payable by the spouse upon the taxable income of the year of income; and (e) apart from this subsection, a child of both the first person and the spouse would be a dependant of both the first person and the spouse during that period; that child is not to be taken to have been a dependant of the first person during that period. (6D) Subject to subsection (6F), for the purposes of this Part, where: (a) a person (in this subsection and subsections (6E) to (6H) (inclusive) called the first person ) was an eligible prescribed person in relation to a period in a year of income; and (b) another person (in this subsection called the spouse ) was the spouse of the first person during the whole of that period; and (c) the spouse was an eligible prescribed person in relation to that period; and (d) apart from this subsection, Medicare levy would be payable by both the first person and the spouse upon their respective taxable incomes of the year of income; and (e) apart from this subsection, a child of both the first person and the spouse would be a dependant of both the first person and the spouse during that period; and (f) the first person and the spouse have entered into an agreement (in subsections (6E) to (6H) (inclusive) called the family agreement ) stating that, for Medicare levy purposes, that child: (i) is not to be treated as a dependant of the first person during that period; and (ii) is to be treated as a dependant of the spouse during that period; that child is not to be taken to be a dependant of the first person during that period. (6E) The family agreement must be entered into on or before the date of lodgment of the return of income of the first person for the year of income concerned or within such further time as the Commissioner allows. (6F) Subsection (6D) does not apply, and is taken never to have applied, if the first person fails to retain the family agreement until the end of: (a) 5 years beginning on the date of lodgment of the first person’s return of income for the year of income concerned; or (b) a shorter period determined by the Commissioner in writing for the first person; or (c) a shorter period determined by the Commissioner by legislative instrument for a class of persons that includes the first person. (6FA) A determination under paragraph (6F)(c) may specify different periods for different classes of taxpayers. (6G) Where the family agreement is lost or destroyed and the Commissioner is satisfied that the first person has a document (in this subsection called the substitute family agreement ) that: (a) is a copy of the family agreement; or (b) properly records all the matters set out in the family agreement and was in existence when the family agreement was lost or destroyed; the substitute family agreement is to be taken, for the purposes of this section, to be, and to have been at all times after the family agreement was lost or destroyed, the family agreement. (6H) Where the family agreement is lost or destroyed and the Commissioner is satisfied that: (a) the family agreement was lost or destroyed because of circumstances beyond the control of the first person; and (b) subsection (6G) does not apply; subsection (6F) does not apply and is to be taken never to have applied. (6J) Section 170 does not prevent the amendment of an assessment at any time for the purposes of giving effect to subsection (6F), (6G) or (6H). (7) In this Act (other than this Part, the definition of year of tax in subsection 6(1) and Division 17 of Part III), unless the contrary intention appears, income tax or tax includes Medicare levy payable in accordance with this Part and Medicare levy (fringe benefits) surcharge. (8) In determining for the purposes of this Part and of any Act imposing levy whether a person was, or but for subsection 251U(2) would have been, or was not, a prescribed person during the whole or a part of the year of income that commenced on 1 July 1983, that year of income shall be deemed to be constituted by the period commencing on 1 February 1984 and ending on 30 June 1984.", "Amendment_Count": 33, "First_Amended": "No 53 of 1976", "Last_Amended": "No 26 of 2018", "Amending_Acts": "No 53 of 1976 | No 98 of 1976 | No 90 of 1978 | No 123 of 1978 | No 108 of 1981 | No 106 of 1982 | No 51 of 1983 | No 173 of 1985 | No 58 of 1987 | No 78 of 1988 | No 57 of 1990 | No 135 of 1990 | No 5 of 1991 | No 100 of 1991 | No 80 of 1992 | No 17 of 1996 | No 17 of 1999 | No 83 of 1999 | No 179 of 1999 | No 45 of 2000 | No 63 of 2005 | No 161 of 2005 | No 101 of 2006 | No 82 of 2007 | No 144 of 2008 | No 88 of 2009 | No 65 of 2010 | No 41 of 2011 | No 46 of 2011 | No 12 of 2012 | No 68 of 2014 | No 70 of 2015 | No 26 of 2018", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Amended by No 98 of 1976, effective s 3–6 and 9: 29 Sept 1976 (s 2) | Amended by No 90 of 1978, effective 22 June 1978 (s 2) | Amended by No 123 of 1978, effective 13 Oct 1978 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 106 of 1982, effective 30 Oct 1982 (s 2) | Repealed and substituted by No 51 of 1983, effective s 3: 1 Oct 1983 (s 2) | Amended by No 173 of 1985, item 20, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 58 of 1987, item 17, effective s 6–19: 5 June 1987 (s 2) | Amended by No 78 of 1988, item 66, effective s 8–13, 14(1), 16–36, 38, 55(1)–(14), 56, 57 and Sch: 24 June 1988 (s 2(1)) s 14(2): 1 July 1988 (s 2(2)) s 15: 22 Dec 1986 (s 2(3)) s 37, 39–53 and 55(15)–(25):1 Nov 1988 (s 2(4) and gaz 1988, No S331) | Amended by No 57 of 1990, Sch 2 item 58, effective s 6–58, 61–65, Sch 1 and 2: 16 June 1990 (s 2) | Amended by No 135 of 1990, item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 5 of 1991, item 47, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 100 of 1991, Sch 2 item 73, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 80 of 1992, item 52, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 17 of 1996, Sch 1 item 1 | Sch 1 item 2 | Sch 2 item 1 | Sch 2 item 2, effective Sch 1: 1 July 1996 (s 2(2)) Sch 2: 1 July 1997 (s 2(3)) | Amended by No 17 of 1999, Sch 2 item 34 | Sch 2 item 35, effective Sch 2 (items 1–13, 15–40): 19 Apr 1999 (s 2(1)) Sch 2 (item 14): 17 May 1999 (s 2(2)) | Amended by No 83 of 1999, Sch 10 item 23, effective Sch 10 (item 22): 10 Dec 1999 (s 2(6A)) Sch 10 (items 7–21, 23, 68): 1 July 2000 (s 2(2)) | Amended by No 179 of 1999, Sch 18 item 12 | Sch 18 item 13, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 45 of 2000, Sch 4 item 28, effective Sch 4 (items 11–28): 1 July 2000 (s 2(10), (11) Sch 4 (item 29): 3 May 2000 (s 2(1)) | Amended by No 63 of 2005, effective Sch 1 (items 1–4, 23), Sch 2 and Sch 5: 26 June 2005 (s 2(1) items 2, 4) | Amended by No 161 of 2005, Sch 2G item 23, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 101 of 2006, Sch 2 item 431, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 82 of 2007, Sch 9 item 3 | Sch 9 item 4, effective Sch 6 (item 38): 1 July 2007 (s 2(1) item 22) Sch 9: 1 July 2008 (s 2(1) item 26) | Amended by No 144 of 2008, Sch 14 item 33, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 88 of 2009, Sch 5 item 108, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 65 of 2010, Sch 2 item 98 | Sch 2 item 99, effective Sch 2 (items 98, 99): 1 July 2010 (s 2(1) item 2) | Amended by No 41 of 2011, Sch 5 item 328, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 46 of 2011, Sch 2 item 690, effective Sch 2 (items 688–692) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 5, 12) | Amended by No 12 of 2012, Sch 6 item 224, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 68 of 2014, Sch 1 item 1, effective Sch 1 (items 1, 6(1)) and Sch 2: 30 June 2014 (s 2(1) item 2) | Amended by No 70 of 2015, Sch 2 item 23, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20) | Amended by No 26 of 2018, Sch 5 item 29, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251R"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251S", "Provision_Key": "s251s", "Heading": "Medicare levy", "Text": "(1) Subject to this Part, a levy by the name of Medicare levy is levied, and shall be paid, at the rate applicable under the relevant Act imposing the levy for a financial year upon: (a) the taxable income of the year of income of a person, not being a company or a person in the capacity of a trustee, who, at any time during the year of income, was a resident of Australia; (b) if the trustee of a trust estate is required to be assessed in pursuance of section 98 in respect of a share of the net income of the trust estate of the year of income, being a share to which a beneficiary who, at any time during the year of income, was a resident of Australia is presently entitled—that share of that net income; and (c) if the trustee of a trust estate (other than a trust estate of a deceased person) is required to be assessed, and is liable to pay tax, in pursuance of section 99 or 99A in respect of the whole or a part of the net income of the trust estate of the year of income—that net income or that part of that net income, as the case may be; and (d) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276 ‑ 405(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection—that amount; and (e) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276 ‑ 415(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection—that amount; and (f) if the trustee of an AMIT is required to be assessed in pursuance of subsection 276 ‑ 420(2) of the Income Tax Assessment Act 1997 in respect of an amount mentioned in that subsection—that amount. Note 1: Subdivision 61 ‑ L (tax offset for Medicare levy surcharge (lump sum payments in arrears)) of the Income Tax Assessment Act 1997 might provide a tax offset for a person if Medicare levy surcharge (within the meaning of that Act) is payable by the person. Note 2: The tax offset for foreign income tax under Division 770 of the Income Tax Assessment Act 1997 can be applied against your liability to pay Medicare levy or Medicare levy (fringe benefits) surcharge: see item 22 of the table in subsection 63 ‑ 10(1) of that Act. (1A) If the taxpayer is entitled to a tax offset under subsection 301 ‑ 20(2) of the Income Tax Assessment Act 1997 for a year of income, paragraph (1)(a) of this section applies as if the taxable income of the taxpayer of the year of income were reduced by the amount mentioned in subsection 301 ‑ 20(3) of that Act for the person for the year. (2) Levy payable by a person in accordance with this Part is payable in addition to any tax payable by the person in accordance with any other provision of this Act.", "Amendment_Count": 16, "First_Amended": "No 53 of 1976", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 1976 | No 126 of 1977 | No 123 of 1978 | No 108 of 1981 | No 51 of 1983 | No 49 of 1985 | No 105 of 1989 | No 100 of 1991 | No 56 of 1997 | No 80 of 2006 | No 15 of 2007 | No 41 of 2011 | No 12 of 2012 | No 2 of 2015 | No 53 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Amended by No 126 of 1977, effective 10 Nov 1977 (s 2) | Amended by No 123 of 1978, effective 13 Oct 1978 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed and substituted by No 51 of 1983, effective s 3: 1 Oct 1983 (s 2) | Amended by No 49 of 1985, item 34, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 105 of 1989, item 42, effective s 4, 5(a)–(n), (p) and 6–66: 30 June 1989 (s 2(1)) s 5(o): 18 Dec 1987 (s 2(2)) | Amended by No 100 of 1991, Sch 2 item 74, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 56 of 1997, Sch 1 item 2, effective Sch 1 (items 1, 3–5) and Sch 2 (items 1–6, 10(1)): 1 July 1997 (s 2(2), (4)) Sch 1 (item 2): 1 July 1994 (s 2(3)) Sch 3: 30 Apr 1997 (s 2(1)) | Amended by No 80 of 2006, Sch 6 item 2, effective Sch 1 (items 1, 4), Sch 2, Sch 3 (items 1, 5), Sch 4 (items 3, 4, 14, 21, 22, 30), Sch 6 (item 2) and Sch 9: 30 June 2006 (s 2(1) items 2–4, 6, 7) Sch 4 (items 15–19): 30 June 2002 (s 2(1) item 5) | Amended by No 15 of 2007, Sch 1 item 122, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 41 of 2011, Sch 5 item 329, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 12 of 2012, Sch 6 item 225, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 2 of 2015, Sch 4 item 16, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2015, effective Sch 1 (items 1–8, 19): 1 July 2016 (s 2) | Amended by No 53 of 2016, Sch 6 item 17, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251S"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251T", "Provision_Key": "s251t", "Heading": "Medicare levy (other than Medicare levy surcharge) not payable by prescribed persons or by certain trustees", "Text": "Notwithstanding anything contained in section 251S, Medicare levy (other than an increase in the levy payable under section 8B, 8C, 8D, 8E, 8F or 8G of the Medicare Levy Act 1986 ) is not payable by: (a) a person (not being a person in the capacity of a trustee) who was a prescribed person during the whole of the year of income; or (c) a person in the capacity of a trustee of a trust, in respect of a share of the net income of the trust estate of the year of income (being a share to which a beneficiary who was a prescribed person during the whole of the year of income is presently entitled) in respect of which the trustee is required to be assessed in pursuance of section 98.", "Amendment_Count": 5, "First_Amended": "No 53 of 1976", "Last_Amended": "No 53 of 2015", "Amending_Acts": "No 53 of 1976 | No 51 of 1983 | No 56 of 1997 | No 12 of 2012 | No 53 of 2015", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Repealed and substituted by No 51 of 1983, effective s 3: 1 Oct 1983 (s 2) | Amended by No 56 of 1997, Sch 1 item 3, effective Sch 1 (items 1, 3–5) and Sch 2 (items 1–6, 10(1)): 1 July 1997 (s 2(2), (4)) Sch 1 (item 2): 1 July 1994 (s 2(3)) Sch 3: 30 Apr 1997 (s 2(1)) | Amended by No 12 of 2012, Sch 6 item 226, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 53 of 2015, Sch 1 item 6 | Sch 1 item 7, effective Sch 1 (items 1–8, 19): 1 July 2016 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251T"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251U", "Provision_Key": "s251u", "Heading": "Prescribed persons", "Text": "(1) Subject to this section, a person shall be taken to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during a particular period if: (a) the person was entitled to free medical treatment during the whole of that period in respect of every incapacity, disease or disabling condition because the person was a member of the Defence Force or was a relative of, or was otherwise associated with, a member of the Defence Force; or (b) the person was entitled under the Veterans’ Entitlements Act 1986 , the Military Rehabilitation and Compensation Act 2004 , the Australian Participants in British Nuclear Tests and British Commonwealth Occupation Force (Treatment) Act 2006 or the Treatment Benefits (Special Access) Act 2019 to free medical treatment during the whole of that period in respect of every incapacity, disease or disabling condition; or (ca) the person was, during the whole of that period, a recipient of: (i) an age pension under Part 2.2 of the Social Security Act 1991 ; or (ii) a disability support pension under Part 2.3 of the Social Security Act 1991 ; where the rate of the pension was calculated under section 1065 of the Social Security Act 1991 ; or (caa) the person was, during the whole of that period, a recipient of a disability support pension under Part 2.3 of the Social Security Act 1991 where the rate of the pension was calculated under section 1066B of the Social Security Act 1991 ; or (cb) the person was, during the whole of that period, a recipient of: (i) an age service pension under Division 3 of Part III of the Veterans’ Entitlements Act 1986 ; or (ii) an invalidity service pension under Division 4 of Part III of the Veterans’ Entitlements Act 1986 ; or (iii) a partner service pension under Division 5 of Part III of the Veterans’ Entitlements Act 1986 ; where the rate of the pension was calculated under Method statement 2 in subpoint SCH6 ‑ A1(3), or Method statement 4 in subpoint SCH6 ‑ A1(5), in Schedule 6 to the Veterans’ Entitlements Act 1986 ; or (cc) during the whole of that period: (i) the person was receiving income support supplement under Part IIIA of the Veterans’ Entitlements Act 1986 ; and (ii) the rate of the person’s income support supplement was worked out under Method statement 6 in subpoint SCH6 ‑ A1(7) in Schedule 6 to the Veterans’ Entitlements Act 1986 ; or (d) during the whole of that period the person was a non ‑ resident; or (e) during the whole of that period the person was: (i) the head of a diplomatic mission, or the head of a consular post, established in Australia; or (ii) a member of the staff of a diplomatic mission, or a member of the consular staff of a consular post, established in Australia; or (iii) a member of the family of a person referred to in subparagraph (i) or (ii), being a member who forms part of the household of that person; and was not an Australian citizen and was not ordinarily resident in Australia; or (f) the Health Minister has certified that, had any service, treatment or care to which Medicare benefits under the Health Insurance Act 1973 relate been rendered to the person or to another person during that period, the first ‑ mentioned person would not have been entitled to Medicare benefits in respect of that service, treatment or care. Note: Section 960 ‑ 255 of the Income Tax Assessment Act 1997 may be relevant to determining family relationships for the purposes of subparagraph (1)(e)(iii). (2) A person shall not be taken to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during a particular period unless every person who was a dependant of the first ‑ mentioned person during that period is to be taken, or but for this subsection would be taken, to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during that period. (3) Where: (a) a person would not, but for this subsection, be taken to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during a particular period; and (b) the person would, but for subsection (2), be taken to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during that period by virtue of paragraph (1)(a), (b), (ca), (caa) or (cb); the person shall be taken to have been a prescribed person, for the purposes of this Part and of any Act imposing Medicare levy, during one ‑ half of that period. (4) In this section: (a) expressions that are defined by the Vienna Convention on Diplomatic Relations referred to in the Diplomatic Privileges and Immunities Act 1967 have the same respective meanings as in that Convention; and (b) expressions that are defined by the Vienna Convention on Consular Relations referred to in the Consular Privileges and Immunities Act 1972 have the same respective meanings as in that Convention.", "Amendment_Count": 24, "First_Amended": "No 53 of 1976", "Last_Amended": "No 42 of 2019", "Amending_Acts": "No 53 of 1976 | No 90 of 1978 | No 123 of 1978 | No 108 of 1981 | No 51 of 1983 | No 49 of 1985 | No 173 of 1985 | No 49 of 1986 | No 100 of 1991 | No 216 of 1991 | No 80 of 1992 | No 146 of 1995 | No 17 of 1996 | No 39 of 2002 | No 52 of 2004 | No 97 of 2008 | No 144 of 2008 | No 88 of 2009 | No 12 of 2012 | No 2 of 2015 | No 53 of 2015 | No 59 of 2017 | No 26 of 2018 | No 42 of 2019", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Amended by No 90 of 1978, effective 22 June 1978 (s 2) | Amended by No 123 of 1978, effective 13 Oct 1978 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed and substituted by No 51 of 1983, item 3, effective s 3: 1 Oct 1983 (s 2) | Amended by No 49 of 1985, item 35, effective s 4–36, 38, 39 and Sch: 30 May 1985 (s 2) | Amended by No 173 of 1985, item 21, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 49 of 1986, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 100 of 1991, Sch 2 item 75, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 216 of 1991, Sch 4 item 82 | Sch 4 item 1991, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 80 of 1992, item 53, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 146 of 1995, Sch 12 item 9 | Sch 12 item 12, effective Sch 12 (item 1): 1 Jan 1997 (s 2(13)) Sch 12 (items 2–13): 1 Jan 1996 (s 2(6)) | Amended by No 17 of 1996, Sch 1 item 3 | Sch 1 item 4 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5, effective Sch 1: 1 July 1996 (s 2(2)) Sch 2: 1 July 1997 (s 2(3)) | Amended by No 39 of 2002, Sch 2 item 1, effective s 4 and Sch 2 (items 1–3): 26 June 2002 (s 2) | Amended by No 52 of 2004, effective Sch 4 (items 1–9, 14(1), 15): 1 July 2004 (s 2(1) item 7) | Amended by No 97 of 2008, Sch 3 item 37, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 144 of 2008, Sch 14 item 34, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 88 of 2009, Sch 5 item 111, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 12 of 2012, Sch 6 item 230, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26) | Amended by No 2 of 2015, Sch 4 item 19, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2015, Sch 1 item 8, effective Sch 1 (items 1–8, 19): 1 July 2016 (s 2) | Amended by No 59 of 2017, Sch 1 item 25, effective Sch 1 (item 25): 1 July 2017 (s 2(1) item 4) | Amended by No 26 of 2018, Sch 5 item 30 | Sch 5 item 31 | Sch 5 item 140, effective Sch 1 (items 12, 13, 342–354), Sch 2 (items 1, 2, 82–93) and Sch 3 (items 3, 4, 98–111): 20 Mar 2020 (s 2(1) items 2, 4, 5) Sch 5 (items 26–31, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 5, 63–72) and Sch 7 (items 1, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 42 of 2019, Sch 2 item 8, effective Sch 1 and Sch 2 (item 8): 6 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251U"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251V", "Provision_Key": "s251v", "Heading": "Subsections 251R(4), (5), (6B), (6C) and (6D) not to apply to Medicare levy surcharge", "Text": "(1) This section applies to a person during a period if, apart from this section, another person would be taken under subsection 251R(4), (5), (6B), (6C) or (6D) not to have been a dependant of the first ‑ mentioned person during the period. (2) For the purposes of working out the amount of the increase in the Medicare levy (if any) payable by: (a) the first ‑ mentioned person under section 8B, 8C or 8D of the Medicare Levy Act 1986 ; or (b) a trustee under section 8E, 8F or 8G of that Act in relation to a share of the net income of the trust estate to which the first ‑ mentioned person is presently entitled; subsection 251R(4), (5), (6B), (6C) or (6D), as the case requires, does not apply to the other person.", "Amendment_Count": 2, "First_Amended": "No 56 of 1997", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 56 of 1997 | No 12 of 2012", "History_Notes": "Inserted by No 56 of 1997, Sch 1 item 251V, effective Sch 1 (items 1, 3–5) and Sch 2 (items 1–6, 10(1)): 1 July 1997 (s 2(2), (4)) Sch 1 (item 2): 1 July 1994 (s 2(3)) Sch 3: 30 Apr 1997 (s 2(1)) | Amended by No 12 of 2012, Sch 6 item 228 | Sch 6 item 229, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251V"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251VA", "Provision_Key": "s251va", "Heading": "Subsection 251U(3) not to apply for Medicare levy surcharge", "Text": "(1) This section applies to a person, whether or not the person is a person to whom section 251V applies, during a period if, apart from this section, the person would be taken under subsection 251U(3) to be a prescribed person during one ‑ half of the period. (2) For the purposes of working out the amount of the increase in the Medicare levy (if any) payable by: (a) the person under section 8B, 8C or 8D of the Medicare Levy Act 1986 ; or (b) a trustee under section 8E, 8F or 8G of that Act in relation to a share of the net income of the trust estate to which the person is presently entitled; the person is taken not to be a prescribed person during the whole of the period.", "Amendment_Count": 2, "First_Amended": "No 56 of 1997", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 56 of 1997 | No 12 of 2012", "History_Notes": "Inserted by No 56 of 1997, effective Sch 1 (items 1, 3–5) and Sch 2 (items 1–6, 10(1)): 1 July 1997 (s 2(2), (4)) Sch 1 (item 2): 1 July 1994 (s 2(3)) Sch 3: 30 Apr 1997 (s 2(1)) | Amended by No 12 of 2012, Sch 6 item 230 | Sch 6 item 231, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251VA"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251W", "Provision_Key": "s251w", "Heading": "Regulations", "Text": "(1) The regulations may make provision for and in relation to requiring any person to supply to the Commissioner for the purposes of this Part or of any Act imposing Medicare levy or Medicare levy (fringe benefits) surcharge such information as is prescribed, being information that is in the possession of the person or to which the person has access. (2) In subsection (1), person includes any authority or officer of the Commonwealth or of a State.", "Amendment_Count": 6, "First_Amended": "No 53 of 1976", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 53 of 1976 | No 98 of 1976 | No 108 of 1981 | No 51 of 1983 | No 17 of 1999 | No 12 of 2012", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Repealed and substituted by No 98 of 1976, effective s 3–6 and 9: 29 Sept 1976 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Repealed and substituted by No 51 of 1983, effective s 3: 1 Oct 1983 (s 2) | Amended by No 17 of 1999, Sch 2 item 36 | Sch 2 item 40, effective Sch 2 (items 1–13, 15–40): 19 Apr 1999 (s 2(1)) Sch 2 (item 14): 17 May 1999 (s 2(2)) | Amended by No 12 of 2012, Sch 6 item 232, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251W"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251X", "Provision_Key": "s251x", "Heading": "Notice of assessment to set out Medicare levy and surcharge", "Text": "The notice of assessment to be served under section 174 on a taxpayer who must pay Medicare levy or Medicare levy (fringe benefits) surcharge for a year of income must specify the total of levy and surcharge (if any) payable by the taxpayer for the year of income.", "Amendment_Count": 5, "First_Amended": "No 53 of 1976", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 53 of 1976 | No 98 of 1976 | No 51 of 1983 | No 17 of 1999 | No 12 of 2012", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Repealed and substituted by No 98 of 1976, effective s 3–6 and 9: 29 Sept 1976 (s 2) | Repealed and substituted by No 51 of 1983, effective s 3: 1 Oct 1983 (s 2) | Repealed and substituted by No 17 of 1999, Sch 2 item 37, effective Sch 2 (items 1–13, 15–40): 19 Apr 1999 (s 2(1)) Sch 2 (item 14): 17 May 1999 (s 2(2)) | Amended by No 12 of 2012, Sch 6 item 233, effective s 4 and Sch 6 (items 1, 2, 188, 189, 219–234, 248, 252–255): 21 Mar 2012 (s 2(1) items 1, 6, 31) Sch 6 (items 30, 31): 15 Mar 2007 (s 2(1) item 12) Sch 6 (items 153–156): 22 Mar 2012 (s 2(1) item 26)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251X"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 251Z", "Provision_Key": "s251z", "Heading": "Administration of Medicare levy (fringe benefits) surcharge Act", "Text": "The Commissioner has the general administration of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 .", "Amendment_Count": 3, "First_Amended": "No 53 of 1976", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 53 of 1976 | No 98 of 1976 | No 17 of 1999", "History_Notes": "Inserted by No 53 of 1976, effective s 3–7: 4 June 1976 (s 2) | Repealed by No 98 of 1976, effective s 3–6 and 9: 29 Sept 1976 (s 2) | Inserted by No 17 of 1999, effective Sch 2 (items 1–13, 15–40): 19 Apr 1999 (s 2(1)) Sch 2 (item 14): 17 May 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s251Z"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 252", "Provision_Key": "s252", "Heading": "Public officer of company", "Text": "(1) Every company carrying on business in Australia, or deriving in Australia income from property, shall at all times, unless exempted by the Commissioner, be represented for the purposes of this Act by a public officer duly appointed by the company or by its duly authorized agent or attorney, and with respect to every such company and public officer the following provisions shall apply: (a) The company, if it has not appointed a public officer before the commencement of this Act, shall appoint a public officer within three months after the commencement of this Act or after the company commences to carry on business or derive income in Australia. (b) The company shall keep the office of the public officer constantly filled. (c) No appointment of a public officer shall be deemed to be duly made until after notice thereof in writing, specifying the name of the officer and an address for service upon the officer has been given to the Commissioner. (d) The company shall duly appoint a public officer when and as often as such an appointment becomes necessary. (e) Service of any document at the address for service, or on the public officer of the company, shall be sufficient service upon the company for all the purposes of this Act or the regulations, and if at any time there is no public officer then service upon any person acting or appearing to act in the business of the company shall be sufficient. Note: See section 253 for alternative ways to give a notice to, or serve a process on, a company (through its officers, attorneys or agents). (f) The public officer shall be answerable for the doing of all such things as are required to be done by the company under this Act or the regulations, and in case of default shall be liable to the same penalties. (g) Everything done by the public officer which the officer is required to do in the officer’s representative capacity shall be deemed to have been done by the company. The absence or non ‑ appointment of a public officer shall not excuse the company from the necessity of complying with any of the provisions of this Act or the regulations, or from any penalty for refusal or failure to comply therewith, but the company shall be liable to the provisions of this Act as if there were no requirement to appoint a public officer. (h) Any notice given to or requisition made upon the public officer shall be deemed to be given to or made upon the company. (i) Any proceedings under this Act taken against the public officer shall be deemed to have been taken against the company, and the company shall be liable jointly with the public officer for any penalty imposed upon the officer. (2) A person is not capable of being a public officer of a company at a particular time unless the person: (a) is a natural person who has attained the age of 18 years; and (b) is ordinarily resident in Australia; and (c) is capable of understanding the nature of the person’s appointment as the public officer of the company. (3) A company that contravenes paragraph (1)(d) commits, in respect of each day on which it contravenes that paragraph (including the day of a conviction of an offence against this subsection or any subsequent day), an offence punishable on conviction by a fine not exceeding 1 penalty unit. (4) An offence under subsection (3) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (5) A reference in subsection (1) (other than in paragraph (a)) to this Act or the regulations includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act or the regulations.", "Amendment_Count": 10, "First_Amended": "No 143 of 1965", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 143 of 1965 | No 108 of 1981 | No 123 of 1984 | No 146 of 2001 | No 4 of 2007 | No 143 of 2007 | No 41 of 2011 | No 180 of 2012 | No 2 of 2015 | No 4 of 2016", "History_Notes": "Amended by No 143 of 1965, item 6, effective 14 Feb 1966 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, Sch 16 item 156 | Sch 16 item 165, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 146 of 2001, Sch 4 item 79, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2007, Sch 2 item 7 | Sch 2 item 9 | Sch 2 item 10, effective Sch 2 (items 1–10): 19 Feb 2007 (s 2(1) item 4) | Amended by No 143 of 2007, Sch 7 item 10, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 41 of 2011, Sch 5 item 330 | Sch 5 item 331 | Sch 5 item 332, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 180 of 2012, Sch 6 item 17 | Sch 6 item 18 | Sch 6 item 253, effective Sch 6 (items 17–19) and Sch 7: 11 Dec 2012 (s 2) | Amended by No 2 of 2015, Sch 4 item 20 | Sch 4 item 21, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4) | Amended by No 4 of 2016, Sch 4 item 398 | Sch 4 item 399, effective Sch 4 (items 1, 188, 397–399): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s252"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 252A", "Provision_Key": "s252a", "Heading": "Public officer of trust estate", "Text": "(1) Where, at any time after the expiration of the period of 90 days after the commencement of this section: (a) any business of a trust estate is carried on in Australia or any income from property (not being solely income in respect of which tax is payable under Division 11A of Part III) is derived by a trust estate from sources in Australia; (b) there is not a trustee of the trust estate who is a resident; (c) there is not in force in relation to the trust estate an exemption granted by the Commissioner under subsection (3); and (d) there is not in force in relation to the trust estate an appointment of a public officer made in accordance with subsection (5); each person who, at that time, is a trustee of the trust estate is, in respect of each day on which the circumstances set out in paragraphs (a), (b), (c) and (d) are in existence (including the day of a conviction of an offence against this subsection or any subsequent day), guilty of an offence punishable on conviction by a fine not exceeding 1 penalty unit. (1A) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (2) A reference in subsection (1) to the period of 90 days after the commencement of this section shall, in the application of that subsection in relation to a trust estate that, before the commencement of this section, did not carry on any business in Australia or derive income from property (not being solely income in respect of which tax is payable under Division 11A of Part III) from sources in Australia, be read as a reference to the period of 90 days after the date on which any business of the trust estate is commenced to be carried on in Australia, or the date on which the trust estate commences to derive such income from sources in Australia, whichever first occurs. (2A) A person is not capable of being a public officer of a trust estate at a particular time unless the person: (a) is a natural person who has attained the age of 18 years; and (b) is ordinarily resident in Australia; and (c) is capable of understanding the nature of the person’s appointment as the public officer of the trust estate. (3) The Commissioner may, by writing signed by him or her, grant to the trustee of a trust estate an exemption from the provisions of subsection (1) in relation to the trust estate. (4) An exemption under subsection (3) may be granted unconditionally or on such conditions as the Commissioner thinks fit and may be granted without limitation as to time or may be granted in respect of a period specified in the exemption. (5) An appointment of a public officer of a trust estate for the purposes of this section shall be made by giving notice in writing to the Commissioner: (a) that is signed by a trustee of the trust estate or by a duly authorized agent or attorney of a trustee of a trust estate; and (b) that specifies the name of the public officer and an address in Australia for service upon the public officer of any documents that are required or permitted by or under this Act or the regulations to be served upon the public officer of the trust estate. (6) The appointment of a public officer of a trust estate ceases to be in force if the public officer dies or lodges with the Commissioner a notice of the officer’s resignation as public officer of the trust estate. (7) Where, by or under this Act or the regulations: (a) a document is permitted to be served upon or given to the trustee of a trust estate; or (b) a requisition is permitted or required to be made upon the trustee of a trust estate; that document shall be deemed to have been served upon or given to the trustee if it is served upon the public officer of the trust estate or at the address for service of the public officer of the trust estate, or that requisition shall be deemed to have been made upon the trustee if it is made upon the public officer of the trust estate, as the case may be. (8) A reference in subsection (7) to the service of a document upon the public officer of a trust estate, or the making of a requisition upon the public officer of a trust estate, shall, if there is not in force an appointment under this section of a public officer in relation to the trust estate, be read as a reference to any person acting or appearing to act in the business of the trust estate. (9) The public officer of a trust estate shall be answerable for the doing of all such things as are required to be done by the trustee of the trust estate under this Act or the regulations, and in case of default shall be liable to the same penalties. (10) Where any proceedings for an offence against this Act or the regulations are taken against the public officer, those proceedings shall be deemed to have also been taken against the trustee or trustees of the trust estate and the trustee or trustees shall be liable jointly with the public officer for any penalty in respect of the offence. (11) Notwithstanding the preceding provisions of this section and without affecting any of the obligations or liabilities of the public officer of a trust estate, any notice, process or proceeding that, under this Act or the regulations, may be given to, served upon or taken against the trustee or public officer of the trust estate may, if the Commissioner thinks fit, be given to, served upon or taken against any agent or attorney of the trustee of the trust estate and that agent or attorney shall have the same liability in respect of that notice, process or proceeding as the trustee or public officer would have had if it had been given to, served upon or taken against the trustee or public officer. (12) Everything done by the public officer of a trust estate that the officer is required to do in the officer’s capacity of public officer shall be deemed to have been done by the trustee of the trust estate. (13) The absence or non ‑ appointment of a public officer shall not excuse the trustee of a trust estate from the necessity of complying with any of the provisions of this Act or the regulations, or from any penalty for refusal or failure to comply with any of those provisions, but the trustee shall be liable to the provisions of this Act and the regulations as if there were no requirement to appoint a public officer. (14) A reference in this section to this Act or the regulations includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act or the regulations.", "Amendment_Count": 6, "First_Amended": "No 12 of 1979", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 12 of 1979 | No 123 of 1984 | No 146 of 2001 | No 143 of 2007 | No 41 of 2011 | No 2 of 2015", "History_Notes": "Inserted by No 12 of 1979, effective 13 Mar 1979 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 146 of 2001, Sch 4 item 80, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, Sch 7 item 1, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 41 of 2011, Sch 5 item 333 | Sch 5 item 334 | Sch 5 item 335, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 2 of 2015, Sch 4 item 22 | Sch 4 item 23, effective Sch 2 (items 73, 100–110) and Sch 4 (items 9–23, 79): 25 Feb 2015 (s 2(1) items 5, 6) Sch 2 (items 24–28): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s252A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 253", "Provision_Key": "s253", "Heading": "Notifying and serving companies", "Text": "For the purposes of this Act, or a regulation under this Act, if the Commissioner thinks fit, a notice or process may be given to, or served on, a company by giving the notice to, or serving the process on: (a) a director, the secretary or another officer of the company; or (b) an attorney or agent of the company. Note: See paragraph 252(1)(e) for alternative ways to serve documents on a company (through its public officer or someone else acting or appearing to act for the company).", "Amendment_Count": 2, "First_Amended": "No 88 of 1936", "Last_Amended": "No 180 of 2012", "Amending_Acts": "No 88 of 1936 | No 180 of 2012", "History_Notes": "Repealed by No 88 of 1936, effective 7 Dec 1936 | Inserted by No 180 of 2012, Sch 6 item 17, effective Sch 6 (items 17–19) and Sch 7: 11 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s253"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 254", "Provision_Key": "s254", "Heading": "Agents and trustees", "Text": "(1) With respect to every agent and with respect also to every trustee, the following provisions shall apply: (a) He or she shall be answerable as taxpayer for the doing of all such things as are required to be done by virtue of this Act in respect of the income, or any profits or gains of a capital nature, derived by him or her in his or her representative capacity, or derived by the principal by virtue of his or her agency, and for the payment of tax thereon. (b) He or she shall in respect of that income, or those profits or gains, make the returns and be assessed thereon, but in his or her representative capacity only, and each return and assessment shall, except as otherwise provided by this Act, be separate and distinct from any other. (c) If he or she is a trustee of the estate of a deceased person, the returns shall be the same as far as practicable as the deceased person, if living, would have been liable to make. (d) He or she is hereby authorized and required to retain from time to time out of any money which comes to him or her in his or her representative capacity so much as is sufficient to pay tax which is or will become due in respect of the income, profits or gains. (e) He or she is hereby made personally liable for the tax payable in respect of the income, profits or gains to the extent of any amount that he or she has retained, or should have retained, under paragraph (d); but he or she shall not be otherwise personally liable for the tax. (f) He or she is hereby indemnified for all payments which he or she makes in pursuance of this Act or of any requirement of the Commissioner. (g) Where as one of 2 or more joint agents or trustees he or she pays any amount for which they are jointly liable, each other one is liable to pay him or her an equal share of the amount so paid. (h) For the purpose of insuring the payment of tax the Commissioner shall have the same remedies against attachable property of any kind vested in or under the control or management or in the possession of any agent or trustee, as the Commissioner would have against the property of any other taxpayer in respect of tax. (2) Subsection (1) applies to the following in the same way as it applies to tax: (a) the general interest charge under: (i) former section 163AA, former section 170AA, former subsection 204(3), former subsection 221AZMAA(1), former subsection 221AZP(1), former subsection 221YD(3) or former section 221YDB of this Act; (ii) section 5 ‑ 15 of the Income Tax Assessment Act 1997 ; (b) additional tax under former Part VII of this Act; (c) shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 and shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act. Note 2: Subsection 8AAB(4) of that Act lists the provisions that apply the general interest charge. (3) In paragraphs (1)(d) and (e), and in its first occurrence in paragraph (1)(h), tax includes, in addition to the things mentioned in subsection (2): (a) trustee beneficiary non ‑ disclosure tax within the meaning of Division 6D of Part III; and (b) general interest charge payable under section 102UP in respect of such tax.", "Amendment_Count": 14, "First_Amended": "No 87 of 1978", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 87 of 1978 | No 108 of 1981 | No 123 of 1984 | No 52 of 1986 | No 101 of 1992 | No 11 of 1999 | No 178 of 1999 | No 43 of 2000 | No 75 of 2005 | No 101 of 2006 | No 143 of 2007 | No 79 of 2010 | No 41 of 2011 | No 8 of 2019", "History_Notes": "Amended by No 87 of 1978, item 66, effective s 17–71: 22 June 1978 (s 2) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, Sch 16 item 158, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 52 of 1986, item 33, effective 24 June 1986 (s 2) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 11 of 1999, item 265 | item 266, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 178 of 1999, Sch 1 item 56, effective s 4, Sch 1 (items 9–49A), Sch 2 (items 23–32, 35, 40–62, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 43 of 2000, Sch 3 item 7 | Sch 3 item 8, effective s 4, Sch 2 and 3: 3 May 2000 (s 2) | Amended by No 75 of 2005, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14, effective Sch 1 (items 2–17, 31): 29 June 2005 (s 2) | Amended by No 101 of 2006, Sch 2 item 432 | Sch 2 item 1035, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 4 item 36 | Sch 4 item 46, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 79 of 2010, Sch 1 item 25, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 336 | Sch 5 item 337 | Sch 5 item 338 | Sch 5 item 339 | Sch 5 item 340 | Sch 5 item 341 | Sch 5 item 342 | Sch 5 item 343 | Sch 5 item 344 | Sch 5 item 345 | Sch 5 item 346 | Sch 5 item 348 | Sch 5 item 349, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 8 of 2019, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s254"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 255", "Provision_Key": "s255", "Heading": "Person in receipt or control of money from non ‑ resident", "Text": "(1) With respect to every person having the receipt control or disposal of money belonging to a non ‑ resident, who derives income, or profits or gains of a capital nature, from a source in Australia or who is a shareholder, debenture holder, or depositor in a company deriving income, or profits or gains of a capital nature, from a source in Australia, the following provisions shall, subject to this Act, apply: (a) the person shall when required by the Commissioner pay the tax due and payable by the non ‑ resident; (b) the person is hereby authorized and required to retain from time to time out of any money which comes to the person on behalf of the non ‑ resident so much as is sufficient to pay the tax which is or will become due by the non ‑ resident; (c) the person is hereby made personally liable for the tax payable by the person on behalf of the non ‑ resident to the extent of any amount that the person has retained, or should have retained, under paragraph (b); but the person shall not be otherwise personally liable for the tax; (d) the person is hereby indemnified for all payments which the person makes in pursuance of this Act or of any requirement of the Commissioner. (2) Every person who is liable to pay money to a non ‑ resident shall be deemed to be a person having the control of money belonging to the non ‑ resident, and, subject to subsection (2A), all money due by the person to the non ‑ resident shall be deemed to be money which comes to the person on behalf of the non ‑ resident. (2A) For the purposes of this section, money due by a person to a non ‑ resident from which an amount must be withheld under section 12 ‑ 325 in Schedule 1 to the Taxation Administration Act 1953 (about natural resource payments) or Subdivision 12 ‑ H in that Schedule (about distributions to foreign residents from withholding MITs) shall be deemed not to be money which comes to the person on behalf of the non ‑ resident. (2B) For the purposes of subsection (2A), if an entity must pay an amount to the Commissioner under Subdivision 12A ‑ C in Schedule 1 to the Taxation Administration Act 1953 in respect of money due by the entity to a non ‑ resident, treat that amount as being an amount that must be withheld from the money under Subdivision 12 ‑ H in that Schedule. (3) Where the Commonwealth, a State or an authority of the Commonwealth or a State has the receipt, control or disposal of money belonging to a non ‑ resident, this section (other than paragraph (1)(c)) applies to and in relation to the Commonwealth, the State or the authority, as the case may be, in the same manner as it applies to and in relation to any other person. (4) This section applies to the following in the same way as it applies to tax: (a) the general interest charge under: (i) former section 163AA, former section 170AA, former subsection 204(3), former subsection 221AZMAA(1), former subsection 221AZP(1), former subsection 221YD(3) or former section 221YDB of this Act; (ii) section 5 ‑ 15 of the Income Tax Assessment Act 1997 ; (b) additional tax under former Part VII of this Act; (c) shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 and shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act. Note 2: Subsection 8AAB(4) of that Act lists the provisions that apply the general interest charge. (5) This section applies to an equity holder in the same way as it applies to a shareholder.", "Amendment_Count": 20, "First_Amended": "No 50 of 1942", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 50 of 1942 | No 4 of 1968 | No 108 of 1981 | No 123 of 1984 | No 52 of 1986 | No 154 of 1986 | No 141 of 1987 | No 101 of 1992 | No 224 of 1992 | No 11 of 1999 | No 178 of 1999 | No 179 of 1999 | No 163 of 2001 | No 75 of 2005 | No 101 of 2006 | No 79 of 2007 | No 79 of 2010 | No 41 of 2011 | No 53 of 2016 | No 8 of 2019", "History_Notes": "Amended by No 50 of 1942, effective s 26: 28 July 1942 (s 26(2)) Remainder: 6 Oct 1942 (s 2) | Amended by No 4 of 1968, item 12, effective 8 May 1968 (s 2(1)) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, Sch 16 item 159, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 52 of 1986, item 34, effective 24 June 1986 (s 2) | Amended by No 154 of 1986, item 47 | item 1985, effective s 23–25, 26(a), 27, 29–39, 41–48, 49(1), (2), (4)–(6), (8)–(11) and 50: 18 Dec 1986 (s 2(1)) s 26(b), (c), 28, 40, 49(3) and (7): 1 Jan 1987 (s 2(4) and gaz 1986, No S650) | Amended by No 141 of 1987, effective s 5(1): 18 Dec 1987 (s 2(1)) Sch 1: 25 June 1986 (s 2(19)) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 224 of 1992, item 60 | item 78, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 11 of 1999, item 267 | item 268, effective Sch 1 (items 12–276, 398–404): 1 July 1999 (s 2(3), (4)) Sch 2: 9 Apr 1999 (s 2(2)) Sch 3 (items 1, 2): 31 Mar 1999 (s 2(1)) | Amended by No 178 of 1999, Sch 1 item 57, effective s 4, Sch 1 (items 9–49A), Sch 2 (items 23–32, 35, 40–62, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, Sch 18 item 255 | Sch 18 item 2 | Sch 18 item 76 | Sch 18 item 34, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 163 of 2001, Sch 1 item 109, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2) | Amended by No 75 of 2005, Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17, effective Sch 1 (items 2–17, 31): 29 June 2005 (s 2) | Amended by No 101 of 2006, Sch 2 item 433 | Sch 2 item 434 | Sch 2 item 14 | Sch 2 item 1003 | Sch 2 item 1036, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 10 item 9, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 79 of 2010, Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 255 | Sch 1 item 269 | Sch 1 item 26 | Sch 1 item 47 | Sch 1 item 48 | Sch 1 item 57 | Sch 1 item 62, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3) | Amended by No 41 of 2011, Sch 5 item 351 | Sch 5 item 352 | Sch 5 item 353 | Sch 5 item 354 | Sch 5 item 355 | Sch 5 item 356, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23) | Amended by No 53 of 2016, Sch 6 item 18 | Sch 6 item 19, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) | Amended by No 8 of 2019, Sch 5 item 255 | Sch 5 item 15, effective Sch 6 (items 1, 2): 1 July 2018 (s 2(1) item 6) Sch 7 (item 1) and Sch 8 (items 12, 27–34): 1 Apr 2019 (s 2(1) items 7, 11)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s255"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 257", "Provision_Key": "s257", "Heading": "Payment of tax by banker", "Text": "Where any income of any person out of Australia is paid, or any proceeds of the disposal of an asset of any person out of Australia are paid, into the account of that person with a banker, the Commissioner may, by notice in writing to the banker, appoint the banker to be the person’s agent in respect of the money so paid so long as the banker is indebted in respect thereof, and thereupon the banker shall accordingly be that person’s agent.", "Amendment_Count": 2, "First_Amended": "No 52 of 1986", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 52 of 1986 | No 41 of 2011", "History_Notes": "Amended by No 52 of 1986, item 35, effective 24 June 1986 (s 2) | Amended by No 41 of 2011, Sch 5 item 357, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s257"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 260", "Provision_Key": "s260", "Heading": "Contracts to evade tax void", "Text": "(1) Every contract, agreement, or arrangement made or entered into, orally or in writing, whether before or after the commencement of this Act, shall so far as it has or purports to have the purpose or effect of in any way, directly or indirectly: (a) altering the incidence of any income tax; (b) relieving any person from liability to pay any income tax or make any return; (c) defeating, evading, or avoiding any duty or liability imposed on any person by this Act; or (d) preventing the operation of this Act in any respect; be absolutely void, as against the Commissioner, or in regard to any proceeding under this Act, but without prejudice to such validity as it may have in any other respect or for any other purpose. (2) This section does not apply to any contract, agreement or arrangement made or entered into after 27 May 1981.", "Amendment_Count": 1, "First_Amended": "No 110 of 1981", "Last_Amended": "No 110 of 1981", "Amending_Acts": "No 110 of 1981", "History_Notes": "Amended by No 110 of 1981, item 10, effective s 4–11: 24 June 1981 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s260"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 262", "Provision_Key": "s262", "Heading": "Periodical payments in the nature of income", "Text": "Where under any contract agreement or arrangement made or entered into orally or in writing, either before or after the commencement of this Act, a person assigns, conveys, transfers or disposes of any property on terms and conditions which include the payment for the assignment, conveyance, transfer or disposal of the property by periodical payments which, in the opinion of the Commissioner, are either wholly or in part really in the nature of income of that person such of those payments as are derived in the year of income shall, to the extent to which they are in that opinion in the nature of income, be included in the person’s assessable income.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Amended by No 41 of 2011, Sch 5 item 358, effective Sch 5 (items 15–17): 28 June 2011 (s 2(1) item 11) Sch 5 (items 57–73, 79, 176–367, 376–382, 412, 413): 27 June 2011 (s 2(1) items 17, 23)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s262"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 262A", "Provision_Key": "s262a", "Heading": "Keeping of records", "Text": "(1) Subject to this section, a person carrying on a business must keep records that record and explain all transactions and other acts engaged in by the person that are relevant for any purpose of this Act. Note: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . (1A) Without limiting subsection (1), if the person is an OBU (within the meaning of Division 9A of Part III), the person must, subject to this section, maintain the same accounting records in respect of, and separately account for, money used in its OB activities (within the meaning of that Division) as it would if it were a bank conducting banking activities with another person. (1AA) Subsection (1A) does not require an OBU to maintain a separate nostro account or vostro account for its OBU activities. Nostro accounts and vostro accounts are accounts held or maintained by the OBU for the sole purpose of settling international transactions. Note: A defendant bears an evidential burden in relation to the matters in subsection (1AA), see subsection 13.3(3) of the Criminal Code . (1B) Without limiting subsection (1), a foreign bank must maintain accounting records in respect of, and separately account for, money used in the activities of a permanent establishment in Australia through which the bank carries on banking business. (1BA) Without limiting subsection (1), a foreign entity (as defined in the Income Tax Assessment Act 1997 ) that is a financial entity (as defined in that Act) must maintain accounting records in respect of, and separately account for, money used in the activities of a permanent establishment in Australia of the entity. (1C) Without limiting subsection (1), if a trust is taken to be 2 separate trusts under section 50 ‑ 80 of the Income Tax Assessment Act 1997 , the trustee must maintain accounting records in respect of, and separately account for, those 2 trusts. (1D) A taxpayer who is a full self ‑ assessment taxpayer must: (a) keep a record containing particulars of the basis of the calculation of the amounts that the taxpayer specified under section 161AA in a return for a year of income; and (b) produce to the Commissioner, when and as required by the Commissioner under this Act, a document containing those particulars. (2) The records to be kept under subsection (1) include: (a) any documents that are relevant for the purpose of ascertaining the person’s income and expenditure; and (b) documents containing particulars of any election, choice, estimate, determination or calculation made by the person under this Act and, in the case of an estimate, determination or calculation, particulars showing the basis on which and method by which the estimate, determination or calculation was made. (2AAA) Subsection (1) applies to a participant in a forestry managed investment scheme in relation to the scheme even if the participant is not carrying on a business in relation to the scheme. (2AAB) Subsection (2AAC) applies to the forestry manager of a forestry managed investment scheme if: (a) the forestry manager (or an associate of the forestry manager) receives an amount under the scheme; and (b) the amount is included in the forestry manager’s (or the associate’s) assessable income under section 15 ‑ 46 of the Income Tax Assessment Act 1997 . (2AAC) The records to be kept under subsection (1) by the forestry manager include records about the basis on which the scheme satisfies the requirement in paragraph 394 ‑ 10(1)(c) of the Income Tax Assessment Act 1997 (the 70% DFE rule). (2AAD) Subsection (1) applies to a person who has a Division 230 financial arrangement even if the person is not carrying on a business in relation to the arrangement. However, that subsection only requires the person to keep records that, for the purposes of this Act, are relevant to the arrangement. (2AAE) To avoid doubt, for the purposes of subsection (4), if the records mentioned in that subsection relate to a Division 230 financial arrangement that a person has, the transactions or acts mentioned in that subsection are taken to be completed at: (a) the end of the year of income in which the person ceases to have the arrangement; or (b) if: (i) the person applies the hedging financial arrangement method in Subdivision 230 ‑ E of the Income Tax Assessment Act 1997 to determine the amount of one or more gains or losses the person makes from the arrangement; and (ii) determining the way in which those gains or losses are dealt with in accordance with subsection 230 ‑ 310(4) of that Act is possible only at a time after the end of the income year mentioned in paragraph (a); the end of the year of income in which that time occurs. (2AA) The records to be kept under subsection (1) include records required to be kept for the purposes of section 820 ‑ 960, 820 ‑ 980 or 820 ‑ 985 of the Income Tax Assessment Act 1997 . (2A) If an entity is required to withhold an amount under Division 12 in Schedule 1 to the Taxation Administration Act 1953 , or to pay an amount to the Commissioner under Division 13 or 14 of that Schedule, the entity must keep records that record and explain all transactions and other acts engaged in by the entity that are relevant for the purposes of that Schedule. (3) A person who is required by this section to keep records must: (a) keep the records in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) keep the records so as to enable the person’s liability under this Act to be readily ascertained; and (c) for records required to be kept under section 820 ‑ 960 of the Income Tax Assessment Act 1997 —comply with the applicable provisions of that section; and (ca) for records required to be kept under section 230 ‑ 355 of the Income Tax Assessment Act 1997 —comply with the applicable provisions of that section; and (d) for records required to be kept under section 820 ‑ 980 of that Act—comply with subsections (2) and (3) of that section; and (e) for records required to be kept under section 820 ‑ 985 of that Act—comply with subsections (2) and (3) of that section. (4) A person who has possession of any records kept or obtained under or for the purposes of this Act must retain those records until: (a) in a case to which paragraph (b) does not apply—the end of 5 years after those records were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is the later; or (b) if the period (in this paragraph called the assessment period ) within which the Commissioner may, under section 170, amend an assessment in respect of the person’s income of the year of income to which those records relate, or in which a transaction or act to which those records relate was completed, is extended under subsection 170(7): (i) the end of the period of 5 years referred to in paragraph (a); or (ii) the end of the assessment period as so extended; whichever is the later. (4AAA) Subsection (4) does not apply to any record required to be kept by a provision in Schedule 1 to the Taxation Administration Act 1953 . Note: A defendant bears an evidential burden in relation to the matters in subsection (4AAA), see subsection 13.3(3) of the Criminal Code . (4A) A person who makes an election under subsection 371(8) must retain the election until the end of 5 years after the election was made. (4AA) A person who is a party to a joint election for roll ‑ over relief made under former section 59AA, 122R, 123F, 124AO or 124W must retain the election, or a copy, until the end of 5 years after the earlier of: (a) the disposal by the person of the property; or (b) the loss or destruction of the property. (4ACA) Subsection (4AC) does not apply in relation to a disposal of property: (a) to which former subsection 58(1), 122JAA(1), 122JG(1), 123BBA(1), 123BF(1), 124AMAA(1), 124GA(1) or 124JD(1) applies; and (b) that occurs in the 1997 ‑ 98 year of income or a later year of income. Note: A defendant bears an evidential burden in relation to the matters in subsection (4ACA), see subsection 13.3(3) of the Criminal Code . (4AC) If former subsection 58(1), subsection 73AA(1), or former subsection 122JAA(1), 122JG(1), 123BBA(1), 123BF(1), 124AMAA(1), 124GA(1), 124JD(1) or 124PA(1) applies to the disposal of property by the transferor referred to in that subsection to the transferee referred to in that subsection: (a) the transferor must give to the transferee, within the period specified in subsection (4AD), a notice containing such information about the transferor’s holding of the property as will enable the transferee to work out how former section 58, section 73AA, or former section 122JAA, 122JG, 123BBA, 123BF, 124AMAA, 124GA, 124JD or 124PA, as the case may be, will apply to the transferee’s holding of the property; and (b) the transferee must retain the notice, or a copy, until the end of 5 years after the earlier of: (i) the disposal by the person of the property; or (ii) the loss or destruction of the property. (4AD) The notice referred to in subsection (4AC) must be given within 6 months after the later of the following: (a) the end of the year of income of the transferee in which the disposal occurred; (b) the commencement of subsection (4AC); or within such further period as the Commissioner allows. (4AE) A person who made an election under former paragraph 54A(1)(a) in relation to a unit of property must retain the election, or a copy, until the end of 5 years after the earlier of: (a) the disposal by the person of the property; or (b) the loss or destruction of the property. (4AF) If: (a) a person (the transferor ) disposes of, or of a lease of, any part of a building within the meaning of former Division 10C of Part III to another person (the transferee ); and (b) either: (i) one or more deductions have been allowed to the transferor under former subsection 124ZC(2A) or (4A) in respect of qualifying hotel expenditure or qualifying apartment expenditure in respect of the building; or (ii) if there have been one or more prior successive owners or lessees of the building—one or more deductions have been allowed to any of the prior successive owners or lessees under former subsection 124ZC(2A) or (4A) in respect of qualifying hotel expenditure or qualifying apartment expenditure in respect of the building; then: (c) the transferor must give to the transferee, within the period specified in subsection (4AG), a notice containing such information about the transferor’s holding or lease of the building as will enable the transferee to work out how former Division 10C of Part III applies to the transferee’s holding or lease of the building; and (d) the transferee must retain the notice, or a copy, until the end of 5 years after the earlier of: (i) the transferee ceasing to be the owner or lessee of the part of the building; or (ii) the destruction of the building. (4AG) The notice referred to in subsection (4AF) must be given within 6 months after the later of the following: (a) the end of the year of income of the transferee in which the disposal occurred; (b) the commencement of subsection (4AF); or within such further period as the Commissioner allows. (4AH) If: (a) a person (the transferor ) disposes of, or of a lease of, any part of a building within the meaning of former Division 10D of Part III to another person (the transferee ); and (b) either: (i) one or more deductions have been allowed to the transferor under former subsection 124ZH(2A) in respect of qualifying expenditure in respect of the building; or (ii) if there have been one or more prior successive owners or lessees of the building—one or more deductions have been allowed to any of the prior successive owners or lessees under former subsection 124ZH(2A) in respect of qualifying expenditure in respect of the building; then: (c) the transferor must give to the transferee, within the period specified in subsection (4AJ), a notice containing such information about the transferor’s holding or lease of the building as will enable the transferee to work out how former Division 10D of Part III applies to the transferee’s holding or lease of the building; and (d) the transferee must retain the notice, or a copy, until the end of 5 years after the earlier of: (i) the transferee ceasing to be the owner or lessee of the part of the building; or (ii) the destruction of the building. (4AJ) The notice referred to in subsection (4AH) must be given within 6 months after the later of the following: (a) the end of the year of income of the transferee in which the disposal occurred; (b) the commencement of subsection (4AH); or within such further period as the Commissioner allows. (4AJA) If: (a) a person (the transferor ) disposes of capital works within the meaning of Division 43 of the Income Tax Assessment Act 1997 , being capital works begun after 26 February 1992, to another person (the transferee ); and (b) a deduction has been allowed under former Division 10C or 10D of Part III of this Act, or under Division 43 of the Income Tax Assessment Act 1997 , in respect of those capital works; then: (c) the transferor must give the transferee, within 6 months after the end of the year of income in which the disposal occurred or within a further period allowed by the Commissioner, a notice containing such information as will allow the transferee to work out how Division 43 of the Income Tax Assessment Act 1997 will apply to the transferee in respect of the capital works; and (d) the transferee must retain the notice or a copy of it until the end of 5 years after the transferee disposes of the capital works or the capital works are destroyed, whichever is the earlier. (4AL) A person who makes an election in accordance with subitem 22(3), 22A(3), 23(3) or 23A(2) of the Taxation Laws Amendment (Trust Loss and Other Deductions) Act 1998 must retain the election until the end of 5 years after the election was made. (5) Nothing in this section requires a person to retain records or an election where: (a) the Commissioner has notified the person that retention of the records or election is not required; or (b) the person is a company that has gone into liquidation and finally ceased to exist. Note: A defendant bears an evidential burden in relation to the matters in subsection (5), see subsection 13.3(3) of the Criminal Code . (5A) An offence under this section is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (6) In this section: associate has the same meaning as in the Income Tax Assessment Act 1997 . foreign bank means body corporate that is a foreign ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 . forestry managed investment scheme has the same meaning as in the Income Tax Assessment Act 1997 . forestry manager of a forestry managed investment scheme has the same meaning as in the Income Tax Assessment Act 1997 . participant in a forestry managed investment scheme has the same meaning as in the Income Tax Assessment Act 1997 . Penalty: 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 46, "First_Amended": "No 10 of 1943", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 10 of 1943 | No 143 of 1965 | No 51 of 1973 | No 108 of 1981 | No 123 of 1984 | No 20 of 1990 | No 135 of 1990 | No 216 of 1991 | No 35 of 1992 | No 98 of 1992 | No 191 of 1992 | No 208 of 1992 | No 224 of 1992 | No 57 of 1993 | No 138 of 1994 | No 145 of 1995 | No 121 of 1997 | No 174 of 1997 | No 16 of 1998 | No 17 of 1998 | No 48 of 1998 | No 16 of 1999 | No 93 of 1999 | No 178 of 1999 | No 58 of 2000 | No 86 of 2000 | No 91 of 2000 | No 77 of 2001 | No 146 of 2001 | No 162 of 2001 | No 53 of 2002 | No 57 of 2002 | No 142 of 2003 | No 41 of 2005 | No 64 of 2005 | No 161 of 2005 | No 101 of 2006 | No 15 of 2007 | No 79 of 2007 | No 164 of 2007 | No 15 of 2009 | No 93 of 2011 | No 110 of 2014 | No 65 of 2019 | No 23 of 2024", "History_Notes": "Inserted by No 10 of 1943, effective s 17 and 26 (new s 251L and 251O added): 1 July 1943 (s 2(2) and gaz 1943, p 1289) s 19–25: 1 Apr 1943 (s 2(3)) Remainder: 20 Mar 1943 (s 2(1)) | Amended by No 143 of 1965, item 6, effective 14 Feb 1966 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Repealed and substituted by No 20 of 1990, item 42 | item 53, effective s 6–8, 9 (amdt to s 78(1)(a)(xcv) Income Tax Assessment Act 1936) and 10–50: 17 Jan 1990 (s 2(1)) s 9 (amdt to s 78(1)(a)(xcvi) Income Tax Assessment Act 1936): 10 Nov 1989 (s 2(2)) | Amended by No 135 of 1990, item 26, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Amended by No 216 of 1991, Sch 4 item 83, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 35 of 1992, item 55 | item 56, effective s 7–75: 25 May 1992 (s 2) | Amended by No 98 of 1992, item 45 | item 52, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 191 of 1992, item 18, effective s 4–35: 21 Dec 1992 (s 2) | Amended by No 208 of 1992, item 15, effective s 4–6, 19–33 and 47–61: 1 July 1994 (s 2(2)(a)) s 7–18 and 34–46: 22 Dec 1992 (s 2(1)) | Amended by No 224 of 1992, item 43 | item 58, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 57 of 1993, item 15, effective s 13–34: 27 Oct 1993 (s 2) | Amended by No 138 of 1994, item 218 | item 114, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 145 of 1995, Sch 2 item 14, effective Sch 1 (item 6) and Sch 2 (item 15): 12 Dec 1995 (s 2) | Amended by No 121 of 1997, Sch 1 item 42 | Sch 6 item 122 | Sch 6 item 123, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 121 of 1997, Sch 1 item 42 | Sch 6 item 122 | Sch 6 item 123, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 174 of 1997, Sch 5 item 10, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 16 of 1998, Sch 6 item 10, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 17 of 1998, Sch 2F item 266 | Sch 2F item 267 | Sch 2F item 271 | Sch 2F item 12, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 48 of 1998, Sch 3 item 93, effective Sch 1 (items 83–97): 1 July 1998 (s 2(2)) | Amended by No 16 of 1999, Sch 3 item 10, effective s 4, Sch 1, Sch 3 (items 8–10, 12(3)), Sch 5, 6, Sch 7 (items 1–8) and Sch 8–11: 9 Apr 1999 (s 2(1)) | Amended by No 93 of 1999, Sch 1 item 35, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 178 of 1999, Sch 1 item 16 | Sch 1 item 48 | Sch 1 item 49, effective s 4, Sch 1 (items 9–49A), Sch 2 (items 23–32, 35, 40–62, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 58 of 2000, Sch 10 item 50P | Sch 10 item 10 | Sch 10 item 11 | Sch 10 item 180 | Sch 10 item 24 | Sch 10 item 29 | Sch 10 item 30 | Sch 10 item 165 | Sch 11 item 1, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 86 of 2000, Sch 1 item 72, effective Sch 1 (items 62, 72): 30 June 2000 (s 2(1)) Sch 1 (items 63–71): 1 July 2000 (s 2(2)) | Amended by No 91 of 2000, Sch 2 item 37 | Sch 2 item 38 | Sch 2 item 39 | Sch 2 item 40, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 77 of 2001, Sch 2 item 95 | Sch 2 item 96, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 146 of 2001, Sch 4 item 81 | Sch 4 item 82 | Sch 4 item 83 | Sch 4 item 84 | Sch 4 item 85, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1)) | Amended by No 162 of 2001, Sch 1 item 820 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 26, effective Sch 1 (items 2–13, 23–26): 1 July 2001 (s 2(1)) | Amended by No 53 of 2002, Sch 1 item 44 | Sch 1 item 48, effective s 4 and Sch 1 (items 43, 44, 47, 48): 29 June 2002 (s 2(1) items 1, 2) | Amended by No 57 of 2002, Sch 12 item 11 | Sch 12 item 12, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 142 of 2003, Sch 1 item 820 | Sch 1 item 16 | Sch 1 item 17 | Sch 2 item 820 | Sch 2 item 3, effective s 4, Sch 1 (items 1, 16, 17), Sch 2 (items 1, 3), Sch 4 (items 1, 2) and Sch 8 (items 1–3, 24(1)): 17 Dec 2003 (s 2(1) items 1–3, 6, 11, 13) | Amended by No 41 of 2005, Sch 10 item 32, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 64 of 2005, Sch 3 item 3, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 161 of 2005, Sch 2G item 66 | Sch 2G item 67, effective Sch 1 (items 1–25, 38–45, 62–73) and Sch 2 (items 4, 5, 28–32): 19 Dec 2005 (s 2) | Amended by No 101 of 2006, Sch 1 item 167 | Sch 2 item 435 | Sch 2 item 436 | Sch 2 item 437 | Sch 2 item 438 | Sch 2 item 439 | Sch 2 item 440 | Sch 2 item 443 | Sch 2 item 444 | Sch 2 item 447 | Sch 2 item 448, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 123, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 79 of 2007, Sch 8 item 7 | Sch 8 item 8 | Sch 8 item 9 | Sch 8 item 10 | Sch 8 item 11, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5) | Amended by No 164 of 2007, Sch 10 item 44 | Sch 10 item 45 | Sch 10 item 46, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 15 of 2009, Sch 1 item 46 | Sch 1 item 47, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 93 of 2011, Sch 3 item 49 | Sch 3 item 50, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5) | Amended by No 110 of 2014, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 65 of 2019, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3, effective Sch 1 (items 1–3, 17): 1 Oct 2019 (s 2(1) item 2) | Amended by No 23 of 2024, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 820, effective Sch 2 (items 1, 2, 144, 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s262A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 264BB", "Provision_Key": "s264bb", "Heading": "Commissioner may require private health insurers to provide information", "Text": "(1) The Commissioner may, by notice in writing, require a private health insurer to provide information relevant to the operation of this Act about each person who is covered at any time during a financial year specified in the notice by a complying health insurance policy issued by the insurer or who paid premiums under such a policy. (2) The information that the Commissioner may require the private health insurer to provide includes the following: (a) the name, address and date of birth of each person mentioned in subsection (1); (b) the membership number of the policy; (c) the name, address and date of birth of any spouse of a person covered by the policy (other than a spouse permanently living separately and apart from the person); (d) whether the policy covers hospital treatment, general treatment or both; (e) the date on which the policy was issued; (f) whether the policy has terminated or been suspended, and, if it has, the date on which it terminated or was suspended; (g) the amount of the premium payable under the policy; (ga) whether the premium has been reduced under section 23 ‑ 1 of the Private Health Insurance Act 2007 , and if so, the amount of the reduction; (gb) the name, address and date of birth of a participant (within the meaning of the Private Health Insurance Act 2007 ) in the premiums reduction scheme (within the meaning of that Act) in respect of the policy; (gc) whether the premium has been increased in accordance with Division 34 of the Private Health Insurance Act 2007 , and if so, the amount of the increase; (h) the period to which the premium relates; (i) any increase or decrease in the premium; (j) whether a payment in respect of a premium that was due within a period specified by the Commissioner was not paid. (3) The information required by a notice under subsection (1) is to be provided: (a) in a form (including an electronic form) approved by the Commissioner; and (b) within the period specified in the notice. (4) In this section, the following terms have the same meanings as in the Private Health Insurance Act 2007 : complying health insurance policy general treatment hospital treatment private health insurer", "Amendment_Count": 4, "First_Amended": "No 128 of 1998", "Last_Amended": "No 105 of 2013", "Amending_Acts": "No 128 of 1998 | No 32 of 2007 | No 26 of 2012 | No 105 of 2013", "History_Notes": "Inserted by No 128 of 1998, effective Sch 1: 21 Dec 1998 (s 2) | Amended by No 32 of 2007, Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7, effective Sch 3 (items 1–7): 1 July 2007 (s 2(1) item 8) | Amended by No 26 of 2012, Sch 1 item 2, effective Sch 1 (items 2, 48(1)): 1 July 2012 (s 2(1) item 2) | Amended by No 105 of 2013, Sch 1 item 3, effective Sch 1 (item 3): 1 July 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s264BB"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 265A", "Provision_Key": "s265a", "Heading": "Release of liability of members of the Defence Force on death", "Text": "(1) Subject to subsection (2), where, in respect of the income of any year of income, income tax is payable by the trustee of the estate of a deceased person who has been a member of the Defence Force, the trustee shall, by force of this section, be released from the payment of so much of that tax as remains after deducting any tax deductions unapplied: (a) where the assessable income of the year of income consists solely of pay and allowances earned as a member of the Defence Force—from the amount of income tax so payable by the trustee; or (b) where the assessable income of the year of income includes income other than such pay and allowances: (i) from the amount of income tax so payable by the trustee; or (ii) from the amount by which the income tax payable in respect of the income of the year of income has been increased by the inclusion of such pay and allowances in the assessable income of that year; whichever is the less. (2) Nothing in subsection (1) shall be construed so as to authorize or require the Commissioner to refund any amount paid as or for income tax by or on behalf of the taxpayer or his trustee. (3) The provisions of subsection (1) do not apply in any case where the death of the taxpayer has occurred in circumstances (including the circumstances of his or her service) in which the Commonwealth would not be liable to pay pensions or compensation: (a) under Part II or IV of the Veterans’ Entitlements Act 1986 to the dependants of deceased members of the Forces or veterans; or (b) mentioned in paragraph 234(1)(b) of the Military Rehabilitation and Compensation Act 2004 to the wholly dependent partners of deceased members (within the meaning of that Act). (4) Any decision of an authority constituted under the Repatriation Act 1920 ‑ 1962 on any question affecting the right of any dependants of a deceased member of the Forces to a pension under that Act or under the Repatriation (Far East Strategic Reserve) Act 1956 ‑ 1962 or the Repatriation (Special Overseas Service) Act 1962 , or any decision of an authority constituted under the Veterans’ Entitlements Act 1986 on a question affecting the right of a dependant of a deceased veteran to a pension under Part II or IV of that Act, or any decision of the Military Rehabilitation and Compensation Commission established under section 361 of the Military Rehabilitation and Compensation Act 2004 on a question affecting the right of a dependant of a deceased member (within the meaning of that Act) to compensation under Chapter 5 of that Act, in respect of his or her death shall, so long as that decision has not been reversed or overruled, be conclusive evidence of the matters of fact or law so decided for the purposes of the application of subsection (3) in relation to that deceased member of the Forces. (5) In this section: tax deductions unapplied , in relation to a deceased person, means the total of any amounts withheld under paragraph 12 ‑ 45(1)(c) in Schedule 1 to the Taxation Administration Act 1953 from amounts earned by the deceased person as a member of the Defence Force where: (a) the amounts have not been credited in payment of income tax; and (b) the Commissioner has not made a payment in respect of them.", "Amendment_Count": 17, "First_Amended": "No 3 of 1944", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 3 of 1944 | No 4 of 1945 | No 37 of 1945 | No 101 of 1956 | No 98 of 1962 | No 51 of 1973 | No 216 of 1973 | No 20 of 1974 | No 87 of 1978 | No 108 of 1981 | No 173 of 1985 | No 49 of 1986 | No 73 of 1989 | No 179 of 1999 | No 52 of 2004 | No 101 of 2006 | No 17 of 2025", "History_Notes": "Inserted by No 3 of 1944, effective s 7–9: 1 July 1943 (s 2(2)) s 16–20 and 22–25: 1 July 1944 (s 2(3)) Remainder: 3 Apr 1944 (s 2(1)) | Amended by No 4 of 1945, effective 15 June 1945 | Amended by No 37 of 1945, effective s 3–9: 11 Oct 1945 (s 2) | Amended by No 101 of 1956, effective s 3–13(b) and 14–26: 15 Nov 1956 (s 2(1)) s 13(c): 1 July 1956 (s 2(2)) | Amended by No 98 of 1962, effective s 3–5: 28 May 1963 (s 2) | Amended by No 51 of 1973, effective s 25(1): 25 June 1968 (s 25(2)) Remainder: 14 June 1973 (s 2) | Amended by No 216 of 1973, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 20 of 1974, effective Sch 1: 31 Dec 1973 (s 2) | Amended by No 87 of 1978, effective s 17–71: 22 June 1978 (s 2) | Amended by No 108 of 1981, effective s 4–25: 24 June 1981 (s 2) | Amended by No 173 of 1985, item 22, effective s 4, 5(3), 17 and 20–22: 22 May 1986 (s 2(4)) s 5(1): 6 June 1985 (s 2(2)) s 5(2): 1 Nov 1985 (s 2(3)) s 6–12, 14–16, 18, 19, 23, 24: 16 Dec 1985 (s 2(1)) s 13: never commenced (s 2(4)) | Amended by No 49 of 1986, item 27, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 73 of 1989, effective Sch: 21 June 1989 (s 2) | Amended by No 179 of 1999, Sch 18 item 77, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12)) | Amended by No 52 of 2004, effective Sch 4 (items 1–9, 14(1), 15): 1 July 2004 (s 2(1) item 7) | Amended by No 101 of 2006, Sch 2 item 449, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 17 of 2025, Sch 8 item 36, effective Sch 8 (items 33–37): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s265A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 265B", "Provision_Key": "s265b", "Heading": "Notices in relation to certain securities", "Text": "(1) Subject to subsection (2), for the purposes of this section: (a) expressions used in this section that are also used in Division 16E of Part III have the same respective meanings as in that Division; and (b) sections 159GV (other than subsection 159GV(2)) and 159GZ apply as if references in those sections to this Division were references to section 265B . (2) Subsection (1) applies as if paragraph (c) of the definition of qualifying security in subsection 159GP(1) were omitted. (3) The holder of a security may apply at any time to the issuer for a notice under this section in relation to the security. (4) Where the issuer of a security receives an application under subsection (3) in relation to the security, the issuer shall within 21 days of receipt of the application issue a notice in writing to the applicant, expressed to be issued under this section and identifying the security, that states that the notice was issued at a specified time on a specified date and: (a) where the security is not a qualifying security—that the security is not a qualifying security; or (b) where the security is a qualifying security—that: (i) the security is a qualifying security; (ii) the security was issued for a specified consideration; (iii) where the security was partially redeemed on one or more occasions before the time of issue of the notice—that the security was partially redeemed by a specified amount or amounts on a specified date or dates; and (iv) where the security was varied to become a qualifying security—the security was varied, for a specified consideration, to become a qualifying security.", "Amendment_Count": 4, "First_Amended": "No 37 of 1945", "Last_Amended": "No 47 of 2016", "Amending_Acts": "No 37 of 1945 | No 87 of 1978 | No 49 of 1986 | No 47 of 2016", "History_Notes": "Inserted by No 37 of 1945, effective s 3–9: 11 Oct 1945 (s 2) | Repealed by No 87 of 1978, effective s 17–71: 22 June 1978 (s 2) | Inserted by No 49 of 1986, item 21 | item 13 | item 265B | item 26 | item 31, effective s 4–29: 24 June 1986 (s 2(1)) | Amended by No 47 of 2016, Sch 6 item 14, effective Sch 6 (items 8–15, 19–25): 6 May 2016 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s265B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266", "Provision_Key": "s266", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations, not inconsistent with this Act or the Income Tax Assessment Act 1997 , prescribing all matters which by this Act or the Income Tax Assessment Act 1997 are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for giving effect to this Act or the Income Tax Assessment Act 1997 , and for prescribing penalties not exceeding a fine of 5 penalty units for offences against the regulations.", "Amendment_Count": 8, "First_Amended": "No 143 of 1965", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 1965 | No 53 of 1973 | No 165 of 1976 | No 108 of 1981 | No 123 of 1984 | No 23 of 1987 | No 39 of 1997 | No 143 of 2007", "History_Notes": "Amended by No 143 of 1965, item 6, effective 14 Feb 1966 (s 2) | Amended by No 53 of 1973, item 7, effective s 3–8: 18 June 1973 (s 2) | Amended by No 165 of 1976, item 12, effective 1 Feb 1977 (s 2 and gaz 1977, No S3, p 3) | Amended by No 108 of 1981, item 124, effective s 4–25: 24 June 1981 (s 2) | Amended by No 123 of 1984, Sch 6 item 385, effective s 91–166 and 385: 14 Dec 1984 (s 2(3)) | Amended by No 23 of 1987, item 5, effective s 4: 26 May 1987 (s 2(1)) Sch: 1 Sept 1987 (s 2(2) and gaz 1987, No S217) | Amended by No 39 of 1997, Sch 4 item 256, effective Sch 1: 1 July 1997 (s 2) | Amended by No 143 of 2007, Sch 7 item 1, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 316", "Provision_Key": "s316", "Heading": "Object of Part", "Text": "(1) The object of this Part is to provide for certain amounts to be included in a taxpayer’s assessable income (Division 9) in respect of: (a) the attributable income of a CFC (section 456); and (b) certain changes of residence by a CFC (section 457). (2) To that end (and for other purposes of this Act) this Part contains rules relating to the following: (a) interpretation (Division 1); (b) types of entities (Division 2); (c) control interests, attribution interests, attributable taxpayers and attribution percentages (Division 3); (d) attribution accounts (Division 4); (g) the calculation of attributable income of a CFC (Division 7); (h) the active income test (Division 8); (j) post ‑ attribution asset disposals (Division 10); (k) the keeping of records (Division 11).", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 96 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 143 of 2007, Sch 1 item 77, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s316"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 317", "Provision_Key": "s317", "Heading": "Interpretation", "Text": "(1) In this Part, unless the contrary intention appears: accounting period , in relation to company, means an accounting period used by the company in the accounts by reference to which it distributes dividends. accounting records includes invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry and also includes such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up. accounts means ledgers, journals, profit and loss accounts and balance ‑ sheets, and includes statements, reports and notes attached to, or intended to be read with, any of the foregoing. accruals tax law , in relation to a listed country, means a law of the listed country that is declared by regulations for the purposes of this definition to be an accruals tax law. active income test has the meaning given by section 432. adjusted tainted income has the meaning given by section 386. AFI or Australian financial institution means any of the following Australian entities: (a) a body corporate that is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 ; (b) a person who carries on State banking within the meaning of paragraph 51(xiii) of the Constitution; (c) a registered entity under the Financial Sector (Collection of Data) Act 2001 ; (d) a life assurance company. AFI subsidiary or Australian financial institution subsidiary has the meaning given by section 326. aircraft means a machine or apparatus that can derive support in the atmosphere from the reactions of the air or from buoyancy, but does not include an air ‑ cushion vehicle. associate has the meaning given by section 318. associate ‑ inclusive control interest has the meaning given by section 349. attributable income has the meaning given by Division 7. attributable taxpayer , has the meaning given by section 361. attribution account entity has the meaning given by section 363. attribution account payment has the meaning given by section 365. attribution credit has the meaning given by section 371. attribution debit has the meaning given by section 372. attribution percentage has the meaning given by section 362. attribution tracing interest : (a) in relation to a CFC—has the meaning given by section 358; and (b) in relation to a CFP—has the meaning given by section 359; and (c) in relation to a CFT—has the meaning given by section 360. Australian 1% entity , in relation to a company or trust, means an Australian entity whose associate ‑ inclusive control interest in the company or trust is at least 1%. Australian entity has the meaning given by section 336. Australian partnership has the meaning given by section 337. Australian tax means income tax or withholding tax. Australian trust has the meaning given by section 338. CFC or controlled foreign company has the meaning given by section 340. CFE or controlled foreign entity has the meaning given by section 339. CFP or controlled foreign partnership has the meaning given by section 341. CFT or controlled foreign trust has the meaning given by section 342. CGT roll ‑ over provisions means former section 160ZZF and Divisions 5A, 5B, 7A and 17 of former Part IIIA of this Act or Divisions 122, 124 and 126, and section 118 ‑ 350, of the Income Tax Assessment Act 1997 . commodity means any thing that is capable of delivery under an agreement for its delivery, but does not include an instrument creating or evidencing a chose in action. commodity investment means: (a) either of the following contracts: (i) a forward contract in respect of a commodity; (ii) a futures contract in respect of a commodity; or (b) a right or option in respect of such a contract. company does not include a company in the capacity of trustee. company title interest , in relation to land, means a right of occupancy of the land, or of a building or part of a building erected on the land, arising by virtue of the holding of shares, or by virtue of a contract to purchase shares, in a company that owns the land or building. control tracing interest : (a) in relation to a CFC—has the meaning given by section 353; or (b) in relation to a CFP—has the meaning given by section 354; or (c) in relation to a CFT—has the meaning given by section 355. currency exchange gain , in relation to a company, in relation to a statutory accounting period, means a currency gain realised by the company in the statutory accounting period, to the extent to which it is attributable to currency exchange rate fluctuations. currency exchange loss , in relation to a company, in relation to a statutory accounting period, means a currency loss realised by the company in the statutory accounting period, to the extent to which it is attributable to currency exchange rate fluctuations. de facto relationship means: (a) a relationship between 2 persons (whether of the same sex or different sexes) that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; or (b) a relationship between 2 persons (whether of the same sex or different sexes) who, although not legally married to each other, live with each other on a genuine domestic basis in a relationship as a couple. depreciation provision means: (a) any of former sections 54 to 62 of Division 3 of Part III of this Act, any provision of former Divisions 10, 10AAA, 10AA, 10A, 10C and 10D of that Part; or (b) any provision of Division 40 of the Income Tax Assessment Act 1997 (other than Subdivision 40 ‑ E) or of Division 43 of that Act; or (c) any provision of the former Division 42 of that Act (other than Subdivisions 42 ‑ L and 42 ‑ M), or the former Subdivisions 330 ‑ A, 330 ‑ C, 330 ‑ H and 387 ‑ G of that Act. designated concession income , in relation to a listed country, means: (a) income or profits of a kind specified in the regulations if: (i) foreign tax imposed by a tax law of the country is not payable in respect of the income or profits because of a particular feature; or (ii) foreign tax imposed by a tax law of the country is payable in respect of the income or profits but there is a feature in relation to that tax; and the feature is of a kind specified in the regulations; or (b) capital gains that would be made because of CGT event J1, if the assumptions in paragraphs 383(a) to (c) applied. Note 1: CGT event J1 is about companies ceasing to be related after a roll ‑ over. Note 2: Basically, the effect of those assumptions is that the company concerned is taken to be a taxpayer and a resident and CGT event J1 may therefore be taken to have happened. direct attribution account interest has the meaning given by section 366. direct attribution interest has the meaning given by section 356. direct control interest : (a) in relation to a company—has the meaning given by section 350; (b) in relation to a trust—has the meaning given by section 351. discretionary trust means a trust where: (a) both of the following conditions are satisfied: (i) a person (who may include the trustee) is empowered (either unconditionally or on the fulfilment of a condition) to exercise any power of appointment or other discretion; (ii) the exercise of the power or discretion, or the failure to exercise the power or discretion, has the effect of determining, to any extent, either or both of the following: (A) the identities of those who may benefit under the trust; (B) how beneficiaries are to benefit, as between themselves, under the trust; or (b) one or more of the beneficiaries under the trust have a contingent or defeasible interest in some or all of the corpus or income of the trust; or (c) the trustee of another trust, being a trust where both of the conditions in paragraph (a) are satisfied, benefits or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the first ‑ mentioned trust. disposal of an asset includes: (a) redemption; and (b) CGT event J1 happening in relation to the asset (about companies ceasing to be related after a roll ‑ over) if the assumptions in paragraphs 383(a) to (c) applied. Note: Basically, the effect of those assumptions is that the company concerned is taken to be a taxpayer and a resident and CGT event J1 may therefore be taken to have happened. distributable profits , in relation to a company, means the amount, whether of an income or capital nature, that, having regard to the accounts of the company and such other matters as may reasonably be regarded as relevant, constitutes profits of the company that would be available for distribution by the company by way of dividends if there were disregarded any requirement of the constituent document, or of any resolution or decision, of the company restricting the availability of the profits for distribution in that way, other than any requirement providing for an eligible provision or reserve. double tax agreement , in relation to a foreign country, means: (a) if there is only one agreement (within the meaning of the International Tax Agreements Act 1953 ) in force in respect of the foreign country—that agreement; or (b) if there are 2 or more agreements (within the meaning of that Act) in force in respect of the foreign country—the agreement that is expressed to be: (i) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income; or; or (ia) concerning the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income; or (ii) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital; or (iii) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and on capital; or (iv) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital gains; or (v) for the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital and to certain other taxes. eligible designated concession income , in relation to a listed country, in relation to a particular period (in this definition called the income period ), means designated concession income in relation to the listed country: (a) that is not subject to tax in another listed country in a tax accounting period: (i) ending before the end of the income period; or (ii) commencing during the income period; or (b) that is: (i) subject to tax in another listed country in a tax accounting period: (A) ending before the end of the income period; or (B) commencing during the income period; and (ii) designated concession income in relation to that other listed country. eligible finance share has the meaning given by section 327. eligible finance share dividend means a dividend in respect of an eligible finance share. eligible provision or reserve means: (a) a provision or reserve required to be maintained by law; or (b) a provision for any liability in respect of foreign tax or Australian tax; or (c) a reserve maintained for the purpose of qualifying for relief from foreign tax; or (d) a provision or reserve for depreciation, bad or doubtful debts or leave payments; or (e) any other provision or reserve of a kind prescribed by regulations for the purposes of this paragraph. eligible transferor has the meaning given by sections 347 and 348. entitled to acquire has the meaning given by section 322. entity means any of the following: (a) a company; (b) a partnership; (c) a person in the capacity of trustee; (d) any other person. factoring income means income derived from carrying on a business of factoring. financial intermediary business means: (a) banking business; or (b) a business whose income is principally derived from the lending of money. general insurance company means a company whose sole or principal business is insurance business within the meaning of subsection 3(1) of the Insurance Act 1973 , but does not include a life assurance company. goods includes: (a) ships, aircraft and other vehicles; and (b) animals, including fish; and (c) minerals, trees and crops, whether on, under or attached to land or not; and (d) gas and electricity. grossed ‑ up amount , in relation to an attribution debit, has the meaning given by section 373. gross tainted turnover has the meaning given by section 435. gross turnover has the meaning given by section 434. group includes: (a) one entity alone; and (b) a number of entities the members of which are not in any way associated with each other nor acting together. income interest in a partnership means an interest in the profits of the partnership. income interest in a trust means an interest in the income of the trust. indirect attribution account interest has the meaning given by section 369. indirect attribution interest has the meaning given by section 357. indirect control interest has the meaning given by section 352. IP time means 7.30 p.m., by standard time in the Australian Capital Territory, on 12 April 1989. law , in relation to a listed country or an unlisted country, means a law of that listed country or unlisted country, or of any part of, or place in, that listed country or unlisted country. lease includes a sublease and, in relation to a company title interest in land, includes an agreement similar to a lease or sublease. leased includes let on hire (including a letting on hire that is described in the relevant agreement as a lease) under an agreement other than a hire ‑ purchase agreement. listed country has the meaning given by section 320. net tainted commodity gains has the meaning given by section 443. net tainted currency exchange gains has the meaning given by section 444. non ‑ attributable income period , in relation to a taxpayer in relation to a company in relation to the application of a provision of this Act in accordance with Division 7, means a statutory accounting period of the company for which: (a) there is no requirement to calculate under Division 7 the attributable income of the company in relation to the taxpayer; or (b) there is a requirement to calculate under Division 7 the attributable income of the company in relation to the taxpayer, but the particular provision is not relevant to that calculation. non ‑ discretionary trust means a trust other than a discretionary trust. non ‑ portfolio dividend means a dividend (other than an eligible finance share dividend or a widely distributed finance share dividend) paid to a company where that company has a voting interest, within the meaning of section 334A, amounting to at least 10% of the voting power, within the meaning of that section, in the company paying the dividend. non ‑ resident family trust has the meaning given by section 328. non ‑ share forward contract means a forward contract that is not in respect of shares or a share price index. non ‑ share futures contract means a futures contract that is not in respect of shares or a share price index. notional allowable deduction has the meaning given by subsection 382(2). notional assessable income has the meaning given by subsection 382(2). notional exempt income has the meaning given by subsection 382(2). Part X Australian resident means a resident within the meaning of section 6, but does not include an entity where: (a) there is a double tax agreement in force in respect of a foreign country; and (b) that agreement contains a provision that is expressed to apply where, apart from the provision, the entity would, for the purposes of the agreement, be both a resident of Australia and a resident of the foreign country; and (c) that provision has the effect that the entity is, for the purposes of the agreement, a resident solely of the foreign country. passive income has the meaning given by section 446. premium income means: (a) premiums in respect of insurance or reinsurance; or (b) life assurance premiums. profits includes gains, whether of an income or capital nature. property management services includes any of the following services: (a) cleaning; (b) secretarial; (c) catering. provide , in relation to services, includes allow, confer, give, grant or perform. public unit trust has the meaning given by section 329. recognised accounts : (a) in relation to a company, in relation to a statutory accounting period, means the accounts referred to in subparagraph 432(1)(c) that are prepared by the company for the statutory accounting period; or (b) in relation to a partnership in which a company is a partner at any time during a statutory accounting period, means the accounts referred to in paragraph 437(1)(b) that are prepared by the partnership for the statutory accounting period. rent means any consideration (in this definition called a rental consideration ) paid or given by a lessee under a lease and includes consideration (whether paid or given by a lessee or another person) in the nature of a rental consideration. residency assumption , in relation to a CFC, means the assumption about the residence of the CFC that is made in paragraph 383(a). retention period , in relation to a statutory accounting period, means the period of 5 years commencing at the end of the statutory accounting period. sale , in relation to goods, includes exchange or hire ‑ purchase and purchase , when used in relation to goods, has a corresponding meaning. services includes any benefit, right (including a right in relation to, and an interest in, real or personal property), privilege or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or facility that is, or is to be, provided under: (a) an arrangement for or in relation to: (i) the performance of work (including work of a professional nature), whether with or without the provision of property; or (ii) the provision of, or of the use of facilities for, entertainment, recreation or instruction; or (iii) the conferring of rights, benefits or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction; or (b) a contract of insurance; or (c) an arrangement for or in relation to the lending of money. ship means a vessel or boat of any description, and includes: (a) an air ‑ cushion vehicle; and (b) any floating structure. special excluded rental income , in relation to a company, in relation to a statutory accounting period, means income derived by the company in the statutory accounting period by way of rent, where: (a) the income was derived by the company from a CFC; and (b) at all times during the statutory accounting period when the income accrued: (i) the CFC was an associate of the company; and (ii) the company was a resident of a particular listed country or a particular unlisted country; and (iii) the CFC was also a resident of that listed country or that unlisted country, as the case may be; and (c) the income was taxed in that listed country or that unlisted country, as the case may be, at the country’s normal company tax rate (see section 325); and (d) the income would not have been, in whole or in part, a notional allowable deduction of the CFC if it were assumed that the CFC had failed to pass the active income test in relation to any statutory accounting period of the CFC. statutory accounting period has the meaning given by section 319. subject to tax has the meaning given by section 324. tainted asset , in relation to a company, means: (a) any of the following: (i) loans (including deposits with a bank or other financial institution); (ii) debenture stock, bonds, debentures, certificates of entitlement, bills of exchange, promissory notes or other securities; (iii) shares in a company; (iv) an interest in a trust or partnership; (v) futures contracts; (vi) forward contracts; (vii) interest rate swap contracts; (viii) currency swap contracts; (ix) forward exchange rate contracts; (x) forward interest rate contracts; (xi) life assurance policies; (xii) a right or option in respect of such a loan, security, share, interest, contract or policy; (xiii) any similar financial instrument; or (b) an asset that was held by the company solely or principally for the purpose of deriving tainted rental income; or (c) an asset other than: (i) trading stock; or (ii) any other asset used solely in carrying on a business; but does not include a commodity investment. tainted commodity gain , in relation to a company, in relation to a statutory accounting period, means: (a) a gain realised by the company in the statutory accounting period from disposing of a tainted commodity investment; or (b) a capital gain that the company would have made in the statutory accounting period because CGT event J1 would have happened in relation to a tainted commodity investment, if the assumptions in paragraphs 383(a) to (c) applied. Note: Basically, the effect of those assumptions is that the company concerned is taken to be a taxpayer and a resident and CGT event J1 may therefore be taken to have happened. tainted commodity investment , in relation to a company, means: (a) either of the following contracts: (i) a forward contract in respect of a commodity; (ii) a futures contract in respect of a commodity; or (b) a right or option in respect of such a contract; except where either of the following conditions is satisfied: (c) both of the following subparagraphs apply: (i) the company carries on: (A) a business of producing or processing the commodity; or (B) a business that involves the use of the commodity as a raw material in a production process; (ii) the contract, right or option relates to the carrying on of that business; (d) both of the following subparagraphs apply in relation to the contract: (i) the contract was entered into by the company for the sole purpose of eliminating or reducing the risk of adverse financial consequences that might result for the company, under another contract, from fluctuations in the price of the commodity; (ii) the company does not and will not derive tainted sales income from a transaction under that other contract. tainted commodity loss , in relation to a company, in relation to a statutory accounting period, means: (a) a loss realised by the company in the statutory accounting period from disposing of a tainted commodity investment; or (b) a capital loss that the company would have made in the statutory accounting period because CGT event J1 would have happened in relation to a tainted commodity investment, if the assumptions in paragraphs 383(a) to (c) applied. Note: Basically, the effect of those assumptions is that the company concerned is taken to be a taxpayer and a resident and CGT event J1 may therefore be taken to have happened. tainted currency exchange gain , in relation to a company, in relation to a statutory accounting period, means a currency exchange gain realised by the company in the statutory accounting period except where the gain related to an active income transaction (within the meaning of section 439). tainted currency exchange loss , in relation to a company, in relation to a statutory accounting period, means a currency exchange loss realised by the company during the statutory accounting period except where the loss related to an active income transaction (within the meaning of section 439). tainted income ratio has the meaning given by section 433. tainted interest income , in relation to a company, means: (a) interest or a payment in the nature of interest; or (b) an amount that, if the company were a resident within the meaning of section 6, would be included in assessable income under Division 16E of Part III (or would be so included if Division 230 of the Income Tax Assessment Act 1997 did not apply); or (c) factoring income; but does not include: (d) income (being interest, fees, commission or other amounts) derived by a person in respect of offshore banking transfers of the person; or (e) income consisting of dividends or non ‑ share dividends paid to a person by a company out of profits derived from the making of offshore banking transfers. tainted rental income (other than special excluded rental income), in relation to a company, in relation to a statutory accounting period, means income derived by the company in the statutory accounting period by way of rent in respect of any of the following: (a) a lease to which an associate of the company was a party at the time the income was derived; (b) a lease where any or all of the rent was paid or given by an associate of the company; (c) a lease of land, except where the following conditions are satisfied: (i) the land is situated in a listed country or in an unlisted country; (ii) at all times during the period when the income accrued, the company was a resident of that country; (d) a lease of land where the following conditions are satisfied: (i) the land is situated in a listed country or in an unlisted country; (ii) at all times during the period when the income accrued, the company was a resident of that country; (iii) it is not the case that a substantial part of the income is attributable to the provision of labour ‑ intensive property management services in connection with the land, being services provided by directors or employees of the company; (e) a lease of either of the following: (i) a ship; (ii) an aircraft; except where a substantial part of the income is attributable to the provision by the directors or employees of the company of any of the following in relation to the ship or aircraft concerned: (iii) operating crew services; (iv) maintenance services; (v) management services; (f) a lease of either of the following: (i) a cargo container designed or intended for use on ships or aircraft as part of a containerised cargo handling system; (ii) plant or equipment designed or intended for use on board ships; except where a substantial part of the income is attributable to the provision by the directors or employees of the company of either of the following in relation to the container, plant or equipment concerned: (iii) maintenance services; (iv) management services. tainted royalty income , in relation to a company, means royalties derived by the company except where all of the following conditions are satisfied: (a) the royalties are derived in the course of a business carried on by the company; (b) at the time the royalties were derived, the entity liable to pay the royalties was not an associate of the company; (c) either of the following subparagraphs applies: (i) the matter or thing in respect of which the royalty is consideration originated with the company; (ii) the company has substantially developed, altered or improved that matter or thing with the result that its market value was substantially enhanced. tainted sales income has the meaning given by section 447. tainted services income has the meaning given by section 448. tax accounting period , in relation to an entity, in relation to a foreign tax imposed by a tax law of a listed country, means the accounting period used by the entity for the purposes of determining the tax base under that law. tax detriment has the meaning given by section 330. tax law , in relation to a listed country or an unlisted country, means: (a) if the listed country or the unlisted country has federal foreign tax and either or both of the following: (i) State foreign tax; (ii) municipal foreign tax; the law of the listed country or the unlisted country that imposes the federal foreign tax; or (b) in any other case—the law of the listed country or the unlisted country that imposes foreign tax. transitional finance share has the meaning given by section 327B. transitional finance share dividend means a dividend in respect of a transitional finance share. trust means: (a) an entity in the capacity of trustee (including an entity that manages a trust if there is no trustee); or (b) as the case requires, a trust or trust estate. unlisted country has the meaning given by section 320. widely distributed finance share has the meaning given by section 327A. widely distributed finance share dividend means a dividend in respect of a widely distributed finance share. (2) Where, if all offshore borrowings made by persons when they were offshore banking units were taken to be tax exempt loan money of the persons for the purposes of Division 11A of Part III, an offshore loan, or other transfer, of an amount by a person would, for the purposes of that Division, be an offshore loan, or other transfer, of tax exempt loan money of the person, the offshore loan, or other transfer, of the amount is an offshore banking transfer of the person for the purposes of the definition of tainted interest income .", "Amendment_Count": 27, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 35 of 1992 | No 80 of 1992 | No 17 of 1993 | No 18 of 1993 | No 22 of 1995 | No 39 of 1996 | No 39 of 1997 | No 121 of 1997 | No 155 of 1997 | No 174 of 1997 | No 46 of 1998 | No 48 of 1998 | No 58 of 2000 | No 79 of 2000 | No 89 of 2000 | No 77 of 2001 | No 121 of 2001 | No 96 of 2004 | No 101 of 2006 | No 15 of 2007 | No 143 of 2007 | No 144 of 2008 | No 15 of 2009 | No 114 of 2010 | No 46 of 2011", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 70, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 35 of 1992, item 57, effective s 7–75: 25 May 1992 (s 2) | Amended by No 80 of 1992, item 54, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 17 of 1993, item 13, effective s 8–59: 9 June 1993 (s 2(1)) | Amended by No 18 of 1993, item 32 | item 40, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 22 of 1995, item 33, effective Sch (items 16–35): 29 Mar 1995 (s 2) | Amended by No 39 of 1996, Sch 2 item 2, effective Sch 2: 9 Oct 1996 (s 2) | Amended by No 39 of 1997, Sch 4 item 260, effective Sch 1: 1 July 1997 (s 2) | Amended by No 121 of 1997, Sch 6 item 124 | Sch 11 item 50, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 155 of 1997, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 78 | Sch 1 item 79 | Sch 1 item 80 | Sch 1 item 81 | Sch 1 item 82 | Sch 1 item 83 | Sch 1 item 84 | Sch 1 item 107 | Sch 1 item 108 | Sch 1 item 115 | Sch 1 item 116, effective 24 Oct 1997 (s 2) | Amended by No 174 of 1997, Sch 2 item 3, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 46 of 1998, Sch 10 item 425 | Sch 10 item 57, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 48 of 1998, Sch 3 item 97, effective Sch 1 (items 83–97): 1 July 1998 (s 2(2)) | Amended by No 58 of 2000, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 79 of 2000, Sch 1 item 2 | Sch 6 item 13, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 1, 2, 4), Sch 2 (items 6A–6J, 7), Sch 3, Sch 4 (items 1–5) and Sch 6 (items 12–15): 1 July 2000 (s 2(2)) Sch 4 (items 6–10): 1 July 2001 (s 2(3)) Sch 5: 10 Dec 1999 (s 2(4)) | Amended by No 89 of 2000, Sch 2 item 55 | Sch 2 item 56 | Sch 2 item 57, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 77 of 2001, Sch 2 item 97, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 121 of 2001, Sch 2 item 157, effective Sch 2 (items 154–157): 1 July 2002 (s 2(2)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 454 | Sch 2 item 455 | Sch 2 item 456, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 15 of 2007, Sch 1 item 124, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 143 of 2007, Sch 1 item 78 | Sch 1 item 79 | Sch 1 item 80 | Sch 1 item 81 | Sch 1 item 82 | Sch 1 item 83 | Sch 1 item 84 | Sch 1 item 85, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 144 of 2008, Sch 14 item 35 | Sch 14 item 36, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 15 of 2009, Sch 1 item 48, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 114 of 2010, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 46 of 2011, Sch 2 item 692, effective Sch 2 (items 688–692) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 5, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s317"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 318", "Provision_Key": "s318", "Heading": "Associates", "Text": "(1) For the purposes of this Part, the following are associates of an entity (in this subsection called the primary entity ) that is a natural person (otherwise than in the capacity of trustee): (a) a relative of the primary entity; (b) a partner of the primary entity or a partnership in which the primary entity is a partner; (c) if a partner of the primary entity is a natural person otherwise than in the capacity of trustee—the spouse or a child of that partner; (d) a trustee of a trust where the primary entity, or another entity that is an associate of the primary entity because of another paragraph of this subsection, benefits under the trust; (e) a company where: (i) the company is sufficiently influenced by: (A) the primary entity; or (B) another entity that is an associate of the primary entity because of another paragraph of this subsection; or (C) another company that is an associate of the primary entity because of another application of this paragraph; or (D) 2 or more entities covered by the preceding sub ‑ subparagraphs; or (ii) a majority voting interest in the company is held by: (A) the primary entity; or (B) the entities that are associates of the primary entity because of subparagraph (i) of this paragraph and the preceding paragraphs of this subsection; or (C) the primary entity and the entities that are associates of the primary entity because of subparagraph (i) of this paragraph and because of the preceding paragraphs of this subsection. (2) For the purposes of this Part, the following are associates of a company (in this subsection called the primary entity ): (a) a partner of the primary entity or a partnership in which the primary entity is a partner; (b) if a partner of the primary entity is a natural person otherwise than in the capacity of trustee—the spouse or a child of that partner; (c) a trustee of a trust where the primary entity, or another entity that is an associate of the primary entity because of another paragraph of this subsection, benefits under the trust; (d) another entity (in this paragraph called the controlling entity ) where: (i) the primary entity is sufficiently influenced by: (A) the controlling entity; or (B) the controlling entity and another entity or entities; or (ii) a majority voting interest in the primary entity is held by: (A) the controlling entity; or (B) the controlling entity and the entities that, if the controlling entity were the primary entity, would be associates of the controlling entity because of subsection (1), because of subparagraph (i) of this paragraph, because of another paragraph of this subsection or because of subsection (3); (e) another company (in this paragraph called the controlled company ) where: (i) the controlled company is sufficiently influenced by: (A) the primary entity; or (B) another entity that is an associate of the primary entity because of another paragraph of this subsection; or (C) a company that is an associate of the primary entity because of another application of this paragraph; or (D) 2 or more entities covered by the preceding sub ‑ subparagraphs; or (ii) a majority voting interest in the controlled company is held by: (A) the primary entity; or (B) the entities that are associates of the primary entity because of subparagraph (i) of this paragraph and the other paragraphs of this subsection; or (C) the primary entity and the entities that are associates of the primary entity because of subparagraph (i) of this paragraph and the other paragraphs of this subsection; (f) any other entity that, if a third entity that is an associate of the primary entity because of paragraph (d) of this subsection were the primary entity, would be an associate of that third entity because of subsection (1), because of another paragraph of this subsection or because of subsection (3). (3) For the purposes of this Part, the following are associates of a trustee (in this subsection called the primary entity ): (a) any entity that benefits under the trust; (b) if a natural person benefits under the trust—any entity that, if the natural person were the primary entity, would be an associate of that natural person because of subsection (1) or because of this subsection; (c) if a company is an associate of the primary entity because of paragraph (a) or (b) of this subsection—any entity that, if the company were the primary entity, would be an associate of the company because of subsection (2) or because of this subsection. (4) For the purposes of this Part, the following are associates of a partnership (in this subsection called the primary entity ): (a) a partner in the partnership; (b) if a partner in the partnership is a natural person—any entity that, if that natural person were the primary entity, would be an associate of that natural person because of subsection (1) or (3); (c) if a partner in the partnership is a company—any entity that, if the company were the primary entity, would be an associate of the company because of subsection (2) or (3). (5) In determining, for the purposes of this section, whether an entity is an associate of another entity at a particular time (in this subsection called the test time ): (a) an entity (in this subsection called the public unit trust entity ) that, apart from this subsection, is the trustee of a public unit trust at the test time is to be treated as if it were a company instead of a trustee; and (b) the public unit trust entity is taken to be sufficiently influenced by another entity or other entities if the public unit trust entity is accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the other entity or other entities (whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed companies, partnerships or trusts); and (c) another entity or other entities are taken to hold a majority voting interest in the public unit trust entity if either of the following percentages is not less than 50%: (i) the percentage of the income of the trust represented by the share of the income to which the other entity or other entities are entitled, or that the other entity or other entities are entitled to acquire; (ii) the percentage of the corpus of the trust represented by the share of the corpus to which the other entity or other entities are entitled, or that the other entity or other entities are entitled to acquire. (6) For the purposes of this section: (a) a reference to an entity benefiting under a trust is a reference to the entity benefiting, or being capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust, either directly or through any interposed companies, partnerships or trusts; and (b) a company is sufficiently influenced by an entity or entities if the company, or its directors, are accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the entity or entities (whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed companies, partnerships or trusts); and (c) an entity or entities hold a majority voting interest in a company if the entity or entities are in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company. (7) In this section and any other provision of this Act that has effect for the purposes of this section, a reference to the spouse of a person does not include: (a) a spouse who is legally married to the person but living separately and apart from the person on a permanent basis; or (b) a spouse within the meaning of paragraph (a) of the definition of spouse in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 who is living separately and apart from the person on a permanent basis.", "Amendment_Count": 4, "First_Amended": "No 135 of 1990", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 135 of 1990 | No 5 of 1991 | No 41 of 1998 | No 144 of 2008", "History_Notes": "Amended by No 135 of 1990, item 38 | item 39, effective s 7–33, 38(1), (2), 39(1) and Sch (Pt 1): 28 Dec 1990 (s 2(1)) s 38(3), 39(2) and Sch (Part 3): 1 July 1993 (s 2(3)) s. 38(4), 39(3) and Sch (Part 4): 8 Jan 1991 (s 2(4)) | Inserted by No 5 of 1991, item 51, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 41 of 1998, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 144 of 2008, Sch 14 item 37, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s318"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 319", "Provision_Key": "s319", "Heading": "Statutory accounting period of a company", "Text": "(1) Subject to this section, each period of 12 months finishing at the end of 30 June is a statutory accounting period of a company. (2) A company may, by notice in writing to the Commissioner, elect that a day (in this section called the new day ) is to be the last day of its statutory accounting period instead of the day (in this section called the old day ) that would otherwise apply under this section. (3) The new day must be: (a) if: (i) the company has not previously given a notice under this section; and (ii) the company regularly uses: (A) an accounting period of 12 months finishing at the end of a day other than 30 June for the purposes of complying with the requirements of a tax law of any country; or (B) an accounting period of 12 months finishing at the end of a day other than 30 June for the purposes of reporting to its shareholders; either of those days; or (b) if the company has previously given a notice under this section—30 June or either of the days that, but for the giving of the notice, would be applicable under paragraph (a). (4) Subject to any further application of subsection (2) and to subsections (4A) and (5): (a) the first statutory accounting period using the new day is the period that begins immediately after the end of the statutory accounting period (using the old day) during which the election was made; and (b) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day. (4A) Subject to subsection (5), if: (a) the election is made in the company’s statutory accounting period in which the company first became a CFC; and (b) the new day occurs after the election is made but before the old day; then, subject to any further application of subsection (2): (c) that statutory accounting period finishes at the end of the new day; and (d) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day. (5) Where, when it makes the election, it is less than 12 months since the company was incorporated or otherwise established: (a) the reference in subparagraph (3)(a)(ii) to the company regularly using an accounting period is instead a reference to the company proposing to use the accounting period; and (b) subject to any further application of subsection (2): (i) the first statutory accounting period of the company is the period beginning at the time of incorporation or establishment and ending at the end of the new day; and (ii) later statutory accounting periods are the successive periods of 12 months finishing at the end of the new day. (6) If: (a) the company is a CFC at the beginning of what is, disregarding this subsection, a statutory accounting period; and (b) the company ceases to exist before the end of the statutory accounting period; the statutory accounting period ends immediately before the company ceases to exist. (7) For the purposes of applying this section to a company, if: (a) the company is a CFC at a particular time; and (b) an entity is the only attributable taxpayer in relation to the company at that time; and (c) the entity’s attribution percentage in relation to the company is 100% at that time; then, instead of a notice being given under subsection (2) by the company at that time, the notice may be given at that time by the entity.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 155 of 1997", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 155 of 1997", "History_Notes": "Inserted by No 5 of 1991, item 54 | item 334 | item 1990, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 155 of 1997, Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25, effective 24 Oct 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s319"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 320", "Provision_Key": "s320", "Heading": "Listed countries and unlisted countries", "Text": "(1) In this Part: listed country means a foreign country, or a part of a foreign country, that is declared by the regulations to be a listed country for the purposes of this Part. unlisted country means: (a) a foreign country that does not (either in whole or in part) consist of a listed country or listed countries; or (b) if one or more parts of a foreign country are listed countries—the remainder of that foreign country. (2) Subject to this section, for the purposes of this section, if, apart from this section: (a) a colony, overseas territory or protectorate of a foreign country; or (b) an overseas territory for the international relations of which a foreign country is responsible; is not a foreign country in its own right, the colony, territory or protectorate is taken to be a foreign country in its own right. (3) Subject to subsection (4), for the purposes of this section, if, apart from this subsection and subsection (4), there are 2 or more foreign countries with a common income tax system, those countries are to be treated as the same country. (4) For the purposes of this section, if, apart from this subsection, one or more parts of a particular foreign country are excluded (either expressly or by implication) from the operation of a double tax agreement in force in relation to the foreign country, the part or parts so excluded are to be taken to constitute a separate foreign country.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004 | No 110 of 2014", "History_Notes": "Inserted by No 5 of 1991, item 341 | item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 56, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 110 of 2014, Sch 2 item 10, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s320"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 321", "Provision_Key": "s321", "Heading": "Each listed country and each unlisted country to be treated as a separate foreign country", "Text": "For the purposes of the application of section 6AB to this Part, each listed country and each unlisted country is to be treated as a separate foreign country.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s321"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 322", "Provision_Key": "s322", "Heading": "Meaning of entitled to acquire", "Text": "For the purposes of this Part, an entity is entitled to acquire anything that the entity is absolutely or contingently entitled to acquire, whether because of any constituent document of a company, the exercise of any right or option or for any other reason.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s322"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 323", "Provision_Key": "s323", "Heading": "State foreign taxes may be treated as federal foreign taxes", "Text": "If, apart from this section, a listed country or an unlisted country has both: (a) federal foreign tax; and (b) State foreign tax; the regulations may provide that a specified State foreign tax is to be treated, for the purposes of this Part, as if it were an additional federal foreign tax of the listed country or the unlisted country.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s323"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 324", "Provision_Key": "s324", "Heading": "When income or profits subject to tax in a listed country", "Text": "(1) Subject to this section, for the purposes of this Part, a particular item of income or profits derived by an entity is taken to be subject to tax in a listed country in a particular tax accounting period if, and only if, foreign tax (other than a withholding ‑ type tax) is payable under a tax law of the listed country in respect of the item because the item is included in the tax base of that law for the tax accounting period. (2) If: (a) apart from this subsection and subsections (3) and (4), a particular item of income or profits derived by an entity is not subject to tax in a listed country in a particular tax accounting period; and (b) apart from a feature of a kind specified in the regulations, the item would have been subject to tax in the listed country in the tax accounting period; the regulations may provide that the item is to be treated, for the purposes of this Part or one or more specified provisions of this Part, as if it were subject to tax in the listed country in the tax accounting period. (3) Where: (a) an entity becomes a resident of a particular listed country (in this section called the current listed country ) at a particular time (in this section called the residence ‑ change time ); and (b) the entity owns an asset at the residence ‑ change time; and (c) the entity disposes of the asset while a resident of the current listed country; then, for the purposes of this Part: (d) if, apart from this paragraph, the only part of a capital gain on the disposal of the asset that is subject to tax in the listed country is the part that relates to the period after the residence ‑ change time—the whole of the capital gain, whether it relates to the period before or after the residence ‑ change time, is, subject to subsection (4), taken to be subject to tax in the current listed country; and (e) subsection (4) applies. (4) Where: (a) a capital gain on the disposal of the asset would, apart from this subsection and whether or not paragraph (3)(d) applies, be subject to tax in the current listed country; and (b) at a time or times when it owned the asset before the residence ‑ change time (but disregarding any time or times before a change of residence from an unlisted country to a listed country), the entity was a resident of one or more listed countries (each of which is in this subsection called a previous listed country ); and (c) if the entity had disposed of the asset when it ceased to be a resident of a particular previous listed country (in this subsection called the non ‑ taxing listed country ), any capital gain on the disposal would not have been subject to tax in that country; and (d) if the entity had disposed of the asset when it ceased to be a resident of another previous listed country after the non ‑ taxing listed country, any capital gain on the disposal would not have been subject to tax in that other previous listed country to the extent that it relates to the period of residence by the entity in the non ‑ taxing listed country; then, for the purposes of this Part, so much of the gain as relates to the period of residence in the non ‑ taxing listed country is taken not to be subject to tax in the current listed country. Note: Section 830 ‑ 75 of the Income Tax Assessment Act 1997 sets out additional circumstances, relating to entities that are foreign hybrids, in which a gain or profit is subject to tax in a listed country. (5) For the purposes of this section, treat foreign GloBE tax (within the meaning of the Income Tax Assessment Act 1997 ) as not being foreign tax.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 101 of 2004 | No 143 of 2007 | No 134 of 2024", "History_Notes": "Inserted by No 5 of 1991, item 18 | item 100 | item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 71, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 143 of 2007, Sch 1 item 86, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 134 of 2024, Sch 1 item 3, effective Sch 1 (items 3–5, 65): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s324"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 325", "Provision_Key": "s325", "Heading": "When dividends etc. taxed in a country at normal company tax rate", "Text": "(1) For the purposes of this Part, a dividend or other amount of a particular kind is to be taken to be taxed in a listed country at the country’s normal company tax rate if, and only if: (a) foreign tax is payable under a tax law of the listed country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non ‑ dividend income, or non ‑ dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the listed country; and (b) the tax law of the listed country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different listed or an unlisted country. (2) For the purposes of this Part, a dividend or other amount of a particular kind is taken to be taxed in an unlisted country at the country’s normal tax rate if, and only if: (a) foreign tax is payable under a tax law of the unlisted country in respect of the dividend or the other amount of a particular kind at the same rate as, or a higher rate than, is payable under the tax law in respect of non ‑ dividend income, or non ‑ dividend amounts not of that particular kind, as the case may be, included in the tax base of a company that is a resident of the unlisted country; and (b) the tax law of the unlisted country does not provide for any credit, rebate or other tax concession in respect of the dividend or the other amount of a particular kind, other than for foreign tax payable under a tax law of a different unlisted or a listed country. (3) For the purposes of this section, treat foreign GloBE tax (within the meaning of the Income Tax Assessment Act 1997 ) as not being foreign tax.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 134 of 2024", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 21 | Sch 1 item 30 | Sch 1 item 55, effective 24 Oct 1997 (s 2) | Amended by No 134 of 2024, Sch 1 item 4, effective Sch 1 (items 3–5, 65): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s325"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326", "Provision_Key": "s326", "Heading": "AFI subsidiary", "Text": "(1) For the purposes of this Part, a company is an AFI subsidiary (or an Australian financial institution subsidiary) at a particular time if either of the following paragraphs applies: (a) at that time, there is a group of 5 or fewer AFI entities the aggregate of whose direct control interests and indirect control interests in the company is not less than 50%; (b) both of the following subparagraphs apply: (i) at that time, there is a single AFI entity (in this paragraph called the assumed controller ) the aggregate of whose direct control interests and indirect control interests in the company is not less than 40%; (ii) at that time, the company is not controlled by a group of entities not being or including the assumed controller or any of its associates. (2) A reference in this section to an AFI entity is a reference to: (a) a company that is an AFI; or (b) a 100% subsidiary of such a company. (3) For the purposes of this section, a company (in this subsection called the subsidiary company ) is taken to be the 100% subsidiary of another company (in this subsection called the holding company ) at a particular time if: (a) at that time, all the shares in the subsidiary company were beneficially owned by: (i) the holding company; or (ii) a company that is, or 2 or more companies each of which is, a 100% subsidiary of the holding company; or (iii) the holding company and a company that is, or 2 or more companies each of which is, a 100% subsidiary of the holding company; and (b) there was no agreement, arrangement or understanding in force at that time by virtue of which any person was in a position, or would be in a position after that time, to affect rights of the holding company or of a 100% subsidiary of the holding company in relation to the subsidiary company. (4) For the purposes of this section, where a company is a 100% subsidiary of another company (including a company that is such a 100% subsidiary by virtue of another application or other applications of this subsection), every company that is a 100% subsidiary of the first ‑ mentioned company is taken to be a 100% subsidiary of that other company. (5) For the purposes of subsection (3), a person is taken to be in a position at a particular time to affect any rights of a company in relation to another company if, at that time, that person has a right, power or option (whether by virtue of any provision of the constituent document of either of those companies or by virtue of any agreement or instrument or otherwise) to acquire those rights or do an act or thing that would prevent the first ‑ mentioned company from exercising those rights for its own benefit or receiving any benefits accruing by reason of those rights.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 327", "Provision_Key": "s327", "Heading": "Eligible finance shares", "Text": "For the purposes of this Part, a share in a company is an eligible finance share if all the following conditions are satisfied: (a) the shareholder is an AFI or an AFI subsidiary; (b) the share was issued to the shareholder by the company in the ordinary course of business carried on by the shareholder; (c) the shareholder is not an associate of the company; (d) having regard to: (i) the manner in which the amount of dividends in respect of the share are to be calculated; and (ii) the conditions applicable to the payment of dividends in respect of the share; and (iii) any other relevant matters; the payment of the dividends in respect of the share may reasonably be regarded as equivalent to the payment of interest on a loan where the interest accrues at intervals not exceeding 12 months and is paid not later than 12 months after it accrues.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s327"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 327A", "Provision_Key": "s327a", "Heading": "Widely distributed finance shares", "Text": "Meaning of widely distributed finance shares (1) For the purposes of this Part, a share in a company is a widely distributed finance share if both: (a) either: (i) the company is an eligible listed company; or (ii) the aggregate of the eligible share interests in the company held by an eligible listed company is 90% or more; and (b) the share is a recognised finance share. Extended meaning of widely distributed finance shares —funding of transitional finance shares (1A) For the purposes of this Part, if: (a) apart from this subsection, shares (in this subsection called the test shares ) in a company are not widely distributed finance shares; and (b) as a result of the operation of subsection 327B(3) in relation to the shares: (i) the shares are taken to be widely distributed finance shares for the purposes of section 327B; and (ii) shares in another company are transitional finance shares; the test shares are taken to be, and to have been, widely distributed finance shares. Meaning of eligible listed company (2) For the purposes of this section, a company is an eligible listed company at a particular time during a statutory accounting period of the company if: (a) shares in the company (other than shares entitled to a fixed rate of dividend whether with or without a further right to participate in profits) are listed for quotation in the official list of a stock exchange in Australia or elsewhere; and (b) none of the following subparagraphs apply: (i) at any time during the statutory accounting period, a single entity, or less than 21 entities, held, or were entitled to acquire, 75% or more of the paid ‑ up share capital of the company (other than capital represented by shares entitled to a fixed rate of dividend only); (ii) at any time during the statutory accounting period, a single entity, or less than 21 entities held, or were entitled to acquire, 75% or more of the total rights (other than rights arising in respect of shares entitled to a fixed rate of dividend only) of shareholders to vote, or participate in any decision ‑ making, concerning any of the following: (A) the making of distributions of capital or profits of the company to its shareholders; (B) the constituent document of the company; (C) any variation of the share capital of the company; (iii) 75% or more of the total amount of all of the dividends paid by the company (other than dividends paid in respect of shares entitled to a fixed rate of dividend only) during the statutory accounting period was paid to a single entity or to less than 21 entities; (iv) dividends (other than dividends paid in respect of shares entitled to a fixed rate of dividend only) were not paid by the company during the statutory accounting period but it would be concluded that, if such dividends had been paid by the company during the statutory accounting period, 75% or more of those dividends would have been paid to a single entity or to less than 21 entities. Meaning of recognised finance shares (3) For the purposes of this section, shares in a company are recognised finance shares if all the following conditions are satisfied: (a) the shareholder is not an associate of the company; (b) having regard to: (i) the manner in which the amount of dividends in respect of the shares are to be calculated; and (ii) the conditions applicable to the payment of dividends in respect of the shares; and (iii) any other relevant matters; the payment of the dividends in respect of the shares may reasonably be regarded as equivalent to the payment of interest on a loan; (c) having regard to: (i) the arrangements under which the shares were offered for subscription; and (ii) the ordinary business practices of brokers, agents, underwriters or other persons who took part in the arrangements for the issue of the shares; and (iii) the arrangements that were made for dealing with applications that were made for subscription of the shares; and (iv) any circumstances indicating the existence, at the time of the issue of the shares, of any arrangement for any of the shares to be offered for subscription, or purchased after subscription, by entities connected: (A) with each other; or (B) with the company issuing the shares; or (C) with a person by whom the amounts raised by the subscription, or amounts derived directly or indirectly from those amounts, were intended to be used; it is reasonable to regard the shares as having been issued with a view to public subscription or purchase or other wide distribution among investors. Meaning of eligible share interest (4) For the purposes of this section, a person holds an eligible share interest in a company at a particular time equal to the percentage of the company’s total paid ‑ up share capital (excluding recognised finance shares) beneficially owned by the person at that time. Extended meaning of eligible share interest : tiers of companies (5) For the purposes of this section, if: (a) a person holds an eligible share interest (including an eligible share interest that is taken to be held because of one or more previous applications of this subsection) in a company (in this subsection called the first level company ); and (b) the first level company holds an eligible share interest in another company (in this subsection called the second level company ); the person is taken to hold an eligible share interest in the second level company equal to the percentage calculated using the formula: where: First level percentage means the percentage of the eligible share interest held by the person in the first level company. Second level percentage means the percentage of the eligible share interest held by the first level company in the second level company. Definitions (6) In this section: eligible listed company has the meaning given by subsection (2). eligible share interest has the meaning given by subsections (4) and (5). recognised finance share has the meaning given by subsection (3).", "Amendment_Count": 2, "First_Amended": "No 35 of 1992", "Last_Amended": "No 80 of 1992", "Amending_Acts": "No 35 of 1992 | No 80 of 1992", "History_Notes": "Inserted by No 35 of 1992, item 57, effective s 7–75: 25 May 1992 (s 2) | Amended by No 80 of 1992, item 55 | item 56, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s327A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 327B", "Provision_Key": "s327b", "Heading": "Transitional finance shares", "Text": "Meaning of transitional finance shares (1) For the purposes of this Part, shares (in this subsection called the test shares ) in a company (in this subsection called the second company ) are transitional finance shares at a particular time (in this subsection called the test time ) if all of the following conditions are satisfied: (a) the test time is before 1 July 1998; (b) the test shares are finance shares; (c) during a period (in this subsection called the primary issue period ) ending before the IP time, another company (in this subsection called the first company ) issued widely distributed finance shares; (d) the issue of the widely distributed finance shares comprised the whole of a common issue of shares by the first company; (e) the issue of the test shares comprised the whole of a common issue of shares by the second company; (f) the test shares were simultaneously issued to the first company by the second company at, or within a reasonable time after, the end of the primary issue period; (g) the widely distributed finance shares were issued by the first company for the sole purpose of funding the first company’s acquisition of the test shares; (h) assuming that the test shares had been issued at the end of the primary issue period, the following conditions would have been satisfied at all times during the period commencing at the end of the primary issue period and ending at the test time: (i) the rights and obligations relating to the widely distributed finance shares are substantially similar to the rights and obligations relating to the test shares; (ii) the first company and the second company are under common ownership; (i) if, on the assumption that the dividends in respect of the test shares were instead payments of the interest, referred to in subsection (2), to which they may reasonably be regarded as equivalent, the following conditions would have been satisfied in relation to that interest: (i) the interest that accrued during the 24 ‑ month period ending at the test time accrued at intervals not exceeding 12 months; (ii) the interest that accrued during the 12 ‑ month period commencing 24 months before the test time was paid not later than 12 months after it accrued; (iii) the dividends paid in respect of the widely distributed finance shares during the 12 ‑ month period ending at the test time are wholly attributable to the interest that accrued during the 12 ‑ month period ending at the time the dividends were paid; (iv) the total amount of dividends paid in respect of the widely distributed finance shares during the 12 ‑ month period ending at the test time is equal to, or approximately equal to, the total amount of interest to which the dividends are attributable. Meaning of finance shares (2) For the purposes of this section, shares in a company are finance shares if, and only if, having regard to: (a) the manner in which the amount of dividends in respect of the shares was to be calculated; and (b) the conditions applicable to the payment of dividends in respect of the shares; and (c) any other relevant matters; the payment of the dividends in respect of the shares may reasonably be regarded as equivalent to the payment of interest on a loan. Modification of widely distributed finance shares (3) For the purposes of this section, in determining whether shares are widely distributed finance shares, if an asset is held by an entity as trustee for another entity who is absolutely entitled to the asset against the trustee, paragraph 327A(2)(b) has effect as if: (a) the asset were vested in the other entity instead of the trustee; and (b) if the asset is a share—any dividends paid in respect of the share were paid to the other entity instead of to the trustee. Meaning of under common ownership (4) For the purposes of this section, 2 companies are under common ownership at a particular time if, and only if: (a) another company (in this subsection called the third company ) holds eligible share interests in each of the companies; and (b) the aggregate of the eligible share interests in each company held by the third company is 90% or more. Meaning of eligible share interest (5) For the purposes of this section, a person holds an eligible share interest in a company at a particular time equal to the percentage of the company’s total paid ‑ up share capital (excluding finance shares) beneficially owned by the person at that time. Extended meaning of eligible share interest : tiers of companies (6) For the purposes of this section, if: (a) a person holds an eligible share interest (including an eligible share interest that is taken to be held because of one or more previous applications of this subsection) in a company (in this subsection called the first level company ); and (b) the first level company holds an eligible share interest in another company (in this subsection called the second level company ); the person is taken to hold an eligible share interest in the second level company equal to the percentage calculated using the formula: where: First level percentage means the percentage of the eligible share interest held by the person in the first level company. Second level percentage means the percentage of the eligible share interest held by the first level company in the second level company. Definitions (7) In this section: eligible share interest has the meaning given by subsections (5) and (6). finance share has the meaning given by subsection (2). under common ownership has the meaning given by subsection (4). widely distributed finance share has a meaning affected by subsection (3).", "Amendment_Count": 1, "First_Amended": "No 80 of 1992", "Last_Amended": "No 80 of 1992", "Amending_Acts": "No 80 of 1992", "History_Notes": "Inserted by No 80 of 1992, item 54 | item 55 | item 59, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s327B"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 328", "Provision_Key": "s328", "Heading": "Non ‑ resident family trusts", "Text": "(1) Subject to subsections (4) and (5), for the purposes of this Part, a trust is a non ‑ resident family trust in relation to a natural person at a particular time if, and only if, at that time: (a) the trust is either: (i) a post ‑ marital or post ‑ relationship family trust in relation to the natural person; or (ii) a family relief trust in relation to the natural person; and (b) the trust is constituted by: (i) a deed of trust or other instrument; or (ii) an order or declaration of a court. (2) For the purposes of this section, a trust is a post ‑ marital or post ‑ relationship family trust in relation to a natural person at a particular time if: (a) either of the following conditions is satisfied: (i) the trust was created pursuant to: (A) a decree or order of dissolution or annulment of marriage, being a dissolution or annulment that, because of the Family Law Act 1975 , has effect, or continues to have effect in Australia or is recognised as valid in Australia; or (B) a decree or order of judicial separation or a similar decree or order; (ii) the trust was created in consequence of the break ‑ down of a de facto relationship; and (b) at that time, the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust (which persons are in subsections (4) and (5) called the primary potential beneficiaries ) are natural persons who: (i) are not Part X Australian residents at that time; and (ii) are covered by any of the following categories: (A) the spouse or former spouse of the natural person; (B) a child of the natural person; (C) a child of the former spouse of the natural person, being a child who was such a child at a time when the former spouse was the spouse of the natural person; (D) a child of the spouse of the natural person. (3) For the purposes of this section, a trust is a family relief trust in relation to a natural person at a particular time (in this subsection called the test time ) if: (a) the only persons who benefit, or are capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust (which persons are in subsections (4) and (5) called the primary potential beneficiaries ) are natural persons who: (i) are identified by name in the trust deed or instrument, or in the court order or declaration, constituting the trust; and (ii) are not Part X Australian residents at that time; and (iii) are covered by any of the following categories: (A) the spouse or former spouse of the natural person; (B) a parent of the natural person or of the natural person’s spouse or former spouse; (C) a child of the natural person or of the natural person’s spouse or former spouse; (D) a grandparent of the natural person; (E) a grandchild of the natural person; (F) a brother or sister of the natural person or of the natural person’s spouse or former spouse; (G) a child of a brother or sister mentioned in sub ‑ subparagraph (F); and (b) the trust was established, and is operated, for the relief of persons who are in necessitous circumstances; and (c) any of the following conditions is satisfied: (i) at the test time, the assets of the trust are not excessive having regard to the requirements, or likely requirements, of the primary potential beneficiaries; (ii) no transfers of property or services to the trust were made during the period (in this paragraph called the test period ) commencing at the IP time and ending at the test time; (iii) immediately after each transfer of property or services to the trust made during the test period, the assets of the trust were not excessive having regard to the requirements, or likely requirements, of the beneficiaries at the time of the transfer. Note: Section 960 ‑ 255 of the Income Tax Assessment Act 1997 may be relevant to determining relationships for the purposes of subparagraph (3)(a)(iii). (4) Subsection (1) does not prevent a trust from being a non ‑ resident family trust in relation to a natural person at a particular time if, in the event of the death of a particular primary potential beneficiary at that time, one or more natural persons (which persons are in subsection (5) called the secondary potential beneficiaries ) who: (a) are not Part X Australian residents at that time; and (b) are children of the primary potential beneficiary; would benefit, or be capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust. (5) Subsections (1) and (4) do not prevent a trust from being a non ‑ resident family trust in relation to a natural person at a particular time if, in the event of the death of all of the primary potential beneficiaries and all of the secondary potential beneficiaries at that time, there are one or more deductible gift recipients covered by an item in any of the tables in Subdivision 30 ‑ B of the Income Tax Assessment Act 1997 , or item 2 of the table in section 30 ‑ 15 of that Act, that would benefit, or be capable (whether by the exercise of a power of appointment or otherwise) of benefiting, under the trust. (6) For the purposes of this section, if, at a particular time, an entity holds an interest in, or right to benefit under, a trust that is dependent on the death of one or more natural persons, then, the entity is taken to be an entity who, in the event of the death of that natural person or those natural persons immediately after that time, would benefit under the trust. (7) A reference in this section to a natural person does not include a reference to a natural person in the capacity of a trustee.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 5 of 1991 | No 18 of 1993 | No 121 of 1997 | No 144 of 2008 | No 169 of 2012", "History_Notes": "Inserted by No 5 of 1991, item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 18 of 1993, item 12, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 121 of 1997, Sch 9 item 40, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 144 of 2008, Sch 14 item 39 | Sch 14 item 41, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 169 of 2012, effective Sch 2 (items 1–3, 26, 27): 3 Dec 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s328"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 329", "Provision_Key": "s329", "Heading": "Public unit trusts", "Text": "For the purposes of this Part, a unit trust is a public unit trust at a particular time if, assuming that the 12 month period ending at that time had been a year of income, the unit trust would have been a public unit trust at all times during the year of income for the purposes of Division 6AAA of Part III.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s329"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 330", "Provision_Key": "s330", "Heading": "Tax detriment", "Text": "(1) For the purposes of this Part, each of the following is a tax detriment to a partner in a partnership: (a) an increase in an amount included under section 92 in the partner’s assessable income in respect of an interest in the net income of the partnership; (b) a reduction in an amount allowable under section 92 as a deduction to the partner in respect of the partner’s interest in a partnership loss of the partnership; (c) a combination of such a reduction to nil and such an increase. (2) For the purposes of this Part, an increase in an amount included under section 97, 98A or 100 in the assessable income of a beneficiary in respect of a share of the net income of a trust is a tax detriment to the beneficiary. (3) For the purposes of this Part, an increase (including from nil) in an amount assessable to a trustee under section 98 in respect of a beneficiary’s share of, or under section 99 or 99A in respect of the whole or a part of, the net income of a trust is a tax detriment to the trustee. (4) The amount of the tax detriment is equal to the amount of the increase or reduction or, where paragraph (1)(c) applies, the sum of the amounts of the reduction and increase.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s330"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 331", "Provision_Key": "s331", "Heading": "Company deemed to be treated as a resident of a listed country or an unlisted country for the purposes of the tax law of that country", "Text": "If the tax law of a listed country or an unlisted country adopts some criterion other than treatment as a resident as the criterion for applying a worldwide source tax base to a company, then, sections 332, 332A and 333 have effect, in relation to that tax law, as if that criterion were the same as treatment as a resident of the listed country or the unlisted country for the purposes of that tax law.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 155 of 1997", "Amending_Acts": "No 5 of 1991 | No 155 of 1997", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 31, effective 24 Oct 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s331"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 332", "Provision_Key": "s332", "Heading": "Companies that are residents of listed countries", "Text": "(1) For the purposes of this Part, a company is a resident of a listed country at a particular time if, and only if, the company is, in accordance with subsection (2), a resident of a particular listed country at that time. (2) For the purposes of this Part, a company is a resident of a particular listed country at a particular time if, and only if, both of the following conditions are satisfied at that time: (a) the company is not a Part X Australian resident; (b) the company is treated as a resident of the listed country for the purposes of the tax law of the listed country.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 155 of 1997, Sch 1 item 32, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s332"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 333", "Provision_Key": "s333", "Heading": "Companies that are residents of unlisted countries", "Text": "(1) For the purposes of this Part, a company is a resident of an unlisted country at a particular time if, and only if: (a) the company is, in accordance with subsection (2), a resident of a particular unlisted country at that time; or (b) paragraph (a) does not apply and the company is at that time neither: (i) a Part X Australian resident; nor (ii) a resident of a particular listed country. (2) For the purposes of this Part, a company is a resident of a particular unlisted country (in this section called the unlisted country of residence ) at a particular time if, and only if: (a) the company is not a Part X Australian resident at that time; and (b) the company is not treated as a resident of a listed country at that time for the purposes of the tax law of the listed country; and (c) any of the following subparagraphs applies: (i) both of the following conditions are satisfied at that time: (A) the company is treated as a resident of the unlisted country of residence for the purposes of the tax law of the unlisted country of residence; (B) the company is not treated as a resident of any other unlisted country for the purposes of the tax law of the unlisted country; (ii) both of the following conditions are satisfied at that time: (A) the company is treated as a resident of the unlisted country of residence and at least one other unlisted country for the purposes of the tax laws of each of those unlisted countries; (B) the company is incorporated in the unlisted country of residence; (iii) both of the following conditions are satisfied at that time: (A) the company is not treated as a resident of any unlisted country for the purposes of the tax law of the unlisted country; (B) the company’s management and control is solely or principally located in the unlisted country of residence. (iv) all of the following conditions are satisfied at that time: (A) the company is not treated as a resident of any unlisted country for the purposes of the tax law of the unlisted country; (B) the company’s management and control is not solely or principally located in the unlisted country of residence; (C) the company is incorporated in the unlisted country of residence.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s333"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 334A", "Provision_Key": "s334a", "Heading": "Voting interests in companies", "Text": "(1) For the purposes of this section, a company is taken to have a voting interest in another company if: (a) the first ‑ mentioned company is the beneficial owner of shares (other than eligible finance shares or widely distributed finance shares) in the other company that carry the right to exercise any of the voting power in the other company; and (b) there is no arrangement in force at the relevant time by virtue of which any person is in a position, or may become in a position, to affect that right; and the extent of the voting interest is taken to be the total number of votes that, by virtue of that right, can be cast on a poll at, or arising out of, a general meeting of the other company as regards all questions that could be submitted to such a poll. (2) For the purposes of paragraph (1)(b), a person is taken to be in a position to affect a right of a company if that person has a right, power or option (whether by virtue of any provision in the constituent document of any company or by virtue of any agreement or instrument or otherwise) to acquire that right or do an act or thing that would prevent the first ‑ mentioned company from exercising that right or receiving any benefits accruing by reason of that right. (3) Despite paragraph (1)(b) and subsection (2), in determining for the purposes of this section: (a) whether a company has a voting interest in another company; and (b) the extent of that interest; any appointment of a liquidator in respect of the other company is to be disregarded. (4) For the purposes of this section, the voting power in a company is the maximum number of votes that can be cast on a poll at, or arising out of, a general meeting of a company as regards all questions that can be submitted to such a poll. (5) In this section, arrangement includes: (a) any agreement, arrangement, understanding, promise or undertaking, whether expressed or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, Sch 1 item 18 | Sch 1 item 83 | Sch 1 item 176 | Sch 1 item 178, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s334A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 335", "Provision_Key": "s335", "Heading": "References extend to pre ‑ commencement matters and things", "Text": "Unless otherwise expressly provided, references in this Part are to matters and things whether occurring before or after the commencement of this Part.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s335"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 336", "Provision_Key": "s336", "Heading": "Australian entity", "Text": "For the purposes of this Part, each of the following is an Australian entity: (a) an Australian partnership; (b) an Australian trust; (c) an entity (other than a partnership or trust) that is a Part X Australian resident.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 51, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s336"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 337", "Provision_Key": "s337", "Heading": "Australian partnership", "Text": "For the purposes of this Part, a partnership is an Australian partnership at a particular time if at least one of the partners is an Australian entity at that time.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 51, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s337"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 338", "Provision_Key": "s338", "Heading": "Australian trust", "Text": "For the purposes of this Part, a trust is an Australian trust at a particular time (in this section called the test time ) if: (a) at any time in the period of 12 months immediately before the test time: (i) any trustee of the trust was a Part X Australian resident; or (ii) the central management and control of the trust was in Australia; or (b) the trust is a public trading trust for the purposes of Division 6C of Part III, in relation to the year of income of the trust in which the test time occurs.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 51, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 53 of 2016, Sch 5 item 24, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s338"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 339", "Provision_Key": "s339", "Heading": "Controlled foreign entity (CFE)", "Text": "Each of the following is a CFE (or controlled foreign entity): (a) a CFC (or controlled foreign company); (b) a CFP (or controlled foreign partnership); (c) a CFT (or controlled foreign trust).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s339"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 340", "Provision_Key": "s340", "Heading": "Controlled foreign company (CFC)", "Text": "A company is a CFC at a particular time if, at that time, the company is a resident of a listed country or of an unlisted country and any of the following paragraphs applies: (a) at that time, there is a group of 5 or fewer Australian 1% entities the aggregate of whose associate ‑ inclusive control interests in the company is not less than 50%; (b) both of the following subparagraphs apply: (i) at that time, there is a single Australian entity (in this paragraph called the assumed controller ) whose associate ‑ inclusive control interest in the company is not less than 40%; (ii) at that time, the company is not controlled by a group of entities not being or including the assumed controller or any of its associates; (c) at that time, the company is controlled by a group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s340"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 341", "Provision_Key": "s341", "Heading": "Controlled foreign partnership (CFP)", "Text": "A partnership is a CFP at a particular time if: (a) the partnership is not an Australian partnership at that time; and (b) at least one of the partners is a CFE at that time.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s341"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 342", "Provision_Key": "s342", "Heading": "Controlled foreign trust (CFT)", "Text": "A trust is a CFT at a particular time if, at that time, the trust is not an Australian trust and: (a) there is an eligible transferor in respect of the trust; or (b) there is a group of 5 or fewer Australian 1% entities the aggregate of whose associate ‑ inclusive control interests in the trust is not less than 50%.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s342"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 343", "Provision_Key": "s343", "Heading": "Interpretation", "Text": "In this Subdivision, unless the contrary intention appears: actual transfer , in relation to property or services, means a transfer of the property or services other than a transfer that is taken to have been made because of subsection 345(1), (2), (5), (6), (8), (10) or (11). property includes money. scheme has the same meaning as in Division 6AAA of Part III. services has the same meaning as in Division 6AAA of Part III. transfer has the same meaning as in Division 6AAA of Part III. underlying transfer , in relation to a transfer of property or services to a trust, means: (a) if that transfer was an actual transfer—the actual transfer; or (b) if that transfer was taken to have been made because of subsection 345(1)—the actual transfer referred to in that subsection; or (c) if that transfer was taken to have been made because of subsection 345(2)—the actual transfer referred to in paragraph 345(2)(d); or (d) if that transfer was taken to have been made because of subsection 345(5)—the actual transfer referred to in paragraph 345(5)(b); or (e) if that transfer was taken to have been made because of the application of subsection 345(6) or (8) to an actual transfer—the actual transfer; or (f) if that transfer was taken to have been made because of the application of subsection 345(6) or (8) to a transfer that was taken to have been made because of subsection 345(1)—the actual transfer referred to in subsection 345(1); or (g) if that transfer was taken to have been made because of the application of subsection 345(6) or (8) to a transfer that was taken to have been made because of subsection 345(5)—the actual transfer referred to in paragraph 345(5)(b); or (h) if that transfer was taken to have been made because of subsection 345(10)—the actual transfer referred to in paragraph 345(10)(b); or (j) if that transfer was taken to have been made because of one or more applications of subsection 345(11) to an actual transfer—the actual transfer; or (k) if that transfer was taken to have been made because of one or more applications of subsection 345(11) to a transfer (in this paragraph called the deemed transfer ) that was taken to have been made because of subsection 345(1), (2), (5), (6), (8) or (10)—the actual transfer that, under a preceding paragraph of this definition, is the underlying transfer in relation to the deemed transfer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s343"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 344", "Provision_Key": "s344", "Heading": "References to transfer of property or services", "Text": "(1) A reference in this Subdivision to the transfer of property or services to a trust includes a reference to the transfer of property or services by way of the creation of the trust. (2) For the purposes of this Subdivision, where an entity acquires property that did not previously exist, the property is taken to have existed immediately before the acquisition and to have been acquired from the entity who created the property. (3) For the purposes of this Subdivision, property or services are to be taken to have been transferred to an entity if the property or services have been applied for the benefit of, or in accordance with the directions of, the entity. (4) Without limiting the generality of subsection (3), a reference in that subsection to the application of property or services for the benefit of an entity includes a reference to the application of property or services in the discharge, in whole or in part, of a debt due by the entity. (5) A reference in this Subdivision to a transfer of property or services to an entity includes a reference to a transfer made before the commencement of this Subdivision. (6) A reference in this Subdivision to the transfer of property or services to a trust does not include a reference to a transfer made by the trustee of the estate of a deceased person under: (a) the terms of the deceased person’s will or codicil; or (b) an order of a court that varied or modified the provisions of a deceased person’s will or codicil; unless: (c) the transfer was made in or as a result of the exercise (by the trustee or any other person) of a power of appointment or any other discretion; or (d) under subsection 345(1), the property or services are taken to have been transferred by an entity other than the trustee, instead of by the trustee; or (e) under subsection 345(5), the Commissioner treats the property or services as having been (to any extent) transferred by an entity other than the trustee, instead of by the trustee.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s344"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 345", "Provision_Key": "s345", "Heading": "Deemed transfers of property or services", "Text": "(1) For the purposes of this Subdivision, where an entity (in this subsection called the prime entity ) causes another entity to actually transfer property or services to a trust, the prime entity (instead of the other entity) is to be taken to have transferred the property or services to the trust. (2) For the purposes of this Subdivision, where: (a) the trustee of a trust issues units in the trust to an entity (in this subsection called the first entity ) in the first entity’s capacity as a manager, underwriter or dealer in relation to the marketing or placement of the units; and (b) in the course of the marketing or placement of the units, the units are disposed of by the first entity to another entity (in this subsection called the second entity ); and (c) at a particular time (in this subsection called the second entity’s transfer time ), the second entity transfers property or services to the first entity as consideration for the acquisition of the units; and (d) the first entity has actually transferred, or actually transfers, property or services (in this subsection called the original property or services ) to the trust for the sole purpose of acquiring the units; the second entity is taken to have transferred the original property or services (instead of the first entity) at the second entity’s transfer time. (3) A reference in subsection (2) to a unit in a trust is a reference to an interest (however described) in any of the income or property of the trust. (4) Subsections (1) and (2) do not limit the operation of subsection (5). (5) Where, under a scheme: (a) an entity (in this subsection called the scheme entity ) actually transfers property or services to another entity; and (b) property or services are actually transferred to a trust at a particular time otherwise than by the scheme entity; the Commissioner may, for the purposes of this Subdivision, treat the property or services mentioned in paragraph (b) as having been transferred by the scheme entity (instead of by any other entity) to the trust at that time. (6) Where: (a) apart from subsections (8), (10) and (11), a partnership transfers property or services to a trust at a particular time (in this subsection called the transfer time ); and (b) at a later time (in this subsection called the cessation time ), the partnership ceases to exist for the purposes of this Act; then, for the purpose of determining whether an entity that was a partner in the partnership immediately before the cessation time is an eligible transferor in relation to the trust at a time after the cessation time, each such partner is to be taken to have transferred the original property or services to the trust at the transfer time. (7) Nothing in subsection (6) affects the application of this Subdivision to the transfer made by the partnership concerned. (8) For the purposes of this Subdivision, if: (a) apart from this subsection and subsections (6), (10) and (11), a discretionary trust (in this subsection called the transferor trust ) transfers property or services (in this subsection called the original property or services ) to another trust (in this subsection called the transferee trust ) at a particular time (in this subsection called the transfer time ); and (b) at a later time (in this subsection called the cessation time ), the transferor trust commences to be wound up or ceases to exist for the purposes of this Act; and (c) apart from this subsection and subsections (6), (10) and (11), one or more other entities transferred property or services to the transferor trust at or before the transfer time; each of those other entities is to be taken to have transferred the original property or services to the transferee trust at the transfer time. (9) Nothing in subsection (8) affects the application of this Subdivision to the transfer mentioned in paragraph (8)(a). (10) For the purposes of this Subdivision, where: (a) any of the following subparagraphs applies: (i) any of the following events occurs in relation to a company (which company is in this subsection called the transferor ): (A) the company passes a resolution for its winding ‑ up; (B) an order is made for the winding ‑ up of the company; (C) any similar event; (ii) a partnership (in this subsection also called the transferor ) ceases to exist for the purposes of this Act; (iii) either of the following sub ‑ subparagraphs applies in relation to the trustee of a trust (in this subsection also called the transferor ): (A) the trust commences to be wound ‑ up; (B) the trust estate ceases to exist for the purposes of this Act; and (b) an actual transfer of property or services is made to a trust (in this subsection called the transferee ) as a consequence of the transferor being wound ‑ up or ceasing to exist; the transferor is taken to have transferred to the transferee the property or services concerned. (11) Where: (a) the following subparagraphs apply to an entity (in this subsection called the defunct entity ): (i) the defunct entity is a company, partnership or trust; (ii) the defunct entity transferred property or services (in this subsection called the original property or services ) to a trust (including a transfer that was taken to have been made because of another application or applications of this subsection) at a particular time (in this subsection called the transfer time ); (iii) if the defunct entity is a company—the company passes a resolution for its winding ‑ up, an order is made for the winding ‑ up of the company or a similar event occurs; (iv) if the defunct entity is a partnership—the partnership ceases to exist for the purposes of this Act; (v) if the defunct entity is a trust—the trust commences to be wound up or ceases to exist for the purposes of this Act; and (b) the Commissioner is satisfied that an entity (in this subsection called the successor entity ) has benefited or is capable (whether by the exercise of a power of appointment or otherwise) of benefiting (either directly or indirectly through one or more interposed companies, partnerships or trusts) as a result of a transfer of property or services made by the defunct entity or a transfer of property or services made as a consequence of the defunct entity being wound up or ceasing to exist; and (c) the Commissioner is of the opinion that it is appropriate to apply this subsection to the successor entity; then, for the purpose of determining whether the successor entity is an eligible transferor in relation to the trust referred to in subparagraph (a)(ii) at a time after the transfer time, the successor entity is to be taken to have transferred the original property or services to that trust.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s345"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 346", "Provision_Key": "s346", "Heading": "Circumstances in which a transfer of property or services is an eligible business transaction", "Text": "An underlying transfer of property or services to a trust is an eligible business transaction if, and only if, at or about the time of the transfer, identical or similar property or services were transferred by the transferor in the ordinary course of business to ordinary clients or customers under arm’s length transactions in similar circumstances and subject to identical or similar terms and conditions as those that applied in relation to the underlying transfer of the property or services concerned.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s346"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 347", "Provision_Key": "s347", "Heading": "Eligible transferor in relation to a discretionary trust", "Text": "(1) An entity (in this section called the transferor entity ) is an eligible transferor in relation to a discretionary trust at a particular time (in this section called the test time ) if the trust is not a public unit trust at the test time and: (a) all of the following subparagraphs apply: (i) the transferor entity transferred property or services to the trust at a time (in this subparagraph called the transfer time ) at or after the IP time and before the test time; (ii) if the underlying transfer was made in the course of carrying on a business—the underlying transfer was not an eligible business transaction; (iii) if the underlying transfer was made under an arm’s length transaction otherwise than in the course of carrying on a business—the transferor entity was in a position, at any time after the transfer time and before the test time, to control the trust; or (b) all of the following subparagraphs apply: (i) the transferor entity transferred property or services to the trust at any time before the IP time; (ii) the underlying transfer was not an eligible business transaction; (iii) at any time after the IP time and before the test time, the entity was in a position to control the trust; and, at the test time, the transferor entity is an Australian entity or a CFE. (2) For the purposes of this section, an entity is taken to be in a position to control a trust if, and only if: (a) a group in relation to the entity had the power by means of the exercise by the group of any power of appointment or revocation or otherwise, to obtain, with or without the consent of any other entity, the beneficial enjoyment of the corpus or income of the trust; or (b) a group in relation to the entity was able in any manner whatsoever, whether directly or indirectly, to control the application of the corpus or income of the trust; or (c) a group in relation to the entity was capable under a scheme of gaining the enjoyment or the control referred to in paragraph (a) or (b); or (d) a trustee of the trust was accustomed or under an obligation (whether formally or informally) or might reasonably be expected to act in accordance with the directions, instructions or wishes of a group in relation to the entity; or (e) a group in relation to the entity was able to remove or appoint the trustee, or any of the trustees, of the trust. (3) A reference in subsection (2) to a group in relation to an entity is a reference to any of the following: (a) the entity acting alone; (b) an associate of the entity acting alone; (c) the entity and one or more associates of the entity acting together; (d) 2 or more associates of the entity acting together.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s347"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 348", "Provision_Key": "s348", "Heading": "Eligible transferor in relation to a non ‑ discretionary trust or a public unit trust", "Text": "(1) An entity is an eligible transferor in relation to a non ‑ discretionary trust or a public unit trust at a particular time (in this section called the test time ) if: (a) the transferor entity transferred property or services to the trust at or after the IP time and before the test time; and (b) the underlying transfer was made for no consideration or for a consideration less than the arm’s length amount in relation to the underlying transfer; and (c) it is not the case that the sole purpose of the underlying transfer was the acquisition of units in the trust where the parties to the underlying transfer were at arm’s length with each other in relation to the underlying transfer and the trust was a public unit trust at the test time; and, at the test time, the transferor entity is an Australian entity or a CFE. (2) For the purposes of subsection (1), the arm’s length amount in relation to a transfer of property or services to a trust is the amount that the trustee could reasonably be expected to have been required to pay to obtain the property or services concerned from the transferor under a transaction where the parties were dealing with each other at arm’s length in relation to the transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s348"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 349", "Provision_Key": "s349", "Heading": "Associate ‑ inclusive control interest in a company or trust", "Text": "(1) Subject to this section, the associate ‑ inclusive control interest that an entity (in this section called the lower entity ) holds in a company or trust at a particular time is the aggregate of: (a) the direct control interest in the company or trust that the lower entity holds at that time; and (b) the indirect control interests in the company or trust that the lower entity holds at that time; and (c) the direct control interests in the company or trust held at that time by associates of the lower entity; and (d) the indirect control interests in the company or trust held at that time by associates of the lower entity. (2) In calculating the associate ‑ inclusive control interest that the lower entity holds in the company or trust: (a) an indirect control interest of the lower entity is not to be counted under paragraph (1)(b) to the extent to which it is calculated by reference to: (i) a direct control interest in the company or trust that is taken into account under paragraph (1)(c); or (ii) an indirect control interest in the company or trust that is taken into account under paragraph (1)(d); and (b) an indirect control interest of an associate of the lower entity is not to be counted under paragraph (1)(d) to the extent to which it is calculated by reference to: (i) a direct control interest in the company or trust that is taken into account under paragraph (1)(a) or (c); or (ii) an indirect control interest in the company or trust that is taken into account under paragraph (1)(b) or (d). (3) If, apart from this subsection, both of the following things would be counted in calculating the associate ‑ inclusive control interest that the lower entity holds in the company or trust: (a) the holding of a direct control interest by the lower entity or any other entity; (b) an entitlement to acquire that direct control interest; only one of those things is to be taken into account. (4) For the purpose of determining any of the following matters: (a) whether the aggregate of the associate ‑ inclusive control interests that a group of entities holds in a company is not less than 50%; (b) whether a single Australian entity has an associate ‑ inclusive control interest in a company of not less than 40%; (c) whether the aggregate of the associate ‑ inclusive control interests that a group of entities holds in a trust is not less than 50%; (d) whether the associate ‑ inclusive control interest that an Australian entity holds in a CFC is not less than 10%; (e) whether the associate ‑ inclusive control interest that an Australian entity holds in a company is not less than 1%; if, apart from this subsection, an entity, or each of 2 or more entities, would hold a direct control interest, or control tracing interest, in another entity (in this subsection called the higher entity ) equal to 100%: (f) only one of those entities is to be taken to hold a direct control interest, or control tracing interest, as the case may be, in the higher entity equal to 100%; and (g) no other entity (whether or not the entity would, apart from this subsection hold a direct control interest, or control tracing interest, of 100%) is to be taken to hold any direct control interest, or control tracing interest, as the case may be, in the higher entity. (5) For the purpose of calculating the aggregate of the associate ‑ inclusive control interests that a group of entities holds in a company or trust: (a) if a particular direct control interest or indirect control interest that an entity holds in another entity would be counted more than once because the entity is an associate of one or more other entities in the group, that interest is to be counted only once; and (b) if both of the following things would, but for this subsection, be counted in calculating the aggregate of the associate ‑ inclusive control interests that a group of entities holds in a company or trust: (i) the holding of a direct control interest by an entity; (ii) an entitlement to acquire that direct control interest; only one of those things is to be counted. (6) If it is necessary for the purposes of this section to decide: (a) which one of 2 things is to be taken into account for the purposes of subsection (3) or (5); or (b) which one of 2 or more entities is to be chosen for the purposes of paragraph (4)(f); the Commissioner may make that decision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s349"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 350", "Provision_Key": "s350", "Heading": "Direct control interest in a company", "Text": "(1) Subject to subsection (7), an entity holds a direct control interest in a company at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of: (a) the total paid ‑ up share capital of the company; or (b) the total rights of shareholders to vote, or participate in any decision ‑ making, concerning any of the following: (i) the making of distributions of capital or profits of the company to its shareholders; (ii) the constituent document of the company; (iii) any variation of the share capital of the company; or (c) the total rights to distributions of capital or profits of the company to its shareholders on winding ‑ up; or (d) the total rights to distributions of capital or profits of the company to its shareholders, otherwise than on winding ‑ up; or, if different percentages are applicable under the preceding paragraphs, the greater or greatest of those percentages. (2) If the percentage of total rights to vote or participate in decision ‑ making differs as between differing types of decision ‑ making, the highest of those percentages applies for the purposes of paragraph (1)(b). (3) For the purposes of the application of subsection (1) to a company, the percentage that an entity holds, or is entitled to acquire, at a particular time (in this subsection called the test time ) in a statutory accounting period of the company, of the total rights to distributions of capital or profits of the company to its shareholders on winding ‑ up is to be worked out by: (a) ascertaining whichever of the following is applicable: (i) the capital of the company as at the end of the statutory accounting period; (ii) the profits of the company for the statutory accounting period; and (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and (c) ascertaining the percentage concerned: (i) at the end of the statutory accounting period instead of at the test time; and (ii) on that assumption. (4) For the purposes of the application of subsection (1) to a company, the percentage that an entity holds, or is entitled to acquire, at a particular time (in this subsection called the test time ) in a statutory accounting period of the company, of the total rights to distributions of capital or profits of the company to its shareholders, otherwise than on winding ‑ up, is to be worked out by: (a) ascertaining whichever of the following is applicable: (i) the capital of the company as at the end of the statutory accounting period; (ii) the profits of the company for the statutory accounting period; and (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and (c) ascertaining the percentage concerned: (i) at the end of the statutory accounting period instead of at the test time; and (ii) on that assumption. (5) Eligible finance shares in a company are to be ignored for the purposes of the application of subsection (1) to the company. (6) If, at a particular time, a company is controlled by a group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity), each Australian entity in that group of 5 or fewer holds a direct control interest in the company equal to 100%. (7) An entity that holds a direct control interest in a company at a particular time because of subsection (6) is not to be taken to hold any direct control interest in the company at that time because of subsection (1).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s350"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 351", "Provision_Key": "s351", "Heading": "Direct control interest in a trust", "Text": "(1) An entity that is a beneficiary in a trust holds a direct control interest in the trust at a particular time equal to: (a) the percentage of the income of the trust represented by the share of the income to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or (b) the percentage of the corpus of the trust represented by the share of the corpus to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or, if those percentages differ, the greater of those percentages. (2) For the purposes of the application of subsection (1) to a trust: (a) the percentage of the income of the trust represented by the share of the income to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or (b) the percentage of the corpus of the trust represented by the share of the corpus to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; at a particular time (in this subsection called the test time ) in a year of income of the trust, is to be worked out by: (c) ascertaining whichever of the following is applicable: (i) the income of the trust for the year of income; (ii) the corpus of the trust as at the end of the year of income; and (d) assuming that the share to which the entity is entitled, or that the entity is entitled to acquire, at the test time was the same at all other times during the year of income; and (e) ascertaining the percentage concerned: (i) at the end of the year of income instead of at the test time; and (ii) on that assumption. (3) Each entity that is an eligible transferor in relation to a trust at a particular time holds a direct control interest in the trust at that time equal to 100%. (4) An entity that holds a direct control interest in a trust at a particular time because of subsection (3) is not to be taken to hold any direct control interest in the trust at that time because of subsection (1).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s351"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 352", "Provision_Key": "s352", "Heading": "Indirect control interest in a company or trust", "Text": "(1) An indirect control interest that an entity (in this section called the bottom entity ) holds in a company or trust at a particular time is calculated in accordance with this section. (2) An interposed entity is not to be taken into account in calculating an indirect control interest unless the entity is a CFE. (3) If there is only one entity interposed between the bottom entity and the company or trust, the indirect control interest is calculated by multiplying the control tracing interest that the bottom entity holds in the interposed entity by the control tracing interest that the interposed entity holds in the company or trust. (4) If there are 2 entities interposed between the bottom entity and the company or trust, the indirect control interest is calculated: (a) by multiplying the control tracing interest that the bottom entity holds in the first interposed entity by the control tracing interest that the first interposed entity holds in the second interposed entity; and (b) by multiplying the result of the calculation referred to in paragraph (a) by the control tracing interest that the second interposed entity holds in the company or trust. (5) If there are 3 or more entities interposed between the bottom entity and the company or trust, the indirect control interest is calculated: (a) by multiplying the control tracing interest that the bottom entity holds in the first interposed entity by the control tracing interest that the first interposed entity holds in the second interposed entity; and (b) by multiplying the result of the calculation referred to in paragraph (a) by the control tracing interest that the second interposed entity holds in the third interposed entity; and so on, ending with a multiplication by the control tracing interest that the last interposed entity holds in the company or trust. (6) For the purposes of this section, an entity (in this subsection called the second entity ) is interposed between 2 other entities (in this subsection called the first entity and the third entity respectively) if, and only if: (a) the first entity has a control tracing interest in the second entity; and (b) the second entity has a control tracing interest in the third entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s352"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 353", "Provision_Key": "s353", "Heading": "Control tracing interest in a company", "Text": "(1) Subject to this section, an entity (in this subsection called the lower entity ) holds a control tracing interest in a company at a particular time equal to the direct control interest in the company that the lower entity holds at that time. (2) An entity (in this subsection called the lower entity ) holds a control tracing interest in a company at a particular time equal to 100% if: (a) the aggregate of the direct control interests in the company held at that time by the lower entity and its associates is not less than 50%; or (b) both of the following conditions are satisfied: (i) the aggregate of the direct control interests in the company held at that time by the lower entity and its associates is not less than 40%; (ii) at that time, the company is not controlled by a group of entities not being or including the lower entity or any of its associates; or (c) at that time, the company is controlled by the lower entity, either alone or together with associates.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s353"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 354", "Provision_Key": "s354", "Heading": "Control tracing interest in a CFP", "Text": "Each partner in a CFP holds a control tracing interest in the CFP equal to 100%.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s354"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 355", "Provision_Key": "s355", "Heading": "Control tracing interest in a CFT", "Text": "(1) An entity that is an eligible transferor at a particular time in relation to a CFT holds a control tracing interest in the CFT at that time equal to 100%. (2) Subject to subsection (4), an entity (in this subsection called the lower entity ) that is a beneficiary in a CFT holds a control tracing interest in the trust at a particular time equal to: (a) the percentage of the income of the CFT represented by the share of the income to which the lower entity is entitled, or that the lower entity is entitled to acquire; or (b) the percentage of the corpus of the CFT represented by the share of the corpus to which the lower entity is entitled, or that the lower entity is entitled to acquire; or, if those percentages differ, the greater of those percentages. (3) For the purposes of the application of subsection (2) to a trust: (a) the percentage of the income of the trust represented by the share of the income to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or (b) the percentage of the corpus of the trust represented by the share of the corpus to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; at a particular time (in this subsection called the test time ) in a year of income of the trust, is to be worked out by: (c) ascertaining whichever of the following is applicable: (i) the income of the trust for the year of income; (ii) the corpus of the trust as at the end of the year of income; and (d) assuming that the share to which the entity is entitled, or that the entity is entitled to acquire, at the test time was the same at all other times during the year of income; and (e) ascertaining the percentage concerned: (i) at the end of the year of income instead of at the test time; and (ii) on that assumption. (4) If the percentage calculated under subsection (2) is not less than 50%, the lower entity holds a control tracing interest in the CFT equal to 100%. (5) An entity that holds a control tracing interest in a CFT at a particular time because of subsection (1) is not to be taken to hold any control tracing interest in the CFT at that time because of subsection (2) or (4).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s355"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 356", "Provision_Key": "s356", "Heading": "Direct attribution interest in a CFC or CFT", "Text": "(1) An entity holds a direct attribution interest in a CFC at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of: (a) the total paid ‑ up share capital of the CFC; or (b) the total rights of shareholders to vote, or participate in any decision ‑ making, concerning any of the following: (i) the making of distributions of capital or profits of the CFC to its shareholders; (ii) the constituent document of the CFC; (iii) any variation of the share capital of the CFC; or (c) the total rights to distributions of capital or profits of the CFC to its shareholders on winding ‑ up; or (d) the total rights to distributions of capital or profits of the CFC to its shareholders, otherwise than on winding ‑ up; or, if different percentages are applicable under the preceding paragraphs, the greater or greatest of those percentages. (2) For the purposes of the application of subsection (1) to a company, the percentage that an entity holds, or is entitled to acquire, at a particular time (in this subsection called the test time ) in a statutory accounting period of the company, of the total rights to distributions of capital or profits of the company to its shareholders on winding ‑ up is to be worked out by: (a) ascertaining whichever of the following is applicable: (i) the capital of the company as at the end of the statutory accounting period; (ii) the profits of the company for the statutory accounting period; and (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and (c) ascertaining the percentage concerned: (i) at the end of the statutory accounting period instead of at the test time; and (ii) on that assumption. (3) For the purposes of the application of subsection (1) to a company, the percentage that an entity holds, or is entitled to acquire, at a particular time (in this subsection called the test time ) in a statutory accounting period of the company, of the total rights to distributions of capital or profits of the company to its shareholders, otherwise than on winding ‑ up, is to be worked out by: (a) ascertaining whichever of the following is applicable: (i) the capital of the company as at the end of the statutory accounting period; (ii) the profits of the company for the statutory accounting period; and (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and (c) ascertaining the percentage concerned: (i) at the end of the statutory accounting period instead of at the test time; and (ii) on that assumption. (4) Eligible finance shares, widely distributed finance shares and transitional finance shares in a company are to be ignored for the purposes of the application of subsection (1) to the company. (4A) Shares in a company that is treated as a real estate investment trust for the purposes of the Internal Revenue Code 1986 of the United States of America are to be ignored for the purposes of the application of subsection (1) to the company if the conditions in subsection (4B) or (4C) are satisfied. (4B) The condition in this subsection is that the taxpayer who holds the shares satisfies the Commissioner that: (a) the shares that the taxpayer holds at the end of the entity’s statutory accounting period are held for the sole purpose of investing directly, or indirectly through one or more interposed entities, in: (i) a business conducted in the United States of America; or (ii) real property located in the United States of America; and (b) the company does not directly, or indirectly through one or more interposed entities: (i) have an interest in income or gains derived from sources outside the United States of America; or (ii) hold an interest in a FIF (within the meaning of former Part XI) that is not resident in the United States of America; or (iii) hold real property that is not located in the United States of America. (4C) The condition in this subsection is that the taxpayer who holds the shares satisfies the Commissioner that: (a) the shares that the taxpayer holds at the end of the entity’s statutory accounting period are held for the sole purpose of investing directly, or indirectly through one or more interposed entities, in: (i) a business conducted in the United States of America; or (ii) real property located in the United States of America; and (b) throughout the entity’s statutory accounting period, the total value of: (i) any interests that the company has in income or gains derived from sources outside the United States of America; and (ii) any interests that the company has in FIFs (within the meaning of former Part XI) that are not resident in the United States of America; and (iii) any real property held by the company that is not located in the United States of America; does not exceed 5% of the total value of all interests held by the company in other entities; and (c) throughout the entity’s statutory accounting period, the total value of assets held by the company that: (i) produce income from sources outside the United States of America; or (ii) if disposed of would give rise to a gain from a source outside the United States of America; does not exceed 5% of the total value of all the assets held by the company. (4D) For the purposes of subsection (4C), the value of interests and the value of assets is to be determined using the accounting records of the company. (5) An entity that is an eligible transferor at a particular time in relation to a CFT holds a direct attribution interest in the CFT at that time equal to 100%. (6) Subsection (5) does not apply if: (a) the eligible transferor is a natural person (other than a natural person in the capacity of a trustee); and (b) the CFT is a non ‑ resident family trust in relation to the natural person. (7) An entity (in this subsection called the lower entity ) that is a beneficiary in a CFT holds a direct attribution interest in the CFT at a particular time equal to: (a) the percentage of the income of the CFT represented by the share of the income to which the lower entity is entitled, or that the lower entity is entitled to acquire; or (b) the percentage of the corpus of the CFT represented by the share of the corpus to which the lower entity is entitled, or that the lower entity is entitled to acquire; or, if those percentages differ, the greater of those percentages. (8) An entity that holds a direct attribution interest in a CFT at a particular time because of subsection (5) is not to be taken to hold any direct attribution interest in the CFT at that time because of subsection (7).", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 5 of 1991 | No 35 of 1992 | No 80 of 1992 | No 93 of 1999 | No 96 of 2004 | No 114 of 2010", "History_Notes": "Inserted by No 5 of 1991, item 341 | item 100, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 35 of 1992, item 59, effective s 7–75: 25 May 1992 (s 2) | Amended by No 80 of 1992, item 57, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 93 of 1999, Sch 1 item 47, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 114 of 2010, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s356"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 357", "Provision_Key": "s357", "Heading": "Indirect attribution interest in a CFC or CFT", "Text": "(1) An indirect attribution interest that an entity (in this section called the bottom entity ) holds in a CFC or CFT (in this section called the top entity ) at a particular time is calculated in accordance with this section. (2) An interposed entity is not to be taken into account in calculating an indirect attribution interest unless the entity is a CFE. (3) If there is only one entity interposed between the bottom entity and the top entity, the indirect attribution interest is calculated by multiplying the attribution tracing interest that the bottom entity holds in the interposed entity by the attribution tracing interest that the interposed entity holds in the top entity. (4) If there are 2 entities interposed between the bottom entity and the top entity, the indirect attribution interest is calculated: (a) by multiplying the attribution tracing interest that the bottom entity holds in the first interposed entity by the attribution tracing interest that the first interposed entity holds in the second interposed entity; and (b) by multiplying the result of the calculation referred to in paragraph (a) by the attribution tracing interest that the second interposed entity holds in the top entity. (5) If there are 3 or more entities interposed between the bottom entity and the top entity, the indirect attribution interest is calculated: (a) by multiplying the attribution tracing interest that the bottom entity holds in the first interposed entity by the attribution tracing interest that the first interposed entity holds in the second interposed entity; and (b) by multiplying the result of the calculation referred to in paragraph (a) by the attribution tracing interest that the second interposed entity holds in the third interposed entity; and so on, ending with a multiplication by the attribution tracing interest that the last interposed entity holds in the top entity. (6) For the purposes of this section, an entity (in this subsection called the second entity ) is interposed between 2 other entities (in this subsection called the first entity and the third entity respectively) if, and only if: (a) the first entity has an attribution tracing interest in the second entity; and (b) the second entity has an attribution tracing interest in the third entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s357"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 358", "Provision_Key": "s358", "Heading": "Attribution tracing interest in a CFC", "Text": "An entity holds an attribution tracing interest in a CFC at a particular time equal to the direct attribution interest in the CFC that the entity holds at that time.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s358"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 359", "Provision_Key": "s359", "Heading": "Attribution tracing interest in a CFP", "Text": "An entity that is a partner in a CFP holds an attribution tracing interest in the CFP at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of: (a) the total interests in the profits of the CFP; or (b) the total interests in the CFP property; or, if those percentages differ, the greater of those percentages.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s359"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 360", "Provision_Key": "s360", "Heading": "Attribution tracing interest in a CFT", "Text": "(1) An entity that is an eligible transferor at a particular time in relation to a CFT holds an attribution tracing interest in the CFT at that time equal to 100%. (2) Subsection (1) does not apply if: (a) the eligible transferor is a natural person (other than a natural person in the capacity of a trustee); and (b) the CFT is a non ‑ resident family trust in relation to the natural person. (3) An entity (in this subsection called the lower entity ) that is a beneficiary in a CFT holds an attribution tracing interest in the CFT at a particular time equal to: (a) the percentage of the income of the CFT represented by the share of the income to which the lower entity is entitled, or that the lower entity is entitled to acquire; or (b) the percentage of the corpus of the CFT represented by the share of the corpus to which the lower entity is entitled, or that the lower entity is entitled to acquire; or, if those percentages differ, the greater of those percentages. (4) An entity that holds an attribution tracing interest in a CFT at a particular time because of subsection (1) is not to be taken to hold any attribution tracing interest in the CFT at that time because of subsection (3).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s360"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 361", "Provision_Key": "s361", "Heading": "Attributable taxpayer in relation to a CFC or a CFT", "Text": "(1) An entity (in this subsection called the test entity ) is an attributable taxpayer in relation to a CFC at a particular time if, at that time: (a) the test entity is an Australian entity whose associate ‑ inclusive control interest in the CFC is at least 10%; or (b) all of the following subparagraphs apply: (i) the CFC is a CFC at that time only because of paragraph 340(c); (ii) the CFC is controlled by any group of 5 or fewer Australian entities, either alone or together with associates (whether or not any associate is also an Australian entity); (iii) the test entity is an Australian 1% entity and is included in that group of 5 or fewer Australian entities. (2) An entity (in this subsection called the test entity ) is an attributable taxpayer in relation to a CFT at a particular time if, at that time, the test entity is an Australian entity whose associate ‑ inclusive control interest in the CFT is at least 10%. (3) Subsections (1) and (2) have effect subject to section 768 ‑ 960 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 5 of 1991 | No 32 of 2006", "History_Notes": "Inserted by No 5 of 1991, item 51, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 32 of 2006, Sch 1 item 13, effective Sch 1 (items 4–15, 40(8), (9)): 6 Apr 2006 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s361"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 362", "Provision_Key": "s362", "Heading": "Attribution percentage of an attributable taxpayer", "Text": "(1) Subject to this section, the attribution percentage of an attributable taxpayer in relation to a CFC or CFT at a particular time is the sum of: (a) the direct attribution interest in the CFC or CFT held by the taxpayer at that time; and (b) the aggregate of the indirect attribution interests in the CFC or CFT held by the taxpayer at that time. (2) If, apart from this subsection, both of the following things would be counted in calculating the attribution percentage of an attributable taxpayer in relation to a CFC or CFT at a particular time: (a) the holding of a direct attribution interest in an entity by any other entity; (b) an entitlement to acquire that direct attribution interest; only one of those things is to be taken into account. (3) If: (a) in calculating the percentage that would be the attribution percentage of an attributable taxpayer (apart from this subsection and subsection (5)) in relation to a CFC at a particular time (in this subsection called the test time ) regard was had to an attribution tracing interest of an eligible transferor in relation to a CFT, being an attribution tracing interest determined under subsection 360(1); and (b) the attribution percentage referred to in paragraph (a) is greater than it would have been apart from subsection 360(1); and (c) there are other eligible transferors in relation to the CFT at the test time; and (d) the attributable taxpayer gives to the Commissioner, in accordance with a form approved, in writing, by the Commissioner, such information as is required by the form to be given; the Commissioner may reduce the attribution percentage referred to in paragraph (a) by such amount as the Commissioner considers reasonable in the circumstances. (4) If: (a) in calculating the percentage that would be the attribution percentage of an attributable taxpayer (apart from this subsection and subsection (5)) in relation to a CFT (in this subsection called the attributing CFT ) at a particular time (in this subsection called the test time ) regard was had to: (i) a direct attribution interest of the attributable taxpayer in relation to the attributing CFT, being direct attribution interest determined under subsection 356(2); or (ii) an attribution tracing interest of an eligible transferor in relation to another CFT (in this subsection called the interposed CFT ); and (b) the attribution percentage referred to in paragraph (a) is greater than it would have been apart from subsection 356(2) or 360(1), as the case may be; and (c) at the test time, there are other eligible transferors in relation to the attributing CFT or the interposed CFT, as the case may be; and (d) the attributable taxpayer gives to the Commissioner such information, and produces to the Commissioner such documents, as the Commissioner requires in connection with the operation of this subsection; the Commissioner may reduce the attribution percentage referred to in paragraph (a) by such amount as the Commissioner considers reasonable in the circumstances. (5) If, apart from this subsection, the aggregate of the attribution percentages of all the attributable taxpayers in relation to a CFC or CFT at a particular time would exceed 100%, the attribution percentage of each of those attributable taxpayers is the percentage calculated using the formula: where: Individual percentage means the percentage that would, apart from this subsection, be the attribution percentage of the attributable taxpayer concerned. Total percentage means the aggregate of the percentages that would, apart from this subsection, be the attribution percentages of all the attributable taxpayers.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 51 | item 100, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s362"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 363", "Provision_Key": "s363", "Heading": "Attribution account entity", "Text": "(1) Each of the following is an attribution account entity: (a) a company that is not a Part X Australian resident; (b) a partnership; (c) a trust. (2) If: (a) a company ceases to be resident in an unlisted country and becomes a Part X Australian resident; and (b) a taxpayer is an attributable taxpayer in relation to the company immediately before the time of the change of residence; in determining whether an attribution debit arises for the company in relation to the taxpayer in respect of an attribution account payment made to the taxpayer or another attribution account entity, the company is taken to be an attribution account entity.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 5 of 1991 | No 216 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 51, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 216 of 1991, Sch 4 item 84, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s363"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 364", "Provision_Key": "s364", "Heading": "Attribution account percentage", "Text": "The attribution account percentage of a taxpayer in relation to an entity is the sum of the taxpayer’s direct attribution account interest and indirect attribution account interest or interests in the entity.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s364"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 365", "Provision_Key": "s365", "Heading": "Attribution account payment", "Text": "(1) Each of the following is an attribution account payment: (a) a dividend paid by a company to a shareholder; (b) the individual interest of a partner in the net income (within the meaning of section 90) of a partnership of a year of income; (c) where a beneficiary of a trust is presently entitled to a share of the income of the trust—that share of the net income (within the meaning of section 95) of the trust of a year of income; (ca) where a beneficiary of a trust is specifically entitled to an amount of a capital gain or a franked distribution of the trust for a year of income: (i) in the case of a capital gain—the amount mentioned in subsection 115 ‑ 225(1) in respect of the beneficiary; or (ii) in the case of a franked distribution—the amount mentioned in subsection 207 ‑ 37(1) in respect of the beneficiary; to the extent that it is not covered under paragraph (c); (d) the whole or part of the net income of a trust of a year of income that is assessable to the trustee under section 99 or 99A; (e) an amount of trust property that would be included in the assessable income of a beneficiary of a year of income under section 99B if: (i) the beneficiary were a resident, within the meaning of section 6, at a time during the year of income; and (ii) paragraph 99B(2)(c) were replaced by a paragraph referring to any attribution account payment under paragraph (c) or (d) of this subsection. (2) The attribution account payment is taken to be made: (a) in a paragraph (1)(b) case—by the partnership to the partner; and (b) in a paragraph (1)(c) or (e) case—by the trust to the beneficiary; and (c) in a paragraph (1)(d) case—by the trust to the trustee; and, in any such case, to be made at the end of the year of income. (3) Where: (a) an attribution credit arises for a company in relation to a taxpayer under paragraph 371(1)(b) as a result of a change of residence whereby the company becomes a Part X Australian resident; and (b) the company makes an attribution account payment consisting of a frankable distribution that has been franked in accordance with section 202 ‑ 5 of the Income Tax Assessment Act 1997 , or that has been franked with an exempting credit in accordance with section 208 ‑ 60 of that Act; and (c) immediately before the attribution account payment is made, there is an attribution surplus for the company in relation to the taxpayer that is attributable to the attribution credit; then, for the purposes of applying section 23AI and Divisions 4 and 5 of this Part in relation to the taxpayer, the attribution account payment is taken to be reduced to the extent that it is franked.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 5 of 1991 | No 93 of 1999 | No 23 of 2005 | No 62 of 2011", "History_Notes": "Inserted by No 5 of 1991, item 100 | item 9 | item 51 | item 52, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 93 of 1999, Sch 5 item 76, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 23 of 2005, Sch 3 item 55, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 62 of 2011, Sch 2 item 43, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s365"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 366", "Provision_Key": "s366", "Heading": "Direct attribution account interest in a company", "Text": "(1) An entity holds a direct attribution account interest in a company at a particular time equal to the percentage that the entity holds, or is entitled to acquire, at that time of: (a) the total paid ‑ up share capital of the company; or (b) the total rights of shareholders to vote, or participate in any decision ‑ making, concerning any of the following: (i) the making of distributions of capital or profits of the company to its shareholders; (ii) the constituent document of the company; (iii) any variation of the share capital of the company; or (c) the total rights to distributions of capital or profits of the company to its shareholders on winding ‑ up; or (d) the total rights to distributions of capital or profits of the company to its shareholders, otherwise than on winding ‑ up; or, if different percentages are applicable under the preceding paragraphs, the greater or greatest of those percentages. (2) If the percentage of total rights to vote or participate in decision ‑ making differs as between differing types of decision ‑ making, the highest of those percentages applies for the purposes of paragraph (1)(b). (3) For the purposes of the application of subsection (1) to a company, the percentage that an entity holds, or is entitled to acquire, at a particular time (in this subsection called the test time ) in a statutory accounting period of the company, of the total rights to distributions of capital or profits of the company to its shareholders on winding ‑ up is to be worked out by: (a) ascertaining whichever of the following is applicable: (i) the capital of the company as at the end of the statutory accounting period; (ii) the profits of the company for the statutory accounting period; and (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and (c) ascertaining the percentage concerned: (i) at the end of the statutory accounting period instead of at the test time; and (ii) on that assumption. (4) For the purposes of the application of subsection (1) to a company, the percentage that an entity holds, or is entitled to acquire, at a particular time (in this subsection called the test time ) in a statutory accounting period of the company, of the total rights to distributions of capital or profits of the company to its shareholders, otherwise than on winding ‑ up, is to be worked out by: (a) ascertaining whichever of the following is applicable: (i) the capital of the company as at the end of the statutory accounting period; (ii) the profits of the company for the statutory accounting period; and (b) assuming that the rights to such distributions that the entity holds, or is entitled to acquire, at the test time were the same at all other times during the statutory accounting period; and (c) ascertaining the percentage concerned: (i) at the end of the statutory accounting period instead of at the test time; and (ii) on that assumption. (5) Eligible finance shares, widely distributed finance shares and transitional finance shares in a company are to be ignored for the purposes of the application of subsection (1) to the company.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 80 of 1992", "Amending_Acts": "No 5 of 1991 | No 35 of 1992 | No 80 of 1992", "History_Notes": "Inserted by No 5 of 1991, item 341, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 35 of 1992, item 60, effective s 7–75: 25 May 1992 (s 2) | Amended by No 80 of 1992, item 58, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s366"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 367", "Provision_Key": "s367", "Heading": "Direct attribution account interest in a partnership", "Text": "(1) An entity that is a partner in a partnership holds a direct attribution account interest in the partnership at a particular time equal to the percentage that the partner holds, or is entitled to acquire, of: (a) the total interests in the profits of the partnership; or (b) the total interests in the property of the partnership; or, if those percentages differ, the greater of those percentages. (2) For the purposes of the application of subsection (1) to a partnership: (a) the percentage that the partner holds, or is entitled to acquire, of the total interests in the profits of the partnership; or (b) the percentage that the partner holds, or is entitled to acquire, of the total interests in the property of the partnership; at a particular time (in this subsection called the test time ) in an accounting period of the partnership is to be worked out by: (c) ascertaining whichever of the following is applicable: (i) the profits of the partnership for the accounting period; (ii) the property of the partnership as at the end of the accounting period; and (d) assuming that the percentage that the partner holds, or that the partner is entitled to acquire, at the test time was the same at all other times during the accounting period; and (e) ascertaining the percentage concerned: (i) at the end of the accounting period instead of at the test time; and (ii) on that assumption.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s367"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 368", "Provision_Key": "s368", "Heading": "Direct attribution account interest in a trust", "Text": "(1) A beneficiary in a trust holds a direct attribution account interest in the trust at a particular time equal to: (a) the percentage of the income of the trust represented by the share of the income to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or (b) the percentage of the corpus of the trust represented by the share of the corpus to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or, if those percentages differ, the greater of those percentages. (2) For the purposes of the application of subsection (1) to a trust: (a) the percentage of the income of the trust represented by the share of the income to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; or (b) the percentage of the corpus of the trust represented by the share of the corpus to which the beneficiary is entitled, or that the beneficiary is entitled to acquire; at a particular time (in this subsection called the test time ) in an accounting period of the trust, is to be worked out by: (c) ascertaining whichever of the following is applicable: (i) the income of the trust for the accounting period; (ii) the corpus of the trust as at the end of the accounting period; and (d) assuming that the share to which the entity is entitled, or that the entity is entitled to acquire, at the test time was the same at all other times during the accounting period; and (e) ascertaining the percentage concerned: (i) at the end of the accounting period instead of at the test time; and (ii) on that assumption. (3) Each entity that is an eligible transferor in relation to a trust at a particular time holds a direct attribution account interest in the trust at that time equal to: (a) if paragraph (b) does not apply—100%; or (b) if, because there are 2 or more eligible transferors in relation to the trust, the Commissioner reduces an attribution percentage under subsection 362(3) or (4) or subsection 362(5) applies—such lower percentage as the Commissioner considers reasonable in the circumstances. (4) An entity that holds a direct attribution account interest in a trust at a particular time because of subsection (3) is not taken to hold any direct attribution account interest in the trust at that particular time because of subsection (1).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s368"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 369", "Provision_Key": "s369", "Heading": "Indirect attribution account interest in an entity", "Text": "(1) The indirect attribution account interest that an entity (in this section called the bottom entity ) holds in another entity (in this section called the top entity ) is calculated in accordance with this section. (2) An interposed entity is not to be taken into account in calculating the indirect attribution account interest unless the entity is an attribution account entity. (3) If there is only one entity interposed between the bottom entity and the top entity, the indirect attribution account interest is calculated by multiplying the direct attribution account interest that the bottom entity holds in the interposed entity by the direct attribution account interest that the interposed entity holds in the top entity. (4) If there are 2 entities interposed between the bottom entity and the top entity, the indirect attribution account interest is calculated: (a) by multiplying the direct attribution account interest that the bottom entity holds in the first interposed entity by the direct attribution account interest that the first interposed entity holds in the second interposed entity; and (b) by multiplying the result of the calculation in paragraph (a) by the direct attribution account interest that the second interposed entity holds in the top entity. (5) If there are 3 or more entities interposed between the bottom entity and the top entity, the indirect attribution account interest is calculated: (a) by multiplying the direct attribution account interest that the bottom entity holds in the first interposed entity by the direct attribution account interest that the first interposed entity holds in the second interposed entity; and (b) by multiplying the result of the multiplication referred to in paragraph (a) by the direct attribution account interest that the second interposed entity holds in the third interposed entity; and so on, ending with a multiplication by the direct attribution account interest that the last interposed entity holds in the top entity. (6) For the purposes of this section, an entity (in this subsection called the second entity ) is interposed between 2 other entities (in this subsection called the first entity and the third entity respectively) if, and only if: (a) the first entity has a direct attribution account interest in the second entity; and (b) the second entity has a direct attribution account interest in the third entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s369"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 370", "Provision_Key": "s370", "Heading": "Attribution surplus", "Text": "An attribution surplus for an attribution account entity in relation to a taxpayer exists at a particular time if the entity’s total attribution credits arising before that time in relation to the taxpayer exceed its total attribution debits arising before that time in relation to the taxpayer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s370"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 371", "Provision_Key": "s371", "Heading": "Attribution credit", "Text": "(1) An attribution credit arises for an attribution account entity (in this section called the eligible entity ) in relation to a taxpayer if: (a) an amount is included in the taxpayer’s assessable income under section 456 in respect of the attributable income of the eligible entity for a statutory accounting period; or (b) an amount is included in the taxpayer’s assessable income under section 457 as a result of a change of residence by the eligible entity; or (d) an attribution account payment that requires an attribution debit for another entity in relation to the taxpayer is made to the eligible entity. (2) Subject to subsection (4), the amount of the attribution credit is equal to the amount included in assessable income or to the amount of the attribution debit, as the case may be. (4) Where: (a) the attribution credit arises under paragraph (1)(d) in relation to an attribution account payment consisting of a non ‑ portfolio dividend paid to the eligible entity, where the eligible entity is a company; and (b) the eligible entity is or will be liable to pay an amount of foreign tax on the attribution account payment or on amounts that include the attribution account payment; then the amount of the attribution credit is reduced by the amount calculated using the formula: where: Attribution account percentage means the taxpayer’s attribution account percentage for the attribution account entity. Foreign tax means the amount of foreign tax, to the extent that it is attributable to the attribution account payment. (5) The attribution credit arises: (a) in a paragraph (1)(a) case where subsection 319(6) does not apply to the statutory accounting period referred to in that paragraph—at the end of the statutory accounting period; or (aaa) in a paragraph (1)(a) case where subsection 319(6) applies to the statutory accounting period referred to in that paragraph—at the beginning of the statutory accounting period; or (b) in a paragraph (1)(b) case—subject to subsection (8), at the time of the change of residence referred to in that paragraph; or (d) in a paragraph (1)(d) case—when the attribution account payment referred to in that paragraph is made. (6) Where, apart from this subsection, an attribution credit would arise in relation to an attribution account entity for an Australian partnership or an Australian trust in respect of an amount included in the assessable income of the partnership or trust of a year of income under section 456 or 457, then, subject to subsection (7): (a) the attribution credit does not arise for the partnership or trust; and (b) an attribution credit arises in relation to the attribution account entity for: (i) any taxpayer for whom, as a result of the amount being so included, a tax detriment would arise in circumstances referred to in paragraphs 460(2)(a) and (b) or paragraphs 460(3)(a) and (b); and (ii) any taxpayer where, as a result of the amount being so included, a tax detriment would arise for the trustee of a trust in which the taxpayer is a beneficiary, in respect of an amount assessable to the trustee under section 98 in respect of the taxpayer’s share of the net income of the trust, in circumstances referred to in paragraph 460(4)(a); and (iii) any taxpayer in the capacity of trustee of a trust, where, as a result of the amount being so included, a tax detriment would arise for the taxpayer in respect of an amount assessable to the taxpayer under section 99 or 99A, in circumstances referred to in paragraph 460(4)(a); and (c) the amount of the attribution credit referred to in paragraph (b) equals the amount of the tax detriment, as reduced by any application of section 460; and (d) the attribution credit referred to in paragraph (b) arises at the time when the attribution credit referred to in paragraph (a) would, but for this subsection, have arisen. (7) Subsection (6) does not apply to an Australian trust that is, in relation to the year of income referred to in that subsection: (b) a public trading trust within the meaning of Division 6C of that Part; or (c) a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust. (8) If: (a) a company ceases to be resident in an unlisted country and becomes a resident of a listed country; and (b) an amount (in this subsection called the section 457 amount ) is included in a taxpayer’s assessable income under section 457 as a result of the change of residence; and (c) a particular part (in this subsection called the eligible part ) of the section 457 amount is attributable to a hypothetical disposal of a particular asset of the company at the residence change time; and (d) it might reasonably be expected that, if and when the company actually disposes of the asset, so much of the gain derived by the company on the actual disposal of the asset that accrued before the residence change time will be subject to tax in the listed country; the taxpayer may elect to defer the timing of so much of the paragraph (1)(b) attribution credit as is attributable to the eligible part from the time of the change of residence referred to in that paragraph until immediately before the payment by the company of a dividend out of the gain derived by the company on the actual disposal of the asset. (9) An election for the purposes of subsection (8): (b) is irrevocable; and (c) has no effect unless it is made: (i) within 6 months after the end of the later of the following years of income: (A) the year of income in which the residence change time took place; (B) the year of income in which this subsection commenced; or (ii) within such further period as the Commissioner allows.", "Amendment_Count": 9, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 216 of 1991 | No 190 of 1992 | No 170 of 1995 | No 41 of 1998 | No 96 of 2004 | No 15 of 2007 | No 114 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 51 | item 100 | item 371 | item 55 | item 456 | item 58 | item 1990, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 216 of 1991, Sch 4 item 14 | Sch 4 item 83 | Sch 4 item 85, effective s 10, 12–39, 41, 43, 44, 67–81, 83–86, 89(1), (3)–(19), 91, 92, 102, 103 and Sch 1–4: 24 Dec 1991 (s 2(1)) s 11 and 89(2): 22 Jan 1991 (s 2(2)) s 40 and 42: 6 Jan 1992 (s 2(3)) s 45, 46, 48–51, 54–58, 60–66, 90(1), (3)–(14), 93–96 and 98–101: 21 Aug 1991 (s 2(4)) s 47, 52, 53, 59, 90(2) and 97: 3 pm (A.C.T) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 (s 2(6)) | Amended by No 190 of 1992, item 15 | item 17, effective 1 Jan 1993 (s 2) | Amended by No 170 of 1995, Sch 1 item 14, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 41 of 1998, Sch 1 item 22 | Sch 1 item 23, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 15 of 2007, Sch 1 item 125, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 114 of 2010, Sch 1 item 21 | Sch 1 item 74, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 53 of 2016, Sch 5 item 25, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s371"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 372", "Provision_Key": "s372", "Heading": "Attribution debit", "Text": "(1) An attribution debit arises for an attribution account entity (in this section called the eligible entity ) in relation to a taxpayer if: (a) the eligible entity makes an attribution account payment to the taxpayer or to another attribution account entity; and (b) immediately before the eligible entity makes the attribution account payment, there is an attribution surplus for the eligible entity in relation to the taxpayer. (2) Subject to subsection (4), the amount of the debit is the lesser of: (a) the attribution surplus; and (b) whichever of the following is applicable: (i) if the attribution account payment is made to the taxpayer—the attribution account payment; (ii) in any other case—the taxpayer’s attribution account percentage (for the attribution account entity to which the payment is made) of the attribution account payment. (4) Where: (a) the attribution account payment is made to an attribution account entity that is a trust; and (b) the attribution surplus, for the eligible entity, is in relation to the taxpayer in the capacity of trustee of the trust (because it is a surplus that resulted from an attribution credit or credits that arose under subparagraph 371(6)(b)(iii)); then the amount of the attribution debit is the lesser of: (c) the attribution surplus; and (d) any amount assessable to the taxpayer under section 99 or 99A in relation to the net income of the trust of the year of income in which the attribution account payment is made. (5) The attribution debit arises when the attribution account payment is made.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 5 of 1991 | No 96 of 2004 | No 58 of 2006", "History_Notes": "Inserted by No 5 of 1991, item 51 | item 371 | item 456, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 58 of 2006, Sch 7 item 49, effective s 4 and Sch 7 (items 35–50, 241–256): 22 June 2006 (s 2(1) items 1, 6, 24) Sch 7 (items 173, 175): 30 June 2000 (s 2(1) items 9, 11) Sch 7 (item 174): 24 Oct 2002 (s 2(1) item 10) Sch 7 (items 176, 178): 30 June 2004 (s 2(1) items 12, 14) Sch 7 (item 177): 24 Dec 1992 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s372"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 373", "Provision_Key": "s373", "Heading": "Grossed ‑ up amount of an attribution debit", "Text": "The grossed ‑ up amount in relation to an attribution debit is: (a) where subparagraph 372(2)(b)(i) applied in relation to the debit—the amount of the debit; or (b) where subparagraph 372(2)(b)(ii) applied in relation to the debit—the amount of the debit, divided by the attribution account percentage referred to in that subparagraph.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 341 | item 371 | item 456, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s373"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 381", "Provision_Key": "s381", "Heading": "Separate attributable income for each attributable taxpayer", "Text": "Where, at the end of a statutory accounting period (in this Division called the eligible period ) of a company: (a) the company is a CFC; and (b) there are one or more attributable taxpayers in relation to the company; the attributable income of the company (in this Division called the eligible CFC ) for the eligible period is calculated separately for each such attributable taxpayer (in this Division called the eligible taxpayer ) in accordance with this Division.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s381"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 382", "Provision_Key": "s382", "Heading": "Attributable income is taxable income calculated on certain assumptions", "Text": "(1) The attributable income is the amount that would be the eligible CFC’s taxable income for the eligible period if certain assumptions were made. (2) For the purposes of describing those assumptions, amounts of assessable income, allowable deductions and exempt income that are to be taken into account in calculating the taxable income are referred to respectively as notional assessable income, notional allowable deductions and notional exempt income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s382"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 383", "Provision_Key": "s383", "Heading": "Basic assumptions", "Text": "The assumptions are: (a) that the eligible CFC is a taxpayer and a resident, within the meaning of section 6, during the whole of the eligible period; and (b) that the eligible period is a year of income, being the year of income of the eligible taxpayer in which the eligible period ends; and (c) that this Act is modified in accordance with Subdivisions B to E; and (d) whichever of the assumptions in section 384 or 385 applies.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 190 of 1992", "Amending_Acts": "No 5 of 1991 | No 190 of 1992", "History_Notes": "Inserted by No 5 of 1991, item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 190 of 1992, item 20, effective 1 Jan 1993 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s383"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 384", "Provision_Key": "s384", "Heading": "Additional assumption for unlisted country CFC", "Text": "(1) Where the eligible CFC is a resident of an unlisted country at the end of the eligible period, it is to be assumed: (a) that the only amounts of notional assessable income are those to which subsection (2) applies; and (b) that all other income is notional exempt income. (2) The amounts of notional assessable income are: (a) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer—amounts that would be included in its notional assessable income for the eligible period under this Act as modified in accordance with Subdivisions B to E if the only income or other amounts derived by it during the eligible period, and any earlier statutory accounting period, were adjusted tainted income (within the meaning of section 386); and (b) amounts included in the notional assessable income of the eligible CFC for the eligible period under section 102AAZD of this Act as modified in accordance with Subdivisions B to E; and (c) amounts included in the notional assessable income of the eligible CFC for the eligible period under Division 6 of Part III of this Act as so modified; and (d) amounts that would be included in the notional assessable income of the eligible CFC for the eligible period under Division 5 of Part III of this Act, as modified in accordance with Subdivisions B to E of this Division, in relation to any partnership if its net income included only: (i) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer—amounts that would be included if the partnership derived only adjusted tainted income (within the meaning of section 386); and (ii) amounts included under section 102AAZD of this Act as modified in accordance with Subdivisions B to E of this Division; and (iii) amounts included under Division 6 of Part III of this Act as so modified.", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 5 of 1991 | No 190 of 1992 | No 155 of 1997 | No 96 of 2004 | No 64 of 2005 | No 114 of 2010", "History_Notes": "Inserted by No 5 of 1991, item 371, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 190 of 1992, item 21 | item 25, effective 1 Jan 1993 (s 2) | Amended by No 155 of 1997, Sch 1 item 34 | Sch 1 item 37 | Sch 1 item 117 | Sch 1 item 119, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 64 of 2005, Sch 2 item 2, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 114 of 2010, Sch 1 item 24, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s384"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 385", "Provision_Key": "s385", "Heading": "Additional assumption for listed country CFC", "Text": "(1) Where the eligible CFC is a resident of a listed country at the end of the eligible period, it is to be assumed: (a) that the only amounts of notional assessable income are those to which subsection (2) applies; and (b) that all other income is notional exempt income. (2) Subject to subsection (4), the amounts of notional assessable income are: (a) amounts that would be included in the notional assessable income of the eligible CFC for the eligible period under this Act as modified in accordance with Subdivisions B to D if the only income or other amounts derived during the eligible period, and any earlier statutory accounting period, by the eligible CFC were: (i) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer—adjusted tainted income (within the meaning of section 386) that is eligible designated concession income in relation to the listed country or any other listed country; and (ii) income or other amounts, of a kind specified in the regulations, that: (A) are not eligible designated concession income of the eligible CFC in relation to the listed country or any other listed country; and (B) are not treated as derived from sources in the listed country for the purposes of the tax law of the listed country; and (C) pass the test set out in subsection (2A); and (b) amounts included in the notional assessable income of the eligible CFC for the eligible period under section 102AAZD of this Act as modified in accordance with Subdivisions B to D; and (c) amounts included in the notional assessable income of the eligible CFC for the eligible period under Division 6 of Part III of this Act as so modified, where either of the following conditions (but not necessarily the same condition) is satisfied in relation to the listed country and each other listed country: (i) the amounts are not subject to tax in that listed country in a tax accounting period ending before the end of the eligible period or commencing during the eligible period; (ii) the amounts are subject to tax in that listed country in such a tax accounting period and are designated concession income in relation to the listed country; and (d) amounts that would be included in the notional assessable income of the eligible CFC for the eligible period under Division 5 of Part III of this Act, as modified in accordance with Subdivisions B to D of this Division, in relation to any partnership if its net income included only: (i) where the eligible CFC does not pass the active income test for the eligible period in relation to the eligible taxpayer—amounts that would be included if the partnership derived only adjusted tainted income (within the meaning of section 386) that is eligible designated concession income in relation to the listed country or any other listed country; and (ii) amounts that would be included if the partnership derived only income or other amounts, of a kind specified in the regulations, that: (A) are not eligible designated concession income of the partnership in relation to the listed country or any other listed country; and (B) are not treated as derived from sources in the listed country for the purposes of the tax law of the listed country; and (C) pass the test set out in subsection (2A); and (iii) amounts included under section 102AAZD of this Act as modified in accordance with Subdivisions B to D of this Division; and (iv) amounts included under Division 6 of Part III of this Act as so modified, where either of the following conditions (but not necessarily the same condition) is satisfied in relation to the listed country and each other listed country: (A) the amounts are not subject to tax in that listed country in a tax accounting period ending before the end of the eligible period or commencing during the eligible period; (B) the amounts are subject to tax in that listed country in such a tax accounting period and are designated concession income in relation to the listed country. (2A) For the purposes of sub ‑ subparagraphs (2)(a)(ii)(C) and (2)(d)(ii)(C), income or other amounts pass the test set out in this subsection if both: (a) the income or other amounts are adjusted tainted income (within the meaning of section 386); and (b) the income or other amounts are not subject to tax in the listed country or in any other listed country in a tax accounting period ending before the end of the eligible period or commencing during the eligible period. (3) For the purposes of paragraph (2)(c) or (d), a reference in that paragraph to an amount being not subject to tax or subject to tax, as the case may be, includes a reference to another amount included in the net income of a partnership or trust, to which the first ‑ mentioned amount is attributable, being not subject to tax or subject to tax. (4) Where the sum of the amounts to which paragraph (2)(a) would otherwise apply does not exceed the lesser of: (a) $50,000; and (b) 5% of the gross turnover of the eligible CFC for the eligible period; then that paragraph does not apply to those amounts. (5) In determining for the purposes of paragraph (4)(b) the gross turnover of the eligible CFC for the eligible period, section 434 has effect as if: (a) subparagraph 434(1)(a)(i) were omitted; and (b) the words “, but not including amounts that are shown in those recognised accounts as amounts covered by section 436” were omitted from paragraphs 434(1)(b), (c) and (d); and (c) the words “(other than an exclusion of amounts shown in those recognised accounts as amounts covered by section 436)” were omitted from subsection 434(2).", "Amendment_Count": 8, "First_Amended": "No 5 of 1991", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 5 of 1991 | No 190 of 1992 | No 122 of 1997 | No 155 of 1997 | No 73 of 2004 | No 96 of 2004 | No 64 of 2005 | No 114 of 2010", "History_Notes": "Inserted by No 5 of 1991, item 1990, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 190 of 1992, item 22, effective 1 Jan 1993 (s 2) | Amended by No 122 of 1997, Sch 1 item 20, effective s 4, Sch 1 (items 1–15, 20), Sch 3 (items 1, 2, 6–21) and Sch 5: 8 July 1997 (s 2(1)) Sch 1 (items 17–19): 3 June 1990 (s 2(2)) Sch 1 (items 22, 23): 1 Sept 1994 (s 2(4)) Sch 1 (item 24): 1 Jan 1993 (s 2(3)) Sch 3 (items 3, 4): 24 June 1986 (s 2(6)) Sch 3 (item 5): 30 June 1992 (s 2(7)) Sch 4: 20 Jan 1997 (s 2(8)) Sch 6: 27 June 1996 (s 2(9)) Sch 8: 19 Dec 1996 (s 2(11)) | Amended by No 155 of 1997, Sch 1 item 38 | Sch 1 item 41 | Sch 1 item 42 | Sch 1 item 85 | Sch 1 item 89, effective 24 Oct 1997 (s 2) | Amended by No 73 of 2004, effective 23 June 2004 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 64 of 2005, Sch 2 item 4, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 114 of 2010, Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 32, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s385"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 386", "Provision_Key": "s386", "Heading": "Adjusted tainted income", "Text": "(1) The references in sections 384, 385 and 457 to adjusted tainted income are references to amounts that would be passive income, tainted sales income or tainted services income if certain modifications were made to the provisions of Division 8. (2) The modifications are: (a) that paragraphs 446(1)(k), (m) and (n) are replaced with the following: “(k) amounts derived from the disposal of tainted assets; (m) amounts derived from the disposal of tainted commodity investments; (n) amounts derived that are attributable to currency exchange rate fluctuations, except where under section 439 the amounts would, if they were currency exchange gains, relate to an active income transaction;”; and (b) that paragraph 446(1)(k) as so replaced does not apply to an amount derived from the disposal of a tainted asset in the circumstances referred to in paragraphs 450(2)(a) to (c) or (5)(a) to (c); and (c) that paragraph 446(1)(n) as so replaced does not apply to an amount derived where, if it were a currency exchange gain, paragraphs 450(3)(a) and (b) would apply to it; and (d) that the reference in subsection 450(7) to net gains that accrued to the company in respect of the disposal of tainted assets is replaced with a reference to amounts derived by the company from the disposal of tainted assets.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s386"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 387", "Provision_Key": "s387", "Heading": "Reduction of attributable income because of interim dividends", "Text": "(1) Where: (a) during the eligible period, the eligible CFC pays a dividend to the eligible taxpayer or to another entity; and (b) if the dividend is paid to the eligible taxpayer—the whole or part of the dividend is included in the assessable income of the eligible taxpayer of a year of income; and (d) the whole or part of the grossed ‑ up assessable component of the dividend may reasonably be regarded as having been paid out of the attributable income of the eligible CFC for the eligible period; then, for the purposes of this Part, the attributable income of the eligible CFC for the eligible period in relation to the eligible taxpayer is reduced by an amount equal to the whole or the part of the grossed ‑ up assessable component of the dividend. (2) In this section: grossed ‑ up assessable component , in relation to a dividend the whole or part of which is included in the assessable income of the eligible taxpayer, means the amount of the whole or the part divided by the eligible taxpayer’s attribution percentage for the eligible CFC at the time of payment of the dividend.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s387"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 388", "Provision_Key": "s388", "Heading": "Double tax agreements to be disregarded", "Text": "In calculating the attributable income of the eligible CFC, the International Tax Agreements Act 1953 is to be disregarded, except for the purpose of references in this Act to that Act.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 22 of 1995", "Amending_Acts": "No 5 of 1991 | No 22 of 1995", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 22 of 1995, item 34, effective Sch (items 16–35): 29 Mar 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s388"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 389", "Provision_Key": "s389", "Heading": "Certain provisions to be disregarded in calculating attributable income", "Text": "For the purpose of applying this Act in calculating the attributable income of the eligible CFC, the following provisions are to be disregarded: (a) except for the purposes of a reference in any other provision of this Part—sections 23AH, 23AI, 23AK and 128D, Division 15 of Part III (other than subsection 148(1)) and sections 456, 457, 459A and 461; (b) except for the purposes of a reference in Division 6AAA of Part III or in any other provision of this Part—Part 3 ‑ 6 of the Income Tax Assessment Act 1997 ; (ba) Division 230 of the Income Tax Assessment Act 1997 ; (c) Division 820 of the Income Tax Assessment Act 1997 ; (d) Division 832 of the Income Tax Assessment Act 1997 (about hybrid mismatch rules).", "Amendment_Count": 16, "First_Amended": "No 5 of 1991", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 190 of 1992 | No 224 of 1992 | No 138 of 1994 | No 155 of 1997 | No 162 of 2001 | No 133 of 2003 | No 96 of 2004 | No 23 of 2005 | No 101 of 2006 | No 143 of 2007 | No 15 of 2009 | No 114 of 2010 | No 101 of 2013 | No 84 of 2018", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 73, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 190 of 1992, item 23, effective 1 Jan 1993 (s 2) | Amended by No 224 of 1992, item 79, effective s 4–13, 14(1), 15(1), 16(1), 17(1) and 18–87: 24 Dec 1992 (s 2(1)) s 14(2), 15(2), 16(2) and 17(2): 1 July 1993 (s 2(1)) | Amended by No 138 of 1994, item 9, effective s 4, 5, 8–10, 14–16, 21–24, 27–33, 44–92, 99–116 and Sch: 28 Nov 1994 (s 2(1)) s 11–13, 17–20, 25, 26 and 34–43: 1 Jan 1993 (s 2(2)) s 93–98: 28 Nov 1994 (s 2(3)) | Amended by No 155 of 1997, Sch 1 item 43, effective 24 Oct 1997 (s 2) | Amended by No 162 of 2001, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 820, effective Sch 1 (items 2–13, 23–26): 1 July 2001 (s 2(1)) | Amended by No 133 of 2003, Sch 4 item 29 | Sch 4 item 78, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 23 of 2005, Sch 3 item 56, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 101 of 2006, Sch 2 item 457, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 90, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 15 of 2009, Sch 1 item 49, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 114 of 2010, Sch 1 item 33, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 101 of 2013, Sch 2 item 17, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3) | Amended by No 84 of 2018, Sch 1 item 7, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s389"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 389A", "Provision_Key": "s389a", "Heading": "Other provisions to be disregarded in calculating attributable income", "Text": "For the purpose of applying this Act in calculating the attributable income of the eligible CFC, the following provisions are to be disregarded: (a) Division 974 of the Income Tax Assessment Act 1997 ; and (b) any provision of this Act to the extent to which the operation of the provision depends on an expression whose meaning is given by Division 974 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s389A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 390", "Provision_Key": "s390", "Heading": "Elections to be made by eligible taxpayer", "Text": "(1) For the purpose of applying this Act in calculating the attributable income of the eligible CFC, any declaration, election, choice or selection that may be made, any notice that may be given or any option that may be exercised, under this Act by the eligible CFC apart from this section is not to be made, given or exercised by the eligible CFC but instead may be made, given or exercised by the eligible taxpayer. (2) The eligible taxpayer may make the declaration, election or selection, give the notice or exercise the option in the eligible taxpayer’s return of income of the year of income in which the eligible period ends or within such further period after the lodgment of the return as the Commissioner allows. (3) Subsection (1) does not apply to an election under the CGT roll ‑ over provisions.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 5 of 1991 | No 16 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 16 of 1998, Sch 6 item 11 | Sch 6 item 12, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s390"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 392", "Provision_Key": "s392", "Heading": "Notional assessable amounts are to be pre ‑ tax", "Text": "(1) An amount included in the notional assessable income of the eligible CFC is an amount before the payment of any foreign tax or Australian tax in respect of the amount.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s392"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 393", "Provision_Key": "s393", "Heading": "Notional allowable deduction for taxes paid", "Text": "(1) Foreign tax or Australian tax paid by the eligible CFC in respect of amounts included in the notional assessable income of the eligible CFC for the eligible period, whether paid before, during or after that period, is a notional allowable deduction from the notional assessable income of the eligible CFC for the eligible period. (2) For the purposes of subsection (1), foreign tax mentioned in that subsection does not include any of the following: (a) foreign IIR tax (within the meaning of the Income Tax Assessment Act 1997 ); (b) foreign UTPR tax (within the meaning of that Act); (c) a tax specified in regulations made for the purposes of this paragraph. (4) Where a person pays an amount of tax that the person is liable to pay under subsection 148(3) of this Act, in its application apart from this Part, in respect of premiums paid or credited to the eligible CFC, then, for the purposes of subsection (1), the amount is taken to be Australian tax paid by the eligible CFC in respect of the premiums.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 96 of 2004 | No 134 of 2024", "History_Notes": "Inserted by No 5 of 1991, item 33 | item 371, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 74, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 134 of 2024, Sch 1 item 5 | Sch 1 item 19 | Sch 1 item 830 | Sch 1 item 26, effective Sch 1 (items 3–5, 65): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s393"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 394", "Provision_Key": "s394", "Heading": "Notional allowable deduction for eligible finance share dividends, widely distributed finance share dividends and transitional finance share dividends", "Text": "Where: (a) the eligible CFC pays an eligible finance share dividend, a widely distributed finance share dividend or a transitional finance share dividend during or after the eligible period; and (b) if, on the assumption that the dividend were instead a payment of the interest, referred to in paragraph 327(d) or 327A(3)(b) or subsection 327B(2), as the case requires, to which it may reasonably be regarded as equivalent, an amount (in this section called the interest equivalent ) of that interest accruing during the eligible period would be a notional allowable deduction for the eligible period; then the interest equivalent is a notional allowable deduction for the eligible period.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 80 of 1992", "Amending_Acts": "No 5 of 1991 | No 35 of 1992 | No 80 of 1992", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 35 of 1992, item 61, effective s 7–75: 25 May 1992 (s 2) | Amended by No 80 of 1992, item 59, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s394"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 395", "Provision_Key": "s395", "Heading": "Expenditure incurred to produce income or profits in later statutory accounting periods", "Text": "In determining whether expenditure incurred by the eligible CFC during the eligible period for the purpose of gaining or producing income or profits in a later statutory accounting period is a notional allowable deduction under a particular provision, it is to be assumed that: (a) there will be a requirement under this Division to calculate the attributable income of the eligible CFC for that later statutory accounting period; and (b) for that purpose, the eligible CFC will always be a resident of the listed country or unlisted country, as the case may be.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s395"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 396", "Provision_Key": "s396", "Heading": "Modified application of sections 25A and 52", "Text": "(1) For the purpose of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, sections 25A and 52 of this Act and sections 15 ‑ 15 and 25 ‑ 40 of the Income Tax Assessment Act 1997 do not apply in respect of the disposal of a non ‑ taxable Australian asset of the eligible CFC. (2) A reference in subsection (1) to a non ‑ taxable Australian asset is a reference to a CGT asset other than one that has the necessary connection with Australia (within the meaning of the Income Tax Assessment Act 1997 ). (3) The residency assumption is to be ignored in determining whether an asset is a taxable Australian asset for the purposes of this section.", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 5 of 1991 | No 121 of 1997 | No 46 of 1998 | No 89 of 2000 | No 101 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 121 of 1997, Sch 2 item 36 | Sch 2 item 37 | Sch 4 item 133, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 46 of 1998, Sch 10 item 427 | Sch 10 item 428, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 89 of 2000, Sch 5 item 32, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 101 of 2006, Sch 2 item 458, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 168 of 2006, Sch 4 item 18 | Sch 4 item 19, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s396"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 397", "Provision_Key": "s397", "Heading": "Modified application of trading stock provisions", "Text": "When applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of the eligible CFC: (a) Subdivision B of Division 2 of Part III of this Act has effect as if the value of any article of trading stock to be taken into account at the beginning or end of a year of income were its cost price; and (b) Division 70 of the Income Tax Assessment Act 1997 has effect as if the value of any item of trading stock to be taken into account at the beginning or end of an income year were its cost.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 5 of 1991 | No 121 of 1997", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 121 of 1997, Sch 1 item 70 | Sch 5 item 91, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s397"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 398", "Provision_Key": "s398", "Heading": "Modified application of depreciation provisions", "Text": "(1) Where property has been held by the eligible CFC in a non ‑ attributable income period in relation to the application of a depreciation provision to the property (in relation to the eligible CFC and the eligible taxpayer) prior to the eligible period, subsection (2) applies. (2) Such amount as the Commissioner considers appropriate to take account of the holding of the property as mentioned in subsection (1) is, under the depreciation provision: (a) a notional allowable deduction to the eligible CFC; or (b) included in the notional assessable income of the eligible CFC; as the case requires, for the eligible period in relation to the eligible taxpayer, in substitution for any amount that would otherwise be so included or allowable. (3) For the purpose of exercising his or her power under subsection (2) to determine a notional allowable deduction in relation to: (a) former sections 54 to 62 of this Act; or (b) the former Division 42 (Depreciation) of the Income Tax Assessment Act 1997 (other than Subdivisions 42 ‑ L and 42 ‑ M); or (c) Division 40 of that Act (other than Subdivision 40 ‑ E); the Commissioner must assume that the property was used by the eligible CFC during any non ‑ attributable income period wholly and exclusively for the purpose of producing notional assessable income.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 121 of 1997 | No 79 of 2000 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, item 80G, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 121 of 1997, Sch 6 item 125, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 79 of 2000, Sch 6 item 14, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 1, 2, 4), Sch 2 (items 6A–6J, 7), Sch 3, Sch 4 (items 1–5) and Sch 6 (items 12–15): 1 July 2000 (s 2(2)) Sch 4 (items 6–10): 1 July 2001 (s 2(3)) Sch 5: 10 Dec 1999 (s 2(4)) | Amended by No 77 of 2001, Sch 2 item 98, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 459, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s398"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 398A", "Provision_Key": "s398a", "Heading": "Application of Division 3A of Part III", "Text": "(1) Subject to subsection (2), Division 3A of Part III applies in calculating the attributable income of the eligible CFC. (2) Section 82R does not apply, subject to subsection (3), to outgoings during the eligible period under a convertible note if: (a) the note was issued by the eligible CFC (whether or not the company concerned was a CFC at the time): (i) before 1 July 1990; or (ii) on or after 1 July 1990 and before 1 July 1992, where: (A) the terms of the issue of the note were publicly announced by the eligible CFC before 1 July 1990; or (B) the eligible CFC was, under a contract entered into before 1 July 1990, obliged to issue the note; and (b) at the end of each statutory accounting period of the eligible CFC preceding the eligible period and ending after 30 June 1990, the eligible taxpayer was an attributable taxpayer in relation to the eligible CFC; and (c) the eligible period begins before 1 July 2000. (3) If: (a) the terms of a note to which subsection (2) would, apart from this subsection, apply are varied (otherwise than because of a compromise or arrangement approved by a court); and (b) the Commissioner considers that the variation is substantial enough to represent a new loan; subsection (2) does not apply to outgoings under the note after the time at which the variation takes place.", "Amendment_Count": 2, "First_Amended": "No 48 of 1991", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 48 of 1991 | No 163 of 2001", "History_Notes": "Inserted by No 48 of 1991, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Repealed and substituted by No 163 of 2001, Sch 1 item 112, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s398A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 399", "Provision_Key": "s399", "Heading": "Modifications of net income of partnerships and trusts", "Text": "(1) If, in calculating the attributable income of the eligible CFC, it is necessary to determine the net income of a partnership or trust under section 90 or 95, it is to be assumed that: (a) the modifications of this Act in this Division (other than excluded modifications) apply to the partnership or the trust in the same way as they apply to the eligible CFC (except where a provision modified only applies to companies); and (b) for the purpose of applying those modifications, the partnership or trust is taken to be a resident of the same listed or unlisted country as the eligible CFC; and (c) the Income Tax Assessment Act 1997 is further modified by disregarding section 855 ‑ 50; and (d) for the purposes of applying Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 in accordance with the preceding paragraphs, the trust is a resident trust for CGT purposes. (2) In this section: excluded modifications means modifications made by sections 411 to 418 (inclusive).", "Amendment_Count": 7, "First_Amended": "No 5 of 1991", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 5 of 1991 | No 190 of 1992 | No 46 of 1998 | No 96 of 2004 | No 101 of 2006 | No 168 of 2006 | No 110 of 2014", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 190 of 1992, item 24, effective 1 Jan 1993 (s 2) | Amended by No 46 of 1998, Sch 10 item 429 | Sch 10 item 430 | Sch 10 item 431, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 460 | Sch 2 item 461, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 168 of 2006, Sch 4 item 20, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4) | Amended by No 110 of 2014, Sch 2 item 12, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s399"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 399A", "Provision_Key": "s399a", "Heading": "Modified application of bad debt etc. provisions", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC for the eligible period: (b) section 63D of this Act is to be disregarded; and (c) subsection (2) of this section has effect. (2) Where: (a) apart from this subsection, an amount would be a notional allowable deduction to the eligible CFC under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the writing off of a debt as bad; and (b) the debt was created or acquired in the ordinary course of a money ‑ lending business of the eligible CFC that carries on that business; and (c) assuming that income: (i) that has been derived by the eligible CFC in respect of the debt; or (ii) that would have been reasonably likely to have been derived by the eligible CFC in respect of the debt if it had not become bad; were instead derived by the eligible CFC during periods to which it may reasonably be attributed, there would be a part or parts (which part or the total of which parts is in this subsection called the notional exempt income period ) of the period (in this subsection called the eligible debt holding period ) beginning when the debt was so created or acquired, and ending when it was written off, in respect of which some or all of that income would not be included in the notional assessable income of the eligible CFC for any statutory accounting period; then only a proportion of the amount referred to in paragraph (a) is a notional allowable deduction, being the proportion calculated using the following formula: where: Eligible debt holding period means the number of days in the eligible debt holding period. Notional exempt income period means the number of days in the notional exempt income period. Eligible debt term means: (d) where the debt was acquired from a person other than an associate—the number of days in the eligible debt holding period; or (e) in any other case—the number of days in the period beginning on the day on which the debt was created (whether by the eligible CFC or another person) and ending at the end of the day on which it was written off. (3) For the purposes of subsection (2): (a) where a debt that is written off was acquired from another person, the creation and any previous acquisition of the debt is to be disregarded, other than for the purposes of paragraph (2)(e); and (b) if, on the assumption in paragraph (2)(c), income would be derived by the eligible CFC during a period before the first statutory accounting period of the eligible CFC beginning on or after 1 July 1990, then, in spite of anything in that paragraph, that income is taken not to be included in the notional assessable income of the eligible CFC for any statutory accounting period; and (c) it is to be assumed that, for any statutory accounting period for which there is no requirement to calculate the attributable income of the eligible CFC in relation to the eligible taxpayer, there is such a requirement. (4) Where a part of a debt is written off as bad, the preceding provisions of this section apply as if the part were an entire debt that is written off as bad. (5) This section has the same effect in relation to an allowable deduction under section 63E in respect of the whole or part of a debt that is extinguished as it has in relation to an allowable deduction under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 in respect of the whole or part of a debt that is written off as bad.", "Amendment_Count": 6, "First_Amended": "No 100 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 100 of 1991 | No 98 of 1992 | No 39 of 1997 | No 46 of 1998 | No 54 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 100 of 1991, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 98 of 1992, item 30, effective s 4–31 and 37–81: 30 June 1992 (s 2(1)) s 32–36: 1 July 1992 (s 2(2)) | Amended by No 39 of 1997, Sch 4 item 261 | Sch 4 item 262, effective Sch 1: 1 July 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 432, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 54 of 1999, Sch 3 item 8 | Sch 3 item 9, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 101 of 2006, Sch 1 item 171, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s399A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 400", "Provision_Key": "s400", "Heading": "Modified cross ‑ border requirement for transfer pricing", "Text": "(1) This section applies in calculating the attributable income of the eligible CFC. (2) Conditions that operate between the eligible CFC and another entity do not satisfy the cross ‑ border test in subsection 815 ‑ 120(3) of the Income Tax Assessment Act 1997 if: (a) the other entity is a CFC; and (b) the eligible CFC and the other entity are residents of the same listed country (disregarding section 383 of this Act).", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004 | No 101 of 2013", "History_Notes": "Inserted by No 5 of 1991, item 27, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 44, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Repealed and substituted by No 101 of 2013, Sch 2 item 18, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s400"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 401", "Provision_Key": "s401", "Heading": "Reduction of disposal consideration or capital proceeds if attributed income not distributed", "Text": "(1) If: (a) it is necessary, for the purposes of applying a provision of this Act in calculating the attributable income of the eligible CFC in relation to the eligible taxpayer, to take into account: (i) the amount of consideration received, entitled to be received or taken to have been received, by the eligible CFC in respect of the disposal of an asset; or (ii) the capital proceeds from a CGT event happening in relation to a CGT asset; being an asset that is an interest in an attribution account entity (the disposal entity ); and (b) immediately before the disposal or CGT event takes place, either or both of the following conditions are satisfied: (i) there is an attribution surplus for the disposal entity in relation to the eligible taxpayer; (ii) there is an attribution surplus for one or more other attribution account entities in relation to the eligible taxpayer, where each such entity is one in which the eligible taxpayer has an indirect attribution account interest held through the disposal entity; then: (c) for the purpose of calculating the attributable income, the consideration or capital proceeds that, apart from this section, would be taken into account under the provision referred to in paragraph (a) in respect of the disposal or CGT event is, subject to subsection (3), taken to be reduced by the grossed ‑ up amount of the attribution surplus, or the sum of the grossed ‑ up amounts of the attribution surpluses, as the case requires; and (d) for the purposes of this Act, attribution debits and credits arise in accordance with subsection (5). (3) For the purposes of paragraph (1)(c): (a) a reference to the grossed ‑ up amount of an attribution surplus is a reference to the amount of the surplus divided by the eligible taxpayer’s attribution account percentage for the eligible CFC; and (b) where the disposal of the asset, or the CGT event, causes the eligible taxpayer’s attribution account percentage for an attribution account entity in relation to which there is an attribution surplus to be reduced by a proportion, then only that proportion of the attribution surplus is, subject to this subsection, to be taken into account under that paragraph; and (c) where there is only one attribution surplus referred to in that paragraph and (after any application of paragraph (b) of this subsection) its grossed ‑ up amount exceeds the consideration in respect of the disposal or the capital proceeds from the CGT event, then the surplus is only to be taken into account to the extent that its grossed ‑ up amount equals the consideration or those capital proceeds; and (d) where there are 2 or more attribution surpluses referred to in paragraph (1)(c) and (after any application of paragraph (b) of this subsection) the sum of their grossed ‑ up amounts exceeds the consideration in respect of the disposal or the capital proceeds from the CGT event, then: (i) if the taxpayer makes an election that for the purposes of this paragraph, a part of each surplus (after any application of paragraph (b)) such that the sum of the grossed ‑ up amounts of the parts to which the election relates equals the consideration or those capital proceeds—only the part to which the election relates of each surplus is to be taken into account under paragraph (1)(c); or (ii) if subparagraph (i) does not apply—only a proportion of each surplus (after any application of paragraph (b)) is to be taken into account under paragraph (1)(c), being the proportion calculated using the formula: where: consideration means the amount of the consideration or the capital proceeds. total grossed ‑ up surplus means the sum of the grossed ‑ up amounts of the attribution surpluses (after any application of paragraph (b)). (4) An election for the purposes of paragraph (3)(d) must be made on or before the date of lodgment of the eligible taxpayer’s return of income for the year of income in which the eligible period ends or within such further period after the lodgment of the return as the Commissioner allows. (5) For the purposes of this Act: (a) an attribution debit is taken to arise at the time of the disposal under section 372, in relation to the eligible taxpayer, for each attribution account entity (in this section called a surplus entity ) in relation to which there is an attribution surplus to which paragraph (1)(c) applies; and (b) the amount of the attribution debit is equal to so much of the surplus as is taken into account under paragraph (1)(c); and (c) there is no grossed ‑ up amount in relation to the attribution debit under section 373; and (d) an attribution credit equal to the debit is taken to arise, at the time of the disposal or of the CGT event, under section 371 for the eligible CFC in relation to the eligible taxpayer. (6A) In determining, for the purposes of this section, whether there was an attribution surplus immediately before a CGT event, and the amount of such a surplus, also take into account any attribution credit that later arises because the CGT event caused section 104 ‑ 175 of the Income Tax Assessment Act 1997 (as it notionally applies to the CGT event entity under this Division) to operate. (7) In this section: interest , in relation to an attribution account entity, means: (a) if the entity is a company—an interest in shares in the company, or an entitlement to acquire such an interest; or (b) if the entity is a partnership—an interest of a partner in the profits or property of the partnership, or an entitlement of a partner to acquire such an interest; or (c) if the entity is a trust—an entitlement of a beneficiary to a share of the income or corpus of the trust, or an entitlement of a beneficiary to acquire such an entitlement.", "Amendment_Count": 7, "First_Amended": "No 5 of 1991", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 5 of 1991 | No 101 of 1992 | No 46 of 1998 | No 58 of 2000 | No 101 of 2006 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 46 of 1998, Sch 10 item 433 | Sch 10 item 434 | Sch 10 item 435 | Sch 10 item 436 | Sch 10 item 437 | Sch 10 item 438 | Sch 10 item 439 | Sch 10 item 440 | Sch 10 item 443, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, Sch 1 item 5 | Sch 1 item 19 | Sch 1 item 20, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 101 of 2006, Sch 1 item 172 | Sch 2 item 462 | Sch 2 item 463 | Sch 2 item 464 | Sch 2 item 465 | Sch 2 item 466 | Sch 2 item 467 | Sch 2 item 468 | Sch 2 item 469, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 91 | Sch 1 item 92 | Sch 1 item 93, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 114 of 2010, Sch 1 item 88 | Sch 1 item 89, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s401"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 402", "Provision_Key": "s402", "Heading": "Additional notional exempt income—unlisted or listed country CFC", "Text": "(1) This section applies where the eligible CFC is a resident of either a listed country or an unlisted country at the end of the eligible period. (2) Each of the following is notional exempt income of the eligible CFC in relation to the eligible period: (a) income or other amounts derived by the eligible CFC in the eligible period that are included in the assessable income of the eligible CFC of any year of income for the purposes of this Act apart from this Part, other than amounts that are so included under section 143 (where the proviso to that section does not apply); (b) so much of a frankable distribution, paid to the eligible CFC in the eligible period, as is either the franked part of the distribution, or the part of the distribution that has been franked with an exempting credit; (e) a premium paid or credited to the eligible CFC in the eligible period, where, because of the application of subsection 148 (1) for the purposes of this Act apart from this Part, the premium is not, for those purposes, allowable as a deduction to the person referred to in subparagraph 148(1)(a)(i) and is not included in the assessable income of the eligible CFC. (3) If: (a) an attribution account entity makes an attribution account payment to the eligible CFC in the eligible period; and (b) apart from this subsection, the whole or part of the attribution account payment would be included in the notional assessable income of the eligible CFC in relation to the eligible taxpayer for the eligible period; and (c) on the making of the attribution account payment, an attribution debit arises for the attribution account entity in relation to the eligible taxpayer; then so much (if any) of the whole or the part of the attribution account payment as does not exceed the grossed ‑ up amount of the attribution debit is notional exempt income of the eligible CFC for the eligible period. (4) If: (a) a FIF attribution account entity (within the meaning of former Part XI) makes a FIF attribution account payment (within the meaning of former Part XI) to the eligible CFC in the eligible period; and (b) apart from this subsection, the whole or part of the FIF attribution account payment would be included in the notional assessable income of the eligible CFC in relation to the eligible taxpayer for the eligible period; and (c) on the making of the FIF attribution account payment, a post FIF abolition debit arises under section 23AK for the FIF attribution account entity in relation to the eligible taxpayer; so much (if any) of the whole or the part of the FIF attribution account payment as does not exceed the grossed ‑ up amount of the post FIF abolition debit is notional exempt income of the eligible CFC for the eligible period. (5) For the purposes of subsection (4), the grossed ‑ up amount of the post FIF abolition debit is: (a) where subparagraph 23AK(3)(b)(i) applied in relation to the debit—the amount of the debit; or (b) where subparagraph 23AK(3)(b)(ii) applied in relation to the debit—the amount of the debit, divided by the FIF attribution account percentage referred to in that subparagraph.", "Amendment_Count": 12, "First_Amended": "No 5 of 1991", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 35 of 1992 | No 80 of 1992 | No 190 of 1992 | No 18 of 1993 | No 5 of 1995 | No 174 of 1997 | No 93 of 1999 | No 96 of 2004 | No 23 of 2005 | No 114 of 2010", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 76, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 35 of 1992, item 62 | item 1992, effective s 7–75: 25 May 1992 (s 2) | Amended by No 80 of 1992, item 60 | item 68, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 190 of 1992, item 25, effective 1 Jan 1993 (s 2) | Amended by No 18 of 1993, item 33 | item 40, effective s 8–29, 54–57, 59 and Sch: 9 June 1993 (s 2(1)) s 30–53: 1 Jan 1993 (s 2(2)) | Amended by No 5 of 1995, item 18, effective s 3(2), (3) and Sch (items 14–35): 1 July 1995 (s 2) | Amended by No 174 of 1997, Sch 2 item 4 | Sch 2 item 5, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 93 of 1999, Sch 5 item 78, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 23 of 2005, Sch 3 item 57, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 114 of 2010, Sch 1 item 35, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s402"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 403", "Provision_Key": "s403", "Heading": "Additional notional exempt income—unlisted country CFC", "Text": "If the eligible CFC is a resident of an unlisted country at the end of the eligible period, the notional exempt income of the eligible CFC in relation to the eligible period includes income or profits derived by the eligible CFC in the eligible period in or in connection with carrying on business in a listed country at or through a permanent establishment of the eligible CFC in that listed country, where the income or profits are not eligible designated concession income in relation to any listed country in relation to the eligible period.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 94, effective 24 Oct 1997 (s 2) | Repealed and substituted by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s403"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 404", "Provision_Key": "s404", "Heading": "Application of Subdivision 768 ‑ A of the Income Tax Assessment Act 1997", "Text": "(1) For the purpose of applying Subdivision 768 ‑ A of the Income Tax Assessment Act 1997 (about returns on foreign investment) in calculating the attributable income of the eligible CFC, disregard section 389A of this Act (which is about disregarding Division 974 of the Income Tax Assessment Act 1997 and certain other provisions). (2) For the purpose of applying this Act in calculating the attributable income of the eligible CFC, disregard paragraph 768 ‑ 5(1)(d) of the Income Tax Assessment Act 1997 if: (a) the eligible CFC receives, either directly or indirectly through one or more interposed trusts or partnerships, a foreign equity distribution (within the meaning of the Income Tax Assessment Act 1997 ) from a company; and (b) at the time the distribution is made, both the eligible CFC and the company are residents of the same listed country or unlisted country.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 5 of 1991 | No 96 of 2004 | No 110 of 2014 | No 84 of 2018", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Repealed and substituted by No 110 of 2014, Sch 2 item 6 | Sch 2 item 10, effective Sch 2 (items 1, 6–12, 23): 17 Oct 2014 (s 2(1) item 2) Sch 5 (items 7–15, 95–97): 16 Oct 2014 (s 2(1) items 4, 7) | Amended by No 84 of 2018, Sch 2 item 4 | Sch 2 item 5, effective Sch 1 (items 2–7, 15), Sch 2 (items 4, 5, 9, 10) and Sch 4 (item 1): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s404"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 405", "Provision_Key": "s405", "Heading": "Interpretation", "Text": "(1) In this Subdivision: commencing day has the meaning given by section 406. commencing day asset has the meaning given by section 406. (3) Some provisions of this Subdivision say that a payment can include giving property. To the extent that one does, use the market value of the property in working out the amount of the payment.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 3 | Sch 1 item 4, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 405 | Sch 10 item 444 | Sch 10 item 445 | Sch 10 item 455 | Sch 10 item 414 | Sch 10 item 3 | Sch 10 item 4 | Sch 10 item 10 | Sch 10 item 11 | Sch 10 item 17 | Sch 10 item 20 | Sch 10 item 114 | Sch 10 item 115 | Sch 10 item 116 | Sch 10 item 117 | Sch 10 item 118 | Sch 10 item 137 | Sch 10 item 138 | Sch 10 item 139 | Sch 10 item 146, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, Sch 1 item 173 | Sch 1 item 242 | Sch 1 item 243 | Sch 2 item 396 | Sch 2 item 720, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s405"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 406", "Provision_Key": "s406", "Heading": "Meaning of c ommencing day and commencing day asset", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the eligible CFC’s commencing day is the later of: (a) the last day of the most recent period during which there was not an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC; and (b) 30 June 1990. Example: If a taxpayer became an attributable taxpayer with an attribution percentage (greater than nil) in relation to the eligible CFC at 3 pm on 20 October 2004 and there were no other such attributable taxpayers at that time, the commencing day is 20 October 2004. (2) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, a commencing day asset of the eligible CFC is a CGT asset (other than one that is taxable Australian property) owned by the eligible CFC at the end of its commencing day. (3) In determining whether a CGT asset is taxable Australian property, disregard the residency assumption.", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998 | No 89 of 2000 | No 64 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 170 of 1995, Sch 1 item 4 | Sch 1 item 5, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 444 | Sch 10 item 446 | Sch 10 item 42 | Sch 10 item 43, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 89 of 2000, Sch 5 item 33, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 64 of 2005, Sch 2 item 5, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3) | Amended by No 168 of 2006, Sch 4 item 21 | Sch 4 item 22, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s406"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 408", "Provision_Key": "s408", "Heading": "Certain capital gains and losses disregarded", "Text": "If a CFC makes a capital gain or capital loss from a CGT event that is not disregarded under Subdivision 855 ‑ A of the Income Tax Assessment Act 1997 , or would have made a capital gain from the event apart from indexation, disregard the CGT event in calculating the attributable income of the eligible CFC.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 5 of 1991 | No 46 of 1998 | No 168 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 46 of 1998, Sch 10 item 118 | Sch 10 item 447, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 168 of 2006, Sch 4 item 23, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s408"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 408A", "Provision_Key": "s408a", "Heading": "Certain events before commencing day ignored", "Text": "For the purposes of applying this Act in calculating the attributable income of an eligible CFC, if the eligible CFC’s commencing day is after 30 June 1995, Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 do not apply to CGT events involving the eligible CFC before the end of the commencing day.", "Amendment_Count": 3, "First_Amended": "No 170 of 1995", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 170 of 1995 | No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 170 of 1995, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Repealed and substituted by No 46 of 1998, Sch 10 item 448, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 101 of 2006, Sch 2 item 472, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s408A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 409", "Provision_Key": "s409", "Heading": "Losses before 30 June 1990 to be disregarded", "Text": "For the purposes of applying this Act in calculating the attributable income of the eligible CFC, capital losses incurred before the end of 30 June 1990 are disregarded.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 5 of 1991 | No 46 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 46 of 1998, Sch 10 item 102 | Sch 10 item 449, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s409"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 410", "Provision_Key": "s410", "Heading": "General modifications—CGT", "Text": "For the purposes of applying this Act in calculating the attributable income of the eligible CFC, Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 apply as if these provisions were disregarded: (a) section 116 ‑ 85 (about section 47A of this Act applying to a rolled ‑ over asset); (b) section 116 ‑ 95 (about a company changing residence from an unlisted country); (c) section 118 ‑ 12 (about assets used to produce exempt income etc.); (d) section 855 ‑ 45 (about an individual or company becoming an Australian resident); (e) section 855 ‑ 55 (about a CFC becoming an Australian resident); (f) Subdivision 170 ‑ B (about transfer of net capital losses within company groups).", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 46 of 1998 | No 41 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 77, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Repealed and substituted by No 46 of 1998, Sch 10 item 116 | Sch 10 item 118 | Sch 10 item 136 | Sch 10 item 170 | Sch 10 item 450, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, Sch 10 item 33, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 168 of 2006, Sch 4 item 855 | Sch 4 item 24 | Sch 4 item 25, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s410"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 411", "Provision_Key": "s411", "Heading": "Commencing day assets taken to have been acquired on commencing day", "Text": "(1) Subject to this section, for the purposes of applying this Act in calculating the attributable income of the eligible CFC, a commencing day asset of the eligible CFC is taken to have been acquired, for the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT), by it on its commencing day. (3) Subsection (1) does not apply for the purposes of determining the cost base to the eligible CFC of an asset.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 7, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 30 | Sch 10 item 451, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s411"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 412", "Provision_Key": "s412", "Heading": "Cost base of commencing day asset", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the following provisions have effect. (2) The first element of the cost base of each commencing day asset of the eligible CFC is the greater of the asset’s market value (at the end of the eligible CFC’s commencing day) and the asset’s cost base (on that day). (3) The first element of the reduced cost base of each commencing day asset of the eligible CFC is the lesser of the asset’s market value (at the end of the eligible CFC’s commencing day) and the asset’s cost base (on that day).", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 8 | Sch 1 item 412, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 112 | Sch 10 item 452 | Sch 10 item 462, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s412"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 413", "Provision_Key": "s413", "Heading": "Adjustment of cost base as at commencing day—return of capital", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the following provisions have effect. (2) Where: (a) commencing day assets of the eligible CFC consist of shares in a company; and (b) at any time during the period commencing at the time when the eligible CFC acquired the shares and ending at the end of the eligible CFC’s commencing day, the company paid an amount that was not a dividend to the eligible CFC in respect of the shares; the cost base to the eligible CFC of the shares as at the eligible CFC’s commencing day is to be reduced by that amount. (3) Where: (a) a commencing day asset of the eligible CFC consists of an interest or unit in a trust; and (b) at any time during the period commencing at the time when the eligible CFC acquired the interest or unit and ending at the end of the eligible CFC’s commencing day, the trustee of the trust paid an amount to the eligible CFC in respect of the interest or unit, being an amount that would not have been notional assessable income of the eligible CFC; the cost base to the eligible CFC of the interest or unit as at the eligible CFC’s commencing day is to be reduced by so much of the amount as is not attributable to a deduction allowed under Division 43 of the Income Tax Assessment Act 1997 or former Division 10C or 10D of Part III of this Act. (4) The payment referred to in subsection (2) or (3) can include giving property: see subsection 405(3).", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998 | No 54 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 10, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 112 | Sch 10 item 453 | Sch 10 item 454 | Sch 10 item 455, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 54 of 1999, Sch 3 item 10, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 473, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s413"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 414", "Provision_Key": "s414", "Heading": "Exercise of rights", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the following provisions have effect. (2) Despite section 130 ‑ 40 of the Income Tax Assessment Act 1997 , the modifications in subsections (3) and (4) of this section apply if the eligible CFC exercises rights or options as mentioned in that section to acquire: (a) shares in a company, or options to acquire shares in a company; or (b) units in a unit trust, or options to acquire units in a unit trust; and those rights or options are commencing day assets of the eligible CFC. (3) The first element of the cost base of the shares, units or options is the sum of: (a) the amount paid to exercise the rights or options; and (b) the greater of the market value of the rights or options (at the end of the eligible CFC’s commencing day) and the cost base of the rights or options (on that day). (4) The first element of the reduced cost base of the shares, units or options is the sum of: (a) the amount paid to exercise the rights or options; and (b) the lesser of the market value of the rights or options (at the end of the eligible CFC’s commencing day) and the cost base of the rights or options (on that day). (5) The payment referred to in subsection (3) or (4) can include giving property: see subsection 405(3). (6) For indexation purposes, the amount referred to in paragraph (3)(b) is taken to have been incurred on the eligible CFC’s commencing day.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 414, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Repealed and substituted by No 46 of 1998, Sch 10 item 112 | Sch 10 item 462, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s414"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 418", "Provision_Key": "s418", "Heading": "Options", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, the following provisions have effect. (2) Subsection 104 ‑ 30(5) of the Income Tax Assessment Act 1997 applies to an option granted by the eligible CFC as if the reference in that subsection to 20 September 1985 were a reference to the day after the eligible CFC’s commencing day. (3) Section 134 ‑ 1 of the Income Tax (Transitional Provisions) Act 1997 does not apply to an option granted to the eligible CFC.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 46 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 3, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 46 of 1998, Sch 10 item 104 | Sch 10 item 458, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s418"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 418A", "Provision_Key": "s418a", "Heading": "Effect of change of residence from Australia to listed or unlisted country", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, where: (a) disregarding the residency assumption, at any time (in this section called the residence ‑ change time ) during the eligible period or an earlier statutory accounting period beginning on or after the day following the eligible CFC’s commencing day, the eligible CFC ceased to be a resident within the meaning of section 6 and became a resident of a listed country or an unlisted country; and (b) the eligible CFC owned a CGT asset at the residence ‑ change time; and (c) a CGT event happens in relation to the asset during the eligible period; then sections 411 to 414 (inclusive) apply, in addition to any application apart from this section but subject to subsection (2) of this section, to the asset as if: (d) any reference in those sections to a commencing day asset were a reference to the asset; and (e) any reference in those sections relating to the eligible CFC’s commencing day or the day following the eligible CFC’s commencing day were a reference relating respectively to the residence ‑ change time or a time immediately after the residence ‑ change time; and (f) if section 104 ‑ 160 of the Income Tax Assessment Act 1997 (CGT event I1) applied to the change of residence for the purposes of the application of this Act apart from this Part: (i) section 412 applies as if subsections 412(2) and (3) referred only to the market value of the asset concerned; and (ii) section 414 applies as if paragraphs 414(3)(b) and (4)(b) referred only to the market value of the asset concerned. (2) Where the asset is a commencing day asset, sections 411 to 414 (inclusive) do not apply, in spite of anything contained in those sections, to the asset except in accordance with subsection (1) of this section.", "Amendment_Count": 6, "First_Amended": "No 48 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 48 of 1991 | No 170 of 1995 | No 155 of 1997 | No 46 of 1998 | No 96 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 48 of 1991, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 170 of 1995, Sch 1 item 417, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 155 of 1997, Sch 1 item 95 | Sch 1 item 104 | Sch 1 item 118 | Sch 1 item 119, effective 24 Oct 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 460 | Sch 10 item 461 | Sch 10 item 462 | Sch 10 item 463 | Sch 10 item 464, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 474, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s418A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 419", "Provision_Key": "s419", "Heading": "Modified application of Subdivision 126 ‑ B of the Income Tax Assessment Act 1997", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 has effect as if the table in subsection 126 ‑ 50(5) of that Act were omitted and the following table were substituted: Additional requirements Item The originating CFC’s residency status The recipient company’s residency status This requirement must be satisfied 1 A resident of a listed country at the time of the trigger event Either: (a) a resident of that listed country at that time; or (b) an Australian resident at that time It does not matter what the roll ‑ over asset is 2 A resident of a listed country at the time of the trigger event A resident of a particular unlisted country at that time The asset must have been used (just before that time) in connection with a permanent establishment of the originating CFC in any unlisted country at or through which the originating CFC carried on business just before that time 3 A resident of an unlisted country at the time of the trigger event Either: (a) a resident of an unlisted country at that time; or (b) an Australian resident at that time It does not matter what the roll ‑ over asset is (2) The residency assumption is ignored for the purpose of applying the table in subsection (1).", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 76 of 1996 | No 155 of 1997 | No 46 of 1998 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 76 of 1996, Sch 1 item 40 | Sch 1 item 41 | Sch 1 item 42, effective s 4 and Sch 1 (items 1–43, 47): 18 Dec 1996 (s 2(1)) Sch 1 (items 44–46): 1 Jan 1993 (s 2(2)) Sch 2: 27 June 1996 (s 2(3)) Sch 4 (items 19–24): 16 Feb 1997 (s 2(4)) | Amended by No 155 of 1997, Sch 1 item 45 | Sch 1 item 96 | Sch 1 item 119, effective 24 Oct 1997 (s 2) | Repealed and substituted by No 46 of 1998, Sch 10 item 126 | Sch 10 item 465, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s419"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 421", "Provision_Key": "s421", "Heading": "Elections under CGT roll ‑ over provisions", "Text": "(1) Subject to this section, for the purpose of applying this Act in calculating the attributable income of the eligible CFC for the eligible period, any election or choice that may be made, by the eligible CFC, or by the eligible CFC and another entity, apart from this section, under any of the CGT roll ‑ over provisions: (a) on or before the date of lodgment of a particular return of income; or (b) within such further period as the Commissioner allows; is to be made instead: (c) if there is only one attributable taxpayer in relation to the eligible CFC at the end of the eligible period—on or before the date of lodgment of the taxpayer’s return of income of the year of income in which the end of the eligible period occurs; or (d) if there are 2 or more attributable taxpayers in relation to the eligible CFC at the end of the eligible period: (i) if the taxpayers’ returns of income of the year of income in which the end of the eligible period occurs are lodged on different dates—on or before the later or latest of those dates; or (ii) if the taxpayers’ returns of income of the year of income in which the end of the eligible period occurs are lodged on the same date—on or before that date; or (e) in any case—within such further period as the Commissioner allows. (1A) For the purposes of applying subsection (1) to an eligible CFC in relation to an eligible period, if: (a) an entity (the designated entity ) is the only attributable taxpayer in relation to the eligible CFC at the end of the eligible period; and (b) the designated entity’s attribution percentage in relation to the company is 100% at the end of the eligible period; then, instead of the election or choice being given by the eligible CFC, or by the eligible CFC and another entity (which other entity may be the designated entity), the election or choice may be given by: (c) the designated entity; or (d) if the designated entity is not the same as the other entity—the designated entity and the other entity; as the case requires. (2) Except in accordance with subsection (3), subsection (1) does not apply to an election or choice in respect of the disposal of an asset if the disposal is, or apart from an election or choice in accordance with subsection 438(3A) would be, taken into account in determining under Division 8 whether the eligible CFC passes the active income test in relation to the eligible period. (3) If an election or choice is made under a CGT roll ‑ over provision in accordance with subsection 438(3A), that election or choice also has effect as if it were made under the CGT roll ‑ over provision in accordance with subsection (1) of this section.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 5 of 1991 | No 80 of 1992 | No 155 of 1997 | No 41 of 1998 | No 46 of 1998", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 80 of 1992, item 61, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 155 of 1997, Sch 1 item 47, effective 24 Oct 1997 (s 2) | Amended by No 41 of 1998, Sch 1 item 24, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 46 of 1998, Sch 10 item 103 | Sch 10 item 467 | Sch 10 item 468 | Sch 10 item 469 | Sch 10 item 470, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s421"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 422", "Provision_Key": "s422", "Heading": "Adjustment of capital proceeds where change of residence by eligible CFC from unlisted to listed country", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, in relation to the eligible period in relation to the eligible taxpayer, the following provisions have effect. (2) This section sets out what happens if: (a) the eligible CFC ceases at a time (the residency change time ), during the eligible period or an earlier statutory accounting period, to be a resident of an unlisted country and becomes a resident of a listed country; and (b) subsection 457(3) does not apply to the change of residence; and (c) because of the change in its residency status, an amount is included in the eligible taxpayer’s assessable income under section 457 (including because of paragraph 58(1)(d) of the Taxation Laws Amendment (Foreign Income) Act 1990 ); and (d) a CGT event happens during the eligible period in relation to a CGT asset (the CFC asset ) that the eligible CFC owned since the residency change time. (3) If the conditions in subsection (4) are satisfied, the capital proceeds from the CGT event are reduced by the amount worked out under subsection (5). If the conditions in subsection (6) are satisfied, those capital proceeds are increased by the amount worked out under subsection (7). Reduction of capital proceeds (4) If all the eligible CFC’s assets were disposed of at the residency change time for their market values in the circumstances mentioned in subparagraph 457(2)(a)(ii): (a) distributable profits of the eligible CFC of a particular amount (the distributable profit amount ) would be created, or its distributable profits would be increased by an amount (also the distributable profit amount ); and (b) the eligible CFC would have made a profit (the CFC asset profit ) on the disposal of the CFC asset. (5) The capital proceeds are reduced by: where: total asset profits is the sum of the profits that the eligible CFC would have made if all its assets were disposed of at the residency change time for their market values (ignoring disposals that would not result in a profit). Increase in capital proceeds (6) If all the eligible CFC’s assets were disposed of at the residency change time for their market values in the circumstances mentioned in subparagraph 457(2)(a)(ii): (a) the distributable profits of the eligible CFC would be reduced by an amount (the distributable profit reduction amount ); and (b) the eligible CFC would have made a loss (the CFC asset loss ) on the disposal of the CFC asset. (7) The capital proceeds are increased by: where: total asset losses is the sum of the losses that the eligible CFC would have made if all its assets were disposed of at the residency change time for their market values (ignoring disposals that would not result in a loss).", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 46 of 1998 | No 64 of 2005", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 48, effective 24 Oct 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 471, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 64 of 2005, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s422"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 423", "Provision_Key": "s423", "Heading": "Adjustment of capital proceeds where section 47A applies to rolled ‑ over assets", "Text": "(1) For the purposes of applying this Act in calculating the attributable income of the eligible CFC, in relation to the eligible period in relation to the eligible taxpayer, the following provision has effect. (2) The capital proceeds from a CGT event that happens in relation to a CGT asset of the eligible CFC during the eligible period are reduced if: (a) either: (i) because of Division 17 of former Part IIIA of this Act, that Part did not apply to the disposal of the asset to the eligible CFC by another CFC during the eligible period or an earlier statutory accounting period; or (ii) there was a roll ‑ over under Division 122, 124 or 126 of the Income Tax Assessment Act 1997 (except under Subdivision 124 ‑ J, 124 ‑ K or 124 ‑ L of that Act) for a CGT event (the earlier CGT event ) that happened during that period in relation to the asset and involving the eligible CFC and another CFC; and (b) the eligible taxpayer was an attributable taxpayer in relation to both CFC’s at the time of the disposal or the earlier CGT event; and (c) the other CFC is taken, under section 47A of this Act, to have paid the eligible CFC a dividend in relation to the disposal or the earlier CGT event; and (d) an amount is included in the attributable taxpayer’s assessable income in respect of the dividend under section 456 of this Act. (3) The reduction is the lesser of: (a) the amount of the dividend; and (b) the amount of any capital gain that: (i) apart from Division 17 of former Part IIIA of this Act, would have accrued to the other CFC in respect of the disposal if the consideration in respect of the disposal had been the market value of the asset at the time of the disposal; or (ii) the other CFC would have made from the earlier CGT event apart from the roll ‑ over if the capital proceeds from that event had been the market value of the asset at the time of that event.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 46 of 1998 | No 96 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 46 of 1998, Sch 10 item 472, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s423"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 425", "Provision_Key": "s425", "Heading": "Sometimes ‑ exempt income etc.", "Text": "(1) Where an amount is not included in the eligible CFC’s notional assessable income for a statutory accounting period (being the eligible period or an earlier period) in relation to the eligible taxpayer because: (a) the eligible CFC passes the active income test for the period in relation to the eligible taxpayer; or (b) subsection 385 (4) applies; then the amount is sometimes ‑ exempt income of the eligible CFC for the period in relation to the eligible taxpayer. (2) Where an amount would, disregarding section 431, only be a notional allowable deduction of the eligible CFC for a statutory accounting period (being the eligible period or an earlier period) in relation to the eligible taxpayer if the eligible CFC’s sometimes ‑ exempt income for the period in relation to the eligible taxpayer were instead notional assessable income, then the amount is a sometimes ‑ exempt deduction of the eligible CFC for the period in relation to the eligible taxpayer. (3) Where the eligible CFC’s sometimes ‑ exempt deductions for a statutory accounting period (being the eligible period or an earlier period) in relation to the eligible taxpayer exceed its sometimes ‑ exempt income for the period in relation to the taxpayer, the excess is a (sometimes ‑ exempt income) loss of the eligible CFC for the period in relation to the eligible taxpayer. (4) Where an eligible CFC’s sometimes ‑ exempt income for a statutory accounting period (being the eligible period or an earlier period) in relation to the eligible taxpayer exceeds its sometimes ‑ exempt deductions for the period in relation to the taxpayer, the excess is a (sometimes ‑ exempt income) gain of the eligible CFC for the period in relation to the eligible taxpayer.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 143 of 2007, Sch 1 item 95 | Sch 1 item 96 | Sch 1 item 97 | Sch 1 item 98 | Sch 1 item 99 | Sch 1 item 100 | Sch 1 item 101 | Sch 1 item 102 | Sch 1 item 103, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s425"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 426", "Provision_Key": "s426", "Heading": "Creation of loss", "Text": "For the purposes of this Subdivision, if: (a) the amount of the eligible CFC’s notional allowable deductions (other than under section 431) for a statutory accounting period (being the eligible period or an earlier period) are applied as follows: (i) they are applied first against any notional assessable income of the eligible CFC class for the period; (ii) any excess is then applied against any (sometimes ‑ exempt income) gain for the period; and (b) there is any amount remaining; then the amount remaining is a loss of the eligible CFC for the period.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, item 80G, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 143 of 2007, Sch 1 item 770 | Sch 1 item 104 | Sch 1 item 105 | Sch 1 item 108, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s426"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 427", "Provision_Key": "s427", "Heading": "Certain provisions to be disregarded", "Text": "For the purposes of applying this Act and the Income Tax Assessment Act 1997 in calculating the attributable income of an eligible CFC, disregard the following: (b) Division 36, section 165 ‑ 120 and Subdivisions 170 ‑ A, 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 (except for the purpose of a reference to any of those provisions in any other provision of this Act, as applied in accordance with this Division); (ba) Subdivisions 165 ‑ CC and 165 ‑ CD of the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 39 of 1997 | No 46 of 1998 | No 89 of 2000 | No 162 of 2005 | No 101 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Repealed and substituted by No 39 of 1997, Sch 4 item 263, effective Sch 1: 1 July 1997 (s 2) | Amended by No 46 of 1998, Sch 10 item 19 | Sch 10 item 20, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 89 of 2000, Sch 1 item 67, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 162 of 2005, Sch 3 item 8, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6) | Amended by No 101 of 2006, Sch 1 item 175, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 109 | Sch 1 item 110 | Sch 1 item 111 | Sch 1 item 112 | Sch 1 item 113, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s427"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 428", "Provision_Key": "s428", "Heading": "Subdivision to apply as if there were always a requirement to calculate attributable income", "Text": "For the purposes of applying this Subdivision in calculating the attributable income of the eligible CFC for the eligible period, it is to be assumed that, for any earlier statutory accounting period (when the eligible CFC existed) for which there was no requirement to calculate its attributable income in relation to the eligible taxpayer, there were such a requirement (except for the purpose of applying section 398).", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s428"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 429", "Provision_Key": "s429", "Heading": "Notional allowable deduction for (sometimes ‑ exempt income) loss", "Text": "The amount of any (sometimes ‑ exempt income) loss of the eligible CFC for the eligible period class is a notional allowable deduction for the period from the notional assessable income of the eligible CFC.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 143 of 2007, Sch 1 item 114 | Sch 1 item 115, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s429"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 431", "Provision_Key": "s431", "Heading": "Deduction etc. for previous period loss", "Text": "(1) Where there are one or more losses of the eligible CFC of any statutory accounting period before the eligible period, the losses, to the extent they have not been previously taken into account under this section in respect of any such period, are to be taken into account in accordance with this section. (2) The losses are to be taken into account as follows: (a) they are to be applied first against any (sometimes ‑ exempt income) gain for the eligible period, to the extent that the gain has not already been applied under section 426 in determining whether there is a loss for the eligible period; (b) any excess is then a notional allowable deduction for the eligible period, but only to the extent that the deduction does not exceed the amount of the notional assessable income for the period as reduced by notional allowable deductions other than under this section; (c) where there are 2 or more losses, they are to be taken into account in the order in which they arose. (3) A loss for a statutory accounting period is only to be taken into account under subsection (2) if the eligible CFC was a CFC at the end of that statutory accounting period and each following statutory accounting period before the eligible period. (4) A loss for a statutory accounting period is to be taken into account under subsection (2) only if: (a) where the eligible CFC is a resident of a listed country at the end of the eligible period: (i) the eligible CFC is a resident of a listed country at the end of that statutory accounting period; and (ii) if there are any statutory accounting periods (the intervening periods ) occurring between that statutory accounting period and the eligible period—the eligible CFC was a resident of a listed country at the end of each of the intervening periods; or (b) where the eligible CFC is a resident of an unlisted country at the end of the eligible period: (i) the eligible CFC is a resident of an unlisted country at the end of that statutory accounting period; and (ii) if there are any statutory accounting periods (also the intervening periods ) occurring between that statutory accounting period and the eligible period—the eligible CFC was a resident of an unlisted country at the end of each of the intervening periods. (4A) If: (a) at the end of both the eligible period and of a prior statutory accounting period, the eligible CFC was a resident of the same country; and (b) the country was either: (i) a listed country at the end of the eligible period and an unlisted country at the end of that statutory accounting period; or (ii) an unlisted country at the end of the eligible period and a listed country at the end of that statutory accounting period; subsection (4) does not prevent a loss for that statutory accounting period, or an earlier statutory accounting period, from being taken into account under subsection (2). (4B) If: (a) the eligible CFC is a resident of an unlisted country at the end of the eligible period; and (b) that country emerged from the dissolution of another country; and (c) the other country was in existence at the end of a prior statutory accounting period; and (d) at the end of that statutory accounting period, the CFC was a resident of the other country; and (e) the other country was a listed country at the end of that statutory accounting period; subsection (4) does not prevent a loss for that statutory accounting period, or an earlier statutory accounting period, from being taken into account under subsection (2). (4D) If: (a) as a result of the operation of subsection (4), a loss of a CFC for a statutory accounting period was not taken into account under subsection (2) in calculating the attributable income of the CFC for a later statutory accounting period (the second statutory accounting period ); and (b) the eligible period is later than the second statutory accounting period; then, despite anything in subsection (4), (4A) or (4B), the loss is not to be taken into account under subsection (2) in calculating the attributable income of the CFC for the eligible period. (5) A loss for a statutory accounting period is not to be taken into account under subsection (2) if, assuming that it were a tax loss (within the meaning of the Income Tax Assessment Act 1997 ) of the eligible CFC, it would not be taken into account or allowed as a deduction in relation to the eligible period.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004 | No 101 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 5 of 1991, item 1990 | item 80G, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 49, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, Sch 2 item 478, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 770 | Sch 1 item 117 | Sch 1 item 118 | Sch 1 item 119 | Sch 1 item 122, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s431"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 432", "Provision_Key": "s432", "Heading": "Active income test", "Text": "(1) Subject to sections 437 and 453, for the purposes of this Part, a company is taken to pass the active income test in relation to a statutory accounting period if, and only if: (a) the company was in existence at the end of the statutory accounting period; and (b) there was no time during the statutory accounting period when the company was in existence when the company was neither a resident of a particular listed country nor of a particular unlisted country; and (c) the company has kept accounts for the statutory accounting period and: (i) the accounts are prepared in accordance with commercially accepted accounting principles; and (ii) the accounts give a true and fair view of the financial position of the company; and (d) the company has complied with the substantiation requirements set out in section 451 in relation to the statutory accounting period; and (e) at all times during the statutory accounting period when the company was in existence and was a resident of a particular listed country, or of a particular unlisted country, the company carried on business in that country at or through a permanent establishment of the company in that country; and (f) the tainted income ratio of the company for the statutory accounting period is less than 0.05. (3) For the purposes of this section, if a company was dormant, within the meaning of Part VI of the Companies Act 1981 , throughout a particular period (in this subsection called the dormant period ) commencing on the day on which the company was incorporated, the company is to be taken not to have been in existence during the dormant period.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004 | No 41 of 2005", "History_Notes": "Inserted by No 5 of 1991, item 49 | item 80G, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 97 | Sch 1 item 98 | Sch 1 item 109 | Sch 1 item 110, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 41 of 2005, Sch 10 item 20 | Sch 10 item 34 | Sch 10 item 35, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s432"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 433", "Provision_Key": "s433", "Heading": "Tainted income ratio", "Text": "(1) For the purposes of this Part, if a company is a resident of a particular listed country or a particular unlisted country at the end of a statutory accounting period, the tainted income ratio of the company for the statutory accounting period is calculated using the formula: where: Gross tainted turnover means the gross tainted turnover of the company of the statutory accounting period. Gross turnover means the gross turnover of the company of the statutory accounting period. (3) For the purposes of this Part, the tainted income ratio of a company for a statutory accounting period is taken to be less than 0.05 if both the numerator and the denominator in the applicable fraction are 0. (4) For the purposes of this Part, the tainted income ratio of a company for a statutory accounting period is to be calculated in the currency in which the profit and loss accounts and the balance ‑ sheet of the company for the statutory accounting period are prepared.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 155 of 1997", "Amending_Acts": "No 5 of 1991 | No 155 of 1997", "History_Notes": "Inserted by No 5 of 1991, item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 50 | Sch 1 item 51, effective 24 Oct 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s433"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 434", "Provision_Key": "s434", "Heading": "Gross turnover", "Text": "(1) Subject to section 437, for the purposes of this Part, the gross turnover of a company of a statutory accounting period is the sum of: (a) the amount that is shown in the recognised accounts of the company for the statutory accounting period as the gross revenue derived by the company, but not including: (i) amounts that are shown in those recognised accounts as amounts covered by section 436; or (ii) amounts that are shown in those recognised accounts as revenue in respect of the disposal of assets (other than trading stock or commodity futures contracts, commodity forward contracts or rights or options in respect of such contracts); or (iii) amounts that are shown in those recognised accounts as revenue from disposing of commodity futures contracts, commodity forward contracts or rights or options in respect of such contracts; or (iv) amounts that are shown in those recognised accounts as revenue from currency exchange rate fluctuations; and (b) the amount that is shown in the recognised accounts of the company for the statutory accounting period as the amount (if any) by which the sum of the gains derived by the company in the statutory accounting period in respect of the disposal of assets (other than trading stock or commodity futures contracts, commodity forward contracts or rights or options in respect of such contracts) exceeds the losses incurred by the company in the statutory accounting period in respect of the disposal of such assets, but not including amounts that are shown in those recognised accounts as amounts covered by section 436; and (c) the amount that is shown in the recognised accounts of the company for the statutory accounting period as the amount (if any) by which the gains derived by the company in the statutory accounting period from disposing of commodity futures contracts, commodity forward contracts or rights or options in respect of such contracts exceeds the losses incurred by the company in the statutory accounting period from disposing of commodity futures contracts, commodity forward contracts or rights or options in respect of such contracts, but not including amounts that are shown in those recognised accounts as amounts covered by section 436; and (d) the amount that is shown in the recognised accounts of the company for the statutory accounting period as the amount (if any) by which the sum of the gains derived by the company in the statutory accounting period from currency exchange rate fluctuations exceeds the losses incurred by the company in the statutory accounting period from currency exchange rate fluctuations, but not including amounts that are shown in those recognised accounts as amounts covered by section 436. (1A) In working out the gross turnover of a company of a statutory accounting period, assume that the amounts shown in the company’s recognised accounts, as mentioned in paragraphs (1)(b) and (c), for that period had been worked out by also including: (a) as gains derived by the company in that period—capital gains the company would have made; and (b) as losses incurred by the company in that period—capital losses the company would have made; in that period because of CGT event J1, if the assumptions in paragraphs 383(a) to (c) had applied. Note 1: CGT event J1 is about companies ceasing to be related after a roll ‑ over. Note 2: Basically, the effect of the assumptions in paragraphs 383(a) to (c) is that the company concerned is taken to be a taxpayer and a resident and CGT event J1 may therefore be taken to have happened. (2) Subject only to sections 437, 438 and 440, for the purposes of this section, where a company has prepared recognised accounts for a statutory accounting period in accordance with commercially accepted accounting principles, then, in determining whether a particular amount shown in those accounts is covered by an expression used in subsection (1) (other than an exclusion of amounts shown in those recognised accounts as amounts covered by section 436), the expression concerned is taken to have the same meaning that it has under those accounting principles. (3) If: (a) arm’s length conditions are taken by Subdivision 815 ‑ B of the Income Tax Assessment Act 1997 to operate for purposes relating to the company; and (b) had those conditions operated, an amount described in any of the paragraphs of subsection (1) as being an amount shown in the recognised accounts of the company for the statutory account period would have been different; then the different amount is substituted for the amount shown in the recognised accounts.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 5 of 1991 | No 170 of 1995 | No 58 of 2000 | No 101 of 2013", "History_Notes": "Inserted by No 5 of 1991, item 341, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 170 of 1995, Sch 1 item 19, effective Sch 1 and Sch 2 (items 1–53), Sch 3 (items 15, 16): 16 Dec 1995 (s 2(1)) | Amended by No 58 of 2000, Sch 1 item 6 | Sch 1 item 21, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 101 of 2013, Sch 2 item 19, effective Sch 1 (items 1–8, 10) and Sch 2 (items 1, 8–19, 50): 29 June 2013 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s434"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 435", "Provision_Key": "s435", "Heading": "Gross tainted turnover", "Text": "For the purposes of this Part, the gross tainted turnover of a company of a statutory accounting period is so much of the gross turnover of the company of the statutory accounting period as consists of: (a) passive income of the company of the statutory accounting period; or (b) tainted sales income of the company of the statutory accounting period; or (c) tainted services income of the company of the statutory accounting period.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 341, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s435"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 436", "Provision_Key": "s436", "Heading": "Amounts excluded from active income test", "Text": "(1) For the purposes of the application of this Part to a company, the following amounts are, in accordance with subparagraph 434(1)(a)(i) and paragraphs 434(1)(b), (c) and (d), excluded from the active income test: (a) income or profits derived by the company that are included in the assessable income of the company of any year of income other than under section 143 (where the proviso to that section does not apply); (b) income or profits derived by the company during a statutory accounting period where all of the following conditions are satisfied: (i) the income or profits are derived by the company in carrying on a business at or through a permanent establishment of the company in a listed country (other than a listed country of which the company is a resident); (ii) the income or profits are not eligible designated concession income in relation to any listed country in relation to the statutory accounting period; (iii) the income or profits are subject to tax in a listed country in a tax accounting period: (A) ending before the end of the statutory accounting period; or (B) commencing during the statutory accounting period; (c) an amount that, if the company were a resident within the meaning of section 6, would, or would apart from paragraphs 99B(2)(d) and (e), have been included in the assessable income of the company under Division 6 of Part III; (d) so much of a frankable distribution as is either the franked part of the distribution, or the part of the distribution that has been franked with an exempting credit; (e) a non ‑ portfolio dividend paid to the company by a company that is a resident of a listed country or unlisted country; (g) a premium paid or credited to the company where, because of the application of subsection 148(1), the premium is not allowable as a deduction to the person referred to in subparagraph 148(1)(a)(i) and is not included in the assessable income of the company. (2) Where: (a) the company receives an attribution account payment, being a dividend, from another entity; and (b) the whole or part (in this subsection called the eligible amount ) of the attribution account payment is not excluded from the active income test, in relation to the company in relation to the statutory accounting period, under subsection (1); and (c) on the making of the attribution account payment by the other entity, an attribution debit arises for that entity in relation to a taxpayer; then, for the purposes of this Part, so much of the eligible amount as does not exceed the grossed ‑ up amount of the attribution debit is, in accordance with subparagraph 434(1)(a)(i), excluded (in addition to any other amount that is excluded under subsection (1)) from the active income test in relation to the company in relation to the taxpayer.", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 155 of 1997 | No 93 of 1999 | No 96 of 2004 | No 23 of 2005", "History_Notes": "Inserted by No 5 of 1991, item 80G, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 80, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 155 of 1997, effective 24 Oct 1997 (s 2) | Amended by No 93 of 1999, Sch 5 item 79, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 23 of 2005, Sch 3 item 58, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s436"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 437", "Provision_Key": "s437", "Heading": "Treatment of partnership income", "Text": "(1) For each partnership in which a company is a partner at any time during a statutory accounting period, the following modifications apply for the purposes of determining the effect of that partnership on the question whether the company is taken to pass the active income test in relation to the statutory accounting period: (a) the partnership is to be treated as an entity separate from the company; (b) in spite of anything in section 432, the company is not taken to pass the active income test in relation to the statutory accounting period unless: (i) the partnership has kept accounts for the statutory accounting period and: (A) the accounts are prepared in accordance with commercially accepted accounting principles; and (B) the accounts give a true and fair view of the financial position of the partnership; and (ii) the partnership has complied with the substantiation requirements set out in section 452 in relation to the statutory accounting period; (c) for the purposes of this Division, the notional gross tainted turnover of the partnership of the statutory accounting period, or the notional gross turnover of the partnership of the statutory accounting period, is the amount that would be the gross tainted turnover, or the gross turnover, as the case requires, of the partnership of the statutory accounting period if: (i) except for the purposes of determining the associates of the partnership—the partnership were a company; and (ii) a reference in this Division to the recognised accounts of the partnership were a reference to the accounts referred to in paragraph (b) of this subsection that are prepared by the partnership for the statutory accounting period; and (iii) the partnership were a resident of the same particular listed country or particular unlisted country, of which the company was a resident; (d) the gross tainted turnover of the company of the statutory accounting period is to be increased by the amount calculated using the formula: where: Notional gross tainted turnover of partnership means the notional gross tainted turnover of the partnership for the statutory accounting period. Partner’s interest means the company’s percentage interest in the profits of the partnership for the statutory accounting period. (e) the gross turnover of the company of the statutory accounting period is to be increased by the amount calculated using the formula: where: Notional gross turnover of partnership means the notional gross turnover of the partnership for the statutory accounting period. Partner’s interest means the company’s percentage interest in the profits of the partnership for the statutory accounting period. (2) If: (a) a company is a partner in one or more partnerships at any time during a statutory accounting period; and (b) apart from this subsection, paragraph 432(1)(e) does not apply in relation to the company in relation to the statutory accounting period; and (c) at all times during the statutory accounting period when: (i) a particular one of those partnerships was in existence; and (ii) the company was in existence and was a resident of a particular listed country, or of a particular unlisted country; the partnership carried on business in that country at or through a permanent establishment of the partnership in that country; subsection 432(1) has effect as if paragraph 432(1)(e) had applied in relation to the company in relation to the statutory accounting period.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004 | No 41 of 2005", "History_Notes": "Inserted by No 5 of 1991, item 334 | item 80G, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 41 of 2005, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s437"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 438", "Provision_Key": "s438", "Heading": "Roll ‑ overs—asset disposals", "Text": "(1) This section applies in determining the application of paragraph 434(1)(b) and section 445 in relation to a non ‑ taxable Australian asset of a company. (2) If a CGT roll ‑ over provision applies to: (a) the disposal of the asset by an entity (in this section called the transferor ) to the company (in this section called the transferee ); or (b) the disposal of the asset by the company (in this section also called the transferor ) to another entity (in this section also called the transferee ); the following provisions have effect: (c) the transferee is taken to have paid, as consideration to acquire the asset, the sum of: (i) the consideration (if any) paid or payable by the transferor to acquire the asset; and (ii) the expenditure (if any) incurred by the transferor in making capital improvements to the asset; and (d) the transferor is not taken to have: (i) derived any gains; or (ii) incurred any loss; in respect of the disposal of the asset. (2A) If: (a) a CGT roll ‑ over provision applies to the disposal of the asset (in this subsection called the original asset ) by the company; and (b) the disposal is not to another entity; and (c) the company acquires another asset (in this subsection called the replacement asset ) that is referred to in the CGT roll ‑ over provision as being by way of replacement of, substitution for, or consideration for the disposal of, the original asset (whether or not exactly those expressions are used); the following provisions have effect: (d) the company is not taken to have: (i) derived any gains; or (ii) incurred any loss; in respect of the disposal of the original asset; and (e) the company is taken to have paid, as consideration to acquire the replacement asset, the sum of: (i) the consideration (if any) paid or payable by the company to acquire the original asset; and (ii) the expenditure (if any) incurred by the company in making improvements to the original asset. (2B) For the purposes of subsections (2) and (2A), if an asset is disposed of by being cancelled, redeemed or consolidated into another asset, the disposal is taken not to be to another entity. (3) For the purposes of this section, in determining whether a CGT roll ‑ over provision applies to the disposal of an asset, Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 have the effect they would have if: (a) the company had failed the active income test in relation to the statutory accounting period concerned; and (b) those Parts were being applied to calculate the attributable income of the company for the statutory accounting period in relation to any taxpayer. (3A) For the purposes of applying Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 in relation to a statutory accounting period as mentioned in paragraph (3)(b), any election or choice that may be made by the company, or by the company and another entity, apart from this section under any of the CGT roll ‑ over provisions: (a) on or before the date of lodgment of a particular return of income; or (b) within such period as the Commissioner allows; is to be made instead: (c) if there is only one attributable taxpayer in relation to the company at the end of the statutory accounting period—on or before the date of lodgment of the taxpayer’s return of income of the year of income in which the end of the statutory accounting period occurs; or (d) if there are 2 or more attributable taxpayers in relation to the company at the end of the statutory accounting period: (i) if the taxpayers’ returns of income of the year of income in which the end of the statutory accounting period occurs are lodged on different dates—on or before the later or latest of those dates; or (ii) if the taxpayers’ returns of income of the year of income in which the end of the statutory accounting period occurs are lodged on the same date—on or before that date; or (e) in any case—within such further period as the Commissioner allows. (3B) For the purposes of applying subsection (3A) to a company in relation to a statutory accounting period, if: (a) the company is a CFC at the end of the statutory accounting period; and (b) an entity (the designated entity ) is the only attributable taxpayer in relation to the company at the end of the statutory accounting period; and (c) the designated entity’s attribution percentage in relation to the company is 100% at the end of the statutory accounting period; then, instead of the election being given or the choice being made by the company, or by the company and another entity (which other entity may be the designated entity), the election may be given or the choice may be made by: (d) the designated entity; or (e) if the designated entity is not the same as the other entity—the designated entity and the other entity; as the case requires. (4) A reference in this section to a non ‑ taxable Australian asset of a company is a reference to an asset of the company that is a CGT asset that is not taxable Australian property.", "Amendment_Count": 7, "First_Amended": "No 5 of 1991", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 5 of 1991 | No 80 of 1992 | No 155 of 1997 | No 41 of 1998 | No 46 of 1998 | No 101 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 5 of 1991, item 434, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 80 of 1992, item 61 | item 62, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1)) | Amended by No 155 of 1997, Sch 1 item 54, effective 24 Oct 1997 (s 2) | Amended by No 41 of 1998, Sch 1 item 25, effective s 4, Sch 1 (items 4–16, 18–26), Sch 2 (items 1–4), Sch 3 (items 1–3, 7(1)), Sch 4 (items 4, 5), Sch 5 (items 16, 18) and Sch 6 (items 1, 2, 4, 5, 7–13, 15–18, 27): 4 June 1998 (s 2(1)) Sch 1 (item 17): 9 Apr 1999 (s 2(2)) Sch 5 (items 17, 19): 12 Dec 1995 (s 2(5)) Sch 6 (item 3): 16 Dec 1985 (s 2(6)) Sch 6 (item 6): 1 Jan 1993 (s 2(7)) Sch 6 (item 14): never commenced (s 2(9)) Sch 6 (item 16): 1 July 1998 (s 2(10)) | Amended by No 46 of 1998, Sch 10 item 474 | Sch 10 item 475 | Sch 10 item 476 | Sch 10 item 477 | Sch 10 item 478 | Sch 10 item 479 | Sch 10 item 480, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, Sch 2 item 479 | Sch 2 item 480 | Sch 2 item 481, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 168 of 2006, Sch 4 item 26, effective s 4 and Sch 4 (items 14–28, 112): 12 Dec 2006 (s 2(1) items 1, 5) Sch 3 (items 3–5): 13 Dec 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s438"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 439", "Provision_Key": "s439", "Heading": "When currency exchange gains or losses relate to active income transactions", "Text": "(1) For the purposes of this Part, a currency exchange gain, or a currency exchange loss, of a company for a statutory accounting period is to be taken to relate to an active income transaction if, and only if: (a) the gain or loss was realised under any of the following transactions: (i) a transaction that: (A) gives rise to income, gains or a loss of the company; and (B) is not taken into account in determining the passive income, tainted sales income or tainted services income of the company; (ii) a transaction for the purchase of goods from an entity that, at the time the gain or loss was realised, was not an associate of the company; (iii) a transaction for the purchase of a unit of property where: (A) if the company were a resident within the meaning of section 6, depreciation would be allowable to the company under the former section 54 of this Act or the former Division 42 of the Income Tax Assessment Act 1997 , or the company could deduct an amount for the decline in value of a depreciating asset under Division 40 of that Act, in respect of any year of income; and (B) the unit of property is for use by the company exclusively or principally for the purpose of producing income other than passive income, tainted sales income or tainted services income; (iv) if the company is an AFI subsidiary that carried on financial intermediary business at the time the gain or loss was realised—a transaction under which money was lent to the company; (v) a transaction that was entered into by the company for the sole purpose of eliminating or reducing the risk of adverse financial consequences that might result for the company, under a transaction covered by any of the preceding subparagraphs, from currency exchange rate fluctuations; or (b) both of the following subparagraphs apply: (i) the gain or loss was realised in the course of carrying on a business of currency dealing; (ii) the gain or loss was realised under a transaction and, at the time the gain or loss was realised, no other party to the transaction was: (A) an associate of the company; or (B) a Part X Australian resident. (2) In determining whether an amount is passive income for the purposes of this section, paragraph 446(1)(n) is to be disregarded.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 5 of 1991 | No 121 of 1997 | No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 5 of 1991, item 334 | item 371, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 18–37), Sch 3 (items 31–61), Sch 4 (items 63–138), Sch 5 (items 43–93), Sch 6 (items 68–132), Sch 7 (items 5–7), Sch 8 (items 32–51), Sch 9 (items 16–40), Sch 10 (items 12–15), Sch 11 (items 37–57) and Sch 12 (items 15–23): 1 July 1997 (s 2(3), (5)) | Amended by No 77 of 2001, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s439"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 440", "Provision_Key": "s440", "Heading": "Asset disposals—revaluations and arm’s length amounts", "Text": "In determining, for the purposes of this Part, whether a company passes the active income test, the following provisions apply in relation to an asset of the company (other than trading stock): (a) the effect of an asset revaluation is to be disregarded; (b) subject to section 438, if: (i) any consideration paid or payable by the company in respect of the acquisition of the asset; or (ii) any consideration paid or payable to the company in respect of the disposal of the asset; or (iii) any expenditure incurred by the company in making capital improvements to the asset; or (iv) any other amount payable to or by the company that is relevant to determining the revenue, gains or losses concerned; is not equal to the amount (in this paragraph called the arm’s length amount ) that the parties to the transaction concerned could have been reasonably expected to have paid if the parties had been acting at arm’s length in relation to the transaction—the amount of the consideration or expenditure is to be taken to be equal to the arm’s length amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s440"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 441", "Provision_Key": "s441", "Heading": "Hire ‑ purchase and other property financing transactions", "Text": "(1) For the purposes of this Part, in determining whether a company passes the active income test: (a) a hire ‑ purchase transaction or any other transaction for the financing of the acquisition of property is to be treated as a loan of money; and (b) income derived under the transaction is to be treated as interest. (2) Nothing in subsection (1) limits the generality of the expressions “interest”, “loan” or “payment in the nature of interest”.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s441"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 442", "Provision_Key": "s442", "Heading": "Assumption of rights of lender under a loan", "Text": "In determining whether a company passes the active income test, if the company assumes the rights of a lender under a loan, this Part has effect, after that assumption, as if: (a) the company had provided the loan to the borrower; and (b) in a case where that assumption was made in the course of carrying on a particular business—interest, or a payment in the nature of interest, derived by the company from the loan had been derived from a loan made in the course of carrying on that business.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s442"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 443", "Provision_Key": "s443", "Heading": "Net tainted commodity gains", "Text": "For the purposes of this Part: (a) net tainted commodity gains are to be taken to have accrued to a company in a statutory accounting period if, and only if, the sum of the tainted commodity gains of the company for the statutory accounting period exceeds the sum of the tainted commodity losses of the company for the statutory accounting period; and (b) the amount of the net tainted commodity gains is equal to the amount of the excess.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s443"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 444", "Provision_Key": "s444", "Heading": "Net tainted currency exchange gains", "Text": "For the purposes of this Part: (a) net tainted currency exchange gains are to be taken to have accrued to a company in a statutory accounting period if, and only if, the sum of the tainted currency exchange gains of the company for the statutory accounting period exceeds the sum of any tainted currency exchange losses of the company for the statutory accounting period; and (b) the amount of the net tainted currency exchange gains is equal to the amount of the excess.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s444"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 445", "Provision_Key": "s445", "Heading": "Net gains—disposal of tainted assets", "Text": "(1) For the purposes of this Part: (a) net gains are to be taken to have accrued to a company in a statutory accounting period in relation to the disposal of tainted assets owned by the company if, and only if, the sum of the gains of the company in relation to the disposal of tainted assets during the statutory accounting period exceeds the sum of the losses (if any) of the company in relation to the disposal of tainted assets during the statutory accounting period; and (b) the amount of the net gains is equal to the amount of the excess. (2) In paragraph (1)(a): gains includes capital gains the company would have made in the statutory accounting period because of CGT event J1, if the assumptions in paragraphs 383(a) to (c) applied. losses includes capital losses the company would have made in the statutory accounting period because of CGT event J1, if the assumptions in paragraphs 383(a) to (c) applied. Note 1: CGT event J1 is about companies ceasing to be related after a roll ‑ over. Note 2: Basically, the effect of the assumptions in paragraphs 383(a) to (c) is that the company concerned is taken to be a taxpayer and a resident and CGT event J1 may therefore be taken to have happened.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 5 of 1991 | No 58 of 2000", "History_Notes": "Inserted by No 5 of 1991, item 434, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 58 of 2000, Sch 1 item 7 | Sch 1 item 22, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s445"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 446", "Provision_Key": "s446", "Heading": "Passive income", "Text": "(1) Subject to this Division, for the purposes of this Part, the following amounts are passive income of a company of a statutory accounting period: (a) dividends (within the meaning of section 6) paid to the company in the statutory accounting period; (b) unit trust dividends (within the meaning of Division 6C of Part III) paid to the company in the statutory accounting period; (c) a distribution made to the company where the distribution is taken to be a dividend because of section 47; (d) tainted interest income derived by the company in the statutory accounting period; (e) annuities derived by the company in the statutory accounting period; (f) tainted rental income derived by the company in the statutory accounting period; (g) tainted royalty income derived by the company in the statutory accounting period; (h) an amount derived by the company in the statutory accounting period as consideration for the assignment, in whole or in part, of any copyright, patent, design, trade mark or other like property or right; (j) income derived from carrying on a business of trading in tainted assets; (k) net gains that accrued to the company in the statutory accounting period in respect of the disposal of tainted assets; (m) net tainted commodity gains that accrued to the company during the statutory accounting period; (n) net tainted currency exchange gains that accrued to the company during the statutory accounting period. (2) Despite anything in subsection (1), the passive income of a life assurance company of a statutory accounting period is calculated using the formula: where: adjusted passive income means the amount that, apart from this subsection, would be the passive income of the company of the statutory accounting period. total assets means the average of the total assets of the company for the statutory accounting period. untainted policy liabilities means so much of the company’s policy liabilities, as defined in the Valuation Standard (within the meaning of the Income Tax Assessment Act 1997 ), as calculated by a Fellow or Accredited Member of the Institute of Actuaries of Australia, for the statutory accounting period as is referable to life assurance policies that do not give rise to tainted services income of the company of any statutory accounting period. (4) Despite anything in subsection (1), the passive income of a general insurance company of a statutory accounting period is worked out using the formula: where: adjusted passive income means the amount that, apart from this subsection, would be the passive income of the company of the statutory accounting period. net assets means the excess at the end of the statutory accounting period of the total assets of the company over the total liabilities of the company. outstanding claims means the amount that the company would, at the end of the statutory accounting period, based on proper and reasonable estimates, need to set aside and invest in order to meet liabilities of the company that have arisen or will arise: (a) under general insurance policies (including reinsurance policies, but not including life assurance policies); and (b) in respect of events that occurred during or before the period. solvency amount is the amount worked out under subsection (5). tainted outstanding claims means so much of the outstanding claims of the company at the end of the statutory accounting period as is referable to general insurance policies that give rise to tainted services income of the company of any statutory accounting period. total assets means the total assets of the company at the end of the statutory accounting period. (5) In subsection (4): solvency amount is the amount worked out using the formula: where: maximum event retention means the amount that, at the end of the statutory accounting period, the company has determined is the maximum that would be payable to the owners of policies as a result of the happening of any one event. The amount must be worked out on the basis of a reasonable and proper estimate. minimum solvency means the greater of: (a) 20% of the company’s premium income (within the meaning of the Insurance Act 1973 ) during the statutory accounting period; and (b) 15% of the company’s outstanding claims as at the end of the statutory accounting period. outstanding claims means the amount that the company would, at the end of the statutory accounting period, based on proper and reasonable estimates, need to set aside and invest in order to meet liabilities of the company that have arisen or will arise: (a) under general insurance policies (including reinsurance policies, but not including life assurance policies); and (b) in respect of events that occurred during or before the period. tainted outstanding claims means so much of the outstanding claims of the company at the end of the statutory accounting period as is referable to general insurance policies that give rise to tainted services income of the company of any statutory accounting period.", "Amendment_Count": 5, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 120 of 1995 | No 16 of 1999 | No 89 of 2000 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 334 | item 371 | item 434, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 120 of 1995, Sch 1 item 86 | Sch 1 item 87 | Sch 1 item 88, effective Sch 1 (items 1–57, 59–90) and Sch 2 (items 1, 3, 4): 25 Oct 1995 (s 2(1)) Sch 1 (item 58): 23 Nov 1994 (s 2(2)) | Amended by No 16 of 1999, effective s 4, Sch 1, Sch 3 (items 8–10, 12(3)), Sch 5, 6, Sch 7 (items 1–8) and Sch 8–11: 9 Apr 1999 (s 2(1)) | Amended by No 89 of 2000, Sch 2 item 58 | Sch 2 item 59 | Sch 2 item 60 | Sch 2 item 61, effective s 4, Sch 1 (item 66), Sch 2 (items 1–24, 35, 36, 48, 53–62), Sch 3 (items 1–29, 98–100), Sch 5 (items 32–34(1)) and Sch 8 (items 1–8, 11): 30 June 2000 (s 2(1)) Sch 1 (item 67): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 2 (items 25, 26) and Sch 3 (items 30–97): 1 July 2000 (s 2(3), (8), (9)) | Amended by No 53 of 2016, Sch 5 item 26, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s446"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 447", "Provision_Key": "s447", "Heading": "Tainted sales income", "Text": "(1) Subject to this Division, for the purposes of this Part, the following amounts are tainted sales income of a company of a statutory accounting period: (a) income from the sale of goods by the company where all of the following conditions are satisfied: (i) the goods were sold to the company by another entity; (ii) either of the following sub ‑ subparagraphs applies at the time of the sale of the goods to the company: (A) the seller of the goods to the company was an associate of the company and a Part X Australian resident; (B) the goods were sold to the company by an associate of the company who was not a Part X Australian resident, in the course of a business carried on by the associate at or through a permanent establishment of the associate in Australia; (iii) if the goods were altered by the company—the income does not pass the substantial alteration test set out in subsection (4); (b) income from the sale of goods by the company where all of the following conditions are satisfied: (i) the goods were sold to the company by another entity; (ii) either of the following sub ‑ subparagraphs applies at the time of the purchase of the goods from the company: (A) the purchaser of the goods from the company was an associate of the company and a Part X Australian resident; (B) the purchaser of the goods from the company was an associate of the company who was not a Part X Australian resident and the purchase was made in the course of a business carried on by the purchaser at or through a permanent establishment of the purchaser in Australia; (iii) if the goods were altered by the company—the income does not pass the substantial alteration test set out in subsection (4); (c) income from the sale of goods (in this paragraph called the manufactured goods ) by the company where all of the following conditions are satisfied: (i) the manufactured goods were manufactured by the company; (ii) any of the raw materials or goods from which the manufactured goods were manufactured were sold to the company by another entity; (iii) either of the following sub ‑ subparagraphs applies at the time of the sale to the company of the raw materials or goods from which the manufactured goods were manufactured: (A) the entity who sold to the company the raw materials or goods from which the manufactured goods were manufactured was an associate of the company and a Part X Australian resident; (B) the raw materials or goods from which the manufactured goods were manufactured were sold to the company by an associate of the company who was not a Part X Australian resident, in the course of a business carried on by the associate at or through a permanent establishment of the associate in Australia; (iv) the income does not pass the substantial manufacture test set out in subsection (4A); (d) income from the sale of goods (in this paragraph called the manufactured goods ) by the company where all of the following conditions are satisfied: (i) the manufactured goods were manufactured by the company; (ii) any of the raw materials or goods from which the manufactured goods were manufactured were sold to the company by another entity; (iii) either of the following sub ‑ subparagraphs applies at the time of the purchase of the manufactured goods from the company: (A) the purchaser of the manufactured goods from the company was an associate of the company and a Part X Australian resident; (B) the purchaser of the manufactured goods from the company was an associate of the company who was not a Part X Australian resident and the purchase was made in the course of a business carried on by the purchaser at or through a permanent establishment of the purchaser in Australia; (iv) the income does not pass the substantial manufacture test set out in subsection (4A); (e) income from the sale of goods (in this paragraph called the primary production goods ) by the company where all of the following conditions are satisfied: (i) the primary production goods were: (A) primary products produced, raised or grown by the company; or (B) goods manufactured by the company, in whole or in part, from primary products produced, raised or grown by the company; (ii) any of the propagative material from which the primary products were produced, raised or grown was sold to the company by another entity; (iii) either of the following sub ‑ subparagraphs applies at the time of the sale to the company of the propagative material: (A) the entity who sold the propagative material to the company was an associate of the company and a Part X Australian resident; (B) the propagative material was sold to the company by an associate of the company who was not a Part X Australian resident, in the course of a business carried on by the associate at or through a permanent establishment of the associate in Australia; (iv) the income does not pass the substantial production test set out in subsection (4B); (f) income from the sale of goods (in this paragraph called the primary production goods ) by the company where all of the following conditions are satisfied: (i) the primary production goods were: (A) primary products produced, raised or grown by the company; or (B) goods manufactured by the company, in whole or in part, from primary products produced, raised or grown by the company; (ii) any of the propagative material from which the primary products were produced, raised or grown was sold to the company by another entity; (iii) either of the following sub ‑ subparagraphs applies at the time of the purchase of the primary production goods from the company: (A) the purchaser of the primary production goods from the company was an associate of the company and a Part X Australian resident; (B) the purchaser of the primary production goods from the company was an associate of the company who was not a Part X Australian resident and the purchase was made in the course of a business carried on by the purchaser at or through a permanent establishment of the purchaser in Australia; (iv) the income does not pass the substantial production test set out in subsection (4B). (2) Where: (a) a company provides any of the following services: (i) drinks and meals; (ii) accommodation in a hotel, motel, guest ‑ house or similar place; (iii) the provision of, or the use of facilities for, entertainment, recreation or instruction; and (b) if subparagraph (a)(ii) or (iii) applies—the transaction for the provision of the services includes the sale of goods of a kind that are commonly supplied in connection with the services concerned; the tainted sales income of the company does not include income from the sale of: (c) if subparagraph (a)(i) applies—the drink or food concerned; or (d) if subparagraph (a)(ii) or (iii) applies—the goods referred to in paragraph (b). (3) The tainted sales income of a company of a statutory accounting period does not include passive income of the company of the statutory accounting period. (4) For the purposes of this section, income from the sale of goods by a company passes the substantial alteration test if: (a) the company substantially altered the goods; and (b) a substantial part of that alteration was carried out by the directors or employees of the company. (4A) For the purposes of this section, income from the sale of goods by a company passes the substantial manufacture test if a substantial part of the manufacture of the goods was carried out by the directors or employees of the company. (4B) For the purposes of this section, income from the sale of goods by a company passes the substantial production test if: (a) if the goods are primary products—a substantial part of the production, raising or growing of the goods was carried out by the directors or employees of the company; or (b) if the goods are manufactured by the company, in whole or in part, from primary products produced, raised or grown by the company—a substantial part of: (i) the manufacture of the goods; and (ii) those production, raising or growing activities; was carried out by the directors or employees of the company. (4C) For the purposes of subsections (4), (4A) and (4B), the effect of an activity on the market value of the goods concerned is to be ignored. (5) If, apart from this subsection, goods are purchased or sold by 2 or more entities acting jointly, subsection (1) is to be applied successively as if each such entity were the sole purchaser or seller, as the case may be. (6) In this section: animals includes fish. primary products means: (a) agricultural or horticultural produce; or (b) trees or crops, whether on or attached to land or not; or (c) timber; or (d) animals (whether dead or alive); or (e) the bodily produce (including natural increase) of animals.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 80 of 1992", "Amending_Acts": "No 5 of 1991 | No 80 of 1992", "History_Notes": "Inserted by No 5 of 1991, item 334, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 80 of 1992, item 63, effective s 52(2) and 53(2): 1 July 1992 (s 2(3)) Remainder: 30 June 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s447"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 448", "Provision_Key": "s448", "Heading": "Tainted services income", "Text": "(1) Subject to this Division, for the purposes of this Part, the following amounts are tainted services income of a company of a statutory accounting period: (a) income (other than premium income) from the provision of services by the company to an entity, if: (i) the entity was a Part X Australian resident at the time the income was derived; and (ii) the services were not provided in connection with a business carried on by the entity at that time at or through a permanent establishment of the entity in a listed or unlisted country; (b) income (other than premium income) from the provision of services by the company to an entity who was not a Part X Australian resident at the time the income was derived, in connection with a business carried on by the entity at that time at or through a permanent establishment of the entity in Australia; (c) income consisting of life assurance premiums in respect of a life assurance policy if, at the time the policy was entered into, the owner of the policy was a Part X Australian resident; (d) income consisting of premiums (other than life assurance premiums) in respect of insurance (other than reinsurance) where any of the following conditions are satisfied at the time the policy was entered into: (i) any insured person was a Part X Australian resident, and the policy was not entered into in connection with a business carried on by the person at or through a permanent establishment of the person in a listed or unlisted country; (ii) any insured property was situated in Australia; (iii) any insured event was an event which could happen only in Australia; (e) income consisting of premiums in respect of reinsurance, if: (i) the insurer whose risks are directly covered by the reinsurance was a Part X Australian resident at the time the policy was entered into; and (ii) the policy was not entered into in connection with a business carried on by the insurer at that time at or through a permanent establishment of the insurer in a listed or unlisted country; (f) income consisting of premiums in respect of reinsurance, if: (i) the insurer whose risks are directly covered by the reinsurance was not a Part X Australian resident at the time the policy was entered into; and (ii) the policy was entered into in connection with a business carried on by the insurer at that time at or through a permanent establishment of the insurer in Australia; (g) income of the company covered by subsection (1A). (1A) Income of the company is covered by this subsection if: (a) it is income from the provision of services by the company to an entity under a scheme (within the meaning of the Income Tax Assessment Act 1997 ); and (b) the entity is an associate of the company; and (c) those services are received by another entity; and (d) the other entity satisfies either of these requirements: (i) the other entity was a Part X Australian resident at the time the income was derived, and the services were not received in connection with a business carried on by the other entity at that time at or through a permanent establishment of the other entity in a listed or unlisted country; (ii) the other entity was not a Part X Australian resident at the time the income was derived, and the services were received in connection with a business carried on by the other entity at that time at or through a permanent establishment of the other entity in Australia; and (e) the income would be tainted services income if: (i) this section did not include paragraph (1)(g) or this subsection; and (ii) the income were from the provision of those services by the company to the other entity; and (f) a reasonable person would conclude (having regard to all the circumstances) that the scheme was entered into or carried out for a purpose, other than an incidental purpose, of enabling entities satisfying the requirements of subparagraph (d)(i) or (ii) to receive those services. (2) The tainted services income of a company of a statutory accounting period does not include income from the sale of goods by the company. (3) Where: (a) a company provides services directly related to goods sold by the company; and (b) either of the following conditions is satisfied: (i) the company substantially altered the goods with the result that the market value of the goods was substantially enhanced; (ii) the company did not acquire the goods from another entity; the tainted services income of the company does not include income from the provision of those services. (4) Where a company provides any of the following services: (a) drinks and meals; (b) accommodation in a hotel, motel, guest ‑ house or similar place; (c) the provision of, or of the use of facilities for, entertainment, recreation or instruction; the tainted services income of the company does not include income from the provision of those services. (5) The tainted services income of a company of a statutory accounting period does not include the passive income of the company of the statutory accounting period. (6) The tainted services income of a company of a statutory accounting period does not include income where: (a) the income is not passive income of the company of the statutory accounting period; and (b) the income is covered by any of the following subparagraphs: (i) income derived by the company by way of rent in respect of a lease of land; (ii) royalties derived by the company; (iii) income derived from carrying on a business of trading in assets; (iv) gains that accrued to the company in the statutory accounting period in respect of the disposal of assets; (v) gains that accrued to the company in the statutory accounting period from disposing of commodity investments; (vi) currency exchange gains that accrued to the company in the statutory accounting period; (vii) in the case of a life assurance company—an amount that, apart from subsection 446(2), would be passive income of the company of the statutory accounting period; (viii) in the case of a general insurance company—the amount that, apart from subsection 446(4), would be passive income of the company of the statutory accounting period. (7) If, apart from this subsection, services are provided to 2 or more entities acting jointly, this section is to be applied successively as if each such entity were the sole recipient.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, item 334 | item 434, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 55, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s448"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 449", "Provision_Key": "s449", "Heading": "AFI subsidiaries—interest income", "Text": "(1) The passive income of a company of a statutory accounting period does not include tainted interest income where, at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business. (2) The tainted services income of a company of a statutory accounting period does not include income where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the income consisted of interest, or a payment in the nature of interest, derived by the company from a loan made in the course of carrying on that business; (c) the loan was made to the Commonwealth. (3) The passive income, or the tainted services income, of a company of a statutory accounting period does not include income where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the income consisted of interest, or a payment in the nature of interest, derived by the company from a deposit with a central bank. (4) In the application of subsection 448(1) to income derived by a company, where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the income consisted of interest, or a payment in the nature of interest, derived by the company from a loan made in the course of carrying on that business; a reference in that subsection to the time the income was derived is to be read as a reference to the time the loan was made.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s449"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 450", "Provision_Key": "s450", "Heading": "AFI subsidiaries—asset disposals and currency transactions", "Text": "(1) The passive income, or the tainted services income, of a company of a statutory accounting period does not include income where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the income was derived from carrying on a business of trading in any or all of the following tainted assets: (i) non ‑ share futures contracts; (ii) non ‑ share forward contracts; (iii) interest rates swap contracts; (iv) currency swap contracts; (v) forward exchange rate contracts; (vi) forward interest rate contracts; (vii) a right or option in respect of such a contract; (viii) any similar financial instrument. (2) For the purposes of this Part, in determining the net gains that accrued to a company in a statutory accounting period in respect of the disposal of tainted assets, where the following conditions are satisfied in relation to the disposal of a tainted asset: (a) at the time of the disposal of the tainted asset, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the disposal was made in the course of carrying on that business; (c) the tainted asset is covered by paragraph (1)(b); the disposal of the tainted asset is to be disregarded. (3) For the purposes of this Part, in determining the net tainted currency exchange gains that accrued to a company during a statutory accounting period, where the following conditions are satisfied in relation to a particular currency exchange gain or a particular currency exchange loss: (a) at the time the currency exchange gain or the currency exchange loss, as the case may be, was realised, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the currency exchange gain, or the currency exchange loss, as the case may be, was realised: (i) in the course of carrying on that business; and (ii) in the course of currency dealing; that currency exchange gain or that currency exchange loss, as the case requires, is to be disregarded. (4) The passive income of a company of a statutory accounting period does not include income where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the income was derived from carrying on a business of trading in either of the following tainted assets: (i) loans (including deposits with a bank or other financial institution); (ii) debenture stock, bonds, debentures, certificates of entitlement, bills of exchange, promissory notes or other securities. (5) For the purposes of this Part (other than subsection (7)), in determining the net gains that accrued to a company in a statutory accounting period in respect of the disposal of tainted assets, where the following conditions are satisfied in relation to the disposal of a tainted asset: (a) at the time of the disposal of the tainted asset, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the disposal was made in the course of carrying on that business; (c) the tainted asset is covered by paragraph (4)(b); the disposal of the tainted asset is to be disregarded. (6) For the purposes of this Part, the tainted services income of a company of a statutory accounting period includes income from trading in assets where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the assets are covered by paragraph (4)(b); (c) the assets were acquired from, or disposed of to, another entity where either of the following conditions are satisfied at the time of the acquisition or disposal: (i) the entity was a Part X Australian resident, and the acquisition or disposal was not in connection with a business carried on by the entity at or through a permanent establishment of the entity in a listed or unlisted country; (ii) the entity was not a Part X Australian resident, but the acquisition or disposal was in connection with a business carried on by the entity at or through a permanent establishment of the entity in Australia. (7) For the purposes of this Part, the tainted services income of a company of a statutory accounting period includes net gains that accrued to the company in the statutory accounting period in respect of the disposal of tainted assets, where the following conditions are satisfied: (a) at the time of the disposal of the tainted asset, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the disposal was made in the course of carrying on that business; (c) the tainted asset is covered by paragraph (4)(b); (d) the tainted asset was acquired from, or disposed of to, another entity where either of the following conditions are satisfied at the time of the acquisition or disposal: (i) the entity was a Part X Australian resident, and the acquisition or disposal was not in connection with a business carried on by the entity at or through a permanent establishment of the entity in a listed or unlisted country; (ii) the entity was not a Part X Australian resident, but the acquisition or disposal was in connection with a business carried on by the entity at or through a permanent establishment of the entity in Australia. (8) For the purposes of this Part, the tainted services income of a company of a statutory accounting period includes factoring income where the following conditions are satisfied: (a) at the time the income was derived, the company was an AFI subsidiary whose sole or principal business was financial intermediary business; (b) the debt to which the factoring income relates was acquired from, or disposed of to, another entity where either of the following conditions are satisfied at the time of the acquisition or disposal: (i) the entity was a Part X Australian resident, and the acquisition or disposal was not in connection with a business carried on by the entity at or through a permanent establishment of the entity in a listed or unlisted country; (ii) the entity was not a Part X Australian resident, but the acquisition or disposal was in connection with a business carried on by the entity at or through a permanent establishment of the entity in Australia.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, item 371, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s450"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 451", "Provision_Key": "s451", "Heading": "Active income test—substantiation requirements for company", "Text": "(1) The substantiation requirements for a company in relation to a statutory accounting period are as follows: (a) the company must keep (in Australia or elsewhere) such accounting records (in this section called the general accounting records ) as correctly record and explain the matters, transactions, acts and operations that are relevant to the preparation of the recognised accounts of the company for the statutory accounting period; (b) the general accounting records must be so kept as to enable the recognised accounts of the company for the statutory accounting period to be prepared; (c) the company must retain, for the retention period in relation to the statutory accounting period: (i) the recognised accounts of the company for the statutory accounting period; and (ii) the general accounting records of the company for the statutory accounting period; (d) the company must comply with a request made in a notice given to it under subsection (2) in relation to the statutory accounting period. (2) An entity that is an attributable taxpayer in relation to a company, being a CFC, as at the end of a statutory accounting period of the company may, by notice in writing served on the company (in this section called the taxpayer’s notice ), request the company: (a) to give to the taxpayer, within the period and in the manner specified in the taxpayer’s notice, copies of such of the following documents as are specified in the notice: (i) the recognised accounts of the company for the statutory accounting period; (ii) the general accounting records of the company for the statutory accounting period; or (b) to prepare a document containing particulars of the basis of the calculation of the tainted income ratio of the company for the statutory accounting period and to give to the taxpayer, within the period and in the manner specified in the taxpayer’s notice, a copy of that document; or (c) if the company was a partner in a partnership at any time during the statutory accounting period: (i) to obtain from the partnership, in accordance with a request made in a notice given to the partnership by the company under subsection 452(2), copies of specified documents; and (ii) to give those copies to the taxpayer, within the period and in the manner specified in the taxpayer’s notice. (3) The period specified in the taxpayer’s notice must end: (a) later than 60 days after the date of service of the taxpayer’s notice; and (b) before the end of the retention period in relation to the statutory accounting period. (4) Upon written application made by the taxpayer within the period specified in the taxpayer’s notice, the Commissioner may, by notice in writing served on the taxpayer, extend the period specified in the taxpayer’s notice. (5) Where: (a) an application under subsection (4) is made before the end of the period specified in the taxpayer’s notice; and (b) at the end of the period, the Commissioner has not notified the taxpayer of the Commissioner’s decision on the application; the following provisions have effect: (c) if the Commissioner’s decision is not notified to the taxpayer before the end of the retention period in relation to the statutory accounting period concerned—the Commissioner is taken to have extended the period under subsection (4) to the end of the retention period; (d) if the Commissioner’s decision is notified to the taxpayer before the end of the retention period in relation to the statutory accounting period concerned—the Commissioner is taken to have extended the period under subsection (4) to the end of the day (in this subsection called the decision day ) on which the Commissioner’s decision is notified to the taxpayer; (e) if the Commissioner decides to extend the period—subject to subsection (6), the extended period must end after the decision day. (6) The period as extended under subsection (4) must end before the end of the retention period in relation to the statutory accounting period. (7) A reference in this section to the period specified in the taxpayer’s notice is a reference to the period as extended under subsection (4). (8) A refusal or failure to comply with the taxpayer’s notice is not an offence. (9) Subsection 262A(4) does not apply to records kept or obtained under or for the purposes of this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s451"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 452", "Provision_Key": "s452", "Heading": "Active income test—substantiation requirements for partnership", "Text": "(1) The substantiation requirements for a partnership in relation to a statutory accounting period are as follows: (a) the partnership must keep (in Australia or elsewhere) such accounting records (in this section called the general accounting records ) as correctly record and explain the matters, transactions, acts and operations that are relevant to the preparation of the recognised accounts of the partnership for the statutory accounting period; (b) the general accounting records must be so kept as to enable the recognised accounts of the partnership for the statutory accounting period to be prepared; (c) the partnership must retain, for the retention period in relation to the statutory accounting period: (i) the recognised accounts of the partnership for the statutory accounting period; and (ii) the general accounting records of the partnership for the statutory accounting period; (d) the partnership must comply with a request made in a notice given to it under subsection (2) in relation to the statutory accounting period. (2) A company that is a CFC at the end of a statutory accounting period of the company may, by notice in writing served on a partnership in which the company was a partner at any time during the statutory accounting period, request the partnership: (a) to give to the company, within the period and in the manner specified in the notice, copies of such of the following documents as are specified in the notice: (i) the recognised accounts of the partnership for the statutory accounting period; (ii) the general accounting records of the partnership for the statutory accounting period; or (b) to prepare a document containing particulars of the basis of the calculation of: (i) the notional gross tainted turnover of the partnership for the statutory accounting period; and (ii) the notional gross turnover of the partnership for the statutory accounting period; and to give to the company, within the period and in the manner specified in the notice, a copy of that document. (3) The period specified in the notice must end: (a) later than 30 days after the date of service of the notice; and (b) before the end of the retention period in relation to the statutory accounting period. (4) Upon written application made by the company within the period specified in the notice, the Commissioner may, by notice in writing served on the company, extend the period specified in the notice. (5) Where: (a) an application under subsection (4) is made before the end of the period specified in the notice; and (b) at the end of the period, the Commissioner has not notified the company of the Commissioner’s decision on the application; the following provisions have effect: (c) if the Commissioner’s decision is not notified to the company before the end of the retention period in relation to the statutory accounting period concerned—the Commissioner is taken to have extended the period under subsection (4) to the end of the retention period; (d) if the Commissioner’s decision is notified to the company before the end of the retention period in relation to the statutory accounting period concerned—the Commissioner is taken to have extended the period under subsection (4) to the end of the day (in this subsection called the decision day ) on which the Commissioner’s decision is notified to the company; (e) if the Commissioner decides to extend the period—subject to subsection (6), the extended period must end after the decision day. (6) The period as extended under subsection (4) must end before the end of the retention period in relation to the statutory accounting period. (7) A reference in this section to the period specified in the notice is a reference to the period as extended under subsection (4). (8) A refusal or failure to comply with the notice is not an offence. (9) Subsection 262A(4) does not apply to records kept or obtained under or for the purposes of this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s452"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 453", "Provision_Key": "s453", "Heading": "Active income test—substantiation requirements for attributable taxpayer", "Text": "(1) Where: (a) the Commissioner has reason to believe that: (i) a taxpayer is an attributable taxpayer in relation to a company, being a CFC, at the end of a statutory accounting period of the CFC; and (ii) the application of a provision of this Division to the company may be relevant to the assessment of the taxpayer; and (b) any of the following subparagraphs applies: (i) the taxpayer has claimed (whether in a return of income or otherwise) that the company has passed the active income test in relation to the statutory accounting period; (ii) the taxpayer’s return of income of any year of income has been prepared on the basis that the company has passed the active income test in relation to the statutory accounting period; (iii) the Commissioner has reason to believe that the company has passed the active income test in relation to the statutory accounting period; the Commissioner may, by notice in writing served on the taxpayer (in this section called the Commissioner’s notice ), request the taxpayer: (c) to obtain from the company, in accordance with a request made in a notice given to the company under subsection 451(2), copies of such documents as are specified in the Commissioner’s notice; and (d) if any of those copies are not in the English language—to make translations of those copies; and (e) to produce to the Commissioner, within the period and in the manner specified in the Commissioner’s notice: (i) in all cases—those copies; and (ii) if paragraph (d) applies—those translations. (2) The period specified in the Commissioner’s notice must end: (a) later than 90 days after the date of service of the notice; and (b) before the end of the retention period in relation to the statutory accounting period. (3) Upon written application made by the taxpayer within the period specified in the Commissioner’s notice, the Commissioner may, by notice in writing served on the taxpayer, extend the period specified in the Commissioner’s notice. (4) Where: (a) an application under subsection (3) is made before the end of the period specified in the Commissioner’s notice; and (b) at the end of the period, the Commissioner has not notified the taxpayer of the Commissioner’s decision on the application; the following provisions have effect: (c) if the Commissioner’s decision is not notified to the taxpayer before the end of the retention period in relation to the statutory accounting period concerned—the Commissioner is taken to have extended the period under subsection (3) to the end of the retention period; (d) if the Commissioner’s decision is notified to the taxpayer before the end of the retention period in relation to the statutory accounting period concerned—the Commissioner is taken to have extended the period under subsection (3) to the end of the day (in this subsection called the decision day ) on which the Commissioner’s decision is notified to the taxpayer; (e) if the Commissioner decides to extend the period—subject to subsection (5), the extended period must end after the decision day. (5) The period as extended under subsection (3) must end before the end of the retention period in relation to the statutory accounting period. (6) A reference in this section to the period specified in the Commissioner’s notice is a reference to the period as extended under subsection (3). (7) A refusal or failure to comply with the notice is not an offence. (8) If the taxpayer refuses or fails to comply with the notice, then, for the purposes of the application of this Part (other than this Division) to the taxpayer, the company is taken not to have passed the active income test in relation to the statutory accounting period concerned.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s453"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 454", "Provision_Key": "s454", "Heading": "Assessment on assumption—retention of accounts etc. and compliance with information notices", "Text": "If: (a) a statutory accounting period of a company has ended; and (b) the retention period in relation to the statutory accounting period has not ended; an assessment may be made of a taxpayer on the assumption that, after the assessment is made, the following requirements will be complied with in relation to the statutory accounting period: (c) the requirements set out in paragraphs 451(1)(c) and (d) that are applicable to the company; (d) the requirements set out in paragraphs 452(1)(c) and (d) that are applicable to a partnership in which the company was a partner at any time during the statutory accounting period.", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 5 of 1991 | No 75 of 2010", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 75 of 2010, Sch 6 item 5 | Sch 6 item 6, effective Sch 1 (items 1–33, 35) and Sch 6 (items 2–6): 29 June 2010 (s 2(1) item 2) Sch 2 (items 1, 2, 25): 1 July 2010 (s 2(1) item 3) Sch 5 (items 2–6): 28 June 2010 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s454"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 455", "Provision_Key": "s455", "Heading": "Amendment of assessments", "Text": "Where: (a) an assessment has been made in relation to a year of income; and (b) a provision of this Subdivision that is relevant to the assessment is dependent on a circumstance that occurs or may occur after the end of the year of income; section 170 does not prevent the amendment of the assessment at any time for the purpose of giving effect to this Act in relation to the occurrence of that circumstance after the end of the year of income.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s455"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 456", "Provision_Key": "s456", "Heading": "Assessability in respect of CFC’s attributable income", "Text": "(1) Subject to subsection (2), where a CFC has attributable income for a statutory accounting period in respect of an attributable taxpayer, the taxpayer’s attribution percentage of the attributable income is included in the assessable income of the taxpayer of the year of income in which the end of the statutory accounting period occurs. (2) Where section 457 applies in relation to the attributable taxpayer in relation to one or more changes of residence by the CFC during the statutory accounting period, then only so much of the attributable income of the CFC as relates to: (a) where the CFC is a resident of an unlisted country at the end of the period: (i) any part of the period when the CFC was a resident of a listed country; or (ii) the part of the period, since the change of residence or last change of residence, as the case requires, when the CFC was a resident of the unlisted country; or (b) where the CFC is a resident of a listed country at the end of the period—any part of the period when the CFC was a resident of the listed country or any other listed country; is to be taken into account under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, item 462 | item 5 | item 6 | item 1990 | item 28 | item 33 | item 49 | item 458 | item 371 | item 456 | item 79D | item 58, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s456"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 456A", "Provision_Key": "s456a", "Heading": "Reduction of section 456 assessability where item subject to foreign accruals tax", "Text": "(1) Where: (a) apart from this section, an amount (in this section called the otherwise assessable section 456 amount ) is included in the assessable income of a year of income of an attributable taxpayer in relation to a CFC under section 456, in relation to the attributable income of the CFC of a statutory accounting period; and (b) an attribution tracing interest of the attributable taxpayer, or of an interposed entity, in a CFE was taken into account in calculating the attributable taxpayer’s attribution percentage for the CFC; and (c) foreign tax is payable by the CFE under an accruals tax law of a listed country in respect of an amount that is calculated by reference to an item of net income or net profit of the CFC, where the amount is taxed in the listed country: (i) at that country’s normal company tax rate; and (ii) in a tax accounting period commencing or ending: (A) in the year of income of the attributable taxpayer; or (B) in the statutory accounting period of the CFC; and (d) the item constitutes the whole or part (which whole or part is in this section called the foreign accruals ‑ taxed attributable income ) of the attributable income of the CFC of the statutory accounting period; then the otherwise assessable section 456 amount is reduced by the amount calculated using the formula: where: Indirect attribution interests via CFE means the total of the attributable taxpayer’s indirect attribution interests in the CFC that are held through the CFE. Foreign accruals ‑ taxed attributable income means the amount of the foreign accruals ‑ taxed attributable income. (2) Where: (a) apart from this subsection, subsection (1) would reduce the otherwise assessable section 456 amount of the attributable taxpayer in relation to the CFC in a case where foreign tax is payable by 2 or more CFEs under accruals tax laws; and (b) any indirect attribution interest referred to in the formula component Indirect attribution interests via CFE in subsection (1) is held through any 2 or more of the CFEs; then that indirect attribution interest is only to be taken into account once in applying the subsection. (3) Where, because of any of subsections 362(2) to (5), the amount that would otherwise be the attribution percentage of the attributable taxpayer for the CFC is reduced, then the Commissioner may, for the purposes of this section, make such consequential reduction as the Commissioner considers reasonable in the circumstances to any indirect attribution interest in the CFC held by the attributable taxpayer.", "Amendment_Count": 4, "First_Amended": "No 48 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 48 of 1991 | No 100 of 1991 | No 155 of 1997 | No 96 of 2004", "History_Notes": "Inserted by No 48 of 1991, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 100 of 1991, Sch 2 item 77, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 155 of 1997, Sch 1 item 104 | Sch 1 item 126, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s456A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 457", "Provision_Key": "s457", "Heading": "Assessability where CFC changes residence from unlisted country to listed country or to Australia", "Text": "(1) Where at any time (in this section called the residence ‑ change time ) a company that: (a) is a CFC; and (b) has an attributable taxpayer; ceases to be resident in an unlisted country and becomes: (c) a resident of a listed country; or (d) a Part X Australian resident; then the attributable taxpayer’s assessable income of the year of income in which the residence ‑ change time occurs includes the amount calculated under subsection (2). (2) The amount is calculated using the formula: where: Attribution percent means the attributable taxpayer’s attribution percentage, at the residence ‑ change time, in relation to the CFC. Adjusted distributable profits means: (a) if paragraph (1)(c) applies—the amount that would be the CFC’s distributable profits at the residence ‑ change time if: (i) the CFC’s income were its adjusted tainted income (excluding any non ‑ portfolio dividends) derived during the period beginning on the first day of the statutory accounting period in which the residence ‑ change time occurred and ending immediately before the time at which the residence ‑ change time occurs; and (ii) the CFC’s only other income were an amount that the CFC would have derived had it disposed of all of its tainted assets immediately before the residence ‑ change time for a consideration equal to their market value; and (iii) the CFC’s only expenses were expenses related to income covered by subparagraphs (i) and (ii); or (b) if paragraph (1)(d) applies—the amount that would be the CFC’s distributable profits at the residence ‑ change time if: (i) the CFC’s only income were its adjusted tainted income (excluding any non ‑ portfolio dividends) derived during the period beginning on the first day of the statutory accounting period in which the residence ‑ change time occurred and ending immediately before the time at which the residence ‑ change time occurs; and (ii) the CFC’s only expenses were expenses related to income covered by subparagraph (i). (3) If: (a) at the residence ‑ change time, regulations made for the purposes of section 320 come into effect; and (b) a result of those regulations coming into effect is that the company: (i) ceases to be a resident of an unlisted country; and (ii) becomes a resident of a listed country; at the residence ‑ change time; then no amount is to be included in the attributable taxpayer’s assessable income under subsection (1) in relation to that change of residence.", "Amendment_Count": 4, "First_Amended": "No 5 of 1991", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 5 of 1991 | No 155 of 1997 | No 96 of 2004 | No 64 of 2005", "History_Notes": "Inserted by No 5 of 1991, item 5 | item 6 | item 33 | item 49 | item 371 | item 1 | item 434 | item 79D | item 54 | item 58, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 155 of 1997, Sch 1 item 17 | Sch 1 item 37 | Sch 1 item 41 | Sch 1 item 48 | Sch 1 item 56 | Sch 1 item 126, effective 24 Oct 1997 (s 2) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 64 of 2005, Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9, effective Sch 1 (items 1–6), Sch 3 (items 1–4) and Sch 4 (items 2–27, 38, 39): 26 June 2005 (s 2(1) items 2, 4) Sch 2 (items 1–9): 27 June 2005 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s457"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 459A", "Provision_Key": "s459a", "Heading": "Assessability where CFC or CFT has interest in certain attributable taxpayers", "Text": "(1) Where: (a) an amount (in this subsection called the section 456 to 459A amount ) is included in the assessable income of an Australian partnership or of an Australian trust of a year of income under section 456 or 457 or under this section (apart from subsection (2)); and (b) a CFC or CFT has an individual interest in the net income of the Australian partnership, or a present entitlement to a share of the net income of the Australian trust, being an interest or entitlement held either directly or indirectly through interposed Australian partnerships, CFPs or Australian trusts (or any combination thereof); and (c) a taxpayer is an attributable taxpayer in relation to the CFC or CFT: (i) where the section 456 to 459A amount is included in assessable income under section 456—at the end of the statutory accounting period referred to in that section; or (ii) where the amount is included under section 457—at the residence ‑ change time referred to in that section; or (v) where the amount is included under this section—at the time referred to in whichever subparagraph of this paragraph applied for the purposes of so including the amount; then, subject to subsection (2), the assessable income of the attributable taxpayer of the year of income includes an amount calculated using the formula: where: AP [Attribution Percentage] means the taxpayer’s attribution percentage, at the time referred to in paragraph (c), for the CFC or CFT. Interest/Entitlement means the percentage of the net income of the Australian partnership or Australian trust represented by the sum of the direct and indirect interests or present entitlements of the CFC or CFT. Section 456 to 459A amount means the section 456 to 459A amount. (2) Where: (a) apart from this subsection, an amount (in this subsection called the subsection (1) amount ) is included under subsection (1) in the assessable income of an attributable taxpayer in relation to a CFT; and (b) the following conditions are satisfied in respect of one or more other amounts (each of which is in this subsection called an assessed attributable amount ); (i) each is: (A) apart from this subsection, included in the assessable income of a taxpayer (whether or not the attributable taxpayer), other than a trust or partnership; or (B) assessed to a trustee under section 98, 99 or 99A; (ii) each is attributable directly through the CFT, or indirectly through the CFT and any interposed partnerships or trusts (or any combination thereof), to the section 456 to 459A amount referred to in subsection (1); then the subsection (1) amount is reduced to the extent that the Commissioner considers it represents an assessed attributable amount or assessed attributable amounts. (3) A reference in subsection (1) to an Australian trust or in subsection (2) to a trust does not include a reference respectively to an Australian trust or a trust that is, in relation to the year of income concerned: (b) a public trading trust within the meaning of Division 6C of that Part; or (c) a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust.", "Amendment_Count": 4, "First_Amended": "No 48 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 48 of 1991 | No 96 of 2004 | No 15 of 2007 | No 53 of 2016", "History_Notes": "Inserted by No 48 of 1991, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 15 of 2007, Sch 1 item 126, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 53 of 2016, Sch 5 item 27, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s459A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 460", "Provision_Key": "s460", "Heading": "Only resident partners, beneficiaries etc. liable to be assessed as a result of attribution", "Text": "(1) This section applies where an amount is included under section 456, 457, or 459A in the assessable income of an Australian partnership or an Australian trust of a year of income, except where the Australian trust is, in relation to the year of income: (b) a public trading trust within the meaning of Division 6C of that Part; or (c) a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust. (2) Where: (a) as a result of the amount being so included, there is, apart from this subsection, a tax detriment for: (i) a partner in the Australian partnership; or (ii) a partner in another partnership (in this subsection called the ultimate partnership ), where the tax detriment occurred because there were one or more partnerships or trusts (but not companies) interposed between the partner and the Australian partnership or the Australian trust; and (b) the partner is not, in respect of his or her interest in the net income or partnership loss of the Australian partnership or the ultimate partnership, in the capacity of trustee of a trust; and (c) the tax detriment would be reduced by an amount if it were recalculated on the assumption that section 92 applied only to so much of the partner’s interest in the net income or partnership loss of the Australian partnership or the ultimate partnership as is attributable to periods when the partner was a Part X Australian resident; then, for the purposes of this Act, the tax detriment is taken to be reduced by that amount. (3) Where: (a) as a result of the amount being included as mentioned in subsection (1), there is, apart from this subsection, a tax detriment for: (i) a beneficiary in the Australian trust; or (ii) a beneficiary in another trust (in this subsection called the ultimate trust ), where the tax detriment occurred because there were one or more partnerships or trusts (but not companies) interposed between the beneficiary and the Australian partnership or the Australian trust; and (b) the beneficiary is not a partnership and is not, in respect of his or her share of the net income of the Australian trust or the ultimate trust, in the capacity of trustee of another trust; and (c) the tax detriment would be reduced by an amount if it were recalculated on the following assumptions: (i) sections 97, 98A and 100 applied only to so much of the beneficiary’s share of the net income of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident; (ii) Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 applied only to so much of the beneficiary’s share of each capital gain of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident; (iii) Subdivision 207 ‑ B of the Income Tax Assessment Act 1997 applied only to so much of the beneficiary’s share of each franked distribution of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident; then, for the purposes of this Act, the tax detriment is taken to be reduced by that amount. (4) Where: (a) as a result of the amount being included as mentioned in subsection (1), there is, apart from this subsection, a tax detriment for: (i) the trustee of the Australian trust; or (ii) the trustee of another trust (in this subsection called the ultimate trust ), where the tax detriment occurred because there were one or more partnerships or trusts (but not companies) interposed between the trustee and the Australian partnership or the Australian trust; and (b) the tax detriment would be reduced by an amount if it were recalculated on the assumption that: (i) section 98 applied only to so much of a beneficiary’s share of the net income of the Australian trust or the ultimate trust as is attributable to periods when the beneficiary was a Part X Australian resident; and (ii) sections 99 and 99A applied only to the Australian trust or the ultimate trust if it were a resident trust estate within the meaning of Division 6 of Part III; then, for the purposes of this Act, the tax detriment is taken to be reduced by that amount.", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 5 of 1991 | No 48 of 1991 | No 96 of 2004 | No 15 of 2007 | No 62 of 2011 | No 53 of 2016", "History_Notes": "Inserted by No 5 of 1991, item 1990 | item 98, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 48 of 1991, item 83, effective s 9, 15, 33, 70 and 81–83: 8 Jan 1991 (s 2(2)) s 10–14, 16–31, 34(a), 35, 37–39, 41–51(1), 52–59(1), 60, 61,67, 68(1), 69, 71–80, 84(1)–(8), (10), (11), (13)–(17), 85, 86 and 88–90: 24 Apr 1991 (s 2(1)) s 32 and 84(9): 1 July 1991 (s 2(4)) s 34(b), 36, 40 and 87: 21 Aug 1990 (s 2(3)) s 51(2), 59(2), 62–66, 68(2) and 84(12): 25 Apr 1991 (s 2(5)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 15 of 2007, Sch 1 item 127, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 62 of 2011, Sch 2 item 44, effective Sch 1 (items 4, 5, 14), Sch 2 (items 1–7, 28–44, 51) and Sch 4 (items 1–32, 34): 29 June 2011 (s 2(1) items 2, 6) | Amended by No 53 of 2016, Sch 5 item 28, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s460"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 460A", "Provision_Key": "s460a", "Heading": "Effect of reducing section CGT event J1 amount", "Text": "(1) This section applies in either of the following cases: (a) one or more schemes or arrangements have the effect of reducing the attribution percentage of an attributable taxpayer in relation to a company that is a CFC, and are intended by the attributable taxpayer or an associate of the attributable taxpayer to have that effect; (b) a company ceases to be a CFC in relation to a particular taxpayer. (2) Work out the amount (if any) included under this Division in the taxpayer’s assessable income because of CGT event J1 (as it notionally happens to the company under Division 7) as though the reduction or cessation had not happened. Note: CGT event J1 is about companies ceasing to be related after a roll ‑ over.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 58 of 2000", "History_Notes": "Inserted by No 58 of 2000, Sch 1 item 11 | Sch 1 item 23 | Sch 1 item 24, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 58 of 2000, Sch 1 item 11 | Sch 1 item 23 | Sch 1 item 24, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s460A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 461", "Provision_Key": "s461", "Heading": "Reduction of disposal consideration or capital proceeds if attributed income not distributed", "Text": "(1) If: (a) it is necessary, for the purposes of applying a provision of this Act in the assessment of a taxpayer for a year of income, to take into account: (i) the amount of consideration received, entitled to be received or taken to have been received, by the taxpayer in respect of the disposal of an asset; or (ii) the capital proceeds from a CGT event happening in relation to a CGT asset; being an asset that is an interest in an attribution account entity (the disposal entity ); and (b) immediately before the disposal or CGT event takes place, either or both of the following conditions are satisfied: (i) there is an attribution surplus for the disposal entity in relation to the taxpayer; (ii) there is an attribution surplus for one or more other attribution account entities in relation to the taxpayer, where each such entity is one in which the taxpayer has an indirect attribution account interest held through the disposal entity; then, for the purposes of this Act: (c) the consideration or capital proceeds that, apart from this section, would be taken into account under the provision referred to in paragraph (a) in respect of the disposal or CGT event is, subject to subsection (3), taken to be reduced by so much of the amount of the attribution surplus, or sum of the attribution surpluses, as the case requires; and (d) an attribution debit is taken to arise at the time of the disposal or the CGT event under section 372, in relation to the taxpayer, for each attribution account entity (the surplus entity ) in relation to which there is a surplus to which paragraph (c) applies; and (e) the amount of the attribution debit is equal to so much of the surplus as is taken into account under paragraph (c); and (f) there is no grossed ‑ up amount in relation to the attribution debit under section 373. (3) For the purposes of paragraph (1)(c): (a) if the disposal of the asset or the CGT event causes the taxpayer’s attribution account percentage for a surplus entity to be reduced by a proportion, then only that proportion of the attribution surplus for the entity is, subject to this subsection, to be taken into account under that paragraph; and (b) if there is only one attribution surplus referred to in that paragraph and (after any application of paragraph (a) of this subsection) it exceeds the consideration from the disposal or the capital proceeds from the CGT event, then only so much of the surplus as does not exceed that consideration or those capital proceeds is to be taken into account under paragraph (1)(c); and (c) where there are 2 or more attribution surpluses referred to in paragraph (1)(c) and (after any application of paragraph (a) of this subsection) their sum exceeds the consideration from the disposal or the capital proceeds from the CGT event, then: (i) if the taxpayer makes an election that, for the purposes of this paragraph, a part of each surplus (after any application of paragraph (a)) such that the sum of the amounts to which the election relates equals that consideration or those capital proceeds—only the part to which the election relates of each surplus is to be taken into account under paragraph (1)(c); or (ii) if subparagraph (i) does not apply—only a proportion of each surplus (after any application of paragraph (a)) is to be taken into account under paragraph (1)(c), being the proportion calculated using the formula: where: consideration means the amount of the consideration or the capital proceeds. total surplus means the sum of the attribution surpluses (after any application of paragraph (a)). (4) An election for the purposes of paragraph (3)(c) must be made on or before the date of lodgment of the taxpayer’s return of income for the year of income referred to in paragraph (1)(a) or within such further period after the lodgment of the return as the Commissioner allows. (4A) In determining, for the purposes of this section, whether there was an attribution surplus immediately before a CGT event, and the amount of such a surplus, also take into account any attribution credit that later arises because the CGT event caused section 104 ‑ 175 of the Income Tax Assessment Act 1997 (as it notionally applies to the CGT event entity under Division 7) to operate. (5) In this section: interest , in relation to an attribution account entity, means: (a) if the entity is a company—an interest in shares in the company, or an entitlement to acquire such an interest; or (b) if the entity is a partnership—an interest of a partner in the profits or property of the partnership, or an entitlement of a partner to acquire such an interest; or (c) if the entity is a trust—an entitlement of a beneficiary to a share of the income or corpus of the trust, or an entitlement of a beneficiary to acquire such an entitlement.", "Amendment_Count": 7, "First_Amended": "No 5 of 1991", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 5 of 1991 | No 101 of 1992 | No 46 of 1998 | No 58 of 2000 | No 101 of 2006 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 101 of 1992, effective s 16–32, 34 and Sch 1–4: 30 June 1992 (s 2) | Amended by No 46 of 1998, Sch 10 item 126 | Sch 10 item 481 | Sch 10 item 482 | Sch 10 item 483 | Sch 10 item 484 | Sch 10 item 485 | Sch 10 item 486 | Sch 10 item 487 | Sch 10 item 488 | Sch 10 item 489 | Sch 10 item 490, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, Sch 1 item 9 | Sch 1 item 25 | Sch 1 item 26, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 101 of 2006, Sch 1 item 176 | Sch 2 item 483 | Sch 2 item 484 | Sch 2 item 485 | Sch 2 item 487 | Sch 2 item 488 | Sch 2 item 489 | Sch 2 item 490, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 1 item 123 | Sch 1 item 124, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 114 of 2010, Sch 1 item 90 | Sch 1 item 91, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s461"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 462", "Provision_Key": "s462", "Heading": "Keeping of records—section 456", "Text": "Subject to this Division, where: (a) a person is an attributable taxpayer in relation to a CFC at the end of a statutory accounting period of the CFC; and (b) the CFC has attributable income for the statutory accounting period in respect of the person; the person must keep records (in Australia or elsewhere) containing particulars of: (c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC at that time; and (d) the basis of the calculation of: (i) the direct attribution interest; and (ii) the aggregate of the indirect attribution interests; in the CFC held by the person at that time; and (e) the basis of the calculation of the attribution percentage of the person in relation to the CFC at that time; and (f) the basis of the calculation of the amount (including a nil amount) included in the assessable income of the person under section 456 in relation to the CFC’s attributable income for the statutory accounting period in respect of the person. Note: There is an administrative penalty if you do not keep or retain records as required by this Division: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 5 of 1991", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 5 of 1991 | No 91 of 2000", "History_Notes": "Inserted by No 5 of 1991, item 456 | item 79D, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 91 of 2000, Sch 2 item 42, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s462"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 462A", "Provision_Key": "s462a", "Heading": "Keeping of records—section 457", "Text": "Subject to this Division, where: (a) subsection 457(1) applies to a change of residence of a CFC; and (b) at the residence ‑ change time referred to in that subsection, a person is an attributable taxpayer in relation to the CFC; the person must keep records (in Australia or elsewhere) containing particulars of: (c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC at that time; and (d) the basis of the calculation of: (i) the direct attribution interest; and (ii) the aggregate of the indirect attribution interests; in the CFC held by the person at that time; and (e) the basis of the calculation of the attribution percentage of the person in relation to the CFC at that time; and (f) the basis of the calculation of the amount (including a nil amount) included in the assessable income of the person under section 457 in relation to the change of residence concerned.", "Amendment_Count": 1, "First_Amended": "No 100 of 1991", "Last_Amended": "No 100 of 1991", "Amending_Acts": "No 100 of 1991", "History_Notes": "Inserted by No 100 of 1991, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s462A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 464A", "Provision_Key": "s464a", "Heading": "Keeping of records—section 459A", "Text": "Subject to this Division, where: (a) subsection 459A(1) applies in relation to an amount (in this section called the trigger amount ) included in the assessable income of an Australian partnership or of an Australian trust as mentioned in paragraph 459A(1)(a); and (b) at the time referred to in whichever subparagraph of paragraph 459A(1)(c) is applicable, a person is an attributable taxpayer in relation to the CFC or the CFT mentioned in that paragraph; the person must keep records (in Australia or elsewhere) containing particulars of: (c) the acts, transactions and other circumstances that resulted in the person being an attributable taxpayer in relation to the CFC or the CFT at that time; and (d) the basis of the calculation of: (i) the direct attribution interest; and (ii) the aggregate of the indirect attribution interests; in the CFC or the CFT held by the person at that time; and (e) the basis of the calculation of the attribution percentage of the person in relation to the CFC or the CFT at that time; and (f) the basis of the calculation of the amount (including a nil amount) that, apart from subsection 459A(2), would be included in the assessable income of the person under subsection 459A(1) in relation to the trigger amount.", "Amendment_Count": 1, "First_Amended": "No 100 of 1991", "Last_Amended": "No 100 of 1991", "Amending_Acts": "No 100 of 1991", "History_Notes": "Inserted by No 100 of 1991, Sch 2 item 82, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s464A"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 465", "Provision_Key": "s465", "Heading": "Offence of failing to keep records", "Text": "(1) A person who contravenes section 462, 462A, or 464A commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2) An offence under section 462, 462A, or 464A is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 5 of 1991", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 5 of 1991 | No 100 of 1991 | No 91 of 2000 | No 146 of 2001 | No 96 of 2004 | No 4 of 2016", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 100 of 1991, Sch 2 item 81, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 91 of 2000, Sch 2 item 43 | Sch 2 item 44, effective Sch 2 (items 13–48, 130–142, 144(1), 145–147): 1 July 2000 (s 3(1)) | Amended by No 146 of 2001, Sch 4 item 87, effective Sch 4 (items 41–91): 15 Dec 2001 (s 2(1)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6) | Amended by No 4 of 2016, effective Sch 4 (items 1, 188, 397–399): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s465"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 466", "Provision_Key": "s466", "Heading": "Manner in which records required to be kept", "Text": "A person who is required by this Division to keep records must: (a) keep the records in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) keep the records so as to enable the person’s liability under this Act to be readily ascertained.", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s466"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 467", "Provision_Key": "s467", "Heading": "Circumstances where records not required to be kept—reasonable excuse etc.", "Text": "This Division does not require a person to keep a record of information if: (a) the person did not know, and had no reasonable grounds to suspect, that section 462, 462A or 464A, as the case requires, was applicable to the person; or (b) the person did not know that, and made all reasonable efforts to ascertain whether, section 462, 462A or 464A, as the case requires, was applicable to the person; or (c) the person did not know, and made all reasonable efforts to obtain, the information.", "Amendment_Count": 3, "First_Amended": "No 5 of 1991", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 5 of 1991 | No 100 of 1991 | No 96 of 2004", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2) | Amended by No 100 of 1991, Sch 2 item 82, effective s 15–28, 30–32, 33(b), (e), (f), 34–76 and 79–84): 27 June 1991 (s 2(1)) s 29 and 77: 24 Apr 1991 (s 2(3), (6)) s 33(a): 16 June 1990 (s 2(4)) s 33(c) and (d): 30 June 1989 (s 2(5)) s 78: 8 Jan 1991 (s 2(7)) | Amended by No 96 of 2004, effective Sch 2 (items 1–80, 85–138, 140, 141) and Sch 3: 29 June 2004 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s467"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 468", "Provision_Key": "s468", "Heading": "Treatment of partnerships", "Text": "(1) Subject to subsections (2) and (3), the following provisions apply to a partnership as if the partnership were a person: (a) sections 462 to 467 (inclusive); (b) subsections 262A(4) and (5), in so far as those subsections apply to records kept under or for the purposes of this Division; (c) Part III of the Taxation Administration Act 1953 , in so far as that Part of that Act relates to the provisions covered by paragraph (a) or (b) of this subsection. (2) Where, by virtue of subsection (1), an offence is taken to have been committed by a partnership, that offence is taken to have been committed by each of the partners. (3) In a prosecution of a person for an offence by virtue of subsection (2), it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission by virtue of which the offence was taken to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, an act or omission by virtue of which the offence is taken to have been committed. Income Tax Assessment Act 1936 No. 27, 1936 Compilation No. 191 Compilation date: 1 April 2026 Includes amendments: Act No. 12, 2026 This compilation is in 7 volumes Volume 1: sections 1-78A Volume 2: sections 79A-121L Volume 3: sections 124ZM-204 Volume 4: sections 251R-468 Volume 5: Schedules Volume 6: Endnotes 1-4 Volume 7: Endnote 5 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1936 that shows the text of the law as amended and in force on 1 April 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 5 of 1991", "Last_Amended": "No 5 of 1991", "Amending_Acts": "No 5 of 1991", "History_Notes": "Inserted by No 5 of 1991, effective s 4–61: 8 Jan 1991 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s468"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-1", "Provision_Key": "s57-1", "Heading": "What this Division is about", "Text": "This Division is about the income tax treatment of a taxpayer whose income ceases to be wholly exempt. Broadly, income, outgoings, gains and losses are attributed to the periods before and after the loss of full exemption.", "Amendment_Count": 1, "First_Amended": "No 78 of 1996", "Last_Amended": "No 78 of 1996", "Amending_Acts": "No 78 of 1996", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-1"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-5", "Provision_Key": "s57-5", "Heading": "Entities to which this Division applies", "Text": "If: (a) at a particular time, all of the income of a taxpayer is wholly exempt from income tax; and (b) immediately after that time, the taxpayer’s income becomes to any extent assessable income; then: (c) the taxpayer is a transition taxpayer ; and (d) the time when the taxpayer’s income becomes to that extent assessable is the transition time ; and (e) the year of income in which the transition time occurs is the transition year for the taxpayer.", "Amendment_Count": 1, "First_Amended": "No 78 of 1996", "Last_Amended": "No 78 of 1996", "Amending_Acts": "No 78 of 1996", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-10", "Provision_Key": "s57-10", "Heading": "Activities of transition taxpayer’s predecessor attributed to transition taxpayer", "Text": "(1) If: (a) at the transition time, the transition taxpayer performs particular functions or carries on particular activities; and (b) during any period before the transition taxpayer first began to perform the functions or carry on the activities, an exempt government entity performed those same functions or carried on those same activities; and (c) at the end of the period, responsibility for performing the functions or carrying on the activities was transferred, either directly or through one or more other exempt government entities, to the transition taxpayer; this Division applies as if, during that period, anything done by or to the exempt government entity in performing those functions or carrying on those activities had instead been done by or to the transition taxpayer. Note: As a result of this provision, the transition taxpayer may for example be able to deduct after the transition time, under Division 40 of the Income Tax Assessment Act 1997 as modified by Subdivision 57 ‑ J of this Schedule, a portion of allowable capital expenditure incurred before the transition time by an exempt government entity whose functions were transferred to the transition taxpayer. (2) An exempt government entity is: (a) the Commonwealth, a State or a Territory; or (b) an STB, within the meaning of Division 1AB of Part III, that is exempt from tax under that Division.", "Amendment_Count": 2, "First_Amended": "No 78 of 1996", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 78 of 1996 | No 77 of 2001", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 77 of 2001, Sch 2 item 106, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-15", "Provision_Key": "s57-15", "Heading": "Time when income derived", "Text": "(1) To the extent that income derived by the transition taxpayer before the transition time is in respect of: (a) services rendered; or (b) goods provided; or (c) the doing of any other thing; at or after the transition time, the income is treated for the purposes of this Act as having been derived at the time the services were rendered, the goods were provided or the thing was done, as the case requires. (2) To the extent that income derived by the transition taxpayer at or after the transition time is in respect of: (a) services rendered; or (b) goods provided; or (c) the doing of any other thing; before the transition time, the income is treated for the purposes of this Act as having been derived before that time.", "Amendment_Count": 1, "First_Amended": "No 78 of 1996", "Last_Amended": "No 78 of 1996", "Amending_Acts": "No 78 of 1996", "History_Notes": "Inserted by No 78 of 1996, Sch 4 item 57, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-20", "Provision_Key": "s57-20", "Heading": "Time when losses and outgoings incurred", "Text": "(1) To the extent that a loss or outgoing (within the meaning of section 51 of this Act or section 8 ‑ 1 of the Income Tax Assessment Act 1997 , as appropriate) incurred by the transition taxpayer before the transition time is in respect of: (a) services rendered; or (b) goods provided; or (c) the doing of any other thing; at or after the transition time, the loss or outgoing is treated for the purposes of this Act as having been incurred at the time the services were rendered, the goods were provided or the thing was done, as the case requires. (2) To the extent that a loss or outgoing (within the meaning of section 51 of this Act or section 8 ‑ 1 of the Income Tax Assessment Act 1997 , as appropriate) incurred by the transition taxpayer at or after the transition time is in respect of: (a) services rendered; or (b) goods provided; or (c) the doing of any other thing; before the transition time, the loss or outgoing is treated for the purposes of this Act as having been incurred before that time.", "Amendment_Count": 2, "First_Amended": "No 78 of 1996", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 78 of 1996 | No 16 of 1998", "History_Notes": "Inserted by No 78 of 1996, Sch 4 item 57, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 34 | Sch 2D item 35, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-25", "Provision_Key": "s57-25", "Heading": "Deemed disposal and re ‑ acquisition of assets", "Text": "(1) This section applies to: (a) the disposal of an asset by the transition taxpayer after the transition time; and (b) a CGT event that happens after the transition time in relation to an asset owned by the transition taxpayer; where the transition taxpayer owned the asset at all times from the transition time until the disposal or the CGT event. Deemed disposal and re ‑ purchase (2) Subject to subsection (5), in determining for the purposes of this Act (other than the excluded provisions mentioned in subsection (4)) whether an amount is included in, or allowable as a deduction from, the assessable income of the transition taxpayer in respect of the disposal, the transition taxpayer is taken: (a) to have sold, immediately before the transition time, each of its assets; and (b) to have purchased each of its assets again at the transition time for consideration equal to the asset’s adjusted market value at the transition time. (2A) For the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about CGT), in determining whether the transition taxpayer makes a capital gain or capital loss from a CGT event that happens after the transition time in relation to an asset referred to in subsection (1), the cost base and reduced cost base of the asset (at the transition time) is its adjusted market value at that time. (3) An asset’s adjusted market value at the transition time is the asset’s market value at that time: (a) reduced by any amount of income received or receivable by the transition taxpayer in respect of the asset at or after the transition time that: (i) because of subsection 57 ‑ 15(2); or (ii) because all of the income of the transition taxpayer was wholly exempt from income tax before the transition time; is not included in the transition taxpayer’s assessable income; and (b) increased by any amount of income received or receivable by the transition taxpayer in respect of the asset before the transition time that: (i) because of subsection 57 ‑ 15(1); or (ii) because the transition taxpayer’s income ceased to be exempt from income tax at the transition time; is included in the transition taxpayer’s assessable income. Note: If the asset is, or is part of, a Division 230 financial arrangement, section 57 ‑ 32 may affect how the market value of the asset is worked out. Excluded provisions (4) For the purposes of subsection (2), the excluded provisions are: (e) former Division 10B of Part III of this Act (about industrial property); and (f) former Division 10BA of Part III of this Act (about Australian films); and (ga) Division 40 of the Income Tax Assessment Act 1997 (about capital allowances); and (i) Division 43 of the Income Tax Assessment Act 1997 (about deductions for capital works); and (j) section 70 ‑ 120 of the Income Tax Assessment Act 1997 (about deducting capital costs of acquiring trees); (la) Division 373 of the Income Tax Assessment Act 1997 (about intellectual property). Listed provisions not affected (5) If the transition taxpayer: (a) acquired an asset (whether before the transition time or otherwise) before the commencement of a provision listed in subsection (6); and (b) after acquiring the asset, owned the asset at all times before the transition time; the deemed acquisition of the asset under subsection (2) does not affect the operation of the listed provision. Listed provisions (6) The provisions are listed in the table below. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Listed provisions Item Provision 1 section 26BB 3 section 70B 4 the former Division 3B of Part III 5 Division 16E of Part III 6 Subdivision 20 ‑ A, so far as it applies to an amount that may be an assessable recoupment because a deduction has been allowed or is allowable under the former subsection 82Z(1) 6A Division 230 7 Division 775 8 Subdivision 20 ‑ A, so far as it applies to an amount that may be an assessable recoupment because a deduction has been allowed or is allowable under section 775 ‑ 30 (6A) For the purposes of the application of subsection (5) to the transition taxpayer, a provision covered by item 7 or 8 of the table in subsection (6) is taken to have commenced at the start of the taxpayer’s applicable commencement date (within the meaning of Division 775 of the Income Tax Assessment Act 1997 ). Note: For applicable commencement date , see section 775 ‑ 155 of the Income Tax Assessment Act 1997 . (6B) The rule in subsection (5) does not apply, and is taken never to have applied, to the transition taxpayer in relation to a provision covered by item 7 or 8 of the table in subsection (6) if the taxpayer makes an election under section 775 ‑ 150 of the Income Tax Assessment Act 1997 . Avoidance of doubt—debt write ‑ off (7) To avoid doubt, an effect of subsection (2) is that the sum of all allowable deductions (if any) in respect of the writing off as bad of the whole or part of a debt to which that subsection applies will not exceed the market value of the debt at the transition time. Avoidance of doubt—disposal need not involve an alienation (8) To avoid doubt, an asset may be disposed of for the purposes of this section whether or not the disposal involves alienating the asset.", "Amendment_Count": 11, "First_Amended": "No 78 of 1996", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 46 of 1998 | No 77 of 2001 | No 133 of 2003 | No 101 of 2006 | No 164 of 2007 | No 97 of 2008 | No 15 of 2009 | No 47 of 2016 | No 95 of 2019", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 36 | Sch 2D item 37, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 46 of 1998, Sch 10 item 30 | Sch 10 item 112 | Sch 10 item 520 | Sch 10 item 521 | Sch 10 item 25, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, Sch 2 item 107 | Sch 2 item 108 | Sch 2 item 109 | Sch 2 item 110, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 133 of 2003, Sch 4 item 31 | Sch 4 item 32 | Sch 4 item 33 | Sch 4 item 34, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 101 of 2006, Sch 2 item 505 | Sch 2 item 506, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 10 item 48 | Sch 10 item 49, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, Sch 3 item 39 | Sch 3 item 30, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 15 of 2009, Sch 1 item 51, effective Sch 1 (items 31–51, 102–105): 26 Mar 2009 (s 2(1) item 2) | Amended by No 47 of 2016, Sch 6 item 15, effective Sch 6 (items 8–15, 19–25): 6 May 2016 (s 2(1) item 8) | Amended by No 95 of 2019, Sch 1 item 1 | Sch 1 item 57, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-30", "Provision_Key": "s57-30", "Heading": "Deemed cessation and re ‑ assumption of liabilities", "Text": "(1) Subject to subsection (3), for the purposes of determining a deduction allowable to, or an amount included in the assessable income of, the transition taxpayer after the transition time in respect of the satisfaction of a liability owed by the transition taxpayer immediately before the transition time, the transition taxpayer is taken: (a) to have ceased immediately before the transition time to have any liabilities; and (b) to have assumed each of its liabilities again at the transition time in return for consideration equal to the adjusted market value (see subsection (2)) at that time of the right or other asset, corresponding to the liability, that was held by the person to whom the liability was owed. (2) The adjusted market value of the corresponding right or other asset is the market value of that right or asset at the transition time: (a) reduced by any amount paid or that becomes payable by the transition taxpayer in respect of the liability at or after the transition time, where: (i) because of subsection 57 ‑ 20(2); or (ii) because all of the transition taxpayer’s income was wholly exempt from income tax before the transition time; the amount is not an allowable deduction; and (b) increased by any amount paid or that became payable by the transition taxpayer in respect of the liability before the transition time, where: (i) because of subsection 57 ‑ 20(1); or (ii) because the transition taxpayer’s income ceased to be exempt from income tax at the transition time; the amount is an allowable deduction. Note: If the liability is, or is part of, a Division 230 financial arrangement, section 57 ‑ 32 may affect how the market value of the corresponding right or other asset is worked out. (3) A provision listed in subsection (4) only applies to a liability of the transition taxpayer at the transition time if the liability first came into existence after the day on which Division 3B of Part III commenced. (4) The provisions are listed in the table below. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Listed provisions Item Provision 1 the former Division 3B of Part III 2 Subdivision 20 ‑ A, so far as it applies to an amount that may be an assessable recoupment because a deduction has been allowed or is allowable under the former subsection 82Z(1) . (5) A provision listed in subsection (6) only applies to a liability of the transition taxpayer at the transition time if the taxpayer first assumed the liability on or after the taxpayer’s applicable commencement date (within the meaning of Division 775 of the Income Tax Assessment Act 1997 ). Note: For applicable commencement date , see section 775 ‑ 155 of the Income Tax Assessment Act 1997 . (6) The provisions are listed in the table below. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. Listed provisions Item Provision 1 Division 775 2 Subdivision 20 ‑ A, so far as it applies to an amount that may be an assessable recoupment because a deduction has been allowed or is allowable under section 775 ‑ 30. (7) The rule in subsection (5) does not apply, and is taken never to have applied, to the transition taxpayer if the taxpayer makes an election under section 775 ‑ 150 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 78 of 1996", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 133 of 2003 | No 95 of 2019", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 38 | Sch 2D item 39 | Sch 2D item 40, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 133 of 2003, Sch 4 item 35 | Sch 4 item 36 | Sch 4 item 37, effective Sch 1 (items 1–3, 17(1)) and Sch 4 (items 21–37, 77, 78): 17 Dec 2003 (s 2) | Amended by No 95 of 2019, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 57, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-32", "Provision_Key": "s57-32", "Heading": "Division 230 financial arrangements—market value of assets and rights", "Text": "(1) This section applies in relation to an asset (the subject asset ) held by an entity (the holder ) if: (a) the subject asset is: (i) covered by subsection 57 ‑ 25(1); or (ii) a right, or other asset, corresponding to a liability covered by subsection 57 ‑ 30(1); and (b) the subject asset, or the corresponding liability for the subject asset, is or is part of a Division 230 financial arrangement at the transition time; and (c) when the arrangement was entered into: (i) the parties to the arrangement were not dealing at arm’s length (within the meaning of the Income Tax Assessment Act 1997 ) in relation to the subject asset; or (ii) if the subject asset gives rise to an interest that is not an equity interest in an entity—the return on the interest would reasonably be expected to be less than the benchmark rate of return (within the meaning of that Act) for the interest. (2) For the purposes mentioned in subsection (3), assume at the transition time that the market value of the subject asset is the total amount (the initial amount ) of the financial benefits (within the meaning of the Income Tax Assessment Act 1997 ) that the holder provided in relation to the subject asset before the transition time: (a) reduced by: (i) repayments of principal made in relation to the subject asset before the transition time; and (ii) the amount of any impairment (within the meaning of the accounting principles (within the meaning of that Act)) of the subject asset at the transition time; and (b) increased by the amount of the cumulative amortisation (worked out using the effective interest method recognised by the accounting principles (within the meaning of that Act)) of any difference at the transition time between: (i) the initial amount; and (ii) the amount payable on the maturity of the subject asset. (3) Subsection (2) has effect for the purposes of working out the subject asset’s adjusted market value under section 57 ‑ 25 or 57 ‑ 30 for use when applying Division 230 of the Income Tax Assessment Act 1997 to the subject asset or the corresponding liability for the subject asset.", "Amendment_Count": 1, "First_Amended": "No 95 of 2019", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 95 of 2019", "History_Notes": "Inserted by No 95 of 2019, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 57, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-32"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-33", "Provision_Key": "s57-33", "Heading": "Division 230 financial arrangements—transition taxpayer’s right to receive or obligation to provide payment", "Text": "(1) This section applies in relation to the following: (a) an asset covered by subsection 57 ‑ 25(1) to which section 57 ‑ 32 applies; (b) the corresponding liability for a right, or other asset, covered by subsection 57 ‑ 30(1) to which section 57 ‑ 32 applies. Note: Section 57 ‑ 32 applies if the asset or liability is or is part of a Division 230 financial arrangement. (2) For the purposes of section 230 ‑ 60 of the Income Tax Assessment Act 1997 , assume the following: (a) in the case of an asset—that the transition taxpayer acquired the asset at the transition time in return for the transition taxpayer starting to have an obligation to provide one or more financial benefits in relation to the Division 230 financial arrangement; (b) in the case of a liability—that the transition taxpayer started to have the liability at the transition time in return for the transition taxpayer starting to have a right to receive one or more financial benefits under the Division 230 financial arrangement.", "Amendment_Count": 1, "First_Amended": "No 95 of 2019", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 95 of 2019", "History_Notes": "Inserted by No 95 of 2019, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-33"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-35", "Provision_Key": "s57-35", "Heading": "Interpretation", "Text": "In this Subdivision: asset means property, or a right, of any kind, and includes: (a) any legal or equitable estate or interest (whether present or future, vested or contingent, tangible or intangible, in real or personal property) of any kind; and (b) any chose in action; and (c) any right, interest or claim of any kind including rights, interests or claims in or in relation to property (whether arising under an instrument or otherwise, and whether liquidated or unliquidated, certain or contingent, accrued or accruing); and (e) a CGT asset; but does not include trading stock. liability includes a duty or obligation of any kind (whether arising under an instrument or otherwise, and whether actual, contingent or prospective).", "Amendment_Count": 3, "First_Amended": "No 78 of 1996", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 78 of 1996 | No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 46 of 1998, Sch 10 item 522, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, Sch 1 item 190, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-40", "Provision_Key": "s57-40", "Heading": "Contributions under defined benefit superannuation schemes", "Text": "(1) This section applies to a deduction allowable apart from this Subdivision to the transition taxpayer under section 290 ‑ 60 of the Income Tax Assessment Act 1997 for a contribution made to a fund in relation to a person if: (a) the person was an employee of the transition taxpayer at any time before or after the transition time; and (b) the contribution was made under a defined benefit superannuation scheme (within the meaning of section 6A of the Superannuation Guarantee (Administration) Act 1992 ). Deduction allowable only if sum of all deductions exceeds defined benefit threshold amount (2) The deduction is not allowable for a year of income if the sum of all deductions of the transition taxpayer to which this section applies for the year of income is less than or equal to the defined benefit threshold amount (see subsection (4)) for the year of income. Amount of deduction not allowable (3) If the sum is greater than that amount, so much of the deduction as is worked out using the following formula is not allowable: Meaning of defined benefit threshold amount (4) The defined benefit threshold amount for a year of income is: (a) if the year of income is the transition year—the unfunded liability amount (see subsection (5)); or (b) in any other case—that amount as reduced by the total amount of deductions to which this section applies, that, because of subsection (2) or (3), have not (disregarding section 57 ‑ 55) been allowable to the transition taxpayer for all previous years of income. Meaning of unfunded liability amount (5) The unfunded liability amount is the value, worked out as at the transition time in accordance with actuarial principles, of the liabilities of the transition taxpayer to provide superannuation benefits for, or for dependants of, employees of the transition taxpayer, where the liabilities: (a) had accrued as at the transition time; and (b) were, according to actuarial principles, unfunded at that time; and (c) were liabilities only under defined benefit superannuation schemes.", "Amendment_Count": 3, "First_Amended": "No 78 of 1996", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 78 of 1996 | No 174 of 1997 | No 15 of 2007", "History_Notes": "Inserted by No 78 of 1996, Sch 4 item 57, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 174 of 1997, Sch 4 item 1 | Sch 4 item 2, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 15 of 2007, Sch 1 item 142, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-45", "Provision_Key": "s57-45", "Heading": "Deduction for surplus to meet defined benefit superannuation scheme liabilities", "Text": "If: (a) at the transition time, according to a particular defined benefit superannuation scheme’s accounts, an amount is available to meet liabilities of the transition taxpayer under the scheme to provide superannuation benefits for, or for dependants of, employees of the transition taxpayer; and (b) the amount exceeds the total value (as worked out according to actuarial principles) of the liabilities of that kind that have accrued as at the transition time; and (c) before the transition time, the transition taxpayer makes a written election that the excess is to be used solely to meet liabilities of that kind accruing after the transition time, and the excess is later used solely to meet such liabilities; the excess is an allowable deduction of the transition taxpayer for the transition year.", "Amendment_Count": 2, "First_Amended": "No 78 of 1996", "Last_Amended": "No 174 of 1997", "Amending_Acts": "No 78 of 1996 | No 174 of 1997", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 174 of 1997, Sch 4 item 2 | Sch 4 item 9, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-50", "Provision_Key": "s57-50", "Heading": "Contributions generally", "Text": "(1) This section applies to a deduction allowable apart from this Subdivision to the transition taxpayer under section 290 ‑ 60 of the Income Tax Assessment Act 1997 for a contribution made to a fund in relation to a person if the person was an employee of the transition taxpayer at any time before or after the transition time. Deduction allowable only if sum of all deductions exceeds general superannuation threshold amount (2) The deduction is not allowable for a year of income if the sum of all deductions of the transition taxpayer to which this section applies for the year of income is less than or equal to the general superannuation threshold amount (see subsection (4)) for the year of income. Amount of deduction not allowable (3) If the sum is greater than the general superannuation threshold amount, so much of the deduction as is worked out using the following formula is not allowable: Meaning of general superannuation threshold amount (4) The general superannuation threshold amount for a year of income is: (a) if the year of income is the transition year—the undischarged superannuation liability amount (see subsection (5)); or (b) in any other case—the amount applicable under paragraph (a), reduced by the total amount of deductions to which this section applies that, because of subsection (2) or (3), have not (disregarding section 57 ‑ 55) been allowable to the transition taxpayer for all previous years of income. Meaning of undischarged superannuation liability amount (5) This is how to work out the transition taxpayer’s undischarged superannuation liability amount : Step 1. For each person who was an employee of the transition taxpayer at any time before the transition time, take the sum of: (a) if the whole or any part of the person’s period of employment with the transition taxpayer took place before the beginning of the superannuation guarantee period (see subsection (6)) and there were one or more required award etc. contribution amounts (see subsection (7)) in respect of any of that whole or part—that amount or those amounts; and (b) if, for the whole or any part or parts of the superannuation guarantee period, there were one or more required award etc. contribution amounts that were greater than the required superannuation guarantee contribution amount or amounts (see subsection (8))—that greater amount or those greater amounts; and (c) if, for the whole or any part or parts of the superannuation guarantee period, either there was no required award etc. contribution amount or there was such an amount but it was not greater than the required superannuation guarantee contribution amount—the required superannuation guarantee contribution amount for the whole or the part of the period, or the sum of the required superannuation guarantee contribution amounts for the parts of the period, as the case may be. Step 2. Reduce the sum from Step 1 by the sum of amounts that the transition taxpayer actually contributed before the start of the transition year: (a) in payment of required award etc. contribution amounts or required superannuation guarantee contribution amounts for the employee that are included in the sum in Step 1; or (b) voluntarily to a superannuation fund for the purpose of providing superannuation benefits for the employee, or dependants of the employee; in respect of any period of employment of the employee with the transition taxpayer before the transition time. Step 3. If the result after applying Step 2 for a particular employee is less than nil, it is nil instead. Step 4. Add up the results for all of the employees. This final sum is the transition taxpayer’s undischarged superannuation liability amount . Meaning of superannuation guarantee period (6) The superannuation guarantee period is the period beginning on 1 July 1992 and ending at the transition time. Meaning of required award etc. contribution amount (7) A required award etc. contribution amount is an amount required to be contributed to a superannuation fund by an employer for the benefit of an employee: (a) by an industrial award; or (b) by an occupational superannuation arrangement; or (c) by a law of the Commonwealth, a State or a Territory; or (d) otherwise. Meaning of required superannuation guarantee contribution amount (8) A required superannuation guarantee contribution amount is an amount that an employer would need to contribute in respect of a period so as not to have a superannuation guarantee shortfall under the Superannuation Guarantee (Administration) Act 1992 in respect of that period. Note: The relevant periods for which shortfalls are or were calculated under that Act are quarters (from 1 July 1993 onwards) or half ‑ years (from 1 July 1992 to 30 June 1993).", "Amendment_Count": 5, "First_Amended": "No 78 of 1996", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 78 of 1996 | No 174 of 1997 | No 51 of 2002 | No 15 of 2007 | No 57 of 2025", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 174 of 1997, Sch 4 item 4 | Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 57, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3)) | Amended by No 51 of 2002, Sch 1 item 182 | Sch 1 item 183 | Sch 1 item 184, effective s 4, Sch 1 (item 202(2)), Sch 3 (items 1, 2, 4), Sch 4 and 5: 29 June 2002 (s 2(1) items 3, 7–9) Sch 1 (items 170–184): 1 July 2003 (s 2(1) item 2) | Amended by No 15 of 2007, Sch 1 item 143, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6) | Amended by No 57 of 2025, Sch 1 item 78, effective sch 1 (item 78): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-52", "Provision_Key": "s57-52", "Heading": "Section 57 ‑ 50 does not apply if there is a surplus at transition time", "Text": "Section 57 ‑ 50 does not apply to a deduction of the kind mentioned in subsection 57 ‑ 50(1) if: (a) at the transition time, according to the accounts of the fund concerned, an amount is available to meet liabilities of the transition taxpayer in relation to the fund to provide superannuation benefits for, or for dependants of, employees of the transition taxpayer; and (b) the amount exceeds the value (as worked out according to actuarial principles) of the liabilities of that kind that have accrued as at the transition time.", "Amendment_Count": 1, "First_Amended": "No 174 of 1997", "Last_Amended": "No 174 of 1997", "Amending_Acts": "No 174 of 1997", "History_Notes": "Inserted by No 174 of 1997, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-52"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-55", "Provision_Key": "s57-55", "Heading": "Deductions reduced under both sections 57 ‑ 40 and 57 ‑ 50", "Text": "If the amount of a deduction otherwise allowable to the transition taxpayer in respect of a contribution to a fund is required to be reduced under both sections 57 ‑ 40 and 57 ‑ 50: (a) if the reduction is of a different amount—the amount is reduced only under that section that requires the greater reduction; or (b) if the reduction is of the same amount—the amount is reduced only under section 57 ‑ 40.", "Amendment_Count": 1, "First_Amended": "No 78 of 1996", "Last_Amended": "No 78 of 1996", "Amending_Acts": "No 78 of 1996", "History_Notes": "Inserted by No 78 of 1996, Sch 4 item 57, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-60", "Provision_Key": "s57-60", "Heading": "Effect of pre ‑ transition time accrued leave entitlements", "Text": "(1) This section applies to a deduction otherwise allowable to the transition taxpayer for a year of income under subsection 51(1) of this Act or section 8 ‑ 1 (about general deductions) of the Income Tax Assessment Act 1997 in respect of long service leave payments or annual leave payments to a person who was an employee of the transition taxpayer at any time before or after the transition time. Note: Subsection 51(3) of this Act or section 26 ‑ 10 of the Income Tax Assessment Act 1997 (as appropriate) contains additional requirements for certain leave payments to be deductible. Deduction allowable only if sum of all deductions exceeds leave threshold amount (2) The deduction is not allowable if the sum of all deductions of the transition taxpayer to which this section applies for the year of income is less than or equal to the leave threshold amount (see subsection (4)) for the year of income. Amount of deduction not allowable (3) If the sum is greater than the leave threshold amount, so much of the deduction as is worked out using the following formula is not allowable: Meaning of leave threshold amount (4) The leave threshold amount for a year of income is: (a) if the year of income is the transition year—the (pre ‑ transition time service) leave amount (see subsection (5)) of the transition taxpayer; or (b) in any other case—that amount as reduced by the total amount of deductions to which this section applies that, because of subsection (2) or (3), have not been allowable to the transition taxpayer for all previous years of income. Meaning of (pre ‑ transition time service) leave amount (5) The (pre ‑ transition time service) leave amount of the transition taxpayer is the sum of the following amounts: (a) the amount that would be payable by the transition taxpayer in respect of annual leave and long service leave if, at the transition time, all employees of the transition taxpayer began to take all leave of that kind that they were eligible to take; and (b) if the transition taxpayer elects, in accordance with subsection (6), that this paragraph applies—the amount that, according to actuarial principles, would need to be set aside at the transition time to meet all obligations of the transition taxpayer that might reasonably be expected to arise after that time to make annual leave payments and long service leave payments (other than in respect of leave taken into account under paragraph (a)) for periods of service of employees occurring before the transition time; and (c) if paragraph (b) does not apply—the present value, at the transition time, of all annual leave payments and long service leave payments (other than in respect of leave taken into account under paragraph (a)) that the transition taxpayer would become liable to make after that time in respect of periods of service of employees occurring before that time if all such leave became eligible to be taken. Election (6) The election mentioned in paragraph (5)(b) must be made in writing before: (a) the day by which the transition taxpayer’s return of income for the transition year is due to be lodged; or (b) such later day as the Commissioner allows.", "Amendment_Count": 2, "First_Amended": "No 78 of 1996", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 78 of 1996 | No 16 of 1998", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 41 | Sch 2D item 42, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-65", "Provision_Key": "s57-65", "Heading": "Treatment of bad debts", "Text": "(1) This section applies to a deduction otherwise allowable to the transition taxpayer for a year of income under this Act for the writing off as bad of the whole or part of a debt owing to the transition taxpayer. Deduction allowable only if sum of all deductions exceeds doubtful debt provision limit (2) The deduction is not allowable if the sum of all deductions of the transition taxpayer to which this section applies for the year of income is less than or equal to the doubtful debt provision limit (see subsection (4)) for the year of income. Amount of deduction not allowable (3) If the sum is greater than that limit, so much of the deduction as is worked out using the following formula is not allowable: Meaning of doubtful debt provision limit (4) The doubtful debt provision limit for a year of income is: (a) if the year of income is the transition year—the pre ‑ transition doubtful debt limit (see subsection (5)); or (b) in any other case—that limit as reduced by the total amount of deductions to which this section applies that, because of subsection (2) or (3), have not been allowable to the transition taxpayer for all previous years of income. Meaning of pre ‑ transition doubtful debt limit (5) The pre ‑ transition doubtful debt limit is the total of the amounts that, under generally accepted accounting principles, would be the appropriate doubtful debt provisions in relation to all debts owed to the transition taxpayer as at the transition time. Reduction of limit for excess recovery (6) If: (a) at the transition time, a debt is owed to the transition taxpayer; and (b) the sum of: (i) the amount (if any) that, under generally accepted accounting principles, would be the appropriate doubtful debt provision in relation to the debt as at the transition time; and (ii) any amounts later recovered in respect of the debt; exceeds the amount of the debt; the pre ‑ transition doubtful debt limit is reduced by the amount of the excess. Reduction of limit if debt later disposed of (7) If: (a) at the transition time, a debt is owed to the transition taxpayer; and (b) there is an amount (the debt provision amount ) greater than nil that, under generally accepted accounting principles, would be the appropriate doubtful debt provision in relation to the debt as at the transition time; and (c) after the transition time, the transition taxpayer disposes of the debt to another person; the pre ‑ transition doubtful debt limit is reduced by: (d) if, after the transition time, the transition taxpayer wrote off part of the debt as bad—the excess (if any) of the debt provision amount over the amount or amounts so written off; or (e) in any other case—the debt provision amount.", "Amendment_Count": 2, "First_Amended": "No 78 of 1996", "Last_Amended": "No 174 of 1997", "Amending_Acts": "No 78 of 1996 | No 174 of 1997", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 174 of 1997, Sch 4 item 7, effective s 4, Sch 1–5, Sch 6 (items 17–23(2), (3)), Sch 7 (items 1–16, 32(1)) and Sch 9 (items 24–30(2), (3)): 21 Nov 1997 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-70", "Provision_Key": "s57-70", "Heading": "Treatment of superannuation lump sums and employment termination payments", "Text": "(1) This section applies to a deduction otherwise allowable to the transition taxpayer for a year of income under section 8 ‑ 1 (about general deductions) or 25 ‑ 50 (about pensions, gratuities or retiring allowances) of the Income Tax Assessment Act 1997 for a superannuation lump sum or an employment termination payment for a person who was an employee of the transition taxpayer at any time before the transition time (regardless of whether the person was an employee at or after the transition time). (2) So much (if any) of the deduction as relates to a period of service of the employee before the transition time is not allowable. (3) This section does not apply to an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997 ), or a genuine redundancy payment (within the meaning of that Act).", "Amendment_Count": 3, "First_Amended": "No 78 of 1996", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 15 of 2007", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 43, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 15 of 2007, Sch 1 item 144 | Sch 1 item 145 | Sch 1 item 146, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-75", "Provision_Key": "s57-75", "Heading": "Domestic losses", "Text": "In applying section 36 ‑ 15 or 36 ‑ 17 of the Income Tax Assessment Act 1997 (about how to deduct tax losses) to the transition taxpayer: (a) only exempt income derived at or after the transition time is taken into account as exempt income of the transition taxpayer; and (b) the transition taxpayer’s deductions are taken into account only so far as they are in respect of: (i) services rendered; or (ii) goods provided; or (iii) the doing of any other thing; at or after the transition time.", "Amendment_Count": 3, "First_Amended": "No 78 of 1996", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 142 of 2003", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 44 | Sch 2D item 45, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 142 of 2003, Sch 8 item 2, effective s 4, Sch 1 (items 1, 16, 17), Sch 2 (items 1, 3), Sch 4 (items 1, 2) and Sch 8 (items 1–3, 24(1)): 17 Dec 2003 (s 2(1) items 1–3, 6, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-85", "Provision_Key": "s57-85", "Heading": "What are the modified deduction rules and corresponding deduction provisions ?", "Text": "(1) A modified deduction rule is a provision listed in column 3 of an item in the table in subsection (3). Provisions of the Income Tax Assessment Act 1997 are identified in normal text, while provisions of the Income Tax Assessment Act 1936 are in bold . (2) The corresponding deduction provision (if any) for a modified deduction rule listed in column 3 of an item in the table in subsection (3) is the provision of the Income Tax Assessment Act 1936 listed in column 4 of the item. (3) The table is as follows: Modified deduction rules and corresponding deduction provisions Column 1 Item Column 2 Description Column 3 Modified deduction rule Column 4 Corresponding deduction provision 1 Borrowing expenses Section 25 ‑ 25 Former section 67 5 Films, Australian Former Division 10BA of Part III 7 Industrial property (copyright in Australian film) Former Division 10B of Part III 9 Gifts Section 25 ‑ 50 and Division 30 Former section 78 13 R&D Division 355 14 Scientific research Section 73A 18 Cost of acquiring trees Section 70 ‑ 120 Former section 124J 19 Capital allowances Division 40", "Amendment_Count": 11, "First_Amended": "No 78 of 1996", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 46 of 1998 | No 39 of 1999 | No 54 of 1999 | No 77 of 2001 | No 170 of 2001 | No 119 of 2002 | No 101 of 2006 | No 164 of 2007 | No 93 of 2011", "History_Notes": "Inserted by No 78 of 1996, Sch 4 item 57, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Repealed and substituted by No 16 of 1998, Sch 2D item 46, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 46 of 1998, Sch 10 item 26 | Sch 10 item 19, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 39 of 1999, Sch 1 item 3, effective s 4 and Sch 1 (items 1–3): 31 May 1999 (s 2) | Amended by No 54 of 1999, Sch 1 item 12, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 111 | Sch 2 item 112 | Sch 2 item 113 | Sch 2 item 114 | Sch 2 item 115 | Sch 2 item 116 | Sch 2 item 117 | Sch 2 item 118 | Sch 2 item 119 | Sch 2 item 120 | Sch 2 item 121 | Sch 2 item 122 | Sch 2 item 123 | Sch 2 item 124 | Sch 2 item 125, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, Sch 4 item 25 | Sch 4 item 66, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 119 of 2002, Sch 3 item 1, effective s 4, Sch 3 (item 100(1)) and Sch 4: 2 Dec 2002 (s 2(1) items 1, 10) Sch 3 (items 1–3): 30 June 2001 (s 2(1) item 3) | Amended by No 101 of 2006, Sch 1 item 192 | Sch 2 item 507 | Sch 2 item 508 | Sch 2 item 509 | Sch 2 item 510, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 10 item 50 | Sch 10 item 51 | Sch 11 item 48, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, Sch 3 item 51, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-90", "Provision_Key": "s57-90", "Heading": "Post ‑ transition deductions—assume that the transition taxpayer had never been exempt", "Text": "In working out the transition taxpayer’s allowable deductions under a modified deduction rule for the transition year or a later year of income, assume that the modified deduction rule had applied at all times before the transition time as if the transition taxpayer’s income had never been exempt from income tax.", "Amendment_Count": 3, "First_Amended": "No 78 of 1996", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 47, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 101 of 2006, Sch 2 item 511, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-95", "Provision_Key": "s57-95", "Heading": "Amount of deduction not allowable for transition year", "Text": "(1) If, apart from this section, an amount would be an allowable deduction under a modified deduction rule for the transition year in respect of expenditure incurred before the transition time (whether or not during the transition year), only so much of the amount as is worked out using the following formula is so allowable: where: post ‑ expenditure part means: (a) if the expenditure was incurred before the transition year—the number of days in the transition year; or (b) otherwise—the number of days in the period from the beginning of the day on which the expenditure is incurred until the end of the transition year. (2) This section does not apply to an amount to which paragraph 57 ‑ 110(1)(b) (which deals with balancing adjustments) applies.", "Amendment_Count": 1, "First_Amended": "No 78 of 1996", "Last_Amended": "No 78 of 1996", "Amending_Acts": "No 78 of 1996", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-100", "Provision_Key": "s57-100", "Heading": "No elections etc. before transition time", "Text": "In working out the transition taxpayer’s allowable deductions under a modified deduction rule: (a) assume that the transition taxpayer did not, at any time, make any election or declaration, or give any notice, under the rule in relation to a year of income before the transition year; and (b) any election or declaration (other than one under former subsection 124ZADA(1)) the transition taxpayer makes, or any notice the transition taxpayer gives, under the rule in relation to the transition year has no effect in so far as it relates to expenditure incurred before the transition time.", "Amendment_Count": 4, "First_Amended": "No 78 of 1996", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 101 of 2006 | No 164 of 2007", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 10 item 52, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-100"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-105", "Provision_Key": "s57-105", "Heading": "Special rules for mining and quarrying", "Text": "Exploration and prospecting—assume no expenditure (1) In working out the transition taxpayer’s allowable deductions under the former Subdivision 330 ‑ A or 330 ‑ C or Division 40 of the Income Tax Assessment Act 1997 , assume that the transition taxpayer incurred no expenditure on exploration and prospecting before the transition time. Assume that no excess deductions available (2) In working out the transition taxpayer’s allowable deductions under the former Subdivision 330 ‑ A or 330 ‑ C of the Income Tax Assessment Act 1997 , assume that, for each year of income before the transition year, the transition taxpayer’s assessable income would have exceeded the total of the transition taxpayer’s deductions for the year. Note: This means that the transition taxpayer can have no excess deductions remaining from years of income before the transition year.", "Amendment_Count": 3, "First_Amended": "No 78 of 1996", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 77 of 2001, Sch 2 item 126 | Sch 2 item 127 | Sch 2 item 128, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-105"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-110", "Provision_Key": "s57-110", "Heading": "Apportionment of balancing adjustments", "Text": "(1) If, apart from this subsection, a balancing adjustment provision (see subsection (2)) would: (a) require an amount to be included in the transition taxpayer’s assessable income for the transition year or a later year of income in respect of particular expenditure; or (b) allow an amount as a deduction from the transition taxpayer’s assessable income for the transition year or a later year of income in respect of particular expenditure; then only so much of the amount as is worked out using the following formula is so included or allowable: where: actual deductions is the sum of all deductions actually allowed or allowable to the transition taxpayer for the expenditure under the deduction rule to which the balancing adjustment provision relates (see subsection (2)). notional deductions is the sum of all deductions for the expenditure that would have been allowable to the transition taxpayer under the deduction rule to which the balancing adjustment provision relates, if the transition taxpayer had never been wholly exempt from income tax. (2) Each balancing adjustment provision and its related deduction rule are shown in an item of the table. Provisions of the Income Tax Assessment Act 1997 are shown in ordinary text, and provisions of the Income Tax Assessment Act 1936 are shown in bold . Balancing adjustment provisions and related deduction rules Item Topic Balancing adjustment provision Deduction rule to which the balancing adjustment provision relates 1 Capital works: buildings, structural improvements, environment protection earthworks and extensions, alterations or improvements Section 43 ‑ 40 Division 43 and whichever of former Divisions 10C and 10D of Part III is appropriate 2A Capital allowances Section 40 ‑ 285 Division 40 5 Industrial property (copyright in Australian film) Former sections 124N and 124P Former Division 10B of Part III 7 R&D Sections 40 ‑ 292, 40 ‑ 293, 355 ‑ 315 and 355 ‑ 525 Section 40 ‑ 25, 355 ‑ 305 or 355 ‑ 520 8 Scientific research Subsection 73A(4) Section 73A Note: Item 7 of the table is expanded by section 355 ‑ 340 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 9, "First_Amended": "No 78 of 1996", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 78 of 1996 | No 16 of 1998 | No 46 of 1998 | No 54 of 1999 | No 77 of 2001 | No 170 of 2001 | No 101 of 2006 | No 164 of 2007 | No 93 of 2011", "History_Notes": "Inserted by No 78 of 1996, Sch 4 item 57, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 50, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2)) | Amended by No 46 of 1998, Sch 10 item 27, effective s 4, Sch 2 (items 49–522), Sch 3 (items 13–20), Sch 4 (items 12–27), Sch 5 (items 6–10), Sch 6 (items 8–30), Sch 7 (items 12–19), Sch 8 (items 2–9) and Sch 9 (items 7, 8): 22 June 1998 (s 2(1)–(4)) | Amended by No 54 of 1999, Sch 1 item 13, effective s 4, Sch 1 (items 2–13, 36), Sch 3, Sch 5 (items 11–15), Sch 6 and Sch 7 (items 1, 3): 5 July 1999 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 129 | Sch 2 item 130 | Sch 2 item 131 | Sch 2 item 132 | Sch 2 item 133 | Sch 2 item 134 | Sch 2 item 135 | Sch 2 item 136 | Sch 2 item 137 | Sch 2 item 138 | Sch 2 item 139 | Sch 2 item 140, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, Sch 4 item 26 | Sch 4 item 27 | Sch 4 item 67 | Sch 4 item 68, effective Sch 1 (items 1, 5, 6), Sch 2 (items 1, 2), Sch 3 (items 1–10, 19(1)) and Sch 4: 1 Oct 2001 (s 2(1)) Sch 2 (items 4–27, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 52–68, 92): 30 June 2001 (s 2(3)) | Amended by No 101 of 2006, Sch 1 item 193 | Sch 2 item 513, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 10 item 53 | Sch 10 item 54, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, Sch 3 item 52 | Sch 3 item 53 | Sch 4 item 355, effective Sch 3 (items 5–14, 44–53) and Sch 4 (items 1–6): 8 Sept 2011 (s 2(1) items 3, 6, 7) Sch 3 (item 43): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-110"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-115", "Provision_Key": "s57-115", "Heading": "Modification of trading stock provisions", "Text": "(1) For the purposes of applying Division 70 of the Income Tax Assessment Act 1997 in relation to the transition year, the only trading stock of the transition taxpayer that is to be taken into account under section 70 ‑ 35 of that Act as being on hand at the beginning of the transition year is such trading stock as was on hand at the transition time. (2) For the purpose of working out the value at which the trading stock is to be taken into account, the year of income preceding the transition year is taken to have ended immediately before the transition time. Note: The value of trading stock on hand at the beginning of the transition year will, under section 70 ‑ 40 of the Income Tax Assessment Act 1997 , be the same as at the end of the preceding year of income. (3) If: (a) the basis of valuation of the trading stock at the end of the transition year is cost; and (b) the basis of valuation at the beginning of the transition year is different; then, for the purposes of the valuation at the end of the transition year, the cost of the trading stock for the purposes of Division 70 of the Income Tax Assessment Act 1997 is taken to be equal to the value at which it was taken into account at the beginning of the transition year.", "Amendment_Count": 2, "First_Amended": "No 78 of 1996", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 78 of 1996 | No 16 of 1998", "History_Notes": "Inserted by No 78 of 1996, effective Sch 1, 2 and Sch 4 (items 1–57): 19 Dec 1996 (s 2(1), (2)) Sch 4 (items 56, 57): 5 pm (A.C.T.) 23 July 1996 (s 2(4)) | Amended by No 16 of 1998, Sch 2D item 52 | Sch 2D item 53 | Sch 2D item 54 | Sch 2D item 55 | Sch 2D item 56, effective s 4, Sch 1 (items 1–58), Sch 6 (items 1–17) and Sch 10 (items 20–57): 16 Apr 1998 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-115"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-120", "Provision_Key": "s57-120", "Heading": "Cancellation of franking surplus, credit or debit", "Text": "Cancellation of surplus (1) Subject to subsections (3) and (4), if, immediately before the transition time, the transition taxpayer or a subsidiary (see section 57 ‑ 125) of the transition taxpayer has a franking surplus, then the surplus is reduced to nil at the transition time. Cancellation of credit/debit (2) Subject to subsections (3) and (4), if: (a) at any time after the transition time, there arises a franking credit or a franking debit of the transition taxpayer or of a subsidiary of the transition taxpayer; and (b) the franking credit or franking debit is to any extent attributable to a period, or to an event taking place, before the transition time; the franking credit or franking debit is to that extent taken not to have arisen. Cases where subsections (1) and (2) do not apply to the transition taxpayer (3) If: (a) one or more franking debits of the transition taxpayer arise after the transition time; and (b) any of the debits is to an extent (the amount of which is the pre ‑ transition time component of the debit) attributable to the period, or to an event taking place, before the transition time; and (c) immediately before the transition time: (i) there was a franking surplus of the transition taxpayer that was less than the total of the pre ‑ transition time components of all of the debits; or (ii) there was no franking surplus of the transition taxpayer; then: (d) in a case covered by subparagraph (c)(i)—subsection (1) does not apply to the surplus; and (e) in any case—subsection (2) does not apply to the debits. Cases where subsections (1) and (2) do not apply to a subsidiary (4) If: (a) one or more franking debits of a subsidiary of the transition taxpayer arise after the transition time; and (b) any of the debits is to an extent (the amount of which is the pre ‑ transition time component of the debit) attributable to the period, or to an event taking place, before the transition time; and (c) immediately before the transition time: (i) there was a franking surplus of the subsidiary that was less than the total of the pre ‑ transition time components of all of the debits; or (ii) there was no franking surplus of the subsidiary; then: (d) in a case covered by subparagraph (c)(i)—subsection (1) does not apply to the surplus; and (e) in any case—subsection (2) does not apply to the debits.", "Amendment_Count": 2, "First_Amended": "No 147 of 1997", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 147 of 1997 | No 23 of 2005", "History_Notes": "Inserted by No 147 of 1997, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5)) | Amended by No 23 of 2005, Sch 3 item 59 | Sch 3 item 60 | Sch 3 item 63 | Sch 3 item 64 | Sch 3 item 65 | Sch 3 item 68 | Sch 3 item 69 | Sch 3 item 70, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-120"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-125", "Provision_Key": "s57-125", "Heading": "Subsidiary", "Text": "(1) A company (the subsidiary company ) is a subsidiary of another company (the holding company ) if all the shares in the subsidiary company are beneficially owned by: (a) the holding company; or (b) one or more subsidiaries of the holding company; or (c) the holding company and one or more subsidiaries of the holding company. (2) A company (other than the subsidiary company) is a subsidiary of the holding company if, and only if: (a) it is a subsidiary of the holding company; or (b) it is a subsidiary of a subsidiary of the holding company; because of any other application or applications of this section.", "Amendment_Count": 1, "First_Amended": "No 147 of 1997", "Last_Amended": "No 147 of 1997", "Amending_Acts": "No 147 of 1997", "History_Notes": "Inserted by No 147 of 1997, Sch 4 item 1 | Sch 4 item 57, effective s 4, Sch 1 (items 1–43, 45), Sch 2 (item 1), Sch 3–5, Sch 6 (items 1–3, 5–9), Sch 8, Sch 10, Sch 13, Sch 14 (items 1–39, 41, 42), Sch 15 (items 1–6) and Sch 17: 14 Oct 1997 (s 2(1), (4)) Sch 6 (item 4) and Sch 14 (item 40): 1 July 1997 (s 2(2), (6A)) Sch 11 (items 1–12): 19 Dec 1996 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-125"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-130", "Provision_Key": "s57-130", "Heading": "Plant or depreciating assets covered by Subdivision 58 ‑ B of the Income Tax Assessment Act 1997", "Text": "(1) Subdivision 57 ‑ J, and Subdivision 57 ‑ K in so far as it applies to balancing adjustments for plant or depreciating assets, do not apply in respect of an asset to which Subdivision 58 ‑ B of the Income Tax Assessment Act 1997 applies. (2) Despite subsection (1), Subdivision 57 ‑ J applies for the purposes of section 40 ‑ 35 of the Income Tax (Transitional Provisions) Act 1997 to capital expenditure incurred by a transition taxpayer before 1 July 2001 that relates to property that is not a depreciating asset.", "Amendment_Count": 4, "First_Amended": "No 93 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 119 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 93 of 1999, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, Sch 3 item 2 | Sch 3 item 3, effective s 4, Sch 3 (item 100(1)) and Sch 4: 2 Dec 2002 (s 2(1) items 1, 10) Sch 3 (items 1–3): 30 June 2001 (s 2(1) item 3) | Amended by No 101 of 2006, Sch 2 item 514, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-130"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 57-135", "Provision_Key": "s57-135", "Heading": "Balancing adjustment on ceasing to have a Division 230 financial arrangement referred to in section 57 ‑ 32", "Text": "(1) This section applies if: (a) section 57 ‑ 32 was applied to work out the market value of an asset (the subject asset ); and (b) the transition taxpayer is a party to the Division 230 financial arrangement (the financial arrangement ) to which the subject asset, or the corresponding liability for the subject asset, is or is part of; and (c) a balancing adjustment is made under Subdivision 230 ‑ G of the Income Tax Assessment Act 1997 , after the transition time, in relation to the financial arrangement. (2) For the purposes of making the balancing adjustment under Subdivision 230 ‑ G of the Income Tax Assessment Act 1997 in relation to the financial arrangement, adjust the amount worked out using the method statement (the method statement ) in subsection 230 ‑ 445(1) of that Act by: (a) if the transition taxpayer is the holder of the subject asset—increasing any gain or reducing any loss by the amount worked out under subsection (4) of this section; or (b) if the transition taxpayer is the holder of the corresponding liability for the subject asset—reducing any gain or increasing any loss by the amount worked out under subsection (4) of this section. (3) Despite subsection (2): (a) if the amount worked out under subsection (4) exceeds the amount of the loss to be reduced under paragraph (2)(a)—the transition taxpayer is taken, for the purposes of making the balancing adjustment, to have made a gain equal to the amount of the excess; or (b) if the amount worked out under subsection (4) exceeds the amount of the gain to be reduced under paragraph (2)(b)—the transition taxpayer is taken, for the purposes of making the balancing adjustment, to have made a loss equal to the amount of the excess; or (c) if when applying the method statement no balancing adjustment is made in relation to the financial arrangement—the transition taxpayer is taken, for the purposes of making the balancing adjustment, to have: (i) if the transition taxpayer is the holder of the subject asset—made a gain equal to the amount worked out under subsection (4); or (ii) if the transition taxpayer is the holder of the corresponding liability for the subject asset—made a loss equal to the amount worked out under subsection (4). (4) For the purposes of subsections (2) and (3), the amount is the difference between: (a) the amount that the transition taxpayer would need to receive or pay under the financial arrangement without an amount being assessable income of, or deductible to, the transition taxpayer if the subject asset, or the corresponding liability for the subject asset, were disposed of at the time the balancing adjustment is made; and (b) the amount that the transition taxpayer would need to receive or pay under the financial arrangement without an amount being assessable income of, or deductible to, the transition taxpayer if: (i) the subject asset, or the corresponding liability for the subject asset, were disposed of at the time the balancing adjustment is made; and (ii) the assumptions in subsection (5) were made. (5) The assumptions referred to in subparagraph (4)(b)(ii) are that, when the financial arrangement was entered into: (a) the parties to the arrangement were dealing with each other at arm’s length (within the meaning of the Income Tax Assessment Act 1997 ) in relation to the arrangement; and (b) if the arrangement gives rise to an interest that is not an equity interest in an entity—the return on the interest would reasonably be expected to be equal to the benchmark rate of return (within the meaning of the Income Tax Assessment Act 1997 ) for the interest. (6) This section applies despite section 230 ‑ 510 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 95 of 2019", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 95 of 2019", "History_Notes": "Inserted by No 95 of 2019, effective Sch 1 and Sch 4 (items 1–4, 6): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s57-135"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 265-5", "Provision_Key": "s265-5", "Heading": "What this Schedule is about", "Text": "If there is a change in ownership or control of a trust or an abnormal trading in its units, it: • may be prevented from deducting its tax losses of earlier income years; and • may have to work out in a special way its net income and tax loss for the income year; and • may be prevented from deducting certain amounts in respect of debts incurred in the income year or earlier income years. This will not be the case if the trust is an excepted trust. However, if it became one by making a family trust election, a special tax may be payable on certain distributions and other amounts. If a trust is involved in a scheme to take advantage of deductions, it may be prevented from making full use of them.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s265-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 265-10", "Provision_Key": "s265-10", "Heading": "Diagram giving overview of Schedule", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s265-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-5", "Provision_Key": "s266-5", "Heading": "What this Division is about", "Text": "This Division is about the income tax consequences, for various kinds of fixed trusts, of certain events: • for an ordinary fixed trust, the event is a change in ownership (subject to a non ‑ fixed trust exception); • for an unlisted widely held trust, the event is an abnormal trading in its units, or the end of an income year, together with a change in ownership; • for a listed widely held trust, the event is an abnormal trading in its units, together with a change in ownership and business; • for an unlisted very widely held trust or a wholesale widely held trust, the event is an abnormal trading in its units, together with a change in ownership.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-10", "Provision_Key": "s266-10", "Heading": "Diagram giving overview of this Division", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-15", "Provision_Key": "s266-15", "Heading": "What this Subdivision is about", "Text": "An ordinary fixed trust: • cannot deduct a tax loss from an earlier income year; or • has to work out its net income and tax loss for the income year in a special way; or • cannot deduct certain amounts in respect of debts incurred in the income year or an earlier income year; unless there has been continuity of ownership throughout a particular period or an exception relating to holdings by non ‑ fixed trusts applies. Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415 ‑ 25 and 415 ‑ 30 of the Income Tax Assessment Act 1997.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 7, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-20", "Provision_Key": "s266-20", "Heading": "Diagram giving overview of this Subdivision", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-25", "Provision_Key": "s266-25", "Heading": "Fixed trust may be denied tax loss deduction", "Text": "Type of trust to which this section applies (1) This section applies to a trust that: (a) can deduct in the income year a tax loss from a loss year; and (b) was a fixed trust at all times in the period (the test period ) from the beginning of the loss year until the end of the income year; and (c) was not a widely held unit trust at all times in the test period; and (d) was not an excepted trust at all times in the test period. To find out the meaning of fixed trust : see section 272 ‑ 65. To find out the meaning of widely held unit trust : see section 272 ‑ 105. To find out the meaning of excepted trust : see section 272 ‑ 100. Condition for deducting tax loss (2) The trust cannot deduct the tax loss unless it meets either: • the condition in section 266 ‑ 40; or • the conditions in section 266 ‑ 45.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 24, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-30", "Provision_Key": "s266-30", "Heading": "Fixed trust may be required to work out its net income and tax loss in a special way", "Text": "A trust that: (a) was a fixed trust at all times in the income year (the test period ); and (b) was not a widely held unit trust at all times in the test period; and (c) was not an excepted trust at all times in the test period; must work out its net income and tax loss for the income year under Division 268 (How to work out a trust’s net income and tax loss for the income year), unless it meets either: • the condition in section 266 ‑ 40; or • the conditions in section 266 ‑ 45. Note: See section 415 ‑ 25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 268 | Sch 2F item 24, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 8, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-35", "Provision_Key": "s266-35", "Heading": "Fixed trust may be denied debt deduction", "Text": "Type of trust to which this section applies (1) This section applies to a trust that: (a) can deduct in the income year an amount: (i) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt; and (b) was a fixed trust at all times in the period (the test period ): (i) if the debt was incurred in an earlier income year—beginning on the day the debt was incurred and ending at the end of the income year; or (ii) if the debt was incurred in the income year—consisting of the income year; and (c) was not a widely held unit trust at all times in the test period; and (d) was not an excepted trust at all times in the test period. Note: Subdivisions 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad. Condition for deducting amount (2) The trust cannot deduct the amount unless it meets either: • the condition in section 266 ‑ 40; or • the conditions in section 266 ‑ 45.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 24, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 6 item 6, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 3 item 9, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-40", "Provision_Key": "s266-40", "Heading": "The trust must pass 50% stake test", "Text": "The fixed trust must pass the 50% stake test for the test period. To find out whether the trust passes the 50% stake test for the period: see Subdivision 269 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272 | Sch 2F item 24, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-45", "Provision_Key": "s266-45", "Heading": "The trust must meet non ‑ fixed trust stake test", "Text": "(1) If the condition in section 266 ‑ 40 is not met, the trust must satisfy the conditions in this section. First condition (2) At all times during the test period: (a) non ‑ fixed trusts (other than family trusts) must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the trust; or (b) both: (i) a fixed trust or a company (which trust or company is the holding entity ) must have held, directly or indirectly, all of the fixed entitlements to income and capital of the trust; and (ii) non ‑ fixed trusts (other than family trusts) must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the holding entity. Second condition (3) The persons holding fixed entitlements to shares of the income, and the persons holding fixed entitlements to shares of the capital, of: (a) in a paragraph (2)(a) case—the trust; or (b) in a paragraph (2)(b) case—the holding entity; at the beginning of the test period must have held those entitlements to those shares at all times during the test period. Third condition (4) At the beginning of the test period: (a) individuals must not have had more than a 50% stake in the income of the trust; or (b) individuals must not have had more than a 50% stake in the capital of the trust. Fourth condition (5) It must be the case that, for each non ‑ fixed trust (other than an excepted trust) that, at any time in the test period, held directly or indirectly a fixed entitlement to a share of the income or capital of the trust: (a) if this section is being applied for the purposes of section 266 ‑ 25—section 267 ‑ 20 would not have prevented the non ‑ fixed trust from deducting the tax loss concerned if it, rather than the fixed trust, had incurred the loss; or (b) if this section is being applied for the purposes of section 266 ‑ 30—section 267 ‑ 60 does not require the non ‑ fixed trust to work out its net income and tax loss for the income year under Division 268; or (c) if this section is being applied for the purposes of section 266 ‑ 35—section 267 ‑ 25, or section 267 ‑ 65, as the case requires, would not have prevented the non ‑ fixed trust from deducting the amount concerned if it, rather than the fixed trust, would otherwise be entitled to deduct the amount.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-50", "Provision_Key": "s266-50", "Heading": "Deducting part of a tax loss", "Text": "(1) If section 266 ‑ 25 prevents the fixed trust from deducting a tax loss, it can deduct the part of the tax loss that is attributable to a part of the loss year. (2) However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of sections 266 ‑ 40 and 266 ‑ 45, the trust would have been entitled to deduct the tax loss.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-55", "Provision_Key": "s266-55", "Heading": "Information about non ‑ fixed trusts with interests in fixed trust", "Text": "Notice about non ‑ resident non ‑ fixed trust (1) The Commissioner may give the trustee of a fixed trust a notice in accordance with section 266 ‑ 60 if the requirements of subsections (2) to (5) of this section are met. First requirement (2) In its return of income for an income year, the fixed trust: (a) must have deducted a tax loss from an earlier income year; or (b) must not have worked out its net income and tax loss for the income year under Division 268; or (c) must have deducted an amount in relation to a debt; where it would not be allowed to deduct the tax loss or amount in respect of the debt, or would be required to work out its net income and tax loss under that Division, unless it met the conditions in section 266 ‑ 45. Second requirement (3) In order to determine whether it meets the conditions in section 266 ‑ 45, the Commissioner must need information about a non ‑ fixed trust mentioned in subsection 266 ‑ 45(5). Third requirement (4) When the Commissioner gives the notice: (a) a trustee of the non ‑ fixed trust must be a non ‑ resident; or (b) the central management and control of the non ‑ fixed trust must be outside Australia. Fourth requirement (5) The Commissioner must give the notice before the later of: (a) 5 years after the end of the income year mentioned in subsection (2); and (b) the end of the period during which the trustee of the fixed trust is required by section 262A to retain records in relation to that income year.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-60", "Provision_Key": "s266-60", "Heading": "Notices where requirements of section 266 ‑ 55 are met", "Text": "Information required (1) The notice that the Commissioner may give if the requirements of subsections 266 ‑ 55(2) to (5) are met must require the trustee to give the Commissioner specified information that is relevant to determining whether the requirements of subsection 266 ‑ 45(5) are satisfied in relation to the non ‑ fixed trust mentioned in subsections 266 ‑ 55(3) and (4). Trustee knowledge (2) The information need not be within the knowledge of the trustee at the time the notice is given. Period for giving information (3) The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Consequence of not giving the information (4) If the trustee does not give the information within the period or within such further period as the Commissioner allows, the fixed trust is taken not to meet, and never to have met, the conditions in section 266 ‑ 45. Application of Division 268 (5) If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 266 ‑ 55(2), that Division is to be applied as if Subdivision 268 ‑ B required the income year to be divided into such periods as would result in the highest possible net income for the income year. No offences or penalties (6) To avoid doubt, subsections (4) and (5) do not cause the trustee of the fixed trust to commit any offence or be liable to any penalty under Part 4 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 for deducting the amount concerned, or for not working out the trust’s net income and tax loss under Division 268, in its return.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 17 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-65", "Provision_Key": "s266-65", "Heading": "What this Subdivision is about", "Text": "An unlisted widely held trust: • cannot deduct a tax loss from an earlier income year; or • has to work out its net income and tax loss for the income year in a special way; or • cannot deduct certain amounts in respect of debts; unless its ownership has been the same after any abnormal trading in its units and at the end of income years, during a certain period. Note: The exception mentioned in this section applies differently in relation to designated infrastructure project entities: see sections 415 ‑ 25 and 415 ‑ 30 of the Income Tax Assessment Act 1997.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 9, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-70", "Provision_Key": "s266-70", "Heading": "Diagram giving overview of this Subdivision", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-75", "Provision_Key": "s266-75", "Heading": "Unlisted widely held trust may be denied tax loss deduction", "Text": "Type of trust to which this section applies—case 1 (1) This section applies to a trust that: (a) can in the income year deduct a tax loss from a loss year; and (b) was an unlisted widely held trust at all times in the period (the test period ) from the beginning of the loss year until the end of the income year; and (c) was not a wholesale widely held trust at all times in the test period; and (d) was not an unlisted very widely held trust at all times in the test period; and (e) was not an excepted trust at all times in the test period. To find out the meaning of unlisted widely held trust : see section 272 ‑ 110. To find out the meaning of wholesale widely held trust : see section 272 ‑ 125. To find out the meaning of unlisted very widely held trust : see section 272 ‑ 120. To find out the meaning of excepted trust : see section 272 ‑ 100. Type of trust to which this section applies—case 2 (2) This section also applies to a trust that: (a) can in the income year deduct a tax loss from a loss year; and (b) was an unlisted widely held trust, other than an unlisted very widely held trust or a wholesale widely held trust, at some time in the period (the test period ) from the beginning of the loss year until the end of the income year; and (c) was a listed widely held trust at all other times in the test period; and (d) was not an excepted trust at all times in the test period. To find out the meaning of listed widely held trust : see section 272 ‑ 115. Condition for deducting tax loss (3) The trust cannot deduct the tax loss unless it meets the condition in section 266 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-80", "Provision_Key": "s266-80", "Heading": "Unlisted widely held trust may be required to work out its net income and tax loss in a special way", "Text": "Type of trust to which this section applies—case 1 (1) A trust that: (a) was an unlisted widely held trust at all times in the income year (the test period ); and (b) was not a wholesale widely held trust at all times in the test period; and (c) was not an unlisted very widely held trust at all times in the test period; and (d) was not an excepted trust at all times in the test period; must work out its net income and tax loss for the income year under Division 268 (How to work out a trust’s net income and tax loss for the income year), unless it meets the condition in section 266 ‑ 90. Type of trust to which this section applies—case 2 (2) A trust that: (a) was an unlisted widely held trust, other than an unlisted very widely held trust or a wholesale widely held trust, at some time in the income year (the test period ); and (b) was a listed widely held trust at all other times in the test period; and (c) was not an excepted trust at all times in the test period; must work out its net income and tax loss for the income year under Division 268 (How to work out a trust’s net income and tax loss for the income year), unless it meets the condition in section 266 ‑ 90. Note: See section 415 ‑ 25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 10, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-85", "Provision_Key": "s266-85", "Heading": "Unlisted widely held trust may be denied debt deduction", "Text": "Type of trust to which this section applies—case 1 (1) This section applies to a trust that: (a) can deduct in the income year an amount: (i) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt; and (b) was an unlisted widely held trust at all times in the period (the test period ): (i) if the debt was incurred in an earlier income year—beginning on the day the debt was incurred and ending at the end of the income year; or (ii) if the debt was incurred in the income year—consisting of the income year; and (c) was not a wholesale widely held trust at all times in the test period; and (d) was not an unlisted very widely held unit trust at all times in the test period; and (e) was not an excepted trust at all times in the test period. Type of trust to which this section applies—case 2 (2) This section also applies to a trust that: (a) can deduct in the income year an amount: (i) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt; and (b) was an unlisted widely held trust, other than an unlisted very widely held trust or a wholesale widely held trust, at some time in the period (the test period ): (i) if the debt was incurred in an earlier income year—beginning on the day the debt was incurred and ending at the end of the income year; or (ii) if the debt was incurred in the income year—consisting of the income year; and (c) was a listed widely held trust at all other times in the test period; and (d) was not an excepted trust at all times in the test period. Condition for deducting amount (3) The trust cannot deduct the amount unless it meets the condition in section 266 ‑ 90. Note: Subdivisions 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 6 item 7, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 3 item 10, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-90", "Provision_Key": "s266-90", "Heading": "If abnormal trading or end of income year, trust must pass the 50% stake test", "Text": "(1) If this section is being applied for the purposes of section 266 ‑ 75 or 266 ‑ 85, on each occasion when either of the following events occurs: (a) an abnormal trading in the trust’s units occurs during the test period; (b) an income year of the trust ends during the test period (including at the end of the test period); the trust must pass the 50% stake test in respect of the following times: (c) the beginning of the test period; (d) immediately after the event occurs. To find out whether the trust passes the 50% stake test: see Subdivision 269 ‑ C. (2) If this section is being applied for the purposes of section 266 ‑ 80, on each occasion when an abnormal trading in the trust’s units occurs during the test period, the trust must pass the 50% stake test in respect of the following times: (a) the beginning of the test period; and (b) immediately after the abnormal trading occurs.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-95", "Provision_Key": "s266-95", "Heading": "Deducting part of a tax loss", "Text": "(1) If section 266 ‑ 75 prevents the trust from deducting a tax loss, it can deduct the part of the tax loss that is attributable to a part of the loss year. (2) However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of section 266 ‑ 90, the trust would have been entitled to deduct the tax loss.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-100", "Provision_Key": "s266-100", "Heading": "What this Subdivision is about", "Text": "A listed widely held trust: • cannot deduct a tax loss from an earlier income year; or • has to work out its net income and tax loss for the income year in a special way; or • cannot deduct certain amounts in respect of debts incurred in the same year or earlier income years; unless either: • there was no abnormal trading; or • there was abnormal trading, but the trust’s ownership and business did not change. Also, it may still be prevented from deducting the tax loss to the extent that it is attributable to certain debt deductions. Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415 ‑ 25 and 415 ‑ 30 of the Income Tax Assessment Act 1997.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 11, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-100"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-105", "Provision_Key": "s266-105", "Heading": "Diagram giving overview of this Subdivision", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-105"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-110", "Provision_Key": "s266-110", "Heading": "Listed widely held trust may be denied tax loss deduction", "Text": "Type of trust to which this section applies (1) This section applies to a trust that: (a) can in the income year deduct a tax loss from a loss year; and (b) was a listed widely held trust at all times in the period (the test period ) from the beginning of the loss year until the end of the income year; and (c) was not an excepted trust at all times in the test period. To find out the meaning of listed widely held trust : see section 272 ‑ 115. To find out the meaning of excepted trust : see section 272 ‑ 100. Condition for deducting tax loss (2) The trust cannot deduct the tax loss unless it meets either: • the condition in subsection 266 ‑ 125(1); or • the condition in subsection 266 ‑ 125(2). Additional restriction on deducting tax loss (3) Even if it meets either of the conditions, it still cannot deduct the tax loss, or part of the tax loss, if section 266 ‑ 135 (which deals with certain debt deductions) prevents it from doing so.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-110"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-115", "Provision_Key": "s266-115", "Heading": "Listed widely held trust may be required to work out its net income and tax loss in a special way", "Text": "A trust that: (a) was a listed widely held trust at all times in the income year (the test period ); and (b) was not an excepted trust at all times in the test period; must work out its net income and tax loss for the income year under Division 268 (How to work out a trust’s net income and tax loss for the income year), unless it meets either: • the condition in subsection 266 ‑ 125(1); or • the condition in subsection 266 ‑ 125(2). Note: See section 415 ‑ 25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 12, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-115"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-120", "Provision_Key": "s266-120", "Heading": "Listed widely held trust may be denied debt deduction", "Text": "Type of trust to which this section applies (1) This section applies to a trust that: (a) can deduct in the income year an amount: (i) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt; and (b) was a listed widely held trust at all times in the period (the test period ): (i) if the debt was incurred in an earlier income year—beginning on the day the debt was incurred and ending at the end of the income year; or (ii) if the debt was incurred in the income year—consisting of the income year; and (c) was not an excepted trust at all times in the test period. Note: Subdivisions 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad. Condition for deducting amount (2) The trust cannot deduct the amount unless it meets either: • the condition in subsection 266 ‑ 125(1); or • the condition in subsection 266 ‑ 125(2).", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 6 item 8, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 3 item 11, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-120"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-125", "Provision_Key": "s266-125", "Heading": "There must be no abnormal trading (subject to 50% stake or business continuity exceptions)", "Text": "(1) There must be no abnormal trading in the trust’s units during the test period. To find out the meaning of abnormal trading : see Subdivision 269 ‑ B. (2) If there is abnormal trading on one or more occasions, then either: (a) for each abnormal trading, the trust must pass the 50% stake test in respect of the following times: (i) the beginning of the test period; (ii) immediately after the abnormal trading; or (b) if it does not, at all times after the first or only abnormal trading in respect of which the requirement in paragraph (a) is not satisfied and before the end of the test period, the trust must pass the business continuity test in relation to the time immediately before that abnormal trading. To find out whether the trust passes the 50% stake test: see Subdivision 269 ‑ C. To find out whether the trust passes the business continuity test: see Subdivision 269 ‑ F.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 17 of 1998 | No 7 of 2019", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 7 of 2019, Sch 1 item 23 | Sch 1 item 24 | Sch 1 item 25, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-125"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-130", "Provision_Key": "s266-130", "Heading": "Deducting part of a tax loss", "Text": "(1) If section 266 ‑ 110 prevents the trust from deducting a tax loss, it can deduct the part of the tax loss that is attributable to a part of the loss year. (2) However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of section 266 ‑ 125, the trust would have been entitled to deduct the tax loss. (3) Also, the trust cannot deduct the part of the tax loss, or some of it, if section 266 ‑ 135 (which deals with certain debt deductions) prevents it from doing so.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-130"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-135", "Provision_Key": "s266-135", "Heading": "Listed widely held unit trust may be denied tax loss deduction otherwise allowable", "Text": "Section applies after sections 266 ‑ 110 and 266 ‑ 130 (1) This section applies if, after applying sections 266 ‑ 110 and 266 ‑ 130, a trust can deduct in the income year the whole or part (the otherwise ‑ deductible loss ) of a tax loss from a loss year. Trust must satisfy condition if debt deduction etc. (2) If: (a) there would have been no otherwise ‑ deductible loss, or its amount would have been smaller, if the trust had not (after applying section 266 ‑ 120) been able to deduct in the loss year an amount: (i) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt; and (b) the trust could only deduct the amount in respect of the debt because it passed the business continuity test as mentioned in paragraph 266 ‑ 125(2)(b); and (c) the Commissioner considers that the trust passed the business continuity test as mentioned in that paragraph for the purpose, or for purposes including the purpose, of being able to deduct the amount because of that paragraph; the trust cannot deduct the otherwise ‑ deductible loss, or can only deduct the smaller amount mentioned in paragraph (a) of this section, unless it meets the condition in subsection (3). Condition (3) The condition is that, at all times after the abnormal trading mentioned in paragraph 266 ‑ 125(2)(b) and before the end of the income year, the trust must pass the business continuity test in relation to the time immediately before the abnormal trading.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 17 of 1998 | No 7 of 2019", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 7 of 2019, Sch 1 item 27, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-135"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-140", "Provision_Key": "s266-140", "Heading": "What this Subdivision is about", "Text": "An unlisted very widely held trust or a wholesale widely held trust: • cannot deduct a tax loss from an earlier income year; or • has to work out its net income and tax loss for the income year in a special way; or • cannot deduct certain amounts in respect of debts incurred in the income year or earlier income years; unless either: • there was no abnormal trading; or • there was abnormal trading, but the trust’s ownership did not change. Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415 ‑ 25 and 415 ‑ 30 of the Income Tax Assessment Act 1997.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 13, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-140"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-145", "Provision_Key": "s266-145", "Heading": "Diagram giving overview of this Subdivision", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-145"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-150", "Provision_Key": "s266-150", "Heading": "Unlisted very widely held trust or wholesale widely held trust may be denied tax loss deduction", "Text": "(1) If a trust is covered by subsection (2), it cannot deduct in the income year a tax loss from a loss year unless it meets either: • the condition in subsection 266 ‑ 165(1); or • the condition in subsection 266 ‑ 165(2). (2) A trust is covered by this subsection if: (a) in the period (the test period ) from the later of: (i) the beginning of the loss year; and (ii) the end of any start ‑ up period (within the meaning of subsection 272 ‑ 120(3)); until the end of the income year, the trust: (iii) was at all times an unlisted very widely held trust; or (iv) was at all times a wholesale widely held trust; or (v) was at some time an unlisted very widely held trust and, at any time when it was not, was a wholesale widely held trust or a listed widely held trust; or (vi) was at some time a wholesale widely held trust and, at any time when it was not, was an unlisted very widely held trust or a listed widely held trust; and (b) in the test period, the trust was not at all times an excepted trust. To find out the meaning of unlisted very widely held trust : see section 272 ‑ 120. To find out the meaning of wholesale widely held trust : see section 272 ‑ 125. To find out the meaning of excepted trust : see section 272 ‑ 100. To find out the meaning of listed widely held trust : see section 272 ‑ 115.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-150"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-155", "Provision_Key": "s266-155", "Heading": "Unlisted very widely held trust or wholesale widely held trust may be required to work out its net income and tax loss in a special way", "Text": "(1) If a trust is covered by subsection (2), it must work out its net income and tax loss for the income year under Division 268 (How to work out a trust’s net income and tax loss for the income year), unless it meets either: • the condition in subsection 266 ‑ 165(1); or • the condition in subsection 266 ‑ 165(2). (2) A trust is covered by this subsection if: (a) in the period (the test period ) consisting of so much of the income year as occurs after the end of any start ‑ up period (within the meaning of subsection 272 ‑ 120(3)), the trust: (i) was at all times an unlisted very widely held trust; or (ii) was at all times a wholesale widely held trust; or (iii) was at some time an unlisted very widely held trust and, at any time when it was not, was a wholesale widely held trust or a listed widely held trust; or (iv) was at some time a wholesale widely held trust and, at any time when it was not, was an unlisted very widely held trust or a listed widely held trust; and (b) in the test period, the trust was not at all times an excepted trust. Note: See section 415 ‑ 25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 14, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-155"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-160", "Provision_Key": "s266-160", "Heading": "Unlisted very widely held trust or wholesale widely held trust may be denied debt deduction", "Text": "(1) If a trust is covered by subsection (2), it cannot deduct in the income year an amount: (a) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt as bad; or (b) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt; unless it meets either: • the condition in subsection 266 ‑ 165(1); or • the condition in subsection 266 ‑ 165(2). (2) A trust is covered by this subsection if: (a) in the period (the test period ) from the later of the end of any start ‑ up period (within the meaning of subsection 272 ‑ 120(3)) and the beginning of: (i) if the debt was incurred in an earlier income year—the day on which the debt was incurred; or (ii) if the debt was incurred in the income year—the income year; until the end of the income year, the trust: (iii) was at all times an unlisted very widely held trust; or (iv) was at all times a wholesale widely held trust; or (v) was at some time an unlisted very widely held trust and, at any time when it was not, was a wholesale widely held trust or a listed widely held trust; or (vi) was at some time a wholesale widely held trust and, at any time when it was not, was an unlisted very widely held trust or a listed widely held trust; and (b) in the test period, the trust was not at all times an excepted trust. Note: Subdivisions 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 6 item 9, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 3 item 12, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-160"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-165", "Provision_Key": "s266-165", "Heading": "There must be no abnormal trading (subject to 50% stake exception)", "Text": "(1) There must be no abnormal trading in the units of the trust during the test period. To find out the meaning of abnormal trading : see Subdivision 269 ‑ B. (2) If there is abnormal trading on one or more occasions, then for each abnormal trading the trust must pass the 50% stake test in respect of the following times: (a) the beginning of the test period; (b) immediately after the abnormal trading. To find out whether the trust passes the 50% stake test: see Subdivision 269 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-165"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-170", "Provision_Key": "s266-170", "Heading": "Deducting part of a tax loss", "Text": "(1) If section 266 ‑ 150 prevents the trust from deducting a tax loss, it can deduct the part of the tax loss that is attributable to a part of the loss year. (2) However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of section 266 ‑ 165, the trust would have been entitled to deduct the tax loss.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-170"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-175", "Provision_Key": "s266-175", "Heading": "What this Subdivision is about", "Text": "If a trust would only avoid the tax consequences of this Division because of interests held by a non ‑ resident family trust, the Commissioner may require the trust to give certain information about the non ‑ resident family trust. If it is not given, the trust does not avoid the tax consequences of this Division.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-175"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-180", "Provision_Key": "s266-180", "Heading": "Information about family trusts with interests in other trusts", "Text": "Notice about family trust (1) The Commissioner may give the trustee of a trust (the primary trust ) a notice in accordance with section 266 ‑ 185 if the requirements of subsections (2) to (5) of this section are met. First requirement (2) In its return of income for an income year, the primary trust: (a) must have deducted a tax loss from an earlier income year; or (b) must not have worked out its net income and tax loss for the income year under Division 268; or (c) must have deducted an amount in relation to a debt; where it would not be allowed to deduct the tax loss or amount in respect of the debt, or would be required to work out its net income and tax loss under that Division, if it did not meet a condition or conditions as mentioned in section 266 ‑ 40, 266 ‑ 45, 266 ‑ 90, 266 ‑ 125 or 266 ‑ 165 (the conditions provision ). Second requirement (3) The Commissioner must be satisfied that the primary trust would not meet the condition or conditions if one or more trusts were not family trusts. Third requirement (4) When the Commissioner gives the notice, for at least one of the family trusts: (a) a trustee of the trust must be a non ‑ resident; or (b) the central management and control of the trust must be outside Australia. Fourth requirement (5) The Commissioner must give the notice before the later of: (a) 5 years after the end of the income year to which the return relates; and (b) the end of the period during which the trustee of the primary trust is required by section 262A to retain records in relation to that income year.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-180"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 266-185", "Provision_Key": "s266-185", "Heading": "Notices where requirements of section 266 ‑ 180 are met", "Text": "Information required (1) The notice that the Commissioner may give if the requirements of subsections 266 ‑ 180(2) to (5) are met must require the trustee of the primary trust to give the Commissioner specified information about conferrals of present entitlements to, and distributions of, income and capital, since the beginning of the test period mentioned in the conditions provision, by all of the family trusts meeting the requirements of paragraph 266 ‑ 180(4)(a) or (b). Trustee knowledge (2) The information need not be within the knowledge of the trustee at the time the notice is given. Period for giving information (3) The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Consequence of not giving the information (4) If the trustee does not give the information within the period or within such further period as the Commissioner allows, the primary trust is taken not to meet, and never to have met, the condition or conditions in the conditions provision. (5) If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 266 ‑ 180(2), that Division is to be applied as if Subdivision 268 ‑ B required the income year to be divided into such periods as would result in the highest possible net income for the income year. No offences or penalties (6) To avoid doubt, subsections (4) and (5) do not cause the trustee of the primary trust to commit any offence or be liable to any penalty under Part 4 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 for deducting the amount concerned, or for not working out the trust’s net income and tax loss under Division 268, in the trust’s return.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 101 of 2006 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s266-185"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-5", "Provision_Key": "s267-5", "Heading": "What this Division is about", "Text": "This Division is about the income tax consequences for a non ‑ fixed trust if its ownership or control changes.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-10", "Provision_Key": "s267-10", "Heading": "Diagram giving overview of this Division", "Text": "", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-15", "Provision_Key": "s267-15", "Heading": "What this Subdivision is about", "Text": "A non ‑ fixed trust cannot deduct: • a tax loss from a loss year; or • certain amounts in respect of debts incurred in earlier income years; unless: • if applicable, it meets an ownership test based on income and capital distributions; and • it did not fail that test in a previous year; and • if applicable, it meets an ownership test based on fixed entitlements to income and capital; and • its control has stayed the same. Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415 ‑ 25 and 415 ‑ 30 of the Income Tax Assessment Act 1997.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 15, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-20", "Provision_Key": "s267-20", "Heading": "Non ‑ fixed trust may be denied tax loss deduction", "Text": "Type of trust to which this Subdivision applies (1) This section applies to a trust that: (a) can deduct in the income year a tax loss from a loss year; and (b) was a non ‑ fixed trust at any time in the period (the test period ) from the beginning of the loss year until the end of the income year; and (c) was not an excepted trust at all times in the test period. To find out the meaning of non ‑ fixed trust : see section 272 ‑ 70. To find out the meaning of excepted trust : see section 272 ‑ 100. Conditions for deducting tax loss (2) The trust cannot deduct the tax loss unless it meets: • the condition in subsection 267 ‑ 30(2) (if applicable); and • the condition in section 267 ‑ 35; and • the condition in subsection 267 ‑ 40(2) (if applicable); and • the condition in section 267 ‑ 45.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 267 | Sch 2F item 269 | Sch 2F item 14, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-25", "Provision_Key": "s267-25", "Heading": "Non ‑ fixed trust may be denied debt deduction", "Text": "Type of trust to which this section applies (1) This section applies to a trust that: (a) can deduct in the income year an amount: (i) under section 51 or 63, or under section 8 ‑ 1 or 25 ‑ 35 of the Income Tax Assessment Act 1997 , in respect of the writing off of the whole or part of a debt, incurred in an earlier income year, as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt incurred in an earlier income year; and (b) was a non ‑ fixed trust at any time in the period (the test period ) beginning on the day the debt was incurred and ending at the end of the income year; and (c) was not an excepted trust at all times in the test period. Note: Subdivisions 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad. Condition for deducting amount (2) The trust cannot deduct the amount unless it meets: • the condition in subsection 267 ‑ 30(2) (if applicable); and • the condition in section 267 ‑ 35; and • the condition in subsection 267 ‑ 40(2) (if applicable); and • the condition in section 267 ‑ 45.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 269 | Sch 2F item 15, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 6 item 709 | Sch 6 item 10, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 3 item 13, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-30", "Provision_Key": "s267-30", "Heading": "If certain distributions are made, the trust must pass the pattern of distributions test", "Text": "When trust must meet the condition (1) If either or both of the following happened, the trust must meet the condition in subsection (2): (a) the trust distributed income: (i) in the income year or within 2 months after its end; and (ii) in at least one of the 6 earlier income years; or (b) the trust distributed capital: (i) in the income year or within 2 months after its end; and (ii) in at least one of the 6 earlier income years. The condition (2) The condition is that the trust must pass the pattern of distributions test for the income year. To find out whether the trust passes the pattern of distributions test for the income year: see Subdivision 269 ‑ D.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267 | Sch 2F item 269 | Sch 2F item 14 | Sch 2F item 15 | Sch 2F item 19, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-35", "Provision_Key": "s267-35", "Heading": "The trust must not have previously failed to meet the condition in subsection 267 ‑ 30(2)", "Text": "The trust must not have been prevented from deducting the tax loss in an earlier income year because of a failure to meet the condition in subsection 267 ‑ 30(2) or conditions that included that condition.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-40", "Provision_Key": "s267-40", "Heading": "If there are individuals with more than a 50% stake in income or capital, more than a 50% stake in income or capital must be maintained", "Text": "When trust must meet condition (1) If at any time (the test time ) in the test period, individuals (the threshold group ) have more than a 50% stake in the income or capital of the trust, the trust must meet the condition in subsection (2). To find out whether individuals have more than a 50% stake in the income or capital of the trust: see Subdivision 269 ‑ C. Condition (2) The condition is that, during the period beginning at the test time and finishing at the end of the test period, the same individuals (who must be some or all of the threshold group) must have had more than a 50% stake in the income or the capital, respectively, of the trust. Commissioner discretion (3) If: (a) after the test time, some or all of the threshold group cease to have a 50% stake in the income or capital of the trust at a particular time; and (b) having regard to the likely manner of exercise of any discretion of the trustee to distribute income or capital of the trust after the particular time and to any other relevant matter, the Commissioner considers it fair and reasonable that the individuals should be taken to have the stake at the particular time and at all later times in the test period; the individuals are taken to have that stake at the particular time and at all later times in the test period.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-45", "Provision_Key": "s267-45", "Heading": "Group must not begin to control the trust", "Text": "A group must not, during the test period, begin to control the trust directly or indirectly. To find out what it means for a group to control the trust: see Subdivision 269 ‑ E.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-50", "Provision_Key": "s267-50", "Heading": "Deducting part of a tax loss", "Text": "(1) If section 267 ‑ 20 prevents a trust from deducting a tax loss because the trust does not meet the condition in section 267 ‑ 40 or 267 ‑ 45 or both conditions, it can deduct the part of the tax loss that is attributable to a part of the loss year. (2) However, the trust can do this only if, assuming that that part of the loss year had been treated as the whole of the loss year for the purposes of sections 267 ‑ 40 and 267 ‑ 45, the trust would have been entitled to deduct the tax loss.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-55", "Provision_Key": "s267-55", "Heading": "What this Subdivision is about", "Text": "A non ‑ fixed trust: • must work out its net income and tax loss for the income year in a special way; or • cannot deduct certain amounts in respect of debts incurred in the income year; unless: • if applicable, it meets an ownership test relating to fixed entitlements to shares of income and capital; and • its control has stayed the same. Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see sections 415 ‑ 25 and 415 ‑ 30 of the Income Tax Assessment Act 1997.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-60", "Provision_Key": "s267-60", "Heading": "Trust may be required to work out its net income and tax loss in a special way", "Text": "Type of trust to which this Subdivision applies A trust that: (a) was a non ‑ fixed trust at any time in the income year (the test period ); and (b) was not an excepted trust at all times in the test period; must work out its net income and tax loss for the income year under Division 268 (How to work out a trust’s net income and tax loss for the income year), unless it meets: • the condition in subsection 267 ‑ 70(2) (if applicable); and • the condition in section 267 ‑ 75. To find out the meaning of excepted trust : see section 272 ‑ 100. Note: See section 415 ‑ 25 of the Income Tax Assessment Act 1997 if the trust was a designated infrastructure project entity during part, but not the whole, of the test period.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 17, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-65", "Provision_Key": "s267-65", "Heading": "Non ‑ fixed trust may be denied debt deduction", "Text": "Type of trust to which this section applies (1) This section applies to a trust that: (a) can deduct in the income year (the test period ) an amount: (i) under section 51 or 63 in respect of the writing off of the whole or part of a debt, incurred in the income year, as bad; or (ii) under subsection 63E(3) or (4) in respect of a debt/equity swap relating to the whole or part of a debt incurred in the income year; and (b) was a non ‑ fixed trust at any time in the test period; and (c) was not an excepted trust at all times in the test period. Note: Subdivisions 709 ‑ D and 719 ‑ I of the Income Tax Assessment Act 1997 also affect when a trust that used to be a member of a consolidated group or MEC group may deduct a debt that used to be owed to a member of the group and that the trust writes off as bad. Condition for deducting amount (2) The trust cannot deduct the amount unless it meets • the condition in subsection 267 ‑ 70(2) (if applicable); and • the condition in section 267 ‑ 75.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 6 item 709 | Sch 6 item 11, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 162 of 2005, Sch 3 item 14 | Sch 3 item 19, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-70", "Provision_Key": "s267-70", "Heading": "If there are individuals with more than a 50% stake in income or capital, more than a 50% stake in income or capital must be maintained", "Text": "When trust must meet condition (1) If at any time (the test time ) in the test period, individuals (the threshold group ) have more than a 50% stake in the income or capital of the trust, the trust must meet the condition in subsection (2). To find out whether individuals have more than a 50% stake in the income or capital of the trust: see Subdivision 268 ‑ C. Condition (2) The condition is that, during the period beginning at the test time and finishing at the end of the test period, the same individuals (who must be some or all of the threshold group) must have more than a 50% stake in the income or the capital, respectively, of the trust. Commissioner discretion (3) If: (a) after the test time, some or all of the threshold group cease to have a 50% stake in the income or capital of the trust at a particular time; and (b) having regard to the likely manner of exercise of any discretion of the trustee to distribute income or capital of the trust after the particular time and to any other relevant matter, the Commissioner considers it fair and reasonable that the individuals should be taken to have the stake at the particular time and at all later times in the test period; the individuals are taken to have that stake at the particular time and at all later times in the test period.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267 | Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-75", "Provision_Key": "s267-75", "Heading": "Group must not begin to control trust", "Text": "A group must not, during the test period, begin to control the trust directly or indirectly. To find out what it means for a group to control the trust: see Subdivision 269 ‑ E.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-80", "Provision_Key": "s267-80", "Heading": "What this Subdivision is about", "Text": "If a trust would only avoid the tax consequences of this Division because of interests held by a non ‑ resident family trust, the Commissioner may require the trust to give certain information about the non ‑ resident family trust. If it is not given, the trust does not avoid the tax consequences of this Division.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-85", "Provision_Key": "s267-85", "Heading": "Information about family trusts with interests in other trusts", "Text": "Notice about family trust (1) The Commissioner may give the trustee of a trust (the primary trust ) a notice in accordance with section 267 ‑ 90 if the requirements of subsections (2) to (5) of this section are met. First requirement (2) In its return of income for an income year, the primary trust: (a) must have deducted a tax loss from an earlier income year; or (b) must not have worked out its net income and tax loss for the income year under Division 268; or (c) must have deducted an amount in relation to a debt; where it would not be allowed to deduct the tax loss or amount in respect of the debt, or would be required to work out its net income and loss under that Division, if it did not meet a condition or conditions as mentioned in section 267 ‑ 40 or 267 ‑ 70 (the conditions provision ). Second requirement (3) The Commissioner must be satisfied that the primary trust would not meet the condition or conditions if one or more trusts were not family trusts. Third requirement (4) When the Commissioner gives the notice, for at least one of the family trusts: (a) a trustee of the trust must be a non ‑ resident; or (b) the central management and control of the trust must be outside Australia. Fourth requirement (5) The Commissioner must give the notice before the later of: (a) 5 years after the end of the income year to which the return relates; and (b) the end of the period during which the trustee of the primary trust is required by section 262A to retain records in relation to that income year.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 267-90", "Provision_Key": "s267-90", "Heading": "Notices where requirements of section 267 ‑ 85 are met", "Text": "Information required (1) The notice that the Commissioner may give if the requirements of subsections 267 ‑ 85(2) to (5) are met must require the trustee to give the Commissioner specified information about conferrals of present entitlements to, and distributions of, income and capital, since the beginning of the test period mentioned in the conditions provision, by all of the family trusts meeting the requirements of paragraph 267 ‑ 85(4)(a) or (b). Trustee knowledge (2) The information need not be within the knowledge of the trustee at the time the notice is given. Period for giving information (3) The notice must specify a period within which the trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Consequence of not giving the information (4) If the trustee does not give the information within the period or within such further period as the Commissioner allows, the primary trust is taken not to meet, and never to have met, the condition or conditions in the conditions provision. Application of Division 268 (5) If, because of subsection (4), the fixed trust is required to work out under Division 268 its net income and tax loss for the income year mentioned in subsection 267 ‑ 85(2), that Division is to be applied as if Subdivision 268 ‑ B required the income year to be divided into such periods as would result in the highest possible net income for the income year. No offences or penalties (6) To avoid doubt, subsections (4) and (5) do not cause the trustee of the primary trust to commit any offence or be liable to any penalty under Part VII for deducting the amount concerned, or for not working out the trust’s net income and tax loss under Division 268, in the trust’s return.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s267-90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-5", "Provision_Key": "s268-5", "Heading": "What this Division is about", "Text": "This Division requires a trust’s net income and tax loss to be worked out in a special way. The income year is divided into periods as the basis for the calculation.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-10", "Provision_Key": "s268-10", "Heading": "Income year of fixed trust to be divided into periods—first case", "Text": "(1) If: (a) a trust’s net income and tax loss for the income year are required by section 266 ‑ 30 to be worked out under this Division; and (b) the trust did not meet the requirements of subsections 266 ‑ 45(2) and (4); the income year is divided into periods as follows. (2) The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period. (3) The last period ends at the end of the income year. Each period (except the last) ends at the latest time that would result in the trust passing the 50% stake test for the whole of the period.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 415 | Sch 2 item 50 | Sch 2 item 51, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-15", "Provision_Key": "s268-15", "Heading": "Income year of fixed trust to be divided into periods—second case", "Text": "(1) If: (a) a trust’s net income and tax loss for the income year are required by section 266 ‑ 30 to be worked out under this Division; and (b) the trust met the requirements of subsections 266 ‑ 45(2) and (4); the income year is divided into periods as follows. (2) The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period. (3) The last period ends at the end of the income year. Each period (except the last) ends at the earliest of: (a) the latest time that would result in the persons holding fixed entitlements to shares of the income or shares of the capital of: (i) if the trust met the requirements of paragraph 266 ‑ 45(2)(a)—the trust; or (ii) if the trust met the requirements of paragraph 266 ‑ 45(2)(b)—the holding entity mentioned in that paragraph; and the percentages of the shares that they hold, remaining the same during the whole of the period; and (b) the times that, for all of the non ‑ fixed trusts (other than excepted trusts) holding directly or indirectly a fixed entitlement to a share of the income or capital of the trust at any time during the income year, are the latest times that would result in individuals having more than a 50% stake in their income or capital; and (c) the earliest time in the period when a group begins to control a non ‑ fixed trust (other than an excepted trust) that holds directly or indirectly a fixed entitlement to a share of the income or capital of the trust at any time during the income year. To find out when a group begins to control a trust: see Subdivision 269 ‑ E.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 52 | Sch 2 item 53, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-20", "Provision_Key": "s268-20", "Heading": "Income year of widely held unit trust to be divided into periods", "Text": "(1) If a trust’s net income and tax loss for the income year are required by section 266 ‑ 80, 266 ‑ 115 or 266 ‑ 155 to be worked out under this Division, the income year is divided into periods as follows. (2) The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period. (3) The last period ends at the end of the income year. Each period (except the last) ends at the earliest time at which there is an abnormal trading in the trust’s units, where the trust does not pass the 50% stake test in respect of the following times: (a) the beginning of the period; (b) immediately after the abnormal trading. (4) However, what would, apart from this subsection, be 2 or more successive periods are treated as a single period if: (a) the trust is a listed widely held trust; and (b) during all of the periods the trust passed the business continuity test in relation to the time immediately before the end of the first of the successive periods.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 17 of 1998 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 415 | Sch 2 item 18 | Sch 2 item 54 | Sch 2 item 55, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22) | Amended by No 7 of 2019, Sch 1 item 28, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-25", "Provision_Key": "s268-25", "Heading": "Income year of non ‑ fixed trust to be divided into periods", "Text": "(1) If a trust’s net income and tax loss for the income year are required by section 267 ‑ 60 to be worked out under this Division, the income year is divided into periods as follows. (2) The first period begins at the beginning of the income year. Each later period begins immediately after the end of the previous period. (3) The last period ends at the end of the income year. (4) If the condition in subsection 267 ‑ 70(2) applies but the trust does not meet the condition, each period (except the last) ends at the earlier of: (a) the latest time, after the test time mentioned in that section, that would result in the same individuals having more than a 50% stake in the income or the capital, as the case requires, of the trust during the whole of the period; or (b) the earliest time when a group begins to control the trust directly or indirectly. (5) If the condition in subsection 267 ‑ 70(2) does not apply, or does apply and the trust meets the condition, each period (except the last) ends at the earliest time when a group begins to control the trust directly or indirectly.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 56 | Sch 2 item 57, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-30", "Provision_Key": "s268-30", "Heading": "Calculate the notional loss or net income for each period", "Text": "(1) A notional loss or notional net income of the trust must be worked out for each period into which the income year has been divided in accordance with Subdivision 268 ‑ B. (2) The trust has a notional loss for a period if the deductions attributed to the period under section 268 ‑ 35 exceed the assessable income attributed to the period under section 268 ‑ 40. The notional loss is the amount of the excess. For a period during which the trust was in partnership, the notional loss is worked out under Subdivision 268 ‑ D. (3) On the other hand, if that assessable income exceeds those deductions, the trust has a notional net income for the period, equal to the excess. For a period during which the trust was in partnership, the notional net income is worked out under Subdivision 268 ‑ D. (4) If the trust has a notional loss for none of the periods in the income year, this Subdivision has no further application, and the trust’s net income for the income year is calculated in the usual way. The usual way of working out net income is set out in section 95.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-35", "Provision_Key": "s268-35", "Heading": "How to attribute deductions to periods", "Text": "(1) The trust’s deductions for the income year are attributed to periods in the income year as follows. (2) The following deductions are attributed to each period in proportion to the length of the period: (aa) deductions for the decline in value of a depreciating asset; See Division 40 of the Income Tax Assessment Act 1997 . (c) deductions for expenditure, deductions for which are spread over 2 or more years, but not full year deductions (see subsection (5)); (d) deductions for expenditure of capital monies in connection with an Australian film. See former section 124ZAFA. (3) All other deductions (except full year deductions) are attributed to periods as if each period were an income year. (4) Full year deductions are not attributed to any of the periods. They are brought in at a later stage of the process of calculating the trust’s net income for the income year. (5) These are full year deductions : (a) deductions for bad debts under section 8 ‑ 1 (about general deductions) of the Income Tax Assessment Act 1997 ; (b) deductions for bad debts under section 25 ‑ 35 (about bad debts) of the Income Tax Assessment Act 1997 , or for losses on debt/equity swaps under section 63E; (c) deductions, so far as they are allowable under Division 8 (which is about deductions) of the Income Tax Assessment Act 1997 , because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III applies to the trust in relation to the income year; (d) deductions allowable under Division 30 of the Income Tax Assessment Act 1997 ; (e) deductions for payments of pensions, gratuities or retiring allowances under section 25 ‑ 50 of the Income Tax Assessment Act 1997 ; (f) deductions for tax losses of earlier income years; See Division 36 of the Income Tax Assessment Act 1997 . (j) deductions for farm management deposits. Note: See Division 393 of the Income Tax Assessment Act 1997 . (6) However, a deduction for the balance of capital expenditure is not a full year deduction if the deduction results from the disposal, loss, lapse, termination of use or destruction of the property. See Subdivision 40 ‑ D of the Income Tax Assessment Act 1997 .", "Amendment_Count": 7, "First_Amended": "No 17 of 1998", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 17 of 1998 | No 85 of 1998 | No 169 of 1999 | No 77 of 2001 | No 101 of 2006 | No 164 of 2007 | No 79 of 2010", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 85 of 1998, Sch 2G item 26, effective Sch 1: 2 Jan 1999 (s 2(2)) | Amended by No 169 of 1999, Sch 10 item 5, effective Sch 2 (items 4, 5), Sch 3 (items 5–7), Sch 4 (items 16–19), Sch 7 (items 1–5, 10, 12) and Sch 9 (items 16–22): 10 Dec 1999 (s 2(1), (3)) Sch 5 (item 15): 22 Feb 1999 (s 2(2)) Sch 7 (items 6–9): 22 Sept 2002 (s 2(4)) Sch 9 (item 15): 22 Dec 1999 (s 2(5)) | Amended by No 77 of 2001, Sch 2 item 145 | Sch 2 item 146 | Sch 2 item 147, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 1 item 195 | Sch 2 item 521 | Sch 2 item 522 | Sch 2 item 523 | Sch 2 item 524 | Sch 2 item 525 | Sch 2 item 526 | Sch 2 item 527, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 164 of 2007, Sch 10 item 55, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 79 of 2010, Sch 1 item 12 | Sch 4 item 36 | Sch 4 item 37, effective Sch 1 (items 1, 2, 17–26, 53, 57, 66), Sch 3 (item 1), Sch 4 (items 1, 9–37, 51) and Sch 5 (items 1, 3–5, 13): 1 July 2010 (s 2(1) items 2, 4) Sch 2 (items 1, 10–15): 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-40", "Provision_Key": "s268-40", "Heading": "How to attribute assessable income to periods", "Text": "(1) The trust’s assessable income for the income year is attributed to periods in the income year as follows. (2) The following amounts are attributed to periods so far as they are reasonably attributable to those periods: (a) amounts included in the trust’s assessable income under section 97 (Beneficiary of a trust estate not under a legal disability); or (b) amounts included in the trust’s assessable income under section 98A (Non ‑ resident beneficiaries assessable in respect of certain income). (3) The following items of assessable income are attributed to each period in proportion to the length of the period: (a) insurance recoveries for loss of livestock or trees; See section 385 ‑ 130 of the Income Tax Assessment Act 1997 . (b) amounts included in assessable income as a result of elections relating to the forced disposal of livestock; See Subdivision 385 ‑ E and section 385 ‑ 160 of the Income Tax Assessment Act 1997 . (c) recoupment of mains electricity connection expenditure. See item 1.25 in section 20 ‑ 30, which lists deductions for which recoupments are assessable under Subdivision 20 ‑ A, of the Income Tax Assessment Act 1997 . (4) An amount included in the trust’s assessable income under section 385 ‑ 185 (Election to defer including profit on second wool clip) of the Income Tax Assessment Act 1997 is attributed to the period when the wool would ordinarily have been shorn. (5) An amount included in the trust’s assessable income that is a dividend under: (a) section 65 (Payments to associated persons); or (c) section 109 (Excessive payments to shareholders and associates); or (d) Division 7A of Part III (Distributions to entities connected with a private company); is attributed to the period when the amount was paid or credited, whichever occurred first. (6) All other items of assessable income (except full year amounts) are attributed to periods as if each period were an income year. (7) Full year amounts are amounts referred to in paragraphs (2)(a) and (b), so far as they are not reasonably attributable to a period. They are brought in at a later stage of the process of calculating the trust’s net income for the income year.", "Amendment_Count": 5, "First_Amended": "No 17 of 1998", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 17 of 1998 | No 47 of 1998 | No 77 of 2001 | No 101 of 2006 | No 79 of 2007", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 47 of 1998, Sch 8 item 6, effective Sch 3 (items 17–20), Sch 4 (items 1, 6–65, 69), Sch 6, 7, Sch 8 (items 1–10) and Sch 9 (items 7–14, 15(3), 16): 23 June 1998 (s 2(1)) | Amended by No 77 of 2001, Sch 2 item 148, effective Sch 2 (items 20–148, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 528 | Sch 2 item 529 | Sch 2 item 530 | Sch 2 item 531 | Sch 4 item 5, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 79 of 2007, Sch 1 item 38, effective Sch 1 (items 1–27, 33–38, 43(1), (4), (5)), Sch 6 (items 1, 2, 8), Sch 7 (items 1–16), Sch 9 (items 1–13, 30–33) and Sch 10 (items 3–9, 32): 21 June 2007 (s 2(1) items 2, 4, 6) Sch 8 (items 1, 4–11, 26(1), (2) and (4)): 1 July 2007 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-45", "Provision_Key": "s268-45", "Heading": "How to calculate the trust’s net income for the income year", "Text": "(1) The trust’s net income for the income year is worked out as follows. (2) Add up the notional net incomes (if any) worked out under section 268 ‑ 30 or 268 ‑ 70. Note: A notional loss for a period is not taken into account, but counts towards the trust’s tax loss for the income year. (3) Add the full year amounts referred to in subsection 268 ‑ 40(7) (if any). (4) Subtract the trust’s full ‑ year deductions of these kinds: (a) deductions for bad debts under section 8 ‑ 1 (about general deductions) of the Income Tax Assessment Act 1997 ; (b) deductions for bad debts under section 25 ‑ 35 (about bad debts) of the Income Tax Assessment Act 1997 ; (c) deductions, so far as they are allowable under Division 8 (which is about deductions) of the Income Tax Assessment Act 1997 because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III applies to the trust in relation to the income year; unless they exceed the total of the notional net incomes and the full year amounts. (If they equal or exceed that total, the trust does not have a net income for the income year.) (5) If an amount remains, subtract from it the trust’s other full year deductions, in the order shown in subsection 268 ‑ 35(5), unless they exceed the amount remaining. (If they equal or exceed that amount, the trust does not have a net income for the income year.) (6) The amount (if any) remaining is the trust’s net income for the income year.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 17 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 101 of 2006, Sch 2 item 532 | Sch 2 item 533 | Sch 2 item 534, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-60", "Provision_Key": "s268-60", "Heading": "How to work out the trust’s section 36 ‑ 10 tax loss for the income year", "Text": "(1) For the purposes of Division 36 (Tax losses of earlier income years) of the Income Tax Assessment Act 1997 , instead of working out the trust’s tax loss for the year under section 36 ‑ 10 of that Act, it is worked out as follows. (2) Total the notional losses. (3) Add the amount (if any) by which the trust’s full year deductions of these kinds: (a) deductions for bad debts under section 8 ‑ 1 (about general deductions) of the Income Tax Assessment Act 1997 ; (b) deductions for bad debts under section 25 ‑ 35 ( about bad debts) of the Income Tax Assessment Act 1997 ; (c) deductions, so far as they are allowable under Division 8 (which is about deductions) of the Income Tax Assessment Act 1997 because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III applies to the trust in relation to the income year; exceed the total of: (d) the notional net incomes (if any); and To work out the notional net income: see sections 268 ‑ 30 and 268 ‑ 70. (e) the full year amounts referred to in section 268 ‑ 40 (if any). (4) If the trust derived exempt income, subtract its net exempt income as defined in section 36 ‑ 20 of the Income Tax Assessment Act 1997 . (5) Any amount remaining is the trust’s tax loss for the income year. To find out how much of the tax loss can be deducted in later income years, see Division 266 or 267. To find out how to deduct it, see section 36 ‑ 15 or 36 ‑ 17 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 17 of 1998 | No 142 of 2003", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 268 | Sch 2F item 30, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 142 of 2003, Sch 8 item 3, effective s 4, Sch 1 (items 1, 16, 17), Sch 2 (items 1, 3), Sch 4 (items 1, 2) and Sch 8 (items 1–3, 24(1)): 17 Dec 2003 (s 2(1) items 1–3, 6, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-70", "Provision_Key": "s268-70", "Heading": "How to calculate the trust’s notional loss or net income for a period when the trust was a partner", "Text": "(1) This section applies if at any time during a period the trust was a partner in one or more partnerships. (2) The trust has a notional loss for the period if the total (the loss total ) of: (a) the deductions attributed to the period under section 268 ‑ 35; and (b) the trust’s share of each notional loss (if any) of a partnership for the period; exceeds the total (the income total ) of: (c) the assessable income attributed to the period under section 268 ‑ 40; and (d) the trust’s share of each notional net income (if any) of a partnership for the period. The notional loss is the amount of the excess. Note: A notional loss is taken into account in working out the trust’s tax loss under section 268 ‑ 60. (3) On the other hand, if the income total exceeds the loss total, the trust has a notional net income for the period, equal to the excess. Note: A notional net income is taken into account in working out the trust’s net income under section 268 ‑ 45. (4) If the trust has a notional net income for all periods in the income year, this Subdivision has no further application, and the trust’s net income for the income year is worked out in the usual way. The usual way of working out net income is set out in section 95.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 17 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 101 of 2006, Sch 2 item 535, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-75", "Provision_Key": "s268-75", "Heading": "How to calculate the trust’s share of a partnership’s notional loss or notional net income for a period if both entities have the same income year", "Text": "(1) This section applies if at any time during a period the trust is a partner in a partnership that has an income year that begins and ends when the trust’s income year begins and ends. (2) The partnership’s notional loss or notional net income for the period is worked out in the same way as the notional loss or notional net income of a trust. (3) The trust’s share is calculated by dividing: (a) the trust’s interest in the partnership’s net income or partnership loss of the income year; by: (b) the amount of that net income or partnership loss; and expressing the result as a percentage. (4) However, if the partnership had neither a net income nor a partnership loss, the trust’s share is a percentage that is fair and reasonable having regard to the extent of the trust’s interest in the partnership.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-80", "Provision_Key": "s268-80", "Heading": "How to calculate the trust’s share of a partnership’s notional loss or notional net income for a period if the entities have different income years", "Text": "(1) This section applies if at any time during a period the trust is a partner in a partnership that has an income year that begins and ends at a different time from when the trust’s income year begins and ends. (2) So much of the partnership’s net income or partnership loss of an income year as was derived during the period is a notional net income or notional loss of the partnership for the period. (For the purposes of this subsection, the partnership’s net income or partnership loss is calculated without taking account of the partnership’s full year deductions for that income year.) Note: The partnership’s full year deductions are dealt with in section 268 ‑ 85. (3) The trust’s share is calculated by dividing: (a) the trust’s interest in the partnership’s net income or partnership loss of the income year; by: (b) the amount of that net income or partnership loss; and expressing the result as a percentage.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 268-85", "Provision_Key": "s268-85", "Heading": "Trust’s full year deductions include a share of partnership’s full year deductions", "Text": "(1) This section applies if at any time during the income year the trust is a partner in a partnership that has one or more full year deductions for the income year of the partnership that corresponds to the income year of the trust. (2) The partnership’s full year deductions are treated as full year deductions of the trust, but only to the extent of the trust’s share. (3) If the partnership’s income year is the same as the trust’s, the trust’s share is calculated by dividing: (a) the trust’s interest in the partnership’s net income or partnership loss of the income year; by: (b) the amount of that net income or partnership loss; and expressing the result as a percentage. (4) However, if the partnership had neither a net income nor a partnership loss, the trust’s share is a percentage that is fair and reasonable having regard to the extent of the trust’s interest in the partnership. (5) If the partnership’s income year does not begin and end at the same time as the trust’s income year, the trust’s share is a percentage that is fair and reasonable having regard to all relevant circumstances.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 268, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 59, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s268-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-5", "Provision_Key": "s269-5", "Heading": "What this Division is about", "Text": "This Division explains the following concepts or tests that are used in preceding Divisions of this Schedule: • abnormal trading; • 50% stake test etc.; • pattern of distributions test; • control; • business continuity test.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 17 of 1998 | No 7 of 2019", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 7 of 2019, Sch 1 item 29, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-10", "Provision_Key": "s269-10", "Heading": "Trading", "Text": "A trading in units in a unit trust occurs if there is an issue, redemption or transfer of, or other dealing in, the units.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-15", "Provision_Key": "s269-15", "Heading": "Abnormal trading—general", "Text": "(1) There is an abnormal trading in units in a unit trust if there is a trading in the units that is abnormal having regard to all relevant factors, including: (a) the timing of the trading, when compared to the normal timing for trading in its units; and (b) the number of units traded, when compared to the normal number of units traded; and (c) any connection between the trading and any other trading in units in the trust; and (d) any connection between the trading and a tax loss or other deduction of the trust. (2) There may also be an abnormal trading under any of the following provisions.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-20", "Provision_Key": "s269-20", "Heading": "Abnormal trading—suspected acquisition or merger", "Text": "There is an abnormal trading in units in a unit trust if a trading occurs in its units that the trustee knows or reasonably suspects is part of an acquisition of the trust or merger of the trust with another trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-25", "Provision_Key": "s269-25", "Heading": "Abnormal trading—5% of units in a single transaction", "Text": "There is an abnormal trading in units in a unit trust (other than a wholesale widely held trust) if 5% or more of the units are traded in one transaction.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-30", "Provision_Key": "s269-30", "Heading": "Abnormal trading—suspected 5% of units in a series of transactions", "Text": "(1) There is an abnormal trading in units in a unit trust (other than a wholesale widely held trust) if the trustee knows or reasonably suspects that a person, or a person and one or more associates of the person, have acquired or redeemed 5% or more of the units in 2 or more transactions and would not have done so if the trust did not have a tax loss or other deduction. (2) For the purposes of other provisions of this Schedule, the abnormal trading occurs at the time of the particular transaction that causes the 5% figure to be exceeded.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-35", "Provision_Key": "s269-35", "Heading": "Abnormal trading—20% of units traded, issued or redeemed over 60 day period", "Text": "(1) There is an abnormal trading in units in a unit trust (other than a wholesale widely held trust) if more than 20% of the units on issue at the end of any 60 day period were traded during the period. (2) For the purposes of other provisions of this Schedule, the abnormal trading occurs at the end of the 60 day period.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-40", "Provision_Key": "s269-40", "Heading": "Abnormal trading—50% stake not maintained", "Text": "(1) There is an abnormal trading in units in a wholesale widely held trust during a period if the trustee knows or reasonably suspects that the same persons did not hold more than 50% of its units at the beginning and end of the period. (2) For the purposes of other provisions of this Schedule, the abnormal trading occurs immediately before the end of the period.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-45", "Provision_Key": "s269-45", "Heading": "Time at which trustee to have knowledge or suspicion", "Text": "For the purposes of section 269 ‑ 20, 269 ‑ 30 or 269 ‑ 40, the trustee must have the knowledge or reasonable suspicion mentioned in that section: (a) if the section is being applied in determining for the purposes of section 268 ‑ 20 whether an abnormal trading occurred—at some time during the income year mentioned in that section; or (b) if it is being applied in determining for the purposes of any other provision whether an abnormal trading occurred during a period—at some time during the period.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-47", "Provision_Key": "s269-47", "Heading": "Abnormal trading where holding trust", "Text": "Holding trust and subsidiary trust (1) If a unit trust has fixed entitlements directly or indirectly to all of the income and capital of another unit trust: (a) the first trust is a holding trust of the second; and (b) the second is a subsidiary trust of the first. Abnormal trading causing or ending holding ‑ subsidiary relationship (2) The transaction that causes a trust to become, or to cease to be, a holding trust of a subsidiary trust (the bottom subsidiary trust) is an abnormal trading in units in the bottom subsidiary trust unless: (a) the holding trust is itself a subsidiary trust of one or more holding trusts (each of which is a higher holding trust ); and (b) immediately before and after the transaction, the bottom subsidiary trust is a subsidiary trust of one or more of the higher holding trusts. Abnormal trading while holding ‑ subsidiary relationship exists (3) While one or more trusts are holding trusts of the same subsidiary trust, there is an abnormal trading in units in the subsidiary trust if and only if, and at the time at which, there is an abnormal trading in units in the holding trust that is not itself a subsidiary trust of another holding trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-47"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-49", "Provision_Key": "s269-49", "Heading": "No abnormal trading where proportionate issue of units", "Text": "If the issue of units in a unit trust to existing unit holders does not cause each unit holder’s proportion of the total fixed entitlements to shares of the income and capital of the trust to change, then, except for the purposes of section 269 ‑ 20, the issue is disregarded in determining whether there has been an abnormal trading in units in the unit trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-49"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-50", "Provision_Key": "s269-50", "Heading": "More than a 50% stake in income or capital", "Text": "More than a 50% stake in income (1) If there are individuals who have (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the income of a trust, those individuals have more than a 50% stake in the income of the trust. More than a 50% stake in capital (2) If there are individuals who have (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the capital of the trust, those individuals have more than a 50% stake in the capital of the trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-55", "Provision_Key": "s269-55", "Heading": "Passing the 50% stake test", "Text": "(1) If, at all times during a period, or at 2 times: (a) the same individuals have more than a 50% stake in the income of a trust; and (b) the same individuals (who may be different from those in paragraph (a)) have more than a 50% stake in the capital of the trust; the trust passes the 50% stake test for the period or in respect of the 2 times. (2) If a trust is a widely held unit trust it is taken to pass the 50% stake test for a period or in respect of 2 times if it is reasonable to assume that the requirements of paragraphs (1)(a) and (b) are satisfied in respect of the period or the 2 times.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-60", "Provision_Key": "s269-60", "Heading": "Pattern of distributions test", "Text": "A trust passes the pattern of distributions test for an income year if, before the end of 2 months after the end of the income year: (a) the trust distributed directly or indirectly to the same individuals, for their own benefit, a greater than 50% share of all test year distributions of income (see subsection 269 ‑ 65(1)); and (b) the trust distributed directly or indirectly to the same individuals (who may be different from those in paragraph (a)), for their own benefit, a greater than 50% share of all test year distributions of capital (see subsection 269 ‑ 65(3)).", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269 | Sch 2F item 272 | Sch 2F item 14 | Sch 2F item 15 | Sch 2F item 19, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-65", "Provision_Key": "s269-65", "Heading": "Test year distribution of income or capital", "Text": "Test year distribution of income (1) A test year distribution of income is the total of all distributions of income made by the trust in any of the following periods, provided the period does not begin more than 6 years before the beginning of the income year: (a) the period from the beginning of the income year until 2 months after its end; (b) if the trust distributed income before the trigger year (see subsection (2))—the income year, before the trigger year, that is closest to the trigger year; (c) if paragraph (b) does not apply and the trust distributed income in the trigger year—the trigger year; (d) if neither paragraph (b) nor paragraph (c) applies—the income year, closest to the trigger year, in which the trust distributed income; (e) each intervening income year (if any) between the one in paragraph (a) and the one in paragraph (b), (c) or (d). Trigger year (2) If this Subdivision is being applied for the purposes of section 267 ‑ 20, the trigger year is the loss year mentioned in that section. If it is being applied for the purposes of section 267 ‑ 25, the trigger year is the year in which the debt mentioned in that section was incurred. Test year distribution of capital (3) Subsection (1) applies in the same way to distributions of capital made by the trust, to determine what is a test year distribution of capital .", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269 | Sch 2F item 14 | Sch 2F item 15 | Sch 2F item 19, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, Sch 2 item 60 | Sch 2 item 61 | Sch 2 item 62, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-70", "Provision_Key": "s269-70", "Heading": "When individual receives different percentages", "Text": "For the purposes of section 269 ‑ 60, if the trust does not distribute to an individual the same percentage of income or capital for every test year distribution, the trust is taken to have distributed to the individual, for every test year distribution, the smallest percentage that it distributed to the individual for any of the test year distributions.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-75", "Provision_Key": "s269-75", "Heading": "Incomplete distributions", "Text": "For the purposes of section 269 ‑ 60, if, before the end of 2 months after the end of the income year: (a) the trust has distributed directly or indirectly the whole or part of a test year distribution of income or test year distribution of capital to a company, partnership or trust (the entity ); and (b) an amount (the undistributed amount ) consisting of the whole or part of the income or capital so distributed to the entity satisfies the following requirements: (i) the amount has not been distributed by the entity; and (ii) an individual, directly or indirectly, and for his or her own benefit, has a fixed entitlement to a share of the amount; the entity is taken to have distributed the share of the undistributed amount to the individual immediately before the end of 2 months after the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-80", "Provision_Key": "s269-80", "Heading": "Where individual’s death or breakdown of marriage or relationship", "Text": "(1) For the purposes of section 269 ‑ 60, if: (a) the trust distributes, directly or indirectly to an individual as mentioned in that section, income or capital that is included in a test year distribution; and (b) a later distribution of income or capital is made that is included in the same or a different test year distribution; and (c) either the individual dies before the later distribution is made or: (i) before it is made, there is a breakdown in the marriage or relationship (see section 272 ‑ 140) of the individual; and (ii) after the breakdown, no distribution of income or capital of the trust, that is included in a test year distribution, is made directly or indirectly to the individual; and (iii) it is reasonable to assume that the breakdown in the marriage or relationship is the reason for no such distribution being made; then subsections (2) and (3) apply. (2) No income or capital distributed to the individual by the trust, directly or indirectly as mentioned in section 269 ‑ 60, is to be included in any test year distribution. (3) If: (a) the requirements of subsection (1) are met because the individual has died; and (b) immediately before his or her death, the individual had directly or indirectly, and for his or her own benefit, a fixed entitlement to a share of the income or capital of the trust; and (c) after the individual’s death, the fixed entitlement is held by a person as trustee of the individual’s estate or by a person who received it as a beneficiary of the estate; no income or capital distributed to the person as such a trustee or beneficiary, directly or indirectly as mentioned in section 269 ‑ 60, is to be included in any test year distribution.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 17 of 1998 | No 144 of 2008", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 144 of 2008, Sch 14 item 46, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-85", "Provision_Key": "s269-85", "Heading": "Arrangements to pass pattern of distributions test", "Text": "(1) The trust is taken for the purposes of section 269 ‑ 60 not to have distributed, directly or indirectly to an individual, and for the individual’s own benefit, a share of a test year distribution of income or capital of the trust if the condition in subsection (2) is met. (2) The condition is that an arrangement was entered into where: (a) the arrangement in some way (directly or indirectly) related to, affected or depended for its operation on the share or its value; and (b) the purpose, or one of the purposes, of the arrangement was to ensure that the trust would meet the condition in subsection 267 ‑ 30(2).", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-95", "Provision_Key": "s269-95", "Heading": "Control a non ‑ fixed trust", "Text": "Basic meaning (1) Subject to this section, a group (see subsection (5)) controls a non ‑ fixed trust if: (a) the group has the power, by means of the exercise of a power of appointment or revocation or otherwise, to obtain beneficial enjoyment (directly or indirectly) of the capital or income of the trust; or (b) the group is able (directly or indirectly) to control the application of the capital or income of the trust; or (c) the group is capable, under a scheme, of gaining the beneficial enjoyment in paragraph (a) or the control in paragraph (b); or (d) the trustee is accustomed, under an obligation or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the group; or (e) the group is able to remove or appoint the trustee; or (f) the group acquires more than a 50% stake in the income or capital of the trust. Replacement group after death etc. (2) The consequences set out in subsection (3) apply if: (a) a group (the original group ) ceases to control a non ‑ fixed trust only because of the death, incapacitation or breakdown in the marriage or relationship of the individual comprising, or an individual included in, the group; and (b) another group (the replacement group ) begins to control the trust within the following period (whether or not any other group controlled the trust in the interim): (i) one year after the death, incapacitation or breakdown in the marriage or relationship; or (ii) such longer period as the Commissioner determines in relation to the death, incapacitation or breakdown in the marriage or relationship; and (c) the replacement group consists of: (i) if the individual who died or became incapacitated or whose marriage or relationship broke down comprised the original group—one or more individuals who are members of the individual’s family (see section 272 ‑ 95); or (ii) in any other case—one or more such individuals together with all of the persons who were members of the original group, other than any individual who has died or become incapacitated or whose marriage or relationship has broken down; and (d) the replacement group began to control the trust only because of the death, incapacitation or breakdown in the marriage or relationship of the individual; and (e) disregarding any individual who died or became incapacitated or whose marriage or relationship broke down and the one or more individuals covered by paragraph (c)—the beneficiaries of the trust immediately before the original group ceased to control the trust are the beneficiaries of the trust immediately after the replacement group begins to control the trust. Consequences of subsection (2) (3) For the purposes of subsection (2), the consequences are that: (a) the replacement group is taken to have controlled the trust from the time when the original group began to control it until the time when the replacement group actually began to control it; and (b) the original group is taken not to have controlled the trust; and (c) if: (i) a person or persons (other than a replacement group) began to control the trust at some time during the period from the time the original group ceased to control the trust until the replacement group began to do so; and (ii) the person or persons began to control the trust only because of the death, incapacitation or breakdown in the marriage or relationship of the individual; and (iii) the control did not continue after the replacement group began to control the trust; the person or persons are taken not to have controlled the trust. Deemed absence of control (4) If: (a) at a particular time, a group controls a non ‑ fixed trust; and (b) the Commissioner, having regard to: (i) the identity of the beneficiaries of the trust at any time before and at any time after the group began to control the trust; and (ii) all other relevant circumstances; considers that it is reasonable that the group be taken not to control the trust at the particular time; the group is taken not to control the trust at the particular time. Group (5) A group is: (a) a person; or (b) a person and one or more associates; or (c) 2 or more associates of a person.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 17 of 1998 | No 144 of 2008", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 144 of 2008, Sch 14 item 47, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-100", "Provision_Key": "s269-100", "Heading": "Passing the business continuity test", "Text": "Basic meaning (1) A listed widely held trust passes the business continuity test during a period (the business continuity test period ) in relation to a time (the test time ) if throughout the business continuity test period it carries on the same business as it carried on immediately before the test time. Relevance of being a trust (2) The mere fact of being a trust does not mean that the trust cannot carry on a business. First exception (3) However, the trust does not pass the business continuity test under this section if, at any time during the business continuity test period, it derives assessable income from: (a) a business of a kind that it did not carry on before the test time; or (b) a transaction of a kind that it had not entered into in the course of its business operations before the test time. Second exception (4) The trust also does not pass the business continuity test under this section if, before the test time, it: (a) began to carry on a business it had not previously carried on; or (b) in the course of its business operations, entered into a transaction of a kind that it had not previously entered into; and did so for the purpose, or for purposes including the purpose, of being taken to have carried on throughout the business continuity test period the same business as it carried on immediately before the test time. Third exception (5) So far as the test is applied for the purpose of section 266 ‑ 115 (Listed widely held trust may be required to work out its net income and tax loss in a special way) and section 268 ‑ 20 (Widely held unit trust’s income year to be divided into periods), the trust also does not pass the business continuity test under this section if, at any time during the business continuity test period, it incurs expenditure: (a) in carrying on a business of a kind that it did not carry on before the test time; or (b) as a result of a transaction of a kind that it had not entered into in the course of its business operations before the test time.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 17 of 1998 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22) | Amended by No 7 of 2019, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-100"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 269-105", "Provision_Key": "s269-105", "Heading": "Modified test for income years starting on or after 1 July 2015", "Text": "Cases in which businesses need only be similar (1) A listed widely held trust also passes the business continuity test during a period (the business continuity test period ) in relation to a time (the test time ) and in relation to: (a) a tax loss for a loss year starting on or after 1 July 2015; or (b) net income for an income year starting on or after 1 July 2015; or (c) a debt, incurred in an income year starting on or after 1 July 2015, that the trust writes off as bad; or (d) a debt, incurred in an income year starting on or after 1 July 2015, in relation to which a debt/equity swap (within the meaning of section 63E) occurs; if throughout the business continuity test period it carries on a business (its current business ) that is similar to the business it carried on immediately before the test time (its former business ). Relevance of being a trust (2) The mere fact of being a trust does not mean that the trust cannot carry on a business. Matters to be considered (3) Without limiting the matters that may be taken into account in ascertaining whether the trust’s current business is similar to its former business, the following must be taken into account: (a) the extent to which the assets (including goodwill) that are used in its current business to generate assessable income throughout the business continuity test period were also used in its former business to generate assessable income; (b) the extent to which the activities and operations from which its current business generated assessable income throughout the business continuity test period were also the activities and operations from which its former business generated assessable income; (c) the identity of its current business and the identity of its former business; (d) the extent to which any changes to its former business result from development or commercialisation of assets, products, processes, services or marketing or organisational methods of the former business. Exception (4) However, the trust does not pass the business continuity test under this section if, before the test time, it: (a) began to carry on a business it had not previously carried on; or (b) in the course of its business operations, entered into a transaction of a kind that it had not previously entered into; and did so for the purpose, or for purposes including the purpose, of being taken to have carried on throughout the business continuity test period a business that is similar to the business it carried on immediately before the test time.", "Amendment_Count": 1, "First_Amended": "No 7 of 2019", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 7 of 2019", "History_Notes": "Inserted by No 7 of 2019, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s269-105"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 270-5", "Provision_Key": "s270-5", "Heading": "What this Division is about", "Text": "A trust may be prevented from making any use of deductions, or full use of deductions in an income year, if a scheme to take advantage of the deductions exists.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s270-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 270-10", "Provision_Key": "s270-10", "Heading": "Schemes to take advantage of deductions", "Text": "Basic case (1) The consequences set out in section 270 ‑ 15 result if: (a) a deduction is allowable to a trust for the income year; and (b) under a scheme, the following happen (in any order): (i) the trust derives an amount of assessable income (the scheme assessable income ) in the income year; and (ii) an outsider to the trust (see section 270 ‑ 25) directly or indirectly provides a benefit (see section 270 ‑ 20) to the trustee, to a beneficiary in the trust or to an associate of the trustee or of a beneficiary; and Note: The benefit may constitute all or any of the scheme assessable income. (iii) the trustee, a beneficiary in the trust or an associate of the trustee or of a beneficiary, directly or indirectly provides a benefit to the outsider to the trust or to an associate of the outsider (other than an associate covered by any of paragraphs 270 ‑ 25(1)(a) to (f)); and Note: The benefit may constitute all or any of the deduction. (c) it is reasonable to conclude that: (i) the trust derived the scheme assessable income; or (ii) the outsider provided the benefit as mentioned in subparagraph (b)(ii); or (iii) the trustee, beneficiary or associate provided the benefit as mentioned in subparagraph (b)(iii); wholly or partly, but not merely incidentally, because the deduction would be allowable; and (d) the trust is not an excepted trust under paragraph 272 ‑ 100(b), (c) or (d). Special case (2) If: (a) under a scheme, a person who, before the scheme was entered into, was an outsider to a trust becomes: (i) the trustee of the trust; or (ii) a person with a fixed entitlement to a share of the income or capital of the trust; and (b) if the person had not ceased to be an outsider to the trust, the requirements of subsection (1) would have been satisfied in relation to the scheme; the requirements of subsection (1) are taken to have been satisfied in relation to the scheme.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 270 | Sch 2F item 9 | Sch 2F item 25, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s270-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 270-15", "Provision_Key": "s270-15", "Heading": "Tax consequences of schemes", "Text": "If the requirements of subsection 270 ‑ 10(1) are satisfied, the consequences are that: (a) to the extent (if any) that the deduction mentioned in paragraph 270 ‑ 10(1)(a) relates exclusively, or may appropriately be related, to the scheme assessable income, the deduction is not allowable; and (b) if the net income of the trust is less than the scheme assessable income or there is no net income—the trust has a net income equal to, or the net income is increased so that it equals, the scheme assessable income; and (c) paragraph (b) and the scheme assessable income are disregarded in working out any tax loss incurred by the trust in the income year; and (d) if paragraph (b) applies and the deduction mentioned in paragraph 270 ‑ 10(1)(a) is for a tax loss—paragraph (b) and the scheme assessable income are disregarded in working out any deduction in respect of the tax loss allowable after the income year.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 270, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s270-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 270-20", "Provision_Key": "s270-20", "Heading": "Benefit", "Text": "A benefit is: (a) money, a dividend or property (whether tangible or intangible); or (b) a right or entitlement (whether or not property); or (c) services; or (d) the extinguishment, forgiveness, release or waiver of a debt or other liability; or (e) the doing of anything that results in the derivation of assessable income; or (f) anything that, disregarding the preceding paragraphs, is a benefit or advantage.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 270 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s270-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 270-25", "Provision_Key": "s270-25", "Heading": "Outsider to trust", "Text": "Outsider to family trust (1) If the trust mentioned in paragraph 270 ‑ 10(1)(a) is a family trust, an outsider to the trust is a person other than: (a) the trustee of the trust; or (b) a person with a fixed entitlement to a share of the income or capital of the trust; or (c) the individual specified in the trust’s family trust election; or (d) a member of the individual’s family; or (da) a trust with the same individual specified in its family trust election; or (e) a company, partnership or trust that made an interposed entity election to be included in the individual’s family group, where the election was in force (including before it was made) when the scheme mentioned in paragraph 270 ‑ 10(1)(b) commenced; or (f) a fixed trust, company or partnership (an entity ) where, at all times while the scheme mentioned in paragraph 270 ‑ 10(1)(b) was being carried out: (i) the individual specified in the trust’s family trust election; or (ii) one or more members of the individual’s family; or (iii) the trustees of one or more family trusts, provided the individual is specified in the family trust election of each of those family trusts; or any combination of the above, had fixed entitlements, directly or indirectly, and for their own benefit, to all of the income and capital of the entity. Outsider to non ‑ family trust (2) If the trust mentioned in paragraph 270 ‑ 10(1)(a) is not a family trust, an outsider to the trust is a person other than: (a) the trustee of the trust; or (b) a person with a fixed entitlement to a share of the income or capital of the trust.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 17 of 1998 | No 143 of 2007", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 270, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 143 of 2007, Sch 8 item 1, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s270-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-5", "Provision_Key": "s271-5", "Heading": "What this Division is about", "Text": "Basically, if: • the trustee of a trust makes a family trust election; or • a company, the partners in a partnership or the trustee of a trust makes an election to be included in a family group in relation to a family trust; and the company, partnership or trust concerned confers a present entitlement to, or distributes, income or capital other than upon or to a specified individual or members of his or her family group, a special tax is payable on the conferral or distribution. If certain persons do not provide information about conferrals of present entitlements or distributions by non ‑ residents connected with them, the persons may become liable to the special tax on their own conferrals or distributions. If certain non ‑ residents do not pay the special tax by the due date, other persons connected with them may also become liable to pay a special tax equal to the unpaid amount.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-10", "Provision_Key": "s271-10", "Heading": "Family trust distribution tax", "Text": "This Division provides for tax to be payable in specified circumstances. The tax is called family trust distribution tax .", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-15", "Provision_Key": "s271-15", "Heading": "Tax liability where family trust makes distribution etc. outside family group", "Text": "(1) This section applies if: (a) a trustee makes a family trust election in relation to a trust; and (b) at any time while the election is in force (including a time before it was made), the trust confers a present entitlement to, or distributes, income or capital of the trust: (i) upon or to a person who is neither the individual specified in the family trust election nor a member of the individual’s family group in relation to the conferral or distribution; or (ii) upon or to the individual specified in the election or a member of the individual’s family group, where the individual or member is the trustee of a trust, or the member is a trust, that is not included in the individual’s family group in relation to the conferral or distribution. (2) If this section applies: (a) if the trustee is an individual—the trustee is liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital to which the entitlement relates, or that is distributed; or (b) if the trustee is a company—the trustee, together with each person who was a director of the company at the time of the conferral or distribution, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital to which the entitlement relates, or that is distributed.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-20", "Provision_Key": "s271-20", "Heading": "Tax liability where interposed trust makes distribution etc. outside family group", "Text": "(1) This section applies if: (a) the trustee of a trust makes an interposed entity election for the trust to be included in the family group of the individual specified in a family trust election; and (b) at any time while the election is in force (including a time before it was made), the trust confers a present entitlement to, or distributes, income or capital of the trust: (i) upon or to a person who is neither the individual specified in the family trust election nor a member of the individual’s family group in relation to the conferral or distribution; or (ii) upon or to the individual specified in the election or a member of the individual’s family group, where the individual or member is the trustee of a trust, or the member is a trust, that is not included in the individual’s family group in relation to the conferral or distribution. (2) If this section applies: (a) if the trustee is an individual—the trustee is liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital to which the entitlement relates, or that is distributed; or (b) if the trustee is a company—the trustee, together with each person who was a director of the company at the time of the conferral or distribution, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital to which the entitlement relates, or that is distributed.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-25", "Provision_Key": "s271-25", "Heading": "Tax liability where interposed partnership makes distribution etc. outside family group", "Text": "(1) This section applies if: (a) the partners in a partnership make an interposed entity election for the partnership to be included in the family group of the individual specified in a family trust election; and (b) at any time while the interposed entity election is in force (including a time before it was made), the partnership confers a present entitlement to, or distributes, income or capital: (i) upon or to a person who is neither the individual specified in the family trust election nor a member of the individual’s family group in relation to the conferral or distribution; or (ii) upon or to the individual specified in the election or a member of the individual’s family group, where the individual or member is the trustee of a trust, or the member is a trust, that is not included in the individual’s family group in relation to the conferral or distribution. (2) If this section applies, the partners, together with each person who at the time of the conferral or distribution was a director of any partner that was a company, are jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital to which the entitlement relates, or that is distributed.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-30", "Provision_Key": "s271-30", "Heading": "Tax liability where interposed company makes distribution outside family group", "Text": "(1) This section applies if: (a) a company makes an interposed entity election for the company to be included in the family group of the individual specified in a family trust election; and (b) at any time while the interposed entity election is in force (including a time before it was made), the company confers a present entitlement to, or distributes, income or capital of the company: (i) upon or to a person who is neither the individual specified in the family trust election nor a member of the individual’s family group in relation to the conferral or distribution; or (ii) upon or to the individual specified in the election or a member of the individual’s family group, where the individual or member is the trustee of a trust, or the member is a trust, that is not included in the individual’s family group in relation to the conferral or distribution. (2) If this section applies, the company, together with each person who was a director of the company at the time of the conferral or distribution, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital to which the entitlement relates, or that is distributed.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-35", "Provision_Key": "s271-35", "Heading": "Avoidance of double ‑ counting", "Text": "If, after conferring a present entitlement to income or capital as mentioned in paragraph 271 ‑ 15(1)(b), 271 ‑ 20(1)(b), 271 ‑ 25(1)(b) or 271 ‑ 30(1)(b), the trust, partnership or company concerned distributes the income or capital in satisfaction of the entitlement, the distribution is disregarded for the purposes of that paragraph.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-40", "Provision_Key": "s271-40", "Heading": "Exclusion of directors from liability to pay tax", "Text": "(1) This section applies to a director of a company who is included among persons who are jointly and severally liable to pay family trust distribution tax under section 271 ‑ 15, 271 ‑ 20, 271 ‑ 25 or 271 ‑ 30. Director not taking part in distribution decision (2) If: (a) the director did not take part in any decision to confer the entitlement or make the distribution concerned; and (b) if the director was aware of the proposal to make the decision or of the fact that it was made—the director took reasonable steps to prevent the making, or the implementation, of the decision; the director is not included among the persons jointly and severally liable. Director taking part in distribution decision (3) If: (a) the director took part in any decision to confer the entitlement or make the distribution; and (b) the director voted against, or otherwise disagreed with the decision; and (c) the director took reasonable steps to prevent the implementation of the decision; the director is not included among the persons jointly and severally liable.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-45", "Provision_Key": "s271-45", "Heading": "Requirements for section 271 ‑ 55 notice to family trust", "Text": "Notice about non ‑ resident distributions (1) The Commissioner may give a notice in accordance with section 271 ‑ 55 (which deals with information about distributions etc. by certain non ‑ residents) to the trustee of a trust (the primary entity ) who has made a family trust election, provided the requirements of subsections (2) to (4) of this section are met. First requirement (2) At a time (the test time ) while the election is in force (including a time before it was made), the primary entity must have conferred a present entitlement to, or distributed, income or capital upon or to a company, partnership or trust (the secondary entity ) that at the time was, because of an interposed entity election, a member of the family group of the individual (the primary individual ) specified in the family trust election. Second requirement (3) When the Commissioner gives the notice: (a) if the secondary entity is a partnership—a partner must be a non ‑ resident; and (b) if the secondary entity is a company—the company must be a non ‑ resident; and (c) if the secondary entity is a trust—either: (i) a trustee must be a non ‑ resident; or (ii) the central management and control of the trust must be outside Australia. Third requirement (4) The Commissioner must give the notice before the later of: (a) 5 years after the conferral or distribution mentioned in subsection (2); and (b) the end of the period during which the primary entity is required by section 262A to retain records in relation to the income year in which the conferral or distribution took place.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-50", "Provision_Key": "s271-50", "Heading": "Requirements for section 271 ‑ 55 notice to interposed entity", "Text": "Notice about non ‑ resident distributions (1) If: (a) a company, the trustee of a trust or the partners in a partnership (which company, trust or partnership is the primary entity ) makes an interposed entity election to be included in the family group of an individual specified in a family trust election; and (b) the requirements of subsections (2) to (4) are met; the Commissioner may give the company, trustee or partners a notice in accordance with section 271 ‑ 55 (which deals with information about distributions etc. by certain non ‑ residents). First requirement (2) At a time (the test time ) while the election was in force (including a time before it was made), the primary entity must have conferred a present entitlement to, or distributed, income or capital upon or to a company, partnership or trust (a secondary entity ), where the secondary entity: (a) was the family trust whose trustee made the family trust election; or (b) was, because of an interposed entity election that was in force at the time, included in the family group of the individual (the primary individual ) specified in the family trust election. Second requirement (3) When the Commissioner gives the notice: (a) if the secondary entity is a partnership—a partner must be a non ‑ resident; and (b) if the secondary entity is a company—the company must be a non ‑ resident; and (c) if the secondary entity is a trust—either: (i) a trustee must be a non ‑ resident; or (ii) the central management and control of the trust must be outside Australia. Third requirement (4) The Commissioner must give the notice before the later of: (a) 5 years after the conferral or distribution mentioned in subsection (2); and (b) the end of the period during which the primary entity is required by section 262A to retain records in relation to the income year in which the conferral or distribution took place.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-55", "Provision_Key": "s271-55", "Heading": "Notice requiring information about non ‑ resident distributions etc.", "Text": "Information required (1) The notice that the Commissioner may give the company, partnership or trustee if the requirements of subsections 271 ‑ 45(2) to (4) or 271 ‑ 50(2) to (4) are met must require the company, partners or trustee to give the Commissioner specified information about conferrals of present entitlements to, or distributions of, income or capital since the test time by any company, partnership or trust covered by subsection (2) of this section. Entities covered (2) The following are covered by this subsection: (a) the secondary entity; and (b) any company in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where the company was a non ‑ resident, and the election was in force, when the conferral or distribution took place; and (c) any partnership in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where any of the partners was a non ‑ resident, and the election was in force, when the conferral or distribution took place; and (d) any trust in respect of which a family trust election specifying the primary individual had been made or in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where, when the conferral or distribution took place, either a trustee was a non ‑ resident or the trust’s central management and control were outside Australia. Information not within knowledge (3) The information need not be within the knowledge of the company, partners or trustee at the time the notice is given. Period for giving information (4) The notice must specify a period within which the company, partners or trustee is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Company’s liability (5) If the company does not give the information within the period or within such further period as the Commissioner allows, it, together with each person who was a director of the company at the test time, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271 ‑ 50(2). Partners’ liability (6) If the partners do not give the information within the period or within such further period as the Commissioner allows, they, together with each person who at the test time was a director of any partner that was a company, are jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271 ‑ 50(2). Trustee’s liability (7) If the trustee does not give the information within the period or within such further period as the Commissioner allows: (a) if the trustee is an individual—the trustee is liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271 ‑ 45(2) or 271 ‑ 50(2); or (b) if the trustee is a company—the trustee, together with each person who was a director of the company at the test time, is jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Primary Liability) Act 1998 , on the amount or value of the income or capital mentioned in subsection 271 ‑ 45(2) or 271 ‑ 50(2).", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-60", "Provision_Key": "s271-60", "Heading": "Tax liability where non ‑ resident family trust’s tax unpaid", "Text": "Conditions for tax liability (1) If: (a) tax under section 271 ‑ 15 on the amount or value of income or capital of a family trust becomes due and payable; and (b) the Commissioner determines, in writing, at or after the time when the tax became due and payable, that it is unlikely that the whole or part (the unpaid amount ) of the tax will be paid; and (c) when the Commissioner makes the determination: (i) a trustee of the family trust is a non ‑ resident; or (ii) the central management and control of the family trust is outside Australia; then the consequences set out in subsection (2) result. Tax liability (2) The consequences are: (a) if there is only one person covered by subsection (3)—that person is liable to pay tax, as imposed by the Family Trust Distribution Tax (Secondary Liability) Act 1998 , on the unpaid amount; and (b) if there are 2 or more persons covered by subsection (3)—those persons are jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Secondary Liability) Act 1998 , on the unpaid amount. Persons liable under subsection (2) (3) The persons covered by this subsection are: (a) the trustee of any trust to which subsection (4) applies; and (b) if the trustee of any such trust is a company—any person who is a director of the company when the determination is made; and (c) any company to which subsection (5) applies; and (d) any person who is a director of such a company when the determination is made. Trust mentioned in paragraph (3)(a) (4) This subsection applies to a trust if the trust would be: (a) prevented by Division 266 or 267 from deducting a tax loss or amount in respect of a debt; or (b) required by Division 266 or 267 to work out its net income and tax loss under Division 268; in the income year in which the determination is made, or an earlier income year, if the family trust had not been a family trust. Company mentioned in paragraph (3)(c) (5) This subsection applies to a company if, in its return of income for the income year in which the determination is made or an earlier income year: (a) the company deducted an amount in respect of a debt, where it was allowed to do so but, because of former section 63B or 63C, or Subdivision 165 ‑ C, 709 ‑ D or 719 ‑ I of the Income Tax Assessment Act 1997 , it would not have been if the family trust had not been a family trust; or (b) the company deducted a tax loss (within the meaning of the Income Tax Assessment Act 1997 ) where it was allowed to do so but, because of Subdivision 165 ‑ A of that Act, it would not have been if the family trust had not been a family trust; or (c) the company applied a net capital loss (within the meaning of former Part IIIA of this Act) where it was allowed to do so but, because of former subsection 160ZC(5), it would not have been if the family trust had not been a family trust; or (d) the company applied a net capital loss (within the meaning of the Income Tax Assessment Act 1997 ) where it was allowed to do so but, because of Subdivision 165 ‑ CA of that Act, it would not have been if the family trust had not been a family trust; (e) the company did not calculate its taxable income in accordance with former section 50C of this Act where it was not required to do so but would have been if the family trust had not been a family trust; or (f) the company calculated its taxable income in accordance with former section 50C and took into account an amount, by reason of former subsection 50D(2), in ascertaining the eligible notional loss of the company under former section 50D, where it was required to calculate its taxable income in accordance with former section 50C and entitled to take the amount into account but would not have been so entitled if the family trust had not been a family trust; or (g) the company did not calculate its taxable income and tax loss under Subdivision 165 ‑ B of the Income Tax Assessment Act 1997 where it was not required to do so but would have been if the family trust had not been a family trust; or (h) the company did not calculate its net capital gain and net capital loss under Subdivision 165 ‑ CB of the Income Tax Assessment Act 1997 where it was not required to do so but would have been if the family trust had not been a family trust.", "Amendment_Count": 4, "First_Amended": "No 17 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 17 of 1998 | No 58 of 2000 | No 162 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 58 of 2000, Sch 10 item 18 | Sch 10 item 19 | Sch 10 item 20 | Sch 10 item 21, effective s 4, Sch 1, Sch 2 (items 1, 4(1)), Sch 3 (item 3), Sch 6 (item 34), Sch 10 (items 1–11, 17(1), (2), 18–30, 38(1), (2)) and Sch 11 (items 1, 11): 31 May 2000 (s 2(1), (2)) Sch 3 (items 1, 2, 4–7) and Sch 6 (item 33): 16 July 1999 (s 2(3)–(6), (12)) Sch 8 (items 1–17, 21): 1 July 1998 (s 2(13)) Sch 8 (item 18): 1 July 1999 (s 2(13)) | Amended by No 162 of 2005, Sch 3 item 15, effective Sch 1, Sch 3 (items 8–15, 33) and Sch 5: 19 Dec 2005 (s 2(1) item 2) Sch 6 (items 14, 15): 1 July 2001 (s 2(1) item 6) | Amended by No 101 of 2006, Sch 2 item 536 | Sch 2 item 537 | Sch 2 item 538 | Sch 2 item 539 | Sch 2 item 540 | Sch 2 item 541 | Sch 2 item 542, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-65", "Provision_Key": "s271-65", "Heading": "Tax liability where non ‑ resident interposed entity’s tax unpaid", "Text": "When section applies (1) This section applies if: (a) a company, the partners in a partnership or the trustee of a trust makes an interposed entity election to be included in the family group of an individual (the primary individual ); and (b) while the interposed entity election is in force, the company, partnership or trust (the primary interposed entity ) confers a present entitlement to, or distributes, income or capital; and (c) family trust distribution tax becomes due and payable on the amount or value of the income or capital. Determination about unpaid tax (2) If: (a) the Commissioner determines, in writing, at or after the time when the tax became due and payable, that it is unlikely that the whole or part (the unpaid amount ) of the tax will be paid; and (b) at the time: (i) if the primary interposed entity is a company—the company is a non ‑ resident; and (ii) if the primary interposed entity is a partnership—a partner is a non ‑ resident; and (iii) if the primary interposed entity is a trust—either a trustee is a non ‑ resident or the central management and control of the trust is outside Australia; then the consequences in subsection (3) result. Consequences (3) The consequences are: (a) if there is only one person covered by subsection (4)—that person is liable to pay tax, as imposed by the Family Trust Distribution Tax (Secondary Liability) Act 1998 , on the unpaid amount; and (b) if there are 2 or more persons covered by subsection (4)—those persons are jointly and severally liable to pay tax, as imposed by the Family Trust Distribution Tax (Secondary Liability) Act 1998 , on the unpaid amount. Persons covered (4) The persons covered by this subsection are: (a) any company to which subsection (5) applies; and (b) any person who is a director of such a company when the determination is made; and (c) any partner in a partnership to which subsection (5) applies; and (d) if any partner in any such partnership is a company—any person who is a director of the company when the determination is made; and (e) the trustee of any trust to which subsection (5) applies; and (f) if the trustee of any such trust is a company—any person who is a director of the company when the determination is made. Entities making election and distribution etc. (5) This subsection applies to any company, partnership or trust (an entity ), other than the primary interposed entity, meeting the following conditions: (a) the company, the partners in the partnership or the trustee of the trust made: (i) an interposed entity election to be included in the family group of the primary individual; or (ii) a family trust election specifying the primary individual; and (b) while that election and the interposed entity election made in respect of the primary interposed entity were in force, and before the Commissioner made the determination mentioned in paragraph (2)(a), the entity conferred a present entitlement to, or distributed, income or capital upon or to an eligible entity (see subsection (6)). Eligible entities (6) Each of the following is an eligible entity : (a) the primary interposed entity; (b) a company in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where the company was a non ‑ resident, and the election was in force, when the conferral or distribution took place; (c) a partnership in respect of which an interposed entity election had been made to be included in the family group of the primary individual, where any of the partners was a non ‑ resident, and the election was in force, when the conferral or distribution took place; (d) a trust: (i) in respect of which an interposed entity election had been made to be included in the family group of the primary individual; or (ii) in respect of which a family trust election had been made specifying the primary individual; where, when the conferral or distribution took place, the election was in force and either a trustee was a non ‑ resident or the trust’s central management and control were outside Australia.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-70", "Provision_Key": "s271-70", "Heading": "Reduction of liability where tax paid", "Text": "If family trust distribution tax (the secondary tax ) becomes payable under section 271 ‑ 60 or 271 ‑ 65 on an amount of family trust distribution tax (the primary tax ) that the Commissioner determined was unlikely to be paid: (a) if any of the primary tax is later paid—any liability to the secondary tax existing at the time of the payment is reduced by the amount of the payment; and (b) if any of the secondary tax is later paid—any liability to the primary tax existing at the time of the payment is reduced by the amount of the payment.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-75", "Provision_Key": "s271-75", "Heading": "Payment of family trust distribution tax", "Text": "Tax under sections 271 ‑ 15 to 271 ‑ 30 (1) Family trust distribution tax under any of sections 271 ‑ 15 to 271 ‑ 30 is due and payable: (a) in a case where the conferral or distribution on whose amount or value the tax is payable was made before the day on which the election was made—at the end of 21 days after the day on which the election was made; or (b) in any other case—at the end of 21 days after the day on which the conferral or distribution, on whose amount or value the tax is payable, was made; or by the end of such later day as the Commissioner, in special circumstances, allows. Tax under section 271 ‑ 55 (2) Family trust distribution tax under section 271 ‑ 55 is due and payable at the end of 21 days after the end of the period or further period mentioned in subsection (5), (6) or (7), as the case requires, of that section. Tax under section 271 ‑ 60 or 271 ‑ 65 (3) Family trust distribution tax under section 271 ‑ 60 or 271 ‑ 65 is due and payable at the end of 21 days after the day, or the last day, on which the notice mentioned in subsection 271 ‑ 90(2) is given. Debt due (4) Family trust distribution tax, when it becomes due and payable, is a debt due to the Commonwealth and payable to the Commissioner. Application (5) Subsection (4) does not apply in relation to any family trust distribution tax that becomes due and payable on or after 1 July 2000. Note: For provisions about collection and recovery of family trust distribution tax and other amounts on or after 1 July 2000, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 17 of 1998 | No 179 of 1999", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 179 of 1999, Sch 18 item 46, effective Sch 2 (items 20–47), Sch 3 (items 3–6), Sch 5 (item 74), Sch 6 (items 1–13, 24(1)–(4)), Sch 10 (items 22–24), Sch 11 (item 44), Sch 16 (items 3–17, 37) and Sch 17 (items 1, 2): 22 Dec 1999 (s 2(1), (4), (7)(b)–(d)) Sch 5 (items 1–64), Sch 11 (items 14–43, 45–79) and Sch 12 (item 3): 1 July 2000 (s 2(9), (12))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-80", "Provision_Key": "s271-80", "Heading": "Late payment of family trust distribution tax", "Text": "If any of the family trust distribution tax which a person is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) began at the beginning of the 60th day after the day by which the family trust distribution tax was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the family trust distribution tax; (ii) general interest charge on any of the family trust distribution tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 4, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 178 of 1999 | No 101 of 2006 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Repealed and substituted by No 178 of 1999, Sch 1 item 61 | Sch 1 item 62, effective s 4, Sch 1 (items 9–49A), Sch 2 (items 23–32, 35, 40–62, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, Sch 2 item 1037, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-90", "Provision_Key": "s271-90", "Heading": "Notice of liability", "Text": "Notice for purposes of section 271 ‑ 15 etc. (1) The Commissioner may give a person or persons, by post or otherwise, a notice specifying: (a) the amount of any family trust distribution tax that the Commissioner has ascertained is payable under any of sections 271 ‑ 15 to 271 ‑ 30 and 271 ‑ 55 by the person or persons; and (b) the day on which that tax became or will become due and payable. Notice for purposes of section 271 ‑ 60 or 271 ‑ 65 (2) The Commissioner must give persons, by post or otherwise, a notice specifying the amount of any family trust distribution tax that the Commissioner has ascertained is payable under section 271 ‑ 60 or 271 ‑ 65 by the persons. Effect of notice on liability etc. (3) The liability of a person or persons to family trust distribution tax on the amount or value of a distribution, and (except in the case of a notice under subsection (2)) the due date for payment of the tax, are not dependent on, or in any way affected by, the giving of a notice in respect of the amount. Amendment of notice (4) The Commissioner may at any time amend a notice. An amended notice is a notice for the purposes of this section. Inconsistency between notices (5) If there is an inconsistency between notices that relate to the same subject matter, the later notice prevails to the extent of the inconsistency. Objections (6) A person who is or persons who are dissatisfied with a notice made in relation to the person or persons may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-95", "Provision_Key": "s271-95", "Heading": "Request for notice of liability", "Text": "(1) A person or persons may make a written request to the Commissioner to be given a notice under subsection 271 ‑ 90(1) or (2) in respect of specified circumstances in which family trust distribution tax may be payable. Compliance with request for subsection 271 ‑ 90(1) notice (2) In the case of a notice under subsection 271 ‑ 90(1), the Commissioner must, subject to subsection (4) of this section, comply with the request if it is lodged with the Commissioner before the end of the 21 days mentioned in subsection 271 ‑ 75(1) or (2), or before the end of such later day as the Commissioner allows. Compliance with request for subsection 271 ‑ 90(2) notice (3) In the case of a notice under subsection 271 ‑ 90(2), the Commissioner must, subject to subsection (4) of this section, comply with the request regardless of when it is lodged. Further information (4) If the Commissioner considers that the notice cannot be given unless the person making the request gives the Commissioner further information about the circumstances in which the family trust distribution tax may be payable, the Commissioner must request the person to give the Commissioner the information. Failure to give information (5) If the person does not give the information, the Commissioner is not required to comply with the request to give the notice.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 271-105", "Provision_Key": "s271-105", "Heading": "Amounts subject to family trust distribution tax not assessable", "Text": "(1) If: (a) family trust distribution tax (the tax payable ) becomes payable under any of sections 271 ‑ 15 to 271 ‑ 30 and 271 ‑ 55 on the amount or value of income or capital of a company, partnership or trust; and (b) a payment (the tax payment amount ) of the whole or part of the tax payable is made, or a reduction (also the tax payment amount ) in the whole or part of the tax payable takes place under paragraph 271 ‑ 70(b); and (c) taking into account any previous application of this subsection, the whole or part of the amount or value of the income or capital is included in the assessable income of the company, partnership or trust or of any other person; the amount included in the assessable income is reduced by the amount worked out using the formula in subsection (2). (2) The formula is: The original assessable amount is so much of the amount or value of the income or capital as, disregarding any previous reductions under this section, is included in the assessable income of the company, partnership or trust or of any other person. (3) The amount of the reduction is not assessable income and is not exempt income.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 17 of 1998 | No 66 of 2003", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 8 | Sch 2F item 10 | Sch 2F item 31 | Sch 2F item 33, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 66 of 2003, Sch 3 item 48 | Sch 3 item 118, effective s 4, Sch 1 and Sch 3 (items 1–46, 47, 48, 140(1), (5), (7)): 30 June 2003 (s 2(1) items 1, 2, 4–6, 14) Sch 3 (item 46A): 29 June 2002 (s 2(1) item 5A)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s271-105"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-5", "Provision_Key": "s272-5", "Heading": "Fixed entitlement to share of income or capital of a trust", "Text": "(1) If, under a trust instrument, a beneficiary has a vested and indefeasible interest in a share of income of the trust that the trust derives from time to time, or of the capital of the trust, the beneficiary has a fixed entitlement to that share of the income or capital. Case where interest not defeasible (2) If: (a) a person holds units in a unit trust; and (b) the units are redeemable or further units are able to be issued; and (c) if units in the unit trust are listed for quotation in the official list of an approved stock exchange—the units held by the person will be redeemed, or any further units will be issued, for the price at which other units of the same kind in the unit trust are offered for sale on the approved stock exchange at the time of the redemption or issue; and (d) if the units are not listed as mentioned in paragraph (c)—the units held by the person will be redeemed, or any further units will be issued, for a price determined on the basis of the net asset value, according to Australian accounting principles, of the unit trust at the time of the redemption or issue; then the mere fact that the units are redeemable, or that the further units are able to be issued, does not mean that the person’s interest, as a unit holder, in the income or capital of the unit trust is defeasible. Deemed fixed entitlement (3) If: (a) a beneficiary with an interest in a share of income that the trust derives from time to time, or of the capital of a trust, does not have a fixed entitlement to the share; and (b) the Commissioner considers that the beneficiary should be treated as having the fixed entitlement, having regard to: (i) the circumstances in which the entitlement is capable of not vesting or the defeasance can happen; and (ii) the likelihood of the entitlement not vesting or the defeasance happening; and (iii) the nature of the trust; the beneficiary has the fixed entitlement.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-10", "Provision_Key": "s272-10", "Heading": "Fixed entitlement to share of income or capital of a company", "Text": "(1) If a shareholder in a company holds shares carrying the right to receive some or all of the dividends that may be paid by the company, the shareholder has a fixed entitlement to a share of the income of the company equal to the percentage of the total dividends represented by the dividends that the shareholder has a right to receive. (2) If a shareholder in a company holds shares carrying the right to receive the whole or part of any distribution of the paid ‑ up share capital of the company in the event of any return of capital to shareholders, the shareholder has a fixed entitlement to a share of the capital of the company equal to the percentage of the total distribution represented by the amount that the shareholder has a right to receive.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 63 of 1998", "Amending_Acts": "No 17 of 1998 | No 63 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 63 of 1998, Sch 7 item 64, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-15", "Provision_Key": "s272-15", "Heading": "Fixed entitlement to share of income or capital of a partnership", "Text": "(1) If, under a partnership agreement: (a) a partner is entitled to a share of income that the partnership derives from time to time, or of the capital of the partnership; and (b) the share is not able to be varied; the partner has a fixed entitlement to that share of the income or capital. Deemed fixed entitlement (2) If: (a) a partner does not have a fixed entitlement to a share of income that the partnership derives from time to time, or of the capital of a partnership, only because the partner’s share of the income or capital is able to be varied; and (b) the Commissioner considers that the partner should be treated as having the fixed entitlement, having regard to: (i) the circumstances in which the share is able to be varied; and (ii) the likelihood of the variation happening; and (iii) the nature of the partnership; the partner has the fixed entitlement.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-20", "Provision_Key": "s272-20", "Heading": "Fixed entitlement to share of income or capital held indirectly", "Text": "A person holds a fixed entitlement to a share of the income or capital of a company, partnership or trust indirectly if the person holds the entitlement indirectly through fixed entitlements to shares of the income or capital, respectively, of interposed companies, partnerships or trusts.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-25", "Provision_Key": "s272-25", "Heading": "Special cases of fixed entitlements held directly or indirectly", "Text": "Coverage of section (1) This section affects references in this Schedule (other than in subparagraph 269 ‑ 75(b)(ii) and section 272 ‑ 30) to a person or individual having, directly or indirectly , a fixed entitlement to a share of the income or capital of a company, partnership or trust (the main entity ) at a particular time (the test time ). Note: This section will not affect a reference to a person or individual having a fixed entitlement where the phrase “directly or indirectly” is not used. Certain interposed government bodies and special companies (2) If at the test time a government body or a special company has, directly or indirectly, a fixed entitlement to a share of the income or capital of the main entity, subsection (4) or (5) applies. To find out the meaning of government body and special company : see section 272 ‑ 140. Certain interposed funds (3) If: (a) a fund is: (i) a complying superannuation fund or complying approved deposit fund in relation to the income year in which the test time occurs; or (ii) a superannuation fund for foreign residents at the test time; and (b) at the test time the fund has, directly or indirectly, a fixed entitlement to a share of the income or capital of the main entity; subsection (4) or (5) applies. Note: See subsection 6(1) for the meaning of complying superannuation fund , complying approved deposit fund and superannuation fund for foreign residents . Government bodies, and funds or companies with more than 50 members (4) In the case of a government body, or a fund or company that has more than 50 members: (a) except where paragraph (b) applies—the body, fund or company is treated as if it had the fixed entitlement as an individual and for the individual’s own benefit; and (b) if the reference is in subsection 272 ‑ 105(2)—the fixed entitlement is treated as if it were held instead by more than 20 individuals and for their own benefit. Funds or companies with 50 members or fewer (5) In the case of a fund or company that has 50 members or fewer, the fund or company is treated as if it did not have the entitlement, but the members are treated as if they had the entitlement in equal proportions. Mixed application of subsections (4) and (5) in certain provisions (6) If, apart from this subsection: (a) the following apply: (i) for the purposes of section 266 ‑ 40 or subsection 267 ‑ 40(2), 267 ‑ 70(2), 268 ‑ 10(3), 268 ‑ 15(3) or 268 ‑ 25(4), it is necessary to determine whether individuals had fixed entitlements during a period; and (ii) the consequences in subsection (4) would apply to a fund or company for part of the period and the consequences in subsection (5) would apply for the remainder of the period; or (b) the following apply: (i) for the purposes of subsection 266 ‑ 90(1) or (2), 266 ‑ 125(2), 266 ‑ 165(2) or 268 ‑ 20(3), it is necessary to determine whether individuals had fixed entitlements at 2 times; and (ii) the consequences in subsection (4) would apply to a fund or company at one of the times and the consequences in subsection (5) would apply at the other time; the consequences in subsection (5) instead apply to the fund or company for the whole of the period, or at both of the times, as the case may be. Entities ceasing to be special companies (7) If: (a) subsection (4) or (5) applies in relation to a special company during a period (the special company period ); and (b) the special company period ends when the special company ceases to be a special company without ceasing to exist; and (c) having regard to the matters set out in subsection (8), the Commissioner considers it fair and reasonable to treat one or more of the persons who were members of the special company immediately after it ceased to be a special company as having held the fixed entitlement mentioned in subsection (2) during the whole or part of the special company period; then: (d) subsection (4) or (5) does not apply in relation to the special company during the whole or the part of the special company period; and (e) the one or more persons are, as mentioned in paragraph (c), treated as having the fixed entitlement instead of the company. Matters for the purposes of paragraph (7)(c) (8) For the purposes of paragraph (7)(c), the matters are: (a) the identity of its members before and after the special company ceases to be a special company; and (b) the circumstances in which it ceases to be a special company; and (c) the nature of the rights in the special company held by its members before and after it ceases to be a special company; and (d) any other matter that the Commissioner considers relevant.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 17 of 1998 | No 15 of 2007", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 15 of 2007, Sch 1 item 148, effective Sch 1 (items 1–8, 22–149, 406(1)–(3)) and Sch 3 (items 6, 7): 15 Mar 2007 (s 2(1) items 2, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-30", "Provision_Key": "s272-30", "Heading": "Additional special cases of fixed entitlements held directly or indirectly", "Text": "Coverage of section (1) This section also affects references in this Schedule (other than in subparagraph 269 ‑ 75(b)(ii) and section 272 ‑ 25) to a person or individual having, directly or indirectly , a fixed entitlement to a share of the income or capital of a company, partnership or trust (the main entity ) at a particular time (the test time ). Note: This section will not affect a reference to a person or individual having a fixed entitlement where the phrase “directly or indirectly” is not used. Interposed family trusts (2) If at the test time a family trust has, directly or indirectly, a fixed entitlement to a share of the income or capital of the main entity, it is treated as if it had the fixed entitlement as an individual and for the individual’s own benefit. Interposed listed public companies and widely held unit trusts (3) If: (a) at the test time a listed public company or widely held unit trust has, directly or indirectly, a fixed entitlement to a share of the income or capital of the main entity; and To find out the meaning of listed public company : see section 272 ‑ 135. (b) having regard to the matters set out in subsection (4), the Commissioner considers it fair and reasonable to treat the company or trust as holding, at the test time, the whole or part of its fixed entitlement as an individual and for the individual’s own benefit; the company or trust is treated as so holding the whole or the part of its fixed entitlement. Matters for the purposes of paragraph (3)(b) (4) For the purposes of paragraph (3)(b), the matters are: (a) the practicability of identifying any individuals who at the test time have fixed entitlements to a share of the income or capital of the main entity indirectly through the company or trust and for their own benefit; and (b) any change before or after the test time in the individuals who can be identified as having fixed entitlements of the kind mentioned in paragraph (a); and (c) any other matter that the Commissioner considers relevant.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 271 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-35", "Provision_Key": "s272-35", "Heading": "Arrangements to pass fixed entitlement tests", "Text": "(1) If the operation of a provision of this Schedule depends on or is in any way affected by an individual having a fixed entitlement directly or indirectly, and for the individual’s own benefit, to a share of the income or capital of a company, partnership or trust, an individual who would otherwise have that fixed entitlement is taken not to have it for the purposes of the operation of the provision if the condition in subsection (2) is met. (2) The condition is that an arrangement was entered into where: (a) the arrangement in some way (directly or indirectly) related to, affected or depended for its operation on the fixed entitlement or its value; and (b) the purpose, or one of the purposes, of the arrangement was to ensure that, for the purposes of the operation of the provision, the individual would have the fixed entitlement.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-40", "Provision_Key": "s272-40", "Heading": "Continued holding of fixed entitlement where death occurs", "Text": "If, immediately before an individual dies, he or she has a fixed entitlement to a share of the income or capital of a trust, partnership or company directly or indirectly, and for his or her own benefit, the individual is taken to continue to have the entitlement for so long as: (a) it is held by someone as trustee of the individual’s estate; or (b) it is held by someone who received it as a beneficiary of the estate.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-45", "Provision_Key": "s272-45", "Heading": "Trust distribution to beneficiary", "Text": "A trust distributes income or capital of the trust to a person if it: (a) pays or credits the income or capital in the form of money to the person; or (b) transfers the income or capital in the form of property to the person; or (c) reinvests or otherwise deals with the income or capital on behalf of the person or in accordance with the directions of the person; or (d) applies the income or capital for the benefit of the person; in the person’s capacity as a beneficiary of the trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-50", "Provision_Key": "s272-50", "Heading": "Company distribution to shareholder", "Text": "Distribution of income (1) A company distributes income of the company to a person if the company pays a dividend or non ‑ share dividend to the person. Distribution of capital (2) A company distributes capital of the company to a person if: (a) it pays or credits money, or transfers property, of the company to the person, where the amount paid or credited, or the amount or value of the property, is debited against an amount standing to the credit of the share capital account of the company; and (b) the payment, crediting or transfer is not the payment of a dividend. (3) A company distributes capital of the company to a person if the company makes a non ‑ share capital return to the person.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 17 of 1998 | No 63 of 1998 | No 163 of 2001", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 63 of 1998, Sch 7 item 65, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 163 of 2001, Sch 1 item 115 | Sch 1 item 116, effective Sch 1 (items 35–116, 118(1), (2), (6)–(13)): 1 July 2001 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-55", "Provision_Key": "s272-55", "Heading": "Partnership distribution to partner", "Text": "A partnership distributes income or capital of the partnership to a person if it: (a) pays or credits the income or capital in the form of money to the person; or (b) transfers the income or capital in the form of property to the person; or (c) reinvests or otherwise deals with the income or capital on behalf of the person or in accordance with the directions of the person; or (d) applies the income or capital for the benefit of the person; in the person’s capacity as a partner in the partnership.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-60", "Provision_Key": "s272-60", "Heading": "Other distributions of income and capital", "Text": "(1) A company, partnership or trust (an entity ) also distributes income or capital to a person in circumstances not covered by section 272 ‑ 45, 272 ‑ 50 or 272 ‑ 55 if it: (a) pays (including by way of a loan) or credits money of the entity to the person, or reinvests such money for the person; or (b) transfers property of the entity to, or allows use of property of the entity by, the person; or (c) deals with money or property of the entity for or on behalf of the person or as the person directs; or (d) applies money or property of the entity for the benefit of the person; or (e) extinguishes, forgives, releases or waives a debt or other liability owed by the person to the entity. Limit on distributions (2) However, subsection (1) only applies if, and to the extent that: (a) the amount paid, credited, reinvested or applied, the value of the property transferred, or the value of the other thing done; exceeds: (b) the amount or value of any consideration given in return. Character of distributions (3) Each thing that is a distribution because of subsection (1) is a distribution of income unless it is clear that the money or property concerned was capital, or that the debt or liability was attributable to capital, of the entity.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 17, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-63", "Provision_Key": "s272-63", "Heading": "Distribute indirectly", "Text": "A trust distributes income or capital indirectly to an individual if it distributes the income or capital to a company, partnership or trust (the first interposed entity ) interposed between the trust and the individual and: (a) the first interposed entity distributes to the individual an amount or property attributable to the income or capital; or (b) another company, partnership or trust (the final interposed entity ) distributes to the individual an amount or property that is attributable to the income or capital as a result of: (i) the distribution of an amount or property attributable to the income or capital to the final interposed entity by the first interposed entity; or (ii) successive distributions of amounts or property attributable to the income or capital to and by any companies, partnerships or trusts interposed between the first interposed entity and the final interposed entity.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-63"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-65", "Provision_Key": "s272-65", "Heading": "Fixed trust", "Text": "A trust is a fixed trust if persons have fixed entitlements to all of the income and capital of the trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-70", "Provision_Key": "s272-70", "Heading": "Non ‑ fixed trust", "Text": "A trust is a non ‑ fixed trust if it is not a fixed trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 267 | Sch 2F item 272 | Sch 2F item 22 | Sch 2F item 22A, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-75", "Provision_Key": "s272-75", "Heading": "Family trust", "Text": "A trust is a family trust at any time when a family trust election (see subsection 272 ‑ 80(1)) in respect of the trust is in force.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-80", "Provision_Key": "s272-80", "Heading": "Family trust election", "Text": "Nature of election (1) Subject to this section, the trustee of the trust may make an election (the family trust election ) in accordance with this section that the trust is a family trust for the purposes of this Schedule at all times after the beginning of a specified income year. How election made (2) The election must be in writing and in the approved form. Election to specify individual and certain information (3) The election must also specify an individual as the individual whose family group is to be taken into account in relation to the election, and must contain such other information as the Commissioner requires. Trust must pass family control test (4) If the trust does not pass the family control test (see section 272 ‑ 87) at the end of the specified income year, the trustee must not make the election. Earlier year may be the specified year (4A) The specified income year may be a year before the one in which the election is made if: (a) at all times in the period from the beginning of the specified income year until 30 June in the income year before the one during which the election is made, the trust passes the family control test (see section 272 ‑ 87); and (b) either: (i) any conferrals of present entitlement to income or capital of the trust made by the trustee during that period have been made on; or (ii) any distributions of income or capital of the trust made by the trustee during that period have been made to; the individual specified in the election or members of that individual’s family group. Election generally cannot be varied or revoked (5) Subject to subsections (5A), (5B), (5C), (6) and (6A), the election cannot be varied or revoked. Variation cases (5A) The trustee of a trust may, in respect of an income year during the period specified in subsection (6B), vary an election so that a different individual (the new individual ) is specified for the purposes of subsection (3) as the individual whose family group is to be taken into account in relation to the election if: (a) the new individual was a member of the family of the individual originally specified in the election at the election commencement time; and (b) any conferrals of present entitlement to income or capital of: (i) the trust; and (ii) an entity for which an interposed entity election has been made in relation to the trust; during the period in which the election has been in force have been made on the new individual or on persons who would have been members of the new individual’s family group at the time of the conferral; and (c) any distributions of income or capital of: (i) the trust; and (ii) an entity for which an interposed entity election has been made in relation to the trust; during the period in which the election has been in force have been made to the new individual or to persons who would have been members of the new individual’s family group at the time of the distribution. (5B) A variation of an election under subsection (5A) in relation to a trust can only be made once. (5C) The trustee of a trust may vary an election so that a different individual (the new individual ) is specified for the purposes of subsection (3) as the individual whose family group is to be taken into account in relation to the election if: (a) an order; or (b) an agreement; or (c) an award; of a kind mentioned in paragraphs 126 ‑ 5(1)(a) to (f) of the Income Tax Assessment Act 1997 results in the new individual, or a group comprising the new individual and members of the new individual’s family, having control of the trust under subsection (5D). (5D) The new individual, or a group comprising the new individual and members of the new individual’s family, have control of the trust for the purposes of subsection (5C) if any of paragraphs 272 ‑ 87(2)(a) to (g) are satisfied in relation to a group consisting of: (a) the new individual; or (b) the new individual and members of the new individual’s family. Revocation cases (6) The trustee of a fixed trust may revoke the election if: (a) at the beginning of the specified income year: (i) the individual specified in the election; or (ii) one or more members of the individual’s family; or (iii) the trustee of another trust that is a family trust, provided the individual is specified in that trust’s family trust election; or any combination of the above, had the fixed entitlements, directly or indirectly, and for their own benefit, to all of the income and capital of the trust; and (b) at a later time (whether before or after the return is furnished, but while the trust is still a fixed trust), an individual, other than one of a kind mentioned in subparagraph (a)(i), (ii) or (iii), holds a fixed entitlement, directly or indirectly, and for his or her own benefit, to any of the income or capital of the trust. (6A) The trustee of a trust may, in respect of an income year during the period specified in subsection (6B), revoke the election unless: (a) the trust, or another entity, has incurred a tax loss and had its assessable income reduced by part or all of the loss in an income year or years during the period: (i) beginning at the beginning of the income year specified in the election; and (ii) finishing at the end of the income year immediately prior to the income year from which the revocation is to be effective (see subsection (8)); and the trust, or the other entity, could not have had its assessable income so reduced had the election not been in force; or (b) the trust, or another entity, has claimed a deduction for bad debts in an income year or years during the period specified in paragraph (a) and the trust, or the other entity, could not have claimed the deduction had the election not been in force; or (c) a beneficiary of the trust in an income year during the period specified in paragraph (a) received a franked distribution indirectly through the trust and paragraph 207 ‑ 150(1)(a) of the Income Tax Assessment Act 1997 would have applied in relation to the distribution had the election not been in force. Period to vary or revoke the election (6B) The trustee of a trust cannot vary or revoke the election under subsections (5A) or (6A) unless the variation or revocation is in respect of an income year that occurs during the period: (a) beginning at the beginning of the income year specified in the election and finishing at the end of the fourth income year after the income year specified in the election; or (b) beginning at the beginning of the income year in which Schedule 8 to the Tax Laws Amendment (2007 Measures No. 4) Act 2007 commenced and finishing at the end of the subsequent income year. How to vary or revoke the election (7) To revoke an election under subsection (6), the revocation must be made in the trust’s return of income for the income year in which the later time occurs. If the trustee is not required to give a return for the income year, the revocation must: (a) be in writing and in the approved form; and (b) specify the later time; and (c) be given to the Commissioner before the end of: (i) 2 months after the end of the income year in which the later time occurs; or (ii) such later day as the Commissioner allows. (8) To vary or revoke an election under subsection (5A), (5C) or (6A), the variation or revocation must be made in the trust’s return of income for the income year from which the variation or revocation is to be effective. If the trustee is not required to give a return for the income year, the variation or revocation must: (a) be in writing and in the approved form; and (b) specify the income year from which the variation or revocation is to be effective; and (c) be given to the Commissioner on or before: (i) 2 months after the end of that income year; or (ii) such later day as the Commissioner allows. When election is in force (9) The election is in force: (a) if it is not revoked—at all times after the election commencement time (see subsection (10)); or (b) if it is revoked under subsection (6)—at all times from the election commencement time until the later time specified in the revocation; or (c) if it is revoked under subsection (6A)—at all times from the election commencement time until the end of the income year immediately prior to the income year from which the revocation is to be effective (see subsection (8)). Election commencement time (10) The election commencement time is: (a) if the trust does not pass the family control test (see section 272 ‑ 87) at all times in the income year specified—the earliest time from which the trust does pass the family control test for the remainder of that income year; or (b) in any other case—the beginning of the income year specified. Only one election (11) The trustee must not make more than one election under this section in relation to the trust.", "Amendment_Count": 4, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 143 of 2007 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272 | Sch 2F item 22 | Sch 2F item 22A, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 8 item 1 | Sch 8 item 2, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 8 item 2 | Sch 8 item 3 | Sch 8 item 5 | Sch 8 item 6 | Sch 8 item 13, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-85", "Provision_Key": "s272-85", "Heading": "Interposed entity election", "Text": "Nature of election (1) Subject to this section, if the trustee makes a family trust election, a company, the partners in any partnership or the trustee of any other trust may make an election (an interposed entity election ) in accordance with this section that the company, partnership or trust is to be included, at all times after a specified day in a specified income year, in the family group of the individual specified in the family trust election. How election made (2) The election must be in writing and in the approved form. Election to contain information (3) The election must contain such information as the Commissioner requires. Family control test must be passed (4) The company, partnership or trust must pass the family control test (see section 272 ‑ 87) at the end of the income year. Earlier year may be the specified year (4A) The specified income year may be a year before the one in which the election is made if: (a) at all times in the period from the beginning of the specified income year until 30 June in the income year before the one during which the election is made, the company, partnership or trust passes the family control test (see section 272 ‑ 87); and (b) either: (i) any conferrals of present entitlement to income or capital of the trust made by the trustee during that period have been made on; or (ii) any distributions of income or capital of the trust made by the trustee during that period have been made to; the individual specified in the family trust election or members of that individual’s family group. Election generally cannot be revoked (5) Subject to subsections (5A) and (5B), the election cannot be revoked. Revocation cases (5A) A company, the partners in any partnership or the trustee of a trust may, in respect of an income year during the period specified in subsection (5C), revoke the election if at the election commencement time, or at a later time, the entity was, or becomes, a member of the family group (within the meaning of subsection 272 ‑ 90(3A) or (5)) of the individual specified in the family trust election. (5B) The election is taken to be revoked if the family trust election to which it relates is revoked. Period to revoke the election (5C) A company, the partners in any partnership or the trustee of a trust cannot revoke an election under subsection (5A) unless the revocation is in respect of an income year that occurs during the period: (a) beginning at the later of: (i) the beginning of the income year specified in the election; and (ii) the beginning of the income year in which the entity became a member of the family group; and finishing at the end of the fourth income year after the income year referred to in subparagraph (i) or (ii); or (b) beginning at the beginning of the income year in which Schedule 8 to the Tax Laws Amendment (2007 Measures No. 4) Act 2007 commenced and finishing at the end of the subsequent income year. How revocation is made (6) A revocation must be made in the entity’s return of income for the income year from which the revocation is to be effective. If the entity is not required to give a return for the income year, the revocation must: (a) be in writing and in the approved form; and (b) specify the income year from which the revocation is to be effective; and (c) be given to the Commissioner on or before: (i) 2 months after the end of that income year; or (ii) such later day as the Commissioner allows. When election is in force (6A) The election is in force: (a) if it is not revoked—at all times after the election commencement time (see subsection (6B)); or (b) if it is revoked under subsection (5A)—at all times from the election commencement time to the end of the income year immediately prior to the income year from which the revocation is to be effective (see subsection (6)); or (c) if the family trust election to which it relates is revoked under subsection 272 ‑ 80(6)—at all times from the election commencement time until the later time specified in that revocation; or (d) if the family trust election to which it relates is revoked under subsection 272 ‑ 80(6A)—at all times from the election commencement time to the end of the income year immediately prior to the income year from which the family trust revocation is to be effective (see subsection 272 ‑ 80(8)). Election commencement time (6B) The election commencement time is: (a) if the company, partnership or trust does not pass the family control test at all times in the specified income year—the later of: (i) the beginning of the specified day; and (ii) the earliest time from which the company, partnership or trust does pass the family control test for the remainder of the specified income year; or (b) in any other case—the beginning of the specified day. Restriction on multiple elections (7) The company, partners or trustee must not make an election under this section that the company, partnership or trust is to be included in the family group of the individual specified in the family trust election in respect of more than one trust, unless the individual specified in each of the family trust elections is the same. (8) For the purposes of subsection (7) disregard an election that has been revoked under subsection (5A) or (5B).", "Amendment_Count": 4, "First_Amended": "No 17 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 17 of 1998 | No 41 of 2005 | No 143 of 2007 | No 124 of 2013", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272 | Sch 2F item 23 | Sch 2F item 23A, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 41 of 2005, Sch 8 item 3 | Sch 8 item 4, effective s 4, Sch 3 (items 1–16, 22), Sch 6 (items 1, 6–11), Sch 8, Sch 9 (items 3–13), Sch 10 (items 19–35, 270) and Sch 11 (items 1–3, 5): 1 Apr 2005 (s 2(1) items 1, 2, 4, 5, 23, 24) Sch 9 (items 1, 2): 29 June 2004 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 4 item 13 | Sch 8 item 5 | Sch 8 item 7, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 124 of 2013, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-87", "Provision_Key": "s272-87", "Heading": "Passing the family control test", "Text": "Trusts (1) A trust in respect of which a family trust election or an interposed entity election is proposed to be made passes the family control test if: (a) the requirement in any of the paragraphs of subsection (2) is satisfied in relation to a group consisting of: (i) the individual (the primary individual ) who is to be specified in the family trust election or, in the case of an interposed entity election, who is specified in the family trust election to which the interposed entity election will relate; or (ii) one or more members of the primary individual’s family (see section 272 ‑ 95); or (iii) the primary individual and one or more members of the primary individual’s family; or (b) the requirement in any of paragraphs (a) to (e) of subsection (2) is satisfied in relation to a group consisting of a person or persons covered by subparagraph (a)(i), (ii) or (iii) of this subsection and one or more legal or financial advisers to the primary individual or to a member of the primary individual’s family; or (c) the requirement in paragraph (f) of subsection (2) is satisfied in relation to a group consisting of: (i) the trustees of one or more family trusts, provided the primary individual is specified in the family trust election of each of those family trusts; or (ii) such trustees and a person or persons covered by subparagraph (a)(i), (ii) or (iii). Requirement for purposes of subsection (1) (2) The requirement for the purposes of subsection (1) is that: (a) the group has the power, by means of the exercise of a power of appointment or revocation or otherwise, to obtain beneficial enjoyment (directly or indirectly) of the capital or income of the trust; or (b) the group is able (directly or indirectly) to control the application of the capital or income of the trust; or (c) the group is capable, under a scheme, of gaining the beneficial enjoyment in paragraph (a) or the control in paragraph (b); or (d) the trustee of the trust is accustomed, under an obligation or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the group; or (e) the group is able to remove or appoint the trustee of the trust; or (f) the group has more than a 50% stake in the income or capital of the trust; or (g) persons in the group are the only persons who, under the terms of the trust, can obtain the beneficial enjoyment of the income and capital of the trust. Companies and partnerships (3) A company or partnership in respect of which an interposed entity election is proposed to be made passes the family control test if a group consisting of: (a) the individual who is specified in the family trust election mentioned in subsection 272 ‑ 85(1) in relation to the interposed entity election; or (b) one or more members of the individual’s family (see section 272 ‑ 95); or (c) the trustees of one or more family trusts, provided the individual is specified in the family trust election of each of those family trusts; or (d) any persons covered by any combination of the above paragraphs; have (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the income or a greater than 50% share of the capital of the company or partnership.", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 17 of 1998 | No 93 of 1999 | No 21 of 2015", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272 | Sch 2F item 22 | Sch 2F item 22A | Sch 2F item 23 | Sch 2F item 23A, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 93 of 1999, Sch 4 item 24, effective s 4, Sch 1 (items 1–35, 39–48), Sch 2, Sch 3 (items 26–33), Sch 4 (items 1–23, 25), Sch 5 and 7: 16 July 1999 (s 2(1)) Sch 4 (item 24): 16 Apr 1998 (s 2(2)) | Amended by No 21 of 2015, Sch 7 item 12, effective Sch 2 (items 36, 44–46): 1 May 2015 (s 2(1) item 3) Sch 6 (items 3–15, 73): 19 Mar 2015 (s 2(1) item 7) Sch 6 (items 38–50, 74–79): never commenced (s 2(1) item 12) Sch 7 (items 9–12): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-87"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-90", "Provision_Key": "s272-90", "Heading": "Family group", "Text": "(1) This section states whether a person is a member of the family group of the individual (the primary individual ) specified in the family trust election in relation to a conferral of a present entitlement to, or a distribution of, income or capital of a company, partnership or trust, upon or to the person. Family member (2) A member of the primary individual’s family (see section 272 ‑ 95) is a member of the primary individual’s family group in relation to the conferral or distribution. Certain former family members (2A) The following persons are members of the primary individual’s family group in relation to the conferral or distribution: (a) a person who was a spouse of either the primary individual or of a member of the primary individual’s family before a breakdown in the marriage or relationship; and (b) a person: (i) who was the spouse of either the primary individual or of a member of the primary individual’s family immediately before the death of the primary individual or member of the primary individual’s family; and (ii) who is now the spouse of a person who is not a member of the primary individual’s family; and (c) a person who was a child of the spouse of either the primary individual or of a member of the primary individual’s family before a breakdown in the marriage or relationship of the primary individual or the member of the primary individual’s family. Note: The fact that a person is a member of the family group of an individual under this subsection does not mean that the person is a member of the individual’s family under section 272 ‑ 95. Trust covered by family trust election (3) The trust in respect of which the family trust election was made is a member of the primary individual’s family group in relation to the conferral or distribution. Trust with same primary individual (3A) A trust with the same primary individual specified in its family trust election is a member of the primary individual’s family group in relation to the conferral or distribution. Entity covered by interposed entity election (4) A company, partnership or trust is a member of the primary individual’s family group in relation to the conferral or distribution if: (a) the company, partners or trustee has made an interposed entity election to that effect; and (b) the election is in force when the conferral takes place or the distribution is made. Entity owned by family (5) A company, partnership or trust is a member of the primary individual’s family group in relation to the conferral or distribution if, when the conferral takes place or the distribution is made: (a) the primary individual; or (b) one or more members of the primary individual’s family; or (c) the trustees of one or more family trusts, provided the primary individual is specified in the family trust election of each of those family trusts; or any combination of the above, have fixed entitlements directly or indirectly, and for their own benefit, to all of the income and capital of the company, partnership or trust. Funds (6) A fund, authority or institution in Australia that is mentioned in item 1 or 2 of the table in section 30 ‑ 15 of the Income Tax Assessment Act 1997 is a member of the primary individual’s family group in relation to the conferral or distribution if, assuming that a deduction were allowable under Division 30 of that Act in respect of the conferral or distribution, section 78A of this Act would not prevent any of the deduction being allowable. Certain tax exempt bodies (7) An institution, hospital, trustee, society, association, club, or fund, all of whose income is exempt under: (a) section 50 ‑ 5 or 50 ‑ 10 of the Income Tax Assessment Act 1997 ; or (b) item 6.1 or 6.2 of the table in section 50 ‑ 30, or item 9.1 or 9.2 of the table in section 50 ‑ 45, of the Income Tax Assessment Act 1997 ; is a member of the primary individual’s family group in relation to the conferral or distribution if, assuming that a deduction were allowable under Division 30 of that Act in respect of the conferral or distribution, section 78A of this Act would not prevent any of the deduction being allowable. Institutions etc. where no living beneficiaries (8) Either: (a) an institution all of whose income is exempt under item 1.1, 1.3 or 1.4 of the table in section 50 ‑ 5 of the Income Tax Assessment Act 1997 ; or (b) a fund, authority or institution in Australia that is mentioned in item 1 or 2 of the table in section 30 ‑ 15 of the Income Tax Assessment Act 1997 ; is a member of the primary individual’s family group in relation to the conferral or distribution if, when the conferral takes place or the distribution is made, all of the beneficiaries of the trust, in respect of which the family trust election was made, who were individuals have died. Estate of deceased family (9) If the primary individual and all of the members of his or her family are dead when the conferral takes place or the distribution is made, the estates of the individual and of the members are members of the primary individual’s family group in relation to the conferral or distribution.", "Amendment_Count": 10, "First_Amended": "No 17 of 1998", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 17 of 1998 | No 63 of 1998 | No 101 of 2004 | No 63 of 2005 | No 101 of 2006 | No 143 of 2007 | No 144 of 2008 | No 169 of 2012 | No 96 of 2013 | No 23 of 2018", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 63 of 1998, Sch 7 item 66, effective Sch 1–4 and Sch 5 (items 1–22, 25–53, 58–67): 1 July 1998 (s 2(1) and gaz 1998, No S325) Sch 5 (items 23, 24, 54–57): 1 July 1998 (s 2(2)) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16) | Amended by No 63 of 2005, Sch 1 item 4, effective Sch 1 (items 1–4, 23), Sch 2 and Sch 5: 26 June 2005 (s 2(1) items 2, 4) | Amended by No 101 of 2006, Sch 2 item 544 | Sch 2 item 545, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 4 item 13 | Sch 8 item 6 | Sch 8 item 8 | Sch 8 item 9 | Sch 8 item 272, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 144 of 2008, Sch 14 item 51 | Sch 14 item 52 | Sch 14 item 53 | Sch 14 item 54, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 169 of 2012, Sch 2 item 27, effective Sch 2 (items 1–3, 26, 27): 3 Dec 2012 (s 2(1) item 3) | Amended by No 96 of 2013, Sch 1 item 22, effective Sch 1 (items 19–22): 1 Jan 2014 (s 2(1) item 2) | Amended by No 23 of 2018, Sch 1 item 11, effective Sch 1 (items 10, 11, 19, 57–59): 1 Apr 2018 (s 2(1) items 3, 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-95", "Provision_Key": "s272-95", "Heading": "Family", "Text": "(1) The family of an individual (the test individual ) consists of the test individual and all of the following (if applicable): (a) any parent, grandparent, brother or sister of the test individual or the test individual’s spouse; (b) any nephew, niece or child of the test individual or the test individual’s spouse; (c) any lineal descendant of a nephew, niece or child referred to in paragraph (b); (d) the spouse of the test individual or of anyone who is a member of the test individual’s family because of paragraphs (a), (b) and (c). Note 1: Child , parent and spouse are defined in subsection 6(1). Note 2: Section 960 ‑ 255 may be relevant to determining relationships for the purposes of paragraph (1)(a). (2) A person does not cease to be a family member merely because of the death of any other family member. (3) In this section, an adopted child, step ‑ child or ex ‑ nuptial child of a person is taken to be a lineal descendant of that person for the purposes of determining the lineal descendants of that person or any other person. Note: A person who is no longer a member of an individual’s family under this section may still be a member of the individual’s family group under subsection 272 ‑ 90(2A).", "Amendment_Count": 3, "First_Amended": "No 17 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 17 of 1998 | No 143 of 2007 | No 144 of 2008", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269 | Sch 2F item 272 | Sch 2F item 14 | Sch 2F item 15 | Sch 2F item 19 | Sch 2F item 26, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Repealed and substituted by No 143 of 2007, Sch 8 item 8 | Sch 8 item 10, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 144 of 2008, Sch 14 item 55, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-100", "Provision_Key": "s272-100", "Heading": "Excepted trust", "Text": "A trust is an excepted trust at a particular time if: (a) it is a family trust at the particular time; or (b) it is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust in relation to the income year in which the particular time occurs; or (c) it is the trust of a deceased estate, where the particular time occurs during the period from the death of the individual until the end of the year of income in which the 5th anniversary of the death occurs; or (d) at the particular time it is a fixed trust that is a unit trust, and exempt entities have fixed entitlements, directly or indirectly, and for their own benefit, to all of the income and capital of the trust; or (f) it is a designated infrastructure project entity at the particular time.", "Amendment_Count": 5, "First_Amended": "No 17 of 1998", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 17 of 1998 | No 78 of 2007 | No 45 of 2008 | No 124 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 267 | Sch 2F item 270 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 78 of 2007, Sch 7 item 1, effective s 4, Sch 3 (items 1–20), Sch 7 (items 1, 15) and Sch 8 (items 86–95): 21 June 2007 (s 2(1) items 1–3, 5, 6) | Amended by No 45 of 2008, Sch 1 item 7, effective Sch 1 (items 2–7), Sch 4 (items 1–7) and Sch 7 (items 1–5): 26 June 2008 (s 2) | Amended by No 124 of 2013, Sch 2 item 1, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22) | Amended by No 70 of 2015, Sch 1 item 64, effective Sch 1 (items 47–64, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 2 (items 1–16, 18–23, 38), Sch 3 and Sch 7 (items 2, 3, 11): 25 June 2015 (s 2(1) items 7, 20)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-100"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-105", "Provision_Key": "s272-105", "Heading": "Widely held unit trust", "Text": "Basic meaning (1) A trust is a widely held unit trust if: (a) it is a fixed trust that is a unit trust; and (b) it is not closely held (see subsection (2)). A trust is also a widely held unit trust if it is an AMIT (including an AMIT arising from the operation of section 276 ‑ 20 (Trust with classes of interests—each class treated as separate AMIT)). Closely held—income test (2) A trust is closely held if: (a) an individual has, or up to 20 individuals have between them; or (b) no individual has, or no individuals have between them; directly or indirectly and for their own benefit, fixed entitlements to a 75% or greater share of the income of the trust. Closely held—capital test (2A) A trust is also closely held if: (a) an individual has, or up to 20 individuals have between them; or (b) no individual has, or no individuals have between them; directly or indirectly and for their own benefit, fixed entitlements to a 75% or greater share of the capital of the trust. Single individual (3) For the purposes of subsection (2) or (2A), all of the following are taken to be a single individual: (a) an individual, whether or not the individual holds units in the unit trust; and (b) the individual’s relatives; and (c) in relation to any units in respect of which other individuals are nominees of the individual or of the individual’s relatives—those other individuals. Exception (4) A unit trust is not a widely held unit trust if, because of: (a) any provision in the trust instrument, or in any contract, agreement or instrument: (i) authorising the variation or abrogation of rights attaching to any of the units; or (ii) relating to the conversion, cancellation, extinguishment or redemption of any of the units; or (b) any contract, agreement, arrangement, option or instrument under which a person has power to acquire any of the units; or (c) any power, authority or discretion in a person in relation to the rights attaching to any of the units; it is reasonable to conclude that the rights attaching to any of the units are capable of being varied or abrogated in such a way (even if they are not in fact varied or abrogated in that way) that directly or indirectly the requirement in paragraph (1)(b) would not be satisfied.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 17 of 1998 | No 53 of 2016", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 53 of 2016, Sch 6 item 20, effective Sch 3 (item 1), Sch 5 (items 1, 3, 6–28, 75), Sch 6 (items 1–20) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-105"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-110", "Provision_Key": "s272-110", "Heading": "Unlisted widely held trust", "Text": "Subject to Subdivision 272 ‑ J, a unit trust is an unlisted widely held trust if it is a widely held unit trust whose units are not listed for quotation in the official list of an approved stock exchange.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-110"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-115", "Provision_Key": "s272-115", "Heading": "Listed widely held trust", "Text": "A unit trust is a listed widely held trust if it is a widely held unit trust whose units are listed for quotation in the official list of an approved stock exchange.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-115"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-120", "Provision_Key": "s272-120", "Heading": "Unlisted very widely held trust", "Text": "(1) Subject to Subdivision 272 ‑ J, a unit trust is an unlisted very widely held trust if: (a) it is an unlisted widely held trust; and (b) it has at least 1,000 unit holders; and (c) all of its units carry the same rights; and (d) if its units are redeemable, they are redeemable for a price determined on the basis of its net asset value, according to Australian accounting principles; and (e) it engages only in qualifying activities (see subsection (2)). Qualifying activity (2) A qualifying activity is an activity that: (a) is an investment or business activity; and (b) is conducted in accordance with the trust instrument or deed, and any prospectus, of the trust; and (c) is conducted at arm’s length. Extended status (3) If: (a) at a particular time (the first qualifying time ), a trust for the first time becomes an unlisted very widely held trust; and (b) at a time (the first unit issue time ) that is not more than 2 years earlier, units in the trust were first issued; and (c) at no time during the period (the start ‑ up period ) between the first unit issue time and the first qualifying time was there any abnormal trading, of a kind covered by subsection 269 ‑ 15(1) or section 269 ‑ 20, in the trust’s units; and (d) at all times in the part (if any) of the start ‑ up period that occurred more than 90 days after it began, the trust was a widely held unit trust; the trust is taken to have been an unlisted very widely held trust at all times from the formation of the trust until the end of the start ‑ up period.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-120"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-125", "Provision_Key": "s272-125", "Heading": "Wholesale widely held trust", "Text": "(1) Subject to Subdivision 272 ‑ J, a unit trust is a wholesale widely held trust at a particular time (the test time ) if: (a) it is an unlisted widely held trust at the test time; and (b) it is not an unlisted very widely held trust at the test time; and (c) at least 75% of its units are held at the test time by one or more qualifying holders (see subsection (2)); and (d) at the test time, all of its units carry the same rights; and (e) if at the test time its units are redeemable, they are redeemable for a price determined on the basis of its net asset value, according to Australian accounting principles; and (f) the amount subscribed for units in the trust by each person to whom units have been issued was at least $500,000; and (g) at the test time, the unit trust engages only in qualifying activities (see subsection (3)). Qualifying holder (2) Each of the following is a qualifying holder : (a) a listed widely held trust; (b) an unlisted very widely held trust; (c) a life assurance company; (e) a fund that is a complying approved deposit fund in relation to the year of income in which the test time occurs; (f) a fund that is a complying superannuation fund in relation to the year of income in which the test time occurs; (g) a trust that is a pooled superannuation trust in relation to the year of income in which the test time occurs. Qualifying activity (3) A qualifying activity is an activity that: (a) is an investment or business activity; and (b) is conducted in accordance with the trust instrument or deed, and any prospectus, of the trust; and (c) is conducted at arm’s length.", "Amendment_Count": 2, "First_Amended": "No 17 of 1998", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 17 of 1998 | No 101 of 2004", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 266 | Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 101 of 2004, effective s 4, Sch 1 (items 1, 4), Sch 8, Sch 10 (items 1–6) and Sch 11 (items 161, 162): 30 June 2004 (s 2(1) items 1, 2, 9, 10, 18) Sch 11 (items 1, 2): 16 July 1999 (s 2(1) item 11) Sch 11 (items 17–34, 38–43): 30 June 2000 (s 2(1) item 13) Sch 11 (items 44–46, 49–51, 60–87, 101–127): 1 July 2000 (s 2(1) item 14) Sch 11 (items 131–140): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-125"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-127", "Provision_Key": "s272-127", "Heading": "Kind of trust can be affected by ownership by higher level trust", "Text": "(1) If: (a) apart from this Subdivision, a trust is an unlisted widely held trust, an unlisted very widely held trust or a wholesale widely held trust; and (b) each of one or more trusts of a higher level (see subsection (3)) has, directly or indirectly, fixed entitlements to all of the income and capital of the trust; the trust is instead a trust of the same kind (see subsection (2)) as the trust of the highest level. (2) For the purposes of this Subdivision, trusts are of the following kinds: (a) unlisted widely held trust; (b) unlisted very widely held trust; (c) wholesale widely held trust; (d) listed widely held trust. (3) The kinds of trust are allocated levels in the following order (from lowest to highest): unlisted widely held trust, unlisted very widely held trust, wholesale widely held trust and listed widely held trust.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-127"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-130", "Provision_Key": "s272-130", "Heading": "Trusts beginning or ceasing to exist", "Text": "If: (a) under any provision of this Schedule, a trust is required to meet a condition at one or more times or at all times during a period; and (b) the trust does not exist during a part of the period; the period does not include that part.", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-130"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-135", "Provision_Key": "s272-135", "Heading": "Listed public company", "Text": "Basic meaning (1) A listed public company is a company whose shares (except those that carry a right to a fixed rate of dividend) are listed for quotation in the official list of an approved stock exchange. Exceptions (2) However, a company is not a listed public company if: (a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed companies, partnerships or trusts); or (b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or indirectly through one or more interposed companies, partnerships or trusts) 75% or more of any dividends that the company may pay; or (c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or indirectly through one or more interposed companies, partnerships or trusts) 75% or more of any distribution of capital of the company. Meaning of right to receive dividends or distribution of capital indirectly (3) For the purposes of subsection (2), persons have the right to receive dividends or a distribution of capital of a company indirectly for their own benefit if they would receive the dividends or capital for their own benefit if: (a) the company were to pay the dividends or distribute the capital; and (b) the dividends or capital were then successively paid or distributed by each company, partnership or trust interposed between the company and those persons. Meaning of distribute (4) Section 272 ‑ 50 is disregarded in determining the meaning of distribute in paragraphs (3)(a) and (b).", "Amendment_Count": 1, "First_Amended": "No 17 of 1998", "Last_Amended": "No 17 of 1998", "Amending_Acts": "No 17 of 1998", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 272, effective s 4 and Sch 1: 16 Apr 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-135"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 272-140", "Provision_Key": "s272-140", "Heading": "Definitions", "Text": "(1) In this Schedule: abnormal trading has the meaning given by Subdivision 269 ‑ B. arrangement means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings. associate has the same meaning as in section 318. benefit , in Division 270, has the meaning given by section 270 ‑ 20. breakdown in the marriage or relationship of an individual: this occurs if the individual is living with another individual on a genuine domestic basis in a relationship as a couple (whether the individuals are the same sex or different sexes and whether legally married or not) and ceases to do so. complying approved deposit fund means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 . complying superannuation fund means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 . control a non ‑ fixed trust has the meaning given by Subdivision 269 ‑ E. designated infrastructure project entity has the meaning given by the Income Tax Assessment Act 1997 . directly or indirectly has a meaning affected by sections 272 ‑ 25 and 272 ‑ 30. distribute income or capital has a meaning affected by sections 272 ‑ 45, 272 ‑ 50, 272 ‑ 55 and 272 ‑ 60. excepted trust has the meaning given by section 272 ‑ 100. family has the meaning given by section 272 ‑ 95. family group has the meaning given by section 272 ‑ 90. family trust has the meaning given by section 272 ‑ 75. family trust distribution tax has the meaning given by section 271 ‑ 10. family trust election has the meaning given by section 272 ‑ 80. fixed entitlement has the meaning given by Subdivision 272 ‑ A. fixed trust has the meaning given by section 272 ‑ 65. government body means: (a) the Commonwealth, a State or a Territory; or (b) a municipal corporation or other local governing body; or (c) a foreign state. group has the meaning given by subsection 269 ‑ 95(5). income year includes a year of income. indirectly has a meaning affected by sections 272 ‑ 20 and 272 ‑ 63. interposed entity election has the meaning given by section 272 ‑ 85. listed public company has the meaning given by section 272 ‑ 135. listed widely held trust has the meaning given by section 272 ‑ 115. loss year means the income year in which a tax loss was incurred. member of a company includes a shareholder, stockholder or holder of a life insurance policy of the company. more than a 50% stake has the meaning given by section 269 ‑ 50. mutual affiliate company has the meaning given by section 121AC. mutual insurance company has the meaning given by section 121AB. non ‑ fixed trust has the meaning given by section 272 ‑ 70. pass the 50% stake test has the meaning given by section 269 ‑ 55. pass the business continuity test has the meaning given by Subdivision 269 ‑ F. pass the family control test has the meaning given by section 272 ‑ 87. pass the pattern of distributions test has the meaning given by section 269 ‑ 60. pooled superannuation trust means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry (Supervision) Act 1993 . scheme has the same meaning as in subsection 177A(1). special company means: (a) a mutual affiliate company; or (b) a mutual insurance company; or (c) a company whose constituent document prevents it from distributing both income and capital (within the meaning of section 272 ‑ 50) to any member of the company; or (d) a credit union, within the meaning of section 3 of the Financial Institutions Codes (as defined in section 111AZC of the Corporations Act 2001 ), whose constituent documents prevent it from paying dividends to its members; or (e) a company that is prescribed by the regulations. specified individual in relation to a family trust election has the meaning given by subsection (2). tax loss means: (a) a loss within the meaning of former section 79E, 80 or 80AA; or (b) a film loss within the meaning of former section 79F or 80AAA; or (c) a tax loss worked out under section 36 ‑ 10 of the Income Tax Assessment Act 1997 (including such a tax loss as increased under section 415 ‑ 15 of that Act). trading in units in a unit trust has the meaning given by section 269 ‑ 10. unlisted very widely held trust has the meaning given by section 272 ‑ 120. unlisted widely held trust has the meaning given by section 272 ‑ 110. wholesale widely held trust has the meaning given by section 272 ‑ 125. widely held unit trust has the meaning given by section 272 ‑ 105. (2) A reference in this Schedule to a person specified in a family trust election is a reference to: (a) if the family trust election has not been varied—the person specified for the purposes of subsection 272 ‑ 80(3); or (b) if the family trust election has been varied—the person most recently specified under subsection 272 ‑ 80(5A) or (5C).", "Amendment_Count": 9, "First_Amended": "No 17 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 17 of 1998 | No 55 of 2001 | No 101 of 2006 | No 143 of 2007 | No 164 of 2007 | No 144 of 2008 | No 114 of 2010 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 17 of 1998, Sch 2F item 269 | Sch 2F item 272 | Sch 2F item 9, effective s 4 and Sch 1: 16 Apr 1998 (s 2) | Amended by No 55 of 2001, Sch 3 item 263, effective s 4–14 and Sch 3 (items 220–263): 15 July 2001 (s 2(1), (3)) | Amended by No 101 of 2006, Sch 2 item 546, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 143 of 2007, Sch 8 item 11 | Sch 8 item 12 | Sch 8 item 13, effective Sch 1 (items 2, 3, 18–127, 222, 223, 224(1), (2), 225, 226), Sch 4 (items 1–46, 51, 52), Sch 7 (items 9–17, 104(2)) and Sch 8: 24 Sept 2007 (s 2(1) items 2, 4, 11, 12) | Amended by No 164 of 2007, Sch 10 item 56, effective s 4, Sch 1 (items 27–35, 71), Sch 8 (items 1–5, 13(1)), Sch 10 (items 2–6) and Sch 11 (items 1–48, 78–80): 25 Sept 2007 (s 2(1) items 1, 2, 5, 8) Sch 10 (items 26–56): 1 July 2010 (s 2(1) item 6) Sch 12 (items 66–71): 27 Sept 2007 (s 2(1) item 9) | Amended by No 144 of 2008, Sch 14 item 56 | Sch 14 item 57, effective Sch 14 (items 7–58): 10 Dec 2008 (s 2(1) item 36) | Amended by No 114 of 2010, Sch 1 item 38, effective Sch 1 (items 1–39, 93–96): 14 July 2010 (s 2(1) items 2, 4) Sch 1 (items 88–92): 14 Sept 2006 (s 2(1) item 3) | Amended by No 124 of 2013, Sch 2 item 19 | Sch 2 item 20, effective Sch 2 (items 1, 7–20): 11 July 2013 (s 2(1) item 3) Sch 2 (items 49–65): 29 June 2013 (s 2(1) item 4) Sch 11 (items 33, 34, 56(1)): 30 June 2013 (s 2(1) item 22) | Amended by No 7 of 2019, Sch 1 item 31 | Sch 1 item 32, effective Sch 1 (items 14–32, 164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s272-140"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-1", "Provision_Key": "s326-1", "Heading": "What this Division is about", "Text": "This Division sets out the taxation consequences of the demutualisation of mutual entities other than insurance companies and health insurers.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 103 of 1999 | No 97 of 2008", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 97 of 2008, Sch 1 item 1, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-1"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-5", "Provision_Key": "s326-5", "Heading": "Application", "Text": "(1) This Division applies to the demutualisation of a mutual entity referred to in section 326 ‑ 10 if, and only if: (a) where the demutualisation resolution day was 14 March 2002 or was or is a later day—the members of the entity have passed a resolution, in accordance with the entity’s constitution, that this Division is to apply to the demutualisation; and (b) the entity was a resident immediately before the demutualisation resolution day; and (c) the demutualisation has been or is implemented as mentioned in section 326 ‑ 40; and (d) the continuity of beneficial interest test in section 326 ‑ 60 is satisfied in relation to the demutualisation; and (e) the demutualisation of the entity was or is completed on or after 12 May 1998. (2) For the purposes of paragraph (1)(e), the demutualisation of an entity is taken to have been or to be completed: (a) if the demutualisation is implemented in accordance with the direct method or the distributing trust method of demutualisation—on the day on which all the shares in the company that the entity became or becomes that were or are to be issued in connection with the demutualisation have been issued; or (b) if the demutualisation is implemented in accordance with the holding company method of demutualisation—on the day on which all the shares in the holding company that were or are to be issued in connection with the demutualisation have been issued; or (c) if the demutualisation is implemented in accordance with the combined direct and holding company method of demutualisation—on the later of the following days: (i) the day on which all the shares in the company that the entity became or becomes that were or are to be issued in connection with the demutualisation have been issued; (ii) the day on which all the shares in the holding company that were or are to be issued in connection with the demutualisation have been issued. (3) If this Division applies to the demutualisation of a mutual entity as mentioned in subsection (1), Subdivisions 326 ‑ C to 326 ‑ N provide for modifications of this Act and the Income Tax Assessment Act 1997 as those Acts have effect in respect of the entity. (4) For the purposes of this Division, the giving of consideration (other than the payment of an amount) for the acquisition of shares or an interest in shares is taken to constitute the payment of an amount equal to the value of the consideration.", "Amendment_Count": 3, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 57 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 1 | Sch 10 item 2, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 101 of 2006, Sch 1 item 199, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-5"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-10", "Provision_Key": "s326-10", "Heading": "Mutual entity and demutualisation", "Text": "(1) An entity is a mutual entity if, and only if, immediately before the demutualisation resolution day, it is a body corporate that: (a) is not an insurance company within the meaning of subsection 121AB(2); and (b) is not a mutual affiliate company within the meaning of section 121AC; and (ba) is not an entity to which item 6.3 of the table in section 50 ‑ 30 of the Income Tax Assessment Act 1997 (about private health insurers) applies; and (bb) is not an entity in relation to whose demutualisation Division 316 (Demutualisation of friendly society health or life insurers) of that Act applies; and (c) is not carried on for the object of securing a profit or pecuniary gain for its members; and (d) does not have capital divided into shares held by its members; and (e) does not hold property in which any of its members has a disposable interest (whether directly or indirectly) except in the event of the winding up of the entity. (1A) If the entity is a mutual entity (within the meaning of the Corporations Act 2001 ), then, for the purposes of subsection (1), disregard the following: (a) any MCIs (within the meaning of that Act) issued by the entity; (b) any dividends or profits paid or payable in respect of such MCIs; (c) any members of the entity who are members by virtue of holding such MCIs. (2) A mutual entity that has passed a demutualisation resolution is called a demutualising entity . (3) A mutual entity is demutualised if it ceases to be a mutual entity otherwise than by ceasing to be a body corporate. Such an entity is called a demutualised entity . (4) A reference to a demutualising entity includes a reference to a demutualised entity.", "Amendment_Count": 4, "First_Amended": "No 103 of 1999", "Last_Amended": "No 37 of 2019", "Amending_Acts": "No 103 of 1999 | No 97 of 2008 | No 88 of 2009 | No 37 of 2019", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2) | Amended by No 97 of 2008, Sch 1 item 2, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3) | Amended by No 88 of 2009, Sch 3 item 3, effective s 4, Sch 1, Sch 3 (items 2–4), Sch 4 (items 1, 5) and Sch 5 (items 21–112, 306–318): 18 Sept 2009 (s 2(1) items 1, 2, 6, 7, 10) Sch 2 (items 2, 3): 1 Oct 2009 (s 2(1) item 3) | Amended by No 37 of 2019, Sch 2 item 16, effective Sch 2 (items 13–16): 6 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-10"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-15", "Provision_Key": "s326-15", "Heading": "Provisions relating to listing on a stock exchange", "Text": "(1) A share is listed if it is listed for quotation in the official list of ASX Limited. (2) The expression “listed public company” has the same meaning as in the Income Tax Assessment Act 1997 . (3) A listing resolution , in relation to the demutualisation of a mutual entity, is a resolution passed by the members of the entity requiring the entity, or a holding company of the entity, to become a listed public company. (4) The day on which demutualisation shares are first listed is the demutualisation listing day .", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 103 of 1999 | No 97 of 2008", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 97 of 2008, Sch 3 item 40, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-15"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-20", "Provision_Key": "s326-20", "Heading": "Demutualisation resolutions etc.", "Text": "(1) The demutualisation resolution , in relation to the demutualisation of a mutual entity, is a resolution passed by the members of the entity to proceed with the demutualisation of the entity. (2) The demutualisation resolution day , in relation to the demutualisation of a mutual entity, is the day on which the demutualisation resolution was or is passed. (3) The limitation period , in relation to the demutualisation of a mutual entity, is the period of 2 years beginning on the demutualisation resolution day or such further period as the Commissioner allows.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-20"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-25", "Provision_Key": "s326-25", "Heading": "Demutualisation shares", "Text": "The demutualisation shares , in relation to a demutualised entity, are: (a) the ordinary shares in the entity that are issued as mentioned in paragraphs 326 ‑ 45(1)(c) and (d); and (b) the ordinary shares in the holding company that are issued as mentioned in paragraphs 326 ‑ 50(1)(d) and (e); and (ba) the ordinary shares in the entity that are issued as mentioned in paragraphs 326 ‑ 52(1)(c) and (e); and (bb) the ordinary shares in the holding company that are issued as mentioned in paragraphs 326 ‑ 52(1)(f) and (g); and (c) the ordinary shares in the entity that are issued as mentioned in paragraphs 326 ‑ 55(1)(f) and (g); and (d) the special shares in the entity that are issued as mentioned in paragraph 326 ‑ 55(1)(c).", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 3, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-25"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-30", "Provision_Key": "s326-30", "Heading": "Existing members and new members", "Text": "(1) An existing member of a mutual entity that demutualises is: (a) a person who was a member of the entity on the earlier of the following days: (i) the demutualisation resolution day; (ii) the share allocation cut ‑ off day; or (b) a person who became entitled to an allocation of demutualisation shares because of the death of a person referred to in paragraph (a). (2) If the members of a mutual entity that is being demutualised have passed or pass a resolution to the effect that any person who became or becomes a member after a specified day is not entitled to an allocation of demutualisation shares, that day is the share allocation cut ‑ off day in relation to the demutualisation of the entity. (3) A new member of a mutual entity that demutualises is a person who is a member of the entity other than an existing member. (4) A reference to a member of a mutual entity that demutualises is taken, unless the contrary intention appears, to be a reference to a person who is an existing member or a new member of the entity.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-30"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-35", "Provision_Key": "s326-35", "Heading": "Pre ‑ CGT members and post ‑ CGT members", "Text": "(1) A person is a pre ‑ CGT member of a demutualising entity if: (a) the person’s membership rights in the entity are a pre ‑ CGT asset within the meaning of the Income Tax Assessment Act 1997 ; or (b) both of the following apply: (i) the person acquired membership rights in the entity by disposing of membership rights in another mutual entity; and (ii) the person acquired membership rights in the other entity before 20 September 1985. (2) A person is a post ‑ CGT member of a demutualising entity if the person is not a pre ‑ CGT member.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-35"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-40", "Provision_Key": "s326-40", "Heading": "Methods of demutualisation", "Text": "A demutualisation of a mutual entity is to be implemented in accordance with one of the methods set out in sections 326 ‑ 45, 326 ‑ 50, 326 ‑ 52 and 326 ‑ 55.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 4, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-40"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-45", "Provision_Key": "s326-45", "Heading": "Direct method", "Text": "(1) The direct method of demutualisation is as follows: (a) all membership rights in the entity are extinguished; (b) the entity becomes a company with a share capital; (c) shares ( ordinary shares ) of only one class in the entity are issued within the limitation period to existing members in exchange for the membership rights referred to in paragraph (a); (d) shares (also ordinary shares ) of the same class in the entity may be issued within the limitation period to new members; (e) if a listing resolution was passed by the members of the entity—the ordinary shares are listed within the limitation period. Note: Other things may happen in connection with the implementation of the demutualisation. (2) The following diagram shows, where this demutualisation method is used, the issue of shares to members of the entity.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-45"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-50", "Provision_Key": "s326-50", "Heading": "Holding company method", "Text": "(1) The holding company method of demutualisation is as follows: (a) all membership rights in the entity are extinguished; (b) the entity becomes a company with a share capital; (c) shares of only one class in the entity are issued to a company (the holding company ) within the limitation period; (d) shares ( ordinary shares ) of only one class in the holding company are issued within the limitation period to existing members in exchange for the membership rights referred to in paragraph (a); (e) shares (also ordinary shares ) in the holding company of the same class may be issued within the limitation period to new members; (f) if a listing resolution was passed by the entity—the ordinary shares are listed within the limitation period. Note: Other things may happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events that occur where this demutualisation method is used.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 5, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-50"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-52", "Provision_Key": "s326-52", "Heading": "Combined direct and holding company method", "Text": "(1) The combined direct and holding company method of demutualisation is as follows: (a) all membership rights in the entity are extinguished; (b) the entity becomes a company with a share capital; (c) shares ( ordinary shares ) of only one class in the entity are issued within the limitation period to existing members in exchange for the membership rights referred to in paragraph (a); (d) shares (also ordinary shares ) of the same class in the entity are also issued to a company (the holding company ) within the limitation period; (e) shares (also ordinary shares ) of the same class in the entity may be issued within the limitation period to new members; (f) shares (also ordinary shares ) of only one class in the holding company are issued within the limitation period to existing members as a result of the extinguishment of the membership rights referred to in paragraph (a); (g) shares (also ordinary shares ) of the same class in the holding company may be issued within the limitation period to new members; (h) the total number of ordinary shares issued to members under paragraphs (f) and (g) is the same as the total number of ordinary shares issued to the holding company under paragraph (d); (i) if a listing resolution was passed by the members of the entity—the ordinary shares in the entity are listed within the limitation period. Note: Other things may happen in connection with the implementation of the demutualisation. (2) The following diagram shows the main events that occur where this demutualisation method is used.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, Sch 10 item 6, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-52"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-55", "Provision_Key": "s326-55", "Heading": "Distributing trust method", "Text": "(1) The distributing trust method of demutualisation is as follows: (a) all membership rights in the mutual entity are extinguished; (b) the entity becomes a company with a share capital; (c) shares ( special shares ) carrying only voting rights in respect of the demutualised entity are issued within the limitation period to a trustee to hold for the benefit of the members; (d) the issue takes place before the issue of the ordinary shares mentioned in paragraphs (f) and (g); (e) after the issue of all the ordinary shares, the rights attaching to the special shares become the same as those attaching to the ordinary shares and the special shares are dealt with in accordance with paragraph (h) as if they were ordinary shares; (f) shares ( ordinary shares ) of only one class in the entity are, within the limitation period, issued to the trustee to hold on behalf of existing members in exchange for the membership rights referred to in paragraph (a) and, in accordance with the choice of each existing member, to transfer to the member the shares held on behalf of the member or to dispose of those shares on behalf of the member; (g) shares (also ordinary shares ) of the same class in the entity may, within the limitation period, be issued to the trustee on behalf of new members and, in accordance with the choice of each new member, to transfer to the member the shares held on behalf of the member or to dispose of those shares on behalf of the member; (h) within the limitation period the trustee: (i) sells the ordinary shares issued to the trustee and distributes the proceeds to the member; or (ii) transfers the ordinary shares to the member; (i) if a listing resolution was passed by the entity—the ordinary shares are listed within the limitation period. Note: Other things may happen in connection with the implementation of the demutualisation. (2) The trustee must be the trustee of a trust established solely for the purposes of performing functions under subsection (1). (3) The following diagram shows the main events that occur where this demutualisation method is used.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-55"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-60", "Provision_Key": "s326-60", "Heading": "Continuity of beneficial interest test", "Text": "(1) This section sets out a test (the continuity of beneficial interest test ) that must be satisfied before this Division applies to the demutualisation of a mutual entity. (2) The continuity of beneficial interest test is satisfied if: (a) an opportunity is given to each existing member of the mutual entity: (i) to take up shares in the demutualised entity or in a holding company to which shares in the demutualised entity are issued; or (ii) to have shares in the demutualised entity issued to a trustee on behalf of the member; and (b) where the demutualisation is implemented by the method set out in section 326 ‑ 45, 326 ‑ 50 or 326 ‑ 55—of the ordinary shares in the demutualised entity or holding company that are issued in connection with the demutualisation (the issued shares ), the total number that are issued to existing members or to a trustee on behalf of existing members constitutes at least 90% of the issued shares; and (ba) where the demutualisation is implemented by the method set out in section 326 ‑ 52: (i) of the ordinary shares in the demutualised entity that are issued to members other than the holding company in connection with the demutualisation (the issued entity shares ), the total number that are issued to existing members constitutes at least 90% of the issued entity shares; and (ii) of the ordinary shares in the holding company that are issued in connection with the demutualisation (the issued holding company shares ), the total number that are issued to existing members constitutes at least 90% of the issued holding company shares; and (c) the accumulated surplus of the mutual entity is allocated or distributed in the form of shares, or cash from the sale of shares, to existing members in proportions that broadly accord with any one or more of the following: (i) the respective amounts contributed by the members to the entity; (ii) the respective values of the membership rights of the members; (iii) the respective rights of the members on the winding up of the entity. (3) In this section: accumulated surplus , in relation to a demutualised entity, means the net assets of the entity on the demutualisation resolution day.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 6, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-60"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-65", "Provision_Key": "s326-65", "Heading": "Extinguishment of membership rights", "Text": "Application (1) This section applies where membership rights are extinguished as mentioned in paragraph 326 ‑ 45(1)(a), 326 ‑ 50(1)(a), 326 ‑ 52(1)(a) or 326 ‑ 55(1)(a). Modification (2) A capital gain or capital loss arising from the extinguishment of the membership rights of a member is to be disregarded.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 7, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-65"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-70", "Provision_Key": "s326-70", "Heading": "Application of Subdivision", "Text": "(1) This Subdivision applies where a member (the disposer ) of a mutual entity which, or a holding company of which, becomes a listed public company disposes of an asset consisting of: (a) a demutualisation share in the listed public company or an interest in such a share; or (b) other shares ( non ‑ demutualisation bonus shares ) in the same company, or an interest in such shares, where the shares are bonus equities mentioned in Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original equities mentioned in that Subdivision. (2) For the purposes of this Subdivision, if any of the original equities mentioned in Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 is a demutualisation share, it is called a demutualisation original share .", "Amendment_Count": 3, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 57 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 8, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 101 of 2006, Sch 2 item 554 | Sch 2 item 555, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-70"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-75", "Provision_Key": "s326-75", "Heading": "Capital losses made from certain disposals to be disregarded", "Text": "A capital loss that the disposer makes from a disposal to which section 326 ‑ 80 or 326 ‑ 100 applies is to be disregarded.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-75"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-80", "Provision_Key": "s326-80", "Heading": "Disposal by pre ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share before demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; and (d) the disposal occurs before the demutualisation listing day; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (e) to have paid for the acquisition of the share or interest the amount worked out by using the formula: (f) to have paid that amount on the demutualisation resolution day; (g) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in paragraph (1)(e): total number of shares means the total number of demutualisation shares issued.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-80"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-85", "Provision_Key": "s326-85", "Heading": "Disposal by pre ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share on or after demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; and (d) the disposal occurs on or after the demutualisation listing day; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (e) to have paid for the acquisition of the share or interest the lesser of the following amounts: (i) the amount worked out by using the formula: (ii) the amount worked out by using the formula: (f) to have paid the amount referred to in paragraph (e) on the demutualisation resolution day; (g) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(e)(i): total number of shares means the total number of demutualisation shares issued.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-85"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-90", "Provision_Key": "s326-90", "Heading": "Disposal by pre ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where member acquired membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (d) to have paid for the acquisition of the share or interest both of the following amounts: (i) the amount worked out by using the formula: (ii) any amount actually paid for the acquisition; (e) to have paid the amount referred to in subparagraph (d)(i) on the demutualisation resolution day; (f) to have paid any amount referred to in subparagraph (d)(ii) when it was actually paid; (g) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(d)(i): number of disposer’s shares means the number of demutualisation shares issued to the disposer or in which the disposer had an interest. number of members means the total number of members of the other mutual entity at the time of the disposal of the membership rights in that entity.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-90"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-95", "Provision_Key": "s326-95", "Heading": "Disposal by post ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer is a post ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (c) to have paid for the acquisition of the share or interest both of the following amounts: (i) the amount worked out by using the formula: (ii) any amount actually paid for the acquisition; (d) to have paid the amount referred to in subparagraph (c)(i) on the demutualisation resolution day; (e) to have paid any amount referred to in subparagraph (c)(ii) when it was actually paid; (f) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(c)(i): number of disposer’s shares means the number of demutualisation shares issued to the disposer or in which the disposer had an interest.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-95"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-100", "Provision_Key": "s326-100", "Heading": "Disposal by pre ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share, or an interest in such a share, before demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; and (d) the disposal occurs before the demutualisation listing day; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs have effect: (e) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be the amount worked out by using the formula: (f) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken: (i) to have paid the amount referred to in paragraph (e) on the demutualisation resolution day; and (ii) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in paragraph (1)(e): number of disposer’s shares means the number of demutualisation original shares issued to the disposer or in which the disposer had an interest. total number of shares means the total number of demutualisation shares issued.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-100"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-105", "Provision_Key": "s326-105", "Heading": "Disposal by pre ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share, or an interest in such a share, on or after demutualisation listing day where member did not acquire membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; and (d) the disposal occurs on or after the demutualisation listing day; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs have effect: (e) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be the lesser of the following amounts: (i) the amount worked out by using the formula: (ii) the amount worked out by using the formula: (f) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken: (i) to have paid the amount referred to in paragraph (e) on the demutualisation resolution day; and (ii) to have acquired the share or interest on the demutualisation resolution day. (2) In the formulas in subparagraphs 1(e)(i) and (ii): number of disposer’s shares means the number of demutualisation original shares issued to the disposer or in which the disposer had an interest. total number of shares means the total number of demutualisation shares issued.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-105"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-110", "Provision_Key": "s326-110", "Heading": "Disposal by pre ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share, or an interest in such a share, where member acquired membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs have effect: (d) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be the sum of the following amounts: (i) the amount worked out by using the formula: (ii) any amount actually paid for the acquisition; (e) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken: (i) to have paid the amount referred to in subparagraph (d)(i) on the demutualisation resolution day; and (ii) to have paid any amount referred to in subparagraph (d)(ii) when it was actually paid; and (iii) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(d)(i): number of members means the total number of members of the other entity at the time of the disposal of the membership rights in that entity.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-110"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-115", "Provision_Key": "s326-115", "Heading": "Disposal by post ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share or an interest in such a share", "Text": "If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer is a post ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs have effect: (c) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be the sum of: (i) an amount equal to the undeducted membership costs; and (ii) any amount actually paid for the acquisition; (d) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken: (i) to have paid the amount referred to in subparagraph (c)(i) on the demutualisation resolution day; and (ii) to have paid any amount referred to in subparagraph (c)(ii) when it was actually paid; and (iii) to have acquired the share or interest on the demutualisation resolution day.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-115"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-120", "Provision_Key": "s326-120", "Heading": "Adjusted market value", "Text": "Where membership rights not acquired by disposal of rights in another entity (1) For the purposes of this Subdivision, the adjusted market value , when the expression is used in relation to a disposer who did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity, is the market value, as determined by a qualified valuer, of the demutualising entity on the demutualisation resolution day. However, in making the determination the valuer is to disregard the franking surplus of that entity on that day. Where membership rights acquired by disposal of rights in another entity (2) For the purposes of this Subdivision but subject to subsection (3), the adjusted market value , when the expression is used in relation to a disposer who acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity, is the market value, as determined by a qualified valuer, of the other entity at the time immediately before the disposer disposed of membership rights in the other entity. However, in making the determination the valuer is to disregard the franking surplus of the other entity at that time. Indexation of amount mentioned in subsection (2) (3) If the indexation factor (see section 326 ‑ 235) of the amount worked out under subsection (2) is more than one, that amount is taken to be replaced by that amount as indexed under Subdivision 326 ‑ M.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 103 of 1999 | No 23 of 2005", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2) | Amended by No 23 of 2005, Sch 3 item 71, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-120"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-125", "Provision_Key": "s326-125", "Heading": "Undeducted membership costs", "Text": "(1) For the purposes of this Subdivision, the undeducted membership costs , when the expression is used in relation to a disposer who did not acquire membership rights in the demutualising entity by the disposal of membership rights in another mutual entity, are the sum of the undeducted amounts of the costs that were incurred by the disposer in acquiring and maintaining membership in the demutualising entity less any distributions that: (a) were made by the demutualising entity to the disposer before any shares in the demutualised entity were issued; and (b) were not included in the disposer’s assessable income of any year of income. (2) For the purposes of this Subdivision, the undeducted membership costs , when the expression is used in relation to a disposer who acquired membership rights in the demutualising entity by the disposal of membership rights in another mutual entity, are: (a) if the disposer was a pre ‑ CGT member—the sum of the undeducted amounts of the costs that were incurred by the disposer in maintaining membership in the demutualising entity less any distributions that: (i) were made by the demutualising entity to the disposer before any shares in the demutualised entity were issued; and (ii) were not included in the disposer’s assessable income of any year of income; or (b) if the disposer is a post ‑ CGT member, the sum of: (i) the undeducted amounts of the costs that were incurred by the disposer in acquiring and maintaining membership in the other entity; and (ii) the undeducted amounts of the costs that were incurred by the disposer in maintaining membership in the demutualising entity; less any distributions that: (iii) were made by the demutualising entity or the other entity to the disposer before any shares in the demutualised entity were issued; and (iv) were not included in the disposer’s assessable income of any year of income. (3) If at any time 2 or more persons were joint members of a mutual entity, any costs incurred by any one or more of them in acquiring or maintaining the joint membership are taken to have been incurred by each of them. (4) Subject to subsection (5), the undeducted amount of a cost is the amount of the cost to the extent to which a deduction has not been allowed, and is not allowable, in respect of it. (5) If: (a) an amount of a cost referred to in subsection (1) or (2) was incurred before the demutualisation resolution day; and (b) the indexation factor (see section 326 ‑ 235) of the amount is more than one; a reference in this section to the undeducted amount of that cost is a reference to the undeducted amount as indexed under Subdivision 326 ‑ M.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-125"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-130", "Provision_Key": "s326-130", "Heading": "Adjusted first day trading price of demutualisation shares", "Text": "(1) For the purposes of this Subdivision, the adjusted first day trading price of demutualisation shares is the amount worked out using the formula: (2) In this section: first day trading price of demutualisation shares means the price per share, as published by ASX Limited, at which the demutualisation shares were last traded, on the stock market operated by ASX Limited, on the demutualisation listing day. value of franking surplus means the value, as determined by a qualified valuer, of the franking surplus of the demutualised entity on the demutualisation listing day.", "Amendment_Count": 3, "First_Amended": "No 103 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 103 of 1999 | No 23 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 23 of 2005, Sch 3 item 72, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6) | Amended by No 97 of 2008, Sch 3 item 41, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-130"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-135", "Provision_Key": "s326-135", "Heading": "Application of Subdivision", "Text": "(1) This Subdivision applies where a member (the disposer ) of a mutual entity which, or a holding company of which, becomes a company that is not a listed public company disposes of an asset consisting of: (a) a demutualisation share in that company that is not a listed public company or an interest in such a share; or (b) other shares ( non ‑ demutualisation bonus shares ) in the same company, or an interest in such shares, where the shares are bonus equities mentioned in Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 and any of the demutualisation shares (whether or not disposed of at the time) are the original equities mentioned in that Subdivision. (2) For the purposes of this Subdivision, if any of the original equities mentioned in Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , is a demutualisation share, it is called a demutualisation original share .", "Amendment_Count": 3, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 57 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 9, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Amended by No 101 of 2006, Sch 2 item 557 | Sch 2 item 558, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-135"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-140", "Provision_Key": "s326-140", "Heading": "Disposal by pre ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where a member did not acquire membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer did not acquire membership rights in the demutualisation entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (d) to have paid for the acquisition of the share or interest the amount worked out by using the formula: (e) to have paid that amount on the demutualisation resolution day; (f) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in paragraph (1)(d): total number of shares means the total number of demutualisation shares issued.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-140"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-145", "Provision_Key": "s326-145", "Heading": "Disposal by pre ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share where member acquired membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (d) to have paid for the acquisition of the share or interest both of the following amounts: (i) the amount worked out by using the formula: (ii) any amount actually paid for the acquisition; (e) to have paid the amount referred to in subparagraph (d)(i) on the demutualisation resolution day; (f) to have paid any amount referred to in subparagraph (d)(ii) when it was actually paid; (g) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(d)(i): number of disposer’s shares means the number of demutualisation shares issued to the disposer or in which the disposer had an interest. number of members means the total number of members of the other mutual entity at the time of the disposal of the membership rights in that entity.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-145"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-150", "Provision_Key": "s326-150", "Heading": "Disposal by post ‑ CGT member of a demutualisation share (other than a demutualisation original share) or an interest in such a share", "Text": "(1) If: (a) the disposal is a disposal of a demutualisation share (other than a demutualisation original share) or an interest in such a share; and (b) the disposer is a post ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the disposer is taken to have done the following: (c) to have paid for the acquisition of the share or interest both of the following amounts: (i) the amount worked out by using the formula: (ii) any amount actually paid for the acquisition; (d) to have paid the amount referred to in subparagraph (c)(i) on the demutualisation resolution day; (e) to have paid any amount referred to in subparagraph (c)(ii) when it was actually paid; (f) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(c)(i): number of disposer’s shares means the number of demutualisation shares issued to the disposer or in which the disposer had an interest.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-150"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-155", "Provision_Key": "s326-155", "Heading": "Disposal by pre ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share, or an interest in such a share, where member did not acquire membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs apply: (d) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be the amount worked out by using the formula: (e) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken: (i) to have paid the amount referred to in paragraph (d) on the demutualisation resolution day; and (ii) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in paragraph (1)(d): number of disposer’s shares means the number of demutualisation original shares issued to the disposer or in which the disposer had an interest. total number of shares means the total number of demutualisation shares issued.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-155"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-160", "Provision_Key": "s326-160", "Heading": "Disposal by pre ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share, or an interest in such a share, where member acquired membership rights by disposing of membership rights in another mutual entity", "Text": "(1) If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity; and (c) the disposer is a pre ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs have effect: (d) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be both of the following amounts: (i) the amount worked out by using the formula: (ii) any amount actually paid for the acquisition; and (e) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken to have done the following: (i) to have paid the amount referred to in subparagraph (d)(i) on the demutualisation resolution day; (ii) to have paid any amount referred to in subparagraph (d)(ii) when it was actually paid; (iii) to have acquired the share or interest on the demutualisation resolution day. (2) In the formula in subparagraph (1)(d)(i): number of members means the total number of members of the other mutual entity at the time of the disposal of the membership rights in that entity.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-160"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-165", "Provision_Key": "s326-165", "Heading": "Disposal by post ‑ CGT member of a demutualisation original share or a non ‑ demutualisation bonus share, or an interest in such a share", "Text": "If: (a) the disposal is a disposal of either: (i) a demutualisation original share or an interest in such a share; or (ii) a non ‑ demutualisation bonus share or an interest in such a share; and (b) the disposer is a post ‑ CGT member; then, for the purpose of working out whether the disposer made a capital gain or capital loss from the disposal, the following paragraphs have effect: (c) for the purpose of applying Subdivision 130 ‑ A of the Income Tax Assessment Act 1997 , the amount paid for the acquisition of all the demutualisation original shares that is to be taken into account under that Division or Subdivision, as the case may be, is taken to be both of the following amounts: (i) an amount equal to the undeducted membership costs; (ii) any amount actually paid for the acquisition; (d) if the disposal is a disposal of a demutualisation original share or an interest in such a share, the disposer is taken to have done the following: (i) to have paid the amount referred to in subparagraph (c)(i) on the demutualisation resolution day; (ii) to have paid any amount referred to in subparagraph (c)(ii) when it was actually paid; (iii) to have acquired the share or interest on the demutualisation resolution day.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-165"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-170", "Provision_Key": "s326-170", "Heading": "Various adjusted market values", "Text": "Application (1) This section has effect for the purposes of this Subdivision. Where membership rights not acquired by disposal of rights in another entity (2) The adjusted market value , when the expression is used in relation to a disposer who did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity, is the lesser of the issue day adjusted market value and the resolution day adjusted market value. Where membership rights acquired by disposal of rights in another entity (3) The adjusted market value , when the expression is used in relation to a disposer who acquired membership rights in the demutualising entity by disposing of membership rights in another mutual entity, is the disposal day adjusted market value. Issue day adjusted market value (4) The issue day adjusted market value is the market value, as determined by a qualified valuer, of the demutualised entity on the day on which the demutualisation shares were issued. However, in making the determination the valuer is to disregard the franking surplus of the demutualised entity on that day. Resolution day adjusted market value (5) The resolution day adjusted market value is the market value, as determined by a qualified valuer, of the demutualising entity on the demutualisation resolution day. However, in making the determination the valuer is to disregard the franking surplus of the demutualising entity on that day. Disposal day adjusted market value (6) Subject to subsection (7), the disposal day adjusted market value is the market value, as determined by a qualified valuer, of the other entity at the time immediately before the disposer disposed of membership rights in the other entity. However, in making the determination the valuer is to disregard the franking surplus of the other entity at that time. Indexation of amount mentioned in subsection (6) (7) If the indexation factor (see section 326 ‑ 235) of the amount worked out under subsection (6) is more than one, that amount is taken to be replaced by that amount as indexed under Subdivision 326 ‑ M.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 103 of 1999 | No 23 of 2005", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 23 of 2005, Sch 3 item 73 | Sch 3 item 74, effective s 4 and Sch 3 (items 14–74, 111(3)–(5), 112–114): 21 Mar 2005 (s 2(1) items 1, 6)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-170"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-175", "Provision_Key": "s326-175", "Heading": "Undeducted membership costs", "Text": "(1) For the purposes of this Subdivision, the undeducted membership costs , when the expression is used in relation to a disposer who did not acquire membership rights in the demutualising entity by the disposal of membership rights in another mutual entity, are the sum of the undeducted amounts of the costs that were incurred by the disposer in acquiring and maintaining membership in the demutualising entity less any distributions that: (a) were made by the demutualising entity to the disposer before any shares in the demutualised entity were issued; and (b) were not included in the disposer’s assessable income of any year of income. (2) For the purposes of this Subdivision, the undeducted membership costs , when the expression is used in relation to a disposer who acquired membership rights in the demutualising entity by the disposal of membership rights in another mutual entity, are the sum of: (a) if the disposer was a pre ‑ CGT member—the undeducted amounts of the costs that were incurred by the disposer in maintaining membership in the demutualising entity less any distributions that: (i) were made by the demutualising entity to the disposer before any shares in the demutualised entity were issued; and (ii) were not included in the disposer’s assessable income of any year of income; or (b) if the disposer is a post ‑ CGT member, the sum of: (i) the undeducted amounts of the costs that were incurred by the disposer in acquiring and maintaining membership in the other entity; and (ii) the undeducted amounts of the costs that were incurred by the disposer in maintaining membership in the demutualising entity; less any distributions that: (iii) were made by the demutualising entity or the other entity to the disposer before any shares in the demutualised entity were issued; and (iv) were not included in the disposer’s assessable income of any year of income. (3) If at any time 2 or more persons were joint members of a mutual entity, any costs incurred by any one or more of them in acquiring or maintaining the joint membership are taken to have been incurred by each of them. (4) Subject to subsection (5), the undeducted amount of a cost is the amount of the cost to the extent to which a deduction has not been allowed, and is not allowable, in respect of it. (5) If: (a) an amount of a cost referred to in subsection (1) or (2) was incurred before the demutualisation resolution day; and (b) the indexation factor (see section 326 ‑ 235) of the amount is more than one; a reference in this section to the undeducted amount of that cost is a reference to the undeducted amount as indexed under Subdivision 326 ‑ M.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-175"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-180", "Provision_Key": "s326-180", "Heading": "Amount taken to be paid for acquisition of shares or interest by member to be increased by capital gain or reduced by capital loss", "Text": "(1) This section applies if: (a) a post ‑ CGT member of a mutual entity that has been demutualised acquired membership rights in the entity by the disposal of membership rights in another mutual entity; and (b) the member made a capital gain or capital loss from the disposal of membership rights in the other mutual entity; and (c) the member has acquired shares or an interest in shares in the demutualised entity or in a company that holds shares in the demutualised entity. (2) If the member disposes of a demutualisation original share or a non ‑ demutualisation bonus share, the amount paid for the acquisition of all the demutualisation original shares is taken to be increased by the amount of the capital gain or reduced by the amount of the capital loss, as the case may be. (3) If subsection (2) does not apply, the amount that is taken, under Subdivision 326 ‑ D or 326 ‑ E, to have been paid by the member for the acquisition of the share or interest is taken to be increased by the proportionate part of the amount of the capital gain or reduced by the proportionate part of the amount of the capital loss, as the case may be.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-180"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-185", "Provision_Key": "s326-185", "Heading": "Disposal of right to receive shares in demutualised entity", "Text": "(1) This section applies if: (a) under the direct method of demutualisation, or the combined direct and holding company method of demutualisation, of a mutual entity, the membership rights of an existing member of the entity are extinguished; and (b) as a result of the extinguishment of the rights, the member acquires a right or an interest in a right to have shares in the demutualised entity issued to the member; and (c) the member disposes of the whole or a part of the right or interest otherwise than by receiving the shares. (2) For the purpose of working out whether the member made a capital gain or capital loss from the disposal, the member is taken to have done the following: (a) to have paid for the acquisition of the right or interest in the right the amount worked out by using the formula: (b) to have paid that amount, and to have acquired the right or interest, on the demutualisation resolution day. (3) In the formula in paragraph (2)(a): cost of a share or interest means the amount that would have been taken to have been paid by the member for the acquisition of a share or an interest in a share in the demutualised entity under Subdivisions 326 ‑ D, 326 ‑ E and 326 ‑ F if the disposal had been the disposal of the shares to which the right or interest in the right related. number of shares means the number of shares to which the right or interest in the right related. (4) If the member is a pre ‑ CGT member who did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity, any capital loss made from the disposal before the demutualisation listing day, or, if there is no such day, before the day on which the shares in the demutualised entity were issued, is to be disregarded.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 10, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-185"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-190", "Provision_Key": "s326-190", "Heading": "Extinguishment of right to shares in demutualised entity by the issue of the shares", "Text": "(1) If, under the direct method of demutualisation or the holding company method of demutualisation, shares in a demutualised entity are issued to an existing member, Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 do not apply in respect of any CGT event constituted by the extinguishment of the member’s right to have the shares issued to the member. (2) If, under the combined direct and holding company method of demutualisation, shares in a demutualised entity or in a holding company are issued to an existing member, Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 do not apply in respect of any CGT event constituted by the extinguishment of the member’s rights to have the shares issued to the member.", "Amendment_Count": 3, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 57 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 11, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63) | Repealed and substituted by No 101 of 2006, Sch 2 item 560, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-190"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-195", "Provision_Key": "s326-195", "Heading": "Disposal of right to receive shares in holding company", "Text": "(1) This section applies if: (a) under the holding company method of demutualisation, or the combined direct and holding company method of demutualisation, of a mutual entity: (i) the membership rights of an existing member of the entity are extinguished; and (ii) shares in the demutualised entity are issued to a company (the holding company ); and (b) as a result of the extinguishment of the rights, the member acquires a right or an interest in a right to have shares in the holding company issued to the member; and (c) the member disposes of the whole or a part of the right or interest otherwise than by receiving the shares. (2) For the purpose of working out whether the member made a capital gain or capital loss from the disposal, the member is taken to have done the following: (a) to have paid for the acquisition of the right or interest in the right the amount worked out by using the formula: (b) to have paid that amount, and to have acquired the right or interest, on the demutualisation resolution day. (3) In the formula in paragraph (2)(a): cost of a share or interest means the amount that would have been taken to have been paid by the member for the acquisition of a share or an interest in a share in the holding company under Subdivisions 326 ‑ D, 326 ‑ E and 326 ‑ F if the disposal had been the disposal of the shares in the holding company to which the right or interest in the right related. number of shares means the number of shares in the holding company to which the right or interest in the right related. (4) If the member is a pre ‑ CGT member who did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity, any capital loss made from the disposal before the demutualisation listing day, or, if there is no such day, before the day on which the shares in the holding company were issued, is to be disregarded.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 103 of 1999 | No 57 of 2002", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 57 of 2002, Sch 10 item 12, effective Sch 1: 1 July 2001 (s 2(1) item 2) Sch 3, 5, 6, Sch 9 (items 1–8, 41–44), Sch 11 (items 1, 5), Sch 12 ,(items 8–10, 14, 15): 3 July 2002 (s 2(1) items 4, 7, 8, 16, 18, 24, 27) Sch 4 (items 1, 2, 4) and Sch 12 (item 42): 1 July 2000 (s 2(1) items 5, 46) Sch 10: 17 Nov 1999 (s 2(1) item 17) Sch 12 (items 4, 11): 1 July 1998 (s 2(1) items 21, 25) Sch 12 (items 5, 6): 21 Dec 1998 (s 2(1) item 22) Sch 12 (item 7): 7 Dec 1998 (s 2(1) item 23) Sch 12 (items 12, 13): 23 June 1998 (s 2(1) item 26) Sch 12 (item 38): 1 Oct 1997 (s 2(1) item 42) Sch 12 (item 40): 22 Dec 1999 (s 2(1) item 44) Sch 12 (items 43, 65): 1 July 1997 (s 2(1) items 47, 63)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-195"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-200", "Provision_Key": "s326-200", "Heading": "Disposal of interest in trust that holds shares in demutualised entity", "Text": "(1) This section applies if: (a) under the distributing trust method of demutualisation of a mutual entity: (i) the membership rights of an existing member of the entity are extinguished; and (ii) shares in the demutualised entity are issued to a trustee; and (b) as a result of the extinguishment of the rights, the member acquires an interest in the trust constituted by the right to have shares in the demutualised entity held by the trustee transferred by the trustee to the member or disposed of by the trustee on behalf of the member; and (c) the member disposes of the whole or a part of the interest otherwise than by receiving the shares or proceeds of the sale of the shares. (2) For the purpose of working out whether the member made a capital gain or capital loss from the disposal, the member is taken to have done the following: (a) to have paid for the acquisition of the interest in the trust the amount worked out by using the formula: (b) to have paid that amount, and to have acquired the interest, on the demutualisation resolution day. (3) In the formula in paragraph (2)(a): cost of a share means the amount that would have been taken to have been paid by the member for the acquisition of a share in the demutualised entity under Subdivisions 326 ‑ D, 326 ‑ E and 326 ‑ F if the disposal had been the disposal of the shares to which the interest or the part of the interest in the trust related. number of shares means the number of shares in the demutualised entity to which the interest in the trust related. (4) If the member is a pre ‑ CGT member who did not acquire membership rights in the demutualising entity by disposing of membership rights in another mutual entity, any capital loss made from the disposal before the demutualisation listing day, or, if there is no such day, before the day on which the shares in the demutualised entity were issued, is to be disregarded.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-200"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-205", "Provision_Key": "s326-205", "Heading": "Transfer of share or distribution of proceeds of sale of share not to have any CGT consequences", "Text": "If a trustee transfers an ordinary share or distributes the proceeds of the sale of an ordinary share as mentioned in subparagraph 326 ‑ 55(1)(h)(ii), Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 do not apply in respect of any CGT event constituted by or arising from the transfer or distribution.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, Sch 2 item 561, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-205"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-210", "Provision_Key": "s326-210", "Heading": "Disposal by a trustee", "Text": "If: (a) under the distributing trust method of demutualisation, shares in a demutualised entity are issued to a trustee on behalf of a member; and (b) the trustee disposes of a share or an interest in a share, or disposes of a non ‑ demutualisation bonus share or an interest in such a share, on behalf of the member; the disposal is taken for the purposes of Subdivisions 326 ‑ D, 326 ‑ E and 326 ‑ F to have been a disposal of the share or interest by the member.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-210"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-215", "Provision_Key": "s326-215", "Heading": "Change of rights to, and replacement of, special shares", "Text": "(1) This Subdivision applies where, under the distributing trust method of demutualisation of a mutual entity, the rights attaching to special shares issued to a trustee on behalf of a member become the same as the rights attaching to ordinary shares. (2) Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 do not apply in respect of the change in rights.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, Sch 2 item 562, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-215"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-220", "Provision_Key": "s326-220", "Heading": "Disposal of shares or interest in shares", "Text": "(1) This section applies where: (a) under any method of demutualisation, a mutual entity, or a holding company of a mutual entity, becomes a listed public company; and (b) a disposal of a share, or of an interest in a share, in the entity or holding company takes place before the demutualisation listing day; and (c) a roll ‑ over provision applies to the disposal; and (d) the person who disposed of the share or interest would, except for section 326 ‑ 75 and paragraph (c) of this subsection, have made a capital loss as a result of the disposal; and (e) the person who is taken to acquire the share or interest under the roll ‑ over provision (the transferee ) disposes of the share or interest. (2) If the disposal by the transferee takes place before the demutualisation listing day, any capital loss that the transferee makes from that disposal is disregarded. (3) If the disposal by the transferee takes place on or after the demutualisation listing day, Subdivision 326 ‑ D applies to the disposal referred to in paragraph (1)(b) as if that disposal had taken place on or after that day. (4) In this section: disposal includes a disposal that would have occurred except for former section 160X. roll ‑ over provision means: (a) former section 160X; or (b) any provision of Division 17 of Part III; or (c) Division 128 of the Income Tax Assessment Act 1997 ; or (d) any provision of Divisions 122 and 126 of Part 3 ‑ 3 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 103 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 103 of 1999 | No 101 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, Sch 2 item 563, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3) | Amended by No 97 of 2008, Sch 3 item 42, effective Sch 1 (items 1, 2, 12) and Sch 3 (items 5–43): 3 Oct 2008 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-220"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-225", "Provision_Key": "s326-225", "Heading": "Payment out of assets of demutualised entity that is not included in assessable income is taken not to be a dividend", "Text": "If: (a) a payment out of the assets of a demutualised entity is made to a taxpayer who holds shares or an interest in shares in the entity; and (b) the amount paid is a dividend that is not included in the taxpayer’s assessable income; the payment is taken, for the purposes of section 104 ‑ 135 of the Income Tax Assessment Act 1997 , not to be the payment of a dividend.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 103 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 101 of 2006, Sch 2 item 565, effective Sch 1 (items 1, 5–199), Sch 2 (items 118–565, 1017, 1023–1037) and Sch 6 (items 1–4, 6–15): 14 Sept 2006 (s 2(1) items 2, 4) Sch 3 (items 1–10) and Sch 4 (items 1–11): 1 Jan 2008 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-225"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-230", "Provision_Key": "s326-230", "Heading": "Indexing of amounts", "Text": "Some provisions of this Division require amounts to be indexed. An amount is indexed by multiplying it by its indexation factor.", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-230"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-235", "Provision_Key": "s326-235", "Heading": "Indexation factor", "Text": "(1) For the indexation of the amount worked out under subsection 326 ‑ 120(2) or 326 ‑ 170(6) in relation to a person who acquired membership rights in a demutualising entity by the disposal of membership rights in another mutual entity, the indexation factor is: (2) For the indexation of an undeducted amount referred to in subsections 326 ‑ 125(1) and (2) or 326 ‑ 175(1) and (2) of a cost incurred by a person in acquiring or maintaining membership in a demutualising entity or another entity, the indexation factor is: (3) An indexation factor is to be worked out to 3 decimal places (rounding up if the fourth decimal place is 5 or more).", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, Sch 2H item 326, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-235"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-240", "Provision_Key": "s326-240", "Heading": "Index number", "Text": "(1) The index number for a quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter. (2) If the Australian Statistician changes the index reference period for an index number, only index numbers published in terms of the new index reference period are to be used after the change.", "Amendment_Count": 2, "First_Amended": "No 103 of 1999", "Last_Amended": "No 145 of 2015", "Amending_Acts": "No 103 of 1999 | No 145 of 2015", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2) | Amended by No 145 of 2015, Sch 4 item 19 | Sch 4 item 20, effective Sch 4 (items 18–20): 10 Dec 2015 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-240"}
{"Act_Short_Name": "ITAA1936", "Act_Title": "Income Tax Assessment Act 1936", "Act_Year": "1936", "Act_FRL_Id": "C1936A00027", "Provision": "s 326-245", "Provision_Key": "s326-245", "Heading": "General taxation consequences of issue of demutualisation shares", "Text": "If any demutualisation shares are issued to a taxpayer under any method of demutualisation, no amount is to be included in the taxpayer’s assessable income because of the issue of the shares to the taxpayer. Income Tax Assessment Act 1936 No. 27, 1936 Compilation No. 191 Compilation date: 1 April 2026 Includes amendments: Act No. 12, 2026 This compilation is in 7 volumes Volume 1: sections 1 ‑ 78A Volume 2: sections 79A ‑ 121L Volume 3: sections 124ZM ‑ 204 Volume 4: sections 251R ‑ 468 Volume 5: Schedules Volume 6: Endnotes 1 ‑ 4 Volume 7: Endnote 5 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1936 that shows the text of the law as amended and in force on 1 April 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 103 of 1999", "Last_Amended": "No 103 of 1999", "Amending_Acts": "No 103 of 1999", "History_Notes": "Inserted by No 103 of 1999, effective Sch 1: 16 July 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1936A00027/latest/text#s326-245"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 1-1", "Provision_Key": "s1-1", "Heading": "Short title", "Text": "This Act may be cited as the A New Tax System (Luxury Car Tax) Act 1999 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s1-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 1-2", "Provision_Key": "s1-2", "Heading": "Commencement", "Text": "This Act commences on 1 July 2000.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s1-2"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 1-3", "Provision_Key": "s1-3", "Heading": "States and Territories are bound by the luxury car tax law", "Text": "The * luxury car tax law binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. However, it does not make the Crown liable to be prosecuted for an offence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s1-3"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 2-1", "Provision_Key": "s2-1", "Heading": "What this Act is about", "Text": "This Act is about the luxury car tax. It is a single stage tax that is imposed on supplies and importations of luxury cars and is in addition to any GST that may be payable. The tax is only calculated on the value of the car that exceeds the luxury car tax threshold. Note: The luxury car tax is imposed by 3 Acts: (a) the A New Tax System (Luxury Car Tax Imposition—General) Act 1999 ; and (b) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999 ; and (c) the A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s2-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 2-5", "Provision_Key": "s2-5", "Heading": "Luxury car tax (Part 2)", "Text": "(1) Part 2 sets out the rules that establish liability for the luxury car tax. The tax applies to both supplies and importations of luxury cars. (Divisions 5 and 7) (2) There is a system of quoting which is designed to prevent the tax becoming payable until the car is sold or imported at the retail level. (Division 9)", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s2-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 2-10", "Provision_Key": "s2-10", "Heading": "Paying the luxury car tax (Part 3)", "Text": "(1) Amounts of luxury car tax are included in net amounts under the GST system. This has the effect of incorporating the luxury car tax into the payments and refunds system for the GST. However, assessed luxury car tax on importations is paid with customs duty (where appropriate). (Division 13) (2) Adjustments to the net amount can arise out of circumstances that occur after the supply or importation of the car. (Division 15) (3) Credits can arise for people who are not entitled to an adjustment but who, for example, have paid too much tax. (Division 17) (4) Refunds can arise for primary producers and tourism operators in certain circumstances. (Division 18).", "Amendment_Count": 2, "First_Amended": "No 101 of 2008", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 101 of 2008 | No 39 of 2012", "History_Notes": "Amended by No 101 of 2008, Sch 2 item 1, effective 3 Oct 2008 (s 2) | Amended by No 39 of 2012, Sch 1 item 130, effective Sch 1 (items 6, 7, 130–142, 239) and Sch 3 (items 8, 9): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s2-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 2-15", "Provision_Key": "s2-15", "Heading": "Miscellaneous (Part 4)", "Text": "Part 4 deals with miscellaneous matters.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s2-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 2-20", "Provision_Key": "s2-20", "Heading": "Interpretative provisions (Part 5)", "Text": "Part 5 contains the Dictionary, which sets out a list of all the terms that are defined in this Act. It also sets out the meanings of some important concepts and rules on how to interpret this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s2-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 2-25", "Provision_Key": "s2-25", "Heading": "Administration, collection and recovery provisions in the Taxation Administration Act 1953", "Text": "Parts 3 ‑ 10, 4 ‑ 1 and 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 contain provisions relating to the administration of the luxury car tax, and to the collection and recovery of amounts of luxury car tax.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 140 | Sch 5 item 141, effective Sch 5 (items 140–142): 1 July 2006 (s 2(1) item 21) | Amended by No 39 of 2012, Sch 1 item 131, effective Sch 1 (items 6, 7, 130–142, 239) and Sch 3 (items 8, 9): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s2-25"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 3-1", "Provision_Key": "s3-1", "Heading": "When defined terms are identified", "Text": "(1) Many of the terms used in this Act are defined. (2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “ * luxury car”. The footnote that goes with the asterisk contains a signpost to the Dictionary definitions in section 27 ‑ 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s3-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 3-5", "Provision_Key": "s3-5", "Heading": "When terms are not identified", "Text": "(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the non ‑ operative material contained in this Act. Note: The non ‑ operative material is described in Division 4. (3) The following basic terms used throughout the Act are not identified with an asterisk. Common definitions that are not asterisked Item This term: 1 indirect tax zone 2 luxury car tax 3 supply 4 you", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 24 | Sch 4 item 38 | Sch 4 item 50, effective Sch 4 (items 38–47, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s3-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 3-10", "Provision_Key": "s3-10", "Heading": "Identifying the defined term in a definition", "Text": "Within a definition, the defined term is identified by bold italics .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s3-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 4-1", "Provision_Key": "s4-1", "Heading": "Non ‑ operative material", "Text": "In addition to the operative provisions themselves, this Act contains other material to help you identify accurately and quickly the provisions that are relevant to you and to help you understand them. This other material falls into 2 main categories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s4-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 4-5", "Provision_Key": "s4-5", "Heading": "Explanatory sections", "Text": "One category is the explanatory section in many Divisions. Under the section heading “What this Division is about”, a short explanation of the Division appears in boxed text. Explanatory sections form part of this Act but are not operative provisions. In interpreting an operative provision, explanatory sections may only be considered for limited purposes. They are set out in section 23 ‑ 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s4-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 4-10", "Provision_Key": "s4-10", "Heading": "Other material", "Text": "The other category consists of material such as notes and examples. These also form part of the Act. They are distinguished by type size from the operative provisions (except for formulas), but are not kept separate from them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s4-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 5-1", "Provision_Key": "s5-1", "Heading": "What this Division is about", "Text": "Luxury car tax is payable on taxable supplies of luxury cars. This Division defines taxable supplies of luxury cars, states who is liable for the luxury car tax, and describes how to work out the amount of luxury car tax on those supplies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s5-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 5-5", "Provision_Key": "s5-5", "Heading": "Liability for luxury car tax", "Text": "You must pay the luxury car tax payable on any * taxable supply of a luxury car that you make.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s5-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 5-10", "Provision_Key": "s5-10", "Heading": "Taxable supplies of luxury cars", "Text": "(1) You make a taxable supply of a luxury car if: (a) you supply a * luxury car; and (b) the supply is made in the course or furtherance of an * enterprise that you * carry on; and (c) the supply is * connected with the indirect tax zone; and (d) you are * registered, or * required to be registered. (2) However, you do not make a taxable supply of a luxury car if: (a) the * recipient * quotes for the supply of the car; or (b) the car is * more than 2 years old; or (c) you export the car in circumstances where the export is * GST ‑ free under Subdivision 38 ‑ E of the * GST Act. (3) A * car is more than 2 years old at the time of a supply if: (a) for a car that has not been * imported—the car was manufactured more than 2 years before the time of the supply; or (b) the car was * entered for home consumption more than 2 years before the time of the supply.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 169, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 2 of 2015, Sch 4 item 39, effective Sch 4 (items 38–47, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s5-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 5-15", "Provision_Key": "s5-15", "Heading": "The amount of luxury car tax payable", "Text": "(1) The amount of luxury car tax payable on a * taxable supply of a luxury car is as follows: where: rate is the rate applicable under: (a) the A New Tax System (Luxury Car Tax Imposition—General) Act 1999 ; or (b) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999 ; or (c) the A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999 . (2) However, if luxury car tax has already become payable in respect of the car, the amount of luxury car tax payable on a * taxable supply of a luxury car is: (a) the amount of luxury car tax on the supply (worked out in accordance with subsection (1)); minus (b) the sum of all luxury car tax that was payable in respect of any previous * importation or supply of the car. The amount of luxury car tax payable on a taxable supply of a luxury car is zero if the amount in paragraph (a) is less than the amount in paragraph (b). (3) In determining the luxury car tax that was payable in respect of any previous * importation or supply of a * car for the purposes of paragraph (2)(b), take into account * luxury car tax adjustments (if any) other than luxury car tax adjustments made under Subdivision 15 ‑ C (bad debts adjustments).", "Amendment_Count": 1, "First_Amended": "No 101 of 2008", "Last_Amended": "No 101 of 2008", "Amending_Acts": "No 101 of 2008", "History_Notes": "Amended by No 101 of 2008, Sch 1 item 1, effective 3 Oct 2008 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s5-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 5-20", "Provision_Key": "s5-20", "Heading": "The luxury car tax value of a car", "Text": "(1) In relation to the supply of a * car, the luxury car tax value is the * price of the car excluding: (a) any luxury car tax for that supply; and (b) any other * Australian tax or * Australian fee or charge, other than * GST and * customs duty; payable on the supply. (1A) If the supply of the * car is * GST ‑ free (to an extent) because of Subdivision 38 ‑ P of the * GST Act, the * luxury car tax value of the car includes an amount equal to the amount of * GST that was not payable because of Subdivision 38 ‑ P. Supply of car to associate etc. (2) If: (a) the supply of the * car is to an * associate of the supplier, or an employee or * officer of either the supplier or an associate of the supplier; and (b) there is no * consideration for the supply or the consideration is less than the * GST inclusive market value of the car; the * luxury car tax value of the car is the GST inclusive market value of the car excluding any luxury car tax payable on the supply. Additional supplies and modifications for cars (3) The * luxury car tax value of a * car includes the * price of all supplies in relation to the car that are made to, or are paid for by, the * recipient of the car, or an * associate of the recipient and that are: (a) made before the * end supply of the car; or (b) made under an arrangement made with the supplier of the car, or with an associate of the supplier, at or before the time of the end supply. (4) If a supply in relation to the * car is made by an * associate of the * recipient of the car and there is no * consideration for the supply or the consideration is less than the * GST inclusive market value of the car, the * price of the supply is the GST inclusive market value of the supply. Modifications for disabled people (5) The * luxury car tax value of a * car does not include the * price of modifications made to the car solely for the purpose of: (a) adapting it for driving by a * disabled person; or (b) adapting it for transporting a disabled person. Supply of car by lease or hire (6) The * luxury car tax value of a * car that is supplied by way of lease or hire is the * GST inclusive market value of the car excluding: (a) any luxury car tax payable on the supply; and (b) any other * Australian tax or * Australian fee or charge, other than * GST and * customs duty; and (c) the * price of any modifications referred to in subsection (5).", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 41 of 2011", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 8 | Sch 1 item 170 | Sch 1 item 171, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 156 of 2000, Sch 6 item 42, effective Sch 2 (items 13–18, 25(2)) and Sch 6 (items 42, 43, 49(1)): 21 Dec 2000 (s 2(1)) | Amended by No 41 of 2011, Sch 4 item 11 | Sch 4 item 12, effective Sch 4 (items 11–16): 27 June 2011 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s5-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 7-1", "Provision_Key": "s7-1", "Heading": "What this Division is about", "Text": "Luxury car tax is payable on taxable importations of luxury cars. This Division defines taxable importations of luxury cars, states who is liable for the luxury car tax and describes how to work out the amount of luxury car tax on those importations.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s7-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 7-5", "Provision_Key": "s7-5", "Heading": "Liability for luxury car tax on taxable importations", "Text": "You must pay the luxury car tax payable on any * taxable importation of a luxury car that you make.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s7-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 7-10", "Provision_Key": "s7-10", "Heading": "Taxable importations of luxury cars", "Text": "(1) You make a taxable importation of a luxury car if: (a) the * luxury car is * imported; and (b) you * enter the car for home consumption. Note: There is no registration requirement for taxable importations, and the importer need not be carrying on an enterprise. (2) The * importation of the car includes any * car parts, accessories or attachments that you import at the same time as the car and that could reasonably be expected to be fitted to the car. (3) However, you do not make a taxable importation of a luxury car if: (a) you * quote for the * importation of the * car; or (b) luxury car tax has already become payable in respect of the car; or (ba) you are * registered at the time of the importation, and the car: (i) is covered by item 7 in Schedule 4 to the * Customs Tariff; and (ii) is imported by the library, museum, gallery or institution to which it is consigned; and (iii) is imported for the sole purpose of public display; or (c) the car is covered by item 10, 11, 15, 18, 21 or 24 in Schedule 4 to the Customs Tariff; or (d) the importation of the car is a * non ‑ taxable re ‑ importation. (4) To avoid doubt, a reference to a car that is covered by an item in Schedule 4 to the Customs Tariff includes a reference to a car to which that item would apply apart from the operation of subsection 18(1) of the Customs Tariff Act 1995 .", "Amendment_Count": 5, "First_Amended": "No 176 of 1999", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 156 of 2000 | No 138 of 2012 | No 15 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 172 | Sch 1 item 173 | Sch 1 item 174 | Sch 1 item 197 | Sch 1 item 201, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 177 of 1999, Sch 6 item 163, effective Sch 1 (items 163–169): 1 July 2000 (s 2(3)) | Amended by No 156 of 2000, Sch 2 item 13 | Sch 2 item 14, effective Sch 2 (items 13–18, 25(2)) and Sch 6 (items 42, 43, 49(1)): 21 Dec 2000 (s 2(1)) | Amended by No 138 of 2012, Sch 2 item 4, effective Sch 2 (items 4, 6): 1 Mar 2013 (s 2(1) item 2) | Amended by No 15 of 2017, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5, effective Sch 3: 28 Feb 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s7-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 7-15", "Provision_Key": "s7-15", "Heading": "The amount of luxury car tax", "Text": "(1) The amount of luxury car tax payable on a * taxable importation of a luxury car is as follows: where: luxury car tax value of the * car is the sum of: (a) the customs value (for the purposes of Division 2 of Part VIII of the Customs Act 1901 ) of the car and of any * car parts, accessories or attachments covered by subsection 7 ‑ 10(2); and (b) the amount paid or payable: (i) for the * international transport of the car and any car parts, accessories or attachments covered by subsection 7 ‑ 10(2) to their * place of consignment in the indirect tax zone; and (ii) to insure the car and any car parts, accessories or attachments covered by subsection 7 ‑ 10(2) for that transport; to the extent that the amount is not already included under paragraph (a); and (c) any * customs duty payable in respect of the * importation of the car and of any car parts, accessories or attachments covered by subsection 7 ‑ 10(2); and (d) any * GST payable in respect of the importation of the car and of any car parts, accessories or attachments covered by subsection 7 ‑ 10(2); and (e) if the * importation of the car is * GST ‑ free (to an extent) because of paragraph 13 ‑ 10(b) of the * GST Act in conjunction with Subdivision 38 ‑ P of that Act—an amount equal to the amount of * GST that was not payable because of paragraph 13 ‑ 10(b) and Subdivision 38 ‑ P. rate is the rate applicable under: (a) the A New Tax System (Luxury Car Tax Imposition—General) Act 1999 ; or (b) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999 ; or (c) the A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999 . (2) The Commissioner may, in writing: (a) determine the way in which the amount paid or payable for a specified kind of transport or insurance is to be worked out for the purposes of paragraph (b) of the definition of luxury car tax value in subsection (1); and (b) in relation to importations of a specified kind or importations to which specified circumstances apply, determine that the amount paid or payable for a specified kind of transport or insurance is taken, for the purposes of that paragraph, to be zero.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 101 of 2008 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 174 | Sch 1 item 175 | Sch 1 item 176 | Sch 1 item 217 | Sch 1 item 218 | Sch 1 item 219 | Sch 7 item 18, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 101 of 2008, Sch 1 item 2 | Sch 1 item 3, effective 3 Oct 2008 (s 2) | Amended by No 2 of 2015, Sch 4 item 40, effective Sch 4 (items 38–47, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s7-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 7-20", "Provision_Key": "s7-20", "Heading": "Meaning of non ‑ taxable re ‑ importation", "Text": "(1) An * importation of a * car is a non ‑ taxable re ‑ importation if: (a) the car was exported from the indirect tax zone and is returned to the indirect tax zone, without having been subject to any treatment, industrial processing, repair, renovation, alteration or any other process since its export; and (b) the importer: (i) is the manufacturer of the car; or (ii) has previously acquired the car, and the supply by means of which the importer acquired the goods was a * taxable supply of a luxury car; or (iii) has previously imported the car, and the previous importation was a * taxable importation of a luxury car. (1A) An * importation of a * car is a non ‑ taxable re ‑ importation if: (a) the car was exported from the indirect tax zone and is returned to the indirect tax zone; and (b) the car has been subject to any treatment, industrial processing, repair, renovation, alteration or any other process since its export; and (c) the ownership of the car has not changed in the period beginning immediately before the car was exported and ending at the time it is returned to the indirect tax zone. (2) An importation of a * car is a non ‑ taxable re ‑ importation if: (a) the importer had manufactured, acquired or imported the car before 1 July 2000; and (b) the car was exported from the indirect tax zone before, on or after 1 July 2000; and (c) the car is returned to the indirect tax zone on or after 1 July 2000, without having been subject to any treatment, industrial processing, repair, renovation, alteration or any other process since its export; and (d) the ownership of the car when it is returned to the indirect tax zone is the same as its ownership on 1 July 2000. Note: An importation covered by this section may also be duty ‑ free under item 17 of Schedule 4 to the Customs Tariff Act 1995 .", "Amendment_Count": 3, "First_Amended": "No 156 of 2000", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 156 of 2000 | No 2 of 2015 | No 65 of 2019", "History_Notes": "Inserted by No 156 of 2000, Sch 2 item 18, effective Sch 2 (items 13–18, 25(2)) and Sch 6 (items 42, 43, 49(1)): 21 Dec 2000 (s 2(1)) | Amended by No 2 of 2015, Sch 4 item 41, effective Sch 4 (items 38–47, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 65 of 2019, Sch 3 item 1, effective Sch 3: 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s7-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-1", "Provision_Key": "s9-1", "Heading": "What this Division is about", "Text": "In certain circumstances you can quote for a supply or importation of a luxury car and not pay the luxury car tax. This is designed to avoid the luxury car tax becoming payable unless the car is sold or imported at the retail level.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-5", "Provision_Key": "s9-5", "Heading": "Quoting", "Text": "(1) You are entitled to * quote your * ABN in relation to a supply of a * luxury car or an * importation of a luxury car if, at the time of quoting, you have the intention of using the car for one of the following purposes, and for no other purpose: (a) holding the car as trading stock, other than holding it for hire or lease; or (b) * research and development for the manufacturer of the car; or (c) exporting the car in circumstances where the export is * GST ‑ free under Subdivision 38 ‑ E of the * GST Act. (2) However, you are not entitled to * quote unless you are * registered.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-10", "Provision_Key": "s9-10", "Heading": "Periodic quoting", "Text": "(1) You may make a periodic quote under this section for supplies that you intend to receive from a supplier during the period covered by the periodic quote. The period must not exceed 12 months. (2) If you make a periodic quote on or before the first day of the period to which the quote relates, you are to be treated as having * quoted your * ABN for all supplies from the supplier during that period, other than supplies in respect of which you have notified the supplier in accordance with subsection (3). (3) If you are not entitled to * quote for a particular supply from the supplier during the period, you must notify the supplier of that fact at or before the time of the supply. The notification must be in the * approved form. (4) You commit an offence if you contravene subsection (3). Penalty: 20 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (5) Section 9 ‑ 25 applies to a * quote that you are treated as having made under subsection (2) of this section for a particular supply.", "Amendment_Count": 2, "First_Amended": "No 4 of 2016", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 4 of 2016 | No 61 of 2016", "History_Notes": "Amended by No 4 of 2016, Sch 4 item 333, effective Sch 4 (item 333): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, Sch 2 item 1, effective Sch 2 (items 1, 2): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-15", "Provision_Key": "s9-15", "Heading": "Manner in which quote must be made", "Text": "(1) A * quote (including a periodic quote) must be in the * approved form. (2) A * quote is not effective unless it is made at or before the time of the supply or * importation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-20", "Provision_Key": "s9-20", "Heading": "Incorrect quote nevertheless effective for certain purposes", "Text": "If you * quote in circumstances in which you are not entitled to quote, or the quote is not in the * approved form, the quote is nevertheless effective for the purpose of subsection 5 ‑ 10(2) or 7 ‑ 10(3) (whichever is relevant), unless section 9 ‑ 25 applies.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Amended by No 56 of 2010, Sch 6 item 109, effective Sch 6 (item 109): 3 June 2010 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-25", "Provision_Key": "s9-25", "Heading": "Quote not effective for certain purposes if there are grounds for believing it was improperly made", "Text": "A * quote is not effective, so far as it would have resulted in you not paying luxury car tax, if at the time of the quote the person to whom the quote is made has reasonable grounds for believing that: (a) you are not entitled to quote in the particular circumstances; or (b) the quote is not made in the * approved form; or (c) the quote is false or misleading in a material particular (either because of something stated in the quote or something left out).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-25"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 9-30", "Provision_Key": "s9-30", "Heading": "Improper quoting is an offence", "Text": "You must not, in relation to any supply or * importation of a * luxury car: (a) * quote an * ABN: (i) in circumstances in which you are not entitled to quote; or (ii) in contravention of subsection 9 ‑ 15(1); or (b) in any other way falsely quote an ABN. Penalty: 20 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 3: Section 23 of the A New Tax System (Australian Business Number) Act 1999 provides penalties for misuse of ABNs.", "Amendment_Count": 1, "First_Amended": "No 61 of 2016", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 61 of 2016", "History_Notes": "Amended by No 61 of 2016, Sch 2 item 2, effective Sch 2 (items 1, 2): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s9-30"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-1", "Provision_Key": "s13-1", "Heading": "What this Division is about", "Text": "Luxury car tax on supplies of luxury cars is added to net amounts under Division 17 of the GST Act. Adjustments in relation to supplies or importations can be made to net amounts. They may increase or decrease net amounts. Luxury car tax on importations of luxury cars is not incorporated into net amounts but is generally paid with customs duty. Note: Division 165 (Anti ‑ avoidance) of the GST Act will cover avoidance schemes relating to luxury car tax so far as they affect net amounts, because such schemes affect amounts payable under the GST Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-5", "Provision_Key": "s13-5", "Heading": "Net amounts increased by amounts of luxury car tax", "Text": "Your * net amount for a * tax period is increased by the sum of all of the amounts of luxury car tax (if any) that are attributable to that tax period, other than amounts on * taxable importations of luxury cars.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 3 item 8 | Sch 3 item 9, effective Sch 1 (items 6, 7, 130–142, 239) and Sch 3 (items 8, 9): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-10", "Provision_Key": "s13-10", "Heading": "Adjustments", "Text": "(1) If you have any * luxury car tax adjustments that are attributable to a * tax period applying to you, alter your * net amount for the period as follows: (a) add to that net amount for the period the sum of all the * increasing luxury car tax adjustments (if any) that are attributable to the period; (b) subtract from that net amount the sum of all the * decreasing luxury car tax adjustments (if any) that are attributable to the period. (2) A * luxury car tax adjustment must be made within 4 years after the supply or * importation to which the adjustment relates.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-15", "Provision_Key": "s13-15", "Heading": "Attribution rules for taxable supplies of luxury cars and luxury car tax adjustments", "Text": "(1) The luxury car tax payable by you on a * taxable supply of a luxury car is attributable to the same * tax period, or tax periods, applying to you as the tax period or tax periods to which: (a) if the * supply is a * taxable supply—the taxable supply is attributable; or (b) if the supply is not a taxable supply—the supply would be attributable if it were a taxable supply. Note: For the basic rules on attribution of taxable supplies, see section 29 ‑ 5 of the GST Act. (1A) The luxury car tax payable by you on a * taxable supply of a luxury car that is supplied by way of lease or hire is entirely attributable to the first * tax period to which the supply of the car is attributable. This subsection has effect despite section 156 ‑ 5 of the * GST Act. Note: Under that section, the luxury car tax could otherwise be payable on a periodic basis. (2) A * luxury car tax adjustment that you have is attributable to the same * tax period, or tax periods, applying to you as the tax period or tax periods to which: (a) if the luxury car tax adjustment is an * adjustment—the adjustment is attributable; or (b) if the luxury car tax adjustment is not an adjustment—the luxury car tax adjustment would be attributable if it were an adjustment. Note: For the basic rules on attribution of adjustments, see section 29 ‑ 20 of the GST Act.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Amended by No 156 of 2000, Sch 6 item 43, effective Sch 2 (items 13–18, 25(2)) and Sch 6 (items 42, 43, 49(1)): 21 Dec 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-20", "Provision_Key": "s13-20", "Heading": "Paying assessed luxury car tax on taxable importations of luxury cars", "Text": "(1) * Assessed luxury car tax on a * taxable importation of a luxury car is to be paid by the importer to the Commonwealth: (a) at the same time, at the same place, and in the same manner, as * customs duty is payable on the car in question (or would be payable if the car were subject to customs duty); or (b) in the circumstances specified in the regulations, within such further time specified in the regulations, and at the place and in the manner specified in the regulations. Note 1: The regulations could (for example) allow for deferral of payments to coincide with payments of assessed net amounts. Note 1A: For provisions about assessment of luxury car tax on taxable importations of luxury cars, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For provisions about collection and recovery of assessed luxury car tax on taxable importations of luxury cars, see Subdivision 105 ‑ C, and Part 4 ‑ 15, in Schedule 1 to the Taxation Administration Act 1953 . (2) An officer of Customs (within the meaning of subsection 4(1) of the Customs Act 1901 ) may refuse to deliver the goods concerned unless the assessed luxury car tax has been paid.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 44 of 2000 | No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 18 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 177 | Sch 2 item 21, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 44 of 2000, Sch 3 item 2 | Sch 3 item 3, effective Sch 3 (items 2, 3): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 142, effective Sch 5 (items 140–142): 1 July 2006 (s 2(1) item 21) | Amended by No 39 of 2012, Sch 1 item 133 | Sch 1 item 134 | Sch 1 item 135 | Sch 1 item 136 | Sch 1 item 137 | Sch 1 item 138, effective Sch 1 (items 6, 7, 130–142, 239) and Sch 3 (items 8, 9): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-25", "Provision_Key": "s13-25", "Heading": "Security or undertaking given under section 162 or 162A of the Customs Act", "Text": "(1) An amount of * assessed luxury car tax on a * taxable importation of a luxury car is not payable if: (a) a security or undertaking described in section 162 of the Customs Act 1901 has been given; and (b) the provisions of the regulations mentioned in paragraph 162(3)(a) of that Act are complied with; and (c) either: (i) the car is exported within the relevant period mentioned in paragraph 162(3)(b) of that Act; or (ii) one or more of the circumstances or conditions specified in the regulations mentioned in paragraph 162(3)(b) of that Act apply in relation to the car. Note: Section 162 of the Customs Act 1901 allows delivery of imported goods if the importer gives a security or undertaking to pay any customs duty, assessed GST and assessed luxury car tax relating to the importation. (1A) An amount of * assessed luxury car tax on a * taxable importation of a luxury car is not payable if: (a) a security or undertaking described in section 162A of the Customs Act 1901 has been given; and (b) the car is not dealt with in contravention of regulations made for the purposes of that section; and (c) one or more of the following applies: (i) the car is exported within the relevant period mentioned in paragraph 162A(5)(b) of that Act; (ii) if the car is goods described in subsection 162A(5A) of that Act—the goods are exported before the end of the relevant day mentioned in paragraph 162A(5A)(b) of that Act; (iii) one or more of the circumstances or conditions specified in the regulations mentioned in paragraph 162A(5)(b) of that Act apply in relation to the car. Note: Section 162A of the Customs Act 1901 allows delivery of imported goods if the importer gives a security or undertaking to pay any customs duty, assessed GST and assessed luxury car tax relating to the importation. (2) This section has effect despite section 13 ‑ 20.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 156 of 2000 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 178 | Sch 2 item 12 | Sch 2 item 29, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 156 of 2000, Sch 2 item 16 | Sch 2 item 17, effective Sch 2 (items 13–18, 25(2)) and Sch 6 (items 42, 43, 49(1)): 21 Dec 2000 (s 2(1)) | Amended by No 39 of 2012, Sch 1 item 139 | Sch 1 item 140 | Sch 1 item 141 | Sch 1 item 142, effective Sch 1 (items 6, 7, 130–142, 239) and Sch 3 (items 8, 9): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-25"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 13-30", "Provision_Key": "s13-30", "Heading": "Application of Division 165 of the GST Act", "Text": "Division 165 of the * GST Act applies to amounts payable under this Subdivision as if they were amounts payable under the GST Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s13-30"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-1", "Provision_Key": "s15-1", "Heading": "What this Division is about", "Text": "Circumstances that occur after the supply or importation of a car may mean that too much or too little luxury car tax was imposed. Accordingly, adjustments are made to increase or decrease the net amount. Adjustments can be made by the supplier, the recipient or the importer, depending upon the circumstances.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-5", "Provision_Key": "s15-5", "Heading": "Luxury car tax adjustment event", "Text": "(1) A luxury car tax adjustment event is any event which has the effect of: (a) cancelling a supply of a * luxury car; or (b) changing the * consideration for the supply; or (c) causing the supply to become, or stop being, a * taxable supply of a luxury car. (2) Without limiting subsection (1), these are * luxury car tax adjustment events: (a) the return to a supplier of a * car supplied (whether or not the return involves a change of ownership of the car); (b) a change to the previously agreed * consideration for a supply of a car, whether due to the offer of a discount or otherwise. (3) A * luxury car tax adjustment event can arise in relation to a supply of a * car even if it is not a * taxable supply of a luxury car. (4) However, the return of a * luxury car to its supplier is not an * adjustment event if the return is for the purpose of repair or maintenance.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 179, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-10", "Provision_Key": "s15-10", "Heading": "Where adjustments for luxury car tax arise", "Text": "You have a luxury car tax adjustment for a supply of a * luxury car for which you are liable to pay luxury car tax (or would be liable to pay luxury car tax if it were a * taxable supply of a luxury car) if: (a) in relation to the supply, one or more * luxury car tax adjustment events occur during a * tax period; and (b) luxury car tax on the supply was attributable to an earlier tax period (or, if the supply was not a taxable supply of a luxury car, would have been attributable to an earlier tax period had the supply been a taxable supply of a luxury car); and (c) as a result of that adjustment event or those adjustment events, the * previously attributed luxury car tax amount for the supply no longer correctly reflects the amount of luxury car tax on the supply (the corrected luxury car tax amount ), taking into account any luxury car tax adjustments for the supply.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-15", "Provision_Key": "s15-15", "Heading": "Previously attributed luxury car tax amounts", "Text": "The previously attributed luxury car tax amount for a supply of a * luxury car is: (a) the amount of any luxury car tax that was attributable to a * tax period in respect of the supply; plus (b) the sum of any * increasing luxury car tax adjustments, under this Subdivision, that were previously attributable to a tax period in respect of the supply; minus (c) the sum of any * decreasing luxury car tax adjustments, under this Subdivision, that were previously attributable to a tax period in respect of the supply.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-20", "Provision_Key": "s15-20", "Heading": "Increasing adjustments for supplies", "Text": "If the * corrected luxury car tax amount is greater than the * previously attributed luxury car tax amount, you have an increasing luxury car tax adjustment equal to the difference between the corrected luxury car tax amount and the previously attributed luxury car tax amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-25", "Provision_Key": "s15-25", "Heading": "Decreasing adjustments for supplies", "Text": "If the * corrected luxury car tax amount is less than the * previously attributed luxury car tax amount, you have a decreasing luxury car tax adjustment equal to the difference between the previously attributed luxury car tax amount and the corrected luxury car tax amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-25"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-30", "Provision_Key": "s15-30", "Heading": "Changes of use—supplies of luxury cars", "Text": "(1) You have a decreasing luxury car tax adjustment if: (a) you were supplied with a * luxury car; and (b) luxury car tax was payable on the supply because you did not * quote for the supply; and (c) you were * registered at the time of the supply; and (d) you intend to use the car for a * quotable purpose; and (e) you have only used the car for a quotable purpose. (1A) You have a decreasing luxury car tax adjustment if: (a) you are supplied with a * luxury car; and (b) luxury car tax is payable on the supply; and (c) you are * registered at the time of the supply; and (d) were you to * import the car for the same purpose as your purpose in acquiring it, luxury car tax would, because of paragraph 7 ‑ 10(3)(ba), not be payable on the importation; and (e) you do not intend to use the car, or permit it to be used, other than for that purpose. (2) The * decreasing luxury car tax adjustment is equal to the amount of luxury car tax that was payable on the supply. (3) You have an increasing luxury car tax adjustment if: (a) you were supplied with a * luxury car; and (b) either: (i) no luxury car tax was payable on the supply because you * quoted for the supply; or (ii) you had a decreasing luxury car tax adjustment under subsection (1); and (c) you use the car for a purpose other than a * quotable purpose. (3A) You have an increasing luxury car tax adjustment if: (a) you were supplied with a * luxury car; and (b) you had a * decreasing luxury car tax adjustment under subsection (1A) in relation to the supply; and (c) either: (i) you use the car (or permit it to be used), and that use would have prevented a decreasing luxury car tax adjustment arising under that subsection if it had been your purpose in acquiring the car; or (ii) you supply the car to another entity. (3B) However, subparagraph (3A)(c)(ii) does not apply if luxury car tax would, because of paragraph 7 ‑ 10(3)(ba), not have been payable if the other entity had instead * imported the car for the same purpose as its purpose in acquiring the car from you. (4) The * increasing luxury car tax adjustment is equal to: (a) the amount of luxury car tax that the supplier of the car would have had to pay if you had not * quoted for the supply; or (b) the amount of the * decreasing luxury car tax adjustment; whichever is relevant.", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Amended by No 15 of 2017, Sch 3 item 2 | Sch 3 item 3, effective Sch 3: 28 Feb 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-30"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-35", "Provision_Key": "s15-35", "Heading": "Changes of use—importing luxury cars", "Text": "(1) You have a decreasing luxury car tax adjustment if: (a) you * imported a * luxury car; and (b) luxury car tax was payable on the importation because you did not * quote for the importation; and (c) you were * registered at the time of the importation; and (d) you intend to use the car for a * quotable purpose; and (e) you have only used the car for a quotable purpose. (2) The * decreasing luxury car tax adjustment is equal to the amount of luxury car tax that was payable on the importation. (3) You have an increasing luxury car tax adjustment if (a) you * imported a * luxury car; and (b) either: (i) no luxury car tax was payable on the importation because you * quoted for the importation; or (ii) you had a decreasing luxury car tax adjustment under subsection (1); and (c) you used the car for a purpose other than a * quotable purpose. (3A) You have an increasing luxury car tax adjustment if: (a) you * imported a * luxury car; and (b) no luxury car tax was payable on the importation because of paragraph 7 ‑ 10(3)(ba); and (c) either: (i) you use the car (or permit it to be used), and that use would have prevented that paragraph applying if it had been your purpose in importing the car; or (ii) you supply the car to another entity. (3B) However, subparagraph (3A)(c)(ii) does not apply if luxury car tax would, because of paragraph 7 ‑ 10(3)(ba), not have been payable if the other entity had instead * imported the car for the same purpose as its purpose in acquiring the car from you. (4) The * increasing luxury car tax adjustment is equal to: (a) the amount of luxury car tax that you would have had to pay if you had not * quoted for the * importation; or (b) the amount of the decreasing luxury car tax adjustment; or (c) the amount of luxury car tax that you would have had to pay if paragraph 7 ‑ 10(3)(ba) had not applied in relation to the importation; whichever is relevant.", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Amended by No 15 of 2017, Sch 3 item 4 | Sch 3 item 5, effective Sch 3: 28 Feb 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-35"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-40", "Provision_Key": "s15-40", "Heading": "Writing off bad debts", "Text": "(1) You have a decreasing luxury car tax adjustment if: (a) you made a * taxable supply of a luxury car; and (b) the whole or part of the * consideration for the supply has not been received; and (c) you write off as bad the whole or a part of the debt, or the whole or a part of the debt has been * overdue for 12 months or more. (2) The decreasing luxury car tax adjustment is equal to: (a) the amount of luxury car tax that was payable by you on the supply taking into account any previous * luxury car tax adjustments for the supply; minus (b) the amount of luxury car tax (if any) that would be payable if the * price of the supply of the car (disregarding any previous * luxury car tax adjustments for the supply) was reduced by an amount equal to the sum of: (i) the amount or amounts of the debt written off as bad; and (ii) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off). (3) You cannot have a * luxury car tax adjustment under this section if you * account on a cash basis.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 176 of 1999 | No 177 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 180 | Sch 1 item 181 | Sch 1 item 182, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 177 of 1999, Sch 6 item 164, effective Sch 1 (items 163–169): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-40"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 15-45", "Provision_Key": "s15-45", "Heading": "Recovering amounts previously written off", "Text": "(1) You have an increasing luxury car tax adjustment if: (a) you made a * taxable supply of a luxury car in relation to which you had a * decreasing luxury car tax adjustment under section 15 ‑ 40 for a debt; and (b) you recover the whole or a part of the amount or amounts of the debt that have been written off as bad or * overdue for 12 months or more. (2) The increasing luxury car tax adjustment is equal to: (a) the amount of luxury car tax (if any) that would be payable if the * price of the supply of the car (disregarding any previous * luxury car tax adjustments for the supply) was reduced by the sum of: (i) the amount or amounts of the debt previously written off as bad; and (ii) the amount of the debt that has been * overdue for 12 months or more (other than amounts already written off); and then increased by an amount equal to the amount or amounts recovered; minus (b) the amount of luxury car tax (if any) payable on the supply of the luxury car, taking into account any previous * luxury car tax adjustments for the supply.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 176 of 1999 | No 177 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 183 | Sch 1 item 184 | Sch 1 item 185, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 177 of 1999, Sch 6 item 166, effective Sch 1 (items 163–169): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s15-45"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 16-1", "Provision_Key": "s16-1", "Heading": "What this Division is about", "Text": "The representative member of a GST group deals with all of the luxury car tax liabilities and entitlements of the group. The joint venture operator of a GST joint venture deals with the luxury car tax liabilities and entitlements arising from the operator’s dealings on behalf of the other participants in the joint venture.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s16-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 16-5", "Provision_Key": "s16-5", "Heading": "Who is liable for luxury car tax", "Text": "(1) Luxury car tax payable on a * taxable supply of a luxury car, or a * taxable importation of a luxury car, for which a * member of a * GST group would (apart from this section) be liable: (a) is payable by the * representative member; and (b) is not payable by the member that would otherwise be liable (unless the member is the representative member). (2) However, if the member is not the * representative member of the * GST group, this section only applies to luxury car tax payable on a * taxable importation of a luxury car if the tax is payable at a time when luxury car tax on * taxable supplies of luxury cars is normally payable by the representative member. (3) This section has effect despite sections 5 ‑ 5 and 7 ‑ 5 (which are about liability for luxury car tax).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s16-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 16-10", "Provision_Key": "s16-10", "Heading": "Luxury car tax adjustments", "Text": "(1) Any * luxury car tax adjustment that a * member of a * GST group has is to be treated as if: (a) that member did not have the adjustment (unless that member is the * representative member); and (b) the representative member had the adjustment. (2) This section has effect despite section 13 ‑ 10 (which is about the effect of luxury car tax adjustments on net amounts).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s16-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 16-15", "Provision_Key": "s16-15", "Heading": "Who is liable for luxury car tax", "Text": "(1) Luxury car tax payable on a * taxable supply of a luxury car, or a * taxable importation of a luxury car, that the * joint venture operator of a * GST joint venture makes, on behalf of another * participant in the joint venture, in the course of activities for which the joint venture was entered into: (a) is payable by the joint venture operator; and (b) is not payable by the other participant. (2) This section has effect despite sections 5 ‑ 5 and 7 ‑ 5 (which are about liability for luxury car tax).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 16, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s16-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 16-20", "Provision_Key": "s16-20", "Heading": "Luxury car tax adjustments", "Text": "(1) Any * luxury car tax adjustment relating to any supply or * importation that the * joint venture operator of a * GST joint venture makes, on behalf of another * participant in the joint venture, in the course of activities for which the joint venture was entered into is to be treated as if: (a) the other participant did not have the adjustment; and (b) the joint venture operator had the adjustment. (2) This section has effect despite section 13 ‑ 10 (which is about the effect of * luxury car tax adjustments on net amounts).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 16, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s16-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 16-25", "Provision_Key": "s16-25", "Heading": "Additional net amounts relating to GST joint ventures", "Text": "The additional net amount relating to a * GST joint venture in section 51 ‑ 45 of the * GST Act: (a) is increased by the amount of any luxury car tax on * taxable supplies of luxury cars for which the * joint venture operator is liable because of section 16 ‑ 15; and (b) is increased or decreased (as the case requires) by the amount of any * luxury car tax adjustments that are adjustments of the joint venture operator because of section 16 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s16-25"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 17-1", "Provision_Key": "s17-1", "Heading": "What this Division is about", "Text": "You may, in some circumstances, be able to claim a credit for luxury car tax paid either by yourself or by the supplier of the luxury car. Credits are only available to people who are not entitled to an adjustment for the circumstance.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s17-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 17-5", "Provision_Key": "s17-5", "Heading": "Credits for tax borne", "Text": "(1) You are entitled to a credit if: (a) you have a credit entitlement under this section; and (b) you are not * registered or * required to be registered; and (c) no one else has made a valid claim for a credit in relation to the credit entitlement. (2) You have a credit entitlement if: (a) luxury car tax on a supply to you was overpaid (that is, the supplier paid an amount of luxury car tax that was not legally payable); and (b) you have * borne the overpaid luxury car tax. (3) You have a credit entitlement if you have * borne luxury car tax on a supply of a * car for which you could have * quoted except that you were not * registered at the time of the supply. (4) You have a credit entitlement if you have paid luxury car tax on the * importation of a * luxury car for which you could have * quoted except that you were not * registered at the time of the importation. (5) The amount of the credit is the amount of: (a) overpaid luxury car tax * borne by you; or (b) luxury car tax that would not have been payable by the supplier had you * quoted for the supply in question and that was borne by you; or (c) luxury car tax that you would not have paid had you quoted for the * importation in question; but only to the extent that you have not * passed on that amount or have not already been credited in respect of that amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s17-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 17-10", "Provision_Key": "s17-10", "Heading": "Claiming credits", "Text": "(1) You must claim a credit within 4 years of becoming entitled to the credit. (2) A claim for a credit must be made in the * approved form.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s17-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 17-15", "Provision_Key": "s17-15", "Heading": "Excess credits must be repaid", "Text": "If the amount of a credit you claim exceeds the amount to which you are properly entitled under section 17 ‑ 5, the excess is to be treated as if it were luxury car tax that became payable, and due for payment, by you at the time when the credit was paid or applied to you. Note: The main effect of treating the amount as if it were luxury car tax is to apply the collection and recovery rules in Part 3 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 , such as a liability to pay the general interest charge under section 105 ‑ 80 in that Schedule.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Sch 5 (items 4, 5): 24 Mar 2010 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s17-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 18-1", "Provision_Key": "s18-1", "Heading": "What this Division is about", "Text": "Refunds under this Division may be available to primary producers and tourism operators for the supply of certain cars.", "Amendment_Count": 1, "First_Amended": "No 101 of 2008", "Last_Amended": "No 101 of 2008", "Amending_Acts": "No 101 of 2008", "History_Notes": "Inserted by No 101 of 2008, effective 3 Oct 2008 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s18-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 18-5", "Provision_Key": "s18-5", "Heading": "Refunds for tax borne—primary producers", "Text": "(1) You are entitled to a refund under this section if: (a) you have a refund entitlement under this section; and (b) you are * registered; and (c) no one else has made a valid claim for a refund in relation to the refund entitlement. (2) You have a refund entitlement if: (a) you have * borne luxury car tax on the supply, or * importation, of a * refund ‑ eligible car (or you would have borne luxury car tax on the supply or importation if you had acquired the * car directly rather than entering into a financing arrangement relating to the car); and (b) at the time of the supply or importation you are carrying on a * primary production business. (3) The amount of the refund for a refund entitlement under subsection (2) is the lesser of: (a) the amount of the luxury car tax described in paragraph (2)(a); and (b) $10,000. (4) You cannot have a refund entitlement under subsection (2) for more than one * car in a * financial year.", "Amendment_Count": 3, "First_Amended": "No 101 of 2008", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 101 of 2008 | No 150 of 2008 | No 94 of 2019", "History_Notes": "Inserted by No 101 of 2008, effective 3 Oct 2008 (s 2) | Amended by No 150 of 2008, Sch 1 item 1 | Sch 1 item 2, effective Sch 1 (items 1–5): 11 Dec 2008 (s 2(1) item 2) | Amended by No 94 of 2019, Sch 2 item 1, effective Sch 2: 1 Jan 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s18-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 18-10", "Provision_Key": "s18-10", "Heading": "Refunds for tax borne—tourism operators", "Text": "(1) You are entitled to a refund under this section if: (a) you have a refund entitlement under this section; and (b) you are * registered; and (c) no one else has made a valid claim for a refund in relation to the refund entitlement. (2) You have a refund entitlement if: (a) you have * borne luxury car tax on the supply, or * importation, of a * refund ‑ eligible car (or you would have borne luxury car tax on the supply or importation if you had acquired the * car directly rather than entering into a financing arrangement relating to the car); and (b) the Commissioner is satisfied that: (i) you will use the car solely for the purpose of carrying on a business; and (ii) the principal purpose of the business is carrying tourists for * tourist activities. (3) The amount of the refund for a refund entitlement under subsection (2) is the lesser of: (a) the amount of the luxury car tax described in paragraph (2)(a); and (b) $10,000.", "Amendment_Count": 3, "First_Amended": "No 101 of 2008", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 101 of 2008 | No 150 of 2008 | No 94 of 2019", "History_Notes": "Inserted by No 101 of 2008, effective 3 Oct 2008 (s 2) | Amended by No 150 of 2008, Sch 1 item 3 | Sch 1 item 4, effective Sch 1 (items 1–5): 11 Dec 2008 (s 2(1) item 2) | Amended by No 94 of 2019, Sch 2 item 2, effective Sch 2: 1 Jan 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s18-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 18-15", "Provision_Key": "s18-15", "Heading": "Claiming refunds", "Text": "(1) You must claim a refund within 4 years of becoming entitled to the refund. (2) A claim for a refund must be in the * approved form.", "Amendment_Count": 1, "First_Amended": "No 101 of 2008", "Last_Amended": "No 101 of 2008", "Amending_Acts": "No 101 of 2008", "History_Notes": "Inserted by No 101 of 2008, effective 3 Oct 2008 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s18-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 18-20", "Provision_Key": "s18-20", "Heading": "Payment of refunds", "Text": "If you are entitled to a refund under this Division and you have claimed the refund, the Commissioner must, on behalf of the Commonwealth, pay the amount of the refund to you.", "Amendment_Count": 1, "First_Amended": "No 101 of 2008", "Last_Amended": "No 101 of 2008", "Amending_Acts": "No 101 of 2008", "History_Notes": "Inserted by No 101 of 2008, effective 3 Oct 2008 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s18-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 21-1", "Provision_Key": "s21-1", "Heading": "Commonwealth etc. not liable to pay luxury car tax", "Text": "(1) The Commonwealth and * untaxable Commonwealth entities are not liable to pay luxury car tax payable under this Act. However, it is the Parliament’s intention that the Commonwealth and untaxable Commonwealth entities should: (a) be notionally liable to pay luxury car tax payable under this Act; and (b) notionally have * luxury car tax adjustments arising under this Act. (2) The * Finance Minister may give such written directions as are necessary or convenient for carrying out or giving effect to subsection (1) and, in particular, may give directions in relation to the transfer of * money within an account, or between accounts, operated by the Commonwealth or an * untaxable Commonwealth entity. (3) Directions under subsection (2) have effect, and must be complied with, despite any other Commonwealth law.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Amended by No 58 of 2006, Sch 7 item 18 | Sch 7 item 19 | Sch 7 item 20 | Sch 7 item 21, effective Sch 7 (items 18–23): 22 June 2006 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s21-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 21-5", "Provision_Key": "s21-5", "Heading": "Cancellation of exemptions from luxury car tax", "Text": "(1) This section cancels the effect of a provision of another Act that would have the effect of exempting a person from liability to pay luxury car tax payable under this Act. (2) The cancellation does not apply if the provision of the other Act: (a) commences after this section commences; and (b) refers specifically to luxury car tax payable under this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s21-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 21-10", "Provision_Key": "s21-10", "Heading": "Agreement with Commissioner regarding calculation of luxury car tax values", "Text": "(1) The * Commissioner may enter into an agreement with you about calculating the * luxury car tax values of particular supplies or * importations of * luxury cars. (2) So far as the agreement is inconsistent with this Act, the agreement prevails.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s21-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 21-15", "Provision_Key": "s21-15", "Heading": "Application of the Criminal Code", "Text": "The Criminal Code applies to all offences against this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s21-15"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 21-20", "Provision_Key": "s21-20", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s21-20"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 23-1", "Provision_Key": "s23-1", "Heading": "What forms part of this Act", "Text": "(1) These all form part of this Act:  the headings to the Parts, Divisions and Subdivisions of this Act;  * explanatory sections;  the headings to the sections and subsections of this Act;  the notes and examples (however described) that follow provisions of this Act. (2) The asterisks used to identify defined terms form part of this Act. However, if a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s23-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 23-5", "Provision_Key": "s23-5", "Heading": "What does not form part of this Act", "Text": "Footnotes and endnotes do not form part of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s23-5"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 23-10", "Provision_Key": "s23-10", "Heading": "Explanatory sections, and their role in interpreting this Act", "Text": "(1) An explanatory section is: (a) any section that is the first section in a Division and that has as its heading “What this Division is about”; or (b) any section in Divisions 2, 3 and 4. (2) Explanatory sections form part of this Act, but they are not operative provisions. In interpreting an operative provision, an explanatory section may only be considered: (a) in determining the purpose or object underlying the provision; or (b) to confirm that the provision’s meaning is the ordinary meaning conveyed by its text, taking into account its context in this Act and the purpose or object underlying the provision; or (c) in determining the provision’s meaning if the provision is ambiguous or obscure; or (d) in determining the provision’s meaning if the ordinary meaning conveyed by its text, taking into account its context in this Act and the purpose or object underlying the provision, leads to a result that is manifestly absurd or is unreasonable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s23-10"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 25-1", "Provision_Key": "s25-1", "Heading": "Meaning of luxury car", "Text": "(1) A luxury car is a * car whose * luxury car tax value exceeds the * luxury car tax threshold. (2) However, a * car is not a * luxury car if it is: (a) a vehicle that is specified in the regulations to be an emergency vehicle, or that is in a class of vehicles that are specified in the regulations to be emergency vehicles; or (b) specially fitted out for transporting * disabled people seated in wheelchairs (unless the supply of the car is * GST ‑ free under Subdivision 38 ‑ P of the * GST Act); or (c) a commercial vehicle that is not designed for the principal purpose of carrying passengers; or (d) a motor home or campervan. Luxury car tax threshold—general (3) Subject to subsection (4), the luxury car tax threshold is: (a) $80,567 if the supply of the car occurs, or the car is * entered for home consumption, in the 2024 ‑ 25 * financial year; or (b) if that supply, or entry for home consumption, is in a later financial year—the amount worked out for that financial year after indexing $80,567 annually using Subdivision 960 ‑ M of the * ITAA 1997. Luxury car tax threshold—fuel efficient cars (4) If the * car has a fuel consumption not exceeding 3.5 litres per 100 kilometres as a combined rating under national road vehicle standards in force under section 12 of the Road Vehicle Standards Act 2018 , the luxury car tax threshold is the * fuel ‑ efficient car limit for the year in which the supply of the car occurred or the car was * entered for home consumption. (5) The fuel ‑ efficient car limit for the 2008 ‑ 09 * financial year is $75,000. The limit is indexed annually using Subdivision 960 ‑ M of the * ITAA 1997. Indexation (6) In indexing the * luxury car tax threshold or * fuel ‑ efficient car limit, Subdivision 960 ‑ M of the * ITAA 1997 applies as if: (a) the table in section 960 ‑ 265 of that Act included an item referring to (as the case may be): (i) the luxury car tax threshold and subsection (3) of this section; or (ii) the fuel ‑ efficient car limit and subsection (5) of this section; and (b) the reference in subsection 960 ‑ 270(1) of that Act to provisions of that Act included a reference to subsection (3) or (5) of this section (as the case may be); and (c) the reference in subsection 960 ‑ 280(2) of that Act to the car limit included a reference to the luxury car tax threshold or fuel ‑ efficient car limit (as the case may be).", "Amendment_Count": 6, "First_Amended": "No 176 of 1999", "Last_Amended": "No 29 of 2025", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 77 of 2001 | No 101 of 2008 | No 164 of 2018 | No 29 of 2025", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 188, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 92 of 2000, Sch 3 item 83 | Sch 11 item 16F, effective Sch 11 (item 16F): 1 July 2000 (s 2(7)) | Amended by No 77 of 2001, Sch 2 item 15, effective Sch 2 (items 15, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2008, Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 11 | Sch 1 item 12, effective 3 Oct 2008 (s 2) | Amended by No 164 of 2018, Sch 4 item 2, effective Sch 4 (item 2): 1 July 2021 (s 2(1) item 5) | Amended by No 29 of 2025, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4, effective Sch 1: 1 Apr 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s25-1"}
{"Act_Short_Name": "LCT", "Act_Title": "A New Tax System (Luxury Car Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00463", "Provision": "s 27-1", "Provision_Key": "s27-1", "Heading": "Dictionary", "Text": "In this Act, unless the contrary intention appears: ABN has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . account on a cash basis : you account on a cash basis while a choice you make under section 29 ‑ 40 of the * GST Act, or a permission of the * Commissioner under section 29 ‑ 45 of the * GST Act in relation to you, has effect. adjustment has the meaning given by section 195 ‑ 1 of the * GST Act. approved form has the meaning given by section 995 ‑ 1 of the * ITAA 1997. assessed luxury car tax , on a * taxable importation of a luxury car, means the luxury car tax * assessed on the taxable importation. assessment has the meaning given by the * ITAA 1997. associate has the meaning given by section 318 of the * ITAA 1936. Australian fee or charge has the meaning given by section 195 ‑ 1 of the * GST Act. Australian tax has the meaning given by section 195 ‑ 1 of the * GST Act. borne : you have borne luxury car tax on the supply of a * car if the * consideration that you provided for the supply included the tax. car means a * motor vehicle (except a motor cycle or similar vehicle) that is: (a) designed to carry a load of less than 2 tonnes and fewer than 9 passengers; or (b) a limousine (regardless of the number of passengers it is designed to carry). car parts has the meaning given by section 195 ‑ 1 of the * GST Act. carrying on an * enterprise includes doing anything in the course of the commencement or termination of the enterprise. Commissioner means the Commissioner of Taxation. connected with the indirect tax zone , in relation to a supply, has the meaning given by section 195 ‑ 1 of the * GST Act. consideration has the meaning given by section 195 ‑ 1 of the * GST Act. corrected luxury car tax amount has the meaning given by paragraph 15 ‑ 10(c). customs duty means any duty of customs imposed by that name under a law of the Commonwealth, other than: (a) the A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999 ; or (aa) the A New Tax System (Goods and Services Tax Imposition (Recipients)—Customs) Act 2005 ; or (b) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999 . Customs Tariff means the Customs Tariff Act 1995 as amended by any Act, and as proposed to be amended by Customs Tariff Proposals introduced into the House of Representatives. decreasing luxury car tax adjustment has the meaning given by sections 15 ‑ 25, 15 ‑ 30, 15 ‑ 35 and 15 ‑ 40. disabled person means a person described in: (a) paragraphs 38 ‑ 505(1)(a) and (b) of the * GST Act (disabled veteran); or (b) paragraph 38 ‑ 510(1)(a) of the GST Act (person with a certificate of medical eligibility). end supply of a * car means a supply of a car to a * recipient who is not entitled to * quote in relation to that supply. enter for home consumption has the same meaning as in the Customs Act 1901 . enterprise has the meaning given by section 9 ‑ 20 of the * GST Act. entity has the meaning given by section 184 ‑ 1 of the * GST Act. explanatory section has the meaning given by section 23 ‑ 10. Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013 . financial year has the meaning given by section 995 ‑ 1 of the * ITAA 1997. fuel ‑ efficient car limit has the meaning given by subsection 25 ‑ 1(5). GST has the meaning given by section 195 ‑ 1 of the * GST Act. GST Act means the A New Tax System (Goods and Services Tax) Act 1999 . GST ‑ free : a supply is GST ‑ free if it is GST ‑ free under Division 38 of the * GST Act. GST group has the meaning given by section 48 ‑ 5 of the * GST Act. GST inclusive market value has the meaning given by section 195 ‑ 1 of the * GST Act. GST joint venture has the meaning given by section 51 ‑ 5 of the * GST Act. import means import goods into the indirect tax zone. increasing luxury car tax adjustment has the meaning given by sections 15 ‑ 20, 15 ‑ 30, 15 ‑ 35 and 15 ‑ 45. indirect tax zone has the meaning given by section 195 ‑ 1 of the * GST Act. international transport of a * car and any * car parts, accessories or attachments covered by subsection 7 ‑ 10(2) has the meaning given by section 195 ‑ 1 of the * GST Act. ITAA 1936 means the Income Tax Assessment Act 1936 . ITAA 1997 means the Income Tax Assessment Act 1997 . joint venture operator , for a * GST joint venture, has the meaning given by section 195 ‑ 1 of the * GST Act. luxury car has the meaning given by section 25 ‑ 1. luxury car tax means tax that is payable under the * luxury car tax law and imposed as luxury car tax by any of these: (a) the A New Tax System (Luxury Car Tax Imposition—General) Act 1999 ; or (b) the A New Tax System (Luxury Car Tax Imposition—Customs) Act 1999 ; or (c) the A New Tax System (Luxury Car Tax Imposition—Excise) Act 1999 . luxury car tax adjustment means an * increasing luxury car tax adjustment or a * decreasing luxury car tax adjustment. Note: Luxury car tax adjustments are provided for in Division 15. luxury car tax adjustment event has the meaning given by section 15 ‑ 5. luxury car tax law means: (a) this Act; and (b) any Act that imposes luxury car tax; and (c) the A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999 ; and (d) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) to (c); and (e) any other Act, so far as it relates to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered); and (f) regulations under any Act, so far as they relate to any Act covered by paragraphs (a) to (e) (or to so much of that Act as is covered). luxury car tax threshold has the meaning given by subsection 25 ‑ 1(3) or (4). luxury car tax value , of a * car, means: (a) in relation to the * supply of the car—the value given by section 5 ‑ 20; or (b) in relation to the * importation of the car—the value given by section 7 ‑ 15. member , in relation to a * GST group, has the meaning given by section 195 ‑ 1 of the * GST Act. money has the meaning given by section 195 ‑ 1 of the * GST Act. more than 2 years old has the meaning given by subsection 5 ‑ 10(3). motor vehicle means a motor ‑ powered road vehicle (including a 4 wheel drive vehicle). net amount has the meaning given by section 195 ‑ 1 of the * GST Act. non ‑ taxable re ‑ importation has the meaning given by section 7 ‑ 20. officer has the meaning given by the Corporations Act 2001 . overdue : a debt is overdue if there has been a failure to discharge the debt, and that failure is a breach of the debtor’s obligations in relation to the debt. participant , in relation to a * GST joint venture, has the meaning given by section 195 ‑ 1 of the * GST Act. passed on , in relation to an amount of tax that has been borne by an entity, does not include an amount that the entity has passed on to another entity, but has later refunded to that other entity. place of consignment of a * car and any * car parts, accessories or attachments covered by subsection 7 ‑ 10(2) has the meaning given by section 195 ‑ 1 of the * GST Act. previously attributed luxury car tax amount has the meaning given in section 15 ‑ 15. price , in relation to a supply, has the meaning given by section 9 ‑ 75 of the * GST Act. primary production business has the meaning given by section 995 ‑ 1 of the * ITAA 1997. quotable purpose means a use of a * car for which you may * quote under section 9 ‑ 5. quote means quote an * ABN. recipient , in relation to a supply, means the * entity to which the supply was made. refund ‑ eligible car means a 4 wheel drive, or all wheel drive, * car of a kind specified in regulations made for the purposes of this definition. registered means registered under Part 2 ‑ 5 of the * GST Act. representative member , for a * GST group, has the meaning given by section 195 ‑ 1 of the * GST Act. required to be registered has the meaning given by section 195 ‑ 1 of the * GST Act. research and development means systematic, investigative and experimental activities that involve innovation or high levels of technical risk and are carried on for the purpose of: (a) acquiring new knowledge (whether or not that knowledge will have a specific practical application); or (b) creating new or improved materials, products, devices or processes. supply has the meaning given by section 9 ‑ 10 of the * GST Act. taxable importation of a luxury car has the meaning given by section 7 ‑ 10. taxable supply has the meaning given by section 195 ‑ 1 of the * GST Act. taxable supply of a luxury car has the meaning given by section 5 ‑ 10. tax period has the meaning given by section 195 ‑ 1 of the * GST Act. tourist activity has the meaning set out in regulations made for the purposes of this definition. untaxable Commonwealth entity has the meaning given by section 177 ‑ 1 of the * GST Act. you : if a provision of this Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note: The expression you is not used in provisions that apply only to entities that are not individuals.", "Amendment_Count": 12, "First_Amended": "No 176 of 1999", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 156 of 2000 | No 55 of 2001 | No 10 of 2005 | No 58 of 2006 | No 101 of 2008 | No 41 of 2011 | No 39 of 2012 | No 62 of 2014 | No 2 of 2015 | No 127 of 2021", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 150 | Sch 1 item 190 | Sch 1 item 191 | Sch 1 item 192 | Sch 1 item 193 | Sch 1 item 194 | Sch 1 item 195 | Sch 1 item 196 | Sch 1 item 197 | Sch 1 item 198 | Sch 1 item 199 | Sch 1 item 200 | Sch 1 item 201 | Sch 1 item 202 | Sch 1 item 228 | Sch 2 item 3 | Sch 8 item 6 | Sch 8 item 8, effective Sch 1 (items 169–186, 188, 191–202): 1 July 2000 (s 2(3)) Sch 1 (items 187, 189, 190): 1 July 2000 (s 2(5)) | Amended by No 177 of 1999, Sch 6 item 168 | Sch 6 item 169 | Sch 6 item 2 | Sch 6 item 5 | Sch 6 item 14 | Sch 6 item 24 | Sch 6 item 33, effective Sch 1 (items 163–169): 1 July 2000 (s 2(3)) | Amended by No 156 of 2000, Sch 2 item 18, effective Sch 2 (items 13–18, 25(2)) and Sch 6 (items 42, 43, 49(1)): 21 Dec 2000 (s 2(1)) | Amended by No 55 of 2001, Sch 3 item 35, effective s 4–14 and Sch 3 (item 35): 15 July 2001 (s 2(3) and gaz 2001, No S285) | Amended by No 10 of 2005, Sch 1 item 16, effective Sch 1 (item 16): 1 July 2005 (s 2(1) item 5) | Amended by No 58 of 2006, Sch 7 item 22 | Sch 7 item 23, effective Sch 7 (items 18–23): 22 June 2006 (s 2(1) item 6) | Amended by No 101 of 2008, Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5, effective 3 Oct 2008 (s 2) | Amended by No 41 of 2011, Sch 4 item 13 | Sch 4 item 14 | Sch 4 item 15, effective Sch 4 (items 11–16): 27 June 2011 (s 2(1) item 8) | Amended by No 39 of 2012, Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 38, effective Sch 1 (items 6, 7, 130–142, 239) and Sch 3 (items 8, 9): 1 July 2012 (s 2(1) items 2, 7) | Amended by No 62 of 2014, Sch 7 item 123, effective Sch 7 (item 123) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Amended by No 2 of 2015, Sch 4 item 43 | Sch 4 item 44 | Sch 4 item 45 | Sch 4 item 46 | Sch 4 item 47, effective Sch 4 (items 38–47, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 127 of 2021, Sch 3 item 46, effective Sch 3 (item 46): 1 Jan 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00463/latest/text#s27-1"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the A New Tax System (Goods and Services Tax Transition) Act 1999 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s1"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "(1) This Act commences, or is taken to have commenced: (a) after all the Acts listed in subsection (2) have received the Royal Assent; and (b) on the day after the last day on which any of those Acts received the Royal Assent. (2) These are the Acts: (a) the A New Tax System (Goods and Services Tax) Act 1999 ; (b) the A New Tax System (Goods and Services Tax Imposition—Excise) Act 1999 ; (c) the A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999 ; (d) the A New Tax System (Goods and Services Tax Imposition—General) Act 1999 ; (e) the A New Tax System (Goods and Services Tax Administration) Act 1999.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s2"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Schedule(s)", "Text": "Subject to section 2, each Act that is specified in a Schedule to this Act is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this Act has effect according to its terms.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s3"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Overview", "Text": "The following provisions deal with the transition from sales tax to GST, as well as other matters relating to the start of the GST. This Act should be read in conjunction with the GST law and the sales tax law.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s4"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Definitions", "Text": "(1) In this Act: GST Act means the A New Tax System (Goods and Services Tax) Act 1999 . (2) Other expressions in this Act have the same meaning as in the GST Act . (3) However, the table lists expressions that have the same meaning as in another Act. Expressions with same meaning Item This expression... has the same meaning as in... 3A hire purchase agreement Income Tax Assessment Act 1997 4 motor vehicle Income Tax Assessment Act 1997 8 trading stock Income Tax Assessment Act 1997", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 101 of 2006", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 8 | Sch 1 item 149 | Sch 1 item 169 | Sch 1 item 170 | Sch 1 item 171 | Sch 1 item 204 | Sch 1 item 205 | Sch 1 item 206 | Sch 1 item 207 | Sch 1 item 208 | Sch 1 item 209 | Sch 1 item 210 | Sch 1 item 211 | Sch 1 item 212 | Sch 1 item 213 | Sch 1 item 214 | Sch 1 item 21 | Sch 6 item 1 | Sch 7 item 1 | Sch 7 item 2 | Sch 7 item 3 | Sch 7 item 17, effective Sch 6 (items 1–12): 9 July 1999 (s 2(12)) | Amended by No 92 of 2000, Sch 10 item 1 | Sch 11 item 1 | Sch 11 item 2 | Sch 11 item 13A, effective Sch 6 (item 7), Sch 8 (items 6, 7) and Sch 11 (items 13A, 14–16, 16A–16E) and Sch 10 (items 1A, 1B): 9 July 1999 (s 2(4)) Sch 10A (items 2–4): 30 June 2000 (s 2(2)) | Amended by No 101 of 2006, Sch 2 item 21 | Sch 2 item 117 | Sch 2 item 1044 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 14 | Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17 | Sch 5 item 42 | Sch 5 item 65, effective Sch 5 (items 6–13) and Sch 6 (items 5–11): 14 Sept 2006 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s5"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Time of supply or acquisition", "Text": "(1) This section sets out how to determine when a supply or acquisition is made for the purposes of this Act. Note: Many of the rules in this Act rely on this concept. (2) A supply or acquisition of goods is made: (a) when the goods are removed; or (b) if the goods are not to be removed—when the goods are made available to the recipient; or (c) if the goods are removed before it is certain that a supply will be made (for example, if the goods are given or taken on approval, sale or return, or similar terms)—when it becomes certain that a supply has been made. Note: Subsection 20(8) provides a rule stating when motor vehicles and other goods covered by subsection 20(1) are taken to be removed. (3) A supply or acquisition of real property is made when the property is made available to the recipient. (4) A supply or acquisition of services is made when the services are performed. Note: However, section 12 provides a different rule for progressive and periodic contracts. (5) A supply or acquisition of any other thing is made when the thing is performed or done. Note: However, section 12 provides a different rule for progressive and periodic contracts.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s6"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 6A", "Provision_Key": "s6a", "Heading": "Trading periods spanning midnight on 30 June 2000", "Text": "(1) Despite section 6, if: (a) an entity has chosen to apply this section; and (b) the entity makes a supply that, under section 6, would be taken to be made on 1 July 2000 but before: (i) 6 am on that day; or (ii) if the entity has chosen to stop the application of this section at an earlier time on that day—the time so chosen; and (c) the part of the entity’s enterprise through which the supply is made was open for business both immediately before 1 July 2000 and immediately after 30 June 2000; and (d) that part of the entity’s enterprise remains open for business during 1 July 2000 until at least the time at which, under section 6, the supply would be taken to be made; the supply, and the acquisition made by the recipient of the supply, is taken, for the purposes of this Act, to be made immediately before 1 July 2000. (2) If an entity makes a supply to which subsection (1) applies, then, in relation to that supply: (a) section 12 has effect as if the reference in paragraph 12(1)(b) to a period that begins before 1 July 2000 and ends on or after 1 July 2000 were a reference to a period that begins before the end of the transition trading period and ends on or after the end of the transition trading period; and (b) Part 4 has effect as if references to having goods on hand at the start of 1 July 2000 were references to having goods on hand immediately after the end of the transition trading period; and (f) section 24 has effect as if: (i) the reference to making gambling supplies before 1 July 2000 were a reference to making gambling supplies before the end of the transition trading period; and (ii) the reference to a gambling event happening on or after 1 July 2000 were a reference to a gambling event happening on or after the end of the transition trading period; and (iii) the references to gambling events that happened before 1 July 2000 were references to gambling events that happened before the end of the transition trading period; and (g) section 24A has effect as if the references to vouchers supplied before, not redeemed before, or supplied after, 1 July 2000 were references to vouchers supplied before, not redeemed before, or supplied after, the end of the transition trading period (as the case requires). (3) This section does not apply if, but for this section, the supply would be input taxed. (4) In this section: transition trading period means the period ending: (a) at the first time after 30 June 2000 that the part of the entity’s enterprise through which the supply in question was made was not open for business; or (b) at: (i) 6 am on 1 July 2000; or (ii) if the entity has chosen to stop the application of this section at an earlier time on that day—the time so chosen; whichever occurs sooner.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 92 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 92 of 2000, Sch 10A item 1 | Sch 10A item 3 | Sch 10A item 4 | Sch 10A item 5, effective Sch 6 (item 7), Sch 8 (items 6, 7) and Sch 11 (items 13A, 14–16, 16A–16E) and Sch 10 (items 1A, 1B): 9 July 1999 (s 2(4)) Sch 10A (items 2–4): 30 June 2000 (s 2(2)) | Amended by No 101 of 2006, effective Sch 5 (items 6–13) and Sch 6 (items 5–11): 14 Sept 2006 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s6A"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Start of GST", "Text": "(1) GST is only payable on a supply or importation to the extent that it is made on or after 1 July 2000. Note: GST may not apply to supplies during trading periods spanning midnight on 30 June 2000: see section 6A. (2) An entitlement to an input tax credit only arises on an acquisition or importation to the extent that it is made on or after 1 July 2000. Note: There are special rules about input tax credits for motor vehicles etc.: see section 20.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s7"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 9", "Provision_Key": "s9", "Heading": "GST registration before 1 July 2000", "Text": "(1) Parts 2 ‑ 5 and 4 ‑ 5 of the GST Act, and any other provisions of the GST law so far as they relate to registration, apply on and after the day determined by the Commissioner (even if that day is before the commencement of the GST Act). Note: From that day, you may apply to be registered if you are entitled to do so under section 23 ‑ 10 of the GST Act. (2) However, you are not required to be registered before 1 June 2000. Example: On 1 May 2000, you start carrying on a business whose annual turnover meets the registration turnover threshold. Although you would normally be required to apply within 21 days, you can apply anytime before 1 June 2000. But if instead you start carrying on a business on 20 May, you have until 10 June (21 days later) to apply to be registered.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s9"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Invoice or consideration before 1 July 2000", "Text": "If, before 1 July 2000: (a) any consideration is received in connection with a supply, or provided in connection with an acquisition, that you will make on or after that day; or (b) an invoice is issued relating to a supply or acquisition that you will make on or after that day; for the purposes of determining the tax period to which GST or input tax credits are attributable, the consideration is taken to have been received or provided, or invoice taken to have been issued, during your first tax period after that day. Note: Division 29 of the GST Act contains rules about attributing GST and input tax credits to tax periods.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s10"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Supply of rights exercisable on or after 1 July 2000", "Text": "(1) A supply of a right that has been or is granted on or after 2 December 1998 (other than a supply of a right granted on or after 1 July 2000) is taken to be a supply made on or after 1 July 2000 if, and to the extent that, the right could reasonably be expected to be exercised on or after 1 July 2000. (1A) However, this section does not apply to: (a) a supply to which section 12 applies; or (b) a supply of a right that is an option to purchase, under a hire purchase agreement, goods hired under that agreement; or (c) a supply of a right to use software if: (i) the value of the right was included in the price of the software; and (ii) the right to use the software is for an indefinite period. (1B) This section does not apply to: (a) a supply of a long ‑ term lease made before 1 July 2000; or (b) a supply of a voucher made before 1 July 2000 if, on redemption of the voucher, the holder of the voucher is entitled to supplies up to a monetary value stated on the voucher. (2) The Commissioner may make a written ruling determining methods for working out the extent to which a right could reasonably be expected to be exercised on or after 1 July 2000 where that extent is not readily ascertainable. (3) This section does not affect the operation of section 13. (4) If this section has an effect in relation to a supply, it has a corresponding effect in relation to the acquisition to which the supply relates.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 6 item 2 | Sch 6 item 3, effective Sch 6 (items 1–12): 9 July 1999 (s 2(12)) | Amended by No 177 of 1999, Sch 6 item 7 | Sch 6 item 66 | Sch 6 item 78 | Sch 6 item 138 | Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 3 | Sch 6 item 15, effective Sch 2: 1July 2000 (s 2(5)) | Amended by No 92 of 2000, Sch 1 item 1B | Sch 1 item 49 | Sch 4 item 3 | Sch 4 item 153 | Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 2A | Sch 5 item 71 | Sch 11 item 14 | Sch 11 item 15, effective Sch 6 (item 7), Sch 8 (items 6, 7) and Sch 11 (items 13A, 14–16, 16A–16E) and Sch 10 (items 1A, 1B): 9 July 1999 (s 2(4)) Sch 10A (items 2–4): 30 June 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s11"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Progressive or periodic supplies", "Text": "(1) This section applies if: (a) you make a supply under an agreement, or an enactment, that provides (expressly or impliedly) that the thing supplied is to be supplied: (i) for a period; or (ii) progressively over a period; whether or not at regular intervals; and (b) that period begins before 1 July 2000 and ends on or after 1 July 2000. Note: Section 11 does not apply to supplies covered by this section: see paragraph 11(1A)(a). (1A) However, this section does not apply to a supply of a warranty (whether express, implied or required by law) that relates to goods or a service, if the value of the warranty was included in the price of the goods or service. (2) For the purposes of this Act, the supply is taken to be made continuously and uniformly throughout that period. (3) For the purposes of this section, a supply by way of lease, hire or similar arrangement is taken to be a supply for the period of the lease, hire or arrangement. (4) This section does not apply to a supply of a long ‑ term lease made before 1 July 2000. (5) In this section: warranty , in relation to goods or a service, means an undertaking or obligation in relation to: (a) the quality, performance or characteristics of the goods or service; or (b) the provision of services that are or may at any time be required in respect of the goods or service; or (c) the supply of parts that are or may at any time be required for the goods; given or made in connection with the supply of the goods or service. (6) If this section has an effect in relation to a supply, it has a corresponding effect in relation to the acquisition to which the supply relates.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 37, effective Sch 2: 1July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s12"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Existing agreements: no opportunity to review", "Text": "(1) This section applies if: (a) a written agreement specifically identifies a supply and identifies the consideration in money, or a way of working out the consideration in money, for the supply; and (b) the agreement was made before the day on which this Act received the Royal Assent. (2) The supply is GST ‑ free to the extent that it is made before the earlier of the following: (a) 1 July 2005; (b) if a review opportunity arises on or after the day of Royal Assent—when that opportunity arises. (3) If all of the consideration was paid before 2 December 1998, the supply is also GST ‑ free to the extent it is made on or after 1 July 2005 but before a review opportunity has arisen as mentioned in paragraph (2)(b). (4) However, if the recipient of the supply would not be entitled to a full input tax credit for it, treat the references in paragraphs (1)(b) and (2)(b) to the day of Royal Assent as references instead to 2 December 1998. (4A) For the purposes of this section, an untaxable Commonwealth entity is to be treated as if it were entitled or not entitled to a full input tax credit (whichever is relevant) if it would be so entitled or not entitled if it were an entity other than an untaxable Commonwealth entity. (4B) If: (a) a change is made to the consideration for supplies that are specifically identified by an agreement of the kind referred to in subsection (1); and (b) the change is made after the commencement of this subsection; and (c) the change applies to supplies made before 1 July 2005; supplies that are specifically identified by the agreement are not GST ‑ free under this section to the extent that the supplies are made on or after the day on which the change takes effect. (4C) Whether a supply made before 1 July 2005 is GST ‑ free under this section is not affected by: (a) a change (made after the commencement of this subsection), whether agreed to before, on or after 1 July 2005, to the consideration for supplies made on or after 1 July 2005 that are specifically identified by an agreement; or (b) the carrying out, whether before, on or after 1 July 2005, of any of the processes referred to in Subdivision C of Division 2 in relation to supplies made on or after 1 July 2005 that are specifically identified by an agreement. (4D) In subsections (4B) and (4C): change , to the consideration for a supply, means a change to that consideration (including a change to the method by which the consideration is worked out) not provided for in an agreement of the kind referred to in subsection (1). (5) In this section: review opportunity , for an agreement to which this section applies, means an opportunity that arises under the agreement: (a) for the supplier under the agreement (acting either alone or with the agreement of one or more of the other parties to the agreement) to change the consideration directly or indirectly because of the imposition of GST; or (b) for the supplier under the agreement (acting either alone or with the agreement of one or more of the other parties to the agreement) to conduct, on or after 1 July 2000, a general review, renegotiation or alteration of the consideration; or (c) for the supplier under the agreement (acting either alone or with the agreement of one or more of the other parties to the agreement) to conduct, before 1 July 2000, a general review, renegotiation or alteration of the consideration that takes account of the imposition of the GST.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 176 of 1999 | No 10 of 2005 | No 58 of 2006", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 18 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 101 | Sch 1 item 106 | Sch 1 item 163 | Sch 1 item 175 | Sch 1 item 177 | Sch 1 item 178 | Sch 1 item 16 | Sch 1 item 252 | Sch 2 item 12 | Sch 2 item 21 | Sch 2 item 29 | Sch 3 item 27 | Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 6, effective Sch 6 (items 1–12): 9 July 1999 (s 2(12)) | Amended by No 10 of 2005, Sch 1 item 13 | Sch 1 item 14, effective Sch 1 (items 12–14, 15, 19): 22 Feb 2005 (s 2(1) items 3, 4 and 6) | Amended by No 58 of 2006, Sch 7 item 16 | Sch 7 item 59 | Sch 7 item 63 | Sch 7 item 266 | Sch 7 item 267, effective Sch 7 (items 16, 17): 22 June 2006 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s13"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Rights granted for life", "Text": "(1) This section applies if: (a) you supply services or any other things (other than goods or real property) under an agreement or enactment; and (b) the agreement or enactment provides (expressly or impliedly) that a right is to be granted or exercisable for the rest of an individual’s life; and (c) the right is granted or first exercisable before 1 July 2000. (2) To the extent that the supply is constituted by the supply of the right, so much of the supply as is made before 1 July 2000 is instead taken, for the purposes of this Act, to be made on 1 July 2000. (3) However, in the case of an agreement entered into before 2 December 1998 that is also covered by section 13: (a) subsections 13(2) and (3) do not apply; and (b) instead, the supply is GST ‑ free to the extent that the consideration for the supply is paid before the earlier of the following: (i) 1 July 2005; (ii) if a review opportunity as mentioned in paragraph 13(2)(b) arises—when that opportunity arises. (4) If: (a) an agreement is for the supply of a life membership; and (b) the entity to which the supply is made would be entitled to a full input tax credit for it; subsection (3) has effect as if the reference to 2 December 1998 were a reference to 8 July 1999. (5) For the purposes of this section, an untaxable Commonwealth entity is to be treated as if it were entitled or not entitled to a full input tax credit (whichever is relevant) if it would be so entitled or not entitled if it were an entity other than an untaxable Commonwealth entity. (6) If this section has an effect in relation to a supply, it has a corresponding effect in relation to the acquisition to which the supply relates.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 58 of 2006", "History_Notes": "Amended by No 176 of 1999, Sch 6 item 7, effective Sch 6 (items 1–12): 9 July 1999 (s 2(12)) | Amended by No 177 of 1999, Sch 6 item 6 | Sch 6 item 7, effective Sch 2: 1July 2000 (s 2(5)) | Amended by No 58 of 2006, Sch 7 item 17 | Sch 7 item 114 | Sch 7 item 264 | Sch 7 item 265, effective Sch 7 (items 16, 17): 22 June 2006 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s14"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Funeral agreements", "Text": "(1) If, before 1 July 2000, you enter, or have entered, into an agreement for a supply consisting of the provision of a funeral (or a right to the provision of a funeral): (a) section 11 and this Part (apart from this section) do not apply; and (b) the supply of any right under the agreement relating to the provision of a funeral is taken to be a supply made on or after 1 July 2000 only if the funeral is provided on or after that day. (2) If you entered into the agreement before 1 December 1999 and the funeral is provided on or after 1 July 2000, the supply is GST ‑ free to the extent that the consideration for the supply is paid before 1 July 2005.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 177 of 1999 | No 92 of 2000", "History_Notes": "Repealed and substituted by No 177 of 1999, Sch 6 item 8 | Sch 6 item 164 | Sch 6 item 166, effective Sch 2: 1July 2000 (s 2(5)) | Amended by No 92 of 2000, Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 4A | Sch 5 item 71 | Sch 11 item 4C | Sch 11 item 16, effective Sch 6 (item 7), Sch 8 (items 6, 7) and Sch 11 (items 13A, 14–16, 16A–16E) and Sch 10 (items 1A, 1B): 9 July 1999 (s 2(4)) Sch 10A (items 2–4): 30 June 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15A", "Provision_Key": "s15a", "Heading": "Explanation of this Division", "Text": "(1) This Division provides for the payment of GST on taxable supplies made on or after 1 July 2005 that would have been GST ‑ free under section 13 if they had been made immediately before 1 July 2005. (2) The following diagram shows how, as a result of this Division and the GST law in general, each of the 3 possible ways to treat the GST on such a taxable supply will apply in particular cases.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15A"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15B", "Provision_Key": "s15b", "Heading": "Definitions", "Text": "In this Division: applicable day , for a supply, has the meaning given by subsection 15C(2). arbitrated offer has the meaning given by section 15J. arbitrator means a person or body specified in, or included in a class of persons or bodies specified in, the regulations. change , to the consideration for a supply, includes a change to the method by which the consideration is worked out.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15B"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15C", "Provision_Key": "s15c", "Heading": "GST payable by recipients of supplies", "Text": "(1) To the extent that a taxable supply is made on or after the applicable day for the supply under subsection (2), the GST on the supply is payable by the recipient of the supply, and is not payable by the supplier, if: (a) the supply is specifically identified by an agreement: (i) that is of the kind referred to in subsection 13(1); and (ii) that does not provide that the consideration for the supply is not to be changed to take account of GST or similar value added tax imposed on the supply; and (b) had the supply been made immediately before 1 July 2005, it would have been GST ‑ free under section 13; and (c) either: (i) the recipient notifies the supplier in writing that the recipient elects to pay the GST on the supply; or (ii) the recipient has failed to accept an arbitrated offer by the supplier to change the consideration for supplies that are made on or after 1 July 2005 and that are specifically identified by the agreement. (2) The applicable day for the supply is: (a) if subparagraph (1)(c)(i) applies: (i) the day on which the recipient notifies the supplier as mentioned in that subparagraph; or (ii) 1 July 2005; whichever is later; or (b) if subparagraph (1)(c)(ii) applies: (i) the day on which the recipient fails to accept an arbitrated offer as mentioned in that subparagraph; or (ii) 1 July 2005; whichever is later. (3) Subsection (1) does not apply if: (a) before either of the events referred to in paragraph (1)(c) happens, the supplier and the recipient agree (whether or not an arbitrated offer is made) to change the consideration for supplies that are made on or after 1 July 2005 and that are specifically identified by the agreement; or (b) subsection 13(3) applies to the supply. (4) For the purposes of subparagraph (1)(c)(ii), the recipient is taken to have failed to accept the offer referred to in that subparagraph if: (a) the recipient gives to the supplier a written rejection of the offer; or (b) the final offer period referred to in section 15M expires without the recipient having notified the supplier that the recipient accepts the offer. Note: If an offer is accepted, any GST on the supply will be payable by the supplier, on the basis of the consideration as changed, in accordance with the GST Act: see in particular Division 19 of that Act. (5) For the purposes of subparagraph (2)(b)(i), the day on which the recipient fails to accept an arbitrated offer is: (a) the day applicable under paragraph (4)(a) or (b); or (b) if a day is applicable under both of those paragraphs—the earlier of those days. (6) To avoid doubt, the fact that the GST on the supply is payable by the recipient does not affect any entitlement of the recipient to an input tax credit for the acquisition to which the supply relates. (7) An election referred to in subparagraph (1)(c)(i) cannot be revoked. (8) This section has effect despite section 9 ‑ 40 of the GST Act (which is about liability for the GST on taxable supplies).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15C"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15D", "Provision_Key": "s15d", "Heading": "Amounts of GST", "Text": "(1) If GST is payable by the recipient of the taxable supply because of this Division, the amount of GST on the supply is 10% of the price of the supply to the extent that it is made on or after the applicable day for the supply. (2) If the supplier and the recipient are associates and: (a) the supply is without consideration; or (b) the consideration for the supply is less than the GST exclusive market value of the supply; the reference in subsection (1) to the price of the supply is taken to be a reference to the GST exclusive market value of the supply. (3) Subsection (2) does not apply if: (a) the recipient acquires the thing supplied solely for a creditable purpose; and (b) the recipient is registered or required to be registered. (4) This section has effect despite section 9 ‑ 70 of the GST Act (which is about the amount of GST on taxable supplies).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15D"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15E", "Provision_Key": "s15e", "Heading": "Rules for recipients who are not registered or required to be registered", "Text": "(1) This section has effect if: (a) you are the recipient of any taxable supplies for which the GST is payable by you because of this Division; and (b) you are not registered or required to be registered. Tax periods (2) Despite section 7 ‑ 10 of the GST Act, you have tax periods applying to you. (3) Subsection 27 ‑ 40(1A) of the GST Act (which is about an entity ceasing to carry on any enterprise) does not apply to you. GST returns (4) Division 31 of the GST Act applies to you as if you were registered or required to be registered.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15E"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15F", "Provision_Key": "s15f", "Heading": "Rule for recipients whose registration is cancelled", "Text": "(1) This section has effect if: (a) you are the recipient of any taxable supplies for which the GST is payable by you because of this Division; and (b) your registration is cancelled. (2) Subsection 27 ‑ 40(2) of the GST Act (which is about the effect of an entity’s registration being cancelled) has effect but only in relation to your liabilities and entitlements to input tax credits that arise otherwise than because of this Division.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15F"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15G", "Provision_Key": "s15g", "Heading": "Bad debts", "Text": "(1) This section has effect if: (a) you are the recipient of a taxable supply for which the GST is payable by you because of this Division; and (b) the whole or part of the consideration for the supply has not been received by the supplier; and (c) the supplier writes off as bad the whole or a part of the debt, or the whole or a part of the debt has been overdue for 12 months or more. (2) Section 21 ‑ 5 of the GST Act does not apply to the taxable supply. (3) Instead, you have a decreasing adjustment equal to 10% of the amount written off, or 10% of the amount that has been overdue for 12 months or more, as the case requires. However, you cannot have an adjustment under this section if you account on a cash basis. (4) You have an increasing adjustment if: (a) you were the recipient of a taxable supply in relation to which you had a decreasing adjustment under subsection (3); and (b) you subsequently pay to the supplier the whole or a part of the amount written off, or the whole or a part of the amount that has been overdue for 12 months or more, as the case requires. The amount of the increasing adjustment is 10% of the amount paid.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15G"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15H", "Provision_Key": "s15h", "Heading": "Tax invoices and adjustment notes", "Text": "(1) If the GST on a taxable supply is payable by the recipient of the supply because of this Division: (a) the supplier is not required to issue a tax invoice for the supply; and (b) the supplier is not required to issue an adjustment note for an adjustment that arises from an adjustment event relating to the taxable supply. (2) Subsection (1) has effect despite sections 29 ‑ 70 and 29 ‑ 75 of the GST Act (which are about the requirement to issue tax invoices and adjustment notes). (3) If the GST on a taxable supply is payable by the recipient of the supply because of this Division, subsection 29 ‑ 10(3) of the GST Act (which is about attributing input tax credits) does not apply to the creditable acquisition constituted by that taxable supply. (4) If the GST on a taxable supply is payable by the recipient of the supply because of this Division, subsection 29 ‑ 20(3) of the GST Act (which is about attributing adjustments) does not apply to an adjustment that arises from an adjustment event relating to the taxable supply.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15H"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15I", "Provision_Key": "s15i", "Heading": "Attributing the GST", "Text": "(1) To the extent that the recipient of a taxable supply who is liable for the GST on the supply because of this Division would, apart from this section, attribute that GST to a tax period ending before the applicable day for the supply, the recipient must instead attribute that GST to the first tax period starting on or after the applicable day for the supply. (2) Subsection (1) has effect subject to Division 156 of the GST Act (which is about supplies and acquisitions made on a progressive or periodic basis). (3) This section has effect despite section 29 ‑ 5 of the GST Act (which is about attributing the GST).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15I"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15J", "Provision_Key": "s15j", "Heading": "Arbitrated offers", "Text": "An offer (the final offer ) to change the consideration for supplies, that are made on or after 1 July 2005 and that are specifically identified by an agreement of a kind referred to in subsection 13(1), is an arbitrated offer if: (a) the supplier has, in accordance with section 15K, made an offer (the initial offer ) to the recipient of the supplies to change the consideration; and (b) change to the consideration has been arbitrated in accordance with section 15L; and (c) the supplier makes the final offer in accordance with section 15M.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15J"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15K", "Provision_Key": "s15k", "Heading": "Initial offer", "Text": "(1) The initial offer: (a) must be in writing; and (b) must set out a change to the consideration for the supplies; and (c) must state the period (the initial offer period ) for which the offer remains open. (2) The initial offer period must be a period of at least 28 days after the supplier gives the initial offer to the recipient.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15K"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15L", "Provision_Key": "s15l", "Heading": "Arbitration", "Text": "(1) Change to the consideration must be arbitrated as follows: (a) the supplier must apply to an arbitrator for the appointment of an assessor to determine an appropriate change to the consideration; (b) the arbitrator must appoint as an assessor a person whom the arbitrator is satisfied: (i) is suitably qualified to determine an appropriate change to the consideration; and (ii) is independent of both the supplier and the recipient; (c) in determining an appropriate change, the assessor must only take into account the impact of the New Tax System changes on the supplier’s costs and expenses; (d) the assessor’s determination of an appropriate change must be made within 28 days of the end of the offer period and: (i) be in writing, signed and dated by the assessor; or (ii) be in the form specified in the regulations. (2) The supplier must not apply under paragraph (1)(a) until after: (a) the end of the initial offer period; or (b) the recipient gives to the supplier a written rejection of the initial offer; whichever happens earlier. (3) In this section: New Tax System changes means the following: (a) the amendment of the former Sales Tax (Exemptions and Classifications) Act 1992 made by this Act; (b) the ending of sales tax, as provided for in the former A New Tax System (End of Sales Tax) Act 1999 ; (c) the imposition of GST; (d) any other changes (including changes to Commonwealth, State or Territory laws) prescribed by the regulations for the purposes of this definition.", "Amendment_Count": 2, "First_Amended": "No 10 of 2005", "Last_Amended": "No 111 of 2009", "Amending_Acts": "No 10 of 2005 | No 111 of 2009", "History_Notes": "Inserted by No 10 of 2005, Sch 1 item 14, effective Sch 1 (items 12–14, 15, 19): 22 Feb 2005 (s 2(1) items 3, 4 and 6) | Amended by No 111 of 2009, Sch 1 item 24, effective Sch 1 (item 24): 17 Nov 2009 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15L"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 15M", "Provision_Key": "s15m", "Heading": "Final offer", "Text": "(1) The final offer: (a) must be in writing; and (b) must set out as a change to the consideration the assessor’s determination of an appropriate change; and (c) must state the period (the final offer period ) for which the offer remains open. (2) The final offer period must be a period of at least 21 days after the supplier gives the final offer to the recipient.", "Amendment_Count": 1, "First_Amended": "No 10 of 2005", "Last_Amended": "No 10 of 2005", "Amending_Acts": "No 10 of 2005", "History_Notes": "Inserted by No 10 of 2005, Sch 1 item 14, effective Sch 1 (items 12–14, 15, 19): 22 Feb 2005 (s 2(1) items 3, 4 and 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s15M"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Stock later applied for private or domestic purpose", "Text": "(1) If: (a) you have on hand, at the start of 1 July 2000, assessable goods that are held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and (b) on or after 1 July 2000, you apply the goods to any extent for a private or domestic purpose; and (c) you are registered, or required to be registered, when you apply the goods; you are taken, for the purposes of the GST law, to have made a taxable supply that is attributable to the tax period during which you apply the goods. (2) The value of the supply is the market value of the goods (to the extent that they are applied for that purpose) when they were applied. (3) If: (a) you have on hand, at the start of 1 July 2000, assessable goods that are held for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and (b) on or after 1 July 2000, you cease to be registered; and (c) you still hold the goods at the time of the cessation; you are taken, for the purposes of the GST law, to have made a taxable supply that is attributable to the tax period that was in progress immediately before the cessation. (4) The value of the supply is the market value of the goods as at the time of the cessation. (5) In this section: assessable goods has the same meaning as in the former Sales Tax Assessment Act 1992 .", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Amended by No 101 of 2006, Sch 1 item 38 | Sch 1 item 216 | Sch 2 item 64 | Sch 5 item 10 | Sch 5 item 101 | Sch 5 item 102 | Sch 5 item 124, effective Sch 5 (items 6–13) and Sch 6 (items 5–11): 14 Sept 2006 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s17"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Second ‑ hand goods", "Text": "(1) Division 66 of the GST Act applies to second ‑ hand goods you acquired before 1 July 2000 only if: (a) you held them at the start of that day for the purposes of sale or exchange (but not for manufacture) in the ordinary course of business; and (b) you had not previously held them for any other purpose. (1A) However, if: (a) because of this section, you are entitled to an input tax credit for an acquisition of second ‑ hand goods; and (b) the * consideration for the acquisition was $300 or less; the input tax credit is treated as though it were an input tax credit attributable to any one tax period of your choice. (2) This section does not apply to second ‑ hand goods in respect of which you are entitled to a special credit under former section 16.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 177 of 1999 | No 101 of 2006", "History_Notes": "Amended by No 177 of 1999, Sch 6 item 17, effective Sch 2: 1July 2000 (s 2(5)) | Amended by No 101 of 2006, Sch 2 item 154 | Sch 2 item 155 | Sch 2 item 341 | Sch 2 item 12 | Sch 2 item 14 | Sch 2 item 960 | Sch 2 item 1051 | Sch 5 item 11 | Sch 5 item 104 | Sch 5 item 105, effective Sch 5 (items 6–13) and Sch 6 (items 5–11): 14 Sept 2006 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s18"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 19", "Provision_Key": "s19", "Heading": "Construction agreements made before 1 July 2000", "Text": "(1) This section applies to the extent that a supply of goods or real property is the construction, major reconstruction, manufacture or extension of a building or of a civil engineering work by the supplier, and the goods or real property are: (a) supplied in accordance with a written agreement made before 1 July 2000; and (b) made available to the recipient on or after 1 July 2000. (2) The value of all work and materials permanently incorporated in or affixed on the site of the building or civil engineering work in accordance with the agreement must be determined, as at the start of 1 July 2000. (3) GST is only payable on the supply to the extent that the price of the supply (less the amount of any GST payable on the supply) exceeds the value determined under subsection (2). Note: Division 29 of the GST Act and section 10 of this Act contain rules about attributing the GST to tax periods. (4) This section only applies to the extent that the value mentioned in subsection (2) is determined: (a) in a manner specified by the Commissioner; and (b) on or before the end of the supplier’s first tax period after 1 July 2000, or a later day allowed by the Commissioner. (5) If section 13 applies to the agreement, treat the references to 1 July 2000 in subsections (2) and (4) of this section and in section 10 as references instead to the earlier of the following: (a) 1 July 2005; (b) the time when a review opportunity as mentioned in paragraph 13(2)(b) first arises.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Amended by No 156 of 2000, Sch 3 item 4 | Sch 3 item 69 | Sch 3 item 28 | Sch 6 item 41, effective Sch 1 (items 17, 18): 21 Dec 2000 (s 2(1)) Sch 6 (item 41): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s19"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 19A", "Provision_Key": "s19a", "Heading": "Sales of motor vehicles held under operating leases since 2 December 1998", "Text": "(1) If, in relation to a supply of a motor vehicle, all of the following conditions are met, the supplier of the vehicle is entitled to a special credit equal to 1 / 11 of the price of the supply: (a) the supply is the first sale of the motor vehicle to take place on or after 1 July 2000; (b) the supplier was, immediately before the sale, the lessor of the motor vehicle under an operating lease; (c) the supplier bought the motor vehicle before 2 December 1998 for the purpose of leasing it under an operating lease; (d) the motor vehicle has been the subject of sales tax. (2) The special credit is treated as though it were an input tax credit attributable to any one tax period of your choice. (3) In this section: operating lease means a lease under which the lessor effectively retains substantially all risks and benefits incidental to the ownership of the motor vehicle.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 6 (items 1–12): 9 July 1999 (s 2(12))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s19A"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Acupuncture, naturopathy and herbal medicine", "Text": "(1) Paragraph 38 ‑ 10(1)(b) of the GST Act does not apply in relation to a supply of a service of: (a) acupuncture; or (b) naturopathy; or (c) herbal medicine (including traditional Chinese herbal medicine); if the service is performed before 1 July 2003. (2) However, such a service of acupuncture, naturopathy or herbal medicine performed before 1 July 2003 is not GST ‑ free if the supplier of the service does not meet the requirements (if any) in regulations made for the purposes of this subsection in relation to a supplier of an acupuncture, naturopathy or herbal medicine service, as the case requires. (3) The requirements may relate to one or more of the following: (a) educational qualifications; (b) membership of a professional body; (c) any other qualifications.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s21"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 22", "Provision_Key": "s22", "Heading": "Event before 1 July 2000 giving rise to claim", "Text": "(1) The settlement of an insurance claim does not give rise to any adjustment, and is not a taxable supply, under Division 78 of the GST Act to the extent that the event giving rise to the claim happened before 1 July 2000. (2) However, if: (a) the claim relates to an insurance policy covering a period that started before 1 July 2000 and ends after that day; and (b) it cannot be ascertained whether the event giving rise to the claim happened before 1 July 2000; subsection (1) does not apply, and the settlement does not give rise to any adjustment, and is not a taxable supply, under Division 78 of the GST Act if the claim was made before 1 July 2000. (3) The settlement of a claim for compensation does not give rise to any adjustment, and is not a taxable supply, under Division 79 or 80 of the GST Act to the extent that the event giving rise to the claim happened before 1 July 2000. (4) However, if: (a) the claim is one mentioned in section 79 ‑ 25 of the GST Act and the insurance policy concerned covers a period that started before 1 July 2000 and ends after that day; and (b) it cannot be ascertained whether the event giving rise to the claim happened before 1 July 2000; subsection (3) does not apply and the settlement does not give rise to any adjustment, and is not a taxable supply, under Division 79 or 80 of the GST Act if the claim was made before 1 July 2000.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 177 of 1999 | No 67 of 2003", "History_Notes": "Amended by No 177 of 1999, effective Sch 2: 1July 2000 (s 2(5)) | Amended by No 67 of 2003, Sch 11 item 42, effective Sch 11 (items 42, 43): 30 June 2003 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s22"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 23", "Provision_Key": "s23", "Heading": "Input tax credits relating to compulsory third party schemes", "Text": "(1) You are not entitled to an input tax credit for: (a) a premium, contribution or similar payment made under, or a levy paid in connection with, a compulsory third party scheme, if the premium, contribution or similar payment relates to a period commencing before 1 July 2003; or (b) a premium paid, in respect of a period of cover commencing before 1 July 2003, on an insurance policy issued under a compulsory third party scheme. (1AA) It does not matter, for the purposes of subsection (1), whether the payment occurred before, on or after 1 July 2003. (1A) If, because of subsection (1), you are not entitled to an input tax credit for an acquisition you make, section 29 ‑ 70 of the GST Act (which is about tax invoices) does not apply in relation to the supply to which the acquisition relates. (2) A compulsory third party scheme is: (a) a statutory compensation scheme; or (b) a scheme or arrangement, established by an Australian law, under which insurance policies are issued; that is specified in the regulations, or that is of a kind specified in the regulations.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 12 of 2003", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 12 of 2003", "History_Notes": "Repealed and substituted by No 176 of 1999, Sch 1 item 206 | Sch 1 item 207 | Sch 1 item 208 | Sch 1 item 227 | Sch 2 item 21 | Sch 6 item 12, effective Sch 6 (items 1–12): 9 July 1999 (s 2(12)) | Repealed and substituted by No 177 of 1999, Sch 6 item 27 | Sch 6 item 63 | Sch 6 item 149 | Sch 6 item 148 | Sch 6 item 21 | Sch 6 item 22 | Sch 6 item 15, effective Sch 2: 1July 2000 (s 2(5)) | Amended by No 92 of 2000, Sch 8 item 6 | Sch 10 item 2, effective Sch 6 (item 7), Sch 8 (items 6, 7) and Sch 11 (items 13A, 14–16, 16A–16E) and Sch 10 (items 1A, 1B): 9 July 1999 (s 2(4)) Sch 10A (items 2–4): 30 June 2000 (s 2(2)) | Amended by No 12 of 2003, Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3, effective Sch 4: 2 Apr 2003 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s23"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 24", "Provision_Key": "s24", "Heading": "Gambling", "Text": "(1) If you make a gambling supply before 1 July 2000 relating to a gambling event that happens on or after 1 July 2000, the gambling supply is instead taken to have been made on 1 July 2000 and is attributable to your first tax period after that day. (2) In applying section 126 ‑ 10 of the GST Act to work out your global GST amount, disregard: (a) all monetary prizes you are liable to pay at any time on the outcome of gambling events that happened before 1 July 2000; and (b) all amounts of money you are liable to pay, of a kind referred to in paragraph (b) of the definition of total monetary prizes in subsection 126 ‑ 10(1), to the extent that they relate to gambling events that happened before 1 July 2000.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s24"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 24A", "Provision_Key": "s24a", "Heading": "Unredeemed vouchers", "Text": "Section 100 ‑ 15 of the GST Act applies to vouchers supplied before 1 July 2000, and not redeemed before that day, in the same way that it applies to vouchers supplied after that day.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 2: 1July 2000 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s24A"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 24B", "Provision_Key": "s24b", "Heading": "Commissioner may make determinations relating to rounding", "Text": "(1) The Commissioner may determine in writing a way in which amounts of GST for taxable supplies recorded on invoices may be rounded for the purposes of: (a) subsection 9 ‑ 90(1) of the GST Act; and (b) subparagraph 9 ‑ 90(2)(a)(ii) of the GST Act; and (c) step 4 in the method statement in subsection 9 ‑ 90(2) of the GST Act. (2) However, the determination only applies: (a) to the entity specified in the determination; and (b) to taxable supplies attributable under the GST Act to tax periods that end on or before the day specified in the determination. (3) The entity may round amounts of GST, for the purposes of the provisions referred to in paragraphs (1)(a), (b) and (c): (a) in the way specified in the determination; or (b) in the way specified in the provisions referred to in those paragraphs. (4) The day specified under paragraph (2)(b) must not be later than 30 June 2002. (5) An entity may apply to the Commissioner in writing for a determination under this section. Note: Refusing an application for a determination under this section, and making determinations under this section, are reviewable GST transitional decisions (see Subdivision 110 ‑ F in Schedule 1 to the Taxation Administration Act 1953 ). (6) If one or more taxable supplies, none of which are recorded on an invoice, are recorded on a document that is not an invoice, this section applies as if the document were an invoice.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, Sch 6 item 10, effective Sch 6 (item 7), Sch 8 (items 6, 7) and Sch 11 (items 13A, 14–16, 16A–16E) and Sch 10 (items 1A, 1B): 9 July 1999 (s 2(4)) Sch 10A (items 2–4): 30 June 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s24B"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 24C", "Provision_Key": "s24c", "Heading": "Supplies from certain coin ‑ operated devices may be input taxed", "Text": "(1) A supply of tangible personal property or a service from a mechanical coin ‑ operated device is input taxed if: (a) the maximum consideration for the supply is $1 and is paid by depositing up to 2 coins in the device; and (b) the device accepts only one denomination of coin and does not give change; and (c) the device was operating on 1 July 2000; and (d) the supply is made before 1 July 2005; and (e) the supply is not a gambling supply; and (f) you choose to have all of your supplies made from the device on or after 1 July 2000 treated as input taxed. Note: If a supply is input taxed, there is no entitlement to an input tax credit for the things that are acquired or imported to make the supply (see sections 11 ‑ 15 and 15 ‑ 10 of the GST Act). (2) However, if you revoke the choice, you can no longer choose to have all of your supplies from the device treated as input taxed.", "Amendment_Count": 1, "First_Amended": "No 156 of 2000", "Last_Amended": "No 156 of 2000", "Amending_Acts": "No 156 of 2000", "History_Notes": "Inserted by No 156 of 2000, effective Sch 1 (items 17, 18): 21 Dec 2000 (s 2(1)) Sch 6 (item 41): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s24C"}
{"Act_Short_Name": "GSTT", "Act_Title": "A New Tax System (Goods and Services Tax Transition) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00448", "Provision": "s 25", "Provision_Key": "s25", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) In particular, regulations may be made for other transitional measures relating to the end of sales tax, the start of GST, or the transition from sales tax to GST.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00448/latest/text#s25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 1-1", "Provision_Key": "s1-1", "Heading": "Short title", "Text": "This Act may be cited as the A New Tax System (Wine Equalisation Tax) Act 1999 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s1-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 1-2", "Provision_Key": "s1-2", "Heading": "Commencement", "Text": "This Act commences on 1 July 2000.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s1-2"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 1-3", "Provision_Key": "s1-3", "Heading": "How the wine tax law applies to things outside the indirect tax zone and things happening before commencement", "Text": "(1) The * wine tax law extends to acts, omissions, matters and things outside Australia (within the meaning of the * ITAA 1997) (except where a contrary intention appears). (2) The * wine tax law applies to acts and omissions happening before or after the commencement of this Act (except where there is an express statement to the contrary).", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1 | Sch 4 item 48 | Sch 4 item 49, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s1-3"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 1-4", "Provision_Key": "s1-4", "Heading": "States and Territories are bound by the wine tax law", "Text": "The * wine tax law binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. However, it does not make the Crown liable to be prosecuted for an offence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s1-4"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-1", "Provision_Key": "s2-1", "Heading": "What this Act is about", "Text": "This Act is about the wine equalisation tax (or wine tax). The wine tax is a single stage tax applying (in most cases) to dealings in wine at the wholesale level. In almost all dealings to which it applies, the GST will also apply. Note 1: Wine is widely defined in Subdivision 31 ‑ A. It can apply to beverages fermented from any fruit or vegetable. It also extends to cider, perry, mead and sake. Note 2: The wine tax is imposed by 3 Acts: (a) the A New Tax System (Wine Equalisation Tax Imposition—General) Act 1999 ; and (b) the A New Tax System (Wine Equalisation Tax Imposition—Customs) Act 1999 ; and (c) the A New Tax System (Wine Equalisation Tax Imposition—Excise) Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 203, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-5", "Provision_Key": "s2-5", "Heading": "Liability to tax (Part 2)", "Text": "Part 2 sets out the rules that establish the liability for the wine tax. The broad aim of the wine tax law is to tax the last wholesale sale of wine (usually the sale from the last wholesaler to the retailer).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-10", "Provision_Key": "s2-10", "Heading": "Quoting (Part 3)", "Text": "Part 3 is about quoting. The system of quoting is designed to avoid wine tax becoming payable on earlier sales.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-15", "Provision_Key": "s2-15", "Heading": "Wine tax credits (Part 4)", "Text": "Part 4 is about the entitlement to, and claiming of, wine tax credits. The system of wine tax credits deals (among other things) with situations where wine tax has become payable more than once on the same wine.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-20", "Provision_Key": "s2-20", "Heading": "Payment of wine tax (Part 5)", "Text": "Part 5 provides for amounts of wine tax, and wine tax credits, to be included in net amounts under the GST system. This has the effect of incorporating the wine tax into the payments and refunds system for the GST. However, the assessed wine tax is paid together with customs duty (where appropriate).", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 143, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-25", "Provision_Key": "s2-25", "Heading": "Miscellaneous (Part 6)", "Text": "Part 6 deals with miscellaneous matters.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-30", "Provision_Key": "s2-30", "Heading": "Interpretative provisions (Part 7)", "Text": "Part 7 contains the Dictionary, which sets out a list of all the terms that are defined in this Act. It also sets out the meanings of some important concepts and rules on how to interpret this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-30"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 2-33", "Provision_Key": "s2-33", "Heading": "Administration, collection and recovery provisions in the Taxation Administration Act 1953", "Text": "Parts 3 ‑ 10, 4 ‑ 1 and 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 contain provisions relating to the administration of the wine tax, and to collection and recovery of amounts of wine tax.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 73 of 2006, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22) | Amended by No 39 of 2012, Sch 1 item 144, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s2-33"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 3-1", "Provision_Key": "s3-1", "Heading": "When defined terms are identified", "Text": "(1) Many of the terms used in the law relating to the wine tax are defined. (2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “ * taxable dealing”. The footnote that goes with the asterisk contains a signpost to the Dictionary definitions starting at section 33 ‑ 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s3-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 3-5", "Provision_Key": "s3-5", "Heading": "When terms are not identified", "Text": "(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the non ‑ operative material contained in this Act. Note: The non ‑ operative material is described in Division 4. (3) The following basic terms used throughout the Act are not identified with an asterisk. Common definitions that are not asterisked Item This term: 1 amount 2 Commissioner 3 entity 3A indirect tax zone 5 wine 6 wine tax 7 you", "Amendment_Count": 2, "First_Amended": "No 129 of 2004", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 129 of 2004 | No 2 of 2015", "History_Notes": "Amended by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 2 of 2015, Sch 4 item 24 | Sch 4 item 38 | Sch 4 item 50, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s3-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 3-10", "Provision_Key": "s3-10", "Heading": "Identifying the defined term in a definition", "Text": "Within a definition, the defined term is identified by bold italics .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s3-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 4-1", "Provision_Key": "s4-1", "Heading": "Non ‑ operative material", "Text": "In addition to the operative provisions themselves, this Act contains other material to help you identify accurately and quickly the provisions that are relevant to you and to help you understand them. This other material falls into 2 main categories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s4-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 4-5", "Provision_Key": "s4-5", "Heading": "Explanatory sections", "Text": "One category is the explanatory section in many Divisions. Under the section heading “What this Division is about”, a short explanation of the Division appears in boxed text. Explanatory sections form part of this Act but are not operative provisions. In interpreting an operative provision, explanatory sections may only be considered for limited purposes. They are set out in section 29 ‑ 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s4-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 4-10", "Provision_Key": "s4-10", "Heading": "Other material", "Text": "The other category consists of material such as notes and examples. These also form part of the Act. They are distinguished by type size from the operative provisions (except for formulas), but are not kept separate from them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s4-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-1", "Provision_Key": "s5-1", "Heading": "What this Division is about", "Text": "Liability for wine tax centres around the concept of an assessable dealing. This concept is defined in the Assessable Dealings Table and the sections following the table.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-5", "Provision_Key": "s5-5", "Heading": "General rules for taxing assessable dealings", "Text": "(1) The * Assessable Dealings Table sets out all the * assessable dealings that can be subject to wine tax. (2) If the time of an * assessable dealing (as specified in column 4 of the table) is on or after 1 July 2000, and no exemption applies under Division 7, then: (a) the dealing is a * taxable dealing; and (b) the entity specified in column 3 is the entity liable to the tax; and (c) the tax becomes payable at the time of the dealing, as specified in column 4. However, an assessable dealing (other than a * customs dealing) is a taxable dealing only if the entity specified in column 3 is * registered or * required to be registered. Note: Under Part 5, amounts of wine tax, on assessable dealings (other than customs dealings), are included in your net amount under the GST system. (3) To calculate the amount of the tax: (a) determine the * taxable value of the dealing under Division 9; and (b) multiply the result by 29%. Note: The amount of tax is reduced for some importations (e.g. accompanied baggage of passengers) that are free of customs duty (see section 5 ‑ 40). (4) The table does not apply to a dealing with wine unless the wine is * assessable wine immediately before the time of the dealing, and is in the indirect tax zone at the time of the dealing. Assessable Dealings Table Column 1 No. Column 2 * Assessable dealing Column 3 * Entity liable Column 4 Time of dealing Column 5 Normal taxable value Part A—Australian Wine AD1a * wholesale sale by an entity that * manufactured the wine in the course of any business seller time of sale the * price (excluding wine tax and * GST) for which the wine was sold AD1b * wholesale sale by an entity that is not the * manufacturer of the wine seller time of sale the * price (excluding wine tax and * GST) for which the wine was sold AD2a * retail sale by an entity that * manufactured the wine in the course of any business seller time of sale the * notional wholesale selling price AD2b * retail sale by an entity that is not the * manufacturer of the wine, but that * obtained the wine under quote; excludes case covered by AD2d seller time of sale the * notional wholesale selling price AD2c * royalty ‑ inclusive sale seller time of sale the amount that would be the * notional wholesale purchase price of the wine if the * manufacturer had incurred the * eligible royalty costs AD2d * indirect marketing sale seller time of sale the * notional wholesale selling price AD2e * untaxed sale by an entity that is not the * manufacturer of the wine seller time of sale the * notional wholesale selling price AD2f * retail sale, in the course of any business, of wine that is placed in * containers at a time after wine tax became payable on the wine by a person other than the seller seller time of sale the * notional wholesale selling price AD3a * untaxed AOU by an entity that is not the * manufacturer of the wine applier time of * AOU the * notional wholesale selling price AD3b * AOU by an entity that manufactured the wine in the course of any business applier time of * AOU the * notional wholesale selling price AD3c * AOU by an entity that is not the * manufacturer of the wine, but that * obtained the wine under quote applier time of * AOU (a) the purchase * price (excluding * GST), if the wine was * purchased under quote; (b) in other cases, the * notional wholesale selling price AD3d * royalty ‑ inclusive AOU applier time of * AOU the amount that would be the * notional wholesale purchase price of the wine if the * manufacturer had incurred the * eligible royalty costs AD4b removal from a * customs clearance area of * airport shop goods purchased by a * relevant traveller from an * inwards duty free shop * relevant traveller time at which wine tax is payable under section 23 ‑ 5 the * price for which the wine was purchased by the * relevant traveller Assessable Dealings Table Column 1 No. Column 2 * Assessable dealing Column 3 * Entity liable Column 4 Time of dealing Column 5 Normal taxable value Part B—Imported Wine AD10 * local entry entity that makes the * local entry time at which wine tax is payable under section 23 ‑ 5 the * GST importation value AD11b * wholesale sale by any entity seller time of sale the * price (excluding wine tax and * GST) for which the wine was sold AD12b * retail sale by an entity that * obtained the wine under quote; excludes case covered by AD12d seller time of sale the * notional wholesale selling price AD12c * royalty ‑ inclusive sale seller time of sale the amount that would be the * notional wholesale purchase price of the wine if the entity that * imported the wine had incurred the * eligible royalty costs AD12d * indirect marketing sale seller time of sale the * notional wholesale selling price AD12e * untaxed sale seller time of sale the * notional wholesale selling price AD12f * retail sale, in the course of any business, of wine that is placed in * containers at a time after wine tax became payable on the wine by a person other than the seller seller time of sale the * notional wholesale selling price AD13a * untaxed AOU applier time of * AOU the * notional wholesale selling price AD13c * AOU by an entity that * obtained the wine under quote applier time of * AOU (a) if the wine was * purchased under quote: the purchase * price (excluding * GST); (b) if the wine was * locally entered under quote by the applier: the * GST importation value AD13d * royalty ‑ inclusive AOU applier time of * AOU the amount that would be the * notional wholesale purchase price of the wine if the entity that * imported the wine had incurred the * eligible royalty costs AD14b removal from a * customs clearance area of * airport shop goods purchased by a * relevant traveller from an * inwards duty free shop * relevant traveller time at which wine tax is payable under section 23 ‑ 5 the * price for which the wine was purchased by the * relevant traveller Note: The numbering of items in the table uses the following pattern: For Australian wine, the dealings are divided into 4 groups: wholesale sales begin with AD1 retail sales begin with AD2 an AOU begins with AD3 miscellaneous dealings begin with AD4. Imported wine has an additional class of local entry (AD10). The other dealings with imported wine have a number that is 10 higher than the broadly corresponding dealing with Australian wine. For example, AD12b for imported wine corresponds to AD2b for Australian wine.", "Amendment_Count": 3, "First_Amended": "No 176 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 176 of 1999 | No 129 of 2004 | No 2 of 2015", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 204 | Sch 1 item 205 | Sch 1 item 206 | Sch 1 item 207 | Sch 1 item 208 | Sch 1 item 21, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 2 of 2015, Sch 4 item 51, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-10", "Provision_Key": "s5-10", "Heading": "Sale time brought forward if purchaser uses the wine before title passes", "Text": "(1) This section applies to an * assessable dealing that consists of a sale, if the purchaser uses the wine after the time when the contract is made but before the time when title is to pass to the purchaser under the contract. (2) The time when the purchaser first so uses the wine is taken to be the time of the sale for the purposes of the * wine tax law.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-15", "Provision_Key": "s5-15", "Heading": "Royalty ‑ inclusive sale (AD2c and AD12c) or AOU (AD3d and AD13d)", "Text": "(1) A * retail sale, or an * AOU, of wine (the current wine ) by you in the course of a business is a royalty ‑ inclusive sale or a royalty ‑ inclusive AOU respectively if the following conditions are met: (a) * eligible royalty costs have been incurred at or before the time of the sale or AOU, or could reasonably be expected to be incurred after the time of the sale or AOU, by any or all of the following: (i) you; (ii) your * associate; (iii) any entity (other than the * manufacturer) under an arrangement with you or with your associate; (b) the sale or AOU is not covered by another category of * assessable dealing in the * Assessable Dealings Table. (2) Eligible royalty cost is a * royalty that is paid or payable in connection with the current wine, except where the amount was paid or payable by any entity before 24 March 1999.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Amended by No 41 of 2005, effective Sch 10 (item 15): 1 Apr 2005 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-20", "Provision_Key": "s5-20", "Heading": "Indirect marketing sale (AD2d and AD12d)", "Text": "A sale of * assessable wine is an indirect marketing sale if it is a * retail sale made by an entity (the marketer ) that is not the * manufacturer of the wine and the sale is made: (a) under an arrangement that provides for the sale of the wine to be made by an entity that is acting for the marketer but is not an employee of the marketer; or (b) from premises that: (i) are used, mainly for making retail sales of wine, by an entity or entities other than the marketer; and (ii) are held out to be premises of, or premises used by, the other entity or entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-25", "Provision_Key": "s5-25", "Heading": "Untaxed sale (AD2e and AD12e) or AOU (AD3a and AD13a)", "Text": "(1) A * retail sale of wine by you is an untaxed sale unless: (a) you * obtained the wine under quote; or (b) the wine has previously passed through a taxing point; or (c) the sale is an * indirect marketing sale. (2) An * AOU, in the course of any business, by you is an untaxed AOU unless: (a) you * obtained the wine under quote; or (b) the wine has previously passed through a taxing point. (3) For the purposes of this section, wine is taken to have passed through a taxing point only if: (a) the wine has been the subject of a * taxable dealing; or (b) the wine has been the subject of an * assessable dealing that was exempted because you could not be taxed or were entitled to an exemption arising outside the * wine tax law; or (c) the wine has been the subject of sales tax within the meaning of the former Sales Tax Assessment Act 1992 ; or (d) section 5 of the former Sales Tax Amendment (Transitional) Act 1992 applies to the wine (whether or not the wine would, but for that section, have been subject to sales tax under the former Sales Tax Assessment Act 1992 ). Note: Section 5 ensured that goods subject to sales tax under the pre ‑ 1992 sales tax law were not also taxable under the 1992 sales tax law.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 176 of 1999 | No 101 of 2006", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 209, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 101 of 2006, Sch 5 item 14 | Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17, effective Sch 5 (items 14–17) and Sch 6 (items 5–11): 14 Sept 2006 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-30", "Provision_Key": "s5-30", "Heading": "Local entry of imported wine (AD10)", "Text": "(1) The Local Entry Table sets out the situations that amount to a local entry of * imported wine for the purposes of the * wine tax law. The rest of this section deals with situations involving the withdrawal of a customs entry, or multiple local entries of the same wine. (2) The withdrawal of the customs entry underlying a formal local entry (the earlier local entry ) usually has the effect that the earlier local entry is taken never to have happened. However, if: (a) there is a later formal local entry after the withdrawal; and (b) the tax on that later entry would be less than the tax on the earlier local entry; then the earlier local entry is taken never to have been extinguished and the later entry is taken never to have happened. (3) If a formal local entry happens after a deemed local entry, the formal local entry is taken never to have happened. (4) If a deemed local entry happens after a formal local entry, the formal local entry is taken never to have happened. (5) In this section: customs entry means an entry for home consumption under the Customs Act 1901 . deemed local entry means a local entry that is not a formal local entry. formal local entry means a local entry covered by * LE1 or * LE2 in the Local Entry Table. Local Entry Table Column 1 No. Column 2 Situation giving rise to local entry Column 3 * Entity to be regarded as making the local entry LE1 the wine is taken to have been entered for home consumption under subsection 71A(7) of the Customs Act 1901 owner (within the meaning of the Customs Act 1901 ) of the wine LE2 the wine is taken to have been entered for home consumption under subsection 71A(8) of the Customs Act 1901 owner (within the meaning of the Customs Act 1901 ) of the wine LE3 the wine is delivered into home consumption under section 71 of the Customs Act 1901 entity authorised under section 71 of the Customs Act 1901 to deliver the wine LE4 the wine is sold under section 72, 87 or 96 of the Customs Act 1901 entity that bought the wine LE5 the wine is delivered to an entity under section 208 of the Customs Act 1901 entity to which the wine is delivered LE6 the wine is delivered to an entity under a court order made in an action under the Customs Act 1901 for condemnation or recovery of the wine entity to which the wine is delivered LE7 the wine is delivered to an entity under a court order made in an action for a declaration that the wine is not forfeited under the Customs Act 1901 entity to which the wine is delivered LE8 the wine has been seized under a warrant issued under section 203 of the Customs Act 1901 , or under section 203B or 203C of that Act, and is delivered to an entity on the basis that it is not forfeited goods entity to which the wine is delivered LE9 delivery of the wine is authorised under subsection 209(6) of the Customs Act 1901 entity to which the wine is delivered or is to be delivered LE10 a demand is made under section 35A or 149 of the Customs Act 1901 in relation to the wine entity on which the demand is made LE11 the wine is treated as entered for home consumption under subsection 96A(12) of the Customs Act 1901 entity treated under section 96A of the Customs Act 1901 as having entered the wine for home consumption LE12 the wine is taken out of a warehouse under a permission granted under section 97 of the Customs Act 1901 and is not returned to the warehouse before the expiration of the period specified in the permission entity to which the permission is given LE14 the wine is taken into home consumption in accordance with a permission granted under section 77D of the Customs Act 1901 entity to which the permission is granted LE14A the wine is * tradex scheme goods, and any of the circumstances referred to in subsection 21(1) of that Act have occurred in respect of any of the wine holder (within the meaning of the Tradex Scheme Act 1999 ) of the * tradex order relating to the wine LE15 the wine is not covered by any other item in this table but is * imported, and is not entered for home consumption as required under the Customs Act 1901 owner (within the meaning of the Customs Act 1901 ) of the wine", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 33 of 2013", "Amending_Acts": "No 176 of 1999 | No 57 of 2002 | No 82 of 2002 | No 33 of 2013", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 149 | Sch 1 item 210 | Sch 1 item 211 | Sch 1 item 212 | Sch 1 item 213 | Sch 1 item 214 | Sch 7 item 17, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 57 of 2002, effective Sch 12 (item 39): 1 July 2000 (s 2(1) item 43) | Amended by No 82 of 2002, Sch 6 item 9 | Sch 6 item 10, effective Sch 3 (items 9, 10): 19 July 2005 (s 2(1) item 6) | Amended by No 33 of 2013, Sch 1 item 40 | Sch 1 item 41, effective Sch 1 (items 40, 41): 31 Mar 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-30"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 5-50", "Provision_Key": "s5-50", "Heading": "Purchaser quoting on purchase from producer—failure to deal according to quote", "Text": "(1) This section applies if: (a) you * purchased wine under quote from the * producer of the wine; and (b) in your * quote you did not state that you have the intention of dealing with the wine in one of the following ways: (i) a way described in paragraph 13 ‑ 5(1)(c) or (d); (ii) by sale to an entity that will quote for the sale; and (c) you cause an * assessable dealing with the wine that is a dealing in a way described in subparagraph (b)(i) or (ii). (2) Sections 7 ‑ 5 (Exemption for dealings that are GST ‑ free supplies etc.) and 7 ‑ 10 (Exemptions based on quoting) do not apply to the * assessable dealing mentioned in paragraph (1)(c). (3) For the purposes of this Division: (a) disregard paragraph (g) of the definition of application to own use in section 33 ‑ 1; and (b) treat the matter referred to in that paragraph as being an application to own use.", "Amendment_Count": 1, "First_Amended": "No 94 of 2017", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 94 of 2017", "History_Notes": "Inserted by No 94 of 2017, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s5-50"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 7-1", "Provision_Key": "s7-1", "Heading": "What this Division is about", "Text": "In some circumstances, a dealing with wine is exempt from wine tax even if it is an assessable dealing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s7-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 7-5", "Provision_Key": "s7-5", "Heading": "Exemption for dealings that are GST ‑ free supplies or non ‑ taxable importations", "Text": "An * assessable dealing is not taxable if the dealing is: (a) a * supply that is * GST ‑ free (other than because of Subdivision 38 ‑ D (child care) of the * GST Act); or (b) a * local entry relating to an * importation that is a * non ‑ taxable importation.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Repealed and substituted by No 176 of 1999, Sch 1 item 216, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s7-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 7-10", "Provision_Key": "s7-10", "Heading": "Exemptions based on quoting", "Text": "(1) A sale is not taxable if the purchaser * quotes for the sale at or before the time of the sale. (2) A * customs dealing is not taxable if the entity that would, apart from this subsection, be liable for the wine tax on the dealing * quotes for the dealing at or before the time of the dealing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s7-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 7-15", "Provision_Key": "s7-15", "Heading": "Exemptions based on Schedule 4 to the Customs Tariff Act 1995", "Text": "(1) A * customs dealing is not taxable if it is an * importation of wine covered by item 10, 11, 15, 18, 21, 21A, 24 or 27 in Schedule 4 to the * Customs Tariff. (2) To avoid doubt, a reference to wine that is covered by an item in Schedule 4 to the * Customs Tariff includes a reference to goods to which that item would apply apart from the operation of subsection 18(1) of the Customs Tariff Act 1995 .", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 138 of 2012", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 156 of 2000 | No 138 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 174 | Sch 1 item 175 | Sch 1 item 176 | Sch 1 item 217 | Sch 1 item 218 | Sch 1 item 219 | Sch 7 item 18, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 177 of 1999, Sch 6 item 170, effective Sch 1 (items 170–172): 1 July 2000 (s 2(4)) | Amended by No 156 of 2000, Sch 2 item 19, effective Sch 2 (items 19, 20, 25(2)): 21 Dec 2000 (s 2(1)) | Amended by No 138 of 2012, Sch 2 item 5, effective Sch 2 (items 5, 6): 1 Mar 2013 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s7-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 7-20", "Provision_Key": "s7-20", "Heading": "Exemption for local entry if wine has been taxed while in bond", "Text": "A * local entry of wine is not taxable if you or anyone else became liable to tax on a previous * assessable dealing with the wine while it was in bond or under customs control under the Customs Act 1901 .", "Amendment_Count": 1, "First_Amended": "No 41 of 2015", "Last_Amended": "No 41 of 2015", "Amending_Acts": "No 41 of 2015", "History_Notes": "Amended by No 41 of 2015, Sch 5 item 2, effective sch 5 (items 2 ‑ 4), sch 9: 1 July 2015 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s7-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 7-25", "Provision_Key": "s7-25", "Heading": "Goods returned to the indirect tax zone in an unaltered condition", "Text": "(1) A * local entry of wine is not taxable if: (a) the wine was exported from the indirect tax zone and is returned to the indirect tax zone, without having been subject to any treatment, industrial processing, alteration or any other process since its export; and (b) the importer was not entitled to, and did not claim, a payment under Division 25 (about the tourist refund scheme) related to the export of the wine; and (c) the importer: (i) is the manufacturer of the wine; or (ii) has previously acquired the wine, and the supply by means of which the importer acquired the wine was a * taxable dealing; or (iii) has previously imported the goods, and the previous importation was a * taxable dealing. (2) A * local entry of wine is not taxable if: (a) the importer had manufactured, acquired or imported the wine before 1 July 2000; and (b) the wine was exported from the indirect tax zone before, on or after 1 July 2000; and (c) the wine is returned to the indirect tax zone on or after 1 July 2000, without having been subject to any treatment, industrial processing, alteration or any other process since its export; and (d) the importer was not entitled to, and did not claim, a payment under Division 25 (about the tourist refund scheme) related to the export of the wine; and (e) the ownership of the wine when it is returned to the indirect tax zone is the same as its ownership on 1 July 2000. Note: An importation covered by this section may also be duty ‑ free under item 17 of Schedule 4 to the Customs Tariff Act 1995 .", "Amendment_Count": 2, "First_Amended": "No 156 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 156 of 2000 | No 2 of 2015", "History_Notes": "Inserted by No 156 of 2000, effective Sch 2 (items 19, 20, 25(2)): 21 Dec 2000 (s 2(1)) | Amended by No 2 of 2015, Sch 4 item 52 | Sch 4 item 53, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s7-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-1", "Provision_Key": "s9-1", "Heading": "What this Division is about", "Text": "In most cases, the taxable value of an assessable dealing is multiplied by the rate of wine tax to calculate the amount of wine tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-5", "Provision_Key": "s9-5", "Heading": "How to work out the taxable value of a taxable dealing", "Text": "(1) The general rules for calculating the taxable value are set out in the * Assessable Dealings Table. (2) In some cases, the * Assessable Dealings Table refers to the * notional wholesale selling price as the * taxable value. Subdivision 9 ‑ B sets out how to work out the notional wholesale selling price. (3) In some cases, amounts must be added to the amount set out in the * Assessable Dealings Table. These additions are set out in Subdivision 9 ‑ C. (4) In working out the * taxable value of wine, any rebate, refund or other payment or credit made by a State or Territory in respect of the wine is to be disregarded.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-10", "Provision_Key": "s9-10", "Heading": "Agreement with Commissioner regarding calculation of taxable value", "Text": "(1) The Commissioner may enter into an agreement with you about calculating the * taxable values of particular * taxable dealings for which you are liable for the wine tax. (2) So far as the agreement is inconsistent with this Act, the agreement prevails.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-25", "Provision_Key": "s9-25", "Heading": "The 2 methods of working out notional wholesale selling prices for retail dealings with grape wine", "Text": "(1) There are 2 methods for working out the notional wholesale selling price for a * taxable dealing that is either: (a) a * retail sale of * grape wine; or (b) an * AOU connected with retail sales of wine that is grape wine. (2) The * half retail price method is used unless you have chosen under subsection (3) to use the * average wholesale price method. (3) You may choose to use the * average wholesale price method if, during the * tax period in respect of which you are liable to pay wine tax on the dealing, at least 10% by value of all your sales of * grape wine that: (a) is of the same vintage as the grape wine to which the dealing relates; and (b) is produced from the same grape varieties, or the same blend of grape varieties, as the grape wine to which the dealing relates; are * wholesale sales.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-30", "Provision_Key": "s9-30", "Heading": "Working out notional wholesale selling prices for retail dealings with wine that is not grape wine", "Text": "The notional wholesale selling price for a * taxable dealing that is either: (a) a * retail sale of wine that is not * grape wine; or (b) an * AOU connected with retail sales of wine that is not grape wine; is worked out using the * half retail price method.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-30"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-35", "Provision_Key": "s9-35", "Heading": "The half retail price method", "Text": "(1) The notional wholesale selling price for a * retail sale of * grape wine, worked out using the half retail price method , is 50% of the * price of the sale. (2) The notional wholesale selling price for an * AOU connected with retail sales of grape wine, worked out using the half retail price method , is 50% of the * price for which you would normally have sold the wine if the sale were a * retail sale.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-35"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-40", "Provision_Key": "s9-40", "Heading": "The average wholesale price method", "Text": "The notional wholesale selling price for a * retail sale of * grape wine, or for an * AOU connected with retail sales of grape wine, worked out using the average wholesale price method is the weighted average of the * prices (excluding wine tax and * GST) for * wholesale sales that you have made of grape wine that: (a) is of the same vintage as the grape wine to which the retail sale or AOU relates; and (b) is produced from the same grape varieties, or the same blend of grape varieties, as the grape wine to which the retail sale or AOU relates; during the * tax period in respect of which you are liable to pay wine tax on the retail sale or AOU. Example: If, during a tax period, you make 70% of wholesale sales of grape wine of a particular vintage and variety at $80 per dozen, and the remaining 30% at $90 per dozen, the weighted average of the wholesale prices for wholesale sales during the tax period is:", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-40"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-45", "Provision_Key": "s9-45", "Heading": "Notional wholesale selling prices for other dealings", "Text": "The notional wholesale selling price for a taxable dealing with wine that is neither: (a) a * retail sale of wine; nor (b) an * AOU connected with retail sales of wine; is the * price (excluding wine tax and * GST) for which you could reasonably have been expected to sell the wine by wholesale under an arm’s length transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-45"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-65", "Provision_Key": "s9-65", "Heading": "Taxable dealing with wine that is the contents of a container", "Text": "(1) This section deals with situations in which a * container is associated with wine (the contents ) that is the subject of a * taxable dealing. The aim of this section is to ensure that the * taxable value will include a component for the container, even though the parties may have allocated a separate amount to the container. (2) If: (a) the * taxable value of the dealing is calculated by reference to the * price (excluding wine tax and * GST) for which the contents were sold; and (b) the parties have allocated a separate amount to the * container; then the taxable value is * increased by so much of the value of the container as is recouped by the seller in connection with the sale of the contents. (3) If the * taxable value of the dealing is not calculated as mentioned in subsection (2), then the taxable value is * increased by so much of the value of the * container as could reasonably be expected to have been recouped by you in connection with a hypothetical sale of the contents at the time of the actual * taxable dealing with the contents.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-65"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-70", "Provision_Key": "s9-70", "Heading": "Assessable dealings with wine that involve the payment of an associated royalty", "Text": "(1) If a * royalty is paid or payable, or likely to be paid or payable, in connection with any of the following events in respect of particular wine: (a) the * manufacture of the wine; (b) the * importation or * local entry of the wine; (c) a sale of the wine; then the * taxable value of any * taxable dealing with that wine that happens at or after that event includes the amount or value of the royalty. (2) Royalty is any amount to the extent to which it is paid or payable (whether or not periodically) as consideration for any of the following things (or for the right to do them): (a) doing anything that would be an infringement of copyright if it were done without the licence of the copyright owner; (b) making, using, exercising or vending an invention (each of those terms having the meaning it has in the Patents Act 1990 ); (c) using a design that is of a kind capable of being registered under the Designs Act 2003 (whether or not it is registered under that Act or under any other law); (d) using a trade mark that is of a kind capable of being registered under the Trade Marks Act 1995 (whether or not it is registered under that Act or under any other law), but not including a mark that relates to a service; (e) using confidential information; (f) using machinery, implements, apparatus or other equipment; (g) * supplying scientific, technical, industrial, commercial or other knowledge or information; (h) supplying assistance that is ancillary to, and is supplied as a means of enabling the application or enjoyment of, any matter covered by paragraphs (a) to (g); (i) a total or partial forbearance in respect of any matter covered by paragraphs (a) to (h). Terms used in paragraph (a) of this definition have the same meaning as in the Copyright Act 1968 .", "Amendment_Count": 1, "First_Amended": "No 148 of 2003", "Last_Amended": "No 148 of 2003", "Amending_Acts": "No 148 of 2003", "History_Notes": "Amended by No 148 of 2003, Sch 2 item 1, effective Sch 2 (item 1): 17 June 2004 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-70"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-75", "Provision_Key": "s9-75", "Heading": "Assessable dealing with wine in bond", "Text": "If a * taxable dealing happens while the wine is in bond or otherwise subject to customs control under the Customs Act 1901 , the * taxable value is * increased by the amount of * customs duty to which the wine would have been subject if it had been entered for home consumption under the Customs Act 1901 at the time of the taxable dealing.", "Amendment_Count": 1, "First_Amended": "No 41 of 2015", "Last_Amended": "No 41 of 2015", "Amending_Acts": "No 41 of 2015", "History_Notes": "Amended by No 41 of 2015, Sch 5 item 3, effective sch 5 (items 2 ‑ 4), sch 9: 1 July 2015 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-75"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 9-80", "Provision_Key": "s9-80", "Heading": "Amounts not to be added if they are already included in the taxable value", "Text": "This Subdivision does not add any amount to the * taxable value so far as it would already be included in the taxable value.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s9-80"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-1", "Provision_Key": "s13-1", "Heading": "What this Division is about", "Text": "In certain circumstances you can quote for a dealing with wine. This is designed to avoid the wine tax becoming payable on sales preceding the last wholesale sale. (Under section 7 ‑ 10, wine tax is not payable on a sale for which the purchaser has quoted.)", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-5", "Provision_Key": "s13-5", "Heading": "Standard grounds for quoting ABN", "Text": "(1) You are entitled to * quote your * ABN for a dealing with wine if, at the time of quoting, you have the intention of dealing with the wine in any of the following ways: (a) selling the wine by * wholesale, or by * indirect marketing sale, while the wine is in the indirect tax zone; (b) selling the wine, by any kind of sale, while it is in the indirect tax zone (this ground is available only if you are mainly a wholesaler at the time of quoting); (c) using the wine as a material in * manufacture or other treatment or processing, whether or not it relates to or results in other wine; (d) making a * supply of the wine that will be * GST ‑ free. (2) However, you are not entitled to * quote unless you are * registered. (3) For the purposes of paragraph (1)(b), you are mainly a wholesaler at the quoting time only if: (a) * wholesale sales and * indirect marketing sales account for more than half of the total value of all sales of * assessable wine by you during the 12 months ending at the quoting time; or (b) you have an expectation (based on reasonable grounds) that wholesale sales and indirect marketing sales will account for more than half of the total value of all sales of assessable wine by you during the 12 months starting at the quoting time. For this purpose, the value of a sale of wine is the * price for which the wine is sold.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, Sch 4 item 1936 | Sch 4 item 54, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-10", "Provision_Key": "s13-10", "Heading": "Additional quoting grounds in special circumstances", "Text": "The Commissioner may (if you are * registered) authorise you to * quote your * ABN in special circumstances in which you would not otherwise be entitled to quote.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-15", "Provision_Key": "s13-15", "Heading": "Periodic quoting", "Text": "(1) You may make a periodic * quote under this section for purchases that you propose to make from an entity (the supplier ) during the period, not exceeding 12 months, covered by the periodic quote. (2) If you make such a periodic * quote on or before the first day of the period to which the quote relates, you are treated as having quoted your * ABN for all purchases during the period from the * supplier, other than purchases in respect of which you have notified the supplier in accordance with subsection (3). (3) If you are not entitled to * quote for a particular purchase from the * supplier during the period, you must notify the supplier of that fact at or before the time of the purchase. The notification must be in the * approved form. (4) You commit an offence if you contravene subsection (3). Penalty: 20 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (5) Section 13 ‑ 30 applies to a * quote that you are treated as having made under subsection (2) of this section for a particular purchase.", "Amendment_Count": 1, "First_Amended": "No 184 of 2012", "Last_Amended": "No 184 of 2012", "Amending_Acts": "No 184 of 2012", "History_Notes": "Amended by No 184 of 2012, Sch 6 item 5 | Sch 6 item 6, effective Sch 6: 10 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-20", "Provision_Key": "s13-20", "Heading": "Manner in which quote must be made", "Text": "(1) A * quote (including a periodic quote) must be made in the * approved form. (2) A * quote for a dealing is not effective unless it is made at or before the time of the dealing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-25", "Provision_Key": "s13-25", "Heading": "Incorrect quote nevertheless effective for certain purposes", "Text": "If you * quote in circumstances in which you are not entitled to quote, or the quote is not in the * approved form, the quote is nevertheless: (a) effective for the purposes of Subdivision 31 ‑ D; and (b) effective for the purpose of section 7 ‑ 10, unless section 13 ‑ 30 applies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-30", "Provision_Key": "s13-30", "Heading": "Quote not effective for certain purposes if there are grounds for believing it was improperly made", "Text": "A * quote is not effective, so far as it would have resulted in an exemption, if at the time of the quote the entity to which the quote is made has reasonable grounds for believing that: (a) you are not entitled to quote in the particular circumstances; or (b) the quote is not made in the * approved form; or (c) the quote is false or misleading in a material particular (either because of something stated in the quote or something left out).", "Amendment_Count": 1, "First_Amended": "No 94 of 2017", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 94 of 2017", "History_Notes": "Amended by No 94 of 2017, Sch 1 item 2 | Sch 1 item 3, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-30"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-32", "Provision_Key": "s13-32", "Heading": "Quote not effective if entity to whom quote is made purchased the wine for a price that included wine tax", "Text": "A * quote is not effective for the purposes of applying subsection 7 ‑ 10(1) to a particular sale if the entity to which the quote is made purchased the wine for a * price that included wine tax.", "Amendment_Count": 1, "First_Amended": "No 94 of 2017", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 94 of 2017", "History_Notes": "Inserted by No 94 of 2017, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-32"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 13-35", "Provision_Key": "s13-35", "Heading": "Improper quoting is an offence", "Text": "You must not, in relation to any dealing with wine: (a) quote an * ABN for the purposes of this Act: (i) in circumstances in which you are not entitled to quote; or (ii) in contravention of subsection 13 ‑ 20(1); or (b) in any other way falsely quote an ABN. Penalty: 20 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 3: Section 23 of the A New Tax System (Australian Business Number) Act 1999 provides penalties for misuse of ABNs.", "Amendment_Count": 1, "First_Amended": "No 184 of 2012", "Last_Amended": "No 184 of 2012", "Amending_Acts": "No 184 of 2012", "History_Notes": "Amended by No 184 of 2012, Sch 6 item 7, effective Sch 6: 10 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s13-35"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-1", "Provision_Key": "s17-1", "Heading": "What this Division is about", "Text": "Wine tax credits can arise in a number of circumstances. Generally speaking, they prevent wine tax applying more than once to the same goods. Note: If you are in the GST system, wine tax credits are included in your net amounts (see Part 5). If you are not in the GST system, you can claim wine tax credits under this Part. Producer rebates under Division 19 are a form of wine tax credit.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Amended by No 92 of 2000, Sch 9A item 1, effective Sch 9A: 1 July 2000 (s 2(6))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-5", "Provision_Key": "s17-5", "Heading": "Wine tax credit entitlements", "Text": "(1) The * Wine Tax Credit Table sets out the situations in which you are entitled to a * wine tax credit. (2) You are not entitled to a * wine tax credit for an amount of tax for which a wine tax credit entitlement has previously arisen (whether for you or another entity). (3) You are not entitled to a * wine tax credit unless you make a claim for the wine tax credit under section 17 ‑ 10. Wine Tax Credit Table No. Summary of ground Details of ground Amount of * wine tax credit Time * wine tax credit arises CR1 Tax overpaid You have paid an amount as wine tax that was not legally payable. the amount overpaid, to the extent that you have not * passed it on when the amount became overpaid CR4 Avoiding double tax on the same wine You have become liable to wine tax on an * assessable dealing (the current dealing ) in relation to wine, but have * borne wine tax on all of the wine before the time of the current dealing. the wine tax previously * borne on the wine time of the current dealing CR7 Ensuring no double tax in respect of * containers You are liable to the wine tax on an * assessable dealing with wine that is the contents of a * container. You have * borne wine tax on the container. the * wine tax borne on the * container time of the * assessable dealing CR8 Replacement of defective wine You have * borne wine tax on * assessable wine used for the purpose of replacing other wine because of defects in the other wine. * wine tax borne on replacement wine time of replacement CR9 * Producer rebate An * assessable dealing is made in circumstances that entitle you to a producer rebate under Division 19. the amount of the producer rebate under Division 19 immediately before the end of the financial year in which the assessable dealing occurs CR14 Drawback of * customs duty on * imported wine You have become liable to wine tax on a * local entry of wine for which drawback of * customs duty has been allowed under section 168 of the Customs Act 1901 (or, in the Commissioner’s opinion, would have been allowed if wine had been liable to duty). wine tax payable on the * local entry time when drawback was allowed (or would have been allowed) CR15 Sale * price written off as bad debt You have: (a) paid wine tax on an * assessable dealing that is a sale and later written off some or all of the * price for which the wine was sold; or (b) paid wine tax on an assessable dealing that is a * local entry (other than an * LE4) and later written off some or all of the price for which the wine was first sold by you after the local entry. a proportion of the wine tax paid that is equal to the proportion of the debt written off time of writing off", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 176 of 1999 | No 92 of 2000 | No 160 of 2005 | No 94 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 123 | Sch 1 item 220 | Sch 1 item 221 | Sch 1 item 222 | Sch 1 item 21, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 92 of 2000, Sch 6 item 17 | Sch 6 item 3 | Sch 9A item 2 | Sch 9A item 19, effective Sch 9A: 1 July 2000 (s 2(6)) | Amended by No 160 of 2005, Sch 4 item 1, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 94 of 2017, Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-10", "Provision_Key": "s17-10", "Heading": "Claims for wine tax credits", "Text": "(1) If you are * registered or * required to be registered, you may make a claim for a * wine tax credit (other than a claim for a * producer rebate under subsection 19 ‑ 5(2)) by including the amount of the wine tax credit in the * reduction of your * net amount for the * tax period in question under section 21 ‑ 15. (2) If you are not * registered or * required to be registered, you may make a claim for a * wine tax credit (other than a claim for a * producer rebate under subsection 19 ‑ 5(2)) in the * approved form. The claim must be accompanied by such supporting evidence as the Commissioner requires. (2A) If you are a * New Zealand participant, you may make a claim for a * wine tax credit under subsection 19 ‑ 5(2) in the * approved form. The claim must be accompanied by such supporting evidence as the Commissioner requires. (2B) The Commissioner may determine, by legislative instrument, the time or times during which claims for * wine tax credits under subsection 19 ‑ 5(2) may be made. (3) A claim under subsection (2) or (2A) must be lodged with the Commissioner within 4 years after the time when the * wine tax credit arises.", "Amendment_Count": 1, "First_Amended": "No 160 of 2005", "Last_Amended": "No 160 of 2005", "Amending_Acts": "No 160 of 2005", "History_Notes": "Amended by No 160 of 2005, Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 7, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-15", "Provision_Key": "s17-15", "Heading": "Commissioner not required to consider credit claims for less than $200", "Text": "The Commissioner is not required to consider a claim under subsection 17 ‑ 10(2) or (2A) for a * wine tax credit if the total amount claimed is less than $200.", "Amendment_Count": 1, "First_Amended": "No 160 of 2005", "Last_Amended": "No 160 of 2005", "Amending_Acts": "No 160 of 2005", "History_Notes": "Amended by No 160 of 2005, Sch 4 item 6, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-20", "Provision_Key": "s17-20", "Heading": "Wine tax credits to be applied against tax liabilities and excess refunded", "Text": "If you have claimed under subsection 17 ‑ 10(2) or (2A) a * wine tax credit to which you are entitled, the Commissioner must apply the wine tax credit under Division 3 of Part IIB of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 160 of 2005", "Amending_Acts": "No 179 of 1999 | No 160 of 2005", "History_Notes": "Amended by No 179 of 1999, Sch 18 item 7, effective Sch 15 (items 7, 8): 1 July 2000 (s 2(12)) | Amended by No 160 of 2005, Sch 4 item 7, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-25", "Provision_Key": "s17-25", "Heading": "Excess wine tax credits must be repaid", "Text": "If the amount applied by the Commissioner in accordance with section 17 ‑ 20 is more than the amount of the * wine tax credit to which you are properly entitled, the excess is to be treated as if it were wine tax that became payable, and due for payment, by you at the time when it was applied. Note: The main effect of treating the amount as if it were tax is to apply the collection and recovery rules in Part 3 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 179 of 1999 | No 73 of 2006", "History_Notes": "Amended by No 179 of 1999, Sch 18 item 8, effective Sch 15 (items 7, 8): 1 July 2000 (s 2(12)) | Amended by No 73 of 2006, Sch 5 item 145, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-30", "Provision_Key": "s17-30", "Heading": "Clawback of CR15 wine tax credit on later recovery of bad debt", "Text": "(1) A * wine tax credit under * CR15 in relation to an amount written off by you as a bad debt is subject to the condition that you are liable to pay an amount under this section if you later recover some or all of the amount written off. (2) The amount payable by you is calculated using the following formula: (3) The amount is to be treated as if it were wine tax that became payable by you at the time of recovery of the bad debt, and, for the purposes of Part 5, were attributable to the * tax period in which the recovery happened. Note: The main effect of treating the amount as if it were wine tax is to apply the collection and recovery rules in Part 3 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 146, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-30"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-35", "Provision_Key": "s17-35", "Heading": "Clawback of CR8 wine tax credit on later sale of defective wine", "Text": "(1) A * wine tax credit under * CR8 for wine tax on wine that was used to replace defective wine is subject to the condition that you are liable to pay an amount under this section if you later sell the defective wine. (2) The amount payable by you is calculated using the following formula: (3) The amount is to be treated as if it were wine tax that became payable by you at the time of the later sale of the defective wine, and, for the purposes of Part 5, were attributable to the * tax period in which the later sale happened. Note: The main effect of treating the amount as if it were wine tax is to apply the collection and recovery rules in Part 3 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 147, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-35"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-40", "Provision_Key": "s17-40", "Heading": "Agreement with Commissioner regarding wine tax credits", "Text": "(1) The Commissioner may enter into an agreement with you regarding the manner of calculating and claiming * wine tax credits to which you are entitled. (2) So far as the agreement is inconsistent with this Act, the agreement prevails.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-40"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 17-45", "Provision_Key": "s17-45", "Heading": "Notifying disallowance of wine tax credit claim", "Text": "If the Commissioner decides to disallow the whole or a part of a claim for a * wine tax credit, the Commissioner must notify you of the decision. Note: Disallowing the whole or a part of a claim for a wine tax credit is a reviewable wine tax decision (see Subdivision 111 ‑ C in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 111 | Sch 5 item 59 | Sch 5 item 149, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s17-45"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-1", "Provision_Key": "s19-1", "Heading": "What this Division is about", "Text": "Wine producers are entitled to a rebate for certain dealings in wine. The rebate is provided in the form of a wine tax credit. Note: Credit ground CR9 is producer rebates.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 129 of 2004", "Amending_Acts": "No 92 of 2000 | No 129 of 2004", "History_Notes": "Inserted by No 92 of 2000, effective Sch 9A: 1 July 2000 (s 2(6)) | Repealed and substituted by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-5", "Provision_Key": "s19-5", "Heading": "Entitlement to producer rebates", "Text": "(1) You are entitled to a * producer rebate for * rebatable wine for a * financial year if: (a) you are the * producer of the wine; and (b) either: (i) you are liable to wine tax for an * assessable dealing in the wine during the financial year; or (ii) you would have been liable to wine tax for an assessable dealing in the wine during the financial year had the purchaser not * quoted for the sale at or before the time of the sale; and (c) if subparagraph (b)(ii) applies—the purchaser’s * quote did not state an intention of dealing with the wine in a way described in subparagraph 5 ‑ 50(1)(b)(i) or (ii); and (d) you satisfy the requirements in subsection (3) (ownership of source product) for at least 85% of the wine (measured by volume); and (e) the wine is in a * container that meets the requirements in subsection (7) at the time of the assessable dealing. (2) You are entitled to a * producer rebate for * rebatable wine for a * financial year if: (a) you are approved as a * New Zealand participant; and (b) you are the * producer of the wine; and (c) the wine was produced in * New Zealand and exported to the indirect tax zone; and (d) you, or another entity, paid wine tax for an * assessable dealing in the wine during the financial year; and (e) you satisfy the requirements in subsection (3) (ownership of source product) for at least 85% of the wine (measured by volume); and (f) the wine is in a * container that meets the requirements in subsection (7) at the time of the assessable dealing. (3) You satisfy the requirements in this subsection for wine if you own the * source product for the wine throughout the period: (a) starting: (i) if that source product is covered by paragraph (4)(a), (b), (c) or (d)—immediately before the crushing of that source product; or (ii) if that source product is covered by paragraph (4)(e) or (f)—immediately before the initial fermentation of that source product; and (b) ending when the wine is placed in a * container that meets the requirements in subsection (7). (4) The source product for wine is: (a) for * grape wine—the fresh grapes from which the grape wine is produced; or (b) for * grape wine products—the fresh grapes from which the grape wine products are produced; or (c) for * fruit or vegetable wine—the fruit or vegetables from which the fruit or vegetable wine is produced; or (d) for * cider or perry—the apples or pears from which the cider or perry is produced; or (e) for * mead—the honey from which the mead is produced; or (f) for * sake—the rice from which the sake is produced. (5) You are taken to have satisfied the requirements in subsection (3) for wine, to the extent that the wine is composed of any of the following substances that you have caused to be added to the wine: (a) grape spirit; (b) brandy; (c) alcohol used in preparing vegetable extracts (including spices, herbs and grasses); (d) ethyl alcohol from a source as specified in the regulations for the purposes of paragraph 31 ‑ 4(b), 31 ‑ 5(b), 31 ‑ 6(b) or 31 ‑ 7(b); (e) water; (f) if no more than 10% of the wine (measured by volume) is grape juice concentrate that you have caused to be added to the wine—that grape juice concentrate; (g) if no more than 1% of the wine (measured by volume) is another substance that you have caused to be added to the wine—that other substance. (6) For the purposes of paragraph (5)(g), treat substances that are similar to each other as being the same substance. (7) A * container in which wine is placed meets the requirements in this subsection if: (a) any of the following requirements are satisfied: (i) the container is suitable for * retail sale and the volume of the container does not exceed 5 litres; (ii) if the wine is * cider or perry—the container is suitable for retail sale of portions of the contents of the container and the volume of the container does not exceed 51 litres; and (b) the container in which the wine is placed at the time of the * assessable dealing is branded by a trade mark applied to the container; and (c) the trade mark identifies, or can readily be associated with, the * producer of the wine; and (d) the trade mark is owned by: (i) the producer of the wine; or (ii) an entity that is an * associated producer of the producer of the wine for the * financial year in which the assessable dealing occurs because it satisfies the requirement in paragraph 19 ‑ 20(1)(a) (on the assumption that it were a producer); and (e) the trade mark is: (i) a trade mark (within the meaning of the Trade Marks Act 1995 ); or (ii) if paragraphs (2)(a), (b) and (c) apply—a trade mark (within the meaning of the Trade Marks Act 2002 of New Zealand); and (f) the trade mark satisfies any of the following requirements: (i) the trade mark is a registered trade mark (within the meaning of the Trade Marks Act 1995 ); (ii) if paragraphs (2)(a), (b) and (c) apply—the trade mark is a registered trade mark (within the meaning of the Trade Marks Act 2002 of New Zealand); (iii) an application for registration of the trade mark under the Trade Marks Act 1995 satisfies the requirements under that Act for the application to be pending (within the meaning of that Act); (iv) if paragraphs (2)(a), (b) and (c) apply—an application for registration of the trade mark under the Trade Marks Act 2002 of New Zealand satisfies requirements under that Act that are equivalent to the requirements mentioned in subparagraph (iii); (v) the trade mark has been used by the producer of the wine throughout the period beginning on 1 July 2015 and ending at the time of the assessable dealing.", "Amendment_Count": 5, "First_Amended": "No 92 of 2000", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 92 of 2000 | No 129 of 2004 | No 160 of 2005 | No 2 of 2015 | No 94 of 2017", "History_Notes": "Inserted by No 92 of 2000, Sch 9A item 19, effective Sch 9A: 1 July 2000 (s 2(6)) | Repealed and substituted by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 160 of 2005, Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 4 item 13 | Sch 4 item 14 | Sch 4 item 15 | Sch 4 item 18 | Sch 4 item 19 | Sch 4 item 22, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 2 of 2015, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6) | Repealed and substituted by No 94 of 2017, Sch 1 item 8 | Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-7", "Provision_Key": "s19-7", "Heading": "Approval as New Zealand participant", "Text": "(1) You may apply, in writing, in the * approved form, to the Commissioner for approval as a * New Zealand participant. (2) You are eligible to be approved as a * New Zealand participant if the Commissioner is satisfied, on the basis of your application and any other relevant information of which the Commissioner becomes aware, that: (a) you are a * producer of * rebatable wine in * New Zealand; and (b) the rebatable wine has been, or is likely to be, exported to the indirect tax zone. (3) If the Commissioner, after consideration of your application, is satisfied of the matters referred to in subsection (2) in relation to you, the Commissioner must, by written instrument, approve you as a * New Zealand participant. (4) The Commissioner must decide the date of effect of that approval and include that date in the instrument of approval. That date may be the day of the decision, or a day before or after that day. Note: Deciding under this subsection the date of effect of any approval of an entity as a New Zealand participant is a reviewable wine tax decision (see Subdivision 111 ‑ C in Schedule 1 to the Taxation Administration Act 1953 ). (5) If the Commissioner approves you as a * New Zealand participant, the Commissioner must, by notice in writing sent to you, inform you that you have been so approved and of the date from which the approval has effect. (6) If the Commissioner, after consideration of your application, is not satisfied of the matters referred to in subsection (2) in relation to you, the Commissioner must: (a) by written instrument, refuse to approve you as a * New Zealand participant; and (b) by notice in writing sent to you, inform you that the Commissioner has so decided and of the reasons for that decision. Note: Refusing to approve an entity as a New Zealand participant is a reviewable wine tax decision (see Subdivision 111 ‑ C in Schedule 1 to the Taxation Administration Act 1953 ). (7) An instrument of approval under subsection (3) and an instrument refusing approval under subsection (6) are not legislative instruments.", "Amendment_Count": 3, "First_Amended": "No 160 of 2005", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 160 of 2005 | No 73 of 2006 | No 2 of 2015", "History_Notes": "Inserted by No 160 of 2005, Sch 4 item 24 | Sch 4 item 26, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 73 of 2006, Sch 5 item 59 | Sch 5 item 170 | Sch 5 item 171, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22) | Amended by No 2 of 2015, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-7"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-8", "Provision_Key": "s19-8", "Heading": "Revoking an approval as a New Zealand participant", "Text": "(1) If, at any time, the Commissioner becomes aware that you cease to satisfy the criteria for approval as a * New Zealand participant, the Commissioner must, by written instrument, revoke your approval. Note: Revoking under this subsection the approval of an entity as a New Zealand participant is a reviewable wine tax decision (see Subdivision 111 ‑ C in Schedule 1 to the Taxation Administration Act 1953 ). (2) The Commissioner must decide the date of effect of that revocation and include that date in the instrument of revocation. That date may be the day of the decision, or a day before or after that day. Note: Deciding under this subsection the date of effect of any revocation of an approval as a New Zealand participant is a reviewable wine tax decision (see Subdivision 111 ‑ C in Schedule 1 to the Taxation Administration Act 1953 ). (3) If the Commissioner revokes your approval as a * New Zealand participant, the Commissioner must, by notice in writing sent to you, inform you that the Commissioner has revoked your approval, indicate the date from which the revocation has effect and of the reasons for revoking that approval. (4) An instrument of revocation under subsection (1) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 160 of 2005", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 160 of 2005 | No 73 of 2006", "History_Notes": "Inserted by No 160 of 2005, Sch 4 item 26, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 73 of 2006, Sch 5 item 59 | Sch 5 item 172 | Sch 5 item 173, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-8"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-9", "Provision_Key": "s19-9", "Heading": "Notification of changed circumstances", "Text": "(1) An entity approved as a * New Zealand participant must notify the Commissioner in writing of any circumstances under which the Commissioner must revoke the approval. The notification must be given to the Commissioner within 21 days after the circumstances occurred. (2) A notification under subsection (1) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 160 of 2005", "Last_Amended": "No 160 of 2005", "Amending_Acts": "No 160 of 2005", "History_Notes": "Inserted by No 160 of 2005, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-9"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-15", "Provision_Key": "s19-15", "Heading": "Amount of producer rebates", "Text": "(1) The amount of the * producer rebates to which you are entitled because of subsection 19 ‑ 5(1) for the wine for the * financial year is: (a) for * wholesale sales—29% of the * price (excluding wine tax and * GST) for which the wine was sold; and (b) for * retail sales and * AOUs—29% of the * notional wholesale selling price of the wine. (1A) The amount of the * producer rebates to which you are entitled because of subsection 19 ‑ 5(2) for the wine for the * financial year is an amount equal to 29% of the approved selling price for the wine. (1B) In working out the amount of the * producer rebate to which you are entitled because of subsection 19 ‑ 5(2), any component used to determine the approved selling price that is expressed in a currency other than Australian currency is to be treated as if it were an amount of Australian currency worked out in the manner determined, by legislative instrument, by the Commissioner. (1C) In this section: approved selling price , in relation to wine sold by a * New Zealand participant, means the participant’s selling price for the wine net of any expenses unrelated to the production of the wine in * New Zealand, including but not limited to: (a) expenses relating to transportation, freight and insurance, agent’s fees and any other costs associated with exportation of the wine from New Zealand and importation of the wine into the indirect tax zone; and (b) New Zealand and Australian taxes including customs duties. (2) The maximum amount of * producer rebates to which a * producer is entitled for a * financial year under this Division is $400,000. (3) However, if the * producer is an * associated producer of one or more other producers for a * financial year, the maximum amount of * producer rebates to which those producers are entitled as a group for the financial year under this Division is $400,000.", "Amendment_Count": 7, "First_Amended": "No 92 of 2000", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 92 of 2000 | No 129 of 2004 | No 160 of 2005 | No 80 of 2006 | No 2 of 2015 | No 94 of 2017 | No 12 of 2026", "History_Notes": "Inserted by No 92 of 2000, effective Sch 9A: 1 July 2000 (s 2(6)) | Repealed and substituted by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 160 of 2005, Sch 4 item 14 | Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 80 of 2006, effective Sch 14: 30 June 2006 (s 2(1) item 14) | Amended by No 2 of 2015, Sch 4 item 57, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 94 of 2017, effective sch 1: 1 Oct 2017 (s 2(1) item 2) | Amended by No 12 of 2026, effective sch 6: 1 Apr 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-20", "Provision_Key": "s19-20", "Heading": "Associated producers", "Text": "(1) A * producer is an associated producer of another producer for a * financial year if, at any time during that financial year: (a) the producer would be * connected with the other producer if subsection 328 ‑ 125(8) of the * ITAA 1997 were omitted; or (b) the producer: (i) is under an obligation (whether formal or informal); or (ii) might reasonably be expected; to act in accordance with the directions, instructions or wishes (however communicated) of the other producer in relation to the first producer’s financial affairs; or (c) the other producer: (i) is under an obligation (whether formal or informal); or (ii) might reasonably be expected; to act in accordance with the directions, instructions or wishes (however communicated) of the first producer in relation to the other producer’s financial affairs. (2) 2 * producers are associated producers if each of them: (a) is under an obligation (whether formal or informal); or (b) might reasonably be expected; to act in accordance with the directions, instructions or wishes (however communicated) of the same third entity in relation to their financial affairs. (3) A * producer is an associated producer of another producer if: (a) the first producer: (i) is under an obligation (whether formal or informal); or (ii) might reasonably be expected; to act in accordance with the directions, instructions or wishes (however communicated) of a third producer in relation to the first producer’s financial affairs; and (b) the third producer: (i) is under an obligation (whether formal or informal); or (ii) might reasonably be expected; to act in accordance with the directions, instructions or wishes (however communicated) of the other producer in relation to the third producer’s financial affairs.", "Amendment_Count": 5, "First_Amended": "No 92 of 2000", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 92 of 2000 | No 129 of 2004 | No 80 of 2007 | No 12 of 2012 | No 94 of 2017", "History_Notes": "Inserted by No 92 of 2000, Sch 9A item 4, effective Sch 9A: 1 July 2000 (s 2(6)) | Repealed and substituted by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 80 of 2007, Sch 4 item 27, effective Sch 4 (items 27, 28, 31(2)): 21 June 2007 (s 2) | Amended by No 12 of 2012, Sch 6 item 33, effective Sch 6 (items 33, 34): 21 Mar 2012 (s 2(1) item 14) | Amended by No 94 of 2017, Sch 1 item 19 | Sch 1 item 26 | Sch 1 item 27, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 19-25", "Provision_Key": "s19-25", "Heading": "Excess claims", "Text": "(1) If the sum of the amounts of * producer rebates that you claim because of subsection 19 ‑ 5(1) for * tax periods during the * financial year exceeds the amount of the * producer rebates to which you are entitled in respect of the financial year, you are liable to pay an amount equal to that excess. (1A) If the sum of the amounts of * producer rebates that you claim because of subsection 19 ‑ 5(2) for the * financial year exceeds the amount of the producer rebates to which you are entitled in respect of that financial year, you are liable to pay an amount equal to that excess. (2) Subsection (3) applies if a * producer is an * associated producer of one or more other producers for a * financial year and the * producer rebates claimed by those producers as a group for the financial year under this Division is more than $400,000. (3) Each * producer member of the group is jointly and severally liable to pay an amount equal to the excess. However, none of the individual producer members is liable to pay an amount that exceeds the sum of the amounts of * producer rebates that that producer claimed for the * financial year. (4) An amount payable under this section is to be treated as if it were wine tax payable at the end of the * financial year, and, except in the case of a * New Zealand participant, for the purposes of Part 5, were attributable to the last tax period of the financial year. Note: The main effect of treating the amount as if it were wine tax is to apply the collection and recovery rules in Part 3 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . (5) For the purposes of the application of Parts 3 ‑ 10 and 4 ‑ 1 in Schedule 1 to the Taxation Administration Act 1953 , a * producer rebate under subsection 19 ‑ 5(2) is to be treated as a net amount.", "Amendment_Count": 7, "First_Amended": "No 129 of 2004", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 129 of 2004 | No 160 of 2005 | No 73 of 2006 | No 80 of 2006 | No 39 of 2012 | No 94 of 2017 | No 12 of 2026", "History_Notes": "Inserted by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 160 of 2005, Sch 4 item 18 | Sch 4 item 19 | Sch 4 item 20 | Sch 4 item 21 | Sch 4 item 22, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 73 of 2006, Sch 5 item 150 | Sch 5 item 174, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22) | Amended by No 80 of 2006, Sch 14 item 2, effective Sch 14: 30 June 2006 (s 2(1) item 14) | Amended by No 39 of 2012, Sch 1 item 145, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7) | Amended by No 94 of 2017, Sch 1 item 24, effective sch 1: 1 Oct 2017 (s 2(1) item 2) | Amended by No 12 of 2026, effective sch 6: 1 Apr 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s19-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-1", "Provision_Key": "s21-1", "Heading": "What this Division is about", "Text": "Wine tax (except wine tax on customs dealings) is added to net amounts under the GST Act. Wine tax credits are subtracted from those net amounts. Note: Division 165 (Anti ‑ avoidance) of the GST Act will cover avoidance schemes relating to wine tax so far as they affect net amounts, because such schemes affect amounts payable under the GST Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-5", "Provision_Key": "s21-5", "Heading": "Net amounts increased by amounts of wine tax", "Text": "(1) Your * net amount for a * tax period is * increased by the sum of all of the amounts of wine tax (if any) payable by you that are attributable to that tax period. (2) However, this section does not apply to wine tax payable on * customs dealings. Note: This section has the effect of incorporating your liability for the wine tax (other than wine tax on customs dealings) into the amount of GST that you are liable to pay under Division 33 of the GST Act, or into the amount of refund to which you are entitled under Division 35 of the GST Act.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 225 | Sch 3 item 27, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 39 of 2012, Sch 3 item 10 | Sch 3 item 11, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-10", "Provision_Key": "s21-10", "Heading": "Attribution rules for wine tax", "Text": "(1) The wine tax payable by you on a * taxable dealing that is a * supply is attributable to the same * tax period, or tax periods, applying to you as the tax period or tax periods to which: (a) if the supply is a * taxable supply—the taxable supply is attributable; or (b) if the supply is not a taxable supply—the supply would be attributable if it were a taxable supply. For the basic rules on attribution of taxable supplies, see section 29 ‑ 5 of the GST Act. (2) The wine tax payable by you on a * taxable dealing that is not a * supply is attributable to the * tax period during which the time of dealing occurs, as specified in column 4 of the * Assessable Dealings Table.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-15", "Provision_Key": "s21-15", "Heading": "Net amounts reduced by amounts of wine tax credits", "Text": "Your * net amount for a * tax period is * reduced by the sum of all of the amounts of * wine tax credits (if any) to which you are entitled that arise during that tax period. Note 1: This section has the effect of incorporating your entitlement to wine tax credits into the amount of GST that you are liable to pay under Division 33 of the GST Act, or into the amount of refund to which you are entitled under Division 35 of the GST Act. Note 2: If you are not registered or required to be registered (and therefore do not have net amounts), you can claim wine tax credits to which you are entitled directly from the Commissioner (see subsection 17 ‑ 10(2)).", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 3 item 12 | Sch 3 item 13, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-40", "Provision_Key": "s21-40", "Heading": "Who is liable for wine tax", "Text": "(1) Wine tax payable on a * taxable dealing for which a * member of a * GST group would (apart from this section) be liable to the tax: (a) is payable by the * representative member; and (b) is not payable by the member that would be so liable (unless the member is the representative member). (2) However, if the member is not the * representative member of the * GST group, this section only applies to wine tax payable on a * customs dealing if the tax is payable at a time when wine tax on * taxable dealings is normally payable by the representative member. (3) This section has effect despite subsection 5 ‑ 5(2) (which is about liability for wine tax).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-40"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-45", "Provision_Key": "s21-45", "Heading": "Who is entitled to wine tax credits", "Text": "(1) If a * member of a * GST group would (apart from this section) be entitled to a * wine tax credit: (a) the * representative member is entitled to the wine tax credit; and (b) the member that would be so entitled is not entitled to the wine tax credit (unless the member is the representative member). (2) This section has effect despite section 17 ‑ 5 (which is about entitlement to wine tax credits).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-45"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-70", "Provision_Key": "s21-70", "Heading": "Who is liable for wine tax", "Text": "(1) Wine tax payable on a * taxable dealing that the * joint venture operator of a * GST joint venture makes, on behalf of another * participant in the joint venture, in the course of activities for which the joint venture was entered into: (a) is payable by the joint venture operator; and (b) is not payable by the other participant. (2) This section has effect despite subsection 5 ‑ 5(2) (which is about liability for wine tax).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 21, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-70"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-75", "Provision_Key": "s21-75", "Heading": "Who is entitled to wine tax credits", "Text": "(1) If a * participant in a * GST joint venture would (apart from this section) be entitled to a * wine tax credit relating to a * taxable dealing that the * joint venture operator of the joint venture makes on the participant’s behalf: (a) the joint venture operator is entitled to the wine tax credit; and (b) the participant that would be so entitled is not entitled to the wine tax credit (unless the participant is the joint venture operator). (2) This section has effect despite section 17 ‑ 5 (which is about entitlement to wine tax credits).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 21, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-75"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 21-80", "Provision_Key": "s21-80", "Heading": "Additional net amounts relating to GST joint ventures", "Text": "The additional net amount relating to a * GST joint venture in section 51 ‑ 45 of the * GST Act: (a) is increased by the amount of any wine tax on * taxable dealings for which the * joint venture operator is liable because of section 21 ‑ 70; and (b) is decreased by the amount of any * wine tax credits to which the joint venture operator is entitled because of section 21 ‑ 75.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s21-80"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 23-1", "Provision_Key": "s23-1", "Heading": "What this Division is about", "Text": "Wine tax on a customs dealing is not included in net amounts. Generally speaking, it is paid together with customs duty. (This is consistent with payment of assessed GST on taxable importations.)", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Amended by No 39 of 2012, Sch 1 item 146, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s23-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 23-5", "Provision_Key": "s23-5", "Heading": "Payment of wine tax on customs dealings", "Text": "(1) Amounts of * assessed wine tax on * customs dealings are to be paid to the Commonwealth: (a) at the same time, at the same place, and in the same manner, as * customs duty is payable on the wine in question (or would be payable if the wine were subject to customs duty); or (b) in the circumstances specified in the regulations, within such further time specified in the regulations, and at the place and in the manner specified in the regulations. Note 1: The regulations could (for example) allow for deferral of payments to coincide with payments of assessed net amounts. Note 1A: For provisions about assessment of wine tax on customs dealings, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For provisions about collection and recovery of assessed wine tax on customs dealings, see Subdivision 105 ‑ C, and Part 4 ‑ 15, in Schedule 1 to the Taxation Administration Act 1953 . (2) An officer of Customs (within the meaning of subsection 4(1) of the Customs Act 1901 ) may refuse to deliver the goods concerned unless the * assessed wine tax has been paid.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 176 of 1999 | No 44 of 2000 | No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 206 | Sch 1 item 207 | Sch 1 item 208 | Sch 1 item 227 | Sch 2 item 21, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 44 of 2000, Sch 3 item 5 | Sch 3 item 6, effective Sch 3 (items 5, 6): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2006, Sch 5 item 151, effective Sch 5 (items 143–151, 170–174): 1 July 2006 (s 2(1) items 21, 22) | Amended by No 39 of 2012, Sch 1 item 23 | Sch 1 item 147 | Sch 1 item 148 | Sch 1 item 149 | Sch 1 item 150 | Sch 1 item 151, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s23-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 23-10", "Provision_Key": "s23-10", "Heading": "Application of Division 165 of the GST Act", "Text": "Division 165 of the * GST Act applies to amounts that are payable under this Division as if they were amounts payable under the GST Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s23-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 25-1", "Provision_Key": "s25-1", "Heading": "What this Division is about", "Text": "If you take wine overseas as accompanied baggage, or you are a resident of an external Territory and send wine home, you may be entitled to a refund of the wine tax borne by you on the wine.", "Amendment_Count": 2, "First_Amended": "No 177 of 1999", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 177 of 1999 | No 20 of 2010", "History_Notes": "Inserted by No 177 of 1999, effective Sch 1 (items 170–172): 1 July 2000 (s 2(4)) | Amended by No 20 of 2010, Sch 2 item 12, effective Sch 2 (items 12–18, 23(1)): 1 July 2010 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s25-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 25-5", "Provision_Key": "s25-5", "Heading": "Tourist refund scheme", "Text": "Exporting wine as accompanied baggage (1) If: (a) you have * borne wine tax on wine that you purchased; and (b) the purchase is of a kind specified in the regulations; and (c) you leave the indirect tax zone, and export the wine from the indirect tax zone as accompanied baggage, in the circumstances specified in the regulations; the Commissioner must, on behalf of the Commonwealth, pay to you an amount equal to: (d) the amount of the wine tax that you have borne on the wine; or (e) such proportion of that amount of wine tax as is specified in the regulations. Resident of external Territory sending wine home (1A) If: (a) you have * borne wine tax on wine that you purchased; and (b) the purchase is of a kind specified in the regulations; and (c) an amount is payable to you under subsection 168 ‑ 5(1A) of the * GST Act for the * taxable supply corresponding to the purchase; the Commissioner must, on behalf of the Commonwealth, pay to you an amount equal to: (d) the amount of the wine tax that you have borne on the wine; or (e) such proportion of that amount of wine tax as is specified in the regulations. Working out amounts of wine tax borne (2) The regulations may specify how amounts of * wine tax borne are to be worked out. Paying the refund (3) An amount payable under this section is payable within the period and in the manner specified in the regulations.", "Amendment_Count": 3, "First_Amended": "No 177 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 177 of 1999 | No 20 of 2010 | No 2 of 2015", "History_Notes": "Inserted by No 177 of 1999, Sch 6 item 63 | Sch 6 item 149, effective Sch 1 (items 170–172): 1 July 2000 (s 2(4)) | Amended by No 20 of 2010, Sch 2 item 1 | Sch 2 item 3 | Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 25, effective Sch 2 (items 12–18, 23(1)): 1 July 2010 (s 2(1) item 5) | Amended by No 2 of 2015, Sch 4 item 58, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s25-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 25-10", "Provision_Key": "s25-10", "Heading": "Purchases later found to be GST ‑ free supplies", "Text": "(1) If: (a) you are paid an amount under subsection 25 ‑ 5(1A) for a purchase; and (b) the supply corresponding to the purchase is or becomes a * GST ‑ free supply; you become liable to repay the amount (the recoverable amount ) to the Commonwealth on the later of the following days (the due day ): (c) the day you were paid the recoverable amount; (d) the day the supply becomes a GST ‑ free supply. (2) You are liable to pay general interest charge on the whole, or any part, of the recoverable amount that remains unpaid after the due day for each day in the period that: (a) starts on the due day; and (b) finishes at the end of the last day at the end of which any of the following remains unpaid: (i) the recoverable amount; (ii) general interest charge on any of the recoverable amount.", "Amendment_Count": 1, "First_Amended": "No 20 of 2010", "Last_Amended": "No 20 of 2010", "Amending_Acts": "No 20 of 2010", "History_Notes": "Inserted by No 20 of 2010, effective Sch 2 (items 12–18, 23(1)): 1 July 2010 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s25-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-5", "Provision_Key": "s27-5", "Heading": "Wine tax must be specified on invoice for wholesale sales", "Text": "(1) If you sell wine by * wholesale at a * price that includes wine tax that you have or will become liable to pay on the wine, you must specify the amount of the tax on any invoice given to the purchaser. (2) You commit an offence if you contravene this section. Penalty: 20 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 1, "First_Amended": "No 184 of 2012", "Last_Amended": "No 184 of 2012", "Amending_Acts": "No 184 of 2012", "History_Notes": "Amended by No 184 of 2012, Sch 6 item 10 | Sch 6 item 11, effective Sch 6: 10 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-10", "Provision_Key": "s27-10", "Heading": "Alteration of wine tax liability or wine tax credit if affected by non ‑ arm’s length transaction", "Text": "(1) This section applies to you if: (a) you (or your * associate) has been a party to a non ‑ arm’s length transaction; and (b) if the transaction had instead been an arm’s length transaction, it would have been the case (or could reasonably be expected to have been the case) that: (i) your liability to wine tax on the non ‑ arm’s length transaction, or any other transaction, would have been * increased; or (ii) your entitlement to a * wine tax credit in connection with the non ‑ arm’s length transaction, or any other transaction, would have been * reduced. (2) The liability or * wine tax credit is taken always to have been the amount that it would have been (or could reasonably be expected to have been) if it had been based on an arm’s length transaction instead of on the non ‑ arm’s length transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-15", "Provision_Key": "s27-15", "Heading": "Apportionment of global amounts", "Text": "(1) If there is a need to know the * price for which particular wine was sold, but the parties have not allocated a particular amount to the wine, the price for which the wine was sold is (for the purposes of the * wine tax law) the price for which the wine could reasonably be expected to have been sold if it had been sold separately. (2) Similarly, if there is a need to know how much of a global amount relates to some other element of a transaction, but the parties have not allocated a particular amount to that element, the amount to be allocated to that element (for the purposes of the * wine tax law) is the amount that could reasonably be expected to have been allocated to that element if that element had been the only subject matter of the transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-20", "Provision_Key": "s27-20", "Heading": "Commonwealth etc. not liable to pay wine tax", "Text": "(1) The Commonwealth and * untaxable Commonwealth entities are not liable to pay wine tax payable under this Act. However, it is the Parliament’s intention that the Commonwealth and untaxable Commonwealth entities should: (a) be notionally liable to pay wine tax payable under this Act; and (b) be notionally entitled to * wine tax credits arising under this Act. (2) The * Finance Minister may give such written directions as are necessary or convenient for carrying out or giving effect to subsection (1) and, in particular, may give directions in relation to the transfer of * money within an account, or between accounts, operated by the Commonwealth or an * untaxable Commonwealth entity. (2A) The directions given under subsection (2) may also take account of the provisions of the A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999 . (3) Directions under subsection (2) have effect, and must be complied with, despite any other Commonwealth law.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 176 of 1999 | No 58 of 2006", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 229, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 58 of 2006, Sch 7 item 24 | Sch 7 item 25 | Sch 7 item 26 | Sch 7 item 27, effective Sch 7 (items 24–29): 22 June 2006 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-20"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-25", "Provision_Key": "s27-25", "Heading": "Cancellation of exemptions from wine tax", "Text": "(1) This section cancels the effect of a provision of another Act that would have the effect of exempting a person from liability to pay wine tax payable under this Act. (2) The cancellation does not apply if the provision of the other Act: (a) commences after this section commences; and (b) refers specifically to wine tax payable under this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-25"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-30", "Provision_Key": "s27-30", "Heading": "Application of the Criminal Code", "Text": "The Criminal Code applies to all offences against this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-30"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 27-35", "Provision_Key": "s27-35", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) In particular, the regulations may make provision: (b) relating to the service of documents under, or for the purposes of, the * wine tax law (including the service of process in proceedings for the recovery of tax or other amounts payable under the wine tax law); (c) for penalties for offences against the regulations by way of fines of up to $1,000.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 230, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s27-35"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 29-1", "Provision_Key": "s29-1", "Heading": "What forms part of this Act", "Text": "(1) These all form part of this Act:  the headings to the Parts, Divisions and Subdivisions of this Act;  * explanatory sections;  the headings to the sections and subsections of this Act;  the notes and examples (however described) that follow provisions of this Act. (2) The asterisks used to identify defined terms form part of this Act. However, if a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s29-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 29-5", "Provision_Key": "s29-5", "Heading": "What does not form part of this Act", "Text": "These do not form part of this Act:  footnotes and endnotes;  Tables of Subdivisions.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s29-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 29-10", "Provision_Key": "s29-10", "Heading": "Explanatory sections, and their role in interpreting this Act", "Text": "(1) An explanatory section is: (a) any section that is the first section in a Division and that has as its heading “What this Division is about”; or (b) any section in Division 2, 3 or 4. (2) * Explanatory sections form part of this Act, but they are not operative provisions. In interpreting an operative provision, an explanatory section may only be considered: (a) in determining the purpose or object underlying the provision; or (b) to confirm that the provision’s meaning is the ordinary meaning conveyed by its text, taking into account its context in this Act and the purpose or object underlying the provision; or (c) in determining the provision’s meaning if the provision is ambiguous or obscure; or (d) in determining the provision’s meaning if the ordinary meaning conveyed by its text, taking into account its context in this Act and the purpose or object underlying the provision, leads to a result that is manifestly absurd or is unreasonable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s29-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-1", "Provision_Key": "s31-1", "Heading": "Meaning of wine", "Text": "(1) Wine means any of these: (a) * grape wine; (b) * grape wine products; (c) * fruit or vegetable wine; (d) * cider or perry; (e) * mead; (f) * sake. (2) However, wine does not include beverages that do not contain more than 1.15% by volume of ethyl alcohol.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Repealed and substituted by No 176 of 1999, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-1"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-2", "Provision_Key": "s31-2", "Heading": "Meaning of grape wine", "Text": "(1) Grape wine is a beverage that: (a) is the product of the complete or partial fermentation of fresh grapes or products derived solely from fresh grapes; and (b) complies with any requirements of the regulations, made for the purposes of section 31 ‑ 8, relating to grape wine. (2) A beverage does not cease to be the product of the complete or partial fermentation of fresh grapes or products derived solely from fresh grapes merely because grape spirit, brandy, or both grape spirit and brandy, have been added to it. Note: The concept of grape wine is used in Subdivision 9 ‑ B to work out the taxable value of retail transactions involving wine produced from grapes. In the case of grape wine, you can choose to use the average wholesale price method of working out taxable values.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 242, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-2"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-3", "Provision_Key": "s31-3", "Heading": "Meaning of grape wine product", "Text": "Grape wine product is a beverage that: (a) contains at least 700 millilitres of * grape wine per litre; and (b) has not had added to it, at any time, any ethyl alcohol from any other source, except: (i) grape spirit; or (ii) alcohol used in preparing vegetable extracts (including spices, herbs and grasses); and (c) contains at least 8% by volume of ethyl alcohol, but not more than 22% by volume of ethyl alcohol; and (d) complies with any requirements of the regulations, made for the purposes of section 31 ‑ 8, relating to grape wine products.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 243, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-3"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-4", "Provision_Key": "s31-4", "Heading": "Meaning of fruit or vegetable wine", "Text": "Fruit or vegetable wine is a beverage that: (a) is the product of the complete or partial fermentation of the juice or must of: (i) fruit or vegetables; or (ii) products derived solely from fruit or vegetables; and (b) has not had added to it, at any time, any ethyl alcohol from any other source, except as specified in the regulations; and (c) has not had added to it, at any time, any liquor or substance that gives colour or flavour, except as specified in the regulations; and (d) contains at least 8% by volume of ethyl alcohol, but not more than 22% by volume of ethyl alcohol; and (e) complies with any requirements of the regulations, made for the purposes of section 31 ‑ 8, relating to fruit or vegetable wine.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 241, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-4"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-5", "Provision_Key": "s31-5", "Heading": "Meaning of cider or perry", "Text": "Cider or perry is a beverage that: (a) is the product of the complete or partial fermentation of the juice or must of apples or pears; and (b) has not had added to it, at any time, any ethyl alcohol from any other source, except as specified in the regulations; and (c) has not had added to it, at any time, any liquor or substance (other than water or the juice or must of apples or pears) that gives colour or flavour, except as specified in the regulations; and (d) complies with any requirements of the regulations, made for the purposes of section 31 ‑ 8, relating to cider or perry.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Repealed and substituted by No 176 of 1999, Sch 1 item 237, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-5"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-6", "Provision_Key": "s31-6", "Heading": "Meaning of mead", "Text": "Mead is a beverage that: (a) is the product of the complete or partial fermentation of honey; and (b) has not had added to it, at any time, any ethyl alcohol from any other source, except as specified in the regulations; and (c) has not had added to it, at any time, any liquor or substance (other than honey) that gives colour or flavour, except as specified in the regulations; and (d) complies with any requirements of the regulations, made for the purposes of section 31 ‑ 8, relating to mead.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 250, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-6"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-7", "Provision_Key": "s31-7", "Heading": "Meaning of sake", "Text": "Sake is a beverage that: (a) is the product of the complete or partial fermentation of rice; and (b) has not had added to it, at any time, any ethyl alcohol from any other source, except as specified in the regulations; and (c) has not had added to it, at any time, any liquor or substance that gives colour or flavour, except as specified in the regulations; and (d) complies with any requirements of the regulations, made for the purposes of section 31 ‑ 8, relating to sake.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 255, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-7"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-8", "Provision_Key": "s31-8", "Heading": "Requirements for types of wine", "Text": "(1) The regulations may specify requirements for these types of wine: (a) * grape wine; (b) * grape wine products; (c) * fruit or vegetable wine; (d) * cider or perry; (e) * mead; (f) * sake. (2) The requirements for a particular type of wine may relate to any of the following: (a) the substances that may be added to that type of wine; (b) the quantities in which those substances may be added to that type of wine; (c) the substances that must not be added to that type of wine; (d) the substances that may be used in the production of that type of wine; (e) the quantities in which those substances may be used in the production of that type of wine; (f) the substances that must not be used in the production of that type of wine; (g) the composition of that type of wine.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, Sch 1 item 31, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-8"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-9", "Provision_Key": "s31-9", "Heading": "Measuring alcoholic content", "Text": "For the purposes of this Subdivision, the volume of ethyl alcohol in beverages is to be measured at 20°C and is to be calculated on the basis that the specific gravity of ethyl alcohol is 0.79067 (at 20°C in a vacuum).", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-9"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-10", "Provision_Key": "s31-10", "Heading": "Meanings of borne wine tax and wine tax borne", "Text": "(1) This section sets out the 2 situations in which an entity is taken to have borne wine tax on wine. (2) An entity is taken to have borne wine tax on wine if the entity has become liable to wine tax on an * assessable dealing with the wine. However, the wine tax for which the entity has become liable is not counted to the extent to which it has been the basis of a * wine tax credit entitlement. (3) An entity is taken to have borne wine tax on wine if the entity purchased the wine for a * price that included wine tax. However, the amount of wine tax borne is to be * reduced by any amount of the wine tax included in that price that has been refunded or * wine tax credited to the entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-10"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 31-15", "Provision_Key": "s31-15", "Heading": "Meaning of obtain wine under quote etc.", "Text": "(1) This section sets out the circumstances in which wine is taken to be obtained by an entity under quote. (2) An entity purchases wine under quote if the entity * quotes on the purchase of the wine, and either: (a) the sale is an * assessable dealing by the seller that is exempted from tax only because of the quote; or (b) on the basis of the quote, the seller agrees to exclude tax from the * price of the wine. (3) An entity locally enters wine under quote if the entity * quotes on the * local entry of the wine and the local entry is exempted from tax only because of the quote. (4) An entity obtains wine under quote if: (a) the entity * purchases, or * locally enters, the wine under quote as described in subsection (2) or (3); or (b) the entity * quotes on a * customs dealing with the wine and the dealing is exempted from tax only because of the quote.", "Amendment_Count": 1, "First_Amended": "No 94 of 2017", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 94 of 2017", "History_Notes": "Amended by No 94 of 2017, Sch 1 item 13 | Sch 1 item 14, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s31-15"}
{"Act_Short_Name": "WET", "Act_Title": "A New Tax System (Wine Equalisation Tax) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00452", "Provision": "s 33-1", "Provision_Key": "s33-1", "Heading": "Dictionary", "Text": "In this Act, unless the contrary intention appears: ABN has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1998 . AD1a means the * assessable dealing of that name in the * Assessable Dealings Table, and AD1b, AD2a etc. have corresponding meanings. airport shop goods has the same meaning as in the Customs Act 1901 . amount includes a nil amount. AOU means * application to own use. AOU connected with retail sales of wine means an * AOU that: (a) is constituted by consuming wine or giving wine away; and (b) is connected with making, or attempting to make, * retail sales of wine. application to own use , in relation to wine, includes any of the following: (a) consuming the wine; (b) giving the wine away, or transferring property in the wine under a contract that is not a contract of sale; (c) granting any right or permission to use the wine; (d) if an entity other than the owner has * locally entered the wine—anything done by the entity that would be an application to own use of the wine by the owner if it had been done by the owner; but does not include: (e) selling the wine or consigning it for sale by consignment; or (f) if the wine is * imported wine—anything done with it after * importation and before it is locally entered; or (g) using the wine as part of the process of manufacture or other treatment or processing of wine or other goods. approved form has the meaning given by section 995 ‑ 1 of the * ITAA 1997. assessable dealing means any dealing covered by the * Assessable Dealings Table. Assessable Dealings Table means the table in section 5 ‑ 5. assessable wine means * Australian wine or * imported wine. assessed wine tax , on a * customs dealing, means the wine tax * assessed on the customs dealing. assessment has the meaning given by the * ITAA 1997. associate has the meaning given by section 318 of the Income Tax Assessment Act 1936 . associated producer has the meaning given by section 19 ‑ 20. Australian wine means wine that has been * manufactured in the indirect tax zone, but does not include * imported wine. average wholesale price method for working out the * notional wholesale selling price of a * taxable dealing is the method set out in section 9 ‑ 40. borne wine tax has the meaning given by Subdivision 31 ‑ C. cider or perry has the meaning given by section 31 ‑ 5. Commissioner means the Commissioner of Taxation. company means: (a) a body corporate; or (b) any other unincorporated association or body of persons; but does not include a * partnership. connected with has the meaning given by section 328 ‑ 125 of the * ITAA 1997. container means: (a) packaging in which, or with which, any property (the contents ) is packed or secured, in the ordinary course of a business, for the purpose of the marketing or delivery of the contents; and (b) ancillary items that are packed or secured with the contents and are intended, and reasonably necessary, to allow or facilitate the use of the contents. CR1 means the wine tax credit ground of that name in the * Wine Tax Credit Table, and CR4, CR7 etc. have corresponding meanings. customs clearance area means an area that is designated or set aside for the performance of functions under the Customs Act 1901 . customs dealing means * AD4b, * AD10 or * AD14b. customs duty means any duty of customs imposed by that name under a law of the Commonwealth, other than: (a) the A New Tax System (Goods and Services Tax Imposition—Customs) Act 1999 ; or (aa) the A New Tax System (Goods and Services Tax Imposition (Recipients)—Customs) Act 2005 ; or (b) the A New Tax System (Wine Equalisation Tax Imposition—Customs) Act 1999 . Customs Tariff means the Customs Tariff Act 1995 as amended by any Act, and as proposed to be amended by Customs Tariff Proposals introduced into the House of Representatives. eligible royalty cost has the meaning given by subsection 5 ‑ 15(2). entity has the meaning given in section 195 ‑ 1 of the * GST Act. explanatory section has the meaning given by section 29 ‑ 10. export , in relation to wine, means export the wine from the indirect tax zone. Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013 . financial year means a period of 12 months beginning on 1 July. food has the meaning given by section 38 ‑ 4 of the * GST Act. fruit or vegetable wine has the meaning given by section 31 ‑ 4. grape wine has the meaning given by section 31 ‑ 2. grape wine product has the meaning given by section 31 ‑ 3. GST has the meaning given by section 195 ‑ 1 of the * GST Act. GST Act means the A New Tax System (Goods and Services Tax) Act 1999 . GST ‑ free has the meaning given by section 195 ‑ 1 of the * GST Act. GST group has the meaning given by section 48 ‑ 5 of the * GST Act. GST importation value of a * local entry is an amount equal to what would be the value of the local entry (disregarding any wine tax payable in respect of the local entry), for the purposes of the * GST Act, if it were a taxable importation within the meaning of section 195 ‑ 1 of that Act. For the basic rules on the value of taxable importations, see section 13 ‑ 20 of the GST Act. GST joint venture has the meaning given by section 51 ‑ 5 of the * GST Act. half ‑ retail price method for working out the * notional wholesale selling price of a * taxable dealing is: (a) if the dealing is a * retail sale—the method set out in subsection 9 ‑ 35(1); or (b) if the dealing is an * AOU connected with retail sales of grape wine—the method set out in subsection 9 ‑ 35(2). import means import goods into the indirect tax zone. imported wine means wine that has been * imported (whether or not the wine was * manufactured in the indirect tax zone). increase includes increase from nil. indirect marketing sale has the meaning given by section 5 ‑ 20. indirect tax zone has the meaning given by section 195 ‑ 1 of the * GST Act. inwards duty free shop has the same meaning as in section 96B of the Customs Act 1901 . ITAA 1997 means the Income Tax Assessment Act 1997 . joint venture operator , for a * GST joint venture, has the meaning given by section 195 ‑ 1 of the * GST Act. LE1 means the * local entry of that name in the * Local Entry Table, and LE2, LE3 etc. have corresponding meanings. local entry has the meaning given by section 5 ‑ 30. Local Entry Table means the table in section 5 ‑ 30. locally enter wine under quote has the meaning given by subsection 31 ‑ 15(3). manufacture includes the following: (a) production; (b) combining parts or ingredients so as to form an article or substance that is commercially distinct from the parts or ingredients; (c) applying a treatment to foodstuffs as a process in preparing them for human consumption; but does not include any prescribed combination of parts or ingredients. manufacturer , in relation to particular wine, means the entity that (not as an employee) * manufactured the wine, whether or not the entity owned the materials out of which the wine was manufactured. mead has the meaning given by section 31 ‑ 6. member , in relation to a * GST group, has the meaning given by section 195 ‑ 1 of the * GST Act. money has the meaning given by section 195 ‑ 1 of the * GST Act. net amount has the meaning given by section 195 ‑ 1 of the * GST Act. New Zealand means the territory of New Zealand but does not include Tokelau or the Associated Self Governing States of the Cook Islands and Niue. New Zealand participant means an entity that is approved as a New Zealand participant under section 19 ‑ 7. non ‑ taxable importation has the meaning given by section 13 ‑ 10 and Division 42 of the * GST Act. notional wholesale purchase price , in relation to wine, means the * price (excluding wine tax and * GST) for which you could reasonably have been expected to purchase the wine by wholesale under an arm’s length transaction. notional wholesale selling price has the meaning given by Subdivision 9 ‑ B. obtain wine under quote has the meaning given by Subdivision 31 ‑ D. participant , in relation to a * GST joint venture, has the meaning given by section 195 ‑ 1 of the * GST Act. partnership has the meaning given by section 995 ‑ 1 of the * ITAA 1997. passed on , in relation to an amount of tax that has been * borne by an entity, does not include an amount that the entity has passed on to another entity, but has later refunded to that other entity. premises , in relation to a supply of * food (other than wine), has the meaning given by section 38 ‑ 5 of the * GST Act. prescribed rules for export sales means the rules prescribed by the regulations setting out conditions that must be complied with in order for dealings with wine to be exempted, or otherwise relieved from wine tax, on the basis of the * export, or intended export, of the wine. price has the meaning given by section 9 ‑ 75 of the * GST Act. producer , of wine, means: (a) an entity that * manufactures the wine; or (b) an entity that satisfies the following requirements: (i) the entity (the first entity ) supplies another entity with the * source product from which the wine is manufactured; (ii) the other entity manufactures the wine on behalf of the first entity. producer rebate means a rebate to which a * producer of * rebatable wine is entitled under Division 19. purchase wine under quote has the meaning given by subsection 31 ‑ 15(2). quote means quote an * ABN. rebatable wine means * grape wine, * grape wine products, * fruit or vegetable wine, * cider or perry, * mead or * sake. reduce includes reduce to nil. registered has the meaning given by section 195 ‑ 1 of the * GST Act. relevant traveller has the same meaning as in section 96B of the Customs Act 1901 . representative member , for a * GST group, has the meaning given by section 195 ‑ 1 of the * GST Act. required to be registered has the meaning given by section 195 ‑ 1 of the * GST Act. retail sale means any sale that is not a * wholesale sale. royalty has the meaning given by subsection 9 ‑ 70(2). royalty ‑ inclusive AOU has the meaning given by section 5 ‑ 15. royalty ‑ inclusive sale has the meaning given by section 5 ‑ 15. sake has the meaning given by section 31 ‑ 7. sale includes barter or exchange. source product has the meaning given by subsection 19 ‑ 5(4). State law has the meaning given by section 995 ‑ 1 of the * ITAA 1997. supply has the meaning given by section 9 ‑ 10 of the * GST Act. taxable dealing means an * assessable dealing that happens on or after 1 July 2000 for which no exemption is available under Division 7. taxable supply has the meaning given by section 195 ‑ 1 of the * GST Act. taxable value means the taxable value that applies under Division 9. tax ‑ bearing dealing , in relation to an amount of * wine tax borne by an entity, means the dealing through which, or because of which, the tax was borne. tax period has the meaning given by section 195 ‑ 1 of the * GST Act. Territory law has the meaning given by section 995 ‑ 1 of the * ITAA 1997. tradex order has the meaning given by section 4 of the Tradex Scheme Act 1999 . tradex scheme goods has the meaning given by subsection 141 ‑ 10(1) of the * GST Act. untaxable Commonwealth entity has the meaning given by section 177 ‑ 1 of the * GST Act. untaxed AOU has the meaning given by subsection 5 ‑ 25(2). untaxed sale has the meaning given by subsection 5 ‑ 25(1). wholesale sale means a sale to an entity that purchases for the purpose of resale, but does not include a sale of wine from stock in a retail store (or retail section of a store) to make up for a temporary shortage of stock of the purchaser, if the wine is of a kind that: (a) is usually * manufactured by the purchaser; or (b) is usually purchased by the purchaser for resale. wine has the meaning given by Subdivision 31 ‑ A. wine tax means tax that is payable under the * wine tax law and imposed as wine equalisation tax by any of these: (a) the A New Tax System (Wine Equalisation Tax Imposition—General) Act 1999 ; or (b) the A New Tax System (Wine Equalisation Tax Imposition—Customs) Act 1999 ; or (c) the A New Tax System (Wine Equalisation Tax Imposition—Excise) Act 1999 . wine tax borne has the meaning given by Subdivision 31 ‑ C. wine tax credit means a wine tax credit under Part 4. Wine Tax Credit Table means the table in section 17 ‑ 5. wine tax law means: (a) this Act; and (b) any Act that imposes wine tax; and (c) the A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999 so far as it relates to the Acts covered by paragraphs (a) and (b); and (d) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) to (c); and (e) any other Act, so far as it relates to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered); and (f) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (e) (or to so much of that Act as is covered). you : if a provision of this Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note: The expression you is not used in provisions that apply only to entities that are not individuals.", "Amendment_Count": 16, "First_Amended": "No 176 of 1999", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 176 of 1999 | No 177 of 1999 | No 92 of 2000 | No 129 of 2004 | No 10 of 2005 | No 160 of 2005 | No 58 of 2006 | No 80 of 2007 | No 33 of 2009 | No 12 of 2012 | No 39 of 2012 | No 184 of 2012 | No 62 of 2014 | No 2 of 2015 | No 41 of 2015 | No 94 of 2017", "History_Notes": "Amended by No 176 of 1999, Sch 1 item 166 | Sch 1 item 233 | Sch 1 item 234 | Sch 1 item 235 | Sch 1 item 236 | Sch 1 item 237 | Sch 1 item 238 | Sch 1 item 239 | Sch 1 item 240 | Sch 1 item 241 | Sch 1 item 242 | Sch 1 item 243 | Sch 1 item 244 | Sch 1 item 245 | Sch 1 item 246 | Sch 1 item 247 | Sch 1 item 248 | Sch 1 item 249 | Sch 1 item 250 | Sch 1 item 251 | Sch 1 item 252 | Sch 1 item 253 | Sch 1 item 254 | Sch 1 item 255 | Sch 2 item 16 | Sch 7 item 19 | Sch 7 item 20 | Sch 8 item 9 | Sch 8 item 11, effective Sch 1 (items 203–255) and Sch 7 (items 17–20): 1 July 2000 (s 2(4), (5), (15)(b)) | Amended by No 177 of 1999, Sch 6 item 172 | Sch 6 item 3 | Sch 6 item 5 | Sch 6 item 14 | Sch 6 item 24 | Sch 6 item 33, effective Sch 1 (items 170–172): 1 July 2000 (s 2(4)) | Amended by No 92 of 2000, Sch 9A item 4 | Sch 9A item 5 | Sch 9A item 6 | Sch 9A item 7 | Sch 9A item 8 | Sch 9A item 9 | Sch 9A item 10 | Sch 9A item 11 | Sch 9A item 12 | Sch 9A item 13 | Sch 9A item 14, effective Sch 9A: 1 July 2000 (s 2(6)) | Amended by No 129 of 2004, effective Sch 1: 1 Oct 2004 (s 2(1) item 2) Sch 2 and 4: 31 Aug 2004 (s 2(1) items 3, 5) | Amended by No 10 of 2005, Sch 1 item 17, effective Sch 1 (item 17): 1 July 2005 (s 2(1) item 5) | Amended by No 160 of 2005, Sch 4 item 23 | Sch 4 item 24, effective Sch 4 (items 1–25): 6 June 2006 (s 2(1) item 3) | Amended by No 58 of 2006, Sch 7 item 28 | Sch 7 item 29, effective Sch 7 (items 24–29): 22 June 2006 (s 2(1) item 6) | Amended by No 80 of 2007, Sch 4 item 28, effective Sch 4 (items 27, 28, 31(2)): 21 June 2007 (s 2) | Amended by No 33 of 2009, Sch 2 item 4, effective Sch 2 (item 4): 23 May 2009 (s 2) | Amended by No 12 of 2012, Sch 6 item 34, effective Sch 6 (items 33, 34): 21 Mar 2012 (s 2(1) item 14) | Amended by No 39 of 2012, Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 47 | Sch 1 item 48, effective Sch 1 (items 8, 9, 143–151, 239) and Sch 3 (items 10–13): 1 July 2012 (s 2(1) items 2, 7) | Amended by No 184 of 2012, Sch 6 item 3, effective Sch 6: 10 Dec 2012 (s 2) | Amended by No 62 of 2014, Sch 7 item 124, effective Sch 7 (item 124) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Amended by No 2 of 2015, Sch 4 item 59 | Sch 4 item 60 | Sch 4 item 61 | Sch 4 item 62 | Sch 4 item 63 | Sch 4 item 64, effective sch 4 (items 48 ‑ 64, 79): 25 Feb 2015 (s 2(1) item 6) | Amended by No 41 of 2015, Sch 5 item 4, effective sch 5 (items 2 ‑ 4), sch 9: 1 July 2015 (s 2(1) items 2, 7) | Amended by No 94 of 2017, Sch 1 item 5 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18, effective sch 1: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00452/latest/text#s33-1"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Fringe Benefits Tax Act 1986.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s1"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s2"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Incorporation", "Text": "The Fringe Benefits Tax Assessment Act 1986 is incorporated and shall be read as one with this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s3"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Act binds the Crown", "Text": "This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory.", "Amendment_Count": 2, "First_Amended": "No 145 of 2015", "Last_Amended": "No 41 of 2018", "Amending_Acts": "No 145 of 2015 | No 41 of 2018", "History_Notes": "Repealed and substituted by No 145 of 2015, Sch 3 item 2 | Sch 3 item 14 | Sch 3 item 19 | Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 24 | Sch 3 item 27 | Sch 3 item 29 | Sch 3 item 30 | Sch 3 item 38, effective Sch 3 (item 19): 10 Dec 2015 (s 2(1) item 7) | Amended by No 41 of 2018, Sch 2 item 3 | Sch 4 item 7 | Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 19 | Sch 4 item 21 | Sch 4 item 22, effective Sch 4 (item 7): 19 June 2018 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s4"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Imposition of tax", "Text": "Tax is imposed in respect of the fringe benefits taxable amount of an employer of a year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s5"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Rate of tax", "Text": "The rate of tax in respect of the fringe benefits taxable amount of an employer of a year of tax is 47%.", "Amendment_Count": 6, "First_Amended": "No 70 of 1989", "Last_Amended": "No 39 of 2013", "Amending_Acts": "No 70 of 1989 | No 213 of 1991 | No 55 of 1993 | No 55 of 1995 | No 55 of 2006 | No 39 of 2013", "History_Notes": "Repealed and substituted by No 70 of 1989, item 9 | item 47, effective Sch: 21 June 1989 (s 2) | Amended by No 213 of 1991, item 3, effective 24 Dec 1991 (s 2) | Amended by No 55 of 1993, item 19, effective s 3-6: 27 Oct 1993 (s 2(1)) | Amended by No 55 of 1995, Sch 1 item 1 | Sch 2 item 1, effective Sch 2: 1 Apr 1996 (s 2) Remainder: 28 June 1995 (s 2) | Amended by No 55 of 2006, Sch 1 item 6 | Sch 1 item 31 | Sch 2 item 1, effective Sch 2: 19 June 2006 (s 2(1) item 3) | Amended by No 39 of 2013, Sch 1 item 1, effective 28 May 2013 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s6"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 6A", "Provision_Key": "s6a", "Heading": "Temporary budget repair levy", "Text": "(1) This section applies to the temporary budget repair levy years for FBT. (2) Increase the rate of tax mentioned in section 6 by 2 percentage points. (3) In this section, each of the following is a temporary budget repair levy year for FBT : (a) the year of tax starting on 1 April 2015; (b) the year of tax starting on 1 April 2016.", "Amendment_Count": 1, "First_Amended": "No 42 of 2014", "Last_Amended": "No 42 of 2014", "Amending_Acts": "No 42 of 2014", "History_Notes": "Inserted by No 42 of 2014, effective 25 June 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s6A"}
{"Act_Short_Name": "FBTA", "Act_Title": "Fringe Benefits Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03281", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Severability", "Text": "It is the intention of the Parliament that if, but for this section, section 5 of this Act would impose a tax on property of any kind belonging to a State within the meaning of section 114 of the Constitution, section 5 of this Act shall have effect as if it did not impose that tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03281/latest/text#s7"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Income Tax Act 1986 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s1"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act shall come into operation on the day on which it receives the Royal Assent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s2"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Interpretation", "Text": "(1) In this Act, unless the contrary intention appears: Assessment Act means the Income Tax Assessment Act 1936 . non ‑ profit company means: (a) a company that is not carried on for the purposes of profit or gain to its individual members and is, by the terms of the company’s constituent document, prohibited from making any distribution, whether in money, property or otherwise, to its members; or (b) a friendly society dispensary. prescribed unit trust means a trust estate that is a public trading trust within the meaning of Division 6C of Part III of the Assessment Act. (2) In this Act, a reference to taxable income shall be read as a reference to taxable income of the year of income.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 89 of 2000 | No 53 of 2016", "History_Notes": "Amended by No 89 of 2000, Sch 2 item 89 | Sch 2 item 90 | Sch 2 item 91 | Sch 2 item 92 | Sch 2 item 93 | Sch 2 item 94 | Sch 2 item 95 | Sch 2 item 96 | Sch 2 item 97 | Sch 2 item 98 | Sch 2 item 99 | Sch 2 item 100 | Sch 2 item 101 | Sch 2 item 102 | Sch 2 item 103 | Sch 2 item 104 | Sch 2 item 112, effective Sch 2 (items 112, 113): 30 June 2000 (s 2(1)) | Amended by No 53 of 2016, Sch 5 item 5 | Sch 5 item 68 | Sch 5 item 69 | Sch 5 item 71, effective Sch 5 (items 5, 75) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s3"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Incorporation", "Text": "The Assessment Act is incorporated, and shall be read as one, with this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s4"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Imposition of income tax", "Text": "(1) Income tax is imposed in accordance with this Act and at the relevant rates declared by the Income Tax Rates Act 1986 . (2) This Act does not impose tax payable in accordance with section 121H, 126, 128B, 128NA, 128NB or 128V of the Assessment Act. (2A) This Act does not impose tax payable in accordance with section 301 ‑ 175 or 306 ‑ 15, or Division 840, of the Income Tax Assessment Act 1997 or Division 840 of the Income Tax (Transitional Provisions) Act 1997 . (3) This Act does not impose tax upon the taxable income of a non ‑ profit company where that taxable income does not exceed $416. (4) If this Act, insofar as it imposes tax upon the taxable income of a complying superannuation fund, a non ‑ complying superannuation fund, a complying approved deposit fund, a non ‑ complying approved deposit fund or a pooled superannuation trust (as defined in the Income Tax Assessment Act 1997 ), would, apart from this subsection, deal with 2 subjects of taxation (within the meaning of section 55 of the Constitution), namely: (a) the taxation of so much of the taxable income as is attributable to contributions that are included in assessable income under Subdivision 295 ‑ C of the Income Tax Assessment Act 1997 ; and (b) the taxation of the remainder of the taxable income; this Act imposes tax in respect of only that subject of taxation mentioned in paragraph (b). (5) This Act does not impose tax upon the taxable income of a non ‑ complying superannuation fund within the meaning of the Income Tax Assessment Act 1997 , to the extent that the taxable income is attributable to the inclusion of an amount in the fund’s assessable income under table item 2 in section 295 ‑ 320 of that Act. (6) This Act does not impose tax upon the taxable income of a Australian superannuation fund, to the extent that the taxable income is attributable to the inclusion of an amount in the fund’s assessable income under table item 3 in section 295 ‑ 320 of that Act.", "Amendment_Count": 11, "First_Amended": "No 109 of 1987", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 109 of 1987 | No 11 of 1988 | No 100 of 1989 | No 181 of 1994 | No 89 of 2000 | No 15 of 2002 | No 101 of 2006 | No 16 of 2007 | No 32 of 2008 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Amended by No 109 of 1987, item 3, effective 26 Nov 1987 (s 2) | Amended by No 11 of 1988, item 7 | item 20, effective s 7: 26 Apr 1988 (s 2(1)) | Amended by No 100 of 1989, item 3, effective 30 June 1989 (s 2) | Amended by No 181 of 1994, Sch 3 item 102 | Sch 5 item 44, effective Sch 3 (items 101, 102): 19 Dec 1994 (s 2(1)) | Amended by No 89 of 2000, Sch 2 item 113, effective Sch 2 (items 112, 113): 30 June 2000 (s 2(1)) | Amended by No 15 of 2002, Sch 1 item 15, effective Sch 1 (items 15, 21): 4 Apr 2002 (s 2(1) item 2) | Amended by No 101 of 2006, Sch 2 item 21 | Sch 2 item 117 | Sch 2 item 1044 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 14 | Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17 | Sch 5 item 42 | Sch 5 item 65, effective Sch 2 (item 117) and Sch 6 (items 1, 6–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 16 of 2007, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8, effective 15 Mar 2007 (s 2) | Amended by No 32 of 2008, Sch 1 item 3, effective Sch 1 (items 3, 58): 23 June 2008 (s 2) | Amended by No 45 of 2008, Sch 1 item 1 | Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3, effective Sch 1 (item 1): 26 June 2008 (s 2) | Amended by No 70 of 2015, Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 46 | Sch 6 item 62, effective Sch 1 (items 46, 195–205): 1 July 2015 (s 2(1) items 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s5"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Adjustment where amount to be paid by, or refunded to, taxpayer would not exceed 49 cents", "Text": "(1) This section applies for the purposes of the making of an assessment of tax (other than further tax payable under subsection 94(9), (11) or (12) of the Assessment Act) in respect of the income of a taxpayer of a year of income where, upon the making of the assessment and the serving of notice of the assessment upon the taxpayer, there would, but for this section, be a net amount of not more than 49 cents payable by the Commissioner to the taxpayer, or by the taxpayer to the Commissioner, under the law relating to income tax, after taking into account all liabilities of the taxpayer, and all rebates and credits allowable to the taxpayer, under that law. (2) Where this section applies in relation to the making of an assessment: (a) if the amount of not more than 49 cents would be an amount payable to the taxpayer—additional tax equal to that amount is imposed by this Act in respect of the income of the taxpayer of the year of income; and (b) if the amount of not more than 49 cents would be an amount payable to the Commissioner—the amount that, but for this section, would be the amount of income tax imposed in respect of the income of the taxpayer of the year of income before the allowance of any rebates to which the taxpayer is entitled, is reduced by so much of that amount of not more than 49 cents as does not exceed the amount calculated by deducting the amount of any such rebates from the sum of the amount that is to be so reduced and any amount of further tax payable by the taxpayer in respect of that year of income under subsection 94(9), (11) or (12) of the Assessment Act. (3) A reference in this section to a liability of the taxpayer shall be read as including a reference to a liability in respect of income tax or provisional tax notified to the taxpayer by the Commissioner, notwithstanding that the amount of the liability has not become due and payable. (4) For the purposes of any calculation under the law relating to income tax that depends upon the amount of tax paid or payable by, or assessed in respect of the income of, a taxpayer, the tax assessed and payable under an assessment in relation to which this section applies shall be deemed to be the tax that would have been so assessed and payable if this section had not applied.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s6"}
{"Act_Short_Name": "ITACT", "Act_Title": "Income Tax Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03349", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Levy of Tax", "Text": "The tax imposed by subsection 5(1) is levied, and shall be paid, for the financial year commencing on 1 July 1986 and for all subsequent financial years until the Parliament otherwise provides.", "Amendment_Count": 4, "First_Amended": "No 109 of 1987", "Last_Amended": "No 85 of 1990", "Amending_Acts": "No 109 of 1987 | No 92 of 1988 | No 142 of 1989 | No 85 of 1990", "History_Notes": "Amended by No 109 of 1987, item 4, effective 26 Nov 1987 (s 2) | Repealed and substituted by No 92 of 1988, item 3, effective 24 Nov 1988 (s 2) | Amended by No 142 of 1989, item 3, effective 23 Nov 1989 (s 2) | Repealed and substituted by No 85 of 1990, item 3, effective 6 Nov 1990 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03349/latest/text#s7"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Superannuation (Unclaimed Money and Lost Members) Act 1999 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s1"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act commences on the day on which it receives the Royal Assent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s2"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Application", "Text": "Part 3 does not apply in respect of the half ‑ year in which this Act receives the Royal Assent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s3"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Act to bind Crown", "Text": "(1) This Act binds the Crown in right of the Commonwealth, of each of the States, of the Australian Capital Territory and of the Northern Territory. (2) Nothing in this Act permits the Crown to be prosecuted for an offence.", "Amendment_Count": 1, "First_Amended": "No 59 of 2015", "Last_Amended": "No 59 of 2015", "Amending_Acts": "No 59 of 2015", "History_Notes": "Amended by No 59 of 2015, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 97 | Sch 1 item 106 | Sch 1 item 107 | Sch 1 item 108 | Sch 1 item 109 | Sch 1 item 110 | Sch 1 item 111 | Sch 1 item 112 | Sch 1 item 113 | Sch 1 item 115 | Sch 1 item 134 | Sch 1 item 135 | Sch 1 item 136 | Sch 1 item 137 | Sch 1 item 138 | Sch 1 item 141 | Sch 1 item 144 | Sch 1 item 182 | Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 18 | Sch 2 item 19 | Sch 2 item 20 | Sch 2 item 21 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 35 | Sch 2 item 37 | Sch 2 item 38 | Sch 2 item 41 | Sch 2 item 42 | Sch 2 item 50 | Sch 2 item 68 | Sch 2 item 72 | Sch 2 item 76 | Sch 2 item 80 | Sch 2 item 84 | Sch 2 item 122 | Sch 2 item 138 | Sch 2 item 139 | Sch 2 item 140 | Sch 2 item 141 | Sch 2 item 164 | Sch 2 item 165 | Sch 2 item 166 | Sch 2 item 167 | Sch 2 item 168 | Sch 2 item 170 | Sch 2 item 213 | Sch 2 item 225 | Sch 2 item 229 | Sch 2 item 246 | Sch 2 item 247 | Sch 2 item 264 | Sch 2 item 272 | Sch 2 item 277 | Sch 2 item 287 | Sch 2 item 288 | Sch 2 item 289 | Sch 2 item 299 | Sch 2 item 311 | Sch 2 item 312 | Sch 2 item 314 | Sch 2 item 315 | Sch 2 item 342 | Sch 2 item 356, effective Sch 2 (item 342): 1 July 2016 (s 2(1) item 5) Sch 2 (items 356–396): 18 June 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s4"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Extension to Territories", "Text": "This Act extends to all the external Territories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s5"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Objects of Act", "Text": "The objects of this Act are to provide for: (a) the keeping of registers of details relating to: (i) unclaimed money; and (ii) certain amounts relating to superannuation of persons ( former temporary residents ) who used to be holders of temporary visas under the Migration Act 1958 and have left Australia; and (iia) certain amounts relating to inactive low ‑ balance accounts; and (iib) amounts relating to ERF low balance accounts; and (iic) certain amounts voluntarily paid to the Commissioner by superannuation providers; and (iii) certain amounts relating to superannuation of persons who used to be lost members; so that the money and amounts can be claimed by persons entitled to them; and (b) the keeping of a register of details relating to lost members, so that the benefits of lost members can be claimed by persons entitled to them; and (c) the matching of unclaimed money and persons entitled to it; and (d) the matching of benefits of lost members and persons entitled to them; and (da) the matching of benefits of inactive low ‑ balance account members and persons entitled to them; and (db) the matching of benefits of eligible rollover fund members and persons entitled to them; and (dc) the matching of amounts voluntarily paid to the Commissioner by superannuation providers and persons entitled to them; and (e) the payment to the Commissioner of: (i) unclaimed money; and (ii) certain amounts relating to superannuation of former temporary residents; and (iii) certain amounts relating to superannuation of lost members; and (iv) certain amounts relating to superannuation of inactive low ‑ balance account members; and (v) amounts relating to superannuation of eligible rollover fund members; and (vi) other amounts paid by superannuation providers on a voluntary basis; and (ea) the safekeeping of such money and amounts paid to the Commissioner until the Commissioner can pay the money and amounts to persons entitled to them; and (eb) the payment of: (i) unclaimed money; and (ii) certain amounts relating to superannuation of lost members; and (iii) certain amounts relating to superannuation of inactive low ‑ balance account members and (iv) amounts relating to superannuation of eligible rollover fund members; and (v) other amounts paid by superannuation providers on a voluntary basis; into funds in which the member is active; and (f) the co ‑ ordination of the collection of unclaimed money between the Commonwealth, States and Territories; and (g) the co ‑ ordination of the matching of unclaimed money and persons entitled to it between the Commonwealth, States and Territories.", "Amendment_Count": 4, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 133 of 2009 | No 16 of 2019 | No 24 of 2021", "History_Notes": "Amended by No 151 of 2008, Sch 1 item 2 | Sch 1 item 3, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 133 of 2009, Sch 1 item 9 | Sch 3 item 1 | Sch 3 item 2, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 16 of 2019, Sch 3 item 16 | Sch 3 item 17 | Sch 3 item 18 | Sch 3 item 20Q, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, Sch 1 item 19 | Sch 1 item 20 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 22D, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s6"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Outline of Act", "Text": "The following is a simplified outline of this Act. Unclaimed money register At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to any unclaimed money they hold in respect of members who have reached the eligibility age or who have died. Unclaimed money is money in an inactive account which the superannuation provider is unable to ensure is received by a person entitled to receive it. Superannuation providers must pay to the Commissioner of Taxation any unclaimed money they hold. Later, the Commissioner must, if satisfied that it is possible to do so, pay the amount he or she has received in respect of a person to: (a) the person; or (b) to a fund identified by the person; or (ba) to a KiwiSaver scheme provider identified by the person; or (c) if the person has died—to the person’s death beneficiaries or legal personal representative. If a State or Territory law regulates unclaimed money in a way consistent with this Act, superannuation providers that are trustees of public sector superannuation schemes may give details relating to the money, and pay the money, to the relevant State or Territory authority instead of paying it to the Commissioner of Taxation. The Commissioner of Taxation may publish, or make available, details relating to unclaimed money in respect of members who have reached the eligibility age or who have died. Superannuation of former temporary residents The Commissioner of Taxation must give the superannuation provider for a fund a notice identifying a member of the fund if satisfied that the member is a former temporary resident. The superannuation provider must give the Commissioner a statement and pay the Commissioner the amount that would be payable to the member if the member had requested payment in connection with leaving Australia (subject to reductions for amounts paid or payable from the fund in respect of the member). If the Commissioner is satisfied the Commissioner has received a payment under this Act for such a member, the Commissioner must pay the amount received (and interest, in some cases) to: (a) the member; or (b) a fund identified by the member; or (c) a KiwiSaver scheme provider identified by the member; or (d) if the member has died—the member’s death beneficiaries or legal personal representative. The Commissioner of Taxation may publish, or make available, details relating to amounts paid to the Commissioner in respect of such members. Lost members register The Commissioner of Taxation may publish, or make available, details relating to lost members. Superannuation of lost members At the times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to: (a) small accounts of lost members; and (b) inactive accounts of unidentifiable lost members. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200—to the person; or (d) if the person has died—to the person’s death beneficiaries or legal personal representative. Superannuation of inactive low ‑ balance members At times determined by the Commissioner, superannuation providers must give the Commissioner of Taxation details relating to inactive low ‑ balance accounts. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200—to the person; or (d) if the person has died—to the person’s death beneficiaries or legal personal representative. Superannuation of eligible rollover fund members Superannuation providers who are trustees of eligible rollover funds must, by 30 June 2021 and 31 January 2022, give the Commissioner of Taxation details relating to accounts of those funds. Superannuation providers must pay to the Commissioner of Taxation the value of any such accounts. Payments must be made by 30 June 2021 (for accounts that had balances of less than $6,000 on 1 June 2021) and 31 January 2022 (for all other accounts). Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200—to the person; or (d) if the person has died—to the person’s death beneficiaries or legal personal representative. Voluntary payments by superannuation providers A superannuation provider may pay to the Commissioner of Taxation any amount it holds on behalf of a member, former member or non ‑ member spouse if it reasonably believes paying the amount to the Commissioner is in the best interests of the member, former member or non ‑ member spouse. Later, the Commissioner must, if satisfied that it is possible to do so, pay an amount the Commissioner has received in respect of a person: (a) to a fund identified by the person; or (b) to a KiwiSaver scheme provider identified by the person; or (c) if the person has reached eligibility age or the amount is less than $200—to the person; or (d) if the person has died—to the person’s death beneficiaries or legal personal representative. Reunification of amounts held by the Commissioner If, having taken the steps required in relation to unclaimed amounts, amounts held by the Commissioner for lost members, inactive low ‑ balance members or eligible rollover fund members or amounts paid by superannuation providers on a voluntary basis, the Commissioner still holds an amount, the Commissioner must pay that amount to a fund in which the person for whom the Commissioner holds the amount is active, or in accordance with the regulations. Prescribed public sector superannuation schemes The trustees of certain public sector superannuation schemes may comply with this Act in the same way as superannuation providers.", "Amendment_Count": 10, "First_Amended": "No 9 of 2007", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 9 of 2007 | No 151 of 2008 | No 27 of 2009 | No 133 of 2009 | No 117 of 2010 | No 8 of 2019 | No 16 of 2019 | No 118 of 2020 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Amended by No 9 of 2007, Sch 6 item 3 | Sch 6 item 5 | Sch 6 item 6 | Sch 7 item 2, effective Sch 7 (items 2–7): 15 Mar 2007 (s 2(1) item 9) | Amended by No 151 of 2008, Sch 1 item 4, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 133 of 2009, Sch 3 item 4 | Sch 3 item 5, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 117 of 2010, Sch 1 item 1 | Sch 1 item 2, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 8 of 2019, Sch 4 item 8 | Sch 8 item 24, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Amended by No 16 of 2019, Sch 3 item 19, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 35, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Amended by No 24 of 2021, Sch 1 item 22 | Sch 1 item 23 | Sch 2 item 19, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 75 | Sch 3 item 76 | Sch 3 item 77 | Sch 3 item 78, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s7"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Definitions", "Text": "In this Act, unless the contrary intention applies: account , in a fund that is an RSA, means: (a) if the RSA is an account—that account; or (b) if the RSA is a policy (within the meaning of the RSA Act)—that policy. accrue , in relation to a benefit for a member of a defined benefits superannuation scheme, has the meaning given by section 9. ADI (authorised deposit ‑ taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 . annuity has the same meaning as in the SIS Act. approved deposit fund has the same meaning as in the SIS Act. approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . choice product has the same meaning as in the SIS Act. Commissioner means the Commissioner of Taxation. Commonwealth public sector superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established: (a) by or under a law of the Commonwealth; or (b) under the authority of: (i) the Commonwealth; or (ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth. contribution includes a deposit into an account held at an ADI or a prescribed financial institution and a payment of a premium to a life insurance company. data processing device means any article or material (for example, a disk) from which information is capable of being reproduced with or without the aid of any other article or device. defined benefit member means a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following: (a) the amount of: (i) the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement on an earlier date; or (ii) the member’s salary averaged over a period before retirement; (b) a stated amount. defined benefits superannuation scheme means: (a) a public sector superannuation scheme that: (i) is a regulated superannuation fund or an exempt public sector superannuation scheme; and (ii) has at least one defined benefit member; or (b) a regulated superannuation fund (other than a public sector superannuation scheme): (i) that has at least one defined benefit member; and (ii) some or all of the contributions to which are not allocated to any individual member but are paid into and accumulated in the fund in the form of an aggregate amount. eligibility age has the meaning given by section 10. eligible rollover fund has the same meaning as in the SIS Act. eligible rollover fund member has the meaning given by section 21A. eligible service period has the same meaning as in Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 . engage in conduct means: (a) do an act; or (b) omit to perform an act. ERF low balance account has the meaning given by subsection 21A(1). exempt public sector superannuation scheme has the same meaning as in section 10 of the SIS Act. financial sector supervisory agency has the same meaning as in section 3 of the Australian Prudential Regulation Authority Act 1998 . former temporary resident has the meaning given by section 20AA. fund means: (a) a regulated superannuation fund; or (b) an approved deposit fund; or (c) an RSA. general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . governing rules : (a) in relation to a fund (other than an RSA), scheme or trust—means any trust instrument, other document or legislation, or combination of them, governing the establishment and operation of the fund, scheme or trust; and (b) in relation to a fund that is an RSA—means the terms and conditions of the RSA. half ‑ year means a period of 6 months ending on 30 June or 31 December. holder has the same meaning as in the RSA Act. inactive low ‑ balance account : see subsections 20QA(1) and (1A). inactive low ‑ balance member has the meaning given by subsection 20QA(2). inactive low ‑ balance product has the meaning given by subsection 20QA(3). KiwiSaver scheme has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . KiwiSaver scheme provider has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . leave Australia has the same meaning as in the Migration Act 1958 . legal personal representative of a person who has died means an executor or administrator of the person’s estate. life insurance company means: (a) a body corporate registered under section 21 of the Life Insurance Act 1995 ; or (b) a public authority: (i) that is constituted by a law of a State or Territory; and (ii) that carries on life insurance business within the meaning of section 11 of that Act. lost member means a member of a fund who is: (a) a lost RSA holder within the meaning of the Retirement Savings Accounts Regulations 1997 ; or (b) a lost member within the meaning of the Superannuation Industry (Supervision) Regulations 1994 . lost member account has the meaning given by section 24B. member means: (a) a member of a superannuation fund; or (b) a depositor with an approved deposit fund; or (c) a holder of an RSA. MySuper product has the same meaning as in the SIS Act. New Zealand eligibility age means the age specified in subsection 7(1) of the New Zealand Superannuation and Retirement Income Act 2001 of New Zealand as amended from time to time. New Zealand ‑ sourced amount has the meaning given by the regulations mentioned in section 312 ‑ 5 of the Income Tax Assessment Act 1997 . non ‑ member spouse means a non ‑ member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . pension has the same meaning as in the SIS Act. premises includes: (a) a structure, building, aircraft, vehicle or vessel; and (b) any land or place (whether enclosed or built on or not); and (c) a part of a structure, building, aircraft, vehicle or vessel or of such a place. premium means a premium in respect of a policy (within the meaning of the Life Insurance Act 1995 ) and includes an instalment of premium. prescribed financial institution means a body prescribed by the regulations for the purposes of this definition. produce includes permit access to. public sector superannuation scheme has the same meaning as in the SIS Act. regulated exempt public sector superannuation scheme has the same meaning as in Part 25A of the SIS Act. regulated superannuation fund has the same meaning as in the SIS Act. RSA has the same meaning as in the RSA Act. RSA Act means the Retirement Savings Accounts Act 1997 . RSA provider has the same meaning as in the RSA Act. scheduled statement day has the meaning given by: (a) in relation to a statement required by Part 3, 3B or 4A—section 15A; and (b) in relation to a statement required by Part 3A—section 20B. self managed superannuation fund has the meaning given by section 17A of the SIS Act. SIS Act means the Superannuation Industry (Supervision) Act 1993 . splittable payment means a splittable payment within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . State or Territory authority means a State, a Territory, an authority of a State or an authority of a Territory. State or Territory public sector superannuation scheme has the meaning given by subsection 18(7). superannuation fund has the same meaning as in the SIS Act. superannuation interest means: (a) an interest in a superannuation fund; or (b) an interest in an approved deposit fund; or (c) an RSA. superannuation provider means: (a) the trustee of a regulated superannuation fund; or (b) the trustee of an approved deposit fund; or (c) an RSA provider. tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936 . trustee has the same meaning as in the SIS Act. unclaimed money has the meaning given by sections 12 and 14. unclaimed money day has the meaning given by section 15A. unfunded public sector scheme has the meaning given by the Superannuation Guarantee (Administration) Act 1992 .", "Amendment_Count": 15, "First_Amended": "No 42 of 2003", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 42 of 2003 | No 151 of 2008 | No 27 of 2009 | No 75 of 2009 | No 133 of 2009 | No 117 of 2010 | No 145 of 2010 | No 2 of 2015 | No 13 of 2018 | No 8 of 2019 | No 16 of 2019 | No 112 of 2020 | No 118 of 2020 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Amended by No 42 of 2003, Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 23, effective Sch 2 (item 23) and Sch 3: 1 July 2003 (s 2(1) item 2) | Amended by No 151 of 2008, Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 3 item 88, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 75 of 2009, Sch 1 item 222, effective Sch 1 (item 222): 27 Feb 2010 (s 2(1) item 2) | Amended by No 133 of 2009, Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 10 | Sch 3 item 11, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 117 of 2010, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 145 of 2010, Sch 2 item 28 | Sch 2 item 31 | Sch 2 item 87 | Sch 2 item 88 | Sch 2 item 89 | Sch 2 item 119, effective Sch 2 (items 87–91): 17 Dec 2010 (s 2(1) item 2) | Amended by No 2 of 2015, Sch 2 item 64 | Sch 3 item 1 | Sch 4 item 32, effective Sch 2 (items 64, 65): 1 July 2015 (s 2(1) item 4) | Amended by No 13 of 2018, Sch 3 item 30, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 3 (items 30, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 8 of 2019, Sch 4 item 9, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Amended by No 16 of 2019, Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 112 of 2020, Sch 3 item 100 | Sch 3 item 101 | Sch 3 item 102, effective Sch 3 (items 100–109): 28 Sept 2022 (s 2(1) item 1) | Amended by No 118 of 2020, Sch 2 item 9, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Amended by No 24 of 2021, Sch 1 item 24, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 78, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s8"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Accrual of benefits in defined benefits superannuation schemes", "Text": "In this Act, a reference to an accrual of benefits in respect of a member of a defined benefits superannuation scheme does not include a reference to allocations of investment earnings or charging of costs.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s9"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Meaning of eligibility age", "Text": "(1) In this Act, eligibility age means: (a) in the case of a man—65 years or, if another age is prescribed by the regulations, the age so prescribed; or (b) in the case of a woman—60 years or, if another age is prescribed by the regulations, the age so prescribed. (2) In determining whether a member of a fund has reached eligibility age: (a) if the superannuation provider does not know whether the member is a man or a woman—the member is taken to be a man; and (b) if the superannuation provider does not know the member’s date of birth—the superannuation provider may determine that the member: (i) attained a particular age on a particular date (if the superannuation provider reasonably believes that to be the case); or (ii) turned 18 on the day on which he or she first became a member of the fund; or (iii) turned 18 on the day on which the superannuation provider first received an amount in respect of him or her; or (iv) turned 18 at the start of his or her eligible service period. Duty to obtain date of birth and sex of member of fund (3) If a superannuation provider does not know the date of birth or sex of a member of a fund, the provider should make reasonable attempts to obtain that information. Duty to keep records of date of birth and sex of member of fund (4) If a superannuation provider knows the date of birth or sex of a member of a fund, the provider should keep records of that information.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s10"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Object of Part", "Text": "The object of this Part is to set out a procedure for dealing with unclaimed money in funds. Note: A fund includes an RSA (see the definition of fund in section 8).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s11"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Meaning of unclaimed money —general meaning", "Text": "(1) An amount payable to a member of a fund is taken to be unclaimed money if: (a) the member has reached the eligibility age; and (c) the superannuation provider has not received an amount in respect of the member (and, in the case of a defined benefits superannuation scheme, no benefit has accrued in respect of the member) within the last 2 years; and (d) after the end of a period of 5 years since the superannuation provider last had contact with the member, the provider has been unable to contact the member again after making reasonable efforts. (2) If: (a) a payment split applies to a splittable payment in respect of an interest that a person has as a member of a fund; and (b) as a result, the non ‑ member spouse (or his or her legal personal representative if he or she has died) is entitled to be paid an amount; and (c) after making reasonable efforts and after a reasonable period has passed, the superannuation provider concerned is unable to ensure that the non ‑ member spouse or his or her legal personal representative, as the case may be, receives the amount; then the amount payable is taken to be unclaimed money .", "Amendment_Count": 3, "First_Amended": "No 114 of 2001", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 114 of 2001 | No 9 of 2007 | No 133 of 2009", "History_Notes": "Amended by No 114 of 2001, Sch 1 item 33 | Sch 1 item 34 | Sch 1 item 35 | Sch 1 item 41, effective 28 Dec 2002 (s 2) | Amended by No 9 of 2007, Sch 1 item 290 | Sch 6 item 2 | Sch 7 item 3 | Sch 7 item 4 | Sch 7 item 5, effective Sch 7 (items 2–7): 15 Mar 2007 (s 2(1) item 9) | Amended by No 133 of 2009, Sch 1 item 14 | Sch 1 item 22 | Sch 1 item 87 | Sch 3 item 12, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s12"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Superannuation provider must make reasonable efforts to contact the member or to ensure that a benefit is received", "Text": "(1) A superannuation provider for a fund must make reasonable efforts to contact a member of the fund if: (a) paragraphs 12(1)(a) and (c) are satisfied in relation to the member; and (b) 5 years have passed since the provider last had contact with the member. (1A) If paragraphs 12(2)(a) and (b) are satisfied, the superannuation provider must make reasonable efforts to ensure that the non ‑ member spouse or his or her legal personal representative, as the case may be, receives the amount. Offence (2) A superannuation provider commits an offence if the superannuation provider fails to comply with the obligation set out in subsection (1) or (1A). Penalty for contravention of this subsection: 100 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 6, "First_Amended": "No 114 of 2001", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 114 of 2001 | No 9 of 2007 | No 27 of 2009 | No 133 of 2009 | No 4 of 2016 | No 61 of 2016", "History_Notes": "Amended by No 114 of 2001, Sch 1 item 42 | Sch 1 item 43 | Sch 1 item 44, effective 28 Dec 2002 (s 2) | Amended by No 9 of 2007, Sch 7 item 6, effective Sch 7 (items 2–7): 15 Mar 2007 (s 2(1) item 9) | Amended by No 27 of 2009, Sch 2 item 10 | Sch 2 item 28 | Sch 3 item 27, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 133 of 2009, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 4 of 2016, Sch 4 item 367, effective Sch 4 (items 1, 301): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, Sch 1 item 164 | Sch 1 item 279 | Sch 1 item 280 | Sch 1 item 359 | Sch 1 item 360 | Sch 3 item 37, effective Sch 2 (item 100): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s13"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Meaning of unclaimed money —deceased member", "Text": "An amount payable in respect of a member of a fund is taken to be unclaimed money if: (a) the member has died; and (b) the superannuation provider determines that, under the governing rules of the fund or by operation of law, a benefit (other than a pension or annuity) is immediately payable in respect of the member; and (c) the superannuation provider has not received an amount in respect of the member (and, in the case of a defined benefits superannuation scheme, no benefit has accrued in respect of the member) within the last 2 years; and (d) after making reasonable efforts and after a reasonable period has passed, the superannuation provider is unable to ensure that the benefit is received by the person who is entitled to receive the benefit. Note: A superannuation provider will be unable to ensure that the person receives the benefit if, for example, the provider cannot find the person after making reasonable efforts to do so and after a reasonable period has passed.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Amended by No 133 of 2009, Sch 1 item 14 | Sch 1 item 75 | Sch 3 item 14, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s14"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Superannuation provider must make reasonable efforts to ensure that the person receives the benefit", "Text": "(1) If paragraphs 14(a), (b) and (c) are satisfied in relation to a member of a fund, the superannuation provider must make reasonable efforts to ensure that the person entitled to receive the benefit does receive the benefit. Offence (2) A superannuation provider commits an offence if the superannuation provider fails to comply with the obligation set out in subsection (1). Penalty for contravention of this subsection: 100 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 2, "First_Amended": "No 4 of 2016", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 4 of 2016 | No 61 of 2016", "History_Notes": "Amended by No 4 of 2016, Sch 4 item 8 | Sch 4 item 393, effective Sch 4 (items 1, 301): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 167 | Sch 1 item 168 | Sch 1 item 245 | Sch 1 item 249 | Sch 1 item 281 | Sch 1 item 333 | Sch 2 item 83, effective Sch 2 (item 100): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s15"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 15A", "Provision_Key": "s15a", "Heading": "Setting dates for statements and payments", "Text": "The Commissioner may, by legislative instrument, specify: (a) days as being unclaimed money days for the purposes of this Part and Parts 3B and 4A; and (b) for each unclaimed money day—a day (the scheduled statement day ) by the end of which a statement required by this Part or Part 3B or 4A, in relation to the unclaimed money day, is to be given to the Commissioner.", "Amendment_Count": 3, "First_Amended": "No 27 of 2009", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 27 of 2009 | No 133 of 2009 | No 16 of 2019", "History_Notes": "Inserted by No 27 of 2009, Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 67, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 133 of 2009, Sch 3 item 15 | Sch 3 item 16, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 16 of 2019, Sch 3 item 23 | Sch 3 item 24, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s15A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Statement of unclaimed money", "Text": "Superannuation provider must give statement to Commissioner (1) A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) all unclaimed money as at the end of the day; (b) the administration of any of the following in connection with the unclaimed money: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . Note 1: Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes). Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act. Note 3: The approved form may also require the statement to include certain tax file numbers: see subsection 25(1) of this Act. (2) The statement is not required to contain information relevant to unclaimed money that ceases to be unclaimed money during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (2A) If, at the end of the unclaimed money day: (a) there is no unclaimed money, the statement must say so; or (b) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2), the statement must say so. Note: If the fund is a regulated superannuation fund that has no more than 6 members, see subsection (2B). (2B) Subsection (1) does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has no more than 6 members; and (b) either: (i) there is no unclaimed money; or (ii) there is only unclaimed money that ceases to be unclaimed money during the period mentioned in subsection (2). When statement must be given (3) The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day. Note 1: The Commissioner may defer the time for giving the statement: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act. Exceptions (7) This section does not apply to: (a) unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C; or (b) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C. Note 1: Section 20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section 20C (which is about notices identifying former temporary residents). Note 2: Section 21A requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts.", "Amendment_Count": 5, "First_Amended": "No 151 of 2008", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 64 of 2020 | No 24 of 2021 | No 47 of 2021", "History_Notes": "Amended by No 151 of 2008, Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 20H | Sch 1 item 20K | Sch 1 item 49, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16A | Sch 2 item 16 | Sch 2 item 20 | Sch 2 item 18A | Sch 2 item 68 | Sch 3 item 8 | Sch 3 item 12 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16 | Sch 3 item 17 | Sch 3 item 18 | Sch 3 item 31 | Sch 3 item 32, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 64 of 2020, Sch 11 item 50 | Sch 3 item 181 | Sch 3 item 182 | Sch 3 item 183 | Sch 3 item 186 | Sch 3 item 187 | Sch 3 item 305 | Sch 3 item 306 | Sch 3 item 326, effective Sch 3 (items 54–60): 23 June 2020 (s 2(1) item 4) | Amended by No 24 of 2021, Sch 1 item 25 | Sch 1 item 21E | Sch 1 item 21F | Sch 2 item 22B | Sch 2 item 22C, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 47 of 2021, Sch 1 item 35 | Sch 1 item 36, effective Sch 1 (items 35–41): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s16"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 16A", "Provision_Key": "s16a", "Heading": "Error or omission in statement", "Text": "Scope (1) This section applies if: (a) a superannuation provider gives the Commissioner a statement under section 16; and (b) the superannuation provider becomes aware of a material error, or material omission, in any information in the statement. Superannuation provider must give information (2) The superannuation provider must, in the approved form, give the Commissioner the corrected or omitted information. (3) Information required by subsection (2) must be given no later than 30 days after the superannuation provider becomes aware of the error or omission. Note 1: The Commissioner may defer the time for giving the information: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 27 of 2009", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 27 of 2009", "History_Notes": "Inserted by No 27 of 2009, Sch 2 item 68, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s16A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Payment of unclaimed money", "Text": "Provider must pay Commissioner (1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount, in relation to each unclaimed money day, worked out under subsection (1A). The amount is due and payable at the end of the scheduled statement day for the unclaimed money day. Note 1: Subsection (1) does not apply if the superannuation provider gives a statement, and makes a payment, to a State or Territory authority as provided for in section 18 (State or Territory public sector superannuation schemes). Note 2: The amount the superannuation provider must pay the Commissioner is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities. Note 3: The Commissioner may defer the time at which the amount is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Note 4: Section 18A provides for refunds of overpayments by the superannuation provider to the Commissioner. (1A) Work out the amount using the following formula: where: former unclaimed money means any of the unclaimed money that, between the unclaimed money day and the day on which the superannuation provider gives the statement in relation to the unclaimed money day to the Commissioner under subsection 16(1): (a) the superannuation provider pays to a person who is entitled to it; or (b) otherwise ceases to be unclaimed money (other than because the provider pays the money to the Commissioner under subsection (1)). (1B) Subsection (1) does not require the superannuation provider to pay the Commissioner: (a) an amount on account of unclaimed money described in subsection 12(1) payable to a person identified in a notice the Commissioner has given the provider under section 20C; or (b) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C. Note: An amount mentioned in paragraph (1B)(a) is payable to the Commissioner under section 20F. Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner (1C) Subsections (2) and (2AA) apply in relation to a person if: (a) a superannuation provider paid unclaimed money to the Commissioner under subsection (1) in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the unclaimed money in accordance with subsection (2). (2) The Commissioner must pay the unclaimed money: (a) to a single fund if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the fund; and (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or (aa) to a single KiwiSaver scheme provider if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and (iii) the matters (if any) prescribed by the regulations are satisfied; or (b) in accordance with subsection (2AA) if: (i) the person has died; and (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the unclaimed money to the Commissioner, the provider would have been required to pay an amount or amounts ( death benefits ) to one or more other persons ( death beneficiaries ) because of the deceased person’s death; or (c) to the person’s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) in any other case—to the person. Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 . (2AAA) Despite paragraph (2)(a), the Commissioner must not pay the unclaimed money to a single fund if the unclaimed money includes a New Zealand ‑ sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (2AA) In a case covered by paragraph (2)(b), the Commissioner must pay the unclaimed money under subsection (2) by paying to each death beneficiary the amount worked out using the following formula: Note: If there is only one death beneficiary, the whole of the unclaimed money is payable to that beneficiary. (2AAB) Despite paragraph (2)(d), the Commissioner must not pay the unclaimed money to the person if the unclaimed money includes a New Zealand ‑ sourced amount and the person has not reached the New Zealand eligibility age. (2AB) If: (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and (b) the payment is in accordance with paragraph (2)(a), (aa), (c) or (d); the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under subsection (2AB) is appropriated by section 16 of the Taxation Administration Act 1953 . (2AC) If: (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a death beneficiary; and (b) the payment is in accordance with paragraph (2)(b); the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under subsection (2AC) is appropriated by section 16 of the Taxation Administration Act 1953 . (2AD) Regulations made for the purposes of subsection (2AB) or (2AC) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (2AE) Interest under subsection (2AB) or (2AC) does not accrue in relation to a period before 1 July 2013. (2A) Subsections (1C) to (2AA) do not apply to unclaimed money that is to be, is or has been taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3). Note: Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under this section and subsection 20F(1) in respect of a person who is identified in a notice under section 20C or who used to be the holder of a temporary visa. Discharge of superannuation provider from liability (4) Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount.", "Amendment_Count": 7, "First_Amended": "No 151 of 2008", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 176 of 2012 | No 88 of 2013 | No 118 of 2020 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Amended by No 151 of 2008, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 20H | Sch 1 item 307, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 12 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 19 | Sch 2 item 17A | Sch 2 item 18A | Sch 2 item 18C | Sch 2 item 42 | Sch 2 item 301 | Sch 2 item 46 | Sch 2 item 47 | Sch 2 item 48 | Sch 2 item 307 | Sch 2 item 52 | Sch 2 item 69, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 176 of 2012, Sch 4 item 1, effective Sch 4 (items 1–4, 7, 8): 5 Dec 2012 (s 2(1) items 8, 10) Sch 4 (items 5, 6): 30 Dec 2012 (s 2(1) item 9) | Amended by No 88 of 2013, Sch 1 item 2 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 11 | Sch 1 item 13 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 25 | Sch 1 item 28, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 13 | Sch 2 item 15, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Amended by No 24 of 2021, Sch 1 item 26 | Sch 2 item 22, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 79 | Sch 3 item 80, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s17"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 17A", "Provision_Key": "s17a", "Heading": "Payments of unclaimed money—late payments", "Text": "General interest charge on late payment (1) If any of the amount a superannuation provider must pay under subsection 17(1) remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the time it is due and payable; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid when it is due and payable; (ii) general interest charge on any of the amount. Offence of failing to make payment to Commissioner (2) A person commits an offence if: (a) the person is subject to a requirement under subsection 17(1); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement. Penalty for an offence against subsection (2): 100 penalty units.", "Amendment_Count": 1, "First_Amended": "No 27 of 2009", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 27 of 2009", "History_Notes": "Inserted by No 27 of 2009, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s17A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 18", "Provision_Key": "s18", "Heading": "State or Territory public sector superannuation schemes", "Text": "(1) This section applies to a superannuation provider if: (a) the superannuation provider is the trustee of a State or Territory public sector superannuation scheme; and (b) a law of a State or Territory satisfies the requirements set out in subsections (4) and (5). (2) The superannuation provider does not have to comply with subsection 16(1) or 17(1) in relation to an unclaimed money day if the provider, in accordance with that law of a State or Territory: (a) gives to a State or Territory authority a statement that complies with items 1 and 2 of the table in subsection (4) in relation to the first half year that ends on or after the unclaimed money day; and (b) pays the amount worked out under item 3 of that table to the State or Territory authority. First requirement (4) The first requirement is that the law contains provisions with the effects set out in the following table: Provisions relating to first requirement Item Subject of provision Effect of provision 1 Preparing a statement At the end of each half ‑ year, a superannuation provider must prepare a statement (in a form approved by a State or Territory authority) of all unclaimed money that is held in the fund that is managed or provided by the superannuation provider. 2 Providing a statement The statement must be given to a State or Territory authority: (a) for a half ‑ year ending on 30 June in a calendar year—before 1 November in that calendar year; and (b) for a half ‑ year ending on 31 December in a calendar year—before 1 May in the following calendar year. 3 Payments When the statement is given, the superannuation provider must pay to the State or Territory authority an amount worked out in accordance with a formula corresponding to the formula in subsection 17(1), as in force just before the commencement of Schedule 5 to the Tax Laws Amendment (2009 Measures No. 1) Act 2009 . 4 Register The State or Territory authority must keep a register that contains particulars of: (a) the unclaimed money paid to it by the superannuation provider; and (b) each member in respect of whom there is unclaimed money. Second requirement (5) The second requirement is that the law contains provisions: (a) corresponding to the provisions of this Act, as in force just before the commencement of Schedule 5 to the Tax Laws Amendment (2009 Measures No. 1) Act 2009 , set out in the following table; and (b) with the effects set out in the table: Provisions relating to second requirement Item Provision Effect of corresponding provision 1 Subsection 16(2) Requires the statement to contain particulars relating to any unclaimed money paid after the end of the half ‑ year as are required by the form approved by the State or Territory authority 2 Subsection 16(4) Empowers the State or Territory authority to extend the period in which the statement must be lodged 3 Subsection 17(2) Requires the State or Territory authority to pay unclaimed money to a person in circumstances corresponding to those set out in that subsection 4 Subsection 17(3) Requires the State or Territory authority to refund amounts in circumstances corresponding to those set out in that subsection Discharge of superannuation provider from liability (6) Upon payment to the State or Territory authority of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount. (7) In this section: State or Territory public sector superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established: (a) by or under a law of a State or a law of a Territory; or (b) under the authority of: (i) the government of a State or Territory; or (ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of a State or a law of a Territory.", "Amendment_Count": 3, "First_Amended": "No 15 of 2007", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 15 of 2007 | No 27 of 2009 | No 117 of 2010", "History_Notes": "Amended by No 15 of 2007, Sch 1 item 376 | Sch 1 item 377 | Sch 3 item 58 | Sch 3 item 59 | Sch 3 item 65, effective Sch 3 (items 58–60): 15 Mar 2007 (s 2(1) item 8) | Amended by No 27 of 2009, Sch 2 item 12 | Sch 2 item 16 | Sch 2 item 21 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 42 | Sch 2 item 46 | Sch 2 item 47, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 117 of 2010, Sch 1 item 5 | Sch 1 item 7 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s18"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 18AA", "Provision_Key": "s18aa", "Heading": "Prescribed public sector superannuation schemes", "Text": "(1) Sections 6, 10 to 12, 14, 16 to 17 and 18A to 18C and subsections 19(1) to (3), 24C(6), 24E(5) and 25(2) apply as if: (a) a public sector superannuation scheme that is: (i) prescribed for the purposes of this section; and (ii) not a fund; were a fund; and Note 1: The regulations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislation Act 2003 . Note 2: The trustee of a State or Territory public sector superannuation scheme that is a fund must comply with this Part, subject to section 18. (b) the trustee of the scheme were the superannuation provider; and (c) a member of the scheme were a member of the fund. (2) Despite subsection (1), in the case of a State or Territory public sector superannuation scheme: (a) section 16 (Statement of unclaimed money): (i) permits, rather than requires, the trustee to give a statement to the Commissioner; and (ii) does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and (b) section 17 (Payment of unclaimed money): (i) does not apply in relation to an unclaimed money day if the trustee does not give a statement in relation to the unclaimed money day to the Commissioner under subsection 16(1); and (ii) permits, rather than requires, the trustee to pay an amount to the Commissioner; and (iii) does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 117 of 2010", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 117 of 2010 | No 126 of 2015", "History_Notes": "Inserted by No 117 of 2010, Sch 1 item 49A | Sch 1 item 20, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 126 of 2015, Sch 1 item 591, effective Sch 1 (items 591–594): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s18AA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 18A", "Provision_Key": "s18a", "Heading": "Refund of overpayment made by superannuation provider", "Text": "(1) This section applies if: (a) a superannuation provider for a fund (the first fund ) has made a payment under subsection 17(1) in respect of a person; and (b) the Commissioner is satisfied that the amount paid exceeded the amount (if any) that was payable under that subsection in respect of the person. (2) The Commissioner must pay the excess: (a) to the superannuation provider; or (b) to a superannuation provider for another fund if the Commissioner is satisfied that: (i) the first fund no longer exists; and (ii) the other fund provides rights relating to the person equivalent to those provided by the first fund. Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 27 of 2009", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 27 of 2009", "History_Notes": "Inserted by No 27 of 2009, Sch 2 item 16, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s18A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 18B", "Provision_Key": "s18b", "Heading": "Commissioner may recover overpayment", "Text": "(1) This section applies if: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part (other than a payment to a KiwiSaver scheme provider); and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made (whether the payment was made to the person in his or her own right or as the legal personal representative of someone else who had died); (b) the superannuation provider for the fund to which the payment was made; (c) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 27 of 2009", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 27 of 2009 | No 118 of 2020", "History_Notes": "Inserted by No 27 of 2009, Sch 2 item 70, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 118 of 2020, Sch 2 item 14, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s18B"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 18C", "Provision_Key": "s18c", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "Scope (1) This section applies if: (a) a payment (the Commissioner’s payment ) is made to a fund under paragraph 17(2)(a) in accordance with a person’s direction; and (b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made. Repayment (2) The superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (3) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. General interest charge (4) If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 2, "First_Amended": "No 27 of 2009", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 27 of 2009 | No 118 of 2020", "History_Notes": "Inserted by No 27 of 2009, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 118 of 2020, Sch 2 item 15, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s18C"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 19", "Provision_Key": "s19", "Heading": "Register of unclaimed money", "Text": "(1) The Commissioner must keep a register that contains particulars of: (a) unclaimed money paid by a superannuation provider to the Commissioner under Part 3; and (b) each person in respect of whom there is unclaimed money; and (c) amounts paid to the Commissioner under section 20F (unclaimed superannuation of former temporary residents); and (d) each person in respect of whom there is an amount referred to in paragraph (c) of this subsection; and (da) amounts paid to the Commissioner under section 20QD (amounts from inactive low ‑ balance accounts); and (db) each person in respect of whom there is an amount referred to in paragraph (da) of this subsection; and (dc) amounts paid to the Commissioner under section 21C (amounts from eligible rollover funds); and (dd) each person in respect of whom there is an amount referred to in paragraph (dc) of this subsection; and (de) amounts paid to the Commissioner under section 22 (other amounts paid by superannuation providers); and (df) each person in respect of whom there is an amount referred to in paragraph (de) of this subsection; and (e) amounts paid to the Commissioner under section 24E (lost member accounts); and (f) each person in respect of whom there is an amount referred to in paragraph (e) of this subsection. Note: The register may contain a person’s tax file number (see section 27). (2) The register may also contain information: (a) originally contained in registers referred to in item 4 of the table in subsection 18(4), that are kept by State or Territory authorities; and (b) given to the Commissioner by those authorities. (3) The register may also contain other information given to the Commissioner that is of the type contained in the register. (4) The register may also contain the following: (a) information relating to members of a regulated exempt public sector superannuation scheme; (b) particulars that, if the scheme were a fund, would be particulars of unclaimed money in respect of the scheme; (c) information given to the Commissioner by the trustee of the scheme. (5) A trustee of a regulated exempt public sector superannuation scheme may, in the approved form, give the information referred to in paragraph (4)(c) to the Commissioner. Note: The approved form may permit the trustee to set out: (a) the tax file number of the scheme; and (b) the tax file number of any member of the scheme who has quoted his or her tax file number to the trustee. See subsection 26(1).", "Amendment_Count": 4, "First_Amended": "No 27 of 2009", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 27 of 2009 | No 133 of 2009 | No 16 of 2019 | No 24 of 2021", "History_Notes": "Amended by No 27 of 2009, Sch 2 item 24 | Sch 2 item 25 | Sch 2 item 26, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 133 of 2009, Sch 3 item 17, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 16 of 2019, Sch 3 item 25, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, Sch 1 item 27 | Sch 2 item 20, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s19"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20", "Provision_Key": "s20", "Heading": "Commissioner may give information to State and Territory authorities", "Text": "The Commissioner may give information contained in the register referred to in section 19 to a State or Territory authority if the State or Territory concerned has a law satisfying the requirements of subsections 18(4) and (5).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20A", "Provision_Key": "s20a", "Heading": "Simplified outline", "Text": "The following is a simplified outline of this Part: The Commissioner must give the superannuation provider for a fund a notice if the Commissioner is satisfied that a former temporary resident has a superannuation interest in the fund. If the Commissioner gives such a notice, the superannuation provider must: (a) give the Commissioner a statement about the interest by the next date set for the purpose by the Commissioner; and (b) pay the Commissioner the amount that would have been payable from the fund to the person if the person had requested payment in connection with his or her departure from Australia, reduced by amounts already payable in respect of the person. On payment, the superannuation provider ceases to be liable for the amount paid. The person can claim the amount (and interest, in some cases) from the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 151 of 2008", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 151 of 2008 | No 27 of 2009", "History_Notes": "Inserted by No 151 of 2008, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 27 | Sch 2 item 28, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20AA", "Provision_Key": "s20aa", "Heading": "Meaning of former temporary resident", "Text": "(1) In this Act: former temporary resident : a person is a former temporary resident if: (a) before, on or after the commencement of this section, the person: (i) was, under the Migration Act 1958 , the holder of a temporary visa, except a visa prescribed under subsection (2) of this section, that has ceased to be in effect; and (ii) left Australia after starting to be the holder of the visa (whether the visa ceased to be in effect before, when or after the person left); and (b) at least 6 months have passed since the later of the following events (or either of them if they occurred at the same time): (i) the visa ceased to be in effect; (ii) the person left Australia; and (c) the person: (i) is not, under that Act, the holder of a temporary visa or permanent visa; and (ii) is neither an Australian citizen nor a New Zealand citizen; and (iii) has not made a valid application for a permanent visa that has not been finally determined under that Act. (2) The regulations may prescribe a visa for the purposes of subparagraph (a)(i) of the definition of former temporary resident in subsection (1). Note: The regulations may prescribe a visa by reference to a class of visas: see subsection 13(3) of the Legislation Act 2003 .", "Amendment_Count": 2, "First_Amended": "No 27 of 2009", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 27 of 2009 | No 126 of 2015", "History_Notes": "Inserted by No 27 of 2009, Sch 2 item 6 | Sch 2 item 58 | Sch 2 item 70, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 126 of 2015, Sch 1 item 592, effective Sch 1 (items 591–594): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20AA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20B", "Provision_Key": "s20b", "Heading": "Setting dates for statements and payments", "Text": "The Commissioner may, by legislative instrument, specify days ( scheduled statement days ) by the end of which statements required by this Part are to be given to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 151 of 2008", "Last_Amended": "No 151 of 2008", "Amending_Acts": "No 151 of 2008", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 10, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20B"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20C", "Provision_Key": "s20c", "Heading": "Commissioner must give notices about certain former temporary residents", "Text": "(1) The Commissioner must give a superannuation provider for a fund a written notice if the Commissioner is satisfied that: (a) there are reasonable grounds for believing that a particular person has a superannuation interest in the fund; and (b) the person is a former temporary resident. (2) The notice must: (a) identify the person; and (b) include the information (if any) prescribed by the regulations for the purposes of this paragraph. Note: The notice may contain the tax file number of the person and of the fund: see section 25A. (3) Subsection (1) does not apply if: (a) the superannuation provider is: (i) the trustee of a State or Territory public sector superannuation scheme; or (ii) the superannuation provider for an unfunded public sector scheme; and (b) the scheme is not prescribed for the purposes of section 20JA. (4) A notice under subsection (1) cannot be amended. Note: Section 20J deals with revocation of a notice given under this section. (5) A notice under subsection (1) is not a legislative instrument.", "Amendment_Count": 3, "First_Amended": "No 151 of 2008", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 117 of 2010", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 20D | Sch 1 item 20H | Sch 1 item 20J | Sch 1 item 20N | Sch 1 item 20P | Sch 1 item 17 | Sch 1 item 25A | Sch 1 item 24 | Sch 1 item 30, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 16, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 117 of 2010, Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20C"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20D", "Provision_Key": "s20d", "Heading": "Application", "Text": "This Division applies if the Commissioner gives a superannuation provider for a fund a notice under section 20C in connection with a person’s superannuation interest in the fund.", "Amendment_Count": 1, "First_Amended": "No 151 of 2008", "Last_Amended": "No 151 of 2008", "Amending_Acts": "No 151 of 2008", "History_Notes": "Inserted by No 151 of 2008, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20D"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20E", "Provision_Key": "s20e", "Heading": "Superannuation provider must give statement to Commissioner by scheduled statement day", "Text": "Giving statement to Commissioner (1) The superannuation provider must give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) the person’s superannuation interest in the fund; (b) the administration of any of the following in connection with the person’s superannuation interest in the fund: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . Note 1: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement includes false or misleading information: see sections 8K and 8N of that Act and Division 284 in Schedule 1 to that Act. Note 2: The approved form may also require the statement to include certain tax file numbers: see subsection 25(2A). When statement must be given (2) The superannuation provider must give the Commissioner the statement by the end of: (a) the next scheduled statement day after the notice is given; or (b) if the Commissioner gives the notice less than 28 days before the next scheduled statement day—the following scheduled statement day. Example: Suppose that 1 May and 1 November each year are the scheduled statement days, and that the Commissioner gives the notice to the superannuation provider on 15 April in a year. The superannuation provider must give the Commissioner the statement by the end of 1 November that year (rather than 1 May that year). Note 1: The Commissioner may defer the time for giving the statement: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see section 8C of that Act and Division 286 in Schedule 1 to that Act. Statement required even if person does not have interest (3) The superannuation provider must give the Commissioner the statement even if: (a) the person does not have a superannuation interest when the superannuation provider must give the statement; or (b) the superannuation provider is not required by subsection 20F(1) to pay the Commissioner an amount in respect of the person. Relationship to eligible rollover fund provisions (4) This section does not apply to an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C. Note: Section 21A requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts.", "Amendment_Count": 3, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 24 of 2021", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 13 | Sch 1 item 20J | Sch 1 item 17, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 24 of 2021, Sch 1 item 25 | Sch 1 item 28, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20E"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20F", "Provision_Key": "s20f", "Heading": "Superannuation provider must pay Commissioner unclaimed superannuation", "Text": "(1) The superannuation provider must pay the Commissioner (for the Commonwealth) the excess (if any) of the amount worked out under subsection (2) for the person’s superannuation interest over the total worked out under subsection (3) for the interest by the time at which the excess is due and payable. The excess is due and payable at the end of: (a) the next scheduled statement day after the notice is given; or (b) if the Commissioner gives the notice less than 28 days before the next scheduled statement day—the following scheduled statement day; or (c) if a day is identified for the superannuation provider under the regulations that is later than the day described in paragraph (a) and later than the day described in paragraph (b) if it is relevant—that later day. Note 1: The amount the superannuation provider must pay the Commissioner is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities. Note 2: The Commissioner may defer the time at which the excess is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Note 3: Section 20K provides for refunds of overpayments by the superannuation provider to the Commissioner. (2) Work out the amount that would have been payable to the person from the fund in respect of the superannuation interest had the person requested payment in connection with the person’s departure from Australia. For this purpose: (a) work out the amount that would have been payable at the time (the calculation time ) immediately before: (i) the time at which a payment under subsection (1) in respect of the person is due and payable (assuming that such a payment must be made); or (ii) for a payment to be made under subsection (1) before it is due and payable—the time the payment is to be made; and (b) assume that the request were made before the calculation time; and (c) assume that the person had not died before the calculation time. (3) Total: (a) the amount (if any) that is payable from the fund because regulations made for the purposes of the RSA Act or the SIS Act require or permit a benefit connected with the person’s superannuation interest to be cashed; and (b) if the person has actually died, the amount (if any) that has been paid from the fund in respect of the person because of the person’s death; and (c) the amount (if any) of the person’s superannuation interest that supports a superannuation income stream (within the meaning of regulations made for the purposes of the Income Tax Assessment Act 1997 ); and (d) the amount (if any) worked out in accordance with the regulations made for the purposes of this paragraph. Work out the amounts described in paragraphs (a), (b), (c) and (d) as at the calculation time. (4) For the purposes of subsections (2) and (3): (a) disregard Subdivision 12 ‑ FA in Schedule 1 to the Taxation Administration Act 1953 ; and (b) take account only of the person’s entitlement to payment remaining after any reduction by a payment split under: (i) Part VIIIB of the Family Law Act 1975 (disregarding subsection 90XB(3) of that Act); or (ii) Part VIIIC of the Family Law Act 1975 (disregarding subsection 90YC(3) of that Act). Note 1: Subdivision 12 ‑ FA in Schedule 1 to the Taxation Administration Act 1953 is about withholding amounts from departing Australia superannuation payments. Note 2: Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90XB(3) of that Act provides that the Part has effect subject to this Act. Note 3: Part VIIIC of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between de facto partners in a de facto relationship in Western Australia. Subsection 90YC(3) of that Act provides that the Part has effect subject to this Act. Regulations for the purposes of paragraph (1)(c) (4A) Regulations for the purposes of paragraph (1)(c) may provide for a day to be identified by the Commissioner or the Australian Prudential Regulation Authority. This does not limit the provision that the regulations may make for identification of a day for those purposes. Exception for eligible rollover fund amounts (4B) This section does not require the superannuation provider to pay to the Commissioner an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C. General interest charge on late payment (5) If any of the amount the superannuation provider must pay under subsection (1) remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the time it is due and payable; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid when it is due and payable; (ii) general interest charge on any of the amount. Offence of failing to pay on time (6) A person commits an offence if: (a) the person is subject to a requirement under subsection (1); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement. Penalty: 100 penalty units.", "Amendment_Count": 4, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 130 of 2018 | No 112 of 2020 | No 24 of 2021", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 20E | Sch 1 item 20G | Sch 1 item 20H | Sch 1 item 20J | Sch 1 item 20K | Sch 1 item 25 | Sch 1 item 31, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 130 of 2018, Sch 6 item 67 | Sch 6 item 68, effective Sch 6 (items 67–70): 22 Nov 2018 (s 2(1) item 10) | Amended by No 112 of 2020, Sch 3 item 103 | Sch 3 item 104, effective Sch 3 (items 100–109): 28 Sept 2022 (s 2(1) item 1) | Amended by No 24 of 2021, Sch 1 item 26 | Sch 1 item 29 | Sch 2 item 22, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20F"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20G", "Provision_Key": "s20g", "Heading": "Effect of payment by superannuation provider", "Text": "On payment of an amount to the Commissioner as required by subsection 20F(1), the superannuation provider is discharged from further liability to the person, and to anyone else in respect of the person, in respect of that amount.", "Amendment_Count": 1, "First_Amended": "No 151 of 2008", "Last_Amended": "No 151 of 2008", "Amending_Acts": "No 151 of 2008", "History_Notes": "Inserted by No 151 of 2008, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20G"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20H", "Provision_Key": "s20h", "Heading": "Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner", "Text": "(1) This section applies in relation to a person if the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that: (a) either: (i) the person has been identified in a notice under section 20C; or (ii) the person was, under the Migration Act 1958 , the holder of a temporary visa, except a visa prescribed by the regulations, that ceased to be in effect at least 6 months ago, and the person left Australia at least 6 months ago but after starting to be the holder of the visa; and (b) the total of: (i) the amounts (if any) paid to the Commissioner under subsection 17(1) (before, on or after the commencement of this section) in respect of the person; and (ii) the amounts (if any) paid to the Commissioner under subsection 20F(1) in respect of the person; and (iiaa) the amounts (if any) paid to the Commissioner under section 20QD in respect of the person; and (iiab) the amounts (if any) paid to the Commissioner under section 21C in respect of the person; and (iiac) the amounts (if any) paid to the Commissioner under section 22 in respect of the person; and (iia) the amounts (if any) paid to the Commissioner under section 24E in respect of the person; exceeds the total of: (iii) the amounts (if any) paid by the Commissioner under subsection 17(2) (before, on or after the commencement of this section) in respect of the person; and (iv) the amounts (if any) paid by the Commissioner under all the earlier operations (if any) of subsections (2) and (3) of this section in respect of the person (disregarding an amount paid under subsection (3), to the extent the amount was attributable to interest that would have been payable under subsection (2A) apart from subsection (3)); and (v) the amounts (if any) paid by the Commissioner under section 20K in respect of the person; and (va) the amounts (if any) paid by the Commissioner under subsection 20QF(2) in respect of the person; and (vb) the amounts (if any) paid by the Commissioner under subsection 21E(2) in respect of the person; and (vc) the amounts (if any) paid by the Commissioner under subsection 22B(2) in respect of the person; and (vi) the amounts (if any) paid by the Commissioner under subsection 24G(2) in respect of the person. (2) The Commissioner must pay the excess: (a) to the person; or (b) to a single fund that is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ), if the person directs the Commissioner to pay to the fund and the Commissioner is satisfied that the person is: (i) an Australian citizen; or (ii) a New Zealand citizen; or (iii) under the Migration Act 1958 , the holder of a permanent visa or a visa prescribed by the regulations; or (ba) to a single KiwiSaver scheme provider, if the person directs the Commissioner to pay to the provider and the matters (if any) prescribed by the regulations are satisfied; or (c) to the person’s legal personal representative, if the person has died. (2AAA) Despite paragraph (2)(b), the Commissioner must not pay the excess to a single fund if the excess includes a New Zealand ‑ sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (2AA) If the Commissioner makes a payment under subsection (2) on or after 1 July 2013, the Commissioner must also pay to the person, fund, KiwiSaver scheme provider or legal personal representative the amount of interest (if any) worked out in accordance with the regulations. (2AB) Regulations made for the purposes of subsection (2AA) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (2A) If the Commissioner makes a payment under subsection (2) before 1 July 2013, the Commissioner must also pay to the person, fund or legal personal representative the amount (if any) of interest worked out under subsection (2B), if the Commissioner is satisfied that: (a) the person is (or was just before dying) an Australian citizen or, under the Migration Act 1958 , the holder of a permanent visa; and (b) after 30 June 2007 either: (i) the person left Australia; or (ii) the person was, under the Migration Act 1958 , the holder of a temporary visa. (2B) Work out, in accordance with the regulations, the amount of interest: (a) on so much (if any) of the excess as is attributable (directly or indirectly) to one or more amounts paid to the Commissioner under subsection 20F(1) and not to payments to or by the Commissioner under subsection 17(1) or (2), section 20QD or subsection 20QF(2), section 21C or subsection 21E(2), section 22 or subsection 22B(2), or section 24E or subsection 24G(2); and (b) at a rate equal to the annual yield on Treasury bonds with a 10 ‑ year term or, if another rate is prescribed by the regulations, that other rate. Note: The regulations may provide for various matters relevant to working out the interest, such as working out the periods for which particular rates apply to particular amounts of principal (which will affect any compounding of the interest, among other things). (2C) Regulations for the purposes of subsection (2B) may prescribe different rates for different periods over which the interest accrues, including a nil rate for any period starting when the person turns 65. This does not limit the ways in which the regulations may provide for working out the amount of interest under that subsection. (3) However, if the person has died and the Commissioner is satisfied that one or more superannuation providers that made any of the payments described in subparagraphs (1)(b)(i), (ii), (iiaa), (iiab), (iiac) and (iia) would, if they had not made those payments, have been required because of the person’s death to pay an amount to one or more other persons (the death beneficiaries ), the Commissioner must pay each death beneficiary: (a) the total of the amounts the Commissioner is satisfied the superannuation providers would have been required to pay the death beneficiary; or (b) if the total of the excess and any interest that would be payable under subsection (2AA) or (2A) apart from this subsection is less than the sum of the totals described in paragraph (a) for all the death beneficiaries—the amount worked out for the death beneficiary using the formula in subsection (4). Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 . (4) The formula is: Withholding tax from payment (5) For the purposes of subparagraph (1)(b)(iv), an amount withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 from a payment under this section is taken to have been paid by the Commissioner. (6) To avoid doubt, subsection (2) has effect subject to Division 12 in Schedule 1 to the Taxation Administration Act 1953 . Note: Division 12 in Schedule 1 to the Taxation Administration Act 1953 requires entities paying departing Australia superannuation payments and excess untaxed roll ‑ over amounts to withhold amounts from those payments.", "Amendment_Count": 8, "First_Amended": "No 151 of 2008", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 151 of 2008 | No 133 of 2009 | No 176 of 2012 | No 88 of 2013 | No 16 of 2019 | No 118 of 2020 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 15 | Sch 1 item 20L | Sch 1 item 20M | Sch 1 item 20P | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 27 | Sch 1 item 30 | Sch 1 item 31 | Sch 1 item 34 | Sch 1 item 307 | Sch 1 item 36, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 133 of 2009, Sch 3 item 20 | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 24G | Sch 3 item 26 | Sch 3 item 28 | Sch 3 item 31 | Sch 3 item 33 | Sch 3 item 34 | Sch 3 item 37 | Sch 3 item 40, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 176 of 2012, Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 4, effective Sch 4 (items 1–4, 7, 8): 5 Dec 2012 (s 2(1) items 8, 10) Sch 4 (items 5, 6): 30 Dec 2012 (s 2(1) item 9) | Amended by No 88 of 2013, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 9 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 15 | Sch 1 item 17 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 32, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 16 of 2019, Sch 3 item 7 | Sch 3 item 12 | Sch 3 item 28 | Sch 3 item 29 | Sch 3 item 20Q | Sch 3 item 24N, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 19, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Amended by No 24 of 2021, Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 21E | Sch 1 item 43 | Sch 1 item 45 | Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 22B | Sch 2 item 29, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 81, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20H"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20J", "Provision_Key": "s20j", "Heading": "Revoking Commissioner’s notice to superannuation provider about person", "Text": "Requirement for revocation (1) The Commissioner must revoke a notice given to a superannuation provider about a person under section 20C if the Commissioner is satisfied that either: (a) the circumstances for giving the notice did not exist; or (b) the circumstances for giving a notice about the person to the superannuation provider under that section no longer exist. Means of revocation (2) The revocation must be made by written notice given to the superannuation provider. Effect of revocation (3) If the Commissioner revokes a notice given to a superannuation provider about a person under section 20C, this Act has effect as if the notice had never been given. No revocation if payment already made (4) However, the revocation of a notice given to a superannuation provider about a person under section 20C has no effect if a condition in subsection (5) or (6) exists. (5) One condition is that, before the revocation, the superannuation provider has made a payment to the Commissioner under subsection 20F(1) because of the notice. (6) The other condition is that: (a) notice of the revocation is given to the superannuation provider less than 28 days before the scheduled statement day by the end of which an amount would be due and payable under subsection 20F(1) because of the notice under section 20C, apart from: (i) the revocation; and (ia) paragraph 20F(1)(c); and (ii) any deferral under section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 ; and (b) before the end of that day, the superannuation provider: (i) gives the Commissioner a statement purportedly under section 20E because of the notice under section 20C; or (ii) pays the Commissioner an amount purportedly under subsection 20F(1) because of the notice under section 20C. (7) Subsection (1) does not require the Commissioner to revoke a notice under section 20C if the revocation would not have effect because of subsection (4) of this section.", "Amendment_Count": 1, "First_Amended": "No 151 of 2008", "Last_Amended": "No 151 of 2008", "Amending_Acts": "No 151 of 2008", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 20C | Sch 1 item 20P, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20J"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20JA", "Provision_Key": "s20ja", "Heading": "Prescribed public sector superannuation schemes", "Text": "(1) Section 6, subsections 16(7), 17(2A) and 19(1) and (3), this Part (other than subsections 20F(5) and (6)) and subsections 24C(6), 24E(5) and 25(2A) apply as if: (a) a public sector superannuation scheme that: (i) is prescribed for the purposes of this section; and (ii) in the case of a Commonwealth public sector superannuation scheme—is not a fund, or is an unfunded public sector scheme; were a fund; and Note 1: The regulations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislation Act 2003 . Note 2: This Part applies to a Commonwealth public sector superannuation scheme that is not an unfunded public sector scheme whether or not the scheme is prescribed: see section 20C. (b) the trustee of the scheme were the superannuation provider; and (c) a person who has an interest in the scheme had a superannuation interest in the fund. (2) Despite subsection (1), in the case of a State or Territory public sector superannuation scheme: (a) section 20C (notices about certain former temporary residents) permits, rather than requires, the Commissioner to give a notice to the trustee; and (b) section 20E (statement): (i) permits, rather than requires, the trustee to give a statement to the Commissioner; and (ii) does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and (c) section 20F (payment of unclaimed superannuation): (i) does not apply in relation to a notice given to the trustee under section 20C if the trustee does not give a statement in relation to the notice to the Commissioner under section 20E; and (ii) permits, rather than requires, the trustee to pay an amount to the Commissioner; and (iii) does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 117 of 2010", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 117 of 2010 | No 126 of 2015", "History_Notes": "Inserted by No 117 of 2010, Sch 1 item 8, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 126 of 2015, Sch 1 item 593, effective Sch 1 (items 591–594): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20JA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20K", "Provision_Key": "s20k", "Heading": "Refund of overpayment made by superannuation provider", "Text": "(1) This section applies if: (a) a superannuation provider has made a payment under subsection 20F(1) because of a notice about a person and a fund; and (b) the Commissioner is satisfied that the amount paid exceeded the amount (if any) that was payable under that subsection because of the notice. (2) The Commissioner must pay the excess: (a) to the superannuation provider for the fund; or (b) if the Commissioner is satisfied that: (i) the fund no longer exists; and (ii) another fund provides rights relating to the person equivalent to those provided by the fund whose superannuation provider made the payment under subsection 20F(1); to the superannuation provider for the other fund. Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 151 of 2008", "Last_Amended": "No 151 of 2008", "Amending_Acts": "No 151 of 2008", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 20F | Sch 1 item 20H | Sch 1 item 20P, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20K"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20L", "Provision_Key": "s20l", "Heading": "Commissioner may recover overpayment under section 20H", "Text": "(1) This section applies if: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part (other than a payment to a KiwiSaver scheme provider); and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made (whether the payment was made to the person in his or her own right or as the legal personal representative of someone else who had died); (b) the superannuation provider for the fund to which the payment was made or, if that payment, or an amount wholly or partly attributable to that payment, was transferred to another fund, the superannuation provider for that other fund. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.", "Amendment_Count": 3, "First_Amended": "No 151 of 2008", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 118 of 2020", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 20P, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 31 | Sch 2 item 32 | Sch 2 item 70, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 118 of 2020, Sch 2 item 18, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20L"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20M", "Provision_Key": "s20m", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "(1) This section applies if: (a) a payment (the Commissioner’s payment ) is made to a fund under paragraph 20H(2)(b) or subsection 20H(2AA) or (2A) in accordance with a person’s direction; and (b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made. (2) The superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (3) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. General interest charge (4) If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 3, "First_Amended": "No 151 of 2008", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 151 of 2008 | No 88 of 2013 | No 118 of 2020", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 25, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 88 of 2013, Sch 1 item 26, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 19, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20M"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20N", "Provision_Key": "s20n", "Heading": "Disclosure of migration and citizenship information", "Text": "(1) A person described in subsection (2) may disclose to the Commissioner, for the purposes of facilitating the administration of the legislation described in subsection (3), information described in subsection (4). Note: The administration of the legislation may involve the Commissioner in disclosing the information, for example in a notice given under section 20C to a superannuation provider. (2) The persons who may disclose are: (a) the Immigration Secretary (within the meaning of the Income Tax Assessment Act 1997 ); or (b) an APS employee in the Immigration Department (within the meaning of that Act). (3) The legislation is: (a) this Act; and (b) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; and (c) the Income Tax Assessment Act 1997 , and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Act or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . (4) The information is information relevant to any of the following matters: (a) whether or not a particular person is or was the holder of a particular kind of visa under the Migration Act 1958 at a particular time or in a particular period; (b) whether or not a particular person is or was an Australian citizen at a particular time or in a particular period; (c) whether or not a particular person is or was a New Zealand citizen at a particular time or in a particular period; (d) whether or not a particular person left Australia at a particular time or in a particular period; (e) whether or not there was, at a particular time or in a particular period, a valid application by a particular person for a permanent visa that had not been finally determined under the Migration Act 1958 ; (f) confirmation, by reference to any employment of, or work done by, a person, that he or she is the same person as a particular person who is or was the holder of a temporary visa under the Migration Act 1958 at a particular time or in a particular period.", "Amendment_Count": 3, "First_Amended": "No 151 of 2008", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 151 of 2008 | No 117 of 2010 | No 15 of 2017", "History_Notes": "Inserted by No 151 of 2008, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 117 of 2010, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 15 of 2017, Sch 4 item 85, effective Sch 4 (items 85, 92): 1 Apr 2017 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20N"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20P", "Provision_Key": "s20p", "Heading": "Review of Commissioner’s notices and decisions", "Text": "A person who is dissatisfied with a notice given, or a decision made, by the Commissioner in the administration of Division 2, 4 or 5 of this Part may object against the notice or decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . Example: Decisions made by the Commissioner in the administration of Divisions 4 and 5 include: (a) decisions that the conditions exist for him or her to make a payment under subsection 20H(2) or (3), revoke (under section 20J) a notice given under section 20C or make a refund under section 20K; and (b) refusal of an application mentioned in section 20H; and (c) decisions about recovery under section 20L of an overpayment under section 20H.", "Amendment_Count": 2, "First_Amended": "No 151 of 2008", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 151 of 2008 | No 88 of 2013", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 24, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 88 of 2013, Sch 1 item 27, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20P"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20Q", "Provision_Key": "s20q", "Heading": "Object of Part", "Text": "The object of this Part is to set up a procedure for dealing with inactive low ‑ balance accounts.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20Q"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QA", "Provision_Key": "s20qa", "Heading": "Meaning of inactive low ‑ balance account, inactive low ‑ balance member and inactive low ‑ balance product", "Text": "(1) An account in a fund is taken to be an inactive low ‑ balance account if: (a) for a fund that is a regulated superannuation fund: (i) the fund has 7 or more members; and (ii) the account is held on behalf of a member of the fund; and (iii) the account relates, in whole or in part, to a MySuper product or choice product held by that member; and (iv) the superannuation provider has not received an amount in respect of the member for crediting to that product within the last 16 months; and (v) the balance of the account that relates to that product is less than $6,000; and (vi) the member has not satisfied any of the conditions of release of benefits specified in a standard made under paragraph 31(2)(h) of the SIS Act that are prescribed for the purposes of this subparagraph; and (vii) the account does not support or relate to a defined benefit interest (within the meaning of section 291 ‑ 175 of the Income Tax Assessment Act 1997 ); and (viii) no benefit that despite section 68AAA of the SIS Act could, because of the application of subsection 68AAA(2), (7) or (8) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and (ix) no benefit that despite section 68AAB of the SIS Act could, because of the application of subsection 68AAB(2), (5) or (6) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and (x) no benefit that despite section 68AAC of the SIS Act could, because of the application of subsection 68AAC(2) of that Act, be provided to, or in respect of, the member under the product by taking out or maintaining insurance is provided in that way; and (b) for a fund that is an RSA or approved deposit fund: (i) the account is held on behalf of a member of the fund; and (ii) the superannuation provider has not received an amount in respect of the member within the last 16 months; and (iii) the balance of the account is less than $6,000; and (iv) the member has not satisfied any of the conditions of release of benefits specified in a standard made under paragraph 38(2)(f) of the Retirement Savings Accounts Act 1997 (for an RSA), or paragraph 32(2)(c) of the SIS Act (for an approved deposit fund), that are prescribed for the purposes of this paragraph; and (v) the account does not support or relate to a defined benefit interest (within the meaning of section 291 ‑ 175 of the Income Tax Assessment Act 1997 ). Note: The balance of an account does not reflect any earnings, fees or charges that have not yet been credited to, or debited from, the account. (1A) However, an account in a fund that is a regulated superannuation fund is taken not to be an inactive low ‑ balance account if: (a) the account is held on behalf of a member of the fund; and (b) any of the following occurred in relation to the member in the last 16 months: (i) the member changed the member’s investment options under the fund; (ii) the member made changes in relation to the member’s insurance coverage under the fund; (iii) the member made or amended a binding beneficiary nomination; (iv) the member, by written notice given to the superannuation provider, made an election that the account was not an inactive low ‑ balance account. (2) A person on whose behalf a superannuation provider holds an inactive low ‑ balance account is an inactive low ‑ balance member . (3) In a regulated superannuation fund, each MySuper product or choice product to which an inactive low ‑ balance account relates in whole or in part, and in relation to which subparagraphs (1)(a)(iv), (v), (viii) and (ix) are satisfied, is an inactive low ‑ balance product in the inactive low ‑ balance account.", "Amendment_Count": 5, "First_Amended": "No 16 of 2019", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 16 of 2019 | No 79 of 2019 | No 64 of 2020 | No 141 of 2020 | No 47 of 2021", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 21, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 79 of 2019, Sch 1 item 6 | Sch 1 item 7, effective Sch 1 (items 6–10): 3 Oct 2019 (s 2(1) item 1) | Amended by No 64 of 2020, Sch 11 item 62, effective Sch 3 (items 54–60): 23 June 2020 (s 2(1) item 4) | Amended by No 141 of 2020, Sch 4 item 75 | Sch 4 item 145, effective Sch 4 (items 74, 75, 145): 18 Dec 2020 (s 2(1) items 6, 16) | Amended by No 47 of 2021, effective Sch 1 (items 35–41): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QB", "Provision_Key": "s20qb", "Heading": "Statements on inactive low ‑ balance accounts", "Text": "Superannuation provider must give statement to the Commissioner (1) A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) each inactive low ‑ balance account as at the end of the day; (b) the administration of any of the following in connection with each inactive low ‑ balance account: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . Note 1: For State or Territory public sector superannuation schemes, see sections 20QG and 20QH. Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act. Note 3: The approved form may also require the statement to include certain tax file numbers: see subsection 25(2B) of this Act. (2) The statement is not required to contain information relevant to inactive low ‑ balance accounts that cease to be inactive low ‑ balance accounts during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (3) If, at the end of the unclaimed money day: (a) there are no balances held in inactive low ‑ balance accounts, the statement must say so; or (b) the only inactive low ‑ balance accounts that hold balances cease to be inactive low ‑ balance accounts during the period mentioned in subsection (2), the statement must say so. Note: If the fund is a regulated superannuation fund that has no more than 6 members, see subsection (4). (4) This section does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has no more than 6 members; and (b) either: (i) there are no balances held in inactive low ‑ balance accounts; or (ii) the only inactive low ‑ balance accounts that hold balances cease to be inactive low ‑ balance accounts during the period mentioned in subsection (2). When statement must be given (5) The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day. Note 1: The Commissioner may defer the time for giving the statement: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act. Relationship to rest of Act (6) This section does not apply in relation to: (a) an amount that is unclaimed money at the end of the unclaimed money day; or (b) amounts payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C; or (ba) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C; or (c) an amount payable to the Commissioner in respect of a lost member under section 24E. Note 1: Section 16 requires the superannuation provider to give the Commissioner a statement about unclaimed money. Note 2: Section 20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section 20C (which is about notices identifying former temporary residents). Note 2A: Section 21A requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts. Note 3: Section 24C requires the superannuation provider to give the Commissioner statements about lost member accounts.", "Amendment_Count": 4, "First_Amended": "No 16 of 2019", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 16 of 2019 | No 64 of 2020 | No 24 of 2021 | No 47 of 2021", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 20Q | Sch 3 item 33, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 64 of 2020, effective Sch 3 (items 54–60): 23 June 2020 (s 2(1) item 4) | Amended by No 24 of 2021, Sch 1 item 34 | Sch 1 item 35, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 47 of 2021, Sch 1 item 38 | Sch 1 item 39, effective Sch 1 (items 35–41): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QB"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QC", "Provision_Key": "s20qc", "Heading": "Error or omission in statement", "Text": "Scope (1) This section applies if: (a) a superannuation provider gives the Commissioner a statement under section 20QB; and (b) the superannuation provider becomes aware of a material error, or material omission, in any information in the statement. Superannuation provider must give information (2) The superannuation provider must, in the approved form, give the Commissioner the corrected or omitted information. (3) Information required by subsection (2) must be given no later than 30 days after the superannuation provider becomes aware of the error or omission. Note 1: The Commissioner may defer the time for giving the information: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QC"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QD", "Provision_Key": "s20qd", "Heading": "Payment in respect of inactive low ‑ balance accounts", "Text": "Provider must pay Commissioner (1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount worked out under subsection (2) in respect of a person if: (a) an account is an inactive low ‑ balance account as at the end of an unclaimed money day; and (b) the account is held by the provider on behalf of the person; and (c) the account is still an inactive low ‑ balance account at the time (the calculation time ) immediately before the earlier of: (i) the time (if any) the payment is made; and (ii) the time at which the payment is due and payable (assuming that the payment must be made). The amount is due and payable at the end of the scheduled statement day for the unclaimed money day. Note 1: For State or Territory public sector superannuation schemes, see sections 20QG and 20QH. Note 2: Subsection 20QE(2) makes it an offence not to comply with a requirement under this subsection. Note 3: The amount the superannuation provider must pay the Commissioner is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities. Note 4: The Commissioner may defer the time at which the amount is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Note 5: Section 20QJ provides for refunds of overpayments by the superannuation provider to the Commissioner. (2) The amount payable in respect of the person is the amount that would have been payable by the superannuation provider if: (a) for a fund that is a regulated superannuation fund—the person had requested that the balance held in respect of each inactive low ‑ balance product in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act); and (b) for a fund that is an RSA or approved deposit fund—the person had requested that the balance held in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act). (3) For the purposes of subsection (2): (a) work out the amount that would have been payable at the calculation time; and (b) assume that the request were made before the calculation time; and (c) assume that the inactive low ‑ balance member had not died before the calculation time. Family Law payment splits (4) If, as a result of a payment split that applies in relation to the account, the non ‑ member spouse (or his or her legal personal representative if he or she has died) is, or could in the future be, entitled to be paid an amount, then: (a) for the purposes of subsection (2), take account only of the inactive low ‑ balance member’s entitlement to payment remaining after any reduction by the payment split (disregarding subsection 90XB(3) or 90YC(3) (as the case may be) of the Family Law Act 1975 ); and (b) the superannuation provider must also pay an amount (the non ‑ member spouse amount ) to the Commissioner in respect of the non ‑ member spouse; and (c) the non ‑ member spouse amount is due and payable at the same time as the amount payable under subsection (1); and (d) the amount of the non ‑ member spouse amount is the amount of the reduction mentioned in paragraph (a). Note 1: Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90XB(3) of that Act provides that the Part has effect subject to this Act. Note 1A: Part VIIIC of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between de facto partners in a de facto relationship in Western Australia. Subsection 90YC(3) of that Act provides that the Part has effect subject to this Act. Note 2: Subsection 20QE(2) of this Act makes it an offence not to comply with a requirement under this subsection. Miscellaneous (5) This section does not require the superannuation provider to pay the Commissioner: (a) an amount that is unclaimed money at the end of the unclaimed money day; or (b) an amount payable to a person identified in a notice the Commissioner has given the provider under section 20C; or (ba) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C; or (c) an amount payable to the Commissioner in respect of a lost member under section 24E. Note 1: Unclaimed money is payable to the Commissioner under subsection 17(1). Note 2: An amount mentioned in paragraph (5)(b) is payable to the Commissioner under section 20F. (6) Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount. (7) For the purposes of this section, ignore accounts with nil balances, or balances below nil, as at the calculation time mentioned in subsection (1).", "Amendment_Count": 3, "First_Amended": "No 16 of 2019", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 16 of 2019 | No 112 of 2020 | No 24 of 2021", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 3 | Sch 3 item 8 | Sch 3 item 13 | Sch 3 item 25 | Sch 3 item 26 | Sch 3 item 28 | Sch 3 item 20Q | Sch 3 item 24N, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 112 of 2020, Sch 3 item 105 | Sch 3 item 106 | Sch 3 item 107, effective Sch 3 (items 100–109): 28 Sept 2022 (s 2(1) item 1) | Amended by No 24 of 2021, Sch 1 item 36, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QD"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QE", "Provision_Key": "s20qe", "Heading": "Payment in respect of inactive low ‑ balance accounts—late payments", "Text": "General interest charge on late payment (1) If any of the amount a superannuation provider must pay under section 20QD remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the time it is due and payable; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid when it is due and payable; (ii) general interest charge on any of the amount. Offence of failing to make payment to Commissioner (2) A person commits an offence if: (a) the person is subject to a requirement under subsection 20QD(1) or (4); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement. Penalty for an offence against subsection (2): 100 penalty units.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 20Q, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QE"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QF", "Provision_Key": "s20qf", "Heading": "Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner", "Text": "(1) This section applies in relation to a person if: (a) a superannuation provider paid an amount to the Commissioner under section 20QD in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the amount in accordance with subsection (2). (2) The Commissioner must pay the amount: (a) to a single fund if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the fund; and (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or (aa) to a single KiwiSaver scheme provider if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and (iii) the matters (if any) prescribed by the regulations are satisfied; or (b) in accordance with subsection (4) if: (i) the person has died; and (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the amount to the Commissioner, the provider would have been required to pay an amount or amounts (death benefits) to one or more other persons (death beneficiaries) because of the deceased person’s death; or (c) to the person’s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) to the person if this paragraph applies (see subsection (3)). Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 . (2A) Despite paragraph (2)(a), the Commissioner must not pay the amount to a single fund if the amount includes a New Zealand ‑ sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (3) Paragraph (2)(d) applies if: (a) subparagraphs (2)(a)(ii) and (aa)(ii) do not apply; and (b) any of the following subparagraphs apply: (i) the person has reached the eligibility age and, if the amount includes a New Zealand ‑ sourced amount, the New Zealand eligibility age; (ii) the amount is less than $200; (iii) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the person; and (c) the person has not died. (4) In a case covered by paragraph (2)(b), the Commissioner must pay the amount under subsection (2) by paying to each death beneficiary the amount worked out using the following formula: Note: If there is only one death beneficiary, the whole of the amount is payable to that beneficiary. (5) If: (a) the Commissioner makes a payment under subsection (2) to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and (b) the payment is in accordance with paragraph (2)(a), (aa), (c) or (d); the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under subsection (5) is appropriated by section 16 of the Taxation Administration Act 1953 . (6) If: (a) the Commissioner makes a payment under subsection (2) to a death beneficiary; and (b) the payment is in accordance with paragraph (2)(b); the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under subsection (6) is appropriated by section 16 of the Taxation Administration Act 1953 . (7) Regulations made for the purposes of subsection (5) or (6) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (8) This section does not apply to an amount that is to be, is or has been, taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3). Note: Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under subsections 17(1), 20F(1), 20QD(1), 21C(1), 22(1) and 24E(1) in respect of a person who: (a) is identified in a notice under section 20C; or (b) used to be the holder of a temporary visa.", "Amendment_Count": 4, "First_Amended": "No 16 of 2019", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 16 of 2019 | No 118 of 2020 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 7 | Sch 3 item 12 | Sch 3 item 27 | Sch 3 item 28 | Sch 3 item 20Q, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 20 | Sch 2 item 21 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 26, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Amended by No 24 of 2021, Sch 1 item 3 | Sch 1 item 7 | Sch 1 item 11 | Sch 1 item 32 | Sch 1 item 37 | Sch 2 item 25, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 82, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QF"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QG", "Provision_Key": "s20qg", "Heading": "State or Territory public sector superannuation schemes", "Text": "Subject to section 20QH, sections 20QB and 20QD do not apply to a superannuation provider in relation to an unclaimed money day if, because of section 18, the superannuation provider does not have to comply with subsection 16(1) or 17(1) in relation to the unclaimed money day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QG"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QH", "Provision_Key": "s20qh", "Heading": "Prescribed public sector superannuation schemes", "Text": "(1) Section 6, subsections 19(1) to (3), this Part (other than sections 20QE and 20QG) and subsection 25(2B) apply as if: (a) a public sector superannuation scheme that: (i) is prescribed for the purposes of this section; and (ii) in the case of a Commonwealth public sector superannuation scheme—is not a fund; were a fund; and Note: The regulations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislation Act 2003 . (b) the trustee of the scheme were the superannuation provider; and (c) a member of the scheme were a member of the fund. (2) Despite subsection (1), in the case of a State or Territory public sector superannuation scheme: (a) section 20QB (statements on inactive low ‑ balance accounts): (i) permits, rather than requires, the trustee to give a statement to the Commissioner; and (ii) does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and (b) section 20QD (payment of balances from inactive low ‑ balance accounts): (i) does not apply in relation to an unclaimed money day if the trustee does not give a statement in relation to the unclaimed money day to the Commissioner under section 20QB; and (ii) permits, rather than requires, the trustee to pay an amount to the Commissioner; and (iii) does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner. (3) Subparagraphs (2)(a)(i) and (b)(ii) do not apply in relation to an unclaimed money day if, disregarding this section: (a) the public sector superannuation scheme is a fund; and (b) the superannuation provider has to comply with subsections 16(1) and 17(1) in relation to the unclaimed money day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 20Q, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QH"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QJ", "Provision_Key": "s20qj", "Heading": "Refund of overpayment made by superannuation provider", "Text": "(1) This section applies if: (a) a superannuation provider for a fund (the first fund ) has made a payment to the Commissioner under section 20QD in respect of a person; and (b) the Commissioner is satisfied that the amount paid exceeded the amount (if any) that was payable under that section in respect of the person. (2) The Commissioner must pay the excess: (a) to the superannuation provider; or (b) to a superannuation provider for another fund if the Commissioner is satisfied that: (i) the first fund no longer exists; and (ii) the other fund provides rights relating to the person equivalent to those provided by the first fund. Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 20Q, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QJ"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QK", "Provision_Key": "s20qk", "Heading": "Commissioner may recover overpayment", "Text": "(1) This section applies if: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part (other than a payment to a KiwiSaver scheme provider); and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made (whether the payment was made to the person in his or her own right or as the legal personal representative of someone else who had died); (b) the superannuation provider for the fund to which the payment was made; (c) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 16 of 2019", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 16 of 2019 | No 118 of 2020", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 25, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QK"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QL", "Provision_Key": "s20ql", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "Scope (1) This section applies if: (a) a payment (the Commissioner’s payment ) is made to a fund under paragraph 20QF(2)(a) or subsection 20QF(5) in accordance with a person’s direction; and (b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made. Repayment (2) The superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (3) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. General interest charge (4) If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 2, "First_Amended": "No 16 of 2019", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 16 of 2019 | No 118 of 2020", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 26, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QL"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 20QM", "Provision_Key": "s20qm", "Heading": "Compensation for acquisition of property", "Text": "(1) If the operation of this Part would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person. (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines. (3) In this section: acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution. just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s20QM"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Object of Part", "Text": "The object of this Part is to set up a procedure for all account balances in eligible rollover funds to be paid to the Commissioner. Note: Part 4B provides for the Commissioner, where possible, to unify any such account balance in respect of a person into a single active account held by a superannuation provider in respect of the person.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 8 of 2019 | No 24 of 2021", "History_Notes": "Repealed by No 8 of 2019, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21A", "Provision_Key": "s21a", "Heading": "Statements on accounts of eligible rollover funds", "Text": "Statements for ERF low balance accounts held on 1 June 2021 (1) A superannuation provider who is a trustee of an eligible rollover fund must, by the end of 30 June 2021, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) each account (an ERF low balance account ) that, as at the end of 1 June 2021: (i) was held by the fund on behalf of a person (an eligible rollover fund member ); and (ii) had a balance of less than $6,000; (b) the administration of any of the following in connection with each ERF low balance account held by the fund: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . Note 1: If an account is an ERF low balance account as at the end of 1 June 2021, it will remain an ERF low balance account even if the balance of the account subsequently equals or exceeds $6,000. Note 2: If the balance of an account as at the end of 1 June 2021 equals or exceeds $6,000, it will not become an ERF low balance account even if the balance subsequently falls below $6,000. (2) The statement under subsection (1) is not required to contain information relevant to an account that, as at the calculation time under subsection 21C(1) in relation to the account, is no longer held by the fund. (3) If, at the end of 1 June 2021, there are no ERF low balance accounts held by the fund, the statement under subsection (1) must say so. Statements for other accounts (4) A superannuation provider who is a trustee of an eligible rollover fund must, by the end of 31 January 2022, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) each account (other than an ERF low balance account) that, as at the end of 1 June 2021, was held by the fund on behalf of a person (an eligible rollover fund member ); (b) the administration of any of the following in connection with each account held by the fund that is an account of a kind mentioned in paragraph (a): (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . (5) The statement under subsection (4) is not required to contain information relevant to an account that, as at the calculation time under subsection 21C(1) in relation to the account, is no longer held by the fund. Note 1: The Commissioner may defer the time for giving a statement required under this section: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if a statement required under this section is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act. Note 3: The Taxation Administration Act 1953 provides for offences and administrative penalties if a statement required under this section includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act. Note 4: The approved form may also require a statement required under this section to include certain tax file numbers: see subsection 25(3) of this Act.", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 28 | Sch 1 item 35 | Sch 1 item 21B | Sch 1 item 40 | Sch 1 item 44, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21B", "Provision_Key": "s21b", "Heading": "Errors or omissions in statements", "Text": "(1) A superannuation provider who becomes aware of a material error, or material omission, in any information in a statement of the superannuation provider under section 21A must give the corrected or omitted information to the Commissioner. (2) The corrected or omitted information must be given: (a) in the approved form; and (b) no later than 30 days after the superannuation provider becomes aware of the error or omission. Note 1: The Commissioner may defer the time for giving the information: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21B"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21C", "Provision_Key": "s21c", "Heading": "Payments in respect of accounts of eligible rollover funds", "Text": "Provider must pay Commissioner (1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount worked out under subsection (3) in respect of an eligible rollover fund member if the provider: (a) is a trustee of an eligible rollover fund; and (b) holds an account on behalf of the eligible rollover fund member at the time (the calculation time ) immediately before the earlier of: (i) the time (if any) the payment is made; and (ii) the time the payment is due and payable (assuming that the payment must be made). Note 1: Subsection 21D(2) makes it an offence not to comply with a requirement under this subsection. Note 2: The amount the superannuation provider must pay the Commissioner is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities. Note 3: Section 21F provides for refunds of overpayments by the superannuation provider to the Commissioner. (2) The amount is due and payable at the end of: (a) 30 June 2021, if the account is an ERF low balance account; or (b) 31 January 2022, if the account is not an ERF low balance account. Note: The Commissioner may defer the time at which the amount is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . (3) The amount payable in respect of the eligible rollover fund member is the amount that would have been payable by the superannuation provider if the member had requested that the balance held in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act). (4) For the purposes of subsection (3): (a) work out the amount that would have been payable at the calculation time; and (b) assume that the request were made before the calculation time; and (c) assume that the eligible rollover fund member had not died before the calculation time. Family Law payment splits (5) If, as a result of a payment split that applies in relation to the account, the non ‑ member spouse (or the non ‑ member spouse’s personal representative if the non ‑ member spouse has died) is, or could in the future be, entitled to be paid an amount, then: (a) for the purposes of subsection (3), take account only of the eligible roll ‑ over fund member’s entitlement to payment remaining after any reduction by the payment split (disregarding subsection 90XB(3) of the Family Law Act 1975 ); and (b) the superannuation provider must also pay an amount (the non ‑ member spouse amount ) to the Commissioner in respect of the non ‑ member spouse; and (c) the non ‑ member spouse amount is due and payable at the same time as the amount payable under subsection (1); and (d) the amount of the non ‑ member spouse amount is the amount of the reduction mentioned in paragraph (a). Note 1: Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90XB(3) of that Act provides that the Part has effect subject to this Act. Note 2: Subsection 21D(2) of this Act makes it an offence not to comply with a requirement under this subsection. Miscellaneous (6) Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount. (7) For the purposes of this section, ignore accounts with nil balances, or balances below nil, as at the calculation time mentioned in subsection (1).", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, Sch 1 item 3 | Sch 1 item 8 | Sch 1 item 12 | Sch 1 item 25 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 32 | Sch 1 item 34 | Sch 1 item 36 | Sch 1 item 21A | Sch 1 item 21D | Sch 1 item 21E | Sch 1 item 21F | Sch 1 item 39 | Sch 1 item 41 | Sch 1 item 43, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21C"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21D", "Provision_Key": "s21d", "Heading": "Late payments", "Text": "General interest charge on late payment (1) If any of the amount a superannuation provider must pay under section 21C remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the time it is due and payable; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid when it is due and payable; (ii) general interest charge on any of the amount. Offence of failing to make payment to Commissioner (2) A person commits an offence if: (a) the person is subject to a requirement under subsection 21C(1) or (5); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement. Penalty for an offence against this subsection: 100 penalty units.", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, Sch 1 item 21C, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21D"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21E", "Provision_Key": "s21e", "Heading": "Payments by Commissioner in respect of persons for whom amounts have been paid to Commissioner", "Text": "(1) This section applies in relation to a person if: (a) a superannuation provider paid an amount to the Commissioner under section 21C in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the amount in accordance with subsection (2). (2) The Commissioner must pay the amount: (a) to a single fund if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the fund; and (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or (aa) to a single KiwiSaver scheme provider if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and (iii) the matters (if any) prescribed by the regulations are satisfied; or (b) in accordance with subsection (4) if: (i) the person has died; and (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the amount to the Commissioner, the provider would have been required to pay an amount or amounts ( death benefits ) to one or more other persons ( death beneficiaries ) because of the deceased person’s death; or (c) to the person’s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) to the person if this paragraph applies (see subsection (3)). Note: Money for payments under this subsection is appropriated by section 16 of the Taxation Administration Act 1953 . (2A) Despite paragraph (2)(a), the Commissioner must not pay the amount to a single fund if the amount includes a New Zealand ‑ sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (3) Paragraph (2)(d) applies if: (a) subparagraphs (2)(a)(ii) and (aa)(ii) do not apply; and (b) any of the following subparagraphs apply: (i) the person has reached the eligibility age and, if the amount includes a New Zealand ‑ sourced amount, the New Zealand eligibility age; (ii) the amount is less than $200; (iii) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the person; and (c) the person has not died. (4) In a case covered by paragraph (2)(b), the Commissioner must pay the amount under subsection (2) by paying to each death beneficiary the amount worked out using the following formula: Note: If there is only one death beneficiary, the whole of the amount is payable to that beneficiary. (5) If: (a) the Commissioner makes a payment under subsection (2) to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and (b) the payment is in accordance with paragraph (2)(a), (aa), (c) or (d); the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under this subsection is appropriated by section 16 of the Taxation Administration Act 1953 . (6) If: (a) the Commissioner makes a payment under subsection (2) to a death beneficiary; and (b) the payment is in accordance with paragraph (2)(b); the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under this subsection is appropriated by section 16 of the Taxation Administration Act 1953 . (7) Regulations made for the purposes of subsection (5) or (6) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (8) This section does not apply to an amount that is to be, is or has been, taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3). Note: Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under subsections 17(1), 20F(1), 20QD(1), 21C(1), 22(1) and 24E(1) in respect of a person who: (a) is identified in a notice under section 20C; or (b) used to be the holder of a temporary visa.", "Amendment_Count": 4, "First_Amended": "No 118 of 2020", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 118 of 2020 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Amended by No 118 of 2020, Sch 2 item 36 | Sch 2 item 37 | Sch 2 item 38 | Sch 2 item 39 | Sch 2 item 40 | Sch 2 item 42, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Inserted by No 24 of 2021, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 7 | Sch 1 item 11 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 21H | Sch 2 item 3 | Sch 2 item 7 | Sch 2 item 11 | Sch 2 item 23 | Sch 2 item 26, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 24 of 2021, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 7 | Sch 1 item 11 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 21H | Sch 2 item 3 | Sch 2 item 7 | Sch 2 item 11 | Sch 2 item 23 | Sch 2 item 26, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 84, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21E"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21F", "Provision_Key": "s21f", "Heading": "Refund of overpayment made by superannuation provider", "Text": "If the Commissioner is satisfied that an amount a superannuation provider for a fund (the first fund ) has paid to the Commissioner under section 21C in respect of a person exceeded the amount (if any) that was payable under that section in respect of the person, the Commissioner must pay the excess: (a) to the superannuation provider; or (b) to a superannuation provider for another fund if the Commissioner is satisfied that: (i) the first fund no longer exists; and (ii) the other fund provides rights relating to the person equivalent to those provided by the first fund. Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, Sch 1 item 21C, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21F"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21G", "Provision_Key": "s21g", "Heading": "Commissioner may recover overpayment", "Text": "(1) If: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part (other than a payment to a KiwiSaver scheme provider); and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person; the Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (2) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (3) are met. (2) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made (whether the payment was made to the person in his or her own right or as the legal personal representative of someone else who had died); (b) the superannuation provider for the fund to which the payment was made; (c) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (3) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (4) Despite subsections (1) and (2), if the Commissioner gives a notice described in paragraph (3)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (5) The Commissioner may revoke a notice described in paragraph (3)(a). (6) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (7) A notice described in paragraph (3)(a) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 118 of 2020", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 118 of 2020 | No 24 of 2021", "History_Notes": "Amended by No 118 of 2020, Sch 2 item 41, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21G"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 21H", "Provision_Key": "s21h", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "(1) If: (a) a payment (the Commissioner’s payment ) is made to a fund under paragraph 21E(2)(a) or subsection 21E(5) in accordance with a person’s direction; and (b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made; the superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (2) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. (3) If any of the amount the superannuation provider is liable to repay under subsection (1) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 2, "First_Amended": "No 118 of 2020", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 118 of 2020 | No 24 of 2021", "History_Notes": "Amended by No 118 of 2020, Sch 2 item 42, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s21H"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22", "Provision_Key": "s22", "Heading": "Superannuation provider may pay amounts to Commissioner", "Text": "(1) A superannuation provider may pay to the Commissioner an amount that it holds if: (a) it holds the amount on behalf of: (i) a member of the superannuation fund, approved deposit fund or RSA for which the superannuation provider is the trustee or RSA provider; or (ii) a former member of that superannuation fund, approved deposit fund or RSA; or (iii) a non ‑ member spouse of that member or former member; and (b) it reasonably believes that paying the amount to the Commissioner would be in the best interests of the member, former member or non ‑ member spouse; and (c) at the same time as making the payment, it gives the Commissioner a statement that complies with subsection (2). (2) The statement must be a statement, in the approved form, of information relevant to either or both of the following: (a) the amount; (b) the administration of any of the following in connection with the amount: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . (3) The amount paid must be the amount that would have been payable by the superannuation provider if: (a) the amount had constituted an account that the superannuation provider held for the member, former member or non ‑ member spouse; and (b) the member, former member or non ‑ member spouse had requested that the balance held in the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act). (4) For the purposes of subsection (3): (a) assume that the request were made before the time of the payment; and (b) assume that the member, former member or non ‑ member spouse had not died before the time of the payment. (5) This section does not apply to: (a) an amount that is unclaimed money, and that was unclaimed money on the most recent unclaimed money day; or (b) an amount payable to a person identified in a notice the Commissioner has given the provider under section 20C; or (c) an amount that is held in an inactive low ‑ balance account, and that was held in such an account on the most recent unclaimed money day; or (d) an amount that is held in an account of an eligible rollover fund member, unless the payment under this section is made before 1 June 2021; or (e) an amount that is held in a lost member account, and that was held in such an account on the most recent unclaimed money day. Note 1: Unclaimed money is payable to the Commissioner under subsection 17(1). Note 2: An amount mentioned in paragraph (5)(b) is payable to the Commissioner under section 20F. (6) Upon payment to the Commissioner of an amount under this section, the superannuation provider is discharged from further liability in respect of that amount.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 8 of 2019 | No 24 of 2021", "History_Notes": "Repealed by No 8 of 2019, Sch 3 item 16, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Inserted by No 24 of 2021, Sch 2 item 3 | Sch 2 item 8 | Sch 2 item 12 | Sch 2 item 20 | Sch 2 item 21 | Sch 2 item 23 | Sch 2 item 22A | Sch 2 item 22B | Sch 2 item 22C | Sch 2 item 29 | Sch 2 item 30, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22A", "Provision_Key": "s22a", "Heading": "Errors or omissions in statements", "Text": "(1) A superannuation provider who becomes aware of a material error, or material omission, in any information in a statement of the superannuation provider under subsection 22(2) must give the corrected or omitted information to the Commissioner. (2) The corrected or omitted information must be given: (a) in the approved form; and (b) no later than 30 days after the superannuation provider becomes aware of the error or omission. Note 1: The Commissioner may defer the time for giving the information: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22B", "Provision_Key": "s22b", "Heading": "Payments by Commissioner in respect of persons for whom amounts have been paid to Commissioner", "Text": "(1) This section applies in relation to a person if: (a) a superannuation provider paid an amount to the Commissioner under section 22 in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the amount in accordance with subsection (2). (2) The Commissioner must pay the amount: (a) to a single fund if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the fund; and (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or (aa) to a single KiwiSaver scheme provider if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and (iii) the matters (if any) prescribed by the regulations are satisfied; or (b) in accordance with subsection (4) if: (i) the person has died; and (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the amount to the Commissioner, the provider would have been required to pay an amount or amounts ( death benefits ) to one or more other persons ( death beneficiaries ) because of the deceased person’s death; or (c) to the person’s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) to the person if this paragraph applies (see subsection (3)). Note: Money for payments under this subsection is appropriated by section 16 of the Taxation Administration Act 1953 . (2A) Despite paragraph (2)(a), the Commissioner must not pay the amount to a single fund if the amount includes a New Zealand ‑ sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (3) Paragraph (2)(d) applies if: (a) subparagraphs (2)(a)(ii) and (aa)(ii) do not apply; and (b) any of the following subparagraphs apply: (i) the person has reached the eligibility age and, if the amount includes a New Zealand ‑ sourced amount, the New Zealand eligibility age; (ii) the amount is less than $200; (iii) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the person; and (c) the person has not died. (4) In a case covered by paragraph (2)(b), the Commissioner must pay the amount under subsection (2) by paying to each death beneficiary the amount worked out using the following formula: Note: If there is only one death beneficiary, the whole of the amount is payable to that beneficiary. (5) If: (a) the Commissioner makes a payment under subsection (2) to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and (b) the payment is in accordance with paragraph (2)(a), (aa), (c) or (d); the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under this subsection is appropriated by section 16 of the Taxation Administration Act 1953 . (6) If: (a) the Commissioner makes a payment under subsection (2) to a death beneficiary; and (b) the payment is in accordance with paragraph (2)(b); the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under this subsection is appropriated by section 16 of the Taxation Administration Act 1953 . (7) Regulations made for the purposes of subsection (5) or (6) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (8) This section does not apply to an amount that is to be, is or has been, taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3). Note: Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under subsections 17(1), 20F(1), 20QD(1), 21C(1), 22(1) and 24E(1) in respect of a person who: (a) is identified in a notice under section 20C; or (b) used to be the holder of a temporary visa.", "Amendment_Count": 2, "First_Amended": "No 24 of 2021", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 24 of 2021 | No 127 of 2021", "History_Notes": "Inserted by No 24 of 2021, Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 7 | Sch 2 item 11 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 22F, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 86 | Sch 3 item 87 | Sch 3 item 88 | Sch 3 item 90 | Sch 3 item 91 | Sch 3 item 92 | Sch 3 item 94, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22B"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22C", "Provision_Key": "s22c", "Heading": "Refund of overpayment made by superannuation provider", "Text": "If the Commissioner is satisfied that an amount a superannuation provider for a fund (the first fund ) has paid to the Commissioner under section 22 in respect of a person exceeded the amount (if any) that was payable under that section in respect of the person, the Commissioner must pay the excess: (a) to the superannuation provider; or (b) to a superannuation provider for another fund if the Commissioner is satisfied that: (i) the first fund no longer exists; and (ii) the other fund provides rights relating to the person equivalent to those provided by the first fund. Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22C"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22D", "Provision_Key": "s22d", "Heading": "Prescribed public sector superannuation schemes", "Text": "Section 6, subsections 19(1) to (3), this Part and subsection 25(3A) apply as if: (a) a public sector superannuation scheme that: (i) is prescribed for the purposes of this section; and (ii) in the case of a Commonwealth public sector superannuation scheme—is not a fund; were a fund; and Note: The regulations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislation Act 2003 . (b) the trustee of the scheme were the superannuation provider; and (c) a member of the scheme were a member of the fund.", "Amendment_Count": 1, "First_Amended": "No 24 of 2021", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 24 of 2021", "History_Notes": "Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22D"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22E", "Provision_Key": "s22e", "Heading": "Commissioner may recover overpayment", "Text": "(1) If: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part (other than a payment to a KiwiSaver scheme provider); and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person; the Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (2) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (3) are met. (2) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made (whether the payment was made to the person in the person’s own right or as the legal personal representative of someone else who had died); (b) the superannuation provider for the fund to which the payment was made; (c) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (3) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (4) Despite subsections (1) and (2), if the Commissioner gives a notice described in paragraph (3)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (5) The Commissioner may revoke a notice described in paragraph (3)(a). (6) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (7) A notice described in paragraph (3)(a) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 24 of 2021", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 24 of 2021 | No 127 of 2021", "History_Notes": "Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 93, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22E"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 22F", "Provision_Key": "s22f", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "(1) If: (a) a payment (the Commissioner’s payment ) is made to a fund under paragraph 22B(2)(a) or subsection 22B(5) in accordance with a person’s direction; and (b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made; the superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (2) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. (3) If any of the amount the superannuation provider is liable to repay under subsection (1) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 2, "First_Amended": "No 24 of 2021", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 24 of 2021 | No 127 of 2021", "History_Notes": "Inserted by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 94, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s22F"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 23", "Provision_Key": "s23", "Heading": "Register of lost members", "Text": "The Commissioner must keep a register of lost members.", "Amendment_Count": 2, "First_Amended": "No 27 of 2009", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 27 of 2009 | No 8 of 2019", "History_Notes": "Amended by No 27 of 2009, Sch 2 item 33 | Sch 2 item 34 | Sch 2 item 35 | Sch 3 item 92 | Sch 3 item 93, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Repealed and substituted by No 8 of 2019, Sch 4 item 13 | Sch 4 item 14 | Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s23"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24", "Provision_Key": "s24", "Heading": "Commissioner may give information to State or Territory authorities", "Text": "The Commissioner may give information contained in the register to a State or Territory authority if the State or Territory has a law satisfying the requirements of subsections 18(4) and (5).", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Repealed and substituted by No 8 of 2019, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24A", "Provision_Key": "s24a", "Heading": "Object of Part", "Text": "The object of this Part is to set out a procedure for dealing with: (a) small accounts of lost members; and (b) inactive accounts of unidentifiable lost members.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24B", "Provision_Key": "s24b", "Heading": "Meaning of lost member account", "Text": "Small accounts (1) An account in a fund is taken to be a lost member account if: (a) the member on whose behalf the account is held is a lost member; and (b) the balance of the account is less than $6,000; and (c) the account does not support or relate to a defined benefit interest (within the meaning of section 291 ‑ 175 of the Income Tax Assessment Act 1997 ). Note: The balance of an account does not reflect any earnings, fees or charges that have not yet been credited to, or debited from, the account. Inactive accounts of unidentifiable members (2) An account in a fund is also taken to be a lost member account if: (a) the member on whose behalf the account is held is a lost member; and (b) the superannuation provider has not received an amount in respect of the member within the last 12 months; and (c) the superannuation provider is satisfied that it will never be possible for the provider, having regard to the information reasonably available to the provider, to pay an amount to the member; and (d) the account does not support or relate to a defined benefit interest (within the meaning of section 291 ‑ 175 of the Income Tax Assessment Act 1997 ).", "Amendment_Count": 5, "First_Amended": "No 133 of 2009", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 133 of 2009 | No 176 of 2012 | No 118 of 2013 | No 135 of 2015 | No 16 of 2019", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 6 | Sch 3 item 7, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 176 of 2012, Sch 4 item 5 | Sch 4 item 6, effective Sch 4 (items 1–4, 7, 8): 5 Dec 2012 (s 2(1) items 8, 10) Sch 4 (items 5, 6): 30 Dec 2012 (s 2(1) item 9) | Amended by No 118 of 2013, Sch 1 item 13 | Sch 1 item 14, effective Sch 1 (items 13, 14, 110): 29 June 2013 (s 2(1) item 2) | Amended by No 135 of 2015, Sch 3 item 1 | Sch 3 item 2, effective Sch 3 (item 1): 31 Dec 2015 (s 2(1) item 3) Sch 3 (item 2): 31 Dec 2016 (s 2(1) item 4) | Amended by No 16 of 2019, Sch 3 item 31, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24B"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24C", "Provision_Key": "s24c", "Heading": "Statement of lost member accounts", "Text": "Superannuation provider must give statement to Commissioner (1) A superannuation provider must, for each unclaimed money day, give the Commissioner a statement, in the approved form, of information relevant to either or both of the following: (a) each lost member account as at the end of the day; (b) the administration of any of the following in connection with each lost member account: (i) this Part; (ii) the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 ; (iii) the Income Tax Assessment Act 1997 , Part 3AA of this Act, and Chapters 2 and 4 in Schedule 1 to the Taxation Administration Act 1953 , so far as they relate to this Part or the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 . Note 1: For State or Territory public sector superannuation schemes, see sections 24H and 24HA. Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement required under subsection (1) includes false or misleading information: see sections 8K, 8M, 8N and 8R of that Act and Division 284 in Schedule 1 to that Act. Note 3: The approved form may also require the statement to include certain tax file numbers: see subsection 25(4) of this Act. (2) The statement is not required to contain information relevant to lost member accounts that cease to be lost member accounts during the period that: (a) begins from the unclaimed money day; and (b) ends immediately before the day on which the statement is given to the Commissioner. (3) If, at the end of the unclaimed money day: (a) there are no lost member accounts, the statement must say so; or (b) there are only lost member accounts that cease to be lost member accounts during the period mentioned in subsection (2), the statement must say so. Note: If the fund is a regulated superannuation fund that has no more than 6 members, see subsection (4). (4) This section does not apply if, at the end of the unclaimed money day: (a) the fund is a regulated superannuation fund that has no more than 6 members; and (b) either: (i) there are no lost member accounts; or (ii) there are only lost member accounts that cease to be lost member accounts during the period mentioned in subsection (2). When statement must be given (5) The superannuation provider must give the Commissioner the statement by the end of the scheduled statement day for the unclaimed money day. Note 1: The Commissioner may defer the time for giving the statement: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the statement is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act. Relationship to rest of Act (6) This section does not apply in relation to: (a) an amount that is unclaimed money at the end of the unclaimed money day; or (b) amounts payable to a person identified in a notice the Commissioner has given the superannuation provider under section 20C; or (c) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C. Note: Section 16 requires the superannuation provider to give the Commissioner a statement about unclaimed money. Note 2: Section 20E requires the superannuation provider to give the Commissioner a statement about the superannuation interest of a person identified in a notice given to the provider under section 20C (which is about notices identifying former temporary residents). Note 3: Section 21A requires the superannuation provider to give the Commissioner statements about eligible rollover fund accounts.", "Amendment_Count": 5, "First_Amended": "No 133 of 2009", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 133 of 2009 | No 117 of 2010 | No 64 of 2020 | No 24 of 2021 | No 47 of 2021", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 24D | Sch 3 item 25, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 117 of 2010, Sch 1 item 10 | Sch 1 item 13, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 64 of 2020, effective Sch 3 (items 54–60): 23 June 2020 (s 2(1) item 4) | Amended by No 24 of 2021, Sch 1 item 39 | Sch 1 item 40, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 47 of 2021, Sch 1 item 40 | Sch 1 item 41, effective Sch 1 (items 35–41): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24C"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24D", "Provision_Key": "s24d", "Heading": "Error or omission in statement", "Text": "Scope (1) This section applies if: (a) a superannuation provider gives the Commissioner a statement under section 24C; and (b) the superannuation provider becomes aware of a material error, or material omission, in any information in the statement. Superannuation provider must give information (2) The superannuation provider must, in the approved form, give the Commissioner the corrected or omitted information. (3) Information required by subsection (2) must be given no later than 30 days after the superannuation provider becomes aware of the error or omission. Note 1: The Commissioner may defer the time for giving the information: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The Taxation Administration Act 1953 provides for offences and administrative penalties if the information is not given when it must be: see sections 8C and 8E of that Act and Division 286 in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24D"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24E", "Provision_Key": "s24e", "Heading": "Payment in respect of lost member accounts", "Text": "Provider must pay Commissioner (1) A superannuation provider must pay the Commissioner (for the Commonwealth) the amount worked out under subsection (2) in respect of a person if: (a) an account is a lost member account as at the end of an unclaimed money day; and (b) the account is held by the provider on behalf of the person; and (c) the person is still a lost member at the time (the calculation time ) immediately before the earlier of: (i) the time (if any) the payment is made; and (ii) the time at which the payment is due and payable, (assuming that the payment must be made). The amount is due and payable at the end of the scheduled statement day for the unclaimed money day. Note 1: For State or Territory public sector superannuation schemes, see sections 24H and 24HA. Note 2: Subsection 24F(2) makes it an offence not to comply with a requirement under this subsection. Note 3: The amount the superannuation provider must pay the Commissioner is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. Division 284 in that Schedule provides for administrative penalties connected with such liabilities. Note 4: The Commissioner may defer the time at which the amount is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Note 5: Section 24J provides for refunds of overpayments by the superannuation provider to the Commissioner. Amount of payment (2) The amount payable in respect of the lost member is the amount that would have been payable by the superannuation provider if the lost member had requested that the balance of the account be rolled over or transferred to a complying superannuation fund (within the meaning of the SIS Act). (3) For the purposes of subsection (2): (a) work out the amount that would have been payable at the calculation time; and (b) assume that the request were made before the calculation time; and (c) assume that the lost member had not died before the calculation time. Family Law payment splits (4) If, as a result of a payment split that applies in relation to the account, the non ‑ member spouse (or his or her legal personal representative if he or she has died) is, or could in the future be, entitled to be paid an amount, then: (a) for the purposes of subsection (2), take account only of the lost member’s entitlement to payment remaining after any reduction by the payment split (disregarding subsection 90XB(3) or 90YC(3) (as the case may be) of the Family Law Act 1975 ); and (b) the superannuation provider must also pay an amount (the non ‑ member spouse amount ) to the Commissioner in respect of the non ‑ member spouse; and (c) the non ‑ member spouse amount is due and payable at the same time as the amount payable under subsection (1); and (d) the amount of the non ‑ member spouse amount is the amount of the reduction mentioned in paragraph (a). Note 1: Part VIIIB of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between the parties to a marriage. Subsection 90XB(3) of that Act provides that the Part has effect subject to this Act. Note 1A: Part VIIIC of the Family Law Act 1975 is about splitting amounts payable in respect of a superannuation interest between de facto partners in a de facto relationship in Western Australia. Subsection 90YC(3) of that Act provides that the Part has effect subject to this Act. Note 2: Subsection 24F(2) makes it an offence not to comply with a requirement under this subsection. Miscellaneous (5) This section does not require the superannuation provider to pay the Commissioner: (a) an amount that is unclaimed money at the end of the unclaimed money day; or (b) an amount payable to a person identified in a notice the Commissioner has given the provider under section 20C; or (c) an amount payable to the Commissioner in respect of an eligible rollover fund member under section 21C. Note 1: Unclaimed money is payable to the Commissioner under subsection 17(1). Note 2: An amount mentioned in paragraph (5)(b) is payable to the Commissioner under section 20F. (6) Upon payment to the Commissioner of an amount as required under this section, the superannuation provider is discharged from further liability in respect of that amount. (7) For the purposes of this section, ignore accounts with nil balances, or balances below nil, as at the calculation time mentioned in subsection (1).", "Amendment_Count": 6, "First_Amended": "No 133 of 2009", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 133 of 2009 | No 117 of 2010 | No 88 of 2013 | No 130 of 2018 | No 112 of 2020 | No 24 of 2021", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 17 | Sch 3 item 19 | Sch 3 item 24F | Sch 3 item 24G | Sch 3 item 24J | Sch 3 item 36 | Sch 3 item 39, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 117 of 2010, Sch 1 item 11 | Sch 1 item 13, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 88 of 2013, Sch 1 item 4 | Sch 1 item 25 | Sch 1 item 28, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 130 of 2018, Sch 6 item 69 | Sch 6 item 70, effective Sch 6 (items 67–70): 22 Nov 2018 (s 2(1) item 10) | Amended by No 112 of 2020, Sch 3 item 108 | Sch 3 item 109, effective Sch 3 (items 100–109): 28 Sept 2022 (s 2(1) item 1) | Amended by No 24 of 2021, Sch 1 item 41, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24E"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24F", "Provision_Key": "s24f", "Heading": "Payment in respect of lost member accounts—late payments", "Text": "General interest charge on late payment (1) If any of the amount a superannuation provider must pay under section 24E remains unpaid after it is due and payable, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the time it is due and payable; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid when it is due and payable; (ii) general interest charge on any of the amount. Offence of failing to make payment to Commissioner (2) A person commits an offence if: (a) the person is subject to a requirement under subsection 24E(1) or (4); and (b) the person engages in conduct; and (c) the person’s conduct breaches the requirement. Penalty for an offence against subsection (2): 100 penalty units.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 24E, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24F"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24G", "Provision_Key": "s24g", "Heading": "Payment by Commissioner in respect of person for whom an amount has been paid to Commissioner", "Text": "(1) This section applies in relation to a person if: (a) a superannuation provider paid an amount to the Commissioner under section 24E in respect of the person; and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the amount in accordance with subsection (2). (2) The Commissioner must pay the amount: (a) to a single fund if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the fund; and (iii) the fund is a complying superannuation plan (within the meaning of the Income Tax Assessment Act 1997 ); or (aa) to a single KiwiSaver scheme provider if: (i) the person has not died; and (ii) the person directs the Commissioner to pay to the KiwiSaver scheme provider; and (iii) the matters (if any) prescribed by the regulations are satisfied; or (b) in accordance with subsection (3) if: (i) the person has died; and (ii) the Commissioner is satisfied that, if the superannuation provider had not paid the amount to the Commissioner, the provider would have been required to pay an amount or amounts (death benefits) to one or more other persons (death beneficiaries) because of the deceased person’s death; or (c) to the person’s legal personal representative if the person has died but subparagraph (b)(ii) does not apply; or (d) to the person if this paragraph applies (see subsection (2A)). Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 . (2AA) Despite paragraph (2)(a), the Commissioner must not pay the amount to a single fund if the amount includes a New Zealand ‑ sourced amount and either: (a) the fund is a self managed superannuation fund; or (b) the superannuation provider for the fund has not notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (2A) Paragraph (2)(d) applies if: (a) subparagraphs (2)(a)(ii) and (aa)(ii) do not apply; and (b) any of the following subparagraphs apply: (i) the person has reached the eligibility age and, if the amount includes a New Zealand ‑ sourced amount, the New Zealand eligibility age; (ii) the amount is less than $200; (iii) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the person; and (c) the person has not died. (3) In a case covered by paragraph (2)(b), the Commissioner must pay the amount under subsection (2) by paying to each death beneficiary the amount worked out using the following formula: Note: If there is only one death beneficiary, the whole of the amount is payable to that beneficiary. (3A) If: (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a fund, a KiwiSaver scheme provider, a legal personal representative or a person; and (b) the payment is in accordance with paragraph (2)(a), (aa), (c) or (d); the Commissioner must also pay to the fund, KiwiSaver scheme provider, legal personal representative or person the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under subsection (3A) is appropriated by section 16 of the Taxation Administration Act 1953 . (3B) If: (a) the Commissioner makes a payment under subsection (2) on or after 1 July 2013 to a death beneficiary; and (b) the payment is in accordance with paragraph (2)(b); the Commissioner must also pay to the death beneficiary the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under subsection (3B) is appropriated by section 16 of the Taxation Administration Act 1953 . (3C) Regulations made for the purposes of subsection (3A) or (3B) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate. (3D) Interest under subsection (3A) or (3B) does not accrue in relation to a period before 1 July 2013. (4) This section does not apply to an amount that is to be, is or has been, taken into account in determining whether the Commissioner must make a payment under subsection 20H(2) or (3). Note: Subsections 20H(2) and (3) provide for payment by the Commissioner of amounts equal to amounts paid to the Commissioner under subsections 17(1), 20F(1) and 24E(1) in respect of a person who: (a) is identified in a notice under section 20C; or (b) used to be the holder of a temporary visa.", "Amendment_Count": 6, "First_Amended": "No 133 of 2009", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 133 of 2009 | No 176 of 2012 | No 88 of 2013 | No 23 of 2018 | No 118 of 2020 | No 127 of 2021", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 20 | Sch 3 item 24L | Sch 3 item 30 | Sch 3 item 35 | Sch 3 item 38, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 176 of 2012, Sch 4 item 7, effective Sch 4 (items 1–4, 7, 8): 5 Dec 2012 (s 2(1) items 8, 10) Sch 4 (items 5, 6): 30 Dec 2012 (s 2(1) item 9) | Amended by No 88 of 2013, Sch 1 item 4 | Sch 1 item 10 | Sch 1 item 16 | Sch 1 item 24 | Sch 1 item 25 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 31, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 23 of 2018, Sch 1 item 31 | Sch 1 item 32, effective Sch 1 (items 31, 32): 1 Apr 2018 (s 2(1) item 5) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 118 of 2020, Sch 2 item 27 | Sch 2 item 28 | Sch 2 item 29 | Sch 2 item 30 | Sch 2 item 31 | Sch 2 item 33, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560) | Amended by No 127 of 2021, Sch 3 item 95, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24G"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24H", "Provision_Key": "s24h", "Heading": "State or Territory public sector superannuation schemes", "Text": "Subject to section 24HA, sections 24C and 24E do not apply to a superannuation provider in relation to an unclaimed money day if, because of section 18, the superannuation provider does not have to comply with subsection 16(1) or 17(1) in relation to the unclaimed money day.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 133 of 2009 | No 117 of 2010", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 24C | Sch 3 item 24E, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 117 of 2010, Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24H"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24HA", "Provision_Key": "s24ha", "Heading": "Prescribed public sector superannuation schemes", "Text": "(1) Section 6, subsections 19(1) to (3), this Part (other than sections 24F and 24H) and subsection 25(4) apply as if: (a) a public sector superannuation scheme that: (i) is prescribed for the purposes of this section; and (ii) in the case of a Commonwealth public sector superannuation scheme—is not a fund; were a fund; and Note: The regulations may prescribe a scheme by reference to a class of schemes: see subsection 13(3) of the Legislation Act 2003 . (b) the trustee of the scheme were the superannuation provider; and (c) a member of the scheme were a member of the fund. (2) Despite subsection (1), in the case of a State or Territory public sector superannuation scheme: (a) section 24C (Statement of lost member accounts): (i) permits, rather than requires, the trustee to give a statement to the Commissioner; and (ii) does not permit the trustee to give a statement to the Commissioner if the governing rules of the scheme prohibit the trustee from giving the statement to the Commissioner; and (b) section 24E (Payment in respect of lost member accounts): (i) does not apply in relation to an unclaimed money day if the trustee does not give a statement in relation to the unclaimed money day to the Commissioner under section 24C; and (ii) permits, rather than requires, the trustee to pay an amount to the Commissioner; and (iii) does not apply to an amount to the extent that the governing rules of the scheme prohibit the trustee from paying the amount to the Commissioner. (3) Subparagraphs (2)(a)(i) and (b)(ii) do not apply in relation to an unclaimed money day if, disregarding this section: (a) the public sector superannuation scheme is a fund; and (b) the superannuation provider has to comply with subsections 16(1) and 17(1) in relation to the unclaimed money day.", "Amendment_Count": 3, "First_Amended": "No 117 of 2010", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 117 of 2010 | No 126 of 2015 | No 8 of 2019", "History_Notes": "Inserted by No 117 of 2010, Sch 1 item 12, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8) | Amended by No 126 of 2015, Sch 1 item 594, effective Sch 1 (items 591–594): 5 Mar 2016 (s 2(1) item 2) | Amended by No 8 of 2019, Sch 4 item 11, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24HA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24J", "Provision_Key": "s24j", "Heading": "Refund of overpayment made by superannuation provider", "Text": "(1) This section applies if: (a) a superannuation provider for a fund (the first fund ) has made a payment to the Commissioner under section 24E in respect of a person; and (b) the Commissioner is satisfied that the amount paid exceeded the amount (if any) that was payable under that section in respect of the person. (2) The Commissioner must pay the excess: (a) to the superannuation provider; or (b) to a superannuation provider for another fund if the Commissioner is satisfied that: (i) the first fund no longer exists; and (ii) the other fund provides rights relating to the person equivalent to those provided by the first fund. Note: Money for payments under subsection (2) is appropriated by section 16 of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 24E, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24J"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24K", "Provision_Key": "s24k", "Heading": "Commissioner may recover overpayment", "Text": "(1) This section applies if: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part (other than a payment to a KiwiSaver scheme provider); and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made (whether the payment was made to the person in his or her own right or as the legal personal representative of someone else who had died); (b) the superannuation provider for the fund to which the payment was made; (c) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 133 of 2009 | No 118 of 2020", "History_Notes": "Inserted by No 133 of 2009, Sch 3 item 45, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 118 of 2020, Sch 2 item 32, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24K"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24L", "Provision_Key": "s24l", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "Scope (1) This section applies if: (a) a payment (the Commissioner’s payment ) is made to a fund under paragraph 24G(2)(a) or subsection 24G(3A) in accordance with a person’s direction; and (b) the superannuation provider for the fund has not credited the payment to an account for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made. Repayment (2) The superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (3) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. General interest charge (4) If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 133 of 2009 | No 88 of 2013 | No 118 of 2020", "History_Notes": "Inserted by No 133 of 2009, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 88 of 2013, Sch 1 item 31, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 118 of 2020, Sch 2 item 33, effective Sch 2 (items 7–43): 11 Dec 2021 (s 2(1) items 3, 4) Note: This amending title was affected by an editorial change (see C2021C00560)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24L"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24M", "Provision_Key": "s24m", "Heading": "Compensation for acquisition of property", "Text": "(1) If the operation of this Part would result in an acquisition of property from a person otherwise than on just terms, the Commonwealth is liable to pay a reasonable amount of compensation to the person. (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines. (3) In this section: acquisition of property has the same meaning as in paragraph 51(xxxi) of the Constitution. just terms has the same meaning as in paragraph 51(xxxi) of the Constitution.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24M"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24N", "Provision_Key": "s24n", "Heading": "Object of this Part", "Text": "The object of this Part is to set out a procedure for transferring amounts received by the Commissioner under Parts 3, 3B, 3C, 3D and 4A in respect of a person into a single active account held by a superannuation provider in respect of the person.", "Amendment_Count": 2, "First_Amended": "No 16 of 2019", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 16 of 2019 | No 24 of 2021", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, Sch 1 item 42 | Sch 2 item 28, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24N"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24NA", "Provision_Key": "s24na", "Heading": "Transferring balances to an active account", "Text": "(1) This section applies in relation to a person if: (a) the Commissioner is satisfied that: (i) a superannuation provider has paid an amount to the Commissioner under subsection 17(1) (unclaimed money) and, after applying Part 3 and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (ii) a superannuation provider has paid an amount to the Commissioner under section 20QD (an amount from an inactive low ‑ balance account) and, after applying Part 3B and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (iia) a superannuation provider has paid an amount to the Commissioner under section 21C (an amount from an account of an eligible rollover fund) and, after applying Part 3C and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (iib) a superannuation provider has paid an amount to the Commissioner under section 22 (an amount paid by a superannuation provider on a voluntary basis) and, after applying Part 3D and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); or (iii) a superannuation provider has paid an amount to the Commissioner under section 24E (an amount from a lost member account) and, after applying Part 4A and section 20H, the Commissioner holds an amount under that Part in respect of the person (a superannuation amount ); and (b) the Commissioner is satisfied, on application in the approved form or on the Commissioner’s own initiative, that it is possible for the Commissioner to pay the superannuation amount in accordance with subsection (2). (1A) The Commissioner must pay the superannuation amount in accordance with subsection (2) within 28 days after the Commissioner is satisfied it is possible to pay that amount in accordance with that subsection. (2) The Commissioner must pay each superannuation amount in respect of the person to a single fund if: (a) the person has not died; and (b) the superannuation provider for the fund holds an account on behalf of the person in the fund; and (c) the superannuation provider for the fund has received an amount in respect of the person during the prescribed period; and (d) the balance of the account will be equal to or greater than $6,000 if all of the superannuation amounts in respect of the person are paid into the account; and (e) under the terms of the fund, and under the law of the Commonwealth, the fund can accept payment of the superannuation amount in respect of the person; and (f) in the case that the amount includes a New Zealand ‑ sourced amount—either: (i) the fund is not self managed superannuation fund; or (ii) the superannuation provider for the fund has notified the Commissioner, in the approved form, that the fund accepts New Zealand ‑ sourced amounts. (3) If there is more than one fund in relation to which paragraphs (2)(b), (c), (d) and (e) are satisfied in respect of a person, then despite subsection (2), the Commissioner must pay each superannuation amount in respect of the person in accordance with the regulations. (4) If the Commissioner makes a payment to a fund under subsection (2) or regulations made for the purposes of subsection (3), the Commissioner must also pay to the fund the amount of interest (if any) worked out in accordance with the regulations. Note: Money for payments under this section is appropriated by section 16 of the Taxation Administration Act 1953 . (5) Regulations made for the purposes of subsection (4) may prescribe different rates for different periods over which the interest accrues. For this purpose, rate includes a nil rate.", "Amendment_Count": 4, "First_Amended": "No 16 of 2019", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 16 of 2019 | No 94 of 2019 | No 24 of 2021 | No 127 of 2021", "History_Notes": "Inserted by No 16 of 2019, Sch 3 item 24N, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 94 of 2019, Sch 5 item 3 | Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 6 | Sch 5 item 13, effective Sch 5 (items 1, 2): 29 Oct 2019 (s 2(1) item 5) | Amended by No 24 of 2021, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3) | Amended by No 127 of 2021, Sch 3 item 6 | Sch 3 item 97, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24NA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24NAA", "Provision_Key": "s24naa", "Heading": "Commissioner may recover overpayment", "Text": "(1) This section applies if: (a) the Commissioner makes a payment in respect of a person under, or purportedly under, this Part; and (b) the amount paid exceeds the amount (if any) properly payable under this Part in respect of the person. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the superannuation provider for the fund to which the payment was made; (b) if the payment, or an amount wholly or partly attributable to that payment, was transferred to another fund—the superannuation provider for that other fund. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor written notice, as prescribed by the regulations, of the proposed recovery and the amount to be recovered; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3), if the Commissioner gives a notice described in paragraph (4)(a) to a superannuation provider for a fund, and the fund does not hold an amount attributable to the payment, the Commissioner cannot recover from the superannuation provider. (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 127 of 2021", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 127 of 2021", "History_Notes": "Inserted by No 127 of 2021, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24NAA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 24NB", "Provision_Key": "s24nb", "Heading": "Superannuation provider to return payment from Commissioner that cannot be credited", "Text": "Scope (1) This section applies if: (a) a payment (the Commissioner’s payment ) is made to a fund under subsection 24NA(2), subsection 24NA(4) or regulations made for the purposes of subsection 24NA(3); and (b) the superannuation provider for the fund has not credited the payment to an account to which the payment relates for the benefit of the person by the time (the repayment time ) that is the end of the 28th day after the day on which the Commissioner’s payment was made. Repayment (2) The superannuation provider is liable to repay the Commissioner’s payment to the Commonwealth. The repayment is due and payable at the repayment time. Note: The amount the superannuation provider is liable to repay is a tax ‑ related liability for the purposes of the Taxation Administration Act 1953 . Division 255 in Schedule 1 to that Act deals with payment and recovery of tax ‑ related liabilities. (3) The superannuation provider must give the Commissioner, in the approved form, information relating to the Commissioner’s payment when repaying it. Note: The Taxation Administration Act 1953 provides for offences and administrative penalties if the form is not given when it must be or includes false or misleading information: see sections 8C, 8K and 8N of that Act and Divisions 284 and 286 in Schedule 1 to that Act. General interest charge (4) If any of the amount the superannuation provider is liable to repay under subsection (2) remains unpaid by the superannuation provider after the repayment time, the superannuation provider is liable to pay general interest charge on the unpaid amount for each day in the period that: (a) starts at the repayment time; and (b) ends at the end of the last day on which either of the following remains unpaid: (i) the amount unpaid at the repayment time; (ii) general interest charge on any of the amount.", "Amendment_Count": 2, "First_Amended": "No 16 of 2019", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 16 of 2019 | No 94 of 2019", "History_Notes": "Inserted by No 16 of 2019, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 94 of 2019, Sch 5 item 2, effective Sch 5 (items 1, 2): 29 Oct 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s24NB"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 25", "Provision_Key": "s25", "Heading": "Forms etc. may require tax file number", "Text": "Unclaimed money statement—Commonwealth (1) The approved form of statement by a superannuation provider for the purposes of section 16 may require the statement to contain the tax file number of: (aa) the superannuation provider; and (a) the fund; and (b) a member of the fund if: (i) the statement relates to the member; and (ii) the member has quoted his or her tax file number to the superannuation provider. Unclaimed money statement—States and Territories (2) The form of statement by a superannuation provider that is approved by a State or Territory authority for the purposes of section 18 may require the statement to contain the tax file number of: (a) the fund; and (b) a member of the fund if: (i) the statement relates to the member; and (ii) the member has quoted his or her tax file number to the superannuation provider. Statement about unclaimed superannuation of former temporary visa holder (2A) The approved form of statement by a superannuation provider for the purposes of subsection 20E(1) relating to a person’s superannuation interest may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) the person, if: (i) the person has quoted his or her tax file number to the superannuation provider; or (ii) the Commissioner has given the superannuation provider the person’s tax file number in a notice about the person under section 20C. Statement about inactive low ‑ balance accounts (2B) The approved form of statement by a superannuation provider for the purposes of section 20QB may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member of the fund if: (i) the statement relates to an account, in the fund, held on behalf of the member; and (ii) the member has quoted his or her tax file number to the superannuation provider. Statement about eligible rollover fund accounts (3) The approved form of statement by a superannuation provider for the purposes of section 21A may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member of the fund if: (i) the statement relates to an account, in the fund, held on behalf of the member; and (ii) the member has quoted the member’s tax file number to the superannuation provider. Statement about payments by superannuation providers on a voluntary basis (3A) The approved form of statement by a superannuation provider for the purposes of subsection 22(2) may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member or former member of the fund, or a non ‑ member spouse of such a member or former member, if: (i) the statement relates to an amount, in the fund, held on behalf of the member, former member or non ‑ member spouse; and (ii) the member, former member or non ‑ member spouse has quoted the tax file number of the member, former member or non ‑ member spouse to the superannuation provider. Lost member accounts statements (4) The approved form of statement by a superannuation provider for the purposes of section 24C may require the statement to contain the tax file number of: (a) the superannuation provider; and (b) the fund; and (c) a member of the fund if: (i) the statement relates to an account, in the fund, held on behalf of the member; and (ii) the member has quoted his or her tax file number to the superannuation provider.", "Amendment_Count": 6, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 133 of 2009 | No 8 of 2019 | No 16 of 2019 | No 24 of 2021", "History_Notes": "Amended by No 151 of 2008, Sch 1 item 20E | Sch 1 item 17 | Sch 1 item 18, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, Sch 2 item 12 | Sch 2 item 36, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 133 of 2009, Sch 3 item 24C | Sch 3 item 25, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 8 of 2019, Sch 4 item 11, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Amended by No 16 of 2019, Sch 3 item 20Q | Sch 3 item 33, effective Sch 3 (items 16–33, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, Sch 1 item 21A | Sch 1 item 44 | Sch 2 item 22D | Sch 2 item 30, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s25"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 25A", "Provision_Key": "s25a", "Heading": "Notices under section 20C may include tax file numbers", "Text": "A notice the Commissioner gives under section 20C about a person and his or her superannuation interest in a fund may include the tax file number of the person and the tax file number of the fund.", "Amendment_Count": 1, "First_Amended": "No 151 of 2008", "Last_Amended": "No 151 of 2008", "Amending_Acts": "No 151 of 2008", "History_Notes": "Inserted by No 151 of 2008, Sch 1 item 20C, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s25A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 26", "Provision_Key": "s26", "Heading": "Provision of tax file numbers by trustees of regulated exempt public sector superannuation schemes", "Text": "(1) The approved form for the purposes of subsection 19(5), in relation to information or particulars referred to in subsection 19(4) about a member of a regulated exempt public sector superannuation scheme, may permit the trustee of the scheme to give to the Commissioner the tax file number of: (a) the scheme; and (b) the member (if the member has quoted his or her tax file number to the trustee). (2) The trustee of a regulated exempt public sector superannuation scheme may, in the form approved by a State or Territory authority, give to a State or Territory authority the tax file number of: (a) the scheme; and (b) a member of the scheme (if the member has quoted his or her tax file number to the trustee); in connection with the operation, or possible future operation, of a register of the authority mentioned in item 4 of the table in subsection 18(4).", "Amendment_Count": 2, "First_Amended": "No 27 of 2009", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 27 of 2009 | No 8 of 2019", "History_Notes": "Amended by No 27 of 2009, Sch 2 item 37, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 8 of 2019, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s26"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 27", "Provision_Key": "s27", "Heading": "Registers may contain tax file numbers", "Text": "The particulars of a person that may be included in the registers mentioned in section 19 and Part 4, and in item 4 of the table in subsection 18(4), include the person’s tax file number.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Amended by No 8 of 2019, Sch 4 item 13, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s27"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 28", "Provision_Key": "s28", "Heading": "Use of tax file numbers", "Text": "The Commissioner may use for the purposes of this Act a person’s tax file number that has been quoted to the Commissioner for any other purpose.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s28"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 29", "Provision_Key": "s29", "Heading": "Requesting tax file numbers", "Text": "(1) The Commissioner may request any of the following persons to quote his or her tax file number to the Commissioner in connection with the operation, or the possible future operation, of this Act or the regulations: (a) a person who claims to be entitled to unclaimed money particulars of which are contained in the register referred to in section 19; (aa) a person making an application mentioned in subsection 20H(1), 20QF(1), 21E(1), 22B(1) or 24G(1) (about payment by the Commissioner); (b) a person who claims to be a lost member whose particulars are contained in the register referred to in Part 4. (2) If: (a) a person claims to be entitled to unclaimed money; and (b) particulars of the money are contained in a register of a State or Territory authority mentioned in item 4 of the table in subsection 18(4); the State or Territory authority may request the person to quote his or her tax file number to the authority in connection with the operation, or the possible future operation, of the register. The request may only be made in the approved form. (3) A person is not obliged to comply with a request made under subsection (1) or (2). (4) To avoid doubt, non ‑ compliance with a request made under subsection (1) or (2) does not prevent a person from being paid unclaimed money or prevent a payment from being made under subsection 20H(2), (2AA), (2A) or (3).", "Amendment_Count": 5, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 133 of 2009 | No 88 of 2013 | No 8 of 2019 | No 24 of 2021", "History_Notes": "Amended by No 151 of 2008, Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Amended by No 133 of 2009, Sch 3 item 26, effective Sch 3 (items 1–26, 44, 45): 14 Dec 2009 (s 2(1) item 3) | Amended by No 88 of 2013, Sch 1 item 32, effective Sch 1 (items 20–32): 28 June 2013 (s 2(1) item 2) | Amended by No 8 of 2019, Sch 4 item 14, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5) | Amended by No 24 of 2021, Sch 1 item 45 | Sch 2 item 31, effective Sch 1 (items 18–45): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 15–31): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s29"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Quoting tax file numbers", "Text": "A person quotes his or her tax file number to another person in connection with the operation, or the possible future operation of: (a) this Act or the regulations; or (b) a register mentioned in item 4 of the table in subsection 18(4); if the person informs the other person of the number in a manner approved in writing by the Commissioner.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s30"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 40", "Provision_Key": "s40", "Heading": "General administration of Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, Sch 2 item 91, effective Sch 2 (items 87–91): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s40"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 41", "Provision_Key": "s41", "Heading": "Annual report", "Text": "After the end of each financial year, the Commissioner must give the Treasurer a report on the working of this Act during the year for presentation to the Parliament.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s41"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 42", "Provision_Key": "s42", "Heading": "Act not to operate so as to contravene Constitution", "Text": "This Act does not apply in any circumstance where its application would result in a contravention of the Constitution.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s42"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 43", "Provision_Key": "s43", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s43"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 44", "Provision_Key": "s44", "Heading": "Publication etc. of information in registers", "Text": "(1) The Commissioner may authorise information in the registers mentioned in section 19 and Part 4 to be: (a) published in the Gazette ; or (b) made available to the public (whether or not on the payment of a fee) in such other manner as the Commissioner determines; or (c) made available to a particular person (whether or not on the payment of a fee) in such manner as the Commissioner determines. The authorisation may extend to so much of the information in the registers as the Commissioner considers appropriate. Tax file numbers must not be published or made available (2) Subsection (1) does not apply to tax file numbers.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Amended by No 8 of 2019, Sch 4 item 15, effective Sch 4 (items 8–17): 1 Apr 2019 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s44"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 48", "Provision_Key": "s48", "Heading": "Records to be kept and retained by superannuation provider", "Text": "Superannuation provider to keep records (1) A superannuation provider must keep records that record and explain all transactions and other acts engaged in by the provider, or required to be engaged in by the provider, under this Act. How records to be kept (2) The records must be kept in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language. Period for retention of records (3) A superannuation provider who has possession of any records kept or obtained under or for the purposes of this Act must retain them until the later of: (a) the end of 5 years after they were prepared or obtained; or (b) the completion of the transactions or acts to which those records relate. When records need not be kept (4) This section does not require a superannuation provider to retain records if the Commissioner has notified the provider that the retention of the records is not required. Offence (5) A superannuation provider commits an offence if the superannuation provider fails to comply with an obligation set out in this section. Penalty for contravention of this subsection: 60 penalty units. Note 1: In a prosecution for an offence against subsection (5), the defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ). Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 3: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 4: See also sections 8L, 8M, 8Q, 8R, 8T and 8V of the Taxation Administration Act 1953 and section 288 ‑ 25 in Schedule 1 to that Act.", "Amendment_Count": 3, "First_Amended": "No 27 of 2009", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 27 of 2009 | No 4 of 2016 | No 61 of 2016", "History_Notes": "Amended by No 27 of 2009, Sch 2 item 41, effective Sch 2 (items 1–41, 67–70): 27 Mar 2009 (s 2(1) item 5) | Amended by No 4 of 2016, effective Sch 4 (items 1, 301): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, Sch 1 item 10 | Sch 1 item 11, effective Sch 2 (item 100): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s48"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 49", "Provision_Key": "s49", "Heading": "Money paid to Commissioner not held on trust", "Text": "To avoid doubt, money paid under this Act to the Commissioner is not, and has never been, held on trust.", "Amendment_Count": 2, "First_Amended": "No 151 of 2008", "Last_Amended": "No 62 of 2014", "Amending_Acts": "No 151 of 2008 | No 62 of 2014", "History_Notes": "Repealed and substituted by No 151 of 2008, Sch 1 item 22, effective Sch 1 (items 1–11, 13–22): 18 Dec 2008 (s 2(1) item 2) | Repealed and substituted by No 62 of 2014, Sch 2 item 53 | Sch 4 item 40 | Sch 6 item 15 | Sch 7 item 160 | Sch 7 item 398 | Sch 8 item 29 | Sch 8 item 89 | Sch 8 item 165 | Sch 9 item 152 | Sch 10 item 99 | Sch 10 item 182 | Sch 12 item 94 | Sch 12 item 172, effective Sch 12 (item 172) and Sch 14: 1 July 2014 (s 2(1) items 6, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s49"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 49AA", "Provision_Key": "s49aa", "Heading": "Money paid to Commissioner that is a New Zealand ‑ sourced amount", "Text": "The Commissioner must administer any money paid to the Commissioner under this Act in a way that allows any New Zealand ‑ sourced amount to be identified separately.", "Amendment_Count": 1, "First_Amended": "No 127 of 2021", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 127 of 2021", "History_Notes": "Inserted by No 127 of 2021, Sch 3 item 99, effective Sch 3 (items 6, 7): 8 Dec 2021 (s 2(1) item 4) Sch 3 (items 75–99): 11 Dec 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s49AA"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 49A", "Provision_Key": "s49a", "Heading": "Money transferred to State or Territory authorities", "Text": "(1) This section applies if: (a) a person was a member of a fund, or a superannuation fund, (the original fund ); and (b) the superannuation provider of the fund, or the trustee of the superannuation fund, (the original provider ) transferred an interest of the member in the original fund to a State or Territory authority; and Example: The law of the State or Territory required the original provider to transfer unclaimed money of the member to the State or Territory authority. (c) a State or Territory authority (the currently responsible authority ) (whether or not the State or Territory authority mentioned in paragraph (b)) would be required, under: (i) the governing rules of the original fund; or (ii) the law of the State or Territory; to make a payment to or in respect of the member in circumstances in which, before the transfer, the original provider would have been required to make a payment to or in respect of the member. Example: A requirement to pay unclaimed money to a member who claims it. (2) Section 18AA and, in the case of a State or Territory public sector superannuation scheme, sections 20JA and 24HA, apply as if: (a) the currently responsible authority were the trustee of a State or Territory public sector superannuation scheme; and (b) the scheme were: (i) prescribed for the purposes of those sections; and (ii) not a fund; and (c) the member of the original fund were a member of the scheme; and (d) anything done by, to or in relation to the original provider in relation to the original fund had been done by, to or in relation to the currently responsible authority in relation to the scheme; and (e) a reference in those sections to the governing rules of the original fund were a reference to the laws of the State or Territory.", "Amendment_Count": 1, "First_Amended": "No 117 of 2010", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 117 of 2010", "History_Notes": "Inserted by No 117 of 2010, Sch 1 item 21, effective Sch 1 (items 1–14, 21(1)) and Sch 4 (item 30): 17 Nov 2010 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s49A"}
{"Act_Short_Name": "SUMLMA", "Act_Title": "Superannuation (Unclaimed Money and Lost Members) Act 1999", "Act_Year": "1999", "Act_FRL_Id": "C2004A00518", "Provision": "s 50", "Provision_Key": "s50", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act; and, in particular, prescribing: (c) fees in respect of any matter under this Act; and (d) how notices, applications, statements or other documents are to be given to the Commissioner; and (e) penalties, not exceeding a fine of 5 penalty units, for offences against the regulations. (2) Without limiting the generality of subsection (1), the regulations may make provision for and in relation to the keeping of one or more registers by the Commissioner, where the registers relate to matters arising under this Act or the regulations. In particular, the regulations may make provision for the following: (a) a register to be kept in such form and manner as the Commissioner directs; (b) persons to inspect a register; (c) persons to obtain information contained in a register; (d) fees to be charged for such an inspection or for providing such information.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00518/latest/text#s50"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Defined terms", "Text": "In this Schedule: exploration right means an exploration permit or a retention lease. financial year means the financial year starting on 1 July 1990 or a later financial year. finishing day means: (a) in relation to a petroleum project—the first day on which there is no longer in force any production licence in relation to the project; or (b) in relation to an exploration permit or retention lease—the day on which the permit or lease ceases to be in force. GDP expenditure year , in relation to a petroleum project, means a financial year that ended before the first standard uplift expenditure year in relation to the project. incurred exploration expenditure amount , in relation to a petroleum project that is not a combined project and in relation to a financial year, means the sum of the following: (a) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person in the financial year in relation to the project; (b) any amounts of uplifted frontier expenditure that the person is taken by section 36C to have incurred in the financial year in relation to the project; (c) any amounts of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project. Note: The effect of subsections 35A(2), 35B(2) and 45D(3) must be taken into account when working out an incurred exploration expenditure amount. incurred exploration expenditure amount , in relation to a petroleum project that is a combined project and in relation to a financial year, means the sum of the following: (a) any amounts of: (i) exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and (ii) uplifted frontier expenditure that the person is taken by section 36C to have incurred; in the financial year in relation to the project (not being amounts incurred before the project combination certificate in relation to the project came into force); (b) any amounts of expenditure that the person is taken by subparagraph 48(1)(a)(ia) or paragraph 48A(5)(c) to have incurred in the financial year in relation to the project; (c) if the project combination certificate came into force during the financial year: (i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person in the financial year; and (ii) any amounts of uplifted frontier expenditure that the person is taken by section 36C to have incurred in the financial year; and (iii) any amounts of exploration expenditure that the person is taken by section 48 or 48A to have incurred in the financial year; in relation to the pre ‑ combination projects. Note: The effect of subsections 35A(2), 35B(2) and 45D(3) must be taken into account when working out an incurred exploration expenditure amount. relevant pre ‑ commencement day , in relation to a petroleum project, means: (a) if the petroleum project is not a combined project, the Bass Strait project or the North West Shelf project—the day occurring 5 years before the earlier of the following: (i) the day specified in the production licence notice in relation to the project; (ii) the day the production licence was issued in relation to the project; or (b) if the petroleum project is a combined project—the day occurring 5 years before the earlier of the following: (i) the earliest day specified in a production licence notice in relation to a pre ‑ combination project in relation to the project; (ii) the earliest day a production licence was issued in relation to a pre ‑ combination project in relation to the project; or (c) if the petroleum project is the Bass Strait project or the North West Shelf project—the day occurring 5 years before the earlier of the following: (i) the earliest day specified in a production licence notice in relation to the project; (ii) the earliest day a production licence was issued in relation to the project. standard uplift expenditure year , in relation to a petroleum project, means the earlier of the following financial years and each financial year after that financial year: (a) the financial year in which the relevant pre ‑ commencement day occurred; (b) the financial year that starts on 1 July 2019. starting day means: (a) in relation to a petroleum project other than a combined project, the Bass Strait project or the North West Shelf project—the day on which the exploration permit to which the production licence comprising the project is related was granted; or (b) in relation to a combined project—the earliest of the days that, but for the issue of the project combination certificate, would have been starting days in relation to such of the pre ‑ combination projects as were not combined projects; or (c) in relation to the Bass Strait project—the day on which the Bass Strait exploration permit was granted; or (ca) in relation to the North West Shelf project—the earlier of the day on which the exploration permit known as WA ‑ 1 ‑ P was granted and the day on which the exploration permit known as WA ‑ 28 ‑ P was granted; or (d) in relation to an exploration right that is an exploration permit—the day on which the exploration permit was granted; or (e) in relation to an exploration right that is a retention lease—the day on which the exploration permit to which the retention lease is related was granted.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s1"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 1A", "Provision_Key": "s1a", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Inserted by No 146 of 2001, effective s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s1A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Defined terms", "Text": "In this Act, unless the contrary intention appears: Aboriginal person has the meaning given by subsection 4(1) of the Aboriginal and Torres Strait Islander Act 2005 . access authority means a petroleum access authority within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . accounts includes: (a) ledgers; and (b) journals; and (c) statements of financial performance; and (d) profit and loss accounts; and (e) balance ‑ sheets; and (f) statements of financial position; and also includes statements, reports and notes attached to, or intended to be read with, anything covered by any of the above paragraphs. acquisition has the meaning given by section 195 ‑ 1 of the GST Act. agent includes: (a) a person who, for and on behalf of a person out of Australia, has the management or control in Australia of the whole or a part of a business of the second ‑ mentioned person; and (b) a person declared by the Commissioner, by notice in writing served on the person, to be an agent or the sole agent of a person for the purposes of this Act. annual transfer has the meaning given by subsection 45E(4). applicable commencement date , in relation to a petroleum project, means: (a) unless paragraph (b) or (c) applies—1 July 1986; or (b) if the project is the Bass Strait project, or if the Bass Strait project is a pre ‑ combination project in relation to the project—1 July 1990; or (c) if the project is the North West Shelf project—1 July 2012. applicable foreign currency has the meaning given by section 58C. apportionment percentage figure : (a) in relation to a year of tax—has the meaning given by subsection 2C(2); and (b) in relation to any other period—has the meaning given by subsection 2C(3). approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . Note: Forms previously approved by the Commissioner under this Act continue in effect : see item 230 of Schedule 10 to the Tax Laws Amendment (2004 Measures No. 7) Act 2005 . assessment means the ascertainment of the amount of a person’s taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable). Australia , when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997 . Australian law has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . basic company group has the meaning given by section 2B. Bass Strait exploration permit means the exploration permit known as VIC/P1. Bass Strait project means the petroleum project referred to in subsection 19(1A). block has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . combined project means a petroleum project to which subsection 19(2) applies. Commissioner means the Commissioner of Taxation. company means a body corporate that has a share capital. condensate means a mixture that includes pentane and hexane, where the pentane and hexane comprise more than 50% by weight of the mixture. creditable purpose has the meaning given by section 195 ‑ 1 of the GST Act. current apportionment percentage has the meaning given by subsection 2C(1). decreasing adjustment has the meaning given by section 195 ‑ 1 of the GST Act. Deputy Commissioner means a Deputy Commissioner of Taxation. designated company group has the meaning given by section 2BA. designated frontier area means that block or those blocks that constitute both: (a) an area or part of an area: (i) specified in section 36A; or (ii) specified in an instrument made under subsection 36B(1); and (b) an exploration permit area. designated frontier expenditure , in relation to a petroleum project and a financial year, means exploration expenditure that is actually incurred: (a) by a person in that year where the eligible exploration or recovery area in relation to the project is a designated frontier area; and (b) during the original period of the exploration permit concerned (before the permit is first renewed or ceases to be in force); other than exploration expenditure that is incurred in evaluating or delineating a petroleum pool (within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 ) that has been discovered in a designated frontier area. eligible real expenditure means exploration expenditure, general project expenditure, resource tax expenditure, starting base expenditure or closing ‑ down expenditure. employee amenities means housing, health, educational, recreational, welfare or other similar facilities and services for, or facilities and services involved in the supply of meals to, employees or dependants of employees, not being facilities and services conducted for the purpose of profit ‑ making. excess closing ‑ down expenditure has the meaning given by paragraph 46(1)(a). excluded commodity means a marketable petroleum commodity that: (a) has been sold; (b) after being produced, has been further processed or treated; (c) has been moved away from the place of its production other than to a storage site adjacent to that place; or (d) has been moved away from a storage site adjacent to the place of its production. excluded fee means an amount of a kind referred to in paragraph 113(1)(c), subsection 115(5), paragraph 118(1)(c), subsection 178(4) or paragraph 181(1)(c) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . exploration permit means a petroleum exploration permit within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . exploration permit area means a petroleum exploration permit area within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . external petroleum , in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from an area or areas other than the production licence area or production licence areas in relation to the project. facilities means land, buildings, plant, equipment and other facilities. financial year means any financial year that commenced or commences on or after 1 July 1979. foreign currency means a currency other than Australian currency. future closing ‑ down expenditure has the meaning given by section 2D. GDP factor , in relation to a financial year, means the GDP factor for the financial year worked out in accordance with section 2A. general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . Greater Sunrise project means a petroleum project for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs. Greater Sunrise unit area has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . Greater Sunrise unit reservoirs has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . group company has the meaning given by section 2B. GST has the meaning given by section 195 ‑ 1 of the GST Act. GST Act means the A New Tax System (Goods and Services Tax) Act 1999 . head company , of a designated company group, has the meaning given by section 2BA. holder of a registered interest , in relation to a production licence, means a person holding an interest in the production licence, being an interest created by a dealing in relation to which an entry has been made under subsection 494(3) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . increasing adjustment has the meaning given by section 195 ‑ 1 of the GST Act. ineligible project , in relation to a financial year, means a petroleum project that is a pre ‑ combination project by virtue of the issue of a project combination certificate during the financial year. infrastructure licence has the meaning given by section 7 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . input tax credit has the meaning given by section 195 ‑ 1 of the GST Act. instalment of tax means an instalment of tax payable under Division 2 of Part VIII. instalment percentage , in relation to an instalment period in a year of tax, means: (a) in the case of the first instalment period in the year of tax—25%; (b) in the case of the second instalment period in the year of tax—50%; and (c) in the case of the third instalment period in the year of tax—75%. instalment period , in relation to an instalment of tax in a year of tax, means the period commencing at the beginning of the year of tax and ending at the end of the month preceding that in which the instalment is due and payable. instalment transfer has the meaning given by subsection 45E(5). instalment transfer charge period has the meaning given by subsection 98A(4). instalment transfer excess has the meaning given by subsection 98A(1). instalment transfer interest charge has the meaning given by subsection 98A(4). internal petroleum , in relation to a petroleum project, means petroleum, or constituents of petroleum, recovered from the production licence area or production licence areas in relation to the project, where: (a) the petroleum, or the constituents of petroleum, is, or is to be, recovered or processed: (i) by a person entitled to derive assessable receipts in relation to the project; and (ii) for or on behalf of another person who is entitled to derive assessable receipts in relation to the project; or (b) the petroleum, or the constituents of petroleum, is, or is to be, sold: (i) by a person entitled to derive assessable receipts in relation to the project; and (ii) to another person who is entitled to derive assessable receipts in relation to the project. lease derived production licence means a production licence that is derived from a retention lease. liable person has the meaning given by subsection 98A(1). licensed property , in relation to a petroleum project, has the meaning given by paragraph 2D(1)(b). liquefied petroleum gas means a mixture that includes propane and butane, where the propane and butane comprise more than 50% by weight of the mixture. long ‑ term bond rate means: (a) in relation to the financial year commencing on 1 July 1979—0.1066; and (b) in relation to the financial year commencing on 1 July 1980—0.1258; and (c) in relation to the financial year commencing on 1 July 1981—0.1548; and (d) in relation to the financial year commencing on 1 July 1982—0.1443; and (e) in relation to the financial year commencing on 1 July 1983—0.1272; and (f) in relation to the financial year commencing on 1 July 1984—0.1341; and (g) in relation to the financial year commencing on 1 July 1985—0.1365; and (h) in relation to any subsequent financial year that is earlier than the financial year commencing on 1 July 2012—the average, expressed as a decimal fraction, of the assessed secondary market yields in respect of 10 ‑ year non ‑ rebate Treasury bonds published by the Reserve Bank during that year or, if no assessed secondary market yield in respect of bonds of that kind was published by the Reserve Bank during the year, the decimal fraction determined by the Treasurer by notice in writing published in the Gazette for the purposes of this definition in relation to the financial year; and (i) in relation to the financial year commencing on 1 July 2012 and any subsequent financial year—has the same meaning as in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ; and (j) in relation to a period that is not a financial year—has the same meaning as in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . marketable petroleum commodity has the meaning given by section 2E. market value , of a commodity, at a particular time, is its market value reduced by an amount equal to the amount of the input tax credit (if any) to which a person would be entitled if: (a) the person had acquired the commodity at that time; and (b) the acquisition had been solely for a creditable purpose. North West Shelf exploration permits means the exploration permits known as WA ‑ 1 ‑ P and WA ‑ 28 ‑ P. North West Shelf project means the petroleum project referred to in subsection 19(1B). notional tax amount has the meaning given by section 97. offence against this Act includes an offence against: (a) the Crimes Act 1914 ; or (b) the Taxation Administration Act 1953 ; relating to this Act. officer means a person appointed or engaged under the Public Service Act 1999 . oil shale means any shale or other rock (other than coal) from which a fluid consisting of or including hydrocarbons may be extracted or produced. overall company group has the meaning given by section 2B. permit derived production licence means a production licence that is derived from an exploration permit. petroleum means: (a) petroleum within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 ; or (b) oil shale. petroleum project or project means a petroleum project within the meaning of subsection 19(1) or (2), and includes the extended meaning given by subsection 19(2B) or (2C). pipeline licence has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . post ‑ 30 June 2008 petroleum project means a petroleum project, where the production licence, or each production licence, in relation to the project came into force after 30 June 2008, and includes the North ‑ West shelf project. pre ‑ 1 July 2008 petroleum project means a petroleum project other than a post ‑ 30 June 2008 petroleum project. pre ‑ combination project , in relation to a combined project, means: (a) any petroleum project that, immediately before the project combination certificate that gave rise to the combined project came into force, was a petroleum project in relation to any one or more of the production licences specified in the certificate; and (b) any petroleum project that is a pre ‑ combination project in relation to another petroleum project that is a pre ‑ combination project in relation to the combined project under paragraph (a) or this paragraph. pre ‑ licence area , in relation to a production licence, means: (a) if the production licence was derived from an exploration permit—the exploration permit area of the exploration permit; or (b) if the production licence was derived from a retention lease—either: (i) the retention lease area of the retention lease; or (ii) the exploration permit area of the exploration permit to which the retention lease is related. processing of external petroleum , in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of external petroleum in relation to the project. processing of internal petroleum , in relation to a petroleum project, includes the stabilisation, transportation, storage or recovery of internal petroleum in relation to the project. production licence means: (a) a petroleum production licence within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 ; or (b) a lawful authority or right (however described) to undertake activities in the Western Greater Sunrise area for the recovery of petroleum from one or more of the Greater Sunrise unit reservoirs. production licence area means a petroleum production licence area within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and, in relation to a Greater Sunrise project, includes the Western Greater Sunrise area. production licence notice , in relation to a petroleum project, means a notice issued under subsection 258(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in relation to the project. project combination certificate means a certificate under section 20. registered holder has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . re ‑ inject , in relation to a marketable petroleum commodity produced from petroleum recovered from the eligible exploration or recovery area in relation to a petroleum project, means return the commodity to a natural reservoir in: (a) where the return takes place before any production licence in relation to the project comes into force—any area from which the recovery of petroleum would, at the time of the return, constitute recovery of petroleum from the eligible exploration or recovery area in relation to the project; and (b) in any other case—the production licence area or any of the production licence areas in relation to the project. related charge means: (a) shortfall interest charge, or general interest charge, in relation to tax; or (b) instalment transfer interest charge in relation to an instalment of tax. Resources Department means the Department that: (a) deals with matters arising under section 1 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 ; and (b) is administered by the Resources Minister. Resources Minister means the Minister administering section 1 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . retention lease means a petroleum retention lease within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . retention lease area means a petroleum retention lease area within the meaning of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . sales gas means a substance: (a) which is in a gaseous state when at the temperature of 15°C and a pressure of one atmosphere; and (b) which consists of naturally occurring hydrocarbons, or a naturally occurring mixture of hydrocarbons and non ‑ hydrocarbons; and (c) the principal constituent of which is methane; and (d) which: (i) if it is to be used as a feedstock for conversion to another product—has been processed so that it is suitable for that use; or (ii) in any other case—has been processed so that it is suitable for direct consumption as energy. Second Commissioner means a Second Commissioner of Taxation. services means water, light, power, access, communications or other services. shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953 . starting base amount , in relation to a person’s interest in a petroleum project, means the amount (if any) assessed as the starting base amount in relation to the person’s interest under clause 23 of Schedule 2 as in force before 1 July 2019. subsidiary has the meaning given by section 2B. tax means tax imposed by any of the following: (a) the Petroleum Resource Rent Tax (Imposition—General) Act 2012 ; (b) the Petroleum Resource Rent Tax (Imposition—Customs) Act 2012 ; (c) the Petroleum Resource Rent Tax (Imposition—Excise) Act 2012 . this Act includes: (a) the regulations; and (b) Part IVC of the Taxation Administration Act 1953 , insofar as that Part relates to this Act. Torres Strait Islander has the meaning given by subsection 4(1) of the Aboriginal and Torres Strait Islander Act 2005 . transferable exploration expenditure in relation to a person and a financial year, means expenditure that is, according to Schedule 1, transferable by the person in relation to the financial year. Note 1: the following provisions of Schedule 1 provide for expenditure to be transferable: • paragraph 7(b) • paragraph 8(5)(c) • paragraph 11(b) • paragraph 12(4)(c) • subclause 18(1) • subclause 18(2) • paragraph 18(3)(e). Note 2: Special rules apply in relation to the transfer of Greater Sunrise exploration expenditure: see Part 1A of Schedule 1. Tribunal means the Administrative Review Tribunal. trustee includes: (a) a person appointed or constituted trustee by act of parties, by order or declaration of a court, or by operation of law; or (b) an executor, administrator or other personal representative of a deceased person; or (c) a guardian or committee; or (d) a receiver or receiver and manager; or (e) a liquidator of a company; or (ea) an administrator, within the meaning of the Corporations Act 2001 , of a company; or (eb) an administrator of a deed of company arrangement executed by a company under Part 5.3A of that Act; or (f) a person: (i) having or taking upon himself or herself the administration or control of any real or personal property affected by any express or implied trust; (ii) acting in any fiduciary capacity; or (iii) having the possession, control or management of any real or personal property of a person under any legal or other disability. unincorporated association does not include a joint venture. uplifted frontier expenditure has the meaning given by section 36C. Western Greater Sunrise area has the same meaning as in the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . year of tax , in relation to a person in relation to a petroleum project, means a financial year commencing on or after the applicable commencement date, being: (a) except in a case to which paragraph (b) applies—the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or a subsequent financial year; or (b) if the project is a combined project and the person has, in a financial year before the financial year in which the project combination certificate in relation to the project comes into force, derived assessable petroleum receipts in relation to any of the pre ‑ combination projects in relation to the combined project—the financial year in which the project combination certificate comes into force or a subsequent financial year.", "Amendment_Count": 28, "First_Amended": "No 80 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 80 of 1991 | No 216 of 1991 | No 210 of 1992 | No 11 of 1999 | No 146 of 1999 | No 177 of 1999 | No 55 of 2001 | No 169 of 2001 | No 101 of 2003 | No 47 of 2004 | No 41 of 2005 | No 17 of 2006 | No 78 of 2006 | No 101 of 2006 | No 8 of 2007 | No 49 of 2007 | No 117 of 2008 | No 47 of 2009 | No 88 of 2009 | No 102 of 2009 | No 136 of 2011 | No 18 of 2012 | No 88 of 2013 | No 96 of 2014 | No 2 of 2015 | No 43 of 2019 | No 37 of 2024 | No 38 of 2024", "History_Notes": "Amended by No 80 of 1991, item 4 | item 5, effective 1 July 1991 | Amended by No 216 of 1991, Sch 4 item 1953 | Sch 4 item 24, effective s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1)) | Amended by No 210 of 1992, Sch 2 item 185, effective s 1–3: 24 Dec 1992 s 26(2) and 28(1): 1 Feb 1994 s 29–173 and 177: 23 June 1993 (gaz 1993, No S186) Remainder: 1 Feb 1993 (gaz 1993, No S25) | Amended by No 11 of 1999, item 281 | item 346 | item 347 | item 348 | item 349 | item 3 | item 4, effective Sch 1 (items 281–296): 1 July 1999 (s 2(3)) | Amended by No 146 of 1999, Sch 1 item 14 | Sch 1 item 486 | Sch 1 item 615 | Sch 1 item 732 | Sch 1 item 800 | Sch 1 item 911 | Sch 1 item 995, effective Sch 1 (item 732): 5 Dec 1999 (s 2(1), (2)) | Amended by No 177 of 1999, Sch 6 item 52A | Sch 6 item 8 | Sch 6 item 17 | Sch 6 item 7 | Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 11 | Sch 6 item 12 | Sch 6 item 13 | Sch 6 item 14, effective Sch 8 (items 7–18): 1 July 2000 (s 2(9)) | Amended by No 55 of 2001, Sch 6 item 3 | Sch 3 item 15 | Sch 3 item 413 | Sch 3 item 414 | Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 5 | Sch 4 item 6 | Sch 4 item 7 | Sch 4 item 8 | Sch 4 item 9 | Sch 4 item 10 | Sch 4 item 11 | Sch 4 item 12 | Sch 4 item 13 | Sch 4 item 14 | Sch 4 item 15 | Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 18 | Sch 5 item 5 | Sch 5 item 2 | Sch 5 item 3 | Sch 5 item 4 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 8 | Sch 5 item 9 | Sch 5 item 10 | Sch 5 item 11, effective s 4–14 and Sch 3 (items 413–415): 15 July 2001 (s 2(3) and gaz 2001, No S285) | Amended by No 169 of 2001, Sch 6 item 3 | Sch 1 item 1 | Sch 6 item 1 | Sch 6 item 28, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1)) | Amended by No 101 of 2003, Sch 5 item 1 | Sch 5 item 4 | Sch 5 item 5 | Sch 6 item 14 | Sch 6 item 28, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2004, effective Sch 2 (items 1–18): 7 Feb 2007 | Amended by No 41 of 2005, Sch 11 item 22 | Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3 | Sch 10 item 225 | Sch 10 item 267 | Sch 10 item 269 | Sch 10 item 271 | Sch 11 item 1, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005 | Amended by No 17 of 2006, Sch 2 item 73 | Sch 2 item 74 | Sch 2 item 75 | Sch 2 item 76 | Sch 2 item 77 | Sch 2 item 78 | Sch 2 item 79 | Sch 2 item 80 | Sch 2 item 81 | Sch 2 item 82 | Sch 2 item 83 | Sch 2 item 84 | Sch 2 item 85 | Sch 2 item 86 | Sch 2 item 87 | Sch 2 item 95, effective Sch 2 (items 73–96): 1 July 2008 (s 2(1) item 2) | Amended by No 78 of 2006, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 67, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 101 of 2006, Sch 2 item 1041 | Sch 2 item 1057 | Sch 5 item 27 | Sch 5 item 1 | Sch 5 item 14, effective Sch 2 (items 1017, 1041–1043) and Sch 6 (items 1, 6–11): 14 Sept 2006 | Amended by No 8 of 2007, Sch 5 item 29 | Sch 5 item 39 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 14 | Sch 4 item 22, effective Sch 4 (item 22): 15 Mar 2007 | Amended by No 49 of 2007, Sch 7 item 88 | Sch 7 item 89 | Sch 7 item 90 | Sch 7 item 91 | Sch 7 item 92, effective Sch 1 (items 88–94, 97): 1 July 2008 (s 2(1) item 2) | Amended by No 117 of 2008, Sch 1 item 2A | Sch 2 item 59 | Sch 2 item 60 | Sch 2 item 61 | Sch 2 item 62 | Sch 2 item 63 | Sch 2 item 64 | Sch 2 item 65 | Sch 3 item 33 | Sch 3 item 34 | Sch 3 item 35 | Sch 3 item 36 | Sch 3 item 37 | Sch 3 item 38 | Sch 3 item 39 | Sch 3 item 39A | Sch 3 item 39B | Sch 3 item 40 | Sch 3 item 41 | Sch 3 item 42 | Sch 3 item 43 | Sch 3 item 44 | Sch 3 item 45 | Sch 3 item 46 | Sch 3 item 47 | Sch 3 item 48 | Sch 3 item 48A | Sch 4 item 6 | Sch 4 item 7, effective Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6) | Amended by No 47 of 2009, Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 10 | Sch 3 item 58D | Sch 3 item 21 | Sch 3 item 22 | Sch 3 item 26 | Sch 3 item 27 | Sch 3 item 28 | Sch 4 item 24, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2009, Sch 2 item 16 | Sch 2 item 426 | Sch 5 item 209 | Sch 5 item 210 | Sch 5 item 211 | Sch 5 item 233 | Sch 5 item 239 | Sch 5 item 240 | Sch 5 item 241 | Sch 5 item 18 | Sch 6 item 3, effective Sch 5 (items 209–230): 18 Sept 2009 (s 2(1) item 7) | Amended by No 102 of 2009, Sch 1 item 52 | Sch 1 item 68, effective Sch 1 (item 68): 9 Oct 2009 (s 2(1) item 4) | Amended by No 136 of 2011, Sch 2 item 1, effective Sch 2: 29 Nov 2011 (s 2(1) item 2) | Amended by No 18 of 2012, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19 | Sch 1 item 20 | Sch 1 item 21 | Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 24 | Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5 | Sch 4 item 1 | Sch 4 item 2 | Sch 4 item 3 | Sch 4 item 4 | Sch 4 item 5 | Sch 2 item 18 | Sch 2 item 19 | Sch 2 item 20 | Sch 2 item 21 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 24 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 8 | Sch 5 item 9 | Sch 5 item 10 | Sch 5 item 11 | Sch 5 item 12 | Sch 6 item 9, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 77 | Sch 7 item 78 | Sch 7 item 79 | Sch 7 item 223 | Sch 7 item 234 | Sch 7 item 28 | Sch 7 item 5, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 96 of 2014, Sch 1 item 47 | Sch 1 item 48 | Sch 1 item 49 | Sch 1 item 50 | Sch 1 item 51 | Sch 8 item 12 | Sch 9 item 5 | Sch 9 item 29, effective Sch 1 (items 47–52, 122–124): 30 Sept 2014 (s 2(1) item 2) | Amended by No 2 of 2015, Sch 2 item 88 | Sch 4 item 2 | Sch 4 item 70 | Sch 4 item 75 | Sch 4 item 25 | Sch 4 item 28, effective Sch 2 (items 2–4, 73, 88, 89, 95–99 and Sch 4 (item 70, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 35–38): 1 July 2015 (s 2(1) item 4) | Amended by No 43 of 2019, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 18 | Sch 2 item 19 | Sch 2 item 20 | Sch 2 item 21 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 25 | Sch 2 item 26 | Sch 2 item 27, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1) | Amended by No 37 of 2024, Sch 2 item 1 | Sch 5 item 1, effective Sch 5: 1 July 2024 (s 2(1) item 4) | Amended by No 38 of 2024, Sch 5 item 1, effective Sch 1 (item 68): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2A", "Provision_Key": "s2a", "Heading": "GDP factor", "Text": "(1) For the purposes of this Act, the GDP factor for a financial year is the number (calculated to 3 decimal places) worked out by dividing the GDP deflator for the financial year by the GDP deflator for the immediately preceding financial year. (2) For the purposes of subsection (1), the GDP deflator for a financial year is the Implicit Price Deflator for Expenditure on Gross Domestic Product first published by the Australian Statistician in respect of the financial year. (3) If the Australian Statistician changes the index reference period for the GDP deflator, then, for the purposes of the application of subsection (1) after the change takes place, regard must be had only to the GDP deflator in terms of the new index reference period. (4) Where the GDP factor worked out under subsection (1) for a financial year would, if it were calculated to 4 decimal places, end with a number greater than 4, the GDP factor worked out under that subsection for that financial year is taken to be the GDP factor calculated to 3 decimal places under that subsection and increased by 0.001.", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 80 of 1991 | No 4 of 2016", "History_Notes": "Inserted by No 80 of 1991, item 4, effective 1 July 1991 | Amended by No 4 of 2016, Sch 5 item 5, effective Sch 5 (item 5): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2B", "Provision_Key": "s2b", "Heading": "Group companies, subsidiaries, basic company groups and overall company groups", "Text": "Group company—period (1) For the purposes of this Act, a company is a group company in relation to another company and a period if: (a) one of the companies was a subsidiary of the other company; or (b) each of the companies was a subsidiary of the same company; at all times during so much of the period during which both companies were in existence. Group company—time (1A) For the purposes of this Act, a company is a group company in relation to another company at a particular time if, at that time: (a) one of the companies was a subsidiary of the other company; or (b) each of the companies was a subsidiary of the same company. Subsidiary (2) For the purposes of this Act, a company (in this subsection called the subsidiary company ) is a subsidiary of another company (in this subsection called the holding company ) at a particular time if, at that time: (a) all the shares in the subsidiary company are beneficially owned by: (i) the holding company; or (ii) a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or (iii) the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; and (b) there is no agreement, arrangement or understanding in force under which any person is able, or would be able after that time, to affect rights of the holding company or of a subsidiary of the holding company in relation to the subsidiary company. (3) For the purposes of this Act, where a company is a subsidiary of another company (including a company that is such a subsidiary by virtue of another application or other applications of this subsection), every company that is a subsidiary of the first ‑ mentioned company is also a subsidiary of the other company. (4) For the purposes of subsection (2), a person is taken to be able to affect rights of a company in relation to another company if the person has a right, power or option (whether because of any provision in the constituent document of either of those companies or because of any agreement or instrument or otherwise) to acquire those rights or do an act or thing that would prevent the first ‑ mentioned company from exercising those rights for its own benefit or receiving any benefits occurring because of those rights. Basic company group (4A) For the purposes of this Act, a basic company group is a group of companies, where each company in the group is a group company in relation to each other company in the group. Overall company group (4B) For the purposes of this Act, an overall company group is a basic company group that is not a subset of any other basic company group. When company in existence (5) For the purposes of this section, a company is taken to be in existence if it has been incorporated and has not been dissolved.", "Amendment_Count": 4, "First_Amended": "No 80 of 1991", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 80 of 1991 | No 55 of 2001 | No 78 of 2006 | No 47 of 2009", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991 | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 413–415): 15 July 2001 (s 2(3) and gaz 2001, No S285) | Amended by No 78 of 2006, Sch 5 item 1, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 47 of 2009, Sch 3 item 3 | Sch 3 item 7 | Sch 3 item 9 | Sch 3 item 10 | Sch 3 item 11 | Sch 3 item 12 | Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2BA", "Provision_Key": "s2ba", "Heading": "Designated company groups", "Text": "(1) This section sets out the method for identifying a designated company group for the purposes of this Act. (2) First, identify a particular overall company group. (3) Second, identify all of the members of the overall company group that are entitled to derive assessable receipts in relation to a petroleum project (whether or not the same petroleum project). These members constitute a provisional designated company group . (4) Third, if the following conditions are satisfied in relation to a company (the key company ): (a) the key company is a member of the provisional designated company group; (b) the key company is not a subsidiary of any other company in the provisional designated company group; (c) each other company in the provisional designated company group is a subsidiary of the key company; then: (d) the provisional designated company group is a designated company group ; and (e) the key company is the head company of that designated company group. (5) Fourth, if: (a) subsection (4) does not apply; and (b) each company in the provisional designated company group is a subsidiary of another company (the key company ) that: (i) is a member of the overall company group; and (ii) is not a member of the provisional designated company group; then: (c) both: (i) the key company; and (ii) the members of the provisional designated company group; constitute a designated company group ; and (d) the key company is the head company of that designated company group. (6) Subsection (5) has effect subject to subsection (7). (7) If: (a) a designated company group is covered by subsection (5); and (b) the head company of the designated company group is a subsidiary of another company (the higher ‑ tier company ); and (c) the higher ‑ tier company is a member of the overall company group; and (d) the higher ‑ tier company is not a member of the provisional designated company group; there is taken not to be a designated company group of which: (e) the higher ‑ tier company is the head company; and (f) any member of the provisional designated company group is a member.", "Amendment_Count": 1, "First_Amended": "No 47 of 2009", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2009", "History_Notes": "Inserted by No 47 of 2009, Sch 3 item 4 | Sch 3 item 8, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2BA"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2C", "Provision_Key": "s2c", "Heading": "Greater Sunrise apportionments", "Text": "(1) For the purposes of this Act, current apportionment percentage means the percentage applying from time to time under the definition of current apportionment percentage in subsection 286(4) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . (2) For the purposes of this Act, apportionment percentage figure , in relation to a year of tax, means: (a) if the current apportionment percentage did not change during the year of tax—the numerator of the fraction with a denominator of 100 that represents the current apportionment percentage that applied during that year; or (b) if the current apportionment percentage changed during the year of tax—means the amount worked out using the following formula: where: days in tax year means the number of days in the year of tax. first % figure , in relation to a year of tax in which the current apportionment percentage changed, means the numerator of the fraction with a denominator of 100 that represents the current apportionment percentage applying before the change. prior days , in relation to a year of tax in which the current apportionment percentage changed, means the number of days in that year before the current apportionment percentage changed. second % figure , in relation to a year of tax in which the current apportionment percentage changed, means the numerator of the fraction with a denominator of 100 that represents the current apportionment percentage applying after the change. subsequent days , in relation to a year of tax in which the current apportionment percentage changed, means the number of days in that year from and including the day on which the current apportionment percentage changed. (3) For the purposes of this Act, apportionment percentage figure , in relation to a period of days that is not a year of tax, means the amount worked out under subsection (2) as if the period were a year of tax.", "Amendment_Count": 4, "First_Amended": "No 47 of 2004", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 47 of 2004 | No 49 of 2007 | No 117 of 2008 | No 37 of 2024", "History_Notes": "Inserted by No 47 of 2004, effective Sch 2 (items 1–18): 7 Feb 2007 | Amended by No 49 of 2007, Sch 7 item 93, effective Sch 1 (items 88–94, 97): 1 July 2008 (s 2(1) item 2) | Amended by No 117 of 2008, Sch 3 item 48B | Sch 4 item 7A, effective Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6) | Amended by No 37 of 2024, Sch 5 item 1 | Sch 5 item 2 | Sch 5 item 3, effective Sch 5: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2D", "Provision_Key": "s2d", "Heading": "Future closing ‑ down expenditure", "Text": "(1) A person has future closing ‑ down expenditure in relation to a petroleum project if: (a) the project terminates on the cessation of one or more production licences; and (b) on that termination, an infrastructure licence comes into force, or continues in force, permitting the use of any part (the licensed property ) of the operation, facilities and other things that comprised the project immediately before the termination; and (c) but for the continued use of the licensed property (as permitted by the infrastructure licence) after that termination, the person would have incurred closing ‑ down expenditure in relation to the project, with respect to the licensed property. (2) The amount of the person’s future closing ‑ down expenditure is worked out as follows: where: bond rate is the long ‑ term bond rate in relation to the financial year during which the project terminates. future closing ‑ down costs is the payments (not being excluded expenditure), whether of a capital or revenue nature, that the person would expect: (a) the person; or (b) another person who becomes responsible for carrying on operations involved in closing down the licensed property; to be liable to make in carrying on operations involved in closing down the licensed property. It includes any environmental restoration as a consequence of closing down the licensed property. years of operation is the number of years after the termination of the project over which the licensed property is expected to be used as permitted by the infrastructure licence. (3) For the purposes of the definition of future closing ‑ down costs in subsection (2), if the person intends to make alterations or additions to the licensed property after the termination of the project, the payments referred to in that definition are to be disregarded to the extent that they relate to the alterations or additions. (4) In subsection (2): year means a period of 12 months. Example: On the termination of a petroleum project and the coming into force of an infrastructure licence, a person has future closing ‑ down costs of $1 million. The licensed property is expected to be used as permitted by the infrastructure licence for 10 years, and the bond rate in relation to the financial year in question is 5%. The amount of the person’s future closing ‑ down expenditure is:", "Amendment_Count": 2, "First_Amended": "No 78 of 2006", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 78 of 2006 | No 46 of 2011", "History_Notes": "Inserted by No 78 of 2006, Sch 3 item 1 | Sch 3 item 4, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 46 of 2011, Sch 1 item 2B | Sch 1 item 2E | Sch 1 item 2F | Sch 2 item 909, effective Sch 2 (items 909, 910) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 7, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2D"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 2E", "Provision_Key": "s2e", "Heading": "Marketable petroleum commodity", "Text": "(1) A marketable petroleum commodity is a product listed in subsection (2) that: (a) is produced from petroleum for the purpose of: (i) sale; or (ii) use as a feedstock for conversion to another product (whether a product listed in subsection (2) or not); or (iii) direct consumption as energy; and (b) is in its final form for that purpose. (2) The products are as follows: (a) stabilised crude oil; (b) sales gas; (c) condensate; (d) liquefied petroleum gas; (e) ethane; (ea) shale oil; (f) any other product specified in regulations made for the purposes of this paragraph. (3) However, a product cannot be a marketable petroleum commodity if it has been produced wholly or partly from a product that was a marketable petroleum commodity.", "Amendment_Count": 2, "First_Amended": "No 136 of 2011", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 136 of 2011 | No 18 of 2012", "History_Notes": "Inserted by No 136 of 2011, Sch 2 item 1, effective Sch 2: 29 Nov 2011 (s 2(1) item 2) | Amended by No 18 of 2012, Sch 1 item 25, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s2E"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Petroleum pools", "Text": "(1) Where, for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 , petroleum recovered from a petroleum pool, within the meaning of that Act, is taken by Division 3 of Part 1.2 of that Act to have been recovered from a particular area or from particular areas in particular proportions, the petroleum shall be taken for the purposes of this Act to have been recovered from that area, or from those areas in those proportions, as the case may be. (2) If, for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 , petroleum recovered from a part of the seabed is taken by subsection 54(1E) of that Act to have been recovered from a particular area or from particular areas in particular proportions, the petroleum is taken for the purposes of this Act to have been recovered from that area, or from those areas in those proportions, as the case may be.", "Amendment_Count": 3, "First_Amended": "No 17 of 2006", "Last_Amended": "No 11 of 2017", "Amending_Acts": "No 17 of 2006 | No 117 of 2008 | No 11 of 2017", "History_Notes": "Amended by No 17 of 2006, Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 37 | Sch 2 item 43 | Sch 2 item 56 | Sch 2 item 88 | Sch 2 item 89 | Sch 2 item 95, effective Sch 2 (items 73–96): 1 July 2008 (s 2(1) item 2) | Amended by No 117 of 2008, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 3 item 1 | Sch 3 item 2 | Sch 3 item 12 | Sch 3 item 16 | Sch 3 item 25 | Sch 3 item 31A | Sch 3 item 49, effective Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6) | Amended by No 11 of 2017, Sch 1 item 2 | Sch 1 item 3, effective Sch 2 (items 2, 3): 23 Feb 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s3"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Relationship between licences, permits and leases etc.", "Text": "(1) For the purposes of this Act: (a) a production licence shall be taken to be related to an exploration permit if: (i) because of the grant of the production licence, the exploration permit ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; or (ii) because of the grant of the production licence, a retention lease that was related to the exploration permit ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; (b) a retention lease shall be taken to be related to an exploration permit if, because of the grant of the retention lease, the exploration permit ceased to be in force in respect of the block or blocks in respect of which the retention lease was granted; (c) a production licence shall be taken to be related to a retention lease if, because of the grant of the production licence, the retention lease ceased to be in force in respect of the block or blocks in respect of which the production licence was granted; and (d) where an exploration permit, retention lease or production licence (which permit, lease or licence is in this paragraph referred to as the original authority ) is or was renewed, the renewed permit, lease or licence shall be taken to be a continuation of the original authority notwithstanding that the renewal may not have been granted in respect of all of the blocks in respect of which the original authority was granted. (2) For the purposes of this Act: (a) a production licence is derived from an exploration permit if the licence is related to the permit because of subparagraph (1)(a)(i); and (b) a production licence is derived from a retention lease if the licence is related to the lease.", "Amendment_Count": 1, "First_Amended": "No 80 of 1991", "Last_Amended": "No 80 of 1991", "Amending_Acts": "No 80 of 1991", "History_Notes": "Amended by No 80 of 1991, item 6, effective 1 July 1991", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s4"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 4A", "Provision_Key": "s4a", "Heading": "Holding an interest—petroleum project", "Text": "Petroleum projects generally (1) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to, a petroleum project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from: (a) if the time is a time after the production licence in relation to the project came into force—the production licence area in relation to the project; or (b) if the time is a time before the production licence in relation to the project came into force—a pre ‑ licence area in relation to the production licence. (2) However, subsection (1) does not apply if the project is a combined project, the Bass Strait project or the North West Shelf project. Combined projects (3) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to, a combined project if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from: (a) if the time is a time after the project combination certificate came into force—the production licence areas in relation to the project; or (b) if the time is a time before the project combination certificate came into force: (i) any production licence areas in relation to pre ‑ combination projects relating to the combined project; or (ii) any pre ‑ licence areas in relation to any of those pre ‑ combination projects. The Bass Strait project and the North West Shelf project (4) For the purposes of this Act, a person is taken to have held, at a particular time, an interest in, or in relation to,: (a) the Bass Strait project; or (b) the North West Shelf project; if the person was, at that time, entitled to receive receipts from the sale of petroleum, or of marketable petroleum commodities produced from petroleum, recovered from any of the production licence areas in relation to that project.", "Amendment_Count": 2, "First_Amended": "No 18 of 2012", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 18 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 82 | Sch 7 item 83, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s4A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 4B", "Provision_Key": "s4b", "Heading": "Greater Sunrise transferable exploration expenditure must be adjusted", "Text": "Transfers from a Greater Sunrise project (1) If, in relation to a year of tax, transferable exploration expenditure is transferred from a Greater Sunrise project to a petroleum project other than a Greater Sunrise project, the amount of that expenditure for the purposes of the other petroleum project is taken to be the amount worked out using the following formula: where: amount transferred means the amount transferred, in relation to the year of tax, from the Greater Sunrise project before that amount is reduced by the operation of this subclause. apportionment percentage figure has the meaning given by subsection 2C(2). Transfers to a Greater Sunrise project (2) If, in relation to a year of tax, transferable exploration expenditure is transferred to a Greater Sunrise project from a petroleum project other than a Greater Sunrise project, the amount of that expenditure for the purposes of the Greater Sunrise project is taken to be the amount worked out using the following formula: where: amount transferred means the amount transferred, in relation to the year of tax, from the project other than the Greater Sunrise project before that amount is increased by the operation of this subclause. apportionment percentage figure has the meaning given by subsection 2C(2).", "Amendment_Count": 2, "First_Amended": "No 18 of 2012", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 18 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s4B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 4C", "Provision_Key": "s4c", "Heading": "Holding an interest—retention lease", "Text": "For the purposes of this Act, a person is taken to have held an interest in, or in relation to, a retention lease at a particular time if the person was, at that time, entitled to receive receipts from the sale of petroleum, or marketable petroleum commodities produced from petroleum, recovered from: (a) if the time is a time after the retention lease was granted—the retention lease area; or (b) if the time is a time before the retention lease was granted—the exploration permit area of the exploration permit to which the retention lease is related.", "Amendment_Count": 2, "First_Amended": "No 18 of 2012", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 18 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s4C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Petroleum exploration and recovery in relation to certain areas", "Text": "Pre ‑ 1 July 2008 petroleum project (1) For the purposes of the application of this Act (including this section) to a pre ‑ 1 July 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, a production licence area, an exploration permit area or a retention lease area is a reference to exploration for petroleum in, or recovery of petroleum from, the production licence area, the exploration permit area or the retention lease area while the production licence, exploration permit or retention lease concerned is or was in force. (2) For the purposes of the application of this Act to a pre ‑ 1 July 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, the eligible exploration or recovery area in relation to a petroleum project is a reference to exploration for petroleum in, or recovery of petroleum from: (a) where the production licence or any production licence in relation to the project is a permit derived production licence—the exploration permit area in relation to the exploration permit to which the production licence is related (being exploration or recovery occurring either before or after the production licence came into force but not after marketable petroleum commodities cease, otherwise than temporarily, to be produced in relation to the project); (b) where the production licence or any production licence in relation to the project is a lease derived production licence—the retention lease area in relation to the retention lease to which the production licence is related (being exploration or recovery occurring either before or after the production licence came into force but not after marketable petroleum commodities cease, otherwise than temporarily, to be produced in relation to the project); and (c) the production licence area of the production licence, or the production licence areas of the production licences, in respect of the project. (3) For the purposes of subsections (1) and (2), where, at a time when no permit derived production licence in relation to an exploration permit is in force, a retention lease that is related to the exploration permit comes into force, any exploration for, or recovery of, petroleum that occurred while the exploration permit was in force in the block or blocks in respect of which the retention lease was granted and during the period: (a) where paragraph (b) does not apply—before the retention lease came into force; or (b) where, before the retention lease came into force, a permit derived production licence, or permit derived production licences, in relation to the exploration permit were in force—after that production licence or all of those production licences, as the case may be, ceased to be in force and before the retention lease came into force; shall be taken to have occurred in the retention lease area and not in the exploration permit area notwithstanding that the retention lease was not in force at that time. (4) For the purposes of subsection (2), where, but for this subsection, the same exploration for petroleum or recovery of petroleum would be exploration for petroleum in, or recovery of petroleum from, the exploration permit area or the retention lease area in relation to 2 or more production licences, the exploration or recovery shall be taken to relate only to the production licence that first came into force. Post ‑ 30 June 2008 petroleum project (5) For the purposes of the application of this Act (including this section) to a post ‑ 30 June 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, a production licence area, an exploration permit area or a retention lease area is a reference to exploration for petroleum in, or recovery of petroleum from, the production licence area, the exploration permit area or the retention lease area while the production licence, exploration permit or retention lease concerned is or was in force. (6) For the purposes of the application of this Act to a post ‑ 30 June 2008 petroleum project, a reference to exploration for petroleum in, or recovery of petroleum from, the eligible exploration or recovery area in relation to a petroleum project is a reference to: (a) if the production licence, or any production licence, in relation to the project is a production licence (in this paragraph called the current production licence ) derived from an exploration permit (in this paragraph called the prior exploration permit )—exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit, where the exploration or recovery occurred: (i) before the current production licence came into force; and (ii) if, before the current production licence came into force, there came into force one or more retention leases, or one or more other production licences, derived from the prior exploration permit—after whichever of those retention leases or other production licences last came into force before the current production licence came into force; and (b) if the production licence, or any production licence, in relation to the project is a production licence (in this paragraph called the current production licence ) derived from a retention lease (in this paragraph called the prior retention lease )—exploration for petroleum in, or recovery of petroleum from, the retention lease area of the prior retention lease, where the exploration or recovery occurred before the current production licence came into force; and (c) if: (i) the production licence, or any production licence, in relation to the project is a production licence (in this paragraph called the current production licence ) derived from a retention lease (in this paragraph called the prior retention lease ); and (ii) the prior retention lease was derived from an exploration permit (in this paragraph called the prior exploration permit ); exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit, where the exploration or recovery occurred: (iii) before the prior retention lease came into force; and (iv) if, before the prior retention lease came into force, there came into force one or more other production licences, or one or more other retention leases, derived from the prior exploration permit—after whichever of those other retention leases or other production licences last came into force before the prior retention lease came into force; and (d) exploration for petroleum in, or recovery of petroleum from, the production licence area of the production licence, or the production licence areas of the production licences, in respect of the project. (7) If: (a) paragraph (6)(c) applies to a post ‑ 30 June 2008 petroleum project; and (b) the prior retention lease mentioned in that paragraph is one of a set of 2 or more retention leases that: (i) came into force at the same time; and (ii) were derived from the prior exploration permit mentioned in that paragraph; and (c) the production licence, or the production licences, in relation to one or more other post ‑ 30 June 2008 petroleum projects were derived from one or more of the retention leases included in the set mentioned in paragraph (b) of this subsection; and (d) exploration expenditure incurred in relation to the petroleum project mentioned in paragraph (a) of this subsection is attributable to exploration for petroleum in, or recovery of petroleum from, the exploration permit area of the prior exploration permit; then, for the purposes of the application of this Act to the petroleum project mentioned in paragraph (a) of this subsection, the amount of the exploration expenditure mentioned in paragraph (d) of this subsection is taken to be the amount worked out using the following formula: where: number of retention leases relating to the petroleum project mentioned in paragraph (a) of this subsection means the number of retention leases: (a) from which the production licence, or the production licences, in relation to the petroleum project mentioned in paragraph (a) of this subsection were derived; and (b) that are included in the set mentioned in paragraph (b) of this subsection. total number of retention leases means the number of retention leases that are included in the set mentioned in paragraph (b) of this subsection. unadjusted amount of exploration expenditure means the amount that, apart from this subsection, is the amount of the exploration expenditure mentioned in paragraph (d) of this subsection.", "Amendment_Count": 1, "First_Amended": "No 47 of 2009", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2009", "History_Notes": "Amended by No 47 of 2009, Sch 3 item 23 | Sch 3 item 24 | Sch 3 item 25, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s5"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Matters dealt with in this Part", "Text": "(1) This Part deals with: (a) the calculation of the amount of class 2 uplifted exploration expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project; and (b) the calculation of the amount of expenditure incurred by the person in relation to the project in standard uplift expenditure years that is transferable from the project in relation to the financial year. In this Part, the financial year is called the assessable year . (2) For the avoidance of doubt, the assessable year may be a financial year starting after the finishing day in relation to the petroleum project.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s6"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 7", "Provision_Key": "s7", "Heading": "What happens if there is no notional taxable profit", "Text": "If there is no notional taxable profit in relation to the person, the petroleum project and the assessable year: (a) the person is taken not to have incurred any class 2 uplifted exploration expenditure in relation to the project and the assessable year; and (b) all the expenditure included in the incurred exploration expenditure amounts for the standard uplift expenditure years is transferable by the person in relation to the assessable year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s7"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 8", "Provision_Key": "s8", "Heading": "What happens if there is a notional taxable profit", "Text": "(1) This clause applies if there is a notional taxable profit in relation to the person, the petroleum project and the assessable year. (2) For the purposes of this clause, the available exploration expenditure amount for the assessable year equals the incurred exploration expenditure amount in relation to the assessable year. (3) For the purposes of this clause, the available exploration expenditure amount for a standard uplift expenditure year before the assessable year is worked out as follows: (a) if the standard uplift expenditure year is the financial year immediately before the assessable year—multiply the incurred exploration expenditure amount in relation to the standard uplift expenditure year by: (i) if the standard uplift expenditure year starts before 1 July 2019—the long ‑ term bond rate in relation to the standard uplift expenditure year plus 1.15; or (ii) otherwise—the long ‑ term bond rate in relation to the standard uplift expenditure year plus 1.05; (b) if the standard uplift expenditure year is an earlier financial year—work out, in relation to the standard uplift expenditure year and each later financial year ending before the assessable year, an amount in accordance with the formula: where: exploration expenditure amount means: (i) in making the calculation in relation to the standard uplift expenditure year—the incurred exploration expenditure amount in relation to the standard uplift expenditure year; or (ii) in making the calculation in relation to one of the later financial years—the amount calculated under this paragraph in relation to the immediately preceding financial year for the purpose of working out the available exploration expenditure amount for the standard uplift expenditure year. uplift rate , for the financial year in relation to which the calculation is being made (the calculation year ), means: (i) if both the standard uplift expenditure year and the calculation year start before 1 July 2019—the long ‑ term bond rate in relation to the calculation year plus 1.15; or (ii) if the standard uplift expenditure year starts before 1 July 2019 and the calculation year starts on or after 1 July 2019—the long ‑ term bond rate in relation to the calculation year plus 1.05; or (iii) if the standard uplift expenditure year starts on or after 1 July 2019 and the calculation year is 10 or more years after the standard uplift expenditure year—the GDP factor for the calculation year; or (iv) in any other case—the long ‑ term bond rate in relation to the calculation year plus 1.05; (c) if paragraph (a) applies—the available exploration expenditure amount for the standard uplift expenditure year is the amount worked out under that paragraph; (d) if paragraph (b) applies—the available exploration expenditure amount for the standard uplift expenditure year is the amount worked out under that paragraph in relation to the most recent of the later financial years referred to in paragraph (b). (4) If the total of the available exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years is less than or equal to the notional taxable profit: (a) the person is taken to have incurred an amount of class 2 uplifted exploration expenditure in the assessable year in relation to the project equal to the total of those available exploration expenditure amounts; and (b) that class 2 uplifted exploration expenditure is attributable to all the expenditure included in the incurred exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years; and (c) none of the expenditure included in the incurred exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years is transferable by the person in relation to the assessable year. (5) If the total of the available exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years exceeds the notional taxable profit: (a) the person is taken to have incurred an amount of class 2 uplifted exploration expenditure in the assessable year in relation to the project equal to the notional taxable profit; and (b) the expenditure to which that class 2 uplifted exploration expenditure is attributable is to be worked out in accordance with whichever of subclauses (6) and (7) is applicable; and (c) the expenditure included in the incurred exploration expenditure amounts for the assessable year and the previous standard uplift expenditure years that is not expenditure to which that class 2 uplifted exploration expenditure is attributable is transferable by the person in relation to the assessable year. (6) If: (a) class 2 uplifted exploration expenditure is taken to be incurred by subclause (5); and (b) the available exploration expenditure amount for the earliest of the standard uplift expenditure years for which there is such an amount equals or exceeds the notional taxable profit; the class 2 uplifted exploration expenditure is attributable to so much of the expenditure included in the incurred exploration expenditure amount for that standard uplift expenditure year as, if it had been the only expenditure included in that amount, would have made the available exploration expenditure amount for that standard uplift expenditure year equal the notional taxable profit. (7) If: (a) class 2 uplifted exploration expenditure is taken to be incurred by subclause (5); and (b) the notional taxable profit exceeds the available exploration expenditure amount for the earliest of the standard uplift expenditure years for which there is such an amount; the following provisions have effect: (c) add amounts in accordance with the following rules: (i) start with the available exploration expenditure amount for the earliest of the standard uplift expenditure years for which there is such an amount and add to that, in order starting with the next earliest standard uplift expenditure year, the available exploration expenditure amounts for the later standard uplift expenditure years; (ii) if adding the available exploration expenditure amount for a standard uplift expenditure year would make the total exceed the notional taxable profit, add only so much of that amount as makes the total equal the notional taxable profit and do not add the available exploration expenditure amount for any later standard uplift expenditure year; (d) the class 2 uplifted expenditure is attributable to: (i) all the expenditure included in the incurred exploration expenditure amounts for each standard uplift expenditure year in relation to which the whole available exploration expenditure amount was added in accordance with subparagraphs (c)(i) and (ii); and (ii) if, under those subparagraphs, part only of the available exploration expenditure amount for a standard uplift expenditure year was added—so much of the expenditure included in the incurred exploration expenditure amount for that standard uplift expenditure year as, if it had been the only expenditure included in that amount, would have made the available exploration expenditure amount for that standard uplift expenditure year equal the added part.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s8"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Interpretation", "Text": "In this Part: notional taxable profit , in relation to a person, a petroleum project and a financial year, means the amount (if any) that would be the taxable profit under subsection 22(1) or (2) in relation to the person, the project and the financial year if: (a) the person had not incurred any class 2 GDP factor expenditure, resource tax expenditure, starting base expenditure, augmented denied deductible expenditure or closing ‑ down expenditure in relation to the project and the financial year; and (b) any expenditure transferred: (i) to the project in relation to the financial year under section 45A; or (ii) to the person in relation to the project and the financial year under section 45B; had not been transferred.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s9"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Translation of amounts into Australian currency", "Text": "(1) For the purposes of this Act, an amount in a foreign currency is to be translated into Australian currency. Examples of an amount (2) The following are examples of an amount: (a) an amount of an expense; (b) an amount of an obligation; (c) an amount of a liability; (d) an amount of a receipt; (e) an amount of a payment; (f) an amount of consideration; (g) a value. Translation rule—assessable receipt (3) If: (a) a person derives an assessable receipt in relation to a petroleum project; and (b) the receipt is in a foreign currency; the receipt is to be translated into Australian currency at the exchange rate applicable at the time when the receipt is derived. Translation rule—eligible real expenditure (4) If: (a) a person incurs eligible real expenditure in relation to a petroleum project; and (b) the expenditure is in a foreign currency; the expenditure is to be translated into Australian currency at the exchange rate applicable at the time when the expenditure is incurred. Translation rule—transfer of entire entitlement to assessable receipts (5) If: (a) section 48 applies in relation to a transaction; and (b) a person is a purchaser (within the meaning of section 48) in relation to the transaction; and (c) the person is taken, under section 48, to have derived or incurred an amount; and (d) the vendor (within the meaning of section 48) in relation to the transaction has made an election under section 58B (functional currency); and (e) the election is in effect for the year of tax in which the transfer time (within the meaning of section 48) occurred; and (f) the amount is in the vendor’s applicable functional currency; the amount is to be translated from the applicable functional currency into Australian currency at the exchange rate applicable at the transfer time (within the meaning of section 48). Translation rule—transfer of part of entitlement to assessable receipts (6) If: (a) section 48A applies in relation to a transaction; and (b) a person is a purchaser (within the meaning of section 48A) in relation to the transaction; and (c) the person is taken, under section 48A, to have derived or incurred an amount; and (d) the vendor (within the meaning of section 48A) in relation to the transaction has made an election under section 58B (functional currency); and (e) the election is in effect for the year of tax in which the transfer time (within the meaning of section 48A) occurred; and (f) the amount is in the vendor’s applicable functional currency; the amount is to be translated from the applicable functional currency into Australian currency at the exchange rate applicable at the transfer time (within the meaning of section 48A). Operation of functional currency provisions unaffected (7) This section does not affect the operation of Division 7 of Part V (functional currency).", "Amendment_Count": 2, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 88 of 2013", "History_Notes": "Repealed and substituted by No 47 of 2009, Sch 3 item 17 | Sch 3 item 58M, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, Sch 7 item 73 | Sch 7 item 85 | Sch 7 item 86 | Sch 7 item 200 | Sch 7 item 201 | Sch 7 item 202, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s10"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Residence", "Text": "(1) For the purposes of this Act, a person shall be taken to have been a non ‑ resident at a particular time if the person was not a resident of Australia at that time. (2) For the purposes of this Act, a person shall be taken to have been a resident of Australia at a particular time if: (a) in the case of a natural person: (i) the person resided in Australia at that time; or (ii) except in a case where the Commissioner is satisfied that that person’s permanent place of residence at that time was outside Australia—the person was domiciled in Australia at that time; (b) in the case of a body corporate: (i) the body was incorporated in Australia at that time; or (ii) at that time the body corporate carried on business in Australia and: (A) had its central management and control in Australia; or (B) had its voting power controlled by shareholders who were residents of Australia; or (c) in the case of a partnership or an unincorporated association—any member of the partnership or association was a resident of Australia at that time by virtue of paragraph (a) or (b).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s11"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 12", "Provision_Key": "s12", "Heading": "What happens if there is a notional taxable profit", "Text": "(1) This clause applies if there is a notional taxable profit in relation to the person, the petroleum project and the assessable year. (2) For the purposes of this clause, the available exploration expenditure amount for a GDP expenditure year is worked out as follows: (a) work out, in relation to the GDP expenditure year and each later financial year ending before the assessable year, an amount in accordance with the formula: where: Exploration expenditure amount means: (i) in making the calculation in relation to the GDP expenditure year—the incurred exploration expenditure amount in relation to the GDP expenditure year; or (ii) in making the calculation in relation to one of the later financial years—the amount calculated under this paragraph in relation to the immediately preceding financial year for the purpose of working out the available exploration expenditure amount for the GDP expenditure year; GDP factor means the GDP factor in relation to the financial year in relation to which the calculation is being made; (b) the available exploration expenditure amount for the GDP expenditure year is the amount worked out under paragraph (a) in relation to the most recent of the later financial years referred to in that paragraph. (3) If the total of the available exploration expenditure amounts for the GDP expenditure years is less than or equal to the notional taxable profit: (a) the person is taken to have incurred an amount of class 2 GDP factor expenditure in the assessable year in relation to the project equal to the total of those available exploration expenditure amounts; and (b) that class 2 GDP factor expenditure is attributable to all the expenditure included in the incurred exploration expenditure amounts for the GDP expenditure years; and (c) none of the expenditure included in the incurred exploration expenditure amounts for the GDP expenditure years is transferable by the person in relation to the assessable year. (4) If the total of the available exploration expenditure amounts for the GDP expenditure years exceeds the notional taxable profit: (a) the person is taken to have incurred an amount of class 2 GDP factor expenditure in the assessable year in relation to the project equal to the notional taxable profit; and (b) the expenditure to which that class 2 GDP factor expenditure is attributable is to be worked out in accordance with whichever of subclauses (5) and (6) is applicable; and (c) the expenditure included in the incurred exploration expenditure amounts for the GDP expenditure years that is not expenditure to which that class 2 GDP factor expenditure is attributable is transferable by the person in relation to the assessable year. (5) If: (a) class 2 GDP factor expenditure is taken to be incurred by subclause (4); and (b) the available exploration expenditure amount for the earliest of the GDP expenditure years for which there is such an amount equals or exceeds the notional taxable profit; the class 2 GDP factor expenditure is attributable to so much of the expenditure included in the incurred exploration expenditure amount for that GDP expenditure year as, if it had been the only expenditure included in that amount, would have made the available exploration expenditure amount for that GDP expenditure year equal the notional taxable profit. (6) If: (a) class 2 GDP factor expenditure is taken to be incurred by subclause (4); and (b) the notional taxable profit exceeds the available exploration expenditure amount for the earliest of the GDP expenditure years for which there is such an amount; the following provisions have effect: (c) add amounts in accordance with the following rules: (i) start with the available exploration expenditure amount for the earliest of the GDP expenditure years for which there is such an amount and add to that, in order starting with the next earliest GDP expenditure year, the available exploration expenditure amounts for the later GDP expenditure years; (ii) if adding the available exploration expenditure amount for a GDP expenditure year would make the total exceed the notional taxable profit, add only so much of that amount as makes the total equal the notional taxable profit and do not add the available exploration expenditure amount for any later GDP expenditure year; (d) the class 2 GDP factor expenditure is attributable to: (i) all the expenditure included in the incurred exploration expenditure amounts for each GDP expenditure year for which the whole available exploration expenditure amount was added in accordance with subparagraphs (c)(i) and (ii); and (ii) if, under those subparagraphs, part only of the available exploration expenditure amount for a GDP expenditure year was added—so much of the expenditure included in the incurred exploration expenditure amount for that GDP expenditure year as, if it had been the only expenditure included in that amount, would have made the available exploration expenditure amount for that GDP expenditure year equal the added part.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s12"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Unincorporated associations", "Text": "(1) Subject to this section, this Act applies to an unincorporated association as if the association were a person. (2) Where, but for this subsection, an obligation would be imposed on an unincorporated association by virtue of the operation of subsection (1), the obligation is imposed on each member of the committee of management of the association, but may be discharged by any of those members. (3) Where, by virtue of the operation of subsection (1), an offence against this Act is deemed to have been committed by an unincorporated association, that offence shall be deemed to have been committed by each member of the committee of management of the association. (4) In a prosecution of a person for an offence by virtue of this section, it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission by virtue of which the offence is deemed to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission by virtue of which the offence is deemed to have been committed. (5) A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s13"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Assumptions on which amounts to be worked out", "Text": "(1) Amounts worked out under this Part in relation to the exploration permit or retention lease and a period (including a financial year) are to be worked out on the assumptions that: (a) a production licence derived from the permit or lease was in force at all times during the period; and (b) the petroleum project to which that production licence was related consisted only of that production licence. In this Part, the petroleum project referred to in paragraph (b) is called the notional project . (2) Augmented denied deductible expenditure taken to be incurred by a person in a financial year in relation to the notional project is not deductible expenditure actually incurred by the person in relation to the notional project in the financial year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s14"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Non ‑ transferable expenditure", "Text": "(1) For the purposes of this Part, if: (a) the person incurred exploration expenditure, or is taken to have incurred uplifted frontier expenditure, in relation to the notional project in a financial year; and (b) the total amount of assessable receipts derived by the person in relation to the notional project in the financial year equals or exceeds the total amount of deductible expenditure actually incurred by the person in relation to the notional project in the financial year; the total of the amounts of exploration expenditure (other than designated frontier expenditure), and uplifted frontier expenditure, is taken to be non ‑ transferable expenditure incurred by the person in relation to the notional project. (2) For the purposes of this Part, if: (a) the total amount of deductible expenditure actually incurred by the person in relation to the notional project in a financial year exceeds the total amount of assessable receipts derived by the person in relation to the notional project and the financial year; and (b) the total of: (i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and (ii) any amounts of uplifted frontier expenditure taken to be incurred by the person in respect of designated frontier expenditure actually incurred by the person; in relation to the notional project in the financial year exceeds the excess referred to in paragraph (a) by an amount (the non ‑ transferable amount ); so much of the expenditure as equals the non ‑ transferable amount is taken to be non ‑ transferable expenditure incurred by the person in relation to the notional project. (3) If: (a) subclause (2) applies; and (b) the oldest amount of any exploration expenditure (other than designated frontier expenditure) incurred, or any uplifted frontier expenditure taken to be incurred, by the person in the financial year equals or exceeds the non ‑ transferable amount; the non ‑ transferable expenditure consists of so much of that oldest amount as equals the non ‑ transferable amount. (4) If: (a) subclause (2) applies; but (b) subclause (3) does not apply; the following provisions have effect: (c) add amounts in accordance with the following rules: (i) start with the oldest amount of any exploration expenditure (other than designated frontier expenditure) incurred, or any uplifted frontier expenditure taken to be incurred, by the person in the financial year; (ii) add to that, in order starting with the next oldest amount, each of the other amounts incurred, or taken to be incurred, by the person in the financial year; (iii) if adding an amount of expenditure would make the total exceed the non ‑ transferable amount, add only so much of the amount as makes the total equal the non ‑ transferable amount and do not add any later amount of expenditure; (d) the non ‑ transferable expenditure consists of the amounts of expenditure added together in accordance with paragraph (c).", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Amended by No 145 of 2010, Sch 1 item 355 | Sch 2 item 59, effective Sch 2 (items 59, 60): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s15"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Amounts to be worked out", "Text": "Work out, in relation to the person, the exploration permit or retention lease and the assessable year, the following amounts: (a) the total of the assessable receipts derived by the person in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year; (b) the total of the deductible expenditure actually incurred by the person in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year; (c) the total of: (i) any amounts of exploration expenditure (other than designated frontier expenditure) actually incurred by the person; and (ii) any amounts of uplifted frontier expenditure taken to be incurred by the person in respect of designated frontier expenditure actually incurred by the person; in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year; (d) the amount worked out under paragraph (c), less the total of the amounts of non ‑ transferable expenditure incurred by the person in relation to the notional project during the period starting on 1 July 1990 and ending at the end of the assessable year. In this Part, the amount worked out under paragraph (a) is called the notional assessable receipts , the amount worked out under paragraph (b) is called the notional deductible expenditure , the amount worked out under paragraph (c) is called the notional exploration expenditure and the amount worked out under paragraph (d) is called the reduced notional exploration expenditure . Note: the effect of subsection 45D(3) must be taken into account when working out the notional deductible expenditure and the notional exploration expenditure.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s16"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 19", "Provision_Key": "s19", "Heading": "Petroleum project", "Text": "(1) Subject to subsection (1A) and (1B), for the purposes of this Act, where a production licence is in force and is not specified in a project combination certificate that is in force, there shall be taken to be a petroleum project in relation to the production licence. (1A) For the purposes of this Act, there is taken to be a single petroleum project in relation to all production licences that are related to the Bass Strait exploration permit and that are in force from time to time, unless those licences are specified in a project combination certificate that is in force. (1B) For the purposes of this Act, there is taken to be a single petroleum project in relation to all production licences that are related to the North West Shelf exploration permits and that are in force from time to time. (2) For the purposes of this Act, where 2 or more production licences are specified in a project combination certificate that is in force, there shall be taken to be a petroleum project in relation to such of the production licences as are in force. (2A) If: (a) the production licences that are related to the Bass Strait exploration permit are specified in a project combination certificate; and (b) another production licence that is related to the Bass Strait exploration permit comes into force at a time when the project combination certificate is in force; the certificate has effect after that time as if the production licence referred to in paragraph (b) were specified in the certificate. (2B) For the purposes of this Act, there shall be taken to be included, as part of any petroleum project within the meaning of subsection (1) or (2), the carrying on of any processing of external petroleum wholly or partly using the operations, facilities and other things comprising the project: (a) in the case of a production licence referred to in subsection (1)—while that licence is in force; or (b) in the case of 2 or more production licences referred to in subsection (2)—while any of those licences are in force. Note: Under subsection (4), the operations, facilities and other things comprising the project are limited to those used in relation to petroleum recovered from the one or more production licence areas in relation to the project. (2C) For the purposes of this Act, there is taken to be included, as part of any petroleum project within the meaning of subsection (1) or (2), the carrying on of any processing of internal petroleum wholly or partly using the operations, facilities and other things comprising the project: (a) in the case of a production licence referred to in subsection (1)—while that licence is in force; or (b) in the case of 2 or more production licences referred to in subsection (2)—while any of those licences are in force. (3) For the purposes of this Act, where any one or more, but not all, of the production licences specified in a project combination certificate that is in force ceases to be in force, the combined project shall be taken to continue to exist in relation to the production licence or production licences that remain in force. (4) For the purposes of this Act, a reference to the operations, facilities and other things comprising a petroleum project is a reference to: (a) operations and facilities for the recovery of petroleum from the production licence area or production licence areas in relation to the project; and (b) such of the following as are carried on or provided: (i) operations and facilities involved in moving petroleum so recovered between any storage or processing facilities prior to the production of any marketable petroleum commodity from the petroleum; (ii) operations and facilities involved in the storage, processing or treatment of petroleum so recovered to produce any marketable petroleum commodity from the petroleum; (iii) operations and facilities involved in the moving or storage of any such marketable petroleum commodity before it becomes an excluded commodity; (iv) services, or facilities for the provision of services, in connection with the operations, facilities, amenities and services referred to in this section; (v) employee amenities in connection with the operations, facilities and services referred to in this section; (vi) operations and facilities, carried on or provided, for an environmental purpose, in relation to the carrying on or provision of the operations, facilities and services referred to in this section.", "Amendment_Count": 4, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 101 of 2003 | No 47 of 2009 | No 18 of 2012", "History_Notes": "Amended by No 80 of 1991, item 4 | item 7, effective 1 July 1991 | Amended by No 101 of 2003, Sch 5 item 4 | Sch 5 item 7, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2009, Sch 3 item 29, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 18 of 2012, Sch 1 item 12 | Sch 1 item 26 | Sch 1 item 27 | Sch 1 item 28 | Sch 1 item 29 | Sch 1 item 30 | Sch 1 item 31 | Sch 1 item 32 | Sch 1 item 33 | Sch 1 item 34 | Sch 1 item 35 | Sch 3 item 6, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s19"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 20", "Provision_Key": "s20", "Heading": "Combining of petroleum projects", "Text": "(1) Subject to this section, where the Resources Minister, in relation to a production licence in relation to a petroleum project, having regard to: (a) the respective operations, facilities and other things that comprise, have comprised or will comprise that project and any other petroleum project or projects existing at the time at which the production licence came into force; and (b) the persons by whom or on whose behalf the operations, facilities and other things referred to in paragraph (a) are being, have been or are proposed to be carried on or provided; and (d) the geological, geophysical and geochemical and other features of the production licence areas in relation to the projects; considers that the projects are sufficiently related to be treated for the purposes of this Act as a single petroleum project, the Minister must issue a certificate under this subsection specifying the production licence or production licences in relation to each of the projects. (1A) Despite subsection (1), the Minister cannot specify, under that subsection, a production licence relating to the North West Shelf project. (3) For the purposes of paragraph (1)(a): (a) a reference to operations, facilities and other things that have comprised a petroleum project includes, in the case of a combined project, a reference to operations, facilities and other things that have comprised the pre ‑ combination projects in relation to the project; and (b) a reference to operations, facilities and other things that will comprise a petroleum project is a reference to operations, facilities and other things that are proposed, by the registered holders of, and the holders of registered interests in, the production licence or licences in relation to the project, to comprise the project. (4) The Minister may only issue a certificate under subsection (1) in respect of petroleum projects if: (a) a person who is entitled to receive at least half of the receipts from the sale of petroleum or marketable petroleum commodities produced in relation to each of the projects applies, in writing, to the Minister for the certificate to be issued; or (b) 2 or more persons who together are entitled to receive at least half of those receipts apply, in writing, to the Minister for the certificate to be issued. (4A) An application under subsection (4) may only be made within: (a) the period of 90 days beginning on the day the most recent production licence in relation to any of the petroleum projects came into force; or (b) if the Minister allows a longer period—that longer period. (4B) If the Minister does not make a decision on an application under subsection (4) before the later of the following times: (a) the end of the period of 90 days after the application is made; (b) if the Minister extends that period under subsection (4C)—the end of the extended period; the Minister is taken, for the purposes of subsection (12), to have refused the application at that time. (4C) The Minister may, by written notice to the applicant or applicants, extend the period mentioned in subsection (4B) if the Minister is satisfied that it is necessary to do so to adequately consider the application. (5) A certificate under subsection (1) shall not be repealed, rescinded, revoked, amended or varied otherwise than: (a) under subsection (8); (b) pursuant to a decision of the Tribunal or an order of a court; or (c) to correct an error in the certificate. (6) A certificate under subsection (1) shall come into force on the issue of the certificate and continue in force until the issue of a subsequent certificate under that subsection specifying production licences that include such of the production licences specified in the first ‑ mentioned certificate as are in force at the time when the subsequent certificate is issued. (7) Where, in deciding whether or not to issue a certificate under subsection (1) specifying 2 or more production licences, the Resources Minister has reasonable grounds to believe that an operation, facility or other thing is being, has been or is proposed to be carried on or provided, or is being, has been or is proposed to be carried on or provided in a particular manner or by particular persons, for the sole or dominant purpose of obtaining the issue of the certificate, the Minister must disregard the carrying on or provision of the operation, facility or thing. (8) Where, after the issue of a certificate under subsection (1), it appears to the Resources Minister that, having regard to information that was not available to the Minister at the time of issue of the certificate, the certificate would not, by reason of the application of subsection (7), have been issued if the Minister had been aware of the information at the time of issue of the certificate, the Minister must cancel the certificate and upon the cancellation the certificate shall be deemed never to have been issued. (9) The Minister must: (a) within 30 days after the issue of a certificate under subsection (1) or the cancellation under subsection (8) of such a certificate, arrange for notice in writing of the issue or cancellation: (i) to be sent to the holder or holders of the production licences concerned and to the Commissioner; and (ii) to be published in the Gazette ; and (b) within 30 days after making a decision to refuse an application for the issue of a certificate under subsection (1), arrange for notice in writing of the decision to be sent to the person or persons making the application. (10) A notice under subsection (9) shall include a statement to the effect that, subject to the Administrative Review Tribunal Act 2024 , application may be made to the Tribunal for review of the decision to issue or cancel the certificate, or to refuse the application, as the case may be, by or on behalf of the person or persons whose interests are affected by the decision. (11) Any failure to comply with the requirement of subsection (10) in relation to a decision does not affect the validity of the decision. (12) Application may be made to the Tribunal for a review of: (a) a decision of the Resources Minister to issue a certificate under subsection (1); or (b) a decision of the Minister refusing an application to issue such a certificate; or (c) a decision of the Minister under subsection (8) to cancel such a certificate.", "Amendment_Count": 5, "First_Amended": "No 88 of 2009", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 88 of 2009 | No 18 of 2012 | No 88 of 2013 | No 43 of 2019 | No 38 of 2024", "History_Notes": "Amended by No 88 of 2009, Sch 5 item 214 | Sch 5 item 215 | Sch 5 item 216 | Sch 5 item 217 | Sch 5 item 218 | Sch 5 item 219 | Sch 5 item 220 | Sch 5 item 221 | Sch 5 item 222 | Sch 5 item 224 | Sch 5 item 225, effective Sch 5 (items 209–230): 18 Sept 2009 (s 2(1) item 7) | Amended by No 18 of 2012, Sch 1 item 36 | Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39 | Sch 1 item 40, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 1 item 78 | Sch 1 item 79 | Sch 1 item 80 | Sch 1 item 81 | Sch 1 item 82 | Sch 1 item 83 | Sch 2 item 29 | Sch 2 item 30 | Sch 2 item 31, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1) | Amended by No 38 of 2024, Sch 1 item 12 | Sch 1 item 19, effective Sch 1 (item 68): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s20"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Rule—must be a notional taxable profit in relation to receiving project", "Text": "The person may only transfer the expenditure to the receiving project in relation to the transfer year if there is a notional taxable profit in relation to the person, the receiving project and the transfer year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s21"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 22", "Provision_Key": "s22", "Heading": "Taxable profit", "Text": "(1) Where, in relation to a petroleum project and a year of tax, the assessable receipts derived by a person exceed the sum of: (a) the deductible expenditure incurred by the person; and (b) the total of the amounts (if any) transferred by the person to the project in relation to the year of tax under section 45A; and (c) the total of the amounts (if any) transferred by another person to the person in relation to the project and the year of tax under section 45B; the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount equal to the excess. Note: because of subsection 45D(2), some transfers of expenditure are taken to be transfers of amounts compounded in accordance with Part 7 of Schedule 1. Allowing for Greater Sunrise apportionments (2) However, if the petroleum project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount worked out using the following formula: where: apportionment percentage figure has the meaning given by subsection 2C(2). initial taxable profit means the amount of taxable profit worked out under subsection (1) ignoring this subsection. Deemed taxable profit for certain liquefied natural gas projects (3) If: (a) a person derives assessable petroleum receipts or assessable tolling receipts in relation to a petroleum project in a year of tax; and (b) sales gas is, or will be, produced from some or all of the petroleum that is, or will be, recovered from the project; and (c) the person is a party to an arrangement (within the meaning of section 50); and (d) it is intended, as a result of carrying out the arrangement, that sales gas (which may or may not be the sales gas mentioned in paragraph (b)) is to be wholly or primarily processed into liquefied natural gas; and (e) the person enters, or will enter, into such arrangements on a regular or consistent basis; and (f) the person is not taken under subsection (1) or (2) to have a taxable profit in relation to the project and the year of tax; and (g) the project is not excluded under subsection (5) for the year of tax; the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount (the denied deduction amount ) equal to 10% of the assessable receipts derived by the person in relation to the project in the year of tax. (4) However, if the project is a Greater Sunrise project, the person is taken for the purposes of this Act to have a taxable profit in relation to the project and the year of tax of an amount (the denied deduction amount ) worked out using the following formula: where: apportionment percentage figure has the meaning given by subsection 2C(2). initial taxable profit means the amount of taxable profit worked out under subsection (3) ignoring this subsection. (5) For the purposes of paragraph (3)(g), a project is excluded for a year of tax if: (a) the year of tax is the first financial year in which assessable petroleum receipts are derived by the person in relation to the project or one of the subsequent 7 financial years; or (b) the person incurs resource tax expenditure or starting base expenditure in the year of tax in relation to the project; or (c) the person is not taken to incur any amounts under subsection 33(3), 34(3), 34A(4), 35(3), 35C(5), 35E(3), 35F(2) or 36(1) (including because of section 48 or 48A) in relation to the project: (i) on the first day of the year of tax; or (ii) on the first day of a previous year of tax (other than the first year of tax in which the person incurred deductible expenditure in relation to the project).", "Amendment_Count": 4, "First_Amended": "No 80 of 1991", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 80 of 1991 | No 47 of 2004 | No 18 of 2012 | No 37 of 2024", "History_Notes": "Repealed and substituted by No 80 of 1991, item 8, effective 1 July 1991 | Amended by No 47 of 2004, effective Sch 2 (items 1–18): 7 Feb 2007 | Amended by No 18 of 2012, Sch 2 item 3 | Sch 2 item 26, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 37 of 2024, Sch 5 item 3 | Sch 5 item 35F | Sch 5 item 7 | Sch 5 item 10 | Sch 5 item 12 | Sch 5 item 16 | Sch 5 item 17 | Sch 5 item 18, effective Sch 5: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s22"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 22B", "Provision_Key": "s22b", "Heading": "Effect of GST etc. on assessable receipts", "Text": "(1) For the purposes of this Division, a reference to consideration receivable, to value receivable or to an amount receivable does not include an amount equal to: (a) any GST payable on the supply for which the consideration, value or amount was receivable; or (b) any increasing adjustments that relate to that supply. (2) For the purposes of this Division, a reference to the sale price of property does not include an amount equal to: (a) any GST payable on the sale; or (b) any increasing adjustments that relate to that sale. (3) For the purposes of this Division, a reference to expenses payable in relation to a sale does not include an amount equal to: (a) any input tax credit to which you are entitled; or (b) any decreasing adjustment that you have; in relation to those expenses.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 8 (items 7–18): 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s22B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 23", "Provision_Key": "s23", "Heading": "Assessable receipts", "Text": "(1) For the purposes of this Act, but subject to subsections (2) and (3), a reference to the assessable receipts derived by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total receipts of the following kinds, whether of a capital or revenue nature, derived by the person in the financial year in relation to the project: (a) assessable petroleum receipts; (aa) assessable tolling receipts; (b) assessable exploration recovery receipts; (c) assessable property receipts; (d) assessable miscellaneous compensation receipts; (e) assessable employee amenities receipts; (f) assessable incidental production receipts. (2) For the purposes of this Act, the assessable receipts derived by a person in a financial year in relation to a combined project (not being an ineligible project in relation to the financial year) shall include any amounts of a kind referred to in paragraphs (1)(a) to (f) (inclusive) derived by the person during the financial year in relation to the pre ‑ combination projects in relation to the combined project. (3) For the purposes of this Act, assessable receipts, in relation to a Greater Sunrise project, are to be calculated as if each amount of the petroleum recovered from a Greater Sunrise unit reservoir became the property of the person who recovered that amount as soon as it was recovered. (4) Subsection (3) has effect despite subsection 286(2) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 .", "Amendment_Count": 5, "First_Amended": "No 101 of 2003", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 101 of 2003 | No 47 of 2004 | No 49 of 2007 | No 117 of 2008 | No 18 of 2012", "History_Notes": "Amended by No 101 of 2003, Sch 5 item 8, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2004, effective Sch 2 (items 1–18): 7 Feb 2007 | Amended by No 49 of 2007, Sch 7 item 94, effective Sch 1 (items 88–94, 97): 1 July 2008 (s 2(1) item 2) | Amended by No 117 of 2008, Sch 3 item 49A | Sch 4 item 7B, effective Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6) | Amended by No 18 of 2012, Sch 2 item 1 | Sch 2 item 2, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s23"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 24", "Provision_Key": "s24", "Heading": "Assessable petroleum receipts", "Text": "(1) For the purposes of this Act, a reference to assessable petroleum receipts derived by a person in relation to a petroleum project is a reference to: (a) where any petroleum from the project is or was sold, whether processed or unprocessed, before any marketable petroleum commodity is or was produced from it—the consideration receivable, less any expenses payable, by the person in relation to the sale; and (b) where any marketable petroleum commodity (other than sales gas to which paragraph (d) applies) produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold—the consideration receivable, less any expenses payable, by the person in relation to the sale; and (c) where any marketable petroleum commodity (other than sales gas to which paragraph (e) applies) produced from petroleum from the project becomes or became an excluded commodity otherwise than by virtue of being: (i) sold; or (ii) treated or processed, or moved, for re ‑ injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project; so much of the market value of the commodity immediately before it becomes or became an excluded commodity, or, where there is insufficient evidence of that market value, of such amount as, in the opinion of the Commissioner, is fair and reasonable, as is taken by section 26 to be derived by the person; and (d) where: (i) any sales gas produced from petroleum from the project becomes or became an excluded commodity by virtue of being sold; and (iii) the regulations apply to the sales gas; the amount worked out in accordance with the regulations; and (e) where the regulations apply to any sales gas produced from petroleum from the project, and that sales gas becomes or became an excluded commodity otherwise than by virtue of being: (i) sold; or (ii) treated or processed, or moved, for re ‑ injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project; the amount worked out in accordance with the regulations. (2) In this section: petroleum from the project means any petroleum or a constituent of petroleum: (a) that is recovered from the production licence area or areas in relation to the petroleum project in question; or (b) that is external petroleum in relation to the project.", "Amendment_Count": 5, "First_Amended": "No 169 of 2001", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 169 of 2001 | No 101 of 2003 | No 78 of 2006 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Amended by No 169 of 2001, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 8, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1)) | Amended by No 101 of 2003, Sch 5 item 9 | Sch 5 item 11 | Sch 5 item 12, effective Sch 5: 14 Oct 2003 | Amended by No 78 of 2006, Sch 5 item 4 | Sch 5 item 5 | Sch 5 item 6 | Sch 5 item 7, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 2 item 14 | Sch 2 item 16, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 1 item 66 | Sch 1 item 67 | Sch 2 item 32 | Sch 2 item 33 | Sch 2 item 34 | Sch 2 item 35, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s24"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 24A", "Provision_Key": "s24a", "Heading": "Assessable tolling receipts", "Text": "For the purposes of this Act, a reference to assessable tolling receipts derived by a person in relation to a petroleum project is a reference to the consideration receivable by the person in relation to the processing of external petroleum, or internal petroleum, in relation to the project.", "Amendment_Count": 2, "First_Amended": "No 101 of 2003", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 101 of 2003 | No 47 of 2009", "History_Notes": "Inserted by No 101 of 2003, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2009, Sch 3 item 30, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s24A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 25", "Provision_Key": "s25", "Heading": "Assessable exploration recovery receipts", "Text": "For the purposes of this Act, a reference to assessable exploration recovery receipts derived by a person in relation to a petroleum project is a reference to: (a) where any petroleum, or a constituent of petroleum, recovered from the eligible exploration or recovery area (other than any production licence area) in relation to the project is or was sold, whether processed or unprocessed, before any marketable petroleum commodity is or was produced from it—the consideration receivable, less any expenses payable, by the person in relation to the sale; (b) where any marketable petroleum commodity produced from petroleum recovered from the area to which paragraph (a) applies becomes or became an excluded commodity by virtue of being sold—the consideration receivable, less any expenses payable, by the person in relation to the sale; and (c) where any marketable petroleum commodity produced from petroleum recovered from the area to which paragraph (a) applies becomes or became an excluded commodity otherwise than by virtue of being: (i) sold; or (ii) treated or processed, or moved, for re ‑ injection or destruction or for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to the petroleum project; so much of the market value of the commodity immediately before it becomes or became an excluded commodity, or, where there is insufficient evidence of that market value, of such amount as, in the opinion of the Commissioner, is fair and reasonable, as is taken by section 26 to be derived by the person.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s25"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 26", "Provision_Key": "s26", "Heading": "Amounts notionally derived where no sale of petroleum etc.", "Text": "Where paragraph 24(1)(c) or 25(c) applies in relation to any marketable petroleum commodity, the market value or other amount referred to in that paragraph in relation to the marketable petroleum commodity shall, for the purposes of this Act, be taken to have been derived by the person or persons entitled to receive receipts from the sale of marketable petroleum commodities produced in relation to the project and, where there are 2 or more such persons, in the same respective shares as those persons are or were entitled to receive those receipts.", "Amendment_Count": 2, "First_Amended": "No 169 of 2001", "Last_Amended": "No 136 of 2024", "Amending_Acts": "No 169 of 2001 | No 136 of 2024", "History_Notes": "Amended by No 169 of 2001, Sch 1 item 6, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1)) | Amended by No 136 of 2024, Sch 6 item 10, effective Sch 6 (items 10, 11): 11 Dec 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s26"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 27", "Provision_Key": "s27", "Heading": "Assessable property receipts", "Text": "(1) For the purposes of this Act, a reference to assessable property receipts derived by a person in relation to a petroleum project is a reference to: (a) the consideration receivable by the person in respect of the disposal, loss or destruction of property in respect of which capital expenditure being eligible real expenditure in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project) was incurred by the person; (b) the value of property in respect of which capital expenditure of a kind referred to in paragraph (a) was incurred by the person, as at the date of any other termination of the use of the property in relation to the project; (c) the amount or value receivable by the person under a policy of insurance or otherwise in respect of damage to property in respect of which capital expenditure of a kind referred to in paragraph (a) was incurred by the person; (d) any amount receivable by the person from the hiring or leasing out of, or the granting of rights to use, property that is or was also being used in relation to the project, being property in respect of which capital expenditure of a kind referred to in paragraph (a) was incurred by the person; or (e) any amount receivable by the person from the provision of information obtained: (i) from any survey, appraisal or study in respect of which eligible real expenditure in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project) was incurred by the person; or (ii) otherwise as a result of the incurring by the person of such expenditure. (2) In paragraph (1)(a), a reference to the consideration in respect of the disposal, loss or destruction of property is a reference to: (a) where the property is or was sold (whether with or without other property) for a specified price—the sale price of the property, less the expenses of the sale of the property, or less such part of the expenses of the sale of the property together with the other property as the Commissioner determines; (b) where the property is or was sold with other property and a specified price is or was not allocated to the property—such part of the total sale price, less the expenses of the sale, as the Commissioner determines; (c) where the property is or was disposed of otherwise than by sale—the value of the property at the date of disposal; or (d) where the property is or was lost or destroyed—the amount or value receivable under a policy of insurance or otherwise in respect of the loss or destruction. (3) Any future closing ‑ down expenditure in relation to licensed property and a petroleum project must be taken into account in working out the assessable property receipts derived by a person in relation to the project to the extent that the assessable property receipts are worked out under paragraph (1)(b) in relation to the termination of the use of the licensed property. (4) Assessable property receipts worked out under paragraph (1)(b) are taken to be zero if future closing ‑ down expenditure taken into account under subsection (3) equals or exceeds what would have been those assessable property receipts if the future closing ‑ down expenditure was not taken into account . Note: In this case, an extra amount may be included in the person’s closing ‑ down expenditure in relation to the project: see subsection 39(3).", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Amended by No 78 of 2006, Sch 3 item 6 | Sch 3 item 8, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s27"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 28", "Provision_Key": "s28", "Heading": "Assessable miscellaneous compensation receipts", "Text": "(1) For the purposes of this Act, a reference to assessable miscellaneous compensation receipts derived by a person in relation to a petroleum project is a reference to amounts of the following kinds: (a) amounts receivable by the person by way of insurance, compensation or indemnity in respect of: (i) the loss or destruction, or the loss of any profit caused by the loss or destruction, of any petroleum, or constituent of petroleum, recovered or recoverable from the eligible exploration or recovery area in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project), being a loss or destruction that occurred before a marketable petroleum commodity had been produced from the petroleum; (ii) the loss or destruction, or the loss of any profit caused by the loss or destruction, of any marketable petroleum commodity produced from petroleum recovered from the area referred to in subparagraph (i), being a loss or destruction that occurred before the commodity became an excluded commodity; or (iii) the loss of any amount that would otherwise have been an assessable receipt derived by the person in relation to the project; (b) amounts receivable by the person in respect of eligible real expenditure incurred by the person in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project), being amounts by way of: (i) indemnity or compensation for the incurring of the expenditure; (ii) refund of the expenditure; or (iii) rebate, discount or commission in respect of the expenditure. (2) However, an amount referred to in subparagraph (b)(ii) that is a refund of resource tax expenditure is increased by dividing the amount by the rate mentioned in section 5 of the Petroleum Resource Rent Tax (Imposition—General) Act 2012 .", "Amendment_Count": 2, "First_Amended": "No 18 of 2012", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 18 of 2012 | No 83 of 2014", "History_Notes": "Amended by No 18 of 2012, Sch 2 item 3 | Sch 2 item 4 | Sch 6 item 1, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 83 of 2014, Sch 1 item 317 | Sch 1 item 339 | Sch 2 item 60Q, effective Sch 1 (items 316–318, 330): 1 July 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s28"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 29", "Provision_Key": "s29", "Heading": "Matters dealt with in this Part", "Text": "This Part sets out the rules relating to the transfer by a loss company of transferable exploration expenditure from a petroleum project or an exploration right to a profit company in relation to a petroleum project and the transfer year. In this Part, the project or right from which the expenditure is transferred is called the transferring entity and the project in relation to which the expenditure is transferred is called the receiving project . Note: Special rules apply in relation to the transfer of Greater Sunrise exploration expenditure: see Part 1A of this Schedule.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s29"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 29A", "Provision_Key": "s29a", "Heading": "Assessable incidental production receipts", "Text": "(1) For the purposes of this Act, a reference to assessable incidental production receipts derived by a person in relation to a petroleum project is a reference to the consideration receivable, less the amount mentioned in subsection (2), by the person in relation to the sale of a product, or the provision of a service relating to carbon capture and storage, if: (a) it has been recovered, extracted, provided or produced in carrying on operations, facilities or other things of a kind mentioned in section 37, 38 or 39 in relation to the project; and (b) it is not petroleum or a marketable petroleum commodity; and (c) eligible real expenditure in relation to the project (including, in the case of a combined project, any pre ‑ combination project in relation to the project) was incurred by the person in relation to those operations, facilities, or other things. Example: Excess electricity that is produced as part of the petroleum project is sold. (2) The amount is the sum of any expenditure (whether of a capital or revenue nature) incurred by the person to the extent that: (a) it is incurred in deriving assessable incidental production receipts in relation to the petroleum project; and (b) it is not eligible real expenditure in relation to the petroleum project.", "Amendment_Count": 2, "First_Amended": "No 18 of 2012", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 18 of 2012 | No 43 of 2019", "History_Notes": "Inserted by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 2 item 36, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s29A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Reduction of amount of assessable property etc. receipts", "Text": "Where: (a) but for this section, a person would, in relation to a petroleum project, derive for the purposes of this Act an amount (in this section referred to as the assessable amount ) of assessable property receipts, assessable miscellaneous compensation receipts, assessable employee amenities receipts or assessable incidental production receipts in relation to property in respect of which eligible real expenditure was incurred by the person in relation to the project; and (b) the Commissioner considers that, because section 42 applied in relation to the eligible real expenditure or for any other reason, a proportion only of the assessable amount is attributable to the eligible real expenditure; the person shall be taken for the purposes of this Act to have derived only that proportion of the assessable amount.", "Amendment_Count": 1, "First_Amended": "No 18 of 2012", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 18 of 2012", "History_Notes": "Amended by No 18 of 2012, Sch 2 item 6, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s30"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 31", "Provision_Key": "s31", "Heading": "Rule—continuity of interest within company group", "Text": "Main rule (1) The loss company may transfer the expenditure to the profit company in relation to the receiving project and the transfer year only if: (a) from the start of the financial year in which the expenditure was actually incurred, until the end of the transfer year—the company which held the receiving interest at any particular time was, at that time: (i) a group company in relation to the company which held the loss interest at that time; or (ii) unless the time is at the end of the transfer year—the company which held the loss interest at that time; and (b) when the expenditure was actually incurred: (i) unless section 41 applies to the expenditure—the company which actually incurred the expenditure held the loss interest in the transferring entity; or (ii) if section 41 applies to the expenditure—the company taken under subparagraph 41(1)(a)(ii) to have made the payment of the expenditure held the loss interest in the transferring entity. Receiving project or transferring entity not in existence at particular time (2) For the purposes of subclause (1): (a) if the starting day for the receiving project was after the start of the financial year in which the expenditure was incurred—during the period from the start of that year until the start of the starting day, the company which held the receiving interest at the start of the starting day is taken to have held the receiving interest; and (b) if the finishing day for the receiving project was before the end of the transfer year—during the period from the start of the finishing day until the end of the transfer year, the profit company is taken to have held the receiving interest; and (c) if the starting day for the transferring entity was after the start of the financial year in which the expenditure was incurred—during the period from the start of that year until the start of the starting day, the company which held the loss interest at the start of the starting day is taken to have held the loss interest; and (d) if the finishing day for the transferring entity was before the end of the transfer year—during the period from the start of the finishing day until the end of the transfer year, the loss company is taken to have held the loss interest. (2A) If: (a) at a time (the cessation time ) after the expenditure was incurred and on or after 1 July 1993, the loss company ceased to hold any interest in relation to the transferring entity; and (b) the cessation did not occur because of a transaction to which section 48 applies; subclause (1) does not require the loss company to have held an interest in relation to the transferring entity at a time after the cessation time. Starting day for receiving project in later financial year than when expenditure actually incurred (3) If the starting day for the receiving project was in a later financial year than the financial year in which the expenditure was incurred, the loss company may transfer the expenditure only if (in addition to the other requirements of this clause) the company which held the receiving interest at the start of the starting day was the company which had been granted the exploration permit by reference to which the starting day is determined. Definitions (4) In this clause: loss interest means an interest held in the transferring entity by the loss company: (a) at the end of the transfer year; or (b) if the finishing day for the transferring entity was before the end of the transfer year—immediately before the start of the finishing day. receiving interest means an interest held in the receiving project by the profit company: (a) at the end of the transfer year; or (b) if the finishing day for the receiving project was before the end of the transfer year—immediately before the start of the finishing day.", "Amendment_Count": 3, "First_Amended": "No 80 of 1991", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 80 of 1991 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Amended by No 80 of 1991, item 9 | item 10, effective 1 July 1991 | Amended by No 18 of 2012, Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 13 | Sch 4 item 6 | Sch 4 item 7 | Sch 6 item 10, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 2 item 37 | Sch 2 item 38 | Sch 2 item 39, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s31"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 31A", "Provision_Key": "s31a", "Heading": "Eligible real expenditure and the Bass Strait project", "Text": "Despite section 45, this Division applies in relation to the Bass Strait project, or a project in relation to which the Bass Strait project is a pre ‑ combination project, as if eligible real expenditure could be incurred in relation to the Bass Strait project at any time, including a time before 1 July 1990.", "Amendment_Count": 1, "First_Amended": "No 80 of 1991", "Last_Amended": "No 80 of 1991", "Amending_Acts": "No 80 of 1991", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s31A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 31AA", "Provision_Key": "s31aa", "Heading": "Eligible real expenditure—North West Shelf project", "Text": "Despite section 45, this Division applies in relation to the North West Shelf project as if eligible real expenditure could be incurred in relation to the project at any time, including a time before 1 July 2012.", "Amendment_Count": 2, "First_Amended": "No 18 of 2012", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 18 of 2012 | No 43 of 2019", "History_Notes": "Inserted by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Repealed and substituted by No 43 of 2019, Sch 2 item 40, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s31AA"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 31B", "Provision_Key": "s31b", "Heading": "Effect of input tax credits etc. on deductible expenditure", "Text": "For the purposes of this Division, a reference to an amount of expenditure incurred, or a liability incurred, by a person does not include an amount equal to: (a) any input tax credit to which the person is entitled; or (b) any decreasing adjustments that the person has; in relation to that expenditure or liability.", "Amendment_Count": 1, "First_Amended": "No 177 of 1999", "Last_Amended": "No 177 of 1999", "Amending_Acts": "No 177 of 1999", "History_Notes": "Inserted by No 177 of 1999, effective Sch 8 (items 7–18): 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s31B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 32", "Provision_Key": "s32", "Heading": "Deductible expenditure", "Text": "For the purposes of this Act, a reference to the deductible expenditure incurred by a person in a financial year in relation to a petroleum project (not being an ineligible project in relation to the financial year) is a reference to the total expenditure of the following kinds incurred by the person in the financial year in relation to the project: (a) class 1 augmented bond rate general expenditure; (b) class 1 augmented bond rate exploration expenditure; (c) class 2 uplifted general expenditure; (d) class 1 GDP factor expenditure; (e) class 2 uplifted exploration expenditure; (f) class 2 GDP factor expenditure; (fa) resource tax expenditure; (fc) starting base expenditure; (fd) augmented denied deductible expenditure; (g) closing ‑ down expenditure.", "Amendment_Count": 4, "First_Amended": "No 80 of 1991", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 80 of 1991 | No 18 of 2012 | No 43 of 2019 | No 37 of 2024", "History_Notes": "Amended by No 80 of 1991, item 11, effective 1 July 1991 | Amended by No 18 of 2012, Sch 3 item 7 | Sch 4 item 8, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 2 item 41, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1) | Amended by No 37 of 2024, Sch 5 item 4, effective Sch 5: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s32"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 33", "Provision_Key": "s33", "Heading": "Class 1 augmented bond rate general expenditure", "Text": "(1) For the purposes of this Act, a reference to the class 1 augmented bond rate general expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project, the Bass Strait project or the North West Shelf project) is a reference to the sum of: (a) any amount of class 1 general project expenditure actually incurred by the person in relation to the project in the financial year, not being expenditure incurred more than 5 years before the production licence in relation to the project came into force; and (b) any amount that is taken by subsection (3) or Division 5 to be class 1 augmented bond rate general expenditure incurred by the person in relation to the project in the financial year. (2) For the purposes of this Act, a reference to the class 1 augmented bond rate general expenditure incurred by a person in a financial year in relation to a combined project is a reference to the sum of: (a) any amount of class 1 general project expenditure actually incurred by the person in relation to the project in the financial year (not being expenditure incurred before the project combination certificate in relation to the project came into force); (b) any amount that is taken by subsection (3) or Division 5 to be class 1 augmented bond rate general expenditure incurred by the person in relation to the project in the financial year; and (c) where the financial year is the year in which the project combination certificate in relation to the project came into force—any amount of class 1 general project expenditure, or any amount that is taken by subsection (3) or Division 5 to be class 1 augmented bond rate general expenditure, incurred by the person in relation to the pre ‑ combination projects in relation to the project in the financial year. (3) For the purposes of subsection (1) or (2), where the class 1 augmented bond rate general expenditure incurred by a person in a financial year in relation to a petroleum project exceeds the assessable receipts derived by the person in the financial year in relation to the project, an amount ascertained in accordance with the formula , where: A is the amount of the excess; and B is the long ‑ term bond rate in relation to the financial year; shall be taken to be class 1 augmented bond rate general expenditure incurred by the person in relation to the project on the first day of the next succeeding financial year. (4) In this section: class 1 general project expenditure means general project expenditure actually incurred before 1 July 1990.", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 18 of 2012", "History_Notes": "Amended by No 80 of 1991, item 12, effective 1 July 1991 | Amended by No 18 of 2012, Sch 3 item 8, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s33"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 34", "Provision_Key": "s34", "Heading": "Class 1 augmented bond rate exploration expenditure", "Text": "(1) For the purposes of this Act, a reference to the class 1 augmented bond rate exploration expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project, the Bass Strait project or the North West Shelf project) is a reference to the sum of: (a) any amount of class 1 exploration expenditure actually incurred by the person in relation to the project in the financial year, not being expenditure incurred more than 5 years before the production licence in relation to the project came into force; and (b) any amount that is taken by subsection (3), subsection 36(1) or Division 5 to be class 1 augmented bond rate exploration expenditure incurred by the person in relation to the project in the financial year. (2) For the purposes of this Act, a reference to the class 1 augmented bond rate exploration expenditure incurred by a person in a financial year in relation to a combined project is a reference to the sum of: (a) any amount of class 1 exploration expenditure actually incurred by the person in relation to the project in the financial year (not being expenditure incurred before the project combination certificate in relation to the project came into force); (b) any amount that is taken by subsection (3), subsection 36(1) or Division 5 to be class 1 augmented bond rate exploration expenditure incurred by the person in relation to the project in the financial year; and (c) where the financial year is the year in which the project combination certificate in relation to the project came into force—any amount of class 1 exploration expenditure, or any amount that is taken by subsection (3), paragraph 36 (1) (b) or Division 5 to be class 1 augmented bond rate exploration expenditure, incurred by the person in relation to the pre ‑ combination projects in relation to the project in the financial year. (3) For the purposes of subsection (1) or (2), where the sum of the class 1 augmented bond rate general expenditure and the class 1 augmented bond rate exploration expenditure incurred by a person in a financial year in relation to a petroleum project exceeds the assessable receipts derived by the person in the financial year in relation to the project, an amount ascertained in accordance with the formula , where: A is so much of the excess as does not exceed the amount of the class 1 augmented bond rate exploration expenditure; and B is the long ‑ term bond rate in relation to the financial year; shall be taken to be class 1 augmented bond rate exploration expenditure incurred by the person in relation to the project on the first day of the next succeeding financial year. (4) In this section: class 1 exploration expenditure means exploration expenditure actually incurred before 1 July 1990.", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 18 of 2012", "History_Notes": "Amended by No 80 of 1991, item 13 | item 14, effective 1 July 1991 | Amended by No 18 of 2012, Sch 3 item 9, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s34"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 34A", "Provision_Key": "s34a", "Heading": "Class 2 uplifted general expenditure", "Text": "(1) For the purposes of this Act, a reference to the class 2 uplifted general expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project, the Bass Strait project or the North West Shelf project) is a reference to the sum of: (a) any amount of class 2 general project expenditure actually incurred by the person in relation to the project in the financial year, not being expenditure incurred more than 5 years before the earlier of the following: (i) the day specified in the production licence notice in relation to the project; (ii) the day the production licence was issued in relation to the project; and (b) any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general expenditure incurred by the person in relation to the project in the financial year. (2) For the purposes of this Act, a reference to the class 2 uplifted general expenditure incurred by a person in a financial year in relation to a combined project is a reference to the sum of: (a) any amount of class 2 general project expenditure actually incurred by the person in relation to the project in the financial year (not being expenditure incurred before the project combination certificate in relation to the project came into force); and (b) any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general expenditure incurred by the person in relation to the project in the financial year; and (c) if the financial year is the year in which the project combination certificate in relation to the project came into force—any amount of class 2 general project expenditure, or any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general expenditure, incurred by the person in relation to the pre ‑ combination projects in the financial year. (3) For the purposes of this Act, a reference to the class 2 uplifted general expenditure incurred by a person in a financial year in relation to the Bass Strait project or the North West Shelf project is a reference to the sum of: (a) any amount of class 2 general project expenditure actually incurred by the person in relation to the project in the financial year; and (b) any amount that is taken by subsection (4) or Division 5 to be class 2 uplifted general expenditure incurred by the person in relation to the project in the financial year. (4) For the purposes of subsection (1), (2) or (3), if the sum of: (a) the class 1 augmented bond rate general expenditure; and (b) the class 1 augmented bond rate exploration expenditure; and (c) the class 2 uplifted general expenditure; incurred by a person in a financial year (in this subsection called the assessable year ) in relation to a petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project, the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of class 2 uplifted general expenditure worked out in accordance with the formula: where: Available excess means so much of the excess as does not exceed the class 2 uplifted general expenditure incurred in the assessable year. uplift rate : (a) if: (i) the project is not a combined project; and (ii) the production licence in relation to the project is a post ‑ June 2019 licence; and (iii) any person derived assessable petroleum receipts in relation to the project at any time after the licence was granted; and (iv) the assessable year is 10 or more years after the first financial year in which such assessable petroleum receipts were derived; the uplift rate is the long ‑ term bond rate in relation to the assessable year plus 1; or (b) if: (i) the project is a combined project; and (ii) one or more post ‑ June 2019 licences are, or have been, in force in relation to the project, or a pre ‑ combination project in relation to the project; and (iii) any person derived assessable petroleum receipts in relation to the project, or a pre ‑ combination project in relation to the project, at any time after the first such licence was granted; and (iv) the assessable year is 10 or more years after the first financial year in which such assessable petroleum receipts were derived; the uplift rate is the long ‑ term bond rate in relation to the assessable year plus 1; or (c) if paragraphs (a) and (b) do not apply—the uplift rate is the long ‑ term bond rate in relation to the assessable year plus 1.05. (5) In this section: class 2 general project expenditure means general project expenditure actually incurred on or after 1 July 1990 (other than starting base expenditure). post ‑ June 2019 licence : a production licence is a post ‑ June 2019 licence if the earlier of the following is on or after 1 July 2019: (a) if a notice was given under subsection 258(7) of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 in relation to the application for the licence—the date specified in the notice as the last date on which information was provided; (b) the day the production licence is granted.", "Amendment_Count": 6, "First_Amended": "No 80 of 1991", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 80 of 1991 | No 169 of 2001 | No 17 of 2006 | No 117 of 2008 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991 | Amended by No 169 of 2001, Sch 1 item 10, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1)) | Amended by No 17 of 2006, Sch 2 item 90 | Sch 2 item 95, effective Sch 2 (items 73–96): 1 July 2008 (s 2(1) item 2) | Amended by No 117 of 2008, Sch 3 item 50 | Sch 4 item 8, effective Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6) | Amended by No 18 of 2012, Sch 3 item 10 | Sch 3 item 11 | Sch 3 item 12 | Sch 4 item 9, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 2 item 42, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s34A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 35", "Provision_Key": "s35", "Heading": "Class 1 GDP factor expenditure", "Text": "(1) For the purposes of this Act, a reference to the class 1 GDP factor expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project, the Bass Strait project or the North West Shelf project) is a reference to the sum of: (a) any amount of class 1 GDP factor expenditure actually incurred by the person in relation to the project in the financial year, being expenditure incurred more than 5 years before the earlier of the following: (i) the day specified in the production licence notice in relation to the project; (ii) the day the production licence was issued in relation to the project; and (b) any amount that is taken by subsection (3), subsection 36(1) or Division 5 to be class 1 GDP factor expenditure incurred by the person in relation to the project in the financial year. (2) For the purposes of this Act, a reference to the class 1 GDP factor expenditure incurred by a person in a financial year in relation to a combined project is a reference to the sum of: (a) any amount that is taken by subsection (3), subsection 36(1) or Division 5 to be class 1 GDP factor expenditure incurred by the person in relation to the project in the financial year; and (b) where the financial year is the year in which the project combination certificate in relation to the project came into force—any amount that is taken by subsection (3), paragraph 36(1)(b) or Division 5 to be class 1 GDP factor expenditure incurred by the person in relation to the pre ‑ combination projects in relation to the combined project in the financial year. (3) For the purposes of subsection (1) or (2), if the sum of: (a) the class 1 augmented bond rate general expenditure; and (b) the class 1 augmented bond rate exploration expenditure; and (c) the class 2 uplifted general expenditure; and (d) the class 1 GDP factor expenditure; incurred by a person in a financial year in relation to a petroleum project exceeds the assessable receipts derived by the person in the financial year in relation to the project, an amount ascertained in accordance with the formula AB , where: A is so much of the excess as does not exceed the amount of the GDP factor expenditure; and B is the class 1 GDP factor in relation to the financial year; shall be taken to be class 1 GDP factor expenditure incurred by the person in relation to the project on the first day of the next succeeding financial year. (4) In this section: class 1 GDP factor expenditure means general project expenditure incurred in any financial year, or exploration expenditure incurred before 1 July 1990.", "Amendment_Count": 4, "First_Amended": "No 80 of 1991", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 80 of 1991 | No 18 of 2012 | No 21 of 2015 | No 43 of 2019", "History_Notes": "Amended by No 80 of 1991, item 15 | item 16, effective 1 July 1991 | Amended by No 18 of 2012, Sch 3 item 13, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 21 of 2015, Sch 2 item 15 | Sch 7 item 44, effective Sch 7 (items 23, 24): 20 Mar 2015 (s 2(1) item 15) Sch 7 (item 44): 1 July 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 1 item 14, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s35"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 35A", "Provision_Key": "s35a", "Heading": "Class 2 uplifted exploration expenditure", "Text": "(1) For the purposes of this Act, the amount of class 2 uplifted exploration expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 2 of Schedule 1. Note: the following provisions of Part 2 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 uplifted exploration expenditure: • paragraph 8(4)(a) • paragraph 8(5)(a). (2) The expenditure to which an amount of class 2 uplifted exploration expenditure is, according to Part 2 of Schedule 1, attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person: (a) when working out the liability of the person to tax in relation to a later financial year; or (b) when working out, in accordance with Part 2, 3 or 4 of Schedule 1, whether there is expenditure that is transferable by the person in relation to a later financial year. Note: the following provisions of Part 2 of Schedule 1 deal with the expenditure to which an amount of class 2 uplifted exploration expenditure is attributable: • paragraph 8(4)(b) • paragraph 8(5)(b) and subclauses 8(6) and (7).", "Amendment_Count": 3, "First_Amended": "No 80 of 1991", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 80 of 1991 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991 | Amended by No 18 of 2012, Sch 2 item 27 | Sch 2 item 28 | Sch 2 item 29 | Sch 2 item 30, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 19, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s35A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 35B", "Provision_Key": "s35b", "Heading": "Class 2 GDP factor expenditure", "Text": "(1) For the purposes of this Act, the amount of class 2 GDP factor expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is to be determined in accordance with Part 3 of Schedule 1. Note: the following provisions of Part 3 of Schedule 1 provide for a person to be taken to have incurred an amount of class 2 GDP factor expenditure: • paragraph 12(3)(a) • paragraph 12(4)(a). (2) The expenditure to which an amount of class 2 GDP factor expenditure is, according to Part 3 of Schedule 1, attributable, must not be counted again as expenditure incurred, or taken to be incurred, by a person: (a) when working out the liability of the person to tax in relation to a later financial year; or (b) when working out, in accordance with Part 2, 3 or 4 of Schedule 1, whether there is expenditure that is transferable by the person in relation to a later financial year. Note: the following provisions of Part 3 of Schedule 1 deal with the expenditure to which an amount of class 2 GDP factor expenditure is attributable: • paragraph 12(3)(b) • paragraph 12(4)(b) and subclauses 12(5) and (6).", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 18 of 2012", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991 | Amended by No 18 of 2012, Sch 3 item 14 | Sch 2 item 31 | Sch 2 item 32 | Sch 2 item 33 | Sch 2 item 34, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s35B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 35C", "Provision_Key": "s35c", "Heading": "Resource tax expenditure", "Text": "(1) For the purposes of this Act, a reference to the resource tax expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project) is a reference to the sum of: (a) any amount of resource tax expenditure actually incurred by the person in relation to the project in the financial year; and (b) any amount that is taken by subsection (5) or Division 5 to be resource tax expenditure incurred by the person in relation to the project in the financial year. (2) For the purposes of this Act, a reference to the resource tax expenditure incurred by a person in a financial year in relation to a combined project is a reference to the sum of: (a) any amount of resource tax expenditure actually incurred by the person in relation to the project in the financial year (not being expenditure incurred before the project combination certificate in relation to the project came into force); and (b) any amount that is taken by subsection (5) or Division 5 to be resource tax expenditure incurred by the person in relation to the project in the financial year; and (c) if the financial year is the year in which the project combination certificate in relation to the project came into force—any amount of resource tax expenditure, or any amount that is taken by subsection (5) or Division 5 to be resource tax expenditure, incurred by the person in relation to the pre ‑ combination projects in the financial year. (3) For the purposes of subsections (1) or (2), a reference to resource tax expenditure incurred by a person in a financial year in relation to a petroleum project is a reference to resource tax expenditure incurred by the person in the year to the extent the expenditure: (a) is incurred in relation to petroleum recovered, on or after 1 July 2012, from the production licence area for the project; and (b) is incurred under an Australian law (other than this Act); and (c) is expenditure to which one of the following applies: (i) the expenditure is a royalty, or would be a royalty if the petroleum were owned by the Commonwealth just before the recovery of the petroleum; (ii) the expenditure is an excise; (iii) the expenditure is an amount calculated by reference to the revenue, expenditure or profits made or incurred by a person in relation to petroleum recovered from the production licence area for the project; (iv) the expenditure is an amount calculated by reference to the value, at the wellhead, of petroleum recovered from the production licence area for the project. (4) However, the amount of resource tax expenditure under subsection (3) is increased by dividing it by the rate of tax mentioned in section 5 of the Petroleum Resource Rent Tax (Imposition—General) Act 2012 . (5) For the purposes of subsection (1) or (2), if the sum of the following incurred by a person in a financial year (the assessable year ) in relation to a petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project: (a) the class 1 augmented bond rate general expenditure; (b) the class 1 augmented bond rate exploration expenditure; (c) the class 2 uplifted general expenditure; (d) the class 1 GDP factor expenditure; (e) the class 2 uplifted exploration expenditure; (f) the class 2 GDP factor expenditure; (g) the resource tax expenditure; the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of resource tax expenditure worked out in accordance with the formula: where: augmented bond rate means the long term bond rate in relation to the assessable year plus 1.05. available excess means so much of the excess as does not exceed the resource tax expenditure incurred in the assessable year. (6) Despite subsection (3), if a person (the eligible person ) incurs a liability to make a payment to procure expenditure of a kind mentioned in subsection (3) by another person, then the expenditure is taken to have been incurred by the eligible person, and not by the other person, to the extent of the liability.", "Amendment_Count": 3, "First_Amended": "No 18 of 2012", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 18 of 2012 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Inserted by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 88 | Sch 7 item 114 | Sch 7 item 119, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s35C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 35E", "Provision_Key": "s35e", "Heading": "Starting base expenditure", "Text": "(1) For the purposes of this Act, a reference to the starting base expenditure incurred by a person in a financial year in relation to a petroleum project (not being a combined project) is a reference to: (a) in relation to the starting base financial year for the project—the person’s starting base amount in relation to the interest; or (b) in relation to any subsequent financial year—any amount that is taken by subsection (3) or Division 5 to be starting base expenditure incurred by the person in relation to the project in the financial year. (1A) However, if: (a) the petroleum project is the North West Shelf project; and (b) in the starting base financial year for the project or in a later financial year, a production licence relating to the project comes into existence; and (c) the production licence is derived from an exploration permit, or a retention lease, that existed at the start of 1 July 2012; subsection (1) has effect as if the starting base expenditure incurred by the person in that financial year in relation to the project includes an amount equal to the person’s starting base expenditure in that financial year in relation to the petroleum project that would, but for subsection 19(1B), relate to that production licence. (1B) For the purposes of this Act, starting base expenditure incurred by a person in the starting base financial year is taken to be incurred on the first day of the starting base financial year. (2) For the purposes of this Act, a reference to the starting base expenditure incurred by a person in a financial year in relation to a combined project is a reference to: (a) any amount that is taken by subsection (3) or Division 5 to be starting base expenditure incurred by the person in relation to the project in the financial year; or (b) if the project combination certificate in relation to the project came into force in the financial year: (i) any amount of starting base expenditure; or (ii) any amount that is taken by subsection (3) or Division 5 to be starting base expenditure; incurred by the person in relation to the pre ‑ combination projects in relation to the project in the financial year. (3) For the purposes of subsection (1) or (2), if the sum of: (a) the class 1 augmented bond rate general expenditure; and (b) the class 1 augmented bond rate exploration expenditure; and (c) the class 2 uplifted general expenditure; and (d) the class 1 GDP factor expenditure; and (e) the class 2 uplifted exploration expenditure; and (f) the class 2 GDP factor expenditure; and (g) the resource tax expenditure; and (i) the starting base expenditure; incurred by a person in a financial year (the assessable year ) in relation to the petroleum project exceeds the assessable receipts derived by the person in the assessable year in relation to the project, the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of starting base expenditure worked out in accordance with the formula: where: augmented bond rate means the long term bond rate in relation to the assessable year plus 1.05. available excess means so much of the excess as does not exceed the starting base expenditure incurred in the assessable year. (4) References in paragraph (1)(a) and subsections (1A) and (1B) to the starting base financial year for a petroleum project are references to the earliest financial year, after 30 June 2012, in which a production licence relating to the project is in existence.", "Amendment_Count": 3, "First_Amended": "No 18 of 2012", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 18 of 2012 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Inserted by No 18 of 2012, Sch 4 item 12 | Sch 4 item 13 | Sch 4 item 14 | Sch 4 item 15, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 89 | Sch 7 item 90 | Sch 7 item 98 | Sch 7 item 114 | Sch 7 item 119, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 2 item 45 | Sch 2 item 46 | Sch 2 item 47 | Sch 2 item 48 | Sch 2 item 60, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s35E"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 35F", "Provision_Key": "s35f", "Heading": "Augmented denied deductible expenditure", "Text": "(1) For the purposes of this Act, a reference to the augmented denied deductible expenditure incurred by a person in a financial year in relation to a petroleum project is a reference to: (a) if the petroleum project is not a combined project—any amount that is taken by subsection (2) or Division 5 to be augmented denied deductible expenditure incurred by the person in relation to the project in the financial year; or (b) if the petroleum project is a combined project: (i) any amount that is taken by subsection (2) or Division 5 to be augmented denied deductible expenditure incurred by the person in relation to the project in the financial year; or (ii) if the financial year is the year in which the project combination certificate in relation to the project came into force—each amount that is taken by subsection (2) or Division 5 to be augmented denied deductible expenditure incurred by the person in relation to the pre ‑ combination projects in the financial year. Amounts uplifted from previous financial year (2) If: (a) a person has a denied deduction amount worked out under subsection 22(3) or (4) in relation to a project and a financial year (the assessable year ) ; and (b) the sum of: (i) the deductible expenditure incurred by the person in relation to the project in the assessable year; and (ii) the total of the amounts (if any) transferred by the person to the project in relation to the assessable year under section 45A; and (iii) the total of the amounts (if any) transferred by another person to the person in relation to the project and the assessable year under section 45B; equals or exceeds the assessable receipts derived by the person in the assessable year in relation to the project; the person is taken to incur, in relation to the project and on the first day of the next financial year, an amount of augmented denied deductible expenditure worked out in accordance with the formula: where: available excess means the sum of: (a) so much of the excess as does not exceed the amount (if any) of augmented denied deductible expenditure incurred by the person in relation to the project in the assessable year; and (b) the denied deduction amount. LTBR means the long ‑ term bond rate in relation to the assessable year plus 1.", "Amendment_Count": 1, "First_Amended": "No 37 of 2024", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 37 of 2024", "History_Notes": "Inserted by No 37 of 2024, effective Sch 5: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s35F"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 36", "Provision_Key": "s36", "Heading": "Class 1 augmented bond rate exploration and class 1 GDP factor expenditures in relation to project groups", "Text": "(1) Where there is a project group in relation to a person in relation to a year of tax, the following provisions have effect: (a) in relation to any petroleum project in the group other than the last occurring project—where there is a carry forward expenditure amount of the person in relation to the project in relation to the year of tax, that amount shall be taken to be class 1 augmented bond rate exploration expenditure or class 1 GDP factor expenditure, as the case requires, incurred by the person in the year of tax in relation to the next occurring project and the person shall not be taken by subsection 34(3) to have incurred class 1 augmented bond rate exploration expenditure, or by subsection 35(3) to have incurred class 1 GDP factor expenditure, in relation to the first ‑ mentioned project on the first day of the next succeeding year of tax; (b) in relation to the last occurring petroleum project in the group—where, but for this paragraph, the person would be taken by subsection 34(3) to have incurred an amount of class 1 augmented bond rate exploration expenditure, or by subsection 35(3) to have incurred an amount of class 1 GDP factor expenditure, in relation to the project on the first day of the next succeeding year of tax, that expenditure shall be taken to have been incurred instead by the person on that day in relation to the first occurring of such of the projects in the group as are petroleum projects on that day. (2) Where 2 or more project groups, in relation to a person in relation to a financial year, are related project groups in relation to each other, subsection (1) applies as if the petroleum projects in the groups were projects in a single project group in relation to the person in relation to the financial year. (3) For the purposes of this section: (a) where: (i) a financial year is a year of tax in relation to a person in relation to 2 or more petroleum projects (not including any ineligible project in relation to the financial year); and (ii) the production licence, or at least one of the production licences, in relation to each of the projects is related to the same exploration permit; the projects shall be taken to be in a project group in relation to the person in relation to the year of tax; (b) a reference to the relevant production licence in relation to a petroleum project is a reference to: (i) in the case of a combined project—the production licence in relation to the project that first came into force; and (ii) in any other case—the production licence in relation to the project; (c) petroleum projects in a project group in relation to a person in relation to a year of tax shall be taken to occur in the order in which the relevant production licences in relation to the projects came into force; and (d) a project group, in relation to a person in relation to a financial year, shall be taken to be a related project group in relation to another project group, in relation to the person in relation to the financial year, if: (i) one or more of the petroleum projects in the first ‑ mentioned group is a project in the second ‑ mentioned group; or (ii) one or more of the petroleum projects in the first ‑ mentioned group is a project in another project group that is a related project group in relation to the second ‑ mentioned project group under subparagraph (i) or this subparagraph. (4) Where, by reason of the application of subsection 34(3) or 35(3) in relation to a person in relation to a petroleum project in relation to a year of tax (in this subsection referred to as the relevant year of tax ), an amount of class 1 augmented bond rate exploration expenditure or class 1 GDP factor expenditure, as the case may be, would, if subsection (1) did not provide otherwise, be taken to be incurred by the person on the first day of the next succeeding year of tax, there shall, for the purposes of this section, be taken to be a carry forward expenditure amount in relation to the person in relation to the project in relation to the relevant year of tax equal to the amount that would so be taken to be incurred if: (a) in the case of an amount of class 1 augmented bond rate exploration expenditure—the formula in subsection 34(3) in its application in relation to the relevant year of tax consisted only of component A ; and (b) in the case of an amount of class 1 GDP factor expenditure—the formula in subsection 35(3) in its application in relation to the relevant year of tax consisted only of component A .", "Amendment_Count": 1, "First_Amended": "No 80 of 1991", "Last_Amended": "No 80 of 1991", "Amending_Acts": "No 80 of 1991", "History_Notes": "Amended by No 80 of 1991, item 17, effective 1 July 1991", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s36"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 36A", "Provision_Key": "s36a", "Heading": "Transfer years that start on or after 1 July 2019", "Text": "(1) This clause applies if the transfer year starts on or after 1 July 2019. (2) If the financial year in which the expenditure was incurred (the expenditure year ) is the financial year immediately before the transfer year then, for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out by multiplying the amount actually transferred by the long ‑ term bond rate in relation to the expenditure year plus 1.05. (3) If the financial year in which the expenditure was incurred (the expenditure year ) is not the financial year immediately before the transfer year, the following provisions apply: (a) work out, in relation to the expenditure year and each later financial year ending before the transfer year, an amount in accordance with the formula: where: transferred amount means: (i) in making the calculation in relation to the expenditure year—the amount of expenditure actually transferred; and (ii) in making the calculation in relation to a later financial year—the amount calculated under this paragraph in relation to the expenditure and the immediately preceding financial year. uplift rate , for the financial year in relation to which the calculation is being made (the calculation year ), means: (i) if the calculation year is 10 or more years after the expenditure year—the GDP factor for the calculation year; and (ii) otherwise—the long ‑ term bond rate in relation to the calculation year plus 1.05; (b) for the purposes of subsection 45D(2), the transfer is taken to be of the amount worked out under paragraph (a) in relation to the expenditure and the financial year immediately before the transfer year.", "Amendment_Count": 4, "First_Amended": "No 41 of 2005", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 41 of 2005 | No 17 of 2006 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Inserted by No 41 of 2005, Sch 5 item 1, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005 | Amended by No 17 of 2006, effective Sch 2 (items 73–96): 1 July 2008 (s 2(1) item 2) | Amended by No 18 of 2012, Sch 2 item 35, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 1 item 22, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s36A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 36B", "Provision_Key": "s36b", "Heading": "Designated frontier areas for 2005 to 2009", "Text": "(1) For the purposes of the definition of designated frontier area , the Resources Minister may designate, in writing, up to (and including) 20% of potential exploration permit areas as frontier areas. Note: An amount of exploration expenditure incurred in respect of an area that is specified under this section might be increased by 150% (before the amount is further increased under Schedule 1): see section 36C. (2) The Resources Minister must not specify new areas for a calendar year after 2009. (3) The Resources Minister must publish an instrument made under subsection (1) in the Gazette . (4) An instrument made under subsection (1) is not a legislative instrument. (5) The Resources Minister may, by signed instrument, delegate his or her power under subsection (1) to an SES employee or an acting SES employee in the Resources Department. Note: The expressions SES employee and acting SES employee are defined in section 2B of the Acts Interpretation Act 1901 . (6) In this section: potential exploration permit area means an area or areas constituted by a block or blocks in respect of which applications for exploration permits have been invited, but not yet granted, under Part 2.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 .", "Amendment_Count": 9, "First_Amended": "No 41 of 2005", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 41 of 2005 | No 17 of 2006 | No 117 of 2008 | No 47 of 2009 | No 88 of 2009 | No 46 of 2011 | No 18 of 2012 | No 126 of 2015 | No 43 of 2019", "History_Notes": "Inserted by No 41 of 2005, Sch 5 item 1, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005 | Amended by No 17 of 2006, Sch 2 item 92 | Sch 2 item 93 | Sch 2 item 95 | Sch 2 item 96, effective Sch 2 (items 73–96): 1 July 2008 (s 2(1) item 2) | Amended by No 117 of 2008, Sch 3 item 52 | Sch 3 item 53, effective Sch 2 (items 59–65), Sch 3 (items 31AA, 31AB, 33–50, 52–54) and Sch 4 (items 5–9): 22 Nov 2008 (s 2(1) items 3, 4, 6) | Amended by No 47 of 2009, Sch 3 item 37, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2009, Sch 5 item 227 | Sch 5 item 229, effective Sch 5 (items 209–230): 18 Sept 2009 (s 2(1) item 7) | Amended by No 46 of 2011, Sch 2 item 910, effective Sch 2 (items 909, 910) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 7, 12) | Amended by No 18 of 2012, Sch 2 item 36, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 126 of 2015, Sch 1 item 478, effective Sch 1 (item 478): 5 Mar 2016 (s 2(1) item 2) | Amended by No 43 of 2019, Sch 1 item 23, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s36B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 36C", "Provision_Key": "s36c", "Heading": "Uplifted frontier expenditure", "Text": "For the purposes of this Act, the amount of uplifted frontier expenditure that a person is taken to have incurred in a financial year in relation to a petroleum project is worked out as follows:", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, Sch 5 item 3 | Sch 5 item 36A | Sch 5 item 36B | Sch 5 item 7 | Sch 5 item 8, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s36C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 37", "Provision_Key": "s37", "Heading": "Exploration expenditure", "Text": "(1) For the purposes of this Act, a reference to exploration expenditure incurred by a person in relation to a petroleum project is a reference to payments (not being excluded expenditure), whether of a capital or revenue nature, to the extent that they are made by the person: (a) in carrying on or providing operations and facilities involved in or in connection with exploration for petroleum in the eligible exploration or recovery area in relation to the project; and (b) in carrying on or providing such of the following as are or have been carried on or provided: (i) operations and facilities involved in the recovery of any petroleum from the eligible exploration or recovery area (other than any production licence area) in relation to the project; (ii) operations and facilities involved in moving any petroleum so recovered to or between any storage or processing facilities prior to the production of any marketable petroleum commodity from the petroleum; (iii) operations and facilities involved in the storage, processing or treating of any petroleum so recovered to produce any marketable petroleum commodity from the petroleum; (iv) operations and facilities involved in the moving or storage of any such marketable petroleum commodity before it becomes an excluded commodity; (v) services, or facilities for the provision of services, in connection with the operations, facilities, amenities and services referred to in this section; (vi) employee amenities in connection with the operations, facilities and services referred to in this section; (vii) operations and facilities, carried on or provided, for an environmental purpose, in relation to the carrying on or provision of the operations, facilities and services referred to in this section; and (c) in procuring another person to stabilise, transport, store, recover or process petroleum recovered from the eligible exploration or recovery area (other than any production licence area) in relation to the project, if that stabilisation, transportation, storage, recovery or processing constitutes: (i) the processing of internal petroleum in relation to the project; or (ii) the processing of external petroleum in relation to another petroleum project; and includes any exploration permit, retention lease or other fee (not being an excluded fee) paid by the person, to the extent that the payment relates to the carrying on or providing of any operations, facilities or other things referred to in this section. (2) Where, by reason of the application of subsection 5(3), exploration for petroleum during a period is taken to occur in a retention lease area or areas in relation to a retention lease or leases related to an exploration permit, any liability incurred during that period to pay an exploration permit fee shall, for the purposes of subsection (1), be taken to relate proportionally to the carrying on of operations involved in exploration for petroleum in the retention lease area or areas and in the remainder of the exploration permit area in relation to the exploration permit, according to the respective sizes of those areas. (3) For the purposes of this section, a person is taken to make a payment when the person becomes liable to make the payment. (4) Subject to subsection (5), for the purposes of paragraph (1)(a), exploration for petroleum means: (a) discovering petroleum; or (b) identifying the extent of discovered petroleum; or (c) identifying the nature of discovered petroleum. (5) For the purposes of paragraph (1)(a), exploration for petroleum does not include determining: (a) any of the following in relation to the recovery of petroleum: (i) commercial viability; (ii) economic feasibility; (iii) technical feasibility; or (b) how to recover any petroleum; (6) Paragraphs (5)(a) and (b) do not limit each other.", "Amendment_Count": 7, "First_Amended": "No 101 of 2003", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 101 of 2003 | No 47 of 2009 | No 18 of 2012 | No 124 of 2013 | No 96 of 2014 | No 43 of 2019 | No 67 of 2024", "History_Notes": "Amended by No 101 of 2003, Sch 5 item 14 | Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2009, Sch 3 item 31, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 18 of 2012, Sch 2 item 29A | Sch 3 item 16 | Sch 2 item 2, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 124 of 2013, Sch 6 item 1 | Sch 6 item 2 | Sch 6 item 3 | Sch 6 item 9 | Sch 9 item 38 | Sch 9 item 4, effective Sch 6: 29 June 2013 (s 2(1) item 1) | Amended by No 96 of 2014, Sch 1 item 52, effective Sch 1 (items 47–52, 122–124): 30 Sept 2014 (s 2(1) item 2) | Amended by No 43 of 2019, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1) | Amended by No 67 of 2024, Sch 3 item 8, effective Sch 2 and Sch 3 (items 8–10): 1 Oct 2024 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s37"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 38", "Provision_Key": "s38", "Heading": "General project expenditure", "Text": "(1) For the purposes of this Act, a reference to general project expenditure incurred by a person in relation to a petroleum project is a reference to payments (not being excluded expenditure, exploration expenditure or closing ‑ down expenditure), whether of a capital or revenue nature, to the extent that they are made by the person: (a) in carrying on or providing operations and facilities preparatory to the activities referred to in paragraph (b), including in carrying out any feasibility or environmental study; and (b) in carrying on or providing the operations, facilities and other things comprising the project; and (c) in purchasing, as part of the project, external petroleum, or internal petroleum, in relation to the project; and (d) in procuring another person to stabilise, transport, store, recover or process petroleum recovered from the production licence area or areas in relation to the project, if that stabilisation, transportation, storage, recovery or processing constitutes: (i) the processing of internal petroleum in relation to the project; or (ii) the processing of external petroleum in relation to another petroleum project; and includes any production licence or other fee (not being an excluded fee) paid by the person, to the extent that the payment relates to the carrying on or providing of any operations, facilities or other things referred to in this section. (2) To avoid doubt, carrying on or providing the operations, facilities and other things comprising the project referred to in paragraph (1)(b) includes carrying on or providing the operations, facilities and other things in relation to the processing of external petroleum, or internal petroleum, in relation to the project. (3) For the purposes of this section, a person is taken to make a payment when the person becomes liable to make the payment.", "Amendment_Count": 3, "First_Amended": "No 101 of 2003", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 101 of 2003 | No 47 of 2009 | No 124 of 2013", "History_Notes": "Amended by No 101 of 2003, Sch 5 item 18 | Sch 5 item 19, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2009, Sch 3 item 32 | Sch 3 item 33 | Sch 3 item 34, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 124 of 2013, Sch 6 item 4 | Sch 6 item 5 | Sch 6 item 6 | Sch 6 item 9 | Sch 9 item 1 | Sch 9 item 2, effective Sch 6: 29 June 2013 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s38"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 39", "Provision_Key": "s39", "Heading": "Closing ‑ down expenditure", "Text": "(1) For the purposes of this Act, a reference to closing ‑ down expenditure incurred by a person in relation to a petroleum project is a reference to payments (not being excluded expenditure), whether of a capital or revenue nature, to the extent that they are made by the person in carrying on operations involved in closing down the project, including in any environmental restoration as a consequence of closing down the project. (2) For the purposes of this Act, if: (a) on the termination of a petroleum project, a person disposes of all of the person’s property in respect of which the person incurred capital expenditure that is eligible real expenditure in relation to the project; and (b) there is no consideration receivable by the person in respect of the disposal; a reference to the closing ‑ down expenditure incurred by the person in relation to the project includes a reference to any consideration given by the person for the disposal, to the extent that the consideration relates to the future closing ‑ down expenditure in relation to the project. (3) For the purposes of this Act, if a person’s assessable property receipts under paragraph 27(1)(b) in relation to a petroleum project are taken to be zero because of subsection 27(4), a reference to closing ‑ down expenditure incurred by a person in relation to the project includes a reference to an amount equal to the difference between: (a) the future closing ‑ down expenditure in relation to the project; and (b) the amount that would, but for subsections 27(3) and (4), have been the person’s assessable property receipts in relation to the project. Example: A production licence of Petgas Ltd ceases to be in force on 24 October 2006, but the use of some facilities of the petroleum project in question continues to be permitted by an infrastructure licence that comes into force on that day. The value of the facilities on that day is $240,000, but there are future closing ‑ down costs that result in Petgas Ltd having a future closing ‑ down expenditure of $360,000. Under subsection 27(4), Petgas Ltd’s assessable property receipts under paragraph 27(1)(b) are taken to be zero. In addition, Petgas Ltd’s closing ‑ down expenditure includes an amount of $120,000 (the difference between its future closing ‑ down expenditure and the actual value of the facilities). (4) Closing ‑ down expenditure in relation to a petroleum project does not include closing ‑ down expenditure in relation to operations, facilities or other things comprising the project to the extent that: (a) the person has previously had assessable property receipts under paragraph 27(1)(a) in relation to the project and the consideration referred to in that paragraph took into account future closing ‑ down expenditure that relates to those operations, facilities or other things; or (b) the person has previously had assessable property receipts under paragraph 27(1)(b) in relation to the project and such future closing ‑ down expenditure was taken into account in working out those assessable property receipts; or (c) the person has previously had closing ‑ down expenditure in relation to the project that included such future closing ‑ down expenditure. However, this subsection does not apply if there has been a change in the ownership of those operations, facilities or other things after the assessable property receipts or closing ‑ down expenditure arose. (5) For the purposes of this section, a person is taken to make a payment when the person becomes liable to make the payment.", "Amendment_Count": 2, "First_Amended": "No 78 of 2006", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 78 of 2006 | No 124 of 2013", "History_Notes": "Amended by No 78 of 2006, Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 124 of 2013, Sch 2 item 415 | Sch 6 item 7 | Sch 6 item 8 | Sch 6 item 9, effective Sch 6: 29 June 2013 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s39"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 40", "Provision_Key": "s40", "Heading": "Bad debts", "Text": "(1) Where: (a) a debt is a bad debt and is written off as such by a person during a financial year; and (b) the debt has been brought to account by the person as a receipt of a kind referred to in section 24, 25, 27, 28 or 29 derived by the person in any financial year in relation to a petroleum project; then, at the time at which the debt is written off and in relation to: (c) the petroleum project; or (d) if, at that time, there is a combined project in relation to which the petroleum project is a pre ‑ combination project—the combined project; the person shall be taken for the purposes of this Act to have incurred an amount of: (e) where at or before the time at which the debt is written off the person has not incurred any general project expenditure or closing ‑ down expenditure in relation to the petroleum project or the combined project (including any pre ‑ combination project in relation to the project)—exploration expenditure; (f) where at or before the time at which the debt is written off the person has incurred general project expenditure, but has not incurred any closing ‑ down expenditure, in relation to the petroleum project or the combined project (including any pre ‑ combination project in relation to the project)—general project expenditure; or (g) where at or before the time at which the debt is written off the person has incurred closing ‑ down expenditure in relation to the petroleum project or the combined project—closing ‑ down expenditure; equal to the amount of the debt. (2) If a debtor, after incurring a debt that has been brought to account as mentioned in paragraph (1) (b), becomes bankrupt or executes a personal insolvency agreement for the benefit of creditors: (a) where, in the opinion of the Commissioner, no amount will be paid on account of the debt—the debt; or (b) where, in the opinion of the Commissioner, an amount less than the amount of the debt will be paid on account of the debt—so much of the debt as exceeds the amount that, in the opinion of the Commissioner, will be so paid; shall be deemed to be a bad debt. (3) Where a person receives an amount in respect of a debt to which subsection (1) applies, that amount shall for the purposes of this Act be taken to be a receipt of the kind referred to in paragraph (1)(b) derived by the person in relation to: (a) the petroleum project referred to in that paragraph; or (b) if, at the time at which the amount is received, there is a combined project in relation to which the petroleum project referred to in that paragraph is a pre ‑ combination project—the combined project.", "Amendment_Count": 1, "First_Amended": "No 80 of 2004", "Last_Amended": "No 80 of 2004", "Amending_Acts": "No 80 of 2004", "History_Notes": "Amended by No 80 of 2004, effective Sch 1 (items 198, 212, 213, 215): 1 Dec 2004 (gaz 2004, No GN34)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s40"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 41", "Provision_Key": "s41", "Heading": "Effect of procuring the carrying on of operations etc. by others", "Text": "(1) If a person (the eligible person ) makes or made a payment wholly or partly to procure the carrying on or providing of operations, facilities or other things of a kind referred to in section 37, 38 or 39 by another person, then: (a) for the purposes of this Act: (i) the operations, facilities or other things are taken to have been carried on or provided by the eligible person and not by the other person; and (ii) to the extent that the payment is to procure the carrying on or providing of the operations, facilities or other things—it is taken to have been made by the eligible person in carrying on or providing the operations, facilities or other things; and (b) if subsection (1A) does not apply to the other person in relation to the payment—to the extent that the payment is to procure the carrying on or providing of the operations, facilities or other things, the payment is taken, for the purposes of sections 37, 38, 39 and 44, to have the same character and nature as the operations, facilities or other things procured; and (c) if subsection (1A) applies to the other person in relation to the payment—to the extent that: (i) the payment is to procure the carrying on or providing of the operations, facilities or other things; and (ii) the payment relates to use of property on which the other person has incurred capital expenditure; the payment is taken, for the purposes of those sections, to have the same character and nature as the operations, facilities or other things procured; and (d) if subsection (1A) applies to the other person in relation to the payment—to the extent that: (i) the payment is to procure the carrying on or providing of the operations, facilities or other things; and (ii) the payment does not relate to use of property on which the other person has incurred capital expenditure; the payment is taken, for the purposes of those sections, to be of the same amount, and to have the same character and nature, as the expenditure the other person incurred in carrying on or providing the operations, facilities or other things procured. Note: If the payment is excluded expenditure, it will not be exploration expenditure under section 37, general project expenditure under section 38 or closing ‑ down expenditure under section 39. However, if paragraph (1)(d) applies to the payment, the amount taken to be excluded expenditure may be reduced under subsection (1D) of this section. (1A) This subsection applies to the other person in relation to a payment if, at the time the payment is made, the other person: (a) holds an interest in the petroleum project to which the operations, facilities or other things relate; or (b) is connected (within the meaning of section 328 ‑ 125 of the Income Tax Assessment Act 1997 ) with the eligible person. (1B) The amount of the other person’s expenditure referred to in paragraph (1)(d) is taken not to exceed so much of the amount of the eligible person’s payment as: (a) is a payment to procure the carrying on or providing of the operations, facilities or other things; and (b) does not relate to use of property on which the other person has incurred capital expenditure. (1C) If: (a) subsection (1A) applies to the other person in relation to the payment; and (b) the other person, to any extent, procures for: (i) the eligible person; or (ii) the eligible person and one or more persons who hold an interest in the project; the operations, facilities or other things from a third person who is connected (within the meaning of section 328 ‑ 125 of the Income Tax Assessment Act 1997 ) with the other person; the references in paragraph (1)(d) and subsection (1B) to the other person’s expenditure are taken (to the extent that carrying on or providing the operations, facilities or other things was procured from the third person) to be references to the third person’s expenditure. (1D) If the other person’s expenditure is reduced because of subsection (1B), sections 37, 38, 39 and 44 apply in relation to that expenditure as if it were reduced to the same extent. (2) This section does not apply if the other person carries on or provides the operations, facilities or other things as part of the processing of: (a) internal petroleum in relation to the petroleum project; or (b) external petroleum in relation to a petroleum project other than the project to which the operations, facilities or other things referred to in subsection (1) relate. (3) For the purposes of this section, a person is taken to make a payment when the person becomes liable to make the payment.", "Amendment_Count": 4, "First_Amended": "No 101 of 2003", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 101 of 2003 | No 47 of 2009 | No 88 of 2013 | No 124 of 2013", "History_Notes": "Amended by No 101 of 2003, Sch 5 item 21, effective Sch 5: 14 Oct 2003 | Amended by No 47 of 2009, Sch 3 item 35, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, Sch 7 item 91, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 124 of 2013, Sch 6 item 9 | Sch 6 item 10 | Sch 6 item 11, effective Sch 6: 29 June 2013 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s41"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 42", "Provision_Key": "s42", "Heading": "Expenditure on property for partial project use", "Text": "Where: (a) a person incurs or incurred eligible real expenditure in relation to a petroleum project; and (b) the eligible real expenditure is or was capital expenditure in respect of property for use only proportionally (the proportion of use of which is in this section referred to as the eligible proportion ) in carrying on or providing the operations, facilities or other things by reason of which the capital expenditure is eligible real expenditure of the person in relation to the project; the eligible proportion only of the eligible real expenditure shall be taken for the purposes of this Act to be the eligible real expenditure.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s42"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 43", "Provision_Key": "s43", "Heading": "Deferred use of property on project etc.", "Text": "(1) Where: (a) a person incurs or incurred capital expenditure in relation to property, being eligible real expenditure in relation to a petroleum project or petroleum projects; (b) the person terminates or terminated the use of the property in relation to the project or all of the projects otherwise than by sale or other disposal; and (c) immediately after the termination of the use of the property the person is or was using the property, or at a later time the person commences or commenced to use the property, in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to a petroleum project or petroleum projects; then, for the purposes of this Act (including this section): (d) the person shall be taken to have incurred capital expenditure immediately after the termination or at the later time referred to in paragraph (c), as the case may be, in carrying on or providing the operations, facilities or other things, referred to in paragraph (c) in relation to the project or projects referred to in that paragraph; and (e) the amount of the expenditure shall be taken to be equal to so much of the value of the property at the time at which the person is so taken to have incurred the expenditure as, in the opinion of the Commissioner, is attributable to the expenditure referred to in paragraph (a). (2) Where: (a) a person incurs or incurred capital expenditure in relation to property that is not or was not for use in carrying on or providing operations, facilities or other things of a kind referred to in section 37, 38 or 39 in relation to any petroleum project; and (b) the person commences or commenced to use the property at a later time in carrying on or providing such operations, facilities or other things in relation to a petroleum project or projects; the person shall, for the purposes of this Act, be taken to have incurred expenditure, at that later time, in carrying on or providing the operations, facilities or other things in relation to the project or projects of an amount equal to so much of the value of the property at that later time as, in the opinion of the Commissioner, is attributable to the expenditure referred to in paragraph (a).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s43"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 44", "Provision_Key": "s44", "Heading": "Excluded expenditure", "Text": "(1) For the purposes of this Act, a reference to excluded expenditure is a reference to: (a) payments of principal or interest on a loan or other borrowing costs; or (b) interest components of hire ‑ purchase payments; or (c) payments of dividends or the cost of issuing shares; or (d) the repayment of equity capital; or (e) payments of a kind known as private override royalty payments; or (f) payments to acquire, or to acquire an interest in, an exploration permit, retention lease, production licence, pipeline licence or access authority, otherwise than in respect of the grant of the permit, lease, licence or authority; or (g) payments to acquire interests in petroleum project profits, receipts or expenditures; or (ga) payments of levy imposed by the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 ; or (h) payments of tax under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 ; or (i) payments of GST under the GST Act; or (j) payments of administrative or accounting costs, or of wages, salary or other work costs, incurred indirectly in carrying on or providing operations, facilities or other things of a kind referred to in sections 37, 38 and 39; or (k) payments in respect of land or buildings for use in connection with administrative or accounting activities in respect of the carrying on or provision of other operations, facilities or things of a kind referred to in sections 37, 38 and 39, not being land or buildings located at or adjacent to the site or sites at which those other operations, facilities or things are carried on or provided. (2) For the purposes of paragraph (1)(e), a private override royalty payment does not include a payment to the extent: (a) it is by way of compensation for carrying on or providing, in an area the operations, facilities or other things comprising a petroleum project; and (b) it is paid: (i) to a native title holder (within the meaning of the Native Title Act 1993 ) whose approved determination of native title (within the meaning of that Act) relates to that area; or (ii) to a registered native title claimant (within the meaning of the Native Title Act 1993 ) whose claimant application (within the meaning of that Act) relates to that area; or (iii) to a person who holds a right that relates to that area and arises under another Australian law dealing with the rights of Aboriginal persons or Torres Strait Islanders in relation to land or waters.", "Amendment_Count": 7, "First_Amended": "No 39 of 1997", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 39 of 1997 | No 177 of 1999 | No 78 of 2006 | No 18 of 2012 | No 83 of 2014 | No 43 of 2019 | No 24 of 2022", "History_Notes": "Amended by No 39 of 1997, Sch 4 item 110, effective Sch 3 (item 110): 1 July 1997 | Amended by No 177 of 1999, Sch 6 item 18, effective Sch 8 (items 7–18): 1 July 2000 (s 2(9)) | Amended by No 78 of 2006, Sch 5 item 8, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 3 item 17 | Sch 3 item 18 | Sch 2 item 9 | Sch 2 item 37 | Sch 6 item 2, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 83 of 2014, Sch 1 item 318 | Sch 1 item 333 | Sch 1 item 339, effective Sch 1 (items 316–318, 330): 1 July 2014 (s 2(1) item 2) | Amended by No 43 of 2019, Sch 2 item 50, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1) | Amended by No 24 of 2022, Sch 1 item 6, effective Sch 1 (items 6, 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s44"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 45", "Provision_Key": "s45", "Heading": "Time of incurring of expenditure", "Text": "Petroleum projects generally (1) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to a petroleum project (other than the Bass Strait project or the North West Shelf project) at any time, including a time: (a) before the project commences or after the project ceases; or (b) before the commencement of this Act. The Bass Strait project (3) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to the Bass Strait project at any time on or after 1 July 1990, including a time after the project ceases. The North West Shelf project (4) For the purposes of this Act, eligible real expenditure may be incurred by a person in relation to the North West Shelf project at any time on or after 1 July 2012, including a time after the project ceases. Resource tax expenditure (7) Despite subsections (1), (3) and (4), resource tax expenditure cannot be incurred by a person, in relation to a petroleum project, before 1 July 2012. Transferred expenditure relating to the North West Shelf project (8) To avoid doubt, eligible real expenditure that a person may incur in relation to the North West Shelf project may include expenditure that a person is taken to have incurred in relation to the project, before or after the commencement of this section, because of section 48 or 48A. (9) However, if the person is taken to have incurred the expenditure because of the application of section 48 or 48A in relation to a transaction entered into before 1 July 2012, subsection 48(3) or 48A(11) (as the case requires) does not apply in relation to the transaction.", "Amendment_Count": 4, "First_Amended": "No 80 of 1991", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 80 of 1991 | No 18 of 2012 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Repealed and substituted by No 80 of 1991, item 35 | item 8 | item 10 | item 18 | item 19 | item 5 | item 9 | item 16 | item 26 | item 32 | item 33 | item 34 | item 36 | item 37 | item 38, effective 1 July 1991 | Repealed and substituted by No 18 of 2012, Sch 2 item 11 | Sch 4 item 11 | Sch 2 item 17 | Sch 2 item 20 | Sch 2 item 21, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 6 item 44 | Sch 6 item 46 | Sch 6 item 47 | Sch 6 item 48 | Sch 6 item 66 | Sch 7 item 10 | Sch 7 item 11 | Sch 7 item 92 | Sch 7 item 93 | Sch 7 item 94, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 2 item 40 | Sch 2 item 51 | Sch 2 item 52 | Sch 2 item 53 | Sch 2 item 55 | Sch 2 item 56 | Sch 2 item 57, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s45"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 45A", "Provision_Key": "s45a", "Heading": "Transfer of expenditure—general", "Text": "(1) This section applies to a person in respect of a financial year in relation to which the person has transferable exploration expenditure. (2) In relation to the financial year, the person must transfer to petroleum projects as much of the transferable exploration expenditure as can be transferred in accordance with the rules set out in Part 5 of Schedule 1. (3) A transfer of expenditure under this section in relation to a financial year: (a) must be made by completing a transfer notice and giving it to the Commissioner not later than 60 days after the end of the financial year or such later day as the Commissioner allows; and (b) subject to subsection (4), takes effect when the notice is given to the Commissioner. (4) A purported transfer of expenditure under this section has no effect if the transfer is not in accordance with the rules set out in Part 5 of Schedule 1. (5) A person commits an offence if the person contravenes this section. Penalty: 20 penalty units. (5A) Subsection (5) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in subsection (5A), see subsection 13.3(3) of the Criminal Code . (5B) An offence under this section is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (6) In this section: transfer notice means a written notice in the approved form.", "Amendment_Count": 6, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 118 of 1993 | No 146 of 2001 | No 41 of 2005 | No 78 of 2006 | No 18 of 2012", "History_Notes": "Inserted by No 80 of 1991, item 8 | item 19 | item 5 | item 9 | item 23 | item 24 | item 25 | item 27, effective 1 July 1991 | Amended by No 118 of 1993, Sch 38 item 127, effective s 125, 132 and 133: 1 July 1991 (s 2(2)) s 126–128 and 130: 24 Dec 1993 (s 2(1)) s 129 and 131: 1 July 1993 (s 2(3)) | Amended by No 146 of 2001, Sch 4 item 106 | Sch 4 item 107 | Sch 4 item 108, effective s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1)) | Amended by No 41 of 2005, Sch 10 item 226, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005 | Amended by No 78 of 2006, Sch 1 item 45E | Sch 1 item 98A | Sch 5 item 9 | Sch 5 item 10, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 1 item 4C, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s45A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 45B", "Provision_Key": "s45b", "Heading": "Transfer of expenditure—group companies", "Text": "(1) This section applies where: (a) a number of companies are group companies in relation to each other and a financial year; and (b) there is unused transferable exploration expenditure in relation to some of the companies (each of which is in this section called a loss company ) and the financial year. (2) In relation to the financial year, each loss company must transfer, to such of the other companies as are not loss companies and in relation to specified petroleum projects, as much of the loss company’s unused transferable exploration expenditure as can be transferred in accordance with the rules set out in Part 6 of Schedule 1. (3) A transfer of expenditure under this section in relation to a financial year: (a) must be made by completing a transfer notice and giving it to the Commissioner not later than 60 days after the end of the financial year or such later day as the Commissioner allows; and (b) subject to subsection (4), takes effect when the notice is given to the Commissioner. (4) A purported transfer of expenditure under this section has no effect if the transfer is not in accordance with the rules set out in Part 6 of Schedule 1. (5) A person commits an offence if the person contravenes this section. Penalty: 20 penalty units. (5A) Subsection (5) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in subsection (5A), see subsection 13.3(3) of the Criminal Code . (5B) An offence under this section is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (6) In this section: transfer notice means a written notice in the approved form. unused transferable exploration expenditure , in relation to a company and a financial year, means so much of the transferable exploration expenditure in relation to the company and the financial year as is not transferred, or to be transferred, under section 45A.", "Amendment_Count": 6, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 118 of 1993 | No 146 of 2001 | No 41 of 2005 | No 78 of 2006 | No 18 of 2012", "History_Notes": "Inserted by No 80 of 1991, item 19 | item 27 | item 28, effective 1 July 1991 | Amended by No 118 of 1993, Sch 38 item 128, effective s 125, 132 and 133: 1 July 1991 (s 2(2)) s 126–128 and 130: 24 Dec 1993 (s 2(1)) s 129 and 131: 1 July 1993 (s 2(3)) | Amended by No 146 of 2001, Sch 4 item 109 | Sch 4 item 110 | Sch 4 item 111, effective s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1)) | Amended by No 41 of 2005, Sch 10 item 227, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005 | Amended by No 78 of 2006, Sch 1 item 98A | Sch 5 item 11 | Sch 5 item 12, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s45B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 45C", "Provision_Key": "s45c", "Heading": "Commissioner’s power to make transfers of expenditure", "Text": "(1) This section applies if a person contravenes section 45A or 45B by failing to transfer expenditure as required by that section in relation to a financial year. (2) Subject to subsection (3), the Commissioner may transfer the expenditure that the person failed to transfer. (3) The transfer must: (a) be in writing; and (b) be such that, if it had been made by the person, it would have been a transfer of expenditure in relation to the financial year under section 45A or 45B, as the case requires. (4) For the purposes of this Act (other than this section), the transfer is taken to be a transfer by the person under section 45A or 45B, as the case requires. (5) The transfer may not be revoked or varied except: (a) under subsection (6); or (b) pursuant to a decision of the Tribunal or an order of a court; or (c) to correct an error. (6) If: (a) after the transfer, information becomes available to the Commissioner that was not available at the time of the transfer; and (b) the Commissioner would not have transferred the expenditure in the same way, or at all, if he or she had been aware of the information at the time of transferring the expenditure; the Commissioner may, in writing, revoke the transfer and, if appropriate, make another transfer of expenditure under this section. (7) If the Commissioner revokes the transfer, then, for the purposes of this Act, the transfer is taken never to have been made. (8) The Commissioner must, within 30 days after transferring the expenditure, or revoking the transfer of the expenditure, cause written notice setting out particulars of the transfer or revocation to be given to: (a) if the transfer has or had effect as a transfer under section 45A—the person who is taken to have transferred the expenditure; or (b) if the transfer has or had effect as a transfer under section 45B—the person who is taken to have transferred the expenditure and the company to which the expenditure is or was transferred. (9) If a person to whom a notice under subsection (8) is given is dissatisfied with the Commissioner’s decision to transfer the expenditure, or revoke the transfer, as the case may be, the person may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 80 of 1991 | No 41 of 2005", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991 | Amended by No 41 of 2005, Sch 5 item 5 | Sch 5 item 6, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s45C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 45D", "Provision_Key": "s45d", "Heading": "Effect of transfer of expenditure", "Text": "(1) This section applies if a person transfers an amount of expenditure: (a) to a petroleum project in relation to a financial year under section 45A; or (b) to a company in relation to a petroleum project and a financial year under section 45B. (2) If the expenditure was incurred in an earlier financial year, then, for the purposes of this Act other than subsection (3), the transfer is taken to be a transfer of the amount worked out in accordance with Part 7 of Schedule 1. (3) The expenditure transferred (disregarding the effect of subsection (2)): (a) must not be transferred again in relation to the financial year; and (b) must not be counted again as expenditure incurred, or taken to be incurred, by a person: (i) when working out the liability of the person to tax in relation to a later financial year; or (ii) when working out, in accordance with Part 2, 3 or 4 of Schedule 1, whether there is expenditure that is transferable by the person in relation to a later financial year.", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 80 of 1991 | No 18 of 2012", "History_Notes": "Inserted by No 80 of 1991, effective 1 July 1991 | Amended by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s45D"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 45E", "Provision_Key": "s45e", "Heading": "Instalment transfers and annual transfers", "Text": "(1) Subject to this section, the following provisions apply in relation to instalment periods in the same way as they apply in relation to financial years: (a) this Division; (b) Schedule 1; (c) definitions or other provisions of this Act as they apply for the purpose of this Division or Schedule 1. Note: A person who contravenes section 45A or 45B as the section applies in relation to an instalment period commits an offence: see subsections 45A(5) and 45B(5). (2) The provisions mentioned in subsection (1) apply under that subsection only to the extent necessary to require or permit the making of transfers of expenditure in relation to instalment periods. (3) For the purpose of subsection (1), the following assumptions apply in relation to any petroleum project and an instalment period in a financial year: (a) the instalment period is taken to be a financial year; (b) the amounts taken by subsections 33(3), 34(3), 34A(4), 35(3) and 36(1) (including because of section 48) to be incurred by any person in relation to any project on the first day of the financial year are instead taken to be only the instalment percentages of those amounts; (c) the amounts that would, for the purposes of Schedule 1, be the incurred exploration expenditure amounts in relation to financial years before that financial year are instead taken to be only the instalment percentages of those amounts. (4) In this Act, an annual transfer is a transfer of an amount of expenditure in accordance with this Division in its application to a financial year. (5) In this Act, an instalment transfer is a transfer of an amount of expenditure in accordance with this Division in its application under this section to an instalment period. (6) Despite subsection 45D(3), if an instalment transfer of an amount of expenditure is made in relation to an instalment period in a financial year, the instalment transfer does not prevent the transfer of all (or a part) of that expenditure being made again: (a) in relation to a later instalment period; or (b) in relation to the financial year or a later financial year (as an annual transfer). Note: In some circumstances, interest may be charged in relation to an instalment transfer if the expenditure cannot be transferred again under this Division as an annual transfer: see section 98A. (7) In this section: instalment period includes a period in a financial year that would be an instalment period if the financial year were a year of tax.", "Amendment_Count": 2, "First_Amended": "No 78 of 2006", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 78 of 2006 | No 18 of 2012", "History_Notes": "Inserted by No 78 of 2006, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 9 | Sch 1 item 98A, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s45E"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 46", "Provision_Key": "s46", "Heading": "Credits in respect of closing ‑ down expenditure", "Text": "(1) If, in relation to a petroleum project, the sum of any closing ‑ down expenditure and any other deductible expenditure incurred by a person in a year of tax exceeds the assessable receipts derived by the person in the year of tax: (a) so much of the excess as does not exceed the amount of the closing ‑ down expenditure is the person’s excess closing ‑ down expenditure for the year of tax; and (b) the person is entitled to a credit of the lesser of the following amounts: (i) an amount equal to 40% of the excess closing ‑ down expenditure for the year of tax; (ii) the total amount of any tax in respect of the project (including in the case of a combined project any pre ‑ combination project in relation to the project) paid or payable by the person in relation to previous years of tax, reduced by the total amount of any credits allowed or allowable to the person under this section in relation to the project in relation to any previous years of tax. Greater Sunrise closing ‑ down credits (2) However, for the purposes of the operation of paragraph (1)(a) in relation to a Greater Sunrise project, the amount that is so much of the excess as does not exceed the amount of the closing ‑ down expenditure is taken to be the amount worked out using the following formula: where: apportionment percentage figure has the meaning given by subsection 2C(2). initial excess means the amount that is so much of the excess as does not exceed the amount of the closing ‑ down expenditure under paragraph (1)(a) ignoring this subsection.", "Amendment_Count": 2, "First_Amended": "No 47 of 2004", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2004 | No 47 of 2009", "History_Notes": "Amended by No 47 of 2004, effective Sch 2 (items 1–18): 7 Feb 2007 | Amended by No 47 of 2009, Sch 3 item 5 | Sch 3 item 18 | Sch 3 item 58D | Sch 3 item 58J, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s46"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 47", "Provision_Key": "s47", "Heading": "Application of credits", "Text": "(1) Subject to this section, the amount of a credit to which a person is entitled by virtue of this Division is a debt due and payable to the person by the Commissioner on behalf of the Commonwealth. (2) The Commissioner may apply the whole or a part of the credit in total or partial discharge of any liability to the Commonwealth of the person entitled to the credit arising under or by virtue of this Act or any other Act of which the Commissioner has the general administration. (3) Where, under subsection (2), the Commissioner has applied an amount of a credit in discharge of a liability of a person to the Commonwealth, the person shall be deemed to have paid the amount so applied for the purpose for which, and at the time at which, it has been so applied. (4) Where the amount, or the sum of the amounts, applied or paid by the Commissioner as a credit to which a person is entitled under this Division exceeds the amount of the credit to which the person is entitled, the Commissioner may recover the amount of the excess as if it were tax due and payable by the person.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s47"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 48", "Provision_Key": "s48", "Heading": "Transfer of entire entitlement to assessable receipts", "Text": "(1A) This section applies if: (a) at a particular time (the transfer time ) a person (the vendor ) enters into a transaction in relation to a petroleum project; and (b) the transaction has the effect of transferring to another person or persons (the purchasers ): (i) the whole of the vendor’s entitlement to derive, after the transaction, assessable receipts in relation to the project; and (ii) any property held by the vendor that is being used in relation to the project; and (c) the purchasers give consideration for the entitlement and property. The transaction may occur at any time (even before the vendor’s first year of tax in relation to the project). (1) For the purposes of this Act (including this section): (a) the purchaser, or each of the purchasers in proportion to his or her acquired entitlement to those receipts, shall be taken: (i) to have derived any assessable receipts, and to have incurred any deductible expenditure (other than class 2 uplifted exploration expenditure or class 2 GDP factor expenditure), in relation to the project that, if the financial year in which the transaction is or was entered into had ended immediately before the transfer time, would have been assessable receipts derived, or such deductible expenditure incurred, by the vendor in relation to the project in that financial year; and (ia) to have incurred, in relation to the project, any expenditure that, if the financial year in which the transaction is or was entered into had ended immediately before the transfer time, would, within the meaning of Schedule 1, have been included in the incurred exploration expenditure amount in relation to the vendor, the project and the financial year or a previous financial year; and Note: this is expenditure on which class 2 uplifted exploration expenditure and class 2 GDP factor expenditure are based. (ib) if section 35E did not apply immediately before the transfer time—to have incurred starting base expenditure, in relation to the project, of the starting base amount in relation to the vendor’s interest; and (ii) to have incurred any liability of the vendor, and to have paid any amounts paid by the vendor, in respect of instalments of tax in relation to the project during the part of the financial year in which the transaction is or was entered into occurring before the transfer time; (b) the vendor shall be taken not to have derived those receipts, incurred that expenditure or that liability or paid those amounts, as the case may be; (c) the vendor shall be taken not to have derived any assessable property receipts in relation to the transaction by reason of the transfer of any property held by the vendor that was being used in relation to the project at the transfer time; (d) the purchaser or purchasers shall be taken not to have incurred any eligible real expenditure in relation to the transaction by reason of the transfer of any such property; (e) in any application of section 27, 28 or 29 after the transfer time, the purchaser shall be taken to have incurred any eligible real expenditure incurred by the vendor in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project); and (f) in any application of section 40 after the transfer time, the purchaser shall be taken to have brought to account as a receipt of a kind referred to in section 24, 25, 27, 28 or 29 in relation to the project (including any pre ‑ combination project in relation to the project) any debt so brought to account by the vendor. (2) Expenditure that the purchaser, or a purchaser, is taken to have incurred by subparagraph (1)(a)(ia) is taken to have been so incurred at the time when the vendor incurred it, or is taken to have incurred it. (2A) Expenditure that the purchaser, or a purchaser, is taken to have incurred by subparagraph (1)(a)(ib) is taken to have been so incurred in the first financial year in relation to which section 35E applies in relation to the project. (3) The vendor must give written notice of the transaction, in the approved form, to each purchaser before the end of the latest of the following days: (a) the 60th day after entering into the transaction; (b) the 60th day after the purchasers give consideration for the entitlement and property; (c) if the project is the North West Shelf project, and the transaction was entered into between 1 July 2012 and 30 June 2013—31 August 2013. Note: Subdivision 388 ‑ B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this subsection.", "Amendment_Count": 6, "First_Amended": "No 224 of 1992", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 224 of 1992 | No 66 of 2000 | No 78 of 2006 | No 18 of 2012 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Amended by No 224 of 1992, item 114, effective s 113–120: 1 July 1991 (s 2(3)) | Amended by No 66 of 2000, Sch 6 item 1 | Sch 6 item 2, effective Sch 6: 22 June 2000 (s 2(1)) | Amended by No 78 of 2006, Sch 1 item 45E | Sch 5 item 13 | Sch 5 item 16 | Sch 5 item 17, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 4 item 13 | Sch 5 item 58Q | Sch 5 item 58R | Sch 6 item 11, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 2 item 5 | Sch 2 item 6 | Sch 7 item 94 | Sch 7 item 96 | Sch 7 item 97 | Sch 7 item 124 | Sch 7 item 126 | Sch 7 item 129 | Sch 7 item 143 | Sch 7 item 166, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 2 item 59 | Sch 2 item 85, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s48"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 48A", "Provision_Key": "s48a", "Heading": "Transfer on or after 1 July 1993 of part of entitlement to assessable receipts", "Text": "Section applies to transfer of part of entitlement to assessable receipts (1) This section applies if, on or after 1 July 1993, a person enters into a transaction that has the effect of transferring part only of the person’s entitlement to derive, after the transfer, assessable receipts in relation to a petroleum project. Definitions (2) In this section: (a) the person is called the vendor ; (b) the person, or each of the persons, to whom the entitlement to derive assessable receipts is transferred is called a purchaser ; (c) the time at which the transaction is entered into is called the transfer time ; (d) the financial year in which the transaction is entered into is called the transfer year ; (e) the part of the vendor’s entitlement to derive assessable receipts that is being transferred, when expressed as a percentage of the whole of the vendor’s entitlement to derive assessable receipts in relation to the project (as determined before the transfer time), is called the transfer percentage . Transfer time may be before vendor’s first year of tax (3) The transfer time may be before the vendor’s first year of tax in relation to the petroleum project. Subsections (5) to (10) have effect for purposes of this Act (4) If this section applies, subsections (5) to (10) have effect for the purposes of this Act (including this section). Purchaser taken to have derived receipts, incurred expenditure etc. (5) The purchaser, or each of the purchasers in proportion to its acquired entitlement to assessable receipts, is taken: (a) to have derived the transfer percentage of any assessable receipts that, if the transfer year had ended immediately before the transfer time, would have been assessable receipts derived by the vendor in relation to the project in the transfer year; and (b) to have incurred the transfer percentage of any deductible expenditure (other than class 2 uplifted exploration expenditure or class 2 GDP factor expenditure), in relation to the project that, if the transfer year had ended immediately before the transfer time, would have been such deductible expenditure incurred by the vendor in relation to the project in the transfer year; and (c) to have incurred, in relation to the project, the transfer percentage of any expenditure that, if the transfer year had ended immediately before the transfer time, would, within the meaning of Schedule 1, have been included in the incurred exploration expenditure amount in relation to the vendor, the project and the transfer year or a previous financial year; and Note: This is expenditure on which class 2 uplifted exploration expenditure and class 2 GDP factor expenditure are based. (ca) if section 35E did not apply immediately before the transfer time—to have incurred starting base expenditure, in relation to the project, of the transfer percentage of the starting base amount in relation to the vendor’s interest; and (d) to have incurred the transfer percentage of any liability of the vendor, and to have paid the transfer percentage of any amounts paid by the vendor, in respect of instalments of tax in relation to the project during the part of the transfer year that occurred before the transfer time. Vendor taken not to have derived receipts, incurred expenditure etc. (6) The vendor is taken not to have derived, incurred or paid, as the case requires, the transfer percentage of the receipts, expenditure, liabilities and amounts to which subsection (5) applies. Time when purchaser taken to have incurred expenditure to which paragraph (5)(c) applies (7) Expenditure that the purchaser, or any of the purchasers, is taken by paragraph (5)(c) to have incurred is taken to have been so incurred at the time when the vendor incurred it, or is taken to have incurred it. Time when purchaser taken to have incurred expenditure to which paragraph (5)(ca) applies (7A) Expenditure that the purchaser, or any of the purchasers, is taken by paragraph (5)(ca) to have incurred is taken to have been so incurred in the first financial year in relation to which section 35E applies in relation to the project. Treatment of property used in relation to the project (8) As regards property used in relation to the project: (a) the vendor is taken not to have derived any assessable property receipts in relation to the transaction because of the transfer of any property held by the vendor that was being used in relation to the project at the transfer time; and (b) the purchaser or purchasers are taken not to have incurred any eligible real expenditure in relation to the transaction because of the transfer of any such property. Application of sections 27, 28 and 29 (9) In any application of section 27, 28 or 29 after the transfer time, the purchaser, or each of the purchasers in proportion to its acquired entitlement to assessable receipts, is taken to have incurred the transfer percentage of any eligible real expenditure incurred by the vendor in relation to the project (including any pre ‑ combination project in relation to the project). Application of section 40 (10) In any application of section 40 after the transfer time, the purchaser, or each of the purchasers in proportion to its acquired entitlement to assessable receipts, is taken to have brought to account as a receipt of a kind referred to in section 24, 25, 27, 28 or 29 in relation to the project (including any pre ‑ combination project in relation to the project) the transfer percentage of any debt so brought to account by the vendor. Transfer notice to be given to purchasers (11) The vendor must give written notice of the transaction, in the approved form, to each purchaser before the end of the latest of the following days: (a) the 60th day after the transfer time; (b) the 60th day after the purchaser gives consideration for the transfer of the part of the entitlement; (c) if the project is the North West Shelf project, and the transaction time occurred between 1 July 2012 and 30 June 2013—31 August 2013. Note: Subdivision 388 ‑ B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this subsection.", "Amendment_Count": 5, "First_Amended": "No 118 of 1993", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 118 of 1993 | No 78 of 2006 | No 18 of 2012 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Inserted by No 118 of 1993, Sch 38 item 131, effective s 125, 132 and 133: 1 July 1991 (s 2(2)) s 126–128 and 130: 24 Dec 1993 (s 2(1)) s 129 and 131: 1 July 1993 (s 2(3)) | Amended by No 78 of 2006, Sch 5 item 14, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 4 item 14 | Sch 4 item 15 | Sch 2 item 42 | Sch 5 item 58R, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 99 | Sch 7 item 100 | Sch 7 item 128 | Sch 7 item 129, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 1 item 26 | Sch 1 item 27 | Sch 2 item 60 | Sch 2 item 61, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s48A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 49", "Provision_Key": "s49", "Heading": "Transfer before 1 July 1984 of partial entitlement to assessable receipts", "Text": "Where, in relation to a petroleum project: (a) a person (in this section referred to as the vendor ) entered into a transaction before 1 July 1984 that had the effect of transferring part only of the entitlement of the person to receive, after the transfer, assessable receipts in relation to the project to another person or persons (which person or each of which persons is in this section referred to as a purchaser ); (b) at or before the time at which the transaction was entered into, the vendor and purchaser or purchasers entered into an agreement in writing in connection with the transaction to the effect that the whole or a part of the exploration expenditure incurred by the vendor in relation to the project before the time of the transfer should be taken to have been incurred by the purchaser or purchasers in accordance with the agreement; and (c) within 30 days after the day on which this Act comes into operation, the purchaser or a purchaser gives a copy of the agreement to the Commissioner; then, for the purposes of this Act (including this section): (d) the whole or the part of the exploration expenditure of the vendor incurred before the transfer shall be taken to have been incurred instead by the purchaser, or by the purchasers in accordance with the agreement; and (e) where any of the exploration expenditure was expenditure in relation to property transferred to the purchaser or purchasers under the transaction referred to in paragraph (a), the vendor shall be taken not to have derived any assessable property receipts in relation to the property by reason of the transfer and the purchaser or purchasers shall be taken not to have incurred any exploration expenditure in relation to the property by reason of the transfer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s49"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 50", "Provision_Key": "s50", "Heading": "Arrangements", "Text": "(1) In this Subdivision, arrangement means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. (2) A reference in this Subdivision to the carrying out of an arrangement by a person shall be read as including a reference to the carrying out of an arrangement by a person together with another person or other persons.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s50"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 51", "Provision_Key": "s51", "Heading": "Tax benefits", "Text": "A reference in this Subdivision to the obtaining by a person of a tax benefit in connection with an arrangement is a reference to: (a) an amount of assessable receipts not being derived by the person in a financial year in relation to a petroleum project where that amount would have been derived, or might reasonably be expected to have been derived, by the person in the financial year in relation to the project if the arrangement had not been entered into or carried out; or (b) an amount of deductible expenditure being incurred by the person in a financial year in relation to a petroleum project where that amount would not have been incurred, or might reasonably be expected not to have been incurred, by the person in the financial year in relation to the project if the arrangement had not been entered into or carried out; and, for the purposes of this Subdivision, the amount of the tax benefit shall be taken to be equal to the amount referred to in paragraph (a) or (b), as the case requires.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s51"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 51A", "Provision_Key": "s51a", "Heading": "The bases for identifying tax benefits", "Text": "(1) This section applies to deciding, under section 51, whether any of the following ( tax effects ) would have occurred, or might reasonably be expected to have occurred, if an arrangement had not been entered into or carried out: (a) an amount of assessable receipts being derived by the person in relation to a petroleum project; (b) an amount of deductible expenditure not being incurred by the person in relation to a petroleum project. (2) A decision that a tax effect would have occurred if the arrangement had not been entered into or carried out must be based on a postulate that comprises only the events or circumstances that actually happened or existed (other than those that form part of the arrangement). (3) A decision that a tax effect might reasonably be expected to have occurred if the arrangement had not been entered into or carried out must be based on a postulate that is a reasonable alternative to entering into or carrying out the arrangement. (4) In determining for the purposes of subsection (3) whether a postulate is such a reasonable alternative: (a) have particular regard to: (i) the substance of the arrangement; and (ii) any result or consequence for the person that is or would be achieved by the arrangement (other than a result in relation to the operation of this Act); but (b) disregard any result in relation to the operation of this Act that would be achieved by the postulate for any person (whether or not a party to the arrangement).", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective Sch 2 and Sch 3 (items 8–10): 1 Oct 2024 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s51A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 52", "Provision_Key": "s52", "Heading": "Arrangements to which this Subdivision applies", "Text": "Arrangement for purpose of obtaining a tax benefit (1) This Subdivision applies to an arrangement if it would be concluded (having regard to the matters in subsection (2)) that the person, or one of the persons, who entered into or carried out the arrangement or any part of the arrangement did so for the sole or dominant purpose of: (a) enabling a person (an eligible person ) to obtain a tax benefit or tax benefits in connection with the arrangement; or (b) enabling the eligible person and another person or other persons each to obtain a tax benefit or tax benefits in connection with the arrangement; whether or not that person who entered into or carried out the arrangement or any part of the arrangement is the eligible person or is the other person or one of the other persons. Have regard to certain matters (2) For the purposes of subsection (1), have regard to the following matters: (a) the manner in which the arrangement was entered into or carried out; (b) the form and substance of the arrangement; (c) the time at which the arrangement was entered into and the length of the period during which the arrangement was carried out; (d) the result in relation to the operation of this Act that, but for this Subdivision, would be achieved by the arrangement; (e) any change in the financial position of the eligible person that has resulted, will result, or may reasonably be expected to result, from the arrangement; (f) any change in the financial position of any person who has, or has had, any connection (whether of a business, family or other nature) with the eligible person, being a change that has resulted, will result or may reasonably be expected to result, from the arrangement; (g) any other consequence for the eligible person, or for any person referred to in paragraph (f), of the arrangement having been entered into or carried out; (h) the nature of any connection (whether of a business, family, or other nature) between the eligible person and any person referred to in paragraph (f). Tax benefit (3) Despite subsection (1), this Subdivision applies to the arrangement only if the eligible person has obtained, or would but for section 53 obtain, a tax benefit in connection with the arrangement.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Repealed and substituted by No 67 of 2024, Sch 1 item 2 | Sch 2 item 1, effective Sch 2 and Sch 3 (items 8–10): 1 Oct 2024 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s52"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 53", "Provision_Key": "s53", "Heading": "Cancellation of tax benefits etc.", "Text": "(1) Where this Subdivision applies to an arrangement in connection with which a tax benefit has been obtained, or would but for this section be obtained, the Commissioner may: (a) in the case of a tax benefit that is referable to an amount of assessable receipts not being derived by the person in a financial year in relation to a petroleum project—determine that the whole or a part of the amount shall be assessable receipts derived by the person in the financial year in relation to the project; (b) in the case of a tax benefit that is referable to an amount of deductible expenditure being incurred by the person in a financial year in relation to a petroleum project—determine that the whole or a part of the amount shall not be deductible expenditure incurred by the person in the financial year in relation to the project; and (c) in any case—determine that appropriate adjustments (if any) be made to the assessable receipts derived, or deductible expenditure incurred, by: (i) the person in respect of the project in relation to any other financial year or in respect of any other project in relation to any financial year; or (ii) any other person in respect of the project or any other project in relation to any financial year; and any such determination has effect accordingly. (2) Where, at any time, a person considers that the Commissioner should make a determination under paragraph (1)(c) in relation to the person in relation to a petroleum project or projects in relation to a financial year or financial years, the person may post to or lodge with the Commissioner a request in writing for the making by the Commissioner of a determination under that paragraph. (3) The Commissioner shall consider the request and serve on the person a written notice of the Commissioner’s decision on the request. (4) If the person is dissatisfied with the Commissioner’s decision on the request, the person may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 216 of 1991 | No 67 of 2024", "History_Notes": "Amended by No 216 of 1991, Sch 4 item 119 | Sch 4 item 1953, effective s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1)) | Amended by No 67 of 2024, Sch 2 item 52 | Sch 2 item 2, effective Sch 2 and Sch 3 (items 8–10): 1 Oct 2024 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s53"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 55", "Provision_Key": "s55", "Heading": "Operation of Subdivision", "Text": "Nothing in the provisions of this Act other than this Subdivision or in the International Tax Agreements Act 1953 shall be taken to limit the operation of this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 22 of 1995", "Last_Amended": "No 22 of 1995", "Amending_Acts": "No 22 of 1995", "History_Notes": "Amended by No 22 of 1995, item 35, effective 29 Mar 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s55"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 56", "Provision_Key": "s56", "Heading": "Arm’s length transaction", "Text": "In this Subdivision, arm’s length transaction means a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s56"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 57", "Provision_Key": "s57", "Heading": "Non ‑ arm’s length receipts", "Text": "(1) Where: (a) under a transaction, a person has derived receipts of a kind referred to in section 23 in relation to a petroleum project; (b) the Commissioner, having regard to any connection between the parties to the transaction or to any other relevant circumstances, is satisfied that the transaction is not an arm’s length transaction; (c) the amount of the receipts is less than the amount (in this subsection referred to as the increased receipts ) that could reasonably have been expected to have been the amount of those receipts if the transaction had been an arm’s length transaction; and (d) the Commissioner determines that this subsection should apply in relation to the person in relation to the transaction; then, for the purposes of the application of this Act in relation to the person in relation to the transaction, the amount of the receipts derived by the person shall be taken to be equal to the increased receipts. (2) Where: (a) under a transaction, a person has not derived receipts of a kind referred to in section 23 in relation to a petroleum project; (b) the Commissioner, having regard to any connection between the parties to the transaction or to any other relevant circumstances, is satisfied that the transaction is not an arm’s length transaction; (c) it could reasonably have been expected that if the transaction had been an arm’s length transaction the person would have derived an amount (in this subsection referred to as the notional receipts ) of receipts of such a kind in relation to the petroleum project; and (d) the Commissioner determines that this subsection should apply in relation to the person in relation to the transaction; then, for the purposes of the application of this Act in relation to the person in relation to the transaction, the person shall be taken to have derived under the transaction receipts of the kind referred to in paragraph (c) in relation to the project of an amount equal to the notional receipts. (3) This section does not apply to receipts determined under paragraph 24(1)(d).", "Amendment_Count": 3, "First_Amended": "No 169 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 169 of 2001 | No 18 of 2012 | No 88 of 2013", "History_Notes": "Amended by No 169 of 2001, Sch 1 item 7, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1)) | Amended by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 101, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s57"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58", "Provision_Key": "s58", "Heading": "Non ‑ arm’s length expenditure", "Text": "Where: (a) under a transaction, a person has incurred eligible real expenditure in relation to a petroleum project; (b) the Commissioner, having regard to any connection between the parties to the transaction or to any other relevant circumstances is satisfied that the transaction was not an arm’s length transaction; (c) the amount of the expenditure referred to in paragraph (a) was more than the amount (in this section referred to as the reduced expenditure ) that could reasonably have been expected to have been the amount of that expenditure if the transaction were an arm’s length transaction; and (d) the Commissioner determines that this section should apply in relation to the person in relation to the transaction; then, for the purposes of the application of this Act in relation to the person in relation to the transaction, the amount of the expenditure referred to in paragraph (a) shall be taken to be equal to the reduced expenditure.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58A", "Provision_Key": "s58a", "Heading": "Objects of this Division", "Text": "The objects of this Division are: (a) to allow a person whose accounts are kept solely or predominantly in a particular foreign currency (the functional currency ) to calculate: (i) the person’s taxable profits; and (ii) certain other amounts; by reference to the functional currency; and (b) to allow companies that: (i) are in a designated company group; and (ii) whose accounts are kept solely or predominantly in a particular foreign currency (the functional currency ); to calculate: (iii) their taxable profits; and (iv) certain other amounts; by reference to the functional currency.", "Amendment_Count": 1, "First_Amended": "No 47 of 2009", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2009", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58B", "Provision_Key": "s58b", "Heading": "Person may elect to be bound by the functional currency rules", "Text": "(1) A person may elect to be bound by the functional currency rules for the purposes of this Act, with effect from the start of: (a) if the election was made by the person within 30 days after the day on which the Tax Laws Amendment (2009 Measures No. 3) Act 2009 received the Royal Assent—the financial year beginning on 1 July 2009; or (aa) if the election was made by the person within 30 days after the commencement of Schedule 1 to the Petroleum Resource Rent Tax Assessment Amendment Act 2012 —1 July 2012; or (b) in any other case—the financial year following the one in which the person made the election. (2) An election under subsection (1) must be in writing. (3) An election under subsection (1) continues in effect until a withdrawal of the election takes effect (see section 58L). Designated company group—deemed election etc. (4) If: (a) a person has made an election under subsection (1); and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) the election is in effect for a financial year; and (d) when the election took effect, the person was the head company of a designated company group; and (e) immediately before the end of the financial year, the person is the head company of a designated company group (the current designated company group ); then: (f) each other company that was in the current designated company group immediately before the end of the financial year is taken to have made an election under subsection (1); and (g) an election covered by paragraph (f): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (5) If: (a) a person has made an election under subsection (1); and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) the election is in effect for a financial year; and (d) during the financial year, the person ceased to be the head company of the designated company group; and (e) immediately before the end of the financial year, another company is the head company of the designated company group; then: (f) the company covered by paragraph (e) is taken to have made an election under subsection (1); and (g) an election covered by paragraph (f): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the company that was in effect for the financial year; and (h) each other company that was in the designated company group immediately before the end of the financial year is taken to have made an election under subsection (1); and (i) an election covered by paragraph (h): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (6) If: (a) immediately before the end of a financial year, a person is the head company of a designated company group; and (b) the person is not taken, under subsection (5), to have made an election under subsection (1) that is in effect for the financial year; and (c) the person has not made an election under subsection (1) that: (i) is in effect for the financial year; and (ii) under subsection (4), results in each other company that was in the designated company group immediately before the end of the financial year being taken to have made an election under subsection (1); and (d) a company that was in the designated company group immediately before the end of the financial year has made an election under subsection (1); and (e) the election covered by paragraph (d) is in effect for the financial year; the company covered by paragraph (d) is taken to have withdrawn the election covered by paragraph (d) with effect from the start of the financial year.", "Amendment_Count": 3, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 18 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 47 of 2009, Sch 3 item 10 | Sch 3 item 58C | Sch 3 item 58D | Sch 3 item 58E | Sch 3 item 58F | Sch 3 item 58G | Sch 3 item 58H | Sch 3 item 58J | Sch 3 item 58K | Sch 3 item 58L | Sch 3 item 58M, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 18 of 2012, Sch 3 item 19, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 111 | Sch 7 item 116, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58C", "Provision_Key": "s58c", "Heading": "Applicable foreign currency", "Text": "(1) For the purposes of this Act, if: (a) a person has made an election under section 58B (other than an election taken to have been made as a result of the application of subsection 58B(4) or paragraph 58B(5)(h) to a designated company group); and (b) the election is in effect for a financial year; the person’s applicable functional currency for the financial year is the sole or predominant foreign currency in which: (c) if the person is the head company of a designated company group—the person kept the person’s accounts immediately before the end of the financial year; or (d) otherwise—the person kept the person’s accounts at the time when the person made the election. Designated company group (2) For the purposes of this Act, if: (a) a person is taken to have made an election under section 58B as a result of the application of subsection 58B(4) or paragraph 58B(5)(h) to a designated company group; and (b) the election is in effect for a financial year; the person’s applicable functional currency for the financial year is the sole or predominant currency in which the head company of the designated company group kept its accounts immediately before the end of the financial year.", "Amendment_Count": 2, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 47 of 2009, Sch 3 item 2, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58D", "Provision_Key": "s58d", "Heading": "Basic translation rules", "Text": "(1) If: (a) a person has made an election under section 58B; and (b) that election is in effect for a financial year; the following rules apply: (c) first, for the purpose of working out the taxable profit of the person of the financial year in relation to a petroleum project: (i) an amount that is not in the applicable functional currency is to be translated into the applicable functional currency; and (ii) the definition of foreign currency in section 2 does not apply; and (iii) the applicable functional currency is taken not to be a foreign currency; and (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; (d) second, the taxable profit of the person of the financial year in relation to the petroleum project is to be translated into Australian currency; (e) third, for the purpose of working out a credit to which the person is entitled under section 46 in relation to the financial year, an amount of excess closing ‑ down expenditure is to be translated into Australian currency. Examples of an amount (2) The following are examples of an amount: (a) an amount of an expense; (b) an amount of an obligation; (c) an amount of a liability; (d) an amount of a receipt; (e) an amount of a payment; (f) an amount of consideration; (g) a value.", "Amendment_Count": 2, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 47 of 2009, Sch 3 item 58J | Sch 3 item 58K, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58D"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58E", "Provision_Key": "s58e", "Heading": "Translation rule—assessable receipt", "Text": "If: (a) a person derives an assessable receipt in relation to a petroleum project; and (b) the receipt is not in the applicable functional currency; and (c) the receipt was derived when an election made by the person under section 58B was in effect; the receipt is to be translated into the applicable functional currency at the exchange rate applicable at the time when the receipt was derived.", "Amendment_Count": 1, "First_Amended": "No 47 of 2009", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2009", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58E"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58F", "Provision_Key": "s58f", "Heading": "Translation rule—eligible real expenditure", "Text": "If: (a) a person incurs eligible real expenditure in relation to a petroleum project; and (b) the expenditure is not in the applicable functional currency; and (c) the expenditure was incurred when an election made by the person under section 58B was in effect; the expenditure is to be translated into the applicable functional currency at the exchange rate applicable at the time the expenditure was incurred.", "Amendment_Count": 2, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, Sch 7 item 103 | Sch 7 item 104, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58F"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58G", "Provision_Key": "s58g", "Heading": "Translation rule—transfer of entire entitlement to assessable receipts", "Text": "If: (a) section 48 applies in relation to a transaction; and (b) a person is a purchaser (within the meaning of section 48) in relation to the transaction; and (c) the person is taken, under section 48, to have derived or incurred an amount; and (d) the transfer time (within the meaning of section 48) occurred when an election made by the person under section 58B was in effect; and (e) the amount is not in the applicable functional currency; the amount is to be translated into the applicable functional currency at the exchange rate applicable at the transfer time (within the meaning of section 48).", "Amendment_Count": 1, "First_Amended": "No 47 of 2009", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2009", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58G"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58H", "Provision_Key": "s58h", "Heading": "Translation rule—transfer of part of entitlement to assessable receipts", "Text": "If: (a) section 48A applies in relation to a transaction; and (b) a person is a purchaser (within the meaning of section 48A) in relation to the transaction; and (c) the person is taken, under section 48A, to have derived or incurred an amount; and (d) the transfer time (within the meaning of section 48A) occurred when an election made by the person under section 58B was in effect; and (e) the amount is not in the applicable functional currency; the amount is to be translated into the applicable functional currency at the exchange rate applicable at the transfer time (within the meaning of section 48A).", "Amendment_Count": 1, "First_Amended": "No 47 of 2009", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 47 of 2009", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58H"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58J", "Provision_Key": "s58j", "Heading": "Translation of taxable profit, or excess closing ‑ down expenditure, into Australian currency", "Text": "(1) If: (a) paragraph 58D(1)(d) requires the translation of the taxable profit of a person of a financial year in relation to a petroleum project; or (b) paragraph 58D(1)(e) requires the translation of an amount of excess closing ‑ down expenditure for the purpose of working out a credit to which a person is entitled under section 46 in relation to a financial year; that taxable profit or excess closing ‑ down expenditure, as the case may be, is to be translated using: (c) if the person elects to use an exchange rate that is an average of all the exchange rates during the financial year—that exchange rate; or (d) if the person elects to use the exchange rate applicable on the last day of the financial year—that exchange rate. (2) An election under paragraph (1)(c) or (d): (a) must be in writing; and (b) is irrevocable. Default election (3) If: (a) either: (i) paragraph 58D(1)(d) requires the translation of the taxable profit of a person of a financial year in relation to a petroleum project; or (ii) paragraph 58D(1)(e) requires the translation of an amount of excess closing ‑ down expenditure for the purpose of working out a credit to which a person is entitled under section 46 in relation to a financial year; and (b) the person does not make an election under paragraph (1)(c) or (d) of this section in relation to the financial year; the person is taken to have made an election under paragraph (1)(c) of this section in relation to the financial year. Continuity of election (4) If: (a) a person has made an election under section 58B; and (b) that election is in effect for 2 or more consecutive financial years; and (c) the person made an election under paragraph (1)(c) of this section in relation to the first of those financial years; the person is taken to have made an election under paragraph (1)(c) of this section in relation to each remaining financial year. (5) If: (a) a person has made an election under section 58B; and (b) that election is in effect for 2 or more consecutive financial years; and (c) the person made an election under paragraph (1)(d) of this section in relation to the first of those financial years; the person is taken to have made an election under paragraph (1)(d) of this section in relation to each remaining financial year. Designated company group—deemed election under paragraph (1)(c) etc. (6) If: (a) a person has made an election under paragraph (1)(c) in relation to a financial year; and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) immediately before the end of the financial year, the person is the head company of a designated company group (the current designated company group ); then: (d) each other company that was in the current designated company group immediately before the end of the financial year is taken to have made an election under paragraph (1)(c) in relation to the financial year; and (e) an election covered by paragraph (d): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (7) If: (a) a person has made an election under paragraph (1)(c); and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) the election is in effect for a financial year; and (d) during the financial year, the person ceased to be the head company of the designated company group; and (e) immediately before the end of the financial year, another company is the head company of the designated company group; then: (f) the company covered by paragraph (e) of this subsection is taken to have made an election under paragraph (1)(c); and (g) an election covered by paragraph (f) of this subsection: (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the company that was in effect for the financial year; and (h) each other company that was in the designated company group immediately before the end of the financial year is taken to have made an election under paragraph (1)(c); and (i) an election covered by paragraph (h) of this subsection: (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (8) If: (a) immediately before the end of a financial year, a person is the head company of a designated company group; and (b) the person is not taken, under subsection (7), to have made an election under paragraph (1)(c) that is in effect for the financial year; and (c) the person has not made an election under paragraph (1)(c) that: (i) relates to the financial year; and (ii) under subsection (6), results in each other company that was in the designated company group immediately before the end of the financial year being taken to have made an election under paragraph (1)(c); and (d) a company that was in the designated company group immediately before the end of the financial year has made an election under paragraph (1)(c) in relation to the financial year; the election covered by paragraph (c) of this subsection is taken not to have been in effect for the financial year. Designated company group—deemed election under paragraph (1)(d) etc. (9) If: (a) a person has made an election under paragraph (1)(d) in relation to a financial year; and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) immediately before the end of the financial year, the person is the head company of a designated company group (the current designated company group ); then: (d) each other company that was in the current designated company group immediately before the end of the financial year is taken to have made an election under paragraph (1)(d) in relation to the financial year; and (e) an election covered by paragraph (d): (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (10) If: (a) a person has made an election under paragraph (1)(d); and (b) at the time when the person made the election, the person was the head company of a designated company group; and (c) the election is in effect for a financial year; and (d) during the financial year, the person ceased to be the head company of the designated company group; and (e) immediately before the end of the financial year, another company is the head company of the designated company group; then: (f) the company covered by paragraph (e) of this subsection is taken to have made an election under paragraph (1)(d); and (g) an election covered by paragraph (f) of this subsection: (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the company that was in effect for the financial year; and (h) each other company that was in the designated company group immediately before the end of the financial year is taken to have made an election under paragraph (1)(d); and (i) an election covered by paragraph (h) of this subsection: (i) is taken to have been in effect for the financial year; and (ii) supersedes any previous election made by the other company that was in effect for the financial year. (11) If: (a) immediately before the end of a financial year, a person is the head company of a designated company group; and (b) the person is not taken, under subsection (10), to have made an election under paragraph (1)(d) that is in effect for the financial year; and (c) the person has not made an election under paragraph (1)(d) that: (i) relates to the financial year; and (ii) under subsection (9), results in each other company that was in the designated company group immediately before the end of the financial year being taken to have made an election under paragraph (1)(d); and (d) a company that was in the designated company group immediately before the end of the financial year has made an election under paragraph (1)(d) in relation to the financial year; the election covered by paragraph (c) of this subsection is taken not to have been in effect for the financial year.", "Amendment_Count": 2, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, Sch 7 item 107 | Sch 7 item 109, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58J"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58K", "Provision_Key": "s58k", "Heading": "Special translation rules—events that happened before the current election took effect", "Text": "Certain expenditure incurred on the day when section 58B election takes effect (1) If: (a) a person has made an election under section 58B (the current election ) with effect from the start of a particular financial year; and (b) any of the following subparagraphs applies: (i) under subsection 33(3), an amount is taken to be class 1 augmented bond rate general expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (ii) under subsection 34(3), an amount is taken to be class 1 augmented bond rate exploration expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (iii) under subsection 34A(4), an amount is taken to be class 2 uplifted general expenditure incurred by the person on the first day of the financial year; (iv) under subsection 35C(5), an amount is taken to be resource tax expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (vi) under subsections 35E(1) and (1B), or under subsection 35E(3), an amount is taken to be starting base expenditure incurred by the person in relation to a petroleum project on the first day of the financial year; (vii) the person has a starting base amount in relation to an interest in a petroleum project; and (c) as a result of the current election, section 58D requires that the amount be translated into the applicable functional currency; the amount is to be translated into the applicable functional currency at the exchange rate applicable when the current election took effect. Class 2 uplifted exploration expenditure, class 2 GDP factor expenditure and transferable exploration expenditure (2) For the purpose of working out: (a) the class 2 uplifted exploration expenditure; or (b) the class 2 GDP factor expenditure; or (c) the transferable exploration expenditure; that a person is taken to have incurred in a financial year in relation to a petroleum project, if: (d) the person has made an election (the current election ) under section 58B; and (e) the current election is in effect for the financial year; and (f) section 58D requires that an amount of expenditure be translated into the applicable functional currency; and (g) the expenditure was actually incurred before the current election took effect; the expenditure is to be translated into the applicable functional currency at the exchange rate applicable when the current election took effect.", "Amendment_Count": 3, "First_Amended": "No 47 of 2009", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 47 of 2009 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, Sch 7 item 111 | Sch 7 item 113, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 1 item 29 | Sch 1 item 30, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58K"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58L", "Provision_Key": "s58l", "Heading": "Withdrawal of election", "Text": "(1) If: (a) a person has made an election under section 58B (other than an election taken to have been made as a result of the application of subsection 58B(4) or paragraph 58B(5)(h) to a designated company group); and (b) the person’s applicable functional currency has ceased to be the sole or predominant currency in which the person keeps the person’s accounts; the person may withdraw the election with effect from immediately after the end of the financial year in which the person withdraws the election. (2) A withdrawal must be in writing. (3) Withdrawing an election does not prevent the person from making a fresh election under section 58B. Designated company groups—deemed withdrawal of election etc (4) If: (a) a person withdraws an election under section 58B with effect from immediately after the end of the financial year in which the person withdraws the election; and (b) at the time when the withdrawal is made, the person is the head company of a designated company group; each other company in the designated company group is taken to have withdrawn the other company’s section 58B election with effect from immediately after the end of the financial year.", "Amendment_Count": 2, "First_Amended": "No 47 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 47 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 47 of 2009, Sch 3 item 58B, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58L"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 58M", "Provision_Key": "s58m", "Heading": "Special translation rules—events that happened before the withdrawal of an election took effect", "Text": "Certain expenditure incurred on the day when section 58B election takes effect (1) If: (a) a person withdraws an election under section 58B with effect from immediately after the end of a financial year; and (b) the person does not make a fresh election under section 58B with effect from the start of the next financial year; and (c) any of the following subparagraphs applies: (i) under subsection 33(3), an amount is taken to be class 1 augmented bond rate general expenditure incurred by the person in relation to a petroleum project on the first day of the next financial year; (ii) under subsection 34(3), an amount is taken to be class 1 augmented bond rate exploration expenditure incurred by the person in relation to a petroleum project on the first day of the next financial year; (iii) under subsection 34A(4), an amount is taken to be class 2 uplifted general expenditure incurred by the person on the first day of the next financial year; (iv) under subsection 35C(5), an amount is taken to be resource tax expenditure incurred by the person in relation to a petroleum project on the first day of the next financial year; (vi) under subsections 35E(1) and (1B), or under subsection 35E(3), an amount is taken to be starting base expenditure incurred by the person in relation to a petroleum project on the first day of the next financial year; (vii) the person has a starting base amount in relation to an interest in a petroleum project; and (d) section 10 requires that the amount be translated into Australian currency; the amount is to be translated into Australian currency at the exchange rate applicable at the start of the next financial year. Class 2 uplifted exploration expenditure, class 2 GDP factor expenditure and transferable exploration expenditure (2) For the purpose of working out: (a) the class 2 uplifted exploration expenditure; or (b) the class 2 GDP factor expenditure; or (c) the transferable exploration expenditure; that a person is taken to have incurred in a financial year in relation to a petroleum project, if: (d) a person withdraws an election under section 58B with effect from immediately after the end of an earlier financial year; and (e) the person has not made an election under section 58B with effect from the start of an intervening financial year; and (f) section 10 requires that an amount of expenditure be translated into Australian currency; and (g) the expenditure was actually incurred before the withdrawal of the election took effect; the expenditure is to be translated into Australian currency at the exchange rate applicable at the start of the next financial year after that earlier financial year.", "Amendment_Count": 3, "First_Amended": "No 47 of 2009", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 47 of 2009 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Inserted by No 47 of 2009, effective Sch 3 (items 1–20): 1 July 2009 Sch 3 (items 21–36): 1 July 2008 Sch 3 (item 37): 12 May 2009 | Amended by No 88 of 2013, Sch 7 item 116 | Sch 7 item 118 | Sch 7 item 120 | Sch 7 item 121, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 1 item 32 | Sch 1 item 33, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s58M"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 59", "Provision_Key": "s59", "Heading": "Annual returns", "Text": "(1) Where a person derives assessable receipts in a year of tax in relation to a petroleum project, the person shall, unless the person has furnished a return or returns under section 60 in relation to the project in relation to the year of tax, furnish to the Commissioner a return in relation to the project in relation to the year of tax not later than 60 days after the end of the year of tax or such later date as the Commissioner allows. (2) A return under subsection (1) shall: (a) be in the approved form; (b) be furnished in accordance with the regulations; (c) be signed by or on behalf of the person furnishing the return; (d) specify, in relation to the petroleum project and the year of tax concerned, the assessable receipts and deductible expenditure of the person; and (e) contain such other information as is required for the due completion of the form of return. (3) A return under this section in relation to a petroleum project must be accompanied by a copy of any notice given to the person under subsection 48(3) or 48A(11) in relation to the project: (a) since the person last gave the Commissioner a return under this section or section 60 in relation to the project; or (b) if the person has not previously given a return to the Commissioner under this section or section 60 in relation to the project—since the person acquired an entitlement to derive assessable receipts in relation to the project. Note 1: Subdivision 388 ‑ B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this section. Note 2: Under Divisions 357 to 360 in Schedule 1 to the Taxation Administration Act 1953 , the Commissioner may make a ruling about the application of this Act as it affects a person’s tax liability.", "Amendment_Count": 3, "First_Amended": "No 118 of 1993", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 118 of 1993 | No 41 of 2005 | No 78 of 2006", "History_Notes": "Amended by No 118 of 1993, Sch 38 item 130, effective s 125, 132 and 133: 1 July 1991 (s 2(2)) s 126–128 and 130: 24 Dec 1993 (s 2(1)) s 129 and 131: 1 July 1993 (s 2(3)) | Amended by No 41 of 2005, Sch 10 item 228, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005 | Amended by No 78 of 2006, Sch 4 item 5 | Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s59"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 60", "Provision_Key": "s60", "Heading": "Other returns", "Text": "(1) Where the Commissioner, by notice in writing served on a person, requires the person to furnish to the Commissioner a return in relation to a petroleum project in relation to a year of tax, the person shall furnish the return to the Commissioner, whether or not the person has furnished, or was required to furnish, a return under section 59 or this section in relation to the project in relation to the year of tax. (2) A return under subsection (1) shall: (aa) be in the approved form; and (a) be furnished in the manner and within the time required by the Commissioner in the notice; and (b) specify, in relation to the petroleum project and the year of tax concerned, the assessable receipts and deductible expenditure of the person; and (c) contain such other information as is required in the notice. (3) A return under this section in relation to a petroleum project must be accompanied by a copy of any notice given to the person under subsection 48(3) or 48A(11) in relation to the project: (a) since the person last gave the Commissioner a return under this section or section 59 in relation to the project; or (b) if the person has not previously given a return to the Commissioner under this section or section 59 in relation to the project—since the person acquired an entitlement to derive assessable receipts in relation to the project. Note: Subdivision 388 ‑ B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this section.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Amended by No 78 of 2006, Sch 4 item 6 | Sch 4 item 7 | Sch 4 item 8 | Sch 5 item 16 | Sch 5 item 17, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s60"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 61", "Provision_Key": "s61", "Heading": "Making assessments", "Text": "The Commissioner must, from returns and any other information in the Commissioner’s possession, make an assessment of the amount of a person’s taxable profit (or that a person has no taxable profit) in relation to a year of tax and a petroleum project, and of the tax payable on that amount (or that no tax is payable).", "Amendment_Count": 4, "First_Amended": "No 146 of 2001", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 146 of 2001 | No 78 of 2006 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Amended by No 146 of 2001, Sch 4 item 112, effective s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1)) | Repealed and substituted by No 78 of 2006, Sch 4 item 9, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 2 item 43, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 2 item 67, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s61"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 62", "Provision_Key": "s62", "Heading": "Self ‑ assessment", "Text": "(1) This section applies if: (a) at a particular time, a person gives a return to the Commissioner in relation to a year of tax and a petroleum project; and (b) before that time, no return has been given, and no assessment has been made, in relation to the person, the year of tax and the project. (2) The Commissioner is taken to have made an assessment of the amount of the person’s taxable profit (or that the person has no taxable profit) in relation to the year of tax and the project, and of the tax payable on that amount (or that no tax is payable), in accordance with what the person specified in the return. (3) The assessment is taken to have been made on the day the return is given to the Commissioner. (4) On and after the day the Commissioner is taken to have made the assessment, the return is taken to be a notice of the assessment: (a) under the hand of the Commissioner; and (b) given to the person on the day the Commissioner is taken to have made the assessment.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Repealed and substituted by No 78 of 2006, Sch 4 item 67, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s62"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 63", "Provision_Key": "s63", "Heading": "Default assessments", "Text": "(1) The Commissioner may make an assessment of the amount of a person’s taxable profit (or that a person has no taxable profit) upon which, in the opinion of the Commissioner, tax is payable by the person, and of the amount of that tax (or that no tax is payable), if: (a) the person makes default in giving a return to the Commissioner; or (b) the Commissioner is not satisfied with the person’s return; or (c) the person has not given a return to the Commissioner, and the Commissioner has reason to believe that the person is liable to pay tax. (2) As soon as practicable after an assessment under subsection (1) is made, the Commissioner must give notice in writing of the assessment to the person.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Repealed and substituted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s63"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 64", "Provision_Key": "s64", "Heading": "Reliance on information in returns and statements", "Text": "(1) The Commissioner may accept (in whole or in part) the following for the purposes of making an assessment in relation to a person, a year of tax and a petroleum project: (a) a statement in a return of the assessable receipts, deductible expenditure or transferable exploration expenditure in relation to the project; (b) any other statement in the return, or otherwise, made by or on behalf of the person. (2) In determining whether an assessment is correct, any determination, opinion or judgment of the Commissioner made, held or formed in connection with the consideration of an objection against the assessment is taken to have been made, held or formed when the assessment was made.", "Amendment_Count": 2, "First_Amended": "No 80 of 1991", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 80 of 1991 | No 78 of 2006", "History_Notes": "Amended by No 80 of 1991, item 20, effective 1 July 1991 | Repealed and substituted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s64"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 65", "Provision_Key": "s65", "Heading": "Validity of assessments", "Text": "The validity of an assessment is not affected by a failure to comply with this Act.", "Amendment_Count": 5, "First_Amended": "No 216 of 1991", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 216 of 1991 | No 181 of 1994 | No 11 of 1999 | No 44 of 2000 | No 78 of 2006", "History_Notes": "Amended by No 216 of 1991, Sch 4 item 1953, effective s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1)) | Amended by No 181 of 1994, Sch 3 item 124 | Sch 5 item 1986 | Sch 5 item 42 | Sch 5 item 43, effective Sch 1 (items 22–85): 13 Oct 1994 Remainder: 19 Dec 1992 | Amended by No 11 of 1999, item 282 | item 283 | item 284 | item 285 | item 286 | item 287 | item 288 | item 289 | item 291 | item 292 | item 295, effective Sch 1 (items 281–296): 1 July 1999 (s 2(3)) | Amended by No 44 of 2000, Sch 3 item 39 | Sch 3 item 40 | Sch 3 item 41 | Sch 3 item 42, effective Sch 3 (items 39, 40): 1 July 2000 (s 2(9)) Sch 3 (items 41–45): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s65"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 66", "Provision_Key": "s66", "Heading": "Objections to assessments", "Text": "(1) A person who is dissatisfied with an assessment made in relation to the person may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 . (2) A person cannot object against an assessment ascertaining that no tax is payable by the person in relation to a year of tax and a petroleum project, unless the person is seeking an increase in the person’s tax liability.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Repealed and substituted by No 78 of 2006, Sch 4 item 25, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s66"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 67", "Provision_Key": "s67", "Heading": "Amendment of assessments", "Text": "(1) The Commissioner may amend an assessment in relation to a person within 4 years after the day on which notice of the assessment was given to the person. Note 1: If a person’s return is taken to be an assessment under section 62, the Commissioner is taken to have given a notice of assessment to the person on the day the person gave the return to the Commissioner: see subsection 62(4). Note 2: The amendment period may be extended: see sections 69, 70 and 71. (2) In addition, the Commissioner may amend an assessment at any time: (a) if he or she is of the opinion there has been fraud or evasion; or (b) to give effect to a decision on a review or appeal; or (c) as a result of an objection, or pending a review or appeal; or (d) to give effect to a determination under paragraph 53(1)(c); or (e) to take account of the operation of subsection 5(4), 20(8), 45A(3), 45B(3) or 45C(6). (3) As soon as practicable after the Commissioner amends an assessment in relation to a person, the Commissioner must give notice in writing of the amended assessment to the person. Note: This section applies to assessments even if no tax is payable: see the definition of assessment in section 2.", "Amendment_Count": 3, "First_Amended": "No 78 of 2006", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 78 of 2006 | No 18 of 2012 | No 43 of 2019", "History_Notes": "Repealed and substituted by No 78 of 2006, Sch 4 item 69 | Sch 4 item 70 | Sch 4 item 71, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 2 item 23 | Sch 2 item 44, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 43 of 2019, Sch 2 item 68, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s67"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 68", "Provision_Key": "s68", "Heading": "Amended assessments taken to be assessments", "Text": "An amended assessment is taken to be an assessment for the purposes of this Act, except as otherwise provided.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Repealed and substituted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s68"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 69", "Provision_Key": "s69", "Heading": "Amending amended assessments", "Text": "Limit on amending amended assessments under subsection 67(1) (1) The Commissioner cannot amend an amended assessment under subsection 67(1) if the period mentioned in that subsection in relation to the original assessment concerned has ended. Note: The Commissioner may amend amended assessments at any time if subsection 67(2) applies. Refreshed amendment period for amending amended assessments (2) The Commissioner may amend an amended assessment (the earlier amended assessment ), to increase a person’s liability in relation to a particular, within 4 years after the day the Commissioner gave the person notice of the earlier amended assessment, if: (a) the earlier amended assessment reduced the person’s liability in relation to the particular; and (b) the Commissioner accepted a statement made by the person in making the earlier amended assessment. (3) The Commissioner may also amend an amended assessment (the earlier amended assessment ), to reduce a person’s liability in relation to a particular, within 4 years after the day the Commissioner gave the person notice of the earlier amended assessment, if: (a) the earlier amended assessment increased the person’s liability in relation to the particular; or (b) the earlier amended assessment reduced the person’s liability in relation to the particular, but paragraph (2)(b) does not apply. (4) The Commissioner cannot amend an assessment under subsection (3) in relation to a particular if the Commissioner has previously amended an assessment under subsection (2) in relation to that particular. Note 1: The earlier amended assessment may be an amendment of the original assessment or of a previous amendment of the original assessment. Note 2: The Commissioner may amend the earlier amended assessment at any time if subsection 67(2) applies. Note 3: The amendment period mentioned in this section may be extended under section 70.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Repealed and substituted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s69"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 70", "Provision_Key": "s70", "Heading": "Extended periods for amendment—taxpayer applications and private rulings", "Text": "Taxpayer applications (1) The Commissioner may amend an assessment in relation to a person after the end of the limited amendment period if the person applied for the amendment in the approved form before the end of the period. Private rulings (2) The Commissioner may amend an assessment in relation to a person after the end of the limited amendment period if: (a) the person applied for a private ruling under Division 359 in Schedule 1 to the Taxation Administration Act 1953 before the end of the period; and (b) the Commissioner made a private ruling under that Division; and (c) the amendment gives effect to the ruling. (3) In this section: limited amendment period , for the amendment of an assessment, means the period mentioned in subsection 67(1) or 69(2) or (3) for the amendment of the assessment.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 216 of 1991 | No 78 of 2006", "History_Notes": "Repealed by No 216 of 1991, Sch 4 item 29, effective s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1)) | Inserted by No 78 of 2006, Sch 4 item 69, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s70"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 71", "Provision_Key": "s71", "Heading": "Extended periods for amendment—Federal Court orders and taxpayer consent", "Text": "(1) This section applies if: (a) the Commissioner has started to examine the affairs of a person in relation to an assessment; and (b) the Commissioner has not completed the examination before the end of the limited amendment period, or that period as extended under this section. (2) The limited amendment period is extended for an additional period if: (a) on an application by the Commissioner before the end of the limited amendment period (or that period as extended under this section), the Federal Court of Australia orders the extension for the additional period; or (b) before the end of the limited amendment period (or that period as extended under this section): (i) the Commissioner requests the person to consent to the extension of the limited amendment period; and (ii) the person, by notice in writing, consents to the extension for the additional period. (3) The Federal Court of Australia may order an extension of the limited amendment period under paragraph (2)(a) only if the Court is satisfied that it was not reasonably practicable, or that it was inappropriate, for the Commissioner to complete the examination within the limited amendment period (or that period as extended under this section), because of: (a) any action taken by the person; or (b) any failure of the person to take action that would have been reasonable for the person to take. (4) The limited amendment period may be extended more than once under this section. (5) In this section: limited amendment period , for the amendment of an assessment, means the period mentioned in subsection 67(1) or 69(2) or (3) for the amendment of the assessment.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 216 of 1991 | No 78 of 2006", "History_Notes": "Repealed by No 216 of 1991, Sch 4 item 91, effective s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1)) | Inserted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s71"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 72", "Provision_Key": "s72", "Heading": "Refund of overpaid amounts", "Text": "(1) If, because of an amendment of an assessment, a person’s liability (the earlier liability ) to tax or a related charge is reduced, the amount by which the tax or charge is so reduced is taken never to have been payable for the purposes of: (a) section 85 (which applies the general interest charge); and (b) Division 280 in Schedule 1 to the Taxation Administration Act 1953 (which applies the shortfall interest charge). Note: The general interest charge is worked out under Division 1 of Part IIA of the Taxation Administration Act 1953 . (2) The Commissioner must refund or apply the amount of any tax overpaid in accordance with Divisions 3 and 3A of Part IIB of the Taxation Administration Act 1953 . (3) However, if a later amendment of the assessment is made and all or some of the person’s earlier liability in relation to a particular is reinstated, subsection (1) is taken not to have applied, or not to have applied to the extent that the earlier liability is reinstated. Note: If the amendment of an assessment results in an increase in a person’s tax liability, the person is liable to pay shortfall interest charge on the amount of the increase: see Division 280 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 216 of 1991 | No 78 of 2006", "History_Notes": "Repealed by No 216 of 1991, Sch 4 item 4 | Sch 4 item 73 | Sch 4 item 23A, effective s 113: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) s 123 and 124: 24 Dec 1991 (s 2(1)) | Inserted by No 78 of 2006, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s72"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 82", "Provision_Key": "s82", "Heading": "When tax and shortfall interest charge payable", "Text": "Self ‑ assessment and default assessment (1) Tax assessed in relation to a year of tax in accordance with an assessment under Division 2 of Part VI in relation to a person is due and payable by the person on the 60th day after the end of the year of tax. Amended assessments (2) Tax assessed in relation to a year of tax in accordance with an amended assessment in relation to a person is due and payable on the later of the following days: (a) the 21st day after the day on which the Commissioner gives the person notice of the amended assessment; (b) the 60th day after the end of the year of tax. Shortfall interest charge (3) Shortfall interest charge payable by a person in relation to an assessment is due and payable on the 21st day after the day on which the Commissioner gives the person notice of the amount of the charge. Note 1: The Commissioner may defer the time at which tax or the shortfall interest charge is, or would become, due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For provisions about collection and recovery of tax or the shortfall interest charge, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 179 of 1999 | No 78 of 2006", "History_Notes": "Amended by No 179 of 1999, Sch 18 item 48, effective Sch 2 (items 48–58): 22 Dec 2009 (s 2(1)) | Repealed and substituted by No 78 of 2006, Sch 1 item 98A | Sch 4 item 11 | Sch 4 item 280, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Repealed by No 78 of 2006, Sch 1 item 98A | Sch 4 item 11 | Sch 4 item 280, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s82"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 85", "Provision_Key": "s85", "Heading": "Unpaid tax and charges", "Text": "(1) A person is liable to pay the general interest charge on any amount of any of the following that remains unpaid after the time by which payment is due: (a) tax the person is liable to pay; (b) shortfall interest charge the person is liable to pay in relation to tax; (c) instalment transfer interest charge the person is liable to pay in relation to an instalment of tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . (2) The person is liable to pay the general interest charge for each day in the period that: (a) started at the beginning of the day by which the tax, shortfall interest charge or instalment transfer interest charge was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the tax, shortfall interest charge or instalment transfer interest charge; (ii) general interest charge on any of the tax, shortfall interest charge or instalment transfer interest charge.", "Amendment_Count": 3, "First_Amended": "No 11 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 11 of 1999 | No 78 of 2006 | No 101 of 2006", "History_Notes": "Repealed and substituted by No 11 of 1999, item 296, effective Sch 1 (items 281–296): 1 July 1999 (s 2(3)) | Amended by No 78 of 2006, Sch 4 item 72 | Sch 4 item 12 | Sch 4 item 13 | Sch 4 item 280 | Sch 5 item 21, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 101 of 2006, Sch 2 item 1043, effective Sch 2 (items 1017, 1041–1043) and Sch 6 (items 1, 6–11): 14 Sept 2006", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s85"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 92", "Provision_Key": "s92", "Heading": "Person in receipt or control of money of non ‑ resident", "Text": "(1) A person who has authority to receive, control or dispose of money belonging to a non ‑ resident who is liable to an amount of tax or related charge shall, when required by the Commissioner by notice in writing served on the person, pay the amount of tax or charge and, by force of this section, is, when so required: (a) authorised and required to retain from time to time any money that comes to the person on behalf of the non ‑ resident or so much of it as is sufficient to pay the amount of tax or charge payable by the non ‑ resident; (b) made personally liable for the amount of tax or charge after it becomes payable to the extent of any amount so retained, or which should have been so retained, under paragraph (a); and (c) indemnified for all payments that the person makes pursuant to this section. (2) For the purposes of subsection (1), a person who is liable to pay money to a non ‑ resident shall be deemed to be a person who has the control of money belonging to the non ‑ resident, and all money due by the person to the non ‑ resident shall be deemed to be money that comes to the person on behalf of the non ‑ resident. (3) Where the Commonwealth, a State or Territory, or an authority of the Commonwealth, a State or Territory, has the receipt, control or disposal of money belonging to a non ‑ resident, this section (other than paragraph (1)(b)) applies to and in relation to the Commonwealth, the State or the Territory, or the authority of the Commonwealth, of the State or of the Territory, as the case may be, in the same manner as it applies to and in relation to any other person.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Amended by No 78 of 2006, Sch 4 item 16 | Sch 4 item 17 | Sch 4 item 19, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s92"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 93", "Provision_Key": "s93", "Heading": "Interpretation", "Text": "(1) In sections 85, 92 and 109, but not in any other section of this Act, tax includes an instalment of tax payable under this Division. (2) The ascertainment of the notional tax amount, or the amount of any instalment of tax, in accordance with this Division shall not be deemed to be an assessment within the meaning of any of the provisions of this Act. (3) All amounts of instalments of tax shall be calculated to the nearest dollar.", "Amendment_Count": 3, "First_Amended": "No 44 of 2000", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 44 of 2000 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Amended by No 44 of 2000, Sch 3 item 43 | Sch 3 item 44, effective Sch 3 (items 39, 40): 1 July 2000 (s 2(9)) Sch 3 (items 41–45): 22 Dec 1999 (s 2(1)) | Amended by No 88 of 2013, Sch 7 item 135, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 2 item 69, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s93"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 94", "Provision_Key": "s94", "Heading": "Liability to pay instalments of tax", "Text": "For the purpose of securing generally the more expeditious collection of tax, a person is liable to pay, in accordance with this Division, 3 instalments of tax in respect of each year of tax of the person in relation to a petroleum project, being a year of tax commencing on or after 1 July 1987.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s94"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 95", "Provision_Key": "s95", "Heading": "When instalment of tax is payable", "Text": "Subject to this Division, the 3 instalments of tax payable in respect of a year of tax of a person in relation to a petroleum project are due and payable respectively on 21 October, 21 January and 21 April in the year of tax concerned. Note: For provisions about collection and recovery of an instalment of tax, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Amended by No 44 of 2000, Sch 3 item 45, effective Sch 3 (items 39, 40): 1 July 2000 (s 2(9)) Sch 3 (items 41–45): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s95"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 96", "Provision_Key": "s96", "Heading": "Amount of instalment of tax", "Text": "The amount payable by a person as an instalment of tax is the notional tax amount in relation to the instalment period in relation to the instalment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s96"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 97", "Provision_Key": "s97", "Heading": "Notional tax amount", "Text": "(1) Subject to subsection (2), the notional tax amount of a person, in relation to a petroleum project and an instalment period in a year of tax, is the amount worked out in accordance with the formula: where: Current period liability means the amount worked out under subsection (1A). Previous period liability means the amount worked out under subsection (1B). (1A) For the purposes of subsection (1), the current period liability is an amount equal to the tax that would be payable by the person in relation to the petroleum project if: (a) the instalment period were the year of tax; and (aa) without limiting paragraph (a)—any instalment transfers in relation to the instalment period were annual transfers in relation to the year of tax; and (b) the amounts that were taken by subsections 33(3), 34(3), 34A(4), 35(3), 35C(5), 35E(3), 35F(2) and 36(1) (including because of section 48) to be incurred by the person in relation to the project on the first day of the year of tax were instead only the instalment percentages of those amounts; and (c) the amounts that would, for the purposes of Schedule 1, be the incurred exploration expenditure amounts in relation to financial years before the year of tax were instead only the instalment percentages of those amounts. Note: Division 3A of Part V may require or permit the transfer (by instalment transfer ) of transferable exploration expenditure in relation to instalment periods: see section 45E. (1AA) If the whole or a part of the assessable petroleum receipts that would be taken into account in working out the current period liability were determined under paragraph 24(1)(d) or (e) (the special calculation provisions ), then, in calculating the current period liability under subsection (1A): (a) any assessable petroleum receipts determined under the special calculation provisions are to be excluded; and (b) the amount worked out in accordance with the regulations in respect of those assessable petroleum receipts is to be included. (1B) For the purposes of subsection (1), the previous period liability is an amount equal to the sum of the notional tax amounts (if any) worked out under subsection (1) in relation to the person, the petroleum project and any earlier instalment periods in the year of tax. (1BA) However, if a person was taken under subsection 22(3) or (4) to have a taxable profit in relation to the project and the financial year immediately preceding the year of tax, then: (a) subsection (1) of this section does not apply to the person in relation to the project and the year of tax; and (b) subject to subsection (2) of this section, the notional tax amount of the person, in relation to the project and an instalment period in the year of tax, is the tax that would, if the instalment period were a year of tax, be payable on the amount worked out in accordance with the formula: where: current period receipts means: (a) if the project is not a Greater Sunrise project—the assessable receipts derived by the person in relation to the project in the instalment period; or (b) if the project is a Greater Sunrise project—the assessable receipts derived by the person in relation to the project in the instalment period multiplied by the apportionment percentage figure for the instalment period. previous period receipts means: (a) if the instalment period is the first instalment period in the year of tax—nil; or (b) if paragraph (a) does not apply—the current period receipts for the instalment period that ended most recently before the end of the instalment period. (1BB) For the purposes of subsection (1BA), if the whole or a part of the assessable petroleum receipts that would be taken into account in working out the current period receipts were determined under paragraph 24(1)(d) or (e) (the special calculation provisions ), then, in calculating the current period receipts: (a) any assessable petroleum receipts determined under the special calculation provisions are to be excluded; and (b) the amount worked out in accordance with the regulations in respect of those assessable petroleum receipts is to be included. (1C) If the petroleum project is a combined project, the references in paragraph (1A)(b) and subsections (1B) and (1BA) to the project are to be read as including references to the pre ‑ combination projects in relation to the project. (2) Where: (a) a person has not furnished information under section 98 in relation to an instalment of tax; or (b) the Commissioner is not satisfied with the information furnished by a person under section 98 in relation to an instalment of tax; the Commissioner may determine that the notional tax amount of the person in respect of the period to which the instalment of tax relates is such amount that, in the opinion of the Commissioner, might reasonably be expected to be the notional tax amount, ascertained in accordance with subsection (1) or (1BA), of the person in respect of the instalment period. (3) As soon as practicable after a determination is made under subsection (2) in relation to a person, the Commissioner shall cause notice of the determination to be served on the person.", "Amendment_Count": 7, "First_Amended": "No 80 of 1991", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 80 of 1991 | No 169 of 2001 | No 78 of 2006 | No 18 of 2012 | No 88 of 2013 | No 43 of 2019 | No 37 of 2024", "History_Notes": "Amended by No 80 of 1991, item 21 | item 33, effective 1 July 1991 | Amended by No 169 of 2001, Sch 1 item 8, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1)) | Amended by No 78 of 2006, Sch 1 item 8 | Sch 1 item 9, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8) | Amended by No 88 of 2013, Sch 7 item 79 | Sch 7 item 136 | Sch 7 item 137, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 2 item 70 | Sch 2 item 71, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1) | Amended by No 37 of 2024, Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 8 | Sch 5 item 9, effective Sch 5: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s97"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 98", "Provision_Key": "s98", "Heading": "Instalment statement", "Text": "(1) Where a person is liable to pay an instalment of tax in respect of an instalment period, the person shall, not later than the date on which the instalment is due and payable or such later date as the Commissioner allows, furnish, in accordance with the approved form, such information relating to the basis of the calculation of that instalment as is required by the form. (2) Subsection (1) does not apply in relation to an instalment of tax that a person is liable to pay in respect of an instalment period where the amount of the instalment in relation to the instalment period and in relation to each preceding instalment period (if any) is nil.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Amended by No 41 of 2005, Sch 1 item 61 | Sch 10 item 229, effective Sch 5 and Sch 10 (items 225–230): 1 Apr 2005", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s98"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 98A", "Provision_Key": "s98a", "Heading": "Instalment transfer interest charge—liability", "Text": "Situation in which charge applies (1) Subject to subsections (2) and (3), this section applies to a person (the liable person ) in relation to an amount of expenditure (the instalment transfer excess ) if: (a) an instalment transfer of the amount in relation to an instalment period in a year of tax is made: (i) by the liable person to a petroleum project under section 45A (as the section applies because of section 45E); or (ii) to the liable person in relation to a petroleum project under section 45B (as the section applies because of section 45E); and (b) an annual transfer, in relation to the year of tax, of the amount to the same project, or to the liable person in relation to the same project, cannot be made because of the application of clause 22 or 31 of Schedule 1 (whether or not there is any other reason preventing such an annual transfer). Note 1: This section may apply separately to a person in relation to 2 or more instalment transfers in the same year of tax, even if the same instalment transfer amount is transferred between the same projects or companies by each instalment transfer (as allowed under subsection 45E(6)). Note 2: If a transfer is made by the Commissioner under section 45C because of a failure of a person to make a transfer as required by section 45A or 45B, the transfer is taken to be a transfer by the person under section 45A or 45B (as the case requires): see subsection 45C(4). Instalment transfer excess—offsets (2) The amount of the instalment transfer excess (as it would be apart from this subsection), in relation to a petroleum project, is reduced by: (a) an amount equal to so much of the excess as must be applied or transferred to reduce or eliminate any person’s taxable profit in relation to any petroleum project and the year of tax; and (b) any amount of expenditure that must be transferred, by annual transfer in relation to the year of tax, to the project, or to the liable person in relation to the project, because the excess cannot be transferred as mentioned in paragraph (1)(b). (3) This section does not apply if the instalment transfer excess is reduced to zero (or a negative amount) by the operation of subsection (2). Liability to pay charge (4) The liable person is liable to pay a charge (the instalment transfer interest charge ) on the instalment transfer excess for each day in the following period (the instalment transfer charge period ) in the year of tax: (a) if the instalment period to which the excess relates is the first instalment period in the year—the period: (i) starting at the start of the day on which instalments of tax are due and payable for the first instalment period in the year; and (ii) ending immediately before the day on which instalments of tax are due and payable in relation to the second instalment period in the year; (b) if the instalment period to which the excess relates is the second instalment period in the year—the period: (i) starting at the start of the day on which instalments of tax are due and payable for the second instalment period in the year; and (ii) ending immediately before the day on which instalments of tax are due and payable in relation to the third instalment period in the year; (c) if the instalment period to which the excess relates is the third instalment period in the year—the period: (i) starting at the start of the day on which instalments of tax are due and payable for the third instalment period in the year; and (ii) ending immediately before the day on which tax is due and payable in relation to the year of tax. Note 1: For when instalments of tax are payable, see section 95. For when tax is payable in relation to the year of tax, see section 82. Note 2: For the amount of the charge, see section 98B. For when the charge is payable, see section 98C. For remission of the charge, see section 98D. Charge payable even if person has transferred interest in project (5) Despite sections 48 and 48A, the liable person remains liable for the full amount of the instalment transfer interest charge even if the liable person enters into a transaction that has the effect, after the end of the instalment period, of transferring part or all of the liable person’s entitlement to derive assessable receipts in relation to the project. Statement about charge (6) The liable person must, on or before the 60th day after the end of the year of tax, give the Commissioner information, in the approved form, for use in working out the instalment transfer interest charge. Note: Subdivision 388 ‑ B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this section. (7) In this section: first instalment period , in a year of tax, means the instalment period ending at the end of September in that year. second instalment period , in a year of tax, means the instalment period ending at the end of December in that year. third instalment period , in a year of tax, means the instalment period ending at the end of March in that year.", "Amendment_Count": 2, "First_Amended": "No 78 of 2006", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 78 of 2006 | No 18 of 2012", "History_Notes": "Inserted by No 78 of 2006, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 45E, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s98A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 98B", "Provision_Key": "s98b", "Heading": "Instalment transfer interest charge—amount", "Text": "(1) The instalment transfer interest charge on an amount of instalment transfer excess, for a day in an instalment transfer charge period, is worked out by multiplying the rate worked out under subsection (2) by the sum of the following amounts: (a) the instalment transfer tax; and (b) the instalment transfer interest charge payable on the excess for the previous days in the instalment transfer charge period. (2) The rate is: (3) In this section: base interest rate , for a day, has the meaning given by section 8AAD of the Taxation Administration Act 1953 . instalment transfer tax is the amount worked out by multiplying the instalment transfer excess by the rate at which tax is imposed by the Petroleum Resource Rent Tax (Imposition—General) Act 2012 in relation to the year of tax in which the instalment period to which the excess relates occurred.", "Amendment_Count": 2, "First_Amended": "No 78 of 2006", "Last_Amended": "No 18 of 2012", "Amending_Acts": "No 78 of 2006 | No 18 of 2012", "History_Notes": "Inserted by No 78 of 2006, Sch 1 item 98A, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 18 of 2012, Sch 6 item 12, effective Sch 1 (items 1–10, 12–46), Sch 2 (items 1–13), Sch 3, Sch 4, Sch 5 (items 1, 6–12) and Sch 6 (items 1, 2, 9–12): 1 July 2012 (s 2(1) items 2, 4–7, 9–14) Sch 1 (item 11): never commenced (s 2(1) item 3) Sch 2 (items 14–16): 29 Sept 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s98B"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 98C", "Provision_Key": "s98c", "Heading": "Instalment transfer interest charge—notification and payment", "Text": "Notice of charge payable (1) The Commissioner must give a liable person a notice stating the amount of instalment transfer interest charge that the liable person is liable to pay for an instalment transfer charge period. (3) A notice given by the Commissioner under this section is prima facie evidence of the matters stated in the notice. Note: See also section 350 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . When payment is due (4) An amount of instalment transfer interest charge that the liable person is liable to pay is due and payable on the 21st day after the day on which the Commissioner gives the liable person notice of the amount of the charge under this section. Note: The Commissioner may defer the time at which the charge is, or would become, due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 78 of 2006", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 78 of 2006 | No 2 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 78 of 2006, Sch 1 item 98A | Sch 5 item 19, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Inserted by No 2 of 2015, Sch 2 item 2 | Sch 2 item 35, effective Sch 2 (items 2–4, 73, 88, 89, 95–99 and Sch 4 (item 70, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 35–38): 1 July 2015 (s 2(1) item 4) | Amended by No 81 of 2016, Sch 10 item 84, effective Sch 10 (items 84, 93): 1 Jan 2017 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s98C"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 98D", "Provision_Key": "s98d", "Heading": "Instalment transfer interest charge—remission", "Text": "Remitting the charge (1) The Commissioner may remit the whole or a part of an amount of instalment transfer interest charge that a liable person is liable to pay if the Commissioner considers it fair and reasonable to do so. Reasons for not remitting (2) The Commissioner must give the liable person a written statement of the reasons for a decision not to remit an amount of instalment transfer interest charge that the liable person is liable to pay, if the liable person requests the Commissioner, in the approved form, to remit the amount. Note 1: Section 25D of the Acts Interpretation Act 1901 sets out rules about the contents of a statement of reasons. Note 2: Subdivision 388 ‑ B in Schedule 1 to the Taxation Administration Act 1953 applies to approved forms under this section. Objecting against remission decision (3) The liable person may object, in the manner set out in Part IVC of the Taxation Administration Act 1953 , against a decision of the Commissioner not to remit an amount of instalment transfer interest charge that the liable person is liable to pay.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Inserted by No 78 of 2006, Sch 1 item 98A, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s98D"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 99", "Provision_Key": "s99", "Heading": "Application of payments of instalments of tax", "Text": "Where: (a) a person has paid an amount in respect of an instalment of tax in respect of a year of tax, in relation to a petroleum project (including in the case of a combined project any pre ‑ combination project in relation to the project); and (b) an assessment has been made of the amount of tax payable by the person in respect of the year of tax in relation to the project; the Commissioner shall credit the amount so paid in payment successively of: (c) any tax payable by the person in respect of the year of tax in respect of the petroleum project, whether or not that tax is due for payment; and (d) any other liability to the Commonwealth of the person entitled to the credit arising under or by virtue of this Act or any other Act of which the Commissioner has the general administration; and shall refund to the person so much of the amount as is not credited.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s99"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 100", "Provision_Key": "s100", "Heading": "Unpaid instalments", "Text": "(1) If, on the date on which tax becomes due and payable by a person in respect of a year of tax in relation to a petroleum project, the whole or a part of an amount payable as an instalment of tax in respect of that year of tax in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project) has not been paid and there is no other instalment in respect of that year of tax in relation to the project the whole or a part of which has not been paid: (a) where no part of the tax in respect of that year of tax has been paid—so much (if any) of the amount unpaid in respect of that instalment as exceeds the amount of that tax ceases on that date to be payable; (b) where part only of the tax in respect of that year of tax has been paid—so much (if any) of the amount unpaid in respect of that instalment as exceeds the amount of that tax that has not been paid ceases on that date to be payable; or (c) where the whole of the tax in respect of that year of tax has been paid—the amount unpaid in respect of that instalment ceases on that date to be payable. (2) If, on the date on which tax becomes due and payable by a person in respect of a year of tax in relation to a petroleum project, there are 2 or more instalments of tax in respect of that year of tax in relation to the project (including in the case of a combined project any pre ‑ combination project in relation to the project) the whole or a part of each of which has not been paid: (a) where no part of the tax in respect of that year of tax has been paid or part only of that tax has been paid—the Commissioner may determine that the whole or any part of all or any of the amounts unpaid in respect of those instalments shall cease on that date to be payable; or (b) where the whole of the tax in respect of that year of tax has been paid—each of the amounts unpaid in respect of those instalments ceases on that date to be payable. (3) In making a determination for the purposes of subsection (2), the Commissioner shall have regard to: (a) the extent (if any) to which the sum of the amounts unpaid in respect of the instalments of tax referred to in that subsection exceeds the amount of the tax referred to in that subsection that has not been paid; and (b) any other relevant matters. (4) Where, by reason of the making of a determination by the Commissioner under subsection (2), the amount payable by a person as an instalment has been reduced or an instalment is not payable, the Commissioner shall cause to be served on the person a notice in writing specifying the reduced amount as the amount that is payable as the instalment or stating that the instalment is not payable, as the case may be.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s100"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 106A", "Provision_Key": "s106a", "Heading": "Review of certain decisions", "Text": "A person who is dissatisfied with a decision made under this Act or the regulations in relation to the person, being a decision that is prescribed for the purposes of this section, may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective Sch 1 (items 1–9): 1 Apr 2002 (s 2(3)) Sch 1 (items 10–12, 15): 1 Oct 2001 s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s106A"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 109", "Provision_Key": "s109", "Heading": "Agents and trustees", "Text": "(1) The following provisions of this section apply in relation to a person (in this section referred to as the representative ) who, as agent or trustee, derives assessable receipts in relation to a petroleum project. (2) The representative: (a) shall furnish returns in relation to the assessable receipts; and (b) is liable to any tax or related charge payable in respect of the assessable receipts; but only in the capacity of agent or trustee, as the case requires, and each such return shall be separate and distinct from any other return furnished or lodged by the representative. (3) The representative is, by force of this section: (a) authorised and required to retain from time to time any money that comes to the representative in the capacity as agent for the other person or trustee of the trust estate, or so much of it as is sufficient to pay the amount of tax or charge; (b) made personally liable for the amount of tax or charge after it becomes payable to the extent of any amount that the representative is required to retain under paragraph (a); and (c) indemnified for all payments that the representative makes pursuant to this section. (4) For the purposes of ensuring payment of the amount of tax or charge, the Commissioner has the same remedies against attachable property of any kind vested in, under the control or management of, or in the possession of, the representative as the Commissioner would have against the property of any other person in respect of an amount of tax or related charge payable by the other person.", "Amendment_Count": 3, "First_Amended": "No 78 of 2006", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 78 of 2006 | No 88 of 2013 | No 43 of 2019", "History_Notes": "Amended by No 78 of 2006, Sch 4 item 20 | Sch 4 item 22 | Sch 4 item 23 | Sch 4 item 24, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Amended by No 88 of 2013, Sch 7 item 139, effective Sch 7 (items 76–136, 138–166): 1 July 2012 (s 2(1) items 15, 17) Sch 7 (item 137): 29 Sept 2012 (s 2(1) item 16) | Amended by No 43 of 2019, Sch 2 item 72, effective Sch 1 (items 2–83) and Sch 2 (items 1–77, 85–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s109"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 112", "Provision_Key": "s112", "Heading": "Records to be kept and preserved", "Text": "(1) A person shall: (a) keep records that record and explain all transactions and other acts engaged in by the person or any other person that are relevant for the purpose of ascertaining the person’s liability under this Act; and (b) retain those records for a period of 7 years after the completion of the transactions or acts to which they relate. (2) A person who is required by this section to keep records shall keep the records: (a) in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) so as to enable the person’s liability under this Act to be readily ascertained. (2A) An offence under subsection (1) or (2) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (3) Nothing in this section shall be taken to require a person (in this subsection referred to as the record keeper ) to keep a record of information relating to a transaction or act engaged in by another person if: (a) where the transaction or act was entered into or done under an arrangement to which the record keeper was a party: (i) the record keeper made all reasonable efforts: (A) to ascertain whether the transaction had been entered into or the act had been done; and (B) to obtain the information; and (ii) did not know, and could not reasonably be expected to have known, the information; or (b) in any other case—the record keeper did not know, and could not reasonably be expected to have known, the information. Note: A defendant bears an evidential burden in relation to the matters in subsection (3), see subsection 13.3(3) of the Criminal Code . (4) Nothing in this section shall be taken to require a person to retain records where: (a) the Commissioner has notified the person that retention of the records is not required; or (b) the person is a company that has gone into liquidation and been finally dissolved. Note: A defendant bears an evidential burden in relation to the matters in subsection (4), see subsection 13.3(3) of the Criminal Code . Penalty: 30 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 91 of 2000 | No 146 of 2001", "History_Notes": "Amended by No 91 of 2000, Sch 2 item 56, effective Sch 2 (items 54–56): (s 2(1)) | Amended by No 146 of 2001, Sch 4 item 113 | Sch 4 item 114 | Sch 4 item 115, effective s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s112"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 113", "Provision_Key": "s113", "Heading": "Service on partnerships and associations", "Text": "Service, whether by post or otherwise, of a notice or document on a member of a partnership or on a member of the committee of management of an unincorporated association or other body of persons shall be deemed, for the purposes of this Act, to constitute service of the notice or other document on each member of the partnership or each member of the association or other body of persons, as the case may be.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s113"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 114", "Provision_Key": "s114", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations, not inconsistent with this Act, prescribing all matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act; and, in particular, may make regulations prescribing penalties not exceeding a fine of 5 penalty units for offences against the regulations.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Amended by No 78 of 2006, Sch 5 item 22, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s114"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 17", "Provision_Key": "s17", "Heading": "What happens if the notional assessable receipts equal or exceed the notional deductible expenditure", "Text": "If, in relation to the person, the exploration permit or retention lease and the assessable year, the notional assessable receipts equal or exceed the notional deductible expenditure, none of the expenditure included in the notional exploration expenditure is transferable by the person in relation to the assessable year.", "Amendment_Count": 4, "First_Amended": "No 97 of 1988", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 97 of 1988 | No 146 of 2001 | No 78 of 2006 | No 145 of 2010", "History_Notes": "Amended by No 97 of 1988, Sch 2 item 28 | Sch 1 item 30, effective s 29(1): 1 Jan 1989 (s 2(1) and gaz 1988, No S399) | Amended by No 146 of 2001, Sch 4 item 103 | Sch 4 item 104 | Sch 4 item 105, effective s 4 and Sch 4 (items 102–115): 15 Dec 2001 (s 2(1)) | Amended by No 78 of 2006, Sch 5 item 3, effective Sch 1 (items 1–10, 12), Sch 2, Sch 3 (items 1, 2, 4–9), Sch 4 (items 1–24, 38) and Sch 5: 1 July 2006 (s 2(1) items 2, 3, 5–11) Sch 3 (item 3): 1 July 2008 (s 2(1) item 4) | Repealed by No 145 of 2010, Sch 1 item 355 | Sch 2 item 25 | Sch 2 item 62, effective Sch 2 (items 59, 60): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s17"}
{"Act_Short_Name": "PRRTAA", "Act_Title": "Petroleum Resource Rent Tax Assessment Act 1987", "Act_Year": "1987", "Act_FRL_Id": "C2004A03551", "Provision": "s 18", "Provision_Key": "s18", "Heading": "What happens if the notional deductible expenditure exceeds the notional assessable receipts", "Text": "(1) If, in relation to the person, the exploration permit or retention lease and the assessable year: (a) the notional deductible expenditure exceeds the notional assessable receipts; and (b) the excess equals or exceeds the notional exploration expenditure; all the expenditure included in the reduced notional exploration expenditure is transferable by the person in relation to the assessable year. (2) If, in relation to the person, the exploration permit or retention lease and the assessable year: (a) the notional deductible expenditure exceeds the notional assessable receipts; and (b) the excess (in this subclause called the notional loss ) is less than the notional exploration expenditure; and (c) the oldest amount of expenditure included in the reduced notional exploration expenditure equals or exceeds the notional loss; so much of that oldest amount as equals the notional loss is transferable by the person in relation to the assessable year. (3) If, in relation to the person, the exploration permit or retention lease and the assessable year: (a) the notional deductible expenditure exceeds the notional assessable receipts; and (b) the excess (in this subclause called the notional loss ) is less than the notional exploration expenditure; and (c) the notional loss exceeds the oldest amount of expenditure included in the reduced notional exploration expenditure; the following provisions have effect: (d) add amounts in accordance with the following rules: (i) start with the oldest amount of expenditure included in the reduced notional exploration expenditure and add to that, in order starting with the next oldest amount, each of the other amounts included in the reduced notional exploration expenditure; (ii) if adding an amount of expenditure would make the total exceed the notional loss, add only so much of the amount as makes the total equal the notional loss and do not add any later incurred amount of expenditure; (e) the expenditure added in accordance with subparagraphs (d)(i) and (ii) is transferable by the person in relation to the assessable year.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 88 of 2009 | No 145 of 2010", "History_Notes": "Amended by No 88 of 2009, Sch 5 item 212 | Sch 5 item 213, effective Sch 5 (items 209–230): 18 Sept 2009 (s 2(1) item 7) | Repealed by No 145 of 2010, Sch 2 item 19, effective Sch 2 (items 59, 60): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03551/latest/text#s18"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 1-1", "Provision_Key": "s1-1", "Heading": "Short title", "Text": "This Act may be cited as the Tax Agent Services Act 2009 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s1-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 1-5", "Provision_Key": "s1-5", "Heading": "Commencement", "Text": "(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provision(s) Commencement Date/Details 1. Part 1 and anything in this Act not elsewhere covered by this table The day on which this Act receives the Royal Assent. 26 March 2009 2. Parts 2 to 5 A single day to be fixed by Proclamation. A Proclamation must not specify a day that occurs before the day on which the Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 receives the Royal Assent. However, if any of the provision(s) do not commence within the period of 9 months beginning on the day on which the Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 receives the Royal Assent, they commence on the first day after the end of that period. If the provision(s) commence in this way, the Minister must announce by notice in the Gazette the day on which the provision(s) commenced. 1 March 2010 ( see F2009L04314) 3. Sections 60 ‑ 1 to 60 ‑ 90 The day on which this Act receives the Royal Assent. 26 March 2009 4. Sections 60 ‑ 95 to 70 ‑ 20 At the same time as the provision(s) covered by table item 2. 1 March 2010 5. Sections 70 ‑ 25 to 70 ‑ 45 The day on which this Act receives the Royal Assent. 26 March 2009 6. Sections 70 ‑ 50 and 70 ‑ 55 At the same time as the provision(s) covered by table item 2. 1 March 2010 7. Part 8 The day on which this Act receives the Royal Assent. 26 March 2009 Note: This table relates only to the provisions of this Act as originally passed by both Houses of the Parliament and assented to. It will not be expanded to deal with provisions inserted in this Act after assent. (2) Column 3 of the table contains additional information that is not part of this Act. Information in this column may be added to or edited in any published version of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s1-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 1-10", "Provision_Key": "s1-10", "Heading": "Extension of Act to external Territories", "Text": "This Act extends to every external Territory.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s1-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 1-15", "Provision_Key": "s1-15", "Heading": "General administration of Act", "Text": "The Board has the general administration of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s1-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 2-5", "Provision_Key": "s2-5", "Heading": "Object", "Text": "(1) The object of this Act is to support public trust and confidence in the integrity of the tax profession and of the tax system by ensuring that * tax agent services are provided to the community in accordance with appropriate standards of professional and ethical conduct. (2) This is to be achieved by (among other things) providing for: (a) the registration and regulation, by a national Board, of entities that provide * tax agent services; and (b) a * Code of Professional Conduct for * registered tax agents and BAS agents; and (c) sanctions to discipline entities in relation to their conduct as a * registered tax agent or BAS agent; and (d) sanctions where tax agent services are provided otherwise than in accordance with this Act.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Repealed and substituted by No 101 of 2023, Sch 3 item 1", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s2-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 2-10", "Provision_Key": "s2-10", "Heading": "General guide to each Part", "Text": "(1) You need to be registered to provide * tax agent services for a fee or to engage in other conduct connected with providing such services. Part 2 sets out the requirements for registration. (2) Once registered, you must comply with several requirements, in particular, the * Code of Professional Conduct. The Code is set out in Part 3. (3) Part 4 sets out the circumstances in which your registration can be terminated. (4) Part 5 provides for civil penalties aimed at ensuring your compliance with this Act. (5) Part 6 establishes the Tax Practitioners Board and sets out the Board’s functions and powers. The Board may investigate breaches of this Act and has certain reporting obligations. (6) Part 7 contains miscellaneous provisions, mainly administrative and machinery provisions relating to the operation of this Act. (7) Part 8 contains the Dictionary, which sets out a list of most of the terms that are defined in this Act. It also sets out the meanings of some important concepts and rules on how to interpret this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s2-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 3-5", "Provision_Key": "s3-5", "Heading": "When defined terms are identified", "Text": "(1) Many of the terms used in this Act are defined in the Dictionary, starting at section 995 ‑ 1, to the Income Tax Assessment Act 1997 . However, some terms used in this Act are only defined in this Act. Note: Expressions in the Income Tax Assessment Act 1997 (other than the expression “this Act”) have the same meaning in this Act as well, see subsection 90 ‑ 1(2). (2) Most defined terms in this Act and the Income Tax Assessment Act 1997 are identified by an asterisk at the start of the term: as in “ * BAS service”.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s3-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 3-10", "Provision_Key": "s3-10", "Heading": "When defined terms are not identified", "Text": "(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the * Guides, headings or notes contained in this Act. (3) The term “Board” is not identified with an asterisk. (4) If a term used in the Income Tax Assessment Act 1997 is used in this Act and the term is not identified with an asterisk in that Act, the term is not identified with an asterisk in this Act. Note: For expressions in the Income Tax Assessment Act 1997 that are not identified with an asterisk, see subsection 2 ‑ 15(3) of that Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s3-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-1", "Provision_Key": "s20-1", "Heading": "What this Division is about", "Text": "You must be registered to provide tax agent services for a fee or to engage in other conduct connected with providing such services. You will be eligible for registration if you are a fit and proper person and have appropriate qualifications and experience. If you are eligible and apply to the Tax Practitioners Board for registration as a registered tax agent or BAS agent, you will be registered for a period of at least 1 year. Your registration may be subject to conditions. You may seek to vary these conditions. Certain events, mainly relating to criminal convictions and bankruptcy, may affect your continued registration. You may also apply to have your registration renewed.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 2, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 10", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-5", "Provision_Key": "s20-5", "Heading": "Eligibility for registration as registered tax agent or BAS agent", "Text": "Individuals (1) An individual, aged 18 years or more, is eligible for registration as a * registered tax agent or BAS agent if the Board is satisfied that: (a) the individual is a fit and proper person; and (b) the individual meets the requirements prescribed by the regulations (including, but not limited to, requirements relating to qualifications and experience) in respect of registration as a registered tax agent or BAS agent; and (c) in the case of registration which is not a renewal—the individual maintains, or will be able to maintain, professional indemnity insurance that meets the Board’s requirements; and (d) in the case of a renewal of registration—the individual: (i) maintains, at the time of applying for registration, professional indemnity insurance that meets the Board’s requirements; and (ii) has completed continuing professional education that meets the Board’s requirements. Note 1: An individual in the capacity of trustee of a trust can be registered: see section 70 ‑ 15. Note 2: Subsection (4) provides for an exception to paragraph (1)(b) for pre ‑ 1988 tax agents and nominees. Partnerships (2) A partnership is eligible for registration as a * registered tax agent or BAS agent if the Board is satisfied that: (a) each partner who is an individual is: (i) aged 18 years or more; and (ii) a fit and proper person; and (b) if a company is a partner: (i) each director of the company is a fit and proper person; and (ii) the company is not under external administration; and (iii) the company has not been convicted of a * serious taxation offence or an offence involving fraud or dishonesty during the previous 5 years; and (c) the partnership has: (i) in the case of registration as a * registered tax agent—a sufficient number of individuals, being registered tax agents, to provide * tax agent services to a competent standard, and to carry out supervisory arrangements; or (ii) in the case of registration as a * registered BAS agent—a sufficient number of individuals, being registered tax agents or BAS agents, to provide * BAS services to a competent standard, and to carry out supervisory arrangements; and (d) in the case of registration which is not a renewal—the partnership maintains, or will be able to maintain, professional indemnity insurance that meets the Board’s requirements; and (e) in the case of a renewal of registration—the partnership maintains, at the time of applying for registration, professional indemnity insurance that meets the Board’s requirements. Companies (3) A company is eligible for registration as a * registered tax agent or BAS agent if the Board is satisfied that: (a) each director of the company is a fit and proper person; and (b) the company is not under external administration; and (c) the company has not been convicted of a * serious taxation offence or an offence involving fraud or dishonesty during the previous 5 years; and (d) the company has: (i) in the case of registration as a * registered tax agent—a sufficient number of individuals, being registered tax agents, to provide * tax agent services to a competent standard and to carry out supervisory arrangements; or (ii) in the case of registration as a * registered BAS agent—a sufficient number of individuals, being registered tax agents or BAS agents, to provide * BAS services to a competent standard, and to carry out supervisory arrangements; and (e) in the case of registration which is not a renewal—the company maintains, or will be able to maintain, professional indemnity insurance that meets the Board’s requirements; and (f) in the case of a renewal of registration—the company maintains, at the time of applying for registration, professional indemnity insurance that meets the Board’s requirements. Note: A company in the capacity of trustee of a trust can be registered: see section 70 ‑ 15. Special rule about pre ‑ 1988 tax agents (4) An individual is eligible for registration as a * registered tax agent even if the Board is not satisfied that the individual satisfies the requirements mentioned in paragraph (1)(b) if: (a) the individual was registered as a tax agent or as a nominee for the purposes of Part VIIA of the Income Tax Assessment Act 1936 (as in force immediately before the commencement of item 7 of Schedule 1 to the Tax Agent Services (Transitional Provisions and Consequential Amendments) Act 2009 ) at both of the following times: (i) immediately before the commencement of this Act; (ii) immediately before the commencement of section 39 of the Taxation Laws Amendment Act (No. 2) 1988 ; and (b) the individual is otherwise eligible for registration as a registered tax agent.", "Amendment_Count": 5, "First_Amended": "No 114 of 2009", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 114 of 2009 | No 120 of 2013 | No 70 of 2015 | No 141 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 114 of 2009, Sch 1 item 27 | Sch 2 item 13 | Sch 2 item 14, effective Sch 1 (items 27–30) and Sch 2: 1 Mar 2010 (s 2(1) items 3, 4) | Amended by No 120 of 2013, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 50 | Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 70 of 2015, effective Sch 6 (items 47–50): 1 July 2014 (s 2(1) item 16) | Amended by No 141 of 2020, Sch 4 item 103 | Sch 4 item 104, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 115 of 2021, Sch 1 item 107, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-10", "Provision_Key": "s20-10", "Heading": "Regulations may prescribe system regarding professional associations", "Text": "The regulations may provide for a system to allow the Board to accredit professional associations for the purposes of recognising professional qualifications and experience that are relevant to the registration of individuals as * registered tax agents and BAS agents .", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 9, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 112, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-15", "Provision_Key": "s20-15", "Heading": "Criteria for determining whether an individual is a fit and proper person", "Text": "In deciding whether it is satisfied that an individual is a fit and proper person, the Board must have regard to: (a) whether the individual is of good fame, integrity and character; and (b) without limiting paragraph (a): (i) whether an event described in section 20 ‑ 45 has occurred during the previous 5 years; and (ii) whether the individual had the status of an undischarged bankrupt at any time during the previous 5 years; and (iii) whether the individual served a term of imprisonment, in whole or in part, at any time during the previous 5 years.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-20", "Provision_Key": "s20-20", "Heading": "Application for registration", "Text": "(1) You may apply to the Board for registration, including renewal of registration, as a * registered tax agent or BAS agent. (2) An application must be in a form approved by the Board and must be accompanied by: (a) any documents that are required by the Board; and (b) the prescribed application fee. (3) The Board must give the application fee to the Commissioner, who receives the fee on behalf of the Commonwealth. (4) If you withdraw your application: (a) within 30 days after the day on which the application was made; and (b) before the application has been granted or refused; the Commissioner must refund the application fee to you.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 10 | Sch 1 item 50, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136 | Sch 1 item 140, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-25", "Provision_Key": "s20-25", "Heading": "Registration", "Text": "Grant of application for registration (1) If you have applied to the Board for a type of registration, the Board must grant your application if you are eligible for registration of that type. Otherwise, the Board must reject your application. (2) The Board must decide your application within 4 months of receiving it. (3) If the Board does not decide your application within 4 months of receiving it, the Board is taken to have rejected your application. However, this does not apply if your application is for renewal of your registration. Note: For renewals of registration, see section 20 ‑ 50. Period of registration (4) If the Board grants your application, the Board must also determine the period for which you are registered. The period must be for at least 1 year. Conditions of registration (5) If the Board considers it appropriate to do so, the Board may impose one or more conditions to which your registration is subject. (6) If a condition is imposed, it must relate to the subject area in respect of which you may provide * tax agent services. (7) In deciding whether to impose a condition, the Board must have regard to the requirements prescribed by regulations under paragraph 20 ‑ 5(1)(b) in relation to: (a) if you are an individual—your registration as a * registered tax agent or BAS agent; and (b) if you are a partnership or company—the registration of individuals who will provide * tax agent services for you.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 11 | Sch 1 item 31, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136 | Sch 1 item 140, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 45 | Sch 3 item 12 | Sch 3 item 13", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-25"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-30", "Provision_Key": "s20-30", "Heading": "Board to notify you of grant of registration", "Text": "Notification of decision (1) The Board must, within 30 days of its decision to grant or reject your application for registration, notify you in writing of: (a) the decision; and (b) if the Board rejects your application—the reasons for the decision; and (c) if the Board grants your application—the following: (i) the period of your registration; (ii) any conditions to which your registration is subject. However, failure to comply does not affect the validity of the Board’s decision. (2) The Board must also notify the Commissioner of the Board’s decision. Professional indemnity insurance (3) If the Board grants your application, the Board may, by written notice, require you to maintain professional indemnity insurance as specified in the notice. The notice may be given to you at the same time as the notice referred to in subsection (1), or subsequently.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 162 of 2015 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 12, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 162 of 2015, Sch 4 item 3, effective Sch 4 (items 3–9, 27): 30 Nov 2015 (s 2(1) items 3, 6) | Amended by No 115 of 2021, Sch 1 item 113, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-30"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-35", "Provision_Key": "s20-35", "Heading": "Commencement and duration of registration", "Text": "Your registration: (a) commences: (i) if it is a renewal of your registration—on the day after the day on which your previous registration expired; or (ii) in any other case—on the day specified in the notice given under subsection 20 ‑ 30(1); and (b) expires at the end of the period determined by the Board, unless it is terminated before that time. Note: Registration may be terminated under Subdivision 30 ‑ B or 40 ‑ A.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-35"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-40", "Provision_Key": "s20-40", "Heading": "Variation of conditions of registration", "Text": "(1) The Board may vary a condition to which your registration as a * registered tax agent or BAS agent is subject if: (a) you make an application for variation of the condition; and (b) the Board is satisfied that it is appropriate to vary the condition. (2) Your application must be: (a) in a form approved by the Board; and (b) accompanied by any information or documents that are required by the Board.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 13, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-40"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-45", "Provision_Key": "s20-45", "Heading": "Certain events may affect your continued registration", "Text": "(1) The following events may affect your continued registration as a * registered tax agent or BAS agent: (a) you are convicted of a * serious taxation offence; (b) you are convicted of an offence involving fraud or dishonesty; (c) you are penalised for being a * promoter of a * tax exploitation scheme; (d) you are penalised for implementing a * scheme that has been promoted on the basis of conformity with a * public ruling, * private ruling or * oral ruling in a way that is materially different from that described in the ruling; (da) you are penalised for promoting on the basis of conformity with a public ruling, private ruling or oral ruling a scheme that is materially different from that described in the ruling; (e) you become an undischarged bankrupt or go into external administration; (f) you are sentenced to a term of imprisonment. (2) An event described in paragraph (1)(c), (d) or (da) does not affect your continued registration as a * registered tax agent or BAS agent if: (a) you are a partner in a partnership; and (b) you: (i) did not aid, abet, counsel or procure the relevant act or omission; and (ii) were not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the partner).", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 37 of 2024", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 14, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 37 of 2024, Sch 1 item 1 | Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 15, effective Sch 1 (items 1–4, 37) and Sch 3: 1 July 2024 (s 2(1) item 2) Sch 4 (items 4, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-45"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 20-50", "Provision_Key": "s20-50", "Heading": "Renewal of registration", "Text": "(1) The Board may renew your registration under section 20 ‑ 25 if you make an application for renewal: (a) at least 30 days, but not more than 90 days, before the day on which your registration expires; or (b) within such other period as the Board allows. (2) Your registration is taken to continue until your application is decided, or you withdraw your application, whichever happens first. (3) You may apply for renewal of registration during a period when your registration is suspended under section 30 ‑ 25.", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Amended by No 141 of 2020, Sch 4 item 105 | Sch 4 item 106 | Sch 4 item 107, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s20-50"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-1", "Provision_Key": "s30-1", "Heading": "What this Division is about", "Text": "The Code of Professional Conduct regulates your personal and professional conduct as a registered tax agent or BAS agent. If the Board investigates you and finds that you have failed to comply with the Code, the Board may give you a written caution, order you to take specified actions, or suspend or terminate your registration. You must also notify the Board if certain circumstances change, including if you cease to meet the requirements for registration.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-5", "Provision_Key": "s30-5", "Heading": "Application of the Code of Professional Conduct", "Text": "The * Code of Professional Conduct applies to you if you are a * registered tax agent or BAS agent.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-10", "Provision_Key": "s30-10", "Heading": "The Code of Professional Conduct", "Text": "Honesty and integrity (1) You must act honestly and with integrity. (2) You must comply with the * taxation laws in the conduct of your personal affairs. (3) If: (a) you receive money or other property from or on behalf of a client; and (b) you hold the money or other property on trust; you must account to your client for the money or other property. Independence (4) You must act lawfully in the best interests of your client. (5) You must have in place adequate arrangements for the management of conflicts of interest that may arise in relation to the activities that you undertake in the capacity of a * registered tax agent or BAS agent. Confidentiality (6) Unless you have a legal duty to do so, you must not disclose any information relating to a client’s affairs to a third party without your client’s permission. Competence (7) You must ensure that a * tax agent service that you provide, or that is provided on your behalf, is provided competently. (8) You must maintain knowledge and skills relevant to the * tax agent services that you provide. (9) You must take reasonable care in ascertaining a client’s state of affairs, to the extent that ascertaining the state of those affairs is relevant to a statement you are making or a thing you are doing on behalf of the client. (10) You must take reasonable care to ensure that * taxation laws are applied correctly to the circumstances in relation to which you are providing advice to a client. Other responsibilities (11) You must not knowingly obstruct the proper administration of the * taxation laws. (12) You must advise your client of the client’s rights and obligations under the * taxation laws that are materially related to the * tax agent services you provide. (13) You must maintain professional indemnity insurance that meets the Board’s requirements. (14) You must respond to requests and directions from the Board in a timely, responsible and reasonable manner. (15) You must not employ, or use the services of, an entity to provide * tax agent services on your behalf if: (a) you know, or ought reasonably to know, that the entity is a * disqualified entity; and (b) the Board has not given you approval under section 45 ‑ 5 to employ, or use the services of, the disqualified entity to provide tax agent services on your behalf. (16) You must not provide * tax agent services in connection with an * arrangement with an entity that you know, or ought reasonably to know, is a * disqualified entity. (17) You must comply with any obligations determined under section 30 ‑ 12.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 16 | Sch 2 item 4, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 2 | Sch 3 item 30 | Sch 3 item 45 | Sch 3 item 9 | Sch 3 item 25", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-12", "Provision_Key": "s30-12", "Heading": "Minister may determine Code of Professional Conduct obligations", "Text": "(1) The Minister may, by legislative instrument, determine obligations for the purposes of subsection 30 ‑ 10(17). (2) The obligations must relate to the professional and ethical conduct of * registered tax agents and BAS agents. The obligations may elaborate or supplement any aspect of the * Code of Professional Conduct but must not be inconsistent with the Code.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023, Sch 3 item 2", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-12"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-15", "Provision_Key": "s30-15", "Heading": "Sanctions for failure to comply with the Code of Professional Conduct", "Text": "(1) This Subdivision applies if the Board is satisfied, after conducting an investigation under Subdivision 60 ‑ E, that you have failed to comply with the * Code of Professional Conduct. (2) The Board may do one or more of the following: (a) give you a written caution; (b) give you an order under section 30 ‑ 20; (c) suspend your registration under section 30 ‑ 25; (d) terminate your registration under section 30 ‑ 30.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-20", "Provision_Key": "s30-20", "Heading": "Orders", "Text": "(1) The Board may make an order that requires you take one or more actions including, but not limited to, the following: (a) completing a course of education or training specified in the order; (b) providing * tax agent services for which you are registered only under the supervision of a * registered tax agent or BAS agent specified in the order; (c) providing only those tax agent services that are specified in the order; (d) requiring you to notify, in writing, all of your current clients about the findings of the Board’s investigation specified in the order. (2) The Board must notify you in writing of the order. The order may specify the following, as appropriate: (a) the period of time within which you must complete the requirements specified in the order; (b) the period of time during which the order applies.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 17, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 1684T | Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 22", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-25", "Provision_Key": "s30-25", "Heading": "Suspension", "Text": "(1) The Board may, by notice in writing, suspend your registration for a period determined by the Board. Note: The Board must cause notice of its decision to be published by notifiable instrument: see section 60 ‑ 140. (2) You must not provide * tax agent services during the period of suspension. Note: If you provide tax agent services while suspended, you may contravene a civil penalty provision: see subsection (4) and Subdivision 50 ‑ A. (3) If, when the Board suspends your registration under subsection (1), your registration is already suspended, suspension is for a further period that the Board determines is appropriate. The further period commences at the end of the period of suspension. (4) While you are suspended, you are taken not to be a * registered tax agent or BAS agent, except for the purposes of: (aa) Part 2 (Registration); and (ab) Subdivision 30 ‑ C (Notifying a change of circumstances); and (ac) Part 4 (Termination of registration); and (ad) section 60 ‑ 25 (Appointment of Tax Practitioner Board members); and (b) this Division.", "Amendment_Count": 4, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 64 of 2020 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 42, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 64 of 2020, Sch 3 item 297, effective Sch 3 (items 297–301, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 115 of 2021, Sch 1 item 136 | Sch 1 item 141, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 16 | Sch 3 item 19", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-25"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-30", "Provision_Key": "s30-30", "Heading": "Termination", "Text": "The Board may terminate your registration. Note: For notice and effect of termination, see Subdivision 40 ‑ B.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-30"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-35", "Provision_Key": "s30-35", "Heading": "Obligation to notify a change of circumstances", "Text": "Individuals (1) If you are a * registered tax agent or BAS agent and an individual, you must notify the Board in writing whenever: (a) you cease to meet one of the * tax practitioner registration requirements; or (b) an event affecting your continued registration, as described in section 20 ‑ 45, occurs; or (ba) you have reasonable grounds to believe that: (i) you have breached the * Code of Professional Conduct; and (ii) the breach is a * significant breach of the Code; or (c) there is a change in your address for service of notices or of any other circumstances relevant to your registration. Partnerships (2) If you are a * registered tax agent or BAS agent and a partnership, you must notify the Board in writing whenever: (a) you cease to meet one of the * tax practitioner registration requirements; or (b) an event affecting your continued registration, as described in section 20 ‑ 45, occurs in respect of: (i) a partner in the partnership; or (ii) a director of a company that is a partner in the partnership; or (ba) you have reasonable grounds to believe that: (i) you have breached the * Code of Professional Conduct; and (ii) the breach is a * significant breach of the Code; or (c) the composition of the partnership changes; or (d) there is a change in your address for service of notices or of any other circumstances relevant to your registration. Companies (3) If you are a * registered tax agent or BAS agent and a company, you must notify the Board in writing whenever: (a) you cease to meet one of the * tax practitioner registration requirements; or (b) an event affecting your continued registration, as described in section 20 ‑ 45, occurs in respect of a director of the company; or (ba) you have reasonable grounds to believe that: (i) you have breached the * Code of Professional Conduct; and (ii) the breach is a * significant breach of the Code; or (c) an individual becomes, or ceases to be, a director of the company; or (d) there is a change in your address for service of notices or of any other circumstances relevant to your registration. When notice must be given (4) You must give the notice within 30 days of the day on which: (a) you become, or ought to have become, aware that the event occurred (unless paragraph (1)(ba), (2)(ba) or (3)(ba) applies); or (b) if paragraph (1)(ba), (2)(ba) or (3)(ba) applies—you first have, or ought to have, reasonable grounds to believe that you have breached the * Code of Professional Conduct, and that the breach is a * significant breach of the Code. Note: A breach of this subsection is a breach of section 8C of the Taxation Administration Act 1953 and of subsection 30 ‑ 10(2) of this Act.", "Amendment_Count": 4, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 141 of 2020 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 141 of 2020, Sch 4 item 108, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 25 | Sch 3 item 28", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-35"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 30-40", "Provision_Key": "s30-40", "Heading": "Obligation to notify of significant breaches of the Code of Professional Conduct", "Text": "(1) If you are a * registered tax agent or BAS agent, you must notify the Board, in writing, if you have reasonable grounds to believe that: (a) another registered tax agent or BAS agent has breached the * Code of Professional Conduct; and (b) the breach is a * significant breach of the Code. (2) In addition, if at the time you have reasonable grounds to believe that other agent has breached the Code, and that the breach is a * significant breach of the Code: (a) the other agent is a member of a professional association accredited by the Board under the regulations; and (b) you are aware of that other agent’s membership; you must notify the association, in writing, of the breach. When you must notify (3) You must notify under subsection (1) or (2) within 30 days of the day on which you first have, or ought to have, reasonable grounds to believe that the other agent breached the Code, and that the breach is a * significant breach of the Code.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023, Sch 3 item 28", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s30-40"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 40-1", "Provision_Key": "s40-1", "Heading": "What this Division is about", "Text": "Your registration may be terminated if an event occurs that affects your continued registration (see section 20 ‑ 45), you cease to meet the tax practitioner registration requirements or you breach a condition of your registration. If your registration is terminated, the Board may also determine a period during which you may not apply for registration.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s40-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 40-5", "Provision_Key": "s40-5", "Heading": "Termination of registration—individuals", "Text": "(1) If you are a * registered tax agent or BAS agent and an individual, the Board may terminate your registration if: (a) an event affecting your continued registration, as described in section 20 ‑ 45, occurs; or (b) you cease to meet one of the * tax practitioner registration requirements; or (c) you breach a condition of your registration. Note: The Board may also terminate your registration for breach of the Code of Professional Conduct: see Subdivision 30 ‑ B. (2) The Board must terminate your registration if: (a) you surrender your registration by notice in writing to the Board; or (b) you die. (3) Despite paragraph (2)(a), the Board need not terminate your registration if: (a) you surrender your registration by notice in writing to the Board; and (b) either: (i) the Board considers that, due to a current investigation or the outcome of an investigation, it would be inappropriate to terminate your registration; or (ii) the Board, within 30 days after receiving your surrender notice, decides to investigate you and considers that it would be inappropriate to terminate your registration.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 141 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 8, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 141 of 2020, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s40-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 40-10", "Provision_Key": "s40-10", "Heading": "Termination of registration—partnerships", "Text": "(1) If you are a * registered tax agent or BAS agent and a partnership, the Board may terminate your registration if: (a) you cease to meet one of the * tax practitioner registration requirements; or (b) you breach a condition of your registration. Note: The Board may also terminate your registration for breach of the Code of Professional Conduct: see Subdivision 30 ‑ B. (2) The Board must terminate your registration if you surrender your registration by notice in writing to the Board. (2A) Despite subsection (2), the Board need not terminate your registration if: (a) you surrender your registration by notice in writing to the Board; and (b) either: (i) the Board considers that, due to a current investigation or the outcome of an investigation, it would be inappropriate to terminate your registration; or (ii) the Board, within 30 days after receiving your surrender notice, decides to investigate you and considers that it would be inappropriate to terminate your registration. (3) If an event affecting your continued registration, as described in section 20 ‑ 45, occurs in respect of a partner in your partnership, then the Board may, by notice in writing, require you to remove the partner from your partnership within the period specified in the notice. Note: A failure to comply with a notice given under this subsection is a breach of subsection 30 ‑ 10(14). (4) If an event affecting your continued registration, as described in section 20 ‑ 45, occurs in respect of a director of a company that is a partner in your partnership, then the Board may, by notice in writing, require: (a) you to remove the partner from your partnership; or (b) the company to remove the director; within the period specified in the notice. Note: A failure to comply with a notice given under this subsection is a breach of subsection 30 ‑ 10(14). (5) In determining the period, the Board must have regard to: (a) for the purpose of subsection (3) and paragraph (4)(a)—the requirements of any * Australian law in relation to the removal of partners from partnerships; and (b) for the purpose of paragraph (4)(b)—any requirement of the Corporations Act 2001 in relation to the removal of directors.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 141 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 9, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 141 of 2020, Sch 4 item 82, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s40-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 40-15", "Provision_Key": "s40-15", "Heading": "Termination of registration—companies", "Text": "(1) If you are a * registered tax agent or BAS agent and a company, the Board may terminate your registration if: (a) an event affecting your continued registration, as described in section 20 ‑ 45, occurs; or (b) you cease to meet one of the * tax practitioner registration requirements; or (c) you breach a condition of your registration. Note: The Board may also terminate your registration for breach of the Code of Professional Conduct: see Subdivision 30 ‑ B. (2) The Board must terminate your registration if: (a) you surrender your registration by notice in writing to the Board; or (b) you cease to exist. (2A) Despite paragraph (2)(a), the Board need not terminate your registration if: (a) you surrender your registration by notice in writing to the Board; and (b) either: (i) the Board considers that, due to a current investigation or the outcome of an investigation, it would be inappropriate to terminate your registration; or (ii) the Board, within 30 days after receiving your surrender notice, decides to investigate you and considers that it would be inappropriate to terminate your registration. (3) If an event affecting your continued registration, as described in section 20 ‑ 45, occurs in respect of a director of your company, then the Board may, by notice in writing, require you to remove the director from the board of directors within the period specified in the notice. In determining the period, the Board must have regard to any requirement of the Corporations Act 2001 in relation to the removal of directors. Note: A failure to comply with a notice given under this subsection is a breach of subsection 30 ‑ 10(14).", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 141 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 10, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 141 of 2020, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s40-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 40-20", "Provision_Key": "s40-20", "Heading": "Notification of decision to terminate registration and when termination takes effect", "Text": "(1) If the Board terminates your registration, the Board must, within 30 days of the decision to terminate your registration, notify you in writing of: (a) the decision and the reasons for the decision; and (b) any determination under section 40 ‑ 25 of a period during which you are not eligible to apply for registration. However, a failure to notify does not affect the validity of the Board’s decision. Note 1: The Board may terminate your registration under Subdivision 30 ‑ B or 40 ‑ A. Note 2: The Board must cause notice of its decision to be published by notifiable instrument: see section 60 ‑ 140. (2) The termination takes effect on the day specified in the notice given under subsection (1). The day specified in the notice must be at least 28 days after the date of the notice. (3) The Board must also notify the Commissioner of the Board’s decision and the reasons for the decision.", "Amendment_Count": 4, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 162 of 2015 | No 64 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 20, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 162 of 2015, Sch 4 item 4, effective Sch 4 (items 3–9, 27): 30 Nov 2015 (s 2(1) items 3, 6) | Amended by No 64 of 2020, Sch 3 item 298, effective Sch 3 (items 297–301, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 115 of 2021, Sch 1 item 114, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s40-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 40-25", "Provision_Key": "s40-25", "Heading": "Period during which you may not apply for registration", "Text": "(1) If the Board terminates your registration, the Board may also determine a period, of not more than 5 years, during which you may not apply for registration. (2) Subsection (1) does not apply if your registration was terminated because: (a) you surrendered your registration; or (b) you became an undischarged bankrupt; or (c) you went into external administration.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s40-25"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 45-1", "Provision_Key": "s45-1", "Heading": "What this Division is about", "Text": "A registered tax agent or BAS agent must be approved to employ, or use the services of, a disqualified entity to provide tax agent services on the registered tax agent or BAS agent’s behalf (see subsection 30 ‑ 10(15) and section 50 ‑ 25). Approval is sought by application to the Board. An entity is a disqualified entity if, among other things, the entity is subject to sanctions under this Act or has been convicted of certain offences. A disqualified entity must give notice to a registered tax agent or BAS agent in relation to being a disqualified entity: (a) when seeking to provide, or providing, tax agent services on the registered tax agent or BAS agent’s behalf; or (b) if the entity is seeking to enter an arrangement, or has an arrangement, with the registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent. Table of sections 45 ‑ 5 Approval of disqualified entity providing tax agent services on your behalf 45 ‑ 10 Obligation to give notice if you are a disqualified entity 45 ‑ 15 Obligation to give notice if you become a disqualified entity 45 ‑ 20 Transitional obligation to give notice if you are a disqualified entity on the commencement of this section", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s45-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 45-5", "Provision_Key": "s45-5", "Heading": "Approval of disqualified entity providing tax agent services on your behalf", "Text": "Application (1) If you are a * registered tax agent or BAS agent, you may apply to the Board for approval to employ, or use the services of, a * disqualified entity to provide * tax agent services on your behalf. Note: If you know, or ought reasonably to know, that an entity is a disqualified entity, you must be approved to employ, or use the services of, the disqualified entity to provide tax agent services on your behalf: see subsection 30 ‑ 10(15) and section 50 ‑ 25. (2) A disqualified entity is an entity that is neither a * registered tax agent or BAS agent nor a * qualified tax relevant provider and that, within the last 5 years: (a) has been convicted of: (i) a * serious taxation offence; or (ii) a * serious offence; or (iii) an offence involving fraud or dishonesty; or (b) has been penalised for being a * promoter of a * tax exploitation scheme; or (c) has been penalised for implementing a * scheme that has been promoted on the basis of conformity with a * product ruling in a way that is materially different from that described in the product ruling; or (d) has become an undischarged bankrupt or has gone into * external administration; or (e) has had action taken against it under subsection 30 ‑ 15(2) (sanctions for failure to comply with the Code of Professional Conduct); or (f) has had its registration terminated, under Subdivision 40 ‑ A; or (g) has had an application for registration or renewal of registration rejected under section 20 ‑ 25, other than a rejection on the ground that the Board is not satisfied that the entity meets the requirements in paragraph 20 ‑ 5(1)(b); or (h) has been found by the Board, after being investigated under section 60 ‑ 95, or by a Court, to have contravened this Act. (3) Your application must be: (a) in the form approved by the Board; and (b) accompanied by any documents that are required by the Board. Decision (4) The Board must decide your application: (a) within 60 days of receiving your application; or (b) if, within 60 days of receiving your application, you and the Board agree on a longer period for the Board to decide your application—within the agreed period. (5) If the Board does not decide your application within the applicable period under subsection (4), the Board is taken to have rejected the application. (6) The Board may decide to give you approval, having regard to: (a) the reasons why the entity is a * disqualified entity and the circumstances relating to those reasons; and (b) the proposed role that the entity would perform in providing the * tax agent services on your behalf; and (c) the extent to which the reasons why the entity is a disqualified entity are relevant to the entity’s ability to perform the proposed role to an appropriate standard of professional and ethical conduct; and (d) any other matters that the Board considers relevant. Notification of decision (7) The Board must, within a reasonable period after its decision to give you approval or to reject your application for approval, notify you in writing of: (a) the decision; and (b) if the Board rejects your application—the reasons for the decision. However, failure to comply with this subsection does not affect the validity of the Board’s decision.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023, Sch 3 item 2 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s45-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 45-10", "Provision_Key": "s45-10", "Heading": "Obligation to give notice if you are a disqualified entity", "Text": "(1) If: (a) you are a * disqualified entity; and (b) you are seeking to provide * tax agent services on behalf of a * registered tax agent or BAS agent; you must notify the registered tax agent or BAS agent, in writing, that you are a disqualified entity before the registered tax agent or BAS agent: (c) enters into a contract to employ you, or use your services, to provide tax agent services on the registered tax agent or BAS agent’s behalf; or (d) renews such a contract; or (e) agrees to extend such a contract. (2) If: (a) you are a * disqualified entity; and (b) you are seeking to enter into an * arrangement with a * registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent; you must notify the registered tax agent or BAS agent, in writing, that you are a disqualified entity before the registered tax agent or BAS agent: (c) enters into an arrangement with you in connection with the provision of tax agent services by the registered tax agent or BAS agent; or (d) renews such an arrangement; or (e) agrees to extend such an arrangement. Civil penalty (3) You contravene this subsection if you fail to give a notice in accordance with subsection (1) or (2). Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B in Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023, Sch 3 item 45", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s45-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 45-15", "Provision_Key": "s45-15", "Heading": "Obligation to give notice if you become a disqualified entity", "Text": "(1) If you become a * disqualified entity and: (a) you are providing * tax agent services on behalf of a * registered tax agent or BAS agent; or (b) there is an * arrangement in force between you and a * registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent; you must notify the registered tax agent or BAS agent, in writing, that you are a disqualified entity. (2) You must notify the registered tax agent or BAS agent within 30 days of the day on which you become, or ought to have become, aware, that you are a disqualified entity. Civil penalty (3) You contravene this subsection if you fail to give a notice in accordance with this section. Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B in Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s45-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 45-20", "Provision_Key": "s45-20", "Heading": "Transitional obligation to give notice if you are a disqualified entity at the commencement of this section", "Text": "(1) If: (a) immediately before the day this section commences a * registered tax agent or BAS agent employs you, or uses your services, to provide * tax agent services on the registered tax agent or BAS agent’s behalf; and (b) at the start of the day this section commences you are a * disqualified entity; and (c) immediately before the day that is 12 months after the day this section commences the registered tax agent or BAS agent employs you, or uses your services, to provide tax agent services on the registered tax agent or BAS agent’s behalf; and (d) you have not already notified the registered tax agent or BAS agent under section 45 ‑ 10 or 45 ‑ 15 that you are a disqualified entity; you must notify the registered tax agent or BAS agent, in writing, that you are a disqualified entity. You must give the notice within 30 days of the day that is 12 months after the day this section commences. (2) If: (a) immediately before the day this section commences there is an * arrangement in force between you and a * registered tax agent or BAS agent in connection with the provision of * tax agent services by the registered tax agent or BAS agent; and (b) at the start of the day this section commences you are a * disqualified entity; and (c) immediately before the day that is 12 months after the day this section commences there is an arrangement in force between you and the registered tax agent or BAS agent in connection with the provision of tax agent services by the registered tax agent or BAS agent; and (d) you have not already notified the registered tax agent or BAS agent under section 45 ‑ 10 or 45 ‑ 15 that you are a disqualified entity; you must notify the registered tax agent or BAS agent, in writing, that you are a disqualified entity. You must give the notice within 30 days of the day that is 12 months after the day this section commences. Civil penalty (3) You contravene this subsection if you fail to give a notice in accordance with subsection (1) or (2). Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B in Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s45-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-1", "Provision_Key": "s50-1", "Heading": "What this Division is about", "Text": "This Division contains civil penalty provisions. If you contravene a civil penalty provision, the Board may apply to the Federal Court for an order that you pay a pecuniary penalty. You may contravene a civil penalty provision if you are unregistered and provide tax agent services for a fee, advertise that you can provide such services or represent yourself as registered. You contravene a civil penalty provision if you are neither registered nor a qualified tax relevant provider and you provide tax (financial) advice services for a fee or advertise that you can provide such services. You also contravene a civil penalty provision if you are registered and you make a false or misleading statement, employ or use the services of an entity whose registration has been terminated, or sign a declaration or statement that was prepared by an unregistered entity who was not working under the supervision or control of a registered tax agent or BAS agent.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 21, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 115, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-5", "Provision_Key": "s50-5", "Heading": "Providing tax agent services if unregistered", "Text": "(1) You contravene this subsection if: (a) you provide a service that you know, or ought reasonably to know, is a * tax agent service; and (b) the tax agent service is not a * BAS service or a * tax (financial) advice service; and (c) you charge or receive a fee or other reward for providing the tax agent service; and (d) you are not a * registered tax agent; and (e) if you provide the tax agent service as a legal service—either: (i) you are prohibited, under a * State law or * Territory law that regulates legal practice and the provision of legal services, from providing that tax agent service; or (ii) subject to subsection (3), the service consists of preparing, or lodging, a return or a statement in the nature of a return. Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (2) You contravene this subsection if: (a) you provide a service that you know, or ought reasonably to know, is a * BAS service; and (b) you charge or receive a fee or other reward for providing the BAS service; and (c) you are not a * registered tax agent or BAS agent; and (d) if you provide the BAS service as a legal service—either: (i) you are prohibited, under a * State law or * Territory law that regulates legal practice and the provision of legal services, from providing that BAS service; or (ii) subject to subsection (4), the service consists of preparing, or lodging, a return or a statement in the nature of a return; and (e) if the BAS service relates to imports or exports to which an * indirect tax law applies—you are not a customs broker licensed under Part XI of the Customs Act 1901 . Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (3) Subparagraph (1)(e)(ii) does not apply if you provide the * tax agent service as a legal service in the course of acting for a trust or deceased estate as trustee or * legal personal representative. (4) Subparagraph (2)(d)(ii) does not apply if you provide the * BAS service as a legal service in the course of acting for a trust or deceased estate as trustee or * legal personal representative. (5) If you wish to rely on subsection (3) or (4) in civil penalty proceedings, you bear an * evidential burden in relation to that matter.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 22 | Sch 1 item 23 | Sch 1 item 31 | Sch 2 item 11, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-10", "Provision_Key": "s50-10", "Heading": "Advertising tax agent services if unregistered", "Text": "(1) You contravene this subsection if: (a) you advertise that you will provide a * tax agent service; and (b) the tax agent service is not a * BAS service or a * tax (financial) advice service; and (c) you are not a * registered tax agent; and (d) if the tax agent service would be provided as a legal service—either: (i) you are prohibited, under a * State law or * Territory law that regulates legal practice and the provision of legal services, from providing that tax agent service; or (ii) subject to subsection (3), the service would consist of preparing, or lodging, a return or a statement in the nature of a return; and (e) if the tax agent service would be provided on a voluntary basis—you would not provide the service under a scheme that the Commissioner has, by notifiable instrument, approved for the purposes of this paragraph. Civil penalty: (a) for an individual—50 penalty units; and (b) for a body corporate—250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (2) You contravene this subsection if: (a) you advertise that you will provide a * BAS service; and (b) you are not a * registered tax agent or BAS agent; and (c) if the BAS service would be provided as a legal service—either: (i) you are prohibited, under a * State law or * Territory law that regulates legal practice and the provision of legal services, from providing that BAS service; or (ii) subject to subsection (4), the service would consist of preparing, or lodging, a return or a statement in the nature of a return; and (d) if the BAS service relates to imports or exports to which an * indirect tax law applies—you are not a customs broker licensed under Part XI of the Customs Act 1901 ; and (e) if the BAS service would be provided on a voluntary basis—you would not provide the service under a scheme that the Commissioner has, by notifiable instrument, approved for the purposes of this paragraph. Civil penalty: (a) for an individual—50 penalty units; and (b) for a body corporate—250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (3) Subparagraph (1)(d)(ii) does not apply if you would provide the * tax agent service as a legal service in the course of acting for a trust or deceased estate as trustee or * legal personal representative. (4) Subparagraph (2)(c)(ii) does not apply if you would provide the * BAS service as a legal service in the course of acting for a trust or deceased estate as trustee or * legal personal representative. (4A) If you wish to rely on subsection (3) or (4) in civil penalty proceedings, you bear an * evidential burden in relation to that matter.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 64 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 24 | Sch 1 item 25 | Sch 2 item 12, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 64 of 2020, Sch 3 item 300, effective Sch 3 (items 297–301, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-15", "Provision_Key": "s50-15", "Heading": "Representing that you are a registered tax agent or BAS agent if unregistered", "Text": "You contravene this section if: (a) you represent that you are a * registered tax agent or BAS agent; and (b) that representation is untrue. Civil penalty: (a) for an individual—50 penalty units; and (b) for a body corporate—250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 26 | Sch 1 item 27, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 117 | Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-17", "Provision_Key": "s50-17", "Heading": "Providing tax (financial) advice services if not registered or qualified", "Text": "You contravene this section if: (a) either: (i) you provide a service that you know, or ought reasonably to know, is a * tax (financial) advice service; or (ii) a service that you know, or ought reasonably to know, is a tax (financial) advice service is provided on your behalf by another person; and (b) the tax (financial) advice service is not a * BAS service; and (c) either: (i) you charge or receive a fee or other reward for providing the tax (financial) advice service; or (ii) the other person charges or receives a fee or other reward for providing the tax (financial) advice service on your behalf; and (d) you are not a * registered tax agent or a * qualified tax relevant provider; and (e) in the case of the tax (financial) advice service provided on your behalf by another person—that other person is not a registered tax agent or a qualified tax relevant provider; and (f) in the case of you providing the tax (financial) advice service as a legal service—you are prohibited, under a * State law or * Territory law that regulates legal practice and the provision of legal services, from providing that tax (financial) advice service. Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.", "Amendment_Count": 1, "First_Amended": "No 115 of 2021", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 115 of 2021", "History_Notes": "Inserted by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-17"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-18", "Provision_Key": "s50-18", "Heading": "Advertising tax (financial) advice services if not registered or qualified", "Text": "You contravene this section if: (a) you advertise that: (i) you will provide a * tax (financial) advice service; or (ii) another person will provide a tax (financial) advice service on your behalf; and (b) the tax (financial) advice service is not a * BAS service; and (c) you are not a * registered tax agent or a * qualified tax relevant provider; and (d) if the tax (financial) advice service would be provided on your behalf by another person—that other person is not a registered tax agent or a qualified tax relevant provider; and (e) if the tax (financial) advice service would be provided as a legal service—you are prohibited, under a * State law or * Territory law that regulates legal practice and the provision of legal services, from providing that tax (financial) advice service. Civil penalty: (a) for an individual—50 penalty units; and (b) for a body corporate—250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B in Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you.", "Amendment_Count": 1, "First_Amended": "No 115 of 2021", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 115 of 2021", "History_Notes": "Inserted by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-18"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-20", "Provision_Key": "s50-20", "Heading": "Making false or misleading statements", "Text": "You contravene this section if: (a) you are a * registered tax agent or BAS agent; and (b) you: (i) make a statement to the Commissioner; or (ii) prepare a statement that you know, or ought reasonably to know, is likely to be made to the Commissioner by an entity; or (iii) permit or direct an entity to do a thing mentioned in subparagraph (i) or (ii); and (c) you know, or are reckless as to whether, the statement: (i) is false, incorrect or misleading in a material particular; or (ii) omits any matter or thing without which the statement is misleading in a material respect. Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note 1: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. Note 2: In some circumstances, it is an offence to recklessly make a false or misleading statement under sections 8K and 8N of the Taxation Administration Act 1953 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-25", "Provision_Key": "s50-25", "Heading": "Employing or using the services of deregistered entities", "Text": "(1) You contravene this subsection if: (a) you are a * registered tax agent or BAS agent; and (b) you employ or use the services of an entity to provide * tax agent services on your behalf; and (c) you know, or ought reasonably to know, that: (i) the entity is not a registered tax agent or BAS agent but was previously a registered tax agent or BAS agent; and (ii) the entity’s registration was terminated within the period of 1 year before you first employed, or first used the services of, the entity. Civil penalty: (a) for an individual—250 penalty units; and (b) for a body corporate—1,250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (2) Subsection (1) does not apply if the entity’s registration was terminated: (a) because: (i) the entity surrendered their registration; or (ii) the entity became an undischarged bankrupt or went into external administration; or (b) because of a reason prescribed by the regulations. (3) Subsection (1) does not apply if: (a) the entity is a * disqualified entity; and (b) the Board has given you approval under section 45 ‑ 5 to employ, or use the services of, the disqualified entity to provide * tax agent services on your behalf.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 29 | Sch 1 item 30, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 119 | Sch 1 item 120, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 45 | Sch 3 item 5", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-25"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-30", "Provision_Key": "s50-30", "Heading": "Signing of declarations etc.", "Text": "Individuals (1) You contravene this subsection if: (a) you are a * registered tax agent and an individual; and (b) in the course of providing a * tax agent service, you sign a declaration or other statement in relation to a taxpayer that is required or permitted by a * taxation law; and (c) the document in relation to which the declaration or other statement is being made was prepared by an entity other than: (i) you; or (ii) another registered tax agent who is an individual; or (iii) another individual who is working under your supervision and control or the supervision and control of another registered tax agent who is an individual. Civil penalty: 250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (2) You contravene this subsection if: (a) you are a * registered tax agent or BAS agent who is an individual; and (b) in the course of providing a * BAS service, you sign a declaration or other statement in relation to a taxpayer that is required or permitted by a * taxation law; and (c) the document in relation to which the declaration or other statement is being made was prepared by an entity other than: (i) you; or (ii) a registered tax agent or BAS agent who is an individual; or (iii) an individual who is working under your supervision and control or the supervision and control of another registered tax agent or BAS agent who is an individual. Civil penalty: 250 penalty units. Note: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. Partnerships and companies (3) You contravene this subsection if: (a) you are a partnership or company that is a * registered tax agent; and (b) in the course of providing a * tax agent service, you sign a declaration or other statement in relation to a taxpayer that is required or permitted by a * taxation law; and (c) the document in relation to which the declaration or other statement is being made was prepared by an entity other than: (i) a registered tax agent who is an individual; or (ii) an individual who is working under the supervision and control of a registered tax agent who is an individual. Civil penalty: 1,250 penalty units. Note 1: If you are a partnership and contravene this subsection, see also section 50 ‑ 40. Note 2: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (4) You contravene this subsection if: (a) you are a partnership or company that is a * registered tax agent or BAS agent; and (b) in the course of providing a * BAS service, you sign a declaration or other statement in relation to a taxpayer that is required or permitted by a * taxation law; and (c) the document in relation to which the declaration or other statement is being made was prepared by an entity other than: (i) a registered tax agent or BAS agent who is an individual; or (ii) an individual who is working under the supervision and control of a registered tax agent or BAS agent who is an individual. Civil penalty: 1,250 penalty units. Note 1: If you are a partnership and contravene this subsection, see also section 50 ‑ 40. Note 2: Subdivision 50 ‑ C of this Act and Subdivision 298 ‑ B of Schedule 1 to the Taxation Administration Act 1953 determine the procedure for obtaining a civil penalty order against you. (5) Subsections (1) to (4) do not apply if you took reasonable steps to ensure the accuracy of the document. In civil penalty proceedings, you bear the * evidential burden of proving that you took such reasonable steps.", "Amendment_Count": 2, "First_Amended": "No 114 of 2009", "Last_Amended": "No 120 of 2013", "Amending_Acts": "No 114 of 2009 | No 120 of 2013", "History_Notes": "Amended by No 114 of 2009, effective Sch 1 (items 27–30) and Sch 2: 1 Mar 2010 (s 2(1) items 3, 4) | Amended by No 120 of 2013, Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-30"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-35", "Provision_Key": "s50-35", "Heading": "Federal Court may order you to pay a pecuniary penalty for contravening a civil penalty provision", "Text": "Application for order (1) Within 4 years after you contravene a civil penalty provision, the Board may apply on behalf of the Commonwealth to the * Federal Court for an order that you pay the Commonwealth a pecuniary penalty. Court may order you to pay pecuniary penalty (2) If the * Federal Court is satisfied that you have contravened a civil penalty provision, the Federal Court may order you to pay to the Commonwealth, for each contravention, the pecuniary penalty that the Federal Court determines is appropriate (but not more than the maximum amount specified for the provision). Conduct contravening more than one civil penalty provision (3) If conduct contravenes 2 or more civil penalty provisions of this Act, proceedings may be instituted against you in relation to the contravention of any one or more of those provisions. However, you are not liable to more than one pecuniary penalty in respect of the same conduct.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-35"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-40", "Provision_Key": "s50-40", "Heading": "Treatment of partnerships", "Text": "(1) If a partnership contravenes a civil penalty provision, each partner in the partnership, at the time of the conduct constituting the contravention, is taken to have contravened the civil penalty provision unless the partner proves, on the balance of probabilities, that the partner: (a) did not engage in the conduct; and (b) did not aid, abet, counsel or procure the conduct; and (c) was not in any way knowingly concerned in, or party to, the conduct (whether directly or indirectly or whether by any act or omission of the partner). (2) If a partnership contravenes a civil penalty provision, the civil penalty that may be imposed on each partner in the partnership: (a) if the partner is an individual—must not exceed an amount equal to one ‑ fifth of the maximum penalty that could be imposed on a body corporate for the same contravention; and (b) in any other case—must not exceed the maximum penalty that could be imposed on a body corporate for the same contravention.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-40"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 50-45", "Provision_Key": "s50-45", "Heading": "Recovery of a pecuniary penalty", "Text": "If the * Federal Court orders you to pay a pecuniary penalty: (a) the penalty is payable to the Commissioner, who receives the penalty on behalf of the Commonwealth; and (b) the Commissioner may, on behalf of the Commonwealth, enforce the order as if it were a judgment of the Federal Court.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s50-45"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-1", "Provision_Key": "s60-1", "Heading": "What this Division is about", "Text": "This Division establishes the Tax Practitioners Board and contains administrative provisions relating to Board appointments and Board procedures. Comprising at least 7 Board members, the Board has functions and powers relating to the operation of this Act. Board members must be individuals who are representatives of the community rather than representatives of larger registered tax agents or BAS agents. One of the Board’s functions is to investigate your application for registration and conduct that may breach this Act. For the purposes of an investigation, the Board may oblige you to give it information. The Board must also report to the Minister on its operations each year, maintain a register of registered tax agents and BAS agents, and publish decisions to terminate or suspend the registration of a registered tax agent or BAS agent.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 31 | Sch 1 item 32, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 121, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 17", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-5", "Provision_Key": "s60-5", "Heading": "Establishment", "Text": "The Tax Practitioners Board is established.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-10", "Provision_Key": "s60-10", "Heading": "Membership", "Text": "(1) The Board consists of: (a) the * Chair; and (b) 6 or more other * Board members. Note: Board members must be community representatives (see subsection 60 ‑ 25(4)). (2) The performance of the functions, or the exercise of the powers, of the Board is not affected only because of a vacancy or vacancies in the membership of the Board.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Amended by No 101 of 2023, Sch 3 item 18", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-15", "Provision_Key": "s60-15", "Heading": "Functions", "Text": "The functions of the Board are: (a) to administer the system for the registration of * registered tax agents and BAS agents; and (b) to investigate: (i) applications for registration; and (ii) conduct that may breach this Act; and (c) to impose sanctions for non ‑ compliance with the * Code of Professional Conduct; and (d) to issue, by legislative instrument, guidelines to assist in achieving the functions mentioned in paragraphs (a), (b) and (c); and (e) such other functions as are conferred on the Board by this Act, the regulations or any other law of the Commonwealth; and (f) to do anything incidental or conducive to the performance of its functions.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 33, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 122, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-20", "Provision_Key": "s60-20", "Heading": "Powers", "Text": "The Board has power to do all things necessary or convenient to be done for or in connection with the performance of its functions.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-25", "Provision_Key": "s60-25", "Heading": "Appointment", "Text": "(1) A Board member is to be appointed by the Minister by written instrument, on a full ‑ time basis or on a part ‑ time basis. (2) The Minister must appoint one of the * Board members to be the * Chair. However, that member must not be: (a) a person who holds any office or appointment (other than as a Board member) under a law of the Commonwealth on a full ‑ time basis; or (b) a person appointed or engaged under the Public Service Act 1999 . (3) A person’s appointment as a * Board member is not invalid because of a defect or irregularity in connection with the person’s appointment. Community representatives (4) In appointing an individual as a * Board member, the Minister must be satisfied that the individual is a * community representative. (5) An individual is a community representative if the individual is not any of the following: (a) a partner in a partnership that is a * prescribed tax agent; (b) an * executive officer of a company that is a prescribed tax agent; (c) a former partner in a partnership that is currently a prescribed tax agent, if the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the partnership; (d) a former executive officer of a company that is currently a prescribed tax agent if either of the following apply: (i) the individual is receiving regular and ongoing benefits, or has within the last 6 months received a material benefit, from the company; (ii) the individual holds * shares in the company. (6) A prescribed tax agent means a company or partnership that: (a) is a * registered tax agent or BAS agent; and (b) has more than 100 employees. Note: A company or partnership whose registration as a registered tax agent or registered BAS agent is suspended remains a registered tax agent or BAS agent for the purposes of this section (see subsection 30 ‑ 25(4)). (7) An executive officer of a company means a director, secretary or senior manager (within the meaning of the Corporations Act 2001 ) of the company.", "Amendment_Count": 2, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 18, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 101 of 2023, Sch 3 item 16 | Sch 3 item 18 | Sch 3 item 19 | Sch 3 item 20", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-25"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-30", "Provision_Key": "s60-30", "Heading": "Term of appointment", "Text": "A * Board member holds office for the period specified in the instrument of appointment. Note: A Board member is eligible for reappointment: see section 33AA of the Acts Interpretation Act 1901 .", "Amendment_Count": 1, "First_Amended": "No 46 of 2011", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 46 of 2011", "History_Notes": "Amended by No 46 of 2011, Sch 2 item 1107, effective Sch 2 (items 1107, 1108) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-30"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-35", "Provision_Key": "s60-35", "Heading": "Remuneration and allowances", "Text": "(1) A * Board member is to be paid the remuneration that is determined by the Remuneration Tribunal. If no determination of that remuneration is in operation, a Board member is to be paid the remuneration that is prescribed by the regulations. (2) A * Board member is to be paid the allowances that are prescribed by the regulations. (3) This section has effect subject to the Remuneration Tribunal Act 1973 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-35"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-40", "Provision_Key": "s60-40", "Heading": "Leave of absence", "Text": "(1) A full ‑ time * Board member has the recreation leave entitlements that are determined by the Remuneration Tribunal. (2) The Minister may grant a full ‑ time * Board member leave of absence, other than recreation leave, on the terms and conditions as to remuneration or otherwise that the Minister determines. (3) The Minister may grant leave of absence to a part ‑ time * Board member on the terms and conditions that the Minister determines.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-40"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-45", "Provision_Key": "s60-45", "Heading": "Outside employment", "Text": "(1) A full ‑ time * Board member must not engage in paid employment outside the duties of his or her office without the Minister’s approval. (2) A part ‑ time * Board member must not engage in paid employment that conflicts or may conflict with the proper performance of his or her duties.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-45"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-50", "Provision_Key": "s60-50", "Heading": "Disclosure of interests", "Text": "A * Board member must give written notice to the Minister of any direct or indirect pecuniary interest that the Board member has or acquires and that conflicts or could conflict with the proper performance of the Board’s functions.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-50"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-55", "Provision_Key": "s60-55", "Heading": "Resignation", "Text": "(1) A * Board member may resign his or her appointment by giving the Minister a written resignation. The resignation must specify a day from which the resignation will take effect. (2) The * Chair may resign his or her appointment without resigning his or her appointment as a * Board member.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-55"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-60", "Provision_Key": "s60-60", "Heading": "Termination of appointment", "Text": "All Board members (1) The Minister may terminate the appointment of a * Board member: (a) for misbehaviour or physical or mental incapacity; or (b) if the Board member: (i) becomes bankrupt; or (ii) applies to take the benefit of any law for the relief of bankrupt or insolvent debtors; or (iii) compounds with his or her creditors; or (iv) makes an assignment of his or her remuneration for the benefit of his or her creditors; or (c) if the Board member fails, without reasonable excuse, to comply with section 60 ‑ 50. Additional grounds: full ‑ time Board members (2) The Minister may terminate the appointment of a full ‑ time * Board member if: (a) the Board member is absent, except on leave of absence, for 14 consecutive days or for 28 days in any 12 months; or (b) the Board member engages, except with the Minister’s approval, in paid employment outside the duties of his or her office. Additional grounds: part ‑ time Board members (3) The Minister may terminate the appointment of a part ‑ time * Board member if: (a) the Board member is absent, except on leave of absence, from 3 consecutive meetings of the Board; or (b) the Board member engages in paid employment that conflicts or may conflict with the proper performance of his or her duties.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-60"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-65", "Provision_Key": "s60-65", "Heading": "Terms and conditions of appointment not provided for by Act", "Text": "A * Board member holds office on such terms and conditions (if any) in relation to matters not provided for by this Act as are determined, in writing, by the Minister.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-65"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-67", "Provision_Key": "s60-67", "Heading": "Acting appointments", "Text": "(1) The Minister may, by written instrument, appoint a * Board member to act as the * Chair: (a) during a vacancy in the office of the Chair (whether or not an appointment has previously been made to the office); or (b) during any period, or during all periods, when the Chair: (i) is absent from duty or from Australia; or (ii) is, for any reason, unable to perform the duties of the office. (2) However, the * Board member appointed to act as the * Chair must not be: (a) a person who holds any office or appointment (other than as a Board member) under a law of the Commonwealth on a full ‑ time basis; or (b) a person appointed or engaged under the Public Service Act 1999 . (3) The Minister may, by written instrument, appoint a person to act as a * Board member: (a) during a vacancy in the office of a Board member (whether or not an appointment has previously been made to the office); or (b) during any period, or during all periods, when a Board member: (i) is absent from duty or from Australia; or (ii) is, for any reason, unable to perform the duties of the office. Note: For rules that apply to acting appointments, see sections 33AB and 33A of the Acts Interpretation Act 1901 .", "Amendment_Count": 1, "First_Amended": "No 120 of 2013", "Last_Amended": "No 120 of 2013", "Amending_Acts": "No 120 of 2013", "History_Notes": "Inserted by No 120 of 2013, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-67"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-70", "Provision_Key": "s60-70", "Heading": "Meetings", "Text": "(1) At a meeting of the Board, a majority of * Board members constitutes a quorum. (2) A question arising at a meeting is decided by a majority of the votes of the * Board members present and voting. (3) The * Chair presides at all meetings at which he or she is present. If the Chair is not present, the * Board members present must appoint one of themselves to preside. However, the member appointed to preside must not be: (a) a person who holds any office or appointment (other than as a Board member) under a law of the Commonwealth; or (b) a person appointed or engaged under the Public Service Act 1999 . (4) The * Board member presiding at a meeting has a deliberative vote and, if necessary, a casting vote. (5) The Board may regulate proceedings at its meetings as it considers appropriate. Note: Section 33B of the Acts Interpretation Act 1901 provides for participation in meetings by telephone etc.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-70"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-75", "Provision_Key": "s60-75", "Heading": "Decisions without meetings", "Text": "(1) The Board may only make a decision without meeting if the Board determines that the decision may be made in that way. (2) If the Board determines that a decision may be made without meeting, a decision is taken to have been made at a Board meeting if: (a) a majority of the Board indicate agreement with the proposed decision in accordance with the method determined by the Board under subsection (3); and (b) all * Board members were informed of the proposed decision, or reasonable efforts were made to inform all Board members of the proposed decision. (3) The Board may determine the method by which * Board members are to indicate agreement with proposed decisions. (4) The Board must keep a record of decisions made in accordance with this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-75"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-80", "Provision_Key": "s60-80", "Heading": "Administrative support for the Board", "Text": "The Board is to be assisted by APS employees whose services are made available to the Board by the Commissioner.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-80"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-85", "Provision_Key": "s60-85", "Heading": "Establishment of committees", "Text": "(1) The Board may establish * committees to assist the Board in the performance of its functions and the exercise of its powers. (2) A * committee is to consist of such persons (whether * Board members or not) as the Board determines.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-85"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-90", "Provision_Key": "s60-90", "Heading": "Remuneration and allowances of committee members", "Text": "(1) A member of a * committee (other than a * Board member) is to be paid the remuneration that is determined by the Remuneration Tribunal but, if no determination is in operation, the member is to be paid the remuneration that is prescribed by the regulations. (2) A member of a * committee (other than a * Board member) is to be paid the allowances that are prescribed by the regulations. (3) This section has effect subject to the Remuneration Tribunal Act 1973 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-90"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-95", "Provision_Key": "s60-95", "Heading": "Investigations", "Text": "(1) The Board may investigate: (a) your application for registration; or (b) any conduct that may breach this Act; or (c) other matters prescribed by the regulations. (2) The Board must notify you in writing if the Board decides to investigate you. The notice must be given within 2 weeks after the decision is made. (3) An investigation is taken to commence on the date of the notice. (4) The Board: (a) has a discretion as to its procedure; and (b) is not bound by the rules of evidence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-95"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-100", "Provision_Key": "s60-100", "Heading": "Power to request production of a document or thing", "Text": "(1) For the purpose of an investigation, the Board may, by notice, request a person: (a) to give the Board the information referred to in the notice; or (b) to produce to the Board the documents or things referred to in the notice. Note: Failure to give the information, or produce the documents or things, is an offence: see sections 8C and 8D of the Taxation Administration Act 1953 . (2) The Board’s request must: (a) be in writing; and (b) specify the period within which the person must comply with the request. The period specified under paragraph (b) must be at least 14 days after the date of the request.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-100"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-105", "Provision_Key": "s60-105", "Heading": "Power to require witnesses to appear before the Board", "Text": "(1) For the purpose of an investigation, the Board may, by notice in writing, require a person to appear before it: (a) to give evidence; or (b) to produce the documents or things referred to in the notice. Note: Failure to attend, answer questions, or produce the documents or things, is an offence: see sections 8C and 8D of the Taxation Administration Act 1953 . (2) If a person is required to appear before the Board because the person has been nominated by an entity that has applied for registration, the person is entitled to be paid by the entity any allowances and expenses that are prescribed by the regulations. (3) In any other case, a person required to appear before the Board is entitled to be paid by the Commonwealth any allowances and expenses that are prescribed by the regulations. Use of virtual enquiry technology etc. (4) The Board may decide to hold a proceeding at which a person is to appear before it: (a) at one or more physical venues; or (b) at one or more physical venues and using virtual enquiry technology; or (c) using virtual enquiry technology only. (5) Subsection (6) applies if the proceeding is held: (a) at one or more physical venues and using virtual enquiry technology; or (b) using virtual enquiry technology only. (6) The Board must ensure that the use of the virtual enquiry technology is reasonable. (7) If the proceeding is held: (a) at more than one physical venue; or (b) at one or more physical venues and using virtual enquiry technology; or (c) using virtual enquiry technology only; the Board may appoint a single place and time at which the proceeding is taken to have been held. (8) This section applies to part of a proceeding in the same way that it applies to all of a proceeding.", "Amendment_Count": 1, "First_Amended": "No 69 of 2023", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 69 of 2023", "History_Notes": "Amended by No 69 of 2023, Sch 1 item 76, effective Sch 1 (items 76, 77): 15 Sept 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-105"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-110", "Provision_Key": "s60-110", "Heading": "Power to take evidence on oath or affirmation", "Text": "(1) For the purpose of taking evidence, the * Chair, or an individual acting on behalf of the Chair, may: (a) require a person to either take an oath or make an affirmation; and (b) administer an oath or affirmation to the person. Note: Failure to take an oath or make an affirmation is an offence: see section 8D of the Taxation Administration Act 1953 . (2) The oath or affirmation is an oath or affirmation that the evidence the person will give will be true. (3) The Board may, if it thinks that it is appropriate, allow a person who has been sworn, or who has made an affirmation, to give evidence by tendering a written statement and verifying it by oath or affirmation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-110"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-115", "Provision_Key": "s60-115", "Heading": "Self ‑ incrimination", "Text": "(1) A person is not excused from: (a) giving information or evidence; or (b) producing a document or thing; under section 60 ‑ 100 or 60 ‑ 105 on the ground that doing so might tend to incriminate the person or expose the person to a penalty. (2) However, in the case of an individual: (a) the information or evidence given or the document or thing produced; and (b) the giving of the information or evidence or the producing of the document or thing; and (c) any information, document or thing obtained as a direct or indirect consequence of giving the information or evidence, or producing the document or thing; are not admissible in evidence against the individual in proceedings, other than proceedings for an offence against: (d) section 8C or 8D of the Taxation Administration Act 1953 in relation to the information or evidence given, or document or thing produced, under this Act; or (e) section 137.1 or 137.2 of the Criminal Code (which deals with false or misleading information or documents) in relation to the information or evidence given, or document produced, under this Act; or (f) section 149.1 of the Criminal Code (which deals with obstruction of Commonwealth public officials) that relates to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-115"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-120", "Provision_Key": "s60-120", "Heading": "Board may retain documents and things", "Text": "(1) If a document or thing is produced to the Board in accordance with section 60 ‑ 100 or 60 ‑ 105, the Board: (a) may take possession of, and make copies of, the document or thing, or take extracts from the document; and (b) may retain possession of the document or thing for such period as is necessary for the purposes of the investigation to which the document or thing relates. (2) While the Board retains the document or thing, the Board must allow a person who would otherwise be entitled to possession of the document or thing, or a person authorised by that person: (a) reasonable access to the document for the purposes of inspecting and making copies of, or taking extracts from, it; and (b) reasonable access to the thing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-120"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-125", "Provision_Key": "s60-125", "Heading": "Outcomes of investigations", "Text": "Investigation relating to application for registration (1) After completing an investigation in relation to an application for registration under section 20 ‑ 20, the Board must make a decision in accordance with section 20 ‑ 25. Investigation relating to whether conduct breaches this Act (2) If the Board investigates conduct under section 60 ‑ 95 and finds that the conduct breaches this Act, the Board must either: (a) make a decision that no further action will be taken; or (b) do one or more of the following: (i) impose one or more sanctions under Subdivision 30 ‑ B; (ii) terminate an entity’s registration under Subdivision 40 ‑ A; (iii) apply to the * Federal Court for an order for payment of a pecuniary penalty under Subdivision 50 ‑ C; (iv) apply to the Federal Court for an injunction under section 70 ‑ 5; (v) decide that the entity (the contravening entity ) that engaged in the conduct, and the information in respect of the contravening entity prescribed by the regulations for the purposes of this subparagraph, be entered on the register for the period prescribed by the regulations for the purposes of this subparagraph. Note 1: The Board may terminate an entity’s registration under Subdivision 40 ‑ A without investigating conduct under section 60 ‑ 95. Note 2: In this section, register means the register kept under section 60 ‑ 135 (see subsection (10) of this section). (2A) If the Board makes a decision in relation to the contravening entity under subparagraph (2)(b)(v), then the contravening entity, and the information in respect of the contravening entity mentioned in that subparagraph, must be entered on the register for the period mentioned in that subparagraph. Period within which a decision must be made (3) The Board must make a decision under subsection (2): (a) within 24 months after the day on which the investigation is taken to have commenced under subsection 60 ‑ 95(3); or (b) if a longer period is determined by the Board under subsection (4)—within that period. (4) If the Board is satisfied that, for reasons beyond the control of the Board, a decision under subsection (2) cannot be made within the period mentioned in paragraph (3)(a), the Board may determine a longer period within which the Board must make a decision under subsection (2). (5) If the Board determines a longer period, the Board must do so not later than 2 weeks before the expiry of the period mentioned in paragraph (3)(a). (6) The reasons mentioned in subsection (4) include, but are not limited to, the following: (a) undue delay that has been caused by an entity other than the Board and that has affected the conduct of the investigation to which the decision relates; (b) the complexity of the investigation. Decision not made (7) If: (a) a decision is not made within the period mentioned in paragraph (3)(a) and the Board does not determine a longer period; or (b) the Board determines a longer period but does not make a decision within that period; the Board is taken to have decided to take no further action in relation to the matter that was the subject of investigation. Notification of decisions (8) If: (a) the Board makes a decision under subsection (2); or (b) the Board investigates conduct under section 60 ‑ 95 and finds that the conduct does not breach this Act; the Board must, within 30 days of making the decision or finding: (c) notify the following persons, in writing, of the decision or finding: (i) the entity affected by the decision or finding; (ii) the complainant (if any); (iia) any professional association accredited by the Board under the regulations of which the entity is a member; (iii) if the decision or finding is relevant to the administration of the * taxation laws (other than this Act)—the Commissioner; (iv) if the decision or finding concerns a * registered tax agent in relation to providing a * tax (financial) advice service— * ASIC; and (d) give, in writing, the reasons for the decision to: (i) the entity affected by the decision; and (ia) if subparagraph (c)(iia) applies—the relevant professional association; and (ii) if subparagraph (c)(iii) applies—the Commissioner; and (iii) if subparagraph (c)(iv) applies— * ASIC. (9) If the Board determines a longer period under subsection (4), the Board must, within 30 days of making the determination: (a) notify the entity affected by the determination, in writing, of the determination; and (b) give, in writing, the reasons for the determination. Definitions (10) In this section, register means the register kept under section 60 ‑ 135.", "Amendment_Count": 5, "First_Amended": "No 120 of 2013", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 120 of 2013 | No 162 of 2015 | No 7 of 2017 | No 115 of 2021 | No 37 of 2024", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 35 | Sch 1 item 36, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 162 of 2015, effective Sch 4 (items 3–9, 27): 30 Nov 2015 (s 2(1) items 3, 6) | Amended by No 7 of 2017, Sch 1 item 22 | Sch 1 item 23, effective Sch 1 (items 21–26): 15 Mar 2017 (s 2(1) item 1) | Amended by No 115 of 2021, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 37 of 2024, Sch 3 item 3 | Sch 3 item 4 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 11 | Sch 3 item 12, effective Sch 1 (items 1–4, 37) and Sch 3: 1 July 2024 (s 2(1) item 2) Sch 4 (items 4, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-125"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-130", "Provision_Key": "s60-130", "Heading": "Annual report", "Text": "(1) The * Chair must, as soon as practicable after the end of each * financial year, prepare and give to the Minister, for presentation to the Parliament, a report on its operations during that year. Note: See also section 34C of the Acts Interpretation Act 1901 , which contains extra rules about annual reports. (2) The * Chair must also set out in the report, in relation to each general category of offence and in relation to each * law enforcement agency: (a) the number of occasions (if any) during the year on which the Board was requested by, or on behalf of, the head of the agency to disclose information under subsection 70 ‑ 40(4) to * authorised law enforcement agency officers; and (b) the number of occasions (if any) during the year on which information was disclosed under that subsection to authorised law enforcement agency officers.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Amended by No 145 of 2010, Sch 2 item 92, effective Sch 2 (items 92–95, 123(1)): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-130"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-135", "Provision_Key": "s60-135", "Heading": "Register", "Text": "(1) The Board must establish, and maintain, a register of entities in accordance with this Act and the regulations made for the purposes of this subsection. (2) Each entity that is a * registered tax agent or BAS agent must be entered on the register for the period during which the entity is a registered tax agent or BAS agent. Note: Another provision of this Act, or regulations made for the purposes of subsection (1), may require an entity that is not a registered tax agent or BAS agent to be entered on the register for a period. (3) Without limiting the regulations that may be made for the purposes of subsection (1), those regulations may do the following: (a) require an entity to be entered on the register for a specified period; (b) if an entity is required (whether by this Act or by the regulations) to be entered on the register for a period—require specified information in respect of the entity to be entered on the register for some or all of that period. Entities that are not registered tax agents or BAS agents (3A) An entity that is not a * registered tax agent or BAS agent, and information in respect of such an entity: (a) must not be entered on the register; and (b) must not remain entered on the register; except as required by this Act or by regulations made for the purposes of subsection (1). Availability of register (4) The register is to be made available for inspection on the internet.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 120 of 2013 | No 115 of 2021 | No 37 of 2024", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 37 | Sch 1 item 38 | Sch 1 item 39, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 115 of 2021, Sch 1 item 127 | Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 37 of 2024, Sch 3 item 2 | Sch 3 item 7 | Sch 3 item 9 | Sch 3 item 10, effective Sch 1 (items 1–4, 37) and Sch 3: 1 July 2024 (s 2(1) item 2) Sch 4 (items 4, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-135"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-140", "Provision_Key": "s60-140", "Heading": "Publication of information", "Text": "The Board must, by notifiable instrument, publish notice of the following decisions: (a) a decision under Subdivision 30 ‑ B or 40 ‑ A to terminate the registration of a * registered tax agent or BAS agent; (b) a decision under section 30 ‑ 25 to suspend the registration of a registered tax agent or BAS agent.", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 115 of 2021", "Amending_Acts": "No 120 of 2013 | No 64 of 2020 | No 115 of 2021", "History_Notes": "Amended by No 120 of 2013, Sch 1 item 40, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 64 of 2020, Sch 3 item 301, effective Sch 3 (items 297–301, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 115 of 2021, Sch 1 item 136, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-140"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-145", "Provision_Key": "s60-145", "Heading": "Tax Practitioners Board Special Account", "Text": "(1) The Tax Practitioners Board Special Account is established by this section. (2) The Tax Practitioners Board Special Account is a special account for the purposes of the Public Governance, Performance and Accountability Act 2013 .", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-145"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-150", "Provision_Key": "s60-150", "Heading": "Credits to the Tax Practitioners Board Special Account", "Text": "There must be credited to the Tax Practitioners Board Special Account amounts equal to the following: (a) amounts received by the Commonwealth under this Act (other than amounts received by way of penalty or amounts related to such amounts); (b) amounts appropriated by the Parliament for the purposes of the Account. Note: An Act appropriating money for expenditure out of the Consolidated Revenue Fund may contain a provision to the effect that, if any of the purposes of a special account is a purpose that is covered by an item in such an Act (whether or not the item expressly refers to the special account), then amounts may be debited against the appropriation for that item and credited to that special account.", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-150"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 60-155", "Provision_Key": "s60-155", "Heading": "Purposes of the Tax Practitioners Board Special Account", "Text": "The purposes of the Tax Practitioners Board Special Account are as follows: (a) paying or discharging the costs, expenses and other obligations incurred by the Commonwealth in the performance of the Board’s functions under this Act; (b) paying any remuneration and allowances payable to any person under this Act (including APS employees mentioned in section 60 ‑ 80); (c) reducing the balance of the account (and therefore the available appropriation for the account) without making a real or notional payment. Note: See section 80 of the Public Governance, Performance and Accountability Act 2013 (which deals with special accounts).", "Amendment_Count": 1, "First_Amended": "No 101 of 2023", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 101 of 2023", "History_Notes": "Inserted by No 101 of 2023", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s60-155"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-1", "Provision_Key": "s70-1", "Heading": "What this Division is about", "Text": "This Division sets out some miscellaneous provisions, including a provision allowing the Board to apply to the Federal Court for an injunction, a provision allowing you to apply to the Administrative Review Tribunal for review of a Board’s decision and a provision about the treatment of trustees.", "Amendment_Count": 1, "First_Amended": "No 38 of 2024", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 38 of 2024", "History_Notes": "Amended by No 38 of 2024, effective Sch 1 (item 73): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-5", "Provision_Key": "s70-5", "Heading": "Injunction to restrain or require certain conduct", "Text": "(1) If, on the application of the Board, the * Federal Court is satisfied that you have engaged, or are proposing to engage, in conduct that would constitute a contravention of a civil penalty provision, the Federal Court may grant an injunction: (a) restraining you from engaging in the conduct; or (b) if in the Federal Court’s opinion it is desirable to do so, requiring you to do something. (2) Before deciding the application, the * Federal Court may grant an interim injunction: (a) restraining you from engaging in conduct; or (b) requiring you to do something.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-10", "Provision_Key": "s70-10", "Heading": "Administrative review", "Text": "An application may be made to the Administrative Review Tribunal for review of any of the following decisions of the Board: (a) a decision under section 20 ‑ 25: (i) to reject an application for registration (including renewal of registration); or (ii) to specify a condition to which registration is subject; (c) a decision under section 20 ‑ 40 to refuse to vary a condition to which registration is subject; (d) a decision under subsection 20 ‑ 50(1) not to determine another period for making a renewal application; (e) a decision under Subdivision 30 ‑ B or 40 ‑ A to terminate registration; (f) a decision under section 30 ‑ 20 to make an order or to specify a time period in respect of an order; (g) a decision under section 30 ‑ 25 to suspend registration (including a decision as to the length of the suspension); (ga) a decision under Subdivision 40 ‑ A not to terminate registration; (h) a decision under section 40 ‑ 25 to determine a period during which an application for registration may not be made; (ha) a decision under subparagraph 60 ‑ 125(2)(b)(v) that an entity, and certain information in respect of the entity, be entered on the register kept under section 60 ‑ 135 for a period; (ha) a decision under section 45 ‑ 5 to reject an application for approval to employ, or use the services of, a * disqualified entity; (i) a decision under subsection 60 ‑ 125(4) to extend the period of time within which an investigation is to be completed.", "Amendment_Count": 5, "First_Amended": "No 120 of 2013", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 120 of 2013 | No 141 of 2020 | No 101 of 2023 | No 37 of 2024 | No 38 of 2024", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 22 | Sch 2 item 23, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 141 of 2020, Sch 4 item 110, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 101 of 2023, Sch 3 item 6 | Amended by No 37 of 2024, Sch 3 item 10 | Sch 3 item 12 | Sch 3 item 15, effective Sch 1 (items 1–4, 37) and Sch 3: 1 July 2024 (s 2(1) item 2) Sch 4 (items 4, 5): 1 June 2024 (s 2(1) item 3) | Amended by No 38 of 2024, effective Sch 1 (item 73): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-15", "Provision_Key": "s70-15", "Heading": "How this Act applies to an individual or company in the capacity of a trustee", "Text": "This Act applies to: (a) a trustee who is an individual in the same way as it applies to an individual; and (b) a trustee that is a company in the same way as it applies to a company.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-15"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-20", "Provision_Key": "s70-20", "Heading": "Continuity of partnerships", "Text": "For the purposes of this Act, a change in the composition of a partnership does not affect the continuity of the partnership.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-20"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-25", "Provision_Key": "s70-25", "Heading": "Immunity from legal action", "Text": "No action, suit or proceeding may be brought against: (a) a person who is, or has been, a * Board member; or (b) a person who is, or has been, a member of a * committee; in relation to anything done, or omitted to be done, in good faith by the Board member or committee member: (c) in the performance, or purported performance, of the Board’s functions; or (d) in the exercise, or purported exercise, of the Board’s powers.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-25"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-30", "Provision_Key": "s70-30", "Heading": "Delegation by Board", "Text": "(1) Subject to subsections (1A) and (2), the Board may, by writing, delegate all or any of its functions and powers to: (a) a * Board member; or (b) a * committee; or (c) an APS employee whose services are made available to the Board under section 60 ‑ 80; or (d) to a person engaged by the Board. Functions and powers that must not be delegated (1A) The Board may not delegate: (a) its function of issuing guidelines; or (b) its power to establish a committee under section 60 ‑ 85. Powers to make reviewable decisions (2) A power to make a reviewable decision (other than a decision covered by subsection (2A)): (a) must not be delegated under paragraph (1)(a), (c) or (d); and (b) may be delegated to a * committee under paragraph (1)(b) only if: (i) the committee has 3 members or more; and (ii) all members of the committee are * Board members. Note: For reviewable decision , see subsection (5). (2A) This subsection covers the following reviewable decisions: (a) a decision to terminate the registration of an individual under subsection 40 ‑ 5(2); (b) a decision to terminate the registration of a partnership under subsection 40 ‑ 10(2); (c) a decision to terminate the registration of a company under subsection 40 ‑ 15(2). Other matters (3) A delegate is, in the exercise of a delegated function or power, subject to the directions of the Board. (4) A delegation under this section: (a) may be revoked by the Board (whether or not constituted by the * Board members who constituted the Board when the power was delegated); and (b) continues in force even if the membership of the Board changes. Definitions (5) In this section: reviewable decision means a decision in respect of which an application for review may be made to the Administrative Review Tribunal under section 70 ‑ 10.", "Amendment_Count": 4, "First_Amended": "No 120 of 2013", "Last_Amended": "No 14 of 2025", "Amending_Acts": "No 120 of 2013 | No 37 of 2024 | No 38 of 2024 | No 14 of 2025", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 24 | Sch 2 item 29, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 37 of 2024, Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15, effective Sch 1 (items 1–4, 37) and Sch 3: 1 July 2024 (s 2(1) item 2) Sch 4 (items 4, 5): 1 June 2024 (s 2(1) item 3) | Amended by No 38 of 2024, effective Sch 1 (item 73): 14 Oct 2024 (s 2(1) item 2) | Amended by No 14 of 2025, Sch 2 item 38, effective Sch 2 (item 38): 21 Feb 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-30"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-35", "Provision_Key": "s70-35", "Heading": "Official information not to be disclosed", "Text": "Offence—recording or disclosing official information (1) A person commits an offence if: (a) the person: (i) is or has been a * Board member or a member of a * committee; or (ii) is or has been an APS employee whose services were made available to the Board by the Commissioner; or (iii) is or has been a person appointed or employed by, or a provider of services for, the Commonwealth; and (b) the person: (i) makes a record of information; or (ii) discloses information to another person (other than the person to whom the information relates or that person’s * agent in relation to the information) or to a court or tribunal; and (c) the information is * official information; and (d) the information was acquired by the first ‑ mentioned person in the course of, or because of, his or her duties under or in relation to this Act or the regulations. Penalty: Imprisonment for 2 years. Consent is not a defence (2) It is not a defence to a prosecution for an offence against subsection (1) that the entity to whom the information relates has consented to: (a) the making of the record; or (b) the disclosure of the information. Limits on disclosure to courts and tribunals (3) A person mentioned in paragraph (1)(a) is not required to disclose to a court or tribunal * official information that was acquired by the person in the course of, or because of, his or her duties under or in relation to this Act or the regulations except if it is necessary to do so for the purpose of carrying into effect the provisions of this Act or the regulations.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Repealed and substituted by No 145 of 2010, Sch 2 item 70, effective Sch 2 (items 92–95, 123(1)): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-35"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-40", "Provision_Key": "s70-40", "Heading": "Exceptions to the prohibition on disclosure of official information", "Text": "Disclosure in the performance of duties (1) Subsection 70 ‑ 35(1) does not apply if the record or disclosure is made in performing the person’s duties under or in relation to this Act or the regulations. Note: A defendant bears an evidential burden in relation to the matters in subsection (1): see subsection 13.3(3) of the Criminal Code . Disclosure of publicly available information (2) Subsection 70 ‑ 35(1) does not apply if the information was already available to the public (otherwise than as a result of a contravention of subsection 70 ‑ 35(1) or 70 ‑ 45(1)). Note: A defendant bears an evidential burden in relation to the matters in subsection (2): see subsection 13.3(3) of the Criminal Code . Disclosures to the Commissioner (3) Subsection 70 ‑ 35(1) does not apply if the record or disclosure is to the Commissioner and is for the purpose of administering a * taxation law. Note: A defendant bears an evidential burden in relation to the matters in subsection (3): see subsection 13.3(3) of the Criminal Code . Disclosures to ASIC (3A) Subsection 70 ‑ 35(1) does not apply if the record or disclosure is to * ASIC for the purpose of ASIC performing any of its functions or exercising any of its powers. Note: A defendant bears an evidential burden in relation to the matters in subsection (3A): see subsection 13.3(3) of the Criminal Code . Disclosures to Financial Services and Credit Panels (3AA) Subsection 70 ‑ 35(1) does not apply if the record or disclosure is to a * Financial Services and Credit Panel for the purpose of the panel performing any of its functions or exercising any of its powers. Note: A defendant bears an evidential burden in relation to the matters in subsection (3AA): see subsection 13.3(3) of the Criminal Code . Disclosures to the Inspector ‑ General of Taxation (3B) Subsection 70 ‑ 35(1) does not apply if the record or disclosure is to the Inspector ‑ General of Taxation and is for the purpose of investigating or reporting under, or otherwise administering: (a) the Inspector ‑ General of Taxation Act 2003 ; or (b) provisions of the Ombudsman Act 1976 , to the extent that they are applied by the Inspector ‑ General of Taxation Act 2003 . Note: A defendant bears an evidential burden in relation to the matters in subsection (3B): see subsection 13.3(3) of the Criminal Code . Disclosure in relation to serious offences and proceeds of crime orders (4) Subsection 70 ‑ 35(1) does not apply if: (a) the record is made for, or the disclosure is to, an * authorised law enforcement agency officer; and (b) the record or disclosure is for the purpose of: (i) investigating a * serious offence; or (ii) enforcing a law, the contravention of which is a serious offence; or (iii) the making, or proposed or possible making, of a * proceeds of crime order. Note: A defendant bears an evidential burden in relation to the matters in subsection (4): see subsection 13.3(3) of the Criminal Code . Disclosures to the Secretary of the Department (5) Subsection 70 ‑ 35(1) does not apply if: (a) the person (the first person ) makes the record for, or the disclosure to, the Secretary of the Department; and (b) the record or disclosure is of information that concerns: (i) a breach of an obligation of confidence by another person (the second person ) against the Commonwealth or a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013 ); or (ii) if the first person reasonably suspects that such a breach has occurred—the suspected breach; and (c) the obligation arose in connection with the second person providing advice, or otherwise providing services, to a Commonwealth entity either: (i) as an entity engaged by the Commonwealth entity for that purpose; or (ii) as an entity representing a taxpayer; and (d) the record or disclosure is for the purpose of: (i) enabling or assisting in the consideration, development or implementation of any measure or the taking of any action directed at dealing with the breach or suspected breach; or (ii) enabling or assisting the Secretary or an SES employee of the Department to advise the Minister and the * Finance Minister in relation to the breach or suspected breach; and (e) the record or disclosure is of information that does not include: (i) the * ABN; or (ii) the name; or (iii) contact details; or (iv) personal information (within the meaning of the Privacy Act 1988 ); of any person other than the second person, unless the Board is satisfied that the inclusion of the information is necessary for a purpose mentioned in paragraph (d). Note: A defendant bears an evidential burden in relation to the matters in subsection (5): see subsection 13.3(3) of the Criminal Code . Disclosures to a prescribed professional disciplinary body (6) Subsection 70 ‑ 35(1) does not apply if: (a) the person (the first person ) makes the record for, or the disclosure to, a professional disciplinary body that is prescribed by the regulations for the purposes of this subsection (a prescribed disciplinary body ); and (b) the record or disclosure is of information that concerns another person (the second person ) and an act or omission (or a suspected act or omission) of the second person that the first person reasonably suspects may constitute a breach by the second person of the prescribed disciplinary body’s code of conduct or professional standards, however described; and (c) the record or disclosure is made for the purpose of enabling or assisting the prescribed disciplinary body to perform one or more of its functions in respect of the second person; and (d) the record or disclosure is of information that does not include: (i) the * ABN; or (ii) the name; or (iii) contact details; or (iv) personal information (within the meaning of the Privacy Act 1988 ); of any person other than the second person, unless the Board is satisfied that the inclusion of the information is necessary for the purpose mentioned in paragraph (c). Note: A defendant bears an evidential burden in relation to the matters in subsection (6): see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 8, "First_Amended": "No 114 of 2009", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 114 of 2009 | No 145 of 2010 | No 120 of 2013 | No 21 of 2015 | No 162 of 2015 | No 7 of 2017 | No 115 of 2021 | No 37 of 2024", "History_Notes": "Amended by No 114 of 2009, Sch 1 item 29 | Sch 1 item 30, effective Sch 1 (items 27–30) and Sch 2: 1 Mar 2010 (s 2(1) items 3, 4) | Repealed and substituted by No 145 of 2010, Sch 2 item 92 | Sch 2 item 70, effective Sch 2 (items 92–95, 123(1)): 17 Dec 2010 (s 2(1) item 2) | Amended by No 120 of 2013, Sch 1 item 41 | Sch 2 item 25, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 21 of 2015, Sch 2 item 37 | Sch 2 item 38, effective Sch 2 (items 37, 38, 44–46): 1 May 2015 (s 2(1) item 3) | Amended by No 162 of 2015, Sch 4 item 7 | Sch 4 item 8 | Sch 4 item 9, effective Sch 4 (items 3–9, 27): 30 Nov 2015 (s 2(1) items 3, 6) | Amended by No 7 of 2017, Sch 1 item 921L | Sch 1 item 25, effective Sch 1 (items 21–26): 15 Mar 2017 (s 2(1) item 1) | Amended by No 115 of 2021, Sch 1 item 129, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 37 of 2024, Sch 4 item 4, effective Sch 1 (items 1–4, 37) and Sch 3: 1 July 2024 (s 2(1) item 2) Sch 4 (items 4, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-40"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-45", "Provision_Key": "s70-45", "Heading": "On ‑ disclosure of official information", "Text": "Offence—on ‑ disclosure of information (1) A person commits an offence if: (a) the person: (i) makes a record of information; or (ii) discloses information to another person (other than a person to whom the information relates or the person’s * agent in relation to the information) or to a court or tribunal; and (b) the information was acquired by the first ‑ mentioned person under an exception in section 70 ‑ 40 or in this section; and (c) the first ‑ mentioned person did not acquire the information in the course of, or because of, his or her duties under or in relation to this Act or the regulations. Penalty: Imprisonment for 2 years. Consent is not a defence (2) It is not a defence to a prosecution for an offence against subsection (1) that the entity to whom the information relates has consented to: (a) the making of the record; or (b) the disclosure of the information. Exceptions (3) Subsection (1) does not apply if the information was already available to the public (otherwise than as a result of a contravention of subsection (1) or 70 ‑ 35(1)). Note: A defendant bears an evidential burden in relation to the matters in subsection (3): see subsection 13.3(3) of the Criminal Code . (4) Subsection (1) does not apply if: (a) the information was originally disclosed under an exception in section 70 ‑ 40 for a purpose specified in that exception (the original purpose ); and (b) the information was acquired by the person under this section or an exception in section 70 ‑ 40; and (c) the record or disclosure is made by the person for the original purpose, or in connection with the original purpose. Note: A defendant bears an evidential burden in relation to the matters in subsection (4): see subsection 13.3(3) of the Criminal Code . (5) Without limiting subsection (4), a record or disclosure is made by the person in connection with the original purpose if the record or disclosure is for purposes of criminal, civil or administrative proceedings (including merits review or judicial review) that are related to the original purpose. Limit on on ‑ disclosure to courts or tribunals (6) A person is not to be required to disclose to a court or tribunal information that was acquired by the person under this section, except if it is necessary to do so for the purpose of carrying into effect the provisions of this Act or the regulations.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Repealed and substituted by No 145 of 2010, effective Sch 2 (items 92–95, 123(1)): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-45"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-50", "Provision_Key": "s70-50", "Heading": "Legal professional privilege", "Text": "This Act does not affect the law relating to legal professional privilege.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-50"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-55", "Provision_Key": "s70-55", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act. (2) In particular, regulations may be made in relation to transitional matters relating to the enactment of this Act and the repeal of Part VIIA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-55"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-60", "Provision_Key": "s70-60", "Heading": "Address for service of notices", "Text": "(1) An entity’s address for service of notices by the Board for the purposes of this Act is: (a) a physical address in Australia; or (b) a postal address in Australia; or (c) an electronic address; that the entity has given the Board as the entity’s address for service for the purposes of this Act. (2) If an entity has given the Board more than one address for service for the purposes of subsection (1), the entity’s address for service is such of those addresses as the Board considers reasonable in the circumstances. (3) If an entity has not given the Board an address for service, the entity’s address for service is the address that the Board reasonably believes to be the entity’s address for service for the purposes of this Act.", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Inserted by No 141 of 2020, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-60"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 70-65", "Provision_Key": "s70-65", "Heading": "How documents may be given", "Text": "(1) For the purposes of this Act, a document (however described) may be given to an entity: (a) in the manner specified in section 28A of the Acts Interpretation Act 1901 ; or (b) if the entity’s address for service is an electronic address—by sending it to that address; or (c) if the entity is a company and a liquidator of the company has been appointed—by leaving it at, or posting it to, the address of the liquidator’s office in the most recent notice of that address lodged with * ASIC; or (d) if the entity is a company and an administrator of the company has been appointed—by leaving it at, or posting it to, the address of the administrator in the most recent notice of that address lodged with ASIC. (2) Despite section 29 of the Acts Interpretation Act 1901 , a document posted under subsection (1) of this section is taken to be given at the time the Board posts it. (3) This Subdivision has effect despite paragraphs 9(1)(d) and (2)(d) of the Electronic Transactions Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Inserted by No 141 of 2020, effective Sch 4 (items 102–111): 1 Jan 2021 (s 2(1) item 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s70-65"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 80-1", "Provision_Key": "s80-1", "Heading": "What forms part of this Act", "Text": "(1) These all form part of this Act: (a) the headings to the Parts, Divisions and Subdivisions of this Act; (b) * Guides; (c) the headings to the sections and subsections of this Act; (d) the notes and examples (however described) that follow provisions of this Act. (2) The asterisks used to identify defined terms form part of this Act. However, if a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s80-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 80-2", "Provision_Key": "s80-2", "Heading": "What does not form part of this Act", "Text": "Tables of Subdivisions and tables of sections do not form part of this Act.", "Amendment_Count": 1, "First_Amended": "No 46 of 2011", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 46 of 2011", "History_Notes": "Inserted by No 46 of 2011, effective Sch 2 (items 1107, 1108) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s80-2"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 80-5", "Provision_Key": "s80-5", "Heading": "The role of Guides in interpreting this Act", "Text": "(1) A Guide consists of sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc. (2) A Guide forms part of this Act, but is kept separate from operative provisions. In interpreting an operative provision, a Guide may only be considered: (a) in determining the purpose or object underlying the provision; or (b) to confirm that the provision’s meaning is the ordinary meaning conveyed by its text, taking into account its context in the Act and the purpose or object underlying the provision; or (c) in determining the provision’s meaning if the provision is ambiguous or obscure; or (d) in determining the provision’s meaning if the ordinary meaning conveyed by its text, taking into account its context in the Act and the purpose or object underlying the provision, leads to a result that is manifestly absurd or is unreasonable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s80-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 90-1", "Provision_Key": "s90-1", "Heading": "Dictionary", "Text": "(1) In this Act: BAS service has the meaning given by section 90 ‑ 10. Board means the Tax Practitioners Board established by section 60 ‑ 5. Board member means a member of the Board appointed in accordance with section 60 ‑ 25 (including the Chair). Chair means the Chair of the Board. Code of Professional Conduct means the Code of Professional Conduct set out in section 30 ‑ 10. committee means a committee established under section 60 ‑ 85. community representative has the meaning given by section 60 ‑ 25. disqualified entity has the meaning given by subsection 45 ‑ 5(2). evidential burden , in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist. executive officer has the meaning given by section 60 ‑ 25. external administration : a person goes into external administration if the person becomes a Chapter 5 body corporate (within the meaning of the Corporations Act 2001 ). Federal Court means the Federal Court of Australia. Financial Services and Credit Panel has the same meaning as in the Australian Securities and Investments Commission Act 2001 . financial services licensee has the same meaning as in the Corporations Act 2001 . Guide has the meaning given by section 80 ‑ 5. official information means information that: (a) was disclosed or obtained under or for the purposes of this Act; and (b) relates to the affairs of a person; and (c) identifies, or is reasonably capable of being used to identify, the person. prescribed tax agent has the meaning given by section 60 ‑ 25. qualified tax relevant provider has the same meaning as in the Corporations Act 2001 . registered BAS agent means an entity that is registered under this Act as a registered BAS agent. Note: In most cases, an entity is taken not to be a registered BAS agent if the entity is suspended from providing BAS services under section 30 ‑ 25. registered tax agent means an entity that is registered under this Act as a registered tax agent. Note: In most cases, an entity is taken not to be a registered tax agent if the entity is suspended from providing tax agent services under section 30 ‑ 25. registered tax agent or BAS agent means an entity that is registered under this Act as a registered tax agent or a registered BAS agent. registered tax agents and BAS agents means entities that are registered under this Act as registered tax agents and entities that are registered under this Act as registered BAS agents. relevant provider has the same meaning as in the Corporations Act 2001 . representative has the meaning given by paragraph (a) of the definition of that expression in section 9 of the Corporations Act 2001 . serious taxation offence means: (a) an offence against section 134.1, 134.2, 135.1, 135.2 or 135.4 of the Criminal Code , if the offence relates to a tax liability (within the meaning of the Taxation Administration Act 1953 ); or (b) a * taxation offence that is punishable on conviction by a fine exceeding 40 penalty units, or imprisonment, or both. significant breach of the Code means a breach of the * Code of Professional Conduct by a * registered tax agent or BAS agent if the breach: (a) constitutes an indictable offence, or an offence involving dishonesty, under an * Australian law; or (b) results, or is likely to result, in material loss or damage to another entity (including the Commonwealth); or (c) is otherwise significant, including taking into account any one or more of the following: (i) the number or frequency of similar breaches by the agent; (ii) the impact of the breach on the agent’s ability to provide * tax agent services; (iii) the extent to which the breach indicates that the agent’s arrangements to ensure compliance with the Code are inadequate; or (d) is a breach of a kind prescribed by the regulations for the purposes of this paragraph. tax agent service has the meaning given by section 90 ‑ 5. taxation offence has the meaning given by section 8A of the Taxation Administration Act 1953 . tax (financial) advice service has the meaning given by section 90 ‑ 15. tax practitioner registration requirements means the matters about which the Board must, under Subdivision 20 ‑ A, be satisfied before the Board is obliged to grant an application for registration under this Act. virtual enquiry technology means any technology that allows a person to appear at all or part of a hearing, examination or other enquiry without being physically present at the hearing, examination or other enquiry. (2) An expression has the same meaning in this Act as in the Income Tax Assessment Act 1997 (other than the expression “this Act”).", "Amendment_Count": 9, "First_Amended": "No 145 of 2010", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 145 of 2010 | No 120 of 2013 | No 31 of 2014 | No 7 of 2017 | No 115 of 2021 | No 127 of 2021 | No 69 of 2023 | No 76 of 2023 | No 101 of 2023", "History_Notes": "Amended by No 145 of 2010, Sch 2 item 94 | Sch 2 item 95, effective Sch 2 (items 92–95, 123(1)): 17 Dec 2010 (s 2(1) item 2) | Amended by No 120 of 2013, Sch 1 item 42 | Sch 2 item 26, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 31 of 2014, Sch 8 item 41, effective Sch 8 (item 41): 24 June 2014 (s 2(1) item 9) | Amended by No 7 of 2017, Sch 1 item 26, effective Sch 1 (items 21–26): 15 Mar 2017 (s 2(1) item 1) | Amended by No 115 of 2021, Sch 1 item 130 | Sch 1 item 131 | Sch 1 item 132 | Sch 1 item 133 | Sch 1 item 134 | Sch 1 item 135, effective Sch 1 (items 106–141): 1 Jan 2022 (s 2(1) item 2) | Amended by No 127 of 2021, Sch 2 item 62, effective Sch 2 (item 62): 8 Dec 2021 (s 2(1) item 3) | Amended by No 69 of 2023, Sch 1 item 77, effective Sch 1 (items 76, 77): 15 Sept 2023 (s 2(1) item 2) | Amended by No 76 of 2023, Sch 2 item 723 | Sch 2 item 724 | Sch 2 item 725 | Sch 2 item 726, effective Sch 2 (items 723–726): 20 Oct 2023 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 7 | Sch 3 item 20 | Sch 3 item 27", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s90-1"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 90-5", "Provision_Key": "s90-5", "Heading": "Meaning of tax agent service", "Text": "(1) A tax agent service is any service: (a) that relates to: (i) ascertaining liabilities, obligations or entitlements of an entity that arise, or could arise, under a * taxation law; or (ii) advising an entity about liabilities, obligations or entitlements of the entity or another entity that arise, or could arise, under a taxation law; or (iii) representing an entity in their dealings with the Commissioner; and (b) that is provided in circumstances where the entity can reasonably be expected to rely on the service for either or both of the following purposes: (i) to satisfy liabilities or obligations that arise, or could arise, under a taxation law; (ii) to claim entitlements that arise, or could arise, under a taxation law. (2) A service specified in the regulations for the purposes of this subsection is not a tax agent service . Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .", "Amendment_Count": 1, "First_Amended": "No 126 of 2015", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 126 of 2015", "History_Notes": "Amended by No 126 of 2015, effective Sch 1 (item 600): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s90-5"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 90-10", "Provision_Key": "s90-10", "Heading": "Meaning of BAS service", "Text": "(1) A BAS service is a * tax agent service: (a) that relates to: (i) ascertaining liabilities, obligations or entitlements of an entity that arise, or could arise, under a * BAS provision; or (ii) advising an entity about liabilities, obligations or entitlements of the entity or another entity that arise, or could arise, under a BAS provision; or (iii) representing an entity in their dealings with the Commissioner in relation to a BAS provision; and (b) that is provided in circumstances where the entity can reasonably be expected to rely on the service for either or both of the following purposes: (i) to satisfy liabilities or obligations that arise, or could arise, under a BAS provision; (ii) to claim entitlements that arise, or could arise, under a BAS provision. (1AA) A * tax agent service that relates to any of the following is also a BAS service : (a) section 9 of the A New Tax System (Australian Business Number) Act 1999 ; (b) sections 202CD and 202CF of the Income Tax Assessment Act 1936 ; (c) the Superannuation Guarantee Charge Act 1992 ; (d) Part 3B of the Superannuation Industry (Supervision) Act 1993 ; (e) Part 5 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 . (1AB) A * tax agent service that relates to the Superannuation Guarantee (Administration) Act 1992 is also a BAS service to the extent that it relates to a payroll function or payments to contractors. (1A) The Board may, by legislative instrument, specify that another service is a BAS service . (2) A service specified in the regulations for the purposes of this subsection is not a BAS service . Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 .", "Amendment_Count": 3, "First_Amended": "No 120 of 2013", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 120 of 2013 | No 126 of 2015 | No 101 of 2023", "History_Notes": "Amended by No 120 of 2013, Sch 2 item 27, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7) | Amended by No 126 of 2015, effective Sch 1 (item 600): 5 Mar 2016 (s 2(1) item 2) | Amended by No 101 of 2023, Sch 3 item 8", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s90-10"}
{"Act_Short_Name": "TASA", "Act_Title": "Tax Agent Services Act 2009", "Act_Year": "2009", "Act_FRL_Id": "C2009A00013", "Provision": "s 90-15", "Provision_Key": "s90-15", "Heading": "Meaning of tax (financial) advice service", "Text": "(1) A tax (financial) advice service is a * tax agent service (other than within the meaning of subparagraph (1)(a)(iii) of the definition of that expression) provided by a * financial services licensee or a * representative of a financial services licensee in the course of giving advice of a kind usually given by a financial services licensee or a representative of a financial services licensee to the extent that: (a) the service relates to: (i) ascertaining liabilities, obligations or entitlements of an entity that arise, or could arise, under a * taxation law; or (ii) advising an entity about liabilities, obligations or entitlements of the entity or another entity that arise, or could arise, under a taxation law; and (b) the service is provided in circumstances where the entity can reasonably be expected to rely on the service for either or both of the following purposes: (i) to satisfy liabilities or obligations that arise, or could arise, under a taxation law; (ii) to claim entitlements that arise, or could arise, under a taxation law. (2) The Board may, by legislative instrument, specify that another service is a tax (financial) advice service . (3) However, a service is not a tax (financial) advice service if: (a) it consists of preparing a return or a statement in the nature of a return; or (b) it is specified in the regulations for the purposes of this paragraph.", "Amendment_Count": 1, "First_Amended": "No 120 of 2013", "Last_Amended": "No 120 of 2013", "Amending_Acts": "No 120 of 2013", "History_Notes": "Inserted by No 120 of 2013, Sch 1 item 42, effective Sch 1 (items 1–9, 11–43, 48–50): 1 July 2014 (s 2(1) items 2, 4, 6) Sch 1 (item 10): 1 Jan 2016 (s 2(1) item 3) Sch 2: 30 June 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2009A00013/latest/text#s90-15"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Product Grants and Benefits Administration Act 2000 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s1"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act commences on the day on which it receives the Royal Assent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s2"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Object", "Text": "The object of this Act is to provide a scheme for the administration of a number of grants and benefits that are administered by the Commissioner of Taxation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s3"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 3A", "Provision_Key": "s3a", "Heading": "Extension to external Territories", "Text": "This Act, to the extent that it applies in relation to product stewardship (oil) benefits, extends to all the external Territories.", "Amendment_Count": 1, "First_Amended": "No 105 of 2000", "Last_Amended": "No 105 of 2000", "Amending_Acts": "No 105 of 2000", "History_Notes": "Inserted by No 105 of 2000, effective Sch 1 (items 7, 8): 6 July 2000 (s 2(2)(a)) Remainder: 6 July 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s3A"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 4", "Provision_Key": "s4", "Heading": "States and Territories are bound", "Text": "This Act binds the Crown in right of each of the States, of the Australian Capital Territory and of the Northern Territory. However, it does not make the Crown liable to be prosecuted for an offence.", "Amendment_Count": 1, "First_Amended": "No 59 of 2015", "Last_Amended": "No 59 of 2015", "Amending_Acts": "No 59 of 2015", "History_Notes": "Amended by No 59 of 2015, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 1 item 7 | Sch 1 item 8 | Sch 1 item 9 | Sch 1 item 10 | Sch 1 item 11 | Sch 1 item 12 | Sch 1 item 13 | Sch 1 item 14 | Sch 1 item 15 | Sch 1 item 16 | Sch 1 item 17 | Sch 1 item 18 | Sch 1 item 97 | Sch 1 item 106 | Sch 1 item 107 | Sch 1 item 108 | Sch 1 item 109 | Sch 1 item 110 | Sch 1 item 111 | Sch 1 item 112 | Sch 1 item 113 | Sch 1 item 115 | Sch 1 item 134 | Sch 1 item 135 | Sch 1 item 136 | Sch 1 item 137 | Sch 1 item 138 | Sch 1 item 141 | Sch 1 item 144 | Sch 1 item 182 | Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 2 item 4 | Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 7 | Sch 2 item 8 | Sch 2 item 9 | Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 12 | Sch 2 item 13 | Sch 2 item 14 | Sch 2 item 15 | Sch 2 item 16 | Sch 2 item 17 | Sch 2 item 18 | Sch 2 item 19 | Sch 2 item 20 | Sch 2 item 21 | Sch 2 item 22 | Sch 2 item 23 | Sch 2 item 24 | Sch 2 item 35 | Sch 2 item 37 | Sch 2 item 38 | Sch 2 item 41 | Sch 2 item 42 | Sch 2 item 50 | Sch 2 item 68 | Sch 2 item 72 | Sch 2 item 76 | Sch 2 item 80 | Sch 2 item 84 | Sch 2 item 122 | Sch 2 item 138 | Sch 2 item 139 | Sch 2 item 140 | Sch 2 item 141 | Sch 2 item 164 | Sch 2 item 165 | Sch 2 item 166 | Sch 2 item 167 | Sch 2 item 168 | Sch 2 item 170 | Sch 2 item 213 | Sch 2 item 225 | Sch 2 item 229 | Sch 2 item 246 | Sch 2 item 247 | Sch 2 item 264 | Sch 2 item 272 | Sch 2 item 277 | Sch 2 item 287 | Sch 2 item 288 | Sch 2 item 289 | Sch 2 item 299 | Sch 2 item 311 | Sch 2 item 312 | Sch 2 item 314 | Sch 2 item 315 | Sch 2 item 342 | Sch 2 item 356, effective Sch 2 (item 311): 1 July 2016 (s 2(1) item 5) Sch 2 (items 356–396): 18 June 2015 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s4"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Definitions", "Text": "In this Act, unless the contrary intention appears: ABN has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . amount includes a nil amount. approved form has the meaning given by section 995 ‑ 1 of the Income Tax Assessment Act 1997 . assessment includes an assessment of a nil amount. benefit means a grant that is covered by this Act that is known as a benefit. claim period has the meaning given by section 12. Commissioner means the Commissioner of Taxation. electronic signature means an entity’s unique identification in an electronic form that is approved by the Commissioner. entitlement Act means an Act under which the entitlement to a grant or benefit arises. The entitlement Acts are listed in section 8. entity has the meaning given by section 37 of the A New Tax System (Australian Business Number) Act 1999 . false statement means a statement (whether made orally, in a document or in any other way) that: (a) is false or misleading in a material particular; or (b) omits any matter or thing without which the statement is misleading in a material particular; but does not include a statement made in a document produced under paragraph 353 ‑ 10(1)(b) or (c) in Schedule 1 to the Taxation Administration Act 1953 ). general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . goods includes a substance and a tangible thing. grant means a grant that is covered by this Act that is known as a grant. overpayment debt means so much of an amount paid, or purportedly paid, to an entity by way of: (a) a grant or benefit as represents an overpayment; or (b) an amount that is repayable as mentioned in subsection 13(2) or (3) (which deals with advances). scheme debt means: (a) an overpayment debt; or (b) an amount payable by way of a penalty under Part 8. trustee includes an executor and an administrator. you : if a provision of this Act or an entitlement Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note: The expression you is not used in provisions that apply only to entities that are not individuals.", "Amendment_Count": 7, "First_Amended": "No 54 of 2003", "Last_Amended": "No 81 of 2015", "Amending_Acts": "No 54 of 2003 | No 42 of 2004 | No 73 of 2006 | No 101 of 2006 | No 136 of 2012 | No 2 of 2015 | No 81 of 2015", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 1 | Sch 7 item 2 | Sch 7 item 5, effective 1 July 2003 | Amended by No 42 of 2004, item 6, effective Schedule 1 (items 1–3) and Schedule 2 (items 1–3): 18 Sept 2003 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3 | Sch 3 item 18 | Sch 3 item 24 | Sch 5 item 33, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent | Amended by No 101 of 2006, Sch 2 item 21 | Sch 2 item 117 | Sch 2 item 1044 | Sch 5 item 6 | Sch 5 item 7 | Sch 5 item 14 | Sch 5 item 15 | Sch 5 item 16 | Sch 5 item 17 | Sch 5 item 42 | Sch 5 item 65, effective Schedule 2 (items 1017, 1044, 1045) and Schedule 6 (items 1, 6–11): Royal Assent | Amended by No 136 of 2012, Sch 1 item 9 | Sch 1 item 25 | Sch 1 item 67 | Sch 1 item 69 | Sch 1 item 94 | Sch 1 item 95 | Sch 1 item 96 | Sch 1 item 97 | Sch 1 item 106 | Sch 1 item 113 | Sch 1 item 114 | Sch 3 item 5 | Sch 6 item 80, effective Schedule 1 (item 106): Royal Assent | Amended by No 2 of 2015, Sch 2 item 5 | Sch 2 item 39 | Sch 2 item 40 | Sch 2 item 41 | Sch 2 item 55 | Sch 4 item 39 | Sch 4 item 51, effective Sch 2 (items 5, 6, 73): 25 Feb 2015 (s 2(1) items 3, 5) Sch 2 (items 39–49): 1 July 2015 (s 2(1) item 4) | Amended by No 81 of 2015, Sch 1 item 19, effective Sch 1 (items 19–23, 25–28): 1 July 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s5"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Commissioner has general administration of this Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that the Taxation Administration Act 1953 applies to this Act as a taxation law. This means, for example, that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Amended by No 145 of 2010, Sch 2 item 16 | Sch 2 item 64 | Sch 2 item 66, effective Schedule 2 (items 64, 65): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s7"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Grants and benefits covered by Act", "Text": "The following table sets out the grants and benefits that are covered by this Act and the Acts (the entitlement Acts ) under which those grants and benefits are payable: Table of grants and benefits covered by Act Item Grant or benefit Entitlement Act 2 product stewardship (oil) benefits Product Stewardship (Oil) Act 2000", "Amendment_Count": 5, "First_Amended": "No 105 of 2000", "Last_Amended": "No 81 of 2015", "Amending_Acts": "No 105 of 2000 | No 54 of 2003 | No 42 of 2004 | No 73 of 2006 | No 81 of 2015", "History_Notes": "Amended by No 105 of 2000, Sch 1 item 3, effective Sch 1 (items 7, 8): 6 July 2000 (s 2(2)(a)) Remainder: 6 July 2000 (s 2(1)) | Amended by No 54 of 2003, Sch 7 item 3 | Sch 7 item 10 | Sch 7 item 19 | Sch 7 item 22, effective 1 July 2003 | Amended by No 42 of 2004, item 3 | Sch 4 item 3, effective Schedule 1 (items 1–3) and Schedule 2 (items 1–3): 18 Sept 2003 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 1 item 4 | Sch 3 item 10 | Sch 3 item 11 | Sch 3 item 12 | Sch 3 item 19, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent | Amended by No 81 of 2015, Sch 1 item 20, effective Sch 1 (items 19–23, 25–28): 1 July 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s8"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Registration for entitlement to grants or benefits", "Text": "(1) On or after the commencement of this section, you may apply for registration for entitlement to a specific grant or benefit. The application must, subject to subsection (1A), be in the approved form and include such information as is specified in the regulations. Telephone signature not required (1A) If the application is given by telephone, it need not contain a telephone signature (within the meaning of section 995 ‑ 1 of the Income Tax Assessment Act 1997 ). Note: The definition of approved form in section 5 of this Act would otherwise have the effect that the requirement for a telephone signature, in subsection 388 ‑ 75(4) in Schedule 1 to the Taxation Administration Act 1953 , would apply. General requirements (2) If you apply in accordance with subsection (1), the Commissioner must register you for entitlement to the grant or benefit if the Commissioner is satisfied that: (a) you satisfy any specific requirements set out in this section in relation to registration for that grant or benefit; and (b) you satisfy any prescribed conditions; and (c) if paragraph (d) does not apply—you have an ABN; and (d) if you do not have an ABN and are not entitled to have an ABN—you have provided evidence, of a kind determined by the Commissioner, of your identity and address. Specific requirement for product stewardship (oil) benefits (3A) The specific requirement in relation to registration for the product stewardship (oil) benefits is that the Commissioner is satisfied that you: (a) except in relation to registration for entitlement only for product stewardship (oil) benefits under subsection 9(3) of the Product Stewardship (Oil) Act 2000 —are licensed to manufacture excisable goods under Part IV of the Excise Act 1901 ; and (b) except in relation to registration for entitlement only to product stewardship (oil) benefits under subsection 9(3) of the Product Stewardship (Oil) Act 2000 —satisfy any regulations made under this paragraph in relation to: (i) compliance with relevant Commonwealth, State or Territory legislation relating to oil recycling operations or enterprises; and (ii) the signing of any prescribed Code of Practice relating to recycled oils; and (iii) compliance with any such prescribed Code of Practice; and (ba) except in relation to registration for entitlement only to product stewardship (oil) benefits under subsection 9(3) of the Product Stewardship (Oil) Act 2000 —satisfy the following conditions: (i) you comply with relevant Commonwealth, State or Territory legislation relating to oil recycling operations or enterprises; (ii) the Commissioner has not been informed by a Department, agency or authority of the Commonwealth, a State or a Territory that is responsible for the administration of any such legislation that you do not comply with the legislation; and (c) satisfy any prescribed conditions.", "Amendment_Count": 7, "First_Amended": "No 105 of 2000", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 105 of 2000 | No 54 of 2003 | No 79 of 2003 | No 42 of 2004 | No 73 of 2006 | No 81 of 2015 | No 64 of 2020", "History_Notes": "Amended by No 105 of 2000, Sch 1 item 4 | Sch 1 item 5, effective Sch 1 (items 7, 8): 6 July 2000 (s 2(2)(a)) Remainder: 6 July 2000 (s 2(1)) | Amended by No 54 of 2003, Sch 7 item 4 | Sch 7 item 5 | Sch 7 item 8 | Sch 7 item 28 | Sch 7 item 29 | Sch 7 item 3 | Sch 7 item 13, effective 1 July 2003 | Amended by No 79 of 2003, Sch 1 item 3 | Sch 1 item 4 | Sch 1 item 5 | Sch 1 item 6 | Sch 2 item 1 | Sch 2 item 2 | Sch 2 item 3, effective ss. 1–3: Royal Assent Remainder: 1 Dec 2003 ( see Gazette 2003, No. GN47) | Amended by No 42 of 2004, Sch 4 item 3, effective Schedule 1 (items 1–3) and Schedule 2 (items 1–3): 18 Sept 2003 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 73 of 2006, Sch 1 item 5 | Sch 3 item 20, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent | Amended by No 81 of 2015, Sch 1 item 5 | Sch 1 item 21, effective Sch 1 (items 19–23, 25–28): 1 July 2015 (s 2(1) item 1) | Amended by No 64 of 2020, Sch 11 item 48 | Sch 11 item 49 | Sch 3 item 164 | Sch 3 item 165 | Sch 3 item 168 | Sch 3 item 258, effective Sch 3 (items 47–49): 23 June 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s9"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Refusal to register", "Text": "(1) If the Commissioner refuses your application for registration, the Commissioner must give you written notice of: (a) the refusal; and (b) the reasons for the refusal. (2) If the Commissioner has not decided your application for registration within 28 days after your application is made, you may, at any time, give the Commissioner written notice that you wish to treat your application as having been refused. (3) For the purposes of section 53, if you give notice under subsection (2), the Commissioner is taken to have refused your application for registration on the day on which the notice is given.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s10"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Cancellation of registration", "Text": "(1) If: (a) the Commissioner has registered you for entitlement to a grant or benefit; and (b) you do not make a claim for that grant or benefit within any 13 month period beginning on or after the later of the day on which you are registered and 1 July 2000; the Commissioner may cancel that registration. (2) If: (a) the Commissioner registers you for entitlement to a grant or benefit; and (b) after doing so, the Commissioner becomes satisfied that: (i) you did not, at the time you were registered, satisfy one or more of the requirements in section 9 for registration for entitlement to that grant or benefit; or (ii) you have ceased to satisfy one or more of those requirements; the Commissioner may cancel that registration with effect from the time it took place or the time you ceased to satisfy the one or more requirements, as the case requires. (3) The Commissioner must cancel your registration if you ask the Commissioner to do so. (4) This section does not prevent you applying for fresh registration. (5) If the Commissioner cancels your registration, the Commissioner must give you written notice of the cancellation.", "Amendment_Count": 1, "First_Amended": "No 54 of 2003", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 54 of 2003", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 8 | Sch 7 item 29, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s11"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Claim periods", "Text": "(1) You may, subject to any determination by the Commissioner under subsection (2), make a claim under section 15 for any period (the claim period ) that is specified in the claim. (2) The Commissioner may, in writing, determine any one or more of the matters set out in subsection (3) in relation to: (a) claims for all grants or benefits; or (b) claims for particular grants or benefits; or (c) claims by particular kinds of entities; or (d) any combination of the above. (3) The matters are: (a) the minimum period that may be covered by a claim; (b) the maximum period that may be covered by a claim; (c) the minimum amount of money in respect of which a claim may be made; (d) the minimum volume or quantity of goods in respect of which a claim may be made; (e) any other requirement to be complied with in making a claim.", "Amendment_Count": 1, "First_Amended": "No 54 of 2003", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 54 of 2003", "History_Notes": "Repealed and substituted by No 54 of 2003, Sch 7 item 9 | Sch 7 item 21, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s12"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Advances on account of grants or benefits", "Text": "(1) The Commissioner may, on behalf of the Commonwealth, make an advance on account of a grant or benefit that may become payable. (2) If: (a) you receive an advance on account of a grant or benefit that may become payable; and (b) the amount of the advance is greater than the amount of the grant or benefit; you are liable to repay the amount of the excess to the Commonwealth. (3) If: (a) you receive an advance on account of a grant or benefit that may become payable; and (b) you do not make a claim for payment of the grant or benefit within 28 days after the end of the claim period concerned; you are liable to repay the amount of the advance to the Commonwealth. (4) An amount that you are liable to repay under this section is due and payable: (a) if subsection (2) applies—at the time that you make the claim for the grant or benefit in respect of which the advance was made; or (b) if subsection (3) applies—at the end of the period of 28 days referred to in that subsection. (5) The Commissioner must not make an advance to an entity unless the entity has requested the Commissioner to make the advance. The amount of the advance must not exceed the amount requested by the entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s13"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Guidelines for making advances", "Text": "(1) The Commissioner may, by writing, formulate guidelines to be complied with by him or her in deciding whether to make advances under section 13. (1A) Without limiting subsection (1), guidelines under that subsection may provide that the Commissioner is not to make any advances at all in respect of payments of grants or benefits described in one or more specified items, or all of the items, in the table in section 8. (2) In deciding whether to make advances under section 13, the Commissioner must comply with any relevant guidelines under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 54 of 2003", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 54 of 2003", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 10, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s14"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Claims for grants or benefits", "Text": "(1) Despite the provisions of Part 3 and the entitlement Acts, you are not entitled to a grant or benefit unless you make a claim for payment of the grant or benefit in respect of a claim period during which the entitlement (ignoring this subsection) arose. (2) The claim: (a) may relate to all the goods in respect of which you are entitled to a grant or benefit for the claim period in question; and (b) must be in the approved form; and (c) must include such information as is specified in the regulations; and (d) must be signed by you, unless it is transmitted to the Commissioner in an electronic format approved by the Commissioner and contains your electronic signature; and (e) must be given to the Commissioner before the end of 3 years after the start of the claim period. (3) Section 9 does not, by implication, limit subsection (2) of this section.", "Amendment_Count": 3, "First_Amended": "No 54 of 2003", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 54 of 2003 | No 73 of 2006 | No 39 of 2012", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 9 | Sch 7 item 11 | Sch 7 item 12 | Sch 7 item 13 | Sch 7 item 15 | Sch 7 item 28 | Sch 7 item 30 | Sch 7 item 2 | Sch 7 item 25 | Sch 7 item 18 | Sch 7 item 1, effective 1 July 2003 | Amended by No 73 of 2006, Sch 1 item 2 | Sch 1 item 3 | Sch 1 item 6 | Sch 3 item 3 | Sch 3 item 5 | Sch 3 item 6 | Sch 3 item 7 | Sch 3 item 8 | Sch 3 item 9 | Sch 3 item 13 | Sch 3 item 14 | Sch 3 item 15 | Sch 3 item 16 | Sch 3 item 17 | Sch 3 item 25 | Sch 3 item 26 | Sch 3 item 42 | Sch 3 item 43 | Sch 5 item 168, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent | Amended by No 39 of 2012, Sch 1 item 188 | Sch 1 item 189, effective Schedule 1 (items 188, 189, 239): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s15"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 15A", "Provision_Key": "s15a", "Heading": "Authority for third party to make claim under section 15", "Text": "(1) You may apply in writing to the Commissioner for permission to authorise third parties to make claims under section 15 on your behalf. (2) An application under subsection (1) must be in the approved form. (3) If the Commissioner accepts your application: (a) that acceptance may be subject to such terms and conditions (including any limitations on the kinds of third parties in respect of whom an authorisation may be given) as the Commissioner determines to be appropriate; and (b) when informing you of that acceptance, the Commissioner must notify those terms and conditions to you. (4) If the Commissioner rejects your application, the Commissioner must notify you of the rejection and specify the reasons why the application was rejected. (5) If the Commissioner accepts your application, you may, subject to any terms or conditions to which the acceptance is subject, authorise in writing a third party or third parties: (a) to make claims under section 15 on your behalf; and (b) for the purposes of making any such claim—to attach your electronic signature to claims so made. (6) If a third party makes, or purports to make, a claim on your behalf under such an authority, the claim is to be treated, for all purposes of this Act, as a claim made by you under section 15. (7) You may, at any time, revoke in writing an authorisation of a third party given under subsection (5). (8) If you revoke an authorisation: (a) you must notify the Commissioner, in writing, of the fact of the revocation; and (b) the revocation only has effect when that notification is received by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 54 of 2003", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 54 of 2003", "History_Notes": "Inserted by No 54 of 2003, Sch 7 item 30 | Sch 7 item 37, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s15A"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Further information", "Text": "(1) This section applies to you if you have made a claim for a grant or benefit. (2) The Commissioner may, within 28 days after the claim is made, request you to give the Commissioner, within the period specified in the request, further information about the claim. (3) The Commissioner may refuse to consider the claim until you give the Commissioner the information.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s16"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Assessment", "Text": "(1) This section applies to you if you have made a claim for a grant or benefit in respect of a claim period. (2) The Commissioner must make an assessment of the amount of the grant or benefit to which you are entitled in respect of the claim period. Note: Under section 5, assessment includes a nil assessment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s17"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Reliance by Commissioner on claim", "Text": "(1) If you make a claim for a grant or benefit in respect of a claim period, the Commissioner may, for the purposes of making an assessment, accept (either in whole or in part): (a) a statement in the claim; and (b) any other statement otherwise made by you or on your behalf. (2) In determining whether an assessment is correct, any determination, opinion or judgment of the Commissioner made, held or formed in connection with the consideration of an objection against the assessment is taken to have been made, held or formed when the assessment was made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s18"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 19", "Provision_Key": "s19", "Heading": "Commissioner must give you notice of an assessment", "Text": "(1) Except where the assessment is that you are entitled to the full amount of the grant or benefit claimed, the Commissioner must give you notice of an assessment as soon as practicable after the assessment is made. However, failing to do so does not affect the validity of the assessment. (2) The Commissioner may give you the notice electronically if you transmitted the relevant claim to the Commissioner in an electronic format. (3) In all cases, the Commissioner may give you the notice in any other manner or form.", "Amendment_Count": 1, "First_Amended": "No 54 of 2003", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 54 of 2003", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 17 | Sch 7 item 18, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s19"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 20", "Provision_Key": "s20", "Heading": "Amendment of assessment", "Text": "(1) The Commissioner may at any time amend an assessment under this Part. (2) An amended assessment is an assessment for all purposes of this Act. (3) If, as a result of an amended assessment, you are liable to pay an amount to the Commissioner, the amount is taken to have become due and payable at the time that the original assessment was made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s20"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Request for amended assessment", "Text": "(1) You may request the Commissioner in the approved form to make an amended assessment. (2) The Commissioner must comply with the request if it is made within: (a) 2 years after the end of the claim period; or (b) such further period as the Commissioner allows.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s21"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 23", "Provision_Key": "s23", "Heading": "Payment of grants or benefits", "Text": "(1) If you are entitled to a grant or benefit in respect of a claim period: (a) the grant or benefit is a debt due to you by the Commissioner on behalf of the Commonwealth; and (b) you may recover the grant or benefit by action in a court of competent jurisdiction. (2) Grant or benefits are payable by the Commonwealth in the manner determined by the Commissioner.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s23"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 24", "Provision_Key": "s24", "Heading": "Recovery by set ‑ off", "Text": "If an entity is liable to pay a scheme debt, the scheme debt may be deducted from one or more grants or benefits that are payable to the entity, and if the scheme debt is so deducted, the grant or benefit is taken to have been paid in full to the entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s24"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 24A", "Provision_Key": "s24a", "Heading": "Interest on underpaid grants or benefits", "Text": "(1) Interest is payable by the Commissioner to a person in respect of an amount of grant or benefit that becomes payable to the person if: (a) the amount relates to a grant or benefit for a claim period; and (b) the amount is payable as a result of a decision to which this section applies (the review decision ). (2) The interest is to be calculated for the period (the interest period ): (a) starting on the day on which the original assessment in relation to the grant or benefit was made; and (b) ending on the day on which the amount is paid or applied by the Commissioner. (3) The following method statement shows how to work out the interest (which is calculated on a daily basis): Calculating the interest payable Step 1. Work out the amount that is determined by the review decision to be the amount of the grant or benefit payable in relation to the claim period. Step 2. For each day in the interest period, work out the amount of the grant or benefit that had been paid or applied by the Commissioner on or before that day (reduced by any amounts repaid before that day by the person). Step 3. For each day in the interest period, subtract the amount worked out in step 2 from the amount worked out in step 1. If the result is negative, it is taken to be nil. Step 4. For each day in the interest period, multiply the amount worked out in step 3 by the base interest rate for the day (expressed as a daily rate). Step 5. Add all of the amounts worked out under step 4. (4) In this section: base interest rate for a day has the same meaning as in section 8AAD of the Taxation Administration Act 1953 . decision to which this section applies means: (a) a decision under Part IVC of the Taxation Administration Act 1953 upon an objection relating to a grant or benefit; or (b) a decision of the Administrative Review Tribunal in relation to an objection mentioned in paragraph (a); or (c) a decision of a court in relation to: (i) an objection mentioned in paragraph (a); or (ii) a decision of the kind mentioned in paragraph (b).", "Amendment_Count": 3, "First_Amended": "No 105 of 2000", "Last_Amended": "No 39 of 2024", "Amending_Acts": "No 105 of 2000 | No 73 of 2001 | No 39 of 2024", "History_Notes": "Inserted by No 105 of 2000, effective Sch 1 (items 7, 8): 6 July 2000 (s 2(2)(a)) Remainder: 6 July 2000 (s 2(1)) | Amended by No 73 of 2001, Sch 5 item 7 | Sch 5 item 8 | Sch 5 item 9, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 39 of 2024, Sch 14 item 62, effective Sch 14 (item 62): 14 Oct (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s24A"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 25", "Provision_Key": "s25", "Heading": "No entitlement to grants or benefits unless record ‑ keeping requirements met", "Text": "(1) Despite the provisions of Part 3 and the entitlement Acts: (a) you are not entitled to a grant or benefit in respect of a particular claim period unless you comply with the pre ‑ claim record ‑ keeping requirements set out in section 26; and (b) if you have made a claim for a grant or benefit in respect of a particular claim period—you are not entitled, and are taken never to have been entitled, to the grant or benefit in respect of that claim period unless you have complied with the post ‑ claim record ‑ keeping requirements set out in section 27. (2) If: (a) you make a claim for a grant or benefit in respect of a claim period; and (b) you make a statement in the claim to the effect that you undertake to comply with the post ‑ claim record ‑ keeping requirements set out in section 27; the Commissioner may, for the purposes of making an assessment, assume that you will comply with those requirements. However, if you do not comply with those requirements, the Commissioner may amend your assessment under section 20.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s25"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 26", "Provision_Key": "s26", "Heading": "Pre ‑ claim record ‑ keeping requirements", "Text": "(1) This section sets out the pre ‑ claim record ‑ keeping requirements that apply to you in relation to a grant or benefit in respect of a particular claim period. (2) You must: (a) keep records that enable you to substantiate your claim for the grant or benefit; and (b) retain those records until you make the claim. Note: Section 27 provides that you must continue to retain those records for 5 years after you make the claim. (3) The records must be: (a) in English; or (b) readily accessible, and easily convertible into English. (4) You are taken to have met the requirement set out in paragraph (2)(a) if you keep records of a kind, and in a manner, specified in a written determination made by the Commissioner. Note: Sections 8L, 8Q and 8T of the Taxation Administration Act 1953 deal with keeping records incorrectly.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s26"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 27", "Provision_Key": "s27", "Heading": "Post ‑ claim record ‑ keeping requirements", "Text": "(1) This section sets out the post ‑ claim record ‑ keeping requirements that apply to you in relation to a grant or benefit in respect of a particular claim period. (1C) The records must be: (a) in English; or (b) readily accessible, and easily convertible into English. (1D) You must retain the records for the period of 5 years after the claim was made. (2) You must continue to retain, for the period of 5 years after the claim was made, the records that the pre ‑ claim record ‑ keeping requirements set out in section 26 required you to retain. (3) If the Commissioner gives you a written notice telling you to produce records that subsection (2) required you to retain, you must comply with the notice. (4) A notice under subsection (3) must give you 28 days or more to comply, starting on the day after the notice is given. The Commissioner may allow you more time to comply with the notice. (5) Despite subsection (2), it is not necessary to continue to retain records: (a) if the Commissioner tells you that you do not need to retain them; or (b) for a company that has been finally dissolved. (6) Despite section 8C of the Taxation Administration Act 1953 , you do not commit an offence merely by not complying with a notice under subsection (3). Note: Sections 8L, 8Q and 8T of the Taxation Administration Act 1953 deal with keeping records incorrectly.", "Amendment_Count": 2, "First_Amended": "No 54 of 2003", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 54 of 2003 | No 73 of 2006", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 22 | Sch 7 item 23, effective 1 July 2003 | Amended by No 73 of 2006, Sch 5 item 17 | Sch 5 item 19 | Sch 5 item 31 | Sch 5 item 32 | Sch 5 item 110 | Sch 5 item 74 | Sch 5 item 75 | Sch 5 item 76 | Sch 5 item 77 | Sch 5 item 78 | Sch 5 item 79 | Sch 5 item 80 | Sch 5 item 81 | Sch 5 item 82 | Sch 5 item 83 | Sch 5 item 156 | Sch 5 item 157 | Sch 5 item 158, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s27"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 28", "Provision_Key": "s28", "Heading": "Records that are lost or destroyed", "Text": "(1) This section applies to you if: (a) section 26 or 27 requires you to retain a particular record; and (b) the record is lost or destroyed. (2) If you have a complete copy of the record that is lost or destroyed, it is treated as the original from the time of the loss or destruction. (3) If you do not have such a copy, but the Commissioner is satisfied that you took reasonable precautions to prevent the loss or destruction, your entitlement to a grant or benefit is not affected by your failing to retain or produce the original record. (4) This section has effect despite anything in section 25, 26 or 27.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s28"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 29", "Provision_Key": "s29", "Heading": "Disqualification of claimant for fraud", "Text": "Despite the provisions of Part 3 and the entitlement Acts, if: (a) you make a false statement to a person who is exercising powers, or performing functions, under or in connection with this Act or an entitlement Act; and (b) you do so knowing that, or reckless as to whether, the statement: (i) is false or misleading in a material particular; or (ii) omits any matter or thing without which the statement is misleading in a material particular; and (c) the amount of a grant or benefit that would have been payable to you in respect of a claim period if the statement was not false exceeds the amount of the grant or benefit properly payable to you in respect of that claim period; you are disqualified, and are taken to have been disqualified, from receiving that grant or benefit in relation to the period: (d) beginning at the start of that claim period; and (e) ending at the end of 2 years or such shorter period as is determined by the Commissioner. Note: Recklessly making a false statement can be an offence against section 8N of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Repealed and substituted by No 146 of 2001, Sch 4 item 116, effective s 4 and Sch 4 (items 116–118): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s29"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Disqualification for aiding and abetting etc. fraud", "Text": "Despite the provisions of Part 3 and the entitlement Acts, if: (a) an entity makes a false statement to a person who is exercising powers, or performing functions, under or in connection with this Act or an entitlement Act; and (b) the entity does so knowing that, or reckless as to whether, the statement: (i) is false or misleading in a material particular; or (ii) omits any matter or thing without which the statement is misleading in a material particular; and (c) the amount of a grant or benefit that would have been payable to the entity in respect of a claim period if the statement was not false exceeds the amount of the grant or benefit properly payable to the entity in respect of that claim period; and (d) you: (i) aided, abetted, counselled or procured the making of the statement by the entity; or (ii) were in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the making of the statement by the entity; you are disqualified, and are taken to have been disqualified, from receiving that grant or benefit in relation to the period: (e) beginning at the start of that claim period; and (f) ending at the end of 2 years or such shorter period as is determined by the Commissioner. Note: Recklessly making a false statement can be an offence against section 8N of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 146 of 2001", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 146 of 2001 | No 54 of 2003", "History_Notes": "Amended by No 146 of 2001, Sch 4 item 117, effective s 4 and Sch 4 (items 116–118): 15 Dec 2001 (s 2(1)) | Amended by No 54 of 2003, Sch 7 item 24, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s30"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 31", "Provision_Key": "s31", "Heading": "Disqualification of body corporate—executive disqualified etc.", "Text": "Despite the provisions of Part 3 and the entitlement Acts, a body corporate is disqualified, and is taken to have been disqualified, from receiving a grant or benefit in relation to a particular time if any of the following individuals is disqualified under section 29 or 30 from receiving that grant or benefit in relation to that time: (a) a director of the body corporate; (b) the secretary of the body corporate; (c) a person (by whatever name called and whether or not a director of the body corporate) who is concerned in, or takes part in, the management of the body corporate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s31"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 32", "Provision_Key": "s32", "Heading": "Disqualification of partnership—partner disqualified etc.", "Text": "Despite the provisions of Part 3 and the entitlement Acts, a partnership is disqualified, and is taken to have been disqualified, from receiving a grant or benefit in relation to a particular time if any of the following entities is disqualified under section 29 or 30 from receiving that grant or benefit in relation to that time: (a) a partner; (b) an individual who: (i) is an employee of the partnership; and (ii) is concerned in, or takes part in, the management of the partnership; (c) in a case where a partner is a body corporate: (i) a director of the body corporate; or (ii) the secretary of the body corporate; or (iii) a person (by whatever name called and whether or not a director of the body corporate) who is concerned in, or takes part in, the management of the body corporate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s32"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 33", "Provision_Key": "s33", "Heading": "Disqualification of trust—trustee disqualified etc.", "Text": "Despite the provisions of Part 3 and the entitlement Acts, a trust is disqualified, and is taken to have been disqualified, from receiving a grant or benefit in relation to a particular time if any of the following entities is disqualified under section 29 or 30 from receiving that grant or benefit in relation to that time: (a) a trustee; (b) an individual who: (i) is an employee of the trust; and (ii) is concerned in, or takes part in, the management of the trust; (c) in a case where a trustee is a body corporate: (i) a director of the body corporate; or (ii) the secretary of the body corporate; or (iii) a person (by whatever name called and whether or not a director of the body corporate) who is concerned in, or takes part in, the management of the body corporate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s33"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 34", "Provision_Key": "s34", "Heading": "Contrived schemes etc.", "Text": "(1) If: (a) one or more entities enter into, commence to carry out, or carry out a scheme; and (b) it would be concluded that the entity, or any of the entities, who entered into, commenced to carry out, or carried out the scheme or any part of the scheme did so for the sole or dominant purpose of enabling a particular act or transaction to be taken into account in determining a grant or benefit entitlement of any entity (whether or not the entity, or any of the entities, who entered into, commenced to carry out, or carried out the scheme or any part of the scheme); and (c) the scheme or part of the scheme has achieved, or apart from this section, would achieve, that purpose; the Commissioner may determine that this Act or an entitlement Act has, and is taken always to have had, effect as if the act or transaction had never happened. (2) A determination under subsection (1) has effect accordingly. (3) In this section: scheme means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied and whether or not enforceable, or intended to be enforceable, by legal proceedings; or (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 5 item 16 | Sch 4 item 3, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s34"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 35", "Provision_Key": "s35", "Heading": "General interest charge on unpaid scheme debts", "Text": "(1) For the purposes of this section, a designated scheme debt is: (a) an overpayment debt; or (b) an amount payable by way of a penalty under subsection 284 ‑ 75(1) or (4) in Schedule 1 to the Taxation Administration Act 1953 . (2) If an amount of a designated scheme debt that is payable by you remains unpaid after the day by which it must be paid, you are liable to pay the general interest charge ( GIC ) on the unpaid amount. Note: The GIC is worked out under Part IIA of the Taxation Administration Act 1953 . (3) You are liable to pay the GIC for each day in the period that: (a) started at the beginning of the day by which the designated scheme debt was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the designated scheme debt; (ii) GIC on any of the designated scheme debt. (4) This section does not apply to an overpayment debt that is attributable (in whole or in part) to an error made by the Commissioner, where the grant or benefit concerned was received in good faith. Note: The overpayment debt is recoverable as an administrative overpayment under section 8AAZN of the Taxation Administration Act 1953 . (5) This section does not apply to an overpayment debt that is attributable (in whole or in part) to a change in regulations made for the purposes of working out the amount of a grant or benefit.", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 41 of 2005 | No 101 of 2006 | No 56 of 2010", "History_Notes": "Amended by No 41 of 2005, Sch 10 item 231, effective Schedule 10 (item 231): Royal Assent | Amended by No 101 of 2006, Sch 2 item 10 | Sch 2 item 11 | Sch 2 item 1045, effective Schedule 2 (items 1017, 1044, 1045) and Schedule 6 (items 1, 6–11): Royal Assent | Amended by No 56 of 2010, Sch 6 item 98, effective Schedule 6 (items 98, 101): 4 June 2010", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s35"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 42", "Provision_Key": "s42", "Heading": "Commissioner may obtain information and documents", "Text": "If the Commissioner is satisfied that the person has failed to comply with a requirement under section 353 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 : (a) the Commissioner may advise the person in writing that the Commissioner is so satisfied and that the consequences in paragraph (b) will apply; and (b) if the Commissioner does so, the Commissioner must not make an assessment in relation to any existing or new claim by the person for an entitlement to a grant or benefit until the person complies with the requirement. Note: Failing to comply with a notice can also be an offence against section 8C of the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 54 of 2003", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 54 of 2003 | No 2 of 2015 | No 15 of 2017", "History_Notes": "Amended by No 54 of 2003, Sch 7 item 25 | Sch 7 item 26, effective 1 July 2003 | Amended by No 2 of 2015, Sch 2 item 5 | Sch 2 item 6 | Sch 2 item 40 | Sch 2 item 44 | Sch 2 item 45 | Sch 2 item 46 | Sch 4 item 1936, effective Sch 2 (items 5, 6, 73): 25 Feb 2015 (s 2(1) items 3, 5) Sch 2 (items 39–49): 1 July 2015 (s 2(1) item 4) | Amended by No 15 of 2017, Sch 1 item 370 | Sch 4 item 84, effective Sch 4 (item 84): 25 Feb 2015 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s42"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 45A", "Provision_Key": "s45a", "Heading": "Commissioner may require claimant for grant or benefit to demonstrate record keeping system etc.", "Text": "(1) This section applies to a person who has made a claim for entitlement to a grant or benefit. (2) The Commissioner may, in writing, require the person to demonstrate to the Commissioner, at a specified time, one or more of the following: (a) the method used to arrive at the particulars or estimates included in the claim; (b) the operation of any record keeping or accounting system operated by, or on behalf of, the person and used to arrive at the particulars or estimates included in the claim; (c) the operation of any process operated by, or on behalf of, the person to manufacture the goods to which the claim relates. (3) The time specified under subsection (2) must be at least 21 days after the written requirement is given to the person. (4) If the Commissioner is satisfied that the person has failed to comply with a requirement under subsection (2): (a) the Commissioner may advise the person in writing that the Commissioner is so satisfied and that the consequences in paragraph (b) will apply; and (b) if the Commissioner does so, the Commissioner must not make an assessment in relation to: (i) the claim; or (ii) any other existing claim, or any new claim, by the person for an entitlement to a grant or benefit; until the person complies with the requirement. Note: A refusal or failure to comply with the requirement is an offence against section 8C of the Taxation Administration Act 1953. (5) The Commissioner may conduct such testing of the record keeping or accounting system mentioned in subsection (2) as is reasonably necessary to determine the accuracy of the system in arriving at those particulars or estimates. (6) The Commissioner may conduct such testing of the manufacturing process mentioned in subsection (2) as is reasonably necessary to determine the accuracy of the goods’ description in the claim.", "Amendment_Count": 2, "First_Amended": "No 54 of 2003", "Last_Amended": "No 42 of 2004", "Amending_Acts": "No 54 of 2003 | No 42 of 2004", "History_Notes": "Inserted by No 54 of 2003, Sch 7 item 13, effective 1 July 2003 | Amended by No 42 of 2004, effective Schedule 1 (items 1–3) and Schedule 2 (items 1–3): 18 Sept 2003 ( see s. 2(1)) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s45A"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 46", "Provision_Key": "s46", "Heading": "Commonwealth bound by this Part", "Text": "(1) This Part binds the Crown in right of the Commonwealth. However, it does not make the Crown liable to be prosecuted for an offence. (2) This section has effect in addition to section 4.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s46"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 51", "Provision_Key": "s51", "Heading": "Treatment of partners", "Text": "(1) This Act and the entitlement Acts apply to a partnership as if the partnership were a person, but it applies with the following changes. (2) Obligations that are imposed under this Act on a partnership are imposed on each partner, but may be discharged by any of the partners. (3) The partners are jointly and severally liable to pay any amount that is payable under this Act by the partnership. (4) Any offence against this Act that is committed by a partnership is taken to have been committed by each partner who: (a) aided, abetted, counselled or procured the relevant act or omission; or (b) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). (5) For the purposes of this Act and the entitlement Acts, a change in the composition of a partnership does not affect the continuity of the partnership. (6) In this section: this Act includes the Taxation Administration Act 1953 , to the extent to which that Act relates to this Act or an entitlement Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s51"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 52", "Provision_Key": "s52", "Heading": "Treatment of unincorporated associations", "Text": "(1) This Act and the entitlement Acts apply to an unincorporated association or body of persons as if the association or body were a person, but it applies with the following changes. (2) Obligations that would be imposed under this Act on an unincorporated association or body of persons are imposed on each member of the committee of management of the association or body, but may be discharged by any of those members. (3) Any offence against this Act that is committed by the association or body is taken to have been committed by each member of its committee of management who: (a) aided, abetted, counselled or procured the relevant act or omission; or (b) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). (4) In this section: this Act includes the Taxation Administration Act 1953 , to the extent to which that Act relates to this Act or an entitlement Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s52"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 53", "Provision_Key": "s53", "Heading": "Reviewable grant or benefit decisions", "Text": "(1) If you are dissatisfied with a reviewable grant or benefit decision relating to you, you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (2) Each of the following decisions is a reviewable grant or benefit decision : Reviewable grant or benefit decisions Item Decision Provision under which decision is made 1 refusing an application for registration section 10 2 cancelling registration section 11 3 making an assessment of the amount of a grant or benefit section 17 4 amending an assessment of the amount of a grant or benefit section 20", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Amended by No 73 of 2006, Sch 4 item 4, effective Schedule 1 (items 2, 3) and Schedule 3 (items 6–8): 1 July 2006 Schedule 1 (items 4–6): 1 Jan 2007 Schedule 1 (item 7): 1 July 2009 Schedule 3 (items 13–16): 1 July 2010 Schedule 3 (items 18–22): 1 July 2012 Schedule 3 (items 24–34): 1 July 2007 Schedule 3 (items 42–44): 1 July 2013 Schedule 4 (item 3): 19 June 2000 (s 2(1) item 16) Schedule 4 (item 4): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s53"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 54", "Provision_Key": "s54", "Heading": "Application of the Criminal Code", "Text": "The Criminal Code applies to all offences against this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s54"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 55", "Provision_Key": "s55", "Heading": "Appropriation", "Text": "Grants and benefits must be paid out of the Consolidated Revenue Fund, which is appropriated accordingly.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s55"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 56", "Provision_Key": "s56", "Heading": "Grants and benefits to be treated as subsidies for the purposes of section 15 ‑ 10 of the Income Tax Assessment Act 1997", "Text": "A grant or benefit is taken to be a subsidy for the purposes of section 15 ‑ 10 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s56"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 58", "Provision_Key": "s58", "Heading": "Service of documents if entity absent from Australia or cannot be found", "Text": "(1) This section applies if: (a) a document needs to be served on an entity in respect of any proceeding to recover a scheme debt; and (b) the Commissioner, after making reasonable inquiries, is satisfied that: (i) the entity is absent from Australia and does not have any agent in Australia on whom the document can be served; or (ii) the entity cannot be found. (2) The Commissioner may, without the court’s leave, serve the document by posting it, or a sealed copy of it, in a letter addressed to the entity at any Australian address of the entity (including the entity’s Australian place of business or residence) that is last known to the Commissioner.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s58"}
{"Act_Short_Name": "PGBAA", "Act_Title": "Product Grants and Benefits Administration Act 2000", "Act_Year": "2000", "Act_FRL_Id": "C2004A00653", "Provision": "s 60", "Provision_Key": "s60", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A00653/latest/text#s60"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act is the Major Bank Levy Act 2017 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s1"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "(1) Each provision of this Act specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms. Commencement information Column 1 Column 2 Column 3 Provisions Commencement Date/Details 1. The whole of this Act The day after this Act receives the Royal Assent. 24 June 2017 Note: This table relates only to the provisions of this Act as originally enacted. It will not be amended to deal with any later amendments of this Act. (2) Any information in column 3 of the table is not part of this Act. Information may be inserted in this column, or information in it may be edited, in any published version of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s2"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Definitions", "Text": "In this Act: ADI (authorised deposit ‑ taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 . ADI financial claims scheme means the scheme provided for under Division 2AA of Part II of the Banking Act 1959 . applicable liabilities amount for a quarter has the meaning given by subsection 5(2). applicable reporting standard means a standard that: (a) is determined by the Australian Prudential Regulation Authority under section 13 of the Financial Sector (Collection of Data) Act 2001 ; and (b) relates to reporting amounts for the purposes of this Act (whether or not it also relates to other matters). levy threshold for a quarter has the meaning given by subsection 4(3). quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December. total liabilities amount for a quarter has the meaning given by subsection 4(2).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s3"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Imposition of levy", "Text": "(1) Levy is imposed on an ADI for a quarter starting on or after 1 July 2017 if the total liabilities amount for the quarter in relation to the ADI exceeds the levy threshold for the quarter. (2) The total liabilities amount for a quarter in relation to an ADI is the amount equal to the total liabilities of the ADI for the quarter, as reported under an applicable reporting standard. (3) The levy threshold for the quarter starting on 1 July 2017 is $100 billion. The amount is indexed quarterly. Note: Subdivision 960 ‑ M of the Income Tax Assessment Act 1997 shows how to index amounts.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s4"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Amount of levy", "Text": "(1) The amount of the levy payable by the ADI for the quarter is 0.015% of the applicable liabilities amount for the quarter in relation to the ADI. (2) The applicable liabilities amount for the quarter in relation to the ADI is the difference between: (a) the total liabilities amount for the quarter in relation to the ADI; and (b) the sum of the following amounts: (i) the total Additional Tier 1 Capital for the quarter in relation to the ADI, as reported under an applicable reporting standard; (ii) the total amount of deposits held, to the extent that they would be protected by the ADI financial claims scheme, for the quarter in relation to the ADI, as reported under an applicable reporting standard; (iii) an amount equal to the lesser of the derivative assets for the quarter in relation to the ADI and the derivative liabilities for the quarter in relation to the ADI, both as reported under an applicable reporting standard; (iv) the exchange settlement account balance, held with the Reserve Bank of Australia, for the quarter in relation to the ADI, as reported under an applicable reporting standard; (v) any amounts of a kind determined under subsection (4). (3) The methods for working out any of the amounts mentioned in paragraph (2)(b) may be set out in the same applicable reporting standard (including the standard mentioned in subsection 4(2)). (4) The Minister may, by legislative instrument, determine a kind of amount for the purposes of subparagraph (2)(b)(v). (5) An instrument made under subsection (4) may make provision in relation to a matter by applying, adopting or incorporating any matter contained in any other instrument or writing as in force or existing from time to time. (6) Subsection (5) has effect despite anything in subsection 14(2) of the Legislation Act 2003 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s5"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Working out amounts for a quarter", "Text": "(1) An amount mentioned in subsection 4(2) or paragraph 5(2)(b) for a quarter is to be worked out by working out that amount as at the end of the last day of the quarter. (2) However, the following amounts for a quarter are to be worked out under subsection (3): (a) the total liabilities amount, to the extent that it consists of liabilities relating to any of the following: (i) debt securities; (ii) repurchase agreements; (iii) loans between the ADI concerned and another ADI; (iv) loans between the ADI concerned and a foreign bank (within the meaning of section 128A of the Income Tax Assessment Act 1936 ); (b) the exchange settlement account balance mentioned in subparagraph 5(2)(b)(iv); (c) an amount of a kind determined under subsection (4). (3) An amount mentioned in subsection (2) is worked out, for a quarter, as follows: Method statement Step 1. For each day during the quarter, work out the amount mentioned in subsection (2) as at the end of that day. Step 2. Add together the step 1 amounts. Step 3. Divide the step 2 amount by the total number of days in the quarter. (4) The Minister may, by legislative instrument, determine a kind of amount for the purposes of paragraph (2)(c). (5) An instrument made under subsection (4) may make provision in relation to a matter by applying, adopting or incorporating any matter contained in any other instrument or writing as in force or existing from time to time. (6) Subsection (5) has effect despite anything in subsection 14(2) of the Legislation Act 2003 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s6"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Amounts to be worked out in accordance with accounting principles etc.", "Text": "An amount mentioned in subsection 4(2), paragraph 5(2)(b) or subsection 6(2) for a quarter is to be worked out in accordance with: (a) accounting principles (within the meaning of the Income Tax Assessment Act 1997 ); and (b) any applicable instrument made under section 8.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s7"}
{"Act_Short_Name": "MBLA", "Act_Title": "Major Bank Levy Act 2017", "Act_Year": "2017", "Act_FRL_Id": "C2017A00063", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Minister may determine methods of working out amounts", "Text": "(1) The Minister may, by legislative instrument, provide for any matter relating to the method for working out an amount mentioned in subsection 4(2), paragraph 5(2)(b), or subsection 6(2). (2) An instrument made under subsection (1) may make provision in relation to a matter by applying, adopting or incorporating any matter contained in any other instrument or writing as in force or existing from time to time. (3) Subsection (2) has effect despite anything in subsection 14(2) of the Legislation Act 2003 . [ Minister’s second reading speech made in— House of Representatives on 30 May 2017 Senate on 19 June 2017 ] (115/17)", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2017A00063/latest/text#s8"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Superannuation Industry (Supervision) Act 1993 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s1"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "(1) Subject to this section, Parts 1, 2, 21, 27, 28, 29, 30, 31 and 32 commence on the day on which this Act receives the Royal Assent. (2) Part 1 (in so far as it relates to section 117) and section 117 are taken to have commenced on 21 October 1992. (3) Parts 18, 19, 20, 23 and 24 and section 342 commence on 1 July 1994. (4) The remaining provisions commence on 1 December 1993, but do not apply to a fund, scheme or trust in relation to a year of income of the fund, scheme or trust earlier than the 1994 ‑ 95 year of income.", "Amendment_Count": 1, "First_Amended": "No 128 of 1999", "Last_Amended": "No 128 of 1999", "Amending_Acts": "No 128 of 1999", "History_Notes": "Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s2"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Object of Act", "Text": "Supervision of certain superannuation entities (1) The main object of this Act is to make provision for the prudent management of certain superannuation funds, approved deposit funds and pooled superannuation trusts and for their supervision by APRA, ASIC and the Commissioner of Taxation. Basis for supervision (2) The basis for supervision is that those funds and trusts are subject to regulation under the Commonwealth’s powers with respect to corporations or pensions (for example, because the trustee is a corporation). In return, the supervised funds and trusts may become eligible for concessional taxation treatment. Whole industry not covered (3) The Act does not regulate other entities engaged in the superannuation industry.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 75 of 2012", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 75 of 2012", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 75 of 2012, effective Sch 6 (items 1–9): 27 June 2013 (s 2(1) item 3) Sch 6 (items 10, 11): 27 June 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s3"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Simplified outline of supervision responsibilities", "Text": "Sections 5 and 6 set out the functions, powers and duties of APRA, ASIC and the Commissioner of Taxation in administering this Act. APRA is generally responsible for prudential regulation and member outcomes. It is also generally responsible for licensing and supervision of RSE licensees. ASIC is generally responsible for protecting consumers from harm, market integrity, disclosure and record keeping. The Commissioner of Taxation is generally responsible for self managed superannuation funds, data and payment standards, tax file numbers and the compassionate release of superannuation amounts.", "Amendment_Count": 19, "First_Amended": "No 53 of 1995", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 53 of 1995 | No 76 of 1996 | No 54 of 1998 | No 128 of 1999 | No 123 of 2001 | No 53 of 2004 | No 154 of 2007 | No 75 of 2012 | No 91 of 2012 | No 117 of 2012 | No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 11 of 2014 | No 2 of 2015 | No 5 of 2015 | No 40 of 2019 | No 135 of 2020 | No 47 of 2021", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 75 of 2012, effective Sch 6 (items 1–9): 27 June 2013 (s 2(1) item 3) Sch 6 (items 10, 11): 27 June 2012 (s 2(1) item 4) | Amended by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 2 of 2015, effective Sch 1: 25 Feb 2015 (s 2(1) item 2) | Amended by No 5 of 2015, effective Sch 1 (items 39 ‑ 41): 25 Mar 2015 (s 2(1) item 2) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Repealed and substituted by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s4"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 5", "Provision_Key": "s5", "Heading": "General administration of Act", "Text": "(1) Subject to this section, the general administration of a provision is determined under the general administration table in section 6. If a provision is covered by column 1 of the table, the general administration of the provision is conferred on a person, body or bodies in accordance with column 3 of the table. (2) Powers and duties are also conferred by the provisions referred to in subsection (3) of this section on: (a) APRA for the purposes of APRA’s administration of the provisions it administers (including provisions both APRA and ASIC administer); and (b) ASIC for the purposes of ASIC’s administration of the provisions it administers (including provisions both APRA and ASIC administer); and (c) the Commissioner of Taxation for the purposes of the administration of the provisions the Commissioner of Taxation administers. (3) The provisions are Parts 1, 25, 26, 27, 28, 29, 29A and 30, but not including any of the following provisions: (a) Division 3 of Part 25 (see instead item 58 of the general administration table); (b) sections 328 and 332 (see instead subsection (8) of this section). Note: Generally APRA, ASIC and the Commissioner of Taxation are not referred to in these provisions, Regulator is used instead. See the definition of Regulator in section 10. Special rules about ASIC (4) Despite paragraph (2)(b): (a) powers and duties conferred on ASIC by section 255 are conferred only in relation to persons who are relevant persons in relation to superannuation entities; and (b) powers and duties conferred on ASIC by section 256 are conferred only in relation to the affairs of superannuation entities. Special rules about the Commissioner of Taxation (5) Despite paragraph (2)(c): (a) powers and duties conferred on the Commissioner of Taxation by Divisions 4 to 8 of Part 25 (other than section 285) are conferred only in relation to: (i) persons who are relevant persons in relation to superannuation entities; and (ii) the affairs of superannuation entities; and (b) powers and duties are not conferred on the Commissioner of Taxation by section 342 (about pre ‑ 1 July 88 funding credits and debits). (6) Nothing in subsection (5) limits the powers and duties conferred on the Commissioner of Taxation by Part 25 (as mentioned in paragraph (2)(c)) in relation to contributing employers. Note: The Commissioner of Taxation’s powers and duties under Part 25 in relation to contributing employers are found in sections 255 and 256, with related provisions in Divisions 7, 8 and 9 of that Part. (7) To avoid doubt, for the purposes of the definition of taxation law in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 , the Commissioner of Taxation is taken to have the general administration of a provision of this Act or the regulations that confers powers and duties on the Commissioner of Taxation. Note: An effect of a provision being administered by the Commissioner of Taxation is that people who acquire information under the provision are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 . Modification and exemption powers (8) Powers and duties are also conferred by sections 328 and 332 on: (a) APRA for the purposes of the administration of provisions administered by APRA (including provisions both APRA and ASIC administer) or by the Commissioner of Taxation; and (b) ASIC for the purposes of the administration of provisions administered solely by ASIC. Directions (9) The Minister may, by legislative instrument, give APRA or ASIC directions about the performance or exercise of its functions or powers under this Act.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 53 of 2004 | No 135 of 2020", "History_Notes": "Repealed by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Inserted by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s5"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 6", "Provision_Key": "s6", "Heading": "General administration table", "Text": "(1) The following table has effect for the purposes of subsection 5(1). Note: Under that subsection, the general administration of a provision referred to in column 1 of the table is conferred as set out in column 3. General administration table Item Column 1 Provisions Column 2 Topic Column 3 Regulator 1 Part 2A, to the extent it is not covered by item 2 of this table licensing of RSE licensees APRA 2 Section 29JCA false representation about RSE status both APRA and ASIC 3 Part 2B, to the extent it is not covered by item 4 of this table registrable superannuation entities APRA 4 Sections 29P to 29QC obligations of RSE licensees ASIC 5 Part 2C, to the extent it is not covered by item 6 of this table MySuper APRA 6 Subsection 29SAA(3) MySuper notice requirements ASIC 7 Part 3, to the extent it is not covered by item 7A, 8 or 9 of this table operating standards (a) ASIC, to the extent the provisions relate to disclosure or record ‑ keeping (see subsection (2)); and (b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (c) APRA, to the remaining extent 7A Subsection 34(2A) offence for breaching standards relating to record keeping obligations both APRA and ASIC 8 Division 3 of Part 3 portability forms the Commissioner of Taxation 9 Regulations made under Part 3 release on compassionate grounds the Commissioner of Taxation, to the extent that the regulations relate to the making and notification of determinations that an amount of benefits in a superannuation entity may be released on compassionate grounds 10 Part 3A prudential standards APRA 11 Part 3B, to the extent it is not covered by item 12 or 13 of this table superannuation data and payment APRA 12 Divisions 1 and 4 of Part 3B superannuation data and payment the Commissioner of Taxation 13 Division 2 of Part 3B compliance with superannuation data and payment regulations and standards (a) the Commissioner of Taxation, to the extent the provisions relate to any of the following: (i) employers; (ii) payments and information given to the Commissioner of Taxation; (iii) self managed superannuation funds; and (b) APRA, to the remaining extent 14 Part 4 accounts, audit and reporting obligations for superannuation entities (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 15 Part 5, to the extent it is not covered by item 16 of this table notices about complying fund status (a) the Commissioner of Taxation, to the extent the provisions do any of the following: (i) relate to self managed superannuation funds; (ii) require or permit the Commissioner of Taxation to do something; and (b) APRA, to the remaining extent 16 Sections 40 and 41 notices about complying superannuation fund status (a) in relation to an entity that is a self managed superannuation fund on the last day of the most recently ended year of income—the Commissioner of Taxation; and (b) in relation to an entity that is not a self managed superannuation fund on the last day of the most recently ended year of income—APRA; and (c) subject to paragraphs (a) and (b), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (d) APRA, to the remaining extent 17 Part 6, to the extent it is not covered by items 18 to 21 of this table governing rules of superannuation entities (a) ASIC, to the extent the provisions relate to disclosure or record ‑ keeping (see subsection (2)); and (b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (c) APRA, to the remaining extent 18 Sections 52, 52A and 54B covenants and consequences of breaching covenants both APRA and ASIC 19 Sections 52B and 52C covenants of SMSFs the Commissioner of Taxation 20 Section 54A prescribed covenants (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) both APRA and ASIC, to the remaining extent 21 Section 60A dismissal of trustee of public offer entity APRA 21A Part 6A, to the extent it is not covered by item 21B, 21C or 21D of this table annual performance assessments (a) ASIC, to the extent the provisions relate to disclosure or record ‑ keeping (see subsection (2)); and (b) APRA, to the remaining extent 21B Section 60E annual performance assessments—trustee to notify beneficiaries of fail assessment both APRA and ASIC 21C Subsection 60F(2) annual performance assessments—consequence of 2 consecutive fail assessments both APRA and ASIC 21D Subsections 60J(4), (5) and (6) formulas for ranking products—making information available on website the Commissioner of Taxation 22 Part 7, to the extent it is not covered by items 23 to 26 of this table regulated superannuation funds (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 23 Sections 62 and 68 sole purpose test; victimisation of trustees (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) both APRA and ASIC, to the remaining extent 25 Section 68A use of goods or services to influence employers ASIC 26 Section 68B promotion of illegal early release schemes (a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and (b) ASIC, to the remaining extent 27 Part 8 in ‑ house asset rules (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 28 Part 9 equal representation of employers and members—employer ‑ sponsored funds APRA 29 Part 10 approved deposit funds APRA 30 Part 11 pooled superannuation trusts APRA 31 Part 11A, to the extent it is not covered by item 32 of this table general fees rules APRA 32 Sections 99F and 99FA cost of financial product advice ASIC 33 Part 12, to the extent it is not covered by items 34 to 36 of this table duties of trustees and investment managers (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 34 Sections 101 and 103 dispute resolution systems; duty to keep minutes and records (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) ASIC, to the remaining extent 35 Section 105 duty to keep reports (a) ASIC, to the extent the provision relates to disclosure or record ‑ keeping (see subsection (2)); and (b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and (c) APRA, to the remaining extent 36 Section 108A duty to identify multiple accounts both APRA and ASIC 37 Part 14 other provisions applying to superannuation entities (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 38 Part 15, to the extent it is not covered by item 39 of this table standards for trustees, custodians and investment managers (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 39 Section 126K disqualified persons (a) the Commissioner of Taxation, to the extent the provision relates to self managed superannuation funds; and (b) both APRA and ASIC, to the remaining extent 40 Part 16, to the extent it is not covered by items 41 to 43A of this table actuaries and auditors (a) ASIC, to the extent the provisions relate to auditors of self managed superannuation funds; and (b) subject to paragraph (a), the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (c) APRA, to the remaining extent 41 Section 128N actuaries and auditors—ASIC may disclose information ASIC 42 Section 128P actuaries and auditors—Commissioner of Taxation may refer matter to ASIC the Commissioner of Taxation 43 Division 2 of Part 16 actuaries and auditors—obligations (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 43A Sections 130D and 130E disqualifying and removing actuaries and auditors (a) both APRA and ASIC, to the extent the provisions relate to auditors; and (b) APRA, to the extent the provisions relate to actuaries 44 Part 16A APRA’s powers to issue directions APRA 45 Part 17, to the extent it is not covered by item 46 of this table suspension or removal of trustee (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 46 Section 140 notice by acting trustee APRA 47 Part 18 amalgamation of funds APRA 48 Part 19 public offer entities ASIC 49 Part 20 contraventions relating to SMSFs the Commissioner of Taxation 50 Part 21 civil and criminal consequences of contravening civil penalty provisions (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) both APRA and ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by both those bodies; and (c) ASIC, to the extent the provisions relate to, or are being applied for the purposes of, a provision administered by ASIC; and (d) APRA, to the remaining extent 51 Part 22 infringement notices APRA 52 Part 23 financial assistance APRA 53 Part 24, to the extent it is not covered by item 54 of this table eligible rollover funds (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 54 sections 242K, 242L and 242M obligations relating to eligible rollover funds both APRA and ASIC 55 Part 24A pre ‑ 1 July 1995 transitional provisions APRA 56 Part 24B small funds as provided by the provisions of Part 24B 57 Part 25, to the extent it is not covered by item 58 of this table monitoring and investigation see section 5 58 Division 3 of Part 25 monitoring and investigation—APRA requirements APRA 59 Part 25A, to the extent it is not covered by item 60 of this table tax file numbers (a) the Commissioner of Taxation, to the extent the provisions relate to self managed superannuation funds; and (b) APRA, to the remaining extent 60 Divisions 1 and 3A of Part 25A, section 299NA and subsection 299U(2A) tax file numbers the Commissioner of Taxation 61 Part 32 transitional provisions for tax file numbers APRA Note: Subsection 10(4) extends the meaning of self managed superannuation fund for the purposes of this section, sections 5, 42 and 42A, and Part 20. Disclosure and record ‑ keeping provisions (2) For the purposes of the general administration table, a provision relates to disclosure or record ‑ keeping to the extent to which the provision relates to: (a) keeping of reports to members of, or beneficiaries in, funds; or (b) disclosure of information to members of, or beneficiaries in, funds; or (c) disclosure of information about funds (including disclosure of information to ASIC but not including disclosure of information to APRA); or (d) any other matter prescribed by regulations for the purposes of this paragraph.", "Amendment_Count": 31, "First_Amended": "No 54 of 1998", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 128 of 1999 | No 24 of 2000 | No 160 of 2000 | No 123 of 2001 | No 53 of 2004 | No 82 of 2005 | No 9 of 2007 | No 154 of 2007 | No 145 of 2010 | No 108 of 2011 | No 12 of 2012 | No 75 of 2012 | No 91 of 2012 | No 117 of 2012 | No 158 of 2012 | No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 88 of 2013 | No 11 of 2014 | No 2 of 2015 | No 13 of 2018 | No 23 of 2018 | No 40 of 2019 | No 135 of 2020 | No 46 of 2021 | No 29 of 2023 | No 69 of 2023 | No 67 of 2024", "History_Notes": "Repealed and substituted by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2005, effective Sch 1 (items 12–14): 1 July 2005 (s 2(1) item 5) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 145 of 2010, effective Sch 2 (items 83–85, 127): 17 Dec 2010 (s 2(1) item 2) | Amended by No 108 of 2011, effective Sch 1 (items 8–16, 20, 21): 1 Nov 2011 (s 2(1) item 2) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 75 of 2012, effective Sch 6 (items 1–9): 27 June 2013 (s 2(1) item 3) Sch 6 (items 10, 11): 27 June 2012 (s 2(1) item 4) | Amended by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 88 of 2013, effective Sch 7 (item 224): 31 Jan 2013 (s 2(1) item 22) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 2 of 2015, effective Sch 1: 25 Feb 2015 (s 2(1) item 2) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 23 of 2018, effective Sch 1 (items 68–71): 1 Apr 2018 (s 2(1) item 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) Sch 4 (items 11–23): 1 July 2018 (s 2(1) item 11) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Repealed and substituted by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s6"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Application of Act not to be excluded or modified", "Text": "This Act applies to a superannuation entity despite any provision in the governing rules of the entity, including any provision that purports to substitute, or has the effect of substituting, the provisions of the law of a State or Territory or of a foreign country for all or any of the provisions of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s7"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Act extends to external Territories", "Text": "This Act extends to all the external Territories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s8"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Crown to be bound", "Text": "(1) This Act binds the Crown in all its capacities. (2) The Crown is not liable to be prosecuted for an offence against, or arising out of, this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s9"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 9A", "Provision_Key": "s9a", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code (except Part 2.5) applies to all offences against this Act.", "Amendment_Count": 2, "First_Amended": "No 160 of 2000", "Last_Amended": "No 31 of 2001", "Amending_Acts": "No 160 of 2000 | No 31 of 2001", "History_Notes": "Inserted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Repealed and substituted by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s9A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Definitions", "Text": "(1) In this Act, unless the contrary intention appears: ABN has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . accrued default amount , for a member of a regulated superannuation fund, has the meaning given by section 20B. acquirable asset has the meaning given by section 67A. activity fee has the meaning given by subsection 29V(7). ADI (authorised deposit ‑ taking institution) means: (a) a body corporate that is an ADI for the purposes of the Banking Act 1959 ; or (b) a State bank. administration fee has the meaning given by subsection 29V(2). adopted child , in relation to a person, means a person adopted by the first ‑ mentioned person: (a) under the law of a State or Territory relating to the adoption of children; or (b) under the law of any other place relating to the adoption of children, if the validity of the adoption would be recognised under the law of any State or Territory. advice fee has the meaning given by subsection 29V(8). AFCA scheme has the same meaning as in the Corporations Act 2001 . amend , in relation to the governing rules of a superannuation entity, includes the insertion of a provision in, or the omission of a provision from, those rules. annual members’ meeting , for a registrable superannuation entity, means a meeting of members of the entity held under subsection 29P(1) for a year of income of the entity. annuity includes a benefit provided by a life insurance company or a registered organisation, if the benefit is taken, under the regulations, to be an annuity for the purposes of this Act. approved deposit fund means a fund that: (a) is an indefinitely continuing fund; and (b) is maintained by an RSE licensee that is a constitutional corporation; and (c) is maintained solely for approved purposes. approved form has the meaning given by section 11A. approved guarantee has the meaning given by section 11E. approved purposes , in relation to a fund, means: (a) the purpose of receiving on deposit: (i) amounts of roll ‑ over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997 ); and (ia) amounts of directed termination payments (within the meaning of section 82 ‑ 10F of the Income Tax (Transitional Provisions) Act 1997 ); and (ii) amounts paid under Part 24 of this Act; and (iii) amounts paid under section 65 of the Superannuation Guarantee (Administration) Act 1992 ; and (b) the purpose of dealing with such amounts, in accordance with the rules of the fund, in any way calculated directly or indirectly to enhance the value of, or render profitable, property of the fund; and (c) subject to any inconsistent requirement in the standards from time to time applicable to the fund under section 32, the purpose of paying to beneficiaries, or to the legal personal representatives of beneficiaries, upon request, amounts equal to the beneficiary’s interest in the fund; and (d) such other purposes (if any) as APRA approves in writing. approved SMSF auditor means a person who is registered under section 128B, but does not include: (a) a person for whom an order disqualifying a person from being an approved SMSF auditor, or suspending a person’s registration as an approved SMSF auditor, is in force under section 130F; or (b) a person who is disqualified from being or acting as an auditor of all superannuation entities under section 130D. APRA means the Australian Prudential Regulation Authority. APRA staff member has the same meaning as in the Australian Prudential Regulation Authority Act 1998 . ASIC means the Australian Securities and Investments Commission. asset means any form of property and, to avoid doubt, includes money (whether Australian currency or currency of another country). associate has the meaning given by section 12. Australian court means: (a) the High Court; or (b) a court created by the Parliament; or (c) a court of a State or Territory. Australian resident means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 . authorised person means a person authorised by the Regulator under section 298A for the purposes of the provision in which the expression occurs. benchmark means a benchmark mentioned in, or specified in regulations made for the purposes of, subparagraphs 52(9)(a)(i) and (ii) and paragraph 52(9)(aa). beneficiary , in relation to a fund, scheme or trust, means a person (whether described in the governing rules as a member, a depositor or otherwise) who has a beneficial interest in the fund, scheme or trust and includes, in relation to a superannuation fund, a member of the fund despite the express references in this Act to members of such funds. books includes: (a) any record; or (b) any accounts or accounting records, however compiled, recorded or stored; or (c) a document. buy ‑ sell spread has the meaning given by subsection 29V(4). child , in relation to a person, includes: (a) an adopted child, a stepchild or an ex ‑ nuptial child of the person; and (b) a child of the person’s spouse; and (c) someone who is a child of the person within the meaning of the Family Law Act 1975 . choice product : A class of beneficial interest in a regulated superannuation fund is a choice product unless: (a) all the members of the fund who hold that class of beneficial interest in the fund are defined benefit members; or (b) that class of beneficial interest in the fund is a MySuper product. civil penalty order means a declaration or order made under section 196. civil penalty provision has the meaning given by section 193. class , in relation to an RSE licensee, means (except in subsections 29E(7) and (8)) a class of RSE licence provided for under subsection 29B(2) or (3), or under regulations made for the purposes of subsection 29B(4). Commissioner means the Insurance and Superannuation Commissioner appointed under the Insurance and Superannuation Commissioner Act 1987 , or a person for the time being acting as Insurance and Superannuation Commissioner under that Act. comparable choice products , in relation to a choice product, means a class of choice product specified in regulations made for the purposes of this definition that the choice product is to be compared with. connected entity , in relation to an RSE licensee of a registrable superannuation entity, means: (a) an associated entity (within the meaning of the Corporations Act 2001 ) of the RSE licensee; and (b) if the RSE licensee is a group of individual trustees—an entity that has the capacity to determine or influence decisions made by one or more members of the group in relation to the registrable superannuation entity; and (c) any other entity of a kind prescribed by the regulations. constitutional corporation means a body corporate that is: (a) a trading corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution); or (b) a financial corporation formed within the limits of the Commonwealth (within the meaning of paragraph 51(xx) of the Constitution). contributing employer means an employer having obligations under Part 3B (about the superannuation data and payment regulations and standards). controlling stake : a person holds a controlling stake in an RSE licensee that is a body corporate if the person holds a stake of more than 15% in the RSE licensee. corporate trustee , in relation to a fund, scheme or trust, means a body corporate that is a trustee of the fund, scheme or trust. court means any court, when exercising jurisdiction under this Act. Court means the Federal Court of Australia or the Supreme Court of a State or a Territory. custodian , in relation to a superannuation entity, means a person (other than a trustee of the entity) who, under a contract with a trustee or an investment manager of the entity, performs custodial functions in relation to any of the assets of the entity. data and payment regulations and standards relating to RSAs has the same meaning as in the Retirement Savings Accounts Act 1997 . data processing device means any article or material (for example, a disc) from which information is capable of being reproduced with or without the aid of any other article or device. death benefit : see section 68AA. deed includes an instrument having the effect of a deed. defined benefit fund has (except in Division 3A of Part 8 and in Part 23) the meaning given by the regulations. defined benefit member : (a) in the definition of choice product in this subsection, section 20B and Part 2C—has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 ; and (b) in Division 3A of Part 8 and in Part 23—has the meaning given by section 83A; and (c) in any other provision of this Act—has the meaning given by the regulations; subject to subsection (1A). dependant , in relation to a person, includes the spouse of the person, any child of the person and any person with whom the person has an interdependency relationship. director , in relation to a body corporate, has the same meaning as in the Corporations Act 2001 . disclose , in relation to information, means give, reveal or communicate in any way. education direction : see subsection 160(2). eligible rollover fund : a regulated superannuation fund is an eligible rollover fund if an RSE licensee is authorised under section 242F to operate the fund as an eligible rollover fund. eligible superannuation entity means a regulated superannuation fund or an approved deposit fund. employee has the meaning given by section 15A. employer has the meaning given by section 15A. employer representative , in relation to a group of trustees of a fund, a policy committee of a fund or the board of directors of a corporate trustee of a fund, means a member of the group, committee or board, as the case may be, nominated by: (a) the employer or employers of the members of the fund; or (b) an organisation representing the interests of that employer or those employers. employer ‑ sponsor has the meaning given by subsection 16(1). employer ‑ sponsored fund has the meaning given by subsection 16(3). enhanced director obligations means: (a) for MySuper products—the obligations imposed by: (i) a covenant referred to in paragraph 52A(2)(f), as it relates to covenants referred to in subsection 52(9), (12) or (13); and (ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations for MySuper products; and (b) for eligible rollover funds—the obligations imposed by: (i) section 242L; and (ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced director obligations for eligible rollover funds. enhanced trustee obligations means: (a) for MySuper products—the obligations imposed by: (i) covenants referred to in section 52; and (ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations for MySuper products; and (b) for eligible rollover funds—the obligations imposed by: (i) covenants referred to in section 52, as enhanced by the obligations imposed under section 242K; and (ii) covenants prescribed under section 54A that are specified in the regulations as forming part of the enhanced trustee obligations for eligible rollover funds. entity means any of the following: (a) an individual; (b) a body corporate; (c) a partnership; (d) a trust. entry fee has the meaning given by subsection 99B(2). evidential burden , in relation to a matter, means the burden of adducing or pointing to evidence that suggests a reasonable possibility that the matter exists or does not exist. excluded approved deposit fund means an approved deposit fund: (a) in which there is only one beneficiary; and (b) that satisfies such other conditions (if any) as are specified in the regulations. excluded instalment trust , of a superannuation fund, means a trust: (a) that arises because a trustee or investment manager of the superannuation fund makes an investment under which a listed security (the underlying security ) is held in trust until the purchase price of the underlying security is fully paid; and (b) where the underlying security, and property derived from the underlying security, is the only trust property; and (c) where an investment in the underlying security held in trust would not be an in ‑ house asset of the superannuation fund. executive officer , in relation to a body corporate, means a person, by whatever name called and whether or not a director of the body, who is concerned, or takes part, in the management of the body. exempt public sector superannuation scheme means a public sector superannuation scheme that is specified in regulations made for the purposes of this definition. exit fee has the meaning given by subsection 99BA(2). expert , in relation to a matter, means a person whose profession or reputation gives authority to a statement made by him or her in relation to that matter. fees rules , in relation to MySuper products, means the rules in Division 5 of Part 2C. financial product has the same meaning as in Division 3 of Part 7.1 of the Corporations Act 2001 . financial product advice has the same meaning as in the Corporations Act 2001 . financial services licensee has the meaning given by the Corporations Act 2001 . function includes duty. general administration table means the table in section 6. general fees rules means the rules in Part 11A. governing rules , in relation to a fund, scheme or trust, means: (a) any rules contained in a trust instrument, other document or legislation, or combination of them; or (b) any unwritten rules; governing the establishment or operation of the fund, scheme or trust. group of individual trustees means a group of trustees each of whom is an individual trustee. group of trustees , in relation to a fund, scheme or trust, means a board, committee or other group of trustees of the fund, scheme or trust. half ‑ year means a period of 6 months ending on 30 June or 31 December. Income Tax Assessment Act means the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 . independent director , in relation to a corporate trustee of a fund, means a director of the corporate trustee who: (a) is not a member of the fund; and (b) is neither an employer ‑ sponsor of the fund nor an associate of such an employer ‑ sponsor; and (c) is neither an employee of an employer ‑ sponsor of the fund nor an employee of an associate of such an employer ‑ sponsor; and (d) is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and (e) is not, in any capacity, a representative of an organisation representing the interests of one or more employer ‑ sponsors of the fund. Note: Subsection (2) sets out the circumstances in which a director of a corporate trustee of a fund is not taken to be an associate of an employer ‑ sponsor of the fund. independent trustee , in relation to a fund, means a trustee of the fund who: (a) is not a member of the fund; and (b) is neither an employer ‑ sponsor of the fund nor an associate of such an employer ‑ sponsor; and (c) is neither an employee of an employer ‑ sponsor of the fund nor an employee of an associate of such an employer ‑ sponsor; and (d) is not, in any capacity, a representative of a trade union, or other organisation, representing the interests of one or more members of the fund; and (e) is not, in any capacity, a representative of an organisation representing the interests of one or more employer ‑ sponsors of the fund. individual RSE auditor means an individual who is appointed as auditor of a registrable superannuation entity. individual trustee , in relation to a fund, scheme or trust, means an individual who is a trustee of the fund, scheme or trust. insolvent under administration means a person who: (a) under the Bankruptcy Act 1966 or the law of an external Territory, is a bankrupt in respect of a bankruptcy from which the person has not been discharged; or (b) under the law of a country other than Australia or the law of an external Territory, has the status of an undischarged bankrupt; and includes: (c) a person any of whose property is subject to control under: (i) section 50 or 188 of the Bankruptcy Act 1966 ; or (ii) a corresponding provision of the law of an external Territory or the law of a foreign country; or (d) a person who has executed a personal insolvency agreement under: (i) Part X of the Bankruptcy Act 1966 ; or (ii) the corresponding provisions of the law of an external Territory or the law of a foreign country; if a certificate has not been given under section 232 of that Act or the corresponding provision of the law of the external Territory or foreign country, as the case may be, in respect of the agreement. inspector has the meaning given by section 265. instalment receipt means an investment under which: (a) a listed security is held in a trust until the purchase price of the security is fully paid; and (b) the security, and property derived from the security, is the only trust property. insurance fee has the meaning given by subsection 29V(9). interdependency relationship has the meaning given by section 10A. invest means: (a) apply assets in any way; or (b) make a contract; for the purpose of gaining interest, income, profit or gain. investment fee has the meaning given by subsection 29V(3). investment manager means a person appointed by a trustee of a fund or trust to invest on behalf of the trustee, or the trustees, of the fund or trust. involved , in relation to a contravention, has the meaning given by section 17. lawyer means a duly qualified legal practitioner and, in relation to a person, means such a practitioner acting for the person. lead auditor has the meaning given by section 11F. lease arrangement means any agreement, arrangement or understanding in the nature of a lease (other than a lease) between a trustee of a superannuation fund and another person, under which the other person is to use, or control the use of, property owned by the fund, whether or not the agreement, arrangement or understanding is enforceable, or intended to be enforceable, by legal proceedings. legal personal representative means the executor of the will or administrator of the estate of a deceased person, the trustee of the estate of a person under a legal disability or a person who holds an enduring power of attorney granted by a person. lifecycle exception has the meaning given by subsection 29TC(2). life insurance company means: (a) a body corporate registered under section 21 of the Life Insurance Act 1995 ; or (b) a public authority: (i) that is constituted by a law of a State or Territory; and (ii) that carries on life insurance business within the meaning of section 11 of that Act. listed security has the meaning given by subsection 66(5). loan includes the provision of credit or any other form of financial accommodation, whether or not enforceable, or intended to be enforceable, by legal proceedings. lodge means lodge with the Regulator. market value , in relation to an asset, means the amount that a willing buyer of the asset could reasonably be expected to pay to acquire the asset from a willing seller if the following assumptions were made: (a) that the buyer and the seller dealt with each other at arm’s length in relation to the sale; (b) that the sale occurred after proper marketing of the asset; (c) that the buyer and the seller acted knowledgeably and prudentially in relation to the sale. member has a meaning affected by section 15B. member of staff means: (a) in relation to APRA—a person who is an APRA staff member within the meaning of the Australian Prudential Regulation Authority Act 1998 ; and (b) in relation to ASIC—a person who is a staff member within the meaning of the Australian Securities and Investments Commission Act 2001 ; and (c) in relation to the Commissioner of Taxation—a taxation officer. member representative , in relation to a group of trustees of a fund, a policy committee of a fund or the board of directors of a corporate trustee of a fund, means a member of the group, committee or board, as the case may be, nominated by: (a) the members of the fund; or (b) a trade union, or other organisation, representing the interests of those members. modifications includes additions, omissions and substitutions. MySuper member : A member of a regulated superannuation fund is a MySuper member of the fund if the member holds a beneficial interest in the fund of a class that the RSE licensee of the fund is authorised to offer as a MySuper product. MySuper product : A class of beneficial interest in a regulated superannuation fund is a MySuper product if an RSE licensee is authorised under section 29T to offer that class of beneficial interest in the fund as a MySuper product. occurrence of an event includes the coming into existence of a state of affairs. old ‑ age pensions has the same meaning as in paragraph 51(xxiii) of the Constitution. ongoing fee arrangement has the same meaning as in the Corporations Act 2001 . Part 6A product has the meaning given by section 60B. Part 8 associate has the meaning given by Subdivision B of Division 1 of Part 8. pension , except in the expression old ‑ age pension , includes a benefit provided by a fund, if the benefit is taken, under the regulations, to be a pension for the purposes of this Act. permanent incapacity : a member of a superannuation fund or an approved deposit fund is suffering permanent incapacity if the member is taken, under the regulations, to be suffering permanent incapacity for the purposes of this Act. permanent incapacity benefit : see section 68AA. personal advice has the same meaning as in the Corporations Act 2001 . policy committee , in relation to a regulated superannuation fund, means a board, committee or other body that: (a) advises a trustee of the fund about such matters as are specified in the regulations; and (b) is established by or under the governing rules of the fund. pooled superannuation trust means a unit trust: (a) the trustee of which is a constitutional corporation; and (b) that, under the regulations, is a unit trust to which this definition applies. practical control of an RSE licensee that is a body corporate has the meaning given by section 131EC. premises includes: (a) a structure, building, aircraft, vehicle or vessel; and (b) any land or place (whether enclosed or built on or not); and (c) a part of a structure, building, aircraft, vehicle or vessel or of such a place. private sector fund means a superannuation fund covered by paragraph (a) of the definition of superannuation fund , other than a public sector fund. procure includes cause. produce includes permit access to. prudential matter has the meaning given by subsection 34C(4). prudential standard means a standard determined by APRA under subsection 34C(1). public offer entity means: (a) a public offer superannuation fund; or (b) an approved deposit fund that is not an excluded approved deposit fund; or (c) a pooled superannuation trust. public offer entity licence means an RSE licence of a class provided for under subsection 29B(2). public offer superannuation fund has the meaning given by section 18. public sector fund means a superannuation fund that is: (a) covered by paragraph (a) of the definition of superannuation fund ; and (b) part of a public sector superannuation scheme. public sector superannuation scheme means a scheme for the payment of superannuation, retirement or death benefits, where the scheme is established: (a) by or under a law of the Commonwealth or of a State or Territory; or (b) under the authority of: (i) the Commonwealth or the government of a State or Territory; or (ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth or of a State or Territory. quarter means a period of 3 months beginning on 1 January, 1 April, 1 July and 1 October. rectification direction : see subsection 159(2). rectify , in relation to a contravention of this Act or the regulations that has occurred in relation to a superannuation entity, includes put in operation managerial or administrative arrangements that could reasonably be expected to ensure that there are no further contraventions of a similar kind. redeem , in relation to an interest in an approved deposit fund, includes pay an amount equal to the interest pursuant to a covenant of a kind referred to in section 53 that is contained, or taken to be contained, in the governing rules of the fund. registered company auditor has the same meaning as in the Corporations Act 2001 . registered organisation means: (a) an association registered under a law of a State or Territory as a trade union; or (b) a society registered under a law of a State or Territory providing for the registration of friendly or benefit societies; or (c) an association of employees that is registered as an organisation, or recognised, under the Fair Work (Registered Organisations) Act 2009 . registrable superannuation entity means: (a) a regulated superannuation fund; or (b) an approved deposit fund; or (c) a pooled superannuation trust; but does not include a self managed superannuation fund. regulated document , in relation to a public offer entity, means a document: (a) issued, or authorised to be issued, by the trustee of the entity; and (b) that the trustee knows, or ought reasonably to know (having regard to the trustee’s abilities, experience, qualifications and other attributes), may influence a person’s decision: (i) whether to apply to have a superannuation interest in the entity issued to a person; or (ii) whether to apply to become a standard employer ‑ sponsor of the entity. regulated superannuation fund has the meaning given by section 19. Regulator means: (a) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by APRA (other than a provision that is administered by both APRA and ASIC)—APRA; or (b) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by ASIC (other than a provision that is administered by both APRA and ASIC)—ASIC; or (c) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by both APRA and ASIC—either APRA or ASIC, but, if the context requires the reference to be particularly to one of those bodies, then Regulator means that body; or (d) if the provision in which it occurs is, or is being applied for the purposes of, a provision that is administered by the Commissioner of Taxation—the Commissioner of Taxation. Note: In relation to paragraph (c), the context may require Regulator to mean the same body as has been referred to elsewhere. For example, in subsection 344(1), the Regulator who may be requested to reconsider a decision is required by the context to be a reference to the body who made the reviewable decision. related , in relation to bodies corporate, has the meaning given by section 20. related party , of a superannuation fund, means any of the following: (a) a member of the fund; (b) a standard employer ‑ sponsor of the fund; (c) a Part 8 associate of an entity referred to in paragraph (a) or (b). related trust , of a superannuation fund, means a trust that a member or a standard employer ‑ sponsor of the fund controls (within the meaning of section 70E), other than an excluded instalment trust of the fund. relative of an individual means the following: (a) a parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendant or adopted child of the individual or of his or her spouse; (b) a spouse of the individual or of any other individual referred to in paragraph (a). Note: Subsection (5) may be relevant to determining relationships for the purposes of paragraph (a) of the definition of relative . relevant person means: (a) in relation to a fund or trust: (i) if the trustee or an investment manager of the fund or trust is or includes an individual—that individual; or (ii) if the trustee or an investment manager of the fund or trust is or includes a body corporate—a responsible officer of that body corporate; or (iii) an auditor of the fund or trust; or (iv) an actuary of the fund or trust; or (v) a person who is a custodian in relation to the fund or trust; or (b) in relation to an approved SMSF auditor: (i) the approved SMSF auditor; or (ii) a person who is a relevant person under paragraph (a) in relation to a self managed superannuation fund of which the approved SMSF auditor is or was an auditor; or (c) in relation to an audit of a self managed superannuation fund: (i) the person who is conducting, or conducted, the audit; or (ii) a person who is a relevant person under paragraph (a) in relation to the self managed superannuation fund. resident approved deposit fund has the meaning given by section 20A. resident regulated superannuation fund means a regulated superannuation fund that is an Australian superannuation fund within the meaning of the Income Tax Assessment Act 1997 . resolution , of an entity, means the process by which APRA or other relevant persons manage or respond to the entity: (a) being unable to meet its obligations; or (b) being considered likely to be unable, or being considered likely to become unable, to meet its obligations; or (c) suspending payment, or being considered likely to suspend payment; including through the exercise of powers and functions under this Act or another law. responsible officer , in relation to a body corporate, means: (a) a director of the body; or (b) a secretary of the body; or (c) an executive officer of the body. reviewable decision means: (a) a decision of APRA under subsection 18(6) or (7) to make a declaration; or (aa) a decision of APRA under subsection 18(7A) to make a declaration under subsection 18(7) subject to conditions; or (ab) a decision of APRA under subsection 18(7C) to revoke a declaration that a superannuation fund is not a public offer superannuation fund or; (b) a decision of APRA under subsection 18(10) to revoke a declaration; or (dd) a decision of APRA under subsection 29CA(2) to treat an application for an RSE licence as having been withdrawn; or (de) a decision of APRA under subsection 29D(2) refusing an application for an RSE licence; or (df) a decision of APRA under subsection 29EA(1) to impose additional conditions on an RSE licence; or (dg) a decision of APRA under subsection 29FA(2) to treat an application for variation of an RSE licence so that it is an RSE licence of a different class as having been withdrawn; or (dh) a decision of APRA under subsection 29FA(2) to treat an application for variation or revocation of a condition imposed on an RSE licence as having been withdrawn; or (di) a decision of APRA to refuse to vary an RSE licence under subsection 29FC(1) so that it is an RSE licence of a different class; or (dj) a decision of APRA to refuse to vary or revoke under subsection 29FC(1) any conditions imposed on an RSE licence; or (dk) a decision of APRA under subsection 29FD(1) to vary or revoke any conditions imposed on an RSE licence; or (dl) a decision of APRA under subsection 29G(1) to cancel an RSE licence; or (dla) a decision of APRA under section 29HD to refuse to give a person approval to hold a controlling stake in an RSE licensee; or (dm) a decision of APRA under subsection 29M(2) refusing an application for registration of a registrable superannuation entity; or (dn) a decision of APRA under subsection 29N(2) to cancel the registration of a registrable superannuation entity; or (doa) a decision of APRA under subsection 29T(2) to refuse to authorise an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; or (dob) a decision of APRA under subsection 29U(1) to cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; or (doc) a decision to determine, vary or revoke a prudential standard referred to in paragraph 34C(1)(e) or (f); or (dod) a decision of the Regulator to give or vary a direction under section 34P or 34Q; or (dp) a decision of the Regulator refusing to give an approval under paragraph 35A(2)(b); or (dq) a decision of the Regulator to give such an approval subject to conditions under subsection 35A(3); or (e) a decision of the Regulator to give a notice under section 40; or (f) a decision of the Regulator refusing to give a notice under section 40; or (fa) a decision of the Regulator under subsection 42(1AA) or (1AC); or (fb) a refusal of the Regulator to give an approval under subparagraph 62(1)(b)(v); or (g) a decision of the Regulator to give a direction under section 63; or (h) a decision of the Regulator refusing to revoke a direction under section 63; or (ha) a decision of the Regulator to make a determination under subsection 70A(1); or (hb) a decision of the Regulator refusing to revoke a determination under subsection 70A(1); or (i) a decision of the Regulator refusing to make a determination under paragraph 71(1)(e); or (j) a decision of the Regulator to revoke a determination under paragraph 71(1)(e); or (k) a decision of the Regulator to make a determination under subsection 71(4); or (l) a decision of the Regulator refusing to revoke a determination under subsection 71(4); or (m) a decision of APRA under section 92 refusing to grant an arrangement approval; or (n) a decision of APRA under section 92 revoking an arrangement approval; or (na) a decision of APRA under subsection 93A(2) or (3) to approve or not approve a higher percentage; or (nb) a decision of APRA under subsection 93A(4) to specify conditions to which an approval is subject; or (nc) a decision of APRA under subsection 93A(5) to vary an approval; or (o) a decision of APRA under subsection 95(2) refusing to approve a borrowing; or (p) a decision of APRA under subsection 117(6) refusing to waive a requirement; or (q) a decision of APRA under subparagraph 123(2)(b)(ii) or (3)(c)(ii); or (qa) a decision of the Regulator under subsection 126A(1), (2) or (3) to disqualify an individual; or (qb) a decision of the Regulator under subsection 126A(5) refusing to revoke the disqualification of an individual; or (r) a decision of the Regulator under subsection 126B(4) refusing to allow a longer period than 14 days to make an application for waiver; or (ra) a decision of the Regulator under subsection 126D(3) refusing to make a declaration waiving an applicant’s status as a disqualified person; or (rb) a decision of the Regulator under subsection 126F(3) refusing to waive, in whole or in part, the requirement to pay an amount under subsection 126F(2); or (rc) a decision of the Regulator under section 128B refusing an application made under section 128A; or (rd) a decision of the Regulator under section 128D imposing or varying conditions, or additional conditions, on a person’s registration as an approved SMSF auditor; or (re) a decision of the Regulator refusing an application to vary or revoke conditions, or additional conditions, imposed under section 128D on a person’s registration as an approved SMSF auditor; or (rf) a decision of the Regulator under subsection 128E(2) cancelling a person’s registration as an approved SMSF auditor; or (rg) a decision of the Regulator refusing an application to waive the payment of the whole or a part of a fee under subsection 128L(4); or (rh) a decision of the Regulator to make an order under subsection 130F(2); or (ri) a decision of the Regulator refusing an application to revoke an order under subsection 130F(8); or (s) a decision of the Regulator to make a disqualification order under section 131; or (t) a decision of the Regulator refusing to revoke a disqualification order under section 131; or (ta) a decision of APRA to give a direction under section 131AA, other than a direction on the ground mentioned in paragraph 133AA(2)(a); or (taaa) a decision of APRA to give a direction under subsection 131D(1), 131DA(1) or 131DA(3); or (taab) a decision of APRA to vary a direction under subsection 131DC(1); or (taac) a decision of the Regulator under subsection 131EB(1) to give a person a direction to relinquish control of an RSE licensee; or (taa) a decision of the Regulator to suspend or remove a trustee of a superannuation entity under section 133; or (u) a decision of the Regulator under section 141; or (ua) a decision of APRA under subsection 242F(2) to refuse to authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund; or (ub) a decision of APRA under subsection 242J(1) to cancel an authority to operate a regulated superannuation fund as an eligible rollover fund; or (z) a decision of the Regulator under section 328 to make an exemption that applies to a particular person or a particular group of individual trustees; or (zb) a decision of the Regulator under section 332 to make a declaration that applies to a particular person or a particular group of individual trustees; or (zd) a decision of the Regulator under section 335 to vary or revoke an exemption or declaration that applies to a particular person or a particular group of individual trustees; or (ze) a decision of APRA refusing to give a notice under subsection 342(2) in relation to a fund; or (zf) a decision of APRA to give a notice under subsection 342(6) in relation to a fund; or (zg) a decision of the Regulator under subsection 347A(9). RSA has the same meaning as in the Retirement Savings Accounts Act 1997 . RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997 . RSE actuary means a person who is appointed as an actuary of a registrable superannuation entity. RSE audit company means a company that is appointed as auditor of a registrable superannuation entity. RSE audit firm means a firm that is appointed as auditor of a registrable superannuation entity. RSE auditor means: (a) an individual RSE auditor; or (b) an RSE audit firm; or (c) an RSE audit company. RSE licence means a licence granted under section 29D. RSE licensee means a constitutional corporation, body corporate, or group of individual trustees, that holds an RSE licence granted under section 29D. RSE licensee law means: (a) this Act or the regulations; and (aa) prudential standards; and (b) the Financial Sector (Collection of Data) Act 2001 ; and (c) the Financial Institutions Supervisory Levies Collection Act 1998 ; and (ca) the Financial Accountability Regime Act 2023 ; and (d) the provisions of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as applying in relation to superannuation interests; and (e) any other provisions of any other law of the Commonwealth specified in regulations made for the purposes of this paragraph. salary or wages has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 . self managed superannuation fund has the meaning given by sections 17A and 17B. Note: Subsection (4) of this section extends the meaning of self managed superannuation fund for the purposes of sections 5, 6, 42 and 42A and Part 20. signed , in relation to a body corporate, means executed by or on behalf of the body corporate in a way that is effective in law and that binds the body corporate. SMSF actuary means a person who is a Fellow or an Accredited Member of the Institute of Actuaries of Australia. SMSF auditor number , of an approved SMSF auditor, means the number stated under paragraph 128B(6)(b) in a certificate under subsection 128B(6) relating to the auditor’s registration under section 128B. spouse of a person includes: (a) another person (whether of the same sex or a different sex) with whom the person is in a relationship that is registered under a law of a State or Territory prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and (b) another person who, although not legally married to the person, lives with the person on a genuine domestic basis in a relationship as a couple. stake in an RSE licensee that is a body corporate, has the same meaning as in the Financial Sector (Shareholdings) Act 1998 . standard employer ‑ sponsor has the meaning given by subsection 16(2). standard employer ‑ sponsored fund has the meaning given by subsection 16(4). standard employer ‑ sponsored member has the meaning given by subsection 16(5). subsidiary has the same meaning as in the Corporations Act 2001 . superannuation account has the meaning given by subsection 108A(3). superannuation actuary means: (a) an RSE actuary; or (b) an SMSF actuary. superannuation auditor means: (a) an RSE auditor; or (b) an approved SMSF auditor. superannuation data and payment matter has the meaning given by subsection 34K(5). superannuation data and payment regulations and standards means: (a) the regulations made under section 34K; and (b) the standards issued by the Commissioner of Taxation under that section. superannuation data and payment standard means a standard issued by the Commissioner of Taxation under section 34K. superannuation entity means: (a) a regulated superannuation fund; or (b) an approved deposit fund; or (c) a pooled superannuation trust. superannuation entity affected by a reviewable decision , in relation to a reviewable decision, means the superannuation entity in relation to which the decision was made. superannuation entity director has the meaning given by subsection 52A(7). superannuation fund means: (a) a fund that: (i) is an indefinitely continuing fund; and (ii) is a provident, benefit, superannuation or retirement fund; or (b) a public sector superannuation scheme. superannuation interest means a beneficial interest in a superannuation entity. suspended SMSF auditor means a person for whom an order suspending a person’s registration as an approved SMSF auditor is in force under section 130F. switching fee has the meaning given by subsection 29V(5). taxation officer means: (a) a Second Commissioner of Taxation; or (b) a Deputy Commissioner of Taxation; or (c) a person engaged under the Public Service Act 1999 , or an officer or employee of an authority of the Commonwealth, performing duties in the Australian Taxation Office; or (d) a person engaged to provide services relating to the Australian Taxation Office. trustee , in relation to a fund, scheme or trust, means: (a) if there is a trustee (within the ordinary meaning of that expression) of the fund, scheme or trust—the trustee; or (b) in any other case—the person who manages the fund, scheme or trust. unit trust means: (a) a unit trust within the meaning of Division 6C of Part III of the Income Tax Assessment Act 1936 (whether established by a law of the Commonwealth or of a State or Territory, by a government agency or otherwise); or (b) the trustee of such a trust; as appropriate. value means market value, and includes amount. virtual meeting technology has the same meaning as in the Corporations Act 2001 . year of income has the same meaning as in the Income Tax Assessment Act 1936 . (1A) The regulations may prescribe: (a) circumstances in which a member of a superannuation fund is not a defined benefit member for the purposes of this Act, or a provision of this Act; and (b) circumstances in which a member of a superannuation fund who is not otherwise a defined benefit member for the purposes of this Act, or a provision of this Act, is to be taken to be a defined benefit member for the purposes of this Act, or that provision. (2) For the purposes of paragraph (b) of the definition of independent director in subsection (1), a director of a corporate trustee of a fund that is also an employer ‑ sponsor of the fund is not taken to be an associate of that employer ‑ sponsor by reason only of being such a director. (3) Without limiting the meaning of the expression member in this Act, that expression, in relation to a self managed superannuation fund, includes a person: (a) who receives a pension from the fund; or (b) who has deferred his or her entitlement to receive a benefit from the fund. (4) Treat an entity that is a superannuation fund as a self managed superannuation fund for the purposes of sections 5, 6, 42 and 42A, and Part 20, if: (a) it has ceased being a self managed superannuation fund for the purposes of the rest of this Act; and (b) the trustee of the fund is not an RSE licensee. (5) For the purposes of paragraph (a) of the definition of relative in subsection (1), if one individual is the child of another individual because of the definition of child in subsection (1), relationships traced to, from or through the individual are to be determined in the same way as if the individual were the natural child of the other individual.", "Amendment_Count": 67, "First_Amended": "No 118 of 1993", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 118 of 1993 | No 140 of 1994 | No 181 of 1994 | No 5 of 1995 | No 53 of 1995 | No 144 of 1995 | No 161 of 1995 | No 169 of 1995 | No 60 of 1996 | No 39 of 1997 | No 62 of 1997 | No 107 of 1997 | No 172 of 1997 | No 48 of 1998 | No 54 of 1998 | No 38 of 1999 | No 121 of 1999 | No 128 of 1999 | No 146 of 1999 | No 199 of 1999 | No 24 of 2000 | No 160 of 2000 | No 55 of 2001 | No 61 of 2001 | No 123 of 2001 | No 105 of 2002 | No 53 of 2004 | No 80 of 2004 | No 102 of 2004 | No 9 of 2007 | No 15 of 2007 | No 154 of 2007 | No 25 of 2008 | No 134 of 2008 | No 54 of 2009 | No 75 of 2009 | No 82 of 2010 | No 100 of 2010 | No 117 of 2010 | No 46 of 2011 | No 108 of 2011 | No 12 of 2012 | No 75 of 2012 | No 91 of 2012 | No 117 of 2012 | No 158 of 2012 | No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 85 of 2013 | No 11 of 2014 | No 2 of 2015 | No 13 of 2018 | No 23 of 2018 | No 16 of 2019 | No 40 of 2019 | No 49 of 2019 | No 69 of 2020 | No 135 of 2020 | No 141 of 2020 | No 19 of 2021 | No 46 of 2021 | No 29 of 2023 | No 68 of 2023 | No 69 of 2023 | No 76 of 2023 | No 57 of 2025", "History_Notes": "Amended by No 118 of 1993, effective s 156–159: 25 Dec 1993 (s 2(4)(b)) | Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 181 of 1994, effective Sch 3 (items 103–117): 19 Dec 1994 (s 2(1)) | Amended by No 5 of 1995, effective Sch (item 80): 1 July 1995 (s 2) | Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 161 of 1995, effective s 3 and 20: 16 Dec 1995 (s 2(1)) Sch (item 59): 19 July 1996 (s 2(2)) | Amended by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1)) | Amended by No 60 of 1996, effective Sch 19 (item 51): 25 Nov 1996 (s 2(1)) | Amended by No 39 of 1997, effective Sch 3 (item 128): 1 July 1997 (s 2) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 107 of 1997, effective Sch 14: 30 June 1997 (s 2(1)) | Amended by No 172 of 1997, effective Sch 1: 1 July 1996 (s 2(2)) | Amended by No 48 of 1998, effective Sch 1 (items 184–191): 1 July 1998 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 146 of 1999, effective Sch 1 (item 901): 5 Dec 1999 (s 2(1), (2)) | Amended by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 498–506): 15 July 2001 (s 2(1), (3)) | Amended by No 61 of 2001, effective Sch 1 (items 5, 6): 28 Dec 2002 (s 2(2)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 105 of 2002, effective Sch 3 (item 63): 12 May 2003 (s 2(1) item 29) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 80 of 2004, effective Sch 1 (items 209, 212, 213, 215): 1 Dec 2004 (s 2(1) item 2 and gaz 2004, No GN34) | Amended by No 102 of 2004, effective Sch 1 (item 23): 1 July 2005 (s 2(1) item 2) Sch 2 (items 7–9, 10(2)): 30 June 2004 (s 2(1) item 3) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 134 of 2008, effective Sch 4 (items 8–17): 1 July 2008 (s 2(1) item 4) Sch 4 (item 20): 4 Dec 2008 (s 2(1) item 4A) | Amended by No 54 of 2009, effective Sch 18 (item 23): 1 July 2009 (s 2(1) item 41) | Amended by No 75 of 2009, effective Sch 1 (item 221): 27 Feb 2010 (s 2(1) item 2) Sch 2 (items 9–12, 14): 28 Aug 2009 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 100 of 2010, effective 7 July 2010 (s 2) | Amended by No 117 of 2010, effective s 4: 16 Nov 2010 (s 2(1) item 1) Sch 2 (item 1): 1 Dec 2010 (s 2(1) item 3) Sch 3: 17 Nov 2010 (s 2(1) item 5) | Amended by No 46 of 2011, effective Sch 2 (items 1091–1095) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12) | Amended by No 108 of 2011, effective Sch 1 (items 8–16, 20, 21): 1 Nov 2011 (s 2(1) item 2) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 75 of 2012, effective Sch 6 (items 1–9): 27 June 2013 (s 2(1) item 3) Sch 6 (items 10, 11): 27 June 2012 (s 2(1) item 4) | Amended by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 85 of 2013, effective Sch 5: 28 June 2013 (s 2(1) item 10) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 2 of 2015, effective Sch 1: 25 Feb 2015 (s 2(1) item 2) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 23 of 2018, effective Sch 1 (items 68–71): 1 Apr 2018 (s 2(1) item 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) Sch 4 (items 11–23): 1 July 2018 (s 2(1) item 11) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 4 (items 95–104): 1 July 2019 (s 2(1) item 12) | Amended by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 19 of 2021, effective Sch 3: 1 July 2021 (s 2(1) item 2) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22) | Amended by No 57 of 2025, effective sch 1 (items 129 ‑ 143, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s10"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 10A", "Provision_Key": "s10a", "Heading": "Interdependency relationship", "Text": "(1) Subject to subsection (3), for the purposes of this Act, 2 persons (whether or not related by family) have an interdependency relationship if: (a) they have a close personal relationship; and (b) they live together; and (c) one or each of them provides the other with financial support; and (d) one or each of them provides the other with domestic support and personal care. (2) Subject to subsection (3), for the purposes of this Act, if: (a) 2 persons (whether or not related by family) satisfy the requirement of paragraph (1)(a); and (b) they do not satisfy the other requirements of an interdependency relationship under subsection (1); and (c) the reason they do not satisfy the other requirements is that either or both of them suffer from a physical, intellectual or psychiatric disability; they have an interdependency relationship . (3) The regulations may specify: (a) matters that are, or are not, to be taken into account in determining under subsection (1) or (2) whether 2 persons have an interdependency relationship ; and (b) circumstances in which 2 persons have, or do not have, an interdependency relationship .", "Amendment_Count": 1, "First_Amended": "No 102 of 2004", "Last_Amended": "No 102 of 2004", "Amending_Acts": "No 102 of 2004", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (item 23): 1 July 2005 (s 2(1) item 2) Sch 2 (items 7–9, 10(2)): 30 June 2004 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s10A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Approvals, determinations etc. by Regulator", "Text": "If: (a) a provision of this Act refers to an approval given, determination made or other act or thing done by the Regulator; and (b) there is no other provision of this Act expressly authorising the Regulator to give the approval, make the determination or do the act or thing; the Regulator is authorised to give the approval, make the determination or do the act or thing.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11A", "Provision_Key": "s11a", "Heading": "Approved forms", "Text": "(1) In this Act, a reference to an approved form is a reference to a form approved by the Regulator, in writing, for the purposes of the provision in which the expression appears. (2) An approved form may require particular information to be included in the completed form. (3) An approved form may do either or both of the following: (a) require or permit the form to be attached to, or to form part of, another document; (b) require or permit the form to be given on a specified kind of data processing device or by specified electronic transmission, in accordance with specified software or other requirements. (4) An approved form may require the form to be signed by a particular person or persons. This applies whether or not a provision of this Act also requires the form to be signed. (5) An approved form may make different requirements to be complied with according to whether or not the form is given in a way that is required or permitted as mentioned in paragraph (3)(b). (6) If an approved form makes a requirement as mentioned in subsection (2), (3) or (4), a purported use of the form is not effective for the purposes of this Act unless the requirement has been complied with.", "Amendment_Count": 1, "First_Amended": "No 24 of 2000", "Last_Amended": "No 24 of 2000", "Amending_Acts": "No 24 of 2000", "History_Notes": "Inserted by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11B", "Provision_Key": "s11b", "Heading": "Electronic lodgment of approved forms", "Text": "(1) If a person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b): (a) the form is taken to constitute a written notice; and (b) if the form includes the electronic signature of a person—the form is taken to be signed by that person. (2) The person’s electronic signature is a unique identification, in an electronic form, that is approved by the Regulator for use by the person. (3) A person commits an offence if: (a) the person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and (b) either: (i) the form purports to be given by another person; or (ii) the form purports to be given on behalf of another person, and that other person has not consented to the giving of the form. Penalty: 50 penalty units. (4) A person commits an offence if: (a) the person gives the Regulator an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and (b) the form includes the electronic signature of another person who has not consented to the inclusion of the signature. Penalty: 50 penalty units. (5) Subsections (3) and (4) are offences of strict liability within the meaning of section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 24 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 24 of 2000 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11C", "Provision_Key": "s11c", "Heading": "Declaration required if approved form lodged electronically on trustee’s behalf", "Text": "(1) This section applies if: (a) the Regulator is given an approved form in a way that is required or permitted as mentioned in paragraph 11A(3)(b); and (b) the form is given to the Regulator by a person on behalf of the trustee, or one or more of the trustees, of a superannuation entity. In this section, the trustee, or each of the trustees, on whose behalf the form is given is referred to as the responsible trustee . (2) The responsible trustee commits an offence if the responsible trustee does not, before the form is given to the Regulator, make a signed declaration that states that: (a) the person is authorised to give the form to the Regulator on the responsible trustee’s behalf; and (b) the information in the form is correct. Penalty: 50 penalty units. (3) The responsible trustee commits an offence if the responsible trustee does not retain the declaration for 5 years after it is made. Penalty: 50 penalty units. (4) The responsible trustee commits an offence if: (a) within the 5 year period, the Regulator requests the responsible trustee to produce the declaration to the Regulator; and (b) the responsible trustee does not comply with the request. Penalty: 50 penalty units. (5) Subsections (2), (3) and (4) are offences of strict liability within the meaning of section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 24 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 24 of 2000 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11D", "Provision_Key": "s11d", "Heading": "Electronic lodgment—documents other than approved forms", "Text": "(1) A document that is not required to be lodged in an approved form may be lodged with the Regulator electronically only if: (a) the Regulator and the person seeking to lodge it (either on the person’s own behalf or on another person’s behalf) have agreed, in writing, that it may be lodged electronically; or (b) the Regulator has approved, in writing, the electronic lodgment of documents of that kind. (2) The document is taken to be lodged with the Regulator if it is lodged in accordance with the agreement or approval (including any requirements of the agreement or approval as to authentication).", "Amendment_Count": 1, "First_Amended": "No 24 of 2000", "Last_Amended": "No 24 of 2000", "Amending_Acts": "No 24 of 2000", "History_Notes": "Inserted by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11E", "Provision_Key": "s11e", "Heading": "Approved guarantees", "Text": "In this Act, an approved guarantee is: (a) a guarantee given by an ADI; or (b) a guarantee given by or on behalf of the Commonwealth, a State or a Territory; that meets the requirements that APRA, by legislative instrument, determines.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 11F", "Provision_Key": "s11f", "Heading": "Lead auditor", "Text": "If an RSE audit firm or RSE audit company conducts an audit of a registrable superannuation entity, the lead auditor for the audit is the registered company auditor who is primarily responsible to the RSE audit firm or the RSE audit company for the conduct of the audit.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s11F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Associates", "Text": "(1) The question whether a person is an associate of another person for the purposes of this Act is to be determined in the same way as that question would be determined under the Corporations Act 2001 if the assumptions set out in subsection (2) were made. (2) The assumptions are as follows: (a) that sections 12 and 14 and paragraphs 15(1)(b) and 16(1)(b) and (c) of that Act had not been enacted; (b) that section 13 of that Act were not limited to Chapter 7, but extended to all provisions of that Act.", "Amendment_Count": 1, "First_Amended": "No 55 of 2001", "Last_Amended": "No 55 of 2001", "Amending_Acts": "No 55 of 2001", "History_Notes": "Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 498–506): 15 July 2001 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s12"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Single trustees", "Text": "For the purposes of this Act: (a) a fund, scheme or trust has a single corporate trustee if, and only if, there is only one trustee of the fund, scheme or trust and that trustee is a corporate trustee; and (b) a fund, scheme or trust has a single individual trustee if, and only if, there is only one trustee of the fund, scheme or trust and that trustee is an individual trustee.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s13"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 13A", "Provision_Key": "s13a", "Heading": "RSE licensees that are groups of individual trustees", "Text": "(1) Subject to this section, for the purposes of this Act, the regulations and the prudential standards, a change in the composition of a group of individual trustees that is an RSE licensee does not affect the continuity of the group of individual trustees for the duration of the period during which the RSE licence continues in force. Note: So, for example, an RSE licence granted to a group of individual trustees will not cease to continue in force, merely because of a change in the membership of the group. (2) An obligation that would be imposed on an RSE licensee that is a group of individual trustees of a registrable superannuation entity by a provision of this Act, the regulations or the prudential standards is imposed instead on each of the trustees but, subject to the entity’s governing rules, may be discharged by any of them. (3) A person who is a member of a group of individual trustees that is an RSE licensee is not liable under any offence of strict liability or civil penalty provision of this Act or the regulations in respect of any breach of a provision of this Act or the regulations, or failure, by the RSE licensee if the person proves that he or she: (a) made all inquiries (if any) that were reasonable in the circumstances; and (b) after doing so, believed on reasonable grounds that the obligations of the RSE licensee were being complied with. Note: In a prosecution for an offence of strict liability against a provision of this Act or the regulations, a defendant bears a legal burden in relation to the matters in subsection (3) (see section 13.4 of the Criminal Code ). (4) If a group of individual trustees is an RSE licensee, a direction, notice or other document is taken, for the purposes of a provision of this Act, the regulations or the prudential standards, to be given to the RSE licensee if it is given it to any member of the group. (5) If a group of individual trustees of a registrable superannuation entity is an RSE licensee, a request is taken, for the purposes of a provision of this Act, the regulations or the prudential standards, to have been made to the RSE licensee if it is made to any member of the group and, subject to the entity’s governing rules, may be dealt with by any member of the group. (6) Any requirement under this Act, the regulations or the prudential standards that a document be signed by an RSE licensee is taken, if the RSE licensee is a group of individual trustees, to be a requirement that the document be signed by each of the members of the group. (7) An RSE licensee that is a group of individual trustees is taken, for the purposes of a provision of this Act, the regulations or the prudential standards, to have provided something to a person if one of the members of the group has provided that thing to the person. (8) For the purposes of this Act and the regulations, if an RSE licensee that is a group of individual trustees is affected by a reviewable decision, each member of the group is taken to be affected by that decision. (9) The regulations may exclude or modify the effect of the subsections of this section (other than subsections (2) and (3)) in relation to specified provisions. (10) This section has effect subject to a contrary intention in a provision of this Act or regulations made for the purposes of subsection (9).", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 53 of 2004 | No 117 of 2012", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s13A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Indefinitely continuing fund—application of rules against perpetuities", "Text": "If the governing rules of a fund contain a provision the purpose of which is to avoid a breach of a rule of law relating to perpetuities, that provision does not prevent the fund from being treated as an indefinitely continuing fund for the purposes of the definition of approved deposit fund or superannuation fund in section 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s14"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Approved deposit funds—payments by trustees", "Text": "(1) For the purposes of paragraph (c) of the definition of approved purposes in section 10 and for the purposes of section 53, if: (a) a beneficiary has an interest in a fund; and (b) on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund: (i) to a life insurance company or registered organisation for the purchase of an annuity in the name of the beneficiary; or (ii) into an RSA specified by the beneficiary; the trustee of the fund is taken to have paid the amount to the beneficiary on request. (1A) For the purposes of paragraph (c) of the definition of approved purposes in section 10 and for the purposes of section 53, if: (a) a beneficiary has an interest in a fund; and (b) on the request of the beneficiary, an amount equal to the beneficiary’s interest is paid by the fund to: (i) an approved deposit fund; or (ii) a regulated superannuation fund; the trustee of the first ‑ mentioned fund is taken to have paid the amount to the beneficiary on request. (1B) For the purposes of paragraph (c) of the definition of approved purposes in section 10, if a payment is not made immediately on request but is deferred for a period determined by the trustee concerned, the payment is taken to have been made on request. (2) A reference in subsection (1) or (1A) to a beneficiary includes a reference to the legal personal representative of a beneficiary.", "Amendment_Count": 2, "First_Amended": "No 140 of 1994", "Last_Amended": "No 62 of 1997", "Amending_Acts": "No 140 of 1994 | No 62 of 1997", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s15"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 15A", "Provision_Key": "s15a", "Heading": "Definitions of employee and employer", "Text": "(1) Subject to this section, in this Act, employee and employer have their ordinary meaning. However, for the purposes of this Act, subsections (2) to (10): (a) expand the meaning of those terms; and (b) make particular provision to avoid doubt as to the status of certain persons. (2) A person who is entitled to payment for the performance of duties as a member of the executive body (whether described as the board of directors or otherwise) of a body corporate is, in relation to those duties, an employee of the body corporate. (3) If a person works under a contract that is wholly or principally for the labour of the person, the person is an employee of the other party to the contract. (4) A member of the Parliament of the Commonwealth is an employee of the Commonwealth. (5) A member of the Parliament of a State is an employee of the State. (6) A member of the Legislative Assembly for the Australian Capital Territory is an employee of the Australian Capital Territory. (7) A member of the Legislative Assembly of the Northern Territory is an employee of the Northern Territory. (8) For the purposes of this Act: (a) a person who is paid to perform or present, or to participate in the performance or presentation of, any music, play, dance, entertainment, sport, display or promotional activity or any similar activity involving the exercise of intellectual, artistic, musical, physical or other personal skills is an employee of the person liable to make the payment; and (b) a person who is paid to provide services in connection with an activity referred to in paragraph (a) is an employee of the person liable to make the payment; and (c) a person who is paid to perform services in, or in connection with, the making of any film, tape or disc or of any television or radio broadcast is an employee of the person liable to make the payment. (9) Subject to subsection (10), a person who: (a) holds, or performs the duties of, an appointment, office or position under the Constitution or under a law of the Commonwealth, of a State or of a Territory; or (b) is otherwise in the service of the Commonwealth, of a State or of a Territory (including service as a member of the Defence Force or as a member of a police force); is an employee of the Commonwealth, the State or the Territory, as the case requires. (10) A person who holds office as a member of a local government council is an employee of the council.", "Amendment_Count": 1, "First_Amended": "No 169 of 1995", "Last_Amended": "No 169 of 1995", "Amending_Acts": "No 169 of 1995", "History_Notes": "Inserted by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s15A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 15B", "Provision_Key": "s15b", "Heading": "Modified meaning of member", "Text": "(1) The regulations may provide that a person is to be treated, or is not to be treated, as being a member of a superannuation fund for the purposes of this Act or specified provisions of this Act. (2) This Act applies with such modifications (if any) as are prescribed in relation to a person who is a member of a superannuation fund because of regulations made for the purposes of this section.", "Amendment_Count": 2, "First_Amended": "No 61 of 2001", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 61 of 2001 | No 46 of 2011", "History_Notes": "Inserted by No 61 of 2001, effective Sch 1 (items 5, 6): 28 Dec 2002 (s 2(2)) | Amended by No 46 of 2011, effective Sch 2 (items 1091–1095) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s15B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Definitions associated with employer ‑ sponsorship", "Text": "Employer ‑ sponsor (1) An employer ‑ sponsor of a regulated superannuation fund is an employer who: (a) contributes to the fund; or (b) would, apart from a temporary cessation of contributions, contribute to the fund; for the benefit of: (c) a member of the fund who is an employee of: (i) the employer; or (ii) an associate of the employer; or (d) the dependants of such a member in the event of the death of the member. Standard employer ‑ sponsor (2) If an employer so contributes, or would contribute, wholly or partly pursuant to an arrangement between the employer and a trustee of the regulated superannuation fund concerned, the employer is a standard employer ‑ sponsor of the fund (as well as being an employer ‑ sponsor of the fund). If the employer only so contributes, or would contribute, pursuant to arrangements between the employer and a member or members of the fund, the employer is not a standard employer ‑ sponsor. Employer ‑ sponsored fund (3) An employer ‑ sponsored fund is a regulated superannuation fund that has at least one employer ‑ sponsor. Standard employer ‑ sponsored fund (4) If a regulated superannuation fund has at least one standard employer ‑ sponsor, the fund is a standard employer ‑ sponsored fund (as well as being an employer ‑ sponsored fund). Standard employer ‑ sponsored member (5) A standard employer ‑ sponsored member is a member of a regulated superannuation fund in respect of whom an employer ‑ sponsor contributes, or would contribute, as mentioned in subsection (1) wholly or partly pursuant to an arrangement between the employer ‑ sponsor and a trustee of the fund.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s16"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Persons involved in a contravention", "Text": "For a contravention that is not an offence, a person is involved in the contravention if, and only if, the person: (a) has aided, abetted, counselled or procured the contravention; or (b) has induced, whether by threats or promises or otherwise, the contravention; or (c) has been in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the contravention; or (d) has conspired with others to effect the contravention.", "Amendment_Count": 2, "First_Amended": "No 31 of 2001", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 31 of 2001 | No 64 of 2020", "History_Notes": "Repealed by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Inserted by No 64 of 2020, effective Sch 3 (items 50–53): 23 June 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s17"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 17A", "Provision_Key": "s17a", "Heading": "Definition of self managed superannuation fund", "Text": "Basic conditions—funds other than single member funds (1) Subject to this section, a superannuation fund, other than a fund with only one member, is a self managed superannuation fund if and only if it satisfies the following conditions: (a) it has no more than 6 members; (b) if the trustees of the fund are individuals—each individual trustee of the fund is a member of the fund; (c) if the trustee of the fund is a body corporate—each director of the body corporate is a member of the fund; (d) each member of the fund: (i) is a trustee of the fund; or (ii) if the trustee of the fund is a body corporate—is a director of the body corporate; (e) no member of the fund is an employee of another member of the fund, unless the members concerned are relatives; (f) no trustee of the fund receives any remuneration from the fund or from any person for any duties or services performed by the trustee in relation to the fund; (g) if the trustee of the fund is a body corporate—no director of the body corporate receives any remuneration from the fund or from any person (including the body corporate) for any duties or services performed by the director in relation to the fund. Note: Section 17B contains exceptions to paragraphs (1)(f) and (g). Basic conditions—single member funds (2) Subject to this section, a superannuation fund with only one member is a self managed superannuation fund if and only if: (a) if the trustee of the fund is a body corporate: (i) the member is the sole director of the body corporate; or (ii) the member is one of only 2 directors of the body corporate, and the member and the other director are relatives; or (iii) the member is one of only 2 directors of the body corporate, and the member is not an employee of the other director; and (b) if the trustees of the fund are individuals: (i) the member is one of only 2 trustees, of whom one is the member and the other is a relative of the member; or (ii) the member is one of only 2 trustees, and the member is not an employee of the other trustee; and (c) no trustee of the fund receives any remuneration from the fund or from any person for any duties or services performed by the trustee in relation to the fund; (d) if the trustee of the fund is a body corporate—no director of the body corporate receives any remuneration from the fund or from any person (including the body corporate) for any duties or services performed by the director in relation to the fund. Note: Section 17B contains exceptions to paragraphs (2)(c) and (d). Certain other persons may be trustees (3) A superannuation fund does not fail to satisfy the conditions specified in subsection (1) or (2) by reason only that: (a) a member of the fund has died and the legal personal representative of the member is a trustee of the fund or a director of a body corporate that is the trustee of the fund, in place of the member, during the period: (i) beginning when the member of the fund died; and (ii) ending when death benefits commence to be payable in respect of the member of the fund; or (b) the legal personal representative of a member of the fund is a trustee of the fund or a director of a body corporate that is the trustee of the fund, in place of the member, during any period when: (i) the member of the fund is under a legal disability; or (ii) the legal personal representative has an enduring power of attorney in respect of the member of the fund; or (c) if a member of the fund is under a legal disability because of age and does not have a legal personal representative: (i) the parent or guardian of the member is a trustee of the fund in place of the member; or (ii) if the trustee of the fund is a body corporate—the parent or guardian of the member is a director of the body corporate in place of the member; or (d) an appointment under section 134 of an acting trustee of the fund is in force. Circumstances in which entity that does not satisfy basic conditions remains a self managed superannuation fund (4) Subject to subsection (5), if a superannuation fund that is a self managed superannuation fund would, apart from this subsection, cease to be a self managed superannuation fund, it does not so cease until the earlier of the following times: (a) the time an RSE licensee of the fund is appointed; (b) 6 months after it would so cease to be a self managed superannuation fund. Subsection (4) does not apply if admission of new members (5) Subsection (4) does not, except for the purposes of section 29J, apply if the reason, or one of the reasons, why the superannuation fund would cease to be a self managed superannuation fund was the admission of one or more new members to the fund. Extended meaning of employee in certain circumstances (6) For the purposes of this section, a member of a fund, who is an employee of an employer ‑ sponsor of the fund, is also taken to be an employee of another person (the other person ), if the employer ‑ sponsor is: (a) a relative of the other person; or (b) either of the following: (i) a body corporate of which the other person, or a relative of the other person, is a director; (ii) a body corporate related to that body corporate; or (c) a trustee of a trust of which the other person, or a relative of the other person, is a beneficiary; or (d) a partnership, where: (i) the other person, or a relative of the other person, is a partner in the partnership; or (ii) the other person, or a relative of the other person, is a director of a body corporate that is a partner in the partnership; or (iii) the other person, or a relative of the other person, is a beneficiary of a trust, if a trustee of the trust is a partner in the partnership. Note 1: An effect of this subsection is that a fund will not be a self managed superannuation fund if a member is employed by an employer ‑ sponsor of the fund, and another member (who is not a relative) has a specified interest in that employer ‑ sponsor: see paragraph (1)(e). An example of this would be where the employer ‑ sponsor is a company of which another member is a director. Note 2: Another effect is that a fund will not be a self managed superannuation fund if its single member is employed by an employer ‑ sponsor of the fund in which the other trustee of the fund (who is not a relative) has a specified interest: see subsection (2). (7) Subsection (6) does not limit the meaning of the term employee . Regulations (8) For the purposes of this section: (a) a member of a fund is taken to be an employee of a person belonging to a class specified in the regulations for the purposes of this paragraph; and (b) despite subsections (6) and (7) and section 15A, a member of a fund is not taken to be an employee of a person belonging to a class specified in the regulations for the purposes of this paragraph. Meaning of relative (9) In this section: relative , in relation to an individual, means: (a) a parent, child, grandparent, grandchild, sibling, aunt, uncle, great ‑ aunt, great ‑ uncle, niece, nephew, first cousin or second cousin of the individual or of his or her spouse or former spouse; or (b) a spouse or former spouse of the individual, or of an individual referred to in paragraph (a). (9A) For the purposes of paragraph (a) of the definition of relative in subsection (9), if one individual is the child of another individual because of the definition of child in subsection 10(1), relationships traced to, from or through the individual are to be determined in the same way as if the individual were the natural child of the other individual. Disqualified persons (10) For the avoidance of doubt, subsection (3) does not permit a person, in the capacity of legal personal representative of a disqualified person (within the meaning of section 120), to be a trustee of a self managed superannuation fund or a director of a body corporate that is a trustee of a self managed superannuation fund.", "Amendment_Count": 6, "First_Amended": "No 121 of 1999", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 121 of 1999 | No 53 of 2004 | No 9 of 2007 | No 134 of 2008 | No 12 of 2012 | No 47 of 2021", "History_Notes": "Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 134 of 2008, effective Sch 4 (items 8–17): 1 July 2008 (s 2(1) item 4) Sch 4 (item 20): 4 Dec 2008 (s 2(1) item 4A) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s17A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 17B", "Provision_Key": "s17b", "Heading": "Definition of self managed superannuation fund —remuneration of trustees etc.", "Text": "(1) Paragraphs 17A(1)(f) and (2)(c) do not apply to remuneration for any duties or services performed by a trustee of a fund, if: (a) the trustee performs the duties or services other than in the capacity of trustee; and (b) the trustee is appropriately qualified, and holds all necessary licences, to perform the duties or services; and (c) the trustee performs the duties or services in the ordinary course of a business, carried on by the trustee, of performing similar duties or services for the public; and (d) the remuneration is no more favourable to the trustee than that which it is reasonable to expect would apply if the trustee were dealing with the relevant other party at arm’s length in the same circumstances. (2) Paragraphs 17A(1)(g) and (2)(d) do not apply to remuneration for any duties or services performed by a director of a body corporate that is a trustee of a fund, if: (a) the director performs the duties or services other than: (i) in the capacity of director; and (ii) in connection with the body corporate’s capacity of trustee; and (b) the director is appropriately qualified, and holds all necessary licences, to perform the duties or services; and (c) the director performs the duties or services in the ordinary course of a business, carried on by the director, of performing similar duties or services for the public; and (d) the remuneration is no more favourable to the director than that which it is reasonable to expect would apply if the director were dealing with the relevant other party at arm’s length in the same circumstances.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s17B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Public offer superannuation fund", "Text": "Definition (1) A superannuation fund is a public offer superannuation fund if: (a) one of the following subparagraphs applies to the fund: (i) it is a regulated superannuation fund that is not a standard employer ‑ sponsored fund; (ii) it is a standard employer ‑ sponsored fund that has at least one member: (A) who is not a standard employer ‑ sponsored member; and (B) who is not a member of a prescribed class; (iii) it is a standard employer ‑ sponsored fund in relation to which an election under subsection (2) has been made; (iv) a declaration under subsection (6) (which allows for funds to be declared to be public offer superannuation funds) is in force in relation to the fund; and (aa) the fund is not a self managed superannuation fund; and (b) no declaration under subsection (7) (which allows for funds to be declared not to be public offer superannuation funds) is in force in relation to the fund. Election to be a public offer superannuation fund (2) The trustee of a standard employer ‑ sponsored fund may elect that the fund is to be treated as a public offer superannuation fund. How an election is made (3) An election must be made by giving APRA a written notice that is: (a) in the approved form; and (b) signed by the trustee. Trustee has power to make election despite anything in the governing rules (4) The trustee has the power to make an election despite anything in the governing rules of the fund. Election is irrevocable (5) An election is irrevocable. Declaration that fund is a public offer superannuation fund (6) APRA may, in writing, declare a superannuation fund to be a public offer superannuation fund. Declaration that fund is not a public offer superannuation fund (7) APRA may, in writing, declare a superannuation fund not to be a public offer superannuation fund. (7A) A declaration that a superannuation fund is not a public offer superannuation fund may be subject to conditions. (7B) If a condition has been breached the trustee must immediately notify APRA, in writing, of the breach. Penalty: 30 penalty units. (7BA) Subsection (7B) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (7C) If APRA is satisfied, whether because of a notification under subsection (7B) or otherwise, that a condition to which the declaration is subject has been breached: (a) APRA may revoke the declaration; and (b) the superannuation fund is taken, with effect from the revocation, to have become a public offer superannuation fund. Commencement of declaration (8) A declaration comes into force when it is made, or, if a later time is specified in the declaration as the time when it comes into force, it comes into force at that later time. Cessation of declaration (9) A declaration remains in force: (a) if a time is specified in the declaration as the time when it stops being in force—until that time, or until the declaration is revoked, whichever occurs first; or (b) otherwise—until the declaration is revoked. Revocation of declaration (10) APRA may, in writing, revoke a declaration. APRA must have regard to guidelines when making or revoking a declaration (11) When making or revoking a declaration, APRA must have regard to any written guidelines determined by APRA under this subsection. Copy of declaration or revocation to be given to trustee (12) As soon as practicable after making or revoking a declaration, APRA must give the trustee of the superannuation fund concerned a copy of the instrument making or revoking the declaration.", "Amendment_Count": 5, "First_Amended": "No 144 of 1995", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 121 of 1999 | No 24 of 2000 | No 160 of 2000", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s18"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 19", "Provision_Key": "s19", "Heading": "Regulated superannuation fund", "Text": "Definition (1) A regulated superannuation fund is a superannuation fund in respect of which subsections (2) to (4) have been complied with. Fund must have a trustee (2) The superannuation fund must have a trustee. Trustee must be a constitutional corporation or fund must be a pension fund (3) Either of the following must apply: (a) the trustee of the fund must be a constitutional corporation pursuant to a requirement contained in the governing rules; (b) the governing rules must provide that the sole or primary purpose of the fund is the provision of old ‑ age pensions. Election by trustee (4) The trustee or trustees must have given to the Commissioner of Taxation a written notice that is: (a) in the approved form; and (b) signed by the trustee or each trustee; electing that this Act is to apply in relation to the fund. Note: The approved form of written notice may require the trustee or the trustees to set out the tax file number of the fund. See subsection 299U(1). Election is irrevocable (5) An election made as mentioned in subsection (4) is irrevocable. Trustee has power to make election despite anything in the governing rules etc. (6) The trustee or trustees have the power to make an election as mentioned in subsection (4) despite anything in the governing rules of the fund. References to repealed provisions of OSSA (9) A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to the provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993 .", "Amendment_Count": 7, "First_Amended": "No 76 of 1996", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 76 of 1996 | No 54 of 1998 | No 121 of 1999 | No 24 of 2000 | No 53 of 2004 | No 49 of 2019 | No 135 of 2020", "History_Notes": "Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 4 (items 95–104): 1 July 2019 (s 2(1) item 12) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s19"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 20", "Provision_Key": "s20", "Heading": "Related bodies corporate", "Text": "The question whether bodies corporate are related to each other for the purposes of this Act is to be determined in the same way as that question would be determined under the Corporations Act 2001 .", "Amendment_Count": 1, "First_Amended": "No 55 of 2001", "Last_Amended": "No 55 of 2001", "Amending_Acts": "No 55 of 2001", "History_Notes": "Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 498–506): 15 July 2001 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s20"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 20A", "Provision_Key": "s20a", "Heading": "Resident approved deposit funds", "Text": "Resident approved deposit funds (1) For the purposes of this Act, an approved deposit fund is a resident approved deposit fund at a particular time if, and only if: (a) either: (i) the fund was established in Australia; or (ii) at that time, any asset of the fund is situated in Australia; and (b) at that time, the central management and control of the fund is in Australia; and (c) at that time, the percentage worked out using the following formula is not less than 50%: where: Accumulated entitlements of resident members means the sum of so much of the value of the assets of the fund at that time as is attributable to: (i) deposits made to the fund before that time by or in respect of members of the fund who are residents at that time; and (ii) income or accretions arising from those deposits. Total assets of fund means the value of the assets of the fund at that time. Definitions (2) In this section: Australia has the same meaning as in the Income Tax Assessment Act 1936 . member includes depositor. resident has the same meaning as in the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 181 of 1994", "Last_Amended": "No 181 of 1994", "Amending_Acts": "No 181 of 1994", "History_Notes": "Inserted by No 181 of 1994, effective Sch 3 (items 103–117): 19 Dec 1994 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s20A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 20B", "Provision_Key": "s20b", "Heading": "Accrued default amounts", "Text": "(1) Subject to this section, the total amount attributed by the trustee, or the trustees, of a regulated superannuation fund to a member of the fund is an accrued default amount for the member if subsection (1A) or (1B) is satisfied. (1A) This subsection is satisfied if the member has given the trustee, or the trustees, of the fund no direction on the investment option under which the asset (or assets) of the fund attributed to the member in relation to the amount (the member’s underlying asset(s) ) is to be invested. (1B) This subsection is satisfied if the investment option under which the asset (or assets) of the fund attributed to the member in relation to the amount (the member’s underlying asset(s) ) is invested is one which, under the current governing rules of the fund, would be the investment option for a new member if no direction were given. (2) Such an amount is not an accrued default amount to the extent that the amount is attributed to the member in relation to a MySuper product. (3) Such an amount is not an accrued default amount : (a) if the member is a defined benefit member of the fund; or (b) if the fund is an eligible rollover fund; or (c) to the extent that the member’s underlying asset(s) is invested in one or more of the following: (i) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested; (ii) a life policy under which the benefit to the member (or a relative or dependant of the member) is based only on the realisation of a risk, not the performance of an investment; (iii) an investment account contract the only beneficiaries of which are the member, and relatives and dependants of the member; (iv) an investment option under which the investment is held as cash; or (d) to the extent that a pension is payable out of the member’s underlying asset(s), because the member has satisfied a condition of release of benefits specified in a standard made under paragraph 31(2)(h). (3A) For the purposes of subsection (1A), if: (a) benefits of a person in a regulated superannuation fund (the earlier fund ) are transferred to another regulated superannuation fund (the later fund ); and (b) the person gave or (because of a previous application of this subsection) is taken to have given the trustee, or the trustees, of the earlier fund a direction on the investment option under which an asset (or assets) of the earlier fund is to be invested; and (c) an amount attributable to the person is invested under an equivalent investment option offered by the later fund (the equivalent investment option ); the person is taken to have given the trustee, or the trustees, of the later fund a direction to invest in the equivalent investment option any asset (or assets) of the later fund that is attributed to the person in relation to an amount attributed to the person. (4) In this section: investment account contract has the same meaning as in the Life Insurance Act 1995 . life policy has the same meaning as in the Life Insurance Act 1995 .", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s20B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29A", "Provision_Key": "s29a", "Heading": "Object of this Part and the relationship of this Part to other provisions", "Text": "(1) The object of this Part is to set out provisions relating to the granting of RSE licences to: (a) constitutional corporations; and (b) other bodies corporate; and (c) groups of individual trustees. (2) The following is a simplified outline showing some key relationships between this Part and other provisions of the Act and the regulations that trustees should be aware of: Certain provisions may be contravened if unlicensed trustees carry out particular activities (e.g.: sections 29J and 152). The trustee, or group of individual trustees, of a fund or trust may obtain an RSE licence under this Part. Note 1: If the trustee is a constitutional corporation, the trustee obtaining an RSE licence may result in a fund or trust becoming an approved deposit fund or pooled superannuation trust, which are each registrable superannuation entities. Note 2: If the trustee or group of individual trustees makes an election under section 19, the fund may become a regulated superannuation fund. Regulated superannuation funds other than self managed superannuation funds are registrable superannuation entities. A trustee, or group of individual trustees, that has obtained an RSE licence may have a registrable superannuation entity registered under Part 2B. Certain provisions may be contravened if certain activities are carried out while a registrable superannuation entity is not registered (e.g.: accepting contributions while the entity is unregistered may lead to an offence under section 34.) Note: A failure to register the fund or trust may also lead to a breach of an RSE licence condition and possible loss of the RSE licence.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 103 of 2013", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 103 of 2013", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 103 of 2013, effective Sch 1 (items 63, 64): 29 June 2013 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29B", "Provision_Key": "s29b", "Heading": "Classes of RSE licences", "Text": "(1) There are to be classes of RSE licences. (2) One class of RSE licences is to be a class that enables a trustee that holds a licence of that class to be a trustee of: (a) any public offer entity; and (b) any other registrable superannuation entity included in a class of registrable superannuation entities specified in regulations made for the purposes of this subsection; subject to any condition imposed on that licence under subsection 29EA(3). Note 1: An RSE licence of this class is called a public offer entity licence : see subsection 10(1). Note 2: Only constitutional corporations may hold public offer entity licences: see paragraph 29D(1)(g). (3) Another class of RSE licences is to be a class that enables a trustee that: (a) holds a licence of that class; or (b) is a member of a group of individual trustees that holds a licence of that class; to be a trustee of any registrable superannuation entity included in a class of registrable superannuation entities (other than a class of public offer entities) specified in regulations made for the purposes of this subsection, subject to any condition imposed on that licence under subsection 29EA(3). (4) The regulations may provide for other classes of RSE licences. For each such class, the regulations must specify the classes of registrable superannuation entities of which a trustee that: (a) holds a licence of that class; or (b) is a member of a group of individual trustees that holds a licence of that class; is enabled to be a trustee, subject to any condition imposed on that licence under subsection 29EA(3). (5) The classes of registrable superannuation entity that the regulations may specify in relation to a particular class of RSE licence may include one or more classes of registrable superannuation entity that the regulations specify in relation to another class of RSE licence.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29C", "Provision_Key": "s29c", "Heading": "Applications for RSE licences", "Text": "Who may apply for RSE licences (1) A constitutional corporation may apply to APRA for an RSE licence of any class. (2) A body corporate that is not a constitutional corporation may apply to APRA for an RSE licence of any class other than a class that would enable it to be a trustee of a public offer entity. (3) A group of individual trustees may apply to APRA for an RSE licence of any class other than a class that would enable each of the members of the group to be a trustee of a public offer entity. Requirements for applications (4) An application for an RSE licence must: (a) be in the approved form; and (b) contain the information required by the approved form; and (c) be accompanied by the application fee (if any) prescribed by regulations made for the purposes of this paragraph. (5) Regulations made for the purposes of paragraph (4)(c) may prescribe different application fees for applications for different classes of RSE licences. Notifying certain changes while applications are pending (6) If: (a) a body corporate applies for an RSE licence; and (b) after the application is made, but before APRA decides the application, another director is added to, or removed from the board; the body corporate must notify APRA, in the approved form, about the change to the membership of the board as soon as practicable after that change occurs. Note: Part 9 has requirements about equal representation rules. (7) If: (a) a group of individual trustees applies for an RSE licence; and (b) after the application is made, but before APRA decides the application, another trustee is added to, or removed from the group; a member of the group must notify APRA, in the approved form, about the change to the membership of the group as soon as practicable after that change occurs. Note: Part 9 has requirements about equal representation rules. (9) An application is taken not to comply with this section if subsection (6) or (7) is contravened. Note: APRA cannot grant an RSE licence while the application does not comply with this section: see paragraph 29D(1)(c).", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 53 of 2004 | No 117 of 2012", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29CA", "Provision_Key": "s29ca", "Heading": "APRA may request further information", "Text": "(1) If a body corporate or group of individual trustees has applied for an RSE licence, APRA may give the body corporate or a member of the group a notice requesting the body or group to give APRA, in writing, specified information relating to the application by a specified time that is reasonable in the circumstances. (2) APRA may decide to treat an application by a body corporate or group of individual trustees for an RSE licence as having been withdrawn if the body or group: (a) does not comply with a request to provide information under this section; and (b) does not have a reasonable excuse for not complying. (3) If APRA decides under subsection (2) to treat an application for an RSE licence as having been withdrawn, APRA must take all reasonable steps to ensure that the body that made the application, or a member of the group that made the application, is given a notice informing the body or group of: (a) APRA’s decision; and (b) the reasons for that decision; as soon as practicable after making the decision.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29CA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29CC", "Provision_Key": "s29cc", "Heading": "Period for deciding applications", "Text": "(1) APRA must decide an application for an RSE licence within 90 days after receiving it, unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding the application by up to 30 days if APRA informs the body corporate, or a member of the group, that made the application of the extension: (a) in writing; and (b) within 90 days after receiving the application. (3) If APRA extends the period for deciding the application, it must decide the application within the extended period. (4) If APRA has not decided the application by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 53 of 2004 | No 69 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29CC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29D", "Provision_Key": "s29d", "Heading": "Grant of RSE licences", "Text": "(1) APRA must grant an RSE licence to a body corporate, or group of individual trustees, that has applied for an RSE licence if, and only if: (a) APRA has no reason to believe that: (i) if the application is made by a body corporate—the body corporate; or (ii) if the application is made by a group of individual trustees—the group as a whole or any member of the group; would fail to comply with the RSE licensee law or Chapter 2M of the Corporations Act 2001 if the RSE licence were granted; and (b) APRA has no reason to believe that: (i) if the application is made by a body corporate—the body corporate; or (ii) if the application is made by a group of individual trustees—the group as a whole or any member of the group; would fail to comply with any condition imposed on the RSE licence if it were granted; and (c) the application for the licence complies with section 29C and is for a class of licence that the body corporate or group of individual trustees may apply for under that section; and (d) APRA is satisfied that: (i) if the application is made by a body corporate—the body corporate meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees; or (ii) if the application is made by a group of individual trustees—the group as a whole meets the requirements of the prudential standards relating to fitness and propriety for RSE licensees and each of the members of the group meets the requirements of the prudential standards relating to fitness and propriety for members of groups of trustees that are RSE licensees; and (f) in a case where the applicant is not a constitutional corporation—APRA is satisfied that: (i) if the application is made by a body corporate—the body corporate; or (ii) if the application is made by a group of individual trustees—each member of the group; only intends to act as a trustee of one or more superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old ‑ age pensions; and (g) in a case where the application is for a licence of a class that enables a trustee that holds a licence of the class to be a trustee of a public offer entity subject to any condition imposed under subsection 29EA(3)—APRA is satisfied that the applicant is a constitutional corporation; and (h) the application has not been withdrawn, treated as withdrawn under subsection 29CA(2) or taken to have been refused under subsection 29CC(4). Note 1: Conditions apply to all RSE licences. See Division 5. Note 2: An RSE licence may only be granted to a body corporate or a group of individual trustees because only bodies corporate and groups of individual trustees may apply for RSE licences. See section 29C. (2) Otherwise APRA must refuse the application.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 29 of 2023 | No 69 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29DB", "Provision_Key": "s29db", "Heading": "Notice of class of licence", "Text": "If APRA decides to grant an RSE licence to a body corporate or group of individual trustees, APRA must give the body corporate or group an RSE licence that specifies the class of licence granted.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29DB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29DC", "Provision_Key": "s29dc", "Heading": "Documents required to bear ABNs", "Text": "(1) An RSE licensee must ensure that its ABN is included in: (a) each document that it gives to APRA in the capacity of an RSE licensee; and (b) any other document in which it identifies itself as an RSE licensee of a registrable superannuation entity; and (c) if the RSE licensee is a body corporate—any document in which the body corporate identifies itself as a trustee of a registrable superannuation entity; or (d) if the RSE licensee is a group of individual trustees—any document in which a member of the group identifies itself as a trustee of a registrable superannuation entity or as a member of a group of individual trustees that are the RSE licensee of a registrable superannuation entity. (2) However, an RSE licensee is not required to comply with subsection (1) in respect of a particular document if it has been given written approval by APRA not to be required to ensure that its ABN is included in that document or in a class of documents that includes that document.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29DC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29DD", "Provision_Key": "s29dd", "Heading": "Licence period", "Text": "(1) An RSE licence comes into force at the later of: (a) the time when it is granted; or (b) the time specified on the licence as the time when it comes into force. (2) An RSE licence continues in force, subject to: (a) any imposition of licence conditions under Division 5; or (b) any variation or revocation of the licence conditions, or variation of the licence class, under Division 6; until the RSE licence is cancelled under Division 7.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29DD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29DE", "Provision_Key": "s29de", "Heading": "APRA to give notice of refusal of applications", "Text": "If APRA refuses an application by a body corporate or a group of individual trustees for an RSE licence, APRA must take all reasonable steps to ensure that the body or a member of the group is given a notice informing the body or group of: (a) APRA’s refusal of the application; and (b) the reasons for that refusal; as soon as practicable after refusing the application.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29DE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29E", "Provision_Key": "s29e", "Heading": "Conditions imposed on all licences and on groups of licences", "Text": "Conditions imposed on all RSE licences (1) The following conditions are imposed on all RSE licences: (a) the RSE licensee and, if the RSE licensee is a group of individual trustees, each of the members of the group, must comply with the RSE licensee law and Chapter 2M of the Corporations Act 2001 ; (b) the duties of a trustee in respect of each registrable superannuation entity of which it is an RSE licensee must be properly performed by: (i) if the RSE licensee is a body corporate—the body corporate; or (ii) if the RSE licensee is a group of individual trustees—each of the members of the group; (ba) the RSE licensee must: (i) have an ABN; or (ii) have made an application for an ABN that has not been refused under the A New Tax System (Australian Business Number) Act 1999 ; (d) the RSE licensee must ensure that each registrable superannuation entity of which it is the RSE licensee is: (i) registered under Part 2B; or (ii) the subject of an application for registration under Part 2B that has not been finally determined or otherwise disposed of; (ea) the RSE licensee must ensure that each registrable superannuation entity of which it is an RSE licensee has an ABN; (f) the RSE licensee must notify APRA of any change in the composition or control of the RSE licensee (see subsection (2)) within 14 days after the change takes place; (g) the RSE licensee must comply with any other conditions prescribed by regulations made for the purposes of this paragraph. Note 1: Breach of a licence condition may lead to consequences such as a direction from APRA to comply with the condition (see Division 1 of Part 16A) or cancellation of the licence (see section 29G). Note 2: An RSE licensee must notify APRA if the RSE licensee breaches a licence condition: see section 29JA. Note 3: Additional conditions may be imposed on various types of RSE licences (see subsections (3) to (7)) or a particular RSE licence (see section 29EA). Change in the composition of the RSE licensee (2) For the purposes of paragraph (1)(f), a change in the composition or control of the RSE licensee is: (a) if the RSE licensee is a body corporate: (i) a person becoming, or ceasing to be, a director of the RSE licensee; or (ii) a person’s stake in the RSE licensee changing; or (b) if the RSE licensee is a group of individual trustees—an individual becoming, or ceasing to be, a member of the group. (3) An additional condition is imposed on each RSE licence that enables a trustee that holds a licence of that class to be a trustee of a public offer entity. The condition is that the RSE licensee that holds the licence must continue to be a constitutional corporation. Licences held by RSE licensees that are not constitutional corporations (4) The following additional condition is imposed on each RSE licence that is not held by a constitutional corporation: (a) if the RSE licensee that holds the licence is a body corporate—that the body; or (b) if the RSE licensee is a group of individual trustees—that the members of the group; only act as a trustee of superannuation funds that have governing rules providing that the sole or primary purpose of the fund is the provision of old ‑ age pensions. Licences held by groups of individual trustees (5) The following additional conditions are imposed on each RSE licence held by a group of individual trustees: (a) the members of the group must make all reasonable efforts to ensure that the group always has at least 2 members; (b) any continuous period for which the group has less than 2 members must be 90 days or less. Note: Paragraph 29E(1)(f) requires APRA to be notified of any change in the composition of the RSE licensee. Licences held by bodies corporate (5A) An additional condition is imposed on each RSE licence held by an RSE licensee that is a body corporate. The condition is that the RSE licensee must not have a duty to act in the interests of another person, other than a duty that arises in the course of: (a) performing the RSE licensee’s duties, or exercising the RSE licensee’s powers, as a trustee of a registrable superannuation entity; or (b) providing personal advice. Licences held by RSE licensees of transferee funds (6) An additional condition is imposed on each RSE licence held by an RSE licensee of a fund that has had benefits of members and beneficiaries transferred to it from a transferor fund under Part 18 (whether while the RSE licensee was the RSE licensee of the fund or earlier). The condition is that, while the RSE licensee is the RSE licensee of the fund, the RSE licensee assumes the obligation to pay benefits to those who were members or beneficiaries of the transferor fund immediately before the transfer. RSE licensees authorised to offer MySuper products (6A) The following additional conditions are imposed on each RSE licensee that is authorised to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product: (a) the RSE licensee must ensure that the governing rules of the fund are not varied so that section 29TC is no longer satisfied in relation to that class of interest; (b) the RSE licensee must ensure that the governing rules of the fund relating to that class of interest are not contravened. RSE licensees who apply for authority to offer MySuper product (6B) An additional condition is imposed on each RSE licensee who makes an application under section 29S for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product. The condition is that the RSE licensee must give effect to elections made in accordance with sections 29SAA, 29SAB and 29SAC. RSE licensees who apply for authority to operate eligible rollover funds (6C) An additional condition is imposed on each RSE licensee who makes an application under section 242A for authority to operate a regulated superannuation fund as an eligible rollover fund. The condition is that the RSE licensee must give effect to an election made in accordance with section 242B. RSE licensees authorised to operate eligible rollover funds (6D) An additional condition is imposed on each RSE licensee that is authorised to operate a regulated superannuation fund as an eligible rollover fund. The condition is that the RSE licensee must ensure that the governing rules of the fund are not varied so that: (a) the only purpose of the fund is no longer to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; or (b) a single diversified investment strategy is no longer adopted in relation to assets of the fund. Complying with rules relating to merging multiple accounts in a superannuation entity (6E) The following additional condition is imposed on each RSE licence that relates to a superannuation entity for which the RSE licensee has obligations under section 108A. The condition is that the RSE licensee must ensure that the rules that that section requires in relation to the superannuation entity are complied with. Prescribed conditions imposed on classes of licences (7) An additional condition prescribed by a regulation made for the purposes of this subsection as a condition applying to all RSE licences of a specified class is imposed on each RSE licence of that class. (8) A specified class mentioned in subsection (7) may be a class other than a class provided for under subsection 29B(2) or (3) or under regulations made for the purposes of subsection 29B(4).", "Amendment_Count": 9, "First_Amended": "No 53 of 2004", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 53 of 2004 | No 154 of 2007 | No 117 of 2012 | No 162 of 2012 | No 171 of 2012 | No 85 of 2013 | No 40 of 2019 | No 135 of 2020 | No 29 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 85 of 2013, effective Sch 5: 28 June 2013 (s 2(1) item 10) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29EA", "Provision_Key": "s29ea", "Heading": "Additional conditions imposed on individual licences by APRA", "Text": "(1) APRA may, at any time, impose an additional condition on an RSE licence by giving the RSE licensee a notice setting out the additional condition. (2) A condition imposed under subsection (1) must not be inconsistent with any condition imposed by, or under, section 29E on an RSE licence. Note 1: Breach of a licence condition may lead to consequences such as a direction from APRA to comply with the condition (see Division 1 of Part 16A) or cancellation of the licence (see section 29G). Note 2: An RSE licensee must notify APRA if the RSE licensee breaches a licence condition: see section 29JA. Note 3: RSE licensees may apply to APRA to have conditions imposed under this section varied or revoked: see section 29F. (2A) A condition may be expressed to have effect despite anything in the prudential standards. (2B) If: (a) a condition is expressed to have effect as mentioned in subsection (2A); and (b) a provision of the prudential standards (the inconsistent provision ) is inconsistent with the condition to any extent; the inconsistent provision is to be disregarded to the extent of the inconsistency in determining, for the purposes of any law of the Commonwealth, whether the RSE licensee has complied with its obligations under the prudential standards. (3) Without limiting subsection (1), an additional condition imposed under that subsection on an RSE licence may provide that the body corporate that is the RSE licensee, or each of the members of a group of individual trustees that is the RSE licensee, must not act as a trustee under that RSE licence for a registrable superannuation entity other than: (a) a registrable superannuation entity specified in the condition; or (b) a registrable superannuation entity included in the class of registrable superannuation entities specified in the condition. (4) Without limiting subsection (1), an additional condition imposed under that subsection on an RSE licence may provide that the RSE licensee must ensure that a fund specified in the condition, or in a class of funds specified in the condition, must comply with the alternative agreed representation rules whenever section 92 applies to the fund. However, before imposing such a condition, APRA must have regard to any written guidelines determined by APRA under this subsection. (5) If the RSE licensee is also a financial services licensee: (a) APRA must consult ASIC before imposing a condition that, in APRA’s opinion, might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and (b) APRA must inform ASIC about the imposition of any condition not covered by paragraph (a) within one week after the condition is imposed. (6) A failure to comply with a requirement of subsection (5) does not invalidate the imposition of any condition. (7) An additional condition imposed under this section comes into force on the later of: (a) the day on which APRA gives the RSE licensee the notice of the condition; or (b) the day specified in the notice as the day on which the condition comes into force.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019 | No 135 of 2020", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29EA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29F", "Provision_Key": "s29f", "Heading": "Applications for variation of RSE licences", "Text": "(1) An RSE licensee may apply to APRA for one or both of the following: (a) variation of its RSE licence so that the RSE licence is an RSE licence of a different class; (b) variation or revocation of a condition that APRA has imposed on its RSE licence under section 29EA. (2) An application under this section must: (a) be in the approved form; and (b) contain the information required by the approved form; and (c) if the application is for a variation of an RSE licence so that it is an RSE licence of a different class—be accompanied by the application fee (if any) prescribed for the type of variation by regulations made for the purposes of this paragraph.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29FA", "Provision_Key": "s29fa", "Heading": "APRA may request further information", "Text": "(1) APRA may give an RSE licensee that makes an application under section 29F a notice requesting the RSE licensee to give APRA, in writing, specified information relating to the application by a specified time that is reasonable in the circumstances. (2) APRA may decide to treat an application under section 29F as having been withdrawn if the RSE licensee: (a) does not comply with a request to provide information under this section; and (b) does not have a reasonable excuse for not complying. (3) If APRA decides to treat an application under section 29F as having been withdrawn, APRA must take all reasonable steps to ensure that the RSE licensee is given a notice informing the RSE licensee of: (a) APRA’s decision; and (b) the reasons for that decision; as soon as practicable after making the decision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29FA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29FB", "Provision_Key": "s29fb", "Heading": "Period for deciding applications", "Text": "(1) APRA must decide an application under section 29F within 60 days of receiving the application, unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding an application under section 29F by up to 60 days if APRA informs the RSE licensee of the extension: (a) in writing; and (b) within 60 days of receiving the application. (3) If APRA extends the period for deciding an application under section 29F, it must decide the application within the extended period. (4) If APRA has not decided an application under section 29F by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29FB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29FC", "Provision_Key": "s29fc", "Heading": "APRA may vary RSE licences in accordance with applications", "Text": "(1) APRA may, by notice to an RSE licensee: (a) vary the RSE licensee’s RSE licence so that it is an RSE licence of a different class; or (b) vary or revoke a condition that APRA has imposed on the RSE licence under section 29EA; in accordance with an application under section 29F. (2) However: (a) an RSE licence must not be varied so that it becomes an RSE licence of a particular class unless APRA is satisfied that the RSE licensee will comply with any conditions imposed on that class of RSE licence; and (b) a condition as varied under paragraph (1)(b) must not be inconsistent with any condition imposed by section 29E; and (c) if the RSE licensee is also a financial services licensee: (i) APRA must consult ASIC before varying the RSE licence so that it is an RSE licence of a different class, if, in APRA’s opinion, the variation might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and (ii) APRA must consult ASIC before varying or revoking a condition that, in APRA’s opinion, might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and (iii) APRA must consult ASIC before varying a condition so that it would, in APRA’s opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (ii); and (iv) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i), (ii) or (iii) within one week after the condition is varied or revoked. (3) A failure to comply with a requirement of paragraph (2)(c) does not invalidate: (a) the variation of an RSE licence so that it is an RSE licence of a different class; or (b) the variation or revocation of a licence condition. (4) APRA is not required to vary the class of, or vary or revoke any condition of, an RSE licence in the terms requested by an RSE licensee in an application under section 29F.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29FC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29FD", "Provision_Key": "s29fd", "Heading": "APRA may vary or revoke licence conditions on its own initiative", "Text": "(1) APRA may, on its own initiative, vary or revoke any condition that it imposed on an RSE licence under section 29EA. (2) However: (a) a condition as varied under subsection (1) must not be inconsistent with any condition imposed by section 29E; and (b) if the RSE licensee that holds the licence is also a financial services licensee: (i) APRA must consult ASIC before varying or revoking a condition that, in APRA’s opinion, might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides; and (ii) APRA must consult ASIC before varying a condition so that it would, in APRA’s opinion, become a condition that might reasonably be expected to have an effect as described in subparagraph (i); and (iii) APRA must inform ASIC about the variation or revocation of any condition not covered by subparagraph (i) or (ii) within one week after the condition is varied or revoked. (3) A failure to comply with a requirement of paragraph (2)(b) does not invalidate the variation or revocation of a condition.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29FD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29FE", "Provision_Key": "s29fe", "Heading": "Notification of APRA’s decisions under this Division", "Text": "(1) APRA must give a notice to an RSE licensee if APRA: (a) varies the RSE licensee’s RSE licence under section 29FC so that it is an RSE licence of a different class; or (b) varies or revokes, under section 29FC or 29FD, a condition that APRA imposed on the RSE licence under section 29EA. (2) The notice must: (a) if paragraph (1)(a) applies—specify the class of the RSE licence after the variation; and (b) if paragraph (1)(b) applies: (i) identify the licence condition being varied or revoked; and (ii) specify any conditions imposed under section 29EA to which the licence is subject after the variation or revocation comes into force; and (c) state the reasons for the variation or revocation; and (d) specify the day, not earlier than the day on which APRA gives the notice, on which the variation or revocation comes into force. (3) If APRA refuses an application for a variation or revocation under section 29FC, APRA must take all reasonable steps to ensure that the RSE licensee that made the application is given a notice informing it of: (a) APRA’s refusal of the application; and (b) the reasons for the refusal; as soon as practicable after refusing the application.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29FE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29FF", "Provision_Key": "s29ff", "Heading": "When variations or revocations come into force etc.", "Text": "(1) If, under section 29FC, APRA varies an RSE licence so that it is an RSE licence of a different class: (a) the variation comes into force on the day specified in the notice under paragraph 29FE(2)(d); and (b) the variation remains in force until: (i) the licence is again varied so that it is an RSE licence of a different class; or (ii) the licence is cancelled. (2) If, under section 29FC or 29FD, APRA varies a condition imposed on an RSE licence: (a) the variation comes into force on the day specified in the notice under paragraph 29FE(2)(d); and (b) the variation remains in force until: (i) the condition is varied in an inconsistent manner; or (ii) the condition is revoked; or (iii) the licence is cancelled. (3) If, under section 29FC or 29FD, APRA revokes a condition imposed on an RSE licence, the revocation comes into force on the day specified in the notice under paragraph 29FE(2)(d).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29FF"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29G", "Provision_Key": "s29g", "Heading": "Cancellation of RSE licences", "Text": "(1) APRA may, in writing, cancel an RSE licence. Note: In some circumstances, APRA must inform or consult ASIC (see section 29GA). (2) Without limiting subsection (1), APRA may cancel an RSE licence under that subsection if: (a) the RSE licensee has requested, in the approved form, that the licence be cancelled; or (b) the RSE licensee is a body corporate and is a disqualified person for the purposes of Part 15; or (c) the RSE licensee has breached a condition imposed on the licence; or (d) APRA has reason to believe that the RSE licensee will breach a condition imposed on the licence; or (e) the RSE licensee has failed to comply with a direction by APRA under subsection 131D(1) or 131DA(1); or (f) APRA has reason to believe that the RSE licensee will fail to comply with a direction by APRA under subsection 131D(1) or 131DA(1). (4) If APRA cancels an RSE licence it must take all reasonable steps to ensure that the body corporate or a member of the group that held the RSE licensee is given a notice informing the body corporate or group: (a) that APRA has cancelled the licence; and (b) of the reasons for the cancellation.", "Amendment_Count": 6, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 93 of 2004 | No 25 of 2008 | No 45 of 2008 | No 70 of 2015 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 93 of 2004, effective Sch 1 (item 8): 1 July 2004 (s 2(1) item 4) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 45 of 2008, effective Sch 3 (item 38): 26 June 2008 (s 2) | Amended by No 70 of 2015, effective Sch 1 (items 147–150) and Sch 1 (items 195–205): 1 July 2015 (s 2(1) items 3, 6) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29GA", "Provision_Key": "s29ga", "Heading": "Cancellation of RSE licences of financial services licensees", "Text": "(1) Before cancelling the RSE licence of an RSE licensee that is also a financial services licensee, APRA must consult ASIC if, in APRA’s opinion, the cancellation might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides. (2) If APRA cancels the RSE licence of an RSE licensee that is also a financial services licensee, APRA must inform ASIC of the cancellation within one week after the cancellation. (3) A failure to comply with a requirement of this section does not invalidate the cancellation of an RSE licence.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29GA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29GB", "Provision_Key": "s29gb", "Heading": "APRA may allow RSE licence to continue in effect", "Text": "In a notice that APRA gives to an RSE licensee cancelling its RSE licence, APRA may specify that the RSE licence continues in effect as though the cancellation had not happened for the purposes of: (a) a specified provision, administered by APRA, of this Act, the regulations or the prudential standards; or (b) a specified provision, administered by APRA, of any other law of the Commonwealth; in relation to specified matters, a specified period, or both.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 53 of 2004 | No 117 of 2012", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29GB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29H", "Provision_Key": "s29h", "Heading": "Application", "Text": "This Division only applies in relation to an RSE licensee that is a body corporate.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29HA", "Provision_Key": "s29ha", "Heading": "Application for approval to hold a controlling stake", "Text": "(1) A person may apply to APRA for approval to hold a controlling stake in an RSE licensee. (2) The application must: (a) be in the approved form; and (b) contain the information required by the approved form. (3) If: (a) a person applies for approval to hold a controlling stake in an RSE licensee; and (b) after the application is made, but before APRA decides the application, information contained in the application ceases to be correct; the person must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct. (4) An application is taken not to comply with this section if subsection (3) is contravened.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29HA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29HB", "Provision_Key": "s29hb", "Heading": "APRA may request further information", "Text": "APRA may give a person who has applied for approval to hold a controlling stake in an RSE licensee a notice requesting the person to give APRA, in writing, specified information relating to the application.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29HB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29HC", "Provision_Key": "s29hc", "Heading": "Period for deciding applications for approval", "Text": "(1) APRA must decide an application by a person for approval to hold a controlling stake in an RSE licensee: (a) within 90 days after receiving the application; or (b) if the applicant was requested to provide information under section 29HB—within 90 days after: (i) receiving from the person all of the information the person was requested to provide under that section; or (ii) all notices relating to that information being disposed of; unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding an application by a person for approval to hold a controlling stake in an RSE licensee by up to 30 days if APRA informs the person of the extension: (a) in writing; and (b) within 90 days after receiving the application. (3) If APRA extends the period for deciding the application, it must decide the application within the extended period. (4) If APRA has not decided an application for approval to hold a controlling stake in an RSE licensee by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29HC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29HD", "Provision_Key": "s29hd", "Heading": "Approval to hold a controlling stake in an RSE licensee", "Text": "APRA must give approval for a person to hold a controlling stake in an RSE licensee if, and only if: (a) the application for approval complies with section 29HA; and (b) the applicant has provided to APRA all information that the applicant was requested under section 29HB to provide, or the request has been disposed of; and (c) APRA has no reason to believe that, because of the person’s controlling stake in the RSE licensee, or the way in which that controlling stake is likely to be used, the RSE licensee may be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29HD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29HE", "Provision_Key": "s29he", "Heading": "Notice of approval", "Text": "If APRA gives a person approval to hold a controlling stake in an RSE licensee, APRA must notify the RSE licensee in writing of the approval.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29HE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29HF", "Provision_Key": "s29hf", "Heading": "APRA to give notice of refusal of approval", "Text": "If APRA refuses an application by a person for approval to hold a controlling stake in an RSE licensee, APRA must take all reasonable steps to ensure that the person is given a notice: (a) informing it of APRA’s refusal of the application; and (b) setting out the reasons for the refusal; as soon as practicable after refusing the application.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29HF"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29J", "Provision_Key": "s29j", "Heading": "Being trustee of a registrable superannuation entity while unlicensed etc.", "Text": "(1) A person must not be a trustee, or act as a trustee, of a registrable superannuation entity unless at least one of the following paragraphs apply: (a) the person holds an RSE licence that enables the person to be the trustee of the entity; (b) the person is a member of a group of individual trustees that holds an RSE licence that enables the members of the group to each be a trustee of the entity. (2) Despite subsection 13.3(3) of the Criminal Code , a defendant does not bear an evidential burden in relation to any matter in subsection (1) of this section. (3) A person that contravenes subsection (1) commits an offence. Penalty: Imprisonment for 2 years, or 120 penalty units, or both. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. (4) A person must not be a trustee of a registrable superannuation entity, or act as a trustee of a registrable superannuation entity, if the person: (a) is a body corporate; and (b) is not the only trustee of the registrable superannuation entity. (5) A person that contravenes subsection (4) commits an offence. Penalty: Imprisonment for 2 years, or 120 penalty units, or both. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. (6) This section does not prevent an RSE licensee from engaging or authorising persons to act on its behalf.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29JA", "Provision_Key": "s29ja", "Heading": "Failing to notify breach of licence condition", "Text": "(1) If an RSE licensee becomes aware that: (a) the RSE licensee has breached or will breach a condition imposed on its RSE licence; and (b) the breach is or will be significant (see subsection (1A)); the RSE licensee must give APRA a written report about the breach as soon as practicable, and in any case within 30 days, after becoming aware of the breach. (1A) For the purposes of subsection (1), a breach is or will be significant if the breach is or will be significant having regard to any one or more of the following factors: (a) the number or frequency of similar previous breaches; (b) the impact the breach has or will have on the RSE licensee’s ability to fulfil its obligations as trustee of the superannuation entity; (c) the extent to which the breach indicates that the RSE licensee’s arrangements to ensure compliance with the RSE licensee law or Chapter 2M of the Corporations Act 2001 might be inadequate; (d) the actual or potential financial loss arising or that will arise from the breach to the beneficiaries of the entity or to the RSE licensee; (e) any other matters prescribed by regulations made for the purposes of this paragraph. (2) A person commits an offence if: (a) the person is: (i) a body corporate that is an RSE licensee; or (ii) a member of a group of individual trustees that is an RSE licensee; and (b) the RSE licensee is in breach of subsection (1). Penalty: 50 penalty units. (3) Subsection (2) is an offence of strict liability. Note 1: For strict liability , see section 6.1 of the Criminal Code . Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 53 of 2004 | No 154 of 2007 | No 135 of 2020 | No 29 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29JA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29JCA", "Provision_Key": "s29jca", "Heading": "False representation about status as RSE licensee", "Text": "(1) A person commits an offence if: (a) the person makes a representation; and (b) the representation is that the person is, or is a member of a group that is, an RSE licensee; and (c) the representation is false. Penalty: 60 penalty units. (2) Strict liability applies to subsection (1). Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 154 of 2007", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 154 of 2007", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29JCA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29JCB", "Provision_Key": "s29jcb", "Heading": "Holding a controlling stake in an RSE licensee without approval", "Text": "(1) A person commits an offence if: (a) the person holds a controlling stake in an RSE licensee; and (b) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee. Penalty: 400 penalty units for each day on which the person holds a controlling stake in the RSE licensee without approval. (2) Strict liability applies to subsection (1).", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29JCB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29JD", "Provision_Key": "s29jd", "Heading": "Breach does not affect validity of issue of superannuation interests etc.", "Text": "A breach of section 29J, 29JA or 131DD does not affect the validity of the issue of a superannuation interest or of any other act.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29JD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29K", "Provision_Key": "s29k", "Heading": "Object etc. of this Part", "Text": "(1) The object of this Part is to provide for the registration of registrable superannuation entities. (2) Registration is significant because an RSE licensee may breach the licence condition imposed by paragraph 29E(1)(d) if a registrable superannuation entity of which it is the RSE licensee is not registered. Note: Breach of a licence condition may lead to consequences such as a direction from APRA to comply with the condition (see paragraph 131D(2)(b)) or cancellation of the licence (see section 29G).", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29K"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29L", "Provision_Key": "s29l", "Heading": "Applications for registration", "Text": "Who may apply for registration (1) An RSE licensee may apply to APRA for registration of a registrable superannuation entity. Requirements for applications (2) An application for registration of a registrable superannuation entity must: (a) be in the approved form; and (b) contain the information required by the approved form; and (ba) state the RSE licensee’s and the entity’s ABNs; and (c) be accompanied by an up ‑ to ‑ date copy of the trust deed by which the registrable superannuation entity is constituted (except to the extent that the trust deed is constituted by the governing rules of the entity); and (d) be accompanied by an up ‑ to ‑ date copy of the governing rules of the registrable superannuation entity (except to the extent that the governing rules are constituted by the law of the Commonwealth or by unwritten rules). Note: If the RSE licensee is a group of individual trustees, the copy or statement must be signed by each of the members of the group: see subsection 13A(6). Notifying certain changes while applications are pending (3) If: (a) an RSE licensee applies for registration of a registrable superannuation entity; and (b) after the application is made but before APRA decides the application, the trust deed (other than the governing rules of the entity) by which the entity is constituted is varied or revoked and replaced; the RSE licensee must lodge an up ‑ to ‑ date copy of the trust deed with APRA as soon as practicable after the trust deed is varied or revoked and replaced. (4) If: (a) an RSE licensee applies for registration of a registrable superannuation entity; and (b) after the application is made but before APRA decides the application, any governing rules of the entity (that are not constituted by the law of the Commonwealth or by unwritten rules) are varied or revoked and replaced; the RSE licensee must lodge an up ‑ to ‑ date copy of the governing rules (that are not constituted by the law of the Commonwealth or by unwritten rules) with APRA as soon as practicable after the governing rules are varied or revoked and replaced. (6) An application is taken not to comply with this section if subsection (3) or (4) is contravened. Note: APRA cannot register an entity while the application does not comply with this section: see paragraph 29M(1)(a). Lapsed applications (7) An application for registration lapses if: (a) it was made by an RSE licensee; and (b) the RSE licensee ceases to be an RSE licensee before: (i) APRA makes a decision on the application for registration; or (ii) if APRA’s decision with respect to the application is subject to review under this Act—before the review is finally determined or otherwise disposed of.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 53 of 2004 | No 154 of 2007 | No 117 of 2012", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29L"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29LA", "Provision_Key": "s29la", "Heading": "APRA may request further information", "Text": "APRA may give an RSE licensee that has applied for registration of a registrable superannuation entity a notice requesting the RSE licensee to give APRA, in writing, specified information relating to the application. Note: A failure to give the requested information delays the time within which APRA must decide the application: see paragraph 29LB(1)(b).", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29LA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29LB", "Provision_Key": "s29lb", "Heading": "Period for deciding applications for registration", "Text": "(1) APRA must decide an application by an RSE licensee for registration of a registrable superannuation entity: (a) within 21 days after receiving the application; or (b) if the applicant was requested to provide information under section 29LA—within 21 days after: (i) receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or (ii) all notices relating to that information being disposed of; unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding an application by an RSE licensee for registration of a registrable superannuation entity by up to 7 days if APRA informs the RSE licensee of the extension: (a) in writing; and (b) within the period in which it would otherwise be required to decide the application under subsection (1). (3) If APRA extends the period for deciding an application for registration of a registrable superannuation entity, it must decide the application within the extended period. (4) If APRA has not decided an application for registration of a registrable superannuation entity by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29LB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29M", "Provision_Key": "s29m", "Heading": "Registration of registrable superannuation entity", "Text": "(1) APRA must register a registrable superannuation entity if, and only if: (a) the application for registration complies with section 29L; and (b) the applicant has provided to APRA all information that the applicant was requested, under section 29LA, to provide, or the request has been disposed of; and (c) APRA is satisfied that nothing in the governing rules of the entity conflicts with Part 6; and (e) the applicant for registration holds an RSE licence that enables: (i) if the applicant is a body corporate—the body corporate; or (ii) if the applicant is a group of individual trustees—each member of the group; to be a trustee of that entity. (2) Otherwise APRA must refuse to register the entity.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 53 of 2004 | No 117 of 2012", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29M"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29MA", "Provision_Key": "s29ma", "Heading": "Notice of registration", "Text": "If APRA registers a registrable superannuation entity, APRA must notify the RSE licensee of the entity in writing of the registration.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29MA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29MB", "Provision_Key": "s29mb", "Heading": "Documents required to bear ABNs", "Text": "(1) After a registrable superannuation entity is registered, the RSE licensee of the entity must ensure that the entity’s ABN is included in: (a) each document that the RSE licensee gives to APRA that relates to the entity; and (b) any other document in which the RSE licensee identifies itself as the RSE licensee of the entity; and (c) if the RSE licensee is a body corporate—any document in which the body corporate identifies itself as a trustee of the entity; and (d) if the RSE licensee is a group of individual trustees—any document that a member of the group gives to APRA or in which a member of the group identifies itself as a trustee of the entity or as a member of a group of individual trustees that are the RSE licensee of the entity. (2) However, an RSE licensee is not required to comply with subsection (1) in respect of a particular document if the RSE licensee has been given written approval by APRA not to ensure that the ABN is included in that document or in a class of documents that includes that document.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29MB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29MC", "Provision_Key": "s29mc", "Heading": "APRA to give notice of refusal of applications", "Text": "If APRA refuses an application by an RSE licensee for registration of a registrable superannuation entity, APRA must take all reasonable steps to ensure that the RSE licensee is given a notice: (a) informing it of APRA’s refusal of the application; and (b) setting out the reasons for the refusal; as soon as practicable after refusing the application.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29MC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29N", "Provision_Key": "s29n", "Heading": "Cancelling registration", "Text": "(1) APRA must cancel the registration of a registrable superannuation entity if a document that: (a) is a reporting document within the meaning of the Financial Sector (Collection of Data) Act 2001 ; and (b) relates to the entity; and (c) was given to APRA under that Act; states that the entity has been wound up. (1A) APRA may cancel the registration of a superannuation entity that has become a self managed superannuation fund. (2) APRA may cancel the registration of a registrable superannuation entity if APRA is satisfied, on reasonable grounds, that: (a) the entity has no beneficiaries and no assets; and (b) there are no outstanding claims against the entity for benefits or other payments; and (c) other circumstances (if any) prescribed by regulations made for the purposes of this paragraph exist. (3) If APRA cancels the registration of a registrable superannuation entity under subsection (2), APRA must take all reasonable steps to ensure that the RSE licensee of the entity is given a notice: (a) stating that APRA has cancelled the registration of the entity; and (b) setting out the reasons for the cancellation; as soon as practicable after cancelling the registration of the entity.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 53 of 2004 | No 154 of 2007 | No 12 of 2012", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29N"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29P", "Provision_Key": "s29p", "Heading": "Annual members’ meeting", "Text": "RSE licensees must hold annual members’ meetings (1) The RSE licensee of a registrable superannuation entity must hold an annual meeting of members of the entity for each year of income of the entity. Notice of meeting (2) The RSE licensee must give notice of the annual members’ meeting to each of the following: (a) all members of the registrable superannuation entity; (b) if the RSE licensee is a body corporate—all responsible officers of the body corporate; (c) any individual, company or firm that is the RSE auditor of the registrable superannuation entity; (ca) any individual, company or firm that has been an RSE auditor of the registrable superannuation entity for the year of income of the entity; (d) any person who has been an actuary of the registrable superannuation entity during the year of income of the entity. (3) The RSE licensee must: (a) set out in the notice: (i) if there is only one location at which to physically attend the annual members’ meeting—the date, time and place for the meeting; and (ii) if there are 2 or more locations at which to physically attend the annual members’ meeting—the date and time for the meeting at each location, and the main location for the meeting; and (iii) if virtual meeting technology is to be used in holding the annual members’ meeting—sufficient information to allow persons to participate in the meeting by means of the technology; and (aaa) include in the notice the agenda of matters to be discussed at the annual members’ meeting; and (aa) include in the notice links to each of the following reports that are publicly available on the registrable superannuation entity’s website: (i) the financial report for the year of income of the entity; (ii) the directors’ report for the year of income of the entity; (iii) the auditor’s report on the financial report for the year of income of the entity; and (b) include with the notice any other information prescribed by the regulations; and (c) give the notice, and any information required to be included with the notice, in the manner (if any) prescribed by the regulations; and (d) give the notice, and any information required to be included with the notice: (i) no later than 6 months after the end of the year of income of the entity; and (ii) at least 21 days before the meeting. (3A) Despite subsection 14(2) of the Legislation Act 2003 , regulations made for the purposes of paragraph (3)(b) may make provision in relation to a matter by applying, adopting or incorporating (with or without modification) any matter contained in a reporting standard, made by APRA under the Financial Sector (Collection of Data) Act 2001 , as in force or existing from time to time. Timing of meeting (4) The meeting must be held within 3 months after the notice of the meeting is given in accordance with subsections (2) and (3). Place and time of meetings and presence at meetings (4A) The RSE licensee may hold the annual members’ meeting: (a) at one or more physical venues; or (b) at one or more physical venues and using virtual meeting technology; or (c) using virtual meeting technology only. (4B) The place at which the annual members’ meeting is held is taken to be: (a) if the meeting is held at only one physical venue (whether or not it is also held using virtual meeting technology)—that physical venue; or (b) if the meeting is held at more than one physical venue (whether or not it is also held using virtual meeting technology)—the main physical venue of the meeting as set out in the notice of the meeting; or (c) if the meeting is held using virtual meeting technology only—the registered address of, or an address for service of notices on, the registrable superannuation entity as contained in a register kept by APRA under regulations made for the purposes of subsection 353(2). (4C) The time at which the annual members’ meeting is held is taken to be the time at the place at which the meeting is taken to be held in accordance with subsection (4B). (4D) A person who attends the annual members’ meeting (whether at a physical venue or by using virtual meeting technology) is taken for all purposes to be present in person at the meeting while so attending. Conduct of an annual members’ meeting (5) At the annual members’ meeting, the RSE licensee must give members of the registrable superannuation entity reasonable opportunities to ask questions about: (a) the registrable superannuation entity; and (b) if the RSE licensee is a body corporate—the RSE licensee and the responsible officers of the RSE licensee; and (c) if the RSE licensee is a group of individual trustees—each of the individual trustees; and (d) any audit of the registrable superannuation entity for the year of income of the entity; and (e) any actuarial investigation of the registrable superannuation entity during the year of income of the entity; and (f) any information included with the notice of the meeting. Minutes of meeting (6) The RSE licensee must ensure that: (a) minutes of the annual members’ meeting are prepared; and (b) those minutes include the answers to any questions asked at the meeting that a person is obliged to answer either at or after the meeting under sections 29PB, 29PC, 29PD or 29PE; and (c) those minutes are made available to all members on the registrable superannuation entity’s website. Subsection (1) does not apply in relation to certain entities (7) Subsection (1) does not apply in relation to a registrable superannuation entity that is: (a) a superannuation fund with no more than 6 members; or (b) an excluded approved deposit fund; or (c) a pooled superannuation trust; or (d) an eligible rollover fund. Offence (8) A person commits an offence if: (a) the person is: (i) a body corporate that is an RSE licensee; or (ii) a member of a group of individual trustees that is an RSE licensee; and (b) the RSE licensee contravenes subsection (1), (2), (3), (4), (5) or (6). Penalty: 50 penalty units.", "Amendment_Count": 6, "First_Amended": "No 53 of 2004", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019 | No 47 of 2021 | No 29 of 2023 | No 69 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29P"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29PA", "Provision_Key": "s29pa", "Heading": "Obligation to attend an annual members’ meeting", "Text": "(1) If: (a) the RSE licensee of a registrable superannuation entity is a body corporate; and (b) any of the following persons is given notice of an annual members’ meeting for the entity in accordance with subsections 29P(2) and (3): (i) the Chair of the board of directors of the RSE licensee; (ii) a director of the RSE licensee; (iii) an executive officer of the RSE licensee; the person must attend the meeting. Penalty: 50 penalty units. (2) A member of a group of individual trustees that is an RSE licensee of a registrable superannuation entity must attend an annual members’ meeting for the entity. Penalty: 50 penalty units. (3) If: (a) a person (the relevant person ) has been an individual RSE auditor of a registrable superannuation entity for a year of income of the entity; and (b) the relevant person is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3); then: (c) if the relevant person is a practising auditor—the relevant person must attend the meeting; and (d) if: (i) the relevant person is not a practising auditor; and (ii) another person is the individual RSE auditor of the entity; the individual RSE auditor must attend the meeting; and (e) if: (i) the relevant person is not a practising auditor; and (ii) a firm or company is the RSE auditor of the entity; and (iii) the firm or company is conducting an audit of the entity; the lead auditor of the audit must attend the meeting. Penalty: 50 penalty units. (3A) If: (a) a firm or company has been an RSE auditor of a registrable superannuation entity for a year of income of the entity; and (b) the firm or company is given notice of an annual members’ meeting for the entity for the year in accordance with subsections 29P(2) and (3); and (c) a person (the relevant lead auditor ) was the lead auditor of the audit of the entity that was conducted by the firm or company for the year; then: (d) if: (i) the firm or company conducts audits; and (ii) the relevant lead auditor is a member or employee of the firm or a director or employee of the company; the relevant lead auditor must attend the meeting; and (e) if: (i) the firm or company conducts audits; and (ii) paragraph (d) does not apply; and (iii) a person (the relevant audit team member ) was a member of the audit team that was involved in the audit of the entity that was conducted by the firm or company for the year; and (iv) the relevant audit team member is a member or employee of the firm or a director or employee of the company; and (v) the relevant audit team member is not the lead auditor of the audit of the entity; the relevant audit team member must attend the meeting; and (f) if: (i) the firm or company does not conduct audits; and (ii) another person is the individual RSE auditor of the entity; the individual RSE auditor must attend the meeting; and (g) if: (i) the firm or company does not conduct audits; and (ii) another firm or company is the RSE auditor of the entity; and (iii) the other firm or company is conducting an audit of the entity; the lead auditor of the audit must attend the meeting. Penalty: 50 penalty units. (3B) If: (a) 2 or more persons are required by paragraph (3A)(e) to attend a meeting; and (b) one of those persons attends the meeting; the remaining persons are not required to attend the meeting. (4) A person who has been an actuary of a registrable superannuation entity during a year of income of the entity must attend an annual members’ meeting for the entity relating to that year if the person is given notice of the meeting in accordance with subsections 29P(2) and (3). Penalty: 50 penalty units. (5) Subsections (1), (2), (3), (3A) and (4) do not apply to a person if the person has a reasonable excuse for not attending. (6) Subsection (1) does not apply to a director of an RSE licensee of a registrable superannuation entity, if: (a) other directors of the entity have attended the meeting; and (b) the number of directors of the entity who attended the meeting is no less than the number of directors that would constitute a quorum for a meeting of the board of directors of the entity.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019 | No 29 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29PA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29PB", "Provision_Key": "s29pb", "Heading": "Obligation on responsible officers of RSE licensees to answer questions", "Text": "(1) This section applies if a member of a registrable superannuation entity asks a responsible officer of the RSE licensee for the entity a question at the meeting. (2) The responsible officer of the RSE licensee must answer the question at the meeting or, if it is not reasonably practicable to do so, within 1 month after the meeting. Penalty: 50 penalty units. (3) Subsection (2) does not apply: (a) if the question is not relevant to: (i) an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or (ii) the registrable superannuation entity; or (b) if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or (c) if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or (d) in any other circumstances prescribed by the regulations.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29PB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29PC", "Provision_Key": "s29pc", "Heading": "Obligation on individual trustees to answer questions", "Text": "(1) This section applies if a member of a registrable superannuation entity asks an individual trustee for the entity a question at an annual members’ meeting for the entity. (2) The individual trustee must answer the question at the meeting or, if it is not reasonably practicable to do so, within 1 month after the meeting. Penalty: 50 penalty units. (3) Subsection (2) does not apply: (a) if the question is not relevant to: (i) an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or (ii) the registrable superannuation entity; or (b) if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or (c) if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or (d) in any other circumstances prescribed by the regulations.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29PC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29PD", "Provision_Key": "s29pd", "Heading": "Obligation on auditor to answer questions", "Text": "(1) This section applies if: (a) a person is required by subsection 29P(3) or (3A) to attend an annual members’ meeting for a registrable superannuation entity for a year of income of the entity; and (b) a member of the entity asks the person a question at the meeting. (2) The person must answer the question at the meeting or, if it is not reasonably practicable to do so, within 1 month after the meeting. Penalty: 50 penalty units. (3) Subsection (2) does not apply: (a) if the question is not relevant to: (i) an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or (ii) the registrable superannuation entity; or (iii) an audit of the registrable superannuation entity carried out by the individual RSE auditor, the RSE audit firm or the RSE audit company, as the case may be; or (iv) any matter that might reasonably be expected to be apparent to the auditor of the entity in relation to the entity; or (b) if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or (c) if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or (d) in any other circumstances prescribed by the regulations.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019 | No 29 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29PD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29PE", "Provision_Key": "s29pe", "Heading": "Obligation on actuary to answer questions", "Text": "(1) This section applies if a member of a registrable superannuation entity asks a person who has been an actuary of the registrable superannuation entity during a year of income of the entity a question at an annual members’ meeting for the entity for the year. (2) The actuary must answer the question at the meeting or, if it is not reasonably practicable to do so, within 1 month after the meeting. Penalty: 50 penalty units. (3) Subsection (2) does not apply: (a) if the question is not relevant to: (i) an action, or failure to act, by the RSE licensee in relation to the registrable superannuation entity or one or more members of the registrable superannuation entity; or (ii) the registrable superannuation entity; or (iii) an actuarial investigation of the registrable superannuation entity carried out by the actuary; or (iv) any matter that might reasonably be expected to be apparent to the actuary of the entity in relation to the entity; or (b) if it would be in breach of the governing rules of the registrable superannuation entity, this Act or any other law to answer the question; or (c) if answering the question would result in detriment to the members of the registrable superannuation entity, taken as a whole; or (d) in any other circumstances prescribed by the regulations.", "Amendment_Count": 3, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29PE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29QC", "Provision_Key": "s29qc", "Heading": "Obligation to give consistent information", "Text": "(1) Subject to subsection (2), if: (a) an RSE licensee is required to give information to APRA under a reporting standard (within the meaning of the Financial Sector (Collection of Data) Act 2001 ); and (b) under the reporting standard, the information is required to be calculated in a particular way; and (c) the same or equivalent information is given by the RSE licensee to a person other than an agency of the Commonwealth or of a State or Territory, whether or not by publishing the information on a website; the RSE licensee must ensure that the information given to the other person is calculated in the same way as the information given to APRA. (2) Subsection (1) does not apply to information given to the other person in circumstances prescribed by the regulations. (3) A person commits an offence if: (a) the person is: (i) a body corporate that is an RSE licensee; or (ii) a member of a group of individual trustees that is an RSE licensee; and (b) the RSE licensee contravenes subsection (1). Penalty: 50 penalty units. (4) Subsection (3) is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code . Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal liability and Part IA of the Crimes Act 1914 contains provisions dealing with penalties.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29QC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29R", "Provision_Key": "s29r", "Heading": "Object of this Part", "Text": "(1) It is intended that all MySuper products will be simple products sharing common characteristics. (2) The object of this Part is to ensure that a class of beneficial interest in a regulated superannuation fund is not offered as a MySuper product unless it has those characteristics. (3) This is done by requiring the RSE licensee of a regulated superannuation fund to obtain authority from APRA before offering a class of beneficial interest in the fund as a MySuper product. (4) The ability of an RSE licensee to offer a MySuper product is significant for the purposes of the Superannuation Guarantee (Administration) Act 1992 . Under that Act, employers will need to pay contributions for an employee who has no chosen fund into a fund that offers a MySuper product, in order to meet the choice of fund requirements and so avoid an increased individual superannuation guarantee shortfall for the employee.", "Amendment_Count": 2, "First_Amended": "No 162 of 2012", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 162 of 2012 | No 57 of 2025", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Inserted by No 57 of 2025, effective sch 1 (items 129 ‑ 143, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29R"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29S", "Provision_Key": "s29s", "Heading": "Application for authority to offer a MySuper product", "Text": "Who may apply? (1) An RSE licensee may apply to APRA for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product. Requirements for applications (2) An application for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product must: (a) be in the approved form; and (b) contain the information required by the approved form; and (c) state the RSE licensee’s and the fund’s ABNs; and (d) be accompanied by an up ‑ to ‑ date copy of the trust deed by which the fund is constituted (except to the extent that the trust deed is constituted by governing rules of the fund); and (e) be accompanied by an up ‑ to ‑ date copy of the governing rules of the fund (except to the extent that the governing rules are constituted by the law of the Commonwealth or by unwritten rules); and (f) be accompanied by elections made in accordance with each of the following sections: (i) section 29SAA; (ii) section 29SAB; (iii) section 29SAC. Notifying certain changes while applications are pending (3) If: (a) an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and (b) after the application is made but before APRA decides the application, the trust deed (other than the governing rules of the fund) by which the fund is constituted is varied or revoked and replaced; the RSE licensee must lodge an up ‑ to ‑ date copy of the trust deed with APRA as soon as practicable after the trust deed is varied or revoked and replaced. (4) If: (a) an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and (b) after the application is made but before APRA decides the application, any governing rules of the fund (that are not constituted by the law of the Commonwealth or by unwritten rules) are varied or revoked and replaced; the RSE licensee must lodge an up ‑ to ‑ date copy of the governing rules (that are not constituted by the law of the Commonwealth or by unwritten rules) with APRA as soon as practicable after the governing rules are varied or revoked and replaced. (5) If: (a) an RSE licensee applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and (b) after the application is made, but before APRA decides the application, information contained in the application ceases to be correct; the RSE licensee must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct. (6) An application is taken not to comply with this section if subsection (3), (4) or (5) is contravened. Note: APRA cannot give authority to offer a class of beneficial interest in the fund as a MySuper product while the application does not comply with this section: see paragraph 29T(1)(a). Lapsed applications (7) An application for authority lapses if: (a) it was made by an RSE licensee; and (b) the RSE licensee ceases to be an RSE licensee before: (i) APRA makes a decision on the application for authority; or (ii) if APRA’s decision with respect to the application is subject to review under this Act—the review is finally determined or otherwise disposed of.", "Amendment_Count": 2, "First_Amended": "No 162 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 162 of 2012 | No 171 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29S"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29SAA", "Provision_Key": "s29saa", "Heading": "Election to transfer accrued default amounts", "Text": "(1) An RSE licensee that applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product makes an election in accordance with this section if: (a) the RSE licensee elects that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, the RSE licensee will: (i) attribute to the MySuper product each amount that is an accrued default amount for a member of the fund who is eligible to hold the MySuper product, unless the member directs the RSE licensee in writing to attribute the amount to another MySuper product or an investment option within a choice product in the fund; and (ii) do so before the end of a period of 30 days beginning on the day on which notice of authority to offer the class of beneficial interest in the fund as a MySuper product is given to the RSE licensee under section 29TD; and (b) the RSE licensee elects that the RSE licensee will, before the end of the action period, take the action required under the prudential standards in relation to the following: (i) each amount that is an accrued default amount for a member of the fund who is not eligible to hold a MySuper product offered by the fund; (ii) each amount that is an accrued default amount for a member of another regulated superannuation fund of the RSE licensee that does not offer a MySuper product; and (c) the election is in writing; and (d) the election is in the approved form. (2) The action period , for the purposes of paragraph (1)(b), in relation to an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, ends at the end of a period of 90 days beginning on: (a) if APRA authorises the RSE licensee to offer the class of beneficial interest in the fund as a MySuper product—the day on which notice of that authority is given to the RSE licensee under section 29TD; or (b) if APRA refuses the application—the day on which notice of the refusal is given to the RSE licensee under section 29TE. (3) If an RSE licensee makes an election under this section, the RSE licensee must comply with any requirements prescribed in the regulations in relation to: (a) notices to be given to a member of the fund for whom there is an accrued default amount before the amount is attributed, or a decision is taken to continue to attribute the amount, to a MySuper product or an investment option within a choice product in the fund; and (b) notices to be given to a member of the fund for whom there is an accrued default amount before the amount is moved to another fund.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29SAA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29SAB", "Provision_Key": "s29sab", "Heading": "Election to transfer assets attributed to a MySuper product if authorisation cancelled", "Text": "An RSE licensee that applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product makes an election in accordance with this section if: (a) the RSE licensee elects: (i) to take the action required under the prudential standards in relation to any asset or assets of the fund that are attributed to the MySuper product, if the authority to offer the relevant class of beneficial interest in the fund as a MySuper product is cancelled under subsection 29U(1); and (ii) to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 29U(3); and (b) the election is in writing; and (c) the election is in the approved form.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29SAB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29SAC", "Provision_Key": "s29sac", "Heading": "Election not to charge MySuper members for payment of conflicted remuneration", "Text": "(1) An RSE licensee that applies for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product makes an election in accordance with this section if: (a) the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any MySuper member a fee in relation to the MySuper product, all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund: (i) in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or (ii) in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and (b) the election is in writing; and (c) the election is in the approved form. (2) In this section: conflicted remuneration has the same meaning as in the Corporations Act 2001 , subject to the extension of that meaning in subsection (3). representative , of a financial services licensee, has the same meaning as in the Corporations Act 2001 . (3) In this section, conflicted remuneration also has the meaning it would have if: (a) financial product advice provided to the RSE licensee mentioned in subsection (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and (b) financial product advice provided to the other person mentioned in subparagraph (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 171 of 2012 | No 76 of 2023", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29SAC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29SA", "Provision_Key": "s29sa", "Heading": "APRA may request further information", "Text": "APRA may give an RSE licensee that has applied for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product a notice requesting the RSE licensee to give APRA, in writing, specified information relating to the application. Note: A failure to give the requested information delays the time within which APRA must decide the application: see paragraph 29SB(1)(b).", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29SA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29SB", "Provision_Key": "s29sb", "Heading": "Period for deciding applications for authority", "Text": "(1) APRA must decide an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product: (a) within 60 days after receiving the application; or (b) if the applicant was requested to provide information under section 29SA—within 60 days after: (i) receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or (ii) all notices relating to that information being disposed of; unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product by up to 60 days if APRA informs the RSE licensee of the extension: (a) in writing; and (b) within the period in which it would otherwise be required to decide the application under subsection (1). (3) If APRA extends the period for deciding an application for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, it must decide the application within the extended period. (4) If APRA has not decided an application for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29SB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29T", "Provision_Key": "s29t", "Heading": "Authority to offer a MySuper product", "Text": "(1) APRA must authorise an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product if, and only if: (a) the application for authority complies with section 29S; and (b) the applicant has provided to APRA all information that the applicant was requested, under section 29SA, to provide, or the request has been disposed of; and (c) the fund is registered under Part 2B; and (d) either: (i) the fund has 7 or more members; or (ii) APRA is satisfied that the fund will, if authority is given, have 7 or more members within a period specified in the authority; and (e) the fund is not an eligible rollover fund; and (f) one of the following subparagraphs applies: (i) the licensee is not already authorised to offer another class of beneficial interest in the fund as a MySuper product; (ii) the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB is satisfied, in relation to the class of beneficial interest in the fund to which the application relates, at the time APRA gives authority; (iii) the licensee is already authorised to offer another class of beneficial interest in the fund as a MySuper product, but section 29TA or 29TB was satisfied in relation to each class of beneficial interest that the RSE licensee is already authorised to offer as a MySuper product, at the time APRA gave that earlier authority; and (g) APRA is satisfied that section 29TC is satisfied in relation to that class of beneficial interest; and (h) APRA has no reason to believe that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—any of those individual trustees; may fail to comply with the enhanced trustee obligations for MySuper products; and (i) where the RSE licensee is a body corporate—APRA has no reason to believe that the directors of the RSE licensee may fail to comply with the enhanced director obligations for MySuper products; and (j) APRA has no reason to believe that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—any of those individual trustees; may fail to comply with the general fees rules and the fees rules in relation to MySuper products; and (k) APRA has no reason to believe that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—any of those individual trustees; may contravene section 29W, 29WA or 29WB. (2) Otherwise APRA must refuse to give the authority.", "Amendment_Count": 6, "First_Amended": "No 117 of 2012", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 117 of 2012 | No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 40 of 2019 | No 47 of 2021", "History_Notes": "Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29T"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29TA", "Provision_Key": "s29ta", "Heading": "Product in another fund in which there is already material goodwill", "Text": "This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund (the proposed MySuper product ) if: (a) the benefits of members and beneficiaries in another regulated superannuation fund (the original fund ) are to be transferred to the fund; and (b) APRA is satisfied that: (i) some or all of the persons whose benefits are to be transferred hold a class of interest in the original fund that is similar to the proposed MySuper product; and (ii) there is material goodwill in that class of interest in the original fund; and (iii) that goodwill could not be maintained unless the RSE licensee were authorised to offer the proposed MySuper product as an additional MySuper product in the fund; and (iv) it would be in the best interests of the members of the fund, and those persons whose benefits are to be transferred to the fund, to maintain the distinction between the proposed MySuper product and other MySuper products within the fund.", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29TA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29TB", "Provision_Key": "s29tb", "Heading": "MySuper products for large employers", "Text": "(1) This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund if: (a) under the governing rules of the fund, one employer is specified as a large employer in relation to the fund who is relevant to that class of beneficial interest; and (b) either: (i) that employer is a large employer in relation to the fund (see subsection (2)); or (ii) APRA is satisfied that, if authority to offer the class of beneficial interest in the fund as a MySuper product is given, that employer will be a large employer in relation to the fund by the end of the period specified in the authority; and (c) under the governing rules of the fund, a person is not entitled to hold an interest of that class in the fund unless the person is: (i) an employee or a former employee of the large employer; or (ii) an employee or a former employee of an associate of the large employer; or (iii) a relative or dependant of an employee or a former employee mentioned in subparagraph (i) or (ii); and (d) under the governing rules of the fund: (i) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of the large employer, any employee of the large employer who is not a defined benefit member of the fund may hold an interest of that class in the fund; and (ii) where the large employer or an associate of the large employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for an employee of an associate of the large employer, any employee of that associate who is not a defined benefit member of the fund may hold an interest of that class in the fund. (2) An employer is a large employer in relation to a regulated superannuation fund if there are 500 or more members of the fund who are any of the following: (a) a member of the fund: (i) who is an employee of the employer; and (ii) in relation to whom the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund; (b) a member of the fund: (i) who is an employee of an associate of the employer; and (ii) in relation to whom either the employer or an associate of the employer contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund. (3) In working out under subsection (2) whether an employer is a large employer , disregard defined benefit members of the fund.", "Amendment_Count": 2, "First_Amended": "No 162 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 162 of 2012 | No 171 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29TB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29TC", "Provision_Key": "s29tc", "Heading": "Characteristics of a MySuper product", "Text": "(1) This section is satisfied in relation to a class of beneficial interest in a regulated superannuation fund if, under the governing rules of the fund: (a) a single diversified investment strategy is to be adopted in relation to assets of the fund, to the extent that they are attributed to that class of beneficial interest in the fund; and (b) all members who hold a beneficial interest of that class in the fund are entitled to access the same options, benefits and facilities except to the extent that a benefit is provided by taking out risk insurance; and (c) amounts are attributed to members in relation to their beneficial interest of that class in the fund in a way that does not stream gains or losses that relate to any assets of the fund to only some of those members, except to the extent permitted under a lifecycle exception; and (d) the same process is to be adopted in attributing amounts to members in relation to their beneficial interest of that class in the fund, except to the extent that a different process is necessary to allow for fee subsidisation by employers or to comply with section 99G (fee cap on low balances); and (e) if fee subsidisation by employers is permitted, that subsidisation does not favour one member who holds a beneficial interest of that class in the fund and is an employee of a subsidising employer over another such member who is an employee of that employer; and (f) the only limitations imposed on the source or kind of contributions made by or on behalf of persons who hold a beneficial interest of that class in the fund are those permitted under subsection (3); and (g) a beneficial interest of that class in the fund cannot be replaced with a beneficial interest of another class in the fund, unless: (i) the person who holds the interest consents in writing to that replacement no more than 30 days before it occurs; or (ii) the person who holds the interest has died and the interest is replaced with a beneficial interest of another class in the fund of a kind, and in the circumstances, prescribed by the regulations; and (h) a beneficial interest of that class in the fund (the old interest ) cannot be replaced with a beneficial interest (the new interest ) in another superannuation entity unless: (ii) the replacement is permitted, or is required, under a law of the Commonwealth; or (iii) the person who holds the old interest consents in writing to the replacement with the new interest no more than 30 days before it occurs; and (i) to the extent that assets of the fund are attributed to beneficial interests of that class, a pension is not payable out of those assets by the trustee, or trustees, of the fund on the satisfaction of a condition of release of benefits specified in a standard made under paragraph 31(2)(h) by a person who holds a beneficial interest of that class, unless the payment is derived from a benefit of the kind mentioned in subparagraph 62(1)(b)(ii) provided to the fund by an insurer; and Note: Subparagraph 62(1)(b)(ii) is about benefits payable when a person ceases work due to ill ‑ health. (j) no member who holds a beneficial interest of that class in the fund is precluded from holding a beneficial interest of another class in the fund because of that fact; and (k) no member is precluded from holding a beneficial interest of that class in the fund because the member holds a beneficial interest of another class in the fund. (2) A lifecycle exception is a rule under the governing rules of the fund that allows gains and losses from different classes of asset of the fund to be streamed to different subclasses of the members of the fund who hold a MySuper product: (a) on the basis, and only on the basis, of the age of those members; or (b) on the basis of the age of those members and other prescribed factors; or (c) on the basis of the age of those members and other prescribed factors in prescribed circumstances. (3) A limitation on the source or kind of contributions made by or on behalf of persons who hold a beneficial interest of a particular class in a regulated superannuation fund is permitted for the purposes of paragraph (1)(f) if: (a) the limitation is of a prescribed kind; or (b) the limitation is imposed by or under the general law or another law of the Commonwealth.", "Amendment_Count": 5, "First_Amended": "No 162 of 2012", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 16 of 2019 | No 141 of 2020", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29TC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29TD", "Provision_Key": "s29td", "Heading": "Notice of authority", "Text": "If APRA authorises an RSE licensee to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, APRA must notify the RSE licensee in writing of the authority.", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29TD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29TE", "Provision_Key": "s29te", "Heading": "APRA to give notice of refusal of authority", "Text": "If APRA refuses an application by an RSE licensee for authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product, APRA must take all reasonable steps to ensure that the RSE licensee is given a notice: (a) informing it of APRA’s refusal of the application; and (b) setting out the reasons for the refusal; as soon as practicable after refusing the application.", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29TE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29U", "Provision_Key": "s29u", "Heading": "Cancelling authority to offer MySuper product", "Text": "(1) APRA may, in writing, cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product. (2) Without limiting subsection (1), APRA may cancel an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product if: (a) APRA is no longer satisfied that section 29TC is satisfied in relation to that class of beneficial interest in the fund; or (b) authority was given to offer that class of beneficial interest in the fund as a MySuper product because section 29TB was satisfied in relation to the class and either: (i) in a case where that section was satisfied because APRA was satisfied that an employer would be a large employer by the end of a period specified in the authority—the employer was not a large employer at that time; or (ii) in any case—that section was no longer satisfied in relation to the class on the last day of the immediately preceding year of income; or (c) APRA has reason to believe that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—any of those individual trustees; may not comply with the enhanced trustee obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or (ca) where the RSE licensee is a body corporate—APRA has reason to believe that the directors of the RSE licensee may not comply with the enhanced director obligations for MySuper products (whether because of a previous failure to do so, or for any other reason); or (d) APRA has reason to believe that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—any of those individual trustees; may not comply with the general fees rules and the fees rules in relation to MySuper products (whether because of a previous failure to do so, or for any other reason); or (e) APRA has reason to believe that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—any of those individual trustees; may contravene section 29W, 29WA or 29WB (whether because of a previous contravention of that section, or for any other reason); or (f) the fund ceases to be registered under Part 2B; or (g) either: (i) in a case where authority was given to offer the class of beneficial interest in the fund as a MySuper product on the basis that the fund would have 7 or more members within a period specified in the authority—the fund does not have 7 or more members at the end of that period; or (ii) in any case—the fund has ceased to have 7 or more members; or (h) paragraph 29T(1)(e) is no longer satisfied in relation to the fund (no longer an eligible rollover fund); or (i) APRA is satisfied that: (i) where the RSE licensee is a body corporate—the RSE licensee; or (ii) where the RSE licensee is made up of a group of individual trustees—one of those individual trustees; has contravened a provision of the governing rules of the fund relating to the MySuper product; or (j) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 29SAA (election to transfer accrued default amounts to a MySuper product); or (k) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 29SAC (election not to pass costs of conflicted remuneration to MySuper members). (3) If APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product it must take all reasonable steps to ensure that the RSE licensee is given a notice informing the RSE licensee: (a) that APRA has cancelled the authority; and (b) of the reasons for the cancellation. (4) If: (a) APRA cancels an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product; and (b) as a result of the cancellation, the fund no longer offers any MySuper product; APRA must also notify the Fair Work Commission in writing of that fact.", "Amendment_Count": 6, "First_Amended": "No 117 of 2012", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 117 of 2012 | No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 40 of 2019 | No 47 of 2021", "History_Notes": "Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29U"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29UA", "Provision_Key": "s29ua", "Heading": "Cancellation of authority of an RSE licensee that is also a financial services licensee", "Text": "(1) Before cancelling an authority of an RSE licensee that is also a financial services licensee, APRA must consult ASIC if, in APRA’s opinion, the cancellation might reasonably be expected to affect the RSE licensee’s ability to provide one or more of the financial services (within the meaning of the Corporations Act 2001 ) that the RSE licensee provides. (2) If APRA cancels the authority of an RSE licensee that is also a financial services licensee, APRA must inform ASIC of the cancellation within one week after the cancellation. (3) A failure to comply with a requirement of this section does not invalidate the cancellation of an authority to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product.", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29UA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29UB", "Provision_Key": "s29ub", "Heading": "APRA may allow authority to continue in effect", "Text": "In a notice that APRA gives to an RSE licensee cancelling an authority, APRA may specify that the authority continues in effect as though the cancellation had not happened for the purposes of: (a) a specified provision, administered by APRA, of this Act, the regulations or the prudential standards; or (b) a specified provision, administered by APRA, of any other law of the Commonwealth; in relation to specified matters, a specified period, or both.", "Amendment_Count": 2, "First_Amended": "No 117 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 117 of 2012 | No 162 of 2012", "History_Notes": "Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29UB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29V", "Provision_Key": "s29v", "Heading": "Fees that may be charged in relation to a MySuper product", "Text": "(1) The trustee, or the trustees, of a regulated superannuation fund that offers a MySuper product may only charge fees of one or more of the following kinds in relation to that product: (a) an administration fee; (b) an investment fee; (c) a buy ‑ sell spread; (d) a switching fee; (f) an activity fee; (g) an advice fee; (h) an insurance fee. (2) An administration fee is a fee that relates to the administration or operation of a superannuation entity and includes costs incurred by the trustee, or the trustees, of the entity that: (a) relate to the administration or operation of the fund; and (b) are not otherwise charged as an investment fee, a buy ‑ sell spread, a switching fee, an activity fee, an advice fee or an insurance fee. (3) An investment fee is a fee that relates to the investment of the assets of a superannuation entity and includes: (a) fees in payment for the exercise of care and expertise in the investment of those assets (including performance fees); and (b) costs incurred by the trustee, or the trustees, of the entity that: (i) relate to the investment of assets of the entity; and (ii) are not otherwise charged as an administration fee, a buy ‑ sell spread, a switching fee, an activity fee, an advice fee or an insurance fee. (4) A buy ‑ sell spread is a fee to recover transaction costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the sale and purchase of assets of the entity . (5) A switching fee is a fee to recover the costs of switching all or part of a member’s interest in a superannuation entity from one class of beneficial interest in the entity to another. (7) A fee is an activity fee if: (a) the fee relates to costs incurred by the trustee, or the trustees, of a superannuation entity that are directly related to an activity of the trustee, or the trustees: (i) that is engaged in at the request, or with the consent, of a member; or (ii) that relates to a member and is required by law; and (aa) the fee does not satisfy the condition in paragraph (8)(a); and (b) those costs are not otherwise charged as an administration fee, an investment fee, a buy ‑ sell spread, a switching fee or an insurance fee. (8) A fee is an advice fee if: (a) the fee relates directly to costs incurred by the trustee, or the trustees, of a superannuation entity because of the provision of financial product advice to a member by: (i) a trustee of the entity; or (ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the entity; and (b) those costs are not otherwise charged as an administration fee, an investment fee, a switching fee or an insurance fee. (9) A fee is an insurance fee if: (a) the fee relates directly to either or both of the following: (i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member or members of the entity; (ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member or members of the entity; and (b) the fee does not relate to any part of a premium paid or cost incurred in relation to a life policy or a contract of insurance that relates to a benefit to the member that is based on the performance of an investment rather than the realisation of a risk; and (c) the premiums and costs to which the fee relates are not otherwise charged as an administration fee, an investment fee, a switching fee, an activity fee or an advice fee.", "Amendment_Count": 4, "First_Amended": "No 162 of 2012", "Last_Amended": "No 19 of 2021", "Amending_Acts": "No 162 of 2012 | No 171 of 2012 | No 16 of 2019 | No 19 of 2021", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 19 of 2021, effective Sch 3: 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29V"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29VA", "Provision_Key": "s29va", "Heading": "Charging rules", "Text": "(1) The trustee, or the trustees, of a regulated superannuation fund that offers a MySuper product may only charge a fee in relation to the MySuper product during a period if it satisfies one of the charging rules set out in this section in relation to that period. All MySuper members charged same flat fee (2) This rule is satisfied if: (a) the fee is charged in relation to all members of the fund who hold the MySuper product; and (b) the amount of the fee is the same for each of those members. All MySuper members charged same percentage of account balance (3) This rule is satisfied if: (a) the fee is charged in relation to all members of the fund who hold the MySuper product; and (b) the amount of the fee charged in relation to one member is a percentage of so much of the member’s account balance with the fund that relates to the MySuper product; and (c) the amount of the fee charged in relation to each other member of the fund who holds the MySuper product is the same percentage of so much of that member’s account balance with the fund that relates to the MySuper product. All MySuper members charged combination of same flat fee and same percentage of account balance (4) This rule is satisfied if: (a) the fee is charged in relation to all members of the fund who hold the MySuper product; and (b) the amount of the fee charged in relation to one member is the sum of a fixed amount (the flat fee ) and another amount that is a percentage of so much of the member’s account balance with the fund that relates to the MySuper product; and (c) the amount of the fee charged in relation to each other member of the fund who holds the MySuper product is the sum of the flat fee and the same percentage of so much of that member’s account balance with the fund that relates to the MySuper product. All MySuper members to whom action relates charged same flat fee (5) This rule is satisfied if: (a) the fee is a buy ‑ sell spread, a switching fee or an activity fee; and (b) the fee is only charged in relation to those members of the fund: (i) who hold the MySuper product; and (ii) in relation to whom a relevant action is taken by the trustee or trustees of the fund; and (c) the amount of the fee charged is the same for each member to whom it is charged. All MySuper members to whom action relates charged same percentage of account balance (6) This rule is satisfied if: (a) the fee is a buy ‑ sell spread, a switching fee or an activity fee; and (b) the fee is only charged in relation to those members of the fund: (i) who hold the MySuper product; and (ii) in relation to whom a relevant action is taken by the trustee or trustees of the fund; and (c) the amount of the fee charged in relation to one of those members is a percentage of so much of the member’s account balance with the fund: (i) that relates to the MySuper product; and (ii) in relation to which the relevant action is taken; and (d) the amount of the fee charged in relation to each of the other of those members is the same percentage of so much of that member’s account balance with the fund: (i) that relates to the MySuper product; and (ii) in relation to which the relevant action is taken. All MySuper members to whom action relates charged combination of same flat fee and same percentage of account balance (7) This rule is satisfied if: (a) the fee is a buy ‑ sell spread, a switching fee or an activity fee; and (b) the fee is only charged in relation to those members of the fund: (i) who hold the MySuper product; and (ii) in relation to whom a relevant action is taken by the trustee or trustees of the fund; and (c) the amount of the fee charged in relation to one of those members is the sum of a fixed amount (the flat fee ) and another amount that is a percentage of so much of the member’s account balance with the fund: (i) that relates to the MySuper product; and (ii) in relation to which the relevant action is taken; and (d) the amount of the fee charged in relation to each of the other of those members is the sum of the flat fee and the same percentage of so much of that member’s account balance with the fund: (i) that relates to the MySuper product; and (ii) in relation to which the relevant action is taken. Administration fee exemption for employees of an employer ‑ sponsor (8) This rule is satisfied if: (a) the fee is an administration fee charged in relation to one or more members of the fund who hold the MySuper product in accordance with the administration fee exemption for employees of an employee ‑ sponsor (see section 29VB); and (b) in relation to those members of the fund who hold the MySuper product but in relation to whom the administration fee is not charged in accordance with the administration fee exemption for employees of an employee ‑ sponsor (the remaining members )—the fee would satisfy the charging rule in subsection (2), (3) or (4) if the remaining members were the only members of the fund who held the MySuper product. Note: In some circumstances, the RSE licensee may wish to offer a MySuper product for the employees of a large employer or its associates (see sections 29T and 29TB). Any fee set for that MySuper product may differ from the equivalent fee set for another MySuper product within the fund. In other circumstances, a separate MySuper product may not be offered, but instead a lower administration fee charged to the employees of a particular employer ‑ sponsor (see section 29VB). Lifecycle differentiated investment fees (9) This rule is satisfied if: (a) the fee is an investment fee; and (b) the fee would satisfy one of the charging rules in subsections (2) to (4) if the rule were applied to a subclass of the members of the fund who hold the MySuper product to whom gains and losses from different classes of asset of the fund may be streamed in accordance with a lifecycle exception, rather than in relation to all members of the fund who hold the MySuper product; and (d) the investment fees for each such subclass reflect a fair and reasonable attribution of the investment costs of the fund between all such subclasses. Advice fees (9A) This rule is satisfied if: (a) the fee is an advice fee that relates directly to financial product advice provided to a member; and (b) the member holds a MySuper product; and (c) the fee is charged to the member; and (d) the fee is to be paid in accordance with the terms of an arrangement entered into by the member; and (e) the arrangement is not an ongoing fee arrangement. Insurance fees (10) This rule is satisfied if: (a) the fee is an insurance fee that relates directly to either or both of the following: (i) insurance premiums paid by the trustee, or the trustees, of a superannuation entity in relation to a member; (ii) costs incurred by the trustee, or the trustees, of a superannuation entity in relation to the provision of insurance for a member; and (b) the member holds a MySuper product; and (c) the fee is charged to the member. Fees for members with low balances (11) This rule is satisfied if: (a) the fee is an administration fee or investment fee; and (b) the fee is charged at a reduced amount, in accordance with section 99G, in relation to one or more members of the fund who hold the MySuper product; and (c) in relation to the remaining members of the fund who hold the MySuper product, the fee would satisfy a charging rule in another subsection of this section if those were the only members of the fund who held the MySuper product.", "Amendment_Count": 7, "First_Amended": "No 162 of 2012", "Last_Amended": "No 19 of 2021", "Amending_Acts": "No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 103 of 2013 | No 16 of 2019 | No 141 of 2020 | No 19 of 2021", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 103 of 2013, effective Sch 1 (items 63, 64): 29 June 2013 (s 2(1) item 2) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 19 of 2021, effective Sch 3: 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29VA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29VB", "Provision_Key": "s29vb", "Heading": "Administration fee exemption for employees of an employer ‑ sponsor", "Text": "(1) An administration fee charged to members of a regulated superannuation fund who hold a MySuper product is charged in accordance with the administration fee exemption for employees of an employer ‑ sponsor if: (aa) although the trustee, or the trustees, of the fund are authorised to offer the MySuper product, it is not on the basis that section 29TB was satisfied in relation to that class of beneficial interest in the fund; and (a) the fee is charged in relation to all members of the fund who hold the MySuper product; and (b) an employer ‑ sponsor contributes to the fund or would, apart from a temporary cessation of contributions, contribute to the fund for the benefit of those members of the fund (the employee members ) who hold the MySuper product and who are: (i) employees of the employer ‑ sponsor, or an associate of the employer ‑ sponsor; or (ii) the relatives or dependants of those employees; and (c) the trustee, or the trustees, of the fund have entered into an arrangement with the employer ‑ sponsor that secures lower administration fees for the employee members; and (d) the fee is in accordance with subsection (2), (3), (4) or (4A); and (e) the fee is in accordance with subsection (5). All employees charged same flat fee (2) The amount of the administration fee is the same for each of the employee members. All employees charged same percentage of account balance (3) Each of the following is satisfied: (a) the amount of the administration fee charged in relation to one of the employee members is a percentage of so much of the member’s account balance with the fund that relates to the MySuper product; (b) the amount of the administration fee charged in relation to each of the other employee members is the same percentage of so much of that member’s account balance with the fund that relates to the MySuper product. All employees charged combination of same flat fee and same percentage of account balance (4) Each of the following is satisfied: (a) the amount of the administration fee charged in relation to one of the employee members is the sum of a fixed amount (the flat fee ) and another amount that is a percentage of so much of the member’s account balance with the fund that relates to the MySuper product; (b) the amount of the administration fee charged in relation to each of the other employee members is the sum of the flat fee and the same percentage of so much of that member’s account balance with that fund that relates to the MySuper product. Reduced fees for employees with low balances (4A) Each of the following is satisfied: (a) the administration fee is charged at a reduced amount, in accordance with section 99G, in relation to one or more employee members of the fund; (b) in relation to the remaining employee members of the fund, the administration fee would be in accordance with subsection (2), (3) or (4) if those were the only employee members of the fund. (5) The total amount of the administration fee charged in relation to the employee members is at least equal to an amount that reasonably relates to costs that: (a) are incurred by the trustee, or the trustees, of the fund in the administration and operation of the fund in relation to those members; and (b) are not otherwise charged as an investment fee, a buy ‑ sell spread, a switching fee, an activity fee, an advice fee or an insurance fee.", "Amendment_Count": 4, "First_Amended": "No 162 of 2012", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 162 of 2012 | No 171 of 2012 | No 61 of 2013 | No 16 of 2019", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29VB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29VC", "Provision_Key": "s29vc", "Heading": "Activity fees and insurance fees to be charged on a cost recovery basis", "Text": "(1) If the trustee, or the trustees, of a regulated superannuation fund charge an activity fee or an insurance fee to a member in relation to a MySuper product, the fee must be no more than it would be if it were charged on a cost recovery basis. (2) The regulations may prescribe the way in which an activity fee or an insurance fee charged on a cost recovery basis is to be worked out.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29VC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29VD", "Provision_Key": "s29vd", "Heading": "Performance ‑ based fees", "Text": "(1) This section applies if: (a) a regulated superannuation fund offers a MySuper product; and (b) the trustee, or the trustees, of the fund enter into an arrangement with an investment manager for the investment of an asset or assets of the fund attributed, in whole or in part, to the MySuper product; and (c) under the arrangement, a fee payable to the investment manager is determined, in whole or in part, by reference to the performance of the investments made by the investment manager on behalf of the trustee or trustees of the fund (a performance ‑ based fee ). (2) The trustee, or the trustees, of the regulated superannuation fund must ensure that the arrangement complies with this section. Base fee must be set or adjusted to give incentive to obtain performance ‑ based fee (3) If, under the arrangement, a fee is or fees are payable to the investment manager in addition to the performance ‑ based fee, the other fee or fees must be set or adjusted so that they are lower than they would be if the arrangement did not include the performance ‑ based fee. Period to which performance ‑ based fee relates (4) The period over which entitlement to the performance ‑ based fee is determined under the arrangement must be appropriate to the kinds of investment to which the performance ‑ based fee relates. Performance of investment must be measured against an appropriate benchmark (5) Under the arrangement, the performance of the investment must be measured by comparison with the performance of investments of a similar kind. Performance ‑ based fee to be worked out on after ‑ costs, after ‑ tax basis (6) For the purposes of working out the performance ‑ based fee payable under the arrangement, the performance of the investment must be determined on an after ‑ costs and, where possible, an after ‑ tax basis. Disincentives to underperformance (7) Under the arrangement, the performance ‑ based fee must be calculated in a way that includes disincentives for poorly performing investments. Best interests of MySuper members (8) A trustee of a regulated superannuation fund does not breach this section to the extent that the asset or assets of the fund invested under the arrangement are attributed by the trustee or the trustees of the fund to a MySuper product if, despite the fact that the arrangement does not comply with one or more of the provisions of this section, the arrangement promotes the financial interests of the beneficiaries of the fund who hold the MySuper product.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29VD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29VE", "Provision_Key": "s29ve", "Heading": "Percentage ‑ based administration fees may be capped", "Text": "If, under the governing rules of a regulated superannuation fund: (a) all or part of the administration fee in relation to a MySuper product is charged to those members of the fund who hold the product as a percentage of so much of the account balance of each of those members that relates to the MySuper product; and (b) the amount of the administration fee is capped at a specified amount; and (c) either: (i) the cap is the same for all of those members; or (ii) if the administration fee is charged at a reduced amount, in accordance with section 99G, in relation to one or more of those members—the cap is the same for all of the remainder of those members; and (d) but for the fact that the administration fee is capped in that way, a charging rule in section 29VA would be satisfied in relation to the administration fee; that charging rule is taken to be satisfied in relation to the administration fee.", "Amendment_Count": 2, "First_Amended": "No 61 of 2013", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 61 of 2013 | No 16 of 2019", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29VE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29W", "Provision_Key": "s29w", "Heading": "Offering a product as a MySuper product when not authorised to do so", "Text": "(1) A person commits an offence if: (a) the person makes a representation; and (b) the representation is that a class of beneficial interest in a regulated superannuation fund is a MySuper product; and (c) the RSE licensee for the fund does not have authority to offer a beneficial interest of that class in the fund as a MySuper product. Penalty: 60 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. (2) Subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 162 of 2012", "Last_Amended": "No 162 of 2012", "Amending_Acts": "No 162 of 2012", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29W"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29WA", "Provision_Key": "s29wa", "Heading": "Contributions in relation to which no election is made are to be paid into MySuper product", "Text": "(1) This section applies if: (a) a person is a member of a regulated superannuation fund (other than a defined benefit member); and (b) a contribution to the fund is made for the benefit of the person; and (c) either: (i) the person has not given the trustee, or the trustees, of the fund a direction that the contribution is to be invested under one or more specified investment options; or (ii) the person has given the trustee, or the trustees, of the fund a direction that some of the contribution is to be invested under one or more specified investment options, but no such direction has been made in relation to the remainder of the contribution. (2) The trustee, or trustees, of the fund must treat any contribution to the fund in relation to which no direction has been given, and any part of a contribution to the fund in relation to which no direction has been given, as a contribution to be paid into a MySuper product of the fund. (3) A trustee commits an offence if the trustee contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. Note 2: For strict liability, see section 6.1 of the Criminal Code . Directions (4) For the purposes of this section, a direction that it is alleged was given to the trustee, or the trustees, of the fund after 31 March 2013 is taken not to have been given if: (a) the direction was not given in writing; or (b) a copy of the direction is not held by or on behalf of the trustee, or the trustees, of the fund. (5) The regulations may prescribe circumstances in which a direction given to the trustee, or the trustees, of one regulated superannuation fund is to be taken to be a direction given to the trustee, or the trustees, of another regulated superannuation fund for the purposes of this section. Exception—life policies, investment account contracts and cash investment options (6) If an asset (or assets) attributed to the person mentioned in subsection (1) is invested in one or more of the following on 31 March 2013: (a) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested; (b) a life policy under which the benefit to the person (or a relative or dependant of the person) is based only on the realisation of a risk, not the performance of an investment; (c) an investment account contract the only beneficiaries of which are the person, and relatives and dependants of the person; (d) an investment option under which the investment is held as cash; subsection (2) does not apply to the extent that a contribution to the fund for the benefit of the person is invested in the life policy, under the investment account contract or in the cash investment option.", "Amendment_Count": 3, "First_Amended": "No 162 of 2012", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 162 of 2012 | No 171 of 2012 | No 61 of 2013", "History_Notes": "Inserted by No 162 of 2012, effective Sch 1 (items 2–9): 1 Jan 2013 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29WA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29WB", "Provision_Key": "s29wb", "Heading": "Contributions by large employer in relation to which no election is made to be paid into large employer MySuper product", "Text": "(1) This section applies if: (a) the trustee, or the trustees, of a regulated superannuation fund are authorised to offer a class of beneficial interest in the fund as a MySuper product on the basis that section 29TB is satisfied in relation to that class of beneficial interest; and (b) a member (other than a defined benefit member) is entitled to hold the MySuper product; and (c) a contribution is made for the benefit of the member; and (d) either: (i) the member has not given the trustee, or the trustees, of the fund a direction that the contribution is to be invested under one or more specified investment options; or (ii) the member has given the trustee, or the trustees, of the fund a direction that some of the contribution is to be invested under one or more specified investment options, but no such direction has been made in relation to the remainder of the contribution. (2) The trustee, or the trustees, of the fund must treat so much of the contribution in relation to which no direction is given as a contribution to be paid into the MySuper product. (3) A trustee commits an offence if the trustee contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. Note 2: For strict liability, see section 6.1 of the Criminal Code . Directions (4) For the purposes of this section, a direction that it is alleged was given to the trustee, or the trustees, of the fund after 31 March 2013 is taken not to have been given if: (a) the direction was not given in writing; or (b) a copy of the direction is not held by or on behalf of the trustee, or the trustees, of the fund. (5) The regulations may prescribe circumstances in which a direction given to the trustee, or the trustees, of one regulated superannuation fund is to be taken to be a direction given to the trustee, or the trustees, of another regulated superannuation fund for the purposes of this section. Exception—life policies, investment account contracts and cash investment options (6) If an asset (or assets) attributed to the member mentioned in subsection (1) is invested in one or more of the following on 31 March 2013: (a) a life policy under which contributions and accumulated earnings may not be reduced by negative investment returns or any reduction in the value of assets in which the policy is invested; (b) a life policy under which the benefit to the member (or a relative or dependant of the member) is based only on the realisation of a risk, not the performance of an investment; (c) an investment account contract the only beneficiaries of which are the member, and relatives and dependants of the member; (d) an investment option under which the investment is held as cash; subsection (2) does not apply to the extent that a contribution to the fund for the benefit of the member is invested in the life policy, under the investment account contract or in the cash investment option.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29WB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29X", "Provision_Key": "s29x", "Heading": "Prudential standards dealing with accrued default amounts", "Text": "A prudential standard determined under section 34C may include provisions: (a) requiring an RSE licensee of a regulated superannuation fund who holds an accrued default amount: (i) for a member of the fund who is not eligible to hold a MySuper product offered by the fund; or (ii) for a member of a regulated superannuation fund of the RSE licensee that does not offer a MySuper product; to transfer that amount to another regulated superannuation fund that includes a MySuper product; and (b) setting out the requirements that must be met in relation to the transfer of such an accrued default amount; and (c) dealing with other matters relating to such an accrued default amount.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29X"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29XA", "Provision_Key": "s29xa", "Heading": "Prudential standards dealing with assets attributed to former MySuper products", "Text": "A prudential standard determined under section 34C may include provisions: (a) requiring an RSE licensee who is authorised to offer a class of beneficial interest in a regulated superannuation fund as a MySuper product to transfer any asset or assets of the fund that are attributed to the MySuper product into another MySuper product within the fund, or a MySuper product within another fund, if the authority is cancelled under subsection 29U(1); and (b) setting out the requirements that must be met in relation to the transfer of such an asset or assets; and (c) dealing with other matters relating to such an asset or assets.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29XA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29XB", "Provision_Key": "s29xb", "Heading": "No liability for certain transfers", "Text": "A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund: (a) for an action taken to give effect to an election made in accordance with section 29SAA or 29SAB; or (b) for an action of the kind mentioned in subsection 55C(1).", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29XB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 29XC", "Provision_Key": "s29xc", "Heading": "Public sector superannuation scheme ceases to be exempt", "Text": "If APRA becomes aware that: (a) a public sector superannuation scheme has ceased to be an exempt public sector superannuation scheme; and (b) the scheme is not a regulated superannuation fund that offers a MySuper product; APRA must notify the Fair Work Commission of that fact.", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 171 of 2012 | No 61 of 2013", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s29XC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Object of Part", "Text": "The object of this Part is to provide for a system of prescribed standards applicable to: (a) the operation of regulated superannuation funds, approved deposit funds and pooled superannuation trusts; and (b) the trustees and RSE licensees of those funds and trusts.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Repealed and substituted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s30"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 31", "Provision_Key": "s31", "Heading": "Operating standards for regulated superannuation funds", "Text": "(1) The regulations may prescribe standards applicable to the operation of regulated superannuation funds ( funds ) and to trustees and RSE licensees of those funds. (2) The standards that may be prescribed include, but are not limited to, standards relating to the following matters: (a) the persons who may contribute to funds; (b) the vesting in beneficiaries in funds of benefits arising directly or indirectly from amounts contributed to the funds; (c) the amount of contributions that a fund may accept; (d) the circumstances in which a fund may accept contributions; (da) the charging of fees (including the calculation of the amount of fees) to: (i) members of a fund; and (ii) members who hold a particular class of beneficial interest in a fund; (db) the attribution of costs between classes of beneficial interest in a fund; (dc) the calculation of a member’s account balance with the fund on a particular day, or a member’s account balance with the fund on a particular day that relates to a choice product or MySuper product; (e) the form in which benefits may be provided by funds; (ea) the kinds of benefits that must not be provided by taking out insurance, or insurance of a particular kind; (eb) the kinds of benefits that must not be provided other than by taking out insurance, or insurance of a particular kind; (f) the actuarial standards that will apply to funds; (g) the preservation of benefits arising directly or indirectly from amounts contributed to funds; (h) the payment by funds of benefits arising directly or indirectly from amounts contributed to the funds; (i) the portability of benefits arising directly or indirectly from amounts contributed to funds; (j) the levels of benefits that may be provided by funds and the levels of assets that may be held by funds; (k) the application by funds of money no longer required to meet payments of benefits to beneficiaries because the beneficiaries have ceased to be entitled to receive those benefits; (l) the investment of assets of funds and the management of the investment; (m) the number of trustees, and the composition of boards or committees of trustees, of funds; (ma) the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds; (n) the keeping and retention of records in relation to funds; (o) the financial and actuarial reports to be prepared in relation to funds; (p) the disclosure of information to beneficiaries in funds; (pa) the disclosure of information by a trustee of a fund who is a member of a group of individual trustees to the other trustees in that group; (q) the disclosure of information about funds to the Regulator; (r) the disclosure of information about funds to persons other than beneficiaries or the Regulator; (s) the financial position of funds; (sa) the outsourcing arrangements relating to the operation of funds; (sb) the adequacy of resources (including human resources, technical resources, and financial resources) of, or available to, trustees of funds; (t) the funding and solvency of funds; (u) the winding ‑ up of funds.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 54 of 1998 | No 53 of 2004 | No 171 of 2012 | No 16 of 2019", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s31"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 32", "Provision_Key": "s32", "Heading": "Operating standards for approved deposit funds", "Text": "(1) The regulations may prescribe standards applicable to the operation of approved deposit funds ( funds ) and to trustees and RSE licensees of those funds. (2) The standards that may be prescribed include, but are not limited to, standards relating to the following matters: (a) the kinds of amounts that may be deposited with funds; (aa) the circumstances in which amounts may be deposited with funds; (b) the preservation of amounts deposited with funds, and of earnings on such amounts; (c) the payment out of funds of amounts deposited with the funds, and of earnings on such amounts; (d) the portability of amounts deposited with funds, and of earnings on such amounts; (e) the form in which benefits may be paid out of funds; (f) the investment of assets of funds and the management of the investment; (fa) the requirements relating to fitness and propriety for RSE licensees of funds and trustees of funds; (g) the keeping and retention of records in relation to funds; (h) the financial and actuarial reports to be prepared in relation to funds; (i) the disclosure of information to beneficiaries in funds; (j) the disclosure of information about funds to the Regulator; (k) the disclosure of information about funds to persons other than beneficiaries or the Regulator; (l) the financial position of funds; (la) the outsourcing arrangements relating to the operation of funds; (lb) the adequacy of resources (including human resources, technical resources, and financial resources) of, or available to, trustees of funds; (m) the funding and solvency of funds; (n) the winding ‑ up of funds.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 54 of 1998 | No 53 of 2004", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s32"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 33", "Provision_Key": "s33", "Heading": "Operating standards for pooled superannuation trusts", "Text": "(1) The regulations may prescribe standards applicable to the operation of pooled superannuation trusts ( trusts ) and to trustees and RSE licensees of those trusts. (2) The standards that may be prescribed include, but are not limited to, standards relating to the following matters: (aa) the circumstances in which units in trusts may be acquired; (a) the ownership and disposal of units in trusts; (b) the investment of assets of trusts and the management of the investment; (ba) the requirements relating to fitness and propriety for RSE licensees of trusts and trustees of trusts; (c) the persons who may be trustees of trusts; (d) the number of trustees, and the composition of boards or committees of trustees, of trusts; (e) the keeping and retention of records in relation to trusts; (f) the financial and actuarial reports to be prepared in relation to trusts; (g) the disclosure of information to unit ‑ holders in trusts; (h) the disclosure of information about trusts to the Regulator; (i) the disclosure of information about trusts to persons other than unit ‑ holders or the Regulator; (j) the financial position of trusts; (ja) the outsourcing arrangements relating to the operation of trusts; (jb) the adequacy of resources (including human resources, technical resources and financial resources) of, or available to, trustees of trusts; (k) the funding and solvency of trusts.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 54 of 1998 | No 53 of 2004", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s33"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 33A", "Provision_Key": "s33a", "Heading": "Relationship between operating standards, this Act and the regulations", "Text": "(1) A standard applicable to the operation of a superannuation entity may be prescribed that elaborates, supplements or otherwise deals with any aspect of: (a) a matter relating to the operation of the entity to which a covenant referred to in sections 52 to 53 or prescribed under section 54A relates; or (b) a matter relating to the operation of the entity to which a provision of this Act or another provision of the regulations relates. (2) However, a standard applicable to the operation of a superannuation entity is of no effect to the extent that it conflicts with this Act.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s33A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34", "Provision_Key": "s34", "Heading": "Prescribed operating standards must be complied with", "Text": "Standards must be complied with (1) Each trustee of a superannuation entity must ensure that the prescribed standards applicable to the operation of the entity are complied with at all times. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. Offence (2) A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Standards relating to record keeping obligations (2A) If standards are prescribed by the regulations for the purposes of paragraph 31(2)(n), 32(2)(g) or 33(2)(e), each trustee of a superannuation entity must ensure that those standards are, when applied to the operation of the entity, complied with at all times. Penalty: 50 penalty units. (2B) Subsection (2A) is an offence of strict liability. Validity of transaction not affected by contravention (3) A contravention of subsection (1) or (2A) does not affect the validity of a transaction.", "Amendment_Count": 6, "First_Amended": "No 31 of 2001", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 31 of 2001 | No 117 of 2001 | No 53 of 2004 | No 11 of 2014 | No 4 of 2016 | No 46 of 2021", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34A", "Provision_Key": "s34a", "Heading": "Portability forms", "Text": "(1) For the purposes of standards made under Division 2, and without limiting that Division, the regulations may prescribe a scheme under which: (a) a beneficiary of: (i) a regulated superannuation fund; or (ii) an approved deposit fund; gives to the Commissioner of Taxation a request for the benefits held for the beneficiary in the fund to be rolled ‑ over or transferred; and (b) the Commissioner may pass the request on to the trustee of the fund. Note: The standards may require the trustee to act on the request. See paragraphs 31(2)(i) and 32(2)(d). (2) The regulations may provide that the request must be given to the Commissioner in the approved form. Note: The approved form may require the beneficiary to set out his or her tax file number. See subsection 299U(2A).", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34B", "Provision_Key": "s34b", "Heading": "Object of this Part", "Text": "The object of this Part is to provide for a system of standards in relation to prudential matters concerning registrable superannuation entities.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34C", "Provision_Key": "s34c", "Heading": "APRA may determine prudential standards", "Text": "(1) APRA may determine (in writing) standards ( prudential standards ) relating to prudential matters that must be complied with by: (a) all RSE licensees of registrable superannuation entities; or (b) the connected entities of all RSE licensees of registrable superannuation entities; or (c) a specified class of RSE licensees of registrable superannuation entities; or (d) a specified class of connected entities of RSE licensees of registrable superannuation entities; or (e) one or more specified RSE licensees of registrable superannuation entities; or (f) one or more specified connected entities of RSE licensees of registrable superannuation entities. (2) A prudential standard may impose different requirements to be complied with: (a) by different classes of RSE licensees of registrable superannuation entities or connected entities of RSE licensees of registrable superannuation entities; or (b) in different situations; or (c) in respect of different activities. (3) Without limiting the prudential matters in relation to which APRA may determine a prudential standard, a prudential standard may require the following entities to ensure that the entity’s connected entities (or particular connected entities), or the entity and the entity’s connected entities (or particular connected entities), collectively satisfy particular requirements: (a) each RSE licensee of a registrable superannuation entity; (b) each RSE licensee of a registrable superannuation entity included in a specified class of RSE licensees; (c) a specified RSE licensee of a registrable superannuation entity; (d) each of 2 or more RSE licensees of registrable superannuation entities. (4) A prudential matter is a matter relating to: (a) the conduct by an RSE licensee of a registrable superannuation entity of the affairs of the registrable superannuation entity, or the affairs of a connected entity of the RSE licensee, in such a way as to: (i) protect the interests of the beneficiaries of the registrable superannuation entity; or (ii) meet the reasonable expectations of the beneficiaries of the registrable superannuation entity; or (b) the conduct by a connected entity of an RSE licensee of a registrable superannuation entity of the affairs of the connected entity in such a way as to: (i) protect the interests of the beneficiaries of the registrable superannuation entity; or (ii) meet the reasonable expectations of the beneficiaries of the registrable superannuation entity; or (c) the conduct by an RSE licensee of a registrable superannuation entity of the affairs of the licensee in such a way as: (i) to keep itself in a sound financial position; or (ii) not to cause or promote instability in the Australian financial system; or (d) the conduct by an RSE licensee of a registrable superannuation entity of the affairs of the registrable superannuation entity in such a way as not to cause or promote instability in the Australian financial system; or (e) the conduct by a connected entity of an RSE licensee of a registrable superannuation entity of the affairs of the connected entity in such a way as: (i) to keep itself in a sound financial position; or (ii) not to cause or promote instability in the Australian financial system; or (ea) the conduct by an RSE licensee of a registrable superannuation entity, or by a connected entity of such an RSE licensee, of the affairs of the licensee, the registrable superannuation entity, or any connected entity of the licensee, in such a way as to: (i) facilitate resolution of the RSE licensee; or (ii) facilitate resolution of the registrable superannuation entity; or (iii) facilitate resolution of the connected entity that is reasonably necessary to facilitate resolution of the RSE licensee; or (iv) facilitate resolution of the connected entity that is reasonably necessary to facilitate resolution of the registrable superannuation entity; or (v) facilitate resolution of the connected entity that is reasonably necessary to protect the interests of the beneficiaries of the registrable superannuation entity; or (vi) facilitate resolution of the connected entity that is reasonably necessary to meet the reasonable expectations of the beneficiaries of the registrable superannuation entity; or (f) the conduct by an RSE licensee of a registrable superannuation entity, or a connected entity of the RSE licensee, of any of its affairs that are relevant to the registrable superannuation entity with integrity, prudence and professional skill; or (g) the appointment of auditors and actuaries; or (h) the conduct of audits and actuarial investigations. (5) The prudential standards may provide for APRA to exercise powers and discretions under the standards, including but not limited to discretions to approve, impose, adjust or exclude specific prudential requirements in relation to the following: (a) a particular RSE licensee of a registrable superannuation entity; (b) a particular connected entity of an RSE licensee of a registrable superannuation entity; (c) specified RSE licensees of registrable superannuation entities; (d) specified connected entities of RSE licensees of registrable superannuation entities. (6) APRA may, in writing, vary or revoke a standard. (7) A standard referred to in paragraph (1)(e) or (f), or a variation of a standard referred to in those paragraphs, comes into force on the later of: (a) the day on which APRA satisfies subsection 34E(1) in relation to the standard or variation (obligation to give a copy to each RSE licensee and connected entity to which it applies); and (b) if APRA includes with the copy of the standard or variation a notice that the standard or variation will come into force on a later day—that later day. (8) The revocation of a standard referred to in paragraph (1)(e) or (f) comes into force on the later of: (a) the day on which APRA satisfies subsection 34E(2) in relation to the revocation (obligation to give notice of the revocation to each RSE licensee or connected entity to which the standard relates); and (b) the day specified in that notice as the day on which the revocation comes into force. (9) The following instruments made under this section are not legislative instruments: (a) a standard referred to in paragraph (1)(e) or (f); (b) an instrument varying or revoking a standard referred to in paragraph (1)(e) or (f). (10) Otherwise, an instrument made under this section is a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 117 of 2012", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 117 of 2012 | No 46 of 2021", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34D", "Provision_Key": "s34d", "Heading": "Relationship between prudential standards, this Act and the regulations", "Text": "(1) A prudential standard may be determined that elaborates, supplements or otherwise deals with any aspect of: (a) a prudential matter to which a covenant referred to in sections 52 to 53 or prescribed under section 54A relates; or (b) a prudential matter to which a provision of this Act or the regulations relates. (2) However, a prudential standard is of no effect to the extent that it conflicts with this Act or the regulations.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34E", "Provision_Key": "s34e", "Heading": "Notice of determination, variation or revocation of certain prudential standards", "Text": "(1) If APRA determines or varies a prudential standard referred to in paragraph 34C(1)(e) or (f), APRA must give a copy of the standard or of the variation to each RSE licensee and connected entity to which the standard applies. (2) If APRA revokes a prudential standard referred to in paragraph 34C(1)(e) or (f), APRA must give notice of the revocation to each RSE licensee and connected entity to which the standard applies.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34F", "Provision_Key": "s34f", "Heading": "APRA to monitor prudential matters", "Text": "The functions of APRA include: (a) collecting and analysing information on prudential matters concerning RSE licensees of registrable superannuation entities and connected entities of RSE licensees of registrable superannuation entities; and (b) encouraging and promoting the carrying out of sound practices in relation to prudential matters by RSE licensees of registrable superannuation entities and connected entities of RSE licensees of registrable superannuation entities; and (c) evaluating the effectiveness and carrying out of those practices.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34H", "Provision_Key": "s34h", "Heading": "Object of Part", "Text": "(1) The object of this Part is to further the interests of beneficiaries of eligible superannuation entities by improving the productivity of the superannuation system. (2) The Part does this by providing for a system of standards relating to payments and information connected with the operation of eligible superannuation entities.", "Amendment_Count": 2, "First_Amended": "No 91 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 91 of 2012 | No 158 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34J", "Provision_Key": "s34j", "Heading": "Alternative constitutional basis", "Text": "Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to an employer were, by express provision, confined to an employer that is a corporation to which paragraph 51(xx) of the Constitution applies.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34K", "Provision_Key": "s34k", "Heading": "Superannuation data and payment regulations and standards", "Text": "(1) The regulations may make provision for and in relation to superannuation data and payment matters, to be complied with by: (a) trustees of eligible superannuation entities; and (b) employers in their dealings with eligible superannuation entities. (2) The regulations may prescribe different requirements for different classes of eligible superannuation entity or employer. (3) The Commissioner of Taxation may, by legislative instrument, determine standards ( superannuation data and payment standards ) relating to superannuation data and payment matters, applicable to: (a) trustees of eligible superannuation entities; and (b) employers in their dealings with eligible superannuation entities. Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 . (4) The superannuation data and payment standards may specify different requirements for different classes of eligible superannuation entity or employer. (5) A superannuation data and payment matter is a matter relating to the manner in which payments and information of a kind mentioned in subsection (6): (a) relating to: (i) a member of an eligible superannuation entity; or (ii) an employee for whose benefit a contribution to an eligible superannuation entity is to be made by an employer; and (b) connected with the operation of the eligible superannuation entity; are dealt with. (6) The kinds of payments and information are: (a) transactions, including payments, contributions, roll ‑ over superannuation benefits (within the meaning of the Income Tax Assessment Act 1997 ), allocations, transfers and refunds; and (b) reports; and (c) records, including registrations; and (d) unique identifiers for use with such transactions, reports and records; and (e) any other kind of payment or information that is prescribed by the regulations for the purposes of this paragraph; and (f) to avoid doubt, any payment or information of a kind mentioned in paragraphs (a) to (e) and made or provided by the Commissioner of Taxation. Adoption of other instruments (7) The regulations or standards may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in any other instrument or writing: (a) as in force or existing at a particular time; or (b) as in force or existing from time to time. (8) Subsection (7) has effect despite anything in subsection 14(2) of the Legislation Act 2003 . Consultations in preparing superannuation data and payment standards (9) The Commissioner of Taxation must consult with APRA in preparing the superannuation data and payment standards. Note: For further consultation requirements, see section 17 of the Legislation Act 2003 . (10) A failure to comply with subsection (9) does not affect the validity or enforceability of the superannuation data and payment standards.", "Amendment_Count": 3, "First_Amended": "No 91 of 2012", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 91 of 2012 | No 158 of 2012 | No 126 of 2015", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 126 of 2015, effective Sch 1 (items 585–588): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34K"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34L", "Provision_Key": "s34l", "Heading": "Relationship between standards and other law", "Text": "(1) A superannuation data and payment standard may elaborate on or supplement any aspect of regulations made under this Part. (2) However, a superannuation data and payment standard is of no effect to the extent that it conflicts with this Act or the regulations.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34L"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34M", "Provision_Key": "s34m", "Heading": "Compliance requirement—trustees of eligible superannuation entities", "Text": "(1) Each trustee of an eligible superannuation entity must ensure that payments and information relating to a member of the eligible superannuation entity, or a person for whose benefit a contribution to the eligible superannuation entity is to be made, are dealt with in a manner that complies with any applicable: (a) regulations made under this Part; and (b) superannuation data and payment standards. Note: Section 288 ‑ 110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection. Strict liability offence (2) A person commits an offence of strict liability if the person contravenes subsection (1). Penalty: 20 penalty units. Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code . (3) A contravention of subsection (1) does not affect the validity of a transaction.", "Amendment_Count": 2, "First_Amended": "No 91 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 91 of 2012 | No 158 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34M"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34N", "Provision_Key": "s34n", "Heading": "Compliance requirement—employers", "Text": "(1) An employer must deal with payments and information relating to an employee, for whose benefit a contribution to an eligible superannuation entity is to be made, in a manner that complies with any applicable: (a) regulations made under this Part; and (b) superannuation data and payment standards. Note: Section 288 ‑ 110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection. Strict liability offence (2) A person commits an offence of strict liability if the person contravenes subsection (1). Penalty: 20 penalty units. Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code . (3) A contravention of subsection (1) does not affect the validity of a transaction.", "Amendment_Count": 2, "First_Amended": "No 91 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 91 of 2012 | No 158 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34N"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34P", "Provision_Key": "s34p", "Heading": "Regulator’s power to give directions in certain circumstances—trustees of eligible superannuation entities", "Text": "(1) The Regulator may give a trustee of an eligible superannuation entity a direction of a kind specified in subsection (4) if the Regulator reasonably believes that a trustee of the eligible superannuation entity has contravened, or is likely to contravene: (a) a particular regulation made under this Part; or (b) a particular superannuation data and payment standard. (2) In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters: (a) the extent (if any) to which the eligible superannuation entity is operating in a way that is contrary to the object of this Part; (b) any other matter that the Regulator considers relevant. (3) The direction must be given by notice in writing to the trustee of the eligible superannuation entity. (4) The kinds of direction that a trustee of an eligible superannuation entity may be given are directions to do any one or more of the following by a specified time: (a) do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection); (b) refrain from doing an act, if the Regulator considers the refraining is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection). (5) The time specified in the direction must be 21 days or more after the day the direction is given. (6) The trustee of the eligible superannuation entity must ensure the direction is complied with by the specified time. Note: Section 288 ‑ 110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection. Strict liability offence (7) A person commits an offence of strict liability if the person contravenes subsection (6). Penalty: 50 penalty units. Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code . (8) The Regulator may, by notice in writing to the trustee of the eligible superannuation entity, vary the direction or the time specified if, at the time of the variation, the Regulator considers that the variation is necessary and appropriate. (9) The direction has effect until the Regulator revokes it by notice in writing to the trustee of the eligible superannuation entity. The Regulator may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.", "Amendment_Count": 2, "First_Amended": "No 91 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 91 of 2012 | No 158 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34P"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34Q", "Provision_Key": "s34q", "Heading": "Regulator’s power to give directions in certain circumstances—employers", "Text": "(1) The Regulator may give an employer a direction of a kind specified in subsection (4) if the Regulator reasonably believes that the employer has contravened, or is likely to contravene: (a) a particular regulation made under this Part; or (b) a particular superannuation data and payment standard. (2) In deciding whether to give a direction, and deciding the content of the direction, the Regulator must take account of the following matters: (a) the extent (if any) to which the employer is operating in a way that is contrary to the object of this Part; (b) any other matter that the Regulator considers relevant. (3) The direction must be given by notice in writing to the employer. (4) The kinds of direction that the employer may be given are directions to do any one or more of the following by a specified time: (a) do a specified act that the Regulator considers is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection); (b) refrain from doing an act, if the Regulator considers the refraining is necessary to address the contravention mentioned in subsection (1) (or prevent the likely contravention mentioned in that subsection). (5) The time specified in the direction must be 21 days or more after the day the direction is given. (6) The employer must comply with the direction by the specified time. Note: Section 288 ‑ 110 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for contravention of this subsection. Strict liability offence (7) A person commits an offence of strict liability if the person contravenes subsection (6). Penalty: 50 penalty units. Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code . (8) The Regulator may, by notice in writing to the employer, vary the direction or the time specified if, at the time of the variation, it considers that the variation is necessary and appropriate. (9) The direction has effect until the Regulator revokes it by notice in writing to the employer. The Regulator may revoke the direction if, at the time of revocation, it considers that the direction is no longer necessary or appropriate.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34Q"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34R", "Provision_Key": "s34r", "Heading": "When an infringement notice may be given", "Text": "(1) If the Regulator has reasonable grounds to believe that a person has contravened an offence of strict liability in Division 2, the Regulator may give to the person an infringement notice for the alleged contravention. (2) The infringement notice must be given within 12 months after the day on which the contravention is alleged to have taken place. (3) A single infringement notice may be given to a person in respect of: (a) 2 or more alleged contraventions of an offence of strict liability in Division 2; and (b) alleged contraventions of 2 or more offences of strict liability in Division 2.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34R"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34S", "Provision_Key": "s34s", "Heading": "Matters to be included in notice", "Text": "(1) An infringement notice must: (a) state the day on which it is given; and (b) state the name of the person to whom it is given; and (c) state the name of the person who gave the notice; and (d) give brief details of the alleged contravention, including: (i) the provision that was allegedly contravened; and (ii) the maximum penalty that a court could impose for the contravention; and (iii) the time (if known) and day of, and the place of, the alleged contravention; and (e) state the amount that is payable under the notice; and (f) give an explanation of how payment of the amount is to be made; and (g) state that, if the person to whom the notice is given pays the amount within 28 days after the day the notice is given, then (unless the notice is withdrawn) the person is not liable to be prosecuted in a court in relation to the alleged contravention; and (h) state that payment of the amount is not an admission of guilt or liability; and (i) state that the person may apply to the Regulator to have the period in which to pay the amount extended; and (j) state that the person may choose not to pay the amount and, if the person does so, the person may be prosecuted in a court in relation to the alleged contravention; and (k) set out how the notice can be withdrawn; and (1) state that if the notice is withdrawn: (i) any amount paid under the notice must be refunded; and (ii) the person may be prosecuted in a court for the alleged contravention; and (m) state that the person may make written representations to the Regulator seeking the withdrawal of the notice. (2) For the purposes of paragraph (1)(e), the amount to be stated in the notice for the alleged contravention of the provision must be equal to one ‑ fifth of the maximum penalty that a court could impose on the person for that contravention.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34S"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34T", "Provision_Key": "s34t", "Heading": "Extension of time to pay amount", "Text": "(1) A person to whom an infringement notice has been given may apply to the Regulator for an extension of the period referred to in paragraph 34S(1)(g). (2) If the application is made before the end of that period, the Regulator may, in writing, extend that period. The Regulator may do so before or after the end of that period. (3) If the Regulator extends that period, a reference in this Division, or in a notice or other instrument under this Division, to the period referred to in paragraph 34S(1)(g) is taken to be a reference to that period as so extended. (4) If the Regulator does not extend that period, a reference in this Division, or in a notice or other instrument under this Division, to the period referred to in paragraph 34S(1)(g) is taken to be a reference to the period that ends on the later of the following days: (a) the day that is the last day of the period referred to in paragraph 34S(1)(g); (b) the day that is 7 days after the day the person was given notice of the Regulator’s decision not to extend. (5) The Regulator may extend the period more than once under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34T"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34U", "Provision_Key": "s34u", "Heading": "Withdrawal of an infringement notice", "Text": "Representations seeking withdrawal of notice (1) A person to whom an infringement notice has been given may, within 21 days after the day the notice is given, make written representations to the Regulator seeking the withdrawal of the notice. Withdrawal of notice (2) The Regulator may withdraw an infringement notice given to a person (whether or not the person has made written representations seeking the withdrawal). (3) When deciding whether or not to withdraw an infringement notice (the relevant infringement notice ), the Regulator: (a) must take into account any written representations seeking the withdrawal that were given by the person to the Regulator; and (b) may take into account the following: (i) whether a court has previously imposed a penalty on the person for a contravention of an offence of strict liability in Division 2; (ii) the circumstances of the alleged contravention; (iii) whether the person has paid an amount, stated in an earlier infringement notice, for a contravention of an offence of strict liability in Division 2 if the contravention is constituted by conduct that is the same, or substantially the same, as the conduct alleged to constitute the contravention in the relevant infringement notice; (iv) any other matter the Regulator considers relevant. Notice of withdrawal (4) Notice of the withdrawal of the infringement notice must be given to the person. The withdrawal notice must state: (a) the person’s name and address; and (b) the day the infringement notice was given; and (c) that the infringement notice is withdrawn; and (d) that the person may be prosecuted in a court in relation to the alleged contravention. Refund of amount if infringement notice withdrawn (5) If: (a) the Regulator withdraws the infringement notice; and (b) the person has already paid the amount stated in the notice; the Commonwealth must refund to the person an amount equal to the amount paid.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34U"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34V", "Provision_Key": "s34v", "Heading": "Effect of payment of amount", "Text": "(1) If the person to whom an infringement notice for an alleged contravention of a provision is given pays the amount stated in the notice before the end of the period referred to in paragraph 34S(1)(g): (a) any liability of the person for the alleged contravention is discharged; and (b) the person may not be prosecuted in a court for the alleged contravention; and (c) the person is not regarded as having been convicted of the alleged offence; and (d) the person is not regarded as having admitted guilt or liability for the alleged contravention. (2) Subsection (1) does not apply if the notice has been withdrawn.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34V"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34W", "Provision_Key": "s34w", "Heading": "Effect of this Division", "Text": "This Division does not: (a) require an infringement notice to be given to a person for an alleged contravention of an offence of strict liability in Division 2; or (b) affect the liability of a person for an alleged contravention of an offence of strict liability in Division 2 if: (i) the person does not comply with an infringement notice given to the person for the contravention; or (ii) an infringement notice is not given to the person for the contravention; or (iii) an infringement notice is given to the person for the contravention and is subsequently withdrawn; or (c) prevent the giving of 2 or more infringement notices to a person for an alleged contravention of an offence of strict liability in Division 2; or (d) limit a court’s discretion to determine the amount of a penalty to be imposed on a person who is found to have contravened an offence of strict liability in Division 2.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34W"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34X", "Provision_Key": "s34x", "Heading": "Correction and rectification of information", "Text": "(1) The Commissioner of Taxation may alter information in his or her possession for the purposes of ensuring the information complies with: (a) any applicable regulations made under this Part; and (b) any applicable superannuation data and payment standards. (2) An alteration made by the Commissioner of Taxation under subsection (1) does not have the effect of discharging any liability of a person for a contravention of a provision of this Part relating to the information.", "Amendment_Count": 1, "First_Amended": "No 91 of 2012", "Last_Amended": "No 91 of 2012", "Amending_Acts": "No 91 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34X"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34Y", "Provision_Key": "s34y", "Heading": "Register of information about certain funds and schemes", "Text": "(1) The Commissioner of Taxation must keep a register of information for the purposes of this Part. (2) The Commissioner of Taxation is to keep the register by electronic means. (3) The register is not a legislative instrument. (4) The Commissioner of Taxation may cause the contents of all or part of the register to be made available to: (a) entities that must comply with the superannuation data and payment regulations and standards; and (b) entities that must comply with the data and payment regulations and standards relating to RSAs; and (c) exempt public sector superannuation schemes. Contents of the register (5) The register must contain the information given to the Commissioner of Taxation in accordance with section 34Z. (6) The trustee of an exempt public sector superannuation scheme may give the Commissioner of Taxation information that both: (a) relates to the scheme; and (b) is of the kind given to the Commissioner of Taxation in accordance with section 34Z. The Commissioner of Taxation may include that information on the register.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34Y"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 34Z", "Provision_Key": "s34z", "Heading": "Trustees to provide information for inclusion in register", "Text": "(1) The following matters may be prescribed by regulation: (a) information that is required to be given to the Commissioner of Taxation in accordance with this section in relation to prescribed eligible superannuation entities; (b) the manner and form (including electronic form) in which the prescribed information is to be provided; (c) the time at which, or period within which, the prescribed information is to be provided. (2) Each trustee of a prescribed eligible superannuation entity must ensure that the prescribed information in relation to the entity is given to the Commissioner of Taxation in accordance with the regulation. Contravening requirement to give information (3) A person commits an offence of strict liability if the person contravenes subsection (2). Penalty: 25 penalty units. Note: For offences of strict liability, see subsection 6.1(1) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s34Z"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35", "Provision_Key": "s35", "Heading": "Objects of Part", "Text": "The objects of this Part are: (a) to set out rules about the accounts, statements and audits of superannuation entities; and (b) to require certain reports and returns relating to superannuation entities to be given to the Regulator.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 53 of 2004 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Repealed and substituted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35A", "Provision_Key": "s35a", "Heading": "Accounting records", "Text": "Accounting records must be kept etc. (1) Each trustee of a registrable superannuation entity must ensure that: (a) accounting records that correctly record and explain the transactions and financial position of the RSE licensee for the entity and the entity are kept; and (b) the accounting records of the RSE licensee and the entity are kept in a way that enables: (i) the preparation of reporting documents referred to in section 13 of the Financial Sector (Collection of Data) Act 2001 ; and (ii) the preparation of any other documents required to be audited under the RSE licensee law or Chapter 2M of the Corporations Act 2001 ; and (c) the accounting records of the RSE licensee and the entity are kept in a way that enables those reporting documents and other documents to be conveniently and properly audited in accordance with the RSE licensee law and Chapter 2M of the Corporations Act 2001 (if applicable). (1A) If accounting records of an RSE licensee or a registrable superannuation entity are kept in accordance with subsection (1), each trustee of the entity must ensure that the records are retained for at least 7 years after the end of the year of income to which the transactions relate. (2) If accounting records of an RSE licensee or a registrable superannuation entity are kept in accordance with subsection (1), each trustee of the entity must ensure that: (b) the records are kept either: (i) in Australia; or (ii) in another country if the Regulator gives written approval for the records to be kept in that country, and the conditions (if any) specified in the approval are met; and (c) the records are kept: (i) in writing in the English language; or (ii) in a form in which they are readily accessible and readily convertible into writing in the English language. (3) An approval given under subparagraph (2)(b)(ii) may be given subject to specified conditions. Notification of address where accounting records are kept (4) A trustee of a registrable superannuation entity must notify APRA, in the approved form, of the address where the accounting records of the RSE licensee and the entity are kept: (a) if, immediately before the commencement of this subsection, APRA has not already been notified of the current address where the accounting records of the RSE licensee or the entity are kept—within 28 days after that commencement; or (b) otherwise—within 28 days after the entity is registered under section 29M. (5) If: (a) a trustee of a registrable superannuation entity has notified APRA of the address where the accounting records of the RSE licensee and the entity are kept; and (b) the entity moves the accounting records to a new address; a trustee of the entity must notify APRA, in the approved form and within 28 days after the day on which the accounting records are moved to the new address, of the new address where the accounting records are kept. Offences (6) A trustee commits an offence if the trustee contravenes subsection (1) or (1A). Penalty: Imprisonment for 2 years. (7) A trustee commits an offence of strict liability if the trustee contravenes subsection (1), (1A), (2), (4) or (5). Penalty: 60 penalty units. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 154 of 2007", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 154 of 2007 | No 82 of 2010 | No 61 of 2013 | No 29 of 2023", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Repealed and substituted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35AB", "Provision_Key": "s35ab", "Heading": "Auditor requests for documents", "Text": "(1) If the auditor of a registrable superannuation entity requests, in writing, a trustee of the entity to give the auditor a document, each trustee of the entity must ensure that the document is given to the auditor within 14 days of the request being made. An auditor may only request documents that are relevant to the preparation of a report about the operations of the entity or the RSE licensee of the entity. (2) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: Imprisonment for 2 years. (3) A trustee commits an offence of strict liability if the trustee contravenes subsection (1). Penalty: 60 penalty units. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 61 of 2013", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 61 of 2013 | No 29 of 2023", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35AB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35AC", "Provision_Key": "s35ac", "Heading": "Appointed auditor’s functions and duties", "Text": "(1) This section applies if the RSE licensee law: (a) requires an auditor of a registrable superannuation entity to be appointed; or (b) requires or permits a function or duty to be performed, or a power to be exercised, by an auditor. (1A) Subject to this Part, the following may be appointed as an auditor of the registrable superannuation entity: (a) an individual; (b) a firm; (c) a company. The entity may only have one auditor. Note: In addition to audit requirements under the RSE licensee law, a registrable superannuation entity may have audit requirements under Chapter 2M of the Corporations Act 2001 . Subsection (8) sets out a rule that is applicable in such a case. (2) The RSE licensee of the registrable superannuation entity must not appoint an individual as an auditor of the entity unless the RSE licensee is reasonably satisfied that the individual: (a) meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; and (b) has not been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; and (c) is not a member or employee of a firm that is disqualified under section 130EA; and (d) is not a director or employee of a company that is disqualified under section 130EA. (2A) The RSE licensee of the registrable superannuation entity must not appoint a firm or company as an auditor of the entity unless the RSE licensee is reasonably satisfied that: (a) the lead auditor for an audit of the entity that is conducted, or to be conducted, by the firm or company: (i) meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; and (ii) has not been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; and (b) the firm or company has not been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130EA. (3) An individual, company or firm that is appointed as an auditor must perform the functions and duties set out in the RSE licensee law that are relevant to the appointment of the individual, company or firm. (4) The appointed auditor must comply with the RSE licensee law in performing the functions and duties. (5) The trustee of the registrable superannuation entity to whom the RSE licensee law applies must make any arrangements that are necessary to enable the appointed auditor to perform the functions and duties. (6) The RSE licensee of the registrable superannuation entity must end the appointment of an individual as an auditor of the entity if the RSE licensee becomes aware that the individual: (a) no longer meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; or (b) has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; or (c) is a member or employee of a firm that is disqualified under section 130EA; or (d) is a director or employee of a company that is disqualified under section 130EA. (7) The RSE licensee of the registrable superannuation entity must end the appointment of a firm or company as an auditor of the entity if the RSE licensee becomes aware that: (a) the lead auditor for an audit of the entity that is conducted, or to be conducted, by the firm or company: (i) no longer meets the eligibility criteria for auditors of registrable superannuation entities set out in the prudential standards; or (ii) has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130D; or (b) the firm or company has been disqualified from being or acting as an auditor of a registrable superannuation entity under section 130EA. (8) If the registrable superannuation entity is a registrable superannuation entity within the meaning of Chapter 2M of the Corporations Act 2001 , the RSE licensee for the entity must ensure that the appointed auditor of the entity is the individual, firm or company that is the auditor of the entity for the purposes of that Chapter. (9) If: (a) the registrable superannuation entity is a registrable superannuation entity within the meaning of Chapter 2M of the Corporations Act 2001 ; and (b) an individual, firm or company ceases to be the auditor of the entity for the purposes of that Chapter; then, for the purposes of the RSE licensee law, the appointment of the individual, firm or company as the auditor of the entity ends at the time of the cessation.", "Amendment_Count": 2, "First_Amended": "No 61 of 2013", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 61 of 2013 | No 29 of 2023", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35AC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35AD", "Provision_Key": "s35ad", "Heading": "Appointed actuary’s functions and duties", "Text": "(1) This section applies if the RSE licensee law: (a) requires an actuary of a registrable superannuation entity to be appointed; or (b) requires or permits a function or duty to be performed, or a power to be exercised, by an actuary. (2) The RSE licensee of a registrable superannuation entity must not appoint a person as an actuary of the entity unless the RSE licensee is reasonably satisfied that the person: (a) meets the eligibility criteria for actuaries of registrable superannuation entities set out in the prudential standards; and (b) has not been disqualified from being or acting as an actuary of a registrable superannuation entity under section 130D. (3) A person who is appointed as an actuary must perform the functions and duties set out in the RSE licensee law that are relevant to the person’s appointment. (4) The appointed actuary must comply with the RSE licensee law in performing the functions and duties. (5) The trustee of the registrable superannuation entity to whom the RSE licensee law applies must make any arrangements that are necessary to enable the appointed actuary to perform the functions and duties. (6) The RSE licensee of a registrable superannuation entity must end the appointment of a person as an actuary of the entity if the RSE licensee becomes aware that the person: (a) no longer meets the eligibility criteria for actuaries of registrable superannuation entities set out in the prudential standards; or (b) has been disqualified from being or acting as an actuary of a registrable superannuation entity under section 130D.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35AD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35AE", "Provision_Key": "s35ae", "Heading": "Accounting records", "Text": "Accounting records must be kept etc. (1) Each trustee of a superannuation entity that is a self managed superannuation fund must ensure that: (a) accounting records that correctly record and explain the transactions and financial position of the entity are kept; and (b) the accounting records of the entity are kept in a way that enables the following to be prepared: (i) the accounts and statements of the entity referred to in section 35B; (ii) the returns of the entity referred to in section 35D; and (c) the accounting records of the entity are kept in a way that enables those accounts, statements and returns to be conveniently and properly audited in accordance with this Act. (2) If accounting records of a superannuation entity that is a self managed superannuation fund are kept in accordance with subsection (1), each trustee of the superannuation entity must ensure that: (a) the records are retained for at least 5 years after the end of the year of income to which the transactions relate; and (b) the records are kept in Australia; and (c) the records are kept: (i) in writing in the English language; or (ii) in a form in which they are readily accessible and readily convertible into writing in the English language. Offences (3) A trustee commits an offence if the trustee contravenes subsection (1) or (2). Penalty: 100 penalty units. (4) A trustee commits an offence of strict liability if the trustee contravenes subsection (1) or (2). Penalty: 50 penalty units. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35AE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35B", "Provision_Key": "s35b", "Heading": "Accounts and statements", "Text": "(1) Each trustee of a superannuation entity that is a self managed superannuation fund must, in respect of each year of income of the fund, ensure that the following accounts and statements are prepared in respect of the entity: (a) except where the regulations provide that this paragraph does not apply—a statement of financial position; (b) except where the regulations provide that this paragraph does not apply—an operating statement; (c) the accounts and statements specified in the regulations. (2) The regulations may provide for or in relation to the preparation of accounts and statements covered by subsection (1). If the regulations do so, the accounts and statements covered by subsection (1) must be prepared in accordance with the regulations. (3) The accounts and statements prepared in accordance with subsection (1) must be signed as follows: (a) if there is a single corporate trustee—by: (i) if the corporate trustee has one or 2 directors—each director; or (ii) otherwise—at least half of the directors; or (b) if there is a group of individual trustees—by: (i) if there are only 2 trustees—both trustees; or (ii) otherwise—at least half of the trustees. (4) Each trustee must ensure that the accounts and statements prepared in accordance with subsection (1) are retained for a period of 5 years after the end of the year of income to which they relate. (5) A person commits an offence if the person contravenes this section. Penalty: 100 penalty units. (6) A person commits an offence if the person contravenes this section. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: For strict liability , see section 6.1 of the Criminal Code . Note 2: Section 166 imposes an administrative penalty for a contravention of this section.", "Amendment_Count": 5, "First_Amended": "No 154 of 2007", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 154 of 2007 | No 12 of 2012 | No 61 of 2013 | No 11 of 2014 | No 47 of 2021", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35C", "Provision_Key": "s35c", "Heading": "Audit of accounts and statements", "Text": "(1) For each year of income, each trustee of a superannuation entity that is a self managed superannuation fund must ensure that an approved SMSF auditor is appointed to give the trustee or trustees a report, in the approved form, of the operations of the entity for that year. The appointment must be made within whichever of the periods set out in the regulations applies to the entity. (2) If an auditor requests, in writing, a trustee of a superannuation entity that is a self managed superannuation fund to give the auditor a document, each trustee of the entity must ensure that the document is given to the auditor within 14 days of the request being made. Only documents that are relevant to the preparation of the report may be requested. (3) A trustee commits an offence if the trustee contravenes subsection (1) or (2). Penalty: Imprisonment for 2 years. (4) A trustee commits an offence if the trustee contravenes subsection (1) or (2). This is an offence of strict liability. Penalty: 50 penalty units. Note: For strict liability , see section 6.1 of the Criminal Code . (5) Without limiting subsection (1), an approved form: (a) must either: (i) relate solely to the audit of the accounts and statements referred to in subsection 35B(1) and prepared in respect of a year of income; or (ii) relate only to the audit of those accounts and statements and of any other accounts and statements, prepared in respect of a year of income, that are identified in the form; and (b) must include a statement by the auditor as to the extent of the auditor’s compliance with the auditor independence requirements referred to in paragraph 128F(d); and (c) must include a statement by the auditor as to whether, in the auditor’s opinion, each trustee of the entity has, during the year of income, complied with the provisions of this Act and the regulations that are identified in the form. (6) The auditor must give the report to each trustee of the entity within the prescribed period after the end of the year of income. (8) The auditor commits an offence if the auditor contravenes subsection (6). This is an offence of strict liability. Penalty: 50 penalty units. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 154 of 2007", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 154 of 2007 | No 25 of 2008 | No 117 of 2012 | No 158 of 2012 | No 61 of 2013", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 35D", "Provision_Key": "s35d", "Heading": "Trustee to lodge annual returns", "Text": "Lodgment (1) Each trustee of a superannuation entity that was a self managed superannuation fund at any time during a year of income must, within the reporting period, or within such longer period as the Commissioner of Taxation allows, ensure that the Commissioner of Taxation is given a return under this section. Period for lodgment (2) The reporting period is the period that begins at the end of the year of income and whose length is: (a) prescribed by the regulations for the purposes of this paragraph; or (b) if the length of the period is not prescribed—specified, by legislative instrument, by the Commissioner of Taxation. Form of return (3) The return must: (a) be in the approved form; and (b) contain the information required by the form in relation to the fund in respect of that year of income or in relation to another year of income, or both. Note: The approved form of return may require a trustee to set out the tax file number of the entity. See subsection 299U(2). (4) A person commits an offence if the person contravenes this section. Penalty: 50 penalty units. (5) A person commits an offence if the person contravenes this section. This is an offence of strict liability. Penalty: 25 penalty units. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 3, "First_Amended": "No 154 of 2007", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 154 of 2007 | No 12 of 2012 | No 61 of 2013", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s35D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 37", "Provision_Key": "s37", "Heading": "Objects of Part", "Text": "The objects of this Part are: (a) to provide for a system of notices about complying fund status in relation to a year of income (see Division 2); and (b) to provide for those notices to be used to determine complying fund status for tax purposes (see Division 3).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s37"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 38", "Provision_Key": "s38", "Heading": "Meaning of entity", "Text": "In this Part: entity means a fund, scheme or trust.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s38"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 38A", "Provision_Key": "s38a", "Heading": "Meaning of regulatory provision", "Text": "In this Division: regulatory provision , in relation to a superannuation entity, means: (a) a provision of this Act or the regulations; or (aa) a provision of the Financial Sector (Collection of Data) Act 2001 ; or (aba) a provision of the Financial Accountability Regime Act 2023 ; or (ab) for a superannuation entity that is a self managed superannuation fund—any of the following provisions in Schedule 1 to the Taxation Administration Act 1953 : (i) subsections 284 ‑ 75(1) and (4) and section 284 ‑ 95; (ii) Division 390; (iii) subsection 136 ‑ 80(1); or (b) any of the following provisions of the Corporations Act 2001 as applying in relation to financial products (within the meaning of Division 3 of Part 7.1 of that Act) that are interests in the superannuation entity: (i) subsection 1013K(1) or (2); (ii) subsection 1016A(2) or (3); (iii) subsection 1017B(1); (iv) subsection 1017C(2), (3) or (5); (v) subsection 1017D(1); (vi) subsection 1017DA(3); (vii) subsection 1017E(3) or (4); (viii) subsection 1020E(8) or (9); (ix) subsection 1021C(1) or (3); (x) subsection 1021D(1); (xi) subsection 1021E(1); (xii) subsection 1021O(1) or (3); (xiii) section 1041E; (xiv) subsection 1041F(1); (xv) subsection 1043A(1) or (2); (xvi) any other provisions that are specified in regulations made for the purposes of this subparagraph; or (c) any of the following provisions of the Corporations Act 2001 : (i) subsection 1021NA(1), (2) or (3); (ii) subsection 1021NB(1), (2) or (3).", "Amendment_Count": 9, "First_Amended": "No 123 of 2001", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 123 of 2001 | No 9 of 2007 | No 56 of 2010 | No 171 of 2012 | No 81 of 2016 | No 40 of 2019 | No 68 of 2023 | No 76 of 2023", "History_Notes": "Inserted by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 56 of 2010, effective Sch 1 (items 6, 9): 1 July 2010 (s 2(1) item 2, 5) Sch 6 (items 99–101): 4 June 2010 (s 2(1) item 16) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 81 of 2016, effective Sch 1 (items 7, 36): 1 Jan 2017 (s 2(1) item 2) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s38A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 39", "Provision_Key": "s39", "Heading": "Meaning of contravention", "Text": "(1) For the purposes of this Division, a contravention of a regulatory provision is to be ignored unless the contravention is: (a) an offence; or (b) a contravention of a civil penalty provision; or (c) a contravention of a provision mentioned in paragraph 38A(ab). (1A) In relation to a regulatory provision that states that a person commits an offence if they engage, or fail to engage, in specified conduct, a person is, for the purposes of this Division, taken to contravene the provision if the person engages, or fails to engage, in that conduct. (1B) To avoid doubt, for the purposes of this Division, treat conduct giving rise to an administrative penalty under subsection 284 ‑ 75(1) or (4) in Schedule 1 to the Taxation Administration Act 1953 as a contravention of that subsection. (2) For the purposes of this Division, it is sufficient if a contravention is established on the balance of probabilities.", "Amendment_Count": 4, "First_Amended": "No 181 of 1994", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 181 of 1994 | No 123 of 2001 | No 9 of 2007 | No 56 of 2010", "History_Notes": "Amended by No 181 of 1994, effective Sch 3 (items 103–117): 19 Dec 1994 (s 2(1)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 56 of 2010, effective Sch 1 (items 6, 9): 1 July 2010 (s 2(1) item 2, 5) Sch 6 (items 99–101): 4 June 2010 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s39"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 40", "Provision_Key": "s40", "Heading": "Notices by the Regulator to trustee", "Text": "Notice about complying fund status (1) The Regulator may give a written notice to a trustee of an entity stating: (a) whether the entity is or is not a complying superannuation fund; or (b) whether the entity is or is not a complying approved deposit fund; or (c) whether the entity is or is not a pooled superannuation trust; as the case may be, in relation to a year of income specified in the notice. Reasons (2) If the Regulator gives a notice to a trustee of an entity stating that: (a) the entity is not a complying superannuation fund; or (b) the entity is not a complying approved deposit fund; or (c) the entity is not a pooled superannuation trust; as the case may be, in relation to a year of income, the notice must set out the reasons why the Regulator so stated. Commissioner of Taxation to be told about notice (3) When APRA gives a notice under this section, APRA must give particulars of the notice to the Commissioner of Taxation. Note: A statement of the tax file number of the entity may accompany the particulars of the notice. See subsection 299U(3). Revocation (4) If: (a) the Regulator gives a notice under this section (the original notice ) to a trustee of an entity stating that: (i) the entity is a complying superannuation fund; or (ii) the entity is a complying approved deposit fund; or (iii) the entity is a pooled superannuation trust; as the case may be, in relation to a year of income; and (b) the Regulator subsequently gives a notice under this section (the second notice ) to a trustee of the entity stating that: (i) the entity is not a complying superannuation fund; or (ii) the entity is not a complying approved deposit fund; or (iii) the entity is not a pooled superannuation trust; as the case may be, in relation to the year of income; the second notice is taken to revoke the original notice. Note: Because “the Regulator” is whichever of APRA or the Commissioner of Taxation is administering this provision in respect of a fund, a notice given by one of those Regulators could revoke a notice given by the other Regulator. This might happen if a fund became, or stopped being, a self managed superannuation fund after the first notice was given.", "Amendment_Count": 5, "First_Amended": "No 76 of 1996", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 76 of 1996 | No 54 of 1998 | No 121 of 1999 | No 53 of 2004 | No 135 of 2020", "History_Notes": "Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s40"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 41", "Provision_Key": "s41", "Heading": "When the Regulator obliged to give notice of compliance", "Text": "(1) Except as provided by subsection (2), the Regulator is not obliged to give a notice under section 40. (2) The Regulator must give a notice under section 40 to a trustee of an entity stating that the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case may be, in relation to a year of income (the current year of income ) if: (a) the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to the current year of income; and (b) either: (i) the Regulator has not given a notice to a trustee of the entity under section 40 stating that the entity is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to a previous year of income; or (ii) both: (A) the Regulator has given a notice to a trustee of the entity under section 40 stating that the entity is not a complying superannuation fund, is not a complying approved deposit fund or is not a pooled superannuation trust, as the case requires, in relation to a previous year of income; and (B) the Regulator has not given a notice to a trustee of the entity under section 40 stating that the fund is a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust, as the case requires, in relation to a year of income that is later than that previous year of income and earlier than the current year of income. (3) Despite section 2, a previous year mentioned in subsection (2) may be a year of income earlier than the 1994 ‑ 95 year of income (see section 49). However, despite section 49, for the purposes of the application of subsection (2) to a complying superannuation fund, if the fund was not a regulated superannuation fund at all times during the current year of income when the fund was in existence, paragraph (2)(b) does not apply unless the previous year of income is the 1994 ‑ 95 year of income or a later year of income. (4) For the purposes of this section, if a notice under section 40 is revoked, or the decision to give the notice is set aside, the notice is taken never to have been given.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 53 of 2004", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s41"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 42", "Provision_Key": "s42", "Heading": "Complying superannuation fund", "Text": "(1) An entity is a complying superannuation fund in relation to a year of income for the purposes of this Division if: (a) either: (i) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence; or (ii) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence other than a time, before it became a resident regulated superannuation fund, when the entity was a resident approved deposit fund; and (b) either of the following conditions is satisfied: (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity in respect of the year of income; (ii) both: (A) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and (B) the entity did not fail the culpability test set out in subsection (1A) in relation to any of those contraventions; and (c) the entity was not a self managed superannuation fund at any time during the year of income. (1AA) An entity is also a complying superannuation fund in relation to the 1994 ‑ 95 year of income or a later year of income if: (a) the entity: (i) is a superannuation fund that came into existence during the year of income; or (ii) was a resident approved deposit fund that became a superannuation fund during the year of income; and (b) the entity complied with subsections 19(2) to (4): (i) within 60 days after the day on which it came into existence or became a superannuation fund, as the case may be; or (ii) within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 60 days) allows; and (c) either of the following conditions is satisfied: (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity in respect of the whole of the period (the pre ‑ lodgment period ) that began when the entity came into existence or became a superannuation fund, as the case may be, and ended when the entity complied with subsections 19(2) to (4); (ii) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of the pre ‑ lodgment period on one or more occasions but the Commissioner of Taxation is satisfied that, because of special circumstances that existed in relation to the fund during the pre ‑ lodgment period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and (d) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the end of the pre ‑ lodgment period; and (da) the entity was not a self managed superannuation fund at any time during the year of income; and (e) either of the conditions stated in paragraph (1)(b) is satisfied in relation to the entity in respect of the part of the year of income occurring after the end of the pre ‑ lodgment period. (1AB) In determining for the purpose of paragraph (1AA)(c) whether any of the regulatory provisions were contravened in respect of the entity in respect of the pre ‑ lodgment period, the regulatory provisions are taken to have applied in relation to the entity in respect of that period as if the entity were a resident regulated superannuation fund during that period. (1AC) An entity is also a complying superannuation fund in relation to the 1994 ‑ 95 year of income or a later year of income if: (a) the trustee, or the trustees, of the entity have purported to make an election under subsection 19(4); and (b) the requirements of subsections 19(2) to (4) (to the extent that they have not already been complied with) are complied with within 28 days after a trustee of the entity finds out (whether by written notice from the Commissioner of Taxation or otherwise) that they were not complied with, or within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 28 days) allows; and (c) except where a trustee of the entity received written notice from the Commissioner of Taxation about the non ‑ compliance—a trustee of the entity tells the Commissioner of Taxation in writing of the compliance within 7 days after the requirements are complied with or within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 7 days) allows; and (d) either of the following conditions is satisfied: (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity in respect of the whole of the period (the rectification period ) that began when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4) and ended when the entity complied with subsections 19(2) to (4); (ii) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of the rectification period on one or more occasions but the Commissioner of Taxation is satisfied that, because of special circumstances that existed in relation to the fund during the rectification period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and (e) if the fund was in existence before the beginning of its 1994 ‑ 95 year of income—under regulations made for the purposes of former section 50 (as those regulations were in force as at the beginning of that year of income), the fund is treated as if it had satisfied the transitional superannuation fund conditions at all times during the period that began at the beginning of the fund’s 1994 ‑ 95 year of income and ended when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4); and (f) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the end of the rectification period; and (fa) the entity was not a self managed superannuation fund at any time during the year of income; and (g) either of the conditions stated in paragraph (1)(b) is satisfied in relation to the entity in respect of the part of the year of income occurring after the end of the rectification period. (1AD) In determining for the purpose of paragraph (1AC)(d) whether any of the regulatory provisions were contravened in respect of the entity in respect of the rectification period, the regulatory provisions are taken to have applied in relation to the entity in respect of that period as if the entity were a resident regulated superannuation fund during that period. (1A) For the purposes of subparagraph (1)(b)(ii), an entity fails the culpability test in relation to a particular contravention of a regulatory provision if: (a) both: (i) all of the members of the entity were in any way directly or indirectly knowingly concerned in, or party to, the contravention; and (ii) the Regulator, after considering: (A) the taxation consequences that would arise if the entity were to be treated as a non ‑ complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income concerned; and (B) the seriousness of the contravention; and (C) all other relevant circumstances; thinks that a notice should be given stating that the entity is not a complying superannuation fund in relation to the year of income concerned; or (b) all of the following conditions are satisfied: (i) one or more members of the entity were in any way directly or indirectly knowingly concerned in, or party to, the contravention; (ii) one or more members of the entity (the innocent members ) were not in any way directly or indirectly knowingly concerned in, or party to, the contravention; (iii) none of the innocent members would suffer any substantial financial detriment if the entity were to be treated as a non ‑ complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income concerned; (iv) the Regulator, after considering: (A) the taxation consequences that would arise if the entity were to be treated as a non ‑ complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income concerned; and (B) the seriousness of the contravention; and (C) all other relevant circumstances; thinks that a notice should be given stating that the entity is not a complying superannuation fund in relation to the year of income concerned. Note: The culpability test is still relevant to a fund that has been a self managed fund during only part of a year of income—see subparagraph 42A(2)(b)(ii), paragraph 42A(3)(g) and subparagraph 42A(4)(f)(ii). (1B) For the purposes of subsection (1A), if there is a question whether a person was in any way directly or indirectly knowingly concerned in, or party to, a particular contravention, that question may be decided on the balance of probabilities. (2) In this section, a reference to a member of an entity means, if the entity is an approved deposit fund, a beneficiary of the fund.", "Amendment_Count": 10, "First_Amended": "No 181 of 1994", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 181 of 1994 | No 144 of 1995 | No 172 of 1997 | No 54 of 1998 | No 121 of 1999 | No 123 of 2001 | No 53 of 2004 | No 15 of 2007 | No 49 of 2019 | No 135 of 2020", "History_Notes": "Amended by No 181 of 1994, effective Sch 3 (items 103–117): 19 Dec 1994 (s 2(1)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 172 of 1997, effective Sch 1: 1 July 1996 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7) | Amended by No 49 of 2019, effective Sch 4 (items 95–104): 1 July 2019 (s 2(1) item 12) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s42"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 42A", "Provision_Key": "s42a", "Heading": "Complying superannuation fund—fund that has been a self managed superannuation fund at any time during a year", "Text": "Entity that was a self managed superannuation fund throughout a year of income (1) An entity that was a self managed superannuation fund at all times during a year of income is a complying superannuation fund in relation to that year of income for the purposes of this Division if: (a) either: (i) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence; or (ii) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence other than a time, before it became a resident regulated superannuation fund, when the entity was a resident approved deposit fund; and (b) the entity passes the test in subsection (5) in relation to the year of income. Entity that was a self managed superannuation fund during only part of a year of income (2) An entity that was a self managed superannuation fund during a part or parts of a year of income is a complying superannuation fund in relation to that year of income for the purposes of this Division if: (a) either: (i) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence; or (ii) the entity was a resident regulated superannuation fund at all times during the year of income when the entity was in existence other than a time, before it became a resident regulated superannuation fund, when the entity was a resident approved deposit fund; and (b) both: (i) the entity passes the test in subsection (5) in respect of the part or parts of the year of income during which the entity was a self managed superannuation fund; and (ii) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of any other part or parts of the year of income—the entity did not fail the culpability test set out in subsection 42(1A) in relation to any of those contraventions. Funds coming into existence during year of income etc. (3) An entity that: (a) is a superannuation fund that came into existence during the year of income and at that time or later in the year of income became a self managed superannuation fund; or (b) was a resident approved deposit fund that became a superannuation fund during the year of income; is also a complying superannuation fund in relation to the year of income if: (c) the entity complied with subsections 19(2) to (4): (i) within 60 days after the day on which it came into existence or became a superannuation fund, as the case may be; or (ii) within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 60 days) allows; and (d) either of the following conditions is satisfied: (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity during the whole of the period (the pre ‑ lodgment period ) that began when the entity came into existence or became a superannuation fund, as the case may be, and ended when the entity complied with subsections 19(2) to (4); (ii) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity during the pre ‑ lodgment period on one or more occasions but the Commissioner of Taxation is satisfied that, because of special circumstances that existed in relation to the fund during the pre ‑ lodgment period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and (e) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the pre ‑ lodgment period; and after the pre ‑ lodgment period: (f) the entity passed the test in subsection (5) in respect of the part or parts of the year of income, occurring after the pre ‑ lodgment period, during which the entity was a self managed superannuation fund; and (g) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of any part or parts of the year of income, occurring after the pre ‑ lodgment period, during which the entity was not a self managed superannuation fund—the entity did not fail the culpability test set out in subsection 42(1A) in relation to any of those contraventions. Trustee makes an election (4) An entity that was a self managed superannuation fund at some time, or at all times, during a year of income is also a complying superannuation fund in relation to the year of income if: (a) the trustee, or the trustees, of the entity have purported to make an election under subsection 19(4); and (b) if, when the election was made, the requirements of subsections 19(2) to (4) are not complied with: (i) the requirements of subsections 19(2) to (4) (to the extent that they have not already been complied with) are complied with within 28 days after a trustee of the entity finds out (whether by written notice from the Commissioner of Taxation or otherwise) that they were not complied with, or within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 28 days) allows; and (ii) except where a trustee of the entity received written notice from the Commissioner of Taxation about the non ‑ compliance—a trustee of the entity tells the Commissioner of Taxation in writing of the compliance within 7 days after the requirements are complied with or within such further period, if any, as the Commissioner of Taxation (whether before or after the end of the period of 7 days) allows; and (c) either of the following conditions is satisfied: (i) no trustee of the entity contravened any of the regulatory provisions in relation to the entity during the whole of the period (the rectification period ) that began when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4) and ended when the entity complied with subsections 19(2) to (4); (ii) a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity during the rectification period on one or more occasions but the Commissioner of Taxation is satisfied that, because of special circumstances that existed in relation to the fund during the rectification period, it would be reasonable for the fund to be treated as if it had satisfied the regulatory provisions; and (d) if the fund was in existence before the beginning of its 1994 ‑ 95 year of income—under regulations made for the purposes of former section 50 (as those regulations were in force as at the beginning of that year of income), the fund is treated as if it had satisfied the transitional superannuation fund conditions at all times during the period that began at the beginning of the fund’s 1994 ‑ 95 year of income and ended when the trustee, or the trustees, of the entity lodged the purported election under subsection 19(4); and (e) the entity was a resident regulated superannuation fund at all times during the part of the year of income occurring after the end of the rectification period; and (f) in respect of the part of the year of income occurring after the end of the rectification period, both: (i) the entity passed the test in subsection (5) in respect of the part or parts of the year of income occurring after the end of the rectification period, during which the entity was a self managed superannuation fund; and (ii) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity in respect of any other part or parts of the year of income occurring after the end of the rectification period, during which the entity was not a self managed superannuation fund—the entity did not fail the culpability test set out in subsection 42(1A) in relation to any of those contraventions. Circumstances in which entity passes the test in this subsection (5) An entity passes the test in this subsection in relation to a year of income or part of a year of income if: (a) no trustee of the entity contravened any of the regulatory provisions in relation to the entity during the year of income or the part of the year of income; or (b) if a trustee of the entity contravened one or more of the regulatory provisions in relation to the entity during the year of income or the part of the year of income, the Regulator, after considering: (i) the taxation consequences that would arise if the entity were to be treated as a non ‑ complying superannuation fund for the purposes of the Income Tax Assessment Act 1997 in relation to the year of income concerned; and (ii) the seriousness of the contravention or contraventions; and (iii) all other relevant circumstances; thinks that a notice should nevertheless be given stating that the entity is a complying superannuation fund in relation to the year of income concerned. Determining whether contravention (6) In determining for the purposes of this section whether any of the regulatory provisions were contravened in respect of the entity in respect of the pre ‑ lodgment period or the rectification period, the regulatory provisions are taken to have applied in relation to the entity in respect of that period as if the entity were a resident regulated superannuation fund during that period.", "Amendment_Count": 6, "First_Amended": "No 121 of 1999", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 121 of 1999 | No 123 of 2001 | No 53 of 2004 | No 15 of 2007 | No 49 of 2019 | No 135 of 2020", "History_Notes": "Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7) | Amended by No 49 of 2019, effective Sch 4 (items 95–104): 1 July 2019 (s 2(1) item 12) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s42A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 43", "Provision_Key": "s43", "Heading": "Complying approved deposit fund", "Text": "An entity is a complying approved deposit fund in relation to a year of income for the purposes of this Division if: (a) at all times during the year of income when the entity was in existence, the entity was a resident approved deposit fund; and (b) any of the following conditions is satisfied: (i) the trustee did not contravene any of the regulatory provisions in relation to the entity in respect of the year of income; (ii) both: (A) the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and (B) each contravention was rectified within a period of 30 days after the trustee became aware of the contravention or within such further period as APRA allows; (iii) both: (A) the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and (B) APRA is satisfied that the seriousness or frequency, or both, of the contraventions does not warrant the giving of a notice stating that the entity is not a complying approved deposit fund in relation to the year of income; (iv) APRA, after considering all relevant circumstances, thinks that a notice should be given stating that the entity is a complying approved deposit fund in relation to the year of income.", "Amendment_Count": 3, "First_Amended": "No 181 of 1994", "Last_Amended": "No 123 of 2001", "Amending_Acts": "No 181 of 1994 | No 54 of 1998 | No 123 of 2001", "History_Notes": "Amended by No 181 of 1994, effective Sch 3 (items 103–117): 19 Dec 1994 (s 2(1)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s43"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 44", "Provision_Key": "s44", "Heading": "Pooled superannuation trust", "Text": "An entity is a pooled superannuation trust in relation to a year of income for the purposes of this Division if: (a) at all times during the year of income when the entity was in existence, the entity was a pooled superannuation trust; and (b) any of the following conditions is satisfied: (i) the trustee did not contravene any of the regulatory provisions in relation to the entity in respect of the year of income; (ii) both: (A) the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and (B) each contravention was rectified within a period of 30 days after the trustee became aware of the contravention or such further period as APRA allows; (iii) both: (A) the trustee contravened one or more of the regulatory provisions in relation to the entity in respect of the year of income on one or more occasions; and (B) APRA is satisfied that the seriousness or frequency, or both, of the contraventions does not warrant the giving of a notice stating that the entity is not a pooled superannuation trust in relation to the year of income; (iv) APRA, after considering all relevant circumstances, thinks that a notice should be given stating that the entity is a pooled superannuation trust in relation to the year of income.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 123 of 2001", "Amending_Acts": "No 54 of 1998 | No 123 of 2001", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s44"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 45", "Provision_Key": "s45", "Heading": "Complying superannuation fund", "Text": "(1) A fund is a complying superannuation fund for the purposes of the Income Tax Assessment Act in relation to a year of income (the current year of income ) if, and only if: (a) the Regulator has given a notice to a trustee of the fund under section 40 stating that the fund is a complying superannuation fund in relation to the current year of income; or (b) the Regulator has given a notice to a trustee of the fund under section 40 stating that the fund is a complying superannuation fund in relation to a previous year of income and has not given a notice to a trustee of the fund under that section stating that the fund was not a complying superannuation fund in relation to: (i) the current year of income; or (ii) a year of income that is: (A) later than that previous year of income; and (B) earlier than the current year of income. (2) Despite section 2, the previous year mentioned in paragraph (1)(b) may be a year of income earlier than the 1994 ‑ 95 year of income (see section 49). However, despite section 49, if the fund was not a regulated superannuation fund at all times during the current year of income when the fund was in existence, paragraph (1)(b) does not apply unless the previous year of income is the 1994 ‑ 95 year of income or a later year of income. (3) For the purposes of this section, if a notice under section 40 is revoked, or the decision to give the notice is set aside, the notice is taken never to have been given. (4) Section 170 of the Income Tax Assessment Act does not prevent the amendment of an assessment at any time for the purposes of giving effect to subsection (3). (5) For the purposes of this section, if a notice under section 40 is given in relation to a fund in relation to a year of income, the notice is taken to have been given at the beginning of the year of income. (6) Despite subsection (1), if, at all times during a year of income when a fund was in existence, the fund was, or was part of, an exempt public sector superannuation scheme, the fund is a complying superannuation fund in relation to the year of income for the purposes of the Income Tax Assessment Act.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 53 of 2004 | No 15 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s45"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 46", "Provision_Key": "s46", "Heading": "Complying superannuation scheme—superannuation guarantee charge", "Text": "An exempt public sector superannuation scheme is taken to be a complying superannuation scheme for the purposes of the Superannuation Guarantee (Administration) Act 1992 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s46"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 47", "Provision_Key": "s47", "Heading": "Complying approved deposit fund", "Text": "(1) A fund is a complying approved deposit fund for the purposes of the Income Tax Assessment Act in relation to a year of income (the current year of income ) if, and only if: (a) APRA has given a notice to the trustee under section 40 stating that the fund is a complying approved deposit fund in relation to the current year of income; or (b) APRA has given a notice to the trustee under section 40 stating that the fund is a complying approved deposit fund in relation to a previous year of income and has not given a notice to the trustee under that section stating that the fund was not a complying approved deposit fund in relation to: (i) the current year of income; or (ii) a year of income that is: (A) later than that previous year of income; and (B) earlier than the current year of income. (2) Despite section 2, the previous year mentioned in paragraph (1)(b) may be a year of income earlier than the 1994 ‑ 95 year of income (see section 49). (3) For the purposes of this section, if a notice under section 40 is revoked, or the decision to give the notice is set aside, the notice is taken never to have been given. (4) Section 170 of the Income Tax Assessment Act does not prevent the amendment of an assessment at any time for the purposes of giving effect to subsection (3). (5) For the purposes of this section, if a notice under section 40 is given in relation to a fund in relation to a year of income, the notice is taken to have been given at the beginning of the year of income.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 54 of 1998 | No 15 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s47"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 48", "Provision_Key": "s48", "Heading": "Pooled superannuation trust", "Text": "(1) A unit trust is a pooled superannuation trust for the purposes of the Income Tax Assessment Act in relation to a year of income (the current year of income ) if, and only if: (a) APRA has given a notice to the trustee under section 40 stating that the trust is a pooled superannuation trust in relation to the current year of income; or (b) APRA has given a notice to the trustee under section 40 stating that the trust is a pooled superannuation trust in relation to a previous year of income and has not given a notice to the trustee under that section stating that the trust was not a pooled superannuation trust in relation to: (i) the current year of income; or (ii) a year of income that is: (A) later than that previous year of income; and (B) earlier than the current year of income. (2) Despite section 2, the previous year mentioned in paragraph (1)(b) may be a year of income earlier than the 1994 ‑ 95 year of income (see section 49). (3) For the purposes of this section, if a notice under section 40 is revoked, or the decision to give the notice is set aside, the notice is taken never to have been given. (4) Section 170 of the Income Tax Assessment Act does not prevent the amendment of an assessment at any time for the purposes of giving effect to subsection (3). (5) For the purposes of this section, if a notice under section 40 is given in relation to a trust in relation to a year of income, the notice is taken to have been given at the beginning of the year of income.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 54 of 1998 | No 15 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s48"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 49", "Provision_Key": "s49", "Heading": "Transitional—notices under the repealed provisions of the Occupational Superannuation Standards Act 1987", "Text": "Superannuation funds—positive (1) For the purposes of paragraph 41(2)(b) and this Division, if: (a) a notice under repealed section 12 or 13 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that: (i) a fund satisfied the superannuation fund conditions in relation to a year of income; or (ii) a fund should be treated as if it had satisfied the superannuation fund conditions in relation to a year of income; and (b) the year of income is the 1993 ‑ 94 year of income or an earlier year of income; the notice has effect as if it were a notice under section 40 stating that the fund is a complying superannuation fund in relation to the year of income. ADFs—positive (2) For the purposes of paragraph 41(2)(b) and this Division, if: (a) a notice under repealed section 14 or 15 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that: (i) a fund satisfied the approved deposit fund conditions in relation to a year of income; or (ii) a fund should be treated as if it had satisfied the approved deposit fund conditions in relation to a year of income; and (b) the year of income is the 1993 ‑ 94 year of income or an earlier year of income; the notice has effect as if it were a notice under section 40 stating that the fund is a complying approved deposit fund in relation to the year of income. PSTs—positive (3) For the purposes of paragraph 41(2)(b) and this Division, if: (a) a notice under repealed section 15B or 15C of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is satisfied that: (i) a trust satisfied the pooled superannuation trust conditions in relation to a year of income; or (ii) a trust should be treated as if it had satisfied the pooled superannuation trust conditions in relation to a year of income; and (b) the year of income is the 1993 ‑ 94 year of income or an earlier year of income; the notice has effect as if it were a notice under section 40 stating that the trust is a pooled superannuation trust in relation to the year of income. Superannuation funds—negative (4) For the purposes of paragraph 41(2)(b) and this Division, if: (a) a notice under the repealed section 12 or 13 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a fund satisfied the superannuation fund conditions in relation to a year of income; and (b) the year of income is the 1993 ‑ 94 year of income or an earlier year of income; the notice has effect as if it were a notice under section 40 stating that the fund is not a complying superannuation fund in relation to the year of income. ADFs—negative (5) For the purposes of paragraph 41(2)(b) and this Division, if: (a) a notice under the repealed section 14 or 15 of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a fund satisfied the approved deposit fund conditions in relation to a year of income; and (b) the year of income is the 1993 ‑ 94 year of income or an earlier year of income; the notice has effect as if it were a notice under section 40 stating that the fund is not a complying approved deposit fund in relation to the year of income. PSTs—negative (6) For the purposes of paragraph 41(2)(b) and this Division, if: (a) a notice under the repealed section 15B or 15C of the Occupational Superannuation Standards Act 1987 stated that the Commissioner is not satisfied that a trust satisfied the pooled superannuation trust conditions in relation to a year of income; and (b) the year of income is the 1993 ‑ 94 year of income or an earlier year of income; the notice has effect as if it were a notice under section 40 stating that the trust is not a pooled superannuation trust in relation to the year of income. OSSA—continued operation (7) A reference in this section to a provision of the Occupational Superannuation Standards Act 1987 includes a reference to that provision as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s49"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 51", "Provision_Key": "s51", "Heading": "Object of Part", "Text": "The object of this Part is to set out rules about the content of the governing rules of superannuation entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s51"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 51A", "Provision_Key": "s51a", "Heading": "Covenants are cumulative", "Text": "To avoid doubt, each covenant referred to in sections 52 to 53 or prescribed under section 54A that applies to a trustee of a superannuation entity, or a director of a corporate trustee of a superannuation entity, applies in addition to every other covenant or obligation referred to in those sections that applies to the trustee or director.", "Amendment_Count": 2, "First_Amended": "No 117 of 2012", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 117 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s51A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 52", "Provision_Key": "s52", "Heading": "Covenants to be included in governing rules—registrable superannuation entities", "Text": "Governing rules taken to contain covenants (1) If the governing rules of a registrable superannuation entity do not contain covenants to the effect of the covenants set out in this section, those governing rules are taken to contain covenants to that effect. Note: There are civil and criminal consequences for contravening a covenant: see sections 54B, 54C, 55 and 202. Civil consequences may arise from an act or omission resulting in a contravention of a covenant regardless of whether or not the act or omission was intentional. Criminal consequences under section 202 require proof of dishonesty or intention in relation to a contravention of a covenant. General covenants (2) The covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to act honestly in all matters concerning the entity; (b) to exercise, in relation to all matters affecting the entity, the same degree of care, skill and diligence as a prudent superannuation trustee would exercise in relation to an entity of which it is trustee and on behalf of the beneficiaries of which it makes investments; (c) to perform the trustee’s duties and exercise the trustee’s powers in the best financial interests of the beneficiaries; (d) where there is a conflict between the duties of the trustee to the beneficiaries, or the interests of the beneficiaries, and the duties of the trustee to any other person or the interests of the trustee or an associate of the trustee: (i) to give priority to the duties to and interests of the beneficiaries over the duties to and interests of other persons; and (ii) to ensure that the duties to the beneficiaries are met despite the conflict; and (iii) to ensure that the interests of the beneficiaries are not adversely affected by the conflict; and (iv) to comply with the prudential standards in relation to conflicts; (e) to act fairly in dealing with classes of beneficiaries within the entity; (f) to act fairly in dealing with beneficiaries within a class; (g) to keep the money and other assets of the entity separate from any money and assets, respectively: (i) that are held by the trustee personally; or (ii) that are money or assets, as the case may be, of a standard employer ‑ sponsor, or an associate of a standard employer ‑ sponsor, of the entity; (h) not to enter into any contract, or do anything else, that would prevent the trustee from, or hinder the trustee in, properly performing or exercising the trustee’s functions and powers; (i) if there are any reserves of the entity—to formulate, review regularly and give effect to a strategy for their prudential management, consistent with the entity’s investment strategies and its capacity to discharge its liabilities (whether actual or contingent) as and when they fall due; (j) to allow a beneficiary of the entity access to any prescribed information or any prescribed documents. Superannuation trustee (3) In paragraph (2)(b), a superannuation trustee is a person whose profession, business or employment is or includes acting as a trustee of a superannuation entity and investing money on behalf of beneficiaries of the superannuation entity. Payments to third parties must be in best financial interests of beneficiaries (3A) To avoid doubt, the obligations of the trustee under paragraph (2)(c) apply in respect of payments to a third party by, or on behalf of, the entity. Obligations to beneficiaries override obligations under certain other Acts (4) The obligations of the trustee under paragraph (2)(d) override any conflicting obligations an executive officer or employee of the trustee has under: (a) Part 2D.1 of the Corporations Act 2001 ; or (b) Subdivision A of Division 3 of Part 2 ‑ 2 of the Public Governance, Performance and Accountability Act 2013 (which deals with general duties of officials) or any rules made for the purposes of that Subdivision. Trustee not prevented from engaging or authorising persons to act on trustee’s behalf (5) A covenant referred to in paragraph (2)(h) does not prevent the trustee from engaging or authorising persons to do acts or things on behalf of the trustee. Investment covenants (6) The covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to formulate, review regularly and give effect to an investment strategy for the whole of the entity, and for each investment option offered by the trustee in the entity, having regard to: (i) the risk involved in making, holding and realising, and the likely return from, the investments covered by the strategy, having regard to the trustee’s objectives in relation to the strategy and to the expected cash flow requirements in relation to the entity; and (ii) the composition of the investments covered by the strategy, including the extent to which the investments are diverse or involve the entity in being exposed to risks from inadequate diversification; and (iii) the liquidity of the investments covered by the strategy, having regard to the expected cash flow requirements in relation to the entity; and (iv) whether reliable valuation information is available in relation to the investments covered by the strategy; and (v) the ability of the entity to discharge its existing and prospective liabilities; and (vi) the expected tax consequences for the entity in relation to the investments covered by the strategy; and (vii) the costs that might be incurred by the entity in relation to the investments covered by the strategy; and (viii) any other relevant matters; (b) to exercise due diligence in developing, offering and reviewing regularly each investment option; (c) to ensure the investment options offered to each beneficiary allow adequate diversification. Insurance covenants (7) The covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to formulate, review regularly and give effect to an insurance strategy for the benefit of beneficiaries of the entity that includes provisions addressing each of the following matters: (i) the kinds of insurance that are to be offered to, or acquired for the benefit of, beneficiaries; (ii) the level, or levels, of insurance cover to be offered to, or acquired for the benefit of, beneficiaries; (iii) the basis for the decision to offer or acquire insurance of those kinds, with cover at that level or levels, having regard to the demographic composition of the beneficiaries of the entity; (iv) the method by which the insurer is, or the insurers are, to be determined; (b) to consider the cost to all beneficiaries of offering or acquiring insurance of a particular kind, or at a particular level; (c) to only offer or acquire insurance of a particular kind, or at a particular level, if the cost of the insurance does not inappropriately erode the retirement income of beneficiaries; (d) to do everything that is reasonable to pursue an insurance claim for the benefit of a beneficiary, if the claim has a reasonable prospect of success. Covenants relating to risk (8) The covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to formulate, review regularly and give effect to a risk management strategy that relates to: (i) the activities, or proposed activities, of the trustee, to the extent that they are relevant to the exercise of the trustee’s powers, or the performance of the trustee’s duties and functions, as trustee of the entity; and (ii) the risks that arise in operating the entity; (b) to maintain and manage in accordance with the prudential standards financial resources (whether capital of the trustee, a reserve of the entity or both) to cover the operational risk that relates to the entity. Retirement income covenants (8A) The covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to formulate, review regularly and give effect to a retirement income strategy that meets the requirements in section 52AA; (b) to take reasonable steps to gather the information necessary to inform the formulation and review of the strategy; (c) to record the strategy in writing; (d) to record in the document in which the strategy is recorded: (i) each determination made by the trustee for the purposes of the strategy, and the reasons for the determination; and (ii) each other decision made by the trustee in formulating , reviewing or giving effect to the strategy that the trustee considers to be significant, and the reasons for the decision; and (iii) the steps taken to gather the information that informed the formulation of the strategy, and the reasons for taking those steps; (e) to make a summary of the strategy publicly available on the website of the entity. (8B) Subsection (8A) does not apply if the entity is a regulated superannuation fund, and the only benefits it provides to, or in respect of, its members are any of the following: (a) death benefit; (b) permanent incapacity benefit; (c) a benefit provided if, and only if, a member is suffering temporary incapacity (within the meaning of the superannuation data and payment standards). Covenants relating to regulated superannuation funds—annual outcomes assessments (9) If the entity is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members), the covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to determine, in writing, on an annual basis, for each MySuper product and choice product offered by the entity, whether the financial interests of the beneficiaries of the entity who hold the product are being promoted by the trustee, having regard to: (i) if the product is a MySuper product—a comparison of the MySuper product with other MySuper products offered by other regulated superannuation funds, based on the factors mentioned in subsection (10), and a comparison of the MySuper product with any other benchmarks specified in regulations made for the purposes of this subparagraph; and (ii) if the product is a choice product—a comparison of the choice product with the comparable choice products in relation to the choice product, based on factors mentioned in subsection (10A), and a comparison of the choice product with any other benchmarks specified in regulations made for the purposes of this subparagraph; and (iii) the factors mentioned in subsection (11); and (iv) the latest determination (if any) made by APRA under subsection 60C(2) for the product; (aa) to determine, in writing, on an annual basis, whether each trustee of the entity is promoting the financial interests of the beneficiaries of the fund, as assessed against benchmarks specified in regulations made for the purposes of this paragraph; (b) to make the determination referred to in paragraph (a), and a summary of the assessments and comparisons on which the determination is based, publicly available on the website of the entity; (c) to do so within 28 days after the determination is made; (d) to keep the determination, and the summary of the assessments and comparisons on which the determination is based, on the website until a new determination is made as referred to in paragraph (a). (10) In comparing a MySuper product with other MySuper products, the trustees must compare each of the following: (a) the fees and costs that affect the return to the beneficiaries holding the MySuper products; (b) the return for the MySuper products (after the deduction of fees, costs and taxes); (c) the level of investment risk for the MySuper products; (d) any other matter set out in the prudential standards. (10A) In comparing a choice product with the comparable choice products in relation to the choice product, the trustees must compare each of the following: (a) the fees and costs that affect the return to the beneficiaries holding the choice products; (b) the return for the choice products; (c) the level of investment risk for the choice products; (d) any other matter specified in the prudential standards. (11) In determining whether the financial interests of the beneficiaries of the entity who hold a MySuper product or choice product are being promoted by the trustee, the trustee must assess each of the following: (a) whether the options, benefits and facilities offered under the product are appropriate to those beneficiaries; (b) whether the investment strategy for the product, including the level of investment risk and the return target, is appropriate to those beneficiaries; (c) whether the insurance strategy for the product is appropriate to those beneficiaries; (d) whether any insurance fees charged in relation to the product inappropriately erode the retirement income of those beneficiaries; (e) any other relevant matters, including any matters set out in the prudential standards. Covenants relating to regulated superannuation funds—promoting financial interests of beneficiaries (12) If the entity is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members), the covenants referred to in subsection (1) include a covenant by each trustee of the entity to promote the financial interests of the beneficiaries of the entity who hold a MySuper product or a choice product, in particular returns to those beneficiaries (after the deduction of fees, costs and taxes). Covenants relating to regulated superannuation funds—MySuper products (13) If the entity is a regulated superannuation fund that offers a MySuper product, the covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to include in the investment strategy for the MySuper product the details of the trustee’s determination of the matters mentioned in paragraph (9)(a); (b) to include in the investment strategy for the MySuper product, and update each year: (i) the investment return target over a period of 10 years for the assets of the entity that are attributed to the MySuper product; and (ii) the level of risk appropriate to the investment of those assets. Covenants relating to regulated superannuation funds—failing annual performance assessments (14) If the entity is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members), the covenants referred to in subsection (1) include the following covenants by each trustee of the entity: (a) to comply with subsection 60E(2) (notifying beneficiaries); (b) to comply with subsection 60F(2) (consequences of 2 consecutive fail assessments).", "Amendment_Count": 7, "First_Amended": "No 53 of 2004", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 62 of 2014 | No 40 of 2019 | No 46 of 2021 | No 47 of 2021 | No 8 of 2022", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed and substituted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 62 of 2014, effective Sch 12 (items 168, 169) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1) | Amended by No 8 of 2022, effective Sch 9 (items 1–3): 23 Feb 2022 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s52"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 52AA", "Provision_Key": "s52aa", "Heading": "Retirement income strategy requirements—registrable superannuation entities", "Text": "(1) A retirement income strategy formulated for an entity by a trustee for the purposes of subsection 52(8A) must meet the requirements in this section. (2) The strategy must be for the benefit of beneficiaries of the entity who are retired or who are approaching retirement and must address how the trustee will assist those beneficiaries to achieve and balance the following objectives: (a) to maximise expected retirement income over the period of retirement; (b) to manage expected risks to the sustainability and stability of retirement income over the period of retirement of the following kinds: (i) longevity risks; (ii) investment risks; (iii) inflation risks; (iv) any other risks to the sustainability and stability of the retirement income; (c) to have flexible access to expected funds over the period of retirement. Determining the class of beneficiaries who are retired or who are approaching retirement (3) The trustee must determine the class of beneficiaries of the entity who are retired or who are approaching retirement for the purposes of the strategy. The class may be determined excluding beneficiaries who: (a) only hold a defined benefit interest in the entity; and (b) are not eligible to commute that benefit (whether during the period of retirement or otherwise). (4) The strategy may divide the class of beneficiaries into sub ‑ classes and make different provision in respect of those sub ‑ classes. Determining meaning of retirement income and period of retirement (5) The trustee must determine the meaning of retirement income for the purposes of the strategy, which: (a) must include income, net of tax, received during the period of retirement of the following kinds: (i) income paid from, or supported by, a superannuation interest in the entity; (ii) income from an age pension under the Social Security Act 1991 ; and (b) may include income from any other source if the trustee determines that it is appropriate to include income from that source. (6) The trustee must determine the meaning of period of retirement for the purposes of the strategy.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective Sch 9 (items 1–3): 23 Feb 2022 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s52AA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 52A", "Provision_Key": "s52a", "Heading": "Covenants relating to directors to be included in governing rules—registrable superannuation entities", "Text": "Governing rules taken to contain covenants (1) If the governing rules of a registrable superannuation entity of which a trustee is a body corporate do not contain covenants to the effect of the covenants set out in subsection (2), those governing rules are taken to contain covenants to that effect. Note: There are civil and criminal consequences for contravening a covenant: see sections 54B, 54C, 55 and 202. Civil consequences may arise from an act or omission resulting in a contravention of a covenant regardless of whether or not the act or omission was intentional. Criminal consequences under section 202 require proof of dishonesty or intention in relation to a contravention of a covenant. The covenants (2) The covenants referred to in subsection (1) are the following covenants by each director of a corporate trustee of the entity: (a) to act honestly in all matters concerning the entity; (b) to exercise, in relation to all matters affecting the entity, the same degree of care, skill and diligence as a prudent superannuation entity director would exercise in relation to an entity where he or she is a director of the trustee of the entity and that trustee makes investments on behalf of the entity’s beneficiaries; (c) to perform the director’s duties and exercise the director’s powers as director of the corporate trustee in the best financial interests of the beneficiaries; (d) where there is a conflict between the duties of the director to the beneficiaries, or the interests of the beneficiaries, and the duties of the director to any other person or the interests of the director, the corporate trustee or an associate of the director or corporate trustee: (i) to give priority to the duties to and interests of the beneficiaries over the duties to and interests of other persons; and (ii) to ensure that the duties to the beneficiaries are met despite the conflict; and (iii) to ensure that the interests of the beneficiaries are not adversely affected by the conflict; and (iv) to comply with the prudential standards in relation to conflicts; (e) not to enter into any contract, or do anything else, that would: (i) prevent the director from, or hinder the director in, properly performing or exercising the director’s functions and powers as director of the corporate trustee; or (ii) prevent the corporate trustee from, or hinder the corporate trustee in, properly performing or exercising the corporate trustee’s functions and powers as trustee of the entity; (f) to exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the covenants referred to in section 52. Payments to third parties must be in best financial interests of beneficiaries (2A) To avoid doubt, the obligations of the director under paragraph (2)(c) apply in respect of payments to a third party by, or on behalf of, the entity. Obligations to beneficiaries override obligations under certain other Acts (3) The obligations of the director under paragraph (2)(d) override any conflicting obligations the director has under: (a) Part 2D.1 of the Corporations Act 2001 ; or (b) Subdivision A of Division 3 of Part 2 ‑ 2 of the Public Governance, Performance and Accountability Act 2013 (which deals with general duties of officials) or any rules made for the purposes of that Subdivision. Director not prevented from engaging or authorising persons to act on behalf of the trustee (4) A covenant referred to in paragraph (2)(e) does not prevent the director from engaging or authorising persons to do acts or things on behalf of the trustee. Using reasonable care and diligence to ensure compliance by corporate trustee (5) The reference in paragraph (2)(f) to a reasonable degree of care and diligence is a reference to the degree of care and diligence that a superannuation entity director would exercise in the circumstances of the corporate trustee. Covenants operate as if director party to the governing rules (6) A covenant referred to in subsection (2) operates as if the director were a party to the governing rules. Superannuation entity director (7) A superannuation entity director is a person whose profession, business or employment is or includes acting as director of a corporate trustee of a superannuation entity and investing money on behalf of beneficiaries of the superannuation entity.", "Amendment_Count": 4, "First_Amended": "No 117 of 2012", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 117 of 2012 | No 62 of 2014 | No 40 of 2019 | No 46 of 2021", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 62 of 2014, effective Sch 12 (items 168, 169) and Sch 14: 1 July 2014 (s 2(1) items 6, 14) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s52A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 52B", "Provision_Key": "s52b", "Heading": "Covenants to be included in governing rules—self managed superannuation funds", "Text": "Governing rules taken to contain covenants (1) If the governing rules of a self managed superannuation fund do not contain covenants to the effect of the covenants set out in this section, those governing rules are taken to contain covenants to that effect. The covenants (2) The covenants referred to in subsection (1) are the following covenants by each trustee of the fund: (a) to act honestly in all matters concerning the fund; (b) to exercise, in relation to all matters affecting the fund, the same degree of care, skill and diligence as an ordinary prudent person would exercise in dealing with property of another for whom the person felt morally bound to provide; (c) to perform the trustee’s duties and exercise the trustee’s powers in the best financial interests of the beneficiaries; (d) to keep the money and other assets of the fund separate from any money and assets, respectively: (i) that are held by the trustee personally; or (ii) that are money or assets, as the case may be, of a standard employer ‑ sponsor, or an associate of a standard employer ‑ sponsor, of the fund; (e) not to enter into any contract, or do anything else, that would prevent the trustee from, or hinder the trustee in, properly performing or exercising the trustee’s functions and powers; (f) to formulate, review regularly and give effect to an investment strategy that has regard to the whole of the circumstances of the fund including, but not limited to, the following: (i) the risk involved in making, holding and realising, and the likely return from, the fund’s investments, having regard to its objectives and its expected cash flow requirements; (ii) the composition of the fund’s investments as a whole including the extent to which the investments are diverse or involve the fund in being exposed to risks from inadequate diversification; (iii) the liquidity of the fund’s investments, having regard to its expected cash flow requirements; (iv) the ability of the fund to discharge its existing and prospective liabilities; (g) if there are any reserves of the fund—to formulate, review regularly and give effect to a strategy for their prudential management, consistent with the fund’s investment strategy and its capacity to discharge its liabilities (whether actual or contingent) as and when they fall due; (h) to allow a beneficiary of the fund access to any prescribed information or any prescribed documents. Payments to third parties must be in best financial interests of beneficiaries (2A) To avoid doubt, the obligations of the trustee under paragraph (2)(c) apply in respect of payments to a third party by, or on behalf of, the fund. Trustee not prevented from engaging or authorising persons to act on trustee’s behalf (3) A covenant referred to in paragraph (2)(e) does not prevent the trustee from engaging or authorising persons to do acts or things on behalf of the trustee. Covenant referred to in paragraph (2)(f) (4) An investment strategy is taken to be in accordance with paragraph (2)(f) even if it provides for a specified beneficiary or a specified class of beneficiaries to give directions to the trustee, where: (a) the directions relate to the strategy to be followed by the trustee in relation to the investment of a particular asset or assets of the fund; and (b) the directions are given in circumstances prescribed by regulations made for the purposes of this paragraph.", "Amendment_Count": 2, "First_Amended": "No 117 of 2012", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 117 of 2012 | No 46 of 2021", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s52B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 52C", "Provision_Key": "s52c", "Heading": "Covenant relating to directors to be included in governing rules—self managed superannuation funds", "Text": "Governing rules taken to contain covenant (1) If the governing rules of a self managed superannuation fund of which a trustee is a body corporate do not contain a covenant to the effect of the covenant set out in subsection (2), those governing rules are taken to contain a covenant to that effect. The covenant (2) The covenant referred to in subsection (1) is a covenant by each director of a corporate trustee of the fund to exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the covenants referred to in section 52B. Reasonable degree of care and diligence (3) The reference in subsection (2) to a reasonable degree of care and diligence is a reference to the degree of care and diligence that a reasonable person in the position of director of the corporate trustee would exercise in the corporate trustee’s circumstances. Covenant operates as if director party to the governing rules (4) The covenant referred to in subsection (2) operates as if the director were a party to the governing rules.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s52C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 53", "Provision_Key": "s53", "Heading": "Covenants to repay amounts to beneficiaries in approved deposit funds", "Text": "Governing rules to contain 2 covenants (1) If the governing rules of an approved deposit fund (other than an excluded approved deposit fund) do not contain covenants to the effect of those set out in subsection (2), they are taken to contain covenants to that effect. Content of the covenants (2) The covenants are: (a) that, if: (i) a beneficiary, by written notice given to the trustee, requests the trustee to pay to the beneficiary an amount equal to the beneficiary’s interest in the fund; and (ii) compliance by the trustee with the request would not be inconsistent with the standards applicable to the fund under section 32; the trustee will pay that amount within a period (not being more than 12 months) determined by the trustee; and (b) that each director of the trustee will ensure that the trustee gives effect to the covenant in paragraph (a). Legal personal representatives of beneficiaries (2A) A reference in subsection (2) to a beneficiary includes a reference to the legal personal representative of a beneficiary. Note: Section 15 sets out additional rules relating to the interpretation of subsection (2). Directors taken to be parties to governing rules (3) The covenant in paragraph (2)(b) has effect as if each director were a party to the governing rules. Period for payments to beneficiaries (4) The trustee is to determine the period within which amounts are to be paid to beneficiaries under the covenant referred to in paragraph (2)(a). Variation of payment period (5) When the trustee has determined the period under subsection (4), the trustee may make a further determination varying that period if, and only if: (a) ASIC has consented in writing to the variation; or (b) the requirements of section 54 have been complied with.", "Amendment_Count": 2, "First_Amended": "No 140 of 1994", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 140 of 1994 | No 54 of 1998", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s53"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 54", "Provision_Key": "s54", "Heading": "Prerequisites to variation of repayment period", "Text": "(1) The requirements referred to in paragraph 53(5)(b) are as follows: (a) the question whether the variation should be made has been voted on at a meeting of the beneficiaries; (b) the trustee convened the meeting by sending by post, to the last ‑ known address of each of the beneficiaries, at least 21 days before the meeting, a notice that set out: (i) the date, time and place of the meeting; and (ii) the reason for convening the meeting; (c) the beneficiaries who, at the meeting, vote (whether in person or by proxy) on the question hold interests equal in value to at least the prescribed percentage of the total value of all the interests in the fund; (d) the prescribed percentage of the beneficiaries who voted on the question cast their votes in favour of making the variation. (2) For the purposes of paragraph (1)(c), the value of an interest is the price at which the trustee would have to make a payment in respect of the interest if the trustee were required to do so, under the covenant referred to in section 53, on the day immediately before the day when the meeting is held.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s54"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 54A", "Provision_Key": "s54a", "Heading": "Regulations may prescribe other covenants", "Text": "(1) The regulations may prescribe a covenant to be included in the governing rules of a superannuation entity and, if the governing rules of such a superannuation entity do not contain a covenant to the effect of the prescribed covenant, those rules are taken to contain a covenant to that effect. Prescribed covenants may deal with same matters as other requirements (2) Without limiting the generality of subsection (1), the regulations may prescribe, for the purposes of that subsection, a covenant that elaborates, supplements, or otherwise deals with, any aspect of: (a) a matter to which a covenant in sections 52 to 53 relates; or (b) a matter to which a provision of this Act relates. But prescribed covenants must be capable of operating concurrently with other requirements (3) However, a covenant prescribed under subsection (1) must be capable of operating concurrently with: (a) all the covenants referred to in sections 52 to 53; and (b) this Act. (4) The regulations may specify that a covenant prescribed under subsection (1) is to form part of the enhanced trustee obligations, or the enhanced director obligations, for MySuper products or eligible rollover funds.", "Amendment_Count": 2, "First_Amended": "No 117 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 117 of 2012 | No 171 of 2012", "History_Notes": "Inserted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s54A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 54B", "Provision_Key": "s54b", "Heading": "Civil and criminal consequences for contravening sections 52 and 52A covenants", "Text": "Section 52 covenants (1) A person must not contravene a covenant that: (a) is to the effect of a covenant set out in section 52; and (b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Section 52A covenants (2) A person must not contravene a covenant that: (a) is to the effect of a covenant set out in section 52A; and (b) is contained, or taken to be contained, in the governing rules of a superannuation entity. Contravention has civil and criminal consequences (3) Subsections (1) and (2) are civil penalty provisions as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections. (4) A contravention of subsection (1) or (2) does not result in the invalidity of a transaction. (5) This section does not limit the operation of section 55. Note: A contravention of subsection (1) or (2) may result in an action to recover loss or damage under section 55.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s54B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 54C", "Provision_Key": "s54c", "Heading": "Other covenants must not be contravened", "Text": "(1) A person must not contravene any other covenant contained, or taken to be contained, in the governing rules of a superannuation entity. (2) A contravention of subsection (1) is not an offence. (3) A contravention of subsection (1) does not result in the invalidity of a transaction. (4) This section does not limit the operation of section 55. Note: A contravention of subsection (1) may result in an action to recover loss or damage under section 55.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s54C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 55", "Provision_Key": "s55", "Heading": "Recovering loss or damage for contravention of covenant", "Text": "Breach of covenant may result in action to recover loss or damage (3) Subject to subsection (4A), a person who suffers loss or damage as a result of conduct of another person that was engaged in in contravention of subsection 54B(1), 54B(2) or 54C(1) may recover the amount of the loss or damage by action against that other person or against any person involved in the contravention. (4) Unless an action under subsection (3) is of a kind dealt with in subsections (4A) to (4D), it may be begun at any time within 6 years after the day on which the cause of action arose. Leave of court required where directors’ covenants contravened (4A) If: (a) the person who is alleged to have contravened subsection 54B(2) or 54C(1) is or was a director of a corporate trustee of a registrable superannuation entity; and (b) it is alleged that the contravention is of a covenant that is contained, or taken to be contained, in the governing rules of the entity, and is: (i) a covenant of the kind mentioned in subsection 52A(2); or (ii) a covenant prescribed under section 54A that relates to the conduct of the director of a corporate trustee of a registrable superannuation entity; an action under subsection (3) may be brought only with the leave of the court. (4B) A person may, within 6 years after the day on which the cause of action arose, seek the leave of the court to bring such an action. (4C) In deciding whether to grant an application for leave to bring such an action, the court must take into account whether: (a) the applicant is acting in good faith; and (b) there is a serious question to be tried. (4D) The court may, in granting leave to bring such an action, specify a period within which the action may be brought. Defences in actions to recover loss or damage (5) It is a defence to an action for loss or damage suffered by a person as a result of the making of an investment by or on behalf of a trustee of a superannuation entity if the defendant establishes that the defendant has complied with all of the covenants referred to in sections 52 to 53 and prescribed under section 54A that apply to the defendant in relation to each act, or failure to act, that resulted in the loss or damage. (6) It is a defence to an action for loss or damage suffered by a person as a result of the management of any reserves by a trustee of a superannuation entity if the defendant establishes that the defendant has complied with all of the covenants referred to in sections 52 to 53 and prescribed under section 54A that apply to the defendant in relation to each act, or failure to act, that resulted in the loss or damage. (7) Subsections (5) and (6) apply to an action for loss or damage, whether brought under subsection (3) or otherwise.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 61 of 2013 | No 40 of 2019", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s55"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 55A", "Provision_Key": "s55a", "Heading": "Rules about cashing benefits after death of members", "Text": "(1) The governing rules of a regulated superannuation fund must not permit a fund member’s benefits to be cashed after the member’s death otherwise than in accordance with standards prescribed for the purposes of section 31. (2) If the governing rules of a fund are inconsistent with subsection (1): (a) subsection (1) prevails; and (b) the governing rules are invalid, to the extent of the inconsistency.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s55A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 55B", "Provision_Key": "s55b", "Heading": "Governing rules do not prevent giving effect to certain elections", "Text": "A provision in the governing rules of a regulated superannuation fund is void to the extent that it would prevent a trustee or trustees of the fund from giving effect to: (a) an election made in accordance with section 29SAA (election to transfer accrued default amounts to a MySuper product); or (b) an election made in accordance with section 29SAB (election to transfer assets attributed to a MySuper product if authorisation cancelled); or (c) a requirement in regulations made for the purposes of subsection 29SAA(3); or (d) an election made in accordance with section 29SAC (election not to pass costs of paying conflicted remuneration onto MySuper members); or (e) an election made in accordance with section 242B (election to transfer amounts held in an eligible rollover fund if authorisation cancelled); or (f) an election made in accordance with section 242C (election not to pass costs of paying conflicted remuneration to members of eligible rollover fund).", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s55B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 55C", "Provision_Key": "s55c", "Heading": "Governing rules do not prevent transfer from pre ‑ MySuper default option to MySuper product", "Text": "(1) A provision of the governing rules of a regulated superannuation fund is void to the extent that it would prevent a trustee or trustees of the fund from attributing an amount to a MySuper product for a member, instead of attributing the amount to a pre ‑ MySuper default option. (2) A pre ‑ MySuper default option , in relation to an amount attributed to a member of a regulated superannuation fund, is an investment option under which an asset (or assets) of the fund attributed to the member in relation to the amount would be invested, under the governing rules of the fund, if the member gave no direction in relation to the amount.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s55C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 55D", "Provision_Key": "s55d", "Heading": "Governing rules void to the extent that they are inconsistent with obligations in relation to annual outcomes assessments and MySuper products", "Text": "A provision of the governing rules of a regulated superannuation fund is void to the extent that it is inconsistent with: (a) a covenant referred to in subsection 52(9), (12) or (13) that is contained, or taken to be contained, in the governing rules of the fund; or (b) if the trustee of the fund is a body corporate—a covenant referred to in paragraph 52A(2)(f) that is contained, or taken to be contained, in the governing rules of the fund, to the extent that the covenant relates to a covenant referred to in subsection 52(9), (12) or (13).", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s55D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 56", "Provision_Key": "s56", "Heading": "Indemnification of trustee from assets of entity", "Text": "(1) Subject to subsections (2) and (2A), a provision in the governing rules of a superannuation entity is void if: (a) it purports to preclude a trustee of the entity from being indemnified out of the assets of the entity in respect of any liability incurred while acting as trustee of the entity; or (b) it limits the amount of such an indemnity. (2) A provision in the governing rules of a superannuation entity is void in so far as it would have the effect of exempting a trustee of the entity from, or indemnifying a trustee of the entity against: (a) liability for breach of trust if the trustee: (i) fails to act honestly in a matter concerning the entity; or (ii) intentionally or recklessly fails to exercise, in relation to a matter affecting the entity, the degree of care and diligence that the trustee was required to exercise; or (b) liability for an amount of a criminal, civil or administrative penalty incurred by the trustee of the entity in relation to a contravention of a law of the Commonwealth (including this Act); or (c) the payment of any amount payable under an infringement notice (however described) given under a law of the Commonwealth (including this Act); or (d) liability for the costs of undertaking a course of education in compliance with an education direction (within the meaning of this Act). (2A) A provision in the governing rules of a registrable superannuation entity is void in so far as it would have the effect of allowing a trustee of the entity: (a) to indemnify itself out of the assets of the entity for any amount expended out of capital of the trustee managed and maintained by the trustee to cover the operational risk of the entity; or (b) to indemnify itself out of any assets of the entity that do not form part of a reserve maintained for the purpose of covering the operational risk relating to the entity, any amount that relates to that risk, without first exhausting the reserve and any other financial resources managed and maintained by the trustee to cover the risk. (3) Nothing in the governing rules of a superannuation entity prohibits a trustee of the entity from seeking advice from any person in respect of any matter relating to performance of the duties or the exercise of the powers of a trustee. A provision in the governing rules that purports to preclude a trustee of the entity from being indemnified out of assets of the entity in respect of the cost of obtaining such advice, or to limit the amount of such an indemnity, is void.", "Amendment_Count": 5, "First_Amended": "No 53 of 2004", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 53 of 2004 | No 117 of 2012 | No 61 of 2013 | No 11 of 2014 | No 135 of 2020", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s56"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 57", "Provision_Key": "s57", "Heading": "Indemnification of directors of trustee from assets of entity", "Text": "(1) Subject to subsection (2), the governing rules of a superannuation entity may provide for a director of the trustee to be indemnified out of the assets of the entity in respect of a liability incurred while acting as a director of the trustee. (2) A provision of the governing rules of a superannuation entity is void in so far as it would have the effect of indemnifying a director of the trustee against: (a) a liability that arises because the director: (i) fails to act honestly in a matter concerning the entity; or (ii) intentionally or recklessly fails to exercise, in relation to a matter affecting the entity, the degree of care and diligence that the director is required to exercise; or (b) liability for an amount of a criminal, civil or administrative penalty incurred by the director in relation to a contravention of a law of the Commonwealth (including this Act); or (c) the payment of any amount payable under an infringement notice (however described) given under a law of the Commonwealth (including this Act); or (d) liability for the costs of undertaking a course of education in compliance with an education direction (within the meaning of this Act). (3) A director of the trustee of a superannuation entity may be indemnified out of the assets of the entity in accordance with provisions of the entity’s governing rules that comply with this section. (4) This section has effect despite section 241 of the Corporations Act 2001 .", "Amendment_Count": 4, "First_Amended": "No 55 of 2001", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 55 of 2001 | No 61 of 2013 | No 11 of 2014 | No 135 of 2020", "History_Notes": "Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 498–506): 15 July 2001 (s 2(1), (3)) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s57"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 58", "Provision_Key": "s58", "Heading": "Trustee not to be subject to direction", "Text": "(1) Subject to subsection (2), the governing rules of a superannuation entity other than a superannuation fund with no more than 6 members or an excluded approved deposit fund must not permit a trustee to be subject, in the exercise of any of the trustee’s powers under those rules, to direction by any other person. (2) Subsection (1) does not apply to: (a) a direction given by a court; or (b) a direction given by the Regulator; or (c) a direction given by a beneficiary or a group of beneficiaries that relates to benefits payable to that beneficiary or those beneficiaries, as the case may be; or (d) a direction given by a beneficiary to take up, dispose of or alter the amount invested in an investment option, where: (i) the entity is a registrable superannuation entity; and (ii) the direction is given in circumstances prescribed by the regulations for the purposes of this paragraph; or (da) a direction given by a member of a regulated superannuation fund to attribute (or continue to attribute) an amount that is an accrued default amount for the member to a MySuper product or an investment option within a choice product in the fund; or (e) if the entity is an employer ‑ sponsored fund—a direction given by an employer ‑ sponsor, or an associate of an employer ‑ sponsor, in circumstances prescribed by the regulations; or (fa) a direction given under the AFCA scheme; or (g) a direction given by a member (within the meaning of the Superannuation Contributions Tax (members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ) that is permitted to be given by subsection 15(8A) of that Act. (2A) To avoid doubt, paragraph (2)(fa) applies in relation to any requirement imposed under the AFCA scheme, whether the requirement is referred to, in Part 7.10A of the Corporations Act 2001 or in a determination under that Part, as a direction or by any other name. (2B) Subsection (2A) does not affect the meaning of any paragraph of subsection (2) other than paragraph (2)(fa). (3) If the governing rules of a superannuation entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.", "Amendment_Count": 9, "First_Amended": "No 140 of 1994", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 140 of 1994 | No 54 of 1998 | No 121 of 1999 | No 131 of 1999 | No 53 of 2004 | No 117 of 2012 | No 171 of 2012 | No 13 of 2018 | No 47 of 2021", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 131 of 1999, effective Sch 5: 13 Oct 1999 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s58"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 58A", "Provision_Key": "s58a", "Heading": "Service providers and investments cannot be limited to particular persons or associates", "Text": "Does not apply to self managed superannuation funds (1) This section does not apply to a regulated superannuation fund that is a self managed superannuation fund. Service providers (2) A provision in the governing rules of a regulated superannuation fund is void to the extent that it specifies a person or persons (whether by name or in any other way, directly or indirectly) from whom the trustee, or one or more of the trustees, of the fund may or must acquire a service. Investments in entities (3) A provision in the governing rules of a regulated superannuation fund is void to the extent that it specifies an entity or entities (whether by name or in any other way, directly or indirectly) in or through which one or more of the assets of the fund may or must be invested. Financial products (4) A provision in the governing rules of a regulated superannuation fund is void to the extent that it specifies (whether by name or by reference to an entity) a financial product or financial products: (a) in or through which one or more of the assets of the fund may or must be invested; or (b) that may or must be purchased using assets of the fund; or (c) in relation to which one or more assets of the fund may or must be used to make payments. Exception (5) Subsections (2), (3) and (4) do not apply if the relevant person, entity or financial product is specified in a law of the Commonwealth or of a State or Territory, or is required to be specified under such a law.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s58A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 58B", "Provision_Key": "s58b", "Heading": "Service providers and investments", "Text": "(1) This section applies if a trustee, or the trustees, of a regulated superannuation fund does one or more of the following: (a) acquires a service from an entity; (b) invests assets of the fund in or through an entity; (c) invests assets of the fund in or through a financial product; (d) purchases a financial product using assets of the fund; (e) uses assets of the fund to make payments in relation to a financial product. (2) If the trustee, or the trustees, would not breach: (a) a provision of any of the following: (i) this or any other Act; (ii) a legislative instrument made under this or any other Act; (iii) the prudential standards; (iv) the operating standards; (v) the governing rules of the fund; or (b) any covenant referred to in this Part or prescribed under this Part; in doing one or more of the things mentioned in subsection (1), the general law relating to conflict of interest does not apply to the extent that it would prohibit the trustee, or the trustees, from doing the thing.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s58B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 59", "Provision_Key": "s59", "Heading": "Exercise of discretion by person other than trustee", "Text": "(1) Subject to subsection (1A), the governing rules of a superannuation entity other than a self managed superannuation fund must not permit a discretion under those rules that is exercisable by a person other than a trustee of the entity to be exercised unless: (a) those rules require the consent of the trustee, or the trustees, of the entity to the exercise of that discretion; or (b) if the entity is an employer ‑ sponsored fund: (i) the exercise of the discretion relates to the contributions that an employer ‑ sponsor will, after the discretion is exercised, be required or permitted to pay to the fund; or (ii) the exercise of the discretion relates solely to a decision to terminate the fund; or (iii) the circumstances in which the discretion was exercised are covered by regulations made for the purposes of this subparagraph. (1A) Despite subsection (1), the governing rules of a superannuation entity may, subject to a trustee of the entity complying with any conditions contained in the regulations, permit a member of the entity, by notice given to a trustee of the entity in accordance with the regulations, to require a trustee of the entity to provide any benefits in respect of the member on or after the member’s death to a person or persons mentioned in the notice, being the legal personal representative or a dependant or dependants of the member. (2) If the governing rules of a superannuation entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.", "Amendment_Count": 4, "First_Amended": "No 140 of 1994", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 140 of 1994 | No 38 of 1999 | No 121 of 1999 | No 53 of 2004", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s59"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60", "Provision_Key": "s60", "Heading": "Amendment of governing rules", "Text": "(1) The governing rules of a superannuation entity other than a self managed superannuation fund must not permit those rules to be amended unless: (a) the trustee, or the trustees, of the entity have consented to the amendment; or (b) if the entity is an employer ‑ sponsored fund: (i) the amendment relates to the contributions that an employer ‑ sponsor will, after the amendment, be required or permitted to pay to the fund; or (ii) the amendment relates solely to the termination of the fund; or (iii) the circumstances in which the amendment was made are covered by regulations made for the purposes of this subparagraph; or (c) the amendment is made solely for the purpose of conferring on the trustee, or the trustees, the power to consent to amendments of those rules. (2) The governing rules of a regulated superannuation fund must not permit those rules to be amended in such a way that: (a) a person other than a constitutional corporation would be eligible to be appointed as trustee unless the rules provide, and will continue to provide after the amendment is made, that the fund has, as its sole or primary purpose, the provision of old ‑ age pensions; or (b) the sole or primary purpose of the fund would be a purpose other than the provision of old ‑ age pensions unless the rules provide, and will continue to provide after the amendment is made, that the trustee must be a constitutional corporation. (3) If the governing rules of the superannuation entity are inconsistent with subsection (1) or (2), the subsection concerned prevails, and the governing rules are, to the extent of the inconsistency, invalid.", "Amendment_Count": 3, "First_Amended": "No 38 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 38 of 1999 | No 121 of 1999 | No 53 of 2004", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60A", "Provision_Key": "s60a", "Heading": "Dismissal of trustee of public offer entity", "Text": "(1) Subject to subsection (2), the governing rules of a public offer entity must not permit the trustee to be removed by a person other than APRA. Note: Part 17 provides for the removal of trustees by APRA. (2) Subsection (1) does not apply to a removal of a kind specified in regulations made for the purposes of this subsection. (3) If the governing rules of the public offer entity are inconsistent with subsection (1), that subsection prevails, and the governing rules are, to the extent of the inconsistency, invalid.", "Amendment_Count": 2, "First_Amended": "No 140 of 1994", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 140 of 1994 | No 54 of 1998", "History_Notes": "Inserted by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60B", "Provision_Key": "s60b", "Heading": "Meaning of Part 6A product", "Text": "A Part 6A product is: (a) a MySuper product; or (b) a class of beneficial interest in a regulated superannuation fund, if that class is identified by regulations made for the purposes of this paragraph.", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60C", "Provision_Key": "s60c", "Heading": "Regulator to make annual performance assessments", "Text": "(1) This section applies in relation to each entity that is a regulated superannuation fund (other than a regulated superannuation fund with no more than 6 members). (2) APRA must determine in relation to each financial year, for each Part 6A product offered by the entity, whether the requirement in subsection 60D(1) has been met. (3) APRA must give the trustee or trustees of the entity a notification of the determination. The notification must include a copy of the determination. (4) APRA must make the determination and give the notification: (a) in writing; and (b) within a period, starting after the end of the financial year, worked out under regulations made for the purposes of this subsection. (5) APRA must ensure that a description of the contents of every notification it gives under subsection (3) in relation to a financial year is published, within the period mentioned in paragraph (4)(b), on a website maintained by APRA.", "Amendment_Count": 2, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60D", "Provision_Key": "s60d", "Heading": "Requirements for assessment", "Text": "Meeting requirements specified in regulations (1) The requirement in this subsection is met for a Part 6A product in relation to a financial year if: (a) where the Part 6A product is in a class of Part 6A products specified in regulations made for the purposes of this subsection—the requirements (if any) specified in regulations made for the purposes of this subsection for that class of Part 6A product are met for the Part 6A product in relation to the financial year; or (b) the Part 6A product is not in a class of Part 6A products specified in regulations made for the purposes of this subsection. Requirements specified in regulations (2) Regulations made for the purposes of subsection (1) may specify requirements in respect of: (a) investment returns; and (b) any other matter (whether or not related to investment returns). (3) The investment returns mentioned in paragraph (2)(a) may be investment returns net of fees and/or tax. (4) Regulations made for the purposes of subsection (1) may do any of the following: (a) specify requirements that depend on the exercise of a discretion by APRA; (b) if the regulations specify requirements that depend on the exercise of such a discretion—specify matters that APRA must or may take into account in exercising that discretion; (c) if the regulations specify requirements that depend on the exercise of such a discretion—allow APRA to make specified assumptions in exercising that discretion. Comparing actual return and benchmark return (5) Regulations made for the purposes of subsection (1) may specify requirements based on a comparison of the actual return for a Part 6A product for a period with a benchmark return for the Part 6A product, or a class of Part 6A products, for the period. Methods for determining return—general (6) In specifying requirements mentioned in subsection (5), regulations made for the purposes of subsection (1) may: (a) specify one or more methods for determining the actual return for a Part 6A product, or a class of Part 6A products, for a period; and (b) specify one or more methods for determining the benchmark return for a Part 6A product, or a class of Part 6A products, for a period. Methods for determining return—assumptions (7) In specifying a method or methods mentioned in subsection (6), regulations made for the purposes of subsection (1) may: (a) specify assumptions to be made in applying that method or methods; and (b) allow APRA to determine, by legislative instrument, specified alternative assumptions that: (i) are to be made in applying that method or methods; and (ii) replace one or more of the assumptions mentioned in paragraph (a); and (c) require specified conditions to be met before APRA can make such a determination. (8) The assumptions mentioned in subsection (7) may include assumptions as to any of the following matters: (a) rates of fees for a period; (b) rates of taxation for a period; (c) any other matter (whether or not related to a matter mentioned in paragraphs (a) and (b)). Methods for determining return—regulations to replace assumptions (9) Subsections (10) and (11) apply if: (a) APRA makes a determination mentioned in paragraph (7)(b) that specifies an assumption (the earlier assumption ); and (b) the earlier assumption is to be made in applying a method or methods in relation to a matter in respect of a period (the relevant period ). (10) Regulations made for the purposes of subsection (1) may later specify an assumption (the later assumption ) that: (a) is to be made in applying that method or methods in relation to that matter in respect of the relevant period; and (b) replaces the earlier assumption. (11) However, if the regulations mentioned in subsection (10) are made after the end of the relevant period, the later assumption must be the same as the earlier assumption. Scope of regulations not limited (12) Subsections (2) to (11) do not limit the scope of regulations that may be made for the purposes of subsection (1). Incorporation by reference (13) Despite subsection 14(2) of the Legislation Act 2003 , regulations made for the purposes of subsection (1) may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, any matter contained in an instrument or other writing as in force or existing from time to time.", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60E", "Provision_Key": "s60e", "Heading": "Trustee to notify beneficiaries of fail assessment", "Text": "(1) This section applies if: (a) APRA gives the trustee or trustees of an entity a notification of a determination under subsection 60C(2); and (b) the determination is that the requirement in subsection 60D(1) has not been met for a Part 6A product offered by the entity, in relation to a financial year. (2) Each trustee of the entity must ensure that each beneficiary of the entity who holds the Part 6A product is given notice of the determination in accordance with subsections (3), (5) and (6). (3) The notice must be given no later than: (a) 28 days after APRA gave the notification; or (b) if APRA or ASIC informs the trustee or trustees of the entity of a later day in accordance with subsection (4)—that later day. (4) For the purposes of paragraph (3)(b), APRA or ASIC may, no later than 28 days after APRA gave the notification, inform the trustee or trustees of the entity in writing of a later day. (5) The notice must consist of: (a) unless paragraph (b) applies—both of the following: (i) a letter sent to the beneficiary by pre ‑ paid post or by courier to the address of the place of residence or business of the beneficiary last known to the trustee; (ii) an electronic communication (within the meaning of the Corporations Act 2001 ) sent to the beneficiary to the nominated electronic address (within the meaning of that Act) in relation to the beneficiary; or (b) if there is no nominated electronic address (within the meaning of that Act) in relation to the beneficiary—a letter sent to the beneficiary by pre ‑ paid post or by courier to the address of the place of residence or business of the beneficiary last known to the trustee. (6) The notice must: (a) be in the form specified in regulations made for the purposes of this subsection; and (b) contain information of a kind specified in regulations made for the purposes of this subsection that relates to: (i) the ranking of Part 6A products according to relative fee levels, investment returns or any other criterion; or (ii) any other matter (whether or not related to the matter mentioned in subparagraph (i)). Note: Regulations made for the purposes of this subsection may refer to regulations made for the purposes of section 60J, which may specify formulas as a basis for ranking such products. (7) Regulations made for the purposes of subsection (6) may specify kinds of information by applying, adopting or incorporating any matter contained in an instrument or other writing, as in force or existing from time to time, if the instrument or other writing is published on a website maintained by the Australian Taxation Office. (8) Regulations made for the purposes of subsection (6) may specify information that is a standard text or standard texts. (9) Subsection (8) does not limit the scope of regulations that may be made for the purposes of subsection (6).", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60F", "Provision_Key": "s60f", "Heading": "Consequences of 2 consecutive fail assessments", "Text": "Application of section (1) Subsection (2) applies if both of the following conditions are satisfied: (a) APRA gives the trustee or trustees of an entity a notification of a determination under subsection 60C(2) that the requirement in subsection 60D(1) has not been met for a Part 6A product offered by the entity, in relation to a financial year; (b) APRA gives the trustee or trustees of the entity a notification (the second notification ) of another determination under subsection 60C(2) that the requirement in subsection 60D(1) has not been met for that Part 6A product, in relation to the next financial year. No new beneficiaries for the Part 6A product (2) Each trustee of the entity must ensure that: (a) a person who, on the day when the second notification is given, is not a beneficiary of the entity does not become a beneficiary of the entity who holds the Part 6A product; and (b) a person who, on that day, is a beneficiary of the entity who does not hold the Part 6A product does not start to hold the Part 6A product. Exemption determination (3) Subsection (2) does not apply in relation to a Part 6A product offered by an entity if a determination made by APRA under subsection (4) that specifies the Part 6A product and the entity is in force. (4) APRA may make a determination, in writing, that specifies a Part 6A product offered by a specified entity, if APRA considers that requirements specified in regulations made for the purposes of this subsection have been met in relation to the Part 6A product and the entity. (5) The determination comes into force on: (a) the day on which the determination is made; or (b) a later day specified in the determination. (6) APRA must give a copy of the determination to the entity as soon as practicable after making it. (7) A determination under subsection (4) is not a legislative instrument. (8) To avoid doubt, if APRA makes a determination under subsection (4) in relation to a Part 6A product: (a) APRA may later give notifications for the purposes of subsection (1) in relation to the Part 6A product in relation to financial years ending after APRA made the determination; and (b) subsection (3) does not prevent subsection (2) from applying in relation to the Part 6A product as a result of those notifications. Family law payment splits (9) Subsection (2) does not apply in relation to: (a) a person becoming a beneficiary of an entity who holds a Part 6A product, if this occurs as a result of a payment split (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ); or (b) a person starting to hold a Part 6A product, if this occurs as a result of such a payment split. Notifications to Fair Work Commission (10) If: (a) subsection (2) starts to apply in relation to a Part 6A product that is a MySuper product offered by an entity; or (b) APRA makes a determination under subsection (4) in relation to a Part 6A product that is a MySuper product offered by an entity; APRA must notify the Fair Work Commission in writing of that fact.", "Amendment_Count": 2, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5) | Amended by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60G", "Provision_Key": "s60g", "Heading": "Multiple Part 6A products treated as one Part 6A product in certain circumstances", "Text": "(1) This section applies if regulations made for the purposes of this subsection: (a) specify one or more kinds of circumstances; and (b) specify provisions of this Part in relation to each of those kinds of circumstances. (2) In circumstances of a kind specified in the regulations, for the purposes of provisions of this Part specified in the regulations in relation to that kind of circumstances: (a) treat 2 or more Part 6A products (the single Part 6A products ) as being one Part 6A product (the combined Part 6A product ); and (b) treat anything that happened in relation to a single Part 6A product as having happened in relation to the combined Part 6A product; and (c) treat a person who holds a single Part 6A product as holding the combined Part 6A product. (3) Subsection (4) applies if a Part 6A product (the replaced product ) ceased to exist because it was incorporated into one or more single Part 6A products (whether or not the entity that offered the replaced product before it ceased to exist is the entity offering the single Part 6A product or any of the single Part 6A products). (4) For the purposes of paragraph (2)(b), treat anything that happened in relation to the replaced product as having happened in relation to the single Part 6A product. (5) Regulations made for the purposes of subsection (1) may: (a) specify different provisions of this Part in relation to different kinds of circumstances; and (b) in specifying provisions of this Part, specify all the provisions of this Part (apart from this section). (6) Regulations made for the purposes of subsection (1) may do any of the following: (a) specify requirements that depend on the exercise of a discretion by APRA; (b) if the regulations specify requirements that depend on the exercise of such a discretion—specify matters that APRA must or may take into account in exercising that discretion; (c) if the regulations specify requirements that depend on the exercise of such a discretion—allow APRA to make specified assumptions in exercising that discretion. (7) Subsections (5) and (6) do not limit the scope of regulations made for the purposes of subsection (1).", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60H", "Provision_Key": "s60h", "Heading": "Requirements for contributions to blocked fund not enforceable", "Text": "(1) This section applies if there is a requirement in: (a) a Commonwealth law or a Territory law; or (b) a Commonwealth industrial award or a Territory industrial award; that an employer make contributions to a specified superannuation fund (or to a superannuation fund in a specified class or group of superannuation funds) on behalf of an employee. (2) This section also applies if there is a requirement in (a) a State law; or (b) a State industrial award; that an employer make contributions to a specified superannuation fund (or to a superannuation fund in a specified class or group of superannuation funds) on behalf of an employee. (3) The requirement is not enforceable to the extent that the employer cannot make contributions to the superannuation fund (or to any of those superannuation funds) on behalf of the employee because of section 60F (consequences of 2 consecutive fail assessments). (4) In this section, the following terms have the same meaning as in the Superannuation Guarantee (Administration) Act 1992 : (a) Commonwealth industrial award ; (b) employee ; (c) employer ; (d) State industrial award ; (e) Territory industrial award .", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 60J", "Provision_Key": "s60j", "Heading": "Formulas for ranking products", "Text": "(1) APRA may give the following, in writing, to the Australian Taxation Office in relation to a period or periods: (a) a description of one or more methods for ranking Part 6A products; (b) information relating to all Part 6A products that allows that method or those methods to be used to rank those Part 6A products. (2) In giving the description mentioned in paragraph (1)(a), APRA may take into account regulations mentioned in subsection (3). (3) Regulations made for the purposes of this section may: (a) specify one or more formulas as a basis for ranking Part 6A products, or classes of Part 6A products, according to relative fee levels, investment returns or any other criterion; and (b) specify one or more methods for ranking Part 6A products according to that formula or those formulas. (4) As soon as practicable after receiving the information, the Commissioner of Taxation must ensure that the information, to the extent that it relates to Part 6A products that are MySuper products, is made available on a website maintained by the Commissioner of Taxation. Note: If the disclosure of information is for the purposes of this Act, subsection 56(3) of the Australian Prudential Regulation Authority Act 1998 provides an exception to the secrecy offence in subsection 56(2) of that Act. (5) For the purposes of subsection (4), the information may be made available by: (a) making it available only in response to a query by a particular person; and (b) making it available in the form of a ranked list or ranked lists of Part 6A products, or classes of Part 6A products. (6) Subsection (5) does not limit the ways in which the information may be made available for the purposes of subsection (4).", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s60J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 61", "Provision_Key": "s61", "Heading": "Object of Part", "Text": "The object of this Part is to set out special rules which apply only to regulated superannuation funds.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s61"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 62", "Provision_Key": "s62", "Heading": "Sole purpose test", "Text": "(1) Each trustee of a regulated superannuation fund must ensure that the fund is maintained solely: (a) for one or more of the following purposes (the core purposes ): (i) the provision of benefits for each member of the fund on or after the member’s retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged (whether the member’s retirement occurred before, or occurred after, the member joined the fund); (ii) the provision of benefits for each member of the fund on or after the member’s attainment of an age not less than the age specified in the regulations; (iii) the provision of benefits for each member of the fund on or after whichever is the earlier of: (A) the member’s retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged; or (B) the member’s attainment of an age not less than the age prescribed for the purposes of subparagraph (ii); (iv) the provision of benefits in respect of each member of the fund on or after the member’s death, if: (A) the death occurred before the member’s retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged; and (B) the benefits are provided to the member’s legal personal representative, to any or all of the member’s dependants, or to both; (v) the provision of benefits in respect of each member of the fund on or after the member’s death, if: (A) the death occurred before the member attained the age prescribed for the purposes of subparagraph (ii); and (B) the benefits are provided to the member’s legal personal representative, to any or all of the member’s dependants, or to both; or (b) for one or more of the core purposes and for one or more of the following purposes (the ancillary purposes ): (i) the provision of benefits for each member of the fund on or after the termination of the member’s employment with an employer who had, or any of whose associates had, at any time, contributed to the fund in relation to the member; (ii) the provision of benefits for each member of the fund on or after the member’s cessation of work, if the work was for gain or reward in any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged and the cessation is on account of ill ‑ health (whether physical or mental); (iii) the provision of benefits in respect of each member of the fund on or after the member’s death, if: (A) the death occurred after the member’s retirement from any business, trade, profession, vocation, calling, occupation or employment in which the member was engaged (whether the member’s retirement occurred before, or occurred after, the member joined the fund); and (B) the benefits are provided to the member’s legal personal representative, to any or all of the member’s dependants, or to both; (iv) the provision of benefits in respect of each member of the fund on or after the member’s death, if: (A) the death occurred after the member attained the age prescribed for the purposes of subparagraph (a)(ii); and (B) the benefits are provided to the member’s legal personal representative, to any or all of the member’s dependants, or to both; (v) the provision of such other benefits as the Regulator approves in writing. (1A) Subsection (1) does not imply that a trustee of a regulated superannuation fund is required to maintain the fund so that the same kind of benefits will be provided: (a) to each member of the fund; or (b) in respect of each member of the fund. (2) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection. (3) An approval given by the Regulator for the purposes of subsection (1) may be expressed to relate to: (a) a specified fund; or (b) a specified class of funds.", "Amendment_Count": 4, "First_Amended": "No 144 of 1995", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 121 of 1999 | No 53 of 2004", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s62"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 62A", "Provision_Key": "s62a", "Heading": "Self managed superannuation funds—investment in collectables and personal use assets", "Text": "The regulations may prescribe rules in relation to the trustees of regulated superannuation funds that are self managed superannuation funds making, holding and realising investments involving: (a) artwork (within the meaning of the Income Tax Assessment Act 1997 ); or (b) jewellery; or (c) antiques; or (d) artefacts; or (e) coins or medallions; or (f) postage stamps or first day covers; or (g) rare folios, manuscripts or books; or (h) memorabilia; or (i) wine; or (j) cars; or (k) recreational boats; or (l) memberships of sporting or social clubs; or (m) assets of a particular kind, if assets of that kind are ordinarily used or kept mainly for personal use or enjoyment (not including land). Note: The regulations may prescribe penalties of not more than 10 penalty units for offences against the regulations. See paragraph 353(1)(d).", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Inserted by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s62A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 63", "Provision_Key": "s63", "Heading": "Certain regulated superannuation funds not to accept employer contributions in certain circumstances", "Text": "Directions (1) The Regulator may give a trustee of a regulated superannuation fund a written notice directing the trustee, or the trustees, not to accept any contributions made to the fund by an employer ‑ sponsor. Pre ‑ 1994 ‑ 95 directions (2) The Commissioner may only give a direction under this section to the trustee of a fund before the fund’s 1994 ‑ 95 year of income (whether in accordance with section 4 of the Acts Interpretation Act 1901 or otherwise) if the direction takes effect at the beginning of that year of income and, at a time during the period: (a) beginning on the day on which this Act received the Royal Assent; and (b) ending immediately before the beginning of that year of income; when: (c) the fund was in existence; and (d) there were in force regulations for the purposes of subsection 7(1) of the Occupational Superannuation Standards Act 1987 prescribing standards applicable to the fund; the fund did not comply with any or all of those standards. Post ‑ 1993 ‑ 94 directions (3) The Regulator must not give a direction under this section to a trustee of a fund after the beginning of the fund’s 1994 ‑ 95 year of income unless: (a) a trustee of the fund has contravened one or more of the regulatory provisions (as defined in section 38A) on one or more occasions after the beginning of that year of income; and (b) the Regulator is satisfied that the seriousness or frequency, or both, of the contraventions warrants the giving of the direction. Reasons (4) A direction under this section must be accompanied by, or included in the same document as, a statement giving the reasons for the direction. Revocation (5) The Regulator may revoke a direction under this section if the Regulator is satisfied that there is, and is likely to continue to be, substantial compliance by each trustee of the fund with the regulatory provisions (as defined in section 38A) applicable to the fund. Contravention of equal representation rules (6) For the purposes of subsections (3) and (5), if a fund does not comply with Part 9 (which deals with equal representation), the trustee of the fund is, or the trustees of the fund are, taken to have contravened the applicable provisions of that Part. Offence of contravening direction (7) A trustee of a fund must not, without reasonable excuse, contravene a direction under this section. Penalty: 100 penalty units. (7A) Subsection (7) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . Additional rule for certain funds not complying with equal representation rules (7B) An RSE licensee of a fund that is not a public offer superannuation fund must not, while subsection (7D) applies to the fund, accept any contributions made to the fund by an employer ‑ sponsor. Penalty: 60 penalty units. (7C) Subsection (7B) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (7D) This subsection applies to the fund if: (a) the fund is failing to comply with subsection 92(4) or 93(4) (whichever is applicable); or (b) having previously failed to comply, the fund does so comply but the RSE licensee has not given to APRA a notice in the approved form that: (i) states that the fund so complies; and (ii) if the RSE licensee is a group of individual trustees and the compliance is as a result of the appointment of one or more other individual trustees to the group—states the appointee’s name or the appointees’ names; and (iii) if the RSE licensee is a body corporate and the compliance is as a result of the appointment of one or more directors to the board of directors of the body corporate—states the appointee’s name or the appointees’ names. Refund of contributions (8) A contravention of subsection (7) or (7B) does not result in the invalidity of a transaction. However, if a contribution is accepted in contravention of either of those subsections, a trustee of the fund concerned must refund the contribution within 28 days or such further period as the Regulator allows. Notification to employer ‑ sponsors (9) If a trustee of a fund is given a direction under this section, each trustee of the fund must ensure that all reasonable steps are taken to notify the direction to each employer ‑ sponsor of the fund. Offence of contravening subsection (8) or (9) (10) A person who, without reasonable excuse, contravenes subsection (8) or (9) commits an offence punishable on conviction by a fine not exceeding 50 penalty units. (10A) Subsection (10) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . Refunded contributions to be ignored for the purposes of income tax and superannuation guarantee charge (11) For the purposes of the Income Tax Assessment Act and the Superannuation Guarantee (Administration) Act 1992 , if a contribution is refunded under this section, the person who made the contribution is taken never to have made the contribution. Superannuation guarantee charge—shortfall component to be treated as employer contribution (12) This section has effect as if the payment of a shortfall component to a fund under section 65 of the Superannuation Guarantee (Administration) Act 1992 were a contribution made to the fund by an employer ‑ sponsor. OSSA (13) A reference in this section to subsection 7(1) of the Occupational Superannuation Standards Act 1987 includes a reference to that subsection as it continues to apply, despite its repeal, because of the Occupational Superannuation Standards Amendment Act 1993 .", "Amendment_Count": 6, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 160 of 2000 | No 123 of 2001 | No 53 of 2004 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s63"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 64", "Provision_Key": "s64", "Heading": "Superannuation contributions—deductions from salary or wages to be remitted promptly", "Text": "Application (1) This section applies if: (a) an employer of an employee is authorised (whether by the employee, by force of law or otherwise) to: (i) deduct an amount from salary or wages payable by the employer to the employee; and (ii) pay to a trustee of a regulated superannuation fund the amount of the deduction for the purposes of making provision for superannuation benefits for, or for dependants of, the employee; and (b) the employer makes such a deduction. Prompt remission (2) The employer must pay to a trustee of the superannuation fund the amount of the deduction before the end of the 28 ‑ day period beginning immediately after the end of the month in which the deduction was made. (2A) Subsection (2) does not apply if: (a) the employer pays to an approved clearing house (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) the amount of the deduction before the end of the period mentioned in that subsection; and (b) the approved clearing house accepts the payment. (3) The employer commits an offence if the employer contravenes subsection (2). Penalty: 100 penalty units. (3A) The employer commits an offence if the employer contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . Part ‑ time domestic workers counted (5) For the purposes of this section, the Superannuation Guarantee (Administration) Act 1992 has effect as if subsection 11(2) of that Act had not been enacted.", "Amendment_Count": 8, "First_Amended": "No 160 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 160 of 2000 | No 53 of 2004 | No 56 of 2010 | No 82 of 2010 | No 75 of 2012 | No 136 of 2012 | No 4 of 2016 | No 57 of 2025", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 56 of 2010, effective Sch 1 (items 6, 9): 1 July 2010 (s 2(1) item 2, 5) Sch 6 (items 99–101): 4 June 2010 (s 2(1) item 16) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 75 of 2012, effective Sch 6 (items 1–9): 27 June 2013 (s 2(1) item 3) Sch 6 (items 10, 11): 27 June 2012 (s 2(1) item 4) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 129 ‑ 143, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s64"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 65", "Provision_Key": "s65", "Heading": "Lending to members of regulated superannuation fund prohibited", "Text": "Prohibition (1) A trustee or an investment manager of a regulated superannuation fund must not: (a) lend money of the fund to: (i) a member of the fund; or (ii) a relative of a member of the fund; or (b) give any other financial assistance using the resources of the fund to: (i) a member of the fund; or (ii) a relative of a member of the fund. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) by a trustee in relation to a self managed superannuation fund. Exception—private sector funds (2) Subsection (1) does not prohibit the lending of money of a private sector fund established before 16 December 1985 to a member if the trustee of the fund, on or before that date: (a) had express power to lend money to members; or (b) lent money to members and that lending was not expressly prohibited by the governing rules of the fund. Exception—public sector funds (3) Subsection (1) does not prohibit the lending of money of a public sector fund established before 25 May 1988 to a member if the trustee of the fund, on or before that date: (a) had express power to lend money to members; or (b) lent money to members and that lending was not expressly prohibited by the governing rules of the fund. Variation of governing rules (4) If: (a) subsection (2) or (3) applies to a regulated superannuation fund; and (b) at the beginning of the fund’s 1994 ‑ 95 year of income, a provision included in the governing rules of the fund authorised the lending of the fund’s money to members; a variation of that provision is void unless the variation: (c) limits the power to lend the fund’s money to members; or (d) removes the power to lend the fund’s money to members. Civil penalty provision (5) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection. Effect of Part 8 (7) Nothing in Part 8 limits the operation of this section.", "Amendment_Count": 4, "First_Amended": "No 199 of 1999", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 199 of 1999 | No 53 of 2004 | No 134 of 2008 | No 11 of 2014", "History_Notes": "Amended by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 134 of 2008, effective Sch 4 (items 8–17): 1 July 2008 (s 2(1) item 4) Sch 4 (item 20): 4 Dec 2008 (s 2(1) item 4A) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s65"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 66", "Provision_Key": "s66", "Heading": "Acquisitions of certain assets from members of regulated superannuation funds prohibited", "Text": "Prohibition (1) Subject to subsection (2), a trustee or an investment manager of a regulated superannuation fund must not intentionally acquire an asset from a related party of the fund. Exception—acquisitions of business real property and listed securities (2) Subsection (1) does not prohibit a trustee or investment manager acquiring an asset from a related party of the fund if: (a) the asset is a listed security acquired at market value; or (b) if the fund is a superannuation fund with no more than 6 members—the asset is business real property of the related party acquired at market value; or (c) the trustee of a regulated superannuation fund acquired the asset under a merger between regulated superannuation funds; or (d) the asset is an asset of a kind which the Regulator, by legislative instrument, determines may be acquired by: (i) any fund; or (ii) a class of funds in which the fund is included. Exception—certain in ‑ house assets (2A) Subsection (1) does not prohibit the acquisition of an asset by a trustee or investment manager of a superannuation fund from a related party of the fund if: (a) the acquisition of the asset constitutes an investment that: (i) is an in ‑ house asset of the fund within the meaning of subsection 71(1); or (ii) would be an in ‑ house asset of the fund within the meaning of subsection 71(1) apart from the operation of Subdivision D of Part 8; or (iii) is a life insurance policy issued by a life insurance company (other than a policy acquired from a member of the fund or from a relative of a member); or (iv) is referred to in paragraph 71(1)(b), (ba), (c), (d), (e), (f), (h) or (j); and (b) the asset is acquired at market value; and (c) the acquisition of the asset would not result in the level of in ‑ house assets of the superannuation fund exceeding the level permitted by Part 8. Exception—breakdown of relationships (2B) Subsection (1) does not prohibit a trustee or investment manager acquiring an asset from a related party of the fund (the acquiring fund ) if: (a) the asset is acquired: (i) for the benefit of a particular member of the acquiring fund; and (ii) from a trustee or investment manager of another regulated superannuation fund (the transferring fund ); and (b) at the time of the acquisition: (i) the member and his or her spouse or former spouse are separated; and (ii) there is no reasonable likelihood of cohabitation being resumed; and (c) the acquisition occurs because of reasons directly connected with the breakdown of the relationship between the spouses or former spouses; and (d) the asset represents the whole, or a part, of either: (i) the member’s own interests in the transferring fund; or (ii) the member’s entitlements as determined under Part VIIIB or VIIIC of the Family Law Act 1975 in relation to the interests of the member’s spouse, or former spouse, in the transferring fund. (2C) For the purposes of subsection (2B), the question whether the spouses, or former spouses, have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act). Prohibition of avoidance schemes (3) A person must not enter into, commence to carry out, or carry out a scheme if the person entered into, commenced to carry out, or carried out the scheme or any part of the scheme with the intention that: (a) the scheme would result, or be likely to result, in the acquisition of an asset by a trustee or an investment manager of a regulated superannuation fund, where the asset is acquired from a person who has a connection (either direct or indirect through one or more interposed companies, partnerships or trusts) with a related party of the fund; and (b) that acquisition would avoid the application of subsection (1) to the fund. Offence (4) A person who contravenes subsection (1) or (3) commits an offence punishable on conviction by imprisonment for a term not exceeding 1 year. Definitions (5) In this section: acquire an asset does not include accept money. business includes any profession, trade, employment, vocation or calling carried on for the purposes of profit, including: (a) the carrying on of primary production; and (b) the provision of professional services; but does not include occupation as an employee. business real property , in relation to an entity, means: (a) any freehold or leasehold interest of the entity in real property; or (b) any interest of the entity in Crown land, other than a leasehold interest, being an interest that is capable of assignment or transfer; or (c) if another class of interest in relation to real property is prescribed by the regulations for the purposes of this paragraph—any interest belonging to that class that is held by the entity; where the real property is used wholly and exclusively in one or more businesses (whether carried on by the entity or not), but does not include any interest held in the capacity of beneficiary of a trust estate. listed security means a security listed for quotation in the official list of any of the following: (a) a licensed market within the meaning of the Corporations Act 2001 ; or (b) an approved stock exchange within the meaning of the Income Tax Assessment Act 1997 ; or (c) a market exempted under section 791C of the Corporations Act 2001 . primary production business has the same meaning as in the Income Tax Assessment Act 1997 . scheme means: (a) any agreement, arrangement, understanding, promise or undertaking: (i) whether express or implied; or (ii) whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. Real property used in primary production business (6) For the purposes of the definition of business real property in subsection (5), real property used in one or more primary production businesses does not cease to be used wholly and exclusively in that business or those businesses only because: (a) an area of the real property, not exceeding 2 hectares, contains a dwelling used primarily for domestic or private purposes; and (b) the area is also used primarily for domestic or private purposes; provided that the use for domestic or private purposes referred to in paragraphs (a) and (b) is not the predominant use of the real property.", "Amendment_Count": 15, "First_Amended": "No 140 of 1994", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 140 of 1994 | No 169 of 1995 | No 43 of 1996 | No 121 of 1999 | No 199 of 1999 | No 55 of 2001 | No 123 of 2001 | No 53 of 2004 | No 154 of 2007 | No 114 of 2010 | No 117 of 2010 | No 4 of 2016 | No 112 of 2020 | No 47 of 2021 | No 76 of 2023", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1)) | Amended by No 43 of 1996, effective Sch 2 (item 110): 1 Dec 1993 (s 2(2)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 498–506): 15 July 2001 (s 2(1), (3)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 114 of 2010, effective Sch 1 (items 87, 93(1)): 14 July 2010 (s 2(1) items 2, 4) | Amended by No 117 of 2010, effective s 4: 16 Nov 2010 (s 2(1) item 1) Sch 2 (item 1): 1 Dec 2010 (s 2(1) item 3) Sch 3: 17 Nov 2010 (s 2(1) item 5) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 112 of 2020, effective Sch 3 (items 98, 99): 28 Sept 2022 (s 2(1) item 1) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s66"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 67", "Provision_Key": "s67", "Heading": "Borrowing", "Text": "Prohibition (1) Subject to this section and section 67A, a trustee of a regulated superannuation fund must not: (a) borrow money; or (b) maintain an existing borrowing of money. Note 1: Section 67A contains an exception for certain limited recourse borrowing arrangements. Note 2: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. Exception—temporary borrowing to pay beneficiary (2) Subsection (1) does not prohibit a trustee of a regulated superannuation fund from borrowing money if: (a) the purpose of the borrowing is to enable the trustee to make a payment to a beneficiary which the trustee is required to make by law or by the governing rules and which, apart from the borrowing, the trustee would not be able to make; and (b) the period of the borrowing does not exceed 90 days; and (c) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the fund. (2A) Subsection (1) does not prohibit a trustee of a regulated superannuation fund from borrowing money if: (a) the purpose of the borrowing is to enable the trustee to make a payment of surcharge or advance instalment which the trustee is required to make under the Superannuation Contributions Tax (Assessment and Collection) Act 1997 and which, apart from the borrowing, the trustee would not be able to make; and (b) the period of the borrowing does not exceed 90 days; and (c) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the fund. Exception—temporary borrowing to cover settlement of securities transactions (3) Subsection (1) does not prohibit a trustee of a regulated superannuation fund from borrowing money if: (a) the purpose of the borrowing is to enable the trustee to cover settlement of a transaction for the acquisition of any of the following: (i) bonds, debentures, stock, bills of exchange or other securities; (ii) shares in a company; (iii) units in a unit trust; (iv) futures contracts; (v) forward contracts; (vi) interest rates swap contracts; (vii) currency swap contracts; (viii) forward exchange rate contracts; (ix) forward interest rate contracts; (x) a right or option in respect of such a security, share, unit, contract or policy; (xi) any similar financial instrument; (xii) foreign currency; and (b) both: (i) at the time the relevant investment decision was made, it was likely that the borrowing would not be needed; and (ii) the borrowing is not taken, under a determination made, by legislative instrument, by the Regulator, to be exempt from this paragraph; and (c) the period of the borrowing does not exceed 7 days; and (d) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the fund. Exception—private sector funds (5) Subsection (1) does not prohibit a trustee of a private sector fund from maintaining an existing borrowing of money if: (a) the trustee had, at a time before 12 June 1986, borrowed the money in circumstances that did not comply with the standard set out in paragraph 16(1)(b) of the Occupational Superannuation Standards Regulations; and (b) the maintenance occurs before whichever is the earliest of the following: (i) the day on which the trustee made such arrangements as were necessary to comply with that standard; (ii) the day on which the trustee makes such arrangements as are necessary to comply with subsection (1); (iii) 1 July 1995. Exception—public sector funds (6) Subsection (1) does not prohibit the trustee of a public sector fund from maintaining an existing borrowing of money if: (a) the trustee had, at a time before 2 July 1990, borrowed the money in circumstances that did not comply with the standard set out in paragraph 16(1)(b) of the Occupational Superannuation Standards Regulations; and (b) the maintenance occurs before whichever is the earliest of the following: (i) the day on which the trustee made such arrangements as were necessary to comply with that standard; (ii) the day on which the trustee makes such arrangements as are necessary to comply with subsection (1); (iii) 1 July 2000. Civil penalty provision (7) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection.", "Amendment_Count": 8, "First_Amended": "No 71 of 1997", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 71 of 1997 | No 54 of 1998 | No 121 of 1999 | No 53 of 2004 | No 143 of 2007 | No 154 of 2007 | No 100 of 2010 | No 11 of 2014", "History_Notes": "Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 143 of 2007, effective Sch 3 and Sch 5 (items 27, 48(1), (3)): 24 Sept 2007 (s 2(1) items 4, 5, 7) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 100 of 2010, effective 7 July 2010 (s 2) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s67"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 67A", "Provision_Key": "s67a", "Heading": "Limited recourse borrowing arrangements", "Text": "Exception (1) Subsection 67(1) does not prohibit a trustee of a regulated superannuation fund (the RSF trustee ) from borrowing money, or maintaining a borrowing of money, under an arrangement under which: (a) the money is or has been applied for the acquisition of a single acquirable asset, including: (i) expenses incurred in connection with the borrowing or acquisition, or in maintaining or repairing the acquirable asset (but not expenses incurred in improving the acquirable asset); and Example: Conveyancing fees, stamp duty, brokerage or loan establishment costs. (ii) money applied to refinance a borrowing (including any accrued interest on a borrowing) to which this subsection applied (including because of section 67B) in relation to the single acquirable asset (and no other acquirable asset); and (b) the acquirable asset is held on trust so that the RSF trustee acquires a beneficial interest in the acquirable asset; and (c) the RSF trustee has a right to acquire legal ownership of the acquirable asset by making one or more payments after acquiring the beneficial interest; and (d) the rights of the lender or any other person against the RSF trustee for, in connection with, or as a result of, (whether directly or indirectly) default on: (i) the borrowing; or (ii) the sum of the borrowing and charges related to the borrowing; are limited to rights relating to the acquirable asset; and Example: Any right of a person to be indemnified by the RSF trustee because of a personal guarantee given by that person in favour of the lender is limited to rights relating to the acquirable asset. (e) if, under the arrangement, the RSF trustee has a right relating to the acquirable asset (other than a right described in paragraph (c))—the rights of the lender or any other person against the RSF trustee for, in connection with, or as a result of, (whether directly or indirectly) the RSF trustee’s exercise of the RSF trustee’s right are limited to rights relating to the acquirable asset; and (f) the acquirable asset is not subject to any charge (including a mortgage, lien or other encumbrance) except as provided for in paragraph (d) or (e). Meaning of acquirable asset (2) An asset is an acquirable asset if: (a) the asset is not money (whether Australian currency or currency of another country); and (b) neither this Act nor any other law prohibits the RSF trustee from acquiring the asset. (3) This section and section 67B apply to a collection of assets in the same way as they apply to a single asset, if: (a) the assets in the collection have the same market value as each other; and (b) the assets in the collection are identical to each other. Example: A collection of shares of the same class in a single company. (4) For the purposes of this section and section 67B, the regulations may provide that, in prescribed circumstances, an acquirable asset ceases to be that particular acquirable asset. RSF trustee (5) Paragraphs (1)(d) and (e) do not apply to a right of: (a) a member of the regulated superannuation fund; or (b) another trustee of the regulated superannuation fund; to damages against the RSF trustee for a breach by the RSF trustee of any of the RSF trustee’s duties as trustee. (6) A reference in paragraph (1)(d) or (e) (but not in subsection (5)) to a right of any person against the RSF trustee includes a reference to a right of a person who is the RSF trustee, if the person holds the right in another capacity.", "Amendment_Count": 1, "First_Amended": "No 100 of 2010", "Last_Amended": "No 100 of 2010", "Amending_Acts": "No 100 of 2010", "History_Notes": "Inserted by No 100 of 2010, effective 7 July 2010 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s67A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 67B", "Provision_Key": "s67b", "Heading": "Limited recourse borrowing arrangements—replacement assets", "Text": "(1) Subsection (2) applies to: (a) a reference in paragraph 67A(1)(b), (c), (d), (e) or (f) to an acquirable asset (the original asset ); or (b) a reference in subsection 71(8) to an acquirable asset (the original asset ) mentioned in paragraph 67A(1)(b); (including a reference resulting from a previous application of subsection (2) of this section). (2) Treat the reference as being a reference to another single acquirable asset (the replacement asset ) if: (a) the replacement asset replaces the original asset; and (b) subsection (3), (4), (5), (6), (7) or (8) applies. (3) This subsection applies if: (a) the original asset consists of: (i) a share in a company, or a collection of shares in a company; or (ii) a unit in a unit trust, or a collection of units in a unit trust; and (b) the replacement asset consists of: (i) a share in that company, or a collection of shares in that company; or (ii) a unit in that unit trust, or a collection of units in that unit trust; and (c) at the time the replacement occurs, the original asset and the replacement asset have the same market value. (4) This subsection applies if: (a) the original asset consists of an instalment receipt that confers a beneficial interest in: (i) a share in a company; or (ii) a collection of shares in a company; and (b) the replacement asset consists of that share or collection. (5) This subsection applies if: (a) the original asset consists of: (i) a share in a company, or a collection of shares in a company; or (ii) a unit in a unit trust, or a collection of units in a unit trust; and (b) the replacement asset consists of: (i) a share in another company, or a collection of shares in another company; or (ii) a unit in another unit trust, or a collection of units in another unit trust; and (c) the replacement occurs as a result of a takeover, merger, demerger or restructure of the company or unit trust mentioned in paragraph (a). (6) This subsection applies if: (a) the original asset consists of a share in a company, or a collection of shares in a company; and (b) the replacement asset consists of a stapled security, or a collection of stapled securities; and (c) each of those stapled securities consists of a single share, or a single collection of shares of the same class, stapled together with a single unit, or a single collection of units of the same class, in a unit trust; and (d) the replacement occurs under a scheme of arrangement of the company. (7) This subsection applies if: (a) the original asset consists of a unit in a unit trust, or a collection of units in a unit trust; and (b) the replacement asset consists of a unit in that unit trust, or a collection of units in that unit trust; and (c) the replacement occurs as a result of an exercise of a discretion granted under the trust deed of that unit trust to the trustee of that unit trust. (8) This subsection applies in the circumstances (if any) prescribed by the regulations for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 100 of 2010", "Last_Amended": "No 100 of 2010", "Amending_Acts": "No 100 of 2010", "History_Notes": "Inserted by No 100 of 2010, effective 7 July 2010 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s67B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68", "Provision_Key": "s68", "Heading": "Victimisation of trustees etc.", "Text": "Prohibition (1) A person must not commit an act of victimisation against: (a) a trustee of an employer ‑ sponsored fund; or (b) a responsible officer of a corporate trustee of an employer ‑ sponsored fund. Penalty: Imprisonment for 2 years. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Act of victimisation against trustee (2) For the purposes of this section, a person is taken to commit an act of victimisation against a trustee of an employer ‑ sponsored fund if, and only if, the person subjects, or threatens to subject, the trustee to a detriment on the grounds that: (a) the trustee has fulfilled, is fulfilling, or is proposing to fulfil, an obligation imposed on the trustee; or (b) the trustee has exercised, is exercising, or is proposing to exercise, the trustee’s powers in a particular way. Act of victimisation against officer of corporate trustee (3) For the purposes of this section, a person is taken to commit an act of victimisation against a responsible officer of a corporate trustee of an employer ‑ sponsored fund if, and only if, the person subjects, or threatens to subject, the responsible officer to a detriment on the grounds that: (a) the trustee or officer has fulfilled, is fulfilling, or is proposing to fulfil, an obligation imposed on the trustee or officer; or (b) the trustee or officer has exercised, is exercising, or is proposing to exercise, any of the trustee’s powers or the officer’s powers, as the case may be, in a particular way. Employers (4) For the purposes of this section, an employer is taken to subject an employee to a detriment if the employer: (a) dismisses the employee; or (b) injures the employee in his or her employment; or (c) alters the position of the employee to the employee’s prejudice. However, for the purposes of this section, an employer is taken not to subject an employee to a detriment if the employer: (a) permanently ceases to be an employer ‑ sponsor of a superannuation fund of which the employee is a member; or (b) temporarily ceases to contribute to a superannuation fund in respect of a class of members in which the employee is included; or (c) reduces the level of contributions to a superannuation fund in respect of a class of members in which the employee is included. Reasons (5) In civil proceedings arising out of this section: (a) it is not necessary for the plaintiff to prove the defendant’s reason for the alleged action; and (b) it is a defence if the defendant proves that the action was not motivated (whether in whole or in part) by the alleged reason. Obligations (6) A reference in this section to an obligation imposed on a trustee or a responsible officer is a reference to an obligation imposed on the trustee or officer by this Act, the regulations or the prudential standards, by the governing rules of the entity concerned or otherwise. Powers (7) A reference in this section to the powers of a trustee or a responsible officer is a reference to the powers conferred on the trustee or the officer by this Act, the regulations or the prudential standards, by the governing rules of the entity concerned or otherwise. Civil liability (8) If: (a) a person (the defendant ) commits an act of victimisation against: (i) a trustee of an employer ‑ sponsored fund; or (ii) a responsible officer of a corporate trustee of an employer ‑ sponsored fund; and (b) the trustee or officer suffers loss or damage because of the act of victimisation; the trustee or officer may recover the amount of the loss or damage by action against the defendant. Special meaning of employee and employer (9) The meaning of the expressions employee and employer , when used in this section, is to be determined as if subsections 12(3) and (8) of the Superannuation Guarantee (Administration) Act 1992 had not been enacted. (Those subsections deem certain contractors to be employees.)", "Amendment_Count": 3, "First_Amended": "No 31 of 2001", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 31 of 2001 | No 53 of 2004 | No 117 of 2012", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AAA", "Provision_Key": "s68aaa", "Heading": "Benefits provided by taking out insurance—inactive accounts", "Text": "(1) Each trustee of a regulated superannuation fund must ensure that a benefit is not provided by the fund to, or in respect of, a member of the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if: (a) the member’s account is inactive in relation to that product for a continuous period of 16 months; and (b) the member has not elected under subsection (2) that the benefit will be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member’s account is inactive in relation to that product for a continuous period of 16 months. Note: This section does not apply in relation to regulated superannuation funds with no more than 6 members (see section 68AAD). (2) Each trustee of the regulated superannuation fund must ensure that each member of the fund who holds a choice product or MySuper product offered by the fund may elect, in writing, that a benefit specified in the election is to be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member’s account is inactive in relation to that product for a continuous period of 16 months. (2A) A member’s election: (a) that: (i) is given under subsection (2); or (ii) because of a previous application of this subsection, is taken to have been given under subsection (2); to the trustee of a regulated superannuation fund (the original fund ); and (b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the successor fund ); continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if: (c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and (d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member. (3) For the purposes of this section, a member of a regulated superannuation fund has an account that is inactive in relation to a choice product or MySuper product for a period if the trustee, or trustees of the fund, have not received an amount in respect of the member that relates to that product during that period. (4) The prohibition in subsection (1) ceases to apply to benefits provided to, or in respect of, a member of the fund under a choice product or MySuper product held by the member if the trustee, or trustees of the fund, receive an amount in respect of the member that relates to that product after the account has been inactive in relation to the product for 16 months. (5) However, the prohibition in subsection (1) applies again if the member’s account is again inactive in relation to the product for a period of 16 months. (6) This section does not apply to: (a) a defined benefit member; or (b) an ADF Super member (within the meaning of the Australian Defence Force Superannuation Act 2015 ) who is: (i) a member of the Permanent Forces (within the meaning of that Act); or (ii) a continuous full ‑ time Reservist (within the meaning of that Act); or (c) a person who would be an ADF Super member covered by paragraph (b) of this subsection apart from the fact that the regulated superannuation fund is or was, for the purposes of Part 3A of the Superannuation Guarantee (Administration) Act 1992 , a chosen fund for contributions for the person’s superannuation by the Commonwealth; or (d) a member to whom the employer ‑ sponsor contribution exception applies (see section 68AAE). (7) Nothing in this section affects a right of a member of a regulated superannuation fund if: (a) the right relates to insurance cover; and (b) in compliance with this section, an insurance premium in relation to the member for that insurance cover ceases to be paid; and (c) the right exists because of insurance premiums paid in relation to the member before insurance premiums cease to be paid as mentioned in paragraph (b). (8) Nothing in this section affects a right of a member of a regulated superannuation fund if: (a) the right is a right to insurance cover for a fixed term, subject only to the payment of insurance premiums; and (b) that fixed term begins before the time at which a trustee of the fund is required under subsection (1) to ensure that a benefit is not provided to, or in respect of, the member under a choice product or MySuper product held by the member by taking out or maintaining insurance.", "Amendment_Count": 4, "First_Amended": "No 16 of 2019", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 16 of 2019 | No 45 of 2020 | No 141 of 2020 | No 47 of 2021", "History_Notes": "Inserted by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 45 of 2020, effective Sch 2 (items 6–13): 26 May 2020 (s 2(1) item 3) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AAA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AAB", "Provision_Key": "s68aab", "Heading": "Benefits provided by taking out insurance—low ‑ balance accounts", "Text": "(1) Each trustee of a regulated superannuation fund must ensure that a benefit is not provided by the fund to, or in respect of, a member of the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if: (a) the member has an account balance with the fund that relates to the product that is less than $6,000; and (b) on or after 1 November 2019, the member has not had an account balance with the fund that relates to the product that was equal to or greater than $6,000; and (c) the member has not elected under subsection (2) that the benefit will be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member has an account balance with the fund that relates to the product that is less than $6,000. Note: This section does not apply in relation to regulated superannuation funds with no more than 6 members (see section 68AAD). (2) Each trustee of the regulated superannuation fund must ensure that each member of the fund who holds a choice product or MySuper product offered by the fund may elect, in writing, that a benefit specified in the election is to be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member has an account balance with the fund that relates to the product that is less than $6,000. (3) The member is taken to have made an election under subsection (2) if the member makes an election under subsection 68AAC(2). (3A) A member’s election: (a) that: (i) is given under subsection (2); or (ii) because of a previous application of this subsection, is taken to have been given under subsection (2); to the trustee of a regulated superannuation fund (the original fund ); and (b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the successor fund ); continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if: (c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and (d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member. (3B) Subsection (3C) applies if: (a) the benefits of a member of a regulated superannuation fund (the original fund ) are transferred from the original fund to another regulated superannuation fund (the successor fund ); and (b) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits. (3C) Subsection (1) does not apply in relation to the successor fund providing a benefit to, or in respect of, the member if, immediately before the transfer: (a) the original fund provided a benefit to, or in respect of, the member under a choice product or MySuper product held by the member by taking out or maintaining insurance; and (b) subsection (1): (i) did not apply in relation to the original fund providing that benefit to, or in respect of, the member; but (ii) would have applied if paragraphs (1)(a) and (b) were disregarded. (4) This section does not apply to: (a) a defined benefit member; or (b) an ADF Super member (within the meaning of the Australian Defence Force Superannuation Act 2015 ) who is: (i) a member of the Permanent Forces (within the meaning of that Act); or (ii) a continuous full ‑ time Reservist (within the meaning of that Act); or (c) a person who would be an ADF Super member covered by paragraph (b) of this subsection apart from the fact that the regulated superannuation fund is or was, for the purposes of Part 3A of the Superannuation Guarantee (Administration) Act 1992 , a chosen fund for contributions for the person’s superannuation by the Commonwealth; or (d) a member to whom the employer ‑ sponsor contribution exception applies (see section 68AAE); or (e) a member to whom the dangerous occupation exception applies (see section 68AAF). (5) Nothing in this section affects a right of a member of a regulated superannuation fund if: (a) the right relates to insurance cover; and (b) in compliance with this section, an insurance premium in relation to the member for that insurance cover ceases to be paid; and (c) the right exists because of insurance premiums paid in relation to the member before insurance premiums cease to be paid as mentioned in paragraph (b). (6) Nothing in this section affects a right of a member of a regulated superannuation fund if: (a) the right is a right to insurance cover for a fixed term, subject only to the payment of insurance premiums; and (b) that fixed term begins before the time at which a trustee of the fund is required under subsection (1) to ensure that a benefit is not provided to, or in respect of, the member under a choice product or MySuper product held by the member by taking out or maintaining insurance.", "Amendment_Count": 5, "First_Amended": "No 79 of 2019", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 79 of 2019 | No 45 of 2020 | No 141 of 2020 | No 47 of 2021 | No 67 of 2024", "History_Notes": "Inserted by No 79 of 2019, effective Sch 1 (items 1–5, 8–10): 3 Oct 2019 (s 2(1) item 1) | Amended by No 45 of 2020, effective Sch 2 (items 6–13): 26 May 2020 (s 2(1) item 3) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AAB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AAC", "Provision_Key": "s68aac", "Heading": "Benefits provided by taking out insurance—members under 25 years old", "Text": "(1) Each trustee of a regulated superannuation fund must ensure that a benefit is not provided by the fund to, or in respect of, a member of the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if: (a) the member is under the age of 25 years; and (b) the member has not elected under subsection (2) that the benefit will be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member is under the age of 25 years. Note: This section does not apply in relation to regulated superannuation funds with no more than 6 members (see section 68AAD). (2) Each trustee of the regulated superannuation fund must ensure that each member of the fund who holds a choice product or MySuper product offered by the fund and who is under the age of 25 years may elect, in writing, that a benefit specified in the election is to be provided to, or in respect of, the member under the product by taking out or maintaining insurance, even if the member is under the age of 25 years. (3) The member is taken to have made an election under subsection (2) if the member makes an election under subsection 68AAB(2). (3A) A member’s election: (a) that: (i) is given under subsection (2); or (ii) because of a previous application of this subsection, is taken to have been given under subsection (2); to the trustee of a regulated superannuation fund (the original fund ); and (b) that is in force immediately before the transfer of the benefits of the member from the original fund to another regulated superannuation fund (the successor fund ); continues in force (and may be dealt with) as if it had been given under subsection (2) to the trustee of the successor fund, if: (c) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits; and (d) before the transfer, the trustee of the successor fund had agreed with the trustee of the original fund that the successor fund will confer such equivalent rights on the member. (3B) Subsection (3C) applies if: (a) the benefits of a member of a regulated superannuation fund (the original fund ) are transferred from the original fund to another regulated superannuation fund (the successor fund ); and (b) the successor fund confers on the member equivalent rights to the rights the member had under the original fund in respect of the benefits. (3C) Subsection (1) does not apply in relation to the successor fund providing a benefit to, or in respect of, the member if, immediately before the transfer: (a) the original fund provided a benefit to, or in respect of, the member under a choice product or MySuper product held by the member by taking out or maintaining insurance; and (b) subsection (1): (i) did not apply in relation to the original fund providing that benefit to, or in respect of, the member; but (ii) would have applied if paragraph (1)(a) were disregarded. (4) This section does not apply to: (a) a defined benefit member; or (b) an ADF Super member (within the meaning of the Australian Defence Force Superannuation Act 2015 ) who is: (i) a member of the Permanent Forces (within the meaning of that Act); or (ii) a continuous full ‑ time Reservist (within the meaning of that Act); or (c) a person who would be an ADF Super member covered by paragraph (b) of this subsection apart from the fact that the regulated superannuation fund is or was, for the purposes of Part 3A of the Superannuation Guarantee (Administration) Act 1992 , a chosen fund for contributions for the person’s superannuation by the Commonwealth; or (d) a member to whom the employer ‑ sponsor contribution exception applies (see section 68AAE); or (e) a member to whom the dangerous occupation exception applies (see section 68AAF).", "Amendment_Count": 5, "First_Amended": "No 79 of 2019", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 79 of 2019 | No 45 of 2020 | No 141 of 2020 | No 47 of 2021 | No 67 of 2024", "History_Notes": "Inserted by No 79 of 2019, effective Sch 1 (items 1–5, 8–10): 3 Oct 2019 (s 2(1) item 1) | Amended by No 45 of 2020, effective Sch 2 (items 6–13): 26 May 2020 (s 2(1) item 3) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AAC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AAD", "Provision_Key": "s68aad", "Heading": "Sections 68AAA, 68AAB and 68AAC do not apply to funds with no more than 6 members", "Text": "Sections 68AAA, 68AAB and 68AAC do not apply in relation to regulated superannuation funds with no more than 6 members.", "Amendment_Count": 3, "First_Amended": "No 16 of 2019", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 16 of 2019 | No 79 of 2019 | No 47 of 2021", "History_Notes": "Inserted by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 79 of 2019, effective Sch 1 (items 1–5, 8–10): 3 Oct 2019 (s 2(1) item 1) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AAD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AAE", "Provision_Key": "s68aae", "Heading": "Employer ‑ sponsor contribution exception", "Text": "(1) The employer ‑ sponsor contribution exception applies for a quarter to a member of regulated superannuation fund to, or in respect of, whom a benefit is provided by the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if: (a) an employer ‑ sponsor notifies the trustee of the fund in writing that the employer ‑ sponsor will pay insurance fees relating to the benefit for the member; and (b) the member is: (i) an employee of the employer ‑ sponsor, or an associate of the employer ‑ sponsor; or (ii) the relative or dependant of such an employee; and (c) the quarter ends after the employer ‑ sponsor notifies the trustee under paragraph (a); and (d) the amount the employer ‑ sponsor contributes to the fund for the quarter exceeds the amount that the employer ‑ sponsor would need to contribute to avoid an individual superannuation guarantee shortfall for the member for the quarter; and (e) that excess is equal to or greater than the insurance fees relating to the benefit for the quarter. (2) In this section: quarter means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October.", "Amendment_Count": 2, "First_Amended": "No 16 of 2019", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 16 of 2019 | No 57 of 2025", "History_Notes": "Inserted by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 129 ‑ 143, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AAE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AAF", "Provision_Key": "s68aaf", "Heading": "Dangerous occupation exception", "Text": "(1) The dangerous occupation exception applies to a member of a regulated superannuation fund to, or in respect of, whom a benefit is provided by the fund under a choice product or MySuper product held by the member by taking out or maintaining insurance if: (a) the trustee or trustees of the fund make an election under this section that members holding that product will be covered by a dangerous occupation exception if they are employed in an occupation specified in the election; and (b) the election is in force; and (c) the member is employed in an occupation specified in the election; and (d) it is reasonable to expect that some or all of the contributions paid into the product will be paid in respect of that employment. (2) The trustee, or trustees, of a regulated superannuation fund may elect that members holding a choice product or MySuper product specified in the election are covered by a dangerous occupation exception if they are employed in an occupation specified in the election and either: (a) a Fellow of the Institute of Actuaries of Australia has certified that: (i) based on rates of death, or death and total and permanent disability; and (ii) using information from the most recent 5 years in relation to Australian occupations; the occupation is in the riskiest quintile of Australian occupations; or (b) the occupation is as an emergency services worker (as defined for the purposes of the Work Health and Safety Act 2011 ). (3) The election must be made in writing. (4) The election is in force during the period: (a) beginning on the day on which a copy of the election is given to APRA; and (b) ending on the day on which the trustee, or the trustees, of the fund give APRA notice in writing that the election is withdrawn. (5) As soon as practicable after the election is made, a copy of the election must be: (a) published on the trustee’s, or each trustee’s, website; and (b) given to APRA. (6) Within 28 days of the dangerous occupation exception applying to a member of the fund, the trustee or trustees must give the member: (a) a notice in writing stating that the trustee or trustees have elected to treat the member’s occupation as a dangerous occupation, and are providing the benefit under the choice product or MySuper product by taking out or maintaining insurance; and (b) details of the annual cost to the member of providing the benefit under the choice product or MySuper product by taking out or maintaining insurance; and (c) details of how the member may elect to have the benefit cease. (7) To avoid doubt, nothing in this section affects the obligations of a trustee under the covenants referred to in section 52, or of a director of a corporate trustee under the covenants referred to in section 52A. Note: For example, under paragraph 52(7)(c) each trustee is subject to a covenant to only offer or acquire insurance of a particular kind, or at a particular level, if the cost of the insurance does not inappropriately erode the retirement income of beneficiaries.", "Amendment_Count": 1, "First_Amended": "No 79 of 2019", "Last_Amended": "No 79 of 2019", "Amending_Acts": "No 79 of 2019", "History_Notes": "Inserted by No 79 of 2019, effective Sch 1 (items 1–5, 8–10): 3 Oct 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AAF"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68AA", "Provision_Key": "s68aa", "Heading": "Benefits for permanent incapacity and death—MySuper members", "Text": "Requirement to provide permanent incapacity benefit and death benefit by taking out insurance (1) Each trustee of a regulated superannuation fund must ensure the following: (a) that the fund provides permanent incapacity benefit to each MySuper member of the fund; (b) that the fund provides death benefit in respect of each MySuper member of the fund; (c) that the benefits referred to in paragraphs (a) and (b) are provided by taking out insurance. Note: A failure to comply with subsection (1) is a breach of a condition of the RSE licence (see paragraph 29E(1)(a)). (2) The trustees of a regulated superannuation fund are not required to provide permanent incapacity benefit or death benefit if the conditions determined under subsection (3) in relation to the benefit are not met. (3) The trustees of a regulated superannuation fund may determine reasonable conditions to which the provision of: (a) permanent incapacity benefit; or (b) death benefit; is subject. (4) Without limiting subsection (3), conditions determined under subsection (3) in relation to a benefit are reasonable if they are the same as the terms and conditions of the policy of insurance taken out to provide the benefit. Requirement to allow MySuper members to elect not to receive permanent incapacity benefit or death benefit (5) Each trustee of a regulated superannuation fund must ensure that each MySuper member of the fund may elect either or both of the following: (a) that permanent incapacity benefit will not be provided to the member by the fund; (b) that death benefit will not be provided in respect of the member by the fund. Note: A failure to comply with subsection (5) is a breach of a condition of the RSE licence (see paragraph 29E(1)(a)). (6) The trustees of a regulated superannuation fund may require that MySuper members who wish to make an election in accordance with subsection (5): (a) must make the election in relation to both permanent incapacity benefit and death benefit; or (b) must make the election in relation to death benefit if they make the election in relation to permanent incapacity benefit. (7) Subsection (5) does not apply to a MySuper member of a regulated superannuation fund if the circumstances prescribed by the regulations for the purposes of this subsection are met. (8) If a MySuper member of a regulated superannuation fund makes an election in accordance with subsection (5) in relation to a benefit, subsection (1) does not apply in relation to the member and the benefit. Inactive accounts, low ‑ balance accounts and members under the age of 25 years (8A) This section does not require the provision of death benefit in respect of a MySuper member of a regulated superannuation fund, if death benefit is not to be provided in respect of the MySuper member by taking out or maintaining insurance because of section 68AAA, 68AAB or 68AAC. (8B) This section does not require the provision of permanent incapacity benefit to a MySuper member of a regulated superannuation fund, if permanent incapacity benefit is not to be provided in respect of the MySuper member by taking out or maintaining insurance because of section 68AAA, 68AAB or 68AAC. (9) This section does not apply to: (a) a defined benefit member; or (b) an ADF Super member (within the meaning of the Australian Defence Force Superannuation Act 2015 ) who is: (i) a member of the Permanent Forces (within the meaning of that Act); or (ii) a continuous full ‑ time Reservist (within the meaning of that Act); or (c) a person who would be an ADF Super member covered by paragraph (b) of this subsection apart from the fact that the regulated superannuation fund is or was, for the purposes of Part 3A of the Superannuation Guarantee (Administration) Act 1992 , a chosen fund for contributions for the person’s superannuation by the Commonwealth. Death benefit and permanent incapacity benefit (10) For the purposes of this Act: death benefit means a benefit provided in respect of a member of a regulated superannuation fund in, and only in, the event of the death of the member. permanent incapacity benefit means a benefit provided to a member of a regulated superannuation fund if, and only if, the member is suffering permanent incapacity.", "Amendment_Count": 5, "First_Amended": "No 171 of 2012", "Last_Amended": "No 45 of 2020", "Amending_Acts": "No 171 of 2012 | No 120 of 2015 | No 16 of 2019 | No 79 of 2019 | No 45 of 2020", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 120 of 2015, effective Sch 1 (item 62): 11 Sept 2015 (s 2(1) item 1) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 79 of 2019, effective Sch 1 (items 1–5, 8–10): 3 Oct 2019 (s 2(1) item 1) | Amended by No 45 of 2020, effective Sch 2 (items 6–13): 26 May 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68AA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68A", "Provision_Key": "s68a", "Heading": "Trustees must not use goods or services to influence employers", "Text": "(1) A trustee of a regulated superannuation fund, or an associate of a trustee of a regulated superannuation fund, must not: (a) supply, or offer to supply, goods or services to a person, or a relative or associate of a person; or (b) supply, or offer to supply, goods or services to a person, or a relative or associate of a person, at a particular price; or (c) give or allow, or offer to give or allow, a discount, allowance, rebate or credit in relation to the supply, or the proposed supply, of goods or services to a person, or a relative or associate of a person; if that action could reasonably be expected to: (d) influence the choice of the fund into which the person pays superannuation contributions for employees of the person who have no chosen fund; or (e) influence the person to encourage one or more of the person’s employees to remain, or apply or agree to be, a member of the fund. Note: Under the Superannuation Guarantee (Administration) Act 1992 , employers will need to pay contributions for an employee who has no chosen fund into a fund chosen by the employer, in order to meet the choice of fund requirement and so avoid an increased individual superannuation guarantee shortfall for the employee. There are other limits on the fund that may be chosen by the employer (see Part 3A of that Act). (2) However, subsection (1) does not apply in relation to a supply of a kind prescribed in the regulations for the purposes of this subsection. (3) A trustee of a regulated superannuation fund, or an associate of a trustee of a regulated superannuation fund, must not refuse to: (a) supply, or offer to supply, goods or services to a person, or a relative or associate of a person; or (b) supply, or offer to supply, goods or services to a person, or a relative or associate of a person, at a particular price; or (c) give or allow, or offer to give or allow, a discount, allowance, rebate or credit in relation to the supply, or the proposed supply, of goods or services to a person, or a relative or associate of a person; if it is reasonable to conclude that the refusal is given because: (d) the person has not chosen the fund as the fund into which the person pays superannuation contributions for employees of the person who have no chosen fund; or (e) the person has not encouraged one or more of the person’s employees to remain, or apply or agree to be, a member of the fund. Note: Under the Superannuation Guarantee (Administration) Act 1992 , employers will need to pay contributions for an employee who has no chosen fund into a fund chosen by the employer, in order to meet the choice of fund requirement and so avoid an increased individual superannuation guarantee shortfall for the employee. There are other limits on the fund that may be chosen by the employer (see Part 3A of that Act). (4) However, subsection (3) does not apply in relation to a supply of a kind prescribed in the regulations for the purposes of this subsection. Civil penalty provisions (4A) Subsections (1) and (3) are civil penalty provisions as defined in section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, those subsections. Civil liability (5) If: (a) a person (the offender ) contravenes subsection (1) or (3); and (b) another person (the victim ) suffers loss or damage because of the contravention; the victim may recover the amount of the loss or damage by action against the offender. (6) The action must be begun within 6 years after the day on which the cause of action arose. (7) This section does not affect any liability that the offender or another person has under any other provision of this Act or under any other law.", "Amendment_Count": 3, "First_Amended": "No 102 of 2004", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 102 of 2004 | No 40 of 2019 | No 57 of 2025", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (item 23): 1 July 2005 (s 2(1) item 2) Sch 2 (items 7–9, 10(2)): 30 June 2004 (s 2(1) item 3) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 129 ‑ 143, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68B", "Provision_Key": "s68b", "Heading": "Promotion of illegal early release schemes", "Text": "(1) A person must not promote a scheme that has resulted, or is likely to result, in a payment being made from a regulated superannuation fund otherwise than in accordance with payment standards prescribed under subsection 31(1). (2) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, that subsection. (3) In this section: promote , in relation to a scheme, includes the following: (a) enter into the scheme; (b) induce another person to enter into the scheme; (c) carry out the scheme; (d) commence to carry out the scheme; (e) facilitate entry into, or the carrying out of, the scheme. scheme means: (a) any agreement, arrangement, understanding, promise or undertaking: (i) whether express or implied; or (ii) whether or not enforceable, or intended to be enforceable, by legal proceedings; or (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.", "Amendment_Count": 1, "First_Amended": "No 11 of 2014", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 11 of 2014", "History_Notes": "Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68C", "Provision_Key": "s68c", "Heading": "Voting by a director of a corporate trustee—governing rules", "Text": "(1) This section applies to a regulated superannuation fund, other than a self managed superannuation fund, of which the trustee is a body corporate. (2) A provision in the governing rules of the fund is void to the extent that it purports to preclude a director of the trustee from voting on a matter relating to the fund. Exception (3) Subsection (2) does not apply to a provision in the governing rules of the fund to the extent that the provision: (a) precludes a director of the trustee of the fund from voting on a matter in which the director has a material personal interest; or (b) otherwise relates to voting by a director of the trustee of the fund on a matter in which the director has a material personal interest; or (c) precludes a director of the trustee of the fund from voting where there is a conflict of a kind described in paragraph 52(2)(d) or 52A(2)(d); or (d) otherwise relates to voting by a director of the trustee of the fund where there is a conflict of a kind described in paragraph 52(2)(d) or 52A(2)(d); or (e) precludes a director of the trustee of the fund from exercising a casting vote; or (f) ensures compliance by the trustee of the fund, or a director of the trustee of the fund, with a prudential standard that deals with conflicts of interest or duty.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 68D", "Provision_Key": "s68d", "Heading": "Voting by an individual trustee—governing rules", "Text": "(1) This section applies to a regulated superannuation fund, other than a self managed superannuation fund, of which the trustee, or each of the trustees, is an individual. (2) A provision in the governing rules in the fund is void to the extent that it purports to preclude a trustee of the fund from voting on a matter relating to the fund. Exception (3) Subsection (2) does not apply to a provision in the governing rules of the fund to the extent that the provision: (a) precludes a trustee of the fund from voting on a matter in which the trustee has a material personal interest; or (b) otherwise relates to voting by a trustee of the fund on a matter in which the trustee has a material personal interest; or (c) precludes a trustee of the fund from voting where there is a conflict of a kind described in paragraph 52(2)(d); or (d) otherwise relates to voting by a trustee of the fund where there is a conflict of a kind described in paragraph 52(2)(d); or (e) precludes a trustee of the fund from exercising a casting vote; or (f) ensures compliance by a trustee of the fund with a prudential standard that deals with conflicts of interest or duty.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s68D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 69", "Provision_Key": "s69", "Heading": "Object of Part", "Text": "The object of this Part is to set out rules about the level of the in ‑ house assets of regulated superannuation funds.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s69"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 69A", "Provision_Key": "s69a", "Heading": "Sub ‑ funds to be treated as funds", "Text": "A sub ‑ fund within a regulated superannuation fund is taken for the purposes of this Part to be a regulated superannuation fund if the sub ‑ fund satisfies the following conditions: (a) the sub ‑ fund has separately identifiable assets and separately identifiable beneficiaries; and (b) the interest of each beneficiary of the sub ‑ fund is determined by reference only to the conditions governing that sub ‑ fund.", "Amendment_Count": 1, "First_Amended": "No 38 of 1999", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 38 of 1999", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s69A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 70A", "Provision_Key": "s70a", "Heading": "The Regulator may determine a person to be a standard employer ‑ sponsor", "Text": "(1) For the purposes of this Part, the Regulator may determine in writing that a person, who is not a standard employer ‑ sponsor of a regulated superannuation fund within the meaning of subsection 16(2), is taken to be a standard employer ‑ sponsor of the fund. (2) If the Regulator makes a determination under subsection (1) or revokes a determination so made, the Regulator must as soon as practicable after making or revoking the determination, inform a trustee of the regulated superannuation fund concerned, in writing, of the making or revocation of the determination.", "Amendment_Count": 4, "First_Amended": "No 144 of 1995", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 121 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s70A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 70B", "Provision_Key": "s70b", "Heading": "Part 8 associates of individuals", "Text": "For the purposes of this Part, each of the following is a Part 8 associate of an individual (the primary entity ), whether or not the primary entity is in the capacity of trustee: (a) a relative of the primary entity; (b) if the primary entity is a member of a superannuation fund with no more than 6 members: (i) each other member of the fund; and (ii) if the fund is a single member self managed superannuation fund whose trustee is a company—each director of that company; and (iii) if the fund is a single member self managed superannuation fund whose trustees are individuals—those individuals; (c) a partner of the primary entity or a partnership in which the primary entity is a partner; (d) if a partner of the primary entity is an individual—the spouse or a child of that individual; (e) a trustee of a trust (in the capacity of trustee of that trust), where the primary entity controls the trust; (f) a company that is sufficiently influenced by, or in which a majority voting interest is held by: (i) the primary entity; or (ii) another entity that is a Part 8 associate of the primary entity because of another paragraph of this section or because of another application of this paragraph; or (iii) 2 or more entities covered by the preceding subparagraphs.", "Amendment_Count": 2, "First_Amended": "No 199 of 1999", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 199 of 1999 | No 47 of 2021", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s70B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 70C", "Provision_Key": "s70c", "Heading": "Part 8 associates of companies", "Text": "For the purposes of this Part, each of the following is a Part 8 associate of a company (the primary entity ), whether or not the primary entity is in the capacity of trustee: (a) a partner of the primary entity or a partnership in which the primary entity is a partner; (b) if a partner of the primary entity is an individual—the spouse or a child of that individual; (c) a trustee of a trust (in the capacity of trustee of that trust), where the primary entity controls the trust; (d) another entity (in this paragraph called the controlling entity ) where the primary entity is sufficiently influenced by, or a majority voting interest in the primary entity is held by: (i) the controlling entity; or (ii) another entity that is a Part 8 associate of the controlling entity because of section 70B or 70D, another paragraph of this section or another application of this paragraph; or (iii) 2 or more entities covered by the preceding subparagraphs; (e) another company (in this paragraph called the controlled company ) where the controlled company is sufficiently influenced by, or where a majority voting interest in the controlled company is held by: (i) the primary entity; or (ii) another entity that is a Part 8 associate of the primary entity because of another paragraph of this section or because of another application of this paragraph; or (iii) 2 or more entities covered by the preceding subparagraphs; (f) if a third entity is a Part 8 associate of the primary entity because of paragraph (d) of this subsection—an entity that is a Part 8 associate of that third entity because of section 70B or 70D or because of another paragraph of this section.", "Amendment_Count": 1, "First_Amended": "No 199 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 199 of 1999", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s70C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 70D", "Provision_Key": "s70d", "Heading": "Part 8 associates of partnerships", "Text": "For the purposes of this Part, each of the following is a Part 8 associate of a partnership (the primary entity ): (a) a partner in the partnership; (b) if a partner in the partnership is an individual—any entity that is a Part 8 associate of that individual because of section 70B; (c) if a partner in the partnership is a company—any entity that is a Part 8 associate of that company because of section 70C.", "Amendment_Count": 1, "First_Amended": "No 199 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 199 of 1999", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s70D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 70E", "Provision_Key": "s70e", "Heading": "Meanings of terms used in sections 70B, 70C and 70D", "Text": "Sufficient influence/majority voting interest (1) For the purposes of sections 70B, 70C and 70D: (a) a company is sufficiently influenced by an entity or entities if the company, or a majority of its directors, is accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the entity or entities (whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed companies, partnerships or trusts); and (b) an entity or entities hold a majority voting interest in a company if the entity or entities are in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the company. Control of trust (2) For the purposes of sections 70B, 70C and 70D, an entity controls a trust if: (a) a group in relation to the entity has a fixed entitlement to more than 50% of the capital or income of the trust; or (b) the trustee of the trust, or a majority of the trustees of the trust, is accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of a group in relation to the entity (whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed companies, partnerships or trusts); or (c) a group in relation to the entity is able to remove or appoint the trustee, or a majority of the trustees, of the trust. Group in relation to an entity (3) For the purposes of subsection (2): group , in relation to an entity, means: (a) the entity acting alone; or (b) a Part 8 associate of the entity acting alone; or (c) the entity and one or more Part 8 associates of the entity acting together; or (d) 2 or more Part 8 associates of the entity acting together. Definitions (4) For the purposes of sections 70B, 70C and 70D: company has the same meaning as in the Income Tax Assessment Act 1997 . partnership has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 199 of 1999", "Last_Amended": "No 134 of 2008", "Amending_Acts": "No 199 of 1999 | No 134 of 2008", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 134 of 2008, effective Sch 4 (items 8–17): 1 July 2008 (s 2(1) item 4) Sch 4 (item 20): 4 Dec 2008 (s 2(1) item 4A)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s70E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71", "Provision_Key": "s71", "Heading": "Meaning of in ‑ house asset", "Text": "Basic meaning (1) For the purposes of this Part, an in ‑ house asset of a superannuation fund is an asset of the fund that is a loan to, or an investment in, a related party of the fund, an investment in a related trust of the fund, or an asset of the fund subject to a lease or lease arrangement between a trustee of the fund and a related party of the fund, but does not include: (a) a life policy issued by a life insurance company; or (b) a deposit with an ADI; or (c) an investment in a pooled superannuation trust, where a trustee of the fund and the trustee of the pooled superannuation trust acted at arm’s length in relation to the making of that investment; or (d) an asset of a public sector fund, where the asset consists of an investment in securities issued under the authority of: (i) the Commonwealth or a government of a State or a Territory; or (ii) a public authority constituted by or under a law of the Commonwealth, a State or a Territory, where the public authority is neither a standard employer ‑ sponsor, nor an associate of a standard employer ‑ sponsor, of the fund; or (e) an asset which the Regulator, by written notice given to a trustee of the fund, determines is not an in ‑ house asset of the fund; or (f) an asset which the Regulator, by legislative instrument, determines is not an in ‑ house asset of: (i) any fund; or (ii) a class of funds in which the fund is included; or (g) if the superannuation fund has no more than 6 members—real property subject to a lease, or to a lease arrangement enforceable by legal proceedings, between a trustee of the fund and a related party of the fund, if, throughout the term of the lease or lease arrangement, the property is business real property (within the meaning of subsection 66(5)) of the fund; or (h) an investment in a widely held unit trust; or (i) property owned by the superannuation fund and a related party as tenants in common, other than property subject to a lease or lease arrangement between a trustee of the fund and a related party; or (j) an asset included in a class of assets specified in the regulations: (i) not to be in ‑ house assets of any fund; or (ii) not to be in ‑ house assets of a class of funds to which the fund belongs. For this purpose, a class of assets may consist of, but is not limited to, assets that are investments in entities that undertake, or do not undertake, specified activities. Widely held trust (1A) For the purposes of paragraph (1)(h), a trust is a widely held unit trust if: (a) it is a unit trust in which entities have fixed entitlements to all of the income and capital of the trust; and (b) it is not a trust in which fewer than 20 entities between them have: (i) fixed entitlements to 75% or more of the income of the trust; or (ii) fixed entitlements to 75% or more of the capital of the trust. For this purpose, an entity and the Part 8 associates of the entity are taken to be a single entity. Agreements (2) If: (a) apart from this subsection, an asset of a fund consists of a loan, an investment or an asset that is subject to a lease or lease arrangement, other than an in ‑ house asset; and (b) the loan, investment, lease or lease arrangement was made as a result of entering into or carrying out an agreement; and (c) any of the persons who entered into or carried out the agreement was aware that the result of carrying out the agreement would be that: (i) a loan would be made to, an investment would be made in, or an asset would be subject to a lease or lease arrangement with, a related party of the fund; or (ii) an investment would be made in a related trust of the fund; then the asset is taken, for the purposes of this Part, to be a loan to, an investment in, or an asset subject to a lease or lease arrangement with, that related party or related trust, as the case requires. Definition (2A) In subsection (2): agreement includes any arrangement, understanding, promise or undertaking whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings. Exceptions (2B) Subsection (2) does not apply to an investment referred to in paragraph 71(1)(a), (b), (c) or (h). 2 or more persons (3) Subsection (2) does not stop the same asset from being treated as if it were a loan to, an investment in, or an asset subject to a lease or lease arrangement with, 2 or more persons. The Regulator’s determination (4) If: (a) apart from this subsection, an asset of a fund consists of a loan, an investment, or an asset subject to a lease or lease arrangement, other than an in ‑ house asset; and (b) the Regulator, by written notice given to a trustee of the fund, determines that the asset is to be treated, with effect from the day on which the notice is given, as if the asset were a loan to, an investment in, or an asset subject to a lease or lease arrangement with, a specified related party or related trust of the fund, including a person taken to be a standard employer ‑ sponsor of the fund under section 70A; then, despite paragraphs (1)(a) to (j), the asset is taken, for the purposes of this Part, to be a loan to or an investment in the related party or related trust, or an asset subject to a lease or lease agreement between a trustee of the fund and the related party. Paragraph (1)(e) determinations or paragraph (1)(j) regulations may be retrospective (5) A determination under paragraph (1)(e) or regulations under paragraph (1)(j) may be expressed to have taken effect at a time earlier than the time when the determination or regulations were made. Public sector superannuation funds (7) For the purposes of applying this section to determine what is an in ‑ house asset of a public sector superannuation fund, a reference to a Part 8 associate of an employer ‑ sponsor of the fund is a reference to a body corporate in respect of which either of the following conditions is satisfied: (a) the body corporate is sufficiently influenced by, or a majority voting interest in the body corporate is held by, the employer ‑ sponsor; (b) the employer ‑ sponsor is sufficiently influenced by, or a majority voting interest in the employer ‑ sponsor is held by, the body corporate. Limit on when investments in related trusts are in ‑ house assets (8) If, at a time: (a) an asset (the investment asset ) of a superannuation fund is an investment in a related trust of the fund; and (b) the related trust is one described in paragraph 67A(1)(b) in connection with a borrowing, by the trustee of the fund, that is covered by subsection 67A(1); and (c) the only property of the related trust is the acquirable asset mentioned in that paragraph; the investment asset is an in ‑ house asset of the fund at the time only if the acquirable asset mentioned in that paragraph would be an in ‑ house asset of the fund if it were an asset of the fund at the time. (9) Subsections (1), (2) and (4) have effect subject to subsection (8).", "Amendment_Count": 13, "First_Amended": "No 140 of 1994", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 140 of 1994 | No 144 of 1995 | No 48 of 1998 | No 54 of 1998 | No 121 of 1999 | No 199 of 1999 | No 160 of 2000 | No 53 of 2004 | No 143 of 2007 | No 154 of 2007 | No 100 of 2010 | No 21 of 2015 | No 47 of 2021", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 48 of 1998, effective Sch 1 (items 184–191): 1 July 1998 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 143 of 2007, effective Sch 3 and Sch 5 (items 27, 48(1), (3)): 24 Sept 2007 (s 2(1) items 4, 5, 7) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 100 of 2010, effective 7 July 2010 (s 2) | Amended by No 21 of 2015, effective Sch 7 (items 29–31): 20 Mar 2015 (s 2(1) item 15) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71A", "Provision_Key": "s71a", "Heading": "Exceptions—pre ‑ 11 August 1999 investments and loans", "Text": "(1) If: (a) at any time (the post ‑ test time ) after the test time, an asset of a superannuation fund consists of: (i) a loan or an investment made before the test time, or made after the test time under a contract entered into before the test time; or (ii) a share or unit in a unit trust, if the share, or the unit, as the case requires, was acquired before the test time or under a contract entered into before the test time (notwithstanding any payments on the share or unit made to the issuer of the share or unit after the test time and before 1 July 2009); and (b) if the asset was an asset of the fund immediately before the test time—it was not an in ‑ house asset of the fund; and (c) if the asset was not an asset of the fund immediately before the test time—it would not have been an in ‑ house asset if it had been an asset of the fund immediately before the test time; and (d) apart from this Subdivision, the asset would be an in ‑ house asset of the fund at the post ‑ test time; the asset is not an in ‑ house asset of the fund at the post ‑ test time. Payments on partly paid shares and units after 30 June 2009 (2) However, if: (a) the post ‑ test time is after 30 June 2009; and (b) the asset consists of a share or a unit in a unit trust; and (c) one or more payments on the share or unit to the issuer of the share or unit has been made since 30 June 2009; then: (d) the asset is an in ‑ house asset of the fund at the post ‑ test time; and (e) subsection (3) applies to the share or unit. Reduced value for the purposes of working out value of in ‑ house assets (3) For the purposes of working out the formula component Number of whole dollars in value of in ‑ house assets of the fund under section 75 at the post ‑ test time, the value of the share or unit at the post ‑ test time is taken to be the number of whole dollars in the amount worked out as follows: where: excess amount means the total of the amounts that, as at the post ‑ test time, had been paid after 30 June 2009 on the share or unit to the issuer of the share or unit. market value of share or unit means the market value of the share or unit as at the post ‑ test time. total amount means the total of the amounts that, as at the post ‑ test time had been paid (whether before or after 30 June 2009) on the share or unit to the issuer of the share or unit.", "Amendment_Count": 1, "First_Amended": "No 199 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 199 of 1999", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71B", "Provision_Key": "s71b", "Heading": "Exceptions—pre ‑ 11 August 1999 leases and lease arrangements", "Text": "(1) If: (a) at any time (the post ‑ test time ) after the test time, an asset of a superannuation fund consists of an asset subject to a lease, or a lease arrangement, between a trustee of the fund and a related party of the fund; and (b) the asset was subject to a lease or lease arrangement, or any uninterrupted sequence of leases and lease arrangements, between a trustee of the fund and a related party, throughout the period beginning immediately before the test time and ending at the post ‑ test time; and (c) apart from this section, the asset would be an in ‑ house asset of the fund at the post ‑ test time; the asset is not an in ‑ house asset of the fund at the post ‑ test time. (2) For the purposes of subsection (1), if: (a) before the test time, a lease or a lease arrangement enforceable by legal proceedings, in respect of an asset, was entered into between a trustee of a superannuation fund and a related party of the fund; and (b) the lease or lease arrangement came into force after the test time; the asset is taken to have been subject to a lease or a lease arrangement, between a trustee of the fund and that related party, immediately before the test time.", "Amendment_Count": 2, "First_Amended": "No 199 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 199 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71C", "Provision_Key": "s71c", "Heading": "Exceptions—transition period", "Text": "Investments and loans (1) If: (a) at any time (the pre ‑ 1 July 2001 time ) during the period after the test time but before 1 July 2001, an asset of a superannuation fund consists of a loan or an investment made during the transition period, other than under a contract entered into before the beginning of that period; and (b) if the asset had been an asset of the fund immediately before the test time—the asset would not have been an in ‑ house asset of the fund; and (c) apart from this section, the asset would be an in ‑ house asset of the fund at the pre ‑ 1 July 2001 time; the asset is not an in ‑ house asset of the fund at the pre ‑ 1 July 2001 time. For this purpose, a loan or an investment is not made during the transition period merely because a contract is entered into during that period for the purpose of gaining interest, income, profit or gain. Leases and lease arrangements (2) If: (a) at any time (the pre ‑ 1 July 2001 time ) during the period after the test time but before 1 July 2001, an asset of a superannuation fund consists of an asset subject to a lease, or a lease arrangement, between a trustee of the fund and a related party of the fund; and (b) section 71B does not apply to the asset at the pre ‑ 1 July 2001 time; and (c) the asset became subject to a lease or lease arrangement between a trustee of the fund and a related party at a time (the transition time ) during the transition period; and (d) the asset was subject to a lease or a lease arrangement, or any uninterrupted sequence of leases and lease arrangements, between a trustee of the fund and a related party, throughout the period beginning at the transition time and ending at the pre ‑ 1 July 2001 time; and (e) apart from this section, the asset would be an in ‑ house asset of the fund at the post ‑ test time; the asset is not an in ‑ house asset of the fund at the pre ‑ 1 July 2001 time.", "Amendment_Count": 2, "First_Amended": "No 199 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 199 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71D", "Provision_Key": "s71d", "Heading": "Exception—reinvestments", "Text": "If: (a) at any time (the post ‑ test time ) after the test time, an asset of a superannuation fund consists of an investment (the post ‑ test time investment ) in an entity (the original entity ) made during the period: (i) beginning at the test time; and (ii) ending at the end of 30 June 2009; and (b) the post ‑ test time investment is not covered by section 71A; and (c) if the fund had made the post ‑ test time investment immediately before the test time, it would not have been an in ‑ house asset of the fund; and (d) the sum of the purchase price of the post ‑ test time investment and any previous investment to which this section applies does not, at the post ‑ test time, exceed the sum of the following amounts: (i) the sum of the amounts of all dividends or trust distributions received after the test time, but before the end of 30 June 2009, by the superannuation fund from the original entity, which were derived from an investment in the original entity made by the fund before the test time; (ii) the sum of the amounts of all dividends or trust distributions received after the test time, but before the end of 30 June 2009, by the superannuation fund, which were derived from investments of dividends and trust distributions taken into account under subparagraph (i) or this subparagraph; the asset is not an in ‑ house asset of the fund at the post ‑ test time.", "Amendment_Count": 1, "First_Amended": "No 199 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 199 of 1999", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71E", "Provision_Key": "s71e", "Heading": "Exception—certain geared investments", "Text": "(1) If: (a) at any time (the post ‑ test time ) after the test time, an asset of a superannuation fund that has no more than 6 members consists of an investment (the post ‑ test time investment ) in a unit trust or a company (the first entity ) made during the period: (i) beginning at the test time; and (ii) ending at the end of 30 June 2009; and (b) immediately before the test time, another asset (other than an in ‑ house asset) of the superannuation fund consisted of an investment (the prior investment ) in the first entity; and (c) immediately before the test time, an amount (the principal ) consisting of the principal of a loan was owed by the first entity to any entity other than the superannuation fund; and (d) apart from this Subdivision, the post ‑ test time investment would be an in ‑ house asset of the fund at the post ‑ test time; and (e) the trustee, or the trustees, of the fund makes a written election, within: (i) the period of 12 months beginning on the day on which this section commenced; or (ii) such later period as is prescribed by the regulations; that section 71E is to apply to all post ‑ test time investments of the fund in that entity; Note: Under subsection 103(2A), the trustee, or the trustees, of the fund must keep the election, or a copy of it, for 10 years after it is made. then subsection (2) or (3), as the case requires, applies, and is taken always to have applied, to the post ‑ test time investment. Sum of purchase prices of post ‑ test time investments does not exceed the principal—investment not an in ‑ house asset (2) The post ‑ test time investment is not an in ‑ house asset of the fund at the post ‑ test time if the sum of the following amounts does not exceed the amount of the principal: (a) the purchase price of the post ‑ test time investment; (b) the purchase price of any previous post ‑ test time investment in the first entity by the fund. Sum of purchase prices of post ‑ test time investments exceeds the principal—formula to be applied (3) If the sum of the following: (a) the purchase price of the post ‑ test time investment; (b) the purchase price of any previous post ‑ test time investment in the first entity by the fund; exceeds the amount of the principal, then: (c) the post ‑ test time investment is an in ‑ house asset of the fund at the post ‑ test time; and (d) if the post ‑ test time investment is the first post ‑ test time investment in respect of which the sum of the amounts referred to in paragraphs (a) and (b) exceeds the amount of the principal—subsection (4) applies to the investment. Reduced value for the purposes of working out value of in ‑ house assets (4) For the purposes of working out the formula component Number of whole dollars in value of in ‑ house assets of the fund under section 75 at the post ‑ test time, the value of the post ‑ test time investment at the post ‑ test time is taken to be the number of whole dollars in the amount worked out as follows: where: excess amount means the amount of the excess under subsection (3). market value of post ‑ test time investment means the market value of the post ‑ test time investment as at the post ‑ test time. purchase price of post ‑ test time investment means the purchase price of the post ‑ test time investment. Effect of election (5) If the trustee, or the trustees, of a fund make an election under paragraph (1)(e) in respect of the post ‑ test time investments of the fund in an entity, then: (a) sections 71A and 71D do not apply, and are taken never to have applied, to any post ‑ test time investment by the fund in that entity; and (b) this section applies, and is taken always to have applied, to any post ‑ test time investment of the fund in that entity. Note: This means that if a fund makes an election, this section would apply to all investments in the entity after the test time and before 1 July 2009, and sections 71A and 71D would not apply to such investments. Application of section to loans (6) A reference in this section to an investment in a trust or company is taken to include a reference to a loan to a trust or company. For this purpose, the purchase price of the loan is taken to be the principal of the loan at the time at which the loan was made.", "Amendment_Count": 3, "First_Amended": "No 199 of 1999", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 199 of 1999 | No 53 of 2004 | No 47 of 2021", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71EA", "Provision_Key": "s71ea", "Heading": "Relationship breakdowns", "Text": "Scope (1) This section applies if: (a) a trustee or an investment manager of a regulated superannuation fund (the acquiring fund ) acquires an asset: (i) for the benefit of a particular member of the acquiring fund; and (ii) from a trustee or investment manager of another regulated superannuation fund (the transferring fund ); and (b) at the time of the acquisition: (i) the member and his or her spouse or former spouse are separated; and (ii) there is no reasonable likelihood of cohabitation being resumed; and (c) the acquisition occurs because of reasons directly connected with the breakdown of the relationship between the spouses or former spouses; and (d) the asset represents the whole, or a part, of either: (i) the member’s own interests in the transferring fund; or (ii) the member’s entitlements as determined under Part VIIIB or VIIIC of the Family Law Act 1975 in relation to the interests of the member’s spouse, or former spouse, in the transferring fund. (2) For the purposes of subsection (1), the question whether the spouses, or former spouses, have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act). Acquiring fund taken to have always held asset (3) For the purposes of applying this Subdivision to the asset at or after the time (the acquisition time ) the trustee or investment manager of the acquiring fund acquires the asset, treat: (a) the acquisition as having occurred at the time the trustee or investment manager of the transferring fund acquired the asset; and (b) anything done by, for or in relation to the transferring fund in relation to the asset before the acquisition time as having been done by, for or in relation to the acquiring fund; and (c) anything done by, for or in relation to the trustee or investment manager of the transferring fund in relation to the asset before the acquisition time as having been done by, for or in relation to the trustee or investment manager of the acquiring fund. Section 71E elections (4) In addition to their effect apart from this subsection, subsection 103(2A) (duty to keep record of election) and subsection 103(3), to the extent that it relates to subsection 103(2A), also have the effect they would have if subsection (3) of this section applied to them. Note: This means that the trustees of both the transferring fund and the acquiring fund must retain, in accordance with subsection 103(2A), any election made under section 71E in relation to the transferring fund before the transfer of the asset. (5) A person commits an offence if: (a) the person is a trustee of the transferring fund; and (b) just before the acquisition time, the trustee had a duty under subsection 103(2A) to retain an election, or a copy of an election, under section 71E in relation to the transferring fund; and (c) the trustee does not, within 14 days after the acquisition time, give the election or copy to a trustee or investment manager of the acquiring fund. Penalty: 50 penalty units. Note: If the trustee gives the election to the acquiring fund, he or she must retain a copy of the election: see subsection (4). (6) An offence against subsection (5) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 117 of 2010", "Last_Amended": "No 112 of 2020", "Amending_Acts": "No 117 of 2010 | No 112 of 2020", "History_Notes": "Inserted by No 117 of 2010, effective s 4: 16 Nov 2010 (s 2(1) item 1) Sch 2 (item 1): 1 Dec 2010 (s 2(1) item 3) Sch 3: 17 Nov 2010 (s 2(1) item 5) | Amended by No 112 of 2020, effective Sch 3 (items 98, 99): 28 Sept 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71EA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 71F", "Provision_Key": "s71f", "Heading": "Meaning of certain terms used in Subdivision D", "Text": "In this Subdivision: test time means the end of 11 August 1999. transition period means the period: (a) beginning at the test time; and (b) ending on the day on which this section commenced.", "Amendment_Count": 1, "First_Amended": "No 199 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 199 of 1999", "History_Notes": "Inserted by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s71F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 72", "Provision_Key": "s72", "Heading": "How this Part applies if there are 2 or more employer ‑ sponsors of whom at least one is an unrelated employer ‑ sponsor", "Text": "(1) For the purposes of this section: (a) a standard employer ‑ sponsor (the first employer ‑ sponsor ) of a superannuation fund is an unrelated employer ‑ sponsor of the fund if, and only if, there is no other standard employer ‑ sponsor of the fund who is a Part 8 associate of the first employer ‑ sponsor; and (b) 2 or more standard employer ‑ sponsors of a superannuation fund are related to each other if they are Part 8 associates. (2) For the purposes of this section: (a) the class of the in ‑ house assets of a fund that corresponds to a particular unrelated employer ‑ sponsor is the class of in ‑ house assets that consists of: (i) loans to, investments in, or assets subject to leases or lease arrangements with, the employer ‑ sponsor or a Part 8 associate of the employer ‑ sponsor; or (ii) loans to, investments in, or assets subject to leases or lease arrangements with, a standard employer ‑ sponsored member of the fund, in respect of whom the employer ‑ sponsor contributes to the fund, or a Part 8 associate of such a member; or (iii) investments in a trust that is controlled by an entity referred to in subparagraph (i) or (ii); and (b) the class of the in ‑ house assets of a fund that corresponds to 2 or more employer ‑ sponsors who are related to each other is the class of in ‑ house assets that consists of: (i) loans to, investments in, or assets subject to leases or lease arrangements with, any of them or a Part 8 associate of any of them; or (ii) loans to, investments in, or assets subject to leases or lease arrangements with, a standard employer ‑ sponsored member of the fund, in respect of whom any of them contributes to the fund, or a Part 8 associate of such a member; or (iii) investments in a trust that is controlled by an entity referred to in subparagraph (i) or (ii). (3) Subsections (4) and (5) apply if: (a) there are 2 or more unrelated employer ‑ sponsors of a superannuation fund (whether or not there are also any employer ‑ sponsors of the fund who are related to each other); or (b) there are 2 or more employer ‑ sponsors of a superannuation fund who are related to each other and there are also one or more unrelated employer ‑ sponsors of the fund. (4) This Part does not apply in relation to the fund in relation to the in ‑ house assets of the fund as a whole. (5) However, this Part applies in relation to the fund separately in relation to each of the corresponding classes of in ‑ house assets of the fund. (6) This section does not apply to a self managed superannuation fund.", "Amendment_Count": 2, "First_Amended": "No 38 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 38 of 1999 | No 199 of 1999", "History_Notes": "Repealed and substituted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s72"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 73", "Provision_Key": "s73", "Heading": "Cost of in ‑ house asset", "Text": "(1) For the purposes of this Part, if: (a) an asset of a superannuation fund was acquired: (i) without consideration; or (ii) for consideration other than the arm’s length value of the asset when it was acquired; or (b) the whole or a part of the consideration for which an asset of a superannuation fund was acquired was not money; the cost of the asset is taken to be the arm’s length value of the asset when it was acquired. (2) In this section: arm’s length value , in relation to an asset, means the amount that the acquirer of the asset could reasonably be expected to have been required to pay to acquire the asset under a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s73"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 74", "Provision_Key": "s74", "Heading": "Historical cost ratio of fund’s in ‑ house assets", "Text": "For the purposes of this Part, the historical cost ratio of a fund’s in ‑ house assets is the percentage worked out using the formula:", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s74"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 75", "Provision_Key": "s75", "Heading": "Market value ratio of fund’s in ‑ house assets", "Text": "(1) For the purposes of this Part, the market value ratio of a fund’s in ‑ house assets is the percentage worked out using the formula: (2) Where, because of subsections 72(4) and (5), this Part applies separately to each of the corresponding classes of in ‑ house assets of a superannuation fund, the market value ratio of the in ‑ house assets of each corresponding class is a percentage worked out using the formula:", "Amendment_Count": 1, "First_Amended": "No 199 of 1999", "Last_Amended": "No 199 of 1999", "Amending_Acts": "No 199 of 1999", "History_Notes": "Amended by No 199 of 1999, effective 23 Dec 1999 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s75"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 76", "Provision_Key": "s76", "Heading": "Private sector funds established on or after 12 March 1985—historical cost ratio for the 1994 ‑ 95 year of income", "Text": "(1) This section applies to a regulated superannuation fund, if the fund is a private sector fund established on or after 12 March 1985. (2) At all times during the fund’s 1994 ‑ 95 year of income when the fund was in existence, the historical cost ratio of the fund’s in ‑ house assets must not exceed 10%.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s76"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 77", "Provision_Key": "s77", "Heading": "Private sector funds established before 12 March 1985—historical cost ratio for the 1994 ‑ 95 year of income", "Text": "(1) This section applies to a regulated superannuation fund, if the fund is a private sector fund established before 12 March 1985. (2) At all times during the fund’s 1994 ‑ 95 year of income when the fund was in existence, the historical cost ratio of the fund’s in ‑ house assets must not exceed whichever is the greater of the following percentages: (a) whichever is the lesser of the following percentages: (i) the percentage equal to the historical cost ratio of the fund’s in ‑ house assets as at the end of 11 March 1985; (ii) 70%; (b) 10%. (3) Section 72 is to be ignored in working out the percentage mentioned in subparagraph (2)(a)(i).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s77"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 78", "Provision_Key": "s78", "Heading": "Public sector funds established on or after 1 July 1990—historical cost ratio for the 1994 ‑ 95 year of income", "Text": "(1) This section applies to a regulated superannuation fund, if the fund is a public sector fund established on or after 1 July 1990. (2) At all times during the fund’s 1994 ‑ 95 year of income when the fund was in existence, the historical cost ratio of the fund’s in ‑ house assets must not exceed 10%.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s78"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 79", "Provision_Key": "s79", "Heading": "Public sector funds established before 1 July 1990—historical cost ratio for the 1994 ‑ 95 year of income", "Text": "(1) This section applies to a regulated superannuation fund, if the fund is a public sector fund established before 1 July 1990. (2) At all times during the fund’s 1994 ‑ 95 year of income when the fund was in existence, the historical cost ratio of the fund’s in ‑ house assets must not exceed whichever is the greater of the following percentages: (a) the percentage equal to the historical cost ratio of the fund’s in ‑ house assets as at the end of 1 July 1990; (b) 10%. (3) Section 72 is to be ignored in working out the percentage mentioned in paragraph (2)(a).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s79"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 80", "Provision_Key": "s80", "Heading": "All funds—historical cost ratio for the 1995 ‑ 96 year of income, the 1996 ‑ 97 year of income and the 1997 ‑ 98 year of income", "Text": "(1) This section applies to a regulated superannuation fund. (2) At all times during the period: (a) beginning at the beginning of the fund’s 1995 ‑ 96 year of income; and (b) ending at the end of the fund’s 1997 ‑ 98 year of income; when the fund was in existence, the historical cost ratio of the fund’s in ‑ house assets must not exceed 10%.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s80"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 80A", "Provision_Key": "s80a", "Heading": "Division not applicable to certain funds", "Text": "A superannuation fund is taken not to have been required to comply with this Division in respect of a year of income if: (a) Division 3A applied to the fund in respect of that year of income; and (b) an actuary has certified that the fund complied with that Division in respect of that year of income.", "Amendment_Count": 1, "First_Amended": "No 38 of 1999", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 38 of 1999", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s80A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 81", "Provision_Key": "s81", "Heading": "All funds—market value ratio for the 1998 ‑ 99 year of income and the 1999 ‑ 2000 year of income", "Text": "(1) This section applies to a regulated superannuation fund. (2) The market value ratio of the fund’s in ‑ house assets as at the end of: (a) the fund’s 1998 ‑ 99 year of income; or (b) the fund’s 1999 ‑ 2000 year of income; must not exceed 10%.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s81"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 82", "Provision_Key": "s82", "Heading": "All funds—market value ratio for the 2000 ‑ 2001 year of income and later years of income", "Text": "(1) This section applies to a regulated superannuation fund. (2) If the market value ratio of the fund’s in ‑ house assets as at the end of: (a) the fund’s 2000 ‑ 2001 year of income; or (b) a later year of income; exceeds 5%, the trustee of the fund, or, if the fund has a group of individual trustees, the trustees of the fund, must prepare a written plan. (3) The plan must specify the amount (the excess amount ) worked out using the formula: (4) The plan must set out the steps which the trustee proposes, or, if the fund has a group of individual trustees, the trustees propose, to take in order to ensure that: (a) one or more of the fund’s in ‑ house assets held at the end of that year of income are disposed of during the next following year of income; and (b) the value of the assets so disposed of is equal to or more than the excess amount. (5) The plan must be prepared before the end of the next following year of income. (6) Each trustee of the fund must ensure that the steps in the plan are carried out.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s82"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 83", "Provision_Key": "s83", "Heading": "Certain new in ‑ house asset investments prohibited", "Text": "(1) This section applies to a regulated superannuation fund. (2) If the market value ratio of the fund’s in ‑ house assets exceeds 5%, a trustee of the fund must not acquire an in ‑ house asset. (3) If the market value ratio of the fund’s in ‑ house assets does not exceed 5%, a trustee of the fund must not acquire an in ‑ house asset if the acquisition would result in the market value ratio of the fund’s in ‑ house assets exceeding 5%. (4) For the avoidance of doubt, a reference in this section to acquiring an in ‑ house asset includes a reference to making an investment or a loan, or entering into a lease or a lease arrangement, if the resulting loan or investment, or the asset subject to the lease or the lease arrangement, would be an in ‑ house asset.", "Amendment_Count": 2, "First_Amended": "No 199 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 199 of 1999 | No 53 of 2004", "History_Notes": "Amended by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s83"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 83A", "Provision_Key": "s83a", "Heading": "Definitions", "Text": "In this Division, unless the contrary intention appears: base amount , in relation to a defined benefit fund at a particular time, means 120% of: (a) the fund’s liabilities in respect of vested benefits; or (b) the fund’s accrued actuarial liabilities; at that time, whichever is the greater. defined benefit fund means: (a) a public sector superannuation scheme that: (i) is a regulated superannuation fund; and (ii) has at least one defined benefit member; or (b) a regulated superannuation fund (other than a public sector superannuation scheme): (i) that has at least one defined benefit member; and (ii) some or all of the contributions to which (being contributions out of which, together with earnings on those contributions, the benefits are to be paid) are not paid into a fund, or accumulated in a fund, in respect of any individual member but are paid into and accumulated in a fund in the form of an aggregate amount. defined benefit member means a member entitled, on retirement or termination of his or her employment, to be paid a benefit defined, wholly or in part, by reference to either or both of the following: (a) the amount of: (i) the member’s salary at a particular date, being the date of the termination of the member’s employment or of the member’s retirement or an earlier date; or (ii) the member’s salary averaged over a period before retirement; (b) a specified amount. fund’s accrued actuarial liabilities , at a particular time, means the total value, as certified by an actuary, of the future benefit entitlements of members of the fund in respect of membership up to that time based on assumptions about future economic conditions and the future of matters affecting membership of the fund, being assumptions made in accordance with applicable professional actuarial standards (if any). fund’s liabilities in respect of vested benefits , at a particular time, means the total value of the benefits payable from the fund to which the members of the fund would be entitled if they all voluntarily terminated their service with their employers at that time. listed public company means a company any of the shares in the capital of which are listed for quotation in the official list of a stock exchange in Australia or elsewhere. maximum permitted amount , in relation to a defined benefit fund at a particular time, means the sum of: (a) an amount equal to the prescribed percentage of the base amount in relation to the fund at that time; and (b) the amount (if any) by which the market value of the fund’s assets at that time exceeds that base amount. prescribed percentage means: (a) where the expression is used in relation to a time that occurs during the 1998 ‑ 99 year of income or the 1999 ‑ 2000 year of income—10%; or (b) where the expression is used in relation to a time that occurs during a later year of income—5%. voting share has the same meaning as in the Corporations Act 2001 .", "Amendment_Count": 2, "First_Amended": "No 38 of 1999", "Last_Amended": "No 55 of 2001", "Amending_Acts": "No 38 of 1999 | No 55 of 2001", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 498–506): 15 July 2001 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s83A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 83B", "Provision_Key": "s83b", "Heading": "Application of Division", "Text": "(1) This Division applies to a superannuation fund in respect of the fund’s 1998 ‑ 99 year of income or a later year of income if, and only if: (a) the fund is a defined benefit fund; and (b) at the end of that year of income the employer ‑ sponsor was a listed public company or an associate of a listed public company; and (c) the market value of the fund’s assets at the end of that year of income was not less than the base amount in relation to the fund at that time; and (d) the trustee, or the trustees, of the fund have decided that this Division is to apply to the fund in respect of that year of income. (2) If the trustee, or the trustees, of the fund make a decision referred to in paragraph (1)(d), each trustee must ensure that the decision is recorded in writing.", "Amendment_Count": 2, "First_Amended": "No 38 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 38 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s83B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 83C", "Provision_Key": "s83c", "Heading": "Maximum permitted market value of in ‑ house assets", "Text": "The market value of the fund’s in ‑ house assets at the end of a year of income must not exceed the maximum permitted amount in relation to the fund at that time.", "Amendment_Count": 1, "First_Amended": "No 38 of 1999", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 38 of 1999", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s83C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 83D", "Provision_Key": "s83d", "Heading": "Limit on in ‑ house assets", "Text": "(1) The market value of the fund’s in ‑ house assets (other than shares in the capital of listed public companies) at the end of a year of income must not exceed the prescribed percentage of the base amount in relation to the fund at that time. (2) The fund’s in ‑ house assets at the end of a year of income must not include more than 5% of the voting shares in any listed public company that is the employer ‑ sponsor or is an associate of the employer ‑ sponsor.", "Amendment_Count": 1, "First_Amended": "No 38 of 1999", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 38 of 1999", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s83D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 83E", "Provision_Key": "s83e", "Heading": "Acquisition of in ‑ house assets prohibited in certain circumstances", "Text": "If the market value of the fund’s in ‑ house assets at the end of a year of income exceeds the prescribed percentage of the base amount in relation to the fund at that time, a trustee of the fund must not buy, or enter into any contract to buy, on behalf of the fund any in ‑ house assets until the time when an actuary certifies that the market value of the fund’s in ‑ house assets has ceased to exceed the prescribed percentage of the base amount in relation to the fund.", "Amendment_Count": 2, "First_Amended": "No 38 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 38 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s83E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 84", "Provision_Key": "s84", "Heading": "In ‑ house asset rules must be complied with", "Text": "(1) Each trustee of a regulated superannuation fund must take all reasonable steps to ensure that the provisions of Division 2, and either Division 3 or 3A (whichever is applicable), are complied with. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. (2) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection. (3) A contravention of subsection (1) does not affect the validity of a transaction.", "Amendment_Count": 3, "First_Amended": "No 38 of 1999", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 38 of 1999 | No 53 of 2004 | No 11 of 2014", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s84"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 85", "Provision_Key": "s85", "Heading": "Prohibition of avoidance schemes", "Text": "Prohibition (1) A person must not enter into, commence to carry out, or carry out, a scheme if the person entered into, commenced to carry out, or carried out the scheme or any part of the scheme with the intention that: (a) the scheme would result, or be likely to result, in an artificial reduction in the market value ratio of the fund’s in ‑ house assets; and (b) that artificial reduction would avoid the application of any provision of this Part to the fund. Civil penalty provision (2) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or being involved in a contravention of, that subsection. Validity of transaction not affected by contravention of subsection (1) (3) A contravention of subsection (1) does not affect the validity of a transaction. Scheme (4) In this section: scheme means: (a) any agreement, arrangement, understanding, promise or undertaking: (i) whether express or implied; or (ii) whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s85"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 86", "Provision_Key": "s86", "Heading": "Object of Part", "Text": "The object of this Part is to set out rules about the representation of employers and members in relation to the management and control of standard employer ‑ sponsored funds.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s86"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 87", "Provision_Key": "s87", "Heading": "Consequences of non ‑ compliance with this Part", "Text": "It is not an offence to contravene this Part and a failure to comply with this Part does not result in the invalidity of a transaction. However, a contravention of this Part may result in a fund being directed under section 63 not to accept any contributions made to the fund by an employer ‑ sponsor (see subsection 63(6)).", "Amendment_Count": 1, "First_Amended": "No 181 of 1994", "Last_Amended": "No 181 of 1994", "Amending_Acts": "No 181 of 1994", "History_Notes": "Amended by No 181 of 1994, effective Sch 3 (items 103–117): 19 Dec 1994 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s87"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 88", "Provision_Key": "s88", "Heading": "This Part does not apply if acting trustee appointed under Part 17", "Text": "This Part does not apply to a fund if the fund has an acting trustee appointed under Part 17.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s88"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 89", "Provision_Key": "s89", "Heading": "Basic equal representation rules", "Text": "Basic rule (1) For the purposes of this Part, a fund complies with the basic equal representation rules if: (a) both: (i) the fund has a group of individual trustees; (ii) the group of trustees consists of equal numbers of employer representatives and member representatives; or (b) both: (i) the fund has a single corporate trustee; (ii) the board of the corporate trustee consists of equal numbers of employer representatives and member representatives. Additional independent trustee or additional independent director (2) For the purposes of the application of the basic equal representation rules to a fund, a group of trustees, or the board of a corporate trustee, is taken to consist of equal numbers of employer representatives and member representatives if: (a) the group or board includes an additional independent trustee or an additional independent director, as the case may be; and (b) the additional independent trustee or additional independent director, as the case may be, is appointed at the request of the employer representatives, or the member representatives, who are the members of the group or board; and (c) provision is made in the governing rules for the appointment of the independent additional trustee or additional independent director, as the case may be; and (d) the governing rules do not allow the additional independent trustee or additional independent director, as the case may be, to exercise a casting vote in any proceedings of the group or board concerned. Vacancy (3) For the purposes of the application of the basic equal representation rules to a fund, if: (a) a vacancy occurs in the membership of a group of trustees or of the board of a corporate trustee; and (b) immediately before the vacancy occurred, the fund complied with the basic equal representation rules; and (c) the vacancy is filled within 90 days after it occurred; and (d) immediately after the vacancy is filled, the fund complies with the basic equal representation rules; the fund is taken to have complied with the basic equal representation rules at all times during the period of the vacancy.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s89"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 90", "Provision_Key": "s90", "Heading": "Pre ‑ 1 July 1995 rules—funds with fewer than 200 members", "Text": "Application (1) This section applies to a standard employer ‑ sponsored fund (other than a public offer superannuation fund) with fewer than 200 members, where: (a) the fund is a private sector fund established on or after 16 December 1985; or (b) the fund is a public sector fund established on or after 25 May 1988; or (c) if there are 2 or more standard employer ‑ sponsors of the fund—any one of those employer ‑ sponsors is not an associate of any other of those employer ‑ sponsors. Pre ‑ 1 July 1995 (2) This section does not apply on or after 1 July 1995. Rules (3) The fund must comply with: (a) the basic equal representation rules; or (b) the alternative agreed representation rule set out in subsection (4). Alternative agreed representation rule (4) For the purposes of this section, a fund complies with the alternative agreed representation rule if any of the trustees of the fund are appointed following nomination by agreement between: (a) either: (i) the members of the fund; or (ii) a trade union, or other organisation, representing the interests of those members; and (b) either: (i) the employer or employers of those members; or (ii) an organisation representing the interests of that employer or those employers.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s90"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 91", "Provision_Key": "s91", "Heading": "Pre ‑ 1 July 1995 rules—funds with 200 or more members", "Text": "Application (1) This section applies to a standard employer ‑ sponsored fund with 200 or more members, where: (a) the fund is a private sector fund established on or after 16 December 1985; or (b) the fund is a public sector fund established on or after 25 May 1988; or (c) if there are 2 or more standard employer ‑ sponsors of the fund—any one of those employer ‑ sponsors is not an associate of any other of those employer ‑ sponsors. Pre ‑ 1 July 1995 (2) This section does not apply on or after 1 July 1995. Public offer funds (3) If the fund is a public offer superannuation fund: (a) either: (i) the trustee of the fund must be an independent trustee; or (ii) the fund must comply with the basic equal representation rules; and (b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees )—the fund must comply with those rules; and (c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives. Non ‑ public offer funds (4) If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules. Transitional (5) If, at a particular time, the number of members of a fund increases from a number less than 200 to 200 or more: (a) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and (b) the fund does not have to comply with this section during the period: (i) beginning at that time; and (ii) ending at whichever is the earlier of the following times: (A) the time at which such arrangements are made; (B) the end of 90 days.", "Amendment_Count": 1, "First_Amended": "No 140 of 1994", "Last_Amended": "No 140 of 1994", "Amending_Acts": "No 140 of 1994", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s91"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 92", "Provision_Key": "s92", "Heading": "Post ‑ 30 June 1995 rules—funds with more than 6, but fewer than 50, members", "Text": "Application (1) This section applies to a standard employer ‑ sponsored fund with more than 6, but fewer than 50, members. Post ‑ 30 June 1995 (2) This section applies on and after 1 July 1995. Public offer funds (3) If the fund is a public offer superannuation fund: (a) either: (i) the trustee of the fund must be an independent trustee; or (ii) the fund must comply with the basic equal representation rules; and (b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees )—the fund must comply with those rules; and (c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives. Non ‑ public offer funds (4) If the fund is not a public offer superannuation fund, the fund must comply with: (a) the basic equal representation rules; or (b) the alternative agreed representation rule set out in subsection (5); or (c) an arrangement in relation to the management and control of the fund that: (i) has been agreed to between a majority of the members of the fund and the employer, or employers, of those members; and (ii) is approved by APRA in writing. Arrangement approval (4A) When deciding whether or not to approve an arrangement under subparagraph (4)(c)(ii), APRA must have regard to any written guidelines determined by APRA under this subsection. (4B) The approval of the arrangement given under subparagraph (4)(c)(ii) (the arrangement approval ): (a) is subject to the conditions set out in the approval (if any); and (b) may be revoked by APRA by written notice given to a trustee of the fund. (4C) Without limiting paragraph (4B)(b), APRA may revoke an arrangement approval if: (a) APRA is satisfied that there has been a contravention of a condition to which the approval is subject; or (b) a trustee of the fund applies in writing for its revocation. (4D) APRA may vary or revoke the conditions of the arrangement approval by written notice given to a trustee of the fund. Alternative agreed representation rule (5) For the purposes of this section, a fund complies with the alternative agreed representation rule if: (a) there is a single trustee of the fund who is a constitutional corporation; and (b) the trustee is appointed following nomination by agreement between: (i) a majority of the members of the fund; and (ii) the employer or employers of those members; and (c) the trustee is an RSE licensee; and (ca) a condition imposed under section 29EA on the RSE licensee’s RSE licence requires the RSE licensee to ensure that the fund, or a class of funds to which the fund belongs, complies with the alternative agreed representation rule whenever this section applies to the fund; and (d) the trustee is not an associate of a standard employer ‑ sponsor of the fund. Transitional (13) If, at a particular time, the number of members of a fund increases from a number less than 7 to 7 or more, but less than 50: (a) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and (b) the fund does not have to comply with this section during the period beginning at that time and ending: (i) at the time at which such arrangements are made; or (ii) 90 days after that time; whichever is the earlier.", "Amendment_Count": 6, "First_Amended": "No 140 of 1994", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 140 of 1994 | No 144 of 1995 | No 54 of 1998 | No 160 of 2000 | No 53 of 2004 | No 47 of 2021", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s92"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 93", "Provision_Key": "s93", "Heading": "Post ‑ 30 June 1995 rules—funds with more than 49 members", "Text": "Application (1) This section applies to a standard employer ‑ sponsored fund with more than 49 members. Post ‑ 30 June 1995 (2) This section applies on and after 1 July 1995. Public offer funds (3) If the fund is a public offer superannuation fund: (a) either: (i) the trustee of the fund must be an independent trustee; or (ii) the fund must comply with the basic equal representation rules; and (b) if the regulations provide that the fund is subject to rules about the existence, number and functions of policy committees ( prescribed policy committees )—the fund must comply with those rules; and (c) each prescribed policy committee must consist of equal numbers of employer representatives and member representatives. Non ‑ public offer funds (4) If the fund is not a public offer superannuation fund, the fund must comply with the basic equal representation rules. Transitional (5) If, at a particular time, the number of members of a fund increases: (a) from a number less than 7 to 50 or more; or (b) from a number greater than 6, but less than 50, to 50 or more (a paragraph (b) fund ); then: (c) the trustee of the fund must make such arrangements (if any) as are necessary to enable the fund to comply with this section; and (d) the fund does not have to comply with this section during the period beginning at that time and ending: (i) at the time at which such arrangements are made; or (ii) 90 days after that time; whichever is the earlier; and (e) for a paragraph (b) fund—despite subsection 92(1), the fund must comply with subsection 92(3) or (4) during the period of time referred to in paragraph (d).", "Amendment_Count": 3, "First_Amended": "No 140 of 1994", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 140 of 1994 | No 144 of 1995 | No 47 of 2021", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s93"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 93A", "Provision_Key": "s93a", "Heading": "A trustee who is an employer ‑ sponsor of a fund may still be an independent trustee", "Text": "(1) For the purposes of subparagraphs 92(3)(a)(i) and 93(3)(a)(i), the trustee of a public offer superannuation fund who is an employer ‑ sponsor of the fund will be an independent trustee of the fund: (a) if the trustee satisfies all the requirements of the definition of independent trustee in section 10; or (b) if: (i) the trustee together with any other employer ‑ sponsors of the fund who are associates of the trustee are employer ‑ sponsors of not more than the allowable percentage of the members of the fund; and (ii) the value of the accrued benefits of those members of the fund who have as an employer ‑ sponsor either the trustee or an associate of the trustee is not more than the allowable percentage of the value of the assets of the fund; and (iii) the trustee satisfies the requirements in paragraphs (a), (c), (d) and (e) of the definition of independent trustee in section 10. (2) The allowable percentage of the members of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee. (3) The allowable percentage of the value of the assets of the fund is 10% or such higher percentage as is approved by APRA by notice in writing given to the trustee. (4) If APRA approves a higher percentage under subsection (2) or (3), the approval may be subject to such conditions (if any) as are specified in the notice. (5) An approval, including any conditions to which the approval is subject, may be varied at any time by APRA by notice in writing given to the trustee. (6) APRA may only exercise the power conferred under subsection (2) or (3) after considering: (a) the effect that the approval of a higher percentage will have on the likelihood of the trustee performing its functions independently and impartially; and (b) all other relevant circumstances.", "Amendment_Count": 2, "First_Amended": "No 144 of 1995", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 144 of 1995 | No 54 of 1998", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s93A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 94", "Provision_Key": "s94", "Heading": "Object of Part", "Text": "The object of this Part is to set out rules about borrowing by the trustees of approved deposit funds.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s94"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 95", "Provision_Key": "s95", "Heading": "Borrowing", "Text": "(1) Except with the approval of APRA under subsection (2) or except as provided by subsection (3), the trustee of an approved deposit fund must not borrow money. (2) APRA may approve a borrowing by the trustee of an approved deposit fund if the trustee satisfies APRA that special circumstances exist that justify the borrowing. (3) Subsection (1) does not prohibit the trustee of an approved deposit fund from borrowing money if: (a) the purpose of the borrowing is to enable the trustee to cover settlement of a transaction for the acquisition of any of the following: (i) bonds, debentures, stock, bills of exchange or other securities; (ii) shares in a company; (iii) units in a unit trust; (iv) futures contracts; (v) forward contracts; (vi) interest rates swap contracts; (vii) currency swap contracts; (viii) forward exchange rate contracts; (ix) forward interest rate contracts; (x) a right or option in respect of such a security, share, unit, contract or policy; (xi) any similar financial instrument; (xii) foreign currency; and (b) both: (i) at the time the relevant investment decision was made, it was likely that the borrowing would not be needed; and (ii) the borrowing is not taken, under a determination made, by legislative instrument, by APRA, to be exempt from this paragraph; and (c) the period of the borrowing does not exceed 7 days; and (d) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the fund. (5) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s95"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 96", "Provision_Key": "s96", "Heading": "Object of Part", "Text": "The object of this Part is to set out special rules applying only to pooled superannuation trusts.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s96"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 97", "Provision_Key": "s97", "Heading": "Borrowing", "Text": "(1) Subject to subsection (2), the trustee of a pooled superannuation trust must not borrow money. (2) Subsection (1) does not prohibit the trustee of a pooled superannuation trust from borrowing money if: (a) the purpose of the borrowing is to enable the trustee to make a payment to a beneficiary in the trust which the trustee is required to make by law or by the governing rules and which, apart from the borrowing, the trustee would not be able to make; and (b) the period of the borrowing does not exceed 90 days; and (c) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the trust. (3) Subsection (1) does not prohibit the trustee of a pooled superannuation trust from borrowing money if: (a) the purpose of the borrowing is to enable the trustee to cover settlement of a transaction for the acquisition of any of the following: (i) bonds, debentures, stock, bills of exchange or other securities; (ii) shares in a company; (iii) units in a unit trust; (iv) futures contracts; (v) forward contracts; (vi) interest rates swap contracts; (vii) currency swap contracts; (viii) forward exchange rate contracts; (ix) forward interest rate contracts; (x) a right or option in respect of such a security, share, unit, contract or policy; (xi) any similar financial instrument; (xii) foreign currency; and (b) both: (i) at the time the relevant investment decision was made, it was likely that the borrowing would not be needed; and (ii) the borrowing is not taken, under a determination made, by legislative instrument, by APRA, to be exempt from this paragraph; and (c) the period of the borrowing does not exceed 7 days; and (d) if the borrowing were to take place, the total amount borrowed by the trustee would not exceed 10% of the value of the assets of the trust.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s97"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 98", "Provision_Key": "s98", "Heading": "Lending to unit ‑ holders prohibited", "Text": "The trustee or an investment manager of a pooled superannuation trust must not: (a) lend money of the trust to a beneficiary of the trust; or (b) give any other financial assistance using the resources of the trust to a beneficiary of the trust.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s98"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99", "Provision_Key": "s99", "Heading": "Civil penalty provisions", "Text": "Subsection 97(1) and section 98 are civil penalty provisions as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, either of them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99A", "Provision_Key": "s99a", "Heading": "Application", "Text": "The rules set out in this Part do not apply to self managed superannuation funds.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99B", "Provision_Key": "s99b", "Heading": "No entry fees", "Text": "(1) The trustee, or the trustees, of a regulated superannuation fund or an approved deposit fund must not charge entry fees. (2) An entry fee is a fee, other than a buy ‑ sell spread, that relates, directly or indirectly, to the issuing of a beneficial interest in a superannuation entity to a person who is not already a member of the entity.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99BA", "Provision_Key": "s99ba", "Heading": "No exit fees", "Text": "(1) The trustee, or the trustees, of a regulated superannuation fund or an approved deposit fund must not charge exit fees, except in circumstances prescribed by the regulations. (2) An exit fee is a fee, other than a buy ‑ sell spread, that relates to the disposal of all or part of a member’s interests in a superannuation entity.", "Amendment_Count": 1, "First_Amended": "No 16 of 2019", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 16 of 2019", "History_Notes": "Inserted by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99BA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99C", "Provision_Key": "s99c", "Heading": "Buy ‑ sell spreads and switching fees to be charged on a cost recovery basis", "Text": "(1) If the trustee, or the trustees, of a regulated superannuation fund or an approved deposit fund charge a buy ‑ sell spread or a switching fee, the fee must be no more than it would be if it were charged on a cost recovery basis. (2) The regulations may prescribe the way in which a buy ‑ sell spread or a switching fee charged on a cost recovery basis is to be worked out.", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 16 of 2019", "Amending_Acts": "No 171 of 2012 | No 16 of 2019", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99D", "Provision_Key": "s99d", "Heading": "Cost of advice to employers not to be borne by members", "Text": "The trustee, or the trustees, of a regulated superannuation fund or an approved deposit fund must not include in any fee charged to any member of the fund an amount that relates to costs incurred by any person, directly or indirectly, in relation to personal advice provided by any person to an employer of one or more members of the fund.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99E", "Provision_Key": "s99e", "Heading": "Fair and reasonable attribution of costs between classes of beneficial interest in a regulated superannuation fund", "Text": "If there is more than one class of beneficial interest in a regulated superannuation fund, the trustee, or the trustees, of the fund must attribute the costs of the fund between the classes fairly and reasonably.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99F", "Provision_Key": "s99f", "Heading": "Cost of financial product advice—collectively charged fees", "Text": "(1) The trustee or the trustees of a regulated superannuation fund must not directly or indirectly pass the cost of providing financial product advice in relation to a member of the fund (the subject member ) on to any other member of the fund, to the extent that: (a) the advice is provided by: (i) a trustee of the fund; or (ii) another person acting as an employee of, or under an arrangement with, a trustee or trustees of the fund; and (b) the advice is personal advice; and (c) the advice is provided in any of the following circumstances: (i) the subject member has not yet acquired a beneficial interest in the fund when the advice is given, and the advice relates to whether the subject member should acquire such an interest; (ii) the advice relates to a financial product that is not a beneficial interest in the fund, a related pension fund for the member and the fund, a related insurance product for the member and the fund or a cash management facility within the fund; (iii) the advice relates to whether the subject member should consolidate that member’s beneficial interests in 2 or more superannuation entities into a beneficial interest in a single superannuation entity; (iv) at the time the advice is provided, the subject member reasonably expects that a person mentioned in subparagraph (a)(i) or (ii) will periodically review the advice, provide further personal advice or monitor whether recommendations in the original or any later advice are implemented and the results of that implementation; (v) other prescribed circumstances. (2) If: (a) under the governing rules of a regulated superannuation fund (the first fund ): (i) a member of another regulated superannuation fund (the second fund ) is entitled to become a member of the first fund on the satisfaction of a condition of release of benefits specified in a standard made under paragraph 31(2)(h); and (ii) on becoming a member of the first fund, a pension would be payable out of the assets of the first fund to the member; and (b) the RSE licensee for the first fund is, or is an associate of, the RSE licensee of the second fund; then the first fund is a related pension fund of the second fund for a member of the second fund in relation to whom paragraph (a) is satisfied. (3) If: (a) the trustee, or the trustees, of a regulated superannuation fund provide a benefit to members of the fund who hold a particular class of beneficial interest in the fund by taking out insurance; and (b) a person holds a beneficial interest of that class in the fund, or is considering acquiring a beneficial interest of that class in the fund; a life policy or contract of insurance by which that benefit is or would be provided is a related insurance product for the person and the fund. (4) In this section: cash management facility has the same meaning as it has for the purposes of subsection 946B(1) of the Corporations Act 2001 . life policy has the same meaning as in the Life Insurance Act 1995 .", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 19 of 2021", "Amending_Acts": "No 171 of 2012 | No 19 of 2021", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 19 of 2021, effective Sch 3: 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99FA", "Provision_Key": "s99fa", "Heading": "Cost of financial product advice—fees charged to member concerned", "Text": "(1) The trustee or the trustees of a regulated superannuation fund must not charge against a member’s interest in the fund the cost of financial product advice provided to the member unless: (a) the financial product advice is personal advice; and (c) the trustee or trustees charge the cost in accordance with the terms of a written request or written consent of the member; and (d) if the arrangement under which the advice is provided is an ongoing fee arrangement—any applicable requirements of Division 3 of Part 7.7A of the Corporations Act 2001 are met in relation to the arrangement and, if relevant, the deduction of ongoing fees; and (e) if the arrangement under which the advice is provided is not an ongoing fee arrangement—the request or consent satisfies the requirements in subsection (2); and (f) the trustee or trustees have the request or consent, or a copy of it. Note 1: The other obligations under this Act, including to act in the best financial interests of the beneficiaries (see paragraph 52(2)(c)) and to comply with the sole purpose test (see section 62), continue to apply to trustees. Note 2: See also Division 5 of Part 2C of this Act for fee rules for MySuper products. Payment of advice fees under an arrangement other than an ongoing fee arrangement (2) For the purposes of paragraph (1)(e), the written request or written consent must include the following: (a) the name and contact details of the member; (b) the name and contact details of the provider of the financial product advice; (c) the name of the fund from which the cost of the advice is requested to be paid; (d) a brief description of the services the member is entitled to receive under the arrangement; (e) a request from, or consent by, the member for the cost of the advice to be paid by the trustee and charged against the member’s interest in the fund; (f) either: (i) the amount to be paid for the advice; or (ii) if the amount to be paid for the advice cannot be determined at the time the request is made, or the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; (g) either: (i) the amount to be charged against the member’s interest in the fund; or (ii) if the amount to be charged against the member’s interest in the fund cannot be determined at the time the request is made, or the consent is given, a reasonable estimate of that amount and an explanation of the method used to work out the estimate; (h) the member’s signature; (i) the date the request is made; (j) any other information prescribed by the regulations. (3) For the purposes of paragraph (2)(e), the Minister may, in writing, approve a form. (4) If the Minister has approved a form under subsection (3), a request or consent for the purposes of paragraph (2)(e) must be in the approved form. Collectively charged fees not covered (5) Subsection (1) does not apply if the cost of providing financial product advice is shared between the member mentioned in subsection (1) and other members of the fund. Note: For rules on collectively charged fees for the provision of financial product advice, see section 99F.", "Amendment_Count": 2, "First_Amended": "No 19 of 2021", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 19 of 2021 | No 67 of 2024", "History_Notes": "Inserted by No 19 of 2021, effective Sch 3: 1 July 2021 (s 2(1) item 2) | Repealed and substituted by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99FA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 99G", "Provision_Key": "s99g", "Heading": "Fee cap on low balances", "Text": "Application (1) This section applies if: (a) the trustee, or trustees, of a regulated superannuation fund offer a choice product or MySuper product; and (b) a member of the fund: (i) holds the product on the last day of a year of income of the fund and, on that day, has an account balance with the fund that relates to the product that is less than $6,000; or (ii) holds the product on one or more days during a year of income of the fund and, on the last of those days, has an account balance with the fund that relates to the product that is less than $6,000. Fee cap for a member who holds the product for the whole year (2) If the member holds the product for the whole year, the trustee or trustees of the fund must not charge capped fees and costs to the member in relation to the product for the year the total combined amount of which exceeds the amount worked out as follows: where: fee cap percentage means the percentage prescribed under subsection (4). member’s account balance for the product on the last day of the year means so much of the member’s account balance with the fund on that day as relates to the product. Capped fees and costs (3) For the purposes of this section, the following are capped fees and costs charged to the member in relation to the product for the year: (a) administration fees charged to the member in relation to the product for the year; (b) investment fees charged to the member in relation to the product for the year; (c) an amount worked out in accordance with the regulations (if any) that: (i) is not charged to the member as a fee; and (ii) is incurred by the trustee or the trustees of the fund in relation to the year; and (iii) relates to the administration of the fund or the investment of the assets of the fund. Fee cap percentage (4) The regulations may prescribe, for the purposes of this section, a fee cap percentage of no more than 3%. Fee cap for member who holds the product for part of the year (5) If the member holds the product for only part of the year, the trustee or trustees of the fund must not charge capped fees and costs to the member in relation to the product for the year the total combined amount of which exceeds the amount worked out as follows: where: fee cap for the whole year means the total combined amount of capped fees and costs that could be charged to the member in relation to the product for the year under subsection (2), if: (a) the member held the product for the whole of the year; and (b) so much of the member’s account balance with the fund on the last day on which the member held the product during the year as relates to the product were the member’s account balance for the product on the last day of the year. Refund of excess (6) The trustee or trustees of the regulated superannuation fund are taken to have complied with this section if any amount by which the total combined amount of capped fees and costs charged to the member in relation to the product for the year exceeds the maximum permitted under subsection (2) or (5) is refunded to the member within 3 months after the end of the year. No breach of section 99E (7) To avoid doubt, the trustee or trustees of the regulated superannuation fund do not breach section 99E by complying with this section.", "Amendment_Count": 2, "First_Amended": "No 16 of 2019", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 16 of 2019 | No 64 of 2020", "History_Notes": "Inserted by No 16 of 2019, effective Sch 1 and 2: 13 Mar 2019 (s 2(1) item 2) | Amended by No 64 of 2020, effective Sch 3 (items 50–53): 23 June 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s99G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 100", "Provision_Key": "s100", "Heading": "Object of Part", "Text": "The object of this Part is to impose special duties on the trustees and investment managers of superannuation entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s100"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 101", "Provision_Key": "s101", "Heading": "Dispute resolution systems", "Text": "(1) Each trustee of a regulated superannuation fund other than a self managed superannuation fund or of an exempt public sector superannuation scheme that has elected to join the AFCA scheme, or of an approved deposit fund: (a) must be a member of the AFCA scheme; and (b) must have an internal dispute resolution procedure that complies with the standards, and requirements, mentioned in subparagraph 912A(2)(a)(i) of the Corporations Act 2001 in relation to financial services licensees; and (c) must give to ASIC the same information as the trustee would be required to give under subparagraph 912A(1)(g)(ii) of the Corporations Act 2001 if the trustee were a financial services licensee; and (d) must ensure that written reasons are given, in accordance with requirements specified under subsection (1B) of this section, for any decision of the trustee (or failure by the trustee to make a decision) relating to a complaint. Note: Part 7.10A of the Corporations Act 2001 deals with situations where complaints are not resolved by the trustee. (1A) However, paragraphs (1)(a) to (c) do not apply to a trustee if the trustee is required under the Corporations Act 2001 to have a dispute resolution system complying with subsection 912A(2) or 1017G(2) of that Act. (1B) ASIC may, by legislative instrument, specify for the purposes of paragraph (1)(d) any or all of the following: (a) the persons who must be given written reasons; (b) the matters that must be included in those reasons; (c) the times by which those reasons must be given; (d) the circumstances that constitute a failure to make a decision. (2) A person who intentionally or recklessly contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 10, "First_Amended": "No 140 of 1994", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 140 of 1994 | No 144 of 1995 | No 121 of 1999 | No 31 of 2001 | No 117 of 2001 | No 53 of 2004 | No 61 of 2013 | No 4 of 2016 | No 13 of 2018 | No 76 of 2023", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s101"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 102", "Provision_Key": "s102", "Heading": "Duty to seek information from investment manager", "Text": "(1) If the trustee of a superannuation entity, or if a superannuation entity has a group of individual trustees, the trustees of the entity, enter into an agreement with an investment manager under which money of the entity will be placed under the control of the investment manager, the trustee, or the trustees, must: (a) ensure that the agreement contains adequate provision to enable the trustee, or the trustees, of the entity to require the investment manager from time to time: (i) to provide appropriate information as to the making of, and return on, the investments; and (ii) to provide such information as is necessary to enable the trustee, or the trustees, of the entity to assess the capability of the investment manager to manage the investments of the entity; and (b) whenever it is necessary or desirable to do so, require the investment manager to provide the information. (2) If: (a) the trustee of a superannuation entity, or if a superannuation entity has a group of individual trustees, the trustees of the entity, entered into an agreement before the commencement of this section with an investment manager under which money of the entity would be placed under the control of the investment manager; and (b) the agreement does not contain a provision of a kind mentioned in paragraph (1)(a); the trustee, or the trustees, of the entity must as soon as practicable ensure that: (c) the agreement is amended so as to contain such a provision; or (d) if the investment manager refuses to agree to such an amendment—the agreement is terminated. (3) The trustee of a superannuation entity, or if a superannuation entity has a group of individual trustees, the trustees of the superannuation entity: (a) may terminate an agreement under paragraph (2)(d) despite anything in the agreement; and (b) are not under any liability to the investment manager because of the termination. (4) A person who intentionally or recklessly contravenes subsection (1) or (2) commits an offence punishable on conviction by a fine not exceeding 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 4, "First_Amended": "No 31 of 2001", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 31 of 2001 | No 117 of 2001 | No 53 of 2004 | No 4 of 2016", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s102"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 103", "Provision_Key": "s103", "Heading": "Duty to keep minutes and records", "Text": "(1) If a superannuation entity has a group of individual trustees, the trustees must keep, and retain for at least 10 years, minutes of all meetings of the trustees at which matters affecting the entity were considered. (2) If there is only one trustee of a superannuation entity: (a) if the trustee is a corporate trustee—the directors of the trustee must keep, and retain for at least 10 years, minutes of all meetings of the directors at which matters affecting the entity were considered; or (b) if the trustee is an individual—the trustee must keep, and retain for at least 10 years, a record of all decisions made by the trustee in respect of matters affecting the entity. (2A) The trustee or trustees must also retain for at least 10 years an election, or a copy of an election, under section 71E. (3) A person commits an offence if the person contravenes subsection (1), (2) or (2A). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . Note 3: Section 166 imposes an administrative penalty for a contravention of subsection (1), (2) or (2A) in relation to a self managed superannuation fund.", "Amendment_Count": 7, "First_Amended": "No 199 of 1999", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 199 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016", "History_Notes": "Amended by No 199 of 1999, effective 23 Dec 1999 (s 2) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s103"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 104", "Provision_Key": "s104", "Heading": "Duty to keep records of changes of trustees", "Text": "(1) Each trustee of a superannuation entity must ensure that up ‑ to ‑ date records of: (a) all changes of trustees of the entity; and (b) all changes of directors of any corporate trustee of the entity; and (c) all consents given under section 118; are kept and retained for at least 10 years. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. (2) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s104"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 104A", "Provision_Key": "s104a", "Heading": "Trustees etc. of self managed superannuation fund—recognition of obligations and responsibilities", "Text": "(1) This section applies to a person if: (a) he or she becomes, after 30 June 2007: (i) the trustee of a self managed superannuation fund; or (ii) a director of a body corporate that is the trustee of a self managed superannuation fund; or (b) he or she is a trustee of such a fund or a director of such a body corporate, and another person becomes, after 30 June 2007, a trustee of the fund or a director of the body corporate; or (c) he or she is a trustee of such a fund or a director of such a body corporate and undertakes a course of education in compliance with an education direction. (2) The person must: (a) if paragraph (1)(a) applies—sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), no later than 21 days after becoming such a trustee or director; and (b) if paragraph (1)(b) applies—ensure that the other person signs a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund (or as director of a body corporate that is such a trustee), within 21 days after becoming such a trustee or director; and (ba) if paragraph (1)(c) applies—sign a declaration in the approved form that he or she understands his or her duties as trustee of a self managed superannuation fund, or as director of a body corporate that is such a trustee (as appropriate), no later than 21 days after completing the course of education; and (c) ensure that the declaration is retained so long as it is relevant, and in any case for at least 10 years; and (d) make the declaration available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff. Note: Section 166 imposes an administrative penalty for a contravention of subsection (2). (3) A person commits an offence if the person contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 15 of 2007", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 15 of 2007 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s104A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 105", "Provision_Key": "s105", "Heading": "Duty to keep reports", "Text": "(1) Each trustee of a regulated superannuation fund or of an approved deposit fund must ensure that: (a) copies of all member or beneficiary reports are kept, and retained so long as they are relevant and in any event for at least 10 years; and (b) those copies are made available for inspection by a member of the staff of the Regulator if requested to do so by a member of that staff. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. (2) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (3) In this section: member or beneficiary report means a report: (a) given under this Act, the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the governing rules; and (b) given in the same form (apart from differences relating to the names and addresses of the persons to whom the notices were given): (i) in the case of a regulated superannuation fund—to all members of the fund, or to all members included in a particular class of members; or (ii) in the case of an approved deposit fund—to all beneficiaries in the fund, or to all beneficiaries included in a particular class of beneficiaries.", "Amendment_Count": 9, "First_Amended": "No 48 of 1998", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 48 of 1998 | No 54 of 1998 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016 | No 141 of 2020", "History_Notes": "Amended by No 48 of 1998, effective Sch 1 (items 184–191): 1 July 1998 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s105"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 106", "Provision_Key": "s106", "Heading": "Duty to notify the Regulator of significant adverse events", "Text": "(1) If a trustee of a superannuation entity becomes aware of the occurrence of an event having a significant adverse effect on the financial position of the entity, the trustee must ensure that a trustee of the entity immediately notifies the Regulator in writing of the event. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. (1A) Subsection (2) applies if a trustee of a superannuation entity is required by regulations made for the purposes of paragraph 1017DA(1)(a) of the Corporations Act 2001 to provide fund information (within the meaning of regulations made for the purposes of this subsection) to holders of interests in the entity. (2) An event has a significant adverse effect on the financial position of the entity if: (a) the event occurs before that fund information is provided; and (b) as a result of the event, a trustee of the entity will not, or may not, be able, at a time occurring before the entity gives the fund information, to make payments to beneficiaries as and when the obligation to make those payments arises. (3) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection.", "Amendment_Count": 6, "First_Amended": "No 54 of 1998", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 53 of 2004 | No 154 of 2007 | No 11 of 2014 | No 67 of 2024", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s106"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 106A", "Provision_Key": "s106a", "Heading": "Duty to notify Commissioner of Taxation of change in status of entity", "Text": "Trustee’s duty to notify Commissioner of Taxation (1) If a trustee of a superannuation entity: (a) has knowledge that the superannuation entity has ceased to be a self managed superannuation fund; or (b) has knowledge that the superannuation entity has become a self managed superannuation fund since first becoming a superannuation entity; the trustee must ensure that a written notice is given to the Commissioner of Taxation. Note 1: A trustee of a fund that was already a self managed superannuation fund when a trustee, or the trustees, of the fund made an election under section 19 does not have to ensure that a notice is given to the Commissioner of Taxation at that time, because the fund became a self managed superannuation fund before (not since) becoming a superannuation entity. Note 2: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. Timing of notice (2) A notice under subsection (1) must be given as soon as practicable, and not later than 21 days, after the trustee first has knowledge that the superannuation fund has ceased to be, or has become, a self managed superannuation fund. Offence (3) A person who contravenes subsection (1) commits an offence punishable on conviction by a fine not exceeding 100 penalty units.", "Amendment_Count": 4, "First_Amended": "No 121 of 1999", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 121 of 1999 | No 53 of 2004 | No 11 of 2014 | No 4 of 2016", "History_Notes": "Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s106A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 107", "Provision_Key": "s107", "Heading": "Duty of trustee of employer ‑ sponsored fund to establish procedure for appointing member representatives", "Text": "(1) This section applies if the trustee, or the trustees, of a standard employer ‑ sponsored fund (other than a superannuation fund with no more than 6 members) are required by law: (a) if the trustee is a single corporate trustee—to have member representatives on the board of directors of the trustee; or (b) if there is a group of individual trustees—to have member representatives included in the group; or (c) in any other case—to have member representatives on a policy committee of the fund. (2) Each trustee of the fund must ensure that: (a) rules are established (whether by inclusion in the governing rules or otherwise): (i) setting out a procedure for appointing the member representatives; and (ii) ensuring that member representatives so appointed can only be removed by the same procedure as that by which they were appointed, except in the event of: (A) death; or (B) mental or physical incapacity; or (C) retirement; or (D) termination of employment; or (DA) the member representative no longer meeting one or more of the criteria for fitness and propriety relevant to the member representative set out in the prudential standards; or (E) the member representative becoming a disqualified person within the meaning of Part 15; or (F) suspension or removal under Part 17; or (G) other prescribed circumstances; and (b) those rules are published in such a way as will make members of the fund aware of the procedure for appointment and removal of member representatives. (3) A trustee is guilty of an offence if the trustee contravenes subsection (2). Penalty: 100 penalty units. (4) A trustee is guilty of an offence if the trustee contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 7, "First_Amended": "No 121 of 1999", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 121 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 61 of 2013 | No 47 of 2021", "History_Notes": "Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s107"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 108", "Provision_Key": "s108", "Heading": "Duty of trustee of employer ‑ sponsored fund to establish procedure for appointing independent trustee or independent member of board of directors of corporate trustee", "Text": "(1) This section applies if a standard employer ‑ sponsored fund (other than a self managed superannuation fund) relies on subsection 89(2) in order to comply with the basic equal representation rules. (That subsection deals with an additional independent trustee or an additional independent director of a corporate trustee.) (2) Each trustee of the fund must ensure that: (a) rules are established (whether by inclusion in the governing rules or otherwise) ensuring that the additional independent trustee or additional independent director, as the case may be, can only be removed by the same procedure as that by which the additional independent trustee or additional independent director was appointed, except in the event of: (i) death; or (ii) mental or physical incapacity; or (iia) the additional independent trustee or additional independent director no longer meeting one or more of the criteria for fitness and propriety relevant to the independent trustee or independent director set out in the prudential standards; or (iii) the additional independent trustee or additional independent director, as the case may be, becoming a disqualified person within the meaning of Part 15; or (iv) suspension or removal under Part 17; or (v) other prescribed circumstances; and (b) those rules are published in such a way as will make members of the fund aware of the procedure for removal of the additional independent trustee or additional independent director, as the case may be. (3) A trustee is guilty of an offence if the trustee contravenes subsection (2). Penalty: 100 penalty units. (4) A trustee is guilty of an offence if the trustee contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 121 of 1999", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 121 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 61 of 2013", "History_Notes": "Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s108"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 108A", "Provision_Key": "s108a", "Heading": "Trustee’s duty to identify etc. multiple superannuation accounts of members", "Text": "(1) Each trustee of a superannuation entity (other than the trustee of a pooled superannuation trust or a self managed superannuation fund) must ensure that rules are established, which: (a) set out a procedure for identifying when a member of the superannuation entity has more than one superannuation account in the superannuation entity; and (b) require the trustee to carry out the procedure to identify such members at least once each financial year; and (c) if the member has 2 or more superannuation accounts in the superannuation entity—require the trustee to merge the accounts so that the member has only one account balance in respect of those accounts, if the trustee reasonably believes that it is in the best interests of the member to do so; and (d) provide that fees are not payable (other than a buy ‑ sell spread) for any merger of superannuation accounts that occurs as a result of paragraphs (a) to (c). (2) The requirement in paragraph (1)(c) does not apply if: (a) it is not practicable in the circumstances to merge the member’s superannuation accounts; or (b) one or more of the superannuation accounts is a defined benefit interest or income stream. (3) A superannuation account is a record of the member’s benefits, in relation to a superannuation entity in which the member has an interest, which is recorded separately: (a) from other benefits of the member in relation to the entity (if any); and (b) from other benefits of any other member in relation to the entity. (4) In determining, for the purpose of paragraph (1)(c), whether it is in the best interests of a member to merge his or her superannuation accounts, the trustee must consider the total amount of fees and charges payable by the member in respect of all of his or her accounts in the superannuation entity (including any fees and charges payable by the member for insurance provided in respect of all of his or her accounts). (5) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 3, "First_Amended": "No 85 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 85 of 2013 | No 5 of 2015 | No 70 of 2015", "History_Notes": "Inserted by No 85 of 2013, effective Sch 5: 28 June 2013 (s 2(1) item 10) | Amended by No 5 of 2015, effective Sch 1 (items 39 ‑ 41): 25 Mar 2015 (s 2(1) item 2) | Amended by No 70 of 2015, effective Sch 1 (items 147–150) and Sch 1 (items 195–205): 1 July 2015 (s 2(1) items 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s108A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 109", "Provision_Key": "s109", "Heading": "Investments of superannuation entity to be made and maintained on arm’s length basis", "Text": "(1) A trustee or investment manager of a superannuation entity must not invest in that capacity unless: (a) the trustee or investment manager, as the case may be, and the other party to the relevant transaction are dealing with each other at arm’s length in respect of the transaction; or (b) both: (i) the trustee or investment manager, as the case may be, and the other party to the relevant transaction are not dealing with each other at arm’s length in respect of the transaction; and (ii) the terms and conditions of the transaction are no more favourable to the other party than those which it is reasonable to expect would apply if the trustee or investment manager, as the case may be, were dealing with the other party at arm’s length in the same circumstances. (1A) If: (a) a trustee or investment manager of a superannuation entity invests in that capacity; and (b) at any time during the term of the investment the trustee or investment manager is required to deal in respect of the investment with another party that is not at arm’s length with the trustee or investment manager; the trustee or investment manager must deal with the other party in the same manner as if the other party were at arm’s length with the trustee or investment manager. (2) Subsections (1) and (1A) are civil penalty provisions as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, those subsections. (3) A contravention of subsection (1) or (1A) does not affect the validity of a transaction.", "Amendment_Count": 4, "First_Amended": "No 140 of 1994", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 140 of 1994 | No 144 of 1995 | No 38 of 1999 | No 53 of 2004", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s109"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 114", "Provision_Key": "s114", "Heading": "Object of Part", "Text": "The object of this Part is to set out various rules applying to superannuation entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s114"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 115", "Provision_Key": "s115", "Heading": "Trustee of superannuation entity may maintain reserves", "Text": "(1) The trustee of a superannuation entity may maintain a reserve of the entity for a particular purpose, unless the governing rules of the entity prohibit the maintenance of a reserve for that purpose. Governing rules of an RSE must not prohibit reserves to cover operational risk (2) The governing rules of a registrable superannuation entity must not prohibit the maintenance of a reserve to cover the operational risk relating to the entity. (3) If the governing rules of a registrable superannuation entity are inconsistent with subsection (2): (a) subsection (2) prevails; and (b) the governing rules are invalid, to the extent of the inconsistency.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 53 of 2004 | No 117 of 2012", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Repealed and substituted by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s115"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 116", "Provision_Key": "s116", "Heading": "Agreement between trustee and investment manager", "Text": "Despite anything in the governing rules of a superannuation entity, any provision of an agreement between a trustee of the entity and an investment manager that purports to exempt the investment manager from liability for negligence, or to limit that liability, is void.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s116"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 117", "Provision_Key": "s117", "Heading": "Circumstances in which amounts may be paid out of an employer ‑ sponsored fund to an employer ‑ sponsor", "Text": "Excluded superannuation funds (2) This section does not apply to an excluded superannuation fund during the period: (a) beginning on 21 October 1992; and (b) ending immediately before the day on which subsection (2A) commenced. Self managed superannuation funds (2A) This section does not apply to a self managed superannuation fund if, at all times after the day on which this subsection commenced when the fund was in existence, the fund was a self managed superannuation fund. Basic prohibition (3) Except as provided by this section, a trustee of a standard employer ‑ sponsored fund must not pay an amount, or permit an amount to be paid, out of the fund to a standard employer ‑ sponsor. (3A) Subsection (3) does not apply in circumstances where: (a) its application would result in the acquisition of property from a person otherwise than on just terms; and (b) the acquisition would be invalid because of paragraph 51(xxxi) of the Constitution. Exception—management services (4) A reasonable amount may be paid out of any standard employer ‑ sponsored fund to a standard employer ‑ sponsor for services rendered in connection with the management or operation of the fund. Exception—special procedures followed (5) An amount may be paid out of a standard employer ‑ sponsored fund to a standard employer ‑ sponsor if the following requirements are fulfilled: (a) apart from this section, the governing rules would require or permit the amount to be paid to the employer ‑ sponsor; (b) whichever of the following subparagraphs is applicable has been complied with: (i) if the fund has a single corporate trustee: (A) the directors of the trustee have, by resolution, declared their intention to pay the amount out of the fund to the employer ‑ sponsor; and (B) when that resolution was passed, the board of the corporate trustee complied with the basic equal representation rules under Part 9; (ii) if the fund has a group of individual trustees: (A) the trustees have, by resolution, declared their intention to pay the amount out of the fund to the employer ‑ sponsor; and (B) when that resolution was passed, the group of trustees complied with the basic equal representation rules under Part 9; (iii) in any other case—the trustee has declared his or her intention to pay the amount out of the fund to the employer ‑ sponsor; (c) before the resolution referred to in subparagraph (b)(i) or (ii), was passed or before the declaration referred to in subparagraph (b)(iii) was made: (i) an actuary had given a written certificate to the trustee, or the trustees, of the fund stating that, if the amount were paid, the fund would remain in a satisfactory financial position; and (ii) the trustee, or the trustees, were satisfied that the payment of the amount and the making of the changes (if any) to the governing rules were reasonable having regard to the interests of the employer ‑ sponsor and of the beneficiaries in the fund; (d) a trustee of the fund gave notice in accordance with the governing rules to all members of the fund: (i) stating the intention to pay the amount to the employer ‑ sponsor; and (ii) stating that an actuary has given a certificate to the trustee, or the trustees, of the fund as required by subparagraph (c)(i); and (iii) setting out particulars of any changes to the governing rules that were proposed to be made if the amount were paid to the employer ‑ sponsor; (e) at the end of 3 months after the notice mentioned in paragraph (d) was given to members, the provisions of whichever of the following subparagraphs is applicable were complied with: (i) if the fund has a single corporate trustee—the directors of the corporate trustee passed a resolution agreeing to pay the amount out of the fund to the employer ‑ sponsor; (ii) if the fund has a group of individual trustees—the trustees passed a resolution agreeing to pay the amount out of the fund to the employer ‑ sponsor; (iii) in any other case—the trustee decided to make the payment; (f) any other requirements made by the regulations. (5A) The requirement in paragraph (5)(d) is taken not to have been fulfilled unless the notice is given in a way that enables each trustee of the fund to be reasonably satisfied that the notice came to the attention of all the members of the fund other than members who are lost members within the meaning of the regulations. APRA may waive requirements (6) APRA may waive any or all of the requirements specified in subsection (5) in relation to a matter occurring on or after the date of commencement of this section. Civil penalty provision (7) Subsection (3) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection. This section does not apply to loans to, or investments in, a standard employer ‑ sponsor (8) A reference in this section to the payment of an amount out of a standard employer ‑ sponsored fund to a standard employer ‑ sponsor does not include a reference to the payment of an amount by way of the making of a loan to, or an investment in, the standard employer ‑ sponsor. Definitions (10) In this section: standard employer ‑ sponsor , in relation to a standard employer ‑ sponsored fund, includes: (a) if a standard employer ‑ sponsor is a body corporate—another body corporate that is related to the employer ‑ sponsor; or (b) if a standard employer ‑ sponsor is an individual—an associate of the employer ‑ sponsor. (11) For the purposes of this section: (a) a reference to a standard employer ‑ sponsored fund includes a reference to a former standard employer ‑ sponsored fund; and (b) a reference to a standard employer ‑ sponsor includes a reference to a former standard employer ‑ sponsor.", "Amendment_Count": 7, "First_Amended": "No 144 of 1995", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 38 of 1999 | No 121 of 1999 | No 53 of 2004 | No 15 of 2007 | No 69 of 2023", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 15 of 2007, effective Sch 1 (items 351–364, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) Sch 3 (item 54): 1 July 2007 (s 2(1) item 7) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s117"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 118", "Provision_Key": "s118", "Heading": "Consents to appointments", "Text": "A person is not eligible for appointment as a trustee of a superannuation entity, or as a director of a corporate trustee of a superannuation entity, unless the person has consented in writing to the appointment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s118"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 119", "Provision_Key": "s119", "Heading": "Object of Part", "Text": "The object of this Part is to set out rules about the eligibility of trustees, custodians and investment managers of superannuation entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s119"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 120", "Provision_Key": "s120", "Heading": "Disqualified persons", "Text": "Individuals (1) For the purposes of this Part, an individual is a disqualified person if: (a) at any time (including a time before the commencement of this section): (i) the individual was convicted of an offence against or arising out of a law of the Commonwealth, a State, a Territory or a foreign country, being an offence in respect of dishonest conduct; or (ii) a civil penalty order was made in relation to the person; or (b) the person is an insolvent under administration; or (c) either: (i) to the extent that the Regulator is the Commissioner of Taxation—the Regulator has disqualified the individual under section 126A; or (ii) to the extent that the Regulator is APRA—the Federal Court of Australia has disqualified the individual under section 126H; or (d) the person is a trustee of a self managed superannuation fund or a director of a corporate trustee of a self managed superannuation fund that: (i) has contravened section 139 ‑ 135 in Schedule 1 to the Taxation Administration Act 1953 ; or (ii) has contravened subsection 139 ‑ 145(2) in Schedule 1 to the Taxation Administration Act 1953 by failing to notify the Commissioner of Taxation that the trustee was not required to comply with a release authority because of subsection 139 ‑ 135(3) or (4) of that Schedule. Bodies corporate (2) For the purposes of this Part, a body corporate is a disqualified person if: (a) the body corporate knows, or has reasonable grounds to suspect, that a person who is, or is acting as, a responsible officer of the body corporate is: (i) for a person who is a disqualified person only because he or she was disqualified under section 126H—disqualified from being or acting as a responsible officer of the body corporate; or (ii) otherwise—a disqualified person; or (b) a receiver, or a receiver and manager, has been appointed in respect of property beneficially owned by the body; or (c) an administrator has been appointed in respect of the body; or (ca) a restructuring practitioner (within the meaning of the Corporations Act 2001 ) has been appointed in respect of the body; or (d) a provisional liquidator has been appointed in respect of the body; or (e) the body has begun to be wound up. Convictions (3) A reference in this section to a person who has been convicted of an offence includes a reference to a person in respect of whom an order has been made under section 19B of the Crimes Act 1914 , or under a corresponding provision of a law of a State, a Territory or a foreign country, in relation to the offence. Law on spent convictions does not apply (4) Division 3 of Part VIIC of the Crimes Act 1914 does not apply in relation to the disclosure of information about a conviction of the kind mentioned in paragraph (1)(a), if the disclosure is for the purposes of this Part.", "Amendment_Count": 7, "First_Amended": "No 144 of 1995", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 160 of 2000 | No 8 of 2007 | No 25 of 2008 | No 127 of 2021 | No 47 of 2026", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 8 of 2007, effective Sch 4 (items 28–30): 15 Mar 2007 (s 2(1) item 44) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 127 of 2021, effective Sch 2 (item 61): 8 Dec 2021 (s 2(1) item 3) | Amended by No 47 of 2026, effective sch 1 (item 13): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s120"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 122", "Provision_Key": "s122", "Heading": "Investment manager must not appoint or engage custodian without the trustee’s consent", "Text": "(1) An investment manager of a superannuation entity must not appoint or engage a custodian of the entity without the written consent of the trustee, or the trustees, of the entity. (2) The investment manager commits an offence if the investment manager contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s122"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 123", "Provision_Key": "s123", "Heading": "Persons who may be appointed to be custodians of superannuation entities", "Text": "(1) A person must not intentionally be the custodian of a superannuation entity (other than a self managed superannuation fund) unless: (a) the person is a body corporate; and (b) any of the following subparagraphs applies: (i) the value of the net tangible assets of the body corporate is not less than the amount prescribed by the regulations; (ii) a trustee of the entity is entitled to the benefit, in respect of the due performance of the body corporate’s duties as custodian of the entity, of an approved guarantee of an amount that is not less than the amount prescribed by the regulations; (iii) both the conditions specified in subsection (1A) are satisfied. Penalty: 600 penalty units. Note: A defendant bears an evidential burden in relation to the matters in paragraphs (1)(a) and (b) (see subsection 13.3(3) of the Criminal Code ). (1A) For the purposes of subparagraph (1)(b)(iii), the following conditions are specified: (a) a trustee of the entity is entitled to the benefit, in respect of the due performance of the body corporate’s duties as custodian of the entity, of an approved guarantee; (b) the sum of the amount of the approved guarantee and the value of the net tangible assets of the body corporate is not less than the amount prescribed by the regulations. (2) Subsection (1) does not prohibit a person from being a custodian of a superannuation entity if: (a) the person immediately tells a trustee of the entity and APRA in writing that paragraph (1)(b) does not, or has ceased to, apply; and (b) the person is the custodian of the entity during: (i) the 28 ‑ day period beginning at whichever is the later of the following times: (A) the time when paragraph (1)(b) ceased to apply to the custodian; (B) the beginning of the entity’s 1994 ‑ 95 year of income; or (ii) such longer period as APRA allows; and (c) the trustee, or the trustees, of the entity have made or propose to make, arrangements for the orderly dismissal of the person as the custodian; and (d) the person is taking, or is willing to take, all reasonable steps to assist the trustee in carrying out those arrangements. (3) If paragraph (1)(b) does not, or ceases to, apply to the custodian of a superannuation entity: (a) the custodian must immediately tell a trustee of the entity and APRA in writing; and (b) the trustee, or the trustees, must make arrangements for the orderly dismissal of the custodian; and (c) the trustee, or the trustees, must make those arrangements before the end of: (i) the 28 ‑ day period beginning at whichever is the later of the following times: (A) the time when paragraph (1)(b) ceased to apply to the custodian; (B) the beginning of the entity’s 1994 ‑ 95 year of income; or (ii) such longer period as APRA allows. (4) A person who contravenes subsection (3) because of paragraph (a) of that subsection commits an offence punishable on conviction by a fine not exceeding 50 penalty units. (5) A person who contravenes subsection (3) because of paragraph (b) or (c) of that subsection commits an offence punishable on conviction by a fine not exceeding 100 penalty units. (6) Subsections (4) and (5) are offences of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 169 of 1995", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 169 of 1995 | No 54 of 1998 | No 121 of 1999 | No 160 of 2000 | No 53 of 2004 | No 4 of 2016", "History_Notes": "Amended by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s123"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 124", "Provision_Key": "s124", "Heading": "Investment managers must be appointed in writing", "Text": "(1) A trustee of a superannuation entity must not make a non ‑ written appointment of an investment manager of the entity. Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) in relation to a self managed superannuation fund. (2) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s124"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 125", "Provision_Key": "s125", "Heading": "Individuals not to be investment managers of superannuation entities", "Text": "A person must not intentionally be, or act as, an investment manager of a superannuation entity (other than a self managed superannuation fund) if the person is not a body corporate. Penalty: Imprisonment for 2 years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1999", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 121 of 1999", "History_Notes": "Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s125"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126", "Provision_Key": "s126", "Heading": "Application of this Subdivision", "Text": "This Subdivision applies to the extent that the Regulator is the Commissioner of Taxation.", "Amendment_Count": 4, "First_Amended": "No 144 of 1995", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 144 of 1995 | No 121 of 1999 | No 160 of 2000 | No 25 of 2008", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Repealed and substituted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126A", "Provision_Key": "s126a", "Heading": "The Regulator may disqualify individuals", "Text": "(1) The Regulator may disqualify an individual if satisfied that: (a) the person has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and (b) the nature or seriousness of the contravention or contraventions, or the number of contraventions, provides grounds for disqualifying the individual. Note: For offences relating to disqualified persons, see Subdivision C. (2) The Regulator may disqualify an individual who is, or was, a responsible officer of a trustee, investment manager or custodian (the body corporate ) if satisfied that: (a) the body corporate has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and (b) at the time of one or more of the contraventions, the individual was a responsible officer of the body corporate; and (c) in respect of the contravention or contraventions that occurred while the individual was a responsible officer of the body corporate—the nature or seriousness of it or them, or the number of them, provides grounds for the disqualification of the individual. (3) The Regulator may disqualify an individual if satisfied that the individual is otherwise not a fit and proper person to be a trustee, investment manager or custodian, or a responsible officer of a body corporate that is a trustee, investment manager or custodian. (4) A disqualification takes effect on the day on which it is made. (5) The Regulator may revoke a disqualification on application by the disqualified individual or on its own initiative. A revocation takes effect on the day on which it is made. (6) The Regulator must give the individual written notice of a disqualification, revocation of a disqualification or a refusal to revoke a disqualification. (7) As soon as practicable after the Regulator gives a notice under: (a) subsection (6) of this section; or (b) subsection 344(6) (result of internal review); the Regulator must, by notifiable instrument, publish particulars of the notice.", "Amendment_Count": 7, "First_Amended": "No 140 of 1994", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 140 of 1994 | No 144 of 1995 | No 121 of 1999 | No 160 of 2000 | No 25 of 2008 | No 141 of 2020 | No 69 of 2023", "History_Notes": "Inserted by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Repealed and substituted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126B", "Provision_Key": "s126b", "Heading": "Application for waiver of disqualified status", "Text": "(1) An individual may apply to the Regulator for a declaration under section 126D waiving his or her status as a disqualified person for the purposes of this Part only if: (a) he or she is a disqualified person solely because of the operation of subparagraph 120(1)(a)(i); and (b) the offence leading to him or her being a disqualified person is not an offence involving serious dishonest conduct as described in subsection (2). (2) For the purposes of paragraph (1)(b), an offence involves serious dishonest conduct if the penalty actually imposed for the offence is: (a) a term of imprisonment of at least 2 years or such longer period (if any) as is specified in the regulations; or (b) a fine of at least 120 penalty units or such larger fine, if any, as is specified in the regulations. (3) An application must: (a) be in writing; and (b) be made within 14 days after the commencement of this subsection or the person’s conviction, whichever is the later; and (c) identify the offence to which the application relates; and (d) to the extent that the court documents relating to the offence exist—be accompanied by a copy, certified to be a true copy by the Clerk or Registrar of the court, of those documents; and (e) give consent to the Regulator making inquiries in relation to the applicant of any law enforcement agency, regulatory agency or court that the Regulator believes on reasonable grounds has in its possession or control information directly relevant to the Regulator’s consideration of the application; and (f) be signed by the applicant. (4) The Regulator may accept an application meeting conditions referred to in subsection (3) other than paragraph (3)(b) after the end of the period referred to in that paragraph only if the Regulator is satisfied that there are exceptional circumstances that prevented the application from being made within that period. (5) The court documents are: (a) the information or indictment against the applicant; and (b) the transcript of the proceedings; and (c) witness statements and affidavits; and (d) the court’s judgment and orders; and (e) the court’s reasons for judgment. (6) If an individual is not reasonably able to obtain some or all of the court documents referred to in subsection (5), he or she: (a) may make an application that is not accompanied by those documents; and (b) must give the Regulator those documents as soon as practicable after making the application. (7) The Regulator must notify the applicant of any police force, agency or court of which the Regulator intends to make inquiries. (8) Such notification should if possible be given to the applicant as soon as practicable after a decision has been made to approach that police force, agency or court.", "Amendment_Count": 3, "First_Amended": "No 144 of 1995", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 160 of 2000", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126C", "Provision_Key": "s126c", "Heading": "Application must be decided within a period of time", "Text": "(1) Subject to this section, the Regulator must decide an application made under section 126B within 60 days after receiving it. (2) If the Regulator thinks that it will take longer than 60 days to decide the application, the Regulator may extend the period for deciding it by no more than 60 days. (3) The extension must be notified in writing to the applicant within 60 days after the Regulator receives the application. (4) If the Regulator makes an extension, the Regulator must decide the application within the extended period. (5) If the Regulator has not decided the application by the end of the day by which the Regulator is required to decide it, the Regulator is taken to have decided, at the end of that day, to refuse the application under subsection 126D(3).", "Amendment_Count": 4, "First_Amended": "No 144 of 1995", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 38 of 1999 | No 160 of 2000", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126D", "Provision_Key": "s126d", "Heading": "Notifying of the outcome of an application", "Text": "(1A) If, having regard to any of the following: (a) the offence to which the application relates; (b) the time that has passed since the applicant committed the offence; (c) the applicant’s age when the applicant committed the offence; (d) the orders made by the court in relation to the offence; (e) any other relevant matter; the Regulator is satisfied that the applicant is highly unlikely to: (f) contravene this Act; and (g) do anything that would result in a self managed superannuation fund not complying with this Act; the Regulator must, by notice in writing given to the applicant, make a declaration waiving the applicant’s status as a disqualified person for the purposes of this Part. (2) Despite any declaration waiving an applicant’s status as a disqualified person for the purposes of this Part, the applicant will still be a disqualified person if: (a) the applicant had been convicted of an offence involving dishonest conduct that the applicant did not include in the application; or (b) a civil penalty order has been made against the applicant; or (c) the applicant is insolvent under administration. (3) If the Regulator decides not to make a declaration waiving the applicant’s status as a disqualified person for the purposes of this Part, the Regulator must: (a) by notice in writing, record that it has so decided; and (b) give the applicant a statement, to which a copy of the notice referred to in paragraph (a) is attached, telling the applicant: (i) that the Regulator has so decided and of the reasons for that decision; and (ii) that the applicant must resign immediately and confirm that resignation, in writing, to the Regulator; and (iii) that if the applicant fails so to resign and is the responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity the Regulator will tell the body corporate of the applicant’s status as a disqualified person. (4) If the Regulator becomes aware that the responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity has failed to resign in accordance with the requirements of a statement under paragraph (3)(b) the Regulator must tell the body corporate that the applicant is a disqualified person.", "Amendment_Count": 4, "First_Amended": "No 144 of 1995", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 160 of 2000 | No 25 of 2008", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126E", "Provision_Key": "s126e", "Heading": "The effect of seeking a waiver of disqualified person status", "Text": "(1) If: (a) a person is a disqualified person; and (b) the person is eligible to make application for a declaration waiving his or her status as a disqualified person; and (c) the person makes application for such a declaration under subsection 126B(3) within the application period specified in that subsection; the person is treated, for the purposes of this Act, (other than the purpose of the application for the declaration) as not being, and as never having been, a disqualified person until that application is decided. (2) On deciding an application for a declaration waiving the disqualified person status of a person to whom paragraphs 1(a), (b) and (c) apply: (a) if the Regulator decides to make the declaration, the Act applies as if the person had never been disqualified; and (b) if the Regulator decides not to make the declaration, the person again becomes a disqualified person from the date of the decision. (3) If: (a) a person is a disqualified person; and (b) the person is eligible to make application for a declaration waiving his or her status as a disqualified person; and (c) the person makes application for such a declaration under subsection 126B(4); then: (d) pending the decision of the application the person continues to be a disqualified person for the purposes of this Act; but (e) if the Regulator decides to make a declaration waiving the person’s status as a disqualified person, the person is treated, for the purposes of this Act, as if the person had never been a disqualified person.", "Amendment_Count": 3, "First_Amended": "No 144 of 1995", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 160 of 2000", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126F", "Provision_Key": "s126f", "Heading": "The Regulator’s powers to seek further material", "Text": "(1) If, to decide an application under subsection 126B(1), the Regulator needs: (a) further information; or (b) the applicant’s consent to the Regulator making inquiries about the applicant from another person; the Regulator may ask an applicant to provide information or consent. (2) The Regulator may, by notice in writing, require a person who has made an application under subsection 126B(1) to pay to the Regulator an amount equal to the amount of any fees charged to the Regulator by any law enforcement agency, regulatory agency or court for answering any inquiry by the Regulator about the applicant if the fees: (a) are of a kind prescribed for the purposes of this subsection; and (b) exceed an amount prescribed for the purposes of this subsection, or exceed, in total, such an amount. (3) The Regulator may, on the application of a person who has made an application under subsection 126B(1), waive in whole or in part, the requirement to pay an amount under subsection (2) if the Regulator is satisfied that there are special circumstances making it unfair to require the applicant to pay that amount or that part of that amount. (4) If the applicant fails to comply with the request, the Regulator must treat the application as having been withdrawn. (5) Nothing in this section or in section 126B prevents the Regulator from deciding an application before some or all of the requirements in subsection 126B(3) have been complied with.", "Amendment_Count": 3, "First_Amended": "No 144 of 1995", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 160 of 2000", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126G", "Provision_Key": "s126g", "Heading": "Application of this Subdivision", "Text": "This Subdivision applies to the extent that the Regulator is APRA.", "Amendment_Count": 1, "First_Amended": "No 25 of 2008", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 25 of 2008", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126H", "Provision_Key": "s126h", "Heading": "Court power of disqualification", "Text": "(1) On application by the Regulator, the Federal Court of Australia may, by order, disqualify an individual from being or acting as a person referred to in subsection (2), for a period that the Court considers appropriate, if the Court is satisfied: (a) as mentioned in subsection (3), (4) or (5); and (b) that the disqualification is justified. Note: For offences relating to disqualified persons, see Subdivision C. (2) For the purposes of subsection (1), the Court may disqualify an individual from being or acting as: (a) a trustee of: (i) a particular superannuation entity; or (ii) a class of superannuation entities; or (iii) any superannuation entity; or (b) a responsible officer of: (i) a particular body corporate that is a trustee, an investment manager or a custodian of a superannuation entity; or (ii) a class of bodies corporate that are trustees, investment managers or custodians of superannuation entities; or (iii) any body corporate that is a trustee, investment manager or custodian of a superannuation entity. (3) The Court may disqualify an individual, in accordance with subsection (1), if satisfied: (a) that the individual has contravened this Act, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 on one or more occasions; and (b) that the nature or seriousness of the contravention or contraventions, or the number of contraventions, provides grounds for disqualifying the individual. (4) The Court may disqualify an individual, in accordance with subsection (1), who is, or was, a responsible officer of a trustee, investment manager or custodian (the body corporate ) if satisfied that: (a) the body corporate has contravened this Act or the Financial Sector (Collection of Data) Act 2001 on one or more occasions; and (b) at the time of one or more of the contraventions, the individual was a responsible officer of the body corporate; and (c) in respect of the contravention or contraventions that occurred while the individual was a responsible officer of the body corporate—the nature or seriousness of it or them, or the number of them, provides grounds for the disqualification of the individual. (5) The Court may disqualify an individual, in accordance with subsection (1), if satisfied that the individual is otherwise not a fit and proper person to be a person referred to in subsection (2). (6) In deciding whether it is satisfied as mentioned in subsection (3), (4) or (5), the Court may take into account: (a) any matters specified in the regulations for the purposes of this paragraph; and (b) any other matters the Court considers relevant. (6A) In deciding whether it is satisfied as mentioned in subsection (5), the Court may also take into account any criteria for fitness and propriety that are relevant to the trustee or responsible officer set out in the prudential standards. (7) In deciding whether the disqualification is justified as mentioned in paragraph (1)(b), the Court may have regard to: (a) the individual’s conduct in relation to the management, business or property of any corporation; and (b) any other matters the Court considers relevant. (8) As soon as practicable after the Court disqualifies an individual under this section, the Regulator must: (a) give particulars of the disqualification: (i) if the individual is, or is acting as, a trustee of a superannuation entity—to the entity concerned; or (ii) if the individual is, or is acting as, a responsible officer of a body corporate that is a trustee, an investment manager or a custodian of a superannuation entity—to the body corporate concerned; and (b) by notifiable instrument, publish particulars of the disqualification.", "Amendment_Count": 4, "First_Amended": "No 25 of 2008", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 25 of 2008 | No 61 of 2013 | No 68 of 2023 | No 69 of 2023", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126J", "Provision_Key": "s126j", "Heading": "Court power to revoke or vary a disqualification etc.", "Text": "(1) A disqualified person, or the Regulator, may apply to the Federal Court of Australia for: (a) if an individual is a disqualified person only because he or she was disqualified under section 126H—a variation or a revocation of the order made under that section; or (b) otherwise—an order that the person is not a disqualified person. (2) If the Court revokes an order under paragraph (1)(a) or makes an order under paragraph (1)(b), then, despite section 120, the person is not a disqualified person . (3) At least 21 days before commencing the proceedings, written notice of the application must be lodged: (a) if the disqualified person makes the application—by the person with the Regulator; or (b) if the Regulator makes the application—by the Regulator with the disqualified person. (4) An order under paragraph (1)(b) may be expressed to be subject to exceptions and conditions determined by the Court.", "Amendment_Count": 1, "First_Amended": "No 25 of 2008", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 25 of 2008", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126K", "Provision_Key": "s126k", "Heading": "Disqualified persons not to be trustees, investment managers or custodians of superannuation entities", "Text": "(1) A person commits an offence if: (a) the person is a disqualified person; and (b) the person knows he or she is a disqualified person; and (c) the person is or acts as a trustee, investment manager or custodian of a superannuation entity; and (d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H—the person is disqualified from being or acting as a trustee of that superannuation entity. Penalty: Imprisonment for 2 years. (2) A person commits an offence if: (a) the person is a disqualified person; and (b) the person knows he or she is a disqualified person; and (c) the person is or acts as a trustee, investment manager or custodian of a superannuation entity; and (d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H—the person is disqualified from being or acting as a trustee of that superannuation entity. Penalty: 60 penalty units. (3) Subsection (2) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (4) A person commits an offence if: (a) the person is a disqualified person; and (b) the person knows he or she is a disqualified person; and (c) the person is or acts as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity; and (d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H—the person is disqualified from being or acting as that responsible officer. Penalty: Imprisonment for 2 years. (5) A person commits an offence if: (a) the person is a disqualified person; and (b) the person knows he or she is a disqualified person; and (c) the person is or acts as a responsible officer of a body corporate that is a trustee, investment manager or custodian of a superannuation entity; and (d) for a person who is an individual and who is a disqualified person only because he or she was disqualified under section 126H—the person is disqualified from being or acting as that responsible officer. Penalty: 60 penalty units. (6) Subsection (5) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (7) A person commits an offence if: (a) the person is a trustee of a superannuation entity; and (b) the person is or becomes a disqualified person; and (c) the person does not tell the Regulator in writing immediately. Penalty: 50 penalty units. (8) Subsection (7) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 25 of 2008", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 25 of 2008", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126K"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 126L", "Provision_Key": "s126l", "Heading": "Privilege against exposure to penalty—disqualification under section 126A, 126H, 130D or 130EA", "Text": "Proceedings (1) In the case of any proceeding under, or arising out of, this Act, a person is not entitled to refuse or fail to comply with a requirement: (a) to answer a question or give information; or (b) to produce books; or (c) to do any other act; on the ground that the answer or information, production of the books, or doing that other act, as the case may be, might tend to make the person liable to a penalty by way of a disqualification under section 126A, 126H or 130D or tend to make a firm or company liable to disqualification under section 130EA. (2) Subsection (1) applies whether or not the person is a defendant in, or a party to, the proceeding or any other proceeding. Statutory requirements (3) A person is not entitled to refuse or fail to comply with a requirement under this Act: (a) to answer a question or give information; or (b) to produce books; or (c) to do any other act; on the ground that the answer or information, production of the books, or doing that other act, as the case may be, might tend to make the person liable to a penalty by way of a disqualification under section 126A, 126H or 130D or tend to make a firm or company liable to disqualification under section 130EA . Admissibility (4) Subsections 130B(2), 287(3), 290(2) and 336F(2) do not apply to a proceeding for the imposition of a penalty by way of a disqualification under section 126A, 126H or 130D or a proceeding under section 130EA. Other provisions (5) Subsections (1) and (3) of this section have effect despite anything in: (a) section 199; or (b) any other provision of this Act; or (c) the Administrative Review Tribunal Act 2024 . Definition (6) In this section: penalty includes forfeiture.", "Amendment_Count": 3, "First_Amended": "No 82 of 2010", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 82 of 2010 | No 29 of 2023 | No 38 of 2024", "History_Notes": "Inserted by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 38 of 2024, effective Sch 1 (items 46, 71): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s126L"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 127", "Provision_Key": "s127", "Heading": "Non ‑ compliance not to invalidate appointment or transaction", "Text": "A failure to comply with a provision of this Part does not affect the validity of an appointment or transaction. Superannuation Industry (Supervision) Act 1993 No. 78, 1993 Compilation No. 128 Compilation date: 21 May 2026 Includes amendments: Act No. 47, 2026 This compilation is in 2 volumes Volume 1: sections 1 ‑ 127 Volume 2: sections 128 ‑ 383 Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the Superannuation Industry (Supervision) Act 1993 that shows the text of the law as amended and in force on 21 May 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s127"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128", "Provision_Key": "s128", "Heading": "Object of Part", "Text": "The object of this Part is to set out special rules about actuaries and auditors of superannuation entities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128A", "Provision_Key": "s128a", "Heading": "Application for registration as an approved SMSF auditor", "Text": "(1) A natural person who is an Australian resident may apply to the Regulator for registration as an approved SMSF auditor. (2) The application must be in the approved form. Note: The approved form may require electronic lodgement of the application: see sections 11A and 11B. (3) The Regulator may request the applicant to give to the Regulator further information relating to the application within a specified time. (4) The applicant is taken to have withdrawn the application if he or she does not give the further information within that time.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128B", "Provision_Key": "s128b", "Heading": "Registration as an approved SMSF auditor", "Text": "Obligation to register (1) The Regulator must grant an application under section 128A and register the applicant as an approved SMSF auditor if: (a) the applicant: (i) has the qualifications prescribed by the regulations; and (ii) has the practical experience prescribed by the regulations; and (iii) has passed a competency examination in accordance with section 128C; and (b) the Regulator is satisfied that the applicant: (i) is capable of performing the duties of an approved SMSF auditor; and (ii) is unlikely to contravene the obligations of an approved SMSF auditor under Subdivision B; and (iii) is otherwise a fit and proper person to be an approved SMSF auditor. Discretion to register (2) If the applicant does not meet one or more of the requirements of paragraph (1)(a), the Regulator may grant the application if the applicant meets the requirements of paragraph (1)(b). Refusal of applications (3) If the applicant does not meet the requirements of paragraph (1)(b), the Regulator must refuse the application. (4) Despite subsections (1) and (2), the Regulator must refuse the application if the applicant is: (a) a person for whom a disqualification order or a suspension order is in force under section 130F; or (b) a person who is disqualified from being or acting as an auditor of all superannuation entities under section 130D. (5) If the Regulator refuses the application, the Regulator must, not later than 14 days after the decision, give to the applicant a notice in writing setting out the decision and the reasons for it. Certificate of registration (6) If the Regulator grants the application, the Regulator must, not later than 14 days after granting the application, issue to the applicant a certificate: (a) stating that the applicant has been registered as an approved SMSF auditor; and (b) stating the applicant’s SMSF auditor number; and (c) specifying the day the application was granted. (7) A failure to comply with subsection (6) does not affect the validity of the decision. Duration of registration (8) A registration under this section takes effect at the beginning of the day specified in the certificate as the day the application is granted and remains in force (except while the registration is suspended) until: (a) the Regulator cancels the registration under section 128E; or (b) an order disqualifying the person who is registered from being an approved SMSF auditor comes into force under section 130F; or (c) an order disqualifying the person who is registered from being or acting as an auditor of all superannuation entities comes into force under section 130D; or (d) the person who is registered dies.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128C", "Provision_Key": "s128c", "Heading": "Competency examinations", "Text": "The applicant is taken to pass a competency examination in accordance with this section if: (a) in the 12 month period prior to his or her application under section 128A, the applicant passes an examination conducted by or on behalf of the Regulator for the purposes of this section; and (b) the applicant has not, during that period, undertaken and failed to pass such an examination on 2 previous occasions.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128D", "Provision_Key": "s128d", "Heading": "Conditions on registration", "Text": "(1) The Regulator may, at any time, by giving written notice to a person: (a) impose conditions, or additional conditions, on the person’s registration as an approved SMSF auditor; or (b) vary or revoke conditions imposed on the registration. (2) The Regulator may do so: (a) on its own initiative; or (b) on application by the person if: (i) the person is an approved SMSF auditor; and (ii) the application is accompanied by any documents prescribed by the regulations. (3) Without limiting the conditions that the Regulator may impose under this section, those conditions, or those conditions as varied, may require one or more of the following: (a) that the person complete a course of education or training specified in the notice; (b) that the person undertake and pass a competency examination within a period specified by the Regulator.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128E", "Provision_Key": "s128e", "Heading": "Cancelling registration", "Text": "(1) The Regulator may cancel a person’s registration as an approved SMSF auditor if the person requests the Regulator to do so. The request must be in writing. (2) The Regulator may cancel a person’s registration as an approved SMSF auditor if the Regulator is satisfied that the person: (a) has failed to comply with a condition imposed under section 128D on the person’s registration; or (b) has not performed any significant audit work during a continuous period of 5 years, and, as a result, has ceased to have the practical experience necessary for carrying out audits of self managed superannuation funds under this Act; or (c) has failed to comply with the person’s obligation to give the Regulator a statement under section 128G; or (d) has ceased to be an Australian resident. (3) The Regulator must, not later than 14 days after deciding to cancel the registration, give the person a written notice setting out the decision and the reasons for it. (4) The decision takes effect at the end of the day the notice is given to the person. (5) A failure to comply with subsection (3) does not affect the validity of the decision.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128F", "Provision_Key": "s128f", "Heading": "Professional obligations of approved SMSF auditors", "Text": "An approved SMSF auditor must: (a) complete the continuing professional development requirements prescribed by the regulations; and (b) hold a current policy of professional indemnity insurance, of a level prescribed by the regulations, for claims that may be made against the auditor in connection with audits of self managed superannuation funds; and (c) comply with: (i) any competency standards that the Regulator determines under section 128Q; and (ii) any auditing standards, made by the Auditing and Assurance Standards Board under section 336 of the Corporations Act 2001 , that are applicable to the duties of an approved SMSF auditor under this Act; and (iii) any auditing and assurance standards, formulated by the Auditing and Assurance Standards Board under section 227B of the Australian Securities and Investments Commission Act 2001 , that are applicable to those duties; and (d) comply with the auditor independence requirements prescribed by the regulations.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128G", "Provision_Key": "s128g", "Heading": "Annual statements", "Text": "(1) An approved SMSF auditor or suspended SMSF auditor must, within 30 days after the end of: (a) the 12 month period beginning on the day the auditor’s registration as an approved SMSF auditor took effect; and (b) each subsequent 12 month period; give to the Regulator a statement relating to that period. (2) The statement must be in the approved form. (3) The Regulator may, at any time before the statement is due, extend (or further extend) the period for giving the statement. Note: The approved form may require electronic lodgement of the statement: see sections 11A and 11B.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128H", "Provision_Key": "s128h", "Heading": "Notification of certain matters", "Text": "If: (a) an approved SMSF auditor ceases: (i) to practise as an auditor of self managed superannuation funds; or (ii) to be an Australian resident; or (b) a suspended SMSF auditor ceases to be an Australian resident; or (c) a change occurs in any matter particulars of which are required by paragraph 128J(2)(a), (c) or (d) to be entered in the Register of Approved SMSF Auditors in relation to an approved SMSF auditor or suspended SMSF auditor; or (d) a change occurs in any contact details that were included: (i) in the application of an approved SMSF auditor or suspended SMSF auditor, under section 128A, for registration as an approved SMSF auditor; or (ii) in particulars previously given under this paragraph in relation to an approved SMSF auditor or suspended SMSF auditor; the approved SMSF auditor or suspended SMSF auditor must, not later than 21 days after the occurrence of the event concerned, give to the Regulator, in the approved form, particulars of that event. Note: The approved form may require electronic lodgement of the particulars: see sections 11A and 11B.", "Amendment_Count": 2, "First_Amended": "No 158 of 2012", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 158 of 2012 | No 69 of 2020", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128J", "Provision_Key": "s128j", "Heading": "Register of Approved SMSF Auditors", "Text": "(1) The Regulator must cause a Register of Approved SMSF Auditors to be kept for the purposes of this Act. (2) The Regulator must cause the entry in the Register of the following particulars relating to each person who is an approved SMSF auditor or suspended SMSF auditor: (a) the person’s name; (b) the day the person’s registration took effect; (c) the address of the principal place where the person practises as an auditor of self managed superannuation funds; (d) if the person practises as an auditor or a member of a firm, or under a name or style other than the person’s own name—the name of the firm, or the name or style under which he or she so practises; (e) particulars of any suspension of the person’s registration. The Regulator may cause the entry in the Register of such other particulars relating to the person as the Regulator considers appropriate. (3) If the person ceases to be an approved SMSF auditor (for a reason other than the person becoming a suspended SMSF auditor), the Regulator must cause to be removed from the Register the person’s name and any other particulars relating to the person that are entered in the Register. (4) A person may inspect and make copies of, or take extracts from, the Register.", "Amendment_Count": 2, "First_Amended": "No 158 of 2012", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 158 of 2012 | No 69 of 2020", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Repealed and substituted by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128K", "Provision_Key": "s128k", "Heading": "Register of Disqualified SMSF Auditors", "Text": "(1) The Regulator must cause a Register of Disqualified SMSF Auditors to be kept for the purposes of this Act. (2) The Regulator must cause the entry in the Register of the name, and the contact details last known to the Regulator, of each person for whom an order disqualifying the person from being an approved SMSF auditor is in force under section 130F. (3) If the order is revoked, the Regulator must cause to be removed from the Register the person’s name and any other particulars relating to the person that are entered in the Register. (4) A person may inspect and make copies of, or take extracts from, the Register.", "Amendment_Count": 2, "First_Amended": "No 158 of 2012", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 158 of 2012 | No 69 of 2020", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Repealed by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128K"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128L", "Provision_Key": "s128l", "Heading": "Fees imposed under the Superannuation Auditor Registration Imposition Act 2012", "Text": "(1) A fee imposed under the Superannuation Auditor Registration Imposition Act 2012 is payable for the matters mentioned in an item in column 1 of the table. The fee is payable by the person referred to in the corresponding item in column 2 of the table. Fees imposed under the Superannuation Auditor Registration Imposition Act 2012 Item Column 1 A fee payable for ... Column 2 Is payable by ... 1 Applying for registration as an approved SMSF auditor The applicant 1A Applying for conditions imposed on registration as an approved SMSF auditor to be varied or revoked under section 128D The applicant 1B Applying for registration as an approved SMSF auditor to be cancelled under section 128E The applicant 2 Undertaking a competency examination in accordance with section 128C The person undertaking the examination 3 Giving to the Regulator a statement under section 128G The person giving the statement 4 Giving to the Regulator a statement under section 128G within 1 month after it fell due (in addition to the fee payable because of item 3) The person giving the statement 5 Giving to the Regulator a statement under section 128G more than 1 month after it fell due (in addition to the fee payable because of item 3) The person giving the statement 6 Giving to the Regulator particulars under section 128H within 1 month after they fell due The person giving the particulars 7 Giving to the Regulator particulars under section 128H more than 1 month after they fell due The person giving the particulars 8 Inspecting or searching a register that the Regulator keeps under this Division The person who makes a request to inspect or search the register (2) The fee is payable to the Regulator on behalf of the Commonwealth. (3) The fee is due and payable on the day prescribed by the regulations for the purposes of this subsection. (4) The Regulator may, on behalf of the Commonwealth, waive the payment of the whole or a part of the fee, on the Regulator’s own initiative or on written application by a person. (5) If a fee is payable under this section for a matter (other than a matter referred to in item 8 of the table in subsection (1)), the matter is taken, for the purposes of this Act (other than section 128J), not to have occurred until the fee is paid. (6) The Regulator may, on behalf of the Commonwealth, recover a debt due under this section. (7) Nothing in a law passed before the commencement of this section exempts a person from liability to pay a fee under this section. (8) A law, or a provision of a law, passed after the commencement of this section that purports to exempt a person from liability: (a) to pay taxes under laws of the Commonwealth; or (b) to pay certain taxes under those laws that include fees payable under this section; is not to be construed as exempting the person from liability to pay fees payable under this section, unless the law or provision expressly exempts a person from liability to pay such fees.", "Amendment_Count": 3, "First_Amended": "No 158 of 2012", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 158 of 2012 | No 58 of 2018 | No 69 of 2020", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 58 of 2018, effective 29 June 2018 (s 2(1) item 1) | Amended by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128L"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128M", "Provision_Key": "s128m", "Heading": "Fees for inspection or search", "Text": "(1) If a fee is payable under section 128L for a matter referred to in item 8 of the table in subsection 128L(1) that involves the Regulator doing an act, the Regulator may refuse to do the act until the fee is paid. (2) To avoid doubt, nothing in this Division, and nothing done under this Division: (a) imposes on the Regulator a duty to allow the inspection or search of a register, or to make available information; or (b) confers a right to inspect or search a register or to have information made available; except so far as such a duty or right would, but for the effect of this section, exist under a provision of this Act (other than a provision of this Division) or under some other law.", "Amendment_Count": 2, "First_Amended": "No 158 of 2012", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 158 of 2012 | No 69 of 2020", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Repealed by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128M"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128N", "Provision_Key": "s128n", "Heading": "ASIC may disclose information to the Commissioner of Taxation", "Text": "ASIC may disclose information, given to it in or in connection with the performance of its functions or the exercise of its powers under this Part or Part 25, to the Commissioner of Taxation for the purpose of administering the provisions of this Act. Note: A disclosure of information permitted by this section is an authorised disclosure for the purposes of subsection 127(2) of the Australian Securities and Investments Commission Act 2001 .", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128N"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128P", "Provision_Key": "s128p", "Heading": "Commissioner of Taxation may refer matters to ASIC", "Text": "(1) If the Commissioner of Taxation is of the opinion that: (a) an approved SMSF auditor is not a fit and proper person to be an approved SMSF auditor; or (b) in relation to the conduct of an audit of a self managed superannuation fund—a person has contravened this Act or the regulations, or a person who conducted, or is conducting, the audit has failed to carry out or perform adequately and properly: (i) the duties of an auditor under this Act or the regulations; or (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor; or (iii) any functions that an auditor is entitled to perform in relation to this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 ; the Commissioner of Taxation may refer the details of the matter to ASIC. (2) The Commissioner of Taxation may exercise the power under subsection (1) in relation to an approved SMSF auditor whether or not an order disqualifying or suspending the approved SMSF auditor has been made under section 130F. (3) If, under subsection (1), the Commissioner of Taxation refers details of a matter to ASIC, the Commissioner of Taxation must, as soon as practicable but, in any event, not later than 14 days after the referral, by notice in writing given to the auditor or person concerned, inform the auditor or person: (a) of the fact that a matter has been referred under subsection (1); and (b) of the nature of the matter so referred.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128P"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 128Q", "Provision_Key": "s128q", "Heading": "Competency standards", "Text": "(1) The Regulator may, by legislative instrument, determine competency standards to be complied with by all approved SMSF auditors. (2) A competency standard may impose different requirements to be complied with in different situations or in respect of different activities. (3) Without limiting the matters in relation to which the Regulator may determine a competency standard, a competency standard may provide for matters relating to any of the following: (a) the conduct of audits; (b) the professional obligations of approved SMSF auditors; (c) knowledge of laws applying to approved SMSF auditors; (d) compliance with laws applying to approved SMSF auditors. (4) A competency standard may make provision in relation to a matter by applying, adopting or incorporating, with or without modification, a matter contained in an instrument or writing: (a) as in force or existing at a particular time; or (b) as in force or existing from time to time. (5) Subsection (4) has effect despite anything in subsection 14(2) of the Legislation Act 2003 .", "Amendment_Count": 2, "First_Amended": "No 158 of 2012", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 158 of 2012 | No 126 of 2015", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 126 of 2015, effective Sch 1 (items 585–588): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s128Q"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 129", "Provision_Key": "s129", "Heading": "Obligations of actuaries and auditors—compliance", "Text": "When section applies (1) This section applies to a person in relation to a superannuation entity if: (aa) the person is an individual; and (a) the person forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity: (i) this Act, the regulations or the prudential standards; (ii) if the entity is a registrable superannuation entity—the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 ; (iii) if the entity is a registrable superannuation entity—a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and (b) the person formed the opinion in the course of, or in connection with, the performance by the person of actuarial or audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity. Section does not apply if the person believes that his or her opinion is not relevant to the performance of actuarial or audit functions (2) This section does not apply to the person if the person has an honest belief that the opinion is not relevant to the performance of those functions. Trustee and Regulator to be told about the matter (3) Subject to subsection (3A), the person must, immediately after forming the opinion mentioned in paragraph (1)(a): (a) tell a trustee of the entity about the matter in writing; and (b) if the superannuation entity is not a self managed superannuation fund and the contravention about which the person has formed the opinion mentioned in paragraph (1)(a) is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing; and (c) if the superannuation entity is a self managed superannuation fund and the matter is specified in the approved form—tell the Regulator about the matter in the approved form. Note: For specification by class, see subsection 33(3AB) of the Acts Interpretation Act 1901 . The person may not have to tell a trustee or the Regulator about the matter (3A) The person does not have to: (a) tell a trustee of the entity about the matter if: (i) the person has been told by another person to whom this section applies that the other person has already told a trustee of the entity about the matter; and (ii) the first ‑ mentioned person has no reason to disbelieve that other person; or (b) tell the Regulator about the matter if: (i) the person has been told by another person to whom this section applies that the other person has already told the Regulator about the matter; and (ii) the first ‑ mentioned person has no reason to disbelieve that other person. Penalties for misinformation (3B) A person (the first person ) commits an offence if: (a) this section applies to the first person; and (b) the first person is aware of a matter that must, under this section, be told to a trustee; and (c) the first person tells another person to whom this section applies that the first person has told a trustee about the matter; and (d) the first person has not done what the first person told the other person he or she had done. Penalty: Imprisonment for 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (3C) A person (the first person ) commits an offence if: (a) this section applies to the first person; and (b) the first person is aware of a matter that must, under this section, be told to the Regulator; and (c) the first person tells another person to whom this section applies that the first person has told the Regulator about the matter; and (d) the first person has not done what the first person told the other person he or she had done. Penalty: Imprisonment for 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. No civil liability for telling about a matter (4) A person to whom this section applies is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of the entity, about a matter as required by this section. Offences (5) A person commits an offence if the person contravenes subsection (3). Penalty: 50 penalty units. (6) A person commits an offence if the person contravenes subsection (3). This is an offence of strict liability. Penalty: 25 penalty units. Note 1: For strict liability , see section 6.1 of the Criminal Code . Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 13, "First_Amended": "No 144 of 1995", "Last_Amended": "No 68 of 2023", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 121 of 1999 | No 31 of 2001 | No 117 of 2001 | No 121 of 2001 | No 53 of 2004 | No 9 of 2007 | No 154 of 2007 | No 46 of 2011 | No 61 of 2013 | No 4 of 2016 | No 68 of 2023", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 46 of 2011, effective Sch 2 (items 1091–1095) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s129"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 129A", "Provision_Key": "s129a", "Heading": "Obligations of lead auditors—compliance", "Text": "Contravention by RSE audit company (1) An RSE audit company conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the lead auditor for the audit forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity: (i) this Act, the regulations or the prudential standards; (ii) the Financial Sector (Collection of Data) Act 2001 ; (iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and (b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and (c) the lead auditor does not, immediately after the lead auditor forms the opinion: (i) tell a trustee of the entity about the matter in writing; and (ii) if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing. Contravention by member of RSE audit firm (2) A member of an RSE audit firm conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the lead auditor for the audit forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity: (i) this Act, the regulations or the prudential standards; (ii) the Financial Sector (Collection of Data) Act 2001 ; (iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and (b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and (c) the lead auditor does not, immediately after the lead auditor forms the opinion: (i) tell a trustee of the entity about the matter in writing; and (ii) if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing. (3) A member of an RSE audit firm does not commit an offence at a particular time because of a contravention of subsection (2) if the member: (a) does not know at that time of the circumstances that constitute the contravention of subsection (2); or (b) does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code . Contravention by lead auditor (4) A person contravenes this subsection if: (a) the person is the lead auditor for an audit of a registrable superannuation entity; and (b) the person forms the opinion that it is likely that a contravention of any of the following may have occurred, may be occurring, or may occur, in relation to the entity: (i) this Act, the regulations or the prudential standards; (ii) the Financial Sector (Collection of Data) Act 2001 ; (iii) a provision of the Corporations Act 2001 listed in a subparagraph of paragraph (b) of the definition of regulatory provision in section 38A of this Act or specified in regulations made for the purposes of subparagraph (b)(xvi) of that definition, as it applies in relation to superannuation interests; and (c) the person formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and (d) the person does not, immediately after the person forms the opinion: (i) tell a trustee of the entity about the matter in writing; and (ii) if the contravention about which the person has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing. Exception—person has a belief that the opinion is not relevant to the performance of audit functions (5) A person is not required by subsection (1), (2) or (4) to tell the Regulator, or a trustee of a registrable superannuation entity, about a matter if the person has an honest belief that the opinion mentioned in that subsection is not relevant to the performance of the audit functions mentioned in that subsection. No civil liability for telling about a matter (6) A person is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of a registrable superannuation entity, about a matter as required by subsection (1), (2) or (4). Offences—RSE audit company (7) A company commits an offence if the company contravenes subsection (1). Penalty: 250 penalty units. (8) A company commits an offence if the company contravenes subsection (1). Penalty: 125 penalty units. (9) An offence against subsection (8) is an offence of strict liability. Offences—lead auditor or member of RSE audit firm (10) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: 50 penalty units. (11) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: 25 penalty units. (12) An offence against subsection (11) is an offence of strict liability.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s129A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130", "Provision_Key": "s130", "Heading": "Obligations of actuaries and auditors—solvency", "Text": "When section applies (1) This section applies to a person in relation to a superannuation entity if: (aa) the person is an individual; and (ab) the person is an auditor or actuary of the superannuation entity; and (a) the person forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and (b) the person formed the opinion in the course of, or in connection with, the performance by the person of any of the following functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity: (i) actuarial or audit functions; (ii) any other functions if, in the course of, or in connection with, the performance of the functions by the person, the person obtained sufficient information to enable the person to assess the financial position of the entity. Regulator and trustee to be told about the financial position (2) Subject to subsection (2A), the person must, immediately after forming the opinion mentioned in paragraph (1)(a), tell the Regulator, and a trustee of the entity, about the matter in writing. The person may not have to tell the Regulator or a trustee about the matter (2A) The person does not have to: (a) tell the Regulator about the matter if: (i) the person has been told by another person to whom this section applies that the other person has already told the Regulator about the matter; and (ii) the first ‑ mentioned person has no reason to disbelieve that other person; or (b) tell a trustee of the entity about the matter if: (i) the person has been told by another person to whom this section applies that the other person has already told a trustee of the entity about the matter; and (ii) the first ‑ mentioned person has no reason to disbelieve that other person. Penalty for misinformation (2B) A person (the first person ) commits an offence if: (a) this section applies to the first person; and (b) the first person is aware of a matter that must, under this section, be told to the Regulator and a trustee; and (c) the first person tells another person to whom this section applies that the first person has told either or both the Regulator and a trustee about the matter; and (d) the first person has not done what the first person told the other person he or she had done. Penalty: Imprisonment for 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. No civil liability for telling about a matter (3) A person to whom this section applies is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of the entity, about a matter as required by this section. Offences (4) A person commits an offence if the person contravenes subsection (2). Penalty: 50 penalty units. (5) A person commits an offence if the person contravenes subsection (2). This is an offence of strict liability. Penalty: 25 penalty units. Note 1: For strict liability , see section 6.1 of the Criminal Code . Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. When financial position is unsatisfactory (6) For the purposes of this section, in forming an opinion whether the financial position of an entity may be about to become unsatisfactory, a person must consider any matters prescribed by the regulations for the purposes of this subsection. (6A) Subsection (6) does not limit the matters that a person may consider in forming such an opinion. (7) For the purposes of this section, the financial position of an entity is taken to be unsatisfactory if, and only if, under the regulations, the financial position of the entity is treated as unsatisfactory.", "Amendment_Count": 12, "First_Amended": "No 144 of 1995", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 121 of 1999 | No 31 of 2001 | No 117 of 2001 | No 121 of 2001 | No 53 of 2004 | No 154 of 2007 | No 61 of 2013 | No 4 of 2016 | No 29 of 2023 | No 67 of 2024", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130AA", "Provision_Key": "s130aa", "Heading": "Obligations of lead auditors—solvency", "Text": "Contravention by RSE audit company (1) An RSE audit company conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the lead auditor for the audit forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and (b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of any of the following functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity: (i) audit functions; (ii) any other functions if, in the course of, or in connection with, the performance of the functions by the RSE audit company, the lead auditor obtained sufficient information to enable the lead auditor to assess the financial position of the entity; and (c) the lead auditor does not, immediately after the lead auditor forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing. Contravention by member of RSE audit firm (2) A member of an RSE audit firm conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the lead auditor for the audit forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and (b) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of any of the following functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity: (i) audit functions; (ii) any other functions if, in the course of, or in connection with, performance of the functions by the RSE audit firm, the lead auditor obtained sufficient information to enable the lead auditor to assess the financial position of the entity; and (c) the lead auditor does not, immediately after the lead auditor forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing. (3) A member of an RSE audit firm does not commit an offence at a particular time because of a contravention of subsection (2) if the member: (a) does not know at that time of the circumstances that constitute the contravention of subsection (2); or (b) does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code . Contravention by lead auditor (4) A person contravenes this subsection if: (a) the person is the lead auditor for an audit of a registrable superannuation entity; and (b) the person forms the opinion that the financial position of the entity may be, or may be about to become, unsatisfactory; and (c) the person formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of any of the following functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity: (i) audit functions; (ii) any other functions if, in the course of, or in connection with, the performance of the functions by the RSE audit firm or RSE audit company, the person obtained sufficient information to enable the person to assess the financial position of the entity; and (d) the person does not, immediately after the person forms the opinion, tell the Regulator, and a trustee of the entity, about the matter in writing. No civil liability for telling about a matter (5) A person is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of a registrable superannuation entity, about a matter as required by subsection (1), (2) or (4). Offences—RSE audit company (6) A company commits an offence if the company contravenes subsection (1). Penalty: 250 penalty units. (7) A company commits an offence if the company contravenes subsection (1). Penalty: 125 penalty units. (8) An offence against subsection (7) is an offence of strict liability. Offences—lead auditor and member of RSE audit firm (9) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: 50 penalty units. (10) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: 25 penalty units. (11) An offence against subsection (10) is an offence of strict liability. When financial position is unsatisfactory (11A) For the purposes of this section, in forming an opinion whether the financial position of an entity may be about to become unsatisfactory, a person must consider any matters prescribed by the regulations for the purposes of this subsection. (11B) Subsection (11A) does not limit the matters that a person may consider in forming such an opinion. (12) For the purposes of this section, the financial position of an entity is taken to be unsatisfactory if, and only if, under the regulations, the financial position of the entity is treated as unsatisfactory.", "Amendment_Count": 2, "First_Amended": "No 29 of 2023", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 29 of 2023 | No 67 of 2024", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130AA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130A", "Provision_Key": "s130a", "Heading": "Auditor or actuary may give information to the Regulator", "Text": "(1) A person who is or was an auditor or actuary of a superannuation entity may give to the Regulator information about the entity or a trustee of the entity obtained in the course of, or in connection with, the performance by the person of audit or actuarial functions under: (a) this Act; or (b) the regulations; or (ba) the prudential standards; or (c) the Financial Sector (Collection of Data) Act 2001 ; or (d) the Corporations Act 2001 ; if the person considers that giving the information will assist the Regulator in performing its functions under this Act, the regulations, the prudential standards, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 . (2) This section applies to a firm as if it were a person.", "Amendment_Count": 5, "First_Amended": "No 53 of 2004", "Last_Amended": "No 68 of 2023", "Amending_Acts": "No 53 of 2004 | No 154 of 2007 | No 61 of 2013 | No 29 of 2023 | No 68 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130B", "Provision_Key": "s130b", "Heading": "Self incrimination", "Text": "(1) An individual is not excused from complying with a requirement under section 129, 129A, 130 or 130AA to give information on the ground that doing so would tend to incriminate the individual or make the individual liable to a penalty. (2) The information given by the individual in compliance with such a requirement is not admissible in evidence against the individual in a criminal proceeding or a proceeding for the imposition of a penalty, other than a proceeding in respect of the falsity of the information, if: (a) before giving the information, the individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and (b) giving the information might in fact tend to incriminate the individual or make the individual liable to a penalty.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 53 of 2004 | No 29 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130BA", "Provision_Key": "s130ba", "Heading": "Auditor must notify the Regulator of attempts to unduly influence etc. the auditor etc.", "Text": "(1) If an auditor of a superannuation entity is an individual and is aware of circumstances that amount to: (a) an attempt, in relation to an audit of the superannuation entity, by any person to unduly influence, coerce, manipulate or mislead the auditor or a member of the audit team conducting the audit; or (b) an attempt by any person to otherwise interfere with the proper conduct of the audit; the auditor must notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the auditor becomes aware of those circumstances. (2) An auditor commits an offence if the auditor contravenes subsection (1). Penalty: Imprisonment for 12 months or 50 penalty units, or both. (3) If the Regulator receives a notification under subsection (1) that relates wholly or partly to an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of Chapter 2M of the Corporations Act 2001 , the Regulator must: (a) give a copy of the notification to ASIC; and (b) do so as soon as practicable after receiving the notification. (4) For the purposes of this section, audit means: (a) an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of the RSE licensee law; or (b) an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of Chapter 2M of the Corporations Act 2001 ; or (c) an audit of a self managed superannuation fund.", "Amendment_Count": 2, "First_Amended": "No 82 of 2010", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 82 of 2010 | No 29 of 2023", "History_Notes": "Inserted by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130BA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130BAA", "Provision_Key": "s130baa", "Heading": "Lead auditor—obligation to notify the Regulator of attempts to unduly influence etc. the auditor etc.", "Text": "Contravention by RSE audit company (1) An RSE audit company conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the lead auditor for the audit is aware of circumstances that amount to: (i) an attempt, in relation to an audit of the entity, by any person to unduly influence, coerce, manipulate or mislead the lead auditor or a member of the audit team conducting the audit; or (ii) an attempt by any person to otherwise interfere with the proper conduct of the audit; and (b) the lead auditor does not notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor becomes aware of those circumstances. Contravention by member of RSE audit firm (2) A member of an RSE audit firm conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the lead auditor for the audit is aware of circumstances that amount to: (i) an attempt, in relation to an audit of the entity, by any person to unduly influence, coerce, manipulate or mislead the lead auditor or a member of the audit team conducting the audit; or (ii) an attempt by any person to otherwise interfere with the proper conduct of the audit; and (b) the lead auditor does not notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the lead auditor becomes aware of those circumstances. (3) A member of an RSE audit firm does not commit an offence at a particular time because of a contravention of subsection (2) if the member: (a) does not know at that time of the circumstances that constitute the contravention of subsection (2); or (b) does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code . Contravention by lead auditor (4) A person contravenes this subsection if: (a) the person is the lead auditor for an audit of a registrable superannuation entity; and (a) the person is aware of circumstances that amount to: (i) an attempt, in relation to an audit of the entity, by any person to unduly influence, coerce, manipulate or mislead the lead auditor or a member of the audit team conducting the audit; or (ii) an attempt by any person to otherwise interfere with the proper conduct of the audit; and (b) the person does not notify the Regulator in writing of those circumstances as soon as practicable, and in any case within 28 days, after the person becomes aware of those circumstances. Offence—RSE audit company (5) A company commits an offence if the company contravenes subsection (1). Penalty: 250 penalty units. Offence—lead auditor and member of RSE audit firm (6) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: Imprisonment for 12 months or 50 penalty units, or both. Other matters (7) If the Regulator receives a notification under subsection (1), (2) or (4) that relates wholly or partly to an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of Chapter 2M of the Corporations Act 2001 , the Regulator must: (a) give a copy of the notification to ASIC; and (b) do so as soon as practicable after receiving the notification. (8) For the purposes of this section, audit means: (a) an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of the RSE licensee law; or (b) an audit of a registrable superannuation entity conducted in fulfilment of a requirement imposed by a provision of Chapter 2M of the Corporations Act 2001 .", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130BAA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130BB", "Provision_Key": "s130bb", "Heading": "Giving false or misleading information to auditor", "Text": "Offence—person knows the information is false or misleading etc. (1) A person commits an offence if: (a) the person is: (i) the trustee of a superannuation entity; or (ii) a responsible officer of the trustee of a superannuation entity; or (iii) an employee of the trustee of a superannuation entity; and (b) the person gives information, or allows information to be given, to an auditor of the superannuation entity; and (c) the information relates to the affairs of the superannuation entity; and (d) the person knows that the information: (i) is false or misleading in a material particular; or (ii) is missing something that makes the information misleading in a material respect. Penalty: Imprisonment for 5 years or 200 penalty units, or both. Offence—person fails to ensure the information is not false or misleading etc. (2) A person commits an offence if: (a) the person is: (i) the trustee of a superannuation entity; or (ii) a responsible officer of the trustee of a superannuation entity; or (iii) an employee of the trustee of a superannuation entity; and (b) the person gives information, or allows information to be given, to an auditor of the superannuation entity; and (c) the information relates to the affairs of the superannuation entity; and (d) the information: (i) is false or misleading in a material particular; or (ii) is missing something that makes the information misleading in a material respect; and (e) the person did not take reasonable steps to ensure that the information: (i) was not false or misleading in a material particular; or (ii) was not missing something that makes the information misleading in a material respect. Penalty: Imprisonment for 2 years or 100 penalty units, or both. Determining whether information is false or misleading (3) If information is given to the auditor in response to a question asked by the auditor, the information and the question must be considered together in determining whether the information is false or misleading.", "Amendment_Count": 1, "First_Amended": "No 82 of 2010", "Last_Amended": "No 82 of 2010", "Amending_Acts": "No 82 of 2010", "History_Notes": "Inserted by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130BB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130C", "Provision_Key": "s130c", "Heading": "Actuaries and auditors—failure to implement actuarial recommendations", "Text": "When section applies (1) This section applies to a person in relation to a defined benefit fund that is a registrable superannuation entity if: (aa) the person is an individual; and (a) the person forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer ‑ sponsor that a trustee of the fund, or an employer ‑ sponsor of the fund, was required to implement and that was contained in: (i) a report of an actuary obtained under the regulations or the prudential standards; or (ii) a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or (iii) a document in a class prescribed by regulations for the purposes of this subparagraph; and (b) the person formed the opinion in the course of, or in connection with, the performance by the person of actuarial or audit functions in relation to the entity under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 . Trustee and Regulator to be told about the matter (2) Subject to subsection (3), the person must, as soon as practicable after forming the opinion mentioned in paragraph (1)(a): (a) tell a trustee of the fund about the matter in writing; and (b) if the contravention about which the person has formed the opinion mentioned in paragraph (1)(a) is of such a nature that it may affect the interests of members or beneficiaries of the fund—tell the Regulator about the matter in writing. The person may not have to tell a trustee or the Regulator about the matter (3) The person does not have to: (a) tell a trustee of the fund about the matter if: (i) the person has been told by another person to whom this section applies that the other person has already told a trustee of the fund about the matter; and (ii) the first ‑ mentioned person has no reason to disbelieve that other person; or (b) tell the Regulator about the matter if: (i) the person has been told by another person to whom this section applies that the other person has already told the Regulator about the matter; and (ii) the first ‑ mentioned person has no reason to disbelieve that other person. Penalties for misinformation (4) A person (the first person ) commits an offence if: (a) this section applies to the first person; and (b) the first person is aware of a matter that must, under this section, be told to a trustee; and (c) the first person tells another person to whom this section applies that the first person has told a trustee about the matter; and (d) the first person has not done what the first person told the other person he or she had done. Penalty: Imprisonment for 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (4A) A person (the first person ) commits an offence if: (a) this section applies to the first person; and (b) the first person is aware of a matter that must, under this section, be told to the Regulator; and (c) the first person tells another person to whom this section applies that the first person has told the Regulator about the matter; and (d) the first person has not done what the first person told the other person he or she had done. Penalty: Imprisonment for 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. No civil liability for telling about a matter (5) A person to whom this section applies is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of the fund, about a matter as required by this section. Offences (6) A person commits an offence if the person contravenes subsection (2). Penalty: 50 penalty units. (7) A person commits an offence if the person contravenes subsection (2). This is an offence of strict liability. Penalty: 25 penalty units. Note 1: For strict liability , see section 6.1 of the Criminal Code . Note 2: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 4, "First_Amended": "No 53 of 2004", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 53 of 2004 | No 61 of 2013 | No 4 of 2016 | No 29 of 2023", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130CA", "Provision_Key": "s130ca", "Heading": "Lead auditors—failure to implement actuarial recommendations", "Text": "Contravention by RSE audit company (1) An RSE audit company conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the entity is a defined benefit fund; and (b) the lead auditor for the audit forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer ‑ sponsor that a trustee of the fund, or an employer ‑ sponsor of the fund, was required to implement and that was contained in: (i) a report of an actuary obtained under the regulations or the prudential standards; or (ii) a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or (iii) a document in a class prescribed by regulations for the purposes of this subparagraph; and (c) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and (d) the lead auditor does not, immediately after the lead auditor forms the opinion: (i) tell a trustee of the entity about the matter in writing; and (ii) if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing. Contravention by member of RSE audit firm (2) A member of an RSE audit firm conducting an audit of a registrable superannuation entity contravenes this subsection if: (a) the entity is a defined benefit fund; and (b) the lead auditor for the audit forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer ‑ sponsor that a trustee of the fund, or an employer ‑ sponsor of the fund, was required to implement and that was contained in: (i) a report of an actuary obtained under the regulations or the prudential standards; or (ii) a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or (iii) a document in a class prescribed by regulations for the purposes of this subparagraph; and (c) the lead auditor formed the opinion in the course of, or in connection with, the performance by the RSE audit firm of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and (d) the lead auditor does not, immediately after the lead auditor forms the opinion: (i) tell a trustee of the entity about the matter in writing; and (ii) if the contravention about which the lead auditor has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing. (3) A member of an RSE audit firm does not commit an offence at a particular time because of a contravention of subsection (2) if the member: (a) does not know at that time of the circumstances that constitute the contravention of subsection (2); or (b) does know of those circumstances at that time but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances. Note: A defendant bears an evidential burden in relation to the matters in this subsection, see subsection 13.3(3) of the Criminal Code . Contravention by lead auditor (4) A person contravenes this subsection if: (a) the person is the lead auditor for an audit of a registrable superannuation entity; and (b) the person forms the opinion that there has been a failure to implement an actuarial recommendation relating to contributions to the fund by the employer ‑ sponsor that a trustee of the fund, or an employer ‑ sponsor of the fund, was required to implement and that was contained in: (i) a report of an actuary obtained under the regulations or the prudential standards; or (ii) a report of an actuary obtained in accordance with a requirement under the regulations or the prudential standards; or (iii) a document in a class prescribed by regulations for the purposes of this subparagraph; and (c) the person formed the opinion in the course of, or in connection with, the performance by an RSE audit firm or RSE audit company of audit functions under this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 in relation to the entity; and (d) the person does not, immediately after the person forms the opinion: (i) tell a trustee of the entity about the matter in writing; and (ii) if the contravention about which the person has formed the opinion is of such a nature that it may affect the interests of members or beneficiaries of the entity—tell the Regulator about the matter in writing. No civil liability for telling about a matter (5) A person is not liable in a civil action or civil proceeding in relation to telling the Regulator, or a trustee of a registrable superannuation entity, about a matter as required by subsection (1), (2) or (4). Offences—RSE audit company (6) A company commits an offence if the company contravenes subsection (1). Penalty: 250 penalty units. (7) A company commits an offence if the company contravenes subsection (1). Penalty: 125 penalty units. (8) An offence against subsection (7) is an offence of strict liability. Offences—lead auditor and member of RSE audit firm (9) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: 50 penalty units. (10) A person commits an offence if the person contravenes subsection (2) or (4). Penalty: 25 penalty units. (11) An offence against subsection (10) is an offence of strict liability.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130CA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130D", "Provision_Key": "s130d", "Heading": "Court power of disqualification—auditor or actuary", "Text": "(1) This section applies to the extent that the Regulator is APRA or ASIC. (2) On application by the Regulator, the Federal Court of Australia may, by order, disqualify a person (other than a company) from being or acting as a person referred to in subsection (3), for a period that the Court considers appropriate, if the Court is satisfied: (a) as mentioned in subsection (4); and (b) that the disqualification is justified. Note: For offences relating to persons disqualified under this section, see section 131C. (3) For the purposes of subsection (2), the Court may disqualify a person from being or acting as an auditor, lead auditor or actuary, for the purposes of this Act, of: (a) a particular superannuation entity; or (b) a class of superannuation entities; or (c) any superannuation entity. (4) The Court may disqualify a person, in accordance with subsection (2), if the Court is satisfied that: (a) the person has failed, whether within or outside Australia, to carry out or perform adequately and properly: (i) the duties of an auditor or actuary under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001 ; or (ia) the duties of a lead auditor under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001 ; or (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor or actuary; or (iii) any functions that an auditor or actuary is entitled to perform in relation to this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 ; or (iv) any duties required to be performed under the Financial Accountability Regime Act 2023 ; or (aa) the person has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or (ab) the person has been or acted as the lead auditor for an audit of a registrable superannuation entity, knowing that the person did not meet the relevant eligibility criteria set out in the prudential standards; or (b) the person is otherwise not a fit and proper person to be a person referred to in subsection (3). (5) In deciding whether it is satisfied as mentioned in subsection (4), the Court may take into account: (a) any matters specified in the regulations or the prudential standards for the purposes of this paragraph; and (b) any other matters the Court considers relevant. (5A) In deciding whether it is satisfied as mentioned in paragraph (4)(b), the Court may also take into account any criteria for fitness and propriety that are relevant to the person as auditor or actuary set out in the prudential standards. (6) In deciding whether the disqualification is justified as mentioned in paragraph (2)(b), the Court may have regard to: (a) the person’s conduct in relation to his or her duties under this Act, the regulations and the prudential standards; and (b) any other matters the Court considers relevant. (7) As soon as practicable after the Court disqualifies a person under this section, the Regulator must, by notifiable instrument, publish particulars of the disqualification.", "Amendment_Count": 5, "First_Amended": "No 25 of 2008", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 25 of 2008 | No 61 of 2013 | No 29 of 2023 | No 68 of 2023 | No 69 of 2023", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130E", "Provision_Key": "s130e", "Heading": "Court power to revoke or vary a disqualification etc.", "Text": "(1) A person who is disqualified under section 130D, or the Regulator (to the extent that the Regulator is APRA or ASIC), may apply to the Federal Court of Australia for a variation or a revocation of an order made under section 130D. (2) At least 21 days before commencing the proceedings, written notice of the application must be lodged: (a) if the person who is disqualified makes the application—by the person with the Regulator; or (b) if the Regulator makes the application—by the Regulator with the person who is disqualified.", "Amendment_Count": 2, "First_Amended": "No 25 of 2008", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 25 of 2008 | No 29 of 2023", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130EA", "Provision_Key": "s130ea", "Heading": "Court power of disqualification—audit firm or audit company", "Text": "(1) On application by ASIC, the Federal Court of Australia may, by order: (a) disqualify a firm from being or acting as an auditor of a registrable superannuation entity; or (b) disqualify a company from being or acting as an auditor of a registrable superannuation entity; for a period that the Court considers appropriate, if the Court is satisfied: (c) as mentioned in subsection (2); and (d) that the disqualification is justified. Note: For offences relating to firms or companies disqualified under this section, see sections 131CA and 131CB. (2) The Court may disqualify a firm or company, in accordance with subsection (1), if the Court is satisfied that: (a) the firm or company has failed to put in place appropriate processes and systems to enable it to carry out or perform adequately and properly: (i) its duties as an RSE audit firm or RSE audit company under this Act, the regulations or Chapter 2M of the Corporations Act 2001 ; or (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an RSE audit firm or RSE audit company; or (iii) any functions that an RSE audit firm or RSE audit company is entitled to perform in relation to this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 ; or (b) the firm or company has failed to take reasonable steps to ensure that the lead auditor for an audit of a registrable superannuation entity conducted by the firm or company meets the relevant eligibility criteria set out in the prudential standards; or (c) the firm or company has failed to take reasonable steps to ensure that the lead auditor for an audit of a registrable superannuation entity conducted by the firm or company is a fit and proper person to be a lead auditor. (3) In deciding whether it is satisfied as mentioned in subsection (2), the Court may take into account: (a) any matters specified in the regulations for the purposes of this paragraph; and (b) any other matters the Court considers relevant. (4) As soon as practicable after the Court: (a) disqualifies a firm under this section; or (b) disqualifies a company under this section; ASIC must cause particulars of the disqualification to be published in the Gazette.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130EA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130EB", "Provision_Key": "s130eb", "Heading": "Court power to revoke or vary a disqualification etc.", "Text": "(1) A firm or company that is disqualified under section 130EA, or ASIC, may apply to the Federal Court of Australia for a variation or a revocation of an order made under section 130EA. (2) At least 21 days before commencing the proceedings, written notice of the application must be lodged: (a) if the firm or company that is disqualified makes the application—by the person with ASIC; or (b) if ASIC makes the application—by ASIC with the firm or company that is disqualified.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130EB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 130F", "Provision_Key": "s130f", "Heading": "Approved SMSF auditors—disqualification and suspension orders", "Text": "Application of section (1) This section applies to the extent that the Regulator is ASIC. Disqualification orders and suspension orders (2) The Regulator may make a written order disqualifying a person from being an approved SMSF auditor, or suspending a person’s registration as an approved SMSF auditor, if: (a) the person has failed, whether within or outside Australia, to carry out or perform adequately and properly: (i) the duties of an auditor under this Act or the regulations; or (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor; or (iii) any functions that an auditor is entitled to perform in relation to this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 ; or (b) the person has failed to comply with a condition, or additional condition, imposed under section 128D on the person’s registration as an approved SMSF auditor; or (c) the person has made a false declaration in: (i) an application for registration as an approved SMSF auditor; or (ii) a statement given to the Regulator under section 128G; or (d) the person is otherwise not a fit and proper person to be an approved SMSF auditor for the purposes of this Act. Note: For offences relating to persons disqualified or suspended under this section, see section 131C. (3) The Regulator must give a copy of the order to the person. Date of effect (4) The order takes effect on the day specified in the order. The specified day must be within the 28 day period beginning on the day on which the order was made. Publication (5) If the Regulator’s decision is to make an order under this section disqualifying a person from being an approved SMSF auditor, the Regulator must, by notifiable instrument, publish a copy of the order as soon as practicable after the order is made. (6) If the Regulator’s decision to make the disqualification order is varied or revoked by the Regulator as a result of a reconsideration under subsection 344(4), the Regulator must, by notifiable instrument, give notice of the variation or revocation as soon as practicable after the decision to vary or revoke the order is made. (7) If: (a) the Regulator’s decision to make the disqualification order is confirmed or varied by the Regulator as a result of a reconsideration under subsection 344(4); and (b) the decision as so confirmed or varied is varied or set aside by the Administrative Review Tribunal; the Regulator must, by notifiable instrument, give notice of the Tribunal’s decision as soon as practicable after it is made. Revocation (8) The Regulator may revoke an order under this section. The Regulator’s power to revoke may be exercised: (a) on the Regulator’s own initiative; or (b) on written application made by the person disqualified or suspended. Revocation—decision on application (9) If an application is made for the revocation of the order, the Regulator must decide to: (a) revoke the order; or (b) refuse to revoke the order. Revocation—grounds (10) The Regulator must not revoke the order unless the Regulator is satisfied that the person concerned: (a) is likely to carry out and perform adequately and properly the duties of an approved SMSF auditor under this Act or the regulations; and (b) is otherwise a fit and proper person to be an approved SMSF auditor for the purposes of this Act. Revocation—date of effect (11) A revocation of the order takes effect on the day the revocation is made. Revocation—reasons for refusing to revoke (12) If the Regulator decides to refuse an application for revocation of the order, the Regulator must cause to be given to the applicant a written notice setting out the decision and giving the reasons for the decision. Publication (13) If the order that the Regulator revokes under subsection (8) is an order disqualifying a person from being an approved SMSF auditor, the Regulator must, by notifiable instrument, publish particulars of the revocation as soon as practicable after it occurs.", "Amendment_Count": 3, "First_Amended": "No 158 of 2012", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 158 of 2012 | No 69 of 2023 | No 38 of 2024", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6) | Amended by No 38 of 2024, effective Sch 1 (items 46, 71): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s130F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131", "Provision_Key": "s131", "Heading": "Actuaries—disqualification orders", "Text": "Application of section (1A) This section applies to the extent that the Regulator is the Commissioner of Taxation. Disqualification order (1) The Regulator may make a written order (a disqualification order ) disqualifying a person from being an actuary for the purposes of this Act if: (a) the person has failed, whether within or outside Australia, to carry out or perform adequately and properly: (i) the duties of an actuary under this Act or the regulations; or (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an actuary; or (iii) any functions that an actuary is entitled to perform in relation to this Act or the regulations or the Financial Sector (Collection of Data) Act 2001 ; or (b) the person is otherwise not a fit and proper person to be an actuary for the purposes of this Act. Note: For offences relating to persons disqualified under this section, see section 131C. Date of effect (2) A disqualification order takes effect on the day specified in the order. The specified day must be within the 28 ‑ day period beginning on the day on which the order was made. Notification (3) The Regulator must give a copy of the order to the person. Publication (4) The Regulator must, by notifiable instrument, publish particulars of the disqualification order as soon as practicable after it is made. (4A) If the Regulator’s decision to make the disqualification order is varied or revoked by the Regulator as a result of a reconsideration under subsection 344(4), the Regulator must, by notifiable instrument, publish particulars of the variation or revocation as soon as practicable after the decision is made. (4B) If: (a) the Regulator’s decision to make the disqualification order is confirmed or varied by the Regulator as a result of a reconsideration under subsection 344(4); and (b) the decision as so confirmed or varied is varied or set aside by the Administrative Review Tribunal; the Regulator must, by notifiable instrument, publish particulars of the Tribunal’s decision as soon as practicable after it is given. Revocation (5) The Regulator may revoke a disqualification order. The Regulator’s power to revoke may be exercised: (a) on the Regulator’s own initiative; or (b) on written application made by the disqualified person. Revocation—decision on application (6) If an application is made for the revocation of a disqualification order, the Regulator must decide to: (a) revoke the order; or (b) refuse to revoke the order. Revocation—grounds (7) The Regulator must not revoke a disqualification order unless the Regulator is satisfied that the person concerned: (a) is likely to carry out and perform adequately and properly the duties of an actuary under this Act or the regulations; and (b) is otherwise a fit and proper person to be an actuary for the purposes of this Act. Revocation—date of effect (8) A revocation of a disqualification order takes effect on the day the revocation is made. Reasons for revocation (9) If the Regulator decides to refuse an application for revocation of a disqualification order, the Regulator must cause to be given to the applicant a written notice setting out the decision and giving the reasons for the decision. Publication (10) If the Regulator revokes a disqualification order under subsection (5), the Regulator must, by notifiable instrument, publish particulars of the revocation as soon as practicable after it occurs.", "Amendment_Count": 9, "First_Amended": "No 144 of 1995", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 38 of 1999 | No 121 of 1999 | No 121 of 2001 | No 25 of 2008 | No 158 of 2012 | No 69 of 2023 | No 38 of 2024", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6) | Amended by No 38 of 2024, effective Sch 1 (items 46, 71): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131AA", "Provision_Key": "s131aa", "Heading": "APRA may direct removal of auditor or actuary", "Text": "(1) APRA may, if satisfied there is a ground under subsection (2), give a written direction to the trustee or trustees of a superannuation entity that is not a self managed superannuation fund to end the appointment of a person as: (a) the auditor of the superannuation entity; or (b) the actuary of the superannuation entity. Note: See also subsection (11). (2) The grounds for giving a direction to end a person’s appointment are: (a) the person is disqualified under section 130D, 130EA or 131 from being, or acting as, an auditor or actuary of the superannuation entity; or (aa) if the person is a firm or company—the lead auditor for an audit of a registrable superannuation entity that is or was conducted by the person: (i) is disqualified under section 130D; or (ii) did not meet the relevant eligibility criteria set out in the prudential standards; or (iii) is not a fit and proper person to be a lead auditor; or (b) if the person is an individual—the person is not a fit and proper person to hold the appointment; or (ba) the person has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or (c) the person has failed to perform adequately and properly the duties or functions of the appointment under this Act, the regulations, the prudential standards, the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 . (2A) In deciding, for the purposes of paragraph (2)(b), whether a person is a fit and proper person to hold an appointment, APRA may take into account any criteria for fitness and propriety that are relevant to the appointment set out in the prudential standards. (3) Before directing a trustee or trustees to end a person’s appointment, APRA must: (a) give written notice to: (i) the trustee or trustees; and (ii) the person; and (b) give the trustee or trustees and the person a reasonable opportunity to make submissions on the matter. (4) The notice must include a statement that any submissions in response to the notice may be discussed by APRA with other persons as mentioned in paragraph (5)(b). (5) If a submission is made in response to the notice, APRA: (a) must have regard to the submission; and (b) may discuss any matter contained in the submission with any persons APRA considers appropriate for the purpose of assessing the truth of the matter. (6) A direction to end a person’s appointment takes effect on the day specified in the direction, which must be at least 7 days after the direction is made. (6A) If APRA directs a trustee or trustees to end a person’s appointment as an auditor of a registrable superannuation entity, APRA must: (a) notify ASIC of the direction; and (b) do so as soon as practicable after giving the direction. (7) If APRA directs a trustee or trustees to end a person’s appointment, APRA must give the trustee or trustees and the person a copy of the direction. (8) A direction to end a person’s appointment is not a legislative instrument. (9) A trustee commits an offence if: (a) the trustee does or fails to do an act; and (b) by doing or failing to do the act, the trustee fails to comply with a direction under this section. Penalty: 60 penalty units. (10) Strict liability applies to subsection (9). Note: For strict liability , see section 6.1 of the Criminal Code . Firm (11) This section applies to a firm as if it were a person.", "Amendment_Count": 6, "First_Amended": "No 154 of 2007", "Last_Amended": "No 68 of 2023", "Amending_Acts": "No 154 of 2007 | No 25 of 2008 | No 158 of 2012 | No 61 of 2013 | No 29 of 2023 | No 68 of 2023", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131AA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131A", "Provision_Key": "s131a", "Heading": "The Regulator may refer matters to a professional association", "Text": "(1) If the Regulator is of the opinion that an individual RSE auditor, a lead auditor or a superannuation actuary: (a) has failed, whether within or outside Australia, to carry out or perform adequately and properly: (i) the duties of an auditor or an actuary under this Act, the regulations or the prudential standards; or (ia) the duties of a lead auditor under this Act, the regulations, the prudential standards or Chapter 2M of the Corporations Act 2001 ; or (ii) any duties required by a law of the Commonwealth, a State or a Territory to be carried out or performed by an auditor or an actuary; or (iii) any functions that an auditor or actuary is entitled to perform in relation to this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 ; or (iv) any duties required to be performed under the Financial Accountability Regime Act 2023 ; or (aa) has been or acted as the auditor or actuary of a registrable superannuation entity, knowing that he or she did not meet the relevant eligibility criteria set out in the prudential standards; or (ab) has been or acted as the lead auditor for an audit of a registrable superannuation entity, knowing that the person did not meet the relevant eligibility criteria set out in the prudential standards; or (b) is otherwise not a fit and proper person to be an individual RSE auditor, a lead auditor or a superannuation actuary for the purposes of this Act; the Regulator may refer the details of the matter to the persons specified in subsection (2). Note: Persons to whom the Regulator refers the details of the matter are subject to secrecy obligations under section 56 of the Australian Prudential Regulation Authority Act 1998 (if APRA is the Regulator) or Division 355 in Schedule 1 to the Taxation Administration Act 1953 (if the Commissioner of Taxation is the Regulator). In particular, see paragraph (c) of the definition of officer in subsection (1), and subsections (2), (9) and (10), of section 56 of the Australian Prudential Regulation Authority Act 1998 and sections 355 ‑ 15 and 355 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953. (1A) In deciding whether it is satisfied as mentioned in paragraph (1)(b) in relation to a person who is or has been an individual RSE auditor, a lead auditor or an RSE actuary, the Regulator may also take into account any criteria for fitness and propriety that are relevant to the auditor or actuary set out in the prudential standards. (2) The persons specified in relation to an individual RSE auditor, a lead auditor or a superannuation actuary for the purposes of subsection (1) are those members of the auditor’s or actuary’s professional association whom the Regulator believes will be involved: (a) in deciding whether the professional association should take any disciplinary or other action against the auditor or actuary in respect of the matter referred; or (b) in taking that action. (3) In relation to an individual RSE auditor, a lead auditor or a superannuation actuary, the power of the Regulator under subsection (1) may be exercised whether or not an order disqualifying the auditor or actuary has been made under section 130D or 131. (4) If, under this section, the Regulator refers details of a matter involving an individual RSE auditor, a lead auditor or a superannuation actuary, the Regulator must, as soon as practicable but, in any event, not later than 7 days after the referral, by notice in writing given to the auditor or actuary, inform the auditor or actuary: (a) of the fact that a matter has been referred under subsection (1); and (b) of the nature of the matter so referred.", "Amendment_Count": 11, "First_Amended": "No 144 of 1995", "Last_Amended": "No 68 of 2023", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 121 of 1999 | No 24 of 2000 | No 121 of 2001 | No 25 of 2008 | No 145 of 2010 | No 158 of 2012 | No 61 of 2013 | No 29 of 2023 | No 68 of 2023", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 145 of 2010, effective Sch 2 (items 83–85, 127): 17 Dec 2010 (s 2(1) item 2) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131B", "Provision_Key": "s131b", "Heading": "Offence of holding oneself out as an actuary or auditor", "Text": "(1) A person commits an offence if: (a) the person holds themself out as a superannuation actuary; and (b) the person is not a superannuation actuary. Penalty: 50 penalty units. (2) A person commits an offence if: (a) the person holds themself out as an approved SMSF auditor; and (b) the person is not an approved SMSF auditor. Penalty: 50 penalty units. (2A) A person commits an offence if: (a) the person holds themself out as an RSE auditor; and (b) the person is not an RSE auditor. Penalty: 50 penalty units. (3) Subsections (1), (2) and (2A) are offences of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . Note 3: See also sections 131CC and 131CD.", "Amendment_Count": 6, "First_Amended": "No 160 of 2000", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 160 of 2000 | No 82 of 2010 | No 136 of 2012 | No 158 of 2012 | No 61 of 2013 | No 29 of 2023", "History_Notes": "Inserted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131BA", "Provision_Key": "s131ba", "Heading": "Misleading representations by disqualified firm or company", "Text": "(1) A person commits an offence if: (a) the person is a firm; and (b) the firm is disqualified under section 130EA; and (c) the firm represents that a member or employee of the firm is eligible to be an RSE auditor. Penalty: 50 penalty units . (2) A person commits an offence if: (a) the person is a company; and (b) the company is disqualified under section 130EA; and (c) the company represents that a director or employee of the company is eligible to be an RSE auditor. Penalty: 250 penalty units. (3) Subsections (1) and (2) are offences of strict liability. Note: See also sections 131CC and 131CD.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131BA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131C", "Provision_Key": "s131c", "Heading": "Disqualified persons not to be auditor or actuary of superannuation entities", "Text": "(1) A person commits an offence if: (a) the person is, or acts as, an auditor or actuary of a superannuation entity for the purposes of this Act; and (b) either: (i) for a person who is disqualified under section 130D—the person is disqualified from being or acting as an auditor or actuary (as the case requires) of that superannuation entity; or (ii) the person is disqualified or suspended under section 130F from being an approved SMSF auditor; or (iii) the person is disqualified under section 131 from being an actuary; and (c) the person knows that he or she is so disqualified or suspended. Penalty: Imprisonment for 2 years. (2) A person commits an offence if: (a) the person is, or acts as, an auditor or actuary of a superannuation entity for the purposes of this Act; and (b) either: (i) for a person who is disqualified under section 130D—the person is disqualified from being or acting as an auditor or actuary (as the case requires) of that superannuation entity; or (ii) the person is disqualified or suspended under section 130F from being an approved SMSF auditor; or (iii) the person is disqualified under section 131 from being an actuary; and (c) the person knows that he or she is so disqualified or suspended. Penalty: 60 penalty units. (3) Subsection (2) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 25 of 2008", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 25 of 2008 | No 158 of 2012", "History_Notes": "Inserted by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131CA", "Provision_Key": "s131ca", "Heading": "Disqualified firms and disqualified companies not to be an RSE auditor", "Text": "(1) A person commits an offence if: (a) the person is a member of a firm; and (b) the firm is, or acts as, an RSE auditor; and (c) the firm is disqualified under section 130EA; and (d) the person knows that the firm is so disqualified. Penalty: Imprisonment for 2 years. (2) A person commits an offence if: (a) the person is, or acts as, an RSE auditor; and (b) the person is a company; and (c) the company is disqualified under section 130EA; and (d) the person knows that the company is so disqualified. Penalty: 600 penalty units. (3) A person commits an offence if: (a) the person is a member of a firm; and (b) the firm is, or acts as, an RSE auditor; and (c) the firm is disqualified under section 130EA. Penalty: 60 penalty units. (4) A person commits an offence if: (a) the person is, or acts as, an RSE auditor; and (b) the person is a company; and (c) the company is disqualified under section 130EA. Penalty: 300 penalty units. (5) Subsections (3) and (4) are offences of strict liability.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131CA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131CB", "Provision_Key": "s131cb", "Heading": "Members or employees of disqualified firms, and directors or employees of disqualified companies, not to be RSE auditors", "Text": "(1) A person commits an offence if: (a) the person is, or acts as, an RSE auditor; and (b) the person is a member or employee of a firm; and (c) the firm is disqualified under section 130EA; and (d) the person knows that the firm is so disqualified. Penalty: Imprisonment for 2 years. (2) A person commits an offence if: (a) the person is, or acts as, an RSE auditor; and (b) the person is a director or employee of a company; and (c) the company is disqualified under section 130EA; and (d) the person knows that the company is so disqualified. Penalty: Imprisonment for 2 years. (3) A person commits an offence if: (a) the person is, or acts as, an RSE auditor; and (b) the person is a member or employee of a firm; and (c) the firm is disqualified under section 130EA. Penalty: 60 penalty units. (4) A person commits an offence if: (a) the person is, or acts as, an RSE auditor; and (b) the person is a director or employee of a company; and (c) the company is disqualified under section 130EA. Penalty: 60 penalty units. (5) Subsections (3) and (4) are offences of strict liability.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131CB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131CC", "Provision_Key": "s131cc", "Heading": "Offences by members of a firm", "Text": "(1) Section 131BA and subsection 131B(2A) apply to a firm as if it were a person, but with the changes set out in this section. (2) An offence based on section 131BA or subsection 131B(2A) that would otherwise be committed by the firm is taken to have been committed by each member of the firm. (3) A member of the firm does not commit an offence because of subsection (2) if the member: (a) does not know of the circumstances that constitute the contravention of the provision concerned; or (b) knows of those circumstances but takes all reasonable steps to correct the contravention as soon as possible after the member becomes aware of those circumstances. Note: A defendant bears an evidential burden in relation to the matters in subsection (3)—see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131CC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131CD", "Provision_Key": "s131cd", "Heading": "Criminal liability of a firm or company", "Text": "(1) For the purposes of criminal proceedings under section 131BA or subsection 131B(2A) against a firm, an act or omission by an individual who is: (a) a member of the firm; or (b) an employee or agent of the firm; acting within the actual or apparent scope of the individual’s employment, or within the individual’s actual or apparent authority, is also to be attributed to the firm. (2) For the purposes of criminal proceedings under section 131BA or subsection 131B(2A) against a company, an act or omission by an individual who is: (a) an officer of the company; or (b) an employee or agent of the company; acting within the actual or apparent scope of the individual’s employment, or within the individual’s actual or apparent authority, is also to be attributed to the company.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131CD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131D", "Provision_Key": "s131d", "Heading": "APRA may give directions to an RSE licensee in relation to licensee’s own conduct", "Text": "(1) APRA may give an RSE licensee a direction of a kind mentioned in subsection (2) if APRA has reason to believe that: (a) the RSE licensee has contravened a provision of: (i) this Act; or (ii) the regulations; or (iii) the prudential standards; or (iv) the Financial Sector (Collection of Data) Act 2001 ; or (v) Chapter 2M of the Corporations Act 2001 ; or (b) the RSE licensee is likely to contravene a provision mentioned in paragraph (a), and the direction is reasonably necessary to deal with one or more prudential matters in relation to the RSE licensee; or (c) the RSE licensee has contravened a condition or direction under this Act or the Financial Sector (Collection of Data) Act 2001 ; or (ca) the RSE licensee, or the registrable superannuation entity of the RSE licensee, has failed to meet a benchmark that relates to the licensee or entity; or (d) the direction is necessary in the interests of beneficiaries of a registrable superannuation entity of the RSE licensee; or (e) the RSE licensee is, or is about to become, unable to meet its liabilities (whether as trustee of a registrable superannuation entity or otherwise); or (f) there is, or there might be, a material risk to the security of the assets of the RSE licensee (whether held as trustee of a registrable superannuation entity or otherwise); or (g) there has been, or there might be, a material deterioration in the financial condition of: (i) the RSE licensee; or (ii) a registrable superannuation entity of which it is trustee; or (h) the RSE licensee is conducting: (i) its affairs; or (ii) the affairs of a registrable superannuation entity of which it is trustee; in an improper or financially unsound way; or (i) the failure to issue a direction would materially prejudice the interests or reasonable expectations of beneficiaries of a registrable superannuation entity of the RSE licensee; or (j) the RSE licensee is conducting: (i) its affairs; or (ii) the affairs of a registrable superannuation entity of which it is trustee; in a way that may cause or promote instability in the Australian financial system. (2) APRA may give a direction to do one or more of the following: (a) to comply with the whole or a part of: (i) this Act; or (ii) the regulations; or (iii) the prudential standards; or (iv) the Financial Sector (Collection of Data) Act 2001 ; (b) to comply with the whole or a part of a condition or direction referred to in paragraph (1)(c); (c) if the RSE licensee is a body corporate, to do one or more of the following: (i) to remove a responsible officer of the RSE licensee from office; (ii) to ensure that a responsible officer of the RSE licensee does not take part in the management or conduct of the business of the RSE licensee, or the business of a registrable superannuation entity of the RSE licensee, except as permitted by APRA; (iii) to appoint a person as a responsible officer of the RSE licensee for such term as APRA directs; (d) to order an audit of: (i) the affairs of the RSE licensee; or (ii) the affairs of a registrable superannuation entity of the RSE licensee; at the expense of the RSE licensee, by an auditor chosen by APRA; (e) to remove an auditor of the RSE licensee, or of a registrable superannuation entity of the RSE licensee, from office and appoint another auditor to hold office for such term as APRA directs; (f) to order an actuarial investigation of the affairs of a registrable superannuation entity of the RSE licensee, at the expense of the RSE licensee and by an actuary chosen by APRA; (g) to remove an actuary of a registrable superannuation entity of the RSE licensee from office and appoint another actuary to hold office for such term as APRA directs; (h) not to accept, or to cease to accept (permanently or temporarily), contributions to a registrable superannuation entity of the RSE licensee; (i) not to borrow any amount; (j) not to pay or transfer any amount or asset to any person, or create an obligation (contingent or otherwise) to do so; (k) not to undertake any financial obligation (contingent or otherwise) on behalf of any other person; (l) not to discharge any liability of: (i) the RSE licensee; or (ii) a registrable superannuation entity of the RSE licensee; (m) to make changes to the RSE licensee’s systems, business practices or operations (including the RSE licensee’s systems business practices or operations in relation to a registrable superannuation entity of the RSE licensee); (n) to do, or refrain from doing, anything else in relation to the affairs of: (i) the RSE licensee; or (ii) a registrable superannuation entity of the RSE licensee. (3) A direction under paragraph (2)(j) not to pay or transfer any amount or asset does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (4) Without limiting the generality of subsection (2), a direction referred to in a paragraph of that subsection may: (a) deal with some only of the matters referred to in that paragraph; or (b) deal with a particular class or particular classes of those matters; or (c) make different provision with respect to different matters or different classes of matters. (5) The direction may deal with the time by which, or period during which, it is to be complied with. (6) If APRA gives a direction under paragraph (2)(e), APRA must: (a) notify ASIC of the direction; and (b) do so as soon as practicable after giving the direction.", "Amendment_Count": 2, "First_Amended": "No 40 of 2019", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 40 of 2019 | No 29 of 2023", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131DA", "Provision_Key": "s131da", "Heading": "APRA may give directions in relation to the conduct of a connected entity of an RSE licensee", "Text": "(1) APRA may give an RSE licensee a direction of a kind mentioned in subsection (5), or a direction to cause a connected entity of the RSE licensee to do or not to do something of a kind mentioned in subsection (5), if APRA has reason to believe that: (a) a connected entity of the RSE licensee has contravened a provision of: (i) this Act; or (ii) the regulations; or (iii) the prudential standards; or (iv) the Financial Sector (Collection of Data) Act 2001 ; or (b) a connected entity of the RSE licensee is likely to contravene a provision mentioned in paragraph (a); or (c) the direction relates to a connected entity of the RSE licensee and is necessary in the interests of beneficiaries of a registrable superannuation entity of the RSE licensee; or (d) a connected entity of the RSE licensee is, or is about to become, unable to meet the connected entity’s liabilities; or (e) there is, or there might be, a material risk to the security of the assets of a connected entity of the RSE licensee; or (f) there has been, or there might be, a material deterioration in the financial condition of a connected entity of the RSE licensee; or (g) a connected entity of the RSE licensee is conducting the entity’s affairs in an improper or financially unsound way; or (h) a connected entity of the RSE licensee is conducting the entity’s affairs in a way that may cause or promote instability in the Australian financial system; or (i) a connected entity of the RSE licensee is conducting the entity’s affairs in a way that may cause it to be unable to continue to supply products or services to the RSE licensee, or a registrable superannuation entity of the RSE licensee; or (j) the direction relates to a connected entity of the RSE licensee and the failure to issue a direction would materially prejudice the interests of beneficiaries of a registrable superannuation entity of the RSE licensee. (2) However, APRA can only make a direction under subsection (1) as a result of a ground referred to in paragraph (1)(d), (e), (f), (g), (h) or (i) if APRA considers that the direction is reasonably necessary to ensure that the RSE licensee’s duties as trustee of a registrable superannuation entity are properly performed. (3) APRA may give a connected entity of an RSE licensee a direction of a kind mentioned in subsection (5) if: (a) APRA has given the RSE licensee a direction under subsection (1) because one or more of the grounds referred to in that subsection have been satisfied in respect of the connected entity; or (b) APRA may give the RSE licensee a direction under subsection (1) because one or more of the grounds referred to in that subsection have been satisfied in respect of the connected entity. (4) APRA cannot give a direction under subsection (3) to a connected entity of a kind specified in regulations (if any) made for the purposes of this subsection. (5) APRA may give a direction to do one or more of the following: (a) to comply with the whole or a part of: (i) this Act; or (ii) the regulations; or (iii) the prudential standards; or (iv) the Financial Sector (Collection of Data) Act 2001 ; (b) if the connected entity is a body corporate: (i) to remove a responsible officer of the entity from office; or (ii) to ensure that a responsible officer of the entity does not take part in the management or conduct of the business of the entity (including any business the entity conducts in relation to a registrable superannuation entity of the RSE licensee) except as permitted by APRA; or (iii) to appoint a person as a responsible officer of the entity for such term as APRA directs; (c) to order an audit of: (i) the affairs of the connected entity; or (ii) the affairs of a registrable superannuation entity of the RSE licensee; at the expense of the connected entity, by an auditor chosen by APRA; (d) to: (i) remove from office an auditor of the connected entity, or of a registrable superannuation entity of the RSE licensee; and (ii) appoint another auditor to hold office for such term as APRA directs; (e) to order an actuarial investigation of the affairs of a registrable superannuation entity of the RSE licensee, at the expense of the connected entity and by an actuary chosen by APRA; (f) to: (i) remove from office an actuary of a registrable superannuation entity of the RSE licensee; and (ii) appoint another actuary to hold office for such term as APRA directs; (g) not to borrow any amount; (h) not to pay or transfer any amount or asset to any person, or create an obligation (contingent or otherwise) to do so; (i) not to undertake any financial obligation (contingent or otherwise) on behalf of any other person; (j) not to discharge any liability of one or more of the following: (i) the connected entity; (ii) a registrable superannuation entity of the RSE licensee; (k) to make changes to the connected entity’s systems, business practices or operations (including the connected entity’s systems, business practices or operations in relation to a registrable superannuation entity of the RSE licensee); (l) to do, or refrain from doing, anything else in relation to the affairs of: (i) the connected entity; or (ii) a registrable superannuation entity of the RSE licensee. (6) A direction under paragraph (5)(h) not to pay or transfer any amount or asset does not apply to the payment or transfer of money pursuant to an order of a court or a process of execution. (7) Without limiting the generality of subsection (5), a direction referred to in a paragraph of that subsection may: (a) deal with some only of the matters referred to in that paragraph; or (b) deal with a particular class or particular classes of those matters; or (c) make different provision with respect to different matters or different classes of matters. (8) The direction may deal with the time by which, or period during which, it is to be complied with.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131DA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131DB", "Provision_Key": "s131db", "Heading": "Machinery provisions relating to directions under this Division", "Text": "(1) A direction under this Division must: (a) be given by notice in writing: (i) in the case of a direction to an RSE licensee under subsection 131D(1) or 131DA(1)—to the RSE licensee; and (ii) in the case of a direction to a connected entity of an RSE licensee under subsection 131DA(3)—to the connected entity of the RSE licensee and the RSE licensee; and (b) specify: (i) in the case of a direction under subsection 131DA(3)—the ground referred to in subsection 131DA(1) as a result of which the direction is given; or (ii) otherwise—the ground referred to in subsection 131D(1) or 131DA(1) as a result of which the direction is given. (2) A direction under this Division is not a legislative instrument. Note: Under paragraph 11(2)(c) of the Legislation Act 2003 , APRA may register a direction under this Division as a notifiable instrument. (3) In deciding whether to give a direction under subsection 131D(1) to an RSE licensee, APRA may disregard any external support for the RSE licensee. (4) In deciding whether to give a direction under subsection 131DA(1) or (3), APRA may disregard any external support for the RSE licensee, or the connected entity of the RSE licensee, in relation to which the direction is given. (5) The regulations may specify that a particular form of support is not external support for the purposes of subsection (3) or (4).", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131DB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131DC", "Provision_Key": "s131dc", "Heading": "Varying or revoking a direction under this Division", "Text": "(1) APRA may: (a) vary a direction given to an RSE licensee under this Division, by notice in writing to the RSE licensee; or (b) vary a direction given to a connected entity of an RSE licensee under this Division, by notice in writing to the connected entity and the RSE licensee; if, at the time of the variation, APRA considers that the variation is necessary and appropriate. (2) A direction under this Division has effect until APRA revokes it. (3) APRA may: (a) revoke a direction given to an RSE licensee under this Division, by notice in writing to the RSE licensee; or (b) revoke a direction given to a connected entity of an RSE licensee under this Division, by notice in writing to the connected entity and the RSE licensee; if, at the time of revocation, APRA considers that the direction is no longer necessary or appropriate.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131DC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131DD", "Provision_Key": "s131dd", "Heading": "Non ‑ compliance with a direction", "Text": "Failure to comply with a direction given to an RSE licensee—failure by the RSE licensee (1) A person commits an offence if: (a) the person is an RSE licensee or a member of a group of individual trustees that is an RSE licensee; and (b) a direction is given to the RSE licensee under this Division; and (c) the RSE licensee does, or fails to do, something; and (d) doing, or failing to do, the thing results in a contravention of the direction. Penalty: 100 penalty units. Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above. Failure to comply with a direction given to an RSE licensee—failure by an officer of the RSE licensee (2) A person commits an offence if: (a) the person is an officer of an RSE licensee that is a body corporate; and (b) the officer fails to take reasonable steps to ensure that the RSE licensee complies with a direction given to it under this Division; and (c) the officer’s duties include ensuring that the RSE licensee complies with the direction or with a class of directions that includes the direction; and (d) the RSE licensee does not comply with the direction. Penalty: 100 penalty units. Failure to comply with a direction given to a connected entity of an RSE licensee—failure by the connected entity (3) A connected entity of an RSE licensee commits an offence if: (a) a direction is given to the connected entity under this Division; and (b) the connected entity does, or fails to do, something; and (c) doing, or failing to do, the thing results in a contravention of the direction. Penalty: 100 penalty units. Note: If a body corporate is convicted of an offence against this subsection, subsection 4B(3) of the Crimes Act 1914 allows a court to impose a fine of up to 5 times the penalty stated above. Failure to comply with a direction given to a connected entity of an RSE licensee—failure by an officer of the connected entity (4) A person commits an offence if: (a) the person is an officer of a body corporate that is a connected entity of an RSE licensee; and (b) the officer fails to take reasonable steps to ensure that the connected entity complies with a direction given to it under this Division; and (c) the officer’s duties include ensuring that the connected entity complies with the direction or with a class of directions that includes the direction; and (d) the connected entity fails to comply with the direction. Penalty: 100 penalty units. Offence for each day on which a person continues to commit an offence (5) If a person commits an offence against subsection (1), (2), (3) or (4), the person commits an offence against that subsection in respect of: (a) the first day on which the offence is committed; and (b) each subsequent day (if any) on which the circumstances that gave rise to the person committing the offence continue (including the day of conviction for any such offence or any later day). Note: This subsection is not intended to imply that section 4K of the Crimes Act 1914 does not apply to offences against this Act or the regulations. Strict liability (6) Subsections (1), (2), (3) and (4) are offences of strict liability. Meaning of officer (7) In this section, officer has the meaning given by section 9 of the Corporations Act 2001 .", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131DD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131E", "Provision_Key": "s131e", "Heading": "Object of this Division", "Text": "The object of this Division is to enable the Regulator to direct a person who is in control of an RSE licensee to relinquish that control if there has been, is or is likely to be interference with the ability of the RSE licensee to satisfy its obligations in relation to a superannuation entity.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131EA", "Provision_Key": "s131ea", "Heading": "Application of this Division", "Text": "This Division applies in relation to an RSE licensee that is a body corporate.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131EA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131EB", "Provision_Key": "s131eb", "Heading": "Direction to relinquish control", "Text": "(1) The Regulator may give a person a direction to relinquish control of an RSE licensee if: (a) the Regulator has reason to believe that: (i) the person has a controlling stake in the RSE licensee; or (ii) the person has practical control of the RSE licensee; and (b) the Regulator has reason to believe that because of: (i) the person’s controlling stake, or practical control, of the RSE licensee; or (ii) the way in which control has been, is or is likely to be exercised; the RSE licensee has been, is or is likely to be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A. (2) The Regulator may give a person a direction to relinquish control of an RSE licensee if: (a) the Regulator has reason to believe that the person has a controlling stake in the RSE licensee; and (b) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee. (3) The Regulator may give a person a direction to relinquish control of an RSE licensee if: (a) the Regulator has reason to believe that that the person has a controlling stake in the RSE licensee; and (b) the person has approval under section 29HD to hold a controlling stake in the RSE licensee; and (c) information given to the Regulator in relation to the application for approval was false or misleading in a material particular. (4) To avoid doubt, a direction under subsection (1) or (3) to a person to relinquish a controlling stake in an RSE licensee may be given even if the person has approval to hold a controlling stake in the RSE licensee. (5) The direction must be given in writing. (6) The Regulator must give the person: (a) a copy of the direction; and (b) a statement of the Regulator’s reasons for giving the direction. (7) The Regulator may revoke a direction to relinquish control of an RSE licensee. (8) The revocation must be in writing and a copy of the revocation must be given to the person.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131EB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131EC", "Provision_Key": "s131ec", "Heading": "Meaning of practical control", "Text": "A person has practical control over an RSE licensee that is a body corporate if: (a) either of the following is satisfied: (i) the directors of the RSE licensee are accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); (ii) the person (either alone or together with associates) is in a position to exercise control over the RSE licensee; and (b) the person does not hold a controlling stake in the RSE licensee.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131EC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131ED", "Provision_Key": "s131ed", "Heading": "Consequences of a direction to relinquish control", "Text": "(1) If the Regulator gives a person a direction to relinquish control over an RSE licensee, the person must take such steps as are necessary to ensure that: (a) the directors of the RSE licensee are not accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); and (b) the person (either alone or together with associates) is not in a position to exercise control over the RSE licensee; and (c) the person does not hold a controlling stake in the RSE licensee. (2) The person must take those steps: (a) within 90 days after being given a copy of the direction; or (b) if the Regulator, by written notice given to the person, allows a longer period for compliance—before the end of that longer period. (3) A person commits an offence if: (a) the person is subject to a requirement under this section; and (b) the person intentionally or recklessly contravenes the requirement. Penalty: 400 penalty units. Note: Section 4K (Continuing and multiple offences) of the Crimes Act 1914 applies to an offence under subsection (3), so a person commits an offence, after the period for relinquishment expires, on each day on which the person does not relinquish control.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131ED"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131EE", "Provision_Key": "s131ee", "Heading": "Interim orders", "Text": "Orders where the direction is stayed by the Administrative Review Tribunal (1) The Regulator may apply to the Federal Court of Australia (the Federal Court ) for orders under subsection (2) if: (a) the Regulator has given a direction to relinquish control over an RSE licensee to a person; and (b) an application has been made to the Administrative Review Tribunal for a review of the decision to give the direction; and (c) the Tribunal has made an order or orders staying or otherwise affecting the operation or implementation of the decision to give the direction, or a part of that decision. (2) The Federal Court may make such orders as the court considers appropriate to ensure that the person does not, during the period to which an order of the Tribunal relates, exercise control over the RSE licensee in a manner that results in the RSE licensee being unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A. Orders to deal with conduct during the compliance period (3) The Regulator may apply to the Federal Court of Australia (the Federal Court ) for orders under subsection (4) if: (a) a direction to relinquish control over an RSE licensee is in force in relation to a person; and (b) the Regulator has reason to believe that the person may, during the period under subsection 131ED(2) during which the person is required to take steps under the direction (the compliance period ), exercise control over the RSE licensee in a manner that results in the RSE licensee being unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A. (4) The Federal Court may make such orders as the court considers appropriate to ensure that the person does not, during the compliance period, exercise control over the RSE licensee in a manner that results in the RSE being unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A.", "Amendment_Count": 2, "First_Amended": "No 40 of 2019", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 40 of 2019 | No 38 of 2024", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 38 of 2024, effective Sch 1 (items 46, 71): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131EE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131EF", "Provision_Key": "s131ef", "Heading": "Remedial orders", "Text": "(1) The Regulator may apply to the Federal Court of Australia (the Federal Court ) for orders under this section if a direction to relinquish control over an RSE licensee is in force in relation to a person. (2) The Federal Court may make such orders as the court considers appropriate to ensure that: (a) the directors of the RSE licensee are not accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person (either alone or together with associates); and (b) the person (either alone or together with associates) is not in a position to exercise control over the RSE licensee; and (c) the person does not hold a controlling stake in the RSE licensee. (3) However, the Federal Court may only make orders under this section if the court is satisfied that: (a) both of the following are satisfied: (i) the person holds a controlling stake in the RSE licensee, or has practical control of the RSE licensee; (ii) because of the person’s control of the RSE licensee, or the way in which that control has been, is or is likely to be exercised, the RSE licensee has been, is or is likely to be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A; or (b) both of the following are satisfied: (i) the person holds a controlling stake in the RSE licensee; (ii) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee; or (c) each of the following is satisfied: (i) the person has a controlling stake in the RSE licensee; (ii) the person has approval under section 29HD to hold a controlling stake in the RSE licensee; (iii) information given to the Regulator in relation to the application for approval was false or misleading in a material particular. (4) The Federal Court’s orders include: (a) an order directing the disposal of shares; or (b) an order restraining the exercise of any rights attached to shares; or (c) an order prohibiting or deferring the payment of any sums due to a person in respect of shares held by the person; or (d) an order that any exercise of rights attached to shares be disregarded. (5) Subsection (4) does not, by implication, limit subsection (2). (6) In addition to the Federal Court’s powers under subsections (2) and (4), the court: (a) has power, for the purpose of securing compliance with any other order made under this section, to make an order directing any person to do or refrain from doing a specified act; and (b) has power to make an order containing such ancillary or consequential provisions as the court thinks just. (7) The Federal Court may, before making an order under this section, direct that notice of the Regulator’s application be given to such persons as it thinks fit or be published in such manner as it thinks fit, or both. (8) The Federal Court may, by order, rescind, vary or discharge an order made by it under this section or suspend the operation of such an order.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131EF"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131F", "Provision_Key": "s131f", "Heading": "APRA may give more than one direction", "Text": "(1) APRA is not precluded from giving a direction under a provision of this Act because APRA has given, or may give, another direction under that or any other provision of this Act. (2) The kinds of direction that may be given under one provision of this Act are not limited by any direction given, or that may be given, under that or any other provision of this Act.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131FA", "Provision_Key": "s131fa", "Heading": "RSE licensee and connected entity have power to comply with a direction under this Act", "Text": "(1) An RSE licensee has power to comply with a direction given to the RSE licensee under this Act despite anything in its constitution or any contract or arrangement to which it is a party. (2) If the direction requires the RSE licensee to cause a connected entity to do, or not to do, something: (a) the RSE licensee has power to cause the connected entity to do, or to not to do, the thing; and (b) the connected entity has power to do, or not to do, the thing; despite anything in the connected entity’s constitution or any contract or arrangement to which the connected entity is a party. (3) A connected entity of an RSE licensee has power to comply with a direction given to the connected entity under this Act despite anything in its constitution or any contract or arrangement to which it is a party.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131FA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131FB", "Provision_Key": "s131fb", "Heading": "Protection from liability—general", "Text": "(1) A person is not subject to any liability to any person in respect of anything done, or omitted to be done, in good faith and without negligence in the exercise or performance, or the purported exercise or performance, of powers, functions or duties under this Act. (2) To avoid doubt, any information provided by a person to APRA under section 130A is taken, for the purposes of subsection (1), to be provided in the exercise of a power or the performance of a function under this Act. (3) Subsection (1) does not apply to a person referred to in section 58 of the Australian Prudential Regulation Authority Act 1998 and, to avoid doubt, does not affect the operation of that section.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131FB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131FC", "Provision_Key": "s131fc", "Heading": "Protection from liability—directions", "Text": "(1) An action, suit or proceeding (whether criminal or civil) does not lie against a person in relation to anything done, or omitted to be done, in good faith by the person if: (a) the person does the thing, or omits to do the thing, for the purpose of complying with a direction under this Act given by APRA to an RSE licensee, or a connected entity of an RSE licensee; and (b) it is reasonable for the person to do the thing, or to omit to do the thing, in order to achieve that purpose; and (c) the person is any of the following: (i) an officer of the RSE licensee, or of the connected entity of the RSE licensee; (ii) an employee or agent of the RSE licensee, or of the connected entity of the RSE licensee. (2) In subsection (1): employee : (a) of an RSE licensee, includes a person engaged to provide advice or services to the RSE licensee; or (b) of a connected entity of an RSE licensee, includes a person engaged to provide advice or services to the connected entity. officer has the meaning given by section 9 of the Corporations Act 2001 .", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131FC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131FD", "Provision_Key": "s131fd", "Heading": "Protection from liability—provisions do not limit each other", "Text": "The following provisions do not limit the operation of each other: (b) section 131FB; (c) section 131FC; (d) section 58 of the Australian Prudential Regulation Authority Act 1998 .", "Amendment_Count": 2, "First_Amended": "No 40 of 2019", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 40 of 2019 | No 76 of 2023", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131FD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 131FE", "Provision_Key": "s131fe", "Heading": "Informing the Treasurer about issue and revocation of directions", "Text": "(1) If the Treasurer requests APRA to provide information about: (a) any directions given under this Act to a particular entity; or (b) any directions given under this Act, during a specified period, to any entity of a specified kind; APRA must comply with the request. (2) APRA may provide any information that it considers appropriate to the Treasurer about: (a) any directions given under this Act at any time; or (b) any revocations of any such directions. (3) If APRA provides the Treasurer with information about a direction and then later revokes the direction, APRA must notify the Treasurer of the revocation of the direction as soon as practicable after the revocation. Failure to notify the Treasurer does not affect the validity of the revocation.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Inserted by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s131FE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 132", "Provision_Key": "s132", "Heading": "Object of Part", "Text": "The object of this Part is to provide for the suspension or removal of a trustee of a superannuation entity, and for the appointment of an acting trustee.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s132"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 133", "Provision_Key": "s133", "Heading": "Suspension or removal of trustee of superannuation entity", "Text": "Suspension or removal (1) The Regulator may suspend or remove a trustee of a superannuation entity if: (a) either: (i) for a trustee who is an individual and who is a disqualified person only because he or she was disqualified under section 126H—the individual is disqualified from being or acting as a trustee of that superannuation entity; and (ii) otherwise—the trustee is a disqualified person within the meaning of Part 15; or (b) it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by the trustee or any other trustees of the entity may result in the financial position of the entity or of any other superannuation entity becoming unsatisfactory; or (c) if the trustee is a trustee of a registrable superannuation entity—the trustee is not an RSE licensee or a member of a group of individuals that is an RSE licensee; or (e) if the trustee is an RSE licensee—the RSE licensee breaches any of the conditions of its RSE licence; or (f) the Regulator has reason to believe that: (i) either a person holds a controlling stake in the RSE licensee or a person has practical control of the RSE licensee; and (ii) because of the person’s control of the RSE licensee, or the way in which that control has been, is or is likely to be exercised, the RSE licensee has been, is or is likely to be unable to satisfy one or more of the trustee’s obligations contained in a covenant set out in sections 52 to 53, or prescribed under section 54A; or (g) the Regulator has reason to believe that: (i) a person holds a controlling stake in an RSE licensee; and (ii) the person does not have approval under section 29HD to hold a controlling stake in the RSE licensee. Period of suspension (2) A suspension of a trustee is to be for such period as the Regulator determines. Extension of period of suspension (3) A suspension of a trustee may be extended for such further period or such further periods as the Regulator determines. Reasons (4) If the Regulator makes a decision: (a) suspending or removing a trustee; or (b) extending the suspension of a trustee; the Regulator must cause to be given to the trustee a written notice: (c) setting out that decision; and (d) giving the reasons for that decision.", "Amendment_Count": 6, "First_Amended": "No 54 of 1998", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 37 of 2002 | No 53 of 2004 | No 25 of 2008 | No 40 of 2019", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 37 of 2002, effective Sch 8: 27 June 2002 (s 2(1) item 5) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s133"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 134", "Provision_Key": "s134", "Heading": "APRA to appoint acting trustee in cases of suspension or removal", "Text": "Suspension (1) If the Regulator suspends all of the trustees of a superannuation entity, the Regulator must appoint a constitutional corporation or an individual to act as the trustee during the period of the suspension. The appointee is called the acting trustee . Removal (2) If the Regulator removes all of the trustees of a superannuation entity, the Regulator must appoint a constitutional corporation or an individual to act as the trustee until the vacancy in the position of trustee is filled. The appointee is called the acting trustee . Pension funds (3) The Regulator must not appoint an individual as the acting trustee of a superannuation entity unless the governing rules of the entity provide that the sole or primary purpose of the entity is the provision of old ‑ age pensions. Groups (4) If: (a) there is a group of individual trustees of a superannuation entity; and (b) the Regulator suspends or removes all of the trustees; and (c) the Regulator is satisfied that any one or more of the persons who were suspended or removed is a fit and proper person to be appointed as the acting trustee; this Act does not prevent the Regulator from so appointing that person. (5) In deciding whether it is satisfied as mentioned in paragraph (4)(c) in relation to a person who is or has been a trustee of a registrable superannuation entity, the Regulator may also take into account any criteria for fitness and propriety that are relevant to the trustee set out in the prudential standards.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 53 of 2004 | No 61 of 2013", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s134"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 135", "Provision_Key": "s135", "Heading": "Terms and conditions of appointment of acting trustee", "Text": "(1) The Regulator may determine the terms and conditions of the appointment of the acting trustee, including fees. The determination has effect despite anything in: (a) any other provision of this Act; and (b) the regulations; and (ba) the prudential standards; and (c) any other law; and (d) the entity’s governing rules. (2) Without limiting subsection (1), the Regulator may make a determination under that subsection to the effect that the acting trustee’s fees are to be paid out of the corpus of the entity concerned. (3) If: (a) a person (the former trustee ) is suspended or removed as a trustee of a superannuation entity; and (b) a person is appointed under this Part to act as trustee of the superannuation entity; and (c) the acting trustee is required under the terms and conditions of his or her appointment to give information to APRA; and (d) the acting trustee gives the former trustee notice in writing of the requirement; the former trustee must do all things reasonably practicable to assist the acting trustee to comply with the requirement. (4) The former trustee commits an offence of strict liability if the former trustee fails to comply with subsection (3). Penalty for contravention of this subsection: 50 penalty units. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 117 of 2012 | No 61 of 2013", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s135"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 136", "Provision_Key": "s136", "Heading": "Termination of appointment of acting trustee", "Text": "The Regulator may terminate the appointment of the acting trustee at any time.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 54 of 1998 | No 121 of 1999", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s136"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 137", "Provision_Key": "s137", "Heading": "Resignation of acting trustee", "Text": "The acting trustee may resign by writing delivered to the Regulator. The resignation does not take effect until the end of the 7th day after the day on which it was delivered to the Regulator. (The delay gives the Regulator time to appoint a fresh acting trustee.)", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 54 of 1998 | No 121 of 1999", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s137"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 138", "Provision_Key": "s138", "Heading": "Property vesting orders", "Text": "(1) If a person is appointed as acting trustee, the Regulator must make a written order vesting the property of the entity concerned in the acting trustee. (2) If the appointment of the acting trustee comes to an end, the Regulator must make a written order vesting the property of the entity concerned in: (a) if there is to be a fresh acting trustee—the fresh acting trustee; or (b) if the acting trustee acted during a period of suspension of the actual trustee and the suspension has come to an end—the actual trustee; or (c) if the acting trustee acted because of a vacancy in the position of actual trustee and the acting trustee’s appointment has come to an end because the vacancy in the position of actual trustee has been filled by a new actual trustee—the actual trustee. (3) If an order is made by the Regulator under this section vesting property of a superannuation entity in a person: (a) if the property was vested in law in the trustee—subject to subsections (4) and (5), the property immediately vests in law in the person named in the order by force of this Act; and (b) if the property was vested in equity in the trustee—the property immediately vests in equity in the person named in the order by force of this Act. (4) If: (a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and (b) that law enables the registration of such an order; the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with. (5) If: (a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and (b) that law enables the person named in the order to be registered as the owner of that property; the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 54 of 1998 | No 121 of 1999", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s138"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 139", "Provision_Key": "s139", "Heading": "Powers of acting trustee", "Text": "Subject to section 138, while a person is acting as trustee under this Part: (a) the person has and may exercise all the rights, title and powers, and must perform all the functions and duties, of the trustee; and (b) the entity’s governing rules, this Act, the regulations, the prudential standards and any other law apply in relation to the person as if the person were the trustee.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s139"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 139A", "Provision_Key": "s139a", "Heading": "Acting trustee authorised to offer a MySuper product", "Text": "(1) This section applies if: (a) the trustee, or the trustees, of a regulated superannuation fund is or are suspended or removed; and (b) before the suspension or removal, the RSE licensee of the fund was authorised to offer a class of beneficial interest in the fund as a MySuper product. (2) The Regulator must not appoint a person to act as trustee of the fund unless the person has made elections of the kind referred to in sections 29SAA, 29SAB and 29SAC. (3) The person appointed to act as trustee of the fund is taken to have been authorised to offer that class of beneficial interest in the fund as a MySuper product.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s139A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 139B", "Provision_Key": "s139b", "Heading": "Acting trustee authorised to operate an eligible rollover fund", "Text": "(1) This section applies if the trustee, or the trustees, of an eligible rollover fund is or are suspended or removed. (2) The Regulator must not appoint a person to act as trustee of the fund unless the person has made elections of the kind referred to in sections 242B and 242C. (3) The person appointed to act as trustee of the fund is taken to have been authorised to operate the eligible rollover fund.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s139B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 140", "Provision_Key": "s140", "Heading": "Acting trustee to notify appointment to beneficiaries", "Text": "(1) If a person is appointed under this Part to act as trustee of a superannuation entity, the person must, as soon as practicable, give each beneficiary a notice about the appointment. (2) The notice is to be in the approved form. (3) A person who, without reasonable excuse, contravenes this section commits an offence punishable on conviction by a fine not exceeding 50 penalty units. (3A) Subsection (3) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (4) A contravention of subsection (1) does not affect the validity of the appointment.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 24 of 2000 | No 160 of 2000 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s140"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 141", "Provision_Key": "s141", "Heading": "The Regulator may give directions to acting trustee", "Text": "(1) If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may give a written notice to the person directing the person to do, or not to do, one or more specified acts or things in relation to the superannuation entity. (2) A person must not intentionally or recklessly contravene a direction under subsection (1). Penalty: 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (3) This section does not affect the validity of a transaction entered into by a person in contravention of the notice.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 117 of 2001", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 31 of 2001 | No 117 of 2001", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s141"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 141A", "Provision_Key": "s141a", "Heading": "Property vested in acting trustee—former trustee’s obligations relating to books, identification of property and transfer of property", "Text": "(1) This section applies if: (a) after the commencement of this section, the Regulator makes an order under subsection 138(1) or (2) vesting the property of a superannuation entity in an acting trustee; or (b) the Regulator made such an order before the commencement of this section and that order is still in force when this section commences. (2) In this section, the person in whom the property was vested immediately before the order was made is referred to as the former trustee . (3) The former trustee commits an offence: (a) if paragraph (1)(a) applies—if the former trustee does not, within 14 days of the order being made, give the acting trustee all books relating to the entity’s affairs that are in the former trustee’s possession, custody or control; or (b) if paragraph (1)(b) applies—if the former trustee does not, within 14 days of the commencement of this section, give the acting trustee all books relating to the entity’s affairs that are in the former trustee’s possession, custody or control. Penalty: 50 penalty units. (4) The acting trustee may, by notice in writing to the former trustee, require the former trustee, so far as the former trustee can do so: (a) to identify property of the entity; and (b) to explain how the former trustee has kept account of that property. (5) The acting trustee may, by notice in writing to the former trustee, require the former trustee to take specified action that is necessary to bring about a transfer of specified property of the entity to the acting trustee. (6) The former trustee commits an offence if: (a) the acting trustee gives the former trustee a notice under subsection (4) or (5); and (b) the former trustee does not, within 28 days of the notice being given, comply with the requirement in the notice. Penalty: 50 penalty units. (7) Subsections (3) and (6) are offences of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s141A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 142", "Provision_Key": "s142", "Heading": "The Regulator may formulate a scheme for the winding ‑ up or dissolution, or both, of a superannuation entity", "Text": "Schemes (1) If a person is appointed under this Part to act as trustee of a superannuation entity, the Regulator may, by legislative instrument, formulate a scheme for the winding ‑ up or dissolution, or both, of the entity. Vacancies (2) Without limiting subsection (1), a scheme may make provision for and in relation to prohibiting the appointment of a person to fill a vacancy in the position of trustee. Contravention of scheme (3) A person must not intentionally or recklessly contravene the provisions of a scheme formulated under this section. Penalty: 100 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Notification (4) The Regulator must give a copy of an instrument under subsection (1) to the acting trustee. Beneficiaries to be told (5) Without limiting section 141, the Regulator may give a direction under that section to the acting trustee requiring the acting trustee to tell beneficiaries in the entity about an instrument under subsection (1). Copies to be supplied (6) A person whose interests are affected by an instrument under subsection (1) may request the Regulator to give the person a copy of the instrument. The Regulator must comply with the request. Publishing notice (7) The Regulator must publish notice of the making of each instrument under subsection (1) in a manner that results in the notice being accessible to the public and reasonably prominent.", "Amendment_Count": 8, "First_Amended": "No 54 of 1998", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 31 of 2001 | No 117 of 2001 | No 53 of 2004 | No 154 of 2007 | No 126 of 2015 | No 69 of 2023", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 126 of 2015, effective Sch 1 (items 585–588): 5 Mar 2016 (s 2(1) item 2) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s142"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 143", "Provision_Key": "s143", "Heading": "Object of Part", "Text": "The object of this Part is to empower APRA to approve, in certain circumstances, the transfer of all benefits of members and beneficiaries in a regulated superannuation fund or approved deposit fund to another regulated superannuation fund or approved deposit fund.", "Amendment_Count": 2, "First_Amended": "No 123 of 2001", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 123 of 2001 | No 53 of 2004", "History_Notes": "Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s143"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 144", "Provision_Key": "s144", "Heading": "Benefits may be transferred to a new fund with APRA’s approval etc.", "Text": "(1) All benefits of members and beneficiaries in a regulated superannuation fund or approved deposit fund (the transferor fund ) may be transferred to another regulated superannuation fund or approved deposit fund (the transferee fund ) if: (a) APRA approves the transfer under this Part; and (b) the transfer takes place under an arrangement between all the trustees of the transferor fund and: (i) if the trustee of the transferee fund is a body corporate—the RSE licensee of the transferee fund; or (ii) if there is a group of individual trustees of the transferee fund that is an RSE licensee—all of the individual trustees of the transferee fund. (2) This section does not affect the transfer of any benefits in a superannuation fund or approved deposit fund under any other provision of this Act or under the regulations.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s144"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 145", "Provision_Key": "s145", "Heading": "Application for approval of transfer", "Text": "(1) An application to APRA for approval of the transfer of all benefits of members and beneficiaries in the transferor fund to the transferee fund may be made by all the trustees of the transferor fund and: (a) if the trustee of the transferee fund is a body corporate—the RSE licensee of the transferee fund; or (b) if there is a group of individual trustees of the transferee fund that is an RSE licensee—all of the individual trustees of the transferee fund. (2) The application must be in the approved form.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s145"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 146", "Provision_Key": "s146", "Heading": "Approval of transfer", "Text": "APRA may approve the transfer of all benefits of members and beneficiaries in the transferor fund to the transferee fund in accordance with an application under section 145 if, and only if, APRA is satisfied that: (a) either: (i) reasonable attempts to bring about the transfer under another provision of this Act or under the regulations have failed; or (ii) the transfer would take place under a scheme formulated under section 142; and (b) the transfer is reasonable in all the circumstances, having regard to: (i) the benefit entitlements of members and beneficiaries under the governing rules of the transferor fund; and (ii) the likely effect on the amount of those entitlements if those members and beneficiaries were to remain members and beneficiaries of the transferor fund; and (iii) the benefit entitlements of members and beneficiaries under the governing rules of the transferee fund; and (iv) the value of the assets transferred from the transferor fund to the transferee fund under the arrangement referred to in paragraph 144(1)(b); and (c) the transfer would not adversely affect the interests of the members and beneficiaries of the transferee fund; and (d) the transferee fund has an RSE licensee.", "Amendment_Count": 4, "First_Amended": "No 123 of 2001", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 123 of 2001 | No 53 of 2004 | No 25 of 2008", "History_Notes": "Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s146"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 147", "Provision_Key": "s147", "Heading": "Cessation of rights against transferor fund", "Text": "If the benefits of members and beneficiaries in a transferor fund are transferred to a transferee fund under this Part: (a) the members and beneficiaries cease to have rights against the transferor fund; and (b) if: (i) immediately before the transfer occurred, another person had a contingent right against the transferor fund to a death or disability benefit; and (ii) the contingent right was derived from a member’s or beneficiary’s capacity as a member or beneficiary of the transferor fund; the other person ceases to have the contingent right against the transferor fund. To avoid doubt, a reference in paragraph (a) to a right against the transferor fund includes a reference to a contingent right to a death or disability benefit.", "Amendment_Count": 2, "First_Amended": "No 123 of 2001", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 123 of 2001 | No 53 of 2004", "History_Notes": "Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s147"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 151", "Provision_Key": "s151", "Heading": "Contravention of Part does not affect validity of issue of superannuation interest etc.", "Text": "A contravention of this Part does not affect the validity of the issue of a superannuation interest or of any other act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s151"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 152", "Provision_Key": "s152", "Heading": "Limitation on issuing, offering etc. superannuation interests in public offer entities", "Text": "(1) This section applies to the following conduct: (a) issuing superannuation interests in a public offer entity; (b) offering to issue superannuation interests in a public offer entity; (c) inviting the making of applications for the issue of superannuation interests in a public offer entity. (2) The trustee of a public offer entity must not engage in conduct to which this section applies. Penalty: Imprisonment for 5 years. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (2A) Subsection (2) does not apply if: (a) the trustee is a constitutional corporation and is an RSE licensee; and (b) the entity is constituted by a deed as a trust. Note: A defendant bears an evidential burden in relation to the matter in subsection (2A) (see subsection 13.3(3) of the Criminal Code ). (3) A person, other than the trustee of a public offer entity, must not engage in conduct to which this section applies. Penalty: Imprisonment for 5 years. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (4) This section does not prevent the trustee of a public offer entity from engaging or authorising persons to act on behalf of the trustee.", "Amendment_Count": 2, "First_Amended": "No 31 of 2001", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 31 of 2001 | No 53 of 2004", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s152"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 154", "Provision_Key": "s154", "Heading": "Commission and brokerage", "Text": "(1) The trustee of a public offer entity must comply with the requirements of the regulations in relation to the payment of commission or brokerage in respect of: (a) an application for the issue of a superannuation interest in the entity; or (b) an application to become a standard employer ‑ sponsor of the entity. (2) The trustee commits an offence if the trustee contravenes subsection (1). Penalty: 100 penalty units. (2A) The trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (3) Requirements specified in regulations for the purposes of subsection (1) must relate to all or any of the following: (a) the classes of persons to whom payments of commission or brokerage may be made; (b) the situations in which payments of commission or brokerage may be made; (c) the disclosure of information about payments of commission or brokerage; (d) the keeping of records about payments of commission or brokerage.", "Amendment_Count": 4, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s154"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 155", "Provision_Key": "s155", "Heading": "Fair dealing on issue or redemption of a superannuation interest", "Text": "(1) This section applies if: (a) the trustee of a public offer entity is considering: (i) issuing a superannuation interest in the entity to a person; or (ii) redeeming a superannuation interest in the entity held by a person; and (b) either: (i) the trustee believes on reasonable grounds that the price at which, under the governing rules of the entity, the interest would be issued or redeemed would not, in the circumstances, be fair and reasonable as between the person and the beneficiaries of the entity; or (ii) the trustee cannot, for whatever reason, work out the price at which, under the governing rules of the entity, the interest should be issued or redeemed. (2) The trustee must not issue or redeem the interest while subsection (1) applies except at a price that is fair and reasonable as between the person and the beneficiaries of the entity. (3) If, while this section applies, the trustee issues or redeems the interest at such a price, the trustee is taken to have acted in accordance with the governing rules of the entity. (4) A contravention of subsection (2) is not an offence, but it may give rise to civil liability under section 156.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s155"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 156", "Provision_Key": "s156", "Heading": "Civil liability where subsection 155(2) contravened", "Text": "(1) If: (a) the trustee of a public offer entity contravenes subsection 155(2); and (b) a person suffers loss or damage because of the contravention; the person may recover the amount of the loss or damage by action against the trustee. (2) The action must be begun within 6 years after the day on which the cause of action arose.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s156"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 157", "Provision_Key": "s157", "Heading": "Object of this Part", "Text": "The object of this Part is to provide administrative consequences for contraventions of this Act or the regulations that relate to self managed superannuation funds. This Part: (a) allows the Regulator to give rectification directions and education directions; and (b) imposes administrative penalties for certain contraventions.", "Amendment_Count": 5, "First_Amended": "No 53 of 1995", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 53 of 1995 | No 62 of 1997 | No 31 of 2001 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s157"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 158", "Provision_Key": "s158", "Heading": "Scope of this Part", "Text": "This Part applies in relation to self managed superannuation funds that are regulated superannuation funds.", "Amendment_Count": 5, "First_Amended": "No 53 of 1995", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 53 of 1995 | No 31 of 2001 | No 117 of 2001 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s158"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 159", "Provision_Key": "s159", "Heading": "Rectification direction", "Text": "(1) This section applies if the Regulator reasonably believes that a person who is: (a) a trustee of a self managed superannuation fund; or (b) a director of a body corporate that is a trustee of a self managed superannuation fund; has contravened a provision of this Act (other than Part 3B) or the regulations in relation to the fund. (2) The Regulator may give the person a written direction (a rectification direction ) requiring the person: (a) to take specified action to rectify the contravention; and (b) to provide the Regulator with evidence of the person’s compliance with the direction. (3) In deciding whether to give a person a rectification direction, the Regulator is to have regard to: (a) any financial detriment that might reasonably be expected to be suffered by the fund as a result of the person’s compliance with the direction; and (b) the nature and seriousness of the person’s contravention; and (c) any other relevant circumstances. (4) A rectification direction must specify the period within which the person must comply with the direction (which must be a period that is reasonable in the circumstances). Note: The period may be affected by the operation of subsection 164(7). (5) The Regulator must not give a rectification direction in relation to a contravention if: (a) the Regulator has, under section 262A, accepted an undertaking given by a person; and (b) the contravention is covered by the undertaking; and (c) the undertaking has neither been withdrawn nor varied in a way that means the contravention is no longer covered by it. (6) A person to whom a rectification direction is given must comply with the direction before the end of the period specified in the direction for the purposes of subsection (4). (7) A person commits an offence of strict liability if the person contravenes subsection (6). Penalty: 10 penalty units.", "Amendment_Count": 4, "First_Amended": "No 53 of 1995", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 53 of 1995 | No 54 of 1998 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s159"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 160", "Provision_Key": "s160", "Heading": "Education direction", "Text": "(1) This section applies to the following persons: (a) a trustee of a self managed superannuation fund, if the Regulator reasonably believes that the trustee has contravened a provision of this Act (other than Part 3B) or the regulations in relation to the fund; (b) a director of a body corporate that is a trustee of a self managed superannuation fund, if the Regulator reasonably believes that: (i) the director has contravened a provision of this Act (other than Part 3B) or the regulations in relation to the fund; or (ii) the trustee has contravened a provision of this Act (other than Part 3B) or the regulations in relation to the fund. (2) The Regulator may give the person a written direction (an education direction ) requiring the person: (a) to undertake a specified approved course of education (see section 161); and (b) to provide the Regulator with evidence of completion of the course. Note: See also section 104A (recognition of obligations and responsibilities). (3) An education direction must specify the period within which the person must comply with the direction (which must be a period that is reasonable in the circumstances). Note: The period may be affected by the operation of subsection 164(7). (4) A person to whom an education direction is given must comply with the direction before the end of the specified period. Note: Section 166 imposes an administrative penalty for a contravention of subsection (4). (5) A person commits an offence of strict liability if the person contravenes subsection (4). Penalty: 10 penalty units.", "Amendment_Count": 3, "First_Amended": "No 53 of 1995", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 53 of 1995 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s160"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 161", "Provision_Key": "s161", "Heading": "Approval of courses of education", "Text": "(1) The Regulator may, in writing, approve one or more courses of education for the purposes of giving education directions. (2) A course approved under subsection (1): (a) may be provided by the Regulator or by another entity; and (b) must be a course for which no fees are charged in respect of persons who undertake the course in compliance with education directions. (3) An approval under subsection (1) is not a legislative instrument.", "Amendment_Count": 3, "First_Amended": "No 31 of 2001", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 31 of 2001 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s161"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 162", "Provision_Key": "s162", "Heading": "Costs of course of education", "Text": "If a person undertakes a course of education in compliance with an education direction, the person must ensure that none of the costs associated with undertaking the course are paid or reimbursed from the assets of the fund in relation to which the education direction was given.", "Amendment_Count": 2, "First_Amended": "No 123 of 2001", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 123 of 2001 | No 11 of 2014", "History_Notes": "Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s162"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 163", "Provision_Key": "s163", "Heading": "Variation or revocation on Regulator’s own initiative", "Text": "The Regulator may, at any time, vary or revoke a rectification direction or an education direction by written notice given to the person to whom the direction was given.", "Amendment_Count": 4, "First_Amended": "No 160 of 2000", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 160 of 2000 | No 31 of 2001 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s163"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 164", "Provision_Key": "s164", "Heading": "Variation on request", "Text": "(1) A person to whom a rectification direction or an education direction is given may request the Regulator to vary the direction. (2) The request must be made by written notice given to the Regulator before the end of the period specified in the direction for the purposes of subsection 159(4) or 160(3). (3) The request must set out the reasons for making the request. (4) The Regulator must decide: (a) to vary the direction in accordance with the request; or (b) to vary the direction otherwise than in accordance with the request; or (c) to refuse to vary the direction. (5) If the Regulator does not make a decision on the request before the end of 28 days after the day the request was made, the Regulator is taken, at the end of that period, to have decided to refuse the request. (6) If the Regulator makes a decision on the request before the end of the period referred to in subsection (5), the Regulator must: (a) notify the person of the Regulator’s decision; and (b) if the decision is to vary the direction (whether or not in accordance with the request)—give the person a copy of the varied direction; and (c) if the decision is to refuse to vary the direction, or to vary the direction otherwise than in accordance with the request—give the person written reasons for the decision. (7) If a person makes a request under this section, then, for the purposes of subsection 159(6) or 160(4), the period specified in the direction for the purposes of subsection 159(4) or 160(3) is taken to be extended by 1 day for each day in the period: (a) beginning at the start of the day the request was made; and (b) ending at the end of the day that the Regulator notifies the person that a decision has been made on the request.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 54 of 1998 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s164"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 165", "Provision_Key": "s165", "Heading": "Taxation objection", "Text": "A person who is dissatisfied with: (a) a decision of the Regulator to give a rectification direction or an education direction, or to vary one otherwise than in accordance with a request under section 164; or (b) a decision of the Regulator under section 164 to refuse to vary a rectification direction or an education direction; may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 123 of 2001", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 123 of 2001 | No 11 of 2014", "History_Notes": "Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s165"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 166", "Provision_Key": "s166", "Heading": "Administrative penalties in relation to self managed superannuation funds", "Text": "(1) If a person referred to in subsection (2) contravenes a provision of this Act specified in the table, the person is liable to an administrative penalty. The amount of the penalty is the amount specified in the table for the provision. Administrative penalties in relation to self managed superannuation funds Item Provision of this Act Administrative penalty 1 Subsection 34(1) 20 penalty units 2 Section 35B 10 penalty units 3 Subsection 65(1) 60 penalty units 4 Subsection 67(1) 60 penalty units 5 Subsection 84(1) 60 penalty units 6 Subsection 103(1) 10 penalty units 7 Subsection 103(2) 10 penalty units 8 Subsection 103(2A) 10 penalty units 9 Subsection 104(1) 10 penalty units 10 Subsection 104A(2) 10 penalty units 11 Subsection 105(1) 10 penalty units 12 Subsection 106(1) 60 penalty units 13 Subsection 106A(1) 20 penalty units 14 Subsection 124(1) 5 penalty units 15 Subsection 160(4) 5 penalty units 16 Subsection 254(1) 5 penalty units 17 Subsection 347A(5) 5 penalty units Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2) For the purposes of subsection (1), the persons are: (a) a trustee of a self managed superannuation fund; or (b) a director of a body corporate that is a trustee of a self managed superannuation fund. Note: Collection and recovery of administrative penalties imposed by this section is dealt with in Part 4 ‑ 15 of Schedule 1 to the Taxation Administration Act 1953 . (3) If a trustee of a self managed superannuation fund on whom a penalty is imposed by this section is an individual, a reference in Part 4 ‑ 15 or Division 298 in Schedule 1 to the Taxation Administration Act 1953 to an entity is taken to be a reference to that individual in his or her personal capacity.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 54 of 1998 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s166"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 167", "Provision_Key": "s167", "Heading": "Administrative penalty and civil penalty", "Text": "If: (a) a person is liable to pay an amount by way of administrative penalty imposed by section 166 because of an act or omission of the person; and (b) proceedings against the person are commenced for a contravention of a civil penalty provision constituted by the act or omission; then (whether or not the proceedings are withdrawn): (c) the person is not liable to pay the amount; and (d) any amount paid, or applied by the Regulator, in total or partial discharge of that liability is to be refunded to the person, or applied by the Regulator in total or partial discharge of another tax ‑ related liability of the person. Note: Section 8ZE of the Taxation Administration Act 1953 deals with the situation of a person against whom a criminal prosecution is instituted.", "Amendment_Count": 3, "First_Amended": "No 31 of 2001", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 31 of 2001 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Repealed and substituted by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s167"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 168", "Provision_Key": "s168", "Heading": "Penalty must not be reimbursed from fund", "Text": "An administrative penalty imposed by section 166 must not be paid or reimbursed from the assets of the fund in relation to which the administrative penalty was imposed.", "Amendment_Count": 3, "First_Amended": "No 38 of 1999", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 38 of 1999 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s168"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 169", "Provision_Key": "s169", "Heading": "Joint and several liability of directors of corporate trustee liable to administrative penalty under section 166", "Text": "(1) This section applies if a trustee of a self managed superannuation fund: (a) is liable to an administrative penalty imposed by section 166; and (b) is a body corporate. (2) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the penalty.", "Amendment_Count": 4, "First_Amended": "No 38 of 1999", "Last_Amended": "No 11 of 2014", "Amending_Acts": "No 38 of 1999 | No 160 of 2000 | No 123 of 2001 | No 11 of 2014", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Repealed by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Inserted by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s169"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 192", "Provision_Key": "s192", "Heading": "Object of Part", "Text": "The object of this Part is to specify the consequences of contravening a civil penalty provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s192"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 193", "Provision_Key": "s193", "Heading": "Civil penalty provisions", "Text": "Each of the following provisions of this Act is a civil penalty provision: (aa) subsection 54B(1); (ab) subsection 54B(2); (a) subsection 62(1); (b) subsection 65(1); (c) subsection 67(1); (caa) subsection 68A(1); (cab) subsection 68A(3); (ca) subsection 68B(1); (d) subsection 84(1); (e) subsection 85(1); (f) subsection 95(1); (g) subsection 97(1); (h) section 98; (i) subsection 106(1); (j) subsection 109(1); (ja) subsection 109(1A); (k) subsection 117(3); (l) subsection 242M(1).", "Amendment_Count": 5, "First_Amended": "No 144 of 1995", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 144 of 1995 | No 171 of 2012 | No 11 of 2014 | No 40 of 2019 | No 135 of 2020", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s193"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 194", "Provision_Key": "s194", "Heading": "Person involved in contravening a provision taken to have contravened the provision", "Text": "For the purposes of this Part, a person who is involved in a contravention of a particular provision of this Act that is not an offence is taken to have contravened that provision.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Amended by No 64 of 2020, effective Sch 3 (items 50–53): 23 June 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s194"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 195", "Provision_Key": "s195", "Heading": "When a court is taken to find a person guilty of an offence", "Text": "For the purposes of this Part, an Australian court is taken to find a person guilty of an offence if, and only if: (a) the court convicts the person of the offence; or (b) the person is charged before the court with the offence and is found by the court to have committed the offence, but the court does not proceed to convict the person of the offence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s195"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 196", "Provision_Key": "s196", "Heading": "Court may make civil penalty orders", "Text": "(1) This section applies if the Court is satisfied that a person has contravened a civil penalty provision, whether or not the contravention also constitutes an offence because of section 202. Note: Section 220 provides that a certificate by a court that the court has declared a person to have contravened a civil penalty provision is conclusive evidence of the contravention. (2) The Court is to declare that the person has, by a specified act or omission, contravened that provision in relation to a specified superannuation entity, but need not so declare if such a declaration is already in force under Division 4. (3) The Court may also make against the person an order that the person pay to the Commonwealth a monetary penalty of an amount specified in the order that does not exceed 2,400 penalty units. (4) The Court is not to make an order under subsection (3) unless it is satisfied that the contravention is a serious one. (5) The Court is not to make an order under subsection (3) if it is satisfied that an Australian court has ordered the person to pay damages in the nature of punitive damages because of the act or omission constituting the contravention.", "Amendment_Count": 1, "First_Amended": "No 40 of 2019", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 40 of 2019", "History_Notes": "Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s196"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 197", "Provision_Key": "s197", "Heading": "Who may apply for civil penalty order", "Text": "(1) An application for a civil penalty order may only be made by the Regulator or a person to whom the Regulator has delegated the power to make applications for civil penalty orders. (2) A delegation for the purposes of subsection (1) may relate to applications in relation to specified contraventions, or all contraventions, of civil penalty provisions. (3) This section does not affect the operation of the Director of Public Prosecutions Act 1983 .", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 54 of 1998 | No 121 of 1999", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s197"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 198", "Provision_Key": "s198", "Heading": "Time limit for application", "Text": "An application for a civil penalty order may be made within 6 years after the contravention.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s198"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 199", "Provision_Key": "s199", "Heading": "Application for civil penalty order is a civil proceeding", "Text": "(1) In hearing and determining an application for a civil penalty order, the Court is to apply the rules of evidence and procedure that it applies in hearing and determining civil matters. (2) Subsection (1) has effect subject to the rules of the Court.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s199"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 200", "Provision_Key": "s200", "Heading": "Enforcement of order to pay monetary penalty", "Text": "If the Court makes under subsection 196(3) an order that a person pay a monetary penalty: (a) the penalty is payable to the Regulator on the Commonwealth’s behalf; and (b) the Regulator or the Commonwealth may enforce the order as if it were a judgment of the Court.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 54 of 1998 | No 121 of 1999", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s200"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 201", "Provision_Key": "s201", "Heading": "The Regulator may require a person to give assistance in connection with application for civil penalty order", "Text": "(1) This section applies if it appears to the Regulator that a person may have contravened a civil penalty provision. (2) If the Regulator, on reasonable grounds, suspects or believes that a person can give information relevant to an application for a civil penalty order in relation to the contravention (whether or not such an application has been made), the Regulator may, by writing given to the person, require the person to give all reasonable assistance in connection with such an application. (3) Subsection (2) does not apply in relation to: (a) the person referred to in subsection (1); or (b) a person who is or has been that person’s lawyer. (4) If a person fails to give assistance as required under subsection (2): (a) the person commits an offence punishable on conviction by a fine not exceeding 5 penalty units; and (b) the Court may, on the application of the Regulator, order the person to comply with the requirement as specified in the order. (4A) Paragraph (4)(a) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (5) Paragraph (4)(b) does not affect any penalty for an offence referred to in paragraph (4)(a).", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 160 of 2000 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s201"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 201A", "Provision_Key": "s201a", "Heading": "Criminal jurisdiction of the Federal Court of Australia in relation to certain indictable offences", "Text": "The Federal Court of Australia has jurisdiction to hear and determine prosecutions for indictable offences against provisions of this Act that are administered by ASIC.", "Amendment_Count": 1, "First_Amended": "No 41 of 2024", "Last_Amended": "No 41 of 2024", "Amending_Acts": "No 41 of 2024", "History_Notes": "Inserted by No 41 of 2024, effective sch 1 (items 11, 12): 12 June 2024 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s201A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 202", "Provision_Key": "s202", "Heading": "When contravention of civil penalty provisions is an offence", "Text": "(1) If a person contravenes a civil penalty provision, either: (a) dishonestly, and intending to gain, whether directly or indirectly, an advantage for that, or any other person; or (b) intending to deceive or defraud someone; the person commits an offence punishable on conviction by imprisonment for not longer than 5 years. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (2) A person who contravenes a civil penalty provision does not commit an offence except as provided by subsection (1). (3) The Federal Court of Australia does not have jurisdiction with respect to criminal proceedings for an offence constituted by a contravention of a civil penalty provision.", "Amendment_Count": 2, "First_Amended": "No 31 of 2001", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 31 of 2001 | No 4 of 2016", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s202"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 203", "Provision_Key": "s203", "Heading": "Application for civil penalty order precludes later criminal proceedings", "Text": "Criminal proceedings for an offence constituted by a contravention of a civil penalty provision cannot be begun if a person has already applied for a civil penalty order in relation to the same contravention, even if the application has been finally determined or otherwise disposed of.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s203"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 204", "Provision_Key": "s204", "Heading": "When Division applies", "Text": "This Division applies if criminal proceedings are begun against a person for an offence constituted by a contravention of a civil penalty provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s204"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 205", "Provision_Key": "s205", "Heading": "Effect during criminal proceedings", "Text": "(1) An application may be made for a civil penalty order against the person in relation to the same contravention. (2) However, such an application is stayed, because of this subsection, until: (a) the criminal proceedings; and (b) all appeals and applications for review (including appeals and applications for review under this Division) arising out of the criminal proceedings; have been finally determined or otherwise disposed of.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s205"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 206", "Provision_Key": "s206", "Heading": "Final outcome precluding applications for civil penalty order", "Text": "When the criminal proceedings, appeals and applications for review are finally determined or otherwise disposed of: (a) an application for a civil penalty order in relation to the same contravention cannot be made (except under this Division); and (b) such an application that was stayed because of subsection 205(2) is, because of this section, dismissed; if the result of the criminal proceedings, appeals and applications for review is: (c) a court finding the person guilty of the offence; or Note: Section 195 defines when a court is taken to find a person guilty of an offence. (d) the person being acquitted of the offence, unless there is in force a declaration that the person committed the contravention; or Note: This kind of declaration is made under section 209, 210 or 211. (e) a declaration by a court that the evidence in a committal proceeding for the offence could not satisfy the Court, on an application for a civil penalty order, that the person committed the contravention; or Note: This kind of declaration is made under section 208. (f) a declaration by a court that the person committed the contravention; or Note: This kind of declaration is made under section 209 or 211. (g) an order by a court prohibiting an application for a civil penalty order in relation to the contravention from being made or from proceeding; or Note: This kind of declaration is made under section 212. (h) the Court, on an appeal or review, affirming, varying or substituting a declaration that the person committed the contravention. Note: Section 213 applies in this case.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s206"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 207", "Provision_Key": "s207", "Heading": "Final outcome not precluding application for civil penalty order", "Text": "If the result of the criminal proceedings, appeals and applications for review being finally determined or otherwise disposed of is: (a) a declaration by a court (other than the Court) that the person committed the contravention; or Note: This kind of declaration is made under section 209, 210 or 211. (b) none of the results referred to in section 206; then: (c) if an application for a civil penalty order in relation to the contravention was stayed because of subsection 205(2)—the application may proceed; or (d) otherwise—such an application may be made and may proceed; as if the criminal proceedings had never begun.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s207"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 208", "Provision_Key": "s208", "Heading": "After unsuccessful committal proceeding, court may preclude application for civil penalty order", "Text": "(1) If: (a) a proceeding in a court for the commitment of the person for trial for the offence is finally determined or otherwise disposed of without the person being committed for trial for the offence; and (b) that court is satisfied that the evidence in the proceeding could not satisfy the Court, on an application for a civil penalty order in relation to the contravention, that the person committed the contravention; the court may declare that it is so satisfied. (2) A declaration under subsection (1) is subject to appeal or review in the same way as any other order or decision made in the proceeding.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s208"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 209", "Provision_Key": "s209", "Heading": "Application for civil penalty order based on alternative verdict at jury trial", "Text": "(1) This section applies if the person is tried on indictment for the offence and the jury is satisfied beyond reasonable doubt that the person committed the contravention, but is not satisfied beyond reasonable doubt that the person did so as mentioned in subsection 202(1). (2) The jury may find the person not guilty of the offence, but guilty of the contravention. (3) If the jury does so, the court is to declare that the person has, by a specified act or omission, contravened the civil penalty provision in relation to a specified superannuation entity. (4) If the court is the Court, it may then proceed to make an order under subsection 196(3) on the application of the prosecutor or someone else who has power under section 197 to apply for a civil penalty order in relation to the contravention. (5) Subsection (4) has effect despite section 198. (6) A declaration under subsection (3) is subject to appeal or review as if it were a conviction by the court for an offence constituted by the contravention.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s209"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 210", "Provision_Key": "s210", "Heading": "Application for civil penalty order based on alternative finding by court of summary jurisdiction", "Text": "(1) This section applies if, on the hearing of a proceeding for the summary conviction of the person for the offence, the court is satisfied beyond reasonable doubt that the person committed the contravention but is not satisfied beyond reasonable doubt that the person did so as mentioned in subsection 202(1). (2) The court may find the person not guilty of the offence, but guilty of the contravention. (3) If the court does so, it is to declare that the person has, by a specified act or omission, contravened the civil penalty provision in relation to a specified superannuation entity. (4) A declaration under subsection (3) is subject to appeal or review as if it were a conviction by the court for an offence constituted by the contravention.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s210"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 211", "Provision_Key": "s211", "Heading": "Application for civil penalty order based on alternative finding by appeal court", "Text": "(1) This section applies if: (a) a court finds the person guilty of the offence; and (b) on appeal or review, a court makes an order determining the criminal proceedings for the offence in a way that does not involve convicting the person of that or any other offence; and (c) the court is satisfied beyond reasonable doubt that the person committed the contravention. (2) The court may declare that the person has, by a specified act or omission, contravened the civil penalty provision in relation to a specified superannuation entity. (3) If the court is the Court, it may then proceed to make an order under subsection 196(3) on the application of the prosecutor or someone else who has power under section 197 to apply for a civil penalty order in relation to the contravention. (4) Subsection (3) has effect despite section 198. (5) A declaration under subsection (2) is subject to appeal or review in the same way as any other order or decision that was made on the appeal or review or might have been made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s211"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 212", "Provision_Key": "s212", "Heading": "After setting aside declaration, court may preclude application for civil penalty order", "Text": "If a court sets aside a declaration made under section 209, 210 or 211, the court may, by order, prohibit an application for a civil penalty order in relation to the contravention from being made or from proceeding.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s212"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 213", "Provision_Key": "s213", "Heading": "On unsuccessful appeal against declaration, Court may make civil penalty orders", "Text": "(1) This section applies if, on an appeal from, or review of, a declaration made under section 209, 210 or 211 by a court other than the Court, the Court determines the appeal or review by: (a) affirming or varying the declaration; or (b) substituting another declaration for the first ‑ mentioned declaration. (2) The Court may then proceed to make orders under subsection 196(3) on the application of the prosecutor or someone else who has power under section 197 to apply for a civil penalty order in relation to the contravention. (3) Subsection (2) has effect despite section 198.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s213"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 214", "Provision_Key": "s214", "Heading": "Appeals under this Division", "Text": "For the purposes of an appeal or review under subsection 208(2), 209(6), 210(4) or 211(5), a law about appeals or reviews has effect with such modifications as the circumstances require.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s214"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 215", "Provision_Key": "s215", "Heading": "On application for civil penalty order, Court may order compensation", "Text": "(1) If, on an application for a civil penalty order against a person in relation to a contravention, the Court is satisfied that: (a) the person committed the contravention; and (b) the superannuation entity in relation to which the contravention was committed has suffered loss or damage as a result of the act or omission constituting the contravention; the Court may (whether or not it makes an order under subsection 196(3)) order the person to pay to a trustee of the entity or, if the person is a trustee of the entity, to pay to the entity compensation of such amount as the order specifies. (2) A trustee of a superannuation entity may intervene in an application for a civil penalty order against a person in relation to a contravention, unless the application was made under Division 4. (3) A trustee of a superannuation entity that so intervenes is entitled to be heard: (a) only if the Court is satisfied that the person committed the contravention in relation to that entity; and (b) only on the question whether the Court should order the person to pay compensation to the trustee because of the contravention.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s215"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 216", "Provision_Key": "s216", "Heading": "Criminal court may order compensation", "Text": "(1) If: (a) a court finds a person guilty of an offence constituted by a contravention of a civil penalty provision in relation to a superannuation entity; and (b) the court is satisfied that the superannuation entity has suffered loss or damage as a result of the act or omission constituting the contravention; the court may (whether or not it imposes a penalty) order the person to pay to a trustee of the entity or, if the person is a trustee of the entity, to pay to the entity compensation of such amount as the order specifies. Note: Section 195 defines when a court is taken to find a person guilty of an offence. (2) If: (a) a court declares under Division 4 that a person has, by an act or omission, contravened a civil penalty provision in relation to a superannuation entity; and (b) the court is satisfied that the superannuation entity has suffered loss or damage as a result of that act or omission; the court may (whether or not it makes an order under subsection 196(3)) order the person to pay to a trustee of the entity or, if the person is a trustee of the entity, to pay to the entity compensation of such amount as the order specifies.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s216"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 217", "Provision_Key": "s217", "Heading": "Enforcement of order under section 215 or 216", "Text": "An order to pay compensation that a court makes under section 215 or 216 may be enforced as if it were a judgment of the court.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s217"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 218", "Provision_Key": "s218", "Heading": "Recovery of profits, and compensation for loss, resulting from contravention", "Text": "(1) If a civil penalty provision in relation to a superannuation entity is contravened by a person other than a trustee of the entity, a trustee of the entity may, by proceedings in a court of competent jurisdiction, recover from the person, as a debt due to the trustee: (a) if that or another person has made a profit because of the act or omission constituting the contravention—an amount equal to the amount of that profit; and (b) if the entity has suffered loss or damage as a result of that act or omission—an amount equal to the amount of that loss or damage; whether or not: (c) the first ‑ mentioned person has been convicted of an offence in relation to the contravention; or (d) a civil penalty order has been made against the first ‑ mentioned person in relation to the contravention. (2) Proceedings under this section may only be begun within 6 years after the contravention.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s218"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 219", "Provision_Key": "s219", "Heading": "Effect of sections 215, 216 and 218", "Text": "Sections 215, 216 and 218: (a) have effect in addition to, and not in derogation of, any rule of law about the duty or liability of a person because of the person’s office or employment in relation to a superannuation entity; and (b) do not prevent proceedings from being instituted in respect of a breach of such a duty or in respect of such a liability.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s219"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 220", "Provision_Key": "s220", "Heading": "Certificates evidencing contravention", "Text": "For the purposes of this Part, a certificate that: (a) purports to be signed by the Registrar or other proper officer of an Australian court; and (b) states: (i) that the court has declared that a specified person has, by a specified act or omission, contravened a specified civil penalty provision in relation to a specified superannuation entity; or (ii) that a specified person was convicted by that court of an offence constituted by a specified contravention of a civil penalty provision in relation to a specified superannuation entity; or (iii) that a specified person charged before that court with such an offence was found in that court to have committed the offence but that the court did not proceed to convict the person of the offence; is, unless it is proved that the declaration, conviction or finding was set aside, quashed or reversed, conclusive evidence: (c) that the declaration was made, that the person was convicted of the offence, or that the person was so found, as the case may be; and (d) that the person committed the contravention.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s220"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 220A", "Provision_Key": "s220a", "Heading": "Burden of proof—civil proceedings relating to duty to act in best financial interests of beneficiaries", "Text": "(1) In civil proceedings for a contravention of subsection 54B(1) in relation to a covenant set out in paragraph 52(2)(c), it is presumed that a trustee did not perform the trustee’s duties and exercise the trustee’s powers in the best financial interests of beneficiaries, unless the trustee adduces evidence to the contrary. (2) If, in such proceedings: (a) a trustee wishes to adduce evidence to the contrary—the trustee bears an evidential burden in relation to the matter; and (b) in the case that evidence to the contrary is so adduced—the Regulator must prove, on the balance of probabilities, that the trustee did not perform the trustee’s duties and exercise the trustee’s powers in the best financial interests of beneficiaries.", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective Sch 2 (items 4–10): 23 June 2021 (s 2(1) item 3) Sch 2 (items 11, 12) and Sch 3 (items 1, 2, 5–9, 11–13, 15–17, 20–22): 1 July 2021 (s 2(1) items 4, 6) Sch 2 (item 13): 28 Sept 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s220A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 221", "Provision_Key": "s221", "Heading": "Relief from liability for contravention of civil penalty provision", "Text": "(1) In this section: eligible proceedings means proceedings for a contravention of a civil penalty provision (including proceedings under section 218) but does not include proceedings for an offence (except so far as the proceedings relate to the question whether the court should make an order under section 216). (2) If, in eligible proceedings against a person, it appears to the court that the person has, or may have, contravened a civil penalty provision but that: (a) the person has acted honestly; and (b) having regard to all the circumstances of the case, the person ought fairly to be excused for the contravention; the court may relieve the person either wholly or partly from a liability to which the person would otherwise be subject, or that might otherwise be imposed on the person, because of the contravention. (3) If a person thinks that eligible proceedings will or may be begun against him or her, he or she may apply to the Court for relief. (4) On the application under subsection (3), the Court may grant relief under subsection (2) as if the eligible proceedings had been begun in the Court. (5) For the purposes of subsection (2) as applying for the purposes of a case tried by a judge with a jury: (a) a reference in that subsection to the court is a reference to the judge; and (b) the relief that may be granted includes withdrawing the case in whole or in part from the jury and directing judgment to be entered for the defendant on such terms as to costs as the judge thinks appropriate. (6) Section 323 provides for additional relief from liability.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s221"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 222", "Provision_Key": "s222", "Heading": "Part does not limit power to award punitive damages", "Text": "Nothing in this Part limits a court’s power to order someone to pay damages in the nature of punitive damages because of an act or omission constituting a contravention of a civil penalty provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s222"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 223", "Provision_Key": "s223", "Heading": "Simplified outline", "Text": "The following is a simplified outline of this Part: This Part deals with the use of infringement notices if an infringement officer reasonably believes that a provision has been contravened. A person can be given an infringement notice in relation to a contravention of a provision that is subject to an infringement notice under this Part. The provision may be an offence provision or a civil penalty provision, or both. A person who is given an infringement notice can choose to pay an amount as an alternative to having court proceedings brought against the person for a contravention of a provision subject to an infringement notice under this Part. If the person does not choose to pay the amount, proceedings can be brought against the person in relation to the contravention.", "Amendment_Count": 2, "First_Amended": "No 128 of 1999", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 128 of 1999 | No 61 of 2013", "History_Notes": "Repealed by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s223"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 223A", "Provision_Key": "s223a", "Heading": "Provisions subject to an infringement notice", "Text": "(1) An offence against one of the following provisions is subject to an infringement notice under this Part: (a) subsection 18(7B); (aa) subsection 29JCB(1); (b) subsection 29W(1); (c) subsection 29WA(3); (d) subsection 29WB(3); (e) subsection 35A(7); (f) subsection 107(4); (g) subsection 108(4); (h) subsection 140(3); (i) subsection 242P(1); (j) subsection 260(3); (k) subsection 262(2). (2) An offence against one of the following provisions is subject to an infringement notice under this Part, unless the superannuation entity to which the offence relates is a self managed superannuation fund: (a) subsection 11C(2), (3) or (4); (b) subsection 63(7) or (10); (c) subsection 64(3A); (d) subsection 71EA(5); (e) subsection 103(3); (f) subsection 104(2); (g) subsection 105(2); (h) subsection 122(2); (i) subsection 124(2); (j) subsection 141A(3) or (6); (k) subsection 252A(3). (3) The regulations may provide that: (a) an offence against a provision of this Act not already specified in this section, or a civil penalty provision in this Act, is subject to an infringement notice under this Part; and (b) an offence against the regulations, or a civil penalty provision in the regulations, is subject to an infringement notice under this Part.", "Amendment_Count": 2, "First_Amended": "No 61 of 2013", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 61 of 2013 | No 40 of 2019", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s223A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 223B", "Provision_Key": "s223b", "Heading": "Infringement officer", "Text": "(1) A person is an infringement officer for the purposes of exercising powers under this Part in relation to a contravention of a provision subject to an infringement notice under this Part, if the person is one of a class of persons determined by the Chair of APRA under section 223C to be infringement officers in relation to a contravention of the provision. (2) A person who is an infringement officer for the purposes of exercising powers mentioned in subsection (1) is also an infringement officer for the purposes of: (a) exercising other powers under this Part; or (b) performing functions or duties under this Part; that are incidental to the powers mentioned in subsection (1).", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s223B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 223C", "Provision_Key": "s223c", "Heading": "Chair of APRA may determine infringement officers", "Text": "(1) The Chair of APRA may by legislative instrument determine that APRA staff members of a class specified in the determination are to be infringement officers for the purposes of exercising powers under this Part in relation to a contravention of a provision that is subject to an infringement notice under this Part. (2) The Chair of APRA must not specify a class of APRA staff members in the determination unless the Chair is satisfied that persons of that class have suitable training or experience to properly exercise the powers of an infringement officer. (3) An infringement officer must, in exercising powers as such, comply with any directions of the Chair of APRA in relation to the relevant provision. (4) If a direction is given under subsection (3) in writing, the direction is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s223C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 223D", "Provision_Key": "s223d", "Heading": "Relevant chief executive", "Text": "(1) The Chair of APRA is the relevant chief executive for the purposes of exercising powers under this Part in relation to the contravention of a provision subject to an infringement notice under this Part. (2) The Chair of APRA is also the relevant chief executive for the purposes of: (a) exercising other powers under this Part; or (b) performing functions or duties under this Part; that are incidental to the powers mentioned in subsection (1). (3) The Chair of APRA may, in writing, delegate the powers and functions of the relevant chief executive under this Part to: (a) an APRA member (within the meaning of the Australian Prudential Regulation Authority Act 1998 ); or (b) an APRA staff member (within the meaning of the Australian Prudential Regulation Authority Act 1998 ) who is an executive general manager or equivalent. (4) A person exercising powers or functions under a delegation under subsection (3) must comply with any directions of the relevant chief executive.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s223D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 224", "Provision_Key": "s224", "Heading": "When an infringement notice may be given", "Text": "(1) If an infringement officer has reasonable grounds to believe that a person has contravened a provision subject to an infringement notice under this Part, the infringement officer may give to the person an infringement notice for the alleged contravention. (2) The infringement notice must be given within 12 months after the day on which the contravention is alleged to have taken place. (3) A single infringement notice must relate only to a single contravention of a single provision unless subsection (4) applies. (4) An infringement officer may give a person a single infringement notice relating to multiple contraventions of a single offence provision if: (a) the provision requires the person to do a thing within a particular period or before a particular time; and (b) the person fails or refuses to do that thing within that period or before that time; and (c) the failure or refusal occurs on more than one day; and (d) each contravention is constituted by the failure or refusal on one of those days. Note: For continuing offences, see subsection 4K(2) of the Crimes Act 1914 .", "Amendment_Count": 2, "First_Amended": "No 128 of 1999", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 128 of 1999 | No 61 of 2013", "History_Notes": "Repealed by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s224"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 224A", "Provision_Key": "s224a", "Heading": "Matters to be included in an infringement notice", "Text": "(1) An infringement notice must: (a) be identified by a unique number; and (b) state the day on which it is given; and (c) state the name of the person to whom the notice is given; and (d) state the name and contact details of the person who gave the notice, and that the person is an infringement officer for the purposes of issuing the infringement notice; and (e) give details of the alleged contravention, including: (i) the provision that was allegedly contravened; and (ii) the maximum penalty that a court could impose if the provision were contravened; and (iii) the time (if known) and day of, and the place of, the alleged contravention; and (f) state the amount that is payable under the notice; and (g) give an explanation of how payment of the amount is to be made; and (h) state that, if the person to whom the notice is given pays the amount within 28 days after the day the notice is given, then (unless the notice is withdrawn): (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order will not be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order will not be brought, and the person is not liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person will not be liable to be prosecuted in a court for the alleged contravention; and (i) state that payment of the amount is not an admission of guilt or liability; and (j) state that the person may apply to the relevant chief executive to have the period in which to pay the amount extended; and (k) state that the person may choose not to pay the amount and, if the person does so: (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may be brought, and the person may be liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person may be liable to be prosecuted in a court for the alleged contravention; and (l) set out how the notice can be withdrawn; and (m) state that if the notice is withdrawn: (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may be brought, and the person may be liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person may be liable to be prosecuted in a court for the alleged contravention; and (n) state that the person may make written representations to the relevant chief executive seeking the withdrawal of the notice; and (o) include any other information prescribed by the regulations. (2) For the purposes of paragraph (1)(f), the amount to be stated in the notice for the alleged contravention of the provision must be equal to: (a) if the provision is an offence provision—one ‑ fifth of the maximum penalty that a court could impose on the person for that contravention; and (b) if the provision is a civil penalty provision—one ‑ fortieth of the maximum penalty that a court could impose on the person for that contravention.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s224A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 224B", "Provision_Key": "s224b", "Heading": "Extension of time to pay amount", "Text": "(1) A person to whom an infringement notice has been given may apply to the relevant chief executive for an extension of the period referred to in paragraph 224A(1)(h). (2) If the application is made before the end of that period, the relevant chief executive may, in writing, extend that period. The relevant chief executive may do so before or after the end of that period. (3) If the relevant chief executive extends that period, a reference in this Part, or in a notice or other instrument under this Part, to the period referred to in paragraph 224A(1)(h) is taken to be a reference to that period so extended. (4) If the relevant chief executive does not extend that period, a reference in this Part, or in a notice or other instrument under this Part, to the period referred to in paragraph 224A(1)(h) is taken to be a reference to the period that ends on the later of the following days: (a) the day that is the last day of the period referred to in paragraph 224A(1)(h); (b) the day that is 7 days after the day the person was given notice of the relevant chief executive’s decision not to extend. (5) The relevant chief executive may extend the period more than once under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s224B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 224C", "Provision_Key": "s224c", "Heading": "Withdrawal of an infringement notice", "Text": "Representations seeking withdrawal of notice (1) A person to whom an infringement notice has been given may make written representations to the relevant chief executive seeking the withdrawal of the notice. Withdrawal of notice (2) The relevant chief executive may withdraw an infringement notice given to a person (whether or not the person has made written representations seeking the withdrawal). (3) When deciding whether or not to withdraw an infringement notice (the relevant infringement notice ), the relevant chief executive: (a) must take into account any written representations seeking the withdrawal that were given by the person to the relevant chief executive; and (b) may take into account the following: (i) whether a court has previously imposed a penalty on the person for a contravention of a provision subject to an infringement notice under this Part; (ii) the circumstances of the alleged contravention; (iii) whether the person has paid an amount, stated in an earlier infringement notice, for a contravention of a provision subject to an infringement notice under this Part if the contravention is constituted by conduct that is the same, or substantially the same, as the conduct alleged to constitute the contravention in the relevant infringement notice; (iv) any other matter the relevant chief executive considers relevant. Notice of withdrawal (4) Notice of the withdrawal of the infringement notice must be given to the person. The withdrawal notice must state: (a) the person’s name and address; and (b) the day the infringement notice was given; and (c) the identifying number of the infringement notice; and (d) that the infringement notice is withdrawn; and (e) that: (i) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may be brought in relation to the alleged contravention; or (ii) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may be brought, and the person may be liable to be prosecuted in a court, in relation to the alleged contravention; or (iii) if the provision is an offence provision—the person may be liable to be prosecuted in a court for the alleged contravention. Refund of amount if infringement notice withdrawn (5) If: (a) the relevant chief executive withdraws the infringement notice; and (b) the person has already paid the amount stated in the notice; the Commonwealth must refund to the person an amount equal to the amount paid.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s224C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 224D", "Provision_Key": "s224d", "Heading": "Effect of payment of amount", "Text": "(1) If the person to whom an infringement notice for an alleged contravention of a provision is given pays the amount stated in the notice before the end of the period referred to in paragraph 224A(1)(h): (a) any liability of the person for the alleged contravention is discharged; and (b) if the provision is a civil penalty provision and does not also constitute an offence provision—proceedings seeking a civil penalty order may not be brought in relation to the alleged contravention; and (c) if the provision is a civil penalty provision that can also constitute an offence provision—proceedings seeking a civil penalty order may not be brought, and the person may not be prosecuted in a court, in relation to the alleged contravention; and (d) if the provision is an offence provision—the person may not be prosecuted in a court for the alleged contravention; and (e) the person is not regarded as having admitted guilt or liability for the alleged contravention; and (f) if the provision is an offence provision—the person is not regarded as having been convicted of the alleged offence. (2) Subsection (1) does not apply if the notice has been withdrawn.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s224D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 224E", "Provision_Key": "s224e", "Heading": "Effect of this Part", "Text": "This Part does not: (a) require an infringement notice to be given to a person for an alleged contravention of a provision subject to an infringement notice under this Part; or (b) affect the liability of a person for an alleged contravention of a provision subject to an infringement notice under this Part if: (i) the person does not comply with an infringement notice given to the person for the contravention; or (ii) an infringement notice is not given to the person for the contravention; or (iii) an infringement notice is given to the person for the contravention and is subsequently withdrawn; or (c) prevent the giving of 2 or more infringement notices to a person for an alleged contravention of a provision subject to an infringement notice under this Part; or (d) limit a court’s discretion to determine the amount of a penalty to be imposed on a person who is found to have contravened a provision subject to an infringement notice under this Part.", "Amendment_Count": 1, "First_Amended": "No 61 of 2013", "Last_Amended": "No 61 of 2013", "Amending_Acts": "No 61 of 2013", "History_Notes": "Inserted by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s224E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 227", "Provision_Key": "s227", "Heading": "Object of Part", "Text": "The object of this Part is to make provision for the grant of financial assistance for certain superannuation entities that have suffered loss as a result of fraudulent conduct or theft.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s227"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 228", "Provision_Key": "s228", "Heading": "Interpretation", "Text": "In this Part: eligible loss means a loss suffered by a fund as a result of fraudulent conduct, or theft, but does not include an amount that the fund did not receive because of the failure of a person to pay contributions to the fund. levy means the levy imposed by the Superannuation (Financial Assistance Funding) Levy Act 1993 .", "Amendment_Count": 4, "First_Amended": "No 121 of 1999", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 121 of 1999 | No 24 of 2000 | No 53 of 2004 | No 154 of 2007", "History_Notes": "Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s228"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 229", "Provision_Key": "s229", "Heading": "Application for assistance", "Text": "(1) If: (a) a fund suffers an eligible loss after the commencement of this Part; and (aa) at the time it suffers the loss, the fund is: (i) a regulated superannuation fund (other than a self managed superannuation fund); or (ii) an approved deposit fund; and (b) the loss has caused substantial diminution of the fund leading to difficulties in the payment of benefits; a trustee of the fund may apply to the Minister for a grant of financial assistance for the fund. (2) The application must be in writing and be accompanied by such information as the Minister determines. (3) To avoid doubt, an application may be made under this section by a trustee of a self managed superannuation fund as long as the fund met the requirements in subsection (1) at the time the fund suffered the loss to which the application relates.", "Amendment_Count": 4, "First_Amended": "No 24 of 2000", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 24 of 2000 | No 53 of 2004 | No 154 of 2007 | No 12 of 2012", "History_Notes": "Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s229"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 230", "Provision_Key": "s230", "Heading": "Minister may request additional information", "Text": "(1) The Minister may request a trustee of the fund to give such additional information as the Minister considers necessary to enable the application to be determined. (2) The Minister may, by signed instrument, delegate the Minister’s power under subsection (1) to an SES employee, or acting SES employee, in the Department. (3) In exercising a power delegated under subsection (2), a delegate must comply with any directions of the Minister.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s230"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 230A", "Provision_Key": "s230a", "Heading": "APRA to advise Minister in relation to application for assistance", "Text": "(1) The Minister must make a written request to APRA for advice in relation to the application. The request may specify: (a) particular matters that APRA is to provide advice about; and (b) a time by which the advice must be provided. (2) APRA must comply with the request and may, in its advice, also address any other issues that APRA considers relevant to the determination of the application. (3) The Minister’s written request to APRA made under subsection (1) for advice in relation to the application for assistance must be laid before each House of the Parliament as soon as practicable after the Minister has made a written determination under subsection 231(1). (4) The Minister may, by signed instrument, delegate the Minister’s function under subsection (1) to an SES employee, or acting SES employee, in the Department. (5) In exercising a function delegated under subsection (4), a delegate must comply with any directions of the Minister.", "Amendment_Count": 2, "First_Amended": "No 24 of 2000", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 24 of 2000 | No 154 of 2007", "History_Notes": "Inserted by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s230A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 231", "Provision_Key": "s231", "Heading": "Minister may grant financial assistance", "Text": "(1) If, after considering the application, any additional information given by a trustee of the fund, and APRA’s advice under section 230A, the Minister is satisfied that the fund has suffered an eligible loss as mentioned in subsection 229(1), the Minister is to determine in writing: (a) whether the public interest requires that a grant of financial assistance should be made to a trustee of the fund for the purposes of restoring the loss; and (b) if so, the amount of the assistance. (2) Financial assistance payable to a trustee of a fund is to be paid in such amounts, at such times, and in such manner, as the Minister determines. (3) To avoid doubt, the Minister may grant financial assistance to a self managed superannuation fund under this section as long as the fund met the requirements in subsection 229(1) at the time the fund suffered the loss to which the assistance relates. (4) The Consolidated Revenue Fund is appropriated for the purposes of making payments of financial assistance granted under this section. (5) Amounts appropriated under this section are not to be credited to the Australian Prudential Regulation Authority Special Account.", "Amendment_Count": 4, "First_Amended": "No 24 of 2000", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 24 of 2000 | No 53 of 2004 | No 154 of 2007 | No 12 of 2012", "History_Notes": "Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s231"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 232", "Provision_Key": "s232", "Heading": "Maximum amount of financial assistance", "Text": "The amount of financial assistance to be granted to a trustee of a fund in respect of the fund must not be greater than the amount that the Minister determines to be the eligible loss suffered by the fund.", "Amendment_Count": 2, "First_Amended": "No 24 of 2000", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 24 of 2000 | No 53 of 2004", "History_Notes": "Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s232"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 233", "Provision_Key": "s233", "Heading": "Financial assistance to be subject to conditions", "Text": "(1) The payment to a trustee of a fund of a grant of financial assistance is subject to the following conditions: (a) a condition that the amount of financial assistance granted will be deposited in the corpus of the fund; (b) a condition that the amount will be applied, within a period determined by the Minister: (i) in making payments to persons who were beneficiaries in the fund at the time the fund suffered the eligible loss; or (ii) for the benefit of those persons in such other manner as the Minister approves in writing; (c) a condition that a trustee of the fund will prepare and give to the Minister such reports on the application of the amount as are required by the Minister; (d) such other conditions (if any) as the Minister determines and notifies in writing to a trustee of the fund. (2) Despite any law of the Commonwealth, a State or a Territory, whether written or unwritten, or any provision of a trust deed or other rules according to which a fund is administered: (a) a trustee of a fund must comply with a condition mentioned in paragraph (1)(b); and (b) the trustee does not contravene the law, trust deed or rules by complying with such a condition.", "Amendment_Count": 2, "First_Amended": "No 53 of 2004", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 53 of 2004 | No 154 of 2007", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s233"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 238", "Provision_Key": "s238", "Heading": "Financial assistance to be repaid in certain circumstances", "Text": "(1) The trustee, or the trustees, of a fund for which a grant of financial assistance has been made are liable to repay to the Commonwealth the amount of the financial assistance or such part of that amount as the Minister determines if: (a) a condition to which the grant of the financial assistance was subject has been contravened; or (b) the grant of the financial assistance is subject to a condition that a particular event does not occur and that event has occurred. (2) The Minister is to determine the manner in which repayments of financial assistance are to be made. (3) If the trustee, or the trustees, of a fund are liable to pay an amount to the Commonwealth under subsection (1), the Commonwealth may recover the amount as a debt.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s238"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 239", "Provision_Key": "s239", "Heading": "Minister may remit liability", "Text": "The Minister may remit the whole or a part of the liability of a trustee of a fund under section 238.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s239"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 240", "Provision_Key": "s240", "Heading": "Repayable grant to have priority over other debts", "Text": "Despite any other law of the Commonwealth or any law of a State or Territory, an amount payable to the Commonwealth by a trustee of a fund under section 238 has priority over all other debts (whether preferential, secured or unsecured).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s240"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 241", "Provision_Key": "s241", "Heading": "Object of this Part", "Text": "The object of this Part is: (a) to provide for the authorisation of RSE licensees to operate eligible rollover funds; and (b) to impose additional obligations on trustees, and directors of corporate trustees, in relation to eligible rollover funds; and (c) to provide a facility for the payment of benefits to eligible rollover funds.", "Amendment_Count": 2, "First_Amended": "No 53 of 1995", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 53 of 1995 | No 171 of 2012", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Repealed and substituted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s241"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242", "Provision_Key": "s242", "Heading": "Interpretation", "Text": "In this Part: fund means a regulated superannuation fund.", "Amendment_Count": 2, "First_Amended": "No 53 of 1995", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 53 of 1995 | No 171 of 2012", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242A", "Provision_Key": "s242a", "Heading": "Application for authority to operate an eligible rollover fund", "Text": "Who may apply? (1) An RSE licensee of a prescribed class may apply to APRA for authority to operate a regulated superannuation fund as an eligible rollover fund. Requirements for applications (2) An application for authority to operate a regulated superannuation fund as an eligible rollover fund must: (a) be in the approved form; and (b) contain the information required by the approved form; and (c) state the RSE licensee’s and the fund’s ABNs; and (d) be accompanied by an election made in accordance with each of the following sections: (i) section 242B; (ii) section 242C. (3) If: (a) an RSE licensee applies for authority to operate a regulated superannuation fund as an eligible rollover fund; and (b) after the application is made, but before APRA decides the application, information contained in the application ceases to be correct; the RSE licensee must give APRA the correct information, in writing, as soon as practicable after the information in the application ceases to be correct. (4) An application is taken not to comply with this section if subsection (3) is contravened. Note: APRA cannot give authority to operate a regulated superannuation fund as an eligible rollover fund while the application does not comply with this section: see paragraph 242F(1)(a). (4A) An application for authority to operate a regulated superannuation fund as an eligible rollover fund must not be made on or after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences. Lapsed applications (5) An application for authority lapses if: (a) it was made by an RSE licensee; and (b) the RSE licensee ceases to be an RSE licensee, or an RSE licensee of a class prescribed for the purposes of subsection (1), before: (i) APRA makes a decision on the application for authority; or (ii) if APRA’s decision with respect to the application is subject to review under this Act—the review is finally determined or otherwise disposed of.", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 171 of 2012 | No 24 of 2021", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 24 of 2021, effective Sch 1 (items 16, 17): 23 Mar 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242B", "Provision_Key": "s242b", "Heading": "Election to transfer amounts held in eligible rollover fund if authorisation cancelled", "Text": "An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if: (a) the RSE licensee elects: (i) to take the action required under the prudential standards in relation to amounts held in the eligible rollover fund, if the authority to operate the fund as an eligible rollover fund is cancelled under subsection 242J(1); and (ii) to do so before the end of a period of 90 days beginning on the day on which notice of the cancellation is given to the RSE licensee under subsection 242J(3); and (b) the election is in writing; and (c) the election is in the approved form.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242C", "Provision_Key": "s242c", "Heading": "Election not to charge members of eligible rollover fund for payment of conflicted remuneration", "Text": "(1) An RSE licensee that applies for authority to operate a regulated superannuation fund as an eligible rollover fund makes an election in accordance with this section if: (a) the RSE licensee elects that, if the authority is given, the RSE licensee will not charge any member of the fund a fee all or part of which relates directly or indirectly to costs incurred by a trustee or the trustees of the fund: (i) in paying conflicted remuneration to a financial services licensee, or a representative of a financial services licensee; or (ii) in paying an amount to another person that a trustee of the fund knows, or reasonably ought to know, relates to conflicted remuneration paid by that other person to a financial services licensee, or a representative of a financial services licensee; and (b) the election is in writing; and (c) the election is in the approved form. (2) In this section: conflicted remuneration has the same meaning as in the Corporations Act 2001 , subject to the extension of that meaning in subsection (3). representative , of a financial services licensee, has the same meaning as in the Corporations Act 2001 . (3) In this section, conflicted remuneration also has the meaning it would have if: (a) financial product advice provided to the RSE licensee mentioned in subsection (1) by a financial services licensee, or a representative of a financial services licensee, mentioned in subparagraph (1)(a)(i) or (ii) were provided to the RSE licensee as a retail client; and (b) financial product advice provided to the other person mentioned in subparagraph (1)(a)(ii) by a financial services licensee, or a representative of a financial services licensee, mentioned in that subparagraph were provided to the other person as a retail client.", "Amendment_Count": 2, "First_Amended": "No 171 of 2012", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 171 of 2012 | No 76 of 2023", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 76 of 2023, effective Sch 2 (items 708–722): 20 Oct 2023 (s 2(1) item 2) Sch 6 (items 1, 37, 38): 21 Sept 2023 (s 2(1) items 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242D", "Provision_Key": "s242d", "Heading": "APRA may request further information", "Text": "APRA may give an RSE licensee that has applied for authority to operate a regulated superannuation fund as an eligible rollover fund a notice requesting the RSE licensee to give APRA, in writing, specified information relating to the application. Note: A failure to give the requested information delays the time within which APRA must decide the application: see paragraph 242E(1)(b).", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242E", "Provision_Key": "s242e", "Heading": "Period for deciding applications for authority", "Text": "(1) APRA must decide an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund: (a) within 60 days after receiving the application; or (b) if the applicant was requested to provide information under section 242D—within 60 days after: (i) receiving from the RSE licensee all of the information the RSE licensee was requested to provide under that section; or (ii) all notices relating to that information being disposed of; unless APRA extends the period for deciding the application under subsection (2). (2) APRA may extend the period for deciding an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund by up to 60 days if APRA informs the RSE licensee of the extension: (a) in writing; and (b) within the period in which it would otherwise be required to decide the application under subsection (1). (3) If APRA extends the period for deciding an application for authority to operate a regulated superannuation fund as an eligible rollover fund, it must decide the application within the extended period. (4) If APRA has not decided an application for authority to operate a regulated superannuation fund as an eligible rollover fund by the end of the period by which it is required to decide the application, APRA is taken to have decided, at the end of the last day of that period, to refuse the application.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242F", "Provision_Key": "s242f", "Heading": "Authority to operate an eligible rollover fund", "Text": "(1) APRA must authorise an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund if, and only if: (a) the application for authority complies with section 242A; and (b) the applicant has provided to APRA all information that the applicant was requested, under section 242D, to provide, or the request has been disposed of; and (c) the fund is registered under Part 2B; and (d) the RSE licensee is of a class prescribed for the purposes of subsection 242A(1); and (e) APRA is satisfied that, under the governing rules of the fund: (i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and (ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; and (f) APRA is satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds; and (g) APRA is satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds; and (h) APRA is satisfied that the RSE licensee is likely to comply with the general fees rules; and (i) APRA is satisfied that the RSE licensee is not likely to contravene section 242P. (2) Otherwise APRA must refuse to give the authority.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242G", "Provision_Key": "s242g", "Heading": "Notice of authority", "Text": "If APRA authorises an RSE licensee to operate a regulated superannuation fund as an eligible rollover fund, APRA must notify the RSE licensee in writing of the authority.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242H", "Provision_Key": "s242h", "Heading": "APRA to give notice of refusal of authority", "Text": "If APRA refuses an application by an RSE licensee for authority to operate a regulated superannuation fund as an eligible rollover fund, APRA must take all reasonable steps to ensure that the RSE licensee is given a notice: (a) informing it of APRA’s refusal of the application; and (b) setting out the reasons for the refusal; as soon as practicable after refusing the application.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242J", "Provision_Key": "s242j", "Heading": "Cancelling authority to operate eligible rollover fund", "Text": "(1) APRA may, in writing, cancel an authority to operate a regulated superannuation fund as an eligible rollover fund. (2) Without limiting subsection (1), APRA may cancel an authority to operate a regulated superannuation fund as an eligible rollover fund if: (a) APRA is no longer satisfied that, under the governing rules of the fund: (i) the only purpose of the fund is to be a temporary repository for amounts transferred to the fund from other regulated superannuation funds in circumstances allowed by the RSE licensee law; and (ii) a single diversified investment strategy is to be adopted in relation to all assets of the fund; or (b) APRA is no longer satisfied that the RSE licensee is likely to comply with the enhanced trustee obligations for eligible rollover funds (whether because of a previous failure to do so, or for any other reason); or (c) APRA is no longer satisfied that the directors of the RSE licensee are likely to comply with the enhanced director obligations for eligible rollover funds (whether because of a previous failure to do so, or for any other reason); or (d) APRA is no longer satisfied that the RSE licensee is likely to comply with the general fees rules (whether because of a previous failure to do so, or for any other reason); or (e) APRA is no longer satisfied that the RSE licensee is not likely to contravene section 242P (whether because of a previous contravention of that section, or for any other reason); or (f) the fund ceases to be registered under Part 2B; or (g) the RSE licensee ceases to be of a class prescribed for the purposes of subsection 242A(1); or (h) APRA is satisfied that the RSE licensee has contravened a provision of the governing rules of the eligible rollover fund; or (i) APRA is satisfied that the RSE licensee has failed to give effect to an election made in accordance with section 242C (election not to pass costs of conflicted remuneration to members of eligible rollover fund). (3) If APRA cancels an authority to operate a regulated superannuation fund as an eligible rollover fund it must take all reasonable steps to ensure that the RSE licensee is given a notice informing the RSE licensee: (a) that APRA has cancelled the authority; and (b) of the reasons for the cancellation.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242K", "Provision_Key": "s242k", "Heading": "Additional obligations of a trustee in relation to an eligible rollover fund", "Text": "Each trustee of an eligible rollover fund must promote the financial interests of the beneficiaries of the fund, in particular returns to those beneficiaries (after the deduction of fees, costs and taxes).", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242K"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242L", "Provision_Key": "s242l", "Heading": "Additional obligations of a director of a corporate trustee in relation to an eligible rollover fund", "Text": "(1) Each director of a corporate trustee of an eligible rollover fund must exercise a reasonable degree of care and diligence for the purposes of ensuring that the corporate trustee carries out the obligations referred to in section 242K. (2) The reference in subsection (1) to a reasonable degree of care and diligence is a reference to the degree of care and diligence that a superannuation entity director would exercise in the corporate trustee’s circumstances.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242L"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242M", "Provision_Key": "s242m", "Heading": "Contravention of section 242K or 242L", "Text": "(1) A person must not contravene section 242K or 242L. (2) Subsection (1) is a civil penalty provision as defined by section 193, and Part 21 therefore provides for civil and criminal consequences of contravening, or of being involved in a contravention of, that subsection. (3) A contravention of subsection (1) does not result in the invalidity of a transaction.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242M"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242N", "Provision_Key": "s242n", "Heading": "Governing rules void to the extent that they are inconsistent with obligations under section 242K or 242L", "Text": "A provision of the governing rules of an eligible rollover fund is void to the extent that it is inconsistent with: (a) the obligations that apply to a trustee of the fund under section 242K; or (b) the obligations that apply to the directors of a corporate trustee of the fund under section 242L.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242N"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242P", "Provision_Key": "s242p", "Heading": "Operating a fund as an eligible rollover fund when not authorised to do so", "Text": "(1) A person commits an offence if: (a) the person makes a representation; and (b) the representation is that a regulated superannuation fund is an eligible rollover fund; and (c) the RSE licensee for the fund does not have authority to operate the fund as an eligible rollover fund. Penalty: 60 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility and Part IA of the Crimes Act 1914 contains provisions dealing with penalties. (2) Subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242P"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242Q", "Provision_Key": "s242q", "Heading": "Prudential standards dealing with amounts held in eligible rollover funds", "Text": "A prudential standard determined under section 34C may include provisions: (a) requiring an RSE licensee whose authority to operate a regulated superannuation fund as an eligible rollover fund is cancelled under subsection 242J(1) to transfer any amounts held in the eligible rollover fund to a regulated superannuation fund that: (i) is an eligible rollover fund; or (ii) offers a MySuper product; and (b) setting out the requirements that must be met in relation to the transfer of such amounts; and (c) dealing with other matters relating to such amounts.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242Q"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 242R", "Provision_Key": "s242r", "Heading": "No liability for giving effect to a section 242B election", "Text": "A trustee of a regulated superannuation fund is not subject to any liability to a member of the fund for an action taken to give effect to an election made in accordance with section 242B.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s242R"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 243", "Provision_Key": "s243", "Heading": "Payment of benefits to eligible rollover fund", "Text": "When section applies (1) This section applies at a particular time if: (a) a person (the first person ) is a beneficiary of a fund (the transferor fund ); and (b) the time is after the date specified in the regulations; and (c) the conditions specified in the regulations are satisfied. Application to eligible rollover fund (2) A trustee of the transferor fund may apply to a trustee of an eligible rollover fund, on behalf of the first person, for the issue to the first person of a superannuation interest in the eligible rollover fund. (2A) The application must not be made on or after the later of: (a) 1 May 2021; and (b) the seventh day after the day Schedule 1 to the Treasury Laws Amendment (Reuniting More Superannuation) Act 2021 commences. Consideration for issue (3) The application is to be made on the basis that: (a) the consideration for the issue is to be paid, on behalf of the first person, by a trustee of the transferor fund; and (b) the amount of the consideration is equal to the amount ascertained in accordance with the regulations; and (c) a trustee of the transferor fund is not entitled to recover the consideration from the first person (except as a result of the operation of subsection (5)). Authorisation by beneficiary (4) The first person is taken to have authorised: (a) the trustee of the transferor fund who made the application to make the application; and (b) the trustee of the transferor fund who paid the consideration to pay the consideration. This rule has effect despite any direction to the contrary by the first person. Beneficiary ceases to have rights against transferor fund etc. (5) If the superannuation interest is issued in accordance with the application: (a) the first person ceases to have rights against the transferor fund; and (b) if: (i) immediately before the interest was issued in accordance with the application, another person (the second person ) had a contingent right against the transferor fund to a death or disability benefit; and (ii) the contingent right was derived from the first person’s capacity as a beneficiary of the transferor fund; the second person ceases to have the contingent right against the transferor fund. To avoid doubt, a reference in paragraph (a) to a right against the transferor fund includes a reference to a contingent right to a death or disability benefit. Governing rules overridden (6) This section has effect despite anything in the governing rules of the transferor fund.", "Amendment_Count": 3, "First_Amended": "No 53 of 1995", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 53 of 1995 | No 53 of 2004 | No 24 of 2021", "History_Notes": "Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 24 of 2021, effective Sch 1 (items 16, 17): 23 Mar 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s243"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 244", "Provision_Key": "s244", "Heading": "Operating standards for transferor funds—information and records", "Text": "When section applies (1) This section applies if an application is made under section 243 by a trustee of a fund (the transferor fund ) to a trustee of an eligible rollover fund, on behalf of a person, for the issue to the person of a superannuation interest in the eligible rollover fund. Operating standards (2) Without limiting, by implication, the generality of the standards that may be prescribed under section 31 or 32, those standards may include standards relating to the following matters: (a) requiring a trustee of the transferor fund to give to a trustee of the eligible rollover fund such information about the person as is specified in the standards; (b) requiring each trustee of the transferor fund to ensure that a record of the application is kept and retained.", "Amendment_Count": 2, "First_Amended": "No 53 of 1995", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 1995 | No 53 of 2004", "History_Notes": "Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s244"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 248", "Provision_Key": "s248", "Heading": "Claims for benefits", "Text": "(1) This section applies to a benefit held by an eligible rollover fund, where the superannuation interest to which the benefit relates was issued pursuant to an application under section 243 of this Act or section 89 of the Retirement Savings Accounts Act 1997 . (2) A person who considers that he or she is entitled to the benefit may apply in the approved form to a trustee of the fund for payment of the benefit. Note: The approved form of application may require the person to set out his or her tax file number. See subsection 299U(6).", "Amendment_Count": 5, "First_Amended": "No 140 of 1994", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 140 of 1994 | No 53 of 1995 | No 76 of 1996 | No 62 of 1997 | No 53 of 2004", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s248"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 249", "Provision_Key": "s249", "Heading": "Object of Part", "Text": "The object of this Part is to provide for certain transitional measures relating to pre ‑ 1 July 1995 automatic rollovers of benefits between funds.", "Amendment_Count": 1, "First_Amended": "No 53 of 1995", "Last_Amended": "No 53 of 1995", "Amending_Acts": "No 53 of 1995", "History_Notes": "Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s249"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 250", "Provision_Key": "s250", "Heading": "Definitions", "Text": "In this Part: eligible transitional fund means a fund that was, at any time before 1 July 1995, an eligible rollover fund within the meaning of old Part 24. fund means a regulated superannuation fund or an approved deposit fund. old Part 24 means Part 24 as in force at any time before 1 July 1995.", "Amendment_Count": 1, "First_Amended": "No 53 of 1995", "Last_Amended": "No 53 of 1995", "Amending_Acts": "No 53 of 1995", "History_Notes": "Repealed and substituted by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s250"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 251", "Provision_Key": "s251", "Heading": "Rights of beneficiary to rolled ‑ over benefits", "Text": "(1) If a fund has paid in accordance with old Part 24 to an eligible transitional fund an amount equal to the benefits of a beneficiary in the first ‑ mentioned fund: (a) the beneficiary ceases to have any rights against the first ‑ mentioned fund in respect of those benefits; but (b) has the corresponding rights against the eligible transitional fund in respect of those benefits. (2) For the purposes of this section, a mere contingent right to a death or disability benefit is taken not to be a right in respect of the first ‑ mentioned benefits. (3) Subsection (2) is enacted for the avoidance of doubt.", "Amendment_Count": 2, "First_Amended": "No 140 of 1994", "Last_Amended": "No 53 of 1995", "Amending_Acts": "No 140 of 1994 | No 53 of 1995", "History_Notes": "Amended by No 140 of 1994, effective s 3–11, 14–16, 21–25, 32–35, 40, 41 and 44–48: 28 Nov 1994 (s 2(1)) s 12, 13, 28–31 and 36–39: 1 Dec 1993 (s 2(2)) s 17–20, 26, 27, 42 and 43: 26 Dec 1994 (s 2(3)) | Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s251"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252", "Provision_Key": "s252", "Heading": "Claims to rolled ‑ over benefits", "Text": "A person who considers that, as a result of paragraph 251(1)(b), he or she is entitled to benefits held by an eligible transitional fund may apply in the approved form to a trustee of that fund for payment of the benefits. Note: The approved form of application may require the person to set out his or her tax file number. See subsection 299U(7).", "Amendment_Count": 4, "First_Amended": "No 53 of 1995", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 53 of 1995 | No 76 of 1996 | No 53 of 2004 | No 12 of 2012", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252A", "Provision_Key": "s252a", "Heading": "APRA or Commissioner of Taxation may request certain information", "Text": "Notice may be given (1) APRA or the Commissioner of Taxation may give a written notice under this section to a trustee of a regulated superannuation fund if APRA or the Commissioner of Taxation, as the case requires, considers that the fund has no more than 6 members. Information that may be requested (2) The notice may require each trustee of the fund, within a specified period (which must not be shorter than 21 days), to ensure that APRA or the Commissioner of Taxation is informed: (a) whether or not the fund was a self managed superannuation fund as at the date (the response date ) on which APRA or the Commissioner of Taxation was so informed; or (b) if the fund was not a self managed superannuation fund as at the response date—whether the trustee, or the trustees, of the fund consider that the fund is likely to become a self managed superannuation fund within the period specified in the notice; and (c) if the fund was a self managed superannuation fund as at the response date—whether the trustee, or the trustees, of the fund consider that the fund is likely to cease to be a self managed superannuation fund within the period specified in the notice. Offence (3) A person who contravenes subsection (2) commits an offence punishable on conviction by a fine not exceeding 50 penalty units. Strict liability (4) An offence under subsection (3) is an offence of strict liability.", "Amendment_Count": 4, "First_Amended": "No 121 of 1999", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 121 of 1999 | No 53 of 2004 | No 4 of 2016 | No 47 of 2021", "History_Notes": "Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 47 of 2021, effective Sch 1 (items 1, 2, 10–34): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252D", "Provision_Key": "s252d", "Heading": "Definition", "Text": "In this Division: commencement day means the day on which section 1 of the Superannuation Legislation Amendment Act (No. 3) 1999 commenced.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252E", "Provision_Key": "s252e", "Heading": "Instruments made or issued by APRA or by the Commissioner of Taxation", "Text": "Instruments made by APRA (1) An instrument that: (a) relates to a superannuation fund; and (b) was in force immediately before a particular time (the switching time ); and (c) was made or issued (whether before, on or after the commencement day) by APRA under a provision of this Act that: (i) immediately before the switching time, was administered by APRA in relation to the fund; and (ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been made or issued by the Commissioner of Taxation. Instruments made by Commissioner of Taxation (2) An instrument that: (a) relates to a superannuation fund; and (b) was in force immediately before a particular time (the switching time ); and (c) was made or issued by the Commissioner of Taxation under a provision of this Act that: (i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and (ii) as at the switching time, is administered by APRA in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been made or issued by APRA. Instruments for a limited period (3) If an instrument referred to in this section was, when made, to have effect only for a limited period, it has effect only for so much of the period as has not already expired before the switching time. Instruments not in operation (4) A reference in this item to an instrument in force includes a reference to an instrument that has been made but is not yet in operation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252F", "Provision_Key": "s252f", "Heading": "Obligations owed by or to APRA or the Commissioner of Taxation", "Text": "(1) Subject to section 252G, an obligation that: (a) relates to a superannuation fund; and (b) was owed by APRA, or to APRA, immediately before a particular time (the switching time ); and (c) was owed (whether before, on or after the commencement day) under a provision of this Act that: (i) immediately before the switching time, was administered by APRA in relation to the fund; and (ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, the Commissioner of Taxation. Rights and powers of APRA (2) Subject to section 252G, a right or power that: (a) relates to a superannuation fund; and (b) was possessed by, or conferred on, APRA immediately before a particular time (the switching time ); and (c) was possessed or conferred (whether before, on or after the commencement day) under a provision of this Act that: (i) immediately before the switching time, was administered by APRA in relation to the fund; and (ii) as at the switching time, is administered by the Commissioner of Taxation in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, the Commissioner of Taxation. Obligations owed by, or to, the Commissioner of Taxation (3) An obligation that: (a) relates to a superannuation fund; and (b) was owed by the Commissioner of Taxation, or to the Commissioner of Taxation, immediately before a particular time (the switching time ); and (c) was owed under a provision of this Act that: (i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and (ii) as at the switching time, is administered by APRA in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been owed by, or to, APRA. Rights and powers of the Commissioner of Taxation (4) A right or power that: (a) relates to a superannuation fund; and (b) was possessed by, or conferred on, the Commissioner of Taxation immediately before a particular time (the switching time ); and (c) was possessed or conferred under a provision of this Act that: (i) immediately before the switching time, was administered by the Commissioner of Taxation in relation to the fund; and (ii) as at the switching time, is administered by APRA in relation to the fund; has effect, at and after the switching time (subject to any later application of this section), as if it had been possessed by, or conferred on, APRA.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252G", "Provision_Key": "s252g", "Heading": "Outstanding annual returns and amounts", "Text": "Outstanding annual returns etc.—self managed funds (1) If: (a) a superannuation fund was a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, a trustee of the fund was under an obligation to ensure that APRA is given an annual return in respect of a previous year of income, or any other report or information under this Act or the Financial Sector (Collection of Data) Act 2001 ; each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to the Commissioner of Taxation. The annual return, report or information is to be given in the approved form. Note: This provision only affects annual returns outstanding from years before the designated year of income. A trustee will still be required to submit a return under section 36A for the designated year of income (and also under the Financial Sector (Collection of Data) Act 2001 if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return. Outstanding annual returns etc.—other funds (2) If: (a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, a trustee of the fund was under an obligation to ensure that the Commissioner of Taxation is given an annual return in respect of a previous year of income, or any other report or information under this Act; each trustee of the fund is taken (subject to any later application of this section) to be under an obligation, beginning immediately after that time, to ensure that the annual return, report or information is given to APRA. The annual return, report or information is to be given in the approved form. Note: This provision only affects annual returns outstanding from years before the designated year of income. A trustee will still be required to submit a return under the Financial Sector (Collection of Data) Act 2001 for the designated year of income (and also under section 36A if the fund changed status during the designated year of income). Levy will be payable on lodgment of any such return. Outstanding levy—self managed funds (3) If: (a) a superannuation fund was a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to APRA on behalf of the Commonwealth under a prescribed Act in respect of a previous year of income; then: (c) the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after the that time, to the Commissioner of Taxation on behalf of the Commonwealth; and (d) the Commissioner of Taxation has the same power to waive or remit the amount as APRA would have had if this subsection had not been enacted. Outstanding levy—other funds (4) If: (a) a superannuation fund was a fund other than a self managed superannuation fund at either of the following times: (i) the end of the last day of a designated year of income; or (ii) if the fund ceased to exist during a designated year of income—the time at which the fund ceased to exist; and (b) at that time, an amount was payable by the trustee, or the trustees, of the superannuation fund to the Commissioner of Taxation under a prescribed Act in respect of a previous year of income; then: (c) the amount is taken (subject to any later application of this section) to be payable by the trustee, or the trustees, of the superannuation fund, immediately after that time, to APRA on behalf of the Commonwealth; and (d) APRA has the same power to waive or remit the amount as the Commissioner of Taxation would have had if this subsection had not been enacted. Regulations (5) The regulations may prescribe exceptions to the rules set out in subsections (1) to (4), including, but not limited to the following: (a) prescribing that, in specified circumstances, a trustee of a superannuation fund is taken to be under an obligation to give a return, report or information to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA; (b) prescribing that, in specified circumstances, an amount is taken to be payable by a trustee of a superannuation fund to APRA rather than to the Commissioner of Taxation, or to the Commissioner of Taxation rather than to APRA. Definitions (6) In this section: amount means an amount of levy or an amount of late payment penalty. designated year of income means the 1999 ‑ 2000 year of income or a later year of income. prescribed Act means the following: (a) the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 ; (b) the Financial Institutions Supervisory Levies Collection Act 1998 ; (c) any other Act prescribed by the regulations for the purposes of this paragraph.", "Amendment_Count": 3, "First_Amended": "No 121 of 1999", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 121 of 1999 | No 121 of 2001 | No 53 of 2004", "History_Notes": "Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 252H", "Provision_Key": "s252h", "Heading": "Regulations", "Text": "The regulations may deal with other transitional matters arising from the enactment of the Superannuation Legislation Amendment Act (No. 3) 1999.", "Amendment_Count": 1, "First_Amended": "No 121 of 1999", "Last_Amended": "No 121 of 1999", "Amending_Acts": "No 121 of 1999", "History_Notes": "Inserted by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s252H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 253", "Provision_Key": "s253", "Heading": "Objects of Part", "Text": "The objects of this Part are: (a) to ensure that the Regulator has sufficient power to monitor superannuation entities, approved SMSF auditors and audits of self managed superannuation funds (Division 2); and (aa) to ensure that the Regulator has sufficient power to monitor employers’ compliance with Part 3B (superannuation data and payment regulations and standards) (Division 2); and (b) to empower the Regulator to require the trustee, or the trustees, of a superannuation entity to appoint an individual, or a committee, to investigate the financial position of the entity (Division 3); and (c) to authorise the Regulator to conduct an investigation of the whole or a part of the affairs of a superannuation entity or approved SMSF auditor, or the conduct of an audit of a self managed superannuation fund, (Divisions 4, 5, 6, 7, 8 and 9); and (d) to authorise the Regulator to accept written undertakings and to apply to the Court for an order remedying breaches of such undertakings. Note 1: Sections 254, 254A and 264, and Division 3, apply only to monitoring or investigating superannuation entities. They do not apply to monitoring or investigating approved SMSF auditors or to the conduct of audits of self managed superannuation funds. Note 2: ASIC’s powers and duties as the Regulator under sections 255 and 256 apply only to monitoring superannuation entities: see subsection 5(4). They do not apply to monitoring approved SMSF auditors or to the conduct of audits of self managed superannuation funds. Note 3: The Commissioner of Taxation’s powers and duties as the Regulator under Divisions 4 to 8 (other than section 285) apply only to investigating superannuation entities: see subsection 5(5). However, this does not affect any powers and duties the Commissioner of Taxation has under this Part in relation to contributing employers: see subsection 5(6).", "Amendment_Count": 7, "First_Amended": "No 54 of 1998", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 54 of 1998 | No 160 of 2000 | No 53 of 2004 | No 158 of 2012 | No 21 of 2015 | No 135 of 2020 | No 67 of 2024", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 21 of 2015, effective Sch 7 (items 29–31): 20 Mar 2015 (s 2(1) item 15) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s253"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 253A", "Provision_Key": "s253a", "Heading": "Notices may be given to former relevant persons", "Text": "Any provision of this Part that empowers a notice to be given to a relevant person in relation to a fund, trust or approved SMSF auditor, or in relation to an audit of a self managed superannuation fund, also empowers such a notice to be given to a person who has at any time been a relevant person in relation to the fund, trust, auditor or audit.", "Amendment_Count": 2, "First_Amended": "No 38 of 1999", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 38 of 1999 | No 158 of 2012", "History_Notes": "Inserted by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s253A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 254", "Provision_Key": "s254", "Heading": "Information to be given on establishment of superannuation entity", "Text": "(1) After a superannuation entity is established, each trustee of the superannuation entity must ensure that the information (if any) mentioned in subsection (2A) is given to the person or body mentioned in subsection (2B) in accordance with subsection (2). Note: Section 166 imposes an administrative penalty for a contravention of subsection (1) of this section in relation to a self managed superannuation fund. (2) The information must be given: (a) in the approved form (if any); and (b) no later than: (i) the end of the period, starting immediately after the establishment of the superannuation entity, prescribed by the regulations for the purposes of this subparagraph; or (ii) if no period is prescribed—7 days after the establishment of the superannuation entity. (2A) The information that must be given is: (a) the information that the approved form (if any) requires to be included; or (b) if there is no approved form—the information prescribed by the regulations for the purposes of this paragraph in relation to the superannuation entity. Note: The information may include the tax file number of the entity. See subsections 299U(8) and (8A). (2B) The information must be given to: (a) the person or body prescribed by the regulations for the purposes of this paragraph in relation to the superannuation entity; or (b) if no person or body is prescribed in relation to the superannuation entity—the Commissioner of Taxation. Receipt (3) If a trustee of a superannuation entity gives information to a person or body under subsection (1), the person or body must give to the trustee a written statement that the information has been received. Offences (4) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 50 penalty units. (5) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 25 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 11, "First_Amended": "No 76 of 1996", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 76 of 1996 | No 54 of 1998 | No 121 of 1999 | No 24 of 2000 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016 | No 67 of 2024", "History_Notes": "Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s254"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 254A", "Provision_Key": "s254a", "Heading": "Information to be given to Regulator", "Text": "The Regulator or an authorised person may, by written notice given to a trustee of a superannuation entity, require each trustee of the entity to ensure that, within a specified period, the Regulator or an authorised person is given, in relation to a specified year of income of the entity: (a) such information; or (b) a report on such matters; as is set out in the notice. Note 1: The information may include the tax file number of the entity. See subsection 299U(9). Note 2: Failure to comply with the requirement is an offence. See section 285.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s254A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 255", "Provision_Key": "s255", "Heading": "Regulator may require production of books", "Text": "(1) For the purposes of this Act, the Regulator or an authorised person may, by written notice to: (a) a relevant person in relation to a superannuation entity or approved SMSF auditor; or (b) a relevant person in relation to an audit of a self managed superannuation fund; or (c) a contributing employer; require the relevant person, or the contributing employer, to produce to the Regulator or an authorised person, at such reasonable time and reasonable place as are specified in a notice, any books relating to the affairs of the entity, auditor or audit, or to the obligations of the contributing employer under Part 3B. (2) If any book produced to the Regulator or an authorised person under subsection (1) is not in writing in the English language, the Regulator or an authorised person may require the relevant person to produce to the Regulator or an authorised person a version of the book that is in writing in the English language. (3) The Regulator or an authorised person may inspect, take extracts from and make copies of any book, or of any version of any book, produced to the Regulator or an authorised person under this section. (4) The powers of the Regulator or an authorised person under this section may be exercised in relation to a superannuation entity or an approved SMSF auditor, or in relation to an audit of a self managed superannuation fund, even though an investigation is being conducted, under section 263, of: (a) the whole or a part of the affairs of the entity or auditor; or (b) the whole or a part of the conduct of the audit.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 54 of 1998 | No 38 of 1999 | No 158 of 2012", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s255"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 256", "Provision_Key": "s256", "Heading": "Access to premises", "Text": "(1) For the purposes of this Act, an authorised person may enter, at any reasonable time, any premises at which the person has reason to believe books are kept relating to: (a) the affairs of a superannuation entity or approved SMSF auditor; or (b) the conduct of an audit of a self managed superannuation fund; or (c) the obligations of a contributing employer under Part 3B. (1A) The authorised person may: (a) inspect any book found on the premises: (i) that relates to those affairs, the conduct of that audit or those obligations; or (ii) that the authorised person believes on reasonable grounds to relate to those affairs, the conduct of that audit or those obligations; and (b) make copies of, or take extracts from, any such book. (2) An authorised person may not, under subsection (1), enter premises unless the occupier of the premises has consented to the entry.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s256"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 256A", "Provision_Key": "s256a", "Heading": "Alternative constitutional basis", "Text": "Without limiting its effect apart from this section, this Part also has the effect it would have if each reference to a contributing employer were, by express provision, confined to a contributing employer that is a corporation to which paragraph 51(xx) of the Constitution applies.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s256A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 257", "Provision_Key": "s257", "Heading": "Investigation of financial position of superannuation entity", "Text": "(1) APRA may, by written notice given to a trustee of a superannuation entity, require the trustee, or the trustees, of the entity to appoint an individual, or a committee of individuals, to: (a) carry out an investigation of the whole or a specified part of the financial position of the entity as at a specified time or in relation to a specified period; and (b) make a report on that investigation. (2) Each trustee of the entity must ensure that a copy of the notice is given to the individual or to each member of the committee (whichever is relevant) within 3 days of the appointment of the individual or member.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 54 of 1998 | No 160 of 2000 | No 53 of 2004", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s257"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 258", "Provision_Key": "s258", "Heading": "Qualifications of investigator or investigators", "Text": "(1) If APRA’s notice requires the appointment of a single person, the notice may specify qualifications (whether academic, professional or by way of experience) that must be held by the person. (2) If APRA’s notice requires the appointment of a committee of persons, the notice may require that the committee consist of persons holding such respective qualifications (whether academic, professional or by way of experience) as are specified in the notice. (3) If APRA’s notice includes a requirement of a kind mentioned in subsection (1) or (2), the person or persons appointed must hold the qualifications required by the notice.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s258"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 259", "Provision_Key": "s259", "Heading": "APRA may veto appointment of investigator or investigators", "Text": "(1) Each trustee of the entity must ensure that, within 7 days after the date on which the notice was given, APRA is advised, in writing, of the name of the person or persons appointed. (2) If APRA notifies a trustee of the entity that the person is, or any or all of the persons are, not acceptable to APRA, the trustee, or trustees, of the entity must, within 7 days after the date on which the notice was given: (a) appoint a different individual or individuals; and (b) advise APRA, in writing, of the name of the individual or individuals so appointed. (3) APRA may, within 7 days after the advice was given under subsection (1) or (2), notify a trustee of the entity, in writing, that the person is, or that any or all of the persons are, not acceptable to APRA.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 54 of 1998 | No 53 of 2004", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s259"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 260", "Provision_Key": "s260", "Heading": "Deadline for receipt of report", "Text": "(1) APRA’s notice under section 257 must specify a date as the deadline for the receipt of the report. (2) A person appointed to investigate and make a report under subsection 257(1) (whether as an individual or as a member of a committee) commits an offence if the report is not given to APRA: (a) before the expiry of the deadline; or (b) within such further time as APRA, by written notice, allows. Penalty: 100 penalty units. (3) A person appointed to investigate and make a report under subsection 257(1) (whether as an individual or as a member of a committee) commits an offence if the report is not given to APRA: (a) before the expiry of the deadline; or (b) within such further time as APRA, by written notice, allows. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 160 of 2000 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s260"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 261", "Provision_Key": "s261", "Heading": "Contents of report etc.", "Text": "(1) APRA’s notice under section 257 may require the report to contain a statement of the person’s opinion or the committee’s opinion, as the case may be, about such matters as are specified in the notice. (2) Subject to subsection (3), if APRA’s notice under section 257 includes a requirement of a kind mentioned in subsection (1) of this section, the person’s report or the committee’s report must contain a statement of the person’s opinion or the committee’s opinion, as the case may be, about the matters specified in the notice. (3) If the members of a committee are divided: (a) if the division relates to the content of a statement of the committee’s opinion about a particular matter—the committee’s report must contain statements of the respective members’ opinions about that matter; or (b) in any other case—the committee’s report is to be divided accordingly. (4) The report must be signed by the person or persons appointed.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s261"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 262", "Provision_Key": "s262", "Heading": "Trustee must comply with requirements", "Text": "(1) A trustee commits an offence if the trustee contravenes a requirement imposed on the trustee by or under section 257, 258 or 259. Penalty: 100 penalty units. (2) A trustee commits an offence if the trustee contravenes a requirement imposed on the trustee by or under section 257, 258 or 259. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Repealed and substituted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s262"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 262A", "Provision_Key": "s262a", "Heading": "Acceptance and enforcement of undertakings", "Text": "(1) The Regulator may accept a written undertaking given by a person in connection with a matter in relation to which the Regulator has a function or power under this Act, the regulations or the prudential standards. (2) The person may withdraw or vary the undertaking at any time, but only with the Regulator’s consent. (3) If the Regulator considers that the person who gave the undertaking has breached any of its terms, the Regulator may apply to the Court for an order under subsection (4). (4) If the Court is satisfied that the person has breached a term of the undertaking, the Court may make all or any of the following orders: (a) an order directing the person to comply with that term of the undertaking; (b) an order directing the person to pay to the Commonwealth an amount up to the amount of any financial benefit that the person has obtained directly or indirectly and that is reasonably attributable to the breach; (c) any order that the Court considers appropriate directing the person to compensate any other person who has suffered loss or damage as a result of the breach; (d) any other order that the Court considers appropriate.", "Amendment_Count": 2, "First_Amended": "No 160 of 2000", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 160 of 2000 | No 117 of 2012", "History_Notes": "Inserted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s262A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 263", "Provision_Key": "s263", "Heading": "Investigations of superannuation entities, approved SMSF auditors and the conduct of certain audits", "Text": "(1) If it appears to the Regulator that: (a) a contravention of this Act, the regulations, the prudential standards or the Financial Sector (Collection of Data) Act 2001 may have occurred or be occurring in relation to a superannuation entity; or (b) the financial position of a superannuation entity may be unsatisfactory; or (d) the trustee, or the trustees, of a regulated superannuation fund or an approved deposit fund have refused or failed to give effect to a determination made under the AFCA scheme; the Regulator may, by written notice to a trustee of the entity, tell the trustee that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the entity. (1A) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred or be occurring in relation to an approved SMSF auditor, the Regulator may, by written notice to the auditor, tell the auditor that the Regulator proposes to conduct an investigation of the whole or a part of the affairs of the auditor. (1B) If it appears to the Regulator that a contravention of this Act or the regulations may have occurred or be occurring in relation to the conduct of an audit of a self managed superannuation fund, the Regulator may, by written notice to a person who conducted, or who is conducting, the audit, tell the person that the Regulator proposes to conduct an investigation of the whole or a part of the conduct of the audit. (2) The following provisions of this Division apply: (a) in relation to a superannuation entity if a notice is given under subsection (1) to a trustee of the entity; (b) in relation to an approved SMSF auditor if a notice is given under subsection (1A) to the auditor; (c) in relation to a person who conducted, or who is conducting, an audit of a self managed superannuation fund, if a notice is given under subsection (1B) to the person. (3) To avoid doubt, this section applies to a superannuation entity, in the same way as this section applies to any other superannuation entity, if either of the following apply: (a) the superannuation entity is wound up, dissolved or terminated; (b) the trustee of the superannuation entity is or becomes: (i) if the trustee is a body corporate—a Chapter 5 body corporate (within the meaning of the Corporations Act 2001 ); or (ii) if the trustee is an individual—insolvent under administration.", "Amendment_Count": 8, "First_Amended": "No 54 of 1998", "Last_Amended": "No 13 of 2018", "Amending_Acts": "No 54 of 1998 | No 121 of 2001 | No 53 of 2004 | No 82 of 2010 | No 117 of 2012 | No 158 of 2012 | No 11 of 2016 | No 13 of 2018", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 11 of 2016, effective Sch 2 (item 315): 1 Mar 2017 (s 2(1) item 7) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s263"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 264", "Provision_Key": "s264", "Heading": "Power of Regulator to obtain information or freeze assets", "Text": "Regulator may act to preserve values of interests (1) The Regulator may do any one or more of the things set out in subsections (2) to (4) if it appears to the Regulator that conduct that has been, is being, or is proposed to be, engaged in by a trustee or an investment manager of a superannuation entity is likely to: (a) if the Regulator intends to do a thing set out in subsection (2)—adversely affect the values of the interests of beneficiaries; or (b) otherwise—significantly adversely affect the values of the interests of the beneficiaries. (2) The Regulator may, by written notice given to a person who is a relevant person in relation to the entity, require the person, within a stated period, to give to the Regulator or to an authorised person such information, or a report on such matters, relating to the affairs of the entity as are set out in the notice. (3) The Regulator may, by written notice given to a trustee, direct the trustee, or the trustees, of the entity, subject to such conditions (if any) as are stated in the notice: (a) not to acquire assets on behalf of the entity; or (b) not to dispose of, or otherwise deal, or deal in a particular way, in: (i) any of the assets of the entity; or (ii) any of the assets of the entity included in a specified class of assets; or (iii) a specified asset or assets of the entity; until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice. Note: For example, the Regulator may direct a trustee not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account. (3A) The Regulator may, by written notice given to an investment manager of the entity, direct that person, subject to such conditions (if any) as are stated in the notice: (a) not to acquire assets on behalf of the entity; or (b) not to dispose of, or otherwise deal, or deal in a particular way, in: (i) any of the assets of the entity; or (ii) any of the assets of the entity included in a specified class of assets; or (iii) a specified asset or assets of the entity; until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice. Note: For example, the Regulator may direct an investment manager not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account. (4) The Regulator may, by written notice given to a person (other than a trustee or an investment manager) who has possession, custody or control of an asset or assets of the entity, direct the person, subject to such conditions (if any) as are stated in the notice, not to dispose of, or otherwise deal, or deal in a particular way, in: (a) if the person has possession, custody or control of a single asset—that asset; or (b) if the person has possession, custody or control of 2 or more assets: (i) any of those assets; or (ii) any of those assets that are included in a specified class of assets; or (iii) such of those assets as are identified in the notice; until the notice is revoked or for a period, or until the occurrence of an event, referred to in the notice. Note: For example, the Regulator may direct a person not to make any withdrawals from a bank account without prohibiting the making of deposits to the credit of the account. (4A) To avoid any doubt, the power of the Regulator under subsection (3), (3A) or (4) to direct a person not to deal in a particular way in assets of an entity includes power to direct a person not to remove from Australia assets of the entity that are in Australia. Effect of direction on validity of transactions (5) Subsection (3), (3A) or (4) does not affect the validity of a transaction entered into by a person in contravention of a notice given under that subsection.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 25 of 2008", "Amending_Acts": "No 54 of 1998 | No 38 of 1999 | No 53 of 2004 | No 25 of 2008", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s264"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 265", "Provision_Key": "s265", "Heading": "Inspectors", "Text": "(1) The Regulator may, in writing, appoint a member of staff of the Regulator, or a member of staff of another person or body referred to in the definition of Regulator in subsection 10(1), to be an inspector for the purposes of the conduct of investigations under this Division in relation to: (a) the affairs of superannuation entities and approved SMSF auditors; and (b) the conduct of audits of self managed superannuation funds. (2) The Regulator must cause to be issued to each person appointed under subsection (1) an identity card that sets out the name and appointment of the person and to which is attached a recent photograph of the person. (3) A person who was appointed under subsection (1) must not, upon ceasing to be an inspector, fail, without reasonable excuse, to return to the Regulator the identity card issued to him or her under this section. Penalty for a contravention of this subsection: One penalty unit. (4) Subsection (3) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 54 of 1998 | No 160 of 2000 | No 158 of 2012 | No 135 of 2020", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s265"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 266", "Provision_Key": "s266", "Heading": "Delegation by inspector", "Text": "(1) An inspector may, by signed writing, delegate to a member of the staff of the Regulator any of the inspector’s powers under this Part. (2) A delegate must, on the request of a person in relation to whom the delegated powers are exercisable or of a person affected by the exercise of those powers, produce the instrument of delegation, or a copy of the instrument, for inspection. (3) A reference in this Part to an inspector includes a reference to a delegate of an inspector.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s266"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 267", "Provision_Key": "s267", "Heading": "Regulator may exercise powers of inspector", "Text": "The Regulator may exercise any of the powers of an inspector under this Part and, if he or she does so, then, for the purposes of the exercise of those powers by the Regulator, a reference in this Part to an inspector is taken to be a reference to the Regulator.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s267"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 268", "Provision_Key": "s268", "Heading": "Inspector may enter premises for purposes of an investigation", "Text": "If an inspector believes on reasonable grounds that it is necessary to enter premises for the purposes of an investigation of the whole or a part of the affairs of a superannuation entity or approved SMSF auditor, or the conduct of an audit of a self managed superannuation fund, the inspector may, at any reasonable time, enter the premises and: (a) inspect any book found on the premises that relates to the affairs of the entity or auditor, or to the audit, or that he or she believes on reasonable grounds to relate to those affairs or that audit; and (b) make copies of, or take extracts from, any such book.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s268"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 269", "Provision_Key": "s269", "Heading": "Inspector may require production of books", "Text": "For the purposes of an investigation of the whole or a part of the affairs of a superannuation entity or approved SMSF auditor, or the conduct of an audit of a self managed superannuation fund, an inspector may, by written notice given to a person who: (a) is a relevant person in relation to the entity, auditor or audit; or (b) the inspector believes on reasonable grounds has the custody or control of any books relating to those affairs or that audit; require the person to produce all or any of those books to the inspector.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s269"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 270", "Provision_Key": "s270", "Heading": "Powers of inspector to require assistance from, and examine, current and former relevant persons and other persons", "Text": "An inspector may, by written notice given to a person: (a) who is, or has been, a relevant person in relation to: (i) a superannuation entity or approved SMSF auditor whose affairs or a part of whose affairs the Regulator is investigating; or (ii) an audit of a self managed superannuation fund the conduct of which, or a part of the conduct of which, the Regulator is investigating; or (b) who the inspector, on reasonable grounds, suspects or believes can give information relevant to the investigation of that entity, auditor or audit; require the person to do either or both of the following: (c) to give the inspector all reasonable assistance in connection with the investigation; (d) to appear before the inspector for examination concerning matters relevant to the investigation.", "Amendment_Count": 3, "First_Amended": "No 144 of 1995", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 158 of 2012", "History_Notes": "Repealed and substituted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s270"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 271", "Provision_Key": "s271", "Heading": "Application for warrant to seize books not produced", "Text": "(1) If an inspector has reasonable grounds to suspect that there are, or may be within the next 3 days, on particular premises, books: (a) whose production has been required under this Part; and (b) that have not been produced in compliance with that requirement; he or she may: (c) lay before a magistrate an information or complaint on oath setting out those grounds; and (d) apply for the issue of a warrant to search the premises for those books. (2) On an application under this section, the magistrate may require further information to be given, either orally or by affidavit, in connection with the application. (3) The reference in subsection (1) to an inspector does not include: (a) an inspector that is appointed by ASIC; or (b) ASIC, where ASIC is exercising the powers of an inspector under section 267.", "Amendment_Count": 1, "First_Amended": "No 3 of 2020", "Last_Amended": "No 3 of 2020", "Amending_Acts": "No 3 of 2020", "History_Notes": "Amended by No 3 of 2020, effective Sch 1 (items 24–27): 18 Feb 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s271"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 272", "Provision_Key": "s272", "Heading": "Grant of warrant", "Text": "Section applies if magistrate satisfied of certain things (1) This section applies if, on an application under section 271, the magistrate is satisfied that there are reasonable grounds to suspect that there are, or may be within the next 3 days, on particular premises, particular books: (a) whose production has been required under this Part; and (b) that have not been produced in compliance with that requirement. Issue of warrant (2) The magistrate may issue a warrant authorising: (a) a member of the Australian Federal Police named in the warrant; or (b) that member together with the inspector who applied for the issue of the warrant; with such assistance, and by such force, as is necessary and reasonable, to do the acts set out in subsection (3). Acts authorised by warrant (3) The acts are: (a) entering on or into the premises; and (b) searching the premises; and (c) breaking open and searching anything, whether a fixture or not, in or on the premises; and (d) taking possession of, or securing against interference, books that appear to be any or all of those books. Grounds for issuing warrant to be set out (4) If the magistrate issues such a warrant, he or she must set out on the information or complaint laid before him or her under subsection 271(1) for the purposes of the application: (a) which of the grounds set out in the information; and (b) particulars of any other grounds; he or she has relied on to justify the issue of the warrant. Contents of warrant (5) A warrant under this section must: (a) specify the premises and books referred to in subsection (1); and (b) state whether entry is authorised to be made at any time of the day or night or only during specified hours; and (c) state that the warrant ceases to have effect on a specified day that is not more than 7 days after the day of issue of the warrant.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s272"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 273", "Provision_Key": "s273", "Heading": "Powers if books produced or seized", "Text": "Section applies if books produced, seized etc. (1) This section applies if: (a) books are produced to a person under a requirement made under this Part; or (b) under a warrant issued under section 272, or Division 2 of Part IAA of the Crimes Act 1914 , as applied under section 39D of the Australian Securities and Investments Commission Act 2001 , a person: (i) takes possession of books; or (ii) secures books against interference; or (c) because of a previous application of subsection (8) of this section, books are delivered into a person’s possession. (1A) However, if paragraph (1)(b) applies because of the operation of section 39D of the Australian Securities and Investments Commission Act 2001 , subsections (4), (5), (6), (7) and (8) do not apply. Possession in (1)(a) case (2) If paragraph (1)(a) applies, the person may take possession of any of the books. Power to inspect etc. (3) The person may inspect, and may make copies of, or take extracts from, any of the books. Power to use for proceedings (4) The person may use, or permit the use of, any of the books for the purposes of a proceeding. Retaining possession (5) The person may retain possession of any of the books for so long as is necessary: (a) for the purposes of exercising a power conferred by this section (other than this subsection and subsection (7)); or (b) for the purposes of the investigation; or (c) for a decision to be made about whether or not a proceeding to which the books concerned would be relevant should be begun; or (d) for such a proceeding to be begun and carried on. Claims or liens (6) No ‑ one is entitled, as against the person, to claim a lien on any of the books, but such a lien is not otherwise prejudiced. Right of inspection (7) While the books are in the person’s possession, the person must permit another person to inspect at all reasonable times such (if any) of the books as the other person would be entitled to inspect if they were not in the first ‑ mentioned person’s possession. Delivery into possession of Regulator etc. (8) Unless subparagraph (1)(b)(ii) applies, the person may deliver any of the books into the possession of the Regulator or of a person authorised by the Regulator to receive them. Explanation of matters relating to books (9) If paragraph (1)(a) or (b) applies, the person, or a person into whose possession the person delivers any of the books under subsection (8), may require: (a) if paragraph (1)(a) applies—a person who so produced any of the books; or (b) in any case—a person who was a party to the compilation of any of the books; to explain to the best of his or her knowledge and belief any matter about the compilation of any of the books or to which any of the books relate.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 3 of 2020", "Amending_Acts": "No 54 of 1998 | No 3 of 2020", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 3 of 2020, effective Sch 1 (items 24–27): 18 Feb 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s273"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 274", "Provision_Key": "s274", "Heading": "Powers if books not produced", "Text": "If a person fails to produce particular books in compliance with a requirement made by another person under this Part, the other person may require the first ‑ mentioned person to state, to the best of his or her knowledge and belief: (a) where the books may be found; or (b) who last had possession, custody or control of the books and where that person may be found.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s274"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 275", "Provision_Key": "s275", "Heading": "Power to require person to identify property of superannuation entity", "Text": "A person who has power under this Part to require another person to produce books relating to affairs of a superannuation entity may, whether or not that power is exercised, require the other person, so far as the other person can do so: (a) to identify property of the entity; and (b) to explain how a trustee or an investment manager of the entity has kept account of that property.", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s275"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 276", "Provision_Key": "s276", "Heading": "Application of Division", "Text": "This Division applies if, pursuant to a requirement made under paragraph 270(d), a person (the examinee ) appears before an inspector.", "Amendment_Count": 1, "First_Amended": "No 38 of 1999", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 38 of 1999", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s276"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 277", "Provision_Key": "s277", "Heading": "Requirements made of an examinee", "Text": "(1) The inspector may examine the examinee on oath or affirmation and may, for that purpose: (a) require the examinee either to take an oath or make an affirmation; and (b) administer an oath or affirmation to the examinee. (2) The oath or affirmation to be taken or made by the examinee for the purposes of the examination is an oath or affirmation that the statements that the examinee will make will be true. (3) The inspector may require the examinee to answer a question that is put to the examinee at the examination and is relevant to a matter that the Regulator is investigating, or is to investigate.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s277"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 278", "Provision_Key": "s278", "Heading": "Examination to be in private", "Text": "(1) The examination is to take place in private and the inspector may give directions about who may be present during it, or during a part of it. (2) A person must not be present at the examination unless he or she: (a) is the inspector or the examinee; or (b) is a member of the staff of the Regulator authorised by the Regulator to attend the examination; or (c) is entitled to be present under: (i) a direction under subsection (1); or (ii) subsection 279(1). (3) A person who contravenes subsection (2) commits an offence punishable on conviction by a fine not exceeding 10 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: A defendant bears an evidential burden in relation to the matter in paragraphs (2)(a), (b) and (c) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 31 of 2001 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s278"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 279", "Provision_Key": "s279", "Heading": "Examinee’s lawyer may attend", "Text": "(1) The examinee’s lawyer may be present at the examination and may, at such times during it as the inspector determines: (a) address the inspector; and (b) examine the examinee; about matters about which the inspector has examined the examinee. (2) If, in the inspector’s opinion, a person is trying to obstruct the examination by exercising rights under subsection (1), the inspector may require the person to stop addressing the inspector, or examining the examinee, as the case requires.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s279"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 280", "Provision_Key": "s280", "Heading": "Record of examination", "Text": "(1) The inspector must cause a written record to be made of statements made at the examination. (2) The inspector may require the examinee to read the written record, or to have it read to him or her, and may require him or her to sign it. (3) The inspector must give to the examinee a copy of the written record, without charge, but subject to such conditions (if any) as the inspector imposes.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s280"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 281", "Provision_Key": "s281", "Heading": "Giving copies of record to other persons", "Text": "Copies for proceedings (1) If a person’s lawyer satisfies the Regulator that the person is carrying on, or is contemplating in good faith, a proceeding in respect of a matter to which the examination related, the Regulator may give the lawyer: (a) a copy of a written record of the examination; or (b) a copy of that record together with a copy of any related book. Copies to be used only for proceedings (2) If the Regulator gives a copy to a person under subsection (1), the person, or any other person who has possession, custody or control of the copy or a copy of it, must not, except in connection with preparing, beginning or carrying on, or in the course of, a proceeding, intentionally: (a) use the copy or a copy of it; or (b) publish, or communicate to a person, the copy, a copy of it, or any part of the copy’s contents. Penalty: Imprisonment for 6 months.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s281"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 282", "Provision_Key": "s282", "Heading": "Copies given subject to conditions", "Text": "(1) If a copy is given to a person under subsection 280(3) subject to conditions, the person, and any other person who has possession, custody or control of the copy or a copy of it, must comply with the conditions. (2) A person who intentionally or recklessly contravenes this section commits an offence punishable on conviction by imprisonment for a period not exceeding 6 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 3, "First_Amended": "No 31 of 2001", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 31 of 2001 | No 117 of 2001 | No 4 of 2016", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s282"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 283", "Provision_Key": "s283", "Heading": "Record to accompany report", "Text": "(1) When a report about the investigation is prepared under section 284, each record (if any) of the examination is to accompany the report. (2) If: (a) in the Regulator’s opinion, a statement made at an examination is relevant to any other investigation under Division 4; and (b) a record of the statement was made under section 280; and (c) a report about the other investigation is prepared under section 284; a copy of the record must accompany the report.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s283"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 284", "Provision_Key": "s284", "Heading": "Report of inspector", "Text": "(1) An inspector must, on completion or termination of an investigation, prepare a report about the investigation. (2) The report must set out: (a) the inspector’s findings about the matters investigated; and (b) the evidence and other material on which these findings were based; and (c) such other matters relating to or arising out of, the investigation as the inspector thinks fit. (3) The Regulator: (a) must give a copy of the report to: (i) each trustee of the superannuation entity to which the investigation related; or (ii) the approved SMSF auditor to whom the investigation related; or (iii) the person who conducted, or is conducting, the audit to which the investigation related; and (b) if the report, or a part of the report, relates to the affairs of another person to a material extent—may, on the Regulator’s own initiative or at the request of that person, give a copy of the report or part of that report, to that person; and (c) if the report, or a part of the report, relates to a contravention of a law of the Commonwealth, of a State or of a Territory—may give a copy of the whole or a part of the report to: (i) the Australian Federal Police; or (ii) the Chief Executive Officer of the Australian Crime Commission; or (iii) the Director of Public Prosecutions; or (iv) a prescribed agency. (4) APRA and ASIC must give each other a copy of any reports they prepare under this section. (5) ASIC and the Commissioner of Taxation must give each other a copy of any report they prepare under this section in relation to: (a) a self managed superannuation fund; or (b) an approved SMSF auditor; or (c) a person who conducted, or is conducting, an audit of a self managed superannuation fund.", "Amendment_Count": 5, "First_Amended": "No 54 of 1998", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 54 of 1998 | No 121 of 1999 | No 125 of 2002 | No 53 of 2004 | No 158 of 2012", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 125 of 2002, effective Sch 2 (item 124): 1 Jan 2003 (s 2(1) item 6) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s284"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 285", "Provision_Key": "s285", "Heading": "Compliance with requirements made under this Act", "Text": "A person must not intentionally or recklessly refuse or fail to comply with a requirement of the Regulator, an authorised person or an inspector under this Act. Penalty: (a) in respect of a requirement under subsection 264(3), (3A) or (4)—imprisonment for 2 years; or (b) otherwise—30 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 6, "First_Amended": "No 54 of 1998", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 54 of 1998 | No 38 of 1999 | No 31 of 2001 | No 117 of 2001 | No 53 of 2004 | No 69 of 2020", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Repealed and substituted by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Repealed and substituted by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 69 of 2020, effective Sch 1 (items 1415–1430, 1465–1467): awaiting commencement (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s285"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 286", "Provision_Key": "s286", "Heading": "Concealing books relevant to investigation", "Text": "A person who knows that the Regulator is investigating, or is about to investigate, a matter must not, with intent to delay or obstruct the investigation or proposed investigation: (a) in any case—conceal, destroy, mutilate or alter a book relating to that matter; or (b) if a book relating to that matter is in a particular State or Territory—take or send the book out of that State or Territory or out of Australia. Penalty: Imprisonment for 2 years.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 54 of 1998 | No 38 of 1999", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s286"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 287", "Provision_Key": "s287", "Heading": "Self ‑ incrimination", "Text": "Self ‑ incrimination not a reasonable excuse (1) For the purposes of this Part, it is not a reasonable excuse for a person to refuse or fail: (a) to give information; or (b) to sign a record; or (c) to produce a book; in accordance with a requirement made of the person, that the information, signing the record or production of the book, as the case may be, might tend to incriminate the person or make the person liable to a penalty. Self ‑ incrimination as grounds for inadmissibility (2) Subsection (3) applies if: (a) before: (i) making an oral statement giving information; or (ii) signing a record; as required under this Part, a person claims that the statement or signing the record, as the case may be, might tend to incriminate the person or make the person liable to a penalty; and (b) the statement or signing the record, as the case may be, might in fact tend to incriminate the person or make the person liable to a penalty. (2A) Subsection (2) does not apply to a person that is a body corporate if the claim relates to a requirement made after the commencement of this subsection. Inadmissibility of statements etc. (3) Subject to subsection (4), none of the following: (a) the statement; (b) the fact that the person has signed the record; is admissible in evidence against the person in a criminal proceeding or a proceeding for the imposition of a penalty. Exceptions (4) Subsection (3) does not apply to admissibility in proceedings in respect of: (a) in the case of the making of a statement—the falsity of the statement; or (b) in the case of the signing of a record—the falsity of any statement contained in the record. (5) This section does not apply to a person who is a contributing employer if the requirement mentioned in subsection (1) relates to the obligations of the contributing employer under Part 3B.", "Amendment_Count": 3, "First_Amended": "No 38 of 1999", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 38 of 1999 | No 160 of 2000 | No 158 of 2012", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s287"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 288", "Provision_Key": "s288", "Heading": "Legal professional privilege", "Text": "(1) This section applies if: (a) under this Act, a person requires a lawyer: (i) to give information; or (ii) to produce a book; and (b) giving the information would involve disclosing, or the book contains, as the case may be, a privileged communication made by, on behalf of or to the lawyer in his or her capacity as a lawyer. (2) The lawyer is entitled to refuse to comply with the requirement unless: (a) if the person to whom, or by or on behalf of whom, the communication was made is a body corporate that is under administration or is being wound up—the administrator or the liquidator of the body; or (b) otherwise—the person to whom, or by or on behalf of whom, the communication was made; consents to the lawyer complying with the requirement. (3) If the lawyer so refuses, he or she must, as soon as practicable, give to the person who made the requirement a written notice setting out: (a) if the lawyer knows the name and address of the person to whom, or by or on behalf of whom, the communication was made—that name and address; and (b) if subparagraph (1)(a)(i) applies and the communication was made in writing—sufficient particulars to identify the document containing the communication; and (c) if subparagraph (1)(a)(ii) applies—sufficient particulars to identify the book, or the part of the book, containing the communication. (4) A person who intentionally or recklessly contravenes this section commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 5, "First_Amended": "No 144 of 1995", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 144 of 1995 | No 31 of 2001 | No 117 of 2001 | No 8 of 2007 | No 4 of 2016", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 8 of 2007, effective Sch 4 (items 28–30): 15 Mar 2007 (s 2(1) item 44) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s288"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 289", "Provision_Key": "s289", "Heading": "Powers of Court where non ‑ compliance with this Act", "Text": "(1) This section applies if the Regulator is satisfied that a person has, without reasonable excuse, failed to comply with a requirement made under this Act. (2) The Regulator may by writing certify the failure to the Court. (3) If the Regulator does so, the Court may inquire into the case and may order the person to comply with the requirement as specified in the order.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s289"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 290", "Provision_Key": "s290", "Heading": "Statements made at an examination: proceedings against examinee", "Text": "Admissibility of statements made at examination (1) Subject to this section, a statement that a person makes at an examination of the person is admissible in evidence against the person in a proceeding. Self ‑ incrimination exception (2) The statement is not admissible if: (a) the proceeding is: (i) a criminal proceeding; or (ii) a proceeding for the imposition of a penalty; other than a proceeding in respect of the falsity of the statement; and (b) the person is an individual who, before making the statement, claimed that it might tend to incriminate him or her or make him or her liable to a penalty. Irrelevant statement exception (3) The statement is not admissible if it is not relevant to the proceeding and the person objects to the admission of evidence of the statement. Related statement exception (4) The statement (the subject statement ) is not admissible if: (a) it is qualified or explained by some other statement made at the examination; and (b) evidence of the other statement is not tendered in the proceeding; and (c) the person objects to the admission of evidence of the subject statement. Legal professional privilege exception (5) The statement is not admissible if: (a) it discloses matter in respect of which the person could claim legal professional privilege in the proceeding if subsection (1) did not apply in relation to the statement; and (b) the person objects to the admission of evidence of the statement. Joint proceedings (6) Subsection (1) applies in relation to a proceeding against a person even if it is heard together with a proceeding against another person. Record is prima facie evidence (7) If a written record of an examination of a person is signed by the person under subsection 280(2) or authenticated in any other prescribed manner, the record is, in a proceeding, prima facie evidence of the statements it records. Admissibility of other evidence (8) This Part does not limit or affect the admissibility in the proceeding of other evidence to statements made at the examination.", "Amendment_Count": 1, "First_Amended": "No 38 of 1999", "Last_Amended": "No 38 of 1999", "Amending_Acts": "No 38 of 1999", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s290"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 291", "Provision_Key": "s291", "Heading": "Statements made at an examination: other proceedings", "Text": "Admissibility of absent witness evidence (1) If direct evidence by a person (the absent witness ) of a matter would be admissible in a proceeding, a statement that the absent witness made at an examination of the absent witness and that tends to establish that matter is admissible in the proceeding as evidence of that matter in accordance with subsection (2). Requirement for admissibility (2) The statement is admissible: (a) if it appears to the court or tribunal that: (i) the absent witness is dead or is unfit, because of physical or mental incapacity, to attend as a witness; or (ii) the absent witness is outside the State or Territory in which the proceeding is being heard and it is not reasonably practicable to secure his or her attendance; or (iii) all reasonable steps have been taken to find the absent witness but he or she cannot be found; or (b) if it does not so appear to the court or tribunal—unless another party to the proceeding requires the party tendering evidence of the statement to call the absent witness as a witness in the proceeding and the tendering party does not so call the absent witness.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s291"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 292", "Provision_Key": "s292", "Heading": "Weight of evidence admitted under section 291", "Text": "(1) This section applies if evidence of a statement made by a person at an examination of the person is admitted under section 291 in a proceeding. (2) In deciding how much weight (if any) to give to the statement as evidence of a matter, regard is to be had to: (a) how long after the matters to which it related the statement was made; and (b) any reason the person may have had for concealing or misrepresenting a material matter; and (c) any other circumstances from which it is reasonable to draw an inference about how accurate the statement is. (3) If the person is not called as a witness in the proceeding: (a) evidence that would, if the person had been so called, have been admissible in the proceeding for the purpose of destroying or supporting his or her credibility is so admissible; and (b) evidence is admissible to show that the statement is inconsistent with another statement that the person has made at any time. (4) However, evidence of a matter is not admissible under this section if, had the person been called as a witness in the proceeding and denied the matter in cross ‑ examination, evidence of the matter would not have been admissible if adduced by the cross ‑ examining party.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s292"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 293", "Provision_Key": "s293", "Heading": "Objection to admission of statements made at examination", "Text": "Notice of intention to apply to admit evidence and statements (1) A party (the adducing party ) to a proceeding may, not less than 14 days before the first day of the hearing of the proceeding, give to another party to the proceeding written notice that the adducing party: (a) will apply to have admitted in evidence in the proceeding specified statements made at an examination; and (b) for that purpose, will apply to have evidence of those statements admitted in the proceeding. Notice to set out etc. statements (2) A notice under subsection (1) must set out, or be accompanied by writing that sets out, the specified statements. Notice of objection (3) Within 14 days after a notice is given under subsection (1), the other party may give to the adducing party a written notice: (a) stating that the other party objects to specified statements being admitted in evidence in the proceeding; and (b) specifying, in relation to each of those statements, the grounds of objection. Extension of objection period (4) The period prescribed by subsection (3) may be extended by the court or tribunal or by agreement between the parties concerned. Notice etc. to be given to court or tribunal (5) On receiving a notice given under subsection (3), the adducing party must give to the court or tribunal a copy of: (a) the notice under subsection (1) and any writing that subsection (2) requires to accompany that notice; and (b) the notice under subsection (3). Action by court or tribunal (6) If subsection (5) is complied with, the court or tribunal may either: (a) determine the objections as a preliminary point before the hearing of the proceeding begins; or (b) defer determination of the objections until the hearing. Right to object to admission of statement (7) If a notice has been given in accordance with subsections (1) and (2), the other party is not entitled to object at the hearing of the proceeding to a statement specified in the notice being admitted in evidence in the proceeding unless: (a) the other party has, in accordance with subsection (3), objected to the statement being so admitted; or (b) the court or tribunal gives the other party leave to object to the statement being so admitted.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s293"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 294", "Provision_Key": "s294", "Heading": "Copies of, or extracts from, certain books", "Text": "(1) A copy of, or an extract from, a book relating to: (a) affairs of a superannuation entity or approved SMSF auditor; or (b) conduct of an audit of a self managed superannuation fund; is admissible in evidence in a proceeding as if the copy were the original book, or the extract were the relevant part of the original book, as the case may be, whether or not the copy or extract was made under section 273. (2) A copy of, or an extract from, a book is not admissible in evidence under subsection (1) unless it is proved that the copy or extract is a true copy of the book, or of the relevant part of the book, as the case may be. (3) For the purposes of subsection (2), a person who has compared: (a) a copy of a book with the book; or (b) an extract from a book with the relevant part of the book; may give evidence, either orally or by an affidavit or statutory declaration, that the copy or extract is a true copy of the book or relevant part, as the case may be.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s294"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 295", "Provision_Key": "s295", "Heading": "Report under Division 6", "Text": "Subject to section 296, if a copy of a report under Division 6 purports to be certified by the Regulator as a true copy of such a report, the copy is admissible in a proceeding (other than a criminal proceeding) as prima facie evidence of any facts or matters that the report states an inspector to have found to exist.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s295"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 296", "Provision_Key": "s296", "Heading": "Exceptions to admissibility of report", "Text": "(1) This section applies if a party to a proceeding tenders a copy of a report as evidence against another party. (2) The copy is not admissible under section 295 in the proceeding as evidence against the other party unless the court or tribunal is satisfied that: (a) a copy of the report has been given to the other party; and (b) the other party, and the other party’s lawyer, have had a reasonable opportunity to examine that copy and to take its contents into account in preparing the other party’s case. (3) Before or after the copy referred to in subsection (1) is admitted in evidence, the other party may apply to cross ‑ examine, in relation to the report, a specified person who, or 2 or more specified persons each of whom: (a) was concerned in preparing the report or making a finding about a fact or matter that the report states the inspector to have found to exist; or (b) whether or not pursuant to a requirement made under this Part, gave information, or produced a book, on the basis of which, or on the basis of matters including which, such a finding was made. (4) The court or tribunal must grant an application made under subsection (3) unless it considers that, in all the circumstances, it is not appropriate to do so. (5) If: (a) the court or tribunal grants an application or applications made under subsection (3); and (b) a person to whom the application or any of the applications relates, or 2 or more such persons, is or are unavailable, or does not or do not attend, to be cross ‑ examined in relation to the report; and (c) the court or tribunal is of the opinion that to admit the copy under section 295 in the proceeding as evidence against the other party without the other party having the opportunity so to cross ‑ examine the person or persons would unfairly prejudice the other party; the court or tribunal must refuse so to admit the copy, or must treat the copy as not having been so admitted, as the case requires.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s296"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 297", "Provision_Key": "s297", "Heading": "Material otherwise admissible", "Text": "Nothing in this Division renders evidence inadmissible in a proceeding in circumstances where it would have been admissible in that proceeding if this Division had not been enacted.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s297"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 298", "Provision_Key": "s298", "Heading": "Regulator may cause civil proceeding to be begun", "Text": "If, as a result of an investigation or from a record of an examination (being an investigation or examination conducted under this Part), it appears to the Regulator to be in the public interest for a person to begin and carry on a proceeding for: (a) the recovery of damages for fraud, negligence, default, breach of duty, or other misconduct, committed in connection with a matter to which the investigation or examination related; or (b) recovery of property of the person; the Regulator: (c) if the person is a body corporate—may cause; or (d) otherwise—may, with the person’s written consent, cause: such a proceeding to be begun and carried on in the person’s name.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s298"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 298A", "Provision_Key": "s298a", "Heading": "Authorisation of members of staff", "Text": "(1) The Regulator may authorise in writing a member of staff of the Regulator, or a member of staff of another person or body referred to in the definition of Regulator in subsection 10(1), for the purposes of a specified provision of this Act. (2) The authorisation may be restricted to a particular function or power under the provision.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 54 of 1998 | No 135 of 2020", "History_Notes": "Inserted by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s298A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299", "Provision_Key": "s299", "Heading": "Person complying with requirement not to incur liability to another person", "Text": "A person who complies with a requirement made of the person under this Part does not incur any liability to any other person merely because of that compliance.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299A", "Provision_Key": "s299a", "Heading": "Employee may quote to employer", "Text": "An employee may quote his or her tax file number to his or her employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Note: Section 299P sets out the method of quoting.", "Amendment_Count": 3, "First_Amended": "No 76 of 1996", "Last_Amended": "No 128 of 1999", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299B", "Provision_Key": "s299b", "Heading": "Employer may inform trustee of tax file number", "Text": "If: (a) either: (i) before the commencement of this section, an employer made a contribution to an eligible superannuation entity or a regulated exempt public sector superannuation scheme for the benefit of an employee; or (ii) after the commencement of this section, an employer makes such a contribution; and (b) after the commencement of this section, the employee quotes or first quotes his or her tax file number to the employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; the employer may inform a trustee of the entity or scheme, as the case may be, of the employee’s tax file number.", "Amendment_Count": 4, "First_Amended": "No 76 of 1996", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299C", "Provision_Key": "s299c", "Heading": "Employer must inform trustee of tax file number", "Text": "(1) If: (a) an employee: (i) quotes or first quotes his or her tax file number after the commencement of this section to his or her employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; or (ii) quotes or first quotes his or her tax file number on or after 1 July 2007 to his or her employer in connection with the operation of Division 3 of Part VA of the Income Tax Assessment Act 1936 ; and (b) after the employee quotes or first quotes the tax file number, the employer makes a contribution to an eligible superannuation entity for the benefit of the employee; and (c) the employer has not previously informed a trustee of the entity of the employee’s tax file number; the employer must inform a trustee of the entity of the employee’s tax file number before the required time (see subsection (2)). Note: Division 3 of Part VA of the Income Tax Assessment Act 1936 deals with quotation of tax file numbers by recipients of eligible PAYG payments. (2) The required time is: (a) if the quotation or first quotation of the tax file number takes place more than 14 days before the employer makes the contribution—the end of the day on which the employer makes the contribution; or (b) in any other case—the end of the 14th day after the day on which the quotation or first quotation of the tax file number takes place. (3) The employer commits an offence if the employer contravenes subsection (1). This is an offence of strict liability. Penalty: 10 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (4) A disclosure of the employee’s tax file number to the employer under section 202CG of the Income Tax Assessment Act 1936 is taken, for the purposes of this section, to be a quotation of the number by the employee to his or her employer in connection with the operation of Division 3 of Part VA of that Act.", "Amendment_Count": 10, "First_Amended": "No 76 of 1996", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 160 of 2000 | No 53 of 2004 | No 9 of 2007 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016 | No 55 of 2016", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 55 of 2016, effective Sch 23 (items 40, 41): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299C"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299CA", "Provision_Key": "s299ca", "Heading": "Use of tax file number to validate information", "Text": "(1) This section applies if, after the commencement of this section, an employee: (a) quotes his or her tax file number to his or her employer in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts; or (b) quotes his or her tax file number to his or her employer in connection with the operation of Division 3 of Part VA of the Income Tax Assessment Act 1936 . Note: Division 3 of Part VA of the Income Tax Assessment Act 1936 deals with quotation of tax file numbers by recipients of eligible PAYG payments. (2) The employer may use the tax file number in a manner connecting it with the person’s identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 299TE.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299CA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299D", "Provision_Key": "s299d", "Heading": "Eligible superannuation entity or regulated exempt public sector superannuation scheme beneficiary, or applicant, may quote tax file number", "Text": "A beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme may quote his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Note: Section 299P sets out the method of quoting.", "Amendment_Count": 4, "First_Amended": "No 76 of 1996", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299D"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299E", "Provision_Key": "s299e", "Heading": "Trustee may request beneficiary’s or applicant’s tax file number", "Text": "(1) A trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme may, at any time, request, in a manner approved by the Regulator, a beneficiary, or an applicant to become a beneficiary, of the entity or scheme to quote his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. No obligation to quote tax file number (2) If a trustee requests a beneficiary or applicant to quote his or her tax file number to a trustee, the beneficiary or applicant is not obliged to comply with the request.", "Amendment_Count": 6, "First_Amended": "No 76 of 1996", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 54 of 1998 | No 121 of 1999 | No 128 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299E"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299F", "Provision_Key": "s299f", "Heading": "Trustee must request person who is beneficiary at commencement to quote tax file number", "Text": "(1) Subject to subsection (3), if: (a) a person is a beneficiary of an eligible superannuation entity at the commencement of this section; and (b) the person is not taken by section 299S or 299T to have quoted his or her tax file number to a trustee of the entity at or before that commencement; each trustee must ensure that, before the required time (see subsection (2)) in relation to the beneficiary, a request is made, in a manner approved by the Regulator, to the person to quote his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act or, if the request was not made before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , the operation or the possible future operation of this Act and the Surcharge Acts. Required time (2) The required time in relation to a beneficiary is the end of the 7th day after the day that is the starting day in relation to the beneficiary. Exception (3) A trustee of the entity is not required to ensure that a request is made if the person has already quoted his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of: (a) if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 —this Act; or (b) otherwise—this Act and the Surcharge Acts. (4) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 100 penalty units. (4A) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . No obligation to quote tax file number (5) If a person requests another person to quote his or her tax file number under this section, the other person is not obliged to comply with the request. Starting day—trustee required to give information to beneficiary (6) The starting day, in relation to a beneficiary of an eligible superannuation entity a trustee of which is required under Subdivision 2.4.2 or 2.4.3 of Division 2.4 of Part 2 of the Superannuation Industry (Supervision) Regulations to give information to the beneficiary, is the earlier of: (a) the day referred to in whichever of the following subparagraphs is applicable: (i) if the trustee chooses to act under this subparagraph in relation to the beneficiary—the day on which the information referred to in Subdivision 2.4.2 of Division 2.4 of Part 2 of those Regulations is first given to the beneficiary on or after the day on which this section commences; (ii) if the trustee chooses to act under this subparagraph in relation to the beneficiary—the day on which the information referred to in Subdivision 2.4.3 of Division 2.4 of Part 2 of those Regulations is first given to the beneficiary on or after the day on which this section commences; (iii) if the trustee does not choose to act under subparagraph (i) or (ii) in relation to the beneficiary—the day on which information referred to in either of those Subdivisions is first given to the beneficiary on or after the day on which this section commences; or (b) the last day of the period of one year beginning on the day on which this section commences. Starting day—trustee not required to give information to beneficiary (7) The starting day, in relation to a beneficiary of an eligible superannuation entity a trustee of which is not required, under Subdivision 2.4.2 or 2.4.3 of Division 2.4 of Part 2 of the Superannuation Industry (Supervision) Regulations to give information to the beneficiary, is the day on which this section commences.", "Amendment_Count": 9, "First_Amended": "No 76 of 1996", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 54 of 1998 | No 121 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299G", "Provision_Key": "s299g", "Heading": "Trustee must request person becoming beneficiary after commencement to quote tax file number", "Text": "(1) Subject to subsection (3), if: (a) a person becomes a beneficiary of an eligible superannuation entity after the commencement of this section; and (b) the person has not quoted his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act, or of this Act and the other Superannuation Acts, by the time he or she becomes a beneficiary; each trustee must ensure that, before the required time (see subsection (2)), a request is made, in a manner approved by the Regulator, to the person to quote his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act or, if the request was not made before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , the operation or possible future operation of this Act and the other Superannuation Acts. Required time (2) The required time is the end of the 30th day after the day on which the person becomes a beneficiary. Exception (3) A trustee of the entity is not required to ensure that a request is made if the person has already quoted his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of: (a) if the quotation was given before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 —this Act; or (b) otherwise—this Act and the other Superannuation Acts. (4) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 100 penalty units. (4A) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . No obligation to quote tax file number (5) If a person requests another person to quote his or her tax file number under this section, the other person is not obliged to comply with the request.", "Amendment_Count": 10, "First_Amended": "No 76 of 1996", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 122 of 1997 | No 54 of 1998 | No 121 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 122 of 1997, effective Sch 7: 16 Feb 1997 (s 2(10)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299G"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299H", "Provision_Key": "s299h", "Heading": "Use of tax file number for certain purposes—beneficiaries of eligible superannuation entities", "Text": "(1) This section applies if a person who is a beneficiary of an eligible superannuation entity quotes his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Obligation to record tax file number (2) If the trustee, or the trustees, of the entity do not already have a record of the tax file number, as soon as is reasonably practicable after the quotation, the trustee to whom the quotation is made must make a record of the number. Obligation to retain and later destroy tax file number (3) Each trustee of the entity must ensure that: (a) the record is retained until the person ceases to be a beneficiary of the entity; and (b) the record is destroyed as soon as is reasonably practicable after the person ceases to be a beneficiary of the entity. Offences (6) A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee of the entity. Penalty: 100 penalty units. (7) A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee of the entity. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 136 of 2012", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 41 of 2011 | No 136 of 2012", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299H"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299J", "Provision_Key": "s299j", "Heading": "Use of tax file number for certain purposes—beneficiaries of regulated exempt public sector superannuation scheme", "Text": "(1) This section applies if a person who is a beneficiary of a regulated exempt public sector superannuation scheme quotes his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Trustee may record tax file number (2) If the trustee, or the trustees, do not already have a record of the tax file number, a trustee of the scheme may make a record of it. Obligation to retain and later destroy tax file number (3) Each trustee of the scheme must ensure that: (a) the record is retained until the person ceases to be a beneficiary of the scheme; and (b) the record is destroyed as soon as is reasonably practicable after the person ceases to be a beneficiary of the scheme. Offences (6) A trustee of the scheme commits an offence if a requirement of subsection (3) is contravened by the trustee. Penalty: 100 penalty units. (7) A trustee of the scheme commits an offence if a requirement of subsection (3) is contravened by the trustee. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 136 of 2012", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 41 of 2011 | No 136 of 2012", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299J"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299K", "Provision_Key": "s299k", "Heading": "Use of tax file number for certain purposes—applicants to become beneficiaries of eligible superannuation entities", "Text": "(1) This section applies if a person who is an applicant to become a beneficiary of an eligible superannuation entity quotes his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Obligation to record tax file number (2) If the trustee, or the trustees, of the entity do not already have a record of the tax file number, as soon as is reasonably practicable after the quotation, the trustee to whom the quotation is made must make a record of the number. Obligation to retain and later destroy tax file number (3) Each trustee of the entity must ensure that: (a) the record is retained until the time (the last retention time ) at which: (i) if the person becomes a beneficiary of the entity—the person ceases to be a beneficiary of the entity; or (ii) if not—the person ceases to be an applicant; and (b) the record is destroyed as soon as is reasonably practicable after the last retention time. Offences (6) A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee. Penalty: 100 penalty units. (7) A trustee of the entity commits an offence if a requirement of subsection (2) or (3) is contravened by the trustee. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 136 of 2012", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 41 of 2011 | No 136 of 2012", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299K"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299L", "Provision_Key": "s299l", "Heading": "Use of tax file number for certain purposes—applicants to become beneficiaries of regulated exempt public sector superannuation schemes", "Text": "(1) This section applies if a person who is an applicant to become a beneficiary of a regulated exempt public sector superannuation scheme quotes his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Trustee may record tax file number (2) If the trustee, or the trustees, do not already have a record of the tax file number, a trustee of the scheme may make a record of it. Obligation to retain and later destroy tax file number (3) Each trustee of the scheme must ensure that: (a) the record is retained until the time (the last retention time ) at which: (i) if the person becomes a beneficiary of the scheme—the person ceases to be a beneficiary of the scheme; or (ii) if not—the person ceases to be an applicant; and (b) the record is destroyed as soon as is reasonably practicable after the last retention time. Offences (6) A trustee of the scheme commits an offence if a requirement of subsection (3) is contravened by the trustee. Penalty: 100 penalty units. (7) A trustee of the scheme commits an offence if a requirement of subsection (3) is contravened by the trustee. This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 136 of 2012", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 41 of 2011 | No 136 of 2012", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299L"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299LA", "Provision_Key": "s299la", "Heading": "Use of tax file number to locate amounts or for consolidation", "Text": "(1) This section applies if: (a) a beneficiary of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme; or (b) an applicant to become such a beneficiary; quotes his or her tax file number to a trustee of the entity or scheme in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts. (2) A trustee of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, may, subject to any conditions contained in the regulations, use tax file numbers quoted as mentioned in subsection (1): (a) in order to locate, in the records or accounts of the entity or scheme, amounts held for the benefit of persons; or (b) in order to facilitate the consolidation of any of the following in relation to a particular person: (i) RSAs provided by one or more RSA providers and held by the person; (ii) interests of the person in eligible superannuation entities or regulated exempt public sector superannuation schemes. Note: Sections 8WA and 8WB of the Taxation Administration Act 1953 contain offences for unauthorised use etc. of tax file numbers. (2A) Without limiting subsection (2), regulations made for the purposes of that subsection may contain conditions relating to: (a) a person consenting to use of a tax file number; or (b) procedures that must be followed in a consolidation mentioned in paragraph (2)(b), including procedures to safeguard the integrity of the consolidation; or (c) a trustee disclosing tax file numbers to another trustee, or to an RSA provider, in order to facilitate such a consolidation. (3) This section does not affect the operation of Australian Privacy Principle 9. Note 1: Australian Privacy Principle 9 prohibits a trustee adopting a tax file number of an individual as the trustee’s own identifier of the individual, such as by using the tax file number as an account or membership number. Note 2: See also Division 4 of Part III of the Privacy Act 1988 and the rules issued under that Division concerning the collection, storage, use and security of tax file number information.", "Amendment_Count": 3, "First_Amended": "No 41 of 2011", "Last_Amended": "No 197 of 2012", "Amending_Acts": "No 41 of 2011 | No 197 of 2012", "History_Notes": "Inserted by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7) | Amended by No 197 of 2012, effective Sch 5 (items 81, 82, 180) and Sch 6 (items 15–19): 12 Mar 2014 (s 2(1) items 3, 13, 19)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299LA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299LB", "Provision_Key": "s299lb", "Heading": "Use of tax file number to validate information", "Text": "(1) This section applies if a person who is a beneficiary of an eligible superannuation entity, or of a regulated exempt public sector superannuation scheme, or an applicant to become such a beneficiary, quotes his or her tax file number to a trustee of the entity or scheme in connection with the operation, or the possible future operation, of this Act and the other Superannuation Acts. (2) The trustee may use the tax file number in a manner connecting it with the person’s identity for the purpose of asking the Commissioner of Taxation to validate information about the person under section 299TD.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299LB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299M", "Provision_Key": "s299m", "Heading": "Trustee of eligible superannuation entity must inform RSA provider or other trustee of tax file number for certain purposes", "Text": "(1) This section applies if: (a) there is an amount in an eligible superannuation entity for the benefit of a beneficiary; and (b) the beneficiary has quoted (whether as a beneficiary or applicant) his or her tax file number to a trustee of the entity in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Transfer of benefits to an RSA, another eligible superannuation entity or to a regulated exempt public sector superannuation scheme (2) Subject to subsection (3), if a trustee of the entity transfers any of the amount to an RSA, to another eligible superannuation entity or to a regulated exempt public sector superannuation scheme for the benefit of the beneficiary, the trustee must, at the time of the transfer and in the manner approved by the Regulator, inform the RSA provider or a trustee of the other eligible superannuation entity or of the regulated exempt public sector superannuation scheme of the beneficiary’s tax file number. Exception (3) Subsection (2) does not apply where an amount is transferred to an RSA, to another eligible superannuation entity or to a regulated exempt public superannuation scheme if, before the transfer, the beneficiary gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the beneficiary’s tax file number. (4) A trustee commits an offence if the trustee contravenes subsection (2). Penalty: 100 penalty units. (5) A trustee commits an offence if the trustee contravenes subsection (2). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 11, "First_Amended": "No 76 of 1996", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 76 of 1996 | No 62 of 1997 | No 71 of 1997 | No 54 of 1998 | No 121 of 1999 | No 128 of 1999 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299M"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299N", "Provision_Key": "s299n", "Heading": "Trustee of regulated exempt public sector superannuation scheme may inform RSA provider or other trustee of tax file number for certain purposes", "Text": "(1) This section applies if: (a) there is an amount in a regulated exempt public sector superannuation scheme for the benefit of a beneficiary; and (b) the beneficiary has quoted (whether as a beneficiary or applicant) his or her tax file number to a trustee of the scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. Transfer of benefits to an RSA another regulated exempt public sector superannuation scheme or to an eligible superannuation entity (2) Subject to subsection (3), if a trustee of the scheme transfers any of the amount to an RSA, to another regulated exempt public sector superannuation scheme or to an eligible superannuation entity for the benefit of the beneficiary, the trustee may inform the RSA provider or a trustee of the other regulated exempt public sector superannuation scheme or of the eligible superannuation entity in the manner approved by the Regulator of the beneficiary’s tax file number. Exception (3) Subsection (2) does not apply where an amount is transferred to an RSA to another regulated exempt public sector superannuation scheme or to an eligible superannuation entity if, before the transfer, the beneficiary gives the trustee a written statement requesting the trustee not to inform any RSA provider or any other trustee of the beneficiary’s tax file number. Offence (4) If: (a) a trustee (the first trustee ) of a regulated exempt public sector superannuation scheme (the first scheme ) intentionally informs an RSA provider or a trustee (the second trustee ) of another regulated exempt public sector superannuation scheme or of an eligible superannuation entity of the tax file number of a beneficiary of the first scheme; and (b) the first trustee knows that, because of subsection (3), the trustee is not empowered by subsection (2) to inform the second trustee or the RSA provider of that number; the first trustee commits an offence punishable on conviction by a fine not exceeding 100 penalty units.", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 76 of 1996 | No 62 of 1997 | No 71 of 1997 | No 54 of 1998 | No 121 of 1999 | No 128 of 1999 | No 53 of 2004 | No 4 of 2016", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299N"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299NA", "Provision_Key": "s299na", "Heading": "Portability forms", "Text": "Requesting tax file numbers (1) The Commissioner of Taxation may request a beneficiary of: (a) a regulated superannuation fund; or (b) an approved deposit fund; to quote the beneficiary’s tax file number to the Commissioner in connection with the operation, or the possible future operation, of a scheme prescribed for the purposes of section 34A (Portability forms). (2) The beneficiary is not obliged to comply with the request, but the regulations made for the purposes of that section may provide that failure to comply with the request affects whether the Commissioner may pass a request on to the trustee of the fund under the prescribed scheme. Passing on tax file numbers (3) The Commissioner of Taxation may inform the trustee of: (a) a regulated superannuation fund; or (b) an approved deposit fund; of the tax file number of a beneficiary of the fund as part of the Commissioner passing on to the trustee a request made by the beneficiary under a scheme prescribed for the purposes of section 34A (Portability forms). (4) If the Commissioner does so, the beneficiary is: (a) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (b) taken to have quoted that tax file number at the time when the Commissioner informs the trustee of the tax file number.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299NA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299P", "Provision_Key": "s299p", "Heading": "Method of quoting tax file number", "Text": "A person quotes his or her tax file number to another person in connection with the operation or the possible future operation of this Act and the other Superannuation Acts if: (a) the person informs the other person of the number in a manner approved by the Regulator or in the approved form (as defined by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 ); or (b) the person is taken to have quoted the number to the other person in connection with the operation or the possible future operation of this Act and the other Superannuation Acts under any of the following provisions of this Division.", "Amendment_Count": 6, "First_Amended": "No 76 of 1996", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 54 of 1998 | No 121 of 1999 | No 128 of 1999 | No 9 of 2007", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299P"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299Q", "Provision_Key": "s299q", "Heading": "Employee taken to have quoted to trustee where trustee informed by employer", "Text": "If: (a) an employee is a beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme; and (b) the employer informs a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme of the employee’s tax file number in accordance with section 299B or 299C; the employee is: (c) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (d) taken to have quoted the tax file number at the time when the employer informs the trustee.", "Amendment_Count": 4, "First_Amended": "No 76 of 1996", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299Q"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299R", "Provision_Key": "s299r", "Heading": "Beneficiary or applicant taken to have quoted to RSA provider or trustee", "Text": "(1) If a trustee (the first trustee ) of an eligible superannuation entity (the first entity ) informs an RSA provider or a trustee (the second trustee ) of another eligible superannuation entity or of a regulated exempt public sector superannuation scheme of the tax file number of a beneficiary of the first entity in accordance with subsection 299M(2), the beneficiary is: (a) taken to have quoted the tax file number to the RSA provider or the second trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts or the Retirement Savings Accounts Act 1997 ; and (b) taken to have quoted that tax file number at the time when the first trustee informs the RSA provider or the second trustee. (2) If a trustee (the first trustee ) of a regulated exempt public sector superannuation scheme (the first scheme ) informs an RSA provider or a trustee (the second trustee ) of another regulated exempt public sector superannuation scheme or of an eligible superannuation entity of the tax file number of a beneficiary of the first scheme in accordance with subsection 299N(2), the beneficiary is: (a) taken to have quoted the tax file number to the RSA provider or the second trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts or the Retirement Savings Accounts Act 1997 ; and (b) taken to have quoted that tax file number at the time when the first trustee informs the RSA provider or the second trustee.", "Amendment_Count": 5, "First_Amended": "No 76 of 1996", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 76 of 1996 | No 62 of 1997 | No 71 of 1997 | No 128 of 1999 | No 53 of 2004", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 62 of 1997, effective Sch 4: 2 June 1997 (s 2) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299R"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299S", "Provision_Key": "s299s", "Heading": "Person claiming benefit taken to have quoted to trustee where he or she provided tax file number in connection with claim", "Text": "(1) This section applies if: (a) before the commencement of this section, a person who considered that he or she was entitled to a benefit applied to a trustee of an eligible superannuation entity for payment of the benefit under section 248 or 252 and set out his or her tax file number in the application; or (b) after the commencement of this section, a person who considers that he or she is entitled to a benefit applies to a trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme for payment of the benefit and sets out in a manner approved by APRA his or her tax file number in the application. (2) The beneficiary is: (a) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (b) taken to have quoted that tax file number at the time when the trustee received or receives the application.", "Amendment_Count": 4, "First_Amended": "No 76 of 1996", "Last_Amended": "No 128 of 1999", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 54 of 1998 | No 128 of 1999", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299S"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299SA", "Provision_Key": "s299sa", "Heading": "Beneficiary taken to have quoted where Commissioner gives notice", "Text": "(1) A beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme is taken to have quoted his or her tax file number to a trustee of the entity or scheme in connection with the operation or the possible future operation of this Act and the other Superannuation Acts if the Commissioner of Taxation gives to the trustee notice of the person’s tax file number. (2) The beneficiary or applicant is taken to have quoted that tax file number at the time when the Commissioner of Taxation gave the notice.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Sch 3 and Sch 5 (items 27, 48(1), (3)): 24 Sept 2007 (s 2(1) items 4, 5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299SA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299T", "Provision_Key": "s299t", "Heading": "Beneficiary taken to have quoted if he or she quoted for other purposes", "Text": "If a beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme has quoted his or her tax file number to a trustee of the entity or scheme under: (a) subsection 225(4) or 245(2) of this Act, as in force immediately before its amendment by the Taxation Laws Amendment Act (No. 2) 1996 ; or (b) a provision of the Income Tax Assessment Act 1936 ; or (c) a provision of the repealed Part IIIA of the Occupational Superannuation Standards Act 1987 (including a provision as it continues to apply because of the Taxation Laws Amendment (Superannuation) Act 1992 ); then, for the purposes of this Act, as in force after the commencement of this section, the beneficiary is: (d) taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts; and (e) taken to have quoted that tax file number to the trustee at the later of the time at which the quotation took place and the commencement of this section.", "Amendment_Count": 3, "First_Amended": "No 76 of 1996", "Last_Amended": "No 128 of 1999", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299T"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299TA", "Provision_Key": "s299ta", "Heading": "Effect of mistaken quotation of tax file number", "Text": "(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme notice of the tax file number of a beneficiary of the entity or scheme if: (a) the trustee has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the beneficiary; and (b) the Commissioner is satisfied that the recorded TFN: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (c) the Commissioner is satisfied that the beneficiary has a tax file number. (2) The beneficiary is taken to have quoted his or her tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts at a time if: (a) the Commissioner gives the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (1); and (b) had the recorded TFN been the tax file number of the beneficiary, the beneficiary would have quoted his or her tax file number to the trustee in that way at the time.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 9 of 2007 | No 158 of 2012", "History_Notes": "Inserted by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299TA"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299TB", "Provision_Key": "s299tb", "Heading": "Effect of invalid quotation of tax file number", "Text": "(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (2) if: (a) the trustee has made a record of a number (the recorded TFN ) the trustee believes to be the tax file number of the beneficiary; and (b) the Commissioner is satisfied that the recorded TFN: (i) has been cancelled or withdrawn since it was quoted; or (ii) is otherwise wrong; and (c) the Commissioner is not satisfied that the beneficiary has a tax file number. (2) The notice must identify the beneficiary and state that the Commissioner is not satisfied that the beneficiary has a tax file number. (3) If the Commissioner gives a notice under subsection (2), the Commissioner must give a copy of the notice to the beneficiary.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 9 of 2007 | No 158 of 2012", "History_Notes": "Inserted by No 9 of 2007, effective Sch 1 (items 28–35, 37) and Sch 5 (items 9–23, 36(1)): 15 Mar 2007 (s 2(1) items 2, 5, 8) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299TB"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299TC", "Provision_Key": "s299tc", "Heading": "Commissioner of Taxation may inform trustee of tax file number", "Text": "(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme notice of the tax file number of a person if the Commissioner is satisfied that: (a) the person is a beneficiary of the eligible superannuation entity or the regulated exempt public sector superannuation scheme, or an applicant to become such a beneficiary; and (b) the person has quoted (for superannuation purposes) (within the meaning of the Income Tax Assessment Act 1997 ) his or her tax file number to another person. (2) However if, before the time the Commissioner gives the notice, the person specifically requests the trustee not to record the person’s tax file number: (a) the notice is to be disregarded; and (b) section 299SA does not apply to deem the person to have quoted the tax file number to the trustee when the notice was given. Note: A consequence is that provisions that require or permit a trustee to record or use a validly quoted tax file number do not apply.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299TC"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299TD", "Provision_Key": "s299td", "Heading": "Validation notice—beneficiaries of eligible superannuation entities", "Text": "(1) The Commissioner of Taxation (the Commissioner ) may give the trustee of an eligible superannuation entity or a regulated exempt public sector superannuation scheme a notice under subsection (2) if: (a) the trustee gives the Commissioner information that the trustee believes to be: (i) the full name, tax file number and date of birth of a person; or (ii) the full name, tax file number, date of birth and address of a person; and (b) the Commissioner is satisfied that: (i) the person is a beneficiary of the entity or scheme, or an applicant to become such a beneficiary; and (ii) the trustee is giving the information to the Commissioner in connection with the operation of the entity or scheme; and (c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice. (2) The notice must state whether or not the Commissioner is able to validate the information given. (3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under section 299TB.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299TD"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299TE", "Provision_Key": "s299te", "Heading": "Validation notice—employees", "Text": "(1) The Commissioner of Taxation (the Commissioner ) may give an employer a notice under subsection (2) if: (a) the employer gives the Commissioner information that the employer believes to be: (i) the full name, tax file number and date of birth of a person; or (ii) the full name, tax file number, date of birth and address of a person; and (b) the Commissioner is satisfied that: (i) the person is an employee of the employer for whose benefit a contribution to an eligible superannuation entity or a regulated exempt public sector superannuation scheme is to be made; and (ii) the employer is giving the information to the Commissioner in connection with the operation of the entity or scheme; and (iii) that use by the employer of the tax file number complies with section 299CA; and (c) the Commissioner is satisfied, having regard to the information (if any) that the Commissioner has recorded for the tax file number given, that it is reasonable to give the notice. (2) The notice must state whether or not the Commissioner is able to validate the information given. (3) To avoid doubt, a notice that the Commissioner is not able to validate the information is not a notice under subsection 202CE(3) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299TE"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299TF", "Provision_Key": "s299tf", "Heading": "Commissioner of Taxation may provide electronic interface", "Text": "The Commissioner of Taxation may use an electronic interface to receive information and give notices under this Division.", "Amendment_Count": 1, "First_Amended": "No 158 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 158 of 2012", "History_Notes": "Inserted by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299TF"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299U", "Provision_Key": "s299u", "Heading": "Forms etc. may require tax file number", "Text": "Election notice (1) The approved form of written notice by the trustee, or the trustees, of a fund for the purposes of subsection 19(4) may require the notice to contain the tax file number of the fund. Financial return (2) The form of a financial return a copy of which is required to be given by a superannuation entity to APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 may require the return to contain the entity’s tax file number. Portability forms (2A) An approved form mentioned in subsection 34A(2) may require the tax file number of the beneficiary making the relevant request to be set out in the request. Particulars of notice (3) Particulars of a notice to a trustee of an entity that are required by subsection 40(3) to be given to the Commissioner of Taxation may be accompanied by a statement of the tax file number of the entity. Claims for benefits from eligible rollover fund (6) The approved form of application for the purposes of subsection 248(2) may require the tax file number of the applicant to be set out in the application. Claims for benefits from eligible transitional fund (7) The approved form of application for the purposes of section 252 may require the tax file number of the applicant to be set out in the application. Information to be given after establishment of entity (8) The approved form for information required to be given under subsection 254(1) may require the tax file number of the entity to be given. (8A) Information prescribed for the purposes of paragraph 254(2A)(b) in relation to an entity may include the tax file number of the entity. Notice to give information (9) Information that may be required to be given in relation to a superannuation entity under section 254A may include the tax file number of the entity.", "Amendment_Count": 8, "First_Amended": "No 76 of 1996", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 128 of 1999 | No 24 of 2000 | No 121 of 2001 | No 53 of 2004 | No 12 of 2012 | No 67 of 2024", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 24 of 2000, effective Sch 9 (items 5–14), Sch 10 (items 1, 2, 4, 6, 7, 9, 10) and Sch 12 (items 1–3, 10): 3 Apr 2000 (s 2(1), (12), (13)) Sch 10 (items 3, 5, 8, 11–13): 12 May 2000 (s 2(7) and gaz 2000, No S239) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 67 of 2024, effective sch 1 (items 1 ‑ 3), sch 5 (items 21 ‑ 39): 10 July 2024 (s 2(1) items 2, 9) sch 5 (item 53): 9 Jan 2025 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299U"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299V", "Provision_Key": "s299v", "Heading": "Failure to quote tax file number", "Text": "For the purposes of section 137.1 of the Criminal Code , a person does not omit a matter or thing from a statement made to a SIS officer (within the meaning of section 301) merely because the person has, in making the statement, failed to quote his or her tax file number.", "Amendment_Count": 2, "First_Amended": "No 76 of 1996", "Last_Amended": "No 137 of 2000", "Amending_Acts": "No 76 of 1996 | No 137 of 2000", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 137 of 2000, effective Sch 2 (items 387–390, 418, 419): 24 May 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299V"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299W", "Provision_Key": "s299w", "Heading": "Definitions", "Text": "In this Part, unless the contrary intention appears: regulated exempt public sector superannuation scheme means an exempt public sector superannuation scheme in respect of which either of the following applies: (a) the trustee of the scheme is a constitutional corporation; (b) the sole or primary purpose of the scheme is the provision of old ‑ age pensions. Superannuation Acts means the following: (a) this Act; (b) the Superannuation Contributions Tax (Assessment And Collection) Act 1997 ; (c) the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ; (d) the Superannuation (Unclaimed Money and Lost Members) Act 1999 . Surcharge Acts means: (a) the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; and (b) the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 . tax file number has the meaning given by section 202A of the Income Tax Assessment Act 1936.", "Amendment_Count": 6, "First_Amended": "No 76 of 1996", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 76 of 1996 | No 71 of 1997 | No 191 of 1997 | No 128 of 1999 | No 158 of 2012 | No 23 of 2018", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 191 of 1997, effective Sch 6: 7 Dec 1997 (s 2(1)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 23 of 2018, effective Sch 1 (items 68–71): 1 Apr 2018 (s 2(1) item 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) Sch 4 (items 11–23): 1 July 2018 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299W"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299X", "Provision_Key": "s299x", "Heading": "State insurance", "Text": "This Part does not apply with respect to State insurance that does not extend beyond the limits of the State concerned.", "Amendment_Count": 1, "First_Amended": "No 76 of 1996", "Last_Amended": "No 76 of 1996", "Amending_Acts": "No 76 of 1996", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299X"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299Y", "Provision_Key": "s299y", "Heading": "Trustee of former regulated exempt public sector superannuation scheme to destroy records of tax file numbers", "Text": "(1) If an exempt public sector superannuation scheme ceases to be a regulated exempt public sector superannuation scheme and does not become an eligible superannuation entity, each trustee of the scheme must ensure that, as soon as is reasonably practicable, all records of tax file numbers of beneficiaries, or of applicants to become beneficiaries, of the scheme that are kept by the trustee are destroyed. (2) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 100 penalty units. (3) A trustee commits an offence if the trustee contravenes subsection (1). This is an offence of strict liability. Penalty: 50 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 76 of 1996", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 76 of 1996 | No 160 of 2000 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 4 of 2016", "History_Notes": "Inserted by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299Y"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 299Z", "Provision_Key": "s299z", "Heading": "Transitional provisions", "Text": "(1) Despite the amendments made to this Part by Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , this Part as it applied immediately before the commencement of that Schedule continues to apply to: (a) an employee who, before that commencement, quoted his or her tax file number to his or her employer in connection with the operation or the possible future operation of this Act; or (b) a beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme who, before that commencement, quoted his or her tax file number to the trustee of the entity or scheme in connection with the operation or the possible future operation of this Act; as if those amendments had not been made. (2) If: (a) before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , or after that commencement but before 5 June 1998, an employee quoted his or her tax file number to his or her employer in connection with the operation or the possible future operation of this Act; and (b) the employer notifies the employee in writing that the employer intends to inform the trustee of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme of the employee’s tax file number unless the employee tells the employer, within 30 days after the day on which the notification is received, that the employee objects to the employer informing the trustee of the tax file number; and (c) the employee does not tell the employer within that period that the employee objects to the employer informing the trustee of the tax file number; subsection (1) does not apply to the employee, and the employee is taken to have quoted the tax file number to the employer in connection with the operation or the possible future operation of this Act and the other Superannuation Acts. (3) If: (a) before the commencement of Schedule 3 to the Superannuation Contributions Tax (Consequential Amendments) Act 1997 , or after that commencement but before 5 June 1998, a beneficiary, or an applicant to become a beneficiary, of an eligible superannuation entity or of a regulated exempt public sector superannuation scheme has quoted his or her tax file number to the trustee of the entity or scheme in connection with the operation or the possible future operation of this Act; and (b) the trustee notifies the beneficiary or applicant in writing that the trustee intends to inform the Commissioner of Taxation, the trustee of another such entity or scheme or an RSA provider of the tax file number unless the beneficiary or applicant tells the trustee, within 30 days after the day on which the notification is received, that the beneficiary or applicant objects to the trustee informing the Commissioner of Taxation, the trustee of the other entity or scheme or the RSA provider, as the case may be, of the tax file number; and (c) the beneficiary or applicant does not tell the trustee within that period that the beneficiary or applicant objects to the trustee informing the Commissioner of Taxation, the trustee of the other entity or scheme or the RSA provider, as the case may be, of the tax file number; subsection (1) does not apply to the beneficiary or applicant, and the beneficiary or applicant is taken to have quoted the tax file number to the trustee in connection with the operation or the possible future operation of this Act and the other Superannuation Acts.", "Amendment_Count": 3, "First_Amended": "No 71 of 1997", "Last_Amended": "No 128 of 1999", "Amending_Acts": "No 71 of 1997 | No 38 of 1999 | No 128 of 1999", "History_Notes": "Inserted by No 71 of 1997, effective Sch 3: 5 June 1997 (s 2) | Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s299Z"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 300", "Provision_Key": "s300", "Heading": "Object of Part", "Text": "The object of this Part is to protect the integrity of the system of supervision provided for by this Act by penalising the making of false or misleading statements, the keeping of incorrect records and the falsification or concealment of identity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s300"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 301", "Provision_Key": "s301", "Heading": "Interpretation", "Text": "In this Part: SIS officer means a person exercising powers or performing functions under or in relation to this Act, the regulations or the prudential standards. statement made to an SIS officer means a statement made to an SIS officer orally, in writing, in a data processing device or in any other form and, without limiting the generality of the foregoing, includes a statement: (a) made in an application, notification, return or other document made, prepared, given or purporting to be made, prepared or given, under this Act, the regulations or the prudential standards; or (b) made in answer to a question asked of a person under this Act, the regulations or the prudential standards; or (c) made in any information given, or purporting to be given, under this Act, the regulations or the prudential standards; or (d) made in a document given to an SIS officer otherwise than under this Act, the regulations or the prudential standards; but does not include a statement made in a document produced under subsection 255(1) or 260(2) or section 269.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s301"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 303", "Provision_Key": "s303", "Heading": "Incorrectly keeping records etc.", "Text": "(1) Where: (a) a person who is required under this Act, the regulations or the prudential standards to keep any accounts, accounting records or other records keeps them in such a way that they do not correctly record and explain the matters, transactions, acts or operations to which they relate; or (b) a person who is required under this Act, the regulations or the prudential standards to make a record of any matter, transaction, act or operation makes it in such a way that it does not correctly record the matter, transaction, act or operation; the person commits an offence punishable on conviction by a fine not exceeding 40 penalty units. (1A) Subsection (1) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (2) In a prosecution of a person for an offence against subsection (1), it is a defence if the person proves that the person: (a) did not know; and (b) could not reasonably be expected to have known; that: (c) in the case of a prosecution for an offence against subsection (1) by virtue of paragraph (a)—the accounts, accounting records or other records to which the prosecution relates did not correctly record and explain the matters, transactions, acts or operations to which they relate; or (d) in the case of a prosecution for an offence against subsection (1) by virtue of paragraph (b)—the record to which the prosecution relates did not correctly record the matter, transaction, act or operation to which the record relates. Note: A defendant bears a legal burden in relation to the matters in subsection (2) (see section 13.4 of the Criminal Code ).", "Amendment_Count": 3, "First_Amended": "No 160 of 2000", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 160 of 2000 | No 117 of 2012 | No 4 of 2016", "History_Notes": "Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s303"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 306", "Provision_Key": "s306", "Heading": "Incorrectly keeping or making records etc.", "Text": "(1) If: (a) a person is required under this Act, the regulations or the prudential standards to keep any accounts, accounting records or other records; and (b) the person keeps those accounts or records in such a way that they do not correctly record and explain the matters, transactions, acts or operations to which they relate; the person commits an offence punishable on conviction by imprisonment for not longer than 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. (2) If: (a) a person is required under this Act, the regulations or the prudential standards to make a record of any matter, transaction, act or operation; and (b) the person makes such a record in such a way that it does not correctly record the matter, transaction, act or operation; the person commits an offence punishable on conviction by imprisonment for not longer than 12 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 3, "First_Amended": "No 31 of 2001", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 31 of 2001 | No 117 of 2012 | No 4 of 2016", "History_Notes": "Repealed and substituted by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s306"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 307", "Provision_Key": "s307", "Heading": "Incorrectly keeping records with intention of deceiving or misleading etc.", "Text": "(1) A person commits an offence if the person: (a) keeps any accounts, accounting records or other records in such a way that they: (i) do not correctly record and explain the matters, transactions, acts or operations to which they relate; or (ii) are (whether in whole or in part) illegible, indecipherable, incapable of identification or, if they are kept in the form of a data processing device, incapable of being used to reproduce information; or (b) makes a record of any matter, transaction, act or operation in such a way that it does not correctly record the matter, transaction, act or operation; or (c) alters, defaces, mutilates, falsifies, damages, removes, conceals or destroys any accounts, accounting records or other records (whether in whole or in part); or (d) does or omits to do any other act or thing to any accounts, accounting records or other records; with any of the following intentions (whether or not the person had any other intention): (e) deceiving or misleading the Regulator or a particular SIS officer; (f) hindering or obstructing the Regulator or a particular SIS officer (otherwise than in the investigation of an offence against, or arising out of, this Act or the regulations); (g) hindering or obstructing the investigation of an offence against, or arising out of, this Act or the regulations; (h) hindering, obstructing or defeating the administration, execution or enforcement of this Act, the regulations or the prudential standards; (i) defeating the purposes of this Act, the regulations or the prudential standards. (2) The offence is punishable on conviction by imprisonment for a term not exceeding 2 years.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 117 of 2012 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s307"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 308", "Provision_Key": "s308", "Heading": "Falsifying or concealing identity with intention of deceiving or misleading etc.", "Text": "(1) A person commits an offence if the person: (a) falsifies or conceals the identity of, or the address or location of a place of residence or business of, the person or another person; or (b) does or omits to do any act or thing the doing or omission of which facilitates the falsification or concealment of the identity of, or the address or location of a place of residence or business of, the person or another person; with any of the following intentions (whether or not the person had any other intention): (c) deceiving or misleading the Regulator or a particular SIS officer; (d) hindering or obstructing the Regulator or a particular SIS officer (otherwise than in the investigation of an offence against, or arising out of, this Act or the regulations); (e) hindering or obstructing the investigation of an offence against, or arising out of, this Act or the regulations; (f) hindering, obstructing or defeating the administration, execution or enforcement of this Act, the regulations or the prudential standards; (g) defeating the purposes of this Act, the regulations or the prudential standards. (2) The offence is punishable on conviction by imprisonment for a term not exceeding 2 years.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 117 of 2012 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s308"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 309", "Provision_Key": "s309", "Heading": "Object of Part", "Text": "The object of this Part is to set out rules about the power of the courts to deal with matters arising under this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s309"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 310", "Provision_Key": "s310", "Heading": "Power to grant relief", "Text": "Court may relieve liability for misconduct (1) If, in a civil proceeding against a superannuation official for official misconduct in a capacity as such a person, it appears to the court that the official is or may be liable in respect of the official misconduct, the court may, if subsection (2) is satisfied, relieve the official either wholly or partly from the liability, on such terms as the court thinks fit. Basis for granting relief (2) The court may only relieve the official from the liability if it appears to the court that: (a) the official has acted honestly; and (b) having regard to all the circumstances of the case, including those connected with the official’s appointment, he or she ought fairly to be excused for the official misconduct. Withdrawal of case from jury (3) If: (a) the case is being tried by a judge with a jury; and (b) after hearing the evidence, the judge is satisfied that relief ought to be given under subsection (1); the judge may withdraw the case in whole or in part from the jury and immediately direct judgement to be entered for the superannuation official on such terms as to costs or otherwise as the judge thinks proper. Where claim yet to be made (4) If a superannuation official has reason to believe that a claim will or might be made against the official in respect of any official misconduct in a capacity as such a person: (a) the official may apply to the Court for relief; and (b) the Court has the same power to grant relief as it would have under subsection (1) if it had been a court before which proceedings against the official for official misconduct had been brought. Definitions (5) In this section: officer , in relation to a corporate trustee, means: (a) a responsible officer or employee of the corporate trustee; or (b) a receiver, or receiver and manager, of property of the body, where the property is beneficially owned by the corporate trustee; or (c) an administrator of the corporate trustee; or (d) a liquidator or provisional liquidator of the corporate trustee; or (e) a trustee or other person administering a compromise or arrangement made between the corporate trustee and another person or other persons. official misconduct means negligence, default, breach of trust or breach of duty. superannuation official means: (a) a trustee of a superannuation entity; or (b) an officer of a corporate trustee of a superannuation entity; or (c) an auditor of a superannuation entity; or (d) an actuary of a superannuation entity. Special meaning of employee (6) The meaning of the expression employee , when used in this section, is to be determined as if subsections 12(3) and (8) of the Superannuation Guarantee (Administration) Act 1992 had not been enacted. (Those subsections deem certain contractors to be employees.)", "Amendment_Count": 2, "First_Amended": "No 144 of 1995", "Last_Amended": "No 8 of 2007", "Amending_Acts": "No 144 of 1995 | No 8 of 2007", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 8 of 2007, effective Sch 4 (items 28–30): 15 Mar 2007 (s 2(1) item 44)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s310"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 311", "Provision_Key": "s311", "Heading": "Power of Court to give directions with respect to meetings ordered by the Court", "Text": "If, under this Act, the Court orders a meeting to be convened, the Court may, subject to this Act, give such directions with respect to the convening, holding or conduct of the meeting, and such ancillary or consequential directions in relation to the meeting, as it thinks fit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s311"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 312", "Provision_Key": "s312", "Heading": "Irregularities", "Text": "Definitions (1) In this section: procedural irregularity includes: (a) the absence of a quorum at a meeting of: (i) trustees of a superannuation entity; or (ii) directors of a corporate trustee of a superannuation entity; or (iii) beneficiaries in a superannuation entity; or (iv) members of a policy committee of an employer ‑ sponsored fund; or (b) a defect, irregularity or deficiency of notice or time. proceeding under this Act means any proceeding, whether a legal proceeding or not, under this Act. Effect of irregularities on proceedings (2) A proceeding under this Act is not invalidated because of any procedural irregularity unless the Court: (a) is of the opinion that the irregularity has caused or may cause substantial injustice that cannot be remedied by any order of the Court; and (b) by order declares the proceeding to be invalid. Effect of failure to give notice etc. on meetings (3) Subject to subsection (4), none of the following: (a) a meeting held for the purposes of this Act; (b) a meeting of which notice is required to be given in accordance with this Act; (c) any proceeding at such a meeting; is invalidated only because of the accidental omission to give notice of the meeting or the non ‑ receipt by any person of notice of the meeting. Court may declare proceedings at meeting void (4) In spite of subsection (3), the Court may declare proceedings at the meeting to be void on application of: (a) the person concerned; or (b) a person entitled to attend the meeting; or (c) the Regulator. Court may make certain orders (5) Subject to the remainder of this section, but without limiting any other provision of this Act, the Court may, on application by any interested person, make all or any of the following orders (either unconditionally or subject to any conditions imposed by the Court): (a) an order declaring that: (i) any act, matter or thing purporting to have been done; or (ii) any proceeding purporting to have been instituted or taken; under this Act or in relation to a superannuation entity is not invalid because of any contravention of a provision of: (iii) this Act; or (iv) the governing rules of a superannuation entity; (b) an order relieving a person in whole or in part from any civil liability in respect of a contravention mentioned in paragraph (a); (c) an order: (i) extending the period for doing any act, matter or thing or for instituting or taking any proceeding under this Act or in relation to a superannuation entity (including extending a period if it ended before the application for the order was made); or (ii) shortening the period for doing such an act, matter or thing or for instituting or taking such a proceeding. Consequential and ancillary orders (6) The Court may also make any consequential or ancillary order that it thinks fit. Orders where offence (7) An order may be made under paragraph (5)(a) or (b) even though the contravention referred to in the paragraph concerned resulted in the commission of an offence. Restrictions on making orders (8) The Court must not make an order under this section unless it is satisfied: (a) in the case of an order referred to in paragraph (5)(a): (i) that the act, matter or thing, or the proceeding, referred to in that paragraph is essentially of a procedural nature; or (ii) that the person or persons concerned in or party to the contravention or failure acted honestly; or (iii) that it is in the public interest that the order be made; and (b) in the case of an order referred to in paragraph (5)(b)—that the person subject to the civil liability concerned acted honestly; and (c) in every case—that no substantial injustice has been or is likely to be caused to any person.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s312"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 313", "Provision_Key": "s313", "Heading": "Power of Court to prohibit payment or transfer of money or property", "Text": "Court’s power to protect interests of certain creditors etc. (1) If: (a) any of the following applies: (i) an investigation is being carried out under this Act in relation to an act or omission by a person (the contravening person ), being an act or omission that constitutes or may constitute a contravention of this Act; or (ii) a prosecution has begun against a person (also the contravening person ) for a contravention of this Act, or under the Financial Sector (Collection of Data) Act 2001 or the Financial Accountability Regime Act 2023 , in connection with a superannuation entity; or (iii) a civil proceeding has begun against a person (also the contravening person ) under this Act; and (b) the Regulator or a person (an aggrieved person ) to whom the contravening person is liable, or may become liable: (i) to pay money (whether in respect of a debt, by way of damages or compensation or otherwise); or (ii) to account for property; applies to the Court; and (c) the Court considers it necessary or desirable to do so for the purpose of protecting the interests of an aggrieved person; the Court may make one or more of the orders specified in subsection (2). Court’s power to protect the interests of beneficiaries (1A) If: (a) the Regulator is of the opinion that it is necessary for the Court to make one or more of the orders specified in subsection (2) to protect the interests of any or all of the beneficiaries of a superannuation entity; and (b) the Regulator applies to the Court for such an order in relation to a trustee of the entity; and (c) the Court considers it necessary or desirable to protect the interests of any or all of the beneficiaries; the Court may make one or more of the orders specified in subsection (2). Any reference to the contravening person is a reference to the trustee (1B) For the purposes of subsection (1A), subsection (2) has effect as if any reference to the contravening person were a reference to the trustee. Orders that Court may make (2) The orders that the Court may make are: (a) an order prohibiting a person who is indebted to the contravening person or to an associate of the contravening person from making a payment in total or partial discharge of the debt to: (i) the contravening person or associate; or (ii) another person at the direction or request of the contravening person or associate; (b) an order prohibiting a person holding money or property on behalf of the contravening person or of an associate of the contravening person from: (i) paying all or any of the money; or (ii) transferring or otherwise parting with possession of the property; to: (iii) the contravening person or associate; or (iv) another person at the direction or request of the contravening person or associate; (c) an order prohibiting the taking or sending out of Australia by a person of money of the contravening person or of an associate of the contravening person; (d) an order prohibiting the taking, sending or transfer by a person of property of the contravening person, or of an associate of the contravening person from a place in Australia to a place outside Australia (including the transfer of interests from a register in Australia to a register outside Australia); (e) an order appointing: (i) if the contravening person is an individual—a receiver or trustee, having such powers as the Court orders, of the property or of part of the property of that person; or (ii) if the contravening person is a body corporate—a receiver or receiver and manager, having such powers as the Court orders, of the property or of part of the property of that person; (f) if the contravening person is an individual—an order requiring that person to deliver up to the Court his or her passport and such other documents as the Court thinks fit; (g) if the contravening person is an individual—an order prohibiting that person from leaving Australia without the consent of the Court. Property in (2)(d) or (e) (3) A reference in paragraph (2)(d) or (e) to property of a person includes a reference to property that the person holds otherwise than as sole beneficial owner, for example: (a) as trustee for, as nominee for, or otherwise on behalf of or on account of, another person; or (b) in a fiduciary capacity. Purpose of subsection (3) (4) Subsection (3) is to avoid doubt, is not to limit the generality of anything in subsection (1) and is not to affect by implication the interpretation of any other provision of this Act. Absolute or conditional orders (5) An order made under subsection (1) or (1A) prohibiting conduct may prohibit the conduct either absolutely or subject to conditions. Interim orders (6) If an application is made to the Court for an order under subsection (1) or (1A), the Court may, if in the opinion of the Court it is desirable to do so, before considering the application, grant an interim order (being an order of the kind applied for that is expressed to have effect pending the determination of the application). Damages undertakings (7) On an application under subsection (1) or (1A), the Court must not require the applicant or any other person, as a condition of granting an interim order under subsection (6), to give an undertaking as to damages. Further orders (8) If the Court has made an order under this section on a person’s application, the Court may, on application by that person or by any person affected by the order, make a further order discharging or varying the first ‑ mentioned order. Period of order (9) An order made under subsection (1), (1A) or (6) may be expressed to operate for a specified period or until the order is discharged by a further order under this section. Court’s other powers not affected (10) This section does not affect the powers that the Court has apart from this section. Section subject to Bankruptcy Act (11) This section has effect subject to the Bankruptcy Act 1966 . Offence to contravene orders (12) A person who intentionally or recklessly contravenes an order by the Court under this section that is applicable to the person commits an offence punishable on conviction by imprisonment for a term of not more than 6 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 8, "First_Amended": "No 144 of 1995", "Last_Amended": "No 68 of 2023", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 31 of 2001 | No 117 of 2001 | No 121 of 2001 | No 53 of 2004 | No 4 of 2016 | No 68 of 2023", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 68 of 2023, effective Sch 1 (items 85–93) and Sch 2 (items 1, 28): 15 Sept 2023 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s313"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 314", "Provision_Key": "s314", "Heading": "Court may order the disclosure of information or the publication of advertisements—contravention of provisions relating to issue of superannuation interests etc.", "Text": "(1) If a person (the alleged offender ) has engaged, is engaging or is proposing to engage in conduct in contravention of Part 19, the Court may, on the Regulator’s application, make an order or orders under either or both of subsections (2) and (3). (2) The Court may make an order: (a) requiring the alleged offender, or a person involved in the contravention, to disclose information to: (i) the public; or (ii) a specified person; or (iii) persons included in a specified class of persons; and (b) specifying the information, or the kind of information, that is to be disclosed, being information: (i) in the possession of the person to whom the order is directed; or (ii) to which that person has access; and (c) specifying the way in which it is to be disclosed. (3) The Court may make an order: (a) requiring the alleged offender, or a person involved in the contravention, to publish advertisements and pay the expenses; and (b) specifying the terms of the advertisements, or the way in which the terms of the advertisements are to be determined; and (c) specifying the way in which, and times at which, the advertisements are to be published. (4) A person who intentionally or recklessly contravenes an order under subsection (2) or (3) commits an offence punishable on conviction by imprisonment for a term of not more than 6 months. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 5, "First_Amended": "No 54 of 1998", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 54 of 1998 | No 31 of 2001 | No 117 of 2001 | No 123 of 2001 | No 4 of 2016", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4)) | Amended by No 117 of 2001, effective s 4 and Sch 2 (items 35–54): 15 Dec 2001 (s 2(1), (4)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s314"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 315", "Provision_Key": "s315", "Heading": "Injunctions", "Text": "Restraining injunctions (1) If a person (the perpetrator ) has engaged, is engaging or is proposing to engage, in conduct that constituted, constitutes or would constitute: (a) a contravention of this Act, a condition imposed on an RSE licence or a direction given under this Act; or (b) attempting to contravene this Act, a condition imposed on an RSE licence or a direction given under this Act; or (c) aiding, abetting, counselling or procuring a person to contravene this Act, a condition imposed on an RSE licence or a direction given under this Act; or (d) inducing or attempting to induce, whether by threats, promises or otherwise, a person to contravene this Act, a condition imposed on an RSE licence or a direction given under this Act; or (e) being in any way, directly or indirectly, knowingly concerned in, or party to, the contravention by a person of this Act, a condition imposed on an RSE licence or a direction given under this Act; or (f) conspiring with others to contravene this Act, a condition imposed on an RSE licence or a direction given under this Act; the Court may grant an injunction in accordance with subsection (2). Nature of injunction (2) If granted, the injunction: (a) is to restrain the perpetrator from engaging in the conduct; and (b) if in the opinion of the Court it is desirable to do so, may also require that person to do any act or thing. The Court may only grant the injunction on the application of the Regulator, or of a person whose interests have been, are, or would be, affected by the conduct and may grant it on such terms as the Court thinks appropriate. Performance injunctions (3) If a person (the unwilling person ) has refused or failed, is refusing or failing, or is proposing to refuse or fail, to do an act or thing that the person is required by this Act, a condition imposed on an RSE licence or a direction given under this Act to do, the Court may, on the application of: (a) the Regulator; or (b) any person whose interests have been, are or would be affected by the refusal or failure to do that act or thing; grant an injunction, on such terms as the Court thinks appropriate, requiring the unwilling person to do that act or thing. Consent injunctions (4) If an application for an injunction under subsection (1) or (3) has been made, the Court may, if the Court determines it to be appropriate, grant an injunction by consent of all the parties to the proceedings, whether or not the Court is satisfied that that subsection applies. Interim injunctions (5) If in the opinion of the Court it is desirable to do so, the Court may grant an interim injunction pending determination of an application under subsection (1). Variation or discharge of injunctions (6) The Court may discharge or vary an injunction granted under this section. Restraining injunctions (7) The power of the Court to grant an injunction restraining a person from engaging in conduct may be exercised: (a) whether or not it appears to the Court that the person intends to engage again, or to continue to engage, in conduct of that kind; and (b) whether or not the person has previously engaged in conduct of that kind; and (c) whether or not there is an imminent danger of substantial damage to any person if the first ‑ mentioned person engages in conduct of that kind. Performance injunctions (8) The power of the Court to grant an injunction requiring a person to do an act or thing may be exercised: (a) whether or not it appears to the Court that the person intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; and (b) whether or not the person has previously refused or failed to do that act or thing; and (c) whether or not there is an imminent danger of substantial damage to any person if the first ‑ mentioned person refuses or fails to do that act or thing. Damages undertakings (9) If the Regulator applies to the Court for the grant of an injunction under this section, the Court must not require the applicant or any other person, as a condition of granting an interim injunction, to give an undertaking as to damages. Section 313 orders (10) In proceedings under this section against a person the Court may make an order under section 313 in respect of the person. Damages orders (11) If the Court has power under this section to grant an injunction restraining a person from engaging in particular conduct, or requiring a person to do a particular act or thing, the Court may, either in addition to or in substitution for the grant of the injunction, order that person to pay damages to any other person. This section extends Federal Court’s powers (11A) The powers this section gives the Court are additional to (and do not limit) it’s other powers. Definition (12) In this section: do an act or thing includes: (a) give effect to a determination made under the AFCA scheme; or (b) reconsider a matter in accordance with a determination made under that scheme.", "Amendment_Count": 4, "First_Amended": "No 54 of 1998", "Last_Amended": "No 135 of 2020", "Amending_Acts": "No 54 of 1998 | No 75 of 2009 | No 13 of 2018 | No 135 of 2020", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 75 of 2009, effective Sch 1 (item 221): 27 Feb 2010 (s 2(1) item 2) Sch 2 (items 9–12, 14): 28 Aug 2009 (s 2(1) item 3) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s315"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 316", "Provision_Key": "s316", "Heading": "Effect of sections 313, 314 and 315", "Text": "Nothing in any one of section 313, 314 or 315 limits the generality of anything else in any other of those sections.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s316"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 317", "Provision_Key": "s317", "Heading": "Power of Court to punish for contempt of court", "Text": "Nothing in a provision of this Act that provides: (a) that a person must not contravene an order of the Court; or (b) that a person who contravenes an order of the Court contravenes a provision of this Act or commits an offence; affects the powers of the Court in relation to the punishment of contempts of the Court.", "Amendment_Count": 1, "First_Amended": "No 4 of 2016", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 4 of 2016", "History_Notes": "Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s317"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 318", "Provision_Key": "s318", "Heading": "Court may resolve transitional difficulties", "Text": "(1) If any difficulty: (a) arises in applying a provision of this Act in relation to a particular case in relation to which, if this Act had not been enacted, a provision of another law corresponding to the first ‑ mentioned provision would have applied; or (b) arises, because of a provision of this Act, in applying, in relation to a particular case, another provision of this Act or a provision of another law corresponding to another provision of this Act; the Court may, on the application of an interested person, make such order as it thinks proper to remove the difficulty. (2) An order under this section has effect despite anything in a provision of this Act. (3) This section has effect subject to the Constitution.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s318"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 319", "Provision_Key": "s319", "Heading": "Object of Part", "Text": "The object of this Part is to set out various rules about court proceedings.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s319"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 320", "Provision_Key": "s320", "Heading": "Power of Regulator to intervene in proceedings", "Text": "(1) The Regulator may intervene in any proceeding relating to a matter arising under this Act. (2) If the Regulator intervenes in a proceeding referred to in subsection (1), the Regulator is taken to be a party to the proceeding and, subject to this Act, has all the rights, duties and liabilities of such a party. (3) Without limiting the generality of subsection (2), the Regulator may appear and be represented in any proceeding in which he or she wishes to intervene under subsection (1): (a) by a member of the staff of the Regulator; or (b) by an individual to whom, or by an officer or employee of a person or body to whom or to which, the Regulator has delegated its functions and powers under this Act or such of those functions and powers as relate to a matter to which the proceeding relates; or (c) by solicitor or counsel. Note: For the definition of Regulator , see subsection 10(1).", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 54 of 1998 | No 108 of 2011 | No 23 of 2018", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 108 of 2011, effective Sch 1 (items 8–16, 20, 21): 1 Nov 2011 (s 2(1) item 2) | Amended by No 23 of 2018, effective Sch 1 (items 68–71): 1 Apr 2018 (s 2(1) item 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) Sch 4 (items 11–23): 1 July 2018 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s320"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 321", "Provision_Key": "s321", "Heading": "Civil proceedings not to be stayed", "Text": "No civil proceedings under this Act are to be stayed merely because the proceeding discloses, or arises out of, the commission of an offence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s321"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 322", "Provision_Key": "s322", "Heading": "Standard of proof", "Text": "Where subsection (2) applies (1) Subsection (2) applies if, in proceedings other than proceedings for an offence, it is necessary to establish, or for the Court to be satisfied, for any purpose relating to a matter arising under this Act, that: (a) a person has contravened a provision of this Act; or (b) default has been made in complying with a provision of this Act; or (c) an act or omission was unlawful under a provision of this Act; or (d) a person has been in any way, by act or omission, directly or indirectly, knowingly concerned in or party to a contravention of, or a default in complying with, a provision of this Act. Matters to be established etc. on balance of probabilities (2) It is sufficient if the matter referred to in paragraph (1)(a), (b), (c) or (d) is established, or the Court is so satisfied, as the case may be, on the balance of probabilities.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s322"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 323", "Provision_Key": "s323", "Heading": "Relief from civil liability for contravention of certain provisions", "Text": "Proceedings to which this section applies (1) This section applies to: (a) eligible proceedings (within the meaning of section 221); and (b) proceedings under subsection 55(3). Defences (2) Subject to subsection (4), in proceedings against a person (the defendant ) in respect of a contravention, it is a defence if the defendant establishes: (a) that the contravention was due to reasonable mistake; or (b) that the contravention was due to reasonable reliance on information supplied by another person; or (c) that: (i) the contravention was due to: (A) the act or default of another person; or (B) an accident; or (C) some other cause beyond the defendant’s control; and (ii) the defendant took reasonable precautions and exercised due diligence to avoid the contravention. Meaning of another person (3) For the purposes of the application of subsection (2) to the defendant, a reference to another person does not include a person who was, at the time when the contravention occurred: (a) in any case—a servant or agent of the defendant; or (b) if the defendant is a body corporate—a director, servant or agent of the defendant. Notice to be given about reliance on defence (4) If a defence provided by subsection (2) involves an allegation that a contravention was due to: (a) reliance on information supplied by another person; or (b) the act or default of another person; the defendant is not entitled to rely on that defence unless: (c) the court grants leave; or (d) both: (i) the defendant has served on the person by whom the proceedings were instituted a written notice giving such information: (A) that would identify, or assist in the identification of, the other person; and (B) as was then in the defendant’s possession; and (ii) that notice is served not later than 7 days before the day on which the hearing of the proceedings begins.", "Amendment_Count": 3, "First_Amended": "No 123 of 2001", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 123 of 2001 | No 61 of 2013 | No 40 of 2019", "History_Notes": "Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s323"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 324", "Provision_Key": "s324", "Heading": "Evidence of contravention", "Text": "For the purposes of this Act, a certificate that: (a) purports to be signed by the Registrar or other proper officer of an Australian court; and (b) states that: (i) a person was convicted by that court on a specified day of a specified offence; or (ii) a person charged before that court with a specified offence was, on a specified day, found in that court to have committed the offence but that the court did not proceed to convict the person of the offence; is, unless it is proved that the conviction was quashed or set aside, or that the finding was set aside or reversed, as the case may be, conclusive evidence: (c) if subparagraph (b)(i) applies—that the person was convicted of the offence on that day; and (d) if the offence was constituted by a contravention of a provision of a law—that the person contravened that provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s324"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 324A", "Provision_Key": "s324a", "Heading": "Time for instituting criminal proceedings", "Text": "Despite anything in any other law, proceedings for an offence against a provision of this Act may be instituted within the period of 5 years after the act or omission alleged to constitute the offence or, with the Minister’s consent, at any later time.", "Amendment_Count": 1, "First_Amended": "No 160 of 2000", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 160 of 2000", "History_Notes": "Inserted by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s324A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 324B", "Provision_Key": "s324b", "Heading": "Instituting criminal proceedings", "Text": "(1) Proceedings before the Federal Court of Australia for an offence against a provision of this Act must not be instituted except with the written consent of the Minister, or of a person authorised in writing by the Minister to give such consents. (2) Subsection (1) does not apply to proceedings instituted by the Regulator or a person authorised in writing by the Regulator. (3) Nothing in this section affects the operation of the Director of Public Prosecutions Act 1983 .", "Amendment_Count": 1, "First_Amended": "No 41 of 2024", "Last_Amended": "No 41 of 2024", "Amending_Acts": "No 41 of 2024", "History_Notes": "Inserted by No 41 of 2024, effective sch 1 (items 11, 12): 12 June 2024 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s324B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 325", "Provision_Key": "s325", "Heading": "Vesting of property", "Text": "(1) If an order is made by a court under this Act vesting property in a person: (a) subject to subsections (2) and (3), the property immediately vests in law and in equity in the person named in the order by force of this Act; and (b) if the order is made by a court—the person who applied for the order must, within 7 days after the entering of the order, lodge an office copy of the order with such person (if any) as is specified in the order. (2) If: (a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and (b) that law enables the registration of such an order; the property does not vest in that person at law until the requirements of the law referred to in paragraph (a) have been complied with. (3) If: (a) the property is of a kind whose transfer or transmission may be registered under a law of the Commonwealth, of a State or of a Territory; and (b) that law enables the person named in the order to be registered as the owner of that property; the property does not vest in that person at law until the requirements of the law referred to in paragraph (b) have been complied with.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s325"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 326", "Provision_Key": "s326", "Heading": "Object of Part", "Text": "The object of this Part is to empower the Regulator to grant exemptions from, and make modifications of, certain provisions of this Act and the regulations.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 108 of 2011", "Amending_Acts": "No 54 of 1998 | No 123 of 2001 | No 108 of 2011", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 108 of 2011, effective Sch 1 (items 8–16, 20, 21): 1 Nov 2011 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s326"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 327", "Provision_Key": "s327", "Heading": "Interpretation", "Text": "In this Part: modifiable provision means any of the following: (a) a provision of Part 2A, 2B or 3; (c) section 54; (d) subsection 63(7B), (7C) or (7D); (e) a provision of Part 9; (g) a provision of Part 19 or 24; (h) a provision of any regulations made for the purposes of a provision referred to in paragraphs (a) to (g). Note: For the definition of Regulator , see subsection 10(1).", "Amendment_Count": 8, "First_Amended": "No 128 of 1999", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 128 of 1999 | No 123 of 2001 | No 53 of 2004 | No 154 of 2007 | No 108 of 2011 | No 12 of 2012 | No 61 of 2013 | No 23 of 2018", "History_Notes": "Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2)) | Amended by No 123 of 2001, effective Sch 1 (items 282–285, 287–289, 326–341) and Sch 2 (items 8, 11–48): 11 Mar 2002 (s 2(1), (6), (9A), (18)(a)) Sch 1 (items 286, 290–325C): never commenced (s 2(9A), (10)) Sch 2 (items 9, 10): 1 July 2002 (s 2(1), (21)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 108 of 2011, effective Sch 1 (items 8–16, 20, 21): 1 Nov 2011 (s 2(1) item 2) | Amended by No 12 of 2012, effective Sch 1 (items 11–19): 22 Mar 2012 (s 2(1) item 2) Sch 6 (item 23, 193–199, 204–211): 21 Mar 2012 (s 2(1) items 10, 31) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 23 of 2018, effective Sch 1 (items 68–71): 1 Apr 2018 (s 2(1) item 8) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) Sch 4 (items 11–23): 1 July 2018 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s327"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 328", "Provision_Key": "s328", "Heading": "Regulator’s powers of exemption—modifiable provisions", "Text": "(1) The Regulator may, in writing, exempt from compliance with any or all of the modifiable provisions: (a) a particular person or a class of persons; or (b) a particular group of individual trustees or a class of groups of individual trustees. (2) An exemption that applies to a particular person or group is not a legislative instrument. (3) Otherwise, an exemption is a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s328"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 330", "Provision_Key": "s330", "Heading": "Regulator’s powers of exemption—general issues", "Text": "(1) An exemption under this Part may be made either generally or as otherwise provided in the exemption. (2) An exemption under this Part may be unconditional or subject to conditions specified in the exemption. (3) Without limiting this section, an exemption under this Part may relate to a particular superannuation entity or class of superannuation entities.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s330"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 331", "Provision_Key": "s331", "Heading": "Enforcement of conditions to which exemption is subject", "Text": "(1) A person must not, without reasonable excuse, contravene a condition of an exemption under this Part. Penalty: 5 penalty units. (1A) Subsection (1) is an offence of strict liability. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: For strict liability , see section 6.1 of the Criminal Code . (2) If a person has contravened a condition of an exemption under this Part, the Court may, on the application of the Regulator, order the person to comply with the condition.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 160 of 2000", "Amending_Acts": "No 54 of 1998 | No 160 of 2000", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s331"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 332", "Provision_Key": "s332", "Heading": "Regulator’s powers of modification—modifiable provisions", "Text": "(1) The Regulator may, in writing, declare that a modifiable provision is to have effect, as if it were modified as specified in the declaration, in relation to: (a) a particular person or class of persons; or (b) a particular group of individual trustees or a class of groups of individual trustees. (2) A declaration that applies to a particular person or group is not a legislative instrument. (3) Otherwise, a declaration is a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s332"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 334", "Provision_Key": "s334", "Heading": "Regulator’s powers of modification—general issues", "Text": "(1) A declaration under this Part may have effect either generally or as otherwise provided in the declaration. (2) Without limiting this section, a declaration under this Part may relate to a particular superannuation entity or class of superannuation entities.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s334"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 335", "Provision_Key": "s335", "Heading": "Variation and revocation of exemptions and modifications", "Text": "The Regulator may, in writing, vary or revoke an exemption or declaration under this Part.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s335"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 336", "Provision_Key": "s336", "Heading": "Notice of exemptions and modifications", "Text": "If the Regulator: (a) makes an exemption or modification under this Part that applies to a particular person or a particular group of individual trustees; or (b) varies or revokes such an exemption or modification; the Regulator must also notify the person or group in writing of the making, variation or revocation.", "Amendment_Count": 2, "First_Amended": "No 54 of 1998", "Last_Amended": "No 154 of 2007", "Amending_Acts": "No 54 of 1998 | No 154 of 2007", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Repealed and substituted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s336"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 336F", "Provision_Key": "s336f", "Heading": "Self ‑ incrimination", "Text": "(1) A person is not excused from complying with a requirement under this Act or the Financial Sector (Collection of Data) Act 2001 to give information to the Regulator on the ground that doing so would tend to incriminate the person or make the person liable to a penalty. (2) However, if the person is an individual, the information given by the individual in compliance with the requirement is not admissible in evidence against the individual in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information, if: (a) before giving the information, the individual claims that giving the information might tend to incriminate the individual or make the individual liable to a penalty; and (b) giving the information might in fact tend to incriminate the individual or make the individual liable to a penalty. (3) This section does not apply in relation to a requirement under section 129, 129A, 130 or 130AA or under Part 25. Note 1: See section 130B in relation to requirements under section 129 , 129A, 130 or 130AA. Note 2: See section 287 in relation to requirements under Part 25.", "Amendment_Count": 3, "First_Amended": "No 154 of 2007", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 154 of 2007 | No 135 of 2020 | No 29 of 2023", "History_Notes": "Inserted by No 154 of 2007, effective Sch 1 (items 136–155, 294–296), Sch 2 (items 3–21), Sch 3 (items 4–12, 14) and Sch 4 (items 57–73): 24 Sept 2007 (s 2(1) items 2, 6, 7) Sch 1 (items 239–244): 1 Jan 2008 (s 2(1) item 3) Sch 1 (items 246–255): 24 Sept 2008 (s 2(1) item 4) | Amended by No 135 of 2020, effective Sch 8: 1 July 2021 (s 2(1) item 9) Sch 9 (items 1–27, 61–66): 1 Jan 2021 (s 2(1) item 10) | Amended by No 29 of 2023, effective Sch 6 (items 192–270): 1 July 2023 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s336F"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 337", "Provision_Key": "s337", "Heading": "Object of Part", "Text": "The object of this Part is to set out miscellaneous rules about various matters relating to the operation of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s337"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 337A", "Provision_Key": "s337a", "Heading": "Trustee may give effect to award made under arbitration agreement", "Text": "If: (a) the former Superannuation Complaints Tribunal made an award in an arbitration conducted under an arbitration agreement entered into under the former Part 7A of the Superannuation (Resolution of Complaints) Act 1993 ; and (b) the award is still in force; nothing in this Act or any other law of the Commonwealth, in any law of a State or Territory (whether written or unwritten) or in the governing rules of a fund, scheme or trust prevents a trustee of a fund, scheme or trust from giving effect to the award.", "Amendment_Count": 3, "First_Amended": "No 118 of 1998", "Last_Amended": "No 13 of 2018", "Amending_Acts": "No 118 of 1998 | No 116 of 2003 | No 13 of 2018", "History_Notes": "Inserted by No 118 of 1998, effective Sch 2: 11 Dec 1998 (s 2) | Repealed and substituted by No 116 of 2003, effective Sch 6: 28 Nov 2003 (s 2(1) item 8) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 20–25, 31(1), 43, 44) and Sch 2 (items 8–11): 6 Mar 2018 (s 2(1) items 2, 4, 5, 7) Sch 3 (items 20–29, 32): 5 Mar 2022 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s337A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 338", "Provision_Key": "s338", "Heading": "Conduct by directors, servants and agents", "Text": "State of mind of body corporate (1) If, in proceedings for an offence against this Act, it is necessary to establish the state of mind of a body corporate in relation to particular conduct, it is sufficient to show: (a) that the conduct was engaged in by a director, servant or agent of the body corporate within the scope of actual or apparent authority; and (b) that the director, servant or agent had the state of mind. Conduct of director, servant or agent (2) Subject to subsection (3), any conduct engaged in on behalf of a body corporate by a director, servant or agent of the body corporate within the scope of his or her actual or apparent authority is taken, for the purposes of a prosecution for an offence against this Act, to have been engaged in also by the body corporate. Exception to (2) (3) Subsection (2) does not apply if the body corporate establishes that it took reasonable precautions and exercised due diligence to avoid the conduct. State of mind of individual (4) If, in proceedings for an offence against this Act, it is necessary to establish the state of mind of an individual in relation to particular conduct, it is sufficient to show: (a) that the conduct was engaged in by a servant or agent of the individual within the scope of actual or apparent authority; and (b) that the servant or agent had the state of mind. Conduct of servant or agent (5) Subject to subsection (6), any conduct engaged in on behalf of an individual by a servant or agent of the individual within the scope of his or her actual or apparent authority is taken, for the purposes of a prosecution for an offence against this Act, to have been engaged in also by the individual. Exception to (5) (6) Subsection (5) does not apply if the individual establishes that he or she took reasonable precautions and exercised due diligence to avoid the conduct. No imprisonment in (4) or (5) cases (7) If: (a) an individual is convicted of an offence; and (b) the individual would not have been convicted of the offence if subsections (4) and (5) had not been enacted; the individual is not liable to imprisonment for that offence. Reference to state of mind (8) A reference in subsection (1) or (4) to the state of mind of a person includes a reference to: (a) the knowledge, intention, opinion, belief or purpose of the person; and (b) the person’s reasons for the intention, opinion, belief or purpose. Reference to director (9) A reference in this section to a director of a body corporate includes a reference to a constituent member of, or to a member of a board or other group of persons administering or managing the affairs of, a body corporate incorporated for a public purpose by a law of the Commonwealth, of a State or of a Territory. Reference to engaging in conduct (10) A reference in this section to engaging in conduct includes a reference to failing or refusing to engage in conduct. Reference to offence against this Act (11) A reference in this section to an offence against this Act includes a reference to: (a) an offence created by the regulations; and (b) an offence created by section 6 of the Crimes Act 1914 , being an offence that relates to this Act or the regulations. Part 2.5 of the Criminal Code not to apply (12) Part 2.5 of the Criminal Code does not apply in relation to an offence against this Act.", "Amendment_Count": 1, "First_Amended": "No 31 of 2001", "Last_Amended": "No 31 of 2001", "Amending_Acts": "No 31 of 2001", "History_Notes": "Amended by No 31 of 2001, effective Sch 1 (items 171, 172): 18 Jan 2001 (s 2(2)) Sch 1 (items 173–239): 15 Dec 2001 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s338"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 338A", "Provision_Key": "s338a", "Heading": "Liability of trustees required to ensure thing occurs", "Text": "A person who is a member of a group of individual trustees is not liable under any offence of strict liability or civil penalty provision of this Act or the regulations in respect of any contravention resulting from a failure by the person to ensure that a particular thing occurs if the person proves that he or she: (a) made all inquiries (if any) that were reasonable in the circumstances; and (b) after doing so, believed on reasonable grounds that his or her obligations were being complied with. Note: In a prosecution for an offence of strict liability against a provision of this Act or the regulations, a defendant bears a legal burden in relation to the matters in this section (see section 13.4 of the Criminal Code ).", "Amendment_Count": 1, "First_Amended": "No 53 of 2004", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 53 of 2004", "History_Notes": "Inserted by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s338A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 339", "Provision_Key": "s339", "Heading": "Conviction does not relieve defendant from civil liability", "Text": "(1) A person is not relieved from any liability to any other person merely because the person has been convicted of an offence against this Act. (2) This section does not apply in relation to a contravention of a civil penalty provision. (3) In this section: offence against this Act has the same meaning as in section 338.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s339"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 341", "Provision_Key": "s341", "Heading": "Civil immunity where defendant was complying with this Act", "Text": "A person is not liable in a civil action or civil proceeding in relation to an act done in fulfilment of an obligation imposed by this Act, the regulations or the prudential standards.", "Amendment_Count": 1, "First_Amended": "No 117 of 2012", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 117 of 2012", "History_Notes": "Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s341"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 342", "Provision_Key": "s342", "Heading": "Pre ‑ 1 July 88 funding credits and debits", "Text": "(1) A trustee of a fund may apply to APRA for a pre ‑ 1 July 88 funding credit. (2) If an application is made for a pre ‑ 1 July 88 funding credit, APRA must give a written notice to the applicant granting a pre ‑ 1 July 88 funding credit of a specified amount if APRA is satisfied that: (a) the amount consists of, or is the total of, amounts that, under the regulations, are treated as pre ‑ 1 July 88 funding amounts; and (b) paragraph 23(jaa) or section 23FC of the Income Tax Assessment Act, as in force immediately before the commencement of the Taxation Laws Amendment Act (No. 2) 1989 , would have applied to the fund in relation to the 1987 ‑ 88 year of income, if the amendments made by that last ‑ mentioned Act had not been made. (3) An application: (a) must be in the approved form; and (b) must be made on or before the day ascertained in accordance with the regulations; and (c) must contain such information relating to the fund as is required by the form to be provided; and (d) must be accompanied by: (i) such certificates and other documents as the form requires; and (ii) the prescribed application fee. (4) If: (a) a prescribed event has occurred (whether before or after the commencement of this section) in relation to a fund, being an event that relates to: (i) the membership of the fund; or (ii) benefits provided by the fund; and (b) a trustee of the fund fails to notify APRA of the event within the time and in the manner prescribed; APRA must give written notice to a trustee of the fund accordingly. (5) Regulations made for the purposes of paragraph (4)(b) may: (a) require a notification to be accompanied by such information as is prescribed; and (b) enable APRA to grant an extension of time for lodging a notification. (6) If: (a) an event prescribed for the purposes of paragraph (4)(a) has occurred (whether before or after the commencement of this section) in relation to a fund; and (b) a trustee of the fund notifies APRA of the event as and when required by regulations made for the purposes of paragraph (4)(b); and (c) APRA is satisfied that, in accordance with the regulations, a pre ‑ 1 July 88 funding debit of a particular amount should arise in relation to the fund; APRA may give to a trustee of the fund a written notice granting the trustee of the fund a pre ‑ 1 July 88 funding debit of that amount. (7) The regulations may make provision for and in relation to the transfer of pre ‑ 1 July 88 funding credits between funds. (8) Without limiting the generality of subsection (7), the regulations made for the purposes of that subsection must make provision for: (a) the giving by APRA of a notice approving the transfer of a pre ‑ 1 July 88 funding credit of a fund to another fund; and (b) the revocation of such a notice; and (c) requiring notification of such a revocation and of the reasons for the revocation. (9) If: (a) APRA has, under subsection (2) or (6), given a notice to a trustee of a fund; and (b) APRA, after considering information that was not previously considered by APRA, ceases to be satisfied as mentioned in the subsection concerned; APRA must give written notice to a trustee of the fund revoking the notice. (10) If APRA refuses an application under subsection (1), APRA must give written notice to the applicant of the refusal. (11) A notice under subsection (9) or (10) must set out the reasons for the revocation or refusal, as the case requires. (12) APRA must give to the Commissioner of Taxation particulars of all notices given under this section or under regulations made for the purposes of subsection (7). (13) In this section: fund means a superannuation fund.", "Amendment_Count": 3, "First_Amended": "No 169 of 1995", "Last_Amended": "No 53 of 2004", "Amending_Acts": "No 169 of 1995 | No 54 of 1998 | No 53 of 2004", "History_Notes": "Amended by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s342"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 343", "Provision_Key": "s343", "Heading": "Rules against perpetuities not to apply to superannuation entity", "Text": "The rules of law relating to perpetuities do not apply, and are taken never to have applied, to the trusts of any superannuation entity, whether the entity was established before, or is established after, the commencement of this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s343"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 344", "Provision_Key": "s344", "Heading": "Review of certain decisions", "Text": "Request for review (1) A person who is affected by a reviewable decision of the Regulator or the Registrar may, if dissatisfied with the decision, request the decision maker to reconsider the decision. How request must be made (2) The request must be made by written notice given to the decision maker within the period of 21 days after the day on which the person first receives notice of the decision, or within such further period as the decision maker allows. (2A) If the Registrar is the decision maker, the request must meet any requirements of the data standards. Request must set out reasons (3) The request must set out the reasons for making the request. Decision maker to reconsider decision (4) Upon receipt of the request, the decision maker must reconsider the decision and may, subject to subsection (5), confirm or revoke the decision or vary the decision in such manner as the decision maker thinks fit. Deemed confirmation of decision if delay (5) If the decision maker does not confirm, revoke or vary a decision before the end of the period of 60 days after the day on which the decision maker received the request under subsection (1) to reconsider the decision, the decision maker is taken, at the end of that period, to have confirmed the decision under subsection (4). Notice of Decision maker’s action (6) If the decision maker confirms, revokes or varies a decision before the end of the period referred to in subsection (5), the decision maker must give written notice to the person telling the person: (a) the result of the reconsideration of the decision; and (b) the reasons for confirming, varying or revoking the decision, as the case may be. Notice to Commissioner of Taxation if Regulator is decision maker (7) If the Regulator is the decision maker and the Regulator gives a notice to a person under subsection (6) telling the person that a decision under section 40 has been revoked or varied, the Regulator must give to the Commissioner of Taxation particulars of the notice. ART review (8) Applications may be made to the Administrative Review Tribunal for review of decisions that have been confirmed or varied under subsection (4). Continued operation of decision despite request for review (10) If a request is made under subsection (1) in respect of a reviewable decision, section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the Administrative Review Tribunal Act 2024 applies as if the making of the request were the making of an application to the Administrative Review Tribunal for a review of that decision. (11) An order must not be made under subsection 32(2) of the Administrative Review Tribunal Act 2024 in respect of a reviewable decision except by the Administrative Review Tribunal. Only trustees affected by certain reviewable decisions (12) For the purposes of this section and section 345, a person is taken not to be affected by a reviewable decision (other than a reviewable decision covered by paragraph (dd), (de), (df), (dg), (dl), (dm), (dn), (doa), (dob), (dod), (q), (qa), (qb), (r), (ra), (rb), (rc), (rd), (re), (rf), (rg), (rh), (ri), (s), (t), (ua) or (ub) of the definition of reviewable decision in section 10) unless the person is a trustee of a superannuation entity that is affected by the decision.", "Amendment_Count": 11, "First_Amended": "No 144 of 1995", "Last_Amended": "No 14 of 2025", "Amending_Acts": "No 144 of 1995 | No 54 of 1998 | No 160 of 2000 | No 53 of 2004 | No 25 of 2008 | No 91 of 2012 | No 158 of 2012 | No 61 of 2013 | No 141 of 2020 | No 38 of 2024 | No 14 of 2025", "History_Notes": "Amended by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 25 of 2008, effective Sch 1 (items 41–70), Sch 2 (items 26, 27), Sch 3 (items 32–38) and Sch 4 (items 38–43): 26 May 2008 (s 2(1) items 2, 5, 6, 11) | Amended by No 91 of 2012, effective Sch 1 (items 2, 9–17, 20): 29 June 2012 (s 2(1) items 2, 4) Sch 1 (items 18, 19): 9 Sept 2012 (s 2(1) item 3) | Amended by No 158 of 2012, effective Sch 2 (items 1–68, 70–75) and Sch 4 (items 8–18): 31 Jan 2013 (s 2(1) items 5, 8) Sch 4 (items 1–7, 19–24, 54–72): 29 Nov 2012 (s 2(1) items 7, 9, 10) | Amended by No 61 of 2013, effective Sch 1 (items 27–37, 43, 48–70, 72–115, 117, 126, 127): 1 July 2013 (s 2(1) items 16, 18, 20–22, 24–26, 28, 32) Sch 1 (items 38–42B, 44–47, 116, 118, 119): 27 June 2013 (s 2(1) items 17, 19, 27, 29) Sch 1 (items 47A, 119A–119C): 1 Jan 2013 (s 2(1) items 19A, 29A) Sch 1 (item 71): never commenced (s 2(1) item 23) Sch 1 (items 129, 130): 26 June 2013 (s 2(1) item 33) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 38 of 2024, effective Sch 1 (items 46, 71): 14 Oct 2024 (s 2(1) item 2) | Amended by No 14 of 2025, effective sch 2 (item 36): 21 Feb 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s344"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 345", "Provision_Key": "s345", "Heading": "Statements to accompany notification of decisions", "Text": "(1) If a written notice is given to a person affected by a reviewable decision telling the person that the reviewable decision has been made, that notice is to include a statement to the effect that: (a) the person may, if dissatisfied with the decision, seek a reconsideration of the decision by the Regulator or the Registrar, as the case may be, in accordance with subsection 344(1); and (b) the person may, subject to the Administrative Review Tribunal Act 2024 , if dissatisfied with a decision made by the Regulator or the Registrar, as the case may be, upon that reconsideration confirming or varying the first ‑ mentioned decision, make application to the Administrative Review Tribunal for review of the decision so confirmed or varied. (2) If the Regulator or the Registrar confirms or varies a reviewable decision under subsection 344(4) and gives to the person written notice of the confirmation or variation of the decision, that notice is to include a statement to the effect that the person may, subject to the Administrative Review Tribunal Act 2024 , if dissatisfied with the decision so confirmed or varied, make application to the Administrative Review Tribunal for review of the decision. (3) A failure to comply with the requirements of subsections (1) and (2) in relation to a reviewable decision or a decision under subsection 344(4) does not affect the validity of that decision.", "Amendment_Count": 3, "First_Amended": "No 54 of 1998", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 54 of 1998 | No 141 of 2020 | No 38 of 2024", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 141 of 2020, effective Sch 4 (items 65–73, 145): 18 Dec 2020 (s 2(1) item 6) Sch 4 (items 127–141): 1 July 2024 (s 2(1) item 14) | Amended by No 38 of 2024, effective Sch 1 (items 46, 71): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s345"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 347", "Provision_Key": "s347", "Heading": "How information may be given to the Commissioner of Taxation", "Text": "If a provision of this Act requires or authorises the Regulator to give information to the Commissioner of Taxation, the information may be given by means of a data processing device.", "Amendment_Count": 1, "First_Amended": "No 54 of 1998", "Last_Amended": "No 54 of 1998", "Amending_Acts": "No 54 of 1998", "History_Notes": "Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s347"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 347A", "Provision_Key": "s347a", "Heading": "The Regulator may collect statistical information", "Text": "Collection (1) The Regulator may collect such statistical information about superannuation entities as the Regulator considers appropriate. Survey forms (2) For the purposes of subsection (1), the Regulator may, by writing, approve one or more forms (the survey forms ). Instructions in survey forms (3) A survey form must contain instructions about the following matters: (a) filling up and supply of the particulars specified in the form; (b) giving the filled ‑ up form to a person (the authorised recipient ) specified in the instructions. The authorised recipient must be the Regulator or a delegate of the Regulator. Notice to trustee about participation in the Regulator’s statistics program (4) The Regulator may, by written notice given to a trustee of a superannuation entity, determine that the trustee is a participant, or trustees of the entity are participants in the Regulator’s statistics program. The notice must set out the effect of subsections (5) and (6). Obligations of participants in the Regulator’s statistics program (5) At any time when a determination under subsection (4) is in force in relation to a trustee of a superannuation entity, the Regulator may give the trustee a survey form. In that event, the trustee must: (a) fill up and supply, in accordance with the instructions contained in the form, the particulars specified in the form; and (b) give the filled ‑ up form to the authorised recipient in accordance with those instructions. Note: Section 166 imposes an administrative penalty for a contravention of subsection (5) in relation to a self managed superannuation fund. (6) A trustee commits an offence if the trustee contravenes subsection (5). Penalty: 50 penalty units. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Survey form and determination may be given at the same time (7) For the purposes of subsection (5), if a determination under subsection (4) is given to a trustee of a superannuation entity at the same time as a survey form, the determination is taken to have been in force at the time when the survey form was given to the trustee. Survey period (8) The particulars specified in a survey form must relate to one or more specified periods (the survey periods ). The instructions contained in a survey form must not require a trustee to give the filled ‑ up form to the authorised recipient before the 28th day after: (a) the end of the survey period; or (b) if there is more than one survey period—the end of the most recent survey period. Extension of lodgment period—particular survey forms (9) The Regulator may extend the period within which a particular filled ‑ up form is to be given to the authorised recipient. Extension of lodgment period—general (10) The Regulator may, by notifiable instrument, extend the period within which a specified class of filled ‑ up survey forms is to be given to the authorised recipient. Delegation (11) The Regulator may, by writing, delegate to a person any or all of the Commissioner’s powers under this section. Section does not limit other powers (12) This section does not, by implication, limit: (a) any other provision of this Act; or (b) anything in the Census and Statistics Act 1905 . (13) In this section: Regulator means the Commissioner of Taxation.", "Amendment_Count": 11, "First_Amended": "No 169 of 1995", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 169 of 1995 | No 54 of 1998 | No 121 of 1999 | No 160 of 2000 | No 121 of 2001 | No 53 of 2004 | No 82 of 2010 | No 136 of 2012 | No 11 of 2014 | No 4 of 2016 | No 69 of 2023", "History_Notes": "Inserted by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 160 of 2000, effective Sch 3: 18 Jan 2001 (s 2(1)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 82 of 2010, effective Sch 4 (items 30–36) and Sch 6 (items 1, 51–78): 27 July 2010 (s 2(1) items 15, 17–19) | Amended by No 136 of 2012, effective Sch 2 (item 15): 27 July 2010 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 1: 18 Mar 2014 (s 2(1) item 2) Sch 2 (items 1–25, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2016, effective Sch 4 (items 1, 296–300, 432): 10 Mar 2016 (s 2(1) item 6) | Amended by No 69 of 2023, effective Sch 1 (items 136–142): 1 Jan 2024 (s 2(1) item 3) Sch 4 (items 24–41, 48, 65–68): 15 Sept 2023 (s 2(1) item 5) Sch 4 (items 111–113): 1 Oct 2023 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s347A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 348", "Provision_Key": "s348", "Heading": "The Regulator may publish statistical information", "Text": "(1) Subject to subsection (2), the Regulator may arrange for the publication of statistical information relating to superannuation entities or relating to payments made to persons. (2) The Regulator must not arrange for the publication of statistical information in a manner that enables the identification of: (a) a superannuation entity; or (b) a person. (3) The Regulator may determine that fees are to be paid in respect of the supply of publications in accordance with this section. (4) In this section: Regulator means the Commissioner of Taxation.", "Amendment_Count": 4, "First_Amended": "No 169 of 1995", "Last_Amended": "No 121 of 2001", "Amending_Acts": "No 169 of 1995 | No 54 of 1998 | No 121 of 1999 | No 121 of 2001", "History_Notes": "Amended by No 169 of 1995, effective Sch 4 (items 11–13) and Sch 6: 16 Dec 1995 (s 2(1)) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 121 of 1999, effective Sch 1 (items 1–28, 30–43, 45–49, 51–53, 55–136): 8 Oct 1999 (s 2(1)) Sch 1 (items 29, 54): 1 Apr 2000 (s 2(2)) Sch 1 (items 44, 50): 1 July 2000 (s 2(3)) | Amended by No 121 of 2001, effective Sch 2 (items 97–147): 1 July 2002 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s348"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 348A", "Provision_Key": "s348a", "Heading": "Quarterly reports about superannuation", "Text": "(1) As soon as practicable after the end of each quarter, the Regulator must publish the following information on its website in respect of the quarter: (a) the fees charged in relation to MySuper products, on a product by product basis; (b) the costs incurred in relation to MySuper products, on a product by product basis; (c) the net returns to beneficiaries of regulated superannuation funds who hold MySuper products, on a product by product basis; (d) any other information prescribed by the regulations. (2) The Regulator must not publish the information in a manner that enables the identification of a beneficiary of a regulated superannuation fund. (4) In this section: Regulator means APRA.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s348A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 349", "Provision_Key": "s349", "Heading": "This Act and the regulations to be subject to certain superannuation orders", "Text": "This Act, the regulations and the prudential standards apply in relation to a regulated superannuation fund subject to the effect of any superannuation order within the meaning of the Australian Federal Police Act 1979 or the Crimes (Superannuation Benefits) Act 1989 that is made in respect of any member of the fund.", "Amendment_Count": 2, "First_Amended": "No 38 of 1999", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 38 of 1999 | No 117 of 2012", "History_Notes": "Amended by No 38 of 1999, effective Sch 2 (items 1–32): 31 May 1999 (s 2(1)) Sch 2 (items 33–42): 28 June 1999 (s 2(2)) Sch 2 (items 43, 44): 5 June 1997 (s 2(3)) Sch 2 (item 45): 1 July 1999 (s 2(4)) Sch 2 (item 46): 1 Dec 1999 (s 2(5)) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s349"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 349A", "Provision_Key": "s349a", "Heading": "Payment out of a fund in accordance with the Bankruptcy Act 1966", "Text": "If a member of an approved deposit fund or of a regulated superannuation fund becomes a bankrupt, within the meaning of subsection 5(1) of the Bankruptcy Act 1966 , nothing in this Act, the regulations or the prudential standards prevents a trustee of the fund from paying to the trustee in bankruptcy an amount out of the fund that is property divisible amongst the member’s creditors, within the meaning of section 116 of the Bankruptcy Act 1966 .", "Amendment_Count": 3, "First_Amended": "No 144 of 1995", "Last_Amended": "No 117 of 2012", "Amending_Acts": "No 144 of 1995 | No 53 of 2004 | No 117 of 2012", "History_Notes": "Inserted by No 144 of 1995, effective s 3, 4(1) and Sch 4 (items 1, 6, 10, 22–27, 30–33, 71–75, 86): 12 Dec 1995 (s 2(1)) s 4(2) and Sch 4 (items 2, 5, 7, 11–13, 28, 29, 34–70, 77–81, 83, 84): 9 Jan 1996 (s 2(3)) s 4(3) and Sch 4 (items 3, 4, 8, 9, 14–21, 76, 82, 85): 16 Dec 1995 (s 2(2)) | Amended by No 53 of 2004, effective Sch 1 (items 1–61), Sch 2 and Sch 3 (items 6–14): 1 July 2004 (s 2(1) items 2, 4, 5) Sch 1 (items 62–86): 1 July 2006 (s 2(1) item 3) | Amended by No 117 of 2012, effective Sch 1: 1 July 2013 (s 2(1) item 2) Sch 2 (items 1–7, 9–33, 35–49): 9 Sept 2012 (s 2(1) items 3, 5, 7) Sch 2 (items 8, 34): 1 Jan 2013 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s349A"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 349B", "Provision_Key": "s349b", "Heading": "Acquisition of property", "Text": "(1) This Act does not apply to the extent (if any) that its operation would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph). (2) The following subsections do not limit subsection (1). (3) If, apart from this section, this Act would result in such an acquisition of property because: (a) it would require a person to take action in relation to an accrued default amount; or (b) it would require a person to take action in relation to an asset of the kind mentioned in subparagraph 29SAB(a)(i); or (c) it would require a person to take action in relation to an amount held in an entity that is or was an eligible rollover fund; then despite any other provision of this Act, the person is not required to take that action. (4) If, apart from this section, this Act would result in such an acquisition of property because it would prevent the charging of a fee of a kind mentioned in paragraph 29SAC(1)(a) or 242C(1)(a), then despite any other provision of this Act, the person is not prevented from charging that fee. (5) If, apart from this section, this Act would result in such an acquisition of property because it would require or permit a person to use, disclose or publish information, then despite any other provision of this Act, the person is not required or permitted to use, disclose or publish the information in the circumstances that would result in such an acquisition. (6) If, apart from this section, this Act would result in such an acquisition of property because it excuses a person from liability, then despite any other provision of this Act, the person is not excused from the liability. (6A) If, apart from this section, this Act would result in such an acquisition of property because it would require a person to comply with a direction given under this Act, then despite any other provision of this Act, the person is not required to comply with the direction in circumstances that would result in such an acquisition. (7) To avoid doubt, any provision that does not result in an acquisition of property continues to apply in relation to: (a) action in relation to accrued default amounts; and (b) action in relation to an asset of the kind mentioned in subparagraph 29SAB(a)(i); and (ba) action in relation to an amount held in an entity that is or was an eligible rollover fund; and (c) the charging of a fee of a kind mentioned in paragraph 29SAC(1)(a) or 242C(1)(a); and (d) the use, disclosure and publication of information; and (e) a liability; and (f) a direction given under this Act.", "Amendment_Count": 3, "First_Amended": "No 171 of 2012", "Last_Amended": "No 40 of 2019", "Amending_Acts": "No 171 of 2012 | No 40 of 2019", "History_Notes": "Inserted by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 171 of 2012, effective Sch 1 (items 1–6, 8–36, 39–41), Sch 3 (item 40), Sch 4 (items 11–13), Sch 5 (items 4–10), Sch 6 and Sch 8 (items 2, 3): 1 Jan 2013 (s 2(1) items 2, 4–8, 10, 11, 17, 21, 23, 24, 27, 28) Sch 1 (item 7): never commenced (s 2(1) item 3) Sch 1 (items 37, 38): 4 Dec 2012 (s 2(1) item 9) Sch 2 (items 2–4, 6, 7), Sch 3 (items 38, 39, 41–44, 47) and Sch 7 (items 1–17): 1 July 2013 (s 2(1) items 13, 15, 16, 18, 25) Sch 2 (item 5): 3 Dec 2012 (s 2(1) item 14) | Amended by No 40 of 2019, effective Sch 1–3, 5, Sch 6 (items 21, 22), Sch 7 and 9: 6 Apr 2019 (s 2(1) items 2, 4) Sch 4: 5 July 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s349B"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 350", "Provision_Key": "s350", "Heading": "Concurrent operation of State/Territory laws", "Text": "It is the intention of the Parliament that this Act is not to apply to the exclusion of a law of a State or Territory to the extent that that law is capable of operating concurrently with this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s350"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 353", "Provision_Key": "s353", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act; and without limiting the generality of the above, may make regulations: (c) prescribing fees in respect of any matter under this Act; and (d) prescribing penalties not exceeding 10 penalty units in respect of offences against the regulations. (2) Without limiting the generality of subsection (1), the regulations may make provision for and in relation to the keeping of one or more registers by the Regulator, where the registers relate to matters arising under this Act or the regulations. In particular, the regulations may make provision for the following: (a) a register to be kept in such form and manner as the Regulator directs; (b) persons to inspect a register; (c) persons to obtain information contained in a register; (d) fees to be charged for such an inspection or for providing such information.", "Amendment_Count": 3, "First_Amended": "No 53 of 1995", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 53 of 1995 | No 54 of 1998 | No 41 of 2011", "History_Notes": "Amended by No 53 of 1995, effective Sch 5 and Note about section heading: 1 July 1995 (s 2) | Amended by No 54 of 1998, effective Sch 16 (items 1–222): 1 July 1998 (s 2(2)(n)) Sch 16 items 223–231): 31 May 1999 (s 2(14)(b)) Sch 16 (items 232–236): never commenced (s 2(15)(b), (16)(b)) Sch 16 (item 237): 29 June 1998 (s 2(1) as added by Act No. 44, 1999) | Amended by No 41 of 2011, effective Sch 2 and Sch 3 (items 3–13): 1 July 2011 (s 2(1) items 5, 6) Sch 3 (items 17, 18, 19(2)): 1 Jan 2012 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s353"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 381", "Provision_Key": "s381", "Heading": "Object of Part", "Text": "The object of this Part is to allow a member of a fund, scheme or trust to quote his or her tax file number to the trustee before the commencement of Parts 22 and 24. Those Parts commence on 1 July 1994. Note: Part 22 was repealed by the Superannuation (Unclaimed Money and Lost Members) Consequential and Transitional Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 128 of 1999", "Last_Amended": "No 128 of 1999", "Amending_Acts": "No 128 of 1999", "History_Notes": "Amended by No 128 of 1999, effective s 4–8 and Sch 1 (items 44–74): 13 Oct 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s381"}
{"Act_Short_Name": "SISA", "Act_Title": "Superannuation Industry (Supervision) Act 1993", "Act_Year": "1993", "Act_FRL_Id": "C2004A04633", "Provision": "s 383", "Provision_Key": "s383", "Heading": "Pre ‑ 1 July 1994 quotation of tax file number to be treated as if made under provisions commencing on 1 July 1994", "Text": "(1) This section applies if a beneficiary or member of a fund, scheme or trust quotes his or her tax file number to the trustee under section 382 as in force immediately before its repeal by the Treasury Laws Amendment (2019 Measures No. 1) Act 2019 . (2) This Act has effect, after 30 June 1994, as if the beneficiary or member had quoted that tax file number to the trustee under subsections 225(4) and 245(2), as in force immediately before their repeal by the Taxation Laws Amendment Act (No. 2) 1996 , immediately after the beginning of 1 July 1994.", "Amendment_Count": 2, "First_Amended": "No 76 of 1996", "Last_Amended": "No 49 of 2019", "Amending_Acts": "No 76 of 1996 | No 49 of 2019", "History_Notes": "Amended by No 76 of 1996, effective Sch 4 (items 1–18): 16 Feb 1997 (s 2(4)) | Amended by No 49 of 2019, effective Sch 4 (items 95–104): 1 July 2019 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A04633/latest/text#s383"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Superannuation Guarantee (Administration) Act 1992 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s1"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act commences on 1 July 1992.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s2"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Act binds Crown etc.", "Text": "(1) This Act binds the Crown in right of the Commonwealth, each State, the Australian Capital Territory and the Northern Territory. (2) Nothing in this Act permits the Crown to be prosecuted for an offence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s3"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Application", "Text": "This Act extends to every external Territory referred to in the definition of Australia .", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Repealed and substituted by No 2 of 2015, effective sch 2 (items 62, 63): 1 July 2015 (s 2(1) item 4) sch 2 (items 73, 114, 115), sch 4 (items 71 ‑ 74, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s4"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Application of Act to Commonwealth", "Text": "(1) The Commonwealth, Commonwealth Departments and untaxable Commonwealth authorities are not liable to pay superannuation guarantee charge. (2) However, subject to this Act and to such modifications as are prescribed, this Act applies in all other respects, in respect of any matter or thing in respect of the employment of a Commonwealth employee, as if: (a) the employee were employed by the responsible Department and not by the Commonwealth; and (b) the responsible Department were a company and each other Department, and each authority of the Commonwealth, were a company related to the responsible Department; and (c) the responsible Department were a government body. (2A) In addition, subject to such modifications as are prescribed, this Act applies in relation to an untaxable Commonwealth authority in the same way as it applies in relation to a Commonwealth Department. (2B) The Finance Minister may give such directions in writing as are necessary or convenient to be given for carrying out or giving effect to this section and, in particular, may give directions in relation to the transfer of money within an account, or between accounts, operated by the Commonwealth or a Commonwealth entity. (2C) Directions under subsection (2B) have effect, and must be complied with, notwithstanding any other law of the Commonwealth. (3) Part 8 has effect as if any superannuation guarantee charge in respect of a superannuation guarantee shortfall of either of the following entities: (a) a responsible Department; (b) an untaxable Commonwealth authority; had been paid on the day that the charge would have become payable had that entity been a company. (4) Subsection 14ZX(4), section 14ZZ and Divisions 4 and 5 of Part IVC of the Taxation Administration Act 1953 do not apply to the Commonwealth, Commonwealth Departments or untaxable Commonwealth authorities. (5) In this section: Commonwealth Department means: (a) a Department of State; or (b) a Department of the Parliament established under the Parliamentary Service Act 1999 ; or (c) a branch or part of the Australian Public Service in relation to which a person has, under an Act, the powers of, or exercisable by, the Secretary of a Department of the Australian Public Service. Commonwealth entity means a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013 ) that cannot be made liable to taxation by a Commonwealth law. Finance Department means the Department administered by the Finance Minister. Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013 . responsible Department , in relation to the employment of a Commonwealth employee, means: (a) where the remuneration in respect of that employment is or was paid wholly or principally out of money appropriated under an annual Appropriation Act—the Commonwealth Department in respect of which the money was appropriated; and (b) where the remuneration in respect of that employment is or was paid wholly or principally out of money appropriated under an Act other than an annual Appropriation Act: (i) if the employee performs or performed the duties of that employment in, or in respect of, a Commonwealth Department—that Commonwealth Department; or (ii) in any other case—the Department of State administered by the Minister who administers the Act under which that money was appropriated, insofar as the Act appropriated that money; and (c) where the remuneration in respect of that employment is or was paid wholly or principally out of money appropriated by the Constitution—the Finance Department. untaxable Commonwealth authority means an authority of the Commonwealth that cannot, by a law of the Commonwealth, be made liable to taxation by the Commonwealth.", "Amendment_Count": 9, "First_Amended": "No 56 of 1994", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 56 of 1994 | No 146 of 1999 | No 51 of 2002 | No 102 of 2004 | No 147 of 2005 | No 5 of 2011 | No 46 of 2011 | No 36 of 2015 | No 57 of 2025", "History_Notes": "Repealed and substituted by No 56 of 1994, effective s 88–109: 7 Apr 1994 (s 2(1)) | Amended by No 146 of 1999, effective Sch 1 (items 898–900): 5 Dec 1999 (s 2(1), (2) and gaz 1999, No S584) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 147 of 2005, effective sch 6 (items 3 ‑ 10), sch 7 (items 17 ‑ 20): 14 Dec 2005 (s 2(1) item 6) | Amended by No 5 of 2011, effective sch 6 (item 135): 19 Apr 2011 (s 2(1) item 17) | Amended by No 46 of 2011, effective sch 2 (items 1088 ‑ 1090), sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12) | Amended by No 36 of 2015, effective sch 5 (items 67, 68, 74 ‑ 77), sch 7: 14 Apr 2015 (s 2) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s5"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 5A", "Provision_Key": "s5a", "Heading": "Application of Act to Commonwealth authorities", "Text": "(1) In this section: Commonwealth authority means an authority or body that is established by or under a law of the Commonwealth. (2) If: (a) a law, or a provision of a law, passed before the commencement of this section purports to exempt a Commonwealth authority from liability to pay: (i) taxes under the laws of the Commonwealth; or (ii) certain taxes under the laws of the Commonwealth; and (b) apart from this subsection, the exemption would apply to superannuation guarantee charge; that law or provision is taken not to have exempted, or not to exempt, that authority from liability to pay the charge. (3) If: (a) a law, or a provision of a law, passed after the commencement of this section purports to exempt a Commonwealth authority from liability to pay: (i) taxes under the laws of the Commonwealth; or (ii) certain taxes under the laws of the Commonwealth; and (b) apart from this subsection, the exemption would apply to superannuation guarantee charge; the law or provision is not taken to have exempted, or to exempt, the authority from liability to pay the charge unless the law or provision expressly exempts the authority from liability to pay the charge.", "Amendment_Count": 2, "First_Amended": "No 56 of 1994", "Last_Amended": "No 51 of 2002", "Amending_Acts": "No 56 of 1994 | No 51 of 2002", "History_Notes": "Inserted by No 56 of 1994, effective s 88–109: 7 Apr 1994 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s5A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 5B", "Provision_Key": "s5b", "Heading": "Jurisdiction etc. of the Fair Work Commission not affected", "Text": "(1) To avoid doubt, but subject to subsection (2), nothing in this Act (other than Part 3A) or in the Superannuation Guarantee Charge Act 1992 affects: (a) the jurisdiction, functions or powers of the Fair Work Commission; or (b) the operation of the Fair Work Act 2009 , the Fair Work (Registered Organisations) Act 2009 , or the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 in any other way. (2) Subsection (1) does not apply to any express reference in the Fair Work Act 2009 , the Fair Work (Registered Organisations) Act 2009 , or the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 to this Act or to the Superannuation Guarantee Charge Act 1992 .", "Amendment_Count": 6, "First_Amended": "No 169 of 1995", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 169 of 1995 | No 60 of 1996 | No 50 of 2006 | No 54 of 2009 | No 174 of 2012 | No 46 of 2021", "History_Notes": "Inserted by No 169 of 1995, effective Sch 4 (items 2–13): 16 Dec 1995 (s 2(1)) Sch 4 (item 1): 1 July 1992 (s 2(3)) | Amended by No 60 of 1996, effective Sch 19 (item 50): 25 Nov 1996 (s 2(1)) | Amended by No 50 of 2006 | Amended by No 54 of 2009, effective s 4: 25 June 2009 (s 2(1) item 1) sch 18 (items 13 ‑ 22, 32): 1 July 2009 (s 2(1) item 41) | Amended by No 174 of 2012, effective sch 9 (items 1331, 1332): 1 Jan 2013 (s 2(1) item 5) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s5B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 5C", "Provision_Key": "s5c", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Inserted by No 146 of 2001, effective s 4 and Sch 4 (items 123–128): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s5C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Interpretation—general", "Text": "Note: The meanings of some old kinds of industrial instruments referred to in this Act can be worked out under subsection 12A(1). (1) In this Act, unless the contrary intention appears: actuary means a Fellow or Accredited Member of The Institute of Actuaries of Australia. administrative uplift amount has the meaning given by subsection 19B(1). approved deposit fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . arrangement , for the purposes of section 30, means: (a) an agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; or (b) any scheme, plan, proposal, action, course of action or course of conduct. assessment means an assessment under subsection 36(1). associate has the meaning given by section 318 of the Income Tax Assessment Act 1936 . Australia , when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997 . benefit certificate has the meaning given by section 10. business day means a day other than: (a) a Saturday or a Sunday; or (b) a day which is a public holiday for the whole of: (i) any State; or (ii) the Australian Capital Territory; or (iii) the Northern Territory. choice loading has the meaning given by subsection 20A(1). choice loading limit has the meaning given by section 20C. Commissioner means the Commissioner of Taxation. Commonwealth employee means an employee of the Commonwealth. Commonwealth industrial award means: (a) an industrial award or determination made under a law of the Commonwealth; or (b) an industrial agreement approved or registered under such a law; or (c) a notional agreement preserving State awards; or (d) a preserved State agreement. complying approved deposit fund has the meaning given by section 7A. complying superannuation fund has the meaning given by section 7. complying superannuation fund or scheme means: (a) a complying superannuation fund; or (b) a complying superannuation scheme. complying superannuation scheme has the meaning given by section 7. concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 . conversion notice has the meaning given by section 6B. CSS means the scheme known as the Commonwealth Superannuation Scheme. data processing device means any article or material from which information is capable of being reproduced with or without the aid of any other article or device. defined benefit member , subject to section 6AA, means a member entitled on retirement to be paid a benefit defined, wholly or in part, by reference to either or both of the following: (a) the amount of the member’s salary: (i) at the date of the member’s retirement or an earlier date; or (ii) averaged over a period before retirement; (b) a specified amount. defined benefit superannuation scheme has the meaning given by section 6A. Deputy Commissioner means a Deputy Commissioner of Taxation. eligible contribution has the meaning given by sections 18A and 18B. employee has a meaning affected by section 12. employer has a meaning affected by section 12. employer shortfall exemption certificate means a certificate issued under section 17C. enterprise agreement has a meaning affected by subsection 12A(2). excess concessional contributions has the same meaning as in the Income Tax Assessment Act 1997 . extended usual period , for a QE day and an employer, means the period: (a) starting on the QE day; and (b) ending on the 20th business day after the QE day. general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . government body means: (a) the Commonwealth or a State or Territory; or (b) a Commonwealth, State or Territory authority. individual base superannuation guarantee shortfall has the meaning given by subsection 18C(1). individual final superannuation guarantee shortfall has the meaning given by subsection 18D(1). individual notional earnings component has the meaning given by subsection 19A(1). individual superannuation guarantee amount has the meaning given by subsection 17A(2). industrial award means a Commonwealth industrial award, a State industrial award or a Territory industrial award. late period , for a QE day, an employer and an employee, means the period: (a) starting on the day after the latest day that an eligible contribution made by the employer for the benefit of the employee is able to be applied under subsection 18C(1) for the QE day; and (b) ending on the day before the day an assessment for the QE day is made for the employer. liability to the Commonwealth means a liability to the Commonwealth arising under an Act of which the Commissioner has the general administration. lodge means lodge with the Commissioner. maximum contributions base has the meaning given by subsection 10A(5). MySuper member has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . occupational superannuation arrangement , in relation to the employment of a person, means an agreement that imposes an obligation on the person’s employer to contribute to a superannuation fund for the benefit of the person. offence against this Act includes an offence relating to this Act against: (a) the Crimes Act 1914 ; or (b) the Taxation Administration Act 1953 . ordinary time earnings , for a person, means all of the person’s earnings as an employee made up of: (a) earnings in respect of ordinary hours of work; and (b) earnings consisting of over ‑ award payments, shift ‑ loading or commission; other than a lump sum payment of any of the following kinds made to the person on the termination of the person’s employment: (c) a payment in lieu of unused sick leave; (d) an unused annual leave payment, or unused long service leave payment, within the meaning of the Income Tax Assessment Act 1997 . part ‑ time employee means a person who is employed to work not more than 30 hours per week. payment day , for an eligible contribution, has the meaning given by paragraph 33(3)(b). payment of qualifying earnings to or for an employee has the meaning given by subsection 10A(4). penalty assessment means an assessment under subsection 59D(1). proceeding under this Act includes: (a) a proceeding for an offence against this Act; or (b) a proceeding under the Taxation Administration Act 1953 relating to this Act. PSS means the Public Sector Superannuation Scheme within the meaning of the Superannuation Act 1990 . PSSAP means the Public Sector Superannuation Accumulation Plan within the meaning of the Superannuation Act 2005 . public sector scheme means a scheme of superannuation established: (a) by or under a law of the Commonwealth or of a State or Territory; or (b) under the authority of: (i) the Commonwealth or the government of a State or Territory; or (ii) a municipal corporation, another local governing body or a public authority constituted by or under a law of the Commonwealth or of a State or Territory. QE day has the meaning given by subsection 17A(1). qualifying earnings has the meaning given by subsection 10A(1). quarter means a period of 3 months beginning on 1 January, 1 April, 1 July or 1 October. receipt day , for an eligible contribution, has the meaning given by paragraph 33(3)(a). resident of Australia has the meaning given by section 8. resident regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . RSA has the same meaning as in the Retirement Savings Accounts Act 1997 . RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997 . sacrificed contribution means a contribution to a complying superannuation fund or an RSA made under an arrangement described in paragraph 10A(1)(h) (about salary sacrifice arrangements). Second Commissioner means a Second Commissioner of Taxation. stapled fund has the meaning given by section 32Q. State industrial award means: (a) an industrial award or determination made under a law of a State; or (b) an industrial agreement approved or registered under such a law. superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . superannuation guarantee charge means charge imposed by the Superannuation Guarantee Charge Act 1992 . superannuation guarantee shortfall has the meaning given by section 16B. superannuation provider means: (a) the trustee of a complying superannuation fund; or (b) the trustee of a complying approved deposit fund; or (c) an RSA provider. superannuation scheme means: (a) a defined benefit superannuation scheme whether or not embodied in the governing rules of a superannuation fund; or (b) any other scheme embodied in the governing rules of a superannuation fund. Territory industrial award means: (a) an industrial award or determination made under a law of a Territory; or (b) an industrial agreement approved or registered under such a law. trustee , in relation to a superannuation scheme, means: (a) if: (i) the scheme is embodied in the governing rules of a fund; and (ii) there is a trustee of the fund; the trustee of the fund; or (b) in any other case—the person who manages the scheme. trustee , except in relation to a superannuation fund or superannuation scheme, includes: (a) a person appointed or constituted trustee by: (i) act of parties; or (ii) order or declaration of a court; or (iii) operation of law; and (b) an executor, administrator or other personal representative of a deceased person; and (c) a guardian or committee; and (d) a receiver or receiver and manager; and (e) a liquidator of a company; and (f) a person: (i) having or taking upon himself or herself the administration or control of any real or personal property affected by any express or implied trust; or (ii) acting in any fiduciary capacity; or (iii) having the possession, control or management of any real or personal property of a person under any legal or other disability. unfunded public sector scheme means a public sector scheme that is a defined benefit superannuation scheme: (a) in respect of which no fund is established for the purposes of the scheme; or (b) under which all or some of the amounts that will be required for the payment of benefits are not paid into the fund established for the purposes of the scheme or are not paid until the members become entitled to receive the benefits. usual period , for a QE day and an employer, means the period: (a) starting on the QE day; and (b) ending on the seventh business day after the QE day. voluntary disclosure statement has the meaning given by section 33. workplace determination has a meaning affected by subsection 12A(3). year means financial year. (2) For the purposes of this Act, a reference to a contribution made by an employer for the benefit of an employee includes a reference to a contribution made on behalf of the employer.", "Amendment_Count": 26, "First_Amended": "No 7 of 1993", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 7 of 1993 | No 82 of 1993 | No 118 of 1993 | No 56 of 1994 | No 62 of 1997 | No 11 of 1999 | No 146 of 1999 | No 51 of 2002 | No 102 of 2004 | No 81 of 2005 | No 147 of 2005 | No 50 of 2006 | No 80 of 2006 | No 101 of 2006 | No 8 of 2007 | No 9 of 2007 | No 15 of 2007 | No 56 of 2010 | No 145 of 2010 | No 46 of 2011 | No 171 of 2012 | No 2 of 2015 | No 78 of 2019 | No 95 of 2019 | No 46 of 2021 | No 57 of 2025", "History_Notes": "Amended by No 7 of 1993, effective s 56–61: 27 May 1993 (s 2(1)) | Amended by No 82 of 1993, effective s 54–59: 1 Dec 1993 (s 2(1)) | Amended by No 118 of 1993, effective s 147–152: 24 Dec 1993 (s 2(1)) s 153–155: 25 Dec 1993 (s 2(4)) | Amended by No 56 of 1994, effective s 88–109: 7 Apr 1994 (s 2(1)) | Amended by No 62 of 1997, effective Sch 15 (items 1–34): 2 June 1997 (s 2) | Amended by No 11 of 1999, effective Sch 1 (items 344, 345): 1 July 1999 (s 2(3)) | Amended by No 146 of 1999, effective Sch 1 (items 898–900): 5 Dec 1999 (s 2(1), (2) and gaz 1999, No S584) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 81 of 2005, effective sch 2: 1 July 2005 (s 2(1) item 5) | Amended by No 147 of 2005, effective sch 6 (items 3 ‑ 10), sch 7 (items 17 ‑ 20): 14 Dec 2005 (s 2(1) item 6) | Amended by No 50 of 2006 | Amended by No 80 of 2006, effective sch 7 (items 1 ‑ 3): 30 June 2006 (s 2(1) item 7) | Amended by No 101 of 2006, effective sch 2 (items 925 ‑ 928, 1017, 1055, 1056), sch 6 (items 1, 6 ‑ 11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 8 of 2007, effective sch 4 (item 27): 15 Mar 2007 (s 2(1) item 44) | Amended by No 9 of 2007, effective sch 4 (items 6 ‑ 8, 16): 15 Mar 2007 (s 2(1) items 3, 5) | Amended by No 15 of 2007, effective sch 1 (items 346 ‑ 350, 406(1) ‑ (3)), sch 3 (items 52, 53): 15 Mar 2007 (s 2(1) items 2, 7) | Amended by No 56 of 2010, effective sch 1 (items 2 ‑ 5, 9): 1 July 2010 (s 2(1) items 2, 5) | Amended by No 145 of 2010, effective sch 2 (items 80 ‑ 82): 17 Dec 2010 (s 2(1) item 2) | Amended by No 46 of 2011, effective sch 2 (items 1088 ‑ 1090), sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 11, 12) | Amended by No 171 of 2012, effective sch 2 (item 1), sch 4 (items 9, 10), sch 5 (items 1–3), sch 8 (item 1): 1 Jan 2014 (s 2(1) items 12, 20, 22, 26) | Amended by No 2 of 2015, effective sch 2 (items 62, 63): 1 July 2015 (s 2(1) item 4) sch 2 (items 73, 114, 115), sch 4 (items 71 ‑ 74, 79): 25 Feb 2015 (s 2(1) items 5, 6) | Amended by No 78 of 2019, effective sch 1 (items 1 ‑ 3): 3 Oct 2019 (s 2(1) item 2) | Amended by No 95 of 2019, effective sch 7: 29 Oct 2019 (s 2(1) item 3) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s6"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 6AA", "Provision_Key": "s6aa", "Heading": "Interpretation: defined benefit member", "Text": "The regulations may prescribe: (a) circumstances in which a member of a superannuation fund is not a defined benefit member for the purposes of this Act, or a provision of this Act; and (b) circumstances in which a member of a superannuation fund who is not otherwise a defined benefit member is to be taken to be a defined benefit member for the purposes of this Act, or a provision of this Act.", "Amendment_Count": 1, "First_Amended": "No 171 of 2012", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 171 of 2012", "History_Notes": "Inserted by No 171 of 2012, effective sch 2 (item 1), sch 4 (items 9, 10), sch 5 (items 1–3), sch 8 (item 1): 1 Jan 2014 (s 2(1) items 12, 20, 22, 26)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s6AA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 6A", "Provision_Key": "s6a", "Heading": "Interpretation: defined benefit superannuation scheme", "Text": "(1) Subject to subsection (2), a defined benefit superannuation scheme is a scheme under which: (a) one or more members of the scheme are entitled, on retirement, to be paid a benefit defined, wholly or in part, by reference to either or both of the following: (i) the amount of the member’s annual salary: (A) at the date of the member’s retirement; or (B) at a date before retirement; or (C) averaged over a period of employment before retirement; (ii) a specified amount; and (b) if the scheme is not a public sector scheme—some or all of the contributions under the scheme (out of which, together with earnings on those contributions, the benefits are to be paid) are not paid into a fund, or accumulated in a fund, in respect of any individual member but are paid into and accumulated in a fund in the form of an aggregate amount. (2) A scheme embodied in the governing rules of a superannuation fund (other than a scheme of the kind referred to in subsection (1)) is a defined benefit superannuation scheme if a conversion notice has effect in relation to the fund or scheme. (3) If the conversion notice is expressed to take effect on a day before the day on which the notice is given, the scheme in question is taken to have been a defined benefit superannuation scheme from the day on which the notice is expressed to take effect. (4) Subsection (3) has effect regardless of the making of any assessment, or the payment of any superannuation guarantee charge, in respect of a QE day after the conversion notice took effect.", "Amendment_Count": 3, "First_Amended": "No 7 of 1993", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 7 of 1993 | No 51 of 2002 | No 57 of 2025", "History_Notes": "Inserted by No 7 of 1993, effective s 56–61: 27 May 1993 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s6A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 6B", "Provision_Key": "s6b", "Heading": "Interpretation: conversion notice", "Text": "(1) A conversion notice is a written notice by the trustee of a superannuation fund given to the Commissioner stating that the fund, or a particular superannuation scheme embodied in the governing rules of the fund, is to be treated as a defined benefit superannuation scheme for the purposes of this Act. (2) Subject to subsection (4), a conversion notice takes effect in relation to the fund or scheme on the day specified in the notice. Subject to subsection (4), the trustee may, by written notice ( revocation notice ) given to the Commissioner, revoke the conversion notice. (3) A conversion notice may be expressed to take effect on a day that is not earlier than: (a) if the notice is given before 15 May in a quarter starting on 1 April—1 January in the previous quarter; or (b) if the notice is given before 15 August in a quarter starting on 1 July—1 April in the previous quarter; or (c) if the notice is given before 15 November in a quarter starting on 1 October—1 July in the previous quarter; or (d) if the notice is given before 15 February in a quarter starting on 1 January—1 October in the previous quarter; or (e) in any other case—the first day of the quarter in which the notice is given. (4) A conversion notice or a revocation notice will not be effective unless, before it is given, the trustee gives written notice of: (a) the trustee’s intention to give the notice; and (b) the proposed date of effect of the notice; to each employer contributing to the fund or scheme for the benefit of employees as defined benefit members of the fund or scheme. (5) If, while the conversion notice is in effect, an employer begins contributing to the fund or scheme for the benefit of employees as defined benefit members of the fund or scheme, the trustee must give the employer written notice of: (a) the giving of the conversion notice; and (b) the date of effect of the notice; within 7 business days of the receipt by the trustee of the employer’s first contribution.", "Amendment_Count": 3, "First_Amended": "No 7 of 1993", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 7 of 1993 | No 51 of 2002 | No 57 of 2025", "History_Notes": "Inserted by No 7 of 1993, effective s 56–61: 27 May 1993 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s6B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Interpretation: complying superannuation fund or scheme", "Text": "A superannuation fund or scheme is a complying superannuation fund or complying superannuation scheme (as the case may be) in relation to a period for the purposes of this Act if it is a complying superannuation fund in relation to that period for the purposes of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 15 of 2007", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 15 of 2007 | No 57 of 2025", "History_Notes": "Amended by No 15 of 2007, effective sch 1 (items 346 ‑ 350, 406(1) ‑ (3)), sch 3 (items 52, 53): 15 Mar 2007 (s 2(1) items 2, 7) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s7"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 7A", "Provision_Key": "s7a", "Heading": "Interpretation: complying approved deposit fund", "Text": "An approved deposit fund is a complying approved deposit fund at a particular time for the purposes of this Act if it is a complying approved deposit fund in relation to the year of income in which that time occurred for the purposes of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 118 of 1993", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 118 of 1993 | No 15 of 2007 | No 57 of 2025", "History_Notes": "Inserted by No 118 of 1993, effective s 147–152: 24 Dec 1993 (s 2(1)) s 153–155: 25 Dec 1993 (s 2(4)) | Amended by No 15 of 2007, effective sch 1 (items 346 ‑ 350, 406(1) ‑ (3)), sch 3 (items 52, 53): 15 Mar 2007 (s 2(1) items 2, 7) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s7A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Interpretation: resident of Australia", "Text": "A person is a resident of Australia for the purposes of this Act at any time when the person is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s8"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Interpretation: benefit certificate", "Text": "(1) A benefit certificate is a certificate by an actuary relating to one or more specified defined benefit superannuation schemes and specifying the rate, expressed as a percentage, that is, in the opinion of the actuary, the notional employer contribution rate, in relation to a specified class of employees (being defined benefit members of the scheme or schemes, as the case may be), of an employer who is a contributor under the scheme or schemes (as the case may be) for the benefit of an employee in that class. (2) The notional employer contribution rate, in relation to a class of employees specified in a benefit certificate relating to one or more defined benefit superannuation schemes, is the contribution rate required to meet the expected long ‑ term cost, to an employer who contributes to the scheme or schemes for the benefit of employees in the class, of the minimum benefits accruing in respect of all employees in the class from the date of effect of the benefit certificate onwards. (3) A benefit certificate has effect from the date specified in the certificate until: (a) a superannuation scheme to which it relates is amended in a way that affects, or may affect, the level or method of calculation of the minimum benefits provided under the scheme for the class of employees specified in the certificate; or (b) another benefit certificate is issued in relation to the same class of employees and the same scheme or schemes; or (c) a period of 5 years from the date of issue expires; or (d) in the case of a certificate that relates to a scheme that is a defined benefit superannuation scheme because of the operation of subsection 6A(2)—the conversion notice under section 6B is revoked; whichever occurs first. (4) A benefit certificate may be expressed to have effect from: (a) a day that is no earlier than: (i) if the certificate is issued before 15 May in a quarter starting on 1 April, or before a later day in that quarter allowed by the Commissioner—1 January in the previous quarter; or (ii) if the certificate is issued before 15 August in a quarter starting on 1 July, or before a later day in that quarter allowed by the Commissioner—1 April in the previous quarter; or (iii) if the certificate is issued before 15 November in a quarter starting on 1 October, or before a later day in that quarter allowed by the Commissioner—1 July in the previous quarter; or (iv) if the certificate is issued before 15 February in a quarter starting on 1 January, or before a later day in that quarter allowed by the Commissioner—1 October in the previous quarter; or (v) in any other case—the first day of the quarter in which the certificate is issued; and (b) a day that is no later than the day on which the certificate is issued. (6) The regulations may make provision regarding: (a) the issue and form of benefit certificates; and (b) the way in which the expected long ‑ term cost to an employer of benefits accruing to all employees is to be calculated under subsection (2); and (c) the manner in which the contribution rate is to be expressed under subsection (2); and (d) the way in which minimum benefits accruing to all employees are to be calculated under subsection (2).", "Amendment_Count": 4, "First_Amended": "No 7 of 1993", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 7 of 1993 | No 51 of 2002 | No 110 of 2014 | No 57 of 2025", "History_Notes": "Amended by No 7 of 1993, effective s 56–61: 27 May 1993 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 110 of 2014, effective sch 5 (item 122): 16 Oct 2014 (s 2(1) item 7) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s10"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 10A", "Provision_Key": "s10a", "Heading": "Interpretation: expressions relating to qualifying earnings", "Text": "Meaning of qualifying earnings (1) A person’s qualifying earnings are amounts covered by one or more of the following paragraphs: (a) the person’s ordinary time earnings; (b) all commissions payable to the person; (c) all payments for the performance of the person’s duties as a member of the executive body (whether described as the board of directors or otherwise) of a body corporate; (d) all payments under a contract referred to in subsection 12(3) that are in respect of the person’s labour under the contract; (e) all remuneration of the person as a member of the Parliament of the Commonwealth or a State or the Legislative Assembly of a Territory; (f) all payments to the person for work referred to in subsection 12(8); (g) all remuneration of the person in circumstances referred to in subsection 12(9) or (10); (h) if under an arrangement the person agreed for: (i) a contribution to be made to a complying superannuation fund or an RSA for the benefit of the person by the person’s employer; and (ii) in return, for the reduction (including to nil) of one or more amounts of a kind described in paragraphs (a) to (g) of this subsection but not in subsection (3) of this section; an amount equal to the total of those reductions. Note: For paragraph (h), reductions are not counted if they are of amounts excluded by subsection (3) from being qualifying earnings. (2) To the extent that an amount is covered by more than one paragraph of subsection (1), the amount is counted only once. Exclusions (3) However, a person’s qualifying earnings do not include any of the following: (a) a payment of an amount that represents the reversal of all or part of a sacrificed contribution; (b) earnings or remuneration of, or payments to, the person to the extent that: (i) the person is an employee of a kind prescribed by the regulations; or (ii) the earnings, remuneration or payments are for work done of a kind prescribed by the regulations; or (iii) the earnings, remuneration or payments are otherwise of a kind prescribed by the regulations. Meaning of payment of qualifying earnings to or for an employee (4) A payment of qualifying earnings to or for an employee by an employer means: (a) a payment of qualifying earnings to the employee by or on behalf of the employer; or (b) for qualifying earnings described by paragraph (1)(h)—the reductions described in that paragraph made in return for the making of the sacrificed contribution for the benefit of the employee. Meaning of maximum contributions base (5) The maximum contributions base , for a payment of qualifying earnings to or for an employee, is the following amount (rounded down to the nearest multiple of $10): where: charge percentage has the same meaning as in subsection 17A(2). concessional contributions cap is the basic concessional contributions cap (within the meaning of the Income Tax Assessment Act 1997 ) for the financial year in which the payment is made. (6) For the purposes of this Act (other than this section), if an employer’s payment of qualifying earnings to or for an employee during a financial year results in the employee’s total qualifying earnings: (a) during the financial year; and (b) in relation to the employer; exceeding the maximum contributions base, then treat the amount of that payment as if it were equal to: (c) if that payment caused that total to exceed that base—so much of that payment as does not include the excess; or (d) if an earlier payment had already caused that total to exceed that base—nil.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s10A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Interpretation: employee, employer", "Text": "(1) Subject to this section, in this Act, employee and employer have their ordinary meaning. However, for the purposes of this Act, subsections (2) to (11): (a) expand the meaning of those terms; and (b) make particular provision to avoid doubt as to the status of certain persons. (2) A person who is entitled to payment for the performance of duties as a member of the executive body (whether described as the board of directors or otherwise) of a body corporate is, in relation to those duties, an employee of the body corporate. (3) If a person works under a contract that is wholly or principally for the labour of the person, the person is an employee of the other party to the contract. (4) A member of the Parliament of the Commonwealth is an employee of the Commonwealth. (5) A member of the Parliament of a State is an employee of the State. (6) A member of the Legislative Assembly for the Australian Capital Territory is an employee of the Australian Capital Territory. (7) A member of the Legislative Assembly of the Northern Territory is an employee of the Northern Territory. (8) The following are employees for the purposes of this Act: (a) a person who is paid to perform or present, or to participate in the performance or presentation of, any music, play, dance, entertainment, sport, display or promotional activity or any similar activity involving the exercise of intellectual, artistic, musical, physical or other personal skills is an employee of the person liable to make the payment; (b) a person who is paid to provide services in connection with an activity referred to in paragraph (a) is an employee of the person liable to make the payment; (c) a person who is paid to perform services in, or in connection with, the making of any film, tape or disc or of any television or radio broadcast is an employee of the person liable to make the payment. (9) A person who: (a) holds, or performs the duties of, an appointment, office or position under the Constitution or under a law of the Commonwealth, of a State or of a Territory; or (b) is otherwise in the service of the Commonwealth, of a State or of a Territory (including service as a member of the Defence Force or as a member of a police force); is an employee of the Commonwealth, the State or the Territory, as the case requires. However, this rule does not apply to a person in the capacity of the holder of an office as a member of a local government council. (9A) Subject to subsection (10), a person who holds office as a member of a local government council is not an employee of the council. (10) A person covered by paragraph 12 ‑ 45(1)(e) in Schedule 1 to the Taxation Administration Act 1953 (about members of local governing bodies subject to PAYG withholding) is an employee of the body mentioned in that paragraph. (11) A person who is paid to do work wholly or principally of a domestic or private nature for not more than 30 hours per week is not regarded as an employee in relation to that work.", "Amendment_Count": 2, "First_Amended": "No 169 of 1995", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 169 of 1995 | No 101 of 2006", "History_Notes": "Amended by No 169 of 1995, effective Sch 4 (items 2–13): 16 Dec 1995 (s 2(1)) Sch 4 (item 1): 1 July 1992 (s 2(3)) | Amended by No 101 of 2006, effective sch 2 (items 925 ‑ 928, 1017, 1055, 1056), sch 6 (items 1, 6 ‑ 11): 14 Sept 2006 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s12"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 12A", "Provision_Key": "s12a", "Heading": "Interpretation: references to industrial instruments", "Text": "(1) In this Act, the following expressions have the same meanings as in the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 : (a) AWA ; (b) collective agreement ; (c) ITEA ; (d) notional agreement preserving State awards ; (e) old IR agreement ; (f) pre ‑ reform AWA ; (g) pre ‑ reform certified agreement ; (h) preserved State agreement ; (i) Division 2B State instrument; (j) State reference transitional award or common rule . Note: For an instrument referred to in this subsection, see item 4 of Schedule 2 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 . (2) In this Act, enterprise agreement has the same meaning as in the Fair Work Act 2009 . (3) In this Act, workplace determination means a workplace determination made under the Fair Work Act 2009 or the Workplace Relations Act 1996 .", "Amendment_Count": 5, "First_Amended": "No 50 of 2006", "Last_Amended": "No 171 of 2012", "Amending_Acts": "No 50 of 2006 | No 8 of 2008 | No 54 of 2009 | No 124 of 2009 | No 171 of 2012", "History_Notes": "Inserted by No 50 of 2006 | Amended by No 8 of 2008, effective sch 1 (items 284 ‑ 286): 28 Mar 2008 (s 2(1) item 2) | Repealed and substituted by No 54 of 2009, effective s 4: 25 June 2009 (s 2(1) item 1) sch 18 (items 13 ‑ 22, 32): 1 July 2009 (s 2(1) item 41) | Amended by No 124 of 2009, effective sch 2 (items 135, 136): 1 Jan 2010 (s 2(1) item 12) | Amended by No 171 of 2012, effective sch 2 (item 1), sch 4 (items 9, 10), sch 5 (items 1–3), sch 8 (item 1): 1 Jan 2014 (s 2(1) items 12, 20, 22, 26)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s12A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 15B", "Provision_Key": "s15b", "Heading": "Application of Part to former employees", "Text": "This Part applies to payments of qualifying earnings to or for a former employee as if the former employee were an employee of the person who was the former employee’s employer.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 147 of 2005 | No 57 of 2025", "History_Notes": "Inserted by No 147 of 2005, effective sch 6 (items 3 ‑ 10), sch 7 (items 17 ‑ 20): 14 Dec 2005 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s15B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 15C", "Provision_Key": "s15c", "Heading": "Certificates of coverage for international social security agreements", "Text": "(1) This section applies if a scheduled international social security agreement (within the meaning of section 5 of the Social Security (International Agreements) Act 1999 ) prevents double coverage of the compulsory retirement savings arrangements under the laws of the parties to the agreement. (2) An entity mentioned in subsection (3) may apply in writing to the Commissioner for a certificate under subsection (4) covering the employment of a particular employee. (3) For the purposes of subsection (2), the entity must be: (a) if the employee’s employer is not a resident of Australia—a related entity (within the meaning of the agreement) of the employer; or (b) otherwise—the employee’s employer. (4) The Commissioner may give the entity that made the application a certificate under this subsection if the Commissioner is satisfied that doing so is in accordance with the agreement mentioned in subsection (1). (5) The certificate must: (a) state the name of the employer and the employee; and (b) state the time at which, or the circumstances in which, the certificate stops covering the employment; and (c) contain any other information that the Commissioner considers relevant. (6) The Commissioner may revoke or vary a certificate under subsection (4), if doing so would be in accordance with the administrative arrangements to the agreement mentioned in subsection (1) that are agreed between the parties to the agreement. (7) A person who is dissatisfied with a decision of the Commissioner under subsection (4) or (6) may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (8) If the entity that made the application is not the employee’s employer, this Part (apart from this section) applies to qualifying earnings relating to employment covered by the certificate that are paid to the employee as if the entity that made the application were the employee’s employer.", "Amendment_Count": 2, "First_Amended": "No 15 of 2007", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 15 of 2007 | No 57 of 2025", "History_Notes": "Inserted by No 15 of 2007, effective sch 1 (items 346 ‑ 350, 406(1) ‑ (3)), sch 3 (items 52, 53): 15 Mar 2007 (s 2(1) items 2, 7) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s15C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Simplified outline of this Division", "Text": "Superannuation guarantee charge is payable on an employer’s superannuation guarantee shortfalls. Such a shortfall can arise in 2 ways. The first way is if the employer: (a) pays qualifying earnings to an employee; or (b) reduces an employee’s qualifying earnings so that a sacrificed contribution can be made for the employee; without also making sufficient timely eligible superannuation contributions for the benefit of the employee (see Subdivisions B and C). The amount of charge on a shortfall arising in this way will include notional earnings on the shortfall and an administrative uplift amount (see Subdivision D). The second way is if the employer fails to comply with the choice of fund requirements when making eligible superannuation contributions for the employee (see Subdivision E).", "Amendment_Count": 2, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 57 of 2025", "History_Notes": "Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s16"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 16A", "Provision_Key": "s16a", "Heading": "Superannuation guarantee charge payable by employers", "Text": "Superannuation guarantee charge imposed on an employer’s superannuation guarantee shortfall for a QE day is payable by the employer.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s16A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 16B", "Provision_Key": "s16b", "Heading": "Superannuation guarantee shortfalls", "Text": "(1) This section applies if an employer has: (a) one or more individual base superannuation guarantee shortfalls for a QE day that are greater than nil; or (b) one or more choice loadings for a QE day that are greater than nil. (2) The employer has a superannuation guarantee shortfall for the QE day equal to the sum of the following: (a) the total of the employer’s individual final superannuation guarantee shortfalls for the QE day; (b) the total of the employer’s individual notional earnings components for the QE day; (c) the employer’s administrative uplift amount for the QE day; (d) the total of the employer’s choice loadings for the QE day. Note: Some (but not all) of these amounts may be nil.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s16B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Simplified outline of this Subdivision", "Text": "If on a particular day an employer: (a) pays qualifying earnings to an employee; or (b) reduces an employee’s qualifying earnings so that a sacrificed contribution can be made for the employee; then, on that day, the employer has an individual superannuation guarantee amount for the employee equal to a particular percentage of the payment or reduction. However, the amount will be nil if an exemption certificate covers the employer and the employee for that day.", "Amendment_Count": 2, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 57 of 2025", "History_Notes": "Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s17"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 17A", "Provision_Key": "s17a", "Heading": "When an individual superannuation guarantee amount arises", "Text": "(1) This Subdivision applies if an employer makes a payment of qualifying earnings to or for an employee on a particular day (the QE day ). Note: This includes reducing the employee’s earnings so that a sacrificed contribution can be made for the employee (see paragraphs 10A(1)(h) and (4)(b)). (2) On the QE day, the employer has an individual superannuation guarantee amount for the employee equal to: where: amount of the qualifying earnings means: (a) if there is one such payment—the amount of the payment; or (b) if there are 2 or more such payments—the sum of the amounts of the payments. Note: If the payment of qualifying earnings is in the form of a reduction so that a sacrificed contribution can be made, the amount of the payment is the amount of the reduction (see paragraph 10A(1)(h)). charge percentage means 12.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s17A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 17B", "Provision_Key": "s17b", "Heading": "An exemption certificate can reduce this amount to nil", "Text": "However, if an employer shortfall exemption certificate is in force for the employee in relation to: (a) the employer; and (b) a period that includes the QE day; treat the employee as having already reached the maximum contributions base before the QE day. Note 1: This means: (a) the amount of the payment of qualifying earnings on the QE day is treated as if it were nil (see subsection 10A(6)); and (b) the individual superannuation guarantee amount is nil. Note 2: If the employee has more than one employer and the certificate is issued in relation to only this employer, then the certificate does not affect the other employers’ individual superannuation guarantee amounts.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s17B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 17C", "Provision_Key": "s17c", "Heading": "Issuing an exemption certificate", "Text": "Issuing of certificate (1) The Commissioner may, on application by an employee, issue a certificate (an employer shortfall exemption certificate ) to the applicant for: (a) a specified employer of the applicant at the time the application is made; and (b) a specified period ending at the end of a specified financial year; if the Commissioner is satisfied of the matters in subsection (2). (2) The matters are that: (a) if the certificate is not issued, the applicant is likely to have excess concessional contributions for that financial year (whether or not issuing the certificate would prevent that result); and (b) if the certificate is issued for that period, at least one other employer of the applicant is likely to have an individual superannuation guarantee amount for: (i) the applicant; and (ii) a QE day during that financial year; that is greater than nil; and (c) it is appropriate in the circumstances to issue the certificate. (3) When considering a matter in subsection (2), the Commissioner: (a) for the matter in paragraph (2)(a) or (b)—must have regard to any other employer shortfall exemption certificate that has been issued, or is proposed to be issued, to the applicant for that financial year; and (b) for the matter in paragraph (2)(c)—may have regard to: (i) the effect that issuing the certificate is likely to have on the applicant’s concessional contributions for that financial year; and (ii) any other matter that the Commissioner considers relevant. Application for certificate (4) An application for an employer shortfall exemption certificate: (a) must be in the approved form; and (b) must specify the employer, period and financial year to be specified in the certificate; and (c) must be made at least 30 days before the first day of the period. Objections and other matters (5) A person who is dissatisfied with a decision of the Commissioner under subsection (1) may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (6) The Commissioner may not vary or revoke an employer shortfall exemption certificate. (7) An employer shortfall exemption certificate: (a) may be issued after the first day of the period specified in the certificate; and (b) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s17C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 17D", "Provision_Key": "s17d", "Heading": "Notice about an exemption certificate", "Text": "(1) If the Commissioner makes a decision under subsection 17C(1) about an application, the Commissioner must give written notice of the decision to: (a) the applicant; and (b) if the decision is to issue a certificate—the employer to which the certificate relates. (2) A notice of a decision to issue a certificate must include a copy of the certificate. (3) The Commissioner is treated as having decided not to issue a certificate to the applicant if the Commissioner does not give notice (under subsection (1)) of the decision during the 60 ‑ day period starting on the day the application was made.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s17D"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Simplified outline of this Subdivision", "Text": "This Subdivision is relevant if an employer has an individual superannuation guarantee amount for an employee that is greater than nil. The employer will have an individual base superannuation guarantee shortfall for the employee that will result in superannuation guarantee charge if the employer does not make an equivalent amount of eligible superannuation contributions: (a) for the benefit of the employee; and (b) within a particular period. The employer can reduce the amount of the charge by making eligible superannuation contributions: (a) for the benefit of the employee; and (b) up until the day before the Commissioner makes an assessment of the amount of the charge.", "Amendment_Count": 3, "First_Amended": "No 208 of 1992", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 208 of 1992 | No 51 of 2002 | No 57 of 2025", "History_Notes": "Amended by No 208 of 1992, effective s 77–89: 22 Dec 1992 (s 2(1)) | Repealed by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s18"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 18A", "Provision_Key": "s18a", "Heading": "Meaning of eligible contribution —main rules", "Text": "(1) An eligible contribution , made by an employer for the benefit of an employee, is: (a) a contribution (other than a sacrificed contribution) made by the employer for the benefit of the employee that: (i) is to a complying superannuation fund; and (ii) is able to be allocated within the fund for the benefit of the employee; and (iii) is not made for the benefit of the employee as a defined benefit member of a defined benefit superannuation scheme; and (iv) is not made at a time when a conversion notice has effect in relation to the fund; or (b) a contribution (other than a sacrificed contribution) made by the employer for the benefit of the employee: (i) to an RSA; and (ii) that is able to be allocated within the RSA for the benefit of the employee; or (c) if: (i) the employee has died; and (ii) the employer would, if the employee had not died, have made a contribution covered by paragraph (a) or (b) for the benefit of the employee; and (iii) the employer instead pays an equivalent amount to the employee’s legal personal representative; that equivalent amount paid by the employer; or (d) a contribution notionally made as described in subsection (3) to a defined benefit superannuation scheme for the benefit of the employee as a defined benefit member of the scheme. Note: For the purposes of subparagraphs (a)(ii) and (b)(ii), regulations under the Superannuation Industry (Supervision) Act 1993 and under the Retirement Savings Accounts Act 1997 deal with the allocation of contributions. Presumption for contributions to certain superannuation funds (2) A contribution made by the employer for the benefit of the employee to a superannuation fund is conclusively presumed to be a contribution to a complying superannuation fund for the purposes of subparagraph (1)(a)(i) if: (a) at or before the time the contribution is made, the employer has obtained a written statement provided by or on behalf of the trustee of the fund; and (b) the statement provides that the fund: (i) is a resident regulated superannuation fund; and (ii) is not subject to a direction under section 63 of the Superannuation Industry (Supervision) Act 1993 . Note 1: The presumption does not extend to any of the other elements of paragraph (1)(a), such as that the contribution must not be a sacrificed contribution. Note 2: The presumption may not always be available (see section 18B). Notional contributions for defined benefit members of defined benefit superannuation schemes (3) If, on a QE day for the employer and the employee: (a) a benefit certificate for a defined benefit superannuation scheme has effect; and (b) the scheme is operating for the benefit of the employee: (i) as a defined benefit member of the scheme; and (ii) in relation to payments of qualifying earnings to or for the employee by the employer; and (c) the benefit certificate: (i) covers a class of employees (that includes the employee) as defined benefit members of the scheme; and (ii) specifies the notional employer contribution rate in relation to that class of employees; and (d) the employer has a written statement, provided by or on behalf of the trustee of the scheme, that the scheme: (i) is a resident regulated superannuation fund; and (ii) is not subject to a direction under section 63 of the Superannuation Industry (Supervision) Act 1993 ; and (iii) has not been subject to such a direction at any time since the beginning of the day on which the benefit certificate is expressed to take effect; treat the scheme as having received, on the QE day, a notional contribution made by the employer for the benefit of the employee that is equal to: where: amount of the qualifying earnings has the same meaning as in subsection 17A(2) for the one or more payments of qualifying earnings to or for the employee made by the employer on the QE day. Note: The written statement may not always have effect (see section 18B).", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s18A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 18B", "Provision_Key": "s18b", "Heading": "Meaning of eligible contribution —exceptions", "Text": "(1) However: (a) the presumption in subsection 18A(2) is unavailable for a contribution to a fund if subsection (2) of this section applies on the day the contribution is made; or (b) a statement provided as described in paragraph 18A(3)(d) has no effect for a scheme if subsection (2) of this section applies on the QE day. (2) This subsection applies on a day if, on that day: (a) one of the following subparagraphs applies: (i) the employer is the trustee or manager of the fund or scheme; (ii) the employer is an associate of the trustee or manager of the fund or scheme; (iii) the trustee or manager of the fund or scheme is an associate of the employer; and (b) the employer reasonably believes that the fund or scheme: (i) is not a resident regulated superannuation fund; or (ii) is operating in contravention of a regulatory provision (within the meaning of section 38A of the Superannuation Industry (Supervision) Act 1993 ). (3) Section 39 of the Superannuation Industry (Supervision) Act 1993 applies for the purposes of subparagraph (2)(b)(ii) of this section in a corresponding way to the way that section applies for the purposes of Division 2 of Part 5 of that Act. Note: Section 39 of that Act allows certain contraventions to be ignored.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s18B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 18C", "Provision_Key": "s18c", "Heading": "Employer’s individual base superannuation guarantee shortfall for an employee and a QE day", "Text": "Meaning of individual base superannuation guarantee shortfall (1) An employer’s individual base superannuation guarantee shortfall for an employee and a QE day is equal to: where: eligible contributions relevant for the QE day means so much of each eligible contribution made by the employer for the benefit of the employee as: (a) is applied under this subsection for the QE day (the current QE day ), and has not been applied under this subsection or section 18D for an earlier QE day; and (b) is applied under this subsection in the order that it is received by the relevant fund, RSA, representative or scheme; and (c) is so received during one of these periods (the standard periods ): (i) the usual period for the current QE day; or (ii) the 12 ‑ month period ending on the day before the current QE day; or before the end of the latest day in any applicable items of the table in subsection (2) of this section; and (d) does not cause the amount resulting from this subsection for the employee and the QE day to be less than nil. Note: An eligible contribution in the form of a notional contribution to a defined benefit superannuation scheme will always be covered by subparagraph (c)(i) because it is treated as being received on the current QE day (see subsection 18A(3)). Allowable longer periods for receiving eligible contributions (2) In addition to the standard periods, the eligible contribution can be received before the end of the latest day in any applicable item of the following table: Allowable longer periods for receiving eligible contributions Item If this happens: The eligible contribution is to be received: 1 the eligible contribution is the first eligible contribution made to a particular complying superannuation fund or RSA by the employer for the benefit of the employee: (a) after the employee commenced (or recommenced) employment with the employer; or (b) after the employer ceased making one or more eligible contributions for the benefit of the employee to another complying superannuation fund or RSA during the extended usual period for the current QE day. 2 (a) the current QE day relates to qualifying earnings of a kind determined under subsection (3); and (b) a later QE day (a standard QE day ) for the employer and the employee relates to qualifying earnings not of a kind determined under subsection (3) before the end of the usual period for the first standard QE day after the current QE day. 3 the employer and the current QE day are covered by a determination under subsection (4) before the later of: (a) the end of the extended usual period for the current QE day; and (b) the end of the period of 20 business days starting on the day after the determination is made. 4 the usual period for the current QE day ends before the latest day (the latest due day ) that an earlier eligible contribution that: (a) was made by the employer for the benefit of the employee; and (b) was applied under subsection (1) for an earlier QE day; was able to be received for the purposes of subsection (1) before the end of the latest due day. Note: When the contribution is received is not the only factor for whether it is an eligible contribution relevant for the QE day (see paragraphs (a), (b) and (d) of the definition of that expression in subsection (1)). Kinds of out ‑ of ‑ cycle qualifying earnings (3) The Commissioner may, by legislative instrument, determine: (a) kinds of out ‑ of ‑ cycle qualifying earnings; and (b) the circumstances that must exist for qualifying earnings to be one of those kinds. Qualifying earnings in exceptional circumstances (4) The Commissioner may, by legislative instrument, determine: (a) one or more kinds of employers that are affected by exceptional circumstances of a kind prescribed by the regulations that affect the ability of the employers to make eligible contributions; and (b) the period during which any QE days for payments of qualifying earnings by those employers are affected by those exceptional circumstances. The period determined for the purposes of paragraph (b) may start before the day the determination is made. Note 1: Examples of exceptional circumstances for this purpose include natural disasters, or widespread outages of information and communications technology services, that affect multiple employers on a large scale. Note 2: If the period starts before the day the determination is made, eligible contributions can still be counted if made before the end of the 20 business day period starting on the day after the determination is made (see item 3 of the table in subsection (2)).", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s18C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 18D", "Provision_Key": "s18d", "Heading": "Employer’s individual final superannuation guarantee shortfall for an employee and a QE day", "Text": "(1) An employer’s individual final superannuation guarantee shortfall for an employee and a QE day is: (a) if the employer’s individual base superannuation guarantee shortfall for the employee and QE day is nil—nil; or (b) otherwise—equal to the amount in subsection (2). (2) The amount is: where: eligible contributions relevant for the late period for the QE day means so much of an eligible contribution made by the employer for the benefit of the employee as: (a) is applied under this section for the QE day, and has not been applied under this section for an earlier QE day; and (b) is applied under this subsection in the order that it is received by the relevant fund, RSA, representative or scheme; and (c) is so received during the late period for the QE day; and (d) does not cause the amount resulting from this subsection for the employee and the QE day to be less than nil.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s18D"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 19", "Provision_Key": "s19", "Heading": "When this Subdivision applies", "Text": "This Subdivision applies if an employer has an individual base superannuation guarantee shortfall for an employee and a QE day that is greater than nil.", "Amendment_Count": 14, "First_Amended": "No 208 of 1992", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 208 of 1992 | No 170 of 1995 | No 51 of 2002 | No 102 of 2004 | No 41 of 2005 | No 82 of 2005 | No 15 of 2007 | No 22 of 2012 | No 171 of 2012 | No 96 of 2014 | No 95 of 2019 | No 80 of 2020 | No 46 of 2021 | No 57 of 2025", "History_Notes": "Amended by No 208 of 1992, effective s 77–89: 22 Dec 1992 (s 2(1)) | Amended by No 170 of 1995, effective Sch 3 (items 1–14): 16 Dec 1995 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 41 of 2005, effective sch 10 (item 232): 1 Apr 2005 (s 2(1) item 5) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 15 of 2007, effective sch 1 (items 346 ‑ 350, 406(1) ‑ (3)), sch 3 (items 52, 53): 15 Mar 2007 (s 2(1) items 2, 7) | Amended by No 22 of 2012, effective sch 1: 1 July 2013 (s 2(1) item 2) Remainder: 29 Mar 2012 (s 2(1) item 1) | Amended by No 171 of 2012, effective sch 2 (item 1), sch 4 (items 9, 10), sch 5 (items 1–3), sch 8 (item 1): 1 Jan 2014 (s 2(1) items 12, 20, 22, 26) | Amended by No 96 of 2014, effective sch 6 (items 1, 2): 5 Sept 2014 (s 2(1) item 3) | Amended by No 95 of 2019, effective sch 7: 29 Oct 2019 (s 2(1) item 3) | Amended by No 80 of 2020, effective 4 Sept 2020 (s 2(1) item 1) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s19"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 19A", "Provision_Key": "s19a", "Heading": "Individual notional earnings component—sum of an amount for each day that the individual final superannuation guarantee shortfall is greater than nil", "Text": "(1) The employer’s individual notional earnings component for the employee and the QE day is the sum of each amount worked out under subsection (2) for each day that: (a) is during the late period for the QE day; and (b) is a day on which the employer’s individual final superannuation guarantee shortfall for the employee and the QE day is greater than nil. Note: Subsection 36(3) may affect the days that paragraph (b) applies to. (2) For a day referred to in subsection (1) for the QE day, work out: where: general interest charge rate has the same meaning as in section 8AAD of the Taxation Administration Act 1953 . notional sum means the sum of: (a) the employer’s individual base superannuation guarantee shortfall for the employee and the QE day; and (b) the amount worked out under this subsection for each earlier day referred to in subsection (1) for the QE day.", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 102 of 2004 | No 57 of 2025", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s19A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 19B", "Provision_Key": "s19b", "Heading": "Administrative uplift for a QE day", "Text": "(1) The employer’s administrative uplift amount for the QE day is equal to 60% of the sum of: (a) the total of the employer’s individual final superannuation guarantee shortfalls for the QE day; and (b) the total of the employer’s individual notional earnings components for the QE day. Note: The administrative uplift amount will be nil if these totals are nil. (2) However, this amount may be reduced (but not below nil) in accordance with the regulations. (3) For the purposes of (but without limiting) subsection (2), the regulations may prescribe the following: (a) a method for reducing an employer’s administrative uplift amount for a QE day that relies on one or more of the following: (i) whether the Commissioner has previously made an assessment for the employer on the Commissioner’s own initiative; (ii) whether the Commissioner has previously made an estimate under subsection 268 ‑ 10(1) in Schedule 1 to the Taxation Administration Act 1953 for the employer for a liability to pay superannuation guarantee charge; (iii) whether (and when) the employer lodges a voluntary disclosure statement under section 33 for the QE day; (b) a method that depends on a person being satisfied of one or more specified matters.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s19B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 20", "Provision_Key": "s20", "Heading": "When this Subdivision applies", "Text": "This Subdivision applies if: (a) an employer has an individual superannuation guarantee amount for an employee and a QE day; and (b) the employer makes, for the benefit of the employee, one or more eligible contributions that: (i) result in the employer’s individual base superannuation guarantee shortfall, or individual final superannuation guarantee shortfall, for the employee and the QE day being less than what it would otherwise be; or (ii) if the amount mentioned in paragraph (a) is nil—would have resulted in a shortfall mentioned in subparagraph (i) being less than what it would have otherwise been had the amount mentioned in paragraph (a) been greater than nil.", "Amendment_Count": 5, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 102 of 2004 | No 82 of 2005 | No 80 of 2020 | No 57 of 2025", "History_Notes": "Repealed by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 80 of 2020, effective 4 Sept 2020 (s 2(1) item 1) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s20"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 20A", "Provision_Key": "s20a", "Heading": "Employer’s choice loading for the QE day", "Text": "(1) The employer’s choice loading for the employee and the QE day is: (a) if subsection (2) or (3) applies to some or all of those eligible contributions—the lower of: (i) the amount equal to 25% of the total of the contributions to which that subsection applies; and (ii) the choice loading limit for the QE day; or (b) otherwise—nil. Contributions made to an RSA or a fund other than a defined benefit superannuation scheme (2) This subsection applies if: (a) some or all of the contributions mentioned in paragraph 20(b) are not made in compliance with the choice of fund requirements; and (b) section 20D (relying on most recent Commissioner notification) does not apply to the contributions. Contributions notionally made to a defined benefit superannuation scheme (3) This subsection applies if: (a) some or all of the contributions mentioned in paragraph 20(b): (i) are notionally made as described in subsection 18A(3) to a defined benefit superannuation scheme; and (ii) if paragraph 32C(2)(c) were disregarded—would not have been made in compliance with the choice of fund requirements if they had been actually (rather than notionally) made to the scheme; and (b) none of subsections 20B(2), (3) and (4) apply to the employer for the employee, the scheme and the QE day; and (c) section 20D (relying on most recent Commissioner notification) does not apply to the contributions. Note: Paragraph 32C(2)(c) is a requirement for a fund to include a MySuper product.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s20A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 20B", "Provision_Key": "s20b", "Heading": "Defined benefit schemes—certain cases where members cannot choose another fund", "Text": "(1) This section applies for the purposes of paragraph 20A(3)(b). Scheme in surplus (2) This subsection applies if: (a) the employee was a defined benefit member of the fund immediately before 1 July 2005 and has not ceased to be such a member during the period (the membership period ): (i) starting on 1 July 2005; and (ii) ending at the end of the QE day; and (b) an actuary has provided a certificate in accordance with regulations under the Superannuation Industry (Supervision) Act 1993 stating that the employer is not required to make contributions for a period including the QE day, and there has been such a certificate covering all times since 1 July 2005; and (c) an actuary has provided a certificate stating that, in the actuary’s opinion, at all times during the membership period there is a high probability that the assets of the scheme are, and will be, equal to or greater than 110% of the greater of the scheme’s liabilities in respect of vested benefits and the scheme’s accrued actuarial liabilities. The certificate under paragraph (c) must have been provided no earlier than 15 months before the QE day. Member has accrued maximum benefit (3) This subsection applies if, on the QE day, the defined benefit that has accrued to the employee will not increase other than: (a) as a result of increases in the employee’s salary or remuneration; or (b) by reference to accruals of investment earnings; or (c) by reference to indexation based on, or calculated by reference to, a relevant price index or wages index; or (d) in any other way prescribed by the regulations. Member’s benefit not affected (4) This subsection applies if the employee would be entitled, on the employee’s retirement, resignation or retrenchment, to the same amount of benefit from the defined benefit superannuation scheme, whether or not the employee had contributions: (a) for the QE day; and (b) made by the employer for the benefit of the employee; to a fund (within the meaning of Part 3A) other than the defined benefit superannuation scheme. Meaning of scheme’s accrued actuarial liabilities and scheme’s liabilities in respect of vested benefits (5) In this section: scheme’s accrued actuarial liabilities , at a particular time, means the total value, as certified by an actuary, of the future benefit entitlements of members of the scheme in respect of membership up to that time based on assumptions about: (a) future economic conditions; and (b) the future of matters affecting membership of the scheme; being assumptions made in accordance with applicable professional actuarial standards (if any). scheme’s liabilities in respect of vested benefits , at a particular time, means the total value of the benefits payable from the scheme to which the members of the scheme would be entitled if they all voluntarily terminated their service with their employers at that time.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s20B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 20C", "Provision_Key": "s20c", "Heading": "Limit on choice loading for the QE day", "Text": "(1) The choice loading limit for the QE day (the current QE day ) is $1,200. (2) However, this amount is reduced (but not below nil) by the amount equal to 25% of the sum of any other eligible contributions: (a) made by the employer for the benefit of the employee; and (b) to which subsection 20A(2) or (3) applies for any earlier QE day for the employer and employee during the notice period that includes the current QE day. (3) In this section: notice period means the period: (a) beginning on the latest of: (i) the day the employee’s employment with the employer starts; and (ii) the day after the end of the immediately preceding notice period for the employer and the employee; and (iii) 1 July 2026; and (b) ending on the day the Commissioner gives the employer written notice that the employer’s notice period for the employee has ended.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s20C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 20D", "Provision_Key": "s20d", "Heading": "Relying on most recent Commissioner notification", "Text": "This section applies to an eligible contribution for the benefit of the employee that is not made in compliance with the choice of fund requirements if: (a) the employer attempts to make the contribution at a particular time; and (b) at that time, there is no chosen fund for the employee; and (c) at that time, the most recent notification to the employer: (i) by the Commissioner; and (ii) relating to a request by the employer (or by the employer’s agent) for the Commissioner to identify any stapled fund for the employee; is that the Commissioner is satisfied that the fund is the stapled fund for the employee; and (d) the fund does not accept the contribution from the employer for the benefit of the employee; and (e) the employer made the contribution to another fund for the benefit of the employee.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s20D"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Arrangements to avoid payment of superannuation guarantee charge", "Text": "If: (a) an employer makes an arrangement; and (b) as a result of the arrangement the employer’s superannuation guarantee shortfall for a QE day is reduced; and (c) in the Commissioner’s opinion the arrangement was made solely or principally for the purpose of avoiding payment of superannuation guarantee charge otherwise than in accordance with this Act; the employer is liable to pay for a QE day an amount of superannuation guarantee charge equal to the amount that, in the Commissioner’s opinion, the employer would have been liable to pay if the arrangement had not been made.", "Amendment_Count": 2, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 57 of 2025", "History_Notes": "Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s30"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32A", "Provision_Key": "s32a", "Heading": "Purpose of Part", "Text": "This Part sets out the circumstances in which contributions are made in compliance with the choice of fund requirements. This is important because an employer’s superannuation guarantee shortfall for a QE day may be increased where contributions do not comply.", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 102 of 2004 | No 57 of 2025", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32B", "Provision_Key": "s32b", "Heading": "Structure of Part", "Text": "The structure of this Part is as follows: Structure of Part Division Topic Division 1 Overview of Part Division 2 Which contributions satisfy the choice of fund requirements? Division 3 Eligible choice funds Division 4 Choosing a fund Division 6 Standard choice forms Division 7 Stapled funds Division 8 Miscellaneous", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 102 of 2004 | No 46 of 2021", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32C", "Provision_Key": "s32c", "Heading": "Contributions that satisfy the choice of fund requirements", "Text": "Contributions to certain funds (1) A contribution to a fund by an employer for the benefit of an employee is made in compliance with the choice of fund requirements if the contribution is made to a fund that, at the time that the contribution is made, is: (a) a chosen fund for the employee (see Division 4); or (b) if the employee is not a Commonwealth employee who is a member of the CSS or the PSS—an unfunded public sector scheme. Contributions to stapled funds (1A) A contribution to a fund by an employer for the benefit of an employee is made in compliance with the choice of fund requirements if, at the time the contribution is made: (a) there is no chosen fund for the employee; and (b) the most recent notification to the employer: (i) by the Commissioner; and (ii) relating to a request by the employer (or by the employer’s agent) for the Commissioner to identify any stapled fund for the employee; is that the Commissioner is satisfied that the fund is the stapled fund for the employee. (1B) Subsection (1A) does not apply if, at the time the contribution is made: (a) the employer is required under section 32N to give the employee a standard choice form; and (b) the employer has not done this by the time specified in the subsection concerned. However, this subsection ceases to apply from the time that the employer gives the standard choice form to the employee. Contributions to certain eligible choice funds (2) A contribution to a fund by an employer for the benefit of an employee is made in compliance with the choice of fund requirements if, at the time the contribution is made: (a) there is no chosen fund for the employee; and (aa) the most recent notification to the employer: (i) by the Commissioner; and (ii) relating to a request by the employer (or by the employer’s agent) for the Commissioner to identify any stapled fund for the employee; is that the Commissioner is satisfied that there is no stapled fund for the employee; and (b) the fund is an eligible choice fund for the employer; and (ba) the fund: (i) is specified under section 32P in the standard choice form provided as the fund to which the employer will contribute for the benefit of the employee if the employee does not make a choice or will be so specified within the time specified in section 32N for the provision of a standard choice form to the employee; or (ii) if the employer has not contributed, and cannot contribute, to a fund (the first employer fund ) that was so specified or that was purportedly so specified—will be so specified within 28 days of the employer becoming aware that the employer cannot contribute to the first employer fund; and (c) a class of beneficial interest in the fund is a MySuper product within the meaning of the Superannuation Industry (Supervision) Act 1993 ; and (d) the fund complies with the requirements (if any) set out in the regulations in relation to the provision of a benefit in respect of MySuper members of the fund that is payable only in the event of the death of the member; and (e) the fund complies with the requirements (if any) set out in the regulations in relation to offering a benefit in respect of members of the fund (other than MySuper members) that is payable only in the event of the death of the member. (2A) Subsection (2) does not apply if, at the time the contribution is made: (a) the employer is required under section 32N to give the employee a standard choice form; and (b) the employer has not done this by the time specified in the subsection concerned. However, this subsection ceases to apply from the time that the employer gives the standard choice form to the employee. (2AA) Paragraph (2)(ba) does not apply if the employee is, within the meaning of the Migration Act 1958 , the holder of a temporary visa. Contributions to certain successor funds (2AB) A contribution to a fund (the new fund ) by an employer for the benefit of an employee is made in compliance with the choice of fund requirements if: (a) the employee’s interest in the new fund was transferred to the new fund from another fund (the original fund ) without the employee’s consent; and (b) at the time of the most recent contribution before the transfer to the original fund by the employer for the benefit of the employee, the original fund was a fund: (i) to which subparagraph (2)(ba)(i) applies; or (ii) to which subparagraph (2)(ba)(ii) applies, or would have applied if the transfer had not occurred; or (iii) to which subsection (1A) applies; and (c) the new fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997 ) in relation to the transfer. Contributions to the CSS (3) A contribution to a fund by an employer for the benefit of an employee at a particular time is also made in compliance with the choice of fund requirements if the contribution is made to the CSS. However, this subsection does not apply if the law of the Commonwealth under which the contribution is made has been prescribed in relation to that time under regulations made for the purpose of this subsection. Contributions to the PSS (4) A contribution to a fund by an employer for the benefit of an employee at a particular time is also made in compliance with the choice of fund requirements if the contribution is made to the PSS. However, this subsection does not apply if the law of the Commonwealth under which the contribution is made has been prescribed in relation to that time under regulations made for the purpose of this subsection. Contributions under the Superannuation (Productivity Benefit) Act 1988 (5) A contribution to a fund by an employer for the benefit of an employee at a particular time is also made in compliance with the choice of fund requirements if the contribution is made under the Superannuation (Productivity Benefit) Act 1988 . However, this subsection does not apply if that Act has been prescribed in relation to that time under regulations made for the purpose of this subsection. Contributions under certain agreements and workplace determinations (6) A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if the contribution, or a part of the contribution, is made under, or in accordance with: (a) a pre ‑ reform certified agreement; or (b) an AWA; or (c) a pre ‑ reform AWA; or (d) a collective agreement; or (e) an old IR agreement; or (f) an ITEA; or (g) if subsection (6AAA) applies—a workplace determination made before 1 January 2021; or (h) if subsection (6AAA) applies—an enterprise agreement made before 1 January 2021; or (i) an award mentioned in paragraph 2(2)(a) of Schedule 3 to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 ; or (j) a State reference transitional award or common rule. Note: A number of the expressions used in this subsection are defined in section 12A by reference to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 or the Fair Work Act 2009 . (6AAA) For the purposes of paragraph (6)(g) or (h), this subsection applies if, at the time the contribution (or part of the contribution) is made, the most recent notification to the employer: (a) by the Commissioner; and (b) relating to a request by the employer (or by the employer’s agent) for the Commissioner to identify any stapled fund for the employee; is that the Commissioner is satisfied that there is no stapled fund for the employee. Contributions previously covered by paragraphs (6)(g) and (h) (6AA) A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if: (a) at the time the contribution is made, there is no chosen fund for the employee; and (b) the fund is a fund to which the employer has previously made contributions, in compliance with the choice of fund requirements under paragraph (6)(g) or (h), for the benefit of the employee. Contributions under notional agreements preserving State awards (6A) A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if the contribution, or a part of the contribution, is made: (a) under, or in accordance with, a notional agreement preserving State awards; and (b) in respect of salary or wages paid before 1 July 2006. Note: A number of the expressions used in this subsection are defined in section 12A by reference to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 or the Fair Work Act 2009 . Contributions under preserved State agreements (6B) A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if the contribution, or a part of the contribution, is made under, or in accordance with, a preserved State agreement. Note: A number of the expressions used in this subsection are defined in section 12A by reference to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 or the Fair Work Act 2009 . Contributions under Division 2B State instruments (7) A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if the contribution, or a part of the contribution, is made under, or in accordance with, a Division 2B State instrument. Note: The expression Division 2B State instrument is defined in section 12A by reference to the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 . Contributions under State awards (8) A contribution to a fund by an employer for the benefit of an employee is also made in compliance with the choice of fund requirements if the contribution, or a part of the contribution, is made under, or in accordance with, a State industrial award. Contributions under prescribed legislation (9) A contribution to a fund by an employer for the benefit of an employee at a particular time is also made in compliance with the choice of fund requirements if the contribution is made under a law of the Commonwealth, of a State or of a Territory and the law is prescribed in relation to that time under regulations made for the purpose of this subsection. Contributions made after employees cease employment (10) If: (a) an employee ceases to be employed by an employer; and (b) after the employment ceases, the employer makes a contribution to a fund for the benefit of the employee and in respect of the employment; then, for the purposes of this section, the contribution is taken to have been made immediately before the employment ceases.", "Amendment_Count": 17, "First_Amended": "No 102 of 2004", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 102 of 2004 | No 81 of 2005 | No 82 of 2005 | No 50 of 2006 | No 8 of 2008 | No 54 of 2009 | No 124 of 2009 | No 56 of 2010 | No 162 of 2012 | No 171 of 2012 | No 21 of 2015 | No 71 of 2015 | No 55 of 2016 | No 80 of 2020 | No 46 of 2021 | No 57 of 2025 | No 12 of 2026", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 81 of 2005, effective sch 2: 1 July 2005 (s 2(1) item 5) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 50 of 2006 | Amended by No 8 of 2008, effective sch 1 (items 284 ‑ 286): 28 Mar 2008 (s 2(1) item 2) | Amended by No 54 of 2009, effective s 4: 25 June 2009 (s 2(1) item 1) sch 18 (items 13 ‑ 22, 32): 1 July 2009 (s 2(1) item 41) | Amended by No 124 of 2009, effective sch 2 (items 135, 136): 1 Jan 2010 (s 2(1) item 12) | Amended by No 56 of 2010, effective sch 1 (items 2 ‑ 5, 9): 1 July 2010 (s 2(1) items 2, 5) | Amended by No 162 of 2012, effective sch 1 (item 1): 1 Jan 2014 (s 2(1) item 2) | Amended by No 171 of 2012, effective sch 2 (item 1), sch 4 (items 9, 10), sch 5 (items 1–3), sch 8 (item 1): 1 Jan 2014 (s 2(1) items 12, 20, 22, 26) | Amended by No 21 of 2015, effective sch 7 (item 28): 20 Mar 2015 (s 2(1) item 15) | Amended by No 71 of 2015, effective 1 July 2015 (s 2(1) item 1) | Amended by No 55 of 2016, effective sch 23 (items 25 ‑ 34, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 80 of 2020, effective 4 Sept 2020 (s 2(1) item 1) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1) | Amended by No 12 of 2026, effective sch 1 (items 1 ‑ 3): 27 Mar 2026 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32CA", "Provision_Key": "s32ca", "Heading": "Certain contributions taken not to satisfy the choice of fund requirements", "Text": "Despite section 32C, a contribution to a fund by an employer for the benefit of an employee is taken not to comply with the choice of fund requirements if the employer imposes a direct cost or charge on the employee as a consequence of having to contribute to that fund.", "Amendment_Count": 1, "First_Amended": "No 82 of 2005", "Last_Amended": "No 82 of 2005", "Amending_Acts": "No 82 of 2005", "History_Notes": "Inserted by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32CA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32D", "Provision_Key": "s32d", "Heading": "What funds are eligible choice funds?", "Text": "A fund is an eligible choice fund for an employer at a particular time if: (a) it is a complying superannuation fund at that time; or (b) it is a complying superannuation scheme at that time; or (c) it is an RSA; or (ca) if the time is a time before 1 July 2006—it is the account that is continued in existence under section 8 of the Small Superannuation Accounts Act 1995 as the Superannuation Holding Accounts Special Account; or (d) at that time, paragraphs 18A(3)(a) and (d) of this Act (about defined benefit superannuation schemes) are satisfied for the fund and the employer; or (e) contributions made by the employer to the fund at that time are conclusively presumed under subsection 18A(2) of this Act to be contributions to a complying superannuation fund.", "Amendment_Count": 3, "First_Amended": "No 102 of 2004", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 102 of 2004 | No 82 of 2005 | No 57 of 2025", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32D"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32E", "Provision_Key": "s32e", "Heading": "Meaning of funds —includes RSAs and schemes", "Text": "(1) In this Part: fund means: (a) a superannuation fund; and (b) a superannuation scheme; and (c) an RSA; and, until immediately before 1 July 2006, includes the account that is continued in existence under section 8 of the Small Superannuation Accounts Act 1995 as the Superannuation Holding Accounts Special Account. (2) For the purposes of this Part, the holder of an RSA is taken to be a member.", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 82 of 2005", "Amending_Acts": "No 102 of 2004 | No 82 of 2005", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32E"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32F", "Provision_Key": "s32f", "Heading": "What is a chosen fund", "Text": "(1) If an employee wants a fund to be a chosen fund for the employee, the employee must: (a) give the employer written notice to that effect; or (b) give the Commissioner a notice to that effect in the approved form. Note: A fund can only be a chosen fund if the employer is able to make contributions to the fund for the benefit of the employee (see subsection 32G(2)). (1A) If: (a) an employer has offered an employee a choice of fund before 1 July 2005; and (b) the employee has chosen a fund in accordance with the choice of funds that is offered; and (c) the limitations on that choice are consistent with section 32G or, if the choice was made before the commencement of that section, would have been consistent with section 32G if the section had been in force at the time the choice was made; then, for the purposes of this Part, any fund chosen by the employee is taken to be the chosen fund for the employee with effect from: (d) 1 July 2005; or (e) a date that is 2 months after the fund is so chosen (unless the employer determines an earlier time after 1 July 2005 but within that 2 months); whichever last occurs. (2) The fund becomes a chosen fund for the employee 2 months after the employee or the Commissioner gives the notice to the employer, or at such earlier time after the notice is given as the employer determines. (3) A fund (the selected fund ) cannot become a chosen fund for an employee under this section if: (a) immediately before the employee gave the notice to the employer or the Commissioner, the employee was a defined benefit member of a defined benefit superannuation scheme; and (b) even if the selected fund were to become a chosen fund for the employee, the employee would be entitled, on the employee’s retirement, resignation or retrenchment, to the same amount of benefit from the defined benefit superannuation scheme as the employee would be entitled if the selected fund were not a chosen fund for the employee.", "Amendment_Count": 3, "First_Amended": "No 102 of 2004", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 102 of 2004 | No 82 of 2005 | No 55 of 2016", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 55 of 2016, effective sch 23 (items 25 ‑ 34, 36): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32F"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32FA", "Provision_Key": "s32fa", "Heading": "Employer may refuse to accept certain chosen funds", "Text": "(1) An employer may refuse to accept the fund chosen by an employee under section 32F and notified under paragraph 32F(1)(a) if the employee does not provide, together with the notice: (a) a written statement setting out: (i) contact details for the fund; and (ii) any other prescribed information; and (b) written evidence that the fund will accept contributions made by the employer for the benefit of the employee. (2) An employer may refuse to accept the fund chosen by an employee under section 32F if the employee has chosen another fund within the previous 12 months.", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 102 of 2004 | No 55 of 2016", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 55 of 2016, effective sch 23 (items 25 ‑ 34, 36): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32FA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32G", "Provision_Key": "s32g", "Heading": "Limit on funds that may be chosen", "Text": "(1) The fund chosen by the employee must be an eligible choice fund for the employer at the time that the choice is made. (2) The fund chosen by the employee must be a fund to which the employer can make contributions for the benefit of the employee at the time that the choice is made.", "Amendment_Count": 1, "First_Amended": "No 102 of 2004", "Last_Amended": "No 102 of 2004", "Amending_Acts": "No 102 of 2004", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32G"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32H", "Provision_Key": "s32h", "Heading": "When fund ceases to be a chosen fund", "Text": "(1) A fund (the old fund ) ceases to be a chosen fund for an employee if: (a) there is another fund that is a chosen fund for the employee; and (b) neither the employee nor the Commissioner has given the employer a written notice stating that the old fund continues to be a chosen fund for the employee. (1A) The employee may give the employer a written notice, or give the Commissioner a notice in the approved form, stating that the old fund continues to be a chosen fund for the employee. (2) A fund also ceases to be a chosen fund if the employee requests the employer, under subsection 32N(3), to give him or her a standard choice form and the employer does not do this by the time specified in that subsection. (3) A fund also ceases to be a chosen fund if it is impossible for the employer to contribute on behalf of the employee to the chosen fund. This may occur immediately after the fund becomes a chosen fund for the employee. Example: The chosen fund is closed to new members or ceases to accept further contributions. (4) A fund also ceases to be a chosen fund if the fund ceases to be an eligible choice fund for the employer. This may occur immediately after the fund becomes a chosen fund for the employee.", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 102 of 2004 | No 55 of 2016", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 55 of 2016, effective sch 23 (items 25 ‑ 34, 36): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32H"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32J", "Provision_Key": "s32j", "Heading": "A successor fund may become a chosen fund", "Text": "For the purposes of this Act, if: (a) an employee’s interest in a superannuation fund (the original fund ) is transferred to another superannuation fund without the consent of the member; and (b) the other fund is a successor fund (within the meaning of the Income Tax Assessment Act 1997 ) in relation to the transfer; and (c) immediately before the transfer takes effect, the original fund was a chosen fund for the employee; and (d) at the time the transfer takes effect, the other fund: (i) is an eligible choice fund; and (ii) is a fund to which the employer can make contributions for the benefit of the employee; from the time the transfer takes effect, the other fund is taken to be a chosen fund for the employee, and the original fund is taken no longer to be a chosen fund for the employee.", "Amendment_Count": 1, "First_Amended": "No 71 of 2015", "Last_Amended": "No 71 of 2015", "Amending_Acts": "No 71 of 2015", "History_Notes": "Inserted by No 71 of 2015, effective 1 July 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32J"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32N", "Provision_Key": "s32n", "Heading": "When a standard choice form must be provided", "Text": "(1) An employer must give a standard choice form before 29 July 2005 to each employee employed by the employer on 1 July 2005. Note: An employer does not have to provide a standard choice form to an existing employee except in the specific circumstances outlined in this section. See also the further exceptions in section 32NA. (2) An employer must give a standard choice form to an employee within 28 days of the employee first commencing employment with the employer. (3) An employer must also give a standard choice form to an employee within 28 days of the employee giving the employer a written request to do so. However, a request is taken never to have been made if the employee has been given a standard choice form within the previous 12 months. (4) An employer must also give a standard choice form to an employee within 28 days of the employer becoming aware that there ceased to be any chosen fund for the employee because of: (a) subsection 32H(3) (employer unable to contribute to fund); or (b) subsection 32H(4) (fund ceasing to be eligible choice fund). (5) An employer must also give a standard choice form to an employee if: (a) the employer is making contributions, in accordance with subsection 32C(2), to a fund for the benefit of the employee; and (b) the employer changes the fund to which the employer makes contributions, in accordance with that subsection, for the benefit of the employee. The standard choice form must be given within 28 days after the change. (5A) An employer must also give a standard choice form (the updated standard choice form ) to an employee if: (a) the employer has specified a fund (the employer fund ) in a standard choice form as the fund to which the employer will contribute under subsection 32C(2) in the event of the employee failing to make a choice of fund; and (b) the employer discovers, after giving an employee the standard choice form, that the employer cannot contribute to the employer fund for the benefit of the employee. The updated standard choice form must be given within 28 days after the employer first becomes aware that the employer cannot contribute to the employer fund for the benefit of the employee. (6) An employer may also give a standard choice form at any time.", "Amendment_Count": 3, "First_Amended": "No 102 of 2004", "Last_Amended": "No 50 of 2006", "Amending_Acts": "No 102 of 2004 | No 82 of 2005 | No 50 of 2006", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 50 of 2006", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32N"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32NA", "Provision_Key": "s32na", "Heading": "When a standard choice form does not have to be provided", "Text": "(1) An employer is not required under section 32N to give an employee a standard choice form if the employee has chosen a fund under section 32F by the time specified in subsection 32N(1), (2), (3) or (4). (2) An employer is not required under section 32N to give an employee a standard choice form if: (a) the employer is making contributions of a kind mentioned in subsections 32C(3) to (9) for the benefit of the employee; and (b) the contributions are made in compliance with the choice of fund requirements. (3) Subject to subsections 32N(3) and (4), an employer is not required under section 32N to give an employee a standard choice form if: (a) the employee has chosen a fund before 1 July 2005; and (b) the fund so chosen is to be taken, in accordance with subsection 32F(1A), to be the chosen fund for that employee. (4) An employer is not required under section 32N to give an employee a standard choice form if the employee: (a) is a member of an unfunded public sector scheme; and (b) is not a Commonwealth employee who is a member of the CSS or the PSS. (5) An employer is not required under section 32N to give an employee a standard choice form if the employee ceases to be an employee before the end of the period for giving a standard choice form to the employee. (6) An employer is not required under section 32N to give an employee a standard choice form if: (a) it is a condition of the employment of that employee that the employee choose a fund from funds that include all funds that are eligible choice funds for the employer at the time the choice is made; and (b) the employer does not have an arrangement to pay contributions to a fund for the benefit of an employee in the event that the employee failed or refused to choose a fund. (7) An employer is not required under section 32N to give an employee a standard choice form for a QE day if: (a) the employee is a defined benefit member of a defined benefit superannuation scheme; and (b) subsection 20B(2) applies to the employer for the employee, the scheme and the QE day. (8) An employer is not required under section 32N to give an employee a standard choice form for a QE day if: (a) the employee is a defined benefit member of a defined benefit superannuation scheme; and (b) subsection 20B(3) applies to the employer for the employee, the scheme and the QE day in relation to the defined benefit that has accrued to the employee under the scheme. (9) An employer is not required under section 32N to give an employee a standard choice form if: (a) the employee is a defined benefit member of a defined benefit superannuation scheme; and (b) the employee would be entitled, on the employee’s retirement, resignation or retrenchment, to the same amount of benefit from the defined benefit superannuation scheme, whether or not the employee had contributions made by the employer for his or her benefit to a fund other than the defined benefit superannuation scheme. (10) An employer is not required under section 32N to give an employee a standard choice form if: (a) the employee is covered by a notional agreement preserving State awards or a preserved State agreement; and (b) before the commencement of Schedule 1 to the Workplace Relations Amendment (Work Choices) Act 2005 , the employer was required, under a State law, to give the employee a notification that the employee can choose a superannuation fund; and (c) the employer has given the notification mentioned in paragraph (b) to the employee. (11) An employer is not required under section 32N to give an employee a standard choice form if the employee is, within the meaning of the Migration Act 1958 , the holder of a temporary visa.", "Amendment_Count": 6, "First_Amended": "No 102 of 2004", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 102 of 2004 | No 82 of 2005 | No 50 of 2006 | No 71 of 2015 | No 46 of 2021 | No 57 of 2025", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 82 of 2005, effective sch 1 (items 2, 3, 5 ‑ 11): 1 July 2005 (s 2(1) items 3, 5) sch 1 (item 4): 1 July 2005 (s 2(1) item 4) | Amended by No 50 of 2006 | Amended by No 71 of 2015, effective 1 July 2015 (s 2(1) item 1) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32NA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32P", "Provision_Key": "s32p", "Heading": "Standard choice form", "Text": "(1) For the purposes of this Part, a standard choice form is a form that is in writing and that contains the following information: (a) a statement that the employee may choose any eligible choice fund for the employer as a chosen fund for the employee; (c) the name of the fund that the employer will contribute to if the employee does not make a choice; (e) other information that is required, under the regulations, to be included in the form; (g) if the employee is a member of a defined benefits scheme—information in relation to that scheme that is required, under the regulations, to be included. (2) The regulations may require additional information in relation to funds to be made available to employees and may prescribe where and when such information is to be made available.", "Amendment_Count": 1, "First_Amended": "No 102 of 2004", "Last_Amended": "No 102 of 2004", "Amending_Acts": "No 102 of 2004", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32P"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32Q", "Provision_Key": "s32q", "Heading": "What is the stapled fund for an employee", "Text": "A fund is the stapled fund , for an employee at a particular time, if the requirements prescribed by the regulations for the purposes of this section are met in relation to the fund at that time.", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32Q"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32R", "Provision_Key": "s32r", "Heading": "Identifying any stapled funds for employees", "Text": "Requesting Commissioner to identify any stapled fund (1) An employer, or the employer’s agent, may request the Commissioner to identify any stapled fund for an employee of the employer. Such a request must be: (a) in the approved form; and (b) made in accordance with any requirements prescribed by the regulations for the purposes of this paragraph. (1A) Such a request may be made before, at or after the time the employee is given a standard choice form under Division 6. Considering and responding to requests (2) Upon being given such a request by an employer (or by the employer’s agent), the Commissioner must: (a) consider the request; and (b) notify in writing the employer (and the employer’s agent if the agent made the request): (i) whether the Commissioner is satisfied that there is a stapled fund for the employee; and (ii) if the Commissioner is satisfied that there is a stapled fund for the employee—about the details necessary for the employer to make contributions to that fund for the benefit of the employee; as soon as practicable and in accordance with any requirements prescribed by the regulations for the purposes of this subsection. Changes to earlier notifications (3) The Commissioner may, in any circumstances prescribed by the regulations for the purposes of this subsection, change an earlier notification given in relation to the employee. The Commissioner must give written notice of the change as soon as practicable to: (a) the employer; and (b) if the earlier notification arose from a request by the employer’s agent—the employer’s agent.", "Amendment_Count": 2, "First_Amended": "No 46 of 2021", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 46 of 2021 | No 12 of 2026", "History_Notes": "Inserted by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3) | Amended by No 12 of 2026, effective sch 1 (items 1 ‑ 3): 27 Mar 2026 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32R"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32W", "Provision_Key": "s32w", "Heading": "Disclosing tax file numbers provided in standard choice forms", "Text": "A taxation officer (within the meaning of the Income Tax Assessment Act 1997 ) may disclose another person’s tax file number (within the meaning of that Act) if: (a) the other person provided the number to the Commissioner in a notice given to the Commissioner under paragraph 32F(1)(b); and (b) the disclosure is to the other person’s employer.", "Amendment_Count": 1, "First_Amended": "No 55 of 2016", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 55 of 2016", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 25 ‑ 34, 36): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32W"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32X", "Provision_Key": "s32x", "Heading": "Application of Part to different employers of an employee", "Text": "This Part applies separately to each employer of an employee. For example, a fund that is a chosen fund of an employee as a result of a standard choice form being given by an employer is only a chosen fund in relation to the operation of these provisions to that employer.", "Amendment_Count": 1, "First_Amended": "No 102 of 2004", "Last_Amended": "No 102 of 2004", "Amending_Acts": "No 102 of 2004", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32X"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32Z", "Provision_Key": "s32z", "Heading": "Contributions satisfy Commonwealth or Territory industrial award requirements—chosen funds and stapled funds etc.", "Text": "A requirement in a Commonwealth industrial award or a Territory industrial award that an employer make contributions to a superannuation fund on behalf of an employee is not enforceable to the extent that the employer instead makes the contributions on behalf of the employee to another superannuation fund: (a) in compliance with this Part in a case where the other fund is a chosen fund for the employee; or (b) in compliance with subsection 32C(1A) (about contributions to stapled funds); or (c) in compliance with subsection 32C(2AB) in a case where subparagraph 32C(2AB)(b)(iii) applies (about contributions to a successor fund of a stapled fund).", "Amendment_Count": 2, "First_Amended": "No 102 of 2004", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 102 of 2004 | No 46 of 2021", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32Z"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32ZAA", "Provision_Key": "s32zaa", "Heading": "Contributions satisfy State or Territory law requirements—chosen funds and stapled funds etc.", "Text": "(1) This section applies to an employer that is a corporation to which paragraph 51(xx) of the Constitution applies. (2) A requirement in a law of a State or Territory that the employer make contributions to a superannuation fund on behalf of an employee is not enforceable to the extent that the employer instead makes the contributions on behalf of the employee to another superannuation fund: (a) in compliance with this Part in a case where the other fund is a chosen fund for the employee; or (b) in compliance with subsection 32C(1A) (about contributions to stapled funds); or (c) in compliance with subsection 32C(2AB) in a case where subparagraph 32C(2AB)(b)(iii) applies (about contributions to a successor fund of a stapled fund).", "Amendment_Count": 2, "First_Amended": "No 58 of 2006", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 58 of 2006 | No 46 of 2021", "History_Notes": "Inserted by No 58 of 2006, effective sch 6 (items 1, 2), sch 7 (items 129, 130): 22 June 2006 (s 2(1) items 5, 6) | Amended by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32ZAA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32ZAB", "Provision_Key": "s32zab", "Heading": "Effect of blocking contributions to PSSAP etc.—eligible choice funds", "Text": "(1) This section applies if: (a) an employer cannot make contributions to a superannuation fund on behalf of an employee because of section 60F of the Superannuation Industry (Supervision) Act 1993 (consequences of 2 consecutive fail assessments); and (b) the superannuation fund is any of the following: (i) PSSAP; (ii) ADF Super (within the meaning of the Australian Defence Force Superannuation Act 2015 ); (iii) if the regulations made for the purposes of this subparagraph specify another superannuation fund—that superannuation fund. (2) The following provisions do not have effect in relation to the superannuation fund: (a) if the superannuation fund is PSSAP—section 16 of the Superannuation Act 2005 ; (b) if the superannuation fund is ADF Super (within the meaning of the Australian Defence Force Superannuation Act 2015 )—section 15 of that Act; (c) if the superannuation fund is another superannuation fund—a provision that: (i) is specified in regulations made for the purposes of this subparagraph; and (ii) is analogous to the provisions mentioned in paragraphs (a) and (b).", "Amendment_Count": 1, "First_Amended": "No 46 of 2021", "Last_Amended": "No 46 of 2021", "Amending_Acts": "No 46 of 2021", "History_Notes": "Inserted by No 46 of 2021, effective sch 1 (items 1 ‑ 25), sch 2 (items 1 ‑ 3, 10): 23 June 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32ZAB"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 32ZA", "Provision_Key": "s32za", "Heading": "Employers not liable for damages", "Text": "An employer is not liable to compensate any person for loss or damage arising from anything done by the employer in complying with this Part.", "Amendment_Count": 1, "First_Amended": "No 102 of 2004", "Last_Amended": "No 102 of 2004", "Amending_Acts": "No 102 of 2004", "History_Notes": "Inserted by No 102 of 2004, effective Sch 1 (items 1–22): 1 July 2005 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s32ZA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 33", "Provision_Key": "s33", "Heading": "Voluntary disclosure statements", "Text": "(1) An employer who has a superannuation guarantee shortfall for a QE day may lodge a statement about that shortfall. (2) The statement is a voluntary disclosure statement if it: (a) is lodged before the day an assessment is made for the employer for the QE day; and (b) is in the approved form. Note: A statement is voluntary. Lodging a statement in the approved form can reduce the employer’s administrative uplift amount of the employer’s superannuation guarantee shortfall for the QE day (see subsection 19B(3)). (3) Without limiting subsection (2), the voluntary disclosure statement may include either or both of the following: (a) the day (the receipt day ) an eligible contribution made by the employer for the benefit of an employee was received by the relevant fund, RSA, representative or scheme; (b) the day (the payment day ) the contribution was paid, or debited, from an account (however described) belonging to: (i) the employer; or (ii) a person who is making the contribution on behalf of the employer. (4) In this section: account includes an account held with an ADI (within the meaning of the Banking Act 1959 ).", "Amendment_Count": 4, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 147 of 2005 | No 2 of 2015 | No 57 of 2025", "History_Notes": "Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 147 of 2005, effective sch 6 (items 3 ‑ 10), sch 7 (items 17 ‑ 20): 14 Dec 2005 (s 2(1) item 6) | Amended by No 2 of 2015, effective sch 2 (items 62, 63): 1 July 2015 (s 2(1) item 4) sch 2 (items 73, 114, 115), sch 4 (items 71 ‑ 74, 79): 25 Feb 2015 (s 2(1) items 5, 6) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s33"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 36", "Provision_Key": "s36", "Heading": "Assessments of superannuation guarantee charge", "Text": "Making assessments (1) The Commissioner may at any time make an assessment of the amount of: (a) an employer’s superannuation guarantee shortfall for a specified QE day; and (b) the superannuation guarantee charge payable on the shortfall. (2) The Commissioner may make such an assessment: (a) based on information in a voluntary disclosure statement lodged by the employer for the QE day; or (b) on the Commissioner’s own initiative. When a deeming rule applies for working out any individual notional earnings component in an assessment (3) For an assessment based on information in a voluntary disclosure statement lodged by the employer for the QE day that: (a) includes a payment day for an eligible contribution that: (i) is covered by paragraph 18A(1)(a), (b) or (c); and (ii) was applied under subsection 18D(2) for the employer, an employee and the QE day; but (b) does not include a receipt day for the contribution; the employer’s individual notional earnings component (if any) for the employee and the QE day is worked out as if the receipt day for the contribution were the seventh business day after the payment day. Note: This subsection can change the day the contribution is applied for working out the employer’s individual final superannuation guarantee shortfall on a particular day as part of calculating the individual notional earnings component in section 19A. Any such change does not apply for the purposes of paragraph 16B(2)(a) or any other provision of this Act. When charge relating to an assessment is payable (4) Superannuation guarantee charge in relation to such an assessment is payable on the day that the assessment is made.", "Amendment_Count": 2, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 57 of 2025", "History_Notes": "Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s36"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 37", "Provision_Key": "s37", "Heading": "Amendment of assessments", "Text": "(1) The Commissioner may, subject to this section, at any time amend any assessment by making any alterations or additions that the Commissioner thinks necessary, whether or not superannuation guarantee charge has been paid in relation to the assessment. (2) Subject to this section, if there has been an avoidance of superannuation guarantee charge, the Commissioner may: (a) if the Commissioner is of the opinion that the avoidance of the charge is due to fraud or evasion—at any time; or (b) in any other case—within 4 years from the day on which the assessment is made; amend the assessment by making any alterations or additions that the Commissioner thinks necessary to correct the assessment. (3) An amendment effecting a reduction in an employer’s liability under an assessment is not effective unless it is made within 4 years from the day on which the assessment was made. (4) If an assessment has, under this section, been amended in any particular, the Commissioner may, within 4 years from the day on which superannuation guarantee charge became payable under the amended assessment, make, in or in relation to the particular, any further amendment in the assessment that, in the Commissioner’s opinion, is necessary to effect such reduction in the employer’s liability under the assessment as is just. (5) If: (a) an employer applies for an amendment of the employer’s assessment within 4 years from the day that superannuation guarantee charge became payable under the assessment; and (b) within that period, the employer lodges all information the Commissioner needs to decide the application; the Commissioner may amend the assessment when considering the application, even if that period has elapsed. (6) Nothing in this section prevents the amendment of an assessment to give effect to: (a) the decision on any review or appeal; or (b) its amendment by reduction of any particular following the employer’s objection or pending any review or appeal. (7) Superannuation guarantee charge under an amended assessment is taken to have become payable on the day on which charge under the original assessment became payable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s37"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 38", "Provision_Key": "s38", "Heading": "Refund of overpaid amounts", "Text": "(1) If, because an assessment is amended, a person’s liability to superannuation guarantee charge is reduced: (a) the amount by which the charge is reduced is taken, for the purposes of section 49, never to have been payable; and (b) the Commissioner must: (i) refund any overpaid amount; or (ii) apply any overpaid amount against the person’s liability (if any) to the Commonwealth and refund any part of the amount that is not so applied. (2) In this section: overpaid amount includes each of the following: (a) any overpaid amount of superannuation guarantee charge in the form of general interest charge that became payable under section 49; (b) if the reduction in the liability results in an amended penalty assessment of an administrative penalty—any overpayment of the administrative penalty; (c) any overpayment of administrative penalty under Part 4 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 relating to the reduction in the liability.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 91 of 2000 | No 57 of 2025", "History_Notes": "Amended by No 91 of 2000, effective Sch 2 (items 61–67): 1 July 2000 (s 2(1)) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s38"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 39", "Provision_Key": "s39", "Heading": "Amended assessment to be an assessment", "Text": "Except as otherwise expressly provided by this Act, an amended assessment is taken to be an assessment for all the purposes of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s39"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 40", "Provision_Key": "s40", "Heading": "Notice of assessment or amendment", "Text": "As soon as practicable after an assessment is made under section 36 or is amended under section 37, the Commissioner must give written notice of the assessment or amendment (as the case may be) to the person liable to pay the superannuation guarantee charge.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s40"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 41", "Provision_Key": "s41", "Heading": "Validity of assessment", "Text": "The validity of an assessment is not affected because any provision of this Act has not been complied with.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s41"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 42", "Provision_Key": "s42", "Heading": "Objections against assessment", "Text": "An employer who is dissatisfied with an assessment may object in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s42"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 43", "Provision_Key": "s43", "Heading": "General administration of Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Amended by No 145 of 2010, effective sch 2 (items 80 ‑ 82): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s43"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 44", "Provision_Key": "s44", "Heading": "Annual report", "Text": "After the end of each year, the Commissioner must give the Treasurer a report on the working of this Act during the year for presentation to the Parliament.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s44"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 49", "Provision_Key": "s49", "Heading": "Unpaid superannuation guarantee charge", "Text": "(1) If any of the superannuation guarantee charge which an employer is liable to pay remains unpaid after the time by which it is due to be paid, the employer is liable to pay the general interest charge on the unpaid amount (the original unpaid amount ). Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . (3) The employer is liable to pay the general interest charge for each day in the period that: (a) started at the beginning of the day by which the superannuation guarantee charge was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the superannuation guarantee charge; (ii) general interest charge on any of the superannuation guarantee charge. (4) The amount of the general interest charge is taken to be superannuation guarantee charge payable under this section.", "Amendment_Count": 7, "First_Amended": "No 181 of 1994", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 181 of 1994 | No 11 of 1999 | No 51 of 2002 | No 101 of 2006 | No 38 of 2008 | No 14 of 2009 | No 57 of 2025", "History_Notes": "Amended by No 181 of 1994, effective Sch 3 (items 118–125 and Sch 5 (items 33–36, 46(11), (12), 47): 19 Dec 1994 (s 2(1)) | Repealed and substituted by No 11 of 1999, effective Sch 1 (items 344, 345): 1 July 1999 (s 2(3)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 101 of 2006, effective sch 2 (items 925 ‑ 928, 1017, 1055, 1056), sch 6 (items 1, 6 ‑ 11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 38 of 2008, effective sch 2: 24 June 2008 (s 2(1) item 2) | Amended by No 14 of 2009, effective sch 3: 26 Mar 2009 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s49"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 57", "Provision_Key": "s57", "Heading": "Public officer of company", "Text": "(1) The person who is, from time to time, the public officer of a company for the purposes of section 252 of the Income Tax Assessment Act 1936 is the public officer of the company for the purposes of this Act, and the public officer’s address for service under that Act is the public officer’s address for service under this Act. (2) Service of a notice or other document at the public officer’s address for service, or on the public officer, is sufficient service on the company for the purposes of this Act, but, if at any time there is no public officer of the company, service on a person acting or appearing to act in the business of the company is sufficient. Note: See section 57A for alternative ways to give a notice to, or serve another document on, a company (through its officers, attorneys or agents). (3) The public officer is answerable for doing all acts required to be done by the company under this Act, and in case of default is liable to the same penalties. (4) Everything done by the public officer that the public officer is required to do in that capacity is taken to have been done by the company. (5) If, at any time, there is no public officer of the company, this Act applies in relation to the company as if there were no requirement to appoint a public officer of the company. (6) A proceeding under this Act brought against the public officer is taken to have been brought against the company, and the company is liable jointly with the public officer for any penalty imposed on the public officer.", "Amendment_Count": 1, "First_Amended": "No 180 of 2012", "Last_Amended": "No 180 of 2012", "Amending_Acts": "No 180 of 2012", "History_Notes": "Amended by No 180 of 2012, effective sch 6 (items 27 ‑ 29), sch 7: 11 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s57"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 57A", "Provision_Key": "s57a", "Heading": "Notifying and serving companies", "Text": "For the purposes of this Act, if the Commissioner thinks fit, a notice or process may be given to, or served on, a company by giving the notice to, or serving the process on: (a) a director, the secretary or another officer of the company; or (b) an attorney or agent of the company. Note: See subsection 57(2) for alternative ways to serve a notice or another document on a company (through its public officer or someone else acting or appearing to act for the company).", "Amendment_Count": 1, "First_Amended": "No 180 of 2012", "Last_Amended": "No 180 of 2012", "Amending_Acts": "No 180 of 2012", "History_Notes": "Inserted by No 180 of 2012, effective sch 6 (items 27 ‑ 29), sch 7: 11 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s57A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 58", "Provision_Key": "s58", "Heading": "Public officer of trust estate", "Text": "(1) The person who is, from time to time, the public officer of a trust estate for the purposes of section 252A of the Income Tax Assessment Act 1936 is the public officer of the trust estate for the purposes of this Act, and the public officer’s address for service under that Act is the public officer’s address for service under this Act. (2) Service of a notice or other document at the public officer’s address for service, or on the public officer, is sufficient service on the trustee of the trust estate for the purposes of this Act, but, if at any time there is no public officer of the trust estate, service on a person acting or appearing to act in the business of the trust estate is sufficient. (3) The public officer is answerable for doing all acts required to be done by the trustee of the trust estate under this Act, and in case of default is liable to the same penalties. (4) Everything done by the public officer that the public officer is required to do in that capacity is taken to have been done by the trustee of the trust estate. (5) If, at any time, there is no public officer of the trust estate, this Act applies in relation to the trustee of the trust estate as if there were no requirement to appoint a public officer of the trust estate. (6) A proceeding under this Act brought against the public officer is taken to have been brought against the trustee of the trust estate, and the trustee is liable jointly with the public officer for any penalty imposed on the public officer. (7) Despite subsections (1) to (6) (inclusive) and without affecting any of the public officer’s obligations and liabilities, a notice, process or proceeding that under this Act may be given to, served on or brought against the trustee or public officer of the trust estate may, if the Commissioner thinks fit, be given to, served on or brought against any agent or attorney of the trustee, and the agent or attorney has the same liability in relation to the notice, process or proceeding as the trustee or public officer would have had if it had been given to, served on or brought against the trustee or public officer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s58"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 59", "Provision_Key": "s59", "Heading": "Simplified outline of this Part", "Text": "The Commissioner must issue an employer a notice to pay an amount of superannuation guarantee charge if the charge remains unpaid 28 days after the charge became payable. The employer may become liable to an administrative penalty if the employer does not comply with the notice.", "Amendment_Count": 3, "First_Amended": "No 91 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 91 of 2000 | No 51 of 2002 | No 57 of 2025", "History_Notes": "Amended by No 91 of 2000, effective Sch 2 (items 61–67): 1 July 2000 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s59"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 59A", "Provision_Key": "s59a", "Heading": "Notice to pay unpaid superannuation guarantee charge", "Text": "(1) This section applies if superannuation guarantee charge payable by an employer is unpaid on the day (the current notice trigger day ) that is the day after the end of the 28 ‑ day period that started on the day (the imposition day ) the charge became payable. Note: The superannuation guarantee charge could be: (a) charge assessed and payable under section 36; or (b) charge in the form of general interest charge payable under section 49. (2) The Commissioner must, as soon as practicable after the current notice trigger day, give the employer a written notice (the current notice ) requiring the employer to pay a specified amount of superannuation guarantee charge if: (a) at least some of the specified amount is the amount referred to in subsection (1); and (b) the remainder (if any) of the specified amount is charge payable by the employer that is unpaid on the current notice trigger day; and (c) the specified amount exceeds $30 or any higher amount prescribed by the regulations; and (d) the employer has not been given an earlier notice under this subsection during the 50 ‑ day period ending on the day before the current notice trigger day; and (e) no part of the specified amount has been included in any earlier notice under this subsection. Note 1: As well as including the amount referred to in subsection (1), the amount specified in the current notice could also include: (a) any (other) unpaid general interest charge that has accrued under section 49 since the employer was given the last notice under this subsection; and (b) any (other) unpaid charge that has been assessed under section 36 since the start of the 50 ‑ day period mentioned in paragraph (d). Note 2: The employer remains liable to pay the amounts making up the specified amount. The notice does not create a separate liability to pay the specified amount. However, a failure to comply with the notice may result in an administrative penalty under section 59C. (3) The Commissioner must ensure that the current notice includes words to the effect that an administrative penalty will arise if the employer fails to pay the specified amount during the period (the current notice payment period ): (a) starting on the day specified in the notice (which must be on or after the current notice trigger day); and (b) ending on the 28th day after the day specified in the notice.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s59A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 59B", "Provision_Key": "s59b", "Heading": "Consequences if a liability to pay all or part of the specified amount is reduced or ceases to exist", "Text": "(1) If: (a) the current notice payment period has not expired; and (b) a liability under this Act to pay any of the amounts making up the specified amount is reduced (but not to nil); treat the specified amount in the current notice as if it were reduced by the amount of the reduction referred to in paragraph (b). (2) If: (a) the current notice payment period has not expired; and (b) each liability under this Act to pay an amount making up the specified amount either: (i) is reduced to nil; or (ii) ceases to exist; treat the current notice as if it were revoked.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s59B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 59C", "Provision_Key": "s59c", "Heading": "Penalty for failing to pay unpaid superannuation guarantee charge specified in the notice", "Text": "(1) The employer is liable to pay a penalty if the employer fails to pay the amount specified in the current notice during the current notice payment period. (2) The amount of the penalty is equal to a percentage of so much of the specified amount as remains unpaid at the end of the current notice payment period. The percentage is as follows: Percentage used to work out the amount of the penalty Item If: the percentage is: 1 a determination is made under subsection 18C(4) covering the employer for any part of the period: (a) starting on the imposition day (see subsection 59A(1)); and (b) ending on the last day of the current notice payment period 0%. 2 (a) item 1 does not apply; and (b) the employer has become liable under subsection (1) for a penalty that is greater than nil for an earlier notice during the 24 ‑ month period ending on the day after the end of the current notice payment period 50%. 3 neither item 1 nor 2 applies 25%. Note: Determinations under subsection 18C(4) cover employers affected by exceptional circumstances. The determination may cover an employer for a period starting before the determination is made.", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s59C"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 59D", "Provision_Key": "s59d", "Heading": "Assessment and notification of liability to pay the penalty", "Text": "(1) The Commissioner must make an assessment (a penalty assessment ) of the amount of an administrative penalty payable under section 59C by the employer. (2) The Commissioner must give written notice to the employer of the penalty assessment, unless the penalty assessment is nil. (3) The penalty becomes due for payment on the day specified in the notice, which must be at least 14 days after the day the notice is given to the employer. Note 1: For provisions about collection and recovery of the penalty, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: General interest charge does not accrue on any late payment of the penalty. (4) If the employer is dissatisfied with the penalty assessment, the employer may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s59D"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 59E", "Provision_Key": "s59e", "Heading": "Amending penalty assessments", "Text": "(1) The Commissioner must not remit all or a part of the penalty set out in a penalty assessment. (2) However, the Commissioner must amend a penalty assessment if: (a) a liability under this Act to pay an amount relevant to the penalty assessment is reduced (including to nil) or ceases to exist; or (b) the amount of the penalty set out in the penalty assessment is reduced to nil because of a determination made under subsection 18C(4). Note: A determination under subsection 18C(4) may cover an employer for a period starting before the determination is made. (3) The amount of penalty payable under the amended penalty assessment is to be worked out in a manner consistent with subsection 59C(2).", "Amendment_Count": 1, "First_Amended": "No 57 of 2025", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 57 of 2025", "History_Notes": "Inserted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s59E"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 63A", "Provision_Key": "s63a", "Heading": "Payments to which this Part applies", "Text": "(1) This Part applies to a charge payment in respect of one or more employees (the benefiting employee or benefiting employees ) that is made by or on behalf of an employer. (1A) This Part applies to a former employee as if the former employee were an employee of the person who was the former employee’s employer. (2) In this section: charge payment means a payment of superannuation guarantee charge that: (a) was assessed in relation to a QE day; or (b) was in the form of general interest charge payable under section 49 in relation to non ‑ payment of superannuation guarantee charge assessed in relation to a QE day. Estimates under the Taxation Administration Act 1953 (3) For the purposes of this Part, an amount paid to the Commonwealth is treated as being a payment of superannuation guarantee charge: (a) in respect of an employee or employees; and (b) made by or on behalf of an employer; to the extent that, as a result of the amount being paid to the Commonwealth, a liability of the employer to pay superannuation guarantee charge in respect of that employee or those employees is discharged under subsection 268 ‑ 20(3), or section 269 ‑ 40, in Schedule 1 to the Taxation Administration Act 1953 . Note: Under Division 268 in that Schedule, the Commissioner may make an estimate of the unpaid and overdue amount of an employer’s superannuation guarantee charge for a QE day. (4) However, subsection (3) does not apply to the amount until the Commissioner knows which employee or employees the liability to pay the superannuation guarantee charge was in respect of.", "Amendment_Count": 4, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 147 of 2005 | No 99 of 2012 | No 57 of 2025", "History_Notes": "Inserted by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 147 of 2005, effective sch 6 (items 3 ‑ 10), sch 7 (items 17 ‑ 20): 14 Dec 2005 (s 2(1) item 6) | Amended by No 99 of 2012, effective sch 1 (items 35, 47, 48, 57): 30 June 2012 (s 2(1) items 4, 5) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s63A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 63B", "Provision_Key": "s63b", "Heading": "Overview of this Part", "Text": "(1) If a payment to which this Part applies is made, the Commissioner is required to pay (or otherwise deal with) an amount, which is called the shortfall component, for the benefit of a benefiting employee under sections 65 to 67. (2) If there is only one benefiting employee, the shortfall component for the payment is worked out under section 64A. (3) If there is more than one benefiting employee, there will be separate shortfall components for each of the employees for the payment, worked out under section 64B.", "Amendment_Count": 1, "First_Amended": "No 51 of 2002", "Last_Amended": "No 51 of 2002", "Amending_Acts": "No 51 of 2002", "History_Notes": "Inserted by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s63B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 64A", "Provision_Key": "s64a", "Heading": "The shortfall component for one benefiting employee", "Text": "(1) This section applies if there is only one benefiting employee. (2) The shortfall component for the payment is the lesser of the following amounts: (a) the amount of the payment; (b) the amount of the employee entitlement, calculated at the time when the payment is made (see subsection (3)). (3) The employee entitlement , calculated at a particular time in relation to the assessment, is the sum of the following amounts: (a) the employer’s individual final superannuation guarantee shortfall for the employee and the QE day specified in the assessment; (b) the employer’s individual notional earnings component for the employee and the QE day; (c) the employer’s choice loading for the employee and the QE day; (d) so much of any general interest charge as: (i) relates to non ‑ payment of superannuation guarantee charge payable in relation to the amounts in paragraphs (a), (b) and (c); and (ii) has been paid by, or is payable at, the particular time; reduced (but not below zero) by the amounts of any previous payments to which this Part applies that relate to the QE day, employer and employee. Note: The employee’s entitlement does not include so much of any general interest charge as relates to the employer’s administrative uplift amount for the QE day (see subparagraph (d)(i)).", "Amendment_Count": 2, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 57 of 2025", "History_Notes": "Inserted by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s64A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 64B", "Provision_Key": "s64b", "Heading": "The shortfall component for more than one benefiting employee", "Text": "(1) This section applies if there is more than one benefiting employee. In this situation, separate shortfall components are worked out for each of the benefiting employees. (2) The shortfall component for a payment, in respect of a particular employee, is the employee’s proportion of the lesser of the following amounts: (a) the amount of the payment; (b) the amount of the total employee entitlement, calculated at the time when the payment is made. (3) Subject to subsection (3A), an employee’s proportion of an amount is the following proportion: (3A) The Commissioner may vary an employee’s proportion of an amount if the amount of the charge payment has been affected by: (a) the application of the monetary limit imposed by subsection 556(1A) of the Corporations Act 2001 in respect of the employee; or (b) the application of the monetary limit imposed by paragraph 109(1)(e) of the Bankruptcy Act 1966 in respect of the employee. (4) The total employee entitlement , calculated at a particular time in relation to the assessment, is the sum of the following amounts: (a) the total of the employer’s individual final superannuation guarantee shortfalls for all employees and the QE day specified in the assessment; (b) the total of the employer’s individual notional earnings components for all employees and the QE day; (c) the total of the employer’s choice loadings for all employees and the QE day; (d) so much of any general interest charge as: (i) relates to non ‑ payment of superannuation guarantee charge payable in relation to the totals in paragraphs (a), (b) and (c); and (ii) has been paid by, or is payable at, the particular time; reduced (but not below zero) by the amounts of any previous payments to which this Part applies that relate to the QE day, employer and employees. Note: The employee’s entitlement does not include so much of any general interest charge as relates to the employer’s administrative uplift amount for the QE day (see subparagraph (d)(i)).", "Amendment_Count": 3, "First_Amended": "No 51 of 2002", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 51 of 2002 | No 132 of 2007 | No 57 of 2025", "History_Notes": "Inserted by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 132 of 2007, effective sch 1 (items 11 ‑ 15): 31 Dec 2007 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s64B"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 65", "Provision_Key": "s65", "Heading": "Payment of shortfall component", "Text": "(1) Except in a case covered by section 65AA, 65A, 66, 66A or 67, the Commissioner is required to deal with the amount of the shortfall component in one of the following ways: (a) in any case—pay the amount of the component, for the benefit of the employee, to: (i) an RSA; or (ii) an account with a complying superannuation fund; or (iii) an account with a complying approved deposit fund; that is held in the name of the employee and that is determined by the Commissioner to belong to the employee; (b) if the employee has nominated an RSA, a complying superannuation fund or a complying approved deposit fund in accordance with the regulations: (i) pay the amount of the component to the RSA or fund for the benefit of the employee; or (ii) make arrangements in accordance with the regulations to enable the amount of the component to be paid to the RSA or fund for the benefit of the employee; (c) if the employee has not made a nomination under paragraph (b)—credit the amount of the component to an account kept under the Small Superannuation Accounts Act 1995 in the name of the employee. (2) A payment of the amount of a shortfall component made or arranged by the Commissioner for the benefit of an employee to a superannuation fund is conclusively presumed to be a payment to a complying superannuation fund for the purposes of subsection (1) if, at the time the payment is made, the Commissioner has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund: (a) is a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ; and (b) is not subject to a direction under section 63 of that Act. (3) A payment of the amount of a shortfall component made or arranged by the Commissioner for the benefit of an employee to an approved deposit fund is conclusively presumed to be a payment to a complying approved deposit fund for the purposes of subsection (1) if subsection (4) applies. (4) This subsection applies if, at the time the payment is made, the Commissioner has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund is operated in accordance with the Superannuation Industry (Supervision) Act 1993 and regulations under that Act. (5) If an amount is to be credited under paragraph (1)(c), an amount equal to the credited amount is to be credited to the Superannuation Holding Accounts Special Account. (6) A payment under paragraph (1)(a) to a particular account is taken to be a payment to the complying superannuation fund or the complying approved deposit fund with which the account is held, for the purposes of this section and any other laws of the Commonwealth that refer to payments under this section.", "Amendment_Count": 9, "First_Amended": "No 82 of 1993", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 82 of 1993 | No 118 of 1993 | No 181 of 1994 | No 53 of 1995 | No 62 of 1997 | No 51 of 2002 | No 8 of 2005 | No 27 of 2009 | No 23 of 2018", "History_Notes": "Amended by No 82 of 1993, effective s 54–59: 1 Dec 1993 (s 2(1)) | Amended by No 118 of 1993, effective s 147–152: 24 Dec 1993 (s 2(1)) s 153–155: 25 Dec 1993 (s 2(4)) | Amended by No 181 of 1994, effective Sch 3 (items 118–125 and Sch 5 (items 33–36, 46(11), (12), 47): 19 Dec 1994 (s 2(1)) | Amended by No 53 of 1995, effective Sch 3 (items 1–8): 1 July 1995 (s 2) | Amended by No 62 of 1997, effective Sch 15 (items 1–34): 2 June 1997 (s 2) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 8 of 2005, effective s 4, sch 1 (items 417, 418, 496): 22 Feb 2005 (s 2(1) items 1, 2, 10) | Amended by No 27 of 2009, effective sch 2 (items 60 ‑ 63): 27 Mar 2009 (s 2(1) item 5) | Amended by No 23 of 2018, effective sch 1 (items 29, 30): 1 Apr 2018 (s 2(1) item 5) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s65"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 65AA", "Provision_Key": "s65aa", "Heading": "Shortfall component and former temporary resident", "Text": "(1) This section applies if the employee is a former temporary resident (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ). (2) The Commissioner must treat the amount of the shortfall component as if it had been paid to the Commissioner by a superannuation provider in respect of the employee under section 20F of that Act.", "Amendment_Count": 1, "First_Amended": "No 27 of 2009", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 27 of 2009", "History_Notes": "Inserted by No 27 of 2009, effective sch 2 (items 60 ‑ 63): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s65AA"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 65A", "Provision_Key": "s65a", "Heading": "Payment to employee who is over 65", "Text": "Except in a case covered by section 65AA, the Commissioner must pay the amount of the shortfall component directly to the employee (whether or not he or she is still an employee) if: (a) the employee is 65 years or more; and (b) the employee has requested the Commissioner in the approved form to pay the amount to him or her.", "Amendment_Count": 2, "First_Amended": "No 51 of 2002", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 51 of 2002 | No 27 of 2009", "History_Notes": "Inserted by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 27 of 2009, effective sch 2 (items 60 ‑ 63): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s65A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 66", "Provision_Key": "s66", "Heading": "Payment to employee retired due to permanent incapacity or invalidity", "Text": "Except in a case covered by section 65AA, if: (a) the employee has retired because of permanent incapacity or permanent invalidity; and (b) the former employee has lodged with the Commissioner: (i) written notice of the retirement; and (ii) a copy of a certificate signed by 2 registered medical practitioners certifying that the former employee is unlikely to be able to work again in a capacity for which he or she is reasonably qualified by education, training or experience; the Commissioner must pay the amount of the shortfall component to the former employee.", "Amendment_Count": 3, "First_Amended": "No 56 of 1994", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 56 of 1994 | No 53 of 1995 | No 27 of 2009", "History_Notes": "Repealed and substituted by No 56 of 1994, effective s 88–109: 7 Apr 1994 (s 2(1)) | Amended by No 53 of 1995, effective Sch 3 (items 1–8): 1 July 1995 (s 2) | Amended by No 27 of 2009, effective sch 2 (items 60 ‑ 63): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s66"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 66A", "Provision_Key": "s66a", "Heading": "Payment to employee with terminal medical condition", "Text": "Except in a case covered by section 65AA, the Commissioner must pay the amount of the shortfall component to the employee (whether or not he or she is still an employee) if: (a) a terminal medical condition (within the meaning of the Income Tax Assessment Act 1997 ) exists in relation to the employee; and (b) the employee has requested the Commissioner in the approved form to pay the amount to him or her.", "Amendment_Count": 1, "First_Amended": "No 23 of 2018", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 23 of 2018", "History_Notes": "Inserted by No 23 of 2018, effective sch 1 (items 29, 30): 1 Apr 2018 (s 2(1) item 5) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s66A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 67", "Provision_Key": "s67", "Heading": "Payment where employee deceased", "Text": "Except in a case covered by section 65AA, if the employee has died, the Commissioner must pay the amount of the shortfall component to the legal personal representative of the employee.", "Amendment_Count": 1, "First_Amended": "No 27 of 2009", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 27 of 2009", "History_Notes": "Amended by No 27 of 2009, effective sch 2 (items 60 ‑ 63): 27 Mar 2009 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s67"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 69", "Provision_Key": "s69", "Heading": "Repayment of overpayments relating to a shortfall component", "Text": "(1) This section applies if the Commissioner pays an amount under a provision of this Part (other than paragraph 65(1)(c)) exceeding the amount properly payable under that provision. (2) The Commissioner may recover all or part of the excess from a person (the debtor ) described in subsection (3) as a debt due by the debtor to the Commonwealth if the conditions specified in subsection (4) are met. (3) The persons from whom the Commissioner may recover are as follows: (a) the person to whom the payment was made; (b) if: (i) the person to whom the payment was made is a superannuation provider of a fund or RSA; and (ii) there are one or more later transfers of the payment, or of amounts wholly or partly attributable to the payment, to one or more other funds or RSAs; the superannuation provider for the fund or RSA that currently holds the payment or any of those attributable amounts; (c) the benefitting employee for the payment (or the employee’s trustee) if: (i) it is not possible to recover all or part of the excess from a person covered by paragraph (a) or (b); and (ii) the benefitting employee (or the employee’s trustee) has received one or more benefits from a fund or RSA that are wholly or partly attributable to the payment. Note 1: The kinds of persons covered by paragraph (a) include a benefitting employee, a superannuation provider, or the trustee of a benefitting employee who has died or who is under any legal or other disability. Note 2: To find out who can be the benefitting employee’s trustee for paragraph (c), see section 6. (4) The conditions for recovery are that: (a) the Commissioner gave the debtor a written notice of the proposed recovery that includes the amount to be recovered and an explanation of the operation of this section; and (b) at least 28 days have passed since the notice was given; and (c) the amount recovered is not more than the amount specified in the notice. (5) Despite subsections (2) and (3): (a) none of the excess can be recovered from a superannuation provider if none of the provider’s funds or RSAs currently hold the payment or any amount wholly or partly attributable to the payment; and (b) the total amount recovered from a benefitting employee (or the employee’s trustee) because of paragraph (3)(c) must not exceed the total of the benefits received as described in that paragraph. Note: The limit in paragraph (b) does not apply if the benefitting employee (or the employee’s trustee) is the person covered by paragraph (3)(a). (6) The Commissioner may revoke a notice described in paragraph (4)(a). (7) The total of the amounts recovered from different debtors in relation to the same excess must not be more than the excess. (8) A notice described in paragraph (4)(a) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 53 of 1995", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 53 of 1995 | No 57 of 2025", "History_Notes": "Amended by No 53 of 1995, effective Sch 3 (items 1–8): 1 July 1995 (s 2) | Repealed and substituted by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s69"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 69A", "Provision_Key": "s69a", "Heading": "Recovery of shortfall component incorrectly credited to an account kept under the Small Superannuation Accounts Act 1995", "Text": "(1) This section applies if: (a) an amount credited by the Commissioner under paragraph 65(1)(c) of this Act to an account kept under the Small Superannuation Accounts Act 1995 exceeds the amount that should have been credited to the account; and (b) the balance of the account is attributable, in whole or in part, to the credit. (2) The account is to be debited by the amount of the excess. (3) An amount equal to the excess is to be debited from the Superannuation Holding Accounts Special Account.", "Amendment_Count": 2, "First_Amended": "No 53 of 1995", "Last_Amended": "No 8 of 2005", "Amending_Acts": "No 53 of 1995 | No 8 of 2005", "History_Notes": "Inserted by No 53 of 1995, effective Sch 3 (items 1–8): 1 July 1995 (s 2) | Amended by No 8 of 2005, effective s 4, sch 1 (items 417, 418, 496): 22 Feb 2005 (s 2(1) items 1, 2, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s69A"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 71", "Provision_Key": "s71", "Heading": "Appropriation", "Text": "Amounts that the Commissioner is required to pay under this Part are payable out of the Consolidated Revenue Fund, which is appropriated accordingly.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s71"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 72", "Provision_Key": "s72", "Heading": "Treatment of partnerships", "Text": "(1) Subject to this section, this Act applies as if a partnership were a legal person. (2) An obligation that, apart from this subsection, would be imposed by this Act on a partnership is instead imposed on each partner, but may be discharged by any of the partners. (3) If, apart from this subsection, a liability to pay money would be imposed on a partnership by this Act, the liability is instead imposed on the partners jointly and severally. (4) If, because of subsection (1), a partnership would be taken to have committed an offence, the offence is instead taken to have been committed by each of the partners. (5) In a prosecution for an offence taken to have been committed by a person because of subsection (4), it is a defence that the person: (a) did not aid, abet, counsel or procure the act or omission constituting the offence; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission constituting the offence. (6) A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 , in so far as that Part relates to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s72"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 73", "Provision_Key": "s73", "Heading": "Treatment of unincorporated associations", "Text": "(1) In this section, association means an unincorporated association or body of persons (other than a partnership). (2) Subject to this section, this Act applies as if an association were a legal person. (3) An obligation that, apart from this subsection, would be imposed on an association is instead imposed on the officers of the association. (4) If, apart from this subsection, a liability to pay money would be imposed on an association by this Act, the liability is instead imposed on the members of the association jointly and severally. (5) If, because of subsection (2), an association would be taken to have committed an offence, the offence is instead taken to have been committed by each of the officers of the association. (6) In a prosecution for an offence taken to have been committed by a person by virtue of subsection (5), it is a defence that the person: (a) did not aid, abet, counsel or procure the act or omission constituting the offence; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission constituting the offence. (7) A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 , in so far as that Part relates to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s73"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 74", "Provision_Key": "s74", "Heading": "Amnesty in relation to historic amounts of superannuation guarantee shortfall", "Text": "Qualifying for the amnesty (1) An employer qualifies for an amnesty for the employer’s superannuation guarantee shortfall for a quarter if: (a) during the period (the amnesty period ) provided by subsection (3), the employer discloses to the Commissioner, in the approved form, information that: (i) relates to the amount of the employer’s superannuation guarantee shortfall for the quarter; and (ii) was not disclosed to the Commissioner before the amnesty period; and (b) the amnesty period started after the end of the period of 28 days after the end of the quarter; and (c) the Commissioner has not, at any time before the disclosure, informed the employer that the Commissioner is examining, or intends to examine, the employer’s compliance with an obligation to pay the superannuation guarantee charge for the quarter. (2) However, if the employer would have a superannuation guarantee shortfall for the quarter even if the information in the disclosure were not taken into account, the employer qualifies for an amnesty for the shortfall only to the extent of the increase in the shortfall as a result of taking the information into account. (3) The amnesty period is the period that: (a) started on 24 May 2018; and (b) ends 6 months after the day the Treasury Laws Amendment (Recovering Unpaid Superannuation) Act 2020 receives the Royal Assent. Ceasing to qualify for the amnesty (4) The employer ceases to qualify, and is taken never to have qualified, for the amnesty for the employer’s superannuation guarantee shortfall for the quarter if the Commissioner notifies the employer under subsection (5). (5) The Commissioner may notify the employer in writing that the employer has ceased to qualify, and is taken never to have qualified, for that amnesty if: (a) the employer: (i) has not, on or before the day on which superannuation guarantee charge on the employer’s superannuation guarantee shortfall for the quarter became payable, paid that superannuation guarantee charge; and (ii) has not, at any time, entered into an arrangement with the Commissioner that includes the payment of that superannuation guarantee charge; or (b) the employer has entered into such an arrangement, but has failed to comply with it. (6) For the purposes of subparagraph (5)(a)(i), a payment under this Act of an amount equal to the amount of the superannuation guarantee charge mentioned in that subparagraph is taken to be a payment of that charge whether or not the Commissioner applies the payment to satisfy the employer’s liability to pay that charge.", "Amendment_Count": 2, "First_Amended": "No 2 of 2015", "Last_Amended": "No 21 of 2020", "Amending_Acts": "No 2 of 2015 | No 21 of 2020", "History_Notes": "Repealed by No 2 of 2015, effective sch 2 (items 62, 63): 1 July 2015 (s 2(1) item 4) sch 2 (items 73, 114, 115), sch 4 (items 71 ‑ 74, 79): 25 Feb 2015 (s 2(1) items 5, 6) | Inserted by No 21 of 2020, effective sch 1 (items 10 ‑ 12, 14): 24 May 2018 (s 2(1) items 3, 5) sch 1 (item 13): 6 Sept 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s74"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 79", "Provision_Key": "s79", "Heading": "Records to be kept and retained by employers", "Text": "(1) An employer must keep records that record and explain all transactions and other acts engaged in by the employer, or required to be engaged in by the employer, under this Act. Note: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . (2) The records must include any documents relevant to working out: (a) whether the employer has a superannuation guarantee shortfall for a QE day; and (b) the amount of such a shortfall. (3) The records must be kept: (a) in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) so that the employer’s liability under this Act can be readily ascertained. (4) An employer who has possession of any records kept or obtained under or for the purposes of this Act must retain them until the end of 5 years after those records were prepared or obtained, or the completion of the transactions or acts to which those records relate, whichever is later. (5) Nothing in this section requires an employer to retain records if: (a) the Commissioner has notified the employer that the retention of the records is not required; or (b) the employer is a company that has gone into liquidation and been finally dissolved. Note: A defendant bears an evidential burden in relation to the matters in subsection (5), see subsection 13.3(3) of the Criminal Code . (6) An employer who contravenes this section commits an offence punishable on conviction by a fine not exceeding 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (6A) Subsection (6) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in subsection (6A), see subsection 13.3(3) of the Criminal Code . (7) An offence under this section is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 91 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 91 of 2000 | No 146 of 2001 | No 51 of 2002 | No 4 of 2016 | No 57 of 2025", "History_Notes": "Amended by No 91 of 2000, effective Sch 2 (items 61–67): 1 July 2000 (s 2(1)) | Amended by No 146 of 2001, effective s 4 and Sch 4 (items 123–128): 15 Dec 2001 (s 2(1)) | Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138) | Amended by No 4 of 2016, effective sch 4 (items 1, 295): 10 Mar 2016 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 1 ‑ 64, 181, 182, 184 ‑ 189): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s79"}
{"Act_Short_Name": "SGAA", "Act_Title": "Superannuation Guarantee (Administration) Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04402", "Provision": "s 80", "Provision_Key": "s80", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations prescribing all matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act; and, in particular, may make regulations prescribing penalties not exceeding a fine of 5 penalty units for offences against the regulations.", "Amendment_Count": 1, "First_Amended": "No 51 of 2002", "Last_Amended": "No 51 of 2002", "Amending_Acts": "No 51 of 2002", "History_Notes": "Amended by No 51 of 2002, effective s 4 and Sch 1 (items 193–201): 29 June 2002 (s 2(1) item 3) Sch 1 (items 1–168): 1 July 2003 (s 2(1) item 2) Sch 6 (item 9): 5 May 2003 (s 2(1) item 12 and gaz 2003, No S138)", "Source_URL": "https://www.legislation.gov.au/C2004A04402/latest/text#s80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 1-1", "Provision_Key": "s1-1", "Heading": "Short title", "Text": "This Act may be cited as the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s1-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 1-5", "Provision_Key": "s1-5", "Heading": "Commencement", "Text": "This Act commences on 1 July 1997.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s1-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 1-7", "Provision_Key": "s1-7", "Heading": "Administration of this Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Schedule 3 (item 175): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s1-7"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 1-10", "Provision_Key": "s1-10", "Heading": "Definitions and rules for interpreting this Act", "Text": "(1) In this Act, an expression has the same meaning as in the Income Tax Assessment Act 1997 . (2) Division 950 of the Income Tax Assessment Act 1997 (which contains rules for interpreting that Act) applies to this Act as if the provisions of this Act were provisions of that Act.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Repealed and substituted by No 56 of 2010, effective s 4(2), Sch 3 (items 8, 10(1)), Sch 5 (items 54, 55, 73–78, 130, 131, 137–140, 189, 190, 193) and Sch 6 (items 156–158): 3 June 2010 (s 2(1) items 1, 7, 8, 10, 11, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s1-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 4-1", "Provision_Key": "s4-1", "Heading": "Application of the Income Tax Assessment Act 1997", "Text": "The Income Tax Assessment Act 1997 , as originally enacted, applies to assessments for the 1997 ‑ 98 income year and later income years. Note: For the application of amendments of that Act (including new provisions inserted in it), see the Acts making the amendments.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s4-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 4-11", "Provision_Key": "s4-11", "Heading": "Temporary budget repair levy", "Text": "Temporary budget repair levy (1) You must pay extra income tax ( temporary budget repair levy ) for a financial year if: (a) you are an individual; and (b) your taxable income for the corresponding income year exceeds $180,000; and (c) the financial year is a temporary budget repair levy year. Note: This section will also affect the income tax payable by some trustees who are taxed as if certain trust income were income of individuals. See sections 98 and 99 of the Income Tax Assessment Act 1936 . Amount of temporary budget repair levy (2) Your temporary budget repair levy is worked out by reference to your taxable income for the corresponding income year using the rate or rates that apply to you. Interaction with other provisions (3) For the purpose of working out your income tax for the financial year: (a) section 4 ‑ 10 of the Income Tax Assessment Act 1997 has effect as if it made you liable to pay the extra tax mentioned in subsection (1) of this section; and (b) subsection 4 ‑ 10(3) of that Act has effect as if step 4 of the method statement in that subsection were omitted and the following were substituted: Step 3A. Subtract your tax offsets from your basic income tax liability. For the list of tax offsets, see section 13 ‑ 1. Step 3B. Add the extra income tax you must pay as mentioned in subsection 4 ‑ 11(1) of the Income Tax (Transitional Provisions) Act 1997 . Step 4. If an amount of your tax offset for foreign income tax under Division 770 remains after applying section 63 ‑ 10, subtract the remaining amount from the result of step 3B. The result is how much income tax you owe for the financial year. (4) To avoid doubt, temporary budget repair levy is not included in your basic income tax liability. Note: As a result, you cannot apply any tax offsets against temporary budget repair levy under Part 2 ‑ 20 of the Income Tax Assessment Act 1997 (apart from the foreign income tax offset applied under step 4 of the method statement in subsection (3)). Meaning of temporary budget repair levy year (5) Each of the following is a temporary budget repair levy year : (a) the 2014 ‑ 15 financial year; (b) the 2015 ‑ 16 financial year; (c) the 2016 ‑ 17 financial year.", "Amendment_Count": 2, "First_Amended": "No 48 of 2014", "Last_Amended": "No 47 of 2018", "Amending_Acts": "No 48 of 2014 | No 47 of 2018", "History_Notes": "Inserted by No 48 of 2014, effective Sch 1 (item 2): 25 June 2014 (s 2(1)) | Amended by No 47 of 2018, effective sch 2 (item 17): 1 July 2018 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s4-11"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 5-5", "Provision_Key": "s5-5", "Heading": "Application of Division 5 of the Income Tax Assessment Act 1997", "Text": "Subject to section 5 ‑ 15 of this Act, Division 5 of the Income Tax Assessment Act 1997 , as originally enacted, applies in relation to income tax or shortfall interest charge you must pay for: (a) the 2010 ‑ 11 financial year; or (b) a later financial year.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 51 of 2011", "Amending_Acts": "No 79 of 2010 | No 51 of 2011", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4) | Amended by No 51 of 2011, effective Sch 2: 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s5-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 5-7", "Provision_Key": "s5-7", "Heading": "References in tax sharing agreements to former section 204", "Text": "(1) A reference in an agreement to section 204 of the Income Tax Assessment Act 1936 is taken, from the commencement of this section, to be a reference to section 5 ‑ 5 of the Income Tax Assessment Act 1997 , if: (a) paragraph 721 ‑ 25(1)(a) of the Income Tax Assessment Act 1997 applies to the agreement; and (b) the agreement was in force just before the commencement of this section. (2) This section applies in relation to tax to which Division 5 of the Income Tax Assessment Act 1997 applies.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s5-7"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 5-10", "Provision_Key": "s5-10", "Heading": "General interest charge liabilities under former subsection 204(3)", "Text": "(1) This section applies if, just before the commencement of this section, you were liable, under subsection 204(3) (the old provision ) of the Income Tax Assessment Act 1936 , to pay the general interest charge on an unpaid amount (the liability ) of any tax or shortfall interest charge. (2) On that commencement, the old provision ceases to apply to the liability. (3) From that commencement, section 5 ‑ 15 (the new provision ) of the Income Tax Assessment Act 1997 , as originally enacted, applies to the liability as if: (a) the liability remained unpaid at that time; and (b) so much of the charge under the old provision as remained unpaid at that time had been imposed under the new provision and remained unpaid at that time.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 51 of 2011", "Amending_Acts": "No 79 of 2010 | No 51 of 2011", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4) | Inserted by No 51 of 2011, effective Sch 2: 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s5-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 5-15", "Provision_Key": "s5-15", "Heading": "Application of section 5 ‑ 15 of the Income Tax Assessment Act 1997", "Text": "(1) Section 5 ‑ 15 of the Income Tax Assessment Act 1997 (General interest charge payable on unpaid income tax or shortfall interest charge), as originally enacted, applies to an amount of income tax or shortfall interest charge you must pay for a financial year, if the income tax or shortfall interest charge is due to be paid on or after the commencement of that section. (2) For the purposes of subsection (1), it does not matter whether the financial year ended before, on or after the commencement of that section.", "Amendment_Count": 1, "First_Amended": "No 51 of 2011", "Last_Amended": "No 51 of 2011", "Amending_Acts": "No 51 of 2011", "History_Notes": "Inserted by No 51 of 2011, effective Sch 2: 1 July 2010 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s5-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 6-2", "Provision_Key": "s6-2", "Heading": "Effect of this Division", "Text": "This Division has effect for the purposes of the Income Tax Assessment Act 1997 and of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s6-2"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 6-3", "Provision_Key": "s6-3", "Heading": "Assessable income for income years before 1997 ‑ 98", "Text": "For the 1996 ‑ 97 income year or an earlier income year, assessable income means all the amounts that under the Income Tax Assessment Act 1936 are included in the assessable income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s6-3"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 6-20", "Provision_Key": "s6-20", "Heading": "Exempt income for income years before 1997 ‑ 98", "Text": "For the 1996 ‑ 97 income year or an earlier income year, exempt income means income which is exempt from tax and includes income which is not assessable income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s6-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 8-2", "Provision_Key": "s8-2", "Heading": "Effect of this Division", "Text": "This Division has effect for the purposes of the Income Tax Assessment Act 1997 and of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s8-2"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 8-3", "Provision_Key": "s8-3", "Heading": "Deductions for income years before 1997 ‑ 98", "Text": "For the 1996 ‑ 97 income year or an earlier income year, deduction means a deduction allowable under the Income Tax Assessment Act 1936 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s8-3"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 8-10", "Provision_Key": "s8-10", "Heading": "No double deductions for income year before 1997 ‑ 98 and income year after 1996 ‑ 97", "Text": "If: (a) a provision of the Income Tax Assessment Act 1936 allows you a deduction in respect of an amount for the 1996 ‑ 97 income year or an earlier income year; and (b) a different provision of that Act, or a provision of the Income Tax Assessment Act 1997 , allows you a deduction in respect of the same amount for the 1997 ‑ 98 income year or a later income year; you can deduct only under the provision that is most appropriate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s8-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 15-1", "Provision_Key": "s15-1", "Heading": "General application provision", "Text": "(1) Division 15 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years. (2) However, the sections of that Act listed in the table apply in accordance with the corresponding sections of this Act. Application provisions for specific sections Item This section of the Income Tax Assessment Act 1997 ... Applies as described in this section of this Act ... 1 15 ‑ 10 15 ‑ 10 2 15 ‑ 15 15 ‑ 15 3 15 ‑ 20 15 ‑ 20 4 15 ‑ 30 15 ‑ 30 5 15 ‑ 35 15 ‑ 35", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s15-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 15-10", "Provision_Key": "s15-10", "Heading": "Application of section 15 ‑ 10 of the Income Tax Assessment Act 1997 to bounties and subsidies", "Text": "Section 15 ‑ 10 (Bounties and subsidies) of the Income Tax Assessment Act 1997 applies to a bounty or subsidy received in the 1997 ‑ 98 income year or a later income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s15-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 15-15", "Provision_Key": "s15-15", "Heading": "Application of section 15 ‑ 15 of the Income Tax Assessment Act 1997 to profit ‑ making undertaking or plan", "Text": "Section 15 ‑ 15 (Profit ‑ making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a profit arising in the 1997 ‑ 98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997 ‑ 98 income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s15-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 15-20", "Provision_Key": "s15-20", "Heading": "Application of section 15 ‑ 20 of the Income Tax Assessment Act 1997 to royalties", "Text": "Section 15 ‑ 20 (Royalties) of the Income Tax Assessment Act 1997 applies to an amount received as or by way of royalty in the 1997 ‑ 98 income year or a later income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s15-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 15-30", "Provision_Key": "s15-30", "Heading": "Application of section 15 ‑ 30 of the Income Tax Assessment Act 1997 to insurance or indemnity payments", "Text": "Section 15 ‑ 30 (Insurance or indemnity for loss of assessable income) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997 ‑ 98 income year or a later income year as insurance or indemnity for the loss at any time of an amount that would have been assessable income under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s15-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 15-35", "Provision_Key": "s15-35", "Heading": "Application of section 15 ‑ 35 of the Income Tax Assessment Act 1997 to interest on overpayments and early payments of tax", "Text": "Section 15 ‑ 35 (Interest on overpayments and early payments of tax) of the Income Tax Assessment Act 1997 applies to interest that is paid or applied in the 1997 ‑ 98 income year or a later income year, even if some or all of the interest became payable earlier.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s15-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 20-1", "Provision_Key": "s20-1", "Heading": "Application of Subdivision 20 ‑ A of the Income Tax Assessment Act 1997", "Text": "Subdivision 20 ‑ A of the Income Tax Assessment Act 1997 applies to an assessable recoupment received in the 1997 ‑ 98 income year or a later income year of a loss or outgoing whenever incurred.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s20-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 20-100", "Provision_Key": "s20-100", "Heading": "Application of Subdivision 20 ‑ B of the Income Tax Assessment Act 1997", "Text": "Subdivision 20 ‑ B of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s20-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 20-105", "Provision_Key": "s20-105", "Heading": "The cost of a car acquired in the 1996 ‑ 97 income year or an earlier income year", "Text": "(1) If: (a) in the 1997 ‑ 98 income year or a later income year you dispose of a car that was leased to you or your associate; and (b) the lessor acquired the car in the 1996 ‑ 97 income year or an earlier income year; the cost of the car to the lessor for the purposes of section 20 ‑ 120 of the Income Tax Assessment Act 1997 is worked out under the depreciation provisions of the Income Tax Assessment Act 1936 . Note 1: Section 20 ‑ 120 of the Income Tax Assessment Act 1997 is about a limit on the amount to be included in your assessable income because of your disposal of the car. Note 2: The depreciation provisions were in Subdivision A of Division 3 of Part III of the Income Tax Assessment Act 1936 . (2) In working out the cost of the car to the lessor, disregard any election the lessor made under former subsection 59(2A) or (2D) of the Income Tax Assessment Act 1936 to reduce the cost of the car.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s20-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 20-110", "Provision_Key": "s20-110", "Heading": "The termination value of a car disposed of in the 1996 ‑ 97 income year or an earlier income year", "Text": "If: (a) in the 1997 ‑ 98 income year or a later income year you dispose of a car that was leased to you or your associate; and (b) the lessor disposed of the car in the 1996 ‑ 97 income year or an earlier income year; the car’s termination value (in respect of the disposal by the lessor) for the purposes of section 20 ‑ 120 of the Income Tax Assessment Act 1997 is the consideration receivable by the lessor for the disposal (worked out under former section 59 of the Income Tax Assessment Act 1936 ). Note: Section 20 ‑ 120 of the Income Tax Assessment Act 1997 is about a limit on the amount to be included in your assessable income because of your disposal of the car.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s20-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 20-115", "Provision_Key": "s20-115", "Heading": "Reducing the assessable amount for the disposal of a car in the 1997 ‑ 98 income year or later if there has been an earlier disposal of it", "Text": "If: (a) section 20 ‑ 110 or 20 ‑ 125 of the Income Tax Assessment Act 1997 includes an amount in your assessable income for the 1997 ‑ 98 income year or a later income year because of your disposal of a car; and (b) in the 1996 ‑ 97 income year or an earlier income year (but after the lease period began) there was an earlier disposal of the car, or an interest in it, by you or another entity in a situation described in the following table; each limit on the amount to be included in your assessable income is reduced as follows: Reducing each limit on the amount to be included Item In this situation: reduce each limit by: 1 Former section 26AAB of the Income Tax Assessment Act 1936 included an amount in your assessable income in respect of such an earlier disposal by you that amount 2 Former section 26AAB of the Income Tax Assessment Act 1936 included an amount in another entity’s assessable income in respect of such an earlier disposal by the other entity that amount 3 Former section 26AAB of the Income Tax Assessment Act 1936 would have included an amount in your assessable income in respect of such an earlier disposal by you but for the operation of former subsection 26AAB(12) of that Act that amount 4 Former section 26AAB of the Income Tax Assessment Act 1936 would have included an amount in another entity’s assessable income in respect of such an earlier disposal by the other entity but for the operation of former subsection 26AAB(12) of that Act that amount 5 Former subsection 26AAB(9) of the Income Tax Assessment Act 1936 reduced the amount to be included in your assessable income in respect of such an earlier disposal by you the amount of the reduction 6 Former subsection 26AAB(9) of the Income Tax Assessment Act 1936 reduced the amount to be included in another entity’s assessable income in respect of such an earlier disposal by the other entity the amount of the reduction", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s20-115"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 25-1", "Provision_Key": "s25-1", "Heading": "Application of Division 25 of the Income Tax Assessment Act 1997", "Text": "Division 25 (Some amounts you can deduct) of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years, except as provided by this Division.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s25-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 25-40", "Provision_Key": "s25-40", "Heading": "Application of section 25 ‑ 40 of the Income Tax Assessment Act 1997", "Text": "Section 25 ‑ 40 (Loss from profit ‑ making undertaking or plan) of the Income Tax Assessment Act 1997 applies to a loss arising in the 1997 ‑ 98 income year or a later income year, even if the undertaking or plan was entered into, or began to be carried on or carried out, before the 1997 ‑ 98 income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s25-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 25-45", "Provision_Key": "s25-45", "Heading": "Application of section 25 ‑ 45 of the Income Tax Assessment Act 1997", "Text": "Section 25 ‑ 45 (which is about deductions for losses by theft etc.) of the Income Tax Assessment Act 1997 applies to a loss discovered in the 1997 ‑ 98 income year or a later income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s25-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 25-50", "Provision_Key": "s25-50", "Heading": "Application of section 25 ‑ 90 of the Income Tax Assessment Act 1997", "Text": "Section 25 ‑ 90 (which is about deductions relating to foreign exempt income) of the Income Tax Assessment Act 1997 applies to an amount incurred in an income year that begins on or after 1 July 2001.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 20–22): 1 July 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s25-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 25-65", "Provision_Key": "s25-65", "Heading": "Local government election expenses", "Text": "Section 25 ‑ 65 of the Income Tax Assessment Act 1997 applies to the 2006 ‑ 07 income year and later income years, in relation to expenditure whenever incurred. In relation to expenditure incurred in the 2005 ‑ 06 income year or an earlier income year, it applies as if: (a) it had applied to all income years before the 2006 ‑ 07 income year; and (b) an allowable deduction for the expenditure under section 74A of the Income Tax Assessment Act 1936 had been a deduction for the expenditure under section 25 ‑ 65 of the Income Tax Assessment Act 1997 . Note: This section also has the result that, to the extent that a recoupment of the expenditure has been included in your assessable income by former subsections 74A(4) and (5) of the Income Tax Assessment Act 1936 , the expenditure will be disregarded in applying the $1,000 per election deduction limit: see subsection 25 ‑ 65(2) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s25-65"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 26-1", "Provision_Key": "s26-1", "Heading": "Application of Division 26 of the Income Tax Assessment Act 1997", "Text": "Division 26 of the Income Tax Assessment Act 1997 (which prevents or limits deductions) applies to assessments for the 1997 ‑ 98 income year and later income years, except as provided by this Division.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s26-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 26-30", "Provision_Key": "s26-30", "Heading": "Application of section 26 ‑ 30 of the Income Tax Assessment Act 1997", "Text": "Section 26 ‑ 30 (which denies a deduction for relative’s travel expenses) of the Income Tax Assessment Act 1997 applies to travel on or after 1 July 1997.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s26-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 30-1", "Provision_Key": "s30-1", "Heading": "Application of Division 30 of the Income Tax Assessment Act 1997", "Text": "Division 30 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s30-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 30-5", "Provision_Key": "s30-5", "Heading": "Keeping in force old declarations and instruments", "Text": "(1) This section applies to a declaration or other instrument (described in column 2 of an item in the table in this section) that is in force at the end of 30 June 1997 for the purposes of the provision of the Income Tax Assessment Act 1936 referred to in that column of the item. (2) On and after 1 July 1997 the declaration or other instrument also has effect as if it were an approval or declaration (described in column 3 of the same item) made for the purposes of the provision of the Income Tax Assessment Act 1997 referred to in that column of the item. Anything done on or after 1 July 1997 in relation to an approval or declaration described in column 3 of an item in the table also has effect as if it had been done in relation to the declaration or other instrument described in column 2 of that item. On and after 1 July 1997 Item This approval, declaration or other instrument: also has effect as if it were: 1 An instrument certifying an institution to be a technical and further education institution for the purposes of item 2.1.7 of table 2 in subsection 78(4) A declaration that the institution is a technical and further education institution for the purposes of item 2.1.7 of the table in subsection 30 ‑ 25(1) 2 An instrument certifying that purposes of an institution covered by item 2.1.7 of table 2 in subsection 78(4), or of the college covered by item 2.2.14 of that table, relate exclusively to tertiary education A declaration (for the purposes of section 30 ‑ 30) that those purposes of the institution, or of the college, relate solely to tertiary education 3 An instrument approving an organisation, or a branch or section of an organisation, to be a marriage guidance organisation for the purposes of item 8.1.1 of table 8 in subsection 78(4) A declaration that the organisation, or branch or section of the organisation, is a marriage guidance organisation for the purposes of item 8.1.1 of the table in subsection 30 ‑ 70(1) 4 A declaration that a public fund is an eligible fund for the purposes of item 9.1.1 of table 9 in subsection 78(4) A declaration that the public fund is a relief fund for the purposes of item 9.1.1 of the table in subsection 30 ‑ 80(1) 5 An instrument approving a person as a valuer under subsection 78(18) An approval of the person as a valuer under section 30 ‑ 210 6 An instrument approving an organisation as an approved organisation for the purposes of subsection 78(21) A declaration that the organisation is an approved organisation for the purposes of section 30 ‑ 85 7 An instrument certifying a country to be a developing country for the purposes of subsection 78(21) A declaration that the country is a developing country for the purposes of section 30 ‑ 85", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s30-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 30-25", "Provision_Key": "s30-25", "Heading": "Keeping in force the old gifts registers", "Text": "(1) On and after 1 July 1997, the register described in column 2 of an item in the table in this section (as the register existed at the end of 30 June 1997) also has effect as if it were the register described in column 3 of that item. Column 2 refers to provisions of the Income Tax Assessment Act 1936 . Column 3 refers to provisions of the Income Tax Assessment Act 1997 . (2) Anything done on or after 1 July 1997 in relation to the register described in column 3 of an item in the table also has effect as if it had been done in relation to the register described in column 2 of that item. On and after 1 July 1997 Item This register: also has effect as if it were: 1 The register of cultural organisations kept under section 78AA The register of cultural organisations kept under Subdivision 30 ‑ F 2 The register of environmental organisations kept under section 78AB The register of environmental organisations kept under Subdivision 30 ‑ E", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s30-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 30-102", "Provision_Key": "s30-102", "Heading": "Fund, authorities and institutions taken to be endorsed", "Text": "(1) The authorities and institutions listed in this table are taken to have been endorsed by the Commissioner of Taxation for the purposes of item 12A.1.1 of the table in section 30 ‑ 102 of the Income Tax Assessment Act 1997 under paragraph 30 ‑ 120(a) of that Act. Item Fund, authority or institution Established under legislation of the following State or Territory 1 State Emergency Service New South Wales 2 Country Fire Authority Victoria 3 Victoria State Emergency Service Victoria 4 Queensland Fire and Rescue Service Queensland 5 State Emergency Service Queensland 6 Fire and Emergency Services Authority of Western Australia Western Australia 7 State Emergency Service South Australia South Australia 8 Tasmania Fire Service Tasmania 9 State Emergency Service Tasmania 10 ACT Rural Fire Service Australian Capital Territory 11 ACT State Emergency Service Australian Capital Territory (2) The fund listed in this table is taken to have been endorsed by the Commissioner of Taxation for the purposes of item 12A.1.2 of section 30 ‑ 102 of the Income Tax Assessment Act 1997 under paragraph 30 ‑ 120(b) of that Act. Item Fund, authority or institution Established under legislation of the following State or Territory 1 CFA & Brigades Donations Fund Victoria (3) The funds, authorities and institutions referred to in subsections (1) and (2) are taken to have been endorsed on the day on which Schedule 7 to the Tax Laws Amendment (2010 Measures No. 4) Act 2010 commences.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective Schedule 7 (items 3, 4): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s30-102"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 32-1", "Provision_Key": "s32-1", "Heading": "Application of Division 32 of the Income Tax Assessment Act 1997", "Text": "Division 32 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s32-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 34-1", "Provision_Key": "s34-1", "Heading": "Application of Division 34 of the Income Tax Assessment Act 1997", "Text": "Division 34 (Non ‑ compulsory uniforms) of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s34-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 34-5", "Provision_Key": "s34-5", "Heading": "Things done under former section 51AL of the Income Tax Assessment Act 1936", "Text": "(1) From 1 July 1997, anything done under or in connection with a provision of former section 51AL of the Income Tax Assessment Act 1936 has effect as if it had been done under or in connection with the corresponding provision of Division 34 of the Income Tax Assessment Act 1997 . (2) From 1 July 1997, a thing described in column 2 of an item in the table (as that thing existed at the end of 30 June 1997) has effect as if it were the thing described in column 3 of that item. Column 2 refers to provisions of the Income Tax Assessment Act 1936 . Column 3 refers to provisions of the Income Tax Assessment Act 1997. As from 1 July 1997 Item This: has effect as if it were this: 1 The Register of Approved Occupational Clothing that former subsection 51AL(5) requires the Industry Secretary to keep The Register of Approved Occupational Clothing that section 34 ‑ 45 requires the Industry Secretary to keep 2 Approved occupational clothing guidelines in force under former subsection 51AL(7) Approved occupational clothing guidelines made under section 34 ‑ 55 3 A delegation by the Industry Secretary under former subsection 51AL(23) A delegation by the Industry Secretary under section 34 ‑ 65 (3) Subsection (2) does not limit the generality of subsection (1).", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s34-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 35-10", "Provision_Key": "s35-10", "Heading": "Deductions for certain new business investment", "Text": "The rule in subsection 35 ‑ 10(2) of the Income Tax Assessment Act 1997 does not apply for an income year to a business activity if: (a) apart from that rule, you could otherwise deduct amounts under Division 41 of that Act for that income year; and (b) the total of those amounts is more than or equal to the excess worked out under that subsection for the business activity for the income year.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s35-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 35-20", "Provision_Key": "s35-20", "Heading": "Application of Commissioner’s decisions", "Text": "A decision of the Commissioner made under section 35 ‑ 55 of the Income Tax Assessment Act 1997 : (a) before the commencement of Schedule 2 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 ; and (b) for one or more income years; continues to have effect, after that commencement, for those income years despite the amendments made by that Schedule.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s35-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 36-100", "Provision_Key": "s36-100", "Heading": "Tax losses for the 1997 ‑ 98 and later income years", "Text": "To work out your tax loss (if any) for the 1997 ‑ 98 income year or a later income year, apply the provisions of the Income Tax Assessment Act 1997 about tax losses. Start at Division 36 of that Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s36-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 36-105", "Provision_Key": "s36-105", "Heading": "Tax losses for 1989 ‑ 90 to 1996 ‑ 97 income years", "Text": "(1) If you incurred a loss for the purposes of section 79E (General domestic losses of 1989 ‑ 90 to 1996 ‑ 97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989 ‑ 90 to 1996 ‑ 97 income years, the loss is your tax loss for that income year, which is called a loss year . (2) You can deduct the tax loss in the 1997 ‑ 98 or a later income year only to the extent that it has not already been deducted.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s36-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 36-110", "Provision_Key": "s36-110", "Heading": "Tax losses for 1957 ‑ 58 to 1988 ‑ 89 income years", "Text": "(1) If you incurred a loss for the purposes of section 80AA (Primary production losses of pre ‑ 1990 years of income) of the Income Tax Assessment Act 1936 in any of the 1957 ‑ 58 to 1988 ‑ 89 income years, the loss is your tax loss for that income year, which is called a loss year . The loss is also called a primary production loss . (2) You can deduct the tax loss in the 1997 ‑ 98 or a later income year only to the extent that it has not already been deducted. (3) You deduct your primary production losses (in the order in which you incurred them) before any other tax losses of the same or any other loss year, except film losses. (4) A company cannot transfer any amount of a primary production loss for the 1983 ‑ 84 or an earlier income year under Subdivision 170 ‑ A (Transfer of tax losses within wholly ‑ owned groups of companies) of the Income Tax Assessment Act 1997 . (5) For the purposes of determining how much (if any) of a primary production loss you can deduct in the 1997 ‑ 98 or a later income year, subsections 80AA(9), (10) and (11) of the Income Tax Assessment Act 1936 apply in the same way as they apply for the purposes they refer to.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s36-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-10", "Provision_Key": "s40-10", "Heading": "Plant", "Text": "(1) This section applies to you if: (a) you have deducted or can deduct amounts for plant under Division 42 of the Income Tax Assessment Act 1997 (the former Act ) as in force just before it was amended by the New Business Tax System (Capital Allowances) Act 2001 and the New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001 , or you could have deducted amounts under that Division for the plant if you had used it, or had it installed ready for use, for the purpose of producing assessable income before that day; and (b) either: (i) you hold the plant at 1 July 2001; or (ii) subparagraph (i) does not apply and you were the owner or quasi ‑ owner of the plant at the end of 30 June 2001. (2) Division 40 of the Income Tax Assessment Act 1997 as amended by the New Business Tax System (Capital Allowances) Act 2001 and the New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001 (the new Act ) applies to the plant on this basis: (a) the amount that was your undeducted cost at the end of 30 June 2001 becomes the plant’s opening adjustable value; and (b) you use the same cost, effective life and method that you were using under Division 42 of the former Act, or that you would have used if you had used the plant for the purpose of producing assessable income at the end of 30 June 2001; and (c) if you excluded an amount from your assessable income under section 42 ‑ 290 of the former Act for a balancing adjustment event that occurred on or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999—the cost of the plant, and its opening adjustable value, are reduced by that amount; and (d) if subparagraph (1)(b)(ii) applies to you—you are treated as the holder of the plant while you are its holder or while the circumstances under which you would have been the owner or quasi ‑ owner of the plant under the former Act continue. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) If you were using a rate for the plant under subsection 42 ‑ 160(1) or 42 ‑ 165(1) of the former Act just before 1 July 2001, or would have been using such a rate if you had used it, or had it installed ready for use, for the purpose of producing assessable income before that day, Division 40 of the new Act applies to the plant on this basis: (a) for the diminishing value method—replace the component in the formula in subsection 40 ‑ 70(1) of the new Act that includes the plant’s effective life with the rate you were using; and (b) for the prime cost method: (i) replace the component in the formula in subsection 40 ‑ 75(1) of the new Act that includes the plant’s effective life with the rate you were using; and (ii) increase the plant’s cost under Division 42 of the former Act by any amounts included in the second element of the plant’s cost after 30 June 2001. Note 1: Recalculating effective life will have no practical effect for an entity to whom subsection (3) applies because the component in the relevant formula that relies on effective life has been replaced. Note 2: Small business entities can choose to work out the decline in value of their depreciating assets under Division 328.", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 77 of 2001 | No 119 of 2002 | No 80 of 2007", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-12", "Provision_Key": "s40-12", "Heading": "Plant acquired after 30 June 2001", "Text": "(1) This section applies to you if: (a) you entered into a contract to acquire an item of plant before 1 July 2001 and you acquired it after 30 June 2001; or (b) you started to construct an item of plant before 1 July 2001 and you complete its construction after 30 June 2001. (2) Division 40 of the new Act applies to the plant. (3) If you entered into the contract, or started to construct the plant, at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, you replace the component in the formula in subsection 40 ‑ 70(1) or 40 ‑ 75(1) of the new Act that includes the plant’s effective life with the rate you would have been using if you had acquired it, or completed its construction, before 1 July 2001 and had used it, or had it installed ready for use, for the purpose of producing assessable income before that day.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-12"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-13", "Provision_Key": "s40-13", "Heading": "Accelerated depreciation for split or merged plant", "Text": "(1) This section applies to a depreciating asset that is plant if: (a) you entered into a contract to acquire the plant, you otherwise acquired it or you started to construct it before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; and (b) you held it at the end of 30 June 2001; and (c) on or after 1 July 2001: (i) the plant is split into 2 or more depreciating assets; or (ii) the plant is merged into another depreciating asset. (2) For a case where the plant is split into 2 or more depreciating assets, the new Act applies as if you had acquired the assets into which it is split before the time mentioned in paragraph (1)(a) while you continue to hold those assets. (3) For a case where the plant is merged into another depreciating asset, section 40 ‑ 125 of the new Act does not apply to the asset, or to your interest in the asset, into which it is merged while you continue to hold it.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective Schedule 3 (items 4–7) and Schedule 7 (items 120–124): Royal Assent Schedule 5 (items 4, 5): 1 July 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-13"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-15", "Provision_Key": "s40-15", "Heading": "Recalculating effective life", "Text": "You cannot recalculate the effective life of a depreciating asset for which: (a) you were using, just before 1 July 2001, a rate under subsection 42 ‑ 160(1) or 42 ‑ 165(1) of the former Act; or (b) you would have been using such a rate if you had used the asset, or had it installed ready for use, for the purpose of producing assessable income before that day.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-20", "Provision_Key": "s40-20", "Heading": "IRUs", "Text": "(1) This section applies to you if: (a) you have deducted or can deduct an amount for an IRU under Division 44 of the former Act or you would have been able to deduct an amount for it under that Division if you had used it for the purpose of producing assessable income before 1 July 2001; and (b) you hold the IRU at 1 July 2001. (2) Division 40 of the new Act applies to the IRU on this basis: (a) you use the cost, effective life and method you were using under Division 44 of the former Act or that you would have used if you had used the IRU for the purpose of producing assessable income before 1 July 2001; and (b) the amount that was your undeducted cost of the IRU at the end of 30 June 2001 becomes the IRU’s opening adjustable value. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-25", "Provision_Key": "s40-25", "Heading": "Software", "Text": "(1) Despite its repeal by this Act, Division 46 of the former Act continues to apply to expenditure on software that you incurred and that was in a software pool under that Division at the end of 30 June 2001. (2) For a unit of software for which you were deducting amounts under Subdivision 46 ‑ B of the former Act or for which you could have deducted amounts under that Subdivision if you had used the software for the purpose of producing assessable income before 1 July 2001, Division 40 of the new Act applies to the unit on this basis: (a) its cost is the amount of expenditure you incurred on the unit; and (b) you must use the prime cost method; and (c) its opening adjustable value at 1 July 2001 is its undeducted cost at the end of 30 June 2001; and (d) you must use the same effective life you were using under Subdivision 46 ‑ B of the former Act or that you would have used if you had used the software for the purpose of producing assessable income before 1 July 2001. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-30", "Provision_Key": "s40-30", "Heading": "Spectrum licences", "Text": "(1) This section applies to you if you have deducted or can deduct an amount under Division 380 of the former Act for expenditure incurred in obtaining a spectrum licence on or before 30 June 2001 or you could have deducted an amount under that Division for that expenditure if you had used the licence for the purpose of producing assessable income on or before that day. (2) Division 40 of the new Act applies to the spectrum licence on this basis: (a) its cost is your expenditure incurred in obtaining the licence; and (b) its opening adjustable value at 1 July 2001 is the amount of unrecouped expenditure for the licence at the end of 30 June 2001; and (c) its effective life is the same as it had under the former Act; and (d) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-33", "Provision_Key": "s40-33", "Heading": "Datacasting transmitter licences", "Text": "(1) This section applies to you if you hold a datacasting transmitter licence at 1 July 2001. (2) Division 40 of the new Act applies to the licence on this basis: (a) its cost is your expenditure incurred in obtaining the licence; and (b) its opening adjustable value at 1 July 2001 is its cost; and (c) its effective life is 15 years less any period that has elapsed from the day the licence was issued until 1 July 2001; and (d) you must use the prime cost method.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-33"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-35", "Provision_Key": "s40-35", "Heading": "Mining unrecouped expenditure", "Text": "(1) This section applies to you if you have an amount of unrecouped expenditure under Division 330 of the former Act at the end of 30 June 2001. Note: Subsection (6) also applies to a case where you did not have unrecouped expenditure at 30 June 2001: see subsection (8). (2) Division 40 of the new Act applies to the expenditure as if it were a depreciating asset (the notional asset ) you hold on this basis: (a) it has an opening adjustable value at 1 July 2001 equal to the amount of unrecouped expenditure reduced by any deductions allowable under section 330 ‑ 80 of the former Act for your income year ending on 30 June 2001; and (b) it has a cost equal to the total amount of allowable capital expenditure under the former Act; and (c) in applying the formula in section 40 ‑ 75 of the new Act for the income year in which 1 July 2001 occurs—you use the adjustments in subsection 40 ‑ 75(3) of the new Act; and (d) it is taken to have been used for a taxable purpose at the start of 1 July 2001; and (e) it has a remaining effective life worked out under subsection (3); and (f) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) The remaining effective life of the notional asset at the start of an income year ( present income year ) for which you are working out its decline in value is: (a) for an amount of unrecouped expenditure in respect of expenditure incurred in carrying on eligible mining operations other than in the course of petroleum mining is the lesser of these: (i) the number equal to the difference between 10 and the number of income years (which may be zero) before the present income year for which an amount in respect of expenditure was deductible; (ii) the number equal to the number of whole years in the estimated life of the mine, or proposed mine, on the mining property, or, if there is more than one such mine, of the mine that has the longest estimated life, as at the end of the present income year; or (b) for an amount of unrecouped expenditure in respect of expenditure incurred in carrying on eligible mining operations in the course of petroleum mining is the lesser of these: (i) the number equal to the difference between 10 and the number of income years (which may be zero) before the present income year for which an amount in respect of expenditure was deductible; (ii) the number equal to the number of whole years in the estimated life of the petroleum field or proposed petroleum field as at the end of the present income year; or (c) for an amount of unrecouped expenditure in respect of expenditure incurred in carrying on eligible quarrying operations the lesser of these: (i) the number equal to the difference between 20 and the number of income years (which may be zero) before the present income year for which an amount in respect of expenditure was deductible; and (ii) the number equal to the number of whole years in the estimated life of the quarry, or proposed quarry, on the quarrying property, or, if there is more than one such quarry, of the quarry that has the longest estimated life, as at the end of the present income year. (4) Sections 40 ‑ 95 and 40 ‑ 110 of the new Act do not apply to the unrecouped expenditure. (5) If either: (a) both of these subparagraphs apply: (i) any of the unrecouped expenditure referred to in subsection (1) relates to a depreciating asset (the real asset ); (ii) in an income year (the cessation year ) you stop holding the real asset, or stop using it for a taxable purpose; or (b) both of these subparagraphs apply: (i) any of the unrecouped expenditure referred to in subsection (1) relates to property that is not a depreciating asset (the other property ); (ii) in the cessation year, the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose; there is an additional decline in value of the notional asset for the cessation year equal to so much of the notional asset’s adjustable value as relates to the real asset or the other property and has not been taken into account in working out the amount of a balancing adjustment in relation to the real asset. (6) If the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose, you must include in your assessable income: (a) if the other property is sold for a price specific to that property—that price, less the expenses of the sale (to the extent the expenses are reasonably attributable to selling that particular property); or (b) if the other property is sold with additional property without a specific price being allocated to it—the part of the total sale price, less the reasonably attributable expenses of the sale, that is reasonably attributable to selling the other property; or (c) if the other property is lost or destroyed—the amount or value received or receivable under an insurance policy or otherwise for the loss or destruction; or (d) if you own the other property and you stop using it for a taxable purpose—its market value at that time; or (e) if you do not own the property and you stop using it for a taxable purpose—a reasonable amount. However, the amount included is reduced to the extent (if any) that it is also included under subsection 40 ‑ 830(6) of the new Act. (7) If section 40 ‑ 115 of the new Act applies, or section 40 ‑ 125 of the new Act would, apart from this subsection, apply, to the real asset referred to in subsection (5) of this section, then: (a) if the real asset is split into 2 or more depreciating assets and you stop holding, or stop using for a taxable purpose, one or more but not all of the assets into which it is split—subsection (5) does not apply to that asset or assets into which it is split that you continue to hold and continue to use for a taxable purpose; or (b) if the real asset is merged into another depreciating asset—section 40 ‑ 125 does not apply to the asset into which it is merged while you continue to hold it. (8) Subsection (6) also applies to a case where: (a) you did not have an amount of unrecouped expenditure under Division 330 of the former Act at the end of 30 June 2001, but you had an amount of unrecouped expenditure under that Division before 30 June 2001; and (b) that expenditure relates to property that is not a depreciating asset (the other property ); and (c) after that day, the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 77 of 2001 | No 66 of 2003", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-37", "Provision_Key": "s40-37", "Heading": "Post ‑ 30 June 2001 mining expenditure", "Text": "(1) This section applies to you if: (a) you incur expenditure after 30 June 2001 under a contract entered into before that day; and (b) the expenditure would have been allowable capital expenditure, and you could have deducted an amount for it, under Division 330 of the former Act if you had incurred it before 1 July 2001; and (c) the expenditure does not relate to a depreciating asset. (2) Division 40 of the new Act applies to the expenditure as if it were a depreciating asset (the notional asset ) you hold on this basis: (a) it has a cost at the time you incur the expenditure equal to the amount of the expenditure; and (b) in applying the formula in section 40 ‑ 75 of the new Act for the income year in which you incur the expenditure—you use the adjustments in subsection 40 ‑ 75(3) of the new Act; and (c) it is taken to be used for a taxable purpose when you incur the expenditure; and (d) it has an effective life worked out under subsection (3); and (e) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) The effective life of the notional asset at the start of an income year ( present income year ) for which you are working out its decline in value is: (a) for an amount of expenditure incurred in carrying on eligible mining operations other than in the course of petroleum mining—the lesser of 10 and the number equal to the number of whole years in the estimated life of the mine, or proposed mine, on the mining property, or, if there is more than one such mine, of the mine that has the longest estimated life, as at the end of the present income year; or (b) for an amount of expenditure incurred in carrying on eligible mining operations in the course of petroleum mining—the lesser of 10 and the number equal to the number of whole years in the estimated life of the petroleum field or proposed petroleum field as at the end of the present income year; or (c) for an amount of expenditure incurred in carrying on eligible quarrying operations—the lesser of 20 and the number equal to the number of whole years in the estimated life of the quarry, or proposed quarry, on the quarrying property, or, if there is more than one such quarry, of the quarry that has the longest estimated life, as at the end of the present income year. (4) Sections 40 ‑ 95 and 40 ‑ 110 of the new Act do not apply to the expenditure. (5) If both of these paragraphs apply: (a) any of the expenditure referred to in subsection (1) relates to property that is not a depreciating asset (the other property ); (b) in an income year (the cessation year ), the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose; there is an additional decline in value of the notional asset for the cessation year equal to so much of the notional asset’s adjustable value as relates to the other property. (6) If the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose, you must include in your assessable income: (a) if the other property is sold for a price specific to that property—that price, less the expenses of the sale (to the extent the expenses are reasonably attributable to selling that particular property); or (b) if the other property is sold with additional property without a specific price being allocated to it—the part of the total sale price, less the reasonably attributable expenses of the sale, that is reasonably attributable to selling the other property; or (c) if the other property is lost or destroyed—the amount or value received or receivable under an insurance policy or otherwise for the loss or destruction; or (d) if you own the other property and you stop using it for a taxable purpose—its market value at that time; or (e) if you do not own the property and you stop using it for a taxable purpose—a reasonable amount. However, the amount included is reduced to the extent (if any) that it is also included under subsection 40 ‑ 830(6) of the new Act.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-37"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-38", "Provision_Key": "s40-38", "Heading": "Mining cash bidding payments", "Text": "(1) This section applies to expenditure you incur, under a contract entered into before 30 June 2001, if: (a) the expenditure would have been a mining cash bidding payment under Subdivision 330 ‑ D of the former Act; and (b) either: (i) you incurred the expenditure before that day but the grant of the mining authority concerned occurred on a day (the start day ) after 30 June 2001; or (ii) the grant of the mining authority concerned occurred before 30 June 2001 but you incurred the expenditure on a day (also the start day ) after 30 June 2001. (2) Division 40 of the new Act applies to the expenditure as if it were a depreciating asset (the notional asset ) you hold on this basis: (a) it has a cost at the start day equal to the amount of the expenditure; and (b) in applying the formula in section 40 ‑ 75 of the new Act for the income year in which the start day occurs—you use the adjustments in subsection 40 ‑ 75(3) of the new Act; and (c) it is taken to be used for a taxable purpose on the start day; and (d) it has an effective life worked out under subsection (3); and (e) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) The effective life of the notional asset at the start of an income year ( present income year ) for which you are working out its decline in value is: (a) for an amount of expenditure incurred in carrying on eligible mining operations other than in the course of petroleum mining—the lesser of 10 and the number equal to the number of whole years in the estimated life of the mine, or proposed mine, on the mining property, or, if there is more than one such mine, of the mine that has the longest estimated life, as at the end of the present income year; or (b) for an amount of expenditure incurred in carrying on eligible mining operations in the course of petroleum mining—the lesser of 10 and the number equal to the number of whole years in the estimated life of the petroleum field or proposed petroleum field as at the end of the present income year. (4) Sections 40 ‑ 95 and 40 ‑ 110 of the new Act do not apply to the expenditure. (5) If both of these paragraphs apply: (a) any of the expenditure referred to in subsection (1) relates to a depreciating asset (the real asset ); (b) in an income year (the cessation year ) you stop holding the real asset, or stop using it for a taxable purpose; there is an additional decline in value of the notional asset for the cessation year equal to so much of the notional asset’s adjustable value as relates to the real asset and has not been taken into account in working out the amount of a balancing adjustment in relation to the real asset. (6) If section 40 ‑ 115 of the new Act applies, or section 40 ‑ 125 of the new Act would, apart from this subsection, apply, to the real asset referred to in subsection (5) of this section, then: (a) if the real asset is split into 2 or more depreciating assets and you stop holding, or stop using for a taxable purpose, one or more but not all of the assets into which it is split—subsection (5) does not apply to that asset or assets into which it is split that you continue to hold and continue to use for a taxable purpose; or (b) if the real asset is merged into another depreciating asset—section 40 ‑ 125 does not apply to the asset into which it is merged while you continue to hold it.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-38"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-40", "Provision_Key": "s40-40", "Heading": "Transport expenditure", "Text": "(1) This section applies to you if you have deducted or can deduct an amount for transport capital expenditure in respect of a transport facility under Subdivision 330 ‑ H of the former Act, or you could have deducted an amount for the expenditure under that Subdivision if you had started to use the facility for a qualifying purpose before 1 July 2001. (2) Division 40 of the new Act applies to the expenditure as if it were a depreciating asset (the notional asset ) you hold on this basis: (a) it has an opening adjustable value at 1 July 2001 equal to the total amount of transport capital expenditure under the former Act less the amounts you have deducted or can deduct for that expenditure under the former Act; and (b) it has a cost equal to the total amount of transport capital expenditure under the former Act; and (c) in applying the formula in section 40 ‑ 75 of the new Act for your income year in which 1 July 2001 occurs—you use the adjustments in subsection 40 ‑ 75(3) of the new Act; and (ca) it is taken to have been used for a taxable purpose at the start of 1 July 2001; and (d) it has an effective life at the start of 1 July 2001 equal to the years remaining for the expenditure under section 330 ‑ 395 of the former Act; and (e) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) Sections 40 ‑ 95 and 40 ‑ 110 of the new Act do not apply to the expenditure. (4) If either: (a) both of these subparagraphs apply: (i) any of the transport capital expenditure referred to in subsection (1) relates to a depreciating asset (the real asset ); (ii) in an income year (the cessation year ) you stop holding the real asset, or stop using it for a taxable purpose; or (b) both of these subparagraphs apply: (i) any of the transport capital expenditure referred to in subsection (1) relates to property that is not a depreciating asset (the other property ); (ii) in the cessation year, the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose; there is an additional decline in value of the notional asset for the cessation year equal to so much of the notional asset’s adjustable value as relates to the real asset or the other property and has not been taken into account in working out the amount of a balancing adjustment in relation to the real asset. (5) If the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose, you must include in your assessable income: (a) if the other property is sold for a price specific to that property—that price, less the expenses of the sale (to the extent the expenses are reasonably attributable to selling that particular property); or (b) if the other property is sold with additional property without a specific price being allocated to it—the part of the total sale price, less the reasonably attributable expenses of the sale, that is reasonably attributable to selling the other property; or (c) if the other property is lost or destroyed—the amount or value received or receivable under an insurance policy or otherwise for the loss or destruction; or (d) if you own the other property and you stop using it for a taxable purpose—its market value at that time; or (e) if you do not own the property and you stop using it for a taxable purpose—a reasonable amount. However, the amount included is reduced to the extent (if any) that it is also included under subsection 40 ‑ 830(6) of the new Act. (6) If section 40 ‑ 115 of the new Act applies, or section 40 ‑ 125 of the new Act would, apart from this subsection, apply, to the real asset referred to in subsection (4) of this section, then: (a) if the real asset is split into 2 or more depreciating assets and you stop holding, or stop using for a taxable purpose, one or more but not all of the assets into which it is split—subsection (4) does not apply to that asset or assets into which it is split that you continue to hold and continue to use for a taxable purpose; or (b) if the real asset is merged into another depreciating asset—section 40 ‑ 125 does not apply to the asset into which it is merged while you continue to hold it.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 77 of 2001 | No 66 of 2003", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-43", "Provision_Key": "s40-43", "Heading": "Post ‑ 30 June 2001 transport expenditure", "Text": "(1) This section applies to you if: (a) you incur expenditure after 30 June 2001 under a contract entered into before that day; and (b) the expenditure would have been transport capital expenditure in respect of a transport facility, and you could have deducted an amount for it, under Subdivision 330 ‑ H of the former Act if you had incurred it before 1 July 2001 and you had started to use the facility for a qualifying purpose before 1 July 2001; and (c) the expenditure does not relate to a depreciating asset. (2) Division 40 of the new Act applies to the expenditure as if it were a depreciating asset (the notional asset ) you hold on this basis: (a) it has a cost at the time you incur the expenditure equal to the amount of the expenditure; and (b) in applying the formula in section 40 ‑ 75 of the new Act for your income year in which you incur the expenditure—you use the adjustments in subsection 40 ‑ 75(3) of the new Act; and (c) it is taken to have been used for a taxable purpose when you incur the expenditure; and (d) it has an effective life when you incur the expenditure equal to the years remaining for the expenditure under section 330 ‑ 395 of the former Act; and (e) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) Sections 40 ‑ 95 and 40 ‑ 110 of the new Act do not apply to the expenditure. (4) If both of these paragraphs apply: (a) any of the expenditure referred to in subsection (1) relates to property that is not a depreciating asset (the other property ); (b) in an income year (the cessation year ), the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose; there is an additional decline in value of the notional asset for the cessation year equal to so much of the notional asset’s adjustable value as relates to the other property. (5) If the other property is disposed of, lost or destroyed, or you stop using it for a taxable purpose, you must include in your assessable income: (a) if the other property is sold for a price specific to that property—that price, less the expenses of the sale (to the extent the expenses are reasonably attributable to selling that particular property); or (b) if the other property is sold with additional property without a specific price being allocated to it—the part of the total sale price, less the reasonably attributable expenses of the sale, that is reasonably attributable to selling the other property; or (c) if the other property is lost or destroyed—the amount or value received or receivable under an insurance policy or otherwise for the loss or destruction; or (d) if you own the other property and you stop using it for a taxable purpose—its market value at that time; or (e) if you do not own the property and you stop using it for a taxable purpose—a reasonable amount. However, the amount included is reduced to the extent (if any) that it is also included under subsection 40 ‑ 830(6) of the new Act.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-43"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-44", "Provision_Key": "s40-44", "Heading": "No additional decline in certain cases", "Text": "(1) Despite subsections 40 ‑ 35(5), 40 ‑ 38(5) and 40 ‑ 40(4), there is no additional decline in the value of the notional asset referred to in those subsections if: (a) apart from this section, subsection 40 ‑ 35(5), 40 ‑ 38(5) or 40 ‑ 40(4) would apply because the real asset referred to in that subsection is disposed of; and (b) roll ‑ over relief is chosen under subsection 40 ‑ 340(3) of the Income Tax Assessment Act 1997 for the disposal. (2) Instead, the cost to the transferee of that real asset is the sum of: (a) the adjustable value of that real asset; and (b) the adjustable value of the notional asset referred to in subsection 40 ‑ 35(5), 40 ‑ 38(5) or 40 ‑ 40(4); just before the disposal.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-44"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-45", "Provision_Key": "s40-45", "Heading": "Intellectual property", "Text": "(1) This section applies to you if: (a) at the end of 30 June 2001, you hold an item of intellectual property referred to in the table in section 373 ‑ 35 of the former Act; and (b) you have deducted or can deduct an amount for expenditure on the asset under Division 373 of the former Act or you could have deducted an amount under that Division for that expenditure if you had used the asset for the purpose of producing assessable income on or before that day. (2) Division 40 of the new Act applies to the item on this basis: (a) it has an opening adjustable value at 1 July 2001 equal to its unrecouped expenditure under the former Act at the end of 30 June 2001; and (b) its cost is its original unrecouped expenditure under the former Act; and (c) its effective life is the same as it had under the former Act; and (d) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-47", "Provision_Key": "s40-47", "Heading": "IRUs", "Text": "(1) Division 40 of the new Act does not apply to an IRU to the extent to which expenditure on the IRU was incurred at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 (the IRU time ). (2) Division 40 of the new Act does not apply to an IRU over an international telecommunications submarine cable system if the system had been used for telecommunications purposes at or before the IRU time.", "Amendment_Count": 1, "First_Amended": "No 78 of 2005", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 78 of 2005", "History_Notes": "Inserted by No 78 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-47"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-50", "Provision_Key": "s40-50", "Heading": "Forestry roads and timber mill buildings", "Text": "(1) This section applies to you if: (a) you have deducted or can deduct an amount under Subdivision 387 ‑ G of the former Act for an amount (the qualifying amount ) of expenditure on a forestry road or timber mill building or could have deducted an amount under that Subdivision if you had used the road or building for the purpose of producing assessable income; and (b) you hold the road or building at the end of 30 June 2001. (2) Division 40 of the new Act applies to the asset on this basis: (a) it has an opening adjustable value at 1 July 2001 equal to the qualifying amount less any amounts you have deducted or can deduct for it under the former Act; and (b) in applying the formula in section 40 ‑ 75 of the new Act for your income year in which 1 July 2001 occurs—you use the adjustments in subsection 40 ‑ 75(3) of the new Act; and (c) its cost is the qualifying amount; and (d) it has an effective life equal to the remaining life you last estimated for it under the former Act; and (e) you can recalculate its effective life if you conclude that your estimate is no longer accurate (except that the effective life cannot exceed 25 years); and (f) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 77 of 2001 | No 119 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-55", "Provision_Key": "s40-55", "Heading": "Environmental impact assessment", "Text": "(1) This section applies to you if you have deducted or can deduct an amount under Subdivision 400 ‑ A of the former Act for an amount (the qualifying amount ) of expenditure on or before 30 June 2001 on evaluating the impact on the environment of a project under Subdivision 400 ‑ A of the former Act. (2) Division 40 of the new Act applies to the qualifying amount as if it were a depreciating asset on this basis: (a) it has an opening adjustable value at 1 July 2001 equal to the qualifying amount less any amounts you have deducted or can deduct for it under the former Act or the Income Tax Assessment Act 1936 ; and (b) it has a cost equal to the qualifying amount; and (c) it has an effective life equal to the number of years for which you could deduct for the qualifying amount worked out under subsection 400 ‑ 15(3) of the former Act; and (d) you must use the prime cost method. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-60", "Provision_Key": "s40-60", "Heading": "Pooling under Subdivision 42 ‑ L of the former Act", "Text": "(1) Units of plant that you had allocated to a pool under Subdivision 42 ‑ L of the former Act and that were allocated to the pool by 30 June 2001 are treated as a single depreciating asset for the purposes of Division 40 of the new Act. (2) Division 40 of the new Act applies to the single depreciating asset on this basis: (a) its cost and opening adjustable value at 1 July 2001 is the closing balance of the pool for your income year in which 30 June 2001 occurred; and (b) you must use the diminishing value method; and (c) in applying the formula in section 40 ‑ 70 of the new Act for your income year in which 1 July 2001 occurs—it has a base value equal to that opening adjustable value; and (d) you replace the component in the formula in subsection 40 ‑ 70(1) of the new Act that includes an asset’s effective life with the pool percentage you were using for the pool; and (e) if an item of plant is removed from the pool because a balancing adjustment event occurs for the item or because of subsection (3) of this section, section 40 ‑ 115 of the new Act applies so that you are treated as having split the single depreciating asset into the removed asset and the remaining assets in the pool; and (f) if an amount is included in the second element of the cost of a depreciating asset in the pool, Division 40 of the new Act applies as if that amount had been included in the second element of the cost of the single asset. Note: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65. (3) An item of plant in the pool is automatically removed from the pool if you stop using it wholly for taxable purposes (except because a balancing adjustment event occurs for the item). Note 1: You work out the decline in value of an item removed under this subsection under Subdivision 40 ‑ B of the new Act, using the cost for it worked out under section 40 ‑ 205 of the new Act. Note 2: There are special rules for entities that have substituted accounting periods: see section 40 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-60"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-65", "Provision_Key": "s40-65", "Heading": "Substituted accounting periods", "Text": "(1) This section sets out special rules for the application of Division 40 of the new Act to an entity that: (a) has a substituted accounting period; and (b) because of a provision of this Subdivision, uses Division 40 of the new Act to work out the decline in value of an asset, or of something that is treated as an asset. (2) The entity works out its deductions for its income year that includes 1 July 2001 (the calculation year ) in this way: (a) the entity works out its deductions for that asset under the former Act as from the start of its calculation year up to the end of 30 June 2001 as if that period were an income year; and (b) the entity works out the decline in value of the asset under Division 40 of the new Act from 1 July 2001 until the end of its calculation year as if that period were an income year in accordance with the following provisions of this section. (3) The asset’s opening adjustable value for the purposes of Division 40 of the new Act is: (a) for a unit of plant (including IRUs and expenditure on software that is not pooled)—its undeducted cost at the end of 30 June 2001; or (b) for expenditure on eligible mining or quarrying operations, an item of intellectual property or a spectrum licence—the amount of unrecouped expenditure for the expenditure, item or licence under the former Act at the end of 30 June 2001 reduced, in the case of eligible mining or quarrying operations, by an amount you have deducted or can deduct for the calculation year under the former Act and not yet taken into account in calculating unrecouped expenditure; or (c) for transport capital expenditure—the entity’s amount of transport capital expenditure under the former Act at the end of 30 June 2001 less any amounts the entity has deducted or can deduct for it under the former Act up to that time; or (d) for expenditure on a forestry road, a timber mill building, a horticultural plant or a grapevine—the amount of that expenditure less any amounts the entity has deducted or can deduct for it under the former Act up to 30 June 2001; or (e) for expenditure on evaluating the impact on the environment of a project—the amount of that expenditure less any amounts the entity has deducted or can deduct for it under the former Act up to 30 June 2001; or (f) for assets that were pooled under Subdivision 42 ‑ M or 42 ‑ L of the former Act—the closing balance of the pool at the end of 30 June 2001. (4) The asset’s base value for applying the formula in section 40 ‑ 70 of the new Act for the diminishing value method is that opening adjustable value. (5) The decline in value for the assets referred to in this subsection is worked out using the prime cost method without the adjustments in subsection 40 ‑ 75(3) of the new Act, and the opening adjustable value specified in subsection (3) of this section, in this way: (a) for an item of plant for which you were using the prime cost method—using the rules in section 40 ‑ 10 of this Act; and (b) for an IRU for which you were using the prime cost method—using the rules in section 40 ‑ 20 of this Act; and (c) for a unit of software for which the entity was deducting amounts under Subdivision 46 ‑ B of the former Act—using the rules in subsection 40 ‑ 25(2) of this Act; and (d) for a spectrum licence—using the rules in section 40 ‑ 30 of this Act; and (e) for an item of intellectual property—using the rules in section 40 ‑ 45 of this Act; and (f) for an amount of expenditure on evaluating the impact on the environment of a project—using the rules in section 40 ‑ 55 of this Act. (6) The decline in value for the assets referred to in this subsection is worked out using the prime cost method using the adjustments in subsection 40 ‑ 75(3) of the new Act, and the opening adjustable value specified in subsection (3) of this section, in this way: (a) for an amount of unrecouped expenditure under Division 330 of the former Act—using the rules in section 40 ‑ 35 of this Act; and (b) for an amount of transport capital expenditure under Division 330 of the former Act—using the rules in section 40 ‑ 40 of this Act; and (c) for a forestry road or timber mill building—using the rules in section 40 ‑ 50 of this Act. (7) The entity must work out the decline in value of each of the assets for later income years under Division 40 of the new Act. (8) The entity must, in working out its deductions under this section for the calculation year for: (a) allowable capital expenditure for which the entity had deducted or can deduct an amount under Subdivision 330 ‑ C of the former Act; or (b) transport capital expenditure for which the entity had deducted or can deduct an amount under Subdivision 330 ‑ H of the former Act; or (c) a water facility for which the entity had deducted or can deduct an amount under Subdivision 387 ‑ B of the former Act; or (d) expenditure on connecting power to land or upgrading the connection for which the entity had deducted or can deduct an amount under Subdivision 387 ‑ E of the former Act; or (e) expenditure on a telephone line on or extending to land for which the entity had deducted or can deduct an amount under Subdivision 387 ‑ E of the former Act; reduce its deductions for each of the periods referred to in paragraphs (2)(a) and (b) by multiplying the deduction for that period by the number of days in that period and dividing the result by 365. (9) The entity cannot deduct anything for an asset referred to in this section under the former Act for any part of its calculation year after 30 June 2001. (10) You are entitled to a further deduction for a depreciating asset for which you are using the diminishing value method if the sum of the deductions worked out under paragraphs (2)(a) and (b) (the sum amount ) is less than the deduction to which you would have been entitled for the asset if the former Act had continued to apply to the whole of the calculation year (the former Act amount ). (11) You increase the amount worked out under paragraph (2)(b) by the difference between the former Act amount and the sum amount.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-65"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-67", "Provision_Key": "s40-67", "Heading": "Methods for working out decline in value", "Text": "(1) Subsections 40 ‑ 65(6) and (7) of the Income Tax Assessment Act 1997 apply with the changes set out in this section if either or both of the following events have happened: (a) you have deducted one or more amounts under former section 73BA of the Income Tax Assessment Act 1936 for an asset; (b) you could have deducted one or more amounts under that former section for the asset if you had not chosen tax offsets under former section 73I of that Act. (2) Assume: (a) paragraph 40 ‑ 65(6)(a) of the Income Tax Assessment Act 1997 included both events set out in subsection (1) of this section; and (b) subsections 40 ‑ 65(6) and (7) of that Act deal with all 4 kinds of events in a corresponding way to the way that they deal with 2 kinds of events.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-67"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-70", "Provision_Key": "s40-70", "Heading": "References to amounts deducted and reductions in deductions", "Text": "(1) A reference in the new Act to an amount that you have deducted or can deduct for a depreciating asset under Division 40 of the new Act includes a reference to an amount that you have deducted or can deduct for a capital allowance relating to the asset under the former Act or the Income Tax Assessment Act 1936 . (2) An amount you have deducted or can deduct for a water facility under Subdivision 387 ‑ B of the former Act or former section 75B of the Income Tax Assessment Act 1936 is taken to have been deducted under Subdivision 40 ‑ F of the new Act. (3) A reference in the new Act to a reduction in your deduction for a depreciating asset includes a reference to amounts by which your deductions for the asset were reduced under the former Act or the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-70"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-72", "Provision_Key": "s40-72", "Heading": "New diminishing value method not to apply in some cases", "Text": "(1) If: (a) you are taken to start holding a depreciating asset on or after 10 May 2006 because of section 40 ‑ 115 (about splitting a depreciating asset) or 40 ‑ 125 (about merging depreciating assets) of the Income Tax Assessment Act 1997 ; and (b) it is reasonable to conclude that you split the asset or merged the assets for the main purpose of ensuring that the decline in value of the asset or assets (after the splitting or merging) would be worked out under section 40 ‑ 72 of that Act; that Act applies to you as if you had started to hold the split or merged asset or assets before 10 May 2006. (2) The Income Tax Assessment Act 1997 applies to you as if you had started to hold a depreciating asset before 10 May 2006 if: (a) you had actually started to hold it before that day; and (b) on or after 10 May 2006, you stop holding the depreciating asset; and (c) it is reasonable to conclude that you did this for the main purpose of ensuring that the decline in value of the asset would be worked out under section 40 ‑ 72 of that Act. (3) The Income Tax Assessment Act 1997 applies to you as if you had started to hold a depreciating asset (the substituted asset ) before 10 May 2006 if: (a) you started to hold the substituted asset on or after that day under an arrangement; and (b) the substituted asset is identical to or has a purpose similar to another depreciating asset that another entity acquired from you on or after that day under that arrangement; and (c) you did not deal with the other entity at arm’s length; and (d) it is reasonable to conclude that you entered into the arrangement for the main purpose of ensuring that the decline in value of the substituted asset would be worked out under section 40 ‑ 72 of that Act.", "Amendment_Count": 1, "First_Amended": "No 55 of 2006", "Last_Amended": "No 55 of 2006", "Amending_Acts": "No 55 of 2006", "History_Notes": "Inserted by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-72"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-75", "Provision_Key": "s40-75", "Heading": "Mining expenditure incurred after 1 July 2001 on an asset", "Text": "(1) This section applies to you if: (a) you hold a depreciating asset (except a mining, quarrying or prospecting right that you started to hold before 1 July 2001) that you: (i) started to hold under a contract entered into before 1 July 2001; or (ii) constructed where the construction started before that day; or (iii) started to hold in some other way before that day; and (b) your expenditure on the asset, whenever incurred, would have been allowable capital expenditure, transport capital expenditure or expenditure on exploration or prospecting within the meaning of Division 330 of the former Act if it had been incurred before 1 July 2001. (2) If you incur expenditure on the asset after 30 June 2001 that forms part of the cost of the asset, you can deduct the expenditure for the income year in which you incur it if it would have been expenditure on exploration or prospecting within the meaning of Division 330 of the former Act. (3) Otherwise, Subdivision 40 ‑ B of the new Act applies to the asset on the basis that it has a cost, and an adjustable value, of zero at the start of 1 July 2001, and an effective life on that day or at its start time, whichever is the later, worked out under subsection (4) of this section. (4) The effective life of the depreciating asset is the shorter of its effective life worked out under Division 40 and: (a) if the expenditure on the asset was incurred in relation to eligible mining operations other than in the course of petroleum mining—the shorter of: (i) 10 years; and (ii) the number of whole years in the estimated life of the mine or proposed mine to which the expenditure relates or, if there is more than one such mine, of the mine that has the longest estimated life; or (b) if the expenditure on the asset was incurred in relation to eligible mining operations in the course of petroleum mining—the shorter of: (i) 10 years; and (ii) the number of whole years in the estimated life of the petroleum field or proposed petroleum field to which the expenditure relates; or (c) if the expenditure on the asset was incurred in relation to eligible quarrying operations—the shorter of: (i) 20 years; or (ii) the number of whole years in the estimated life of the quarry or proposed quarry to which the expenditure relates or, if there is more than one such quarry, of the quarry that has the longest estimated life.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 77 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 58 of 2006, effective Schedule 3 (items 4–7) and Schedule 7 (items 120–124): Royal Assent Schedule 5 (items 4, 5): 1 July 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-77", "Provision_Key": "s40-77", "Heading": "Mining, quarrying or prospecting rights or information held before 1 July 2001", "Text": "(1) Division 40 of the new Act does not apply to a mining, quarrying or prospecting right that you started to hold before 1 July 2001. Note: If you incur expenditure relating to assets of that kind, you cannot deduct it under Division 40. However, the expenditure may be taken into account in calculating a capital gain or capital loss under Part 3 ‑ 1 or 3 ‑ 3 of the Income Tax Assessment Act 1997 . (1A) Division 40 of the new Act does not apply to a renewal or extension of a mining, quarrying or prospecting right that you started to hold before 1 July 2001. (1B) Subsection (1) applies to a mining, quarrying or prospecting right (the new right ) that you start to hold on or after 1 July 2001 as if you had started to hold the new right before that day if: (a) you started to hold another mining, quarrying or prospecting right before that day; and (b) the other right ends on or after that day; and (c) the new right and the other right relate to the same area, or any difference in area is not significant. (1C) Division 40 of the new Act does not apply to a mining, quarrying or prospecting right if: (a) a company (the original holder ) started to hold the right before 1 July 2001; and (b) the right is transferred after that day to another company where: (i) the other company is a member of the same wholly ‑ owned group as the original holder and was a member of that group just before that day; and (ii) the right was held in the period between that day and the time of the transfer by a company or companies that were members of that group on that day and at the time of the transfer. (1D) Division 40 of the new Act does not apply to an interest in a mining, quarrying or prospecting right that you started to hold on or after 1 July 2001 if: (a) you acquired the interest under an interest realignment arrangement; and (b) the interest was acquired in exchange for one or more other interests in other mining, quarrying or prospecting rights all of which you had started to hold before 1 July 2001. (1E) If: (a) you acquired, under an interest realignment arrangement, an interest (a new interest ) in a mining, quarrying or prospecting right; and (b) the interest was acquired in exchange for one or more other interests ( old interests ) in other mining, quarrying or prospecting rights; and (c) you started to hold some of the old interests before 1 July 2001; Division 40 of the new Act applies to the new interest only to the extent that the new interest was acquired in exchange for the old interests that you started to hold on or after 1 July 2001. (2) If, after 30 June 2001: (a) you dispose of a mining, quarrying or prospecting right that you started to hold before 1 July 2001 to an associate of yours (except a company that is a member of the same wholly ‑ owned group); or (b) you enter into an arrangement in relation to such a right under which you maintain, in essence, the economic ownership of the right but not its legal ownership; the cost of the right to the purchaser is limited, for the purposes of Division 40 of the new Act, to a maximum of the costs that would have been deductible for the right under Division 330 of the former Act. (3) An amount that would be included in your assessable income under section 15 ‑ 40 or subsection 40 ‑ 285(1) of the new Act in respect of mining, quarrying or prospecting information you started to hold before 1 July 2001 is reduced (but not below zero) by so much of the capital cost of acquiring the information that you incurred before that day and that: (a) you have not deducted and cannot deduct (either immediately or over time) under the former Act; and (b) did not form part of allowable capital expenditure under the former Act; and (c) did not entitle you to a deduction under section 330 ‑ 235 of the former Act; but only to the extent that you have not already applied the amount under this section. (4) Your assessable income includes an amount if: (a) after 1 July 2001, you stop holding a mining, quarrying or prospecting right that you started to hold before that day; and (b) you have deducted or can deduct an amount for it under Subdivision 330 ‑ C in relation to Subdivision 330 ‑ D or 330 ‑ E of the former Act. The amount included is the amount you have deducted or can deduct. (5) Your assessable income also includes an amount if: (a) after 1 July 2001, you stop holding a mining, quarrying or prospecting right that you started to hold before that day; and (b) because of section 40 ‑ 35 or 40 ‑ 38 of this Act, you have deducted or can deduct an amount for a notional asset that relates to expenditure on the right under Division 40 of the new Act. The amount included is the amount you have deducted or can deduct. (6) Division 110 of the new Act applies as if an amount included in assessable income under subsection (4) or (5) of this section were the reversal of a deduction under a provision of the new Act outside Parts 3 ‑ 1 and 3 ‑ 3 and Division 243. (7) An amount that would be included in your assessable income under subsection 40 ‑ 285(1) of the new Act in respect of a mining, quarrying or prospecting right is reduced by an amount worked out under subsection (8) if: (a) you acquired the right from an associate (except a company that is a member of the same wholly ‑ owned group) on or after 1 July 2001; and (b) the associate started to hold the right before that day. (8) The amount is reduced (but not below zero) by the difference between the capital cost that you incurred after that day and the amount to which the cost of the right is limited under subsection (2) of this section.", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 77 of 2001 | No 66 of 2003 | No 130 of 2015", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14) | Amended by No 130 of 2015, effective s 4, sch 1 (items 4, 5), sch 3 (item 6): 16 Sept 2015 (s 2(1) items 1, 2, 4) sch 4 (item 53): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-77"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-80", "Provision_Key": "s40-80", "Heading": "Other expenditure incurred after 1 July 2001 on a depreciating asset", "Text": "(1) This section applies to you if: (a) you incur expenditure after 30 June 2001 that forms part of the cost of a depreciating asset; and (b) the depreciating asset is one that you: (i) started to hold under a contract entered into before 1 July 2001; or (ii) constructed where the construction started before that day; or (iii) started to hold in some other way before that day; and (c) if you had incurred the expenditure before 1 July 2001, and had satisfied any relevant requirement for deductibility, you would have been able to deduct an amount for it under Division 44, 373 or 380, or Subdivision 46 ‑ B or 387 ‑ G, of the former Act. (2) Subdivision 40 ‑ B of the new Act applies to the asset on the basis that it has a cost, and an adjustable value, of zero at the start of 1 July 2001.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-100", "Provision_Key": "s40-100", "Heading": "Commissioner’s determination of effective life", "Text": "A determination by the Commissioner of the effective life of an asset that was made under section 42 ‑ 110 of the former Act and that was in force at the end of 30 June 2001 has effect as if it had been made under section 40 ‑ 100 of the new Act.", "Amendment_Count": 1, "First_Amended": "No 119 of 2002", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 119 of 2002", "History_Notes": "Inserted by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-105", "Provision_Key": "s40-105", "Heading": "Calculations of effective life", "Text": "(1) This section applies to the following (the instrument ): (a) a determination under section 40 ‑ 100 of the Income Tax Assessment Act 1997 of the effective life of an asset; (b) a calculation under section 40 ‑ 105 of that Act of the effective life of an asset; if the instrument was in force immediately before the commencement of Schedule 1 to the Tax Laws Amendment (Research and Development) Act 2011 . (2) The instrument has effect, after that commencement, as if it had been made under that section as amended by the Tax Laws Amendment (Research and Development) Act 2011 .", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-120", "Provision_Key": "s40-120", "Heading": "Backing business investment—accelerated decline in value for businesses with turnover less than $500 million", "Text": "(1) For the purposes of Division 40 of the Income Tax Assessment Act 1997 , the decline in value of a depreciating asset for an income year is the amount worked out under section 40 ‑ 130 if: (a) the income year is the year in which you start to use the asset, or have it installed ready for use, for a taxable purpose; and (b) subsection (2) (about businesses with turnover less than $500 million) applies to you for the year and for the income year in which you started to hold the asset (if that was an earlier year); and (c) you are covered by section 40 ‑ 125 for the asset; and (d) you have not made a choice under section 40 ‑ 137 in relation to the income year. Note 1: An effect of paragraph (1)(a) is that this Subdivision only applies to one income year per asset. See also subsection 40 ‑ 135(1). Note 2: This subsection does not apply if Subdivision 40 ‑ BB of this Act applies: see section 40 ‑ 145 of this Act. Businesses with turnover less than $500 million (2) This subsection applies to you for an income year if you: (a) are a small business entity; or (b) would be a small business entity if: (i) each reference in Subdivision 328 ‑ C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $500 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection. Exception—assets for which the decline in value is worked out under section 40 ‑ 82 or Subdivision 40 ‑ E or 40 ‑ F of the Income Tax Assessment Act 1997 (3) However, this section does not apply to a depreciating asset for an income year if you work out the decline in value of the asset for the income year under any of the following: (a) section 40 ‑ 82 of the Income Tax Assessment Act 1997 ; (b) Subdivision 40 ‑ E or 40 ‑ F of that Act .", "Amendment_Count": 3, "First_Amended": "No 22 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 22 of 2020 | No 92 of 2020 | No 141 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8) | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-120"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-125", "Provision_Key": "s40-125", "Heading": "Backing business investment—when an asset of yours qualifies", "Text": "(1) For the purposes of paragraph 40 ‑ 120(1)(c) and section 328 ‑ 182, you are covered by this section for a depreciating asset if, in the period beginning on 12 March 2020 and ending on 30 June 2021, you: (a) start to hold the asset; and (b) start to use it, or have it installed ready for use, for a taxable purpose. Note: Section 328 ‑ 182 provides similar accelerated depreciation for small business entities that choose to use Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 . Exception—commitments already entered into (2) Despite subsection (1), you are not covered by this section for the asset if, before 12 March 2020, you: (a) entered into a contract under which you would hold the asset; or (b) started to construct the asset; or (c) started to hold the asset in some other way. (3) Despite subsection (1), you are not covered by this section for an asset (the post ‑ 12 March 2020 asset ) if: (a) on a day before 12 March 2020, you: (i) enter into a contract under which you hold an asset on that day, or will hold the asset on a later day; or (ii) start to construct an asset; or (iii) start to hold an asset in some other way; and (b) on a day on or after 12 March 2020 (the conduct day ), you engage in conduct that results in you: (i) entering into a contract under which you hold the post ‑ 12 March 2020 asset on the conduct day, or will hold that asset on an even later day; or (ii) starting to construct the post ‑ 12 March 2020 asset; or (iii) starting to hold the post ‑ 12 March 2020 asset in some other way; and (c) the post ‑ 12 March 2020 asset is the asset mentioned in paragraph (a), or an identical or substantially similar asset; and (d) you engage in that conduct for the purpose, or for purposes that include the purpose, of becoming covered by this section for the post ‑ 12 March 2020 asset. (4) For the purposes of subsections (2) and (3), treat yourself as having started to construct an asset at a time if you first incur expenditure in respect of the construction of the asset at that time. (5) To avoid doubt, for the purposes of this section, you do not enter into a contract under which you hold an asset merely because you acquire an option to enter into such a contract. (6) For the purposes of subsections (2), (3), (4) and (5), if a partner in a partnership does any of the following things, treat the partnership (instead of the partner) as having done the thing: (a) entering into a contract under which the partnership would hold the asset; (b) starting to construct the asset; (c) acquiring an option to enter into such a contract. Exception—second hand assets (7) Despite subsection (1), you are not covered by this section for the asset if: (a) another entity held the asset when it was first used, or first installed ready for use, other than: (i) as trading stock; or (ii) merely for the purposes of reasonable testing or trialling; or (b) you started holding the asset under section 40 ‑ 115 of the Income Tax Assessment Act 1997 (about splitting a depreciating asset) or section 40 ‑ 125 of that Act (about merging depreciating assets); or (c) you were already covered by this section for the asset as a member of a consolidated group or a MEC group of which you are no longer a member. (7A) The exception in subsection (7) also applies in relation to an asset if: (a) the asset is a licence (including a sub ‑ licence) relating to an intangible asset; and (b) the exception in that subsection applies in relation to the intangible asset. (8) However, paragraph (7)(a) does not apply in relation to an intangible asset unless the asset was used for the purpose of producing ordinary income before you first used it, or had it installed ready for use, for any purpose. In applying this subsection, disregard ordinary income that arises as a result of the disposal of the asset to you. Exception—assets to which Division 40 does not apply (9) Despite subsection (1), you are not covered by this section for the asset if Division 40 of the Income Tax Assessment Act 1997 does not apply to the asset because of section 40 ‑ 45 of that Act. Exception—assets not located in Australia (10) Despite subsection (1), you are not covered by this section for the asset if, at the time you first use the asset, or have it installed ready for use, for a taxable purpose: (a) it is not reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a business; or (b) it is reasonable to conclude that the asset will never be located in Australia.", "Amendment_Count": 2, "First_Amended": "No 22 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 22 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8) | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-125"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-130", "Provision_Key": "s40-130", "Heading": "Method for working out accelerated decline in value", "Text": "(1) For the purposes of section 40 ‑ 120, the decline in value for the income year in which paragraph 40 ‑ 120(1)(a) is satisfied (the current year ) is: (a) if the asset’s start time occurs in the current year—the amount worked out under subsection (2); or (b) if the asset’s start time occurred in an earlier year—the amount worked out under subsection (4). Note 1: The asset’s start time is when you first use it, or have it installed ready for use, for any purpose (including a non ‑ taxable purpose): see subsection 40 ‑ 60(2) of the Income Tax Assessment Act 1997 . Note 2: A case covered by paragraph (b) is where you start to hold the asset in the period 12 March 2020 to 30 June 2020 and use it for only non ‑ taxable purposes in that period, then first use it for a taxable purpose in the period 1 July 2020 to 30 June 2021. Current year is the year the asset starts to decline in value (2) If this subsection applies, the amount for the current year is the sum of the following amounts: (a) 50% of the asset’s cost as at the end of the current year, disregarding any amount included in the second element of the asset’s cost after 30 June 2021; (b) the amount that would be the asset’s decline in value for the current year under Division 40 of the Income Tax Assessment Act 1997 , assuming its cost were reduced by the amount worked out under paragraph (a). Note: Paragraph (a) effectively only requires you to disregard an amount included in the second element of cost if you have a substituted accounting period that ends after 30 June 2021. (3) However, the amount worked out under subsection (2) for an income year cannot be more than the amount that is the asset’s cost for the year. Asset had declined in value before the start of the current year (4) If this subsection applies, the amount for the current year is the sum of the following amounts: (a) 50% of the sum of the asset’s opening adjustable value for the current year and any amount included in the second element of its cost for that year, disregarding any amount included in that second element after 30 June 2021; (b) the amount that would be the asset’s decline in value for the current year under Division 40 of the Income Tax Assessment Act 1997 assuming: (i) for the diminishing value method—its base value were reduced by the amount worked out under paragraph (a); or (ii) for the prime cost method—the component “Asset’s * cost” in the formula in subsection 40 ‑ 75(1) of that Act (as adjusted under that section) were reduced by the amount worked out under paragraph (a). Note: Paragraph (a) effectively only requires you to disregard an amount included in the second element of cost if you have a substituted accounting period that ends after 30 June 2021. (5) However, the amount worked out under subsection (4) for an income year cannot be more than: (a) for the diminishing value method—the asset’s base value for the year; or (b) for the prime cost method—the sum of its opening adjustable value for the income year and any amount included in the second element of its cost for that year.", "Amendment_Count": 1, "First_Amended": "No 22 of 2020", "Last_Amended": "No 22 of 2020", "Amending_Acts": "No 22 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-130"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-135", "Provision_Key": "s40-135", "Heading": "Division 40 of the Income Tax Assessment Act 1997 applies to later years", "Text": "(1) The decline in value of a depreciating asset is not worked out under this Subdivision for an income year if this Subdivision already applied in working out the decline in value of the asset for an income year. (2) For an income year later than the year in which the decline in value is worked out under this Subdivision, the decline in value is worked out under the other provisions of Division 40 of the Income Tax Assessment Act 1997 . Adjustment required for prime cost method (3) If you use the prime cost method for the asset, you must adjust the formula in subsection 40 ‑ 75(1) of the Income Tax Assessment Act 1997 for the later year in the manner set out in subsection 40 ‑ 75(3) of that Act. The later year is the change year referred to in that subsection. Balancing adjustment provisions (4) Subdivision 40 ‑ D of the Income Tax Assessment Act 1997 has effect as if the decline in value worked out under this Subdivision had been worked out under Subdivision 40 ‑ B of that Act.", "Amendment_Count": 1, "First_Amended": "No 22 of 2020", "Last_Amended": "No 22 of 2020", "Amending_Acts": "No 22 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-135"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-137", "Provision_Key": "s40-137", "Heading": "Choice to not apply this Subdivision to an asset", "Text": "(1) You may choose that the decline in value of a particular depreciating asset for an income year, and subsequent income years, is not to be worked out under this Subdivision. (2) The choice must be in the approved form. (3) The choice cannot be revoked. (4) You must give the choice to the Commissioner by the day you lodge your income tax return for the first income year to which the choice relates. Note: The Commissioner may defer the time for giving the choice: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Inserted by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-137"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-140", "Provision_Key": "s40-140", "Heading": "Definitions", "Text": "In this Subdivision: 2020 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 6 October 2020.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-140"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-145", "Provision_Key": "s40-145", "Heading": "Interaction with other provisions", "Text": "If this Subdivision applies to work out the decline in value of a depreciating asset you hold for an income year, no other provision of this Act or the Income Tax Assessment Act 1997 applies to work out that decline in value.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-145"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-150", "Provision_Key": "s40-150", "Heading": "When an asset of yours qualifies for full expensing", "Text": "(1) For the purposes of this Subdivision, you are covered by this section for a depreciating asset if, on or before 30 June 2023: (a) you start to hold the asset; and (b) you start to use the asset, or have it installed ready for use, for a taxable purpose. Exception—assets to which Division 40 does not apply (2) Despite subsection (1), you are not covered by this section for the asset if Division 40 of the Income Tax Assessment Act 1997 does not apply to the asset because of section 40 ‑ 45 of that Act. Exception—assets not used or located in Australia (3) Despite subsection (1), you are not covered by this section for the asset if, at the time you first use the asset, or have it installed ready for use, for a taxable purpose: (a) it is not reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a business; or (b) it is reasonable to conclude that the asset will never be located in Australia. Exception—assets for which the decline in value is worked out under Subdivision 40 ‑ E or 40 ‑ F of the Income Tax Assessment Act 1997 (4) Despite subsection (1), you are not covered by this section for the asset if: (a) the asset is allocated to a low ‑ value pool, or expenditure on the asset is allocated to a software development pool (see Subdivision 40 ‑ E of the Income Tax Assessment Act 1997 ); or (b) you or another taxpayer has deducted or can deduct amounts for the asset under Subdivision 40 ‑ F of the Income Tax Assessment Act 1997 (about primary production depreciating assets).", "Amendment_Count": 2, "First_Amended": "No 92 of 2020", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 92 of 2020 | No 10 of 2022", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 10 of 2022, effective sch 6: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-150"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-155", "Provision_Key": "s40-155", "Heading": "Businesses with turnover under $5 billion", "Text": "This section covers you for an income year if: (a) you are a small business entity for the income year; or (b) you would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $5 billion; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this section.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-155"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-157", "Provision_Key": "s40-157", "Heading": "Corporate tax entities with income under $5 billion", "Text": "(1) This section covers you for an income year if: (a) you are a corporate tax entity at any time in the income year; and (b) any of the following amounts is less than $5 billion: (i) the sum of your ordinary income (if any) and statutory income (if any) for the 2018 ‑ 19 income year; (ii) if the 2019 ‑ 20 income year ends on or before 6 October 2020—the sum of your ordinary income (if any) and statutory income (if any) for the 2019 ‑ 20 income year; and (c) the sum of the amounts worked out under subsection (3) for the 2016 ‑ 17, 2017 ‑ 18 and 2018 ‑ 19 income years exceeds $100 million. (2) For the purposes of paragraph (1)(b), disregard non ‑ assessable non ‑ exempt income. (3) The amount under this subsection for an income year is worked out as follows: (a) firstly, identify each depreciating asset (other than an intangible asset) that: (i) you hold at any time in the income year; and (ii) you started to use, or have installed ready for use, for a taxable purpose in the income year; (b) next, work out the cost of each of those assets (including any amounts included in the second element of the asset’s cost at a time that is in the income year); (c) finally, work out the total of those costs. (4) For the purposes of subsection (3), disregard an asset if, at the time you first used the asset, or had it installed ready for use, for a taxable purpose: (a) it was not reasonable to conclude that you would use the asset principally in Australia for the principal purpose of carrying on a business; or (b) it was reasonable to conclude that the asset would never be located in Australia. (5) For the purposes of paragraph (3)(b), to work out the cost of a depreciating asset that is capital works (see section 43 ‑ 20 of the Income Tax Assessment Act 1997 ): (a) disregard section 40 ‑ 45 of that Act and work out the cost of the capital works using Subdivision 40 ‑ C of that Act; and (b) disregard section 40 ‑ 215 of that Act.", "Amendment_Count": 2, "First_Amended": "No 141 of 2020", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 141 of 2020 | No 127 of 2021", "History_Notes": "Inserted by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2) | Amended by No 127 of 2021, effective sch 3 (items 40, 41): 8 Dec 2021 (s 2(1) item 4) sch 3 (item 70): 1 Jan 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-157"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-160", "Provision_Key": "s40-160", "Heading": "Full expensing of first and second element of cost for post ‑ 2020 budget assets", "Text": "(1) For the purposes of Division 40 of the Income Tax Assessment Act 1997 , the decline in value of a depreciating asset you hold for an income year (the current year ) is the amount worked out under subsection (3) if: (a) you start to hold the asset at or after the 2020 budget time; and (b) you start to use the asset, or have it installed ready for use, for a taxable purpose in the current year; and (c) you are covered by section 40 ‑ 150 for the asset; and (d) you are covered for the current year by any of the following: (i) section 40 ‑ 155 (about businesses with turnover under $5 billion); (ii) section 40 ‑ 157 (about corporate tax entities with income under $5 billion); and (e) no balancing adjustment event happens to the asset in the current year; and (f) you have not made a choice under section 40 ‑ 190 in relation to the current year. Exclusions (2) However, this section does not apply if: (a) where section 40 ‑ 155 covers you for the current year (regardless whether section 40 ‑ 157 also covers you for the current year)—an exclusion applies to you and the asset for the current year under section 40 ‑ 165 (about exclusions for businesses with turnover of $50 million or more); or (b) where section 40 ‑ 157 covers you for the current year (but section 40 ‑ 155 does not): (i) an exclusion applies to you and the asset for the current year under section 40 ‑ 165; or (ii) an exclusion applies to you and the asset for the current year under section 40 ‑ 167 (about exclusions for corporate tax entities with income under $5 billion). Amount of the decline in value (3) The decline in value for the current year is: (a) if the asset’s start time occurs in the current year—the asset’s cost as at the end of the current year, disregarding any amount included in the asset’s cost after 30 June 2023; or (b) if the asset’s start time occurred in an earlier year—the sum of its opening adjustable value for the current year and any amount included in the second element of its cost for the current year, disregarding any amount included in the asset’s cost after 30 June 2023. Note 1: The asset’s start time is when you first use it, or have it installed ready for use, for any purpose (including a non ‑ taxable purpose): see subsection 40 ‑ 60(2) of the Income Tax Assessment Act 1997 . Note 2: A case covered by paragraph (b) is where you start to hold the asset in the period 6 October 2020 to 30 June 2021 and use it for only non ‑ taxable purposes in that period, then first use it for a taxable purpose in the period 1 July 2021 to 30 June 2022.", "Amendment_Count": 3, "First_Amended": "No 92 of 2020", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 92 of 2020 | No 141 of 2020 | No 10 of 2022", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2) | Amended by No 10 of 2022, effective sch 6: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-160"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-165", "Provision_Key": "s40-165", "Heading": "Exclusions—entities covered by section 40 ‑ 155 or 40 ‑ 157", "Text": "(1) For the purposes of subsection 40 ‑ 160(2), an exclusion applies to you and an asset for an income year if: (a) where paragraph 40 ‑ 160(2)(a) applies—section 40 ‑ 155 would not cover you for the income year if the reference in that section to $5 billion were instead a reference to $50 million; and (b) any of the exclusions in this section applies in relation to the asset. Exclusion—commitments already entered into (2) This exclusion applies in relation to the asset if, before the 2020 budget time, you: (a) entered into a contract under which you would hold the asset; or (b) started to construct the asset; or (c) started to hold the asset in some other way. (3) This exclusion applies in relation to the asset (the post ‑ 6 October 2020 asset ) if: (a) on a day before 6 October 2020, you: (i) enter into a contract under which you hold an asset on that day, or will hold the asset on a later day; or (ii) start to construct an asset; or (iii) start to hold an asset in some other way; and (b) on a day on or after 6 October 2020 (the conduct day ), you engage in conduct that results in you: (i) entering into a contract under which you hold the post ‑ 6 October 2020 asset on the conduct day, or will hold that asset on an even later day; or (ii) starting to construct the post ‑ 6 October 2020 asset; or (iii) starting to hold the post ‑ 6 October 2020 asset in some other way; and (c) the post ‑ 6 October 2020 asset is the asset mentioned in paragraph (a), or an identical or substantially similar asset; and (d) you engage in that conduct for the purpose, or for purposes that include the purpose, of satisfying paragraph 40 ‑ 160(1)(a) for the post ‑ 6 October 2020 asset. (4) For the purposes of subsections (2) and (3), treat yourself as having started to construct an asset at a time if you first incur expenditure in respect of the construction of the asset at that time. (5) To avoid doubt, for the purposes of this section, you do not enter into a contract under which you hold an asset merely because you acquire an option to enter into such a contract. (6) For the purposes of subsections (2), (3), (4) and (5), if a partner in a partnership does any of the following things, treat the partnership (instead of the partner) as having done the thing: (a) entering into a contract under which the partnership would hold an asset; (b) starting to construct an asset; (c) acquiring an option to enter into such a contract. Exclusion—second hand assets (7) This exclusion applies in relation to the asset if: (a) another entity held the asset when it was first used, or first installed ready for use, other than: (i) as trading stock; or (ii) merely for the purposes of reasonable testing or trialling; or (b) you started holding the asset under section 40 ‑ 115 of the Income Tax Assessment Act 1997 (about splitting a depreciating asset) or section 40 ‑ 125 of that Act (about merging depreciating assets); or (c) you already satisfied paragraph 40 ‑ 160(1)(a) of this Act for the asset as a member of a consolidated group or a MEC group of which you are no longer a member. (8) The exclusion in subsection (7) also applies in relation to an asset if: (a) the asset is a licence (including a sub ‑ licence) relating to an intangible asset; and (b) the exclusion in that subsection applies in relation to the intangible asset. (9) However, paragraph (7)(a) does not apply in relation to an intangible asset unless the asset was used for the purpose of producing ordinary income before you first used it, or had it installed ready for use, for any purpose. In applying this subsection, disregard ordinary income that arises as a result of the disposal of the asset to you.", "Amendment_Count": 2, "First_Amended": "No 92 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 92 of 2020 | No 141 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-165"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-167", "Provision_Key": "s40-167", "Heading": "Exclusions—entities covered by section 40 ‑ 157", "Text": "(1) For the purposes of subsections 40 ‑ 160(2) and 40 ‑ 170(1A), an exclusion applies to you and an asset for an income year if any of the exclusions in this section applies in relation to the asset. Exclusion—intangible assets (2) This exclusion applies in relation to the asset if the asset is an intangible asset. Exclusion—assets previously held by associates (3) This exclusion applies in relation to the asset if it had been previously held by an associate of yours. Exclusion—assets available for use by associates or foreign residents (4) This exclusion applies in relation to the asset if the asset is available for use, at any time in the income year, by any of the following: (a) an associate of yours; (b) an entity that is a foreign resident.", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Inserted by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-167"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-170", "Provision_Key": "s40-170", "Heading": "Full expensing of eligible second element of cost", "Text": "(1) For the purposes of Division 40 of the Income Tax Assessment Act 1997 , the decline in value of a depreciating asset you hold for an income year (the current year ) is the amount worked out under this section if: (a) either: (i) you start to use the asset, or have it installed ready for use, for a taxable purpose in the current year; or (ii) you started to use the asset, or have it installed ready for use, for a taxable purpose in an earlier income year; and (b) you are covered by section 40 ‑ 150 for the asset; and (c) you are covered for the current year by any of the following: (i) section 40 ‑ 155 (about businesses with turnover under $5 billion); (ii) section 40 ‑ 157 (about corporate tax entities with income under $5 billion); and (d) the eligible second element worked out under section 40 ‑ 175 for the asset for the year is greater than nil; and (e) no balancing adjustment event happens to the asset in the current year; and (f) you have not made a choice under section 40 ‑ 190 in relation to the current year. Exclusions (1A) However, this section does not apply if: (a) section 40 ‑ 157 covers you for the current year (but section 40 ‑ 155 does not); and (b) an exclusion applies to you and the asset for the current year under section 40 ‑ 167 (about exclusions for corporate tax entities with income under $5 billion). Amount of the decline in value (2) The decline in value of the asset for the current year is: (a) if the asset’s decline in value for the year would, apart from section 40 ‑ 145, be worked out under section 40 ‑ 82 of the Income Tax Assessment Act 1997 —the amount worked out under subsection (3); or (b) if the asset’s decline in value for the year would, apart from section 40 ‑ 145, be worked out under Subdivision 40 ‑ BA of this Act—the amount worked out under subsection (4); or (c) otherwise—the amount worked out under subsection (5). Assets affected by section 40 ‑ 82 of the Income Tax Assessment Act 1997 (about assets costing less than $150,000, medium sized businesses) (3) If this subsection applies, the amount for the current year is the sum of: (a) the amount that would be the asset’s decline in value for the year under section 40 ‑ 82 of the Income Tax Assessment Act 1997 , assuming the reference in subparagraph 40 ‑ 82(3A)(b)(ii) of that Act to 31 December 2020 were instead a reference to the 2020 budget time; and (b) the eligible second element worked out under section 40 ‑ 175 of this Act for the asset for the year. Assets affected by Subdivision 40 ‑ BA (backing business investment) (4) If this subsection applies, the amount for the current year is the sum of: (a) the amount that would be worked out under paragraph 40 ‑ 130(2)(a) or (4)(a) (whichever is applicable) for the year, assuming the references in paragraphs 40 ‑ 130(2)(a) and (4)(a) to 30 June 2021 were instead references to the 2020 budget time; and (b) the eligible second element worked out under section 40 ‑ 175 for the asset for the year; and (c) the amount that would be worked out under paragraph 40 ‑ 130(2)(b) or (4)(b) (whichever is applicable) for the year, assuming the references in paragraphs 40 ‑ 130(2)(b) and (4)(b) to “the amount worked out under paragraph (a)” were instead references to “the amounts worked out under paragraphs 40 ‑ 170(4)(a) and (b)”. Other assets (5) If this subsection applies, the amount for the current year is the sum of: (a) the amount that would be the asset’s decline in value for the year under Division 40 of the Income Tax Assessment Act 1997 , disregarding any amounts included in the eligible second element worked out under section 40 ‑ 175 of this Act for the asset for the year; and (b) the eligible second element worked out under section 40 ‑ 175 for the asset for the year.", "Amendment_Count": 2, "First_Amended": "No 92 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 92 of 2020 | No 141 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-170"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-175", "Provision_Key": "s40-175", "Heading": "When is an amount included in the eligible second element", "Text": "The amount worked out under this section (the eligible second element) for a depreciating asset for an income year is the sum of any amounts included in the second element of the asset’s cost at a time that is in both of the following periods: (a) the income year; (b) the period beginning at the 2020 budget time and ending on 30 June 2023.", "Amendment_Count": 2, "First_Amended": "No 92 of 2020", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 92 of 2020 | No 10 of 2022", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 10 of 2022, effective sch 6: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-175"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-180", "Provision_Key": "s40-180", "Heading": "Division 40 of the Income Tax Assessment Act 1997 applies to later years", "Text": "(1) For an income year later than a year in which the decline in value is worked out under this Subdivision, the decline in value is worked out under the other provisions of Division 40 of the Income Tax Assessment Act 1997 . Adjustment required for prime cost method (2) If you use the prime cost method for the asset, you must adjust the formula in subsection 40 ‑ 75(1) of the Income Tax Assessment Act 1997 for the later year in the manner set out in subsection 40 ‑ 75(3) of that Act. The later year is the change year referred to in that subsection. Balancing adjustment provisions (3) Subdivision 40 ‑ D of the Income Tax Assessment Act 1997 has effect as if the decline in value worked out under this Subdivision had been worked out under Subdivision 40 ‑ B of that Act.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-180"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-185", "Provision_Key": "s40-185", "Heading": "Balancing adjustment for assets not used or located in Australia", "Text": "(1) This section applies if the decline in value for a depreciating asset for an income year is worked out under this Subdivision, and at a time (the balancing adjustment time ) in a later income year: (a) either: (i) it becomes not reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a business; or (ii) it becomes reasonable to conclude that the asset will never be located in Australia; and (b) none of the requirements in paragraphs 40 ‑ 295(1)(a), (b) or (c) of the Income Tax Assessment Act 1997 are satisfied in relation to the asset. Balancing adjustment event and termination value (2) For the purposes of Subdivision 40 ‑ D of the Income Tax Assessment Act 1997 assume that, at the balancing adjustment time, you stop using the asset, or having it installed ready for use, for any purpose and you expect never to use it, or have it installed ready for use, again. Cost resulting from balancing adjustment event (3) For the purposes of section 40 ‑ 180 of the Income Tax Assessment Act 1997 assume that the reference in item 3 of the table in subsection 40 ‑ 180(2) of that Act to “because you stop using it for any purpose expecting never to use it again” were instead a reference to “because of section 40 ‑ 185 of the Income Tax (Transitional Provisions) Act 1997 ”. Subdivision does not apply for income year after balancing adjustment event (4) If a balancing adjustment event happens to a depreciating asset you hold because of this section, this Subdivision cannot apply to work out the decline in value of the asset for a later income year.", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Inserted by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-185"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-190", "Provision_Key": "s40-190", "Heading": "Choice to not apply this Subdivision to an asset for an income year", "Text": "(1) You may choose that the decline in value of a particular depreciating asset for an income year is not to be worked out under this Subdivision. (2) The choice must be in the approved form. (3) The choice cannot be revoked. (4) You must give the choice to the Commissioner by the day you lodge your income tax return for the income year to which the choice relates. Note: The Commissioner may defer the time for giving the choice: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 141 of 2020", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 141 of 2020", "History_Notes": "Inserted by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-190"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-230", "Provision_Key": "s40-230", "Heading": "Car limit", "Text": "(1) Division 40 of the new Act applies as if references in that Division to the car limit included references to: (a) the car depreciation limit under Division 42 of the former Act; and (b) the motor vehicle depreciation limit under former section 57AF of the Income Tax Assessment Act 1936 . (2) If you: (a) have a substituted accounting period; and (b) start to hold a car in your 2001 ‑ 02 income year but before 1 July 2001; you must use as the car limit the car depreciation limit under section 42 ‑ 80 of the former Act for the 2000 ‑ 01 financial year.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-230"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-285", "Provision_Key": "s40-285", "Heading": "Balancing adjustments", "Text": "(1) Paragraphs 40 ‑ 285(1)(a) and (2)(a) of the new Act have effect in relation to a depreciating asset that you held at 1 July 2001 as if amounts you have deducted or can deduct for the asset under the former Act or the Income Tax Assessment Act 1936 were part of the asset’s decline in value under Division 40. (2) You are entitled to a further deduction under subsection (3) if: (a) you are entitled to a deduction under subsection 40 ‑ 285(2) of the new Act for a balancing adjustment event happening to a depreciating asset: (i) to which Division 58 of the former Act applied; or (ii) to which former section 61A of the Income Tax Assessment Act 1936 applied, or for which the transition time under Division 57 in Schedule 2D to that Act occurred before 1 July 2001; and (b) you would have been entitled to a further deduction under section 42 ‑ 197 of the former Act. (3) The amount of the further deduction is the amount worked out under section 42 ‑ 197 of the former Act. (4) Division 40 of the new Act applies to a balancing adjustment event that occurs on or after 1 July 2001 for a depreciating asset you hold if you held the asset on that day. (5) The amount included in your assessable income under subsection 40 ‑ 285(1) or section 40 ‑ 370 of the new Act for a balancing adjustment event happening to a depreciating asset is reduced if: (a) the asset is either: (i) a depreciating asset that is not plant and that you started to hold under a contract entered into before 1 July 2001, you constructed where the construction started before that day or you started to hold in some other way before that day; or (ii) plant that you acquired at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; and (b) any capital gain or capital loss would be disregarded (if Part 3 ‑ 1 of the new Act applied): (i) because of section 118 ‑ 5 (about cars, motor cycles and valour decorations); or (ii) because of section 118 ‑ 10 (about collectables); or (iii) because of section 118 ‑ 12 (about plant used to produce exempt income); or (iv) because the asset was a pre ‑ CGT asset at the time of the balancing adjustment event. (6) The reduction is: where: sum of reductions is the sum of the reductions in your deductions for the asset because you did not use it for a particular purpose. total decline is the decline in value of the depreciating asset since you started to hold it. (7) Section 118 ‑ 24 of the new Act applies to CGT event A1 (disposal of a CGT asset) happening to a depreciating asset if the event happens: (a) if the depreciating asset is plant—at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or (b) if the depreciating asset is not plant—before 1 July 2001; where: (c) the time of the event is when you entered into the contract for the disposal of the asset; and (d) the change in ownership constituting the disposal occurred after the applicable time mentioned in paragraph (a) or (b).", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 77 of 2001 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 41 of 2011, effective Schedule 5 (items 30–32, 397, 419): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-285"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-287", "Provision_Key": "s40-287", "Heading": "Disposal of pre ‑ 1 July 2001 mining depreciating asset to associate", "Text": "(1) This section applies if: (a) on or after 1 July 2001, a company (the transferor ) disposes of a depreciating asset to another company; and (b) the companies are members of the same linked group at the time of the disposal; and (c) apart from this section, the disposal would have resulted in: (i) an amount (the included amount ) being included in the assessable income of the transferor under subsection 40 ‑ 285(1) of the Income Tax Assessment Act 1997 ; and (ii) the transferor having an additional decline in value (the deductible amount ) under subsection 40 ‑ 35(5), 40 ‑ 38(5) or 40 ‑ 40(4) of this Act; and (d) the included amount is more than the deductible amount. (2) Subsection 40 ‑ 35(5), 40 ‑ 38(5) or 40 ‑ 40(4) of this Act does not apply to the disposal. (3) The amount that is included in the transferor’s assessable income under subsection 40 ‑ 285(1) of the Income Tax Assessment Act 1997 is the included amount reduced by the deductible amount.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-287"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-288", "Provision_Key": "s40-288", "Heading": "Disposal of pre ‑ 1 July 2001 mining non ‑ depreciating asset to associate", "Text": "(1) This section applies if: (a) on or after 1 July 2001, a company (the transferor ) disposes of property that is not a depreciating asset to another company; and (b) the companies are members of the same linked group at the time of the disposal; and (c) apart from this section, the disposal would have resulted in the transferor having an additional decline in value (the deductible amount ) under subsection 40 ‑ 35(5), 40 ‑ 37(5), 40 ‑ 40(4) or 40 ‑ 43(4) of this Act; and (d) the sum of: (i) the money the transferor receives, or is entitled to receive, in respect of the disposal; and (ii) the market value of any other property the transferor receives, or is entitled to receive, in respect of the disposal; is more than the deductible amount. (2) There is no additional decline in value of the notional asset referred to in subsection 40 ‑ 35(5), 40 ‑ 37(5), 40 ‑ 40(4) or 40 ‑ 43(4) as a result of the disposal. (3) Any amount that would be included in the transferor’s assessable income under subsection 40 ‑ 35(6), 40 ‑ 37(6), 40 ‑ 38(6), 40 ‑ 40(5) or 40 ‑ 43(5) of this Act, or subsection 40 ‑ 830(6) of the Income Tax Assessment Act 1997 , as a result of the disposal is reduced by the deductible amount.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-288"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-289", "Provision_Key": "s40-289", "Heading": "Surrendered firearms", "Text": "If a balancing adjustment event for a firearm that you hold occurs because you surrender it after the commencement of this section under firearms surrender arrangements, any amount by which its termination value exceeds its adjustable value is not included in your assessable income under subsection 40 ‑ 285(1) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 101 of 2006", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 101 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-289"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-290", "Provision_Key": "s40-290", "Heading": "Reduction of deductions under former Act etc.", "Text": "Subsection 40 ‑ 290(2) of the new Act has effect in relation to a depreciating asset that you held at 1 July 2001 as if: (a) any amount by which your deductions for the asset were reduced under the former Act or the Income Tax Assessment Act 1936 because you did not use it for a particular purpose were an amount by which your deductions for the asset were reduced under section 40 ‑ 25 of the new Act; and (b) the total decline element of the formula in that subsection included all amounts you have deducted or can deduct for the asset under the former Act or the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-290"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-292", "Provision_Key": "s40-292", "Heading": "Balancing adjustment—assets used for both general tax purposes and R&D activities", "Text": "R&D entity has old law R&D decline in value deductions (1) This section applies to an R&D entity if: (a) a balancing adjustment event happens in an income year (the event year ) commencing on or after 1 July 2011 for an asset held by the R&D entity and: (i) the R&D entity can deduct, for an income year, an amount under section 40 ‑ 25 of the Income Tax Assessment Act 1997 (the new Act ), as that section applies apart from Division 355 of that Act and former section 73BC of the Income Tax Assessment Act 1936 (the old Act ); or (ii) the R&D entity could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and (b) either or both of the following subparagraphs apply: (i) the R&D entity can deduct (the old law deductions ) under former section 73BA or 73BH of the old Act an amount for one or more income years for the asset; (ii) the R&D entity chooses tax offsets under former section 73I of the old Act instead of deductions (also the old law deductions ) under those former sections for one or more income years for the asset. Note: This section applies even if the R&D entity is entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions under section 355 ‑ 305 of that Act for the asset. Section 40 ‑ 290 to be applied as if use for carrying on R&D activities were use for a taxable purpose (2) In applying section 40 ‑ 290 of the new Act (including references in that section to the reduction of deductions under section 40 ‑ 25 of that Act) in relation to the asset, assume that using the asset for a taxable purpose includes using it for: (a) the purpose of the carrying on, by or on behalf of the R&D entity, of the research and development activities (within the meaning of former section 73B of the old Act) to which the old law deductions relate; or (b) if the R&D entity is entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions (the new law deductions ) under section 355 ‑ 305 of that Act for the asset—the purpose of conducting the R&D activities to which the new law deductions relate. Increase in amounts deductible or assessable under section 40 ‑ 285 (3) Any amount (the section 40 ‑ 285 amount ): (a) that the R&D entity can deduct for the asset under section 40 ‑ 285 of the new Act (after applying subsection (2) of this section) for the event year; or (b) that is included in the R&D entity’s assessable income for the asset under section 40 ‑ 285 of the new Act (after applying subsection (2) of this section) for the event year; is taken to be increased under section 40 ‑ 292 of the new Act by the following amount: where: adjusted section 40 ‑ 285 amount means: (a) if the section 40 ‑ 285 amount is a deduction—the amount of the deduction; or (b) if the section 40 ‑ 285 amount is an amount included in the R&D entity’s assessable income—so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. old law 1.25 rate deductions means the sum of the R&D entity’s notional Division 40 deductions, and notional Division 42 deductions, (if any) for the asset that were multiplied by 1.25 in working out the old law deductions. total decline in value means the cost of the asset less its adjustable value. Application of Division 355 (3A) In applying Division 355 of the new Act in relation to the asset for the income year, the R&D entity is taken to have: (a) if the section 40 ‑ 285 amount is an amount included in the R&D entity’s assessable income—a clawback amount under section 355 ‑ 447 of the new Act for the income year; or (b) if the section 40 ‑ 285 amount is a deduction—a catch up amount under section 355 ‑ 466 of the new Act for the income year; equal to the following amount: where: adjusted section 40 ‑ 285 amount means: (a) if the section 40 ‑ 285 amount is a deduction—the amount of the deduction; or (b) if the section 40 ‑ 285 amount is an amount included in the R&D entity’s assessable income—so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. total decline in value means the cost of the asset less its adjustable value. Normal rules do not apply for the asset and the event (4) Neither of the following sections: (a) section 40 ‑ 292 of the new Act (as amended by the Tax Laws Amendment (Research and Development) Act 2011 ); (b) section 40 ‑ 292 of the new Act (as that section applies because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011 ); to the extent that they would otherwise apply apart from this section to the R&D entity for the event, do so apply to the R&D entity for the event. Note 1: The section 40 ‑ 292 of the new Act mentioned in paragraph (a) would otherwise apply for the event in a case where the R&D entity had new law deductions. Note 2: The section 40 ‑ 292 of the new Act mentioned in paragraph (b) would otherwise apply for the event in respect of the old law deductions.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-292"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-293", "Provision_Key": "s40-293", "Heading": "Balancing adjustment—partnership assets used for both general tax purposes and R&D activities", "Text": "Partners have old law R&D decline in value deductions (1) This section applies to an R&D partnership if: (a) a balancing adjustment event happens in an income year (the event year ) commencing on or after 1 July 2011 for an asset held by the R&D partnership and: (i) the R&D partnership can deduct, for an income year, an amount under section 40 ‑ 25 of the Income Tax Assessment Act 1997 (the new Act ), as that section applies apart from Division 355 of that Act and former section 73BC of the Income Tax Assessment Act 1936 (the old Act ); or (ii) the R&D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and (b) either or both of the following subparagraphs apply: (i) one or more partners of the R&D partnership can deduct (the old law deductions ) under former section 73BA or 73BH of the old Act amounts for one or more income years for the asset; (ii) one or more partners of the R&D partnership choose tax offsets under former section 73I of the old Act instead of deductions (also the old law deductions ) under those former sections for one or more income years for the asset. Note: This section applies even if the partners are entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions under section 355 ‑ 520 of that Act for the asset. Section 40 ‑ 290 to be applied as if use for carrying on R&D activities were use for a taxable purpose (2) In applying section 40 ‑ 290 of the new Act (including references in that section to the reduction of deductions under section 40 ‑ 25 of that Act) in relation to the asset, assume that using the asset for a taxable purpose includes using it for: (a) the purpose of the carrying on, by or on behalf of the R&D partnership, of the research and development activities (within the meaning of former section 73B of the old Act) to which the old law deductions relate; or (b) if one or more partners of the R&D partnership are entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions (the new law deductions ) under section 355 ‑ 520 of that Act for the asset—the purpose of conducting the R&D activities to which the new law deductions relate. Increase in amounts deductible or assessable under section 40 ‑ 285 (3) Any amount (the section 40 ‑ 285 amount ): (a) that the R&D partnership can deduct for the asset under section 40 ‑ 285 of the new Act (after applying subsection (2) of this section) for the event year; or (b) that is included in the R&D partnership’s assessable income for the asset under section 40 ‑ 285 of the new Act (after applying subsection (2) of this section) for the event year; is taken to be increased under section 40 ‑ 293 of the new Act by the following amount: where: adjusted section 40 ‑ 285 amount means: (a) if the section 40 ‑ 285 amount is a deduction—the amount of the deduction; or (b) if the section 40 ‑ 285 amount is an amount included in the R&D partnership’s assessable income—so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. old law 1.25 rate deductions means the sum of the partners’ notional Division 40 deductions, and notional Division 42 deductions, (if any) for the asset that were multiplied by 1.25 in working out the old law deductions. total decline in value means the cost of the asset less its adjustable value. Application of Division 355 (3A) In applying Division 355 of the new Act in relation to the asset for the income year, an R&D entity (the partner ) that is a partner in the R&D partnership and is entitled to one or more new law deductions for one or more income years for the asset, is taken to have: (a) if the section 40 ‑ 285 amount is an amount included in the R&D partnership’s assessable income—a clawback amount under section 355 ‑ 449 of the new Act for the income year; or (b) if the section 40 ‑ 285 amount is a deduction—a catch up amount under section 355 ‑ 468 of the new Act for the income year; equal to the partner’s proportion of the following amount: where: adjusted section 40 ‑ 285 amount means: (a) if the section 40 ‑ 285 amount is a deduction—the amount of the deduction; or (b) if the section 40 ‑ 285 amount is an amount included in the R&D partnership’s assessable income—so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. sum of new law deductions means the sum of each partner’s new law deductions mentioned in paragraph (2)(b) of this section. total decline in value means the cost of the asset less its adjustable value. Normal rules do not apply for the asset and the event (4) Section 40 ‑ 293 of the new Act, to the extent that it would otherwise apply apart from this section to the R&D partnership or its partners for the event, does not so apply to the R&D partnership and the partners for the event. Note: Section 40 ‑ 293 of the new Act would otherwise apply for the event in a case where the partners had new law deductions.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-293"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-295", "Provision_Key": "s40-295", "Heading": "Later year relief", "Text": "(1) You may exclude an amount that has been included in your assessable income for plant as a result of a balancing adjustment event that occurred in your 1999 ‑ 2000 or 2000 ‑ 01 income year to the extent that you choose under section 42 ‑ 290 of the former Act to treat that amount as an amount you have deducted for the decline in value of replacement plant. (2) You can only make this choice for the replacement plant if: (a) you acquire it: (i) within 2 income years after the end of the income year in which the balancing adjustment event occurred; and (ii) in your 2001 ‑ 02 or 2002 ‑ 2003 income year; and (b) at the end of the income year in which you acquired it, you used it, or had it installed ready for use, wholly for the purpose of producing assessable income; and (c) you can deduct an amount for its decline in value; and (d) you had not made a choice under section 42 ‑ 285 or 42 ‑ 293 of the former Act for the balancing adjustment event. (3) The adjustable value of the replacement plant is reduced by the amount covered by the choice as at the first day of the income year in which you acquired it.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-295"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-340", "Provision_Key": "s40-340", "Heading": "Roll ‑ overs", "Text": "(1) This section applies to an entity (the transferee ) if: (a) there is roll ‑ over relief under section 40 ‑ 340 of the new Act as a result of a balancing adjustment event happening to plant; and (b) the transferor referred to in that section was working out the decline in value of the plant under subsection 40 ‑ 10(3) or 40 ‑ 12(3) of this Act. Plant acquired before 21 September 1999 (2) The transferee works out the decline in value of the plant under subsection 40 ‑ 10(3) or 40 ‑ 12(3) of this Act using the same method as the transferor if: (a) the transferor started to hold the plant under a contract entered into at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or (b) the transferor constructed it and the construction started at or before that time; or (c) the transferor acquired it in some other way at or before that time; or (d) the transferor acquired it from an entity that was working out the decline in value of the plant under subsection 40 ‑ 10(3) or 40 ‑ 12(3) of this Act and paragraph (a), (b) or (c) of this subsection applied to that entity or to the earliest successive transferor. Small business taxpayers (3) The transferee also works out the decline in value of the plant under subsection 40 ‑ 10(3) or 40 ‑ 12(3) of this Act using the same method as the transferor if: (a) the plant was not acquired as mentioned in subsection (2); and (b) the transferor, or an earlier successive transferor, was using a rate for the plant under subsection 42 ‑ 160(1) or 42 ‑ 165(1) of the former Act; and (c) the conditions set out in this table are satisfied: Conditions for small business taxpayers retaining accelerated rates Item Condition 1 The transferee must have been a small business taxpayer for the income year (the start year ) that includes the time when the entity first used the plant, or first had it installed ready for use. 2 At that time, at least 50% of the transferee’s intended use of the plant must be in carrying on a business for the purpose of producing assessable income. 3 At that time, neither of these applies: (a) it could reasonably be expected that, because of the plant’s use, whether in connection with another asset or not, the transferee would not be a small business taxpayer for the income year following the start year or for either of the next 2 income years; (b) the plant is being or is intended to be let predominantly on a lease of a kind specified in subsection (5). (4) For the purposes of item 2 in the table in subsection (3), an entity is treated as if it is not carrying on a business in relation to the activities of a partnership in which the entity is a partner unless the entity is connected with the partnership. (5) A lease of plant referred to in item 3 of the table in subsection (3) is an agreement (including a renewal of an agreement) under which the holder of the plant grants a right to use the plant to another entity, but not a hire purchase agreement or a short ‑ term hire agreement. (6) The transferee works out the decline in value of the plant by: (a) for the diminishing value method—replacing the component in the formula in subsection 40 ‑ 70(1) of the new Act that includes the plant’s effective life with the rate the transferor, or the earliest successive transferor, was using; or (b) for the prime cost method: (i) replacing the component in the formula in subsection 40 ‑ 75(1) of the new Act that includes the plant’s effective life with the rate the transferor, or the earliest successive transferor, was using; and (ii) increasing the plant’s cost under Division 42 of the former Act by any amounts included in the second element of the plant’s cost after 30 June 2001. Meaning of small business taxpayer (7) An entity is a small business taxpayer for an income year if: (a) the entity carries on a business in that year; and (b) the entity’s average turnover for that year is less than $1,000,000. Note: An entity is treated as carrying on a business if it is winding up a business and it was previously a small business taxpayer: see subsection (11). Meaning of average turnover (8) An entity’s average turnover for an income year (the current year ) is: where: number of averaging years is: (a) 3; or (b) if the entity did not carry on a business in each of the current year and the 2 years before the current year, the number of those income years in which the entity carried on a business. Note: An entity is treated as carrying on a business if it is winding up a business and it was previously a small business taxpayer: see subsection (11). sum of relevant group turnovers is the sum of: (a) the entity’s group turnover for the current year; and (b) the entity’s group turnover (if any) for the 2 preceding income years. Meaning of group turnover (9) The group turnover of an entity (the primary entity ) for an income year is the sum of: (a) the value of the business supplies the primary entity made in the income year; and (b) the value of the business supplies entities connected with the primary entity made in the income year; reduced by: (c) that part of the value of the business supplies the primary entity made in the income year that is attributable to supplies it made during the year to entities connected with it when they were connected with it; and (d) that part of the value of the business supplies entities connected with the primary entity made in the income year that is attributable to supplies the connected entities made during the year to the primary entity when they were connected with it; and (e) that part of the value of the business supplies another entity made in the income year that is attributable to supplies the other entity made to a third entity at a time when both the other entity and third entity were connected with the primary entity. Value of business supplies (10) The value of the business supplies an entity makes in an income year is the sum of: (a) for taxable supplies (if any) the entity makes during the year in the course of carrying on a business—the value (as defined by section 9 ‑ 75 of the GST Act) of the supplies; and (b) for other supplies the entity makes during the year in the course of carrying on a business—the prices (as defined by section 9 ‑ 75 of the GST Act) of the supplies. Winding up a business (11) Subsections (7) and (8) apply to an entity as if it carried on a business in an income year if: (a) in that year the entity was winding up a business it previously carried on; and (b) the entity was a small business taxpayer for the income year in which it stopped carrying on that business.", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 77 of 2001 | No 119 of 2002 | No 80 of 2007", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective Sch 1 (items 1, 8): 2 Dec 2002 (s 2(1) item 2) Sch 3 (items 79–96): 30 June 2001 (s 2(1) item 9) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-340"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-345", "Provision_Key": "s40-345", "Heading": "Balancing adjustments for depreciating assets that retain CGT indexation", "Text": "(1) The amount included in your assessable income under subsection 40 ‑ 285(1) or 104 ‑ 240(1) of the new Act as a result of a balancing adjustment event occurring for: (a) plant that you acquired at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or (b) a depreciating asset that is not plant and that you acquired before 1 July 2001; is reduced (but not below nil) if: (c) for a paragraph (a) case—there would have been a reduction under subsection 42 ‑ 192(2) of the former Act as a result of that event; or (d) for a paragraph (b) case—there would have been a reduction under subsection 42 ‑ 192(2) of the former Act as a result of that event if the asset were plant. (2) The amount of the reduction is the amount worked out under subsection 42 ‑ 192(2) of the former Act. (3) There is no reduction under subsection (1) to an amount included in your assessable income under subsection 104 ‑ 240(1) if the balancing adjustment event results in a discount capital gain under Division 115. (4) However, you can choose not to make a reduction under subsection (1) and instead take advantage of the discount capital gain. (5) Subsection (6) applies to an entity (the transferee ) if there is roll ‑ over relief under section 40 ‑ 340 of the new Act as a result of a balancing adjustment event happening to a depreciating asset held by the transferee. (6) Subsections (1), (2), (3) and (4) apply also to the transferee if: (a) for a depreciating asset that is plant: (i) the transferor referred to in section 40 ‑ 340 of the new Act started to hold the plant under a contract entered into at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or (ii) the transferor constructed it and the construction started at or before that time; or (iii) the transferor acquired it in some other way at or before that time; or (iv) the transferor acquired it from an entity that was working out the decline in value of the plant under subsection 40 ‑ 10(3) or 40 ‑ 12(3) of this Act and subparagraph (i), (ii) or (iii) of this paragraph applied to that entity or to the earliest successive transferor; or (b) for a depreciating asset that is not plant: (i) the transferor started to hold the asset under a contract entered into before 1 July 2001; or (ii) the transferor constructed it and the construction started at or before that day; or (iii) the transferor acquired it in some other way before that day.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-345"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-365", "Provision_Key": "s40-365", "Heading": "Involuntary disposals", "Text": "Section 40 ‑ 365 of the new Act applies to a case where: (a) a balancing adjustment event occurred for plant in the circumstances mentioned in subsection 42 ‑ 293(2) of the former Act before 1 July 2001; and (b) you start to hold a replacement asset or assets after that day; and (c) the conditions in subsections 40 ‑ 365(3) and (4) of the new Act are satisfied.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective Sch 2 (items 6–17) and Sch 3 (items 132, 133, 140(1)): 30 June 2003 (s 2(1) items 3, 12B–14)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-365"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-420", "Provision_Key": "s40-420", "Heading": "Low ‑ value pools under Division 42 continue", "Text": "(1) A low ‑ value pool you created under Subdivision 42 ‑ M of the former Act continues under the new Act as if it had been created under Subdivision 40 ‑ E of the new Act. (2) For the purposes of working out the decline in value of depreciating assets in such a pool for your income year in which 1 July 2001 occurs, step 3 of the method statement in subsection 40 ‑ 440(1) of the new Act applies to the pool closing balance, worked out under section 42 ‑ 470 of the former Act, for the income year before that year.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-420"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-430", "Provision_Key": "s40-430", "Heading": "Allocating assets to low ‑ value pools", "Text": "For the purposes of Subdivision 40 ‑ E of the Income Tax Assessment Act 1997 , you cannot allocate a depreciating asset to a low ‑ value pool if: (a) you can deduct an amount for the asset under former section 73BA of the Income Tax Assessment Act 1936 ; or (b) you could so deduct an amount if you had not chosen a tax offset under former section 73I of that Act; for a period before, or starting at the same time as, the allocation has effect.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-430"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-450", "Provision_Key": "s40-450", "Heading": "Software development pools", "Text": "Subsection 40 ‑ 450(2) of the new Act has effect as if the reference to expenditure being allocated to a software development pool included a reference to expenditure being allocated to a software pool under Division 46 of the former Act.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-450"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-515", "Provision_Key": "s40-515", "Heading": "Water facilities, grapevines and horticultural plants", "Text": "(1) This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount ) of expenditure on any of these (the primary production asset ): (a) the construction, manufacture, installation or acquisition of a water facility; or (b) the establishment of horticultural plants; or (c) the establishment of grapevines; and you would have been able to deduct amounts for the qualifying amount for the income year in which 1 July 2001 occurs under the former Act if it had continued to apply. (2) Subdivision 40 ‑ F of the new Act applies to the primary production asset on this basis: (a) the qualifying amount is taken to be: (i) for a water facility—the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the water facility; or (ii) for a horticultural plant or a grapevine—the amount of capital expenditure incurred that is attributable to the establishment of the plant or grapevine; and (b) for horticultural plants, you use the effective life determined under section 387 ‑ 175 of the former Act; and (c) amounts that have been deducted or can be deducted for the qualifying amount under the former Act or the Income Tax Assessment Act 1936 are taken to be a decline in value under Subdivision 40 ‑ F of the new Act.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-515"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-520", "Provision_Key": "s40-520", "Heading": "Special rule for water facilities you no longer hold", "Text": "(1) This section applies to you if: (a) you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount ) of expenditure on a water facility; and (b) you do not hold the water facility at the start of 1 July 2001. (2) Subdivision 40 ‑ F of the new Act applies to the water facility on the basis specified in subsection 40 ‑ 515(2) of this Act, and no other taxpayer can deduct amounts for it under the new Act.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-520"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-525", "Provision_Key": "s40-525", "Heading": "Amounts deducted for water facilities", "Text": "The reference in subsection 40 ‑ 555(1) of the new Act to a person having deducted or being able to deduct an amount under Subdivision 40 ‑ F of the new Act for expenditure on a water facility includes a reference to the person having deducted or being able to deduct an amount for it under: (a) Subdivision 387 ‑ B of the former Act; or (b) former section 75B of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-525"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-645", "Provision_Key": "s40-645", "Heading": "Electricity supply and telephone lines", "Text": "(1) This section applies to you if you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount ) of expenditure on: (a) connecting or upgrading the supply of mains electricity to land; or (b) a telephone line on land; and you hold the land to which the electricity or telephone line relates at the start of 1 July 2001. (2) You deduct amounts for the qualifying amount under Subdivision 40 ‑ G of the new Act in the same way you were writing it off under Division 387 of the former Act. (3) A reference in subsection 40 ‑ 650(4), (5) or (7) of the new Act to an amount being deducted under Subdivision 40 ‑ G of that Act includes a reference to an amount being deducted under: (a) Subdivision 387 ‑ F of the former Act; or (b) former section 70 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 77 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-645"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-650", "Provision_Key": "s40-650", "Heading": "Special rule for land that you no longer hold", "Text": "(1) This section applies to you if: (a) you have deducted or can deduct an amount under Division 387 of the former Act for an amount (the qualifying amount ) of expenditure on connecting or upgrading the supply of mains electricity to land or a telephone line on land; and (b) you do not hold the land to which the electricity or telephone line relates at the start of 1 July 2001. (2) Subdivision 40 ‑ G of the new Act applies to the qualifying amount on the basis specified in that Subdivision, and no other taxpayer can deduct amounts for it under the new Act.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-650"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-670", "Provision_Key": "s40-670", "Heading": "Farm consultants", "Text": "A person approved as a farm consultant under Subdivision 387 ‑ A of the former Act is taken to be approved as a farm consultant under section 40 ‑ 670 of the new Act.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-670"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-825", "Provision_Key": "s40-825", "Heading": "Genuine prospectors", "Text": "The exemption provided by section 330 ‑ 60 of the former Act continues to apply to ordinary income derived before 20 August 2001.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 1: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-825"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-832", "Provision_Key": "s40-832", "Heading": "New method not to apply in some cases", "Text": "If: (a) on or after 10 May 2006 you abandon, sell or otherwise dispose of a project; and (b) you have deducted or can deduct amounts for project amounts in relation to that project; and (c) on or after that day, you start to operate that project again; and (d) it is reasonable to conclude that you did this for the main purpose of ensuring that deductions for project amounts in relation to that project would be worked out under section 40 ‑ 832 of that Act; the Income Tax Assessment Act 1997 applies to you as if the project had started to operate before 10 May 2006.", "Amendment_Count": 1, "First_Amended": "No 55 of 2006", "Last_Amended": "No 55 of 2006", "Amending_Acts": "No 55 of 2006", "History_Notes": "Inserted by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-832"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 40-840", "Provision_Key": "s40-840", "Heading": "Ships depreciated under section 57AM of the Income Tax Assessment Act 1936", "Text": "(1) This section applies if: (a) you have deducted or can deduct amounts for a ship under section 57AM of the Income Tax Assessment Act 1936 as in force before its repeal by Schedule 1 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 ; and (b) you hold the ship when this section commences. (2) Division 40 of the Income Tax Assessment Act 1997 applies to the ship after the commencement of this section. (3) For the purposes of that application: (a) the cost of the ship when this section commences is its cost under the Income Tax Assessment Act 1936 just before that time; and (b) the ship’s adjustable value when this section commences is its depreciated value under the Income Tax Assessment Act 1936 just before that time; and (c) paragraphs 40 ‑ 285(1)(a) and (2)(a) have effect as if amounts you have deducted or can deduct under section 57AM of the Income Tax Assessment Act 1936 , as in force before its repeal, are taken to be part of the ship’s decline in value under Subdivision 40 ‑ B of the Income Tax Assessment Act 1997 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s40-840"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 43-100", "Provision_Key": "s43-100", "Heading": "Application of Division 43 to quasi ‑ ownership rights over land", "Text": "Division 43 of the Income Tax Assessment Act 1997 applies to quasi ‑ ownership rights over land granted in respect of: (a) capital works being a hotel building or an apartment building begun after 30 June 1997; and (b) other capital works begun after 26 February 1992.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s43-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 43-105", "Provision_Key": "s43-105", "Heading": "Application of subsections 43 ‑ 50(1) and (2) to hotel buildings and apartment buildings", "Text": "Subsections 43 ‑ 50(1) and (2) of the Income Tax Assessment Act 1997 do not apply to capital works being a hotel building or an apartment building begun before 1 July 1997.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s43-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 43-110", "Provision_Key": "s43-110", "Heading": "Application of subsection 43 ‑ 75(3)", "Text": "Subsection 43 ‑ 75(3) of the Income Tax Assessment Act 1997 does not apply to capital works being a hotel building or an apartment building begun before 1 July 1997.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Inserted by No 16 of 1998, effective Sch 7: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s43-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 45-1", "Provision_Key": "s45-1", "Heading": "Application of Division 45 of the Income Tax Assessment Act 1997", "Text": "Division 45 of the Income Tax Assessment Act 1997 applies to assessments for the income year in which 22 February 1999 occurs and later income years.", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 1 (items 14–18): 10 Dec 1999 (s 2(1)) Sch 5 (items 13, 14): 22 Feb 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s45-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 45-3", "Provision_Key": "s45-3", "Heading": "Application of Division 45 to disposals between February 1999 and September 1999", "Text": "(1) For disposals of plant or interests in plant on or after 22 February 1999 and before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999, Division 45 of the Income Tax Assessment Act 1997 applies with the modifications specified in this section. (2) That Division applies as if subsection 45 ‑ 5(2) were replaced by this provision: (2) The amount included is the lesser of: (a) the excess referred to in paragraph (1)(e); and (b) the amounts you have deducted or can deduct for depreciation of the plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest. It is included for the income year in which the disposal occurred. (3) That Division applies as if paragraph 45 ‑ 5(5)(a) were replaced by this provision: (a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3 ‑ 1 and 3 ‑ 3 (about capital gains and losses); or (4) That Division applies as if subsection 45 ‑ 10(2) were replaced by this provision: (2) The amount included is the lesser of: (a) the excess referred to in paragraph (1)(f); and (b) that part of the amounts the partnership has deducted or can deduct for depreciation of the plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount ) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest. It is included for the income year in which the disposal occurred. (5) That Division applies as if paragraph 45 ‑ 10(5)(a) were replaced by this provision: (a) it is included in that assessable income under a provision of this Act outside this Division and Parts 3 ‑ 1 and 3 ‑ 3 (about capital gains and losses); or (6) That Division applies as if this section were added at the end of that Division:", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 1 (items 14–18): 10 Dec 1999 (s 2(1)) Sch 5 (items 13, 14): 22 Feb 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s45-3"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 45-40", "Provision_Key": "s45-40", "Heading": "Application of Division to plant formerly owned by exempt entities", "Text": "(1) There are the consequences set out in this table for a transition entity that disposes of the plant, interest in plant or interest (or part) in a partnership to an entity specified in subsection (3). Consequences for transition entities Item In this situation: There are these consequences: 1 The entity chooses, under section 58 ‑ 20, that depreciation deductions and balancing adjustments are to be calculated by reference to the notional written down value of plant (a) section 45 ‑ 5 has effect as if paragraph 45 ‑ 5(2)(b) were omitted and replaced by paragraph 58 ‑ 85(8)(a); and (b) section 45 ‑ 10 has effect as if paragraph 45 ‑ 10(2)(b) operated on that part of the amount worked out under paragraph 58 ‑ 85(8)(a) that has been or would be reflected in the entity’s interest in the partnership net income or partnership loss if that amount were an amount deducted for depreciation of the plant. 2 The entity chooses, under section 58 ‑ 20, that depreciation deductions and balancing adjustments are to be calculated by reference to the undeducted pre ‑ existing audited book value of plant (a) section 45 ‑ 5 has effect as if paragraph 45 ‑ 5(2)(b) were omitted and replaced by paragraph 58 ‑ 145(8)(a); and (b) section 45 ‑ 10 has effect as if paragraph 45 ‑ 10(2)(b) operated on that part of the amount worked out under paragraph 58 ‑ 145(8)(a) that has been or would be reflected in the entity’s interest in the partnership net income or partnership loss if that amount were an amount deducted for depreciation of the plant. (2) There are the consequences set out in this table for an entity that: (a) acquired the plant from a tax exempt vendor in connection with the acquisition of a business; and (b) disposes of the plant, interest in plant or interest (or part) in a partnership to an entity specified in subsection (3). Consequences for transition entities Item In this situation: There are these consequences: 1 The entity chooses, under section 58 ‑ 155, that depreciation deductions and balancing adjustments are to be calculated by reference to the notional written down value of plant (a) section 45 ‑ 5 has effect as if paragraph 45 ‑ 5(2)(b) were omitted and replaced by paragraph 58 ‑ 215(3)(a); and (b) section 45 ‑ 10 has effect as if paragraph 45 ‑ 10(2)(b) operated on that part of the amount worked out under paragraph 58 ‑ 215(3)(a) that has been or would be reflected in the entity’s interest in the partnership net income or partnership loss if that amount were an amount deducted for depreciation of the plant. 2 The entity chooses, under section 58 ‑ 155, that depreciation deductions and balancing adjustments are to be calculated by reference to the undeducted pre ‑ existing audited book value of plant (a) section 45 ‑ 5 has effect as if paragraph 45 ‑ 5(2)(b) were omitted and replaced by paragraph 58 ‑ 270(3)(a); and (b) section 45 ‑ 10 has effect as if paragraph 45 ‑ 10(2)(b) operated on that part of the amount worked out under paragraph 58 ‑ 270(3)(a) that has been or would be reflected in the entity’s interest in the partnership net income or partnership loss if that amount were an amount deducted for depreciation of the plant. (3) The entities are: (a) an exempt entity; or (b) the trustee of a complying superannuation fund; or (c) the trustee of a complying approved deposit fund; or (d) the trustee of a pooled superannuation trust; or (e) an entity that is not an Australian resident; or (f) an entity that is a State/Territory body for the purposes of Division 1AB of Part III of the Income Tax Assessment Act 1936 and whose income is exempt under that Division. Apportionment (4) If the entity concerned disposed of an interest in the plant rather than the plant (for a paragraph 45 ‑ 5(2)(b) case), instead of the amount worked out under the table in subsection (1) or (2), the entity uses so much of that amount as is attributable to that interest. (5) If the entity concerned disposed of part of its interest in the plant rather than all of it (for a paragraph 45 ‑ 10(2)(b) case), instead of the amount worked out under the table in subsection (1) or (2), the entity uses so much of that amount as is attributable to that part of that interest.", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 1 (items 14–18): 10 Dec 1999 (s 2(1)) Sch 5 (items 13, 14): 22 Feb 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s45-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 50-1", "Provision_Key": "s50-1", "Heading": "Application of Division 50 of the Income Tax Assessment Act 1997", "Text": "Division 50 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s50-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 50-50", "Provision_Key": "s50-50", "Heading": "Charities established prior to 1 July 1997", "Text": "Disregard the use of the following amounts in determining (for the purposes of Subdivision 50 ‑ A of the Income Tax Assessment Act 1997 whether a fund established before 1 July 1997 operates and pursues its purposes in Australia: (a) an amount received by the entity before 1 July 1997; (b) an amount derived from an amount mentioned in paragraph (a) or this paragraph.", "Amendment_Count": 2, "First_Amended": "No 169 of 2012", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 169 of 2012 | No 124 of 2013", "History_Notes": "Inserted by No 169 of 2012, effective Sch 2 (item 40): 3 Dec 2012 (s 2(1)) | Amended by No 124 of 2013, effective Sch 2 (item 47): 11 July 2013 ( see F2013L01359) Sch 11 (item 4): 3 Dec 2014 (s 2(1) item 15) Sch 11 (items 7–9): 28 June 2013 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s50-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 51-1", "Provision_Key": "s51-1", "Heading": "Application of Division 51 of the Income Tax Assessment Act 1997", "Text": "Division 51 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s51-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 52-1", "Provision_Key": "s52-1", "Heading": "Application of Division 52 of the Income Tax Assessment Act 1997", "Text": "Division 52 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s52-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 53-1", "Provision_Key": "s53-1", "Heading": "Application of Division 53 of the Income Tax Assessment Act 1997", "Text": "Division 53 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s53-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 54-1", "Provision_Key": "s54-1", "Heading": "Application of Division 54 of the Income Tax Assessment Act 1997", "Text": "(1) Division 54 of the Income Tax Assessment Act 1997 applies to assessments for the 2001 ‑ 2002 income year and later income years. (2) However, the Division does not apply unless the date of the settlement or order is 26 September 2001 or a later date.", "Amendment_Count": 2, "First_Amended": "No 139 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 139 of 2002 | No 143 of 2007", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002 | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s54-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 55-1", "Provision_Key": "s55-1", "Heading": "Application of Division 55 of the Income Tax Assessment Act 1997", "Text": "Division 55 of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s55-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 59-50", "Provision_Key": "s59-50", "Heading": "Indigenous holding entities", "Text": "Without limiting subsection 59 ‑ 50(6) of the Income Tax Assessment Act 1997 , an entity was an Indigenous holding entity at a time if: (a) the time occurred: (i) during an income year starting on or after 1 July 2008; and (ii) before the commencement of Chapter 2 of the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 ; and (b) at that time, the entity was endorsed under Subdivision 50 ‑ B of the Income Tax Assessment Act 1997 as exempt from income tax because the entity was covered by item 1.1, 1.5, 1.5A or 1.5B of the table in section 50 ‑ 5 of that Act, as in force at that time.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 2 (item 47): 11 July 2013 ( see F2013L01359) Sch 11 (item 4): 3 Dec 2014 (s 2(1) item 15) Sch 11 (items 7–9): 28 June 2013 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s59-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 61-575", "Provision_Key": "s61-575", "Heading": "Application of Subdivision 61 ‑ L of the Income Tax Assessment Act 1997", "Text": "Subdivision 61 ‑ L (Tax offset for Medicare levy surcharge (lump sum payments in arrears)) of the Income Tax Assessment Act 1997 applies to assessments for the 2005 ‑ 06 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s61-575"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-1", "Provision_Key": "s70-1", "Heading": "Application of Division 70 of the Income Tax Assessment Act 1997", "Text": "(1) Division 70 (Trading stock) of the Income Tax Assessment Act 1997 applies to assessments for the 1997 ‑ 98 income year and later income years. (2) However, the sections of that Division listed in the table apply in accordance with the corresponding sections of this Act. Application provisions for specific sections Item This section of the Income Tax Assessment Act 1997 ... Applies as described in this provision of this Act ... 1 70 ‑ 20 70 ‑ 20 2 70 ‑ 55 70 ‑ 55(1) 3 70 ‑ 70 70 ‑ 70 4 70 ‑ 90 70 ‑ 90 5 70 ‑ 95 70 ‑ 90 6 70 ‑ 100 70 ‑ 100 7 70 ‑ 105 70 ‑ 105 8 70 ‑ 115 70 ‑ 115", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-10", "Provision_Key": "s70-10", "Heading": "Accounting for your disposal of items that stop being trading stock because of the change of definition", "Text": "(1) This section explains how to account for your disposal of an item during or after the 1997 ‑ 98 income year if: (a) just before that income year, the item was an item of your trading stock, as defined in subsection 6(1) of the Income Tax Assessment Act 1936 as in force at that time; and (b) at no time since that time has the item been an item of your trading stock, as defined in section 70 ‑ 10 of the Income Tax Assessment Act 1997 . Example: This section applies to an item you produced, manufactured, acquired or purchased before 1997 ‑ 98 for manufacture, sale or exchange, but have not held for that purpose at any time since just before the start of that year. If the disposal is outside the ordinary course of business (2) If: (a) the disposal occurred on or after 1 July 1997; and (b) former subsection 36(1) of the Income Tax Assessment Act 1936 (dealing with disposals of trading stock outside the ordinary course of business) would have applied to the disposal if it had occurred before 1 July 1997; sections 70 ‑ 90 and 70 ‑ 95 of the Income Tax Assessment Act 1997 (dealing with disposals of trading stock outside the ordinary course of business) apply to your disposal of the item as if it were an item of your trading stock (as defined in section 70 ‑ 10 of the Income Tax Assessment Act 1997 ). Note: This ensures that your assessable income includes the market value of the item on the day of disposal. This counters your deduction under the Income Tax Assessment Act 1936 for your expenditure to acquire the item as trading stock. Additional rule for early balancers (3) If the disposal occurred before 1 July 1997, then, for the purposes of former subsection 36(1) of the Income Tax Assessment Act 1936 (dealing with disposals of trading stock outside the ordinary course of business), the item is taken to have been, at the time of the disposal, trading stock as defined in section 70 ‑ 10 of the Income Tax Assessment Act 1997 . Note: See the note to subsection (2). Deduction for closing value at end of 1996 ‑ 97 (4) If: (a) former subsection 36(1) of the Income Tax Assessment Act 1936 applies to the disposal, or would have if it had occurred before 1 July 1997; and (b) the item’s value was taken into account at the end of the 1996 ‑ 97 income year under former Subdivision B (Trading stock) of Division 2 of Part III of the Income Tax Assessment Act 1936 ; you can deduct for the income year of the disposal the item’s value as so taken into account. Note: This deduction offsets the effect of the item’s value not having been taken into account under Subdivision 70 ‑ C of the Income Tax Assessment Act 1997 at the start of the income year of the disposal.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Repealed and substituted by No 16 of 1998, effective Sch 7: 16 Apr 1998 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-20", "Provision_Key": "s70-20", "Heading": "Application of section 70 ‑ 20 of the Income Tax Assessment Act 1997 to trading stock bought on or after 1 July 1997", "Text": "Section 70 ‑ 20 (Non ‑ arm’s length transactions) of the Income Tax Assessment Act 1997 applies to purchases that take place on or after 1 July 1997.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-55", "Provision_Key": "s70-55", "Heading": "Cost of live stock acquired by natural increase", "Text": "(1) Section 70 ‑ 55 of the Income Tax Assessment Act 1997 applies to animals acquired by natural increase in or after the 1997 ‑ 98 income year. (2) For the purposes of Subdivision 70 ‑ C of the Income Tax Assessment Act 1997 , the cost of an animal acquired by natural increase before the 1997 ‑ 98 income year is the cost price of the animal under former section 34 of the Income Tax Assessment Act 1936 . (3) For the purposes of Subdivision 70 ‑ C of the Income Tax Assessment Act 1997 , the cost of an animal acquired by a partnership by natural increase before the 1997 ‑ 98 income year depends on whether its cost price has been used in working out the share of a partner in the partnership’s net income or partnership loss for an earlier income year: (a) if it has, the cost is that cost price, or the lowest of those cost prices if more than one cost price was used to work out the respective shares of partners; (b) if it has not, the cost is the minimum cost price prescribed for the purposes of former section 34 of the Income Tax Assessment Act 1936 for that class of animal for the time when the animal was acquired, or the animal’s actual cost price if no minimum was prescribed. Note 1: Former section 93 of the Income Tax Assessment Act 1936 allowed each partner to choose the cost price of an animal for working out the partner’s share of the partnership’s net income or partnership loss for income years before the 1997 ‑ 98 income year. Note 2: Former section 34 of the Income Tax Assessment Act 1936 provides for the valuation of live stock acquired by natural increase before the 1997 ‑ 98 income year.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 16 of 1998, effective Sch 7: 16 Apr 1998 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-70", "Provision_Key": "s70-70", "Heading": "Valuing interests in FIFs on hand at the start of 1991 ‑ 92", "Text": "(1) If: (a) an interest in a FIF was an item of your trading stock on hand at the start of the 1991 ‑ 92 income year; and (b) that interest was also an item of your trading stock on hand at the end of the 1997 ‑ 98 income year or a later income year; the value of the item at the end of the 1997 ‑ 98 or later income year is the value of the item as taken into account under former Subdivision B (Trading stock) of Division 2 of Part III of the Income Tax Assessment Act 1936 at the start of the 1991 ‑ 92 income year. (2) This section has effect despite section 70 ‑ 45 (the general rule about how to value your trading stock at the end of the income year) of the Income Tax Assessment Act 1997 , but subject to subsection 70 ‑ 70(2) (which allows you to elect to value all your interests in FIFs at their market value instead) of that Act. Effect of election under former subsection 31(5) of the Income Tax Assessment Act 1936 on valuation of interests in FIFs (3) If you made an election under former subsection 31(5) of the Income Tax Assessment Act 1936 (to value all your interests in FIFs at market value), subsection 70 ‑ 70(2) of the Income Tax Assessment Act 1997 applies to your interests in FIFs as if you had made an election under subsection 70 ‑ 70(2).", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-70"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-90", "Provision_Key": "s70-90", "Heading": "Application of sections 70 ‑ 90 and 70 ‑ 95 of the Income Tax Assessment Act 1997 to disposals of trading stock outside the ordinary course of business", "Text": "Sections 70 ‑ 90 (Assessable income on disposal of trading stock outside the ordinary course of business) and 70 ‑ 95 (Purchase price is taken to be market value) of the Income Tax Assessment Act 1997 apply to a disposal of an item of trading stock that takes place on or after 1 July 1997.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-90"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-100", "Provision_Key": "s70-100", "Heading": "Application of section 70 ‑ 100 of the Income Tax Assessment Act 1997 to disposals of trading stock outside ordinary course of business", "Text": "Basic application (1) Section 70 ‑ 100 (Notional disposal when you stop holding an item as trading stock) of the Income Tax Assessment Act 1997 applies to trading stock that stops being trading stock on hand of an entity on or after 1 July 1997. Transitional provision if that section affects an assessment for 1996 ‑ 97 (2) The value of trading stock to which subsection (4) of that section applies is to be worked out using the rules in the Income Tax Assessment Act 1936 (and not the rules in Subdivision 70 ‑ C of the Income Tax Assessment Act 1997 ) if: (a) that section affects an assessment for the 1996 ‑ 97 year of income under the Income Tax Assessment Act 1936 ; and (b) an election is made under subsection (4) of that section to value trading stock at what would have been its value at the end of an income year ending on the day it became trading stock on hand of the second entity. Note: Section 70 ‑ 100 of the Income Tax Assessment Act 1997 may affect an assessment for the 1996 ‑ 97 income year if any of the entities with an interest in the trading stock (either before or after it becomes trading stock on hand of the second entity) has a 1996 ‑ 97 income year ending on or after 1 July 1997.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-105", "Provision_Key": "s70-105", "Heading": "Application of section 70 ‑ 105 of the Income Tax Assessment Act 1997 to deaths on or after 1 July 1997", "Text": "(1) Section 70 ‑ 105 (Death of owner) of the Income Tax Assessment Act 1997 applies to trading stock that devolves as a result of a person dying on or after 1 July 1997. Transitional provision if that section affects an assessment for 1996 ‑ 97 (2) The value of an item to which subsection (3) or (4) of that section applies is to be worked out using the rules in the Income Tax Assessment Act 1936 (and not the rules in Subdivision 70 ‑ C of the Income Tax Assessment Act 1997 ) if: (a) that section affects an assessment for the 1996 ‑ 97 year of income under the Income Tax Assessment Act 1936 ; and (b) an election is made under subsection (3) or (4) of that section to value the item at an amount other than its market value. Note: Section 70 ‑ 105 of the Income Tax Assessment Act 1997 may affect an assessment for the 1996 ‑ 97 income year if an entity on which the item devolves has a 1996 ‑ 97 income year ending on or after 1 July 1997.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 70-115", "Provision_Key": "s70-115", "Heading": "Application of section 70 ‑ 115 of the Income Tax Assessment Act 1997 to insurance and indemnity payments in 1997 ‑ 98 and later income years", "Text": "Section 70 ‑ 115 (Compensation for lost trading stock) of the Income Tax Assessment Act 1997 applies to an amount received in the 1997 ‑ 98 income year or a later income year by way of insurance or indemnity for a loss of trading stock, even if the loss occurred earlier. However, that section does not apply to an amount that is assessable income for an income year before the 1997 ‑ 98 income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 2 (items 1, 2), Sch 3 (items 1, 2), Sch 4 (items 1–4), Sch 5 (items 1, 2), Sch 6 (items 1, 2), Sch 7 (item 1), Sch 8 (item 1) , Sch 9 (items 1, 2), Sch 10 (item 1): and Sch 11 (item 1): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s70-115"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10", "Provision_Key": "s82-10", "Heading": "Pre ‑ 10 May 2006 entitlements— transitional termination payments", "Text": "(1) This Division applies in relation to a life benefit termination payment received by you on or after 1 July 2007 if: (a) the payment is received by you because you are entitled to it under a written contract, a law of the Commonwealth, a State, a Territory or another country, an instrument under such a law, a collective agreement within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 or an AWA within the meaning of that Act; and (b) the entitlement is provided for under that contract, law, instrument or agreement as in force just before 10 May 2006. (2) However, this Division does not apply in relation to a life benefit termination payment received by you on or after 1 July 2012 (except to the extent provided by Subdivision 82 ‑ E). (3) This Division applies in relation to a life benefit termination payment only to the extent that the contract, law or agreement as in force just before 10 May 2006 specifies the amount of the payment, or a way to work out a specific amount of the payment. (4) For the purpose of subsection (3), a specific amount can be worked out in ways including either or both of the following: (a) by a method or formula for working out the amount; (b) by provision for you or another person (or entity) to make a choice between forms of payment allowing amounts to be worked out as provided by subsection (3) and paragraph (a) of this subsection. Example: For paragraph (b), a specific amount of a life benefit termination payment that you receive on 1 July 2007 can be worked out from the terms of your written contract if the contract provided (just before 10 May 2006) for you to choose between payment in the form of a cash amount of $100,000 or the transfer to you of 10,000 shares in a specified company. Note: Section 80 ‑ 15 of the Income Tax Assessment Act 1997 allows for employment termination payments to include the transfer of property (for example, shares). If so, the market value of the property is included in the amount of the payment (except any part of the property for which separate consideration has been given). (5) To the extent that this Division applies to a life benefit termination payment, Subdivision 82 ‑ A of the Income Tax Assessment Act 1997 does not apply to the payment (subject to Subdivision 82 ‑ E of this Act). (6) In this Division: transitional termination payment means: (a) a life benefit termination payment to which this Division applies; or (b) if this Division applies to only part of a life benefit termination payment—that part of the payment.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 54 of 2009", "Amending_Acts": "No 9 of 2007 | No 8 of 2008 | No 54 of 2009", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent | Amended by No 8 of 2008, effective Schedules 1–7: 28 Mar 2008 (F2008L00959) Remainder: Royal Assent | Amended by No 54 of 2009, effective Sch 18 (item 10): 1 July 2009 (s 2(1) item 41)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10A", "Provision_Key": "s82-10a", "Heading": "Recipient has reached preservation age", "Text": "Application (1) This section applies to a transitional termination payment you receive (except any part of the payment that is a directed termination payment) if you are your preservation age or older on the last day of the income year in which you receive the payment. Note 1: You do not pay income tax on directed termination payments: see section 82 ‑ 10G. Note 2: Under section 82 ‑ 10C, you may also be entitled to a tax offset on the taxable component of a transitional termination payment you receive in an income year before the year in which you reached your preservation age. Tax free component (2) The tax free component of the payment is not assessable income and is not exempt income. Taxable component (3) The taxable component of the payment is assessable income. (4) You are entitled to a tax offset that ensures that the rate of income tax on the amount mentioned in subsection (6) (the low rate part ) does not exceed 15%. (5) You are entitled to a tax offset that ensures that the rate of income tax on the amount mentioned in subsection (7) (the middle rate part ) does not exceed 30%. Note: The remaining part is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (6) The low rate part is so much of the taxable component of the payment as does not exceed your lower cap amount under section 82 ‑ 10B. (7) The middle rate part is so much of the taxable component of the payment as: (a) exceeds your low rate part (if any); and (b) does not exceed the amount worked out as follows: Note: If you have received another life benefit termination payment in the same income year (or in an earlier income year) that is not a transitional termination payment, your entitlement to a tax offset under this section is not affected by your entitlement (if any) to a tax concession for the other payment (under section 82 ‑ 10 of the Income Tax Assessment Act 1997 ).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10A"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10B", "Provision_Key": "s82-10b", "Heading": "Lower cap amount", "Text": "Initial lower cap amount is the ETP cap for the income year (1) Your lower cap amount in relation to a transitional termination payment you receive at a time in an income year is the ETP cap amount for the year, reduced in accordance with this section. Note: For the ETP cap amount, see section 82 ‑ 160 of the Income Tax Assessment Act 1997 . Reduction of lower cap amount in relation to each payment (2) Reduce your lower cap amount in relation to the payment (but not below zero): (a) by the amount (if any) (the cap excess ) worked out under subsection (3); and (b) by so much of the total amounts of transitional termination payments (if any) that you received at an earlier time (whether in the income year or in an earlier income year) for which you are entitled to a tax offset under subsection 82 ‑ 10A(4). (3) For paragraph (2)(a), the cap excess is worked out using this method: Method statement Step 1. Work out the total of the taxable components of all the amounts (if any) of transitional termination payments received by you (including any directed termination payments received on your behalf) in any income year before the income year in which you reached your preservation age. Step 2. Work out the total of the taxable components of all the directed termination payments (if any) received on your behalf at an earlier time, in the income year in which you reached your preservation age or later. Step 3. Work out the amount (the cap difference ) by which $1,000,000 exceeds the ETP cap for the income year in which you receive the payment to which subsection (1) applies. Step 4. The cap excess is the amount (not less than zero) by which the sum of the amounts in steps 1 and 2 exceeds the cap difference in step 3. Directed termination payments—time of receipt when received by entity to which they are directed (4) For the purposes of this section, a directed termination payment is taken to be received on your behalf at the time the entity to which it is directed receives the payment. ETP cap not to be reduced under section 82 ‑ 10 of the Income Tax Assessment Act 1997 (5) For the purposes of this section, disregard any reduction of the ETP cap amount under section 82 ‑ 10 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10B"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10C", "Provision_Key": "s82-10c", "Heading": "Recipient under preservation age", "Text": "Application (1) This section applies to a transitional termination payment you receive (except any part of the payment that is a directed termination payment) if you are under your preservation age on the last day of the income year in which you receive the payment. Note: You do not pay income tax on directed termination payments: see section 82 ‑ 10G. Tax free component (2) The tax free component of the payment is not assessable income and is not exempt income. Taxable component (3) The taxable component of the payment is assessable income. (4) You are entitled to a tax offset that ensures that the rate of income tax on the amount mentioned in subsection (5) does not exceed 30%. Note: The remainder of the taxable component is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (5) The amount is so much of the taxable component of the payment as does not exceed your upper cap amount under section 82 ‑ 10D. Note: If you have received another life benefit termination payment in the same income year (or in an earlier income year) that is not a transitional termination payment, your entitlement to a tax offset under this section is not affected by your entitlement (if any) to a tax concession for the other payment (under section 82 ‑ 10 of the Income Tax Assessment Act 1997 ).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10C"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10D", "Provision_Key": "s82-10d", "Heading": "Upper cap amount", "Text": "Initial upper cap amount is $1,000,000 (1) Your upper cap amount in relation to a transitional termination payment you receive at a time in an income year is $1,000,000, reduced in accordance with this section. Reduction of upper cap amount for each payment (2) Reduce your upper cap amount in relation to the payment (but not below zero): (a) by the total of all the amounts (if any) included in your assessable income under subsection 82 ‑ 10C(3) and subsection 82 ‑ 10A(3) that you received at an earlier time (whether in the income year or in an earlier income year); and (b) by the total amount of the taxable components of all directed termination payments (if any) received on your behalf at an earlier time (whether in the income year or in an earlier income year). Directed termination payments—time of receipt when received by entity to which they are directed (3) For this section, a directed termination payment is taken to be received on your behalf at the time the entity to which it is directed receives the payment.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent | Amended by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10D"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10E", "Provision_Key": "s82-10e", "Heading": "Transitional termination payments—pre ‑ payment statements", "Text": "(1) This section applies if an entity (the payer ) proposes to pay a transitional termination payment to an individual. (2) The payer must give the individual a statement (a pre ‑ payment statement ) meeting the requirements of this section. (3) The statement must include the following information: (a) the amount (if any) that would be the tax free component of the transitional termination payment; (b) the amount (if any) that would be the taxable component of the transitional termination payment; (c) any other information specified in the regulations. (4) The statement must also include details of the opportunity to make a choice in accordance with section 82 ‑ 10F.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10E"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10F", "Provision_Key": "s82-10f", "Heading": "Directed termination payments", "Text": "(1) A transitional termination payment (or part of such a payment) is a directed termination payment if: (a) the individual chooses, in accordance with this section, to direct the payment (or part of the payment) to be made; and (b) the payment (or part of the payment) is made on the individual’s behalf as directed. Choice to make payment (2) An individual may choose, within 30 days after a pre ‑ payment statement about a transitional termination payment is given to the individual under section 82 ‑ 10E, to direct the payer to use all or part of the payment to make a payment on behalf of the individual: (a) to a complying superannuation plan; or (b) to purchase a superannuation annuity. (3) To make the choice, the individual must: (a) make it in the approved form; and (b) give the completed form to the payer. (4) The payer must, immediately after receiving a completed form under subsection (3): (a) give the entity (or entities) to which payment is directed written notice of the amount that is to be paid, and of the tax free component of the amount; and (b) comply with the direction (or directions) in the form.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10F"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10G", "Provision_Key": "s82-10g", "Heading": "Directed termination payments not assessable income and not exempt income", "Text": "A directed termination payment made on your behalf, that you are taken to receive under section 80 ‑ 20 of the Income Tax Assessment Act 1997 , is not assessable income and is not exempt income. Note 1: Directed termination payments are paid into a complying superannuation plan (or to purchase a superannuation annuity) on your behalf: see section 82 ‑ 10F. Note 2: The taxable component of the payment is included in the assessable income of the entity receiving the payment: see section 295 ‑ 190 of the Income Tax Assessment Act 1997 . Note 3: In addition, income tax may be payable on a benefit you later receive from the plan to which the directed termination payment is made: see Divisions 301 ‑ 307 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10G"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 82-10H", "Provision_Key": "s82-10h", "Heading": "Transitional termination payments may reduce ETP cap amount for payments under section 82 ‑ 10 after 1 July 2012", "Text": "(1) This section deals with the application of paragraph 82 ‑ 10(4)(b) of the Income Tax Assessment Act 1997 to an income year beginning on or after 1 July 2012. (2) For the purposes of that paragraph, the ETP cap amount is taken to be further reduced (but not below zero) by the amount mentioned in subsection (3) (the concessional amount ) of any transitional termination payment made in consequence of the same employment termination as the employment termination to which the paragraph applies. (3) The concessional amount of a transitional termination payment is the part (if any) of the taxable component of the payment for which you are entitled to a tax offset under section 82 ‑ 10A or 82 ‑ 10C of this Act.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s82-10H"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 83A-5", "Provision_Key": "s83a-5", "Heading": "Application of Division 83A of the Income Tax Assessment Act 1997", "Text": "(1) Division 83A of the Income Tax Assessment Act 1997 applies in relation to an ESS interest if: (a) the interest was acquired on or after 1 July 2009; and (b) the relevant share or right (within the meaning of Division 13A of Part III of the Income Tax Assessment Act 1936 , as in force at the time (the pre ‑ Division 83A time ) occurring just before Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 commenced, ( former Division 13A )) was not acquired (within the meaning of former Division 13A) before 1 July 2009. (2) Furthermore, Subdivision 83A ‑ C of the Income Tax Assessment Act 1997 (and the rest of Division 83A of that Act, to the extent that it relates to that Subdivision) also applies in relation to an ESS interest if: (a) all of the following subparagraphs apply: (i) at the pre ‑ Division 83A time, subsection 139B(3) of the Income Tax Assessment Act 1936 applied in relation to the interest; (ii) the interest was acquired (within the meaning of former Division 13A) before 1 July 2009; (iii) the cessation time mentioned in subsection 139B(3) of the Income Tax Assessment Act 1936 , as in force at the pre ‑ Division 83A time, for the interest did not occur before 1 July 2009; or (b) all of the following subparagraphs apply: (i) at the pre ‑ Division 83A time, section 26AAC of the Income Tax Assessment Act 1936 , as in force at that time, ( former section 26AAC ) applied in relation to the interest; (ii) the interest was acquired (within the meaning of former section 26AAC) before 1 July 2009; (iii) an amount has not been included in a person’s assessable income under former section 26AAC in relation to the interest before 1 July 2009. (2A) To avoid doubt, for the purposes of subparagraph (2)(a)(i), section 139CDA of the Income Tax Assessment Act 1936 applied to the interest at the pre ‑ Division 83A time if the taxpayer in question first became or becomes an employee, as mentioned in that section, before the cessation time for the interest. It does not matter whether the employee so became or becomes an employee before, on or after the pre ‑ Division 83A time. Note: Section 139CDA was about shares or rights acquired while engaged in foreign service. (3) Subsection (2) applies despite section 83A ‑ 105 of the Income Tax Assessment Act 1997 . (4) If Subdivision 83A ‑ C of the Income Tax Assessment Act 1997 applies in relation to an ESS interest because of subsection (2): (a) do not include an amount in your assessable income under subsection 83A ‑ 110(1) of that Act in relation to the ESS interest to the extent that the amount relates to your employment outside Australia; and (b) subject to subsection 83A ‑ 115(3) or 83A ‑ 120(3) of that Act, whichever is applicable, treat the ESS deferred taxing point for the interest as being: (i) if paragraph (2)(a) of this section applies—the cessation time mentioned in subparagraph (2)(a)(iii); or (ii) if paragraph (2)(b) applies—the earliest time at which an amount is included in a person’s assessable income under former section 26AAC in relation to the interest; and (c) treat the reference in subsection 83A ‑ 115(3) or 83A ‑ 120(3) (30 day rule for ESS deferred taxing point), whichever is applicable, of that Act to the time worked out under subsection 83A ‑ 115(2) or 83A ‑ 120(2) of that Act as being a reference to the time worked out under paragraph (b) of this subsection; and (d) treat the requirements in paragraphs 83A ‑ 310(1)(a), (b) and (c) of that Act as being satisfied in relation to the interest if, and only if: (i) if paragraph (2)(a) applies—the 2 requirements mentioned in section 139DD of the Income Tax Assessment Act 1936 (as in force at the pre ‑ Division 83A time) are satisfied in relation to the interest; or (ii) if paragraph (2)(b) applies—the requirements in paragraphs (8D)(a), (b) and (c) of former section 26AAC are satisfied in relation to the interest; and (e) Subdivision 14 ‑ C in Schedule 1 to the Taxation Administration Act 1953 (about TFN withholding tax (ESS)) does not apply to the ESS interest; and (f) if paragraph (2)(a) applies: (i) for the purposes of Division 115 of the Income Tax Assessment Act 1997 (Discount capital gains and trusts’ net capital gains), treat the ESS interest as having been acquired by an individual when the individual acquired the legal title in the share or right of which the ESS interest forms part; and (ii) for the purposes of Division 392 in Schedule 1 to the Taxation Administration Act 1953 (Statements), disregard any election made under former section 139E of the Income Tax Assessment Act 1936 ; and (g) if paragraph (2)(b) applies—paragraph 82 ‑ 135(m) of the Income Tax Assessment Act 1997 does not apply in relation to the ESS interest.", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 41 of 2011 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009 | Amended by No 41 of 2011, effective Schedule 5 (items 30–32, 397, 419): Royal Assent | Amended by No 105 of 2015, effective sch 1 (items 42, 44): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s83A-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 83A-10", "Provision_Key": "s83a-10", "Heading": "Savings—continued operation of former provisions", "Text": "(1) This section applies if: (a) at the time (the pre ‑ Division 83A time ) occurring just before Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 commenced: (i) Division 13A of Part III of the Income Tax Assessment Act 1936 , as in force at that time, ( former Division 13A ) applied in relation to a share or right (within the meaning of former Division 13A); or (ii) section 26AAC of that Act, as in force at that time, applied in relation to a share or right (within the meaning of that section as in force at that time); and (b) if there is a beneficial interest in the share or right that is an ESS interest—Division 83A of the Income Tax Assessment Act 1997 does not apply in relation to the interest under section 83A ‑ 5. (2) If subparagraph (1)(a)(i) applies, to avoid doubt, former Division 13A continues to apply (in spite of its repeal) to the share or right. (3) If subparagraph (1)(a)(ii) applies, to avoid doubt, sections 26AAC and 26AAD of the Income Tax Assessment Act 1936 , as in force at the pre ‑ Division 83A time, continue to apply (in spite of their repeal) to the share or right.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s83A-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 83A-15", "Provision_Key": "s83a-15", "Heading": "Indeterminate rights", "Text": "(1) This section applies if: (a) you acquired a beneficial interest in a right before 1 July 2009; and (b) on or after 1 July 2009, the right becomes a right to acquire a beneficial interest in a share. (2) Division 13A of the Income Tax Assessment Act 1936 is taken to have applied as if the right had always been a right to acquire the beneficial interest in the share. Amendment of assessments (3) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment at any time for the purpose of giving effect to subsection (2) of this section.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 133 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009 | Amended by No 41 of 2011, effective Schedule 5 (items 30–32, 397, 419): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s83A-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 102-1", "Provision_Key": "s102-1", "Heading": "Application of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997", "Text": "Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (about capital gains and capital losses) apply to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s102-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 102-5", "Provision_Key": "s102-5", "Heading": "Working out capital gains and capital losses", "Text": "General rule (1) In working out whether you have made a capital gain or a capital loss from a CGT event that happens in relation to a CGT asset in the 1998 ‑ 99 income year or a later income year, you use only the provisions of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 (or a provision of an Act that modifies the operation of those Parts) unless a provision of this Part or Part 3 ‑ 3 of this Act also requires you to use another provision. Note 1: This means that, for example, in working out your cost base of the asset, you will apply the new law to circumstances that occurred before the 1998 ‑ 99 income year (except where this Act requires you to use another provision). Note 2: In most cases, the other provision is a provision of this Act. However, in some cases, other provisions may be relevant (for example, provisions of the Income Tax Assessment Act 1936 ). Note 3: Part X of the Income Tax Assessment Act 1936 includes provisions that modify the operation of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 . Roll ‑ overs (2) If: (a) an entity acquired a CGT asset before the start of the 1998 ‑ 99 income year as part of a transaction or event or series of transactions or events in respect of which there was a roll ‑ over under the Income Tax Assessment Act 1936 ; and (b) the entity owned the asset just before the start of that income year; and (c) a CGT event happens in relation to the asset in that income year or a later one; the provisions of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 apply to the asset from the time when the roll ‑ over happened except that the first element of the cost base and reduced cost base of the asset (when the roll ‑ over happened) is the amount the entity is taken to have paid as consideration in respect of the acquisition of the asset under the relevant provision of the Income Tax Assessment Act 1936.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 46 of 1998 | No 114 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s102-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 102-15", "Provision_Key": "s102-15", "Heading": "Applying net capital losses", "Text": "(1) In working out whether you have a net capital gain for the 1998 ‑ 99 income year, the amount of any net capital loss for the 1997 ‑ 98 income year or an earlier income year must be worked out under the Income Tax Assessment Act 1936 . (2) If you had a net capital loss for the 1997 ‑ 98 income year, or some unapplied net capital loss for either of the 2 preceding income years, under former Part IIIA of the Income Tax Assessment Act 1936 , it can be carried forward to a later income year to be applied under the Income Tax Assessment Act 1997 . Note: The way in which capital losses can be applied may be affected by other provisions: see section 102 ‑ 30 of the Income Tax Assessment Act 1997. (3) If you had a net listed personal ‑ use asset loss for the 1997 ‑ 98 income year under former Part IIIA of the Income Tax Assessment Act 1936, it is taken for the purposes of the Income Tax Assessment Act 1997 to be a net capital loss from collectables for that income year.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s102-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 102-20", "Provision_Key": "s102-20", "Heading": "Net capital gains, capital gains and capital losses for income years before 1998 ‑ 99", "Text": "For the 1997 ‑ 98 income year or an earlier income year: capital gain has the meaning given by former Part IIIA of the Income Tax Assessment Act 1936 . capital loss has the meaning given by former Part IIIA of the Income Tax Assessment Act 1936 . net capital gain has the meaning given by former Part IIIA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s102-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 102-25", "Provision_Key": "s102-25", "Heading": "Transitional capital gains tax provisions for certain Cocos (Keeling) Islands and Norfolk Island assets", "Text": "(1) If: (a) an entity was a prescribed person (within the meaning of former Division 1A of Part III of the Income Tax Assessment Act 1936 ) because of residence in the Territory of Cocos (Keeling) Islands on or before 30 June 1991; and (b) the entity acquired a CGT asset on or before that day; and (c) the asset is not a pre ‑ CGT asset; and (d) had a CGT event happened in relation to the asset immediately before 1 July 1991, and had the Income Tax Assessment Act 1997 been in force at the time of the event, any capital gain or capital loss from the event would have been disregarded because the entity was a prescribed person; then, for the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 : (e) the asset is taken to have been acquired by the entity on 30 June 1991; and (f) the first element of the asset’s cost base in the hands of the entity (at the end of that day) is its market value at that time. Note: A prescribed person was a Territory resident, a Territory company or a trustee of a Territory trust, as defined by former sections 24C, 24D and 24E of the Income Tax Assessment Act 1936 . (2) If: (a) an entity was a prescribed person (within the meaning of former Division 1A of Part III of the Income Tax Assessment Act 1936 ) because of residence in Norfolk Island on or before 23 October 2015; and (b) the entity acquired a CGT asset on or before that day; and (c) the asset is not a pre ‑ CGT asset; and (d) had a CGT event happened in relation to the asset immediately before 24 October 2015, any capital gain or capital loss from the event would have been disregarded because the entity was a prescribed person; then Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 apply in relation to the asset as if references in those Parts to 20 September 1985 were references to 24 October 2015. (3) Despite Division 121 of the Income Tax Assessment Act 1997 , the entity is not required to keep records of: (a) the date of acquisition of an asset in relation to which subsection (1) of this section applies, or its cost base on 30 June 1991; or (b) the date of acquisition of an asset in relation to which subsection (2) of this section applies. (4) However, the entity may choose that subsection (1) does not apply in relation to an asset to which it would (apart from this subsection) apply if: (a) a CGT event happens in relation to the asset; and (b) as at the date on which it happens, the entity has complied with Division 121 of the Income Tax Assessment Act 1997 in relation to the asset.", "Amendment_Count": 2, "First_Amended": "No 53 of 2015", "Last_Amended": "No 20 of 2016", "Amending_Acts": "No 53 of 2015 | No 20 of 2016", "History_Notes": "Inserted by No 53 of 2015, effective sch 1 (item 18): 1 July 2016 (s 2) | Amended by No 20 of 2016, effective sch 1 (items 3 ‑ 6): 1 July 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s102-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-25", "Provision_Key": "s104-25", "Heading": "Cancellation, surrender and similar endings", "Text": "The capital proceeds from an ending referred to in subsection 104 ‑ 25(3) of the Income Tax Assessment Act 1997 in relation to shares are reduced by any amount that was taken into account as a capital gain for the shares under former section 160ZL of the Income Tax Assessment Act 1936 for the 1997 ‑ 98 income year or an earlier income year.", "Amendment_Count": 2, "First_Amended": "No 114 of 2000", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 114 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-40", "Provision_Key": "s104-40", "Heading": "Granting an option", "Text": "A capital gain or capital loss is disregarded if: (a) you made the capital gain or capital loss for the 1997 ‑ 98 income year or an earlier income year under former Part IIIA of the Income Tax Assessment Act 1936 because you granted an option to an entity, or renewed or extended an option you had granted; and (b) the other entity exercises the option in the 1998 ‑ 99 income year or a later income year.", "Amendment_Count": 2, "First_Amended": "No 114 of 2000", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 114 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-70", "Provision_Key": "s104-70", "Heading": "Capital payment before 18 December 1986 for trust interest", "Text": "(1) Section 104 ‑ 70 of the Income Tax Assessment Act 1997 applies for the purpose of working out the cost base of a unit or an interest you own in a trust if these conditions are satisfied: (a) CGT event E4 happens in relation to the unit; and (b) you were taken to have disposed of the unit or interest under former section 160ZM of the Income Tax Assessment Act 1936 (the former equivalent of CGT event E4) because of a payment made by the trustee before 18 December 1986; and (c) some or all of the payment (the non ‑ assessable part ) was not included in your assessable income; and (d) some or all of the non ‑ assessable part (the attributable part ) was attributable to a deduction under former Division 10C or 10D of Part III of the Income Tax Assessment Act 1936 (about capital works). (2) The cost base of the unit or interest is also reduced by the attributable part. (3) Subsection 104 ‑ 70(5) of the Income Tax Assessment Act 1997 also reduces the cost base and reduced cost base of a unit or interest to nil if an amount was taken into account as a capital gain for the unit or interest under former section 160ZM of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 173 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1)) | Amended by No 173 of 2000, effective Sch 4 (items 60–64, 65(1)): 21 Dec 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-70"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-135", "Provision_Key": "s104-135", "Heading": "Capital payment for shares", "Text": "Subsection 104 ‑ 135(3) of the Income Tax Assessment Act 1997 also reduces the cost base and reduced cost base of a share to nil if an amount was taken into account as a capital gain for the share under former section 160ZL of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 173 of 2000", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 173 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 173 of 2000, effective Sch 4 (items 60–64, 65(1)): 21 Dec 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-135"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-165", "Provision_Key": "s104-165", "Heading": "Choices made under subsection 104 ‑ 165(2) of the Income Tax Assessment Act 1997", "Text": "(1) This section applies if: (a) a choice was made under subsection 104 ‑ 165(2) of the Income Tax Assessment Act 1997 ; and (b) because of the choice, an asset is taken to have the necessary connection with Australia under subsection 104 ‑ 165(3) of the Income Tax Assessment Act 1997 just before the commencement of Schedule 4 of the Tax Laws Amendment (2006 Measures No. 4) Act 2006 . (2) To avoid doubt, the choice has effect for the purposes of subsection 104 ‑ 165(3) of the Income Tax Assessment Act 1997 as in force on and after that commencement. Note: This means that the asset will be taxable Australian property under the Income Tax Assessment Act 1997 as in force on and after that commencement.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-165"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-166", "Provision_Key": "s104-166", "Heading": "Subsection 104 ‑ 165(1) still applies if you continue to be a short term Australian resident", "Text": "Subsection 104 ‑ 165(1) of the Income Tax Assessment Act 1997 continues to apply, despite its repeal by item 20 of Schedule 1 to the Tax Laws Amendment (2006 Measures No. 1) Act 2006 , to an individual: (a) who is in Australia on the day on which that item receives the Royal Assent; and (b) who remains an Australian resident from that day until the time subsection 104 ‑ 165(1) is applied in respect of him or her.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-166"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-175", "Provision_Key": "s104-175", "Heading": "Company ceasing to be member of wholly ‑ owned group after roll ‑ over", "Text": "(1) Unless subsection (2) or (3) of this section applies, sections 104 ‑ 175 and 104 ‑ 180 of the Income Tax Assessment Act 1997 apply if there was a roll ‑ over under former section 160ZZO of the Income Tax Assessment Act 1936 for a disposal of an asset from one company to another company (the transferee ). (2) If CGT event J1 would happen in relation to the roll ‑ over in a situation involving something happening in relation to the transferee, that event does not happen if there would have been no deemed disposal and re ‑ acquisition of the asset by the transferee in that situation under whichever of these provisions would have been relevant for that situation if it had happened before the start of the 1998 ‑ 99 income year: (a) former section 160ZZOA of that Act; or (b) former paragraphs 160ZZO(1)(g) and (h) of that Act. (3) In working out whether subsection (2) affects you, take into account provisions of other Acts that amended former Part IIIA of the Income Tax Assessment Act 1936 and that affect the situation referred to in that subsection.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-175"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-185", "Provision_Key": "s104-185", "Heading": "Change of status of replacement asset for a roll ‑ over under Division 17A of former Part IIIA of the 1936 Act or Division 123 of the 1997 Act", "Text": "Section 104 ‑ 185 of the Income Tax Assessment Act 1997 applies to a replacement asset for a roll ‑ over under: (a) Division 17A of former Part IIIA of the Income Tax Assessment Act 1936 ; or (b) Division 123 of the Income Tax Assessment Act 1997 ; in the same way as it applies to a replacement asset for a roll ‑ over under Subdivision 152 ‑ E of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 173 of 2000", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 173 of 2000 | No 101 of 2006 | No 55 of 2007", "History_Notes": "Inserted by No 173 of 2000, effective Sch 4 (items 60–64, 65(1)): 21 Dec 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-185"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-205", "Provision_Key": "s104-205", "Heading": "Partial realisation of intellectual property", "Text": "Subsection 104 ‑ 205(3) of the Income Tax Assessment Act 1997 also reduces the cost base and reduced cost base of the item to nil if an amount was taken into account as a capital gain for the item under former section 160ZZD of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 173 of 2000", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 173 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 173 of 2000, effective Sch 4 (items 60–64, 65(1)): 21 Dec 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-205"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 104-235", "Provision_Key": "s104-235", "Heading": "CGT event K7: asset used for old law R&D activities", "Text": "Section applies if asset used for old law R&D activities (1) This section applies to an R&D entity if: (a) a balancing adjustment event happens in an income year commencing on or after 1 July 2011 for an asset held by the R&D entity; and (b) at some time when the R&D entity held the asset, it used the asset for the purpose of the carrying on by or on its behalf of research and development activities (within the meaning of former section 73B of the Income Tax Assessment Act 1936 ). Changed application of sections 104 ‑ 235 and 104 ‑ 240 (2) Sections 104 ‑ 235 and 104 ‑ 240 of the Income Tax Assessment Act 1997 (the new Act ) apply to the R&D entity for the event as if: (a) a reference in those sections to the purpose of conducting R&D activities for which you were registered under section 27A of the Industry Research and Development Act 1986 ; included: (b) a reference to the purpose described in paragraph (1)(b) of this section. Normal rules do not apply for the asset and the event (3) Neither of the following sections: (a) sections 104 ‑ 235 and 104 ‑ 240 of the new Act (as amended by the Tax Laws Amendment (Research and Development) Act 2011 ); (b) sections 104 ‑ 235 and 104 ‑ 240 of the new Act (as those sections apply because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011 ); to the extent that they would otherwise apply apart from this section to the R&D entity for the event, do so apply to the R&D entity for the event. Note 1: The sections described in paragraph (a) would otherwise apply for the event in a case where the R&D entity had used the asset for the purpose of conducting R&D activities for which it was registered under section 27A of the Industry Research and Development Act 1986 . Note 2: The sections described in paragraph (b) would otherwise apply in respect of the purpose described in paragraph (1)(b) of this section.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s104-235"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 108-5", "Provision_Key": "s108-5", "Heading": "CGT assets", "Text": "If: (a) an entity owned a thing that is not a form of property before 26 June 1992 and at all times from that day to the start of the entity’s 1998 ‑ 99 income year; and (b) that thing was not, before 26 June 1992, an asset as defined in former section 160A of the Income Tax Assessment Act 1936 ; the thing is not a CGT asset.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s108-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 108-15", "Provision_Key": "s108-15", "Heading": "Sets of collectables", "Text": "Section 108 ‑ 15 of the Income Tax Assessment Act 1997 does not apply to a collectable you own that you last acquired before 16 December 1995. Note: That section has special rules for the separate disposal of collectables that are a set.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s108-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 108-75", "Provision_Key": "s108-75", "Heading": "Capital improvements to CGT assets for which a roll ‑ over may be available", "Text": "(1) Subsection 108 ‑ 75(2) of the Income Tax Assessment Act 1997 applies to a roll ‑ over under former section 160ZWA of the Income Tax Assessment Act 1936 in the same way that it applies to a roll ‑ over under Subdivision 124 ‑ J of the Income Tax Assessment Act 1997 . (2) Subsection 108 ‑ 75(2) of the Income Tax Assessment Act 1997 applies to a roll ‑ over under former section 160ZZF of the Income Tax Assessment Act 1936 in the same way that it applies to a roll ‑ over under Subdivision 124 ‑ L of the Income Tax Assessment Act 1997 . (3) Subsection 108 ‑ 75(2) of the Income Tax Assessment Act 1997 applies to a roll ‑ over under former section 160ZZPE of the Income Tax Assessment Act 1936 in the same way that it applies to a roll ‑ over under Subdivision 124 ‑ C of the Income Tax Assessment Act 1997 . (4) Subsection 108 ‑ 75(2) of the Income Tax Assessment Act 1997 applies to a roll ‑ over under former section 160ZWC of the Income Tax Assessment Act 1936 in the same way that it applies to a roll ‑ over under Subdivision 124 ‑ K of the Income Tax Assessment Act 1997 . Note: This provision covers the case where the roll ‑ over occurred in the 1997 ‑ 98 income year or an earlier one and the relevant CGT event in the 1998 ‑ 99 income year or a later one.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s108-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 108-85", "Provision_Key": "s108-85", "Heading": "Improvement threshold", "Text": "Despite section 108 ‑ 85 of the Income Tax Assessment Act 1997 , the Commissioner is entitled to publish the improvement threshold for the 1998 ‑ 99 income year: (a) before the beginning of that year; or (b) within a reasonable time after the beginning of that year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s108-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 109-5", "Provision_Key": "s109-5", "Heading": "General acquisition rules", "Text": "(1) If: (a) the circumstances specified in the second column of the table in subsection 109 ‑ 5(2) of the Income Tax Assessment Act 1997 for CGT event E1, E2 or E3 happened in relation to an asset before 12 noon, by legal time in the Australian Capital Territory, on 12 January 1994; and (b) the trustee that owned the asset just after those circumstances happened also owned it at all times from then until the start of the trustee’s 1998 ‑ 99 income year; the question whether those circumstances resulted in an acquisition of an asset by the trustee is to be determined under the Income Tax Assessment Act 1936 as in force just before 12 noon, by legal time in the Australian Capital Territory, on 12 January 1994. (2) The acquisition rule for CGT event E9 (about an entity creating a trust over future property) in the table in subsection 109 ‑ 5(2) of the Income Tax Assessment Act 1997 does not apply to you as trustee if the agreement to create the trust was made before 12 noon, by legal time in the Australian Capital Territory, on 12 January 1994.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s109-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 110-25", "Provision_Key": "s110-25", "Heading": "Cost base of CGT asset of life insurance company or registered organisation", "Text": "For the purpose of working out the capital gain of a life insurance company or a registered organisation from a CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999 and before 1 July 2000, the cost base includes indexation only if the company or organisation chooses that the cost base includes indexation.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 89 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s110-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 110-35", "Provision_Key": "s110-35", "Heading": "Incidental costs", "Text": "Despite subsection 110 ‑ 35(2) of the Income Tax Assessment Act 1997 , expenditure for professional advice about taxation incurred before 1 July 1989 does not form part of the cost base of a CGT asset.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s110-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 112-20", "Provision_Key": "s112-20", "Heading": "Market value substitution rule", "Text": "In working out the cost base and reduced cost base of a CGT asset: (a) that you acquired before 16 August 1989; and (b) to which paragraph 112 ‑ 20(2)(b) or (c), or item 5 or 6 in the table in subsection 112 ‑ 20(3), of the Income Tax Assessment Act 1997 would apply (apart from this section); disregard subsections 112 ‑ 20(2) and (3) of that Act. Note: This section preserves the pre ‑ 16 August 1989 position for, among other things, shares or units issued or allotted to you by allowing the market value substitution rule to apply.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s112-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 112-100", "Provision_Key": "s112-100", "Heading": "Effect of terminated gold mining exemptions", "Text": "(1) This section affects how to work out a capital gain or capital loss you make from a CGT event that happens to a CGT asset after 31 December 1990 if: (a) before 1 January 1991, you used the asset (other than on a prior holding of it) solely for the purpose of producing exempt income, and principally for the purpose of producing exempt income to which former paragraph 23(o) or former subsection 23C(1) of the Income Tax Assessment Act 1936 (about income from producing or selling gold) applied; and (b) you owned the asset continuously from the end of 31 December 1990 until the CGT event. Capital gain (2) For the purposes of working out a capital gain you make from the CGT event, if the asset’s market value at the end of 31 December 1990 was more than its cost base at that time, the first element of its cost base at that time is that market value. Capital loss (3) The rest of this section has effect for the purposes of working out a capital loss you make from the CGT event. (4) If the asset’s market value at the end of 31 December 1990 was less than its reduced cost base at that time, the first element of its reduced cost base at that time is that market value. (5) In applying section 110 ‑ 55 of the Income Tax Assessment Act 1997 (about reduced cost base): (a) treat your notional deductions (within the meaning of Subdivision B or C of former Division 16H of Part III of the Income Tax Assessment Act 1936 ) as amounts you have deducted; and (b) disregard the effect of former sections 159GZZO and 159GZZZ of that Act.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s112-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 114-5", "Provision_Key": "s114-5", "Heading": "When indexation relevant", "Text": "Indexation is not relevant to the capital gain of a life insurance company or a registered organisation from a CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999 and before 1 July 2000 unless the company or organisation has chosen that the cost base include indexation for the purposes of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 89 of 2000 | No 32 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s114-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 118-10", "Provision_Key": "s118-10", "Heading": "Interests in collectables", "Text": "(1) This section applies to a collectable you own that: (a) is an interest in: (i) artwork, jewellery, an antique or a coin or medallion; or (ii) a rare folio, manuscript or book; or (iii) a postage stamp or first day cover; and (b) you last acquired before 16 December 1995. (2) A capital gain or capital loss you make from the interest is disregarded if the first element of its cost base is $500 or less.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 46 of 1998 | No 173 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 173 of 2000, effective Sch 4 (items 60–64, 65(1)): 21 Dec 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s118-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 118-24A", "Provision_Key": "s118-24a", "Heading": "Pilot plant", "Text": "(1) Disregard a capital gain or capital loss you make from a CGT event happening in relation to pilot plant, as defined in former subsection 73B(1) of the Income Tax Assessment Act 1936 : (a) if the CGT event happens after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999; or (b) if: (i) the CGT event is CGT event A1 (disposal of a CGT asset); and (ii) the time of the event is when you entered into the contract for the disposal of the CGT asset; and (iii) the change of ownership constituting the disposal occurred after 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999. (2) However, subsection (1) does not apply to assessments for the 2001 ‑ 2002 income year and later income years.", "Amendment_Count": 3, "First_Amended": "No 170 of 2001", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 170 of 2001 | No 143 of 2007 | No 93 of 2011", "History_Notes": "Inserted by No 170 of 2001, effective Sch 2 (item 3): 1 Oct 2001 (s 2(1)) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014 | Amended by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s118-24A"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 118-110", "Provision_Key": "s118-110", "Heading": "Foreign residents", "Text": "(1) None of the amendments made by Part 1 of Schedule 1 to the Treasury Laws Amendment (Reducing Pressure on Housing Affordability Measures) Act 2019 apply in relation to a capital gain or capital loss you make from a CGT event if: (a) the CGT event happens on or before 30 June 2020; and (b) you held an ownership interest in the dwelling to which the CGT event relates throughout the period: (i) starting just before 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 2017; and (ii) ending just before the CGT event happens. (2) For the purposes of paragraph (1)(b), treat the ownership interest in the dwelling as having been held by you during a time during which the interest was held by: (a) in relation to sections 118 ‑ 195 to 118 ‑ 210 of the Income Tax Assessment Act 1997 —the deceased or the trustee of the deceased estate; or (b) in relation to sections 118 ‑ 215 to 118 ‑ 230 of that Act—the trustee of the special disability trust.", "Amendment_Count": 1, "First_Amended": "No 129 of 2019", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 129 of 2019", "History_Notes": "Inserted by No 129 of 2019, effective sch 1 (items 32, 33): 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s118-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 118-195", "Provision_Key": "s118-195", "Heading": "Exemption—dwelling acquired from deceased estate", "Text": "(1) This section applies to an entity: (a) that acquired an ownership interest in a dwelling as trustee of a deceased estate on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; or (b) to whom an ownership interest in a dwelling passed as a beneficiary in a deceased estate on or before that time. (2) Item 1 in the table in subsection 118 ‑ 195(1) of the Income Tax Assessment Act 1997 applies to the entity in relation to the dwelling as if that item required the dwelling to be the deceased’s main residence throughout the deceased’s ownership period. (3) Section 118 ‑ 192 and subsections 118 ‑ 190(4) and 118 ‑ 200(4) do not apply to the entity in relation to the dwelling.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s118-195"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 118-260", "Provision_Key": "s118-260", "Heading": "Business exemption threshold", "Text": "Despite section 118 ‑ 260 of the Income Tax Assessment Act 1997 , the Commissioner is entitled to publish the business exemption threshold for the 1998 ‑ 99 income year: (a) before the beginning of that year; or (b) within a reasonable time after the beginning of that year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s118-260"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 119-1", "Provision_Key": "s119-1", "Heading": "Application of Division 119 of the Income Tax Assessment Act 1997", "Text": "Division 119 of the Income Tax Assessment Act 1997 applies in relation to capital gains from CGT events happening on or after 1 July 2027.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (item 60): 1 July 2026 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s119-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 121-15", "Provision_Key": "s121-15", "Heading": "Retaining records under Division 121", "Text": "If you were retaining records under former section 160ZZU of the Income Tax Assessment Act 1936 for an asset, you must continue to retain them in accordance with Division 121 of the Income Tax Assessment Act 1997.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s121-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 121-25", "Provision_Key": "s121-25", "Heading": "Records for mergers between qualifying superannuation funds", "Text": "(1) A superannuation fund to which former subsection 160ZZU(6A) of the Income Tax Assessment Act 1936 applied just before the start of the 1998 ‑ 99 income year must keep the records referred to in that subsection, and retain them until the end of 30 June 2002. (2) A superannuation fund to which former subsection 160ZZU(6B) of the Income Tax Assessment Act 1936 applied just before the start of the 1998 ‑ 99 income year in relation to a CGT asset must keep the records referred to in that subsection for the asset, and retain them until the end of 5 years after CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset. Note: The full list of CGT events is in section 104 ‑ 5 of the Income Tax Assessment Act 1997 . Penalty: 30 penalty units. (3) Subsection (1) or (2) does not require a fund to retain records if the Commissioner notifies the fund that the retention of the records is not required.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 46 of 1998 | No 101 of 2006 | No 61 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 61 of 2016, effective sch 2 (item 50): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s121-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 124-140", "Provision_Key": "s124-140", "Heading": "New statutory licence—ASGE licence etc.", "Text": "(1) Sections 124 ‑ 141 and 124 ‑ 142 apply if: (a) there are one or more roll ‑ overs under section 124 ‑ 140 of the Income Tax Assessment Act 1997 where: (i) your ownership of one or more statutory licences (each of which is an original licence ) ends, resulting in CGT event C2 happening to the licence (or to each of the licences as part of an arrangement); and (ii) you are issued one or more new licences (each of which is a new licence ) for the original licence (or original licences); and (b) if there was only one original licence—that licence is covered under subsection (2); and (c) if there was more than one original licence—at least one of the original licences was covered under subsection (2); and (d) if there is only one new licence—that licence is covered under subsection (3); and (e) if there is more than one new licence—only one of the new licences is covered under subsection (3); and (f) the original licence (or at least one of the original licences) has an ineligible part (as described in section 124 ‑ 150 of the Income Tax Assessment Act 1997 ). (2) A licence is covered under this subsection if it is: (a) a bore licence issued under the Water Act 1912 of New South Wales; or (b) a licence of a kind specified in the regulations. (3) A licence is covered under this subsection if it is: (a) an aquifer access licence under the Water Management Act 2000 of New South Wales issued in accordance with the New South Wales Achieving Sustainable Groundwater Entitlements program (the ASGE program ); or (b) a licence of a kind specified in the regulations.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective Schedule 7 (items 4, 13, 14): Royal Assent Schedule 10 (items 89, 90): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s124-140"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 124-141", "Provision_Key": "s124-141", "Heading": "ASGE licence etc.—cost base of ineligible part", "Text": "(1) For an original licence that has an ineligible part, the cost base of the ineligible part is the cost base of the original licence multiplied by the amount worked out under the formula: where: total ineligible proceeds is the total of the ineligible proceeds (as described in section 124 ‑ 150 of the Income Tax Assessment Act 1997 ) in relation to all of the original licences that have an ineligible part. value of new licence is: (a) if the new licence is an aquifer access licence mentioned in paragraph 124 ‑ 40(3)(a)—the 2002 value assigned under the ASGE program to the new licence; or (b) otherwise—the value of the new licence worked out in accordance with the regulations. (2) The regulations may specify one or more ways of working out the value of a licence (other than an aquifer access licence mentioned in paragraph 124 ‑ 40(3)(a)) for the purposes of this section. (3) For an original licence that has an ineligible part, the reduced cost base of the ineligible part is the reduced cost base of the original licence multiplied by the amount worked under the formula set out in subsection (1).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective Schedule 7 (items 4, 13, 14): Royal Assent Schedule 10 (items 89, 90): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s124-141"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 124-142", "Provision_Key": "s124-142", "Heading": "ASGE licence etc.—cost base of aquifer access licence etc.", "Text": "(1) The first element of the cost base and reduced cost base of the new licence that is covered under subsection 124 ‑ 140(3) is the total of the cost bases of the original licences. Note: For the purposes of this section, the cost base of each original licence that has an ineligible part is reduced in accordance with subsection 124 ‑ 150(4) of the Income Tax Assessment Act 1997 . (2) The cost base and reduced cost base of any new licence that is not covered under subsection 124 ‑ 140(3) is nil. (3) Subsections (4) and (5) apply if: (a) there was more than one original licence; and (b) some of the original licences were acquired before 20 September 1985; and (c) subsection 124 ‑ 165(2) of the Income Tax Assessment Act 1997 applies in relation to the new licence that is covered under subsection 124 ‑ 140(3) (splitting that licence into 2 separate CGT assets). (4) For the purposes of subsection (2), treat the asset that is taken under paragraph 124 ‑ 165(2)(a) of that Act to have been acquired on or after 20 September 1985 as a new licence that is covered under subsection 124 ‑ 140(3) of this Act. (5) Work out the first element of the cost base and reduced cost base of that asset in accordance with subsection 124 ‑ 165(3) of that Act.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective Schedule 7 (items 4, 13, 14): Royal Assent Schedule 10 (items 89, 90): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s124-142"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 124-510", "Provision_Key": "s124-510", "Heading": "Application of Subdivision 124 ‑ I of the Income Tax Assessment Act 1997", "Text": "Subdivision 124 ‑ I of the Income Tax Assessment Act 1997 , as amended by Schedule 2 to the Tax Laws Amendment (2011 Measures No. 9) Act 2012 , applies to CGT events happening after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 2 (items 24, 25) and Sch 6 (items 21, 32, 149–152): 21 Mar 2012 (s 2(1) items 3, 10, 13, 24, 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s124-510"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 125-75", "Provision_Key": "s125-75", "Heading": "Employee share schemes", "Text": "Despite the amendment of section 125 ‑ 75 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 , subsection (1) of that section continues to apply, from the commencement of that Schedule, to each ownership interest that it applied to just before that commencement.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Inserted by No 41 of 2011, effective Schedule 5 (items 30–32, 397, 419): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s125-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 126-100", "Provision_Key": "s126-100", "Heading": "Merger of qualifying superannuation funds", "Text": "(1) This section applies to a CGT asset of a superannuation fund (the transferee ) if: (a) the transferee acquired the asset from another superannuation fund in circumstances to which former section 160ZZPI of the Income Tax Assessment Act 1936 applied; and (b) the transferee owned the asset just before the start of the 1998 ‑ 99 income year; and (c) CGT event A1, B1, C1, C2, G1 or G3 happens in relation to the asset in that income year or a later one. Note: The full list of CGT events is in section 104 ‑ 5 of the Income Tax Assessment Act 1997. (2) The first element of the cost base of the asset in the hands of the transferee (at the time the transferee acquired the asset) is the asset’s cost base (in the hands of the other fund) at that time. (3) The reduced cost base of the asset in the hands of the transferee is worked out similarly.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s126-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 126-150", "Provision_Key": "s126-150", "Heading": "Roll ‑ over on transfer of life insurance business", "Text": "(1) There may be a roll ‑ over if: (a) a CGT event happens because all or part of the life insurance business of a life insurance company (the originating company ) is transferred to another life insurance company (the recipient company ): (i) in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995 ; or (ii) under the Financial Sector (Transfers of Business) Act 1999 ; and (b) the originating company and the recipient company were members of the same wholly ‑ owned group just before the transfer; and (c) one of these happens: (i) a CGT asset (the original asset ) of the originating company becomes an asset of the recipient company; or (ii) a CGT asset of the originating company ends and the recipient company acquires an equivalent replacement asset; or (iii) the originating company creates a CGT asset in the recipient company; and (d) the transfer takes place: (i) before 30 June 2004; or (ii) if the originating company and the recipient company are members of the same consolidated group or consolidatable group and the head company of that group has a substituted accounting period—before the end of the head company’s income year in which 30 June 2004 occurs. (2) The CGT asset involved (the roll ‑ over asset ) must not be trading stock of the recipient company just after the time of the transfer. (3) If: (a) the roll ‑ over asset is a right or convertible interest referred to in Division 130, or an option referred to in Division 134, of the Income Tax Assessment Act 1997 or an exchangeable interest; and (b) the recipient company acquires another CGT asset by exercising the right or option or by converting the convertible interest or in exchange for the disposal or redemption of the exchangeable interest; the other asset cannot become trading stock of the recipient company just after the recipient company acquired it.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001 | Amended by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s126-150"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 126-160", "Provision_Key": "s126-160", "Heading": "Effects of roll ‑ over", "Text": "(1) A capital gain or capital loss the originating company makes from the CGT event is disregarded. (2) The first element of the cost base of the original asset or the replacement asset for the recipient company is the cost base of the original asset for the originating company just before the time of the CGT event. (3) The first element of the reduced cost base of the original asset or the replacement asset for the recipient company is worked out similarly. (4) For a case where the originating company creates a CGT asset in the recipient company, the first element of the asset’s cost base (in the hands of the recipient company) is the amount applicable under this table. The first element of its reduced cost base is worked out similarly. Creating a CGT asset CGT event number Applicable amount D1 the incidental costs the originating company incurred that relate to the CGT event D2 the expenditure the originating company incurred to grant the option D3 the expenditure the originating company incurred to grant the right F1 the expenditure the originating company incurred on the grant, renewal or extension of the lease The expenditure can include giving property: see section 103 ‑ 5 of the Income Tax Assessment Act 1997 . (5) If the originating company acquired the original asset before 20 September 1985, the recipient company is taken to have acquired the original asset or the replacement asset before that day.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s126-160"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 126-165", "Provision_Key": "s126-165", "Heading": "References to Subdivision 126 ‑ B of the Income Tax Assessment Act 1997", "Text": "A reference in an Act to a roll ‑ over under Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 includes a reference to a roll ‑ over under this Subdivision. Example: Examples of the operation of this provision include: (a) CGT event J1 may happen if the recipient company stops being a 100% subsidiary of a member of a company group after a roll ‑ over under this Subdivision; and (c) an allocable cost amount may be affected under section 705 ‑ 93 because of a roll ‑ over under this Subdivision.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 23 of 2005 | No 56 of 2010", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001 | Amended by No 56 of 2010, effective s 4(2), Sch 3 (items 8, 10(1)), Sch 5 (items 54, 55, 73–78, 130, 131, 137–140, 189, 190, 193) and Sch 6 (items 156–158): 3 June 2010 (s 2(1) items 1, 7, 8, 10, 11, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s126-165"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 128-15", "Provision_Key": "s128-15", "Heading": "Effect on the legal personal representative or beneficiary", "Text": "The rule in item 3 in the table in subsection 128 ‑ 15(4) of the Income Tax Assessment Act 1997 (about a dwelling that was your main residence just before you died and was not being used for the purpose of producing assessable income) does not apply to a dwelling that devolved to your legal personal representative, or passed to a beneficiary in your estate, on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s128-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 130-20", "Provision_Key": "s130-20", "Heading": "Issue of bonus shares or units", "Text": "(1) This section modifies some of the rules in section 130 ‑ 20 of the Income Tax Assessment Act 1997 if: (a) you own shares in a company or units in a unit trust (the original equities ); and (b) on or before the day specified in subsection (2) or (3), the company issues other shares, or the trustee issues other units, (the bonus equities ) to you because it owes an amount to you in relation to the original equities. (2) If the bonus equities are shares and they were issued on or before 30 June 1987: (a) subsection 130 ‑ 20(2) of the Income Tax Assessment Act 1997 does not apply to you; and (b) you work out the cost base and reduced cost base of the bonus equities under subsection 130 ‑ 20(3) of that Act regardless of whether any part of the amount owed to you by the company is a dividend. (3) The rule in item 2 of the table in subsection 130 ‑ 20(3) of the Income Tax Assessment Act 1997 does not apply if the bonus equities were issued on or before 1 pm, by legal time in the Australian Capital Territory, on 10 December 1986 and you were required to pay or give something for them. Instead, you are taken to have acquired the bonus equities when you acquired the original equities.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s130-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 130-40", "Provision_Key": "s130-40", "Heading": "Exercise of rights", "Text": "(1) The modifications in section 130 ‑ 40 of the Income Tax Assessment Act 1997 apply to you for rights (issued to you by a company before 16 August 1989) to acquire shares, or options to acquire shares, in that company, only if you were a shareholder of that company. (2) The modifications in section 130 ‑ 40 of the Income Tax Assessment Act 1997 apply to you for rights (issued to you by a company after 15 August 1989 and before the start of the 1993 ‑ 94 income year) to acquire shares, or options to acquire shares in the company because you were a shareholder of another company, only if the companies were members of the same wholly ‑ owned group for the whole of the income year in which the issue occurred. (3) The modification in item 3 of the table in section 130 ‑ 40 of the Income Tax Assessment Act 1997 applies also to your exercise of rights (that you acquired before 20 September 1985) to acquire shares, or options to acquire shares, in a company.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s130-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 130-60", "Provision_Key": "s130-60", "Heading": "Shares or units acquired by converting a convertible note", "Text": "(1) The modification in item 1 of the table in subsection 130 ‑ 60(1) of the Income Tax Assessment Act 1997 does not apply to shares or units in a unit trust you acquire by converting a convertible note (that is a traditional security) that you acquired after 10 May 1989 and before 16 August 1989. Instead, the first element of the cost base and reduced cost base of the shares or units is the sum of: (a) what you paid or gave to acquire the note; and (b) any amount you paid in relation to the conversion; if that sum is more than the market value of the shares or units (at the time of conversion). (2) The modification in item 2 of the table in subsection 130 ‑ 60(1) of the Income Tax Assessment Act 1997 does not apply to shares you acquire by converting a convertible note (that is not a traditional security) that you acquired before 20 September 1985 where you paid or gave something in relation to the conversion. Instead, the first element of the cost base and reduced cost base of the shares is the sum of: (a) the market value of the note at the time of the conversion; and (b) what you paid or gave in relation to the conversion. (3) Subsection 130 ‑ 60(2) of the Income Tax Assessment Act 1997 does not apply to the acquisition of shares by the conversion of a convertible note that you acquired before 20 September 1985 if you did not pay or give anything in relation to the conversion. Instead, you are taken to have acquired them when you acquired the convertible note.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s130-60"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 134-1", "Provision_Key": "s134-1", "Heading": "Exercise of options", "Text": "(1) The modification in item 1 in the table in subsection 134 ‑ 1(1) of the Income Tax Assessment Act 1997 does not apply to an option (that was granted before 20 September 1985 and exercised after that day) that binds the grantor to create (including grant or issue) or dispose of a CGT asset. Instead, the first element of the cost base and reduced cost base of the CGT asset acquired by the grantee by exercising the option includes the market value of the option when it was exercised. (2) This section does not apply to an option if: (a) it has been renewed or extended; and (b) the last renewal or extension occurred on or after 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 58 of 2006, effective Schedule 3 (items 4–7) and Schedule 7 (items 120–124): Royal Assent Schedule 5 (items 4, 5): 1 July 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s134-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 136-25", "Provision_Key": "s136-25", "Heading": "When an asset is taxable Australian property", "Text": "A CGT asset a company owns is taxable Australian property if: (a) the company acquired the asset after 28 January 1988 and on or before 25 May 1988; and (b) it acquired the asset as a result of a disposal (for the purposes of former Part IIIA of the Income Tax Assessment Act 1936 ) for which there was a roll ‑ over under former section 160ZZN or 160ZZO of that Act; and (c) that disposal was by: (i) an entity that was not a trustee, and not a resident of Australia for the purposes of that Act; or (ii) an entity that was a trustee of a trust that was not a resident trust estate, or a resident unit trust, for the purposes of that Act.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s136-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 137-10", "Provision_Key": "s137-10", "Heading": "Applicable CGT events", "Text": "Division 137 of the Income Tax Assessment Act 1997 applies in relation to events: (a) that happen on or after the commencement of that Division; and (b) that, apart from that Division, would be CGT events; (whether the arrangements to which the events relate were entered into before, on or after that commencement).", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective sch 3 (item 3): 1 July 2021 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s137-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 140-7", "Provision_Key": "s140-7", "Heading": "Pre ‑ 1994 share value shifts irrelevant", "Text": "You make adjustments to the cost base and reduced cost base of shares under Division 140 of the Income Tax Assessment Act 1997 only in relation to schemes where the decrease in market value and increase in market value occur after 12 noon, by legal time in the Australian Capital Territory, on 12 January 1994.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s140-7"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 140-15", "Provision_Key": "s140-15", "Heading": "Off ‑ market buy backs", "Text": "(8) A share value shift is disregarded under subsection 140 ‑ 15(8) of the Income Tax Assessment Act 1997 only if: (a) the company concerned buys back the shares after 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 1995; and (b) the buy back is not done under an arrangement that is an excluded transitional arrangement within the meaning of subitem 12(2) of Schedule 1 of the Taxation Laws Amendment Act (No 1) 1996 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 46 of 1998 | No 114 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 114 of 2000, effective Sch 4 (items 72–82): 5 Sept 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s140-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 149-5", "Provision_Key": "s149-5", "Heading": "Assets that stopped being pre ‑ CGT assets under old law", "Text": "(1) This section applies to a CGT asset that: (a) an entity last acquired before 20 September 1985; and (b) the entity owned just before the start of the 1998 ‑ 99 income year; and (c) the entity was taken to have acquired on a day (the acquisition day ) on or after 20 September 1985 under Division 20 of former Part IIIA of the Income Tax Assessment Act 1936 . (2) In applying Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 to the entity: (a) the entity is taken to have acquired the asset on the acquisition day; and (b) the first element of the cost base and reduced cost base of the asset on the acquisition day is the amount for which the entity is taken to have acquired it under Division 20 of former Part IIIA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s149-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 152-5", "Provision_Key": "s152-5", "Heading": "Small business roll ‑ over chosen but no capital gain returned", "Text": "(1) This section applies if: (a) you chose a roll ‑ over under Subdivision 152 ‑ E of the Income Tax Assessment Act 1997 (or under former Division 123 of that Act) for a capital gain you made for an income year from a CGT event that happened in relation to a CGT asset before the commencement of this section; and (b) you did not include the capital gain in working out your net capital gain for that year; and (c) assuming that you had acquired a replacement asset before the CGT event, you would have been entitled to choose that roll ‑ over. (2) The capital gain is disregarded for the purposes of the Income Tax Assessment Act 1997 . (3) If you acquired a replacement asset within the period (the replacement asset period ) ending 2 years after the last CGT event in the income year for which you obtained the roll ‑ over but the total of the first and second elements of the cost base of that asset is less than the amount of the capital gain that would, apart from this subsection, be disregarded, the amount to be disregarded is that total. (4) However, if you do not acquire a replacement asset within the replacement asset period, that Act applies to you as if you had never chosen the roll ‑ over, and the capital gain is not disregarded. (5) The Commissioner may extend the replacement asset period.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s152-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 152-10", "Provision_Key": "s152-10", "Heading": "Small business roll ‑ over not chosen and time remains to acquire a replacement asset", "Text": "(1) This section applies if: (a) you made a capital gain for an income year from a CGT event that happened before the commencement of this section; and (b) you included the capital gain in working out your net capital gain for that year; and (c) at the commencement of this section, you have not acquired a replacement asset but the replacement asset period had not expired; and (d) assuming that you had acquired a replacement asset before the CGT event, you would have been entitled to choose a roll ‑ over under Subdivision 152 ‑ E of that Act. (2) The capital gain is disregarded for the purposes of the Income Tax Assessment Act 1997 . (3) If you acquired a replacement asset within the replacement asset period but the total of the first and second elements of the cost base of that asset is less than the amount of the capital gain that would, apart from this subsection, be disregarded, the amount to be disregarded is that total. (4) However, if you do not acquire a replacement asset within the replacement asset period, that Act applies to you as if you had never chosen the roll ‑ over, and the capital gain is not disregarded. (5) The Commissioner may extend the replacement asset period.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s152-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 152-15", "Provision_Key": "s152-15", "Heading": "Amendment of assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment made before the commencement of this section at any time in the period of 4 years starting at that commencement for the purpose of giving effect to this Division.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s152-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-95", "Provision_Key": "s165-95", "Heading": "Application of Subdivision 165 ‑ CA of the Income Tax Assessment Act 1997", "Text": "Subdivision 165 ‑ CA of the Income Tax Assessment Act 1997 (about companies applying net capital losses of earlier income years) applies to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-95"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-105", "Provision_Key": "s165-105", "Heading": "Application of Subdivision 165 ‑ CB of the Income Tax Assessment Act 1997", "Text": "Subdivision 165 ‑ CB of the Income Tax Assessment Act 1997 (about companies working out the net capital gain and the net capital loss for the income year of the change) applies to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-115E", "Provision_Key": "s165-115e", "Heading": "Choice to use global method to work out unrealised net loss", "Text": "A choice under section 165 ‑ 115E of the Income Tax Assessment Act 1997 to use the global method of working out whether a company has an unrealised net loss at a particular time must be made within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if: (a) that time is before that day; and (b) subsection 165 ‑ 115E(4) of that Act would otherwise require the choice to be made before the end of those 6 months.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-115E"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-115U", "Provision_Key": "s165-115u", "Heading": "Choice to use global method to work out adjusted unrealised loss", "Text": "A choice under section 165 ‑ 115U of the Income Tax Assessment Act 1997 to use the global method of working out whether a company has an adjusted unrealised loss at a particular time must be made within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if: (a) that time is before that day; and (b) subsection 165 ‑ 115U(1D) of that Act would otherwise require the choice to be made before the end of those 6 months.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-115U"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-115ZC", "Provision_Key": "s165-115zc", "Heading": "When certain notices to be given", "Text": "(1) A notice under subsection 165 ‑ 115ZC(4) or (5) of the Income Tax Assessment Act 1997 must be given within 6 months after the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent if the alteration time is before that day. (2) If, because of amendments made by Schedule 14 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 , a notice already given under subsection 165 ‑ 115ZC(4) or (5) of the Income Tax Assessment Act 1997 before the day referred to in subsection (1) of this section no longer complies with section 165 ‑ 115ZC of the Income Tax Assessment Act 1997 , the entity required to give the notice may comply with that section 165 ‑ 115ZC by giving a further notice. (3) The further notice: (a) must vary the notice referred to in subsection (2) in such a way (which may include setting out additional information) that the notice as varied complies with section 165 ‑ 115ZC of the Income Tax Assessment Act 1997 as affected by the amendments; and (b) must be given within the 6 months referred to in subsection (1) of this section, or within a further period allowed by the Commissioner; and (c) must otherwise be given in accordance with that section. Special rules for consolidatable groups and potential MEC groups (4) Subsections (5) and (6) have effect if: (a) the alteration time mentioned in section 165 ‑ 115ZC of the Income Tax Assessment Act 1997 is after 10 November 1999 and before 1 July 2004; and (b) apart from this section, subsection 165 ‑ 115ZC(4) or (5) of that Act would require an entity (the notifying entity ) to give a notice to another entity (the receiving entity ) in relation to the alteration time; and (c) just before the alteration time, the notifying entity and the receiving entity were both members of the same consolidatable group or potential MEC group. (5) Subsections 165 ‑ 115ZC(4) and (5) of the Income Tax Assessment Act 1997 do not apply to the notifying entity if both it and the receiving entity became members of the same consolidated group or MEC group before 1 July 2004. (6) Even if subsection (5) does not apply, the notifying entity is not required to give the notice to the receiving entity before the end of 6 months after the commencement of this subsection. (7) Subsections (1) and (3) have effect subject to subsections (5) and (6).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 90 of 2002 | No 23 of 2005", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-115ZC"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-115ZD", "Provision_Key": "s165-115zd", "Heading": "Adjustment (or further adjustment) for interest realised at a loss after global method has been used", "Text": "(1) This section affects how sections 165 ‑ 115ZA and 165 ‑ 115ZB of the Income Tax Assessment Act 1997 apply to an interest (the equity ) in, or a debt owed by, a company if apart from this section, a loss (the realised loss ): (a) would be realised for income tax purposes by a realisation event that happens to the equity or debt; or (b) would be so realised but for Subdivision 170 ‑ D of that Act (which defers realisation of capital losses and deductions); and the company chose to use the global method of working out whether it had an adjusted unrealised loss at the last alteration time: (c) that happened for the company, before the realisation event; and (d) immediately before which the equity or debt was, or was part of: (i) if the company was a loss company at that alteration time—a relevant equity interest, or a relevant debt interest, that an entity had in the company; or (ii) otherwise—what would have been such an interest if the company had been a loss company at that alteration time; and these conditions are satisfied: (e) that last alteration time is before the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent; and (f) the entity that owns the equity or debt immediately before the realisation event chooses to apply this section to the equity or debt, in relation to that last alteration time, instead of section 165 ‑ 115ZD of the Income Tax Assessment Act 1997 ; and (g) the choice is made on or before the latest of these: (i) the last day of the period of 6 months after the day referred to in paragraph (c) of this subsection; (ii) the day on which the entity lodges its income tax return for the income year in which the realisation event occurred; (iii) such later day as the Commissioner allows. If the entity makes that choice, this section applies accordingly instead of that section. (2) In addition to any application to the equity or debt, in relation to that last alteration time, that sections 165 ‑ 115ZA and 165 ‑ 115ZB of the Income Tax Assessment Act 1997 have apart from this section, those sections apply (and are taken always to have applied) to the equity or debt, in relation to that last alteration time, as if: (a) the company had an adjusted unrealised loss at that time equal to the realised loss (see subsection (1) or (5), as appropriate, of this section) of this section, except so much of the loss as it is reasonable to conclude is attributable to none of these: (i) a notional capital loss, or a notional revenue loss, that the company has at that last alteration time in respect of a CGT asset; (ii) a trading stock decrease in relation to that time for a CGT asset that was trading stock of the company at that time; and (b) the company were therefore a loss company at that time; and (c) that adjusted unrealised loss were the company’s overall loss at that time. (3) For the purposes of how sections 165 ‑ 115ZA and 165 ‑ 115ZB of the Income Tax Assessment Act 1997 apply because of this section, the adjustment amount under section 165 ‑ 115ZB of that Act is to be worked out and applied in accordance with subsection 165 ‑ 115ZB(6) (the non ‑ formula method) of that Act. (4) To avoid doubt: (a) a notice need not be given under section 165 ‑ 115ZC of the Income Tax Assessment Act 1997 because of this section; and (b) this section does not affect the requirements that apply to a notice that otherwise must be given under that section. (5) If the equity or debt is a revenue asset at the time of the realisation event, subsection (2) applies on the basis that the realised loss is the total of: (a) the loss (if any) realised for income tax purposes by the realisation event happening to the equity or debt in its character as a CGT asset; and (b) the loss (if any) realised for income tax purposes by the realisation event happening to the equity or debt in its character as a revenue asset.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 143 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-115ZD"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 165-135", "Provision_Key": "s165-135", "Heading": "Application of Subdivision 165 ‑ C of the Income Tax Assessment Act 1997", "Text": "Subdivision 165 ‑ C of the Income Tax Assessment Act 1997 (about companies deducting bad debts) applies to assessments for the 1998 ‑ 1999 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s165-135"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 166-40", "Provision_Key": "s166-40", "Heading": "Application of Subdivision 166 ‑ C of the Income Tax Assessment Act 1997", "Text": "Subdivision 166 ‑ C of the Income Tax Assessment Act 1997 (about listed public companies deducting bad debts) applies to assessments for the 1998 ‑ 1999 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s166-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 167-1", "Provision_Key": "s167-1", "Heading": "Application of provisions", "Text": "(1) Division 167 of the Income Tax Assessment Act 1997 applies: (a) to any tax loss that is incurred in an income year commencing on or after 1 July 2002; and (b) to any net capital loss that is made in an income year commencing on or after 1 July 2002; and (c) to any deduction in respect of a bad debt that is claimed in an income year commencing on or after 1 July 2002; and (d) in determining whether any changeover time or alteration time occurred on or after 1 July 2002. (2) Division 167 of the Income Tax Assessment Act 1997 also applies: (a) to any tax loss of a company: (i) that is incurred in an income year commencing on or before 30 June 2002; and (ii) that could have been deducted, in accordance with Divisions 165 and 166 of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the deduction had not been limited by the company’s income for that income year; and (b) to any net capital loss of a company: (i) that is made in an income year commencing on or before 30 June 2002; and (ii) that could have been applied, in accordance with Divisions 165 and 166 of that Act as in force at that time, in the first income year commencing after 30 June 2002 if the application of the loss had not been limited by the company’s capital gains for that income year.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, sch 1 (items 4, 5), sch 3 (item 6): 16 Sept 2015 (s 2(1) items 1, 2, 4) sch 4 (item 53): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s167-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-45", "Provision_Key": "s170-45", "Heading": "Special rules affecting utilisation of losses in a bundle do not affect the amount of a tax loss that can be transferred", "Text": "In working out an amount under subsection 170 ‑ 45(4) of the Income Tax Assessment Act 1997 (which may limit the amount of a tax loss that can be transferred under Subdivision 170 ‑ A of that Act), disregard these sections of this Act: (a) section 707 ‑ 325 (which lets the available fraction for a bundle of losses be greater than it would otherwise be); (b) section 707 ‑ 327 (which effectively lets the available fraction relevant to the utilisation of a loss be chosen in some cases); (c) section 707 ‑ 350 (which sets the limit on utilising certain losses in a bundle).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-55", "Provision_Key": "s170-55", "Heading": "Ordering rule for losses previously transferred under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997", "Text": "If 2 or more losses that a company can transfer for an income year under Subdivision 170 ‑ A of the Income Tax Assessment Act 1997 were previously transferred to it under Subdivision 707 ‑ A of that Act, it must transfer first those losses (if any) covered by subsection 707 ‑ 350(1).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-101", "Provision_Key": "s170-101", "Heading": "Application of Subdivision 170 ‑ B of the Income Tax Assessment Act 1997", "Text": "Subdivision 170 ‑ B of the Income Tax Assessment Act 1997 (about transfer of net capital losses within wholly ‑ owned groups of companies) applies to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-101"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-145", "Provision_Key": "s170-145", "Heading": "Special rules affecting utilisation of losses in a bundle do not affect the amount of a net capital loss that can be transferred", "Text": "In working out an amount under subsection 170 ‑ 145(7) of the Income Tax Assessment Act 1997 (which may limit the amount of a net capital loss that can be transferred under Subdivision 170 ‑ B of that Act), disregard these sections of this Act: (a) section 707 ‑ 325 (which lets the available fraction for a bundle of losses be greater than it would otherwise be); (b) section 707 ‑ 327 (which effectively lets the available fraction relevant to the utilisation of a loss be chosen in some cases); (c) section 707 ‑ 350 (which sets the limit on utilising certain losses in a bundle).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-145"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-155", "Provision_Key": "s170-155", "Heading": "Ordering rule for losses previously transferred under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997", "Text": "If 2 or more losses that a company can transfer for an income year under Subdivision 170 ‑ B of the Income Tax Assessment Act 1997 were previously transferred to it under Subdivision 707 ‑ A of that Act, it must transfer first those losses (if any) covered by subsection 707 ‑ 350(1).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-155"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-220", "Provision_Key": "s170-220", "Heading": "Direct and indirect interests in the loss company", "Text": "Any reduction in the cost base and reduced cost base of a share or in the reduced cost base of a debt that has been made or is required to be made under former subsection 160ZP(13) of the Income Tax Assessment Act 1936 (as that subsection applied from time to time) is taken to have been made or to be required to be made under section 170 ‑ 220 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 169 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 1 (items 14–18): 10 Dec 1999 (s 2(1)) Sch 5 (items 13, 14): 22 Feb 1999 (s 2(2)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-220"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-225", "Provision_Key": "s170-225", "Heading": "Direct and indirect interests in the gain company", "Text": "Any increase in the cost base and reduced cost base of a share or debt that has been made or is authorised to be made under former subsections 160ZP(14) and (15) of the Income Tax Assessment Act 1936 (as those subsections applied from time to time) is taken to have been made or to be authorised to be made under section 170 ‑ 225 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 169 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 1 (items 14–18): 10 Dec 1999 (s 2(1)) Sch 5 (items 13, 14): 22 Feb 1999 (s 2(2)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-225"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 170-300", "Provision_Key": "s170-300", "Heading": "Transfer of life insurance business", "Text": "If: (a) all or part of the life insurance business of a life insurance company (the originating company ) is transferred to another life insurance company (the recipient company ): (i) in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995 ; or (ii) under the Financial Sector (Transfers of Business) Act 1999 ; and (b) the originating company makes a capital loss from a CGT asset as a result of the transfer; and (c) that capital loss is disregarded because of Subdivision 126 ‑ B of this Act; Subdivision 170 ‑ C of the Income Tax Assessment Act 1997 has effect as if: (d) that capital loss were a net capital loss transferred by the originating company to the recipient company by an agreement under section 170 ‑ 150 of that Act; and (e) the application year referred to in section 170 ‑ 225 of that Act were the year in which the transfer of life insurance business took place.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s170-300"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 175-40", "Provision_Key": "s175-40", "Heading": "Application of Subdivision 175 ‑ CA of the Income Tax Assessment Act 1997", "Text": "Subdivision 175 ‑ CA of the Income Tax Assessment Act 1997 (about companies obtaining tax benefits from unused net capital losses of earlier income years) applies to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 46 of 1998 | No 41 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2) | Repealed by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s175-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 175-55", "Provision_Key": "s175-55", "Heading": "Application of Subdivision 175 ‑ CB of the Income Tax Assessment Act 1997", "Text": "Subdivision 175 ‑ CB of the Income Tax Assessment Act 1997 (about companies obtaining tax benefits from unused capital losses of the current income year) applies to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s175-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 175-78", "Provision_Key": "s175-78", "Heading": "Application of Subdivision 175 ‑ C of the Income Tax Assessment Act 1997", "Text": "Subdivision 175 ‑ C of the Income Tax Assessment Act 1997 (about companies obtaining tax benefits from unused bad debt deductions) applies to assessments for the 1998 ‑ 99 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s175-78"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 197-1", "Provision_Key": "s197-1", "Heading": "Definitions", "Text": "In this Part: introduction day means the day on which the Bill for the Act that added this Division was introduced into the Parliament. new Division 197 means Division 197 of the Income Tax Assessment Act 1997 . old Division 7B means Division 7B of Part IIIAA of the Income Tax Assessment Act 1936 . old Division 7B close ‑ off day means 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s197-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 197-5", "Provision_Key": "s197-5", "Heading": "Application of new Division 197", "Text": "Subject to Subdivision 197 ‑ C of this Division, new Division 197 applies to transfers made into a company’s share capital account after the introduction day.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s197-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 197-10", "Provision_Key": "s197-10", "Heading": "Subdivision applies to companies whose share capital accounts were tainted when old Division 7B was closed off", "Text": "This Subdivision applies to a company if, immediately before the old Division 7B close ‑ off day, the company’s share capital account was tainted under old Division 7B.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s197-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 197-15", "Provision_Key": "s197-15", "Heading": "Account taken to have ceased to be tainted when old Division 7B was closed off", "Text": "(1) The company’s share capital account is taken to have ceased to be tainted under old Division 7B at the start of the Division 7B close ‑ off day. (2) No liability to untainting tax, and no franking debit, arises under old Division 7B in relation to the share capital account being taken to have ceased to be tainted.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s197-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 197-20", "Provision_Key": "s197-20", "Heading": "After introduction day, account taken to have become tainted under new Division 197 to extent of previous tainting", "Text": "(1) Immediately after the introduction day, the company’s share capital account is taken to become tainted under new Division 197 as if: (a) the company had, at that time, transferred an amount (the notionally transferred amount ) to its share capital account from another of its accounts that equalled the tainting amount (the old Division 7B tainting amount ), within the meaning of old Division 7B, in relation to the share capital account immediately before the old Division 7B close ‑ off day; and (b) none of the exclusions in sections 197 ‑ 10 to 197 ‑ 40 of new Division 197 applied, to any extent, in relation to the notionally transferred amount. (2) No franking debit arises under Subdivision 197 ‑ B of new Division 197 in relation to the notionally transferred amount.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s197-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 197-25", "Provision_Key": "s197-25", "Heading": "Special provisions if company chooses to untaint after introduction day", "Text": "(1) This section applies if, after the introduction day, the company chooses under section 197 ‑ 55 of new Division 197 to untaint its share capital account. Working out the amount of section 197 ‑ 60 untainting tax (2) For the purpose of section 197 ‑ 60 of new Division 197, the tainting amount at the time of the choice to untaint is taken to consist of: (a) the amounts (the old Division 7B tainting amount components ) that made up the old Division 7B tainting amount; and (b) any amounts to which new Division 197 applies that have been transferred to the company’s share capital account since the introduction day and before the choice to untaint is made. Note 1: The company will not be liable to untainting tax if it is covered by subsection (5). Note 2: If the company is covered by subsection (6), the old Division 7B tainting amount components will not be included in the tainting amount for the purpose of section 197 ‑ 60. (3) For the purpose of section 197 ‑ 60 of new Division 197, a reference to the section 197 ‑ 45 franking debit that arose in relation to an old Division 7B tainting amount component is taken to be a reference to the tax ‑ paid ‑ basis franking debit amount in relation to that component (see subsection (4)). (4) For the purpose of subsection (3), the tax ‑ paid ‑ basis franking debit amount , in relation to an old Division 7B tainting amount component, is the amount worked out in accordance with the formula: where: class A franking debit means the class A franking debit (if any) that arose under section 160ARDV of old Division 7B in relation to the old Division 7B tainting amount component. class C franking debit means the class C franking debit that arose under section 160ARDQ or 160ARDV of old Division 7B in relation to the old Division 7B tainting amount component. (5) The company is not liable to untainting tax under section 197 ‑ 60 of new Division 197 in relation to the choice to untaint if: (a) during the period from the time when the company’s share capital account became tainted under old Division 7B to the time when the choice to untaint is made, the company was a company with only lower tax shareholders (as defined in subsection 197 ‑ 60(1) of new Division 197); and (b) the tainting amount for the purpose of section 197 ‑ 60 of new Division 197 does not include any amounts of the kind mentioned in paragraph (2)(b) of this section. (6) If: (a) the tainting amount for the purpose of section 197 ‑ 60 of new Division 197 consists of or includes an amount or amounts of the kind mentioned in paragraph (2)(b) of this section; and (b) during the period from the time when the company’s share capital account became tainted to the time when the amount, or the first of the amounts, referred to in paragraph (a) of this subsection was transferred into the company’s share capital account, the company was a company with only lower tax shareholders (as defined in subsection 197 ‑ 60(1) of new Division 197); then, despite subsection (2) of this section, for the purpose of section 197 ‑ 60 of new Division 197, the tainting amount at the time of the choice to untaint does not include the old Division 7B tainting amount components. Working out the amount of section 197 ‑ 65 franking debit (7) For the purpose of section 197 ‑ 65 of new Division 197, the tainting amount at the time of the choice to untaint is taken to consist of: (a) the amounts (the old Division 7B tainting amount components ) that made up the old Division 7B tainting amount; and (b) any amounts to which new Division 197 applies that have been transferred to the company’s share capital account since the introduction day and before the choice to untaint is made. Note: In relation to amounts described in paragraph (b), section 197 ‑ 65 applies without any notional modifications. (8) Paragraph 197 ‑ 65(1)(b) of new Division 197 has effect in relation to each old Division 7B tainting amount component as if the following paragraph (the notionally substituted paragraph ) were substituted for it: (b) the tax ‑ paid ‑ basis franking debit amount in relation to the old Division 7B tainting amount component is less than the amount calculated by the formula in subsection 197 ‑ 65(3) in relation to the component. (9) Subsection 197 ‑ 65(3) of new Division 197 has effect in relation to each old Division 7B tainting amount component as if the reference to the amount of the franking debit that arose under section 197 ‑ 45 in relation to the transferred amount were instead a reference to the tax ‑ paid ‑ basis franking debit amount in relation to the old Division 7B tainting amount component. (10) For the purpose of the notionally substituted paragraph, and of subsection (9) of this section, the tax ‑ paid ‑ basis franking debit amount , in relation to an old Division 7B tainting amount component, is the amount worked out in accordance with the formula: where: class A franking debit means the class A franking debit (if any) that arose under section 160ARDV of old Division 7B in relation to the old Division 7B tainting amount component. class C franking debit means the class C franking debit that arose under section 160ARDQ or 160ARDV of old Division 7B in relation to the old Division 7B tainting amount component.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 4 (item 2) and Schedule 6 (item 8): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s197-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 201-1", "Provision_Key": "s201-1", "Heading": "Estimated debits", "Text": "Former Part IIIAA of the Income Tax Assessment Act 1936 does not apply to any of the following acts if it is done on or after 1 July 2002: (a) lodging an application with the Commissioner for a determination of an estimated debit; (b) lodging an application with the Commissioner for a determination of an estimated debit in substitution for an earlier determination; (c) a determination by the Commissioner of an estimated debit (including a determination in substitution for an earlier determination); (d) the service of notice of any such determination on a company; (e) the deemed determination of an estimated debit in accordance with an application (including an application for a determination in substitution for an earlier determination); (f) the deemed service of notice of a determination on a company (including service of notice of a determination in substitution for an earlier determination).", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 48 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective Sch 3 (item 2) and Sch 4 (item 2): 29 June 2002 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s201-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 203-1", "Provision_Key": "s203-1", "Heading": "Franking periods straddling 1 July 2002", "Text": "Where, but for this section, 1 July 2002 would fall within a franking period for a corporate tax entity, but would not be the first day of the franking period, the franking period: (a) is taken to begin at the start of 1 July 2002; and (b) is taken to end when it would otherwise have ended.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s203-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-1", "Provision_Key": "s205-1", "Heading": "Order of events provision", "Text": "If a company has a franking account under former Part IIIAA of the Income Tax Assessment Act 1936 (the old account ) at the end of 30 June 2002, the old account is closed off and an opening balance is created in the company’s franking account under section 205 ‑ 10 as follows: (a) any estimated debits in the old account at the end of 30 June 2002 are washed out of the account under section 205 ‑ 5; and (b) then: (i) in the case of a company whose 2001 ‑ 02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 —the company’s franking account balances are converted under section 205 ‑ 10 to a tax paid basis; and (ii) in the case of a company whose 2001 ‑ 02 franking year ends before 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 —the company’s franking account balances are converted under section 205 ‑ 15 to a tax paid basis.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 48 of 2002 | No 117 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective Sch 3 (item 2) and Sch 4 (item 2): 29 June 2002 (s 2) | Amended by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-5", "Provision_Key": "s205-5", "Heading": "Washing estimated debits out of the franking account before conversion", "Text": "If, under former Part IIIAA of the Income Tax Assessment Act 1936 , the termination time in relation to an estimated debit of a company would, but for this section, occur after the end of 30 June 2002, it is taken to have occurred at the end of 30 June 2002. Note: A franking credit of the appropriate class equal to the debit will arise under former section 160APU of that Act at the beginning of 30 June 2002.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 48 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective Sch 3 (item 2) and Sch 4 (item 2): 29 June 2002 (s 2) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-10", "Provision_Key": "s205-10", "Heading": "Converting the franking account balance to a tax paid basis—companies whose 2001 ‑ 02 franking year ends on 30 June 2002", "Text": "(1) This section applies to companies whose 2001 ‑ 02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 (the 1936 Act ). (2) If the company has a franking surplus of a particular class under former Part IIIAA of the 1936 Act at the end of 30 June 2002: (a) no franking credit arises under former section 160APL of that Act because of the surplus; and (b) a franking credit arises on 1 July 2002 in the franking account established under section 205 ‑ 10 of the Income Tax Assessment Act 1997 (the 1997 Act ) for the company. The amount of the franking credit is worked out under subsection (3). (3) The franking credit generated under paragraph (2)(b) from a franking surplus of a class specified in column 2 of the following table is worked out using the formula in column 3 of the table for that class. Conversion of 1936 Act franking surplus into 1997 Act franking credit Item Franking surplus Franking credit generated under paragraph (2)(b) 1 class A franking surplus 2 class B franking surplus 3 class C franking surplus", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 48 of 2002 | No 117 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective Sch 3 (item 2) and Sch 4 (item 2): 29 June 2002 (s 2) | Amended by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-15", "Provision_Key": "s205-15", "Heading": "Converting the franking account balance to a tax paid basis—companies whose 2001 ‑ 02 franking year ends before 30 June 2002", "Text": "(1) This section applies to companies whose 2001 ‑ 02 franking year ends before 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 (the 1936 Act ). (2) If, but for this subsection, the company would have a franking surplus of a particular class under former Part IIIAA of the 1936 Act at the end of 30 June 2002 (an original surplus ): (a) a franking debit equal to the surplus is taken to arise for the company under former Part IIIAA of the 1936 Act at the end of 30 June 2002; and (b) a franking credit arises on 1 July 2002 in the franking account established under section 205 ‑ 10 of the Income Tax Assessment Act 1997 (the 1997 Act ) for the company. The amount of the franking credit is worked out under subsection (3). (3) The franking credit generated under paragraph (2)(b) from an original surplus of a class specified in column 2 of the following table is worked out using the formula in column 3 of the table for that class. Conversion of 1936 Act franking surplus into 1997 Act franking credit Item Original surplus Franking credit generated under paragraph (2)(b) 1 class A 2 class B 3 class C (4) If, but for this subsection, the company would have a franking deficit of a particular class under former Part IIIAA of the 1936 Act at the end of 30 June 2002 (an original deficit ): (a) a franking credit equal to the deficit is taken to arise for the company under former Part IIIAA of the 1936 Act at the end of 30 June 2002; and (b) a franking debit arises on 1 July 2002 in the franking account established under section 205 ‑ 10 of the 1997 Act for the company. The amount of the franking debit is worked out under subsection (5). (5) The franking debit generated under paragraph (4)(b) from an original deficit of a class specified in column 2 of the following table is worked out using the formula in column 3 of the table for that class. Conversion of 1936 Act franking deficit into 1997 Act franking debit Item Original deficit Franking debit generated under paragraph (4)(b) 1 class A 2 class B 3 class C", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 117 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-20", "Provision_Key": "s205-20", "Heading": "A late balancing company may elect to have its FDT liability determined on 30 June", "Text": "(1) This section applies after 30 June 2002. (2) A corporate tax entity’s liability to pay franking deficit tax is determined under sections 205 ‑ 25 and 205 ‑ 30 of this Act (the transitional provisions ), and not under sections 205 ‑ 45 and 205 ‑ 50 of the Income Tax Assessment Act 1997 (the ongoing provisions ), if: (a) the entity was in existence at the end of 30 June 2002; and (b) the entity’s 2001 ‑ 02 income year ends after 30 June 2002; and (c) the entity makes a valid election to have its liability to pay franking deficit tax determined under the transitional provisions. (3) The entity makes a valid election to have its liability to pay franking deficit tax determined under the transitional provisions if: (a) the election is in writing; and (b) the election is made on the day on which liability for franking deficit tax would be determined under those provisions, or earlier than that day but in the income year in which that day occurs; and (c) the entity’s liability to pay franking deficit tax has not previously been determined under the ongoing provisions.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-25", "Provision_Key": "s205-25", "Heading": "Franking deficit tax", "Text": "Object (1) While recognising that an entity may anticipate franking credits when franking distributions, the object of this section is to prevent those credits from being anticipated indefinitely by requiring the entity to reconcile its franking account at certain times and levying tax if the account is in deficit. Franking deficit at end of 30 June (2) An entity is liable to pay franking deficit tax imposed by the New Business Tax System (Franking Deficit Tax) Act 2002 if its franking account is in deficit at the end of 30 June in the year 2003 or a later year . Corporate tax entity ceases to be a franking entity (3) An entity is liable to pay franking deficit tax imposed by the New Business Tax System (Franking Deficit Tax) Act 2002 if: (a) it ceases to be a franking entity after 30 June 2002; and (b) immediately before it ceases to be a franking entity, its franking account is in deficit. Note: The tax is imposed in the New Business Tax System (Franking Deficit Tax) Act 2002 and the amount of the tax is set out in that Act.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-30", "Provision_Key": "s205-30", "Heading": "Deferring franking deficit", "Text": "Object (1) The object of this section is to ensure that an entity does not avoid franking deficit tax by deferring the time at which a franking debit occurs in its franking account. End of year deficit deferred (2) If: (a) a corporate tax entity receives a refund of income tax within 3 months after 30 June in the year 2003 or a later year; and (b) the refund is attributable to a period of 12 months ending at the end of 30 June in that year; and (c) the franking account of the entity would have been in deficit, or in deficit to a greater extent, at the end of 30 June in that year if the refund had been received immediately before that time; the refund is taken to have been paid to the entity immediately before that time. Deficit on ceasing to be a franking entity deferred (3) If an entity ceases to be a franking entity during a period of 12 months ending on 30 June in the year 2003 or a later year, a refund of income tax is taken to have been paid to it immediately before it ceased to be a franking entity, for the purposes of subsection 205 ‑ 25(3), if: (a) the refund is attributable to a period within that 12 months during which the entity was a franking entity; and (b) the refund is paid within 3 months after the entity ceases to be a franking entity; and (c) the franking account of the entity would have been in deficit, or in deficit to a greater extent, immediately before it ceased to be a franking entity, if the refund had been received before it ceased to be a franking entity.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-35", "Provision_Key": "s205-35", "Heading": "No franking deficit tax if franking account in deficit at the close of the 2001 ‑ 02 income year of a late balancing entity", "Text": "If: (a) an entity’s 2001 ‑ 02 income year ends after 30 June 2002; and (b) its franking account is in deficit at the end of that income year; the entity is not liable to pay franking deficit tax under subsection 205 ‑ 45(2) of the Income Tax Assessment Act 1997 because the account is in deficit at that time.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-70", "Provision_Key": "s205-70", "Heading": "Tax offset arising from franking deficit tax liabilities", "Text": "General application rule (1) Section 205 ‑ 70 of the Income Tax Assessment Act 1997 has effect in relation to a corporate tax entity’s assessments for the 2002 ‑ 2003 income year and later income years, except as provided in the following subsections. Late balancing entities—2001 ‑ 2002 income year (2) If a corporate tax entity’s 2001 ‑ 2002 income year ends after 30 June 2002, section 205 ‑ 70 of the Income Tax Assessment Act 1997 has effect in relation to the entity’s assessment for that income year as if the following method statement had replaced the method statement in that section. Method statement Step 1. Work out the total amount of franking deficit tax that is covered by paragraph (1)(a). Step 2. Add to the step 1 result the excess that is covered by paragraph (1)(c). The result is the tax offset to which the entity is entitled under this section for the relevant year. Late balancing entities—2002 ‑ 2003 income year (3) If: (a) a corporate tax entity’s 2002 ‑ 2003 income year ends after 30 June 2003; and (b) the entity makes a valid election under section 205 ‑ 20 in that income year; section 205 ‑ 70 of the Income Tax Assessment Act 1997 has effect in relation to the entity’s assessment for that income year as if the following method statement had replaced the method statement in that section. Method statement Step 1. Work out the total amount of franking deficit tax that is covered by paragraph (1)(a) and was incurred before 30 June 2003. Step 2. Work out the total amount of franking deficit tax that is covered by paragraph (1)(a) and was incurred on 30 June 2003. Then reduce it by 30% if it exceeds 10% of the total amount of franking credits that arose in the entity’s franking account during the period of 12 months immediately preceding that date. Step 3. Work out the total amount of franking deficit tax that is covered by paragraph (1)(a) and was incurred after 30 June 2003. Then reduce it by 30% if it exceeds 10% of the total amount of franking credits that arose in the entity’s franking account after that date and before the end of the last day on which the entity incurred a franking deficit tax liability in the relevant year. Step 4. Work out the total amount of franking deficit tax that is covered by paragraph (1)(b) and was incurred in the 2001 ‑ 2002 income year. Step 5. Work out the excess that is covered by paragraph (1)(c). Step 6. Add up the results of steps 1, 2, 3, 4 and 5. The result is the tax offset to which the entity is entitled under this section for the relevant year. Late balancing entities—later income years (4) If: (a) an income year of a corporate tax entity ends after 30 June 2004; and (b) the entity makes a valid election under section 205 ‑ 20 in that income year; section 205 ‑ 70 of the Income Tax Assessment Act 1997 has effect in relation to the entity’s assessment for that income year as if the following method statement had replaced the method statement in that section. Method statement Step 1. Work out the total amount of franking deficit tax that is covered by paragraph (1)(a) and was incurred on or before the 30 June in the relevant year. Then reduce it by 30% if it exceeds 10% of the total amount of franking credits that arose in the entity’s franking account during the period of 12 months immediately preceding that 30 June. Step 2. Work out the total amount of franking deficit tax that is covered by paragraph (1)(a) and was incurred after the 30 June in the relevant year. Then reduce it by 30% if it exceeds 10% of the total amount of franking credits that arose in the entity’s franking account after that date and before the end of the last day on which the entity incurred a franking deficit tax liability in the relevant year. Step 3. Work out the total amount of franking deficit tax that is covered by paragraph (1)(b) in relation to a previous income year and was incurred on or before the 30 June in that income year. Then reduce it by 30% if it exceeds 10% of the total amount of franking credits that arose in the entity’s franking account during the period of 12 months immediately preceding that 30 June. Step 4. Work out the total amount of franking deficit tax that is covered by paragraph (1)(b) in relation to a previous income year and was incurred after the 30 June in that income year. Then reduce it by 30% if it exceeds 10% of the total amount of franking credits that arose in the entity’s franking account after that date and before the end of the last day on which the entity incurred a franking deficit tax liability in that income year. Step 5. Add up the results of steps 3 and 4 for all the previous income years covered by paragraph (1)(b). Step 6. Work out the excess that is covered by paragraph (1)(c). Step 7. Add up the results of steps 1, 2, 5 and 6. The result is the tax offset to which the entity is entitled under this section for the relevant year. Application of the 30% reduction rule (5) If a franking credit has been taken into account previously in reducing an amount worked out under a step in the method statement in: (a) subsection (3) or (4); or (b) section 205 ‑ 70 of the Income Tax Assessment Act 1997 ; that credit is not to be taken into account again in reducing another amount worked out under a step in such a method statement. (6) The 30% reductions for an entity in steps 2 and 3 of the method statement in subsection (3), and in steps 1, 2, 3 and 4 of the method statement in subsection (4), apply only to franking deficit tax that is attributable to franking debits of the entity: (a) that arose under table item 1, 3, 5 or 6 in section 205 ‑ 30 of the Income Tax Assessment Act 1997 for the relevant income year; and (b) if the entity has franking debits covered by paragraph (a) for the relevant income year—that arose under table item 2 in that section of that Act for the relevant income year. (7) The 30% reductions in those steps do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that the excess referred to in those steps was due to events outside the control of the entity. (8) A determination under subsection (7) is not a legislative instrument.", "Amendment_Count": 3, "First_Amended": "No 107 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 107 of 2003 | No 58 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent | Amended by No 58 of 2006, effective Schedule 3 (items 4–7) and Schedule 7 (items 120–124): Royal Assent Schedule 5 (items 4, 5): 1 July 2002 | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-70"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-71", "Provision_Key": "s205-71", "Heading": "Modification of franking deficit tax offset rules", "Text": "(1) This section applies to events that occur on or after 1 July 2002 and before the start of the 2004 ‑ 05 income year. (2) The 30% reductions for an entity in steps 1 and 2 of the method statement in subsection 205 ‑ 70(2) of the Income Tax Assessment Act 1997 apply only to franking deficit tax that is attributable to franking debits of the entity: (a) that arose under table item 1, 3, 5 or 6 in section 205 ‑ 30 of the Income Tax Assessment Act 1997 for the relevant income year; and (b) if the entity has franking debits covered by paragraph (a) for the relevant income year—that arose under table item 2 in that section of that Act for the relevant income year. (3) The 30% reductions in steps 1 and 2 of the method statement in subsection 205 ‑ 70(2) of the Income Tax Assessment Act 1997 do not apply in working out the amount of the tax offset to which an entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the approved form, that the excess referred to in those steps was due to events outside the control of the entity. (4) A determination under subsection (3) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective Schedule 3 (items 4–7) and Schedule 7 (items 120–124): Royal Assent Schedule 5 (items 4, 5): 1 July 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-71"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-75", "Provision_Key": "s205-75", "Heading": "Working out the tax offset for the first income year", "Text": "First income year and relevant liabilities (1) This section applies to a corporate tax entity in relation to: (a) this income year of the entity (the first income year ): (i) the 2001 ‑ 2002 income year if subsection 205 ‑ 70(2) applies to the entity; or (ii) the 2002 ‑ 2003 income year if subsection 205 ‑ 70(2) does not apply to the entity; and (b) amounts of liabilities incurred by the entity (the relevant liabilities ) that: (i) are covered by paragraph (1)(a) of former section 160AQK or of former section 160AQKAA (as appropriate) of the Income Tax Assessment Act 1936 ; and (ii) have not been applied under that Act to reduce the entity’s income tax liabilities for an earlier income year. Relevant liabilities carried forward to the first income year (2) Section 205 ‑ 70 of the Income Tax Assessment Act 1997 has effect in relation to the entity as if: (a) so much of the relevant liabilities as were incurred by the entity during the first income year were liabilities to pay franking deficit tax under that Act; and (b) so much of the relevant liabilities as were incurred by the entity before the start of the first income year were the excess mentioned in paragraph (1)(c) of that section. (3) Subsection (2) has effect only for the purposes of working out: (a) whether or not the entity is entitled to a tax offset under section 205 ‑ 70 of the Income Tax Assessment Act 1997 for the first income year or a later income year; and (b) the amount of that tax offset.", "Amendment_Count": 2, "First_Amended": "No 107 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 107 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 205-80", "Provision_Key": "s205-80", "Heading": "Application of Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936", "Text": "(1) This section applies if Subdivision C of Division 5 of former Part IIIAA of the Income Tax Assessment Act 1936 would, apart from former section 160AOAA of that Act, apply in relation to an entity’s assessment for a year of income that ends before 1 July 2002. (2) Former section 160AOAA of that Act does not prevent: (a) the making of a determination under that Subdivision on or after that date for an offset to reduce the entity’s income tax liability for that year of income; and (b) the operation of any provision in that Subdivision in relation to that determination. (3) However, in working out the amount of that offset, any liabilities to pay franking deficit tax or deficit deferral tax that have been taken into account in working out a tax offset under section 205 ‑ 70 of the Income Tax Assessment Act 1997 must be disregarded.", "Amendment_Count": 2, "First_Amended": "No 107 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 107 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s205-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 208-111", "Provision_Key": "s208-111", "Heading": "Converting former exempting company’s exempting account balance on 30 June 2002", "Text": "(1) This section has effect for the purposes of working out the following for a company that was a former exempting company (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002: (a) whether the company has an exempting surplus or an exempting deficit for the purposes of the Income Tax Assessment Act 1997 at a time after 30 June 2002; (b) the company’s class A exempting account balance (as defined in that Part) at a time after 30 June 2002; (c) the company’s class C exempting account balance (as defined in that Part) at a time after 30 June 2002. Class A exempting surplus at the end of 30 June 2002 (2) If the company had a class A exempting surplus (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002: (a) a class A exempting debit equal to the surplus is taken to have arisen immediately before the end of 30 June 2002 for the purposes of that Part; and (b) an exempting credit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208 ‑ 110 of the Income Tax Assessment Act 1997 : Note: Section 205 ‑ 5 (with former sections 160APU and 160AQCNM of the Income Tax Assessment Act 1936 ) may affect whether the company had such a surplus at the end of 30 June 2002 and the amount of that surplus, but this section does not (because this section affects the company’s exempting account balance only after then). Class C exempting surplus at the end of 30 June 2002 (3) If the company had a class C exempting surplus (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002: (a) a class C exempting debit equal to the surplus is taken to have arisen immediately before the end of 30 June 2002 for the purposes of that Part; and (b) an exempting credit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208 ‑ 110 of the Income Tax Assessment Act 1997 : Note: Section 205 ‑ 5 (with former sections 160APU and 160AQCNM of the Income Tax Assessment Act 1936 ) may affect whether the company had such a surplus at the end of 30 June 2002 and the amount of that surplus, but this section does not (because this section affects the company’s exempting account balance only after then). Class A exempting deficit at end of 30 June 2002 (4) If the company had a class A exempting deficit (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002 and its 2001 ‑ 02 franking year (as defined in that Part) ended earlier: (a) a class A exempting credit equal to the deficit is taken to have arisen at the end of 30 June 2002 for the purposes of that Part; and (b) an exempting debit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208 ‑ 110 of the Income Tax Assessment Act 1997 : Note: If the company’s 2001 ‑ 02 franking year ended at the end of 30 June 2002 and it would have had a class A exempting deficit at that time apart from former section 160AQCNO of the Income Tax Assessment Act 1936 , that section will have eliminated the deficit and either: (a) increased the company’s liability for franking deficit tax; or (b) reduced the franking credit arising under section 205 ‑ 10 of this Act in the franking account the company has under the Income Tax Assessment Act 1997 . Class C exempting deficit at end of 30 June 2002 (5) If the company had a class C exempting deficit (as defined in former Part IIIAA of the Income Tax Assessment Act 1936 ) at the end of 30 June 2002 and its 2001 ‑ 02 franking year (as defined in that Part) ended earlier: (a) a class C exempting credit equal to the deficit is taken to have arisen at the end of 30 June 2002 for the purposes of that Part; and (b) an exempting debit of the amount worked out using the formula is taken to have arisen at the start of 1 July 2002 in the exempting account that the company has under section 208 ‑ 110 of the Income Tax Assessment Act 1997 : Note: If the company’s 2001 ‑ 02 franking year ended at the end of 30 June 2002 and it would have had a class C exempting deficit at that time apart from former section 160AQCNO of the Income Tax Assessment Act 1936 , that section will have eliminated the deficit and either: (a) increased the company’s liability for franking deficit tax; or (b) reduced the franking credit arising under section 205 ‑ 10 of this Act in the franking account the company has under the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s208-111"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 210-1", "Provision_Key": "s210-1", "Heading": "Order of events provision", "Text": "The venture capital sub ‑ account of a PDF under former Part IIIAA of the Income Tax Assessment Act 1936 (the old sub ‑ account ) is closed off at the end of 30 June 2002 and an opening balance is created in the PDF’s venture capital sub ‑ account under section 210 ‑ 100 of the Income Tax Assessment Act 1997 as follows: (a) any estimated venture capital debits in the old sub ‑ account at the end of 30 June 2002 are washed out of the account under section 210 ‑ 5; and (b) then: (i) in the case of a PDF whose 2001 ‑ 02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 —the PDF’s venture capital sub ‑ account balance is converted under section 210 ‑ 10 to a tax paid basis; and (ii) in the case of a PDF whose 2001 ‑ 02 franking year ends before 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 —the PDF’s venture capital sub ‑ account balance is converted under section 210 ‑ 15 to a tax paid basis.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s210-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 210-5", "Provision_Key": "s210-5", "Heading": "Washing estimated venture capital debits out of the old sub ‑ account before conversion", "Text": "If, under former Part IIIAA of the Income Tax Assessment act 1936 , the termination time in relation to an estimated venture capital debit of a PDF would, but for this section, occur after the end of 30 June 2002, it is taken to have occurred at the end of 30 June 2002.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s210-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 210-10", "Provision_Key": "s210-10", "Heading": "Converting the venture capital sub ‑ account balance to a tax paid basis—PDFs whose 2001 ‑ 02 franking year ends on 30 June 2002", "Text": "(1) This section applies to PDFs whose 2001 ‑ 02 franking year ends on 30 June 2002 under former Part IIIAA of the Income Tax Assessment Act 1936 (the 1936 Act ). (2) If the PDF has a venture capital surplus under former Part IIIAA of the 1936 Act at the end of 30 June 2002: (a) no venture capital credit arose under former section 160ASEE of that Act because of the surplus; and (b) a venture capital credit arises on 1 July 2002 in the venture capital sub ‑ account established under section 210 ‑ 100 of the Income Tax Assessment Act 1997 for the PDF. (3) The amount of the venture capital credit is worked out using the following formula:", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s210-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 210-15", "Provision_Key": "s210-15", "Heading": "Converting the venture capital sub ‑ account balance to a tax paid basis—PDFs whose 2001 ‑ 02 franking year ends before 30 June 2002", "Text": "(1) This section applies to PDFs whose 2001 ‑ 02 franking year ends before 20 June 2002 under former Part IIIAA of the Income Tax Assessment 1936 (the 1936 Act ). (2) If, but for this subsection, the PDF would have a venture capital surplus under former Part IIIAA of the 1936 Act at the end of 30 June 2002 (the original surplus ): (a) a venture capital debit equal to the original surplus is taken to arise for the PDF under former Part IIIAA of the 1936 Act at the end of 30 June 2002; and (b) a venture capital credit arises on 1 July 2002 in the venture capital sub ‑ account established under section 210 ‑ 100 of the Income Tax Assessment Act 1997 (the 1997 Act ) for the PDF. (3) The amount of the venture capital credit is worked out using the formula: (4) If, but for this subsection, the PDF would have a venture capital deficit under former Part IIIAA of the 1936 Act at the end of 30 June 2002 (the original deficit ): (a) a venture capital credit equal to the original deficit is taken to arise for the PDF under former Part IIIAA of the 1936 Act at the end of 30 June 2002; and (b) a venture capital debit arises on 1 July 2002 in the venture capital sub ‑ account established under section 210 ‑ 100 of the 1997 Act for the PDF. (5) The amount of the venture capital debit is worked out using the formula:", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s210-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-1", "Provision_Key": "s214-1", "Heading": "Application", "Text": "This Division applies to a corporate tax entity if a liability to pay franking deficit tax arises for the entity under section 205 ‑ 25 of this Act because of events that occur within a period of 12 months ending on 30 June in any year (the balancing period ).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-5", "Provision_Key": "s214-5", "Heading": "Entity must give a franking return", "Text": "(1) The entity must give the Commissioner a franking return for the balancing period setting out the following information before the end of the month immediately following the end of the period: (a) if the entity is a franking entity at the end of the balancing period—its franking account balance at the end of the period; and (b) if the entity ceases to be a franking entity during the balancing period—its franking account balance immediately before it ceased to be a franking entity; and (c) the amount (if any) of franking deficit tax that the entity is liable to pay under section 205 ‑ 25 of this Act because of events that have occurred, or are taken to have occurred, during the balancing period. (2) The return must be in writing in the approved form.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-10", "Provision_Key": "s214-10", "Heading": "Notice to a specific corporate tax entity", "Text": "(1) The Commissioner may give the entity a written notice requiring the entity to give the Commissioner a franking return for the balancing period. (2) The entity must comply with the requirement within the time specified in the notice, or within any further time allowed by the Commissioner. (3) The entity must comply with the requirement regardless of whether the entity has given, or has been required to give, the Commissioner a return under section 214 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-15", "Provision_Key": "s214-15", "Heading": "Effect of a refund on franking returns", "Text": "If no franking return is outstanding (1) If: (a) the entity receives a refund of income tax; and (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205 ‑ 30(2) or (3) of this Act; and (c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose; the entity must give the Commissioner a franking return for the period within 14 days after the refund is received. Refund received within 14 days before an outstanding franking return is due (2) If: (a) the entity receives a refund of income tax; and (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205 ‑ 30(2) or (3) of this Act; and (c) when the refund is received, the entity does not have a franking return that is outstanding for the balancing period in which the liability arose; and (d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner; the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received. Meaning of outstanding (3) A franking return for a balancing period is outstanding at a particular time if each of the following is true at that time: (a) the entity has been required to give a franking return for the period; (b) the time within which the franking return must be given has not yet passed; (c) the franking return has not yet been given.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-20", "Provision_Key": "s214-20", "Heading": "Franking returns for the income year", "Text": "(1) A franking return for a balancing period is in addition to any franking return that the entity is required to give to the Commissioner under Subdivision 214 ‑ A of the Income Tax Assessment Act 1997 for the income year in which the balancing period ends. (2) However, if an entity is required to give a franking return for a balancing period, it is not required to include in its franking return for the income year in which that period ends anything that should have been included in the franking return for the balancing period.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-25", "Provision_Key": "s214-25", "Heading": "Commissioner may make a franking assessment", "Text": "(1) The Commissioner may make an assessment of: (a) if the entity is a franking entity at the end of the balancing period—its franking account balance at the end of the period; and (b) if the entity ceases to be a franking entity during the balancing period—its franking account balance immediately before it ceased to be a franking entity; and (c) the amount (if any) of franking deficit tax that the entity is liable to pay under section 205 ‑ 25 of this Act because of events that have occurred, or are taken to have occurred, during the balancing period. This is a franking assessment for the entity for the balancing period. (2) The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 16 of 2003 | No 81 of 2016", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-30", "Provision_Key": "s214-30", "Heading": "Commissioner taken to have made a franking assessment on first return", "Text": "(1) If: (a) the entity gives the Commissioner a franking return under section 214 ‑ 5 or 214 ‑ 10 of this Act on a particular day (the return day ); and (b) the return is the first franking return given to the Commissioner by the entity for the balancing period; and (c) the Commissioner has not already made a franking assessment for the entity for that period; the Commissioner is taken to have made a franking assessment for the entity for the period on the return day, and to have assessed: (d) the entity’s franking account balance at a particular time as that stated in the return as the balance at that time; and (e) the amount (if any) of franking deficit tax payable by the entity because of events that have occurred, or are taken to have occurred, during the period as those stated in the return. (2) The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-35", "Provision_Key": "s214-35", "Heading": "Amendments within 3 years of the original assessment", "Text": "(1) The Commissioner may amend a franking assessment for the entity for the balancing period at any time during the period of 3 years after the original assessment day for the entity for the period. (2) The original assessment day for the entity for the balancing period is the day on which the first franking assessment for the entity for the period is made.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-40", "Provision_Key": "s214-40", "Heading": "Amended assessments are treated as franking assessments", "Text": "Once an amended franking assessment for the entity for the balancing period is made, it is taken to be a franking assessment for the entity for the period.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-45", "Provision_Key": "s214-45", "Heading": "Further return as a result of a refund affecting a franking deficit tax liability", "Text": "(1) If: (a) a franking assessment for the entity for the balancing period has been made; and (b) on a particular day (the further return day ) the entity gives the Commissioner a further return for the balancing period under subsection 214 ‑ 15(1) of this Act (because the entity has received a refund of income tax that affects its liability to pay franking deficit tax); the Commissioner is taken to have amended the entity’s franking assessment on the further return day, and to have assessed: (c) the entity’s franking account balance at a particular time as that stated in the further return as the balance at that time; and (d) the amount of franking deficit tax payable by the entity because of events that have occurred, or are taken to have occurred, during the period as those stated in the further return. (2) The further return is taken to be notice of the amended assessment signed by the Commissioner and given to the entity on the further return day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-50", "Provision_Key": "s214-50", "Heading": "Later amendments—on request", "Text": "The Commissioner may amend a franking assessment for the entity for the balancing period after the end of a period of 3 years after the original franking assessment day if, within that 3 year period: (a) the entity applies for the amendment; and (b) the entity gives the Commissioner all the information necessary for making the amendment.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-55", "Provision_Key": "s214-55", "Heading": "Later amendments—failure to make proper disclosure", "Text": "If: (a) the entity does not make a full and true disclosure to the Commissioner of the information necessary for a franking assessment for the entity for the balancing period; and (b) in making the assessment, the Commissioner makes an under ‑ assessment; and (c) the Commissioner is not of the opinion that the under ‑ assessment is due to fraud or evasion; the Commissioner may amend the assessment at any time during the period of 6 years after the original franking assessment day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-60", "Provision_Key": "s214-60", "Heading": "Later amendments—fraud or evasion", "Text": "If: (a) the entity does not make a full and true disclosure to the Commissioner of the information necessary for a franking assessment for the entity for the balancing period; and (b) in making the assessment, the Commissioner makes an under ‑ assessment; and (c) the Commissioner is of the opinion that the under ‑ assessment is due to fraud or evasion; the Commissioner may amend the assessment at any time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-60"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-65", "Provision_Key": "s214-65", "Heading": "Further amendment of an amended particular", "Text": "If: (a) a franking assessment for the entity for the balancing period has been amended (the first amendment ) in any particular; and (b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular so as to reduce the assessment; the Commissioner may do so within a period of 3 years after the first amendment.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-65"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-70", "Provision_Key": "s214-70", "Heading": "Other later amendments", "Text": "In a case not covered by sections 214 ‑ 50, 214 ‑ 55, 214 ‑ 60 or 214 ‑ 65, the Commissioner may amend the franking assessment for the entity for the balancing period after the period of 3 years after the original assessment day has expired, but not so as to reduce the assessment.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-70"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-75", "Provision_Key": "s214-75", "Heading": "Amendment on review etc.", "Text": "Nothing in this Division prevents the amendment of a franking assessment for the entity for the balancing period: (a) to give effect to a decision on a review or appeal; or (b) to reduce the assessment as a result of an objection made under this Act or pending an appeal or review.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-80", "Provision_Key": "s214-80", "Heading": "Notice of amendments", "Text": "If the Commissioner amends the entity’s franking assessment for the balancing period, the Commissioner must give the entity notice of the amendment as soon as practicable after making the amendment.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 16 of 2003 | No 81 of 2016", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-85", "Provision_Key": "s214-85", "Heading": "Validity of assessment", "Text": "The validity of a franking assessment for the entity for the balancing period is not affected because any of the provisions of this Act (as defined in the Income Tax Assessment Act 1997 ) have not been complied with.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-90", "Provision_Key": "s214-90", "Heading": "Objections", "Text": "If a corporate tax entity is dissatisfied with a franking assessment made in relation to the entity under this Division, the entity may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-90"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-100", "Provision_Key": "s214-100", "Heading": "Due date for payment of franking tax", "Text": "General rule (1) Unless this section provides otherwise, franking deficit tax assessed for the entity because of events that have occurred, or are taken to have occurred, during the balancing period is due and payable on the last day of the month immediately following the end of the balancing period. Amended assessments—other than because of deficit deferral (2) If: (a) the Commissioner amends a franking assessment for the entity for the balancing period (the earlier assessment ) other than because of the operation of section 214 ‑ 30 (an amendment because of a refund of tax that affects franking deficit tax liability); and (b) the amount of franking deficit tax payable under the amended assessment exceeds the amount of franking deficit tax payable under the earlier assessment; the excess amount is due and payable one month after the day on which the assessment was amended. Tax payable because of deficit deferral (3) If: (a) the entity receives a refund of income tax; and (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay franking deficit tax because of the operation of subsection 205 ‑ 30(2) or (3); the franking deficit tax or, if there is an increase in an existing liability to pay franking deficit tax, the difference between the original liability and the increased liability, is due and payable on: (c) if the entity accounts for the liability, or increased liability, in a franking return that is outstanding for the balancing period in which the liability arose—the day on which the outstanding return is required to be given to the Commissioner; or (d) in any other case—14 days after the day on which the refund was received.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-105", "Provision_Key": "s214-105", "Heading": "General interest charge", "Text": "If: (a) franking deficit tax that is payable by the entity remains unpaid after the time by which it is due and payable; and (b) the Commissioner has not allocated the unpaid amount to an RBA; the entity is liable to pay the general interest charge on the unpaid amount for each day in the period that: (c) starts at the beginning of the day on which the franking deficit tax was due to be paid; and (d) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the franking deficit tax; (ii) general interest charge on any of the franking deficit tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-110", "Provision_Key": "s214-110", "Heading": "Refunds of amounts overpaid", "Text": "Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if references in that section to tax included references to franking deficit tax.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-120", "Provision_Key": "s214-120", "Heading": "Record keeping", "Text": "Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if: (a) the reference in that section to a person carrying on a business were a reference to a corporate tax entity; and (b) the reference in paragraph (2)(a) of that section to the person’s income and expenditure were a reference to: (i) the entity’s franking account balance; and (ii) the entity’s liability to pay franking tax; and (c) paragraph (5)(a) of that section were omitted.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-120"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-125", "Provision_Key": "s214-125", "Heading": "Power of Commissioner to obtain information", "Text": "Section 264 of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if the reference in paragraph (1)(b) of that section to a person’s income or assessment were a reference to a matter relevant to the administration or operation of this Division.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-125"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 214-135", "Provision_Key": "s214-135", "Heading": "Interpretation", "Text": "If an expression is defined in this Division, it has the meaning given in that definition, and not the meaning given in the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s214-135"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 219-40", "Provision_Key": "s219-40", "Heading": "Reversing and replacing (on tax paid basis) certain franking credits that arose before 1 July 2002", "Text": "(1) This section applies if: (a) a franking credit arose before 1 July 2002 in the franking account of a life insurance company under former section 160APVJ of the Income Tax Assessment Act 1936 in relation to a PAYG instalment in respect of an income year; and (b) the company’s assessment day (the assessment day ) for that income year occurs on or after 1 July 2002; and (c) the company has a franking account (the new franking account ) under section 205 ‑ 10 of the Income Tax Assessment Act 1997 . (2) A franking debit of the amount worked out in accordance with the following formula is taken to have arisen in the new franking account on the assessment day: where: amount of the 1936 Act credit means the amount of the franking credit mentioned in paragraph (1)(a). (3) On the assessment day, a franking credit of the amount mentioned in item 2 of the table in section 219 ‑ 15 of the Income Tax Assessment Act 1997 arises in the new franking account in relation to a payment of the PAYG instalment mentioned in paragraph (1)(a) of this section that was made before 1 July 2002. Note: On the assessment day, the franking credit mentioned in paragraph (1)(a) is therefore: reversed by the franking debit arising under subsection (2); and replaced with a franking credit arising under subsection (3).", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s219-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 219-45", "Provision_Key": "s219-45", "Heading": "Reversing (on tax paid basis) certain franking debits that arose before 1 July 2002", "Text": "(1) This section applies if: (a) a franking debit arose before 1 July 2002 in the franking account of a life insurance company under former section 160AQCNCE of the Income Tax Assessment Act 1936 in relation to a PAYG instalment variation credit in respect of an income year; and (b) the company’s assessment day (the assessment day ) for that income year occurs on or after 1 July 2002; and (c) the company has a franking account (the new franking account ) under section 205 ‑ 10 of the Income Tax Assessment Act 1997 . (2) A franking credit of the amount worked out in accordance with the following formula is taken to have arisen in the new franking account on 1 July 2002: where: amount of the 1936 Act debit means the amount of the franking debit mentioned in paragraph (1)(a). Note: As the effects of former sections 160AQCNCE and 160APVN of the Income Tax Assessment Act 1936 are not duplicated in the Income Tax Assessment Act 1997 , this section ensures that a debit arising under former section 160AQCNCE before 1 July 2002 is reversed on a tax paid basis on that date if it has not been reversed under former section 160APVN before that date.", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s219-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 220-1", "Provision_Key": "s220-1", "Heading": "Application to things happening on or after 1 April 2003", "Text": "The following apply in relation to things happening on or after 1 April 2003, subject to this Division: (a) Division 220 of the Income Tax Assessment Act 1997 ; (b) the amendments of that Act made by Division 1 of Part 2 of Schedule 10 to the Taxation Laws Amendment Act (No. 6) 2003 relating to Division 220 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s220-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 220-5", "Provision_Key": "s220-5", "Heading": "Residency requirement for income year including 1 April 2003", "Text": "In determining whether an NZ franking company meets the residency requirement for the income year including 1 April 2003 regard may be had to things that happened in relation to the company before 1 April 2003.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s220-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 220-10", "Provision_Key": "s220-10", "Heading": "NZ franking company cannot frank before 1 October 2003", "Text": "An NZ franking company cannot: (a) frank a distribution made before 1 October 2003; or (b) frank with an exempting credit a distribution made before 1 October 2003.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s220-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 220-35", "Provision_Key": "s220-35", "Heading": "Extended time to make NZ franking choice", "Text": "(1) A company that is an NZ resident may make an NZ franking choice that comes into force at the start of the company’s income year including 1 April 2003 by giving notice in the approved form to the Commissioner before the end of the next income year. (2) Subsection (1) has effect despite paragraph 220 ‑ 40(1)(a) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s220-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 220-501", "Provision_Key": "s220-501", "Heading": "Franking and exempting accounts of new former exempting entities", "Text": "(1) This section has effect if: (a) a company (the Australian company ) that is an Australian resident becomes a former exempting entity at a time (the switch time ) because of: (i) an NZ franking choice by a company (the NZ company ); and (ii) Division 220 of the Income Tax Assessment Act 1997 ; and (b) the NZ franking choice comes into force at the start of the NZ company’s income year including 1 April 2003; and (c) at the switch time there is a franking surplus in the Australian company’s franking account; and (d) at the switch time the Australian company is a 100% subsidiary of a company (the NZ parent company ) that: (i) is not a 100% subsidiary of another company that is a member of the same wholly ‑ owned group; and (ii) is a post ‑ choice NZ franking company; and (e) there is a period for which all these requirements are met: (i) the period must start as soon as possible after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997 and end immediately before the switch time; (ii) the Australian company must have been a 100% subsidiary of the NZ parent company for the whole of the period; (iii) the Australian company must meet either or both of the conditions in subsections (2) and (3) for the whole of the period; (iv) the NZ parent company must meet the condition in subsection (4) for the whole of the period. Conditions relating to the Australian company (2) One condition relating to the Australian company is that the company would not have been effectively owned by prescribed persons as described in sections 208 ‑ 25 to 208 ‑ 45 of the Income Tax Assessment Act 1997 if: (a) those sections and sections 220 ‑ 505 and 220 ‑ 510 of that Act had applied throughout the period; and (b) an accountable membership interest or accountable partial interest in the Australian company had, at a time in the period, been held by, or indirectly for the benefit of, a post ‑ choice NZ franking company if, at that time: (i) the interest was held by, or indirectly for the benefit of, a company (the interest holder ); and (ii) the interest holder was an NZ resident or would have been one had section 220 ‑ 20 of the Income Tax Assessment Act 1997 , and section 995 ‑ 1 of that Act so far as it relates to section 220 ‑ 20 of that Act, applied throughout the period. (3) The other condition relating to the Australian company is that the company was a 100% subsidiary of a company that: (a) was a listed public company; and (b) was an NZ resident or would have been one had section 220 ‑ 20 of the Income Tax Assessment Act 1997 , and section 995 ‑ 1 of that Act so far as it relates to section 220 ‑ 20 of that Act, applied throughout the period. Condition relating to the NZ parent company (4) The condition relating to the NZ parent company is that it: (a) was not a 100% subsidiary of another company that was a member of the same wholly ‑ owned group; and (b) was an NZ resident or would have been one had section 220 ‑ 20 of the Income Tax Assessment Act 1997 , and section 995 ‑ 1 of that Act so far as it relates to section 220 ‑ 20 of that Act, applied throughout the period. Franking credits for the period remain franking credits (5) A franking credit arises in the Australian company’s franking account immediately after the switch time. Note: This franking credit will partly or fully offset the franking debit that arises under item 1 of the table in section 208 ‑ 145 of the Income Tax Assessment Act 1997 because the Australian company becomes a former exempting entity at the switch time. Franking credits for the period do not become exempting credits (6) An exempting debit arises in the Australian company’s exempting account immediately after the switch time. Note: This exempting debit will partly or fully offset the exempting credit that arises under item 1 of the table in section 208 ‑ 115 of the Income Tax Assessment Act 1997 because the Australian company becomes a former exempting entity at the switch time. Amount of franking credit and exempting debit (7) Work out the amount of the franking credit arising under subsection (5) and the exempting debit arising under subsection (6) using the table: Amount of the franking credit and the exempting debit Item If: The amount of the credit and debit is: 1 The period starts immediately after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997 The franking surplus in the Australian company’s franking account at the switch time 2 Both these conditions are met: (a) item 1 does not apply; (b) the Australian company’s franking account was not in surplus at the start of the period The franking surplus in the Australian company’s franking account at the switch time 3 All these conditions are met: (a) item 1 does not apply; (b) the Australian company’s franking account was in surplus at the start of the period; (c) the surplus in the account at the switch time is greater than the surplus at the start of the period The difference between: (a) the franking surplus in the Australian company’s franking account at the switch time; and (b) the franking surplus in the Australian company’s franking account at the start of the period No franking credit or exempting debit in some cases (8) Subsections (5) and (6) do not have effect if: (a) the start of the period is not immediately after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997; and (b) the franking surplus in the Australian company’s franking account at the switch time is not greater than the franking surplus in the Australian company’s franking account at the start of the period.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s220-501"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 235-810", "Provision_Key": "s235-810", "Heading": "Application of Subdivision 235 ‑ I of the Income Tax Assessment Act 1997", "Text": "Subdivision 235 ‑ I of the Income Tax Assessment Act 1997 applies to assets acquired by the trustee of an instalment trust in: (a) the 2007 ‑ 08 income year; or (b) a later income year.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, sch 1 (items 4, 5), sch 3 (item 6): 16 Sept 2015 (s 2(1) items 1, 2, 4) sch 4 (item 53): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s235-810"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 242-10", "Provision_Key": "s242-10", "Heading": "Application", "Text": "(1) Division 242 of the Income Tax Assessment Act 1997 (the new Division ) applies to assessments for the 2010 ‑ 11 income year and later years. (2) However, the new Division does not apply to a lease of a car if the lease was granted on or before 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996 unless the lease was extended after that time (whether the extension took effect before or after that time). (3) The definition of luxury car in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 applies to a reduction under former section 57AF of the Income Tax Assessment Act 1936 or former section 42 ‑ 80 of the Income Tax Assessment Act 1997 in the same way as it applies to a reduction under section 40 ‑ 230 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s242-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 242-20", "Provision_Key": "s242-20", "Heading": "Balancing adjustments", "Text": "Sections 242 ‑ 20 and 242 ‑ 90 of the Income Tax Assessment Act 1997 apply to an amount included in assessable income under former Subdivision 42 ‑ F or 42 ‑ G of the Income Tax Assessment Act 1997 and former subsection 59(2) of the Income Tax Assessment Act 1936 in the same way as they apply to an amount included in assessable income under section 40 ‑ 285 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s242-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 245-5", "Provision_Key": "s245-5", "Heading": "Application and saving", "Text": "(1) Division 245 of the Income Tax Assessment Act 1997 applies to debts forgiven in: (a) the 2010 ‑ 11 income year; and (b) later income years. (2) Despite the repeal of Schedule 2C to the Income Tax Assessment Act 1936, that Schedule continues to apply to debts forgiven in: (a) the 2009 ‑ 10 income year; and (b) earlier income years. (3) Subsection (2) does not limit the effect of section 8 of the Acts Interpretation Act 1901 in relation to the repeal.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s245-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 245-10", "Provision_Key": "s245-10", "Heading": "Pre ‑ 28 June 1996 arrangements etc.", "Text": "(1) Subdivisions 245 ‑ C to 245 ‑ G of the Income Tax Assessment Act 1997 do not apply to a forgiveness of a debt if the forgiveness occurs in accordance with the terms of an arrangement that: (a) was entered into on or before 27 June 1996; and (b) is evidenced in writing otherwise than by a document evidencing the arrangement or transaction under which the debt arose. (2) Those Subdivisions also do not apply to reduce your expenditure: (a) if the asset in respect of which the expenditure was incurred was disposed of by you, or was lost or destroyed, on or before 27 June 1996; or (b) to the extent (if any) to which the expenditure was recouped by you on or before 27 June 1996.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s245-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-5", "Provision_Key": "s247-5", "Heading": "Interim apportionment methodology", "Text": "The methodology set out in this Subdivision must be used to work out how much of an amount that a borrower incurs under or in respect of a capital protected borrowing is reasonably attributable to the capital protection provided under the capital protected borrowing if the capital protected borrowing is entered into or extended at or after 9.30 am, by legal time in the Australian Capital Territory, on 16 April 2003 and before 1 July 2007. Note: To work out how much of such an amount is reasonably attributable to the capital protection provided under a capital protected borrowing entered into on or after 1 July 2007, see Division 247 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 55 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 55 of 2007 | No 61 of 2011", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 61 of 2011, effective s. 4(1) and Schedule 2 (items 9–12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-10", "Provision_Key": "s247-10", "Heading": "Products listed on the Australian Stock Exchange that have explicit put options", "Text": "(1) For a capital protected borrowing that: (a) is an instalment warrant listed on the Australian Stock Exchange; and (b) contains an explicit put option that permits the underlying investment to be sold for at least the amount borrowed or amount of credit provided and has a separate price that reasonably reflects the market value of that option; subsection (2) applies. (2) If an amount is incurred: (a) to acquire the capital protected borrowing in the primary market; or (b) at a reset date of the borrowing under the capital protected borrowing; the amount that is reasonably attributable to the capital protection is the amount specified by the lender under the capital protected borrowing as the cost of the put option. (3) For a capital protected borrowing acquired on the secondary market, the amount that is reasonably attributable to the capital protection for an income year is worked out in accordance with subsection (4) or (5). (4) If the market value of the underlying security at the time of acquisition is greater than the amount of the borrowing, the amount that is reasonably attributable to the capital protection is: (a) the sum of the market value of the instalment warrant and the amount of the borrowing or amount of credit provided; less (b) the sum of the market value of the underlying security and so much of the amount incurred as is attributable to pre ‑ paid interest. (5) If the market value of the underlying security at the time of acquisition is equal to or less than the amount of the borrowing or amount of credit provided, the amount that is reasonably attributable to the capital protection is: (a) the market value of the instalment warrant; less (b) any pre ‑ paid interest. (6) If the amount worked out in accordance with subsection (4) or (5) is less than nil, the amount that is reasonably attributable to the capital protection is nil.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-15", "Provision_Key": "s247-15", "Heading": "Other capital protected products", "Text": "(1) If section 247 ‑ 10 does not apply, the total amount that is reasonably attributable to the capital protection for an income year is the greater of the amount worked out using section 247 ‑ 20 (the indicator method) and section 247 ‑ 25 (the percentage method). If those amounts are the same, use either one. (2) If an arrangement involves more than one amount incurred in an income year, the total amount that is reasonably attributable to the capital protection for the year is distributed pro ‑ rata between those amounts incurred.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-20", "Provision_Key": "s247-20", "Heading": "The indicator method", "Text": "(1) Work out the total amount incurred by the borrower under or in respect of the capital protected borrowing for the income year, ignoring amounts that are not in substance for capital protection or interest. Example: Amounts that would be ignored under subsection (1) include amounts that are in substance the repayment of a loan or credit, the payment of an application fee or brokerage commission and the payment of stamp duty or other tax. (2) Work out the amount that would have been incurred by applying the relevant indicator rate to a borrowing or provision of credit of the same amount for the income year. (3) If the subsection (1) amount exceeds the subsection (2) amount, the excess is reasonably attributable to the capital protection for the income year. (4) The relevant indicator rate is: (a) for a capital protected borrowing based on a variable interest rate, the Reserve Bank of Australia’s Indicator Rate for Personal Unsecured Loans—Variable Rate at the time the first payment for the income year was incurred; and (b) for another capital protected borrowing, the Reserve Bank of Australia’s Indicator Rate for Personal Unsecured Loans—Fixed Rate at the time the borrowing was entered into.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-25", "Provision_Key": "s247-25", "Heading": "The percentage method", "Text": "(1) Work out the total amount incurred by the borrower under or in respect of the capital protected borrowing for the income year, ignoring amounts that are not in substance for capital protection or interest. Example: Amounts that would be ignored under subsection (1) include amounts that are in substance the repayment of a loan or credit, the payment of an application fee or brokerage commission and the payment of stamp duty or other tax. (2) The amount that is reasonably attributable to the capital protection for the income year is this percentage of the total amount incurred for the income year: (a) 40% if the term is 1 year or shorter; or (b) 27.5% if the term is longer than 1 year but not longer than 2 years; or (c) 20% if the term is longer than 2 years but not longer than 3 years; or (d) 17.5% if the term is longer than 3 years but not longer than 4 years; or (e) 15% if the term is longer than 4 years.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-75", "Provision_Key": "s247-75", "Heading": "Post ‑ July 2007 capital protected borrowings", "Text": "(1) For a capital protected borrowing entered into or extended: (a) on or after 1 July 2007; but (b) at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008 (the 2008 Budget time ); work out the amount that is reasonably attributable to the capital protection using the following method statement. Method statement Step 1. Work out the total amount incurred by the borrower under or in respect of the capital protected borrowing for the income year, ignoring amounts that are not in substance for capital protection or interest. Step 2. Work out the total interest that would have been incurred for the income year on a borrowing or provision of credit of the same amount as under the capital protected borrowing at the rate applicable under either or both of subsections (2) and (3). Step 3. If the step 1 amount exceeds the step 2 amount, the excess is reasonably attributable to the capital protection for the income year. Example: Amounts that would be ignored under step 1 include amounts that are in substance the repayment of a loan or credit, the payment of an application fee or brokerage commission and the payment of stamp duty or other tax. (2) If: (a) the capital protected borrowing is at a fixed rate for all or part of the term of the capital protected borrowing; and (b) that fixed rate is applicable to the capital protected borrowing for all or part of the income year; use the Reserve Bank of Australia’s Indicator Lending Rate for Personal Unsecured Loans—Variable Rate (the personal unsecured loan rate ) at the first time an amount covered by step 1 of the method statement in subsection (1) was incurred, in any income year, during the term of the capital protected borrowing or that part of the term. (3) If: (a) the capital protected borrowing is at a variable rate for all or part of the term of the capital protected borrowing; and (b) a variable rate is applicable to the capital protected borrowing for all or part of the income year; use the average of the personal unsecured loan rates applicable during those parts of the income year when the capital protected borrowing is at a variable rate.", "Amendment_Count": 1, "First_Amended": "No 61 of 2011", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 61 of 2011", "History_Notes": "Inserted by No 61 of 2011, effective s. 4(1) and Schedule 2 (items 9–12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-80", "Provision_Key": "s247-80", "Heading": "Capital protected borrowings in existence on 1 July 2013", "Text": "(1) This section applies to a capital protected borrowing (including one covered by Subdivision 247 ‑ A or section 247 ‑ 75): (a) entered into at or before the 2008 Budget time; and (b) in existence on 1 July 2013; and (c) to which section 247 ‑ 85 does not apply. (2) Work out the amount that is reasonably attributable to the capital protection using the method statement in subsection 247 ‑ 75(1) and, for step 2 in that method statement, using the rate applicable under either or both of subsections (3) and (5) on or after 1 July 2013. (3) If: (a) the capital protected borrowing is at a fixed rate for all or part of the term of the capital protected borrowing; and (b) that fixed rate is applicable to the capital protected borrowing for all or part of the income year that is on or after 1 July 2013; use the rate worked out under subsection (4) at the first time an amount covered by step 1 of that method statement was incurred, in any income year, while the capital protected borrowing is at that fixed rate. (4) The rate (the adjusted loan rate ), at a particular time, is the sum of: (a) the Reserve Bank of Australia’s Indicator Lending Rate for Standard Variable Housing Loans at that time; and (b) 100 basis points. (5) If: (a) the capital protected borrowing is at a variable rate for all or part of the term of the capital protected borrowing; and (b) a variable rate is applicable to the capital protected borrowing for all or part of the income year that is on or after 1 July 2013; use the average of the adjusted loan rates applicable during those parts of the income year when the capital protected borrowing is at a variable rate.", "Amendment_Count": 1, "First_Amended": "No 61 of 2011", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 61 of 2011", "History_Notes": "Inserted by No 61 of 2011, effective s. 4(1) and Schedule 2 (items 9–12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 247-85", "Provision_Key": "s247-85", "Heading": "Extensions and other changes", "Text": "(1) This section applies to a capital protected borrowing entered into at or before the 2008 Budget time (including one covered by Subdivision 247 ‑ A or section 247 ‑ 75) where, after that time, one or both of these events occurred: (a) the term of the capital protected borrowing is extended; (b) some other change is made to the terms and conditions of the capital protected borrowing. (2) Work out the amount that is reasonably attributable to the capital protection using the method statement in subsection 247 ‑ 75(1) and, for step 2 in that method statement, using the rate applicable under either or both of subsections (3) and (4) from the earlier of these times: (a) the time the extension or change took effect; (b) the start of 1 July 2013; (the switch ‑ over time ). (3) If: (a) the capital protected borrowing is at a fixed rate for all or part of the term of the capital protected borrowing; and (b) that fixed rate is applicable to the capital protected borrowing for all or part of the income year that is at or after the switch ‑ over time; use the adjusted loan rate (as described in subsection 247 ‑ 80(4)) applicable at the first time an amount covered by step 1 of that method statement was incurred, in any income year, while the capital protected borrowing is at that fixed rate. (4) If: (a) the capital protected borrowing is at a variable rate for all or part of the term of the capital protected borrowing; and (b) a variable rate is applicable to the capital protected borrowing for all or part of the income year that is at or after the switch ‑ over time; use the average of the adjusted loan rates (as described in subsection 247 ‑ 80(4)) applicable during those parts of the income year when the capital protected borrowing is at a variable rate.", "Amendment_Count": 1, "First_Amended": "No 61 of 2011", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 61 of 2011", "History_Notes": "Inserted by No 61 of 2011, effective s. 4(1) and Schedule 2 (items 9–12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s247-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 253-5", "Provision_Key": "s253-5", "Heading": "Application of section 253 ‑ 5 of the Income Tax Assessment Act 1997", "Text": "Section 253 ‑ 5 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Division 2AA of Part II of the Banking Act 1959 after 17 October 2008. Note: Division 2AA of Part II of the Banking Act 1959 commenced on 18 October 2008.", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 27–29): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s253-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 253-10", "Provision_Key": "s253-10", "Heading": "Application of sections 253 ‑ 10 and 253 ‑ 15 of the Income Tax Assessment Act 1997", "Text": "Sections 253 ‑ 10 and 253 ‑ 15 of the Income Tax Assessment Act 1997 apply to CGT events happening after 17 October 2008.", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 27–29): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s253-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 275-10", "Provision_Key": "s275-10", "Heading": "Consequences of making choice—Commissioner cannot make certain amendments to previous assessments", "Text": "(1) This section applies if: (a) the trustee of a managed investment trust makes a choice under section 275 ‑ 115 of the Income Tax Assessment Act 1997 covering the trust that is in force for the 2008 ‑ 09 income year; and (b) the Commissioner made an assessment (the previous assessment ) for a previous income year for any of the following entities: (i) the trustee of the managed investment trust; (ii) a beneficiary of the managed investment trust; (iii) an entity that holds interests in the managed investment trust indirectly, through a chain of trusts; and (c) the previous assessment was made on the basis that: (i) a CGT event happened at a time involving a CGT asset that was owned by the managed investment trust; and (ii) a gain or loss was realised for income tax purposes because of the circumstances that gave rise to the CGT event; and (d) the previous assessment was also made on the basis that: (i) the gain or loss should be reflected in the net income of the managed investment trust for that previous income year; or (ii) the gain or loss should be reflected in a tax loss or net capital loss of the managed investment trust for that previous income year; and (e) the previous assessment was also made on one of these bases: (i) the CGT asset was a revenue asset; (ii) the CGT asset was not a revenue asset; and (f) none of the provisions mentioned in subsection 275 ‑ 100(2) of the Income Tax Assessment Act 1997 would have applied at the time of the CGT event in relation to the asset, if these assumptions were made: (i) Subdivision 275 ‑ B of the Income Tax Assessment Act 1997 (and any other provision of that Act or of the Income Tax Assessment Act 1936 , to the extent that it relates to that Subdivision) had applied in relation to the CGT event; (ii) a choice under section 275 ‑ 115 of the Income Tax Assessment Act 1997 covering the entity for which the assessment was made was in force for the previous income year. (2) The Commissioner cannot amend the previous assessment on the basis that: (a) if subparagraph (1)(e)(i) applies—the CGT asset should not have been treated as a revenue asset; or (b) if subparagraph (1)(e)(ii) applies—the CGT asset should have been treated as a revenue asset. (3) Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 . (4) Subsection (2) does not apply in any of these cases: (a) if the entity for which the assessment was made gives the Commissioner a written consent to the amendment; (b) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936 ; (c) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), Sch 3 (items 8, 10(1)), Sch 5 (items 54, 55, 73–78, 130, 131, 137–140, 189, 190, 193) and Sch 6 (items 156–158): 3 June 2010 (s 2(1) items 1, 7, 8, 10, 11, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s275-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 275-605", "Provision_Key": "s275-605", "Heading": "Trustee taxed on amount of non ‑ arm’s length income of managed investment trust—not applicable for pre ‑ introduction scheme where amount derived before start of 2018 ‑ 19 income year", "Text": "(1) This section applies if: (a) the requirements set out in paragraphs 275 ‑ 610(1)(a), (b) and (c) of the Income Tax Assessment Act 1997 are satisfied in respect of an amount of non ‑ arm’s length income of a managed investment trust in relation to an income year; and (b) the managed investment trust became a party to the scheme mentioned in paragraph 275 ‑ 610(1)(a) of that Act before the day on which the Bill that became the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 was introduced into the House of Representatives; and (c) the amount was derived before the start of the 2018 ‑ 19 income year. (2) Subsections 275 ‑ 605(2), (3) and (4) of that Act do not apply in respect of the amount.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s275-605"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 276-5", "Provision_Key": "s276-5", "Heading": "Application of Division 276", "Text": "Division 276 of the Income Tax Assessment Act 1997 as inserted in that Act by the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 (the amending Act ) applies as set out in subitem 1(1) of Schedule 8 to the amending Act.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s276-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 276-25", "Provision_Key": "s276-25", "Heading": "Starting income year", "Text": "In this Division: starting income year means: (a) unless paragraph (b) or (c) applies—the 2017 ‑ 18 income year; or (b) if the trustee of the trust has made a choice for the purposes of paragraph 1(1)(b) of Schedule 8 to the Tax Laws Amendment (New Tax System for Managed Investment Trusts) Act 2016 —the first income year starting on or after 1 July 2015; or (c) if the trustee of the trust has made a choice for the purposes of subparagraph 276 ‑ 10(1)(e)(i) of the Income Tax Assessment Act 1997 in respect of the 2016 ‑ 17 income year—that income year.", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4) | Amended by No 15 of 2019, effective sch 1 (item 18): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s276-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 276-700", "Provision_Key": "s276-700", "Heading": "Application of Subdivision to MIT that becomes AMIT", "Text": "This Subdivision applies if: (a) a managed investment trust becomes an AMIT for the starting income year; and (b) the trust existed in an earlier income year (the base year ); and (c) the trust is an AMIT for an income year (the discovery year ) that is the starting income year or a later income year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s276-700"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 276-705", "Provision_Key": "s276-705", "Heading": "Accounting for unders and overs for base years before becoming an AMIT", "Text": "(1) This section applies if the trust has an under or over of a character in the discovery year relating to the base year. (2) For the purposes of subsection (1): (a) assume that the trust is an AMIT for the base year and every later year before the starting income year; and (b) if, at a time, the trust sent its members distribution statements for an income year that is prior to the starting income year—assume that the trust sent those members AMMA statements for that income year at that time. (3) For the purposes of Division 276 of the Income Tax Assessment Act 1997 , treat the under or over mentioned in subsection (1) as an under or over of the AMIT, in the discovery year relating to the base year, of the character mentioned in that subsection. (4) If: (a) had the under or over mentioned in subsection (1) been discovered before the starting income year, this Act would have operated to produce a particular effect (the pre ‑ AMIT scheme effect ) for the base year in relation to the amount or amounts reflected in the under or over; and (b) subsection (3) accounts for the pre ‑ AMIT scheme effect; treat this Act as not operating to produce the pre ‑ AMIT scheme effect for the base year. Note: Subsection (3) continues to operate in relation to the under or over.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s276-705"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 276-750", "Provision_Key": "s276-750", "Heading": "Payment by trustee on or after 1 July 2011—certain CGT provisions etc. apply for the purposes of working out non ‑ assessable part for first income year of AMIT", "Text": "(1) This section applies if: (a) a trust becomes an AMIT for an income year; and (b) the trustee of the trust made a payment to an entity at a time: (i) on or after 1 July 2011; and (ii) before the start of the income year mentioned in paragraph (a). (2) Subsection (3) applies for the purpose of: (a) working out whether CGT event E4 happens because of the payment; and (b) working out the amount (if any) of the entity’s capital gain under subsection 104 ‑ 70(4) of the Income Tax Assessment Act 1997 . (3) For the purpose of working out the amount of the non ‑ assessable part mentioned in paragraph 104 ‑ 70(1)(b), treat the following provisions as being in operation at the time the payment was made: (a) sections 104 ‑ 107F and 104 ‑ 107G of the Income Tax Assessment Act 1997 ; (b) any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in paragraph (a). (4) Subsection (3) does not apply to the extent (if any) that the entity, in the income tax return that it lodged for the income year in which the payment was made, included the amount of the payment in its assessable income for that income year. (5) For the purposes of section 118 ‑ 20 of the Income Tax Assessment Act 1997 , treat this section as being in Part 3 ‑ 1 of that Act. Note: Section 118 ‑ 20 deals with reducing capital gains if an amount is otherwise assessable.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s276-750"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 276-755", "Provision_Key": "s276-755", "Heading": "Payment by trustee before 1 July 2011—limit on amendment of assessment", "Text": "(1) This section applies if: (a) a trust becomes an AMIT for an income year; and (b) the trustee of the trust made a payment to an entity at a time before 1 July 2011. (2) The Commissioner cannot amend the entity’s assessment for the income year in which the payment was made in a particular way if: (a) the effect of the amendment would be to increase the entity’s assessable income for that income year; and (b) the Commissioner could not amend the assessment in that way if the following provisions were in operation at the time the payment was made: (i) sections 104 ‑ 107F, 104 ‑ 107G and 104 ‑ 107H of the Income Tax Assessment Act 1997 ; (ii) any other provision of that Act, to the extent that it relates to the operation of the provisions mentioned in subparagraph (i); and (c) the entity has not requested the Commissioner to amend the assessment in that way.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 8 (items 2, 3): 5 May 2016 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s276-755"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 290-10", "Provision_Key": "s290-10", "Heading": "Directed termination payments not deductible etc.", "Text": "Division 290 of the Income Tax Assessment Act 1997 does not apply to a contribution that is a directed termination payment (within the meaning of section 82 ‑ 10F).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s290-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 290-15", "Provision_Key": "s290-15", "Heading": "Early balancers—deduction limits from end of 2006 ‑ 2007 income year to 1 July 2007", "Text": "(1) This section applies if a person’s 2006 ‑ 2007 income year ends before the end of the 2006 ‑ 2007 financial year. (2) The object of this section is to apply (with modifications) provisions limiting deductibility in respect of certain contributions made during the period that: (a) starts when the person’s 2006 ‑ 2007 income year ends; and (b) ends just before 1 July 2007. (3) The provisions are as follows: (a) Subdivisions AA and AB of Division 3 of Part III of the Income Tax Assessment Act 1936 , as in force just before they were repealed by the Superannuation Legislation Amendment (Simplification) Act 2007 ; (b) any other provision of the Income Tax Assessment Act 1936 , or of any instrument made under that Act, to the extent that it relates to the operation of those Subdivisions; (c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of those Subdivisions. (4) Those provisions apply in relation to the period mentioned in subsection (2), and do so as if: (a) that period were the 2007 ‑ 2008 income year; and (b) the deduction limit mentioned in section 82AAC for the 2006 ‑ 2007 income year were the deduction limit for the income year mentioned in paragraph (a); and (c) the deduction limit mentioned in section 82AAT for the 2006 ‑ 2007 income year were the deduction limit for the income year mentioned in paragraph (a); and (d) Division 290 of the Income Tax Assessment Act 1997 did not apply to contributions made during the income year mentioned in paragraph (a).", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s290-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 291-10", "Provision_Key": "s291-10", "Heading": "Application of Division 291 of the Income Tax Assessment Act 1997", "Text": "Division 291 of the Income Tax Assessment Act 1997 applies to the 2013 ‑ 14 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 12, 80, 98, 99, 110, 111): 29 June 2014 (s 2(1) items 2, 7, 8, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s291-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 291-170", "Provision_Key": "s291-170", "Heading": "Transitional rules for notional taxed contributions", "Text": "(1) This section applies despite section 291 ‑ 170 of the Income Tax Assessment Act 1997 . Certain interests held on 5 September 2006 (2) Despite subsection 291 ‑ 170(1) of the Income Tax Assessment Act 1997 , your notional taxed contributions for the financial year in respect of a defined benefit interest are equal to your basic concessional contributions cap for the financial year if: (a) Subdivision 291 ‑ C of that Act applies in relation to you because you have a defined benefit interest in a financial year; and (b) disregarding this subsection and subsection (4), the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your basic concessional contributions cap for the financial year; and (c) either: (i) you held the defined benefit interest in a superannuation fund on 5 September 2006; or (ii) all the requirements in subsection (3) are satisfied; and (d) the conditions (if any) specified in the regulations are satisfied. Note: In some cases, section 291 ‑ 370 of the Income Tax Assessment Act 1997 has the effect of replacing this subsection with a similar rule covering a broader class of contributions and amounts. (3) For the purposes of subparagraph (2)(c)(ii), the requirements are as follows: (a) you held a defined benefit interest (the original interest ) in a superannuation fund (the original fund ) on 5 September 2006; (b) the defined benefit interest mentioned in paragraph (2)(a) (the current interest ) is in a different superannuation fund (the current fund ); (c) the entire value of the original interest: (i) was transferred directly to the current interest after 5 September 2006; or (ii) was transferred to another superannuation interest after 5 September 2006, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests); (d) your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest; (e) either: (i) the notional taxed contributions mentioned in paragraph (2)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or (ii) the conditions (if any) specified in the regulations are satisfied; (f) the conditions (if any) specified in the regulations are satisfied. Certain interests held on 12 May 2009 (4) Despite subsection 291 ‑ 170(1) of the Income Tax Assessment Act 1997 , your notional taxed contributions for the financial year in respect of the defined benefit interest are equal to your basic concessional contributions cap for the financial year if: (a) Subdivision 291 ‑ C of that Act applies in relation to you because you have a defined benefit interest in a financial year; and (b) disregarding this subsection, the notional taxed contributions for the financial year in respect of the defined benefit interest exceed your basic concessional contributions cap for the financial year; and (c) either: (i) you held the defined benefit interest in a superannuation fund on 12 May 2009; or (ii) all the requirements in subsection (5) are satisfied; and (d) the conditions (if any) specified in the regulations are satisfied; and (e) the financial year is the 2009 ‑ 2010 financial year or a later financial year. Note: In some cases, section 291 ‑ 370 of the Income Tax Assessment Act 1997 has the effect of replacing this subsection with a similar rule covering a broader class of contributions and amounts. (5) For the purposes of subparagraph (4)(c)(ii), the requirements are as follows: (a) you held a defined benefit interest (the original interest ) in a superannuation fund (the original fund ) on 12 May 2009; (b) the defined benefit interest mentioned in paragraph (4)(a) (the current interest ) is in a different superannuation fund (the current fund ); (c) the entire value of the original interest: (i) was transferred directly to the current interest after 12 May 2009; or (ii) was transferred to another superannuation interest after 12 May 2009, and was later transferred to the current interest (whether directly or through a series of transfers between superannuation interests); (d) your rights to accrue future benefits under the current interest are equivalent to your rights to accrue future benefits under the original interest; (e) either: (i) the notional taxed contributions mentioned in paragraph (4)(b) do not exceed what they would have been if the transfer mentioned in paragraph (c) had not taken place; or (ii) the conditions (if any) specified in the regulations are satisfied; (f) the conditions (if any) specified in the regulations are satisfied. Constitutionally protected funds (6) This section does not apply in relation to a defined benefit interest in a constitutionally protected fund.", "Amendment_Count": 3, "First_Amended": "No 118 of 2013", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 118 of 2013 | No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 12, 80, 98, 99, 110, 111): 29 June 2014 (s 2(1) items 2, 7, 8, 11) | Amended by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s291-170"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 292-80", "Provision_Key": "s292-80", "Heading": "Application of excess non ‑ concessional contributions tax from 10 May 2006 to 1 July 2007", "Text": "(1) The object of this section is to apply (with modifications) provisions relating to excess non ‑ concessional contributions tax in respect of certain contributions made during the period that: (a) begins on 10 May 2006; and (b) ends just before 1 July 2007. (2) The provisions are as follows: (a) Subdivision 292 ‑ C of the Income Tax Assessment Act 1997 (excess non ‑ concessional contributions tax); (b) any other provision of that Act, or of any instrument made under that Act, to the extent that it relates to the operation of that Subdivision; (c) any other provision of any other Act, or of any instrument made under any other Act, to the extent that it relates to the operation of that Subdivision. Example: Section 390 ‑ 65 in Schedule 1 to the Taxation Administration Act 1953 . (3) Those provisions apply in relation to that period, and do so as if: (a) that period were the 2006 ‑ 2007 financial year; and (b) the amount of a person’s non ‑ concessional contributions for that financial year: (i) did not include the amount of the person’s excess concessional contributions for that financial year; and (ii) if subsection (6) applies—included the amount mentioned in that subsection; and (iii) included each contribution covered under subsection (7) in respect of the person; and (c) the person’s non ‑ concessional contributions cap for that financial year were $1,000,000; and (d) subsections 292 ‑ 85(3) and (4) of the Income Tax Assessment Act 1997 were omitted; and (e) the person’s CGT cap amount at the start of that financial year were $1,000,000; and (ea) in a case where paragraph 292 ‑ 95(1)(b) of that Act would have allowed the contribution mentioned in that paragraph to be made at a time within that period—that paragraph allowed the contribution to be made on or before 30 June 2007; and (f) paragraph 292 ‑ 95(1)(d) of that Act allowed the notification mentioned in that paragraph to be made on or before 31 July 2007; and (fa) in a case where subsection 292 ‑ 100(2), (4), (7) or (8) of that Act would have allowed the contribution mentioned in that subsection to be made at a time within that period—that subsection allowed the contribution to be made on or before 30 June 2007; and (g) paragraph 292 ‑ 100(9)(b) of that Act allowed the choice mentioned in that paragraph to be given on or before 31 July 2007; and (h) contributions made during that period that are covered under section 292 ‑ 100 of that Act reduce the person’s CGT cap amount for the 2007 ‑ 2008 financial year in accordance with subsection 292 ‑ 105(2) of that Act (and despite subsection (1) of that section); and (i) if the conditions in subsection (4) are satisfied—the person’s excess non ‑ concessional contributions for that financial year were reduced by the amount paid as mentioned in paragraph (4)(d); and (j) the reference in subsection 307 ‑ 220(1) of that Act to 30 June 2007 were a reference to 9 May 2006. (4) For the purposes of paragraph (3)(i), the conditions are: (a) the person gives the Commissioner an application under subsection 292 ‑ 80A(1) before 1 July 2007; and (b) the Commissioner gives the person a transitional release authority under subsection 292 ‑ 80A(2) in response to the application; and (c) the person gives the transitional release authority to a superannuation provider that holds a superannuation interest for the person (other than a defined benefit interest) in accordance with section 292 ‑ 80B within 21 days after the date of the release authority; and (d) the superannuation provider pays the person the amount required under section 292 ‑ 80C in relation to the transitional release authority. (5) Subsection (6) applies if: (a) contributions are made in respect of a person (the first person ) in either or both of the following periods: (i) 10 May 2006 to 30 June 2006; (ii) 1 July 2006 to 30 June 2007; and (b) those contributions are allowable as a deduction for another person under subsection 82AAC(1) of the Income Tax Assessment Act 1936 (apart from subsection 82AAC(2) of that Act). (6) The amount to be included in the first person’s amount of non ‑ concessional contributions under subparagraph (3)(b)(ii) is the sum of: (a) the amount of those contributions made in the period mentioned in subparagraph (5)(a)(i), to the extent that they exceed the first person’s deduction limit (within the meaning of subsection 82AAC(2A) of the Income Tax Assessment Act 1936 ) for the income year of the other person in which the contributions were made; and (b) the amount of those contributions made in the period mentioned in subparagraph (5)(a)(ii), to the extent that they exceed the first person’s deduction limit (within the meaning of subsection 82AAC(2A) of the Income Tax Assessment Act 1936 ) for the income year of the other person in which the contributions were made. (7) A contribution is covered under this subsection if: (a) the contribution is made in respect of the person mentioned in subparagraph (3)(b)(iii) by another entity; and (b) the person is not an employee of the other entity; and (c) under Division 295 of the Income Tax Assessment Act 1997 (as that Division applies for the purposes of subsection (3)), the contribution is included in the assessable income of the superannuation provider in relation to the superannuation plan to which the contribution is made; and (d) the contribution is made after 6 December 2006. (8) For the purposes of paragraph (7)(b), treat the person as an employee of the other entity if the person would be treated as an employee of the other entity under Division 290 of the Income Tax Assessment Act 1997 (as that Division applies for the purposes of subsection (3)).", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 79 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent | Amended by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10) | Amended by No 79 of 2007, effective Sch 2: 15 Mar 2007 (s 2(1) item 3) Sch 5: 21 June 2007 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s292-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 292-80A", "Provision_Key": "s292-80a", "Heading": "Transitional release authority", "Text": "(1) A person may apply to the Commissioner in the approved form for a transitional release authority under subsection (2). The application can only be made before 1 July 2007. (2) The Commissioner must give the person a transitional release authority if the Commissioner considers that, apart from subparagraph 292 ‑ 80(3)(b)(i), the person would have excess non ‑ concessional contributions for the financial year mentioned in paragraph 292 ‑ 80(3)(a). (3) The transitional release authority must: (a) state the amount of excess non ‑ concessional contributions mentioned in subsection (2); and (b) be dated; and (c) contain any other information that the Commissioner considers relevant. (4) For the purposes of this section, disregard contributions made in respect of the person after 6 December 2006 in working out: (a) whether the person has excess non ‑ concessional contributions as mentioned in subsection (2); and (b) the amount of those excess non ‑ concessional contributions.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s292-80A"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 292-80B", "Provision_Key": "s292-80b", "Heading": "Giving a transitional release authority to a superannuation provider", "Text": "The person may give the transitional release authority to a superannuation provider that holds a superannuation interest (other than a defined benefit interest) for the person in a complying superannuation plan within 21 days after the date of the release authority.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent | Amended by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s292-80B"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 292-80C", "Provision_Key": "s292-80c", "Heading": "Superannuation provider given transitional release authority must pay amount", "Text": "(1) A superannuation provider that has been given a transitional release authority in accordance with section 292 ‑ 80B must pay to the person within 30 days after receiving the release authority the least of the following amounts: (a) if the person requests the provider in writing to pay a specified amount in relation to the release authority—that amount; (b) the amount of excess non ‑ concessional contributions stated in the release authority; (c) the sum of the values of every superannuation interest (other than a defined benefit interest) held by the superannuation provider for the person in complying superannuation plans. Note 1: Section 288 ‑ 95 in Schedule 1 to the Taxation Administration Act 1953 provides for an administrative penalty for failing to comply with this subsection. Note 2: Section 288 ‑ 100 in Schedule 1 to the Taxation Administration Act 1953 provides that the person giving the release authority to the superannuation provider can be liable to an administrative penalty if excess amounts are paid in relation to the release authority. Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390 ‑ 65 in Schedule 1 to the Taxation Administration Act 1953 . (2) The payment must be made out of one or more superannuation interests (other than a defined benefits interest) held by the superannuation provider for the person in complying superannuation plans. (3) Section 307 ‑ 125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required under this section.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent | Amended by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10) | Amended by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s292-80C"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 292-85", "Provision_Key": "s292-85", "Heading": "Non ‑ concessional contributions cap for a financial year", "Text": "(1) For the purposes of working out your non ‑ concessional contributions cap for the 2017 ‑ 2018 financial year, if: (a) your non ‑ concessional contributions cap for the 2015 ‑ 2016 financial year was worked out under subsection 292 ‑ 85(4) of the Income Tax Assessment Act 1997 ; and (b) that year was a first year within the meaning of subsection 292 ‑ 85(3) of that Act; subsection 292 ‑ 85(7) of that Act as amended by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 applies after the commencement of this section as if: (c) the amount worked out under subsection 292 ‑ 85(5) of that Act as so amended were $460,000; and (d) subsection 292 ‑ 85(6) of that Act as so amended had been applied (taking into account paragraph (c) of this subsection) for the purposes of working out your non ‑ concessional contributions cap for the 2016 ‑ 2017 financial year. (2) For the purposes of working out your non ‑ concessional contributions caps for the 2017 ‑ 2018 financial year and the 2018 ‑ 2019 financial year, if: (a) your non ‑ concessional contributions cap for the 2016 ‑ 2017 financial year was worked out under subsection 292 ‑ 85(4) of the Income Tax Assessment Act 1997 ; and (b) that year was a first year within the meaning of subsection 292 ‑ 85(3) of that Act; subsections 292 ‑ 85(6) and (7) of that Act as amended by the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 apply after the commencement of this section as if the amount worked out under subsection 292 ‑ 85(5) of that Act as so amended were $380,000. (3) To avoid doubt, this section does not affect your non ‑ concessional contributions cap for any financial year that ended before 1 July 2017.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s292-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 292-90", "Provision_Key": "s292-90", "Heading": "Non ‑ concessional contributions for a financial year", "Text": "The tax free component of a directed termination payment (within the meaning of section 82 ‑ 10F) made in a financial year on behalf of you is not included in your non ‑ concessional contributions (see section 292 ‑ 90 of the Income Tax Assessment Act 1997 ) for the financial year.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s292-90"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 293-10", "Provision_Key": "s293-10", "Heading": "Application of Division 293 of the Income Tax Assessment Act 1997", "Text": "Division 293 of the Income Tax Assessment Act 1997 applies to the 2012 ‑ 13 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 2) and Sch 3 (items 38, 39): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s293-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-10", "Provision_Key": "s294-10", "Heading": "Application of Division 294 of the Income Tax Assessment Act 1997", "Text": "(1) Division 294 of the Income Tax Assessment Act 1997 applies on and after 1 July 2017. (2) Subject to section 294 ‑ 55, the amendments of Division 294 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Treasury Laws Amendment (2017 Measures No. 2) Act 2017 apply on and after 1 July 2017.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-30", "Provision_Key": "s294-30", "Heading": "Minor excess transfer balances disregarded if remedied in first 6 months", "Text": "Despite sections 294 ‑ 30 and 294 ‑ 140 of the Income Tax Assessment Act 1997 (which are about when you have excess transfer balance), you do not have excess transfer balance in your transfer balance account on any day in the period of 6 months beginning on 1 July 2017 if: (a) the only transfer balance credits in the account in that period arose under item 1 of the table in subsection 294 ‑ 25(1) of that Act (which is about superannuation income streams you have just before 1 July 2017); and (b) the sum of those transfer balance credits exceeds your transfer balance cap, but is less than or equal to $1,700,000; and (c) at the end of the period, the sum of all the transfer balance debits arising in your transfer balance account equals or exceeds the amount of the excess from paragraph (b).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-55", "Provision_Key": "s294-55", "Heading": "Repayment of limited recourse borrowing arrangements", "Text": "(1) Despite subsection 294 ‑ 10(2), a transfer balance credit arises under item 4 of the table in subsection 294 ‑ 25(1) of the Income Tax Assessment Act 1997 only in relation to a borrowing that arises under a contract entered into on or after 1 July 2017. (2) For the purposes of subsection (1), a borrowing (the new borrowing ) that arises under a contract entered into on or after 1 July 2017 is treated as if it arose under a contract entered into before 1 July 2017 if: (a) the new borrowing is a refinancing of a borrowing (the old borrowing ) that was made under a contract: (i) entered into before 1 July 2017; and (ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (b) the new borrowing is secured by the same asset or assets as the old borrowing; and (c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing.", "Amendment_Count": 1, "First_Amended": "No 55 of 2017", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 55 of 2017", "History_Notes": "Inserted by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-80", "Provision_Key": "s294-80", "Heading": "Structured settlement contributions made before 1 July 2017—debit increased to match credits", "Text": "(1) This section applies to you if: (a) on 1 July 2017, a transfer balance debit arose in your transfer balance account under item 2 of the table in subsection 294 ‑ 80(1) of the Income Tax Assessment Act 1997 ; and (b) the sum of all the transfer balance credits that arise in your transfer balance account under item 1 of the table in subsection 294 ‑ 25(1) of that Act exceeds the amount that would, apart from this section, be the amount of that debit. (2) Despite column 2 of item 2 of the table in subsection 294 ‑ 80(1) of the Income Tax Assessment Act 1997 , the amount of the transfer balance debit is instead equal to the sum worked out under paragraph (1)(b) of this section.", "Amendment_Count": 1, "First_Amended": "No 55 of 2017", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 55 of 2017", "History_Notes": "Inserted by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-100", "Provision_Key": "s294-100", "Heading": "Object", "Text": "The object of this Subdivision is to provide temporary relief from certain capital gains that might arise as a result of individuals complying with the following legislative changes: (a) the introduction of a transfer balance cap (as a result of Schedule 1 to the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 ); (b) the exclusion of transition to retirement income streams (and similar income streams) from being superannuation income streams in the retirement phase (as a result of Schedule 8 to that Act).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-105", "Provision_Key": "s294-105", "Heading": "Interpretation", "Text": "In this Subdivision: pre ‑ commencement period means the period: (a) starting on the start of the day on which the Bill that became the Treasury Laws Amendment (Fair and Sustainable Superannuation) Act 2016 was introduced into the House of Representatives; and (b) ending just before 1 July 2017.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-110", "Provision_Key": "s294-110", "Heading": "Segregated current pension assets", "Text": "(1) This section applies if: (a) at the start of the pre ‑ commencement period, a CGT asset of a fund is a segregated current pension asset of the fund; and (b) either: (i) at a time (the cessation time ) in the pre ‑ commencement period, the asset ceases to be a segregated current pension asset of the fund; or (ii) at the start of 1 July 2017 (also the cessation time ), the asset ceases to be a segregated current pension asset of the fund because it supports a superannuation income stream covered by subsection 307 ‑ 80(3) of the Income Tax Assessment Act 1997 ; and (c) the fund held the CGT asset throughout the pre ‑ commencement period (disregarding subsection (3)); and (d) the fund is a complying superannuation fund throughout the period: (i) starting at the start of the pre ‑ commencement period; and (ii) ending at the cessation time; and (e) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (2) A choice made for the purposes of paragraph (1)(e): (a) is to be in the approved form; and (b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016 ‑ 17 income year; and (c) cannot be revoked. (3) For the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 , the fund is taken: (a) to have sold, immediately before the cessation time, the asset for a consideration equal to its market value; and (b) to have purchased the asset again at the cessation time for a consideration equal to its market value.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-115", "Provision_Key": "s294-115", "Heading": "Superannuation funds using the proportionate method—deemed sale and purchase of CGT asset", "Text": "Application (1) This section applies in relation to a CGT asset of a fund if: (a) the fund is a complying superannuation fund throughout the pre ‑ commencement period; and (b) the proportion mentioned in subsection 295 ‑ 390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016 ‑ 17 income year is greater than nil; and (c) the fund held the asset throughout the pre ‑ commencement period; and (d) throughout the pre ‑ commencement period, the asset: (i) was not a segregated current pension asset of the fund; and (ii) was not a segregated non ‑ current asset of the fund; and (e) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (2) A choice made for the purposes of paragraph (1)(e): (a) is to be in the approved form; and (b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016 ‑ 17 income year; and (c) cannot be revoked. Deemed sale and purchase (3) For the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 , the fund is taken: (a) to have sold, immediately before 1 July 2017, the asset for a consideration equal to its market value; and (b) to have purchased the asset again just after that sale for a consideration equal to its market value.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-115"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-120", "Provision_Key": "s294-120", "Heading": "Superannuation funds using the proportionate method—disregard initial capital gain but recognise deferred notional gain", "Text": "Application (1) This section applies in relation to a CGT asset of a complying superannuation fund if: (a) section 294 ‑ 115 applies in relation to the CGT asset; and (b) as a result of paragraph 294 ‑ 115(3)(a), the fund makes a capital gain in respect of the asset (disregarding this section); and (c) the trustee of the fund makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (2) A choice made for the purposes of paragraph (1)(c): (a) is to be in the approved form; and (b) can only be made on or before the day by which the trustee of the fund is required to lodge the fund’s income tax return for the 2016 ‑ 17 income year; and (c) cannot be revoked. Disregard initial capital gain (3) Disregard the capital gain mentioned in paragraph (1)(b). Recognition of deferred notional gain (4) The deferred notional gain is the 2016 ‑ 17 non ‑ exempt proportion of the amount of the fund’s net capital gain for the 2016 ‑ 17 income year determined on the assumptions that: (a) subsection (3) of this section does not apply; and (b) the fund made no capital gains in that income year other than the gain mentioned in paragraph (1)(b); and (c) the fund made no capital losses in that income year; and (d) the fund had no previously unapplied net capital losses from earlier income years. (5) For the purposes of Division 102 of the Income Tax Assessment Act 1997 , if a realisation event happens to the asset in an income year that starts on or after 1 July 2017: (a) treat the fund as having made a capital gain in that income year equal to the deferred notional gain; and (b) disregard section 102 ‑ 20 of that Act in respect of that capital gain; and (c) treat that capital gain as not being a discount capital gain. (6) Subsection 295 ‑ 390(1) of the Income Tax Assessment Act 1997 does not apply to the amount by which a net capital gain is increased (or comes into existence) as a result of subsection (5). (7) In this section: 2016 ‑ 17 non ‑ exempt proportion means 1 minus the proportion mentioned in subsection 295 ‑ 390(3) of the Income Tax Assessment Act 1997 in respect of the fund for the 2016 ‑ 17 income year. deferred notional gain has the meaning given by subsection (4).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-120"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-125", "Provision_Key": "s294-125", "Heading": "Pooled superannuation trust using proportionate or alternative exemption method—deemed sale and purchase of CGT asset", "Text": "Application (1) This section applies in relation to a CGT asset of a trust if: (a) the trust is a pooled superannuation trust throughout the pre ‑ commencement period; and (b) either of the following is greater than nil: (i) the proportion mentioned in subsection 295 ‑ 400(1) of the Income Tax Assessment Act 1997 in respect of the trust for the 2016 ‑ 17 income year; (ii) if the trustee has made a choice under subsection 295 ‑ 400(3) of that Act—the percentage mentioned in subsection 295 ‑ 400(4) of that Act in respect of the trust for the 2016 ‑ 17 income year; and (c) the trust held the asset throughout the pre ‑ commencement period; and (d) the trustee of the trust makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (2) A choice made for the purposes of paragraph (1)(d): (a) is to be in the approved form; and (b) can only be made on or before the day by which the trustee of the trust is required to lodge the trust’s income tax return for the 2016 ‑ 17 income year; and (c) cannot be revoked. Deemed sale and purchase (3) For the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 , the trust is taken: (a) to have sold, immediately before 1 July 2017, the asset for a consideration equal to its market value; and (b) to have purchased the asset again just after that sale for a consideration equal to its market value.", "Amendment_Count": 1, "First_Amended": "No 55 of 2017", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 55 of 2017", "History_Notes": "Inserted by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-125"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 294-130", "Provision_Key": "s294-130", "Heading": "Pooled superannuation trusts using proportionate or alternative exemption method—disregard initial capital gain but recognise deferred notional gain", "Text": "Application (1) This section applies in relation to a CGT asset of a pooled superannuation trust if: (a) section 294 ‑ 125 applies in relation to the CGT asset; and (b) as a result of paragraph 294 ‑ 125(3)(a), the trust makes a capital gain in respect of the asset (disregarding this section); and (c) the trustee of the trust makes a choice for the purposes of this paragraph in respect of the asset in accordance with subsection (2). (2) A choice made for the purposes of paragraph (1)(c): (a) is to be in the approved form; and (b) can only be made on or before the day by which the trustee of the trust is required to lodge the trust’s income tax return for the 2016 ‑ 17 income year; and (c) cannot be revoked. Disregard initial capital gain (3) Disregard the capital gain mentioned in paragraph (1)(b). Recognition of deferred notional gain (4) The deferred notional gain is the 2016 ‑ 17 non ‑ exempt proportion of the amount of the trust’s net capital gain for the 2016 ‑ 17 income year determined on the assumptions that: (a) subsection (3) of this section does not apply; and (b) the trust made no capital gains in that income year other than the gain mentioned in paragraph (1)(b); and (c) the trust made no capital losses in that income year; and (d) the trust had no previously unapplied net capital losses from earlier income years. (5) For the purposes of Division 102 of the Income Tax Assessment Act 1997 , if a realisation event happens to the asset in an income year that starts on or after 1 July 2017: (a) treat the trust as having made a capital gain in that income year equal to the deferred notional gain; and (b) disregard section 102 ‑ 20 of that Act in respect of that capital gain; and (c) treat that capital gain as not being a discount capital gain. (6) Section 295 ‑ 400 of the Income Tax Assessment Act 1997 does not apply to the amount by which a net capital gain is increased (or comes into existence) as a result of subsection (5). (7) In this section: 2016 ‑ 17 non ‑ exempt proportion means: (a) unless paragraph (b) applies—1 minus the proportion mentioned in subsection 295 ‑ 400(1) of the Income Tax Assessment Act 1997 ; or (b) if the trustee has made a choice under subsection 295 ‑ 400(3) of that Act—the percentage worked out by subtracting the percentage mentioned in subsection 295 ‑ 400(4) of that Act in respect of the trust for the 2016 ‑ 17 income year from 100%. deferred notional gain has the meaning given by subsection (4).", "Amendment_Count": 1, "First_Amended": "No 55 of 2017", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 55 of 2017", "History_Notes": "Inserted by No 55 of 2017, effective sch 1 (items 16 ‑ 19, 29 ‑ 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s294-130"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-75", "Provision_Key": "s295-75", "Heading": "Application of Subdivision", "Text": "This Subdivision applies to an entity that is the trustee of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-75"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-80", "Provision_Key": "s295-80", "Heading": "Meaning of 30 June 1988 asset", "Text": "For the purposes of this Subdivision, an asset is a 30 June 1988 asset of a complying superannuation fund, a complying approved deposit fund or a pooled superannuation trust if the entity owned it at the end of 30 June 1988. Note: Section 295 ‑ 90 of the Income Tax Assessment Act 1997 treats these assets as having been acquired on 30 June 1988.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-85", "Provision_Key": "s295-85", "Heading": "Cost base of 30 June 1988 asset", "Text": "(1) The first element of the cost base of each 30 June 1988 asset of the entity’s is the greater of the asset’s market value (at the end of 30 June 1988) and its cost base (on that day). (2) The first element of the reduced cost base of each 30 June 1988 asset of the entity’s is the lesser of the asset’s market value (at the end of 30 June 1988) and its cost base (on that day).", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-90", "Provision_Key": "s295-90", "Heading": "Market value of stock exchange listed assets", "Text": "(1) If: (a) a 30 June 1988 asset of the entity’s was listed on an Australian stock exchange on 30 June 1988; and (b) on that day, identical assets were: (i) computer traded on a national market; or (ii) traded on a State capital city market; the market value of the asset as at the end of 30 June 1988 is the average of the highest and lowest trade prices for identical assets recorded on 30 June 1988 in whichever of the following markets is applicable: (c) if, on that date, identical assets were computer traded on a national market—that national market; (d) if, on that date, there was a State capital city market (other than the Sydney market) that recorded a higher volume of trading than the Sydney market in identical assets—that State capital city market; (e) in any other case—the Sydney market. (2) For the purposes of this section, an asset is taken to have been listed on an Australian stock exchange on 30 June 1988 if, and only if, on that day the asset had the status of having been granted official quotation by a securities exchange within the meaning of the former Securities Industry Act 1980 or the law of a State or Territory corresponding to that former Act.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-90"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-95", "Provision_Key": "s295-95", "Heading": "Adjustment of cost base as at 30 June 1988—return of capital", "Text": "(1) If: (a) 30 June 1988 assets of the entity’s consist of shares in a company; and (b) at any time during the period commencing at the time when the shares were acquired and ending at the end of 30 June 1988, the company paid an amount that was not a dividend to the entity in respect of the shares; the cost base to the entity of the shares as at 30 June 1988 is reduced by that amount. (2) If: (a) a 30 June 1988 asset of the entity’s consists of an interest or unit in a trust; and (b) at any time during the period commencing at the time when the interest or unit was acquired and ending at the end of 30 June 1988, the trustee of the trust paid an amount to the entity in respect of the interest or unit, being: (i) in a case where the entity was exempt from tax for the year of income in which the payment was made—an amount that, if the entity had not been exempt from tax, would not have been the entity’s assessable income; or (ii) in any other case—an amount that would not have been the entity’s assessable income; the cost base to the entity of the interest or unit as at 30 June 1988 is reduced by so much of the amount as is not attributable to a deduction allowed under former Division 10C or 10D of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-95"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-100", "Provision_Key": "s295-100", "Heading": "Exercise of rights", "Text": "(1) Despite section 130 ‑ 40 of the Income Tax Assessment Act 1997 , the modifications in subsections (2) and (3) of this section apply if an entity exercises rights or options as mentioned in that section to acquire: (a) shares in a company, or options to acquire shares in a company; or (b) units in a unit trust, or options to acquire units in a unit trust; and those rights or options are 30 June 1988 assets of the entity. (2) The first element of the cost base of the shares, units or options is the sum of: (a) the amount paid to exercise the rights or options; and (b) the greater of the market value of the rights or options (at the end of 30 June 1988) and the cost base of the rights or options (on that day). (3) The first element of the reduced cost base of the shares, units or options is the sum of: (a) the amount paid to exercise the rights or options; and (b) the lesser of the market value of the rights or options (at the end of 30 June 1988) and the cost base of the rights or options (on that day). (4) The payment referred to in subsection (2) or (3) can include giving property. To the extent that the payment does, use the market value of the property in working out the amount of the payment. (5) For indexation purposes, the amount referred to in paragraph (2)(b) is taken to have been incurred on 30 June 1988.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-190", "Provision_Key": "s295-190", "Heading": "Deductions for personal contributions", "Text": "(1) A notice given under subsection 82AAT(1A) or (1CB) of the Income Tax Assessment Act 1936 in relation to the 2006 ‑ 07 income year or an earlier year has effect, after 1 July 2007, as if it were a notice under section 290 ‑ 170 of the Income Tax Assessment Act 1997. (2) A notice given under subsection 82AAT(1C) or (1CD) of the Income Tax Assessment Act 1936 in relation to the 2006 ‑ 07 income year or an earlier year has effect, after 1 July 2007, as if it were a notice under section 290 ‑ 180 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-190"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-390", "Provision_Key": "s295-390", "Heading": "Fixed interest complying ADFs—exemption of income attributable to certain 25 May 1988 deposits", "Text": "(1) A proportion of the ordinary income and statutory income of a continuously complying fixed interest ADF of an income year that would otherwise be assessable income is exempt from income tax under this section. The proportion is worked out under subsection (3). (2) Subsection (1) does not apply to: (a) non ‑ arm’s length income; or (b) amounts included in assessable income under Subdivision 295 ‑ C of the Income Tax Assessment Act 1997 . (3) The proportion is: where: Aggregate current balance is the total amount deposited with the fund (together with accumulated earnings), as at the reckoning time in relation to the income year. Aggregate of current 25 May balances is the aggregate of the current 25 May balances of eligible depositors, as at the reckoning time in relation to the income year. (4) A choice for the purposes of the definition of reckoning time in subsection (5) must be made on or before the date of lodgment of the income tax return of the ADF for the income year to which the choice relates, or before a later day allowed by the Commissioner. (5) In this section: continuously complying fixed interest ADF , in relation to an income year (the current year ), means a fund that is a fixed interest complying ADF in relation to each of the following years: (a) the current year; (b) the income year in which 1 July 1988 occurred; (c) each income year later than the year mentioned in paragraph (b) and earlier than the current year. current 25 May balance , in relation to an eligible depositor as at the reckoning time, is the balance as at that time determined by varying the original 25 May balance, in accordance with the following rules, during the period from 26 May 1988 to the reckoning time: (a) the balance from time to time is not to exceed the original 25 May balance and is not to be less than nil; (b) subject to paragraph (a), an amount deposited with the ADF by the depositor before 1 September 1989 is to be added to the balance; (c) subject to paragraph (a), an amount repaid to the depositor from the ADF is to be deducted from the balance. eligible depositor , in relation to an ADF, means: (a) a depositor whose 55th birthday occurred on or before 25 May 1988; or (b) a depositor whose 50th birthday occurred on or before 25 May 1988 and who, on or before that day, made a deposit with the ADF that consisted wholly or partly of the roll ‑ over (as defined in Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 as in force on that day) of an eligible termination payment as so defined, being an eligible termination payment that included a concessional component (as so defined). fixed interest complying ADF , in relation to a year of income, means a complying ADF where both of the following conditions are satisfied: (a) not less than 90% of the amount that, apart from this section, would be the assessable income of the ADF of the income year (other than non ‑ arm’s length income or amounts included in assessable income under Subdivision 295 ‑ C of the Income Tax Assessment Act 1997 ) consists of any one or more of the following: (i) interest or a payment in the nature of interest; (ii) any profit arising on the disposal, redemption, cancellation or maturity of a CGT asset referred to in paragraph 295 ‑ 85(3)(b) of the Income Tax Assessment Act 1997 ; (iii) an amount included in assessable income under Division 16E of Part III of the Income Tax Assessment Act 1936 (or would be so included if Division 230 of the Income Tax Assessment Act 1997 did not apply); (b) at no time during the year of income did the assets of the fund consist of or include any of the following: (i) units in a PST; (ii) virtual PST life insurance policies (as defined in the Income Tax Assessment Act 1997 ) issued by a life insurance company. original 25 May balance , in relation to an eligible depositor, means the amount of the deposits (together with accumulated earnings) standing to the credit of the depositor as at the end of 25 May 1988. reckoning time , in relation to an ADF in relation to an income year, means the beginning of the income year, or such other time during the income year as the ADF chooses in accordance with subsection (4). (6) This section does not apply to an ADF in relation to an income year unless the whole of the benefit that would accrue to the ADF from the application of this section in relation to the income year has been, or can reasonably expected to be, passed on to eligible depositors.", "Amendment_Count": 2, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2007 | No 15 of 2009", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10) | Amended by No 15 of 2009, effective Schedule 1 (items 98, 99): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-390"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-465", "Provision_Key": "s295-465", "Heading": "Complying funds—deductions for insurance premiums", "Text": "An election made by the trustee of a complying superannuation fund under subsection 279(4) of the Income Tax Assessment Act 1936 that had effect for the income year of the fund in which 30 June 2007 occurs continues to have effect as if it had been made under section 295 ‑ 465 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-465"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 295-610", "Provision_Key": "s295-610", "Heading": "No ‑ TFN contributions income", "Text": "Subdivisions 295 ‑ I ( no ‑ TFN contributions) and 295 ‑ J (Tax offset for no ‑ TFN contributions income (TFN quoted within 4 years)) of the Income Tax Assessment Act 1997 apply to an entity whose 2006 ‑ 2007 income year ends on a day (the end day ) after 1 July 2007 as if: (a) the period starting on 1 July 2007 and ending on the end day were part of the entity’s 2007 ‑ 2008 income year; and (b) the entity’s no ‑ TFN contributions income for the entity’s 2007 ‑ 2008 income year included contributions made during that period that would have been income of that kind for the entity’s 2007 ‑ 2008 income year if the contributions concerned had been made in the entity’s 2007 ‑ 2008 income year.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s295-610"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 296-1", "Provision_Key": "s296-1", "Heading": "Application of Division 296 of the Income Tax Assessment Act 1997", "Text": "(1) Section 296 ‑ 15 of the Income Tax Assessment Act 1997 applies to the 2026 ‑ 27 income year and later income years. (2) However, Subdivision 296 ‑ B of the Income Tax Assessment Act 1997 applies in relation to the 2026 ‑ 27 income year as if: (a) the reference in paragraph 296 ‑ 40(1)(a) to just before the start of the year were omitted; and (b) the references to your total superannuation balance reference amount in the formula in subsection 296 ‑ 40(2) were references to your total superannuation balance at the end of the year; and (c) the reference in subsection 296 ‑ 45(1) to just before the start of the year were omitted; and (d) the references to your total superannuation balance reference amount in the formula in subsection 296 ‑ 45(2) were references to your total superannuation balance at the end of the year. Note: The effect of this subsection is that, for the 2026 ‑ 27 income year, whether Division 296 tax is payable by you, and the amount of that tax payable, is determined by reference to your total superannuation balance at the end of the year, rather than either just before the start or at the end of the year. (3) You are not liable to pay Division 296 tax for the 2026 ‑ 27 income year if you die on or before the last day of the year.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (item 24): 1 Apr 2026 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s296-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 296-50", "Provision_Key": "s296-50", "Heading": "CGT adjustment for small superannuation funds", "Text": "(1) This section applies if: (a) a CGT event happens in relation to a CGT asset of a small superannuation fund at a time during an income year; and (b) the CGT asset is an asset of the fund: (i) at the end of 30 June 2026; and (ii) at all times on and from 1 July 2026 to immediately before that CGT event; and (c) the trustee of the fund has made a choice for the purposes of this paragraph in accordance with subsection (2). (2) A choice for the purposes of paragraph (1)(c): (a) is to be in the approved form; and (b) applies to all CGT assets that are assets of the fund at the end of 30 June 2026; and (c) can only be made during the period: (i) starting on the day this section commences; and (ii) ending on the due day for lodging the fund’s income tax return for the 2026 ‑ 27 income year; and (d) cannot be revoked. (3) For the purposes of working out the Division 296 fund earnings for the fund for the year under the Income Tax Assessment Act 1997 , to the extent it is affected by the cost base or reduced cost base of the CGT asset: (a) the first element of the cost base or reduced cost base is taken to be the asset’s market value as at the end of 30 June 2026; and (b) each other element of the cost base or reduced cost base is taken to have been adjusted to nil at the end of 30 June 2026 (such that any amounts that formed part of the cost base or reduced cost base on or before that day are disregarded); and (c) in relation to the cost base: (i) there is taken to be no indexation included in any of the elements of the cost base; and (ii) paragraph 115 ‑ 20(1)(a) (about using a cost base that has been calculated without reference to indexation) of that Act is taken to be satisfied (if applicable). (4) This section does not affect the amount of a net capital loss for any later income year for the purposes of working out Division 296 fund earnings.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (item 24): 1 Apr 2026 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s296-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 296-55", "Provision_Key": "s296-55", "Heading": "CGT adjustment for small superannuation funds—requirement to keep records", "Text": "(1) A trustee of a small superannuation fund who makes a choice for the purposes of paragraph 296 ‑ 50(1)(c) must keep the following records: (a) a record of the choice; (b) for each CGT asset to which the choice applies—records of each element of its cost base and reduced cost base as affected by subsection 296 ‑ 50(3). (2) The records must be in English, or be readily accessible and convertible into English. (3) The trustee must retain a record mentioned in subsection (1) until the end of 5 years after it becomes certain that no CGT event (or no further CGT event) can happen such that the record could reasonably be expected to be relevant to working out the fund’s Division 296 fund earnings for an income year. Note: Section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 imposes an administrative penalty if a trustee does not keep or retain records as required by this section.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (item 24): 1 Apr 2026 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s296-55"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 296-60", "Provision_Key": "s296-60", "Heading": "CGT adjustment for complying superannuation funds (other than small superannuation funds) and pooled superannuation trusts", "Text": "(1) This section applies for the purposes of working out the Division 296 fund earnings for an income year (the relevant year ) under the Income Tax Assessment Act 1997 for a complying superannuation fund or pooled superannuation trust, to the extent it affects a person’s relevant superannuation earnings for a superannuation interest for: (a) the 2026 ‑ 27 income year; or (b) the 2027 ‑ 28 income year; or (c) the 2028 ‑ 29 income year; or (d) the 2029 ‑ 30 income year. (2) Any net capital gain for the relevant year, that the fund or trust has for the purposes of determining an amount used in working out the Division 296 fund earnings, is taken to be the amount of that gain, apart from this section, multiplied by a factor (which must be less than 1) prescribed by the regulations. Note 1: The net capital gain that a complying superannuation fund has for purposes of working out the earnings is affected by subsection 296 ‑ 60(3) of the Income Tax Assessment Act 1997 (which disregards certain matters). Note 2: Deferred notional gains are disregarded for the purposes of working out Division 296 fund earnings: see Subdivision 296 ‑ C (about deferred notional gains) of this Act. (3) This section does not apply in relation to a complying superannuation fund that is a small superannuation fund.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s296-60"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 296-65", "Provision_Key": "s296-65", "Heading": "Deferred notional gains to be disregarded", "Text": "(1) For the purposes of working out an entity’s Division 296 fund earnings for an income year under subsection 296 ‑ 60(1) of the Income Tax Assessment Act 1997 , disregard any capital gain that, for the purposes of Division 102 of that Act, the entity is treated as having made because of subsection 294 ‑ 120(5) of this Act. Note: Subsection 294 ‑ 120(5) deals with deferred notional gains for complying superannuation funds. (2) For the purposes of working out a pooled superannuation trust’s Division 296 fund earnings for an income year under subsection 296 ‑ 60(4) of the Income Tax Assessment Act 1997 , disregard any capital gain that, for the purposes of Division 102 of that Act, the trust is treated as having made because of subsection 294 ‑ 130(5) of this Act. Note: Subsection 294 ‑ 130(5) deals with deferred notional gains for pooled superannuation trusts.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (item 24): 1 Apr 2026 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s296-65"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 301-5", "Provision_Key": "s301-5", "Heading": "Extended application to certain foreign superannuation funds", "Text": "(1) A foreign superannuation fund is covered by this section if: (a) the fund has been a complying superannuation fund; and (b) the fund last stopped being a complying superannuation fund after 1 July 1988 and before 1 July 1995. (2) Division 301 of the Income Tax Assessment Act 1997 applies to payments to you from a foreign superannuation fund covered by this section because you are a member of the fund in the same way as it would apply if the payments were superannuation member benefits paid to you from a complying superannuation fund.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s301-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 301-85", "Provision_Key": "s301-85", "Heading": "Extended meaning of disability superannuation benefit for superannuation income stream", "Text": "For the purposes of the Income Tax Assessment Act 1997 , a superannuation income stream benefit is taken to be a disability superannuation benefit if, just before 1 July 2007, the superannuation income stream from which the benefit is paid was covered by paragraph (b) of the definition of death or disability annuity/pension in section 159SJ of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s301-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 301-90", "Provision_Key": "s301-90", "Heading": "Application of Subdivision 301 ‑ F of the Income Tax Assessment Act 1997", "Text": "Subdivision 301 ‑ F of the Income Tax Assessment Act 1997 applies in relation to income years starting on or after 1 July 2007.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s301-90"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 301-95", "Provision_Key": "s301-95", "Heading": "Amendment of assessments to give effect to Subdivision 301 ‑ F of the Income Tax Assessment Act 1997 etc.", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to the following in respect of an income year that starts on or before 1 July 2021: (a) Subdivision 301 ‑ F of the Income Tax Assessment Act 1997 ; (b) the amendments of the Income Tax Assessment (1997 Act) Regulations 2021 made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 . Note: Section 170 of the Income Tax Assessment Act 1936 specifies the periods within which assessments may be amended.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s301-95"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 301-100", "Provision_Key": "s301-100", "Heading": "Amendment of assessments—transitional rule for permanent incapacity benefits, etc.", "Text": "(1) This section applies if: (a) a superannuation benefit (the trigger benefit ) was paid to a person in the 2020 ‑ 21 income year or an earlier income year; and (b) the Commissioner made an assessment for the income year for the person before 4 December 2020; and (c) the trigger benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; and (d) the Commissioner made the assessment on the basis that the trigger benefit was a superannuation lump sum. (2) The Commissioner cannot amend an assessment on the basis that a superannuation benefit paid to the person is a superannuation income stream benefit because of the amendments made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 if: (a) the superannuation benefit is the trigger benefit; or (b) all of these conditions are satisfied: (i) the assessment is for the 2021 ‑ 22 income year or an earlier income year; (ii) the superannuation benefit was paid to the person after the trigger benefit was paid to the person; (iii) the superannuation benefit was paid to the person because the person satisfied a condition of release specified in item 103 (permanent incapacity) of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; (iv) the Commissioner made the assessment on the basis that the superannuation benefit was a superannuation lump sum. (3) Subsection (2) applies despite any other provision of this Act (apart from subsection (4) of this section), the Income Tax Assessment Act 1997 and the Income Tax Assessment Act 1936 . (4) Subsection (2) does not apply in any of these cases: (a) if the Commissioner may amend the assessment in accordance with item 5 (fraud or evasion) or 6 (review or appeal) of the table in subsection 170(1) of the Income Tax Assessment Act 1936 ; (b) if the amendment is made for the purpose of giving effect to a provision specified in the regulations for the purposes of this paragraph.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s301-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 301-105", "Provision_Key": "s301-105", "Heading": "Transitional rules for Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023", "Text": "(1) The Minister may, by legislative instrument, make rules prescribing matters of a transitional nature (including prescribing any saving or application provisions) that: (a) relate to the amendments or repeals made by Schedule 9 to the Treasury Laws Amendment (2022 Measures No. 4) Act 2023 ; and (b) relate to either or both of the 2022 ‑ 23 and 2023 ‑ 24 income years. (2) Without limiting subsection (1), rules made under this section before the end of the period of 12 months starting on the day that Schedule commences may provide that provisions of that Schedule, or any other Act or instrument, have effect with any modifications prescribed by the rules. Those provisions then have effect as if they were so modified. (3) To avoid doubt, the rules may not do the following: (a) create an offence or civil penalty; (b) provide powers of: (i) arrest or detention; or (ii) entry, search or seizure; (c) impose a tax; (d) set an amount to be appropriated from the Consolidated Revenue Fund under an appropriation in any Act; (e) directly amend the text of an Act. (4) This Schedule (other than subitem (3)) does not limit the rules that may be made for the purposes of subitem (1).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s301-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 302-5", "Provision_Key": "s302-5", "Heading": "Extended application to certain foreign superannuation funds", "Text": "(1) A foreign superannuation fund is covered by this section if: (a) the fund has been a complying superannuation fund; and (b) the fund last stopped being a complying superannuation fund after 1 July 1988 and before 1 July 1995. (2) Division 302 of the Income Tax Assessment Act 1997 applies to payments to you from a foreign superannuation fund covered by this section after another person’s death, because the other person was a member of that fund, in the same way as it would apply if the payments were superannuation death benefits paid to you from a complying superannuation fund.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s302-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 302-195", "Provision_Key": "s302-195", "Heading": "Extended meaning of death benefits dependant for superannuation income stream", "Text": "For the purposes of Division 302 of the Income Tax Assessment Act 1997 , treat a person who receives a superannuation income stream benefit as a death benefits dependant in relation to the benefit if: (a) the benefit is a superannuation death benefit; and (b) just before 1 July 2007, the superannuation income stream from which the benefit is paid was covered by paragraph (a) of the definition of death or disability annuity/pension in section 159SJ of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s302-195"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 302-195A", "Provision_Key": "s302-195a", "Heading": "Meaning of death benefits dependant for 2008 ‑ 2009 income year", "Text": "(1) This section applies only for the 2008 ‑ 2009 income year. (2) For the purposes of Subdivision 82 ‑ B of Division 82, Division 302 and section 303 ‑ 5 of the Income Tax Assessment Act 1997 , the definition of death benefits dependant in section 302 ‑ 195 of that Act applies as if paragraphs (a) and (b) of the definition were replaced with the following paragraphs: (a) a spouse of the deceased within the meaning of the Superannuation Industry (Supervision) Act 1993 as in force immediately after the commencement of Schedule 4 to the Same ‑ Sex Relationships (Equal Treatment in Commonwealth Laws—Superannuation) Act 2008 or a person who was formerly such a spouse; or (b) a child of the deceased within the meaning of the Superannuation Industry (Supervision) Act 1993 as in force immediately after the commencement of Schedule 4 to the Same ‑ Sex Relationships (Equal Treatment in Commonwealth Laws—Superannuation) Act 2008 , who is aged less than 18.", "Amendment_Count": 1, "First_Amended": "No 134 of 2008", "Last_Amended": "No 134 of 2008", "Amending_Acts": "No 134 of 2008", "History_Notes": "Inserted by No 134 of 2008, effective Schedule 4 (items 18, 19): 1 July 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s302-195A"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 303-10", "Provision_Key": "s303-10", "Heading": "Superannuation lump sum member benefit paid to member having a terminal medical condition", "Text": "(1) This section applies to a superannuation member benefit that you receive during the 2007 ‑ 08 financial year and that: (a) is a superannuation lump sum; and (b) is: (i) paid from a complying superannuation plan; or (ii) a superannuation guarantee payment, a small superannuation account payment, an unclaimed money payment, a superannuation co ‑ contribution benefit payment or a superannuation annuity payment. (2) The lump sum is not assessable income and is not exempt income if a terminal medical condition exists in relation to you at a time in the period: (a) starting when you receive the lump sum; and (b) ending at the later of: (i) 90 days after you receive it; and (ii) 30 June 2008.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 7 (items 4, 5): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s303-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 303-15", "Provision_Key": "s303-15", "Heading": "Superannuation lump sum member benefit paid to member on compassionate ground relating to the coronavirus", "Text": "A superannuation member benefit that is a superannuation lump sum is not assessable income and is not exempt income if: (a) it is paid from a complying superannuation plan; and (b) it is paid because you satisfy: (i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; or (ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997 .", "Amendment_Count": 1, "First_Amended": "No 22 of 2020", "Last_Amended": "No 22 of 2020", "Amending_Acts": "No 22 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s303-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 304-15", "Provision_Key": "s304-15", "Heading": "Excess payments from release authorities", "Text": "(1) This section applies to a superannuation benefit that you receive, paid in relation to a release authority given in relation to you in accordance with section 292 ‑ 80B. (2) The superannuation benefit is not assessable income and is not exempt income to the extent that it does not exceed the amount mentioned in subsection (3). (3) The amount is the amount of excess non ‑ concessional contributions stated in the release authority in accordance with paragraph 292 ‑ 80A(3)(a), reduced (but not below zero) by the amount of any superannuation benefit that was not assessable income and not exempt income under a previous operation of subsection (2) in relation to the release authority. (4) The superannuation benefit is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (3). (5) This section applies despite Divisions 301, 302 and 303 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s304-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 305-80", "Provision_Key": "s305-80", "Heading": "Lump sums paid into complying superannuation plans post ‑ FIF abolition", "Text": "(1) You are entitled to a deduction for an income year (the deduction year ) if: (a) you have an interest in a FIF (within the meaning of Part XI of the Income Tax Assessment Act 1936 , as in force just before the commencement of item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 ) (the paying fund ); and (b) Subdivision 305 ‑ B of the Income Tax Assessment Act 1997 applies in relation to the paying fund (see section 305 ‑ 55 of that Act); and (c) the paying fund transfers an amount to a complying superannuation fund in respect of you during the deduction year; and (d) you choose under section 305 ‑ 80 of the Income Tax Assessment Act 1997 that the amount, or part of the amount, is to be treated as assessable income of the complying superannuation fund; and (e) immediately before the transfer happens, there is a post ‑ FIF abolition surplus (within the meaning of the Income Tax Assessment Act 1936 ) for the paying fund in relation to you; and (f) the deduction year is the 2010 ‑ 11 income year or a later income year. (2) The amount of the deduction is the lesser of: (a) the post ‑ FIF abolition surplus; and (b) the amount covered by your choice mentioned in paragraph (1)(d).", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 2 (items 24, 25) and Sch 6 (items 21, 32, 149–152): 21 Mar 2012 (s 2(1) items 3, 10, 13, 24, 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s305-80"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 306-10", "Provision_Key": "s306-10", "Heading": "Roll ‑ over superannuation benefit—directed termination payment", "Text": "For the purposes of the definition of specified roll ‑ over amount in the Income Tax Assessment Act 1997 , treat the taxable component of a directed termination payment (within the meaning of section 82 ‑ 10F) as the element untaxed in the fund of a superannuation benefit that is a roll ‑ over superannuation benefit.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s306-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 307-125", "Provision_Key": "s307-125", "Heading": "Treatment of tax free component of existing pension payments etc.", "Text": "(1) This section applies to a superannuation income stream from which at least one superannuation income stream benefit has been paid before 1 July 2007. Note: This section also applies to an income stream replacing an earlier one because of an involuntary roll ‑ over (see section 307 ‑ 127). (2) Despite subsection 307 ‑ 125(2) of the Income Tax Assessment Act 1997 , work out the tax free component of superannuation income stream benefits paid from the superannuation income stream in an income year beginning on or after 1 July 2007 as follows: (a) first, work out the deductible amount in relation to the superannuation income stream for the income year including 30 June 2007 in accordance with section 27H of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007); (b) next, allocate the deductible amount worked out under paragraph (a) to each of those benefits in proportion to the amount of those benefits. The amount allocated to a superannuation income stream benefit under paragraph (b) is the tax free component of the benefit. The taxable component of the benefit is the remainder of the benefit. (3) Subsection (2) does not apply to the payment of a superannuation income stream benefit after at least one of the following events has happened: (a) the superannuation income stream has been wholly or partially commuted; (b) the holder of the superannuation interest has died, if: (i) none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; or (ii) where no superannuation income stream benefits have been paid from the superannuation interest after 30 June 2007—all payments from the interest on or before that day would have satisfied the requirement in subparagraph (i) if they had been paid after that day; (ba) the holder of the superannuation interest is aged 60 or above on 1 July 2007, if none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; (c) the holder of the superannuation interest turns 60, if: (i) none of the superannuation income stream benefits paid from the superannuation interest after 30 June 2007 consist of, or include, an element untaxed in the fund; or (ii) where no superannuation income stream benefits have been paid from the superannuation interest after 30 June 2007—all payments from the interest on or before that day would have satisfied the requirement in subparagraph (i) if they had been paid after that day. Continuing payments of superannuation income stream after subsection (3) event (4) If subsection (2) does not apply to the payment of a superannuation income stream benefit because of subsection (3): (a) treat the time mentioned in subsection (5) as the applicable time for the purposes of subsection 307 ‑ 125(3) of the Income Tax Assessment Act 1997 in relation to the benefit; and (b) work out the tax free component of the superannuation interest for the purposes of section 307 ‑ 125 of the Income Tax Assessment Act 1997 under subsections (6) and (6A). (5) For the purposes of subsection (4), the time is: (a) the time just before the event mentioned in subsection (3) happens; or (b) if there are 2 or more such events—the time just before the earliest of those events happens. (6) For the purposes of paragraph (4)(b), work out the tax free component of the superannuation interest as follows: (a) first, assume that: (i) an eligible termination payment had been made in respect of the holder of the interest just before the time mentioned in subsection (5); and (ii) the amount of the eligible termination payment had been equal to the value of the superannuation interest at that time; (b) next, work out the unused undeducted purchase price (within the meaning of paragraph (a) of the definition of that term in subsection 27A(1) of the Income Tax Assessment Act 1936 just before the commencement of this section, and disregarding paragraphs (b) and (c) of that definition) of the superannuation income stream, reduced by the tax free components (worked out under subsection (2)) of any benefits paid from the superannuation income stream after 30 June 2007; (c) next, work out the pre ‑ July 83 component (within the meaning of section 27A of the Income Tax Assessment Act 1936 just before the commencement of this section) of the eligible termination payment. The tax free component is equal to the sum of the amounts worked out under paragraphs (b) and (c). (6A) Despite subsection (6), if: (a) at least one superannuation income stream benefit was paid from the superannuation income stream before 1 July 1994; or (b) section 27AAAA of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007) applied to the superannuation income stream just before 1 July 2007; for the purposes of paragraph (4)(b), the tax free component is equal to the amount worked out under paragraph (6)(b). (7) For the purposes of paragraph (6)(c), disregard the value of the interest to the extent that it would consist, apart from this subsection, of the element untaxed in the fund of the taxable component of a superannuation benefit constituted by the eligible termination payment. Commutation of superannuation income stream (8) If the superannuation income stream has been wholly or partially commuted as mentioned in paragraph (3)(a), treat the applicable time for the purposes of subsection 307 ‑ 125(3) of the Income Tax Assessment Act 1997 in relation to a superannuation benefit arising from the commutation as: (a) the time just before the commutation; or (b) if 1 or more other events mentioned in subsection (3) happened before the commutation—the time just before the earliest of those events happens.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 143 of 2007 | No 21 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent | Amended by No 15 of 2007, effective Sch 1 (items 261–272, 406(1)–(3)), Sch 3 (items 45–50, 66) and Sch 4 (items 9, 11): 15 Mar 2007 (s 2(1) items 2, 6, 8, 9, 11) Sch 4 (item 10): 12 Apr 2007 (s 2(1) item 10) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014 | Amended by No 21 of 2015, effective sch 4 (items 6, 7, 9): 1 July 2015 (s 2(1) item 5) sch 7 (item 22): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s307-125"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 307-127", "Provision_Key": "s307-127", "Heading": "Extension—income stream replacing an earlier one because of an involuntary roll ‑ over", "Text": "(1) Section 307 ‑ 125 also applies to a superannuation income stream (the later income stream ) if: (a) the later income stream commenced using only the amount of an involuntary roll ‑ over superannuation benefit: (i) covered by paragraph 306 ‑ 12(a) of the Income Tax Assessment Act 1997 ; and (ii) paid from a superannuation interest (the earlier interest ); and (b) immediately before that benefit was paid: (i) the earlier interest was supporting another superannuation income stream (the earlier income stream ); and (ii) section 307 ‑ 125 of this Act applied to the earlier income stream because of subsection (1) of that section. (2) Section 307 ‑ 125 applies to the later income stream as if: (a) references in that section to the later income stream (in relation to a time, or event happening, before the payment of that involuntary roll ‑ over superannuation benefit) include references to the earlier income stream; and (b) references in that section to the superannuation interest supporting the later income stream (in relation to a time, or event happening, before the payment of that benefit) include references to the earlier interest.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective sch 4 (items 6, 7, 9): 1 July 2015 (s 2(1) item 5) sch 7 (item 22): 20 Mar 2015 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s307-127"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 307-230", "Provision_Key": "s307-230", "Heading": "Total superannuation balance—modification for transfer balance just before 1 July 2017", "Text": "(1) This section applies for the purposes of working out the amount of your total superannuation balance just before 1 July 2017. (2) The transfer balance mentioned in paragraph 307 ‑ 230(1)(b) of the Income Tax Assessment Act 1997 just before 1 July 2017 is taken to be equal to: (a) the sum of the transfer balance credits (if any) in your transfer balance account just after the start of 1 July 2017; less (b) the sum of the transfer balance debits (if any) arising in your transfer balance account on 1 July 2017 under item 4 of the table in subsection 294 ‑ 80(1) of that Act (about payment splits).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 34 ‑ 36), sch 2 (items 9 ‑ 13), sch 3 (items 6, 9), sch 9 (items 4, 5), sch 10 (items 81 ‑ 83, 93): 1 Jan 2017 (s 2(1) items 2, 4, 6) sch 10 (items 28, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s307-230"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 307-231", "Provision_Key": "s307-231", "Heading": "Total superannuation balance—limited recourse borrowing arrangements", "Text": "(1) Section 307 ‑ 231 of the Income Tax Assessment Act 1997 applies in relation to borrowings that arise under contracts entered into on or after 1 July 2018. (2) For the purposes of subsection (1), a borrowing (the new borrowing ) that arises under a contract entered into on or after 1 July 2018 is treated as if it arose under a contract entered into before 1 July 2018 if: (a) the new borrowing is a refinancing of a borrowing (the old borrowing ) that was made under a contract: (i) entered into before 1 July 2018; and (ii) covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (b) the new borrowing is secured by the same asset or assets as the old borrowing; and (c) the amount of the new borrowing at the time it is first made equals, or is less than, the outstanding balance on the old borrowing just before the refinancing.", "Amendment_Count": 1, "First_Amended": "No 78 of 2019", "Last_Amended": "No 78 of 2019", "Amending_Acts": "No 78 of 2019", "History_Notes": "Inserted by No 78 of 2019, effective sch 3 (item 4): 1 Jan 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s307-231"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 307-290", "Provision_Key": "s307-290", "Heading": "Taxed and untaxed elements of death benefit superannuation lump sums", "Text": "For the purposes of section 307 ‑ 290 of the Income Tax Assessment Act 1997 : (a) treat a deduction made under former section 279 of the Income Tax Assessment Act 1936 as having been made under section 295 ‑ 465 of the Income Tax Assessment Act 1997 instead; and (b) treat a deduction made under former section 279B of the Income Tax Assessment Act 1936 as having been made under section 295 ‑ 470 of the Income Tax Assessment Act 1997 instead.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s307-290"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 307-345", "Provision_Key": "s307-345", "Heading": "Low rate component—Effect of rebate under the Income Tax Assessment Act 1936", "Text": "If you have become entitled to a rebate under section 159SA of the Income Tax Assessment Act 1936 , your low rate cap amount for the 2007 ‑ 2008 income year is, despite subsection 307 ‑ 345(1), the total of: (a) your closing balance for the 2006 ‑ 2007 income year (worked out under subsection 159SF(2) of that Act); and (b) the amount by which $140,000 exceeds the upper limit for the 2006 ‑ 2007 income year (worked out under section 159SG of that Act).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (item 25) and Schedule 2 (item 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s307-345"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 316-1", "Provision_Key": "s316-1", "Heading": "Application of Division 316 of the Income Tax Assessment Act 1997", "Text": "Division 316 of the Income Tax Assessment Act 1997 applies in relation to demutualisations occurring on or after 1 July 2008.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective Schedule 3 (item 24) and Schedule 5 (items 205–208, 259–282): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s316-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-5", "Provision_Key": "s320-5", "Heading": "Life insurance companies that are friendly societies", "Text": "If: (a) any assets held by the benefit funds of a life insurance company that is a friendly society for the purpose of providing superannuation benefits to its members are transferred before 1 July 2001 to a complying superannuation fund; and (b) the persons who had interests in those assets immediately before the transfer had substantially the same interests in the assets after the transfer; the transfer is disregarded for any purposes of the Income Tax Assessment Act 1997 or the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 89 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-85", "Provision_Key": "s320-85", "Heading": "Deduction for increase in value of liabilities under risk components of life insurance policies", "Text": "(1) In working out the amount that a life insurance company can deduct, in respect of life insurance policies that are disability policies (other than continuous disability policies) under subsection 320 ‑ 85(1) of the Income Tax Assessment Act 1997 for the income year in which 1 July 2000 occurs, the value of the company’s liabilities under the net risk components of the policies at the end of the previous income year is taken to be the value of the liabilities as at the end of 30 June 2000 relating to those policies that was used by the company for the purposes of its return of income. (2) In working out the amount that a life insurance company can deduct, in respect of life insurance policies (other than policies to which subsection (1) applies) under subsection 320 ‑ 85(1) of the Income Tax Assessment Act 1997 for the income year in which 1 July 2000 occurs, the value of the company’s liabilities under the net risk components of the policies at the end of the previous income year is taken to be the value of the company’s liabilities as at the end of 30 June 2000 under the net risk components relating to those policies as calculated under subsection 320 ‑ 85(4) of that Act.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 89 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-85"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-100", "Provision_Key": "s320-100", "Heading": "Savings—tax losses of previous income years", "Text": "If: (a) a life insurance company has a tax loss for an income year ending before 1 July 2000; and (b) all or a part of that tax loss is carried forward to the income year that includes that date; so much of that tax loss as is so carried forward has effect as if it were a tax loss of the ordinary class.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-170", "Provision_Key": "s320-170", "Heading": "Transfer of part of an asset to a virtual PST", "Text": "(1) This section applies to an asset (an approved asset ) of a life insurance company if: (a) the asset was acquired by the company before 1 July 2000; and (b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and (c) the market value of the asset at that date exceeds whichever is the lesser of: (i) $50,000,000; or (ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000. (2) If the life insurance company wishes to include a part of an approved asset in its virtual PST before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the virtual PST. (3) If the life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 89 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-170"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-175", "Provision_Key": "s320-175", "Heading": "Transfers of assets to virtual PST", "Text": "(1) If: (a) a life insurance company had a liability before 1 July 2000 under a life insurance policy; and (b) the liability or a part of the liability is to be discharged out of the company’s virtual PST assets; and (c) there is a transfer of the company’s assets to the virtual PST to meet that liability or that part of the liability; then, to the extent to which the assets are transferred to meet that liability or that part of the liability: (d) if the transfer occurs before 1 October 2000—the transfer is to be disregarded for the purposes of the Income Tax Assessment Act 1997 ; or (e) if the transfer occurs on or after 1 October 2000—the transfer is to be disregarded for the purposes of that Act, except: (i) section 320 ‑ 200 of that Act; and (ii) any other provisions that rely on the operation of that section (for example, paragraph 320 ‑ 15(1)(e) of that Act). Note: This means, amongst other things, that a life insurance company to which this subsection applies will not be able to claim a deduction in respect of the transfer under subsection 320 ‑ 87(2) of that Act. (1A) If subsection (1) has applied to a life insurance company in respect of a transfer of assets to meet a liability or a part of a liability, that subsection does not apply again in respect of another transfer of assets to meet that liability or that part of the liability. (2) If a life insurance company that is a friendly society establishes a virtual PST in the 2000 ‑ 01 income year, the calculation of the transfer values of the company’s virtual PST assets as at the end of that income year is to be made not later than 90 days after the end of that income year.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-175"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-180", "Provision_Key": "s320-180", "Heading": "Deferred annuities purchased before 1 July 2007", "Text": "(1) Subsection (3) applies for the purposes of subparagraph (b)(i) of the definition of virtual PST life insurance policy in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item 259 of Schedule 1 to the Superannuation Legislation Amendment (Simplification) Act 2007 . (2) Subsection (3) also applies for the purposes of subparagraph (b)(i) of the definition of complying superannuation/FHSA life insurance policy in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 , as in force just after the commencement of item 47 of Schedule 7 to the First Home Saver Accounts (Consequential Amendments) Act 2008 . (3) Treat an annuity as having been purchased out of a superannuation lump sum or an employment termination payment, if the annuity was purchased: (a) before 1 July 2007; and (b) out of an eligible termination payment (within the meaning of the Income Tax Assessment Act 1997 , as in force just before the commencement mentioned in subsection (1) of this section).", "Amendment_Count": 2, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 2 (items 24, 25) and Sch 6 (items 21, 32, 149–152): 21 Mar 2012 (s 2(1) items 3, 10, 13, 24, 25) | Amended by No 12 of 2012, effective Sch 2 (items 24, 25) and Sch 6 (items 21, 32, 149–152): 21 Mar 2012 (s 2(1) items 3, 10, 13, 24, 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-180"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-225", "Provision_Key": "s320-225", "Heading": "Transfer of part of an asset to segregated exempt assets", "Text": "(1) This section applies to an asset (an approved asset ) of a life insurance company if: (a) the asset was acquired by the company before 1 July 2000; and (b) the asset is held in an Australian fund or an Australian/overseas fund of the company; and (c) the market value of the asset at that date exceeds whichever is the lesser of: (i) $50,000,000; or (ii) whichever is the greater of 2% of the value of that fund at that date or $5,000,000. (2) If the life insurance company wishes to include a part of an approved asset in its segregated exempt assets before 1 October 2000, the company must, before that date, certify in writing the part (if any) of the asset to be included in the segregated exempt assets. (3) If the life insurance company so certifies, the part of the asset stated in the certificate is to be treated as a separate asset of the company.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 89 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-225"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 320-230", "Provision_Key": "s320-230", "Heading": "Transfers of assets to segregated exempt assets", "Text": "(1) If: (a) a life insurance company had a liability before 1 July 2000 under a life insurance policy where the income of the company attributable to the liability was exempt from tax before that date; and (b) the liability or a part of the liability is to be discharged out of the company’s segregated exempt assets; and (c) there is a transfer of the company’s assets to the segregated exempt assets to meet that liability or that part of the liability; then, to the extent to which the assets are transferred to meet that liability or that part of the liability: (d) if the transfer occurs before 1 October 2000—the transfer is to be disregarded for the purposes of the Income Tax Assessment Act 1997 ; or (e) if the transfer occurs on or after 1 October 2000—the transfer is to be disregarded for the purposes of that Act, except: (i) section 320 ‑ 255 of that Act; and (ii) any other provisions that rely on the operation of that section (for example, paragraph 320 ‑ 15(1)(g) of that Act). Note: This means, amongst other things, that a life insurance company to which this subsection applies will not be able to claim a deduction in respect of the transfer under subsection 320 ‑ 105(1) of that Act. (1A) If subsection (1) has applied to a life insurance company in respect of a transfer of assets to meet a liability or a part of a liability, that subsection does not apply again in respect of another transfer of assets to meet that liability or that part of the liability. (2) If a life insurance company that is a friendly society segregates any of its assets in accordance with section 320 ‑ 225 of the Income Tax Assessment Act 1997 in the 2000 ‑ 01 income year, the calculation of the transfer values of the company’s segregated exempt assets as at the end of that income year is to be made not later than 90 days after the end of that income year.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4 and Sch 2 (items 85–88): 30 June 2000 (s 2(1)) | Amended by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s320-230"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 322-25", "Provision_Key": "s322-25", "Heading": "Application of section 322 ‑ 25 of the Income Tax Assessment Act 1997", "Text": "Section 322 ‑ 25 of the Income Tax Assessment Act 1997 applies to amounts paid or applied before, on or after the commencement of that section to meet entitlements arising under Part VC of the Insurance Act 1973 after 17 October 2008. Note: Part VC of the Insurance Act 1973 commenced on 18 October 2008.", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 27–29): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s322-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 322-30", "Provision_Key": "s322-30", "Heading": "Application of section 322 ‑ 30 of the Income Tax Assessment Act 1997", "Text": "Section 322 ‑ 30 of the Income Tax Assessment Act 1997 applies to CGT events happening after 17 October 2008.", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 27–29): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s322-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-1", "Provision_Key": "s328-1", "Heading": "Definitions", "Text": "In this Division: general STS pool means a general STS pool under old Subdivision 328 ‑ D. long life STS pool means a long life STS pool under old Subdivision 328 ‑ D. new Subdivision 328 ‑ D means Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 , as in force after the commencement of this section. old Subdivision 328 ‑ D means Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 , as in force immediately before the commencement of this section. STS taxpayer means an STS taxpayer within the meaning of Division 328 of the Income Tax Assessment Act 1997 , as in force immediately before the commencement of this section.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-110", "Provision_Key": "s328-110", "Heading": "Working out whether you are a small business entity for the 2007 ‑ 08 or 2008 ‑ 09 income year—turnover for earlier income years", "Text": "(1) This section applies for the purpose of working out whether you are a small business entity (other than because of subsection 328 ‑ 110(4) of the Income Tax Assessment Act 1997 ) for the 2007 ‑ 08 or 2008 ‑ 09 income year. (2) You work out your aggregated turnover for the 2005 ‑ 06 or 2006 ‑ 07 income year as if the amendments made by Schedule 1 to the Tax Laws Amendment (Small Business) Act 2007 had been in force in relation to that year. (3) However, your aggregated turnover for the 2005 ‑ 06 income year is taken to be less than $2 million if: (a) your aggregated turnover for the 2005 ‑ 06 income year (worked out in accordance with subsection (2)) is $2 million or more; but (b) your STS group turnover for that year (worked out under Subdivision 328 ‑ F of the Income Tax Assessment Act 1997 , as in force immediately before the commencement of this section) is less than $2 million.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-111", "Provision_Key": "s328-111", "Heading": "Access to certain small business concessions for former STS taxpayers that are winding up a business", "Text": "(1) This section applies if: (a) in the 2007 ‑ 08 income year or a later income year you are winding up a business you previously carried on; and (b) you were an STS taxpayer for the income year in which you stopped carrying on that business. (2) The following provisions apply as if you are a small business entity for the income year in which you are winding up the business: (a) Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets); (b) Subdivision 328 ‑ E of the Income Tax Assessment Act 1997 (simplified trading stock rules); (d) sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately); (e) section 170 of the Income Tax Assessment Act 1936 (standard 2 ‑ year period for amending assessments).", "Amendment_Count": 2, "First_Amended": "No 80 of 2007", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Schedule 1 (items 7, 8, 10): Royal Assent Schedule 2 (items 65, 66): 29 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-111"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-112", "Provision_Key": "s328-112", "Heading": "Working out whether you are a small business entity for certain small business concessions—entities connected with you", "Text": "(1) For the purpose of working out whether you are a small business entity for the 2007 ‑ 08, 2008 ‑ 09, 2009 ‑ 10 or 2010 ‑ 11 income year (each a relevant income year ) for the purposes of a provision to which subsection (3) applies: (a) subsection 328 ‑ 125(4) of the Income Tax Assessment Act 1997 does not apply; and (b) the following subsection applies instead. (2) An entity (the first entity ) controls a discretionary trust for a relevant income year if, for any of the 4 income years (a previous income year ) before that year: (a) if the previous income year is before the 2007 ‑ 08 income year—the trustee of the trust made a distribution of $100,000 or more to the first entity, any of its affiliates, or the first entity and any of its affiliates; or (b) if the previous income year is the 2007 ‑ 08 income year or a later income year: (i) the trustee of the trust paid to, or applied for the benefit of, the first entity, any of the first entity’s affiliates, or the first entity and any of its affiliates, any of the income or capital of the trust; and (ii) the percentage (the control percentage ) of the income or capital paid or applied is at least 40% of the total amount of income or capital paid or applied by the trustee for that year. (3) This subsection applies to the following provisions: (a) Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 (simpler rules for depreciating assets); (b) Subdivision 328 ‑ E of the Income Tax Assessment Act 1997 (simplified trading stock rules); (d) sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 (deducting certain prepaid expenses immediately); (e) section 170 of the Income Tax Assessment Act 1936 (standard 2 ‑ year period for amending assessments).", "Amendment_Count": 2, "First_Amended": "No 80 of 2007", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Schedule 1 (items 7, 8, 10): Royal Assent Schedule 2 (items 65, 66): 29 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-112"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-115", "Provision_Key": "s328-115", "Heading": "When you stop using the STS accounting method", "Text": "(1) This section sets out what happens to your ordinary income and general deductions, and deductions under section 25 ‑ 5 or 25 ‑ 10 of the Income Tax Assessment Act 1997 , if: (a) you are a small business entity for an income year and for the following income year (the changeover year ); and (b) you were using the STS accounting method for the income year before the changeover year; and (c) you change to an accruals accounting method for the changeover year. (2) This section also sets out what happens to your ordinary income and general deductions, and deductions under section 25 ‑ 5 or 25 ‑ 10 of the Income Tax Assessment Act 1997 , if: (a) you are not a small business entity for an income year (also the changeover year ); and (b) you were using the STS accounting method for the income year before the changeover year; and (c) you change to an accruals accounting method for the changeover year. (3) Any ordinary income that, apart from paragraph 328 ‑ 105(1)(a) of the Income Tax Assessment Act 1997 (as in force immediately before its repeal by Schedule 2 to the Tax Laws Amendment (2004 Measures No. 7) Act 2005 ), you would have derived before the changeover year (while you were using the STS accounting method) and you have not included in your assessable income because you have not received it is included in your assessable income for the changeover year. (4) Any general deductions, and deductions under section 25 ‑ 5 or 25 ‑ 10 of the Income Tax Assessment Act 1997 , that, apart from paragraph 328 ‑ 105(1)(b) of that Act (as in force immediately before its repeal by Schedule 2 to the Tax Laws Amendment (2004 Measures No. 7) Act 2005 ), you would have incurred before the changeover year (while you were using the STS accounting method) and that you have not deducted because you have not paid them can be deducted for the changeover year.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 41 of 2005 | No 80 of 2007", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-115"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-120", "Provision_Key": "s328-120", "Heading": "Continuing to use the STS accounting method", "Text": "(1) This section applies if: (a) you were an STS taxpayer for the most recent income year that started before 1 July 2005; and (b) you continued to be an STS taxpayer until the end of the 2006 ‑ 07 income year; and (c) you used the STS accounting method for the 2005 ‑ 06 and 2006 ‑ 07 income years; and (d) you are a small business entity for the 2007 ‑ 08 income year. (2) You can continue to use the STS accounting method: (a) for the 2007 ‑ 08 income year; and (b) for any later income year for which you are a small business entity but only if you used the STS accounting method for the income year before that later year. Example: You are a small business entity for the 2007 ‑ 08 and 2008 ‑ 09 income years and you continue to use the STS accounting method for those years. You are not a small business entity for the 2009 ‑ 10 income year so you cannot continue to use the STS accounting method for that year. Because you cannot use the STS accounting method for the 2009 ‑ 10 income year, you will not be able to use it again for a later income year even if you are a small business entity for that later year.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 41 of 2005 | No 80 of 2007", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent | Repealed and substituted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-120"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-125", "Provision_Key": "s328-125", "Heading": "Meaning of STS accounting method", "Text": "In sections 328 ‑ 115 and 328 ‑ 120, STS accounting method means the accounting method that was required by the Income Tax Assessment Act 1997 to be used by STS taxpayers for the 2004 ‑ 05 income year.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-125"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-175", "Provision_Key": "s328-175", "Heading": "Choices made in relation to depreciating assets used in primary production business", "Text": "(1) This section applies if: (a) you were an STS taxpayer for an income year; and (b) you made a choice under subsection 328 ‑ 175(3) of old Subdivision 328 ‑ D in relation to a depreciating asset you use to carry on a primary production business and for which you could deduct amounts under Subdivision 40 ‑ F or 40 ‑ G of the Income Tax Assessment Act 1997 . (2) The choice has effect for the purposes of subsection 328 ‑ 175(3) of new Subdivision 328 ‑ D. Note: This means you cannot change the choice: see subsection 328 ‑ 175(4) of new Subdivision 328 ‑ D.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-175"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-180", "Provision_Key": "s328-180", "Heading": "Increased access to accelerated depreciation from 12 May 2015 to 30 June 2026", "Text": "(1) In this section: 2015 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2015. 2019 application time means the start of 29 January 2019. 2019 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019. 2020 announcement time means the start of 12 March 2020. 2020 budget time means 7.30 pm, by legal time in the Australian Capital Territory, on 6 October 2020. increased access year : an income year is an increased access year if any day in the year occurs: (a) on or after 12 May 2015; and (b) on or before 30 June 2026. Restrictions on making choice (2) In determining whether you can choose to use Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 in an increased access year, disregard subsection 328 ‑ 175(10) of that Act. (3) In applying paragraph 328 ‑ 175(10)(b) of that Act for the purpose of determining whether you can choose to use that Subdivision in any income year after the increased access years, disregard: (a) the increased access years, other than the last of the increased access years; and (b) all earlier income years. Temporary increase to asset cost threshold (4) Paragraph 328 ‑ 180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that paragraph to $1,000: (a) were a reference to $20,000, if you first acquired the asset at or after the 2015 budget time, and you: (i) first used the asset, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2015 budget time and before the 2019 application time; or (b) were a reference to $25,000, if you first acquired the asset at or after the 2015 budget time, and you: (i) first used the asset, for a taxable purpose, at or after the 2019 application time and before the 2019 budget time; or (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2019 application time and before the 2019 budget time; or (c) were a reference to $30,000, if you first acquired the asset at or after the 2015 budget time, and you: (i) first used the asset, for a taxable purpose, at or after the 2019 budget time and before the 2020 announcement time; or (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2019 budget time and before the 2020 announcement time; or (d) were a reference to $20,000, if you first acquired the asset at or after the 2015 budget time, and you: (i) first used the asset, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2026; or (ii) first installed the asset ready for use, for a taxable purpose, on or after 1 July 2023 and on or before 30 June 2026. (4A) Paragraph 328 ‑ 180(1)(b) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if: (a) a reference in that paragraph to the end of the income year in which you start to use the asset, or have it installed ready for use, for a taxable purpose were a reference to the earlier of: (i) the end of that year; and (ii) 30 June 2021; and (b) a reference in that paragraph to $1,000 were a reference to $150,000; if: (c) you first acquired the asset at or after the 2015 budget time; and (d) you: (i) first used the asset, for a taxable purpose, at or after the 2020 announcement time and on or before 30 June 2021; or (ii) first installed the asset ready for use, for a taxable purpose, at or after the 2020 announcement time and on or before 30 June 2021. (5) Paragraph 328 ‑ 180(2)(a) or (3)(a) of the Income Tax Assessment Act 1997 applies to an amount included in the second element of the cost of an asset as if a reference in that paragraph to $1,000: (a) were a reference to $20,000, if the amount is so included at any time: (i) at or after the 2015 budget time; and (ii) before the 2019 application time; or (b) were a reference to $25,000, if the amount is so included at any time: (i) at or after the 2019 application time; and (ii) before the 2019 budget time; or (c) were a reference to $30,000, if the amount is so included at any time: (i) at or after the 2019 budget time; and (ii) before the 2020 announcement time; or (d) were a reference to $150,000, if the amount is so included at any time: (i) at or after the 2020 announcement time; and (ii) on or before 31 December 2020; or (e) were a reference to $20,000, if the amount is so included at any time: (i) on or after 1 July 2023; and (ii) on or before 30 June 2026. (5A) For the purposes of determining whether, under subsection 328 ‑ 180(2) of the Income Tax Assessment Act 1997 , you can deduct, for an income year (the current year ), the taxable purpose proportion of an amount included in the second element of the cost of an asset, disregard paragraph (b) of that subsection if: (a) you first acquired the asset at or after the 2015 budget time; and (b) you started to use the asset, or have it installed ready for use, for a taxable purpose: (i) at or after the 2020 announcement time; and (ii) before or during the current year; and (iii) on or before 30 June 2021; and (c) the amount is so included: (i) before or during the current year; and (ii) after 31 December 2020. Low pool value (6) Section 328 ‑ 210 of the Income Tax Assessment Act 1997 applies as if a reference in that section to $1,000: (a) were a reference to $20,000, in relation to a deduction for an income year that ends: (i) on or after 12 May 2015; and (ii) before the 2019 application time; or (b) were a reference to $25,000, in relation to a deduction for an income year that ends: (i) at or after the 2019 application time; and (ii) before the 2019 budget time; or (c) were a reference to $30,000, in relation to a deduction for an income year that ends: (i) at or after the 2019 budget time; and (ii) before the 2020 announcement time; or (d) were a reference to $150,000, in relation to a deduction for an income year that ends: (i) at or after the 2020 announcement time; and (ii) on or before 31 December 2020; or (e) were a reference to $20,000, in relation to a deduction for an income year that ends: (i) on or after 1 July 2023; and (ii) on or before 30 June 2026.", "Amendment_Count": 12, "First_Amended": "No 67 of 2015", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 67 of 2015 | No 56 of 2017 | No 109 of 2018 | No 51 of 2019 | No 22 of 2020 | No 61 of 2020 | No 92 of 2020 | No 127 of 2021 | No 10 of 2022 | No 52 of 2024 | No 29 of 2025 | No 72 of 2025", "History_Notes": "Inserted by No 67 of 2015, effective sch 1 (item 9): 22 June 2015 (s 2(2)) | Amended by No 56 of 2017, effective sch 1 (items 8 ‑ 11): 1 July 2017 (s 2(1) item 2) | Amended by No 109 of 2018, effective sch 1 (items 8 ‑ 11): 1 Oct 2018 (s 2(1) item 2) | Amended by No 51 of 2019, effective sch 1 (items 8 ‑ 11): 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8) | Amended by No 61 of 2020, effective sch 4 (items 18 ‑ 26): 20 June 2020 (s 2(1) item 6) | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 127 of 2021, effective sch 3 (items 40, 41): 8 Dec 2021 (s 2(1) item 4) sch 3 (item 70): 1 Jan 2022 (s 2(1) item 5) | Amended by No 10 of 2022, effective sch 6: 1 Apr 2022 (s 2(1) item 3) | Amended by No 52 of 2024, effective sch 1, 2: 1 July 2024 (s 2(1) item 2) | Amended by No 29 of 2025, effective sch 4: 1 Apr 2025 (s 2(1) item 4) | Amended by No 72 of 2025, effective sch 7: 5 Dec 2025 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-180"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-181", "Provision_Key": "s328-181", "Heading": "Full expensing—2020 budget time to 30 June 2023", "Text": "(1) In this section: 2020 budget time has the same meaning as in section 328 ‑ 180. Year asset first used etc. for a taxable purpose (2) For the purposes of determining whether subsection 328 ‑ 180(1) of the Income Tax Assessment Act 1997 allows you to deduct an amount in relation to a depreciating asset, disregard paragraph (b) of that subsection (which sets a limit of $1,000 on the cost of the asset) if, in the period beginning at the 2020 budget time and ending on 30 June 2023, you: (a) start to hold the asset; and (b) start to use it, or have it installed ready for use, for a taxable purpose. Years later than the year asset first used etc. for a taxable purpose (3) For the purposes of determining whether subsection 328 ‑ 180(2) of the Income Tax Assessment Act 1997 allows you to deduct an amount in relation to a depreciating asset, disregard paragraph (a) of that subsection (which sets a limit of $1,000 on the amount) if the amount is included in the second element of the cost of the asset at any time in the period beginning at the 2020 budget time and ending on 30 June 2023. (4) In applying paragraph 328 ‑ 180(3)(a) of the Income Tax Assessment Act 1997 to an asset, disregard an amount included in the second element of the cost of the asset if the amount is deducted under subsection 328 ‑ 180(2) of that Act, as modified by subsection (3) of this section. Low pool value (5) Section 328 ‑ 210 of the Income Tax Assessment Act 1997 applies as if the words “less than $1,000 but” in subsection (1) were disregarded, in relation to a deduction for an income year that ends: (a) at or after the 2020 budget time; and (b) on or before 30 June 2023.", "Amendment_Count": 3, "First_Amended": "No 92 of 2020", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 92 of 2020 | No 141 of 2020 | No 10 of 2022", "History_Notes": "Inserted by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7) | Amended by No 141 of 2020, effective sch 1 (items 2 ‑ 16): 1 Jan 2021 (s 2(1) item 2) | Amended by No 10 of 2022, effective sch 6: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-181"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-182", "Provision_Key": "s328-182", "Heading": "Backing business investment", "Text": "Subsection 328 ‑ 190(2) of the Income Tax Assessment Act 1997 applies to a depreciating asset as if a reference in that subsection to 15% were a reference to 57.5% if you are covered by section 40 ‑ 125 for the asset (which is about backing business investment).", "Amendment_Count": 1, "First_Amended": "No 22 of 2020", "Last_Amended": "No 22 of 2020", "Amending_Acts": "No 22 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective sch 1 (items 15 ‑ 21), sch 2 (items 7, 8), sch 13 (item 1): 25 Mar 2020 (s 2(1) items 2, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-182"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-185", "Provision_Key": "s328-185", "Heading": "Depreciating assets allocated to STS pools", "Text": "Assets allocated to general STS pool (1) A depreciating asset of yours that had been allocated to your general STS pool is treated as being allocated to your general small business pool. Assets allocated to long life STS pool (2) A depreciating asset of yours that had been allocated to your long life STS pool is treated as being allocated to your long life small business pool. Choice not to allocate assets to long life STS pool (3) If you made a choice, under subsection 328 ‑ 185(5) of old Subdivision 328 ‑ D, not to have a depreciating asset allocated to your long life STS pool, the choice has effect for the purposes of subsection 328 ‑ 185(5) of new Subdivision 328 ‑ D. Note: This means you cannot change the choice: see subsection 328 ‑ 185(6) of new Subdivision 328 ‑ D.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-185"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-195", "Provision_Key": "s328-195", "Heading": "Opening pool balances for 2007 ‑ 08 income year", "Text": "(1) This section applies if a depreciating asset of yours is treated as being allocated to your general small business pool or long life small business pool under section 328 ‑ 185. (2) The opening pool balance of your general small business pool or long life small business pool for the 2007 ‑ 08 income year is taken to be the closing pool balance of your general STS pool or long life STS pool, as the case requires, for the 2006 ‑ 07 income year, reduced or increased by any adjustment required under section 328 ‑ 225 of new Subdivision 328 ‑ D (about change in the business use of an asset). (3) However, if: (a) you were not an STS taxpayer for the 2006 ‑ 07 income year (because you stopped being an STS taxpayer before that time); but (b) you are a small business entity for the 2007 ‑ 08 income year or a later income year and you choose to use new Subdivision 328 ‑ D to deduct amounts for your depreciating assets for that income year; the opening pool balance of your general small business pool or long life small business pool includes the sum of the taxable purpose proportions of the adjustable values of depreciating assets allocated to the pool under subsection 328 ‑ 185(3) of new Subdivision 328 ‑ D for that year.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-195"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-200", "Provision_Key": "s328-200", "Heading": "General small business pool for the 2012 ‑ 13 income year", "Text": "(1) This section applies for the purposes of applying Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 for the 2012 ‑ 13 income year and later income years. (2) A depreciating asset that had been allocated to your long life small business pool is treated as being allocated to your general small business pool. (3) The opening pool balance of your general small business pool for the 2012 ‑ 13 income year is taken to be the sum of: (a) the closing pool balance of your general small business pool for the 2011 ‑ 12 income year, reduced or increased by any adjustment required under section 328 ‑ 225 of that Act; and (b) the closing pool balance of your long life small business pool for the 2011 ‑ 12 income year, reduced or increased by any adjustment required under that section.", "Amendment_Count": 1, "First_Amended": "No 23 of 2012", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 23 of 2012", "History_Notes": "Inserted by No 23 of 2012, effective Schedule 1 (items 7, 8, 10): Royal Assent Schedule 2 (items 65, 66): 29 Mar 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-200"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-440", "Provision_Key": "s328-440", "Heading": "Taxpayers who left the STS on or after 1 July 2005", "Text": "(1) This section applies if you chose to stop being an STS taxpayer for the 2005 ‑ 06 income year or the 2006 ‑ 07 income year. (2) You cannot choose to use new Subdivision 328 ‑ D to deduct amounts for your depreciating assets until at least 5 years after the income year for which you chose to stop being an STS taxpayer. Note: Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 continues to apply to depreciating assets that have been allocated to your small business pools even if you are not a small business entity, or do not choose to use that Subdivision, for an income year: see section 328 ‑ 220 of that Subdivision.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 41 of 2005 | No 80 of 2007", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent | Repealed and substituted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-440"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-445", "Provision_Key": "s328-445", "Heading": "Bonus deduction for upskilling employees of small business entities etc.", "Text": "Initial bonus deduction—2022 ‑ 23 income year for normal or late balancers (1) You can deduct 20% of particular expenditure for the 2022 ‑ 23 income year if: (a) you are a small business entity, or an entity covered by subsection (4), for the income year in which you incur the expenditure; and (b) you incur the expenditure in the period: (i) starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and (ii) ending at the end of the 2022 ‑ 23 income year; and (c) you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and (d) section 328 ‑ 450 applies to the expenditure. Initial bonus deduction—2023 ‑ 24 income year for early balancers (2) Subsection (1) does not apply if your 2022 ‑ 23 income year starts before 1 July 2022. Instead, you can deduct 20% of particular expenditure for your 2023 ‑ 24 income year if: (a) you are a small business entity, or an entity covered by subsection (4), for the income year in which you incur the expenditure; and (b) you incur the expenditure in the period: (i) starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and (ii) ending at the end of your 2023 ‑ 24 income year; and (c) you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and (d) section 328 ‑ 450 applies to the expenditure. Later bonus deductions (3) You can deduct 20% of particular expenditure for an income year (the current year ) if: (a) the current year is after: (i) if your 2022 ‑ 23 income year starts on or after 1 July 2022—your 2022 ‑ 23 income year; or (ii) if your 2022 ‑ 23 income year starts before 1 July 2022—your 2023 ‑ 24 income year; and (b) you are a small business entity, or an entity covered by subsection (4), for the current year; and (c) you incur the expenditure in the current year and before the end of 30 June 2024; and (d) you can deduct 100% of the expenditure under another provision of a taxation law (whether or not in, or wholly in, the income year in which the expenditure is incurred); and (e) section 328 ‑ 450 applies to the expenditure. Businesses with turnover under $50 million (4) An entity is covered by this subsection for an income year if: (a) the entity is not a small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection. These are bonus deductions under the Income Tax Assessment Act 1997 (5) The Income Tax Assessment Act 1997 has effect as if this section and section 328 ‑ 450 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997 . (6) Sections 8 ‑ 10 and 355 ‑ 715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-445"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-450", "Provision_Key": "s328-450", "Heading": "Expenditure eligible for the bonus deduction for upskilling employees of small business entities etc.", "Text": "(1) This section applies to expenditure if: (a) you incur the expenditure for the provision of: (i) in ‑ person training for one or more of your employees located in Australia; or (ii) online training for one or more of your employees; and (b) at each time you incur any of the expenditure for any of the training provided by a particular provider: (i) the provider is a registered body of a kind listed in subsection (2); and (ii) if the provider is a registered body of a kind listed in paragraph (2)(b), (c) or (d)—the training is within the provider’s scope of registration for that kind of registered body; and (c) none of the providers of the training is you or an associate of you; and (d) each enrolment, or arrangement, for the provision of the training is made or entered into at or after 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022; and (e) the expenditure is charged, directly or indirectly, to you by the providers of the training. Note: Paragraphs (b) and (c) mean this section will not apply to expenditure for on ‑ the ‑ job training or training provided by you in house. (2) For the purposes of paragraph (1)(b), the kinds of registered bodies are as follows: (a) a registered higher education provider (within the meaning of the Tertiary Education Quality and Standards Agency Act 2011 ); (b) a NVR registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011 ); (c) a registered education and training organisation (within the meaning of the Education and Training Reform Act 2006 (Vic.)); (d) a registered training provider (within the meaning of the Vocational Education and Training Act 1996 (WA)).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-450"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-455", "Provision_Key": "s328-455", "Heading": "Technology investment boost deduction", "Text": "Normal or late balancers—deduction for 2022 ‑ 23 income year (1) You can deduct for the 2022 ‑ 23 income year an amount that is equal to the sum of: (a) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328 ‑ 460(1) applies; and (b) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328 ‑ 460(2) applies. Early balancers—deduction for 2023 ‑ 24 income year (2) Subsection (1) does not apply if your 2022 ‑ 23 income year starts before 1 July 2022. Instead, you can deduct for your 2023 ‑ 24 income year an amount that is equal to the sum of: (a) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328 ‑ 460(1) applies; and (b) the lower of $20,000 and 20% of the total amount (which may be nil) of your expenditure to which subsection 328 ‑ 460(2) applies. These are bonus deductions under the Income Tax Assessment Act 1997 (3) The Income Tax Assessment Act 1997 has effect as if this section and section 328 ‑ 460 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997 . (4) Sections 8 ‑ 10 and 355 ‑ 715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-455"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-460", "Provision_Key": "s328-460", "Heading": "What expenditure qualifies for the technology investment boost", "Text": "(1) This subsection applies to an amount of expenditure if: (a) you are a small business entity, or an entity covered by subsection (3), for the income year in which you incur the expenditure; and (b) you incur the expenditure in the period starting at 7.30 pm, by legal time in the Australian Capital Territory, on 29 March 2022 and ending at the end of: (i) if your 2022 ‑ 23 income year starts on or after 1 July 2022—your 2021 ‑ 22 income year; or (ii) if your 2022 ‑ 23 income year starts before 1 July 2022—your 2022 ‑ 23 income year; and (c) you can deduct the amount of the expenditure under a provision of a taxation law (other than section 328 ‑ 455 of this Act) whether or not in, or wholly in, the income year in which the expenditure was incurred; and (d) you incur the expenditure wholly or substantially for the purposes of your digital operations or digitising your operations; and (e) the expenditure is not of a kind excluded by subsection (5); and (f) if the expenditure is on a depreciating asset—the only balancing a djustment events that occur for the asset at a time during the period referred to in paragraph (b) when you hold the asset occur because you stop holding the asset because of an event or circumstance referred to in subsection 40 ‑ 365(2) ( about involuntary disposals) of the Income Tax Assessment Act 1997 ; and (g) if: (i) the expenditure is on a depreciating asset; and (ii) the asset is not in ‑ house software allocated to a software development pool for the income year in which you incur the expenditure; you start to use the asset, or have it installed ready for use for a taxable purpose, before 1 July 2023. (2) This subsection applies to an amount of expenditure if: (a) you are a small business entity, or an entity covered by subsection (3), for the income year in which you incur the expenditure; and (b) you incur the expenditure in the period starting at the start of: (i) if your 2022 ‑ 23 income year starts on or after 1 July 2022—your 2022 ‑ 23 income year; or (ii) if your 2022 ‑ 23 income year starts before 1 July 2022—your 2023 ‑ 24 income year; and ending at the end of 30 June 2023; and (c) you can deduct the amount of the expenditure under a provision of a taxation law (other than section 328 ‑ 455 of this Act) whether or not in, or wholly in, the income year in which the expenditure was incurred; and (d) you incur the expenditure wholly or substantially for the purposes of your digital operations or digitising your operations; and (e) the expenditure is not of a kind excluded by subsection (5); and (f) if the expenditure is on a depreciating asset—the only balancing adjustment events that occur for the asset at a time during the period referred to in paragraph (b) when you hold the asset occur because you stop holding the asset because of an event or circumstance referred to in subsection 40 ‑ 365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997 ; and (g) if: (i) the expenditure is on a depreciating asset; and (ii) the asset is not in ‑ house software allocated to a software development pool for the income year in which you incur the expenditure; you start to use the asset, or have it installed ready for use for a taxable purpose, before 1 July 2023. Businesses with turnover under $50 million (3) An entity is covered by this subsection for an income year if: (a) the entity is not a small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection. Working out whether you can deduct an amount of expenditure on a depreciating asset (4) For the purposes of paragraphs (1)(c) and (2)(c), in working out whether you can deduct an amount of expenditure on a depreciating asset, assume that: (a) you will continue to hold the asset throughout its effective life; and (b) throughout that effective life, you will use the asset for a taxable purpose to the same extent as you use it, or have it installed ready for use, for a taxable purpose in the income year in which you start to use it, or have it installed ready for use, for a taxable purpose. Excluded expenditure (5) The following kinds of expenditure are excluded by this subsection: (a) salary or wage costs; (b) capital works costs for which you can deduct an amount under Division 43 of the Income Tax Assessment Act 1997 ; (c) financing costs, including interest, payments in the nature of interest and expenses of borrowing; (d) training or education costs; (e) expenditure that you incur that forms part of, or is included in, the cost of your trading stock. Note: For deductions relating to training or education costs, see section 328 ‑ 445.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 4, 5: 1 July 2023 (s 2(1) item 2) sch 9 (item 8): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-460"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-465", "Provision_Key": "s328-465", "Heading": "Energy incentive", "Text": "(1) You can deduct for an income year an amount that is equal to the lower of: (a) 20% of the total amount (which may be nil) of your expenditure to which subsection 328 ‑ 470(1) or (3) applies in relation to the income year; and (b) $20,000 less any amount deducted under paragraph (a) for a previous income year. Note: The deduction relates to the period of 1 July 2023 to 30 June 2024. An entity may have deducted an amount under paragraph (a) for a previous income year if the entity has a substituted accounting period. These are bonus deductions under the Income Tax Assessment Act 1997 (2) The Income Tax Assessment Act 1997 has effect as if this section and section 328 ‑ 470 of this Act were provisions of Division 25 of the Income Tax Assessment Act 1997 . (3) Sections 8 ‑ 10, 40 ‑ 215 and 355 ‑ 715 of the Income Tax Assessment Act 1997 do not apply in relation to a deduction under this section.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 1, 2: 1 July 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-465"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 328-470", "Provision_Key": "s328-470", "Heading": "What expenditure qualifies for the energy incentive", "Text": "Expenditure included in the first element of cost of a depreciating asset (1) This subsection applies to an amount of expenditure in relation to an income year if: (a) the expenditure is included in the first element of cost of a depreciating asset; and (b) you can deduct the expenditure under a provision of a taxation law (other than section 328 ‑ 465 of this Act) whether or not in, or wholly in, the income year in which the expenditure is incurred; and (c) you start to use the asset, or have it installed ready for use, for any purpose after 30 June 2023 but before 1 July 2024; and (d) you start to use the asset, or have it installed ready for use, for a taxable purpose at a time (the start time ) that is: (i) in the income year; and (ii) after 30 June 2023 but before 1 July 2024; and (e) you are a small business entity, or an entity covered by subsection (4), for the income year that includes the start time; and (f) subsection (2) (about eligible energy assets) applies to the asset; and (g) neither the expenditure nor the asset is excluded under subsection (6); and (h) the only balancing adjustment events that occur for the asset at a time during the period starting on 1 July 2023 and ending on 30 June 2024 occur because you stop holding the asset because of an event or circumstance referred to in subsection 40 ‑ 365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997 . (2) This subsection applies to an asset if: (a) the asset uses electricity and one or more of the following apply: (i) a new reasonably comparable depreciating asset that uses a fossil fuel (other than a use of which that is merely incidental) is available in the market at the start time; (ii) if the asset is being acquired by way of replacement of or substitution for another depreciating asset—the asset is more energy efficient than the other asset; (iii) if the asset is not being acquired by way of replacement of or substitution for another depreciating asset—the asset is more energy efficient than a new reasonably comparable depreciating asset that is available in the market at the start time; or (b) the asset enables one or more of the following: (i) a depreciating asset (other than an asset excluded under subsection (6)) that uses electricity, or energy that is generated from a renewable source, to be more energy efficient; (ii) electricity, or energy that is generated from a renewable source, to be stored; (iii) electricity, or energy that is generated from a renewable source, to be used at a different time; (iv) the use of electricity, or energy that is generated from a renewable source, by another depreciating asset to be monitored. Certain expenditure that is included in the second element of cost of a depreciating asset (3) This subsection applies to an amount of expenditure in relation to an income year if: (a) the amount is included in the second element of a depreciating asset’s cost under paragraph 40 ‑ 190(2)(a) of the Income Tax Assessment Act 1997 ; and (b) you can deduct the expenditure under a provision of a taxation law (other than section 328 ‑ 465 of this Act) whether or not in, or wholly in, the income year in which the expenditure is incurred; and (c) the expenditure is incurred: (i) in the income year; and (ii) after 30 June 2023 but before 1 July 2024; and (d) you are a small business entity, or an entity covered by subsection (4), for the income year in which the expenditure is incurred; and (e) the expenditure enables one or more of the following: (i) if the asset could use a fossil fuel (other than a use of which that is merely incidental)—the asset to only use electricity, or energy that is generated from a renewable source; (ii) if the asset uses electricity, or energy that is generated from a renewable source—the asset to be more energy efficient; (iii) the asset to store electricity, or energy that is generated from a renewable source; (iv) the asset to use electricity, or energy that is generated from a renewable source, at a different time; (v) the asset to monitor its use of electricity, or energy that is generated from a renewable source; and (f) neither the expenditure nor the asset is excluded under subsection (6); and (g) the only balancing adjustment events that occur for the asset at a time during the period starting on 1 July 2023 and ending on 30 June 2024 occur because you stop holding the asset because of an event or circumstance referred to in subsection 40 ‑ 365(2) (about involuntary disposals) of the Income Tax Assessment Act 1997 . Businesses with turnover under $50 million (4) An entity is covered by this subsection for an income year if: (a) the entity is not a small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C of the Income Tax Assessment Act 1997 (about what is a small business entity) to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection. Working out whether you can deduct expenditure (5) For the purposes of paragraph (1)(b) or (3)(b), in working out whether you can deduct an amount of expenditure assume that: (a) you will continue to hold the asset throughout its effective life; and (b) throughout that effective life, you will use it for a taxable purpose: (i) for the purposes of paragraph (1)(b)—to the same extent as you use it, or have it installed ready for use, for a taxable purpose in the income year in which you start to use it, or have it installed ready for use, for a taxable purpose; or (ii) for the purposes of paragraph (3)(b)—to the same extent as you use it for a taxable purpose in the income year in which the expenditure is incurred. Excluded assets and expenditure (6) The following kinds of assets and expenditure are excluded by this subsection: (a) an asset that can use a fossil fuel (other than a use of which that is merely incidental); (b) expenditure (other than expenditure referred to in subparagraph (3)(e)(i)) on an asset that can use a fossil fuel (other than a use of which that is merely incidental); (c) an asset that solely or predominantly generates electricity from a renewable source (for example, photovoltaic cells) or expenditure on such an asset; (d) an asset, or expenditure, being capital works for which you can deduct an amount under Division 43 of the Income Tax Assessment Act 1997 ; (e) a motor vehicle or expenditure on a motor vehicle; (f) an asset, or expenditure on an asset, where expenditure on the asset is allocated to a software development pool; (g) financing costs, including interest, payments in the nature of interest and expenses of borrowing. Note: Subsections (1) and (3) also do not apply to an item of trading stock because such an asset is not a depreciating asset: see section 40 ‑ 30 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 1, 2: 1 July 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s328-470"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-200", "Provision_Key": "s355-200", "Heading": "Registration for activities before 2011 ‑ 12 income year", "Text": "A reference in each of the following provisions of the Income Tax Assessment Act 1997 to a registration under section 27A of the Industry Research and Development Act 1986 includes a reference to a registration under former section 39J of that Act: (a) paragraph 43 ‑ 35(a); (b) subparagraph 355 ‑ 205(1)(a)(i); (c) subparagraph 355 ‑ 215(b)(ii); (d) subparagraph 355 ‑ 220(1)(b)(ii); (e) subparagraph 355 ‑ 480(1)(a)(i); (f) paragraph 355 ‑ 580(1)(b).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-200"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-320", "Provision_Key": "s355-320", "Heading": "Balancing adjustment—assets only used for R&D activities", "Text": "R&D entity has old law R&D decline in value deductions (1) This section applies to an R&D entity if: (a) a balancing adjustment event happens in an income year (the event year ) commencing on or after 1 July 2011 for an asset held by the R&D entity; and (b) the R&D entity cannot deduct an amount under section 40 ‑ 25 of the Income Tax Assessment Act 1997 (the new Act ), as that section applies apart from: (i) Division 355 of that Act; and (ii) former section 73BC of the Income Tax Assessment Act 1936 (the old Act ); for the asset for an income year; and (c) either or both of the following subparagraphs apply: (i) the R&D entity can deduct (the old law deductions ) under former section 73BA or 73BH of the old Act an amount for one or more income years for the asset; (ii) the R&D entity chooses tax offsets under former section 73I of the old Act instead of deductions (also the old law deductions ) under those former sections for one or more income years for the asset; and (d) the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for one or more R&D activities for the event year; and (e) if Division 40 of the new Act applied as described in subsection (2) of this section: (i) the R&D entity could deduct for the event year an amount under subsection 40 ‑ 285(2) of that Act for the asset and the balancing adjustment event; or (ii) an amount would be included in the R&D entity’s assessable income for the event year under subsection 40 ‑ 285(1) of that Act for the asset and the balancing adjustment event. Note 1: This section applies even if the R&D entity is entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions under section 355 ‑ 305 of that Act for the asset. Note 2: Section 40 ‑ 292 of this Act may apply if paragraph (c), but not paragraph (b), of this subsection is satisfied. Changed application of Division 40 (2) For the purposes of paragraph (1)(e), assume that Division 40 of the new Act applied with the changes described in section 355 ‑ 310 of that Act, but with these changes to that section: Changes to be made to section 355 ‑ 310 of the new Act Item For a reference in section 355 ‑ 310 to... substitute a reference to... 1 section 355 ‑ 315 this section 2 the purpose of conducting one or more of the R&D activities to which the R&D deductions (within the meaning of that section) relate both: (a) the purpose of conducting one or more of the research and development activities (within the meaning of former section 73B of the old Act) to which the old law deductions relate; and (b) the purpose of conducting one or more of the R&D activities to which the new law deductions (if any) relate Deduction (3) If the R&D entity could deduct for the event year an amount under subsection 40 ‑ 285(2) of the new Act for: (a) the asset; and (b) the event; if Division 40 of that Act applied as described in subsection (2) of this section, the R&D entity is taken to be able to deduct under subsection 355 ‑ 315(2) of the new Act that amount for the event year. Amount to be included in assessable income (4) If an amount (the section 40 ‑ 285 amount ) would be included in the R&D entity’s assessable income for the event year under subsection 40 ‑ 285(1) of the new Act for the asset and the event if Division 40 of that Act applied as described in subsection (2) of this section, the sum of: (a) that amount; and (b) the following amount; is taken to be included in the R&D entity’s assessable income for the event year under subsection 355 ‑ 315(3) of the new Act: where: adjusted section 40 ‑ 285 amount means so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. old law 1.25 rate deductions means the sum of the R&D entity’s notional Division 40 deductions, and notional Division 42 deductions, (if any) for the asset that were multiplied by 1.25 in working out the old law deductions. total decline in value means the asset’s cost, less its adjustable value, worked out under Division 40 of the new Act as it applies as described in subsection (2). Application of Division 355 (4A) In applying Division 355 of the new Act in relation to the asset for the income year, if the R&D entity is entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions (the new law deductions ) under section 355 ‑ 305 for the asset, the R&D entity is taken to have: (a) if an amount is taken to be included in the R&D entity’s assessable income for the event year as mentioned in subsection (4) of this section—a clawback amount under section 355 ‑ 446 of the new Act for the income year equal to the amount mentioned in subsection (4B) of this section; or (b) if the R&D entity is taken to be able to deduct an amount as mentioned in subsection (3) of this section—a catch up amount under section 355 ‑ 465 of the new Act for the income year equal to the amount of that deduction. (4B) The amount is the following: where: adjusted section 40 ‑ 285 amount means so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. total decline in value means the asset’s cost, less its adjustable value, worked out under Division 40 of the new Act as it applies as described in subsection (2) of this section. Normal rules do not apply for the asset and the event (5) Neither of the following sections: (a) section 355 ‑ 315 of the new Act; (b) former section 73BF of the old Act (as that section applies because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011 ); to the extent that they would otherwise apply apart from this section to the R&D entity for the event, do so apply to the R&D entity for the event. Note 1: Section 355 ‑ 315 of the new Act would otherwise apply for the event in a case where the R&D entity had new law deductions. Note 2: Former section 73BF of the old Act would otherwise apply for the event in respect of the old law deductions.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-320"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-325", "Provision_Key": "s355-325", "Heading": "Balancing adjustment—R&D partnership assets only used for R&D activities", "Text": "Partner has old law R&D decline in value deductions (1) This section applies to an R&D entity (the partner ) if: (a) a balancing adjustment event happens in an income year (the event year ) commencing on or after 1 July 2011 for an asset held by an R&D partnership; and (b) the R&D partnership cannot deduct an amount under section 40 ‑ 25, as that section applies apart from: (i) Division 355 of the Income Tax Assessment Act 1997 (the new Act ); and (ii) former section 73BC of the Income Tax Assessment Act 1936 (the old Act ); for the asset for an income year; and (c) either or both of the following subparagraphs apply: (i) the partner can deduct (the old law deductions ) under former section 73BA or 73BH of the old Act an amount for one or more income years for the asset; (ii) the partner chooses tax offsets under former section 73I of the old Act instead of deductions (also the old law deductions ) under those former sections for one or more income years for the asset; and (d) the partner is registered under section 27A of the Industry Research and Development Act 1986 for one or more R&D activities for the event year; and (e) if Division 40 of the new Act applied as described in subsection (2) of this section: (i) the R&D partnership could deduct for the event year an amount under subsection 40 ‑ 285(2) of that Act for the asset and the balancing adjustment event; or (ii) an amount would be included in the R&D partnership’s assessable income for the event year under subsection 40 ‑ 285(1) of that Act for the asset and the balancing adjustment event. Note 1: This section applies even if the partner is entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions under section 355 ‑ 520 of that Act for the asset. Note 2: Section 40 ‑ 293 of this Act may apply if paragraph (c), but not paragraph (b), of this subsection is satisfied. Changed application of Division 40 (2) For the purposes of paragraph (1)(e), assume that Division 40 of the new Act applied with the changes described in section 355 ‑ 310 of that Act, but with these changes to that section: Changes to be made to section 355 ‑ 310 of the new Act Item For a reference in section 355 ‑ 310 to... substitute a reference to... 1 section 355 ‑ 315 this section 2 the purpose of conducting one or more of the R&D activities to which the R&D deductions (within the meaning of that section) relate both: (a) the purpose of conducting one or more of the research and development activities (within the meaning of former section 73B of the old Act) to which the old law deductions relate; and (b) the purpose of conducting one or more of the R&D activities to which the new law deductions (if any) relate 3 R&D entity R&D partnership Deduction (3) If the R&D partnership could deduct for the event year an amount under subsection 40 ‑ 285(2) of the new Act for: (a) the asset; and (b) the event; if Division 40 of that Act applied as described in subsection (2) of this section, the partner is taken to be able to deduct under subsection 355 ‑ 525(2) of the new Act the partner’s proportion of that amount for the event year. Amount to be included in assessable income (4) If an amount (the section 40 ‑ 285 amount ) would be included in the R&D partnership’s assessable income for the event year under subsection 40 ‑ 285(1) of the new Act for the asset and the event if Division 40 of that Act applied as described in subsection (2) of this section, the sum of: (a) the partner’s proportion of that amount; and (b) the following amount; is taken to be included in the partner’s assessable income for the event year under subsection 355 ‑ 525(3) of the new Act: where: adjusted section 40 ‑ 285 amount means so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. old law 1.25 rate deductions means the sum of the partner’s notional Division 40 deductions, and notional Division 42 deductions, (if any) for the asset that were multiplied by 1.25 in working out the old law deductions. total decline in value means the asset’s cost, less its adjustable value, worked out under Division 40 of the new Act as it applies as described in subsection (2). Application of Division 355 (4A) In applying Division 355 of the new Act in relation to the asset for the income year, if one or more partners (including the partner) in the R&D partnership is entitled under section 355 ‑ 100 of the new Act to tax offsets for one or more income years for deductions under section 355 ‑ 520 of that Act for the asset, the partner is taken to have: (a) if an amount is taken to be included in the R&D entity’s assessable income for the event year as mentioned in subsection (4) of this section—a clawback amount under section 355 ‑ 448 of the new Act for the income year equal to the amount mentioned in subsection (4B) of this section; or (b) if the partner is taken to be able to deduct an amount as mentioned in subsection (3) of this section—a catch up amount under section 355 ‑ 467 of the new Act for the income year equal to the amount of that deduction. (4B) The amount is an amount equal to the partner’s proportion of the following: where: adjusted section 40 ‑ 285 amount means so much of the section 40 ‑ 285 amount as does not exceed the total decline in value. sum of new law deductions means the sum of each partner’s deductions under section 355 ‑ 520 of the new Act mentioned in subsection (4A) of this section. total decline in value means the asset’s cost, less its adjustable value, worked out under Division 40 of the new Act as it applies as described in subsection (2) of this section. Normal rules do not apply for the asset and the event (5) Neither of the following sections: (a) section 355 ‑ 525 of the new Act; (b) former section 73BF of the old Act (as that section applies because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011 ); to the extent that they would otherwise apply apart from this section to the partner for the event, do so apply to the partner for the event. Note 1: Section 355 ‑ 525 of the new Act would otherwise apply for the event in a case where the partner had new law deductions. Note 2: Former section 73BF of the old Act may otherwise apply for the event in respect of the old law deductions.", "Amendment_Count": 3, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 13 of 2015 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent | Amended by No 13 of 2015, effective sch 1 (items 7–9): 5 Mar 2015 (s 2(1) item 2) sch 1 (items 15 ‑ 17): repealed before commencing (s 2(1) item 3) | Amended by No 92 of 2020, effective sch 5 (items 41 ‑ 56), sch 7 (items 1 ‑ 4, 9 ‑ 11, 26, 27): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-325"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-340", "Provision_Key": "s355-340", "Heading": "Balancing adjustment—tax exempt entities that become taxable", "Text": "Item 7 of the table in subsection 57 ‑ 110(2) in Schedule 2D to the Income Tax Assessment Act 1936 applies as if the deduction rules set out in the final column of that item also included former sections 73BA and 73BH of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-340"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-415", "Provision_Key": "s355-415", "Heading": "Expenditure reduced to reflect group mark ‑ ups", "Text": "For the purposes of step 1 of the method statement in subsection 355 ‑ 415(2) of the Income Tax Assessment Act 1997 , also disregard amounts that have already been taken into account under former subsection 73B(14AA) of the Income Tax Assessment Act 1936 for the R&D entity, the grouped entity and the R&D activities for an earlier income year.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-415"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-550", "Provision_Key": "s355-550", "Heading": "Prepayments of R&D expenditure extending into the 2011 ‑ 12 income year", "Text": "Advance R and D expenditure (1) This section applies if, apart from former paragraph 73B(10)(a) of the Income Tax Assessment Act 1936 , an eligible company could deduct advance R and D expenditure in one or more income years commencing on or after 1 July 2011. Note: That deduction would be under former section 73B of that Act as that former section applies because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011 . Other prepayments of R&D expenditure (2) This section also applies if: (a) apart from Subdivision H (prepaid expenditure) of Division 3 of Part III of the Income Tax Assessment Act 1936 , an eligible company can deduct an amount under former section 73B, 73BA, 73BH, 73QA, 73QB or 73Y of that Act for an income year commencing before 1 July 2011; and (b) that Subdivision applies to the calculation of that amount; and (c) apart from former paragraph 73B(10)(a) of that Act, the eligible company could deduct an amount, as a result of that application of that Subdivision, for an income year commencing on or after 1 July 2011. Note: That deduction would be under that Act as it applies because of Part 2 of Schedule 4 to the Tax Laws Amendment (Research and Development) Act 2011 . Changed registration requirement (3) Former paragraph 73B(10)(a) of that Act is taken to apply to those income years commencing on or after 1 July 2011 as if the reference in that former paragraph to section 39J of the Industry Research and Development Act 1986 were a reference to section 27A of that Act. Meaning of expressions (4) An expression used in this section that is also used in former section 73B of the Income Tax Assessment Act 1936 has the same meaning in this section as it has in that former section.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-550"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-600", "Provision_Key": "s355-600", "Heading": "Scope", "Text": "This Subdivision applies to core technology (within the meaning of former section 73B of the Income Tax Assessment Act 1936 ) if: (a) you incurred core technology expenditure (within the meaning of that former section) in an income year commencing before 1 July 2011 in relation to the core technology under one or more contracts entered into at or after the time referred to in former subsection 73B(12) of that Act; and (b) that expenditure (the undeducted expenditure ) cannot be deducted for the last income year commencing before 1 July 2011.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-600"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-605", "Provision_Key": "s355-605", "Heading": "Core technology that is a depreciating asset", "Text": "This section only applies for deductions under Division 40 (1) This section applies for the purposes of Division 40 of the Income Tax Assessment Act 1997 , other than sections 40 ‑ 292 and 40 ‑ 293 of that Act, if the core technology (the asset ) is a depreciating asset. (2) Disregard this section, including its effect on the amount you can deduct under section 40 ‑ 25 of that Act for the asset, for the purposes of working out: (a) a deduction under any other Division of that Act for any income year; and (b) a tax offset under any other Division of that Act for any income year. Changes made by this section (3) The asset’s opening adjustable value for the first income year that commences on or after 1 July 2011 (the first new income year ) is equal to the amount of the undeducted expenditure. (4) Subsection 40 ‑ 75(2) of the Income Tax Assessment Act 1997 applies to the asset as if the first new income year were a change year (within the meaning of that subsection).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-605"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 355-610", "Provision_Key": "s355-610", "Heading": "Core technology that is not a depreciating asset", "Text": "If the core technology is not a depreciating asset, you can deduct the undeducted expenditure in equal proportions over a period of 5 income years starting in the first income year commencing on or after 1 July 2011.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 3 (item 108) and Schedule 4 (items 1–6, 10–15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s355-610"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 375-100", "Provision_Key": "s375-100", "Heading": "Film component of tax loss for 1997 ‑ 98 or later income year", "Text": "To work out the film component (if any) of your tax loss for the 1997 ‑ 98 income year or a later income year, apply former section 375 ‑ 805 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Amended by No 164 of 2007, effective Schedule 7 (items 4, 13, 14): Royal Assent Schedule 10 (items 89, 90): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s375-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 375-105", "Provision_Key": "s375-105", "Heading": "Film component of tax loss for 1989 ‑ 90 to 1996 ‑ 97 income years", "Text": "If you incurred a film loss for the purposes of former section 79F (Film losses of 1989 ‑ 90 to 1996 ‑ 97 years of income) of the Income Tax Assessment Act 1936 in any of the 1989 ‑ 90 to 1996 ‑ 97 income years, that film loss is the film component of your tax loss for that income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s375-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 375-110", "Provision_Key": "s375-110", "Heading": "Film loss for 1989 ‑ 90 or later income year", "Text": "(1) To work out your film loss (if any) for the purposes of the Income Tax Assessment Act 1997 for the 1989 ‑ 90 or a later income year, apply former section 375 ‑ 810 of that Act. (2) You can deduct in the 1997 ‑ 98 or a later income year your film loss for any of the 1989 ‑ 90 to 1996 ‑ 97 income years only to the extent that it has not already been deducted.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Amended by No 164 of 2007, effective Schedule 7 (items 4, 13, 14): Royal Assent Schedule 10 (items 89, 90): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s375-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 392-1", "Provision_Key": "s392-1", "Heading": "Application of Division 392 of the Income Tax Assessment Act 1997", "Text": "(1) Division 392 of the Income Tax Assessment Act 1997 applies to assessments for the 1998 ‑ 99 income year and later income years. (2) It applies to your assessment as if: (a) it had applied to your assessment for each income year before the 1998 ‑ 99 income year for which Division 16 of Part III of the Income Tax Assessment Act 1936 applied in relation to your income; and (b) you had carried on a primary production business during each income year before the 1998 ‑ 99 income year when you carried on a business of primary production; and (c) for each income year before the 1998 ‑ 99 income year you had a basic taxable income equal to your taxable income for the income year for the purposes of Division 16 of Part III of the Income Tax Assessment Act 1936 . Note: Section 149A of the Income Tax Assessment Act 1936 identifies what your taxable income for an income year is for the purposes of Division 16 of Part III of that Act.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s392-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 392-25", "Provision_Key": "s392-25", "Heading": "Transitional provision—election under section 158A of the Income Tax Assessment Act 1936", "Text": "Division 392 of the Income Tax Assessment Act 1997 does not apply to your assessment for the 1998 ‑ 99 income year or a later income year if you made an election under section 158A (Election that Division not apply) of the Income Tax Assessment Act 1936 relating to an income year before the 1998 ‑ 99 income year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s392-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 393-1", "Provision_Key": "s393-1", "Heading": "Application of Division 393 of the Income Tax Assessment Act 1997", "Text": "Division 393 of the Income Tax Assessment Act 1997 (about farm management deposits) applies to assessments for: (a) the 2010 ‑ 11 income year; and (b) later income years.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s393-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 393-5", "Provision_Key": "s393-5", "Heading": "Unrecouped FMD deduction", "Text": "A reference in Division 393 of the Income Tax Assessment Act 1997 to a deduction under section 393 ‑ 5 of that Act for making a farm management deposit is taken to include a reference to a deduction under section 393 ‑ 10 in Schedule 2G to the Income Tax Assessment Act 1936 , as in force just before the commencement of this section, if the deposit was made before the 2010 ‑ 11 income year.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s393-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 393-10", "Provision_Key": "s393-10", "Heading": "Unrecouped FMD deduction for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976", "Text": "Despite subsection 393 ‑ 10(2) of the Income Tax Assessment Act 1997 , if: (a) no part of a farm management deposit has been repaid before a particular time; and (b) the deposit was made with an FMD provider as a result of a request to which section 25B of the Loan (Income Equalization Deposits) Act 1976 , as in force on 21 February 2005, applied; the unrecouped FMD deduction in respect of the deposit at that time is equal to the amount of the unrecouped deduction (within the meaning of the former subsection 159GA(3) of the Income Tax Assessment Act 1936 ) in respect of the deposit immediately before it ceased to be a deposit under the Loan (Income Equalization Deposits) Act 1976 . Note: This means that the unrecouped deduction relating to the deposit under the Loan (Income Equalization Deposits) Act 1976 continues to apply (by becoming an unrecouped FMD deduction) when the deposit is transferred to an FMD provider as a farm management deposit. The Loan (Income Equalization Deposits) Act 1976 was repealed on 22 February 2005.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s393-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 393-27", "Provision_Key": "s393-27", "Heading": "Trustee may choose that a beneficiary is a chosen beneficiary of the trust", "Text": "If a beneficiary of a trust was covered by paragraph (c) of the definition of primary producer in section 393 ‑ 25 in Schedule 2G to the Income Tax Assessment Act 1936 in the 2009 ‑ 10 income year, treat subsection 393 ‑ 25(3) of the Income Tax Assessment Act 1997 as having applied to the beneficiary for the purpose of determining the maximum number of choices that the trustee may make under subsection 393 ‑ 27(2) of that Act for the 2010 ‑ 11 income year.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Schedule 1 (items 13, 14): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s393-27"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 393-30", "Provision_Key": "s393-30", "Heading": "Unclaimed moneys", "Text": "(1) Subsection (2) applies if: (a) a farm management deposit of an owner was unclaimed moneys for the purposes of section 69 of the Banking Act 1959 ; and (b) the unclaimed moneys were paid to the Commonwealth under that section; and (c) the unclaimed moneys were repaid as a result of subsection 69(7) of that Act. (2) For the purpose of subsection 393 ‑ 10(1) of the Income Tax Assessment Act , treat the repaid unclaimed moneys as a repayment of the deposit of the owner. (3) To avoid doubt, the payment of unclaimed moneys to the Commonwealth under section 69 of the Banking Act 1959 is not a repayment of the deposit of the owner for the purposes of Division 393 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 34 of 2014", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 34 of 2014", "History_Notes": "Inserted by No 34 of 2014, effective Sch 1 (items 12, 13(2)): 30 May 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s393-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 393-40", "Provision_Key": "s393-40", "Heading": "The day the deposit was made for deposits made as a result of section 25B of the Loan (Income Equalization Deposits) Act 1976", "Text": "If a farm management deposit was made with an FMD provider as a result of a request under section 25B of the Loan (Income Equalization Deposits) Act 1976 , as in force on 21 February 2005, then: (a) subsections 393 ‑ 40(1) to (4) of the Income Tax Assessment Act 1997 apply as if the day the deposit was made was the day on which the deposit was originally made under the Loan (Income Equalization Deposits) Act 1976 ; and (b) subsection 393 ‑ 40(6) does not apply to the deposit. Note: The Loan (Income Equalization Deposits) Act 1976 was repealed on 22 February 2005.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s393-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 410-1", "Provision_Key": "s410-1", "Heading": "Application of section 51 ‑ 43 of the Income Tax Assessment Act 1997", "Text": "(1) A copyright collecting society to which section 51 ‑ 43 of the Income Tax Assessment Act 1997 applies, may elect that, from 1 July 2004, the section apply to all ordinary income, and statutory income, collected or derived by the society on or after 1 July 2004. (2) A society makes a valid election if: (a) the election is in writing; and (b) the election is given to the Commissioner within 28 days after the day on which this section commences.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001 | Amended by No 126 of 2009, effective Schedule 1 (items 18, 20): 9 June 2010 (s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s410-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 415-10", "Provision_Key": "s415-10", "Heading": "Application of Subdivision 415 ‑ B of the Income Tax Assessment Act 1997", "Text": "Subdivision 415 ‑ B of the Income Tax Assessment Act 1997 applies to: (a) a tax loss for the 2012 ‑ 13 income year or a later income year; or (b) a debt incurred in the 2012 ‑ 13 income year or a later income year.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 2 (item 47): 11 July 2013 ( see F2013L01359) Sch 11 (item 4): 3 Dec 2014 (s 2(1) item 15) Sch 11 (items 7–9): 28 June 2013 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s415-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 420-1", "Provision_Key": "s420-1", "Heading": "Application of Division 420 of the Income Tax Assessment Act 1997", "Text": "Division 420 of the Income Tax Assessment Act 1997 does not apply to a registered emissions unit held by you unless you became the holder of the unit after the commencement of that Division.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 72, 72A): 2 Apr 2012 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s420-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 615-5", "Provision_Key": "s615-5", "Heading": "Roll ‑ overs between the 2011 and 2012 Budget times", "Text": "Subdivision 615 ‑ C of the Income Tax Assessment Act 1997 applies to you with the modifications set out in this Subdivision if you chose to obtain a roll ‑ over involving * shares or units that: (a) were disposed of, redeemed or cancelled during the period: (i) starting at 7.30 pm, by legal time in the Australian Capital Territory, on 10 May 2011; and (ii) ending immediately before 7.30 pm, by legal time in the Australian Capital Territory, on 8 May 2012; and (b) were your trading stock, or revenue assets, at the time immediately before that disposal, redemption or cancellation.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective sch 1 (item 41): 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s615-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 615-10", "Provision_Key": "s615-10", "Heading": "Modifications—when additional consequences can apply", "Text": "(1) Disregard subparagraph 615 ‑ 45(a)(ii), and paragraph 615 ‑ 45(b), of the Income Tax Assessment Act 1997 if the roll ‑ over relates to * shares that were disposed of, redeemed or cancelled. (2) Disregard paragraph 615 ‑ 45(d) of that Act.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective sch 1 (item 41): 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s615-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 615-15", "Provision_Key": "s615-15", "Heading": "Modifications—trading stock", "Text": "Substitute the following for subsection 615 ‑ 50(2) of that Act: (2) For each of the * shares in the interposed company that you acquired in return for those of your shares or units in the original entity that were your * trading stock at the time mentioned in paragraph 615 ‑ 45(c), you are taken to have paid:", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective sch 1 (item 41): 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s615-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 615-20", "Provision_Key": "s615-20", "Heading": "Modifications—revenue assets", "Text": "Substitute the following for subsection 615 ‑ 55(2) of that Act: (2) For the purpose of calculating any profit or loss on a future disposal, cessation of ownership, or other realisation of a * share in the interposed company that you acquired in return for those of your shares or units in the original entity that were * revenue assets at the time mentioned in paragraph 615 ‑ 45(c), you are taken to have paid:", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective sch 1 (item 41): 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s615-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 620-10", "Provision_Key": "s620-10", "Heading": "Application of Subdivision 620 ‑ A of the Income Tax Assessment Act 1997", "Text": "Subdivision 620 ‑ A of the Income Tax Assessment Act 1997 applies in relation to the cessation of existence of bodies corporate occurring after 7.30 pm (by legal time in the Australian Capital Territory) on 11 May 2010.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective Sch 2 (items 24, 25) and Sch 6 (items 21, 32, 149–152): 21 Mar 2012 (s 2(1) items 3, 10, 13, 24, 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s620-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 700-1", "Provision_Key": "s700-1", "Heading": "Application of Part 3 ‑ 90 of Income Tax Assessment Act 1997", "Text": "(1) Part 3 ‑ 90 of the Income Tax Assessment Act 1997 , as inserted by the New Business Tax System (Consolidation) Act (No. 1) 2002 and amended by: (a) the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 ; and (b) the New Business Tax System (Consolidation and Other Measures) Act (No. 1) 2002 ; and (c) the New Business Tax System (Consolidation and Other Measures) Act 2003 ; and (d) the Taxation Laws Amendment Act (No. 6) 2003 ; applies on and after 1 July 2002. (2) Section 713 ‑ 50 of the Income Tax Assessment Act 1997 (about factors to consider in determining destination of distribution by non ‑ fixed trust) applies for the purposes of this Part in the same way as it applies for the purposes of Part 3 ‑ 90 of that Act.", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 117 of 2002 | No 16 of 2003 | No 67 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Repealed and substituted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11) | Amended by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s700-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-1", "Provision_Key": "s701-1", "Heading": "Transitional group and transitional entity", "Text": "Group formed on 1 July 2002 (1) If a consolidated group came into existence on 1 July 2002: (a) the group is a transitional group ; and (b) each entity that became a subsidiary member of the group on the day it came into existence is a transitional entity . Group formed after 1 July 2002 but before 1 July 2003 (2) If a consolidated group came into existence after 1 July 2002 but before 1 July 2003: (a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity ; and (b) an entity is a transitional entity if: (i) at no time after 1 July 2002 and before the group came into existence was the entity a wholly ‑ owned subsidiary of the entity (the future head company ) that became the head company of the group; or (ii) at some time during that period, the entity was a wholly ‑ owned subsidiary of the future head company and it remained such from the earliest time after 1 July 2002 when it was a wholly ‑ owned subsidiary of the future head company until the group came into existence. Group formed during financial year starting on 1 July 2003 (3) If a consolidated group came into existence during the financial year starting on 1 July 2003: (a) the group is a transitional group if at least one entity that became a subsidiary member of the group on the day the group came into existence is a transitional entity; and (b) an entity is a transitional entity if: (i) just before 1 July 2003, it was a wholly ‑ owned subsidiary of the future head company; and (ii) it remained such from the earliest time after 1 July 2002 when it was a wholly ‑ owned subsidiary of the future head company until the group came into existence.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-5", "Provision_Key": "s701-5", "Heading": "Chosen transitional entity", "Text": "(1) If a group is a transitional group, its head company may, subject to subsection (3), choose that the group’s transitional entity is a chosen transitional entity , or one or more of the group’s transitional entities are chosen transitional entities . Period for making choice (2) The choice must be made by the later of: (a) the day on which the head company must give the notice under section 703 ‑ 58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and (b) the end of 31 December 2005. Agreement of other entities required in certain cases (3) If the choice is to be made after the end of the period mentioned in paragraph (2)(a) and before the end of the day mentioned in paragraph (2)(b), it cannot be made unless each entity in relation to which the conditions in subsection (5) are satisfied has agreed to it being made. Choice is irrevocable in certain circumstances (4) The choice cannot be revoked unless: (a) the revocation takes place before the end of 31 December 2005; and (b) each entity in relation to which the conditions in subsection (5) are satisfied has agreed to the revocation. (5) For the purposes of subsections (3) and (4), the conditions are that: (a) the entity (the leaving entity ) ceased to be a subsidiary member of the group before the choice was made (in a subsection (3) case) or before the revocation took place (in a subsection (4) case); and (b) an asset became that of the leaving entity because section 701 ‑ 1 (the single entity rule) of the Income Tax Assessment Act 1997 ceased to apply when the leaving entity ceased to be a subsidiary member; and (c) the asset had become that of the head company because that section applied when a chosen transitional entity (whether or not the same entity as the leaving entity) became a subsidiary member.", "Amendment_Count": 5, "First_Amended": "No 90 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 20 of 2004 | No 162 of 2005 | No 56 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent | Amended by No 56 of 2010, effective s 4(2), Sch 3 (items 8, 10(1)), Sch 5 (items 54, 55, 73–78, 130, 131, 137–140, 189, 190, 193) and Sch 6 (items 156–158): 3 June 2010 (s 2(1) items 1, 7, 8, 10, 11, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-7", "Provision_Key": "s701-7", "Heading": "Working out the cost base or reduced cost base of a pre ‑ CGT asset after certain roll ‑ overs", "Text": "Section 716 ‑ 855 applies for the purposes of this Division in the same way as that section applies for the purposes of Part 3 ‑ 90 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 107 of 2003", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 107 of 2003", "History_Notes": "Inserted by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-7"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-10", "Provision_Key": "s701-10", "Heading": "Interpretation", "Text": "A reference in this Division to: (a) a provision of the Income Tax Assessment Act 1997 ; or (b) a consolidated group’s allocable cost amount for an entity; is a reference to that provision as it applies to the group, or to the allocable cost amount as it is worked out for the entity, in accordance with Subdivision 705 ‑ B of that Act and with this Division.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-15", "Provision_Key": "s701-15", "Heading": "Tax cost and trading stock value not set for assets of chosen transitional entities", "Text": "Section 701 ‑ 10 (cost to head company of assets of joining entity) and subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount) of the Income Tax Assessment Act 1997 do not apply to the assets of a chosen transitional entity. Note: The fact that the head company inherits the entity’s history under section 701 ‑ 5 of that Act when the entity becomes a subsidiary member of the group means that the entity’s assets would be treated as having the same cost as they would for the entity at that time.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-20", "Provision_Key": "s701-20", "Heading": "Working out allocable cost amount on formation for subsidiary members other than chosen transitional entities", "Text": "When section applies (1) This section applies if any of the transitional entities in the transitional group is a chosen transitional entity. Allocable cost amount to be worked out in special way (2) If this section applies, the group’s allocable cost amount for each of the entities, other than a chosen transitional entity, that become subsidiary members when the group comes into existence (each of which is a non ‑ chosen subsidiary ) is worked out in a special way. How to work out allocable cost amount (3) The allocable cost amount for each non ‑ chosen subsidiary is the sum of: (a) the head company adjusted allocable amount for the non ‑ chosen subsidiary (see subsection (4)); and (b) for each sub ‑ group (see subsection (6)) that exists in relation to the non ‑ chosen subsidiary—the sub ‑ group’s notional allocable cost amount (see subsection(5)) for the non ‑ chosen subsidiary. Head company adjusted allocable amount (4) The head company adjusted allocable amount for the non ‑ chosen subsidiary is the amount that would be the transitional group’s allocable cost amount for that entity if; (a) the holding of all sub ‑ group membership interests were disregarded; and (b) only the following proportion of each of the step 2 to step 7 amounts in the table in section 705 ‑ 60 of the Income Tax Assessment Act 1997 was taken into account: where: market value of all membership interests in non ‑ chosen subsidiary means the market value, at the time the group comes into existence, of all membership interests in the non ‑ chosen subsidiary that are held by entities that become members of the group at that time. market value of head company’s direct and indirect membership interests in non ‑ chosen subsidiary means the market value, at the time the group comes into existence, of all membership interests in the non ‑ chosen subsidiary that the head company holds directly or indirectly through interposed entities that become subsidiary members of the group at that time and are not included in any sub ‑ group in relation to the non ‑ chosen subsidiary. Sub ‑ group’s notional allocable cost amount (5) For each sub ‑ group that exists in relation to the non ‑ chosen subsidiary, there is a sub ‑ group’s notional allocable cost amount . That amount is the amount that would be a consolidated group’s allocable cost amount for the non ‑ chosen subsidiary if: (a) the consolidated group came into existence at the same time as the transitional group and consisted only of the non ‑ chosen subsidiary and the entities comprising the sub ‑ group; and (b) the chosen transitional entity in the sub ‑ group were the head company of the consolidated group; and (c) the only membership interests that any entity held at or before that time in any other entity that became a member of the consolidated group were the sub ‑ group membership interests (see subsection (6)) in relation to the sub ‑ group, and any such entity held those membership interests during the period when it actually held them; and (d) only the following proportion of each of the step 2 to step 7 amounts in the table in section 705 ‑ 60 of the Income Tax Assessment Act 1997 was taken into account: where: market value of all membership interests in non ‑ chosen subsidiary means the market value, at the time the group comes into existence, of all membership interests in the non ‑ chosen subsidiary that are held by entities that become members of the group at that time. market value of chosen transitional entity’s direct and indirect membership interests in non ‑ chosen subsidiary means the market value, at the time the group comes into existence, of all membership interests in the non ‑ chosen subsidiary that the chosen transitional entity holds directly or indirectly through interposed entities that are included in the sub ‑ group. Sub ‑ group and sub ‑ group membership interests (6) If a chosen transitional entity holds membership interests in a non ‑ chosen subsidiary, either directly or indirectly through one or more other entities, each of which is a non ‑ chosen subsidiary: (a) the chosen transitional entity and each interposed non ‑ chosen subsidiary comprise a sub ‑ group in relation to the non ‑ chosen subsidiary (unless the non ‑ chosen subsidiary is included in a sub ‑ group in relation to another non ‑ chosen subsidiary); and (b) the following membership interests are the sub ‑ group membership interests in relation to the sub ‑ group: (i) the membership interests that the chosen transitional entity holds directly in the non ‑ chosen subsidiary or in any of the interposed non ‑ chosen subsidiaries; (ii) the membership interests that each interposed non ‑ chosen subsidiary holds directly in the non ‑ chosen subsidiary or in any of the other interposed non ‑ chosen subsidiaries.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 90 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-25", "Provision_Key": "s701-25", "Heading": "No operation of value shifting and loss transfer provisions to membership interests in chosen transitional entities", "Text": "If any provision of the Income Tax Assessment Act 1997 would, because of events that happened before the time the transitional group came into existence, apply to a CGT event that happens after that time to change the cost base or reduced cost base of the members’ membership interests in a chosen transitional entity, the provision does not so apply. Note: For example, such a provision could otherwise apply where a loss transfer or value shift involving the entity has occurred.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 90 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-32", "Provision_Key": "s701-32", "Heading": "No adjustment of amount of liabilities required in working out allocable cost amount", "Text": "(1) This section has effect for the purposes of applying section 705 ‑ 70 (step 2 of allocable cost amount) of the Income Tax Assessment Act 1997 in relation to a transitional entity. (2) In spite of subsection 705 ‑ 70(1A) of that Act, if the amount of an accounting liability of the transitional entity would be different when it becomes an accounting liability of the transitional group, that difference is not taken into account in working out the amount of the liability.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-32"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-35", "Provision_Key": "s701-35", "Heading": "Act, transaction or event giving rise to CGT event for pre ‑ formation roll ‑ over after 16 May 2002 to be disregarded if cost base etc. would be different", "Text": "(1) If: (a) after 16 May 2002 and before the transitional group came into existence, a CGT event happened in relation to an asset (the roll ‑ over asset ) for which there was: (i) a roll ‑ over under Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 ; or (ii) roll ‑ over relief under section 40 ‑ 340 of that Act in a case covered by item 4 of the table in subsection (1) of that section; and (b) the cost base or reduced cost base of the roll ‑ over asset or any other asset that: (i) became an asset of the head company when the transitional group came into existence because subsection 701 ‑ 1(1) (the single entity rule) of that Act applies; or (ii) was otherwise an asset of the head company at that time; differs at that time from what it would have been if the act, transaction or event that gave rise to the CGT event had not occurred in relation to the roll ‑ over asset; then the provisions mentioned in subsection (2) apply as if the act, transaction or event had not occurred in relation to the roll ‑ over asset. (2) The provisions are: (a) Division 705 of the Income Tax Assessment Act 1997 ; and (b) provisions of this Act modifying the effect of that Division. (2A) Subsection (1) does not apply if: (a) the act, transaction or event mentioned in subsection (1) happened before a demerger and in connection with the demerger; and (b) before the transitional group came into existence, at least one of the following entities ceased to be a member of the demerger group because of the demerger: (i) the originating company in relation to the roll ‑ over, or the transferor in relation to the roll ‑ over relief; (ii) the recipient company, or the transferee in relation to the roll ‑ over relief; and (c) when the transitional group came into existence, at least one of those entities was not a member of that group. (3) Subsection (1) does not apply if: (a) the roll ‑ over asset is a membership interest in an entity (the test entity ); and (b) when the CGT event happened: (i) the originating company in relation to the roll ‑ over, or the transferor in relation to the roll ‑ over relief, was a foreign resident; and (ii) the recipient company, or the transferee in relation to the roll ‑ over relief, was an Australian resident; and (c) when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as a transitional foreign ‑ held subsidiary of the group.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 168 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-40", "Provision_Key": "s701-40", "Heading": "When entity leaves transitional group, head company may choose, for purposes of transitional group’s allocable cost amount, to increase terminating values of over ‑ depreciated assets", "Text": "(1) This section applies if an entity ceases to be a subsidiary member of the transitional group and the requirements of subsections (2) to (4) are satisfied. Asset held at leaving time (2) Just before the entity ceases to be a subsidiary member, it must, disregarding subsection 701 ‑ 1(1) (the single entity rule) of the Income Tax Assessment Act 1997 , hold an asset. Reduction of asset’s tax cost setting amount for over ‑ depreciation (3) When the transitional group came into existence: (a) the asset must have become that of the head company of the transitional group because subsection 701 ‑ 1(1) of that Act applied in relation to a transitional entity; and (b) former section 705 ‑ 50 of that Act must have reduced by an amount (the reduction amount ) the tax cost setting amount for the asset. Asset held continuously within group (4) The asset must, disregarding subsection 701 ‑ 1(1) of that Act, have been held at all times by the head company or a subsidiary member of the transitional group from when the transitional group came into existence until the entity ceases to be a subsidiary member of the transitional group. Head company’s choice (6) If this section applies, the head company may, in relation to the entity’s ceasing to be a subsidiary member, choose that the terminating value for the asset, that is to be used in applying step 1 of the table in section 711 ‑ 20 of the Income Tax Assessment Act 1997 , is increased by so much of the reduction amount as the head company chooses.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 90 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 56 of 2010, effective s 4(2), Sch 3 (items 8, 10(1)), Sch 5 (items 54, 55, 73–78, 130, 131, 137–140, 189, 190, 193) and Sch 6 (items 156–158): 3 June 2010 (s 2(1) items 1, 7, 8, 10, 11, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-45", "Provision_Key": "s701-45", "Heading": "When entity leaves transitional group, head company may choose, for purposes of transitional group’s allocable cost amount, to use formation time market values, instead of terminating values, for certain pre ‑ CGT assets", "Text": "(1) This section applies if: (a) an entity ceases to be a subsidiary member of the transitional group; and (b) just before the transitional group came into existence, the entity that became the head company held a pre ‑ CGT asset; and (c) that holding of the asset did not occur as a result of a CGT event: (i) for which there was a roll ‑ over under Subdivision 126 ‑ B of the Income Tax Assessment Act 1997 ; and (ii) that occurred after 11.45 am by legal time in the Australian Capital Territory on 21 September 1999; and (d) just before the entity ceases to be a subsidiary member of the group, the asset is still a pre ‑ CGT asset and is held by the head company only because the entity is taken by subsection 701 ‑ 1(1) (the single entity rule) of the Income Tax Assessment Act 1997 to be a part of the head company. (2) If this section applies, the head company may, in relation to the entity’s ceasing to be a subsidiary member, choose that the terminating value for the asset, that is to be used in applying step 1 of the table in section 711 ‑ 20 of the Income Tax Assessment Act 1997 , is equal to its market value just before the transitional group came into existence.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701-50", "Provision_Key": "s701-50", "Heading": "Increased allocable cost amount for leaving entity if it takes privatised asset brought into group by chosen transitional entity", "Text": "Application (1) This section provides for an addition to the step 1 amount for working out under section 711 ‑ 20 of the Income Tax Assessment Act 1997 the allocable cost amount for an entity (the leaving entity ) that ceases to be a subsidiary member of the transitional group at a time (the leaving time ), if: (a) the head company of the group holds an asset at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) of that Act to be a part of the head company; and (b) the head company started to hold the asset because of that subsection when a chosen transitional entity became a subsidiary member of the group. If entity sale situation affected asset’s cost for chosen transitional entity (2) If: (a) at a time before the chosen transitional entity became a subsidiary member of the transitional group: (i) all of that entity’s ordinary income and statutory income was not assessable income; and (ii) that entity held the asset; and (b) just after that time, some or all of that entity’s ordinary income and statutory income became assessable income because another entity that later became a member of the transitional group purchased all the membership interests in the entity; and (c) the amount of the purchase price reasonably attributable to the asset exceeded the amount worked out under subsection (3); the excess is added to the step 1 amount. (3) Work out the amount for the purposes of paragraph (2)(c) using the following table: Amount for paragraph (2)(c) If, because of the circumstances described in paragraphs (2)(a) and (b): The amount is: 1 One of the following provisions applied to the entity: (a) former section 61A of the Income Tax Assessment Act 1936 ; (b) former Subdivision 57 ‑ I in Schedule 2D to the Income Tax Assessment Act 1936 ; (c) former subsection 58 ‑ 20(4) of the Income Tax Assessment Act 1997 The difference between: (a) the amount treated as being the cost of the asset under that provision; and (b) the total amount treated under that provision as being the deductions for depreciation of the asset before the transition time mentioned in that provision 2 One of the following subsections of the Income Tax Assessment Act 1997 applied to the entity: (a) former subsection 58 ‑ 20(5); (b) 58 ‑ 70(3) The amount treated as being the cost, or the first element of the cost, of the asset under that subsection If asset sale situation affected asset’s cost for chosen transitional entity (4) If: (a) on or after 4 August 1997, an entity (whether the chosen transitional entity or another entity) acquired the asset in connection with the acquisition of a business from the tax exempt vendor (within the meaning of those terms given by Division 58 of the Income Tax Assessment Act 1997 , as that Division applied to the acquisition); and (b) because of the acquisition, that Division directly or indirectly affected how much the chosen transitional entity could deduct for the asset; and (c) that effect was partly due to the amount described in an item of the table being worked out for that entity directly or indirectly by reference to a provision of that Division specified in the item; and (d) that amount is less than it would have been apart from that provision; the difference is added to the step 1 amount. Amounts and provisions for different dates of acquisition Date of the acquisition Amount Provision of Division 58 of the Income Tax Assessment Act 1997 applying to the acquisition and the working out of the amount 1 Before 1 July 2001 Cost of the asset Former section 58 ‑ 160 2 Before 1 July 2001 Cost of the asset Former section 58 ‑ 220 3 After 30 June 2001 First element of the cost of the asset Subsection 58 ‑ 70(5) Note 1: As originally enacted, Division 58 of the Income Tax Assessment Act 1997 applied to acquisitions on or after 4 August 1997. That Act was later amended to replace Division 58, with the replacement Division 58 applying to acquisitions on or after 1 July 2001. Note 2: Division 58 of the Income Tax Assessment Act 1997 may, for example, have indirectly affected how much the chosen transitional entity could deduct for the asset because: (a) that Division affected the amount that could be deducted by an entity that held the asset before the chosen transitional entity; and (b) that effect extended to the chosen transitional entity because of roll ‑ over relief.", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 83 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701A-1", "Provision_Key": "s701a-1", "Heading": "Continuing majority ‑ owned entity, designated group etc.", "Text": "Continuing majority ‑ owned entity and designated group (1) If: (a) an entity becomes a subsidiary member of a consolidated group at any time on or after 1 July 2002; and (b) a person or persons continued to be the majority owners (see subsection (2)) of the entity from the start of 27 June 2002 until the entity became a subsidiary member of the group; the entity is a continuing majority ‑ owned entity and the group is the entity’s designated group . Majority owners of an entity (2) A person or persons are the majority owners of an entity if they beneficially own, directly or indirectly through one or more interposed entities, membership interests in the entity whose market value is more than 50% of the market value of all of the membership interests in the entity. Interposed non ‑ fixed trust to be treated as fixed trust (3) For the purposes of subsection (2), if the interposed entity or any of the interposed entities is a trust that is not a fixed trust: (a) it is treated as if it were a fixed trust; and (b) all of its objects are treated as if they were beneficiaries of that trust with equal interests in it.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701A-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701A-5", "Provision_Key": "s701a-5", "Heading": "Modified application of Part 3 ‑ 90 of Income Tax Assessment Act 1997 to trading stock of continuing majority ‑ owned entity", "Text": "(1) The operation of Part 3 ‑ 90 of the Income Tax Assessment Act 1997 is modified in accordance with this section in relation to each asset of a continuing majority ‑ owned entity that is trading stock just before the entity becomes a subsidiary member of the entity’s designated group. Continuing majority ‑ owned entity to revalue its trading stock under normal provisions (2) For the entity core purposes: (a) subsection 701 ‑ 35(4) of the Income Tax Assessment Act 1997 does not apply in relation to the asset; and (b) instead, the value of the asset at the end of the income year that ends, or, if section 701 ‑ 30 of that Act applies, of the income year that is taken by subsection (3) of that section to end, is the value determined in accordance with sections 70 ‑ 45 to 70 ‑ 70 of that Act. For head company, trading stock to be retained cost base asset with tax cost setting amount equal to entity’s year ‑ end valuation (3) For the head company core purposes when the continuing majority ‑ owned entity becomes a subsidiary member of the designated group, the asset is a retained cost base asset whose tax cost setting amount is equal to the value applicable in accordance with paragraph (2)(b).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701A-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701A-7", "Provision_Key": "s701a-7", "Heading": "Modified application of Part 3 ‑ 90 of Income Tax Assessment Act 1997 to registered emissions units of continuing majority ‑ owned entity", "Text": "(1) The operation of Part 3 ‑ 90 of the Income Tax Assessment Act 1997 is modified in accordance with this section in relation to each asset of a continuing majority ‑ owned entity that is a registered emissions unit just before the entity becomes a subsidiary member of the entity’s designated group. Continuing majority ‑ owned entity to revalue its registered emissions units under normal provisions (2) For the entity core purposes: (a) subsection 701 ‑ 35(5) of the Income Tax Assessment Act 1997 does not apply in relation to the asset; and (b) instead, the value of the asset at the end of the income year that ends, or, if section 701 ‑ 30 of that Act applies, of the income year that is taken by subsection (3) of that section to end, is the value determined in accordance with sections 420 ‑ 51 to 420 ‑ 58 of that Act. For head company, registered emissions units to be retained cost base asset with tax cost setting amount equal to entity’s year ‑ end valuation (3) For the head company core purposes when the continuing majority ‑ owned entity becomes a subsidiary member of the designated group, the asset is a retained cost base asset whose tax cost setting amount is equal to the value applicable in accordance with paragraph (2)(b).", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 72, 72A): 2 Apr 2012 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701A-7"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701A-10", "Provision_Key": "s701a-10", "Heading": "Modified application of Part 3 ‑ 90 of Income Tax Assessment Act 1997 to certain internally generated assets of continuing majority ‑ owned entity", "Text": "(1) This section applies if: (a) because subsection 701 ‑ 1(1) (the single entity rule) of the Income Tax Assessment Act 1997 applies, a depreciating asset becomes that of the head company of a continuing majority ‑ owned entity’s designated group when the entity becomes a subsidiary member of that group; and (b) the continuing majority ‑ owned entity’s terminating value for the asset is less than the asset’s tax cost setting amount; and (c) the asset existed at the start of 27 June 2002; and (d) more than half of the expenditure incurred in constructing or creating the asset was of a revenue nature and allowable as a deduction to the entity (whether or not the continuing majority ‑ owned entity) that constructed or created the asset; and (e) for every balancing adjustment event occurring for the asset before the continuing majority ‑ owned entity became a subsidiary member of the group, there was roll ‑ over relief under section 40 ‑ 340 of the Income Tax Assessment Act 1997 . Reduced depreciation deductions etc. for head company (2) If this section applies, for the head company core purposes: (a) while the asset is, because subsection 701 ‑ 1(1) of that Act applies, that of the head company of the designated group, for the purpose of working out deductions for the asset’s decline in value under Division 40 of the Income Tax Assessment Act 1997 , its tax cost setting amount is taken to be equal to the continuing majority ‑ owned entity’s terminating value for the asset; and (b) if a balancing adjustment event occurs for the asset, or the head company ceases to hold the asset because an entity ceases to be a subsidiary member of the group, and: (i) the deductions for its decline in value up to that time worked out on the basis in paragraph (a); are less than: (ii) the deductions that would have been worked out using its actual tax cost setting amount; then: (iii) if a balancing adjustment event occurs for the asset—the shortfall is allowable as a deduction to the head company for the income year in which it ceases to hold the asset; or (iv) if the head company ceases to hold the asset because an entity ceases to be a subsidiary member of the group—the group’s allocable cost amount worked out under section 711 ‑ 30 of the Income Tax Assessment Act 1997 for the entity is increased by the shortfall. Note: The asset’s actual tax cost setting amount would be used for the purpose of working out any balancing adjustment for a balancing adjustment event or for working out the terminating value of the asset under Division 711 of the Income Tax Assessment Act 1997 . Reduced depreciation deductions etc. for acquirer from head company (3) If: (a) the asset is acquired by another entity (a new asset holder ) from the head company; and (b) at the time of the acquisition: (i) either party to the acquisition controls (for value shifting purposes) the other; or (ii) a third entity controls (for value shifting purposes) the parties to the acquisition; and (c) the following amount: (i) the asset’s adjustable value (the roll ‑ over adjustable value ) just before the acquisition, worked out on the assumption that the head company had acquired the asset for an amount equal to the continuing majority ‑ owned entity’s terminating value for the asset; is less than: (ii) the asset’s cost to the new asset holder; then the consequences in subsection (4) occur. (4) The consequences are as follows: (a) while the asset is held by the new asset holder, for the purpose of working out deductions for the asset’s decline in value under Division 40 of the Income Tax Assessment Act 1997 , the acquisition by the new asset holder is taken to have been for an amount equal to the asset’s roll ‑ over adjustable value; (b) if a balancing adjustment event occurs for the asset and: (i) the deductions for its decline in value up to that time, worked out on the basis in paragraph (a); are less than: (ii) the deductions that would otherwise have been worked out; then the shortfall is allowable as a deduction to the new asset holder for the income year in which it ceases to hold the asset. Reduced depreciation deductions etc. for entity that ceases to be a subsidiary member (5) If: (a) the asset becomes that of an entity (a new asset holder ) other than the head company because subsection 701 ‑ 1(1) of the Income Tax Assessment Act 1997 ceases to apply when the entity ceases to be a subsidiary member of the designated group as a result of a third entity (the buyer of the new asset holder ) acquiring some or all of the membership interests in the new asset holder; and (b) at the time of the acquisition: (i) the buyer of the new asset holder controls (for value shifting purposes) the head company of the designated group, or vice versa; or (ii) a third entity controls (for value shifting purposes) the head company of the designated group and the buyer of the new asset holder; and (c) the following amount: (i) the asset’s adjustable value (the roll ‑ over adjustable value ) just before the cessation, worked out on the assumption that the head company had acquired the asset for an amount equal to the continuing majority ‑ owned entity’s terminating value for the asset; is less than: (ii) the asset’s cost to the new asset holder; then the consequences in subsection (6) occur. (6) The consequences are as follows: (a) while the asset is held by the new asset holder, for the purpose of working out deductions for the asset’s decline in value under Division 40 of the Income Tax Assessment Act 1997 , the acquisition by the new asset holder is taken to have been for an amount equal to the asset’s roll ‑ over adjustable value; and (b) if a balancing adjustment event occurs for the asset and: (i) the deductions for its decline in value up to that time worked out on the basis in paragraph (a); are less than: (ii) the deductions that would otherwise have been worked out; then the shortfall is allowable as a deduction to the new asset holder for the income year in which it ceases to hold the asset. Reduced depreciation deductions etc. for later acquirer (7) If: (a) the asset is acquired by another entity (a new asset holder ) from an entity that is a new asset holder under subsection (3) or (5) or a previous application of this subsection; and (b) an entity: (i) was a party to the acquisition and, at the time of the acquisition, controlled (for value shifting purposes) the other party; or (ii) was not a party to each acquisition but, at the time of the acquisition, controlled (for value shifting purposes) the parties to the acquisition; and (c) that entity was also the entity whose control (for value shifting purposes) resulted in the control test being satisfied in respect of each previous acquisition or cessation involving a new asset holder; and (d) the following amount: (i) the asset’s adjustable value (the roll ‑ over adjustable value ) just before the acquisition, worked out on the assumption that every previous new asset holder had acquired the asset for the asset’s roll ‑ over adjustable value, worked out under subsection (3) or (5) or this subsection, just before it did so; is less than: (ii) the asset’s cost to the new asset holder; then the consequences in subsection (8) occur. (8) The consequences are as follows: (a) while the asset is held by the new asset holder, for the purpose of working out deductions for the asset’s decline in value under Division 40 of the Income Tax Assessment Act 1997 , the acquisition by the new asset holder is taken to have been for an amount equal to the asset’s roll ‑ over adjustable value asset just before the acquisition; and (b) if a balancing adjustment event occurs for the asset and: (i) the deductions for its decline in value up to that time worked out on the basis in paragraph (a); are less than: (ii) the deductions that would otherwise have been worked out; then the shortfall is allowable as a deduction to the new asset holder for the income year in which it ceases to hold the asset.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701A-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701B-1", "Provision_Key": "s701b-1", "Heading": "Modified application of CGT Consolidation provisions to allow immediate availability of capital loss for CGT event L1", "Text": "(1) This section applies if: (a) CGT event L1 happens; and (b) members of the consolidated group or the MEC group mentioned in subsection 104 ‑ 500(1) of the Income Tax Assessment Act 1997 held all of the membership interests in the entity mentioned in that subsection from the end of 30 June 2002 until the entity became a subsidiary member of the group; and (c) before the end of the fourth income year of the head company of the group ending after the entity became a subsidiary member of the group, the entity ceases to be a subsidiary member; and (d) all of the assets, other than those excepted under subsection (2), that the head company held when the entity became a subsidiary member, because the entity was taken by subsection 701 ‑ 1(1) (the single entity principle) of the Income Tax Assessment Act 1997 to be a part of the head company, continued to be held by the head company until the entity ceased to be a subsidiary member. Excepted assets (2) For the purposes of paragraph (1)(d), excepted assets are assets that: (a) the head company disposed of in the ordinary course of a business that the head company carried on by virtue of the entity being taken by subsection 701 ‑ 1(1) of the Income Tax Assessment Act 1997 to be a part of the head company; and (b) were minor assets, having regard to the nature and size of that business. Immediate availability of capital loss or net capital loss (3) If this section applies, neither subsection 104 ‑ 500(4) nor subsection 104 ‑ 500(5) of the Income Tax Assessment Act 1997 applies in relation to the head company for the income year in which the entity ceases to be a subsidiary member of any later income year.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 117 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11) | Amended by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701B-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-1", "Provision_Key": "s701c-1", "Heading": "Overview", "Text": "This Division: (a) sets out, for the purposes of item 2, column 4 of the table in subsection 703 ‑ 15(2) of the Income Tax Assessment Act 1997 , rules that allow certain entities to be subsidiary members of consolidatable groups or consolidated groups where other entities are interposed between them and the head company of the group (see Subdivision 701C ‑ B); and (b) modifies certain rules in Part 3 ‑ 90 of the Income Tax Assessment Act 1997 relating to setting the tax cost of assets to take account of those membership rules (see Subdivision 701C ‑ C). Note: This Division has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group (see sections 719 ‑ 2 and 719 ‑ 10 of this Act).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-10", "Provision_Key": "s701c-10", "Heading": "Additional membership rules where entities are interposed between the head company and a subsidiary member—case where an interposed entity is a foreign resident and the subsidiary member is a company", "Text": "(1) This section describes, for the purposes of item 2, column 4 of the table in subsection 703 ‑ 15(2) of the Income Tax Assessment Act 1997 , a set of requirements that must be met for an entity (the test entity ) to be a subsidiary member of a consolidated group or a consolidatable group at a particular time (the test time ). Note: This subsection applies in relation to a MEC group as if the reference to item 2, column 4 of the table in subsection 703 ‑ 15(2) of the Income Tax Assessment Act 1997 were a reference to subparagraph 719 ‑ 10(1)(b)(ii) of that Act (see subsection 719 ‑ 2(3) of this Act). Test entity must be company (2) At the test time, the test entity must be a company. At least one interposed entity must be a non ‑ resident company or non ‑ resident trust (3) At the test time, at least one of the interposed entities must be: (a) a company (a non ‑ resident company ) that is a foreign resident; or (b) a trust (a non ‑ resident trust ) that does not meet the requirements in any item of the table in section 703 ‑ 25 of the Income Tax Assessment Act 1997 . The interposed entities must all be of a particular kind (4) At the test time, each of the interposed entities must be: (a) a subsidiary member of the group; or (b) a non ‑ resident company; or (c) a non ‑ resident trust; or (d) an entity that holds membership interests in an entity interposed between it and the test entity, or in the test entity, only as a nominee of one or more entities each of which is a member of the group, a non ‑ resident company or a non ‑ resident trust; or (e) a partnership, each of the partners in which is a non ‑ resident company or a non ‑ resident trust. Test entity must be a subsidiary member on assumption that non ‑ resident companies and non ‑ resident trusts were subsidiary members (5) At the test time, it must be the case that the test entity would be a subsidiary member of the group if each interposed entity that is a non ‑ resident company or non ‑ resident trust were a subsidiary member of the group. Additional requirement for consolidatable groups (6) If the group is a consolidatable group, the test time must be before 1 July 2004. Additional requirement for consolidated groups at formation (7) If the group is a consolidated group and the test time is the time at which the group comes into existence as a consolidated group, the test time must be before 1 July 2004. Additional requirement for consolidated groups after formation (8) If: (a) the group is a consolidated group; and (b) the test time is after the group comes into existence; and (c) at the test time, one or more of the membership interests in the test entity are held by: (i) a non ‑ resident company; or (ii) a non ‑ resident trust; or (iii) an entity that holds the membership interests only as a nominee of one or more entities each of which is a non ‑ resident company or a non ‑ resident trust; or (iv) a partnership, each of the partners in which is a non ‑ resident company or a non ‑ resident trust; then: (d) from the time the group came into existence as a consolidated group until the test time, the test entity must have been a subsidiary member of the group; and (e) at the time the group came into existence as a consolidated group, one or more of the membership interests in the test entity must have been held by an entity of a kind mentioned in subparagraph (c)(i), (ii), (iii) or (iv).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-15", "Provision_Key": "s701c-15", "Heading": "Additional membership rules where entities are interposed between the head company and a subsidiary member—case where an interposed entity is a foreign resident and the subsidiary member is a trust or partnership", "Text": "(1) This section describes, for the purposes of item 2, column 4 of the table in subsection 703 ‑ 15(2) of the Income Tax Assessment Act 1997 , a set of requirements that must be met for an entity (the test entity ) to be a subsidiary member of a consolidated group or a consolidatable group at a particular time (the test time ). Note: This subsection applies in relation to a MEC group as if the reference to item 2, column 4 of the table in subsection 703 ‑ 15(2) of the Income Tax Assessment Act 1997 were a reference to subparagraph 719 ‑ 10(1)(b)(iii) of that Act (see subsection 719 ‑ 2(3) of this Act). Test entity must be a trust or partnership (2) At the test time, the test entity must be a trust or partnership. At least one interposed entity must be a company that is a subsidiary member because of section 701C ‑ 10 (3) At the test time, one or more of the interposed entities must be companies that are subsidiary members of the group because the set of requirements in section 701C ‑ 10 are met. Test entity must be a subsidiary member on assumption that head company beneficially owned all membership interests beneficially owned by subsection (3) companies (4) At the test time, it must be the case that the test entity would be a subsidiary member of the group if the head company beneficially owned all the membership interests beneficially owned by each company described in subsection (3).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-20", "Provision_Key": "s701c-20", "Heading": "Transitional foreign ‑ held subsidiaries and transitional foreign ‑ held indirect subsidiaries", "Text": "If: (a) an entity is a subsidiary member of a consolidated group in a case where the set of requirements described in section 701C ‑ 10 are met; and (b) one or more of the membership interests in the entity are held by: (i) a non ‑ resident company; or (ii) a non ‑ resident trust; or (iii) an entity that holds the membership interests only as a nominee of one or more entities each of which is a non ‑ resident company or a non ‑ resident trust; or (iv) a partnership, each of the partners in which is a non ‑ resident company or a non ‑ resident trust; then: (c) the entity is a transitional foreign ‑ held subsidiary of the group; and (d) if: (i) the transitional foreign ‑ held subsidiary; or (ii) an entity that is a transitional foreign ‑ held indirect subsidiary of the group because of another application of this paragraph; holds one or more membership interests in another entity that: (iii) is a subsidiary member of the group; and (iv) is not a transitional foreign ‑ held subsidiary of the group; that other member is a transitional foreign ‑ held indirect subsidiary of the group. Note: In order to be a subsidiary member of the group as required by subparagraph (d)(iii), the transitional foreign ‑ held indirect subsidiary would need to have satisfied the set of requirements in either section 701C ‑ 10 or 701C ‑ 15", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-25", "Provision_Key": "s701c-25", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision applies if an entity (the transitional foreign ‑ held joining entity ) that is a transitional foreign ‑ held subsidiary or a transitional foreign ‑ held indirect subsidiary becomes a subsidiary member of a consolidated group at the time (the formation time ) the group comes into existence. Object (2) The object of this Subdivision is to ensure that, on becoming a subsidiary member at the formation time, the tax cost of the assets of any transitional foreign ‑ held subsidiary is not set and that the tax cost setting amount for assets of any transitional foreign ‑ held indirect subsidiary that becomes a subsidiary member at that time takes account of this.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-30", "Provision_Key": "s701c-30", "Heading": "Transitional foreign ‑ held subsidiary to be treated as part of head company", "Text": "The following provisions: (a) section 701 ‑ 10 of the Income Tax Assessment Act 1997 (about setting the tax cost of assets that an entity brings into the group); (b) Subdivision 705 ‑ A of that Act, in its application in accordance with Subdivision 705 ‑ B of that Act; apply, for the purposes of setting the tax cost of an asset of the transitional foreign ‑ held joining entity at the formation time, as if each subsidiary member of the group that is a transitional foreign ‑ held subsidiary at the formation time were a part of the head company of the group, rather than a separate entity. Note 1: This section means that references in those provisions to matters internal to the group operate as if transitional foreign ‑ held subsidiaries in the group were parts of the head company of the group. For example: (a) provisions operating if the head company holds (whether directly or indirectly) membership interests in another entity operate even if a transitional foreign ‑ held subsidiary actually holds those interests; and (b) provisions operating if the head company owns or controls another entity operate even if one or more transitional foreign ‑ held subsidiaries actually own or control that other entity; and (c) provisions operating if an entity is interposed between the head company and another entity operate even if the first entity is actually interposed between a transitional foreign ‑ held subsidiary and the other entity. Note 2: If the transitional foreign ‑ held joining entity is a transitional foreign ‑ held subsidiary, this section means the assets of the entity do not have their tax cost reset at the formation time. This is because Subdivision 705 ‑ A of the Income Tax Assessment Act 1997 , in its application in accordance with Subdivision 705 ‑ B of that Act, resets the tax cost of assets of subsidiary members of a group, but not assets of the head company.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 16 of 2003 | No 67 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-35", "Provision_Key": "s701c-35", "Heading": "Trading stock value not set for assets of transitional foreign ‑ held subsidiaries", "Text": "Subsection 701 ‑ 35(4) of the Income Tax Assessment Act 1997 (setting value of trading stock at tax ‑ neutral amount) does not apply to the assets of the transitional foreign ‑ held joining entity if it is a transitional foreign ‑ held subsidiary.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 16 of 2003 | No 67 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-40", "Provision_Key": "s701c-40", "Heading": "Cost setting rules for exit cases—modification of core rules", "Text": "Section 701 ‑ 15 of the Income Tax Assessment Act 1997 applies as if the following subsection were added at the end of the section: Application to transitional foreign ‑ held subsidiaries (4) If an entity that ceases to be a subsidiary member is a transitional foreign ‑ held subsidiary when it does so: (a) this section applies to each membership interest in the transitional foreign ‑ held subsidiary that is held by an entity (an eligible non ‑ resident ) of a kind mentioned in subparagraph 701C ‑ 20(b)(i), (ii), (iii) or (iv) of the Income Tax (Transitional Provisions) Act 1997 in the same way as it applies to a membership interest in the transitional foreign ‑ held subsidiary that is held by the head company; and (b) for that purpose, the definition of head company core purposes in subsection 701 ‑ 1(2) of the Income Tax Assessment Act 1997 applies to the eligible non ‑ resident in the same way as it applies to the head company.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-40"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701C-50", "Provision_Key": "s701c-50", "Heading": "Cost setting rules for exit cases—reference to modification of core rule", "Text": "Section 711 ‑ 5 of the Income Tax Assessment Act 1997 applies as if the following note were added at the end of the section: Note: If the leaving entity is a transitional foreign ‑ held subsidiary (within the meaning of section 701C ‑ 20 of the Income Tax (Transitional Provisions) Act 1997) , this Division will, in accordance with subsection 701 ‑ 15(4) of this Act (see section 701C ‑ 40 of the first ‑ mentioned Act), apply to membership interests that an eligible non ‑ resident mentioned in that subsection holds in the entity in the same way as it applies to membership interests that the head company holds in the entity.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701C-50"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701D-1", "Provision_Key": "s701d-1", "Heading": "Object of this Division", "Text": "(1) The object of this Division is to allow an entity that is a potential subsidiary member of a consolidated group to utilise an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936 ) during a transitional period, rather than have the head company utilise the loss subject to the restrictions in Subdivision 707 ‑ C of the Income Tax Assessment Act 1997 . (2) Therefore, this Division allows the head company to prevent the entity from being a subsidiary member of the group, for a transitional period.", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 101 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701D-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701D-10", "Provision_Key": "s701d-10", "Heading": "Transitional foreign loss maker not member of group if certain conditions satisfied", "Text": "(1) The Income Tax Assessment Act 1997 and this Act have effect as if an entity (the transitional foreign loss maker ) is not a subsidiary member of a consolidated group at a particular time (the transitional time ) if: (a) the group came into existence at a particular time (the formation time ) before 1 July 2004; and (b) apart from this section, the transitional foreign loss maker would be a subsidiary member of the group at the transitional time; and (c) the transitional time is not later than 3 years after the formation time; and (d) the head company of the group has made a choice under section 701D ‑ 15 to apply this section to the transitional foreign loss maker; and (e) the continuous ownership condition in subsection (2) is satisfied; and (f) the foreign loss condition in subsection (3) is satisfied; and (g) the no ‑ subsidiary condition in subsection (4) is satisfied. Continuous ownership condition (2) The continuous ownership condition is satisfied if the transitional foreign loss maker was a wholly ‑ owned subsidiary of the entity that became the head company of the group throughout the period: (a) beginning at the start of 1 July 2002; and (b) ending at the transitional time. Foreign loss condition (3) The foreign loss condition is satisfied if: (a) the transitional foreign loss maker incurred an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936 ) in respect of the 2001 ‑ 02 income year or an earlier income year; and (b) the amount of the overall foreign loss has not been fully taken into account under one or more applications of former section 160AFD of the Income Tax Assessment Act 1936 to the transitional foreign loss maker in relation to an income year or income years ending before the transitional time; and (c) assuming that the transitional foreign loss maker had become a subsidiary member of a consolidated group at the formation time, as a result all or part of the overall foreign loss would have been transferred at that time to the head company of the group under Division 707 of the Income Tax Assessment Act 1997 . No ‑ subsidiary condition (4) The no ‑ subsidiary condition is satisfied if, at the transitional time: (a) the transitional foreign loss maker does not hold any membership interests in any other entity; or (b) both of the following conditions are satisfied: (i) the transitional foreign loss maker holds one or more membership interests in one or more other entities; (ii) assuming that the head company of the group (rather than the transitional foreign loss maker) held that interest or those interests, none of those other entities would be a subsidiary member of the group. Transitional foreign loss maker stays in consolidatable group (5) To avoid doubt, subsection (1) does not prevent the transitional foreign loss maker from being a member of a consolidatable group at the transitional time for the purposes of: (a) subsection 126 ‑ 50(6) of the Income Tax Assessment Act 1997 ; and (b) paragraphs 170 ‑ 5(2A)(b) and 170 ‑ 105(2A)(b) of that Act; and (c) subparagraph 820 ‑ 599(1)(b)(iii) of that Act.", "Amendment_Count": 4, "First_Amended": "No 83 of 2004", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 83 of 2004 | No 101 of 2004 | No 64 of 2005 | No 143 of 2007", "History_Notes": "Amended by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15) | Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 64 of 2005, effective Schedule 3 (items 38, 39): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701D-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 701D-15", "Provision_Key": "s701d-15", "Heading": "Choice to apply transitional rules to entity", "Text": "(1) The head company of a consolidated group may make a choice in the approved form to apply section 701D ‑ 10 to another entity. (2) However, the head company cannot make that choice if subsection 701D ‑ 10(1) previously prevented the entity from being a subsidiary member of a consolidated group. (3) The choice must be made by the later of: (a) the day on which the head company must give the notice under section 703 ‑ 58 of the Income Tax Assessment Act 1997 (notice of choice to consolidate); and (b) 30 days after the Taxation Laws Amendment Act (No. 1) 2004 received the Royal Assent. (4) The choice cannot be revoked.", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 101 of 2004 | No 56 of 2010", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 56 of 2010, effective s 4(2), Sch 3 (items 8, 10(1)), Sch 5 (items 54, 55, 73–78, 130, 131, 137–140, 189, 190, 193) and Sch 6 (items 156–158): 3 June 2010 (s 2(1) items 1, 7, 8, 10, 11, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s701D-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 702-1", "Provision_Key": "s702-1", "Heading": "Modified application of section 40 ‑ 77 of this Act to assets that an entity brings into a consolidated group", "Text": "(1) This section applies if: (a) an entity becomes a subsidiary member of a consolidated group; and (b) just before it does so, section 40 ‑ 77 of this Act applies to an asset that it holds. (2) For so long as the asset continues to be: (a) an asset of the head company because subsection 701 ‑ 1(1) (the single entity rule) of the Income Tax Assessment Act 1997 applies; or (b) an asset of another entity, where it became such an asset as a result of that subsection ceasing to apply on the entity ceasing to be a subsidiary member of the group; then, despite certain provisions of that Act applying, in accordance with subsection 701 ‑ 55(2) of that Act, as if the asset were acquired for a payment equal to its tax cost setting amount: (c) subsection 40 ‑ 77(1) continues to apply to the asset; and Note: This means that Division 40 of the Income Tax Assessment Act 1997 continues not to apply to an asset that is a mining, quarrying or prospecting right. (d) subsection 40 ‑ 77(2) continues to apply to the asset, but applies as if the reference in that subsection to the cost of the asset were a reference to the cost worked out on the basis that the asset were acquired for a payment equal to its tax cost setting amount; and (e) subsection 40 ‑ 77(3) continues to apply to the asset, but applies as if the reference in that subsection to the amount included in assessable income under subsection 40 ‑ 285(1) of that Act were a reference to the amount so worked out on the basis that the asset were acquired for a payment equal to its tax cost setting amount.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s702-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 702-4", "Provision_Key": "s702-4", "Heading": "Extended operation of subsection 40 ‑ 285(3)", "Text": "(1) This section applies in relation to a balancing adjustment event that occurs: (a) for a depreciating asset held by an entity (the final entity ); and (b) after the asset became an asset of the head company of a consolidated group because of section 701 ‑ 1 (the single entity rule) of the Income Tax Assessment Act 1997 applying when an entity became a subsidiary member of the group. It does not matter whether or not the final entity is the same as the head company or the entity mentioned in paragraph (b). Note: The final entity will be different from the head company if an entity (the leaving entity ) took the asset with it when leaving the group, whether or not the leaving entity brought the asset into another consolidated group before the asset came to be held by the final entity. (2) The final entity is entitled to a further deduction under subsection 40 ‑ 285(3) of this Act for the balancing adjustment event if the final entity would have been entitled to the deduction apart from paragraph 701 ‑ 55(2)(a) of the Income Tax Assessment Act 1997 operating at any time before the event occurred. Note: The final entity will be entitled to the deduction apart from paragraph 701 ‑ 55(2)(a) of the Income Tax Assessment Act 1997 only if the entity is treated as having depreciated the asset under former Division 42 of that Act, because of section 701 ‑ 5 (the entry history rule) of that Act and perhaps also section 701 ‑ 40 (the exit history rule) of that Act. (3) However, the final entity is not entitled to the deduction if, at a time before the balancing adjustment event occurred: (a) the asset became the asset of the head company of a consolidated group because of section 701 ‑ 1 (the single entity rule) of the Income Tax Assessment Act 1997 applying when an entity (the joining entity ) became a subsidiary member of the group; and (b) the tax cost setting amount for the asset was more than the joining entity’s terminating value for the asset. It does not matter whether or not the change in status of the asset described in paragraph (a) of this subsection is the same change as the change in status of the asset described in paragraph (1)(b). Note: In some cases, section 705 ‑ 47 of the Income Tax Assessment Act 1997 reduces the tax cost setting amount for a depreciating asset to the joining entity’s terminating value for the asset, so that subsection (3) of this section will not prevent the final entity from getting the further deduction under subsection 40 ‑ 285(3) of this Act.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s702-4"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 702-5", "Provision_Key": "s702-5", "Heading": "Modified application of subsection 40 ‑ 285(6) of this Act after entity brings assets into consolidated group", "Text": "If: (a) an entity becomes a subsidiary member of a consolidated group; and (b) because subsection 701 ‑ 1(1) (the single entity rule) of the Income Tax Assessment Act 1997 applies, an asset of the entity becomes an asset of the head company of the group; and (c) a balancing adjustment event happens in relation to the asset while it is an asset of the head company; subsection 40 ‑ 285(6) of this Act (about reducing the amount included in assessable income for a balancing adjustment event) applies as if the cost of the asset were equal to the tax cost setting amount applicable in relation to the asset for the purposes of having its tax cost set by section 701 ‑ 10 (cost to head company of assets that entity brings into group) of the Income Tax Assessment Act 1997 . Note: The tax cost setting amount applicable in relation to the asset for that purpose is worked out in accordance with Division 705 of the Income Tax Assessment Act 1997.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s702-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 703-30", "Provision_Key": "s703-30", "Heading": "Debt interests that are not membership interests", "Text": "(1) For the purposes of Part 3 ‑ 90 of the Income Tax Assessment Act 1997 , this section affects whether an interest or right that is held by an entity on or after 1 July 2002 and relates to another entity is a membership interest of the entity in the other entity. (2) Apply Division 974 of the Income Tax Assessment Act 1997 in determining under Subdivision 960 ‑ G of that Act whether the interest or right is a membership interest of the entity in the other entity. Note: Under Subdivision 960 ‑ G of the Income Tax Assessment Act 1997 , a debt interest relating to an entity is not a membership interest in the entity. Division 974 of that Act explains what a debt interest is. (3) This section has effect whether or not the debt and equity test amendments (as defined in item 118 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001 ) apply to transactions in relation to the interest or right at the relevant time.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s703-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 703-35", "Provision_Key": "s703-35", "Heading": "Employee share schemes", "Text": "Despite the amendments of section 703 ‑ 35 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 , subsection (4) of that section continues to apply, from the commencement of that Schedule, to each share and membership interest that it applied to just before that commencement.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s703-35"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 705-300", "Provision_Key": "s705-300", "Heading": "Application and object of this Subdivision", "Text": "(1) If an entity (the joining entity ) to which section 40 ‑ 75 of this Act applied becomes a subsidiary member of a consolidated group at a time (the joining time ), this Subdivision applies in relation to: (a) depreciating assets that: (i) caused section 40 ‑ 75 of this Act to apply to the joining entity; and (ii) became assets of the head company of the group at the joining time because of section 701 ‑ 1 (Single entity rule) of the Income Tax Assessment Act 1997 operating in relation to the joining entity; and (b) notional assets that sections 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 and 40 ‑ 43 of this Act treat an entity as holding because of expenditure relating to such depreciating assets; to affect the operation of Division 40, section 701 ‑ 55 and Division 705 of that Act. (2) The main object of this Subdivision is to ensure that entities are allowed only an appropriate amount of deductions in connection with such depreciating assets and such expenditure.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s705-300"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 705-305", "Provision_Key": "s705-305", "Heading": "Rules affecting depreciating assets", "Text": "(1) The main object of this section is to ensure that a depreciating asset’s tax cost is set, and other matters relevant to working out the deductions of the head company of the consolidated group for the decline in value of the asset are dealt with, so as to: (a) ensure that the head company does not get excessive deductions on account of expenditure (by any entity) relating to the asset; and (b) reflect the deductions of an entity for a period ending before the joining time for expenditure relating to the asset; and (c) ensure that the effective life of the asset for the head company reflects the rate or rates at which the joining entity was able to deduct expenditure relating to the asset (whether or not the expenditure formed part of the cost of the asset). Prime cost method of working out decline in value of asset (2) If the joining entity could not deduct an amount under Subdivision 40 ‑ B of the Income Tax Assessment Act 1997 for the income year that includes the joining time for the decline in value of a depreciating asset, subsection 701 ‑ 55(2) of that Act has effect as if the prime cost method for working out the decline in value of the asset applied just before the joining time. Note: This may affect both the method of working out the decline in value of the asset and the asset’s effective life. Adjustable value of asset (3) Division 705 of the Income Tax Assessment Act 1997 has effect as if the adjustable value of a depreciating asset just before and at the joining time were increased by the amount described in subsection (4), if section 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 or 40 ‑ 43 treated the joining entity as holding a notional asset. Note: This affects not only the adjustable value of the depreciating asset but also the joining entity’s terminating value for the asset (which section 705 ‑ 30 of that Act defines as being equal to the asset’s adjustable value just before the joining time). (4) The amount of the increase is so much of the adjustable value of the notional asset just before the joining time as reasonably relates to the depreciating asset. Cost of asset (5) Division 705 of the Income Tax Assessment Act 1997 has effect as if the cost of a depreciating asset were increased by expenditure incurred that did not form part of the asset’s cost worked out under Division 40 of that Act but would have if it had been incurred just before the joining time under a contract entered into after 30 June 2001. Earlier deductions for decline in value of asset (6) Division 705 of the Income Tax Assessment Act 1997 has effect as if deductions relating to expenditure described in subsection (5) were deductions for the decline in value of the depreciating asset. Example: Such deductions include: (a) deductions under former Subdivision 330 ‑ A, 330 ‑ C or 330 ‑ H of the Income Tax Assessment Act 1997 , or a corresponding previous law, for the expenditure; and (b) deductions under Division 40 of that Act for the decline in value of a notional asset that section 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 or 40 ‑ 43 of this Act treated an entity as holding because of the expenditure. Effective life of asset (7) If a depreciating asset’s tax cost setting amount does not exceed the joining entity’s terminating value for the asset, Division 40 of the Income Tax Assessment Act 1997 has effect as if the effective life of the asset were such period as is reasonable, having regard to the following: (a) the remainder of the effective life of the asset, worked out just before the joining time; (b) the remainder of the effective life, worked out just before the joining time, of each notional asset (which section 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 or 40 ‑ 43 of this Act treats an entity as holding wholly or partly because of expenditure relating to the depreciating asset); (c) any other relevant matters. Subsection 701 ‑ 55(2) of that Act has effect subject to this subsection. Note 1: The effective life of the depreciating asset was set on 1 July 2001 by subsection 40 ‑ 75(4) of this Act, but may have been reset since under Subdivision 40 ‑ B of the Income Tax Assessment Act 1997 . Note 2: The effective life of a notional asset is specified by whichever one of sections 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 and 40 ‑ 43 of this Act is relevant to the notional asset. Choosing to reduce tax cost setting amount of asset (8) If: (a) a depreciating asset’s tax cost setting amount would be greater than the joining entity’s terminating value for the asset; and (b) the head company of the consolidated group chooses to apply this subsection to the asset; the asset’s tax cost setting amount is reduced so that it equals the terminating value. Note 1: A consequence of the choice is that subsection (7) applies to the asset. Note 2: The amount of the reduction is not re ‑ allocated among other assets. (9) Section 705 ‑ 55 of the Income Tax Assessment Act 1997 has effect as if subsection (8) of this section were included in section 705 ‑ 45 of that Act. Note: This affects the order of reductions in the asset’s tax cost setting amount under subsection (8) of this section and section 705 ‑ 40 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s705-305"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 705-310", "Provision_Key": "s705-310", "Heading": "Adjustable value of head company’s notional assets", "Text": "Application (1) If: (a) section 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 or 40 ‑ 43 of this Act treats the head company of the consolidated group as holding a notional asset at the joining time because expenditure is taken under section 701 ‑ 5 (Entry history rule) of the Income Tax Assessment Act 1997 to be expenditure of the head company; and (b) section 40 ‑ 35, 40 ‑ 37, 40 ‑ 40 or 40 ‑ 43 of this Act treated the joining entity as holding a notional asset just before the joining time because of the expenditure; this section affects the adjustable value of the head company’s notional asset. Object (2) The object of this section is to ensure, by reducing the adjustable value of a notional asset of the head company, that the head company cannot get both: (a) a deduction for the notional asset reflecting the amount of the expenditure relating to depreciating assets; and (b) a deduction for that amount because of the decline in value of those depreciating assets. Reduction at joining time for expenditure on depreciating assets (3) The opening adjustable value of the head company’s notional asset for the income year that includes the joining time is so much of the adjustable value of the joining entity’s notional asset just before the joining time as does not reasonably relate to any depreciating asset. Note: This offsets the increases in adjustable value of the head company’s depreciating assets under subsection 705 ‑ 305(3).", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s705-310"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-145", "Provision_Key": "s707-145", "Heading": "Certain choices to cancel the transfer of a loss may be revoked", "Text": "Subsection 707 ‑ 145(3) of the Income Tax Assessment Act 1997 does not apply if: (a) the revocation of the choice mentioned in that subsection takes place before 1 January 2006; and (b) each entity in relation to which the following conditions are satisfied has agreed to the revocation: (i) the entity (the leaving entity ) ceased to be a subsidiary member of the group before the revocation took place; (ii) an asset became that of the leaving entity because section 701 ‑ 1 (the single entity rule) of the Income Tax Assessment Act 1997 ceased to apply when the leaving entity ceased to be a subsidiary member; (iii) the asset had become that of the head company because that section applied when the joining entity to which Subdivision 707 ‑ A of that Act applies (whether or not the same entity as the leaving entity) became a subsidiary member.", "Amendment_Count": 2, "First_Amended": "No 20 of 2004", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 20 of 2004 | No 162 of 2005", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-145"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-325", "Provision_Key": "s707-325", "Heading": "Increasing the available fraction for a bundle of losses by increasing the real loss ‑ maker’s modified market value", "Text": "Conditions for increasing real loss ‑ maker’s modified market value (1) This section affects the working out of the available fraction for a bundle of losses under subsection 707 ‑ 320(1) of the Income Tax Assessment Act 1997 if: (a) the transferee mentioned in that subsection chooses under subsection (5) of this section to work out the available fraction using a percentage of the modified market value of a company (the value donor ) other than the real loss ‑ maker mentioned in subsection 707 ‑ 315(1) of that Act for the bundle; and (b) both the real loss ‑ maker and the value donor became members of the group mentioned in subsection 707 ‑ 315(1) of that Act in connection with the bundle at the time (which is the initial transfer time mentioned in that subsection in connection with the bundle) the group became a consolidated group; and (c) the initial transfer time is before 1 July 2004; and (ca) neither the real loss ‑ maker nor the value donor has been, at any time before the initial transfer time, a transitional foreign loss maker prevented by subsection 701D ‑ 10(1) from being a subsidiary member of a consolidated group; and (d) the bundle includes a loss that is not : (i) an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936 ); or (ii) a loss whose utilisation is affected by section 707 ‑ 350 (about utilisation of certain losses originally made for an income year ending on or before 21 September 1999); and (e) the value donor would have been able to transfer the loss to the transferee under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 at the initial transfer time had the value donor: (i) made the loss for the income year for which the real loss ‑ maker made it; and (ii) not utilised it; and (ea) neither of these sections applies in relation to the value donor as joining entity at the time the group became a consolidated group: (i) section 713 ‑ 535 (Losses of entities whose membership interests are virtual PST assets of life insurance company); (ii) section 713 ‑ 540 (Losses of entities whose membership interests are segregated exempt assets of life insurance company); and (f) the requirement in subsection (2) is met. (2) It must have been possible for the real loss ‑ maker to have transferred the loss to the value donor under Subdivision 170 ‑ A or 170 ‑ B of the Income Tax Assessment Act 1997 for an income year consisting of the period described in section 707 ‑ 328 had the conditions in that section existed. Adding to the modified market value of the real loss ‑ maker (3) Work out the available fraction for the bundle of losses as if there were added to the modified market value of the real loss ‑ maker at the initial transfer time the amount worked out using the formula: Note: The amount worked out using the formula will be nil if the value donor’s modified market value at the initial transfer time is nil. Even if the amount is nil, section 707 ‑ 327 may treat losses transferred by the value donor to the transferee as if they were included in the bundle of losses transferred by the real loss ‑ maker to the transferee. (4) In subsection (3): total of real loss ‑ maker’s Division 170 losses in bundle is the total of the amount of each loss: (a) that is covered by paragraphs (1)(d) and (e); and (b) in relation to which the requirements in subsection (2) are met. total of real loss ‑ maker’s non ‑ foreign losses in bundle is the total of the amount of each loss that is described in paragraph (1)(d). Choice to work out available fraction using this section (5) The transferee may choose to use a fixed percentage (greater than 0% and not more than 100%) of the value donor’s modified market value to work out the available fraction for the bundle. The transferee may do so only by the later of: (a) the day on which it lodges its income tax return for the first income year for which it utilises (except in accordance with section 707 ‑ 350) losses transferred to it under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 ; and (b) the end of 31 December 2005. Note: For the purposes of paragraph (5)(a), ignore losses to which section 713 ‑ 535 (Losses of entities whose membership interests are virtual PST assets of life insurance companies) of the Income Tax Assessment Act 1997 applies. See section 707 ‑ 355 of this Act. (6) The choice cannot be amended, or revoked, after 31 December 2005. If this section applies more than once for the same value donor (7) If subsection (3) applies 2 or more times in relation to the same value donor but different real loss ‑ makers, the transferee cannot choose for those applications percentages of the value donor’s modified market value at the initial transfer time that result in the total of the amounts worked out under those applications exceeding that value. Increase in real loss ‑ maker’s value reduces value donor’s value (8) Work out the available fraction for a bundle of losses transferred under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 from the value donor at the initial transfer time as if the value donor’s modified market value at the time were reduced by the amount worked out under subsection (3). This section does not affect utilisation of overall foreign losses (9) This section has effect for working out the available fraction of a bundle of losses only so far as it affects the utilisation of a tax loss, film loss or net capital loss. It does not affect the utilisation of an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936 ) included in a bundle of losses: (a) transferred from the real loss ‑ maker under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 ; or (b) transferred from the value donor under that Subdivision. Note: If a bundle of losses includes an overall foreign loss and a loss of another sort: (a) utilisation of the overall foreign loss is limited by the available fraction for the bundle worked out apart from this section; and (b) utilisation of the loss of the other sort is limited by the available fraction for the bundle as affected by this section, if applicable.", "Amendment_Count": 7, "First_Amended": "No 68 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 20 of 2004 | No 101 of 2004 | No 41 of 2005 | No 162 of 2005 | No 143 of 2007", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-325"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-326", "Provision_Key": "s707-326", "Heading": "Events involving only value donor and real loss ‑ maker not covered by rule against inflation of modified market value", "Text": "(1) This section affects the calculation of the modified market value of the real loss ‑ maker mentioned in subsection 707 ‑ 315(1) of the Income Tax Assessment Act 1997 for a bundle of losses. This section affects the calculation: (a) only if section 707 ‑ 325 of this Act applies for the purposes of working out the available fraction for the bundle; and (b) only for the purposes of working out the available fraction for the bundle to affect the utilisation of tax losses, film losses and net capital losses in the bundle (and not any overall foreign losses, as defined in former section 160AFD of the Income Tax Assessment Act 1936 , in the bundle). Note: This section does not affect the calculation of the real loss ‑ maker’s modified market value for other purposes (such as the real loss ‑ maker being a value donor for the purposes of another application of section 707 ‑ 325 of this Act). (2) Disregard for the purposes of subsection 707 ‑ 325(2) of the Income Tax Assessment Act 1997 an event: (a) that is described in subsection 707 ‑ 325(4) of that Act; and (b) that meets the condition in subsection (3) or (4) of this section. (3) One condition is that the event was an injection of capital directly into the real loss ‑ maker by the value donor mentioned in section 707 ‑ 325 of this Act. (4) The other condition is that the event was a transaction: (a) that did not take place at arm’s length; and (b) that involved only the real loss ‑ maker and the value donor mentioned in section 707 ‑ 325 of this Act; and (c) that would have caused subsection 707 ‑ 325(2) of the Income Tax Assessment Act 1997 to operate in working out the real loss ‑ maker’s modified market value (even if no other events described in subsection 707 ‑ 325(4) of that Act had occurred), apart from this section. (5) Subsection (2) of this section does not apply if subsection 707 ‑ 325(2) of the Income Tax Assessment Act 1997 : (a) operates for the purposes of working out the value donor’s modified market value because of an event that involved an entity other than the value donor and the real loss ‑ maker (whether or not the event also involved either the value donor or the real loss ‑ maker); or (b) would operate for those purposes because of such an event apart from another application of this section.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 16 of 2003 | No 143 of 2007", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-326"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-327", "Provision_Key": "s707-327", "Heading": "Choosing available fraction to apply to value donor’s loss", "Text": "Conditions for choosing available fraction for value donor’s loss (1) This section has effect for the purposes of working out under Subdivision 707 ‑ C of the Income Tax Assessment Act 1997 how much of a tax loss, film loss or net capital loss can be utilised if: (a) the available fraction for a bundle of other losses is worked out, because of section 707 ‑ 325, as if there were added to the modified market value of the real loss ‑ maker of the other losses an amount worked out under that section by reference to the value donor’s modified market value; and (b) the loss was transferred under Subdivision 707 ‑ A of that Act at the initial transfer time from the value donor ; and (c) the loss is not a loss whose utilisation is affected by section 707 ‑ 350 (about utilisation of certain losses originally made for an income year ending on or before 21 September 1999); and (d) each company covered by subsection (2) would have been able to transfer the loss under Subdivision 707 ‑ A of that Act at the initial transfer time had the company: (i) made the loss for the income year for which the value donor made it; and (ii) not utilised it; and (e) the requirement in subsection (3) is met. Note: This section has effect even if the amount added to the real loss ‑ maker’s modified market value under section 707 ‑ 325 is nil because the value donor’s modified market value is nil. (2) This subsection covers: (a) the real loss ‑ maker; and (b) each other company (if any) for which it is the case that the available fraction for the bundle is worked out, because of another application of section 707 ‑ 325, as if there were added to the real loss ‑ maker’s modified market value an amount worked out by reference to the company. (3) It must have been possible for the value donor to have transferred an amount (greater than a nil amount) of the loss to each company covered by subsection (2) under Subdivision 170 ‑ A or 170 ‑ B of the Income Tax Assessment Act 1997 for an income year consisting of the period described in section 707 ‑ 328 had the conditions in that section existed. Treating value donor’s loss as included in bundle (4) If the transferee mentioned in subsection 707 ‑ 325(1) chooses, sections 707 ‑ 310, 707 ‑ 335 (except paragraph 707 ‑ 335(2)(a)) and 707 ‑ 340 of the Income Tax Assessment Act 1997 (and subsections 707 ‑ 315(3) and (4) of that Act, so far as they relate to those sections) operate as if, at the initial transfer time: (a) the bundle of losses included the loss; and (b) the loss was not included in any other bundle of losses. Note: This section has the effect that the utilisation of the loss will be affected by the available fraction for the bundle of losses. Choice to treat value donor’s loss as included in bundle (5) A choice for the purposes of subsection (4): (a) may be made only by the later of: (i) the day on which the transferee lodges its income tax return for the first income year for which it utilises (except in accordance with section 707 ‑ 350) losses transferred to it under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 ; and (ii) the end of 31 December 2005; and (b) cannot be revoked after 31 December 2005. Note: For the purposes of subparagraph (5)(a)(i), ignore losses to which section 713 ‑ 535 (Losses of entities whose membership interests are virtual PST assets of life insurance companies) of the Income Tax Assessment Act 1997 applies. See section 707 ‑ 355 of this Act. Loss already in bundle with increased available fraction (6) Subsection (4) does not apply in relation to the loss if it was covered by paragraphs 707 ‑ 325(1)(d) and (e) and subsection 707 ‑ 325(2) in an application of section 707 ‑ 325 separate from the application of that section mentioned in paragraph (1)(a) of this section. Note: This means that a loss that provided a basis for section 707 ‑ 325 to apply in relation to the working out of the available fraction for a bundle of losses cannot be treated under this section as if it were included in another bundle of losses.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 20 of 2004 | No 162 of 2005", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-327"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-328", "Provision_Key": "s707-328", "Heading": "Income year and conditions for possible transfer under Division 170 of the Income Tax Assessment Act 1997", "Text": "(1) This section sets out the period and conditions referred to: (a) in subsections 707 ‑ 325(2) and 707 ‑ 327(3); and (b) in connection with the requirement that it must have been possible for a company (the notional transferor ) to transfer to another company (the notional transferee ) for an income year a loss under Subdivision 170 ‑ A or 170 ‑ B of the Income Tax Assessment Act 1997 . Period to be treated as income year for transfer (2) The period: (a) starts at the later of these times: (i) the start of the trial year; (ii) the start of the income year for which the loss was made; and (b) ends immediately after the initial transfer time mentioned in subsection 707 ‑ 320(1) of the Income Tax Assessment Act 1997 . Note: For the purposes of identifying the trial year using the definition in section 707 ‑ 120 of the Income Tax Assessment Act 1997 , the notional transferor mentioned in this section is the same as the joining entity mentioned in that section, and the initial transfer time mentioned in this section is the same as the joining time mentioned in that section. Conditions (3) The first condition is that neither the notional transferor nor the notional transferee became a subsidiary member of a consolidated group before, at or after the initial transfer time mentioned in the relevant subsection. (4) The second condition is that neither of those Subdivisions had been amended to provide only for transfers involving an Australian branch (as defined in section 160ZZV of the Income Tax Assessment Act 1936 ) of a foreign bank. (5) The third condition is that the notional transferee’s income or gains for the income year were great enough not to prevent the transfer. (6) The fourth condition is that those Subdivisions operated as if the notional transferor had made the loss for the income year if the notional transferor had actually made it for an income year ending just before the initial transfer time.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-328"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-328A", "Provision_Key": "s707-328a", "Heading": "Some events involving only group members not covered by rule against inflation of modified market value", "Text": "Overview (1) Subsection (3) of this section affects the calculation, under section 707 ‑ 325 of the Income Tax Assessment Act 1997 and section 707 ‑ 325 of this Act, of the modified market value of the real loss ‑ maker mentioned in subsection 707 ‑ 315(1) of that Act for a bundle of losses, but only if: (a) the requirement in subsection (2) of this section is met in relation to each other company that became a member of the group mentioned in subsection 707 ‑ 315(1) of that Act in connection with the bundle at the time (the formation time ) the group became a consolidated group; and (b) the provisions described in subsection 707 ‑ 327(4) of this Act operate (because of that subsection) in relation to each loss of such a company that is covered by paragraphs 707 ‑ 327(1)(b) and (c) of this Act as if the bundle included the loss; and (c) all members of the group at the formation time were companies; and (d) subsection 707 ‑ 325(2) of that Act does not operate, for the purposes of working out the modified market value of an entity that became a member of the group at the formation time, because of an event that involved an entity that did not become a member of the group then; and (e) the transferee mentioned in subsection 707 ‑ 325(1) of this Act chooses that this section apply in relation to the real loss ‑ maker. (2) Section 707 ‑ 325 of this Act must apply in relation to the other company (as value donor) so that the available fraction for the bundle is to be worked out as if there were added to the real loss ‑ maker’s modified market value an amount worked out by reference to the other company’s modified market value at the initial transfer time. Disregarding events for purposes of anti ‑ inflation rule (3) Disregard for the purposes of subsection 707 ‑ 325(2) of the Income Tax Assessment Act 1997 an event that is described in subsection 707 ‑ 325(4) of that Act and was either: (a) an injection of capital into an entity that became a member of the group at the formation time by another such entity; or (b) a transaction that involved only entities that became members of the group at the formation time. Note: Disregarding such an event could have a direct or indirect effect on the real loss ‑ maker’s modified market value for the purposes of working out the available fraction for the bundle in one of these ways: (a) it could directly affect the real loss ‑ maker’s modified market value calculated under section 707 ‑ 325 of the Income Tax Assessment Act 1997 , if the real loss ‑ maker was involved in the event; (b) it could have an indirect effect by affecting the value donor’s modified market value calculated under that section and used under section 707 ‑ 325 of this Act to add an amount to the real loss ‑ maker’s modified market value for those purposes. Choice (4) A choice for the purposes of paragraph (1)(e): (a) may be made only by the later of: (i) the day on which the transferee lodges its income tax return for the first income year for which it utilises (except in accordance with section 707 ‑ 350) losses transferred to it under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 ; and (ii) the end of 31 December 2005; and (b) cannot be amended, or revoked, after 31 December 2005. Note: For the purposes of subparagraph (4)(a)(i), ignore losses to which section 713 ‑ 535 (Losses of entities whose membership interests are virtual PST assets of life insurance companies) of the Income Tax Assessment Act 1997 applies. See section 707 ‑ 355 of this Act. Scope of this section (5) This section affects the modified market value of an entity that became a member of the group at the formation time only for the purposes of calculating the real loss ‑ maker’s modified market value for the purposes of working out the available fraction for the bundle. (6) This section has effect for working out the available fraction of the bundle only so far as it affects the utilisation of a tax loss, film loss or net capital loss. It does not affect the utilisation of an overall foreign loss (as defined in former section 160AFD of the Income Tax Assessment Act 1936 ) that: (a) is included in the bundle; or (b) was transferred under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 from an entity other than the real loss ‑ maker. Note: If the bundle includes an overall foreign loss and a loss of another sort: (a) utilisation of the overall foreign loss is limited by the available fraction for the bundle worked out apart from this section; and (b) utilisation of the loss of the other sort is limited by the available fraction for the bundle as affected by this section, if applicable. (7) This section can operate in relation to only one bundle of losses transferred to the transferee under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 16 of 2003 | No 20 of 2004 | No 162 of 2005 | No 143 of 2007", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-328A"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-329", "Provision_Key": "s707-329", "Heading": "Modified market value at a time before 8 December 2004", "Text": "Disregard an event that is described in subsection 707 ‑ 325(4) of the Income Tax Assessment Act 1997 and occurred on or before 8 December 2000 in working out under section 707 ‑ 325 of that Act the modified market value of an entity at the time it becomes a member of a consolidated group on a day before 8 December 2004.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-329"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-350", "Provision_Key": "s707-350", "Heading": "Alternative loss utilisation regime to Subdivision 707 ‑ C of the Income Tax Assessment Act 1997", "Text": "(1) This section affects the way in which one or more losses of one particular sort in a bundle of losses transferred under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 before 1 July 2004 can be utilised by the transferee if: (a) they were actually made (disregarding that Subdivision) by a company (the real loss ‑ maker ) for an income year ending on or before 21 September 1999; and (b) they were transferred at the time (the initial transfer time ) the transferee became the head company of a consolidated group; and (c) they were transferred to the transferee from the real loss ‑ maker because: (i) the real loss ‑ maker met the conditions in section 165 ‑ 12 of that Act; and (ii) the conditions in one or more of paragraphs 165 ‑ 15(1)(a), (b) and (c) did not exist in relation to the real loss ‑ maker; and (d) none of them had been transferred under that Subdivision before the initial transfer time; and (da) the real loss ‑ maker has not been, at any time before the initial transfer time, a transitional foreign loss maker prevented by subsection 701D ‑ 10(1) from being a subsidiary member of a consolidated group; and (e) the transferee has made a choice under subsection (5). Losses to be utilised only after non ‑ transferred losses (2) The transferee may utilise for an income year the losses only after utilising for the year losses (the non ‑ transferred losses ) of the same sort that the transferee made without a transfer under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 (even if the income year for which the transferee made the losses is earlier than an income year for which the transferee made any of the non ‑ transferred losses). Further limit on utilising the losses (3) The amount of the losses that the transferee may utilise for an income year cannot exceed the amount worked out for the year using the table. Limit on utilising the losses Item For this income year: The amount of the losses that the transferee may utilise cannot exceed: 1 The first income year ending after the initial transfer time 1 / 3 of the total of the amounts of the losses that were transferred to the transferee 2 The second income year ending after the initial transfer time The difference between: (a) 2 / 3 of the total of the amounts of the losses that were transferred to the transferee; and (b) the amount of the losses utilised for the income year mentioned in item 1 3 The third income year ending after the initial transfer time, or a later income year The difference between: (a) the total of the amounts of the losses that were transferred to the transferee; and (b) the total of the amounts of the losses utilised for earlier income years ending after the initial transfer time Subdivision 707 ‑ C of Income Tax Assessment Act 1997 disapplied (4) Subdivision 707 ‑ C of the Income Tax Assessment Act 1997 operates as if the losses had been made by the transferee without being transferred under Subdivision 707 ‑ A of that Act. Note: This has 2 effects. First, Subdivision 707 ‑ C of that Act does not limit utilisation of the losses. Secondly, it affects the limit that Subdivision sets on utilising other losses in any bundle (because that limit depends on the transferee’s income and gains remaining after utilisation of losses that have not been transferred under Subdivision 707 ‑ A of that Act). Making choice (5) The transferee may choose that this section apply to the utilisation for any income year of all losses (of any sort) in the bundle that meet the conditions in paragraphs (1)(a), (b), (c) and (d). The transferee may do so only by the later of: (a) the day on which it lodges its income tax return for the first income year for which it could utilise any losses transferred to it under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 (as described in subsection (1) or otherwise); and (b) the end of 31 December 2005. Note: For the purposes of paragraph (5)(a), ignore losses to which section 713 ‑ 535 (Losses of entities whose membership interests are virtual PST assets of life insurance companies) of the Income Tax Assessment Act 1997 applies. See section 707 ‑ 355 of this Act. When choice has effect (6) The choice has effect for that income year and all later income years (and cannot be revoked after 31 December 2005). Future transfer of the losses not affected (7) This section does not limit the transfer under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 of any of the losses from the transferee to another company.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 68 of 2002 | No 20 of 2004 | No 101 of 2004 | No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-350"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-355", "Provision_Key": "s707-355", "Heading": "Ignore certain losses in working out when a choice can be made under this Subdivision", "Text": "In working out when a choice may be made under subsection 707 ‑ 325(5), 707 ‑ 327(5), 707 ‑ 328A(4) or 707 ‑ 350(5), ignore losses to which section 713 ‑ 535 of the Income Tax Assessment Act 1997 applies. Note: That section deals with losses transferred under Subdivision 707 ‑ A of that Act from certain wholly ‑ owned subsidiaries of life insurance companies that are members of a consolidated group.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-355"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 707-405", "Provision_Key": "s707-405", "Heading": "Special rules about losses referable to part of income year", "Text": "Section 707 ‑ 405 of the Income Tax Assessment Act 1997 has effect in relation to this Division, and Division 170 of that Act as it has effect for the purposes of this Division, in the same way as that section has effect in relation to Division 707 of that Act.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s707-405"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 709-200", "Provision_Key": "s709-200", "Heading": "Application of Subdivision 709 ‑ D of the Income Tax Assessment Act 1997", "Text": "Subdivision 709 ‑ D of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s709-200"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 712-305", "Provision_Key": "s712-305", "Heading": "Reducing adjustable value of head company’s notional asset", "Text": "(1) This section reduces the adjustable value of a notional asset that section 40 ‑ 35, 40 ‑ 37, 40 ‑ 38, 40 ‑ 40 or 40 ‑ 43 treats the head company of a consolidated group as holding, if: (a) an entity (the leaving entity ) ceases to be a subsidiary member of the group at a time (the leaving time ); and (b) that section treats the leaving entity as holding a notional asset because of section 701 ‑ 40 (Exit history rule) of the Income Tax Assessment Act 1997 . Note: Section 701 ‑ 40 (Exit history rule) of the Income Tax Assessment Act 1997 treats as expenditure of the leaving entity certain expenditure incurred before the leaving time in relation to an asset or business that was an asset or business of the leaving entity at the leaving time. (2) The adjustable value of the head company’s notional asset is reduced at the leaving time by the adjustable value of the leaving entity’s notional asset at that time.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s712-305"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-500", "Provision_Key": "s713-500", "Heading": "Object of Subdivision", "Text": "The object of this Subdivision is to give an opportunity to a group of entities that includes a life insurance company to rearrange the assets of the group for the purposes of one or more of them becoming members of a consolidated group in a way that does not attract any immediate taxation consequences.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-500"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-505", "Provision_Key": "s713-505", "Heading": "When this Subdivision applies (first case)", "Text": "(1) This Subdivision provides for a deferral of the taxation consequences that would occur because of an event (the deferral event ) happening involving an entity (the originating entity ) and another entity (the recipient entity ) if: (a) the event occurs in connection with a life insurance company (the member life insurance company ) becoming a member of a consolidated group; and (b) the relevant conditions in section 713 ‑ 520 are met. (2) If the originating entity is a company, the deferral event referred to in subsection (1) is a CGT event referred to in subsection (4) happening to a CGT asset (the original asset ) where, apart from this Subdivision, the happening of the event would have resulted in: (a) an amount (other than a capital gain) being included in the originating entity’s assessable income; or (b) the originating entity making a capital gain. (3) If the originating entity is a trust, the deferral event referred to in subsection (1) is a CGT event referred to in subsection (4) happening to a CGT asset (also the original asset ) where, apart from this Subdivision, the happening of the event would have resulted in: (a) an amount (other than a capital gain) being included in the net income of the trust; or (b) the trustee making a capital gain. (4) The CGT events are: (a) CGT events A1, B1, D1, D2, D3, E2, F1 and F2; and (b) CGT event C2, but only if the CGT asset that ends is a unit in a unit trust that is replaced by an equivalent membership interest (the replacement interest ) in a company or in another trust.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-505"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-510", "Provision_Key": "s713-510", "Heading": "When this Subdivision applies (second case)", "Text": "(1) This Subdivision also provides for a deferral of the taxation consequences that would occur if: (a) a life insurance company transfers an asset (also the original asset ) to its virtual PST or from its virtual PST where, apart from this Subdivision, section 320 ‑ 200 of the Income Tax Assessment Act 1997 would apply to the transfer; or (b) a life insurance company transfers an asset (also the original asset ) to its segregated exempt assets where, apart from this Subdivision, section 320 ‑ 255 of the Income Tax Assessment Act 1997 would apply to the transfer; where the transfer (also the deferral event ) is made in connection with the life insurance company (also the member life insurance company ) becoming a member of a consolidated group. (2) The relevant conditions in section 713 ‑ 520 must be met.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-510"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-515", "Provision_Key": "s713-515", "Heading": "Entities must choose the relief", "Text": "(1) This Subdivision applies only if the originating entity (for a section 713 ‑ 505 case) or the life insurance company (for a section 713 ‑ 510 case) chooses that it apply. (2) The choice must be made: (a) by the day the originating entity or the life insurance company, or the head company of the consolidated group of which it is a member, lodges its income tax return for the income year in which the deferral event happened; or (b) within a further time allowed by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-515"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-520", "Provision_Key": "s713-520", "Heading": "Conditions", "Text": "(1) For a section 713 ‑ 505 case: (a) the originating entity must be: (i) a life insurance company that has virtual PST assets or segregated exempt assets and that is a member of a consolidatable group; or (ii) an entity that is unable to be a member of the same consolidatable group as a life insurance company because of section 713 ‑ 510 of the Income Tax Assessment Act 1997 ; or (iii) an entity that is, directly or indirectly, a subsidiary of a life insurance company and is a member of the same consolidated group as the life insurance company; and (b) the originating entity and the recipient entity must be members of the same consolidatable group or consolidated group or, if they are not, they would have been apart from section 713 ‑ 510 of the Income Tax Assessment Act 1997 ; and (c) any asset transferred by the originating entity must be transferred to the recipient entity at its transfer value. (2) For both a section 713 ‑ 505 case and a section 713 ‑ 510 case: (a) the total transfer values of the virtual PST assets of the member life insurance company just before a transfer of assets to which this Subdivision applies must be the same as the total transfer values of those assets just after the transfer; and (b) the total transfer values of the segregated exempt assets of the member life insurance company just before a transfer of assets to which this Subdivision applies must be the same as the total transfer values of those assets just after the transfer. (3) Any transfer of an asset under the deferral event must happen on or before the later of: (a) 30 June 2004; and (b) if the head company of the consolidated group of which the member life insurance company is a member has a substituted accounting period—the end of the head company’s income year in which 30 June 2004 occurs.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-520"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-525", "Provision_Key": "s713-525", "Heading": "Time of transfer", "Text": "This Act, and the Income Tax Assessment Act 1997 , apply to the transfer of an asset to which this Subdivision applies as if the asset had been transferred just before the member life insurance company became a member of the consolidated group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-525"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-530", "Provision_Key": "s713-530", "Heading": "What the relief is", "Text": "(1) For a section 713 ‑ 505 case: (a) if the originating entity is a company: (i) any amount (other than a capital gain) that would have been included in the originating entity’s assessable income (the deferred amount ) as a result of the deferral event is not so included; and (ii) any capital gain (the deferred gain ) that the originating entity would have made as a result of the deferral event is disregarded; and (b) if the originating entity is a trust: (i) any amount (other than a capital gain) that would have been included in the member life insurance company’s assessable income (also the deferred amount ) as a result of the deferral event is not so included; and (ii) any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded. (2) For a section 713 ‑ 510 case: (a) any amount that would have been included in the member life insurance company’s assessable income (also the deferred amount ) under paragraph 320 ‑ 15(e) or (g) of the Income Tax Assessment Act 1997 as a result of the deferral event is not so included; and (b) any capital gain (also the deferred gain ) that the member life insurance company would have made as a result of the deferral event is disregarded.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-530"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-535", "Provision_Key": "s713-535", "Heading": "Subsequent consequences", "Text": "(1) This section operates if, after the deferral event happens, another event (the new event ) happens where the new event is: (a) a CGT event happening to: (i) the original asset; or (ii) if the deferral event was CGT event C2—the replacement asset; or (b) the recipient entity ceasing to be a member of the consolidated group of which the member life insurance company is a member; or (c) if the recipient entity is a life insurance company: (i) the original asset being transferred to or from the company’s virtual PST under section 320 ‑ 180, 320 ‑ 185 or 320 ‑ 195 of the Income Tax Assessment Act 1997 ; or (ii) the original asset being transferred to or from the company’s segregated exempt assets under section 320 ‑ 235, 320 ‑ 240 or 320 ‑ 250 of that Act; or (d) if the originating entity is a company—the originating entity ceasing to exist. (2) For a section 713 ‑ 505 case where the originating entity is a company: (a) the originating entity must include the deferred amount in its assessable income for the income year in which the new event happens; or (b) the originating entity is taken, just before the new event happened, to have made a capital gain equal to the deferred gain. Note: If the originating entity is a subsidiary member of a consolidated group, the head company of the group will have the amount included in its assessable income or will make the capital gain. (3) For a section 713 ‑ 505 case where the originating entity is a trust: (a) the member life insurance company must include the deferred amount in its assessable income for the income year in which the new event happens; or (b) the member life insurance company is taken, just before the new event happened, to have made a capital gain equal to the deferred gain. (4) For a section 713 ‑ 505 case where the originating entity is a life insurance company or a trust and the deferred amount or the deferred gain relates to an asset that was a virtual PST asset at the time when the deferral event happened, an amount equal to the deferred amount or deferred gain is taken to be an amount of assessable income to which subsection 320 ‑ 205(3) of the Income Tax Assessment Act 1997 applies for the relevant entity. (5) For a section 713 ‑ 510 case: (a) the member life insurance company must include the deferred amount in its assessable income for the income year in which the new event happens; or (b) the member life insurance company is taken, just before the new event happened, to have made a capital gain equal to the deferred gain. (6) In addition, if the deferral event involved the transfer of assets from the member life insurance company’s virtual PST, an amount equal to the deferred amount or deferred gain is taken to be an amount of assessable income to which subsection 320 ‑ 205(3) of the Income Tax Assessment Act 1997 applies for the relevant entity.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-535"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-540", "Provision_Key": "s713-540", "Heading": "Requirement to notify happening of new event", "Text": "(1) For a section 713 ‑ 505 case, the recipient entity must, if it is not a member of the same consolidated group as the originating entity when the new event happens, notify the originating entity in the approved form of the happening of the new event within 60 days after the new event happens. (2) Subsection (1) does not apply if the new event is the originating entity ceasing to exist.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-540"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-545", "Provision_Key": "s713-545", "Heading": "Discount capital gain in certain cases", "Text": "The Income Tax Assessment Act 1997 applies as if the capital gain referred to in paragraph 713 ‑ 535(2)(b), (3)(b) or (5)(b) were a discount capital gain if: (a) the asset to which the deferral event happened is a virtual PST asset; and (b) the asset was acquired less than 12 months before the deferral event happened; and (c) the new event happens at least 12 months after the asset was acquired.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-545"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 713-700", "Provision_Key": "s713-700", "Heading": "Application", "Text": "Subdivision 713 ‑ M of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 2 (items 10, 11), Schedule 6 (items 1, 4, 16, 29–35) and Schedule 10 (items 222, 223, 274): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s713-700"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 715-380", "Provision_Key": "s715-380", "Heading": "Exit history rule not to affect certain matters related to Division 230 financial arrangements", "Text": "Transitional balancing adjustments (1) Subsection (2) applies if: (a) an entity (the leaving entity ) ceases to be a subsidiary member of a consolidated group at a time (the leaving time ); and (b) but for the cessation of membership and section 701 ‑ 40 of the Income Tax Assessment Act 1997 (the exit history rule), the head company of the group would be subject to a balancing adjustment under item 104 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 for an income year ending after the leaving time. (2) Despite section 701 ‑ 40 of the Income Tax Assessment Act 1997 (the exit history rule), the head company of the consolidated group continues to be subject to the balancing adjustment for income years ending after the leaving time.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Schedule 1 (items 98, 99): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s715-380"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 715-658", "Provision_Key": "s715-658", "Heading": "Application", "Text": "Subdivision 715 ‑ J of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s715-658"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 715-659", "Provision_Key": "s715-659", "Heading": "Extension of time for making choice if joining time was before commencement", "Text": "(1) This section extends the time given by each of the following provisions of the Income Tax Assessment Act 1997 for making a choice because an entity becomes a member of a consolidated group, if, before the commencement of the provision, the Commissioner is given notice under Division 703 that the entity has become a member of the group: (a) subsection 715 ‑ 660(4); (b) subsection 715 ‑ 665(5); (c) paragraph 715 ‑ 675(1)(c). (2) A reference in each of those provisions to the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a member of the group has effect as if it were a reference to the end of 90 days after the commencement of the provision.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s715-659"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 715-698", "Provision_Key": "s715-698", "Heading": "Application", "Text": "Subdivision 715 ‑ K of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s715-698"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 715-699", "Provision_Key": "s715-699", "Heading": "Extension of time for making choice if leaving time was before commencement", "Text": "(1) This section extends the time given by each of the following provisions of the Income Tax Assessment Act 1997 for making a choice because an entity ceases to be a subsidiary member of a consolidated group at the leaving time, if the leaving time is before the commencement of the provision: (a) subsection 715 ‑ 700(5); (b) subsection 715 ‑ 705(6). (2) A reference in each of those provisions to the end of 90 days after the leaving time has effect as if it were a reference to the end of 90 days after the commencement of the provision.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s715-699"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 716-340", "Provision_Key": "s716-340", "Heading": "Expenditure incurred before 1 July 2001 and allocated to a software pool", "Text": "Sections 716 ‑ 340 and 716 ‑ 345 of the Income Tax Assessment Act 1997 operate in relation to a thing mentioned in column 1 of an item of the table in the same way as they operate in relation to a thing mentioned in column 2 of the item. Extended operation of sections of the Income Tax Assessment Act 1997 Column 1 Sections 716 ‑ 340 and 716 ‑ 345 of the Income Tax Assessment Act 1997 operate in relation to: Column 2 In the same way as they operate in relation to: 1 Former section 46 ‑ 90 of that Act Section 40 ‑ 455 of that Act 2 A software pool created under former Subdivision 46 ‑ D of that Act A software development pool 3 Expenditure in a software pool under former Subdivision 46 ‑ D of that Act Expenditure allocated to a software development pool 4 Software, expenditure on which was in a software pool under former Subdivision 46 ‑ D of that Act In ‑ house software, expenditure on the development of which is allocated to a software development pool", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective Schedule 1 (items 1, 9, 10, 12, 20, 25, 28), Schedule 2 (item 12) and Schedule 12 (item 11): Royal Assent Schedule 12 (items 7, 8, 10): 1 July 2000 Schedule 12 (item 9): 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s716-340"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-2", "Provision_Key": "s719-2", "Heading": "Modified application of Part 3 ‑ 90 to MEC groups", "Text": "(1) This Part (other than Division 701B, Division 703 and this Division) has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group. (2) However, that effect is subject to the modifications set out in this Division. (3) For the purposes of subsection (1), a reference in this Part (other than in Division 703 and this Division) to a provision in: (a) Division 703 of this Act; or (b) Division 703 of the Income Tax Assessment Act 1997 ; applies as if it referred instead to the corresponding provision in: (c) Division 719 of this Act; or (d) Division 719 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 16 of 2003 | No 67 of 2003 | No 107 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17) | Amended by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10) | Amended by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-2"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-5", "Provision_Key": "s719-5", "Heading": "Debt interests that are not membership interests", "Text": "Section 703 ‑ 30 of this Act has effect in relation to a MEC group in the same way in which it has effect in relation to a consolidated group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-10", "Provision_Key": "s719-10", "Heading": "Effect of Division 701C", "Text": "(1) This section applies if the consolidated group mentioned in section 701C ‑ 10 or 701C ‑ 15 is a MEC group. (2) To avoid doubt, for the purposes of those sections, the test entity cannot be a subsidiary member of the group if the group came into existence on or after 1 July 2004.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Sch 5 (items 4–10), Sch 6 and 7: 24 Oct 2002 (s 2(1) item 3) Sch 10 (item 24): 30 June 2003 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-15", "Provision_Key": "s719-15", "Heading": "Modified effect of subsection 701D ‑ 10(2)", "Text": "(1) This section applies if the group mentioned in subsection 701D ‑ 10(2) of this Act is a MEC group. (2) For the purposes of that subsection, in determining whether an entity was at a particular time (the ownership time ) a wholly ‑ owned subsidiary of the entity that became the head company of the group (the head entity ), make the assumption in subsection (3). (3) The assumption is that the head entity owned at the ownership time each membership interest covered by subsection (4). (4) A membership interest is covered by this subsection if it was beneficially owned at the ownership time by any entity that became an eligible tier ‑ 1 company of the group at the formation time.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-30", "Provision_Key": "s719-30", "Heading": "Employee share schemes", "Text": "Despite the amendment of section 719 ‑ 30 of the Income Tax Assessment Act 1997 made by Schedule 1 to the Tax Laws Amendment (2009 Budget Measures No. 2) Act 2009 , subsection (2) of that section continues to apply, from the commencement of that Schedule, to each share and membership interest that it applied to just before that commencement.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 77, 83–87) and Schedule 2 (items 14, 15(b)): 14 Dec 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-30"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-160", "Provision_Key": "s719-160", "Heading": "Transitional cost setting rules on joining have effect with modifications", "Text": "(1) Section 719 ‑ 160 of the Income Tax Assessment Act 1997 has effect in relation to the provisions of this Act mentioned in subsection (2) in the same way as that section has effect in relation to the provisions mentioned in subsection 719 ‑ 160(3) of the Income Tax Assessment Act 1997 . (2) The provisions are Divisions 701, 701A and 702 of this Act, other than: (a) section 701 ‑ 5; and (b) section 701 ‑ 40; and (c) section 701 ‑ 45. (3) However, that effect of section 719 ‑ 160 of the Income Tax Assessment Act 1997 is subject to modifications set out in this Division.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 117 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11) | Amended by No 107 of 2003, effective Schedule 2 (items 6, 13, 14, 35–37, 40) and Schedule 7 (item 10): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-160"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-161", "Provision_Key": "s719-161", "Heading": "Modified effect of section 701 ‑ 1", "Text": "(1) This section applies if a consolidated group mentioned in section 701 ‑ 1 of this Act is a MEC group. (2) Paragraphs 701 ‑ 1(2)(b) and (3)(b) of this Act have effect as if a reference in those paragraphs to the future head company were a reference to any entity that became a member of the group as an eligible tier ‑ 1 company at the time the MEC group came into existence. (3) An entity is a transitional entity for the purposes of paragraph 701 ‑ 1(3)(b) of this Act if: (a) the entity and one or more other entities were members of a potential MEC group as eligible tier ‑ 1 companies, throughout the period: (i) beginning just before 1 July 2003; and (ii) ending just before a time (the rolldown time ) before the MEC group came into existence; and Note: The other entity (or one of the other entities) could be the future head company. (b) the entity satisfied either of these conditions at the rolldown time: (i) the entity was a wholly ‑ owned subsidiary of any of those other entities; (ii) the entity would be covered by subparagraph (i), if it were assumed that all of the membership interests that were beneficially owned by any of those other entities at that time were owned by a single one of those other entities; and (c) the entity continued to satisfy either of the conditions mentioned in paragraph (b) at all times throughout the period: (i) beginning just after the rolldown time; and (ii) ending when the MEC group came into existence; and (d) the other entities remained members of the potential MEC group as eligible tier ‑ 1 companies, throughout the period: (i) beginning just before 1 July 2003; and (ii) ending when the MEC group came into existence; and (e) the other entities were members of the MEC group when it came into existence, as eligible tier ‑ 1 companies.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective Sch 1 (items 80–83): 30 June 2000 (s 2(1) item 2) Sch 2 (items 1, 19, 34, 75, 76): 25 June 2004 (s 2(1) items 13, 16) Sch 2 (item 9): 24 Oct 2002 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-161"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-163", "Provision_Key": "s719-163", "Heading": "Modified effect of section 701 ‑ 35", "Text": "(1) This section applies if the transitional group mentioned in section 701 ‑ 35 of this Act is a MEC group. (2) That section has effect as if paragraph 701 ‑ 35(3)(c) were repealed and the following paragraph were substituted: (c) when the transitional group came into existence, the test entity was a subsidiary member of the group, other than as: (i) a transitional foreign ‑ held subsidiary of the group (see section 701C ‑ 20); or (ii) an eligible tier ‑ 1 company of the group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-163"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-165", "Provision_Key": "s719-165", "Heading": "Modified effect of paragraph 701 ‑ 45(1)(b)", "Text": "(1) This section applies if the transitional group mentioned in paragraph 701 ‑ 45(1)(b) of this Act is a MEC group. (2) That paragraph applies as if the reference in that paragraph to the entity that became the head company were a reference to any entity that became a member of the group, and that was an eligible tier ‑ 1 company, at the time the transitional group came into existence.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-165"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-305", "Provision_Key": "s719-305", "Heading": "Available fraction for bundle of losses not affected by concessional rules", "Text": "To avoid doubt, sections 707 ‑ 325 and 707 ‑ 327 do not apply for the purposes of working out the available fraction for the bundle of losses that are taken under subsection 719 ‑ 305(2) of the Income Tax Assessment Act 1997 to be transferred under Subdivision 707 ‑ A of that Act.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-305"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-310", "Provision_Key": "s719-310", "Heading": "Certain choices may be revoked", "Text": "Subsection 719 ‑ 325(7) of the Income Tax Assessment Act 1997 does not apply if the revocation of the choice mentioned in that subsection takes place before 1 January 2006.", "Amendment_Count": 2, "First_Amended": "No 20 of 2004", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 20 of 2004 | No 162 of 2005", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-310"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 719-450", "Provision_Key": "s719-450", "Heading": "Application of Subdivision 719 ‑ I of the Income Tax Assessment Act 1997", "Text": "Subdivision 719 ‑ I of the Income Tax Assessment Act 1997 applies on and after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 162 of 2005", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 162 of 2005", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s719-450"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 721-25", "Provision_Key": "s721-25", "Heading": "References in tax sharing agreements to former table item 25", "Text": "(1) A reference in an agreement to item 25 of the table in subsection 721 ‑ 10(2) of the Income Tax Assessment Act 1997 is taken, from the commencement of this section, to be a reference to item 3 of that table, if: (a) paragraph 721 ‑ 25(1)(a) of that Act applies to the agreement; and (b) the agreement was in force just before the commencement of this section. (2) This section applies in relation to tax to which Division 5 of the Income Tax Assessment Act 1997 applies.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 33, 54, 55), Sch 2 (item 9), Sch 3 (item 60) and Sch 4 (item 50): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s721-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 723-1", "Provision_Key": "s723-1", "Heading": "Application of Division 723", "Text": "(1) Division 723 applies to a realisation event happening on or after 1 July 2002 to a CGT asset that, at the time of the event: (a) is not a depreciating asset; or (b) is an item of trading stock; or (c) is a revenue asset. (2) Paragraph 723 ‑ 10(1)(b) or 723 ‑ 15(1)(b) applies to a right created on or after 1 July 2002.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 90 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s723-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 725-1", "Provision_Key": "s725-1", "Heading": "Application of Division 725", "Text": "Division 725 applies to a scheme entered into on or after 1 July 2002. It also applies to a scheme entered into on or after 27 June 2002, but only if: (a) the decrease times for down interests of which entities are affected owners are all on or after 1 July 2002; and (b) the increase times for up interests of which entities are affected owners are all on or after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s725-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 727-1", "Provision_Key": "s727-1", "Heading": "Application of Division 727", "Text": "(1) Division 727, as inserted by the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 and amended by the New Business Tax System (Consolidation and Other Measures) Act 2003 , applies to a scheme entered into on or after 1 July 2002. (2) It also applies to a scheme entered into on or after 27 June 2002, but only in relation to: (a) an indirect value shift that happens under the scheme on or after 1 July 2002; or (b) a presumed indirect value shift that happens under the scheme and affects a realisation event that happens on or after 1 July 2002. (3) Subsection (2) does not apply to an indirect value shift, or a presumed indirect value shift, if: (a) the economic benefits taken into account in determining that the scheme has resulted in that indirect value shift or presumed indirect value shift include economic benefits provided by: (i) an act referred to in Division 138 of the Income Tax Assessment Act 1997 as the trigger event; or (ii) an event or act referred to in Division 139 of the Income Tax Assessment Act 1997 as the trigger event; and (b) the act was done, or the event happened, on or after 27 June 2002 and before 1 July 2002. Note: In that case, the consequences of the trigger event are worked out under Division 138 or 139 of the Income Tax Assessment Act 1997 : see items 13 and 14 of Schedule 15 to the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 .", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 90 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 7–9, Sch 14 (items 16, 19) and Sch 15 (item 2): 24 Oct 2002 (s 2(1) items 1, 2, 4) | Amended by No 16 of 2003, effective Sch 1 (items 7, 8, 27–36), Sch 6 (item 10), Sch 11 (item 4), Sch 15, Sch 16 (items 4, 5), Sch 17 and Sch 19 (items 4, 5): 24 Oct 2002 (s 2(1) items 1A ‑ 1C, 2, 4, 7, 10) Sch 25 (items 11, 12), Sch 26 (items 5–8), Sch 27 (item 20) and Sch 28 (item 13): 29 June 2002 (s 2(1) items 15, 17)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s727-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 727-230", "Provision_Key": "s727-230", "Heading": "Transitional exclusion for certain indirect value shifts relating mainly to services", "Text": "(1) An indirect value shift does not have consequences under Division 727 of the Income Tax Assessment Act 1997 if, to the extent of at least 95% of their total market value, the greater benefits consist entirely of: (a) a right to have services that are covered by section 727 ‑ 240 of that Act provided directly by the losing entity to the gaining entity; or (b) services that are covered by that section and have been, are being, or are to be, so provided; or both, and the IVS time for the scheme that results in the indirect value shift is before: (c) unless paragraph (d) applies—the start of the losing entity’s 2003 ‑ 2004 income year; or (d) if the losing entity’s 2002 ‑ 2003 income year ends before 30 June 2003—the start of the losing entity’s 2004 ‑ 2005 income year. How subsection (1) applies to a presumed indirect value shift (2) For the purposes of section 727 ‑ 850 (about a presumed indirect value shift affecting a realisation event) of the Income Tax Assessment Act 1997 , subsection (1) of this section applies to the presumed indirect value shift: (a) on the assumptions set out in subsection 727 ‑ 865(3) of that Act; and (b) as if the exclusion in subsection (1) of this section were an exclusion in Subdivision 727 ‑ C of that Act.", "Amendment_Count": 1, "First_Amended": "No 20 of 2004", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 20 of 2004", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s727-230"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 727-470", "Provision_Key": "s727-470", "Heading": "Affected interests do not include equity or loan interests owned by entity that is eligible to be an STS taxpayer", "Text": "(1) This section applies to an indirect value shift if: (a) the indirect value shift happens in the 2007 ‑ 08 income year or a later income year; and (b) the scheme that results in the indirect value shift was entered into before the start of the 2007 ‑ 08 income year. (2) Paragraph 727 ‑ 470(2)(a) of the Income Tax Assessment Act 1997 (as in force immediately before the commencement of this section) continues to have effect in relation to the indirect value shift as if the repeals and amendments made by Schedule 1, Parts 1 and 2 of Schedule 3 and Schedule 8 to the Tax Laws Amendment (Small Business) Act 2007 had not been made.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s727-470"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 815-1", "Provision_Key": "s815-1", "Heading": "Application of Subdivision 815 ‑ A of the Income Tax Assessment Act 1997", "Text": "(1) Subdivision 815 ‑ A of the Income Tax Assessment Act 1997 applies to income years starting on or after 1 July 2004. (2) However, Subdivision 815 ‑ A does not apply to an income year to which Subdivisions 815 ‑ B and 815 ‑ C of that Act apply. Note: For the income years to which Subdivisions 815 ‑ B and 815 ‑ C apply, see section 815 ‑ 15 of this Act.", "Amendment_Count": 2, "First_Amended": "No 115 of 2012", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 115 of 2012 | No 101 of 2013", "History_Notes": "Inserted by No 115 of 2012, effective Schedule 1 (item 12): Royal Assent | Amended by No 101 of 2013, effective Sch 2 (items 51–54): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s815-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 815-5", "Provision_Key": "s815-5", "Heading": "Cross ‑ border transfer pricing guidance", "Text": "Despite section 815 ‑ 20 of the Income Tax Assessment Act 1997 , the documents covered by that section for an income year that starts before 1 July 2012 are taken to be as follows: (a) the Model Tax Convention on Income and on Capital, and its Commentaries, as adopted by the Council of the Organisation for Economic Cooperation and Development and last amended before the start of the income year; (b) the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, as approved by that Council and last amended before the start of the income year.", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Schedule 1 (item 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s815-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 815-10", "Provision_Key": "s815-10", "Heading": "Scheme penalty applies in pre ‑ commencement period as if only the old law applied", "Text": "(1) This section applies if: (a) a determination under subsection 815 ‑ 30(1) of the Income Tax Assessment Act 1997 has effect in relation to an entity in an income year; and (b) the income year starts before 1 July 2012. (2) Subdivision 284 ‑ C in Schedule 1 to the Taxation Administration Act 1953 applies in relation to the entity and the income year as if: (a) Subdivision 815 ‑ A of the Income Tax Assessment Act 1997 had not been enacted; and (b) each other provision of a taxation law applied in relation to the entity in the way it would have if that Subdivision had not been enacted.", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Schedule 1 (item 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s815-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 815-15", "Provision_Key": "s815-15", "Heading": "Application of Subdivisions 815 ‑ B, 815 ‑ C and 815 ‑ D of the Income Tax Assessment Act 1997", "Text": "(1) Subdivisions 815 ‑ B, 815 ‑ C and 815 ‑ D of the Income Tax Assessment Act 1997 apply: (a) in respect of tax other than withholding tax—in relation to income years starting on or after the date mentioned in subsection (2); and (b) in respect of withholding tax—in relation to income derived, or taken to be derived, in income years starting on or after that date. Start date for transfer pricing amendments (2) The date is the earlier of: (a) 1 July 2013; and (b) the day the Tax Laws Amendment (Countering Tax Avoidance and Multinational Profit Shifting) Act 2013 receives the Royal Assent.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 51–54): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s815-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 820-10", "Provision_Key": "s820-10", "Heading": "Application of Division 820 of the Income Tax Assessment Act 1997", "Text": "(1) Subject to this section, Division 820 of the Income Tax Assessment Act 1997 applies in relation to an income year that begins on or after 1 July 2001. (1A) Subdivisions 820 ‑ FA and 820 ‑ FB of that Act apply on and after 1 July 2002. (2) Subdivision 820 ‑ L of that Act, to the extent that it relates to the requirements under section 820 ‑ 960 of that Act, applies only in relation to an income year that begins on or after 1 July 2002.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 162 of 2001 | No 117 of 2002", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 20–22): 1 July 2001 (s 2(1)) | Amended by No 117 of 2002, effective Sch 3 (item 8), Sch 5 (items 13, 14), Sch 9, Sch 10, Sch 12 (items 24–28), Sch 13 (items 15, 16) and Sch 15 (item 1): 24 Oct 2002 (s 2(1) items 4, 7–9) Sch 18: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s820-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 820-12", "Provision_Key": "s820-12", "Heading": "Application of Division 974 of the Income Tax Assessment Act 1997 for the purposes of Division 820 of that Act", "Text": "(1) Division 974 of the Income Tax Assessment Act 1997 applies for the purposes of determining whether, for the purposes of Division 820 of that Act, an interest is a debt interest or an equity interest at any time on or after 1 July 2001 (whether or not the debt and equity test amendments apply to transactions in relation to that interest at that time). (2) In this section, debt and equity test amendments has the same meaning as in Part 4 of Schedule 1 to the New Business Tax System (Debt and Equity) Act 2001 .", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 20–22): 1 July 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s820-12"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 820-45", "Provision_Key": "s820-45", "Heading": "Transitional provision—accounting standards and prudential standards", "Text": "(1) This section applies to 4 consecutive income years of an entity beginning on or after 1 January 2005. (2) Subject to subsection (3), the entity may choose, for any or all of those income years, to use the accounting standards in force under the Corporations Act 2001 immediately before 1 January 2005 (rather than the current accounting standards) for the purpose of calculating amounts applicable to the entity under Division 820 of the Income Tax Assessment Act 1997 . Note 1: Making the choice for an income year does not require the entity to maintain a full set of accounts based on those old accounting standards. Note 2: The choice is only for the purposes of calculating amounts for the purposes of the thin capitalisation regime. (3) If the entity makes a choice under subsection (2) for an income year but an associate entity of that entity does not, the entity may, in working out its associate entity excess amount so far as it relates to that associate entity at a time in that year, use either the accounting standards in force under the Corporations Act 2001 immediately before 1 January 2005 or the current accounting standards. (4) If an ADI makes a choice under subsection (2) for an income year, the ADI must also choose to use for that year the prudential standards in force under the Banking Act 1959 immediately before 1 January 2005 (rather than the current prudential standards) for the purpose of calculating amounts applicable to the ADI under Division 820 of the Income Tax Assessment Act 1997 . Note 1: Making the choice for an income year does not require the entity to maintain capital adequacy calculations based on those old prudential standards. Note 2: The choice is only for the purposes of calculating amounts for the purposes of the thin capitalisation regime. (5) For an income year for which an entity does not make a choice under subsection (2), the current accounting standards will be used for the purpose of calculating amounts applicable to the entity under Division 820 of the Income Tax Assessment Act 1997 . (6) For an income year for which an ADI does not make a choice under subsection (2), the current prudential standards will be used for the purpose of calculating amounts applicable to the ADI under Division 820 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 162 of 2005", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 162 of 2005 | No 79 of 2007", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 3 (items 20–33) and Schedule 4: Royal Assent | Amended by No 79 of 2007, effective Sch 2: 15 Mar 2007 (s 2(1) item 3) Sch 5: 21 June 2007 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s820-45"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 830-1", "Provision_Key": "s830-1", "Heading": "Standard application", "Text": "Foreign hybrids (1) Division 830 of the Income Tax Assessment Act 1997 applies to assessments for the 2003 ‑ 2004 income year, and each later income year, of a taxpayer who will as a result be a partner in an entity that is a foreign hybrid in relation to that income year. CFCs that are, directly or indirectly, partners in foreign hybrids (2) Division 830 of the Income Tax Assessment Act 1997 applies for the purpose of working out the attributable income, in relation to an attributable taxpayer, for: (a) the statutory accounting period that starts on 1 July 2003 or on the day on which, as a result of an election under subsection 319(2) of the Income Tax Assessment Act 1936 , the statutory accounting period that would otherwise start on 1 July 2003 starts; and (b) each later statutory accounting period; of a CFC that: (c) will as a result be a partner in an entity that is a foreign hybrid in relation to that statutory accounting period; or (d) has, directly or indirectly through one or more other entities, an interest in another entity that will, as a result, be a foreign hybrid in relation to that statutory accounting period.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s830-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 830-15", "Provision_Key": "s830-15", "Heading": "Modified version of income tax law to apply for certain past income years", "Text": "Basic rule (1) Subject to subsection (3), if: (a) an income year (the past income year ) of a taxpayer started before: (i) if section 830 ‑ 5 of this Act does not apply to the taxpayer—the 2003 ‑ 2004 income year; or (ii) if that section applies to the taxpayer—the 2002 ‑ 2003 income year; and (b) either: (i) a statutory accounting period of a CFC, in relation to which the taxpayer was an attributable taxpayer at the end of that period and had an attribution percentage greater than nil, ended in the past income year; or (ii) the taxpayer had an interest in a FIF at the end of the past income year; and (c) the CFC or FIF would have been a foreign hybrid in relation to the past income year under: (i) section 830 ‑ 10 of the Income Tax Assessment Act 1997 (disregarding paragraph (1)(e) of that section); or (ii) section 830 ‑ 15 of that Act (disregarding paragraph (1)(d) and subsection (3) of that section); if that section had been in force in the past income year; then, for the purposes mentioned in subsection (2) of this section, the Income Tax Assessment Act 1936 applies with the modifications set out in section 830 ‑ 20 of this Act in working out: (d) the attributable income of the CFC for the statutory accounting period that ended in the past income year; or (e) the notional income of the FIF for the notional accounting period that ends in the past income year. Purposes (2) The purposes are: (a) any amendment of an assessment of the taxpayer for the past income year made before the commencement of this section; and (b) the making of an assessment of the taxpayer for the past income year between the commencement of this section and the end of 30 June 2004; and (c) any amendment of such an assessment; and (d) the making of any assessment of the taxpayer for the past income year that takes place after 30 June 2004 and before the end of the time within which, if that assessment had been made on 1 July 2004, the Commissioner could amend the assessment under paragraph 170(2)(b), (c) or (d) of the Income Tax Assessment Act 1936 (as in force before the day on which the Tax Laws Amendment (Improvements to Self Assessment) Act (No. 2) 2005 received the Royal Assent); and (e) any amendment of such an assessment. Exception (3) If: (a) apart from this subsection, subsection (1) would apply to a taxpayer in relation to a CFC for a past income year; and (b) before the commencement of this section, the taxpayer lodged its income tax return for the past income year; and (c) the taxpayer prepared the income tax return on the basis that, for the purposes of Part X of the Income Tax Assessment Act 1936 , the CFC was a resident of no particular unlisted country; then subsection (1) does not apply to the taxpayer in relation to the CFC for the past income year unless: (d) if there is only one past income year to which paragraphs (a) to (c) of this subsection apply—the taxpayer elects that the subsection applies for the past income year; or (e) if there is more than one past income year to which paragraphs (a) to (c) of this subsection apply—the taxpayer elects that the subsection applies for all of those past income years. (4) The taxpayer must make the election: (a) on or before the day on which the taxpayer lodges its income tax return for the 2003 ‑ 2004 income year; or (b) within a further time allowed by the Commissioner. (5) The election is irrevocable.", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 101 of 2004 | No 161 of 2005", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 161 of 2005, effective Schedule 1 (item 74): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s830-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 830-20", "Provision_Key": "s830-20", "Heading": "Modifications of income tax law", "Text": "(1) This section sets out the modifications of the Income Tax Assessment Act 1936 that, if section 830 ‑ 15 of this Act so provides, apply in working out for a taxpayer: (a) the attributable income of a CFC for the statutory accounting period that ended in an income year; or (b) the notional income of a FIF for the notional accounting period that ended in an income year. CFC—residence (2) If the CFC is not a resident of a particular listed country or a particular unlisted country for the purposes of Part X of the Income Tax Assessment Act 1936 (including after applying section 331 of that Act), then for the purposes of that Part, the CFC is taken to be a resident of the country under whose laws it was formed. CFC—foreign tax paid by taxpayer (3) For the purpose of subsection 393(1) of the Income Tax Assessment Act 1936 , if the taxpayer paid foreign tax (within the meaning of that Act) (the actual foreign tax ) on its interest in an amount included in the notional assessable income of the CFC for the statutory accounting period, then the CFC is taken to have paid foreign tax (within the meaning of that Act) in respect of the amount equal to the actual foreign tax divided by the taxpayer’s direct attribution interest in the CFC at the end of the statutory accounting period. CFC—foreign tax paid by another CFC (4) For the purpose of subsection 393(1) of the Income Tax Assessment Act 1936 , if: (a) on the assumption in paragraph 830 ‑ 15(1)(c) of this Act, another CFC (the tracing CFC ) would have been a partner in the foreign entity that the CFC mentioned in subsection (1) of this section (the foreign hybrid CFC ) would have been; and (b) the taxpayer had an attribution tracing interest in the tracing CFC that was taken into account in calculating the taxpayer’s attribution percentage for the foreign hybrid CFC at the end of the statutory accounting period; and (c) the tracing CFC paid foreign tax (within the meaning of that Act) (the actual foreign tax ) on its interest in an amount included in the notional assessable income of the foreign hybrid CFC for the statutory accounting period; then the foreign hybrid CFC is taken to have paid foreign tax, (within the meaning of that Act) in respect of the amount included in its notional assessable income, equal to the actual foreign tax divided by the tracing CFC’s direct attribution interest in the foreign hybrid CFC at the end of the statutory accounting period. FIF—foreign tax paid by taxpayer (5) For the purpose of section 573 of the Income Tax Assessment Act 1936 , if the taxpayer paid foreign tax (within the meaning of that Act) (the actual foreign tax ) on its interest in an amount included in the notional income of the FIF for the notional accounting period, then the FIF is taken to have paid foreign tax (within the meaning of that Act) in respect of that amount equal to the actual foreign tax divided by the attribution percentage applicable under section 581 of that Act to the taxpayer in respect of the taxpayer’s interests in the FIF at the end of the notional accounting period.", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 101 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 101 of 2004, effective s 4, Sch 10 (item 38) and Sch 11 (item 154): 30 June 2004 (s 2(1) items 1, 10, 17) Sch 5: 24 Oct 2002 (s 2(1) item 6) Sch 7 (item 9): 30 June 2003 (s 2(1) item 8) | Amended by No 143 of 2007, effective Schedule 1 (items 5, 195–205, 222, 225, 226), Schedule 5 (items 18–25, 48(1), (2)) and Schedule 7 (items 97, 98): Royal Assent Sch 1 (item 227): 30 June 2014", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s830-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 832-10", "Provision_Key": "s832-10", "Heading": "Application of Division 832 of the Income Tax Assessment Act 1997 (other than imported hybrid mismatch rule)", "Text": "(1) The Subdivisions of Division 832 of the Income Tax Assessment Act 1997 covered by subsection (2) apply to assessments for income years starting on or after 1 January 2019. (2) The Subdivisions are as follows: (a) Subdivision 832 ‑ C (Hybrid financial instrument mismatch); (b) Subdivision 832 ‑ D (Hybrid payer mismatch); (c) Subdivision 832 ‑ E (Reverse hybrid mismatch); (d) Subdivision 832 ‑ F (Branch hybrid mismatch); (e) Subdivision 832 ‑ G (Deducting hybrid mismatch); (f) Subdivision 832 ‑ J (Integrity rule).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective sch 1 (item 14): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s832-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 832-15", "Provision_Key": "s832-15", "Heading": "Application of imported hybrid mismatch rule", "Text": "(1) Subdivision 832 ‑ H (Imported hybrid mismatch) of the Income Tax Assessment Act 1997 applies to assessments for income years starting on or after 1 January 2019. (2) However, in applying Subdivision 832 ‑ H to assessments for income years starting before 1 January 2020, items 2 and 3 of the table in subsection 832 ‑ 615(2) are to be disregarded. (3) Despite subsection (1), Subdivision 832 ‑ H does not apply in relation to an offshore hybrid mismatch unless a deduction component of the mismatch arose in a foreign tax period that ends in an income year starting on or after 1 January 2019. (4) In determining whether subsection (3) is satisfied in relation to an offshore hybrid mismatch, disregard section 832 ‑ 635 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective sch 1 (item 14): 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s832-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 840-805", "Provision_Key": "s840-805", "Heading": "Managed investment trust amounts", "Text": "(1) This section has effect for amounts represented by or reasonably attributable to fund payments made in relation to the first income year starting on or after the first 1 July after the day on which the Tax Laws Amendment (Election Commitments No. 1) Act 2008 receives the Royal Assent by a trust that is a managed investment trust in relation to that year. (2) If you are a resident of an information exchange country, subsection 840 ‑ 805(1) of the Income Tax Assessment Act 1997 does not apply to the amounts to the extent that it would otherwise apply to you. (3) An entity is a resident of an information exchange country if: (a) the entity is a resident of that country for the purposes of the taxation laws of that country; or (b) if there are no taxation laws of that country applicable to the entity or the entity’s residency status cannot be determined under those laws: (i) for an individual—the individual is ordinarily resident in that country; or (ii) for another entity—the entity is incorporated or formed in that country and is carrying on a business in that country. (4) Instead, you are liable to pay income tax on the amounts (reduced as mentioned in subsection (5)) at the rate declared by the Parliament. Note: The tax is imposed by the Income Tax (Managed Investment Trust Transitional) Act 2008 . (5) The amounts are reduced by any loss or outgoing of yours to the extent that: (a) it is incurred in gaining or producing the amounts; or (b) it is necessarily incurred in carrying on a business for the purpose of gaining or producing the amounts.", "Amendment_Count": 1, "First_Amended": "No 32 of 2008", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 32 of 2008", "History_Notes": "Inserted by No 32 of 2008, effective Schedule 1 (items 23, 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s840-805"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 840-810", "Provision_Key": "s840-810", "Heading": "Payment of tax under section 840 ‑ 805", "Text": "(1) Income tax under section 840 ‑ 805 is due and payable by you at the end of 21 days after: (a) if subsection 840 ‑ 805(2) or (3) of the Income Tax Assessment Act 1997 would apply to you apart from section 840 ‑ 805 of this Act—the end of the month in which the relevant amount is paid, applied or dealt with; or (b) if subsection 840 ‑ 805(4) of that Act would so apply to you—the end of the month in which you become presently entitled to the relevant amount. (2) Subsections 840 ‑ 810(2) to (5) of the Income Tax Assessment Act 1997 apply to income tax payable under this section.", "Amendment_Count": 1, "First_Amended": "No 32 of 2008", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 32 of 2008", "History_Notes": "Inserted by No 32 of 2008, effective Schedule 1 (items 23, 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s840-810"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 840-905", "Provision_Key": "s840-905", "Heading": "Application of Subdivision 840 ‑ S of the Income Tax Assessment Act 1997", "Text": "Subdivision 840 ‑ S of the Income Tax Assessment Act 1997 applies to income derived on or after 1 July 2012.", "Amendment_Count": 1, "First_Amended": "No 58 of 2012", "Last_Amended": "No 58 of 2012", "Amending_Acts": "No 58 of 2012", "History_Notes": "Inserted by No 58 of 2012, effective Sch 1 (item 7): 21 June 2012 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s840-905"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-207", "Provision_Key": "s842-207", "Heading": "Application of replacement version of Subdivision 842 ‑ I", "Text": "(1) The new Subdivision 842 ‑ I applies, or is taken to have applied, in relation to: (a) the 2015 ‑ 16 income year and later income years; and (b) if an entity chooses to apply the new Subdivision 842 ‑ I in relation to the 2011 ‑ 12, 2012 ‑ 13, 2013 ‑ 14 and 2014 ‑ 15 income years—those income years. (2) In this section: new Subdivision 842 ‑ I means Subdivision 842 ‑ I (Investment Manager Regime) of the Income Tax Assessment Act 1997 , as substituted by Schedule 7 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 . Note: The new Subdivision 842 ‑ I replaced a previous version of that Subdivision, which applied in relation to assessments for the 2010 ‑ 11 income year and later income years (see item 17 of Schedule 1 to the Tax Laws Amendment (Investment Manager Regime) Act 2012 ).", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective sch 7 (item 12): 25 June 2015 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-207"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-208", "Provision_Key": "s842-208", "Heading": "Modified meaning of IMR foreign fund for the purposes of earlier income years", "Text": "(1) This section applies for the purposes of: (a) this Subdivision (apart from section 842 ‑ 207); and (b) Subdivision 842 ‑ I (Investment Manager Regime) of the Income Tax Assessment Act 1997 , as substituted by Schedule 7 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 (the new IMR Schedule ). (2) Treat an entity as an IMR foreign fund if, and only if: (a) it is an IMR entity (within the meaning given by section 842 ‑ 220 of the Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule); and (b) subject to subsection (3) of this section, it is an IMR widely held entity (within the meaning given by sections 842 ‑ 230 and 842 ‑ 240 of the Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule); and (c) the entity chooses to be treated as an IMR foreign fund for those purposes. (3) Treat subsection 842 ‑ 230(1) of the Income Tax Assessment Act 1997 , as inserted by the new IMR Schedule, as not applying to the entity.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective sch 7 (item 12): 25 June 2015 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-208"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-209", "Provision_Key": "s842-209", "Heading": "Residence of corporate limited partnerships", "Text": "If an IMR entity makes a choice under paragraph 842 ‑ 208(2)(c), section 94T of the Income Tax Assessment Act 1936 as amended by Schedule 7 to the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 , applies to the entity in relation to the income years in relation to which this Subdivision applies to the entity.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective sch 7 (item 12): 25 June 2015 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-209"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-210", "Provision_Key": "s842-210", "Heading": "Treatment of IMR foreign fund that is a corporate tax entity", "Text": "Objects (1) The object of this section is to disregard, for the purpose of calculating the assessable income of a corporate tax entity that is an IMR foreign fund, certain gains and losses that arise in the 2010 ‑ 11 income year, or an earlier income year, in respect of certain kinds of financial arrangements. Application (2) This section applies to a corporate tax entity that is an IMR foreign fund in relation to an income year if: (a) the income year is the 2010 ‑ 11 income year or an earlier income year; and (b) the corporate tax entity has pre ‑ 2012 IMR income, a pre ‑ 2012 IMR deduction, a pre ‑ 2012 IMR capital gain or a pre ‑ 2012 IMR capital loss in relation to the income year; and (c) the corporate tax entity has not lodged an income tax return in relation to the 2010 ‑ 11 income year, or any earlier income year, before the day that item 1 of Schedule 1 to the Tax Laws Amendment (Investment Manager Regime) Act 2012 commences; and (d) the Commissioner did not, before 18 December 2010, make an assessment of the taxable income of the corporate tax entity for any income year. Note 1: For the purposes of this Act, pre ‑ 2012 IMR income is defined in subsections 842 ‑ 270(1) and (2) of the Income Tax Assessment Act 1997 and pre ‑ 2012 IMR capital gain is defined in subsection 842 ‑ 270(3) of that Act. Note 2: Pre ‑ 2012 IMR deduction is defined in subsections 842 ‑ 230(1) and (2) of this Act and pre ‑ 2012 IMR capital loss is defined in section 842 ‑ 235 of this Act. Certain amounts disregarded (3) In working out the corporate tax entity’s taxable income, tax loss or net capital loss for the income year: (a) treat the corporate tax entity’s pre ‑ 2012 IMR income for the income year as non ‑ assessable non ‑ exempt income; and (b) disregard the corporate tax entity’s pre ‑ 2012 IMR deduction for the income year; and (c) disregard the corporate tax entity’s pre ‑ 2012 IMR capital gain for the income year; and (d) disregard the corporate tax entity’s pre ‑ 2012 IMR capital loss for the income year. Fraud (4) Subsection (3) does not apply if the Commissioner has reason to believe that there has been fraud by the corporate tax entity in relation to any income year. Audit or compliance review (5) Subsection (3) does not apply if before 18 December 2010 the Commissioner notified the corporate tax entity that an audit or compliance review would be undertaken in relation to any income year.", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-210"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-215", "Provision_Key": "s842-215", "Heading": "Treatment of foreign resident beneficiary that is not a trust or partnership", "Text": "Objects (1) The objects of this section are to ensure that: (a) a foreign resident beneficiary of an IMR foreign fund in relation to the 2010 ‑ 11 income year or an earlier income year is not subject to Australian income tax in respect of pre ‑ 2012 IMR income or a pre ‑ 2012 IMR capital gain of the fund (or in respect of an amount that is referable to pre ‑ 2012 IMR income or a pre ‑ 2012 IMR capital gain of the fund) for the income year; and (b) the foreign resident beneficiary of the fund is not able to claim a deduction or utilise a tax loss in relation to the income year to the extent that the deduction or tax loss was incurred or made in respect of an amount that is: (i) pre ‑ 2012 IMR income of the fund (or referable to pre ‑ 2012 IMR income of the fund); or (ii) a pre ‑ 2012 IMR capital gain of the fund (or referable to a pre ‑ 2012 IMR capital gain of the fund); and (c) this section does not provide any tax concession to an Australian resident that invests in the fund (whether directly or indirectly through one or more interposed entities). Application (2) This section applies to a beneficiary of a trust in relation to the 2010 ‑ 11 income year, or an earlier income year, if: (a) the beneficiary is not a resident of Australia at any time during the income year; and (b) the beneficiary is not a trust or partnership at any time during the income year (other than a foreign superannuation fund); and (c) neither the trust nor the beneficiary has lodged an income tax return in relation to the 2010 ‑ 11 income year, or any earlier income year, before the day that item 1 of Schedule 1 to the Tax Laws Amendment (Investment Manager Regime) Act 2012 commences; and (d) the Commissioner did not, before 18 December 2010, make an assessment of the beneficiary for any income year. Note: A trust that is an IMR foreign fund is generally subject to the general tax rules that apply to trusts, subject to the modifications in this Subdivision: see Division 6 of Part III of the Income Tax Assessment Act 1936 . Also see section 842 ‑ 225 of this Act, which deals with trustees of IMR foreign funds. Adjustments to calculation of taxable income, tax loss or net capital loss (3) In working out the beneficiary’s taxable income, tax loss or net capital loss for the income year: (a) for the purposes of applying Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to share of the net income with references to share of the pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); and (b) for the purposes of applying subsections 98A(1) and (3) of Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in those subsections to individual interest of the beneficiary in the net income with references to individual interest of the beneficiary in the pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); and (c) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to Division 6E net income with references to pre ‑ 2012 non ‑ IMR Division 6E net income (within the meaning of subsection 842 ‑ 240(2) of the Income Tax (Transitional Provisions) Act 1997 ); and (d) in applying subsection 115 ‑ 215(3) of the Income Tax Assessment Act 1997 to the beneficiary, replace the reference in that subsection to each capital gain of the trust estate with a reference to each capital gain of the trust estate that is a pre ‑ 2012 non ‑ IMR net capital gain (or is referable to a pre ‑ 2012 non ‑ IMR net capital gain of the trust estate) (within the meaning of subsection 842 ‑ 240(3) of the Income Tax (Transitional Provisions) Act 1997 ); and (e) in applying section 115 ‑ 225 of the Income Tax Assessment Act 1997 to the beneficiary: (i) replace references in that section to net income of the trust estate with references to pre ‑ 2012 non ‑ IMR net income of the trust estate (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); and (ii) replace the reference in that section to net capital gain (if any) with a reference to pre ‑ 2012 non ‑ IMR net capital gain (if any) (within the meaning of subsection 842 ‑ 240(3) of the Income Tax (Transitional Provisions) Act 1997 ). (4) For the purposes of applying paragraph 115 ‑ 225(1)(a) of the Income Tax Assessment Act 1997 to the beneficiary in respect of the income year: (a) disregard a capital gain of the trust to the extent the capital gain is a pre ‑ 2012 IMR capital gain (or is referable to a pre ‑ 2012 IMR capital gain of the fund); and (b) disregard a pre ‑ 2012 IMR capital loss of the trust for the purposes of determining the amount of the capital gain remaining after applying steps 1 to 4 of the method statement in subsection 102 ‑ 5(1) of that Act; and (c) disregard a net capital loss of the trust to the extent that it is attributable to a pre ‑ 2012 IMR capital loss for the purposes of determining the amount of the capital gain remaining after applying steps 1 to 4 of the method statement in subsection 102 ‑ 5(1). Fraud (5) Subsections (3) and (4) do not apply if the Commissioner has reason to believe that there has been fraud by the trust in relation to any income year. Audit or compliance review (6) Subsections (3) and (4) do not apply if before 18 December 2010 the Commissioner notified the trust that an audit or compliance review would be undertaken in relation to any income year.", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-215"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-220", "Provision_Key": "s842-220", "Heading": "Treatment of foreign resident partner that is not a trust or partnership", "Text": "Objects (1) The objects of this section are to ensure that: (a) a foreign resident partner of an IMR foreign fund in relation to the 2010 ‑ 11 income year, or an earlier income year, is not subject to any Australian income tax in respect of pre ‑ 2012 IMR income or a pre ‑ 2012 IMR capital gain (or in respect of an amount that is referable to pre ‑ 2012 IMR income or a pre ‑ 2012 IMR capital gain) for the income year; and (b) the foreign resident partner of the fund is not able to claim a deduction or utilise a tax loss in relation to the income year to the extent that the deduction or tax loss was incurred or made in respect of an amount that is: (i) pre ‑ 2012 IMR income of the fund (or referable to pre ‑ 2012 IMR income of the fund); or (ii) a pre ‑ 2012 IMR capital gain (or referable to a pre ‑ 2012 IMR capital gain); and (c) this section does not provide any tax concession to an Australian resident that invests in the fund (whether directly or indirectly through one or more interposed entities). Application (2) This section applies to a partner in a partnership in relation to the 2010 ‑ 11 income year, or an earlier income year, if: (a) the partner is not an Australian resident at any time during the income year; and (b) the partner is not a trust or a partnership at any time during the income year (other than a foreign superannuation fund); and (c) neither the partnership nor the partner has lodged an income tax return in relation to the 2010 ‑ 11 income year, or any earlier income year, before the day that item 1 of Schedule 1 to the Tax Laws Amendment (Investment Manager Regime) Act 2012 commences; and (d) the Commissioner did not, before 18 December 2010, make an assessment of the taxable income of the partner for any income year. Note: A partnership that is an IMR foreign fund is generally subject to the general tax rules that apply to partnerships, subject to the modifications set out in this Subdivision: see Division 5 of Part III of the Income Tax Assessment Act 1936 . Adjustments to calculation of taxable income, tax loss or net capital loss (3) In working out the partner’s taxable income, tax loss or net capital loss for the income year: (a) for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the net income of the partnership with references to the individual interest of the partner in the pre ‑ 2012 non ‑ IMR partnership net income (within the meaning of section 842 ‑ 245 of the Income Tax (Transitional Provisions) Act 1997 ); and (b) for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the partnership loss with references to the individual interest of the partner in the pre ‑ 2012 non ‑ IMR partnership loss (within the meaning of section 842 ‑ 245 of the Income Tax (Transitional Provisions) Act 1997 ); and (c) disregard the partner’s pre ‑ 2012 IMR capital gain or an amount that is referable to a pre ‑ 2012 IMR capital gain (within the meaning of subsection 842 ‑ 270(3) of the Income Tax Assessment Act 1997 ) or pre ‑ 2012 IMR capital loss or an amount that is referable to a pre ‑ 2012 IMR capital loss (within the meaning of that term in section 842 ‑ 235 of this Act). Fraud (4) Subsection (3) does not apply if the Commissioner has reason to believe that there has been fraud by the partnership in relation to any income year. Audit or compliance review (5) Subsection (3) does not apply if before 18 December 2010 the Commissioner notified the partnership that an audit or compliance review would be undertaken in relation to any income year.", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-220"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-225", "Provision_Key": "s842-225", "Heading": "Treatment of trustee of an IMR foreign fund", "Text": "Objects (1) The object of this section is to ensure that the following provisions interact appropriately with the tax concessions mentioned in subsection 842 ‑ 210(1), paragraphs 842 ‑ 215(1)(a) and (b) and paragraphs 842 ‑ 220(1)(a) and (b) in respect of the 2010 ‑ 11 income year or an earlier income year: (a) subsection 115 ‑ 220(2) of the Income Tax Assessment Act 1997 ; (b) section 115 ‑ 225 of the Income Tax Assessment Act 1997 ; (c) section 98 of the Income Tax Assessment Act 1936 ; (d) section 99E of the Income Tax Assessment Act 1936 . Note: Division 6 of Part III of the Income Tax Assessment Act 1936 , Division 115 of the Income Tax Assessment Act 1997 , and all other provisions of those Acts apply to the trustee of an IMR foreign fund, subject to the modifications in this section. Application (2) This section applies to the 2010 ‑ 11 income year or an earlier income year of a trustee of a trust that is an IMR foreign fund in relation to that income year. Applying subsection 115 ‑ 220(2) of the Income Tax Assessment Act 1997 (3) For the purposes of applying subsection 115 ‑ 220(2) of the Income Tax Assessment Act 1997 to the beneficiary: (a) disregard a capital gain of the IMR foreign fund to the extent that the capital gain is a pre ‑ 2012 IMR capital gain; and (b) disregard a pre ‑ 2012 IMR capital loss of the IMR foreign fund for the purposes of determining the amount of the capital gain remaining after applying steps 1 to 4 of the method statement in subsection 102 ‑ 5(1); and (c) disregard a net capital loss of the IMR foreign fund to the extent that it is attributable to a pre ‑ 2012 IMR capital loss for the purposes of determining how much of a capital gain that is not a pre ‑ 2012 IMR capital gain remains after applying steps 1 to 4 of the method statement in subsection 102 ‑ 5(1). Note: The effect of this subsection is that the increase to the assessable amount which occurs as a result of section 115 ‑ 220 of the Income Tax Assessment Act 1997 is calculated with reference to the capital gains of the IMR foreign fund that are not IMR capital gains or amounts referable to IMR capital gains (rather than by calculating the increase with reference to all capital gains of the fund). Modifications to section 115 ‑ 225 of the Income Tax Assessment Act 1997 (4) For the purposes of applying section 115 ‑ 225 of the Income Tax Assessment Act 1997 in respect of section 115 ‑ 220, make the following assumptions: (a) replace the references in section 115 ‑ 225 to the net income of the trust estate with references to the pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ) of the trust estate; (b) replace the references in section 115 ‑ 225 to net capital gain (if any) with a reference to pre ‑ 2012 non ‑ IMR net capital gain (if any) (within the meaning of subsection 842 ‑ 240(3) of the Income Tax (Transitional Provisions) Act 1997 ). Modifications to section 98 of the Income Tax Assessment Act 1936 (5) For the purposes of applying section 98 of the Income Tax Assessment Act 1936 in respect of an income year that is the 2010 ‑ 11 income year or an earlier income year, replace references in that section to net income with references to pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ). Note: The effect of this subsection is that where section 98 of the Income Tax Assessment Act 1936 applies to the trustee of a trust that is an IMR foreign fund, the trustee is only assessed and made liable to pay tax in respect of pre ‑ 2012 non ‑ IMR net income of the fund (rather than in respect of all net income of the fund to which section 98 would otherwise apply). Modifications to section 99E of the Income Tax Assessment Act 1936 (6) For the purposes of applying section 99E of the Income Tax Assessment Act 1936 in respect of an income year that is the 2010 ‑ 11 income year or an earlier income year: (a) replace the reference to so much of the net income with a reference to so much of the net income or pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ) as the case may be; and (b) replace the reference to a part of the net income of another trust estate with a reference to a part of the pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ) of another trust estate. Note: The effect of this subsection is that the trustee of a trust that receives a distribution of pre ‑ 2012 non ‑ IMR net income from another trust is not required to apply section 98, 99 or 99A of the Income Tax Assessment Act 1936 to those amounts. Certain losses disregarded (7) The IMR foreign fund cannot utilise a tax loss or net capital loss in relation to the income year, or in any future income year, to the extent the loss is attributable to pre ‑ 2012 IMR income, a pre ‑ 2012 IMR capital gain, a pre ‑ 2012 IMR deduction or a pre ‑ 2012 IMR capital loss.", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-225"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-230", "Provision_Key": "s842-230", "Heading": "Pre ‑ 2012 IMR deduction", "Text": "(1) The pre ‑ 2012 IMR deduction of an IMR foreign fund for an income year is the amount of the fund’s deductions for the income year to the extent to which they: (a) are attributable to gaining the fund’s pre ‑ 2012 IMR income; and (b) relate to the 2011 ‑ 12 income year, or an earlier income year. (2) Disregard the following provisions for the purposes of determining the pre ‑ 2012 IMR deduction of the fund: (a) subsection 842 ‑ 210(3) (which is about certain amounts of an IMR foreign fund being disregarded); (b) paragraph 842 ‑ 240(1)(b) (which is about pre ‑ 2012 non ‑ IMR net income); (c) paragraph 842 ‑ 245(a) (which is about pre ‑ 2012 non ‑ IMR partnership net income).", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-230"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-235", "Provision_Key": "s842-235", "Heading": "Pre ‑ 2012 IMR capital loss", "Text": "The pre ‑ 2012 IMR capital loss of an IMR foreign fund for an income year is the sum of the fund’s capital losses made in the income year that are attributable to CGT assets that are financial arrangements covered by section 842 ‑ 245 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-235"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-240", "Provision_Key": "s842-240", "Heading": "Pre ‑ 2012 non ‑ IMR net income , pre ‑ 2012 non ‑ IMR Division 6E net income and pre ‑ 2012 non ‑ IMR net capital gain", "Text": "(1) A trust’s pre ‑ 2012 non ‑ IMR net income in relation to an income year is determined by calculating the net income of the trust as follows: (a) for income years prior to the 2010 ‑ 11 income year—disregard the pre ‑ 2012 IMR capital gain and pre ‑ 2012 IMR capital loss; (b) disregard the pre ‑ 2012 IMR income and pre ‑ 2012 IMR deduction of the trust for the income year; (c) disregard any amount that is included in the trust’s assessable income under subsection 207 ‑ 35(1) to the extent that the amount is attributable to pre ‑ 2012 IMR income of the trust for the income year; (d) if the trust is a beneficiary of another trust—then: (i) for the purposes of applying Division 6 of Part III of the Income Tax Assessment Act 1936 to the trust that is a beneficiary, replace the references in that Division to share of the net income with references to share of the pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); and (ii) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the trust that is a beneficiary, replace references in that Division to Division 6E net income with references to pre ‑ 2012 non ‑ IMR Division 6E net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); (e) if the trust is a partner in a partnership—for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references to the individual interest of the partner in the partnership net income or partnership loss with references to the individual interest of the partner in the pre ‑ 2012 non ‑ IMR partnership net income or pre ‑ 2012 non ‑ IMR partnership loss (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ). Note: The net income of a trust may include a share of the net income of another trust. Where there is a chain of trusts, these calculations are applied to each trust in the chain. Pre ‑ 2012 non ‑ IMR Division 6E net income (2) A trust’s pre ‑ 2012 non ‑ IMR Division 6E net income in relation to an income year is determined by calculating the Division 6E net income (within the meaning of subsection 102UY(3) of the Income Tax Assessment Act 1936 ) of the trust as follows: (a) disregard the pre ‑ 2012 IMR income and pre ‑ 2012 IMR deduction of the trust in relation to the income year; (b) disregard the things mentioned in subparagraphs 102UW(b)(i) to (iii) of the Income Tax Assessment Act 1936 (which is about adjustments of Division 6 assessable amounts) in relation to the income year. Pre ‑ 2012 non ‑ IMR net capital gain (3) A trust’s pre ‑ 2012 non ‑ IMR net capital gain in relation to an income year is determined by calculating the net capital gain of the trust as follows: (a) disregard the trust’s pre ‑ 2012 IMR capital gain and pre ‑ 2012 IMR capital loss in relation to the income year; (b) disregard any capital gain of the trust in relation to the income year that is referable to a pre ‑ 2012 IMR capital gain of another IMR foreign fund that is a trust.", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-240"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 842-245", "Provision_Key": "s842-245", "Heading": "Pre ‑ 2012 non ‑ IMR partnership net income and pre ‑ 2012 non ‑ IMR partnership loss", "Text": "A partnership’s pre ‑ 2012 non ‑ IMR partnership net income or pre ‑ 2012 non ‑ IMR partnership loss in relation to an income year is determined by calculating the net income or partnership loss of the partnership as follows: (a) disregard the pre ‑ 2012 IMR income and pre ‑ 2012 IMR deduction of the partnership for the income year; (b) disregard any amount included in the partnership’s assessable income under subsection 207 ‑ 35(1) to the extent that the amount is attributable to pre ‑ 2012 IMR income of the partnership for the income year; (c) if the partnership is a beneficiary of a trust—then: (i) for the purposes of applying Division 6 of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace the references in that Division to share of the net income with references to share of the pre ‑ 2012 non ‑ IMR net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); and (ii) for the purposes of applying Division 6E of Part III of the Income Tax Assessment Act 1936 to the beneficiary, replace references in that Division to Division 6E net income with references to pre ‑ 2012 non ‑ IMR Division 6E net income (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ); (d) if the partnership is a partner in another partnership—for the purposes of applying Division 5 of Part III of the Income Tax Assessment Act 1936 to the partner, replace the references in that Division to the individual interest of the partner in the partnership net income or partnership loss with references to the individual interest of the partner in the pre ‑ 2012 non ‑ IMR partnership net income or pre ‑ 2012 non ‑ IMR partnership loss (within the meaning of subsection 842 ‑ 240(1) of the Income Tax (Transitional Provisions) Act 1997 ). Note: The net income of a partnership may include a share of the net income of another partnership. Where there is a chain of partnerships, these calculations are applied to each partnership in the chain.", "Amendment_Count": 1, "First_Amended": "No 126 of 2012", "Last_Amended": "No 126 of 2012", "Amending_Acts": "No 126 of 2012", "History_Notes": "Inserted by No 126 of 2012, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s842-245"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 880-1", "Provision_Key": "s880-1", "Heading": "Application of Division 880 of the Income Tax Assessment Act 1997", "Text": "Division 880 of the Income Tax Assessment Act 1997 applies to the 2019 ‑ 20 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 4 (item 7): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s880-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 880-5", "Provision_Key": "s880-5", "Heading": "Certain income of sovereign entity in respect of a scheme is non ‑ assessable non ‑ exempt income if covered by a private ruling", "Text": "An amount of ordinary income or statutory income of a sovereign entity for an income year is not assessable income and is not exempt income if: (a) the amount is a return on an investment asset under a scheme; and (b) the sovereign entity acquired the investment asset on or before 27 March 2018 under the scheme; and (c) on or before 27 March 2018, the sovereign entity applied for a private ruling in relation to the scheme; and (d) before 1 July 2026, the Commissioner gave the entity a private ruling confirming that income from the investment asset was not subject to income tax, or withholding tax, because of the doctrine of sovereign immunity; and (e) the private ruling applied during at least part of the period: (i) starting on 27 March 2018; and (ii) ending before 1 July 2026; regardless of whether the private ruling started to apply before 27 March 2018, or ceased to apply before 1 July 2026; and (f) the scheme carried out is not materially different to the scheme specified in the private ruling; and (g) the income year is: (i) unless subparagraph (ii) applies—the 2025 ‑ 26 income year or an earlier income year; or (ii) if the last income year to which the private ruling relates is a later income year than the 2025 ‑ 26 income year—that later income year, or an earlier income year.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 4 (item 7): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s880-5"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 880-10", "Provision_Key": "s880-10", "Heading": "Certain amounts of sovereign entity in respect of a scheme are not deductible if covered by a private ruling", "Text": "A sovereign entity cannot deduct an amount for an income year if: (a) the amount is a loss in respect of an investment asset under a scheme; and (b) the requirements in paragraphs 880 ‑ 5(b) to (g) are satisfied.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 4 (item 7): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s880-10"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 880-15", "Provision_Key": "s880-15", "Heading": "Sovereign entity’s capital gain from membership interest etc.—gain disregarded", "Text": "Disregard a capital gain of a sovereign entity from a CGT event that happens in relation to a CGT asset if: (a) the capital gain arises under a scheme; and (b) the CGT asset is a membership interest, non ‑ share equity interest or debt interest in another entity; and (c) the requirements in paragraphs 880 ‑ 5(b) to (g) are satisfied (on the assumption that references in those paragraphs to the investment asset were references to the CGT asset).", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 4 (item 7): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s880-15"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 880-20", "Provision_Key": "s880-20", "Heading": "Sovereign entity’s capital loss from membership interest etc.—loss disregarded", "Text": "Disregard a capital loss of a sovereign entity from a CGT event that happens at a time if, on the assumption that the loss were a capital gain that happened at that time, the capital gain would be disregarded because of section 880 ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 4 (item 7): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s880-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 880-25", "Provision_Key": "s880-25", "Heading": "Asset of sovereign entity—deemed sale and purchase", "Text": "(1) This section applies if: (a) a sovereign entity acquired an asset (other than money) on or before 27 March 2018 under a scheme; and (b) on or before 27 March 2018, the sovereign entity applied for a private ruling in relation to the scheme; and (c) before 1 July 2026, the Commissioner gave the entity a private ruling confirming that income from the asset was not subject to income tax, or withholding tax, because of the doctrine of sovereign immunity; and (d) the private ruling applied during at least part of the period: (i) starting on 27 March 2018; and (ii) ending before 1 July 2026; regardless of whether the private ruling started to apply before 27 March 2018, or ceased to apply before 1 July 2026; and (e) the sovereign entity holds the asset on the day mentioned in subsection (5). (2) For the purposes mentioned in subsection (3), the sovereign entity is taken: (a) to have disposed of the asset, immediately before the day mentioned in subsection (5), for a consideration equal to its market value; and (b) to have acquired the asset again, immediately after the disposal mentioned in paragraph (a), for a consideration equal to the higher of the following: (i) its market value immediately before that disposal; (ii) its cost base immediately before that disposal. (3) The purposes are as follows: (a) the purposes of Parts 3 ‑ 1 and 3 ‑ 3 of the Income Tax Assessment Act 1997 ; (b) if the asset is a revenue asset—determining whether an amount is included in, or can be deducted from, the assessable income of the entity. (4) Despite subsection (3): (a) disregard any capital gain or capital loss the sovereign entity makes because of the disposal mentioned in paragraph (2)(a); or (b) if the asset is a revenue asset—disregard any amount that could (apart from this subsection) be included in, or be deducted from, the assessable income of the entity as a result of that disposal. (5) For the purposes of paragraphs (1)(e) and (2)(a), the day is: (a) unless paragraph (b) applies—the later of the following days: (i) 1 July 2026; (ii) the day before the private ruling ceases to apply; or (b) a day earlier than the day mentioned in paragraph (a), if: (i) the scheme mentioned in paragraph (1)(a) is not, when it is first carried out, materially different to the scheme specified in the private ruling; and (ii) it becomes, on the earlier day, materially different to the scheme specified in the private ruling.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 4 (item 7): 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s880-25"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 909-1", "Provision_Key": "s909-1", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective Schedule 7 (items 4, 13, 14): Royal Assent Schedule 10 (items 89, 90): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s909-1"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-20", "Provision_Key": "s960-20", "Heading": "Utilisation—corporate loss carry back", "Text": "(1) For the purposes of subsection 960 ‑ 20(2) of the Income Tax Assessment Act 1997 , a tax loss is utilised to the extent that it is carried back under former Division 160 of that Act (which provided for a corporate loss carry back tax offset). (2) For the purposes of subsection 960 ‑ 20(4) of that Act, net exempt income for an income year is utilised to the extent that, because of it, an amount was reduced under step 2 of the method statement in former subsection 160 ‑ 15(2) of that Act (which was about calculating a loss carry back tax offset component).", "Amendment_Count": 1, "First_Amended": "No 96 of 2014", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 96 of 2014", "History_Notes": "Inserted by No 96 of 2014, effective sch 2 (items 2, 42 ‑ 44): 30 Sept 2014 (s 2(1) item 2 and F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-20"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-100", "Provision_Key": "s960-100", "Heading": "Effect of this Subdivision", "Text": "This Subdivision has effect for the purposes of the Income Tax Assessment Act 1936 , the Income Tax Assessment Act 1997 , the Taxation Administration Act 1953 and this Act.", "Amendment_Count": 1, "First_Amended": "No 117 of 1999", "Last_Amended": "No 117 of 1999", "Amending_Acts": "No 117 of 1999", "History_Notes": "Inserted by No 117 of 1999, effective Sch 2 (item 1): 22 Sept 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-100"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-105", "Provision_Key": "s960-105", "Heading": "Entities, and members of entities, benefiting from the application of this Subdivision", "Text": "(1) This Subdivision applies to an entity if, and only if: (a) the entity is a managed investment scheme for the purposes of the Corporations Law; and (b) the scheme has been or is registered by the Australian Securities and Investments Commission under section 601EB of the Corporations Law; and (c) the entity was a managed investment scheme as mentioned in paragraph (a) at all times from the commencement of 1 July 1998 until the registration of the scheme as mentioned in paragraph (b); and (d) the entity was the same kind of entity immediately before, and immediately after, the scheme was so registered; and (e) changes to the scheme that were necessary to be made to enable the scheme to be registered as mentioned in paragraph (b) were made during the period beginning on 1 July 1998 and ending on 30 June 2000 (the transition period ); and (f) the membership of the scheme did not alter as a result of the changes; and (g) where any other changes were or are made to the scheme during the transition period: (i) the other changes were or are made only for the purpose of improving the administration or operation of the scheme; and (ii) there were no increases in the values of the interests of any members of the scheme as a result of the other changes or, if there were any such increases, they applied proportionately to the values of the interests of all the members of the scheme; and (iii) no reductions in the values of the interests of any members of the scheme occurred as a result of the other changes; and (iv) the membership of the scheme did not alter as a result of the other changes. (2) If this Subdivision applies to an entity under subsection (1) because of a particular change referred to in that subsection, it also applies because of the change to a member of the entity, in relation to the member’s interests in the entity, if the member was a member immediately before, and immediately after, the change was made.", "Amendment_Count": 2, "First_Amended": "No 117 of 1999", "Last_Amended": "No 66 of 2000", "Amending_Acts": "No 117 of 1999 | No 66 of 2000", "History_Notes": "Inserted by No 117 of 1999, effective Sch 2 (item 1): 22 Sept 1999 (s 2(1)) | Amended by No 66 of 2000, effective Sch 1: 22 Sept 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-105"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-110", "Provision_Key": "s960-110", "Heading": "No taxation consequences to result from changes to managed investment scheme", "Text": "Despite the changes made as mentioned in subsection 960 ‑ 105(1) to the managed investment scheme constituted by an entity to which this Subdivision applies: (a) the entity is taken, immediately after the changes were made or, if the changes were made at different times, immediately after the last of the changes was made, to be the same entity as existed immediately before the changes were made or, if the changes were made at different times, immediately before the first of the changes was made; and (b) the legal ownership of the assets of the entity is taken not to have altered as a result of the changes; and (c) the beneficial ownership of the interests in the entity of a member of the entity to whom, because of a particular change, this Subdivision applies in relation to those interests is taken not to have altered as a result of the change; and (d) without limiting by implication any other effect of the above paragraphs: (i) the changes are taken not to have resulted in a CGT event in respect of the entity; and (ii) in so far as this Subdivision applies to a member of the entity because of a particular change, the change is taken not to have resulted in a CGT event in respect of the member in relation to the member’s interests in the entity.", "Amendment_Count": 2, "First_Amended": "No 117 of 1999", "Last_Amended": "No 66 of 2000", "Amending_Acts": "No 117 of 1999 | No 66 of 2000", "History_Notes": "Inserted by No 117 of 1999, effective Sch 2 (item 1): 22 Sept 1999 (s 2(1)) | Amended by No 66 of 2000, effective Sch 1: 22 Sept 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-110"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-115", "Provision_Key": "s960-115", "Heading": "Certain entities treated as agents", "Text": "A declaration made by the Commissioner for the purposes of paragraph (b) of the definition of agent in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 and in force immediately before the Tax Laws Amendment (2006 Measures No. 2) Act 2006 received the Royal Assent continues to have effect for the purposes of section 960 ‑ 105 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective Schedule 3 (items 4–7) and Schedule 7 (items 120–124): Royal Assent Schedule 5 (items 4, 5): 1 July 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-115"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-262", "Provision_Key": "s960-262", "Heading": "Application of Subdivision 960 ‑ M of the Income Tax Assessment Act 1997", "Text": "(1) Subdivision 960 ‑ M of the Income Tax Assessment Act 1997 (about indexation) applies to assessments for the 1998 ‑ 99 income year and later income years (except so far as it affects the car depreciation limit). (2) For the car depreciation limit (see section 42 ‑ 80 of the Income Tax Assessment Act 1997 ), that Subdivision applies to the 1998 ‑ 99 financial year and later financial years.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-262"}
{"Act_Short_Name": "ITTPA", "Act_Title": "Income Tax (Transitional Provisions) Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05128", "Provision": "s 960-275", "Provision_Key": "s960-275", "Heading": "Indexation factor", "Text": "(1) This section applies to a CGT asset that: (a) is a share in a company that was issued or allotted to you by the company or a unit in a unit trust that was issued to you by the trustee; and (b) you acquired before 16 August 1989; and (c) you owned just before the start of the 1998 ‑ 99 income year. (2) In working out the cost base of the cost base of the asset, you ignore subsection 960 ‑ 275(3) and use the indexation factor in subsection 960 ‑ 275(2).", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 1–3), Sch 3 (items 1, 2), Sch 4 (item 1), Sch 5 (items 1, 2), Sch 6 (item 1), Sch 7 (item 1), Sch 8 (item 1) and Sch 9 (items 1, 8): 22 June 1998 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05128/latest/text#s960-275"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Income Tax Rates Act 1986 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s1"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act shall come into operation on the day on which it receives the Royal Assent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s2"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Interpretation", "Text": "(1) In this Act, unless the contrary intention appears: abnormal income amount , in relation to the taxable income of a taxpayer of a year of income, means any above ‑ average special professional income included in the taxpayer’s taxable income for the year of income under section 405 ‑ 15 of the Income Tax Assessment Act 1997 . ADI has the same meaning as in the Income Tax Assessment Act 1997 . AMIT (short for attribution managed investment trust) has the same meaning as in the Income Tax Assessment Act 1997 . Assessment Act means the Income Tax Assessment Act 1936 . attribution managed investment trust : see AMIT . base rate entity has the meaning given by section 23AA. base rate entity passive income has the meaning given by section 23AB. complying ADF means a complying approved deposit fund as defined in the Income Tax Assessment Act 1997 . complying superannuation class of the taxable income of a life insurance company has the same meaning as in the Income Tax Assessment Act 1997 . complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997 . determined member component has the same meaning as in the Income Tax Assessment Act 1997 . eligible ADF means a fund that is a complying approved deposit fund or a non ‑ complying approved deposit fund, as defined in the Income Tax Assessment Act 1997 . eligible part , in relation to the special income component of the taxable income of a taxpayer, means so much of the special income component as is eligible taxable income for the purposes of Division 6AA of Part III of the Assessment Act. eligible superannuation fund means a fund that is a complying superannuation fund or a non ‑ complying superannuation fund, as defined in the Income Tax Assessment Act 1997 . employment termination remainder of taxable income means so much of the taxable income as: (a) is included in assessable income under a maximum tax rate provision in Division 82 of the Income Tax Assessment Act 1997 or Division 82 of the Income Tax (Transitional Provisions) Act 1997 ; and (b) does not give rise to an entitlement to a tax offset under that maximum tax rate provision. friendly society has the same meaning as in the Income Tax Assessment Act 1997 . life insurance company has the same meaning as in the Life Insurance Act 1995 . low tax component has the same meaning as in the Income Tax Assessment Act 1997 . managed investment trust has the same meaning as in the Income Tax Assessment Act 1997 . maximum tax rate provision means any of the following provisions: (a) section 82 ‑ 10 of the Income Tax Assessment Act 1997 ; (b) section 82 ‑ 65 of the Income Tax Assessment Act 1997 ; (c) section 82 ‑ 70 of the Income Tax Assessment Act 1997 ; (d) section 301 ‑ 95 of the Income Tax Assessment Act 1997 ; (e) section 301 ‑ 105 of the Income Tax Assessment Act 1997 ; (f) section 301 ‑ 115 of the Income Tax Assessment Act 1997 ; (g) section 82 ‑ 10A of the Income Tax (Transitional Provisions) Act 1997 ; (h) section 82 ‑ 10C of the Income Tax (Transitional Provisions) Act 1997 . net income phase ‑ out limit has the meaning given by subsection 14(3). non ‑ arm’s length component has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ complying ADF means a fund that, at all times during the year of income when the fund is in existence, is an approved deposit fund within the meaning of the Income Tax Assessment Act 1997 , but does not include a fund that is a complying ADF. non ‑ complying superannuation fund has the same meaning as in the Income Tax Assessment Act 1997 . non ‑ profit company means: (a) a company that is not carried on for the purposes of profit or gain to its individual members and is, by the terms of the company’s constituent document, prohibited from making any distribution, whether in money, property or otherwise, to its members; or (b) a friendly society dispensary. non ‑ resident beneficiary , in relation to a year of income, means a beneficiary of a trust estate who is a prescribed non ‑ resident in relation to that year of income. non ‑ resident phase ‑ out limit has the meaning given by subsection 15(8). non ‑ resident taxpayer , in relation to a year of income, means a taxpayer who is a prescribed non ‑ resident in relation to that year of income. non ‑ resident trust estate , in relation to a year of income, means a trust estate that is not a resident trust estate in relation to that year of income. no ‑ TFN contributions income has the same meaning as in the Income Tax Assessment Act 1997 . ordinary class of the taxable income of a life insurance company has the same meaning as in the Income Tax Assessment Act 1997 . ordinary taxable income means the taxable income, reduced by the superannuation remainder of the taxable income and by the employment termination remainder of the taxable income. PDF (pooled development fund) has the same meaning as in the Assessment Act. PDF component has the same meaning as in the Assessment Act. pooled superannuation trust has the same meaning as in the Income Tax Assessment Act 1997 . prescribed non ‑ resident , in relation to a year of income, means a person who, at all times during the year of income, is a non ‑ resident, not being a person to whom, at any time during the year of income, compensation or a pension, allowance or benefit is payable under: (a) the Veterans’ Entitlements Act 1986 ; (b) subsection 4(6) of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 ; or (ba) the Military Rehabilitation and Compensation Act 2004 ; or (c) the Social Security Act 1991 ; being compensation or a pension, allowance or benefit in respect of which the person is liable to be assessed and to pay income tax in Australia. prescribed unit trust , in relation to a year of income, means a trust estate that is a public trading trust in relation to the year of income. public trading trust , in relation to a year of income, means a unit trust that is a public trading trust, within the meaning of Division 6C of Part III of the Assessment Act, in relation to the year of income. reduced taxable income means the part (if any) of the taxable income other than the special income component. resident beneficiary , in relation to a year of income, means a beneficiary of a trust estate who is not a prescribed non ‑ resident in relation to that year of income. resident phase ‑ out limit has the meaning given by subsection 13(10). resident taxpayer , in relation to a year of income, means a taxpayer who is not a prescribed non ‑ resident in relation to that year of income. resident trust estate , in relation to a year of income, means a trust estate that, under subsection 95(2) of the Assessment Act, is to be taken to be a resident trust estate in relation to that year of income. RSA component has the same meaning as in the Income Tax Assessment Act 1997 . second resident personal tax rate means the rate mentioned in item 2 of the table in clause 1 of Part I of Schedule 7 that is applicable to the year of income. SME income component has the same meaning as in Subdivision B of Division 10E of Part III of the Assessment Act. sovereign entity has the same meaning as in the Income Tax Assessment Act 1997 . special income component , in relation to a taxable income for which there is an abnormal income amount, means: (a) so much of the taxable income as does not exceed the abnormal income amount; or (b) if the sum (the component sum ) of: (i) the abnormal income amount; and (ii) the superannuation remainder of the taxable income; and (iii) the employment termination remainder of the taxable income; is more than the taxable income—the abnormal income amount, reduced by the amount by which the component sum exceeds the taxable income. standard component has the same meaning as in the Income Tax Assessment Act 1997 . superannuation remainder of taxable income means so much of the taxable income as: (a) is included in assessable income under a maximum tax rate provision in Division 301 of the Income Tax Assessment Act 1997 ; and (b) does not give rise to an entitlement to a tax offset under that maximum tax rate provision. tax means income tax imposed as such by any Act other than income tax payable in accordance with section 121H, 126, 128B, 128N, 128NA, 128NB, 128T, 128V, 136A or 159C of the Assessment Act. tax ‑ free threshold means $18,200. tax offset has the same meaning as in the Income Tax Assessment Act 1997 . third resident personal tax rate means the rate mentioned in item 3 of the table in clause 1 of Part I of Schedule 7 that is applicable to the year of income. unregulated investment component has the same meaning as in Subdivision B of Division 10E of Part III of the Assessment Act. working holiday maker has the meaning given by subsection 3A(1). working holiday taxable income has the meaning given by subsections 3A(2) and (3). (2) In this Act: (a) a reference to net income, taxable income or reduced taxable income shall be read as a reference to net income, taxable income or reduced taxable income, as the case may be, of the year of income; and (b) a reference to eligible taxable income for the purposes of Division 6AA of Part III of the Assessment Act shall be read as a reference to eligible taxable income of the year of income for the purposes of that Division. (3) A reference in this Act to the part to which Division 6AA of Part III of the Assessment Act applies of the share of a beneficiary of the net income of a trust estate shall, if that Division applies to the whole of such a share, be read as a reference to the whole of that share.", "Amendment_Count": 34, "First_Amended": "No 138 of 1987", "Last_Amended": "No 3 of 2024", "Amending_Acts": "No 138 of 1987 | No 11 of 1988 | No 98 of 1989 | No 106 of 1989 | No 48 of 1991 | No 100 of 1991 | No 98 of 1992 | No 7 of 1993 | No 181 of 1994 | No 62 of 1997 | No 121 of 1997 | No 46 of 1998 | No 41 of 1999 | No 168 of 1999 | No 89 of 2000 | No 77 of 2001 | No 142 of 2003 | No 52 of 2004 | No 101 of 2006 | No 19 of 2007 | No 143 of 2007 | No 45 of 2008 | No 150 of 2011 | No 60 of 2012 | No 88 of 2013 | No 70 of 2015 | No 49 of 2016 | No 53 of 2016 | No 92 of 2016 | No 41 of 2017 | No 47 of 2018 | No 94 of 2018 | No 36 of 2019 | No 3 of 2024", "History_Notes": "Amended by No 138 of 1987, effective s 53–62: 18 Dec 1987 (s 2(1)) | Amended by No 11 of 1988, effective s 42: 26 Apr 1988 (s 2(1)) | Amended by No 98 of 1989, effective 30 June 1989 (s 2) | Amended by No 106 of 1989, effective 30 June 1989 (s 2) | Amended by No 48 of 1991, effective s 92, 93(1), 94, 95, 97(1), (2), 98 and 99: 24 Apr 1991 (s 2(1)) s 93(2), 96 and 97(3): 1 July 1991 (s 2(4)) | Amended by No 100 of 1991, effective s 86–88: 27 June 1991 (s 2(1)) | Amended by No 98 of 1992, effective s 83–85: 30 June 1992 (s 2(1)) | Amended by No 7 of 1993, effective s 36–43: 1 July 1994 (s 2(2)(b)) | Amended by No 181 of 1994, effective Sch 2 (items 1–4): 19 Dec 1994 (s 2(1)) | Amended by No 62 of 1997, effective Sch 18: 2 June 1997 (s 2) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 6 (items 134–137): 1 July 1997 (s 2(2), (3)) | Amended by No 46 of 1998, effective s 4, Sch 2 (items 546, 547), Sch 6 (items 31–46) and Sch 8 (item 10): 22 June 1998 (s 2(1), (2), (4)) | Amended by No 41 of 1999, effective 1 July 1999 (s 2) | Amended by No 168 of 1999, effective 10 Dec 1999 (s 2) | Amended by No 89 of 2000, effective Sch 2 (items 89–111): 30 June 2000 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 477–479, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 142 of 2003, effective Sch 6 (items 1–8, 21): 17 Dec 2003 (s 2(1) item 8) Sch 6 (items 22, 23): 1 July 1994 (s 2(1) item 9) | Amended by No 52 of 2004, effective Sch 3 (items 24–29): 1 July 2004 (s 2(1) item 6) | Amended by No 101 of 2006, effective Sch 1 (items 1, 263–265), Sch 2 (items 780–792) and Sch 6 (items 1, 6–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 19 of 2007, effective 15 Mar 2007 (s 2) | Amended by No 143 of 2007, effective Sch 7 (items 73–96): 24 Sept 2007 (s 2(1) item 11) | Amended by No 45 of 2008, effective Sch 1 (items 45–52), Sch 6 (items 1, 17) and Sch 7 (items 54, 55): 26 June 2008 (s 2) | Amended by No 150 of 2011, effective Sch 1 (items 1–6): 1 July 2012 (s 2(1) item 2) Sch 1 (items 7–9): never commenced (s 2(1) item 3) | Amended by No 60 of 2012, effective Sch 1 (items 9, 10): never commenced (s 2(1) item 3) Remainder: 21 June 2012 (s 2(1) items 1, 2) | Amended by No 88 of 2013, effective Sch 7 (items 211–221): 28 June 2013 (s 2(1) item 21) | Amended by No 70 of 2015, effective Sch 1 (items 109–117): 1 July 2015 (s 2(1) item 3) Sch 6 (item 39): 25 June 2015 (s 2(1) item 13) | Amended by No 49 of 2016, effective Sch 1: 5 May 2016 (s 2(1) item 2) | Amended by No 53 of 2016, effective Sch 5 (items 68–70, 75) and Sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) | Amended by No 92 of 2016, effective 2 Dec 2016 (s 2(1) item 1) | Amended by No 41 of 2017, effective Sch 1 (items 1–6): 1 July 2016 (s 2(1) item 2) Sch 1 (items 7–15): 1 July 2017 (s 2(1) item 3) Sch 1 (item 16): 1 July 2018 (s 2(1) item 4) Sch 1 (items 33–38): repealed before commencing (s 2(1) item 5) Sch 1 (items 39–44): 1 July 2020 (s 2(1) item 6) Sch 1 (items 45–50): 1 July 2021 (s 2(1) item 7) Sch 1 (item 57): 19 May 2017 (s 2(1) item 8) | Amended by No 47 of 2018, effective Sch 2 (items 1–16): 1 July 2018 (s 2(1) item 4) Sch 2 (items 18–25): repealed before commencing (s 2(1) items 5, 6) | Amended by No 94 of 2018, effective sch 1 (items 1, 2): 1 July 2017 (s 2(1) item 2) sch 1 (item 3): 31 Aug 2018 (s 2(1) item 3) sch 2 (items 3 ‑ 5): never commenced (s 2(1) item 5) | Amended by No 36 of 2019, effective sch 1: 1 July 2019 (s 2(1) item 2) | Amended by No 3 of 2024, effective 1 Apr 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s3"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 3A", "Provision_Key": "s3a", "Heading": "Working holiday makers and working holiday taxable income", "Text": "(1) An individual is a working holiday maker at a particular time if the individual holds at that time: (a) a Subclass 417 (Working Holiday) visa; or (b) a Subclass 462 (Work and Holiday) visa; or (c) a bridging visa permitting the individual to work in Australia if: (i) the bridging visa was granted under the Migration Act 1958 in relation to an application for a visa of a kind described in paragraph (a) or (b); and (ii) the Minister administering that Act is still to make a decision in relation to the application; and (iii) the most recent visa, other than a bridging visa, granted under that Act to the individual was a visa of a kind described in paragraph (a) or (b); or (d) a COVID ‑ 19 pandemic event 408 visa (as defined by subclause 9204(1) of Schedule 13 to the Migration Regulations 1994 ). (2) An individual’s working holiday taxable income for a year of income is the individual’s assessable income for the year of income derived: (a) from sources in Australia; and (b) while the individual is a working holiday maker; less so much of any amount the individual can deduct for the year of income as relates to that assessable income. (3) However, the individual’s working holiday taxable income does not include any superannuation remainder, or employment termination remainder, of the individual’s taxable income for the year of income.", "Amendment_Count": 2, "First_Amended": "No 92 of 2016", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 92 of 2016 | No 8 of 2022", "History_Notes": "Inserted by No 92 of 2016, effective 2 Dec 2016 (s 2(1) item 1) | Amended by No 8 of 2022, effective sch 8 (items 17, 18): 23 Feb 2022 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s3A"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Incorporation", "Text": "The Assessment Act is incorporated, and shall be read as one, with this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s4"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Interpretation", "Text": "In this Part, tax means: (a) tax payable by a natural person, other than: (i) a person in the capacity of a trustee of an eligible superannuation fund; or (ii) a person in the capacity of a trustee of a prescribed unit trust; or (iii) a person in the capacity of a trustee of an eligible ADF; or (iiia) a person in the capacity of a trustee of a pooled superannuation trust; or (iv) a person in the capacity of a trustee of a trust estate, being a person who is liable to be assessed and to pay tax under paragraph 98(3)(b) or subsection 98(4) of the Assessment Act; or (v) a person in the capacity of a trustee of an AMIT, being a person who is liable to be assessed and to pay tax under paragraph 276 ‑ 105(2)(b) or (c) of the Income Tax Assessment Act 1997 ; or (b) tax payable by a company in the capacity of a trustee, other than: (i) a company in the capacity of a trustee of an eligible superannuation fund; or (ii) a company in the capacity of a trustee of a prescribed unit trust; or (iii) a company in the capacity of a trustee of an eligible ADF; or (iiia) a company in the capacity of a trustee of a pooled superannuation trust; or (iv) a company in the capacity of a trustee of a trust estate, being a company that is liable to be assessed and to pay tax under paragraph 98(3)(b) or subsection 98(4) of the Assessment Act; or (v) a company in the capacity of a trustee of an AMIT, being a company that is liable to be assessed and to pay tax under paragraph 276 ‑ 105(2)(b) or (c) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 138 of 1987", "Last_Amended": "No 49 of 2016", "Amending_Acts": "No 138 of 1987 | No 98 of 1989 | No 79 of 2007 | No 49 of 2016", "History_Notes": "Amended by No 138 of 1987, effective s 53–62: 18 Dec 1987 (s 2(1)) | Amended by No 98 of 1989, effective 30 June 1989 (s 2) | Amended by No 79 of 2007, effective Sch 9 (items 27–29, 30(1), 31, 32): 21 June 2007 (s 2(1) item 6) | Amended by No 49 of 2016, effective Sch 1: 5 May 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s5"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Rates of tax and notional rates", "Text": "(1) Except as otherwise provided by this Division, the rates of tax are as set out in Schedule 7. (2) The notional rates for the purposes of section 156 of the Assessment Act are as set out in Schedule 8. (4) For every dollar of so much of the net income of a trust estate as is equal to the deemed net income from primary production, the rate of complementary tax for the purposes of subsection 156(5A) of the Assessment Act is the amount ascertained by dividing the amount of the excess referred to in paragraph (b) of that subsection by the number of whole dollars in the eligible net income of the trust estate. (6) Subject to sections 13, 14 and 15, the rates of tax payable by a trustee under section 98 or 99 of the Assessment Act are as set out in Schedule 10. (6A) The rate of tax payable by a trustee under paragraph 276 ‑ 105(2)(a) of the Income Tax Assessment Act 1997 is as set out in Schedule 10A. (7) The rate of further tax payable by a person under subsection 94(9) of the Assessment Act is: (a) in respect of the part of the taxable income of the person that is the relevant part of that taxable income for the purposes of subsections 94(10A) and (10B) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula , where: A is an amount equal to 45% of the taxable income of the person; B is the amount of tax (if any) that, but for this subsection, section 12A and any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997 ) to which the person is entitled, would be payable by the person in respect of the taxable income of the person; and C is the number of whole dollars in the taxable income of the person; and (b) in respect of the part of the taxable income of the person that is the prescribed part of that taxable income for the purposes of subsection 94(10B) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula , where: A is an amount equal to 45% of the taxable income of the person; B is the amount of tax (if any) that would be payable by the person on the person’s taxable income if: (i) the comparison rate described in section 392 ‑ 55 of the Income Tax Assessment Act 1997 were the rate of tax payable by the person on that income; and (ii) this subsection and section 12A did not apply; and (iii) the person were not entitled to any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997 ); and C is the number of whole dollars in the taxable income of the person. (8) The rate of further tax payable by a trustee under subsection 94(11) or (12) of the Assessment Act is: (a) in respect of the part of the net income of the trust estate that is the relevant part of that net income for the purposes of subsections 94(12A) and (12B) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula , where: A is an amount equal to 45% of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act; B is the amount of tax (if any) that, but for this subsection, subsection (4) and any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997 ) to which the trustee is entitled, would be payable by the trustee in respect of that net income; and C is the number of whole dollars in that net income; and (b) in respect of the part of the net income of the trust estate that is the prescribed part of that net income for the purposes of subsection 94(12B) of the Assessment Act—the amount (if any) per dollar ascertained in accordance with the formula , where: A is an amount equal to 45% of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax under section 98 or 99 of the Assessment Act; B is the amount of tax (if any) that, but for this subsection, subsection (4) and any rebate, credit or other tax offset (as defined in the Income Tax Assessment Act 1997 ) to which the trustee is entitled, would be payable by the trustee in respect of that net income if the notional rates declared by this Division for the purposes of section 156 of the Assessment Act were the rates of tax payable by the trustee in respect of that net income; and C is the number of whole dollars in that net income. (9) The rate of tax payable by a trustee in respect of the net income of a trust estate in respect of which the trustee is liable, under section 99A of the Assessment Act, to be assessed and to pay tax is 45%. (10) The rate of tax payable by a trustee of a managed investment trust under subsection 275 ‑ 605(2) of the Income Tax Assessment Act 1997 is 30%. (11) The rate of tax payable by a trustee of an AMIT under subsection 276 ‑ 405(2) of the Income Tax Assessment Act 1997 is 45%. (12) The rate of tax payable by a trustee of an AMIT under subsection 276 ‑ 415(2) of the Income Tax Assessment Act 1997 is 45%. (13) The rate of tax payable by a trustee of an AMIT under subsection 276 ‑ 420(2) of the Income Tax Assessment Act 1997 is 45%.", "Amendment_Count": 14, "First_Amended": "No 138 of 1987", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 138 of 1987 | No 70 of 1989 | No 121 of 1997 | No 124 of 1997 | No 46 of 1998 | No 83 of 1999 | No 77 of 2001 | No 101 of 2004 | No 55 of 2006 | No 101 of 2006 | No 92 of 2011 | No 49 of 2016 | No 92 of 2020", "History_Notes": "Amended by No 138 of 1987, effective s 53–62: 18 Dec 1987 (s 2(1)) | Amended by No 70 of 1989, effective s 7 and Sch: 21 June 1989 (s 2) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 6 (items 134–137): 1 July 1997 (s 2(2), (3)) | Amended by No 124 of 1997, effective 15 Sept 1997 (s 2) | Amended by No 46 of 1998, effective s 4, Sch 2 (items 546, 547), Sch 6 (items 31–46) and Sch 8 (item 10): 22 June 1998 (s 2(1), (2), (4)) | Amended by No 83 of 1999, effective Sch 10 (items 55–62, 68(1)): 1 July 2000 (s 2(2)) | Amended by No 83 of 1999, effective Sch 10 (items 55–62, 68(1)): 1 July 2000 (s 2(2)) | Amended by No 77 of 2001, effective Sch 2 (items 477–479, 488(1)): 30 June 2001 (s 2(1)) | Amended by No 101 of 2004, effective Sch 11 (items 47, 48): 1 July 2000 (s 2(1) item 14) Sch 11 (items 147–153): 30 June 2004 (s 2(1) item 17) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 263–265), Sch 2 (items 780–792) and Sch 6 (items 1, 6–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 92 of 2011, effective 8 Sept 2011 (s 2(1) items 1, 2) | Amended by No 49 of 2016, effective Sch 1: 5 May 2016 (s 2(1) item 2) | Amended by No 92 of 2020, effective sch 1 (items 1 ‑ 12): 15 Oct 2020 (s 2(1) item 2) sch 1 (items 13 ‑ 16): 1 July 2024 (s 2(1) item 3) sch 5 (items 39, 40, 56): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s12"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 12AA", "Provision_Key": "s12aa", "Heading": "Rate of extra income tax on minimum tax capital gain", "Text": "(1) This section sets the rate of extra income tax payable under subsection 119 ‑ 10(1) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer’s minimum tax capital gain for a year of income. (2) The rate is worked out using the formula: (3) In this section: minimum tax capital gain means the taxpayer’s minimum tax capital gain, within the meaning of the Income Tax Assessment Act 1997 , in whole dollars. minimum tax gap amount means the taxpayer’s minimum tax gap amount, within the meaning of the Income Tax Assessment Act 1997 , in whole dollars.", "Amendment_Count": 1, "First_Amended": "No 50 of 2026", "Last_Amended": "No 50 of 2026", "Amending_Acts": "No 50 of 2026", "History_Notes": "Inserted by No 50 of 2026, effective 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s12AA"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 12A", "Provision_Key": "s12a", "Heading": "Rate of extra income tax for primary producers", "Text": "(1) This section sets the rate of extra income tax payable under subsection 392 ‑ 35(3) of the Income Tax Assessment Act 1997 on every dollar of a taxpayer’s averaging component for a year of income. (2) The rate is worked out using the formula: Rate if taxable income is less than tax ‑ free threshold adjusted by family tax assistance (6) In this section: averaging adjustment means the taxpayer’s smoothing adjustment, worked out for the year of income under section 392 ‑ 75 of the Income Tax Assessment Act 1997 . averaging component means the taxpayer’s averaging component in whole dollars, worked out for the year of income under Subdivision 392 ‑ C of the Income Tax Assessment Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 83 of 1999", "Amending_Acts": "No 46 of 1998 | No 69 of 1999 | No 83 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 2 (items 546, 547), Sch 6 (items 31–46) and Sch 8 (item 10): 22 June 1998 (s 2(1), (2), (4)) | Amended by No 69 of 1999, effective Sch 1 and Sch 3 (item 1(1)): 9 July 1999 (s 2) | Amended by No 83 of 1999, effective Sch 10 (items 55–62, 68(1)): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s12A"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Rates of tax where Division 6AA of Part III of the Assessment Act applies", "Text": "(1) The rates of tax in respect of the taxable income of a resident taxpayer: (a) who is a prescribed person in relation to the year of income for the purposes of Division 6AA of Part III of the Assessment Act; and (b) who has, for the purposes of that Division, an eligible taxable income of an amount exceeding $416; are as set out in Part I of Schedule 11. (2) Where the eligible taxable income of a resident taxpayer for the purposes of Division 6AA of Part III of the Assessment Act exceeds $416 but does not exceed the resident phase ‑ out limit, the amount of tax payable under subsection (1) in respect of that eligible taxable income shall not exceed: (a) 66% of the amount by which that eligible taxable income exceeds $416; or (b) the amount ascertained by deducting from the amount of tax that would be payable by the taxpayer if the rates set out in Part I of Schedule 7 were applied to the taxable income of the taxpayer the amount of tax that would be payable by the taxpayer if those rates were applied to the taxable income of the taxpayer reduced by the amount of that eligible taxable income; whichever is the greater. (3) Where: (a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a resident beneficiary of the net income of the trust estate; (b) Division 6AA of Part III of the Assessment Act applies to a part of that share; and (c) the part of that share to which that Division applies exceeds $416; the rates of tax payable by the trustee in respect of that share of the net income of the trust estate are as set out in Part I of Schedule 12. (4) Where: (a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a resident beneficiary of the net income of the trust estate; (b) Division 6AA of Part III of the Assessment Act applies to a part of that share; (c) the part of that share to which that Division applies does not exceed $416; (d) Division 6AA of Part III of the Assessment Act also applies to a part of the share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates; and (e) the sum of the part referred to in paragraph (b) and the part or parts referred to in paragraph (d) exceeds $416; the trustee of the trust estate referred to in paragraph (a) is liable to pay tax in respect of the share of the net income of the trust estate referred to in that paragraph at the rates set out in Part I of Schedule 12. (5) Where: (a) the amount of tax that a trustee of a trust estate is liable to pay in respect of the share of a resident beneficiary of the net income of the trust estate is, by virtue of subsection (4), to be calculated in accordance with Part I of Schedule 12; and (b) the sum of: (i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and (ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies; does not exceed the resident phase ‑ out limit; the tax that, apart from this subsection, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable. (6) Subject to subsection (7), where: (a) the trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a resident beneficiary of the net income of the trust estate; (b) Division 6AA of Part III of the Assessment Act applies to a part (in this subsection referred to as the eligible part ) of that share; and (c) the eligible part of that share exceeds $416 but does not exceed the resident phase ‑ out limit; the amount of tax payable under subsection (3) in respect of the eligible part of that share shall not exceed: (d) 66% of the amount by which the eligible part of that share exceeds $416; or (e) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Part I of Schedule 10 were applied to that share of that net income the amount of tax that would be payable by the trustee if those rates were applied to that share of that net income reduced by the amount of the eligible part of that share; whichever is the greater. (7) Subsection (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate if Division 6AA of Part III of the Assessment Act applies to a part of a share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates. (8) Where: (a) by reason of the application of subsection (7), subsection (6) does not apply in relation to the share of a beneficiary of the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act; and (b) the sum of: (i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and (ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies; does not exceed the resident phase ‑ out limit; the tax that, apart from this subsection, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable. (9) In forming an opinion for the purposes of subsection (5) or (8) (in this subsection referred to as the relevant subsection ) in relation to the share of a beneficiary of the net income of a trust estate of a year of income, the Commissioner shall have regard to: (a) any limitation that would be applicable under subsection (6) on the amount of tax that would be payable by a trustee in accordance with Part I of Schedule 12 in respect of a share of the net income of a trust estate of the year of income of an amount equal to the sum of the shares referred to in paragraph (b) of the relevant subsection if: (i) Division 6AA of Part III of the Assessment Act applied to so much of that share as is equal to the sum of the parts of the shares referred to in paragraph (b) of the relevant subsection; and (ii) that share were a share of a resident beneficiary who is not presently entitled to a share of the income of the year of income of any other trust estate; (b) the amount of any reduction previously granted by the Commissioner under subsection (5) or (8) in relation to the share of the beneficiary of the net income of the year of income of any other trust estate; and (c) such other matters (if any) as the Commissioner thinks fit. (10) The resident phase ‑ out limit is the following amount rounded down to the nearest dollar:", "Amendment_Count": 4, "First_Amended": "No 70 of 1989", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 70 of 1989 | No 55 of 2006 | No 101 of 2006 | No 88 of 2013", "History_Notes": "Amended by No 70 of 1989, effective s 7 and Sch: 21 June 1989 (s 2) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 263–265), Sch 2 (items 780–792) and Sch 6 (items 1, 6–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective Sch 7 (items 211–221): 28 June 2013 (s 2(1) item 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s13"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Limitation on tax payable by certain trustees", "Text": "(1) Where: (a) the trustee of a resident trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate; (b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and (c) that net income or that part of the net income of the trust estate does not exceed $416; no tax is payable under subsection 12(6) in respect of that net income or that part of the net income, as the case may be. (2) Where: (a) the trustee of a resident trust estate is liable to be assessed and to pay tax under section 99 of the Assessment Act in respect of the net income or a part of the net income of the trust estate; (b) in the case of a trust estate of a deceased person, the deceased person died not less than 3 years before the end of the year of income; and (c) that net income or that part of the net income of the trust estate exceeds $416 but does not exceed the net income phase ‑ out limit; the amount of tax payable by the trustee under subsection 12(6) in respect of that net income or that part of the net income shall not exceed 50% of the amount by which that net income or that part of the net income, as the case may be, exceeds $416, less any rebate or credit to which the trustee is entitled. (3) The net income phase ‑ out limit is the following amount rounded down to the nearest dollar:", "Amendment_Count": 5, "First_Amended": "No 70 of 1989", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 70 of 1989 | No 48 of 1991 | No 167 of 2001 | No 58 of 2006 | No 88 of 2013", "History_Notes": "Amended by No 70 of 1989, effective s 7 and Sch: 21 June 1989 (s 2) | Amended by No 48 of 1991, effective s 92, 93(1), 94, 95, 97(1), (2), 98 and 99: 24 Apr 1991 (s 2(1)) s 93(2), 96 and 97(3): 1 July 1991 (s 2(4)) | Amended by No 167 of 2001, effective Sch 6 (items 4–6): 1 Oct 2001 (s 2(1)) | Amended by No 58 of 2006, effective Sch 7 (items 114–119): 22 June 2006 (s 2(1) item 6) | Amended by No 88 of 2013, effective Sch 7 (items 211–221): 28 June 2013 (s 2(1) item 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s14"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Rates of tax where Division 6AA of Part III of the Assessment Act applies", "Text": "(1) The rates of tax in respect of the taxable income of a non ‑ resident taxpayer: (a) who is a prescribed person in relation to the year of income for the purposes of Division 6AA of Part III of the Assessment Act; and (b) who has, for the purposes of that Division, an eligible taxable income; are as set out in Part II of Schedule 11. (2) Where the eligible taxable income of a non ‑ resident taxpayer for the purposes of Division 6AA of Part III of the Assessment Act: (a) does not exceed $416—the amount of tax payable under subsection (1) in respect of that eligible taxable income shall not exceed: (i) the amount ascertained by applying the second resident personal tax rate to that eligible taxable income; or (ii) the amount ascertained by deducting from the amount of tax that would be payable by the taxpayer if the rates set out in Part II of Schedule 7 were applied to the taxable income of the taxpayer the amount of tax that would be payable by the taxpayer if those rates were applied to the taxable income of the taxpayer reduced by the amount of that eligible taxable income; whichever is the greater; or (b) exceeds $416 but does not exceed the non ‑ resident phase ‑ out limit—the amount of tax payable under subsection (1) in respect of that eligible taxable income shall not exceed: (i) the amount ascertained by applying the second resident personal tax rate to $416, and then adding 66% of the amount by which that eligible taxable income exceeds $416; or (ii) the amount ascertained by deducting from the amount of tax that would be payable by the taxpayer if the rates set out in Part II of Schedule 7 were applied to the taxable income of the taxpayer the amount of tax that would be payable by the taxpayer if those rates were applied to the taxable income of the taxpayer reduced by the amount of that eligible taxable income; whichever is the greater. (3) Where: (a) a trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a non ‑ resident beneficiary of the net income of the trust estate; and (b) Division 6AA of Part III of the Assessment Act applies to a part of that share; the rates of tax payable by the trustee in respect of that share of the net income of the trust estate are as set out in Part II of Schedule 12. (4) Subject to subsection (5), where: (a) the trustee of a trust estate is liable to be assessed and to pay tax under section 98 of the Assessment Act in respect of the share of a non ‑ resident beneficiary of the net income of the trust estate; and (b) Division 6AA of Part III of the Assessment Act applies to a part (in this subsection referred to as the eligible part ) of that share; the amount of tax payable under subsection (3) in respect of the eligible part of that share shall not exceed: (c) where the eligible part of that share does not exceed $416: (i) the amount ascertained by applying the second resident personal tax rate to the amount of the eligible part of that share; or (ii) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Part II of Schedule 10 were applied to that share of that net income the amount of tax that would be payable by the trustee if those rates were applied to that share of that net income reduced by the amount of the eligible part of that share; whichever is the greater; or (d) where the eligible part of that share exceeds $416 but does not exceed the non ‑ resident phase ‑ out limit: (i) the amount ascertained by applying the second resident personal tax rate to $416, and then adding 66% of the amount by which the eligible part of that share exceeds $416; or (ii) the amount ascertained by deducting from the amount of tax that would be payable by the trustee if the rates referred to in Part II of Schedule 10 were applied to that share of that net income the amount of tax that would be payable by the trustee if those rates were applied to that share of that net income reduced by the amount of the eligible part of that share; whichever is the greater. (5) Subsection (4) does not apply in relation to the share of a beneficiary of the net income of a trust estate if Division 6AA of Part III of the Assessment Act applies to a part of a share of the beneficiary of the net income of another trust estate or to parts of the shares of the beneficiary of the net incomes of other trust estates. (6) Where: (a) by reason of the application of subsection (5), subsection (4) does not apply in relation to the share of a beneficiary of the net income of a trust estate in respect of which a trustee is liable to be assessed and to pay tax under section 98 of the Assessment Act; and (b) the sum of: (i) the part of that share to which Division 6AA of Part III of the Assessment Act applies; and (ii) the part of the share of the beneficiary of the net income of the other trust estate or the parts of the shares of the beneficiary of the net incomes of the other trust estates, as the case may be, to which that Division applies; does not exceed the non ‑ resident phase ‑ out limit; the tax that, apart from this subsection, would be payable by the trustee in respect of the share referred to in paragraph (a) shall be reduced by such amount (if any) as, in the opinion of the Commissioner, is fair and reasonable. (7) In forming an opinion for the purposes of subsection (6) in relation to the share of a beneficiary of the net income of a trust estate of a year of income, the Commissioner shall have regard to: (a) any limitation that would be applicable under subsection (4) on the amount of tax that would be payable by a trustee in accordance with Part II of Schedule 12 in respect of a share of the net income of a trust estate of the year of income of an amount equal to the sum of the shares referred to in paragraph (6)(b) if: (i) Division 6AA of Part III of the Assessment Act applied to so much of that share as is equal to the sum of the parts of the shares referred to in paragraph (6)(b); and (ii) that share were a share of a non ‑ resident beneficiary who is not presently entitled to a share of the income of the year of income of any other trust estate; (b) the amount of any reduction previously granted by the Commissioner under subsection (6) in relation to the share of the beneficiary of the net income of the year of income of any other trust estate; and (c) such other matters (if any) as the Commissioner thinks fit. (8) The non ‑ resident phase ‑ out limit is the following amount rounded down to the nearest dollar:", "Amendment_Count": 5, "First_Amended": "No 70 of 1989", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 70 of 1989 | No 55 of 2006 | No 101 of 2006 | No 60 of 2012 | No 88 of 2013", "History_Notes": "Amended by No 70 of 1989, effective s 7 and Sch: 21 June 1989 (s 2) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 101 of 2006, effective Sch 1 (items 1, 263–265), Sch 2 (items 780–792) and Sch 6 (items 1, 6–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 60 of 2012, effective Sch 1 (items 9, 10): never commenced (s 2(1) item 3) Remainder: 21 June 2012 (s 2(1) items 1, 2) | Amended by No 88 of 2013, effective Sch 7 (items 211–221): 28 June 2013 (s 2(1) item 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s15"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Interpretation", "Text": "In this Division: beneficiary , in relation to a trust estate, includes a person who is capable (whether by the exercise of a power of appointment or otherwise) of benefiting under the trust. eligible pensioner , in relation to a year of income, means a person to whom, at any time during the year of income, compensation or a pension, allowance or benefit is payable under: (a) the Veterans’ Entitlements Act 1986 ; (b) subsection 4(6) of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 ; or (ba) the Military Rehabilitation and Compensation Act 2004 ; or (c) a provision of the Social Security Act 1991 other than Part 2.11, 2.12 or 2.15 of that Act; being compensation or a pension, allowance or benefit in respect of which the person is liable to be assessed and to pay income tax in Australia.", "Amendment_Count": 10, "First_Amended": "No 78 of 1988", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 78 of 1988 | No 48 of 1991 | No 100 of 1991 | No 216 of 1991 | No 179 of 1999 | No 76 of 2000 | No 52 of 2004 | No 110 of 2006 | No 26 of 2018 | No 67 of 2024", "History_Notes": "Amended by No 78 of 1988, effective s 59: 24 June 1988 (s 2(1)) | Amended by No 48 of 1991, effective s 92, 93(1), 94, 95, 97(1), (2), 98 and 99: 24 Apr 1991 (s 2(1)) s 93(2), 96 and 97(3): 1 July 1991 (s 2(4)) | Amended by No 100 of 1991, effective s 86–88: 27 June 1991 (s 2(1)) | Amended by No 216 of 1991, effective s 105 and Sch 3: 24 Dec 1991 (s 2(1)) | Amended by No 179 of 1999, effective Sch 11 (item 106): 1 July 2000 (s 2(9)(b)) | Amended by No 76 of 2000, effective Sch 1 (items 6, 8(1)): 28 June 2000 (s 2) | Amended by No 52 of 2004, effective Sch 3 (items 24–29): 1 July 2004 (s 2(1) item 6) | Amended by No 110 of 2006, effective Sch 3: 23 Oct 2006 (s 2(1) item 3) | Amended by No 26 of 2018, effective Sch 5 (items 40, 139–148): 20 Sept 2020 (s 2(1) item 8) | Amended by No 67 of 2024, effective sch 5 (items 44, 48): 1 Oct 2024 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s16"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Part ‑ year residency period", "Text": "(1) Subject to subsection (2), the following periods are part ‑ year residency periods in relation to a person in relation to a year of income: (a) where the person was a resident at the beginning of the first month of the year of income and continued to be a resident until a time during a subsequent month in the year of income when the person ceased to be a resident—the period from the beginning of the year of income until the end of that subsequent month; (b) where the person commenced to be a resident during a month of the year of income and continued to be a resident until the end of the year of income—the period from the beginning of that month until the end of the year of income; (c) where the person commenced to be a resident during a month of the year of income and continued to be a resident until a time during a subsequent month of the year of income when the person ceased to be a resident—the period from the beginning of that first ‑ mentioned month until the end of that subsequent month. (2) A period shall not be taken to be a part ‑ year residency period in relation to a person in relation to a year of income if: (a) the person is an eligible pensioner in relation to the year of income; or (b) the period is the whole of the year of income.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s18"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 20", "Provision_Key": "s20", "Heading": "Pro ‑ rating of the tax ‑ free threshold", "Text": "Part ‑ year residency periods (1) This Act applies in relation to a person and a year of income as if the reference in the table applicable to the year of income in Part I of Schedule 7 to the tax ‑ free threshold were a reference to the amount calculated in accordance with the following formula, if there are one or more part ‑ year residency periods in relation to the person in relation to the year of income: Trustees (1A) Subsection (1) does not apply in calculating the tax payable by the trustee of a trust estate under section 98 of the Assessment Act in respect of a share of a beneficiary of the net income of the trust estate of a year of income. (2) However, this Act applies in calculating the tax payable by the trustee in respect of that share as if the reference in the table applicable to the year of income in Part I of Schedule 7 to the tax ‑ free threshold were a reference to the amount calculated in accordance with the following formula, if there are one or more part ‑ year residency periods in relation to the beneficiary in relation to the year of income: (3) Subsection (1) does not apply in calculating the tax payable by the trustee of a trust estate under section 99 of the Assessment Act.", "Amendment_Count": 7, "First_Amended": "No 70 of 1989", "Last_Amended": "No 47 of 2018", "Amending_Acts": "No 70 of 1989 | No 87 of 1990 | No 69 of 1999 | No 167 of 2001 | No 110 of 2006 | No 150 of 2011 | No 47 of 2018", "History_Notes": "Amended by No 70 of 1989, effective s 7 and Sch: 21 June 1989 (s 2) | Amended by No 87 of 1990, effective s 3(2), 5, Sch 1 and 2: 6 Nov 1990 (s 2(1)) s 4(2): 1 July 1991 (s 2(2)) | Amended by No 69 of 1999, effective Sch 1 and Sch 3 (item 1(1)): 9 July 1999 (s 2) | Amended by No 167 of 2001, effective Sch 6 (items 4–6): 1 Oct 2001 (s 2(1)) | Amended by No 110 of 2006, effective Sch 3: 23 Oct 2006 (s 2(1) item 3) | Amended by No 150 of 2011, effective Sch 1 (items 1–6): 1 July 2012 (s 2(1) item 2) Sch 1 (items 7–9): never commenced (s 2(1) item 3) | Amended by No 47 of 2018, effective Sch 2 (items 1–16): 1 July 2018 (s 2(1) item 4) Sch 2 (items 18–25): repealed before commencing (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s20"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Interpretation", "Text": "In this Part, tax does not include tax within the meaning of Part II.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s21"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 23", "Provision_Key": "s23", "Heading": "Rates of tax payable by companies", "Text": "(1A) This section has effect subject to section 23A. (1) The rates of tax payable by a company, other than a company in the capacity of a trustee, are as set out in the following provisions of this section. (2) The rate of tax in respect of the taxable income of a company is: (a) if the company is a base rate entity for a year of income—25%; or (b) otherwise—30%; if subsections (3) to (5) and section 23A do not apply to the company. (3) The rates of tax in respect of the taxable income of a company (other than a life insurance company) that is an RSA provider are: (a) in respect of the RSA component—15%; and (b) in respect of the standard component: (i) if the company is a base rate entity for a year of income—25%; or (ii) otherwise—30%. (4) The rates of tax in respect of the taxable income of a company that becomes a PDF during a year of income and is still a PDF at the end of the year of income are: (a) in respect of the SME income component—15%; and (b) in respect of the unregulated investment component—25%; and (c) in respect of so much of the taxable income as exceeds the PDF component: (i) if the company is a base rate entity for a year of income—25%; or (ii) otherwise—30%. (5) The rates of tax in respect of the taxable income of a company that is a PDF throughout the year of income are: (a) in respect of the SME income component—15%; and (b) in respect of the unregulated investment component—25%. (6) The amount of tax payable by a company (before applying any rebate, credit or other tax offset (within the meaning of the Income Tax Assessment Act 1997 )) must not be greater than 55% of the amount (if any) by which the taxable income of the company exceeds $416, if: (a) the company is a non ‑ profit company; and (b) the taxable income is not greater than: (i) if the company is a base rate entity for a year of income—$762; or (ii) otherwise—$915. (7) The amount of tax payable by a company (before applying any rebate, credit or other tax offset (within the meaning of the Income Tax Assessment Act 1997 )) must not be greater than: (a) if the company is a base rate entity for a year of income—37.5%; or (b) otherwise—45%; of the amount by which the taxable income of the company exceeds $49,999, if the company is a recognised medium credit union in relation to the year of income.", "Amendment_Count": 22, "First_Amended": "No 60 of 1987", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 60 of 1987 | No 118 of 1988 | No 106 of 1989 | No 98 of 1992 | No 18 of 1993 | No 55 of 1993 | No 57 of 1993 | No 173 of 1994 | No 181 of 1994 | No 90 of 1995 | No 62 of 1997 | No 41 of 1999 | No 167 of 1999 | No 89 of 2000 | No 101 of 2004 | No 55 of 2006 | No 143 of 2007 | No 45 of 2008 | No 14 of 2009 | No 66 of 2015 | No 70 of 2015 | No 41 of 2017", "History_Notes": "Amended by No 60 of 1987, effective 5 June 1987 (s 2) | Amended by No 118 of 1988, effective 13 Dec 1988 (s 2) | Amended by No 106 of 1989, effective 30 June 1989 (s 2) | Amended by No 98 of 1992, effective s 83–85: 30 June 1992 (s 2(1)) | Amended by No 18 of 1993, effective s 62–67: 9 June 1993 (s 2(1)) | Amended by No 55 of 1993, effective s 17 and 18: 27 Oct 1993 (s 2(1)) s 19: 1 July 2000 (s 2(4)) s 20: repealed before commencing (s 2(3)(b)) | Amended by No 57 of 1993, effective s 36 and 37: 27 Oct 1993 (s 2) | Amended by No 173 of 1994, effective 16 Dec 1994 (s 2) | Amended by No 181 of 1994, effective Sch 2 (items 1–4): 19 Dec 1994 (s 2(1)) | Amended by No 90 of 1995, effective 27 July 1995 (s 2) | Amended by No 62 of 1997, effective Sch 18: 2 June 1997 (s 2) | Amended by No 41 of 1999, effective 1 July 1999 (s 2) | Amended by No 167 of 1999, effective Sch 2: 1 July 2001 (s 2(2)) Remainder: 1 July 2000 (s 2(1)) | Amended by No 89 of 2000, effective Sch 2 (items 89–111): 30 June 2000 (s 2(1)) | Amended by No 101 of 2004, effective Sch 11 (items 47, 48): 1 July 2000 (s 2(1) item 14) Sch 11 (items 147–153): 30 June 2004 (s 2(1) item 17) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 143 of 2007, effective Sch 7 (items 73–96): 24 Sept 2007 (s 2(1) item 11) | Amended by No 45 of 2008, effective Sch 1 (items 45–52), Sch 6 (items 1, 17) and Sch 7 (items 54, 55): 26 June 2008 (s 2) | Amended by No 14 of 2009, effective Sch 4 (items 35, 36): 26 Mar 2009 (s 2(1) item 2) | Amended by No 66 of 2015, effective Sch 1 (item 31): 1 July 2015 (s 2(1) item 4) | Amended by No 70 of 2015, effective Sch 1 (items 109–117): 1 July 2015 (s 2(1) item 3) Sch 6 (item 39): 25 June 2015 (s 2(1) item 13) | Amended by No 41 of 2017, effective Sch 1 (items 1–6): 1 July 2016 (s 2(1) item 2) Sch 1 (items 7–15): 1 July 2017 (s 2(1) item 3) Sch 1 (item 16): 1 July 2018 (s 2(1) item 4) Sch 1 (items 33–38): repealed before commencing (s 2(1) item 5) Sch 1 (items 39–44): 1 July 2020 (s 2(1) item 6) Sch 1 (items 45–50): 1 July 2021 (s 2(1) item 7) Sch 1 (item 57): 19 May 2017 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s23"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 23AA", "Provision_Key": "s23aa", "Heading": "Meaning of base rate entity", "Text": "An entity is a base rate entity for a year of income if: (a) no more than 80% of its assessable income for the year of income is base rate entity passive income; and (b) its aggregated turnover (within the meaning of the Income Tax Assessment Act 1997 ) for the year of income, worked out as at the end of that year, is less than $50 million.", "Amendment_Count": 3, "First_Amended": "No 41 of 2017", "Last_Amended": "No 94 of 2018", "Amending_Acts": "No 41 of 2017 | No 94 of 2018", "History_Notes": "Inserted by No 41 of 2017, effective Sch 1 (items 1–6): 1 July 2016 (s 2(1) item 2) Sch 1 (items 7–15): 1 July 2017 (s 2(1) item 3) Sch 1 (item 16): 1 July 2018 (s 2(1) item 4) Sch 1 (items 33–38): repealed before commencing (s 2(1) item 5) Sch 1 (items 39–44): 1 July 2020 (s 2(1) item 6) Sch 1 (items 45–50): 1 July 2021 (s 2(1) item 7) Sch 1 (item 57): 19 May 2017 (s 2(1) item 8) | Amended by No 41 of 2017, effective Sch 1 (items 1–6): 1 July 2016 (s 2(1) item 2) Sch 1 (items 7–15): 1 July 2017 (s 2(1) item 3) Sch 1 (item 16): 1 July 2018 (s 2(1) item 4) Sch 1 (items 33–38): repealed before commencing (s 2(1) item 5) Sch 1 (items 39–44): 1 July 2020 (s 2(1) item 6) Sch 1 (items 45–50): 1 July 2021 (s 2(1) item 7) Sch 1 (item 57): 19 May 2017 (s 2(1) item 8) | Repealed and substituted by No 94 of 2018, effective sch 1 (items 1, 2): 1 July 2017 (s 2(1) item 2) sch 1 (item 3): 31 Aug 2018 (s 2(1) item 3) sch 2 (items 3 ‑ 5): never commenced (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s23AA"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 23AB", "Provision_Key": "s23ab", "Heading": "Meaning of base rate entity passive income", "Text": "(1) Base rate entity passive income is assessable income that is any of the following: (a) a distribution (within the meaning of the Income Tax Assessment Act 1997 ) by a corporate tax entity (within the meaning of that Act), other than a non ‑ portfolio dividend (within the meaning of section 317 of the Assessment Act); (b) an amount of a franking credit (within the meaning of the Income Tax Assessment Act 1997 ) on such a distribution; (c) a non ‑ share dividend (within the meaning of the Income Tax Assessment Act 1997 ) by a company; (d) interest (or a payment in the nature of interest), royalties and rent; (e) a gain on a qualifying security (within the meaning of Division 16E of Part III of the Assessment Act); (f) a net capital gain (within the meaning of the Income Tax Assessment Act 1997 ); (g) an amount included in the assessable income of a partner in a partnership or of a beneficiary of a trust estate under Division 5 or 6 of Part III of the Assessment Act, to the extent that the amount is referable (either directly or indirectly through one or more interposed partnerships or trust estates) to another amount that is base rate entity passive income under a preceding paragraph of this subsection. (2) However, if an entity has assessable income that is interest (or a payment in the nature of interest): (a) treat the assessable income as not being interest (or a payment in the nature of interest) of the entity for the purposes of paragraph (1)(d) if: (i) the entity is a financial institution (within the meaning of section 202A of the Assessment Act); or (ii) the entity is a registered entity (within the meaning of the Financial Sector (Collection of Data) Act 2001 ) that carries on a general business of providing finance (within the meaning of that Act) on a commercial basis; or (iii) the entity holds an Australian credit licence (within the meaning of the National Consumer Credit Protection Act 2009 ), or is a credit representative (within the meaning of that Act) of another entity that holds such an Australian credit licence; or (iv) the entity is a financial services licensee (within the meaning of the Corporations Act 2001 ) whose licence covers dealings in financial products mentioned in paragraph 764A(1)(a) of that Act (securities), or is an authorised representative (within the meaning of that Act) of such a financial services licensee; or (v) the entity is an entity of a kind specified in a legislative instrument made under subsection (3); and (b) treat the assessable income as not being interest (or a payment in the nature of interest) of the entity for the purposes of paragraph (1)(d) to the extent that it is a return on an equity interest in a company. (3) The Minister may, by legislative instrument, specify one or more kinds of entities for the purposes of subparagraph (2)(a)(v).", "Amendment_Count": 2, "First_Amended": "No 94 of 2018", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 94 of 2018 | No 76 of 2023", "History_Notes": "Inserted by No 94 of 2018, effective sch 1 (items 1, 2): 1 July 2017 (s 2(1) item 2) sch 1 (item 3): 31 Aug 2018 (s 2(1) item 3) sch 2 (items 3 ‑ 5): never commenced (s 2(1) item 5) | Amended by No 76 of 2023, effective sch 2 (item 660): 20 Oct 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s23AB"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 23A", "Provision_Key": "s23a", "Heading": "Rates of tax payable by life insurance companies", "Text": "The rates of tax in respect of the taxable income of a life insurance company are: (a) in respect of the ordinary class—30%; and (b) in respect of the complying superannuation class—15%.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 143 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective Sch 2 (items 89–111): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective Sch 7 (items 73–96): 24 Sept 2007 (s 2(1) item 11) | Amended by No 45 of 2008, effective Sch 1 (items 45–52), Sch 6 (items 1, 17) and Sch 7 (items 54, 55): 26 June 2008 (s 2) | Amended by No 70 of 2015, effective Sch 1 (items 109–117): 1 July 2015 (s 2(1) item 3) Sch 6 (item 39): 25 June 2015 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s23A"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 25", "Provision_Key": "s25", "Heading": "Rate of tax payable by trustees of public trading trusts", "Text": "The rate of tax payable by a trustee of a public trading trust in respect of the net income of the public trading trust in respect of which the trustee is liable, under section 102S of the Assessment Act, to be assessed and to pay tax is: (a) if the trust is a base rate entity for a year of income—25%; or (b) otherwise—30%.", "Amendment_Count": 7, "First_Amended": "No 60 of 1987", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 60 of 1987 | No 118 of 1988 | No 18 of 1993 | No 90 of 1995 | No 167 of 1999 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Amended by No 60 of 1987, effective 5 June 1987 (s 2) | Amended by No 118 of 1988, effective 13 Dec 1988 (s 2) | Amended by No 18 of 1993, effective s 62–67: 9 June 1993 (s 2(1)) | Amended by No 90 of 1995, effective 27 July 1995 (s 2) | Amended by No 167 of 1999, effective Sch 2: 1 July 2001 (s 2(2)) Remainder: 1 July 2000 (s 2(1)) | Repealed and substituted by No 66 of 2015, effective Sch 1 (item 31): 1 July 2015 (s 2(1) item 4) | Amended by No 41 of 2017, effective Sch 1 (items 1–6): 1 July 2016 (s 2(1) item 2) Sch 1 (items 7–15): 1 July 2017 (s 2(1) item 3) Sch 1 (item 16): 1 July 2018 (s 2(1) item 4) Sch 1 (items 33–38): repealed before commencing (s 2(1) item 5) Sch 1 (items 39–44): 1 July 2020 (s 2(1) item 6) Sch 1 (items 45–50): 1 July 2021 (s 2(1) item 7) Sch 1 (item 57): 19 May 2017 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s25"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 26", "Provision_Key": "s26", "Heading": "Rates of tax payable by trustees of superannuation funds", "Text": "(1) The rates of tax payable by a trustee of a complying superannuation fund in respect of the taxable income of the fund are: (a) in respect of the low tax component—15%; and (b) in respect of the non ‑ arm’s length component—45%. (2) The rate of tax payable by a trustee of a non ‑ complying superannuation fund in respect of the taxable income of the fund is 45%.", "Amendment_Count": 6, "First_Amended": "No 60 of 1987", "Last_Amended": "No 19 of 2007", "Amending_Acts": "No 60 of 1987 | No 138 of 1987 | No 98 of 1989 | No 106 of 1989 | No 55 of 2006 | No 19 of 2007", "History_Notes": "Amended by No 60 of 1987, effective 5 June 1987 (s 2) | Amended by No 138 of 1987, effective s 53–62: 18 Dec 1987 (s 2(1)) | Repealed and substituted by No 98 of 1989, effective 30 June 1989 (s 2) | Amended by No 106 of 1989, effective 30 June 1989 (s 2) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 19 of 2007, effective 15 Mar 2007 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s26"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 27", "Provision_Key": "s27", "Heading": "Rates of tax payable by trustees of approved deposit funds", "Text": "(1) The rates of tax payable by a trustee of a complying ADF in respect of the taxable income of the fund are: (a) in respect of the low tax component—15%; and (b) in respect of the non ‑ arm’s length component—45%. (2) The rate of tax payable by a trustee of a non ‑ complying ADF in respect of the taxable income of the fund is 45%.", "Amendment_Count": 6, "First_Amended": "No 60 of 1987", "Last_Amended": "No 19 of 2007", "Amending_Acts": "No 60 of 1987 | No 138 of 1987 | No 98 of 1989 | No 106 of 1989 | No 55 of 2006 | No 19 of 2007", "History_Notes": "Amended by No 60 of 1987, effective 5 June 1987 (s 2) | Amended by No 138 of 1987, effective s 53–62: 18 Dec 1987 (s 2(1)) | Repealed and substituted by No 98 of 1989, effective 30 June 1989 (s 2) | Amended by No 106 of 1989, effective 30 June 1989 (s 2) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 19 of 2007, effective 15 Mar 2007 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s27"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 27A", "Provision_Key": "s27a", "Heading": "Rates of tax payable by trustees of pooled superannuation trusts", "Text": "The rates of tax payable by a trustee of a pooled superannuation trust in respect of the taxable income of the trust are: (a) in respect of the low tax component—15%; and (b) in respect of the non ‑ arm’s length component—45%.", "Amendment_Count": 4, "First_Amended": "No 98 of 1989", "Last_Amended": "No 19 of 2007", "Amending_Acts": "No 98 of 1989 | No 106 of 1989 | No 55 of 2006 | No 19 of 2007", "History_Notes": "Inserted by No 98 of 1989, effective 30 June 1989 (s 2) | Amended by No 106 of 1989, effective 30 June 1989 (s 2) | Amended by No 55 of 2006, effective Sch 1 (items 1, 2, 7–29, 32(1)): 1 July 2006 (s 2(1) item 2) | Amended by No 19 of 2007, effective 15 Mar 2007 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s27A"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 28", "Provision_Key": "s28", "Heading": "Rates of tax payable by certain trustees to whom section 98 of the Assessment Act applies", "Text": "The rates of tax payable by a trustee of a trust estate in respect of a share of the net income of the trust estate in respect of which the trustee is liable to be assessed and to pay tax are: (a) if paragraph 98(3)(b) of the Assessment Act (about beneficiaries that are companies) applies: (i) if the beneficiary is a company to which paragraph 23(2)(a) of this Act applies—the rate specified in paragraph 23(2)(a); or (ii) otherwise—the rate specified in paragraph 23(2)(b); and (b) if subsection 98(4) of the Assessment Act applies—the maximum rate specified in column 3 of the table applicable to the year of income in Part II of Schedule 7 to this Act that applies for the year of income. Note: If paragraph 98(3)(a) of the Assessment Act applies, see subsection 12(6).", "Amendment_Count": 8, "First_Amended": "No 60 of 1987", "Last_Amended": "No 47 of 2018", "Amending_Acts": "No 60 of 1987 | No 118 of 1988 | No 18 of 1993 | No 90 of 1995 | No 167 of 1999 | No 79 of 2007 | No 66 of 2015 | No 47 of 2018", "History_Notes": "Inserted by No 60 of 1987, effective 5 June 1987 (s 2) | Amended by No 118 of 1988, effective 13 Dec 1988 (s 2) | Amended by No 18 of 1993, effective s 62–67: 9 June 1993 (s 2(1)) | Amended by No 90 of 1995, effective 27 July 1995 (s 2) | Amended by No 167 of 1999, effective Sch 2: 1 July 2001 (s 2(2)) Remainder: 1 July 2000 (s 2(1)) | Repealed and substituted by No 79 of 2007, effective Sch 9 (items 27–29, 30(1), 31, 32): 21 June 2007 (s 2(1) item 6) | Amended by No 66 of 2015, effective Sch 1 (item 31): 1 July 2015 (s 2(1) item 4) | Amended by No 47 of 2018, effective Sch 2 (items 1–16): 1 July 2018 (s 2(1) item 4) Sch 2 (items 18–25): repealed before commencing (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s28"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 28A", "Provision_Key": "s28a", "Heading": "Rates of tax payable by trustees of AMITs under paragraph 276 ‑ 105(2)(b) or (c) of the Income Tax Assessment Act 1997", "Text": "The rates of tax payable by a trustee of an AMIT under paragraph 276 ‑ 105(2)(b) or (c) of the Income Tax Assessment Act 1997 are: (a) if paragraph 276 ‑ 105(2)(b) of the Income Tax Assessment Act 1997 applies—the rate specified in paragraph 23(2)(b) of this Act; and (b) if paragraph 276 ‑ 105(2)(c) of that Act applies—the maximum rate specified in column 3 of the table applicable to the year of income in Part II of Schedule 7 to this Act that applies for the year of income. Note: If paragraph 276 ‑ 105(2)(a) of the Income Tax Assessment Act 1997 applies, see subsection 12(6A).", "Amendment_Count": 3, "First_Amended": "No 49 of 2016", "Last_Amended": "No 47 of 2018", "Amending_Acts": "No 49 of 2016 | No 41 of 2017 | No 47 of 2018", "History_Notes": "Inserted by No 49 of 2016, effective Sch 1: 5 May 2016 (s 2(1) item 2) | Amended by No 41 of 2017, effective Sch 1 (items 1–6): 1 July 2016 (s 2(1) item 2) Sch 1 (items 7–15): 1 July 2017 (s 2(1) item 3) Sch 1 (item 16): 1 July 2018 (s 2(1) item 4) Sch 1 (items 33–38): repealed before commencing (s 2(1) item 5) Sch 1 (items 39–44): 1 July 2020 (s 2(1) item 6) Sch 1 (items 45–50): 1 July 2021 (s 2(1) item 7) Sch 1 (item 57): 19 May 2017 (s 2(1) item 8) | Amended by No 47 of 2018, effective Sch 2 (items 1–16): 1 July 2018 (s 2(1) item 4) Sch 2 (items 18–25): repealed before commencing (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s28A"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 29", "Provision_Key": "s29", "Heading": "Rate of tax on no ‑ TFN contributions income", "Text": "(1) This section sets the rate of tax payable: (a) by a trustee of a complying superannuation fund in respect of the no ‑ TFN contributions income of the fund; and (b) by a trustee of a non ‑ complying superannuation fund in respect of the no ‑ TFN contributions income of the fund; and (c) by a company that is an RSA provider in respect of no ‑ TFN contributions income. (2) The rate of tax is worked out in the following way: (a) first, work out the maximum rate specified in column 3 of the table applicable to the year of income in Part I of Schedule 7 to this Act that applies for the year of income; (b) next, add 2%; (c) next, subtract the rate of tax: (i) for a trustee of a complying superannuation fund—set out in paragraph 26(1)(a); or (ii) for a trustee of a non ‑ complying superannuation fund—set out in subsection 26(2); or (iii) for a company (other than a life insurance company) that is an RSA provider—set out in paragraph 23(3)(a); or (iv) for a life insurance company that is an RSA provider—set out in paragraph 23A(b).", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 47 of 2018", "Amending_Acts": "No 9 of 2007 | No 19 of 2007 | No 143 of 2007 | No 41 of 2013 | No 47 of 2018", "History_Notes": "Inserted by No 9 of 2007, effective Sch 1 (items 18, 24(1)): 15 Mar 2007 (s 2(1) item 2) | Amended by No 19 of 2007, effective 15 Mar 2007 (s 2) | Amended by No 143 of 2007, effective Sch 7 (items 73–96): 24 Sept 2007 (s 2(1) item 11) | Amended by No 41 of 2013, effective 28 May 2013 (s 2(1) items 1, 2) | Amended by No 47 of 2018, effective Sch 2 (items 1–16): 1 July 2018 (s 2(1) item 4) Sch 2 (items 18–25): repealed before commencing (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s29"}
{"Act_Short_Name": "ITRATES", "Act_Title": "Income Tax Rates Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03348", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Rate of tax payable by sovereign entities", "Text": "The rate of tax payable in respect of the taxable income of a sovereign entity is 30%, unless another provision of this Part sets the rate of tax in respect of that taxable income.", "Amendment_Count": 3, "First_Amended": "No 45 of 2008", "Last_Amended": "No 36 of 2019", "Amending_Acts": "No 45 of 2008 | No 70 of 2015 | No 36 of 2019", "History_Notes": "Inserted by No 45 of 2008, effective Sch 1 (items 45–52), Sch 6 (items 1, 17) and Sch 7 (items 54, 55): 26 June 2008 (s 2) | Repealed by No 70 of 2015, effective Sch 1 (items 109–117): 1 July 2015 (s 2(1) item 3) Sch 6 (item 39): 25 June 2015 (s 2(1) item 13) | Inserted by No 36 of 2019, effective sch 1: 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03348/latest/text#s30"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Fringe Benefits Tax (Application to the Commonwealth) Act 1986 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s1"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act shall come into operation on the day on which the Fringe Benefits Tax Assessment Act 1986 comes into operation.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s2"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 2A", "Provision_Key": "s2a", "Heading": "Objects", "Text": "The objects of this Act are to provide for: (a) the notional application of fringe benefits tax in relation to benefits provided in respect of the employment of Commonwealth employees; and (b) the calculation of the reportable fringe benefits totals of those employees; and (c) the calculation of the reportable fringe benefits amounts of those employees in respect of that employment.", "Amendment_Count": 1, "First_Amended": "No 17 of 1999", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 17 of 1999", "History_Notes": "Inserted by No 17 of 1999, effective Sch 1 (items 17, 18): Royal Assent (c)", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s2A"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Interpretation", "Text": "(1) In this Act, unless the contrary intention appears: Assessment Act means the Fringe Benefits Tax Assessment Act 1986 . Commonwealth employee means an employee of the Commonwealth. Department means: (a) a Department of State; (b) a Department of the Parliament established under the Parliamentary Service Act 1999 ; or (c) an Executive Agency or Statutory Agency (within the meaning of the Public Service Act 1999 ). Entitlements Act means the Veteran’s Entitlements Act 1986. Finance Department means the Department that is administered by the Finance Minister. Finance Minister has the meaning given by the Income Tax Assessment Act 1997 . responsible Department , in relation to the employment of a Commonwealth employee, means: (a) where the remuneration in respect of that employment is or was paid wholly or principally out of money appropriated under an annual Appropriation Act—the Department in respect of which the money was appropriated; and (b) where the remuneration in respect of that employment is or was paid wholly or principally out of money appropriated under an Act other than an annual Appropriation Act: (i) if the employee performs or performed the duties of that employment in, or in respect of, a Department—that Department; or (ii) in any other case—the Department of State administered by the Minister who administers the Act under which that money was appropriated, insofar as the Act appropriated that money; and (c) where the remuneration in respect of that employment is or was paid wholly or principally out of money appropriated by the Constitution—the Finance Department. (2) Unless the contrary intention appears, an expression that is used in this Act and in the Assessment Act has the same meaning in this Act as it has in the Assessment Act.", "Amendment_Count": 5, "First_Amended": "No 146 of 1995", "Last_Amended": "No 62 of 2014", "Amending_Acts": "No 146 of 1995 | No 146 of 1999 | No 88 of 2009 | No 5 of 2011 | No 62 of 2014", "History_Notes": "Amended by No 146 of 1995, effective s 3(5) and Sch 13: Royal Assent (b) | Amended by No 146 of 1999, effective Sch 1 (item 494): 5 Dec 1999 ( Gazette 1999, No. S584) (d) | Amended by No 88 of 2009, effective Sch 5 (items 14–18): Royal Assent | Amended by No 5 of 2011, effective Sch 6 (item 129): 19 Apr 2011 | Amended by No 62 of 2014, effective Sch 9 (item 91) and Sch 14 (items 1–4): 1 July 2014 (s 2(1) items 6, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s3"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Application of Assessment Act in relation to Commonwealth employment", "Text": "Subject to this Act and to such modifications as are prescribed, the Assessment Act applies, in respect of any matter or thing in respect of the employment of a Commonwealth employee, as if: (a) the employee were employed by the responsible Department and not by the Commonwealth; (b) the responsible Department were a company and each other Department, and each authority of the Commonwealth, were a company related to the responsible Department; and (c) the responsible Department were a government body.", "Amendment_Count": 3, "First_Amended": "No 48 of 1986", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 48 of 1986 | No 216 of 1991 | No 46 of 2011", "History_Notes": "Amended by No 48 of 1986, effective s 31 and Parts VII and VIII (s 45–56): 24 June 1986 (s. 2(2)) Remainder: 1 July 1986 | Amended by No 216 of 1991, effective s 113, 114 and 116: 1 Mar 1992 ( Gazette 1992, No. GN7) (a) | Amended by No 46 of 2011, effective Sch 2 (items 636–640) and Schedule 3 (items 10, 11): 27 Dec 2011", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s4"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Application of Act to certain Commonwealth authorities", "Text": "Subject to such modifications as are prescribed, this Act applies in relation to an authority of the Commonwealth referred to in paragraph (e) of the definition of employer in subsection 136(1) of the Assessment Act in like manner as it applies in relation to a Department.", "Amendment_Count": 1, "First_Amended": "No 46 of 2011", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 46 of 2011", "History_Notes": "Amended by No 46 of 2011, effective Sch 2 (items 636–640) and Schedule 3 (items 10, 11): 27 Dec 2011", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s5"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 5A", "Provision_Key": "s5a", "Heading": "Modified objection, review and appeal provisions", "Text": "If, apart from this section, Part IVC of the Taxation Administration Act 1953 would apply to an objection made under the Assessment Act in its application in accordance with this Act, then that Part applies as if subsection 14ZX (4), section 14ZZ and Divisions 4 and 5 of that Part were omitted.", "Amendment_Count": 1, "First_Amended": "No 216 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 216 of 1991", "History_Notes": "Inserted by No 216 of 1991, effective s 113, 114 and 116: 1 Mar 1992 ( Gazette 1992, No. GN7) (a)", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s5A"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Exemption of certain benefits provided under the Defence Service Homes Act", "Text": "For the purposes of the application of the Assessment Act in accordance with this Act, where a benefit is provided under the Defence Service Homes Act 1918 in respect of the employment of a Commonwealth employee by reason of the employee being an eligible person within the meaning of that Act otherwise than by virtue of paragraph (h) or (i) of the definition of Australian Soldier in subsection 4(1) of that Act, the benefit is an exempt benefit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s6"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 6AA", "Provision_Key": "s6aa", "Heading": "Exemption of benefits provided to certain people", "Text": "For the purposes of the application of the Assessment Act in accordance with this Act, if a benefit (other than a benefit referred to in section 6) is provided, in respect of the employment of a Commonwealth employee, because of the employee being: (a) a veteran as defined by subsection 5C(1) of the Entitlements Act to whom, or in respect of whom, a pension is payable under Part II of that Act; or (b) a veteran as defined by subsection 5C(1) of the Entitlements Act who is eligible to receive a service pension, or in respect of whom a service pension is payable, under Part III of that Act; or (c) a member of the Forces, or a member of a Peacekeeping Force, as defined by subsection 68(1) of the Entitlements Act to whom, or in respect of whom, pension is payable under Part IV of that Act; or (d) a person who has received a lump sum under Part 2 of Chapter 4 of the Military Rehabilitation and Compensation Act 2004 or who is receiving payments under that Part; or (e) a person who is receiving a Special Rate Disability Pension under Part 6 of Chapter 4 of the Military Rehabilitation and Compensation Act 2004 ; the benefit is an exempt benefit.", "Amendment_Count": 2, "First_Amended": "No 146 of 1995", "Last_Amended": "No 52 of 2004", "Amending_Acts": "No 146 of 1995 | No 52 of 2004", "History_Notes": "Inserted by No 146 of 1995, effective s 3(5) and Sch 13: Royal Assent (b) | Amended by No 52 of 2004, effective Sch 3 (items 22, 23): 1 July 2004 (s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s6AA"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 6AB", "Provision_Key": "s6ab", "Heading": "Exemption of benefits provided to Commonwealth employees under the Entitlements Act and the Military Rehabilitation and Compensation Act", "Text": "For the purposes of the application of the Assessment Act in accordance with this Act, if a benefit is provided under the Entitlements Act or the Military Rehabilitation and Compensation Act 2004 , in respect of the employment of a Commonwealth employee, the benefit is an exempt benefit.", "Amendment_Count": 2, "First_Amended": "No 146 of 1995", "Last_Amended": "No 52 of 2004", "Amending_Acts": "No 146 of 1995 | No 52 of 2004", "History_Notes": "Inserted by No 146 of 1995, effective s 3(5) and Sch 13: Royal Assent (b) | Amended by No 52 of 2004, effective Sch 3 (items 22, 23): 1 July 2004 (s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s6AB"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 6AC", "Provision_Key": "s6ac", "Heading": "Exemption of health care benefits provided to certain members of the Defence Force", "Text": "(1) For the purposes of the application of the Assessment Act in accordance with this Act, if a benefit that consists of the provision of health care and is not otherwise an exempt benefit is provided, in respect of the employment of a Commonwealth employee, because of the employee being a member of the Defence Force, the first ‑ mentioned benefit is an exempt benefit. (2) In this section, a reference to an employee being a member of the Defence Force is a reference to an employee who is, was formerly, or will become, a member of the Defence Force.", "Amendment_Count": 1, "First_Amended": "No 146 of 1995", "Last_Amended": "No 146 of 1995", "Amending_Acts": "No 146 of 1995", "History_Notes": "Inserted by No 146 of 1995, effective s 3(5) and Sch 13: Royal Assent (b)", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s6AC"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 6A", "Provision_Key": "s6a", "Heading": "No entitlement to rebate of tax", "Text": "For the purposes of the application of the Assessment Act in accordance with this Act, it is to be assumed that section 65J of that Act (which deals with rebates) had not been enacted.", "Amendment_Count": 1, "First_Amended": "No 223 of 1992", "Last_Amended": "No 223 of 1992", "Amending_Acts": "No 223 of 1992", "History_Notes": "Inserted by No 223 of 1992, effective 1 Apr 1994", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s6A"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Directions by Finance Minister", "Text": "(1) The Finance Minister may give such directions in writing as are necessary or convenient to be given for carrying out or giving effect to this Act and, in particular, may give directions in relation to the transfer of money within the Public Account. (2) Directions under subsection (1) have effect, and shall be complied with, notwithstanding any other law of the Commonwealth.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Amended by No 88 of 2009, effective Sch 5 (items 14–18): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s7"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Annual report", "Text": "The report by the Commissioner under section 4 of the Assessment Act shall include a report on the working of this Act, including any breaches or evasions of this Act of which the Commissioner has notice.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s8"}
{"Act_Short_Name": "FTCWA", "Act_Title": "Fringe Benefits Tax (Application to the Commonwealth) Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03283", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations, not inconsistent with this Act, prescribing matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03283/latest/text#s9"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Taxation Administration Act 1953 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Interpretation", "Text": "(1) In this Act (except Schedule 1), unless the contrary intention appears: approved form has the meaning given by Schedule 1. ASIO means the Australian Security Intelligence Organisation. assessable amount has the meaning given by subsection 155 ‑ 5(2) in Schedule 1. Australia , when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997 . Commissioner means the Commissioner of Taxation. Deputy Commissioner means any Deputy Commissioner of Taxation. Director ‑ General of Security means the Director ‑ General of Security holding office under the Australian Security Intelligence Organisation Act 1979 . Division 296 general interest charge rate has the meaning given by subsection 8AAD(1A). eligible recipient has the meaning given by section 14ZZV. eligible whistleblower has the meaning given by section 14ZZU. engage in conduct means: (a) do an act; or (b) omit to perform an act. excess concessional contributions determination has the same meaning as in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . excise law has the meaning given by the Income Tax Assessment Act 1997 . exempt Australian government agency has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . failure to notify penalty means the penalty worked out under Division 2 of Part IIA. fuel tax law has the meaning given by the Fuel Tax Act 2006 . general interest charge means the charge worked out under Part IIA. Immigration Department has the meaning given by the Income Tax Assessment Act 1997 . Immigration Secretary has the meaning given by the Income Tax Assessment Act 1997 . indirect tax law has the meaning given by the Income Tax Assessment Act 1997 . ineligible income tax remission decision has the meaning given by section 14ZS. Laminaria and Corallina decommissioning levy has the same meaning as in the Income Tax Assessment Act 1997 . late reconciliation statement penalty means the penalty worked out under Division 3 of Part IIA. migration officer means: (a) the Immigration Secretary; or (b) an employee of the Immigration Department. objection decision has the meaning given by subsection 14ZY(2). officer means a person appointed or engaged under the Public Service Act 1999 . private indirect tax ruling means a private ruling, to the extent that it relates to an indirect tax law (other than the fuel tax law). private ruling has the meaning given by section 359 ‑ 5 in Schedule 1. registered tax agent or BAS agent has the same meaning as in the Tax Agent Services Act 2009 . Second Commissioner means a Second Commissioner of Taxation. taxation law has the meaning given by the Income Tax Assessment Act 1997 . Note: See also subsection (2). tax liability means a liability to the Commonwealth arising under, or by virtue of, a taxation law. Tax Practitioners Board means the Tax Practitioners Board established by section 60 ‑ 5 of the Tax Agent Services Act 2009 . Tribunal means the Administrative Review Tribunal. (2) Despite the definition of taxation law in subsection (1), an Excise Act (as defined in subsection 4(1) of the Excise Act 1901 ) is not a taxation law for the purposes of Part III of this Act.", "Amendment_Count": 47, "First_Amended": "No 95 of 1959", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 95 of 1959 | No 123 of 1984 | No 48 of 1986 | No 107 of 1989 | No 110 of 1990 | No 100 of 1991 | No 47 of 1992 | No 17 of 1993 | No 34 of 1997 | No 11 of 1999 | No 85 of 1999 | No 94 of 1999 | No 146 of 1999 | No 161 of 1999 | No 179 of 1999 | No 201 of 1999 | No 25 of 2001 | No 135 of 2001 | No 146 of 2001 | No 125 of 2002 | No 54 of 2003 | No 101 of 2004 | No 63 of 2005 | No 100 of 2005 | No 161 of 2005 | No 74 of 2006 | No 86 of 2006 | No 101 of 2006 | No 9 of 2007 | No 88 of 2009 | No 114 of 2009 | No 74 of 2010 | No 145 of 2010 | No 41 of 2011 | No 147 of 2011 | No 12 of 2012 | No 39 of 2012 | No 118 of 2013 | No 110 of 2014 | No 2 of 2015 | No 21 of 2015 | No 60 of 2015 | No 10 of 2019 | No 24 of 2022 | No 37 of 2024 | No 38 of 2024 | No 8 of 2026", "History_Notes": "Amended by No 95 of 1959, effective 4 Dec 1959 | Repealed and substituted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 48 of 1986, effective s 31, Parts VII, VIII (s 45 ‑ 56): 24 June 1986 ( see s 2(2)) Remainder: 1 July 1986 | Amended by No 107 of 1989, effective Part 6 (s 29, 30): 24 Nov 1988 ( see s 2(2)) Remainder: Royal Assent | Amended by No 110 of 1990, effective Parts 1, 2 (s 1 ‑ 7): Royal Assent s 9(2): 8 Apr 1991 ( see Gazette 1991, No. S79) Remainder: 1 Jan 1991 ( see Gazette 1990, No. S335) | Amended by No 100 of 1991, effective s 93: 27 June 1991 (s 2(1)) | Amended by No 47 of 1992, effective 17 June 1992 | Amended by No 17 of 1993, effective s 63: 9 June 1993 (s 2(1)) | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Amended by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 85 of 1999, effective 8 July 1999 ( see s 2) | Amended by No 94 of 1999, effective sch 7: 16 July 1999 (s 2(1)) | Amended by No 146 of 1999, effective sch 1 (items 911 ‑ 915): 5 Dec 1999 (s 2(1), (2)) | Amended by No 161 of 1999, effective sch 6: 10 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 25 of 2001, effective sch 7 (items 28 ‑ 37): 4 May 2001 (s 2(1)(b)) | Amended by No 135 of 2001, effective sch 1 ‑ 7, 9 ‑ 12: 12 Oct 2001 ( see Gazette 2001, No. S428) sch 8: 13 Oct 2001 ( see Gazette 2001, No. S428) Remainder: Royal Assent | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 125 of 2002, effective sch 2 (items 125 ‑ 187, 226): 1 Jan 2003 | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Amended by No 63 of 2005, effective sch 3: Royal Assent | Amended by No 100 of 2005, effective sch 1 (items 64, 65): Royal Assent | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2006, effective sch 1 (items 97 ‑ 100): 1 July 2006 | Amended by No 86 of 2006, effective sch 1 (items 71, 72): 30 Dec 2006 ( see s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 60 of 2015, effective sch 8 (items 45 ‑ 50), sch 9: 1 July 2015 (s 2(1) items 19, 22) | Amended by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3) | Amended by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s2"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 2A", "Provision_Key": "s2a", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Inserted by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s2A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 2B", "Provision_Key": "s2b", "Heading": "Act binds the Crown", "Text": "This Act binds the Crown in each of its capacities. However, it does not make the Crown liable to a pecuniary penalty or to be prosecuted for an offence.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s2B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Application", "Text": "This Act extends to every external Territory referred to in the definition of Australia .", "Amendment_Count": 5, "First_Amended": "No 95 of 1959", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 95 of 1959 | No 59 of 1979 | No 123 of 1984 | No 88 of 2009 | No 2 of 2015", "History_Notes": "Amended by No 95 of 1959, effective 4 Dec 1959 | Amended by No 59 of 1979, effective 15 June 1979 | Repealed and substituted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Repealed and substituted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3AA", "Provision_Key": "s3aa", "Heading": "Schedule 1", "Text": "(1) Schedule 1 has effect. Definitions in Schedule 1 do not apply to rest of Act (1A) So far as a provision in Schedule 1 gives an expression a particular meaning, the provision does not also have effect for the purposes of this Act (other than Schedule 1), except as provided in this Act (other than Schedule 1). Application of interpretation provisions of Income Tax Assessment Act 1997 (2) An expression has the same meaning in Schedule 1 as in the Income Tax Assessment Act 1997 . (3) Division 950 of the Income Tax Assessment Act 1997 (which contains rules for interpreting that Act) applies to Schedule 1 to this Act as if the provisions in that Schedule were provisions of that Act.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 12 of 2012", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3AA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3A", "Provision_Key": "s3a", "Heading": "General administration of Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 123 of 1984 | No 145 of 2010", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3B", "Provision_Key": "s3b", "Heading": "Annual report", "Text": "(1) The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act. (1AA) A report under subsection (1) in relation to a year ending on 30 June shall: (b) set out: (i) the number of occasions (if any) during the year on which a request was made to disclose information under subsection 355 ‑ 55(1) in Schedule 1 (about disclosures to Ministers); and (ii) the number of occasions (if any) during the year on which information was disclosed under that subsection; and (iii) the Ministers to whom the information was disclosed; and (c) set out: (i) the number of occasions (if any) during the year on which a request was made to disclose information under subsection 355 ‑ 70(1) in Schedule 1 (about disclosures for law enforcement and related purposes); and (ii) the number of occasions (if any) during the year on which information was disclosed under that subsection; and (iii) the types of entities and the names of the courts and tribunals to which the information was disclosed; and (iv) if the information was disclosed under table item 1 or 6 in subsection 355 ‑ 70(1)—the general categories of offences in relation to which the information was disclosed; and (d) set out the number (if any) of taxation officers (within the meaning of the Income Tax Assessment Act 1997 ) found guilty of the offence in section 355 ‑ 25 in Schedule 1 (about disclosure of protected information); and (e) set out information on the exercise during the year of the Commissioner’s powers under Subdivision 370 ‑ A in Schedule 1 (Commissioner’s remedial power). (1C) Subsection (1) does not apply in relation to Part III and sections 15 and 15A insofar as that Part and those sections apply in relation to the Tax Agent Services Act 2009 . (2) The Minister shall cause a copy of a report furnished under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report. (3) For the purposes of section 34C of the Acts Interpretation Act 1901 , a report that is required by subsection (1) to be furnished as soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June. (4) In this section: this Act does not include Part IVC.", "Amendment_Count": 16, "First_Amended": "No 123 of 1984", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 123 of 1984 | No 138 of 1987 | No 107 of 1989 | No 216 of 1991 | No 47 of 1992 | No 98 of 1992 | No 82 of 1993 | No 161 of 1999 | No 56 of 2007 | No 88 of 2009 | No 114 of 2009 | No 145 of 2010 | No 21 of 2015 | No 15 of 2017 | No 4 of 2018 | No 8 of 2019", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 107 of 1989, effective Part 6 (s 29, 30): 24 Nov 1988 ( see s 2(2)) Remainder: Royal Assent | Amended by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 47 of 1992, effective 17 June 1992 | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 161 of 1999, effective sch 6: 10 Dec 1999 (s 2(1)) | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12) | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3C", "Provision_Key": "s3c", "Heading": "Reporting of information about corporate tax entity with reported total income of $100 million or more", "Text": "(1) This section applies to an entity for an income year if: (a) the entity is a corporate tax entity; and (b) the entity has total income equal to or exceeding $100 million for the income year, according to information reported to the Commissioner in the entity’s income tax return for the income year. An expression used in this subsection that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act. (2) The Commissioner must, as soon as practicable after the end of the income year, make publicly available the information mentioned in subsection (3). (3) The information is as follows: (a) the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997 ) and name; (b) the entity’s total income for the income year, according to information reported to the Commissioner in the entity’s income tax return (within the meaning of that Act) for the income year; (c) the entity’s taxable income or net income (if any) for the income year, according to information reported to the Commissioner in that income tax return; (d) the entity’s income tax payable (if any) for the financial year corresponding to the income year, according to information reported to the Commissioner in that income tax return. (4) Subsection (5) applies if: (a) the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and (b) the notice contains information that corrects the error. (5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error. (6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure.", "Amendment_Count": 23, "First_Amended": "No 123 of 1984", "Last_Amended": "No 35 of 2022", "Amending_Acts": "No 123 of 1984 | No 123 of 1985 | No 138 of 1987 | No 97 of 1988 | No 107 of 1989 | No 216 of 1991 | No 98 of 1992 | No 82 of 1993 | No 56 of 1999 | No 201 of 1999 | No 146 of 2001 | No 10 of 2003 | No 54 of 2003 | No 73 of 2006 | No 100 of 2006 | No 88 of 2009 | No 114 of 2009 | No 145 of 2010 | No 124 of 2013 | No 149 of 2015 | No 170 of 2015 | No 35 of 2022", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 123 of 1985, effective 28 Oct 1985 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 107 of 1989, effective Part 6 (s 29, 30): 24 Nov 1988 ( see s 2(2)) Remainder: Royal Assent | Amended by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 56 of 1999, effective 1 July 2000 | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 10 of 2003, effective sch 1 (items 1 ‑ 52, 54 ‑ 75, 78 ‑ 82): 20 May 2002 Remainder: Royal Assent | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 100 of 2006, effective 14 Sept 2006 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Repealed by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 149 of 2015, effective 13 Nov 2015 (s 2(1) item 1) | Amended by No 170 of 2015, effective sch 1 (items 4A ‑ 7), sch 2 (items 5 ‑ 7), sch 3: 11 Dec 2015 (s 2(1) item 1) | Amended by No 35 of 2022, effective sch 4 (pt 6, items 1, 2): 10 Aug 2022 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3C"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3CA", "Provision_Key": "s3ca", "Heading": "Reporting of information by corporate country by country reporting entities", "Text": "(1) This section applies to a corporate tax entity for an income year if: (a) the entity is a country by country reporting entity for the income year; and (b) at the end of the income year, the entity is: (i) an Australian resident; or (ii) a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ); and (c) the entity does not lodge a general purpose financial statement for the financial year most closely corresponding to the income year: (i) with the Australian Securities and Investments Commission; and (ii) within the time provided under subsection 319(3) of the Corporations Act 2001 for lodgement of a report for that financial year. (1A) However, this section does not apply to a corporate tax entity for an income year if: (a) the entity is a government related entity (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ); and (b) the Commissioner has given notice to the entity for the income year under subsection (1B). (1B) For the purposes of paragraph (1A)(b), the Commissioner may give notice in writing to a government related entity (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ) for one or more specified income years if the Commissioner considers that it is appropriate to do so. (2) A corporate tax entity to which this section applies for an income year must, on or before the day by which the entity is required to lodge its income tax return for the income year with the Commissioner, give to the Commissioner in the approved form a general purpose financial statement for the financial year most closely corresponding to the income year. Note: Section 286 ‑ 75 in Schedule 1 provides an administrative penalty for breach of this subsection. (3) The Commissioner must give a copy of the statement to the Australian Securities and Investments Commission. (4) The giving of the copy to the Australian Securities and Investments Commission under subsection (3) is taken, for the purposes of the Corporations Act 2001 , to be lodgement of the document with the Australian Securities and Investments Commission. Note: Under section 1274 of the Corporations Act 2001 , a person may inspect, and require to be given a copy or extract of, any document lodged with the Australian Securities and Investments Commission. (5) For the purposes of this section, a general purpose financial statement in relation to an entity: (a) must be prepared in accordance with: (i) the accounting principles; or (ii) if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting; and (b) if the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—must relate to: (i) the entity; or (ii) the entity and some or all of the other members of the group. (6) An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.", "Amendment_Count": 3, "First_Amended": "No 170 of 2015", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 170 of 2015 | No 27 of 2017 | No 49 of 2020", "History_Notes": "Inserted by No 170 of 2015, effective sch 1 (items 4A ‑ 7), sch 2 (items 5 ‑ 7), sch 3: 11 Dec 2015 (s 2(1) item 1) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 49 of 2020, effective sch 1 (items 18 ‑ 21): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3CA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3D", "Provision_Key": "s3d", "Heading": "Publication of information by certain country by country reporting entities", "Text": "(1) This section applies to an entity for a period mentioned in subsection (2) (the reporting period ) if: (a) the entity is: (i) a constitutional corporation; or (ii) a partnership in which each of the partners is a constitutional corporation; or (iii) a trust of which each of the trustees is a constitutional corporation; and (b) the entity was a country by country reporting parent for a period that includes the whole or a part of the period mentioned in subsection (2) that preceded the reporting period; and (c) the entity is a member of a country by country reporting group at any time during the reporting period; and (d) at any time during the reporting period, the entity or another member of the country by country reporting group is: (i) an Australian resident; or (ii) a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ); and (e) assuming that the reporting period were an income year, both of the following apply: (i) the entity’s aggregated turnover for the income year includes one or more amounts of income from an Australian source; (ii) the sum of those amounts is $10 million or more; and (f) the entity is not included in a class of entities: (i) prescribed by the regulations for the purposes of this subparagraph; or (ii) specified in a legislative instrument under subsection 3DB(4); and (g) the entity and the reporting period are not specified in an exemption under subsection 3DB(5). (2) For the purposes of subsection (1), the period is: (a) if paragraph (b) of this subsection does not apply—each period for which audited consolidated financial statements for the entity for the period are prepared; or (b) if the entity does not prepare audited consolidated financial statements—each period for which the entity would be, on the assumption that the entity were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936 ), required to prepare such statements. Publication of information (3) An entity to which this section applies for a reporting period must, within 12 months after the end of the reporting period: (a) publish the information set out in subsection 3DA(1), except to the extent the entity, the information and the reporting period are specified in an exemption under subsection 3DB(6); and (b) do so by giving a document containing the information to the Commissioner in the approved form. Note: Subsection 288 ‑ 140(1) in Schedule 1 provides for an administrative penalty for failing to comply with this subsection on time. (4) The Commissioner must, as soon as practicable after receiving the document given in accordance with paragraph (3)(b), make the information in the document available on an Australian government website. Government related entities (5) This section does not apply to a corporate tax entity for a period mentioned in subsection (2) if: (a) the entity is a government related entity (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ); and (b) the Commissioner has given notice to the entity for the period under subsection (6). (6) For the purposes of paragraph (5)(b), the Commissioner may give notice in writing to a government related entity (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ) for one or more specified periods if the Commissioner considers that it is appropriate to do so. Interpretation (7) An expression used in this section or section 3DA or 3DB that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.", "Amendment_Count": 13, "First_Amended": "No 104 of 1985", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 104 of 1985 | No 168 of 1985 | No 120 of 1987 | No 97 of 1988 | No 201 of 1999 | No 146 of 2001 | No 125 of 2002 | No 54 of 2003 | No 143 of 2007 | No 145 of 2010 | No 124 of 2013 | No 96 of 2014 | No 138 of 2024", "History_Notes": "Inserted by No 104 of 1985, effective s 14(1): 1 July 1984 Remainder: Royal Assent | Amended by No 168 of 1985, effective Part II (s 3 ‑ 9): 1 Jan 1986 Parts IV ‑ VI (s 12 ‑ 17): 1 July 1969 Remainder: Royal Assent | Amended by No 120 of 1987, effective s 33: 16 Dec 1987 (s 2(2)) | Amended by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 125 of 2002, effective sch 2 (items 125 ‑ 187, 226): 1 Jan 2003 | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Repealed by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3D"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3DA", "Provision_Key": "s3da", "Heading": "Publication of information by certain country by country reporting entities—information to be published", "Text": "(1) For the purposes of paragraph 3D(3)(a), the information the entity must publish is as follows: (a) the name of the entity; (b) the names of each other entity that, at that time, was a member of the country by country reporting group; (c) a description of the country by country reporting group’s approach to tax; (d) the matters listed in subsection (3) of this section for the reporting period in respect of each of the following jurisdictions: (i) Australia; (ii) a jurisdiction specified in a determination under subsection (4), if the country by country reporting group operates in that jurisdiction; (e) in respect of the jurisdictions in which the country by country reporting group operates that are not mentioned in paragraph (d) of this subsection: (i) a description of the country by country reporting group’s main business activities for the reporting period in the area consisting of those jurisdictions; (ii) for each matter listed in subsection (5), the amounts for the reporting period for that matter in respect of each jurisdiction in the area, published as a sum of those amounts for that matter; (iii) the currency used in calculating and presenting the information mentioned in subparagraph (ii); (f) if regulations for the purposes of this paragraph prescribe information—that information. (2) However, for the purposes of this section and sections 3D and 3DB, the entity is taken to have published the information set out in paragraph (1)(e) of this section if it publishes the matters listed in subsection (3) for the reporting period in respect of each jurisdiction in which the country by country reporting group operates. (3) For the purposes of paragraph (1)(d) and subsection (2), the following matters are listed: (a) the name of the jurisdiction; (b) a description of main business activities; (c) the number of employees (on a full ‑ time equivalent basis) as at the end of the reporting period; (d) revenue from unrelated parties; (e) revenue from related parties that are not tax residents of the jurisdiction; (f) profit or loss before income tax; (g) the book value at the end of the reporting period of tangible assets, other than cash and cash equivalents; (h) income tax paid (on a cash basis); (i) income tax accrued (current year); (j) the reasons for the difference between: (i) the amount mentioned in paragraph (i) of this subsection; and (ii) the amount of income tax due if the income tax rate applicable in the jurisdiction were applied to the amount mentioned in paragraph (f) of this subsection; (k) the currency used in calculating and presenting the information mentioned in paragraphs (d) to (j) of this subsection. (4) For the purposes of subparagraph (1)(d)(ii), the Minister may, by legislative instrument, make a determination specifying jurisdictions. (5) For the purposes of subparagraph (1)(e)(ii), the following matters are listed: (a) the number of employees (on a full ‑ time equivalent basis) as at the end of the reporting period; (b) revenue from unrelated parties; (c) revenue from related parties that are not tax residents of the jurisdiction; (d) profit or loss before income tax; (e) the book value at the end of the reporting period of tangible assets, other than cash and cash equivalents; (f) income tax paid (on a cash basis); (g) income tax accrued (current year). (6) The amounts published by the entity for the matters listed in paragraphs (3)(c) to (i) and subsection (5) must be based on: (a) if paragraph (b) of this subsection does not apply—amounts as shown in the audited consolidated financial statements for the entity for the reporting period; or (b) if audited consolidated financial statements for the entity for the reporting period have not been prepared—amounts that would be, on the assumptions that the entity were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936 ) and such statements were prepared, shown in those statements. Interpretation (7) For the purposes of determining the effect that paragraph (1)(c), subsections (3) and (5) and any regulations made for the purposes of paragraph (1)(f) have in relation to an entity, identify information mentioned in those provisions: (a) so as best to achieve consistency with Disclosures 207 ‑ 1 and 207 ‑ 4 of GRI 207:Tax 2019 of the Global Reporting Initiative’s Sustainability Reporting Standards; and (b) having regard to the following documents, to the extent they are relevant: (i) the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, as approved by the Council of the Organisation for Economic Cooperation and Development and last amended on 7 January 2022; (ii) Guidance on the Implementation of Country ‑ by ‑ Country Reporting: BEPS Action 13 (2022) of the Organisation for Economic Cooperation and Development; (iii) a document, or part of a document, prescribed by the regulations for the purposes of this subparagraph. Note 1: The document in paragraph (a) could in 2024 be viewed on the Global Reporting Initiative’s website (https://www.globalreporting.org). Note 2: The documents in subparagraphs (b)(i) and (ii) could in 2024 be viewed on the Organisation for Economic Cooperation and Development’s website (https://www.oecd.org).", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3DA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3DB", "Provision_Key": "s3db", "Heading": "Publication of information by certain country by country reporting entities—corrections and exemptions etc.", "Text": "Corrections (1) If an entity becomes aware that a document it has given to the Commissioner under paragraph 3D(3)(b) contains an error, it: (a) if the error is a material error—must; or (b) otherwise—may; publish information that corrects the error by giving a document containing the information to the Commissioner in the approved form. (2) If paragraph (1)(a) applies, the entity must publish the information by giving the document containing the information to the Commissioner no later than 28 days after the entity becomes aware of the error. Note: Subsection 288 ‑ 140(1) in Schedule 1 provides for an administrative penalty for failing to comply with paragraph (1)(a) of this section on time. (3) The Commissioner must, as soon as practicable after receiving the document given in accordance with subsection (1), make the information available on an Australian government website. Exemptions (4) For the purposes of subparagraph 3D(1)(f)(ii), the Commissioner may, by legislative instrument, specify a class of entity to which subsection 3D(3) does not apply. (5) For the purposes of paragraph 3D(1)(g), the Commissioner may, by notice in writing, specify: (a) an entity that is exempt from publishing information under subsection 3D(3); and (b) the reporting period for which the exemption applies. (6) For the purposes of paragraph 3D(3)(a), the Commissioner may, by notice in writing, specify: (a) an entity that is exempt from publishing information of a particular kind; and (b) the particular kind of information that the entity is exempt from publishing; and (c) the reporting period for which the exemption applies. (7) A notice under subsection (5) or (6) must only specify a single reporting period. (8) A notice under subsection (5) or (6) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3DB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3E", "Provision_Key": "s3e", "Heading": "Reporting of information about entity with PRRT payable", "Text": "(1) This section applies to an entity if the entity has an amount of PRRT payable for a year of tax, according to information reported to the Commissioner in the entity’s PRRT return for the year of tax. (2) The Commissioner must, as soon as practicable after the end of the year of tax, make publicly available the information mentioned in subsection (3). (3) The information is as follows: (a) the entity’s ABN (within the meaning of the Income Tax Assessment Act 1997 ) and name; (b) the PRRT payable by the entity in respect of the year of tax, according to information reported to the Commissioner in the entity’s PRRT return for the year of tax. (4) Subsection (5) applies if: (a) the entity gives the Commissioner a notice in writing that the return mentioned in paragraph (3)(b) contains an error; and (b) the notice contains information that corrects the error. (5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error. (6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure. (7) In this section: PRRT return means a return under section 59 or 60 of the Petroleum Resource Rent Tax Assessment Act 1987 . year of tax has the meaning given by the Petroleum Resource Rent Tax Assessment Act 1987 .", "Amendment_Count": 9, "First_Amended": "No 107 of 1989", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 107 of 1989 | No 47 of 1992 | No 161 of 1999 | No 137 of 2000 | No 146 of 2001 | No 86 of 2002 | No 101 of 2006 | No 145 of 2010 | No 124 of 2013", "History_Notes": "Inserted by No 107 of 1989, effective Part 6 (s 29, 30): 24 Nov 1988 ( see s 2(2)) Remainder: Royal Assent | Amended by No 47 of 1992, effective 17 June 1992 | Amended by No 161 of 1999, effective sch 6: 10 Dec 1999 (s 2(1)) | Amended by No 137 of 2000, effective sch 2 (items 395 ‑ 398, 418, 419): 24 May 2001 (s 2(3)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 86 of 2002, effective s 1 ‑ 3: Royal Assent Remainder: 1 Jan 2003 ( see s 2(1), Gazette 2002, No. GN44) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Repealed by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3E"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3F", "Provision_Key": "s3f", "Heading": "Reporting of information about junior minerals exploration incentive offset", "Text": "(1) This section applies if the Commissioner makes a determination under section 418 ‑ 101 of the Income Tax Assessment Act 1997 allocating exploration credits to an entity for an income year. (2) The Commissioner must, as soon as practicable after making the determination, make publicly available: (a) the ABN and name of the entity; and (b) the amount of the entity’s exploration credits allocation for the income year. (3) An expression used in this section that is also used in the Income Tax Assessment Act 1997 has the same meaning as in that Act.", "Amendment_Count": 4, "First_Amended": "No 107 of 1989", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 107 of 1989 | No 25 of 2001 | No 145 of 2010 | No 15 of 2018", "History_Notes": "Inserted by No 107 of 1989, effective Part 6 (s 29, 30): 24 Nov 1988 ( see s 2(2)) Remainder: Royal Assent | Amended by No 25 of 2001, effective sch 7 (items 28 ‑ 37): 4 May 2001 (s 2(1)(b)) | Repealed by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Inserted by No 15 of 2018, effective sch 1 (items 26A ‑ 28, 65 ‑ 67): 1 Apr 2018 (s 2(1) items 2, 4) sch 1 (items 53 ‑ 64, 68 ‑ 73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3F"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3G", "Provision_Key": "s3g", "Heading": "Electronic invoicing", "Text": "(1) The Commissioner’s functions include the function of developing and/or administering a framework or system for electronic invoicing. (2) Without limiting subsection (1), the Commissioner may develop the framework or system by adopting (with appropriate modifications) a framework or system for electronic invoicing operating outside Australia. (3) The Commissioner has power to do all things that are necessary or convenient to be done for or in connection with the performance of the Commissioner’s functions under this section. (4) Without limiting subsection (3), the Commissioner’s powers under that subsection include: (a) entering into agreements for integrating the framework or system for electronic invoicing mentioned in subsection (1) with frameworks or systems for electronic invoicing that operate outside Australia; and (b) entering into agreements for accessing the framework or system for electronic invoicing mentioned in subsection (1); and (c) liaising with: (i) foreign countries; and (ii) agencies, and other entities, of foreign countries; to develop common approaches to electronic invoices between countries. (5) This section does not limit any functions or powers the Commissioner has apart from this section.", "Amendment_Count": 3, "First_Amended": "No 56 of 2007", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 56 of 2007 | No 145 of 2010 | No 95 of 2019", "History_Notes": "Inserted by No 56 of 2007, effective 12 Apr 2007 | Repealed by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Inserted by No 95 of 2019, effective sch 4 (items 5, 6): 1 Jan 2020 (s 2(1) item 2) sch 5 (items 2 ‑ 4), sch 6: 29 Oct 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3G"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3H", "Provision_Key": "s3h", "Heading": "Reporting of information about research and development tax offset", "Text": "(1) This section applies to an R&D entity in relation to an income year if, according to information the entity gave the Commissioner, the entity is entitled under Division 355 of the Income Tax Assessment Act 1997 to a tax offset for amounts it can deduct under that Division for the income year. (2) The Commissioner must, as soon as practicable after the second 30 June after the financial year corresponding to the income year, make publicly available the information mentioned in subsection (3). (3) The information is as follows: (a) the entity’s name; (b) the entity’s ABN or, if the first information the entity gave the Commissioner indicating the entity’s entitlement to the tax offset does not include the entity’s ABN but does include the entity’s ACN (within the meaning of the Corporations Act 2001 ), the entity’s ACN; (c) if, according to the first information the entity gave the Commissioner indicating the entity’s entitlement to the tax offset, the total described in paragraph (4)(a) exceeds the total described in paragraph (4)(b)—the excess. (4) For the purposes of paragraph (3)(c), the totals are as follows: (a) the total of what the entity can deduct for the income year as described in subsection (1) of this section; (b) the total of the amounts the entity has under section 355 ‑ 445 of the Income Tax Assessment Act 1997 for the income year. (5) Subsection (6) applies if: (a) the entity gives the Commissioner a notice in writing that the information mentioned in paragraph (3)(c) contains an error; and (b) the notice contains information that corrects the error. (6) The Commissioner may at any time make the information mentioned in paragraph (5)(b) publicly available, in accordance with subsection (2), in order to correct the error. (7) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure. (8) An expression used in this section and in the Income Tax Assessment Act 1997 has the same meaning in this section as in that Act.", "Amendment_Count": 3, "First_Amended": "No 56 of 2007", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 56 of 2007 | No 145 of 2010 | No 92 of 2020", "History_Notes": "Inserted by No 56 of 2007, effective 12 Apr 2007 | Repealed by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Inserted by No 92 of 2020, effective sch 1 (items 22 ‑ 24): 15 Oct 2020 (s 2(1) item 4) sch 2 (item 36), sch 3 (items 37 ‑ 40), sch 6 (items 1 ‑ 3): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3H"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3J", "Provision_Key": "s3j", "Heading": "Functions relating to digital ID systems", "Text": "(1) The Commissioner’s functions include providing services, or access to services, within digital ID systems. (2) Without limiting subsection (1), the Commissioner may participate within the Australian Government Digital ID System as one or more kinds of accredited entities. (3) The Commissioner has power to do all things that are necessary or convenient to be done for or in connection with the performance of the Commissioner’s functions under this section. (4) This section does not limit any functions or powers the Commissioner has apart from this section. (5) To avoid doubt: (a) the Digital ID Act 2024 is not a taxation law; and (b) the functions referred to in subsection (1) are not performed under, or for the purposes of, a taxation law. (6) In this section: accredited entity has the same meaning as in the Digital ID Act 2024 . Australian Government Digital ID System has the same meaning as in the Digital ID Act 2024 . digital ID system has the same meaning as in the Digital ID Act 2024 .", "Amendment_Count": 1, "First_Amended": "No 26 of 2024", "Last_Amended": "No 26 of 2024", "Amending_Acts": "No 26 of 2024", "History_Notes": "Inserted by No 26 of 2024, effective sch 2 (item 7): 30 Nov 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3J"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3K", "Provision_Key": "s3k", "Heading": "Reporting of information about CMPTI tax offset", "Text": "(1) This section applies to a company in relation to an income year if, according to information the entity gave the Commissioner, the company is entitled to the CMPTI tax offset for the income year. (2) The Commissioner must, as soon as practicable after the second 30 June after the financial year corresponding to the income year, make publicly available the information mentioned in subsection (3). (3) The information is as follows: (a) the company’s name; (b) the company’s ABN; (c) the amount of the company’s CMPTI tax offset for the income year. (4) Subsection (5) applies if: (a) the entity gives the Commissioner a notice in writing that the information mentioned in paragraph (3)(c) contains an error; and (b) the notice contains information that corrects the error. (5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error. (6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure. (7) An expression used in this section and in the Income Tax Assessment Act 1997 has the same meaning in this section as in that Act.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3K"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 3L", "Provision_Key": "s3l", "Heading": "Reporting of information about hydrogen production tax offset", "Text": "(1) This section applies to an entity in relation to an income year if, according to information the entity gave the Commissioner, the entity is entitled under Division 421 of the Income Tax Assessment Act 1997 to a tax offset for the income year. (2) The Commissioner must, as soon as practicable after the second 30 June after the financial year corresponding to the income year, make publicly available the information mentioned in subsection (3). (3) The information is as follows: (a) the entity’s name; (b) the entity’s ABN or, if the first information the entity gave the Commissioner indicating the entity’s entitlement to the tax offset does not include the entity’s ABN but does include the entity’s ACN (within the meaning of the Corporations Act 2001 ), the entity’s ACN; (c) the sum of the amounts of the tax offsets that the entity is entitled to under Division 421 of the Income Tax Assessment Act 1997 for the income year, where the amount of each tax offset is worked out according to the first information that the entity gave the Commissioner indicating the entity’s entitlement to the tax offset. (4) Subsection (5) applies if: (a) the entity gives the Commissioner notice, in the approved form, that the information mentioned in subsection (3) contains an error; and (b) the notice contains information that corrects the error. (5) The Commissioner may at any time make the information mentioned in paragraph (4)(b) publicly available, in accordance with subsection (2), in order to correct the error. (6) To avoid doubt, if the Commissioner considers that information made publicly available under subsection (2) fails to reflect all of the information required to be made publicly available under that subsection, the Commissioner may at any time make publicly available other information in order to remedy the failure. (7) An expression used in this section and in the Income Tax Assessment Act 1997 has the same meaning in this section as in that Act.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s3L"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Commissioner and Second Commissioners of Taxation", "Text": "There shall be a Commissioner of Taxation and 3 Second Commissioners of Taxation, who shall be appointed by the Governor ‑ General.", "Amendment_Count": 3, "First_Amended": "No 95 of 1959", "Last_Amended": "No 154 of 1986", "Amending_Acts": "No 95 of 1959 | No 65 of 1985 | No 154 of 1986", "History_Notes": "Amended by No 95 of 1959, effective 4 Dec 1959 | Amended by No 65 of 1985, effective sch 1: 3 July 1985 (s 2(1)) sch 1: 14 Dec 1984 (s 2(45)) | Amended by No 154 of 1986, effective Part II (s 3 ‑ 6), s 8(a), 9 ‑ 11: 1 Jan 1987 s 8(c): 10 June 1986 s 26(b), (c), 28, 40, 49(3), (7): 1 Jan 1987 ( see s 2(4) and Gazette 1986, No. S650) s 55: 1 Mar 1987 ( see Gazette 1987, No. S32) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s4"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 4A", "Provision_Key": "s4a", "Heading": "Statutory Agency etc. for purposes of Public Service Act", "Text": "(1) The staff necessary to assist the Commissioner are to be persons engaged under the Public Service Act 1999 . (2) For the purposes of the Public Service Act 1999 : (a) the Commissioner and the APS employees assisting the Commissioner together constitute a Statutory Agency; and (b) the Commissioner is the Head of that Statutory Agency.", "Amendment_Count": 1, "First_Amended": "No 146 of 1999", "Last_Amended": "No 146 of 1999", "Amending_Acts": "No 146 of 1999", "History_Notes": "Inserted by No 146 of 1999, effective sch 1 (items 911 ‑ 915): 5 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s4A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Tenure of Commissioner and Second Commissioners", "Text": "(1) The Commissioner of Taxation and each Second Commissioner of Taxation shall be appointed for terms of 7 years respectively and shall be eligible for re ‑ appointment. (3) The Commissioner of Taxation and the Second Commissioners of Taxation are not subject to the Public Service Act 1999 .", "Amendment_Count": 12, "First_Amended": "No 18 of 1955", "Last_Amended": "No 159 of 2001", "Amending_Acts": "No 18 of 1955 | No 39 of 1957 | No 95 of 1959 | No 17 of 1960 | No 75 of 1964 | No 93 of 1966 | No 120 of 1968 | No 133 of 1974 | No 123 of 1984 | No 65 of 1985 | No 146 of 1999 | No 159 of 2001", "History_Notes": "Amended by No 18 of 1955, effective 10 June 1955 | Amended by No 39 of 1957, effective 1 July 1957 | Amended by No 95 of 1959, effective 4 Dec 1959 | Amended by No 17 of 1960, effective 17 May 1960 | Amended by No 75 of 1964, effective 5 Nov 1964 | Amended by No 93 of 1966, effective 1 Dec 1966 | Amended by No 120 of 1968, effective 2 Dec 1968 | Amended by No 133 of 1974, effective s 1, 2: Royal Assent s 3, 4, 7, 8, 10 ‑ 12: 23 Dec 1974 ( see Gazette 1974, No. 103D) Remainder: 1 July 1976 ( see Gazette 1976, No. S107) | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 65 of 1985, effective sch 1: 3 July 1985 (s 2(1)) sch 1: 14 Dec 1984 (s 2(45)) | Amended by No 146 of 1999, effective sch 1 (items 911 ‑ 915): 5 Dec 1999 (s 2(1), (2)) | Amended by No 159 of 2001, effective 29 Oct 2001", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 5A", "Provision_Key": "s5a", "Heading": "Remuneration and allowances of Commissioner and Second Commissioners", "Text": "(1) The Commissioner of Taxation and the Second Commissioners of Taxation shall be paid such remuneration as is determined by the Remuneration Tribunal but, if no determination of that remuneration by the Tribunal is in operation, they shall be paid remuneration at the respective rates that were applicable immediately before the commencement of this section. (2) The Commissioner of Taxation and the Second Commissioners of Taxation shall be paid such allowances as are prescribed. (3) This section has effect subject to the Remuneration Tribunal Act 1973 .", "Amendment_Count": 3, "First_Amended": "No 133 of 1974", "Last_Amended": "No 43 of 1996", "Amending_Acts": "No 133 of 1974 | No 65 of 1985 | No 43 of 1996", "History_Notes": "Inserted by No 133 of 1974, effective s 1, 2: Royal Assent s 3, 4, 7, 8, 10 ‑ 12: 23 Dec 1974 ( see Gazette 1974, No. 103D) Remainder: 1 July 1976 ( see Gazette 1976, No. S107) | Amended by No 65 of 1985, effective sch 1: 3 July 1985 (s 2(1)) sch 1: 14 Dec 1984 (s 2(45)) | Amended by No 43 of 1996, effective sch 4 (item 145): 25 Oct 1996 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s5A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Leave of absence", "Text": "(1) The Commissioner and a Second Commissioner have such recreation leave entitlements as are determined by the Remuneration Tribunal. (2) The Minister may grant the Commissioner and a Second Commissioner leave of absence, other than recreation leave, on such terms and conditions as to remuneration or otherwise as the Minister determines.", "Amendment_Count": 4, "First_Amended": "No 95 of 1959", "Last_Amended": "No 146 of 1999", "Amending_Acts": "No 95 of 1959 | No 123 of 1984 | No 122 of 1991 | No 146 of 1999", "History_Notes": "Amended by No 95 of 1959, effective 4 Dec 1959 | Repealed and substituted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Repealed and substituted by No 122 of 1991, effective s 4(1), 10(b), 15 ‑ 20: 1 Dec 1988 s 28(b) ‑ (e), 30, 31: 10 Dec 1991 ( see Gazette 1991, No. S332) Remainder: Royal Assent | Amended by No 146 of 1999, effective sch 1 (items 911 ‑ 915): 5 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6A", "Provision_Key": "s6a", "Heading": "Resignation", "Text": "The Commissioner or a Second Commissioner may resign his or her office by writing signed by the Commissioner or Second Commissioner, as the case may be, and delivered to the Governor ‑ General.", "Amendment_Count": 2, "First_Amended": "No 95 of 1959", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 95 of 1959 | No 123 of 1984", "History_Notes": "Inserted by No 95 of 1959, effective 4 Dec 1959 | Repealed and substituted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6B", "Provision_Key": "s6b", "Heading": "Acting appointments", "Text": "(1) The Minister may appoint a person to act in the office of Commissioner of Taxation: (a) during a vacancy in that office; or (b) during any period, or during all periods, when the person holding that office is absent from duty or from Australia or is, for any other reason, unable to perform the functions of that office. Note: For rules that apply to acting appointments, see section 33A of the Acts Interpretation Act 1901 . (2) The Minister may appoint a person to act in an office of Second Commissioner of Taxation: (a) during a vacancy in that office; or (b) during any period, or during all periods, when the person holding the office of Second Commissioner of Taxation is absent from duty or from Australia, is acting in the office of Commissioner of Taxation or is, for any other reason, unable to perform the functions of the office of Second Commissioner of Taxation. Note: For rules that apply to acting appointments, see section 33A of the Acts Interpretation Act 1901 . (6) While a person is acting in the office of Commissioner of Taxation, the person has and may exercise all the powers, and shall perform all the functions, of the Commissioner under this Act or any other law. (6A) For the purposes of subsection (6), the Commissioner’s powers and functions include powers and functions given to the Commissioner: (a) in the Commissioner’s capacity as Registrar of the Australian Business Register; and (b) if the Commissioner is appointed as the Registrar under section 6 of the Commonwealth Registers Act 2020 —in the Commissioner’s capacity as that Registrar; and (c) if the Commissioner is appointed as the Registrar under section 130R of the Foreign Acquisitions and Takeovers Act 1975 —in the Commissioner’s capacity as that Registrar. Note: Subsection 1270(3) of the Corporations Act 2001 has a similar operation if the Commissioner is appointed as Registrar under section 1270 of that Act. (7) While a person is acting in an office of Second Commissioner of Taxation, the person has and may exercise all the powers, and shall perform all the functions, of the Second Commissioner under this Act or any other law.", "Amendment_Count": 6, "First_Amended": "No 123 of 1984", "Last_Amended": "No 57 of 2026", "Amending_Acts": "No 123 of 1984 | No 62 of 1987 | No 85 of 1999 | No 4 of 2007 | No 46 of 2011 | No 57 of 2026", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 62 of 1987, effective s 55, sch 4: 5 June 1987 (s 2(1)) sch 1: 1 July 1987 (s 2(6)) | Amended by No 85 of 1999, effective 8 July 1999 ( see s 2) | Amended by No 4 of 2007, effective sch 2 (items 17 ‑ 21): Royal Assent | Amended by No 46 of 2011, effective sch 2 (items 1109 ‑ 1111), sch 3 (items 10, 11): 27 Dec 2011 | Amended by No 57 of 2026, effective sch 3 (items 62, 63, 87 ‑ 90): 30 June 2026 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6C", "Provision_Key": "s6c", "Heading": "Suspension and removal from office of Commissioner or Second Commissioner", "Text": "(1) The Governor ‑ General may remove the Commissioner or a Second Commissioner from office on an address praying for the removal of the Commissioner or the Second Commissioner, as the case may be, on the ground of proved misbehaviour or physical or mental incapacity being presented to the Governor ‑ General by each House of the Parliament in the same session of the Parliament. (2) The Governor ‑ General may suspend the Commissioner or a Second Commissioner from office on the ground of misbehaviour or physical or mental incapacity. (3) Where the Governor ‑ General suspends the Commissioner or a Second Commissioner, the Minister shall cause a statement of the grounds of the suspension to be laid before each House of the Parliament within 7 sitting days of that House after the suspension. (4) If, at the expiration of 15 sitting days of a House of the Parliament after the day on which the statement was laid before that House, an address under subsection (1) has not been presented to the Governor ‑ General by each House of the Parliament, the suspension terminates. (5) The suspension of the Commissioner or a Second Commissioner from office under this section does not affect any entitlement of the Commissioner or Second Commissioner, as the case may be, to be paid remuneration and allowances. (6) If: (a) the Commissioner or a Second Commissioner becomes bankrupt, applies to take the benefit of any law for the relief of bankrupt or insolvent debtors, compounds with his or her creditors or makes an assignment of his or her remuneration for their benefit; (b) the Commissioner or a Second Commissioner engages, except with the approval of the Minister, in paid employment outside the duties of the office of Commissioner or Second Commissioner, as the case may be; or (c) the Commissioner or a Second Commissioner is absent from duty, except on leave of absence, for 14 consecutive days or 28 days in any 12 months; the Governor ‑ General shall remove the Commissioner or Second Commissioner, as the case may be, from office. (7) The Governor ‑ General may, with the consent of the Commissioner or a Second Commissioner, retire the Commissioner or Second Commissioner, as the case may be, from office on the ground of physical or mental incapacity. (8) The Commissioner or a Second Commissioner shall not be suspended, removed or retired from office except as provided by this section.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 122 of 1991", "Amending_Acts": "No 123 of 1984 | No 122 of 1991", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 122 of 1991, effective s 4(1), 10(b), 15 ‑ 20: 1 Dec 1988 s 28(b) ‑ (e), 30, 31: 10 Dec 1991 ( see Gazette 1991, No. S332) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6C"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6D", "Provision_Key": "s6d", "Heading": "Powers of Second Commissioner", "Text": "(1) Subject to subsection (2) and to the regulations, a Second Commissioner has all the powers, and may perform all the functions, of the Commissioner under a taxation law. (2) Subsection (1) does not apply in relation to: (a) section 8 of this Act; or (b) a provision of a taxation law that: (i) provides that the Commissioner has the general administration of the taxation law; or (ii) requires the Commissioner to furnish to the Minister a report on the working of the taxation law during any period. (3) When a power or function of the Commissioner under a taxation law is exercised or performed by a Second Commissioner, the power or function shall, for the purposes of the taxation law, be deemed to have been exercised or performed by the Commissioner. (4) The exercise of a power, or the performance of a function, of the Commissioner under a taxation law by a Second Commissioner does not prevent the exercise of the power, or the performance of the function, by the Commissioner.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 54 of 2003", "Amending_Acts": "No 123 of 1984 | No 201 of 1999 | No 54 of 2003", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 54 of 2003, effective 1 July 2003", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6D"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Deputy Commissioners of Taxation", "Text": "There shall be such Deputy Commissioners of Taxation as are required.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s7"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Delegation", "Text": "(1) The Commissioner may, either generally or as otherwise provided by the instrument of delegation, by writing signed by the Commissioner, delegate to a Deputy Commissioner or any other person all or any of the Commissioner’s powers or functions under a taxation law or any other law of the Commonwealth or a Territory, other than this power of delegation. (1A) For the purposes of this section, the Commissioner’s powers and functions include powers and functions given to the Commissioner in his or her capacity as Registrar of the Australian Business Register. (2) Subject to subsection (5), a power or function so delegated, when exercised or performed by the delegate, shall, for the purposes of the taxation law or the other law, as the case may be, be deemed to have been exercised or performed by the Commissioner. (4) A delegation under this section does not prevent the exercise of a power or the performance of a function by the Commissioner. (5) A delegation under this section may be made subject to a power of review and alteration by the Commissioner, within a period specified in the instrument of delegation, of acts done in pursuance of the delegation. (6) A delegation under this section continues in force notwithstanding a change in the occupancy of, or a vacancy in, the office of Commissioner, but, for the purposes of the application of subsection 33(3) of the Acts Interpretation Act 1901 to a delegation under this section, nothing in any law shall be taken to preclude the revocation or variation of the delegation by the same or a subsequent holder of that office.", "Amendment_Count": 3, "First_Amended": "No 133 of 1974", "Last_Amended": "No 85 of 1999", "Amending_Acts": "No 133 of 1974 | No 123 of 1984 | No 85 of 1999", "History_Notes": "Amended by No 133 of 1974, effective s 1, 2: Royal Assent s 3, 4, 7, 8, 10 ‑ 12: 23 Dec 1974 ( see Gazette 1974, No. 103D) Remainder: 1 July 1976 ( see Gazette 1976, No. S107) | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 85 of 1999, effective 8 July 1999 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAA", "Provision_Key": "s8aaa", "Heading": "Overview", "Text": "This Part explains how to work out the general interest charge on an amount. Usually, a person is liable to pay the charge if an amount that the person must pay to the Commissioner is not paid on time. But there are also other circumstances in which a person can be liable. A person is only liable to pay the charge if a provision of an Act makes the person liable.", "Amendment_Count": 3, "First_Amended": "No 11 of 1999", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 11 of 1999 | No 101 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAB", "Provision_Key": "s8aab", "Heading": "When the general interest charge applies", "Text": "(1) There are certain provisions of this Act and other Acts that make persons liable to pay the general interest charge. Subsection (4) lists the provisions. (2) A person is only liable to pay the charge on an amount if a provision specifies that the person is liable to pay the charge on the amount. (3) The charge does not apply to the Commonwealth or an authority of the Commonwealth. (4) The following table is an index of the laws that deal with liability to the charge. Liability to general interest charge Item Column 1 Section Column 2 Act Column 3 Topic 1 162 ‑ 100 A New Tax System (Goods and Services Tax) Act 1999 payment of GST instalments 2 168 ‑ 10 A New Tax System (Goods and Services Tax) Act 1999 supplies later found to be GST ‑ free supplies 3 25 ‑ 10 A New Tax System (Wine Equalisation Tax) Act 1999 purchases later found to be GST free supplies 3A 175 ‑ 65 Australian Charities and Not ‑ for ‑ profits Commission Act 2012 payment of administrative penalty 3B 67 Excise Act 1901 payment of excise duty for tobacco goods 5 93 Fringe Benefits Tax Assessment Act 1986 payment of fringe benefits tax 6 112B Fringe Benefits Tax Assessment Act 1986 payment of fringe benefits tax instalments 7 102UP Income Tax Assessment Act 1936 payment of trustee beneficiary non ‑ disclosure tax 8 128C Income Tax Assessment Act 1936 payment of withholding tax 9 former section 163AA Income Tax Assessment Act 1936 returns by instalment taxpayers 10 former section 163B Income Tax Assessment Act 1936 returns by persons other than instalment taxpayers 10A 172A Income Tax Assessment Act 1936 repayments of excessive tax offset refunds or shortfall interest charge 11 271 ‑ 80 in Schedule 2F Income Tax Assessment Act 1936 payment of family trust distribution tax 12 5 ‑ 15 Income Tax Assessment Act 1997 unpaid income tax or shortfall interest charge 12A 44 ‑ 50 Income Tax Assessment Act 1997 payment of assessed build to rent development misuse tax 13 197 ‑ 75 Income Tax Assessment Act 1997 payment of untainting tax 14 214 ‑ 155 Income Tax Assessment Act 1997 payment of franking tax by a corporate tax entity 15 292 ‑ 390 Income Tax Assessment Act 1997 payment of excess non ‑ concessional contributions tax or shortfall interest charge 15A 293 ‑ 75 Income Tax Assessment Act 1997 payment of Division 293 tax or shortfall interest charge 15B 294 ‑ 250 Income Tax Assessment Act 1997 payment of excess transfer balance tax 16 296 ‑ 215 Income Tax Assessment Act 1997 payment of Division 296 tax or shortfall interest charge 16A 418 ‑ 170 Income Tax Assessment Act 1997 payment of excess exploration credit tax or shortfall interest charge 17 721 ‑ 30 Income Tax Assessment Act 1997 liability of members of consolidated groups 18 840 ‑ 810 Income Tax Assessment Act 1997 payment of managed investment trust withholding tax 18A 840 ‑ 910 Income Tax Assessment Act 1997 payment of labour mobility program withholding tax 19 214 ‑ 105 Income Tax (Transitional Provisions) Act 1997 payment of franking deficit tax 19A 10 Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 wrong payment or overpayment of a cash flow boost 19B 10 Coronavirus Economic Response Package (Payments and Benefits) Act 2020 wrong payment or overpayment of a Coronavirus economic response payment 20 85 Petroleum Resource Rent Tax Assessment Act 1987 payment of petroleum resource rent tax, shortfall interest charge or instalment transfer interest charge 20A 282 ‑ 19 Private Health Insurance Act 2007 repayment of private health insurance premium reduction or refund 21 35 Product Grants and Benefits Administration Act 2000 payment of a designated scheme debt 22 21 Superannuation Contributions Tax (Assessment and Collection) Act 1997 increase in liability to pay superannuation contributions surcharge because of amendment of assessment 23 22 Superannuation Contributions Tax (Assessment and Collection) Act 1997 liability to pay superannuation contributions surcharge because of new assessment 24 25 Superannuation Contributions Tax (Assessment and Collection) Act 1997 payment of superannuation contributions surcharge or advance instalment 25 18 Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 increase in liability to pay superannuation contributions surcharge because of amendment of assessment 26 21 Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 payment of superannuation contributions surcharge 27 25 Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 repayments or underpayments of Government co ‑ contributions that cannot be credited to an account 27A 115Q Paid Parental Leave Act 2010 repayments of PPL superannuation contributions or underpaid amounts that cannot be credited to an account 28 49 Superannuation Guarantee (Administration) Act 1992 payment of superannuation guarantee charge 29 15DC Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 payment of superannuation (self managed superannuation funds) supervisory levy 30 17A Superannuation (Unclaimed Money and Lost Members) Act 1999 payment of unclaimed money 31 18C Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment that cannot be credited to an account 32 20F Superannuation (Unclaimed Money and Lost Members) Act 1999 payment of unclaimed superannuation of former temporary residents 33 20M Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment for former temporary resident that cannot be credited to an account 33A 20QE Superannuation (Unclaimed Money and Lost Members) Act 1999 payment in respect of inactive low ‑ balance accounts 33B 20QL Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment in respect of inactive low ‑ balance accounts that cannot be credited to an account 33C 21D Superannuation (Unclaimed Money and Lost Members) Act 1999 payment in respect of eligible rollover fund accounts 33D 21H Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment in respect of eligible rollover fund accounts that cannot be credited to an account 33E 22F Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment in respect of payments that cannot be credited to an account 34 24F Superannuation (Unclaimed Money and Lost Members) Act 1999 payment in respect of lost member accounts 35 24L Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment for former lost member that cannot be credited to an account 35A 24NB Superannuation (Unclaimed Money and Lost Members) Act 1999 repayment of Commissioner’s payment for inactive low ‑ balance accounts that cannot be credited to an active account 36 8AAZF Taxation Administration Act 1953 RBA deficit debts 37 8AAZN Taxation Administration Act 1953 overpayments made by the Commissioner 38 16 ‑ 80 in Schedule 1 Taxation Administration Act 1953 payment of PAYG withholding amounts 38A 18 ‑ 150 in Schedule 1 Taxation Administration Act 1953 PAYG withholding non ‑ compliance tax 39 45 ‑ 80 in Schedule 1 Taxation Administration Act 1953 payment of PAYG instalments 40 45 ‑ 230 in Schedule 1 Taxation Administration Act 1953 shortfall in quarterly PAYG instalments worked out on the basis of a varied rate 41 45 ‑ 232 in Schedule 1 Taxation Administration Act 1953 shortfall in quarterly PAYG instalments worked out on the basis of estimated benchmark tax 42 45 ‑ 235 in Schedule 1 Taxation Administration Act 1953 shortfall in annual PAYG instalments 43 45 ‑ 600 and 45 ‑ 620 in Schedule 1 Taxation Administration Act 1953 tax benefits relating to PAYG instalments 44 45 ‑ 870 and 45 ‑ 875 in Schedule 1 Taxation Administration Act 1953 head company’s liability on shortfall in quarterly PAYG instalments 45 105 ‑ 80 in Schedule 1 Taxation Administration Act 1953 payment of a net fuel amount or an amount of indirect tax 45A 115 ‑ 10 in Schedule 1 Taxation Administration Act 1953 payment of major bank levy 45B 125 ‑ 10 in Schedule 1 Taxation Administration Act 1953 payment of Laminaria and Corallina decommissioning levy or shortfall interest charge 45BA 127 ‑ 70 in Schedule 1 Taxation Administration Act 1953 payment of Australian IIR/UTPR tax or shortfall interest charge 45BB 127 ‑ 70 in Schedule 1 Taxation Administration Act 1953 payment of Australian DMT tax or shortfall interest charge 45C 133 ‑ 115 in Schedule 1 Taxation Administration Act 1953 payment of debt account discharge liability 45D 134 ‑ 115 in Schedule 1 Taxation Administration Act 1953 payment of Division 296 debt account discharge liability 46 263 ‑ 30 in Schedule 1 Taxation Administration Act 1953 payment of a foreign revenue claim 47 268 ‑ 75 in Schedule 1 Taxation Administration Act 1953 late payment of estimate 48 298 ‑ 25 in Schedule 1 Taxation Administration Act 1953 payment of administrative penalty", "Amendment_Count": 64, "First_Amended": "No 11 of 1999", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 11 of 1999 | No 59 of 1999 | No 118 of 1999 | No 178 of 1999 | No 44 of 2000 | No 58 of 2000 | No 60 of 2000 | No 89 of 2000 | No 91 of 2000 | No 73 of 2001 | No 68 of 2002 | No 16 of 2003 | No 54 of 2003 | No 111 of 2003 | No 75 of 2005 | No 58 of 2006 | No 73 of 2006 | No 80 of 2006 | No 100 of 2006 | No 101 of 2006 | No 9 of 2007 | No 15 of 2007 | No 143 of 2007 | No 32 of 2008 | No 45 of 2008 | No 97 of 2008 | No 151 of 2008 | No 6 of 2009 | No 27 of 2009 | No 133 of 2009 | No 20 of 2010 | No 79 of 2010 | No 41 of 2011 | No 14 of 2012 | No 26 of 2012 | No 58 of 2012 | No 99 of 2012 | No 169 of 2012 | No 82 of 2013 | No 88 of 2013 | No 118 of 2013 | No 32 of 2014 | No 96 of 2014 | No 2 of 2015 | No 21 of 2015 | No 70 of 2015 | No 81 of 2016 | No 64 of 2017 | No 23 of 2018 | No 141 of 2018 | No 8 of 2019 | No 16 of 2019 | No 22 of 2020 | No 38 of 2020 | No 24 of 2021 | No 45 of 2021 | No 24 of 2022 | No 75 of 2022 | No 90 of 2024 | No 134 of 2024 | No 138 of 2024 | No 9 of 2025 | No 8 of 2026", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 59 of 1999, effective 1 July 2000 (s 2) | Amended by No 118 of 1999, effective sch 2 (items 25 ‑ 28): 22 Sept 1999 (s 2) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 58 of 2000, effective sch 8 (item 20): 1 July 1999 (s 2(13)) | Amended by No 60 of 2000, effective 19 June 2000 (s 2) | Amended by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 111 of 2003, effective 12 Nov 2003 | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 80 of 2006, effective sch 4 (items 10 ‑ 14), sch 6 (items 10, 11), sch 7 (items 4 ‑ 6): Royal Assent | Amended by No 100 of 2006, effective 14 Sept 2006 | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 97 of 2008, effective sch 3 (items 177 ‑ 185): Royal Assent | Amended by No 151 of 2008, effective sch 1 (items 23 ‑ 26): 18 Dec 2008 ( see F2008L04636) | Amended by No 6 of 2009, effective sch 1 (items 5 ‑ 7): 18 Feb 2009 ( see s 2(1)) | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 20 of 2010, effective sch 1 (items 15, 16, 18 ‑ 20), sch 3 (items 30, 31), sch 5 (items 8 ‑ 11): Royal Assent sch 2 (items 19 ‑ 22, 23(1)): 1 July 2010 | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 26 of 2012, effective sch 1 (items 41, 42, 48(1)): 1 July 2012 | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 32 of 2014, effective sch 1(items 2 ‑ 4, 10): 28 May 2014 (s 2(1) item 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 141 of 2018, effective sch 2, sch 3 (items 9, 10): 1 Jan 2019 (s 2(1) items 3, 4) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 16 of 2019, effective sch 3 (items 34 ‑ 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 22 of 2020, effective sch 3 (items 4, 5): 24 Mar 2020 (s 2(1) item 3) | Amended by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14) | Amended by No 24 of 2021, effective sch 1 (items 46, 47): 23 Mar 2021 (s 2(1) item 2) sch 2 (items 32, 33): 29 Mar 2021 (s 2(1) item 3) | Amended by No 45 of 2021, effective sch 2 (items 5 ‑ 12, 14): 1 July 2021 (s 2(1) item 2) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4) | Amended by No 90 of 2024, effective sch 2 (items 7, 8): 2 Oct 2024 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5) | Amended by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAC", "Provision_Key": "s8aac", "Heading": "Amount of the general interest charge", "Text": "(1) The general interest charge for a day is worked out in accordance with this section. (2) If the charge is payable under section 8AAZF on the RBA deficit at the end of that day, then the charge is worked out by multiplying the general interest charge rate for that day by the RBA deficit at the end of that day. (2A) If the charge is payable under Division 296 of the Income Tax Assessment Act 1997 on an amount that remains unpaid, then the charge is worked out by multiplying the Division 296 general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid: (a) the charge from previous days; (b) the original unpaid amount. (3) If the charge is not payable under section 8AAZF of this Act or Division 296 of the Income Tax Assessment Act 1997 , but applies to an amount that remains unpaid (the original unpaid amount ), then the charge is worked out by multiplying the general interest charge rate for that day by the sum of so much of the following amounts as remains unpaid: (a) the charge from previous days; (b) the original unpaid amount. (4) If the charge applies to an amount that is specified in the provision that imposes the charge, but none of subsections (2), (2A) and (3) apply, then the charge is worked out by multiplying the general interest charge rate for that day by the sum of the following amounts: (a) so much of the charge from previous days as remains unpaid; (b) the specified amount.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 11 of 1999 | No 8 of 2026", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAD", "Provision_Key": "s8aad", "Heading": "What is the general interest charge rate?", "Text": "(1) The general interest charge rate for a day is the rate worked out by adding 7 percentage points to the base interest rate for that day, and dividing that total by the number of days in the calendar year. (1A) The Division 296 general interest charge rate for a day is the rate worked out by: (a) adding 3 percentage points to the base interest rate for that day; and (b) dividing that total by the number of days in the calendar year. (2) The base interest rate for a day depends on which quarter of the year the day is in. For each day in a quarter in the second column of the table, it is the monthly average yield of 90 ‑ day Bank Accepted Bills published by the Reserve Bank of Australia for the month in the third column of the table. Base interest rate Item For days in this quarter... the monthly average yield of 90 ‑ day Bank Accepted Bills for this month applies... 1 1 January to 31 March the preceding November 2 1 April to 30 June the preceding February 3 1 July to 30 September the preceding May 4 1 October to 31 December the preceding August (3) If the monthly average yield of 90 ‑ day Bank Accepted Bills for a particular month in the third column of the table in subsection (2) is not published by the Reserve Bank of Australia before the beginning of the relevant quarter, assume that it is the same as the last monthly average yield of 90 ‑ day Bank Accepted Bills published by the Reserve Bank of Australia before that month. (4) The base interest rate must be rounded to the second decimal place (rounding .005 upwards).", "Amendment_Count": 3, "First_Amended": "No 11 of 1999", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 11 of 1999 | No 73 of 2001 | No 8 of 2026", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAE", "Provision_Key": "s8aae", "Heading": "When the charge is due and payable", "Text": "The general interest charge for a day is due and payable to the Commissioner at the end of that day. Note: For provisions about collection and recovery of the charge, see Part 4 ‑ 15 in Schedule 1.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 11 of 1999 | No 179 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAE"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAF", "Provision_Key": "s8aaf", "Heading": "Notification by Commissioner", "Text": "(1) The Commissioner may give notice to a person liable to pay the charge of the amount of the charge for a particular day or days. (4) A notice given to a person by the Commissioner under this section is prima facie evidence of the matters stated in the notice.", "Amendment_Count": 4, "First_Amended": "No 11 of 1999", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 11 of 1999 | No 178 of 1999 | No 179 of 1999 | No 81 of 2016", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAF"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAG", "Provision_Key": "s8aag", "Heading": "Remission of the charge", "Text": "(1) The Commissioner may remit all or a part of the charge payable by a person. (2) However, if a person is liable to pay the charge because an amount remains unpaid after the time by which it is due to be paid, the Commissioner may only remit all or a part of the charge in the circumstances set out in subsection (3), (4) or (5). (3) The Commissioner may remit all or a part of the charge referred to in subsection (2) if the Commissioner is satisfied that: (a) the circumstances that contributed to the delay in payment were not due to, or caused directly or indirectly by, an act or omission of the person; and (b) the person has taken reasonable action to mitigate, or mitigate the effects of, those circumstances. (4) The Commissioner may remit all or a part of the charge referred to in subsection (2) if the Commissioner is satisfied that: (a) the circumstances that contributed to the delay in payment were due to, or caused directly or indirectly by, an act or omission of the person; and (b) the person has taken reasonable action to mitigate, or mitigate the effects of, those circumstances; and (c) having regard to the nature of those circumstances, it would be fair and reasonable to remit all or a part of the charge. (5) The Commissioner may remit all or a part of the charge referred to in subsection (2) if the Commissioner is satisfied that: (a) there are special circumstances because of which it would be fair and reasonable to remit all or a part of the charge; or (b) it is otherwise appropriate to do so.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 11 of 1999 | No 91 of 2000", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAG"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAGA", "Provision_Key": "s8aaga", "Heading": "Rounding of the charge", "Text": "If the amount of the charge payable for any period is not a multiple of 5 cents, the Commissioner may round it down to the nearest multiple of 5 cents.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAGA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAH", "Provision_Key": "s8aah", "Heading": "Judgment for payment of an unpaid amount", "Text": "(1) This section applies if judgment is given by, or entered in, a court for the payment of: (a) all or a part of an amount in respect of which a person is, or was, liable to pay the charge because the amount remains unpaid after the time by which it is due to be paid; or (b) an amount that includes all or a part of the unpaid amount. (2) The consequences of judgment being given or entered are: (a) the unpaid amount is not taken, for the purposes of a provision that makes, or would make, the person liable to pay the charge on the unpaid amount, to have ceased to be due and payable by reason only of the giving or entering of the judgment; and (b) if the judgment debt carries interest, the amount of the charge that the person would, if not for this paragraph, be liable to pay on the unpaid amount is reduced by: (i) in a case to which paragraph (1)(a) applies—the amount of the interest; or (ii) in a case to which paragraph (1)(b) applies—the amount worked out using the formula:", "Amendment_Count": 1, "First_Amended": "No 11 of 1999", "Last_Amended": "No 11 of 1999", "Amending_Acts": "No 11 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAH"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZA", "Provision_Key": "s8aaza", "Heading": "Definitions", "Text": "In this Part, unless the contrary intention appears: company includes any body or association (whether or not it is incorporated), but does not include a partnership or a non ‑ entity joint venture. compulsory AASL repayment amount has the same meaning as in the Australian Apprenticeship Support Loans Act 2014 . compulsory ABSTUDY SSL repayment amount has the same meaning as in the Student Assistance Act 1973 . compulsory repayment amount has the same meaning as in the Higher Education Support Act 2003 . compulsory SSL repayment amount has the same meaning as in Chapter 2AA of the Social Security Act 1991 . compulsory VETSL repayment amount has the same meaning as in the VET Student Loans Act 2016 . credit includes: (a) an amount that the Commissioner must pay to a taxpayer under a taxation law, whether or not described as a credit, other than the following amounts: (i) an amount paid under the Product Grants and Benefits Administration Act 2000 ; (ii) an amount paid under Division 18 (refunds) of the A New Tax System (Luxury Car Tax) Act 1999 ; (iii) an amount paid under the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 to an entity, unless a determination of the Commissioner under section 8AAZAA specifies that the amount is a credit for the purposes of this subparagraph; (iv) an amount that the Commissioner must pay under subsection 139 ‑ 160(1) in Schedule 1 (about perpetrator contribution release orders); and (b) an amount received by the Commissioner in respect of a taxpayer as a result of the Commissioner having made a claim that is similar in nature to a foreign revenue claim (as defined in section 263 ‑ 10 in Schedule 1). entity means any of the following: (a) a company; (b) a partnership; (c) a person in a particular capacity of trustee; (d) a body politic; (e) a corporation sole; (f) any other person. excess non ‑ RBA credit means a credit that arises under section 8AAZLA or 8AAZLB. FS assessment debt means an FS assessment debt under: (a) subsection 19AB(2) of the Social Security Act 1991 ; or (b) the Student Assistance Act 1973 as in force at a time on or after 1 July 1998. non ‑ entity joint venture has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . non ‑ RBA tax debt means a tax debt other than an RBA deficit debt. primary tax debt means any amount due to the Commonwealth directly under a taxation law (other than, except in Division 4, the Product Grants and Benefits Administration Act 2000 ), including any such amount that is not yet payable. RBA means a running balance account established under section 8AAZC. RBA deficit debt , in relation to an RBA of an entity, means a balance in favour of the Commissioner, based on: (a) primary tax debts that have been allocated to the RBA and that are currently payable; and (b) payments made in respect of current or anticipated primary tax debts of the entity, and credits to which the entity is entitled under a taxation law, that have been allocated to the RBA. RBA group means a GST group under Division 48 of the A New Tax System (Goods and Services Tax) Act 1999 . RBA statement means a statement prepared by the Commissioner under section 8AAZG. RBA surplus , in relation to an RBA of an entity, means a balance in favour of the entity, based on: (a) primary tax debts that have been allocated to the RBA; and (b) payments made in respect of current or anticipated primary tax debts of the entity, and credits to which the entity is entitled under a taxation law, that have been allocated to the RBA. secondary tax debt means an amount that is not a primary tax debt, but is due to the Commonwealth in connection with a primary tax debt. Note: An example of a secondary tax debt is an amount due to the Commonwealth under an order of a court made in a proceeding for recovery of a primary tax debt. tax debt means a primary tax debt or a secondary tax debt. tax debtor means: (a) in relation to a tax debt—the person or persons who are liable for the tax debt; and (b) in relation to an RBA—the person or persons who are liable for the tax debts that are allocated to the RBA.", "Amendment_Count": 18, "First_Amended": "No 11 of 1999", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 11 of 1999 | No 178 of 1999 | No 179 of 1999 | No 92 of 2000 | No 106 of 2000 | No 54 of 2003 | No 150 of 2003 | No 100 of 2006 | No 150 of 2008 | No 6 of 2009 | No 56 of 2010 | No 32 of 2014 | No 82 of 2014 | No 169 of 2015 | No 116 of 2018 | No 38 of 2020 | No 61 of 2023 | No 47 of 2026", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 92 of 2000, effective sch 1 (items 10, 10A, 11), sch 4 (item 10), sch 6 (items 8 ‑ 10), sch 7 (items 31 ‑ 33), sch 9 (items 12 ‑ 16, 18), sch 11 (item 17): 1 July 2000 (s 2(1), (3)) | Amended by No 106 of 2000, effective sch 5 (items 10, 11): 1 July 1998 (s 2(3)) sch 5 (item 12): 1 July 1999 (s 2(17)) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 100 of 2006, effective 14 Sept 2006 | Amended by No 150 of 2008, effective sch 1 (items 6, 7): Royal Assent | Amended by No 6 of 2009, effective sch 1 (items 5 ‑ 7): 18 Feb 2009 ( see s 2(1)) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 32 of 2014, effective sch 1(items 2 ‑ 4, 10): 28 May 2014 (s 2(1) item 2) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 47 of 2026, effective sch 1 (items 1 ‑ 4): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZAA", "Provision_Key": "s8aazaa", "Heading": "Amounts relating to Coronavirus economic response payments", "Text": "(1) The Commissioner may make a written determination that specifies that an amount paid under the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 to an entity is a credit for the purposes of subparagraph (a)(iii) of the definition of credit in section 8AAZA. (2) A determination under subsection (1) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 38 of 2020", "Last_Amended": "No 38 of 2020", "Amending_Acts": "No 38 of 2020", "History_Notes": "Inserted by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZAA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZB", "Provision_Key": "s8aazb", "Heading": "Trustee to be treated as separate entity for each capacity", "Text": "For the purposes of this Part, a person who is a trustee in more than one capacity is to be treated as a separate entity in relation to each of those capacities.", "Amendment_Count": 1, "First_Amended": "No 11 of 1999", "Last_Amended": "No 11 of 1999", "Amending_Acts": "No 11 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZC", "Provision_Key": "s8aazc", "Heading": "Establishment of RBAs", "Text": "(1) The Commissioner may establish one or more systems of accounts for primary tax debts. Note: This section does not prevent the Commissioner from establishing other accounts that are not RBAs. (2) Each account is to be known as a Running Balance Account (or RBA). (3) An RBA may be established for any entity. Note: The same person might be part of different entities . For example, a person might have a trustee capacity and also be a partner in a partnership. The person would then be a tax debtor in relation to each of the separate RBAs established for the trustee capacity and the partnership. (4) RBAs for entities may be established on any basis that the Commissioner determines. (4A) Without limiting subsection (4), separate RBAs may be established for different types of primary tax debts. (5) Without limiting subsection (4), separate RBAs may be established for: (a) different businesses or undertakings conducted by the same entity; or (b) different parts of the same business or undertaking; or (c) different periods.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 11 of 1999 | No 178 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZD", "Provision_Key": "s8aazd", "Heading": "Allocation of tax debts to RBAs", "Text": "(1) The Commissioner may allocate a primary tax debt to an RBA that has been established for that type of tax debt. Note: General interest charge on an RBA deficit debt is not allocated to the RBA: it accrues automatically under section 8AAZF. Separate RBAs for one entity (1A) If 2 or more RBAs for an entity have been established for that kind of tax debt, the Commissioner may allocate the debt to any one of those RBAs, or between any 2 or more of those RBAs, in the manner the Commissioner determines. Note: Separate RBAs may be established for different businesses or undertakings conducted by the same entity, for different parts of the same business or undertaking or for different periods: see subsection 8AAZC(5). Definition (2) In this section: primary tax debt does not include: (a) general interest charge; or (b) an RBA deficit debt.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 11 of 1999 | No 178 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZF", "Provision_Key": "s8aazf", "Heading": "General interest charge on RBA deficit debt", "Text": "(1) If there is an RBA deficit debt at the end of a day, then general interest charge is payable by the tax debtor on that RBA deficit debt for that day. (2) The balance of the RBA is altered in the Commissioner’s favour by the amount of the general interest charge payable.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 11 of 1999 | No 178 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZF"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZG", "Provision_Key": "s8aazg", "Heading": "RBA statements", "Text": "The Commissioner may at any time prepare a statement for an RBA, containing such particulars as the Commissioner determines.", "Amendment_Count": 1, "First_Amended": "No 11 of 1999", "Last_Amended": "No 11 of 1999", "Amending_Acts": "No 11 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZG"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZH", "Provision_Key": "s8aazh", "Heading": "Liability for RBA deficit debt", "Text": "(1) If there is an RBA deficit debt on an RBA at the end of a day, the tax debtor is liable to pay to the Commonwealth the amount of the debt. The amount is due and payable at the end of that day. Note: For provisions about collection and recovery of the amount, see Part 4 ‑ 15 in Schedule 1. (2) If there are several tax debtors, their liability for the debt is of the same kind as their liability for the tax debts that were allocated to the RBA. Example: If the tax debtors are jointly and severally liable for the tax debts that were allocated to the RBA, they will also be jointly and severally liable for the RBA deficit debt.", "Amendment_Count": 4, "First_Amended": "No 11 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 11 of 1999 | No 178 of 1999 | No 179 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZH"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZI", "Provision_Key": "s8aazi", "Heading": "RBA statement to be evidence", "Text": "(1) The production of an RBA statement: (a) is prima facie evidence that the RBA was duly kept; and (b) is prima facie evidence that the amounts and particulars in the statement are correct. (2) In this section: RBA statement includes a document that purports to be a copy of an RBA statement and is signed by the Commissioner or a delegate of the Commissioner or by a Second Commissioner or Deputy Commissioner.", "Amendment_Count": 1, "First_Amended": "No 11 of 1999", "Last_Amended": "No 11 of 1999", "Amending_Acts": "No 11 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZI"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZJ", "Provision_Key": "s8aazj", "Heading": "Evidentiary certificate about RBA transactions etc.", "Text": "(1) In proceedings for recovery of an RBA deficit debt, a Commissioner’s certificate stating any of the following matters in respect of a specified RBA is prima facie evidence of those matters: (a) that no tax debts (other than general interest charge on the RBA deficit debt) were allocated to the RBA after the balance date shown on a specified RBA statement for the RBA; (b) that general interest charge is payable on the RBA deficit debt, as specified in the certificate; (c) that payments and credits were allocated to the RBA, as specified in the certificate; (d) that a specified amount was the RBA deficit debt on the date of the certificate. (2) In this section: Commissioner’s certificate means a certificate signed by the Commissioner or a delegate of the Commissioner, or by a Second Commissioner or Deputy Commissioner.", "Amendment_Count": 2, "First_Amended": "No 11 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 11 of 1999 | No 178 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZJ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZL", "Provision_Key": "s8aazl", "Heading": "Amounts covered by this Division", "Text": "(1) This Division sets out how the Commissioner must treat the following kinds of amount: (a) a payment the Commissioner receives in respect of a current or anticipated tax debt or tax debts of an entity; (b) a credit (including an excess non ‑ RBA credit) that an entity is entitled to under a taxation law; (c) an RBA surplus of an entity. (2) The Commissioner must treat each such amount using the method set out in section 8AAZLA or 8AAZLB (but not both). Note: In either case, section 8AAZLC has some additional rules that apply to RBA surpluses and to certain excess non ‑ RBA credits. (3) However, the Commissioner does not have to treat an amount using either of those methods if doing so would require the Commissioner to apply the amount against a tax debt: (a) that is due but not yet payable; or (b) in respect of which the taxpayer has complied with an arrangement under section 255 ‑ 15 to pay the debt by instalments; or (c) in respect of which the Commissioner has agreed to defer recovery under section 255 ‑ 5. (4) Furthermore, the Commissioner does not have to treat an amount using either of those methods if: (a) doing so would require the Commissioner to apply the amount against a tax debt; and (b) the tax debt is a penalty that is due and payable under section 269 ‑ 20 in Schedule 1 (penalties for directors of non ‑ complying companies).", "Amendment_Count": 5, "First_Amended": "No 11 of 1999", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 11 of 1999 | No 178 of 1999 | No 156 of 2000 | No 61 of 2011 | No 99 of 2012", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Repealed and substituted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 156 of 2000, effective sch 5 (items 4 ‑ 17, 18(1A), (2)): 21 Dec 2000 (s 2(1)) sch 7 (items 19, 20): 1 July 2000 (s 2(8)) | Amended by No 61 of 2011, effective sch 6: 1 July 2011 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZL"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLA", "Provision_Key": "s8aazla", "Heading": "Method 1—allocating the amount first to an RBA", "Text": "(1) The Commissioner may, in the manner he or she determines, allocate the amount to an RBA of the entity or, if the entity is a member of an RBA group, to an RBA of another member of the group. (2) The Commissioner must then also apply the amount against the following kinds of debts (if there are any): (a) tax debts that have been allocated to that RBA; (b) general interest charge on such tax debts. (3) To the extent that the amount is not applied under subsection (2), it gives rise to an excess non ‑ RBA credit in favour of the entity that: (a) is equal to the part of the amount that is not applied; and (b) relates to the RBA to which the amount was allocated.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 178 of 1999 | No 92 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 92 of 2000, effective sch 1 (items 10, 10A, 11), sch 4 (item 10), sch 6 (items 8 ‑ 10), sch 7 (items 31 ‑ 33), sch 9 (items 12 ‑ 16, 18), sch 11 (item 17): 1 July 2000 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLB", "Provision_Key": "s8aazlb", "Heading": "Method 2—applying the amount first against a non ‑ RBA tax debt", "Text": "(1) The Commissioner may, in the manner he or she determines, apply the amount against a non ‑ RBA tax debt of the entity or, if the entity is a member of an RBA group, against a non ‑ RBA tax debt of another member of the group. (2) If the non ‑ RBA tax debt is: (a) a tax debt that has been allocated to an RBA; or (b) general interest charge on such a tax debt; the Commissioner must then also allocate the amount to that RBA. (3) To the extent that the amount is not applied under subsection (1), it gives rise to an excess non ‑ RBA credit in favour of the entity that is equal to the part of the amount that is not applied. (4) The excess non ‑ RBA credit relates to the RBA (if any) that the Commissioner determines and the balance of that RBA is adjusted in the entity’s favour by the amount of that credit. Separate RBAs for one entity (5) If the non ‑ RBA tax debt mentioned in subsection (1) has been allocated to 2 or more RBAs, the Commissioner must allocate the amount applied between those RBAs in the proportions in which the tax debt was allocated. Note: Separate RBAs may be established for different businesses or undertakings conducted by the same entity, for different parts of the same business or undertaking or for different periods: see subsection 8AAZC(5).", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 178 of 1999 | No 92 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 92 of 2000, effective sch 1 (items 10, 10A, 11), sch 4 (item 10), sch 6 (items 8 ‑ 10), sch 7 (items 31 ‑ 33), sch 9 (items 12 ‑ 16, 18), sch 11 (item 17): 1 July 2000 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLC", "Provision_Key": "s8aazlc", "Heading": "RBA surplus and related credits must remain equivalent if one or the other is applied", "Text": "RBA surpluses (1) If an RBA surplus is allocated or applied under this Division, the Commissioner must reduce by the same amount excess non ‑ RBA credits that relate to the RBA. Excess non ‑ RBA credits (2) If, under this Division, an excess non ‑ RBA credit that relates to an RBA (the related RBA ) is: (a) allocated to an RBA; or (b) applied against a non ‑ RBA tax debt; the related RBA is adjusted in the Commissioner’s favour by the same amount.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLD", "Provision_Key": "s8aazld", "Heading": "Special priority credits", "Text": "If, under this Division, the Commissioner is to apply a credit that arises under Schedule 1 to this Act (the PAYG system), the Commissioner must apply it, whether under section 8AAZLA or 8AAZLB: (aa) first, against any compulsory repayment amount of the entity; and (aaa) then against any compulsory VETSL repayment amount of the entity; and (ab) then against any compulsory SSL repayment amount of the entity; and (ac) then against any compulsory ABSTUDY SSL repayment amount of the entity; and (ad) then against any compulsory AASL repayment amount of the entity; and (b) then against any FS assessment debt of the entity; before applying it against other non ‑ RBA tax debts of the entity.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 178 of 1999 | No 150 of 2003 | No 56 of 2010 | No 82 of 2014 | No 169 of 2015 | No 116 of 2018 | No 61 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLE", "Provision_Key": "s8aazle", "Heading": "Instructions to Commissioner not binding", "Text": "In doing anything under this Division, the Commissioner is not required to take account of any instructions of any entity.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLE"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLF", "Provision_Key": "s8aazlf", "Heading": "Commissioner must refund RBA surpluses and credits", "Text": "(1) The Commissioner must refund to an entity so much of: (a) an RBA surplus of the entity; or (b) a credit (including an excess non ‑ RBA credit) in the entity’s favour; as the Commissioner does not allocate or apply under Division 3. Voluntary payments only to be refunded on request (2) However, the Commissioner is not required to refund an RBA surplus or excess non ‑ RBA credit that arises because a payment is made in respect of an anticipated tax debt of an entity unless the entity later requests, in the approved manner, that the Commissioner do so. (3) On receiving such a request, the Commissioner must refund so much of the amount as the Commissioner does not allocate or apply under Division 3. Effect of refunding RBA surplus (4) If the Commissioner refunds an RBA surplus under this section, the Commissioner must reduce by the same amount excess non ‑ RBA credits that relate to the RBA. Effect of refunding credit that relates to an RBA (5) If, under this section, the Commissioner refunds an excess non ‑ RBA credit that relates to an RBA, the RBA is adjusted in the Commissioner’s favour by the same amount.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLF"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLG", "Provision_Key": "s8aazlg", "Heading": "Retaining refunds until information or notification given", "Text": "(1) The Commissioner may retain an amount that he or she otherwise would have to refund to an entity under section 8AAZLF, if the entity has not given the Commissioner a notification: (a) that affects or may affect the amount that the Commissioner refunds to the entity; and (b) that the entity is required to give the Commissioner under: (i) any of the BAS provisions (as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ); or (ii) any of the petroleum resource rent tax provisions (as defined in that subsection); or (iii) any provision of a taxation law (other than a provision mentioned in subparagraph (i) or (ii)). (2) The Commissioner may retain the amount until the entity has given the Commissioner that notification or the Commissioner makes or amends an assessment of the amount, whichever happens first. Note: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in making the payment under subsection (2).", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 39 of 2012 | No 88 of 2013 | No 96 of 2014 | No 6 of 2020", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLG"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLGA", "Provision_Key": "s8aazlga", "Heading": "Retaining refunds while Commissioner verifies information", "Text": "Commissioner may retain an amount (1) The Commissioner may retain an amount that he or she otherwise would have to refund to an entity under section 8AAZLF, if the entity has given the Commissioner a notification that affects or may affect the amount that the Commissioner refunds to the entity, and: (a) it would be reasonable to require verification of information (the notified information ) that: (i) is contained in the notification; and (ii) relates to the amount that the Commissioner would have to refund; or (b) the entity has requested the Commissioner to retain the amount for verification of the notified information, and the request has not been withdrawn. (2) In deciding whether to retain the amount under this section, the Commissioner must, as far as the information available to the Commissioner at the time of making the decision reasonably allows, have regard to the following: (a) the likely accuracy of the notified information; (b) the likelihood that the notified information was affected by: (i) fraud or evasion; or (ii) intentional disregard of a taxation law; or (iii) recklessness as to the operation of a taxation law; (c) the impact of retaining the amount on the entity’s financial position; (d) whether retaining the amount is necessary for the protection of the revenue, including the likelihood that the Commissioner could recover any of the amount if the notified information were found to be incorrect after the amount had been refunded; (e) any complexity that would be involved in verifying the notified information; (f) the time for which the Commissioner has already retained the amount; (g) what the Commissioner has already done to verify the notified information; (h) whether the Commissioner has enough information to make an assessment relating to the amount (including information obtained from making further requests for information); (i) the extent to which the notified information is consistent with information that the entity previously provided; (j) any other relevant matter. Informing the entity of the retention of the amount (3) The Commissioner must inform the entity (by serving a document on the entity or by other means) that he or she has retained the amount under this section. He or she must do so by the end of: (a) in a case to which paragraph 8AAZLF(1)(a) applies: (i) if the whole or part of the RBA surplus of the entity arises because of a credit that arises directly under the BAS provisions (as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 )—the 16th day to occur after the RBA interest day (within the meaning of section 12AF of the Taxation (Interest on Overpayments and Early Payments) Act 1983 ) for the RBA surplus; or (ii) otherwise—the RBA interest day for the RBA surplus of the entity; or (b) in any other case—the 30th day after the entity gives to the Commissioner the notification mentioned in subsection (1) of this section. (3A) For the purposes of subparagraph (3)(a)(i), the whole or part of the RBA surplus is taken to arise because of a credit if the whole or part of the RBA surplus would not arise but for the credit being allocated to the RBA. (4) In informing the entity that the amount is retained, the Commissioner may request information that he or she is aware will be required for the purposes of verifying the notified information. How long the amount may be retained (5) The Commissioner may retain the amount under this section only until: (a) if paragraph (1)(a) applies—it would no longer be reasonable to require verification of the information; or (b) if the Commissioner fails to inform the entity, in accordance with subsection (3), that he or she has retained the amount under this section—the end of the day after the time by which, under that subsection, the Commissioner is required to inform the entity; or (c) in any case—there is a change to how much the Commissioner is required to refund, as a result of: (i) the Commissioner amending an assessment relating to the amount; or (ii) the Commissioner making or amending an assessment, under Division 105 in Schedule 1, relating to the amount; whichever happens first. Objecting to the decision to retain the amount (6) The entity may object to a decision of the Commissioner to retain the amount under this section in the manner set out in Part IVC, if the entity is dissatisfied with the decision. Note: Interest on the amount may be payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 . (7) Before the end of the 7 days after the start of the period during which, under section 14ZW, the entity may object to the decision, the Commissioner must notify the entity, in writing, that the entity may object to the decision. Note: For the start of the period for objecting to the decision, see paragraph 14ZW(1)(aad) and subsection 14ZW(4). (8) A failure to comply with subsection (7) does not affect the validity of the decision.", "Amendment_Count": 4, "First_Amended": "No 75 of 2012", "Last_Amended": "No 29 of 2025", "Amending_Acts": "No 75 of 2012 | No 110 of 2014 | No 8 of 2019 | No 29 of 2025", "History_Notes": "Inserted by No 75 of 2012, effective sch 4 (items 13 ‑ 16, 20), sch 5, sch 7: Royal Assent | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 29 of 2025, effective sch 3 (items 1 ‑ 3): 1 July 2025 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLGA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLGB", "Provision_Key": "s8aazlgb", "Heading": "Retaining refunds until notification under Division 389 or ascertainment of liability", "Text": "Commissioner may retain an amount (1) The Commissioner may retain an amount that he or she otherwise would have to refund to an entity under section 8AAZLF, if: (a) the Commissioner reasonably believes that the entity has made a payment as a result of which the entity is, or will be, required to notify the Commissioner under section 389 ‑ 5 in Schedule 1; and (b) the entity has not notified the Commissioner of the amount under that section; and (c) the notification affects or may affect the amount that the Commissioner refunds to the entity. (2) The Commissioner must inform the entity that he or she has retained the amount under this section. He or she must do so within 14 days after the day on which the relevant RBA surplus or credit arose. How long the amount may be retained (3) The Commissioner may retain the amount until: (a) the entity has given the Commissioner that notification (including notification of a nil amount); or (b) the Commissioner becomes reasonably satisfied that the entity is not required to give that notification; or (c) the Commissioner becomes reasonably satisfied that the entity does not have a liability (a PAYGW liability ) to pay to the Commissioner an amount of a kind referred to in item 1 of the table in subsection 389 ‑ 5(1) in Schedule 1; or (d) the Commissioner ascertains (including as a result of making an estimate) the total amount of the entity’s outstanding PAYGW liabilities; whichever happens first. Note: Interest is payable under the Taxation (Interest on Overpayments and Early Payments) Act 1983 if the Commissioner is late in making the payment under subsection (3). Objecting to the decision to retain the amount (4) The entity may object to a decision of the Commissioner to retain the amount under this section in the manner set out in Part IVC, if the entity is dissatisfied with the decision. Note: For the start of the period for objecting to the decision, see paragraph 14ZW(1)(aae). (5) Before the end of the 7 days after the start of the period during which, under section 14ZW, the entity may object to the decision, the Commissioner must notify the entity, in writing, that the entity may object to the decision. (6) A failure to comply with subsection (5) does not affect the validity of the decision.", "Amendment_Count": 3, "First_Amended": "No 55 of 2016", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 55 of 2016 | No 8 of 2019 | No 64 of 2020", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLGB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLGC", "Provision_Key": "s8aazlgc", "Heading": "Retaining refunds while Commissioner obtains financial institution details", "Text": "Commissioner may retain an amount (1) The Commissioner may retain an amount that the Commissioner otherwise would have to refund to an entity under section 8AAZLF, if the entity has not nominated in the approved form a financial institution account that is: (a) maintained at a branch or office of the institution that is in Australia; and (b) held by: (i) the entity, or the entity and some other entity; or (ii) the entity’s registered tax agent or BAS agent; or (iii) a legal practitioner as trustee or executor for the entity. (2) However, the Commissioner may not retain under this section an amount of a refund of an RBA surplus, or excess non ‑ RBA credit that relates to an RBA, if primary tax debts arising under: (a) any of the BAS provisions (as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ); or (b) any of the petroleum resource rent tax provisions (as defined in that subsection); have been allocated to that RBA. Note: For refunds covered by this subsection, see instead section 8AAZLH. Informing the entity of the retention of the amount (3) The Commissioner must inform the entity (by serving a document on the entity or by other means) that the Commissioner has retained the amount under this section. (4) In informing the entity that the amount is retained, the Commissioner must also notify the entity that: (a) the entity may nominate in the approved form a financial institution account for the purposes of this section; and (b) a failure to nominate such an account may delay payment of the amount. (5) A failure to comply with subsection (3) or (4) does not affect the validity of the decision to retain the amount. How long the amount may be retained (6) The Commissioner may retain the amount until the earlier of: (a) the end of the day after the entity gives to the Commissioner a nomination in the approved form of a financial institution account for the purposes of this section; and (b) the end of the period of 90 days from when the Commissioner otherwise would have to refund the amount to the entity.", "Amendment_Count": 1, "First_Amended": "No 135 of 2024", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 135 of 2024", "History_Notes": "Inserted by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLGC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZLH", "Provision_Key": "s8aazlh", "Heading": "How refunds are made", "Text": "(1) This section applies to refunds payable to an entity of RBA surpluses, or excess non ‑ RBA credits that relate to an RBA, if primary tax debts arising under: (a) any of the BAS provisions (as defined in subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 ); or (b) any of the petroleum resource rent tax provisions (as defined in that subsection); have been allocated to that RBA. (2) The Commissioner must pay those refunds to the credit of a financial institution account nominated in the approved form by the entity. The account nominated must be maintained at a branch or office of the institution that is in Australia. (2A) The account must be one held by: (a) the entity, or the entity and some other entity; or (b) the entity’s registered tax agent or BAS agent; or (c) a legal practitioner as trustee or executor for the entity. (3) However, the Commissioner may direct that any such refunds be paid to the entity in a different way. (4) If an entity has not nominated a financial institution account for the purposes of this section and the Commissioner has not directed that any such refunds be paid in a different way, the Commissioner is not obliged to refund any amount to the entity until the entity does so. (5) If the Commissioner pays a refund to the credit of an account nominated by an entity, the Commissioner is taken to have paid the refund to the entity.", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 91 of 2000 | No 114 of 2009 | No 88 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZLH"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZM", "Provision_Key": "s8aazm", "Heading": "When payments are treated as received", "Text": "For the purposes of taxation laws, a payment in respect of a tax debt is taken not to have been made until it is received by: (a) the Commissioner; or (b) a person acting on behalf of the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 11 of 1999", "Last_Amended": "No 11 of 1999", "Amending_Acts": "No 11 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZM"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZMA", "Provision_Key": "s8aazma", "Heading": "Electronic payment of tax debts", "Text": "(1) An entity that, under subsection 33 ‑ 10(2) of the A New Tax System (Goods and Services Tax) Act 1999 , is required to pay an assessed net amount for a tax period electronically must also electronically pay the Commissioner all of its other tax debts that are due to be paid during that period. (2) A large withholder that, under subsection 16 ‑ 85(1) in Schedule 1, is required to pay an amount electronically in a particular month must also electronically pay the Commissioner all of its other tax debts that are due to be paid during that month.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 91 of 2000 | No 39 of 2012", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZMA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZMB", "Provision_Key": "s8aazmb", "Heading": "Saturdays, Sundays and public holidays", "Text": "(1) Where, apart from this section, an amount in respect of a tax debt is due and payable by, or on, a day (the payment day ) that is not a business day, the payment is due and payable on the first business day after the payment day. (2) In this section: business day means a day other than: (a) a Saturday or a Sunday; or (b) a day which is a public holiday for the whole of: (i) any State; or (ii) the Australian Capital Territory; or (iii) the Northern Territory. tax debt does not include general interest charge.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZMB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AAZN", "Provision_Key": "s8aazn", "Heading": "Overpayments made by the Commissioner under taxation laws", "Text": "(1) An administrative overpayment (the overpaid amount ): (a) is a debt due to the Commonwealth by the person to whom the overpayment was made (the recipient ); and (b) is payable to the Commissioner; and (c) may be recovered in a court of competent jurisdiction by the Commissioner, or by a Deputy Commissioner, suing in his or her official name. (2) If: (a) the Commissioner has given a notice to the recipient in respect of the overpaid amount, specifying a due date for payment that is at least 30 days after the notice is given; and (b) any of the overpaid amount remains unpaid at the end of that due date; then the recipient is liable to pay the general interest charge on the unpaid amount for each day in the period that: (c) started at the beginning of that due date; and (d) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the overpaid amount; (ii) general interest charge on any of the overpaid amount. (3) In this section: administrative overpayment means an amount that the Commissioner has paid to a person by mistake, being an amount to which the person is not entitled.", "Amendment_Count": 1, "First_Amended": "No 11 of 1999", "Last_Amended": "No 11 of 1999", "Amending_Acts": "No 11 of 1999", "History_Notes": "Inserted by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AAZN"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8A", "Provision_Key": "s8a", "Heading": "Interpretation", "Text": "(1) In this Part, unless the contrary intention appears: corporation means any body corporate. director , in relation to a corporation, includes: (a) any person occupying or acting in the position of director of the corporation, by whatever name called and whether or not validly appointed to occupy, or duly authorized to act in, the position; and (b) any person in accordance with whose directions or instructions the directors of the corporation are accustomed to act. instrument includes any document. prescribed offence means: (a) an offence against section 8C, subsection 8D(1) or (2) or section 8N or 8Q, or against Division 136 or 137 of the Criminal Code in relation to a taxation law; or (b) an offence against section 11.1 of the Criminal Code that relates to an offence of a kind referred to in paragraph (a). prescribed taxation offence means: (a) a taxation offence (other than a prescribed offence) that is committed by a natural person and punishable by a fine and not by imprisonment; (b) a prescribed offence (other than a prescribed offence that the Commissioner has elected under subsection 8F(1) or 8S(1) to treat otherwise than as a prescribed taxation offence) that is committed by a natural person; or (c) a taxation offence that is committed by a corporation. produce , in relation to a book, paper, record or other document, includes permit access to. taxation offence means: (a) an offence against a taxation law; or (b) an offence against: (i) section 6 of the Crimes Act 1914 ; or (ii) section 11.1, 11.4 or 11.5 of the Criminal Code ; being an offence that relates to an offence against a taxation law. tax file number means a tax file number as defined in section 202A of the Income Tax Assessment Act 1936 . (2) For the purposes of the definition of director in subsection (1), a person shall not be regarded as a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act by reason only that the directors act on advice given by that person in the proper performance of the functions attaching to the person’s professional capacity or to the person’s business relationship with the directors.", "Amendment_Count": 4, "First_Amended": "No 123 of 1984", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 123 of 1984 | No 138 of 1987 | No 97 of 1988 | No 146 of 2001", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8AC", "Provision_Key": "s8ac", "Heading": "Application of Part to the Tax Agent Services Act 2009", "Text": "This Part applies in relation to the Tax Agent Services Act 2009 as if references in this Part (other than paragraph 8C(1)(b) and sections 8HA, 8W, 8WC, 8ZE, 8ZG and 8ZH) to the Commissioner, or an office of the Commissioner, were references to the Tax Practitioners Board.", "Amendment_Count": 2, "First_Amended": "No 114 of 2009", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 114 of 2009 | No 37 of 2024", "History_Notes": "Inserted by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8AC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8B", "Provision_Key": "s8b", "Heading": "Interpretation", "Text": "(1) A reference in this Subdivision to a relevant offence is a reference to: (a) an offence against section 8C, subsection 8D(1) or (2) or section 8H; or (b) an offence against: (i) section 6 of the Crimes Act 1914 ; or (ii) section 11.1, 11.4 or 11.5 of the Criminal Code ; being an offence that relates to an offence of a kind referred to in paragraph (a) of this subsection. (2) For the purposes of this Subdivision, a person who is convicted of an offence against section 8C or subsection 8D(1) or (2) (in this subsection referred to as the subsequent offence ) shall be treated as having been previously convicted of a relevant offence (in this subsection referred to as the earlier offence ) if: (a) the person was convicted of the earlier offence on an occasion earlier than, but not more than 5 years earlier than, the person’s conviction of the subsequent offence; or (b) the person is convicted of the earlier offence and the subsequent offence before the same court at the same sitting and the earlier offence was committed: (i) at a time or on a day earlier than, but not more than 5 years earlier than, the subsequent offence; or (ii) at the same time, or on the same day, as the subsequent offence. (3) A reference in subsection 8E(2) or (3) or 8F(1) or subsection (2) of this section to an offence against section 8C or subsection 8D(1) or (2) includes a reference to an offence against section 11.1 of the Criminal Code that relates to an offence against section 8C or subsection 8D(1) or (2), as the case may be. (4) Unless the contrary intention appears, a reference in paragraph (2)(a) or (b) to a conviction of a person of an offence includes a reference to the making of an order under section 19B of the Crimes Act 1914 in relation to the person in respect of the offence.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8C", "Provision_Key": "s8c", "Heading": "Failure to comply with requirements under taxation law", "Text": "(1) A person who refuses or fails, when and as required under or pursuant to a taxation law to do so: (a) to give any information or document to the Commissioner or another person; or (aa) to give information to the Commissioner in the manner in which it is required under a taxation law to be given; or (ab) to publish information in the manner in which it is required under a taxation law to be published; or (b) to lodge an instrument with the Commissioner or another person for assessment; or (d) to notify the Commissioner or another person of a matter or thing; or (e) to produce a book, paper, record or other document to the Commissioner or another person; or (f) to attend before the Commissioner or another person; or (fa) to comply with a superannuation guarantee education direction in accordance with subsection 384 ‑ 17(1) in Schedule 1; or (g) to apply for registration or cancellation of registration under the A New Tax System (Goods and Services Tax) Act 1999 ; or (h) to comply with a requirement under subsection 45A(2) of the Product Grants and Benefits Administration Act 2000 ; or (i) to comply with subsection 82 ‑ 10F(4) of the Income Tax (Transitional Provisions) Act 1997 ; commits an offence. (1A) An offence under subsection (1) is an offence of absolute liability. Note: For absolute liability , see section 6.2 of the Criminal Code . (1B) Subsection (1) does not apply to the extent that the person is not capable of complying with the relevant paragraph. Note: A defendant bears an evidential burden in relation to the matters in subsection (1B), see subsection 13.3(3) of the Criminal Code . (2) For the purposes of paragraphs (1)(a) and (d), a person shall not be taken to have refused or failed to furnish information to the Commissioner or another person, or to notify the Commissioner or another person of a matter or thing, merely because the person has refused or failed to quote the person’s tax file number to the Commissioner or other person.", "Amendment_Count": 15, "First_Amended": "No 123 of 1984", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 123 of 1984 | No 97 of 1988 | No 56 of 1999 | No 91 of 2000 | No 146 of 2001 | No 54 of 2003 | No 101 of 2006 | No 9 of 2007 | No 12 of 2012 | No 110 of 2014 | No 4 of 2016 | No 8 of 2019 | No 84 of 2022 | No 138 of 2024", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 56 of 1999, effective 1 July 2000 | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8C"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8D", "Provision_Key": "s8d", "Heading": "Failure to answer questions when attending before the Commissioner etc.", "Text": "(1) A person who, when attending before the Commissioner or another person pursuant to a taxation law, refuses or fails, when and as required pursuant to a taxation law to do so: (a) to answer a question asked of the person; or (b) to produce a book, paper, record or other document; commits an offence. (1A) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (1B) Subsection (1) does not apply to the extent that the person is not capable of complying with the relevant paragraph. Note: A defendant bears an evidential burden in relation to the matters in subsection (1B), see subsection 13.3(3) of the Criminal Code . (2) A person who, when attending before the Commissioner or another person pursuant to a taxation law, refuses or fails, when and as required pursuant to a taxation law to do so, either to take an oath or make an affirmation commits an offence.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8D"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8E", "Provision_Key": "s8e", "Heading": "Penalties for failure to comply with requirements under taxation law", "Text": "(1) Subject to subsections (2) and (3), an offence against section 8C or subsection 8D(1) or (2) is punishable on conviction by a fine not exceeding 20 penalty units. (2) Subject to subsection (3), where: (a) a person is convicted of an offence against section 8C or subsection 8D(1) or (2); and (b) the court before which the person is convicted is satisfied that the person has previously been convicted of a relevant offence; the penalty that the court may impose in respect of the first ‑ mentioned offence is a fine not exceeding 40 penalty units. (3) Where: (a) a person is convicted of an offence against section 8C or subsection 8D(1) or (2); (b) in a case where the person is a natural person—the Commissioner has elected under subsection 8F(1) to treat the offence otherwise than as a prescribed taxation offence; and (c) the court before which the person is convicted is satisfied that the person has previously been convicted of 2 or more relevant offences; the penalty that the court may impose in respect of the first ‑ mentioned offence is a fine not exceeding 50 penalty units or imprisonment for a period not exceeding 12 months, or both.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1984 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8E"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8F", "Provision_Key": "s8f", "Heading": "Election to treat offence otherwise than as prescribed taxation offence", "Text": "(1) The Commissioner may, before the institution of a prosecution of a natural person for an offence against section 8C or subsection 8D(1) or (2), elect, in writing, to treat the offence otherwise than as a prescribed taxation offence. (2) Where a prosecution is instituted for an offence in relation to which an election under subsection (1) has been made, the Commissioner shall cause a copy of the election to be filed in the court in which the prosecution is instituted.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8F"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8G", "Provision_Key": "s8g", "Heading": "Order to comply with requirement", "Text": "(1) Where: (a) a person is convicted before a court of an offence against section 8C or subsection 8D(1) or (2); or (b) a court makes an order under section 19B of the Crimes Act 1914 in relation to a person in respect of an offence against section 8C or subsection 8D(1) or (2); in relation to the refusal or failure of the person to comply (whether in whole or in part) with a requirement made under or pursuant to a taxation law, the court may, in addition to imposing a penalty on the person or making such an order in relation to the person, as the case may be, and notwithstanding that the time for complying with the requirement or any other such requirement has passed, order the person to comply with: (c) the requirement; and (d) such other requirements made, or that could be made, in relation to the person under or pursuant to the taxation law as the court considers necessary to ensure the effectiveness of the first ‑ mentioned requirement; within a specified time or at a specified place and time. (2) Where an order under subsection (1) is not given orally by the court to the person to whom the order is addressed, the proper officer of the court shall cause a copy of the order to be served on the person in the prescribed manner.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8G"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8H", "Provision_Key": "s8h", "Heading": "Penalty for failure to comply with order to comply", "Text": "(1) A person who refuses or fails to comply with an order under subsection 8G(1) commits an offence punishable on conviction by a fine not exceeding 50 penalty units or imprisonment for a period not exceeding 12 months, or both. (2) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (3) Subsection (1) does not apply to the extent that the person is not capable of complying with the relevant paragraph. Note: A defendant bears an evidential burden in relation to the matters in subsection (3), see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 123 of 1984", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 143 of 2007 | No 4 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8H"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8HA", "Provision_Key": "s8ha", "Heading": "Court may order payment of amount in addition to penalty", "Text": "(1) If: (a) a person (the convicted person ) is convicted before a court of an offence against section 8C, 8D or 8H in relation to a refusal or failure to do a particular thing; and (b) the court is satisfied that the purpose of, or one of the purposes of, the refusal or failure was to facilitate the avoidance of an amount of a tax liability of the convicted person or another person; the court may, in addition to imposing a penalty on the convicted person, order the convicted person to pay to the Commissioner an amount not exceeding: (c) if the offence is an offence to which subsection 8E(2) or (3) applies—3 times that amount; or (d) in any other case—2 times that amount. (2) A reference in this section to a conviction of a person for an offence includes a reference to the making of an order under section 19B of the Crimes Act 1914 in relation to the person in respect of the offence.", "Amendment_Count": 1, "First_Amended": "No 224 of 1992", "Last_Amended": "No 224 of 1992", "Amending_Acts": "No 224 of 1992", "History_Notes": "Inserted by No 224 of 1992, effective s 122 ‑ 126: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8HA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8J", "Provision_Key": "s8j", "Heading": "Interpretation", "Text": "(1) In this Subdivision: accounting records includes invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes, vouchers and other documents of prime entry and also includes: (a) such working papers and other documents as are necessary to explain the methods and calculations by which accounts are made up; and (b) such other documents (if any) as are prescribed. accounts means ledgers, journals, profit and loss accounts and balance ‑ sheets, and includes statements, reports and notes attached to, or intended to be read with, any of the foregoing. data processing device means any article or material from which information is capable of being reproduced with or without the aid of any other article or device. taxation officer means a person exercising powers or performing functions under, pursuant to or in relation to a taxation law. (2) A reference in this Subdivision to a statement made to a taxation officer is a reference to a statement made to a taxation officer orally, in writing, in a data processing device, by way of electronic transmission or in any other form and, without limiting the generality of the foregoing, includes a statement: (a) made in an application, certificate, declaration, notification, objection, return, claim or other document made, prepared, given or furnished, or purporting to be made, prepared, given or furnished, under or pursuant to a taxation law; or (b) made in an instrument lodged for assessment under or pursuant to a taxation law; or (c) made in answer to a question asked of a person under or pursuant to a taxation law; or (d) made in any information furnished, or purporting to be furnished, under or pursuant to a taxation law; or (e) made in a document furnished to a taxation officer otherwise than under or pursuant to a taxation law; but does not include a statement made in a document produced pursuant to: (kaa) subparagraph 451(2)(c)(ii) or paragraph 453(1)(e) of the Income Tax Assessment Act 1936 ; (p) paragraph 13G(1)(c) of this Act; or (pa) paragraph 353 ‑ 10(1)(c) in Schedule 1 to this Act; or (q) paragraph 353 ‑ 25(1)(b) or (c) in Schedule 1 to this Act. (2A) If a document is given on a data processing device, or by way of electronic transmission, by a registered tax agent or BAS agent on behalf of a taxpayer, then, for the purposes of this Subdivision, each statement in the document is taken to have been made by the taxpayer unless the taxpayer can show that the taxpayer did not authorise the statement. (3) A reference in this Subdivision to a relevant offence is a reference to: (a) an offence against: (i) subsection 8K(1) or (1B) or 8L(1) or (1A) or section 8N, 8Q, 8T or 8U; or (ii) the Crimes (Taxation Offences) Act 1980 ; (b) an offence against: (i) section 6 of the Crimes Act 1914 ; or (ii) section 11.1, 11.4 or 11.5 of the Criminal Code ; being an offence that relates to an offence of a kind referred to in paragraph (a) of this subsection; or (c) an offence against section 134.1, 134.2, 135.1, 135.2 or 135.4 of the Criminal Code , being an offence that relates to a tax liability. (4) For the purposes of this Subdivision, a person who is convicted of an offence against subsection 8K(1) or (1B) or 8L(1) or (1A) or section 8N, 8Q, 8T or 8U (in this subsection referred to as the subsequent offence ) shall be treated as having been previously convicted of a relevant offence (in this subsection referred to as the earlier offence ) if: (a) the person was convicted of the earlier offence on an occasion earlier than, but not more than 10 years earlier than, the person’s conviction of the subsequent offence; or (b) the person is convicted of the earlier offence and the subsequent offence before the same court at the same sitting and the earlier offence was committed: (i) at a time or on a day earlier than, but not more than 10 years earlier than, the subsequent offence; or (ii) at the same time, or on the same day, as the subsequent offence. (5) Unless the contrary intention appears, a reference in paragraph (4)(a) or (b) to a conviction of a person for an offence includes a reference to the making of an order under section 19B of the Crimes Act 1914 in relation to the person in respect of the offence. (6) A reference in subsection (4) of this section or subsection 8M(2) to an offence against subsection 8K(1) or (1B) or 8L(1) or (1A) includes a reference to an offence against section 11.1 of the Criminal Code that relates to an offence against subsection 8K(1) or (1B) or 8L(1) or (1A), as the case may be. (7) A reference in subsection 8R(2) or 8S(1) or subsection (4) of this section to an offence against section 8N or 8Q includes a reference to an offence against section 11.1 of the Criminal Code that relates to an offence against section 8N or 8Q, as the case may be. (8) A reference in subsection 8V(2) or subsection (4) of this section to an offence against section 8T or 8U includes a reference to an offence against section 11.1 of the Criminal Code that relates to an offence against section 8T or 8U, as the case may be. (9) A reference in this Subdivision to a statement made to a taxation officer includes a reference to a statement made to a person other than a taxation officer for a purpose in connection with the operation of a taxation law. (10) A reference in subsection (9) to a statement made to a person other than a taxation officer for a purpose in connection with the operation of a taxation law is a reference to such a statement made orally, in writing, in a data processing device or in any other form and, without limiting the generality of the foregoing, includes such a statement: (a) made in an application, certificate, declaration, notification or other document, made, given or furnished to the person; or (aa) made in: (i) a tax invoice (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ); or (ii) an adjustment note (within the meaning of that Act); or (iii) a third party adjustment note (within the meaning of that Act); given to the person; or (b) made in answer to a question asked by the person; or (c) made in any information furnished to the person. (11) Where a person omits from a return furnished under or pursuant to the Income Tax Assessment Act 1936 or the regulations under that Act, being a return of income derived by the person, a partnership or a trust estate during a period, any assessable income derived by the person, partnership or the trust estate, as the case may be, during the period, the person shall, for the purposes of this Subdivision, be taken to have made a statement in the return to the effect that the person, the partnership or the trust estate, as the case requires, did not derive the assessable income during the period. (12) Where: (a) a person issues a notice to another person under section 265B of the Income Tax Assessment Act 1936 ; (b) a person to whom a notice is issued under that section gives the notice to another person in connection with the transfer of a qualifying security to the other person; or (c) a person gives advice in writing to another person, in connection with the transfer of a qualifying security, of a variation or partial redemption of the qualifying security; any statement in the notice when so issued or given, or in the advice when so given, to the other person shall, for the purposes of this Division, be taken to have been made by the issuer or person giving the notice or advice, as the case may be, to the other person for a purpose in connection with the operation of a taxation law. (13) Where: (a) the holder of a qualifying security transfers the security to another person; (b) by virtue of the application of section 128AA of the Income Tax Assessment Act 1936 , the holder is liable to pay withholding tax in relation to the transfer of the qualifying security; (c) before the security was transferred, the holder gave to the transferee, in connection with the transfer, a notice issued to the holder under section 265B of that Act identifying the security; (d) after the notice was issued to the holder, the security was varied or partially redeemed; and (e) the holder did not advise the transferee in writing of the variation or partial redemption; the holder shall, for the purposes of this Division, be taken to have made for a purpose in connection with the operation of a taxation law a statement that the qualifying security was not so varied or partially redeemed. (14) Where: (a) the holder of a qualifying security who acquired the security on transfer (in this subsection referred to as the current acquisition transfer ) transfers the security to another person; (b) by virtue of the application of section 128AA of the Income Tax Assessment Act 1936 , the holder is liable to pay withholding tax in relation to the transfer of the security; (c) before the security was transferred, the holder gave to the transferee, in connection with the transfer, a certificate issued to the holder under section 128AB of that Act identifying the security; and (d) the holder had acquired the security on transfer on any occasion before the current acquisition transfer; the holder shall, for the purposes of this Division, be taken to have made for a purpose in connection with the operation of a taxation law a statement that the certificate relates to the current acquisition transfer. (15) Where: (a) a qualifying security is redeemed or partially redeemed from the holder; (b) the holder acquired the security on transfer (in this subsection referred to as the current acquisition transfer ); (c) the holder is liable to pay withholding tax in relation to the redemption or partial redemption of the security; (d) before the security was redeemed or partially redeemed, the holder gave to the issuer, in connection with the redemption or partial redemption, a certificate issued to the holder under section 128AB of the Income Tax Assessment Act 1936 identifying the security; and (e) the holder had acquired the security on transfer on any occasion before the current acquisition transfer; the holder shall, for the purposes of this Division, be taken to have made for a purpose in connection with the operation of a taxation law a statement that the certificate relates to the current acquisition transfer. (16) Subject to subsection (17), for the purposes of subsections (12) to (15) (inclusive): (a) expressions used in those subsections that are also used in Division 16E of Part III of the Income Tax Assessment Act 1936 have the same respective meanings as in that Division; and (b) sections 159GV (other than subsection 159GV(2)) and 159GZ of the Income Tax Assessment Act 1936 apply as if references in those sections to “this Division” were references to “section 8J of the Taxation Administration Act 1953 ”. (17) Subsection (16) applies as if paragraph (c) of the definition of qualifying security in subsection 159GP(1) of the Income Tax Assessment Act 1936 were omitted.", "Amendment_Count": 38, "First_Amended": "No 123 of 1984", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 123 of 1984 | No 4 of 1985 | No 47 of 1985 | No 65 of 1985 | No 41 of 1986 | No 46 of 1986 | No 49 of 1986 | No 62 of 1987 | No 138 of 1987 | No 145 of 1987 | No 20 of 1990 | No 60 of 1990 | No 5 of 1991 | No 92 of 1992 | No 98 of 1992 | No 118 of 1992 | No 208 of 1992 | No 82 of 1993 | No 163 of 1994 | No 174 of 1997 | No 85 of 1998 | No 56 of 1999 | No 118 of 1999 | No 201 of 1999 | No 60 of 2000 | No 137 of 2000 | No 146 of 2001 | No 54 of 2003 | No 73 of 2006 | No 101 of 2006 | No 88 of 2009 | No 114 of 2009 | No 4 of 2010 | No 21 of 2010 | No 79 of 2010 | No 2 of 2015 | No 4 of 2018 | No 8 of 2019", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 4 of 1985, effective 5 Apr 1985 ( see s 2) | Amended by No 47 of 1985, effective s 3, 4(2), 11, 12, Part XI (s 54 ‑ 56): 21 Aug 1981 s 5, 18, 20, 22, 24, 28(2), 39, 40, 45, 48, 50, 51, 53: 10 May 1985 ( see s 2(3)) Remainder: Royal Assent | Amended by No 65 of 1985, effective sch 1: 3 July 1985 (s 2(1)) sch 1: 14 Dec 1984 (s 2(45)) | Amended by No 41 of 1986, effective 24 June 1986 ( see s 2) | Amended by No 46 of 1986, effective Part IV (s 31 ‑ 41): 1 July 1986 Part V (s 42, 43): 28 Oct 1985 Remainder: Royal Assent | Amended by No 49 of 1986, effective s 33, 36: 16 Dec 1985 ( see s 2(2)) s 34, 35, 37 ‑ 39: 22 May 1986 ( see s 2(3) and Gazette 1986, No. S225) Remainder: Royal Assent | Amended by No 62 of 1987, effective s 55, sch 4: 5 June 1987 (s 2(1)) sch 1: 1 July 1987 (s 2(6)) | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 145 of 1987, effective 15 Jan 1988 ( see s 2) | Amended by No 20 of 1990, effective 17 Jan 1990 | Amended by No 60 of 1990, effective s 43, Part 10 (s 88 ‑ 95): 31 Oct 1990 ( see Gazette 1990, No. S272) Remainder: 1 July 1990 | Amended by No 5 of 1991, effective 8 Jan 1991 | Amended by No 92 of 1992, effective 1 July 1992 | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 118 of 1992, effective 28 Oct 1992 | Amended by No 208 of 1992, effective s 91 ‑ 93: 22 Dec 1992 (s 2(1)) | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 163 of 1994, effective 16 Dec 1994 | Amended by No 174 of 1997, effective sch 7 (items 17, 18): 21 Nov 1997 (s 2(1)) | Amended by No 85 of 1998, effective 2 Jan 1999 | Amended by No 56 of 1999, effective 1 July 2000 | Amended by No 118 of 1999, effective sch 2 (items 25 ‑ 28): 22 Sept 1999 (s 2) | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 60 of 2000, effective 19 June 2000 (s 2) | Amended by No 137 of 2000, effective sch 2 (items 395 ‑ 398, 418, 419): 24 May 2001 (s 2(3)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 4 of 2010, effective sch 11 (items 20, 21): 20 Feb 2010 | Amended by No 21 of 2010, effective sch 1 (items 24 ‑ 29): Royal Assent | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8J"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8K", "Provision_Key": "s8k", "Heading": "False or misleading statements", "Text": "(1) A person commits an offence if: (a) the person makes a statement to a taxation officer; and (b) the statement is false or misleading in a material particular. (1A) In subsection (1), absolute liability applies to the circumstance, that the statement is false or misleading in a material particular. Note: For absolute liability , see section 6.2 of the Criminal Code . (1B) A person commits an offence if: (a) the person makes a statement to a taxation officer; and (b) the person omits any matter or thing from the statement; and (c) the statement is misleading in a material particular because of the omission. (1C) In subsection (1B), absolute liability applies to: (a) the conduct, that the person omits a matter or thing; and (b) the circumstance, that the statement is misleading in a material particular. Note: For absolute liability , see section 6.2 of the Criminal Code . (2) In a prosecution of a person for an offence against subsection (1) or (1B), it is a defence if the person proves that the person: (a) did not know; and (b) could not reasonably be expected to have known; that the statement to which the prosecution relates was false or misleading. Note: The defendant bears a legal burden in relation to the matter in subsection (2), see section 13.4 of the Criminal Code . (2A) Subsection (1) or (1B) does not apply if: (a) the statement (the original statement ) was made under section 389 ‑ 5 in Schedule 1 notifying an amount under item 1 or 2 of the table in subsection 389 ‑ 5(1) in that Schedule; and (b) the original statement related to the financial year in which it was made; and (c) the person who made the original statement makes a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and (d) the further statement: (i) is in the approved form; and (ii) if subsection 389 ‑ 25(1) in that Schedule provides for a period for correcting the original statement—is made within that period; and (iii) without limiting subparagraph (ii), is made within 14 days after the end of the financial year in which the original statement was made. Note: A defendant bears an evidential burden in relation to the matters in subsection (2A), see subsection 13.3(3) of the Criminal Code . (2B) Subsection (1) or (1B) does not apply if: (a) the statement (the original statement ) was made under section 390 ‑ 5 in Schedule 1; and (b) the person who made the original statement makes a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and (c) subsection 390 ‑ 7(1) in Schedule 1 provides for a period for correcting the original statement; and (d) the further statement: (i) is in the approved form; and (ii) is made within the period referred to in paragraph (c) of this subsection. Note: A defendant bears an evidential burden in relation to the matter in subsection (2B): see subsection 13.3(3) of the Criminal Code . (3) For the purposes of subsection (1B), a person shall not be taken to have omitted a matter or thing from a statement made to a taxation officer merely because the person has, in making the statement, failed to quote the person’s tax file number.", "Amendment_Count": 7, "First_Amended": "No 123 of 1984", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 123 of 1984 | No 97 of 1988 | No 146 of 2001 | No 4 of 2016 | No 55 of 2016 | No 8 of 2019 | No 57 of 2025", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8K"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8L", "Provision_Key": "s8l", "Heading": "Incorrectly keeping records etc.", "Text": "(1) A person commits an offence if: (a) the person is required under, or pursuant to, a taxation law to keep any accounts, accounting records or other records; and (b) the person keeps the accounts or records; and (c) the accounts or records do not correctly record and explain the matters, transactions, acts or operations to which they relate. (1A) A person commits an offence if: (a) the person is required under, or pursuant to, a taxation law to make a record of any matter, transaction, act or operation; and (b) the person makes the record; and (c) the record does not correctly record the matter, transaction, act or operation. (1B) An offence under subsection (1) or (1A) is an offence of absolute liability. Note: For absolute liability , see section 6.2 of the Criminal Code . (2) In a prosecution of a person for an offence against subsection (1) or (1A), it is a defence if the person proves that the person: (a) did not know; and (b) could not reasonably be expected to have known; that: (c) in the case of a prosecution for an offence against subsection (1)—the accounts, accounting records or other records to which the prosecution relates did not correctly record and explain the matters, transactions, acts or operations to which they relate; or (d) in the case of a prosecution for an offence against subsection (1A)—the record to which the prosecution relates did not correctly record the matter, transaction, act or operation to which the record relates. Note: The defendant bears a legal burden in relation to the matter in subsection (2), see section 13.4 of the Criminal Code .", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8L"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8M", "Provision_Key": "s8m", "Heading": "Penalties for offences against subsections 8K(1) and (1B) and 8L(1) and (1A)", "Text": "(1) Subject to subsection (2), an offence against subsection 8K(1) or (1B) or 8L(1) or (1A) is punishable on conviction by a fine not exceeding 20 penalty units. (2) Where: (a) a person is convicted of an offence against subsection 8K(1) or (1B) or 8L(1) or (1A); and (b) the court before which the person is convicted is satisfied that the person has previously been convicted of a relevant offence; the penalty that the court may impose in respect of the first ‑ mentioned offence is a fine not exceeding 40 penalty units.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8M"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8N", "Provision_Key": "s8n", "Heading": "Recklessly making false or misleading statements", "Text": "(1) A person commits an offence if: (a) the person makes a statement (whether orally, in a document or in any other way) to a taxation officer; and (b) the statement: (i) is false or misleading in a material particular; or (ii) omits any matter or thing without which the statement is misleading in a material particular; and (c) the person is reckless as to whether the statement: (i) is false or misleading in a material particular; or (ii) omits any matter or thing without which the statement is misleading in a material particular. (2) This section does not apply if: (a) the statement (the original statement ) was made under section 389 ‑ 5 in Schedule 1 notifying an amount under item 1 or 2 of the table in subsection 389 ‑ 5(1) in that Schedule; and (b) the original statement related to the financial year in which it was made; and (c) the person who made the original statement makes a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and (d) the further statement: (i) is in the approved form; and (ii) if subsection 389 ‑ 25(1) in that Schedule provides for a period for correcting the original statement—is made within that period; and (iii) without limiting subparagraph (ii), is made within 14 days after the end of the financial year in which the original statement was made. Note: A defendant bears an evidential burden in relation to the matters in subsection (2), see subsection 13.3(3) of the Criminal Code . (3) This section does not apply if: (a) the statement (the original statement ) was made under section 390 ‑ 5 in Schedule 1; and (b) the person who made the original statement makes a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and (c) subsection 390 ‑ 7(1) in Schedule 1 provides for a period for correcting the original statement; and (d) the further statement: (i) is in the approved form; and (ii) is made within the period referred to in paragraph (c) of this subsection. Note: A defendant bears an evidential burden in relation to the matter in subsection (3): see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 123 of 1984", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016 | No 55 of 2016 | No 8 of 2019 | No 57 of 2025", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Repealed and substituted by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8N"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8Q", "Provision_Key": "s8q", "Heading": "Recklessly incorrectly keeping records etc.", "Text": "(1) A person commits an offence if: (a) the person is required under, or pursuant to, a taxation law to keep any accounts, accounting records or other records; and (b) the person keeps the accounts or records; and (ba) the accounts or records do not correctly record and explain the matters, transactions, acts or operations to which they relate; and (c) the person is reckless as to whether the accounts or records correctly record and explain the matters, transactions, acts or operations to which they relate. (2) A person commits an offence if: (a) the person is required under, or pursuant to, a taxation law to make a record of any matter, transaction, act or operation; and (b) the person makes the record; and (ba) the record does not correctly record the matter, transaction, act or operation; and (c) the person is reckless as to whether the record correctly records the matter, transaction, act or operation. (3) In subsections (1) and (2), strict liability applies to the circumstance, that the person is required under, or pursuant to, a taxation law to keep the accounts, accounting records or other records. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Repealed and substituted by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8Q"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8R", "Provision_Key": "s8r", "Heading": "Penalties for offences against sections 8N and 8Q", "Text": "(1) Subject to subsection (2), an offence against section 8N or 8Q is punishable on conviction by a fine not exceeding 30 penalty units. (2) Where: (a) a person is convicted of an offence against section 8N or 8Q; (b) in a case where the person is a natural person—the Commissioner has elected under subsection 8S(1) to treat the offence otherwise than as a prescribed taxation offence; and (c) the court before which the person is convicted is satisfied that the person has previously been convicted of a relevant offence; the penalty that the court may impose in respect of the first ‑ mentioned offence is a fine not exceeding 50 penalty units or imprisonment for a period not exceeding 12 months, or both.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8R"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8S", "Provision_Key": "s8s", "Heading": "Election to treat offence otherwise than as prescribed taxation offence", "Text": "(1) The Commissioner may, before the institution of a prosecution of a natural person for an offence against section 8N, or 8Q, or against Division 136 or 137 of the Criminal Code in relation to a taxation law, elect, in writing, to treat the offence otherwise than as a prescribed taxation offence. (2) Where a prosecution is instituted for an offence in relation to which an election under subsection (1) has been made, the Commissioner shall cause a copy of the election to be filed in the court in which the prosecution is instituted.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 123 of 1984 | No 146 of 2001", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8S"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8T", "Provision_Key": "s8t", "Heading": "Incorrectly keeping records with intention of deceiving or misleading etc.", "Text": "A person who: (a) keeps any accounts, accounting records or other records in such a way that they: (i) do not correctly record and explain the matters, transactions, acts or operations to which they relate; or (ii) are (whether in whole or in part) illegible, indecipherable, incapable of identification or, if they are kept in the form of a data processing device, incapable of being used to reproduce information; (b) makes a record of any matter, transaction, act or operation in such a way that it does not correctly record the matter, transaction, act or operation; (c) engages in conduct that results in the alteration, defacing, mutilation, falsification, damage, removal, concealing or destruction of any accounts, accounting records or other records (whether in whole or in part); or (d) does or omits to do any other act or thing to any accounts, accounting records or other records; with any of the following intentions, namely: (e) deceiving or misleading the Commissioner or a particular taxation officer; (f) hindering or obstructing the Commissioner or a particular taxation officer (otherwise than in the investigation of a taxation offence); (g) hindering or obstructing the investigation of a taxation offence; (h) hindering, obstructing or defeating the administration, execution or enforcement of a taxation law; or (j) defeating the purposes of a taxation law; (whether or not the person had any other intention) commits an offence.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8T"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8U", "Provision_Key": "s8u", "Heading": "Falsifying or concealing identity with intention of deceiving or misleading etc.", "Text": "A person who: (a) engages in conduct that results in the falsification or concealing of the identity of, or the address or location of a place of residence or business of, the person or another person; or (b) does or omits to do any act or thing the doing or omission of which facilitates the falsification or concealment of the identity of, or the address or location of a place of residence or business of, the person or another person; with any of the following intentions, namely: (c) deceiving or misleading the Commissioner or a particular taxation officer; (d) hindering or obstructing the Commissioner or a particular taxation officer (otherwise than in the investigation of a taxation offence); (e) hindering or obstructing the investigation of a taxation offence; (f) hindering, obstructing or defeating the administration, execution or enforcement of a taxation law; or (g) defeating the purposes of a taxation law; (whether or not the person had any other intention) commits an offence.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8U"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8V", "Provision_Key": "s8v", "Heading": "Penalties for offences against sections 8T and 8U", "Text": "(1) Subject to subsection (2), an offence against section 8T or 8U is punishable on conviction by a fine not exceeding 50 penalty units or imprisonment for a period not exceeding 12 months, or both. (2) Where: (a) a person is convicted of an offence against section 8T or 8U; and (b) the court before which the person is convicted is satisfied that the person has previously been convicted of a relevant offence; the penalty that the court may impose in respect of the first ‑ mentioned offence is a fine not exceeding 100 penalty units or imprisonment for a period not exceeding 2 years, or both.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1984 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8V"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8W", "Provision_Key": "s8w", "Heading": "Court may order payment of amount in addition to penalty", "Text": "(1) Where: (a) a person (in this subsection referred to as the convicted person ) is convicted before a court of: (i) an offence against subsection 8K(1) or (1B) or section 8N, or against Division 136 or 137 of the Criminal Code in relation to a taxation law, in relation to a statement made to a taxation officer; or (ii) an offence against subsection 8L(1) or (1A) or section 8Q in relation to the keeping of any accounts, accounting records or other records (in paragraph (b) referred to as the relevant accounts ) or the making of a record; and (b) the court is satisfied that the proper amount of a tax liability of the convicted person or another person exceeds the amount that would have been the amount of the tax liability if it were assessed or determined, as the case requires, on the basis that the statement were not false or misleading, on the basis of the relevant accounts as they were kept or on the basis that the record were correct, as the case may be; the court may, in addition to imposing a penalty on the convicted person, order the convicted person to pay to the Commissioner an amount not exceeding: (c) in a case where the offence is an offence to which subsection 8R(2) applies or that is against Division 136 or 137 of the Criminal Code in relation to a taxation law—3 times the amount of the excess; or (d) in any other case—double the amount of the excess. (1C) If the conditions in section 705 ‑ 315 of the Income Tax Assessment Act 1997 are satisfied, then for the purposes of any application of subsection (1) of this section in relation to the errors mentioned in that section that were made in a statement that was made before the Commissioner became aware of the errors, the references in paragraphs (1)(c) and (d) of this section to the excess are taken instead to be references to the amount worked out using the formula: where: adjusted reset cost base asset setting amount means: (a) the tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all assets of a kind referred to in section 705 ‑ 35 of that Act as reset cost base assets that the head company of the relevant group held continuously from the time when the subsidiary member referred to in subsection 705 ‑ 315(2) of that Act joined the group until the start of the head company’s income year in which the Commissioner became aware of the errors mentioned in section 705 ‑ 315 of that Act; less: (b) the head company’s deductions under Division 40 (except under Subdivision 40 ‑ F, 40 ‑ G, 40 ‑ H or 40 ‑ I) or Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 for those assets for all income years before the earliest income year for which the Commissioner could amend the head company’s assessment to correct any of the errors. original reset cost base asset setting amount means the tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all reset cost base assets that the subsidiary member held at the time it joined the group, other than assets that the head company no longer held at the start of the earliest income year for which the Commissioner could amend the head company’s assessment to correct any of the errors. tax on capital gain means the product of: (a) the capital gain (within the meaning of the Income Tax Assessment Act 1997 ) that the head company makes as a result of CGT event L6 happening as mentioned in section 104 ‑ 525 of that Act; and (b) the corporate tax rate (within the meaning of that Act) in respect of taxable income for the income year in which that CGT event happens. (2) Where: (a) a person (in this subsection referred to as the convicted person ) is convicted before a court of an offence against section 8T or 8U in relation to an act or omission; and (b) the court is satisfied that the purpose of, or one of the purposes of, the act or omission was to facilitate the avoidance of an amount of a tax liability of the convicted person or another person; the court may, in addition to imposing a penalty on the convicted person, order the convicted person to pay to the Commissioner an amount not exceeding: (c) in a case where the offence is an offence to which subsection 8V(2) applies—3 times that amount; or (d) in any other case—double that amount. (2A) If: (a) a person (the convicted person ) is convicted before a court of: (i) an offence against subsection 8K(1) or (1B) or section 8N, or against Division 136 or 137 of the Criminal Code in relation to a taxation law, in relation to a statement made to a taxation officer; or (ii) an offence against subsection 8L(1) or (1A) or section 8Q in relation to the keeping of any records; and (b) the offence relates to the Product Grants and Benefits Administration Act 2000 ; and (c) the court is satisfied that the amount that would have been the amount of a product grant or benefit payable to the convicted person or another person, determined on the basis that: (i) the statement were not false or misleading; or (ii) on the basis of those records as they were kept; as the case may be, exceeds the proper amount of the product grant or benefit payable to the convicted person or the other person; the court may, in addition to imposing a penalty on the convicted person, order the convicted person to pay to the Commissioner an amount not exceeding: (d) in a case where the offence is an offence to which subsection 8R(2) applies, or that is against Division 136 or 137 of the Criminal Code in relation to a taxation law—3 times the amount of the excess; or (e) in any other case—double the amount of the excess. (3) A reference in this section to a conviction of a person for an offence includes a reference to the making of an order under section 19B of the Crimes Act 1914 in relation to the person in respect of the offence. (4) In this section: CGT event has the same meaning as in the Income Tax Assessment Act 1997 . head company has the same meaning as in the Income Tax Assessment Act 1997 . product grant or benefit means a grant or benefit payable under the Product Grants and Benefits Administration Act 2000 . subsidiary member has the same meaning as in the Income Tax Assessment Act 1997 . tax cost setting amount has the same meaning as in the Income Tax Assessment Act 1997 .", "Amendment_Count": 17, "First_Amended": "No 123 of 1984", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 123 of 1984 | No 138 of 1987 | No 97 of 1989 | No 105 of 1989 | No 98 of 1992 | No 224 of 1992 | No 82 of 1993 | No 163 of 1994 | No 201 of 1999 | No 60 of 2000 | No 146 of 2001 | No 16 of 2003 | No 54 of 2003 | No 107 of 2003 | No 8 of 2010 | No 4 of 2018 | No 8 of 2019", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 97 of 1989, effective 30 June 1989 | Amended by No 105 of 1989, effective s 5(o): 18 Dec 1987 Remainder: 30 June 1989 ( see s 2(1)) | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 224 of 1992, effective s 122 ‑ 126: 24 Dec 1992 (s 2(1)) | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 163 of 1994, effective 16 Dec 1994 | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 60 of 2000, effective 19 June 2000 (s 2) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 107 of 2003, effective sch 2 (items 15 ‑ 26, 40), sch 7 (items 19 ‑ 22): Royal Assent | Amended by No 8 of 2010, effective sch 1 (item 47): Royal Assent | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8W"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WAA", "Provision_Key": "s8waa", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to deter the production, use and distribution of tools to manipulate or falsify electronic point of sale records to facilitate tax evasion.", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WAA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WAB", "Provision_Key": "s8wab", "Heading": "Interpretation", "Text": "In this Subdivision: electronic sales suppression tool means a device, software program or other thing, a part of any such thing, or a combination of any such things or parts, that meets the following conditions: (a) it is capable of falsifying, manipulating, hiding, obfuscating, destroying, or preventing the creation of, a record that: (i) an entity is required by a taxation law to keep or make; and (ii) is, or would be, created by a system that is or includes an electronic point of sale system; (b) a reasonable person would conclude that one of its principal functions is to falsify, manipulate, hide, obfuscate, destroy, or prevent the creation of, such records. right to use includes right to possess. supply has the meaning given by section 9 ‑ 10 of the A New Tax System (Goods and Services Tax) Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WAB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WAC", "Provision_Key": "s8wac", "Heading": "Producing or supplying electronic sales suppression tools", "Text": "(1) A person commits an offence if the person manufactures, develops or publishes an electronic sales suppression tool. Penalty: 5,000 penalty units. (2) A person commits an offence if the person: (a) makes a supply of, or makes available for use, an electronic sales suppression tool or a right to use an electronic sales suppression tool; or (b) provides a service to an entity that involves the use of an electronic sales suppression tool. Penalty: 5,000 penalty units. (3) Subsections (1) and (2) do not apply to conduct undertaken by the person for the purpose of preventing or deterring tax evasion or enforcing a taxation law. Note: A defendant bears an evidential burden in relation to the matter in subsection (3) (see subsection 13.3(3) of the Criminal Code ). (4) An offence against subsection (1) or (2) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . (5) Section 15.4 (extended geographical jurisdiction—category D) of the Criminal Code applies to an offence against subsection (1) if the electronic sales suppression tool is, at any time, used to modify records that a taxation law requires an entity to keep or make. (6) Section 15.4 (extended geographical jurisdiction—category D) of the Criminal Code applies to an offence against subsection (2) if the person makes a supply of, or makes available for use, the electronic sales suppression tool or the right to use the tool to an entity that is required by a taxation law to keep or make any record.", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WAC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WAD", "Provision_Key": "s8wad", "Heading": "Possessing electronic sales suppression tools", "Text": "(1) A person commits an offence if: (a) the person is required under, or pursuant to, a taxation law to keep or make a record; and (b) the person acquires, or has possession or control of, an electronic sales suppression tool or a right to use an electronic sales suppression tool. Penalty: 500 penalty units. (2) Subsection (1) does not apply to conduct undertaken by a person for the purpose of preventing or deterring tax evasion or enforcing a taxation law. Note: A defendant bears an evidential burden in relation to the matter in subsection (2) (see subsection 13.3(3) of the Criminal Code ). (3) An offence against subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WAD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WAE", "Provision_Key": "s8wae", "Heading": "Incorrectly keeping records using electronic sales suppression tools", "Text": "(1) A person commits an offence if: (a) the person is required under, or pursuant to, a taxation law to keep or make a record; and (b) the record is kept, made or altered with the use of an electronic sales suppression tool, or is prevented by the use of an electronic sales suppression tool from being kept, made or altered; and (c) as a result of the use: (i) the record does not correctly record and explain the matter, transaction, act or operation to which it relates; or (ii) the person does not keep or make the record in accordance with the taxation law. Penalty: 1,000 penalty units. (2) An offence against subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WAE"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WA", "Provision_Key": "s8wa", "Heading": "Unauthorised requirement etc. that tax file number be quoted", "Text": "(1) A person must not require or request another person to quote the other person’s tax file number. Penalty: 100 penalty units or imprisonment for 2 years, or both. (1AA) Subsection (1) does not apply if: (a) provision is made by or under a taxation law or legislation described in paragraph 202(e) of the Income Tax Assessment Act 1936 for the person to quote the number; or (b) the first ‑ mentioned person requires or requests the number to be quoted in connection with that person exercising powers or performing functions under, or in relation to, or complying with an obligation imposed by, a taxation law or a law of the Commonwealth of the kind referred to in paragraph 202(c), (d), (g), (ga), (gaa), (h), (hab), (hac), (ha), (hb), (hc), (i), (ia), (j), (kb), (la), (m), (r), (s), (sa), (t) or (u) of the Income Tax Assessment Act 1936 ; or (c) the first ‑ mentioned person requires or requests the number to be quoted in connection with the first ‑ mentioned person acting on the other person’s behalf in the conduct of the other person’s affairs. Note: A defendant bears an evidential burden in relation to the matters in subsection (1AA), see subsection 13.3(3) of the Criminal Code . (1A) A person does not contravene subsection (1) by asking another person to quote the other person’s tax file number if the request is made so that the number can be included in an application for the registration of an entity under the A New Tax System (Australian Business Number) Act 1999 . Note: A defendant bears an evidential burden in relation to the matters in subsection (1A), see subsection 13.3(3) of the Criminal Code . (2) Nothing in subsection (1) shall be read as prohibiting a person from requesting the production of a document, or a copy of a document, on which another person’s tax file number is recorded if the other person is not prevented from removing the tax file number from the document. Note: A defendant bears an evidential burden in relation to the matters in subsection (2), see subsection 13.3(3) of the Criminal Code . (3) For the purposes of this section, a person who makes to another person a statement that the other person could reasonably understand to mean that the other person is required or requested to quote the other person’s tax file number shall be taken to require or request the other person to quote the number. (4) Nothing in this section shall be read as imposing on a person an obligation to require another person to quote a tax file number.", "Amendment_Count": 32, "First_Amended": "No 97 of 1988", "Last_Amended": "No 69 of 2020", "Amending_Acts": "No 97 of 1988 | No 163 of 1989 | No 60 of 1990 | No 119 of 1990 | No 6 of 1991 | No 92 of 1992 | No 138 of 1992 | No 82 of 1993 | No 53 of 1995 | No 63 of 1996 | No 83 of 1999 | No 85 of 1999 | No 128 of 1999 | No 106 of 2000 | No 132 of 2000 | No 71 of 2001 | No 75 of 2001 | No 146 of 2001 | No 57 of 2002 | No 143 of 2007 | No 45 of 2008 | No 105 of 2010 | No 145 of 2010 | No 141 of 2011 | No 82 of 2014 | No 21 of 2015 | No 143 of 2015 | No 169 of 2015 | No 10 of 2016 | No 90 of 2018 | No 38 of 2020 | No 69 of 2020", "History_Notes": "Inserted by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 163 of 1989, effective s 50, 51: 13 Nov 1989 (s 2) | Amended by No 60 of 1990, effective s 43, Part 10 (s 88 ‑ 95): 31 Oct 1990 ( see Gazette 1990, No. S272) Remainder: 1 July 1990 | Amended by No 119 of 1990, effective s 4 ‑ 6, 7(g), 8, 19 ‑ 21, 22(g), 23: 22 Aug 1990 s 7(a) ‑ (f), 22(a) ‑ (f): 1 Mar 1991 s 9, 10, 41(b), 42(b): 1 Jan 1991 Remainder: Royal Assent | Amended by No 6 of 1991, effective s 97, 98: 1 Jan 1991 (s 2) | Amended by No 92 of 1992, effective 1 July 1992 | Amended by No 138 of 1992, effective s 31 ‑ 43: 1 Jan 1993 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 53 of 1995, effective 1 July 1995 | Amended by No 63 of 1996, effective 1 Jan 1997 | Amended by No 83 of 1999, effective sch 10 (items 66, 67A): 10 Dec 1999 (s 2(6A) ‑ (6C)) sch 10 (item 67): never commenced (s 2(6B), (6C)) sch 10 (item 68): 1 July 2000 (s 2(2)) | Amended by No 85 of 1999, effective 8 July 1999 ( see s 2) | Amended by No 128 of 1999, effective s 9, sch 1 (items 75, 76), sch 3 (items 5, 6): 13 Oct 1999 (s 2(1), (2), (6)) sch 3 (items 2, 3): 2 June 1997 (s 2(5)) | Amended by No 106 of 2000, effective sch 5 (items 10, 11): 1 July 1998 (s 2(3)) sch 5 (item 12): 1 July 1999 (s 2(17)) | Amended by No 132 of 2000, effective sch 5: 13 Nov 2000 (s 2) | Amended by No 71 of 2001, effective sch 2 (item 24): 1 July 1998 (s 2(6)) | Amended by No 75 of 2001, effective sch 5 (items 71 ‑ 74): 30 June 2001 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 57 of 2002, effective sch 12 (items 36, 37): 15 Dec 2001 (s 2(1) items 40, 41) sch 12 (items 87 ‑ 94): 3 July 2002 (s 2(1) item 66) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 141 of 2011, effective sch 6 (items 12, 13): 14 May 2012 (s 2(1) item 14) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 143 of 2015, effective sch 1 (items 18, 19, 22): 1 July 2017 (s 2(1) items 2, 5) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 90 of 2018, effective sch 1 (items 9, 10): 13 Dec 2018 (s 2(1) item 1) | Amended by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14) | Amended by No 69 of 2020, effective sch 1 (items 1431 ‑ 1464): repealed before commencing (s 2(1) item 5) sch 1 (items 1465 ‑ 1467): 10 Aug 2022 (s 2(1) note 2) sch 2 (item 16): 4 Apr 2021 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WB", "Provision_Key": "s8wb", "Heading": "Unauthorised recording etc. of tax file number", "Text": "(1) A person must not: (a) record another person’s tax file number or maintain such a record; or (b) use another person’s tax file number in a manner connecting it with the other person’s identity; or (c) divulge or communicate another person’s tax file number to a third person. Penalty: 100 penalty units or imprisonment for 2 years, or both. (1A) Subsection (1) does not apply: (a) to the extent required or permitted by, or reasonably necessary in order to comply with an obligation imposed by, a taxation law or a law of the Commonwealth of a kind referred to in paragraph 202(c), (d), (e), (g), (ga), (gaa), (h), (hab), (hac), (ha), (hb), (hc), (i), (ia), (j), (ka), (kb), (la), (m), (o), (q), (r), (s), (sa), (t) or (u) of the Income Tax Assessment Act 1936 ; or (b) in connection with the first ‑ mentioned person exercising powers or performing functions under, or in relation to, a taxation law or a law of the Commonwealth of a kind referred to in paragraph 202(c), (d), (e), (g), (ga), (gaa), (h), (hab), (hac), (ha), (hb), (hc), (i), (ia), (j), (ka), (kb), (la), (m), (o), (q), (r), (s), (sa), (t) or (u) of the Income Tax Assessment Act 1936 ; or (ba) in connection with the first ‑ mentioned person exercising powers or performing functions of a registrar specified in subsection 355 ‑ 67(2) in Schedule 1; or (c) in connection with the first ‑ mentioned person acting on the other person’s behalf in the conduct of the other person’s affairs. Note: A defendant bears an evidential burden in relation to the matters in subsection (1A), see subsection 13.3(3) of the Criminal Code . (2) Without affecting any obligation imposed by or under a law of the Commonwealth other than this section, nothing in subsection (1A) shall be read as imposing on a person an obligation to do an act referred to in paragraph (1)(a), (b), (ba) or (c).", "Amendment_Count": 34, "First_Amended": "No 97 of 1988", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 97 of 1988 | No 163 of 1989 | No 60 of 1990 | No 119 of 1990 | No 6 of 1991 | No 92 of 1992 | No 138 of 1992 | No 82 of 1993 | No 53 of 1995 | No 63 of 1996 | No 83 of 1999 | No 128 of 1999 | No 172 of 1999 | No 94 of 2000 | No 106 of 2000 | No 132 of 2000 | No 75 of 2001 | No 146 of 2001 | No 57 of 2002 | No 143 of 2007 | No 45 of 2008 | No 105 of 2008 | No 105 of 2010 | No 145 of 2010 | No 141 of 2011 | No 82 of 2014 | No 21 of 2015 | No 143 of 2015 | No 169 of 2015 | No 10 of 2016 | No 90 of 2018 | No 38 of 2020 | No 69 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 163 of 1989, effective s 50, 51: 13 Nov 1989 (s 2) | Amended by No 60 of 1990, effective s 43, Part 10 (s 88 ‑ 95): 31 Oct 1990 ( see Gazette 1990, No. S272) Remainder: 1 July 1990 | Amended by No 119 of 1990, effective s 4 ‑ 6, 7(g), 8, 19 ‑ 21, 22(g), 23: 22 Aug 1990 s 7(a) ‑ (f), 22(a) ‑ (f): 1 Mar 1991 s 9, 10, 41(b), 42(b): 1 Jan 1991 Remainder: Royal Assent | Amended by No 6 of 1991, effective s 97, 98: 1 Jan 1991 (s 2) | Amended by No 92 of 1992, effective 1 July 1992 | Amended by No 138 of 1992, effective s 31 ‑ 43: 1 Jan 1993 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 53 of 1995, effective 1 July 1995 | Amended by No 63 of 1996, effective 1 Jan 1997 | Amended by No 83 of 1999, effective sch 10 (items 66, 67A): 10 Dec 1999 (s 2(6A) ‑ (6C)) sch 10 (item 67): never commenced (s 2(6B), (6C)) sch 10 (item 68): 1 July 2000 (s 2(2)) | Amended by No 128 of 1999, effective s 9, sch 1 (items 75, 76), sch 3 (items 5, 6): 13 Oct 1999 (s 2(1), (2), (6)) sch 3 (items 2, 3): 2 June 1997 (s 2(5)) | Amended by No 172 of 1999, effective sch 2 (items 1, 2, 5): 8 July 1999 (s 2(4)) | Amended by No 94 of 2000, effective sch 5: 1 July 2000 (s 2(5)) | Amended by No 106 of 2000, effective sch 5 (items 10, 11): 1 July 1998 (s 2(3)) sch 5 (item 12): 1 July 1999 (s 2(17)) | Amended by No 132 of 2000, effective sch 5: 13 Nov 2000 (s 2) | Amended by No 75 of 2001, effective sch 5 (items 71 ‑ 74): 30 June 2001 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 57 of 2002, effective sch 12 (items 36, 37): 15 Dec 2001 (s 2(1) items 40, 41) sch 12 (items 87 ‑ 94): 3 July 2002 (s 2(1) item 66) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 105 of 2008, effective sch 1 (item 60): 18 Oct 2008 (s 2(1) item 2) | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 141 of 2011, effective sch 6 (items 12, 13): 14 May 2012 (s 2(1) item 14) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 143 of 2015, effective sch 1 (items 18, 19, 22): 1 July 2017 (s 2(1) items 2, 5) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 90 of 2018, effective sch 1 (items 9, 10): 13 Dec 2018 (s 2(1) item 1) | Amended by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14) | Amended by No 69 of 2020, effective sch 1 (items 1431 ‑ 1464): repealed before commencing (s 2(1) item 5) sch 1 (items 1465 ‑ 1467): 10 Aug 2022 (s 2(1) note 2) sch 2 (item 16): 4 Apr 2021 (s 2(1) item 6) | Amended by No 8 of 2022, effective sch 6 (item 23), sch 8 (items 35, 36): 1 Apr 2022 (s 2(1) items 6, 10) sch 8 (item 32): 23 Feb 2022 (s 2(1) item 9) sch 8 (items 41 ‑ 43): 4 Apr 2021 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8WC", "Provision_Key": "s8wc", "Heading": "Conducting affairs so as to avoid tax file number requirements", "Text": "(1) Where: (a) a person is an investor in relation to 2 or more investments of a similar kind; and (b) having regard to: (i) the manner in which the person became an investor in relation to the investments; and (ii) any explanation made by the person as to becoming such an investor in that manner; it would be reasonable to conclude that the person became such an investor in that manner for the sole or dominant purpose of ensuring, or attempting to ensure that: (iii) although the person has not, under Part VA of the Income Tax Assessment Act 1936 , quoted the person’s tax file number in connection with those investments (in this subparagraph called the non ‑ TFN investments ): (A) amounts would not be deducted under Division 3B of that Act, or withheld under section 12 ‑ 140 or 12 ‑ 145 in Schedule 1 to this Act, from income in respect of one or more of the non ‑ TFN investments; and (B) amounts would not be paid to the Commissioner under section 14 ‑ 5 in Schedule 1 to this Act, in relation to income in respect of one or more of the non ‑ TFN investments; and (C) TFN withholding tax would not be payable under section 14 ‑ 55 in Schedule 1 to this Act in respect of one or more of the non ‑ TFN investments; or (iv) the investments are not referred to in a report under the regulations made under that Act; the person commits an offence. Penalty: 100 penalty units or imprisonment for 2 years, or both. (2) In this section: investment means an investment of a kind mentioned in section 202D of the Income Tax Assessment Act 1936 . investor means an investor within the meaning of that section.", "Amendment_Count": 6, "First_Amended": "No 97 of 1988", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 97 of 1988 | No 216 of 1991 | No 179 of 1999 | No 101 of 2006 | No 143 of 2007 | No 4 of 2016", "History_Notes": "Inserted by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Amended by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8WC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8XA", "Provision_Key": "s8xa", "Heading": "Unauthorised access to taxation records", "Text": "A person must not take action with the intention of obtaining information about another person’s affairs that: (a) is contained in records in the possession of the Commissioner; and (b) is held or was obtained by the Commissioner under or for the purposes of a taxation law; unless the person takes the action: (c) under the Freedom of Information Act 1982 ; or (d) in accordance with the processes of a court or the Tribunal; or (e) in the course of exercising powers or performing functions under or in relation to a taxation law. Penalty: 100 penalty units or imprisonment for 2 years, or both.", "Amendment_Count": 4, "First_Amended": "No 97 of 1988", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 97 of 1988 | No 48 of 1991 | No 146 of 2001 | No 143 of 2007", "History_Notes": "Inserted by No 97 of 1988, effective s 22 ‑ 28, 29(1): 1 Jan 1989 (s 2(1)) | Repealed and substituted by No 48 of 1991, effective s 101, 102: 24 Apr 1991 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8XA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8Y", "Provision_Key": "s8y", "Heading": "Liability of officers etc. of corporations", "Text": "(1) Where a corporation does or omits to do an act or thing the doing or omission of which constitutes a taxation offence, a person (by whatever name called and whether or not the person is an officer of the corporation) who is concerned in, or takes part in, the management of the corporation shall be deemed to have committed the taxation offence and is punishable accordingly. (2) In a prosecution of a person for a taxation offence by virtue of subsection (1), it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission of the corporation concerned; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission of the corporation. Note 1: A defendant bears a legal burden in relation to the matters in subsection (2), see section 13.4 of the Criminal Code . Note 2: Subsection (2) does not apply in relation to a prosecution under Part 2.4 of the Criminal Code . (3) For the purposes of subsection (1), an officer of a corporation shall be presumed, unless the contrary is proved, to be concerned in, and to take part in, the management of the corporation. (4) In this section, officer , in relation to a corporation, means: (a) a director or secretary of the corporation; (b) a receiver and manager of property of the corporation; (ba) an administrator, within the meaning of the Corporations Act 2001 , of the corporation; (bb) an administrator of a deed of company arrangement executed by the corporation under Part 5.3A of that Act; (d) a liquidator of the corporation appointed in a voluntary winding up of the corporation; or (e) a trustee or other person administering a compromise or arrangement made between the corporation and another person or other persons.", "Amendment_Count": 5, "First_Amended": "No 123 of 1984", "Last_Amended": "No 8 of 2007", "Amending_Acts": "No 123 of 1984 | No 210 of 1992 | No 55 of 2001 | No 146 of 2001 | No 8 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 210 of 1992, effective s 125: 23 June 1993 (s 2(3) and gaz 1993, No S186) | Amended by No 55 of 2001, effective s 4 ‑ 14, sch 3 (items 509, 510): 15 July 2001 (s 2(1), (3)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 8 of 2007, effective sch 1 (item 25): 22 Dec 1999 (s 2(1) item 21) sch 4 (item 32): 15 Mar 2007 (s 2(1) item 44)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8Y"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8Z", "Provision_Key": "s8z", "Heading": "Evidentiary certificate relating to previous convictions", "Text": "(1) The Commissioner may, for the purposes of subsection 8E(2) or (3), 8M(2), 8R(2) or 8V(2), issue a certificate setting out such facts as the Commissioner considers relevant with respect to: (a) the conviction of a person of an offence against a provision of Subdivision A or B or against Division 136 or 137 of the Criminal Code in relation to a taxation law; or (b) the conviction of a person of an offence against the Crimes (Taxation Offences) Act 1980 ; or (c) the conviction of a person of an offence against: (i) section 6 of the Crimes Act 1914 ; or (ii) section 11.1, 11.4 or 11.5 of the Criminal Code ; being an offence that relates to an offence of a kind referred to in paragraph (a) or (b) of this subsection; or (d) the conviction of a person of an offence against section 134.1, 134.2, 135.1, 135.2 or 135.4 of the Criminal Code , being an offence that relates to a tax liability; or (e) the making of an order under section 19B of the Crimes Act 1914 in relation to a person in respect of an offence of a kind referred to in paragraph (a), (b), (c) or (d) of this subsection; or (f) the conviction of a person of an offence against Division 136 or 137 of the Criminal Code , being an offence that relates to a taxation law. (2) A document purporting to be a certificate issued under subsection (1) shall be received in evidence in a court without further proof and is, for those purposes, prima facie evidence of the facts stated in it. (3) The provisions of this section are in addition to, and not in derogation of, any other law of the Commonwealth or any law of a State or Territory.", "Amendment_Count": 4, "First_Amended": "No 123 of 1984", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 123 of 1984 | No 65 of 1985 | No 137 of 2000 | No 146 of 2001", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 65 of 1985, effective sch 1: 3 July 1985 (s 2(1)) sch 1: 14 Dec 1984 (s 2(45)) | Amended by No 137 of 2000, effective sch 2 (items 395 ‑ 398, 418, 419): 24 May 2001 (s 2(3)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8Z"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZA", "Provision_Key": "s8za", "Heading": "Prosecution of taxation offences", "Text": "(1) A taxation offence that is punishable by imprisonment for a period exceeding 12 months is, when committed by a natural person, an indictable offence. (2) A taxation offence that is punishable by imprisonment for a period not exceeding 12 months is, when committed by a natural person, punishable on summary conviction. (3) A prescribed taxation offence, when committed by a natural person, is punishable on summary conviction. (4) A taxation offence, when committed by a corporation, is punishable on summary conviction. (5) In spite of anything in the preceding provisions of this section, if: (a) a person is convicted of 2 or more offences against section 8T or 8U, or both, before the same court at the same sitting; and (b) assuming that the person had only been convicted of one of those offences, that offence would have been punishable on summary conviction; all those offences are punishable on summary conviction. (6) A reference in subsection (5) to a conviction of a person for an offence includes a reference to the making of an order under section 19B of the Crimes Act 1914 in relation to the person in respect of the offence. (7) A reference in subsection (5) to an offence against section 8T or 8U includes a reference to an offence against section 11.1 of the Criminal Code that relates to an offence against section 8T or 8U, as the case may be.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 123 of 1984 | No 224 of 1992 | No 146 of 2001", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 224 of 1992, effective s 122 ‑ 126: 24 Dec 1992 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZB", "Provision_Key": "s8zb", "Heading": "Prosecution may be commenced at any time", "Text": "(1) A prosecution for a taxation offence may be commenced at any time. (2) Subsection (1) has effect notwithstanding anything contained in section 15B of the Crimes Act 1914 .", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 224 of 1992", "Amending_Acts": "No 123 of 1984 | No 224 of 1992", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 224 of 1992, effective s 122 ‑ 126: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZC", "Provision_Key": "s8zc", "Heading": "Place where offence committed", "Text": "(1) Where a person commits a taxation offence by doing an act, the taxation offence may be taken to have been committed at: (a) the place where the act was done; (b) if the person is a natural person—the usual place of residence or business of the person or the place of residence or business of the person last known to the Commissioner; or (c) if the person is a corporation—the head office, a registered office or a principal office of the corporation; and the person may be charged with, and convicted of, the taxation offence as if it had been committed at any of those places. (2) Where a person commits a taxation offence by omitting to do an act, the taxation offence may be taken to have been committed at: (a) the place where the act should have been done; (b) if the person is a natural person—the usual place of residence or business of the person or the place of residence or business of the person last known to the Commissioner; or (c) if the person is a corporation—the head office, a registered office or a principal office of the corporation; and the person may be charged with, and convicted of, the taxation offence as if it had been committed at any of those places. (3) This section has effect subject to section 80 of the Constitution. Note: This section does not apply as an averment. For averments, see section 8ZL of this Act and section 13.6 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 123 of 1984 | No 146 of 2001", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZD", "Provision_Key": "s8zd", "Heading": "Conduct by employees or agents of corporations", "Text": "(1) Where, in a prosecution for a taxation offence constituted by an act done, or omitted to be done, by a corporation, it is necessary to establish the intention of the corporation, it is sufficient to show that an employee or agent of the corporation by whom the act was done or omitted to be done, as the case may be, had the intention. (2) In a prosecution for a taxation offence, any act done, or omitted to be done, on behalf of a corporation by: (a) a director, employee or agent of the corporation; or (b) any other person: (i) at the direction; or (ii) with the consent or agreement (whether express or implied); of a director, employee or agent of the corporation; shall be deemed to have been done, or omitted to have been done, as the case may be, also by the corporation. (3) Part 2.5 of the Criminal Code does not apply to taxation offences.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 5 of 2015", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 5 of 2015", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 5 of 2015, effective sch 3 (items 192 ‑ 194): 25 Mar 2015 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZE", "Provision_Key": "s8ze", "Heading": "Civil penalty not payable if prosecution instituted", "Text": "If: (a) a person is liable to pay by way of penalty (other than for an offence) an amount under a taxation law because of an act or omission of the person; and (b) a prosecution is instituted against the person for a taxation offence constituted by the act or omission; then (whether or not the prosecution is withdrawn): (c) the person is not liable to pay the amount; and (d) any amount paid, or applied by the Commissioner, in total or partial discharge of that liability is to be refunded to the person, or applied by the Commissioner in total or partial discharge of another tax liability of the person. Note: An example of a penalty referred to in paragraph (a) is a penalty payable under section 284 ‑ 75 in Schedule 1.", "Amendment_Count": 14, "First_Amended": "No 123 of 1984", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 123 of 1984 | No 4 of 1985 | No 47 of 1985 | No 41 of 1986 | No 58 of 1987 | No 62 of 1987 | No 145 of 1987 | No 20 of 1990 | No 60 of 1990 | No 92 of 1992 | No 118 of 1992 | No 208 of 1992 | No 120 of 1995 | No 101 of 2006", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 4 of 1985, effective 5 Apr 1985 ( see s 2) | Amended by No 47 of 1985, effective s 3, 4(2), 11, 12, Part XI (s 54 ‑ 56): 21 Aug 1981 s 5, 18, 20, 22, 24, 28(2), 39, 40, 45, 48, 50, 51, 53: 10 May 1985 ( see s 2(3)) Remainder: Royal Assent | Amended by No 41 of 1986, effective 24 June 1986 ( see s 2) | Amended by No 58 of 1987, effective 5 June 1987 ( see s 2) | Amended by No 62 of 1987, effective s 55, sch 4: 5 June 1987 (s 2(1)) sch 1: 1 July 1987 (s 2(6)) | Amended by No 145 of 1987, effective 15 Jan 1988 ( see s 2) | Amended by No 20 of 1990, effective 17 Jan 1990 | Amended by No 60 of 1990, effective s 43, Part 10 (s 88 ‑ 95): 31 Oct 1990 ( see Gazette 1990, No. S272) Remainder: 1 July 1990 | Amended by No 92 of 1992, effective 1 July 1992 | Amended by No 118 of 1992, effective 28 Oct 1992 | Amended by No 208 of 1992, effective s 91 ‑ 93: 22 Dec 1992 (s 2(1)) | Repealed and substituted by No 120 of 1995, effective sch 1 (item 58): 23 Nov 1994 ( see s 2(2)) sch 2 (items 8 ‑ 13): 1 July 1994 Remainder: Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZE"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZF", "Provision_Key": "s8zf", "Heading": "Penalties for corporations", "Text": "Where a corporation is convicted of: (a) a taxation offence (other than a prescribed offence) that, if committed by a natural person, is punishable by imprisonment; or (b) a prescribed offence to which subsection 8E(3) or 8R(2) applies; the penalty that the court before which the corporation is convicted may impose is a fine not exceeding 5 times the maximum fine that, but for this section, the court could impose as a penalty for the taxation offence.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZF"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZG", "Provision_Key": "s8zg", "Heading": "Enforcement of orders for payment", "Text": "(1) Where: (a) upon the conviction of a person for a taxation offence, the court before which the person is convicted, in addition to imposing a penalty on the person, orders the person to pay an amount to the Commissioner; and (b) the court has civil jurisdiction to the extent of the amount; the order is enforceable in all respects as a final judgment of the court in favour of the Commissioner. (2) Where: (a) upon conviction of a person for a taxation offence, the court before which the person is convicted, in addition to imposing a penalty on the person, orders the person to pay an amount to the Commissioner; and (b) the court: (i) does not have civil jurisdiction; or (ii) has civil jurisdiction, but does not have civil jurisdiction to the extent of the amount; the proper officer of the court shall issue to the Commissioner a certificate in the prescribed form containing the prescribed particulars. (3) The certificate may, in the prescribed manner and subject to the prescribed conditions (if any), be registered in a court having civil jurisdiction to the extent of the amount ordered to be paid to the Commissioner. (4) Upon registration under subsection (3), the certificate is enforceable in all respects as a final judgment of the court in favour of the Commissioner. (5) The costs of registration of the certificate and other proceedings under this section shall, subject to the prescribed conditions (if any), be deemed to be payable under the certificate.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZG"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZH", "Provision_Key": "s8zh", "Heading": "Penalties not to relieve from tax", "Text": "The adjudgment or payment of: (a) a penalty in respect of a taxation offence; or (b) an amount ordered by a court, upon the conviction of a person for a taxation offence, to be paid by the person to the Commissioner; does not relieve any person from liability to assessment or payment of any amount (whether by way of tax, duty, charge or otherwise) for which the person would otherwise be liable.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZH"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZJ", "Provision_Key": "s8zj", "Heading": "Prosecution of prescribed taxation offences", "Text": "(1) A prosecution for a prescribed taxation offence shall take the form of a proceeding by the Commonwealth for the recovery of a pecuniary penalty. (2) A prosecution for a prescribed taxation offence may be instituted by a person authorized under subsection (8) on behalf of, and in the official name of, the Commissioner by information or complaint in a court of summary jurisdiction. (3) A prosecution of a person for a prescribed taxation offence that is punishable by a fine exceeding the prescribed amount in relation to the person may be instituted by a person authorized under subsection (8) on behalf of, and in the official name of, the Commissioner by action in the Supreme Court of a State or Territory. (4) Where a court of summary jurisdiction convicts a person of a prescribed taxation offence, the penalty that the court may impose is a fine not exceeding the prescribed amount in relation to the person. (5) Where: (a) a prosecution of a person for a prescribed taxation offence that is punishable by a fine exceeding the prescribed amount in relation to the person is instituted in accordance with subsection (2); and (b) before the expiration of the period of 14 days after service of process on the person in respect of the prescribed taxation offence, the person elects, in the prescribed manner, to have the case tried in the Supreme Court of the State or Territory in which the prosecution was instituted; the prosecution shall, by force of this subsection and without any order of the Supreme Court, be removed to the Supreme Court. (6) Where a prosecution for a prescribed taxation offence is instituted in the Supreme Court of a State or Territory in accordance with subsection (3) or is removed to the Supreme Court of a State or Territory by force of subsection (5), the prosecution may be conducted in accordance with: (a) the usual practice and procedure of the Supreme Court in civil cases; or (b) the directions of the Supreme Court or a Justice or Judge of the Supreme Court. (7) The jurisdiction of the Supreme Court of a State or Territory under this section shall be exercised by a single Justice or Judge of the Supreme Court. (8) The Commissioner may, by writing, authorize a person to institute a prosecution for: (a) a specified prescribed taxation offence; (b) a prescribed taxation offence included in a specified class of prescribed taxation offences; or (c) any prescribed taxation offence. (9) A reference in this section to the prescribed amount in relation to a person is a reference to: (a) if the person is a natural person—$5,000; or (b) if the person is a corporation—$25,000.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZJ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZK", "Provision_Key": "s8zk", "Heading": "Protection of witnesses", "Text": "A witness called on behalf of the Commissioner in any prosecution for a prescribed taxation offence shall not be compelled: (a) to disclose: (i) the fact that the witness received any information; (ii) the nature of any information received by the witness; or (iii) the name of any person from whom the witness received any information; or (b) if the witness is an officer, to produce any reports: (i) made or received by the witness confidentially in the witness’ official capacity; or (ii) containing confidential information.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZK"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZL", "Provision_Key": "s8zl", "Heading": "Averment", "Text": "(1) In a prosecution for a prescribed taxation offence, a statement or averment contained in the information, claim or complaint is prima facie evidence of the matter so stated or averred. (2) This section applies in relation to any matter so stated or averred although: (a) evidence in support or rebuttal of the matter stated or averred, or of any other matter, is given; or (b) the matter averred is a mixed question of law and fact, but, in that case, the statement or averment is prima facie evidence of the fact only. (3) Any evidence given in support or rebuttal of a matter so stated or averred shall be considered on its merits, and the credibility and probative value of such evidence shall be neither increased nor diminished by reason of this section. (4) This section: (a) does not apply to any fault element of an offence; and (aa) does not apply in relation to any offence for which imprisonment is a penalty; and (b) does not lessen or affect any onus of proof otherwise falling on a defendant.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 123 of 1984 | No 146 of 2001", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZL"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZM", "Provision_Key": "s8zm", "Heading": "Evidence of authority to institute proceedings", "Text": "(1) Where a prosecution for a prescribed taxation offence is instituted by a person in the official name of the Commissioner, the prosecution shall be presumed, unless the contrary is proved, to have been instituted with the authority of the Commissioner. (2) In a prosecution for a prescribed taxation offence, the mere production of an instrument, telegram or copy of a telex message purporting to have been issued or sent by the Commissioner, a Second Commissioner or a Deputy Commissioner and purporting to notify a person that the person is authorized by the Commissioner to institute the prosecution, to institute prosecutions for a class of prescribed taxation offences in which the prescribed taxation offence is included or to institute prosecutions for any prescribed taxation offence is conclusive evidence of the authority of the person to institute the prosecution on behalf of, and in the official name of, the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZM"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 8ZN", "Provision_Key": "s8zn", "Heading": "Costs", "Text": "In a prosecution for a prescribed taxation offence, the court may award costs against any party.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s8ZN"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Interpretation", "Text": "In this Division, unless the contrary intention appears: defendant , in relation to a prescribed taxation offence, means a person to whom a summons has been sent in the manner permitted by subsection 10(1) in relation to the prescribed taxation offence (whether or not the summons has been delivered to, or received by, the person). summons , in relation to a person, means a writ or process notifying or directing the person to appear on a designated day before a specified court.", "Amendment_Count": 3, "First_Amended": "No 59 of 1979", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 59 of 1979 | No 117 of 1983 | No 123 of 1984", "History_Notes": "Repealed by No 59 of 1979, effective 15 June 1979 | Inserted by No 117 of 1983, effective 16 Dec 1983 | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s9"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Service of summons by post", "Text": "(1) A summons for the appearance before a court of summary jurisdiction of a person charged with having committed a prescribed taxation offence may be served upon the person to whom it is directed by sending a copy of the summons, not less than 21 days before the day on which the person is required by the summons to appear before the court, by ordinary prepaid post addressed to the person at the person’s last known place of residence or last known place of business. (1A) Subsection (1) has effect without prejudice to any other method of service provided for under any other law of the Commonwealth or under a law of a State or Territory. (2) Where a summons is served in the manner permitted by subsection (1), the court may require the summons to be re ‑ served if the court has reasonable cause to believe that the summons has not come to the notice of the person to whom it is directed.", "Amendment_Count": 4, "First_Amended": "No 59 of 1979", "Last_Amended": "No 73 of 2008", "Amending_Acts": "No 59 of 1979 | No 117 of 1983 | No 123 of 1984 | No 73 of 2008", "History_Notes": "Repealed by No 59 of 1979, effective 15 June 1979 | Inserted by No 117 of 1983, effective 16 Dec 1983 | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 73 of 2008, effective sch 4 (items 480 ‑ 491): 4 July 2008", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Notice of conviction in absentia", "Text": "(1) Where a defendant who has not entered a plea in relation to a prescribed taxation offence is, in the defendant’s absence, convicted of the prescribed taxation offence, the proper officer of the court concerned shall cause to be served on the defendant notice in writing of: (a) the conviction; (b) the order of the court; (c) where the order of the court includes the imposition of a fine—the time allowed by the court for payment of the fine; and (d) the right of the defendant to make an application under section 13A for an order setting aside the conviction. (2) Without prejudice to any other method of service provided for under any other law of the Commonwealth or under a law of a State or Territory, a notice under subsection (1) may be served on the defendant by sending the notice to the defendant by ordinary prepaid post addressed to the defendant at the defendant’s last known place of residence or last known place of business.", "Amendment_Count": 5, "First_Amended": "No 133 of 1974", "Last_Amended": "No 73 of 2008", "Amending_Acts": "No 133 of 1974 | No 59 of 1979 | No 117 of 1983 | No 123 of 1984 | No 73 of 2008", "History_Notes": "Repealed and substituted by No 133 of 1974, effective s 1, 2: Royal Assent s 3, 4, 7, 8, 10 ‑ 12: 23 Dec 1974 ( see Gazette 1974, No. 103D) Remainder: 1 July 1976 ( see Gazette 1976, No. S107) | Repealed by No 59 of 1979, effective 15 June 1979 | Inserted by No 117 of 1983, effective 16 Dec 1983 | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 73 of 2008, effective sch 4 (items 480 ‑ 491): 4 July 2008", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s11"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Notice of intention to issue warrant in default of payment", "Text": "Where: (a) a defendant, not being a body corporate, has been served with a notice under subsection 11(1), being a notice that includes notice of a fine imposed on him or her in consequence of a conviction; (b) the fine is not paid in full within the time allowed by the court for payment of the fine; and (c) a period of not less than 21 days has elapsed after the date of service of the notice; the proper officer of the court concerned may cause to be served personally on the defendant a notice (in this section referred to as the personal notice ) informing the defendant that unless: (d) the fine is paid in full before the expiration of 21 days after the date of service of the personal notice; or (e) an application in accordance with section 13A for the setting aside of the conviction is made before the expiration of 14 days after the date of service of the personal notice; a warrant for his or her commitment to prison may be issued.", "Amendment_Count": 3, "First_Amended": "No 59 of 1979", "Last_Amended": "No 73 of 2008", "Amending_Acts": "No 59 of 1979 | No 117 of 1983 | No 73 of 2008", "History_Notes": "Repealed by No 59 of 1979, effective 15 June 1979 | Inserted by No 117 of 1983, effective 16 Dec 1983 | Amended by No 73 of 2008, effective sch 4 (items 480 ‑ 491): 4 July 2008", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Limitation of action to enforce payment of fine", "Text": "Notwithstanding anything contained in any other law of the Commonwealth or in a law of a State or Territory, where a defendant who has not entered a plea in relation to a prescribed taxation offence is, in the defendant’s absence, convicted of the prescribed taxation offence and the order of the court includes the imposition of a fine: (a) a warrant for commitment of the defendant to prison for failure to pay the fine shall not be issued unless: (i) a notice has been served on the defendant under section 12 in relation to the fine; and (ii) a period of not less than 21 days has elapsed after the date of service of the notice; and (b) no other action for enforcement of payment of the fine shall be taken unless: (i) a notice has been served on the defendant in relation to the conviction under subsection 11(1); and (ii) a period of not less than 21 days has elapsed after the date of service of the notice.", "Amendment_Count": 4, "First_Amended": "No 59 of 1979", "Last_Amended": "No 73 of 2008", "Amending_Acts": "No 59 of 1979 | No 117 of 1983 | No 123 of 1984 | No 73 of 2008", "History_Notes": "Repealed by No 59 of 1979, effective 15 June 1979 | Inserted by No 117 of 1983, effective 16 Dec 1983 | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 73 of 2008, effective sch 4 (items 480 ‑ 491): 4 July 2008", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13A", "Provision_Key": "s13a", "Heading": "Setting aside of conviction or order", "Text": "(1) Where a defendant has been served with a notice under section 11 in relation to a conviction or order of a court, the defendant may: (a) where a fine was imposed by the court—before the expiration of: (i) the period allowed by the court for payment of the fine; or (ii) a period of 21 days after the date of service of the notice; whichever is the longer; or (b) where no fine was imposed by the court—within 21 days after the date of service of the notice; make an application in writing to the court, or to another court of summary jurisdiction that would have had jurisdiction to make the conviction or order, for an order setting aside the conviction or order. (2) Where a defendant has been served with a notice under section 12 in relation to a conviction or order of a court, the defendant may, within 14 days after the date of service of the notice, make an application in writing to the court, or to another court of summary jurisdiction that would have had jurisdiction to make the conviction or order, for an order setting aside the conviction or order. (3) Any person who was a party to the proceedings in which the conviction or order to which an application under subsection (1) or (2) relates was made shall be a party to proceedings in respect of the application. (4) Where a court is satisfied, on an application made by a defendant in accordance with subsection (1) or (2) in relation to a conviction or order, that: (a) in the case of an application under subsection (1): (i) the defendant did not receive notice of the proceedings in which the conviction or order was made, or did not receive such notice in sufficient time to enable the defendant to attend the proceedings; or (ii) the defendant failed to attend the proceedings in which the conviction or order was made for reasons that, in the opinion of the court, render it desirable, in the interests of justice, that the conviction or order be set aside and the matter re ‑ heard; or (b) in the case of an application under subsection (2): (i) the defendant: (A) did not receive notice of the proceedings in which the conviction or order was made, or did not receive such notice in sufficient time to enable the defendant to attend the proceedings; and (B) did not receive notice of the conviction or order, or did not receive such notice in sufficient time to enable the defendant to apply, within the time specified in paragraph (1)(a), for an order setting aside the conviction or order; or (ii) the defendant failed to attend the proceedings in which the conviction or order was made, and failed to make an application in accordance with subsection (1) in relation to the notice served on the defendant under section 11 in relation to the conviction or order, for reasons that, in the opinion of the court, render it desirable, in the interests of justice, that the conviction or order be set aside and the matter re ‑ heard; the court shall set aside the conviction or order and shall: (c) proceed forthwith to re ‑ hear and determine the matter; or (d) adjourn the proceedings for re ‑ hearing the matter to such time and place as the court thinks fit. (5) Where an application is made to a court (in this subsection referred to as the relevant court ) under this section for the setting aside of a conviction or order of a court, the proper officer of the relevant court shall forthwith: (a) cause notice of the making of the application to be given to each party to the application other than the defendant; and (b) where the conviction or order was made by a court other than the relevant court—cause notice of the making of the application to be given to that other court. (6) Where, under subsection (4), a court sets aside a conviction or order of another court, the proper officer of the first ‑ mentioned court shall forthwith cause notice of the setting aside of that conviction or order to be given to the other court.", "Amendment_Count": 1, "First_Amended": "No 117 of 1983", "Last_Amended": "No 117 of 1983", "Amending_Acts": "No 117 of 1983", "History_Notes": "Inserted by No 117 of 1983, effective 16 Dec 1983", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13B", "Provision_Key": "s13b", "Heading": "Proof of service of summons or notice", "Text": "Service of a summons in accordance with section 10 or of a notice in accordance with section 11 or 12 may be proved by the oath of the person who served it or by affidavit or otherwise.", "Amendment_Count": 1, "First_Amended": "No 117 of 1983", "Last_Amended": "No 117 of 1983", "Amending_Acts": "No 117 of 1983", "History_Notes": "Inserted by No 117 of 1983, effective 16 Dec 1983", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13C", "Provision_Key": "s13c", "Heading": "Application of other laws", "Text": "(1) The provisions of this Division have effect in addition to, and not in derogation of, any other law of the Commonwealth or a State or Territory that makes provision for, or in relation to, the service of summonses. (2) Without limiting the generality of section 79 of the Judiciary Act 1903 , the laws (if any) of a State or Territory relating to any procedure whereby a person may, without appearing in court in obedience to a summons, enter a plea in relation to a charge of having committed an offence apply in like manner, mutatis mutandis , to a defendant charged with having committed a prescribed taxation offence.", "Amendment_Count": 2, "First_Amended": "No 117 of 1983", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 117 of 1983 | No 123 of 1984", "History_Notes": "Inserted by No 117 of 1983, effective 16 Dec 1983 | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13C"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13CA", "Provision_Key": "s13ca", "Heading": "Setting aside etc. of conviction or order on application of Commissioner", "Text": "(1) Where a person has been convicted in his or her absence of a prescribed taxation offence (whether before or after the commencement of this section), the Commissioner may apply to a court (in this section called the quashing court ) for: (a) an order setting aside the conviction or setting aside the order of the convicting court in respect of the conviction; or (b) an order varying the order of the convicting court in respect of the conviction so as to reduce its severity. (2) The application shall be made in writing: (a) to the convicting court; or (b) to any other court of summary jurisdiction that would have had jurisdiction to make the conviction or order. (3) The proper officer of the quashing court shall, without delay, cause notice of the making of the application to be given to each party to the application (other than the Commissioner). (4) Any person who was a party to the proceedings in which the defendant was convicted shall be made a party to the proceedings in respect of the application. (5) If the quashing court is satisfied that: (a) the conviction or order was made in circumstances that, in the opinion of the court, make it desirable, in the interests of justice, that: (i) the conviction or order be set aside; or (ii) the order be varied by reducing its severity; or (b) because of other special circumstances (whether or not existing at the time the conviction or order was made) it is desirable, in the interests of justice, or in order to avoid undue hardship, that: (i) the order be set aside; or (ii) the order be varied so as to reduce its severity; the court may set aside the conviction, or set aside or vary the order, as the case may be, on such terms as to costs or otherwise as the court thinks just. (6) If the court sets aside the conviction, or sets aside or varies the order in respect of the conviction, the court shall also set aside any warrant issued in consequence of the conviction. (7) If the quashing court: (a) is not the convicting court; and (b) sets aside the conviction, or sets aside or varies the order, of the convicting court; the proper officer of the quashing court shall without delay cause notice of the setting aside or variation to be given to the convicting court. (8) A reference in this section to a conviction includes a reference to the making of an order under section 19B of the Crimes Act 1914 . (9) The setting aside of a conviction or order under this section is a bar to any further legal proceeding against the defendant for the same matter in any court (other than on appeal). (10) This section is in addition to, and not in derogation of, any other law of the Commonwealth or any law of a State or Territory.", "Amendment_Count": 1, "First_Amended": "No 167 of 1989", "Last_Amended": "No 167 of 1989", "Amending_Acts": "No 167 of 1989", "History_Notes": "Inserted by No 167 of 1989, effective s 31: 19 Jan 1989 Part 4 (s 35 ‑ 37): 25 Jan 1989 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13CA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13D", "Provision_Key": "s13d", "Heading": "Interpretation", "Text": "(1) In this Part, unless the contrary intention appears: Australian Capital Territory includes the Jervis Bay Territory. officer means: (a) a person appointed or engaged under the Public Service Act 1999 ; or (b) a State taxation officer. State includes the Northern Territory. State Minister means: (a) in relation to a State other than the Northern Territory—a Minister of the Crown of the State; or (b) in relation to the Northern Territory—a Minister of the Northern Territory. State taxation officer means: (a) a person or authority, not being a State Minister, who or which is for the time being authorised under a law of a State to perform the functions of a State taxation officer under this Part; or (b) a person, not being a State Minister, authorised by writing signed by a person or authority referred to in paragraph (a) to act under this Part. State tax law means a law of a State relating to taxation. Territory means the Australian Capital Territory. Territory taxation officer means: (a) a person or authority, not being a Minister of State of the Commonwealth, who or which is for the time being authorised under a law of the Territory to perform the functions of a Territory taxation officer under this Part; or (b) a person, not being a Minister of State of the Commonwealth, authorised by writing signed by a person or authority referred to in paragraph (a) to act under this Part. Territory tax law means a law of the Territory relating to taxation. (2) A reference in Division 3 or 4 to a State tax law includes a reference to a Territory tax law. (3) A reference in Division 3 or 4 to a State taxation officer includes a reference to a Territory taxation officer.", "Amendment_Count": 2, "First_Amended": "No 123 of 1985", "Last_Amended": "No 146 of 1999", "Amending_Acts": "No 123 of 1985 | No 146 of 1999", "History_Notes": "Inserted by No 123 of 1985, effective 28 Oct 1985 | Amended by No 146 of 1999, effective sch 1 (items 911 ‑ 915): 5 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13D"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13E", "Provision_Key": "s13e", "Heading": "State taxation officers may refer matters to Commissioner for investigation", "Text": "A State taxation officer may, by writing signed by the officer, refer a matter arising under a State tax law to the Commissioner for investigation in the Territory.", "Amendment_Count": 1, "First_Amended": "No 123 of 1985", "Last_Amended": "No 123 of 1985", "Amending_Acts": "No 123 of 1985", "History_Notes": "Inserted by No 123 of 1985, effective 28 Oct 1985", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13E"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13F", "Provision_Key": "s13f", "Heading": "Access to documents etc.", "Text": "(1) Where, under section 13E, a matter is referred to the Commissioner for investigation, the Commissioner may, by writing signed by the Commissioner, authorise an officer to conduct an investigation into that matter. (2) For the purposes of conducting an investigation into a matter referred to the Commissioner under section 13E, an officer authorised under subsection (1) of this section to conduct the investigation: (a) may, at all reasonable times, enter upon any land in the Territory; (b) shall have full and free access at all reasonable times to all documents in the Territory; and (c) may take extracts from, and make copies of, any documents in the Territory. (3) An officer who enters upon land pursuant to subsection (2) is not authorised to remain on the land if, on request by the occupier of the land, the officer does not produce a certificate issued by the Commissioner stating that he or she is an officer authorised under subsection (1) to conduct an investigation into a matter specified in the certificate. (4) The occupier of land entered or proposed to be entered by an officer under subsection (2) shall provide the officer with all reasonable facilities and assistance for the effective exercise of powers under this section. Penalty for a contravention of this subsection: 10 penalty units.", "Amendment_Count": 3, "First_Amended": "No 123 of 1985", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1985 | No 62 of 1987 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1985, effective 28 Oct 1985 | Amended by No 62 of 1987, effective s 55, sch 4: 5 June 1987 (s 2(1)) sch 1: 1 July 1987 (s 2(6)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13F"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13G", "Provision_Key": "s13g", "Heading": "Commissioner may obtain information and evidence", "Text": "(1) Where, under section 13E, a matter is referred to the Commissioner for investigation, the Commissioner may, for the purposes of conducting the investigation in the Territory, by notice in writing, require any person, including any officer employed in or in connection with any department of a government or by any public authority: (a) to furnish the Commissioner with such information as the Commissioner requires; (b) to attend before the Commissioner, or before an officer authorised by the Commissioner for the purpose, at a time and place specified in the notice and there answer questions; and (c) to produce to the Commissioner, or to an officer authorised by the Commissioner for the purpose, any documents in the custody or under the control of the person. (2) The Commissioner may require the information or answers to be verified or furnished, as the case may be, on oath or affirmation and either orally or in writing, and for that purpose the Commissioner or an officer authorised by the Commissioner may administer an oath or affirmation. (3) The oath or affirmation to be taken or made by a person for the purposes of this section is an oath or affirmation that the information is or the answers will be true. (4) The Commissioner may cause copies to be made of, or extracts to be taken from, any documents that are produced pursuant to paragraph (1)(c). (5) A person required pursuant to paragraph (1)(b) to attend before the Commissioner or an officer authorised by the Commissioner is entitled to payment of an allowance in respect of his or her expenses of an amount determined by the Commissioner in accordance with the regulations.", "Amendment_Count": 1, "First_Amended": "No 123 of 1985", "Last_Amended": "No 123 of 1985", "Amending_Acts": "No 123 of 1985", "History_Notes": "Inserted by No 123 of 1985, effective 28 Oct 1985", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13G"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13K", "Provision_Key": "s13k", "Heading": "Certification by State taxation officer of copies of, and extracts from, documents", "Text": "(1) Where a document is obtained pursuant to a State tax law, a State taxation officer may certify a copy of the document to be a true copy. (2) Where, pursuant to a State tax law, a copy is made of a document, a State taxation officer may certify the copy to be a true copy. (3) Where a document is obtained pursuant to a State tax law, a State taxation officer may certify an extract taken from the document to be a true extract. (4) Where, pursuant to a State tax law, an extract is taken from a document, a State taxation officer may certify the extract to be a true extract. (5) Subject to subsection (6), a document purporting to be a copy or extract certified under subsection (1), (2), (3) or (4) shall be received in all courts and tribunals in proceedings arising out of a taxation law as evidence as if it were the original. (6) Subsection (5) does not apply in relation to a document if: (a) in the case of proceedings for an offence—evidence is adduced that the document is not a true copy or a true extract; or (b) in any other case—it is proved that the document is not a true copy or a true extract. (7) Where: (a) pursuant to a State tax law, a copy (in this section referred to as the primary copy ) is made of, or an extract (in this section referred to as the primary extract ) is taken from, a document (in this section referred to as the original document ); and (b) pursuant to subsection (2) or (4), a State taxation officer has certified the primary copy to be a true copy of, or the primary extract to be a true extract taken from, the original document; a State taxation officer may: (c) certify a copy of the primary copy or primary extract to be a true copy; or (d) certify an extract taken from the primary copy or primary extract to be a true extract. (8) Subject to subsection (9), a document purporting to be: (a) a copy, certified under subsection (7), of a primary copy of, or a primary extract taken from, an original document; or (b) an extract, certified under subsection (7), taken from a primary copy of, or a primary extract taken from, an original document; shall be received in all courts and tribunals in proceedings arising out of a taxation law as evidence as if it were the original document. (9) Subsection (8) does not apply in relation to a document if: (a) in the case of proceedings for an offence, evidence is adduced that: (i) the document is not a true copy of, or a true extract taken from, the primary copy or primary extract; or (ii) the primary copy is not a true copy of, or the primary extract is not a true extract taken from, the original document; or (b) in any other case, it is proved that: (i) the document is not a true copy of, or a true extract taken from, the primary copy or primary extract; or (ii) the primary copy is not a true copy of, or the primary extract is not a true extract taken from, the original document.", "Amendment_Count": 5, "First_Amended": "No 123 of 1985", "Last_Amended": "No 4 of 2018", "Amending_Acts": "No 123 of 1985 | No 138 of 1987 | No 98 of 1992 | No 82 of 1993 | No 4 of 2018", "History_Notes": "Inserted by No 123 of 1985, effective 28 Oct 1985 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13K"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13L", "Provision_Key": "s13l", "Heading": "Australian Taxation Office may perform functions under State/Territory debits tax laws", "Text": "(1) In this section: accounts , in relation to a financial institution, includes accounts kept by way of withdrawable share capital in, or money deposited with, the financial institution. co ‑ operative housing society means a society registered or incorporated as a co ‑ operative housing society or similar society under a law of a State or Territory. financial institution includes: (a) a body corporate that is an ADI (authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 ; and (b) a co ‑ operative housing society; and (c) a registered entity under the Financial Sector (Collection of Data) Act 2001 . State/Territory debits tax law means: (a) a State tax law; or (b) a Territory tax law; relating to the taxation of debits made to accounts kept with financial institutions. (2) The Commissioner may make an arrangement with an appropriate officer or authority of a State or the Territory about any matter in connection with the administration of a State/Territory debits tax law. (3) In particular, an arrangement may provide: (a) for the Commissioner or the Second Commissioners to perform functions, or exercise powers, conferred on them by a State/Territory debits tax law; or (b) for the services of officers or employees under the control of the Commissioner to be made available to the State or the Territory or to an authority of the State or of the Territory for the purposes of matters relating to the administration of a State/Territory debits tax law.", "Amendment_Count": 3, "First_Amended": "No 136 of 1990", "Last_Amended": "No 121 of 2001", "Amending_Acts": "No 136 of 1990 | No 44 of 1999 | No 121 of 2001", "History_Notes": "Inserted by No 136 of 1990, effective 1 Jan 1991 | Amended by No 44 of 1999, effective sch 7 (items 227, 228): 1 July 1999 (s 3(2)(e), (16) and gaz 1999, No S283) | Amended by No 121 of 2001, effective s 1 ‑ 3: Royal Assent Remainder: 1 July 2002 ( see s 2(2) and Gazette 2002, No. GN24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13L"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14Q", "Provision_Key": "s14q", "Heading": "Interpretation", "Text": "(1) In this Part, unless the contrary intention appears: authorized officer means a person who is: (a) an officer for the purposes of the Customs Act 1901 ; or (b) a member of the Australian Federal Police. departure authorization certificate means a certificate under subsection 14U(1). departure prohibition order means an order under subsection 14S(1). (2) A reference in this Part to the departure of a person from Australia for a foreign country is a reference to the departure of the person from Australia for a foreign country, whether or not the person intends to return to Australia.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 123 of 1984 | No 88 of 2009 | No 2 of 2015", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14Q"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14R", "Provision_Key": "s14r", "Heading": "Departure from Australia of certain tax debtors prohibited", "Text": "(1) A person in respect of whom a departure prohibition order is in force, and who knows that such an order is in force in respect of him or her, shall not depart from Australia for a foreign country. Penalty: 50 penalty units or imprisonment for 12 months, or both. (2) Subsection (1) does not apply if the departure is authorised by a departure authorization certificate. Note: A defendant bears an evidential burden in relation to the matters in subsection (2), see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14R"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14S", "Provision_Key": "s14s", "Heading": "Departure prohibition orders", "Text": "(1) Where: (a) a person is subject to a tax liability; and (b) the Commissioner believes on reasonable grounds that it is desirable to do so for the purpose of ensuring that the person does not depart from Australia for a foreign country without: (i) wholly discharging the tax liability; or (ii) making arrangements satisfactory to the Commissioner for the tax liability to be wholly discharged; the Commissioner may, by order in accordance with the prescribed form, prohibit the departure of the person from Australia for a foreign country. (2) Subject to subsection (3), a departure prohibition order remains in force unless and until revoked under section 14T or set aside by a court. (3) A departure prohibition order made in respect of a person shall be taken, by virtue of this subsection, not to be in force in respect of the person during any period during which an order is in force under the Migration Act 1958 for the deportation of the person. (4) Where a departure prohibition order is made in respect of a person, the Commissioner shall forthwith: (a) cause the person to be informed, as prescribed, of the making of the order; and (b) subject to subsection (5), cause a copy of the order, and such information as the Commissioner considers is likely to facilitate the identification of the person, to be given to: (i) the Immigration Secretary; and (ii) such other persons as the Commissioner considers appropriate, being persons prescribed, or included in a class of persons prescribed, for the purposes of this paragraph. (5) Where a departure prohibition order is made in respect of a person whom the Commissioner is satisfied is an Australian citizen, the Commissioner shall not cause a copy of the order, or any information likely to facilitate the identification of the person, to be given to the Immigration Secretary unless the Commissioner is of the opinion that it is desirable to do so.", "Amendment_Count": 2, "First_Amended": "No 123 of 1984", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 123 of 1984 | No 88 of 2009", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14S"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14T", "Provision_Key": "s14t", "Heading": "Revocation and variation of departure prohibition orders", "Text": "(1) Where a departure prohibition order is in force in respect of a person and: (a) the tax liabilities to which the person is subject have been wholly discharged and the Commissioner is satisfied that it is likely that the tax liabilities to which the person may become subject in respect of, or arising out of, matters that have occurred will be: (i) wholly discharged; or (ii) completely irrecoverable; or (b) the Commissioner is satisfied that the tax liabilities to which the person is subject are completely irrecoverable; the Commissioner shall, on application being made to the Commissioner by the person to do so or on the Commissioner’s own motion, revoke the departure prohibition order. (2) Where a departure prohibition order is in force in respect of a person, the Commissioner may, in the Commissioner’s discretion and on application being made to the Commissioner to do so or on the Commissioner’s own motion, revoke or vary the departure prohibition order. (3) A reference in paragraph (1)(a) to tax liabilities having been wholly discharged includes a reference to arrangements satisfactory to the Commissioner having been made for those tax liabilities to be wholly discharged and a reference in that paragraph to the Commissioner being satisfied that it is likely that tax liabilities to which a person may become subject will be wholly discharged includes a reference to the Commissioner being satisfied that it is likely that arrangements satisfactory to the Commissioner will be made for those tax liabilities to be wholly discharged. (4) As soon as practicable after a departure prohibition order made in respect of a person is revoked or varied under this section, the Commissioner shall: (a) cause to be served, as prescribed, on the person; and (b) cause to be given to each person to whom a copy of the departure prohibition order was given; notification of the revocation or variation of the departure prohibition order. (5) As soon as practicable after a decision is made under subsection (1) or (2) refusing to revoke a departure prohibition order made in respect of a person, the Commissioner shall cause to be served, as prescribed, on the person notification of the decision.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14T"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14U", "Provision_Key": "s14u", "Heading": "Departure authorisation certificates", "Text": "(1) Where, on application made by a person in respect of whom a departure prohibition order is in force: (a) the Commissioner is satisfied: (i) that, if a departure authorization certificate is issued in respect of the person, it is likely that: (A) the person will depart from Australia and will return to Australia within such period as the Commissioner considers to be appropriate in relation to the person; and (B) circumstances of the kind referred to in paragraph 14T(1)(a) will come into existence within such period as the Commissioner considers to be appropriate in relation to the person; and (ii) that it is not necessary or desirable for the person to give security under subsection (2) for the person’s return to Australia; or (b) in a case where the Commissioner is not satisfied with respect to the matters referred to in paragraph (a): (i) the person has given security under subsection (2) to the satisfaction of the Commissioner for the person’s return to Australia; or (ii) if the person is unable to give such security, the Commissioner is satisfied that: (A) a departure authorization certificate should be issued in respect of the person on humanitarian grounds; or (B) a refusal to issue a departure authorization certificate in respect of the person would be detrimental to the interests of Australia; the Commissioner shall issue a certificate authorizing the person to depart from Australia for a foreign country on or before the seventh day after a day (being a day later than, but not more than 7 days later than, the day on which the certificate is issued) specified in the certificate. (2) For the purposes of this section: (a) a person may give security, by bond, deposit or any other means, for the person’s return to Australia by such day as is agreed between the person and the Commissioner; (b) the Commissioner may, in the Commissioner’s discretion and on application by the person or on the Commissioner’s own motion, substitute a later day for the day so agreed (including a day substituted by virtue of a previous application of this paragraph); and (c) the Commissioner may refuse to substitute such a later day unless the person: (i) increases, to the satisfaction of the Commissioner, the value of the security given by the person under this subsection; or (ii) gives a further security, to the satisfaction of the Commissioner, by bond, deposit or any other means, for the person’s return to Australia by that later day. (3) As soon as practicable after a departure authorization certificate is issued in respect of a person, the Commissioner shall: (a) cause a copy of the departure authorization certificate to be served, as prescribed, on the person; and (b) cause a copy of the departure authorization certificate to be given to each person to whom a copy of the departure prohibition order made in respect of the person was given. (4) As soon as practicable after a decision is made under subsection (1) refusing to issue a departure authorization certificate in respect of a person or a decision is made under subsection (2) refusing to substitute a later day in relation to the return of a person to Australia, the Commissioner shall cause to be served, as prescribed, on the person notification of the decision.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14U"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14V", "Provision_Key": "s14v", "Heading": "Appeals to courts against making of departure prohibition orders", "Text": "(1) A person aggrieved by the making of a departure prohibition order may appeal to the Federal Court of Australia or the Supreme Court of a State or Territory against the making of the departure prohibition order. (2) This section has effect: (a) subject to chapter III of the Constitution; and (b) notwithstanding anything contained in section 9 of the Administrative Decisions (Judicial Review) Act 1977 .", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14V"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14W", "Provision_Key": "s14w", "Heading": "Jurisdiction of courts", "Text": "(1) The jurisdiction of a court under section 14V shall be exercised by a single Judge or Justice. (2) An appeal lies to the Federal Court of Australia from a judgment or order of the Supreme Court of a State or Territory exercising jurisdiction under section 14V. (3) An appeal lies to the High Court, with special leave of the High Court, from a judgment or order referred to in subsection (2). (4) Except as provided in subsection (2) or (3), no appeal lies from a judgment or order referred to in subsection (2).", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14W"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14X", "Provision_Key": "s14x", "Heading": "Orders of court on appeal", "Text": "A court hearing an appeal under section 14V against the making of a departure prohibition order may, in its discretion: (a) make an order setting aside the departure prohibition order; or (b) dismiss the appeal.", "Amendment_Count": 1, "First_Amended": "No 123 of 1984", "Last_Amended": "No 123 of 1984", "Amending_Acts": "No 123 of 1984", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14X"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14Y", "Provision_Key": "s14y", "Heading": "Applications for review of certain decisions", "Text": "(1) Applications may be made to the Tribunal for review of decisions of the Commissioner under section 14T or 14U. (2) In subsection (1), decision has the same meaning as in the Administrative Review Tribunal Act 2024 .", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 123 of 1984 | No 112 of 1986 | No 38 of 2024", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 112 of 1986, effective 4 Nov 1986 | Amended by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14Y"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14Z", "Provision_Key": "s14z", "Heading": "Powers of authorised officers", "Text": "(1) Where an authorized officer believes on reasonable grounds that: (a) a person is about to depart from Australia for a foreign country; (b) a departure prohibition order is in force in respect of the person; and (c) the departure is not authorized by a departure authorization certificate; the authorized officer may: (d) take such steps as are reasonably necessary to prevent the departure of the person, including, but without limiting the generality of the foregoing, steps to prevent the person going on board, or steps to remove the person from, a vessel or aircraft in which the authorized officer believes on reasonable grounds the departure will take place; and (e) require the person to answer questions or produce documents to the authorized officer, or both, for the purposes of ascertaining whether: (i) a departure prohibition order is in force in respect of the person; and (ii) if a departure prohibition order is in force in respect of the person—the departure of the person from Australia for a foreign country is authorized by a departure authorization certificate. (2) A person who refuses or fails, when and as required to do so pursuant to subsection (1), to answer a question or produce a document, commits an offence punishable on conviction by a fine not exceeding 10 penalty units. (2A) Subsection (2) does not apply to the extent that the person has a reasonable excuse. Note: A defendant bears an evidential burden in relation to the matters in subsection (2A), see subsection 13.3(3) of the Criminal Code . (4) Section 8C does not apply in relation to a requirement made pursuant to subsection (1) of this section. (5) Subsection 8K(1) and (1B) and section 8N do not apply in relation to an answer given to a question asked, or a document produced, pursuant to subsection (1).", "Amendment_Count": 4, "First_Amended": "No 123 of 1984", "Last_Amended": "No 61 of 2016", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 4 of 2016 | No 61 of 2016", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 4 of 2016, effective sch 4 (items 1, 302 ‑ 306): 10 Mar 2016 (s 2(1) item 6) | Amended by No 61 of 2016, effective sch 1 (item 487): 21 Oct 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14Z"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZA", "Provision_Key": "s14za", "Heading": "Certain tax debtors to produce authority to depart etc.", "Text": "(1) Where: (a) a person in respect of whom a departure prohibition order is in force is about to depart from Australia for a foreign country; and (b) the departure is authorized by a departure authorization certificate; the person shall, if required to do so pursuant to this subsection by an authorized officer, produce a copy of the departure authorization certificate for inspection by the authorized officer. Penalty: 5 penalty units. (1A) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (2) Section 8C does not apply in relation to a requirement made pursuant to subsection (1) of this section.", "Amendment_Count": 3, "First_Amended": "No 123 of 1984", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 123 of 1984 | No 146 of 2001 | No 143 of 2007", "History_Notes": "Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZL", "Provision_Key": "s14zl", "Heading": "Part applies to taxation objections", "Text": "(1) This Part applies if a provision of an Act or a legislative instrument (including the provision as applied by another Act) provides that a person who is dissatisfied with an assessment, determination, notice or decision, or with a failure to make a private ruling, may object against it in the manner set out in this Part. (2) Such an objection is in this Part called a taxation objection .", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 216 of 1991 | No 41 of 1998 | No 161 of 2005 | No 141 of 2020", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 41 of 1998, effective sch 1 (items 1 ‑ 3), sch 6 (item 19): 4 June 1998 (s 2(1)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZL"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZM", "Provision_Key": "s14zm", "Heading": "Division 2—Interpretive", "Text": "Division 2 contains interpretive provisions necessary for this Part.", "Amendment_Count": 1, "First_Amended": "No 216 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 216 of 1991", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZM"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZN", "Provision_Key": "s14zn", "Heading": "Division 3—Taxation objections", "Text": "Division 3 describes how taxation objections are to be made and how they are to be dealt with by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 216 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 216 of 1991", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZN"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZO", "Provision_Key": "s14zo", "Heading": "Division 4—Tribunal review", "Text": "Division 4 contains provisions about applications to the Tribunal for review of decisions by the Commissioner in relation to certain taxation objections and requests for extension of time.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 34 of 1997", "Amending_Acts": "No 216 of 1991 | No 34 of 1997", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZO"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZP", "Provision_Key": "s14zp", "Heading": "Division 5—Federal Court appeals", "Text": "Division 5 contains provisions about appeals to the Federal Court against decisions by the Commissioner in relation to certain taxation objections.", "Amendment_Count": 1, "First_Amended": "No 216 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 216 of 1991", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZP"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZQ", "Provision_Key": "s14zq", "Heading": "General interpretation provisions", "Text": "In this Part: ART means the Administrative Review Tribunal. ART Act means the Administrative Review Tribunal Act 2024 . ART extension application means an application under section 19 of the ART Act to extend the period during which an application may be made to the ART for review of a reviewable objection decision or an extension of time refusal decision. delayed administration (beneficiary) objection means a taxation objection made under: (b) subsection 220(3) of the Income Tax Assessment Act 1936 (including that subsection as applied by any other Act); or (g) subsection 260 ‑ 145(5) in Schedule 1 (because of paragraph (a) of that subsection). delayed administration (trustee) objection means a taxation objection made under: (a) subsection 220(7) of the Income Tax Assessment Act 1936 (including that subsection as applied by any other Act); or (b) subsection 260 ‑ 145(5) in Schedule 1 (because of paragraph (b) of that subsection). extension of time refusal decision means a decision of the Commissioner under subsection 14ZX(1) to refuse a request by a person. Federal Court means the Federal Court of Australia. guidance and appeals panel has the same meaning as in the ART Act. reviewable objection decision means an objection decision that is not an ineligible income tax remission decision. small business taxation assessment decision means a taxation decision that is: (a) an assessment of tax ‑ related liabilities (as defined in section 255 ‑ 1 in Schedule 1) relating in whole or in part to carrying on a business; and (b) made in relation to a small business entity (within the meaning of the Income Tax Assessment Act 1997 ). taxation decision means the assessment, determination, notice or decision against which a taxation objection may be, or has been, made. taxation objection has the meaning given by section 14ZL.", "Amendment_Count": 24, "First_Amended": "No 216 of 1991", "Last_Amended": "No 14 of 2025", "Amending_Acts": "No 216 of 1991 | No 92 of 1992 | No 101 of 1992 | No 118 of 1992 | No 208 of 1992 | No 44 of 2000 | No 16 of 2003 | No 161 of 2005 | No 101 of 2006 | No 143 of 2007 | No 97 of 2008 | No 88 of 2009 | No 74 of 2010 | No 41 of 2011 | No 39 of 2012 | No 88 of 2013 | No 96 of 2014 | No 21 of 2015 | No 24 of 2016 | No 15 of 2017 | No 13 of 2021 | No 84 of 2022 | No 38 of 2024 | No 14 of 2025", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 92 of 1992, effective 1 July 1992 | Amended by No 101 of 1992, effective 30 June 1992 | Amended by No 118 of 1992, effective 28 Oct 1992 | Amended by No 208 of 1992, effective s 91 ‑ 93: 22 Dec 1992 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 97 of 2008, effective sch 3 (items 177 ‑ 185): Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 24 of 2016, effective sch 5 (item 12): 1 July 2016 (s 2(1) item 7) sch 6: 18 Mar 2016 (s 2(1) item 9) | Amended by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12) | Amended by No 13 of 2021, effective sch 2 (items 750 ‑ 760): 1 Sept 2021 (s 2(1) item 5) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Amended by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2) | Amended by No 14 of 2025, effective sch 2 (items 39 ‑ 42): 21 Feb 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZQ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZR", "Provision_Key": "s14zr", "Heading": "Taxation decisions covered by single notice to be treated as single decision", "Text": "(1) If: (a) a provision of an Act (including a provision as applied by another Act) provides that a person who is dissatisfied with a taxation decision may object against it in the manner set out in this Part; and (b) a notice incorporates notice of 2 or more such taxation decisions; then, for the purposes of the provision and of this Part, the taxation decisions are taken to be one taxation decision. (2) If: (a) under subsection (1), 2 or more taxation decisions are taken to be a single taxation decision (in this subsection called the deemed single taxation decision ); and (b) the Commissioner makes an objection decision in relation to the deemed single taxation decision; and (c) the objection decision is to any extent an ineligible income tax remission decision; then, this Part has effect, in relation to any review or appeal, as if so much of the objection decision as consists of one or more ineligible income tax remission decisions were taken to be a separate objection decision.", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 216 of 1991 | No 101 of 2006 | No 88 of 2009", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZR"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZS", "Provision_Key": "s14zs", "Heading": "Ineligible income tax remission decisions", "Text": "(1) An objection decision is an ineligible income tax remission decision if it relates to the remission of additional tax payable by a taxpayer under the Income Tax Assessment Act 1936 (other than Division 11 of former Part IIIAA), except where the additional tax is payable under former section 163B, 224, 225, 226, 226G, 226H, 226J, 226K, 226L or 226M of that Act, whatever its amount, or is payable under a provision of former Part VII of that Act other than any of the preceding sections and its amount, after the decision is made, exceeds: (a) in the case of additional tax payable under former section 222 of that Act because of the refusal or failure to furnish a return, or any information, relating to a year of income—the amount calculated, in respect of the period commencing on the last day allowed for furnishing the return or information and ending on: (i) the day on which the return or information is furnished; or (ii) the day on which the assessment of the additional tax is made; whichever first happens, at the rate of 20% per year of the tax properly payable by the taxpayer in respect of the year of income; or (d) if the amount calculated in accordance with paragraph (a) is less than $20—$20. (2) A reference in this section to a provision of the Income Tax Assessment Act 1936 includes a reference to that provision as applied by any other Act.", "Amendment_Count": 5, "First_Amended": "No 216 of 1991", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 216 of 1991 | No 101 of 1992 | No 169 of 1995 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 1992, effective 30 June 1992 | Amended by No 169 of 1995, effective sch 8 (items 6 ‑ 8): 16 Dec 1995 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZS"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZU", "Provision_Key": "s14zu", "Heading": "How taxation objections are to be made", "Text": "A person making a taxation objection must: (a) make it in the approved form; and (b) lodge it with the Commissioner within the period set out in section 14ZW; and (c) state in it, fully and in detail, the grounds that the person relies on. Note: A person who objects against the Commissioner’s failure to make a private ruling must lodge a draft private ruling with the objection: see subsection 359 ‑ 50(4).", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 216 of 1991 | No 91 of 2000 | No 161 of 2005", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZU"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZV", "Provision_Key": "s14zv", "Heading": "Limited objection rights in the case of certain amended taxation decisions", "Text": "If the taxation objection is made against a taxation decision, being an assessment or determination that has been amended in any particular, then a person’s right to object against the amended assessment or amended determination is limited to a right to object against alterations or additions in respect of, or matters relating to, that particular.", "Amendment_Count": 1, "First_Amended": "No 216 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 216 of 1991", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZV"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZVA", "Provision_Key": "s14zva", "Heading": "Limited objection rights because of other objections", "Text": "If there has been a taxation objection against: (a) a private ruling; or (aa) a determination under subsection 820 ‑ 423D(2) of the Income Tax Assessment Act 1997 ; or (b) a determination under subsection 960 ‑ 555(3) of the Income Tax Assessment Act 1997 ; or (c) a determination under subsection 136 ‑ 10(1) in Schedule 1 to this Act (about excess transfer balance); the right of objection under this Part against an assessment, or against a decision made under an indirect tax law or an excise law, relating to the matter ruled or determined is limited to a right to object on grounds that neither were, nor could have been, grounds for the taxation objection against the ruling or determination.", "Amendment_Count": 5, "First_Amended": "No 101 of 1992", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 101 of 1992 | No 74 of 2010 | No 170 of 2015 | No 81 of 2016 | No 23 of 2024", "History_Notes": "Inserted by No 101 of 1992, effective 30 June 1992 | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Repealed and substituted by No 170 of 2015, effective sch 1 (items 4A ‑ 7), sch 2 (items 5 ‑ 7), sch 3: 11 Dec 2015 (s 2(1) item 1) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 23 of 2024, effective sch 2 (items 143, 144, 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZVA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZVB", "Provision_Key": "s14zvb", "Heading": "Objections relating to excess concessional contributions", "Text": "Taxation decisions to which section applies (1) This section applies to the following taxation decisions: (a) an assessment against which a taxation objection may be made under section 175A of the Income Tax Assessment Act 1936 ; (b) an excess concessional contributions determination; (c) a determination under section 291 ‑ 465 of the Income Tax Assessment Act 1997 ; (d) a decision not to make a determination under that section; (e) 2 or more taxation decisions that are taken to be a single taxation decision under subsection (2). Decisions treated as single decision for common objection ground (2) If: (a) a person makes a taxation objection at a particular time, on a particular ground, against a taxation decision to which this section applies; and (b) at that time, the person also objects, or could also object, on that ground, against another taxation decision to which this section applies; then, for the purposes of this Part, those taxation decisions are taken to be one taxation decision. Limited objection rights because of earlier objection (3) A person cannot object under this Part against a taxation decision to which this section applies on a particular ground if: (a) the ground was a ground for an objection the person has made against another decision to which this section applies; or (b) the ground could have been a ground for an objection the person has made against another decision to which this section applies.", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZVB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZVC", "Provision_Key": "s14zvc", "Heading": "Objections relating to non ‑ concessional contributions", "Text": "Taxation decisions to which section applies (1) This section applies to the following taxation decisions: (a) an assessment against which a taxation objection may be made under section 175A of the Income Tax Assessment Act 1936 ; (b) an excess non ‑ concessional contributions determination (within the meaning of the Income Tax Assessment Act 1997 ); (c) an assessment against which a taxation objection may be made under section 292 ‑ 245 of the Income Tax Assessment Act 1997 ; (d) a determination under section 292 ‑ 465 of the Income Tax Assessment Act 1997 , or a decision not to make a determination under that section; (e) a direction under section 292 ‑ 467 of the Income Tax Assessment Act 1997 , or a decision not to make a direction under that section; (f) 2 or more taxation decisions that are taken to be a single taxation decision under subsection (2). Decisions treated as single decision for common objection ground (2) If: (a) a person makes a taxation objection at a particular time, on a particular ground, against a taxation decision to which this section applies; and (b) at that time, the person also objects, or could also object, on that ground, against another taxation decision to which this section applies; then, for the purposes of this Part, those taxation decisions are taken to be a single taxation decision. Limited objection rights because of earlier objection (3) A person cannot object under this Part against a taxation decision to which this section applies on a particular ground if: (a) the ground was a ground for an objection the person has made against another decision to which this section applies; or (b) the ground could have been a ground for an objection the person has made against another decision to which this section applies.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZVC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZW", "Provision_Key": "s14zw", "Heading": "When taxation objections are to be made", "Text": "(1) Subject to this section, the person must lodge the taxation objection with the Commissioner within: (aa) if the taxation objection is made under section 175A of the Income Tax Assessment Act 1936 : (i) if item 1, 2, 3 or 3A of the table in subsection 170(1) of that Act applies to the assessment concerned—2 years after notice of the assessment is given to the person; or (ii) otherwise—4 years after notice of the assessment concerned is given to the person; or (aaa) if the taxation objection is made under section 78A of the Fringe Benefits Tax Assessment Act 1986 or former section 160AL of the Income Tax Assessment Act 1936 —4 years after notice of the taxation decision to which it relates has been given to the person; or (aaaa) if the taxation objection is made under subsection 112 ‑ 36(5) or 116 ‑ 120(5) of the Income Tax Assessment Act 1997 —60 days after the notice mentioned in paragraph (b) of that subsection is given to the person; or (aab) if the taxation objection is made under section 292 ‑ 245 of the Income Tax Assessment Act 1997 —4 years after notice of the assessment concerned is given to the person; or (aac) if the taxation objection is made under section 97 ‑ 10 in Schedule 1 on a particular ground—within the same period that the person: (i) must lodge a taxation objection on that ground under section 175A of the Income Tax Assessment Act 1936 ; or (ii) would be required to lodge such a taxation objection, if, disregarding subsection 175A(2) of that Act, one could be made; or (aaca) if the taxation objection is made on a particular ground under any of the following provisions: (i) section 175A of the Income Tax Assessment Act 1936 ; (ii) section 97 ‑ 35 in Schedule 1 to this Act; (iii) section 292 ‑ 245, 292 ‑ 465 or 292 ‑ 467 of the Income Tax Assessment Act 1997 ; within the same period that the person must lodge a taxation objection on that ground under section 292 ‑ 245 of the Income Tax Assessment Act 1997 ; or (aad) if the taxation objection is made under subsection 8AAZLGA(6) of this Act (retaining refunds while Commissioner verifies information)—the period: (i) starting at the end of the 60 day period after the end of the day before which, under subsection 8AAZLGA(3), the Commissioner is required to inform the entity mentioned in section 8AAZLGA that the Commissioner has retained an amount under that section; and (ii) ending on the day (if any) on which there is a change, of a kind mentioned in paragraph 8AAZLGA(5)(c), to how much the Commissioner is required to refund in relation to the amount; or (aae) if the taxation objection is made under subsection 8AAZLGB(4) of this Act (retaining refunds until notification under Division 389 or ascertainment of liability)—the period: (i) starting at the end of the 60 day period after the end of the day before which, under subsection 8AAZLGB(2), the Commissioner is required to inform the entity mentioned in section 8AAZLGB that the Commissioner has retained an amount under that section; and (ii) ending on the day (if any) on which, under subsection 8AAZLGB(3), the Commissioner ceases to be entitled to retain the amount; or (ab) if the taxation objection is a delayed administration (beneficiary) objection made under subsection 260 ‑ 145(5) in Schedule 1 (because of paragraph (a) of that subsection) or subsection 220(3) of the Income Tax Assessment Act 1936 (not including that subsection as applied by any other Act)—4 years after notice of the taxation decision to which it relates has been first published; or (ac) if the taxation objection is a delayed administration (trustee) objection made under subsection 260 ‑ 145(5) in Schedule 1 (because of paragraph (b) of that subsection) or subsection 220(7) of the Income Tax Assessment Act 1936 (not including that subsection as applied by any other Act)—4 years after probate of the will, or letters of administration of the estate, of the deceased person concerned has been granted; or (a) if the taxation objection is a delayed administration (beneficiary) objection to which paragraph (ab) does not apply—60 days after notice of the taxation decision to which it relates has been first published; or (b) if the taxation objection is a delayed administration (trustee) objection to which paragraph (ac) does not apply—60 days after probate of the will, or letters of administration of the estate, of the deceased person concerned has been granted; or (ba) if the taxation objection is an objection under subsection 359 ‑ 50(3) in Schedule 1 against the Commissioner’s failure to make a private ruling—60 days after the end of the period of 30 days referred to in that subsection; or (bb) if the taxation objection is made under section 66 of the Petroleum Resource Rent Tax Assessment Act 1987 to an assessment under that Act—4 years after notice of the assessment is given to the person; or (bd) if the taxation objection is made under section 20P of the Superannuation (Unclaimed Money and Lost Members) Act 1999 against a notice given to a superannuation provider under section 20C of that Act and the person is not the superannuation provider—2 years after the notice was given to the superannuation provider; or (be) if the taxation objection is made under section 20P of the Superannuation (Unclaimed Money and Lost Members) Act 1999 against a decision under Division 4 or 5 of Part 3A of that Act and the person is not a superannuation provider (as defined in that Act)—2 years after the person was given notice of the decision; or (bf) if the taxation objection is made under subsection 155 ‑ 30(2) in Schedule 1 to this Act—60 days after the end of the period of 30 days mentioned in that subsection; or (bg) if the taxation objection is made under Subdivision 155 ‑ C in Schedule 1 to this Act and neither paragraph (bga) nor paragraph (bgb) applies to the objection—the period mentioned in paragraph 155 ‑ 35(2)(a) in that Schedule in relation to the assessment concerned; or (bga) if the taxation objection is made under Subdivision 155 ‑ C in Schedule 1 to this Act in relation to an assessment of an amount of Laminaria and Corallina decommissioning levy—60 days after notice of the assessment has been given to the person; or (bgb) if the taxation objection is made under Subdivision 155 ‑ C in Schedule 1 to this Act in relation to an assessment of an amount of Australian IIR/UTPR tax or Australian DMT tax—60 days after notice of the assessment has been given to the person; or (bi) if the taxation objection is made under section 265 ‑ 110 in Schedule 1 to this Act (about directions to pay superannuation guarantee charge)—the period specified for the purposes of paragraph 265 ‑ 90(3)(c) in the direction given to the person (subject to subsection 265 ‑ 115(2)); or (bj) if the taxation objection is made under section 384 ‑ 40 in Schedule 1 to this Act (about education directions)—the period specified for the purposes of subsection 384 ‑ 15(2) in the direction given to the person (subject to subsection 384 ‑ 35(7)); or (c) in any other case—60 days after notice of the taxation decision to which it relates has been served on the person. (1AAC) The person cannot lodge a taxation objection against a private indirect tax ruling after the end of whichever of the following ends last: (a) 60 days after the ruling was made; (b) 4 years after the last day allowed to the person for lodging a return relating to the assessment of the assessable amount to which the ruling relates. (1A) The person cannot lodge a taxation objection against a private ruling (other than a private indirect tax ruling, or a ruling that relates to an excise law) that relates to a year of income after the end of whichever of the following ends last: (a) 60 days after the ruling was made; (b) whichever of the following is applicable: (i) if item 1, 2, 3 or 3A of the table in subsection 170(1) of the Income Tax Assessment Act 1936 applies to the person’s assessment for that income year—2 years after the last day allowed to the person for lodging a return in relation to the person’s income for that year of income; (ii) otherwise—4 years after that day. (1AA) The person cannot lodge a taxation objection against a private ruling that relates to a year of tax and a petroleum project under the Petroleum Resource Rent Tax Assessment Act 1987 after the end of whichever of the following ends last: (a) the 60 days after the ruling was made; (b) the 4 years after the last day allowed to the person for lodging a return in relation to the year of tax and the project. (1B) If: (a) section 14ZV applies to a taxation objection; and (b) apart from this subsection, subparagraph (1)(aa)(ii) or paragraph (1)(aaa), (aab), (ab), (ac), (bb), (bf) or (bg) would apply to the taxation objection; the person must lodge the taxation objection before the end of whichever of the following ends last: (c) the 4 years after notice of the assessment or determination that has been amended by the amended assessment or amended determination to which the taxation objection relates has been served on the person; (d) the 60 days after the notice of the amended assessment or amended determination to which the taxation objection relates has been served on the person. (1BA) If: (a) section 14ZV applies to a taxation objection; and (b) apart from this subsection, subparagraph (1)(aa)(i) would apply to the taxation objection; the person must lodge the taxation objection before the end of whichever of the following ends last: (c) 2 years after notice of the assessment or determination that has been amended by the amended assessment or amended determination to which the taxation objection relates has been served on the person; (d) 60 days after the notice of the amended assessment to which the taxation objection relates has been served on the person. (1BB) If: (a) the taxation objection is against an assessment by the Commissioner of the amount of an administrative penalty under Division 284; and (b) that penalty relates to an assessment of the person; and (c) the person has longer than 60 days to lodge a taxation objection against the assessment referred to in paragraph (b); the person must lodge the taxation objection within that longer period. (1C) For the purposes of paragraph (1B)(c), if an assessment or determination has been amended more than once, the notice is the notice of the first assessment or determination in relation to the year of income, franking year or year of tax, as the case requires. (2) If the period within which an objection by a person is required to be lodged has passed, the person may nevertheless lodge the objection with the Commissioner together with a written request asking the Commissioner to deal with the objection as if it had been lodged within that period. (3) The request must state fully and in detail the circumstances concerning, and the reasons for, the person’s failure to lodge the objection with the Commissioner within the required period. (4) The 60 day period mentioned in subparagraph (1)(aad)(i) (including the period as extended by a previous application of this subsection) is extended by the number of days during that period in relation to which the following paragraphs apply: (a) on or before the day, but during the period, the Commissioner requests information from the entity for the purposes of verifying the notified information mentioned in section 8AAZLGA; (b) the Commissioner does not receive the requested information before the day.", "Amendment_Count": 33, "First_Amended": "No 216 of 1991", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 216 of 1991 | No 101 of 1992 | No 56 of 1999 | No 179 of 1999 | No 201 of 1999 | No 44 of 2000 | No 156 of 2000 | No 54 of 2003 | No 23 of 2005 | No 161 of 2005 | No 58 of 2006 | No 73 of 2006 | No 78 of 2006 | No 15 of 2007 | No 78 of 2007 | No 143 of 2007 | No 151 of 2008 | No 74 of 2010 | No 93 of 2011 | No 14 of 2012 | No 39 of 2012 | No 75 of 2012 | No 118 of 2013 | No 34 of 2014 | No 96 of 2014 | No 110 of 2014 | No 21 of 2015 | No 10 of 2016 | No 55 of 2016 | No 8 of 2019 | No 24 of 2022 | No 134 of 2024 | No 135 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 1992, effective 30 June 1992 | Amended by No 56 of 1999, effective 1 July 2000 | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 156 of 2000, effective sch 5 (items 4 ‑ 17, 18(1A), (2)): 21 Dec 2000 (s 2(1)) sch 7 (items 19, 20): 1 July 2000 (s 2(8)) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 23 of 2005, effective sch 2 (items 13, 14(2)), sch 3 (items 103 ‑ 109, 111(3)): Royal Assent | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 78 of 2007, effective sch 3 (item 22): Royal Assent | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 151 of 2008, effective sch 1 (items 23 ‑ 26): 18 Dec 2008 ( see F2008L04636) | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 93 of 2011, effective sch 3 (items 109 ‑ 111), sch 4 (items 1 ‑ 6): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 75 of 2012, effective sch 4 (items 13 ‑ 16, 20), sch 5, sch 7: Royal Assent | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 34 of 2014, effective sch 2 (items 15 ‑ 24): 30 May 2014 (s 2(1) item 3) sch 2 (items 25 ‑ 28): 1 July 2018 (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZW"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZX", "Provision_Key": "s14zx", "Heading": "Commissioner to consider applications for extension of time", "Text": "(1) After considering the request, the Commissioner must decide whether to agree to it or refuse it. (2) The Commissioner must give the person written notice of the Commissioner’s decision. (3) If the Commissioner decides to agree to the request, then, for the purposes of this Part, the objection is taken to have been lodged with the Commissioner within the required period. (4) If the Commissioner decides to refuse the request, the person may apply to the Tribunal for review of the decision.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 216 of 1991 | No 101 of 1992 | No 34 of 1997 | No 179 of 1999", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 1992, effective 30 June 1992 | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZX"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZY", "Provision_Key": "s14zy", "Heading": "Commissioner to decide taxation objections", "Text": "(1) Subject to subsection (1A), if the taxation objection has been lodged with the Commissioner within the required period, the Commissioner must decide whether to: (a) allow it, wholly or in part; or (b) disallow it. (1A) If the taxation objection is an objection under subsection 359 ‑ 50(3) in Schedule 1 against the Commissioner’s failure to make a private ruling, the Commissioner must: (a) make a private ruling in the same terms as the draft ruling lodged with the objection; or (b) make a different private ruling. (1B) If the taxation objection is an objection under subsection 155 ‑ 30(2) in Schedule 1 against the Commissioner’s failure to make an assessment of an assessable amount, the Commissioner must decide to make an assessment of the assessable amount. (2) A decision of the Commissioner mentioned in subsection (1), (1A) or (1B) is an objection decision . (3) The Commissioner must cause to be served on the person written notice of the Commissioner’s objection decision.", "Amendment_Count": 5, "First_Amended": "No 216 of 1991", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 216 of 1991 | No 101 of 1992 | No 179 of 1999 | No 161 of 2005 | No 39 of 2012", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 1992, effective 30 June 1992 | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZY"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZYA", "Provision_Key": "s14zya", "Heading": "Person may require Commissioner to make an objection decision", "Text": "(1) This section applies if the taxation objection (other than one under subsection 155 ‑ 30(2) or 359 ‑ 50(3) in Schedule 1) has been lodged with the Commissioner within the required period and the Commissioner has not made an objection decision by whichever is the later of the following times: (a) the end of the period (in this section called the original 60 ‑ day period ) of 60 days after whichever is the later of the following days: (i) the day on which the taxation objection is lodged with the Commissioner; (ii) if the Commissioner decides under section 14ZX to agree to a request in relation to the taxation objection—the day on which the decision is made; (b) if the Commissioner, by written notice served on the person within the original 60 ‑ day period, requires the person to give information relating to the taxation objection—the end of the period of 60 days after the Commissioner receives that information. (2) The person may give the Commissioner a written notice requiring the Commissioner to make an objection decision. (3) If the Commissioner has not made an objection decision by the end of the period of 60 days after being given the notice, then, at the end of that period, the Commissioner is taken to have made a decision under subsection 14ZY(1) to disallow the taxation objection.", "Amendment_Count": 6, "First_Amended": "No 216 of 1991", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 216 of 1991 | No 41 of 1998 | No 179 of 1999 | No 57 of 2002 | No 161 of 2005 | No 39 of 2012", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 41 of 1998, effective sch 1 (items 1 ‑ 3), sch 6 (item 19): 4 June 1998 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 57 of 2002, effective sch 12 (items 36, 37): 15 Dec 2001 (s 2(1) items 40, 41) sch 12 (items 87 ‑ 94): 3 July 2002 (s 2(1) item 66) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZYA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZYB", "Provision_Key": "s14zyb", "Heading": "Requiring Commissioner to make a private ruling", "Text": "(1) This section applies if the taxation objection is an objection under subsection 155 ‑ 30(2) or 359 ‑ 50(3) in Schedule 1 and the Commissioner has not made an objection decision by the end of 60 days after the later of these days: (a) the day on which the taxation objection was lodged with the Commissioner; (b) if the Commissioner decides under section 14ZX to agree to a request in relation to the taxation objection—the day on which the decision was made. Note 1: Subsection 155 ‑ 30(2) provides for objections against the Commissioner’s failure to make an assessment of an assessable amount. Note 2: Subsection 359 ‑ 50(3) provides for objections against the Commissioner’s failure to make a private ruling. (2) The Commissioner is taken, at the end of that 60 day period, to have disallowed the objection.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 161 of 2005 | No 39 of 2012", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZYB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZ", "Provision_Key": "s14zz", "Heading": "Person may seek review of, or appeal against, Commissioner’s decision", "Text": "(1) If the person is dissatisfied with the Commissioner’s objection decision (including a decision under paragraph 14ZY(1A)(b) to make a different private ruling), the person may: (a) if the decision is a reviewable objection decision—either: (i) apply to the Tribunal for review of the decision; or (ii) appeal to the Federal Court against the decision; or (b) otherwise—appeal to the Federal Court against the decision. (2) Treat a reference in subsection (1) to appealing to the Federal Court as being a reference to appealing to a designated court (within the meaning of the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 ) if: (a) the person may appeal to the designated court against an objection decision under that Act (the ACNC objection decision ); and (b) the objection decision mentioned in subsection (1) (the taxation objection decision ) and the ACNC objection decision are related, or it would be efficient for the designated court to consider the decisions together. Note: In the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 , designated court means the Federal Court of Australia or a Supreme Court of a State or Territory that has jurisdiction in relation to matters arising under that Act. (3) An appeal to the designated court against the taxation objection decision must be made together with the appeal against the ACNC objection decision as mentioned in section 170 ‑ 30 of the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 , if the designated court is not the Federal Court.", "Amendment_Count": 5, "First_Amended": "No 216 of 1991", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 216 of 1991 | No 34 of 1997 | No 161 of 2005 | No 88 of 2009 | No 169 of 2012", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZA", "Provision_Key": "s14zza", "Heading": "ART Act applies subject to this Division", "Text": "(1) The ART Act applies in relation to: (a) the review of reviewable objection decisions; and (b) the review of extension of time refusal decisions; and (c) ART extension applications; subject to this Division. (2) Subsection (3) applies if the ART President refers to the guidance and appeals panel under section 128 of the ART Act a decision made by the ART to affirm, vary or set aside either of the following decisions (each of which is an original decision ): (a) a reviewable objection decision; (b) an extension of time refusal decision. (3) The ART Act, as modified by this Division (other than by the provisions mentioned in subsection (4)), applies in relation to: (a) the application for review that is taken to be made under subsection 130(2) of that Act; and (b) the review of the decision made by the ART; in the same way as it applies to the review of, and the application for review of, the original decision. (4) The provisions are: (a) subsections 14ZZB(1) to (4); and (b) section 14ZZC; and (c) subsections 14ZZF(1) and (2).", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZB", "Provision_Key": "s14zzb", "Heading": "Special rules for reviewable objection decisions and extension of time refusal decisions", "Text": "(1) Section 268 (requesting reasons for reviewable decision from decision ‑ maker) of the ART Act does not apply in relation to a reviewable objection decision that has been taken to have been made under subsection 14ZYA(3) or 14ZYB(2) of this Act. (2) Sections 17 (who can apply) and 18 (when to apply—general rule) of the ART Act do not apply in relation to: (a) a reviewable objection decision; or (b) an extension of time refusal decision. (3) The President of the ART may allow a longer period to make an application to refer a decision of the ART on the review of a reviewable objection decision or an extension of time refusal decision to the guidance and appeals panel under section 125 (when to apply to refer Tribunal decision) of the ART Act only if the request for a longer period is made before the period for making the application has expired. (4) If the President of the ART decides to allow a longer period under section 125 of the ART Act (as modified by subsection (4) of this section), the President of the ART must notify the Commissioner as soon as practicable after making the decision. (5) Section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the ART Act does not apply in relation to: (a) a reviewable objection decision; or (b) an extension of time refusal decision. (6) However, despite subsection (5), section 32 (reviewable decision continues to operate unless Tribunal orders otherwise) of the ART Act applies in relation to a reviewable objection decision that relates to a small business taxation assessment decision, subject to the modifications set out in section 14ZZH of this Act. (7) Section 127 (Tribunal decision continues to operate unless Tribunal orders otherwise) of the ART Act does not apply in relation to a reviewable objection decision or an extension of time refusal decision. (7A) However, despite subsection (7), section 127 (Tribunal decision continues to operate unless Tribunal orders otherwise) of the ART Act applies in relation to a reviewable objection decision that relates to a small business taxation assessment decision, subject to the modifications set out in section 14ZZH of this Act. (8) Section 178 (operation and implementation of Tribunal’s decision) of the ART Act does not apply in relation to a reviewable objection decision.", "Amendment_Count": 5, "First_Amended": "No 216 of 1991", "Last_Amended": "No 14 of 2025", "Amending_Acts": "No 216 of 1991 | No 101 of 2006 | No 84 of 2022 | No 38 of 2024 | No 14 of 2025", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2) | Amended by No 14 of 2025, effective sch 2 (items 39 ‑ 42): 21 Feb 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZC", "Provision_Key": "s14zzc", "Heading": "When and how to apply to the ART", "Text": "(1) Despite section 18 (when to apply—general rule) of the ART Act, an application to the ART for review of a reviewable objection decision must be made within 60 days after the person making the application is served with notice of the decision. Note: A person may, under section 19 of the ART Act, apply to the ART to extend the period. (2) Despite subsection 34(1) of the ART Act, an application to the ART for a review of a decision must be in writing. (3) An application to the ART for a review of a decision must set out a statement of the reasons for the application. (4) Subsection (3) of this section applies in addition to subsection 34(2) of the ART Act. Note: Subsection 34(2) of the ART Act requires applications to include the information specified for the application in practice directions made by the President of the ART. (5) A failure to comply with subsection (3) does not affect the validity of the application.", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 60 of 2015 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 60 of 2015, effective sch 8 (items 45 ‑ 50), sch 9: 1 July 2015 (s 2(1) items 19, 22) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZD", "Provision_Key": "s14zzd", "Heading": "Parties to proceedings for review", "Text": "Despite paragraph 22(1)(c) of the ART Act: (a) a person (the affected person ) whose interests are affected by a reviewable objection decision or an extension of time refusal decision may apply to become a party to a proceeding for review of the decision; and (b) the ART may make the affected person a party to the proceeding only if the ART is satisfied that the applicant for review of the decision consents.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZE", "Provision_Key": "s14zze", "Heading": "Hearings before ART to be held in private if applicant so requests", "Text": "Despite section 69 (hearings to be in public unless practice directions or Tribunal order requires otherwise) of the ART Act, the hearing of a proceeding before the ART for: (a) a review of a reviewable objection decision; or (b) a review of an extension of time refusal decision; or (c) an ART extension application; is to be in private if the party who made the application requests that it be in private.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 34 of 1997 | No 60 of 2015 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Repealed and substituted by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Repealed and substituted by No 60 of 2015, effective sch 8 (items 45 ‑ 50), sch 9: 1 July 2015 (s 2(1) items 19, 22) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZE"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZF", "Provision_Key": "s14zzf", "Heading": "Giving documents to the ART", "Text": "(1) Section 23 (decision ‑ maker must give Tribunal reasons and documents—general rule) of the ART Act does not apply in relation to an application for review of a reviewable objection decision. (2) Instead, the decision ‑ maker of a reviewable objection decision must give the ART the following documents within 28 days after the ART notifies the decision ‑ maker of the application for review of the decision: (a) a statement giving the reasons for the decision; (b) the notice of the taxation decision concerned; (c) the taxation objection concerned; (d) the notice of the objection decision; (e) every other document that is: (i) in the Commissioner’s possession or under the Commissioner’s control; and (ii) considered by the Commissioner to be necessary to the review of the objection decision concerned; (f) a list of the documents (if any) being given under paragraph (e). (3) Section 25 (decision ‑ maker must give Tribunal additional documents within 28 days—general rule) of the ART Act does not apply in relation to the ART’s review of a reviewable objection decision. (4) Instead, if: (a) at any time during the ART’s review of a reviewable objection decision a document that is necessary to the review comes into the possession or under the control of the decision ‑ maker; and (b) the document has not been given to the ART for the purposes of the review; the decision ‑ maker must give a copy of the document to the ART within 28 days after the day on which the document came into the possession or under the control of the decision ‑ maker. (5) In addition to subsection (4), if, at any time during the ART’s review of a reviewable objection decision, the ART is satisfied that documents that may be relevant to the review are in the possession or under the control of the decision ‑ maker of the reviewable objection decision, the Tribunal may require the decision ‑ maker to give a list of those documents to the Tribunal within a specified period. (6) To avoid doubt, the ART’s power in subsection (5) of this section is in addition to the ART’s power in section 26 (decision ‑ maker must give Tribunal additional documents on request—general rule) of the ART Act. (7) For the purposes of the ART Act: (a) the requirement to give a statement giving the reasons for the decision under paragraph (2)(a) of this section is taken to be the requirement to give a statement of reasons for the decision under paragraph 23(a) of that Act; and (b) the requirement to give other documents under subsection (2), (4) or (5) of this section is taken to be the requirement to give other documents under Subdivision B of Division 4 of Part 3 of that Act; and (c) a statement giving the reasons for a decision, given under subsection (2) of this section, is taken to have been given under paragraph 23(a) of that Act; and (d) any other document, given under subsection (2), (4) or (5) of this section, is taken to have been given under Subdivision B of Division 4 of Part 3 of that Act. Note: As a result of this subsection, the decision ‑ maker must, under section 27 of the ART Act, give a copy of the statement or documents to each other party to the proceedings within the relevant period. Also, exceptions under sections 28 and 29 of that Act in relation to giving documents might apply, and under section 24 of that Act the ART may order the decision ‑ maker to give the ART further information.", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 60 of 2015 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 60 of 2015, effective sch 8 (items 45 ‑ 50), sch 9: 1 July 2015 (s 2(1) items 19, 22) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZF"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZH", "Provision_Key": "s14zzh", "Heading": "Limitation on orders staying or affecting reviewable objection decisions relating to small business taxation assessment decisions", "Text": "(1) This section applies if: (a) a party to a proceeding for review of a reviewable objection decision that relates to a small business taxation assessment decision applies for: (i) an order staying or otherwise affecting the operation or implementation of the decision; or (ii) an order varying or revoking such an order; and (b) the party requesting the order is not the Commissioner of Taxation. (2) Despite the ART Act, the ART must not make the order unless the party satisfies the ART that, when considered in the context of both the particular circumstances of the decision under review and the overall taxation system, the application for review and the request for making the order are not frivolous, vexatious, misconceived, lacking in substance or otherwise intended to unduly impede, prejudice or restrict the proper administration or operation of a taxation law. Note 1: The kind of orders that the ART may make include the following: (a) an order directing the Commissioner not to sue in a court to recover a specified amount relating to the reviewable objection decision (see subsection 255 ‑ 5(2) of Schedule 1 to this Act); (b) an order directing the Commissioner to offer or accept payment of a liability relating to the reviewable objection decision by instalments under a specified arrangement (see section 255 ‑ 15 of Schedule 1 to this Act); (c) an order directing the Commissioner not to issue one or more written notices to specified third parties who owe or may later owe money to the applicant as a means of recovering a liability relating to the reviewable objection decision (see section 260 ‑ 5 of Schedule 1 to this Act). Note 2: However, an order that would materially and permanently alter the decision under review would not be an order staying or otherwise affecting the operation or implementation of such a decision for the purpose of securing the effectiveness of the hearing and determination of the application for review. For example: (a) an order directing the Commissioner to defer the time at which a tax liability becomes due and payable; or (b) an order directing the Commissioner to remit the imposition of interest charges on unpaid liabilities that are due and payable.", "Amendment_Count": 5, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 34 of 1997 | No 101 of 2006 | No 84 of 2022 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Repealed by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Inserted by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZH"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZJ", "Provision_Key": "s14zzj", "Heading": "Publishing ART decisions", "Text": "(1) This section applies in relation to: (a) a review of a reviewable objection decision; and (b) a review of an extension of time refusal decision; and (c) an ART extension application. (2) If: (a) a hearing of a proceeding for the review of the decision or the application is not conducted in public; and (b) a notice of appeal has not been lodged with the Federal Court; the ART must ensure, as far as practicable, that its decision and the reasons for it are framed so as not to be likely to enable the identification of the person who made the application.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZJ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZK", "Provision_Key": "s14zzk", "Heading": "Grounds of objection and burden of proof", "Text": "On an application for review of a reviewable objection decision: (a) the applicant is, unless the ART orders otherwise, limited to the grounds stated in the taxation objection to which the decision relates; and (b) the applicant has the burden of proving: (i) if the taxation decision concerned is an assessment—that the assessment is excessive or otherwise incorrect and what the assessment should have been; or (ii) in any other case—that the taxation decision concerned should not have been made or should have been made differently.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 34 of 1997 | No 88 of 2013 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZK"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZL", "Provision_Key": "s14zzl", "Heading": "Implementation of ART decisions", "Text": "(1) When the decision of the ART on the review of a reviewable objection decision or an extension of time refusal decision becomes final, the Commissioner must, within 60 days, take such action, including amending any assessment or determination concerned, as is necessary to give effect to the decision. (2) For the purposes of subsection (1), if: (a) no appeal is lodged against the ART’s decision within the period for lodging an appeal; and (b) no application to refer a decision of the ART to the guidance and appeals panel is made within the period for making the application; the decision becomes final at the end of the period. (3) For the purposes of paragraph (2)(b), the period for making an application to refer a decision of the ART to the guidance and appeals panel includes any extension of that period under section 125 of the ART Act.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 14 of 2025", "Amending_Acts": "No 216 of 1991 | No 34 of 1997 | No 38 of 2024 | No 14 of 2025", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 34 of 1997, effective sch 16 (items 1 ‑ 6, 8 ‑ 11): 1 July 1997 (s 2(2) and gaz 1997, No S244) sch 16 (item 7): 17 Apr 1997 (s 2(1)) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2) | Amended by No 14 of 2025, effective sch 2 (items 39 ‑ 42): 21 Feb 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZL"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZM", "Provision_Key": "s14zzm", "Heading": "Pending review not to affect implementation of taxation decisions", "Text": "(1) The fact that a review is pending in relation to a taxation decision does not in the meantime interfere with, or affect, the decision and any tax, additional tax or other amount may be recovered as if no review were pending. (2) However, the application of subsection (1) in relation to a small business taxation assessment decision is subject to any order made under subsection 32(2) of the ART Act. Note: An order made under subsection 32(2) of the ART Act is subject to section 14ZZH (limitation on orders staying or affecting reviewable objection decisions relating to small business taxation assessment decisions) of this Act.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 216 of 1991 | No 101 of 2006 | No 84 of 2022 | No 38 of 2024", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Repealed and substituted by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZM"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZN", "Provision_Key": "s14zzn", "Heading": "Time limit for appeals", "Text": "An appeal to the Federal Court against an objection decision must be lodged with the Court within 60 days after the person appealing is served with notice of the decision.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 216 of 1991 | No 88 of 2009", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZN"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZO", "Provision_Key": "s14zzo", "Heading": "Grounds of objection and burden of proof", "Text": "In proceedings on an appeal under section 14ZZ to a court against an objection decision: (a) the appellant is, unless the court orders otherwise, limited to the grounds stated in the taxation objection to which the decision relates; and (b) the appellant has the burden of proving: (i) if the taxation decision concerned is an assessment—that the assessment is excessive or otherwise incorrect and what the assessment should have been; or (ii) in any other case—that the taxation decision should not have been made or should have been made differently.", "Amendment_Count": 4, "First_Amended": "No 216 of 1991", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 216 of 1991 | No 88 of 2009 | No 169 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZO"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZP", "Provision_Key": "s14zzp", "Heading": "Order of court on objection decision", "Text": "Where a court hears an appeal against an objection decision under section 14ZZ, the court may make such order in relation to the decision as it thinks fit, including an order confirming or varying the decision.", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 216 of 1991 | No 88 of 2009 | No 169 of 2012", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZP"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZQ", "Provision_Key": "s14zzq", "Heading": "Implementation of court order in respect of objection decision", "Text": "(1) When the order of the court in relation to the decision becomes final, the Commissioner must, within 60 days, take such action, including amending any assessment or determination concerned, as is necessary to give effect to the decision. (2) For the purposes of subsection (1): (a) if the order is made by the court constituted by a single Judge and no appeal is lodged against the order within the period for lodging an appeal—the order becomes final at the end of the period; and (b) if the order is made by the court constituted other than as mentioned in paragraph (a) and no application for special leave to appeal to the High Court against the order is made within the period of 30 days after the order is made—the order becomes final at the end of the period.", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 216 of 1991 | No 88 of 2009 | No 169 of 2012", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZQ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZR", "Provision_Key": "s14zzr", "Heading": "Pending appeal not to affect implementation of taxation decisions", "Text": "The fact that an appeal is pending in relation to a taxation decision does not in the meantime interfere with, or affect, the decision and any tax, additional tax or other amount may be recovered as if no appeal were pending.", "Amendment_Count": 2, "First_Amended": "No 216 of 1991", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 216 of 1991 | No 101 of 2006", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZR"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZS", "Provision_Key": "s14zzs", "Heading": "Transfer of certain proceedings to Federal Circuit and Family Court of Australia (Division 1)", "Text": "(1) If: (a) a proceeding is pending in the Federal Court on an appeal under section 14ZZ in relation to an objection decision; and (b) the taxation decision to which the objection decision relates was made under the Income Tax Assessment Act 1936 ; the Federal Court may, on the application of a party to the proceeding or on its own initiative, transfer the proceeding to the Federal Circuit and Family Court of Australia (Division 1). (2) Subject to subsection (3), if the proceeding is transferred to the Federal Circuit and Family Court of Australia (Division 1): (a) the Federal Circuit and Family Court of Australia (Division 1) has jurisdiction to hear and determine the proceeding; and (b) the Federal Circuit and Family Court of Australia (Division 1) also has jurisdiction to hear and determine matters not otherwise within its jurisdiction (whether because of paragraph (a) or otherwise): (i) that are associated with matters arising in the proceeding; or (ii) that, apart from subsection 32(1) of the Federal Court of Australia Act 1976 , the Federal Court would have had jurisdiction to hear and determine in the proceeding; and (c) the Federal Circuit and Family Court of Australia (Division 1) may, in and in relation to the proceeding: (i) grant such remedies; and (ii) make orders of such kinds; and (iii) issue, and direct the issue of, writs of such kinds; as the Federal Court could have granted, made, issued or directed the issue of, as the case may be, in and in relation to the proceeding; and (d) remedies, orders and writs granted, made or issued by the Federal Circuit and Family Court of Australia (Division 1) in and in relation to the proceeding have effect, and may be enforced by the Federal Circuit and Family Court of Australia (Division 1), as if they had been granted, made or issued by the Federal Court; and (e) appeals lie from judgments of the Federal Circuit and Family Court of Australia (Division 1) given in and in relation to the proceeding as if the judgments were judgments of the Federal Court constituted by a single Judge of that Court, and do not otherwise lie; and (f) subject to paragraphs (a) to (e) (inclusive), this Act, the regulations, the Federal Court of Australia Act 1976 , the Rules of the Court made under that Act, and other laws of the Commonwealth, apply in and in relation to the proceeding as if: (i) a reference to the Federal Court (other than in the expression “the Court or a Judge”) included a reference to the Federal Circuit and Family Court of Australia (Division 1); and (ii) a reference to a Judge of the Federal Court (other than in the expression “the Court or a Judge”) included a reference to a Judge of the Federal Circuit and Family Court of Australia (Division 1); and (iii) a reference to the expression “the Court or a Judge” when used in relation to the Federal Court included a reference to a Judge of the Federal Circuit and Family Court of Australia (Division 1) sitting in Chambers; and (iv) a reference to a Registrar of the Federal Court included a reference to a Registrar of the Federal Circuit and Family Court of Australia (Division 1); and (v) any other necessary changes were made. (3) If any difficulty arises in the application of paragraphs (2)(c), (d) and (f) in or in relation to a particular proceeding, the Federal Circuit and Family Court of Australia (Division 1) may, on the application of a party to the proceeding or on its own initiative, give such directions, and make such orders, as it considers appropriate to resolve the difficulty. (4) An appeal does not lie from a decision of the Federal Court in relation to the transfer of a proceeding under this Part to the Federal Circuit and Family Court of Australia (Division 1) .", "Amendment_Count": 3, "First_Amended": "No 216 of 1991", "Last_Amended": "No 13 of 2021", "Amending_Acts": "No 216 of 1991 | No 88 of 2009 | No 13 of 2021", "History_Notes": "Inserted by No 216 of 1991, effective s 11, 89(2): 22 Jan 1991 s 40, 42: 6 Jan 1992 ( see s 2(3)) s 45, 46, 48 ‑ 51, 54 ‑ 58, 60 ‑ 66, 90(1), (3) ‑ (14), 93 ‑ 96, 98 ‑ 101: 21 Aug 1991 s 47, 52, 53, 59, 90(2), 97: 3 pm (A.C.T.) 20 Aug 1991 (s 2(5)) s 82(2): 25 Dec 1991 s 107: 24 June 1992 s 112 ‑ 117: 1 Mar 1992 ( see Gazette 1992, No. GN7) Part 9 (s 121, 122): 1 July 1991 Remainder: Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 13 of 2021, effective sch 2 (items 750 ‑ 760): 1 Sept 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZS"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZT", "Provision_Key": "s14zzt", "Heading": "Disclosures qualifying for protection under this Part", "Text": "(1) A disclosure of information by an individual (the discloser ) qualifies for protection under this Part if: (a) the discloser is an eligible whistleblower in relation to an entity (within the meaning of the Income Tax Assessment Act 1997 ); and (b) the disclosure is made to the Commissioner; and (c) the discloser considers that the information may assist the Commissioner to perform his or her functions or duties under a taxation law in relation to the entity or an associate (within the meaning of section 318 of the Income Tax Assessment Act 1936 ) of the entity. (1A) A disclosure of information by an individual (the discloser ) qualifies for protection under this Part if: (a) the discloser is an eligible whistleblower in relation to an entity (within the meaning of the Income Tax Assessment Act 1997 ); and (b) the disclosure is made to: (i) the Tax Practitioners Board; or (ii) the Commissioner; and (c) the discloser considers that the information may assist the Tax Practitioners Board to perform its functions or duties under the Tax Agent Services Act 2009 , or an instrument made under that Act, in relation to the entity or an associate (within the meaning of section 318 of the Income Tax Assessment Act 1936 ) of the entity. (2) A disclosure of information by an individual (the discloser ) qualifies for protection under this Part if: (a) the discloser is an eligible whistleblower in relation to an entity (within the meaning of the Income Tax Assessment Act 1997 ); and (b) the disclosure is made to an eligible recipient in relation to the entity; and (c) the discloser has reasonable grounds to suspect that the information indicates misconduct, or an improper state of affairs or circumstances, in relation to the tax affairs of the entity or an associate (within the meaning of section 318 of the Income Tax Assessment Act 1936 ) of the entity; and (d) the discloser considers that the information may assist the eligible recipient to perform functions or duties in relation to the tax affairs of the entity or an associate (within the meaning of section 318 of the Income Tax Assessment Act 1936 ) of the entity. (3) A disclosure of information by an individual qualifies for protection under this Part if the disclosure is made to a legal practitioner for the purpose of obtaining legal advice or legal representation in relation to the operation of this Part. (3A) A disclosure of information by an individual (the discloser ) qualifies for protection under this Part if the disclosure is made: (a) to an entity (within the meaning of the Income Tax Assessment Act 1997 ) that has one or more members, if: (i) the entity is prescribed by the regulations; and (ii) the discloser is a member of the entity; and (b) for the purpose of obtaining assistance in relation to the operation of this Part. (3B) A disclosure of information by an individual (the discloser ) qualifies for protection under this Part if the disclosure is made to a medical practitioner or psychologist for the purpose of obtaining medical or psychiatric care, treatment or counselling (including psychological counselling). (4) In this section: medical practitioner means a person registered or licensed as a medical practitioner under a law of a State or Territory that provides for the registration or licensing of medical practitioners. psychologist means a person registered or licensed as a psychologist under a law of a State or Territory that provides for the registration or licensing of psychologists. tax affairs means affairs relating to any tax imposed by or under, or assessed or collected under, a law administered by the Commissioner. Note: There is no requirement for a discloser to identify himself or herself in order for a disclosure to qualify for protection under this Part.", "Amendment_Count": 2, "First_Amended": "No 10 of 2019", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 10 of 2019 | No 37 of 2024", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZT"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZTA", "Provision_Key": "s14zzta", "Heading": "Information disclosed for the purpose of assisting the Tax Practitioners Board", "Text": "(1) If information is disclosed to the Commissioner in accordance with subsection 14ZZT(1A) then, for the purposes of the following provisions: (a) paragraph 355 ‑ 30(1)(a) in Schedule 1; (b) paragraph (a) of the definition of official information in subsection 90 ‑ 1(1) of the Tax Agent Services Act 2009 ; the information is taken to have been disclosed or obtained under or for the purposes of this Act, and not the Tax Agent Services Act 2009 . (2) If information is disclosed to the Tax Practitioners Board in accordance with subsection 14ZZT(1A) then, for the purposes of the following provisions: (a) paragraph 355 ‑ 30(1)(a) in Schedule 1; (b) paragraph (a) of the definition of official information in subsection 90 ‑ 1(1) of the Tax Agent Services Act 2009 ; the information is taken to have been disclosed or obtained under or for the purposes of the Tax Agent Services Act 2009 , and not this Act.", "Amendment_Count": 1, "First_Amended": "No 37 of 2024", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 37 of 2024", "History_Notes": "Inserted by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZTA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZU", "Provision_Key": "s14zzu", "Heading": "Eligible whistleblowers", "Text": "An individual is an eligible whistleblower in relation to an entity (within the meaning of the Income Tax Assessment Act 1997 ) if the individual is, or has been, any of the following: (a) an officer (within the meaning of the Corporations Act 2001 ) of the entity; (b) an employee of the entity; (c) an individual who supplies services or goods to the entity (whether paid or unpaid); (d) an employee of a person that supplies services or goods to the entity (whether paid or unpaid); (e) an individual who is an associate (within the meaning of section 318 of the Income Tax Assessment Act 1936 ) of the entity; (f) a spouse or child of an individual referred to in any of paragraphs (a) to (e); (g) a dependant of an individual referred to in any of paragraphs (a) to (e), or of such an individual’s spouse; (h) an individual prescribed by the regulations for the purposes of this paragraph in relation to the entity.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZU"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZV", "Provision_Key": "s14zzv", "Heading": "Eligible recipients", "Text": "(1) Each of the following is an eligible recipient in relation to an entity (within the meaning of the Income Tax Assessment Act 1997 ): (a) an auditor, or a member of an audit team conducting an audit, of the entity; (b) a registered tax agent or BAS agent (within the meaning of the Tax Agent Services Act 2009 ) who provides tax agent services (within the meaning of that Act) or BAS services (within the meaning of that Act) to the entity; (c) a person authorised by the entity to receive disclosures that may qualify for protection under this Part; (d) a person or body prescribed for the purposes of this paragraph in relation to the entity. (2) If the entity is a body corporate, each of the following is an eligible recipient in relation to the entity: (a) a director, secretary or senior manager (within the meaning of the Corporations Act 2001 ) of the body corporate; (b) any other employee or officer (within the meaning of the Corporations Act 2001 ) of the body corporate who has functions or duties that relate to the tax affairs (within the meaning of section 14ZZT) of the body corporate. (3) If the entity is a trust, each of the following is an eligible recipient in relation to the entity: (a) a trustee of the trust; (b) a person authorised by a trustee of the trust to receive disclosures that may qualify for protection under this Part. (4) If the entity is a partnership, each of the following is an eligible recipient in relation to the entity: (a) a partner in the partnership; (b) a person authorised by a partner in the partnership to receive disclosures that may qualify for protection under this Part. (5) Subsections (1), (2), (3) and (4) do not limit each other.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZV"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZW", "Provision_Key": "s14zzw", "Heading": "Confidentiality of whistleblower’s identity", "Text": "(1) A person (the first person ) commits an offence if: (a) another person (the discloser ) makes a disclosure of information (the qualifying disclosure ) that qualifies for protection under this Part; and (b) the first person discloses any of the following (the confidential information ): (i) the identity of the discloser; (ii) information that is likely to lead to the identification of the discloser; and (c) the confidential information is information that the first person obtained directly or indirectly because of the qualifying disclosure; and (d) the disclosure referred to in paragraph (b) is not authorised under subsection (2). Penalty: Imprisonment for 6 months or 60 penalty units, or both. (2) A disclosure referred to in paragraph (1)(b) is authorised under this subsection if it: (a) is made to the Commissioner; or (b) is made to a member of the Australian Federal Police (within the meaning of the Australian Federal Police Act 1979 ); or (c) is made to a legal practitioner for the purpose of obtaining legal advice or legal representation in relation to the operation of this Part; or (d) is made to a person or body prescribed by the regulations for the purposes of this paragraph; or (e) is made with the consent of the discloser. (3) Subsection (1) does not apply if: (a) the disclosure referred to in paragraph (1)(b): (i) is not of the identity of the discloser; and (ii) is reasonably necessary for the purposes of investigating misconduct, or an improper state of affairs or circumstances, to which the qualifying disclosure relates; and (b) the first person takes all reasonable steps to reduce the risk that the discloser will be identified as a result of the disclosure referred to in paragraph (1)(b). Note: A defendant bears an evidential burden in relation to the matter in subsection (3): see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZW"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZX", "Provision_Key": "s14zzx", "Heading": "Disclosure that qualifies for protection not actionable etc.", "Text": "(1) If a person makes a disclosure that qualifies for protection under this Part: (a) the person is not subject to any civil, criminal or administrative liability (including disciplinary action) for making the disclosure; and (b) no contractual or other remedy may be enforced, and no contractual or other right may be exercised, against the person on the basis of the disclosure; and (c) if the disclosure was a disclosure of information to the Commissioner or the Tax Practitioners Board—the information is not admissible in evidence against the person in criminal proceedings or in proceedings for the imposition of a penalty, other than proceedings in respect of the falsity of the information. Note: Except as provided for by paragraph (c), this subsection does not prevent the person being subject to any civil, criminal or administrative liability for conduct of the person that is revealed by the disclosure. (2) Without limiting subsection (1): (a) the person has qualified privilege in respect of the disclosure; and (b) a contract to which the person is a party may not be terminated on the basis that the disclosure constitutes a breach of the contract.", "Amendment_Count": 2, "First_Amended": "No 10 of 2019", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 10 of 2019 | No 37 of 2024", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZX"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZXA", "Provision_Key": "s14zzxa", "Heading": "Claims for protection", "Text": "(1) If, in civil or criminal proceedings (the primary proceedings ) instituted against an individual in a court, the individual makes a claim (relevant to the proceedings) that, because of section 14ZZX, the individual is not subject to any civil, criminal or administrative liability for making a particular disclosure: (a) the individual bears the onus of adducing or pointing to evidence that suggests a reasonable possibility that the claim is made out; and (b) if the individual discharges that onus—the party instituting the primary proceedings against the individual bears the onus of proving that the claim is not made out; and (c) the court must deal with the claim in separate proceedings; and (d) the court must adjourn the primary proceedings until the claim has been dealt with; and (e) none of the following: (i) any admission made by the individual in the separate proceedings; (ii) any information given by the individual in the separate proceedings; (iii) any other evidence adduced by the individual in the separate proceedings; is admissible in evidence against the individual except in proceedings in respect of the falsity of the admission, information or evidence; and (f) if the individual or another person gives evidence in the separate proceedings in support of the claim—giving that evidence does not amount to a waiver of privilege for the purposes of the primary proceedings or any other proceedings. (2) To avoid doubt, a right under section 126K of the Evidence Act 1995 not to be compelled to give evidence is a privilege for the purposes of paragraph (1)(f) of this section.", "Amendment_Count": 1, "First_Amended": "No 37 of 2024", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 37 of 2024", "History_Notes": "Inserted by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZXA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZY", "Provision_Key": "s14zzy", "Heading": "Victimisation prohibited", "Text": "Actually causing detriment to another person (1) A person (the first person ) commits an offence if: (a) the first person engages in conduct; and (b) the first person’s conduct causes any detriment to another person (the second person ); and (c) when the first person engages in the conduct, the first person believes or suspects that the second person or any other person made, may have made, proposes to make or could make a disclosure that qualifies for protection under this Part; and (d) the belief or suspicion referred to in paragraph (c) is the reason, or part of the reason, for the conduct. Penalty: Imprisonment for 2 years or 240 penalty units, or both. Threatening to cause detriment to another person (2) A person (the first person ) commits an offence if: (a) the first person makes to another person (the second person ) a threat to cause any detriment to the second person or to a third person; and (b) the first person: (i) intends the second person to fear that the threat will be carried out; or (ii) is reckless as to causing the second person to fear that the threat will be carried out; and (c) the first person makes the threat because a person: (i) makes a disclosure that qualifies for protection under this Part; or (ii) may make a disclosure that would qualify for protection under this Part. Penalty: Imprisonment for 2 years or 240 penalty units, or both. Threats (3) For the purposes of subsection (2), a threat may be: (a) express or implied; or (b) conditional or unconditional. (4) In a prosecution for an offence against subsection (2), it is not necessary to prove that the person threatened actually feared that the threat would be carried out.", "Amendment_Count": 2, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZY"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZ", "Provision_Key": "s14zzz", "Heading": "Compensation and other remedies—circumstances in which an order may be made", "Text": "(1) A court may make an order under section 14ZZZA in relation to a person (the first person ) if: (a) the first person engages in conduct ( detrimental conduct ) that: (i) causes any detriment to another person (the second person ); or (ii) constitutes the making of a threat to cause any such detriment to another person (the second person ); and (b) when the first person engages in the detrimental conduct, the first person believes or suspects that the second person or any other person made, may have made, proposes to make or could make a disclosure that qualifies for protection under this Part; and (c) the belief or suspicion referred to in paragraph (b) is the reason, or part of the reason, for the detrimental conduct. (2) A court may make an order under section 14ZZZA in relation to a person (the first person ) if: (a) the first person is or was an officer (within the meaning of the Corporations Act 2001 ) or employee of a body corporate; and (b) paragraphs (1)(a), (b) and (c) of this section apply to the body corporate because of detrimental conduct engaged in by the body corporate; and (c) the first person: (i) aided, abetted, counselled or procured the detrimental conduct; or (ii) induced, whether by threats or promises or otherwise, the detrimental conduct; or (iii) was in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the detrimental conduct; or (iv) conspired with others to effect the detrimental conduct. (2A) A court may make an order under section 14ZZZA in relation to a person (the first person ) that is a body corporate if: (a) another person (the third person ) engages in conduct ( detrimental conduct ) that: (i) causes any detriment to a person (the second person ) other than the first person or the third person; or (ii) constitutes the making of a threat to cause any such detriment to a person (the second person ) other than the first person or the third person; and (b) when the third person engages in the detrimental conduct, the third person believes or suspects that the second person or any other person made, may have made, proposes to make or could make a disclosure that qualifies for protection under this Part; and (c) the belief or suspicion referred to in paragraph (b) is the reason, or part of the reason, for the detrimental conduct; and (d) the first person is under a duty to prevent the third person engaging in the detrimental conduct, or a duty to take reasonable steps to ensure that the third person does not engage in the detrimental conduct; and (e) the first person fails in part or whole to fulfil that duty. Burden of proof (2B) In proceedings where a person seeks an order under section 14ZZZA in relation to another person: (a) the person seeking the order bears the onus of adducing or pointing to evidence that suggests a reasonable possibility of the matters in: (i) if subsection (1) of this section applies—paragraph (1)(a); or (ii) if subsection (2) of this section applies—paragraph (1)(a), as mentioned in paragraph (2)(b); or (iii) if subsection (2A) of this section applies—paragraphs (2A)(a) and (d); and (b) if that onus is discharged—the other person bears the onus of proving that the claim is not made out. Threats (3) For the purposes of this section, a threat may be: (a) express or implied; or (b) conditional or unconditional. (4) In proceedings for the purposes of section 14ZZZA, it is not necessary to prove that the person threatened actually feared that the threat would be carried out.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZ"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZAA", "Provision_Key": "s14zzzaa", "Heading": "Detriment", "Text": "In sections 14ZZY and 14ZZZ, detriment includes (without limitation) any of the following: (a) dismissal of an employee; (b) injury of an employee in his or her employment; (c) alteration of an employee’s position or duties to his or her disadvantage; (d) discrimination between an employee and other employees of the same employer; (e) harassment or intimidation of a person; (f) harm or injury to a person, including psychological harm; (g) damage to a person’s property; (h) damage to a person’s reputation; (i) damage to a person’s business or financial position; (j) any other damage to a person.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZAA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZA", "Provision_Key": "s14zzza", "Heading": "Compensation and other remedies—orders that may be made", "Text": "(1) For the purposes of subsections 14ZZZ(1), (2) and (2A), a court may make any of the following orders: (a) an order requiring the first person to compensate the second person, or any other person, for loss, damage or injury suffered as a result of the detrimental conduct; (b) if the court is satisfied that the first person engaged in the detrimental conduct in connection with the first person’s position as an employee: (i) an order requiring the first person to compensate the second person, or any other person, for a part of loss, damage or injury as a result of the detrimental conduct, and an order requiring the first person’s employer to compensate the second person, or any other person, for a part of loss, damage or injury as a result of the detrimental conduct; or (ii) an order requiring the first person and the first person’s employer jointly to compensate the second person, or any other person, for loss, damage or injury suffered as a result of the detrimental conduct; or (iii) an order requiring the first person’s employer to compensate the second person, or any other person, for loss, damage or injury as a result of the detrimental conduct; (c) an order granting an injunction, on such terms as the court thinks appropriate, to prevent, stop or remedy the effects of the detrimental conduct; (d) an order requiring the first person to apologise to the second person, or any other person, for engaging in the detrimental conduct; (e) if the second person is or was employed in a particular position and the detrimental conduct wholly or partly consists, or consisted, of the termination, or purported termination, of the second person’s employment—an order that the second person be reinstated in that position or a position at a comparable level; (f) if the court thinks it is appropriate—an order requiring the first person to pay exemplary damages to the second person, or any other person; (g) any other order the court thinks appropriate. (2) If the detrimental conduct wholly or partly consists, or consisted, of terminating or purporting to terminate a person’s employment (including detrimental conduct that forces or forced the person to resign), the court must, in making an order mentioned in paragraph (1)(a) or (b), consider the period, if any, the person is likely to be without employment as a result of the detrimental conduct. This subsection does not limit any other matter the court may consider. (3) In deciding whether to make an order under paragraph (1)(b) in relation to the first person’s employer, the court may have regard to the following: (a) whether the employer took reasonable precautions, and exercised due diligence, to avoid the detrimental conduct; (b) if the employer has a policy dealing with any or all of the matters referred to in subsection 1317AI(5) of the Corporations Act 2001 (whether or not section 1317AI of that Act requires the employer to have such a policy)—the extent to which the employer gave effect to that policy; (c) any duty that the employer was under to prevent the detrimental conduct, or to take reasonable steps to ensure that the detrimental conduct was not engaged in. (4) If the court makes an order under subparagraph (1)(b)(ii), the first person and the first person’s employer are jointly and severally liable to pay the compensation concerned.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZB", "Provision_Key": "s14zzzb", "Heading": "Identifying information not to be disclosed etc. to courts or tribunals", "Text": "If a person (the discloser ) makes a disclosure of information that qualifies for protection under this Part, the discloser or any other person is not to be required: (a) to disclose to a court or tribunal: (i) the identity of the discloser; or (ii) information that is likely to lead to the identification of the discloser; or (b) to produce to a court or tribunal a document containing: (i) the identity of the discloser; or (ii) information that is likely to lead to the identification of the discloser; except where: (c) it is necessary to do so for the purposes of giving effect to this Part; or (d) the court or tribunal thinks it necessary in the interests of justice to do so. Note: A discloser may also be able to apply to the court or tribunal, in accordance with the rules of the court or tribunal, for an order protecting the discloser’s identity.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZB"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZC", "Provision_Key": "s14zzzc", "Heading": "Costs only if proceedings instituted vexatiously etc.", "Text": "(1) This section applies to a proceeding (including an appeal) in a court in relation to a matter arising under section 14ZZZA in which a person (the claimant ) is seeking an order under subsection 14ZZZA(1). (2) The claimant must not be ordered by the court to pay costs incurred by another party to the proceedings, except in accordance with subsection (3) of this section. (3) The claimant may be ordered to pay the costs only if: (a) the court is satisfied that the claimant instituted the proceedings vexatiously or without reasonable cause; or (b) the court is satisfied that the claimant’s unreasonable act or omission caused the other party to incur the costs.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZC"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZD", "Provision_Key": "s14zzzd", "Heading": "Interaction between civil proceedings and criminal offences", "Text": "To avoid doubt, a person may bring civil proceedings under section 14ZZZA in relation to conduct even if a prosecution for a criminal offence against section 14ZZY in relation to the conduct has not been brought, or cannot be brought.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZD"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14ZZZE", "Provision_Key": "s14zzze", "Heading": "Compensation for acquisition of property", "Text": "(1) If the operation of this Part would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from a person otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the person. (2) If the Commonwealth and the person do not agree on the amount of the compensation, the person may institute proceedings in the Federal Court of Australia or the Supreme Court of a State or Territory for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines. (3) Payments under this section are to be made out of money appropriated by the Parliament by another Act. (4) To avoid doubt, section 16 does not apply to a payment under this section.", "Amendment_Count": 1, "First_Amended": "No 10 of 2019", "Last_Amended": "No 10 of 2019", "Amending_Acts": "No 10 of 2019", "History_Notes": "Inserted by No 10 of 2019, effective sch 1 (items 14 ‑ 16, 36 ‑ 38): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14ZZZE"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Appearance by Commissioner etc.", "Text": "(1) In any action, prosecution or other proceeding under, or arising out of, a taxation law instituted by or on behalf of the Commissioner, a Second Commissioner or a Deputy Commissioner, to which the Commissioner, a Second Commissioner or a Deputy Commissioner is a party or in which the Commissioner, a Second Commissioner or a Deputy Commissioner intervenes or seeks to intervene, the Commissioner, Second Commissioner or Deputy Commissioner, as the case may be, may appear personally or may be represented by: (a) a person enrolled as a barrister, solicitor, barrister and solicitor or legal practitioner of a federal court or of the Supreme Court of a State or Territory; or (b) a person authorized by the Commissioner, a Second Commissioner or a Deputy Commissioner, by instrument in writing, to appear. (2) The appearance of a person, and the statement of the person that the person appears by authority of the Commissioner, a Second Commissioner or a Deputy Commissioner, is prima facie evidence of that authority. (3) This section applies in relation to the Tax Agent Services Act 2009 as if: (a) references in this section to the Commissioner were references to the Tax Practitioners Board; and (b) references in this section to a Second Commissioner or to a Deputy Commissioner were omitted.", "Amendment_Count": 11, "First_Amended": "No 133 of 1974", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 133 of 1974 | No 59 of 1979 | No 123 of 1984 | No 138 of 1987 | No 98 of 1992 | No 82 of 1993 | No 201 of 1999 | No 54 of 2003 | No 114 of 2009 | No 4 of 2018 | No 37 of 2024", "History_Notes": "Repealed and substituted by No 133 of 1974, effective s 1, 2: Royal Assent s 3, 4, 7, 8, 10 ‑ 12: 23 Dec 1974 ( see Gazette 1974, No. 103D) Remainder: 1 July 1976 ( see Gazette 1976, No. S107) | Amended by No 59 of 1979, effective 15 June 1979 | Repealed and substituted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15A", "Provision_Key": "s15a", "Heading": "Certification by Commissioner of copies of, and extracts from, documents", "Text": "(1) Where a document is obtained pursuant to a taxation law, the Commissioner may certify a copy of the document to be a true copy. (2) Where, pursuant to a taxation law, a copy is made of a document, the Commissioner may certify the copy to be a true copy. (3) Where a document is obtained pursuant to a taxation law, the Commissioner may certify an extract taken from the document to be a true extract. (4) Where, pursuant to a taxation law, an extract is taken from a document, the Commissioner may certify the extract to be a true extract. (5) Subject to subsection (6), a document purporting to be a copy or extract certified under subsection (1), (2), (3) or (4) shall be received in all courts and tribunals in proceedings arising out of a taxation law as evidence as if it were the original. (6) Subsection (5) does not apply in relation to a document if: (a) in the case of proceedings for an offence—evidence is adduced that the document is not a true copy or a true extract; or (b) in any other case—it is proved that the document is not a true copy or a true extract. (7) Where: (a) pursuant to a taxation law, a copy (in this section referred to as the primary copy ) is made of, or an extract (in this section referred to as the primary extract ) is taken from, a document (in this section referred to as the original document ); and (b) pursuant to subsection (2) or (4), the Commissioner has certified the primary copy to be a true copy of, or the primary extract to be a true extract taken from, the original document; the Commissioner may: (c) certify a copy of the primary copy or primary extract to be a true copy; or (d) certify an extract taken from the primary copy or primary extract to be a true extract. (8) Subject to subsection (9), a document purporting to be: (a) a copy, certified under subsection (7), of a primary copy of, or a primary extract taken from, an original document; or (b) an extract, certified under subsection (7), taken from a primary copy of, or a primary extract taken from, an original document; shall be received in all courts and tribunals in proceedings arising out of a taxation law as evidence as if it were the original document. (9) Subsection (8) does not apply in relation to a document if: (a) in the case of proceedings for an offence, evidence is adduced that: (i) the document is not a true copy of, or a true extract taken from, the primary copy or primary extract; or (ii) the primary copy is not a true copy of, or the primary extract is not a true extract taken from, the original document; or (b) in any other case, it is proved that: (i) the document is not a true copy of, or a true extract taken from, the primary copy or primary extract; or (ii) the primary copy is not a true copy of, or the primary extract is not a true extract taken from, the original document. (12) This section applies in relation to the Tax Agent Services Act 2009 as if references in this section to the Commissioner were references to the Chair of the Tax Practitioners Board.", "Amendment_Count": 9, "First_Amended": "No 123 of 1985", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 123 of 1985 | No 138 of 1987 | No 98 of 1992 | No 82 of 1993 | No 201 of 1999 | No 54 of 2003 | No 114 of 2009 | No 4 of 2018 | No 37 of 2024", "History_Notes": "Inserted by No 123 of 1985, effective 28 Oct 1985 | Amended by No 138 of 1987, effective s 6, Parts IV, V (s 63 ‑ 88): 21 Dec 1987 ( see s 2(2) and Gazette 1987, No. S347) Remainder: Royal Assent | Amended by No 98 of 1992, effective s 32 ‑ 36: 1 July 1992 Remainder: Royal Assent | Amended by No 82 of 1993, effective s 1, 2, 14, 16(2), 41, 42, 45, 46, 48(1), 52 ‑ 64: 1 Dec 1993 Remainder: 1 July 1994 | Amended by No 201 of 1999, effective sch 2: 24 Dec 1999 (s 2(3)) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15B", "Provision_Key": "s15b", "Heading": "Recoverable advances", "Text": "(1) The Commissioner may make an advance to a person (the recipient ) on account of an amount to which the recipient may become entitled under a taxation law. (2) The Commissioner must not make an advance under subsection (1) unless: (a) if the advance is made in conjunction with other advances under that subsection—the Commissioner is satisfied that the total of the costs that would be likely to be incurred by: (i) the Commonwealth; and (ii) the recipients; and (iii) persons other than the Commonwealth or the recipients; if the advance and the other advances were not made is likely to exceed the total of the advance and the other advances; or (b) otherwise—the Commissioner is satisfied that the total of the costs that would be likely to be incurred by: (i) the Commonwealth; and (ii) the recipient; and (iii) persons other than the Commonwealth or the recipient; if the advance were not made is likely to exceed the amount of the advance. (3) An advance under subsection (1) may: (a) be recovered under subsection (4); or (b) be the subject of a determination under subsection (5). (4) If an advance is made under subsection (1) to a person (the recipient ), the advance: (a) is a debt due to the Commonwealth by the recipient; and (b) is payable to the Commissioner; and (c) may be recovered in a court of competent jurisdiction by the Commissioner, or by a Deputy Commissioner, suing in his or her official name; whether or not the recipient has become entitled to an amount under a taxation law. Advance may discharge Commonwealth liability (5) If: (a) an advance is made to a person (the recipient ) under subsection (1); and (b) the advance has not been fully recovered under subsection (4); and (c) an amount is payable to the recipient by the Commonwealth under a taxation law (the Commonwealth liability ); the Commissioner may, by written notice given to the recipient, determine that the making of the advance is taken to have discharged so much of the Commonwealth liability as equals the whole, or a specified part, of the amount of the advance. (6) A part of an advance must not be specified in a determination under subsection (5) if it has already been specified in a previous determination under subsection (5). (7) If the whole, or a part, of an advance is the subject of a determination under subsection (5), the whole, or the part, as the case may be, of the advance is not recoverable under subsection (4). (8) Subsection (5) does not limit Part IIB. (9) For the purposes of any rules made for the purposes of paragraph 103(c) of the Public Governance, Performance and Accountability Act 2013 , a determination under subsection (5) of this section is taken to be a method of debt recovery.", "Amendment_Count": 2, "First_Amended": "No 82 of 2012", "Last_Amended": "No 36 of 2015", "Amending_Acts": "No 82 of 2012 | No 36 of 2015", "History_Notes": "Inserted by No 82 of 2012, effective sch 1 (item 124): 29 June 2012 | Amended by No 36 of 2015, effective sch 5 (items 69 ‑ 72, 74 ‑ 77), sch 7: 14 Apr 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15C", "Provision_Key": "s15c", "Heading": "Recoverable payments", "Text": "(1) If, apart from this subsection, the Commissioner does not have power under a taxation law to pay an amount (the relevant amount ) to a person (the recipient ) purportedly as an amount to which the recipient is entitled to under a taxation law, then the Commissioner may pay the relevant amount to the recipient. Recovery (2) If a payment is made under subsection (1) to the recipient, the relevant amount: (a) is a debt due to the Commonwealth by the recipient; and (b) is payable to the Commissioner; and (c) may be recovered in a court of competent jurisdiction by the Commissioner, or by a Deputy Commissioner, suing in his or her official name. (3) If: (a) a payment is made under subsection (1) to the recipient; and (b) an amount is payable to the recipient by the Commonwealth under a taxation law (the Commonwealth liability ); then: (c) the relevant amount; or (d) such part of the relevant amount as the Commissioner determines; may, if the Commissioner so directs, be recovered by deduction from the Commonwealth liability. (4) For the purposes of a designated recovery provision, in determining whether an amount is payable, disregard subsection (1) of this section. (5) If the relevant amount is recovered under a designated recovery provision, the relevant amount cannot be recovered under subsection (2) or (3) of this section. (6) If the relevant amount is recovered under subsection (2) or (3) of this section, the relevant amount cannot be recovered under a designated recovery provision. (7) Except as provided by subsection (6), subsection (3) does not limit Part IIB. Designated recovery provisions (8) For the purposes of this section, each of the following provisions is a designated recovery provision : (a) section 8AAZN of this Act; (b) section 69 of the Superannuation Guarantee (Administration) Act 1992 ; (d) section 24 of the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 ; (e) a similar provision of a taxation law. (9) For the purposes of a designated recovery provision, in determining: (a) whether a person is entitled to an amount; or (b) whether an amount is payable; disregard subsection (1).", "Amendment_Count": 4, "First_Amended": "No 82 of 2012", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 82 of 2012 | No 36 of 2015 | No 70 of 2015 | No 57 of 2025", "History_Notes": "Inserted by No 82 of 2012, effective sch 1 (item 124): 29 June 2012 | Amended by No 36 of 2015, effective sch 5 (items 69 ‑ 72, 74 ‑ 77), sch 7: 14 Apr 2015 (s 2) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15C"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15D", "Provision_Key": "s15d", "Heading": "Reports about recoverable advances and recoverable payments", "Text": "(1) During the applicable publication period for a reporting period, the Commissioner must publish, in such manner as the Commissioner thinks fit, a report that sets out: (a) both: (i) the number of advances made under subsection 15B(1) during the reporting period; and (ii) the total amount of those advances; and (b) both: (i) the number of payments made under subsection 15C(1) during the reporting period; and (ii) the total amount of those payments. (2) However, a report is not required if: (a) the number mentioned in subparagraph (1)(a)(i) is zero; and (b) the number mentioned in subparagraph (1)(b)(i) is zero. Deferred reporting (3) Paragraph (1)(b) of this section does not require a report to deal with a payment unless, before the preparation of the report, an Australian Taxation Office official was aware the payment was made under subsection 15C(1). (4) For the purposes of this section, if: (a) a payment was made under subsection 15C(1) in a reporting period; and (b) because of subsection (3) of this section, paragraph (1)(b) of this section did not require a report to deal with the payment; and (c) during a later reporting period, an Australian Taxation Office official becomes aware that the payment was made under subsection 15C(1); the payment is subject to a deferred reporting obligation in relation to the later reporting period. (5) If one or more payments made under subsection 15C(1) during a reporting period are subject to a deferred reporting obligation in relation to a later reporting period, the Commissioner must, during the applicable publication period for the later reporting period: (a) prepare a report that sets out: (i) the number of those payments; and (ii) the total amount of those payments; and (iii) the reporting period during which the payments were made; and (b) if a report is required under subsection (1) in relation to the later reporting period—include the paragraph (a) report in the subsection (1) report; and (c) if paragraph (b) does not apply—publish, in such manner as the Commissioner thinks fit, the paragraph (a) report. Reporting period (6) For the purposes of this section, a reporting period is: (a) a financial year; or (b) if a shorter recurring period is specified in a legislative instrument made by the Minister—that period. Applicable publication period (7) For the purposes of this section, the applicable publication period for a reporting period is the period of: (a) 4 months; or (b) if a lesser number of months is specified, in relation to the reporting period, in a legislative instrument made by the Minister—that number of months; beginning immediately after the end of the reporting period. Australian Taxation Office official (8) For the purposes of this section, Australian Taxation Office official means an official (within the meaning of the Public Governance, Performance and Accountability Act 2013 ) of the Australian Taxation Office.", "Amendment_Count": 2, "First_Amended": "No 82 of 2012", "Last_Amended": "No 36 of 2015", "Amending_Acts": "No 82 of 2012 | No 36 of 2015", "History_Notes": "Inserted by No 82 of 2012, effective sch 1 (item 124): 29 June 2012 | Amended by No 36 of 2015, effective sch 5 (items 69 ‑ 72, 74 ‑ 77), sch 7: 14 Apr 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15D"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Payments out of Consolidated Revenue Fund", "Text": "(1) Where the Commissioner is required or permitted to pay an amount to a person by or under a provision of a taxation law other than: (a) a general administration provision; or (b) a provision prescribed for the purposes of this paragraph; the amount is payable out of the Consolidated Revenue Fund, which is appropriated accordingly. (2) Where: (a) an amount is required or permitted to be paid to a person: (i) by or under a provision of a taxation law other than: (A) a general administration provision; or (B) a provision prescribed for the purposes of this sub ‑ subparagraph; or (ii) by way of the repayment, whether in whole or in part, to the person of an amount paid to the Commonwealth; (b) except as mentioned in paragraph (c), there is no provision of a taxation law by or under which the Commissioner is required or permitted to pay the amount; and (c) the Commissioner is required or permitted to pay the amount by or under a general administration provision; the amount shall be taken, for the purposes of subsection (1), to be an amount that the Commissioner is required or permitted to pay to the person by or under a provision of a taxation law of the kind referred to in that subsection. (3) In this section, general administration provision means a provision of a taxation law that provides that the Commissioner has the general administration of the taxation law.", "Amendment_Count": 3, "First_Amended": "No 216 of 1973", "Last_Amended": "No 8 of 2005", "Amending_Acts": "No 216 of 1973 | No 123 of 1984 | No 8 of 2005", "History_Notes": "Repealed by No 216 of 1973, effective 31 Dec 1973 | Inserted by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 8 of 2005, effective s 4, sch 1 (items 426, 496): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16A", "Provision_Key": "s16a", "Heading": "Regulations may provide for methods of payment of tax liabilities etc.", "Text": "(1) This section applies to a liability to or of the Commonwealth arising under, or by virtue of, any of the following laws: (a) this Act; (b) any other Act of which the Commissioner has the general administration; (c) regulations under an Act covered by paragraph (a) or (b). (2) The regulations may make provision for and in relation to the methods by which the amount of the liability may be paid. (3) Without limiting subsection (2), the regulations may make provision for and in relation to the making of payments using: (a) collection agents; or (b) electronic funds transfer systems; or (c) credit cards; or (d) debit cards.", "Amendment_Count": 1, "First_Amended": "No 224 of 1992", "Last_Amended": "No 224 of 1992", "Amending_Acts": "No 224 of 1992", "History_Notes": "Inserted by No 224 of 1992, effective s 122 ‑ 126: 24 Dec 1992 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16B", "Provision_Key": "s16b", "Heading": "Certain liabilities to be reduced to nearest multiple of 5 cents", "Text": "If the amount of a tax ‑ related liability that arises by way of penalty or because it is assessed by the Commissioner (other than an RBA deficit or a liability to pay the general interest charge) is not a multiple of 5 cents, the amount is decreased to the nearest multiple of 5 cents.", "Amendment_Count": 3, "First_Amended": "No 120 of 1995", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 120 of 1995 | No 11 of 1999 | No 91 of 2000", "History_Notes": "Inserted by No 120 of 1995, effective sch 1 (item 58): 23 Nov 1994 ( see s 2(2)) sch 2 (items 8 ‑ 13): 1 July 1994 Remainder: Royal Assent | Amended by No 11 of 1999, effective sch 1 (items 346 ‑ 352): 1 July 1999 (s 2(3)) | Repealed and substituted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Powers of taxation officers in relation to references to currency etc.", "Text": "(1) In this section: decimal currency means the currency provided for by the Currency Act 1965 . law of the Commonwealth has the same meaning as in section 10 of the Currency Act 1965 . officer includes the Commissioner and a Second Commissioner. taxation law means any law of the Commonwealth of which the Commissioner has the general administration. the previous currency means the currency provided for by the Coinage Act 1909 . (2) An officer may, in the exercise of, or for the purpose of exercising, any power under a taxation law or in the performance of, or for the purpose of performing, any function under a taxation law: (a) treat: (i) a reference in a law of the Commonwealth; (ii) a reference in a bill of exchange, promissory note, security for money, contract or agreement (whether the contract or agreement is in writing or not), deed or other instrument; or (iii) a reference in any other manner; to an amount of money in the previous currency as a reference to a corresponding amount of money in decimal currency and treat such a reference to an amount of money in decimal currency as a reference to a corresponding amount of money in the previous currency; (b) treat an amount of money in the previous currency as a corresponding amount of money in decimal currency and treat an amount of money in decimal currency as a corresponding amount of money in the previous currency; and (c) express an amount of money in either decimal currency or the previous currency. (3) For the purposes of paragraphs (2)(a), (b) and (c): (a) the amount of money in decimal currency that corresponds with an amount of money in the previous currency; and (b) the amount of money in the previous currency that corresponds with an amount of money in decimal currency; shall be calculated on the basis of the equivalents specified in subsection 8(4) of the Currency Act 1965 .", "Amendment_Count": 3, "First_Amended": "No 155 of 1965", "Last_Amended": "No 65 of 1985", "Amending_Acts": "No 155 of 1965 | No 123 of 1984 | No 65 of 1985", "History_Notes": "Inserted by No 155 of 1965, effective 14 Feb 1966 | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 65 of 1985, effective sch 1: 3 July 1985 (s 2(1)) sch 1: 14 Dec 1984 (s 2(45))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s17"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 17A", "Provision_Key": "s17a", "Heading": "Powers of Federal Court and Federal Circuit and Family Court of Australia (Division 2) in respect of taxation matters", "Text": "(1) The Federal Court of Australia shall not, in relation to a review by the Court of a decision of the Tribunal in connection with proceedings under a taxation law, exercise a power conferred on it by section 15, or paragraph 16(1)(d), (2)(b) or (3)(c) or subsection 16(4), of the Administrative Decisions (Judicial Review) Act 1977 so as to prevent or restrain the recovery, under that law, of tax or duty, further tax or further duty or additional tax or additional duty. (2) The Federal Circuit and Family Court of Australia (Division 2) must not, in relation to a review by the Court of a decision of the Tribunal in connection with proceedings under a taxation law, exercise a power conferred on it by section 15A, or paragraph 16(1)(d), (2)(b) or (3)(c) or subsection 16(4), of the Administrative Decisions (Judicial Review) Act 1977 so as to prevent or restrain the recovery, under that law, of: (a) tax or duty; or (b) further tax or further duty; or (c) additional tax or additional duty.", "Amendment_Count": 4, "First_Amended": "No 48 of 1986", "Last_Amended": "No 13 of 2021", "Amending_Acts": "No 48 of 1986 | No 194 of 1999 | No 13 of 2013 | No 13 of 2021", "History_Notes": "Inserted by No 48 of 1986, effective s 31, Parts VII, VIII (s 45 ‑ 56): 24 June 1986 ( see s 2(2)) Remainder: 1 July 1986 | Amended by No 194 of 1999, effective sch 24: 23 Dec 1999 (s 2(1)) | Amended by No 13 of 2013, effective sch 1 (items 510, 511): 12 Apr 2013 (s 2(1) item 2) | Amended by No 13 of 2021, effective sch 2 (items 750 ‑ 760): 1 Sept 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s17A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations, not inconsistent with this Act, prescribing all matters which by this Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for giving effect to this Act, and, in particular, prescribing penalties not exceeding a fine of 5 penalty units for offences against the regulations.", "Amendment_Count": 5, "First_Amended": "No 133 of 1974", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 133 of 1974 | No 19 of 1979 | No 123 of 1984 | No 48 of 1986 | No 58 of 2006", "History_Notes": "Inserted by No 133 of 1974, effective s 1, 2: Royal Assent s 3, 4, 7, 8, 10 ‑ 12: 23 Dec 1974 ( see Gazette 1974, No. 103D) Remainder: 1 July 1976 ( see Gazette 1976, No. S107) | Amended by No 19 of 1979, effective Parts II ‑ XVII (s 3 ‑ 123): 15 May 1979 ( see Gazette 1979, No. S86) Remainder: Royal Assent | Amended by No 123 of 1984, effective s 1, 2: Royal Assent s 319(1): 14 Feb 1983 ( see s 2(2)) Remainder: 14 Dec 1984 | Amended by No 48 of 1986, effective s 31, Parts VII, VIII (s 45 ‑ 56): 24 June 1986 ( see s 2(2)) Remainder: 1 July 1986 | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6-1", "Provision_Key": "s6-1", "Heading": "What Parts 2 ‑ 5 and 2 ‑ 10 are about", "Text": "To help taxpayers meet their annual income tax liability, they are required to pay amounts of their income at regular intervals as it is earned during the year. The system for collecting these amounts is called “Pay as you go”. Amounts collected under this system also go towards meeting liability for Medicare levy and liability to repay debts under certain income ‑ contingent loan schemes. Table of sections 6 ‑ 5 The Pay as you go (PAYG) system 6 ‑ 10 How the amounts collected are dealt with", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 169 of 2015", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 150 of 2003 | No 82 of 2014 | No 169 of 2015", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6-5", "Provision_Key": "s6-5", "Heading": "The Pay as you go (PAYG) system", "Text": "(1) Parts 2 ‑ 5 and 2 ‑ 10 establish the PAYG system, which has 2 components: • PAYG withholding (Part 2 ‑ 5) • PAYG instalments (Part 2 ‑ 10). PAYG withholding (2) Under PAYG withholding, amounts are collected in respect of particular kinds of payments or transactions. Usually, someone who makes a payment to you is required to withhold an amount from the payment, and then to pay the amount to the Commissioner. For a list of the payments and other transactions to which PAYG withholding applies, see Division 10 PAYG instalments (3) You pay PAYG instalments directly to the Commissioner. These are usually based on your GDP ‑ adjusted notional tax or your ordinary income for a past period, but excluding: • income subject to PAYG withholding (with certain exceptions) • exempt income, or income that is otherwise not assessable. An instalment is usually paid after a quarter, but some taxpayers are eligible to pay an annual instalment after the end of the income year.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 178 of 1999 | No 73 of 2001", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 6-10", "Provision_Key": "s6-10", "Heading": "How the amounts collected are dealt with", "Text": "You are entitled to credits for the amounts of your income that are collected under the PAYG system. The credits are applied under Division 3 of Part IIB against your tax debts, and any excess is refunded to you.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s6-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 10-1", "Provision_Key": "s10-1", "Heading": "What this Part is about", "Text": "Under PAYG withholding, amounts are collected in respect of particular kinds of payments or transactions. Usually, someone who makes a payment to you is required to withhold an amount from the payment, and then to pay the amount to the Commissioner. If the payment is personal services income that is included in the assessable income of someone else under Division 86 of the Income Tax Assessment Act 1997 , the payer must pay such an amount to the Commissioner at a later date. If a non ‑ cash benefit is provided instead of a payment, the provider must first pay to the Commissioner the amount that would have been withheld from the payment. This Part also contains provisions about the obligations and rights of payers and recipients.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 178 of 1999 | No 86 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s10-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 10-5", "Provision_Key": "s10-5", "Heading": "Summary of withholding payments", "Text": "(1) The payments and other transactions covered by PAYG withholding are called withholding payments. They are summarised in the table. Note: The obligation to pay an amount to the Commissioner is imposed on the entity making the withholding payment (except for items 17, 19, 22 and 27, and 26 (to the extent that it covers subsection 12 ‑ 390(4))). Summary of withholding payments Item Withholding payment Section 1 A payment of salary etc. to an employee 12 ‑ 35 2 A payment of remuneration to the director of a company 12 ‑ 40 3 A payment of salary etc. to an office holder (e.g. a member of the Defence Force) 12 ‑ 45 3A a payment to a * religious practitioner 12 ‑ 47 4 A return to work payment to an individual 12 ‑ 50 5 A payment that is covered by a voluntary agreement 12 ‑ 55 6 A payment under a labour hire arrangement or a payment specified by regulations 12 ‑ 60 7 A * superannuation income stream or an annuity 12 ‑ 80 8 A * superannuation lump sum or a payment for termination of employment 12 ‑ 85 9 An unused leave payment 12 ‑ 90 10 A social security or similar payment (e.g. old age pension) 12 ‑ 110 11 A Commonwealth education or training payment 12 ‑ 115 12 A compensation, sickness or accident payment 12 ‑ 120 13 A payment arising from an investment where the recipient does not quote its tax file number, or in some cases, its ABN 12 ‑ 140 14 Investor becoming presently entitled to income of a unit trust 12 ‑ 145 14A A trustee of a closely held trust distributing an amount from the trust income to a beneficiary, where the beneficiary does not quote its tax file number 12 ‑ 175 14B A beneficiary of a closely held trust becoming presently entitled to income of the trust, where the beneficiary does not quote its tax file number 12 ‑ 180 15 A payment for a supply where the recipient of the payment does not quote its ABN 12 ‑ 190 16 A dividend payment to an overseas person 12 ‑ 210 17 A dividend payment received for a foreign resident 12 ‑ 215 18 An interest payment to an overseas person 12 ‑ 245 19 An interest payment received for a foreign resident 12 ‑ 250 20 An interest payment derived by a lender in carrying on business through overseas permanent establishment 12 ‑ 255 21 A royalty payment to an overseas person 12 ‑ 280 22 A royalty payment received for a foreign resident 12 ‑ 285 22A A departing Australia superannuation payment 12 ‑ 305 22AA An * excess untaxed roll ‑ over amount 12 ‑ 312 22B A payment (of a kind set out in the regulations) to a foreign resident 12 ‑ 315 22C A payment (of a kind set out in the regulations) received for a foreign resident 12 ‑ 317 22D A payment of salary, wages etc. to an employee under a labour mobility program 12 ‑ 319A 23 A mining payment 12 ‑ 320 24 A natural resource payment 12 ‑ 325 25 A payment by a withholding MIT 12 ‑ 385 26 A payment by a * custodian or other entity 12 ‑ 390 27 A payment under the * first home super saver scheme 12 ‑ 460 (2) These can also be treated as withholding payments: (aa) a payment that arises because of the operation of section 12A ‑ 205 (see Division 12A); (a) alienated personal services payments (see Division 13); (b) non ‑ cash benefits, and capital proceeds involving foreign residents and certain kinds of taxable Australian property (see Division 14). Note: The obligation to pay an amount to the Commissioner is imposed on the entity receiving the alienated personal services payment or providing the non ‑ cash benefit or capital proceeds.", "Amendment_Count": 16, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 168 of 2001 | No 15 of 2002 | No 66 of 2003 | No 9 of 2007 | No 15 of 2007 | No 79 of 2007 | No 32 of 2008 | No 56 of 2010 | No 75 of 2010 | No 58 of 2012 | No 10 of 2016 | No 53 of 2016 | No 132 of 2017 | No 75 of 2022", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 168 of 2001, effective sch 2: 1 July 2000 Remainder: Royal Assent | Amended by No 15 of 2002, effective 4 Apr 2002 | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s10-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 11-1", "Provision_Key": "s11-1", "Heading": "Object of this Part", "Text": "The object of this Part is to ensure the efficient collection of: (a) income tax; and (b) * Medicare levy; and (ca) amounts of liabilities to the Commonwealth under Chapter 4 of the Higher Education Support Act 2003 ; and (caa) amounts of liabilities to the Commonwealth under Part 3A of the VET Student Loans Act 2016 ; and (cb) amounts of liabilities to the Commonwealth under Chapter 2AA of the Social Security Act 1991 ; and (cc) amounts of liabilities to the Commonwealth under Part 2 of the Student Assistance Act 1973 ; and (cd) amounts of liabilities to the Commonwealth under Chapter 3 of the Australian Apprenticeship Support Loans Act 2014 ; and (da) amounts of liabilities to the Commonwealth under Part 2B.3 of the Social Security Act 1991 ; and (db) amounts of liabilities to the Commonwealth under Division 6 of Part 4A of the Student Assistance Act 1973 ; and (d) * withholding tax; and (e) * mining withholding tax; and (f) * TFN withholding tax; and (h) * petroleum resource rent tax.", "Amendment_Count": 13, "First_Amended": "No 178 of 1999", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 150 of 2003 | No 101 of 2006 | No 56 of 2010 | No 12 of 2012 | No 14 of 2012 | No 88 of 2013 | No 82 of 2014 | No 96 of 2014 | No 169 of 2015 | No 116 of 2018 | No 61 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s11-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 11-5", "Provision_Key": "s11-5", "Heading": "Constructive payment", "Text": "(1) In working out whether an entity has paid an amount to another entity, and when the payment is made, the amount is taken to have been paid to the other entity when the first entity applies or deals with the amount in any way on the other’s behalf or as the other directs. (2) An amount is taken to be payable by an entity to another entity if the first entity is required to apply or deal with it in any way on the other’s behalf or as the other directs.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s11-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-1", "Provision_Key": "s12-1", "Heading": "General exceptions", "Text": "Exempt income of recipient (1) An entity need not withhold an amount under section 12 ‑ 35, 12 ‑ 40, 12 ‑ 45, 12 ‑ 47, 12 ‑ 50, 12 ‑ 55, 12 ‑ 60, 12 ‑ 80, 12 ‑ 85, 12 ‑ 90, 12 ‑ 120 or 12 ‑ 190 from a payment if the whole of the payment is * exempt income of the entity receiving the payment. Non ‑ assessable non ‑ exempt income of recipient (1A) An entity need not withhold an amount under Subdivision 12 ‑ B, Subdivision 12 ‑ C or section 12 ‑ 120 or 12 ‑ 190 from a payment if the whole of the payment is not assessable income and is not * exempt income of the entity receiving the payment. Living ‑ away ‑ from ‑ home allowance benefit (2) In working out how much to withhold under section 12 ‑ 35, 12 ‑ 40, 12 ‑ 45, 12 ‑ 47, 12 ‑ 115, 12 ‑ 120, 12 ‑ 315 or 12 ‑ 317 from a payment, disregard so much of the payment as is a living ‑ away ‑ from ‑ home allowance benefit as defined by section 136 of the Fringe Benefits Tax Assessment Act 1986 . Expense payment benefit (3) In working out how much to withhold under section 12 ‑ 35, 12 ‑ 40, 12 ‑ 45, 12 ‑ 47, 12 ‑ 115, 12 ‑ 120, 12 ‑ 315 or 12 ‑ 317 from a payment, disregard so much of the payment as: (a) is an expense payment benefit as defined by section 136 of the Fringe Benefits Tax Assessment Act 1986 ; and (b) is not an exempt benefit under section 22 of that Act (about reimbursement of car expenses on the basis of distance travelled). Capped defined benefit income stream (4) This section does not apply in relation to a payment if the whole of the payment is a * superannuation income stream benefit that is paid from a * capped defined benefit income stream. Note: For withholding amounts from a superannuation income stream, see section 12 ‑ 80.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 178 of 1999 | No 168 of 2001 | No 66 of 2003 | No 15 of 2007 | No 92 of 2008 | No 70 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 168 of 2001, effective sch 2: 1 July 2000 Remainder: Royal Assent | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 92 of 2008, effective sch 1 (items 24 ‑ 26), sch 2 (items 41, 42): 1 Oct 2008 | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-5", "Provision_Key": "s12-5", "Heading": "What to do if more than one provision requires a withholding", "Text": "(1) If more than one provision in this Division covers a payment, only one amount is to be withheld from the payment. (2) The provision to apply is the one that is most specific to the circumstances of the payment. However, this general rule is subject to the specific rules in the table, and the specific rule in subsection (3). Specific rules for determining priority among withholding provisions Item Apply: Which is about: In priority to: 1AA section 12 ‑ 385 or 12 ‑ 390 distributions to foreign residents from * withholding MITs each other withholding provision 1 section 12 ‑ 35, 12 ‑ 40, 12 ‑ 45, 12 ‑ 47 or 12 ‑ 50 a payment for work or services section 12 ‑ 60 (payment under a labour hire arrangement or specified by regulations); or section 12 ‑ 190 (payment for a supply where recipient does not quote its ABN) 1A section 12 ‑ 35 or 12 ‑ 45 a payment for work or services section 12 ‑ 47 (a payment to a * religious practitioner) 2 section 12 ‑ 80, 12 ‑ 85 or 12 ‑ 90 a * superannuation benefit, an annuity, a payment for termination of employment or an unused leave payment section 12 ‑ 60 (payment under a labour hire arrangement or specified by regulations); or section 12 ‑ 190 (payment for a supply where recipient does not quote its ABN) 3 section 12 ‑ 110, 12 ‑ 115 or 12 ‑ 120 a payment of benefit or compensation section 12 ‑ 60 (payment under a labour hire arrangement or specified by regulations); or section 12 ‑ 190 (payment for a supply where recipient does not quote its ABN) 4 section 12 ‑ 60 a payment under a labour hire arrangement or specified by regulations section 12 ‑ 190 (payment for a supply where recipient does not quote its ABN) 5 section 12 ‑ 140 or 12 ‑ 145 a payment arising from investment where the recipient does not quote tax file number section 12 ‑ 175 or 12 ‑ 180 (Payment of income of closely held trust where TFN not quoted) or section 12 ‑ 210, 12 ‑ 215, 12 ‑ 245, 12 ‑ 250 or 12 ‑ 255 (payment of a dividend or interest) 6 section 12 ‑ 280 or 12 ‑ 285 a payment of royalty section 12 ‑ 325 (natural resource payment) (3) Apply a provision in this Division (apart from a provision in Subdivision 12 ‑ FB) that covers a payment in priority to a provision in Subdivision 12 ‑ FB that also covers the payment. Note: Some provisions of this Division clearly do not cover a payment covered by some other provisions. For example: Section 12 ‑ 55 (about voluntary agreements) covers a payment only if no other provision requires the payer to withhold an amount from the payment.", "Amendment_Count": 8, "First_Amended": "No 178 of 1999", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 178 of 1999 | No 168 of 2001 | No 66 of 2003 | No 15 of 2007 | No 79 of 2007 | No 56 of 2010 | No 75 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 168 of 2001, effective sch 2: 1 July 2000 Remainder: Royal Assent | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-7", "Provision_Key": "s12-7", "Heading": "Division does not apply to alienated personal services payments", "Text": "(1) This Division (other than the provisions mentioned in subsection (2)) does not apply to a payment in so far as the payment: (a) is an * alienated personal services payment; or (b) was received, by the entity making the payment, as an * alienated personal services payment. Note: An entity that receives an alienated personal services payment may be obliged to pay an amount to the Commissioner: see Division 13. (2) The provisions are: (a) Subdivision 12 ‑ FB; and (b) any other provisions in this Division to the extent that they apply in relation to that Subdivision.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 86 of 2000 | No 20 of 2004", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 20 of 2004, effective sch 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-7"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-10", "Provision_Key": "s12-10", "Heading": "Division does not apply to non ‑ cash benefits", "Text": "This Division does not apply to a payment in so far as it consists of providing a * non ‑ cash benefit. Note: If a non ‑ cash benefit is provided in circumstances where a payment would give rise to a withholding obligation, the provider must pay an amount to the Commissioner: see Division 14.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-20", "Provision_Key": "s12-20", "Heading": "Application of Division and regulations to non ‑ share dividends", "Text": "This Division and the regulations made for the purposes of this Division: (a) apply to a non ‑ share equity interest in the same way as it applies to a share; and (b) apply to an equity holder in the same way as it applies to a shareholder; and (c) apply to a non ‑ share dividend in the same way as it applies to a dividend.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-35", "Provision_Key": "s12-35", "Heading": "Payment to employee", "Text": "An entity must withhold an amount from salary, wages, commission, bonuses or allowances it pays to an individual as an employee (whether of that or another entity). For exceptions, see section 12 ‑ 1.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-40", "Provision_Key": "s12-40", "Heading": "Payment to company director", "Text": "A company must withhold an amount from a payment of remuneration it makes to an individual: (a) if the company is incorporated—as a director of the company, or as a person who performs the duties of a director of the company; or (b) if the company is not incorporated—as a member of the committee of management of the company, or as a person who performs the duties of such a member. For exceptions, see section 12 ‑ 1.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-45", "Provision_Key": "s12-45", "Heading": "Payment to office holder", "Text": "(1) An entity must withhold an amount from salary, wages, commission, bonuses or allowances it pays to an individual as: (a) a member of an * Australian legislature; or (b) a person who holds, or performs the duties of, an appointment, office or position under the Constitution or an * Australian law; or (c) a member of the Defence Force, or of a police force of the Commonwealth, a State or a Territory; or (d) a person who is otherwise in the service of the Commonwealth, a State or a Territory; or (e) a member of a * local governing body where there is in effect, in accordance with section 446 ‑ 5, a unanimous resolution by the body that the remuneration of members of the body be subject to withholding under this Part. For exceptions, see section 12 ‑ 1. (2) This section does not require an amount to be withheld from a payment to an individual as a member of a * local governing body unless it is one to which paragraph (1)(e) applies.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-47", "Provision_Key": "s12-47", "Heading": "Payment to religious practitioners", "Text": "An entity must withhold an amount from a payment it makes to a * religious practitioner for an activity, or a series of activities, if: (a) the activity, or series of activities, is done by the religious practitioner in pursuit of his or her vocation as a religious practitioner; and (b) the activity, or series of activities, is done by the religious practitioner as a member of a religious institution; and (c) the payment is made by the entity in the course or furtherance of an * enterprise that the entity * carries on.", "Amendment_Count": 2, "First_Amended": "No 168 of 2001", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 168 of 2001 | No 41 of 2005", "History_Notes": "Inserted by No 168 of 2001, effective sch 2: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective sch 1 (items 12, 13), sch 10 (items 233 ‑ 241, 275): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-47"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-50", "Provision_Key": "s12-50", "Heading": "Return to work payment", "Text": "An entity must withhold an amount from a payment it makes to an individual if the payment is included in the individual’s assessable income under section 15 ‑ 3 of the Income Tax Assessment Act 1997 (return to work payments). For exceptions, see section 12 ‑ 1.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-55", "Provision_Key": "s12-55", "Heading": "Voluntary agreement to withhold", "Text": "(1) An entity must withhold an amount from a payment it makes to an individual if: (a) the payment is made under an * arrangement the performance of which, in whole or in part, involves the performance of work or services (whether or not by the individual); and (b) no other provision of this Division requires the entity to withhold an amount from the payment; and (c) the entity and the individual are parties to an agreement (the voluntary agreement ) that is in the * approved form and states that this section covers payments under the arrangement mentioned in paragraph (a), or under a series of such arrangements that includes that arrangement; and (d) the individual has an * ABN that is in force and is * quoted in that agreement. For exceptions, see section 12 ‑ 1. (2) Each party must keep a copy of the voluntary agreement from when it is made until 5 years after the making of the last payment covered by the agreement. Penalty: 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2A) An offence under subsection (2) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (3) A party to the voluntary agreement may terminate it at any time by notifying the other party in writing.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 178 of 1999 | No 146 of 2001", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-60", "Provision_Key": "s12-60", "Heading": "Payment under labour hire arrangement, or specified by regulations", "Text": "(1) An entity that * carries on an * enterprise must withhold an amount from a payment that it makes to an individual in the course or furtherance of the enterprise if: (a) the enterprise is a * business of arranging for persons to perform work or services directly for clients of the entity, or the enterprise includes a business of that kind that is not merely incidental to the main activities of the enterprise; and (b) the payment is made under an * arrangement the performance of which, in whole or in part, involves the performance of work or services by the individual directly for a client of the entity, or directly for a client of another entity. For exceptions, see section 12 ‑ 1. Example 1: Staffprovider Ltd keeps a database of skilled persons who are willing for their services to be provided to third parties. Staffprovider arranges with Corporate Pty Ltd to provide to it the services of a computer programmer in return for payment. Staffprovider arranges with Jane for her to do computer programming for Corporate. Staffprovider must withhold amounts under this section from payments it makes to Jane under the arrangement with her. Example 2: Ian is a solicitor who regularly briefs barristers to represent his clients. Briefing barristers is merely incidental to Ian’s main activities as a solicitor, so he does not have to withhold amounts under this section from payments he makes to barristers. (2) An entity that carries on an * enterprise must withhold an amount from a payment that it makes to an individual in the course or furtherance of the enterprise if the payment is, in whole or in part, for work or services and is of a kind prescribed by the regulations. For exceptions, see section 12 ‑ 1.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 91 of 2000 | No 41 of 2005", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 41 of 2005, effective sch 1 (items 12, 13), sch 10 (items 233 ‑ 241, 275): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-80", "Provision_Key": "s12-80", "Heading": "Superannuation income streams and annuities", "Text": "An entity must withhold an amount from any of the following payments it makes to an individual: (a) a * superannuation income stream; (b) an * annuity. For exceptions, see section 12 ‑ 1.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 178 of 1999 | No 8 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 8 of 2007, effective sch 1 (item 25): 22 Dec 1999 (s 2(1) item 21) sch 4 (item 32): 15 Mar 2007 (s 2(1) item 44) | Repealed and substituted by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-85", "Provision_Key": "s12-85", "Heading": "Superannuation lump sums and payments for termination of employment", "Text": "An entity must withhold an amount from any of the following payments it makes to an individual: (a) a * superannuation lump sum; (b) a payment that is an * employment termination payment or would be one except that it is received more than 12 months after termination of employment. For exceptions, see section 12 ‑ 1.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 178 of 1999 | No 15 of 2007 | No 56 of 2010", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-90", "Provision_Key": "s12-90", "Heading": "Unused leave payments", "Text": "An entity must withhold an amount from any of the following payments it makes to an individual: (a) an * unused annual leave payment; (b) an * unused long service leave payment, to the extent that the payment is included in the individual’s assessable income. For exceptions, see section 12 ‑ 1.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 178 of 1999 | No 15 of 2007", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-110", "Provision_Key": "s12-110", "Heading": "Social Security or other benefit payment", "Text": "(1) An entity must withhold an amount from a payment it makes to an individual if the payment is: (a) specified in an item of the table in section 52 ‑ 10 of the Income Tax Assessment Act 1997 (Social Security payments); or (b) specified in an item of the table in section 52 ‑ 65 of that Act (Veterans’ Affairs payments); or (ba) specified in an item of the table in section 52 ‑ 114 of that Act (Military Rehabilitation and Compensation Act payments); or (c) specified in section 52 ‑ 105, 53 ‑ 10, 55 ‑ 5 or 55 ‑ 10 of that Act; or Note: Payments specified in those provisions of the Income Tax Assessment Act 1997 are made under various Commonwealth laws. (ca) * parental leave pay. (2) In working out the amount to be withheld, disregard so much of the payment as is * exempt income of the individual.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 178 of 1999 | No 76 of 2000 | No 52 of 2004 | No 105 of 2010 | No 109 of 2012 | No 4 of 2023 | No 67 of 2024", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 76 of 2000, effective 28 June 2000 | Amended by No 52 of 2004, effective s 1 ‑ 3: Royal Assent Remainder: 1 July 2004 ( see s 2(1)) | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 109 of 2012, effective sch 1 (items 114 ‑ 119): 1 Oct 2012 (s 2(1) item 2) | Amended by No 4 of 2023, effective sch 2 (items 27 ‑ 31), sch 3 (items 1, 2, 4): 26 Mar 2023 (s 2(1) item 1) | Amended by No 67 of 2024, effective sch 5 (items 46 ‑ 48): 1 Oct 2024 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-115", "Provision_Key": "s12-115", "Heading": "Commonwealth education or training payment", "Text": "(1) An entity must withhold an amount from a * Commonwealth education or training payment it makes to an individual. For exceptions, see subsection (2) and section 12 ‑ 1. (2) In working out the amount to be withheld, disregard so much of the payment as is * exempt income of the individual.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-120", "Provision_Key": "s12-120", "Heading": "Compensation, sickness or accident payment", "Text": "An entity must withhold an amount from a payment of compensation, or of sickness or accident pay, it makes to an individual if the payment: (a) is made because of that or another individual’s incapacity for work; and (b) is calculated at a periodical rate; and (c) is not a payment made under an insurance policy to the policy owner. For exceptions, see section 12 ‑ 1.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-140", "Provision_Key": "s12-140", "Heading": "Recipient does not quote tax file number", "Text": "(1) An * investment body must withhold an amount from a payment it makes to another entity in respect of a * Part VA investment if: (a) all or some of the payment is * ordinary income or * statutory income of the other entity; and (b) if the investment is non ‑ transferable—the other entity did not * quote its * tax file number in connection with the investment before the time when the payment became payable; and (c) if the investment is transferable—the other entity did not quote its tax file number in connection with the investment before the time when the other entity had to be registered with the investment body as the * investor to be entitled to the payment. Note: If the investment body is an AMIT, under subsection 12A ‑ 205(2) amounts may be treated, for the purposes of this Part, as having been paid to the other entity by the investment body. Payment in respect of units in a trust or investment ‑ related betting chance (2) If a * Part VA investment consists of: (a) units in a unit trust (as defined in section 202A of the Income Tax Assessment Act 1936 ); or (b) an investment ‑ related betting chance; an entity (including the * investment body) must withhold an amount from a payment it makes to another entity in respect of the investment if the conditions in subsection (1) of this section are met. For exceptions to the rules in this section, see sections 12 ‑ 150 to 12 ‑ 170. (3) If: (a) because of subsection 12A ‑ 205(2), an entity is treated as having made a payment to another entity; and (b) under subsection (2) of this section, the entity has withheld an amount from that payment, and paid the amount to the Commissioner; the entity may recover from the other entity, as a debt, the amount withheld. (4) The entity is entitled to set off an amount that the entity can recover from the other entity under subsection (3) against debts due by the entity to the other entity.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 178 of 1999 | No 101 of 2006 | No 15 of 2019", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2019, effective sch 1 (items 19 ‑ 33, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-145", "Provision_Key": "s12-145", "Heading": "Investor becoming presently entitled to income of a unit trust", "Text": "(1) This section applies if: (a) a * Part VA investment consists of units in a unit trust (as defined in section 202A of the Income Tax Assessment Act 1936 ); and (b) the * investor becomes presently entitled, for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 , to a share of income of the trust at a time (the entitlement time ) before any of that share is paid to the investor. (2) The entity (including the * investment body) that would have to pay that share to the * investor if the share were due and payable at the entitlement time must withhold from the share, at that time, the amount (if any) that subsection 12 ‑ 140(2) would have required it to withhold if it had paid the share to the investor at that time. For exceptions to the rules in this section, see sections 12 ‑ 155 to 12 ‑ 170. (3) This Part (except section 12 ‑ 140 and this section) applies as if that entity had paid that share to the * investor at the entitlement time. (4) If that entity withholds an amount from that share as required by subsection (2), subsection 12 ‑ 140(2) does not require an amount to be withheld from a payment of all or part of that share to the * investor.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-150", "Provision_Key": "s12-150", "Heading": "Limited application of section 12 ‑ 140 to payment under financial arrangement", "Text": "(1) This section limits the extent to which section 12 ‑ 140 applies to a payment in respect of a * Part VA investment if the investment is a qualifying security (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 (about gains accruing on securities)) and: (a) is of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of that Act; or (b) is of a kind mentioned in item 3 of that table and is non ‑ transferable. Note: Section 202D of the Income Tax Assessment Act 1936 lists the investments in connection with which tax file numbers are to be quoted. (2) Section 12 ‑ 140 applies to the payment only to the extent that is covered by one or both of these paragraphs: (a) so much of the payment as consists of periodic interest (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 ); (b) if the payment became payable at the end of the term (within the meaning of that Division) of the investment—so much of the payment as does not exceed what section 159GQ of that Act would include in the * investor’s assessable income for the income year in which that term ended. Note: This limitation ensures that an amount is not withheld from payment of an amount in respect of which TFN withholding tax is payable. See Subdivision 14 ‑ B. (3) The adoption (under section 18 of the Income Tax Assessment Act 1936 ) of an accounting period ending on a day other than 30 June is disregarded for the purposes of: (a) paragraph (2)(b) of this section; and (b) the application of Division 16E of Part III of that Act for the purposes of that paragraph.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-152", "Provision_Key": "s12-152", "Heading": "Limited application of section 12 ‑ 140 to payment covered by section 12A ‑ 205", "Text": "(1) If a payment is treated under section 12A ‑ 205 as having been made, section 12 ‑ 140 does not apply to the payment to the extent that it covers a * pre ‑ AMMA actual payment from which section 12 ‑ 140 has required an amount to be withheld. (2) If a payment is a * post ‑ AMMA actual payment, section 12 ‑ 140 does not apply to the payment to the extent that it covers either or both of the following: (a) a * pre ‑ AMMA actual payment from which section 12 ‑ 140 has required an amount to be withheld; (b) a payment that is treated under section 12A ‑ 205 as having been made from which section 12 ‑ 140 has required an amount to be withheld.", "Amendment_Count": 1, "First_Amended": "No 15 of 2019", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 15 of 2019", "History_Notes": "Inserted by No 15 of 2019, effective sch 1 (items 19 ‑ 33, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-152"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-155", "Provision_Key": "s12-155", "Heading": "When investor may quote ABN as alternative", "Text": "Section 12 ‑ 140 or 12 ‑ 145 does not require an amount to be withheld if: (a) the other entity made the investment in the course or furtherance of an * enterprise * carried on by it; and (b) the other entity has an * ABN, and has * quoted it to the investment body, by the time referred to in paragraph 12 ‑ 140(1)(b) or (c).", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 178 of 1999 | No 41 of 2005", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 41 of 2005, effective sch 1 (items 12, 13), sch 10 (items 233 ‑ 241, 275): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-160", "Provision_Key": "s12-160", "Heading": "Investment body unaware that exemption from quoting TFN has stopped applying", "Text": "Section 12 ‑ 140 or 12 ‑ 145 does not require an amount to be withheld if: (a) a provision of Division 5 of Part VA of the Income Tax Assessment Act 1936 has applied to the other entity in relation to the investment, but no longer applies when the payment is made; and (b) when the payment is made, the * investment body has not been informed of anything that resulted in the provision no longer applying. Note: Division 5 of Part VA of that Act provides, in certain cases, that even though an entity has not quoted its tax file number it is taken to have done so.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-165", "Provision_Key": "s12-165", "Heading": "Exception for fully franked dividend", "Text": "Section 12 ‑ 140 does not require an amount to be withheld if: (a) the investment consists of * shares in a public company (as defined in section 202A of the Income Tax Assessment Act 1936 ); and (b) the payment is a * distribution that has been franked in accordance with section 202 ‑ 5 of the Income Tax Assessment Act 1997 ; and (c) the * franking percentage for the distribution is 100%.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 178 of 1999 | No 23 of 2005", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 23 of 2005, effective sch 2 (items 13, 14(2)), sch 3 (items 103 ‑ 109, 111(3)): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-170", "Provision_Key": "s12-170", "Heading": "Exception for payments below thresholds set by regulations", "Text": "(1) Section 12 ‑ 140 or 12 ‑ 145 does not require an amount to be withheld if the payment is less than the amount worked out under the regulations. (2) Regulations made for the purposes of this section may deal differently with different payments.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-175", "Provision_Key": "s12-175", "Heading": "Trustee distributes income of closely held trust", "Text": "Scope (1) This section applies if: (a) the trustee of a trust makes a distribution to a beneficiary of the trust at a time (the distribution time ) during an income year of the trust; and (b) some or all of the distribution is from the * ordinary income or * statutory income of the trust; and (c) the trust is: (i) a resident trust estate (within the meaning of subsection 95(2) of the Income Tax Assessment Act 1936 ) in relation to the income year; and (ii) a closely held trust (within the meaning of section 102UC of that Act); and (iii) not prescribed by the regulations for the purposes of this subparagraph; and (d) the beneficiary is: (i) an Australian resident; and (ii) not an * exempt entity; and (iii) not under a legal disability for the purposes of section 98 of that Act. Trustee must withhold (2) The trustee must withhold an amount from the distribution, if: (a) the beneficiary did not * quote the beneficiary’s * tax file number to the trustee before the distribution time; and (b) the trustee is not liable to pay tax under section 98 of the Income Tax Assessment Act 1936 in connection with the distribution; and (c) the trustee is not required to make a correct TB statement under Division 6D of Part III of that Act (about trustee beneficiary non ‑ disclosure tax) in connection with the distribution; and (d) family trust distribution tax is not payable under Schedule 2F to that Act in connection with the distribution. Note 1: If the trust is a unit trust, the trustee may be required to withhold under section 12 ‑ 140 in priority to this section: see section 12 ‑ 5. Note 2: The trustee commits an offence if the trustee fails to withhold an amount as required by this section: see section 16 ‑ 25. Application of rest of Part (3) If the distribution is not a payment, this Part applies as if the trustee paid the amount of the distribution to the beneficiary at the distribution time. Trust income of earlier income years (4) Subsections (2) and (3) do not apply to the distribution, to the extent that: (a) the beneficiary is presently entitled, for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 , to a share of the income of the trust of an earlier income year; and (b) the distribution is a distribution of some or all of that share. Note: The trustee may have been required to withhold from that share under section 12 ‑ 180.", "Amendment_Count": 2, "First_Amended": "No 75 of 2010", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 75 of 2010 | No 95 of 2019", "History_Notes": "Inserted by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 95 of 2019, effective sch 4 (items 5, 6): 1 Jan 2020 (s 2(1) item 2) sch 5 (items 2 ‑ 4), sch 6: 29 Oct 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-175"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-180", "Provision_Key": "s12-180", "Heading": "Beneficiary becomes presently entitled to income of closely held trust", "Text": "Scope (1) This section applies if: (a) at the end of an income year of a trust, a beneficiary of the trust is presently entitled, for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 , to a share of the income of the trust of that year; and (b) paragraph 12 ‑ 175(1)(c) in this Schedule applies to the trustee of the trust; and (c) paragraph 12 ‑ 175(1)(d) applies to the beneficiary. Trustee must withhold (2) The trustee must withhold an amount from that share of the * net income of the trust, if: (a) the beneficiary did not * quote the beneficiary’s * tax file number to the trustee before the end of the year; and (b) the trustee is not liable to pay tax in respect of that share under section 98 of the Income Tax Assessment Act 1936 ; and (c) the trustee is not required to make a correct TB statement about that share under Division 6D of Part III of that Act (about trustee beneficiary non ‑ disclosure tax); and (d) family trust distribution tax is not payable on that share of the income of the trust under Schedule 2F to that Act. Note 1: If the trust is a unit trust, the trustee may be required to withhold under section 12 ‑ 145 in priority to this section: see section 12 ‑ 5. Note 2: The trustee commits an offence if the trustee fails to withhold an amount as required by this section: see section 16 ‑ 25. Application of rest of Part (3) This Part (other than section 12 ‑ 175) applies as if the trustee had paid that share of the * net income of the trust to the beneficiary at the end of the income year. Entitlements already paid (4) Subsections (2) and (3) do not apply to that share of the * net income of the trust to the extent that the trustee distributed any of that share to the beneficiary during the income year. Note: The trustee may have been required to withhold from that distribution under section 12 ‑ 175. Trusts that end during the year (5) This section applies as if each reference to the end of an income year were a reference to the time occurring just before the trust ends, if the trust ends during the income year.", "Amendment_Count": 1, "First_Amended": "No 75 of 2010", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 75 of 2010", "History_Notes": "Inserted by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-180"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-185", "Provision_Key": "s12-185", "Heading": "Exception for payments below thresholds set by regulations", "Text": "(1) Section 12 ‑ 175 or 12 ‑ 180 does not require an amount to be withheld if the payment (including the payment mentioned in subsection 12 ‑ 180(3)) is less than the amount worked out under the regulations. (2) Regulations made for the purposes of this section may deal differently with different payments.", "Amendment_Count": 1, "First_Amended": "No 75 of 2010", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 75 of 2010", "History_Notes": "Inserted by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-185"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-190", "Provision_Key": "s12-190", "Heading": "Recipient does not quote ABN", "Text": "(1) An entity (the payer ) must withhold an amount from a payment it makes to another entity if: (a) the payment is for a * supply that the other entity has made, or proposes to make, to the payer in the course or furtherance of an * enterprise * carried on in Australia by the other entity; and (b) none of the exceptions in this section applies. ABN correctly quoted (2) The payer need not withhold an amount under this section if, when the payment is made: (a) the other entity has given the payer an * invoice that relates to the * supply and * quotes the other entity’s * ABN; or (b) the payer has some other document relating to the supply on which the other entity’s ABN is * quoted. (2A) The payer need not withhold an amount under this section if the other entity has made the * supply, or proposes to make the supply, through an agent and, when the payment is made: (a) the agent has given the payer an * invoice that relates to the supply and * quotes the agent’s * ABN; or (b) the payer has some other document relating to the supply on which the agent’s ABN is * quoted. Payer has no reason to believe that ABN has been incorrectly quoted (3) The payer need not withhold an amount under this section if, when the payment is made: (a) the other entity has given the payer an * invoice that relates to the * supply and purports to * quote the other entity’s * ABN, or the payer has some other document that relates to the supply and purports to * quote the other entity’s ABN; and (b) the other entity does not have an ABN, or the invoice or other document does not in fact quote the other entity’s ABN; and (c) the payer has no reasonable grounds to believe that the other entity does not have an ABN, or that the invoice or other document does not quote the other entity’s ABN. (3A) The payer need not withhold an amount under this section if the other entity has made the * supply, or proposes to make the supply, through an agent and, when the payment is made: (a) the agent has given the payer an * invoice that relates to the supply and purports to * quote the agent’s * ABN, or the payer has some other document that relates to the supply and purports to * quote the agent’s ABN; and (b) the agent does not have an ABN, or the invoice or other document does not in fact quote the agent’s ABN; and (c) the payer has no reasonable grounds to believe that the agent does not have an ABN, or that the invoice or other document does not quote the agent’s ABN. No need to quote ABN (4) The payer need not withhold an amount under this section if: (a) the payment is made otherwise than in the course or furtherance of an * enterprise * carried on in Australia by the payer; or (b) the payment (disregarding so much of it as relates to * GST payable on the * supply) or, if the payer has also made, or proposes to make, one or more other payments to the other entity for the supply, the total of all the payments (disregarding so much of them as relates to * GST payable on the supply) does not exceed $50 or such higher amount as is specified in regulations in force for the purposes of subsection 29 ‑ 80(1) of the * GST Act; or (c) the supply is made in the course or furtherance of an activity, or series of activities, done as a member of a local governing body established by or under a * State law or * Territory law; or (d) the supply is wholly * input taxed. (5) The payer need not withhold an amount under this section if the payment: (a) is covered by section 12 ‑ 140 or 12 ‑ 145 (about not quoting * tax file number in respect of an investment in respect of which the payment is made); or (b) would be covered by section 12 ‑ 140 or 12 ‑ 145 if the other entity had not quoted as mentioned in subsection 12 ‑ 140(1) or section 12 ‑ 155; or (c) would be covered by section 12 ‑ 140 or 12 ‑ 145 apart from section 12 ‑ 160, 12 ‑ 165 or 12 ‑ 170 (which are exceptions to sections 12 ‑ 140 and 12 ‑ 145); or (d) is covered by section 12 ‑ 175 or 12 ‑ 180 (Payment of income of closely held trust where TFN not quoted); or (e) would be covered by section 12 ‑ 175 or 12 ‑ 180 if the other entity had not quoted as mentioned in paragraph 12 ‑ 175(2)(a) or 12 ‑ 180(2)(a); or (f) would be covered by section 12 ‑ 175 or 12 ‑ 180 apart from section 12 ‑ 185 (which is an exception to sections 12 ‑ 175 and 12 ‑ 180). (6) The payer need not withhold an amount under this section if, when the payment is made: (a) the other entity is an individual and has given the payer a written statement to the effect that: (i) the * supply is made in the course or furtherance of an activity, or series of activities, done as a private recreational pursuit or hobby; or (ii) the supply is, for the other entity, wholly of a private or domestic nature; and (b) the payer has no reasonable grounds to believe that the statement is false or misleading in a material particular. (7) In working out, for the purposes of this section, whether an enterprise is * carried on in Australia, ignore any part of Australia that is not in the indirect tax zone (within the meaning of the * GST Act). Note: The effect of this subsection is to treat an enterprise as carried on in Australia only where it would be treated as carried on in the indirect tax zone under the A New Tax System (Australian Business Number) Act 1999 .", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 66 of 2003 | No 75 of 2010 | No 2 of 2015", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-190"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-210", "Provision_Key": "s12-210", "Heading": "Dividend payment to overseas person", "Text": "A company that is an Australian resident must withhold an amount from a * dividend it pays if: (a) according to the register of the company’s members, the entity, or any of the entities, holding the * shares on which the dividend is paid has an address outside Australia; or (b) that entity, or any of those entities, has authorised or directed the company to pay the dividend to an entity or entities at a place outside Australia. For limits on the amount to be withheld, see section 12 ‑ 300.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-210"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-215", "Provision_Key": "s12-215", "Heading": "Dividend payment received for foreign resident", "Text": "(1) An entity that receives a payment of a * dividend of a company that is an Australian resident must withhold an amount from the dividend if: (a) the entity is a person in Australia or an * Australian government agency; and (b) a foreign resident is or becomes entitled: (i) to receive the dividend or part of it from the entity, or to receive the amount of the dividend or of part of it from the entity; or (ii) to have the entity credit to the foreign resident, or otherwise deal with on the foreign resident’s behalf or as the foreign resident directs, the dividend or part of it, or the amount of the dividend or of part of it. For limits on the amount to be withheld, see section 12 ‑ 300. (2) The entity must withhold the amount: (a) if the foreign resident is so entitled when the entity receives the payment—immediately after the entity receives the payment; or (b) if the foreign resident becomes so entitled after the entity receives the payment—immediately after the foreign resident becomes so entitled.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-215"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-220", "Provision_Key": "s12-220", "Heading": "Application to part of a dividend", "Text": "This Part applies to a part of a * dividend in the same way as to a dividend.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-220"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-225", "Provision_Key": "s12-225", "Heading": "Application to distribution by a liquidator or other person", "Text": "This Part applies to a distribution that section 47 of the Income Tax Assessment Act 1936 treats as a * dividend paid by a company, in the same way as this Part applies to a dividend paid by the company, and as if the liquidator or other person making the distribution were the company.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-225"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-245", "Provision_Key": "s12-245", "Heading": "Interest payment to overseas person", "Text": "An entity must withhold an amount from interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) it pays to an entity, or to entities jointly, if: (a) the recipient or any of the recipients has an address outside Australia according to any record that is in the payer’s possession, or is kept or maintained on the payer’s behalf, about the transaction to which the interest relates; or (b) the payer is authorised to pay the interest at a place outside Australia (whether to the recipient or any of the recipients or to anyone else). For limits on the amount to be withheld, see section 12 ‑ 300.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-245"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-250", "Provision_Key": "s12-250", "Heading": "Interest payment received for foreign resident", "Text": "(1) An entity that receives a payment of interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) must withhold an amount from the payment if: (a) the entity is a person in Australia or an * Australian government agency; and (b) a foreign resident is or becomes entitled: (i) to receive the interest or part of it from the entity, or to receive the amount of the interest or of part of it from the entity; or (ii) to have the entity credit to the foreign resident, or otherwise deal with on the foreign resident’s behalf or as the foreign resident directs, the interest or part of it, or the amount of the interest or of part of it. For limits on the amount to be withheld, see section 12 ‑ 300. (2) The entity must withhold the amount: (a) if the foreign resident is so entitled when the entity receives the payment—immediately after the entity receives the payment; or (b) if the foreign resident becomes so entitled after the entity receives the payment—immediately after the foreign resident becomes so entitled.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-250"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-255", "Provision_Key": "s12-255", "Heading": "Interest payment derived by lender in carrying on business through overseas permanent establishment", "Text": "An entity must withhold an amount from interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) it pays if it has been notified under section 12 ‑ 260 of this Act that this section applies to the interest. Note: For limits on the amount to be withheld, see section 12 ‑ 300.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-255"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-260", "Provision_Key": "s12-260", "Heading": "Lender to notify borrower if interest derived through overseas permanent establishment", "Text": "(1) If: (a) interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) is payable to: (i) an entity that is, or entities at least one of whom is, an Australian resident; or (ii) an * Australian government agency; and (b) the entity liable to pay the interest is authorised to pay it at a place in Australia (whether to any of those entities or the agency, or to anyone else); and (c) the interest is or will be * derived by any of those entities or the agency in carrying on business in a country outside Australia at or through a * permanent establishment it has in that country; those entities, or the agency, must notify the entity liable to pay the interest that section 12 ‑ 255 applies to the interest. (2) The notice must be given in writing, before the entities, or the agency, enter into the transaction in relation to which the interest is payable, or within one month afterwards. (3) Immediately after giving the notice, those entities, or the agency, must notify the Commissioner of: (a) the particulars of the transaction (including the dates on which interest is payable under it); and (b) the day when the notice was given to the entity liable to pay the interest. Failure to comply with this section may contravene section 8C of this Act.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-260"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-280", "Provision_Key": "s12-280", "Heading": "Royalty payment to overseas person", "Text": "An entity must withhold an amount from a * royalty it pays to an entity, or to entities jointly, if: (a) the recipient or any of the recipients has an address outside Australia according to any record that is in the payer’s possession, or is kept or maintained on the payer’s behalf, about the transaction to which the royalty relates; or (b) the payer is authorised to pay the royalty at a place outside Australia (whether to the recipient or any of the recipients or to anyone else). For limits on the amount to be withheld, see section 12 ‑ 300.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-280"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-285", "Provision_Key": "s12-285", "Heading": "Royalty payment received for foreign resident", "Text": "(1) An entity that receives a payment of a * royalty must withhold an amount from the payment if: (a) the entity is a person in Australia or an * Australian government agency; and (b) a foreign resident is or becomes entitled: (i) to receive the royalty or part of it from the entity, or to receive the amount of the royalty or of part of it from the entity; or (ii) to have the entity credit to the foreign resident, or otherwise deal with on the foreign resident’s behalf or as the foreign resident directs, the royalty or part of it, or the amount of the royalty or of part of it. For limits on the amount to be withheld, see section 12 ‑ 300. (2) The entity must withhold the amount: (a) if the foreign resident is so entitled when the entity receives the payment—immediately after the entity receives the payment; or (b) if the foreign resident becomes so entitled after the entity receives the payment—immediately after the foreign resident becomes so entitled.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-285"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-300", "Provision_Key": "s12-300", "Heading": "Limits on amount withheld under this Subdivision", "Text": "This Subdivision does not require an entity: (a) to withhold an amount from a * dividend, from interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) or from a * royalty if no * withholding tax is payable in respect of the dividend, interest or royalty; or (b) to withhold from a dividend, from interest (within the meaning of that Division) or from a royalty more than the withholding tax payable in respect of the dividend, interest or royalty (reduced by each amount already withheld from it under this Subdivision). Note: Section 128B of the Income Tax Assessment Act 1936 deals with withholding tax liability.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-300"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-305", "Provision_Key": "s12-305", "Heading": "Departing Australia superannuation payment", "Text": "An entity must withhold an amount from a * departing Australia superannuation payment it pays to an entity.", "Amendment_Count": 2, "First_Amended": "No 15 of 2002", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2002 | No 15 of 2007", "History_Notes": "Inserted by No 15 of 2002, effective 4 Apr 2002 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-305"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-310", "Provision_Key": "s12-310", "Heading": "Limits on amount withheld under this Subdivision", "Text": "This Subdivision does not require an entity: (a) to withhold an amount from a * departing Australia superannuation payment if no * withholding tax is payable in respect of the payment; or (b) to withhold from a departing Australia superannuation payment more than the withholding tax payable in respect of the payment (reduced by each amount already withheld from it under this Subdivision). Note: Section 301 ‑ 175 of the Income Tax Assessment Act 1997 deals with the withholding tax liability.", "Amendment_Count": 2, "First_Amended": "No 15 of 2002", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2002 | No 15 of 2007", "History_Notes": "Inserted by No 15 of 2002, effective 4 Apr 2002 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-310"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-312", "Provision_Key": "s12-312", "Heading": "Untaxed roll ‑ over superannuation benefits", "Text": "An entity must withhold an amount from an * excess untaxed roll ‑ over amount it pays to an entity. Note: An excess untaxed roll ‑ over amount is an amount that may form part of a roll ‑ over superannuation benefit that includes an element untaxed in the fund: see section 306 ‑ 15 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-312"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-313", "Provision_Key": "s12-313", "Heading": "Limits on amount withheld under this Subdivision", "Text": "This Subdivision does not require an entity: (a) to withhold an amount from an * excess untaxed roll ‑ over amount if no * withholding tax is payable on the amount; or (b) to withhold from an excess untaxed roll ‑ over amount more than the withholding tax payable on the amount (reduced by each amount already withheld from the excess untaxed roll ‑ over amount under this Subdivision). Note: Section 306 ‑ 15 of the Income Tax Assessment Act 1997 deals with liability to this form of withholding tax.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-313"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-315", "Provision_Key": "s12-315", "Heading": "Payment to foreign resident etc.", "Text": "(1) An entity (the payer ) that * carries on an * enterprise must withhold an amount from a payment it makes to another entity, or to other entities jointly, in the course or furtherance of the enterprise if: (a) the entity receiving the payment, or any of the entities receiving the payment, is an entity covered by subsection (2); and (b) the payment is of a kind set out in the regulations; and (c) the payment is not: (i) a * dividend of a company; or (ii) interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ); or (iii) a * royalty; or (iv) a * departing Australia superannuation payment; or (v) a payment worked out wholly or partly by reference to the value or quantity of * natural resources produced or recovered in Australia; or (vi) a * mining payment; or (vii) an amount represented by or reasonably attributable to a * fund payment; and (d) the entity receiving the payment is not covered by an exemption in force under subsection 12 ‑ 319(1), or at least one of the entities receiving the payment is not covered by an exemption in force under that subsection. (2) An entity is covered by this subsection if any of the following conditions is satisfied: (a) the entity is a foreign resident; (b) the payer believes, or has reasonable grounds to believe, that the entity is a foreign resident; (c) the payer has no reasonable grounds to believe that the entity is an Australian resident, and either: (i) the entity has an address outside Australia (according to any record that is in the payer’s possession, or is kept or maintained on the payer’s behalf, about the transaction to which the payment relates); or (ii) the payer is authorised to make the payment at a place outside Australia (whether to the entity or to anyone else); (d) the entity has a connection outside Australia of a kind set out in the regulations. (3) Before the Governor ‑ General makes a regulation for the purposes of paragraph (1)(b), the Minister must be satisfied that each payment set out in the regulation is a payment of a kind that could reasonably be related to assessable income of foreign residents.", "Amendment_Count": 4, "First_Amended": "No 66 of 2003", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 66 of 2003 | No 41 of 2005 | No 15 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 41 of 2005, effective sch 1 (items 12, 13), sch 10 (items 233 ‑ 241, 275): Royal Assent | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-315"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-317", "Provision_Key": "s12-317", "Heading": "Payment received for foreign resident etc.", "Text": "(1) An entity (the intermediary ) that receives a payment meeting the requirements set out in paragraphs 12 ‑ 315(1)(b) and (c) must withhold an amount from the payment if: (a) the intermediary is a person in Australia or an * Australian government agency; and (b) another entity (the likely foreign recipient ) is or becomes entitled: (i) to receive the payment or part of it from the intermediary, or to receive the amount of the payment or of part of it from the intermediary; or (ii) to have the intermediary credit to the likely foreign recipient, or otherwise deal with on the likely foreign recipient’s behalf or as the likely foreign recipient directs, the payment or part of it, or the amount of the payment or of part of it; and (c) the likely foreign recipient is covered by subsection (3); and (d) the likely foreign recipient is not covered by an exemption in force under subsection 12 ‑ 319(1). (2) The intermediary must withhold the amount: (a) if the likely foreign recipient is so entitled when the intermediary receives the payment—just after the intermediary receives the payment; or (b) if the likely foreign recipient becomes so entitled after the intermediary receives the payment—just after the likely foreign recipient becomes so entitled. (3) The likely foreign recipient is covered by this subsection if any of the following conditions is satisfied: (a) the likely foreign recipient is a foreign resident; (b) the intermediary believes, or has reasonable grounds to believe, that the likely foreign recipient is a foreign resident; (c) the intermediary has no reasonable grounds to believe that the likely foreign recipient is an Australian resident, and either: (i) the likely foreign recipient has an address outside Australia (according to any record that is in the intermediary’s possession, or is kept or maintained on the intermediary’s behalf); or (ii) the intermediary is authorised to forward the payment to a place outside Australia (whether to the likely foreign recipient or to anyone else); (d) the likely foreign recipient has a connection outside Australia of a kind set out in the regulations.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-317"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-319", "Provision_Key": "s12-319", "Heading": "Exemptions from withholding obligations under this Subdivision", "Text": "(1) The Commissioner may grant an entity an exemption in writing for the purposes of paragraphs 12 ‑ 315(1)(d) and 12 ‑ 317(1)(d) if the Commissioner is satisfied that: (a) the entity has an established history of compliance with its obligations under * taxation laws; and (b) the entity is likely to continue to comply with those obligations in the future. (2) The exemption is in force during the period: (a) beginning when the Commissioner grants the exemption; and (b) ending at the time specified in the exemption. (3) Without limiting the matters to which the Commissioner may have regard in deciding whether to grant an entity an exemption, the Commissioner may have regard to the following: (a) whether the entity is or was liable to pay an instalment under Division 45 at any time in: (i) the income year in which the exemption is proposed to be granted; and (ii) the previous 2 income years; (b) the amount (if any) of the entity’s * tax ‑ related liabilities that are currently due and payable; (c) the extent to which the entity and its * associates (if any) have complied with their obligations under * taxation laws during: (i) the income year in which the exemption is proposed to be granted; and (ii) the previous 2 income years. (4) The Commissioner must give a copy of the exemption to the entity to which it relates. (5) A failure to comply with subsection (4) does not affect the validity of the exemption.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-319"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-319A", "Provision_Key": "s12-319a", "Heading": "Payment to employee", "Text": "An entity must withhold an amount from salary, wages, commission, bonuses or allowances it pays to an individual: (a) as an employee of an Approved Employer (whether the entity or another entity) under a program covered by section 840 ‑ 906 of the Income Tax Assessment Act 1997 (about labour mobility programs); and (b) at a time when the employee is a foreign resident and: (i) the employee holds a Temporary Work (International Relations) Visa (subclass 403); or (ii) the employee holds a Temporary Activity Visa (subclass 408) having previously held a Temporary Work (International Relations) Visa (subclass 403); or (iii) the employee holds a visa of a kind prescribed by regulations made under the Income Tax Assessment Act 1997 for the purposes of subparagraph 840 ‑ 905(b)(iii) of that Act.", "Amendment_Count": 4, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 8 of 2019 | No 8 of 2022 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 8 of 2022, effective sch 6 (item 23), sch 8 (items 35, 36): 1 Apr 2022 (s 2(1) items 6, 10) sch 8 (item 32): 23 Feb 2022 (s 2(1) item 9) sch 8 (items 41 ‑ 43): 4 Apr 2021 (s 2(1) item 12) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-319A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-320", "Provision_Key": "s12-320", "Heading": "Mining payment", "Text": "(1) An entity must withhold an amount from a * mining payment that: (a) it makes to another entity; or (b) it applies for the benefit of another entity. (2) Subsection (1) does not require the entity to withhold more than the * mining withholding tax payable in respect of the * mining payment. Note: Section 128V of the Income Tax Assessment Act 1936 deals with mining withholding tax liability.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 178 of 1999 | No 101 of 2004", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-320"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-325", "Provision_Key": "s12-325", "Heading": "Natural resource payment", "Text": "(1) An entity must withhold an amount from a payment it makes to a foreign resident, or to 2 or more entities at least one of which is a foreign resident, if the payment is worked out wholly or partly by reference to the value or quantity of * natural resources produced or recovered in Australia. (2) The amount to be withheld is: (a) the amount notified by the Commissioner under section 12 ‑ 330; or (b) the amount worked out under a certificate in force under section 12 ‑ 335 that covers the payment; as appropriate. Exception (3) Subsection (1) does not apply if: (a) the Commissioner has notified the entity under section 12 ‑ 330 that the entity does not need to withhold an amount from the payment; or (b) a certificate in force under section 12 ‑ 335 covers the payment and does not require the entity to withhold an amount from it.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-325"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-330", "Provision_Key": "s12-330", "Heading": "Payer must ask Commissioner how much to withhold", "Text": "(1) An entity must not intentionally make a payment from which section 12 ‑ 325 requires it to withhold an amount, unless: (a) the entity has notified the Commissioner in writing of the amount of the proposed payment; and (b) the Commissioner has later notified the entity in writing of the amount (if any) that the entity must withhold from the payment in respect of tax or * petroleum resource rent tax that is or may become payable by a foreign resident to whom the payment is made; or the payment is covered by a certificate in force under section 12 ‑ 335. Penalty: 20 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Failure to notify not an offence against section 8C (2) An entity that fails to notify the Commissioner as required by subsection (1) does not commit an offence against section 8C.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 178 of 1999 | No 146 of 2001 | No 14 of 2012 | No 88 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-330"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-335", "Provision_Key": "s12-335", "Heading": "Commissioner may exempt from section 12 ‑ 330, subject to conditions", "Text": "(1) The Commissioner may give an entity a written certificate exempting the entity from complying with section 12 ‑ 330 for specified payments. (2) A certificate is subject to: (a) a condition that the entity must withhold from a payment covered by the certificate the amount (if any) worked out in accordance with the certificate in respect of tax or * petroleum resource rent tax that is or may become payable by a foreign resident to whom the payment is made; and (b) such other conditions as the certificate specifies. However, the entity does not contravene subsection 12 ‑ 330(1) because it contravenes a condition. (3) The Commissioner may, by written notice given to the entity: (a) revoke a certificate, whether or not a condition of it has been contravened; or (b) vary a certificate by revoking, changing or adding to its conditions. Note: A person who is dissatisfied with a decision under this section may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 178 of 1999 | No 14 of 2012 | No 88 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-335"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-375", "Provision_Key": "s12-375", "Heading": "What this Subdivision is about", "Text": "A withholding MIT may be required to withhold an amount from a payment of its Australian sourced net income (other than dividends, interest and royalties) if the payment is made to an entity whose address, or place for payment, is outside Australia. If the payment is made to another entity, the withholding MIT is required to make information available to the recipient outlining certain details in relation to the payment. If a custodian receives a payment that is covered by that information, it is required to withhold an amount from any related later payment to an entity whose address, or place for payment, is outside Australia. If the later payment is made to another entity, the custodian is required to make information available in relation to that later payment. If an entity that is not a custodian receives a payment that is covered by that information, it is required to withhold an amount from that payment if a foreign resident becomes entitled to that payment. If a resident becomes entitled to the payment, the entity must make information available in relation to that payment. Where there is an obligation to withhold, the applicable withholding rate is determined by the nature of the country or territory in which the recipient’s address, place for payment or residency is located and whether the trust is a clean building managed investment trust. A managed investment trust is a clean building managed investment trust if it is a managed investment trust that holds one or more clean buildings and does not derive assessable income from any other taxable Australian property (other than certain assets that are reasonably incidental to a clean building). Table of sections Operative provisions 12 ‑ 383 Meaning of withholding MIT 12 ‑ 385 Withholding by withholding MITs 12 ‑ 390 Withholding by custodians and other entities 12 ‑ 395 Requirement to give notice or make information available 12 ‑ 405 Meaning of fund payment —general case 12 ‑ 410 Entity to whom payment is made 12 ‑ 415 Failure to give notice or make information available: administrative penalty 12 ‑ 420 Agency rules 12 ‑ 425 Meaning of clean building managed investment trust 12 ‑ 430 Meaning of clean building 12 ‑ 435 Meaning of non ‑ concessional MIT income 12 ‑ 436 Meaning of asset entity , operating entity , cross staple arrangement and stapled entity 12 ‑ 437 Meaning of MIT cross staple arrangement income 12 ‑ 438 MIT cross staple arrangement income—de minimis exception 12 ‑ 439 MIT cross staple arrangement income—approved economic infrastructure facility exception 12 ‑ 440 Transitional—MIT cross staple arrangement income 12 ‑ 441 Integrity rule—concessional cross staple rent cap 12 ‑ 442 Meaning of excepted MIT CSA income 12 ‑ 443 Concessional cross staple rent cap—existing lease with specified rent or rent method 12 ‑ 444 Concessional cross staple rent cap—general 12 ‑ 445 Asset entity to allocate deductions first against rental income that is not MIT cross staple arrangement income 12 ‑ 446 Meaning of MIT trading trust income 12 ‑ 447 Transitional— MIT trading trust income 12 ‑ 448 Meaning of MIT agricultural income , Australian agricultural land for rent and Division 6C land 12 ‑ 449 Transitional—MIT agricultural income 12 ‑ 450 Meaning of MIT residential housing income 12 ‑ 451 Transitional—MIT residential housing income 12 ‑ 452 Meaning of residential dwelling asset 12 ‑ 453 MIT agricultural income and MIT residential housing income—capital gains in relation to membership interests", "Amendment_Count": 4, "First_Amended": "No 79 of 2007", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 185 of 2012 | No 53 of 2016", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 185 of 2012, effective sch 1 (items 7 ‑ 20): 10 Dec 2012 (s 2) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-375"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-383", "Provision_Key": "s12-383", "Heading": "Meaning of withholding MIT", "Text": "(1) A trust is a withholding MIT in relation to an income year if: (a) it is a * managed investment trust in relation to that income year because of paragraph 275 ‑ 10(1)(a) or subsection 275 ‑ 10(2) of the Income Tax Assessment Act 1997 ; and (b) a substantial proportion of the investment management activities carried out in relation to the trust in respect of all of the following assets of the trust are carried out in Australia throughout the income year: (i) assets that are situated in Australia at any time in the income year; (ii) assets that are * taxable Australian property at any time in the income year; (iii) assets that are * shares, units or interests listed for quotation in the official list of an * approved stock exchange in Australia at any time in the income year. (2) For the purposes of ascertaining whether a trust is a * managed investment trust in relation to that income year for the purposes of paragraph (1)(a), treat as a * fund payment by the trustee of the trust any amount that, under subsection 12A ‑ 205(2), would be treated as a payment by the trustee if the trust were an * AMIT. Note: The making of a fund payment is a requirement for the trust to be a managed investment trust under paragraph 275 ‑ 10(1)(a) and subsection 275 ‑ 10(3) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 15 of 2019, effective sch 1 (items 19 ‑ 33, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-383"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-385", "Provision_Key": "s12-385", "Heading": "Withholding by withholding MITs", "Text": "(1) A trustee of a trust that is a * withholding MIT in relation to an income year that makes a * fund payment in relation to that income year to an entity covered by section 12 ‑ 410 must withhold an amount from the payment. Note 1: An entity may be covered by section 12 ‑ 410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia. Note 2: If the payment is made to a recipient not covered by section 12 ‑ 410, the trustee is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see section 12 ‑ 395. (2) The amount the trustee must withhold is: (3) The rate is: (a) if the address or place for payment of the recipient is in an * information exchange country: (i) 15% for * fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or (ii) 10% for fund payments, to the extent that they are, or are attributable to, fund payments from a * clean building managed investment trust (except to the extent mentioned in subparagraph (iii)); or (iii) 30% for fund payments, to the extent that they are attributable to * non ‑ concessional MIT income (see section 12 ‑ 435); or (b) otherwise—30%. (4) An information exchange country is a foreign country or foreign territory specified in the regulations for the purposes of this section. (5) This section does not apply to an amount paid by a * withholding MIT to the extent that no * managed investment trust withholding tax is payable in respect of the payment or an amount reasonably attributable to the payment.", "Amendment_Count": 6, "First_Amended": "No 79 of 2007", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 97 of 2012 | No 185 of 2012 | No 53 of 2016 | No 34 of 2019", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 97 of 2012, effective sch 1: 29 June 2012 ( see s 2(1)) Remainder: Royal Assent | Amended by No 185 of 2012, effective sch 1 (items 7 ‑ 20): 10 Dec 2012 (s 2) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-385"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-390", "Provision_Key": "s12-390", "Heading": "Withholding by custodians and other entities", "Text": "Withholding by custodians (1) A * custodian must withhold an amount from a payment (the later payment ) it makes if: (a) all or some of the later payment (the covered part ) is reasonably attributable to the part of an earlier payment received by the custodian that was covered by a notice or information under section 12 ‑ 395; and (b) the later payment is made to an entity covered by section 12 ‑ 410. Note 1: The covered part referred to in paragraph (1)(a) is attributable to a fund payment made by a withholding MIT, or 2 or more fund payments made by one or more withholding MITs. One or more of those withholding MITs may be AMITs. Note 2: An entity may be covered by section 12 ‑ 410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia. Note 3: If the payment is made to a recipient not covered by section 12 ‑ 410, the custodian is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see section 12 ‑ 395. (2) The amount the * custodian must withhold is: (3) The rate is: (a) if the address or place for payment of the recipient is in an * information exchange country: (i) 15% for * fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or (ii) 10% for fund payments, to the extent that they are, or are attributable to, fund payments from a * clean building managed investment trust (except to the extent mentioned in subparagraph (iii)); or (iii) 30% for fund payments, to the extent that they are attributable to * non ‑ concessional MIT income (see section 12 ‑ 435); or (b) otherwise—30%. Withholding by other entities (4) An entity that is not a * withholding MIT or a * custodian must withhold an amount from a payment it receives if: (a) the payment or part of it (the covered part ) was covered by a notice or information under section 12 ‑ 395; and (b) a foreign resident (the recipient ) is or becomes entitled: (i) to receive from the entity; or (ii) to have the entity credit to the recipient, or otherwise deal with on the recipient’s behalf or as the recipient directs; an amount (the attributable amount ) reasonably attributable to the covered part. Note 1: The covered part referred to in paragraph (4)(a) is attributable to a fund payment made by a withholding MIT, or 2 or more fund payments made by one or more withholding MITs. One or more of those withholding MITs may be AMITs. Note 2: If the recipient is not a foreign resident, the entity is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see section 12 ‑ 395. (5) The amount the entity must withhold is: (6) The rate is: (a) if the recipient is a resident of an * information exchange country: (i) 15% for * fund payments (except to the extent mentioned in subparagraph (ii) or (iii)); or (ii) 10% for fund payments, to the extent that they are, or are attributable to, fund payments from a * clean building managed investment trust (except to the extent mentioned in subparagraph (iii)); or (iii) 30% for fund payments, to the extent that they are attributable to * non ‑ concessional MIT income (see section 12 ‑ 435); or (b) otherwise—30%. (7) An entity is a resident of an * information exchange country if: (a) the entity is a resident of that country for the purposes of the taxation laws of that country; or (b) if there are no taxation laws of that country applicable to the entity or the entity’s residency status cannot be determined under those laws: (i) for an individual—the individual is ordinarily resident in that country; or (ii) for another entity—the entity is incorporated or formed in that country and is carrying on a business in that country. (8) An amount required to be withheld under subsection (4) must be withheld: (a) if the recipient is so entitled when the entity receives the payment—immediately after receipt; or (b) if the recipient becomes so entitled at a later time—immediately after the later time. Meaning of custodian (9) An entity is a custodian if: (a) the entity is * carrying on a * business that consists predominantly of providing a custodial or depository service (within the meaning of the Corporations Act 2001 ) pursuant to an * Australian financial services licence; or (b) the entity is acting on behalf of an entity that is carrying on such a business pursuant to such a licence. Exceptions (10) This section does not apply: (a) to a company unless the company would, apart from section 12 ‑ 420, be acting in the capacity as * agent for the recipient; or (b) to an amount paid or received by an entity to the extent that no * managed investment trust withholding tax is payable in respect of the amount or an amount reasonably attributable to the amount.", "Amendment_Count": 8, "First_Amended": "No 79 of 2007", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 97 of 2012 | No 185 of 2012 | No 70 of 2015 | No 53 of 2016 | No 34 of 2019 | No 76 of 2023", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 97 of 2012, effective sch 1: 29 June 2012 ( see s 2(1)) Remainder: Royal Assent | Amended by No 185 of 2012, effective sch 1 (items 7 ‑ 20): 10 Dec 2012 (s 2) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-390"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-395", "Provision_Key": "s12-395", "Heading": "Requirement to give notice or make information available", "Text": "Withholding MITs and custodians (1) An entity that is a * withholding MIT or a * custodian must comply with subsection (2) if: (a) the entity makes a payment to another entity (the recipient ) from which an amount would have been required to be withheld under section 12 ‑ 385 or subsection 12 ‑ 390(1) if the payment had been made to an entity covered by section 12 ‑ 410; and (b) an amount is not required to be withheld from the payment because the recipient is not an entity covered by section 12 ‑ 410. Note: An entity may be covered by section 12 ‑ 410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia. (2) The entity must: (a) give to the recipient a written notice containing the details specified in subsection (3); or (b) make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years. (3) The notice must be given, or the details must be made available on a website, before or at the time when the payment is made and: (a) must specify the part of the payment from which an amount would have been so required to have been withheld; and (aa) must specify the extent (if any) to which the payment is, or is attributable to, a * fund payment from a * clean building managed investment trust; and (ab) must specify the extent (if any) to which the payment is, or is attributable to, * non ‑ concessional MIT income (see section 12 ‑ 435); and (ac) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non ‑ concessional MIT income if the following provisions were disregarded: (i) subsection 12 ‑ 437(5); (ii) sections 12 ‑ 440, 12 ‑ 447, 12 ‑ 449 and 12 ‑ 451; and (ad) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non ‑ concessional MIT income only if subsection 12 ‑ 450(5) were disregarded; and (b) must specify the income year of the * withholding MIT to which that part relates. Note: Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12 ‑ 415. Other entities (4) An entity that is not a * withholding MIT or a * custodian must comply with subsection (5) if: (a) the entity receives a payment; and (b) another entity (also the recipient ) is or becomes entitled: (i) to receive from the entity; or (ii) to have the entity credit to the recipient, or otherwise deal with on the recipient’s behalf or as the recipient directs; an amount attributable to the payment; and (c) the entity would have been required to withhold an amount from the payment under subsection 12 ‑ 390(4) if the recipient had been a foreign resident; and (d) an amount is not required to be withheld from the payment because the recipient is not a foreign resident. (5) The entity must: (a) give to the recipient a written notice containing the details specified in subsection (6); or (b) make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years. (6) The notice must be given, or the details must be made available on a website, before or at the time when the amount is paid or credited to the recipient, or is dealt with on the recipient’s behalf or as the recipient directs, and: (a) must specify the part of the payment referred to in paragraph (4)(a) from which an amount would have been so required to have been withheld; and (aa) must specify the extent (if any) to which the payment is, or is attributable to, a * fund payment from a * clean building managed investment trust; and (ab) must specify the extent (if any) to which the payment is, or is attributable to, * non ‑ concessional MIT income (see section 12 ‑ 435); and (ac) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non ‑ concessional MIT income if the following provisions were disregarded: (i) subsection 12 ‑ 437(5); (ii) sections 12 ‑ 440, 12 ‑ 447, 12 ‑ 449 and 12 ‑ 451; and (ad) must specify the extent (if any) to which the payment is, or is attributable to, an amount that would be non ‑ concessional MIT income only if subsection 12 ‑ 450(5) were disregarded; and (b) must specify the income year of the * withholding MIT to which that part relates. Note: Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12 ‑ 415.", "Amendment_Count": 7, "First_Amended": "No 79 of 2007", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 185 of 2012 | No 53 of 2016 | No 34 of 2019 | No 64 of 2020 | No 138 of 2024", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 185 of 2012, effective sch 1 (items 7 ‑ 20): 10 Dec 2012 (s 2) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-395"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-405", "Provision_Key": "s12-405", "Heading": "Meaning of fund payment —general case", "Text": "(1) The object of this section is to ensure that the total of the * fund payments that the trustee of a trust makes in relation to an income year equals, as nearly as practicable, the net income of the trust for the income year, disregarding these amounts ( excluded amounts ): (a) a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to, or exempted from, a requirement to withhold under Subdivision 12 ‑ F; (b) interest (as so defined) that is subject to, or exempted from, such a requirement; (c) a * royalty that is subject to, or exempted from, such a requirement; (d) a * capital gain or * capital loss from a * CGT event that happens in relation to a * CGT asset that is not * taxable Australian property; (e) amounts that are not from an * Australian source; and disregarding deductions relating to excluded amounts. (1A) This section applies to a trust that is not an * AMIT for an income year. Note: For the definition of fund payment in respect of a trust that is an AMIT for an income year, see section 12A ‑ 110. (2) Work out as follows how much of a payment (the actual payment ) made by the trustee of a trust in relation to an income year is a fund payment in relation to that year: Method statement Step 1. Reduce the actual payment by so much of it that is attributable to excluded amounts, and increase it by any amounts to which subsection (2A) or (2B) applies for the income year (except to the extent that capital gains against which those amounts are applied are included in the actual payment made in relation to the income year). Step 2. Work out what it is reasonable to expect will be the * net income of the trust for the income year: (aa) increasing the net income by any amounts to which subsection (2A) or (2B) applies for the income year; and (a) disregarding (except to the extent that they are amounts to which subsection (2A) or (2B) applies for the income year) excluded amounts, expected excluded amounts and deductions relating to those amounts; and (b) on the basis that a * capital gain from * taxable Australian property of the trust that was or would be reduced under step 5 of the method statement in subsection 102 ‑ 5(1) of the Income Tax Assessment Act 1997 were double the amount it actually is. Step 3. The fund payment is so much of the step 2 amount as is reasonable having regard to: (a) the object of this section; and (b) the step 1 amount; and (c) the amounts of any earlier fund payments made by the trustee in relation to the income year; and (d) the expected amounts of any later fund payments the trustee expects to make in relation to the income year. (2A) If: (a) during an income year, a * capital loss from a * CGT event happens in relation to a * CGT asset that is not * taxable Australian property; and (b) in relation to that income year, some or all of the capital loss is applied against a * capital gain from a CGT event that happens in relation to a CGT asset that is taxable Australian property; this subsection applies, for that income year, to the amount that is so applied. (2B) If: (a) the trust has a * net capital loss for an income year; and (b) one or more of the * capital losses the trust made during that income year were from * CGT events that happened in relation to * CGT assets that were not * taxable Australian property; and (c) in relation to a later income year, some or all of the net capital loss is applied against a * capital gain from a CGT event that happens in relation to a CGT asset that is taxable Australian property; this subsection applies, for the later income year, to an amount equal to so much of the net capital loss that is so applied as related to capital losses mentioned in paragraph (b). (3) The expected * net income of the trust and the expected amounts of future * fund payments are to be worked out on the basis of the trustee’s knowledge when the actual payment is made. (4) However, an amount is not a fund payment in relation to the income year unless it is paid: (a) during the income year; or (b) within 3 months after the end of the income year; or (c) within a longer period (starting at the end of the period referred to in paragraph (b) and not exceeding 3 months) allowed by the Commissioner. (5) The Commissioner may allow a longer period as mentioned in paragraph (4)(c) only if the Commissioner is of the opinion that the trustee was unable to make the payment during the income year, or within 3 months after the end of the income year, because of circumstances beyond the influence or control of the trustee.", "Amendment_Count": 5, "First_Amended": "No 79 of 2007", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 53 of 2016 | No 15 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 15 of 2019, effective sch 1 (items 19 ‑ 33, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 52, 53, 80, 81): 1 July 2026 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-405"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-410", "Provision_Key": "s12-410", "Heading": "Entity to whom payment is made", "Text": "(1) An entity (the recipient ) is covered by this section for a payment made to it by another entity (the payer ) if: (a) according to any record that is in the payer’s possession, or is kept or maintained on the payer’s behalf, the recipient has an address outside Australia; or (b) the payer is authorised to make the payment to a place outside Australia. (2) However, a recipient is not covered by this section for a payment if, at the time the payment was made, a * business the recipient carries on is carried on at or through an * Australian permanent establishment and the payment is attributable to that establishment.", "Amendment_Count": 2, "First_Amended": "No 79 of 2007", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-410"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-415", "Provision_Key": "s12-415", "Heading": "Failure to give notice or make information available: administrative penalty", "Text": "An entity that: (a) is required to give a notice, or make details available on a website, under section 12 ‑ 395 in relation to: (i) a payment made to another entity; or (ii) an amount paid or credited to, or dealt with on behalf of or as directed by, another entity; and (b) fails to comply with that section; is liable to pay to the Commissioner a penalty equal to the amount that would have been required to be withheld under this Subdivision (disregarding subsection 12 ‑ 385(5) and paragraph 12 ‑ 390(10)(b)) in relation to amounts attributable to the payment or amount if the notice had been given or the details had been made available. Note: Division 298 in this Schedule contains machinery provisions for administrative penalties.", "Amendment_Count": 2, "First_Amended": "No 79 of 2007", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-415"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-420", "Provision_Key": "s12-420", "Heading": "Agency rules", "Text": "(1) This section applies to: (a) a payment (the first payment ) made to an entity (the first entity ) in the capacity as * agent for another entity; and (b) another payment made by the first entity to the extent that it is reasonably attributable to the first payment. (2) This Subdivision has effect as if the first entity were not an * agent in relation to the payments. Note: As a result of subsection (2), an agent may be required to withhold amounts under this Subdivision.", "Amendment_Count": 2, "First_Amended": "No 79 of 2007", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Repealed and substituted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-420"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-425", "Provision_Key": "s12-425", "Heading": "Meaning of clean building managed investment trust", "Text": "(1) A trust is a clean building managed investment trust in relation to an income year if during the income year: (a) it is a * withholding MIT in relation to the income year; and (b) it holds one or more * clean buildings (including the land on which the buildings are situated); and (c) it does not derive assessable income from any * taxable Australian property (other than from the clean buildings or assets that are reasonably incidental to those buildings). 5% safe harbour for certain income reasonably incidental to a clean building (2) A trust is not a * clean building managed investment trust in relation to an income year if the assessable income of the trust that is derived from assets that are reasonably incidental to * clean buildings is greater than 5% of the assessable income of the trust that is derived from clean buildings. (3) The regulations may specify kinds of assets that are, or are not, reasonably incidental to * clean buildings for the purposes of this section.", "Amendment_Count": 2, "First_Amended": "No 185 of 2012", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 185 of 2012 | No 53 of 2016", "History_Notes": "Inserted by No 185 of 2012, effective sch 1 (items 7 ‑ 20): 10 Dec 2012 (s 2) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-425"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-430", "Provision_Key": "s12-430", "Heading": "Meaning of clean building", "Text": "(1) A building is a clean building if: (a) the construction of the building commenced on or after 1 July 2012; and (b) it satisfies the requirements in subsections (3) and (4). (2) For the purpose of subsection (1): (a) the construction of the building is taken to have commenced at the time the works on the lowest level (including any basement level) of the building commence; and (b) the construction of the building is not taken to have commenced merely because works preparing the site for construction, or works undertaken below the lowest level of the building (including any basement level), have commenced. (3) A building satisfies the requirements in this subsection if: (a) the building is a commercial building that is any of the following (or is a combination of any of the following): (i) an office building; (ii) a hotel for use wholly or mainly to provide short ‑ term accommodation for travellers; (iii) a shopping centre; or (b) the building satisfies the requirements prescribed by the regulations for the purposes of this paragraph. (4) A building satisfies the requirements in this subsection if: (a) the building: (i) has, and continues to maintain at all times during the income year, at least a 5 Star Green Star rating as certified by the Green Building Council of Australia; or (ii) has, and continues to maintain at all times during the income year, at least a 5.5 star energy rating as accredited by the National Australian Built Environment Rating System ( NABERS ); or (b) the building satisfies the requirements prescribed by the regulations for the purposes of this paragraph. (5) For the purposes of subsection (4), if: (a) a building has previously satisfied the requirements in that subsection; and (b) the building then fails to satisfy the requirements for a period (the non ‑ compliance period ); and (c) within 180 days after the first day of that failure, the building again satisfies the requirements; treat the building as having satisfied the requirements during the non ‑ compliance period.", "Amendment_Count": 1, "First_Amended": "No 185 of 2012", "Last_Amended": "No 185 of 2012", "Amending_Acts": "No 185 of 2012", "History_Notes": "Inserted by No 185 of 2012, effective sch 1 (items 7 ‑ 20): 10 Dec 2012 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-430"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-435", "Provision_Key": "s12-435", "Heading": "Meaning of non ‑ concessional MIT income", "Text": "Non ‑ concessional MIT income means any of the following: (a) * MIT cross staple arrangement income; (b) * MIT trading trust income; (c) * MIT agricultural income; (d) * MIT residential housing income.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-435"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-436", "Provision_Key": "s12-436", "Heading": "Meaning of asset entity , operating entity , cross staple arrangement and stapled entity", "Text": "(1) An asset entity in relation to an income year is a trust or partnership that is not covered by subsection 275 ‑ 10(4) of the Income Tax Assessment Act 1997 in relation to the income year. (2) An operating entity in relation to an income year is a trust, partnership or company that is covered by subsection 275 ‑ 10(4) of the Income Tax Assessment Act 1997 in relation to the income year. (3) For the purposes of this section, in determining whether a partnership or company is covered by subsection 275 ‑ 10(4) of the Income Tax Assessment Act 1997 , treat the partnership or company as a trust. (4) A cross staple arrangement is an * arrangement that is entered into by 2 or more entities (the arrangement entities ) if: (a) at least one of the arrangement entities is an * asset entity; and (b) at least one of the arrangement entities is an * operating entity; and (c) the following conditions are satisfied: (i) one or more other entities (the external entities ) each hold a * total participation interest in each arrangement entity; (ii) the sum of the total participation interests held by the external entities in each arrangement entity is 80% or more. (5) For the purposes of subparagraph (4)(c)(ii), in working out the sum of the * total participation interests held by the external entities in each arrangement entity, take into account: (a) a particular * direct participation interest; or (b) a particular * indirect participation interest; held in the arrangement entity only once if it would otherwise be counted more than once. (6) Subsection (7) applies if: (a) an external entity holds * total participation interests in 2 or more arrangement entities; and (b) either: (i) the amount (the lowest participation interest amount ) of one of those participation interests falls short of the amount of each of the other participation interests; or (ii) the amount (the lowest participation interest amount ) of 2 or more of those participation interests is the same but falls short of the amount of each of the other participation interests. (7) For the purposes of paragraph (4)(c), treat the amount of the * total participation interest held by the external entity in each of the arrangement entities as being equal to the lowest participation interest amount. (8) Each of the entities that entered into the * cross staple arrangement is a stapled entity in relation to the cross staple arrangement.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-436"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-437", "Provision_Key": "s12-437", "Heading": "Meaning of MIT cross staple arrangement income", "Text": "(1) This section applies if: (a) an amount is included in the assessable income for an income year of a * managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s * net income, or in the case of an * AMIT, the trust’s total assessable income, for the income year); and (b) the amount mentioned in paragraph (a) is, or is attributable to, an amount derived, received or made from another entity (the second entity ); and (c) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12 ‑ 405(1)(a), (b), (c), (d) or (e). (2) The amount is MIT cross staple arrangement income of the * managed investment trust if: (a) either: (i) the * managed investment trust is an * asset entity in relation to the income year and is a * stapled entity in relation to a * cross staple arrangement; or (ii) the second entity is an asset entity in relation to the income year and is a stapled entity in relation to a cross staple arrangement; and (b) either: (i) if subparagraph (a)(i) applies—the second entity is an * operating entity in relation to the income year and is a stapled entity in relation to the cross staple arrangement; or (ii) if subparagraph (a)(ii) applies—another entity (the third entity ) is an operating entity in relation to the income year and is a stapled entity in relation to the cross staple arrangement; and (c) either: (i) if subparagraph (a)(i) applies—the amount is derived, received or made by the managed investment trust from the second entity; or (ii) if subparagraph (a)(ii) applies—the amount is attributable to an amount derived, received or made by the second entity from the third entity. (3) The amount is not MIT cross staple arrangement income of the * managed investment trust under subsection (2) to the extent that it is attributable to an amount that satisfies the following requirements: (a) the amount is derived, received or made by a * stapled entity in relation to the * cross staple arrangement from an entity that is not a stapled entity in relation to the cross staple arrangement; (b) the amount mentioned in paragraph (a) is * rent from land investment. (4) The amount is not MIT cross staple arrangement income of the * managed investment trust under subsection (2) to the extent that it is, or is attributable to, an amount covered by subsection 12 ‑ 438(1). Note: The managed investment trust may be an asset entity in relation to the cross staple arrangement. If so, it may have no MIT cross staple arrangement income for the income year as a result of the operation of this subsection. (5) The amount is not MIT cross staple arrangement income of the * managed investment trust under subsection (2) to the extent that it is, or is attributable to, * rent from land investment that is: (a) attributable to a facility, or an improvement to a facility; and (b) referable to a time in the income year when the facility, or the improvement to the facility, is covered by section 12 ‑ 439. (6) Subsection (7) applies if: (a) an * asset entity in relation to the income year mentioned in paragraph (1)(a) makes a * capital gain because an * operating entity in relation to the income year * acquires an asset from the asset entity; and (b) the asset entity and the operating entity are * stapled entities in relation to the * cross staple arrangement. (7) The amount is not MIT cross staple arrangement income of the * managed investment trust under subsection (2) to the extent that it is attributable to the * capital gain.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-437"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-438", "Provision_Key": "s12-438", "Heading": "MIT cross staple arrangement income—de minimis exception", "Text": "(1) For the purposes of subsection 12 ‑ 437(4), this subsection covers an amount if: (a) the amount is * MIT cross staple arrangement income for the income year of an * asset entity in relation to the * cross staple arrangement; and (b) the MIT cross staple arrangement income of the asset entity for the previous income year does not exceed 5% of the amount mentioned in subsection (3). (2) For the purposes of subsection (1), in working out the * MIT cross staple arrangement income of the * asset entity for the previous income year, disregard subsections 12 ‑ 437(4) and (5). (3) The amount is: (a) if the * asset entity is not an * AMIT for the income year—the assessable income of the asset entity for the previous income year (worked out for the purposes of determining the * net income of the asset entity for the income year); or (b) if the asset entity is an AMIT for the income year—the total assessable income (as mentioned in subsection 276 ‑ 265(2) of the Income Tax Assessment Act 1997 ) of the asset entity for the previous income year. (4) For the purposes of subsection (3), in working out the assessable income, or the total assessable income, of the * asset entity for the previous income year, disregard any * net capital gain of the asset entity for that year. (5) If the * asset entity did not exist in the previous income year: (a) treat references in this section to the previous income year as instead being references to the income year; and (b) treat references in this section to the * MIT cross staple arrangement income of the asset entity as instead being references to a reasonable estimate of the MIT cross staple arrangement income of the asset entity; and (c) treat references in this section to the assessable income of the asset entity as instead being references to a reasonable estimate of the assessable income of the asset entity; and (d) treat references in this section to the total assessable income of the asset entity as instead being references to a reasonable estimate of the total assessable income of the asset entity. (6) If the * asset entity exists in an income year, but is not a * managed investment trust in relation to that income year, for the purposes of this section, treat it as a managed investment trust in relation to that income year that is not an * AMIT for that income year.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-438"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-439", "Provision_Key": "s12-439", "Heading": "MIT cross staple arrangement income—approved economic infrastructure facility exception", "Text": "(1) This section covers a facility at a time if: (a) the facility is covered by an approval of the Treasurer under this section that is in force at that time; and (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use. (2) This section covers an improvement to a facility at a time if: (a) the improvement to the facility is covered by an approval of the Treasurer under this section that is in force at that time; and (b) that time is no later than the end of the period of 15 years beginning on the day on which an asset that is part of the facility is first put to use after it has been improved under the improvement. (3) An * Australian government agency (other than the Commonwealth) may make an application to the Treasurer in respect of a facility, or an improvement to a facility, specified in the application. (4) The Treasurer may approve the facility, or the improvement to the facility, specified in the application under subsection (3) if the Treasurer is satisfied that the following criteria are met: (a) the facility is an * economic infrastructure facility; (b) in the case of an application in respect of a facility: (i) the estimated capital expenditure on the facility is $500 million or more; and (ii) the facility is yet to be constructed; and (iii) the facility will significantly enhance the long ‑ term productive capacity of the economy; and (iv) approving the facility is in the national interest; (c) in the case of an application in respect of an improvement to a facility: (i) the estimated capital expenditure on the improvement is $500 million or more; and (ii) the improvement is yet to be constructed; and (iii) the improvement will significantly enhance the long ‑ term productive capacity of the economy; and (iv) approving the improvement is in the national interest. (5) An economic infrastructure facility is a facility that is any of the following: (a) transport infrastructure; (b) energy infrastructure; (c) communications infrastructure; (d) water infrastructure. (6) An approval under subsection (4): (a) must be in writing; and (b) must specify the facility, or the improvement, that is approved; and (c) must specify the date on which the approval comes into force; and (d) may contain any other information that the Treasurer considers appropriate. (7) The Treasurer may publish an approval under subsection (4) in any way that he or she considers appropriate. (8) If the Treasurer decides not to approve the facility, or the improvement to a facility, specified in the application under subsection (3), the Treasurer must notify the applicant of the decision, in writing, as soon as practicable after making the decision.", "Amendment_Count": 2, "First_Amended": "No 34 of 2019", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 34 of 2019 | No 127 of 2021", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 127 of 2021, effective sch 3 (items 43, 47, 48, 64): 1 Jan 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-439"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-440", "Provision_Key": "s12-440", "Heading": "Transitional—MIT cross staple arrangement income", "Text": "(1) This section applies if: (a) before 27 March 2018, an * Australian government agency: (i) decided to approve the * acquisition, creation or lease of a facility; and (ii) publicly announced that decision; and (iii) took significant preparatory steps to implement that decision; and (b) either: (i) a * cross staple arrangement was entered into in relation to the facility before 27 March 2018; or (ii) it was reasonable on 27 March 2018 to conclude that a cross staple arrangement will be entered into in relation to the facility; and (c) all the entities that are * stapled entities in relation to the cross staple arrangement already existed before 27 March 2018; and (d) each entity that is a stapled entity in relation to the cross staple arrangement has made a choice in accordance with subsection (5). (2) This section also applies if: (a) any of the following applies: (i) an entity entered into a contract before 27 March 2018 for the * acquisition, creation or lease of a facility; (ii) an entity owns, or is the lessee of, a facility at a time before 27 March 2018; and (b) either: (i) a * cross staple arrangement was entered into in relation to the facility before 27 March 2018; or (ii) it was reasonable on 27 March 2018 to conclude that a cross staple arrangement will be entered into in relation to the facility; and (c) all the entities that are * stapled entities in relation to the cross staple arrangement already existed before 27 March 2018; and (d) each entity that is a stapled entity in relation to the cross staple arrangement has made a choice in accordance with subsection (5). (3) An amount included in the assessable income for an income year of a * managed investment trust is not MIT cross staple arrangement income of the managed investment trust if: (a) the amount is, or is attributable to, an amount derived, received or made from another entity (the second entity ); and (b) the amount relates to the facility; and (c) the second entity is a * stapled entity in relation to the * cross staple arrangement; and (d) either: (i) if subparagraph 12 ‑ 437(2)(a)(i) applies—the amount is * rent from land investment paid from an * operating entity in relation to the cross staple arrangement to the managed investment trust; or (ii) if subparagraph 12 ‑ 437(2)(a)(ii) applies—the amount is attributable to rent from land investment paid from an operating entity in relation to the cross staple arrangement to an * asset entity in relation to the cross staple arrangement; and (e) the time when the amount was derived, received or made by the managed investment trust meets the requirements in subsection (4). (4) The time meets the requirements in this subsection if: (a) where the facility to which the * cross staple arrangement relates is not an * economic infrastructure facility—the time is before 1 July 2031 and before the later of: (i) 1 July 2026; and (ii) the end of the period of 7 years beginning on the earliest day on which an asset that is part of that facility is first put to use for the purpose of producing assessable income; or (b) where the facility to which the cross staple arrangement relates is an economic infrastructure facility—the time is before 1 July 2039 and before the later of: (i) 1 July 2034; and (ii) the end of the period of 15 years beginning on the earliest day on which an asset that is part of that facility is first put to use for the purpose of producing assessable income. (5) An entity makes a choice in accordance with this subsection if: (a) the entity makes the choice in the * approved form; and (b) the entity makes the choice no later than: (i) 30 June 2019; or (ii) a later time allowed by the Commissioner; and (c) the entity gives the choice to the Commissioner within 60 days after the entity makes the choice. (6) The choice cannot be revoked.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-440"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-441", "Provision_Key": "s12-441", "Heading": "Integrity rule—concessional cross staple rent cap", "Text": "(1) This section applies if: (a) a * managed investment trust in relation to an income year derives, receives or makes an amount of * excepted MIT CSA income for the income year; and (b) if the amount is excepted MIT CSA income because of subsection 12 ‑ 440(3)—paragraph 12 ‑ 440(4)(b) applies (15 year concession); and (c) the amount of excepted MIT CSA income is, or is attributable to, * rent from land investment under a lease (the cross staple lease ) entered into by: (i) the * asset entity mentioned in paragraph 12 ‑ 437(2)(a) (the relevant asset entity ); and (ii) the * operating entity mentioned in paragraph 12 ‑ 437(2)(b) (the relevant operating entity ). (2) To the extent (if any) that the amount of the relevant asset entity’s * excepted MIT CSA income exceeds its * concessional cross staple rent cap for the income year, the following provisions do not apply to the amount of the * managed investment trust’s excepted MIT CSA income mentioned in paragraph (1)(a): (a) subsection 12 ‑ 437(5); (b) subsection 12 ‑ 440(3). (3) If the relevant asset entity is not a * managed investment trust in relation to the income year, for the purposes of subsection (2), treat it as a managed investment trust in relation to the income year.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-441"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-442", "Provision_Key": "s12-442", "Heading": "Meaning of excepted MIT CSA income", "Text": "An amount is excepted MIT CSA income of a * managed investment trust in relation to an income year if it would be * MIT cross staple arrangement income of the managed investment trust but for any of the following provisions: (a) subsection 12 ‑ 437(5); (b) subsection 12 ‑ 440(3).", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-442"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-443", "Provision_Key": "s12-443", "Heading": "Concessional cross staple rent cap—existing lease with specified rent or rent method", "Text": "(1) This section applies if: (a) the amount mentioned in subsection 12 ‑ 441(1) is * excepted MIT CSA income because of subsection 12 ‑ 440(3); and (b) the cross staple lease was entered into before 27 March 2018; and (c) the cross staple lease, or associated documents, specified any of the following before 27 March 2018: (i) the amount of annual rent under the lease for the first year of the lease that ends after 27 March 2018; (ii) an objective method for determining the amount of annual rent under the lease; and (d) if subparagraph (c)(ii) applies—the method is set out in the cross staple lease, or the associated documents, before 27 March 2018. (2) If subparagraph (1)(c)(ii) applies, the concessional cross staple rent cap for an income year of the * managed investment trust is the amount of annual rent determined for the income year under the method mentioned in that subparagraph. (3) If subparagraph (1)(c)(ii) does not apply, the concessional cross staple rent cap for an income year of the * managed investment trust is: (a) for an income year where the lease, or the associated documents, specify the amount of annual rent for the corresponding year of the lease under subsection (4)—that amount; or (b) for an income year where that amount is not so specified—the amount worked out under paragraph (a) in relation to the most recent year of the lease for which an amount is so specified, indexed annually in accordance with Subdivision 960 ‑ M of the Income Tax Assessment Act 1997 . (4) An income year and a year of the lease correspond to each other under this subsection if both of those years end: (a) after a particular 27 March; and (b) on or before the next 27 March.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-443"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-444", "Provision_Key": "s12-444", "Heading": "Concessional cross staple rent cap—general", "Text": "(1) This section applies if section 12 ‑ 443 does not apply. (2) The concessional cross staple rent cap for an income year of the * managed investment trust is worked out as follows: (a) first, work out a reasonable estimate of whichever of the following is applicable: (i) if the relevant asset entity is a trust that is not an * AMIT—the relevant asset entity’s * net income, or * tax loss, for the income year; (ii) if the relevant asset entity is an AMIT—the sum of the relevant asset entity’s * trust components with the character of assessable income, or the relevant asset entity’s tax loss, for the income year; (iii) if the relevant asset entity is a partnership—the relevant asset entity’s net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936 ), for the income year; (b) next, work out a reasonable estimate of whichever of the following is applicable: (i) if the relevant operating entity is a trust that is not an AMIT—the operating asset entity’s net income, or tax loss, for the income year; (ii) if the relevant operating entity is a partnership—the relevant operating entity’s net income, or partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936 ), for the income year; (iii) otherwise—the relevant operating entity’s taxable income or tax loss for the income year; (c) next, add the results of paragraphs (a) and (b); (d) next, multiply the result of paragraph (c) by 0.8; (e) next, subtract the result of paragraph (a) from the result of paragraph (d); (f) next, add the amount of * excepted MIT CSA income mentioned in subsection 12 ‑ 441(1) to the result of paragraph (e). If the result of paragraph (f) is a positive number, the concessional cross staple rent cap is that result. Otherwise, the concessional cross staple rent cap is nil. (3) For the purposes of paragraphs (2)(a) and (b): (a) treat the amount of a * tax loss, or of a partnership loss (within the meaning of section 90 of the Income Tax Assessment Act 1936 ), as a negative number; and (b) disregard any * tax loss for a previous income year of the relevant asset entity or relevant operating entity.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-444"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-445", "Provision_Key": "s12-445", "Heading": "Asset entity to allocate deductions first against rental income that is not MIT cross staple arrangement income", "Text": "(1) This section applies if: (a) an entity is an * asset entity in relation to an income year and is a * stapled entity in relation to a * cross staple arrangement; and (b) the entity is entitled to a deduction for the income year against its assessable income that arises from * rent from land investment that it derives or receives in the income year; and (c) the entity derives, receives or makes an amount of * excepted MIT CSA income in the income year (disregarding this section and subsection 12 ‑ 441(2)); and (d) the amount of that excepted MIT CSA income exceeds the entity’s * concessional cross staple rent cap for the income year. (2) The amount of the deduction can only be deducted against an amount of assessable income of the * asset entity as follows: (a) first, the amount can only be deducted against an amount of assessable income that is * excepted MIT CSA income, to the extent that the excepted MIT CSA income does not exceed the entity’s * concessional cross staple rent cap for the income year; (b) next, if an amount of the deduction remains after applying the rule in paragraph (a), the amount can only be deducted against an amount of assessable income that is * MIT cross staple arrangement income; (c) next, if an amount of the deduction remains after applying the rules in paragraphs (a) and (b), the amount can be deducted against an amount of assessable income in accordance with other provisions of this Act. (3) If the * asset entity is not a * managed investment trust in relation to the income year, for the purposes of determining whether an amount of its assessable income for the income year is * MIT cross staple arrangement income, treat it as a managed investment trust in relation to the income year.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-445"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-446", "Provision_Key": "s12-446", "Heading": "Meaning of MIT trading trust income", "Text": "(1) This section applies if: (a) an amount is included in the assessable income for an income year of a * managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s * net income, or in the case of an * AMIT, the trust’s total assessable income, for the income year); and (b) the amount mentioned in paragraph (a) is, or is attributable to, an amount derived, received or made from another entity (the second entity ); and (c) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12 ‑ 405(1)(a), (b), (c), (d) or (e). (2) The amount is MIT trading trust income of the * managed investment trust if: (a) the managed investment trust holds a * total participation interest in the second entity of greater than nil; and (b) the amount arises because of that total participation interest; and (c) the second entity: (i) is a trading trust for the purposes of Division 6C of Part III of the Income Tax Assessment Act 1936 in relation to the income year; or (ii) is a partnership or a trust that is not a unit trust, but would be such a trading trust in relation to the income year if it were a unit trust throughout the income year; and (d) the second entity is not a * public trading trust in relation to the income year. (3) The amount is not MIT trading trust income of the * managed investment trust under subsection (2) to the extent that it is attributable to a * capital gain made from * CGT event E4 or * CGT event E10.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-446"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-447", "Provision_Key": "s12-447", "Heading": "Transitional— MIT trading trust income", "Text": "(1) This section applies if: (a) an amount (the relevant amount ) included in the assessable income for an income year of a * managed investment trust is * MIT trading trust income of the managed investment trust (disregarding this section); and (b) immediately before 27 March 2018, the managed investment trust held a * total participation interest (the pre ‑ announcement TPI ) of greater than nil in the second entity mentioned in subsection 12 ‑ 446(1) (the second entity ); and (c) the relevant amount was derived, received or made by the managed investment trust before 1 July 2026. (2) Treat part of the relevant amount as not being * MIT trading trust income of the * managed investment trust. (3) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (4) and (5). (4) If the * total participation interest (the post ‑ announcement TPI ) held by the * managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre ‑ announcement TPI, work out that fraction by dividing: (a) the pre ‑ announcement TPI; by: (b) the post ‑ announcement TPI. (5) Otherwise, the fraction is 1.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-447"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-448", "Provision_Key": "s12-448", "Heading": "Meaning of MIT agricultural income , Australian agricultural land for rent and Division 6C land", "Text": "(1) This section applies if: (a) an amount is included in the assessable income for an income year of a * managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s * net income, or in the case of an * AMIT, the trust’s total assessable income, for the income year); and (b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12 ‑ 405(1)(a), (b), (c), (d) or (e). (2) The amount is MIT agricultural income of the * managed investment trust to the extent that it is attributable to an asset that is * Australian agricultural land for rent (whether or not held by the managed investment trust). (3) Australian agricultural land for rent is * Division 6C land situated in Australia that: (a) is used, or could reasonably be used, for carrying on a * primary production business; and (b) is held primarily for the purposes of deriving or receiving rent. (4) For the purposes of this section, if an * economic infrastructure facility is a fixture on * Australian agricultural land for rent: (a) treat the economic infrastructure facility as being separate from the Australian agricultural land for rent; and (b) treat the economic infrastructure facility as not being Australian agricultural land for rent. (5) Division 6C land is land (within the meaning of Division 6C of Part III of the Income Tax Assessment Act 1936 ), and includes a thing if an investment in the thing would be an investment in land under subsection 102MB(1) of that Act.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-448"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-449", "Provision_Key": "s12-449", "Heading": "Transitional—MIT agricultural income", "Text": "(1) This section applies if: (a) an amount (the relevant amount ) is included in the assessable income for an income year of a * managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s * net income, or in the case of an * AMIT, the trust’s total assessable income, for the income year); and (b) the relevant amount would be * MIT agricultural income (disregarding this section) of the managed investment trust because it is attributable to an asset that is * Australian agricultural land for rent; and (c) the managed investment trust derived, received or made the relevant amount before 1 July 2026; and (d) if the managed investment trust derived, received or made the relevant amount because the managed investment trust held the asset: (i) the managed investment trust held the asset just before 27 March 2018; or (ii) before 27 March 2018, the managed investment trust entered into a contract for the * acquisition or lease of the asset; and (e) if the managed investment trust derived, received or made the relevant amount because another entity (the second entity ) held the asset: (i) the second entity held the asset just before 27 March 2018; or (ii) before 27 March 2018, the second entity entered into a contract for the acquisition or lease of the asset; and (f) if paragraph (e) applies—immediately before 27 March 2018, the managed investment trust held a * total participation interest (the pre ‑ announcement TPI ) of greater than nil in the second entity. (2) If paragraph (1)(d) applies, treat the relevant amount as not being * MIT agricultural income of the * managed investment trust. (3) If paragraph (1)(e) applies, treat part of the relevant amount as not being * MIT agricultural income of the * managed investment trust. (4) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (5) and (6). (5) If the * total participation interest (the post ‑ announcement TPI ) held by the * managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre ‑ announcement TPI, work out that fraction by dividing: (a) the pre ‑ announcement TPI; by: (b) the post ‑ announcement TPI. (6) Otherwise, the fraction is 1.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-449"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-450", "Provision_Key": "s12-450", "Heading": "Meaning of MIT residential housing income", "Text": "(1) This section applies if: (a) an amount is included in the assessable income for an income year of a * managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s * net income, or in the case of an * AMIT, the trust’s total assessable income, for the income year); and (b) the amount mentioned in paragraph (a) is not an amount mentioned in paragraph 12 ‑ 405(1)(a), (b), (c), (d) or (e). (2) The amount is MIT residential housing income of the * managed investment trust to the extent that it is attributable to a * residential dwelling asset (whether or not held by the managed investment trust). Asset used to provide affordable housing (3) The amount is not MIT residential housing income of the * managed investment trust under subsection (2) to the extent that it is referable to the use of the * residential dwelling asset to * provide affordable housing. (4) If the amount is, or is attributable to, a * capital gain from a * CGT event, subsection (3) applies only if: (a) the entity that held the * residential dwelling asset just before the time (the CGT event time ) when the CGT event happened had held it for at least 3,650 days (consecutive or not); and (b) each of those days satisfies the following requirements: (i) the day is on or after 1 July 2017 and before the CGT event time; (ii) the residential dwelling asset was used on the day to * provide affordable housing. Income from a build to rent development (5) Subject to subsection (7), the amount is not MIT residential housing income of the * managed investment trust under subsection (2) to the extent any of the following paragraphs applies to the amount in relation to a * dwelling of an * active build to rent development: (a) the amount is, or is referable to, a payment of rental income under a lease of the dwelling; (b) the amount is, or is attributable to, a * capital gain from a * CGT event in relation to the dwelling; (c) all of the following subparagraphs apply: (i) the amount is, or is attributable to, a part of a capital gain from a CGT event in relation to a * membership interest in an entity; (ii) just before the time of the CGT event, all or part of the * market value of the membership interest is referable to the dwelling; (iii) subsection (6) applies to the part of the capital gain. (6) This subsection applies to the part of a * capital gain mentioned in paragraph (5)(c) worked out as follows: where: value of the interest in the dwelling means so much of the value of the membership interest as is referable to the * dwelling. value of the membership interest means the * market value of the * membership interest just before the time of the * CGT event. (7) Subsection (5) does not apply to an amount if: (a) the * build to rent compliance period for each of the * dwellings of the * active build to rent development has ended; and (b) assuming that the build to rent compliance period for each of the dwellings had not ended, the active build to rent development would have * ceased to be an active build to rent development.", "Amendment_Count": 2, "First_Amended": "No 34 of 2019", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 34 of 2019 | No 138 of 2024", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-450"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-451", "Provision_Key": "s12-451", "Heading": "Transitional—MIT residential housing income", "Text": "(1) This section applies if: (a) an amount (the relevant amount ) is included in the assessable income for an income year of a * managed investment trust in relation to the income year (worked out for the purposes of determining the trust’s * net income, or in the case of an * AMIT, the trust’s total assessable income, for the income year); and (b) the relevant amount would be * MIT residential housing income (disregarding this section) of the * managed investment trust because it is attributable to a facility that consists of or contains a * residential dwelling asset; and (c) the managed investment trust derived, received or made the relevant amount before 1 October 2027; and (d) if the managed investment trust derived, received or made the relevant amount because the managed investment trust held the facility: (i) the managed investment trust held the facility just before the time mentioned in subsection (7); or (ii) before the time mentioned in subsection (7), the managed investment trust entered into a contract for the * acquisition, creation or lease of the facility; and (e) if the managed investment trust derived, received or made the relevant amount because another entity (the second entity ) held the facility: (i) the second entity held the facility just before the time mentioned in subsection (7); or (ii) before the time mentioned in subsection (7), the second entity entered into a contract for the acquisition, creation or lease of the facility; and (f) if paragraph (e) applies—immediately before the time mentioned in subsection (7), the managed investment trust held a * total participation interest (the pre ‑ announcement TPI ) of greater than nil in the second entity. (2) If paragraph (1)(d) applies, treat the relevant amount as not being * MIT residential housing income of the * managed investment trust. (3) If paragraph (1)(e) applies, treat part of the relevant amount as not being * MIT residential housing income of the * managed investment trust. (4) That part is equal to the relevant amount multiplied by the fraction worked out under subsections (5) and (6). (5) If the * total participation interest (the post ‑ announcement TPI ) held by the * managed investment trust in the second entity at the end of the most recent income year ending before it derived, received or made the relevant amount exceeds the pre ‑ announcement TPI, work out that fraction by dividing: (a) the pre ‑ announcement TPI; by: (b) the post ‑ announcement TPI. (6) Otherwise, the fraction is 1. (7) The time is 4.30 pm, by legal time in the Australian Capital Territory, on 14 September 2017.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-451"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-452", "Provision_Key": "s12-452", "Heading": "Meaning of residential dwelling asset", "Text": "(1) A residential dwelling asset is an asset that: (a) is a * dwelling; and (b) is * taxable Australian real property; and (c) is * residential premises (other than * commercial residential premises); and (d) is not a dwelling that: (i) is used primarily to provide specialist disability accommodation (within the meaning of the National Disability Insurance Scheme (Specialist Disability Accommodation Conditions) Rule 2018 ); and (ii) is enrolled in accordance with section 6 of that Rule; and (e) is not a dwelling that: (i) is used primarily to provide disability accommodation; and (ii) is a dwelling of a kind prescribed by the regulations for the purposes of this subparagraph. (2) Section 118 ‑ 120 (Extension to adjacent land) applies in relation to this section in the same way as it applies in relation to Subdivision 118 ‑ B. (3) To avoid doubt, for the purposes of applying section 118 ‑ 120 in relation to this section, a * dwelling’s * adjacent land may include land used primarily for private or domestic purposes in association with the dwelling and with one or more other dwellings.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-452"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-453", "Provision_Key": "s12-453", "Heading": "MIT agricultural income and MIT residential housing income—capital gains in relation to membership interests", "Text": "(1) Subsection (2) applies if: (a) any of the following provisions apply in relation to an amount: (i) section 12 ‑ 448; (ii) section 12 ‑ 450; and (b) the amount is, or is attributable to, a * capital gain from a * CGT event in relation to an asset that is a * membership interest in an entity; and (c) just before the CGT event happened, the entity held, directly or indirectly, one or more assets that are any of the following; (i) * Australian agricultural land for rent; (ii) a * residential dwelling asset. (2) For the purposes of subsections 12 ‑ 448(2) and 12 ‑ 450(2): (a) in a case where the * membership interest mentioned in subsection (1) passes the principal asset test in section 855 ‑ 30 of the Income Tax Assessment Act 1997 immediately before the time the * CGT event happens: (i) if the assets mentioned in paragraph (1)(c) are all * Australian agricultural land for rent—treat the * capital gain as being wholly attributable to the Australian agricultural land for rent; or (ii) if the assets mentioned in paragraph (1)(c) are all * residential dwelling assets—treat the capital gain as being wholly attributable to residential dwelling assets; or (iii) if all the assets mentioned in paragraph (1)(c) are Australian agricultural land for rent and residential dwelling assets, and the * market value of the membership interest that is attributable to Australian agricultural land for rent equals or exceeds the market value of the membership interest that is attributable to residential dwelling assets—treat the capital gain as being wholly attributable to Australian agricultural land for rent; or (iv) if all the assets mentioned in paragraph (1)(c) are Australian agricultural land for rent and residential dwelling assets, and the market value of the membership interest that is attributable to Australian agricultural land for rent falls short of the market value of the membership interest that is attributable to residential dwelling assets—treat the capital gain as being wholly attributable to residential dwelling assets; or (b) in any other case—treat the capital gain: (i) as not being attributable to Australian agricultural land for rent; and (ii) as not being attributable to residential dwelling assets. (3) For the purposes of subsection (2), in determining whether the * membership interest passes the principal asset test, treat references in section 855 ‑ 30 of the Income Tax Assessment Act 1997 to * taxable Australian real property as instead being references to an asset that is any of the following: (a) * Australian agricultural land for rent; (b) a * residential dwelling asset. (4) For the purposes of this section, in working out the * market value of an asset, work out that market value just before the time the * CGT event mentioned in paragraph (1)(b) happens.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-453"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12-460", "Provision_Key": "s12-460", "Heading": "FHSS released amounts", "Text": "The Commissioner must withhold an amount from the * FHSS released amounts paid in respect of a person.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12-460"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-1", "Provision_Key": "s12a-1", "Heading": "What this Division is about", "Text": "When a withholding MIT that is an AMIT gives a member an AMMA statement, the trustee is deemed to have made a payment to the member. The deemed payment can flow through one or more custodians, giving rise to subsequent deemed payments. Withholding liabilities under Subdivisions 12 ‑ F and 12 ‑ H do not apply in relation to deemed payments (although analogous liabilities may arise under Subdivision 12A ‑ C). AMIT trustees, custodians and other entities may be required to give notices etc. to recipients of such deemed payments.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-5", "Provision_Key": "s12a-5", "Heading": "What this Subdivision is about", "Text": "Withholding liabilities under Subdivision 12 ‑ F do not apply in relation to deemed payments arising under Subdivision 12A ‑ C relating to dividends, interest or royalties (although analogous liabilities may arise under Subdivision 12A ‑ C). AMIT trustees, custodians and other entities may be required to give notices etc. to recipients of such deemed payments. Table of sections Operative provisions 12A ‑ 10 Deemed payments—no obligation to withhold under Subdivision 12 ‑ F (dividend, interest and royalty payments) 12A ‑ 15 Dividend, interest or royalty payments relating to AMIT—requirement to give notice or make information available 12A ‑ 20 Failure to give notice or make information available under section 12A ‑ 15: administrative penalty 12A ‑ 25 Meaning of AMIT DIR payment 12A ‑ 30 Meaning of AMIT dividend payment 12A ‑ 35 Meaning of AMIT interest payment 12A ‑ 40 Meaning of AMIT royalty payment", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-10", "Provision_Key": "s12a-10", "Heading": "Deemed payments—no obligation to withhold under Subdivision 12 ‑ F (dividend, interest and royalty payments)", "Text": "(1) If the entity that receives a payment as mentioned in subsection 12 ‑ 215(1), 12 ‑ 250(1) or 12 ‑ 285(1) is the trustee of an * AMIT, the entity need not withhold an amount under that subsection from the payment if the payment arises because of the operation of section 12A ‑ 205 (deemed payments). Note: The trustee may have to pay the Commissioner an amount in respect of the deemed payment (see Subdivision 12A ‑ C). (2) Subsection (3) applies if: (a) the entity that receives a payment as mentioned in subsection 12 ‑ 215(1), 12 ‑ 250(1) or 12 ‑ 285(1) is a * custodian; and (b) it received the payment from an * AMIT. (3) The entity need not withhold an amount under that subsection from the payment mentioned in that subsection if: (a) the payment arises because of the operation of section 12A ‑ 205 (deemed payments); or (b) the payment is a * post ‑ AMMA actual payment in respect of a payment that so arises. Note: Either or both of the trustee of the AMIT concerned and the custodian may have to pay the Commissioner an amount in respect of the deemed payment (see Subdivision 12A ‑ C). (4) Disregard this section for the purposes of section 12A ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-15", "Provision_Key": "s12a-15", "Heading": "Dividend, interest or royalty payments relating to AMIT—requirement to give notice or make information available", "Text": "AMITs and custodians (1) An entity that is an * AMIT or a * custodian must comply with subsection (2) if: (a) the entity makes a payment to another entity (the recipient ) from which an amount would have been required to be withheld under Subdivision 12 ‑ F if: (i) the entity were a company; and (ii) the payment had been made to a foreign resident; and (iii) the condition in either or both of paragraphs 12 ‑ 210(a) or (b), of paragraphs 12 ‑ 245(a) or (b) or of paragraphs 12 ‑ 280(a) or (b) (as the case requires) were satisfied; and (b) an amount is not required to be withheld from the payment because: (i) the recipient is not a foreign resident; or (ii) the recipient is a foreign resident carrying on business in Australia at or through a permanent establishment (within the meaning of subsection 128B(3F) of the Income Tax Assessment Act 1936 ) of the recipient in Australia, and the payment is attributable to the permanent establishment; and (c) the payment is any of the following: (i) a payment that arises because of the operation of section 12A ‑ 205 (deemed payments); (ii) a * pre ‑ AMMA actual payment in respect of a payment that so arises. (2) The entity must: (a) give to the recipient a written notice containing the details specified in subsection (3); or (b) make those details available on a website in a way that the details are readily accessible to the recipient for not less than 5 continuous years. (3) The notice must be given, or the details must be made available on a website, before or at the time when the payment is made and: (a) must specify the part of the payment from which an amount would have been so required to have been withheld; and (b) must specify the income year of the * AMIT to which that part relates. Note: Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12A ‑ 20. Other entities (4) An entity that is not an * AMIT or a * custodian must comply with subsection (5) if: (a) the entity receives a payment; and (b) another entity (the subsequent recipient ) is or becomes entitled: (i) to receive from the entity; or (ii) to have the entity credit to the subsequent recipient, or otherwise deal with on the subsequent recipient’s behalf or as the subsequent recipient directs; an amount attributable to the payment; and (c) the entity would have been required to withhold an amount from the payment under subsection 12 ‑ 215(1), 12 ‑ 250(1) or 12 ‑ 285(1) if the subsequent recipient had been a foreign resident; and (d) an amount is not required to be withheld from the payment because: (i) the subsequent recipient is not a foreign resident; or (ii) the subsequent recipient is a foreign resident carrying on business in Australia at or through a permanent establishment (within the meaning of subsection 128B(3F) of the Income Tax Assessment Act 1936 ) of the subsequent recipient in Australia, and the payment is attributable to the permanent establishment; and (e) the payment is any of the following: (i) a payment that arises because of the operation of section 12A ‑ 205 (deemed payments); (ii) a * pre ‑ AMMA actual payment in respect of a payment that so arises. (5) The entity must: (a) give to the subsequent recipient a written notice containing the details specified in subsection (6); or (b) make those details available on a website in a way that the details are readily accessible to the subsequent recipient for not less than 5 continuous years. (6) The notice must be given, or the details must be made available on a website, before or at the time when the amount is paid or credited to the subsequent recipient, or is dealt with on the subsequent recipient’s behalf or as the subsequent recipient directs, and: (a) must specify the part of the payment referred to in paragraph (4)(a) from which an amount would have been so required to have been withheld; and (b) must specify the income year of the * AMIT to which that part relates. Note: Failure to give the notice or make the details available as required by this section incurs an administrative penalty: see section 12A ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-20", "Provision_Key": "s12a-20", "Heading": "Failure to give notice or make information available under section 12A ‑ 15: administrative penalty", "Text": "An entity that: (a) is required to give a notice, or make details available on a website, under section 12A ‑ 15 in relation to: (i) a payment made to another entity; or (ii) an amount paid or credited to, or dealt with on behalf of or as directed by, another entity; and (b) fails to comply with that section; is liable to pay to the Commissioner a penalty equal to the amount that would have been required to be withheld under this Subdivision (disregarding section 12 ‑ 300) in relation to amounts attributable to the payment or amount if the notice had been given or the details had been made available. Note: Division 298 in this Schedule contains machinery provisions for administrative penalties.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-25", "Provision_Key": "s12a-25", "Heading": "Meaning of AMIT DIR payment", "Text": "An AMIT DIR payment means any of the following: (a) an * AMIT dividend payment; (b) an * AMIT interest payment; (c) an * AMIT royalty payment.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-30", "Provision_Key": "s12a-30", "Heading": "Meaning of AMIT dividend payment", "Text": "(1) This section applies to a trust that is an * AMIT for an income year. (2) The object of this section is to ensure that the total of the * AMIT dividend payments that the trustee of the * AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3). (3) The amount is the total of the * determined member components for the * AMIT for the income year of the character of a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12 ‑ F. (4) A payment (the actual or deemed payment ) that the trustee of a trust makes in relation to an income year is an AMIT dividend payment in relation to that year. However, the amount of the AMIT dividend payment is worked out under the following method statement, and may be: (a) the amount of the actual or deemed payment; or (b) the amount of the actual or deemed payment, increased or reduced as a result of the method statement. Note: The payment by the trustee may be an actual payment, or a deemed payment under section 12A ‑ 205. Method statement Step 1. Work out what it is reasonable to expect will be the amount mentioned in subsection (3). Step 2. The AMIT dividend payment is so much of the step 1 amount as is reasonable having regard to: (a) the object of this section; and (b) the amounts of any earlier AMIT dividend payments made by the trustee in relation to the income year; and (c) the expected amounts of any later AMIT dividend payments the trustee expects to make in relation to the income year. (5) The amount mentioned in subsection (3) and the expected amounts of any later * AMIT dividend payments are to be worked out on the basis of the trustee’s knowledge when the payment is made. (6) Subsection (5) does not apply if the payment is a payment arising because of the operation of section 12A ‑ 205 (deemed payments). (7) However, the payment is not an AMIT dividend payment in relation to the income year if: (a) the payment is a * post ‑ AMMA actual payment in respect of another payment; and (b) the other payment arises because of the operation of section 12A ‑ 205; and (c) the other payment is an AMIT dividend payment.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-35", "Provision_Key": "s12a-35", "Heading": "Meaning of AMIT interest payment", "Text": "(1) This section applies to a trust that is an * AMIT for an income year. (2) The object of this section is to ensure that the total of the * AMIT interest payments that the trustee of the * AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3). (3) The amount is the total of the * determined member components for the * AMIT for the income year of the character of interest (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12 ‑ F. (4) To work out the amount of an AMIT interest payment , apply subsections 12A ‑ 30(4), (5), (6) and (7). For this purpose: (a) treat references in those subsections to AMIT dividend payments as instead being references to AMIT interest payments; and (b) treat the reference in subsection 12A ‑ 30(4) to “the amount mentioned in subsection (3)” as instead being a reference to “the amount mentioned in subsection 12A ‑ 35(3)”.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-40", "Provision_Key": "s12a-40", "Heading": "Meaning of AMIT royalty payment", "Text": "(1) This section applies to a trust that is an * AMIT for an income year. (2) The object of this section is to ensure that the total of the * AMIT royalty payments that the trustee of the * AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3). (3) The amount is the total of the * determined member components for the * AMIT for the income year of the character of a * royalty that is subject to a requirement to withhold under Subdivision 12 ‑ F. (4) To work out the amount of an AMIT royalty payment , apply subsections 12A ‑ 30(4), (5), (6) and (7). For this purpose: (a) treat references in those subsections to AMIT dividend payments as instead being references to AMIT royalty payments; and (b) treat the reference in subsection 12A ‑ 30(4) to “the amount mentioned in subsection (3)” as instead being a reference to “the amount mentioned in subsection 12A ‑ 40(3)”.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-100", "Provision_Key": "s12a-100", "Heading": "What this Subdivision is about", "Text": "Withholding liabilities under Subdivision 12 ‑ H do not apply in relation to deemed payments arising under Subdivision 12A ‑ C analogous to fund payments under Subdivision 12 ‑ H (although analogous liabilities may arise under Subdivision 12A ‑ C). AMIT trustees, custodians and other entities may be required to give notices etc. to recipients of such deemed payments. Table of sections Operative provisions 12A ‑ 105 Deemed payments—no obligation to withhold under Subdivision 12 ‑ H 12A ‑ 110 Meaning of fund payment —AMITs", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-105", "Provision_Key": "s12a-105", "Heading": "Deemed payments—no obligation to withhold under Subdivision 12 ‑ H", "Text": "(1) The trustee mentioned in subsection 12 ‑ 385(1) need not withhold an amount under that subsection from the payment mentioned in that subsection if the payment arises because of the operation of section 12A ‑ 205 (deemed payments). Note: The trustee may have to pay the Commissioner an amount in respect of the deemed payment (see Subdivision 12A ‑ C). (2) The * custodian mentioned in subsection 12 ‑ 390(1) need not withhold an amount under that subsection from the later payment mentioned in that subsection if: (a) the later payment arises because of the operation of section 12A ‑ 205 (deemed payments); or (b) the later payment is a * post ‑ AMMA actual payment in respect of a payment of a kind mentioned in paragraph (a). Note: Either or both of the trustee of the AMIT concerned and the custodian may have to pay the Commissioner an amount in respect of the deemed payment (see Subdivision 12A ‑ C). (3) The entity mentioned in subsection 12 ‑ 390(4) need not withhold an amount under that subsection from the payment mentioned in that subsection if: (a) the payment arises because of the operation of section 12A ‑ 205 (deemed payments); or (b) the payment is a * post ‑ AMMA actual payment in respect of a payment of a kind mentioned in paragraph (a). Note: The entity may have to pay the Commissioner an amount in respect of the deemed payment (see Subdivision 12A ‑ C). (4) Disregard this section for the purposes of section 12 ‑ 395.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-110", "Provision_Key": "s12a-110", "Heading": "Meaning of fund payment —AMITs", "Text": "(1) This section applies to a trust that is an * AMIT for an income year. (2) The object of this section is to ensure that the total of the * fund payments that the trustee of the * AMIT makes in relation to the income year equals, as nearly as practicable, the amount mentioned in subsection (3). (3) The amount is the sum of the following amounts: (a) total of the * determined member components for the * AMIT for the income year of a character relating to assessable income, disregarding determined member components (the excluded components ) of any of the following characters: (i) the character of a * discount capital gain from a * CGT asset that is not * taxable Australian property; (ii) the character of a * capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property; (iii) the character of a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to, or exempted from, a requirement to withhold under Subdivision 12 ‑ F; (iv) the character of interest (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to, or exempted from, a requirement to withhold under Subdivision 12 ‑ F; (v) the character of a * royalty that is subject to, or exempted from, a requirement to withhold under Subdivision 12 ‑ F; (vi) the character of * ordinary income, or * statutory income, from a source other than an * Australian source; (vii) if a legislative instrument under subsection (4) specifies a character—that character; (b) the total of each * capital loss of the AMIT from a * CGT event that: (i) happened in the income year to a CGT asset that is not taxable Australian property; and (ii) has been applied against a capital gain from a CGT event that happened in relation to a CGT asset that is taxable Australian property; but only to the extent that each such capital loss has been so applied in the income year; (c) the total of each amount to which subsection (3A) applies in relation to the income year. (3A) If: (a) the AMIT has a * net capital loss for an earlier income year; and (b) one or more of the * capital losses the trust made during that earlier income year were from * CGT events that happened in relation to * CGT assets that were not * taxable Australian property; and (c) in relation to the income year mentioned in paragraph (3)(c), some or all of the net capital loss is applied against a * capital gain from a CGT event that happens in relation to a CGT asset that is taxable Australian property; this subsection applies, for the income year mentioned in paragraph (3)(c), to an amount equal to so much of the net capital loss that is so applied as related to capital losses mentioned in paragraph (b) of this subsection. (4) The Commissioner may, by legislative instrument, specify one or more characters for the purposes of subparagraph (3)(a)(vii). (5) A payment (the actual or deemed payment ) that the trustee of a trust makes in relation to an income year is a fund payment in relation to that year. However, the amount of the fund payment is worked out under the following method statement, and may be: (a) the amount of the actual or deemed payment; or (b) the amount of the actual or deemed payment, increased or reduced as a result of the method statement. Note: The payment by the trustee may be an actual payment, or a deemed payment under section 12A ‑ 205. Method statement Step 1. Reduce the actual or deemed payment by so much of it that is attributable to the excluded components. Step 2. Work out what it is reasonable to expect will be the amount mentioned in subsection (3). Do so on the basis that a * capital gain from * taxable Australian property of the trust that was or would be reduced under step 5 of the method statement in subsection 102 ‑ 5(1) of the Income Tax Assessment Act 1997 were double the amount it actually is. Step 3. The fund payment is so much of the step 2 amount as is reasonable having regard to: (a) the object of this section; and (b) the step 1 amount; and (c) the amounts of any earlier fund payments made by the trustee in relation to the income year; and (d) the expected amounts of any later fund payments the trustee expects to make in relation to the income year. (6) The amount mentioned in subsection (3) and the expected amounts of any later * fund payments are to be worked out on the basis of the trustee’s knowledge when the payment is made. (7) Subsection (6) does not apply if the payment is a payment arising because of the operation of section 12A ‑ 205 (deemed payments). (8) However, the payment is not a fund payment in relation to the income year if: (a) the payment (the actual payment ) is a * post ‑ AMMA actual payment in respect of another payment; and (b) the other payment arises because of the operation of section 12A ‑ 205; and (c) the other payment is a fund payment. (9) An amount is also not a fund payment in relation to the income year unless it is paid: (a) during the income year; or (b) within 3 months after the end of the income year; or (c) within a longer period (starting at the end of the period referred to in paragraph (b) and not exceeding 3 years) allowed by the Commissioner. (10) The Commissioner may allow a longer period as mentioned in paragraph (9)(c) only if the Commissioner is of the opinion that: (a) if the other payment arises at a time because of the operation of section 12A ‑ 205 (deemed payments)—the * AMIT complied with subsection 276 ‑ 455(1) of the Income Tax Assessment Act 1997 in respect of the income year (requirement to give AMMA statements within 3 months); or (b) otherwise—the trustee was unable to make the payment during the income year, or within 3 months after the end of the income year, because of circumstances beyond the influence or control of the trustee.", "Amendment_Count": 3, "First_Amended": "No 53 of 2016", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 53 of 2016 | No 15 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 15 of 2019, effective sch 1 (items 19 ‑ 33, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 52, 53, 80, 81): 1 July 2026 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-200", "Provision_Key": "s12a-200", "Heading": "What this Subdivision is about", "Text": "When a withholding MIT that is an AMIT gives a member an AMMA statement, the trustee is deemed to have made a payment to the member. The payment is generally the sum of the determined member components reflected in the statement that are of a character relating to assessable income, reduced by any previous actual payments related to those components. The deemed payment can flow through one or more custodians, giving rise to subsequent deemed payments. Table of sections Operative provisions 12A ‑ 205 Issue of AMMA statement etc. deemed to be payment 12A ‑ 210 Post ‑ AMMA actual payment and pre ‑ AMMA actual payment in respect of deemed payment 12A ‑ 215 AMIT payment to the Commissioner in respect of deemed payments to offshore entities etc. 12A ‑ 220 Custodian payment to the Commissioner in respect of deemed payments to offshore entities etc.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-205", "Provision_Key": "s12a-205", "Heading": "Issue of AMMA statement etc. deemed to be payment", "Text": "(1) This section applies if: (a) an entity (the first recipient ) is or was a * member of a * withholding MIT in respect of an income year; and (b) the withholding MIT is an * AMIT for the income year; and (c) the AMIT gives the first recipient an * AMMA statement for the income year. (2) For the purposes of this Part, Subdivision 840 ‑ M of the Income Tax Assessment Act 1997 and Division 11A of Part III of the Income Tax Assessment Act 1936 : (a) treat the trustee of the * AMIT as having made a payment (the first deemed payment ) of an amount to the first recipient at the time the AMIT gave the first recipient the * AMMA statement; and (b) treat the amount of the first deemed payment as being the amount worked out as follows: (i) first, work out the total of all the * determined member components of all the * members of the AMIT of a character relating to assessable income for the income year; (ii) next, identify each of the * pre ‑ AMMA actual payments (if any) made to those members in respect of all payments by the trustee to those members that arise from the operation of paragraph (a); (iii) next, identify every * AMIT DIR payment (if any) and each * fund payment (if any) that arises from each such pre ‑ AMMA actual payment; (iv) next, reduce the result of subparagraph (i) by the sum of each such AMIT DIR payment and fund payment; (v) next, work out how much of the result of subparagraph (iv) is referable to the first recipient. (3) Also, for the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936 , treat the first recipient as having derived the first deemed payment just before the end of the income year to which the * AMMA statement relates. (4) Subsection (5) applies if: (a) the first recipient is a * custodian; and (b) another entity (the subsequent recipient ): (i) starts to have, at a time, an entitlement to an amount that is reasonably attributable to all or part of the first deemed payment; or (ii) would start to have, at a time, such an entitlement if the first deemed payment were an actual payment of an amount. (5) For the purposes of this Part, Subdivision 840 ‑ M of the Income Tax Assessment Act 1997 and Division 11A of Part III of the Income Tax Assessment Act 1936 : (a) treat the first recipient as having made a payment (the subsequent deemed payment ) of an amount to the subsequent recipient at that time; and (b) treat the amount of the subsequent deemed payment as being the amount of the entitlement mentioned in subparagraph (4)(b)(i) or (ii); and (c) treat the amount of the subsequent deemed payment as being attributable to the first deemed payment. (6) Also, for the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936 , treat the subsequent recipient as having derived the subsequent deemed payment at the time the subsequent deemed payment arises. (7) If: (a) an entity is a subsequent recipient mentioned in subsection (4) (including as a result of a previous operation of this subsection); and (b) subsection (5) applies with the result that a payment is treated as having been made to the entity; and (c) the entity is a * custodian; apply subsections (4), (5) and (6) again as if the entity were the first recipient mentioned in subsection (4). Note: This means that the entity is treated under subsection (5) as having made a payment to another entity if the other entity has (or would have) an entitlement as mentioned in paragraph (4)(b).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-205"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-210", "Provision_Key": "s12a-210", "Heading": "Post ‑ AMMA actual payment and pre ‑ AMMA actual payment in respect of deemed payment", "Text": "(1) A payment that does not arise because of the operation of section 12A ‑ 205 is a post ‑ AMMA actual payment in respect of a payment (the deemed payment ) that does arise because of the operation of that section if: (a) the payment and the deemed payment are both attributable to the same * member component for the * AMIT mentioned in that section; and (b) the actual payment is made at or after the time the deemed payment arises. (2) A payment that does not arise because of the operation of section 12A ‑ 205 is a pre ‑ AMMA actual payment in respect of a payment (the deemed payment ) that does arise because of the operation of that section if: (a) the payment and the deemed payment are both attributable to the same * member component for the * AMIT mentioned in that section; and (b) the actual payment is made before the time the deemed payment arises.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-210"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-215", "Provision_Key": "s12a-215", "Heading": "AMIT payment to the Commissioner in respect of deemed payments to offshore entities etc.", "Text": "(1) A trustee of a trust that is an * AMIT for an income year must pay an amount to the Commissioner if: (b) the trustee makes a payment (the deemed payment ) that arises because of the operation of section 12A ‑ 205; and (c) the payment is made to an entity (the recipient ) that is: (i) if the payment is a * fund payment and the trust is a * withholding MIT in relation to the income year—an entity covered by section 12 ‑ 410; or (ii) if the payment is an * AMIT DIR payment made in relation to the income year—an entity that is not an Australian resident. Note 1: An entity may be covered by section 12 ‑ 410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia. Note 2: If the payment is made to a recipient not covered by subparagraph (c)(i) or (ii), the trustee is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see sections 12 ‑ 395 and 12A ‑ 15. (2) The amount that the trustee must pay is equal to the amount that the trustee would, if the assumptions in subsection (3) were made, have had to withhold under: (a) if the deemed payment is a * fund payment—section 12 ‑ 385; or (b) if the deemed payment is an * AMIT DIR payment—section 12 ‑ 210, 12 ‑ 245 or 12 ‑ 280. (3) The assumptions are that: (a) the deemed payment had not arisen because of the operation of section 12A ‑ 205; and (b) the deemed payment had instead been an actual payment; and (c) if the deemed payment is an * AMIT DIR payment: (i) where it corresponds to the character of a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12 ‑ F—the trust had been a company, and it had paid it as a dividend; or (ii) where it corresponds to the character of interest (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12 ‑ F—it were the payment of interest; or (iii) where it corresponds to the character of a * royalty that is subject to a requirement to withhold under Subdivision 12 ‑ F—it were the payment of a royalty; and (d) if the deemed payment is an AMIT DIR payment—the condition in either or both of paragraphs 12 ‑ 210(a) or (b), of paragraphs 12 ‑ 245(a) or (b) or of paragraphs 12 ‑ 280(a) or (b) (as the case requires) were satisfied. (4) The trustee may recover from the recipient as a debt an amount that the trustee has paid to the Commissioner under subsection (1). (5) The trustee is entitled to set off an amount that the trustee can recover from the recipient under subsection (4) against debts due by the trustee to the recipient.", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 15 of 2019, effective sch 1 (items 19 ‑ 33, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-215"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 12A-220", "Provision_Key": "s12a-220", "Heading": "Custodian payment to the Commissioner in respect of deemed payments to offshore entities etc.", "Text": "(1) A * custodian must pay an amount to the Commissioner if: (a) the trustee of a trust that was an * AMIT for an income year and was a * withholding MIT in relation to the income year made a payment (the first deemed payment ) that: (i) arose because of the operation of section 12A ‑ 205; and (ii) was a * fund payment or an * AMIT DIR payment; and (b) the custodian makes a payment (the subsequent deemed payment ) that arises because of the operation of section 12A ‑ 205; and (c) the first deemed payment gave rise to the subsequent deemed payment, because of one or more operations of section 12A ‑ 205; and (d) the subsequent deemed payment or part of it (the covered part ) was covered by a notice or information under: (i) if the first deemed payment was a fund payment—section 12 ‑ 395; or (ii) if the first deemed payment was an AMIT DIR payment—section 12A ‑ 15; and (e) the subsequent deemed payment is made to an entity (the recipient ) that is: (i) if the first deemed payment was a fund payment—covered by section 12 ‑ 410; or (ii) if the first deemed payment was an AMIT DIR payment— not an Australian resident. Note 1: An entity may be covered by section 12 ‑ 410 if the entity has an address outside Australia or payment is authorised to be made to a place outside Australia. Note 2: If the payment is made to a recipient not covered by subparagraph (e)(i) or (ii), the trustee is required to give a notice to the recipient or publish information on a website setting out certain details about the payment: see sections 12 ‑ 395 and 12A ‑ 15. (2) The amount that the * custodian must pay is the amount that the custodian would, if the assumptions in subsection (3) were made, have had to withhold under: (a) if the first deemed payment was a * fund payment—subsection 12 ‑ 390(1); or (b) if the first deemed payment was an * AMIT DIR payment—section 12 ‑ 210, 12 ‑ 245 or 12 ‑ 280. (3) The assumptions are that: (a) the subsequent deemed payment had not arisen because of the operation of section 12A ‑ 205; and (b) the subsequent deemed payment had instead been an actual payment; and (c) if the first deemed payment was an * AMIT DIR payment: (i) where the first deemed payment corresponded to the character of a dividend (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12 ‑ F—the * custodian had been a company, and it had paid the subsequent deemed payment as a dividend; or (ii) where the first deemed payment corresponded to the character of interest (as defined in Division 11A of Part III of the Income Tax Assessment Act 1936 ) that is subject to a requirement to withhold under Subdivision 12 ‑ F—the subsequent deemed payment were the payment of interest; or (iii) where the first deemed payment corresponded to the character of a * royalty that is subject to a requirement to withhold under Subdivision 12 ‑ F—the subsequent deemed payment were the payment of a royalty; and (d) if the first deemed payment was an AMIT DIR payment—the condition in either or both of paragraphs 12 ‑ 210(a) or (b), of paragraphs 12 ‑ 245(a) or (b) or of paragraphs 12 ‑ 280(a) or (b) (as the case requires) were satisfied. (4) The * custodian may recover from the recipient as a debt an amount that the custodian has paid to the Commissioner under subsection (1). (5) The * custodian is entitled to set off an amount that the custodian can recover from the recipient under subsection (4) against debts due by the custodian to the recipient.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s12A-220"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13-1", "Provision_Key": "s13-1", "Heading": "Object of this Division", "Text": "The object of this Division is to ensure the efficient collection of income tax (and other liabilities) on any * personal services income included in an individual’s assessable income under Division 86 of the Income Tax Assessment Act 1997 by: (a) putting * personal services entities receiving * alienated personal services payments in a position similar to their position if amounts were withheld from the payments under Division 12; but (b) doing so in a way that enables them to comply with their obligations without having to withhold amounts separately from each payment. Note: Under Division 86 of the Income Tax Assessment Act 1997 (about alienation of personal services income), an individual’s personal services income that is gained or produced by another entity is in some cases included in the individual’s assessable income. Payments of this income by the entity might not be caught by Division 12.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13-5", "Provision_Key": "s13-5", "Heading": "Payment to the Commissioner in respect of alienated personal services payments", "Text": "Obligation to pay amounts (1) A * personal services entity must pay an amount of tax to the Commissioner if: (a) it receives an * alienated personal services payment that relates to an individual’s personal services income; and (b) it receives the payment during a * PAYG payment period for which it is a * personal services payment remitter. Working out the amounts (2) Use this method statement to work out the amount: Method statement Step 1. Identify the payments that the * personal services entity makes to the individual during the period mentioned in paragraph (1)(b) that are * withholding payments covered by section 12 ‑ 35. Step 2. Identify the amounts that: (a) are included in the individual’s assessable income under section 86 ‑ 15 of the Income Tax Assessment Act 1997 ; and (b) relate to * alienated personal services payments the entity receives during that period. Step 3. Work out the sum of all the amounts that Division 12 would require the entity to withhold in respect of that period if both of these were taken into account: (a) the payments identified in step 1; and (b) the amounts identified in step 2, as if they were payments of salary covered by section 12 ‑ 35. Step 4. Work out the sum of all the amounts withheld under section 12 ‑ 35 from the payments identified in step 1. Step 5. Subtract the sum under step 4 from the sum under step 3. Example: For the PAYG payment period of 1 April 2001 to 30 June 2001, NewIT Pty. Ltd. received amounts totalling $18,000 that were Ron’s personal services income. NewIT does not conduct a personal services business. During the period, NewIT paid Ron $3,000 in salary. This is a withholding payment covered by section 12 ‑ 35 (step 1). $15,000 of the amount NewIT received is included in Ron’s assessable income under section 86 ‑ 15 of the Income Tax Assessment Act 1997 (step 2). If NewIT had paid the $15,000 in salary to Ron within 14 days after the end of the PAYG payment period, the amount that NewIT would have had to withhold under Division 12 on the total amount of $18,000 would have been $4,000 (step 3). NewIT withheld $500 from the salary payment of $3,000, as required by section 12 ‑ 35 (step 4). On the basis of these facts, the amount NewIT must pay to the Commissioner (step 5) is: (3) Subject to subsections (4) and (5), the * personal services entity must pay the amount to the Commissioner by the end of the 21st day after the end of the * PAYG payment period. Note: A different rule applies for alienated personal services payments that large withholders and medium withholders make during the 2000 ‑ 01 income year. See section 13 ‑ 20. (4) If: (a) the * personal services entity is a * deferred BAS payer on the 21st day after the end of the * PAYG payment period; and (b) the personal services entity’s PAYG payment period is a * quarter; the entity must pay that amount to the Commissioner as shown in the table: Payments by * deferred BAS payers Item If paragraph (4)(a) applies to the * quarter ending on: the amount for this quarter must be paid by the end of: 1 30 September the following 28 October 2 31 December the following 28 February 3 31 March the following 28 April 4 30 June the following 28 July (5) If: (a) the * personal services entity is a * deferred BAS payer on the 21st day after the end of the * PAYG payment period; and (b) the personal services entity’s PAYG payment period is a month; the entity must pay that amount to the Commissioner: (c) by the end of the 28th day of the month following that period unless the PAYG payment period is a December; or (d) by the end of the 28th day of the next February if the PAYG payment period is a December.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 86 of 2000 | No 73 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13-10", "Provision_Key": "s13-10", "Heading": "Alienated personal services payments", "Text": "An alienated personal services payment is a payment (including a payment in the form of a * non ‑ cash benefit) that a * personal services entity receives and that relates to an amount that: (a) is included in an individual’s assessable income under Division 86 of the Income Tax Assessment Act 1997 ; or (b) would be so included but for the fact that the entity received the income in the course of conducting a * personal services business. For valuation of non ‑ cash benefits, see sections 21 and 21A of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13-15", "Provision_Key": "s13-15", "Heading": "Personal services payment remitters", "Text": "General (1) A * personal services entity is a personal services payment remitter for a * PAYG payment period if, in the income year preceding that period: (a) the entity’s * ordinary income or * statutory income included a person’s * personal services income; and (b) the entity was not conducting a * personal services business. Businesses not previously receiving personal services income (2) A * personal services entity is a personal services payment remitter for a * PAYG payment period if: (a) the entity’s * ordinary income or * statutory income did not include an individual’s * personal services income in any income year preceding that period; and (b) it is reasonable to expect that, in the income year during which the period occurs, the entity’s income will include a person’s * personal services income that the entity will not have received in the course of conducting a * personal services business. (3) It is not reasonable to expect that the * personal services entity will receive a person’s * personal services income in the course of conducting a * personal services business if it is reasonable to expect that: (a) the entity will receive at least 80% of that income from the same entity (or one entity and its * associates); and (b) the entity will not meet the results test under section 87 ‑ 18 of the Income Tax Assessment Act 1997 . Personal services business determinations taking effect (4) However, a * personal services entity is not a personal services payment remitter for a * PAYG payment period if, during that period or an earlier PAYG payment period in the same income year, a * personal services business determination relating to the entity takes effect.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective sch 6 (items 18, 18A, 19(3), (4)): 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 13-20", "Provision_Key": "s13-20", "Heading": "Time for payments to Commissioner for alienated personal services payments made during 2000 ‑ 01", "Text": "(1) Subject to subsection (2), if: (a) a * personal services entity must, under section 13 ‑ 5, pay an amount for * alienated personal services payments it received during a particular * PAYG payment period; and (b) the period ends in a * quarter in the * financial year starting on 1 July 2000; the payment must be paid to the Commissioner by the end of the 21st day after the end of the quarter. (2) If: (a) the * personal services entity is a * deferred BAS payer on the 21st day after the end of the * quarter; and (b) the quarter ends on 31st March or 30th June of 2001; the payment must be paid to the Commissioner by the end of the 28th day after the end of that quarter.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 86 of 2000 | No 73 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s13-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-1", "Provision_Key": "s14-1", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is: (a) to put entities that provide * non ‑ cash benefits, and entities that receive them, in a position similar to their position under Division 12 if payments of money had been made instead of the non ‑ cash benefits being provided; and (b) in that way, to prevent entities from avoiding their obligations under Division 12 by providing non ‑ cash benefits.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-5", "Provision_Key": "s14-5", "Heading": "Provider of non ‑ cash benefit must pay amount to the Commissioner if payment would be subject to withholding", "Text": "(1) An entity (the payer ) must pay an amount to the Commissioner before providing a * non ‑ cash benefit to another entity (the recipient ) if Division 12 would require the payer to withhold an amount (the notionally withheld amount ) if, instead of providing the benefit to the recipient, the payer made a payment to the recipient in money equal to the * market value of the benefit when the benefit is provided. (2) The amount to be paid to the Commissioner is equal to the notionally withheld amount. Example: Nick is a building contractor who has entered into a voluntary agreement with Mike for the purposes of section 12 ‑ 55. Nick proposes to give Mike his old utility van (whose market value is $1,000) as payment for work Mike has done for him over a fortnight. If Nick were instead to pay Mike $1,000, Nick would have had to withhold $203 under Division 12 (in accordance with withholding rates current at the time). This section requires Nick to pay $203 to the Commissioner before giving the van to Mike. (3) This section does not apply to providing: (a) a * fringe benefit; or (b) a benefit that is an exempt benefit under the Fringe Benefits Tax Assessment Act 1986 ; or (c) a benefit that would be an exempt benefit under that Act if paragraphs (d) and (e) of the definition of employer in subsection 136(1) of that Act were omitted; or (d) a benefit constituted by the acquisition of an * ESS interest * under an employee share scheme to which Subdivision 83A ‑ B or 83A ‑ C of the Income Tax Assessment Act 1997 applies.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 178 of 1999 | No 56 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-10", "Provision_Key": "s14-10", "Heading": "Dividend, interest or royalty received, for a foreign resident, in the form of a non ‑ cash benefit", "Text": "If: (a) an entity (the payer ) receives in the form of a * non ‑ cash benefit: (i) a * dividend of a company; or (ii) interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ); or (iii) a * royalty; and (b) section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285 would have required the payer to withhold an amount if the dividend, interest or royalty had been a payment in money; the payer must pay that amount to the Commissioner before providing the benefit (or part of it) to another entity.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-15", "Provision_Key": "s14-15", "Heading": "Payer can recover amount paid to the Commissioner", "Text": "(1) The payer may recover from the recipient as a debt an amount that the payer has paid to the Commissioner under section 14 ‑ 5. (2) If the payer has paid an amount to the Commissioner under section 14 ‑ 10, the payer may: (a) if the payer has provided all of the benefit to another entity—recover the amount from that other entity as a debt; or (b) if the payer has provided a part of the benefit to another entity—recover from that other entity as a debt the corresponding proportion of the amount paid to the Commissioner. (3) If the payer can recover an amount from another entity under this section, the payer is entitled to set the amount off against debts due by the payer to the other entity.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-50", "Provision_Key": "s14-50", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to put the parties to a * Part VA investment with an accruing gain in a position similar to what would have been their position under Subdivision 12 ‑ E (Payments where TFN or ABN not quoted) if the * investment body had paid the gain in money to the * investor at the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-55", "Provision_Key": "s14-55", "Heading": "Liability for TFN withholding tax", "Text": "(1) * TFN withholding tax is payable if: (a) in relation to a * Part VA investment, an amount (the accrued gain ) is included in the * investor’s assessable income for an income year under section 159GQ of the Income Tax Assessment Act 1936 (about gains accruing on securities); and (b) the investment: (i) is of a kind mentioned in item 1 or 2 of the table in subsection 202D(1) of that Act; or (ii) is of a kind mentioned in item 3 of that table and is non ‑ transferable; and (c) the term of the investment does not end during the income year; and (d) section 12 ‑ 140 would have required the * investment body to withhold an amount (the TFN withholding amount ) from a payment of the accrued gain to the investor, if the investment body had made the payment at the end of the income year and section 12 ‑ 150 had not been enacted. Note: Section 202D of the Income Tax Assessment Act 1936 lists the investments in connection with which tax file numbers are to be quoted. (2) The amount of * TFN withholding tax is equal to the TFN withholding amount. (3) The * TFN withholding tax is payable jointly and severally by the * investor and the * investment body. (4) However, if the * investment body is the Commonwealth or an * untaxable Commonwealth entity: (a) the * TFN withholding tax is payable by the * investor; and (b) the investor is taken to have authorised the investment body to pay the TFN withholding tax on the investor’s behalf. (5) The * TFN withholding tax is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(a). Note 1: When it is due and payable, the TFN withholding tax is payable to the Commissioner: see paragraph 255 ‑ 5(1)(b). Note 2: An entity by whom it is payable must pay it to the Commissioner in accordance with Subdivision 16 ‑ B: see subsection 16 ‑ 70(3). If any of it remains unpaid, the entity is liable to pay general interest charge: see section 16 ‑ 80. Note 3: The Commissioner may defer the time at which TFN withholding tax becomes due and payable: see section 255 ‑ 10. (6) The adoption (under section 18 of the Income Tax Assessment Act 1936 ) of an accounting period ending on a day other than 30 June is disregarded for the purposes of: (a) this section; and (b) the application of Division 16E of Part III of that Act for the purposes of this section.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-60", "Provision_Key": "s14-60", "Heading": "Investment body may recover TFN withholding tax from investor", "Text": "(1) The * investment body may recover from the * investor as a debt any of the * TFN withholding tax that it pays. (2) The * investment body is entitled to set off an amount that it can recover from the * investor under this section against: (a) a debt due by it to the investor; or (b) an amount that is accruing to the investor, or stands to the investor’s credit, in respect of the * Part VA investment, even if the amount is not yet due.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-65", "Provision_Key": "s14-65", "Heading": "Application of rules in Division 18", "Text": "These provisions: (a) subsection 18 ‑ 15(1) and sections 18 ‑ 20 and 18 ‑ 25 (about credits for amounts withheld from withholding payments); and (b) section 18 ‑ 80 (about refunds when exemption declaration not given); apply as if any of the * TFN withholding tax that has been paid were an amount withheld under subsection 12 ‑ 140(1) from a * withholding payment covered by that subsection and made to the * investor during: (c) unless the * investor has adopted (under section 18 of the Income Tax Assessment Act 1936 ) an accounting period ending on a day other than 30 June—the income year referred to in paragraph 14 ‑ 55(1)(a); or (d) if the investor has adopted such an accounting period—the income year in which the TFN withholding tax is paid. Note: Unless the investor has adopted such an accounting period, the credit under section 18 ‑ 15, 18 ‑ 20 or 18 ‑ 25 will be in respect of the income year before the one in which the TFN withholding tax is paid.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-75", "Provision_Key": "s14-75", "Heading": "Overpayment of TFN withholding tax", "Text": "If * TFN withholding tax has been overpaid: (a) the Commissioner must refund the amount overpaid; and (b) the * investor is not entitled to a credit under section 18 ‑ 15, 18 ‑ 20 or 18 ‑ 25 in respect of the amount overpaid.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-85", "Provision_Key": "s14-85", "Heading": "Other laws do not exempt from TFN withholding tax", "Text": "(1) A provision of a law passed before the commencement of this section that purports to exempt an entity from liability to pay * TFN withholding tax, or to pay taxes that include TFN withholding tax, does not exempt that entity from liability to pay TFN withholding tax. (2) A provision of a law passed at or after the commencement of this section that purports to exempt an entity from liability to pay taxes under the laws of the Commonwealth, or to pay certain taxes under those laws that include * TFN withholding tax, is not to be interpreted as exempting the entity from liability to pay TFN withholding tax, unless it specifically mentions TFN withholding tax.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-155", "Provision_Key": "s14-155", "Heading": "Liability for TFN withholding tax (ESS)", "Text": "(1) Tax ( TFN withholding tax (ESS) ) imposed by the Income Tax (TFN Withholding Tax (ESS)) Act 2009 is payable if: (a) a company (the provider ) provides one or more * ESS interests to an individual under an * employee share scheme; and (b) as a result, an amount is included in the individual’s assessable income under Division 83A of the Income Tax Assessment Act 1997 for an income year (taking into account subsection (2) of this section); and (c) the individual has quoted neither of the following to the provider before the end of the income year: (i) if the individual acquired the interests in relation to any services provided to the provider, or to a * subsidiary of the provider, in the course or furtherance of an * enterprise * carried on by the individual—the individual’s * ABN; (ii) in any case—the individual’s * tax file number. (2) For the purposes of paragraph (1)(b), disregard sections 83A ‑ 33 and 83A ‑ 35 of the Income Tax Assessment Act 1997 (about reducing the amount included in the individual’s assessable income). Note: Disregard the 30 day rule in subsections 83A ‑ 115(3) and 83A ‑ 120(3) of the Income Tax Assessment Act 1997 for the purposes of this Subdivision: see subsection 392 ‑ 5(6) in this Schedule. (3) The * TFN withholding tax (ESS) is payable by the provider. (4) The * TFN withholding tax (ESS) is due and payable at the end of 21 days after the end of the income year referred to in paragraph (1)(b). Note 1: When it is due and payable, the TFN withholding tax (ESS) is payable to the Commissioner: see paragraph 255 ‑ 5(1)(b). Note 2: The provider must pay the TFN withholding tax (ESS) to the Commissioner in accordance with Subdivision 16 ‑ B: see subsection 16 ‑ 70(4). If any of it remains unpaid, the provider is liable to pay general interest charge: see section 16 ‑ 80. Note 3: The Commissioner may defer the time at which TFN withholding tax (ESS) becomes due and payable: see section 255 ‑ 10.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 105 of 2015, effective sch 1 (items 43, 44): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-160", "Provision_Key": "s14-160", "Heading": "Employer may give individual tax file numbers to provider", "Text": "(1) The individual is taken to have authorised a * subsidiary (the employer ) of the provider to inform the provider of the individual’s * tax file number if: (a) the individual has made a * TFN declaration in relation to the employer; and (b) some or all of the * ESS interests mentioned in paragraph 14 ‑ 155(1)(a) were provided to the individual in relation to the individual’s employment by the employer. (2) If the employer does so, the individual is taken, for the purposes of this Subdivision and Division 392 (Employee share scheme reporting), to have quoted his or her * tax file number to the provider.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-165", "Provision_Key": "s14-165", "Heading": "Provider may recover TFN withholding tax (ESS) from individual", "Text": "(1) The provider may recover from the individual as a debt any of the * TFN withholding tax (ESS) the provider pays. (2) The provider is entitled to set off an amount that the provider can recover from the individual under this section against a debt due by the provider to the individual.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-170", "Provision_Key": "s14-170", "Heading": "Application of rules in Division 18", "Text": "These provisions: (a) subsection 18 ‑ 15(1) (about credits for amounts withheld from withholding payments); and (b) sections 18 ‑ 65 and 18 ‑ 70 (about refunds of amounts withheld in error); apply as if any of the * TFN withholding tax (ESS) that has been paid were an amount withheld under section 12 ‑ 35 from a * withholding payment made to the individual and covered by that section.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-175", "Provision_Key": "s14-175", "Heading": "Overpayment of TFN withholding tax (ESS)", "Text": "If * TFN withholding tax (ESS) has been overpaid: (a) the Commissioner must refund the amount overpaid; and (b) the individual is not entitled to a credit under section 18 ‑ 15 in respect of the amount overpaid.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-175"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-180", "Provision_Key": "s14-180", "Heading": "Application of certain provisions of Division 83A of the Income Tax Assessment Act 1997", "Text": "The following provisions of the Income Tax Assessment Act 1997 have effect for the purposes of this Subdivision in the same way as they have for the purposes of Division 83A of that Act: (a) section 83A ‑ 130 (about takeovers and restructures); (b) section 83A ‑ 305 (about associates); (c) section 83A ‑ 320 (about trusts); (d) section 83A ‑ 325 (about relationships similar to employment); (e) section 83A ‑ 335 (about stapled securities); (f) section 83A ‑ 340 (about indeterminate rights).", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-180"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-200", "Provision_Key": "s14-200", "Heading": "Certain acquisitions of taxable Australian property from foreign residents", "Text": "(1) You must pay to the Commissioner an amount if: (a) you become the owner of a * CGT asset as a result of * acquiring it from one or more entities under one or more transactions; and (b) subsection 14 ‑ 210(1) (about foreign residents) applies to at least one of those entities at the time one of those transactions is entered into; and (c) at that time, the CGT asset is: (i) * taxable Australian real property; or (ii) an * indirect Australian real property interest; or (iii) an option or right to acquire such property or such an interest; unless a transaction referred to in paragraph (a) is excluded under section 14 ‑ 215. Note: You must pay the amount on account of income tax possibly payable by the entities on their capital proceeds resulting from your acquisition of the CGT asset. (2) You must pay the amount to the Commissioner on or before the day you became the * CGT asset’s owner. Note: There are penalties for failing to pay the amount (see Division 16). (3) The amount to be paid to the Commissioner is: (a) unless paragraph (b) applies—an amount equal to 15% of: (i) the first element of the * CGT asset’s * cost base just after the * acquisition, ignoring paragraphs 112 ‑ 36(1)(b) and (c) of the Income Tax Assessment Act 1997 (about the effect of look ‑ through earnout rights); less (ii) if the acquisition is the result of you exercising an option—any payment you made, and the * market value of any property you gave, for the option (or to renew or extend it); or (b) the varied amount applying under section 14 ‑ 235. (4) This section does not apply if the amount that would otherwise be payable is nil.", "Amendment_Count": 3, "First_Amended": "No 10 of 2016", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 10 of 2016 | No 57 of 2017 | No 135 of 2024", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 57 of 2017, effective 1 July 2017 (s 2(1) item 1) | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-205", "Provision_Key": "s14-205", "Heading": "Effect of look ‑ through earnout rights", "Text": "Acquisitions of taxable Australian property from foreign residents (1) You must pay to the Commissioner an amount if: (a) you are required under section 14 ‑ 200 to pay an amount to the Commissioner in relation to your * acquisition of a * CGT asset; and (b) under a * look ‑ through earnout right relating to the CGT asset and the acquisition, you provide a * financial benefit to one or more entities; and (c) subsection 14 ‑ 210(1) (about foreign residents) would apply to at least one of those entities at the time you provide the financial benefit if section 14 ‑ 210 were modified as described in subsection (2) of this section; and (d) an amount is not already required to be withheld from a * withholding payment relating to the financial benefit. Note 1: To work out the amount payable, see subsection (4). Note 2: You must pay the amount on account of income tax possibly payable by the entities on their increased capital proceeds from receiving the financial benefit. Modifications of the relevant foreign residents test (2) The modifications of section 14 ‑ 210 are as follows: Modifications to section 14 ‑ 210 for the purposes of this section Column 1 Column 2 Item For a reference in that section to: substitute a reference to: 1 transaction is entered into * financial benefit is provided 2 transaction (other than a reference covered by item 1) * financial benefit 3 14 ‑ 200 14 ‑ 205 When you must pay the amount (3) You must pay the amount to the Commissioner on or before the day you provide the * financial benefit. Note: There are penalties for failing to pay the amount (see Division 16). (4) The amount to be paid to the Commissioner is: (a) unless paragraph (b) applies—an amount equal to 15% of the * market value of the * financial benefit; or (b) the varied amount applying under section 14 ‑ 235.", "Amendment_Count": 3, "First_Amended": "No 10 of 2016", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 10 of 2016 | No 57 of 2017 | No 135 of 2024", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 57 of 2017, effective 1 July 2017 (s 2(1) item 1) | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-205"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-210", "Provision_Key": "s14-210", "Heading": "Whether an entity is a relevant foreign resident", "Text": "Is the entity a foreign resident at the time of the transaction? (1) This subsection applies to an entity at the time a transaction is entered into if, at that time: (a) you know that the entity is a foreign resident; or (b) you reasonably believe that the entity is a foreign resident; or (c) you do not reasonably believe that the entity is an Australian resident, and either: (i) the entity has an address outside Australia (according to any record that is in your possession, or is kept or maintained on your behalf, about the transaction); or (ii) you are authorised to provide a related financial benefit to a place outside Australia (whether to the entity or to anyone else); or (d) the entity has a connection outside Australia of a kind specified in the regulations; or (e) the * CGT asset to which the transaction relates is: (i) * taxable Australian real property; or (ii) an * indirect Australian real property interest, the holding of which causes a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936 ) to arise. Note: This subsection is relevant to whether you must pay an amount to the Commissioner under section 14 ‑ 200. Exception—the entity gives you a clearance certificate (2) Despite subsection (1), that subsection does not apply to the entity in relation to the transaction if: (a) before you pay the Commissioner under section 14 ‑ 200 in relation to the * CGT asset to which the transaction relates, the entity gives you a certificate about the entity that: (i) was issued under subsection 14 ‑ 220(1); and (ii) is for a period covering the time the transaction is entered into; and (b) the CGT asset is of a kind described in paragraph (1)(e) of this section. Exception—the entity gives you a residency or interests declaration (3) Despite subsection (1), that subsection does not apply to the entity in relation to the transaction if: (a) before you pay the Commissioner under section 14 ‑ 200 in relation to the * CGT asset to which the transaction relates, the entity gives you a declaration that: (i) is about the entity or the CGT asset; and (ii) was given under subsection 14 ‑ 225(1) or (2); and (iii) is for a period covering the time the transaction is entered into; and (b) when you are given the declaration, you do not know the declaration to be false; and (c) for a declaration given under subsection 14 ‑ 225(1)—the CGT asset is not of a kind described in paragraph (1)(e) of this section.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-210"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-215", "Provision_Key": "s14-215", "Heading": "Excluded transactions", "Text": "A transaction that results in the * acquisition of a * CGT asset is excluded under this section if: (b) the transaction is on an * approved stock exchange; or (c) the transaction is conducted using a crossing system (within the meaning of the * market integrity rules); or (d) an amount is already required to be withheld (other than under Subdivision 14 ‑ E) from a * withholding payment relating to the transaction; or (e) subsection 26BC(3) of the Income Tax Assessment Act 1936 (about securities lending arrangements) applies in relation to the transaction as a result of the transaction being covered by subparagraph (a)(ii) of that subsection; or (f) any of the entities to which subsection 14 ‑ 210(1) (about foreign residents) applies at the time of the transaction: (i) is a company for which any of the conditions in paragraph 161A(1)(a) of the Corporations Act 2001 (about insolvency and external administration) is satisfied; or (ii) is, under a * foreign law, in the same or a similar position to a company covered by subparagraph (i); or (g) the transaction arises from any of the following: (i) the administration of the estate of a bankrupt; (ii) a composition or scheme of arrangement accepted under Division 6 of Part IV of the Bankruptcy Act 1966 ; (iii) a debt agreement under Part IX of that Act; (iv) a personal insolvency agreement under Part X of that Act; (v) circumstances that are, under a foreign law, the same or similar to those in any of the above subparagraphs. Note: This section is relevant to whether you must pay an amount to the Commissioner under section 14 ‑ 200.", "Amendment_Count": 4, "First_Amended": "No 10 of 2016", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 10 of 2016 | No 57 of 2017 | No 23 of 2018 | No 135 of 2024", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 57 of 2017, effective 1 July 2017 (s 2(1) item 1) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-215"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-220", "Provision_Key": "s14-220", "Heading": "Commissioner clearance certificates", "Text": "(1) The Commissioner may certify that, based on information before the Commissioner, there is nothing to suggest that an entity is or will be a foreign resident during a specified period. Note: Such a certificate could result in you not being required to pay an amount under this Subdivision (see subsection 14 ‑ 210(2)). (2) A certificate under subsection (1): (a) may be issued on application to the Commissioner in the * approved form; and (b) is to be in writing; and (c) applies only for the purposes of this Subdivision. (3) For the purposes of (but without limiting) paragraph 388 ‑ 50(1)(c), the Commissioner may require an application for a certificate under subsection (1) to state: (a) whether the applicant holds or will hold specified * CGT assets on behalf of another entity during any part of the period for which the certificate is sought; and (b) whether the applicant knows or reasonably believes that the other entity is or will be a foreign resident during that period. Note: Section 388 ‑ 50 sets out when an application is in the approved form. (4) A certificate issued under subsection (1) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-220"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-225", "Provision_Key": "s14-225", "Heading": "Entity declarations", "Text": "Declaration that an entity is an Australian resident (1) An entity may, in writing, declare that, for a specified period, the entity is and will be an Australian resident. Note: Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14 ‑ 210(3)). Declaration that asset not an indirect Australian real property interest (2) An entity may, in writing, declare that, for a specified period, specified * CGT assets are * membership interests but not * indirect Australian real property interests. Note: Such a declaration could result in you not being required to pay an amount under this Subdivision (see subsection 14 ‑ 210(3)). Limit on the periods for which declarations have effect (3) A period specified in a declaration under this section is of no effect to the extent that it includes days later than 6 months after the day the declaration is made. Declarations are not legislative instruments (4) A declaration under this section is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-225"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-230", "Provision_Key": "s14-230", "Heading": "Administrative penalties for false or misleading declarations", "Text": "Knowingly making false or misleading declarations (1) You are liable to pay the Commissioner a penalty of 120 penalty units if: (a) you make a statement; and (b) the statement is, or purports to be, a declaration under section 14 ‑ 225; and (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and (d) you know, at the time of making the statement, that it is so false or misleading. Note: Division 298 contains machinery provisions for administrative penalties. Recklessly making false or misleading declarations (2) You are liable to pay the Commissioner a penalty of 80 penalty units if: (a) you make a statement; and (b) the statement is, or purports to be, a declaration under section 14 ‑ 225; and (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and (d) you were reckless in connection with the making of the statement. Note: Division 298 contains machinery provisions for administrative penalties. Not taking reasonable care in making declarations (3) You are liable to pay the Commissioner a penalty of 40 penalty units if: (a) you make a statement; and (b) the statement is, or purports to be, a declaration under section 14 ‑ 225; and (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it; and (d) you did not take reasonable care in connection with the making of the statement. Note: Division 298 contains machinery provisions for administrative penalties.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-230"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-235", "Provision_Key": "s14-235", "Heading": "Varying amounts to be paid to the Commissioner", "Text": "Policies relevant to varying amounts (1) In exercising a power under this section to vary an amount, the Commissioner must have regard to the need to protect a creditor’s right to recover a debt. Varying particular amounts (2) The Commissioner may, in writing, vary a particular amount payable by you to the Commissioner under this Subdivision. The variation takes effect when you become aware of it. Note: Decisions to vary, or not to vary, are reviewable (see section 20 ‑ 80). (3) Any of the following entities may apply to the Commissioner in the * approved form for a variation under subsection (2): (a) you; (b) an entity from which you * acquire, or could acquire, the * CGT asset; (c) an entity that is owed a debt by an entity covered by paragraph (b). (4) A variation made under subsection (2) is not a legislative instrument. Varying classes of amounts (5) The Commissioner may, by legislative instrument, vary classes of amounts payable to the Commissioner under this Subdivision. Amounts may be reduced to nil (6) The Commissioner’s power under subsection (2) or (5) to vary an amount includes the power to reduce the amount to nil.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-235"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-250", "Provision_Key": "s14-250", "Heading": "Recipients of certain taxable supplies of real property must pay amounts to Commissioner", "Text": "Liability to pay an amount (1) You must pay to the Commissioner an amount if: (a) you are the recipient (within the meaning of the * GST Act) of a * taxable supply that is, or includes, a * supply to which subsection (2) applies; and (b) in a case where the supply is a supply of * potential residential land—either: (i) you are not registered (within the meaning of that Act); or (ii) you do not acquire the thing supplied for a * creditable purpose. (2) This subsection applies to a * supply, by way of sale or long ‑ term lease (within the meaning of the * GST Act), of: (a) * new residential premises that: (i) have not been created through * substantial renovations of a building; and (ii) are not * commercial residential premises; or (b) * potential residential land that: (i) is included in a * property subdivision plan; and (ii) does not contain any building that is in use for a commercial purpose; other than a supply that is of a kind determined by the Commissioner under subsection (3). (3) The Commissioner may, by legislative instrument, determine that subsection (2) does not apply to a kind of * supply specified in the determination. When the amount must be paid (4) You must pay the amount on or before: (a) the day on which: (i) any of the * consideration for the * supply (other than consideration provided as a deposit) is first provided; or (ii) if the supplier is your * associate, and the supply is without consideration—the supply is made; or (b) if a determination under subsection (5) applies—the day provided under that determination. (5) The Commissioner may determine, by legislative instrument, circumstances in which amounts under this section are to be paid on or before the day provided under the determination. The determination may provide for amounts to be paid in instalments. The amount to be paid (6) The amount to be paid to the Commissioner is an amount equal to: (a) if the * margin scheme applies to the * supply: (i) the percentage, of the amount provided under subsection (7), determined by the Minister under subsection (8); or (ii) if there is no such determination—7% of the amount provided under subsection (7); or (b) otherwise— 1 / 11 of the amount provided under subsection (7). (7) For the purposes of paragraphs (6)(a) and (b), the amount is: (a) if the contract for the * supply specifies an amount (the contract price ) that is the * price for the supply, subject to normal adjustments that apply on completion of transactions of that kind—that contract price; or (b) otherwise—the * price for the supply. (8) The Minister may, by legislative instrument, determine a percentage exceeding 7%, but not exceeding 9%, for the purposes of subparagraph (6)(a)(i). (9) Despite subsection (6), if: (a) the supplier is your * associate; and (b) the * supply is without * consideration or is for consideration that is less than the * GST inclusive market value; the amount to be paid to the Commissioner is an amount equal to 10% of the * GST exclusive market value (within the meaning of the * GST Act) of the supply. (10) Despite subsections (6) and (9), if: (a) the * supply does not consist solely of one or more supplies to which subsection (2) applies; and (b) it is practicable to ascertain, at the time any of the * consideration for the supply (other than consideration provided as a deposit) is first provided, the amount (the reduced amount ) of the amount provided under subsection (6) or (9) that relates to supplies to which subsection (2) applies; the amount provided under subsection (6) or (9) is taken (other than for the purposes of this subsection) to be the reduced amount. Multiple recipients (11) If there is more than one recipient (within the meaning of the * GST Act) of the * supply (the original supply ): (a) treat each recipient as being the recipient of a separate supply; and (b) treat the amount under subsection (6), (9) or (10) (as the case requires) for such a separate supply as being the same proportion of that amount for the original supply, as the proportion of the original supply that is constituted by that separate supply. Treat recipients who are joint tenants as a single recipient for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 23 of 2018", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 23 of 2018", "History_Notes": "Inserted by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-250"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 14-255", "Provision_Key": "s14-255", "Heading": "Notification by suppliers of residential premises etc.", "Text": "(1) You must not make a * supply, by way of sale or long ‑ term lease (within the meaning of the * GST Act), of * residential premises or of * potential residential land to another entity unless, before making the supply, you have given to the other entity a written notice stating: (a) whether the other entity will be required to make a payment under section 14 ‑ 250 in relation to the supply; and (b) if the other entity will be required to make such a payment in relation to the supply: (i) the name and * ABN of the entity that is liable to pay the * GST on the supply; and (ii) the amount that the other entity will be required to pay to the Commissioner under section 14 ‑ 250 in relation to the supply; and (iii) when the other entity will be required to pay that amount; and (iv) if some or all of the * consideration for the supply will not be expressed as an amount of * money—the * GST inclusive market value of so much of the consideration as will not be expressed as an amount of money; and (v) such other matters as are specified in the regulations. (2) However, subsection (1): (a) does not apply to a supply of * commercial residential premises; and (b) does not apply to a supply of * potential residential land to another entity if the other entity: (i) is registered (within the meaning of the * GST Act); and (ii) acquires the land for a * creditable purpose. (3) To avoid doubt, a failure to comply with subsection (1) does not affect the other entity’s obligation to make a payment under section 14 ‑ 250. Strict liability offence (4) You must not fail to give a notice required under this section. Penalty: 100 penalty units. (5) An offence against subsection (4) is a strict liability offence. Note: For strict liability, see section 6.1 of the Criminal Code. Administrative penalty (6) You are liable to pay the Commissioner a penalty of 100 penalty units if you fail to give a notice required under this section. Note: Division 298 contains machinery provisions for administrative penalties. (7) However, you are not liable to a penalty for failing to meet the requirements of paragraph (1)(b) in relation to a supply if, at the time you gave the notice, you reasonably believed that you were not required to meet those requirements in relation to that supply.", "Amendment_Count": 2, "First_Amended": "No 23 of 2018", "Last_Amended": "No 49 of 2019", "Amending_Acts": "No 23 of 2018 | No 49 of 2019", "History_Notes": "Inserted by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 49 of 2019, effective sch 4 (items 105 ‑ 111): 1 July 2019 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s14-255"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-1", "Provision_Key": "s15-1", "Heading": "What this Division is about", "Text": "This Division is mainly about how to work out how much an entity must withhold under Division 12. In most cases, the entity will need to use either the Commissioner’s withholding schedules or the regulations. The entity will also need to take into account a TFN declaration or declaration under section 15 ‑ 50 it has been given because, under the schedules and regulations, the declaration may affect how to calculate the amount to withhold. This Division also deals with when an individual can make such a declaration (other than a TFN declaration) so as to change the amount that must be withheld from payments to the individual.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-10", "Provision_Key": "s15-10", "Heading": "How much to withhold", "Text": "(1) The amount that Subdivision 12 ‑ B, 12 ‑ C or 12 ‑ D requires to be withheld from a payment is to be worked out under the withholding schedules made under section 15 ‑ 25. However, if the regulations prescribe how the amount is to be worked out, then it is to be worked out under the regulations. Note 1: A TFN declaration, declaration under section 15 ‑ 50 or voluntary agreement may affect how much is required to be withheld under the withholding schedules or regulations. Note 2: The Commissioner may vary an amount required to be withheld. See section 15 ‑ 15. (2) The amount that Subdivision 12 ‑ E, 12 ‑ F, 12 ‑ FA, 12 ‑ FAA, 12 ‑ FB, 12 ‑ FC, 12 ‑ G (except one covered by section 12 ‑ 325) or 12 ‑ J requires to be withheld from a payment is to be worked out under the regulations. Note 1: The amount that section 12 ‑ 325 requires to be withheld is worked out under that section. Note 2: The Commissioner may vary an amount required to be withheld. See section 15 ‑ 15. (3) The amount that Subdivision 12 ‑ H requires to be withheld from a payment or receipt is worked out under subsection 12 ‑ 385(2), 12 ‑ 390(2) or 12 ‑ 390(5).", "Amendment_Count": 8, "First_Amended": "No 179 of 1999", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 179 of 1999 | No 15 of 2002 | No 66 of 2003 | No 32 of 2008 | No 27 of 2009 | No 58 of 2012 | No 110 of 2014 | No 132 of 2017", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 15 of 2002, effective 4 Apr 2002 | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-15", "Provision_Key": "s15-15", "Heading": "Variation of amounts required to be withheld", "Text": "(1) The Commissioner may, for the purposes of meeting the special circumstances of a particular case or class of cases, vary the * amount required to be withheld by an entity from a * withholding payment (except a withholding payment covered by section 12 ‑ 140, 12 ‑ 145, 12 ‑ 175 or 12 ‑ 180 or Subdivision 12 ‑ FC or 12 ‑ H). If the Commissioner does so, the amount is varied accordingly. Note 1: Section 12 ‑ 140 is about a payment arising from an investment where the recipient does not quote its tax file number (or, in some cases, its ABN). Note 2: Sections 12 ‑ 175 and 12 ‑ 180 are about a payment of the income of a closely held trust to a beneficiary, where the beneficiary does not quote the beneficiary’s tax file number. Note 3: Section 12 ‑ 145 is about an investor becoming presently entitled to income of a unit trust. Note 3A: Subdivision 12 ‑ FC is about certain labour mobility programs. Note 4: Subdivision 12 ‑ H is about distributions of withholding MIT income. (2) The Commissioner’s power to vary an amount includes the power to reduce the amount to nil. (3) A variation must be made: (a) if it applies to a particular entity—by a written notice given to that entity; or (b) if it applies to a class of entities—by legislative instrument.", "Amendment_Count": 8, "First_Amended": "No 179 of 1999", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 179 of 1999 | No 79 of 2007 | No 32 of 2008 | No 75 of 2010 | No 58 of 2012 | No 53 of 2016 | No 64 of 2020 | No 75 of 2022", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-25", "Provision_Key": "s15-25", "Heading": "Commissioner’s power to make withholding schedules", "Text": "(1) For the purposes of collecting income tax and the other liabilities referred to in paragraphs 11 ‑ 1(b), (ca), (caa), (cb), (cc), (cd), (da) and (db), the Commissioner may, by legislative instrument, make one or more withholding schedules specifying the amounts, formulas and procedures to be used for working out the * amount required to be withheld by an entity: (a) from a * withholding payment covered by Subdivision 12 ‑ B, 12 ‑ C or 12 ‑ D; or (b) an * alienated personal services payment to which Division 13 applies. (2) A withholding schedule may deal differently with: (a) different payments; and (b) different circumstances of the recipients of those payments; and (c) different periods in respect of which those payments are made. This subsection does not limit subsection 33(3A) of the Acts Interpretation Act 1901 .", "Amendment_Count": 9, "First_Amended": "No 179 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 179 of 1999 | No 86 of 2000 | No 91 of 2000 | No 83 of 2005 | No 56 of 2010 | No 82 of 2014 | No 169 of 2015 | No 116 of 2018 | No 64 of 2020", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 83 of 2005, effective sch 3: Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-30", "Provision_Key": "s15-30", "Heading": "Matters to be considered when making withholding schedules", "Text": "The Commissioner must have regard to the following matters when making a withholding schedule: (a) the rates of income tax as specified in the Income Tax Rates Act 1986 ; (b) the rates of * Medicare levy as specified in the Medicare Levy Act 1986 ; (c) the methods for working out, for any financial year starting on or after 1 July 2025, the following: (i) the amounts referred to in paragraphs (a) and (b) of the definition of applicable repayable amount for the purposes of subsection 46(1) (about repayments of accumulated AASL debt) of the Australian Apprenticeship Support Loans Act 2014 ; (ii) the amounts referred to in paragraphs 154 ‑ 20(1)(a) and (b) (about repayments of accumulated HELP debt) of the Higher Education Support Act 2003 ; (iii) the amounts referred to in paragraphs (a) and (b) of the definition of applicable repayable amount for the purposes of subsection 1061ZVHA(1) (about repayments of accumulated SSL debt) of the Social Security Act 1991 ; (iv) the amounts referred to in paragraphs (a) and (b) of the definition of applicable repayable amount for the purposes of subsection 1061ZZFD(1) (about repayments of accumulated FS debts) of the Social Security Act 1991 ; (v) the amounts referred to in paragraphs (a) and (b) of the definition of applicable repayable amount for the purposes of subsection 10F(1) (about repayments of accumulated ABSTUDY SSL debt) of the Student Assistance Act 1973 ; (vi) the amounts referred to in paragraphs (a) and (b) of the definition of applicable repayable amount for the purposes of subsection 12ZLC(1) (about repayments of accumulated FS debts) of the Student Assistance Act 1973 ; (vii) the amounts referred to in paragraphs (a) and (b) of the definition of applicable repayable amount for the purposes of subsection 23EA(1) (about repayments of accumulated VETSL debts) of the VET Student Loans Act 2016 ; (d) any * tax offsets; (e) the family tax benefit (within the meaning of the A New Tax System (Family Assistance) Act 1999 ); (f) the periods in respect of which * withholding payments are made; (fa) in relation to withholding payments that are * working holiday taxable income—whether an entity is registered under section 16 ‑ 147; (g) any other prescribed matter.", "Amendment_Count": 13, "First_Amended": "No 179 of 1999", "Last_Amended": "No 30 of 2025", "Amending_Acts": "No 179 of 1999 | No 44 of 2000 | No 150 of 2003 | No 47 of 2006 | No 56 of 2010 | No 12 of 2012 | No 82 of 2014 | No 110 of 2014 | No 169 of 2015 | No 89 of 2016 | No 116 of 2018 | No 61 of 2023 | No 30 of 2025", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 47 of 2006, effective sch 1 (items 24, 25), sch 2 (items 26, 27): 1 July 2006 | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 30 of 2025, effective sch 2 (items 28, 35): 3 Aug 2025 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-35", "Provision_Key": "s15-35", "Heading": "Regulations about withholding", "Text": "(1) For the purposes of collecting income tax and the other liabilities referred to in section 11 ‑ 1, the regulations may specify the amounts, formulas and procedures to be used for working out the * amount required to be withheld by an entity from a * withholding payment covered by Division 12 (except one covered by section 12 ‑ 325). (2) The regulations may deal differently with: (a) different payments; and (b) different circumstances of the recipients of those payments; and (c) different periods in respect of which those payments are made. This subsection does not limit subsection 33(3A) of the Acts Interpretation Act 1901 .", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 179 of 1999 | No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 15-50", "Provision_Key": "s15-50", "Heading": "Declarations", "Text": "Declarations about matters (1) An individual who: (a) expects to receive a * withholding payment covered by Subdivision 12 ‑ B, 12 ‑ C or 12 ‑ D, or an * alienated personal services payment to which Division 13 applies, from an entity; and (b) wishes to have a matter relating to the individual’s income tax or other liability referred to in paragraph 11 ‑ 1(b), (ca), (caa), (cb), (cc), (cd), (da) or (db) taken into account by the entity in working out the * amount required to be withheld from the payment; may give the entity a declaration about the matter in the * approved form. When declarations under subsection (1) can’t be given (2) The individual cannot give a declaration under subsection (1) unless: (a) a * TFN declaration is in effect between the individual and the entity, or a * voluntary agreement covers the payment; and (b) if the individual has given another entity a declaration on any matter—that declaration is not in effect. Declarations changing information given in TFN declaration (3) If: (a) an individual has given a * TFN declaration to an entity; and (b) the individual made a statement about a matter in the TFN declaration; and (c) the individual’s circumstances change in relation to the matter; the individual may give the entity a declaration about the matter in the * approved form. Regulations (4) The regulations may prescribe: (b) when a declaration under subsection (1) or (3) starts or ceases to be in effect; and (c) when a declaration under subsection (1) or (3) is taken to have been given. (5) If: (a) an individual gives an entity a declaration under subsection (1) or (3) about a matter; and (b) the individual’s circumstances change in relation to the matter; the regulations may also prescribe when the individual must give the entity a new declaration about the matter.", "Amendment_Count": 9, "First_Amended": "No 179 of 1999", "Last_Amended": "No 116 of 2018", "Amending_Acts": "No 179 of 1999 | No 44 of 2000 | No 86 of 2000 | No 83 of 2005 | No 56 of 2010 | No 82 of 2014 | No 110 of 2014 | No 169 of 2015 | No 116 of 2018", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 83 of 2005, effective sch 3: Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s15-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-1", "Provision_Key": "s16-1", "Heading": "What this Division is about", "Text": "This Division sets out the obligations and rights of an entity required to withhold an amount under Division 12, or to pay an amount to the Commissioner under Division 12A, 13 or 14. Note: The entity may also have obligations under other legislation. See, for example, the obligation to keep records under section 262A of the Income Tax Assessment Act 1936 .", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 53 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-5", "Provision_Key": "s16-5", "Heading": "When to withhold an amount", "Text": "If Division 12 requires an entity to withhold an amount from a payment, the entity must do so when making the payment. Note 1: An entity is required to withhold an amount under section 12 ‑ 145 when an investor becomes presently entitled to income of a unit trust. Note 1A: A trustee of a closely held trust is required to withhold an amount under section 12 ‑ 180 when a beneficiary is presently entitled to unpaid income of the trust. Note 2: If section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285, or subsection 12 ‑ 390(4), requires an entity to withhold an amount from a payment received by the entity, the entity must do so at the time required by that provision.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 32 of 2008 | No 14 of 2009 | No 75 of 2010", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-7", "Provision_Key": "s16-7", "Heading": "Treat entity obliged to pay under Subdivision 12A ‑ C as having withheld amount under Division 12", "Text": "For the purposes of this Division: (a) if an entity must pay an amount to the Commissioner under Subdivision 12A ‑ C, treat the entity as being obliged to withhold the amount under Division 12; and (b) if an entity has paid an amount to the Commissioner under Subdivision 12A ‑ C, treat the entity as having withheld the amount under Division 12.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-7"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-20", "Provision_Key": "s16-20", "Heading": "Payer discharged from liability to recipient for amount withheld", "Text": "(1) An entity that: (a) withholds an amount as required by Division 12; or (b) pays to the Commissioner an amount as required by Division 12A, 13 or 14; is discharged from all liability to pay or account for that amount to any entity except the Commissioner. Note: The entity may be required to refund the amount in some circumstances. See Subdivision 18 ‑ B. (2) An entity is discharged from all liability to pay so much of the total amount payable to * acquire a * CGT asset as is equal to any amount the entity pays to the Commissioner under Subdivision 14 ‑ D in relation to the acquisition.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 10 of 2016 | No 53 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-25", "Provision_Key": "s16-25", "Heading": "Failure to withhold: offence", "Text": "(1) An entity must not fail to withhold an amount as required by Division 12. Penalty: 10 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: See sections 16 ‑ 30, 16 ‑ 35, 16 ‑ 40 and 16 ‑ 43 for an alternative administrative penalty. (2) An entity must not fail to pay to the Commissioner an amount as required by Division 12A or 13 or Subdivision 14 ‑ A, 14 ‑ B, 14 ‑ C or 14 ‑ D. Penalty: 10 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: See sections 16 ‑ 30, 16 ‑ 35, 16 ‑ 40 and 16 ‑ 43 for an alternative administrative penalty. (3) An offence against subsection (1) or (2) is a strict liability offence. Note: For strict liability , see section 6.1 of the Criminal Code . (4) If a person is convicted of an offence in relation to: (a) a failure by that person or someone else to withhold an amount as required by Division 12; or (b) a failure by that person or someone else to pay to the Commissioner an amount as required by Division 12A or 13 or Subdivision 14 ‑ A, 14 ‑ B, 14 ‑ C or 14 ‑ D; the court may order the convicted person to pay to the Commissioner an amount up to the * amount required to be withheld. The court may so order in addition to imposing a penalty on the convicted person.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 91 of 2000 | No 146 of 2001 | No 66 of 2003 | No 53 of 2016 | No 23 of 2018", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-30", "Provision_Key": "s16-30", "Heading": "Failure to withhold: administrative penalty for entity other than exempt Australian government agency", "Text": "(1) An entity (except an * exempt Australian government agency) that: (a) fails to withhold an amount as required by Division 12; or (b) fails to pay an amount to the Commissioner as required by Division 12A, 13 or 14; is liable to pay to the Commissioner a penalty equal to that amount. Note 1: An entity may become liable under this section in respect of a payment it made or received that is taken to have been subject to withholding tax as a result of a Commissioner’s determination under subsection 177F(2A) of the Income Tax Assessment Act 1936 (see also subsection 177F(2F) of that Act). Note 2: Division 298 in this Schedule contains machinery provisions for administrative penalties. (2) Subsection (1) does not apply in relation to a failure to pay an amount to the Commissioner as required by Subdivision 14 ‑ E if: (a) the amount relates to a * taxable supply of * new residential premises (other than * commercial residential premises); and (b) the entity was given a notice under section 14 ‑ 255: (i) stating that the premises are not new residential premises; or (ii) indicating that the entity will not be required to pay an amount to the Commissioner under section 14 ‑ 250 in relation to the supply; and (c) at the time * consideration for the supply (other than consideration provided as a deposit) is first provided, there was nothing in: (i) the contract for the supply; or (ii) any other circumstances relating to the supply; that made it unreasonable for the entity to believe that the statement or indication was correct. (3) Subsection (1) does not apply in relation to a failure to pay an amount to the Commissioner in relation to a * taxable supply as required by Subdivision 14 ‑ E if: (a) the entity required to pay the amount in relation to the supply gives the supplier a bank cheque on or before the day * consideration for the supply (other than consideration provided as a deposit) is first provided; and (b) the bank cheque is for the amount the entity is required to pay to the Commissioner, and is payable to the Commissioner.", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 101 of 2004 | No 58 of 2006 | No 53 of 2016 | No 23 of 2018", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Repealed and substituted by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-35", "Provision_Key": "s16-35", "Heading": "Failure to withhold: administrative penalty for exempt Australian government agency in relation to payment other than dividend, interest or royalty", "Text": "(1) An * exempt Australian government agency that: (a) fails to withhold an amount as required by Division 12; or (b) fails to pay to the Commissioner an amount as required by Division 14; is liable to pay to the Commissioner a penalty of 20 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 in this Schedule contains machinery provisions for administrative and civil penalties. Exception (4) This section does not apply in relation to an * amount required to be withheld from a * withholding payment covered by Subdivision 12 ‑ F (about dividend, interest or royalty payment) or by Subdivision 12 ‑ FB (about payments to foreign residents).", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 66 of 2003 | No 101 of 2004 | No 32 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-40", "Provision_Key": "s16-40", "Heading": "Failure to withhold: administrative penalty for exempt Australian government agency in relation to dividend, interest or royalty payment", "Text": "An * exempt Australian government agency that: (a) fails to withhold an amount as required by Division 12 from a * withholding payment covered by Subdivision 12 ‑ F (about dividend, interest or royalty payment); or (b) fails to pay to the Commissioner an amount as required by Division 14 in respect of a withholding payment covered by that Subdivision; is liable to pay to the Commissioner a penalty equal to that amount. Note 1: An exempt Australian government agency may become liable under this section in respect of a payment it made or received that is taken to have been subject to withholding tax as a result of a Commissioner’s determination under subsection 177F(2A) of the Income Tax Assessment Act 1936 (see also subsection 177F(2F) of that Act). Note 2: Division 298 in this Schedule contains machinery provisions for administrative penalties.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 178 of 1999 | No 66 of 2003 | No 101 of 2004 | No 58 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Repealed and substituted by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-43", "Provision_Key": "s16-43", "Heading": "Failure to withhold: administrative penalty for exempt Australian government agency in relation to payment to foreign resident etc.", "Text": "An * exempt Australian government agency that: (a) fails to withhold an amount as required by Division 12 from a * withholding payment covered by Subdivision 12 ‑ FB (about payments to foreign residents); or (b) fails to pay to the Commissioner an amount as required by Division 14 in respect of a withholding payment covered by that Subdivision; is liable to pay to the Commissioner a penalty equal to that amount. Note: Division 298 in this Schedule contains machinery provisions for administrative penalties.", "Amendment_Count": 4, "First_Amended": "No 66 of 2003", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 66 of 2003 | No 101 of 2004 | No 32 of 2006 | No 58 of 2006", "History_Notes": "Inserted by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Amended by No 32 of 2006, effective 6 Apr 2006 | Repealed and substituted by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-43"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-70", "Provision_Key": "s16-70", "Heading": "Entity to pay amounts to Commissioner", "Text": "(1) An entity that withholds an amount under Division 12 must pay the amount to the Commissioner in accordance with this Subdivision. (2) An entity that must pay an amount to the Commissioner under Division 13 or Subdivision 14 ‑ A must do so in accordance with section 16 ‑ 85. (3) An entity that must pay an amount to the Commissioner under Subdivision 14 ‑ B, 14 ‑ C, 14 ‑ D or 14 ‑ E must do so in accordance with sections 16 ‑ 80 and 16 ‑ 85. Note: For provisions about the collection and recovery of amounts payable to the Commissioner under this Part, see Part 4 ‑ 15.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 86 of 2000 | No 101 of 2006 | No 133 of 2009 | No 10 of 2016 | No 23 of 2018", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-75", "Provision_Key": "s16-75", "Heading": "When amounts must be paid to Commissioner", "Text": "Large withholder (1) A * large withholder must pay to the Commissioner as shown in the table an amount it withholds under Division 12 (other than section 12 ‑ 175 or 12 ‑ 180) during a month. Payments by large withholders Item If the amount is withheld on this day of week: It must be paid to the Commissioner on or before: 1 Saturday or Sunday The second Monday after that day 2 Monday or Tuesday The first Monday after that day 3 Wednesday The second Thursday after that day 4 Thursday or Friday The first Thursday after that day Medium withholders (2) Subject to subsection (2A), a * medium withholder must pay to the Commissioner an amount that it withholds during a month under Division 12 (other than section 12 ‑ 175 or 12 ‑ 180) by the end of the 21st day of the next month. (2A) If a * medium withholder: (a) withholds an amount during a month under Division 12 (other than section 12 ‑ 175 or 12 ‑ 180); and (b) is a * deferred BAS payer on the 21st day of the month (the next month ) following that month; the medium withholder must pay that amount to the Commissioner by the end of the 28th day of: (c) the next month unless the amount is withheld during December; or (d) the next February if the amount is withheld during December. Small withholders (3) Subject to subsection (4), if a * small withholder withholds an amount under Division 12 (other than section 12 ‑ 175 or 12 ‑ 180) during a month in a * quarter, it must pay the amount to the Commissioner by the end of the 21st day of the month after the end of that quarter. (4) If a * small withholder: (a) withholds an amount under Division 12 (other than section 12 ‑ 175 or 12 ‑ 180) during a month in a * quarter; and (b) is a * deferred BAS payer on the 21st day of the month after the end of that quarter; the small withholder must pay that amount to the Commissioner as shown in the table: Payments by * deferred BAS payers Item If the amount is withheld during the * quarter ending on: the amount must be paid to the Commissioner by the end of: 1 30 September the following 28 October 2 31 December the following 28 February 3 31 March the following 28 April 4 30 June the following 28 July Payment of income of closely held trust (5) A trustee must pay to the Commissioner an amount the trustee withholds under section 12 ‑ 175 or 12 ‑ 180 from a payment made during an income year. The trustee must do so: (a) by the end of the 28th day of the next month following the day by which the trustee was required to give to the Commissioner a report under subsection 16 ‑ 152(1) for the income year; or (b) within a longer period allowed by the Commissioner.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 101 of 2006 | No 75 of 2010", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-80", "Provision_Key": "s16-80", "Heading": "Penalty for failure to pay within time", "Text": "If an amount that an entity must pay to the Commissioner under subsection 16 ‑ 70(1) or (3) remains unpaid after the time by which it is due to be paid, the entity is liable to pay * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the unpaid amount was due to be paid; and (b) finishes at the end of the last day, at the end of which, any of the following remains unpaid: (i) the unpaid amount; (ii) general interest charge on any of the unpaid amount.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 178 of 1999 | No 101 of 2006 | No 133 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-85", "Provision_Key": "s16-85", "Heading": "How amounts are to be paid", "Text": "Large withholder (1) A * large withholder must pay to the Commissioner by a means of * electronic payment: (a) an amount that it withholds under Division 12; and (b) an amount that it pays to the Commissioner under Division 13 or 14. Note 1: A different rule applies for some large withholders for July and August 2000. See section 16 ‑ 130. Note 2: A penalty applies if a large withholder fails to pay electronically as required—see section 288 ‑ 20. Note 3: A large withholder must also pay other tax debts electronically—see section 8AAZMA. Medium or small withholder (2) A * medium withholder or * small withholder must pay to the Commissioner: (a) any amount that it withholds under Division 12; and (b) any amount that it pays to the Commissioner under Division 13 or 14; by a means of * electronic payment, or any other means approved in writing by the Commissioner. Commissioner may vary payment method (3) The Commissioner may, with an entity’s agreement, vary the means by which the withholder pays amounts to the Commissioner under this Subdivision. The variation must be by written notice given to the entity.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 86 of 2000 | No 91 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-95", "Provision_Key": "s16-95", "Heading": "Meaning of large withholder", "Text": "(1) An entity is a large withholder for a particular month (the current month ) in a * financial year starting on or after 1 July 2001 if: (a) it was a * large withholder for June 2001; or (b) the * amounts withheld by the entity during a financial year ending at least 2 months before the current month exceeded $1 million; or (c) both of the following apply: (i) at the end of a financial year (the threshold year ) ending at least 2 months before the current month, the entity was one of a number of companies that were at that time all members of the same * wholly ‑ owned group; (ii) the amounts withheld by those companies during the threshold year exceeded $1 million; or (d) the Commissioner determines under section 16 ‑ 115 that the entity is a large withholder for the current month. Note: Different rules apply for working out who is a large withholder for a month in 2000 ‑ 01. See section 16 ‑ 125. Exception (2) However, the entity is not a * large withholder if the Commissioner determines under section 16 ‑ 110 that it is a * medium withholder or a * small withholder for the current month.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-100", "Provision_Key": "s16-100", "Heading": "Meaning of medium withholder", "Text": "(1) An entity is a medium withholder for a particular month (the current month ) in a * financial year starting on or after 1 July 2001 if it is not a * large withholder for that month and: (a) it was a * medium withholder for June 2001; or (b) the * amounts withheld by the entity during a financial year ending before the current month exceeded $25,000; or (c) the Commissioner determines under section 16 ‑ 110 or 16 ‑ 115 that the entity is a medium withholder for the current month. Note: Different rules apply for working out who is a large withholder for a month in 2000 ‑ 01. See section 16 ‑ 125. (2) However, the entity is not a * medium withholder if the Commissioner determines under section 16 ‑ 110 or 16 ‑ 115 that the entity is a * large withholder or a * small withholder for the current month.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-105", "Provision_Key": "s16-105", "Heading": "Meaning of small withholder", "Text": "An entity is a small withholder for a particular month if: (a) there is at least one * amount withheld by the entity during that month; and (b) the entity is neither a * large withholder nor a * medium withholder for that month.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-110", "Provision_Key": "s16-110", "Heading": "Commissioner may vary withholder’s status downwards", "Text": "(1) The Commissioner may, by giving written notice to a * withholder: (a) make the following determinations: (i) a determination that a * large withholder is a * medium withholder or a * small withholder; (ii) a determination that a medium withholder is a small withholder; or (b) revoke or vary any such determination. (2) The notice must state that the determination applies: (a) for specified months; or (b) for all months from and including a specified month. (3) The determination has no effect for a particular month unless the notice is given before that month. (4) An entity that would otherwise be a * large withholder or a * medium withholder for a particular month may apply in writing to the Commissioner for a determination under this section. Note: A person who is dissatisfied with a decision under this section may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-115", "Provision_Key": "s16-115", "Heading": "Commissioner may vary withholder’s status upwards", "Text": "(1) The Commissioner may, by giving written notice to a * withholder: (a) make the following determinations: (i) a determination that a * small withholder is a * medium withholder or a * large withholder; (ii) a determination that a medium withholder is a large withholder; or (b) revoke or vary any such determination. (2) The notice must state that the determination applies: (a) for specified months; or (b) for all months from and including a specified month. (3) A determination that a * small withholder is a * medium withholder has no effect for a particular month unless the notice is given before that month. (4) Any other determination under this section has no effect for a month that is earlier than the second month after the month in which the notice is given. (5) The Commissioner may, in making a determination under this section, have regard to the following: (a) the sum of the amounts that the Commissioner considers to be likely to be the * amounts required to be withheld by the entity in the following 12 months; (b) the extent (if any) to which the entity makes or receives * withholding payments that were previously made or received by another entity; (c) any failure by the entity to comply with its obligations under this Part; (d) any * arrangement that was entered into or carried out for the purpose of lengthening the intervals at which the entity is required to pay to the Commissioner amounts withheld from withholding payments; (e) such other matters as the Commissioner considers relevant. Note: A person who is dissatisfied with a decision under this section may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-140", "Provision_Key": "s16-140", "Heading": "Withholders must be registered", "Text": "(1) An entity that must pay an amount to the Commissioner under: (a) subsection 16 ‑ 70(1) (about amounts withheld under Division 12); or (aaa) Division 12A (about deemed payments by AMITs); or (aa) Division 13 (about payments in respect of alienated personal services payments); or (b) Subdivision 14 ‑ A, 14 ‑ B, 14 ‑ C or 14 ‑ D (about payments in respect of non ‑ cash benefits or capital proceeds); must apply to register with the Commissioner. (2) The entity must apply in the * approved form by the day on which the entity is first required: (a) to withhold an amount under Division 12; or (b) to pay an amount to the Commissioner under Division 12A or 13 or Subdivision 14 ‑ A, 14 ‑ B, 14 ‑ C or 14 ‑ D. However, the Commissioner may allow a longer period for applying. (3) An entity that contravenes this section is liable to an administrative penalty of 5 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 contains machinery provisions for administrative and civil penalties.", "Amendment_Count": 8, "First_Amended": "No 179 of 1999", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 179 of 1999 | No 86 of 2000 | No 91 of 2000 | No 101 of 2004 | No 32 of 2006 | No 10 of 2016 | No 53 of 2016 | No 23 of 2018", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-141", "Provision_Key": "s16-141", "Heading": "Registration and cancellation", "Text": "The Commissioner may register an entity or cancel the registration of an entity at any time.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-141"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-142", "Provision_Key": "s16-142", "Heading": "Branches may be registered", "Text": "(1) The Commissioner may register a branch of a registered entity if: (a) the entity applies, in the * approved form, for registration of the branch; and (b) the entity has an * ABN or has applied for one; and (c) the Commissioner is satisfied that the branch maintains an independent system of accounting, and can be separately identified by reference to: (i) the nature of the activities carried on through the branch; or (ii) the location of the branch; and (d) the Commissioner is satisfied that the entity is * carrying on an enterprise through the branch, or intends to carry on an enterprise through the branch, from a particular date specified in the application. A branch that is so registered is a PAYG withholding branch . Note: A branch may be both a PAYG withholding branch under this Subdivision and a GST branch under the GST Act. (2) The Commissioner may register a branch of a * government entity or a * non ‑ profit sub ‑ entity if: (a) the branch or sub ‑ entity applies, in the * approved form, for registration; and (b) the branch or sub ‑ entity has an * ABN or has applied for one. A branch or sub ‑ entity that is so registered is also a PAYG withholding branch .", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 179 of 1999 | No 91 of 2000", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-142"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-143", "Provision_Key": "s16-143", "Heading": "Separate amounts for entities and branches", "Text": "(1) If an entity has a * PAYG withholding branch, this Part applies to the entity as if the amounts that it must pay to the Commissioner under this Part were separated into the following classes: (a) for each such branch of the entity, a class of amounts that relate to the branch; and (b) a class of amounts that do not relate to any of the entity’s branches. Note: This section does not impose any legal obligations on the branches. The entity remains legally responsible under this Part for all amounts that relate to its branches. (2) Those amounts are worked out as if the branch were a separate entity and as if: (a) all payments made through the branch, from which amounts are required to be withheld under Division 12, were made by that separate entity; and (aa) all * alienated personal services payments received through the branch, in respect of which Division 13 requires an amount to be paid to the Commissioner, were received by that separate entity; and (b) all * non ‑ cash benefits or * capital proceeds provided through the branch, in respect of which Division 14 requires an amount to be paid to the Commissioner, were provided by that separate entity.", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 179 of 1999 | No 86 of 2000 | No 10 of 2016", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-143"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-144", "Provision_Key": "s16-144", "Heading": "Cancellation of branch registration", "Text": "The Commissioner must cancel the registration of a * PAYG withholding branch of an entity if the Commissioner is satisfied that the branch does not satisfy paragraph 16 ‑ 142(c) or (d).", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-144"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-145", "Provision_Key": "s16-145", "Heading": "Effect on branches of cancelling the entity’s registration", "Text": "If an entity’s registration is cancelled, the registration of any * PAYG withholding branches of the entity ceases to have effect.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-146", "Provision_Key": "s16-146", "Heading": "Employers of working holiday makers must be registered", "Text": "(1) An entity must apply to the Commissioner to register under section 16 ‑ 147 if: (a) the entity must pay an amount to the Commissioner under subsection 16 ‑ 70(1) from salary, wages, commission, bonuses or allowances it pays to an individual as the individual’s * working holiday taxable income; and (b) in a case where a period has been determined under subsection 16 ‑ 148(5) during which the entity cannot apply under this section—the period has ended. (2) The entity must apply in the * approved form by the day on which the entity is first required to withhold an amount under Division 12 from salary, wages, commission, bonuses or allowances it pays to an individual as the individual’s * working holiday taxable income. (3) However, the Commissioner may allow a longer period for applying. (4) An entity that contravenes this section is liable to an administrative penalty of 20 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 contains machinery provisions for administrative and civil penalties. (5) This section does not affect an obligation that an entity has under section 16 ‑ 140.", "Amendment_Count": 1, "First_Amended": "No 89 of 2016", "Last_Amended": "No 89 of 2016", "Amending_Acts": "No 89 of 2016", "History_Notes": "Inserted by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-146"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-147", "Provision_Key": "s16-147", "Heading": "Registering employers of working holiday makers", "Text": "(1) The Commissioner must register an entity under this section if, and only if, the entity: (a) has applied under section 16 ‑ 146 for registration; and (b) has made a declaration to the Commissioner, in the * approved form, that states that the entity: (i) has a genuine business requirement to employ one or more * working holiday makers; and (ii) agrees to comply with the Fair Work Act 2009 in relation to its employment of any individual who is a working holiday maker; and (iii) agrees to check that any individual it employs as a working holiday maker holds a visa that causes that person to be a working holiday maker; and (c) has given to the Commissioner, in the approved form, information relating to its employment, or proposed employment, of working holiday makers. (2) Subparagraph (1)(b)(i) does not apply if the entity is not carrying on a * business. (3) The registration takes effect on the day determined by the Commissioner. Notification of the Commissioner’s decision (4) The Commissioner must notify the entity of: (a) the Commissioner’s decision on the application; and (b) if the Commissioner decides to register the entity—the day on which the registration takes effect; within 30 days after the making of the application. Note: The decision on the application is reviewable (see section 20 ‑ 80). (5) If the Commissioner decides to register the entity, the * Australian Business Registrar must enter in the * Australian Business Register a statement that the entity is registered under this section. The statement must specify the day on which the registration takes effect. (7) A failure to comply with subsection (4) or (5) does not affect the validity of the Commissioner’s decision. Basis of registration (8) A registration under this section is granted on the basis that: (a) the registration may be cancelled under section 16 ‑ 148; and (b) the registration may be cancelled, suspended, varied or made subject to conditions by or under later legislation; and (c) no compensation is payable if the registration is cancelled, suspended, varied or made subject to conditions as mentioned in any of the above paragraphs.", "Amendment_Count": 2, "First_Amended": "No 89 of 2016", "Last_Amended": "No 125 of 2018", "Amending_Acts": "No 89 of 2016 | No 125 of 2018", "History_Notes": "Inserted by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3) | Amended by No 125 of 2018, effective sch 1 (items 2 ‑ 4): 1 Jan 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-147"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-148", "Provision_Key": "s16-148", "Heading": "Cancelling the registration of employers of working holiday makers", "Text": "(1) The Commissioner may cancel an entity’s registration under section 16 ‑ 147 if: (a) the entity advises the Commissioner, in the * approved form, that the entity does not employ, and does not intend to employ, any individual who is a * working holiday maker; or (b) the Commissioner is satisfied that: (i) the entity; or (ii) if the entity is a partnership—any of the partners; or (iii) if the entity is a company—any director, shareholder or employee of the company who participates in the management or control of the company; or (iv) if the entity is a trustee of a trust—any appointer of trustees of the trust, or any person who participates in the control of the trust; is not a fit and proper person. (2) The cancellation takes effect on the day determined by the Commissioner. The day must not be earlier than the day on which notice of the cancellation is given under subsection (6). (3) If the Commissioner is considering whether the entity, or another person mentioned in subparagraph (1)(b)(ii), (iii) or (iv), is a fit and proper person, the Commissioner must give the entity a notice that: (a) informs the entity accordingly; and (b) invites the entity to make submissions to the Commissioner on the matter within 28 days after the Commissioner gives the notice. (4) Without limiting the matters to which the Commissioner may have regard in considering whether the entity, or another person mentioned in subparagraph (1)(b)(ii), (iii) or (iv), is a fit and proper person, the Commissioner must have regard to: (a) whether a court has made a finding, in proceedings commenced by the Fair Work Ombudsman, that the entity has contravened the Fair Work Act 2009 ; and (b) whether the entity has failed to withhold amounts as required by Division 12; and (c) any relevant information the entity has provided in submissions to the Commissioner within the period specified in paragraph (3)(b). (5) The Commissioner must, having regard to the reasons for the cancellation, determine a period, starting when the cancellation takes effect, during which the entity cannot apply under section 16 ‑ 146 for registration. Notification of the cancellation (6) The Commissioner must notify the entity of: (a) the cancellation; and (b) the day on which the cancellation takes effect; and (c) the period determined under subsection (5) for the cancellation. Note: A decision to cancel, including a determination under subsection (5), is reviewable (see section 20 ‑ 80). (7) The * Australian Business Registrar must enter in the * Australian Business Register a statement that the entity’s registration under section 16 ‑ 147 has been cancelled. The statement must specify the day on which the cancellation takes effect. (8) A failure to comply with subsection (6) or (7) does not affect the validity of the Commissioner’s decision.", "Amendment_Count": 1, "First_Amended": "No 89 of 2016", "Last_Amended": "No 89 of 2016", "Amending_Acts": "No 89 of 2016", "History_Notes": "Inserted by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-148"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-150", "Provision_Key": "s16-150", "Heading": "Commissioner must be notified of amounts", "Text": "(1) An entity that must pay an amount (even if it is a nil amount) to the Commissioner, other than an amount to which subsection (4) applies, under: (a) subsection 16 ‑ 70(1) (about amounts withheld under Division 12); or (aa) Division 13 (about payments in respect of alienated personal services payments); or (b) Subdivision 14 ‑ A, 14 ‑ B, 14 ‑ C or 14 ‑ D (about payments in respect of non ‑ cash benefits or capital proceeds); must notify the Commissioner of the amount on or before the day on which the amount is due to be paid (regardless of whether it is paid). The notification must be in the * approved form and lodged with the Commissioner. Note: This section does not apply to amounts that an employer notifies to the Commissioner under Division 389: see section 389 ‑ 20. (2) An entity that must pay an amount (even if it is a nil amount) to the Commissioner under Subdivision 14 ‑ E (about payments in respect of taxable supplies of certain real property) must notify the Commissioner of the amount: (a) on or before the day provided in a determination under subsection (3); or (b) if there is no such determination—on or before the day on which the amount is due to be paid (regardless of whether it is paid). The notification must be in the * approved form and lodged with the Commissioner. (3) The Commissioner may, by legislative instrument, determine when the Commissioner must be notified for the purposes of paragraph (2)(a). (4) If: (a) an entity must pay an amount (even if it is a nil amount) to the Commissioner under subsection 16 ‑ 70(1) (about amounts withheld under Division 12); and (b) subsection 12 ‑ 450(5) (about income from a build to rent development) applies to the amount; the entity must notify the Commissioner of the amount: (c) on or before the day provided in a determination under subsection (5) of this section; or (d) if there is no such determination—on or before the day on which the amount is due to be paid (regardless of whether it is paid). The notification must be in the * approved form and lodged with the Commissioner. (5) The Commissioner may, by legislative instrument, determine when the Commissioner must be notified for the purposes of paragraph (4)(c).", "Amendment_Count": 8, "First_Amended": "No 178 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 91 of 2000 | No 56 of 2010 | No 10 of 2016 | No 55 of 2016 | No 23 of 2018 | No 138 of 2024", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-152", "Provision_Key": "s16-152", "Heading": "Annual reports—Withholding payments covered by section 12 ‑ 175", "Text": "Reports about withholding payments (1) A trustee must give a report to the Commissioner in the * approved form if the trustee made any * withholding payments covered by section 12 ‑ 175 or 12 ‑ 180 (about payments from the income of certain closely held trusts) during an income year. (2) The trustee must give the report under subsection (1) to the Commissioner: (a) not later than 3 months after the end of the income year; or (b) within such further period (if any) as the Commissioner allows. Reports about trust distributions (3) A trustee must give a report to the Commissioner in the * approved form if the trustee would be taken to have made any * withholding payments covered by section 12 ‑ 175 or 12 ‑ 180 during an income year if the relevant beneficiary had not * quoted the beneficiary’s * tax file number as mentioned in paragraph 12 ‑ 175(2)(a) or 12 ‑ 180(2)(a). Note: The effect of subsection (3) is that the trustee must report amounts distributed to beneficiaries even if the trustee was not required to withhold from those distributions. (4) The trustee must give the report under subsection (3) to the Commissioner: (a) by the end of the day on which the trustee lodges the trust’s * income tax return for the income year; or (b) within such further period (if any) as the Commissioner allows. Miscellaneous (5) Subsections 16 ‑ 153(5), (6) and (7) apply to this section in the same way as they apply to section 16 ‑ 153.", "Amendment_Count": 1, "First_Amended": "No 75 of 2010", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 75 of 2010", "History_Notes": "Inserted by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-152"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-153", "Provision_Key": "s16-153", "Heading": "Annual reports—other payments", "Text": "(1) An entity must give a report to the Commissioner in the * approved form, not later than 31 October after the end of a * financial year, if during the financial year: (a) the entity made any payment from which an amount was required to be withheld under section 12 ‑ 190, Subdivision 12 ‑ F (other than section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285), Subdivision 12 ‑ FA, section 12 ‑ 315 or Subdivision 12 ‑ FC or 12 ‑ G; or (b) the entity provided any * non ‑ cash benefit in respect of which an amount was required to be paid to the Commissioner under Division 14 because of the application of that Division in relation to section 12 ‑ 190, Subdivision 12 ‑ F (other than section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285), Subdivision 12 ‑ FA, section 12 ‑ 315 or Subdivision 12 ‑ G; or (c) the entity received any payment from which an amount was required to be withheld under section 12 ‑ 215, 12 ‑ 250, 12 ‑ 285 or 12 ‑ 317; or (d) the entity received any non ‑ cash benefit in respect of which an amount was required to be paid to the Commissioner under Division 14 because of the application of that Division in relation to section 12 ‑ 215, 12 ‑ 250, 12 ‑ 285 or 12 ‑ 317. Note: A report under this subsection will not cover amounts that an employer notifies to the Commissioner under Division 389: see section 389 ‑ 20. (2) An entity must give a report to the Commissioner in the form required by subsection (3), not later than 14 August after the end of a * financial year, if during the financial year: (a) the entity made any payment from which an amount was required to be withheld under Subdivision 12 ‑ B, 12 ‑ C or 12 ‑ D; or (aa) the entity received any * alienated personal services payment in respect of which an amount was required to be paid to the Commissioner under Division 13; or (b) the entity provided any * non ‑ cash benefit in respect of which an amount was required to be paid to the Commissioner under Division 14 because of the application of that Division in relation to Subdivision 12 ‑ B, 12 ‑ C or 12 ‑ D; or (c) any person has a * reportable fringe benefits amount for the income year ending at the end of the financial year in respect of the person’s employment by the entity; or (d) the entity made * reportable employer superannuation contributions in respect of a person’s employment. Note: A report under this subsection will not cover amounts that an employer notifies to the Commissioner under Division 389: see section 389 ‑ 20. (3) The report under subsection (2) must be either: (a) a report in the * approved form; or (b) a report consisting of: (i) copies of all the summaries that the entity gave in relation to the * financial year under section 16 ‑ 155 in respect of payments, * non ‑ cash benefits, * alienated personal services payments, * reportable fringe ‑ benefit amounts and * reportable employer superannuation contributions covered by subsection (2) of this section; and (ii) an accompanying statement in the approved form. (4) An entity must give a report to the Commissioner in the * approved form if the entity is required to withhold amounts under Subdivision 12 ‑ H in relation to * fund payments made by a particular * withholding MIT (the paying trust ) in relation to an income year of that trust. Note: The entity may be the withholding MIT itself or a custodian or other entity. (4A) The report under subsection (4) must be given: (a) not later than 14 days after the end of 6 months after the end of the income year of the * withholding MIT in relation to which the relevant * fund payments were made; or (b) within a longer period allowed by the Commissioner. (5) In applying this section: (a) a requirement to pay a nil amount to the Commissioner is to be treated as a requirement to pay an amount to the Commissioner; and (b) a requirement to withhold a nil amount is to be treated as a requirement to withhold an amount. (6) The Commissioner may, to meet the special circumstances of a particular case or class of cases, vary the requirements of this section. (7) A variation must be made: (a) if it applies to a particular entity—by a written notice given to that entity; or (b) if it applies to a class of entities—by legislative instrument.", "Amendment_Count": 14, "First_Amended": "No 179 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 179 of 1999 | No 86 of 2000 | No 91 of 2000 | No 15 of 2002 | No 66 of 2003 | No 79 of 2007 | No 32 of 2008 | No 27 of 2009 | No 75 of 2010 | No 12 of 2012 | No 58 of 2012 | No 53 of 2016 | No 55 of 2016 | No 64 of 2020", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 15 of 2002, effective 4 Apr 2002 | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-153"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-155", "Provision_Key": "s16-155", "Heading": "Annual payment summary", "Text": "(1) Within 14 days after the end of a * financial year, an entity (the payer ) must give a * payment summary (and a copy of it) to another entity (the recipient ) if: (a) during the year the payer made one or more * withholding payments (other than withholding payments covered by section 12 ‑ 85, 12 ‑ 175, 12 ‑ 180, 12 ‑ 190, 12 ‑ 215, 12 ‑ 250, 12 ‑ 285, 12 ‑ 317, 12 ‑ 385 or 12 ‑ 390) to the recipient; or (b) during the year the payer received one or more withholding payments covered by section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285 and, in relation to each of them, the recipient is the foreign resident mentioned in the section; or (baa) during the year the payer received one or more withholding payments covered by section 12 ‑ 317 and, in relation to each of them, the recipient is the likely foreign recipient mentioned in the section; or (ba) during the year the payer received one or more withholding payments covered by Division 13 and, in relation to each of them, an amount is included in the recipient’s assessable income under Division 86 of the Income Tax Assessment Act 1997 ; or (bb) because of section 86 ‑ 40 of the Income Tax Assessment Act 1997 , the payer is taken to have paid salary to the recipient on the last day of the year; or (c) the recipient is an individual and has a * reportable fringe benefits amount, for the income year ending at the end of that financial year, in respect of his or her employment (within the meaning of the Fringe Benefits Tax Assessment Act 1986 ) by the payer; or (d) the recipient is an individual and * reportable employer superannuation contributions have been made by the payer, in respect of the individual’s employment, during the year. (2) The * payment summary must cover: (a) if paragraph (1)(a), (b) or (ba) applies—each of the * withholding payments mentioned in that paragraph, except one covered by a previous payment summary (and a copy of it) given by the payer to the recipient under section 16 ‑ 160; and (aa) if paragraph (1)(bb) applies—each of the withholding payments constituted by the salary mentioned in that paragraph, except one covered by a previous payment summary (and a copy of it) given by the payer to the recipient under section 16 ‑ 160; and (b) if paragraph (1)(c) applies—the * reportable fringe benefits amount, except so much of it as is covered by a previous payment summary (and a copy of it) given by the payer to the recipient under this section; and (c) if paragraph (1)(d) applies—the total of the * reportable employer superannuation contributions, except so much of those contributions as are covered by a previous payment summary given by the payer to the recipient under section 16 ‑ 160. Note: A payment summary under this section will not cover amounts that an employer notifies to the Commissioner under Division 389: see section 389 ‑ 20. Parental leave pay paid in error (3) Despite subsection (2), the * payment summary must not cover a * withholding payment if: (a) the withholding payment is a payment of an amount purported to have been paid by way of * parental leave pay; and (b) the amount was not lawfully so payable. (4) The payer must, within 28 days of becoming aware that the * payment summary covers a * withholding payment to which subsection (3) applies: (a) give the recipient an amended payment summary that does not cover the withholding payment; or (b) give the recipient notice in the * approved form; or (c) give the Secretary (within the meaning of the Paid Parental Leave Act 2010 ) notice in writing that the payer does not intend to give the recipient an amended payment summary or notice under this subsection.", "Amendment_Count": 11, "First_Amended": "No 178 of 1999", "Last_Amended": "No 4 of 2023", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 91 of 2000 | No 66 of 2003 | No 79 of 2007 | No 27 of 2009 | No 75 of 2010 | No 105 of 2010 | No 109 of 2012 | No 55 of 2016 | No 4 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 109 of 2012, effective sch 1 (items 114 ‑ 119): 1 Oct 2012 (s 2(1) item 2) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 4 of 2023, effective sch 2 (items 27 ‑ 31), sch 3 (items 1, 2, 4): 26 Mar 2023 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-156", "Provision_Key": "s16-156", "Heading": "Annual payment summary for sections 12 ‑ 175 and 12 ‑ 180", "Text": "(1) A trustee must give a * payment summary to a beneficiary of the trust, if the trustee made any * withholding payments covered by section 12 ‑ 175 or 12 ‑ 180 to the beneficiary during the income year. (2) The * payment summary: (a) must cover each of the * withholding payments mentioned in subsection (1); and (b) may be in electronic form; and (c) must be given: (i) not later than 14 days after the day by which the trustee was required to give the Commissioner a report under subsection 16 ‑ 152(1) for the income year; or (ii) within a longer period allowed by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 75 of 2010", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 75 of 2010", "History_Notes": "Inserted by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-156"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-157", "Provision_Key": "s16-157", "Heading": "Payment summary for Subdivision 12 ‑ H", "Text": "(1) An entity (the payer ) must give a * payment summary to another entity (the recipient ) if the payer made * withholding payments covered by section 12 ‑ 385 or 12 ‑ 390 to the recipient in relation to * fund payments made by a particular * withholding MIT (the paying trust ) in relation to an income year of that trust. Note: The entity may be the withholding MIT itself or a custodian or other entity. (2) The * payment summary: (a) must cover each of the * withholding payments mentioned in subsection (1); and (b) may be in electronic form; and (c) must be given: (i) not later than 14 days after the end of 6 months after the end of the income year of the * withholding MIT in relation to which the relevant * fund payments were made; or (ii) within a longer period allowed by the Commissioner.", "Amendment_Count": 3, "First_Amended": "No 79 of 2007", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 79 of 2007 | No 32 of 2008 | No 53 of 2016", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-157"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-160", "Provision_Key": "s16-160", "Heading": "Part ‑ year payment summary", "Text": "(1) An entity (the payer ) must give a * payment summary (and a copy of it) to another entity (the recipient ) if, not later than 21 days before the end of a * financial year, the recipient asks in writing for a payment summary covering: (a) one or more * withholding payments (other than withholding payments covered by section 12 ‑ 85, 12 ‑ 190, 12 ‑ 215, 12 ‑ 250, 12 ‑ 285, 12 ‑ 317, 12 ‑ 385 or 12 ‑ 390) that the payer made to the recipient during the year; or (b) one or more withholding payments covered by section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285, or a part of each such payment, that the payer received during the year for the recipient, if the recipient is the foreign resident mentioned in the section; or (ba) one or more withholding payments covered by section 12 ‑ 317, or a part of each such payment, that the payer received during the year for the recipient, if the recipient is the likely foreign recipient mentioned in that section; or (c) one or more withholding payments covered by Division 13 that the payer received during the year and that are included in the recipient’s assessable income for the income year under section 86 ‑ 15 of the Income Tax Assessment Act 1997 ; other than a payment covered by a previous payment summary (and a copy of it) given under this section. Note: A payment summary under this section will not cover amounts that an employer notifies to the Commissioner under Division 389: see section 389 ‑ 20. (2) The payer must comply with the request within 14 days after receiving it, unless: (a) the recipient is an individual and has a * reportable fringe benefits amount, for the income year ending at the end of that * financial year, in respect of his or her employment (within the meaning of the Fringe Benefits Tax Assessment Act 1986 ) by the payer; or (b) the payer has made * reportable employer superannuation contributions, in respect of the recipient’s employment, during the financial year. (3) Despite subsection (1), the * payment summary must not cover a * withholding payment if: (a) the withholding payment is a payment of an amount purported to have been paid by way of * parental leave pay; and (b) at the time the recipient asks for the payment summary, the payer is aware that the amount was not lawfully so payable.", "Amendment_Count": 10, "First_Amended": "No 178 of 1999", "Last_Amended": "No 4 of 2023", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 91 of 2000 | No 66 of 2003 | No 79 of 2007 | No 27 of 2009 | No 105 of 2010 | No 109 of 2012 | No 55 of 2016 | No 4 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 109 of 2012, effective sch 1 (items 114 ‑ 119): 1 Oct 2012 (s 2(1) item 2) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 4 of 2023, effective sch 2 (items 27 ‑ 31), sch 3 (items 1, 2, 4): 26 Mar 2023 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-165", "Provision_Key": "s16-165", "Heading": "Payment summaries for superannuation lump sums and payments for termination of employment", "Text": "(1) Within 14 days after an entity (the payer ) makes a payment covered under subsection (2) to a person (the recipient ), the entity must: (a) give a * payment summary to the recipient that covers the payment (and no other payments); and (b) give a copy of the summary to the Commissioner. (2) The following payments are covered under this subsection if they are * withholding payments: (a) a * superannuation lump sum; (b) a payment that is an * employment termination payment or would be one except that it is received more than 12 months after termination of employment, other than a directed termination payment within the meaning of section 82 ‑ 10F of the Income Tax (Transitional Provisions) Act 1997 . Note: A payment summary under this section will not cover amounts that an employer notifies to the Commissioner under Division 389: see section 389 ‑ 20.", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 15 of 2007 | No 143 of 2007 | No 56 of 2010 | No 55 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Repealed and substituted by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-166", "Provision_Key": "s16-166", "Heading": "Payment summary for a departing Australia superannuation payment", "Text": "Within 14 days after an entity (the payer ) makes a * departing Australia superannuation payment, the payer must: (a) give a * payment summary that covers the payment to the recipient of the payment; and (b) give a copy of the summary to the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 15 of 2002", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2002 | No 15 of 2007", "History_Notes": "Inserted by No 15 of 2002, effective 4 Apr 2002 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-166"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-167", "Provision_Key": "s16-167", "Heading": "Payment summary for payment to recipient who does not quote ABN", "Text": "(1) An entity (the payer ) that makes a * withholding payment covered by section 12 ‑ 190 (about payments to recipients who do not quote their ABN) to another entity (the recipient ) must give the recipient a * payment summary (and a copy of it) that covers that payment, unless the * amount required to be withheld from the payment is nil. (2) The summary must cover only that payment. (3) The payer must give the summary to the recipient when making the payment, or as soon as practicable afterwards.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-167"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-170", "Provision_Key": "s16-170", "Heading": "Form and content of payment summary", "Text": "(1) A payment summary (except one relating to section 12 ‑ 175 or 12 ‑ 180 or Subdivision 12 ‑ H) is a written statement that: (a) names the payer and the recipient; and (b) if the recipient has given the recipient’s * tax file number or * ABN to the payer—states the tax file number or ABN; and (c) states the total of the * withholding payments (if any) that it covers, and the total of the * amounts withheld by the payer from those withholding payments; and (d) specifies the * financial year in which the withholding payments were made; and (e) specifies the * reportable fringe benefits amount (if any) that it covers and the income year to which that amount relates; and (f) specifies the * reportable employer superannuation contributions (if any) that it covers and the income year to which those contributions relate; and (g) is in the * approved form. (1AAA) A payment summary relating to section 12 ‑ 175 or 12 ‑ 180 is a statement that: (a) names the trustee and the beneficiary; and (b) states the total of the * withholding payments (if any) that it covers, and the total of the * amounts withheld by the trustee from those withholding payments; and (c) specifies the income year of the trust to which it relates; and (d) is in the * approved form. (1AA) A payment summary relating to Subdivision 12 ‑ H is a statement that: (a) names the payer and the recipient; and (b) if the recipient has given the recipient’s * tax file number or * ABN to the payer—states the tax file number or ABN; and (c) states the total of the * withholding payments (if any) that it covers, and the total of the * amounts withheld by the payer from those withholding payments; and (d) specifies the income year of the relevant * withholding MIT to which it relates. (1A) For any of the * withholding payments to which paragraph 16 ‑ 155(2)(aa) applies, paragraph (1)(d) is taken to refer to the * financial year preceding the financial year in which the withholding payments were received. (2) The Commissioner may, in writing, require particular information to be included in a * payment summary or a class of payment summaries. (3) A * payment summary may consist of 2 or more statements that each complies with subsection (1) and together cover what section 16 ‑ 155, 16 ‑ 156, 16 ‑ 160, 16 ‑ 165, 16 ‑ 166 or 16 ‑ 167 (as appropriate) requires the payment summary to cover. (4) The Commissioner may vary any requirements under subsection (1), (1AAA), (2) or (3) by written notice given to an entity. The Commissioner may do so in such instances and to such extent as the Commissioner thinks fit.", "Amendment_Count": 10, "First_Amended": "No 178 of 1999", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 86 of 2000 | No 91 of 2000 | No 51 of 2002 | No 15 of 2007 | No 79 of 2007 | No 27 of 2009 | No 75 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 51 of 2002, effective sch 6 (items 10, 11): 1 July 2002 (s 2(1) item 13) sch 6 (items 12 ‑ 14): 27 July 2002 (s 2(1) item 14) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-175", "Provision_Key": "s16-175", "Heading": "Penalty for not providing payment summary", "Text": "(1) An entity must not fail to comply with any requirements under section 16 ‑ 155, 16 ‑ 156, 16 ‑ 157, 16 ‑ 160, 16 ‑ 165, 16 ‑ 166 or 16 ‑ 167, or subsection 16 ‑ 170(1), (1AAA), (1AA), (2) or (3) (including any requirements varied by the Commissioner under subsection 16 ‑ 170(4)). Penalty: 20 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 146 of 2001 | No 51 of 2002 | No 79 of 2007 | No 75 of 2010", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 51 of 2002, effective sch 6 (items 10, 11): 1 July 2002 (s 2(1) item 13) sch 6 (items 12 ‑ 14): 27 July 2002 (s 2(1) item 14) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-175"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-180", "Provision_Key": "s16-180", "Heading": "Commissioner may exempt entity from giving payment summary", "Text": "(1) The Commissioner may, having regard to the circumstances of a particular case or class of cases, exempt an entity from specified requirements of any of sections 16 ‑ 155 to 16 ‑ 167. If the Commissioner does so, the exemption has effect accordingly. (2) An exemption must be made: (a) if it applies to a particular entity—by a written notice given to that entity; or (b) if it applies to a class of entities—by legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 91 of 2000 | No 64 of 2020", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-180"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-182", "Provision_Key": "s16-182", "Heading": "Definition of reportable employer superannuation contribution", "Text": "(1) A reportable employer superannuation contribution , for an individual for an income year, is an amount that has been, is, or will be contributed in respect of the income year: (a) by an employer of the individual, or an * associate of the employer, for the individual’s benefit; and (b) to a * superannuation fund or an * RSA; to the extent that either or both of the following paragraphs apply: (c) the individual has or has had, or might reasonably be expected to have or have had, the capacity to influence the size of the amount; (d) the individual has or has had, or might reasonably be expected to have or have had, the capacity to influence the way the amount was, is or will be contributed so that his or her assessable income is reduced. (2) However, an amount is not a reportable employer superannuation contribution to the extent that it is included in the individual’s assessable income for the income year. (3) For the purposes of this section, employer has the expanded meaning given by section 12 of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12(11) of that Act had not been enacted). (4) For the purposes of this section, disregard whether any * superannuation benefits arising from a contribution are payable to a * SIS dependant of the individual if the individual dies before or after becoming entitled to receive the benefits. (5) For the purposes of paragraph (1)(c), treat the individual as neither having, nor being able reasonably to be expected to have, the capacity to influence the size of the amount if: (a) the employer or * associate is required to contribute the amount by: (i) an * industrial instrument; or (ii) the rules of a * superannuation fund; and (b) the individual does not and did not have, and is not able reasonably to be expected to have or have had, the capacity to influence the content of that instrument or those rules, to the extent that the instrument or rules relate to: (i) the requirement to contribute the amount; or (ii) the size of the amount.", "Amendment_Count": 2, "First_Amended": "No 27 of 2009", "Last_Amended": "No 43 of 2011", "Amending_Acts": "No 27 of 2009 | No 43 of 2011", "History_Notes": "Inserted by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 43 of 2011, effective sch 1 (items 1 ‑ 4, 12): 28 June 2011 (s 2(1) items 2, 4) sch 1 (items 9 ‑ 11): 1 July 2016 (s 2(1) item 3) sch 4: 27 June 2011 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-182"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 16-195", "Provision_Key": "s16-195", "Heading": "Payer’s right to recover amounts of penalty: certain withholding taxes", "Text": "(1) An entity that has paid an amount of penalty under section 16 ‑ 30, 16 ‑ 35 or 16 ‑ 40 for a * withholding payment covered by: (a) Subdivision 12 ‑ F (about a dividend, interest or royalty payment); or (aa) section 12 ‑ 305 (about a departing Australia superannuation payment); or (ab) Subdivision 12 ‑ FC (about labour mobility programs); or (b) section 12 ‑ 320 (about a mining payment); or (c) Subdivision 12 ‑ H (about distributions of withholding MIT income); may recover an amount equal to the amount of penalty from the person liable to pay the * withholding tax, or * mining withholding tax, for the withholding payment. Note Sections 16 ‑ 30, 16 ‑ 35 and 16 ‑ 40 provide for an administrative penalty for failing to comply with Division 12 or 14. (2) Subsection (3) applies if an entity has paid an amount of penalty under section 12 ‑ 415 to the Commissioner for a failure to give a notice, or to make details available on a website, as required by section 12 ‑ 395 in relation to an amount (the relevant amount ). (3) The entity may recover from another entity that is liable to pay * managed investment trust withholding tax in relation to an amount attributable to the relevant amount the lesser of: (a) an amount equal to the amount of that tax that the other entity is liable to pay; and (b) the amount of the penalty.", "Amendment_Count": 8, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 15 of 2002 | No 101 of 2003 | No 32 of 2008 | No 58 of 2012 | No 53 of 2016 | No 75 of 2022", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 15 of 2002, effective 4 Apr 2002 | Amended by No 101 of 2003, effective sch 6 (item 32): 10 Dec 1999 (s 2(1) item 28) sch 6 (item 33): 1 July 2000 (s 2(1) item 29) sch 6 (items 34, 35): 14 Oct 2003 (s 2(1) items 30, 31) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s16-195"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-1", "Provision_Key": "s18-1", "Heading": "What this Subdivision is about", "Text": "In general, an entity: • that receives a withholding payment (except one covered by section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285, Subdivision 12 ‑ FC, or subsection 12 ‑ 390(4)); or • that is the foreign resident for which a withholding payment covered by section 12 ‑ 215, 12 ‑ 250 or 12 ‑ 285, Subdivision 12 ‑ FC, or subsection 12 ‑ 390(4), (or a part of it) is received; is entitled to a credit for the amount withheld from the withholding payment. However, if that entity is a partnership or trust, a partner, beneficiary or trustee may be entitled to the credit. This Subdivision tells you: • who is entitled to a credit; and • how to work out the amount of the credit. How a credit is applied is set out in Division 3 of Part IIB. Table of sections General exception 18 ‑ 5 No credit for refunded amount Entitlement to credits: income tax liability 18 ‑ 10 Application of sections 18 ‑ 15, 18 ‑ 20 and 18 ‑ 25 18 ‑ 15 Tax credit for recipient of withholding payments 18 ‑ 20 Tax credit where recipient is a partnership 18 ‑ 25 Tax credit where recipient is a trust 18 ‑ 27 Tax credit for alienated personal services payments Entitlement to credits: dividend, interest or royalty, amount attributable to fund payment or labour mobility program 18 ‑ 30 Credit: dividend, interest or royalty 18 ‑ 32 Credit: amount attributable to fund payment 18 ‑ 33 Credit: labour mobility programs 18 ‑ 35 Credit: penalty under section 12 ‑ 415, 16 ‑ 30, 16 ‑ 35 or 16 ‑ 40 or related general interest charge 18 ‑ 40 Credit: liability under Part 4 ‑ 25 Entitlement to credit: departing Australia superannuation payment 18 ‑ 42 Credit—departing Australia superannuation payment Entitlement to credit: mining payment 18 ‑ 45 Credit—mining payment Entitlement to credit: Petroleum resource rent tax 18 ‑ 55 Credit—Natural resource payments Entitlement to credit: taxable supply of real property 18 ‑ 60 Credit—payment relating to taxable supply of real property", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 58 of 2012", "Amending_Acts": "No 178 of 1999 | No 32 of 2008 | No 58 of 2012", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-5", "Provision_Key": "s18-5", "Heading": "No credit for refunded amount", "Text": "An entity is not entitled to a credit under this Subdivision for an * amount withheld from a * withholding payment to the extent that the amount must be refunded under Subdivision 18 ‑ B. Note: See also Subdivision 18 ‑ D (PAYG withholding non ‑ compliance tax, which can reverse the economic benefit of a credit of a director, or an associate of a director, of a company that does not comply with its obligations under subsection 16 ‑ 70(1)).", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 178 of 1999 | No 58 of 2006 | No 99 of 2012", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-10", "Provision_Key": "s18-10", "Heading": "Application of sections 18 ‑ 15, 18 ‑ 20 and 18 ‑ 25", "Text": "(1) The rules set out in sections 18 ‑ 15, 18 ‑ 20 and 18 ‑ 25 do not apply to an * amount withheld from a * withholding payment that is covered by: (a) Subdivision 12 ‑ F (Dividend, interest and royalty payments); or (b) Subdivision 12 ‑ FA (Departing Australia superannuation payments); or (c) Subdivision 12 ‑ FC (Labour Mobility Programs); or (d) section 12 ‑ 320 (Mining payments); or (e) Subdivision 12 ‑ H (Distributions of withholding MIT income); or (f) Division 13 (Alienated personal services payments); or (g) Subdivision 14 ‑ E (GST payable on taxable supplies of certain real property). (2) If an entity withholds an amount from a * withholding payment as required by section 12 ‑ 317, apply sections 18 ‑ 15, 18 ‑ 20 and 18 ‑ 25 in relation to the payment as if the payment had been made to the likely foreign recipient mentioned in section 12 ‑ 317 (instead of to the intermediary mentioned in that section). (3) If an entity withholds an amount from a * withholding payment as required by section 12 ‑ 325 (natural resource payments), apply sections 18 ‑ 15, 18 ‑ 20 and 18 ‑ 25 to the payment as if the entity had withheld only so much of that amount as was withheld in respect of tax. Note: Section 18 ‑ 55 provides a credit for amounts withheld in respect of petroleum resource rent tax.", "Amendment_Count": 12, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 15 of 2002 | No 66 of 2003 | No 32 of 2008 | No 14 of 2012 | No 58 of 2012 | No 88 of 2013 | No 96 of 2014 | No 53 of 2016 | No 23 of 2018 | No 75 of 2022", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 15 of 2002, effective 4 Apr 2002 | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-15", "Provision_Key": "s18-15", "Heading": "Tax credit for recipient of withholding payments", "Text": "(1) An entity is entitled to a credit equal to the total of the * amounts withheld from * withholding payments made to the entity during an income year if an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the entity for the income year. (2) To the extent that the entitlement to a credit is in respect of an * amount withheld from a * withholding payment to which paragraph 16 ‑ 155(2)(aa) applies, the entitlement is treated as arising for the income year preceding the income year in which the withholding payment is made.", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 161 of 2005 | No 58 of 2006 | No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-20", "Provision_Key": "s18-20", "Heading": "Tax credit where recipient is a partnership", "Text": "(1) An entity is entitled to a credit in respect of * amounts withheld from * withholding payments made to a partnership during an income year if: (a) the entity has an individual interest in the net income or partnership loss of the partnership for that income year that is wholly or partly attributable to those withholding payments; and (b) the * income tax return of the partnership for the income year has been lodged with the Commissioner; and (c) an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the entity for the income year. (2) The amount of the credit is worked out using the formula: where: amounts withheld means the sum of the * amounts withheld from the * withholding payments. individual interest means so much of the individual interest of the partner as is attributable to the * withholding payments. net income/partnership loss means so much of the net income or partnership loss for that income year as is attributable to the * withholding payments.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 178 of 1999 | No 161 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-25", "Provision_Key": "s18-25", "Heading": "Tax credit where recipient is a trust", "Text": "(1) An entity is entitled under subsection (2), (4), (6) or (8) to a credit in respect of * amounts withheld (the amounts withheld ) from * withholding payments made to the trustee of a trust during an income year. Trust—section 97 (2) A beneficiary of the trust is entitled to a credit if: (a) an amount is included in the assessable income of the beneficiary under section 97 of the Income Tax Assessment Act 1936 in respect of a share of the net income of the trust; and (b) the share is wholly or partly attributable to the * withholding payments; and (c) an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the beneficiary for the income year. (3) The amount of the credit is worked out using the formula: where: net income means so much of the net income as is attributable to the * withholding payments. share of net income means so much of that share of the net income as is attributable to the * withholding payments. Trust—section 98 (4) The trustee of the trust is entitled to a credit if: (a) under section 98 of the Income Tax Assessment Act 1936 the trustee is liable to be assessed, and to pay income tax, on an amount in respect of a share of the net income of the trust to which a beneficiary is presently entitled; and (b) the share is wholly or partly attributable to the * withholding payments; and (c) an assessment has been made of that income tax or an assessment has been made that no income tax is payable. (5) The amount of the credit is worked out using the formula: where: net income means so much of the net income as is attributable to the * withholding payments. share of net income means so much of that share of the net income as is attributable to the * withholding payments. Trust—section 99 or 99A (6) The trustee of the trust is entitled to a credit under this subsection if: (a) under section 99 or 99A of the Income Tax Assessment Act 1936 , the trustee is liable to be assessed, and to pay income tax, on the net income of the trust, or on part of it; and (b) the net income or that part of it is wholly or partly attributable to the * withholding payments; and (c) an assessment has been made of that income tax or an assessment has been made that no income tax is payable. (7) The amount of the credit is worked out using the formula: where: net income means so much of the net income as is attributable to the * withholding payments. part of net income means so much of the net income, or of that part of it, as is attributable to the * withholding payments. Trust—no net income (8) If there is no net income of the trust for the income year, the trustee is entitled to a credit equal to the sum of the * amounts withheld from the * withholding payments.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 178 of 1999 | No 161 of 2005 | No 58 of 2006 | No 79 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-27", "Provision_Key": "s18-27", "Heading": "Tax credit for alienated personal services payments", "Text": "An entity is entitled to a credit equal to the total of the amounts paid under Division 13 in respect of amounts included in the entity’s assessable income for an income year under section 86 ‑ 15 of the Income Tax Assessment Act 1997 if an assessment has been made of the income tax payable, or an assessment has been made that no income tax is payable, by the entity for the income year.", "Amendment_Count": 3, "First_Amended": "No 86 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 86 of 2000 | No 161 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Repealed and substituted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-27"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-30", "Provision_Key": "s18-30", "Heading": "Credit: dividend, interest or royalty", "Text": "(1) An entity is entitled to a credit if: (a) the entity’s * ordinary income, or * statutory income, includes any of the following: (i) a * dividend (or a part of it), interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) or a * royalty; (ii) an amount that is represented by or reasonably attributable to an * AMIT DIR payment; and (b) if subparagraph (a)(i) applies—if the entity has borne all or part of an * amount withheld from the dividend, interest or royalty; and (c) if subparagraph (a)(ii) applies—if the entity has borne all or part of an amount paid under Division 12A in respect of the AMIT DIR payment. (2) The amount of the credit is that amount or part. Note: A taxpayer may also be entitled to a credit in relation to payment of interest under, or in relation to the transfer of, a qualifying security. See section 128NBA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 178 of 1999 | No 58 of 2006 | No 101 of 2006 | No 53 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-32", "Provision_Key": "s18-32", "Heading": "Credit: amount attributable to fund payment", "Text": "(1) An entity is entitled to a credit if: (a) the entity’s * ordinary income or * statutory income includes an amount that is represented by or reasonably attributable to a * fund payment; and (b) the entity has borne all or part of: (i) an * amount withheld from the payment under Subdivision 12 ‑ H; or (ii) an amount paid under Division 12A in respect of the fund payment. (2) The amount of the credit is that amount or part. (3) Subsection (4) applies if: (a) all or part of an amount (the fund payment part ) is represented by a payment that is a * fund payment; and (b) under subsection 840 ‑ 805(4A) of the Income Tax Assessment Act 1997 , a * foreign pension fund is taken, in respect of the fund payment part, to be a beneficiary in its own right, and not a beneficiary in the capacity of the trustee of another trust; and (c) there is an * amount withheld from the fund payment under Subdivision 12 ‑ H. (4) For the purposes of paragraph (1)(b): (a) treat the * foreign pension fund as having borne all or part of the amount withheld; and (b) treat a beneficiary of the foreign pension fund as not having borne all or part of the amount withheld.", "Amendment_Count": 3, "First_Amended": "No 32 of 2008", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 32 of 2008 | No 133 of 2014 | No 53 of 2016", "History_Notes": "Inserted by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 133 of 2014, effective sch 1 (items 33 ‑ 36, 39), sch 2 (items 4, 5): 12 Dec 2014 (s 2(1) item 2) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-32"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-33", "Provision_Key": "s18-33", "Heading": "Credit: labour mobility programs", "Text": "(1) An individual is entitled to a credit if: (a) the individual’s * ordinary income or * statutory income includes salary, wages, commission, bonuses or allowances; and (b) an amount is withheld from the salary, wages, commission, bonuses or allowances under Subdivision 12 ‑ FC (about labour mobility programs). (2) The amount of the credit is the * amount withheld.", "Amendment_Count": 2, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-33"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-35", "Provision_Key": "s18-35", "Heading": "Credit: penalty under section 12 ‑ 415, 16 ‑ 30, 16 ‑ 35 or 16 ‑ 40 or related general interest charge", "Text": "(1) If an entity has paid: (a) an amount of penalty under section 16 ‑ 30 or 16 ‑ 40 to the Commissioner for a * withholding payment covered by Subdivision 12 ‑ F or 12 ‑ H; or (b) an amount of * general interest charge under section 298 ‑ 25 for the penalty; the entity liable to pay the * withholding tax for the withholding payment is entitled to a credit equal to the amount of penalty, or general interest charge, as appropriate. (1AA) If an entity has paid: (a) an amount of penalty under section 16 ‑ 30 or 16 ‑ 35 to the Commissioner for a * withholding payment covered by Subdivision 12 ‑ FC (labour mobility programs); or (b) an amount of * general interest charge under section 298 ‑ 25 for the penalty; the entity liable to pay the * labour mobility program withholding tax for the withholding payment is entitled to a credit equal to the lesser of: (c) the amount of the penalty, or general interest charge, as appropriate; and (d) the amount of labour mobility program withholding tax (and any general interest charge under section 840 ‑ 910 of the Income Tax Assessment Act 1997 ) in relation to the withholding payment, reduced by: (i) any credits from an application of section 18 ‑ 33 in relation to the withholding payment; and (ii) any credits from a previous application of this subsection in relation to the withholding payment. (1A) If an entity has paid: (a) an amount of penalty under section 12 ‑ 415 to the Commissioner for a failure to give a notice, or to make details available on a website, as required by section 12 ‑ 395; or (b) an amount of * general interest charge under section 298 ‑ 25 for the penalty; the entity liable to pay the * managed investment trust withholding tax in relation to the amount (the relevant amount ) giving rise to the penalty is entitled to a credit equal to the lesser of: (d) the amount of penalty, or general interest charge, as appropriate; and (e) the amount of managed investment trust withholding tax (and any general interest charge under section 840 ‑ 810 of the Income Tax Assessment Act 1997 ) in relation to the relevant amount. Remission (2) If: (a) an entity has paid to the Commissioner an amount of penalty mentioned in paragraph (1)(a), (1AA)(a) or (1A)(a); and (b) the Commissioner remits the whole or a part of the amount of the penalty under section 298 ‑ 20; then: (c) any credit under subsection (1), (1AA) or (1A) relating to the amount paid to the Commissioner is reduced by the amount that is remitted; and (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted. (3) If: (a) an entity has paid to the Commissioner an amount of * general interest charge mentioned in paragraph (1)(b), (1AA)(b) or (1A)(b); and (b) the Commissioner remits the whole or a part of the amount of the charge under section 8AAG; then: (c) any credit under subsection (1), (1AA) or (1A) relating to the amount is reduced by the amount that is remitted; and (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 178 of 1999 | No 58 of 2006 | No 32 of 2008 | No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-40", "Provision_Key": "s18-40", "Heading": "Credit: liability under Part 4 ‑ 25", "Text": "(1) If an entity has paid to the Commissioner: (a) an amount of penalty under Subdivision 284 ‑ C in relation to a * scheme to which paragraph 177C(1)(bc) of the Income Tax Assessment Act 1936 applies for a * withholding payment; or (b) an amount of * general interest charge under section 298 ‑ 25 in relation to that amount; the entity liable to pay the * withholding tax for that withholding payment is entitled to a credit equal to the amount paid by the entity. Remission (2) If: (a) an entity has paid an amount under Subdivision 284 ‑ C in relation to a penalty mentioned in paragraph (1)(a); and (b) the Commissioner remits the whole or a part of the amount of the penalty under section 298 ‑ 20; then: (c) any credit under subsection (1) relating to the amount paid by the entity is reduced by the amount that is remitted; and (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted. (3) If: (a) an entity has paid to the Commissioner an amount of * general interest charge mentioned in paragraph (1)(b); and (b) the Commissioner remits the whole or a part of the amount of the charge under section 8AAG; then: (c) any credit under subsection (1) relating to the amount is reduced by the amount that is remitted; and (d) the Commissioner must pay to the entity an amount equal to the amount that is remitted.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 58 of 2006 | No 101 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-42", "Provision_Key": "s18-42", "Heading": "Credit—departing Australia superannuation payment", "Text": "Credit—amount withheld (1) If there is an * amount withheld from a * withholding payment that is covered by section 12 ‑ 305 (departing Australia superannuation payment), the entity liable to pay * withholding tax under section 301 ‑ 175 of the Income Tax Assessment Act 1997 on the payment is entitled to a credit of an amount equal to the amount withheld. Credit—penalty amount (2) If an entity has paid to the Commissioner a penalty amount under section 16 ‑ 30 or 16 ‑ 35 in relation to an * amount required to be withheld under section 12 ‑ 305 (departing Australia superannuation payment), the entity mentioned in subsection (1) is entitled to a credit equal to the penalty amount. Remission (3) If the Commissioner remits the whole or a part of the amount of penalty under section 298 ‑ 20 that has been paid to the Commissioner by the entity: (a) any credit that relates to the amount is reduced by the amount that is remitted; and (b) the Commissioner must pay to the entity an amount equal to the amount that is remitted.", "Amendment_Count": 3, "First_Amended": "No 15 of 2002", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2002 | No 58 of 2006 | No 15 of 2007", "History_Notes": "Inserted by No 15 of 2002, effective 4 Apr 2002 | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-42"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-45", "Provision_Key": "s18-45", "Heading": "Credit—mining payment", "Text": "Credit—amount withheld (1) If there is an * amount withheld from a * withholding payment that is covered by section 12 ‑ 320 (mining payment): (a) if paragraph (b) does not apply—the entity liable to pay * mining withholding tax under section 128V of the Income Tax Assessment Act 1936 on the payment is entitled to a credit of an amount equal to the amount withheld; or (b) if, under subsection 128U(4) of that Act, separate mining payments are taken to have been made to, or applied for the benefit of, 2 or more entities because of that payment—each of those entities is entitled to a credit equal to the amount worked out using the formula: Credit—penalty amount (2) If an entity has paid to the Commissioner a penalty amount under section 16 ‑ 30 or 16 ‑ 35 in relation to an * amount required to be withheld under section 12 ‑ 320 (mining payment): (a) if paragraph (1)(a) applies—the entity mentioned in that paragraph is entitled to a credit equal to the penalty amount; or (b) if paragraph (1)(b) applies—each of the entities mentioned in that paragraph is entitled to a credit of an amount worked out using the formula: Remission (3) If the Commissioner remits the whole or a part of the amount of penalty under section 298 ‑ 20 that has been paid to the Commissioner by the entity: (a) any credit that relates to the amount is reduced by the amount that is remitted; and (b) the Commissioner must pay to the entity an amount equal to the amount that is remitted.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 178 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-55", "Provision_Key": "s18-55", "Heading": "Credit—Natural resource payments", "Text": "(1) An entity is entitled to a credit in a year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987 ) if: (a) one or more * withholding payments covered by section 12 ‑ 325 (natural resource payments) from which there are * amounts withheld in respect of * petroleum resource rent tax are made to the entity during the year of tax; and (b) an assessment has been made of the petroleum resource rent tax payable, or an assessment has been made that no petroleum resource rent tax is payable, by the entity for the year of tax. (2) The amount of the credit is so much of the total of the * amounts withheld as is withheld in respect of * petroleum resource rent tax.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-60", "Provision_Key": "s18-60", "Heading": "Credit—payment relating to taxable supply of real property", "Text": "(1) An entity is entitled to a credit if: (a) the entity is liable for * GST on a * taxable supply to which subsection 14 ‑ 250(2) applies; and (b) another entity made a payment under section 14 ‑ 250 in relation to the supply. (2) The amount of the credit is an amount equal to the amount of the payment. (3) The credit arises when an assessment has been made of the entity’s * net amount for the * tax period of the entity in which the payment was made.", "Amendment_Count": 2, "First_Amended": "No 23 of 2018", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 23 of 2018 | No 76 of 2023", "History_Notes": "Inserted by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-65", "Provision_Key": "s18-65", "Heading": "Refund of withheld amounts by the payer to the recipient", "Text": "(1) An entity (the payer ) must refund to another entity (the recipient ) an amount if: (a) the payer: (i) withheld the amount purportedly under Division 12 from a payment made to, or received for, the recipient (whether the amount has been paid to the Commissioner or not); or (ia) paid the amount to the Commissioner purportedly under Division 13 for an * alienated personal services payment in relation to which an amount is included in the recipient’s assessable income year under section 86 ‑ 15 of the Income Tax Assessment Act 1997 ; or (ii) paid the amount to the Commissioner purportedly under Division 14 (other than Subdivisions 14 ‑ D and 14 ‑ E) for a * non ‑ cash benefit provided to, or received for, the recipient; and (b) either: (i) the amount was so withheld, or paid to the Commissioner, in error; or (ii) in the case of an amount withheld from a payment of an amount purported to have been paid by way of * parental leave pay—the amount paid was not lawfully so payable; and (c) either: (i) the payer becomes aware of the matter mentioned in paragraph (b); or (ii) the recipient applies to the payer for the refund; before the end of the * financial year in which the amount was so withheld or paid to the Commissioner; and (d) any information requested by the payer under subsection (3) has been given to the payer, or the time for making the request (see subsection (4)) has passed without such a request being made. (1A) For the purposes of this section, if an entity has paid an amount to the Commissioner purportedly under Subdivision 12A ‑ C (about deemed payments by AMITs), treat the entity as having withheld the amount purportedly under Division 12. (2) The amount that must be refunded under subsection (1) is a debt recoverable by the recipient from the payer. Request for tax file number (or in some cases, ABN) (3) The payer may request the recipient to give to the payer: (a) in any case—the recipient’s * tax file number; or (b) in any case—evidence of the basis on which the recipient is taken to have quoted its tax file number to the payer; or (c) if the payment or * non ‑ cash benefit was in respect of a * Part VA investment made by the recipient in the course or furtherance of an * enterprise carried on by it—the recipient’s * ABN; if: (d) the payment, * alienated personal services payment or non ‑ cash benefit was in respect of any of the following provisions: (i) Subdivision 12 ‑ B (payments for work or services); (ii) Subdivision 12 ‑ C (Payments for retirement or because of termination of employment); (iii) Subdivision 12 ‑ D (benefits and compensation payments); (iv) section 12 ‑ 140 or 12 ‑ 145 (recipient does not quote tax file number or ABN); (v) section 12 ‑ 175 or 12 ‑ 180 (Payment of income of closely held trust where TFN not quoted); and (e) when the application for the refund is made, or when the payer otherwise becomes aware of the matter mentioned in paragraph (1)(b) of this section, the payer has a record of none of the following: (i) the recipient’s tax file number; (ii) the basis on which the recipient is taken to have quoted the tax file number to the payer; (iii) if paragraph (c) applies—the recipient’s ABN. When must the request be made (4) The request must be made within 7 working days (of the payer) after the payer receives the application for the refund or after the payer otherwise becomes aware of the matter mentioned in paragraph (1)(b) (as appropriate). Recovery of refunded amount (5) If a payer refunds an amount under subsection (1), the payer may recover from the Commissioner as a debt due to the payer so much of the amount: (a) which is withheld as mentioned in subparagraph (1)(a)(i) and paid to the Commissioner, or which is paid to the Commissioner as mentioned in subparagraph (1)(a)(ia) or (ii); and (b) which the payer has not recorded as being offset under subsection (6). Offsetting a refunded amount (6) If: (a) a payer refunds an amount (the refunded amount ) under subsection (1); and (b) the amount withheld as mentioned in subparagraph (1)(a)(i) that the payer has paid to the Commissioner, or the amount paid to the Commissioner as mentioned in subparagraph (1)(a)(ia) or (ii), is equal to all or a part of the refunded amount; and (c) apart from this subsection, the payer would be required to pay to the Commissioner another amount or amounts under Division 13 or 14 (other than Subdivision 14 ‑ D) or subsection 16 ‑ 70(1) (the payment to the Commissioner ); and (d) the payer records in writing that it offsets all or a part of the amount paid to the Commissioner (as mentioned in paragraph (b)) against the payment to the Commissioner; the payment to the Commissioner is reduced by so much of the amount as the payer so recorded as being offset. (7) The payer must not record that it offsets any part of an amount that: (a) the payer has previously recorded under subsection (6); or (b) the payer has sought to recover from the Commissioner under subsection (5).", "Amendment_Count": 11, "First_Amended": "No 178 of 1999", "Last_Amended": "No 4 of 2023", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 15 of 2007 | No 56 of 2010 | No 75 of 2010 | No 105 of 2010 | No 109 of 2012 | No 10 of 2016 | No 53 of 2016 | No 23 of 2018 | No 4 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 75 of 2010, effective sch 2 (items 3 ‑ 24): 1 July 2010 | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 109 of 2012, effective sch 1 (items 114 ‑ 119): 1 Oct 2012 (s 2(1) item 2) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 4 of 2023, effective sch 2 (items 27 ‑ 31), sch 3 (items 1, 2, 4): 26 Mar 2023 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-70", "Provision_Key": "s18-70", "Heading": "Refund of withheld amounts by the Commissioner to the recipient", "Text": "(1) An entity (the recipient ) may apply in writing to the Commissioner for the refund of an amount if: (a) another entity (the payer ): (i) withheld an amount purportedly under Division 12 from a payment made to, or received for, the recipient; or (ia) paid the amount to the Commissioner purportedly under Division 13 for an * alienated personal services payment in relation to which an amount is included in the recipient’s assessable income year under section 86 ‑ 15 of the Income Tax Assessment Act 1997 ; or (ii) paid to the Commissioner an amount purportedly under Division 14 for a * non ‑ cash benefit provided to, or received for, the recipient; or (iii) paid to the Commissioner an amount purportedly under Subdivision 14 ‑ D for * capital proceeds provided to, or applied on behalf of, the recipient; and (b) either: (i) the amount was so withheld, or paid to the Commissioner, in error; or (ii) in the case of an amount withheld from a payment of an amount purported to have been paid by way of * parental leave pay—the amount paid was not lawfully so payable; and (c) if subparagraph (a)(i), (ia) or (ii) applies—section 18 ‑ 65 does not apply because the payer did not become aware of the matter mentioned in paragraph (b), or the recipient did not apply for a refund, as mentioned in subsection 18 ‑ 65(1); and (d) if subparagraph (a)(i) applies—the payer has already paid the withheld amount to the Commissioner. (1A) For the purposes of this section, if an entity has paid an amount to the Commissioner purportedly under Subdivision 12A ‑ C (about deemed payments by AMITs), treat the entity as having withheld the amount purportedly under Division 12. (2) The Commissioner must refund the amount if the application sets out: (a) if the recipient has a * tax file number—that tax file number; or (b) if the recipient does not have a tax file number but was taken to have quoted a tax file number to the payer before the amount was withheld or paid to the Commissioner—the basis on which the recipient was taken to have quoted the tax file number; or (c) if the payment or * non ‑ cash benefit was in respect of a * Part VA investment made by the recipient in the course or furtherance of an * enterprise carried on by it—the recipient’s * ABN; and the Commissioner is satisfied that it would be fair and reasonable to refund the amount, having regard to: (d) the circumstances that gave rise to the withholding obligation (if any); and (e) the nature of the matter mentioned in paragraph (1)(b); and (f) any other matter the Commissioner considers relevant. Note: A person who is dissatisfied with a decision under this section may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 4 of 2023", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 105 of 2010 | No 109 of 2012 | No 10 of 2016 | No 53 of 2016 | No 4 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Amended by No 109 of 2012, effective sch 1 (items 114 ‑ 119): 1 Oct 2012 (s 2(1) item 2) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 4 of 2023, effective sch 2 (items 27 ‑ 31), sch 3 (items 1, 2, 4): 26 Mar 2023 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-80", "Provision_Key": "s18-80", "Heading": "Refund by Commissioner of amount withheld from payment in respect of investment", "Text": "The Commissioner must refund to an entity all or part of an * amount withheld from a * withholding payment covered by section 12 ‑ 140 or 12 ‑ 145 that was made to that entity if: (a) the entity applies in writing for the refund; and (b) the Commissioner is satisfied that the entity was entitled to give * the investment body a declaration under Division 5 of Part VA of the Income Tax Assessment Act 1936 in relation to the * Part VA investment in respect of which the withholding payment was made, but did not do so; and (c) the Commissioner is also satisfied it is fair and reasonable to make the refund, having regard to the purposes of this Part and any other matters that the Commissioner considers appropriate. Note: A person who is dissatisfied with a decision under this section may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-85", "Provision_Key": "s18-85", "Heading": "Refund by Commissioner of amount withheld from payment in respect of supply of real property", "Text": "(1) An entity (the recipient ) may apply, in the * approved form, to the Commissioner for the refund of an amount if: (a) another entity (the payer ) has made a payment under section 14 ‑ 250, or purportedly under that section, in relation to a supply by the recipient; and (b) the payment, or part of the payment, was made in error. (2) The application must be made no later than 14 days before the day on which * GST is payable on the supply. (3) The amount of the refund that the recipient may apply for is an amount equal to the amount of the payment, or the part of the payment that was made in error, as the case requires. (4) The Commissioner must refund the amount under subsection (3) if the Commissioner is satisfied that paragraphs (1)(a) and (b) apply and that it would be fair and reasonable to refund the amount, having regard to: (a) the circumstances that gave rise to the obligation (if any) to make the payment under section 14 ‑ 250; and (b) the nature of the error; and (c) any other matter the Commissioner considers relevant.", "Amendment_Count": 2, "First_Amended": "No 23 of 2018", "Last_Amended": "No 49 of 2019", "Amending_Acts": "No 23 of 2018 | No 49 of 2019", "History_Notes": "Inserted by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 49 of 2019, effective sch 4 (items 105 ‑ 111): 1 July 2019 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-100", "Provision_Key": "s18-100", "Heading": "Obligation to keep payment summary", "Text": "(1) An entity that is given a * payment summary and a copy of it in any financial year under this Part must retain the copy for: (a) 5 years after the end of that financial year; or (b) a shorter period determined by the Commissioner in writing for the entity; or (c) a shorter period determined by the Commissioner by legislative instrument for a class of entities that includes the entity. (1AA) A determination under paragraph (1)(c) may specify different periods for different classes of entities. (1A) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 91 of 2000 | No 146 of 2001 | No 161 of 2005", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 146 of 2001, effective s 4, sch 3: 15 Dec 2001 (s 2(1)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-120", "Provision_Key": "s18-120", "Heading": "Object of Subdivision", "Text": "The object of this Subdivision is to reverse the economic benefit of a credit under section 18 ‑ 15 (Tax credit for recipient of withholding payment) of a director, or an * associate of a director, of a company if: (a) the company does not comply with its obligations under subsection 16 ‑ 70(1) (obligation to pay amounts withheld to the Commissioner); and (b) the credit is attributable to * amounts withheld from * withholding payments made by the company to the director or associate; until the company complies with its obligations.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-125", "Provision_Key": "s18-125", "Heading": "Directors of non ‑ complying companies", "Text": "Liability to pay PAYG withholding non ‑ compliance tax (1) An individual must pay * PAYG withholding non ‑ compliance tax in relation to a company for an income year of the individual if: (a) the individual is or has been a director (within the meaning of the Corporations Act 2001 ) of the company; and (b) the company was required to pay to the Commissioner under subsection 16 ‑ 70(1) in this Schedule amounts: (i) the company withheld from * withholding payments the company made to any entities during the income year of the individual; and (ii) to which subsection (2) applies; and (c) the company did not pay the total of those amounts to the Commissioner on or before the last day (the non ‑ compliance day ) on or before which the company was required to pay any of those amounts to the Commissioner in accordance with subsection 16 ‑ 70(1); and (d) a credit to which the individual is entitled under section 18 ‑ 15 is attributable to an extent to * amounts withheld by the company under Division 12 from withholding payments made to the individual during the income year of the individual. Note: For the purposes of paragraph (1)(d), it does not matter whether the company pays the amounts withheld from the withholding payments made to the individual to the Commissioner under subsection 16 ‑ 70(1). (2) This subsection applies to * amounts withheld that the company was required to pay to the Commissioner on or before a particular day (the payment day ) under subsection 16 ‑ 70(1), if: (a) both of the following subparagraphs apply: (i) the individual was a director (within the meaning of the Corporations Act 2001 ) of the company on the payment day; (ii) the company did not pay the total of those amounts to the Commissioner in accordance with subsection 16 ‑ 70(1) on or before the payment day; or (b) all of the following subparagraphs apply: (i) the individual became a director of the company after the payment day; (ii) the individual was still a director of the company 30 days after becoming a director; (iii) the company did not pay the total of those amounts to the Commissioner in accordance with subsection 16 ‑ 70(1) on or before the last of those 30 days. Amount of tax (3) The amount of the * PAYG withholding non ‑ compliance tax the individual must pay is the lesser of: (a) the extent of the credit mentioned in paragraph (1)(d); and (b) the total amount the company did not pay to the Commissioner as mentioned in paragraph (1)(c).", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-130", "Provision_Key": "s18-130", "Heading": "Directors of non ‑ complying companies—tax reduced in certain circumstances", "Text": "(1) The amount of the * PAYG withholding non ‑ compliance tax the individual must pay as mentioned in section 18 ‑ 125 is reduced if the Commissioner gives a notice to the individual under this section. Notice (2) The Commissioner must give a written notice to the individual on a day (the reduction notice day ) (whether before, on or after the day (if any) the Commissioner gives the individual the relevant notice under section 18 ‑ 140), if the Commissioner is satisfied that: (a) because of illness or for some other good reason, it would have been unreasonable to expect the individual to take part, and the individual did not take part, in the management of the company at any time during the period: (i) starting on a day on or by which the company was required to pay any of the total mentioned in paragraph 18 ‑ 125(1)(c) to the Commissioner under subsection 16 ‑ 70(1); and (ii) ending on the reduction notice day; or (b) the individual took all reasonable steps to ensure that one of the following happened: (i) the directors (within the meaning of the Corporations Act 2001 ) of the company caused the company to pay the total of the amounts mentioned in paragraph 18 ‑ 125(1)(c) to the Commissioner; (ii) the directors caused an administrator of the company to be appointed under section 436A, 436B or 436C of the Corporations Act 2001 ; (iia) the directors caused a small business restructuring practitioner for the company to be appointed under section 453B of that Act; (iii) the directors caused the company to begin to be wound up (within the meaning of that Act); or there were no reasonable steps the individual could have taken to ensure that any of those things happened. (3) In determining what are reasonable steps for the purposes of paragraph (2)(b), the Commissioner must have regard to: (a) when, and for how long, the individual was a director and took part in the management of the company; and (b) all other relevant circumstances. Amount of reduction (4) The amount of the reduction is the amount stated in the notice. (5) In determining the amount to state in the notice, the Commissioner must have regard to: (a) in a case to which paragraph (2)(a) applies—when, and for how long, the individual could not have been expected to take part, and did not take part, in the management of the company; and (b) in a case to which paragraph (2)(b) applies—when, and for how long, the individual was a director and took part in the management of the company; and (c) in either case—what is fair and reasonable in the circumstances. Effect of reduction (6) The amount of the * PAYG withholding non ‑ compliance tax the individual must pay is treated as always having been that amount as reduced under this section.", "Amendment_Count": 2, "First_Amended": "No 99 of 2012", "Last_Amended": "No 130 of 2020", "Amending_Acts": "No 99 of 2012 | No 130 of 2020", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-135", "Provision_Key": "s18-135", "Heading": "Associates of directors of non ‑ complying companies", "Text": "Liability to pay PAYG withholding non ‑ compliance tax (1) An individual must pay * PAYG withholding non ‑ compliance tax in relation to a company for an income year of the individual if: (a) at a time when another individual (the director ) was a director (within the meaning of the Corporations Act 2001 ) of the company, the first individual was an * associate of the director; and (b) the company was required to pay to the Commissioner under subsection 16 ‑ 70(1) in this Schedule amounts: (i) the company withheld from * withholding payments the company made to any entities during the income year of the individual; and (ii) to which subsection (2) of this section applies; and (c) the company did not pay the total of those amounts to the Commissioner on or before the last day (the non ‑ compliance day ) on or before which the company was required to pay any of those amounts to the Commissioner in accordance with subsection 16 ‑ 70(1); and (d) subsection (3) or (6) of this section applies; and (e) a credit to which the individual is entitled under section 18 ‑ 15 is attributable to an extent to * amounts withheld by the company under Division 12 from withholding payments made to the individual during the income year of the individual. Note: For the purposes of paragraph (1)(e), it does not matter whether the company pays the amounts withheld from the withholding payments made to the individual to the Commissioner under subsection 16 ‑ 70(1). (2) This subsection applies to * amounts withheld that the company was required to pay to the Commissioner on or before a particular day (the payment day ) under subsection 16 ‑ 70(1), if: (a) all of the following subparagraphs apply: (i) the director was a director (within the meaning of the Corporations Act 2001 ) of the company on the payment day; (ii) the individual was an * associate of the director on the payment day; (iii) the company did not pay the total of those amounts to the Commissioner in accordance with subsection 16 ‑ 70(1) on or before the payment day; or (b) all of the following subparagraphs apply: (i) the director became a director of the company after the payment day; (ii) the director was still a director of the company 30 days after becoming a director; (iii) the individual was an * associate of the director throughout that 30 day period; (iv) the company did not pay the total of those amounts to the Commissioner in accordance with subsection 16 ‑ 70(1) on or before the last of those 30 days. (3) This subsection applies if the Commissioner is satisfied that: (a) because of: (i) the individual’s relationship with the director; or (ii) a relationship of the individual with the company; the individual knew, or could reasonably have been expected to know, of the company’s failure to pay the total of the amounts mentioned in paragraph (1)(c) to the Commissioner; and (b) none of the following subparagraphs applies: (i) the individual took all reasonable steps to influence the director to cause the company to notify the Commissioner under Subdivision 18 ‑ C of the relevant * amounts withheld; (ii) the individual took all reasonable steps to influence the director to cause one of the events mentioned in subsection (4) to happen, or there were no reasonable steps the individual could have taken to influence the director to cause any of those events to happen; (iii) the individual reported the company’s non ‑ payment to the Commissioner or to another authority with responsibilities relevant to the operation of the company. Example: Other authorities with responsibilities relevant to the operation of the company could include the Minister, the police, ASIC or the Building and Construction Industry Commissioner. (4) The following are the events: (a) the company pays the total of the amounts mentioned in paragraph (1)(c) to the Commissioner; (b) an administrator of the company is appointed under section 436A, 436B or 436C of the Corporations Act 2001 ; (ba) a small business restructuring practitioner for the company is appointed under section 453B of that Act; (c) the company begins to be wound up (within the meaning of that Act). (5) In determining what are reasonable steps for the purposes of paragraph (3)(b), have regard to: (a) when, and for how long, the individual was an * associate of the director; and (b) when, and for how long, the director was a director and took part in the management of the company; and (c) all other relevant circumstances. (6) This subsection applies if: (a) the individual was an employee of the company; and (b) the Commissioner is satisfied that the company treated the individual more favourably than it treated other employees of the company. Amount of tax (7) The amount of the * PAYG withholding non ‑ compliance tax the individual must pay is the lesser of: (a) the extent of the credit mentioned in paragraph (1)(e); and (b) the total amount the company did not pay to the Commissioner as mentioned in paragraph (1)(c).", "Amendment_Count": 3, "First_Amended": "No 99 of 2012", "Last_Amended": "No 130 of 2020", "Amending_Acts": "No 99 of 2012 | No 8 of 2019 | No 130 of 2020", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-140", "Provision_Key": "s18-140", "Heading": "Notices", "Text": "Notices (1) The Commissioner must not commence proceedings to recover: (a) the * PAYG withholding non ‑ compliance tax an individual must pay for an income year in relation to a company as mentioned in section 18 ‑ 125 or 18 ‑ 135; or (b) any related * general interest charge payable under section 18 ‑ 150; unless, after the non ‑ compliance day mentioned in section 18 ‑ 125 or 18 ‑ 135, the Commissioner gives a written notice to the individual under this section. (2) The Commissioner may only give the notice if the Commissioner is satisfied, on the basis of information available to the Commissioner, that it is fair and reasonable for the individual to pay * PAYG withholding non ‑ compliance tax in relation to the company for the income year. (3) The Commissioner must not give the notice on a day if, on that day: (a) the individual; or (b) in a case to which section 18 ‑ 135 applies—the director mentioned in that section; is liable to pay to the Commissioner a penalty under Division 269 because the company has not complied with the obligation mentioned in item 1 of the table in subsection 269 ‑ 10(1) to pay to the Commissioner an * amount withheld to which paragraph 18 ‑ 125(1)(b) or 18 ‑ 135(1)(b) applies. (4) The notice must specify: (a) the company; and (b) the income year; and (c) the amount of the * PAYG withholding non ‑ compliance tax the individual must pay. Effect of compliance between non ‑ compliance day and notice day (5) Subsections (6) and (7) apply if: (a) the company’s liability to pay the total of the amounts mentioned in paragraph 18 ‑ 125(1)(c) or 18 ‑ 135(1)(c) to the Commissioner is discharged to any extent during the period: (i) starting on the day after the non ‑ compliance day; and (ii) ending on the day before the day the Commissioner gives the notice under this section to the individual; and (b) had all discharges of the company’s liability occurring during that period occurred before the non ‑ compliance day: (i) the individual would not have been required to pay the * PAYG withholding non ‑ compliance tax in relation to the company for the income year; or (ii) the amount of PAYG withholding non ‑ compliance tax the individual would have been required to pay would have been less than the actual amount of PAYG withholding non ‑ compliance tax. (6) The amount of the * PAYG withholding non ‑ compliance tax the individual must pay is reduced: (a) in a case to which subparagraph (5)(b)(i) applies—to nil; or (b) otherwise—to the amount of PAYG withholding non ‑ compliance tax the individual would have been required to pay as mentioned in subparagraph (5)(b)(ii). (7) The amount of the * PAYG withholding non ‑ compliance tax the individual must pay is treated as always having been that amount as reduced under subsection (6).", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-145", "Provision_Key": "s18-145", "Heading": "When PAYG withholding non ‑ compliance tax must be paid", "Text": "(1) The * PAYG withholding non ‑ compliance tax an individual must pay for an income year is due and payable at the earliest time any of the income tax the individual must pay for the * financial year to which the income year relates is due and payable. Note: Division 5 of the Income Tax Assessment Act 1997 explains how to work out when to pay your income tax. (2) For the purposes of subsection (1), if the individual is not required to pay income tax for the * financial year: (a) treat the individual as being required to pay income tax for the financial year; and (b) if the Commissioner has made an assessment that the income tax the individual is required to pay is nil—treat that assessment as being for an amount greater than nil. Note: See Part 4 ‑ 15 in this Schedule for collection and recovery provisions.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-150", "Provision_Key": "s18-150", "Heading": "General interest charge payable on unpaid PAYG withholding non ‑ compliance tax", "Text": "If an amount of * PAYG withholding non ‑ compliance tax that an individual must pay to the Commissioner remains unpaid after the time by which it is due to be paid, the individual is liable to pay * general interest charge on the unpaid amount of tax for each day in the period that: (a) started at the beginning of the day by which the unpaid amount of tax was due to be paid; and (b) finishes at the end of the last day, at the end of which, any of the following remains unpaid: (i) the unpaid amount of tax; (ii) general interest charge on any of the unpaid amount of tax.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-155", "Provision_Key": "s18-155", "Heading": "Validity of decisions and evidence", "Text": "Section 175 of the Income Tax Assessment Act 1936 (validity) applies to a decision of the Commissioner under section 18 ‑ 140 in this Schedule in the same way as it applies to an assessment.", "Amendment_Count": 2, "First_Amended": "No 99 of 2012", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 99 of 2012 | No 2 of 2015", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-160", "Provision_Key": "s18-160", "Heading": "Rights of indemnity and contribution", "Text": "(1) This section applies if an individual must pay * PAYG withholding non ‑ compliance tax as mentioned in section 18 ‑ 125 or 18 ‑ 135 because a company did not pay an amount to the Commissioner as mentioned in paragraph 18 ‑ 125(1)(c) or 18 ‑ 135(1)(c). (2) The individual has the same rights (whether by way of indemnity, subrogation, contribution or otherwise) against the company or anyone else as if: (a) the individual had made a payment equal to the amount of the * PAYG withholding non ‑ compliance tax under a guarantee of the liability of the company to pay the amount to the Commissioner; and (b) under the guarantee: (i) the individual; and (ii) every individual to whom subsection (3) applies; were jointly and severally liable as guarantors (but only, in the case of an individual to whom subparagraph (ii) of this paragraph applies, to the extent to which subsection (3) applies to the individual); and (c) any credit to which the individual mentioned in subsection (1) is entitled under section 18 ‑ 170 or 18 ‑ 175 in relation to the amount of PAYG withholding non ‑ compliance tax were a repayment of the payment mentioned in paragraph (a) of this subsection. (3) This subsection applies to an individual to the extent that: (a) the individual was a director (within the meaning of the Corporations Act 2001 ) of the company on the day (the payment day ) on or by which the company was required to pay the amount mentioned in subsection (1) to the Commissioner; or (b) both of the following subparagraphs apply: (i) the individual became a director of the company after the payment day; (ii) the individual was still a director of the company 30 days after becoming a director. (4) However, subsection (3) does not apply to an individual to the extent that the amount of the * PAYG withholding non ‑ compliance tax the individual must pay in relation to the company for the income year as mentioned in section 18 ‑ 125 is reduced under section 18 ‑ 130.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-165", "Provision_Key": "s18-165", "Heading": "Credits for later compliance—scope", "Text": "Sections 18 ‑ 170, 18 ‑ 175 and 18 ‑ 180 apply if: (a) an individual must pay * PAYG withholding non ‑ compliance tax in relation to a company for an income year because the company did not pay to the Commissioner the total of the amounts mentioned in paragraph 18 ‑ 125(1)(c) or 18 ‑ 135(1)(c); and (b) the Commissioner gives to the individual a notice under section 18 ‑ 140 on a particular day (the tax notice day ) in relation to the PAYG withholding non ‑ compliance tax the individual must pay; and (c) on or after the tax notice day, the company’s liability to pay the total of the amounts to the Commissioner is discharged to any extent.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-170", "Provision_Key": "s18-170", "Heading": "Credits for later compliance—Commissioner must give notice in certain circumstances", "Text": "Commissioner must give notice to director or associate in certain circumstances (1) The Commissioner must give a written notice to the individual on a particular day (the credit notice day ) if, had the discharge mentioned in paragraph 18 ‑ 165(c) (and all previous discharges of the company’s liability mentioned in that paragraph) occurred before the tax notice day: (a) the individual would not have been required to pay the * PAYG withholding non ‑ compliance tax in relation to the company for the income year; or (b) the amount of PAYG withholding non ‑ compliance tax the individual would have been required to pay would have been less than the actual amount of PAYG withholding non ‑ compliance tax. Note 1: Subsection 18 ‑ 180(2) provides that the Commissioner must not give a notice to the individual in certain circumstances. Note 2: The amount of PAYG withholding non ‑ compliance tax may be limited by: (a) the conditions in subsections 18 ‑ 125(1) and (2) or 18 ‑ 135(1) to (6); or (b) the limits on the amount of the tax in subsection 18 ‑ 125(3) or 18 ‑ 135(7). Note 3: In working out the actual amount of the tax for the purposes of paragraph (1)(b), have regard to other credits to which the individual is entitled under this section or section 18 ‑ 175. See subsection 18 ‑ 180(1). Director or associate entitled to credit if Commissioner gives notice (2) The individual is entitled to a credit if the Commissioner gives a written notice to the individual under subsection (1). (3) The individual becomes entitled to the credit on the day the Commissioner gives the notice to the individual. Amount of credit (4) The amount of the credit is the amount stated in the notice. (5) In a case to which paragraph (1)(a) applies, the amount stated must be the amount of the * PAYG withholding non ‑ compliance tax. (6) In any other case, the amount stated: (a) must not exceed the amount of the * PAYG withholding non ‑ compliance tax; and (b) must not exceed the amount of the discharge mentioned in paragraph 18 ‑ 165(c); and (c) must not be less than the amount by which: (i) the amount of the PAYG withholding non ‑ compliance tax; exceeds (ii) the amount that would have been the amount of the PAYG withholding non ‑ compliance tax had the discharge mentioned in paragraph 18 ‑ 165(c) (and all previous discharges of the company’s liability mentioned in that paragraph) occurred before the tax notice day. (7) In determining the amount to state in the notice in a case to which paragraph (1)(a) does not apply, the Commissioner must have regard to what is fair and reasonable in the circumstances.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-175", "Provision_Key": "s18-175", "Heading": "Credits for later compliance—Commissioner may give notice", "Text": "Commissioner may give notice to director or associate (1) The Commissioner may give a written notice to the individual on a particular day (the credit notice day ). Note: Subsection 18 ‑ 180(2) provides that the Commissioner must not give a notice to the individual in certain circumstances. Director or associate entitled to credit if Commissioner gives notice (2) The individual is entitled to a credit if the Commissioner gives a written notice to the individual under subsection (1). (3) The individual becomes entitled to the credit on the day the Commissioner gives the notice to the individual. Amount of credit (4) The amount of the credit is the amount stated in the notice. (5) The amount stated: (a) must not exceed the amount of the * PAYG withholding non ‑ compliance tax; and Note: In working out the amount of the tax for the purposes of paragraph (5)(a), have regard to other credits to which the individual is entitled under section 18 ‑ 170 or this section. See subsection 18 ‑ 180(1). (b) must not exceed the amount of the discharge mentioned in paragraph 18 ‑ 165(c). Commissioner’s discretion (6) In determining: (a) whether to give a notice under this section; or (b) the amount to state in the notice; the Commissioner must have regard to what is fair and reasonable in the circumstances.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-175"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-180", "Provision_Key": "s18-180", "Heading": "Effect of earlier credits", "Text": "(1) A reference in section 18 ‑ 170 or 18 ‑ 175, or subsection (2) of this section, to the amount of the * PAYG withholding non ‑ compliance tax is treated as being a reference to: (a) the amount of the PAYG withholding non ‑ compliance tax; less Note: The amount of the PAYG withholding non ‑ compliance tax may, in a case to which section 18 ‑ 125 applies, be affected by reductions under section 18 ‑ 130. (b) the total of any credits to which the individual is entitled in relation to the amount of PAYG withholding non ‑ compliance tax because of notices given to the individual under section 18 ‑ 170 or 18 ‑ 175 before the credit notice day. (2) The Commissioner must not give a written notice to the individual under section 18 ‑ 170 or 18 ‑ 175 if, on the day before the credit notice day, the amount of the * PAYG withholding non ‑ compliance tax is nil.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-180"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-185", "Provision_Key": "s18-185", "Heading": "When Commissioner may give notice", "Text": "The Commissioner may give a notice to the individual on a day (the notice day ) under section 18 ‑ 130, 18 ‑ 140, 18 ‑ 170 or 18 ‑ 175 if: (a) on the notice day, the Commissioner has not given a notice of assessment to the individual for the income year mentioned in section 18 ‑ 125 or 18 ‑ 135; or (b) if the notice would: (i) in the case of a notice under section 18 ‑ 130—result in the individual being liable to pay * PAYG withholding non ‑ compliance tax or an increased amount of PAYG withholding non ‑ compliance tax; or (ii) in the case of a notice under section 18 ‑ 140—result in the Commissioner being able to commence proceedings to recover PAYG withholding non ‑ compliance tax, or an increased amount of PAYG withholding non ‑ compliance tax, from the individual; or (iii) in the case of a notice under section 18 ‑ 170 or 18 ‑ 175—reduce the amount of a credit or disentitle the individual to a credit; the Commissioner gives the notice no later than 2 years after first giving a notice of assessment to the individual for the income year mentioned in section 18 ‑ 125 or 18 ‑ 135; or (c) if the notice would: (i) in the case of a notice under section 18 ‑ 130—result in the individual being liable to pay no PAYG withholding non ‑ compliance tax, or a reduced amount of PAYG withholding non ‑ compliance tax; or (ii) in the case of a notice under section 18 ‑ 140—result in the Commissioner no longer being able to commence proceedings to recover PAYG withholding non ‑ compliance tax, or result in the Commissioner being able to commence proceedings to recover a reduced amount of PAYG withholding non ‑ compliance tax, from the individual; or (iii) in the case of a notice under section 18 ‑ 170 or 18 ‑ 175—increase the amount of a credit or entitle the individual to a credit; the Commissioner gives the notice no later than 4 years after first giving a notice of assessment to the individual for the income year mentioned in section 18 ‑ 125 or 18 ‑ 135; or (d) in any case—the Commissioner gives the notice: (i) to give effect to a decision on a review or appeal; or (ii) as a result of an objection made by the individual or pending a review or appeal.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-185"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 18-190", "Provision_Key": "s18-190", "Heading": "Review of decisions", "Text": "An individual to whom the Commissioner gives a notice under section 18 ‑ 140 in relation to an amount of * PAYG withholding non ‑ compliance tax may object, under Part IVC of this Act, against a decision of the Commissioner under section 18 ‑ 130, 18 ‑ 140, 18 ‑ 170 or 18 ‑ 175 in relation to the PAYG withholding non ‑ compliance tax if the individual is dissatisfied with the decision.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s18-190"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 20-35", "Provision_Key": "s20-35", "Heading": "Offences", "Text": "(1) A person must not: (a) present a document issued by the Commissioner that specifies a person (the specified person ); and (b) falsely pretend to be the specified person with the intention of obtaining under this Part a credit for, or a payment of, an * amount withheld from a * withholding payment. (2) A person must not attempt to obtain for the person a credit under this Part for an * amount withheld from a * withholding payment if: (a) the payment is not covered by section 12 ‑ 215, 12 ‑ 250, 12 ‑ 285 or 12 ‑ 317, or subsection 12 ‑ 390(4), and was made to another person; or (b) the payment is covered by section 12 ‑ 215, 12 ‑ 250, 12 ‑ 285 or 12 ‑ 317, or subsection 12 ‑ 390(4), and the person is not the foreign resident in respect of which all or a part of the payment is received as mentioned in that provision. (3) A person must not, with the intention of obtaining a credit, a payment or any other benefit, present: (a) a copy of a * payment summary (except one relating to Subdivision 12 ‑ H); or (b) a document purporting to be a copy of such a payment summary; which is not a copy duly given to the person. Penalty: 60 penalty units, or imprisonment for 12 months, or both. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (4) A person must not, with the intention of obtaining a credit, a payment or any other benefit, present: (a) a * payment summary relating to Subdivision 12 ‑ H, or a copy of such a payment summary; or (b) a document purporting to be such a payment summary or a copy of such a payment summary; which is not a payment summary, or a copy of a payment summary, duly given to the person. Penalty: 60 penalty units, or imprisonment for 12 months, or both. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 178 of 1999 | No 66 of 2003 | No 79 of 2007 | No 32 of 2008 | No 14 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s20-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 20-40", "Provision_Key": "s20-40", "Heading": "Joining of charges", "Text": "(1) Charges against the same person for a number of offences against this Part may be joined in one complaint, information or summons if those charges: (a) are founded on the same facts; or (b) form a series of offences of the same or a similar character; or (c) are part of a series of offences of the same or similar character. (2) Particulars of each offence charged must be set out in a separate paragraph if 2 or more of the charges are included in the same complaint, information or summons. (3) If the charges are joined, the charges must be tried together unless the court: (a) considers it just that any of the charges should be tried separately; and (b) makes an order to that effect. (4) If a person is convicted of 2 or more of the offences: (a) the court may impose one penalty for both or all of those offences; but (b) the penalty must not exceed the sum of the maximum penalties that could be imposed in respect of each offence separately.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s20-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 20-45", "Provision_Key": "s20-45", "Heading": "Offences that would otherwise be committed by a partnership or unincorporated company", "Text": "(1) An offence against this Part that would otherwise be committed by a partnership is taken to have been committed by each partner who: (a) aided, abetted, counselled or procured the relevant act or omission; or (b) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly, and whether by any act or omission of the partner). (2) An offence against this Part that would otherwise be committed by a company that is not incorporated is taken to have been committed by each member of the company’s committee of management who: (a) aided, abetted, counselled or procured the relevant act or omission; or (b) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly, and whether by any act or omission of the member).", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s20-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 20-80", "Provision_Key": "s20-80", "Heading": "Reviewable decisions", "Text": "A person who is dissatisfied with any of the following decisions of the Commissioner may object against the decision in the manner set out in Part IVC. Reviewable decisions Item Description 1A Decision not to grant an exemption under subsection 12 ‑ 319(1) from withholding obligations in relation to sections 12 ‑ 315 and 12 ‑ 317 1 Decision not to give a certificate under subsection 12 ‑ 335(1) exempting an entity from notifying the Commissioner about a natural resource payment 5 Decision to revoke a certificate under subsection 12 ‑ 335(3) 10 Decision to vary a certificate under subsection 12 ‑ 335(3) 14 Decision under subsection 14 ‑ 220(1) not to issue a certificate on application under subsection 14 ‑ 220(2) 15 Decision under subsection 14 ‑ 220(1) to issue a certificate 16 Decision under subsection 14 ‑ 235(2) not to vary an amount on application under subsection 14 ‑ 235(3) 17 Decision under subsection 14 ‑ 235(2) to vary an amount 25 Refusal to determine under subsection 16 ‑ 110(1) that a large withholder is a * medium withholder or a * small withholder for a particular month or particular months 30 Refusal to determine under subsection 16 ‑ 110(1) that a medium withholder is a small withholder for a particular month or particular months 35 Decision to revoke a determination made under subsection 16 ‑ 110(1) 40 Decision to vary a determination made under subsection 16 ‑ 110(1) for a particular month or particular months 45 Determination under subsection 16 ‑ 115(1) that a small withholder is a medium withholder or a large withholder for a particular month or particular months 50 Determination under subsection 16 ‑ 115(1) that a medium withholder is a large withholder 55 Decision not to revoke a determination made under subsection 16 ‑ 115(1) 60 Decision not to vary a determination made under subsection 16 ‑ 115(1) for a particular month or particular months 62 Decision under section 16 ‑ 147 not to register an entity that has applied to be registered 63 Decision under section 16 ‑ 148 to cancel a registration (including making a determination under subsection 16 ‑ 148(5)) 65 Decision not to refund an amount under section 18 ‑ 70 70 Decision not to refund an amount under section 18 ‑ 80 Note: Division 298 also provides review rights about remission of administrative penalties.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 89 of 2016", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 66 of 2003 | No 10 of 2016 | No 89 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s20-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 21-1", "Provision_Key": "s21-1", "Heading": "What this Division is about", "Text": "This Part applies in relation to a payment by APRA under: (a) Division 2AA of Part II of the Banking Act 1959 applying in relation to an account with an ADI; or (b) Part VC of the Insurance Act 1973 applying in relation to a general insurance policy issued by a general insurance company; in a way corresponding to the way this Part would have applied if the payment had been made by the ADI or company in connection with the account or policy.", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective sch 1 (items 34, 35), sch 6 (item 34): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s21-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 21-5", "Provision_Key": "s21-5", "Heading": "APRA treated like ADI or general insurance company", "Text": "(1) This section applies if: (a) an entity’s entitlement under Division 2AA of Part II of the Banking Act 1959 to be paid an amount by * APRA in connection with the entity’s account with an * ADI is met wholly or partly; or (b) an entity’s entitlement under Part VC of the Insurance Act 1973 to be paid an amount in connection with a * general insurance policy issued by a * general insurance company is met wholly or partly. Note 1: Division 2AA of Part II of the Banking Act 1959 entitles entities that have certain accounts with certain insolvent ADIs to be paid amounts by APRA worked out by reference to the balance of those accounts. Note 2: Part VC of the Insurance Act 1973 entitles entities with valid claims against certain insolvent general insurance companies under certain general insurance policies issued by those companies to be paid amounts by APRA. (2) This Part applies in relation to * APRA and the meeting of the entitlement in a way corresponding to the way in which this Part would have applied in relation to the * ADI or * general insurance company doing, in connection with the account or policy, whatever was done in meeting the entitlement. Example: APRA (or APRA’s agent or delegate) pays an entity an amount of the entity’s entitlement relating to an account with an ADI. This Part applies in relation to APRA and the payment in a way corresponding to the way in which this Part would have applied in relation to the ADI had the ADI made a payment at that time of that amount under the arrangements for keeping the account. Taxation Administration Act 1953 No. 1, 1953 Compilation No. 225 Compilation date: 1 July 2026 Includes amendments: Act No. 57, 2025 and Act No. 49, 2026 This compilation is in 4 volumes Volume 1: Parts I to V sections 1 to 18 Schedule 1 Chapter 2, Part 2 ‑ 1 to Part 2 ‑ 5 sections 6 ‑ 1 to 21 ‑ 5 Volume 2: Schedule 1 Chapter 2, Part 2 ‑ 10 to Chapter 4, Part 4 ‑ 25 sections 45 ‑ 1 to 298 ‑ 110 Volume 3: Schedule 1 Chapter 4, Part 4 ‑ 30 to Chapter 5, Part 5 ‑ 100 sections 308 ‑ 1 to 990 ‑ 5 Volume 4: Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the Taxation Administration Act 1953 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective sch 1 (items 34, 35), sch 6 (item 34): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s21-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-1", "Provision_Key": "s45-1", "Heading": "What this Division is about", "Text": "If you have business or investment income, you must pay instalments towards your income tax liability. However, you do not have to do so unless the Commissioner has given you an instalment rate. Generally, instalments are payable for each quarter of your income year. Alternatively, instalments could be payable monthly or annually. Your instalments may be based on your previous year’s income tax liability and notified to you by the Commissioner, or on your estimate of your income tax liability for the current income year. (In this case, you are a quarterly payer who pays on the basis of GDP adjusted notional tax). Generally, four quarterly instalments are payable annually on this basis, but you may only be required to pay two. If you are not eligible to pay instalments on that basis, or if you are so eligible but choose not to do so, you must work out the amount of your quarterly instalment by multiplying your instalment income for an instalment quarter by the rate the Commissioner gave you, or by a rate you choose yourself. (In this case, you are a quarterly payer who pays on the basis of instalment income). If your business or investment income exceeds a certain limit, you may have to pay an instalment after the end of each month. (In this case, you are a monthly payer). If you are not required to be registered for GST purposes, you may be able to choose to pay an annual instalment after the end of the income year. (In this case, you are an annual payer). The amount of annual instalment can be your instalment income for the income year multiplied by the rate the Commissioner gave you, or an amount based on your previous year’s income tax liability and notified to you by the Commissioner, or your own estimate of your income tax liability for the income year.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 47 of 2009 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 47 of 2009, effective sch 1 (items 1, 2, 6): 25 June 2009 sch 1 (items 3 ‑ 5): 1 July 2014 sch 2 (items 2 ‑ 15): Royal Assent | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-5", "Provision_Key": "s45-5", "Heading": "Object of this Part", "Text": "(1) The object of this Part is to ensure the efficient collection of: (a) income tax; and (b) * Medicare levy; and (ca) amounts of liabilities to the Commonwealth under Chapter 4 of the Higher Education Support Act 2003 ; and (caa) amounts of liabilities to the Commonwealth under Part 3A of the VET Student Loans Act 2016 ; and (cb) amounts of liabilities to the Commonwealth under Chapter 2AA of the Social Security Act 1991 ; and (cc) amounts of liabilities to the Commonwealth under Part 2 of the Student Assistance Act 1973 ; and (cd) amounts of liabilities to the Commonwealth under Chapter 3 of the Australian Apprenticeship Support Loans Act 2014 ; and (d) amounts of liabilities to the Commonwealth under Part 2B.3 of the Social Security Act 1991 ; and (e) amounts of liabilities to the Commonwealth under Division 6 of Part 4A of the Student Assistance Act 1973 ; through the application of the principles set out in the rest of this section. (2) As you earn * instalment income, you pay instalments after the end of each * instalment quarter worked out on the basis of your instalment income for that quarter if you are required or choose to work out your instalment on this basis. However, you may be able to pay an amount notified by the Commissioner. (There are exceptions to this). (2A) Alternatively: (a) you may be required to pay instalments after the end of each * instalment month worked out on the basis of your instalment income for that month; or (b) you may be able to choose to pay an annual instalment for the income year. (3) The total of your instalments for an income year is as close as possible to the total of your liabilities for the income year that are covered by subsection (1), except so far as the amounts of those liabilities are attributable to a * net capital gain. (The exception does not apply to the entities listed in subsections 45 ‑ 120(2) and (2A) or the net capital gains specified in subsection 45 ‑ 120(2B).) (4) Consequently, the additional amounts you have to pay to discharge those liabilities, after an assessment of your income tax for the income year is made, are as low as possible. (5) If you are a * quarterly payer who pays on the basis of instalment income, the amount of each of your instalments for an income year is the same proportion (as nearly as possible, subject to the principles in subsections (3) and (4)) of the total of those instalments as your * instalment income for that * instalment quarter is of your total instalment income for the income year. (5A) If you are a * monthly payer, the amount of each of your instalments for an income year is the same proportion (as nearly as possible, subject to the principles in subsections (3) and (4)) of the total of those instalments as your * instalment income for that * instalment month is of your total instalment income for the income year. (6) When instalments are payable, and how their amount is calculated, are the same for different kinds of entities, except as expressly provided. Note: Subdivision 45 ‑ P penalises an entity whose tax position, so far as it relates to PAYG instalments and related matters, is altered by a scheme that is inconsistent with the object of this Part.", "Amendment_Count": 13, "First_Amended": "No 178 of 1999", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 89 of 2000 | No 73 of 2001 | No 150 of 2003 | No 164 of 2007 | No 56 of 2010 | No 12 of 2012 | No 124 of 2013 | No 82 of 2014 | No 169 of 2015 | No 116 of 2018 | No 61 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Repealed and substituted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 164 of 2007, effective sch 1 (items 68 ‑ 70, 71(12)): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-10", "Provision_Key": "s45-10", "Heading": "Application of Part", "Text": "This Part applies to individuals, companies, and the entities listed in items 4 to 10, and 12 and 13, of the table in section 9 ‑ 1 of the Income Tax Assessment Act 1997 (which lists the entities that must pay income tax). Note 1: Section 45 ‑ 450 provides for how this Part applies to a trustee covered by any of items 4 to 8, and 12 and 13, of the table in section 9 ‑ 1 of the Income Tax Assessment Act 1997 . In most respects, the trust is treated like a company. Note 2: This Part also applies to a trustee covered by item 11 of the table in section 9 ‑ 1 of the Income Tax Assessment Act 1997 , but only to the extent set out in section 45 ‑ 455, and the rest of Subdivision 45 ‑ N, in this Schedule.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 14 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-15", "Provision_Key": "s45-15", "Heading": "Liability for instalments", "Text": "(1) The Commissioner may give you an instalment rate from time to time, by giving you written notice of the rate. (2) You are liable to pay instalments under this Division if the Commissioner has given you an instalment rate. Note 1: The instalment rate that the Commissioner gives you is worked out under section 45 ‑ 320 or 45 ‑ 775. Note 2: If your assessable income has always consisted wholly of withholding payments (other than non ‑ quotation withholding payments), the Commissioner will not give you an instalment rate. Note 3: Work out the amount of your instalments under Subdivision 45 ‑ C. Note 4: If the Commissioner withdraws the rate under section 45 ‑ 90, you are not liable to pay further instalments. Note 5: For provisions about collection and recovery of amounts you are liable to pay under this Part, see Part 4 ‑ 15.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 68 of 2002", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-20", "Provision_Key": "s45-20", "Heading": "Information to be given to the Commissioner by certain payers", "Text": "(1) If you are liable to pay an instalment for a period (even if it is a nil amount), you must notify the Commissioner of the amount of your * instalment income for the period. (2) You must notify the Commissioner in the * approved form and on or before the day when the instalment is due (regardless of whether it is paid). (2A) If you are a * monthly payer for the period, you must give the notification electronically, unless the Commissioner otherwise approves. Note: A penalty applies if you fail to give the notification electronically as required—see section 288 ‑ 10. (2B) The notification is given electronically if it is transmitted to the Commissioner in an electronic format approved by the Commissioner. Exceptions (3) Subsection (1) does not apply to: (a) a quarterly instalment worked out under section 45 ‑ 112 (on the basis of GDP ‑ adjusted notional tax or estimated benchmark tax); or (b) an annual instalment, unless it is worked out under paragraph 45 ‑ 115(1)(a) (based on the Commissioner’s rate and your instalment income for the income year).", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 73 of 2001 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-25", "Provision_Key": "s45-25", "Heading": "Penalty for failure to notify Commissioner", "Text": "(1) If you fail to notify the Commissioner of an amount as required by section 45 ‑ 20, or you notify an amount that is less than the correct amount, you are liable to pay the * failure to notify penalty on the amount, or on the shortfall, multiplied by the instalment rate that you are required to use to work out the instalment for the period, for each day in the period that: (a) started at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the day before you notify the Commissioner of the correct amount, or he or she otherwise becomes aware of it. (2) This section does not apply to a notification required to be lodged on or after 1 July 2000. Note: See instead Division 286 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 178 of 1999 | No 91 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-30", "Provision_Key": "s45-30", "Heading": "Credit for instalments payable", "Text": "(1) You are entitled to a credit when the Commissioner makes an assessment of the income tax you are liable to pay for an income year or an assessment that no income tax is payable by you for an income year. (2) The credit is equal to: • the total of each instalment payable by you for the income year (even if you have not yet paid it); reduced by: • the total of each credit that you have claimed under section 45 ‑ 215 or 45 ‑ 420 in respect of such an instalment. (3) The making of the assessment, and the resulting credit entitlement, do not affect the liability to pay an instalment. Note: How the credit is applied is set out in Division 3 of Part IIB. (4) If: (a) you are a * subsidiary member of a * consolidated group at any time during a * consolidation transitional year for you; and (b) an amount of instalment payable by you, or an amount of credit claimed by you under section 45 ‑ 215 or 45 ‑ 420, is taken into account in working out a credit to which the * head company of that consolidated group is entitled under section 45 ‑ 865 for a consolidation transitional year for the head company; that amount, to the extent to which it is so taken into account under that section, is not to be taken into account in working out any credit to which you are entitled under this section for any year.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 68 of 2002 | No 161 of 2005", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-50", "Provision_Key": "s45-50", "Heading": "Liability to pay instalments", "Text": "(1) Subject to subsection (4), you are liable to pay an instalment for an * instalment quarter in an income year if, at the end of that instalment quarter, you are: (a) a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax; or (b) a * quarterly payer who pays on the basis of instalment income. (2) Subject to subsection (4), you are liable to pay an instalment for an * instalment quarter that is the third or fourth instalment quarter in an income year if, at the end of that quarter, you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax. (2A) Subject to subsection (4), you are liable to pay an instalment for an * instalment month if, at the end of that month, you are a * monthly payer. (3) Subject to subsection (4), you are liable to pay an instalment for an income year if, at the end of the * starting instalment quarter in that year, you are an * annual payer. (4) You are only liable to pay an instalment for an * instalment quarter, an * instalment month or an income year if: (a) the Commissioner has given you an instalment rate; and (b) the Commissioner has not withdrawn your instalment rate before the end of that quarter, month or year.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 78 of 2005 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-60", "Provision_Key": "s45-60", "Heading": "Meaning of instalment quarter", "Text": "For an income year (whether it ends on 30 June or not), the following are the instalment quarters : (a) your first instalment quarter consists of the first 3 months of the income year; and (b) your second instalment quarter consists of the fourth, fifth and sixth months of the income year; and (c) your third instalment quarter consists of the seventh, eighth and ninth months of the income year; and (d) your fourth instalment quarter consists of the tenth, 11th and 12th months of the income year.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 178 of 1999 | No 73 of 2001", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-61", "Provision_Key": "s45-61", "Heading": "When quarterly instalments are due—payers of quarterly instalments", "Text": "You are not a deferred BAS payer (1) Subject to subsection (2), if you are: (a) a * quarterly payer who pays on the basis of instalment income; or (b) a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax; or (c) a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax; the instalment for an * instalment quarter that you are liable to pay is due on or before the 21st day of the month after the end of that quarter. Note: You are only liable to pay instalments for the third and fourth instalment quarters in an income year if you are a quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax. See section 45 ‑ 50. You are a deferred BAS payer (2) If: (a) subsection (1) would, but for this subsection, have applied to you in relation to an * instalment quarter; but (b) you are a * deferred BAS payer on the 21st day of the month after the end of that quarter; the instalment for that quarter is instead due on or before: (c) the 28th day of the month after the end of that quarter unless all or a part of a December falls within the last month of that quarter; or (d) if all or a part of a December falls within the last month of that quarter—the next 28 February. Note 1: You are only liable to pay instalments for the third and fourth instalment quarters in an income year if you are a quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax. See section 45 ‑ 50. Note 2: If you are the head company of a consolidated group to which Subdivision 45 ‑ Q applies, the instalment is due on or before the 21st day of the month after the end of the quarter: see section 45 ‑ 715.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 73 of 2001 | No 68 of 2002", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-61"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-65", "Provision_Key": "s45-65", "Heading": "Meaning of instalment month", "Text": "For an income year (whether it ends on 30 June or not), the following are instalment months : (a) the month that starts on the first day of the income year; (b) each subsequent month. Note: For the meaning of month , see section 2G of the Acts Interpretation Act 1901 .", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-67", "Provision_Key": "s45-67", "Heading": "When monthly instalments are due—payers of monthly instalments", "Text": "You are not a deferred BAS payer (1) If you are a * monthly payer, the instalment for an * instalment month that you are liable to pay is due on or before the 21st day of the next instalment month. (2) If: (a) subsection (1) would, but for this subsection, have applied to you in relation to an * instalment month; but (b) you are a * deferred BAS payer on the 21st day of the next instalment month; the instalment for the month mentioned in paragraph (a) is instead due on or before: (c) the 28th day of that next instalment month unless that next instalment month is January; or (d) if that next instalment month is January—the next 28 February. Note: If you are the head company of a consolidated group to which Subdivision 45 ‑ Q applies, the instalment is due on or before the 21st day of that next month: see section 45 ‑ 715 (as it has effect because of section 45 ‑ 703).", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-67"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-70", "Provision_Key": "s45-70", "Heading": "When annual instalments are due", "Text": "(1) This section applies if you are liable to pay an annual instalment for the 2002 ‑ 03 income year or a later income year. (2) If the income year ends on 30 June, the instalment is due on or before the next 21 October. (3) If the income year ends on a day other than 30 June, the instalment is due on or before the 21st day of the fourth month after the end of the income year.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-72", "Provision_Key": "s45-72", "Heading": "Means of payment of instalment", "Text": "You must pay an instalment by * electronic payment, or any other means approved in writing by the Commissioner.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Repealed by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-72"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-75", "Provision_Key": "s45-75", "Heading": "Instalments recoverable in same way as income tax", "Text": "Instalments are to be treated as income tax for the purposes of sections 254 and 255 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-80", "Provision_Key": "s45-80", "Heading": "General interest charge on late payment", "Text": "If you fail to pay some or all of an instalment by the time by which the instalment is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the instalment was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the instalment; (ii) general interest charge on any of the instalment.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-90", "Provision_Key": "s45-90", "Heading": "Commissioner may withdraw instalment rate", "Text": "(1) The Commissioner may: (a) by giving you written notice, withdraw your instalment rate; or (b) by legislative instrument, withdraw the instalment rate of a class of entities that includes you. Note: If the Commissioner does so, you cease to be liable to pay instalments (even if you have chosen a rate under section 45 ‑ 205). See subsection 45 ‑ 50(4). (2) If the Commissioner withdraws your instalment rate and later gives you another one: (a) you are again liable to pay instalments in accordance with section 45 ‑ 50; and (b) this Division has effect as if the Commissioner has given you an instalment rate for the first time.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 64 of 2020", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-110", "Provision_Key": "s45-110", "Heading": "How to work out amount of quarterly instalment on instalment income basis", "Text": "(1) Work out the amount of an instalment you are liable to pay for an * instalment quarter as follows if, at the end of that instalment quarter, you are a * quarterly payer who pays on the basis of instalment income: (2) For the purposes of the formula in subsection (1): Applicable instalment rate means: (a) unless paragraph (b) or (c) applies—the most recent instalment rate given to you by the Commissioner under section 45 ‑ 15 before the end of that quarter; or (b) if you have chosen an instalment rate for that quarter under section 45 ‑ 205—that rate; or (c) if you have chosen an instalment rate under section 45 ‑ 205 for an earlier * instalment quarter in that income year (and paragraph (b) does not apply)—that rate. Note: If you believe the Commissioner’s rate is not appropriate for the current income year, you may choose a different instalment rate under Subdivision 45 ‑ F.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 178 of 1999 | No 73 of 2001", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-112", "Provision_Key": "s45-112", "Heading": "Amount of instalment for quarterly payer who pays on basis of GDP ‑ adjusted notional tax", "Text": "(1) If, at the end of an * instalment quarter in an income year, you are a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax who is liable to pay an instalment for that quarter, the amount of your instalment for that quarter is: (a) unless paragraph (b) or (c) applies—the amount that the Commissioner works out under Subdivision 45 ‑ L, and notifies to you, as the amount of the instalment; or (b) if you choose to work out the amount of the instalment on the basis of your estimate of your * benchmark tax for that income year, and you notify the Commissioner in accordance with subsection (2)—the amount worked out under Subdivision 45 ‑ M; or (c) if paragraph (b) applied to your instalment for an earlier * instalment quarter in that income year—the amount that the Commissioner works out under Subdivision 45 ‑ M, and notifies to you, as the amount of the instalment. (2) If the amount of the instalment is worked out under paragraph (1)(b) on the basis of your estimate of your * benchmark tax for the income year, you must notify the Commissioner in the * approved form, on or before the day when the instalment is due (disregarding subsection (3)), of the amount of that estimate. (3) If: (a) after the end of an * instalment quarter the Commissioner notifies you of an amount as the amount of your instalment for that quarter; and (b) the amount of your instalment for that quarter is not worked out under paragraph (1)(b); the instalment is due on or before the 21st day after the day on which the notice is given.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 73 of 2001", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-112"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-114", "Provision_Key": "s45-114", "Heading": "How to work out amount of monthly instalment", "Text": "(1) Work out the amount of an instalment you are liable to pay for an * instalment month as follows if, at the end of that instalment month, you are a * monthly payer: (2) For the purposes of the formula in subsection (1): applicable instalment rate means: (a) unless paragraph (b) or (c) applies—the most recent instalment rate given to you by the Commissioner under section 45 ‑ 15 before the end of that month; or (b) if you have chosen an instalment rate for that month under section 45 ‑ 205—that rate; or (c) if you have chosen an instalment rate under section 45 ‑ 205 for an earlier * instalment month in that income year (and paragraph (b) does not apply)—that rate. Note: If you believe the Commissioner’s rate is not appropriate for the current income year, you may choose a different instalment rate under Subdivision 45 ‑ F. (3) The Commissioner may, by legislative instrument, determine one or more specified additional methods by which a specified class of entity that is a * monthly payer at the end of an * instalment month may work out, in specified circumstances, the amount of an instalment that it is liable to pay for the instalment month. Note: For specification by class, see subsection 13(3) of the Legislation Act 2003 . (4) You may choose a method specified in the determination: (a) unless paragraph (b) applies—for any * instalment month; or (b) if the determination provides that that method can be chosen only for the first instalment month in an * instalment quarter—for the first instalment month in an instalment quarter. (5) The determination may provide that an entity that chooses a method in accordance with paragraph (4)(b) for the first * instalment month in an * instalment quarter is taken to have chosen that method under subsection (4) for the other instalment months in that quarter. The determination has effect accordingly. (6) Subsection (7) applies if: (a) the Commissioner has made a determination under subsection (3); and (b) at the end of an * instalment month, you are a * monthly payer; and (c) you choose under subsection (4), for that month: (i) if the determination specifies one additional method to work out that amount—that method; or (ii) if the determination specifies more than one additional method to work out that amount—one of those methods. (7) Despite subsection (1), work out the amount of an instalment you are liable to pay for that * instalment month in accordance with the method that you chose for that month under subsection (4).", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 124 of 2013 | No 126 of 2015", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 126 of 2015, effective sch 1 (items 601 ‑ 603): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-114"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-115", "Provision_Key": "s45-115", "Heading": "How to work out amount of annual instalment", "Text": "(1) The amount of an instalment you are liable to pay for the 2002 ‑ 03 income year or a later income year is whichever of the following you choose: (a) the amount worked out using the formula: (b) your most recent * notional tax notified by the Commissioner before the end of the income year; (c) the amount that you estimate will be your * benchmark tax for the income year. Note 1: You cannot choose a different instalment rate under Subdivision 45 ‑ F if you are an annual payer. Instead you can work out the amount of your instalment under paragraph (c). Note 2: You may be liable to general interest charge under section 45 ‑ 235 if working out your instalment under paragraph (c) leads you to pay an instalment that is less than 85% of your benchmark tax for the income year (worked out by the Commissioner under section 45 ‑ 365). (2) Commissioner’s instalment rate for an income year means the most recent instalment rate given to you by the Commissioner before the end of the income year. (3) If you choose to work out your instalment under paragraph (1)(c), you must notify the Commissioner, in the * approved form, of the amount of the instalment on or before the day when it is due.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-120", "Provision_Key": "s45-120", "Heading": "Meaning of instalment income", "Text": "General rule (1) Your instalment income for a period includes your * ordinary income * derived during that period, but only to the extent that it is assessable income of the income year that is or includes that period. Note 1: No other amount is instalment income unless it is covered by another provision of this section or by Subdivision 45 ‑ H or 45 ‑ I. Note 1A: The operation of this section and other provisions relating to instalment income is affected by sections 45 ‑ 855 and 45 ‑ 860 (about a member of a consolidated group during a period before the members of the group are treated as a single entity for the purposes of this Part.) Note 2: If during that period you are a partner in a partnership, or a beneficiary of a trust, your instalment income also includes some of the partnership’s or trust’s instalment income for the period (except in some cases). See Subdivision 45 ‑ H or 45 ‑ I. Statutory income included for some entities (2) The instalment income of: (a) a * complying approved deposit fund or a * non ‑ complying approved deposit fund; or (b) a * complying superannuation fund or a * non ‑ complying superannuation fund; or (c) a * pooled superannuation trust; for a period also includes the entity’s * statutory income, to the extent that: (d) it is reasonably attributable to that period; and (e) it is assessable income of the income year that is or includes that period. (2A) The instalment income of a * life insurance company for a period also includes any part of its * statutory income that: (a) is reasonably attributable to that period; and (b) is included in the * complying superannuation class of its taxable income for the income year that is or includes that period. Net gains under Subdivision 250 ‑ E of the Income Tax Assessment Act 1997 included in instalment income (2B) Your instalment income for a period also includes the difference between: (a) a gain (or gains) you make from a * financial arrangement to the extent to which it is (or they are): (i) assessable under Subdivision 250 ‑ E of the Income Tax Assessment Act 1997 ; and (ii) reasonably attributable to that period; and (b) a loss (or losses) you make from a financial arrangement to the extent to which it is (or they are): (i) allowable to you as a deduction under Subdivision 250 ‑ E of the Income Tax Assessment Act 1997 ; and (ii) reasonably attributable to that period. This is so only if the gain (or gains) referred to in paragraph (a) exceeds the loss (or losses) referred to in paragraph (b). Effect of Division 230 of the Income Tax Assessment Act 1997 on instalment income (2C) Your instalment income for a period also includes the difference between: (a) a gain (or gains) you make from a * financial arrangement to the extent to which it is (or they are): (i) assessable under Division 230 of the Income Tax Assessment Act 1997 ; and (ii) reasonably attributable to that period; and (b) a loss (or losses) you make from a financial arrangement to the extent to which it is (or they are): (i) allowable to you as a deduction under Division 230 of the Income Tax Assessment Act 1997 ; and (ii) reasonably attributable to that period. This is so only if the gain (or gains) referred to in paragraph (a) equals or exceeds the loss (or losses) referred to in paragraph (b). (2D) However, your instalment income for a period is worked out disregarding subsection (2C) if any of the following apply: (a) you are an individual; (b) the only gains and losses that would be taken into account under subsection (2C) for the period are from * financial arrangements that are * qualifying securities. (2E) A gain or loss that is taken into account under subsection (2C) in working out an amount (including a nil amount) to be included in your instalment income for a period is not to be, to any extent, taken into account again under another provision of this section in calculating your instalment income for the same or any other period. Exclusion: amounts in respect of withholding payments (3) Your instalment income for a period does not include amounts in respect of: (a) * withholding payments (except * non ‑ quotation withholding payments) made to you during that period; and (b) amounts included in your assessable income under section 86 ‑ 15 of the Income Tax Assessment Act 1997 for which there are amounts required to be paid under Division 13; and (c) which a penalty is applicable under section 12 ‑ 415. Farm management deposits: effect of making and repayment (4) Your instalment income for a period is reduced (but not below nil) by a * farm management deposit made during that period, but only to the extent that, at the end of that period, you can reasonably expect to be able to deduct the deposit under section 393 ‑ 5 of the Income Tax Assessment Act 1997 for the income year that is or includes that period. (5) Your instalment income for a period also includes an amount that section 393 ‑ 10 of the Income Tax Assessment Act 1997 includes in your assessable income, for the income year that is or includes that period, because of a repayment during that period of all or some of a * farm management deposit. Gross proceeds on disposal of registered emissions units included in instalment income (5A) Your instalment income for a period also includes an amount that section 420 ‑ 25 of the Income Tax Assessment Act 1997 includes in your assessable income, for the income year that is or includes that period, because you cease to * hold a * registered emissions unit during that period. Instalment income of entity that is not liable for instalments (6) An entity can have * instalment income for a period even if the entity is not liable to pay an instalment for that period. Note: For example, although a partnership does not pay instalments, it is necessary to work out the partnership’s instalment income in order to work out instalments payable by the partners. See Subdivision 45 ‑ H.", "Amendment_Count": 17, "First_Amended": "No 178 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 86 of 2000 | No 89 of 2000 | No 169 of 2001 | No 68 of 2002 | No 16 of 2003 | No 15 of 2007 | No 164 of 2007 | No 32 of 2008 | No 45 of 2008 | No 15 of 2009 | No 118 of 2009 | No 79 of 2010 | No 132 of 2011 | No 147 of 2011 | No 70 of 2015", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective sch 6 (items 18, 18A, 19(3), (4)): 1 Oct 2001 (s 2(1)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 164 of 2007, effective sch 1 (items 68 ‑ 70, 71(12)): Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 15 of 2009, effective sch 1 (items 101 ‑ 105): Royal Assent | Amended by No 118 of 2009, effective sch 1 (items 47 ‑ 49, 51(2), 53, 54), sch 2: 4 Dec 2009 (s 2(1) items 4 ‑ 6) | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 132 of 2011, effective sch 1 (item 212A), sch 2 (item 73): 2 Apr 2012 ( see s 2(1)) | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-125", "Provision_Key": "s45-125", "Heading": "Quarterly payer who pays instalments on the basis of instalment income", "Text": "(1) You are a quarterly payer who pays on the basis of instalment income if: (a) at the end of the * starting instalment quarter in an income year, you are not a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax and you are not a * monthly payer or an * annual payer; or (b) but for this section, you would be a quarterly payer who pays on the basis of GDP ‑ adjusted notional tax at the end of the starting instalment quarter in an income year but you choose to pay quarterly instalments on the basis of your instalment income. Note: The entity must make the choice mentioned in paragraph (b) in accordance with subsection (4). (2) The starting instalment quarter in an income year (the current year ) is: (a) if the Commissioner gives you an instalment rate for the first time during an * instalment quarter in the current year—that instalment quarter (even if it is not the first instalment quarter in the current year); or (b) if the Commissioner has given you an instalment rate during a previous income year and your instalment rate has not been withdrawn—the first instalment quarter in the current year. How and when you become such a payer (3) You become a * quarterly payer who pays on the basis of instalment income just before the end of the * starting instalment quarter if paragraph (1)(a) or (b) is satisfied. (4) You must make the choice mentioned in paragraph (1)(b) by notifying the Commissioner in the * approved form on or before the day on which the instalment for that quarter is due (disregarding subsection 45 ‑ 112(3)). How and when you stop being such a payer (5) If you are a * quarterly payer who pays on the basis of instalment income because of paragraph (1)(a), you stop being such a payer at the start of the first * instalment quarter in the next income year if: (a) at the end of that quarter, you become: (i) a quarterly payer who pays on the basis of GDP ‑ adjusted notional tax; or (ii) an * annual payer; or (b) at the end of the first * instalment month of that quarter, you become a * monthly payer. No quarterly payer status in quarter if monthly payer in following month (5A) Despite subsections (1) and (3), you cannot be a * quarterly payer who pays on the basis of instalment income at a time in an * instalment quarter if you are a * monthly payer at a time in the first * instalment month that ends after that quarter. (6) If you are a * quarterly payer who pays on the basis of instalment income because of paragraph (1)(b), you stop being such a payer at the start of the first * instalment quarter in the next income year if: (a) you become an * annual payer at the end of that quarter; or (b) both of the following conditions apply: (i) you choose not to be a quarterly payer who pays on the basis of instalment income; (ii) you become a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax at the end of that quarter. (7) You may only make the choice mentioned in paragraph (6)(b) if you would otherwise satisfy paragraph 45 ‑ 130(1)(a), (b), (c) or (d) at the end of that quarter. You must make that choice by notifying the Commissioner in the * approved form on or before the day on which the instalment for that quarter is due (disregarding subsection 45 ‑ 112(3)).", "Amendment_Count": 6, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 73 of 2001 | No 78 of 2005 | No 80 of 2007 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-130", "Provision_Key": "s45-130", "Heading": "Quarterly payer who pays on the basis of GDP ‑ adjusted notional tax", "Text": "(1) You are a quarterly payer who pays on the basis of GDP ‑ adjusted notional tax if, at the end of the * starting instalment quarter in an income year: (a) you are an individual who is not an * annual payer, a * monthly payer or a * quarterly payer who pays on the basis of instalment income; or (b) you are a * self ‑ assessment entity: (i) that is not an * annual payer or a * quarterly payer who pays on the basis of instalment income; and (ii) your base assessment instalment income (within the meaning of section 45 ‑ 320) for the * base year is $2 million or less; or (c) you satisfy all of the following conditions: (i) you are a self ‑ assessment entity whose base assessment instalment income (within the meaning of section 45 ‑ 320) for the * base year is more than $2 million; (ii) you are not an annual payer, but you satisfy the conditions set out in subsection 45 ‑ 140(1) for an annual payer; (iia) you are not a * monthly payer; (iii) you are not a quarterly payer who pays on the basis of instalment income; or (d) for the 2009 ‑ 10 income year or a later income year—you are one of the following kinds of entity (an eligible business entity ): (i) a * small business entity (other than because of subsection 328 ‑ 110(4) of the Income Tax Assessment Act 1997 ); (ii) an entity covered by subsection (1A) of this section. Note: Paragraph (a) may apply to you if you are a multi ‑ rate trustee. See section 45 ‑ 468. (1A) An entity is covered by this subsection for an income year if: (a) the entity is not a * small business entity (other than because of subsection 328 ‑ 110(4) of the Income Tax Assessment Act 1997 ) for the income year; and (b) the entity would be such a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of that Act to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an entity covered by this subsection. How and when you become such a payer (2) You become such a payer just before the end of the * starting instalment quarter if paragraph (1)(a), (b), (c) or (d) is satisfied. (2A) For the purposes of subsection (2), you satisfy proposed paragraph (1)(d) at the end of the * starting instalment quarter in an income year if you are an eligible business entity for the income year that includes that instalment quarter. How and when you stop being such a payer (3) You stop being a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax at the start of the first * instalment quarter in the next income year if you fail to satisfy paragraph (1)(a), (b), (c) or (d) at the end of that quarter. (3A) For the purposes of subsection (3), you fail to satisfy proposed paragraph (1)(d) at the end of the first * instalment quarter in an income year if you are not an eligible business entity for the income year that includes that instalment quarter. (4) In addition, you stop being such a payer at the start of the first * instalment quarter in the next income year if: (a) at the end of that quarter, you become: (i) a * quarterly payer who pays on the basis of instalment income; or (ii) an * annual payer; or (b) at the end of the first * instalment month of that quarter, you become a * monthly payer. No quarterly payer status in quarter if monthly payer in following month (5) Despite subsections (1) and (2), you cannot be a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax at a time in an * instalment quarter if you are a * monthly payer at a time in the first * instalment month that ends after that quarter.", "Amendment_Count": 7, "First_Amended": "No 178 of 1999", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 73 of 2001 | No 80 of 2007 | No 79 of 2010 | No 124 of 2013 | No 92 of 2020", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 92 of 2020, effective sch 1 (items 22 ‑ 24): 15 Oct 2020 (s 2(1) item 4) sch 2 (item 36), sch 3 (items 37 ‑ 40), sch 6 (items 1 ‑ 3): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-132", "Provision_Key": "s45-132", "Heading": "Quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax", "Text": "(1) You are a quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax if, at the end of the * starting instalment quarter in an income year: (a) you satisfy the conditions to be a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax under section 45 ‑ 130; and (b) you do not satisfy the conditions to be a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax under section 45 ‑ 134. How and when you become such a payer (2) You become such a payer just before the end of the * starting instalment quarter if paragraphs (1)(a) and (b) are satisfied. How and when you stop being such a payer (3) You stop being a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax at the start of the first * instalment quarter in the next income year if you fail to satisfy paragraphs (1)(a) and (b) at the end of that quarter. (4) In addition, you stop being such a payer at the start of the first * instalment quarter in the next income year if: (a) at the end of that quarter, you become: (i) a * quarterly payer who pays on the basis of instalment income; or (ii) an * annual payer; or (b) at the end of the first * instalment month of that quarter, you become a * monthly payer.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 73 of 2001 | No 124 of 2013", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-132"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-134", "Provision_Key": "s45-134", "Heading": "Quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax", "Text": "(1) You are a quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax if, at the end of the * starting instalment quarter in an income year, you are an individual that is a * quarterly payer who pays on the basis of GDP ‑ adjusted notional tax and one or more of the following paragraphs apply: (a) both of the following conditions are satisfied: (i) you are carrying on a * primary production business in the income year; (ii) the assessable income that was * derived from, or resulted from, a primary production business that you carried on in the * base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income; (b) both of the following conditions are satisfied: (i) you are a * special professional in the income year; (ii) your * assessable professional income in the base year exceeded the amount of so much of your deductions in that year that are reasonably related to that income. Note: This section may apply to you if you are a multi ‑ rate trustee. See section 45 ‑ 468. How and when you become such a payer (2) You become such a payer just before the end of the * starting instalment quarter if subsection (1) is satisfied. How and when you stop being such a payer (3) You stop being a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax at the start of the first * instalment quarter in the next income year if you fail to satisfy subsection (1) at the end of that quarter. (4) In addition, you stop being such a payer at the start of the first * instalment quarter in the next income year if: (a) at the end of that quarter, you become: (i) a * quarterly payer who pays on the basis of instalment income; or (ii) an * annual payer; or (b) at the end of the first * instalment month of that quarter, you become a * monthly payer.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 73 of 2001 | No 124 of 2013", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-134"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-136", "Provision_Key": "s45-136", "Heading": "Monthly payer", "Text": "(1) You are a monthly payer at a time if: (a) you were a monthly payer immediately before that time; or (b) if paragraph (a) does not apply—you satisfy the requirement in subsection 45 ‑ 138(1) for the income year in which that time occurs. Note: If paragraph (b) applies, see subsection (3) for the time at which you become a monthly payer. (2) The starting instalment month in an income year (the current year ) is: (a) if the Commissioner gives you an instalment rate for the first time during an * instalment month in the current year—the next instalment month in the current year; or (b) if the Commissioner has given you an instalment rate during a previous income year and your instalment rate has not been withdrawn—the first instalment month in the current year. How and when you become such a payer (3) Despite subsection (1), if paragraph (1)(b) applies, you become a * monthly payer just before the end of the * starting instalment month in the income year. How and when you stop being such a payer (4) Despite subsection (1), you stop being a * monthly payer at the start of the first * instalment month in a later income year if: (a) you do not satisfy the requirement in subsection 45 ‑ 138(1) for that later income year; and (b) you give the Commissioner a notice (the MP stop notice ) in the * approved form for that later income year before the start of that later income year.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-136"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-138", "Provision_Key": "s45-138", "Heading": "Monthly payer requirement", "Text": "(1) You satisfy the requirement in this subsection for an income year if at the start of your * MPR test day for that income year, your base assessment instalment income (within the meaning of section 45 ‑ 320) for the * base year equals or exceeds: (a) $20 million; or (b) if regulations made for the purposes of this paragraph specify a different amount—that amount. (2) However, you do not satisfy the requirement in subsection (1) for an income year if, at the start of your * MPR test day for that income year: (a) you have (or, if you are a * member of a * GST group, the * representative member of the GST group has) an obligation to give the Commissioner a * GST return for a quarterly * tax period; and (b) you are not the * head company of a * consolidated group nor the * provisional head company of a * MEC group; and (c) your base assessment instalment income (within the meaning of section 45 ‑ 320) for the * base year is less than $100 million. (3) For the purposes of subsections (1) and (2), at the start of an entity’s * MPR test day: (a) determine the amount of the entity’s base assessment instalment income (within the meaning of section 45 ‑ 320) for the * base year only on the basis of the information provided by the Commissioner to the entity before that start of that day; and (b) in determining on that day whether an entity has an obligation mentioned in paragraph (2)(a), disregard any creation or removal of such an obligation after that day (even if that change is made retrospective to that day). (4) An entity’s MPR test day for an income year is: (a) if the Commissioner gives the entity an instalment rate for the first time during an * instalment month in the income year—the last day of that month; or (b) otherwise—the first day of the third last month of the previous income year. (5) Subsection (6) applies if, disregarding that subsection, an entity does not satisfy the requirement in subsection (1) for an income year. (6) For the purposes of this section, in determining the entity’s base assessment instalment income (within the meaning of section 45 ‑ 320) for the * base year: (a) disregard subsection 45 ‑ 120(2C); and (b) disregard paragraph (3)(a) of this section, to the extent that that paragraph relates to the operation of subsection 45 ‑ 120(2C). (7) If, because of subsection (6), the entity satisfies the requirement in subsection (1) for an income year, the entity must give the Commissioner a notice in the * approved form in respect of that income year before: (a) if the * starting instalment month in the income year is determined under paragraph 45 ‑ 136(2)(a)—the end of that starting instalment month; or (b) if the starting instalment month in the income year is determined under paragraph 45 ‑ 136(2)(b)—the start of that starting instalment month.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-138"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-140", "Provision_Key": "s45-140", "Heading": "Choosing to pay annual instalments", "Text": "(1) You may choose to pay instalments annually instead of quarterly if, at the end of the * starting instalment quarter, you satisfy the following conditions: (a) you are neither registered, nor * required to be registered, under Part 2 ‑ 5 of the * GST Act; and (b) you are not a partner in a partnership that is registered, or required to be registered, under that Part; and (c) your most recent * notional tax notified by the Commissioner is less than $8,000; and (d) in the case of a company—the company is not a * participant in a * GST joint venture under Division 51 of that Act; and (e) in the case of a company—the company is not part of an * instalment group. Note: You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45 ‑ Q applies: see section 45 ‑ 720. (1A) You may also choose at a time (subject to subsection (2)) to pay instalments annually instead of quarterly if at that time either: (a) an * annual tax period election of yours has effect and, if you are a partner in one or more partnerships that are registered under Part 2 ‑ 5 of the * GST Act, an annual tax period election of each of those partnerships has effect; or (b) all of the following subparagraphs apply: (i) you are neither registered, nor * required to be registered, under Part 2 ‑ 5 of the GST Act; (ii) you are a partner in one or more partnerships that are registered under that Part; (iii) an annual tax period election of each of those partnerships has effect; and at the end of the * starting instalment quarter, you satisfy the following conditions: (c) you are not a partner in a partnership that is required to be registered under Part 2 ‑ 5 of the GST Act; (d) your most recent * notional tax notified by the Commissioner is less than $8,000; (e) in the case of a company—the company is not a * participant in a * GST joint venture under Division 51 of that Act; (f) in the case of a company—the company is not part of an * instalment group. Note: You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45 ‑ Q applies: see section 45 ‑ 720. (2) You must make the choice under subsection (1) or (1A) by notifying the Commissioner, in the * approved form, on or before the day on which that instalment would otherwise be due. (3) You become an annual payer just before the end of the * starting instalment quarter if: (a) you satisfy the conditions in subsection (1) or (1A); and (b) you choose to pay instalment annually.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 68 of 2002 | No 47 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 47 of 2009, effective sch 1 (items 1, 2, 6): 25 June 2009 sch 1 (items 3 ‑ 5): 1 July 2014 sch 2 (items 2 ‑ 15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-145", "Provision_Key": "s45-145", "Heading": "Meaning of instalment group", "Text": "(1) An instalment group consists of: (a) a company: (i) that has * majority control of at least one other company; but (ii) of which no other company has * majority control; and (b) any other company of which the first ‑ mentioned company has * majority control. (2) A company has majority control of another company if, and only if: (a) the first company is in a position to cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the other company; or (b) the first company has the power to appoint or remove the majority of the directors of the other company; or (c) the other company is, or a majority of its directors are, accustomed or under an obligation, whether formal or informal, to act according to the directions, instructions or wishes of the first company.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-150", "Provision_Key": "s45-150", "Heading": "Entity stops being annual payer if involved with GST registration or instalment group", "Text": "(1) You stop being an * annual payer if, during an * instalment quarter that is in an income year that starts after the commencement of this section: (a) you become * required to be registered under Part 2 ‑ 5 of the * GST Act; or (b) you become a partner in a partnership that is required to be registered under that Part; or (c) a partnership in which you are a partner becomes required to be registered under that Part; or (d) in the case of a company—the company becomes a * participant in a * GST joint venture under Division 51 of that Act; or (e) in the case of a company—the company becomes part of an * instalment group; or (f) an * annual tax period election of yours, or of a partnership in which you are a partner, ceases to have effect. (2) If you stop being an * annual payer under subsection (1): (a) you must still pay an annual instalment for the income year mentioned in that subsection; and (b) you must pay an instalment for each instalment quarter in the next income year for which subsection 45 ‑ 50(1) or (2) requires you to do so. (3) You may again become an * annual payer if: (a) after you stop being an * annual payer under subsection (1), you satisfy the conditions in subsection 45 ‑ 140(1) or (1A); and (b) you again choose under section 45 ‑ 140 to pay instalments annually.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 78 of 2005 | No 47 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Repealed and substituted by No 78 of 2005, effective 29 June 2005 | Amended by No 47 of 2009, effective sch 1 (items 1, 2, 6): 25 June 2009 sch 1 (items 3 ‑ 5): 1 July 2014 sch 2 (items 2 ‑ 15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-155", "Provision_Key": "s45-155", "Heading": "Entity stops being annual payer if notional tax is $8,000 or more, or entity chooses to pay quarterly", "Text": "(1) You stop being an * annual payer at the start of the first * instalment quarter in an income year (the current year ) if: (a) after the end of the first instalment quarter in the previous income year and before the end of the first instalment quarter in the current year, the Commissioner notifies you of your * notional tax, and it is $8,000 or more; or (b) you choose to pay instalments quarterly instead of annually. (1A) You must make the choice by notifying the Commissioner, in the * approved form, on or before the day on which the instalment for the first * instalment quarter for the current year would otherwise be due (disregarding subsection 45 ‑ 112(3)). (2) You must pay an instalment for the first * instalment quarter of the next income year, and later instalment quarters, in accordance with Subdivision 45 ‑ B. (3) You must still pay an annual instalment for the previous income year referred to in subsection (1). (4) You may again become an * annual payer at the end of the first * instalment quarter in a later income year if: (a) at that time, you satisfy the conditions in subsection 45 ‑ 140(1) or in paragraphs 45 ‑ 140(1A)(c), (d), (e) and (f); and (b) you again choose under section 45 ‑ 140 to pay annually.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 47 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 47 of 2009, effective sch 1 (items 1, 2, 6): 25 June 2009 sch 1 (items 3 ‑ 5): 1 July 2014 sch 2 (items 2 ‑ 15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-160", "Provision_Key": "s45-160", "Heading": "Head company of a consolidated group stops being annual payer", "Text": "(1) You stop being an * annual payer at the start of an * instalment quarter if Subdivision 45 ‑ Q starts applying to you as the * head company of a * consolidated group during that quarter. (2) You must pay an instalment for that * instalment quarter and later instalment quarters in accordance with Subdivision 45 ‑ B. (3) You may again become an * annual payer if: (a) after you stop being an * annual payer under subsection (1), you satisfy the conditions in subsection 45 ‑ 140(1) or (1A); and (b) you again choose under section 45 ‑ 140 to pay instalments annually. Note: You cannot choose to be an annual payer while you are the head company of a consolidated group to which Subdivision 45 ‑ Q applies: see section 45 ‑ 720.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 47 of 2009", "Amending_Acts": "No 16 of 2003 | No 47 of 2009", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 47 of 2009, effective sch 1 (items 1, 2, 6): 25 June 2009 sch 1 (items 3 ‑ 5): 1 July 2014 sch 2 (items 2 ‑ 15): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-200", "Provision_Key": "s45-200", "Heading": "Application", "Text": "(1) This Subdivision applies if you are a * quarterly payer who pays on the basis of instalment income at the end of an * instalment quarter. (2) If you are a * monthly payer, this Subdivision has effect in relation to you in respect of an * instalment month in the same way in which it has effect in relation to a * quarterly payer in respect of an * instalment quarter.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 73 of 2001 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-205", "Provision_Key": "s45-205", "Heading": "Choosing a varied instalment rate", "Text": "(1) You may choose an instalment rate for working out under section 45 ‑ 110 the amount of your instalment for an * instalment quarter in an income year. (2) If you do so, you must use that instalment rate to work out the amount of that instalment. (You cannot later choose another instalment rate for working out that amount.) Note 1: If choosing a rate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45 ‑ 230. Note 2: If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate. (3) You must also use that instalment rate to work out the amount of the instalment that you are liable to pay for each later * instalment quarter in that income year, unless you choose another instalment rate under subsection (1) for working out that amount. Note 1: If you choose a rate under this section, you must use it even if the Commissioner later gives you a new instalment rate. Note 2: If a rate you have chosen for an instalment quarter is not appropriate for a later instalment quarter in the same income year, you should choose another rate under subsection (1) for the later quarter. If the earlier rate is too low, you may be liable to general interest charge under section 45 ‑ 230. (4) However, for working out under section 45 ‑ 110 the amount of your instalment for an * instalment quarter in a later income year, you must use the most recent instalment rate given to you by the Commissioner before the end of that quarter, unless you again choose another instalment rate under subsection (1). (5) Subsection (6) applies if you are a monthly payer. (6) Treat the references in subsections (1) and (4) to section 45 ‑ 110 as instead being references to section 45 ‑ 114.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 178 of 1999 | No 124 of 2013", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-205"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-210", "Provision_Key": "s45-210", "Heading": "Notifying Commissioner of varied instalment rate", "Text": "If you work out the amount of an instalment using an instalment rate you have chosen under section 45 ‑ 205, you must specify that rate in the notice about your instalment income that you must give the Commissioner under section 45 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-210"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-215", "Provision_Key": "s45-215", "Heading": "Credit on using varied rate in certain cases", "Text": "(1) You are entitled to claim a credit if: (a) the amount of your instalment for an * instalment quarter (the current quarter ) in an income year is to be worked out using an instalment rate you chose under section 45 ‑ 205; and (b) that rate is lower than the instalment rate you used to work out the amount of your instalment for the previous instalment quarter (if any) in the same income year; and (c) the amount worked out using the method statement is greater than nil. Method statement Step 1. Add up the instalments you are liable to pay for the earlier * instalment quarters in the income year (even if you have not yet paid all of them). Step 2. Subtract from the step 1 amount each earlier credit that you have claimed under this section or section 45 ‑ 420 in respect of the income year. Step 3. Multiply the total of your * instalment income for those earlier * instalment quarters by the instalment rate to be used for the current quarter. Step 4. Subtract the step 3 amount from the step 2 amount. Step 5. If the result is a positive amount, it is the amount of the credit you can claim. (2) A claim for a credit must be made in the * approved form on or before the day on which the instalment for the current quarter is due. Note: How the credit is applied is set out in Division 3 of Part IIB. (3) The credit entitlement does not affect your liability to pay an instalment.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 44 of 2000 | No 73 of 2001", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-215"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-225", "Provision_Key": "s45-225", "Heading": "Effect of Subdivision in relation to monthly payers", "Text": "If you are a * monthly payer, this Subdivision has effect in relation to you in respect of an * instalment month in the same way in which it has effect in relation to a * quarterly payer in respect of an * instalment quarter.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-225"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-230", "Provision_Key": "s45-230", "Heading": "Liability to GIC on shortfall in quarterly instalment worked out on the basis of varied rate", "Text": "(1) You are liable to pay the * general interest charge under this section if: (a) you use an instalment rate (the varied rate ) under section 45 ‑ 205 to work out the amount of your instalment for an * instalment quarter (the variation quarter ) in an income year; and (b) the varied rate is less than 85% of your * benchmark instalment rate for that income year that the Commissioner works out under Subdivision 45 ‑ K. (2) You are liable to pay the * general interest charge on the amount worked out as follows: where: rate discrepancy means the difference between the varied rate and the lesser of: (a) the most recent instalment rate given to you by the Commissioner before the end of the variation quarter; and (b) your * benchmark instalment rate for that income year. credit adjustment means: (a) if, as a result of using the varied rate for the variation quarter, you claimed a credit under section 45 ‑ 215—the amount worked out as follows: or the amount of the credit, whichever is less; and (b) otherwise—nil. (2A) If the variation quarter is in a * consolidation transitional year for you as a * subsidiary member of a * consolidated group, a reference in subsection (2) to: (a) your * instalment income for the variation quarter; or (b) your instalment income for the earlier instalment quarters in the income year; is taken to be a reference to so much of that income as is reasonably attributable to the period in that quarter or those quarters (as appropriate) during which you are not a subsidiary member of the group. (3) You are liable to pay the charge for each day in the period that: (a) started at the beginning of the day by which the instalment for the variation quarter was due to be paid; and (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid. (4) The Commissioner must give you written notice of the * general interest charge to which you are liable under subsection (2). You must pay the charge within 14 days after the notice is given to you. (5) If any of the * general interest charge to which you are liable under subsection (2) remains unpaid at the end of the 14 days referred to in subsection (4), you are also liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the end of those 14 days; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the unpaid amount; (ii) general interest charge on the unpaid amount.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 91 of 2000 | No 68 of 2002", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-230"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-232", "Provision_Key": "s45-232", "Heading": "Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated benchmark tax", "Text": "(1) You are liable to pay the * general interest charge under this section if: (a) the amount of your instalment for an * instalment quarter (the variation quarter ) in an income year is worked out under paragraph 45 ‑ 112(1)(b) or (c) on the basis of your estimate of your * benchmark tax for that income year; and (b) the estimate used is less than 85% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). Amount on which the charge is payable (2) You are liable to pay the * general interest charge on the amount worked out as follows (if it is a positive amount): where: acceptable amount , of your instalment for an * instalment quarter in an income year, has the meaning given by subsections (3), (3A), (3B), (3C) and (3D). actual amount means: (a) the amount of your instalment, as worked out on the basis of the estimate; or (b) if, as a result of using the estimate, you claimed a credit under section 45 ‑ 420 for the variation quarter—the amount of the credit, expressed as a negative amount. (3) If you are a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax, the acceptable amount of your instalment for that instalment quarter is: (a) if the amount of the instalment is worked out under paragraph 45 ‑ 112(1)(b) or (c)—the amount worked out using the table in this subsection (which can be a negative amount); or (b) otherwise—the amount notified to you by the Commissioner under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter. Acceptable amount of an instalment Item If the * instalment quarter is: The acceptable amount of your instalment for that instalment quarter is: 1 the first in that income year for which you are liable to pay an instalment the lower of: (a) the amount that the Commissioner notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter; and (b) 25% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). 2 the second in that income year for which you are liable to pay an instalment the lower of: (a) the amount that the Commissioner would have notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45 ‑ L; and (b) the amount worked out by subtracting: • the * acceptable amount of your instalment for the earlier instalment quarter in that income year; from: • 50% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). 3 the third in that income year for which you are liable to pay an instalment the lower of: (a) the amount that the Commissioner would have notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45 ‑ L; and (b) the amount worked out by subtracting: • the total of the * acceptable amounts of your instalments for the earlier instalment quarters in that income year; from: • 75% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). 4 the fourth in that income year for which you are liable to pay an instalment the lower of: (a) the amount that the Commissioner would have notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45 ‑ L; and (b) the amount worked out by subtracting: • the total of the * acceptable amounts of your instalments for the earlier instalment quarters in that income year; from: • 100% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). (3A) Subject to subsections (3B), (3C) and (3D), if you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax, the acceptable amount of your instalment for an * instalment quarter in an income year is: (a) if the amount of the instalment is worked out under paragraph 45 ‑ 112(1)(b) or (c)—the amount worked out using the table in this subsection (which can be a negative amount); or (b) otherwise—the amount notified to you by the Commissioner under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that instalment quarter. Acceptable amount of an instalment Item If the * instalment quarter is: The acceptable amount of your instalment for that instalment quarter is: 1 the third * instalment quarter in that income year the lower of: (a) the amount that the Commissioner notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter; and (b) 75% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). 2 the fourth * instalment quarter in that income year the lower of: (a) the amount that the Commissioner would have notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45 ‑ L; and (b) the amount worked out by subtracting: • the * acceptable amount of your instalment for the earlier instalment quarter in that income year; from: • 100% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). (3B) If: (a) you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax; and (b) the Commissioner first gives you an instalment rate during the second * instalment quarter in an income year; the acceptable amount of your instalment for an instalment quarter in that income year is: (c) if the amount of the instalment is worked out under paragraph 45 ‑ 112(1)(b) or (c)—the amount worked out using the table in this subsection (which can be a negative amount); or (d) otherwise—the amount notified to you by the Commissioner under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that instalment quarter. Acceptable amount of an instalment Item If the * instalment quarter is: The acceptable amount of your instalment for that instalment quarter is: 1 the third * instalment quarter in that income year the lower of: (a) the amount that the Commissioner notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter; and (b) 50% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). 2 the fourth * instalment quarter in that income year the lower of: (a) the amount that the Commissioner would have notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45 ‑ L; and (b) the amount worked out by subtracting: • the * acceptable amount of your instalment for the earlier instalment quarter in that income year; from: • 75% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). (3C) If: (a) you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax; and (b) the Commissioner first gives you an instalment rate during the third * instalment quarter in an income year; the acceptable amount of your instalment for an instalment quarter in that income year is: (c) if the amount of the instalment is worked out under paragraph 45 ‑ 112(1)(b) or (c)—the amount worked out using the table in this subsection (which can be a negative amount); or (d) otherwise—the amount notified to you by the Commissioner under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that instalment quarter. Acceptable amount of an instalment Item If the * instalment quarter is: The acceptable amount of your instalment for that instalment quarter is: 1 the third * instalment quarter in that income year the lower of: (a) the amount that the Commissioner notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter; and (b) 25% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). 2 the fourth * instalment quarter in that income year the lower of: (a) the amount that the Commissioner would have notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that * instalment quarter if the amounts of all your instalments for that income year had been required to be worked out under Subdivision 45 ‑ L; and (b) the amount worked out by subtracting: • the * acceptable amount of your instalment for the earlier instalment quarter in that income year; from: • 50% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). (3D) If: (a) you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax; and (b) the Commissioner first gives you an instalment rate during the fourth * instalment quarter in an income year; the acceptable amount of your instalment for an instalment quarter in that income year is the lower of the following amounts: (c) the amount that the Commissioner notified to you under paragraph 45 ‑ 112(1)(a) as the amount of your instalment for that instalment quarter; (d) 25% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). Period for which the charge is payable (4) You are liable to pay the charge for each day in the period that: (a) started at the beginning of the day by which the instalment for the variation quarter was due to be paid; and (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid. Commissioner to notify you (5) The Commissioner must give you written notice of the * general interest charge to which you are liable under subsection (2). You must pay the charge within 14 days after the notice is given to you. Further charge if charge under subsection (2) remains unpaid (6) If any of the * general interest charge to which you are liable under subsection (2) remains unpaid at the end of the 14 days referred to in subsection (5), you are also liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the end of those 14 days; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the unpaid amount; (ii) general interest charge on the unpaid amount. Modifications for subsidiary member of consolidated group (7) Subsections (1) to (6) apply to you with the modifications set out in subsections (8) to (10) if the variation quarter is in a * consolidation transitional year for you as a * subsidiary member of a * consolidated group. (8) For the purposes of subsection (7), a reference in subsection (1), (3), (3A), (3B), (3C) and (3D) to your * benchmark tax for that year is taken to be a reference to the amount worked out as follows: (9) For the purposes of subsection (7), a reference in this section to: (a) the acceptable amount of your instalment for an * instalment quarter in an income year; or (b) the acceptable amount of your instalment for the earlier instalment quarter in an income year; or (c) the acceptable amounts of your instalments for the earlier instalment quarters in an income year; is taken to be a reference to so much of the acceptable amount of instalment or acceptable amounts of instalments, worked out under subsection (3), (3A), (3B), (3C) or (3D) for that quarter or those quarters (as appropriate), as is reasonably attributable to the period in that quarter or those quarters (as appropriate) during which you are not a * subsidiary member of the group. (10) For the purposes of subsection (7), a reference to the actual amount in subsection (2) is taken to be a reference to so much of the actual amount worked out under that subsection as is reasonably attributable to the period in the variation quarter during which you are not a * subsidiary member of the group.", "Amendment_Count": 4, "First_Amended": "No 179 of 1999", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 73 of 2001 | No 68 of 2002", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-232"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-233", "Provision_Key": "s45-233", "Heading": "Reduction in GIC liability under section 45 ‑ 232 if shortfall is made up in later instalment", "Text": "(1) This section reduces the amount (the shortfall ) on which you are liable to pay the * general interest charge under subsection 45 ‑ 232(2) if, for a later * instalment quarter (the later quarter ) that is in the same income year as the variation quarter, the amount worked out as follows is a negative amount: That amount (expressed as a positive number) is called the top up . (2) For the purposes of the formula in subsection (1): actual amount of your instalment for the later quarter means: (a) the amount of your instalment for the later quarter, as worked out under section 45 ‑ 112; or (b) if you claimed a credit under section 45 ‑ 420 for the later quarter—the amount of the credit, expressed as a negative amount. Amount of the reduction (3) The shortfall is reduced by applying so much of the top up as does not exceed the shortfall. (4) However, if some of the top up has already been applied (under any other application or applications of this section) to reduce the amount on which you are liable to pay the * general interest charge under subsection 45 ‑ 232(2) as it applies to a different * instalment quarter, the shortfall is reduced by applying so much of the top up as has not already been applied, and does not exceed the shortfall. Period for which reduction has effect (5) The reduction has effect for each day in the period that: (a) started at the beginning of the day by which the instalment for the later quarter was due to be paid; and (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 179 of 1999 | No 91 of 2000", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-233"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-235", "Provision_Key": "s45-235", "Heading": "Liability to GIC on shortfall in annual instalment", "Text": "(1) You are liable to pay the * general interest charge under this section if: (a) you choose to estimate the amount of your instalment (the estimated instalment amount ) for an income year under paragraph 45 ‑ 115(1)(c) or former paragraph 45 ‑ 175(1)(b); and (b) that amount is less than 85% of your * benchmark tax for the income year (which the Commissioner works out under section 45 ‑ 365). (2) If you estimated the amount of the instalment under former paragraph 45 ‑ 175(1)(b), you are liable to pay the * general interest charge on the difference between the estimated instalment amount and the lower of the following amounts: (a) your most recent * notional tax notified by the Commissioner at least 30 days before the day on which the instalment was due; (b) your * benchmark tax for the income year. (3) If you estimated the amount of the instalment under paragraph 45 ‑ 115(1)(c), you are liable to pay the * general interest charge on the difference between the estimated instalment amount and the lowest of the following amounts: (a) the amount of your instalment worked out using the most recent instalment rate given to you by the Commissioner before the end of the income year; (b) your most recent * notional tax notified by the Commissioner before the end of the income year under subsection 45 ‑ 320(5); (c) your * benchmark tax for the income year. (4) You are liable to pay the charge for each day in the period that: (a) started at the beginning of the day by which the instalment for the income year was due to be paid; and (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid. (5) The Commissioner must give you written notice of the * general interest charge to which you are liable under subsection (2) or (3). You must pay the charge within 14 days after the notice is given to you. (6) If any of the * general interest charge to which you are liable under subsection (2) or (3) remains unpaid at the end of the 14 days referred to in subsection (5), you are also liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the end of those 14 days; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the unpaid amount; (ii) general interest charge on the unpaid amount.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 178 of 1999 | No 91 of 2000 | No 101 of 2006 | No 110 of 2014", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-235"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-240", "Provision_Key": "s45-240", "Heading": "Commissioner may remit general interest charge", "Text": "The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any * general interest charge payable under subsection 45 ‑ 230(2) or 45 ‑ 232(2) or subsection 45 ‑ 235(2) or (3).", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 178 of 1999 | No 179 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-240"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-260", "Provision_Key": "s45-260", "Heading": "Instalment income for a period in which you are in a partnership", "Text": "(1) Your instalment income for a period (the current period ) includes an amount for each partnership in which you are a partner at any time during the current period. The amount is worked out using the formula: (2) For the purposes of the formula in subsection (1): your assessable income from the partnership for the last income year means so much of your individual interest in the partnership’s net income for an income year as was included by section 92 of the Income Tax Assessment Act 1936 in your assessable income for the most recent income year: (a) that ended before the start of the current period; and (b) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income. (3) However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the partnership had no * instalment income for that income year, your instalment income for the current period includes, for that partnership, an amount that is fair and reasonable having regard to: (a) the extent of your interest in the partnership during the current period; and (b) the partnership’s * instalment income for the current period; and (c) any other relevant circumstances. Exception for corporate limited partnerships (4) Your instalment income for the current period does not include an amount for a partnership that is a * corporate limited partnership for the income year that is or includes that period. Note: Your instalment income will still include a distribution by the partnership that is ordinary income. See section 45 ‑ 120.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-260"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-280", "Provision_Key": "s45-280", "Heading": "Instalment income for a period in which you are a beneficiary of a trust", "Text": "(1) Your instalment income for a period (the current period ) includes an amount for each trust of which you are a beneficiary at any time during the current period. The amount is worked out using the formula: (2) For the purposes of the formula in subsection (1): your assessable income from the trust for the last income year means so much of a share of the trust’s net income for an income year as: (a) Division 6 of Part III of the Income Tax Assessment Act 1936 included in your assessable income for the most recent income year: (i) that ended before the start of the current period; and (ii) for which you have an assessment, or for which the Commissioner has notified you that you do not have a taxable income; and (b) is not attributable to a * capital gain made by the trust. Note: For exceptions to paragraph (b), see section 45 ‑ 290. (3) However, if for any reason the component defined in subsection (2) does not exist or is a nil amount, or the trust had no * instalment income for that income year, your instalment income for the current period includes, for that trust, an amount that is fair and reasonable having regard to: (a) the extent of your interest in the trust, and your interest in the income of the trust, during the current period; and (b) the trust’s * instalment income for the current period; and (c) any other relevant circumstances. Exception for corporate unit trusts and public trading trusts (4) Your instalment income for the current period does not include an amount for a trust if the trustee is liable to be assessed, and to pay tax, under section 102S of the Income Tax Assessment Act 1936 for the income year that is or includes that period. Note: Your instalment income will still include a distribution by the trust that is ordinary income. See section 45 ‑ 120. Exception for certain resident unit trusts (5) Your instalment income for the current period does not include an amount for a trust under subsection (1) if the conditions in either subsection 45 ‑ 285(1) or (2) are satisfied for you for that trust for that period. Note: Your instalment income will instead include a distribution by the trust: see section 45 ‑ 285. Exception for trusts whose beneficiary is absolutely entitled (6) Your instalment income for the current period does not include an amount for a trust under subsection (1) if, throughout the current period: (a) the trustee of the trust did not have any active duties to perform in the management of the trust (other than the duty to deal with the trust income and capital in accordance with any requests made or directions given by the beneficiary or beneficiaries); and (b) if there was only one beneficiary, the beneficiary: (i) was absolutely entitled to the trust assets; and (ii) had a vested and indefeasible interest in any trust income arising from time to time; and (c) if there was more than one beneficiary, each beneficiary: (i) was absolutely entitled to that beneficiary’s interest in the trust assets; and (ii) had a vested and indefeasible interest in a proportion of any trust income arising from time to time, being a proportion that corresponded to the beneficiary’s proportional interest in the trust capital. Instead, your instalment income for the current period includes the following amount:", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 173 of 2000 | No 53 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 173 of 2000, effective sch 2: 22 Dec 1999 (s 2(2)) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-280"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-285", "Provision_Key": "s45-285", "Heading": "Instalment income includes distributions by certain resident unit trusts", "Text": "(1) Your instalment income for a period includes trust income or trust capital that a unit trust distributes to you, or applies for your benefit, during that period if: (a) the unit trust is a resident unit trust (within the meaning of section 102Q of the Income Tax Assessment Act 1936 ) for the income year of the trust that is or includes that period; and (b) throughout that period: (i) any of the units in the trust were listed for quotation in the official list of a stock exchange in Australia or elsewhere; or (ii) any of the units in the trust were offered to the public; or (iii) the units in the trust were held by at least 50 persons; and (c) section 45 ‑ 287 in this Schedule did not apply to the trust at any time during that period; and (d) throughout that period, the trust’s activities consisted only of activities listed in the definition of eligible investment business in section 102M of the Income Tax Assessment Act 1936 . (It does not matter whether the trust income or trust capital is included in your assessable income for the income year that is or includes that period.) (2) Your instalment income for a period also includes trust income or trust capital that a unit trust distributes to you, or applies for your benefit, during that period if: (a) the income or capital is not included in your instalment income under subsection (1); and (b) the unit trust is a resident unit trust (within the meaning of section 102Q of the Income Tax Assessment Act 1936 ) for the income year of the trust that is or includes that period; and (c) throughout that period, the trust’s activities consisted only of activities listed in the definition of eligible investment business in section 102M of the Income Tax Assessment Act 1936 ; and (d) throughout that period, either: (i) you are yourself the trustee of a unit trust that satisfies each of paragraphs (1)(a) to (d) of this section; or (ii) you are yourself the trustee of one or more trusts covered by section 45 ‑ 288; or (iii) you are exempt from tax; or (iv) you are a * complying superannuation entity or a statutory fund of a * life insurance company. (It does not matter whether the trust income or trust capital is included in your assessable income for the income year that is or includes that period.) Extension—nominee and bare trust situations (3) In determining, for the purposes of subparagraph (1)(b)(iii), how many persons hold units in a unit trust, if: (a) another trust (the holding trust ) is a unit holder in the unit trust; and (b) the holding trust is a trust of the kind covered by subsection 45 ‑ 280(6); and (c) the beneficiary’s or beneficiaries’ absolute entitlement exists at all times while the holding trust is in existence; the beneficiary or beneficiaries count as persons who hold units in the unit trust, and the trustee of the holding trust does not.", "Amendment_Count": 1, "First_Amended": "No 173 of 2000", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 173 of 2000", "History_Notes": "Inserted by No 173 of 2000, effective sch 2: 22 Dec 1999 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-285"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-286", "Provision_Key": "s45-286", "Heading": "Instalment income includes distributions by certain managed investment trusts", "Text": "Your instalment income for a period includes trust income or trust capital that a trust distributes to you, or applies for your benefit, during that period if: (a) the income or capital is not included in your instalment income under section 45 ‑ 280 or 45 ‑ 285; and (b) the trust satisfies the condition in paragraph 275 ‑ 10(3)(a) of the Income Tax Assessment Act 1997 in relation to the income year that is or includes that period; and (c) the trust is a * managed investment trust for that income year; and (d) the trust meets the requirement in section 275 ‑ 110 of that Act throughout the income year. (It does not matter whether the trust income or trust capital is included in your assessable income for the income year that is or includes that period.)", "Amendment_Count": 3, "First_Amended": "No 56 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 56 of 2010 | No 90 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 90 of 2010, effective sch 3, sch 5 (items 4, 5, 7): 29 June 2010 (s 2(1) item 3) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-286"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-287", "Provision_Key": "s45-287", "Heading": "When trusts are disqualified due to concentrated ownership", "Text": "Concentrated ownership (1) This section applies to a trust if an individual holds, or up to 20 individuals hold between them directly or indirectly and for their own benefit, interests in the trust: (a) carrying * fixed entitlements to: (i) at least 75% of the trust’s income; or (ii) at least 75% of the trust’s capital; or (b) if beneficiaries of the trust have a right to vote in respect of activities of the trust—carrying at least 75% of those voting rights. Single individual (2) Subsection (1) operates as if all of these were a single individual: (a) an individual, whether or not the individual holds interests in the trust; and (b) the individual’s * associates; and (c) for any interests in respect of which other individuals are nominees of the individual or of the individual’s associates—those other individuals. Concentrated ownership—potential due to possible variation of rights etc. (3) This section also applies to a trust if, because of: (a) any provision in the trust’s constituent document, or in any contract, agreement or instrument: (i) authorising the variation or abrogation of rights attaching to any of the interests in the trust; or (ii) relating to the conversion, cancellation, extinguishment or redemption of any of those interests; or (b) any contract, * arrangement, option or instrument under which a person has power to acquire any of those interests; or (c) any power, authority or discretion in a person in relation to the rights attaching to any of those interests; it is reasonable to conclude that the rights attaching to any of the interests are capable of being varied or abrogated in such a way (even if they are not in fact varied or abrogated in that way) that, directly or indirectly, the trust would be disqualified under subsection (1). Tracing (4) In applying this section: (a) if a * complying superannuation fund, * approved deposit fund or * superannuation fund for foreign residents has more than 50 members and has, directly or indirectly, a * fixed entitlement to any of the trust’s income or capital—that entitlement is taken to be held by more than 20 individuals for their own benefit; and (b) if a complying superannuation fund, approved deposit fund or superannuation fund for foreign residents has 50 or fewer members and has, directly or indirectly, a fixed entitlement to any of the trust’s income or capital—each of the members is taken to have a share of that entitlement, in equal proportions, for his or her own benefit.", "Amendment_Count": 3, "First_Amended": "No 173 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 173 of 2000 | No 9 of 2007 | No 41 of 2011", "History_Notes": "Inserted by No 173 of 2000, effective sch 2: 22 Dec 1999 (s 2(2)) | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-287"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-288", "Provision_Key": "s45-288", "Heading": "Resident investment trusts for beneficiaries who are absolutely entitled", "Text": "This section covers a trust if: (a) the trust is a resident unit trust within the meaning of section 102Q of the Income Tax Assessment Act 1936 ; and (b) the trust is of the kind covered by subsection 45 ‑ 280(6) in this Schedule; and (c) the requests or directions that beneficiaries may give the trustee are limited to requests or directions as to which of the activities listed in the definition of eligible investment business in section 102M of the Income Tax Assessment Act 1936 the trustee should engage in; and (d) all of the trust’s beneficiaries became beneficiaries as a result of a public offer to invest in the trust; and (e) either: (i) the trust has 50 or more beneficiaries; or (ii) if the trustee of the trust is also the trustee of one or more other trusts that satisfy paragraphs (a), (b), (c) and (d) of this section—all those trusts together have a total of 50 or more beneficiaries.", "Amendment_Count": 2, "First_Amended": "No 173 of 2000", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 173 of 2000 | No 56 of 2010", "History_Notes": "Inserted by No 173 of 2000, effective sch 2: 22 Dec 1999 (s 2(2)) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-288"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-290", "Provision_Key": "s45-290", "Heading": "Exceptions to exclusion of trust capital gains from beneficiary’s instalment income", "Text": "(1) This section sets out cases where paragraph (b) of the definition of your assessable income from the trust for the last income year in subsection 45 ‑ 280(2) does not apply. (2) It does not apply in the case of: (a) a * complying approved deposit fund or a * non ‑ complying approved deposit fund for the income year that is or includes the current period; or (b) a * complying superannuation fund or a * non ‑ complying superannuation fund for that year; or (c) a * pooled superannuation trust for that year. (3) It does not apply in the case of a * life insurance company to the extent that the share of the trust’s net income is included in the * complying superannuation class of its taxable income for the income year that is or includes the current period.", "Amendment_Count": 5, "First_Amended": "No 44 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 44 of 2000 | No 173 of 2000 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 173 of 2000, effective sch 2: 22 Dec 1999 (s 2(2)) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-290"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-320", "Provision_Key": "s45-320", "Heading": "Working out instalment rate", "Text": "(1) Except as provided by section 45 ‑ 775, an instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula: However, the instalment rate must be a nil rate if either component of the formula is nil. (2) For the purposes of the formula in subsection (1): base assessment instalment income means so much of your assessable income, as worked out for the purposes of the * base assessment, as the Commissioner determines is * instalment income for the * base year. (3) The base assessment is the latest assessment for your most recent income year for which an assessment has been made. However, if the Commissioner is satisfied that there is a later income year for which you do not have a taxable income, the base assessment is the latest return or other information from which an assessment for that income year would have been made. (4) The base year is the income year to which the * base assessment relates. (5) When the Commissioner gives you the instalment rate, he or she must also notify you of the amount of your * notional tax, as worked out for the purposes of working out the instalment rate.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 178 of 1999 | No 68 of 2002 | No 81 of 2016", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-320"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-325", "Provision_Key": "s45-325", "Heading": "Working out your notional tax", "Text": "Notional tax if you have no withholding income (1) Your notional tax is your * adjusted tax (worked out under section 45 ‑ 340) on your * adjusted taxable income (worked out under section 45 ‑ 330) for the * base year. Notional tax if you have no ‑ TFN contributions income (1A) In working out the notional tax of a * complying superannuation fund, * non ‑ complying superannuation fund or * RSA provider for the * base year, assume that the entity had no * no ‑ TFN contributions income for the base year and that the entity was not entitled to a * tax offset for the base year under Subdivision 295 ‑ J of the Income Tax Assessment Act 1997 . Notional tax if you have withholding income (2) However, your notional tax (as worked out under subsection (1)) is reduced if your assessable income for the * base assessment includes amounts in respect of * withholding payments (except * non ‑ quotation withholding payments). (3) It is reduced (but not below nil) by your * adjusted tax (worked out under section 45 ‑ 340) on your * adjusted withholding income (worked out under section 45 ‑ 335) for the * base year. Commissioner may take into account effect of the law, as applying to income years after base year (4) For the purposes of working out your * notional tax, the Commissioner may work out an amount as if provisions of an Act or regulations, as they may reasonably be expected to apply for the purposes of your assessment for a later income year, had applied for the purposes of the * base assessment. Commissioner may take into account proposed changes to the law so as to reduce instalment rate (5) For the purposes of working out your * notional tax, the Commissioner may work out an amount as if provisions of an Act or regulations that, in the Commissioner’s opinion, are likely to be enacted or made had applied for the purposes of the * base assessment. But the Commissioner may do so only if, as a result, the instalment rate given to you is reduced. (6) If the * base year is the income year immediately preceding the income year in which 1 July 2000 occurred, subsections (4) and (5) apply for the purpose of working out the * base assessment instalment income of a * life insurance company in the same way as they apply for the purpose of working out such a company’s * notional tax.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 178 of 1999 | No 89 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-325"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-330", "Provision_Key": "s45-330", "Heading": "Working out your adjusted taxable income", "Text": "(1) Your adjusted taxable income for the * base year is your total assessable income for the * base assessment, reduced by: (a) any * net capital gain included in that assessable income; and (b) your deductions for the base year (except * tax losses), as used in making that assessment; and (c) the amount of any tax loss, to the extent that it is * unutilised at the end of the base year. Exception: superannuation entities and net capital gains (2) Paragraph (1)(a) does not apply in the case of: (a) a * complying approved deposit fund or a * non ‑ complying approved deposit fund for the * base year; or (b) a * complying superannuation fund or a * non ‑ complying superannuation fund for that year; or (c) a * pooled superannuation trust for that year. Special rule for some entities (2A) If an entity: (a) has * tax losses transferred to it under Subdivision 707 ‑ A of the Income Tax Assessment Act 1997 ; or (b) is a * corporate tax entity at any time during the * base year; the adjusted taxable income of the entity for the base year is worked out under subsection (1) as if paragraph (1)(c) were replaced by the following provision: (c) the lesser of the following amounts: (i) the amount of any tax loss, to the extent that it is * unutilised at the end of the base year; (ii) the amount of the deductions for tax losses used in making your * base assessment. Amounts assessable under Subdivision 250 ‑ E of the Income Tax Assessment Act 1997 (2AA) To avoid doubt, paragraph (1)(a) does not apply to a * net capital gain that is included in your assessable income under Subdivision 250 ‑ E of the Income Tax Assessment Act 1997 . Special rule for life insurance companies (3) The adjusted taxable income of a * life insurance company for the * base year is worked out as follows: Method statement Step 1. Recalculate the taxable income of the * ordinary class for the * base assessment on the basis that it did not include any * net capital gain. Step 2. Add to the step 1 result the deductions for * tax losses of the * ordinary class that were used in making the * base assessment. Step 3. Reduce the step 2 result by the lesser of the following amounts: (a) the amount of any * tax losses of the * ordinary class, to the extent that they are * unutilised at the end of the * base year; (b) deductions for tax losses of the ordinary class that were used in making the * base assessment. Step 4. Add to the step 3 result the taxable income of the * complying superannuation class for the * base assessment. Step 5. Add to the step 4 result the deductions for * tax losses of the * complying superannuation class that were used in making the * base assessment. Step 6. Reduce the step 5 result by the lesser of the following amounts: (a) the amount of any * tax losses of the * complying superannuation class, to the extent that they are * unutilised at the end of the * base year; (b) deductions for tax losses of the complying superannuation class that were used in making the * base assessment. The result of this step is the adjusted taxable income of the company for the * base year.", "Amendment_Count": 12, "First_Amended": "No 178 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 89 of 2000 | No 68 of 2002 | No 16 of 2003 | No 142 of 2003 | No 83 of 2004 | No 15 of 2007 | No 164 of 2007 | No 45 of 2008 | No 88 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 142 of 2003, effective sch 8 (items 22, 23, 24(4)): Royal Assent | Amended by No 83 of 2004, effective sch 1 (item 84): 30 June 2000 (s 2(1) item 2) sch 1 (item 107): 17 Dec 2003 (s 2(1) item 11) sch 1 (items 125, 126(1), (6), (11)): 25 June 2004 (s 2(1) item 12) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 164 of 2007, effective sch 1 (items 68 ‑ 70, 71(12)): Royal Assent | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-330"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-335", "Provision_Key": "s45-335", "Heading": "Working out your adjusted withholding income", "Text": "Your adjusted withholding income for the * base year is: • the total of the amounts included in your assessable income for the * base assessment in respect of * withholding payments (except * non ‑ quotation withholding payments); reduced by: • your deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-335"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-340", "Provision_Key": "s45-340", "Heading": "Adjusted tax on adjusted taxable income or on adjusted withholding income", "Text": "Your adjusted tax on your * adjusted taxable income, or on your * adjusted withholding income, for the * base year is worked out as follows: Method statement Step 1. The income tax payable on your * adjusted taxable income, or on your * adjusted withholding income, for the * base year is worked out disregarding any * tax offset under: (aa) section 61 ‑ 110 of the Income Tax Assessment Act 1997 (the Low Income tax offset); or (a) Subdivision 61 ‑ G of the Income Tax Assessment Act 1997 (the private health insurance tax offset); or (da) Subdivision 61 ‑ L of the Income Tax Assessment Act 1997 (tax offset for Medicare levy surcharge (lump sum payments in arrears)); or (db) Division 160 of the Income Tax Assessment Act 1997 (the corporate loss carry back tax offset for 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 for businesses with turnover under $5 billion); or (e) section 205 ‑ 70 of the Income Tax Assessment Act 1997 (the tax offset for * franking deficit tax liabilities); or (g) section 290 ‑ 230 of the Income Tax Assessment Act 1997 (the tax offset for superannuation contributions made for a spouse); or (ga) Subdivision 360 ‑ A of the Income Tax Assessment Act 1997 (the tax offset for early stage investors in innovation companies); or (h) Subdivision 418 ‑ B of the Income Tax Assessment Act 1997 (the junior minerals exploration incentive tax offset). Step 2. The * Medicare levy payable on your * adjusted taxable income, or on your * adjusted withholding income, for the * base year is worked out disregarding sections 8B, 8C, 8D, 8E, 8F and 8G of the Medicare Levy Act 1986 (which increase Medicare levy in certain cases). Step 3. The amount (if any) that you would have been liable to pay for the * base year in respect of an * accumulated HELP debt if your taxable income for the base year had been your * adjusted taxable income, or your * adjusted withholding income, for that year is worked out. Step 3AAA. The amount (if any) that you would have been liable to pay for the * base year in respect of an * accumulated VETSL debt if your taxable income for the base year had been your * adjusted taxable income, or your * adjusted withholding income, for that year is worked out. Step 3AA. The amount (if any) that you would have been liable to pay for the * base year in respect of an * accumulated SSL debt if your taxable income for the base year had been your * adjusted taxable income, or your * adjusted withholding income, for that year is worked out. Step 3AB. The amount (if any) that you would have been liable to pay for the * base year in respect of an * accumulated ABSTUDY SSL debt if your taxable income for the base year had been your * adjusted taxable income, or your * adjusted withholding income, for that year is worked out. Step 3AC. The amount (if any) that you would have been liable to pay for the * base year in respect of an * accumulated AASL debt if your taxable income for the base year had been your * adjusted taxable income, or your * adjusted withholding income, for that year is worked out. Step 3A. The amount (if any) that you would have been liable to pay for the * base year by way of an * FS assessment debt if your taxable income for the base year had been your * adjusted taxable income, or your * adjusted withholding income, for that year is worked out. Step 4. The results of steps 1, 2, 3, 3AAA, 3AA, 3AB, 3AC and 3A are added together. The result is your adjusted tax on your * adjusted taxable income, or on your * adjusted withholding income.", "Amendment_Count": 29, "First_Amended": "No 178 of 1999", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 107 of 2003 | No 150 of 2003 | No 41 of 2005 | No 77 of 2005 | No 160 of 2005 | No 80 of 2006 | No 15 of 2007 | No 32 of 2007 | No 141 of 2008 | No 56 of 2010 | No 12 of 2012 | No 23 of 2012 | No 88 of 2013 | No 82 of 2014 | No 96 of 2014 | No 109 of 2014 | No 20 of 2015 | No 21 of 2015 | No 169 of 2015 | No 54 of 2016 | No 15 of 2018 | No 47 of 2018 | No 116 of 2018 | No 49 of 2019 | No 92 of 2020 | No 8 of 2022 | No 61 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 107 of 2003, effective sch 2 (items 15 ‑ 26, 40), sch 7 (items 19 ‑ 22): Royal Assent | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 41 of 2005, effective sch 1 (items 12, 13), sch 10 (items 233 ‑ 241, 275): Royal Assent | Amended by No 77 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective sch 4: 6 June 2006 ( see F2006L01656) Remainder: Royal Assent | Amended by No 80 of 2006, effective sch 4 (items 10 ‑ 14), sch 6 (items 10, 11), sch 7 (items 4 ‑ 6): Royal Assent | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 32 of 2007, effective sch 3 (items 17, 18): 1 July 2007 | Amended by No 141 of 2008, effective sch 1 (items 8 ‑ 10): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 23 of 2012, effective sch 1 (items 9, 10): Royal Assent | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 109 of 2014, effective sch 10 (items 18, 19): 17 Oct 2014 (s 2(1) item 8) | Amended by No 20 of 2015, effective sch 1 (items 4 ‑ 6): 20 Mar 2015 (s 2(1) item 2) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 15 of 2018, effective sch 1 (items 26A ‑ 28, 65 ‑ 67): 1 Apr 2018 (s 2(1) items 2, 4) sch 1 (items 53 ‑ 64, 68 ‑ 73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 47 of 2018, effective sch 1 (items 8, 9): 1 July 2018 (s 2(1) item 2) sch 1 (items 16 ‑ 18): repealed before commencing (s 2(1) item 3) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 49 of 2019, effective sch 4 (items 105 ‑ 111): 1 July 2019 (s 2(1) item 12) | Amended by No 92 of 2020, effective sch 1 (items 22 ‑ 24): 15 Oct 2020 (s 2(1) item 4) sch 2 (item 36), sch 3 (items 37 ‑ 40), sch 6 (items 1 ‑ 3): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 6 (item 23), sch 8 (items 35, 36): 1 Apr 2022 (s 2(1) items 6, 10) sch 8 (item 32): 23 Feb 2022 (s 2(1) item 9) sch 8 (items 41 ‑ 43): 4 Apr 2021 (s 2(1) item 12) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-340"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-355", "Provision_Key": "s45-355", "Heading": "When Commissioner works out benchmark instalment rate and benchmark tax", "Text": "(1) The Commissioner may work out your * benchmark instalment rate for an income year (the variation year ) if, under section 45 ‑ 205, you choose an instalment rate to work out the amount of your instalment for an * instalment quarter in that year. (1A) The Commissioner may work out your * benchmark tax for an income year (the variation year ) if, under paragraph 45 ‑ 112(1)(b) or (c), the amount of your instalment for an * instalment quarter in an income year is worked out on the basis of your estimate of your * benchmark tax for that income year. (2) The Commissioner may work out your * benchmark tax for an income year (the variation year ) if, under paragraph 45 ‑ 115(1)(c), you estimate the amount of your annual instalment for that year.", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-355"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-360", "Provision_Key": "s45-360", "Heading": "How Commissioner works out benchmark instalment rate", "Text": "(1) Your benchmark instalment rate for the variation year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula: However, your benchmark instalment rate is a nil rate if either component of the formula is nil. (2) For the purposes of the formula in subsection (1): variation year instalment income means so much of your assessable income for the variation year as the Commissioner determines is * instalment income for that year.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-360"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-365", "Provision_Key": "s45-365", "Heading": "Working out your benchmark tax", "Text": "Benchmark tax if you had no withholding income (1) Your benchmark tax is your * adjusted assessed tax (worked out under section 45 ‑ 375) on your * adjusted assessed taxable income (worked out under section 45 ‑ 370) for the variation year. Benchmark tax if you have no ‑ TFN contributions income (1A) In working out the benchmark tax of a * complying superannuation fund, * non ‑ complying superannuation fund or * RSA provider for the variation year, assume that the entity had no * no ‑ TFN contributions income for the variation year and that the entity was not entitled to a * tax offset for the variation year under Subdivision 295 ‑ J of the Income Tax Assessment Act 1997 . Benchmark tax if you had withholding income (2) However, your benchmark tax (as worked out under subsection (1)) is reduced if your assessable income for the variation year includes amounts in respect of * withholding payments. (3) It is reduced (but not below nil) by the sum of: (a) the total amount of the credits to which you are entitled for the variation year under section 18 ‑ 15 (for amounts withheld from withholding payments made to you during the variation year); and (b) the total amount of the credits to which you are entitled for the variation year under section 18 ‑ 27 (for amounts paid under Division 13 in respect of amounts included in your assessable income under section 86 ‑ 15 of the Income Tax Assessment Act 1997 ).", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 178 of 1999 | No 86 of 2000 | No 143 of 2007", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective sch 1 (items 26A, 26B, 27 ‑ 58): 30 June 2000 (s 2(1)) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-365"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-370", "Provision_Key": "s45-370", "Heading": "Working out your adjusted assessed taxable income for the variation year", "Text": "(1) Your adjusted assessed taxable income for the variation year is your taxable income for the year, reduced by any * net capital gain included in your assessable income for the year. Exception: superannuation entities and net capital gains (2) In working out the adjusted assessed taxable income , taxable income is not reduced by any * net capital gain in the case of: (a) a * complying approved deposit fund or a * non ‑ complying approved deposit fund for the variation year; or (b) a * complying superannuation fund or a * non ‑ complying superannuation fund for the variation year; or (c) a * pooled superannuation trust for the variation year. Special rule for life insurance companies (3) The adjusted assessed taxable income of a * life insurance company for the variation year is worked out as follows: Method statement Step 1. Recalculate the * ordinary class of the taxable income for the variation year on the basis that the assessable income that relates to the class did not include any * net capital gain. Step 2. Add to the step 1 result the * complying superannuation class of the taxable income for the variation year.", "Amendment_Count": 5, "First_Amended": "No 178 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 178 of 1999 | No 89 of 2000 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-370"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-375", "Provision_Key": "s45-375", "Heading": "Adjusted assessed tax on adjusted assessed taxable income", "Text": "Your adjusted assessed tax on your * adjusted assessed taxable income for the variation year is worked out as follows: Method statement Step 1. The income tax payable on your * adjusted assessed taxable income for the variation year is worked out disregarding any * tax offset under: (aa) section 61 ‑ 110 of the Income Tax Assessment Act 1997 (the Low Income tax offset); or (a) Subdivision 61 ‑ G of the Income Tax Assessment Act 1997 (the private health insurance tax offset); or (ca) Subdivision 61 ‑ L of the Income Tax Assessment Act 1997 (tax offset for Medicare levy surcharge (lump sum payments in arrears)); or (d) section 205 ‑ 70 of the Income Tax Assessment Act 1997 (the tax offset for * franking deficit tax liabilities); or (f) section 290 ‑ 230 of the Income Tax Assessment Act 1997 (the tax offset for superannuation contributions made for a spouse); or (fa) Subdivision 360 ‑ A of the Income Tax Assessment Act 1997 (the tax offset for early stage investors in innovation companies); or (g) Subdivision 418 ‑ B of the Income Tax Assessment Act 1997 (the junior minerals exploration incentive tax offset). Step 2. The * Medicare levy payable on your * adjusted assessed taxable income for the variation year is worked out disregarding sections 8B, 8C, 8D, 8E, 8F and 8G of the Medicare Levy Act 1986 (which increase Medicare levy in certain cases). Step 3. The amount (if any) that you would have been liable to pay for the variation year in respect of an * accumulated HELP debt if your taxable income for that year had been your * adjusted assessed taxable income for that year is worked out. Step 3AAA. The amount (if any) that you would have been liable to pay for the variation year in respect of an * accumulated VETSL debt if your taxable income for that year had been your * adjusted assessed taxable income for that year is worked out. Step 3AA. The amount (if any) that you would have been liable to pay for the variation year in respect of an * accumulated SSL debt if your taxable income for that year had been your * adjusted assessed taxable income for that year is worked out. Step 3AB. The amount (if any) that you would have been liable to pay for the variation year in respect of an * accumulated ABSTUDY SSL debt if your taxable income for that year had been your * adjusted assessed taxable income for that year is worked out. Step 3AC. The amount (if any) that you would have been liable to pay for the variation year in respect of an * accumulated AASL debt if your taxable income for that year had been your * adjusted assessed taxable income for that year is worked out. Step 3A. The amount (if any) that you would have been liable to pay for the variation year by way of an * FS assessment debt if your taxable income for that year had been your * adjusted assessed taxable income for that year is worked out. Step 4. The results of steps 1, 2, 3, 3AAA, 3AA, 3AB, 3AC and 3A are added together. The result is your adjusted assessed tax on your * adjusted assessed taxable income for the variation year.", "Amendment_Count": 24, "First_Amended": "No 178 of 1999", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 107 of 2003 | No 150 of 2003 | No 77 of 2005 | No 160 of 2005 | No 80 of 2006 | No 15 of 2007 | No 32 of 2007 | No 141 of 2008 | No 56 of 2010 | No 12 of 2012 | No 82 of 2014 | No 109 of 2014 | No 20 of 2015 | No 21 of 2015 | No 169 of 2015 | No 54 of 2016 | No 15 of 2018 | No 47 of 2018 | No 116 of 2018 | No 49 of 2019 | No 92 of 2020 | No 61 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 107 of 2003, effective sch 2 (items 15 ‑ 26, 40), sch 7 (items 19 ‑ 22): Royal Assent | Amended by No 150 of 2003, effective sch 2 (items 152 ‑ 160): 1 Jan 2004 (s 2(1) item 16) | Amended by No 77 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective sch 4: 6 June 2006 ( see F2006L01656) Remainder: Royal Assent | Amended by No 80 of 2006, effective sch 4 (items 10 ‑ 14), sch 6 (items 10, 11), sch 7 (items 4 ‑ 6): Royal Assent | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 32 of 2007, effective sch 3 (items 17, 18): 1 July 2007 | Amended by No 141 of 2008, effective sch 1 (items 8 ‑ 10): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 109 of 2014, effective sch 10 (items 18, 19): 17 Oct 2014 (s 2(1) item 8) | Amended by No 20 of 2015, effective sch 1 (items 4 ‑ 6): 20 Mar 2015 (s 2(1) item 2) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 15 of 2018, effective sch 1 (items 26A ‑ 28, 65 ‑ 67): 1 Apr 2018 (s 2(1) items 2, 4) sch 1 (items 53 ‑ 64, 68 ‑ 73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 47 of 2018, effective sch 1 (items 8, 9): 1 July 2018 (s 2(1) item 2) sch 1 (items 16 ‑ 18): repealed before commencing (s 2(1) item 3) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 49 of 2019, effective sch 4 (items 105 ‑ 111): 1 July 2019 (s 2(1) item 12) | Amended by No 92 of 2020, effective sch 1 (items 22 ‑ 24): 15 Oct 2020 (s 2(1) item 4) sch 2 (item 36), sch 3 (items 37 ‑ 40), sch 6 (items 1 ‑ 3): 1 Jan 2021 (s 2(1) item 7) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-375"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-400", "Provision_Key": "s45-400", "Heading": "Working out amount of instalment—payers of 4 quarterly instalments", "Text": "Scope (1) This section applies if you are a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax at the end of an * instalment quarter in an income year (the current year ). Working out amount of instalment (2) The amount of your instalment for that * instalment quarter which the Commissioner must work out and notify to you under paragraph 45 ‑ 112(1)(a) is: (a) the amount worked out in accordance with the table if it is positive; or (b) otherwise—nil. Amount of quarterly instalment worked out on basis of GDP ‑ adjusted notional tax Item If the instalment quarter is: The amount of the instalment is: 1 the first in that income year for which you are liable to pay an instalment 25% of your * GDP ‑ adjusted notional tax 2 the second in that income year for which you are liable to pay an instalment 50% of your * GDP ‑ adjusted notional tax, reduced by the amount of your instalment for the earlier * instalment quarter in that income year 3 the third in that income year for which you are liable to pay an instalment 75% of your * GDP ‑ adjusted notional tax, reduced by the total of your instalments for earlier * instalment quarters in that income year 4 the fourth in that income year for which you are liable to pay an instalment 100% of your * GDP ‑ adjusted notional tax, reduced by the total of your instalments for earlier * instalment quarters in that income year Note: Your instalments for earlier instalment quarters may have been worked out on a basis other than GDP ‑ adjusted notional tax. Amount reduced in circumstances specified by regulations (3) In the circumstances (if any) specified by the regulations, the amount worked out in accordance with the table in subsection (2) is reduced by the amount worked out under the regulations. (4) Without limiting subsection (3), the regulations may specify circumstances by: (a) specifying the particular * instalment quarter to which the reduction applies; or (b) specifying the kind of payers to whom the reduction applies. (5) In working out, under subsection (2), the amount of your instalment for an * instalment quarter in an income year, assume that there had not been any reductions under subsection (3) for earlier instalment quarters in that year.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 73 of 2001 | No 27 of 2009", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-400"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-402", "Provision_Key": "s45-402", "Heading": "Working out amount of instalment—payers of 2 quarterly instalments", "Text": "(1) This section applies if you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax at the end of an * instalment quarter in an income year (the current year ). (2) If you are liable to pay an instalment for that * instalment quarter, the amount of that instalment which the Commissioner must work out and notify to you under paragraph 45 ‑ 112(1)(a) is: (a) the amount worked out in accordance with this section if it is positive; or (b) otherwise—nil. Amount of instalment (3) Subject to subsections (4) to (6), the amount of that instalment is worked out in accordance with the following table: Amount of quarterly instalment Item If the * instalment quarter is: the amount of the instalment is: 1 the third * instalment quarter in the income year 75% of your * GDP ‑ adjusted notional tax 2 the fourth * instalment quarter in the income year 100% of your * GDP ‑ adjusted notional tax, reduced by your instalment for earlier instalment quarter in that income year You receive instalment rate for the first time in second quarter (4) If the Commissioner gives you an instalment rate for the first time during the second * instalment quarter in that income year, the amount of the instalment is worked out in accordance with the following table: Amount of quarterly instalment Item If the * instalment quarter is: the amount of the instalment is: 1 the third * instalment quarter in the income year 50% of your * GDP ‑ adjusted notional tax 2 the fourth * instalment quarter in the income year 75% of your * GDP ‑ adjusted notional tax, reduced by your instalment for the earlier instalment quarter in that income year You receive instalment rate for the first time in third quarter (5) If the Commissioner first gives you an instalment rate during the third * instalment quarter in that income year, the amount of the instalment is worked out in accordance with the following table: Amount of quarterly instalment Item If the * instalment quarter is: the amount of the instalment is: 1 the third * instalment quarter in the income year 25% of your * GDP ‑ adjusted notional tax 2 the fourth * instalment quarter in the income year 50% of your * GDP ‑ adjusted notional tax, reduced by your instalment for the earlier instalment quarter in that income year You receive instalment rate for the first time in fourth quarter (6) If the Commissioner first gives you an instalment rate during the fourth * instalment quarter in that income year, the amount of the instalment must be equal to 25% of your * GDP ‑ adjusted notional tax.", "Amendment_Count": 2, "First_Amended": "No 73 of 2001", "Last_Amended": "No 43 of 2011", "Amending_Acts": "No 73 of 2001 | No 43 of 2011", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 43 of 2011, effective sch 1 (items 1 ‑ 4, 12): 28 June 2011 (s 2(1) items 2, 4) sch 1 (items 9 ‑ 11): 1 July 2016 (s 2(1) item 3) sch 4: 27 June 2011 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-402"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-405", "Provision_Key": "s45-405", "Heading": "Working out your GDP ‑ adjusted notional tax", "Text": "(1) Except as provided by section 45 ‑ 775, your GDP ‑ adjusted notional tax is worked out in the same way as your * notional tax would be worked out for the purposes of working out an instalment rate if that instalment rate were to be given to you at the same time as notice of the amount of the instalment referred to in section 45 ‑ 400 or 45 ‑ 402 (as appropriate). (2) However, for the purposes of subsection (1): (a) your * adjusted taxable income for the * base year; and (b) your * adjusted withholding income (if any) for the * base year; are each increased in accordance with the formula: (3) For the purposes of the formula in subsection (2): original amount means the amount that, apart from subsection (2), would be your * adjusted taxable income for the * base year, or your * adjusted withholding income for the * base year, as appropriate. GDP adjustment means: (a) the percentage (rounded to the nearest whole number, rounding down a number ending in .5) worked out using the following formula; or (b) if the percentage worked out using the formula is negative—0%: (4) For the purposes of the formula in subsection (3): sum of GDP amounts (current year) means the sum of the * GDP amounts, for the * quarters in the last calendar year (the later calendar year ) ending at least 3 months before the start of the current year, specified in the document referred to in subsection (6). sum of GDP amounts (previous year) means the sum of the * GDP amounts, for the * quarters in the calendar year (the earlier calendar year ) before the later calendar year, specified in the document referred to in subsection (6). (5) The GDP amount for a * quarter is the amount published by the Australian Statistician as the original gross domestic product at current prices for that quarter. (6) The GDP adjustment must be worked out on the basis of the first document that: (a) is published by the Australian Statistician after the end of the later calendar year; and (b) sets out the * GDP amounts for all the * quarters in both the later calendar year and the earlier calendar year. (7) To avoid doubt, subsections 45 ‑ 325(4) and (5) also have effect for the purposes of working out your * GDP ‑ adjusted notional tax. Reduced GDP adjustment for 2022 ‑ 23 income year (9) Despite subsections (3) and (6), if the current year is the 2022 ‑ 23 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 2%. Note: This subsection will be repealed on 1 July 2027: see Part 2 of Schedule 5 to the Treasury Laws Amendment (Cost of Living Support and Other Measures) Act 2022 . Reduced GDP adjustment for 2023 ‑ 24 income year (10) Despite subsections (3) and (6), if the current year is the 2023 ‑ 24 income year, then for the purposes of the formula in subsection (2) the GDP adjustment is 6%. Note: This subsection will be repealed on 1 July 2028: see Part 2 of Schedule 4 to the Treasury Laws Amendment (2023 Measures No. 2) Act 2023 .", "Amendment_Count": 9, "First_Amended": "No 178 of 1999", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 73 of 2001 | No 68 of 2002 | No 47 of 2009 | No 43 of 2011 | No 61 of 2020 | No 14 of 2022 | No 28 of 2023", "History_Notes": "Inserted by No 178 of 1999, effective sch 1 (items 1 ‑ 4, 85 ‑ 88), sch 2 (items 1 ‑ 22, 35, 36, 75 ‑ 82, 92, 93): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 47 of 2009, effective sch 1 (items 1, 2, 6): 25 June 2009 sch 1 (items 3 ‑ 5): 1 July 2014 sch 2 (items 2 ‑ 15): Royal Assent | Amended by No 43 of 2011, effective sch 1 (items 1 ‑ 4, 12): 28 June 2011 (s 2(1) items 2, 4) sch 1 (items 9 ‑ 11): 1 July 2016 (s 2(1) item 3) sch 4: 27 June 2011 (s 2(1) item 9) | Amended by No 61 of 2020, effective sch 5 (items 1, 2): 1 July 2020 (s 2(1) item 7) sch 5 (item 3): 1 July 2025 (s 2(1) item 8) | Amended by No 14 of 2022, effective sch 5 (items 1, 2): 1 Apr 2022 (s 2(1) item 5) sch 5 (item 3): 1 July 2027 (s 2(1) item 6) | Amended by No 28 of 2023, effective sch 4 (items 1, 2): 24 June 2023 (s 2(1) item 4) sch 4 (item 3): 1 July 2028 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-405"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-410", "Provision_Key": "s45-410", "Heading": "Working out amount of instalment—payers of 4 quarterly instalments", "Text": "(1A) This section applies if you are a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax at the end of an * instalment quarter in an income year (the current year ). (1) For the purposes of paragraph 45 ‑ 112(1)(b) or (c), the amount of your instalment for that * instalment quarter in an income year is: (a) the amount worked out, in accordance with this section, on the basis of the estimate of your * benchmark tax for that income year that section 45 ‑ 415 requires to be used, if that amount is positive; or (b) otherwise—nil. Note: If the amount is negative, you can claim a credit under section 45 ‑ 420. First instalment quarter (2) If the * instalment quarter is the first in that income year for which you are liable to pay an instalment, the amount is 25% of the estimate of your * benchmark tax. Second instalment quarter (3) If the * instalment quarter is the second in that income year for which you are liable to pay an instalment, the amount is worked out by subtracting: • the amount of your instalment under section 45 ‑ 112 for the earlier * instalment quarter in that income year; from: • 50% of the estimate of your * benchmark tax. Third instalment quarter (4) If the * instalment quarter is the third in that income year for which you are liable to pay an instalment, the amount is worked out using this method statement. Method statement Step 1. The total of your instalments under section 45 ‑ 112 for earlier * instalment quarters in that income year is subtracted from 75% of the estimate of your * benchmark tax. Step 2. If you were entitled to claim a credit under section 45 ‑ 420 for the second of those earlier * instalment quarters, the amount of the credit is added to the step 1 amount. Fourth instalment quarter (5) If the * instalment quarter is the fourth in that income year for which you are liable to pay an instalment, the amount is worked out using this method statement. Method statement Step 1. The total of your instalments under section 45 ‑ 112 for earlier * instalment quarters in that income year is subtracted from the estimate of your * benchmark tax. Step 2. For each credit that you were entitled to claim under section 45 ‑ 420 for any of those earlier * instalment quarters, the amount of the credit is added to the step 1 amount.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 179 of 1999 | No 73 of 2001", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-410"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-412", "Provision_Key": "s45-412", "Heading": "Working out amount of instalment—payers of 2 quarterly instalments", "Text": "(1) This section applies if you are a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax at the end of an * instalment quarter in an income year. (2) If you are liable to pay an instalment for that quarter, the amount of that instalment for the purposes of paragraph 45 ‑ 112(1)(b) or (c) is: (a) the amount worked out, in accordance with this section, on the basis of the estimate of your * benchmark tax for that income year that section 45 ‑ 415 requires to be used, if that amount is positive; or (b) otherwise—nil. Note: If the amount is negative, you can claim a credit under section 45 ‑ 420. Instalment for third quarter (3) Subject to subsections (5) to (9), the amount of the instalment for the third * instalment quarter in that year is 75% of the estimate of your * benchmark tax. Instalment for fourth quarter (4) Subject to subsections (5) to (9), the amount of the instalment for the fourth * instalment quarter in that year is worked out by subtracting: (a) the amount of your instalment for the earlier instalment quarter in that year; from: (b) the estimate of your * benchmark tax. You receive instalment rate for the first time in second quarter (5) If the Commissioner gives you an instalment rate for the first time during the second * instalment quarter in the income year, the amount of the instalment for the third * instalment quarter in that year is 50% of the estimate of your * benchmark tax. (6) If the Commissioner gives you an instalment rate for the first time during the second * instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting: (a) the amount of your instalment for the earlier instalment quarter in that year; from: (b) 75% of the estimate of your * benchmark tax. You receive instalment rate for the first time in third quarter (7) If the Commissioner gives you an instalment rate for the first time during the third * instalment quarter in the income year, the amount of the instalment for the third instalment quarter in that year is 25% of the estimate of your * benchmark tax. (8) If the Commissioner gives you an instalment rate for the first time during the third * instalment quarter in the income year, the amount of the instalment for the fourth instalment quarter in that year is worked out by subtracting: (a) the amount of your instalment for the earlier instalment quarter in that year; from: (b) 50% of the estimate of your * benchmark tax. You receive instalment rate for the first time in fourth quarter (9) If the Commissioner gives you an instalment rate for the first time during the fourth * instalment quarter in the income year, the amount of the instalment for that quarter is 25% of the estimate of your * benchmark tax.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-412"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-415", "Provision_Key": "s45-415", "Heading": "Estimating your benchmark tax", "Text": "(1) If you choose under paragraph 45 ‑ 112(1)(b) to work out the amount of your instalment for an * instalment quarter in an income year on the basis of your estimate of your * benchmark tax for that income year, you must make the estimate on or before the day on which the instalment is due (disregarding subsection 45 ‑ 112(3)). (2) Having done so, you must use that estimate to work out the amount of that instalment. (You cannot later make another estimate for working out that amount.) Note: If your estimate leads you to pay an instalment that is too low, you may be liable to general interest charge under section 45 ‑ 232. (3) The Commissioner must also use that estimate to work out under this Subdivision the amount of each instalment: (a) that you are liable to pay for a later * instalment quarter in that income year; and (b) whose amount he or she must notify to you under paragraph 45 ‑ 112(1)(c); unless a later application of this subsection requires him or her to use a later estimate you make under subsection (1) of this section. Note: This means that if an estimate you have made is not appropriate for a later instalment quarter in the same income year, you should choose under paragraph 45 ‑ 112(1)(b) to work out the amount of your instalment for that later quarter on the basis of a new estimate under this section. If the instalment that the Commissioner works out on the basis of the earlier estimate is too low, you may be liable to general interest charge under section 45 ‑ 232.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-415"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-420", "Provision_Key": "s45-420", "Heading": "Credit in certain cases where amount of instalment is nil", "Text": "(1) You are entitled to claim a credit if the amount of your instalment for an * instalment quarter (the current quarter ) in an income year is nil because the amount worked out for the current quarter in accordance with section 45 ‑ 410 or 45 ‑ 412 (as appropriate) is negative. The amount of the credit is equal to that amount, expressed as a positive amount. (2) A claim for a credit must be made in the * approved form on or before the day on which the instalment for the current quarter is due. Note: How the credit is applied is set out in Division 3 of Part IIB.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 179 of 1999 | No 73 of 2001", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-420"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-450", "Provision_Key": "s45-450", "Heading": "Trustees to whom a single instalment rate is given", "Text": "(1) This Part applies to a trustee covered by any of items 4 to 8, and 12 and 13, of the table in section 9 ‑ 1 of the Income Tax Assessment Act 1997 . (2) Such a trustee is called a single ‑ rate trustee . (3) This Part applies to the trustee of a trust that is a * public trading trust, for an income year as if the trustee had a taxable income for the income year equal to the net income of the trust for the income year.", "Amendment_Count": 4, "First_Amended": "No 44 of 2000", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 44 of 2000 | No 73 of 2001 | No 14 of 2009 | No 53 of 2016", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-450"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-455", "Provision_Key": "s45-455", "Heading": "Trustees to whom several instalment rates are given", "Text": "Trustee previously assessed in respect of beneficiary (1) This Part also applies for an income year (the current year ), to the trustee of a trust, in respect of a beneficiary of the trust, if for a previous income year the trustee of the trust was liable to be assessed, and to pay tax, under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of that beneficiary. (2) However, this Part does not apply for the current year to the trustee in respect of that beneficiary if: (a) for that previous income year the trustee was liable to be assessed, and to pay tax, under subsection 98(1) of the Income Tax Assessment Act 1936 in respect of that beneficiary; and (b) that beneficiary will no longer be under a legal disability, or it is reasonable to expect that he or she will no longer be under a legal disability, at the end of the current year. Trustee previously assessed under section 99 or 99A (3) This Part also applies for an income year to the trustee of a trust if for a previous income year the trustee was liable to be assessed, and to pay tax, under section 99 or 99A of the Income Tax Assessment Act 1936 . Multiple applications of this Part to the same trustee for the same income year (4) The application of this Part for an income year, to the trustee of a trust, in respect of a beneficiary of the trust, because of subsection (1), is distinct from, and additional to, each of the following: (a) the application of this Part for that income year, to the trustee of the trust, in respect of another beneficiary; (b) the application of this Part for that income year, to the trustee of the trust, because of subsection (3); (c) the application of this Part for that income year to a beneficiary of the trust. (5) The application of this Part for an income year, to the trustee of a trust, because of subsection (3), is distinct from, and additional to, each of the following: (a) the application of this Part for that income year, to the trustee of the trust, in respect of a beneficiary of the trust, because of subsection (1); (b) the application of this Part for that income year to a beneficiary of the trust. (6) A multi ‑ rate trustee is a trustee to whom this Part applies because of this section.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-455"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-460", "Provision_Key": "s45-460", "Heading": "Rest of Subdivision applies only to multi ‑ rate trustees", "Text": "The rest of this Subdivision applies to you if, and only if, you are a * multi ‑ rate trustee. (It applies instead of Subdivisions 45 ‑ J and 45 ‑ K.) Note: Except as provided in the rest of this Subdivision or elsewhere, this Part applies according to its terms to a multi ‑ rate trustee. For example, a multi ‑ rate trustee can become an annual payer under Subdivision 45 ‑ E.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-460"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-465", "Provision_Key": "s45-465", "Heading": "Meaning of instalment income", "Text": "Your instalment income for a period is the whole of the trust’s * instalment income for that period.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-465"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-468", "Provision_Key": "s45-468", "Heading": "Multi ‑ rate trustee may pay quarterly instalments", "Text": "Subdivision 45 ‑ D (about quarterly payers) applies to you in the same way as it applies to an individual. Note: This means that a multi ‑ rate trustee may pay instalments on the basis of GDP ‑ adjusted notional tax if the trustee otherwise satisfies the relevant test that applies to an individual.", "Amendment_Count": 3, "First_Amended": "No 44 of 2000", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 44 of 2000 | No 73 of 2001 | No 57 of 2002", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 57 of 2002, effective sch 12 (items 36, 37): 15 Dec 2001 (s 2(1) items 40, 41) sch 12 (items 87 ‑ 94): 3 July 2002 (s 2(1) item 66)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-468"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-470", "Provision_Key": "s45-470", "Heading": "Working out instalment rate", "Text": "(1) An instalment rate that the Commissioner gives you must be the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula: However, the instalment rate must be a nil rate if either component of the formula is nil. (2) For the purposes of the formula in subsection (1): base assessment instalment income means so much of the assessable income of the trust, as worked out for the purposes of the * base assessment, as the Commissioner determines is * instalment income of the trust for the * base year. (3) The base assessment is the latest assessment for the most recent income year for which an assessment has been made of the tax payable by you: (a) under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of the same beneficiary; or (b) under section 99 or 99A of the Income Tax Assessment Act 1936 ; as appropriate. (4) However, if the Commissioner is satisfied that there is a later income year for which no tax is payable as mentioned in subsection (3), the base assessment is the latest return or other information from which an assessment of tax so payable for that income year would have been made. (5) The base year is the income year to which the * base assessment relates.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-470"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-473", "Provision_Key": "s45-473", "Heading": "Commissioner must notify you of notional tax", "Text": "When the Commissioner gives you the instalment rate, he or she must also notify you of the amount of your * notional tax, as worked out for the purposes of working out the instalment rate.", "Amendment_Count": 2, "First_Amended": "No 44 of 2000", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 44 of 2000 | No 81 of 2016", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-473"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-475", "Provision_Key": "s45-475", "Heading": "Working out your notional tax", "Text": "Notional tax if no withholding income (1) Your notional tax is your * adjusted tax (worked out under section 45 ‑ 340) on your * adjusted taxable income (worked out under section 45 ‑ 480) for the * base year. Notional tax if trust has withholding income (2) However, your notional tax (as worked out under subsection (1)) is reduced if the trust’s assessable income for the * base assessment includes amounts in respect of * withholding payments (except * non ‑ quotation withholding payments). (3) It is reduced (but not below nil) by your * adjusted tax (worked out under section 45 ‑ 340) on your * adjusted withholding income (worked out under section 45 ‑ 485) for the * base year. Commissioner may take into account actual and proposed changes to the law (4) Subsections 45 ‑ 325(4) and (5) apply for the purposes of working out your * notional tax under this section.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-475"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-480", "Provision_Key": "s45-480", "Heading": "Working out your adjusted taxable income", "Text": "(1) Your adjusted taxable income for the * base year is worked out using the formula: (2) For the purposes of the formula in subsection (1): adjusted net income of the trust means the net income of the trust, as worked out for the purposes of the * base assessment and: (a) reduced by any * net capital gain included in the trust’s assessable income as so worked out; and (b) increased by any deductions for * tax losses that were made in so working out that net income; and (c) reduced by the amount of any tax loss, to the extent that it is * unutilised at the end of the * base year. reduced net income of the trust means the net income of the trust, as worked out for the purposes of the * base assessment and reduced by any * net capital gain included in the trust’s assessable income as so worked out. relevant share means the * reduced beneficiary’s share, or the * reduced no beneficiary’s share, as appropriate, of the net income of the trust, as worked out for the purposes of the * base assessment.", "Amendment_Count": 2, "First_Amended": "No 44 of 2000", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 44 of 2000 | No 88 of 2013", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-480"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-483", "Provision_Key": "s45-483", "Heading": "Meaning of reduced beneficiary’s share and reduced no beneficiary’s share", "Text": "(1) If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under subsection 98(1) or (2) of the Income Tax Assessment Act 1936 in respect of a particular beneficiary, the reduced beneficiary’s share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a * net capital gain included in the trust’s assessable income for that income year. (2) If the trustee of a trust is liable to be assessed, and to pay tax, for an income year under section 99 or 99A of the Income Tax Assessment Act 1936 , the reduced no beneficiary’s share of the net income is the amount on which the trustee is so liable to be assessed and to pay tax, except so much of that amount as is attributable to a * capital gain made by the trust during that income year.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-483"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-485", "Provision_Key": "s45-485", "Heading": "Working out your adjusted withholding income", "Text": "(1) Your adjusted withholding income for the * base year is worked out using the formula: (2) For the purposes of the formula in subsection (1): net withholding income of the trust means: • the total of the amounts included in the trust’s assessable income for the * base assessment in respect of * withholding payments (except * non ‑ quotation withholding payments); reduced by: • the trust’s deductions for that year, as used in making that assessment, to the extent that they reasonably relate to those amounts. reduced net income of the trust has the meaning given by subsection 45 ‑ 480(2). relevant share has the meaning given by subsection 45 ‑ 480(2).", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-485"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-525", "Provision_Key": "s45-525", "Heading": "When Commissioner works out benchmark instalment rate and benchmark tax", "Text": "(1) The Commissioner may work out your * benchmark instalment rate for an income year (the variation year ) if, under section 45 ‑ 205, you choose an instalment rate to work out the amount of your instalment for an * instalment quarter in that year. (2) The Commissioner may work out your * benchmark tax for an income year (the variation year ) if, under paragraph 45 ‑ 112(1)(b) or (c), the amount of your instalment for an * instalment quarter in an income year is worked out on the basis of your estimate of your * benchmark tax for that income year. (3) The Commissioner may work out your * benchmark tax for an income year (the variation year ) if, under paragraph 45 ‑ 115(1)(c), you estimate the amount of your annual instalment for that year.", "Amendment_Count": 2, "First_Amended": "No 44 of 2000", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 44 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-525"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-530", "Provision_Key": "s45-530", "Heading": "How Commissioner works out benchmark instalment rate", "Text": "(1) Your benchmark instalment rate for the variation year is the percentage worked out to 2 decimal places (rounding up if the third decimal place is 5 or more) using the formula: However, your benchmark instalment rate is a nil rate if either component of the formula is nil. (2) For the purposes of the formula in subsection (1): variation year instalment income means so much of the trust’s assessable income for the variation year as the Commissioner determines is * instalment income for that year.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-530"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-535", "Provision_Key": "s45-535", "Heading": "Working out your benchmark tax", "Text": "Benchmark tax if no withholding income (1) Your benchmark tax is your * adjusted assessed tax (worked out under section 45 ‑ 375) on the * reduced beneficiary’s share, or the * reduced no beneficiary’s share, as appropriate, of the net income of the trust for the variation year. Benchmark tax if you had withholding income (2) However, your benchmark tax (as worked out under subsection (1)) is reduced if the trust’s assessable income for the variation year includes amounts in respect of * withholding payments. (3) It is reduced (but not below nil) by the total amount of the credits to which you are entitled for the variation year under section 18 ‑ 25 (for amounts withheld from the withholding payments).", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-535"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-595", "Provision_Key": "s45-595", "Heading": "Object of this Subdivision", "Text": "(1) The object of this Subdivision is to penalise an entity whose * tax position, so far as it relates to * PAYG instalments (and related credits and * general interest charge), is altered by a * scheme that is inconsistent with: (a) the purposes and objects of this Part ; or (b) the purposes and objects of any relevant provisions of this Part; (whether those purposes and objects are stated expressly or not). (2) This Subdivision is not intended to apply to a straightforward use of structural features of this Part if that use is consistent with the purposes and objects mentioned in subsection (1). (3) This Subdivision is to be interpreted and applied accordingly.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-595"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-597", "Provision_Key": "s45-597", "Heading": "Effect of Subdivision in relation to instalment months", "Text": "This Subdivision has effect in relation to an * instalment month in the same way in which it has effect in relation to an * instalment quarter.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-597"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-600", "Provision_Key": "s45-600", "Heading": "General interest charge on tax benefit relating to instalments", "Text": "(1) You are liable to pay the * general interest charge under section 45 ‑ 620 if: (a) you get a * tax benefit from a * scheme; and (b) the tax benefit relates to a * component of your * tax position for an income year, and that component is covered by section 45 ‑ 610; and (c) having regard to the matters referred to in subsection (3), it would be concluded that an entity that entered into or carried out the scheme (or part of it) did so for the sole or dominant purpose of: (i) an entity (whether you, that entity or another entity) getting one or more tax benefits from the scheme; or (ii) 2 or more entities (whether or not including you or that entity) each getting one or more tax benefits from the scheme. (2) It does not matter: (a) whether or not you entered into or carried out the * scheme (or part of it); or (b) whether the entity that entered into or carried out the scheme (or part of it) did so alone or together with one or more others; or (c) whether the scheme (or any part of it) was entered into or carried out inside or outside Australia; or (d) whether or not the * tax benefit you got is of the same kind as a tax benefit mentioned in paragraph (1)(c). Matters to be considered in determining purpose of scheme (3) In considering an entity’s purpose in entering into or carrying out a * scheme (or part of one), have regard to these matters: (a) the manner in which the scheme or part was entered into or carried out; (b) the form and substance of the scheme, including: (i) the legal rights and obligations involved in the scheme; and (ii) the economic and commercial substance of the scheme; (c) the purposes and objects of this Part and of any relevant provisions of this Part (whether those purposes and objects are stated expressly or not); (d) the timing of the scheme; (e) the period over which the scheme was entered into and carried out; (f) the effect that this Act would have in relation to the scheme apart from this Subdivision; (g) any change in your financial position that has resulted from the scheme, or may reasonably be expected to result from it; (h) any change that has resulted from the scheme, or may reasonably be expected to result from it, in the financial position of an entity that has or had a connection or dealing with you, whether the connection or dealing is or was of a family, business or other nature; (i) any other consequence for you, or for such an entity, of the scheme having been entered into or carried out; (j) the nature of the connection between you and such an entity, including the question whether the dealing is or was at * arm’s length. GIC is payable on each of 2 or more tax benefits (4) If you get 2 or more * tax benefits from the * scheme, this section has a separate application to each of them.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-600"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-605", "Provision_Key": "s45-605", "Heading": "When do you get a tax benefit from a scheme?", "Text": "(1) This section describes how to work out whether you get a tax benefit from a * scheme and, if so, the amount of the tax benefit. (2) First, determine your actual * tax position for an income year (apart from this Subdivision). (3) Next, determine your * hypothetical tax position for the same income year (apart from this Subdivision). (4) Then compare each * component of the 2 positions. If the amount of that component of the actual * tax position is lower than the amount of that component of the * hypothetical tax position, the difference between the 2 amounts is a tax benefit that you get from the * scheme. Note 1: The difference between the 2 amounts is not a tax benefit to the extent that it is attributable to certain things for which the income tax law expressly provides. See section 45 ‑ 635. Note 2: An entity may get 2 or more tax benefits from the same scheme. One reason is that the scheme may affect 2 or more components of the entity’s tax position for an income year. Another reason is that the scheme may affect the tax position for 2 or more income years.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-605"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-610", "Provision_Key": "s45-610", "Heading": "What is your tax position for an income year?", "Text": "Your tax position for an income year consists of a number of components . The table sets out each component, and how to work out the amount of the component. Components of your tax position that relate to PAYG instalments and credits Item Each of these is a component : The amount of that component is: 1 Your instalment for each * instalment quarter in the income year is a quarterly instalment component . The amount worked out as follows: (a) if you are liable to pay an instalment for that instalment quarter—the amount of the instalment; or (b) if for any reason you are not liable to pay an instalment for that instalment quarter—nil (even if you are an * annual payer or a * quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax); or (c) if you are entitled to claim a credit for that instalment quarter under section 45 ‑ 420 (because the instalment for that quarter is to be worked out on the basis of your estimated benchmark tax)—the amount of the credit (expressed as a negative amount). 2 Your annual instalment for the income year is the annual instalment component . The amount worked out as follows: (a) if you are liable to pay an annual instalment for the income year—the amount of the instalment; or (b) if for any reason you are not liable to pay an annual instalment for the income year—nil (even if you are a * quarterly payer). 3 A variation credit component is a credit arising under section 45 ‑ 215 because the amount of your instalment for an * instalment quarter in the income year is to be worked out using an instalment rate you chose under section 45 ‑ 205. The amount worked out as follows: (a) if you are entitled to the credit—the amount of the credit (expressed as a negative amount); or (b) otherwise—nil. 4 A variation GIC component is the * general interest charge you are liable to pay under: (a) subsection 45 ‑ 230(2) (varied instalment rate); or (b) subsection 45 ‑ 232(2) (estimated benchmark tax); or (c) subsection 45 ‑ 235(2) or (3) (annual instalment); because of how your instalment for an * instalment quarter in the income year, or for the income year, was worked out. The amount worked out as follows: (a) if you are liable to pay the charge—the amount of the charge; or (b) otherwise—nil. Example: A scheme results in X Pty Ltd being able to choose to be an annual payer for the 2000 ‑ 01 income year. The following table shows the actual tax position of X Pty Ltd for that year, and also its hypothetical tax position as defined in section 45 ‑ 615. X Pty Ltd has got 4 tax benefits from the scheme: one for each of the 4 instalment quarters. 2000 ‑ 01 income year For this component: The amount of that component of the actual tax position is: The amount of that component of the hypothetical tax position is: Quarterly instalment component for first instalment quarter nil $3,000 Quarterly instalment component for second instalment quarter nil $4,000 Quarterly instalment component for third instalment quarter nil $3,000 Quarterly instalment component for fourth instalment quarter nil $2,000 Annual instalment component $12,000 nil", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 89 of 2000 | No 73 of 2001", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-610"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-615", "Provision_Key": "s45-615", "Heading": "What is your hypothetical tax position for an income year?", "Text": "Your hypothetical tax position for an income year is what would have been, or what could reasonably be expected to have been, your * tax position for the income year if the * scheme had not been entered into or carried out.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-615"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-620", "Provision_Key": "s45-620", "Heading": "Amount on which GIC is payable, and period for which it is payable", "Text": "(1) You are liable to pay the * general interest charge on twice the * tax benefit mentioned in paragraph 45 ‑ 600(1)(a). Note 1: To the extent that you also got a tax detriment from the scheme, you get a credit: see section 45 ‑ 625. Note 2: In special circumstances the Commissioner can remit some or all of the general interest charge: see section 45 ‑ 640. (2) You are liable to pay the charge for each day in the period that: (a) started at the beginning of the day by which your instalment for the period mentioned in the applicable item of the table in section 45 ‑ 610 was due to be paid, or would have been due to be paid if you had been liable to pay an instalment for that period; and (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid. (3) The Commissioner must give you written notice of the * general interest charge to which you are liable under subsection (1). You must pay the charge within 14 days after the notice is given to you. (4) If any of the * general interest charge to which you are liable under subsection (1) remains unpaid at the end of the 14 days referred to in subsection (3), you are also liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) starts at the end of those 14 days; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the unpaid amount; (ii) general interest charge on the unpaid amount.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-620"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-625", "Provision_Key": "s45-625", "Heading": "Credit if you also got a tax detriment from the scheme", "Text": "(1) You are entitled to a credit if: (a) you are liable to pay * general interest charge under section 45 ‑ 620 because you got one or more * tax benefits from the * scheme; and (b) the Commissioner is satisfied that: (i) you got a * tax detriment from the scheme; and (ii) the tax detriment relates to a * component of your * tax position for an income year, and that component is covered by section 45 ‑ 610. (It does not matter whether that income year is the same as the one referred to in section 45 ‑ 600.) Note: How the credit is applied is set out in Division 3 of Part IIB. (2) The credit is equal to the * general interest charge on twice the amount of the * tax detriment for each day in the period that: (a) started at the beginning of the day by which your instalment for the period mentioned in the item of the table in section 45 ‑ 610 that applies for the purposes of working out the amount of the tax detriment: (i) was due to be paid; or (ii) would have been due to be paid if you had been liable to pay an instalment for that period; and (b) finishes at the end of the day on which your assessed tax for the income year is due to be paid. (3) However, the credit cannot exceed the total * general interest charge you are liable to pay under section 45 ‑ 620 because you got one or more * tax benefits from the * scheme. Credit for each of 2 or more tax detriments (4) If you get 2 or more * tax detriments from the scheme, subsections (1) and (2) have a separate application to each of them. However, the total of the credits cannot exceed the total * general interest charge referred to in subsection (3).", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-625"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-630", "Provision_Key": "s45-630", "Heading": "When do you get a tax detriment from a scheme?", "Text": "(1) This section describes how to work out whether you get a tax detriment from a * scheme and, if so, the amount of the tax detriment. (2) First, determine your actual * tax position for an income year (apart from this Subdivision). (3) Next, determine your * hypothetical tax position for the same income year (apart from this Subdivision). (4) Then compare each * component of the 2 positions. If the amount of that component of the actual * tax position is higher than the amount of that component of the * hypothetical tax position, the difference between the 2 amounts is a tax detriment that you get from the * scheme. Example: In the fact situation in the example in section 45 ‑ 610, X Pty Ltd gets a tax detriment from the scheme for the annual instalment component of its tax position for the income year. Note 1: The difference between the 2 amounts is not a tax detriment to the extent that it is attributable to certain things for which the income tax law expressly provides. See section 45 ‑ 635. Note 2: An entity may get 2 or more tax detriments from the same scheme. One reason is that the scheme may affect 2 or more components of the entity’s tax position for an income year. Another reason is that the scheme may affect the tax position for 2 or more income years.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 89 of 2000 | No 84 of 2013", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 84 of 2013, effective sch 8 (items 33 ‑ 37): 28 June 2013 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-630"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-635", "Provision_Key": "s45-635", "Heading": "No tax benefit or detriment results from choice for which income tax law expressly provides", "Text": "Choice under the income tax law generally (1) The difference between the 2 amounts referred to in subsection 45 ‑ 605(4) or 45 ‑ 630(4) is not a * tax benefit or * tax detriment if there would have been no difference between the 2 amounts but for one or more matters covered by subsection (3). (2) The difference between the 2 amounts is not a * tax benefit or * tax detriment to the extent that the difference between the 2 amounts would have been less but for one or more matters covered by subsection (3). (3) This subsection covers: (a) an entity making an agreement, choice, declaration, election or selection; or (b) an entity giving a notice or exercising an option; for which this Act expressly provides. However, this subsection does not cover an entity doing such a thing under: (c) Subdivision 126 ‑ B (about CGT roll ‑ overs involving certain companies in the same wholly ‑ owned group) of the Income Tax Assessment Act 1997 ; or (d) Subdivision 170 ‑ B of that Act (about transferring a net capital loss between certain companies in the same wholly ‑ owned group). Matters excluded in applying subsection (1) or (2) (4) Subsection (1) or (2) does not apply to a matter covered by subsection (3) if an entity entered into or carried out the * scheme (or part of it) for the sole or dominant purpose of creating a circumstance or state of affairs whose existence is necessary for the entity referred to in subsection (3): (a) to make the agreement, choice, declaration, election or selection; or (b) to give the notice or exercise the option. Choice under some CGT provisions (5) The difference between the 2 amounts is not a * tax benefit or * tax detriment if: (a) there would have been no difference between the 2 amounts but for one or more matters covered by subsection (7); and (b) the * scheme consisted wholly of that matter or those matters. (6) Also, the difference between the 2 amounts is not a * tax benefit or * tax detriment to the extent that the difference between the 2 amounts would have been less but for one or more matters covered by subsection (7), but only if the * scheme consisted wholly of that matter or those matters. (7) This subsection covers: (a) a choice made under Subdivision 126 ‑ B (about CGT roll ‑ overs involving certain companies in the same wholly ‑ owned group) of the Income Tax Assessment Act 1997 ; or (b) an agreement made under Subdivision 170 ‑ B of that Act (about transferring a net capital loss between certain companies in the same wholly ‑ owned group);", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 89 of 2000 | No 117 of 2002", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1)) | Amended by No 117 of 2002, effective sch 11 (items 12 ‑ 15), sch 14 (items 14, 15): 24 Oct 2002 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-635"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-640", "Provision_Key": "s45-640", "Heading": "Commissioner may remit general interest charge in special cases", "Text": "(1) The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any * general interest charge payable under section 45 ‑ 620. (2) If the Commissioner does so, section 45 ‑ 625 (about credits for tax detriments from schemes) applies, and is taken always to have applied, as if the remitted amount had never been payable.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective sch 2 (items 114, 116), sch 7: 22 Dec 1999 (s 2(6), (10)) sch 2 (items 115, 117): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-640"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-700", "Provision_Key": "s45-700", "Heading": "What this Subdivision is about", "Text": "This Subdivision allows the members of a consolidated group to be treated as a single entity for the purposes of Pay as you go (PAYG) instalments. Generally, the head company of the group is the entity liable to pay PAYG instalments. The PAYG instalments provisions in this Part apply to the head company in much the same way as they apply to any other company. However, the operation of some of these provisions is modified by this Subdivision. This Subdivision also contains special rules to deal with changes in the membership of the group. Note 1: Subdivision 45 ‑ R contains special rules that apply to members of a consolidated group before they are treated as a single entity for the purposes of this Part. It also contains special rules that affect the operation of this Subdivision (see sections 45 ‑ 880 and 45 ‑ 885). Note 2: Subdivision 45 ‑ S extends the operation of this Subdivision so that it can apply to members of a MEC group. It contains modifications of this Subdivision for the purposes of that extended operation. Table of sections Application of Subdivision 45 ‑ 703 Effect of this Subdivision and Subdivision 45 ‑ R in relation to monthly payers 45 ‑ 705 Application of Subdivision to head company Usual operation of this Part for consolidated group members 45 ‑ 710 Single entity rule 45 ‑ 715 When instalments are due—modification of section 45 ‑ 61 45 ‑ 720 Head company cannot be an annual payer—modification of section 45 ‑ 140 Membership changes 45 ‑ 740 Change of head company 45 ‑ 755 Entry rule (for an entity that becomes a subsidiary member of a consolidated group) 45 ‑ 760 Exit rule (for an entity that ceases to be a subsidiary member of a consolidated group) 45 ‑ 775 Commissioner’s power to work out different instalment rate or GDP ‑ adjusted notional tax", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-700"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-703", "Provision_Key": "s45-703", "Heading": "Effect of this Subdivision and Subdivision 45 ‑ R in relation to monthly payers", "Text": "(1) If: (a) a company is the * head company of a * consolidated group; and (b) the company is a * monthly payer; this Subdivision and Subdivision 45 ‑ R have effect in relation to the company as the head company of the group in respect of an * instalment month in the same way in which they have effect in relation to a company that is a * quarterly payer as the head company of a consolidated group in respect of an * instalment quarter. (2) If: (a) an entity is a * subsidiary member of a * consolidated group; and (b) the entity is a * monthly payer; this Subdivision and Subdivision 45 ‑ R have effect in relation to the entity in respect of an * instalment month in the same way in which they have effect in relation to an entity that is a * quarterly payer in respect of an * instalment quarter. (3) However, those effects are subject to any modifications set out in those Subdivisions. Note: Subdivision 45 ‑ S can also have effect in relation to a monthly payer because of the operation of this section and section 45 ‑ 910.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-703"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-705", "Provision_Key": "s45-705", "Heading": "Application of Subdivision to head company", "Text": "Period during which Subdivision applies to head company (1) Subject to sections 45 ‑ 880 and 45 ‑ 885, this Subdivision applies to a company as the * head company of a * consolidated group during the period: (a) starting at the start of the * instalment quarter of the company determined under subsection (2), (3) or (4); and (b) ending: (i) at the end of the instalment quarter of the company determined under paragraph (5)(a) or (b); or (ii) just before the instalment quarter of the company determined under paragraph (5)(c) or (d). When the period begins—initial head company instalment rate (2) This Subdivision starts to apply to a company as the * head company of a * consolidated group at the start of an * instalment quarter under this subsection if, during that quarter, the Commissioner gives the company (as that head company) the * initial head company instalment rate. Note: The operation of this subsection may be affected by section 45 ‑ 885. When the period begins—group created from MEC group (3) This Subdivision starts to apply to a company as the * head company of a * consolidated group at the start of an * instalment quarter (the starting quarter ) under this subsection if all of the following conditions are satisfied: (a) the consolidated group is * created from a * MEC group during the starting quarter; (b) the company is the head company of the consolidated group when the consolidated group is created from the MEC group; (c) either of the following applies: (i) this Subdivision applied, in accordance with Subdivision 45 ‑ S, to the * provisional head company of the MEC group at the end of the previous instalment quarter; (ii) the Commissioner gives the * initial head company instalment rate to the provisional head company of the MEC group during the starting quarter. Note: For the application of this Subdivision to a provisional head company of a MEC group: see section 45 ‑ 915. When the period begins—new head company (4) This Subdivision starts to apply to a company as the * head company of a * consolidated group at the start of an * instalment quarter (the starting quarter ) under this subsection if all of the following conditions are satisfied: (a) the company is an interposed company mentioned in subsection 615 ‑ 30(2) of the Income Tax Assessment Act 1997 ; (b) the company chooses under that subsection that the consolidated group is to continue in existence at and after the completion time mentioned in that subsection; (c) the completion time occurs during the starting quarter; (d) one of the following subparagraphs applies: (i) this Subdivision applied to the original entity mentioned in that subsection (as the head company of the consolidated group) at the end of the previous instalment quarter; (ii) the Commissioner gives the * initial head company instalment rate to the original entity mentioned in that subsection (as the head company of the consolidated group) during the starting quarter; (iii) the consolidated group is * created from a * MEC group during the starting quarter and this Subdivision applied to the * provisional head company of the MEC group at the end of the previous instalment quarter; (iv) the consolidated group is created from a MEC group during the starting quarter and the Commissioner gives the initial head company instalment rate to the provisional head company of the MEC group during the starting quarter. When the period begins—modified timing for head company that is monthly payer (4A) Subsection (4B) applies if: (a) apart from subsection (4B), this Subdivision starts to apply to a company as the * head company of a * consolidated group at a particular time because of the operation of subsection (2), (3) or (4); and (b) the company is a * monthly payer; and (c) the Commissioner gave the * initial head company instalment rate as mentioned in subsection (2), subparagraph (3)(c)(ii), subparagraph (4)(d)(ii) or subparagraph (4)(d)(iv) in an * instalment month. (4B) Treat subsection (2), (3) or (4) (as the case requires) as providing that this Subdivision starts to apply to the company as the * head company of the group at the start of the next * instalment month. Note: For the application of this Subdivision to a monthly payer, see section 45 ‑ 703. When the period ends (5) This Subdivision stops applying to a company as the * head company of a * consolidated group at the earliest of the following times after the company becomes the head company: (a) the end of the * instalment quarter during which the consolidated group ceases to exist (other than because a * MEC group is * created from the consolidated group); (b) the end of the instalment quarter during which the Commissioner is notified of the creation of a MEC group from the consolidated group if the MEC group is created during that instalment quarter; (c) just before the instalment quarter during which the Commissioner is notified of the creation of a MEC group from the consolidated group if the MEC group was created before that instalment quarter; (d) just before the instalment quarter that includes the completion time mentioned in subsection 615 ‑ 30(2) of the Income Tax Assessment Act 1997 where an interposed company mentioned in that subsection chooses under that subsection that the consolidated group is to continue in existence. Note: The operation of this subsection because of paragraph (a) may be affected by section 45 ‑ 880. (6) For the purposes of subsection (5), the Commissioner is notified of the creation of a * MEC group from a * consolidated group when the Commissioner receives a notice of the consolidation of the MEC group under subsection 719 ‑ 40(1) of the Income Tax Assessment Act 1997 . (7) If this Subdivision stops applying to a company as the * head company of a * consolidated group just before an * instalment quarter under paragraph (5)(c), then, for the purposes of this Part, this Act has effect for the company and other * members of the group as if: (a) the consolidated group had continued to exist until just before the start of that quarter; and (b) the company were the head company of the group until just before the start of that quarter. (8) To avoid doubt, this Subdivision does not apply to a company as the * head company of a * consolidated group for any time at all if: (a) subsection (2), (3) or (4), and subsection (5), would, apart from this subsection, apply to the company; but (b) the time at which this Subdivision would stop applying to the company under subsection (5) is before the time at which this Subdivision would start to apply to the company under subsection (2), (3) or (4). (9) To avoid doubt, and apart from the operation of subsection (7), this Subdivision may apply to a company as the * head company of a * consolidated group at a time when the company is not in fact the head company of the group. Note: An example of this is when an interposed company becomes the new head company of a consolidated group. Under this section and section 45 ‑ 740, this Subdivision may start applying to the company as if it had already become the head company when it is not yet such a company.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 124 of 2013 | No 133 of 2014", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Repealed and substituted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 133 of 2014, effective sch 1 (items 33 ‑ 36, 39), sch 2 (items 4, 5): 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-705"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-710", "Provision_Key": "s45-710", "Heading": "Single entity rule", "Text": "If an entity is a * subsidiary member of a * consolidated group for any period during which this Subdivision applies to the * head company of the group: (a) that entity; and (b) any other subsidiary member of the group; are taken for the purposes of this Part to be parts of that head company (rather than separate entities) during that period. Note: That means, amongst other things, the head company would be liable to pay instalments for that period as if the subsidiary members were parts of the head company.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-710"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-715", "Provision_Key": "s45-715", "Heading": "When instalments are due—modification of section 45 ‑ 61", "Text": "(1) If: (a) the * head company of a * consolidated group is liable to pay an instalment for an * instalment quarter; and (b) this Subdivision applies to the head company during that quarter; then, despite subsection 45 ‑ 61(2), the instalment is due on or before the 21st day of the month after the end of that quarter whether or not the head company is a * deferred BAS payer on that day. (2) Subsection (3) applies if section 45 ‑ 703 applies to the * head company of the * consolidated group (because it is a * monthly payer). (3) Treat the reference in subsection (1) to subsection 45 ‑ 61(2) as instead being a reference to subsection 45 ‑ 67(2).", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 68 of 2002 | No 124 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-715"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-720", "Provision_Key": "s45-720", "Heading": "Head company cannot be an annual payer—modification of section 45 ‑ 140", "Text": "Despite any other provisions in this Part, the * head company of a * consolidated group cannot choose to be an * annual payer under section 45 ‑ 140 while this Subdivision applies to the head company. Note: You stop being an annual payer when this Subdivision starts applying to you as the head company of a consolidated group: see section 45 ‑ 160.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-720"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-740", "Provision_Key": "s45-740", "Heading": "Change of head company", "Text": "Object (1) The object of this section (except subsection (8)) is to ensure that, for the purposes of this Part, when a company becomes the new * head company of a * consolidated group: (a) the company inherits the history of the former head company of the group; and (b) the history of the new head company is effectively ignored. (2) This section applies to a * head company of a * consolidated group if: (a) the company is an interposed company mentioned in subsection 45 ‑ 705(4) (an interposed company that chooses under subsection 615 ‑ 30(2) of the Income Tax Assessment Act 1997 that the consolidated group is to continue in existence at and after the completion time mentioned in that subsection); and (b) the conditions in subsection 45 ‑ 705(4) are satisfied in relation to the interposed company (whether or not this Subdivision applies to the company as the head company of the group for any period of time). (3) Everything that happened before the completion time in relation to the company (the original company ) that was the * head company of the * consolidated group immediately before the completion time: (a) is taken to have happened in relation to the interposed company instead of in relation to the original company; and (b) is taken to have happened in relation to the interposed company instead of what would (apart from this section) be taken to have happened in relation to the interposed company before the completion time; just as if, at all times before the completion time: (c) the interposed company had been the original company; and (d) the original company had been the interposed company. (4) To avoid doubt, subsection (3) also covers everything that, immediately before the completion time, was taken to have happened in relation to the original company because of: (a) section 701 ‑ 1 of the Income Tax Assessment Act 1997 (single entity rule); or (b) section 701 ‑ 5 of that Act (entry history rule); or (c) section 703 ‑ 75 of that Act (effects of an interposed company becoming the * head company of a * consolidated group); or (d) section 719 ‑ 90 of that Act (effects of a change of head company of a * MEC group); or (e) section 45 ‑ 710 in this Schedule (single entity rule for the purposes of this Part), including an application of that section under Subdivision 45 ‑ S in this Schedule; or (f) this section; or (g) section 45 ‑ 920 in this Schedule (effects of a change of * provisional head company of a MEC group for the purposes of this Part); or (h) one or more previous applications of any of the provisions covered by paragraphs (a) to (g). (5) In addition, and without affecting subsection (3): (a) an assessment of the original company for an income year that ends before the income year that includes the completion time; or (b) an amendment of the assessment; is taken to be something that had happened to the interposed company, whether or not the assessment or amendment is made before the completion time. (6) This section has effect for the purposes of applying this Part to * members of the * consolidated group in relation to an * instalment quarter of the interposed company that ends after the completion time. Note: An assessment mentioned in subsection (5) may therefore be taken to be the base assessment of the interposed company for the purposes of this Part. (7) Subsections (1) to (6) are to be disregarded in applying section 45 ‑ 705 (about the application of this Subdivision to a company as the * head company of a * consolidated group). Note: For example, if the Commissioner has given an initial head company instalment rate to the original company during an earlier instalment quarter, the rate is not, despite this section, treated as if it had been given to the interposed company for the purposes of section 45 ‑ 705. Subject to the other provisions in that section, this Subdivision therefore starts applying to the interposed company under subsection 45 ‑ 705(4). Special rule for the original company (8) A provision of this Part that applies on an entity becoming a * subsidiary member of a * consolidated group does not apply to the original company when it is taken to have become such a member at the completion time as a result of section 703 ‑ 70 of the Income Tax Assessment Act 1997 . Note: Section 45 ‑ 755 (the entry rule) therefore does not apply to the original company on the company becoming a subsidiary member of the consolidated group.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 16 of 2003 | No 133 of 2014", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 133 of 2014, effective sch 1 (items 33 ‑ 36, 39), sch 2 (items 4, 5): 12 Dec 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-740"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-755", "Provision_Key": "s45-755", "Heading": "Entry rule (for a n entity that becomes a subsidiary member of a consolidated group)", "Text": "(1) Despite any other provisions in this Part, an entity is liable to pay an instalment for an * instalment quarter or income year (as appropriate) during which the entity becomes a * subsidiary member of a * consolidated group if: (a) this Subdivision applies to the * head company of the group at any time during that quarter or year (as appropriate); and (b) the entity would otherwise be liable to pay an instalment for that quarter or year (as appropriate) if it had not become a subsidiary member of the group; and (c) the entity becomes a subsidiary member of the group on a day other than the first day of that quarter or the first day of that year (as appropriate). Note: Under paragraph (b), this section could apply to an entity that, at the time of becoming a subsidiary member of the group, was not a subsidiary member of another consolidated group, or was a member of another consolidated group but this Subdivision did not apply to the head company of that other group at that time. Modifications for a quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax (2) Subsections (3) and (4) apply to the entity if: (a) the entity would have been a * quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax at the end of the * instalment quarter mentioned in subsection (1) if it had not become a * subsidiary member of the group; and (b) the amount of the instalment payable by the entity for that quarter would have been worked out under paragraph 45 ‑ 112(1)(b); and (c) that quarter is not the fourth instalment quarter in an income year. (3) For the purposes of working out the amount of the instalment payable by the entity for that * instalment quarter, subsection 45 ‑ 410(5) applies to the entity as if that quarter were the fourth instalment quarter in the income year for which the entity is liable to pay an instalment. (4) For the purposes of working out the * acceptable amount of the entity’s instalment for that instalment quarter, subsection 45 ‑ 232(3) applies to the entity as if that quarter were the fourth instalment quarter in the income year for which the entity is liable to pay an instalment.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-755"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-760", "Provision_Key": "s45-760", "Heading": "Exit rule (for an entity that ceases to be a subsidiary member of a consolidated group)", "Text": "(1) This section applies to an entity if all of the following conditions are satisfied: (a) the entity ceases to be a * subsidiary member of a * consolidated group during an * instalment quarter of the * head company of the group; (b) this Subdivision applies to the head company of the group during that instalment quarter; (c) the entity does not, at the time it ceases to be a subsidiary member of the group, become: (i) a subsidiary member of another consolidated group the head company of which is one to which this Subdivision applies at that time; or (ii) a member (other than the * provisional head company) of a * MEC group the provisional head company of which is one to which this Subdivision applies, in accordance with Subdivision 45 ‑ S, at that time; (d) this Part applies to the entity under section 45 ‑ 10. (2) This Part applies to the entity as if: (a) the Commissioner had given the entity an instalment rate equal to the most recent instalment rate given to the * head company mentioned in paragraph (1)(a) before the end of the * instalment quarter mentioned in that paragraph; and (b) the entity were a * quarterly payer who pays on the basis of instalment income at the end of that instalment quarter, and of each subsequent instalment quarter, until: (i) if the Commissioner first gives the entity an instalment rate worked out on the basis of the * base assessment covered by subsection (3) during the first instalment quarter of an income year—immediately before the end of that first instalment quarter; or (ii) if that rate is given to the entity during any other instalment quarter of an income year—immediately after the end of the last instalment quarter of that year. (3) This section only covers the first * base assessment of the entity for an income year that is, or includes, a period after the entity ceases to be a * subsidiary member of the group.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-760"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-775", "Provision_Key": "s45-775", "Heading": "Commissioner’s power to work out different instalment rate or GDP ‑ adjusted notional tax", "Text": "(1) This section applies if any of the following changes (the membership change ) occurs in relation to a * consolidated group while this Subdivision applies to the * head company of the group: (a) an entity becomes a * subsidiary member of the group or a number of entities become subsidiary members of the group; (b) an entity ceases to be a subsidiary member of the group or a number of entities cease to be subsidiary members of the group. (2) If the Commissioner, having regard to the object of this Part and the membership change, is of the opinion that it would be reasonable to do so, the Commissioner may work out: (a) an instalment rate that is higher, or lower, than the most recent instalment rate given by the Commissioner to the * head company under section 45 ‑ 15; or (b) an amount of * GDP ‑ adjusted notional tax that is higher, or lower, than the amount of GDP ‑ adjusted notional tax worked out for the purposes of the most recent amount of instalment notified by the Commissioner to the head company under paragraph 45 ‑ 112(1)(a). (3) The new instalment rate or amount of * GDP ‑ adjusted notional tax must be a rate or amount that, in the opinion of the Commissioner, is reasonable having regard to the object of this Part and the membership change. Note 1: Subdivision 45 ‑ J does not apply for the purpose of working out an instalment rate under this section. Note 2: Section 45 ‑ 405 does not apply for the purpose of working out an amount of GDP ‑ adjusted notional tax under this section. Additional applications of subsection (2) (4) If, after exercising the power in relation to the membership change under subsection (2) for the first time, and on the basis of an assessment (including an amendment) of the * head company for the income year in which the change occurs, or for an earlier year, the Commissioner has worked out: (a) another instalment rate under section 45 ‑ 320 for the company (whether or not the Commissioner has given that rate to the company); or (b) another amount of * GDP ‑ adjusted notional tax under section 45 ‑ 405 for the company (whether or not the Commissioner has notified the company an amount of instalment based on that other amount); the Commissioner may again exercise the power under subsection (2) in relation to the membership change, as if: (c) the rate mentioned in paragraph (a) were the most recent instalment rate mentioned in paragraph (2)(a); and (d) the amount of GDP ‑ adjusted notional tax mentioned in paragraph (b) were the amount of GDP ‑ adjusted notional tax worked out for the purposes of the most recent amount of instalment that is mentioned in paragraph (2)(b). (5) To avoid doubt, in relation to the membership change, the Commissioner: (a) may exercise the power under subsection (2) by applying subsection (4) more than once; but (b) must not exercise that power more than once in relation to a particular instalment rate mentioned in paragraph (4)(a) or a particular amount of * GDP ‑ adjusted notional tax mentioned in paragraph (4)(b).", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-775"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-850", "Provision_Key": "s45-850", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with the application of this Part to members of a consolidated group after the group has come into existence but before the members are treated as a single entity for the purposes of this Part. This Subdivision also contains special rules in relation to the application of Subdivision 45 ‑ Q to members of a consolidated group in these circumstances: (a) a group whose members were treated as a single entity under that Subdivision (a mature group ) is acquired by another group (see section 45 ‑ 880); or (b) a member of a mature group ceases to be such a member and becomes the head company of a new group (see section 45 ‑ 885). Note: Subdivision 45 ‑ S extends the operation of this Subdivision so that it can apply to members of a MEC group. It contains modifications of this Subdivision for the purposes of that extended operation. Table of sections Operative provisions 45 ‑ 855 Section 701 ‑ 1 disregarded for certain purposes 45 ‑ 860 Member having a different instalment period 45 ‑ 865 Credit rule 45 ‑ 870 Head company’s liability to GIC on shortfall in quarterly instalment 45 ‑ 875 Other rules about the general interest charge 45 ‑ 880 Continued application of Subdivision 45 ‑ Q to the head company of an acquired group 45 ‑ 885 Early application of Subdivision 45 ‑ Q to the head company of a new group", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Repealed and substituted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-850"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-855", "Provision_Key": "s45-855", "Heading": "Section 701 ‑ 1 disregarded for certain purposes", "Text": "If: (a) an amount is required to be worked out for the purpose of determining the * instalment income of an entity that is a * member of a * consolidated group for a period that is all or a part of a * consolidation transitional year for the entity; and (b) the period ends before Subdivision 45 ‑ Q starts to apply, because of subsection 45 ‑ 705(2) or subparagraph 45 ‑ 705(3)(c)(ii), (4)(d)(ii) or (iv), to the * head company of the group; that amount must be worked out without regard to any application of section 701 ‑ 1 of the Income Tax Assessment Act 1997 to the entity in relation to the period.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-855"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-860", "Provision_Key": "s45-860", "Heading": "Member having a different instalment period", "Text": "Different instalment period—instalment quarter (1) If: (a) but for Subdivision 45 ‑ Q, a * subsidiary member of a * consolidated group would be liable to pay an instalment for an * instalment quarter of the subsidiary member that includes the starting time; and (b) that quarter starts before the start of the instalment quarter of the * head company of the group that includes the starting time; then, despite section 45 ‑ 710, the subsidiary member is liable to pay an instalment for that quarter. Different instalment period—income year (2) If: (a) but for Subdivision 45 ‑ Q, a * subsidiary member of a * consolidated group would be liable to pay an annual instalment for an income year of the subsidiary member that includes the starting time; and (b) that year ends before the end of the income year of the * head company of the group that includes the starting time; then, despite section 45 ‑ 710, the subsidiary member is liable to pay an instalment for that year. Assumptions for working out amount of instalment (3) The amount of the instalment must be worked out on the following assumptions: (a) that the * instalment quarter or income year of the * subsidiary member (as appropriate) consists only of the period that is the part of the quarter or year occurring before the starting time; (b) that an amount required to be worked out for the purpose of determining the * instalment income of the subsidiary member for that period is worked out under section 45 ‑ 855. (4) For the purposes of this section, the starting time is the time at which Subdivision 45 ‑ Q starts to apply to the * head company of the group because of subsection 45 ‑ 705(2) or subparagraph 45 ‑ 705(3)(c)(ii), (4)(d)(ii) or (iv).", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 124 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-860"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-865", "Provision_Key": "s45-865", "Heading": "Credit rule", "Text": "(1) When the Commissioner makes an assessment: (a) of the income tax that the * head company of a * consolidated group is liable to pay for a * consolidation transitional year for the head company; or (b) that no income tax is payable by the head company for that year; the head company is, in addition to any credit to which it is entitled under section 45 ‑ 30 for that year, entitled to a credit in relation to instalments payable by an entity that is a * subsidiary member of the group at any time during that year. (2) The credit is equal to: (a) the sum of so much of each instalment payable by the entity (even if it has not paid it) for an * instalment quarter of a * consolidation transitional year for the entity, or for that year, as is reasonably attributable to so much of that quarter or year: (i) which is, or is included in, the consolidation transitional year for the * head company; and (ii) during which the entity is a * subsidiary member of the group; minus (b) the sum of so much of each credit that the entity has claimed under section 45 ‑ 215 or 45 ‑ 420 for each instalment quarter covered by paragraph (a) as is reasonably attributable to: (i) for a credit under section 45 ‑ 215—so much of the preceding instalment quarters of that consolidation transitional year for the entity which is covered by subparagraphs (a)(i) and (ii); or (ii) for a credit under section 45 ‑ 420—so much of that instalment quarter and the preceding instalment quarters of that consolidation transitional year for the entity which is covered by subparagraphs (a)(i) and (ii). (3) To avoid doubt, if: (a) during the * instalment quarter or the * consolidation transitional year mentioned in paragraph (2)(a), the entity is a * subsidiary member of: (i) 2 or more * consolidated groups; or (ii) one or more consolidated groups and one or more * MEC groups; and (b) an amount is taken into account under that paragraph or paragraph (2)(b) in working out the credit to which the * head company of one of the groups is entitled under subsection (1); that amount is not to be taken into account in working out the credit to which the head company of another of those groups is entitled under that subsection. (4) A reference in subsection (3) to subsection (1) or paragraph (2)(a) or (b) includes a reference to that provision in its extended operation in relation to a * MEC group under Subdivision 45 ‑ S. Note: This section applies to members of a MEC group with the modifications set out in section 45 ‑ 930.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 161 of 2005", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-865"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-870", "Provision_Key": "s45-870", "Heading": "Head company’s liability to GIC on shortfall in quarterly instalment", "Text": "Liability for the general interest charge (1) Subject to subsections (3) and (4), the * head company of a * consolidated group is liable to pay the * general interest charge under this section for an * instalment quarter in a * consolidation transitional year for the head company if: (a) the instalment payable by at least one * member of the group for that quarter is worked out: (i) under paragraph 45 ‑ 112(1)(b) or (c); or (ii) by using an instalment rate under section 45 ‑ 205; and (b) the sum of instalments payable by the members of the group for that quarter, reduced by credits claimed by those members under section 45 ‑ 215 or 45 ‑ 420 for that quarter, is less than 17 / 80 of the head company’s * benchmark tax for that consolidation transitional year. Note: 17 / 80 of the head company’s benchmark tax represents an amount that is 85% of one quarter of that benchmark tax. Amount on which the charge is payable (2) Subject to subsections (3) and (4), the * general interest charge is payable on the amount worked out in accordance with the following method statement (if the amount is a positive amount). Method statement Step 1. Work out the amount that is 1 / 4 of the * benchmark tax of the * head company for that * consolidation transitional year of that head company. Step 2. Work out the sum of instalments that would have been payable by all the * members of the group for that * instalment quarter of that * head company if none of the members had worked out its instalment for that quarter under paragraph 45 ‑ 112(1)(b) or (c) or by using an instalment rate under section 45 ‑ 205. Step 3. Work out the sum of instalments payable by all the * members of the group for that * instalment quarter, reduced by credits claimed by the members under section 45 ‑ 215 or 45 ‑ 420 for that quarter. Step 4. Reduce the lesser of the results of steps 1 and 2 by the result of step 3. The result of this step is the amount on which the * general interest charge is payable if it is a positive amount. No general interest charge is payable if the result of this step is nil or a negative amount. Amounts of instalments or credits that are taken into account (3) In working out an amount of instalment or credit for a * subsidiary member of the group for the purposes of any of the following provisions: (a) paragraph (1)(b); (b) step 2 or 3 of the method statement; take into account only an amount of instalment or credit covered by that provision that is reasonably attributable to a period in that * consolidation transitional year of the * head company during which it is a subsidiary member of the group. Members having different instalment quarters (4) In working out an amount of instalment or credit for a * subsidiary member whose * instalment quarters differ from those of the * head company for the purposes of any of the following provisions: (a) paragraph (1)(a) or (b); (b) step 2 or 3 of the method statement; a reference to an instalment quarter in a * consolidation transitional year of the head company in any of those provisions includes a reference to the last instalment quarter of that subsidiary member ending before the end of that instalment quarter of the head company. (5) Subsections (6) and (7) apply if: (a) the * head company of the * consolidated group is a * monthly payer at a time in an * instalment month (the current month ); and (b) any of the other * members of the group (the subsidiary quarterly payers ) are * quarterly payers at a time in the * instalment quarter (the current quarter ) in which the current month starts. (6) Apply the following rules: (a) treat the reference in subsection (1) to an * instalment quarter as being a reference to the current month; (b) treat the references in this section to that quarter (or that instalment quarter) as being references to the current month. (7) Also apply the following rules, for the purposes of subsections (1) to (5): (a) treat the subsidiary quarterly payers as * monthly payers for each * instalment month (a notional instalment month ) that starts (disregarding paragraph (6)(a)) in the current quarter; (b) apply this section separately in relation to each of those notional instalment months; (c) treat the amount of instalment or credit for a subsidiary quarterly payer in respect of a notional instalment month as being the extent to which the amount of instalment or credit for the subsidiary quarterly payer for the current quarter is attributable to that notional instalment month.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 68 of 2002 | No 124 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-870"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-875", "Provision_Key": "s45-875", "Heading": "Other rules about the general interest charge", "Text": "(1) The * general interest charge under section 45 ‑ 870 for an * instalment quarter in an income year is payable by the * head company for each day in the period that: (a) started at the beginning of the day by which the instalment for that quarter was due to be paid; and (b) finishes at the end of the day on which the head company’s assessed tax for that income year is due to be paid. (2) The Commissioner must give the * head company written notice of the * general interest charge. The head company must pay the charge within 14 days after the notice is given to the head company. (3) If any of the * general interest charge remains unpaid at the end of the 14 days, the * head company is also liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) starts at the end of those 14 days; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the unpaid amount; (ii) general interest charge on the unpaid amount. (4) The Commissioner may, if he or she is satisfied that because special circumstances exist it would be fair and reasonable to do so, remit the whole or any part of any * general interest charge payable under section 45 ‑ 870.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-875"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-880", "Provision_Key": "s45-880", "Heading": "Continued application of Subdivision 45 ‑ Q to the head company of an acquired group", "Text": "(1) This section applies to a company for which all of the following conditions are satisfied in relation to a particular time (the takeover time ): (a) just before the takeover time, Subdivision 45 ‑ Q applied to the company as the * head company of a * consolidated group; (b) at the takeover time, the company becomes a * wholly ‑ owned subsidiary of a * member of another consolidated group or * MEC group; (c) that other group is consolidated at or before the takeover time under section 703 ‑ 50 or 719 ‑ 50 of the Income Tax Assessment Act 1997 ; (d) the Commissioner receives the choice (or notice) under that section for the consolidation of that other group not later than 28 days after the takeover time, or within such further period (if any) as the Commissioner allows; (e) at the takeover time, Subdivision 45 ‑ Q (including that Subdivision as applied under Subdivision 45 ‑ S) does not apply to the head company or the * provisional head company of that other group. (2) For the purposes of this Part only, this Act has effect in relation to the company and the other * members of the * consolidated group mentioned in paragraph (1)(a) (the preserved group ) as if, during the period covered by subsection (5): (a) the preserved group had continued to exist as a consolidated group; and (b) the company were still the * head company of the preserved group; and (c) Subdivision 45 ‑ Q had continued to apply to the company as the head company of the preserved group; and (d) an entity, while being a * subsidiary member of the preserved group, were not treated as a member of the group mentioned in paragraph (1)(b) (the new group ). (3) Subsection (2) does not stop the company from being a member of the new group for the purposes of this Part during the period covered by subsection (5). Note: This means, for example, sections 45 ‑ 855 and 45 ‑ 860 apply to the head company as a member of the new group. (4) However, for the purposes of applying section 45 ‑ 855 to the company, a reference in that section to an application of section 701 ‑ 1 of the Income Tax Assessment Act 1997 to the company in relation to the period mentioned in section 45 ‑ 855 is taken to be: (a) a reference only to an application of section 701 ‑ 1 of that Act to the company as a member of the new group during that period; and (b) not a reference to an application (because of subsection (2) of this section) of section 701 ‑ 1 of that Act to the company as the * head company of the preserved group during that period. (5) This subsection covers the period that starts from the start of the * instalment quarter of the company that includes the takeover time and ends at the earlier of the following times: (a) the end of the instalment quarter of the company during which the company ceases to be a member of the new group; (b) just before the instalment quarter of the company during which the Commissioner gives the * initial head company instalment rate to the * head company, or the * provisional head company, of the new group. (6) The Commissioner may, on the application of the company made not later than 28 days after the takeover time, allow such extension of time for the purposes of paragraph (1)(d) as he or she considers appropriate. (7) To avoid doubt, nothing in this section prevents the operation of section 45 ‑ 755 or 45 ‑ 760 to * members of the preserved group while it continues to exist under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-880"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-885", "Provision_Key": "s45-885", "Heading": "Early application of Subdivision 45 ‑ Q to the head company of a new group", "Text": "(1) This section applies to a company for which all of the following conditions are satisfied in relation to a particular time (the starting time ): (a) just before the starting time, the company was a * subsidiary member of a * consolidated group, or a member of a * MEC group; (b) just before the starting time, the consolidated group or MEC group was a mature group (see subsection (4)); (c) at the starting time, either of the following applies: (i) the company ceases to be a subsidiary member of the consolidated group, or a member of the MEC group; (ii) the group ceases to exist (otherwise than because a MEC group or consolidated group is * created from the group, or because its * head company or * provisional head company becomes a * wholly ‑ owned subsidiary of a member of another mature group); (d) at the starting time, the company is the head company of another consolidated group; (e) within 28 days after the starting time, or within such further period (if any) as the Commissioner allows, the Commissioner receives the notice under section 703 ‑ 58 of the Income Tax Assessment Act 1997 in relation to the choice to consolidate, at and after the starting time, that other consolidated group under section 703 ‑ 50 of the Income Tax Assessment Act 1997 . (2) For the purposes of this Part: (a) the instalment rate that the Commissioner is taken to have given to the company under paragraph 45 ‑ 760(2)(a) has effect as if it were the * initial head company instalment rate for the company as the * head company of the * consolidated group mentioned in paragraph (1)(d); and (b) an instalment rate that would otherwise be the initial head company instalment rate for the company as the head company of that consolidated group is not to be treated as that initial head company instalment rate. Note: This means, subject to the provisions in section 45 ‑ 705, Subdivision 45 ‑ Q starts applying to the company as the head company of the consolidated group at the start of the instalment quarter that includes the starting time: see subsection (2) of that section and paragraph 45 ‑ 760(2)(a). (3) The Commissioner may, on the application of the company made within 28 days after the starting time, allow such extension of time for the purposes of paragraph (1)(e) as he or she considers appropriate. Mature group (4) For the purposes of this section, a * consolidated group or a * MEC group is a mature group at a particular time if: (a) for a consolidated group—Subdivision 45 ‑ Q applies to its * head company at that time; or (b) for a MEC group—Subdivision 45 ‑ Q, as applied under Subdivision 45 ‑ S, applies to its * provisional head company at that time.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-885"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-900", "Provision_Key": "s45-900", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out how this Part applies in relation to MEC groups and their members. Table of sections Preliminary 45 ‑ 905 Objects of Subdivision General modification rules 45 ‑ 910 Extended operation of Part to cover MEC groups Extended operation of Subdivision 45 ‑ Q 45 ‑ 913 Sections 45 ‑ 705 and 45 ‑ 740 do not apply to members of MEC groups 45 ‑ 915 Application of Subdivision 45 ‑ Q to provisional head company 45 ‑ 917 Assumption for applying section 45 ‑ 710 (single entity rule) 45 ‑ 920 Change of provisional head company 45 ‑ 922 Life insurance company Extended operation of Subdivision 45 ‑ R 45 ‑ 925 Additional modifications of sections 45 ‑ 855 and 45 ‑ 860 45 ‑ 930 Modifications of sections 45 ‑ 865 and 45 ‑ 870 and a related provision 45 ‑ 935 Additional modifications of section 45 ‑ 885", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-900"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-905", "Provision_Key": "s45-905", "Heading": "Objects of Subdivision", "Text": "The objects of this Subdivision are to: (a) extend the operation of this Part (except sections 45 ‑ 705 and 45 ‑ 740 and this Subdivision) so that it can apply in relation to * MEC groups and their members; and (b) modify the rules in this Part for that extended operation so that they take account of the special characteristics of MEC groups.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-905"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-910", "Provision_Key": "s45-910", "Heading": "Extended operation of Part to cover MEC groups", "Text": "(1) This Part (except sections 45 ‑ 705 and 45 ‑ 740 and this Subdivision) has effect in relation to members of a * MEC group in the same way in which it has effect in relation to * members of a * consolidated group. (2) However, that effect is subject to the modifications set out in the following table and elsewhere in this Subdivision. Modifications of this Part Item A reference in this Part to: Is taken to be a reference to: 1 a * consolidated group a * MEC group 2 the * head company of a * consolidated group the * provisional head company of a * MEC group 3 a * subsidiary member of a * consolidated group a member (other than the * provisional head company) of a * MEC group Exceptions (3) The modifications set out in the table do not apply to the following provisions: (a) this Subdivision; (b) subsection 45 ‑ 30(4) (see section 45 ‑ 930); (d) note 2 at the end of section 45 ‑ 700; (e) sections 45 ‑ 705 and 45 ‑ 740 (see sections 45 ‑ 913, 45 ‑ 915 and 45 ‑ 920); (f) subparagraphs 45 ‑ 760(1)(c)(i) and (ii); (g) the note at the end of section 45 ‑ 850; (h) sections 45 ‑ 865 and 45 ‑ 870 (see section 45 ‑ 930); (i) paragraphs (1)(b), (c), (d) and (e), and subsection (5), of section 45 ‑ 880; (j) paragraphs (1)(a), (b) and (c), and subsection (4), of section 45 ‑ 885. Note: The provisions covered by paragraphs (d), (f), (g), (i) and (j) apply to members of a MEC group without any modifications.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 16 of 2003 | No 12 of 2012", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-910"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-913", "Provision_Key": "s45-913", "Heading": "Sections 45 ‑ 705 and 45 ‑ 740 do not apply to members of MEC groups", "Text": "In applying Subdivision 45 ‑ Q to members of a * MEC group, the Subdivision has effect as if: (a) section 45 ‑ 705 had no effect and section 45 ‑ 915 had effect instead; and (b) section 45 ‑ 740 had no effect and section 45 ‑ 920 had effect instead.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-913"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-915", "Provision_Key": "s45-915", "Heading": "Application of Subdivision 45 ‑ Q to provisional head company", "Text": "Period during which Subdivision applies to provisional head company (1) Subject to sections 45 ‑ 880 and 45 ‑ 885 (as applied under this Subdivision), Subdivision 45 ‑ Q applies to a company as the * provisional head company of a * MEC group during the period: (a) starting at the start of the * instalment quarter of the company determined under subsection (2), (3) or (4); and (b) ending: (i) at the end of the instalment quarter of the company determined under paragraph (6)(a) or (b); or (ii) just before the instalment quarter of the company determined under paragraph (6)(c). Note: The application of Subdivision 45 ‑ Q to the provisional head company is subject to the modifications set out in this section and elsewhere in this Subdivision. When the period begins—initial head company instalment rate (2) Subdivision 45 ‑ Q starts to apply to a company as the * provisional head company of a * MEC group at the start of an * instalment quarter under this subsection if, during that quarter, the Commissioner gives the company (as that provisional head company) the * initial head company instalment rate. Note: The operation of this subsection may be affected by section 45 ‑ 885 (as applied under this Subdivision). When the period begins—group created from consolidated group (3) Subdivision 45 ‑ Q starts to apply to a company as the * provisional head company of a * MEC group at the start of an * instalment quarter (the starting quarter ) under this subsection if all of the following conditions are satisfied: (a) during the starting quarter, the Commissioner is notified of the creation of the MEC group from a * consolidated group (see subsection (5)); (b) the company is the provisional head company of the MEC group when the Commissioner is so notified; (c) either of the following applies: (i) Subdivision 45 ‑ Q applied to the * head company of the consolidated group at the end of the previous instalment quarter; (ii) the Commissioner gives the * initial head company instalment rate to the head company of the consolidated group during the starting quarter. Note: For the application of Subdivision 45 ‑ Q to a head company of a consolidated group: see section 45 ‑ 705. When the period begins—new provisional head company (4) Subdivision 45 ‑ Q starts to apply to a company as the * provisional head company of a * MEC group at the start of an * instalment quarter (the starting quarter ) under this subsection if both of the following conditions are satisfied: (a) the company is appointed as the provisional head company of the MEC group under subsection 719 ‑ 60(3) of the Income Tax Assessment Act 1997 during the starting quarter; (b) one of the following applies: (i) Subdivision 45 ‑ Q applied to the former provisional head company of the MEC group at the end of the previous instalment quarter; (ii) the Commissioner gives the * initial head company instalment rate to the former provisional head company of the MEC group during the starting quarter; (iii) the Commissioner is notified during the starting quarter of the creation of the MEC group from a * consolidated group and Subdivision 45 ‑ Q applied to the * head company of the consolidated group at the end of the previous instalment quarter; (iv) the Commissioner is notified during the starting quarter of the creation of the MEC group from a consolidated group and the Commissioner gives the initial head company instalment rate to the head company of the consolidated group during the starting quarter. When the period begins—modified timing for provisional head company that is monthly payer (4A) Subsection (4B) applies if: (a) apart from subsection (4B), Subdivision 45 ‑ Q starts to apply to a company as the * provisional head company of a * MEC group at a particular time because of the operation of subsection (2), (3) or (4); and (b) the company is a * monthly payer; and (c) the Commissioner gave the * initial head company instalment rate as mentioned in subsection (2), subparagraph (3)(c)(ii), subparagraph (4)(b)(ii) or subparagraph (4)(b)(iv) in an * instalment month. (4B) Treat subsection (2), (3) or (4) (as the case requires) as providing that Subdivision 45 ‑ Q starts to apply to the company as the * provisional head company of the * MEC group at the start of the next * instalment month. Note: For the application of this Subdivision to a monthly payer, see sections 45 ‑ 703 and 45 ‑ 910. Notification of creation of MEC group from consolidated group (5) For the purposes of subsections (3) and (4), the Commissioner is notified of the creation of a * MEC group from a * consolidated group when the Commissioner receives a notice of the consolidation of the MEC group under subsection 719 ‑ 40(1) of the Income Tax Assessment Act 1997 . When the period ends (6) Subdivision 45 ‑ Q stops applying to a company as the * provisional head company of a * MEC group at the earliest of the following times after the company becomes the provisional head company: (a) the end of the * instalment quarter during which the MEC group ceases to exist (other than because a * consolidated group is * created from the MEC group); (b) the end of the instalment quarter during which a consolidated group is created from the MEC group; (c) just before the instalment quarter during which another company is appointed as the provisional head company of the MEC group under subsection 719 ‑ 60(3) of the Income Tax Assessment Act 1997 . Note: The operation of this subsection because of paragraph (a) may be affected by section 45 ‑ 880 (as applied under this Subdivision). (7) To avoid doubt, Subdivision 45 ‑ Q does not apply to a company as the * provisional head company of a * MEC group for any time at all if: (a) subsection (2), (3) or (4), and subsection (6), would, apart from this subsection, apply to the company; but (b) the time at which Subdivision 45 ‑ Q would stop applying to the company under subsection (6) is before the time at which that Subdivision would start to apply to the company under subsection (2), (3) or (4). (8) To avoid doubt, Subdivision 45 ‑ Q may apply to a company as the * provisional head company of a * MEC group at a time when the company is not in fact the provisional head company of the group. Note: An example of this is when a company replaces another company as the provisional head company of a MEC group. Under this section and section 45 ‑ 920, Subdivision 45 ‑ Q may start applying to the company as if it had already become the provisional head company when it is not yet such a company.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 16 of 2003 | No 124 of 2013", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-915"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-917", "Provision_Key": "s45-917", "Heading": "Assumption for applying section 45 ‑ 710 (single entity rule)", "Text": "In applying section 45 ‑ 710 to members of a * MEC group at a particular time, the company that is the * provisional head company of the group at that time must be assumed to be the * head company of the group at all times during the period: (a) throughout which the group is in existence; and (b) that is all or a part of the income year of the company that includes that particular time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-917"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-920", "Provision_Key": "s45-920", "Heading": "Change of provisional head company", "Text": "Object (1) The object of this section (except subsection (9)) is to ensure that, for the purposes of this Part, when a company becomes the new * provisional head company of a * MEC group: (a) the company inherits the history of the former provisional head company; and (b) the history of the new provisional head company is effectively ignored. (2) This section applies to a * provisional head company of a * MEC group (the new provisional head company ) that is appointed under subsection 719 ‑ 60(3) of the Income Tax Assessment Act 1997 if one of the following conditions is satisfied: (a) the conditions in subsection 45 ‑ 915(4) are satisfied in relation to the new provisional head company (whether or not Subdivision 45 ‑ Q applies to the company as the provisional head company of the group for any period of time); (b) the new provisional head company is so appointed during the * instalment quarter of the company in which the MEC group is * created from a * consolidated group and either: (i) the Commissioner gives the * initial head company instalment rate to the * head company of the consolidated group during that instalment quarter; or (ii) Subdivision 45 ‑ Q applied to the head company of the consolidated group at the end of the previous instalment quarter. (3) Everything that happened before the starting time in relation to the company (the former company ) that was the * provisional head company of the * MEC group immediately before the starting time: (a) is taken to have happened in relation to the new provisional head company instead of in relation to the former company; and (b) is taken to have happened in relation to the new provisional head company instead of what would (apart from this section) be taken to have happened in relation to the new provisional head company before the starting time; just as if, at all times before the starting time: (c) the new provisional head company had been the former company; and (d) the former company had been the new provisional head company. (4) For the purposes of this section, the starting time is the time at which the * cessation event happened to the former company (the event that results in the appointment of the new provisional head company). (5) To avoid doubt, subsection (3) also covers everything that, immediately before the starting time, was taken to have happened in relation to the former company because of: (a) section 701 ‑ 1 of the Income Tax Assessment Act 1997 (single entity rule); or (b) section 701 ‑ 5 of that Act (entry history rule); or (c) section 703 ‑ 75 of that Act (effects of an interposed company becoming the * head company of a * consolidated group); or (d) section 719 ‑ 90 of that Act (effects of a change of head company of a * MEC group); or (e) section 45 ‑ 710 in this Schedule (single entity rule for the purposes of this Part), including an application of that section under this Subdivision; or (f) section 45 ‑ 740 in this Schedule (effects of an interposed company becoming the head company of a consolidated group for the purposes of this Part); or (g) this section; or (h) one or more previous applications of any of the provisions covered by paragraphs (a) to (g). (6) In addition, and without affecting subsection (3): (a) an assessment of the former company for an income year that ends before the income year that includes the starting time; or (b) an amendment of the assessment; is taken to be something that had happened to the new provisional head company, whether or not the assessment or amendment is made before the starting time. (7) This section has effect for the purposes of applying this Part to members of the * MEC group in relation to an * instalment quarter of the new provisional head company that ends after the starting time. Note: An assessment mentioned in subsection (6) may therefore be taken to be the base assessment of the new provisional head company for the purposes of this Part. (8) Subsections (1) to (7) are to be disregarded in applying section 45 ‑ 915 (about the application of Subdivision 45 ‑ Q to a company as the * provisional head company of a * MEC group). Note: For example, if the Commissioner has given an initial head company instalment rate to the former company during an earlier instalment quarter, the rate is not, despite this section, treated as if it had been given to the new provisional head company for the purposes of section 45 ‑ 915. Subject to the other provisions in that section, Subdivision 45 ‑ Q therefore starts applying to the new provisional head company under subsection 45 ‑ 915(4). Special rule for the former company (9) A provision of this Part that applies on an entity becoming a member (other than the * provisional head company) of a * MEC group does not apply to the former company when it becomes such a member at the starting time. Note: Section 45 ‑ 755 (the entry rule, as applied under this Subdivision) therefore does not apply to the former company on the company becoming such a member of the MEC group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-920"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-922", "Provision_Key": "s45-922", "Heading": "Life insurance company", "Text": "In applying Subdivision 45 ‑ Q to members of a * MEC group for an * instalment quarter of the * provisional head company of the group in an income year of the provisional head company, the company is taken to be a * life insurance company for that quarter if: (a) one or more life insurance companies are members of the group at any time during that quarter; or (b) one or more life insurance companies were members of the group at any time during a previous instalment quarter of the company in that year.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-922"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-925", "Provision_Key": "s45-925", "Heading": "Additional modifications of sections 45 ‑ 855 and 45 ‑ 860", "Text": "In applying sections 45 ‑ 855 and 45 ‑ 860 to members of a * MEC group, those sections have effect as if, in addition to the modifications set out in the table in section 45 ‑ 910: (a) a reference in those sections to subsection 45 ‑ 705(2) were a reference to subsection 45 ‑ 915(2); and (b) a reference in those sections to subparagraph 45 ‑ 705(3)(c)(ii), (4)(d)(ii) or (iv) were a reference to subparagraph 45 ‑ 915(3)(c)(ii), (4)(b)(ii) or (iv).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-925"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-930", "Provision_Key": "s45-930", "Heading": "Modifications of sections 45 ‑ 865 and 45 ‑ 870 and a related provision", "Text": "(1) In applying sections 45 ‑ 865 and 45 ‑ 870, and subsection 45 ‑ 30(4) (which is related to section 45 ‑ 865), to members of a * MEC group, those provisions have effect as if: (a) a reference in those provisions to a * consolidated group were a reference to a * MEC group; and (b) a reference in those provisions to a MEC group were a reference to a consolidated group. Note: This means a reference in those provisions to the head company of a consolidated group has effect as if it were a reference to the head company of a MEC group. Similarly, a reference in those provisions to a subsidiary member of a consolidated group has effect as if it were a reference to a subsidiary member of a MEC group. (2) However, the modifications in subsection (1) do not apply to subsection 45 ‑ 865(4) and the note at the end of section 45 ‑ 865. Note: This means subsection 45 ‑ 865(4) and the note apply to members of a MEC group without any modifications.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-930"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 45-935", "Provision_Key": "s45-935", "Heading": "Additional modifications of section 45 ‑ 885", "Text": "In applying section 45 ‑ 885 to members of a * MEC group, that section has effect as if, in addition to the modifications set out in the table in section 45 ‑ 910, it had been modified as set out in the following table: Modifications of section 45 ‑ 885 Item Provision: Modification: 1 Paragraph 45 ‑ 885(1)(e) The paragraph is taken to have been replaced by the following paragraph: (e) within 28 days after the starting time, or within such further period (if any) as the Commissioner allows, the Commissioner receives a notice under section 719 ‑ 76 of the Income Tax Assessment Act 1997 in relation the consolidation of that other MEC group, at and after the starting time, under section 719 ‑ 50 of the Income Tax Assessment Act 1997 . 2 Subsection 45 ‑ 885(2) (including the note at the end of the subsection) A reference to paragraph 45 ‑ 760(2)(a) is taken to be a reference to that paragraph as applied under this Subdivision 3 The note at the end of subsection 45 ‑ 885(2) The reference to section 45 ‑ 705 is taken to be a reference to section 45 ‑ 915", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s45-935"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 70-1", "Provision_Key": "s70-1", "Heading": "What this Division is about", "Text": "The Commissioner must provide you with a tax receipt for an income year if you are an individual taxpayer and the total tax assessed to you for the income year is $100 or more (or such other amount as determined by the Commissioner from time to time). The tax receipt must include information about how the total tax assessed to you for the income year is notionally used to finance different categories of Commonwealth government expenditure. The tax receipt must also include information about the total amount of Commonwealth government debt, for the current and previous financial years, and the expected total amount of interest to be paid on that debt during the current financial year.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s70-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 70-5", "Provision_Key": "s70-5", "Heading": "Tax receipt to be provided to certain individual taxpayers", "Text": "(1) The Commissioner must give you a * tax receipt in respect of an income year if: (a) the Commissioner is required to give you a notice of assessment in respect of the income year and has not previously given you a notice in respect of the income year; and (b) you are an individual; and (c) the amount of income tax you owe (as worked out under step 4 of subsection 4 ‑ 10(3) of the Income Tax Assessment Act 1997 ) for the * financial year that corresponds to the income year is equal to or greater than: (i) if subparagraph (ii) does not apply—$100; or (ii) if the Commissioner has made a determination under subsection (2)—the amount specified in the determination; and (d) the notice is given to you within the period of 18 months after the end of the income year. (2) The Commissioner may, by legislative instrument, make a determination that specifies an amount for the purposes of subparagraph (1)(c)(ii). (3) The * tax receipt must include the following information: (a) your name; (b) the amount mentioned in paragraph (1)(c); (c) how the amount mentioned in paragraph (1)(c) is notionally used to finance different categories of Commonwealth government expenditure (other than expenditure that relates to amounts collected under the * GST law that are paid to the States and Territories); (d) an estimate of the total face value of Commonwealth stock and securities on issue at the end of the previous * financial year; (e) an estimate of the expected total face value of Commonwealth stock and securities on issue at the end of the financial year; (f) the expected total interest to be paid during the financial year in respect of the Commonwealth stock and securities referred to in paragraph (e). Note: The allocation of how the total tax assessed to you is spent is a notional calculation and may not represent how the tax assessed to you is actually spent. (4) For the purposes of determining the amounts in paragraphs (2)(d) to (f), the Commissioner must use the information in the budget economic and fiscal outlook report prepared for the purpose of section 10 of the Charter of Budget Honesty Act 1998 in respect of the * financial year referred to in paragraph (1)(c). (5) For the purposes of determining the form of the information to be included in the * tax receipt, the Commissioner must seek the advice of the Minister and take that advice into account. (6) The Commissioner must give you the * tax receipt as soon as practicable.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s70-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 90-1", "Provision_Key": "s90-1", "Heading": "Laws apply in relation to Medicare levy and Medicare levy surcharge as they apply in relation to income tax", "Text": "Except so far as the contrary intention appears, this Schedule and the Income Tax Assessment Act 1997 apply, and are taken always to have applied, in relation to the following in the same way as they apply in relation to income tax and * tax: (a) * Medicare levy; (b) * Medicare levy (fringe benefits) surcharge.", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 56 of 2010 | No 12 of 2012", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s90-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-1", "Provision_Key": "s97-1", "Heading": "What this Subdivision is about", "Text": "The Commissioner must give you a determination stating the amount of your excess concessional contributions. Table of sections Operative provisions 97 ‑ 5 Determination of excess concessional contributions 97 ‑ 10 Review", "Amendment_Count": 2, "First_Amended": "No 118 of 2013", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 118 of 2013 | No 45 of 2021", "History_Notes": "Inserted by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 45 of 2021, effective sch 2 (items 5 ‑ 12, 14): 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-5", "Provision_Key": "s97-5", "Heading": "Determination of excess concessional contributions", "Text": "(1) If you have * excess concessional contributions for a * financial year, the Commissioner must make a written determination stating the amount of those excess concessional contributions. (2) A determination under this section is an excess concessional contributions determination . (3) The Commissioner may amend a determination at any time. (5) Notice of a determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.", "Amendment_Count": 3, "First_Amended": "No 118 of 2013", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 118 of 2013 | No 81 of 2016 | No 45 of 2021", "History_Notes": "Inserted by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 45 of 2021, effective sch 2 (items 5 ‑ 12, 14): 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-10", "Provision_Key": "s97-10", "Heading": "Review", "Text": "If you are dissatisfied with an * excess concessional contributions determination made in relation to you, you may object against the determination in the manner set out in Part IVC.", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-20", "Provision_Key": "s97-20", "Heading": "What this Subdivision is about", "Text": "The Commissioner must give you a determination stating: (a) the amount by which your non ‑ concessional contributions exceed your non ‑ concessional contributions cap; and (b) a proxy amount for your associated earnings on this excess; and (c) the total amount that can be released from your superannuation interests in relation to this excess and those earnings. Table of sections Operative provisions 97 ‑ 25 Excess non ‑ concessional contributions determinations 97 ‑ 30 Associated earnings 97 ‑ 35 Review", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-25", "Provision_Key": "s97-25", "Heading": "Excess non ‑ concessional contributions determinations", "Text": "(1) If your * non ‑ concessional contributions for a * financial year (the contributions year ) exceed your * non ‑ concessional contributions cap for the contributions year, the Commissioner must make a written determination stating: (a) the amount of the excess; and (b) the amount of your associated earnings worked out under section 97 ‑ 30; and (c) the following amount (the total release amount ): (2) A determination under this section is an excess non ‑ concessional contributions determination . (3) The Commissioner may amend a determination at any time. (5) Notice of a determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-30", "Provision_Key": "s97-30", "Heading": "Associated earnings", "Text": "(1) You are taken to have associated earnings equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period: (a) starting on the first day of the contributions year; and (b) ending on the day the Commissioner makes the first * excess non ‑ concessional contributions determination you receive for the contributions year. where: excess means the amount of the excess referred to in paragraph 97 ‑ 25(1)(a). proxy rate means the lower of: (a) the rate worked out under subsection 8AAD(1) for the first day of that period as if the base interest rate (within the meaning of subsection 8AAD(2)) for that day were the average of the base interest rates for each of the days of the contributions year; and (b) a rate determined under subsection (2) for the contributions year. sum of earlier daily proxy amounts means the sum of the amounts worked out under the formula for each of the earlier days (if any) during that period. Note: Any excess non ‑ concessional contributions determination you receive after the first one for the contributions year is an amended determination. (2) The Minister may, by legislative instrument, determine a rate for a specified * financial year.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 97-35", "Provision_Key": "s97-35", "Heading": "Review", "Text": "If you are dissatisfied with an * excess non ‑ concessional contributions determination made in relation to you, you may object against the determination in the manner set out in Part IVC.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s97-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 105-1", "Provision_Key": "s105-1", "Heading": "What this Division is about", "Text": "This Division contains rules relating to the administration of the indirect tax laws. Note 1: Administration rules relevant to particular indirect tax laws are in Divisions 110, 111 and 112. Note 2: For assessment of assessable amounts under indirect tax laws, see Division 155. The rules in this Division deal with the following: (c) limits on credits, refunds and recovering amounts; (e) the effect of not passing on refunds of overpaid amounts; (f) charges and penalties; (h) refunding indirect tax because of Australia’s international obligations; (i) requirements for notifications.", "Amendment_Count": 4, "First_Amended": "No 73 of 2006", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 73 of 2006 | No 74 of 2010 | No 39 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s105-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 105-80", "Provision_Key": "s105-80", "Heading": "General interest charge", "Text": "(1) If any of an amount (the liability ) to which this section applies remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount of the liability for each day in the period that: (a) started at the beginning of the day by which the liability was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the liability; (ii) general interest charge on any of the liability. Note: The general interest charge is worked out under Division 1 of Part IIA. (2) This section applies to either of the following amounts that you are liable to pay: (a) an * assessed net fuel amount; (b) an assessed amount of * indirect tax (including an * assessed net amount).", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s105-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 105-85", "Provision_Key": "s105-85", "Heading": "Amending Acts cannot impose penalties or general interest charge earlier than 28 days after Royal Assent", "Text": "(1) An Act that amends an * indirect tax law does not have the effect of making you liable to: (a) a penalty for an offence against an indirect tax law; or (b) * general interest charge under section 105 ‑ 80; for any act or omission that happens before the 28th day (the postponed day ) after the day on which the amending Act receives the Royal Assent. (2) If the amending Act would (apart from this section) have the effect of making you liable to such a penalty or charge because you contravened a requirement to do something: (a) within a specified period ending before the postponed day; or (b) before a specified time happening before the postponed day; the requirement has effect instead by reference to a period ending at the start of the postponed day, or by reference to the start of the postponed day, as the case requires. (3) This section does not relieve you from liability to such a penalty or charge to the extent to which the liability would have existed if the amending Act had not been enacted.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s105-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 105-120", "Provision_Key": "s105-120", "Heading": "Refund scheme—defence related international obligations", "Text": "(1) The Commissioner must, on behalf of the Commonwealth, pay you an amount equal to the amount of * indirect tax borne by you in respect of an acquisition (within the meaning of the * GST Act) if: (a) you are in a class of entities determined by the * Defence Minister; and (b) the acquisition is covered by a determination of the Defence Minister; and (c) the acquisition is made: (i) by or on behalf of a * visiting force that is; or (ii) by a member (within the meaning of the Defence (Visiting Forces) Act 1963 ) of the visiting force who is; or (iii) by any other entity that is; covered by a determination of the Defence Minister; and (d) at the time of the acquisition, it was intended for: (i) the official use of the visiting force; or (ii) the use of a member (within the meaning of the Defence (Visiting Forces) Act 1963 ) of the visiting force; or (iii) any other use; and that use is covered by a determination of the Defence Minister; and (e) you claim the amount in the * approved form. (2) The amount is payable: (a) in accordance with the conditions and limitations; and (b) within the period and manner; determined by the * Defence Minister. (3) The * Defence Minister may only determine an entity under subparagraph (1)(c)(iii) or a use under subparagraph (1)(d)(iii) if the Commonwealth is under an international obligation to grant * indirect tax concessions in relation to the kind of entity or the kind of use. (4) A determination under this section is a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s105-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 105-125", "Provision_Key": "s105-125", "Heading": "Refund scheme—international obligations", "Text": "(1) The Commissioner must, on behalf of the Commonwealth, pay you, or an entity in a class of entities determined by the Commissioner, an amount equal to the amount of * indirect tax borne by you in respect of an acquisition (within the meaning of the * GST Act) made by you if: (a) you are a kind of entity specified in the regulations; and (b) the acquisition is of a kind specified in the regulations; and (c) you or the entity claims the amount in the * approved form. (2) The amount is payable: (a) in accordance with the conditions and limitations; and (b) within the period and manner; set out in the regulations. (3) The regulations may only specify a kind of entity for the purposes of paragraph (1)(a) or a kind of acquisition for the purposes of paragraph (1)(b) if the Commonwealth is under an international obligation to grant * indirect tax concessions in relation to the kind of entity or the kind of acquisition. (4) A determination by the Commissioner under subsection (1) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s105-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 105-145", "Provision_Key": "s105-145", "Heading": "Commissioner must give things in writing", "Text": "(1) Any notice, approval, direction, authority or declaration that the Commissioner may give, or must give, to you under an * indirect tax law must be in writing. (2) However, this does not prevent the Commissioner giving any of those things to you by electronic transmission if a provision of an * indirect tax law allows the Commissioner to do so.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s105-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 110-1", "Provision_Key": "s110-1", "Heading": "What this Division is about", "Text": "This Division gives you the right to object against reviewable GST decisions that relate to you. Section 110 ‑ 50 sets out the reviewable GST decisions.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s110-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 110-50", "Provision_Key": "s110-50", "Heading": "Reviewable GST decisions", "Text": "(1) You may object, in the manner set out in Part IVC, against a decision you are dissatisfied with that is: (a) a * reviewable GST decision relating to you; or (b) a * reviewable GST transitional decision relating to you. (2) Each of the following decisions is a reviewable GST decision : Reviewable GST decisions under GST Act Item Decision Provision of GST Act under which decision is made 1 refusing to register you subsection 25 ‑ 5(1) 2 registering you subsection 25 ‑ 5(2) 3 deciding the date of effect of your registration section 25 ‑ 10 4 refusing to cancel your registration subsection 25 ‑ 55(1) 5 cancelling your registration subsection 25 ‑ 55(2) 6 refusing to cancel your registration section 25 ‑ 57 7 deciding the date on which the cancellation of your registration takes effect section 25 ‑ 60 8 determining that the * tax periods that apply to you are each individual month subsection 27 ‑ 15(1) 9 deciding the date of effect of a determination subsection 27 ‑ 15(2) 10 refusing to revoke your election under section 27 ‑ 10 subsection 27 ‑ 22(1) 11 deciding the date of effect of a revocation subsection 27 ‑ 22(3) 12 refusing to revoke a determination under section 27 ‑ 15 subsection 27 ‑ 25(1) 13 deciding the date of effect of a revocation subsection 27 ‑ 25(2) 14 determining that a specified period is a * tax period that applies to you section 27 ‑ 30 15 refusing a request for a determination section 27 ‑ 37 16 revoking a determination under section 27 ‑ 37 subsection 27 ‑ 38(1) 17 deciding the date of a revocation subsection 27 ‑ 38(2) 18 refusing to permit you to account on a cash basis subsection 29 ‑ 45(1) 19 deciding the date of effect of your permission to account on a cash basis subsection 29 ‑ 45(2) 20 revoking your permission to account on a cash basis subsection 29 ‑ 50(3) 21 deciding the date of effect of the revocation of your permission to account on a cash basis subsection 29 ‑ 50(4) 22 refusing an application for a decision that an event is a * fund ‑ raising event paragraph 40 ‑ 165(1)(c) 23 approving another day of effect paragraph 48 ‑ 71(1)(b) 24 revoking an approval of a day of effect subsection 48 ‑ 71(2) 29 refusing an application for approval section 49 ‑ 5 30 refusing an application for approval or revocation subsection 49 ‑ 70(1) 31 revoking an approval under Division 49 subsection 49 ‑ 70(2) 32 refusing an application for revocation subsection 49 ‑ 75(1) 33 revoking the approval of a * GST religious group subsection 49 ‑ 75(2) 34 deciding the date of effect of any approval, or any revocation of an approval, under Division 49 section 49 ‑ 85 35 approving another day of effect paragraph 51 ‑ 75(1)(b) 36 revoking an approval of a day of effect subsection 51 ‑ 75(2) 42 refusing an application for registration section 54 ‑ 5 43 deciding the date of effect of registration as a * GST branch section 54 ‑ 10 44 refusing to cancel the registration of a * GST branch subsection 54 ‑ 75(1) 45 cancelling the registration of a * GST branch subsection 54 ‑ 75(2) 46 deciding the date of effect of the cancellation of the registration of a * GST branch section 54 ‑ 80 47 cancelling the registration of an Australian resident agent subsection 57 ‑ 25(1) 48 determining that the * tax periods that apply to a resident agent are each individual month subsection 57 ‑ 35(1) 49 deciding the date of effect of a determination subsection 57 ‑ 35(2) 49A cancelling the registration of a * representative of an * incapacitated entity subsection 58 ‑ 25(1) 49B deciding to direct a * representative of an * incapacitated entity to give to the Commissioner a * GST return paragraph 58 ‑ 50(1)(b) 50 cancelling the registration of a * non ‑ profit sub ‑ entity subsection 63 ‑ 35(1) 51 refusing to allow, or allowing, a further period within which to make an agreement that the margin scheme is to apply paragraph 75 ‑ 5(1A)(b) 52 refusing a request to allow an annual apportionment election to take effect from the start of another * tax period paragraph 131 ‑ 10(2)(b) 53 disallowing an annual apportionment election subsection 131 ‑ 20(3) 53A refusing to make requested decision about excess GST subsection 142 ‑ 15(1) 55 refusing a request to allow an annual * tax period election to take effect from the start of another tax period paragraph 151 ‑ 10(2)(b) 56 refusing a request to be allowed to make an annual * tax period election on a specified day subsection 151 ‑ 20(3) 57 disallowing an annual * tax period election subsection 151 ‑ 25(3) 58 refusing a request to allow an election to pay * GST by instalments to take effect from the start of another * tax period paragraph 162 ‑ 15(2)(b) 59 refusing a request to be allowed to make an election on a specified day subsection 162 ‑ 25(3) 60 disallowing an election to pay * GST by instalments subsection 162 ‑ 30(3) 62 making a declaration to negate or reduce a GST disadvantage subsection 165 ‑ 45(3) 63 deciding whether to grant a request for a declaration to negate or reduce a GST disadvantage subsection 165 ‑ 45(5) (3) A decision under section 24B of the A New Tax System (Goods and Services Tax Transition) Act 1999 refusing an application for a determination under that section, or making a determination under that section, is a reviewable GST transitional decision .", "Amendment_Count": 5, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 97 of 2008 | No 118 of 2009 | No 74 of 2010 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 97 of 2008, effective sch 3 (items 177 ‑ 185): Royal Assent | Amended by No 118 of 2009, effective sch 1 (items 47 ‑ 49, 51(2), 53, 54), sch 2: 4 Dec 2009 (s 2(1) items 4 ‑ 6) | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s110-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 111-1", "Provision_Key": "s111-1", "Heading": "What this Division is about", "Text": "This Division gives you the right to object against decisions that relate to you disallowing the whole or part of a claim for a wine tax credit. It also explains how contracts to supply wine or a luxury car are affected if a wine tax law or luxury car tax law changes.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s111-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 111-50", "Provision_Key": "s111-50", "Heading": "Reviewable wine tax decisions", "Text": "(1) You may object, in the manner set out in Part IVC, against a decision you are dissatisfied with that is a * reviewable wine tax decision relating to you. (2) Each of the following decisions is a reviewable wine tax decision : Reviewable wine tax decisions Item Decision Provision of Wine Tax Act under which decision is made 1 disallowing the whole or a part of your claim for a * wine tax credit section 17 ‑ 45 2 deciding the date of effect of your approval as a New Zealand participant section 19 ‑ 7 3 refusing to approve you as a New Zealand participant section 19 ‑ 7 4 revoking your approval as a New Zealand participant section 19 ‑ 8 5 deciding the date of effect of revocation of your approval as a New Zealand participant section 19 ‑ 8", "Amendment_Count": 3, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s111-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 111-60", "Provision_Key": "s111-60", "Heading": "Alteration of contracts if cost of complying with agreement is affected by later alteration to wine tax or luxury car tax laws", "Text": "(1) If, after a contract involving a * supply, or a * taxable dealing in relation to * wine, has been made, an alteration to the * wine tax law or the * luxury car tax law happens and the alteration directly causes an increase or decrease in the cost to a party to the agreement of complying with the agreement, then the contract is altered as follows: (a) if the cost is increased—by allowing the party to add the increase to the contract price; (b) if the cost is decreased—by allowing the other party to deduct the decrease from the contract price. (2) The contract is not altered if: (a) the contract has express written provision to the contrary; or (b) it is clear from the terms of the contract that the alteration of the * wine tax law or the * luxury car tax law has been taken into account in the agreed contract price.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 73 of 2006 | No 70 of 2015", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s111-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 112-1", "Provision_Key": "s112-1", "Heading": "What this Division is about", "Text": "This Division gives you the right to object against reviewable fuel tax decisions that relate to you. Section 112 ‑ 50 sets out the reviewable fuel tax decisions.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s112-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 112-50", "Provision_Key": "s112-50", "Heading": "Reviewable fuel tax decisions", "Text": "(1) You may object, in the manner set out in Part IVC, against a decision you are dissatisfied with that is a * reviewable fuel tax decision relating to you. (2) Each of the following decisions is a reviewable fuel tax decision : Reviewable fuel tax decisions Item Decision Provision of the Fuel Tax Act 2006 under which decision is made 2 making a declaration to negate or reduce a * fuel tax disadvantage subsection 75 ‑ 45(3) 3 deciding whether or not to grant a request to negate or reduce a * fuel tax disadvantage subsection 75 ‑ 45(5)", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 73 of 2006 | No 39 of 2012", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s112-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 115-1", "Provision_Key": "s115-1", "Heading": "What this Division is about", "Text": "An ADI that is liable to pay levy under the Major Bank Levy Act 2017 must give quarterly returns to the Commissioner. An amount of levy is due and payable when an ADI’s last PAYG instalment within an instalment quarter is due. Table of sections 115 ‑ 5 Returns 115 ‑ 10 When major bank levy is due and payable", "Amendment_Count": 4, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 88 of 2013 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s115-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 115-5", "Provision_Key": "s115-5", "Heading": "Returns", "Text": "(1) An * ADI that is liable to pay levy for a * quarter under the Major Bank Levy Act 2017 must give to the Commissioner a return relating to the levy, in the * approved form. (2) The return must be given on or before the * MBL reporting day for the * quarter. (3) The MBL reporting day for the * quarter is the day by which the * ADI is required to give to * APRA a report, in accordance with a standard determined by APRA under section 13 of the Financial Sector (Collection of Data) Act 2001 , that: (a) relates to the * quarter; and (b) states the total liabilities amount (within the meaning of the Major Bank Levy Act 2017 ) for the quarter in relation to the ADI.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s115-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 115-10", "Provision_Key": "s115-10", "Heading": "When major bank levy is due and payable", "Text": "(1) An amount of levy under the Major Bank Levy Act 2017 that an * ADI is liable to pay for a * quarter is due and payable on the first day: (a) that occurs on or after the * MBL reporting day for the quarter; and (b) on which the last instalment that the ADI is liable to pay within an * instalment quarter is due under Subdivision 45 ‑ B. (2) If that amount remains unpaid after it is due and payable, the * ADI is liable to pay * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the last day at the end of which either of the following remains unpaid: (i) the amount; (ii) general interest charge on any of the amount.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s115-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-1", "Provision_Key": "s117-1", "Heading": "What this Division is about", "Text": "This Division applies to deter schemes that give entities MBL benefits. If the sole or dominant purpose of entering into a scheme is to give an entity such a benefit, the Commissioner may negate the MBL benefit an entity gets from the scheme by making a determination.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-5", "Provision_Key": "s117-5", "Heading": "Object of this Division", "Text": "The object of this Division is to deter * schemes to give entities benefits that reduce or defer liabilities to levy under the Major Bank Levy Act 2017 .", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-10", "Provision_Key": "s117-10", "Heading": "Application of this Division", "Text": "(1) This Division applies if: (a) an entity gets or got an * MBL benefit from a * scheme; and (b) taking account of the matters described in section 117 ‑ 20, it is reasonable to conclude that an entity that (whether alone or with others) entered into or carried out the scheme, or part of the scheme, did so for the sole or dominant purpose of that entity or another entity getting an MBL benefit from the scheme; and (c) the scheme: (i) has been or is entered into at or after 7.30 pm, by legal time in the Australian Capital Territory, on 9 May 2017; or (ii) has been or is carried out or commenced at or after that time (other than a scheme that was entered into before that time). (2) It does not matter whether the * scheme, or any part of the scheme, was entered into or carried out inside or outside Australia.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-15", "Provision_Key": "s117-15", "Heading": "Meaning of MBL benefit", "Text": "(1) An entity gets an MBL benefit from a * scheme, if: (a) an amount of levy under the Major Bank Levy Act 2017 that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, smaller than it would be apart from the scheme or a part of the scheme; or (b) all or part of an amount of levy under the Major Bank Levy Act 2017 that is payable by the entity under this Act apart from this Division is, or could reasonably be expected to be, payable later than it would have been apart from the scheme or a part of the scheme. (2) To avoid doubt, a smaller liability mentioned in paragraph (1)(a) includes a case where the liability is zero, or there is no such liability for a particular * quarter.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-20", "Provision_Key": "s117-20", "Heading": "Matters to be considered in determining purpose", "Text": "The following matters are to be taken into account under section 117 ‑ 10 in considering an entity’s purpose in entering into or carrying out the * scheme, or part of the scheme: (a) the manner in which the scheme was entered into or carried out; (b) the form and substance of the scheme; (c) the time at which the scheme was entered into and the length of the period during which the scheme was carried out; (d) the effect that the Major Bank Levy Act 2017 , and any other * taxation law to the extent that it applies in relation to that Act, would have in relation to the scheme apart from this Division; (e) any change in the financial position of the entity that has resulted, or may reasonably be expected to result, from the scheme; (f) any change that has resulted, or may reasonably be expected to result, from the scheme in the financial position of an entity (a connected entity ) that has or had a connection or dealing with the entity, whether the connection or dealing is or was of a business or other nature; (g) any other consequence for the entity or a connected entity of the scheme having been entered into or carried out; (h) the nature of the connection (whether of a business or other nature) between the entity and a connected entity.", "Amendment_Count": 5, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 88 of 2013 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-25", "Provision_Key": "s117-25", "Heading": "Commissioner may negate entity’s MBL benefits", "Text": "(1) For the purpose of negating an * MBL benefit the entity mentioned in paragraph 117 ‑ 10(1)(a) gets or got from the * scheme, the Commissioner may: (a) make a determination stating the amount that is (and has been at all times) the entity’s liability for levy under the Major Bank Levy Act 2017 , for a specified * quarter that has ended; or (b) make a determination stating the amount that is (and has been at all times) a particular amount mentioned in paragraph 5(2)(a) or (b) of that Act, for a specified quarter that has ended. (2) A determination under this section is not a legislative instrument. (3) The Commissioner may take such action as the Commissioner considers necessary to give effect to the determination.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-30", "Provision_Key": "s117-30", "Heading": "Determination has effect according to its terms", "Text": "For the purpose of making an * assessment, a statement in a determination under this Subdivision has effect according to its terms, despite the provisions of a * taxation law outside of this Division.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 64 of 2017", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-35", "Provision_Key": "s117-35", "Heading": "Commissioner may disregard scheme in making determinations", "Text": "For the purposes of making a determination under this Subdivision, the Commissioner may: (a) treat a particular event that actually happened as not having happened; and (b) treat a particular event that did not actually happen as having happened and, if appropriate, treat the event as: (i) having happened at a particular time; and (ii) having involved particular action by a particular entity; and (c) treat a particular event that actually happened as: (i) having happened at a time different from the time it actually happened; or (ii) having involved particular action by a particular entity (whether or not the event actually involved any action by that entity).", "Amendment_Count": 1, "First_Amended": "No 64 of 2017", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 64 of 2017", "History_Notes": "Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-40", "Provision_Key": "s117-40", "Heading": "One determination may cover several quarters etc.", "Text": "To avoid doubt, statements relating to different * quarters and different * MBL benefits may be included in a single determination under this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 64 of 2017", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 64 of 2017", "History_Notes": "Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-45", "Provision_Key": "s117-45", "Heading": "Commissioner must give copy of determination to entity affected", "Text": "(1) The Commissioner must give a copy of a determination under this Subdivision to the entity whose liability for levy under the Major Bank Levy Act 2017 is stated in the determination. (2) A failure to comply with subsection (1) does not affect the validity of the determination.", "Amendment_Count": 1, "First_Amended": "No 64 of 2017", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 64 of 2017", "History_Notes": "Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 117-50", "Provision_Key": "s117-50", "Heading": "Objections", "Text": "If the entity whose liability for levy under the Major Bank Levy Act 2017 is stated in a determination under this Subdivision is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 64 of 2017", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 64 of 2017", "History_Notes": "Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s117-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 125-1", "Provision_Key": "s125-1", "Heading": "What this Division is about", "Text": "You must give the Commissioner a return relating to Laminaria and Corallina decommissioning levy if you are a leviable entity for a financial year. An amount of levy is due and payable 21 days after the day the Commissioner gives you a notice of assessment. This Division contains other rules relating to the administration of the levy, including rules dealing with charges and assessments. Table of sections Operative provisions 125 ‑ 5 Returns 125 ‑ 10 When Laminaria and Corallina decommissioning levy and related charges are due and payable 125 ‑ 15 Assessments of Laminaria and Corallina decommissioning levy", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 24 of 2022", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s125-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 125-5", "Provision_Key": "s125-5", "Heading": "Returns", "Text": "(1) You must give the Commissioner a return relating to * Laminaria and Corallina decommissioning levy in the * approved form if you are a leviable entity (within the meaning of the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 ) for a financial year that is a levy year (within the meaning of that Act). Note: You are required to give the Commissioner a return in accordance with this subsection even if the amount of that levy you are liable to pay is nil. (2) The return must be given within 6 months after the end of the financial year.", "Amendment_Count": 1, "First_Amended": "No 24 of 2022", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 24 of 2022", "History_Notes": "Inserted by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s125-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 125-10", "Provision_Key": "s125-10", "Heading": "When Laminaria and Corallina decommissioning levy and related charges are due and payable", "Text": "Original assessments (1) If you are liable to pay an amount of * Laminaria and Corallina decommissioning levy for a financial year, the amount is due and payable 21 days after the day the Commissioner gives you a notice of assessment for the financial year. Amended assessments (2) If the Commissioner amends your assessment of an amount of * Laminaria and Corallina decommissioning levy, any extra levy resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment. Shortfall interest charge (3) If you are liable to pay an amount of * shortfall interest charge under section 280 ‑ 102D, the amount is due and payable 21 days after the day the Commissioner gives you notice of the charge. General interest charge (4) If an amount of levy or * shortfall interest charge payable under this section remains unpaid after it is due and payable, you are liable to pay * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the last day at the end of which any of the following remains unpaid: (i) the amount of levy or shortfall interest charge; (ii) general interest charge on any of the amount of levy or shortfall interest charge.", "Amendment_Count": 1, "First_Amended": "No 24 of 2022", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 24 of 2022", "History_Notes": "Inserted by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s125-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 125-15", "Provision_Key": "s125-15", "Heading": "Assessments of Laminaria and Corallina decommissioning levy", "Text": "(1) In applying Division 155 in relation to an amount of * Laminaria and Corallina decommissioning levy: (a) apply the provisions of that Division with the modification set out in subsection (2) of this section; and (b) disregard section 155 ‑ 70. (2) Despite subsection 155 ‑ 35(2), the period of review , for an assessment of an amount of * Laminaria and Corallina decommissioning levy, is: (a) the period: (i) starting on the day on which the Commissioner first gives notice of the assessment to you under section 155 ‑ 10; and (ii) ending on the last day of the period of 6 months starting the day after that day; or (b) if the period of review is extended under subsection 155 ‑ 35(3) or (4)—the period as so extended.", "Amendment_Count": 1, "First_Amended": "No 24 of 2022", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 24 of 2022", "History_Notes": "Inserted by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s125-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-1", "Provision_Key": "s127-1", "Heading": "What this Division is about", "Text": "Certain Group Entities of an Applicable MNE Group must give the Commissioner a GloBE Information Return, Australian IIR/UTPR tax return and Australian DMT tax return. An amount of Australian IIR/UTPR tax and Australian DMT tax for a Fiscal Year is usually due and payable on the last day of the 15th month after the end of the Fiscal Year. This Division contains other rules relating to the administration of the taxes, including rules dealing with charges and assessments.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-5", "Provision_Key": "s127-5", "Heading": "GloBE Information Returns", "Text": "Giving GloBE Information Returns (1) A * Group Entity of an * Applicable MNE Group for a * Fiscal Year must give the Commissioner a * GloBE Information Return in respect of the Applicable MNE Group for the Fiscal Year if the Group Entity is * GloBE located in Australia for the Fiscal Year. Note: The Group Entity is required to give the Commissioner a GloBE Information Return even if the amount of Australian IIR/UTPR tax and Australian DMT tax the Group Entity is liable to pay in relation to the Fiscal Year is nil. (2) The * GloBE Information Return given under subsection (1) must: (a) be * lodged electronically; and (b) be in the * approved form. (3) A GloBE Information Return , in respect of an * Applicable MNE Group for a * Fiscal Year, is a return that: (a) if a determination under subsection (4) specifies requirements—is in accordance with those requirements; and (b) if paragraph (a) does not apply—is in accordance with the standardised return developed in accordance with the * GloBE Implementation Framework, as amended from time to time; and (c) contains the following information concerning the Applicable MNE Group: (i) identification of the * Constituent Entities of the Applicable MNE Group, including the jurisdiction in which they are * GloBE located for the Fiscal Year and their status under the * GloBE Rules; (ii) information on the overall corporate structure of the Applicable MNE group in the Fiscal Year; (iii) information relevant to the determination of Effective Tax Rates (within the meaning of the GloBE Rules), Top ‑ up Tax (within the meaning of the GloBE Rules) and allocation of Top ‑ up Tax for the Fiscal Year; (iv) elections made, for the Fiscal Year, in accordance with the relevant provisions of the GloBE Rules; (v) other information that is agreed as part of the GloBE Implementation Framework and is necessary to carry out the administration of the GloBE Rules. (4) For the purposes of paragraph (3)(a), the Commissioner may, by legislative instrument, make a determination specifying requirements for a return.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-10", "Provision_Key": "s127-10", "Heading": "GloBE Information Returns given by Designated Local Entities", "Text": "(1) This section applies if a * Designated Local Entity in relation to a * GloBE Information Return in respect of an * Applicable MNE Group for a * Fiscal Year gives the GloBE Information Return to the Commissioner in accordance with subsection 127 ‑ 5(2). (2) Each other * Group Entity of the * Applicable MNE Group that is * GloBE located in Australia for the * Fiscal year is taken to give the * GloBE Information Return to the Commissioner at the time the * Designated Local Entity gives the GloBE Information Return to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-15", "Provision_Key": "s127-15", "Heading": "Meaning of Designated Local Entity", "Text": "A Designated Local Entity , of an * Applicable MNE Group for a * Fiscal Year, is a * Group Entity of the Applicable MNE Group that: (a) is * GloBE located in Australia for the Fiscal Year; and (b) has been appointed by every other Group Entity of the Applicable MNE Group that is GloBE located in Australia for the Fiscal Year to give to the Commissioner: (i) the * GloBE Information Return in respect of the Applicable MNE Group for the Fiscal Year; or (ii) a notice mentioned in paragraph 127 ‑ 20(2)(b) in respect of the Applicable MNE Group for the Fiscal Year.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-20", "Provision_Key": "s127-20", "Heading": "GloBE Information Returns given to foreign government agencies", "Text": "(1) This section applies in relation to an * Applicable MNE Group for a * Fiscal Year if: (a) either: (i) the * GloBE Ultimate Parent Entity of the Applicable MNE Group is * GloBE located in a foreign country or part of a foreign country that has a * Qualifying Competent Authority Agreement in effect with Australia for the Fiscal Year; or (ii) a * Designated Filing Entity in relation to the * GloBE Information Return in respect of the Applicable MNE Group for the Fiscal Year is GloBE located in a foreign country or part of a foreign country that has a Qualifying Competent Authority Agreement in effect with Australia for the Fiscal Year; and (b) the GloBE Ultimate Parent Entity or Designated Filing Entity gives a GloBE Information Return in respect of the Applicable MNE Group for the Fiscal Year to a * foreign government agency of the foreign country or part of the foreign country no later than the time specified in section 127 ‑ 60 in relation to the Fiscal Year. (2) Each * Group Entity of the * Applicable MNE Group that is required to give a * GloBE Information Return in respect of the Applicable MNE Group for the * Fiscal Year to the Commissioner: (a) is taken to give the GloBE Information Return to the Commissioner, in accordance with subsection 127 ‑ 5(2), at the time the * GloBE Ultimate Parent Entity or * Designated Filing Entity gives the GloBE Information Return to the * foreign government agency; and (b) must give the Commissioner a notice in accordance with subsection 127 ‑ 30(1) in respect of the Applicable MNE Group for the Fiscal Year. (3) A foreign country or part of a foreign country has a Qualifying Competent Authority Agreement in effect with Australia for a * Fiscal Year if an agreement or arrangement that: (a) is between 2 or more competent authorities: (i) at least one of which is a competent authority of Australia; and (ii) at least one of which is a competent authority of that foreign country or part of a foreign country; and (b) provides for the automatic exchange of annual * GloBE Information Returns for the Fiscal Year; is in effect. Commissioner may require Group Entity to give GloBE Information Return (4) If: (a) under subsection (2), a * Group Entity of the * Applicable MNE Group is taken to give a * GloBE Information Return in respect of the Applicable MNE Group for the * Fiscal Year to the Commissioner because the GloBE Information Return is given to a * foreign government agency; and (b) the relevant * Qualifying Competent Authority Agreement provides for the GloBE Information Return to be given to the Commissioner by a specified time; and (c) that time has passed, but the GloBE Information Return has not been given to the Commissioner under the Qualifying Competent Authority Agreement; the Commissioner may, by written notice given to the Group Entity, request the Group Entity to give to the Commissioner a GloBE Information Return in respect of the Applicable MNE Group for the Fiscal Year in accordance with subsection 127 ‑ 5(2). (5) The * Group Entity must comply with the request in accordance with subsection (6). (6) The * GloBE Information Return given under subsection (5) must be * lodged electronically.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-25", "Provision_Key": "s127-25", "Heading": "Meaning of Designated Filing Entity", "Text": "A Designated Filing Entity , in relation to a * GloBE Information Return in respect of an * Applicable MNE Group for a * Fiscal Year, is a * Group Entity of the Applicable MNE Group that has been appointed by the Applicable MNE Group to file the GloBE Information Return on behalf of the Applicable MNE Group.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-30", "Provision_Key": "s127-30", "Heading": "GloBE Information Returns given to foreign government agencies—notification requirement", "Text": "(1) For the purposes of paragraph 127 ‑ 20(2)(b), the notice mentioned in that paragraph: (a) must be given to the Commissioner no later than the time specified in section 127 ‑ 60 in relation to the * Fiscal Year; and (b) must state: (i) the identity of the * GloBE Ultimate Parent Entity or * Designated Filing Entity that gives the * GloBE Information Return to the * foreign government agency; and (ii) the jurisdiction in which that GloBE Ultimate Parent Entity or Designated Filing Entity is * GloBE located; and (c) must be in the * approved form; and (d) must be * lodged electronically. (2) Subsection (3) applies if a * Designated Local Entity of the * Applicable MNE Group gives the notice mentioned in subsection (1) in accordance with that subsection. (3) Each other * Group Entity of the * Applicable MNE Group that is * GloBE located in Australia for the * Fiscal year is taken to give the notice to the Commissioner at the time the * Designated Local Entity gives the notice to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-35", "Provision_Key": "s127-35", "Heading": "Australian IIR/UTPR tax returns", "Text": "(1) The purpose of this section is to provide, for the purposes of administering the * Australian IIR/UTPR tax, for a return that supplements the * GloBE Information Return. (2) Subject to subsection (4), a * Group Entity of an * Applicable MNE Group for a * Fiscal Year must give the Commissioner a return under this subsection (an Australian IIR/UTPR tax return ) for the Fiscal Year if the Group Entity has an * Australian IIR/UTPR tax amount for the Fiscal Year (including a nil amount). (3) The return must: (a) be * lodged electronically; and (b) be in the * approved form. (4) However, the return need not be lodged in circumstances set out in a determination under subsection (5). (5) The Commissioner may, by legislative instrument, make a determination specifying circumstances in which a * Group Entity need not lodge a return under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-40", "Provision_Key": "s127-40", "Heading": "Australian IIR/UTPR tax returns given by Designated Local Entities", "Text": "(1) This section applies if: (a) a * Designated Local Entity of an * Applicable MNE Group for a * Fiscal Year has been appointed, by each * Group Entity of the Applicable MNE Group that is required to give the Commissioner an * Australian IIR/UTPR tax return for the Fiscal Year, to give an Australian IIR/UTPR tax return for the Fiscal Year to the Commissioner on behalf of the Group Entity; and (b) the Designated Local Entity gives an Australian IIR/UTPR tax return for the Fiscal Year to the Commissioner on behalf of those Group Entities in accordance with subsection 127 ‑ 35(3). (2) Each of those * Group Entities is taken to give the * Australian IIR/UTPR tax return to the Commissioner at the time at which the * Designated Local Entity gives the Australian IIR/UTPR tax return to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-45", "Provision_Key": "s127-45", "Heading": "Australian DMT tax returns", "Text": "(1) The purpose of this section is to provide, for the purposes of administering the * Australian DMT tax, for a return that supplements the * GloBE Information Return. (2) Subject to subsection (5), a * Group Entity of an * Applicable MNE Group for a * Fiscal Year must give the Commissioner a return under this subsection (an Australian DMT tax return ) for the Fiscal Year if the Group Entity has a * Australian DMT tax amount for the Fiscal Year (including a nil amount). Note: The Group Entity is required to give the Commissioner a DMT return if the Group Entity has an Australian DMT tax amount for the Fiscal Year, even if the amount of Australian DMT tax the Group Entity is liable to pay in relation to the Fiscal Year is nil. (3) The return must: (a) be * lodged electronically; and (b) be in the * approved form. (4) However, the return need not be lodged in circumstances set out in a determination under subsection (5). (5) The Commissioner may, by legislative instrument, make a determination specifying circumstances in which a * Group Entity need not lodge a return under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-50", "Provision_Key": "s127-50", "Heading": "Australian DMT tax returns given by Designated Local Entities", "Text": "(1) This section applies if: (a) a * Designated Local Entity of an * Applicable MNE Group for a * Fiscal Year has been appointed, by each * Group Entity of the Applicable MNE Group that is required to give the Commissioner an * Australian DMT tax return for the Fiscal Year, to give an Australian DMT tax return for the Fiscal Year to the Commissioner on behalf of the Group Entity; and (b) the Designated Local Entity gives an Australian DMT tax return for the Fiscal Year to the Commissioner on behalf of those Group Entities in accordance with subsection 127 ‑ 45(3). (2) Each of those * Group Entities is taken to give the * Australian DMT tax return to the Commissioner at the time at which the * Designated Local Entity gives the Australian DMT tax return to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-55", "Provision_Key": "s127-55", "Heading": "GloBE Joint Ventures and GloBE JV Subsidiaries", "Text": "(1) This section applies if, in relation to an * Applicable MNE Group, any of the following has an * Australian DMT tax amount for a Fiscal Year (including a nil amount): (a) a * GloBE Joint Venture of the Applicable MNE Group; (b) a * GloBE JV Subsidiary of a GloBE Joint Venture of the * Applicable MNE Group. (2) In addition to the application that they have under this subsection, sections 127 ‑ 45 and 127 ‑ 50 apply, for the Fiscal Year, in relation to the * GloBE Joint Venture or the * GloBE JV Subsidiary in the same way they apply in relation to a * Group Entity of an Applicable MNE Group. (3) For the purposes of subsection (2), treat: (a) the * GloBE Joint Venture and its * GloBE JV Subsidiaries as * Group Entities of a separate * Applicable MNE Group for the * Fiscal Year; and (b) the GloBE Joint Venture as the * GloBE Ultimate Parent Entity of that separate Applicable MNE Group. (4) Subsection (5) applies if: (a) a * Designated Local Entity of the * Applicable MNE Group mentioned in subsection (1) for a * Fiscal Year has been appointed, by each Entity mentioned in paragraphs (1)(a) and (b) that is required to give the Commissioner an * Australian DMT tax return for the Fiscal Year (each of which is a reporting Entity ), to give an Australian DMT tax return for the Fiscal Year to the Commissioner on behalf of the reporting Entity; and (b) the Designated Local Entity gives an Australian DMT tax return for the Fiscal Year to the Commissioner on behalf of those reporting Entities in accordance with subsection 127 ‑ 45(3). (5) Each of the reporting Entities is taken to give the * Australian DMT tax return to the Commissioner at the time at which the * Designated Local Entity gives the Australian DMT tax return to the Commissioner. (6) However, subsection (5) does not apply to the reporting Entities if any reporting Entity appoints more than one * Designated Local Entity under paragraph (4)(a) for the Fiscal Year. Note: In these circumstances, section 127 ‑ 50 may still apply.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-60", "Provision_Key": "s127-60", "Heading": "When returns must be given", "Text": "(1) A * GloBE Information Return, * Australian IIR/UTPR tax return or * Australian DMT tax return for a * Fiscal Year must be given to the Commissioner no later than 15 months after the end of the Fiscal Year. (2) However: (a) if the * Fiscal Year is the relevant * Applicable MNE Group’s * GloBE Transition Year, the * GloBE Information Return, * Australian IIR/UTPR tax return or * Australian DMT tax return must be given to the Commissioner no later than 18 months after the end of the Fiscal Year; and (b) a GloBE Information Return that a * Group Entity is required to give to the Commissioner under subsection 127 ‑ 20(5) must be given no later than the later of: (i) the day by which the Group Entity would, apart from section 127 ‑ 20, be required to give the GloBE Information Return to the Commissioner under section 127 ‑ 5; and (ii) 21 days after the Commissioner gives the request under subsection 127 ‑ 20(4) to the Group Entity. (3) Section 388 ‑ 55 (Commissioner may defer time for lodgment) does not apply to the requirement to give a * GloBE Information Return or a notice under paragraph 127 ‑ 20(2)(b).", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-65", "Provision_Key": "s127-65", "Heading": "GloBE Main Entities and GloBE Permanent Establishments", "Text": "(1) This section applies if a * Group Entity of an * Applicable MNE Group for a * Fiscal year is a * GloBE Main Entity in respect of a * GloBE Permanent Establishment. (2) This Subdivision: (a) applies to the * Group Entity in its own capacity; and (b) also applies to the Group Entity in its capacity as the * GloBE Main Entity in respect of the * GloBE Permanent * Establishment. (3) If the * Group Entity is not * GloBE located in Australia and the * GloBE Permanent * Establishment is GloBE located in Australia, sections 127 ‑ 5 to 127 ‑ 30 apply in relation to the Group Entity in the same way that they apply in relation to a Group Entity that is GloBE located in Australia.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-70", "Provision_Key": "s127-70", "Heading": "When Australian IIR/UTPR tax and Australian DMT tax and related charges are due and payable", "Text": "Original assessments (1) If a * Group Entity of an * Applicable MNE Group is liable to pay an amount of * Australian IIR/UTPR tax or * Australian DMT tax for a * Fiscal Year, the amount is due and payable on the last day of the 15th month after the end of the Fiscal Year. (2) However, if the * Fiscal Year is the * Applicable MNE Group’s * GloBE Transition Year, the amount is due and payable on the last day of the 18th month after the end of the Fiscal Year. Amended assessments (3) If the Commissioner amends a * Group Entity’s assessment of an amount of * Australian IIR/UTPR tax or * Australian DMT tax, any extra such tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives the Group Entity notice of the amended assessment. Shortfall interest charge (4) If a * Group Entity is liable to pay an amount of * shortfall interest charge under section 280 ‑ 102E, the amount is due and payable 21 days after the day the Commissioner gives the Group Entity notice of the charge. General interest charge (5) If an amount of * Australian IIR/UTPR tax or * Australian DMT tax or * shortfall interest charge payable under this section remains unpaid after it is due and payable, the * Group Entity is liable to pay * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the last day at the end of which any of the following remains unpaid: (i) the amount of such tax or shortfall interest charge; (ii) general interest charge on any of the amount of such tax or shortfall interest charge.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-75", "Provision_Key": "s127-75", "Heading": "Assessments of Australian IIR/UTPR tax and Australian DMT tax", "Text": "(1) In applying Division 155 in relation to an amount of * Australian IIR/UTPR tax or * Australian DMT tax, apply the provisions of that Division with the modification set out in subsection (2) of this section. (2) Despite subsection 155 ‑ 35(2), the period of review , for an assessment of an amount of * Australian IIR/UTPR tax for a * Fiscal Year, is: (a) the period of 4 years starting on the later of: (i) the day on which the * GloBE Information Return for the relevant * Applicable MNE Group for the Fiscal Year is given to the Commissioner; and (ii) the day on which the * Australian IIR/UTPR tax return for the relevant * Group Entity for the Fiscal Year is given to the Commissioner; or (b) if the period of review is extended under subsection 155 ‑ 35(3) or (4)—the period as so extended. (3) Despite subsection 155 ‑ 35(2), the period of review , for an assessment of an amount of * Australian DMT tax for a * Fiscal Year, is: (a) the period of 4 years starting on the later of: (i) the day on which the * GloBE Information Return for the relevant * Applicable MNE Group for the Fiscal Year is given to the Commissioner; and (ii) the day on which the * Australian DMT tax return for the relevant * Group Entity for the Fiscal Year is given to the Commissioner; or (b) if the period of review is extended under subsection 155 ‑ 35(3) or (4)—the period as so extended.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 127-80", "Provision_Key": "s127-80", "Heading": "Provisions do not apply to GloBE Excluded Entities", "Text": "A reference in this Division to a * Group Entity does not include a reference to a * GloBE Excluded Entity.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s127-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-1", "Provision_Key": "s128-1", "Heading": "What this Division is about", "Text": "This Division extends onto other entities the obligations and liabilities of various entities under the Minimum Tax law.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-5", "Provision_Key": "s128-5", "Heading": "Additional liability of Group Entities of Applicable MNE Group", "Text": "(1) If an amount is payable under the * Minimum Tax law by a * Group Entity of an * Applicable MNE Group for a * Fiscal Year: (a) that Group Entity; and (b) each other Group Entity of the Applicable MNE Group (other than a Group Entity excluded by subsection (2)); are jointly and severally liable to pay the amount. (2) For the purposes of subsection (1), a * Group Entity is excluded by this subsection if it is, at the time the amount becomes due and payable, prohibited according to the effect of an * Australian law from entering into any arrangement under which the Group Entity becomes subject to a liability referred to in that subsection.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-10", "Provision_Key": "s128-10", "Heading": "Additional liability of Entities in a JV Group", "Text": "(1) Subsection (2) applies if an amount is payable under the * Minimum Tax law by any of the following: (a) a * GloBE Joint Venture of an * Applicable MNE Group; (b) a * GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group. (2) Each of the following Entities (other than an Entity excluded by subsection (3)) is jointly and severally liable to pay the amount: (a) the * GloBE Joint Venture; (b) a * GloBE JV Subsidiary of the GloBE Joint Venture; (c) a * Group Entity of the * Applicable MNE Group that holds a Direct Ownership Interest (within the meaning of the * Minimum Tax Act) in the GloBE Joint Venture. (3) For the purposes of subsection (2), an Entity is excluded by this subsection if it is, at the time the amount becomes due and payable, prohibited according to the effect of an * Australian law from entering into any arrangement under which the Entity becomes subject to a liability referred to in subsection (2).", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-15", "Provision_Key": "s128-15", "Heading": "Trusts", "Text": "Obligations (1) Subject to subsection (2), if an obligation is imposed under the * Minimum Tax law on a trust, the obligation is imposed on each of the following entities, but may be discharged by any such entity: (a) an entity that is the trustee of the trust at the time the obligation arises; (b) an entity that is the trustee of the trust at a time that is: (i) after the obligation arises; and (ii) before the obligation has been discharged. Liabilities to pay an amount (2) If an amount is payable under the * Minimum Tax law by a trust, joint and several liability to pay the amount is imposed as set out in the table: Amounts payable by trusts Item Column 1 If the amount is: Column 2 then the following entities are jointly and severally liable to pay the amount: 1 * Australian IIR/UTPR tax or * Australian DMT tax for a * Fiscal Year each of the following entities: (a) an entity that is the trustee of the trust at the end of the Fiscal Year; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the Fiscal Year; and (ii) before the tax has been paid. 2 * general interest charge on the unpaid amount of * Australian IIR/UTPR tax or * Australian DMT tax for a * Fiscal Year each of the following entities: (a) an entity that is the trustee of the trust at the end of the Fiscal Year; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the Fiscal Year; and (ii) before the general interest charge has been paid. 3 * shortfall interest charge in relation to a * Fiscal Year each of the following entities: (a) an entity that is the trustee of the trust at the end of the Fiscal Year; (b) an entity that is the trustee of the trust at a time that is: (i) after the end of the Fiscal Year; and (ii) before the shortfall interest charge has been paid. Commissioner has direct access to trust assets (3) For the purpose of ensuring the payment of an amount payable by an entity under this section in relation to a liability of a trust, the Commissioner has the same remedies against the property of the trust as the Commissioner would have against the property of the entity. Right of indemnity (4) An entity that pays an amount of a liability it has under this section is entitled to be indemnified out of the assets of the trust for the liability. Offences (5) Any offence against the * Minimum Tax law that is committed by a trust is taken to have been committed by the trustee of the trust, or, if the trust has more than one trustee, by each of the trustees. (6) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (5), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (6) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (6): see section 13.4 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-20", "Provision_Key": "s128-20", "Heading": "Partnerships", "Text": "Application (1) This section applies in relation to a * GloBE partnership that is not : (a) a * GloBE Joint Venture of an * Applicable MNE Group; or (b) a * GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group. Obligations (2) Subject to subsection (3), if an obligation is imposed under the * Minimum Tax law on the * GloBE partnership, the obligation is imposed on each partner of the GloBE partnership, but may be discharged by any such partner. Liabilities to pay an amount (3) If an amount is payable under the * Minimum Tax law by the * GloBE partnership, the partners of the GloBE partnership are jointly and severally liable to pay the amount. Offences (4) Any offence against the * Minimum Tax law that is committed by the * GloBE partnership is taken to have been committed by each partner of the GloBE partnership. (5) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (4), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (5) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (5): see section 13.4 of the Criminal Code . Meaning of GloBE partnership (6) A GloBE partnership is a partnership (within the meaning of paragraph 13(1)(b) of the * Minimum Tax Act). (7) To avoid doubt, section 94K of the Income Tax Assessment Act 1936 (about corporate limited partnerships) does not apply in relation to this section.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-25", "Provision_Key": "s128-25", "Heading": "Unincorporated GloBE Joint Ventures, etc. and certain unincorporated Group Entities", "Text": "Obligations (1) Subject to subsection (2), if an obligation is imposed under the * Minimum Tax law on a * GloBE Entity of a kind specified in an item in the table in subsection (5), the obligation is imposed on each liable entity specified in the item, but may be discharged by any such entity. Liabilities to pay an amount (2) If an amount is payable under the * Minimum Tax law by a * GloBE Entity of a kind specified in an item in the table in subsection (5), the liable entities specified in the item are jointly and severally liable to pay the amount. Offences (3) Any offence against the * Minimum Tax law that is committed by a * GloBE Entity of a kind specified in an item in the table in subsection (5) is taken to have been committed by each liable entity specified in the item. (4) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (3), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (4) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (4): see section 13.4 of the Criminal Code . Liable entities (5) For the purposes of subsections (1) to (3), the following kinds of * GloBE Entity and liable entities are specified: Liable Entities Item Kind of * GloBE Entity Liable entity 1 unincorporated * GloBE Joint Venture of an * Applicable MNE Group that is a * GloBE partnership each partner of the unincorporated GloBE Joint Venture that is a * Group Entity of the Applicable MNE Group 2 unincorporated * GloBE Joint Venture of an * Applicable MNE Group, that is not a trust or a * GloBE partnership each * Group Entity of the Applicable MNE Group that holds a Direct Ownership Interest (within the meaning of the * Minimum Tax Act) in the GloBE Joint Venture 3 unincorporated * GloBE JV Subsidiary of a * GloBE Joint Venture of an * Applicable MNE Group, where the GloBE JV Subsidiary is a * GloBE partnership each partner of the unincorporated GloBE JV Subsidiary that is: (a) the GloBE Joint Venture; or (b) another GloBE JV Subsidiary of the GloBE Joint Venture; or (c) a * Group Entity of the Applicable MNE Group 4 unincorporated * GloBE JV Subsidiary of a * GloBE Joint Venture of an * Applicable MNE Group, where the GloBE JV Subsidiary is not a trust or a * GloBE partnership each of the following: (a) the GloBE Joint Venture; (b) a * Group Entity of the Applicable MNE Group that holds a Direct Ownership Interest (within the meaning of the * Minimum Tax Act) in the GloBE Joint Venture 5 unincorporated * Group Entity of an * Applicable MNE Group that is not a trust or a * GloBE partnership each Group Entity of the Applicable MNE Group: (a) to which a portion of the unincorporated Group Entity’s assets, income, expenses, cash flows and liabilities belong; or (b) that is a member of the committee of management of the unincorporated Group Entity", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-30", "Provision_Key": "s128-30", "Heading": "Provisions do not apply to GloBE Excluded Entities", "Text": "A reference in this Division to a * Group Entity does not include a reference to a * GloBE Excluded Entity.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 128-35", "Provision_Key": "s128-35", "Heading": "Joint and several liability does not extend to GloBE Securitisation Entities", "Text": "(1) For the purposes of paragraph 128 ‑ 5(1)(b), treat a * Group Entity that is a * GloBE Securitisation Entity as being a Group Entity excluded by subsection 128 ‑ 5(2). (2) For the purposes of subsection 128 ‑ 10(2), treat a * Group Entity that is a * GloBE Securitisation Entity as being an Entity excluded by subsection 128 ‑ 10(3).", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s128-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-1", "Provision_Key": "s131-1", "Heading": "What this Subdivision is about", "Text": "You may request the Commissioner to require the release of an amount from your superannuation interests if you are given: (a) an excess concessional contributions determination or excess non ‑ concessional contributions determination; or (b) a notice of assessment of an amount of Division 293 tax; or (ba) a notice of assessment of an amount of Division 296 tax; or (c) a first home super saver determination. The Commissioner may also require the release of an amount from your superannuation interests in related circumstances. Superannuation providers must usually pay the amount required to be released. However, for defined benefit superannuation interests the provider may choose whether or not to pay. Released amounts are paid to the Commissioner. You get a credit for the released amount. Surplus credits are refunded to you under Division 3A of Part IIB. Table of sections Requesting a release authority 131 ‑ 5 Requesting the release of amounts from superannuation interests 131 ‑ 10 Restrictions on the total amount you can request to be released 131 ‑ 12 Withdrawing or amending your request for a release authority relating to an FHSS determination Issuing a release authority to superannuation provider 131 ‑ 15 Issuing release authorities 131 ‑ 20 Amount to be stated in a release authority 131 ‑ 25 Contents of a release authority 131 ‑ 30 Varying or revoking a release authority Complying with a release authority 131 ‑ 35 Obligations of superannuation providers 131 ‑ 40 Voluntary compliance with a release authority relating to defined benefit interests 131 ‑ 45 Meaning of maximum available release amount 131 ‑ 50 Notifying Commissioner 131 ‑ 55 Notifying you 131 ‑ 60 Compensation for acquisition of property Consequences of releasing amounts 131 ‑ 65 Entitlement to credits 131 ‑ 70 Interest for late payments of money received by the Commissioner in accordance with release authority 131 ‑ 75 Income tax treatment of amounts released—proportioning rule does not apply Repayments if your entitlement to a credit ceases for a release authority relating to an FHSS determination 131 ‑ 80 Repayments if your entitlement to a credit ceases for a release authority relating to an FHSS determination", "Amendment_Count": 3, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 132 of 2017 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-5", "Provision_Key": "s131-5", "Heading": "Requesting the release of amounts from superannuation interests", "Text": "(1) You may make a request under this section for a * financial year if you are given any of the following: (a) an * excess concessional contributions determination for the financial year; (b) an * excess non ‑ concessional contributions determination for the financial year; (c) a notice of assessment of an amount of * Division 293 tax payable for the income year that corresponds to the financial year; (ca) a notice of assessment of an amount of * Division 296 tax payable for the income year that corresponds to the financial year; (d) a * first home super saver determination. (2) You make the request by: (a) notifying the Commissioner of the total amount to be released; and (b) identifying your * superannuation interest or interests from which that total amount is to be released; and (c) if you identify more than one superannuation interest—stating the amount to be released from each such interest. (3) The request must: (a) ensure that the total amount to be released for the determination or assessment complies with section 131 ‑ 10; and (b) be in the * approved form; and (c) be given to the Commissioner within: (i) 60 days after the Commissioner issues the determination or notice referred to in subsection (1); or (ii) a further period allowed by the Commissioner. Unsuccessful requests—making a further request (4) If: (a) you make a valid request under this section; and (b) the Commissioner gives you a notice under subsection 131 ‑ 55(1) stating an amount (the unreleased amount ) that a * superannuation provider did not pay in relation to a release authority issued for that request; you may make a further request to release the unreleased amount from another of your * superannuation interests. (5) The further request must comply with subsection (2) and paragraphs (3)(a) and (b), and must be given to the Commissioner within: (a) 60 days after the Commissioner issues the notice mentioned in paragraph (4)(b); or (b) a further period allowed by the Commissioner. Most requests are irrevocable (6) Subject to section 131 ‑ 12 (about requests relating to FHSS determinations), a request under this section is irrevocable.", "Amendment_Count": 4, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 132 of 2017 | No 75 of 2023 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-10", "Provision_Key": "s131-10", "Heading": "Restrictions on the total amount you can request to be released", "Text": "(1) The total amount you can request to be released complies with this section if that amount: (a) if item 1, 3, 3A or 4 of the following table applies—does not exceed the relevant amount referred to in that item; or (b) if item 2 of the following table applies—is nil or equals the relevant amount referred to in that item. Amount you can request to be released Item If the request relates to this kind of determination or assessment (see subsection 131 ‑ 5(1)): The relevant amount is: 1 an * excess concessional contributions determination 85% of the contributions stated in that determination 2 an * excess non ‑ concessional contributions determination the * total release amount stated in that determination 3 an assessment of an amount of * Division 293 tax that amount of Division 293 tax 3A an assessment of an amount of * Division 296 tax that amount of Division 296 tax 4 a * first home super saver determination the * FHSS maximum release amount stated in that determination (2) However, for an amended determination or assessment, reduce the relevant amount referred to in the above table by any amount released under this Subdivision for an earlier determination or assessment of that kind that you are given for the * financial year or corresponding income year. (3) An amendment of a determination or assessment does not affect the validity of a request you make under section 131 ‑ 5 before you are given the amended determination or the notice of the amended assessment.", "Amendment_Count": 3, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 132 of 2017 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-12", "Provision_Key": "s131-12", "Heading": "Withdrawing or amending your request for a release authority relating to an FHSS determination", "Text": "(1) You may, by notifying the Commissioner in the * approved form, withdraw or amend your valid request made under section 131 ‑ 5 if: (a) your request relates to a * first home super saver determination given to you; and (b) in the case of amending your request—you satisfy paragraphs 138 ‑ 10(2)(a) and (b); and (c) the Commissioner has not already issued a release authority in relation to your request. (2) Your amended request is treated as a valid request under section 131 ‑ 5 if it complies with subsection 131 ‑ 5(2) and paragraphs 131 ‑ 5(3)(a) and (c). (3) Withdrawing your request does not prevent you from making a later request under section 131 ‑ 5 in relation to the * first home super saver determination.", "Amendment_Count": 1, "First_Amended": "No 75 of 2023", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 75 of 2023", "History_Notes": "Inserted by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-12"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-15", "Provision_Key": "s131-15", "Heading": "Issuing release authorities", "Text": "Issuing in response to a valid request (1) If you make a valid request under section 131 ‑ 5, the Commissioner must issue a release authority to each * superannuation provider that holds a * superannuation interest identified in the request. Issuing if you do not make a valid request in response to an excess non ‑ concessional contributions determination etc. (2) If: (a) on a particular day, the Commissioner issues you with: (i) an * excess non ‑ concessional contributions determination for a * financial year; or (ii) a notice to which paragraph 131 ‑ 5(4)(b) applies for such a determination; and (b) within 60 days after that day, you do not make a valid request under section 131 ‑ 5 for that determination; the Commissioner may issue a release authority to one or more * superannuation providers that hold * superannuation interests for you. Issuing if you are liable to pay excess non ‑ concessional contributions tax (3) If you are given a notice of an * excess non ‑ concessional contributions tax assessment for a * financial year, the Commissioner may issue a release authority to one or more * superannuation providers that hold * superannuation interests for you. Issuing if you have an unpaid amount of assessed Division 293 tax that is not deferred to a debt account (4) If: (a) for an income year, you are given a notice of assessment of an amount of * Division 293 tax that is not * deferred to a debt account for a * superannuation interest; and (b) on the 60th day after the day the Commissioner issues that notice, the sum of the following falls short of that amount of tax: (i) any payments of that tax for the income year that you have already made; (ii) any amounts that have already been released under this Subdivision for that assessment; the Commissioner may issue a release authority to one or more * superannuation providers that hold superannuation interests for you. Issuing if you have an unpaid amount of assessed Division 296 tax that is not deferred to a Division 296 debt account (5) If: (a) for an income year, you are given a notice of assessment of an amount of * Division 296 tax that is not * deferred to a Division 296 debt account for a * superannuation interest; and (b) on the 84th day after the day the Commissioner issues that notice, the sum of the following falls short of that amount of tax: (i) any payments of that tax for the income year that you have already made; (ii) any amounts that have already been released under this Subdivision for that assessment; the Commissioner may issue a release authority to one or more * superannuation providers that hold superannuation interests for you.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-20", "Provision_Key": "s131-20", "Heading": "Amount to be stated in a release authority", "Text": "(1) The amount to be released from one or more * superannuation interests under a release authority issued under section 131 ‑ 15 must be: (a) for a release authority issued under subsection 131 ‑ 15(1)—the amount stated in the request; or (b) otherwise—worked out so that the total amount stated for all release authorities for the applicable determination or assessment does not exceed: (i) for a release authority issued under subsection 131 ‑ 15(2)—the * total release amount stated in the determination referred to in that subsection; or (ii) for a release authority issued under subsection 131 ‑ 15(3), (4) or (5)—the amount of tax stated in the assessment referred to in that subsection. (2) For the purposes of paragraph (1)(b), disregard an amount stated in another release authority to the extent that a notice given under subsection 131 ‑ 50(2) states that the amount will not be paid.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-25", "Provision_Key": "s131-25", "Heading": "Contents of a release authority", "Text": "Each release authority issued under section 131 ‑ 15 must: (a) be issued to a single * superannuation provider; and (b) state the amount to be released from each * superannuation interest under the release authority; and (c) be dated; and (d) contain any other information that the Commissioner considers relevant.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-30", "Provision_Key": "s131-30", "Heading": "Varying or revoking a release authority", "Text": "Release authority not relating to an FHSS determination (1) The Commissioner may decide to vary or revoke a release authority issued: (a) under section 131 ‑ 15; and (b) in relation to a determination, or assessment, mentioned in paragraph 131 ‑ 5(1)(a), (b) or (c) and given to you; at any time before the Commissioner is given a notice under section 131 ‑ 50 relating to the release authority. Release authority relating to an FHSS determination (2) For a release authority issued under section 131 ‑ 15 in relation to a * first home super saver determination given to you, the Commissioner may decide to: (a) vary the release authority if: (i) the varied release authority would be consistent with paragraph 131 ‑ 5(3)(a); and (ii) you satisfy paragraphs 138 ‑ 10(2)(a) and (b); or (b) revoke the release authority; at any time before the Commissioner begins treating, under Division 3 of Part IIB, any credit to which you have become entitled under section 131 ‑ 65 in relation to the release authority. (3) The Commissioner may make a decision under subsection (2): (a) on the Commissioner’s own initiative; or (b) on application by you to the Commissioner in the * approved form. (4) If a release authority is varied or revoked under subsection (2) at a particular time, then any entitlement under section 131 ‑ 65 you had to a credit relating to the release authority ceases at that time. (5) The revocation of a release authority under subsection (2) does not prevent you from making a later request under section 131 ‑ 5 in relation to the same * first home super saver determination. Reissuing varied release authorities (6) If the Commissioner varies a release authority under this section at a particular time, then: (a) at that time, the release authority (as issued before the variation) ceases to be in force; and (b) the Commissioner must reissue the release authority (as varied) under section 131 ‑ 15. Review (7) If you are dissatisfied with a decision under subsection (2) by the Commissioner in relation to you: (a) to vary or revoke a release authority; or (b) not to vary or revoke a release authority; you may object against it in the manner set out in Part IVC of this Act.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 81 of 2016 | No 75 of 2023", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Repealed and substituted by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-35", "Provision_Key": "s131-35", "Heading": "Obligations of superannuation providers", "Text": "(1) A * superannuation provider issued with a release authority under section 131 ‑ 15 must, within 10 * business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of: (a) the amount stated in the release authority; and (b) the sum of the * maximum available release amounts for each * superannuation interest held by the superannuation provider for you in * superannuation plans. Note 1: Subsection 288 ‑ 95(3) provides for an administrative penalty for failing to comply with this section. Note 2: For the taxation treatment of the payment, see section 131 ‑ 75. Exception—defined benefit interests not subject to compulsory release (2) However, the * maximum available release amount for a * superannuation interest is not to be included in the sum worked out under paragraph (1)(b) if the interest is a * defined benefit interest.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-40", "Provision_Key": "s131-40", "Heading": "Voluntary compliance with a release authority relating to defined benefit interests", "Text": "(1) A * superannuation provider issued with a release authority under section 131 ‑ 15 may, within 10 * business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of: (a) the amount stated in the release authority; and (b) the sum of the * maximum available release amounts for each * defined benefit interest held by the superannuation provider for you in * superannuation plans. (2) For the purposes of paragraph (1)(a), reduce the amount mentioned in that paragraph by any amount the provider pays under section 131 ‑ 35 in relation to the release authority.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-45", "Provision_Key": "s131-45", "Heading": "Meaning of maximum available release amount", "Text": "The maximum available release amount for a * superannuation interest at a particular time is the total amount of all the * superannuation lump sums that could be payable from the interest at that time.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-50", "Provision_Key": "s131-50", "Heading": "Notifying Commissioner", "Text": "(1) A * superannuation provider issued with a release authority under section 131 ‑ 15 must notify the Commissioner of a payment made in accordance with this Subdivision. (2) A * superannuation provider that: (a) has been issued with a release authority under section 131 ‑ 15; and (b) is not required to pay an amount under section 131 ‑ 35, or is required under that section to pay an amount less than the amount stated in the release authority; must notify the Commissioner that the provider is not required to comply with the release authority. (3) A notice under this section must be given in the * approved form within the period applying under subsection 131 ‑ 35(1) or 131 ‑ 40(1) for the release authority. Note: Subsection 286 ‑ 75(1) provides for an administrative penalty for failing to comply with this section.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-55", "Provision_Key": "s131-55", "Heading": "Notifying you", "Text": "(1) The Commissioner must notify you if, in relation to a release authority issued under section 131 ‑ 15 in relation to you, the Commissioner: (a) is given a notice from a * superannuation provider under section 131 ‑ 50; or (b) does not receive a payment from a superannuation provider of the full amount stated in the release authority within the time mentioned in subsection 131 ‑ 35(1) or 131 ‑ 40(1). (2) A notice under subsection (1) must: (a) be in writing; and (b) identify the * superannuation provider; and (c) state how much of the amount stated in the release authority was not paid within the applicable time.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-60", "Provision_Key": "s131-60", "Heading": "Compensation for acquisition of property", "Text": "(1) If the operation of section 131 ‑ 35 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity. (2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in: (a) the Federal Court of Australia; or (b) the Supreme Court of a State or Territory; for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-65", "Provision_Key": "s131-65", "Heading": "Entitlement to credits", "Text": "(1) If a * superannuation provider pays an amount in relation to a release authority issued under section 131 ‑ 15 in relation to you, you are entitled to a credit equal to that amount. Note: Division 3 of Part IIB provides for the treatment of credits that you are entitled to under a taxation law. (2) The credit arises on the day the Commissioner receives the amount. Exception for voluntary payments of Division 293 tax debt account (3) However, if the amount paid in relation to the release authority relates to an amount of * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest: (a) subsection (1) does not apply in relation to the payment; and (b) treat the payment as if it were a voluntary payment under section 133 ‑ 70 in relation to that debt account. Exception for voluntary payments of Division 296 tax debt account (4) Also, if the amount paid in relation to the release authority relates to an amount of * assessed Division 296 tax that is * deferred to a Division 296 debt account for a * superannuation interest: (a) subsection (1) does not apply in relation to the payment; and (b) treat the payment as if it were a voluntary payment under section 134 ‑ 70 in relation to that * Division 296 debt account.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-70", "Provision_Key": "s131-70", "Heading": "Interest for late payments of money received by the Commissioner in accordance with release authority", "Text": "(1) You are entitled to an amount of interest worked out under subsection (2) if: (a) the Commissioner is required under Division 3A of Part IIB to refund all or part of a credit you are entitled to under section 131 ‑ 65; and (b) the Commissioner does not so refund all or part of that credit within 60 days after receiving the payment that gave rise to the credit. (2) The interest is to be calculated: (a) on so much of the amount of the credit as the Commissioner fails to refund under that Division; and (b) for the period: (i) beginning 60 days after the day the Commissioner receives the amount; and (ii) ending on the day the Commissioner refunds the amount mentioned in paragraph (1)(a); and (c) on a daily basis; and (d) at the * base interest rate for the day the interest is calculated.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-75", "Provision_Key": "s131-75", "Heading": "Income tax treatment of amounts released—proportioning rule does not apply", "Text": "Section 307 ‑ 125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required or permitted under this Subdivision. Note: The income tax treatment of released amounts is also affected by Subdivision 292 ‑ B, and section 303 ‑ 15, of that Act.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 131-80", "Provision_Key": "s131-80", "Heading": "Repayments if your entitlement to a credit ceases for a release authority relating to an FHSS determination", "Text": "Repaying the superannuation provider if it still holds a superannuation interest for you (1) If: (a) a * superannuation provider pays an amount (the released amount ) to the Commissioner under section 131 ‑ 35 or 131 ‑ 40 in relation to you; and (b) your entitlement under section 131 ‑ 65 to a credit relating to the released amount ceases under subsection 131 ‑ 30(4) or 138 ‑ 13(3); and (c) the Commissioner reasonably believes that the provider still holds a * superannuation interest for you; and (d) the Commissioner reasonably believes that, were the released amount to be repaid to the provider, the provider: (i) could allocate the repayment (the repaid amount ) to that superannuation interest; and (ii) could later pay an amount equal to the repaid amount in response to a release authority issued under this Division in relation to a later * first home super saver determination given to you; the Commissioner must repay the released amount to the provider. (2) The Commissioner must make the repayment within 30 * business days after the day the Commissioner starts holding the reasonable belief necessary to satisfy both paragraphs (1)(c) and (d). What happens if the original provider cannot be repaid (3) However, if the Commissioner cannot repay the released amount under subsection (1), the Commissioner must only pay an equivalent amount to the released amount if an item of the following table applies. When the Commissioner must pay the equivalent amount Item If the Commissioner reasonably believes that: then the Commissioner must pay the equivalent amount to: 1 (a) another release authority has been issued under section 131 ‑ 15: (i) to another * superannuation provider in relation to you; and (ii) in relation to a * first home super saver determination (an FHSS determination ) given to you; and (b) the other provider still holds a * superannuation interest for you; and (c) were the equivalent amount to be paid to the other provider, the other provider: (i) could allocate the equivalent amount to that superannuation interest; and (ii) could later pay an amount equal to the equivalent amount in response to a release authority issued under this Division in relation to a later FHSS determination given to you the other * superannuation provider. 2 (a) another * superannuation provider holds a * superannuation interest for you; and (b) you or your * legal personal representative has notified the Commissioner of this in the * approved form the other * superannuation provider. 3 (a) you satisfy a condition of release, with a nil cashing restriction, of benefits specified in a standard referred to in paragraph 31(2)(h) of the Superannuation Industry (Supervision) Act 1993 ; and (b) you or your * legal personal representative has notified the Commissioner of this in the * approved form you or your * legal personal representative (as applicable). (4) The Commissioner must pay the equivalent amount: (a) in accordance with the item of the table that is the first to so apply; and (b) within 30 * business days after the day that item starts to so apply.", "Amendment_Count": 1, "First_Amended": "No 75 of 2023", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 75 of 2023", "History_Notes": "Inserted by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s131-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-1", "Provision_Key": "s133-1", "Heading": "What this Division is about", "Text": "Payment of Division 293 tax is deferred to the extent to which the tax is attributable to defined benefit interests from which no superannuation benefit has yet become payable. This reflects the fact that money generally cannot be released from defined benefit interests until a superannuation benefit is paid, usually upon retirement.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-5", "Provision_Key": "s133-5", "Heading": "What this Subdivision is about", "Text": "The Commissioner determines the amount of your tax that is deferred to a debt account by working out the extent to which your assessed tax is attributable to defined benefit interests. Table of sections Operative provisions 133 ‑ 10 Determination of tax that is deferred to a debt account 133 ‑ 15 Defined benefit tax 133 ‑ 20 How to attribute the defined benefit tax to defined benefit interests 133 ‑ 25 Determination reducing tax deferred to a debt account 133 ‑ 30 General provisions applying to determinations under this Subdivision", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-10", "Provision_Key": "s133-10", "Heading": "Determination of tax that is deferred to a debt account", "Text": "(1) The Commissioner must make a determination specifying the amount the Commissioner has ascertained as being the extent to which your * assessed Division 293 tax for an income year is * defined benefit tax attributable to a * superannuation interest. Note 1: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 . Note 2: For general provisions, including review, see section 133 ‑ 30. (2) The amount of * assessed Division 293 tax specified in the determination is deferred to a debt account for the * superannuation interest. (3) However, the Commissioner must not make a determination under this section in relation to a * superannuation interest if, at the time the determination is to be made, the * end benefit for the superannuation interest has become payable. Note: For the meaning of end benefit , see section 133 ‑ 130. (4) Subsection (1) does not apply if the Commissioner ascertains that no part of your * assessed Division 293 tax for an income year is * defined benefit tax attributable to a * superannuation interest.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-15", "Provision_Key": "s133-15", "Heading": "Defined benefit tax", "Text": "(1) Your defined benefit tax for an income year is the amount worked out using the formula: where: defined benefit contribution component means the amount worked out as follows: (a) work out the lesser of the following for the corresponding * financial year: (i) your * low tax contributions; (ii) the total amount of your * defined benefit contributions in respect of all * defined benefit interests you have in the financial year; (b) subtract from the result of paragraph (a) the difference (if any) between: (i) your * taxable contributions for the income year; and (ii) your low tax contributions for the corresponding financial year. Note: A difference may exist for paragraph (b) because of the $250,000 high income threshold: see subsection 293 ‑ 20(1) of the Income Tax Assessment Act 1997 . Exception—defined benefit contribution component is nil or less (2) However, if the defined benefit contribution component mentioned in subsection (1) is nil, or a negative amount, no part of the * Division 293 tax for the income year is defined benefit tax .", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-20", "Provision_Key": "s133-20", "Heading": "How to attribute the defined benefit tax to defined benefit interests", "Text": "(1) If you have one * defined benefit interest in a * financial year, your * defined benefit tax for the corresponding income year is attributable to that interest. (2) If you have more than one * defined benefit interest in a * financial year, your * defined benefit tax for the corresponding income year is attributable to each such interest in proportion to the * defined benefit contributions for the interest for the financial year.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-25", "Provision_Key": "s133-25", "Heading": "Determination reducing tax deferred to a debt account", "Text": "(1) If an amount of * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest is reduced as a result of an amended assessment, the Commissioner must make a determination under this section in respect of the reduced amount. (2) The amount so determined is a deferral reversal for the * superannuation interest. Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-30", "Provision_Key": "s133-30", "Heading": "General provisions applying to determinations under this Subdivision", "Text": "(1) The Commissioner must: (a) make a determination as soon as practicable after: (i) for a determination under section 133 ‑ 10—assessing the amount (whether by way of a first assessment or an amended assessment); or (ii) for a determination under section 133 ‑ 25—amending the assessment; and (b) give you notice in writing of the determination as soon as practicable after making it. (3) The validity of the determination is not affected because any of the provisions of this Act have not been complied with. Review (4) If you are dissatisfied with a determination made under this Subdivision in relation to you, you may object against the determination in the manner set out in Part IVC. (5) If you are dissatisfied with a decision the Commissioner makes not to make a determination under this Subdivision: (a) you may object against the decision in the manner set out in Part IVC; and (b) for the purpose of working out the period within which the objection must be lodged, notice of the decision is taken to have been served on you on the day notice is given to you of: (i) for a determination under section 133 ‑ 10—the assessment of the amount; or (ii) for a determination under section 133 ‑ 25—the amended assessment. Note: For the period within which objections must be lodged, see section 14ZW.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-55", "Provision_Key": "s133-55", "Heading": "What this Subdivision is about", "Text": "The Commissioner keeps debt accounts for tax that is deferred to a debt account for a superannuation interest. You can make voluntary payments of the debt account. Table of sections Operative provisions 133 ‑ 60 Debt account to be kept for deferred tax 133 ‑ 65 Interest on debt account balance 133 ‑ 70 Voluntary payments 133 ‑ 75 Commissioner must notify superannuation provider of debt account", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-60", "Provision_Key": "s133-60", "Heading": "Debt account to be kept for deferred tax", "Text": "Accounts to be kept (1) The Commissioner is to keep a debt account for * Division 293 tax for you for a * superannuation interest, if an amount of your * assessed Division 293 tax is * deferred to a debt account for the superannuation interest. Account to be debited for Division 293 tax (2) The Commissioner must debit the debt account for the amount of * assessed Division 293 tax that is * deferred to a debt account for the * superannuation interest.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-65", "Provision_Key": "s133-65", "Heading": "Interest on debt account balance", "Text": "Interest to be debited at end of financial year (1) If a debt account for a * superannuation interest is in debit at the end of a * financial year, the Commissioner is to debit the account for interest on the amount by which the account is in debit, calculated at the * long term bond rate for that financial year. Note: Interest would not be debited to a debt account that is no longer being kept by the Commissioner because the assessed Division 293 tax liability being tracked in the account has been finally discharged as mentioned in subsection 133 ‑ 105(3). Remission of interest—deferral reversal (2) The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, from a debt account under subsection (1) if: (a) the debt account is credited: (i) under section 133 ‑ 70 because of a * deferral reversal; or (ii) because a determination under section 133 ‑ 10 is varied or revoked; and (b) the Commissioner is satisfied that, because of that credit, it would be fair and reasonable to do so. Remission of interest—special circumstances (3) The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a debt account under subsection (1) if the Commissioner is satisfied that, because special circumstances exist, it would be fair and reasonable to do so.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-70", "Provision_Key": "s133-70", "Heading": "Voluntary payments", "Text": "(1) You may make payments to the Commissioner for the purpose of reducing the amount by which a debt account for a * superannuation interest is in debit. (2) The Commissioner is to: (a) acknowledge receipt of the payment to you; and (b) credit the payment to the debt account; and (c) notify you of the revised balance of the debt account. The credit mentioned in paragraph (b) is to be made when the payment is received. (3) The amount of a * deferral reversal for the * superannuation interest is to be treated as if it were a voluntary payment under this section in relation to the debt account for that interest. However, paragraphs (2)(a) and (c) do not apply in relation to that amount.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-75", "Provision_Key": "s133-75", "Heading": "Commissioner must notify superannuation provider of debt account", "Text": "If the Commissioner starts to keep a debt account for * Division 293 tax for you for a * superannuation interest, the Commissioner must give the * superannuation provider in relation to the superannuation interest a notice saying so.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-100", "Provision_Key": "s133-100", "Heading": "What this Subdivision is about", "Text": "The deferred tax liability must be paid when a superannuation benefit becomes payable from the superannuation interest. In some cases, the amount that must be paid is capped. Table of sections Debt account discharge liability 133 ‑ 105 Liability to pay debt account discharge liability 133 ‑ 110 When debt account discharge liability must be paid 133 ‑ 115 General interest charge 133 ‑ 120 Meaning of debt account discharge liability 133 ‑ 125 Notice of debt account discharge liability End benefit 133 ‑ 130 Meaning of end benefit 133 ‑ 135 Superannuation provider may request debt account status 133 ‑ 140 End benefit notice—superannuation provider 133 ‑ 145 End benefit notice—material changes or omissions", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-105", "Provision_Key": "s133-105", "Heading": "Liability to pay debt account discharge liability", "Text": "(1) You are liable to pay the amount of your * debt account discharge liability for a * superannuation interest if the * end benefit for the interest becomes payable. (2) The liability arises: (a) unless paragraph (b) applies—at the time the * end benefit becomes payable; or (b) if the end benefit is a * superannuation death benefit—just before you die. Note 1: For paragraph (a), a release authority allows money to be released from the superannuation plan to pay this amount: see subsection 135 ‑ 10(1). Note 2: For paragraph (b), the debt will be recovered from your estate: see Subdivision 260 ‑ E. (3) Payment of your * debt account discharge liability for a * superannuation interest discharges your liability for so much of your total * assessed Division 293 tax for all income years as is * deferred to a debt account for the superannuation interest.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-110", "Provision_Key": "s133-110", "Heading": "When debt account discharge liability must be paid", "Text": "The amount of your * debt account discharge liability for a * superannuation interest is due and payable at the end of 21 days after the day on which the * end benefit for the superannuation interest is paid.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-115", "Provision_Key": "s133-115", "Heading": "General interest charge", "Text": "If your * debt account discharge liability remains unpaid after the time by which it is due and payable, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the debt account discharge liability was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the debt account discharge liability; (ii) general interest charge on any of the debt account discharge liability. Note: The general interest charge is worked out under Part IIA.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-120", "Provision_Key": "s133-120", "Heading": "Meaning of debt account discharge liability", "Text": "(1) The debt account discharge liability for a * superannuation interest for which the Commissioner keeps a debt account is the amount by which the debt account is in debit at the time the * end benefit for the superannuation interest becomes payable. (1A) However, if the end benefit cap for the * superannuation interest stated in a notice given to the Commissioner under subsection (2) of this section or section 133 ‑ 140 is less than the amount mentioned in subsection (1) of this section, the debt account discharge liability for the superannuation interest is an amount equal to the end benefit cap. (2) If requested by the Commissioner, the * superannuation provider in relation to a * superannuation interest must give the Commissioner notice of the amount (the end benefit cap ) that is 15% of the employer ‑ financed component of any part of the * value of the superannuation interest that accrued after 1 July 2012. Note: If a person is dissatisfied with a notice given to the Commissioner under this subsection, the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ). (3) For the purposes of subsection (2), the * value of the * superannuation interest is to be worked out at the end of the * financial year before the financial year in which the * end benefit becomes payable. (4) A notice under subsection (2) must be given: (a) in the * approved form; and (b) within 14 days of the Commissioner making the request.", "Amendment_Count": 4, "First_Amended": "No 82 of 2013", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 82 of 2013 | No 81 of 2016 | No 13 of 2018 | No 76 of 2023", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) sch 1 (items 26 ‑ 31, 54 ‑ 58): 6 Mar 2018 (s 2(1) items 2, 6) sch 3 (items 31, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-125", "Provision_Key": "s133-125", "Heading": "Notice of debt account discharge liability", "Text": "(1) The Commissioner must give you a notice under this section if the * end benefit becomes payable from a * superannuation interest for which the Commissioner keeps a debt account. (2) The notice must state that you are liable to pay your * debt account discharge liability for the * superannuation interest and specify: (a) the amount of that debt; and (b) the day on which that debt is due and payable; and (c) whether the amount of that debt is: (i) the amount by which the debt account is in debit as mentioned in subsection 133 ‑ 120(1); or (ii) the end benefit cap mentioned in subsection 133 ‑ 120(1A). (3) If you are dissatisfied with a notice given under this section in relation to you, you may object against it in the manner set out in Part IVC of this Act. (4) However, you cannot object against a notice stating that the amount you are liable to pay is the amount by which the debt account is in debit, unless you are seeking to be liable to pay the end benefit cap specified in a notice given to the Commissioner by the * superannuation provider under subsection (2) or section 133 ‑ 140 (as the case requires).", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-130", "Provision_Key": "s133-130", "Heading": "Meaning of end benefit", "Text": "(1) A * superannuation benefit is the end benefit for a * superannuation interest if it is the first superannuation benefit to become payable from the interest, disregarding a benefit that is any of the following: (a) a * roll ‑ over superannuation benefit paid to a * complying superannuation plan that is a * successor fund; (b) a benefit that becomes payable under the condition of release specified in item 105 of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 (about severe financial hardship ); (c) a benefit that becomes payable under the condition of release specified in item 107 of that table (about compassionate ground); (d) a benefit specified in an instrument under subsection (2). (2) The Minister may, by legislative instrument, specify a * superannuation benefit for the purposes of paragraph (1)(d).", "Amendment_Count": 4, "First_Amended": "No 82 of 2013", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 82 of 2013 | No 126 of 2015 | No 78 of 2018 | No 127 of 2021", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 126 of 2015, effective sch 1 (items 601 ‑ 603): 5 Mar 2016 (s 2(1) item 2) | Amended by No 78 of 2018, effective sch 2 (item 18): 25 Aug 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective sch 3 (items 43, 47, 48, 64): 1 Jan 2022 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-135", "Provision_Key": "s133-135", "Heading": "Superannuation provider may request debt account status", "Text": "(1) If: (a) a * superannuation provider has been given a notice under section 133 ‑ 75 saying that the Commissioner has started to keep a debt account for a * superannuation interest; and (b) the superannuation provider receives a request to pay the * end benefit from the superannuation interest or the end benefit becomes payable from the superannuation interest; the superannuation provider may, in the * approved form, request the Commissioner to advise as to the status of the debt account. (2) If the Commissioner receives a request, the Commissioner must advise the * superannuation provider as soon as practicable whether or not the debt account is in debit.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Repealed and substituted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-140", "Provision_Key": "s133-140", "Heading": "End benefit notice—superannuation provider", "Text": "(1) If the * end benefit becomes payable from a * superannuation interest for which the Commissioner keeps a debt account, the * superannuation provider in relation to the interest must give the Commissioner a notice stating: (a) unless subsection (1A) applies—the amount of the end benefit cap mentioned in subsection 133 ‑ 120(2) for the superannuation interest; and (b) the expected date of payment of the benefit. Note: If a person is dissatisfied with a notice given to the Commissioner under this subsection, the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ). (1A) The notice does not need to state the amount of the end benefit cap if: (a) the * superannuation provider has already given the Commissioner notice of the end benefit cap under subsection 133 ‑ 120(2); or (b) before the end of the period mentioned in subsection (2), the Commissioner has advised the superannuation provider under subsection 133 ‑ 135(2) that the debt account is not in debit. (2) The notice must be given within 14 days after the earlier of: (a) the * superannuation provider receiving a request (if any) to pay the * superannuation benefit; and (b) the superannuation benefit becoming payable. (3) However, this section does not apply if the * superannuation provider has not been given a notice under section 133 ‑ 75 saying that the Commissioner has started to keep a debt account for the * superannuation interest. (4) A notice under this section must be given in the * approved form.", "Amendment_Count": 4, "First_Amended": "No 82 of 2013", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 82 of 2013 | No 81 of 2016 | No 13 of 2018 | No 76 of 2023", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) sch 1 (items 26 ‑ 31, 54 ‑ 58): 6 Mar 2018 (s 2(1) items 2, 6) sch 3 (items 31, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 133-145", "Provision_Key": "s133-145", "Heading": "End benefit notice—material changes or omissions", "Text": "(1) If an entity that gives the Commissioner a notice under section 133 ‑ 140 becomes aware of a material change or material omission in any information given to the Commissioner in the notice, the entity must: (a) tell the Commissioner of the change in the * approved form; or (b) give the omitted information to the Commissioner in the approved form. (2) Information required by this section must be given no later than 7 days after the entity becomes aware of the change or omission.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s133-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-1", "Provision_Key": "s134-1", "Heading": "What this Division is about", "Text": "Payment of Division 296 tax is deferred to the extent to which the tax is attributable to defined benefit interests from which no superannuation benefit has yet become payable. This reflects the fact that money generally cannot be released from defined benefit interests until a superannuation benefit is paid, usually upon retirement.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-5", "Provision_Key": "s134-5", "Heading": "What this Subdivision is about", "Text": "The Commissioner determines the amount of your tax that is deferred to a Division 296 debt account by working out the extent to which your assessed tax is attributable to defined benefit interests. Table of sections Operative provisions 134 ‑ 10 Determination of tax that is deferred to a Division 296 debt account 134 ‑ 15 Your defined benefit Division 296 tax 134 ‑ 20 Determination reducing tax deferred to a Division 296 debt account 134 ‑ 25 General provisions applying to determinations under this Subdivision", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-10", "Provision_Key": "s134-10", "Heading": "Determination of tax that is deferred to a Division 296 debt account", "Text": "(1) The Commissioner must make a determination specifying the amount the Commissioner has ascertained as being the extent to which your * assessed Division 296 tax for an income year is attributable to a * superannuation interest that is or includes a * defined benefit interest. Note 1: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 . Note 2: For general provisions, including review, see section 134 ‑ 25. (2) The amount of * assessed Division 296 tax specified in the determination is deferred to a Division 296 debt account for the * superannuation interest. (3) However, the Commissioner must not make a determination under this section in relation to a * superannuation interest if, at the time the determination is to be made, the * Division 296 end benefit for the superannuation interest has become payable. Note: For Division 296 end benefit , see section 134 ‑ 130. (4) Subsection (1) does not apply if the Commissioner ascertains that no part of your * assessed Division 296 tax for an income year is * Division 296 tax attributable to a * superannuation interest that is or includes a * defined benefit interest.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-15", "Provision_Key": "s134-15", "Heading": "Attribution of Division 296 tax to defined benefit interest", "Text": "(1) For the purposes of section 134 ‑ 10, the amount of your * assessed Division 296 tax for an income year attributable to a * superannuation interest that is or includes a * defined benefit interest is to be worked out using the following formula: (2) However, no part of the * assessed Division 296 tax for the year is attributable to the * superannuation interest if: (a) your * relevant superannuation earnings for the year for the superannuation interest is nil; or (b) the superannuation interest is in a * superannuation plan that is a * foreign superannuation fund for the income year; or (c) the superannuation interest is a * Division 296 excluded interest in relation to the year.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-20", "Provision_Key": "s134-20", "Heading": "Determination reducing tax deferred to a Division 296 debt account", "Text": "(1) If an amount of * assessed Division 296 tax that is * deferred to a Division 296 debt account for a * superannuation interest is reduced as a result of an amended assessment, the Commissioner must make a determination under this section in respect of the reduced amount. (2) The amount so determined is a Division 296 deferral reversal for the * superannuation interest. Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 .", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-25", "Provision_Key": "s134-25", "Heading": "General provisions applying to determinations under this Subdivision", "Text": "(1) The Commissioner must: (a) make a determination as soon as practicable after: (i) for a determination under section 134 ‑ 10—assessing the amount (whether by way of a first assessment or an amended assessment); or (ii) for a determination under section 134 ‑ 20—amending the assessment; and (b) give you notice in writing of the determination as soon as practicable after making it. (2) The validity of the determination is not affected because any of the provisions of this Act have not been complied with. Review (3) If you are dissatisfied with a determination made under this Subdivision in relation to you, you may object against the determination in the manner set out in Part IVC. (4) If you are dissatisfied with a decision of the Commissioner not to make a determination under this Subdivision: (a) you may object against the decision in the manner set out in Part IVC; and (b) for the purpose of working out the period within which the objection must be lodged, notice of the decision is taken to have been served on you on the day notice is given to you of: (i) for a determination under section 134 ‑ 10—the assessment of the amount; or (ii) for a determination under section 134 ‑ 20—the amended assessment. Note: For the period within which objections must be lodged, see section 14ZW.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-55", "Provision_Key": "s134-55", "Heading": "What this Subdivision is about", "Text": "The Commissioner keeps Division 296 debt accounts for Division 296 tax that is deferred to a Division 296 debt account for a superannuation interest. You can make voluntary payments of the Division 296 debt account. Table of sections Operative provisions 134 ‑ 60 Division 296 debt account to be kept for deferred Division 296 tax 134 ‑ 65 Interest on Division 296 debt account balance 134 ‑ 70 Voluntary payments 134 ‑ 75 Commissioner must notify superannuation provider of Division 296 debt account", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-60", "Provision_Key": "s134-60", "Heading": "Division 296 debt account to be kept for deferred Division 296 tax", "Text": "Accounts to be kept (1) The Commissioner is to keep a debt account (a Division 296 debt account ) for * Division 296 tax for you for a * superannuation interest, if an amount of your * assessed Division 296 tax is * deferred to a Division 296 debt account for the superannuation interest. Account to be debited for Division 296 tax (2) The Commissioner must debit the * Division 296 debt account for the amount of * assessed Division 296 tax that is * deferred to a Division 296 debt account for the * superannuation interest.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-65", "Provision_Key": "s134-65", "Heading": "Interest on Division 296 debt account balance", "Text": "Interest to be debited at end of financial year (1) If a * Division 296 debt account for a * superannuation interest is in debit at the end of a * financial year, the Commissioner is to debit the account for interest on the amount by which the account is in debit, calculated at the * long term bond rate for that financial year. Note: Interest would not be debited to a Division 296 debt account that is no longer being kept by the Commissioner because the assessed Division 296 tax liability being tracked in the account has been finally discharged as mentioned in subsection 134 ‑ 105(3). Remission of interest—Division 296 deferral reversal (2) The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a * Division 296 debt account under subsection (1) if: (a) the Division 296 debt account is credited: (i) under section 134 ‑ 70 because of a * Division 296 deferral reversal; or (ii) because a determination under section 134 ‑ 10 is varied or revoked; and (b) the Commissioner is satisfied that, because of that credit, it would be fair and reasonable to do so. Remission of interest—special circumstances (3) The Commissioner may remit the whole or any part of an amount of interest debited, or to be debited, to a * Division 296 debt account under subsection (1) if the Commissioner is satisfied that, because special circumstances exist, it would be fair and reasonable to do so.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-70", "Provision_Key": "s134-70", "Heading": "Voluntary payments", "Text": "(1) You may make payments to the Commissioner for the purpose of reducing the amount by which a * Division 296 debt account for a * superannuation interest is in debit. (2) The Commissioner is to: (a) acknowledge receipt of the payment to you; and (b) credit the payment to the * Division 296 debt account; and (c) notify you of the revised balance of the Division 296 debt account. The credit mentioned in paragraph (b) is to be made when the payment is received. (3) The amount of a * Division 296 deferral reversal for the * superannuation interest is to be treated as if it were a voluntary payment under this section in relation to the * Division 296 debt account for that interest. However, paragraphs (2)(a) and (c) do not apply in relation to that amount.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-75", "Provision_Key": "s134-75", "Heading": "Commissioner must notify superannuation provider of Division 296 debt account", "Text": "If the Commissioner starts to keep a * Division 296 debt account for you for a * superannuation interest, the Commissioner must give the * superannuation provider in relation to the superannuation interest a notice saying so.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-100", "Provision_Key": "s134-100", "Heading": "What this Subdivision is about", "Text": "The deferred Division 296 tax liability must be paid when a superannuation benefit becomes payable from the superannuation interest. Table of sections Division 296 debt account discharge liability 134 ‑ 105 Liability to pay Division 296 debt account discharge liability 134 ‑ 110 When Division 296 debt account discharge liability must be paid 134 ‑ 115 General interest charge 134 ‑ 120 Meaning of Division 296 debt account discharge liability 134 ‑ 125 Notice of Division 296 debt account discharge liability Division 296 end benefit 134 ‑ 130 Meaning of Division 296 end benefit 134 ‑ 135 Superannuation provider may request Division 296 debt account status 134 ‑ 140 Division 296 end benefit notice—superannuation provider 134 ‑ 145 Division 296 end benefit notice—material changes or omissions", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-105", "Provision_Key": "s134-105", "Heading": "Liability to pay Division 296 debt account discharge liability", "Text": "(1) You are liable to pay the amount of your * Division 296 debt account discharge liability for a * superannuation interest if the * Division 296 end benefit for the interest becomes payable. (2) The liability arises: (a) unless paragraph (b) applies—at the time the * Division 296 end benefit becomes payable; or (b) if the Division 296 end benefit is a * superannuation death benefit—just before you die. Note 1: For paragraph (a), a release authority allows money to be released from the superannuation plan to pay this amount: see subsection 135 ‑ 10(1). Note 2: For paragraph (b), the debt will be recovered from your estate: see Subdivision 260 ‑ E. (3) Payment of your * Division 296 debt account discharge liability for a * superannuation interest discharges your liability for so much of your total * assessed Division 296 tax for all income years as is * deferred to a Division 296 debt account for the superannuation interest.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-110", "Provision_Key": "s134-110", "Heading": "When Division 296 debt account discharge liability must be paid", "Text": "The amount of your * Division 296 debt account discharge liability for a * superannuation interest is due and payable at the end of 21 days after the day on which the * Division 296 end benefit for the superannuation interest is paid.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-115", "Provision_Key": "s134-115", "Heading": "General interest charge", "Text": "If your * Division 296 debt account discharge liability remains unpaid after the time by which it is due and payable, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the Division 296 debt account discharge liability was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the Division 296 debt account discharge liability; (ii) general interest charge on any of the Division 296 debt account discharge liability. Note: The general interest charge is worked out under Part IIA. For the rate of general interest charge payable, see subsection 8AAC(3).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-120", "Provision_Key": "s134-120", "Heading": "Meaning of Division 296 debt account discharge liability", "Text": "The Division 296 debt account discharge liability for a * superannuation interest for which the Commissioner keeps a * Division 296 debt account is the amount by which the Division 296 debt account is in debit at the time the * Division 296 end benefit for the superannuation interest becomes payable.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-125", "Provision_Key": "s134-125", "Heading": "Notice of Division 296 debt account discharge liability", "Text": "(1) The Commissioner must give you a notice under this section if the * Division 296 end benefit becomes payable from a * superannuation interest for which the Commissioner keeps a * Division 296 debt account. (2) The notice must state that you are liable to pay your * Division 296 debt account discharge liability for the * superannuation interest and specify: (a) the amount of that debt; and (b) the day on which that debt is due and payable. (3) If you are dissatisfied with a notice given under this section in relation to you, you may object against it in the manner set out in Part IVC of this Act. (4) However, you cannot object against a notice stating that the amount you are liable to pay is the amount by which the * Division 296 debt account is in debit.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-130", "Provision_Key": "s134-130", "Heading": "Meaning of Division 296 end benefit", "Text": "(1) A * superannuation benefit is the Division 296 end benefit for a * superannuation interest if it is the first superannuation benefit to become payable from the interest, disregarding a benefit that is any of the following: (a) a * roll ‑ over superannuation benefit paid to a * complying superannuation plan that is a * successor fund; (b) a * family law superannuation payment; (c) a benefit that becomes payable under the condition of release specified in item 105 of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 (about severe financial hardship); (d) a benefit that becomes payable under the condition of release specified in item 107 of that table (about compassionate ground); (e) a benefit specified in an instrument under subsection (2). (2) The Minister may, by legislative instrument, specify a * superannuation benefit for the purposes of paragraph (1)(e).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-135", "Provision_Key": "s134-135", "Heading": "Superannuation provider may request Division 296 debt account status", "Text": "(1) If: (a) a * superannuation provider has been given a notice under section 134 ‑ 75 saying that the Commissioner has started to keep a * Division 296 debt account for a * superannuation interest; and (b) the superannuation provider receives a request to pay the * Division 296 end benefit from the superannuation interest or the Division 296 end benefit becomes payable from the superannuation interest; the superannuation provider may, in the * approved form, request the Commissioner to advise as to the status of the Division 296 debt account. (2) If the Commissioner receives a request, the Commissioner must advise the * superannuation provider as soon as practicable whether or not the * Division 296 debt account is in debit.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-140", "Provision_Key": "s134-140", "Heading": "Division 296 end benefit notice—superannuation provider", "Text": "(1) If the * Division 296 end benefit becomes payable from a * superannuation interest for which the Commissioner keeps a * Division 296 debt account, the * superannuation provider in relation to the interest must give the Commissioner a notice stating the expected date of payment of the benefit. Note: If a person is dissatisfied with a notice given to the Commissioner under this subsection, the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ). (2) The notice must be given within 14 days after the earlier of: (a) the * superannuation provider receiving a request (if any) to pay the * superannuation benefit; and (b) the superannuation benefit becoming payable. (3) However, this section does not apply if the * superannuation provider has not been given a notice under section 134 ‑ 75 saying that the Commissioner has started to keep a * Division 296 debt account for the * superannuation interest. (4) A notice under this section must be given in the * approved form.", "Amendment_Count": 2, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3) | Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 134-145", "Provision_Key": "s134-145", "Heading": "Division 296 end benefit notice—material changes or omissions", "Text": "(1) If an entity that gives the Commissioner a notice under section 134 ‑ 140 becomes aware of a material change or material omission in any information given to the Commissioner in the notice, the entity must: (a) tell the Commissioner of the change in the * approved form; or (b) give the omitted information to the Commissioner in the approved form. (2) Information required by this section must be given no later than 7 days after the entity becomes aware of the change or omission.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s134-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-1", "Provision_Key": "s135-1", "Heading": "What this Division is about", "Text": "This Division contains rules about release authorities, which allow money to be released from a superannuation plan to pay your debt account discharge liability.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-5", "Provision_Key": "s135-5", "Heading": "What this Subdivision is about", "Text": "The Commissioner must issue you with a release authority to allow money to be released from a superannuation plan to pay your debt account discharge liability. Table of sections Operative provisions 135 ‑ 10 Release authorities", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-10", "Provision_Key": "s135-10", "Heading": "Release authorities", "Text": "(1) If the condition mentioned in column 1 of an item in the following table is satisfied: (a) the Commissioner must issue you with a release authority under that item; and (b) you have a release entitlement : (i) equal to the amount mentioned in column 2 of that item; and (ii) arising at the time mentioned in column 3 of that item. Release entitlement Item Column 1 Condition: Column 2 Amount of the release entitlement: Column 3 Time at which the release entitlement arises: 3 You become liable to pay your * debt account discharge liability for a * superannuation interest The amount of your debt account discharge liability On the giving of the notice under section 133 ‑ 125 4 You become liable to pay your * Division 296 debt account discharge liability for a * superannuation interest The amount of your Division 296 debt account discharge liability On the giving of the notice under section 134 ‑ 125 Note: A release authority issued under item 3 of the table can only be given to the superannuation provider that holds the superannuation interest to which the debt account relates: see subsection 135 ‑ 40(3). Requirements for release authority (2) A release authority must: (a) state the amount of the * release entitlement in respect of which it is given; and (b) be dated; and (c) contain any other information that the Commissioner considers relevant. Commissioner may issue a further release authority (3) The Commissioner may at any time issue you with a further release authority in respect of a * release entitlement if: (a) the Commissioner is satisfied that it is reasonable in the circumstances to do so; and (b) the Commissioner has issued you with an earlier release authority in respect of that release entitlement. Despite paragraph (2)(a), the further release authority must state the amount the Commissioner considers reasonable in the circumstances, but not exceeding the amount of the release entitlement. Note: For variation and revocation of release authorities, see subsection 33(3) of the Acts Interpretation Act 1901 . Release authority not to be issued to trustee of deceased estate (4) To avoid doubt, this section does not require or permit the Commissioner to issue a release authority to the trustee of a deceased estate.", "Amendment_Count": 3, "First_Amended": "No 82 of 2013", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 82 of 2013 | No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-35", "Provision_Key": "s135-35", "Heading": "What this Subdivision is about", "Text": "You may give a release authority to a superannuation provider within 120 days of being issued with it. Table of sections Operative provisions 135 ‑ 40 When you may give release authority to superannuation provider", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-40", "Provision_Key": "s135-40", "Heading": "When you may give release authority to superannuation provider", "Text": "(1) You may give the release authority to a * superannuation provider that holds a * superannuation interest for you within 120 days after the date of the release authority. (2) You may request the * superannuation provider, in writing, to pay a specified amount in relation to the release authority. Note 1: For the amount that the provider pays under a release authority, see section 135 ‑ 85. Note 2: If excess amounts are paid in relation to a release authority: (a) the excess is assessable income (see section 304 ‑ 20 of the Income Tax Assessment Act 1997 ); and (b) you are liable to an administrative penalty (see section 288 ‑ 100 in this Schedule). (3) However, a release authority issued under item 3 of the table in subsection 135 ‑ 10(1) (for debt account discharge liability) may only be given to the * superannuation provider that holds the * superannuation interest to which the debt account relates. (4) Also, a release authority issued under item 4 of the table in subsection 135 ‑ 10(1) (for Division 296 debt account discharge liability) may only be given to the * superannuation provider that holds the * superannuation interest to which the * Division 296 debt account relates.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 82 of 2013 | No 8 of 2026", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-70", "Provision_Key": "s135-70", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out a general requirement for a superannuation provider to comply with a release authority. The Subdivision also includes provisions about how much must be paid, who it must be paid to, which interest it is to be paid from, and how the payments are treated by the Commissioner. Table of sections Operative provisions 135 ‑ 75 Requirement for superannuation provider to release money 135 ‑ 80 Compensation for acquisition of property 135 ‑ 85 Release amount 135 ‑ 90 How the Commissioner applies amounts received under a release authority 135 ‑ 95 Defined benefit interests—releasing amounts to pay debt account discharge liability 135 ‑ 97 Defined benefit interests—releasing amounts to pay Division 296 debt account discharge liability 135 ‑ 100 Income tax treatment of amounts released—proportioning rule does not apply", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-75", "Provision_Key": "s135-75", "Heading": "Requirement for superannuation provider to release money", "Text": "(1) If: (a) a * superannuation provider has been given a release authority in accordance with Subdivision 135 ‑ B; and (b) the amount mentioned in section 135 ‑ 85 (the release amount ) is greater than nil; the superannuation provider must pay the release amount within 30 days after receiving the release authority. Who superannuation provider pays the amount to (2) The release amount must be paid to the Commissioner. Note 1: Section 288 ‑ 95 provides for an administrative penalty for failing to comply with this section. Note 2: For the taxation treatment of the payment, see sections 303 ‑ 20 and 304 ‑ 20 of the Income Tax Assessment Act 1997 . Note 3: For reporting obligations on the superannuation provider in these circumstances, see section 390 ‑ 65 in this Schedule. Which superannuation interest the amount is to be paid from (4) The payment must be made out of one or more * superannuation interests (other than a * defined benefit interest) held by the * superannuation provider for the individual.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-80", "Provision_Key": "s135-80", "Heading": "Compensation for acquisition of property", "Text": "(1) If the operation of section 135 ‑ 75 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity. (2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in a court of competent jurisdiction for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-85", "Provision_Key": "s135-85", "Heading": "Release amount", "Text": "The amount is the least of the following amounts: (a) the amount stated in the release authority, as issued by the Commissioner; (b) if the individual or Commissioner requests the * superannuation provider, in writing, to pay a specified amount in relation to the release authority—that amount; (c) the sum of the * maximum available release amounts for each * superannuation interest (other than a * defined benefit interest) held by the superannuation provider for the individual in * superannuation plans. Note: For the maximum available release amount , see section 131 ‑ 45.", "Amendment_Count": 3, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-90", "Provision_Key": "s135-90", "Heading": "How the Commissioner applies amounts received under a release authority", "Text": "If the Commissioner receives a payment under a release authority, it is taken for the purposes of Part IIB to have been received in respect of a current or anticipated tax debt of the individual. Note: Part IIB is about running balance accounts and the application of payments and credits.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-95", "Provision_Key": "s135-95", "Heading": "Defined benefit interests—releasing amounts to pay debt account discharge liability", "Text": "The exclusion of * defined benefit interests from subsection 135 ‑ 75(4) and paragraph 135 ‑ 85(c) is to be disregarded for a release authority issued under item 3 of the table in subsection 135 ‑ 10(1) (about debt account discharge liability).", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 82 of 2013 | No 118 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-97", "Provision_Key": "s135-97", "Heading": "Defined benefit interests—releasing amounts to pay Division 296 debt account discharge liability", "Text": "The exclusion of * defined benefit interests from subsection 135 ‑ 75(4) and paragraph 135 ‑ 85(c) is to be disregarded for a release authority issued under item 4 of the table in subsection 135 ‑ 10(1) (about Division 296 debt account discharge liability).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-97"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 135-100", "Provision_Key": "s135-100", "Heading": "Income tax treatment of amounts released—proportioning rule does not apply", "Text": "Section 307 ‑ 125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required or permitted under this Division. Note: Further provisions about the income tax treatment of amounts released are in sections 303 ‑ 20 and 304 ‑ 20 of that Act.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s135-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-1", "Provision_Key": "s136-1", "Heading": "What this Division is about", "Text": "If you have excess transfer balance in your transfer balance account, the Commissioner may require you and your superannuation income stream provider to reduce the total amount of your superannuation income streams that are in the retirement phase.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-5", "Provision_Key": "s136-5", "Heading": "What this Subdivision is about", "Text": "If your transfer balance account exceeds the transfer balance cap, the excess must be reduced by commuting in full or in part your superannuation income streams that are in the retirement phase. If you have more than one superannuation income stream, you may choose which one to commute. Table of sections Operative provisions 136 ‑ 10 Excess transfer balance determination 136 ‑ 15 Review 136 ‑ 20 Electing to commute a different superannuation income stream 136 ‑ 25 Notifying Commissioner of transfer balance debits", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-10", "Provision_Key": "s136-10", "Heading": "Excess transfer balance determination", "Text": "(1) If you have * excess transfer balance in your * transfer balance account at the end of a day, the Commissioner may make a written determination stating the amount of that excess transfer balance. Note: It is not necessary for the Commissioner to issue a determination under this subsection if the Commissioner becomes aware that you no longer have an excess transfer balance. You are still liable to pay excess transfer balance tax if no determination is issued: see Subdivision 294 ‑ F of the Income Tax Assessment Act 1997 . (2) A determination under this section is an excess transfer balance determination . (3) The amount of * excess transfer balance stated in an * excess transfer balance determination is a crystallised reduction amount . (4) The Commissioner may amend or revoke an * excess transfer balance determination at any time before a commutation authority relating to the determination is issued under section 136 ‑ 55. (5) Notice of a determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice. Determination to include default commutation notice (6) A determination made under subsection (1) must include a notice: (a) stating that, if you do not make an election under section 136 ‑ 20 within the period specified in that section, the Commissioner will issue one or more commutation authorities; and (b) specifying: (i) the * superannuation income stream provider or providers to whom a commutation authority will be issued; and (ii) the * superannuation income stream or streams that the providers will be obliged to commute in full or in part; and (iii) if more than one commutation authority will be issued—the amount to be stated in each commutation authority, or the method the Commissioner will use to work out the amount to be stated in each commutation authority. (7) A notice included with an * excess transfer balance determination in accordance with subsection (6) is a default commutation notice .", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-15", "Provision_Key": "s136-15", "Heading": "Review", "Text": "(1) If you are dissatisfied with an * excess transfer balance determination made in relation to you, you may object against the determination in the manner set out in Part IVC. (2) However, for the purposes of Part IVC, the * default commutation notice does not form part of the taxation decision.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-20", "Provision_Key": "s136-20", "Heading": "Electing to commute a different superannuation income stream", "Text": "(1) This section applies to you if: (a) you receive an * excess transfer balance determination under section 136 ‑ 10; and (b) you are the * retirement phase recipient of 2 or more * superannuation income streams. (2) You may elect which of those * superannuation income streams is to be fully or partially commuted for the purpose of reducing the * transfer balance in your * transfer balance account by the * crystallised reduction amount. Requirements for election (3) You make an election under subsection (2) by: (a) identifying the * superannuation income stream or streams to be commuted in full or in part and the * superannuation income stream provider for each such stream; and (b) if you identify more than one superannuation income stream—stating the amount to be commuted from each such income stream. (4) The election must: (a) be in the * approved form; and (b) be given to the Commissioner within: (i) 60 days after the * excess transfer balance determination or amended excess transfer balance determination is issued; or (ii) a further period allowed by the Commissioner. Election is irrevocable (5) An election under this section is irrevocable.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-25", "Provision_Key": "s136-25", "Heading": "Notifying Commissioner of transfer balance debits", "Text": "(1) This section applies to you if you have received an * excess transfer balance determination. (2) You may notify the Commissioner in the * approved form of the amount of a * transfer balance debit that arises in your * transfer balance account if the debit arises in the period: (a) beginning when the determination is made; and (b) ending at the earlier of: (i) the time you made an election under section 136 ‑ 20; and (ii) the end of the period within which an election under section 136 ‑ 20 may be made.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-50", "Provision_Key": "s136-50", "Heading": "What this Subdivision is about", "Text": "The Commissioner must issue a commutation authority to a superannuation income stream provider, unless you have notified the Commissioner that you have already reduced your excess transfer balance by the crystallised reduction amount. A superannuation income stream provider will usually be required to commute the superannuation income stream stated in the authority. Table of sections Obligations of Commissioner 136 ‑ 55 Issuing of commutation authorities 136 ‑ 60 Varying and revoking a commutation authority 136 ‑ 65 Issuing further commutation authorities 136 ‑ 70 Notifying of non ‑ commutable excess transfer balance Obligations of superannuation income stream providers 136 ‑ 80 Obligations on superannuation income stream providers 136 ‑ 85 Notifying the Commissioner 136 ‑ 90 Notifying you", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-55", "Provision_Key": "s136-55", "Heading": "Issuing of commutation authorities", "Text": "Commutation authority must be issued if there is a commutable amount (1) The Commissioner must issue a commutation authority under this section to one or more * superannuation income stream providers if: (a) an * excess transfer balance determination has been issued to you; and (b) the excess transfer balance determination has not been revoked; and (c) the period mentioned in subsection 136 ‑ 20(4) has ended; and (d) an amount (the commutable amount ) greater than nil remains after reducing the * crystallised reduction amount by the sum of any * transfer balance debits notified to the Commissioner under section 136 ‑ 25. Issuing in response to a valid election (2) If you have made a valid election under section 136 ‑ 20, the Commissioner must issue a commutation authority under this section to each * superannuation income stream provider identified in your election. (3) If the total of the amounts stated in your election under section 136 ‑ 20 falls short of the commutable amount, the Commissioner must also issue a commutation authority to one or more * superannuation income stream providers specified in the * default commutation notice. Issuing if you do not make a valid election (4) If you have not made a valid election under section 136 ‑ 20, the Commissioner must issue a commutation authority to each * superannuation income stream provider specified in the * default commutation notice. Requirements for commutation authority (5) Each commutation authority must: (a) specify the * superannuation income stream that the * superannuation income stream provider is to commute, in full or in part; and (b) state the amount (the reduction amount ) by which the superannuation income stream is to be reduced; and (c) be dated; and (d) contain any other information that the Commissioner considers relevant. (6) The total of all reduction amounts stated in commutation authorities issued under this section relating to an * excess transfer balance determination must not exceed the commutable amount.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-60", "Provision_Key": "s136-60", "Heading": "Varying and revoking a commutation authority", "Text": "The Commissioner may vary or revoke a commutation authority at any time before the Commissioner receives a notice under section 136 ‑ 85 relating to the commutation authority.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-65", "Provision_Key": "s136-65", "Heading": "Issuing further commutation authorities", "Text": "(1) The Commissioner may issue a commutation authority under this section to one or more * superannuation income stream providers under this section if: (a) a commutation authority (the original commutation authority ) was issued under section 136 ‑ 55; and (b) the * superannuation income stream provider to which the original commutation authority was issued: (i) paid a * superannuation lump sum that fell short of the reduction amount stated in the original commutation authority; or (ii) did not comply with the original commutation authority. (2) A commutation authority issued under this section must include the matters set out in subsection 136 ‑ 55(5). (3) The Commissioner may issue a commutation authority under this section to any * superannuation income stream provider of a * superannuation income stream of which you are the * retirement phase recipient. (4) The total of all reduction amounts stated in commutation authorities issued under this section relating to an * excess transfer balance determination must not exceed the difference between: (a) the commutable amount mentioned in subsection 136 ‑ 55(1); and (b) the sum of: (i) any * superannuation lump sums notified to the Commissioner under section 136 ‑ 85 in respect of the determination; and (ii) any * transfer balance debits arising in your * transfer balance account under item 5 of the table in subsection 294 ‑ 80(1) of the Income Tax Assessment Act 1997 because of any original commutation authority.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-70", "Provision_Key": "s136-70", "Heading": "Notifying of non ‑ commutable excess transfer balance", "Text": "(1) The Commissioner must notify you in writing if, at the end of a day after the Commissioner has issued an * excess transfer balance determination to you: (a) the sum of all * transfer balance debits arising in your * transfer balance account since the determination was issued falls short of the * crystallised reduction amount; and (b) you have * excess transfer balance in your transfer balance account; and (c) either: (i) the only * superannuation income streams of which you are a * retirement phase recipient are * capped defined benefit income streams; or (ii) you are no longer a retirement phase recipient of any superannuation income stream. Note: A debit arises in your transfer balance account when the Commissioner issues a notice under this section: see item 7 of the table in subsection 294 ‑ 80(1) of the Income Tax Assessment Act 1997 . (2) A notice under subsection (1) must state the amount of the * excess transfer balance mentioned in paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-80", "Provision_Key": "s136-80", "Heading": "Obligations on superannuation income stream providers", "Text": "(1) A * superannuation income stream provider issued with a commutation authority under this Subdivision must, within 60 days after the commutation authority is issued, pay by way of commutation of the specified * superannuation income stream, a * superannuation lump sum equal to the lesser of: (a) the reduction amount stated in the commutation authority; and (b) the * maximum available release amount for the * superannuation interest that supports the specified superannuation income stream. Exception for capped defined benefit income streams (2) Despite subsection (1), if the specified * superannuation income stream is a * capped defined benefit income stream, the * superannuation income stream provider may choose not to comply with the commutation authority. Exception for deceased member (3) Despite subsection (1), if the * retirement phase recipient has died, the * superannuation income stream provider may choose not to comply with the commutation authority.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-85", "Provision_Key": "s136-85", "Heading": "Notifying the Commissioner", "Text": "(1) A * superannuation income stream provider issued with a commutation authority under this Subdivision must notify the Commissioner of the amount of a * superannuation lump sum paid in accordance with the commutation authority. (2) If a * superannuation income stream provider chooses under subsection 136 ‑ 80(2) or (3) not to comply with the commutation authority, the provider must notify the Commissioner of that choice. (3) A notice under this section must be in the * approved form and must be given within 60 days after the commutation authority is issued. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 136-90", "Provision_Key": "s136-90", "Heading": "Notifying you", "Text": "(1) A * superannuation income stream provider issued with a commutation authority under this Subdivision must notify you if the superannuation income stream provider: (a) pays a * superannuation lump sum in accordance with the commutation authority; or (b) chooses under subsection 136 ‑ 80(2) not to comply with the commutation authority. (2) A notice under this section must be in the * approved form and must be given within 60 days after the commutation authority is issued. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s136-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-1", "Provision_Key": "s138-1", "Heading": "What this Division is about", "Text": "If you have had voluntary contributions into superannuation, you may be eligible to have those contributions and their associated earnings released for the purposes of purchasing or constructing your first home.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-5", "Provision_Key": "s138-5", "Heading": "What this Subdivision is about", "Text": "If you satisfy particular criteria, you may request that the Commissioner make a determination stating your FHSS maximum release amount and the components that make up that amount. Table of sections Operative provisions 138 ‑ 10 First home super saver determination 138 ‑ 12 Withdrawing or amending your request 138 ‑ 13 Amending or revoking a first home super saver determination 138 ‑ 15 Review", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-10", "Provision_Key": "s138-10", "Heading": "First home super saver determination", "Text": "First home super saver determination (1) A first home super saver determination is a written determination stating: (a) your * FHSS maximum release amount; and (b) the amount of each of the following components that make up your FHSS maximum release amount: (i) your * concessional contributions; (ii) your * non ‑ concessional contributions; (iii) your associated earnings. Requesting a first home super saver determination (2) You may request the Commissioner, in the * approved form, to make a * first home super saver determination if: (a) you have never held: (i) a legal interest in an estate in fee simple in real property in Australia; or (ii) a legal interest in a lease of land in Australia (including a renewal or extension of such a lease) as described in paragraph 104 ‑ 115(1)(b) of the Income Tax Assessment Act 1997 ; or (iii) a company title interest (within the meaning of Part X of the Income Tax Assessment Act 1936 ) in land in Australia; and (b) you are 18 years or older; and (c) subsection (2C) applies for you. (2A) If the Commissioner determines that you have suffered a financial hardship, you are taken to have satisfied paragraph (2)(a). (2B) The regulations may specify the circumstances in which the Commissioner is to determine that a person has suffered a financial hardship for the purposes of subsection (2A). (2C) This subsection applies for you if: (a) you have not previously made a valid request for a release authority under Division 131 in relation to a * first home super saver determination made in relation to you; or (b) one of the following subparagraphs applies for each of your previous valid requests for such a release authority: (i) you have withdrawn the request; (ii) the Commissioner has revoked the release authority issued in relation to the request (whether or not the release authority had previously been varied); (iii) after one or more amendments of the request, you have withdrawn the latest of those amended requests; (iv) the Commissioner has revoked the release authority issued in relation to the latest of one or more amendments of the request (whether or not the release authority had previously been varied). Making a first home super saver determination etc. (3) If you make a valid request under subsection (2), the Commissioner must make a * first home super saver determination in relation to you. (5) Notice of a determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.", "Amendment_Count": 2, "First_Amended": "No 132 of 2017", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 132 of 2017 | No 75 of 2023", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-12", "Provision_Key": "s138-12", "Heading": "Withdrawing or amending your request", "Text": "(1) You may, by notifying the Commissioner in the * approved form, withdraw or amend your valid request made under section 138 ‑ 10 if: (a) in the case of amending your request—you satisfy paragraphs 138 ‑ 10(2)(a) to (c); and (b) the Commissioner has not already made a * first home super saver determination in relation to your request. (2) Your amended request is treated as a valid request under section 138 ‑ 10. (3) Withdrawing your request does not prevent you from making a later request under section 138 ‑ 10.", "Amendment_Count": 1, "First_Amended": "No 75 of 2023", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 75 of 2023", "History_Notes": "Inserted by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-12"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-13", "Provision_Key": "s138-13", "Heading": "Amending or revoking a first home super saver determination", "Text": "(1) The Commissioner may decide to: (a) amend a * first home super saver determination made in relation to you if you satisfy paragraphs 138 ‑ 10(2)(a) to (c); or (b) revoke a first home super saver determination made in relation to you; at any time before the Commissioner begins treating, under Division 3 of Part IIB, any credit to which you have become entitled under section 131 ‑ 65 in relation to a release authority relating to the determination. Note: Like other first home super saver determinations, an amended determination will need to comply with Subdivision 138 ‑ B. (2) The Commissioner may make a decision under subsection (1): (a) on the Commissioner’s own initiative; or (b) on application by you to the Commissioner in the * approved form. (3) If a * first home super saver determination is amended or revoked under subsection (1) at a particular time, then at that time: (a) each of the following ceases to be valid or in force: (i) any request under section 131 ‑ 5 for a release authority in relation to that determination; (ii) any release authority issued in relation to such a request; and (b) any entitlement under section 131 ‑ 65 you had to a credit relating to such a request ceases. Note: Paragraphs (a) and (b) apply to a request or release authority whether or not it has been amended or varied. (4) Notice of an amended determination given by the Commissioner under this section is prima facie evidence of the matters stated in the notice. For the purposes of paragraph 131 ‑ 5(3)(c), the Commissioner is treated as issuing the amended determination at the time this notice is given.", "Amendment_Count": 1, "First_Amended": "No 75 of 2023", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 75 of 2023", "History_Notes": "Inserted by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-13"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-15", "Provision_Key": "s138-15", "Heading": "Review", "Text": "If you are dissatisfied with: (a) a * first home super saver determination in relation to you; or (b) a decision the Commissioner makes not to make a determination under subsection 138 ‑ 10(2A); or (c) a decision the Commissioner makes under subsection 138 ‑ 13(1): (i) to amend or revoke a determination; or (ii) not to amend or revoke a determination; you may object against the determination, or the decision, as the case requires, in the manner set out in Part IVC.", "Amendment_Count": 2, "First_Amended": "No 132 of 2017", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 132 of 2017 | No 75 of 2023", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-20", "Provision_Key": "s138-20", "Heading": "What this Subdivision is about", "Text": "Your FHSS maximum release amount comprises your eligible non ‑ concessional contributions, 85% of your eligible concessional contributions, and your associated earnings. There are limits on the amount of contributions that may be eligible for release. Table of sections Operative provisions 138 ‑ 25 FHSS maximum release amount 138 ‑ 30 FHSS releasable contributions amount 138 ‑ 35 Eligible contributions 138 ‑ 40 Associated earnings", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-25", "Provision_Key": "s138-25", "Heading": "FHSS maximum release amount", "Text": "Your FHSS maximum release amount is the sum of: (a) your * FHSS releasable contributions amount worked out under section 138 ‑ 30; and (b) your associated earnings worked out under section 138 ‑ 40.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-30", "Provision_Key": "s138-30", "Heading": "FHSS releasable contributions amount", "Text": "(1) Your FHSS releasable contributions amount is the sum of the following amounts for each * financial year that starts on 1 July 2017 or a later 1 July: (a) your * FHSS eligible non ‑ concessional contributions for the financial year; (b) 85% of your * FHSS eligible concessional contributions for the financial year. Order of counting contributions (2) In determining which contributions are to be counted towards your * FHSS releasable contributions amount, contributions are to be counted in the order in which they were made (from earliest to latest). (3) For subsection (2): (a) if an * FHSS eligible concessional contribution, and an * FHSS eligible non ‑ concessional contribution, is made in respect of you at the same time, the FHSS eligible non ‑ concessional contribution is taken to have been made first; and (b) if, for a particular * financial year, you personally made both * FHSS eligible concessional contributions and * FHSS eligible non ‑ concessional contributions, the FHSS eligible non ‑ concessional contributions are taken to have been made first. Example: For paragraph (b), in the 2018 ‑ 2019 financial year, you made voluntary contributions of $1,000 each fortnight, up to a total of $25,000. At the end of the financial year, you claim a deduction for $15,000 (leaving $10,000 of the contributions as non ‑ concessional contributions). If all of the non ‑ concessional contributions are eligible to be released under section 138 ‑ 35, the first 10 contributions made for the financial year are taken to have been the non ‑ concessional contributions, and the later contributions are taken to be the concessional contributions.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-35", "Provision_Key": "s138-35", "Heading": "Eligible contributions", "Text": "Limits on amount of eligible contributions (1) For the purposes of this Subdivision: (a) the maximum amount of contributions that may be eligible to be released is $50,000; and (b) the maximum amount of contributions made in a particular * financial year that may be eligible to be released is $15,000. Eligible contributions (2) A * concessional contribution, or * non ‑ concessional contribution, for a * financial year is not eligible to be released unless it: (a) is made in respect of you in the financial year; and (b) is: (i) an employer contribution that is not a mandated employer contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994 ); or (ii) a member contribution (within the meaning of that Part) that is made by you; other than a contribution to the extent it is required to be made because of a law of the Commonwealth or of a State or Territory, or the rules of the relevant * superannuation fund; and (c) is not a contribution made in respect of a * defined benefit interest; and (d) is not a contribution to a * constitutionally protected fund. (3) If: (a) you have * excess concessional contributions for a * financial year ( your excess amount ); and (b) your excess amount is greater than your * concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non ‑ eligible contributions ); concessional contributions that are equal to the difference between your excess amount and your non ‑ eligible contributions are not eligible to be released. (4) If: (a) you have * non ‑ concessional contributions for the * financial year that exceed your non ‑ concessional contributions cap for the financial year ( your excess amount ); and (b) your excess amount is greater than your non ‑ concessional contributions for the financial year that are not eligible to be released under subsection (2) ( your non ‑ eligible contributions ); non ‑ concessional contributions that are equal to the difference between your excess amount and your non ‑ eligible contributions are not eligible to be released. (5) For the purposes of this section, disregard paragraph 292 ‑ 90(1)(b) of the Income Tax Assessment Act 1997 . Note: Under paragraph 292 ‑ 90(1)(b) of the Income Tax Assessment Act 1997 , your non ‑ concessional contributions for a financial year would include the amount of your excess concessional contributions (if any) for the financial year.", "Amendment_Count": 2, "First_Amended": "No 132 of 2017", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 132 of 2017 | No 10 of 2022", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 10 of 2022, effective sch 2: 23 Feb 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 138-40", "Provision_Key": "s138-40", "Heading": "Associated earnings", "Text": "(1) You are taken to have associated earnings equal to the sum of the amounts worked out under subsection (2) for each contribution counted in your * FHSS releasable contributions amount. (2) The amount for a contribution is equal to the sum (rounded down to the nearest dollar) of the amounts worked out under the following formula for each of the days during the period mentioned in subsection (3). where: amount of contribution means the amount of the contribution that is counted in your * FHSS releasable contributions amount. shortfall interest charge rate means the rate, worked out under subsection 280 ‑ 105(2), for the day. sum of earlier daily proxy amounts means the sum of the amounts worked out for the contribution under the formula for each of the earlier days (if any) during the period for the contribution. (3) The period starts: (a) if the contribution is made in the * financial year starting on 1 July 2017—on 1 July 2017; and (b) if the contribution is made in the financial year starting on 1 July 2018, or a later financial year—on the first day of the month in which the contribution is made or taken to have been made (see subsection 138 ‑ 30(2)); and ends on the day the Commissioner makes the * first home super saver determination for which the associated earnings are being worked out.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s138-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-1", "Provision_Key": "s139-1", "Heading": "What this Division is about", "Text": "A victim of a specified child abuse offence may access the superannuation of the perpetrator in certain circumstances. The victim may request the Commissioner to provide certain information about the superannuation interests of the perpetrator. If the information is provided, the victim may apply to the Federal Circuit and Family Court of Australia (Division 2) for an order authorising the Commissioner to require the release of amounts from those superannuation interests. Following the making of an order, the Commissioner may require providers to release amounts from the superannuation interests. The Commissioner pays these amounts directly to the victim. There are some circumstances when providers may not be required to release the amounts.", "Amendment_Count": 1, "First_Amended": "No 47 of 2026", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 47 of 2026", "History_Notes": "Inserted by No 47 of 2026, effective sch 1 (items 1 ‑ 4): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-5", "Provision_Key": "s139-5", "Heading": "What this Subdivision is about", "Text": "A victim of a specified child abuse offence may request that the Commissioner provide certain information about the superannuation interests of the perpetrator if there has been a finding of guilt and an order for compensation that is unpaid. Table of sections Operative provisions 139 ‑ 10 Requesting perpetrator superannuation information 139 ‑ 15 Meaning of specified child abuse offence 139 ‑ 20 Requirements for requests 139 ‑ 25 Decision on request 139 ‑ 30 Perpetrator superannuation information to be disclosed by Commissioner 139 ‑ 35 Commissioner must notify perpetrator of disclosure", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-10", "Provision_Key": "s139-10", "Heading": "Requesting perpetrator superannuation information", "Text": "(1) A request may be made to the Commissioner for information about the * superannuation interests of the perpetrator of a * specified child abuse offence. (2) The request may be made by a victim of the offence, or on behalf of the victim by: (a) a * legal practitioner representing the victim; or (b) the victim’s * legal personal representative; or (c) in the case of a victim who is under 18 years of age on the date on which the request is made: (i) the victim’s parent; or (ii) a person who has been granted (whether alone or jointly with another person or persons) guardianship of the victim under a law of the Commonwealth or of a State or Territory; or (d) a person who provides the victim with financial and counselling services for the predominant purpose of assisting the victim to resolve financial difficulties; or (e) the victim’s * registered tax agent. (3) The request may only be made if the person making it reasonably believes that the circumstances mentioned in paragraphs 139 ‑ 55(1)(a) to (e) (which are about criteria for the making of a perpetrator contributions release order) exist in relation to the offence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-15", "Provision_Key": "s139-15", "Heading": "Meaning of specified child abuse offence", "Text": "(1) Specified child abuse offence means: (a) a child sexual abuse offence within the meaning of subsection 3(1) of the Crimes Act 1914 ; or (b) an offence against a provision of Division 270 or 271 of the Criminal Code (other than an offence against a provision mentioned in subsection (2)), if the victim is under 18 years of age at the time the offence is committed. (2) For the purposes of paragraph (1)(b), the provisions are: (a) subsection 271.2(1), (1A), (1B), (1C), (2), (2A), (2B) or (2C) (trafficking in persons); and (b) subsection 271.3(1) (trafficking in persons—aggravated offence); and (c) subsection 271.5(1), (2), (2A) or (2B) (domestic trafficking in persons); and (d) subsection 271.6(1) (domestic trafficking in persons—aggravated offence); and (e) subsection 271.7B(1) or (2) (organ trafficking—entry into and exit from Australia); and (f) subsection 271.7C(1) (organ trafficking—aggravated offence); and (g) section 271.7D (domestic organ trafficking); and (h) subsection 271.7E(1) (domestic organ trafficking—aggravated offence); and (i) subsection 271.7F(1) (harbouring a victim).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-20", "Provision_Key": "s139-20", "Heading": "Requirements for requests", "Text": "The request must: (a) be in the * approved form; and (b) be accompanied by a statutory declaration by the person making the request stating that: (i) the person reasonably believes that the circumstances mentioned in paragraphs 139 ‑ 55(1)(a) to (e) exist; and (ii) the person understands that disclosing any information given by the Commissioner under subsection 139 ‑ 25(1) other than for the purposes of making an application under section 139 ‑ 55 or in a proceeding for an order under section 139 ‑ 60 is an offence against section 355 ‑ 155; and (iii) the person understands that making a false statement in a statutory declaration is an offence against section 11 of the Statutory Declarations Act 1959 ; and (c) if the perpetrator has been convicted of the * specified child abuse offence—be accompanied by evidence of the conviction; and (d) be accompanied by a copy of the order mentioned in paragraph 139 ‑ 55(1)(b); and (e) state the date on which the victim alleges that the conduct constituting the offence first occurred.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-25", "Provision_Key": "s139-25", "Heading": "Decision on request", "Text": "(1) If the Commissioner is satisfied that the request meets the requirements in section 139 ‑ 20, the Commissioner must disclose the information mentioned in section 139 ‑ 30 to the person who made the request. (2) The disclosure is for either or both of the following purposes: (a) making an application under section 139 ‑ 55; (b) a proceeding for an order under section 139 ‑ 60. (3) If the Commissioner discloses information under subsection (1), the Commissioner must also give the person who made the request a notice stating the start and end dates of the period mentioned in paragraph 139 ‑ 30(1)(a).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-30", "Provision_Key": "s139-30", "Heading": "Perpetrator superannuation information to be disclosed by Commissioner", "Text": "(1) The information to be provided by the Commissioner upon request is: (a) the sum of the contributions covered by subsection (3) made to a * superannuation plan for the benefit of the perpetrator in the period: (i) beginning on the day that is 10 years before the first day on which the victim alleges that the conduct constituting the * specified child abuse offence occurred; and (ii) ending on the day on which the request is given to the Commissioner; and (b) if the most recent * total superannuation balance of the perpetrator that is known to the Commissioner is lower than the sum of the contributions determined under paragraph (a)—that total superannuation balance. Working out the amount of concessional contributions (2) In working out the sum of the contributions in paragraph (1)(a), the amount of a contribution that is a * concessional contribution is to be worked out using the following formula: Covered contributions (3) A contribution is covered by this subsection if: (a) it is a contribution of any of the following kinds: (i) a member contribution (within the meaning of Part 5 of the Superannuation Industry (Supervision) Regulations 1994 ); (ii) a * reportable employer superannuation contribution made in relation to the financial year beginning on 1 July 2009 or a later financial year; (iii) an employer contribution made in relation to the financial year beginning on 1 July 2008 or an earlier financial year that is not a mandated employer contribution (within the meaning of Part 5 of the S uperannuation Industry (Supervision) Regulations 1994 ); and (b) it is not an excepted contribution mentioned in subsection (4). Excepted contributions (4) For the purposes of paragraph (3)(b), excepted contributions are the following: (a) a contribution to the extent that it is required to be made because of a law of the Commonwealth or of a State or Territory, or the rules of the relevant superannuation fund; (b) a contribution made in respect of a * defined benefit interest; (c) a Government co ‑ contribution made under the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 ; (d) a contribution that is an amount transferred from a * KiwiSaver scheme to a * complying superannuation fund that is: (i) an * Australian ‑ sourced amount; or (ii) a * returning New Zealand ‑ sourced amount; (e) a contribution that is a * contributions ‑ splitting benefit; (f) a contribution made in relation to a financial year before the financial year beginning on 1 July 2002.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-35", "Provision_Key": "s139-35", "Heading": "Commissioner must notify perpetrator of disclosure", "Text": "(1) If the Commissioner discloses information under subsection 139 ‑ 25(1), the Commissioner must give notice to the perpetrator. (2) The Commissioner must give notice as soon as practicable after making the disclosure. (3) The notice: (a) must include a copy of the information that has been disclosed; and (b) must not state the name of the person who made the request or the victim.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-50", "Provision_Key": "s139-50", "Heading": "What this Subdivision is about", "Text": "If information is provided under Subdivision 139 ‑ A, a victim may apply to the Federal Circuit and Family Court of Australia (Division 2) to authorise the Commissioner to require the release of amounts from the superannuation interests of perpetrators. The perpetrator is required to notify the Court about certain applications, restraining orders or bankruptcy (which may affect superannuation interests). The Court may stay proceedings until these applications are finally determined, restraining orders lifted or bankruptcy is discharged. Table of sections Operative provisions 139 ‑ 55 Application for perpetrator contributions release order 139 ‑ 60 Court may make perpetrator contributions release order 139 ‑ 65 No publication of name of victim 139 ‑ 70 Intervention by Commissioner 139 ‑ 75 Stay of proceedings 139 ‑ 80 When an application is finally determined 139 ‑ 85 Grounds on which perpetrator may oppose making of order 139 ‑ 90 Perpetrator must notify Court about certain things 139 ‑ 95 Applicant must give Commissioner a copy of perpetrator contributions release order and nominate bank details", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-55", "Provision_Key": "s139-55", "Heading": "Application for perpetrator contributions release order", "Text": "(1) A victim of a * specified child abuse offence may apply to the Federal Circuit and Family Court of Australia (Division 2) for an order under section 139 ‑ 60 if: (a) the perpetrator of the offence has been convicted or found guilty of the offence; and (b) a court has made an order requiring the perpetrator to pay compensation to the victim of the offence for injury, loss or damage suffered by the victim as a direct result of conduct that constituted the offence, whether: (i) the order was made before or after the conviction or finding of guilt; and (ii) the order was made by the court that convicted the perpetrator or made the finding of guilt or a different court in civil proceedings; and (c) a period of at least 12 months has passed since the day on which the order was made; and (d) the perpetrator has not paid in full the amount of compensation specified in the order; and (e) the period within which recovery of the amount may be pursued in a court in the jurisdiction where the order was made has not expired; and (f) the Commissioner has disclosed superannuation information relating to the perpetrator under subsection 139 ‑ 25(1). (2) The application must: (a) state: (i) the amount of compensation that the perpetrator is required to pay the victim under the order mentioned in paragraph (1)(b); and (ii) the period within which recovery of the amount may be pursued in a court in the jurisdiction where the order was made; and (iii) the amount of compensation that the perpetrator has paid the victim (if any); and (iv) the day that is 10 years before the first day on which the victim alleges that the conduct constituting the * specified child abuse offence first occurred; and (b) be accompanied by a copy of: (i) the order mentioned in paragraph (1)(b); and (ii) the information mentioned in paragraph (1)(f); and (c) name the perpetrator as a respondent. (3) The applicant must give a copy of the application to the Commissioner as soon as practicable after making the application. (4) The copy of the application served on the perpetrator by the applicant must be accompanied by a notice setting out the perpetrator’s obligations to notify the Court under section 139 ‑ 90.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-60", "Provision_Key": "s139-60", "Heading": "Court may make perpetrator contributions release order", "Text": "(1) On application under subsection 139 ‑ 55(1), the Federal Circuit and Family Court of Australia (Division 2) may order that the Commissioner is authorised to exercise the power under subsection 139 ‑ 115(1) in relation to any * superannuation interest of the perpetrator up to a specified amount if: (a) the Court is satisfied that the circumstances mentioned in paragraphs 139 ‑ 55(1)(a) to (e) exist; and (b) the Court has not been made aware by a party to the proceeding that there are any applications mentioned in subsection (2) in relation to the perpetrator that have been made and not finally determined; and (c) the Court has not been made aware by a party to the proceeding that the perpetrator is a bankrupt under the Bankruptcy Act 1966 in respect of a bankruptcy from which the perpetrator has not been discharged; and (d) the Court has not been made aware by a party to the proceeding that a restraining order (within the meaning of the Bankruptcy Act 1966 ) in relation to the perpetrator’s superannuation interests is in force. Note: The perpetrator must give the Court notice about the status of applications mentioned in paragraphs (2)(a) to (e), bankruptcy, and restraining orders mentioned in paragraph (1)(d): see section 139 ‑ 90. (2) For the purposes of paragraph (1)(b), the applications are: (a) an application for an order under the Bankruptcy Act 1966 that relates to: (i) the bankruptcy of the perpetrator; or (ii) the perpetrator’s capacity as a debtor subject to a personal insolvency agreement; or (iii) a debt agreement to which the perpetrator is a party (as a debtor); or (b) an application for an order under section 79, 90SM, 90YX or 90YY of the Family Law Act 1975 in relation to the perpetrator; or (c) an application for an order under section 205ZG of the Family Court Act 1997 (WA) in relation to the perpetrator; or (d) an application for a forfeiture order mentioned in subregulation 5.08(1A) of the Superannuation Industry (Supervision) Regulations 1994 in relation to the perpetrator’s * superannuation interests; or (e) an application for a superannuation order under Part 2 of the Crimes (Superannuation Benefits) Act 1989 or Division 2 of Part VA of the Australian Federal Police Act 1979 in relation to the perpetrator; or (f) an application for a restraining order (within the meaning of the Bankruptcy Act 1966 ) in relation to the perpetrator’s superannuation interests. (3) The amount specified in the order must not exceed the lesser of the following amounts: (a) the sum of contributions disclosed by the Commissioner under subsection 139 ‑ 25(1); (b) the outstanding amount of compensation the perpetrator is required to pay the victim under the order mentioned in paragraph 139 ‑ 55(1)(b).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-65", "Provision_Key": "s139-65", "Heading": "No publication of name of victim", "Text": "(1) The Federal Circuit and Family Court of Australia (Division 2) must not publish (in electronic form or otherwise), in relation to a proceeding under section 139 ‑ 60, the name of the victim. (2) The Federal Court must not publish (in electronic form or otherwise), in relation to an appeal from a judgment of the Federal Circuit and Family Court of Australia (Division 2) in a proceeding under section 139 ‑ 60, the name of the victim.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-70", "Provision_Key": "s139-70", "Heading": "Intervention by Commissioner", "Text": "(1) The Commissioner may, with the leave of the Court and subject to any conditions imposed by the Court, intervene in a proceeding for an order under section 139 ‑ 60. (2) If the Commissioner intervenes in a proceeding, the Commissioner is taken to be a party to the proceeding and has all the rights, duties and liabilities of such a party.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-75", "Provision_Key": "s139-75", "Heading": "Stay of proceedings", "Text": "(1) The Court may order that the proceedings for an order under section 139 ‑ 60 be stayed if the Court is made aware by a party to the proceeding that: (a) an application mentioned in subsection 139 ‑ 60(2) has been made; or (b) the perpetrator is a bankrupt under the Bankruptcy Act 1966 in respect of a bankruptcy from which the perpetrator has not been discharged; or (c) a restraining order (within the meaning of the Bankruptcy Act 1966 ) in relation to the perpetrator’s * superannuation interests is in force. (2) The Court may continue the stay until: (a) for paragraph (1)(a)—the application is finally determined; or (b) for paragraph (1)(b)—the perpetrator is discharged from the bankruptcy; or (c) for paragraph (1)(c)—the restraining order is no longer in force.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-80", "Provision_Key": "s139-80", "Heading": "When an application is finally determined", "Text": "Without limiting paragraph 139 ‑ 60(1)(b) or 139 ‑ 75(2)(a), an application mentioned in subsection 139 ‑ 60(2) is finally determined: (a) when the application is withdrawn; or (b) if the application is dismissed and an appeal against the decision to dismiss the application is made—when the appeal is withdrawn or determined; or (c) if the application is dismissed and an appeal against the decision to dismiss the application is not made—when the appeal period in respect of the decision to dismiss the application has ended; or (d) if an order (other than an interim order) is made as a result of the application—when the appeal period in respect of the order has ended.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-85", "Provision_Key": "s139-85", "Heading": "Grounds on which perpetrator may oppose making of order", "Text": "(1) The perpetrator cannot oppose the making of an order under section 139 ‑ 60 on any grounds other than the following: (a) one or more of the circumstances mentioned in paragraphs 139 ‑ 55(1)(a) to (e) do not exist; (b) that the sum of contributions disclosed by the Commissioner under subsection 139 ‑ 25(1) was incorrect; (c) that the date on which the victim alleges that the conduct constituting the * specified child abuse offence first occurred is incorrect and that because the date is incorrect, the sum of contributions disclosed by the Commissioner under subsection 139 ‑ 25(1) is incorrect; (d) any of the other matters stated in the application for the order are incorrect; (e) any other matter to which the Court grants the perpetrator leave to object. (2) In opposing the making of an order on the ground mentioned in paragraph (1)(b), the perpetrator has the burden of proving that the amount of contributions disclosed was incorrect. (3) In opposing the making of an order on the ground mentioned in paragraph (1)(c), the perpetrator has the burden of proving: (a) that the date on which the victim alleges that the conduct constituting the * specified child abuse offence first occurred is incorrect; and (b) that, because of the incorrect date, the sum of contributions disclosed by the Commissioner under subsection 139 ‑ 25(1) is incorrect.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-90", "Provision_Key": "s139-90", "Heading": "Perpetrator must notify Court about certain things", "Text": "Circumstances existing when application is made (1) The perpetrator must notify the Court if any of the following circumstances exist at the time the perpetrator is given notice of the application under section 139 ‑ 55: (a) an application mentioned in subsection 139 ‑ 60(2) (other than in paragraph (f)) has been made in relation to the perpetrator and has not been finally determined; (b) the perpetrator is aware that an application for a restraining order has been made in relation to the perpetrator’s * superannuation interests and has not been finally determined; (c) a restraining order is in force in relation to the perpetrator’s superannuation interests; (d) the perpetrator is a bankrupt in respect of a bankruptcy from which the perpetrator has not been discharged. (2) The notice must be given as soon as practicable after the perpetrator is given notice of the application made under section 139 ‑ 55. Things happening after application has been made (3) The perpetrator must notify the Court if any of the following events occur after the perpetrator is given notice of the application under section 139 ‑ 55 (but before the application is finally determined): (a) an application mentioned in subsection 139 ‑ 60(2) (other than in paragraph (f)) is made in relation to the perpetrator; (b) an application mentioned in subsection 139 ‑ 60(2) (other than in paragraph (f)) in relation to the perpetrator is finally determined; (c) a restraining order is made in relation to the perpetrator’s * superannuation interests; (d) a restraining order made in relation to the perpetrator’s superannuation interests ceases to be in force; (e) the perpetrator becomes bankrupt; (f) the perpetrator’s bankruptcy is discharged. (4) The notice must be given as soon as practicable after the event occurs. Offence (5) A person commits an offence if: (a) the person is subject to a requirement under subsection (1) or (3); and (b) the person fails to comply with the requirement. Penalty: 50 penalty units.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-95", "Provision_Key": "s139-95", "Heading": "Applicant must give Commissioner a copy of perpetrator contributions release order and nominate bank details", "Text": "If the Court makes an order under section 139 ‑ 60, the applicant must, as soon as practicable, give the Commissioner: (a) a sealed copy of the order; and (b) a nomination, in the * approved form, of a financial institution account into which the Commissioner is to pay any amounts released.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-110", "Provision_Key": "s139-110", "Heading": "What this Subdivision is about", "Text": "Following the making of an order under Subdivision 139 ‑ B, the Commissioner may require superannuation providers to release amounts from the superannuation interests of the perpetrator of the specified child abuse offence. The Commissioner pays released amounts directly to the victim. There are some circumstances when providers may not be required to release the amounts. Table of sections Operative provisions 139 ‑ 115 Issuing release authorities 139 ‑ 120 Amount to be stated in a release authority 139 ‑ 125 Contents of a release authority 139 ‑ 130 Varying or revoking a release authority 139 ‑ 135 Obligations of superannuation providers 139 ‑ 140 Voluntary compliance with a release authority relating to defined benefit interests 139 ‑ 145 Notifying Commissioner 139 ‑ 150 Notifying perpetrator and victim 139 ‑ 155 Compensation for acquisition of property 139 ‑ 160 Payment to victim 139 ‑ 165 Recovery of amounts paid in excess of unpaid compensation 139 ‑ 170 Income tax treatment of amounts released—proportioning rule does not apply", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-115", "Provision_Key": "s139-115", "Heading": "Issuing release authorities", "Text": "(1) If an order under section 139 ‑ 60 in respect of a * specified child abuse offence is given to the Commissioner, the Commissioner must issue one or more release authorities to one or more * superannuation providers that hold * superannuation interests for the perpetrator of the offence. Note: The purpose of the release authority is to allow the Commissioner to pay the victim an amount that meets a debt the perpetrator owes the victim under an order mentioned in paragraph 139 ‑ 55(1)(b). (2) The Commissioner must not issue a release authority under subsection (1) to either of the following: (a) an * RSA provider that is not a * constitutional corporation; (b) a trustee of a * superannuation fund that is not a regulated superannuation fund.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-120", "Provision_Key": "s139-120", "Heading": "Amount to be stated in a release authority", "Text": "The amount to be released from one or more * superannuation interests under a release authority issued under section 139 ‑ 115 must be worked out so that either: (a) the amount released equals (but does not exceed) the amount specified in the order made under section 139 ‑ 60; or (b) if the amount released falls short of the amount specified in the order made under section 139 ‑ 60—the Commissioner: (i) has issued at least one release authority to each * superannuation provider that the Commissioner is aware could be given a release authority under section 139 ‑ 115; and (ii) has received in response to each such release authority either an amount paid under subsection 139 ‑ 135(1), or a notice under subsection 139 ‑ 145(2); and (iii) is satisfied that issuing further release authorities will not increase the total amount released.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-125", "Provision_Key": "s139-125", "Heading": "Contents of a release authority", "Text": "Each release authority issued under section 139 ‑ 115 must: (a) be issued to a single * superannuation provider; and (b) state the amount to be released from each * superannuation interest under the release authority; and (c) be dated; and (d) identify that it is a release authority issued following an order under section 139 ‑ 60; and (e) contain any other information that the Commissioner considers relevant.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-130", "Provision_Key": "s139-130", "Heading": "Varying or revoking a release authority", "Text": "(1) The Commissioner may decide to vary or revoke a release authority issued under section 139 ‑ 115 at any time before the Commissioner is given notice under section 139 ‑ 145 relating to the release authority. Reissuing varied release authorities (2) If the Commissioner varies a release authority under this section at a particular time, then: (a) at that time, the release authority (as issued before the variation) ceases to be in force; and (b) the Commissioner must reissue the release authority (as varied) under section 139 ‑ 115.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-135", "Provision_Key": "s139-135", "Heading": "Obligations of superannuation providers", "Text": "(1) A * superannuation provider issued with a release authority under section 139 ‑ 115 must, within 10 * business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of: (a) the amount stated in the release authority; and (b) the sum of the * maximum available release amounts for each * superannuation interest held by the superannuation provider in * superannuation plans for the perpetrator. Note 1: Subsection 288 ‑ 95(5) provides for an administrative penalty for failing to comply with this section. Note 2: For the taxation treatment of the payment, see section 139 ‑ 170. Exception—defined benefit interests not subject to compulsory release (2) However, the * maximum available release amount for a * superannuation interest is not to be included in the sum worked out under paragraph (1)(b) if the interest is a * defined benefit interest. Other exceptions (3) A * superannuation provider issued with a release authority under section 139 ‑ 115 is not required to pay the Commissioner the amount mentioned in subsection (1) to the extent that doing so would be inconsistent with any of the following orders: (a) a forfeiture order mentioned in subregulation 5.08(1A) of the Superannuation Industry (Supervision) Regulations 1994 ; (b) a restraining order within the meaning of the Bankruptcy Act 1966 ; (c) a superannuation order under Part 2 of the Crimes (Superannuation Benefits) Act 1989 ; (d) a superannuation order under Division 2 of Part VA of the Australian Federal Police Act 1979 . (4) A * superannuation provider issued with a release authority under section 139 ‑ 115 is also not required to pay the Commissioner the amount mentioned in subsection (1) if: (a) a payment flag (within the meaning of Part VIIIB or Part VIIIC of the Family Law Act 1975 ) is operating on the * superannuation interest; or (b) the superannuation provider is required to give the perpetrator a payment split notice under regulation 7A.03 of the Superannuation Industry (Supervision) Regulations 1994 and, at the time the release authority is issued: (i) the superannuation provider has not given the notice; or (ii) the superannuation provider has given the notice and any of the circumstances mentioned in subsection (5) apply; or (c) the superannuation provider: (i) has been given a request under regulation 7A.03C, 7A.03D, 7A.03E, 7A.05, 7A.06 or 7A.07 of the Superannuation Industry (Supervision) Regulations 1994 ; and (ii) is required under regulation 7A.03G or 7A.09 of those Regulations to give effect to the request; and (iii) has not given effect to the request. (5) For the purposes of subparagraph (4)(b)(ii), the circumstances are: (a) the period by which a request mentioned in subparagraph (4)(c)(i) must be made has not ended; or (b) the period by which a request mentioned in subparagraph (4)(c)(i) must be made has ended and the superannuation provider: (i) has not been given a request; and (ii) intends to take an action mentioned in subregulation 7A.03H(1) or (4) or 7A.10(1) of the Superannuation Industry (Supervision) Regulations 1994 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-140", "Provision_Key": "s139-140", "Heading": "Voluntary compliance with a release authority relating to defined benefit interests", "Text": "(1) A * superannuation provider issued with a release authority under section 139 ‑ 115 may, within 10 * business days after the release authority is issued (or a further period allowed by the Commissioner), pay to the Commissioner the lesser of: (a) the amount stated in the release authority; and (b) the sum of the * maximum available release amounts for each * defined benefit interest held by the superannuation provider in * superannuation plans for the perpetrator. (2) For the purposes of paragraph (1)(a), reduce the amount mentioned in that paragraph by any amount the provider pays under subsection 139 ‑ 135 in relation to the release authority.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-145", "Provision_Key": "s139-145", "Heading": "Notifying Commissioner", "Text": "(1) A * superannuation provider issued with a release authority under section 139 ‑ 115 must notify the Commissioner of a payment made in accordance with this Subdivision. (2) A * superannuation provider that: (a) has been issued with a release authority under section 139 ‑ 115; and (b) is not required to pay an amount under section 139 ‑ 135, or is required under that section to pay an amount less than the amount stated in the release authority; must notify the Commissioner that the provider is not required to comply with the release authority. (3) If a * superannuation provider is not required to pay an amount because of subsection 139 ‑ 135(3) or (4), or is not required to pay the whole of the amount because of those subsections, a notice under subsection (2) of this section must also state: (a) the reason why the provider is not required to pay the amount or is not required to pay the whole of the amount; and (b) in the case where the provider is not required to pay the amount because of paragraph 139 ‑ 135(4)(b) — the date on which the provider expects that it will have completed arrangements to give effect to the payment split. (4) A notice under this section must: (a) be given in the * approved form within the period applying under subsection 139 ‑ 135(1) or 139 ‑ 140(1) for the release authority; and (b) if the provider is not required to pay the amount or is not required to pay the whole of the amount—state the reason why the provider is not required to pay the amount or is not required to pay the whole of the amount; and (c) if paragraph 139 ‑ 135(4)(b) applies — state the date on which the provider expects that it will have completed arrangements to give effect to the payment split. Note: Subsection 286 ‑ 75(1) provides for an administrative penalty for failing to comply with this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-150", "Provision_Key": "s139-150", "Heading": "Notifying perpetrator and victim", "Text": "(1) The Commissioner must notify the perpetrator and the victim in respect of whom an order under section 139 ‑ 60 has been made as soon as practicable after: (a) the total amount paid to the Commissioner under release authorities issued under subsection 139 ‑ 115(1) reaches the amount specified in the order; or (b) the Commissioner is satisfied, under subparagraph 139 ‑ 120(b)(iii), that issuing further release authorities will not increase the total amount released. (2) A notice given to the perpetrator under subsection (1) must: (a) be in writing; and (b) identify the * superannuation providers to whom any release authorities were issued; and (c) state the total amount that was paid under the release authorities; and (d) state that the Commissioner will not issue further release authorities in respect of the order. (3) A notice given to the victim under subsection (1) must: (a) be in writing; and (b) state the total amount that was paid under the release authorities; and (c) state that the Commissioner will not issue further release authorities in respect of the order.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-155", "Provision_Key": "s139-155", "Heading": "Compensation for acquisition of property", "Text": "(1) If the operation of section 139 ‑ 115 would result in an acquisition of property (within the meaning of paragraph 51(xxxi) of the Constitution) from an entity otherwise than on just terms (within the meaning of that paragraph), the Commonwealth is liable to pay a reasonable amount of compensation to the entity. (2) If the Commonwealth and the entity do not agree on the amount of the compensation, the entity may institute proceedings in: (a) the Federal Court of Australia; or (b) the Supreme Court of a State or Territory; for the recovery from the Commonwealth of such reasonable amount of compensation as the court determines.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-160", "Provision_Key": "s139-160", "Heading": "Payment to victim", "Text": "(1) If a * superannuation provider pays an amount in relation to a release authority issued under section 139 ‑ 115, the Commissioner must, on behalf of the Commonwealth, pay an amount equal to the released amount to the credit of the account nominated by the victim under paragraph 139 ‑ 95(b). (2) The perpetrator’s liability to pay the victim compensation under an order mentioned in paragraph 139 ‑ 55(1)(b) is reduced by the amount paid under subsection (1) of this section. Note: For the purposes of this Division, the Commissioner may make entries in non ‑ RBA accounts to reflect that an amount released from the perpetrator’s superannuation interests is effectively transferred to the account nominated by the victim. (3) The perpetrator is not entitled to be paid any amount in connection with the released amount. (4) If: (a) an amount mentioned in subsection (1) is to be paid to the credit of the account nominated by the applicant under section 139 ‑ 95(b); and (b) a court order in the nature of a garnishee order comes into force in relation to the account; the court order mentioned in paragraph (b) does not apply to the amount before it is paid into the account.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-165", "Provision_Key": "s139-165", "Heading": "Recovery of amounts paid in excess of unpaid compensation", "Text": "If the sum of the amounts paid by the Commissioner under section 139 ‑ 160 exceeds the amount of unpaid compensation to which the victim is entitled from the perpetrator under the order mentioned in paragraph 139 ‑ 55(1)(b), then the excess: (a) is payable by the victim to the perpetrator; and (b) is a debt due by the victim to the perpetrator; and (c) may be recovered by action in a court of competent jurisdiction by the perpetrator.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 139-170", "Provision_Key": "s139-170", "Heading": "Income tax treatment of amounts released—proportioning rule does not apply", "Text": "Section 307 ‑ 125 of the Income Tax Assessment Act 1997 (the proportioning rule) does not apply to a payment made as required or permitted under this Subdivision. Note: The income tax treatment of released amounts is also affected by section 303 ‑ 15 of that Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s139-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 145-1", "Provision_Key": "s145-1", "Heading": "What this Division is about", "Text": "The Commissioner can make an assessment of diverted profits tax. The entity that is the subject of the assessment can appeal to the Federal Court against the Commissioner’s decision to make the assessment. Such an appeal can be made generally no earlier than 12 months after the day on which the Commissioner first gives notice of the assessment to the entity. Table of sections 145 ‑ 5 DPT assessments—modified application of Division 155 145 ‑ 10 When DPT assessments can be made 145 ‑ 15 Period of review of DPT assessments 145 ‑ 20 Review of assessments 145 ‑ 25 Restricted DPT evidence", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s145-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 145-5", "Provision_Key": "s145-5", "Heading": "DPT assessments—modified application of Division 155", "Text": "In applying Division 155 in relation to an amount of * diverted profits tax: (a) apply the provisions of that Division with the modifications set out in sections 145 ‑ 10 to 145 ‑ 25; and (b) disregard sections 155 ‑ 15, 155 ‑ 20, 155 ‑ 25, 155 ‑ 30, 155 ‑ 40, 155 ‑ 45, 155 ‑ 50, 155 ‑ 55 and 155 ‑ 70.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s145-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 145-10", "Provision_Key": "s145-10", "Heading": "When DPT assessments can be made", "Text": "Despite subsection 155 ‑ 5(1), the Commissioner can make an assessment (the DPT assessment ) of the amount of * diverted profits tax only at a time in the period: (a) starting on the day on which the Commissioner first gives the entity that is the subject of the assessment a notice of assessment under Part IV of the Income Tax Assessment Act 1936 for the income year mentioned in paragraph 177J(1)(a) of the Income Tax Assessment Act 1936 (as that paragraph applies in relation to the amount of diverted profits tax); and (b) ending on the last day of the period of 7 years starting the day after that day.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s145-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 145-15", "Provision_Key": "s145-15", "Heading": "Period of review of DPT assessments", "Text": "(1) Despite subsection 155 ‑ 35(2), the period of review , for the * DPT assessment, is: (a) the period: (i) starting on the day on which the Commissioner first gives notice of the assessment to the entity that is the subject of the assessment under section 155 ‑ 10; and (ii) ending on the last day of the period of 12 months starting the day after that day; or (b) if: (i) the entity, by written notice given to the Commissioner, specifies a shorter period in accordance with subsection (2); and (ii) the Federal Court of Australia has not made an order under subsection (3) in respect of the written notice; that shorter period; or (c) if the period of review is extended under subsection 155 ‑ 35(3) or (4)—the period as so extended. (2) For the purposes of subparagraph (1)(b)(i), the shorter period must: (a) start on the day mentioned in subparagraph (1)(a)(i); and (b) end on a day that is at least 30 days after the day on which the entity gives the written notice to the Commissioner. (3) For the purposes of subparagraph (1)(b)(ii), the Federal Court of Australia may make an order under this subsection in respect of the written notice if: (a) the Commissioner has started to examine the entity’s affairs in relation to the assessment; and (b) the Commissioner has not completed the examination within the shorter period specified in the written notice; and (c) the Commissioner, within 30 days after the day on which the entity gives the written notice to the Commissioner, applies to the Court for the order; and (d) the Court is satisfied that it was not reasonably practicable, or it was inappropriate, for the Commissioner to complete the examination within the shorter period specified in the written notice, because of: (i) any action taken by the entity; or (ii) any failure by the entity to take action that it would have been reasonable for the entity to take. (4) Despite subsection 155 ‑ 35(5), in relation to the * DPT assessment: (a) an order may be made under subsection 155 ‑ 35(3) only once; and (b) consent may be given under subsection 155 ‑ 35(4) only once.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s145-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 145-20", "Provision_Key": "s145-20", "Heading": "Review of assessments", "Text": "(1) Section 155 ‑ 90 does not apply during the * period of review mentioned in section 145 ‑ 15. (2) In applying Part IVC of this Act as a result of section 155 ‑ 90 after the end of that * period of review: (a) have regard only to the provisions of that Part mentioned in subsection (3); and (b) apply those provisions with the modifications set out in subsection (4); and (c) disregard the other provisions of that Part; and (d) apply section 145 ‑ 25 (restricted DPT evidence). (3) For the purposes of paragraph (2)(a), the provisions of that Part are as follows: (a) sections 14ZL and 14ZP; (b) subsection 14ZR(1); (c) subsection 14ZZ(1); (d) Division 5 (apart from section 14ZZS). (4) For the purposes of paragraph (2)(b), the modifications are as follows: (a) treat the Commissioner’s decision to make the * DPT assessment as an objection decision; (b) treat subsection 14ZZ(1) as reading “The entity that is the subject of the DPT assessment may appeal to the Federal Court of Australia against the objection decision.”; (c) treat the reference in section 14ZZN to “within 60 days after the person appealing is served with notice of the decision” as being a reference to “within 60 days after the end of the period of review mentioned in section 145 ‑ 15 in Schedule 1”; (d) disregard paragraph 14ZZO(a); (e) treat paragraph 14ZZO(b) as reading “the appellant has the burden of proving that the DPT assessment is excessive or otherwise incorrect and what the DPT assessment should have been”; (f) treat the reference in section 14ZZR to a taxation decision as being a reference to the Commissioner’s decision to make the DPT assessment.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s145-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 145-25", "Provision_Key": "s145-25", "Heading": "Restricted DPT evidence", "Text": "(1) * Restricted DPT evidence is not admissible in evidence in proceedings under Part IVC on an appeal to the Federal Court of Australia related to the * DPT assessment. (2) Restricted DPT evidence means information or documents that: (a) the entity that is the subject of the * DPT assessment (or an associate (within the meaning of section 318 of the Income Tax Assessment Act 1936 ) of that entity), had in its custody or under its control at a time before, during or after the * period of review; and (b) the Commissioner did not have in his or her custody or under his or her control at any time in the period of review. (3) Subsection (1) does not prevent * restricted DPT evidence from being admissible in evidence in the proceedings if: (a) the Commissioner consents to the admission of the restricted DPT evidence in accordance with subsection (4); or (b) the court in which the proceedings take place considers that the admission of the restricted DPT evidence is necessary in the interests of justice; or (c) the restricted DPT evidence is expert evidence that: (i) comes into existence after the * period of review; and (ii) is based on evidence that the Commissioner had in his or her custody or under his or her control at any time in the period of review. (4) For the purposes of paragraph (3)(a), the Commissioner may give the consent if the Commissioner considers that it is reasonable to do so. (5) In making a decision under paragraph (3)(a) or (b), the Commissioner or the court must have regard to: (a) whether, if the * restricted DPT evidence were not admissible in evidence in the proceedings, the remaining information or documents that are relevant to the proceedings are, or are likely to be, misleading; and (b) whether it would have been reasonable for the entity that is the subject of the * DPT assessment (or the associate of that entity mentioned in paragraph (2)(a)) to have given the Commissioner the restricted DPT evidence within the * period of review. (6) The Commissioner must give a consent for the purposes of paragraph (3)(a) if failure to do so would have the effect, for the purposes of the Constitution, of making any tax or penalty incontestable. (7) A consent for the purposes of paragraph (3)(a) is to be in writing. (8) If the Commissioner gives a consent for the purposes of paragraph (3)(a), the Commissioner must give the entity that is the subject of the * DPT assessment a copy of the consent as soon as practicable afterwards.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s145-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-1", "Provision_Key": "s155-1", "Heading": "What this Division is about", "Text": "This Division contains rules relating to assessments. The rules in this Division deal with the following: (a) how assessments are made or amended and their effect; (b) review of assessments.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-5", "Provision_Key": "s155-5", "Heading": "Commissioner may make assessment", "Text": "(1) The Commissioner may at any time make an assessment of an * assessable amount (including an assessment that the amount is nil). Note 1: For amendment of assessments, see Subdivision 155 ‑ B. Note 2: An assessment can be reviewed: see Subdivision 155 ‑ C. (2) Each of the following is an assessable amount : (a) a * net amount; (b) a * net fuel amount; (c) an amount of * indirect tax not included in an amount covered by another paragraph of this subsection; (d) a credit under an * indirect tax law not included in an amount covered by another paragraph of this subsection; (f) an amount of * Division 293 tax payable for an income year in relation to an individual’s * taxable contributions for the income year; (fa) an amount of * Division 296 tax payable for an income year in relation to an individual’s * taxable superannuation earnings for the income year; (g) an amount of * excess exploration credit tax for an income year; (h) an amount of * excess transfer balance tax payable for an * excess transfer balance period; (i) an amount of levy under the Major Bank Levy Act 2017 for a * quarter; (ia) an amount of * Australian IIR/UTPR tax; (ib) an amount of * Australian DMT tax; (j) an amount of * diverted profits tax; Note: This Division has a modified operation in relation to diverted profits tax (see Division 145). (k) an amount of * first home super saver tax for an income year; (l) an amount of * Laminaria and Corallina decommissioning levy for a financial year; (m) an amount of * build to rent development misuse tax.", "Amendment_Count": 13, "First_Amended": "No 14 of 2012", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 82 of 2013 | No 96 of 2014 | No 21 of 2015 | No 81 of 2016 | No 27 of 2017 | No 64 of 2017 | No 132 of 2017 | No 24 of 2022 | No 134 of 2024 | No 138 of 2024 | No 8 of 2026", "History_Notes": "Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-10", "Provision_Key": "s155-10", "Heading": "Commissioner must give notice of assessment", "Text": "(1) The Commissioner must give you notice of an assessment of an * assessable amount of yours as soon as practicable after the assessment is made. Note: This section also applies to an amended assessment: see section 155 ‑ 80. (2) The Commissioner may give you the notice electronically if you are required to lodge, or have lodged, the return (if any) that relates to the * assessable amount electronically.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-15", "Provision_Key": "s155-15", "Heading": "Self ‑ assessment", "Text": "(1) The Commissioner is treated as having made an assessment under section 155 ‑ 5 of an * assessable amount mentioned in an item of the following table, if the document mentioned in the item is given to the recipient mentioned in the item: Self ‑ assessed amounts Item Column 1 Assessable amount Column 2 Recipient Column 3 Document 1 your * net amount for a * tax period the Commissioner your * GST return for the tax period 2 your * net fuel amount for a * tax period the Commissioner your * fuel tax return for the tax period 3 the * GST payable by you on a * taxable importation the Collector (within the meaning of the Customs Act 1901 ) or the Department administered by the Minister administering Part XII of that Act return, given as described in one of the following provisions, in relation to the importation: (a) paragraph 69(8)(a), (b), (c) or (da), or 70(7)(a), of the Customs Act 1901 ; (b) regulations prescribed for the purposes of paragraph 69(8)(d) of that Act 4 an amount of * excess exploration credit tax for an income year the Commissioner return given under section 418 ‑ 160 for the income year 5 an amount of levy under the Major Bank Levy Act 2017 for a * quarter the Commissioner return given under section 115 ‑ 5 for the quarter 6 an amount of * Australian IIR/UTPR tax for a * Fiscal Year the Commissioner * Australian IIR/UTPR tax return given under section 127 ‑ 35 for the Fiscal Year 7 an amount of * Australian DMT tax for a * Fiscal Year the Commissioner * Australian DMT tax return given under section 127 ‑ 45 for the Fiscal Year Note: There is no self ‑ assessment of Division 293 tax, Division 296 tax, excess transfer balance tax or first home super saver tax. (2) The assessment is treated as having been made on the day the document is given to the recipient mentioned in column 2. (3) The amount assessed is: (a) if the document is required to state the * assessable amount—the amount (including a nil amount) stated; or (b) otherwise—the amount (including a nil amount) worked out in accordance with the information stated in the document. (4) The document is treated as being a notice of the assessment: (a) signed by the Commissioner; and (b) given to you under section 155 ‑ 10 on the day the document is given to the recipient. (5) This section does not apply to an * assessable amount if the Commissioner has already assessed the assessable amount on or before the day mentioned in paragraph (4)(b).", "Amendment_Count": 13, "First_Amended": "No 14 of 2012", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 82 of 2013 | No 96 of 2014 | No 110 of 2014 | No 21 of 2015 | No 41 of 2015 | No 81 of 2016 | No 64 of 2017 | No 132 of 2017 | No 40 of 2023 | No 134 of 2024 | No 8 of 2026", "History_Notes": "Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 41 of 2015, effective sch 5 (items 152 ‑ 159), sch 6 (items 186, 187), sch 9: 1 July 2015 (s 2(1) items 2, 9) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 40 of 2023, effective sch 4 (item 17): 1 July 2023 (s 2(1) item 5) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-20", "Provision_Key": "s155-20", "Heading": "Assessment of indirect tax on importations and customs dealing", "Text": "(1) The Commissioner is treated as having made an assessment under section 155 ‑ 5 of the * GST, * luxury car tax or * wine tax (whichever is applicable) payable by you on a * taxable importation, * taxable importation of a luxury car or * customs dealing, if: (a) the document mentioned in column 1 of an item of the following table is communicated to the Department administered by the Minister administering Part XII of the Customs Act 1901 , in respect of the importation or dealing; and (b) a Collector (within the meaning of the Customs Act 1901 ) gives the document mentioned in column 2 of the item to an entity in respect of the importation or dealing. Customs documents Item Column 1 Document communicated Column 2 Document given to an entity 1 an * import declaration an * import declaration advice 2 a self ‑ assessed clearance declaration (within the meaning of the Customs Act 1901 ) a * self ‑ assessed clearance declaration advice (2) The assessment is treated as having been made on the day a Collector (within the meaning of the Customs Act 1901 ) gives the document mentioned in paragraph (1)(b) to the entity. (3) The amount assessed is the amount (including a nil amount) worked out in accordance with the information stated in the 2 documents. (4) The 2 documents are treated as together being a notice of the assessment: (a) signed by the Commissioner; and (b) given to you under section 155 ‑ 10 on the day a Collector (within the meaning of the Customs Act 1901 ) gives the document mentioned in paragraph (1)(b) of this section to the entity. (5) This section does not apply if the Commissioner has already assessed the * GST, * luxury car tax or * wine tax on or before the day mentioned in paragraph (4)(b).", "Amendment_Count": 2, "First_Amended": "No 39 of 2012", "Last_Amended": "No 41 of 2015", "Amending_Acts": "No 39 of 2012 | No 41 of 2015", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 41 of 2015, effective sch 5 (items 152 ‑ 159), sch 6 (items 186, 187), sch 9: 1 July 2015 (s 2(1) items 2, 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-25", "Provision_Key": "s155-25", "Heading": "Special assessment", "Text": "For the purposes of making, under section 155 ‑ 5, an assessment of an * assessable amount that relates to a period (e.g. a tax period), the Commissioner may treat part of the period as being the whole period.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-30", "Provision_Key": "s155-30", "Heading": "Delays in making assessments", "Text": "(1) You may give the Commissioner a written notice requiring the Commissioner to make an assessment of an * assessable amount of yours, if, 6 months after the day on which the relevant return (if any) for the assessable amount is given to the Commissioner, the Commissioner has not given to you notice of an assessment of the assessable amount under section 155 ‑ 10. (2) You may object, in the manner set out in Part IVC of this Act, against the Commissioner’s failure to make the assessment if the Commissioner does not make the assessment within 30 days after the day the notice is given under subsection (1). (3) This section does not apply to the following * assessable amounts: (a) the * Division 293 tax payable by you in relation to an income year in relation to your * taxable contributions for the income year; (aa) the * Division 296 tax payable by you in relation to an income year in relation to your * taxable superannuation earnings for the income year; (b) the * excess transfer balance tax payable by you for an * excess transfer balance period; (c) the * first home super saver tax payable by you for an income year; (d) the * Laminaria and Corallina decommissioning levy payable by you for a financial year; (e) the * build to rent development misuse tax payable by you for an income year.", "Amendment_Count": 9, "First_Amended": "No 14 of 2012", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 82 of 2013 | No 96 of 2014 | No 81 of 2016 | No 132 of 2017 | No 24 of 2022 | No 138 of 2024 | No 8 of 2026", "History_Notes": "Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-35", "Provision_Key": "s155-35", "Heading": "Amendment during period of review", "Text": "Amendment (1) The Commissioner may amend an assessment of an * assessable amount within the * period of review for the assessment. Note 1: An amendment of an assessment can be reviewed: see Subdivision 155 ‑ C. Note 2: This section also applies to amended assessments: see section 155 ‑ 80. However, there are limits on how amended assessments can be amended: see sections 155 ‑ 65 and 155 ‑ 70. Meaning of period of review (2) The period of review , for an assessment of an * assessable amount of yours, is: (a) the period: (i) starting on the day on which the Commissioner first gives notice of the assessment to you under section 155 ‑ 10; and (ii) ending on the last day of the period of 4 years starting the day after that day; or (b) if the period of review is extended under subsection (3) or (4) of this section—the period as so extended. Extensions (3) The Federal Court of Australia may order an extension of the * period of review for an assessment of an * assessable amount of yours for a specified period, if: (a) the Commissioner has started to examine your affairs in relation to the assessment; and (b) the Commissioner has not completed the examination within the period of review for the assessment; and (c) the Commissioner, during the period of review, applies to the Federal Court of Australia for an order extending the period; and (d) the Court is satisfied that it was not reasonably practicable, or it was inappropriate, for the Commissioner to complete the examination within the period of review, because of: (i) any action taken by you; or (ii) any failure by you to take action that it would have been reasonable for you to take. (4) You may, by written notice given to the Commissioner, consent to the extension of the * period of review for an assessment of an * assessable amount of yours for a specified period, if: (a) the Commissioner has started to examine your affairs in relation to the assessment; and (b) the Commissioner has not completed the examination within the period of review for the assessment; and (c) the Commissioner, during the period of review, requests you to consent to extending the period of review. (5) An order may be made under subsection (3), or consent given under subsection (4), in relation to an assessment of an * assessable amount more than once.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-40", "Provision_Key": "s155-40", "Heading": "Amendment during period of review—certain applications taken to be notices", "Text": "(1) An application made by you for an amendment of an assessment of an * assessable amount of yours is treated as being a notice of the amended assessment given to you by the Commissioner under section 155 ‑ 10, if: (a) the application is in the * approved form; and (b) the Commissioner makes the amendment: (i) to give effect to the decision on the application; and (ii) during the * period of review for the assessment; and (c) the amendment the Commissioner makes is the entire amendment for which you applied, and nothing else. (2) The notice is treated as having been given to you on whichever of the following is applicable: (a) the first day the Commissioner adjusts the balance of an * RBA of yours as a result of the amendment; (b) the day a Collector (within the meaning of the Customs Act 1901 ) gives an * import declaration advice, or a * self ‑ assessed clearance declaration advice, to an entity in respect of the relevant * taxable importation, * taxable importation of a luxury car or * customs dealing as a result of the amendment.", "Amendment_Count": 2, "First_Amended": "No 39 of 2012", "Last_Amended": "No 41 of 2015", "Amending_Acts": "No 39 of 2012 | No 41 of 2015", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 41 of 2015, effective sch 5 (items 152 ‑ 159), sch 6 (items 186, 187), sch 9: 1 July 2015 (s 2(1) items 2, 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-45", "Provision_Key": "s155-45", "Heading": "Amendment on application", "Text": "The Commissioner may amend an assessment of an * assessable amount of yours at any time, if you apply for an amendment in the * approved form during the * period of review for the assessment. The Commissioner may amend the assessment to give effect to his or her decision on the application. Note: The Commissioner must give you notice of the amended assessment under section 155 ‑ 10: see section 155 ‑ 80.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-50", "Provision_Key": "s155-50", "Heading": "Amendment to give effect to private ruling", "Text": "The Commissioner may amend an assessment of an * assessable amount of yours at any time, if: (a) you apply for a * private ruling during the * period of review for the assessment; and (b) the Commissioner makes a private ruling because of the application. The Commissioner may amend the assessment to give effect to the ruling.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-55", "Provision_Key": "s155-55", "Heading": "Amendment to give effect to certain anti ‑ avoidance declarations", "Text": "The Commissioner may amend an assessment of an * assessable amount at any time, if: (a) the Commissioner makes a declaration under subsection 165 ‑ 45(3) of the * GST Act (about compensating adjustments for anti ‑ avoidance declarations); or (b) the Commissioner makes a declaration under subsection 75 ‑ 45(3) of the Fuel Tax Act 2006 (about compensating adjustments for anti ‑ avoidance declarations). The Commissioner may amend the assessment to give effect to the declaration.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 96 of 2014", "History_Notes": "Repealed and substituted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-60", "Provision_Key": "s155-60", "Heading": "Amendment because of review, objection or fraud", "Text": "Despite anything in this Subdivision, the Commissioner may amend an assessment of an * assessable amount of yours at any time: (a) to give effect to a decision on a review or appeal; or (b) as a result of an objection made by you, or pending a review or appeal; or (c) if he or she is of the opinion there has been fraud or evasion.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-65", "Provision_Key": "s155-65", "Heading": "Amending amended assessments", "Text": "The Commissioner cannot amend an amended assessment of an * assessable amount under section 155 ‑ 35 if the * period of review for the assessment has ended. Note: The Commissioner can amend amended assessments at any time under sections 155 ‑ 45 to 155 ‑ 60.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-70", "Provision_Key": "s155-70", "Heading": "Refreshed period of review", "Text": "(1) This section applies if the Commissioner has made one or more amendments of an assessment of an * assessable amount of yours under section 155 ‑ 35 about a particular. (2) Despite section 155 ‑ 65, the Commissioner may amend (the later amendment ) the amended assessment after the end of the * period of review for the assessment, if: (a) the Commissioner makes the later amendment before the end of the period of 4 years starting on the day after the day on which the Commissioner gave notice of the last of the amendments mentioned in subsection (1) to you under section 155 ‑ 10; and (b) the later amendment is about the particular mentioned in subsection (1) of this section; and (c) the Commissioner has not previously amended the assessment under this section about that particular.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-75", "Provision_Key": "s155-75", "Heading": "Refunds of amounts overpaid", "Text": "(1) This section applies if: (a) an assessment of an * assessable amount of yours is amended; and (b) as a result of the amendment, a * tax ‑ related liability (the earlier liability ) of yours is reduced. (2) For the purposes of any * taxation law that applies the * general interest charge, the amount by which the * tax ‑ related liability is reduced is taken never to have been payable. Note 1: The general interest charge is worked out under Part IIA of this Act. Note 2: Subsection 8AAB(4) of this Act lists the provisions that apply the charge. (3) The Commissioner must apply the amount of any * tax ‑ related liability overpaid in accordance with Divisions 3 and 3A of Part IIB of this Act (about running balance accounts and the application of payments and credits). (4) However, if: (a) a later amendment of an assessment of an * assessable amount is made; and (b) all or some of your earlier liability in relation to a particular is reinstated; this section is taken not to have applied to the extent that the earlier liability is reinstated.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-80", "Provision_Key": "s155-80", "Heading": "Amended assessments are assessments", "Text": "An amended assessment of an * assessable amount is an assessment for all purposes of any * taxation law. Note: The Commissioner must give notice of the amended assessment under section 155 ‑ 10. Under section 155 ‑ 40, an application for an amendment is treated as being a notice of the amendment in certain circumstances.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-85", "Provision_Key": "s155-85", "Heading": "Validity of assessment", "Text": "The validity of any assessment of an * assessable amount is not affected by non ‑ compliance with the provisions of this Act or of any other * taxation law.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-90", "Provision_Key": "s155-90", "Heading": "Review of assessments", "Text": "You may object, in the manner set out in Part IVC of this Act, against an assessment of an * assessable amount of yours if you are dissatisfied with the assessment. Note: If an individual is dissatisfied with a statement given to the Commissioner by a superannuation provider under section 390 ‑ 5 in this Schedule, the individual may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ).", "Amendment_Count": 6, "First_Amended": "No 14 of 2012", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 82 of 2013 | No 96 of 2014 | No 13 of 2018 | No 76 of 2023", "History_Notes": "Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) sch 1 (items 26 ‑ 31, 54 ‑ 58): 6 Mar 2018 (s 2(1) items 2, 6) sch 3 (items 31, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 155-95", "Provision_Key": "s155-95", "Heading": "Entities", "Text": "This Division applies, in relation to an * assessable amount under a * taxation law, to an entity under that taxation law in the same way as the Division applies to an entity under the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s155-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 250-1", "Provision_Key": "s250-1", "Heading": "What this Part is about", "Text": "This Part deals with the methods by which the Commissioner may collect and recover amounts of taxes and other liabilities. These rules may affect you if you are liable to pay an amount of a tax ‑ related liability (see, for example, Division 255). Some of the rules may also affect you because of your relationship with someone else who is liable for such an amount (see Division 260). Table of sections 250 ‑ 5 Some important concepts about tax ‑ related liabilities 250 ‑ 10 Summary of tax ‑ related liabilities", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s250-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 250-5", "Provision_Key": "s250-5", "Heading": "Some important concepts about tax ‑ related liabilities", "Text": "(1) A tax ‑ related liability may arise for an entity before it becomes due and payable by that entity. Example: Under Part 2 ‑ 5, an entity’s liability to pay a withheld amount may arise before the amount is due and payable. (2) For some tax ‑ related liabilities, an assessment needs to be made before the amount of the relevant liability becomes due and payable. Example: Under Division 5 of the Income Tax Assessment Act 1997 , an amount of income tax needs to be assessed before it becomes due and payable. (3) An amount of a tax ‑ related liability may become payable by an entity (for example, when the amount has been assessed) before it is due and payable by that entity.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 179 of 1999 | No 79 of 2010", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s250-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 250-10", "Provision_Key": "s250-10", "Heading": "Summary of tax ‑ related liabilities", "Text": "(1) The following table is an index of each tax ‑ related liability under the Income Tax Assessment Act 1936 . The key provision for the liability, as set out in the table, specifies when the liability becomes due and payable. Note 1: The Commissioner may vary the time at which the amount becomes due and payable. See Subdivision 255 ‑ B. Note 2: Members and former members of consolidated groups and MEC groups may be jointly and severally liable to pay certain tax ‑ related liabilities related to the group’s activities (see Division 721 of the Income Tax Assessment Act 1997 ). Tax ‑ related liabilities under the Income Tax Assessment Act 1936 Item Topic Provision 5 trustee beneficiary non ‑ disclosure tax 102UO 10 withholding tax on dividend, interest or royalty 128C(1) 15 special tax payable on dealings by offshore banking units 128NB(3) 20 mining withholding tax 128W(1) 50 late lodgment penalty former subsection 163A(3) 70 excessive tax offset refunds 172A(2) 75 shortfall interest charge for excessive tax offset refunds 172A(2A) 80 diverted profits tax subsection 177P(3) 85 shortfall interest charge for diverted profits tax section 177R 90 family trust distribution tax 271 ‑ 75 in Schedule 2F 100 interest payable under section 102AAM (about distributions from non ‑ resident trust estates) 5 ‑ 5 of the Income Tax Assessment Act 1997 (2) The following table is an index of each tax ‑ related liability under other Acts. The key provision for the liability, as set out in the table, specifies when the liability becomes due and payable. Note 1: The Commissioner may vary the time at which the amount becomes due and payable. See Subdivision 255 ‑ B. Note 2: Members and former members of consolidated groups and MEC groups may be jointly and severally liable to pay certain tax ‑ related liabilities related to the group’s activities (see Division 721 of the Income Tax Assessment Act 1997 ). Note 3: Companies that are or were members of the same wholly ‑ owned group as an NZ franking company may be jointly and severally liable to pay certain tax ‑ related liabilities of the NZ franking company (see Division 220 of the Income Tax Assessment Act 1997 ). Note 4: Penalties under Division 175 of the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 , and related general interest charge, are treated in the same way as tax ‑ related liabilities: see subsection 175 ‑ 70(2) of that Act. Note 5: A liability for a fee that is due and payable under subsection 113(5) of the Foreign Acquisitions and Takeovers Act 1975 is a tax ‑ related liability if the power of the Treasurer to recover the fee under that subsection is delegated to the Commissioner of Taxation under section 137 of that Act (see subsections 138(1) and (2) of that Act). Tax ‑ related liabilities under other legislation Item Topic Provision Act 5 assessed net amount, including amounts in respect of luxury car tax and wine equalisation tax 33 ‑ 3, 33 ‑ 5, 35 ‑ 5(2) A New Tax System (Goods and Services Tax) Act 1999 10 amount of assessed GST on importations 33 ‑ 15 A New Tax System (Goods and Services Tax) Act 1999 12A assessed GST on supplies made in settlement of claims under insurance policies 78 ‑ 90 A New Tax System (Goods and Services Tax) Act 1999 12B assessed GST on supplies made in satisfaction of debts 105 ‑ 20 A New Tax System (Goods and Services Tax) Act 1999 13 repayments of amounts paid under tourist refund scheme 168 ‑ 10 A New Tax System (Goods and Services Tax) Act 1999 15 amount of assessed luxury car tax on importation 13 ‑ 20 A New Tax System (Luxury Car Tax) Act 1999 16 excess luxury car tax credits 17 ‑ 15 A New Tax System (Luxury Car Tax) Act 1999 18 excess wine tax credits 17 ‑ 25 A New Tax System (Wine Equalisation Tax) Act 1999 20 amount of assessed wine tax on customs dealings 23 ‑ 5 A New Tax System (Wine Equalisation Tax) Act 1999 21 repayments of amounts paid under tourist refund scheme 25 ‑ 10 A New Tax System (Wine Equalisation Tax) Act 1999 22A amount of advance to be repaid 14A Diesel and Alternative Fuels Grants Scheme Act 1999 22B amount payable as a result of an amended assessment 15E Diesel and Alternative Fuels Grants Scheme Act 1999 24 excise duty 54 Excise Act 1901 24A accounting for excisable goods 60(1), (1A), (1B) and (1C) Excise Act 1901 24B tobacco leaf stock deficiency 77AA Excise Act 1901 24C accounting for spirit 77FH Excise Act 1901 24CA penalty for using LPG for excisable LPG use 77M Excise Act 1901 24D fee for an action that does not relate to an application or a notice 113(5) Foreign Acquisitions and Takeovers Act 1975 (but see note 5 to this subsection) 24E vacancy fee 115F Foreign Acquisitions and Takeovers Act 1975 25 fringe benefits tax 90 Fringe Benefits Tax Assessment Act 1986 35 fringe benefits tax instalments 103 Fringe Benefits Tax Assessment Act 1986 36 assessed net fuel amount 61 ‑ 5(2), 61 ‑ 10 Fuel Tax Act 2006 36A compulsory repayment amount under the Higher Education Support Act 2003 5 ‑ 5 Income Tax Assessment Act 1997 36AA compulsory VETSL repayment amount under the VET Student Loans Act 2016 5 ‑ 5 Income Tax Assessment Act 1997 36B compulsory SSL repayment amount under the Social Security Act 1991 5 ‑ 5 Income Tax Assessment Act 1997 36C compulsory ABSTUDY SSL repayment amount under the Student Assistance Act 1973 5 ‑ 5 Income Tax Assessment Act 1997 36D compulsory AASL repayment amount under the Australian Apprenticeship Support Loans Act 2014 5 ‑ 5 Income Tax Assessment Act 1997 37 income tax 5 ‑ 5 Income Tax Assessment Act 1997 37AA shortfall interest charge on income tax 5 ‑ 10 Income Tax Assessment Act 1997 37AB shortfall interest charge on excess non ‑ concessional contributions tax 5 ‑ 10 Income Tax Assessment Act 1997 37AC shortfall interest charge on Division 293 tax 5 ‑ 10 Income Tax Assessment Act 1997 37ACA shortfall interest charge on Division 296 tax 5 ‑ 10 Income Tax Assessment Act 1997 37AD build to rent development misuse tax 44 ‑ 40 and 44 ‑ 45 Income Tax Assessment Act 1997 37A untainting tax 197 ‑ 70 Income Tax Assessment Act 1997 38 franking tax 214 ‑ 150(1), (2), (3) and (4) Income Tax Assessment Act 1997 38B excess non ‑ concessional contributions tax 292 ‑ 385 Income Tax Assessment Act 1997 38BB Division 293 tax 293 ‑ 65 and 293 ‑ 70 Income Tax Assessment Act 1997 38BBA Division 296 tax 296 ‑ 205 and 296 ‑ 210 Income Tax Assessment Act 1997 38BC excess transfer balance tax 294 ‑ 240 and 294 ‑ 245 Income Tax Assessment Act 1997 38BD first home super saver tax 313 ‑ 65 and 313 ‑ 70 Income Tax Assessment Act 1997 38D excess exploration credit tax 418 ‑ 155 Income Tax Assessment Act 1997 39 TSA liability 721 ‑ 30 Income Tax Assessment Act 1997 39A managed investment trust withholding tax 840 ‑ 810(1) Income Tax Assessment Act 1997 39AA labour mobility program withholding tax 840 ‑ 910 Income Tax Assessment Act 1997 39B managed investment trust withholding tax 840 ‑ 810(1) Income Tax (Transitional Provisions) Act 1997 39C return of PPL superannuation contribution 115G(2) Paid Parental Leave Act 2010 39D return of underpaid amount of PPL superannuation contribution 115L(2) Paid Parental Leave Act 2010 39E Overpayments of PPL superannuation contribution 115P(3) Paid Parental Leave Act 2010 39F general interest charge relating to PPL superannuation contribution 115Q Paid Parental Leave Act 2010 40 petroleum resource rent tax 82 Petroleum Resource Rent Tax Assessment Act 1987 41 shortfall interest charge on petroleum resource rent tax 82 Petroleum Resource Rent Tax Assessment Act 1987 45 petroleum resource rent tax instalments 95 Petroleum Resource Rent Tax Assessment Act 1987 45A instalment transfer interest charge 98C(4) Petroleum Resource Rent Tax Assessment Act 1987 45B liability for excess private health insurance premium reduction or refund 282 ‑ 18 Private Health Insurance Act 2007 46 amount of advance to be repaid 13 Product Grants and Benefits Administration Act 2000 47 amount payable as a result of an amended assessment 20 Product Grants and Benefits Administration Act 2000 48 penalty under section 35 36 Product Grants and Benefits Administration Act 2000 50 superannuation contributions surcharge 15(3) Superannuation Contributions Tax (Assessment and Collection) Act 1997 55 superannuation contributions surcharge 15(8) Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 60 superannuation guarantee charge 46 Superannuation Guarantee (Administration) Act 1992 60 superannuation guarantee charge 36 Superannuation Guarantee (Administration) Act 1992 65 late or non ‑ payment of superannuation guarantee charge 59D Superannuation Guarantee (Administration) Act 1992 67A payment of unclaimed money to the Commissioner 17 Superannuation (Unclaimed Money and Lost Members) Act 1999 67B payment from Commissioner that cannot be credited 18C Superannuation (Unclaimed Money and Lost Members) Act 1999 68 payment in respect of a superannuation interest to the Commissioner 20F Superannuation (Unclaimed Money and Lost Members) Act 1999 69 repayment of Commissioner’s payment 20M Superannuation (Unclaimed Money and Lost Members) Act 1999 69AA payment of value of inactive low ‑ balance accounts to the Commissioner 20QD Superannuation (Unclaimed Money and Lost Members) Act 1999 69AB payment from Commissioner that cannot be credited 20QL Superannuation (Unclaimed Money and Lost Members) Act 1999 69AC payment of value of eligible rollover fund accounts to the Commissioner 21C Superannuation (Unclaimed Money and Lost Members) Act 1999 69AD payment from Commissioner that cannot be credited 21H Superannuation (Unclaimed Money and Lost Members) Act 1999 69AE payment of amounts to the Commissioner 22 Superannuation (Unclaimed Money and Lost Members) Act 1999 69AF payment from Commissioner that cannot be credited 22F Superannuation (Unclaimed Money and Lost Members) Act 1999 69A payment of value of lost member accounts to the Commissioner 24E Superannuation (Unclaimed Money and Lost Members) Act 1999 69B payment from Commissioner that cannot be credited 24L Superannuation (Unclaimed Money and Lost Members) Act 1999 69BA payment from Commissioner that cannot be credited 24NB Superannuation (Unclaimed Money and Lost Members) Act 1999 70 general interest charge 8AAE Taxation Administration Act 1953 85 RBA deficit debt 8AAZH(1) Taxation Administration Act 1953 90 administrative overpayment made by Commissioner 8AAZN Taxation Administration Act 1953 95 TFN withholding tax 14 ‑ 55 in Schedule 1 Taxation Administration Act 1953 100 TFN withholding tax (ESS) 14 ‑ 155 in Schedule 1 Taxation Administration Act 1953 101 payment of amount to Commissioner 14 ‑ 200 or 14 ‑ 205 in Schedule 1 Taxation Administration Act 1953 105 payment of withheld amount to Commissioner 16 ‑ 75 in Schedule 1 Taxation Administration Act 1953 110 PAYG withholding non ‑ compliance tax 18 ‑ 145 in Schedule 1 Taxation Administration Act 1953 115 quarterly PAYG instalment 45 ‑ 61 in Schedule 1 Taxation Administration Act 1953 115A monthly PAYG instalment 45 ‑ 67 in Schedule 1 Taxation Administration Act 1953 120 annual PAYG instalment 45 ‑ 70 in Schedule 1 Taxation Administration Act 1953 125 general interest charge on shortfall in quarterly instalment worked out on basis of varied rate 45 ‑ 230(4) in Schedule 1 Taxation Administration Act 1953 130 general interest charge on shortfall in quarterly instalment worked out on basis of estimated benchmark tax 45 ‑ 232 in Schedule 1 Taxation Administration Act 1953 135 general interest charge on shortfall in annual instalment 45 ‑ 235(5) in Schedule 1 Taxation Administration Act 1953 135R amount in accordance with excess superannuation contributions release authority 131 ‑ 35 in Schedule 1 Taxation Administration Act 1953 136 amount of major bank levy 115 ‑ 10 in Schedule 1 Taxation Administration Act 1953 136AA amount of Laminaria and Corallina decommissioning levy 125 ‑ 10 in Schedule 1 Taxation Administration Act 1953 136AB shortfall interest charge on Laminaria and Corallina decommissioning levy 125 ‑ 10 in Schedule 1 Taxation Administration Act 1953 136AC Australian IIR/UTPR tax 127 ‑ 70 in Schedule 1 Taxation Administration Act 1953 136AD Australian DMT tax 127 ‑ 70 in Schedule 1 Taxation Administration Act 1953 136AE shortfall interest charge on Australian IIR/UTPR tax 127 ‑ 70 in Schedule 1 Taxation Administration Act 1953 136AF shortfall interest charge on Australian DMT tax 127 ‑ 70 in Schedule 1 Taxation Administration Act 1953 136A debt account discharge liability 133 ‑ 105 in Schedule 1 Taxation Administration Act 1953 136B Division 296 debt account discharge liability 134 ‑ 105 in Schedule 1 Taxation Administration Act 1953 137 amount to be recovered from a debtor under a registered foreign revenue claim 263 ‑ 30 in Schedule 1 Taxation Administration Act 1953 138 estimate of payable amounts 268 ‑ 20 in Schedule 1 Taxation Administration Act 1953 139 penalty under Subdivision 269 ‑ B 269 ‑ 20 in Schedule 1 Taxation Administration Act 1953 140 administrative penalties 298 ‑ 15 in Schedule 1 Taxation Administration Act 1953 142 cash flow boost overpayments subsection 9(3) Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 143 overpayments of Coronavirus economic response payments subsection 9(3) Coronavirus Economic Response Package (Payments and Benefits) Act 2020", "Amendment_Count": 72, "First_Amended": "No 179 of 1999", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 179 of 1999 | No 60 of 2000 | No 77 of 2000 | No 91 of 2000 | No 25 of 2001 | No 73 of 2001 | No 16 of 2003 | No 54 of 2003 | No 66 of 2003 | No 101 of 2003 | No 75 of 2005 | No 58 of 2006 | No 73 of 2006 | No 74 of 2006 | No 78 of 2006 | No 80 of 2006 | No 100 of 2006 | No 101 of 2006 | No 15 of 2007 | No 143 of 2007 | No 32 of 2008 | No 45 of 2008 | No 97 of 2008 | No 151 of 2008 | No 6 of 2009 | No 27 of 2009 | No 88 of 2009 | No 133 of 2009 | No 20 of 2010 | No 79 of 2010 | No 68 of 2011 | No 14 of 2012 | No 26 of 2012 | No 39 of 2012 | No 58 of 2012 | No 75 of 2012 | No 99 of 2012 | No 82 of 2013 | No 88 of 2013 | No 118 of 2013 | No 124 of 2013 | No 32 of 2014 | No 82 of 2014 | No 96 of 2014 | No 2 of 2015 | No 21 of 2015 | No 70 of 2015 | No 169 of 2015 | No 10 of 2016 | No 81 of 2016 | No 27 of 2017 | No 64 of 2017 | No 126 of 2017 | No 132 of 2017 | No 4 of 2018 | No 23 of 2018 | No 116 of 2018 | No 8 of 2019 | No 16 of 2019 | No 22 of 2020 | No 38 of 2020 | No 24 of 2021 | No 45 of 2021 | No 24 of 2022 | No 75 of 2022 | No 61 of 2023 | No 90 of 2024 | No 134 of 2024 | No 138 of 2024 | No 9 of 2025 | No 57 of 2025 | No 8 of 2026", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 60 of 2000, effective 19 June 2000 (s 2) | Amended by No 77 of 2000, effective sch 2: 30 June 2000 (s 2(1)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 25 of 2001, effective sch 7 (items 28 ‑ 37): 4 May 2001 (s 2(1)(b)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 54 of 2003, effective 1 July 2003 | Amended by No 66 of 2003, effective sch 3 (items 134 ‑ 139, 140(1)), sch 5, sch 6 (items 2, 3): Royal Assent | Amended by No 101 of 2003, effective sch 6 (item 32): 10 Dec 1999 (s 2(1) item 28) sch 6 (item 33): 1 July 2000 (s 2(1) item 29) sch 6 (items 34, 35): 14 Oct 2003 (s 2(1) items 30, 31) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 74 of 2006, effective sch 1 (items 97 ‑ 100): 1 July 2006 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 80 of 2006, effective sch 4 (items 10 ‑ 14), sch 6 (items 10, 11), sch 7 (items 4 ‑ 6): Royal Assent | Amended by No 100 of 2006, effective 14 Sept 2006 | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 97 of 2008, effective sch 3 (items 177 ‑ 185): Royal Assent | Amended by No 151 of 2008, effective sch 1 (items 23 ‑ 26): 18 Dec 2008 ( see F2008L04636) | Amended by No 6 of 2009, effective sch 1 (items 5 ‑ 7): 18 Feb 2009 ( see s 2(1)) | Amended by No 27 of 2009, effective sch 1 (items 1 ‑ 3, 5): Royal Assent sch 1 (item 4): 1 July 2013 sch 2 (items 64 ‑ 66), sch 3 (items 11 ‑ 18, 102(1)): 27 Mar 2009 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 20 of 2010, effective sch 1 (items 15, 16, 18 ‑ 20), sch 3 (items 30, 31), sch 5 (items 8 ‑ 11): Royal Assent sch 2 (items 19 ‑ 22, 23(1)): 1 July 2010 | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 68 of 2011, effective sch 1 (item 36): 1 Dec 2011 | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 26 of 2012, effective sch 1 (items 41, 42, 48(1)): 1 July 2012 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 75 of 2012, effective sch 4 (items 13 ‑ 16, 20), sch 5, sch 7: Royal Assent | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 32 of 2014, effective sch 1(items 2 ‑ 4, 10): 28 May 2014 (s 2(1) item 2) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 169 of 2015, effective sch 1 (items 82 ‑ 99, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2) | Amended by No 126 of 2017, effective sch 3 (items 10 ‑ 12): 15 Dec 2017 (s 2(1) item 3) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 16 of 2019, effective sch 3 (items 34 ‑ 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 22 of 2020, effective sch 3 (items 4, 5): 24 Mar 2020 (s 2(1) item 3) | Amended by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14) | Amended by No 24 of 2021, effective sch 1 (items 46, 47): 23 Mar 2021 (s 2(1) item 2) sch 2 (items 32, 33): 29 Mar 2021 (s 2(1) item 3) | Amended by No 45 of 2021, effective sch 2 (items 5 ‑ 12, 14): 1 July 2021 (s 2(1) item 2) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 90 of 2024, effective sch 2 (items 7, 8): 2 Oct 2024 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5) | Amended by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s250-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 250-25", "Provision_Key": "s250-25", "Heading": "Object", "Text": "The object of this Part is to ensure that unpaid amounts of * tax ‑ related liabilities and other related amounts are collected or recovered in a timely manner.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s250-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-1", "Provision_Key": "s255-1", "Heading": "Meaning of tax ‑ related liability", "Text": "(1) A tax ‑ related liability is a pecuniary liability to the Commonwealth arising directly under a * taxation law (including a liability the amount of which is not yet due and payable). Note 1: See section 250 ‑ 10 for an index of tax ‑ related liabilities. Note 2: A taxation law, or a provision of it, may be excluded from being applied to this Part. See section 265 ‑ 65. (2) A civil penalty under Division 290 of this Schedule or Part 5 of the Tax Agent Services Act 2009 is not a tax ‑ related liability .", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 114 of 2009", "Amending_Acts": "No 179 of 1999 | No 32 of 2006 | No 114 of 2009", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-5", "Provision_Key": "s255-5", "Heading": "Recovering a tax ‑ related liability that is due and payable", "Text": "(1) An amount of a * tax ‑ related liability that is due and payable: (a) is a debt due to the Commonwealth; and (b) is payable to the Commissioner. (2) The Commissioner, a * Second Commissioner or a * Deputy Commissioner may sue in his or her official name in a court of competent jurisdiction to recover an amount of a * tax ‑ related liability that remains unpaid after it has become due and payable. Note: The tables in section 250 ‑ 10 set out each provision that specifies when an amount of a tax ‑ related liability becomes due and payable. The Commissioner may vary that time under Subdivision 255 ‑ B.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 179 of 1999 | No 39 of 2012", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-10", "Provision_Key": "s255-10", "Heading": "To defer the payment time", "Text": "Deferrals for particular taxpayers (1) The Commissioner may, having regard to the circumstances of your particular case, defer the time at which an amount of a * tax ‑ related liability is, or would become, due and payable by you (whether or not the liability has already arisen). If the Commissioner does so, that time is varied accordingly. Note: General interest charge or any other relevant penalty, if applicable for any unpaid amount of the liability, will begin to accrue from the time as varied. See, for example, paragraph 5 ‑ 15(a) of the Income Tax Assessment Act 1997 . (2) The Commissioner must do so by written notice given to you. Deferrals for classes of taxpayers (2A) The Commissioner, having regard to the circumstances of the case, may, by notice published on the Australian Taxation Office website, defer the time at which amounts of * tax ‑ related liabilities are, or would become, due and payable by a class of taxpayers (whether or not the liabilities have already arisen). (2B) If the Commissioner does so, that time is varied accordingly. Note: General interest charge and any other relevant penalties, if applicable for any unpaid amounts of the liabilities, will begin to accrue from the time as varied. See, for example, paragraph 5 ‑ 15(a) of the Income Tax Assessment Act 1997 . (2C) A notice published under subsection (2A) is not a legislative instrument. Deferral does not affect time for giving form (3) A deferral under this section does not defer the time for giving an * approved form to the Commissioner. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 79 of 2010", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-15", "Provision_Key": "s255-15", "Heading": "To permit payments by instalments", "Text": "(1) The Commissioner may, having regard to the circumstances of your particular case, permit you to pay an amount of a * tax ‑ related liability by instalments under an * arrangement between you and the Commissioner (whether or not the liability has already arisen). (2) The * arrangement does not vary the time at which the amount is due and payable. Note: Despite an arrangement under this section, any general interest charge or other relevant penalty, if applicable for any unpaid amount of the liability, begins to accrue when the liability is due and payable under the relevant taxation law, or at that time as varied under section 255 ‑ 10 or 255 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-20", "Provision_Key": "s255-20", "Heading": "To bring forward the payment time in certain cases", "Text": "(1) If the Commissioner reasonably believes that you may leave Australia before the time at which an amount of a * tax ‑ related liability becomes due and payable by you, the Commissioner may bring that time forward. If the Commissioner does so, that time is varied accordingly. Note: General interest charge or any other relevant penalty, if applicable for any unpaid amount of the liability, will begin to accrue from the time as varied. See, for example, paragraph 5 ‑ 15(a) of the Income Tax Assessment Act 1997 . (2) The Commissioner must do so by written notice given to you.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 179 of 1999 | No 79 of 2010", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-35", "Provision_Key": "s255-35", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with the service of documents on people who are absent from Australia or cannot be found. Table of sections Operative provisions 255 ‑ 40 Service of documents if person absent from Australia or cannot be found", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 179 of 1999 | No 64 of 2020", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-40", "Provision_Key": "s255-40", "Heading": "Service of documents if person absent from Australia or cannot be found", "Text": "(1) This section applies if a document needs to be served on a person in respect of a proceeding to recover an amount of a * tax ‑ related liability, and the Commissioner, after making reasonable inquiries, is satisfied that: (a) the person is absent from Australia and does not have any agent in Australia on whom the document can be served; or (b) the person cannot be found. (2) The Commissioner may, without the court’s leave, serve the document by posting it, or a sealed copy of it, in a letter addressed to the person at any Australian address of the person (including the person’s Australian place of business or residence) that is last known to the Commissioner. (3) If the Commissioner, after making reasonable inquiries, is satisfied that the person has an address in a foreign country, a constituent part of a foreign country or a foreign territory (an overseas address ), the Commissioner may, without the court’s leave, serve the document on the person at that overseas address in accordance with an agreement between Australia and: (a) a foreign country or a constituent part of a foreign country; or (b) a foreign territory; that deals with the service of documents on tax matters.", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 179 of 1999 | No 100 of 2006 | No 64 of 2020", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 100 of 2006, effective 14 Sept 2006 | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-100", "Provision_Key": "s255-100", "Heading": "Commissioner may require security deposit", "Text": "(1) The Commissioner may require you to give security for the due payment of an existing or future * tax ‑ related liability of yours if: (a) the Commissioner has reason to believe that: (i) you are establishing or * carrying on an * enterprise in Australia; and (ii) you intend to carry on that enterprise for a limited time only; or (b) the Commissioner reasonably believes that the requirement is otherwise appropriate, having regard to all relevant circumstances. Note: A requirement to give security under this section is not a tax ‑ related liability. As such, the collection and recovery provisions in this Part do not apply to it. (2) The Commissioner may require you to give the security: (a) by way of a bond or deposit (including by way of payments in instalments); or (b) by any other means that the Commissioner reasonably believes is appropriate. (3) The Commissioner may require you to give security under this section: (a) at any time the Commissioner reasonably believes is appropriate; and (b) as often as the Commissioner reasonably believes is appropriate. Example: The Commissioner may require additional security if he or she reasonably believes that the original security requirement underestimated the amount of the likely tax ‑ related liability.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-105", "Provision_Key": "s255-105", "Heading": "Notice of requirement to give security", "Text": "Commissioner must give notice of requirement to give security (1) If the Commissioner requires you to give security under section 255 ‑ 100, he or she must give you written notice of the requirement. Content of notice (2) The notice must: (a) state that you are required to give the security to the Commissioner; and (b) explain why the Commissioner requires the security; and (c) set out the amount of the security; and (d) describe the means by which you are required to give the security under subsection 255 ‑ 100(2); and (e) specify the time by which you are required to give the security; and (f) explain how you may have the Commissioner’s decision to require you to give the security reviewed. (3) To avoid doubt, a single notice may relate to security for the payment of 2 or more existing or future * tax ‑ related liabilities, but must comply with subsection (2) in relation to each of them. When notice is given (4) Despite section 29 of the Acts Interpretation Act 1901 , a notice under subsection (1) is taken to be given at the time the Commissioner leaves or posts it. Note: Section 28A of the Acts Interpretation Act 1901 may be relevant to giving a notice under subsection (1). Miscellaneous (5) A failure to comply with this section does not affect the validity of the requirement to give the security under section 255 ‑ 100.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-110", "Provision_Key": "s255-110", "Heading": "Offence", "Text": "You commit an offence if: (a) the Commissioner requires you to give security under section 255 ‑ 100; and (b) you fail to give that security as required. Penalty: 100 penalty units.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-115", "Provision_Key": "s255-115", "Heading": "Order to comply with requirement", "Text": "(1) The Federal Court of Australia may, on the application of the Commissioner, order you to comply with a requirement to give security under section 255 ‑ 100, if the Commissioner has given you notice of the requirement under subsection 255 ‑ 105(1). (2) If the Court makes an order under subsection (1), the Court may also order you to comply with such other requirements made, or that could be made, in relation to you under the taxation law as the Court considers necessary to ensure the effectiveness of the requirement referred to in that subsection. (3) An order under subsection (1) or (2) may require you to comply with the requirement on or before a day specified in the order. (4) If an order under subsection (1) or (2) is not given to you orally by the court, the proper officer of the court must cause a copy of the order to be served on you in the prescribed manner, or otherwise as may be ordered by the court.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 255-120", "Provision_Key": "s255-120", "Heading": "Offence", "Text": "(1) You commit an offence if: (a) you are subject to an order under subsection 255 ‑ 115(1) or (2); and (b) you fail to comply with the order. Penalty: 50 penalty units or imprisonment for 12 months, or both. (2) An offence against subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . (3) Subsection (1) does not apply to the extent that you are not capable of complying with the order. Note: A defendant bears an evidential burden in relation to the matter in subsection (3): see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s255-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-1", "Provision_Key": "s260-1", "Heading": "What this Division is about", "Text": "This Division deals with the collection and recovery of an amount from a person who is not personally liable to pay that amount. Apart from Subdivision 260 ‑ A, which covers a wider range of amounts, this Division primarily deals with amounts of tax ‑ related liabilities.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-5", "Provision_Key": "s260-5", "Heading": "Commissioner may collect amounts from third party", "Text": "Amount recoverable under this Subdivision (1) This Subdivision applies if any of the following amounts (the debt ) is payable to the Commonwealth by an entity (the debtor ) (whether or not the debt has become due and payable): (a) an amount of a * tax ‑ related liability; (b) a judgment debt for a * tax ‑ related liability; (c) costs for such a judgment debt; (d) an amount that a court has ordered the debtor to pay to the Commissioner following the debtor’s conviction for an offence against a * taxation law. Commissioner may give notice to an entity (2) The Commissioner may give a written notice to an entity (the third party ) under this section if the third party owes or may later owe money to the debtor. Third party regarded as owing money in these circumstances (3) The third party is taken to owe money (the available money ) to the debtor if the third party: (a) is an entity by whom the money is due or accruing to the debtor; or (b) holds the money for or on account of the debtor; or (c) holds the money on account of some other entity for payment to the debtor; or (d) has authority from some other entity to pay the money to the debtor. The third party is so taken to owe the money to the debtor even if: (e) the money is not due, or is not so held, or payable under the authority, unless a condition is fulfilled; and (f) the condition has not been fulfilled. How much is payable under the notice (4) A notice under this section must: (a) require the third party to pay to the Commissioner the lesser of, or a specified amount not exceeding the lesser of: (i) the debt; or (ii) the available money; or (b) if there will be amounts of the available money from time to time—require the third party to pay to the Commissioner a specified amount, or a specified percentage, of each amount of the available money, until the debt is satisfied. When amount must be paid (5) The notice must require the third party to pay an amount under paragraph (4)(a), or each amount under paragraph (4)(b): (a) immediately after; or (b) at or within a specified time after; the amount of the available money concerned becomes an amount owing to the debtor. Debtor must be notified (6) The Commissioner must send a copy of the notice to the debtor. Setting ‑ off amounts (7) If an entity other than the third party has paid an amount to the Commissioner that satisfies all or part of the debt: (a) the Commissioner must notify the third party of that fact; and (b) any amount that the third party is required to pay under the notice is reduced by the amount so paid.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-10", "Provision_Key": "s260-10", "Heading": "Notice to Commonwealth, State or Territory", "Text": "If the third party is the Commonwealth, a State or a Territory, the Commissioner may give the notice to a person who: (a) is employed by the Commonwealth, or by the State or Territory (as appropriate); and (b) has the duty of disbursing public money under a law of the Commonwealth, or of the State or Territory (as appropriate).", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-15", "Provision_Key": "s260-15", "Heading": "Indemnity", "Text": "An amount that the third party pays to the Commissioner under this Subdivision is taken to have been authorised by: (a) the debtor; and (b) any other person who is entitled to all or a part of the amount; and the third party is indemnified for the payment.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-20", "Provision_Key": "s260-20", "Heading": "Offence", "Text": "(1) The third party must not fail to comply with the Commissioner’s notice. Penalty: 20 penalty units Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (2) The court may, in addition to imposing a penalty on a person convicted of an offence against subsection (1) in relation to failing to pay an amount under the notice, order the person to pay to the Commissioner an amount not exceeding that amount.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-40", "Provision_Key": "s260-40", "Heading": "Subdivision does not apply to superannuation guarantee charge", "Text": "This Subdivision does not apply to a * tax ‑ related liability that is superannuation guarantee charge imposed by the Superannuation Guarantee Charge Act 1992 .", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-45", "Provision_Key": "s260-45", "Heading": "Liquidator’s obligation", "Text": "(1) This Subdivision applies to a person who becomes a liquidator of a company. (2) Within 14 days after becoming liquidator, the liquidator must give written notice of that fact to the Commissioner. (3) The Commissioner must, as soon as practicable, notify the liquidator of the amount (the notified amount ) that the Commissioner considers is enough to discharge any * outstanding tax ‑ related liabilities that the company has when the notice is given. (4) The liquidator must not, without the Commissioner’s permission, part with any of the company’s assets before receiving the Commissioner’s notice. (5) However, subsection (4) does not prevent the liquidator from parting with the company’s assets to pay debts of the company not covered by either of the following paragraphs: (a) the * outstanding tax ‑ related liabilities; (b) any debts of the company which: (i) are unsecured; and (ii) are not required, by an * Australian law, to be paid in priority to some or all of the other debts of the company. (6) After receiving the Commissioner’s notice, the liquidator must set aside, out of the assets available for paying amounts covered by paragraph (5)(a) or (b) (the ordinary debts ), assets with a value calculated using the following formula: where: amount of remaining ordinary debts means the sum of the company’s ordinary debts other than the * outstanding tax ‑ related liabilities. (7) The liquidator must, in his or her capacity as liquidator, discharge the * outstanding tax ‑ related liabilities, to the extent of the value of the assets that the liquidator is required to set aside. (8) The liquidator is personally liable to discharge the liabilities, to the extent of that value, if the liquidator contravenes this section.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-50", "Provision_Key": "s260-50", "Heading": "Offence", "Text": "The liquidator must not fail to comply with subsection 260 ‑ 45(2), (4), (5), (6) or (7). Penalty: 10 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-55", "Provision_Key": "s260-55", "Heading": "Joint liability of 2 or more liquidators", "Text": "If there are 2 or more persons who become liquidators of the company, the obligations and liabilities under this Subdivision: (a) apply to all the liquidators; but (b) may be discharged by any of them.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-60", "Provision_Key": "s260-60", "Heading": "Liquidator’s other obligation or liability", "Text": "This Subdivision does not reduce any obligation or liability of a liquidator arising elsewhere.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-75", "Provision_Key": "s260-75", "Heading": "Receiver’s obligation", "Text": "(1) This Subdivision applies to a person (the receiver ) who, in the capacity of receiver, or of receiver and manager, takes possession of a company’s assets for the company’s debenture holders. (2) Within 14 days after taking possession of the assets, the receiver must give written notice of that fact to the Commissioner. (3) The Commissioner must, as soon as practicable, notify the receiver of the amount (the notified amount ) that the Commissioner considers is enough to discharge any * outstanding tax ‑ related liabilities that the company has when the notice is given. (4) The receiver must not, without the Commissioner’s permission, part with any of the company’s assets before receiving the Commissioner’s notice. (5) However, subsection (4) does not prevent the receiver from parting with the company’s assets to pay debts of the company not covered by either of the following paragraphs: (a) the * outstanding tax ‑ related liabilities; (b) any debts of the company which: (i) are unsecured; and (ii) are not required, by an * Australian law, to be paid in priority to some or all of the other debts of the company. (6) After receiving the Commissioner’s notice, the receiver must set aside, out of the assets available for paying amounts covered by paragraph (5)(a) or (b) (the ordinary debts ), assets with a value calculated using the following formula: where: amount of remaining ordinary debts means the sum of the company’s ordinary debts other than the * outstanding tax ‑ related liabilities. (7) The receiver must, in his or her capacity as receiver, or as receiver and manager, discharge the * outstanding tax ‑ related liabilities, to the extent of the value of the assets that the receiver is required to set aside. (8) The receiver is personally liable to discharge the liabilities, to the extent of that value, if the receiver contravenes this section.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-80", "Provision_Key": "s260-80", "Heading": "Offence", "Text": "The receiver must not fail to comply with subsection 260 ‑ 75(2), (4), (5), (6) or (7). Penalty: 10 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-85", "Provision_Key": "s260-85", "Heading": "Joint liability of 2 or more receivers", "Text": "If 2 or more persons (the receivers ) take possession of a company’s assets, for the company’s debenture holders, in the capacity of receiver, or of receiver and manager, the obligations and liabilities under this Subdivision apply to: (a) all the receivers; but (b) may be discharged by any of them.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-90", "Provision_Key": "s260-90", "Heading": "Receiver’s other obligation or liability", "Text": "This Subdivision does not reduce any obligation or liability of the receiver or receivers arising elsewhere.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-105", "Provision_Key": "s260-105", "Heading": "Obligation of agent winding up business for foreign resident principal", "Text": "(1) This Subdivision applies to an agent whose principal: (a) is a foreign resident; and (b) has instructed the agent to wind up so much of the principal’s business as is carried on in Australia. (2) Within 14 days after receiving the instructions, the agent must give written notice of that fact to the Commissioner. (3) The Commissioner must, as soon as practicable after receiving the notice, notify the agent of the amount (the notified amount ) that the Commissioner considers is enough to discharge any * outstanding tax ‑ related liabilities that the principal has when the notice is given. (4) Before receiving the Commissioner’s notice, the agent must not, without the Commissioner’s permission, part with any of the principal’s assets that are available for discharging the * outstanding tax ‑ related liabilities. (5) After receiving the notice, the agent must set aside: (a) out of the assets available for discharging the * outstanding tax ‑ related liabilities, assets to the value of the notified amount; or (b) all of the assets so available, if their value is less than the notified amount. (6) The agent must, in that capacity, discharge the * outstanding tax ‑ related liabilities, to the extent of the value of the assets that the agent is required to set aside. (7) The agent is personally liable to discharge the liabilities, to the extent of that value, if the agent contravenes this section.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 179 of 1999 | No 41 of 2005", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 41 of 2005, effective sch 1 (items 12, 13), sch 10 (items 233 ‑ 241, 275): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-110", "Provision_Key": "s260-110", "Heading": "Offence", "Text": "A person must not fail to comply with subsection 260 ‑ 105(2), (4), (5) or (6). Penalty: 10 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of penalty units.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-115", "Provision_Key": "s260-115", "Heading": "Joint liability of 2 or more agents", "Text": "If 2 or more agents are jointly instructed by the principal to wind up the business, the obligations and liabilities under this Subdivision: (a) apply to all the agents; but (b) may be discharged by any of them.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-120", "Provision_Key": "s260-120", "Heading": "Agent’s other obligation or liability", "Text": "This Subdivision does not reduce any obligation or liability of the agent or agents arising elsewhere.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-140", "Provision_Key": "s260-140", "Heading": "Administered estate", "Text": "(1) This section applies if: (a) a person has an * outstanding tax ‑ related liability when the person dies; and (b) either of the following is granted after the death: (i) probate of the person’s will; (ii) letters of administration of the person’s estate. (2) The Commissioner may, in respect of the liability, deal with the trustee of the deceased person’s estate as if: (a) the deceased person were still alive; and (b) the trustee were the deceased person. (3) Without limiting subsection (2), the trustee must: (a) provide any returns and other information that the deceased person was liable to provide, or would have been liable to provide if he or she were still alive; and (b) provide any additional returns or other information relating to the liability that the Commissioner requires; and (c) in the trustee’s representative capacity, discharge the liability and any penalty imposed in respect of the liability under a * taxation law (including any * general interest charge) for which the deceased person would be liable if he or she were still alive. (4) If: (a) the amount of the liability requires an * assessment under a * taxation law but the assessment has not been made; and (b) the trustee fails to provide a return or other information in relation to assessing that amount as required by the Commissioner; the Commissioner may assess that amount. If the Commissioner does so, the assessment has the same effect as if it were made under that taxation law. (5) A trustee who is dissatisfied with an * assessment under subsection (4) may object in the manner set out in Part IVC. (6) Part IVC applies in relation to the objection as if the trustee were the deceased person.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-145", "Provision_Key": "s260-145", "Heading": "Unadministered estate", "Text": "(1) This section applies if neither of the following is granted within 6 months after a person’s death: (a) probate of the person’s will; (b) letters of administration of the person’s estate. (2) The Commissioner may determine the total amount of * outstanding tax ‑ related liabilities that the person had at the time of death. (3) The Commissioner must publish notice of the determination in a manner that results in the notice being accessible to the public and reasonably prominent. (4) A notice of the determination is conclusive evidence of the * outstanding tax ‑ related liabilities, unless the determination is amended. (5) A person who is dissatisfied with the determination may object in the manner set out in Part IVC if the person: (a) claims an interest in the estate; or (b) is granted probate of the deceased person’s will or letters of administration of the estate. (6) Part IVC applies in relation to the objection as if the person making it were the deceased person.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 179 of 1999 | No 69 of 2023", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 69 of 2023, effective sch 1 (item 143): 1 Jan 2024 (s 2(1) item 3) sch 2 (item 160): 15 Sept 2023 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 260-150", "Provision_Key": "s260-150", "Heading": "Commissioner may authorise amount to be recovered", "Text": "(1) The Commissioner may, in writing, authorise a person (the authorised person ) who is: (a) a member or a special member of the Australian Federal Police; or (b) a member of the police force of a State or Territory; or (c) any other person; to recover: (d) the total amount of the * outstanding tax ‑ related liabilities of a deceased person as determined under section 260 ‑ 145 (about unadministered estates); and (e) any reasonable costs incurred by the authorised person in recovering that amount; by seizing and disposing of any property of the deceased person. (2) The authorised person may seize and dispose of the property as prescribed by the regulations.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s260-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-5", "Provision_Key": "s263-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision can be activated if there is in force an agreement between Australia and a foreign country or territory that contains an article relating to assistance in collection of foreign tax debts. The Commissioner can collect from an entity an amount in respect of a tax debt that the person owes to such a country or territory or take action to conserve assets of the entity. The Commissioner is required to remit amounts collected to the foreign country or territory concerned. Table of sections Operative provisions 263 ‑ 10 Meaning of foreign revenue claim 263 ‑ 15 Requirements for foreign revenue claims 263 ‑ 20 Foreign Revenue Claims Register 263 ‑ 25 Registering claims 263 ‑ 30 When amount is due and payable 263 ‑ 35 Amending the Register etc. 263 ‑ 40 Payment to competent authority", "Amendment_Count": 1, "First_Amended": "No 100 of 2006", "Last_Amended": "No 100 of 2006", "Amending_Acts": "No 100 of 2006", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-10", "Provision_Key": "s263-10", "Heading": "Meaning of foreign revenue claim", "Text": "A foreign revenue claim is a claim made to the Commissioner: (a) in accordance with an agreement (the international agreement ) between Australia and: (i) a foreign country or a constituent part of a foreign country; or (ii) a foreign territory; and (b) for one or both of these purposes: (i) the recovery by the Commissioner of an amount from an entity (the debtor ) in respect of taxes imposed otherwise than by an * Australian law (including any associated amounts); (ii) the conserving of assets for the purposes of a recovery of that kind.", "Amendment_Count": 2, "First_Amended": "No 100 of 2006", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 100 of 2006 | No 64 of 2020", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006 | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-15", "Provision_Key": "s263-15", "Heading": "Requirements for foreign revenue claims", "Text": "A * foreign revenue claim must: (a) be made by or on behalf of an entity that is, under the relevant international agreement, the competent authority; and (b) be consistent with the provisions of that agreement; and (c) be made in the * approved form; and (d) specify the amount owed by the debtor in Australian currency (calculated as at the day the claim is made); and (e) be accompanied by a declaration by the competent authority stating that the claim fulfils the requirements of that agreement.", "Amendment_Count": 1, "First_Amended": "No 100 of 2006", "Last_Amended": "No 100 of 2006", "Amending_Acts": "No 100 of 2006", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-20", "Provision_Key": "s263-20", "Heading": "Foreign Revenue Claims Register", "Text": "(1) The Commissioner must keep a register called the Foreign Revenue Claims Register (the Register ). (2) The regulations may make provision in relation to the form in which the Register may be kept. (3) The register is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 100 of 2006", "Last_Amended": "No 100 of 2006", "Amending_Acts": "No 100 of 2006", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-25", "Provision_Key": "s263-25", "Heading": "Registering claims", "Text": "If the Commissioner is satisfied that a * foreign revenue claim has been made in accordance with section 263 ‑ 15, the Commissioner must register the claim by entering particulars of it in the Register within 90 days after receiving the claim.", "Amendment_Count": 1, "First_Amended": "No 100 of 2006", "Last_Amended": "No 100 of 2006", "Amending_Acts": "No 100 of 2006", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-30", "Provision_Key": "s263-30", "Heading": "When amount is due and payable", "Text": "(1) When particulars of a * foreign revenue claim are entered in the Register, the amount owed by the debtor becomes a pecuniary liability to the Commonwealth by the debtor. Note 1: The amount to be recovered from the debtor will be a primary tax debt for the purposes of Part IIB and the Commissioner may allocate the debt to a running balance account under that Part. Note 2: For provisions about collection and recovery of the debt, see Part 4 ‑ 15. (1A) To avoid doubt, the amount owed by the debtor may not be the same as the amount (if any) entered in the Register. (2) The amount owed by the debtor becomes due and payable 30 days after notice of the particulars of the * foreign revenue claim is given to the debtor or on a later day specified in the notice. (3) If that amount remains unpaid after it is due and payable, the debtor is liable to pay * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the last day at the end of which either of the following remains unpaid: (i) the amount; (ii) general interest charge on any of the amount.", "Amendment_Count": 2, "First_Amended": "No 100 of 2006", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 100 of 2006 | No 14 of 2009", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006 | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-35", "Provision_Key": "s263-35", "Heading": "Amending the Register etc.", "Text": "(1) The Commissioner may, with the agreement of the relevant competent authority, amend the Register to correct an error. (2) The Commissioner may, with the agreement of the relevant competent authority: (a) remove from the Register the particulars of a * foreign revenue claim; or (b) reduce an amount to be recovered from a debtor under the claim. (2A) To avoid doubt, the Commissioner may reduce an amount to be recovered from a debtor under paragraph (2)(b) without amending the Register. (3) A debtor may, after receiving a copy of the particulars of a * foreign revenue claim entered in the Register, apply to the Commissioner in the * approved form to have those particulars removed from the Register. (4) The Commissioner may, after considering the application, remove those particulars from the Register. (5) If the Commissioner removes particulars of a * foreign revenue claim relating to the recovery of an amount from the Register under paragraph (2)(a) or subsection (4), the debtor is entitled to a credit for the purposes of Part IIB equal to the sum of: (a) the amount (as reduced by any previous application of subsection (6)); and (b) any * general interest charge for which the debtor is liable as a result of the foreign revenue claim. Note: How the credit is applied is set out in Part IIB. (6) If the Commissioner reduces the amount to be recovered from a debtor under a * foreign revenue claim under paragraph (2)(b), the debtor is entitled to a credit for the purposes of Part IIB equal to the amount of the reduction. Note: How the credit is applied is set out in Part IIB.", "Amendment_Count": 4, "First_Amended": "No 100 of 2006", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 100 of 2006 | No 14 of 2009 | No 56 of 2010", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006 | Inserted by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent | Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-40", "Provision_Key": "s263-40", "Heading": "Payment to competent authority", "Text": "(1) The Commissioner must, if the Commissioner recovers all or part of an amount to be recovered from a debtor under a registered * foreign revenue claim, pay that amount to the competent authority concerned or to another entity on behalf of that competent authority. (2) The Commissioner may also pay to the competent authority all or part of an amount that the Commissioner has received and that is attributable to * general interest charge in relation to the claim. (3) The Commissioner may also pay to the competent authority all or part of an amount that the Commissioner has received and that is attributable to any of the following in relation to the claim: (a) judgment interest; (b) costs that: (i) have been recovered in the course of legal proceedings; and (ii) represent an amount that has previously been paid by the competent authority to the Commonwealth in relation to the recovery of the claim.", "Amendment_Count": 2, "First_Amended": "No 100 of 2006", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 100 of 2006 | No 14 of 2009", "History_Notes": "Inserted by No 100 of 2006, effective 14 Sept 2006 | Amended by No 14 of 2009, effective sch 2, sch 4 (items 37 ‑ 44): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-55", "Provision_Key": "s263-55", "Heading": "What this Subdivision is about", "Text": "This Subdivision can be activated if there is in force an agreement between Australia and a foreign country or foreign territory that deals with service of documents on tax matters. If a foreign government agency asks the Commissioner to serve a document relating to foreign taxes on an entity in Australia in accordance with the agreement, the Commissioner may serve the document in the same way as a similar document under an Australian taxation law may be served. Table of sections Operative provisions 263 ‑ 60 Meaning of foreign service of document request 263 ‑ 65 Service of document subject to foreign service of document request", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-60", "Provision_Key": "s263-60", "Heading": "Meaning of foreign service of document request", "Text": "A foreign service of document request is a request made to the Commissioner: (a) in accordance with an agreement (the international agreement ) between Australia and: (i) a foreign country or a constituent part of a foreign country; or (ii) a foreign territory; that deals with service of documents on tax matters; and (b) by a * foreign government agency; and (c) for the service of one or more documents on an entity in Australia in relation to taxes imposed otherwise than by an * Australian law.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 263-65", "Provision_Key": "s263-65", "Heading": "Service of document subject to foreign service of document request", "Text": "(1) If a * foreign service of document request is made to the Commissioner, the Commissioner may serve a document covered by the request in the same way that a similar document under a * taxation law may be served. (2) The Commissioner must also serve a translation of the document into English, or a summary of the document in English, if: (a) the document is in a language other than English; and (b) the Commissioner is satisfied that the entity being served would not understand the language of the document. (3) Before serving a translation of the document into English, or a summary of the document in English, the Commissioner must be satisfied that the translation or summary is accurate.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s263-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-35", "Provision_Key": "s265-35", "Heading": "What this Subdivision is about", "Text": "This Division deals with a person’s right to recover from another person an amount paid in discharge of a tax ‑ related liability if: • the person has paid the amount for or on behalf of the other person; • the persons are jointly liable to pay the amount. Table of sections Operative provisions 265 ‑ 40 Right of recovery if another person is liable 265 ‑ 45 Right of contribution if persons are jointly liable", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-40", "Provision_Key": "s265-40", "Heading": "Right of recovery if another person is liable", "Text": "A person who has paid an amount of a * tax ‑ related liability for or on behalf of another person may: (a) recover that amount from the other person as a debt (together with the costs of recovery) in a court of competent jurisdiction; or (b) retain or deduct the amount out of money held by the person that belongs to, or is payable to, the other person.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-45", "Provision_Key": "s265-45", "Heading": "Right of contribution if persons are jointly liable", "Text": "(1) If 2 or more persons are jointly liable to pay an amount of a * tax ‑ related liability, they are each liable for the whole of the amount. (2) If one of the persons has paid an amount of the liability, the person may recover in a court of competent jurisdiction, as a debt, from another of those persons: (a) an amount equal to so much of the amount paid; and (b) an amount equal to so much of the costs of recovery under this section; as the court considers just and equitable. Note: Item 15 of Schedule 6 to the Tax Laws Amendment (Repeal of Inoperative Provisions) Act 2006 has the effect that, in addition to its normal application in relation to tax ‑ related liabilities arising on or after 1 July 2000, subsection (2) also applies to such liabilities arising before that date, where amounts of the liabilities are paid after the commencement of that item.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 179 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-65", "Provision_Key": "s265-65", "Heading": "Non ‑ application of certain taxation laws", "Text": "This Part does not apply in relation to a * taxation law, or a provision of a taxation law, that is prescribed by the regulations.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-85", "Provision_Key": "s265-85", "Heading": "What this Subdivision is about", "Text": "If you are liable to pay an amount of superannuation guarantee charge or certain related liabilities, the Commissioner may direct you to pay the amount. If the amount is not paid, you may commit an offence. Table of sections 265 ‑ 90 Direction to pay superannuation guarantee charge 265 ‑ 95 Offence 265 ‑ 100 Variation or revocation 265 ‑ 105 Effect of liability being reduced or ceasing to exist 265 ‑ 110 Taxation objection 265 ‑ 115 Extension of period to comply if taxation objection made", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-90", "Provision_Key": "s265-90", "Heading": "Direction to pay superannuation guarantee charge", "Text": "(1) The Commissioner may, by written notice, give you a direction requiring you to pay to the Commissioner: (a) an amount of superannuation guarantee charge that is payable by you under the Superannuation Guarantee (Administration) Act 1992 ; or (b) if an estimate under Division 268 in this Schedule of an amount of a liability of yours to pay superannuation guarantee charge for a * QE day under section 16A of the Superannuation Guarantee (Administration) Act 1992 is in force as referred to in subsection 268 ‑ 10(5)—the amount of the estimate. Note: The direction does not create a separate liability to pay the amount. However, it may result in you committing an offence against subsection 265 ‑ 95(1) if the amount is not paid. (2) In deciding whether to give a direction under subsection (1), the Commissioner must have regard to the following matters: (a) your history of compliance with obligations to pay superannuation guarantee charge, and obligations to pay estimates under Division 268 of superannuation guarantee charge; (b) your history of compliance with other obligations under * taxation laws; (c) whether the amount mentioned in paragraph (1)(a) or (b) is substantial, having regard to the size and nature of your business; (d) any steps that you have taken to discharge the liability to pay the amount or dispute that the liability exists; (e) any other matter that the Commissioner considers relevant. (3) The direction must: (a) set out the amount that you are required to pay to the Commissioner; and (b) if the amount referred to in paragraph (1)(a) or (b) relates to a * QE day—set out the QE day; and (c) specify the period before the end of which you must comply with the direction (which must end at least 21 days after the day the direction is given); and (d) explain the consequences of failing to comply with the direction; and (e) explain how you may have the Commissioner’s decision to give the direction reviewed. (4) To avoid doubt, a single notice may relate to 2 or more directions, but must comply with subsection (3) in relation to each of them. (5) A notice given under subsection (1) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 8 of 2019 | No 57 of 2025", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-95", "Provision_Key": "s265-95", "Heading": "Offence", "Text": "(1) You commit an offence if: (a) you are given a direction under subsection 265 ‑ 90(1); and (b) the liability to pay the amount set out in the direction is not discharged (whether by you or by another entity) before the end of the period specified in the direction under paragraph 265 ‑ 90(3)(c). Penalty: 50 penalty units or imprisonment for 12 months, or both. (2) An offence against subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . (3) Subsection (1) does not apply if both of the following apply: (a) you took all reasonable steps to comply with the direction before the end of the period specified in the direction under paragraph 265 ‑ 90(3)(c); (b) you took all reasonable steps to ensure that the liability was discharged before the direction was given. Note: A defendant bears an evidential burden in relation to the matter in subsection (3): see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-100", "Provision_Key": "s265-100", "Heading": "Variation or revocation", "Text": "(1) If the Commissioner has given you a direction under subsection 265 ‑ 90(1), the Commissioner may, at any time before the end of the period specified in the direction under paragraph 265 ‑ 90(3)(c), by written notice given to you: (a) vary the direction to reduce the amount that you are required to pay to the Commissioner in order to comply with the direction; or (b) vary the direction to extend the period specified in the notice of the direction under paragraph 265 ‑ 90(3)(c); or (c) revoke the direction. (2) To avoid doubt, the variation or revocation of a direction under subsection (1) does not affect any liability that you may have to pay an amount referred to in the direction.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-105", "Provision_Key": "s265-105", "Heading": "Effect of liability being reduced or ceasing to exist", "Text": "(1) If: (a) you have been given a direction under subsection 265 ‑ 90(1) requiring you to pay an amount of a liability referred to in that subsection to the Commissioner; and (b) the period specified in the direction under paragraph 265 ‑ 90(3)(c) has not expired; and (c) the liability is reduced (but not to nil); the amount set out in the direction is taken to be reduced by the amount of the reduction referred to in paragraph (c). (2) If: (a) you have been given a direction under subsection 265 ‑ 90(1) requiring you to pay an amount of a liability referred to in that subsection to the Commissioner; and (b) the period specified in the direction under paragraph 265 ‑ 90(3)(c) has not expired; and (c) either: (i) the liability is reduced to nil; or (ii) the liability ceases to exist; the direction is taken to be revoked. (3) You may be convicted of an offence against subsection 265 ‑ 95(1) in relation to a direction under subsection 265 ‑ 90(1) requiring you to pay an amount of a liability referred to in subsection 265 ‑ 90(1) to the Commissioner even if: (a) the liability is reduced, or ceases to exist, after the end of the period specified in the direction under paragraph 265 ‑ 90(3)(c); or (b) the liability is discharged after the end of that period; or (c) the liability is, after the end of that period, taken never to have existed, or taken not to have existed at a time on or before the end of that period.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-110", "Provision_Key": "s265-110", "Heading": "Taxation objection", "Text": "If you are dissatisfied with a decision of the Commissioner to give you a direction under subsection 265 ‑ 90(1), you may, at any time before the end of the period specified in the direction under paragraph 265 ‑ 90(3)(c), object against the decision in the manner set out in Part IVC.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 265-115", "Provision_Key": "s265-115", "Heading": "Extension of period to comply if taxation objection made", "Text": "(1) This section applies if: (a) the Commissioner gives you a direction under subsection 265 ‑ 90(1); and (b) the period specified in the direction under paragraph 265 ‑ 90(3)(c) has not expired; and (c) you: (i) make an objection in accordance with section 265 ‑ 110 in relation to the Commissioner’s decision to give you the direction; or (ii) make an objection in the manner set out in Part IVC against a taxation decision that relates to your liability to pay an amount referred to in the direction. (2) The period specified in the direction under paragraph 265 ‑ 90(3)(c) is extended by one day for each day in the period that begins on the day the objection is made and ends at the end of the later of the following days: (a) the day 21 days after the day the Commissioner notifies you of the Commissioner’s decision under section 14ZY in relation to the objection; (b) if, before the end of the day referred to in paragraph (a), you: (i) apply to the * ART in accordance with Division 4 of Part IVC for review of the Commissioner’s decision; or (ii) lodge an appeal against the Commissioner’s decision with the Federal Court of Australia under Division 5 of that Part; the day the review or the appeal is finally determined. (3) To avoid doubt, the extension of the period under subsection (2) does not affect any liability that you may have to pay an amount referred to in the direction.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 8 of 2019 | No 38 of 2024", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s265-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-1", "Provision_Key": "s268-1", "Heading": "What this Division is about", "Text": "This Division enables the Commissioner to make an estimate of: (a) amounts not paid as required by Part 2 ‑ 5 of this Act (Pay as you go (PAYG) withholding); or (b) unpaid superannuation guarantee charge; or (c) net amounts in respect of GST, wine equalisation tax and luxury car tax; and to recover the amount of the estimate. If you are given an estimate, you are liable to pay the amount of the estimate. That liability is distinct from your liability to pay the amounts required by Part 2 ‑ 5 or the Superannuation Guarantee (Administration) Act 1992 . In the case of an estimate of a net amount that has been assessed by the Commissioner, that liability is distinct from your liability to pay the amount of the assessment. However, you can ensure that the Commissioner does not require you to pay more than the relevant unpaid amounts. Other Divisions of this Part provide for the recovery of amounts payable under this Division.", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 6 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-5", "Provision_Key": "s268-5", "Heading": "Object of Division", "Text": "The object of this Division is to enable the Commissioner to take prompt and effective action to recover: (a) amounts not paid as required by Part 2 ‑ 5 (Pay as you go (PAYG) withholding); or (b) unpaid superannuation guarantee charge that has not been assessed; or (c) * net amounts under the * GST Act.", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 6 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Repealed and substituted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-10", "Provision_Key": "s268-10", "Heading": "Commissioner may make estimate", "Text": "Estimate (1) The Commissioner may estimate the unpaid and overdue amount of a liability (the underlying liability ) of yours: (a) under section 16 ‑ 70 in this Schedule (requirement to pay to the Commissioner amounts you have withheld under the Pay as you go withholding rules); or (b) to pay superannuation guarantee charge for a * QE day under section 16A of the Superannuation Guarantee (Administration) Act 1992 , to the extent the superannuation guarantee charge has not been assessed before the Commissioner makes the estimate; or (c) to pay a * net amount for a * tax period, to the extent that the net amount has not been assessed before the Commissioner makes the estimate. (1A) For the purposes of this Division, your superannuation guarantee charge for a * QE day is treated as being payable on the first day after the end of the usual period (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) for the QE day, even if the charge has not yet been assessed under that Act. (1B) For the purposes of this Division, if you have a * net amount for a * tax period: (a) you are treated as being liable to pay that net amount; and (b) that liability is treated as having arisen on the day by which you must give your * GST return for the tax period to the Commissioner in accordance with Division 31 of the * GST Act; and (c) that liability is treated as being payable on that day; and (d) the entire amount of that liability is treated as being unpaid. Amount of estimate (2) The amount of the estimate must be what the Commissioner thinks is reasonable. (3) In making the estimate, the Commissioner may have regard to anything he or she thinks relevant. Example 1: In the case of an underlying liability under section 16 ‑ 70 (requirement to pay to the Commissioner amounts you have withheld under the Pay as you go withholding rules), the Commissioner may have regard to information about amounts you withheld under the Pay as you go rules before the period in relation to which the underlying liability arose. Example 2: In the case of an underlying liability to pay superannuation guarantee charge for a QE day, the Commissioner may have regard to information about your contributions to RSAs and complying superannuation funds for earlier QE days. Only one estimate for each liability (4) While the estimate is in force, the Commissioner cannot make another estimate relating to the underlying liability. (5) For the purposes of subsection (4), the estimate is in force if: (a) the Commissioner has given you notice of the estimate; and (b) the estimate has not been revoked; and (c) your liability to pay the estimate has not been discharged.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 6 of 2020 | No 57 of 2025", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-15", "Provision_Key": "s268-15", "Heading": "Notice of estimate", "Text": "Commissioner must give notice of estimate (1) The Commissioner must give you written notice of the estimate. Content of notice (2) The notice must: (a) identify the underlying liability; and (b) specify the date of the estimate; and (c) set out the amount of the estimate; and (d) state that the amount of the estimate is due and payable; and (e) explain how you may have the amount of the estimate reduced or the estimate revoked. (3) To avoid doubt, a single notice may relate to 2 or more estimates, but must comply with subsection (2) in relation to each of them. When notice is given (4) Despite section 29 of the Acts Interpretation Act 1901 , a notice under subsection (1) is taken to be given at the time the Commissioner leaves or posts it. Note: Section 28A of the Acts Interpretation Act 1901 may be relevant to giving a notice under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-20", "Provision_Key": "s268-20", "Heading": "Nature of liability to pay estimate", "Text": "Liability to pay amount of estimate (1) You must pay to the Commissioner the amount of the estimate if the Commissioner gives you notice of the estimate in accordance with section 268 ‑ 15. The amount is due and payable when the Commissioner gives you the notice. Note: The amount of the estimate may be reduced, or the estimate revoked, under Subdivision 268 ‑ D. Liability to pay amount of estimate is distinct from underlying liability (2) Your liability to pay the amount of the estimate is separate and distinct from the underlying liability. It is separate and distinct for all purposes. Example: In a case covered by paragraph 268 ‑ 10(1)(a) or (b), the Commissioner may take: (a) proceedings to recover the unpaid amount of the estimate; or (b) proceedings to recover the unpaid amount of the underlying liability; or (c) proceedings of both kinds. Discharging one liability discharges other liabilities (3) Despite subsection (2), if, at a particular time, one of the liabilities to which this subsection applies is discharged, to the extent of an amount, for either of the following reasons, each of the other liabilities to which this subsection applies is discharged to the extent of the same amount: (a) an amount is paid or applied towards discharging the liability; (b) the liability is discharged because of section 269 ‑ 40 (Effect of director paying penalty or company discharging liability). (4) Subsection (3) applies to whichever of the following liabilities are in existence at the particular time: (a) your liability to pay the amount of the estimate; (b) the underlying liability; (c) a liability of yours under a judgment, to the extent that it is based on a liability referred to in paragraph (a) or (b). (4A) In a case covered by paragraph 268 ‑ 10(1)(c) (estimate of liability in relation to net amount under GST Act), treat the reference in paragraph (4)(b) to the underlying liability as being a reference to a liability under Division 33 or 35 of the * GST Act for an * assessed net amount in respect of the underlying liability. (5) Subsection (3) does not discharge a liability to a greater extent than the amount of the liability.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 79 of 2010 | No 6 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-25", "Provision_Key": "s268-25", "Heading": "Accuracy of estimate irrelevant to liability to pay", "Text": "You are liable to pay the unpaid amount of the estimate even if: (a) the underlying liability never existed or has been discharged in full; or (b) the unpaid amount of the underlying liability is less than the unpaid amount of the estimate. Note 1: Section 268 ‑ 40 revokes the estimate if you give the Commissioner a statutory declaration, or file an affidavit, to the effect that the underlying liability never existed. Note 2: Subdivision 268 ‑ D provides ways in which you can challenge the estimate or its amount.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-30", "Provision_Key": "s268-30", "Heading": "Estimate provable in bankruptcy or winding up", "Text": "(1) Your liability (the estimate liability ) to pay the unpaid amount of the estimate is provable in a bankruptcy or winding up, even if the estimate was made after: (a) the date of the bankruptcy; or (b) the relevant date (within the meaning of the Corporations Act 2001 ). (2) However, the estimate liability is provable only to the extent that the underlying liability would be provable if the unpaid amount of the underlying liability were the same as the unpaid amount of the estimate. Example: Subsection (2) prevents proof of the estimate liability if the underlying liability could not be proved because, for example, of when it arose. (3) Subsections (1) and (2) do not apply if: (a) the underlying liability has already been admitted to proof; and (b) the proof has not been set aside. (4) If the estimate liability has been admitted to proof at a particular amount, the underlying liability is provable only to the extent the unpaid amount of the underlying liability exceeds that particular amount. (4A) In a case covered by paragraph 268 ‑ 10(1)(c) (estimate of liability in relation to net amount under GST Act), treat the references in paragraph (3)(a) and subsection (4) to the underlying liability as being references to a liability under Division 33 or 35 of the * GST Act for an * assessed net amount in respect of the underlying liability. (5) To the extent that a liability is provable because of this section, it is taken, for the purposes of the Bankruptcy Act 1966 , to be provable in bankruptcy under that Act.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 79 of 2010 | No 6 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-35", "Provision_Key": "s268-35", "Heading": "How estimate may be reduced or revoked—Commissioner’s powers", "Text": "Reduction (1) The Commissioner may at any time reduce the amount of the estimate, but is not obliged to consider whether or not to do so. (2) If the Commissioner reduces the amount of the estimate under subsection (1), he or she must give you a written notice that: (a) identifies the underlying liability; and (b) sets out the reduced amount of the estimate. Note: The estimate is taken always to have had effect as reduced: see section 268 ‑ 55. Revocation (3) The Commissioner may at any time revoke the estimate, but is not obliged to consider whether or not to do so. (4) If the Commissioner revokes the estimate under subsection (3), he or she must give you a written notice that: (a) identifies the underlying liability; and (b) states that the estimate has been revoked. Note: The estimate is taken never to have been made: see section 268 ‑ 55. Matters for Commissioner to consider (5) In exercising his or her power under this section to reduce the amount of the estimate, or to revoke the estimate, the Commissioner must have regard to: (a) the following principles: (i) the estimate is of the unpaid amount of the underlying liability as at a particular time; (ii) the purpose of reducing the amount of the estimate is to bring it closer to the unpaid amount of the underlying liability as at the time the estimate was made; (iii) reductions of the unpaid amount of the underlying liability that happen after the time the estimate was made are dealt with by section 268 ‑ 20 (Nature of liability to pay estimate) and so should not be taken into account in exercising such a power; and (b) the effects of sections 268 ‑ 55 and 268 ‑ 70 (effect of reduction or revocation on liabilities).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-40", "Provision_Key": "s268-40", "Heading": "How estimate may be reduced or revoked—statutory declaration or affidavit", "Text": "Scope (1) This section applies as set out in the following table: Statutory declaration or affidavit Item This section applies if ... and ... within ... 1 the Commissioner gives you notice of the estimate you give the Commissioner a statutory declaration for the purposes of this section (a) 7 days after the Commissioner gives you the notice; or (b) a longer period allowed by the Commissioner. 2 you are a party to proceedings before a court that relate to the recovery of the unpaid amount of the estimate you: (a) file an affidavit for the purposes of this section; and (b) serve a copy on the Commissioner (a) 14 days after you first take a procedural step as a party to the proceedings; or (b) a longer period allowed by the court. 3 (a) the estimate is of the unpaid amount of a liability of a company; and (b) the Commissioner serves on the company a * statutory demand relating to the company’s liability to pay the unpaid amount of the estimate; and (c) an application is made to a court under section 234, 459P, 462 or 464 of the Corporations Act 2001 for the company to be wound up the company: (a) files an affidavit for the purposes of this section; and (b) serves a copy on the applicant (a) 14 days after notice of the application was served on the company; or (b) a longer period allowed by the court. Example: For the purposes of item 2 of the table, taking a procedural step as a party to proceedings includes entering an appearance, filing a notice of intention to defend, or applying to set aside judgment entered in default of appearance. Note 1: Section 459C of the Corporations Act 2001 creates a presumption that a company is insolvent, and may be wound up, if the company fails to comply with a statutory demand. Note 2: See section 268 ‑ 90 for what the statutory declaration or affidavit must contain and who must make, swear or affirm it. Reduction (2) The amount of the estimate is reduced if the statutory declaration is to the effect, or the affidavit verifies facts sufficient to prove, that a specified lesser amount is the unpaid amount of the underlying liability. Example: Subsection (2) will apply if the statutory declaration etc. is to the effect that the underlying liability has been discharged in full (and therefore the unpaid amount of the liability is nil). (3) The amount of the reduction is the amount by which the unpaid amount of the estimate (just before the reduction) exceeds the amount specified. Note: The effect of subsection (3) is to reduce the unpaid amount of the estimate to the amount specified. Revocation (4) The estimate is revoked if the statutory declaration is to the effect, or the affidavit verifies facts sufficient to prove, that the underlying liability never existed.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-45", "Provision_Key": "s268-45", "Heading": "How estimate may be reduced or revoked—rejection of proof of debt", "Text": "Scope (1) This section applies if: (a) the Commissioner lodges a proof of debt relating to the unpaid amount of the estimate; and (b) section 268 ‑ 95 applies to an entity (your supervising entity ) in relation to you. Rejection of proof of debt (2) Your supervising entity may give the Commissioner a statutory declaration to the effect that: (a) the underlying liability has been discharged in full; or (b) the unpaid amount of the underlying liability is a specified, lesser amount; or (c) the underlying liability never existed. Note: See section 268 ‑ 90 for what the statutory declaration must contain and who must make it. (3) If your supervising entity does so, he or she may reject the proof of debt (in whole or in part) on the ground made out in the statutory declaration. (4) If the Commissioner appeals, or applies for review of, your supervising entity’s decision to reject the proof of debt, nothing in subsection (2) or (3) prevents evidence being adduced to contradict statements in the declaration. Note: Such evidence might also be relevant to a prosecution for an offence, such as an offence against section 11 of the Statutory Declarations Act 1959 (False declarations). Revocation or reduction of estimate (5) The following table applies in relation to the outcome following all (if any) appeals from, and applications for review of, your supervising entity’s decision to reject the proof of debt. (If there are no appeals or applications for review, the outcome is your supervising entity’s decision as originally made.) Rejecting proof of debt Item If the outcome is that ... then ... 1 the proof is rejected in whole on the ground that the estimate has been discharged in full the amount of the estimate is reduced by the unpaid amount of the estimate (just before the reduction). 2 the proof is rejected in part the amount of the estimate is reduced by so much of the unpaid amount of the estimate (just before the reduction) as is rejected. 3 the proof is rejected in whole on the ground that the underlying liability never existed the estimate is revoked. Note 1: The effect of item 1 of the table is to reduce the unpaid amount of the estimate to nil. Note 2: The effect of item 2 of the table is to reduce the unpaid amount of the estimate to the amount admitted to proof.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-50", "Provision_Key": "s268-50", "Heading": "How estimate may be reduced—amount paid or applied", "Text": "(1) This section applies if: (a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and (b) the amount paid or applied exceeds the unpaid amount of the underlying liability as at the time just before the payment or application. (2) The amount of the estimate is reduced so that it does not exceed the unpaid amount, at the time mentioned in paragraph (1)(b), of the underlying liability.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-55", "Provision_Key": "s268-55", "Heading": "When reduction or revocation takes effect", "Text": "Scope (1) This section applies for the purposes of the following: (a) Subdivision 268 ‑ C (Liability to pay estimates); (b) section 268 ‑ 60 (refund of overpayments); (c) Subdivision 268 ‑ E (Late payment of estimates); (d) Division 269 (Penalties for directors of non ‑ complying companies). When reduction or revocation takes effect (2) If the amount of the estimate is reduced, the estimate has effect, and is taken always to have had effect, as if the original amount of the estimate had been the reduced amount. (3) If the estimate is revoked, the estimate is taken never to have been made.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-60", "Provision_Key": "s268-60", "Heading": "Consequences of reduction or revocation—refund", "Text": "(1) This section applies if: (a) an amount is paid or applied towards discharging your liability to pay the amount of the estimate; and (b) the amount paid or applied exceeds the unpaid amount of the estimate as at the time just before the payment or application. Example: You pay an amount towards discharging the estimate and the estimate is later reduced to a lesser amount. Note: Section 268 ‑ 50 provides for the reduction of the amount of the estimate in the case of overpayment. (2) The Commissioner must pay you the excess. Note: See Division 3A of Part IIB of this Act for the rules about how the Commissioner must pay you. Division 3 of that Part allows the Commissioner to apply the amount owing as a credit against tax debts that you owe the Commonwealth.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-65", "Provision_Key": "s268-65", "Heading": "Consequences of reduction or revocation—statutory demand changed or set aside", "Text": "Scope (1) This section applies if: (a) the estimate is of the unpaid amount of a liability of a company; and (b) the Commissioner has served a * statutory demand on the company relating to the company’s liability to pay the unpaid amount of the estimate; and (c) the amount of the estimate is later reduced, or the estimate is revoked. Statutory demand changed (2) The * statutory demand is changed accordingly. (3) The * statutory demand is taken to have had effect (as so changed) from the time the Commissioner served it on the company. Statutory demand set aside (4) The * statutory demand is set aside if subsection (2) reduces the amount of the debt (or the total of the amounts of the debts) below the statutory minimum (within the meaning of the Corporations Act 2001 ).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-70", "Provision_Key": "s268-70", "Heading": "Consequences of reduction or revocation—underlying liability", "Text": "Reduction of the amount of the estimate, or revocation of the estimate, does not affect the Commissioner’s rights or remedies in relation to the underlying liability (except to the extent that this Division expressly provides otherwise).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-75", "Provision_Key": "s268-75", "Heading": "Liability to pay the general interest charge", "Text": "(1) This section applies if: (a) your liability to pay the amount of the estimate remains undischarged at the end of 7 days after the Commissioner gives you notice of the estimate; and (b) the underlying liability is not a liability to pay superannuation guarantee charge. (2) You are liable to pay the * general interest charge on the unpaid amount of the estimate for each day in the period that: (a) started at the beginning of the day by which the underlying liability was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the amount of the estimate; (ii) general interest charge on any of the amount of the estimate. Note: The general interest charge is worked out under Part IIA of this Act.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 79 of 2010 | No 99 of 2012", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-80", "Provision_Key": "s268-80", "Heading": "Effect of paying the general interest charge", "Text": "Scope (1) If you are liable to pay the * general interest charge under section 268 ‑ 75 in relation to the estimate, this section applies to the following liabilities: (a) your liability to pay the general interest charge; (b) a liability of yours to pay a general interest charge, under a corresponding provision of Subdivision 16 ‑ B, because the underlying liability remains undischarged; (c) liability under a judgment, to the extent that it is based on a liability referred to in paragraph (a) or (b); (d) a liability of yours to pay interest carried by a judgment debt, to the extent that the judgment debt is based on: (i) the liability to pay the estimate; or (ii) the liability to pay the general interest charge under section 268 ‑ 75 on an unpaid amount of the estimate. (1A) In a case covered by paragraph 268 ‑ 10(1)(c) (estimate of liability in relation to net amount under GST Act), treat the reference in paragraph (1)(b) to the underlying liability as being a reference to a liability under Division 33 or 35 of the * GST Act for an * assessed net amount in respect of the underlying liability. Discharging one liability discharges other liabilities (2) If, at a particular time, an amount is paid or applied towards discharging one of the liabilities, each of the other liabilities that is in existence at that time is discharged to the extent of the same amount. (3) However, this section does not discharge a liability to a greater extent than the amount of the liability. (4) If, because a judgment debt carries interest, section 8AAH of this Act reduces the amount of a * general interest charge payable as mentioned in paragraph (1)(b) of this section, the amount of the reduction is taken, for the purposes of subsection (2) of this section, to have been applied towards discharging your liability to the charge.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 6 of 2020", "Amending_Acts": "No 79 of 2010 | No 6 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-85", "Provision_Key": "s268-85", "Heading": "Effect of judgment on liability on which it is based", "Text": "Estimate payable despite judgment (1) The unpaid amount of the estimate, or of the underlying liability, does not stop being payable merely because a judgment has been given by, or entered in, a court. Division applies to liability under judgment (2) This Division applies in relation to liability under a judgment, to the extent that it is based on your liability to pay the amount of the estimate, in the same way as this Division applies to that estimate liability. (3) This Division applies in relation to liability under a judgment, to the extent that it is based on the underlying liability, in the same way as this Division applies to the underlying liability. (4) Subsections (2) and (3) do not apply for the purposes of the following: (a) section 268 ‑ 20 (Nature of liability to pay estimate); (b) section 268 ‑ 30 (Estimate provable in bankruptcy or winding up); (c) section 268 ‑ 45 (rejection of proof of debt). Judgment conclusive as to amount of liability (5) Nothing in this Division affects the conclusiveness of a judgment as to the amount of a liability on which it is based.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-90", "Provision_Key": "s268-90", "Heading": "Requirements for statutory declaration or affidavit", "Text": "Scope (1) This section applies to a statutory declaration given, or an affidavit filed, for the purposes of section 268 ‑ 40 or 268 ‑ 45 in relation to the estimate. Content (2) In a case covered by paragraph 268 ‑ 10(1)(a) (estimate of liability under requirement to pay to the Commissioner amounts you have withheld under the Pay as you go withholding rules), the statutory declaration or affidavit must verify the following facts: (a) whichever of the following are applicable: (i) the sum of all amounts you withheld under Division 12 during the relevant period, or the fact that you did not withhold any such amounts during the period; (ii) the sum of all amounts you were required to pay under Division 13 (Alienated personal services payments) during the relevant period, or the fact that you were not required to pay any such amounts during the period; (iii) the sum of all amounts you were required to pay under Division 14 (non ‑ cash benefits and accruing gains) during the relevant period, or the fact that you were not required to pay any such amounts during the period; (b) what has been done to comply with Division 16 (Payer’s obligations and rights) in relation to the amounts referred to in paragraph (a). (2A) In a case covered by paragraph 268 ‑ 10(1)(b) (estimate of liability to pay superannuation guarantee charge), the statutory declaration or affidavit must verify the following facts: (a) your name and address; (b) for each employee for whom you have an * individual base superannuation guarantee shortfall that is greater than nil for the relevant * QE day—the information that: (i) relates to the employee and the shortfall; and (ii) is required by the approved form for a voluntary disclosure statement under section 33 of the Superannuation Guarantee (Administration) Act 1992 ; (c) what has been done to comply with your obligation to pay the relevant superannuation guarantee charge to the Commissioner. Note: The amount of the individual base superannuation guarantee shortfall mentioned in paragraph (b) is a factor in determining the amount of the superannuation guarantee charge mentioned in paragraph 268 ‑ 10(1)(b). (2B) In a case covered by paragraph 268 ‑ 10(1)(c) (estimate of liability in relation to net amount under GST Act), the statutory declaration or affidavit must verify the following facts: (a) your * net amount for the * tax period; (b) what has been done to comply with Division 31 and 33 of the * GST Act (obligation to give GST return and liability in respect of assessed net amounts) in relation to that tax period; (c) your * taxable supplies and * creditable acquisitions that are attributable to that tax period; (d) your assessable dealings (within the meaning of the * Wine Tax Act) and * wine tax credits that are attributable to that tax period. Maker or deponent (3) The statutory declaration or affidavit must be made, sworn or affirmed by: (a) an individual specified in the following table; or (b) your liquidator, receiver or trustee in bankruptcy (if and as applicable). Who must make the statutory declaration or swear or affirm the affidavit Item A statutory declaration or affidavit in relation to an estimate of a liability of ... must be made, sworn or affirmed by ... 1 an individual that individual. 2 a body corporate (a) in the case of a company that has a director or a company secretary (within the meaning of the Corporations Act 2001 )—a director of the company or the company secretary; or (b) in the case of an * Australian government agency—an individual prescribed by the regulations; or (c) in any case—the public officer of the body corporate (for the purposes of the Income Tax Assessment Act 1936 ). 3 a body politic an individual prescribed by the regulations. 4 a partnership a partner of the partnership. 5 any other unincorporated association or body of persons (a) a member of the association’s or body’s committee of management; or (b) the public officer of the association or body (for the purposes of the Income Tax Assessment Act 1936 ). 6 a trust (a) the trustee of the trust; or (b) the public officer of the trust (for the purposes of the Income Tax Assessment Act 1936 ). 7 a * superannuation fund or an * approved deposit fund (a) the trustee of the fund; or (b) if the fund does not have a trustee—the entity managing the fund. (4) If the entity specified in the table in subsection (3) is not an individual, the table is taken to specify the individual who, under that subsection, would be eligible to make a statutory declaration in relation to an estimate of a liability of that entity.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 6 of 2020 | No 57 of 2025", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-95", "Provision_Key": "s268-95", "Heading": "Liquidators, receivers and trustees in bankruptcy", "Text": "Scope (1) This section applies to an entity (your supervising entity ), in relation to you, if: (a) the entity is your liquidator, receiver, trustee in bankruptcy or administrator, or the administrator of a deed of company arrangement executed by you; or (b) your property is vested in the entity, or the entity has control of your property. (2) For the purposes of this Division, this section applies to an entity in relation to a partnership if it applies to the entity in relation to a partner of the partnership. Notices from the Commissioner (3) For the purposes of this Division, a notice given by the Commissioner to your supervising entity is taken to have been given to you. (4) You must give your supervising entity a copy of any notice given to you by the Commissioner under this Division. You must do so as soon as practicable, and in any event within 7 days, after: (a) if the Commissioner gave you the notice before the day when your property vested in, or control of your property passed to, the supervising entity—that day; or (b) if subsection (2) applies and the Commissioner gave you the notice before the day when the relevant partner’s property vested in, or control of the relevant partner’s property passed to, the supervising entity—that day; or (c) otherwise—the day when the Commissioner gave you the notice. (5) If the Commissioner gives you and your supervising entity a notice at different times, each notice is taken to have been given at the later of those times. Action taken by your supervising entity (6) For the purposes of this Division, a statutory declaration given to the Commissioner by your supervising entity is taken to have been given by you. (7) For the purposes of this Division, an affidavit filed by your supervising entity is taken to have been filed by you. (8) For the purposes of item 2 in the table in subsection 268 ‑ 40(1) (recovery proceedings), a procedural step taken by your supervising entity is taken to have been taken by you. Multiple supervising entities (9) If you have 2 or more supervising entities, anything this Division provides for to be done by or in relation to your supervising entity may be done by or in relation to any of them.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 268-100", "Provision_Key": "s268-100", "Heading": "Division not to limit or exclude Corporations or Bankruptcy Act", "Text": "This Division is not intended to limit or exclude the operation of Chapter 5 (External administration) or Schedule 2 to the Corporations Act 2001 , or the Bankruptcy Act 1966 , to the extent those provisions or that Act can operate concurrently with this Division. Note: Section 268 ‑ 30 and Subdivision 268 ‑ D affect the operation of Chapter 5 of the Corporations Act 2001 and the Bankruptcy Act 1966 .", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 11 of 2016", "Amending_Acts": "No 79 of 2010 | No 11 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 11 of 2016, effective sch 2 (items 316, 317): 1 Mar 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s268-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-1", "Provision_Key": "s269-1", "Heading": "What this Division is about", "Text": "This Division deals with obligations of a company: (a) under Subdivision 16 ‑ B in this Schedule (obligation to pay withheld amounts to the Commissioner); and (b) under Division 268 in this Schedule (obligation to pay estimates); and (c) under Part 3 of the Superannuation Guarantee (Administration) Act 1992 (obligation to pay superannuation guarantee charge); and (d) under Divisions 33 and 35 of the GST Act in respect of assessed net amounts; and (e) under Division 162 of the GST Act in respect of GST instalments. The directors of a company have a duty to ensure that the company either: (a) meets those obligations; or (b) goes promptly into voluntary administration or restructuring under the Corporations Act 2001 or into liquidation. The directors’ duties are enforced by penalties. Note: The duties this Division imposes on the directors of the company are in addition to the similar duties imposed on the public officer of the company. See subsection 252(1) of the Income Tax Assessment Act 1936.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 130 of 2020", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 6 of 2020 | No 130 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-5", "Provision_Key": "s269-5", "Heading": "Object of Division", "Text": "The object of this Division is to ensure that a company either: (a) meets its obligations under: (i) Subdivision 16 ‑ B (obligation to pay withheld amounts to the Commissioner); and (ii) Division 268 (estimates of PAYG withholding liabilities and superannuation guarantee charge); and (iii) Part 3 of the Superannuation Guarantee (Administration) Act 1992 (obligation to pay superannuation guarantee charge); and (iv) Divisions 33 and 35 of the * GST Act in respect of * assessed net amounts; and (v) Division 162 of the GST Act in respect of GST instalments (within the meaning of the GST Act); or (b) goes promptly into voluntary administration or restructuring under the Corporations Act 2001 or into liquidation. Note: The directors’ duties are enforced by penalties on the directors. A penalty recovered under this Division is applied towards meeting the company’s obligation.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 130 of 2020", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 6 of 2020 | No 130 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-10", "Provision_Key": "s269-10", "Heading": "Scope of Division", "Text": "(1) This Division applies as set out in the following table: Obligations that directors must cause company to comply with Item Column 1 This Division applies if, on a particular day (the initial day ), a company is a company registered under the Corporations Act 2001 , and … Column 2 and the company is obliged to pay to the Commissioner on or before a particular day (the due day ) … 1 on the initial day the company withholds an amount under Division 12 that amount in accordance with Subdivision 16 ‑ B. 2 on the initial day the company receives an * alienated personal services payment an amount in respect of that alienated personal services payment in accordance with Division 13 and Subdivision 16 ‑ B. 3 on the initial day the company provides a * non ‑ cash benefit an amount in respect of that benefit in accordance with Subdivision 16 ‑ B. 5 the initial day is a * QE day for the company superannuation guarantee charge for the QE day in accordance with the Superannuation Guarantee (Administration) Act 1992 . 6 on the initial day a * tax period ends an * assessed net amount for the tax period in accordance with the * GST Act. 7 on the initial day a GST instalment quarter (within the meaning of the * GST Act) ends a GST instalment (within the meaning of the GST Act) for the quarter in accordance with the GST Act. (2) This Division applies in relation to an amount that the company purports to withhold under Division 12, but is not required to withhold, as if the company were required to withhold the amount. Superannuation guarantee charge (3) For the purposes of this Division, the company’s superannuation guarantee charge for a * QE day under the Superannuation Guarantee (Administration) Act 1992 is treated as being payable on the earlier of the following days (the due day ): (a) the first day after the end of the 60 ‑ day period starting on the QE day; (b) the day the charge is payable (see subsection 36(4) of that Act); even if, if paragraph (a) of this subsection applies, the charge has not yet been assessed under that Act. Estimates (4) This Division also applies if: (a) a company is a company registered under the Corporations Act 2001 ; and (b) the company is given notice of an estimate under Division 268; and (c) the company is obliged to pay the amount of the estimate to the Commissioner on or before a particular day (the due day ). (5) If this Division applies because of subsection (4), then for the purposes of this Division: (a) in the case of an estimate of an underlying liability referred to in paragraph 268 ‑ 10(1)(a) (PAYG withholding liabilities)—the initial day is: (i) for a company that is a * medium withholder or a * small withholder on the last day of the period identified in the notice of the estimate under section 268 ‑ 15 as the period to which the underlying liability relates—the last day of that period; or (ii) for any other company—the day by which the company is obliged to pay the amount of the underlying liability to the Commissioner; and (b) in the case of an estimate of an underlying liability referred to in paragraph 268 ‑ 10(1)(b) (superannuation guarantee charge)—the initial day is the * QE day to which the estimate relates; and (ba) in the case of an estimate of an underlying liability referred to in paragraph 268 ‑ 10(1)(c) (net amount under GST Act)—the initial day is the last day of the * tax period to which the estimate relates; and (c) the company’s obligation to pay the amount of the estimate is taken to have begun on the day after the initial day identified in paragraph (a) or (b) of this subsection. (6) For the purposes of subsection (5), assume that the underlying liability exists as identified in the notice of the estimate under section 268 ‑ 15.", "Amendment_Count": 5, "First_Amended": "No 79 of 2010", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 8 of 2019 | No 6 of 2020 | No 57 of 2025", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-15", "Provision_Key": "s269-15", "Heading": "Directors’ obligations", "Text": "Directors’ obligations (1) The directors (within the meaning of the Corporations Act 2001 ) of the company (from time to time) on or after the initial day must cause the company to comply with its obligation. (2) The directors of the company (from time to time) continue to be under their obligation until: (a) the company complies with its obligation; or (b) an administrator of the company is appointed under section 436A, 436B or 436C of the Corporations Act 2001 ; or (ba) a small business restructuring practitioner for the company is appointed under section 453B of that Act; or (c) the company begins to be wound up (within the meaning of that Act). (2A) To avoid doubt, if the obligation of the company is an obligation to pay the amount of an estimate of an underlying liability under Division 268, a director is subject to his or her obligation under subsection (1): (a) even if the underlying liability never existed or has been discharged in full; and (b) even if the unpaid amount of the underlying liability is less than the unpaid amount of the estimate; and (c) at all times on and after the day referred to in paragraph 269 ‑ 10(5)(b) until the director’s obligation ceases under subsection (2) of this section, including at any such times before the Commissioner has made the estimate or given notice of the estimate. Instalment arrangements (3) The Commissioner must not commence, or take a procedural step as a party to, proceedings to enforce an obligation, or to recover a penalty, of a director under this Division if an * arrangement that covers the company’s obligation is in force under section 255 ‑ 15 (Commissioner’s power to permit payments by instalments). Note 1: The arrangement may also cover other obligations of the company. Note 2: Subsection (3) does not prevent the Commissioner from giving a director a notice about a penalty under section 269 ‑ 25.", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 130 of 2020", "Amending_Acts": "No 79 of 2010 | No 8 of 2019 | No 130 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-20", "Provision_Key": "s269-20", "Heading": "Penalty", "Text": "Penalty for director on or before due day (1) You are liable to pay to the Commissioner a penalty if: (a) at the end of the due day, the directors of the company are still under an obligation under section 269 ‑ 15; and (b) you were under that obligation at or before that time (because you were a director). Note: Paragraph (1)(b) applies even if you stopped being a director before the end of the due day: see subsection 269 ‑ 15(2). (2) The penalty is due and payable at the end of the due day. Note: The Commissioner must not commence proceedings to recover the penalty until the end of 21 days after the Commissioner gives you notice of the penalty under section 269 ‑ 25. Penalty for new director (3) You are also liable to pay to the Commissioner a penalty if: (a) after the due day, you became a director of the company and began to be under an obligation under section 269 ‑ 15; and (b) 30 days later, you are still under that obligation. (4) The penalty is due and payable at the end of that 30th day. Note: The Commissioner must not commence proceedings to recover the penalty until the end of 21 days after the Commissioner gives you notice of the penalty under section 269 ‑ 25. Amount of penalty (5) The amount of a penalty under this section is equal to the unpaid amount of the company’s liability under its obligation. Note 1: See section 269 ‑ 40 for the effect on your penalty of the company discharging its obligation, or of another director paying his or her penalty. Note 2: See section 269 ‑ 45 for your rights of indemnity and contribution.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 79 of 2010 | No 99 of 2012", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-25", "Provision_Key": "s269-25", "Heading": "Notice", "Text": "Commissioner must give notice of penalty (1) The Commissioner must not commence proceedings to recover from you a penalty payable under this Subdivision until the end of 21 days after the Commissioner gives you a written notice under this section. Content of notice (2) The notice must: (a) set out what the Commissioner thinks is the unpaid amount of the company’s liability under its obligation; and (b) state that you are liable to pay to the Commissioner, by way of penalty, an amount equal to that unpaid amount because of an obligation you have or had under this Division; and (c) explain the main circumstances in which the penalty will be remitted. (3) To avoid doubt, a single notice may relate to 2 or more penalties, but must comply with subsection (2) in relation to each of them. When notice is given (4) Despite section 29 of the Acts Interpretation Act 1901 , a notice under subsection (1) is taken to be given at the time the Commissioner leaves or posts it. Note 1: Section 28A of the Acts Interpretation Act 1901 may be relevant to giving a notice under subsection (1). Note 2: Section 269 ‑ 50 of this Act is also relevant to giving a notice under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-30", "Provision_Key": "s269-30", "Heading": "Effect on penalty of directors’ obligation ending before end of notice period", "Text": "(1) Subject to subsection (2), a penalty of yours under this Division is remitted if the directors of the company stop being under the relevant obligation under section 269 ‑ 15: (a) before the Commissioner gives you notice of the penalty under section 269 ‑ 25; or (b) within 21 days after the Commissioner gives you notice of the penalty under that section. (2) The following table has effect: When appointing administrator or restructuring practitioner or winding up company does not affect penalty Item Column 1 If the company’s obligation is to pay to the Commissioner, on or before the due day … Column 2 and, because of paragraph 269 ‑ 15(2)(b), (ba) or (c) (an administrator or a restructuring practitioner is appointed, or the company begins to be wound up), the directors stop being under the relevant obligation after … Column 3 subsection (1) does not apply … 1 an amount in accordance with Subdivision 16 ‑ B (obligation to pay withheld amounts to the Commissioner), the last day of the 3 months after the due day, to the extent the company does not, on or before the last day mentioned in column 2, notify the Commissioner: (a) under section 16 ‑ 150 of the amount the company is obliged to pay; or (b) under section 389 ‑ 5 of the amount the company is obliged to withhold. 2 the amount of an estimate under Division 268 of a liability referred to in paragraph 268 ‑ 10(1)(a) (PAYG withholding liabilities), the last day of the 3 months after the day by which the company was obliged to pay the underlying liability to which the estimate relates, to any extent. 3 superannuation guarantee charge for a * QE day, the due day, (a) if the company, on or before the due day, lodges under section 33 of the Superannuation Guarantee (Administration) Act 1992 a voluntary disclosure statement for the QE day—the extent (if any) that the amount of superannuation guarantee charge worked out using that statement is less than the amount of superannuation guarantee charge the company is obliged to pay for the QE day; or (b) otherwise—to any extent. 4 the amount of an estimate under Division 268 of a liability referred to in paragraph 268 ‑ 10(1)(b) (superannuation guarantee charge), the day by which the company was obliged to pay the underlying liability to which the estimate relates, to any extent. 5 an * assessed net amount for a * tax period the last day of the 3 months after the due day, (a) if the company, on or before the last day mentioned in column 2, lodges its * GST return, for the tax period for the relevant * net amount—the extent (if any) to which the net amount (worked out from the information in the GST return and any other information that the company gives the Commissioner on or before that last day) is less than the company’s assessed net amount for the tax period; or (b) otherwise—to any extent. 6 the amount of an estimate under Division 268 of a liability referred to in paragraph 268 ‑ 10(1)(c) (net amount under GST Act), the last day of the 3 months after the day by which the company was obliged to give its * GST return, for the tax period for the relevant * net amount, to the Commissioner in accordance with Division 31 of the * GST Act, to any extent. Note 1: An administrator or a small business restructuring practitioner of the company being appointed, or the company beginning to be wound up, after the last day mentioned in column 2 will, to the extent mentioned in column 3, have no effect on the penalty. Note 3: This subsection will not affect the operation of subsection (1) in respect of penalties that relate to GST instalments. (3) If you become a director of the company during or after the 3 months mentioned in item 1, 2, 5 or 6, treat the reference in the item to the 3 months as being a reference to the 3 months after the day you become a director of the company.", "Amendment_Count": 8, "First_Amended": "No 79 of 2010", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 55 of 2016 | No 8 of 2019 | No 6 of 2020 | No 130 of 2020 | No 57 of 2025", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Repealed and substituted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-35", "Provision_Key": "s269-35", "Heading": "Defences", "Text": "Illness (1) You are not liable to a penalty under this Division if, because of illness or for some other good reason, it would have been unreasonable to expect you to take part, and you did not take part, in the management of the company at any time when: (a) you were a director of the company; and (b) the directors were under the relevant obligations under subsection 269 ‑ 15(1). All reasonable steps (2) You are not liable to a penalty under this Division if: (a) you took all reasonable steps to ensure that one of the following happened: (i) the directors caused the company to comply with its obligation; (ii) the directors caused an administrator of the company to be appointed under section 436A, 436B or 436C of the Corporations Act 2001 ; (iia) the directors caused a small business restructuring practitioner for the company to be appointed under section 453B of that Act; (iii) the directors caused the company to begin to be wound up (within the meaning of that Act); or (b) there were no reasonable steps you could have taken to ensure that any of those things happened. (3) In determining what are reasonable steps for the purposes of subsection (2), have regard to: (a) when, and for how long, you were a director and took part in the management of the company; and (b) all other relevant circumstances. (3AA) If the obligation referred to in subparagraph (2)(a)(i) is an obligation to pay an amount of an estimate of an underlying liability under Division 268, that reference to an obligation includes a reference to the obligation to pay the underlying liability. (3AB) For the purposes of subsection (3AA), assume that the underlying liability exists as identified in the notice of the estimate under section 268 ‑ 15. Superannuation guarantee charge and assessed net amounts—reasonably arguable position (3A) You are not liable to a penalty under this Division to the extent that the penalty resulted from the company treating the Superannuation Guarantee (Administration) Act 1992 or the * GST Act as applying to a matter or identical matters in a particular way that was * reasonably arguable, if the company took reasonable care in connection with applying that Act to the matter or matters. When you can rely on this section (4) For the purposes of: (a) proceedings in a court to recover from you a penalty payable under this Division; or (b) proceedings in a court against you in relation to a right referred to in paragraph 269 ‑ 45(2)(b) (directors jointly and severally liable as guarantors); subsection (1) or (2) of this section does not apply unless you prove the matters mentioned in that subsection. (4A) For the purpose of the Commissioner recovering from you a penalty payable under this Division (other than as mentioned in subsection (4)), subsection (1) or (2) does not apply unless: (a) you provide information to the Commissioner during the period of 60 days starting on the day the Commissioner: (i) in the case of the Commissioner recovering the penalty under section 260 ‑ 5 (Commissioner may collect amounts from third party)—gives you a notice under subsection 260 ‑ 5(6) in relation to the penalty; or (ii) otherwise—notifies you in writing that he or she has recovered any of the penalty; and (b) the Commissioner is satisfied of the matters mentioned in subsection (1) or (2) of this section on the basis of that information. Power of courts to grant relief (5) Section 1318 of the Corporations Act 2001 does not apply to an obligation or liability of a director under this Division.", "Amendment_Count": 5, "First_Amended": "No 79 of 2010", "Last_Amended": "No 130 of 2020", "Amending_Acts": "No 79 of 2010 | No 99 of 2012 | No 8 of 2019 | No 6 of 2020 | No 130 of 2020", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 6 of 2020, effective sch 3 (items 2 ‑ 22), sch 4: 1 Apr 2020 (s 2(1) item 3) | Amended by No 130 of 2020, effective sch 1 (items 118 ‑ 127): 1 Jan 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-40", "Provision_Key": "s269-40", "Heading": "Effect of director paying penalty or company discharging liability", "Text": "Liabilities (1) This section applies to the following liabilities: (a) the liability of the company under its obligation referred to in section 269 ‑ 10; (b) the liability of each director (or former director) to pay a penalty under this Division in relation to the liability of the company referred to in paragraph (a); (c) a liability under a judgment, to the extent that it is based on a liability referred to in paragraph (a) or (b). Discharging one liability discharges other liabilities (2) If an amount is paid or applied at a particular time towards discharging one of the liabilities, each of the other liabilities in existence at that time is discharged to the extent of the same amount. (3) If, because of section 268 ‑ 20 (Nature of liability to pay estimate), one of the liabilities is discharged at a particular time to the extent of a particular amount, each of the other liabilities in existence at that time is discharged to the extent of the same amount. (4) This section does not discharge a liability to a greater extent than the amount of the liability.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-45", "Provision_Key": "s269-45", "Heading": "Directors’ rights of indemnity and contribution", "Text": "(1) This section applies if you pay a penalty under this Division in relation to a liability of the company under an obligation referred to in section 269 ‑ 10. (2) You have the same rights (whether by way of indemnity, subrogation, contribution or otherwise) against the company or anyone else as if: (a) you made the payment under a guarantee of the liability of the company; and (b) under the guarantee you and every other person who has paid, or from whom the Commissioner is entitled to recover, a penalty under this Division in relation to the company’s obligation were jointly and severally liable as guarantors.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-50", "Provision_Key": "s269-50", "Heading": "How notice may be given", "Text": "The Commissioner may give you a notice under section 269 ‑ 25 by leaving it at, or posting it to, an address that appears, from information held by * ASIC, to be, or to have been within the last 7 days, your place of residence or * business.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 79 of 2010 | No 162 of 2015 | No 141 of 2020 | No 72 of 2025", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Amended by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15) | Amended by No 72 of 2025, effective sch 4 (items 41 ‑ 43): 1 Jan 2026 (s 2(1) item 5) sch 5 (item 33): 1 July 2024 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-52", "Provision_Key": "s269-52", "Heading": "Copies of notices", "Text": "(1) If: (a) the Commissioner gives you a notice under section 269 ‑ 25 in accordance with section 269 ‑ 50; and (b) you have given the address of a * registered tax agent to the Commissioner as your address for service for the purposes of any * taxation law; the Commissioner may also give you a copy of the notice. (2) The Commissioner may do so by leaving the copy at, or posting the copy to, the address of the * registered tax agent. (3) To avoid doubt, this section does not affect: (a) whether the Commissioner has given you the actual notice; or (b) how the Commissioner may give you the actual notice.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective sch 1 (items 1 ‑ 9, 12 ‑ 15, 23, 36 ‑ 47, 49 ‑ 57): 30 June 2012 (s 2(1) items 2 ‑ 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-52"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 269-55", "Provision_Key": "s269-55", "Heading": "Division not to limit or exclude Corporations Act", "Text": "To avoid doubt, this Division is not intended to limit or exclude the operation of Chapter 5 (External administration) or Schedule 2 to the Corporations Act 2001 , to the extent those provisions can operate concurrently with this Division.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 11 of 2016", "Amending_Acts": "No 79 of 2010 | No 11 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 11 of 2016, effective sch 2 (items 316, 317): 1 Mar 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s269-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-1", "Provision_Key": "s280-1", "Heading": "Guide to Division 280", "Text": "The shortfall interest charge applies to shortfalls of income tax, petroleum resource rent tax, excess non ‑ concessional contributions tax, Division 293 tax, Division 296 tax, diverted profits tax, Laminaria and Corallina decommissioning levy, Australian IIR/UTPR tax or Australian DMT tax that are revealed when the Commissioner amends your assessment. The shortfall interest charge also applies if an amendment of your assessment by the Commissioner reveals that excessive tax offset refunds have been credited to you and you are liable to pay the amount of the excess. The charge is applied at a uniform rate that is lower than the general interest charge rate. The Commissioner has a discretion to remit shortfall interest charge.", "Amendment_Count": 12, "First_Amended": "No 75 of 2005", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 75 of 2005 | No 78 of 2006 | No 15 of 2007 | No 14 of 2012 | No 82 of 2013 | No 118 of 2013 | No 96 of 2014 | No 27 of 2017 | No 24 of 2022 | No 134 of 2024 | No 9 of 2025 | No 8 of 2026", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-50", "Provision_Key": "s280-50", "Heading": "Object of Division", "Text": "The object of this Division is to neutralise benefits that taxpayers could otherwise receive from: (a) shortfalls of income tax, * petroleum resource rent tax, * excess non ‑ concessional contributions tax, * Division 293 tax, * Division 296 tax, * diverted profits tax, * Laminaria and Corallina decommissioning levy, * Australian IIR/UTPR tax or * Australian DMT tax; or (b) excessive tax offset refunds; so that they do not receive an advantage in the form of a free loan over those who assess correctly.", "Amendment_Count": 12, "First_Amended": "No 75 of 2005", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 75 of 2005 | No 78 of 2006 | No 15 of 2007 | No 14 of 2012 | No 82 of 2013 | No 118 of 2013 | No 96 of 2014 | No 27 of 2017 | No 24 of 2022 | No 134 of 2024 | No 9 of 2025 | No 8 of 2026", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Repealed and substituted by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-100", "Provision_Key": "s280-100", "Heading": "Liability to shortfall interest charge—income tax", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of income tax that you are liable to pay because the Commissioner amends your assessment for an income year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which income tax under your first assessment for that income year was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which income tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any. Note: See Division 5 of the Income Tax Assessment Act 1997 for when the amount of income tax and shortfall interest charge becomes due and payable. That Division also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable. Liability arising because of a financial benefit under a look ‑ through earnout right (5) Subsection (1) does not apply if: (a) you provide or receive a * financial benefit under a * look ‑ through earnout right; and (b) you request the Commissioner to amend your assessment for an income year (the taxing year ) to take account of the financial benefit; and (c) you make that request at or before the time: (i) you are required to lodge your * income tax return for the income year in which the financial benefit is provided or received; or (ii) you would be so required if you were required to lodge an income tax return for that income year; and (d) as a result of paragraph (a), you are liable to pay an additional amount of income tax for the taxing year.", "Amendment_Count": 7, "First_Amended": "No 75 of 2005", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 75 of 2005 | No 78 of 2006 | No 79 of 2010 | No 75 of 2012 | No 118 of 2013 | No 10 of 2016 | No 45 of 2021", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 75 of 2012, effective sch 4 (items 13 ‑ 16, 20), sch 5, sch 7: Royal Assent | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 45 of 2021, effective sch 2 (items 5 ‑ 12, 14): 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-101", "Provision_Key": "s280-101", "Heading": "Liability to shortfall interest charge—excess exploration credit tax", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of * excess exploration credit tax that you are liable to pay because the Commissioner amends your assessment for an income year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which * excess exploration credit tax under your first assessment for that income year was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which * excess exploration credit tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any. Note: See Subdivision 418 ‑ F of the Income Tax Assessment Act 1997 for when the amount of excess exploration credit tax and shortfall interest charge becomes due and payable. That Subdivision also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.", "Amendment_Count": 3, "First_Amended": "No 14 of 2012", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 21 of 2015", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-101"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102", "Provision_Key": "s280-102", "Heading": "Liability to shortfall interest charge—petroleum resource rent tax", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of * petroleum resource rent tax that you are liable to pay because the Commissioner amends your assessment under the Petroleum Resource Rent Tax Assessment Act 1987 for a year of tax (within the meaning of that Act). (2) The liability is for each day in the period: (a) beginning at the start of the day on which * petroleum resource rent tax under your first assessment for that year of tax was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which * petroleum resource rent tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any. Note: See section 82 of the Petroleum Resource Rent Tax Assessment Act 1987 for when the amount of petroleum resource rent tax and shortfall interest charge becomes due and payable. Section 85 of that Act provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Inserted by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102A", "Provision_Key": "s280-102a", "Heading": "Liability to shortfall interest charge—excess non ‑ concessional contributions tax", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of * excess non ‑ concessional contributions tax that you are liable to pay because the Commissioner amends your * excess non ‑ concessional contributions tax assessment for a financial year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which * excess non ‑ concessional contributions tax under your first * excess non ‑ concessional contributions tax assessment for that year was due to be paid; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which * excess non ‑ concessional contributions tax under the earlier amended assessment was due to be paid. Note: See section 292 ‑ 385 of the Income Tax Assessment Act 1997 for when the amount of excess non ‑ concessional contributions tax becomes due and payable. See section 5 ‑ 10 of that Act for when the amount of shortfall interest charge becomes due and payable. Section 292 ‑ 390 of that Act provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable. Liability arising because of a financial benefit under a look ‑ through earnout right (4) Subsection (1) does not apply if: (a) you provide or receive a * financial benefit under a * look ‑ through earnout right; and (b) you request the Commissioner to amend your * excess non ‑ concessional contributions tax assessment for a * financial year to take account of the financial benefit; and (c) you make that request at or before the time: (i) you are required to lodge your * income tax return for the income year in which the financial benefit is provided or received; or (ii) you would be so required if you were required to lodge an income tax return for that income year; and (d) as a result of paragraph (a), you are liable to pay an additional amount of * excess non ‑ concessional contributions tax for the financial year.", "Amendment_Count": 4, "First_Amended": "No 15 of 2007", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 15 of 2007 | No 117 of 2010 | No 118 of 2013 | No 10 of 2016", "History_Notes": "Inserted by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 117 of 2010, effective sch 4 (item 25): Royal Assent | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102B", "Provision_Key": "s280-102b", "Heading": "Liability to shortfall interest charge—Division 293 tax", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of * Division 293 tax that you are liable to pay because the Commissioner amends your assessment of an amount of Division 293 tax payable in relation to an income year. (2) However, subsection (1) does not apply to the extent the additional amount of * Division 293 tax is * deferred to a debt account for a * superannuation interest. (3) The liability is for each day in the period: (a) beginning on the day on which * Division 293 tax under your first assessment of Division 293 tax for that income year was due to be paid; and (b) ending on the day before the day on which the Commissioner gave you notice of the amended assessment. (4) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which * Division 293 tax under the earlier amended assessment was due to be paid. Note 1: See section 5 ‑ 10 of the Income Tax Assessment Act 1997 for when the amount of shortfall interest charge becomes due and payable. Note 2: See Subdivision 293 ‑ C of that Act for when the amount of assessed Division 293 tax becomes due and payable. That Subdivision also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable. Liability arising because of a financial benefit under a look ‑ through earnout right (5) Subsection (1) does not apply if: (a) you provide or receive a * financial benefit under a * look ‑ through earnout right; and (b) you request the Commissioner to amend your assessment of * Division 293 tax payable in relation to an income year (the taxing year ) to take account of the financial benefit; and (c) you make that request at or before the time: (i) you are required to lodge your * income tax return for the income year in which the financial benefit is provided or received; or (ii) you would be so required if you were required to lodge an income tax return for that income year; and (d) as a result of paragraph (a), you are liable to pay an additional amount of Division 293 tax for the taxing year.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 82 of 2013 | No 10 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102B"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102BA", "Provision_Key": "s280-102ba", "Heading": "Liability to shortfall interest charge—Division 296 tax", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of * Division 296 tax that you are liable to pay because the Commissioner amends your assessment of an amount of Division 296 tax payable in relation to an income year. (2) However, subsection (1) does not apply to the extent the additional amount of * Division 296 tax is * deferred to a Division 296 debt account for a * superannuation interest. (3) The liability is for each day in the period: (a) beginning on the day on which * Division 296 tax under your first assessment of Division 296 tax for that income year was due to be paid; and (b) ending on the day before the day on which the Commissioner gave you notice of the amended assessment. (4) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which * Division 296 tax under the earlier amended assessment was due to be paid. Note 1: See section 5 ‑ 10 of the Income Tax Assessment Act 1997 for when the amount of shortfall interest charge becomes due and payable. Note 2: See Subdivision 296 ‑ C of that Act for when the amount of assessed Division 296 tax becomes due and payable. That Subdivision also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102BA"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102C", "Provision_Key": "s280-102c", "Heading": "Liability to shortfall interest charge—diverted profits tax", "Text": "(1) Subsection (2) applies if: (a) the Commissioner has given an entity an assessment of income tax for an income year; and (b) the Commissioner subsequently gives the entity a * DPT assessment for that income year. (2) The entity is liable to pay * shortfall interest charge equal to the amount of shortfall interest charge that the entity would be liable to pay under section 280 ‑ 100 if: (a) the Commissioner amended the assessment of income tax mentioned in paragraph (1)(a) on the day that the Commissioner gave the entity the * DPT assessment mentioned in paragraph (1)(b); and (b) the entity were liable to pay an additional amount of income tax because of that amendment; and (c) the Commissioner made that amendment on the basis that the * tax benefit or tax benefits to which the DPT assessment related were cancelled. (3) An entity is also liable to pay * shortfall interest charge on an additional amount of * diverted profits tax that the entity is liable to pay because the Commissioner amends the entity’s * DPT assessment in respect of an income year. (4) The liability is for each day in the period: (a) beginning at the start of the day on which * diverted profits tax under the entity’s first * DPT assessment for that income year was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave the entity notice of the amended * DPT assessment. (5) However, if an amended * DPT assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended DPT assessment, the period for the reinstated liability begins at the start of the day on which * diverted profits tax under the earlier amended DPT assessment was due to be paid. Note 1: See subsection 177P(3) of the Income Tax Assessment Act 1936 for when the amount of diverted profits tax becomes due and payable. Note 2: Section 177Q of the Income Tax Assessment Act 1936 provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable. Note 3: See section 177R of the Income Tax Assessment Act 1936 for when the amount of shortfall interest charge becomes due and payable.", "Amendment_Count": 1, "First_Amended": "No 27 of 2017", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 27 of 2017", "History_Notes": "Inserted by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102C"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102D", "Provision_Key": "s280-102d", "Heading": "Liability to shortfall interest charge—Laminaria and Corallina decommissioning levy", "Text": "(1) You are liable to pay * shortfall interest charge on an additional amount of * Laminaria and Corallina decommissioning levy that you are liable to pay because the Commissioner amends your assessment of an amount of levy payable for a financial year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which levy under your first assessment for that financial year was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave you the notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which levy under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any. Note: See section 125 ‑ 10 for when the amount of levy and shortfall interest charge becomes due and payable. That section also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable.", "Amendment_Count": 1, "First_Amended": "No 24 of 2022", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 24 of 2022", "History_Notes": "Inserted by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102D"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102E", "Provision_Key": "s280-102e", "Heading": "Liability to shortfall interest charge—Australian IIR/UTPR tax and Australian DMT tax", "Text": "(1) A * Group Entity is liable to pay * shortfall interest charge on an additional amount of * Australian GloBE tax that the Group Entity is liable to pay because the Commissioner amends the Group Entity’s assessment of an amount of such tax payable for a * Fiscal Year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which such tax under the * Group Entity’s first assessment for such tax for that * Fiscal Year was due to be paid, or would have been due to be paid if there had been any; and (b) ending at the end of the day before the day on which the Commissioner gave the Group Entity notice of the amended assessment. (3) However, if an amended assessment reinstates all or part of a liability in relation to a particular that had been reduced by an earlier amended assessment, the period for the reinstated liability begins at the start of the day on which such tax under the earlier amended assessment was due to be paid, or would have been due to be paid if there had been any. Note: See section 127 ‑ 70 for when the amount of such tax and shortfall interest charge becomes due and payable. That section also provides for general interest charge on any part of the additional amount (plus any shortfall interest charge) that remains unpaid after the additional amount is due and payable. Joint Ventures (4) A reference in this section to a * Group Entity is taken to include a reference to a * GloBE Joint Venture or * GloBE JV Subsidiary that, under the * Minimum Tax Rules, is treated as a * Constituent Entity of a separate * Applicable MNE Group for a * Fiscal Year for the purposes of computing its * Australian GloBE tax for the Fiscal Year.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102E"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-102F", "Provision_Key": "s280-102f", "Heading": "Liability to shortfall interest charge—excessive tax offset refunds", "Text": "(1) You are liable to pay * shortfall interest charge on an amount (an amount of excess ) that you are liable to pay under subsection 172A(2) of the Income Tax Assessment Act 1936 because the Commissioner amends your assessment for an income year. (2) The liability is for each day in the period: (a) beginning at the start of the day on which the amount of excess was applied in accordance with Divisions 3 and 3A of Part IIB of this Act; and (b) ending at the end of the day before the day on which the Commissioner gave you notice of the amended assessment. Note: See section 172A of the Income Tax Assessment Act 1936 for when the amount of excess, and the shortfall interest charge, become due and payable. That section also provides for general interest charge on any part of the amount of excess (plus any shortfall interest charge) that remains unpaid after it is due and payable.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-102F"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-103", "Provision_Key": "s280-103", "Heading": "Liability to shortfall interest charge—general", "Text": "(1) Your liability to pay * shortfall interest charge exists whether or not you are liable to any penalty under this Act. (2) Neither the Commonwealth nor an authority of the Commonwealth is liable to pay * shortfall interest charge.", "Amendment_Count": 1, "First_Amended": "No 78 of 2006", "Last_Amended": "No 78 of 2006", "Amending_Acts": "No 78 of 2006", "History_Notes": "Inserted by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-103"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-105", "Provision_Key": "s280-105", "Heading": "Amount of shortfall interest charge", "Text": "(1) The * shortfall interest charge for a day is worked out by multiplying the rate worked out under subsection (2) for that day by the sum of these amounts: (a) the additional amount of income tax, * excess exploration credit tax, * petroleum resource rent tax, * excess non ‑ concessional contributions tax, * Division 293 tax or * Division 296 tax or the amount that you are liable to pay shortfall interest charge on under subsection 280 ‑ 102F(1); and (b) the shortfall interest charge on that amount from previous days. (2) The rate is:", "Amendment_Count": 10, "First_Amended": "No 75 of 2005", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 75 of 2005 | No 78 of 2006 | No 15 of 2007 | No 14 of 2012 | No 82 of 2013 | No 118 of 2013 | No 96 of 2014 | No 21 of 2015 | No 9 of 2025 | No 8 of 2026", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-110", "Provision_Key": "s280-110", "Heading": "Notification by Commissioner", "Text": "(1) The Commissioner must give you a notice stating the amount of the * shortfall interest charge you are liable to pay for the period applicable under section 280 ‑ 100, 280 ‑ 101, 280 ‑ 102, 280 ‑ 102A, 280 ‑ 102B, 280 ‑ 102BA, 280 ‑ 102D, 280 ‑ 120E or 280 ‑ 102F. (3) A notice given by the Commissioner under this section is prima facie evidence of the matters stated in the notice.", "Amendment_Count": 12, "First_Amended": "No 75 of 2005", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 75 of 2005 | No 78 of 2006 | No 15 of 2007 | No 14 of 2012 | No 82 of 2013 | No 96 of 2014 | No 21 of 2015 | No 81 of 2016 | No 24 of 2022 | No 134 of 2024 | No 9 of 2025 | No 8 of 2026", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-160", "Provision_Key": "s280-160", "Heading": "Remitting shortfall interest charge", "Text": "(1) The Commissioner may remit all or a part of an amount of * shortfall interest charge you are liable to pay if the Commissioner considers it fair and reasonable to do so. (2) Without limiting subsection (1), in deciding whether to remit, the Commissioner must have regard to: (a) the principle that remission should not occur just because the benefit you received from the temporary use of the shortfall amount is less than the * shortfall interest charge; and (b) the principle that remission should occur where the circumstances justify the Commonwealth bearing part or all of the cost of delayed payments.", "Amendment_Count": 1, "First_Amended": "No 75 of 2005", "Last_Amended": "No 75 of 2005", "Amending_Acts": "No 75 of 2005", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-165", "Provision_Key": "s280-165", "Heading": "Commissioner must give reasons for not remitting in certain cases", "Text": "The Commissioner must give you a written statement of the reasons for a decision not to remit an amount of * shortfall interest charge you are liable to pay if you requested the Commissioner, in the * approved form, to remit the amount. Note: Section 25D of the Acts Interpretation Act 1901 sets out rules about the contents of a statement of reasons.", "Amendment_Count": 1, "First_Amended": "No 75 of 2005", "Last_Amended": "No 75 of 2005", "Amending_Acts": "No 75 of 2005", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 280-170", "Provision_Key": "s280-170", "Heading": "Objecting against remission decision", "Text": "You may object, in the manner set out in Part IVC, against a decision of the Commissioner not to remit an amount of * shortfall interest charge you are liable to pay on an additional amount of income tax, * petroleum resource rent tax, * excess non ‑ concessional contributions tax, * Division 293 tax or * Division 296 tax, if the amount of the charge that was not remitted is more than 20% of the additional amount.", "Amendment_Count": 9, "First_Amended": "No 75 of 2005", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 75 of 2005 | No 78 of 2006 | No 15 of 2007 | No 14 of 2012 | No 82 of 2013 | No 118 of 2013 | No 96 of 2014 | No 110 of 2014 | No 8 of 2026", "History_Notes": "Inserted by No 75 of 2005, effective 29 June 2005 | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s280-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-5", "Provision_Key": "s284-5", "Heading": "What this Division is about", "Text": "This Division sets out the circumstances in which administrative penalties apply for: (a) making false or misleading statements; and (b) taking a position that is not reasonably arguable; and (c) entering into schemes. It also sets out the amounts of those penalties.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-10", "Provision_Key": "s284-10", "Heading": "Object of Division", "Text": "The object of this Division is to provide a uniform administrative penalty regime for all * taxation laws to enable administrative penalties to apply to entities that fail to meet their obligations under those laws in relation to: (a) making false or misleading statements; and (b) taking a position that is not reasonably arguable; and (c) entering into * schemes; and (d) refusing to provide documents to the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 75 of 2005", "Amending_Acts": "No 91 of 2000 | No 75 of 2005", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 75 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-15", "Provision_Key": "s284-15", "Heading": "When a matter is reasonably arguable", "Text": "(1) A matter is reasonably arguable if it would be concluded in the circumstances, having regard to relevant authorities, that what is argued for is about as likely to be correct as incorrect, or is more likely to be correct than incorrect. Note: For the effect of transfer pricing documentation on when a matter is reasonably arguable, see Subdivision 284 ‑ E. (2) To the extent that a matter involves an assumption about the way in which the Commissioner will exercise a discretion, the matter is only reasonably arguable if, had the Commissioner exercised the discretion in the way assumed, a court would be about as likely as not to decide that the exercise of the discretion was in accordance with law. (3) Without limiting subsection (1), these authorities are relevant: (a) a * taxation law; (b) material for the purposes of subsection 15AB(1) of the Acts Interpretation Act 1901 ; (c) a decision of a court (whether or not an Australian court), the Administrative Appeals Tribunal, the * ART or a Board of Review; (d) a * public ruling.", "Amendment_Count": 5, "First_Amended": "No 91 of 2000", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 91 of 2000 | No 75 of 2005 | No 161 of 2005 | No 101 of 2013 | No 38 of 2024", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4) | Amended by No 38 of 2024, effective sch 1 (items 48 ‑ 50, 74): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-20", "Provision_Key": "s284-20", "Heading": "Which statements this Division applies to", "Text": "This Division applies to a statement made orally, in a document or in any other way (including electronically) for a purpose connected with a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-25", "Provision_Key": "s284-25", "Heading": "Statements by agents", "Text": "This Division applies to a statement made by your agent as if it had been made by you.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 91 of 2000 | No 56 of 2010", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-27", "Provision_Key": "s284-27", "Heading": "GloBE Information Returns, Australian IIR/UTPR tax returns and Australian DMT tax returns lodged on your behalf", "Text": "(1) Subsection (2) applies if, under section 127 ‑ 10, 127 ‑ 20, 127 ‑ 40 or 127 ‑ 50, you are taken to give a * GloBE Information Return, * Australian IIR/UTPR tax return or * Australian DMT tax return (the return ) to the Commissioner because an entity gives the return to the Commissioner or a * foreign government agency. (2) This Division applies in relation to a statement in the return, as if the return, or a statement made by you in relation to the return, were given to the Commissioner: (a) by the entity, acting as your * agent; and (b) for a purpose connected with a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-27"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-30", "Provision_Key": "s284-30", "Heading": "Application of Division to trusts", "Text": "If you are a trustee of a trust and: (a) you make a statement to the Commissioner or to an officer who is exercising powers or performing functions under a * taxation law about the trust; and (b) the statement: (i) is false or misleading in a material particular, whether because of things in it or omitted from it; or (ii) treated an * income tax law as applying to a matter or identical matters in a particular way that was not * reasonably arguable; or (iii) treated a taxation law as applying in a particular way to a * scheme; this Division applies to you as if any * shortfall amount or * scheme shortfall amount of a beneficiary of the trust as a result of the statement were your shortfall amount or scheme shortfall amount.", "Amendment_Count": 3, "First_Amended": "No 91 of 2000", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 91 of 2000 | No 14 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-35", "Provision_Key": "s284-35", "Heading": "Application of Division to partnerships", "Text": "(1) If you are a partner in a partnership and: (a) a statement about the partnership net income or partnership loss is made by a partner or the partnership’s agent to the Commissioner or to an entity who is exercising powers or performing functions under a * taxation law about the partnership; and (b) the statement: (i) is false or misleading in a material particular, whether because of things in it or omitted from it; or (ii) treated an * income tax law as applying to a matter or identical matters in a particular way that was not * reasonably arguable; this Division applies to you as if you had made the statement. (2) If you are a partner in a partnership and: (a) the partnership participated in a * scheme; and (b) the partnership net income would have been greater, or the partnership loss would have been smaller, apart from the scheme; this Division applies to you as if the proportion of the * scheme benefit that is the same as your share of the partnership net income or partnership loss were your scheme benefit.", "Amendment_Count": 3, "First_Amended": "No 91 of 2000", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 91 of 2000 | No 14 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-70", "Provision_Key": "s284-70", "Heading": "What this Subdivision is about", "Text": "You are liable to an administrative penalty if: (a) you make a false or misleading statement about a tax ‑ related matter; or (b) you take a position that is not reasonably arguable about a tax ‑ related matter; or (c) the Commissioner determines a tax ‑ related liability of yours without documents you were required to provide. This Subdivision sets out when the penalties apply and how the amounts of the penalties are calculated. Table of sections Operative provisions 284 ‑ 75 Liability to penalty 284 ‑ 80 Shortfall amounts 284 ‑ 85 Amount of penalty 284 ‑ 90 Base penalty amount 284 ‑ 95 Joint and several liability of directors of corporate trustee that makes a false or misleading statement", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 75 of 2005", "Amending_Acts": "No 91 of 2000 | No 75 of 2005", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 75 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-75", "Provision_Key": "s284-75", "Heading": "Liability to penalty", "Text": "(1) You are liable to an administrative penalty if: (a) you make a statement to the Commissioner or to an entity that is exercising powers or performing functions under a * taxation law (other than the * Excise Acts); and (b) the statement is false or misleading in a material particular, whether because of things in it or omitted from it. Note: This section applies to a statement made by your agent as if it had been made by you: see section 284 ‑ 25. (2) You are liable to an administrative penalty if: (a) you make a statement to the Commissioner or to an entity that is exercising powers or performing functions under an * income tax law, the * Minimum Tax law or the * petroleum resource rent tax law; and (b) in the statement, you treated an income tax law, the Minimum Tax law, or the petroleum resource rent tax law, as applying to a matter or identical matters in a particular way that was not * reasonably arguable; and (d) item 4, 5, 6 or 6A of the table in subsection 284 ‑ 90(1) applies to you. (3) You are liable to an administrative penalty if: (a) you fail to give a return, notice or other document to the Commissioner by the day it is required to be given; and (b) that document is necessary for the Commissioner to determine a * tax ‑ related liability (other than one arising under the * Excise Acts) of yours accurately; and (c) the Commissioner determines the tax ‑ related liability without the assistance of that document. Note: You are also liable to an administrative penalty for failing to give the document on time: see Subdivision 286 ‑ C. (4) You are liable to an administrative penalty if: (a) you make a statement to an entity other than: (i) the Commissioner; and (ii) an entity exercising powers or performing functions under a * taxation law (other than the * Excise Acts); and (b) the statement is, or purports to be one that: (i) is required or permitted by a taxation law (other than the Excise Acts); or (ii) might reasonably be expected to be used, by an entity in determining, for the purposes of the * GST law, whether you are an Australian consumer (within the meaning of the * GST Act); or (iii) might reasonably be expected to be used, by an entity in determining, for the purposes of the GST law, whether a supply made to you is connected with the indirect tax zone (within the meaning of that Act) because of Subdivision 84 ‑ C of that Act; and (c) the statement is false or misleading in a material particular, whether because of things in it or omitted from it. Exceptions to subsections (1) and (4) (5) You are not liable to an administrative penalty under subsection (1) or (4) for a statement that is false or misleading in a material particular if you, and your * agent (if relevant), took reasonable care in connection with the making of the statement. (6) You are not liable to an administrative penalty under subsection (1) or (4) if: (a) you engage a * registered tax agent or BAS agent; and (b) you give the registered tax agent or BAS agent all relevant taxation information; and (c) the registered tax agent or BAS agent makes the statement; and (d) the false or misleading nature of the statement did not result from: (i) intentional disregard by the registered tax agent or BAS agent of a * taxation law (other than the * Excise Acts); or (ii) recklessness by the agent as to the operation of a taxation law (other than the Excise Acts). (7) If you wish to rely on subsection (6), you bear an evidential burden in relation to paragraph (6)(b). Further exceptions to subsection (1) (8) You are not liable to an administrative penalty under subsection (1) if: (a) you made the statement (the original statement ) under section 389 ‑ 5 notifying an amount under item 1 or 2 of the table in subsection 389 ‑ 5(1); and (b) the original statement related to the * financial year in which you made it; and (c) you make a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and (d) the further statement: (i) is in the * approved form; and (ii) if subsection 389 ‑ 25(1) in that Schedule provides for a period for correcting the original statement—is made within that period; and (iii) without limiting subparagraph (ii), is made within 14 days after the end of the financial year in which the original statement was made. (9) You are not liable to an administrative penalty under subsection (1) if: (a) you made the statement (the original statement ) under section 390 ‑ 5; and (b) you make a further statement to a taxation officer that corrects the original statement in each of the respects in which it is false or misleading in a material particular; and (c) subsection 390 ‑ 7(1) provides for a period for correcting the original statement; and (d) the further statement: (i) is in the * approved form; and (ii) is made within the period referred to in paragraph (c) of this subsection.", "Amendment_Count": 17, "First_Amended": "No 91 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 91 of 2000 | No 25 of 2001 | No 75 of 2005 | No 114 of 2009 | No 56 of 2010 | No 41 of 2011 | No 14 of 2012 | No 88 of 2013 | No 96 of 2014 | No 21 of 2015 | No 52 of 2016 | No 55 of 2016 | No 77 of 2017 | No 8 of 2019 | No 141 of 2020 | No 134 of 2024 | No 57 of 2025", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 25 of 2001, effective sch 7 (items 28 ‑ 37): 4 May 2001 (s 2(1)(b)) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 52 of 2016, effective sch 1 (items 37 ‑ 39), sch 2 (items 17A, 25 ‑ 27), sch 3 (items 14, 15): 1 July 2016 (s 2(1) item 1) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 77 of 2017, effective sch 1 (items 61 ‑ 66): 1 July 2017 (s 2(1) item 1) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-80", "Provision_Key": "s284-80", "Heading": "Shortfall amounts", "Text": "(1) You have a shortfall amount if an item in this table applies to you. That amount is the amount by which the relevant liability, or the payment or credit, is less than or more than it would otherwise have been. Shortfall amounts Item You have a shortfall amount in this situation: 1 A * tax ‑ related liability of yours for an accounting period, or for a * taxable importation, or under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , worked out on the basis of the statement is less than it would be if the statement were not false or misleading 2 An amount that the Commissioner must pay or credit to you under a * taxation law (other than the * Excise Acts) for an accounting period, or under a tourist refund scheme under Division 168 of the * GST Act or Division 25 of the A New Tax System (Wine Equalisation Tax) Act 1999 , worked out on the basis of the statement is more than it would be if the statement were not false or misleading 3 A * tax ‑ related liability of yours for an accounting period worked out on the basis of the statement is less than it would be if the statement did not treat an * income tax law, the * Minimum Tax law or the * petroleum resource rent tax law as applying in a way that was not * reasonably arguable 4 An amount that the Commissioner must pay or credit to you under an * income tax law, the * Minimum Tax law or the * petroleum resource rent tax law for an accounting period worked out on the basis of the statement is more than it would be if the statement did not treat an income tax law or the petroleum resource rent tax law as applying in a way that was not * reasonably arguable 5 You are liable to pay to the Commissioner an amount of * excess exploration credit tax (2) However, if: (a) your shortfall amount arises in the situation covered by both item 1 in the table and item 1, 2 or 3 in the table in subsection 284 ‑ 90(1); and (b) the statement is false or misleading because of errors mentioned in section 705 ‑ 315 of the Income Tax Assessment Act 1997 that were made in it and it was made before the Commissioner became aware of the errors, your shortfall amount is instead the amount worked out using the formula: where: adjusted reset cost base asset setting amount means: (a) the * tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all assets of a kind referred to in section 705 ‑ 35 of that Act as reset cost base assets that the * head company of the relevant group held continuously from the time when the * subsidiary member referred to in subsection 705 ‑ 315(2) of that Act joined the group until the start of the head company’s income year in which the Commissioner became aware of the errors mentioned in section 705 ‑ 315 of that Act; less: (b) the head company’s deductions under Division 40 (except under Subdivision 40 ‑ F, 40 ‑ G, 40 ‑ H or 40 ‑ I) or Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 for those assets for all income years before the income year in which the Commissioner became aware of the errors. original reset cost base asset setting amount means the * tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all reset cost base assets that the * subsidiary member held at the time it joined the group, other than assets that the * head company no longer held at the start of the earliest income year for which the Commissioner could amend the head company’s assessment to correct any of the errors. tax on capital gain means the product of: (a) the * capital gain that the * head company makes as a result of * CGT event L6 happening as mentioned in section 104 ‑ 525 of the Income Tax Assessment Act 1997 ; and (b) the * corporate tax rate in respect of taxable income for the income year in which that CGT event happens.", "Amendment_Count": 12, "First_Amended": "No 91 of 2000", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 91 of 2000 | No 16 of 2003 | No 107 of 2003 | No 75 of 2005 | No 151 of 2008 | No 56 of 2010 | No 41 of 2011 | No 14 of 2012 | No 88 of 2013 | No 96 of 2014 | No 21 of 2015 | No 134 of 2024", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 107 of 2003, effective sch 2 (items 15 ‑ 26, 40), sch 7 (items 19 ‑ 22): Royal Assent | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 151 of 2008, effective sch 1 (items 23 ‑ 26): 18 Dec 2008 ( see F2008L04636) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-85", "Provision_Key": "s284-85", "Heading": "Amount of penalty", "Text": "(1) Work out the * base penalty amount under section 284 ‑ 90. If the base penalty amount is not increased under section 284 ‑ 220 or reduced under section 284 ‑ 225, this is the amount of the penalty. (2) Otherwise, use this formula: where: BPA is the * base penalty amount. increase % is the percentage increase (if any) under section 284 ‑ 220. reduction % is the percentage reduction (if any) under section 284 ‑ 225.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-90", "Provision_Key": "s284-90", "Heading": "Base penalty amount", "Text": "(1) The base penalty amount under this Subdivision is worked out using this table and subsections (1A) to (2), and section 284 ‑ 224 if relevant: Base penalty amount Item In this situation: The base penalty amount is: 1 You have a * shortfall amount as a result of a statement described in subsection 284 ‑ 75(1) or (4) and the amount, or part of the amount, resulted from intentional disregard of a * taxation law (other than the * Excise Acts) by you or your agent 75% of your * shortfall amount or part 2 You have a * shortfall amount as a result of a statement described in subsection 284 ‑ 75(1) or (4) and the amount, or part of the amount, resulted from recklessness by you or your agent as to the operation of a * taxation law (other than the * Excise Acts) 50% of your * shortfall amount or part 3 You have a * shortfall amount as a result of a statement described in subsection 284 ‑ 75(1) or (4) and the amount, or part of the amount, resulted from a failure by you or your agent to take reasonable care to comply with a * taxation law (other than the * Excise Acts) 25% of your * shortfall amount or part 3A A statement described in subsection 284 ‑ 75(1) or (4) was false or misleading because of intentional disregard of a * taxation law (other than the * Excise Acts) by you or your * agent but did not result in you having a * shortfall amount 60 penalty units 3B A statement described in subsection 284 ‑ 75(1) or (4) was false or misleading because of recklessness by you or your * agent as to the operation of a * taxation law (other than the * Excise Acts) but did not result in you having a * shortfall amount 40 penalty units 3C A statement described in subsection 284 ‑ 75(1) or (4) was false or misleading because of a failure by you or your * agent to take reasonable care to comply with a * taxation law (other than the * Excise Acts) but did not result in you having a * shortfall amount 20 penalty units 4 You have a * shortfall amount, all or part of which resulted from you or your agent treating an * income tax law or the * petroleum resource rent tax law as applying to a matter or identical matters in a particular way that was not * reasonably arguable, and that amount is more than your * reasonably arguable threshold. 25% of your * shortfall amount or part 5 You have a * shortfall amount because of section 284 ‑ 30 (about trusts) and: (a) your shortfall amount or part of it resulted from you or your agent treating an * income tax law as applying to a matter or identical matters in a particular way that was not * reasonably arguable; and (b) because of that treatment, the trust’s net income would have been reduced, or the trust’s * tax loss would have been increased, for the income year by more than the trust’s * reasonably arguable threshold 25% of your * shortfall amount or part 6 You have a * shortfall amount because of section 284 ‑ 35 (about partnerships) and: (a) your shortfall amount or part of it resulted from you or your agent treating an * income tax law as applying to a matter or identical matters in a particular way that was not * reasonably arguable; and (b) because of that treatment, the partnership net income would have been reduced, or the partnership loss would have been increased, for the income year by more than the partnership’s * reasonably arguable threshold 25% of your * shortfall amount or part 6A (a) you have a * shortfall amount for a * Fiscal Year, all or part of which resulted from you or your agent treating the * Minimum Tax law as applying to a matter or identical matters in a particular way that was not * reasonably arguable; and (b) that amount is more than your threshold for the Fiscal Year under subsection (3A). 25% of your shortfall amount or part 7 You are liable to an administrative penalty under subsection 284 ‑ 75(3) 75% of the tax ‑ related liability concerned (1A) The * base penalty amount in an item of the table in subsection (1) that applies to you is taken to be doubled if: (a) on or before the day (your trigger day ) applying to you under subsection (4) for that table item: (i) the Commissioner has made an assessment of your income tax for one or more income years; or (ii) the Commissioner has made a determination under subsection 960 ‑ 555(3) of the Income Tax Assessment Act 1997 in relation to you, or in relation to the * global parent entity for the group of which you are a member, for a period; or (iii) you have given the Commissioner statements in accordance with Subdivision 815 ‑ E of that Act for an income year or another 12 month period; or (iv) you were a * subsidiary member of a * consolidated group or a * MEC group for one or more income years, and the Commissioner has made an assessment of the income tax of another entity that was a * member of the group for one or more of those income years; and (b) you were a * significant global entity for: (i) whichever of those income years or periods that ends on the most recent day; or (ii) if more than one of them ends on that most recent day—any of those income years or periods that ends on that most recent day. Note: For subparagraph (a)(iii), you may be allowed to give statements for a 12 month period other than an income year (see section 815 ‑ 360 of the Income Tax Assessment Act 1997 ). (1B) However, subsection (1A) is taken never to have applied to you in relation to your trigger day if: (a) the Commissioner makes an assessment of: (i) your income tax for the income year that includes your trigger day; or (ii) if you were a * subsidiary member of a * consolidated group or a * MEC group for the income year that includes your trigger day—the income tax, for that income year, of another * member of that group; and (b) you are not a * significant global entity for that income year. (1C) The * base penalty amount in an item of the table in subsection (1) that applies to a * Group Entity of an * Applicable MNE Group for a * Fiscal Year is taken to be doubled if the base penalty amount arises in relation to * Australian IIR/UTPR tax or * Australian DMT tax in relation to the Applicable MNE Group. (2) If 2 or more items in that table apply and one of them produces a greater * base penalty amount than any of the others, use that item. (3) An entity’s reasonably arguable threshold for an income year is: (a) unless paragraph (b) applies—the greater of $10,000 or 1% of whichever of the following applies: (i) the income tax payable by the entity for the income year, worked out on the basis of the entity’s * income tax return; (ii) the * petroleum resource rent tax payable by the entity for the year of tax (within the meaning of the Petroleum Resource Rent Tax Assessment Act 1987 ) most closely corresponding to the income year, worked out on the basis of the entity’s return under Division 1 of Part VI of that Act; or (b) if the entity is a trust or partnership—the greater of the following amounts: (i) $20,000; (ii) 2% of the entity’s * net income (if any) for the income year worked out on the basis of the entity’s * income tax return. (3A) For the purposes of item 6A of the table in subsection (1), an entity’s threshold for a * Fiscal Year is the greater of: (a) $10,000; and (b) 1% of whichever of the following applies: (i) the amount of * Australian IIR/UTPR tax payable by the entity for the Fiscal Year, worked out on the basis of the entity’s * Australian IIR/UTPR tax return for the Fiscal Year; (ii) the amount of * Australian DMT tax payable by the entity for the Fiscal Year, worked out on the basis of the entity’s * Australian DMT tax return for the Fiscal Year. (4) For the purposes of paragraph (1A)(a), the following day applies to you for the relevant item of the table in subsection (1): (a) for any of table items 1 to 3C—the day you made the statement referred to in that item; (b) for any of table items 4 to 6A —the day you made the statement to which that item relates and that is referred to in subsection 284 ‑ 75(2); (c) for table item 7—the day the return, notice or other document to which that item relates, and that is referred to in subsection 284 ‑ 75(3), was required to be given.", "Amendment_Count": 11, "First_Amended": "No 91 of 2000", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 91 of 2000 | No 75 of 2005 | No 56 of 2010 | No 41 of 2011 | No 14 of 2012 | No 88 of 2013 | No 101 of 2013 | No 96 of 2014 | No 27 of 2017 | No 64 of 2020 | No 134 of 2024", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23) | Amended by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-95", "Provision_Key": "s284-95", "Heading": "Joint and several liability of directors of corporate trustee that makes a false or misleading statement", "Text": "(1) This section applies if a trustee of a * self managed superannuation fund, or of a fund that is treated as a self managed superannuation fund under subsection 10(4) of the Superannuation Industry (Supervision) Act 1993 : (a) is liable to an administrative penalty under subsection 284 ‑ 75(1) or (4); and (b) is a body corporate. (2) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the * tax ‑ related liability in respect of the penalty. Note: See section 265 ‑ 45 for rules on joint liability.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-140", "Provision_Key": "s284-140", "Heading": "What this Subdivision is about", "Text": "You are liable to an administrative penalty if you attempt to reduce your tax ‑ related liabilities or increase your credits through a scheme. This Subdivision sets out when the penalties apply and how the amounts of the penalties are calculated. Table of sections Operative provisions 284 ‑ 145 Liability to penalty 284 ‑ 150 Scheme benefits and scheme shortfall amounts 284 ‑ 155 Amount of penalty 284 ‑ 160 Base penalty amount : schemes 284 ‑ 165 Exception—threshold for penalty arising from cross ‑ border transfer pricing", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-145", "Provision_Key": "s284-145", "Heading": "Liability to penalty", "Text": "(1) You are liable to an administrative penalty if: (a) you would, apart from a provision of a * taxation law or action taken under such a provision (the adjustment provision ), get a * scheme benefit from a * scheme; and (b) having regard to any relevant matters, it is reasonable to conclude that: (i) an entity that (alone or with others) entered into or carried out the scheme, or part of it, did so with the sole or dominant purpose of that entity or another entity getting a scheme benefit from the scheme; or (ia) for a scheme to which Part IVA of the Income Tax Assessment Act 1936 applies because of section 177DA of that Act—an entity that (alone or with others) entered into or carried out the scheme, or part of it, did so for a principal purpose of, or for more than one principal purpose that includes a purpose of, that entity or another entity getting a scheme benefit from the scheme; or (ii) for a scheme referred to in Division 165 of the * GST Act or Division 75 of the Fuel Tax Act 2006 —the principal effect of the scheme, or of part of the scheme, is that you would, apart from the adjustment provision, get the scheme benefit from the scheme directly or indirectly. (2A) You are also liable to an administrative penalty if: (a) you would, apart from a determination under section 815 ‑ 30 of the Income Tax Assessment Act 1997 (also the adjustment provision ), get a * scheme benefit from a * scheme; and (b) neither subparagraph (1)(b)(i) nor subparagraph (1)(b)(ia) is satisfied for the scheme. (2B) You are also liable to an administrative penalty if: (a) to give effect to Subdivision 815 ‑ B or 815 ‑ C of the Income Tax Assessment Act 1997 (also the adjustment provision ) in relation to a * scheme, the Commissioner: (i) amends your assessment for an income year; or (ii) serves you with one or more notices under subsection 128C(7) of the Income Tax Assessment Act 1936 in respect of income that is taken because of the application of the adjustment provision to have been derived in the income year; and (b) as a result, you are liable to pay an additional amount of income tax or * withholding tax (as the case requires). Note: Subdivisions 815 ‑ B and 815 ‑ C of the Income Tax Assessment Act 1997 apply the arm’s length principle (about transfer pricing) to entities and permanent establishments respectively. (2C) You are also liable to an administrative penalty if: (a) you are the trustee of a * managed investment trust in relation to an income year; and (b) to give effect to Subdivision 275 ‑ L of the Income Tax Assessment Act 1997 (also the adjustment provision ) in relation to a * scheme, the Commissioner amends your assessment for the income year; and (c) as a result, you are liable to pay an additional amount of income tax (as the case requires). Note: Subdivision 275 ‑ L of the Income Tax Assessment Act 1997 applies to non ‑ arm’s length income of managed investment trusts. (3) It does not matter whether the * scheme, or any part of the scheme, was entered into or carried out inside or outside Australia.", "Amendment_Count": 6, "First_Amended": "No 91 of 2000", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 91 of 2000 | No 73 of 2006 | No 115 of 2012 | No 101 of 2013 | No 170 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 115 of 2012, effective sch 1 (items 13, 14): 8 Sept 2012 (s 2) | Amended by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4) | Amended by No 170 of 2015, effective sch 1 (items 4A ‑ 7), sch 2 (items 5 ‑ 7), sch 3: 11 Dec 2015 (s 2(1) item 1) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-150", "Provision_Key": "s284-150", "Heading": "Scheme benefits and scheme shortfall amounts", "Text": "(1) An entity gets a scheme benefit from a * scheme if: (a) a * tax ‑ related liability of the entity for an accounting period is, or could reasonably be expected to be, less than it would be apart from the scheme or a part of the scheme; or (b) an amount that the Commissioner must pay or credit to the entity under a * taxation law for an accounting period is, or could reasonably be expected to be, more than it would be apart from the scheme or a part of the scheme. (2) The amount of the * scheme benefit that you would, apart from the adjustment provision, have got from the * scheme is called your scheme shortfall amount . (3) However, to the extent that your scheme shortfall amount is due to errors mentioned in section 705 ‑ 315 of the Income Tax Assessment Act 1997 that were made in a statement that was made before the Commissioner became aware of the errors, your scheme shortfall amount is instead the amount worked out using the formula: where: adjusted reset cost base asset setting amount means: (a) the * tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all assets of a kind referred to in section 705 ‑ 35 of that Act as reset cost base assets that the * head company of the relevant group held continuously from the time when the * subsidiary member referred to in subsection 705 ‑ 315(2) of that Act joined the group until the start of the head company’s income year in which the Commissioner became aware of the errors mentioned in section 705 ‑ 315 of that Act; less: (b) the head company’s deductions under Division 40 (except under Subdivision 40 ‑ F, 40 ‑ G, 40 ‑ H or 40 ‑ I) or Subdivision 328 ‑ D of the Income Tax Assessment Act 1997 for those assets for all income years before the income year in which the Commissioner became aware of the errors. original reset cost base asset setting amount means the * tax cost setting amount, worked out under Division 705 of the Income Tax Assessment Act 1997 , for all reset cost base assets that the * subsidiary member held at the joining time, other than assets that the * head company no longer held at the start of the earliest income year for which the Commissioner could amend the head company’s assessment to correct any of the errors. tax on capital gain means the product of: (a) the * capital gain that the * head company makes as a result of * CGT event L6 happening as mentioned in section 104 ‑ 525 of the Income Tax Assessment Act 1997 ; and (b) the * corporate tax rate in respect of taxable income for the income year in which that CGT event happens. Scheme shortfall amount for cross ‑ border transfer pricing (4) Despite subsection (2), your scheme shortfall amount for a * scheme to which subsection 284 ‑ 145(2B) applies is the total amount of additional income tax and * withholding tax you are liable to pay as mentioned in that subsection. (5) Disregard your * scheme shortfall amount for a * scheme to which subsection 284 ‑ 145(1) applies to the extent that scheme shortfall amount is attributable to additional tax that is, or is part of, your scheme shortfall amount for a scheme to which subsection 284 ‑ 145(2B) applies. Scheme shortfall amount for managed investment trust non ‑ arm’s length income (6) Despite subsection (2), your scheme shortfall amount for a * scheme to which subsection 284 ‑ 145(2C) applies is the total amount of additional income tax you are liable to pay as mentioned in that subsection. (7) Disregard your * scheme shortfall amount for a * scheme to which subsection 284 ‑ 145(1) applies to the extent that scheme shortfall amount is attributable to additional tax that is, or is part of, your scheme shortfall amount for a scheme to which subsection 284 ‑ 145(2C) applies.", "Amendment_Count": 6, "First_Amended": "No 91 of 2000", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 91 of 2000 | No 16 of 2003 | No 107 of 2003 | No 56 of 2010 | No 101 of 2013 | No 53 of 2016", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 107 of 2003, effective sch 2 (items 15 ‑ 26, 40), sch 7 (items 19 ‑ 22): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-155", "Provision_Key": "s284-155", "Heading": "Amount of penalty", "Text": "(1) Work out the * base penalty amount under section 284 ‑ 160. If the base penalty amount is not increased under section 284 ‑ 220 or reduced under section 284 ‑ 225, this is the amount of the penalty. (2) Otherwise, use this formula: where: BPA is the * base penalty amount. increase % is the percentage increase (if any) under section 284 ‑ 220. reduction % is the percentage reduction (if any) under section 284 ‑ 225. (3) However, the amount of the penalty is twice the amount worked out under subsection (1) or (2) of this section if: (a) you are a * significant global entity during an income year that consists of, or includes all or part of, the accounting period to which your * scheme shortfall amount relates; and (b) it is not * reasonably arguable that the adjustment provision does not apply.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 170 of 2015", "Amending_Acts": "No 91 of 2000 | No 170 of 2015", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 170 of 2015, effective sch 1 (items 4A ‑ 7), sch 2 (items 5 ‑ 7), sch 3: 11 Dec 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-160", "Provision_Key": "s284-160", "Heading": "Base penalty amount : schemes", "Text": "(1) The base penalty amount for a * scheme to which subsection 284 ‑ 145(1) or (2C) applies is, subject to section 284 ‑ 224: (a) 50% of your * scheme shortfall amount; or (b) 25% of your scheme shortfall amount if it is * reasonably arguable that the adjustment provision does not apply. (2) The base penalty amount for a * scheme to which subsection 284 ‑ 145(2A) applies is, subject to section 284 ‑ 224: (a) 25% of your * scheme shortfall amount; or (b) 10% of your scheme shortfall amount if it is * reasonably arguable that the adjustment provision does not apply. (3) The base penalty amount for a * scheme to which subsection 284 ‑ 145(2B) applies is worked out using this table and section 284 ‑ 224 if relevant: Base penalty amount Item Column 1 In this situation: Column 2 The base penalty amount is: 1 having regard to any relevant matters, it is reasonable to conclude that an entity that (alone or with others) entered into or carried out the * scheme, or part of it, did so with the sole or dominant purpose of that entity or another entity getting a * transfer pricing benefit from the scheme the sum of: (a) 50% of your * scheme shortfall amount, to the extent that it is not attributable as mentioned in paragraph (b); and (b) 25% of your scheme shortfall amount, to the extent (if any) that it is attributable to the entity, or the entity’s agent, treating the adjustment provision as applying (including not applying) to a matter (or identical matters) in a particular way that is * reasonably arguable 2 item 1 does not apply the sum of: (a) 25% of your * scheme shortfall amount, to the extent that it is not attributable as mentioned in paragraph (b); and (b) 10% of your scheme shortfall amount, to the extent (if any) that it is attributable to the entity, or the entity’s agent, treating the adjustment provision as applying (including not applying) to a matter (or identical matters) in a particular way that is * reasonably arguable Note: For special rules about when transfer pricing treatment is not reasonably arguable, see Subdivision 284 ‑ E.", "Amendment_Count": 5, "First_Amended": "No 91 of 2000", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 91 of 2000 | No 56 of 2010 | No 101 of 2013 | No 53 of 2016", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4) | Repealed and substituted by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-165", "Provision_Key": "s284-165", "Heading": "Exception—threshold for penalty arising from cross ‑ border transfer pricing", "Text": "(1) You are not liable to an administrative penalty under subsection 284 ‑ 145(2B) if your * scheme shortfall amount is equal to or less than your * reasonably arguable threshold. (2) You are also not liable to an administrative penalty under that subsection if: (a) you have the * scheme shortfall amount because of section 284 ‑ 30 (about trusts); and (b) the amount by which the trust would, apart from the application of Subdivision 815 ‑ B or 815 ‑ C of the Income Tax Assessment Act 1997 , have had a greater * net income, or a lesser * tax loss, is equal to or less than the trust’s * reasonably arguable threshold. (3) You are also not liable to an administrative penalty under that subsection if: (a) you have the * scheme shortfall amount because you are a partner in a partnership that participated in the * scheme; and (b) the amount by which the partnership would, apart from the application of Subdivision 815 ‑ B or 815 ‑ C of that Act, have had a greater * net income, or a lesser * partnership loss, is equal to or less than the partnership’s * reasonably arguable threshold. Nil amounts (4) For the purposes of this section: (a) treat a trust or a partnership that has no * net income for an income year as having a net income for the year of a nil amount; and (b) treat a trust that has no * tax loss for an income year as having a tax loss for the year of a nil amount; and (c) treat a partnership that has no * partnership loss for an income year as having a partnership loss for the year of a nil amount.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-220", "Provision_Key": "s284-220", "Heading": "Increase in base penalty amount", "Text": "(1) The * base penalty amount is increased by 20% if: (a) you took steps to prevent or obstruct the Commissioner from finding out about a * shortfall amount, or the false or misleading nature of a statement, in relation to which the base penalty amount was calculated; or (b) you: (i) became aware of such a shortfall amount after a statement had been made to the Commissioner about the relevant * tax ‑ related liability; or (ii) became aware of the false or misleading nature of a statement made to the Commissioner or another entity after the statement had been made; and you did not tell the Commissioner or other entity about it within a reasonable time; or (c) the base penalty amount was worked out using item 1, 2 or 3 of the table in subsection 284 ‑ 90(1) and a base penalty amount for you was worked out under one of those items previously; or (ca) the base penalty amount was worked out using item 3A, 3B or 3C of the table in subsection 284 ‑ 90(1) and a base penalty amount for you was worked out under one of those items previously; or (d) the base penalty amount was worked out using item 4, 5, 6 or 6A of that table and a base penalty amount for you was worked out under that item previously; or (e) your liability to a penalty arises under subsection 284 ‑ 75(3) and you were previously liable to a penalty under that subsection. (2) The * base penalty amount for your * scheme shortfall amount, or for part of it, for an accounting period is increased by 20% if: (a) you took steps to prevent or obstruct the Commissioner from finding out about the scheme shortfall amount or the part; or (b) a base penalty amount for you was worked out under section 284 ‑ 160 for a previous accounting period.", "Amendment_Count": 5, "First_Amended": "No 91 of 2000", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 91 of 2000 | No 75 of 2005 | No 97 of 2008 | No 56 of 2010 | No 134 of 2024", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 97 of 2008, effective sch 3 (items 177 ‑ 185): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-220"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-224", "Provision_Key": "s284-224", "Heading": "Reduction of base penalty amount if law was applied in an accepted way", "Text": "(1) If, apart from this section, you would have a * base penalty amount because you or your * agent treated a * taxation law as applying in a particular way, and that way agreed with: (a) advice given to you or your agent by or on behalf of the Commissioner; or (b) general administrative practice under that law; or (c) a statement in a publication approved in writing by the Commissioner; your base penalty amount is reduced to the extent that it was caused by that treatment. (2) For the purposes of subsection (1) it does not matter whether the * base penalty amount also relates to: (a) a statement; or (b) a failure to give the Commissioner a return, notice or other document when required; or (c) a * scheme.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-224"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-225", "Provision_Key": "s284-225", "Heading": "Reduction of base penalty amount if you voluntarily tell the Commissioner", "Text": "(1) The * base penalty amount for your * shortfall amount or * scheme shortfall amount, for part of it or for your false or misleading statement is reduced by 20% if: (a) the Commissioner tells you that an examination is to be made of your affairs relating to a * taxation law for a relevant period; and (b) after that time, you voluntarily tell the Commissioner, in the * approved form, about the shortfall, the part of it or the false or misleading nature of the statement; and (c) telling the Commissioner can reasonably be estimated to have saved the Commissioner a significant amount of time or significant resources in the examination. (2) The * base penalty amount for your * shortfall amount or * scheme shortfall amount, for part of it or for your false or misleading statement is reduced under subsection (3), (4) or (4A) if you voluntarily tell the Commissioner, in the * approved form, about the shortfall amount, the part of it or the false or misleading nature of the statement before : (a) the day the Commissioner tells you that an examination is to be made of your affairs relating to a * taxation law for a relevant period; or (b) if the Commissioner makes a public statement requesting entities to make a voluntary disclosure by a particular earlier day about a * scheme or transaction that applies to your affairs—that earlier day. (3) The * base penalty amount for your * shortfall amount, or for part of it, is: (a) reduced by 80% if the shortfall amount, or the part of it, is $1,000 or more; or (b) reduced to nil if the shortfall amount, or the part of it, is less than $1,000. (4) The * base penalty amount for your * scheme shortfall amount, or for part of it, is reduced by 80%. (4A) The * base penalty amount for your false or misleading statement that does not result in you having a * shortfall amount is reduced to nil. (5) If you voluntarily tell the Commissioner, in the * approved form, about your * shortfall amount or * scheme shortfall amount, part of it or the false or misleading nature of the statement after the Commissioner tells you that an examination is to be conducted of your affairs relating to a * taxation law for a relevant period, the Commissioner may treat you as having done so before being told about the examination if the Commissioner considers it appropriate to do so in the circumstances.", "Amendment_Count": 3, "First_Amended": "No 91 of 2000", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 91 of 2000 | No 58 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-225"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-250", "Provision_Key": "s284-250", "Heading": "Undocumented transfer pricing treatment not reasonably arguable", "Text": "This Division has effect in relation to an entity as if a matter was not * reasonably arguable if: (a) the matter is a particular way of applying (including not applying) Subdivision 815 ‑ B or 815 ‑ C of the Income Tax Assessment Act 1997 to a matter (or identical matters); and (b) the entity does not have records that meet the requirements in this Subdivision for the application of the Subdivision mentioned in paragraph (a) to that matter (or those matters) in that way. Note: For the Commissioner’s power to remit an administrative penalty imposed by this Part, see section 298 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-250"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 284-255", "Provision_Key": "s284-255", "Heading": "Documentation requirements", "Text": "(1) Records kept by an entity meet the requirements in this Subdivision for the application (or non ‑ application) of Subdivision 815 ‑ B or 815 ‑ C of the Income Tax Assessment Act 1997 to a matter (or identical matters) in a particular way if the records: (a) are prepared before the time by which the entity lodges its * income tax return for the income year relevant to the matter (or matters); and (b) are in English, or readily accessible and convertible into English; and (c) explain the particular way in which the Subdivision applies (or does not apply) to the matter (or matters); and (d) explain why the application of the Subdivision to the matter (or matters) in that way best achieves the consistency mentioned in section 815 ‑ 135 or 815 ‑ 235 of that Act (as the case requires) (about guidance material). (2) Without limiting subsection (1), the records must allow each of the following to be readily ascertained: (a) the * arm’s length conditions relevant to the matter (or matters); (b) the particulars of the method used and comparable circumstances relevant to identifying those arm’s length conditions; (c) unless the records are for the non ‑ application of the Subdivision to a matter (or matters)—the result that the application of the Subdivision in that particular way, as compared to the non ‑ application of the Subdivision, has for the operation of this Act in relation to the entity; (d) for Subdivision 815 ‑ B—the actual conditions relevant to the matter (or matters); (e) for Subdivision 815 ‑ C: (i) the actual profits mentioned in paragraph 815 ‑ 220(1)(a) of that Act and the * arm’s length profits, to the extent that they are relevant to the matter (or matters); and (ii) the particulars of the activities and circumstances mentioned in subsection 815 ‑ 225(1) of that Act, to the extent they are relevant to the matter (or matters).", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective sch 1 (items 9, 10), sch 2 (items 3 ‑ 7, 44 ‑ 50): 29 June 2013 (s 2(1) items 2, 3) sch 2 (items 58, 59): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s284-255"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 286-1", "Provision_Key": "s286-1", "Heading": "What this Division is about", "Text": "You are liable to an administrative penalty if you are required to give a return, statement, notice or other document by a particular time and you do not do so. This Division sets out when the penalty applies and how the amounts of the penalty are calculated.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 91 of 2000 | No 117 of 2002", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 117 of 2002, effective sch 11 (items 12 ‑ 15), sch 14 (items 14, 15): 24 Oct 2002 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s286-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 286-25", "Provision_Key": "s286-25", "Heading": "Object of Division", "Text": "The object of this Division is to provide a uniform administrative penalty regime for all * taxation laws to enable administrative penalties to apply for failure to give returns, notices, statements or other documents on time.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 91 of 2000 | No 117 of 2002", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 117 of 2002, effective sch 11 (items 12 ‑ 15), sch 14 (items 14, 15): 24 Oct 2002 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s286-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 286-75", "Provision_Key": "s286-75", "Heading": "Liability to penalty", "Text": "(1) You are liable to an administrative penalty if: (a) you are required under a * taxation law to give a return, notice, statement or other document to the Commissioner in the * approved form by a particular day; and (b) you do not give the return, notice, statement or document to the Commissioner in the approved form by that day. Note: You may not be liable to a penalty in relation to a failure to notify an amount referred to in an item of the table in subsection 389 ‑ 5(1) during the period provided for by subitem 22(2) of Schedule 23 to the Budget Savings (Omnibus) Act 2016 (see also item 16 of Schedule 3 to the Treasury Laws Amendment (2018 Measures No. 4) Act 2019 ). (1A) However, you are not liable to an administrative penalty under subsection (1) if: (a) you engage a * registered tax agent or BAS agent; and (b) you give the registered tax agent or BAS agent all relevant taxation information to enable the agent to give a return, notice, statement or other document to the Commissioner in the * approved form by a particular day; and (c) the registered tax agent or BAS agent does not give the return, notice, statement or other document to the Commissioner in the approved form by that day; and (d) the failure to give the return, notice, statement or other document to the Commissioner did not result from: (i) intentional disregard by the registered tax agent or BAS agent of a * taxation law; or (ii) recklessness by the agent as to the operation of a taxation law. (1B) If you wish to rely on subsection (1A), you bear an evidential burden in relation to paragraph (1A)(b). (2) Subsection (1) does not apply to a return, notice, statement or other document under any of these Acts: (a) the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; (b) the Superannuation Guarantee (Administration) Act 1992 ; or (c) the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 . (2AAA) You are also liable to an administrative penalty if: (a) you are required under subsection 115 ‑ 235(1) of the Income Tax Assessment Act 1997 (giving information to beneficiaries) to prepare and give a statement to an entity (other than the Commissioner) by a particular day; and (b) you do not give the statement to the entity by that day. (2AA) You are also liable to an administrative penalty if: (a) you are required under section 136 ‑ 90 (about commutation authorities) to give a notice to an entity (other than the Commissioner) in the * approved form by a particular day; and (b) you do not give the notice in the approved form to the entity by that day. (2AB) You are also liable to an administrative penalty if: (a) you are required under section 276 ‑ 455 of the Income Tax Assessment Act 1997 (AMMA statements) to give information to an entity (other than the Commissioner) by a particular day; and (b) you do not give the information to the entity by that day. (2A) You are also liable to an administrative penalty if: (a) you are required under Division 390 to give a statement to an entity (other than the Commissioner) in the * approved form by a particular day; and (b) you do not give the statement in the approved form to the other entity by that day. (2BA) You are also liable to an administrative penalty if: (a) you are required under Division 392 (Employee share scheme reporting) to give a statement to an entity (other than the Commissioner) in the * approved form by a particular day; and (b) you do not give the statement in the approved form to the entity by that day. (4) You are also liable to an administrative penalty if: (a) you are required under section 713 ‑ 540 of the Income Tax (Transitional Provisions) Act 1997 to notify another entity of the happening of an event by a particular day; and (b) you do not notify the other entity of the happening of that event by that day. (5) Subsection (6) applies if: (a) an entity is liable to an administrative penalty under subsection (1) or (2A) as the * superannuation provider in relation to a * self managed superannuation fund; and (b) the entity is a body corporate. (6) The directors of the body corporate at the time it becomes liable to the penalty are jointly and severally liable to pay the amount of the * tax ‑ related liability in respect of the penalty. Note: See section 265 ‑ 45 for rules on joint liability. (7) You are also liable to an administrative penalty if: (a) you are required under subsections 57 ‑ 7(2) and (3) of the A New Tax System (Goods and Services Tax) Act 1999 to notify another entity by a particular day; and (b) you do not give the notice in the * approved form to the entity by that day.", "Amendment_Count": 19, "First_Amended": "No 91 of 2000", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 91 of 2000 | No 117 of 2002 | No 16 of 2003 | No 9 of 2007 | No 45 of 2008 | No 114 of 2009 | No 133 of 2009 | No 93 of 2011 | No 14 of 2012 | No 96 of 2014 | No 21 of 2015 | No 70 of 2015 | No 52 of 2016 | No 53 of 2016 | No 55 of 2016 | No 81 of 2016 | No 8 of 2019 | No 57 of 2025 | No 49 of 2026", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 117 of 2002, effective sch 11 (items 12 ‑ 15), sch 14 (items 14, 15): 24 Oct 2002 (s 2(1) item 9) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 93 of 2011, effective sch 3 (items 109 ‑ 111), sch 4 (items 1 ‑ 6): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 52 of 2016, effective sch 1 (items 37 ‑ 39), sch 2 (items 17A, 25 ‑ 27), sch 3 (items 14, 15): 1 July 2016 (s 2(1) item 1) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1) | Amended by No 49 of 2026, effective sch 1 (items 52, 53, 80, 81): 1 July 2026 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s286-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 286-80", "Provision_Key": "s286-80", "Heading": "Amount of penalty", "Text": "(1) The amount of the penalty is worked out in this way: (a) work out the * base penalty amount under subsection (2); and (b) work out whether the base penalty amount is increased under subsection (3), (4), (4A) or (4C). (2) The base penalty amount is: (a) for failing to give a return, notice or other document on time or in the * approved form, as mentioned in subsection 286 ‑ 75(1), (2AAA), (2AA), (2AB), (2A), (2B), (2BA) or (2C)—1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the document is due and ending when you give it (up to a maximum of 5 penalty units); or (c) for failing to notify the happening of an event as mentioned in subsection 286 ‑ 75(4)—1 penalty unit for each period of 28 days or part of a period of 28 days starting on the day when the notification is due and ending when you notify the happening of the event (up to a maximum of 5 penalty units). Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Example: An entity lodges a return 31 days late. The base penalty amount under subsection (2) is 2 penalty units. (3) The * base penalty amount is multiplied by 2 if: (a) the entity concerned is a * medium withholder for the month in which the return, notice or other document was required to be given; or (b) the entity’s assessable income for the income year in which the return, notice or other document is required to be given is more than $1 million but less than $20 million; or (c) the entity’s * current GST turnover worked out at a time in the month in which the return, notice or other document was required to be given is more than $1 million but less than $20 million. (4) The * base penalty amount is multiplied by 5 if: (a) the entity concerned is a * large withholder for the month when the return, notice or other document was required to be given; or (b) the entity’s assessable income for the income year in which the return, notice or other document is required to be given is $20 million or more; or (c) the entity’s * current GST turnover worked out at a time in the month in which the return, notice or other document was required to be given is $20 million or more. (4A) Neither subsection (3) nor (4) applies to the entity, and the * base penalty amount is multiplied by 500, if: (a) the failure referred to in subsection (2) is a failure to give a return, notice or other document on time or in the * approved form, as mentioned in subsection 286 ‑ 75(1); and (b) on or before the day the return, notice or other document is required to be given: (i) the Commissioner has made an assessment of the entity’s income tax for one or more income years; or (ii) the Commissioner has made a determination under subsection 960 ‑ 555(3) of the Income Tax Assessment Act 1997 in relation to the entity, or in relation to the * global parent entity for the group of which the entity is a member, for a period; or (iii) the entity has given the Commissioner statements in accordance with Subdivision 815 ‑ E of that Act for an income year or another 12 month period; or (iv) the entity was a * subsidiary member of a * consolidated group or a * MEC group for one or more income years, and the Commissioner has made an assessment of the income tax of another entity that was a * member of the group for one or more of those income years; and (c) the entity was a * significant global entity for: (i) whichever of those income years or periods that ends on the most recent day; or (ii) if more than one of them ends on that most recent day—any of those income years or periods that ends on that most recent day. Note: For subparagraph (b)(iii), an entity may be allowed to give statements for a 12 month period other than an income year (see section 815 ‑ 360 of the Income Tax Assessment Act 1997 ). (4B) However, subsection (4A) is taken never to have applied to the entity in relation to the day the return, notice or other document is required to be given if: (a) the Commissioner makes an assessment of: (i) the entity’s income tax for the income year that includes that day; or (ii) if the entity was a * subsidiary member of a * consolidated group or a * MEC group for the income year that includes that day—the income tax, for that income year, of another * member of that group; and (b) the entity is not a * significant global entity for that income year. (4C) Neither subsection (3) nor (4) applies to the entity, and the * base penalty amount is multiplied by 500, if: (a) the base penalty amount arises in relation to * Australian IIR/UTPR tax or * Australian DMT tax in relation to an * Applicable MNE Group for a * Fiscal Year; and (b) the entity concerned is a * Group Entity of the Applicable MNE Group. (5) In working out the * base penalty amount, the amount of a penalty unit is the amount applying at the start of the relevant 28 day period. (6) The fact that you have not yet given the relevant return, notice or other document does not prevent the Commissioner notifying you that you are liable to an administrative penalty under this Subdivision. That penalty may be later increased under this section. Note: The Commissioner is required to notify you of an administrative penalty: see section 298 ‑ 10.", "Amendment_Count": 16, "First_Amended": "No 91 of 2000", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 91 of 2000 | No 117 of 2002 | No 16 of 2003 | No 9 of 2007 | No 80 of 2007 | No 45 of 2008 | No 133 of 2009 | No 93 of 2011 | No 14 of 2012 | No 96 of 2014 | No 53 of 2016 | No 27 of 2017 | No 55 of 2017 | No 64 of 2020 | No 134 of 2024 | No 49 of 2026", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 117 of 2002, effective sch 11 (items 12 ‑ 15), sch 14 (items 14, 15): 24 Oct 2002 (s 2(1) item 9) | Amended by No 16 of 2003, effective sch 4 (items 8 ‑ 10), sch 6 (items 11, 12), sch 14 (items 8 ‑ 12), sch 23 (item 14), sch 24 (items 1 ‑ 19): 24 Oct 2002 (s 2(1) items 3, 4, 9, 13, 14) sch 28 (items 14 ‑ 18, 19(3)): 29 June 2002 (s 2(1) items 17, 19) | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 93 of 2011, effective sch 3 (items 109 ‑ 111), sch 4 (items 1 ‑ 6): Royal Assent | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3) | Amended by No 27 of 2017, effective sch 1 (items 44 ‑ 49, 52), sch 2: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 55 of 2017, effective sch 1 (items 23, 24, 32): 1 July 2017 (s 2(1) items 5, 7) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 49 of 2026, effective sch 1 (items 52, 53, 80, 81): 1 July 2026 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s286-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-10", "Provision_Key": "s288-10", "Heading": "Penalty for non ‑ electronic notification", "Text": "An entity that: (a) under subsection 31 ‑ 25(2) of the * GST Act, is required to * lodge a * GST return electronically; or (aa) under subsection 45 ‑ 20(2A) in this Schedule, is required to give a notification electronically; or (b) under section 388 ‑ 80 in this Schedule, is required to notify another * BAS amount electronically; but lodges, gives or notifies it in another way, is liable to an administrative penalty of 5 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 contains machinery provisions for administrative and civil penalties.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 101 of 2004 | No 32 of 2006 | No 124 of 2013", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-20", "Provision_Key": "s288-20", "Heading": "Penalty for non ‑ electronic payment", "Text": "An entity that: (a) under subsection 33 ‑ 10(2) of the * GST Act, is required to pay an * assessed net amount for a tax period electronically; or (b) under section 8AAZMA, or section 45 ‑ 72 in this Schedule, is required to pay an amount electronically; but pays it another way, is liable to an administrative penalty of 5 penalty units for each payment of one or more such amounts. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 contains machinery provisions for administrative and civil penalties.", "Amendment_Count": 7, "First_Amended": "No 179 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 101 of 2004 | No 32 of 2006 | No 58 of 2006 | No 39 of 2012 | No 124 of 2013", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-25", "Provision_Key": "s288-25", "Heading": "Penalty for failure to keep or retain records", "Text": "(1) You are liable to an administrative penalty of 20 penalty units if: (a) a provision of a * taxation law requires you to keep or retain a record; and (b) you do not keep or retain that record in the manner required by that law. (2) Subsection (1) does not apply to: (a) documents required to be retained under Part X of the Fringe Benefits Tax Assessment Act 1986 (about statutory evidentiary documents); or (b) documents required to be kept or retained under Division 900 of the Income Tax Assessment Act 1997 (about substantiation of expenses); or (c) if you are given a * tax ‑ records education direction—documents to which a record ‑ keeping failure specified in the direction relates, unless you have not complied with the direction. Note 1: For paragraph (c): (a) for tax ‑ records education directions, see section 384 ‑ 12; and (b) for whether you have complied with the direction, see subsection 384 ‑ 15(3). Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 91 of 2000 | No 84 of 2022", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-30", "Provision_Key": "s288-30", "Heading": "Penalty for failure to retain or produce declarations", "Text": "You are liable to an administrative penalty of 20 penalty units if: (a) a provision of a * taxation law requires you to retain or produce a declaration you made about an agent giving an * approved form to the Commissioner on your behalf; and (b) you do not retain or produce that declaration in the manner required by that law. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-35", "Provision_Key": "s288-35", "Heading": "Penalty for preventing access etc.", "Text": "You are liable to an administrative penalty of 20 penalty units if: (a) a provision of a * taxation law confers a power on an officer authorised under that law: (i) to enter or remain on land, premises or a place that you occupy; or (ii) to have access to documents, goods or other property in your possession; or (iii) to inspect, copy or take extracts from documents in your possession; or (iv) to inspect, examine, count, measure, weigh, gauge, test or analyse any goods or other property in your possession and, to that end, take samples; and (b) you refuse to provide the officer with all reasonable facilities for the officer effectively to exercise that power in accordance with that law. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-40", "Provision_Key": "s288-40", "Heading": "Penalty for failing to register or cancel registration", "Text": "You are liable to an administrative penalty of 20 penalty units if you fail to apply for registration, or to apply for cancellation of registration, as required by the * GST Act. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 1, "First_Amended": "No 92 of 2000", "Last_Amended": "No 92 of 2000", "Amending_Acts": "No 92 of 2000", "History_Notes": "Inserted by No 92 of 2000, effective sch 1 (items 10, 10A, 11), sch 4 (item 10), sch 6 (items 8 ‑ 10), sch 7 (items 31 ‑ 33), sch 9 (items 12 ‑ 16, 18), sch 11 (item 17): 1 July 2000 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-45", "Provision_Key": "s288-45", "Heading": "Penalty for failing to issue tax invoice etc.", "Text": "(1) You are liable to an administrative penalty of 20 penalty units if you fail to issue a tax invoice as required by section 29 ‑ 70 of the * GST Act. (2) You are liable to an administrative penalty of 20 penalty units if you fail to issue an adjustment note as required by section 29 ‑ 75 of the * GST Act. (2A) You are liable to an administrative penalty of 20 penalty units if you fail to give a notice as required by subsection 84 ‑ 89(3) of the * GST Act. (3) You are liable to an administrative penalty of 20 penalty units if you fail to issue a third party adjustment note as required by section 134 ‑ 20 of the * GST Act. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 3, "First_Amended": "No 92 of 2000", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 92 of 2000 | No 21 of 2010 | No 77 of 2017", "History_Notes": "Inserted by No 92 of 2000, effective sch 1 (items 10, 10A, 11), sch 4 (item 10), sch 6 (items 8 ‑ 10), sch 7 (items 31 ‑ 33), sch 9 (items 12 ‑ 16, 18), sch 11 (item 17): 1 July 2000 (s 2(1), (3)) | Amended by No 21 of 2010, effective sch 1 (items 24 ‑ 29): Royal Assent | Amended by No 77 of 2017, effective sch 1 (items 61 ‑ 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-46", "Provision_Key": "s288-46", "Heading": "Penalty for failing to ensure tax information about supplies of low value goods is included in customs documents", "Text": "You are liable to an administrative penalty of 20 penalty units if: (a) you are required by section 84 ‑ 93 of the * GST Act to ensure that the information set out in subsection 84 ‑ 93(2) of that Act is included in one or more of the documents referred to in subsection 84 ‑ 93(3) of that Act; but (b) you fail to take reasonable steps to do so.", "Amendment_Count": 1, "First_Amended": "No 77 of 2017", "Last_Amended": "No 77 of 2017", "Amending_Acts": "No 77 of 2017", "History_Notes": "Inserted by No 77 of 2017, effective sch 1 (items 61 ‑ 66): 1 July 2017 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-46"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-50", "Provision_Key": "s288-50", "Heading": "Penalty for both principal and agent issuing certain documents", "Text": "An entity is liable to an administrative penalty of 20 penalty units if both the entity and its agent issue: (a) separate tax invoices relating to the same taxable supply, contrary to subsection 153 ‑ 15(2) of the * GST Act; or (b) separate adjustment notes, or third party adjustment notes, for the same decreasing adjustment, contrary to subsection 153 ‑ 20(2) of that Act. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 2, "First_Amended": "No 92 of 2000", "Last_Amended": "No 21 of 2010", "Amending_Acts": "No 92 of 2000 | No 21 of 2010", "History_Notes": "Inserted by No 92 of 2000, effective sch 1 (items 10, 10A, 11), sch 4 (item 10), sch 6 (items 8 ‑ 10), sch 7 (items 31 ‑ 33), sch 9 (items 12 ‑ 16, 18), sch 11 (item 17): 1 July 2000 (s 2(1), (3)) | Amended by No 21 of 2010, effective sch 1 (items 24 ‑ 29): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-70", "Provision_Key": "s288-70", "Heading": "Administrative penalties for life insurance companies", "Text": "Complying superannuation asset pool—calculation of an amount (1) A * life insurance company is liable to an administrative penalty if the company: (a) is required to calculate a particular amount under section 320 ‑ 175 of the Income Tax Assessment Act 1997 ; but (b) fails to do so within the period of 60 days that is required by that section. Complying superannuation asset pool—transfer following valuation (2) A * life insurance company is liable to an administrative penalty if the company: (a) is required to transfer assets having a particular * transfer value from its * complying superannuation assets under subsection 320 ‑ 180(1) of the Income Tax Assessment Act 1997 ; but (b) fails to do so within the period of 30 days that is required by subsection 320 ‑ 180(2) of that Act. Segregated exempt assets—calculation of an amount (3) A * life insurance company is liable to an administrative penalty if the company: (a) is required to calculate a particular amount under section 320 ‑ 230 of the Income Tax Assessment Act 1997 ; but (b) fails to do so within the period of 60 days that is required by that section. Segregated exempt assets—transfer following valuation (4) A * life insurance company is liable to an administrative penalty if the company: (a) is required to transfer assets having a particular * transfer value from its * segregated exempt assets under subsection 320 ‑ 235(1) of the Income Tax Assessment Act 1997 ; but (b) fails to do so within the period of 30 days that is required by subsection 320 ‑ 235(2) of that Act. How to work out the administrative penalty (5) The administrative penalty under subsection (1), (2), (3) or (4) for a failure to make a calculation or transfer is equal to 5 penalty units for each period of 28 days or part of a period of 28 days: (a) starting immediately after the end of the period mentioned in paragraph (b) of that subsection; and (b) ending at the end of the day on which the calculation or transfer is made. However, the maximum penalty for that failure must not exceed 25 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 contains machinery provisions for the penalties provided by this section.", "Amendment_Count": 3, "First_Amended": "No 83 of 2004", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 83 of 2004, effective sch 1 (item 84): 30 June 2000 (s 2(1) item 2) sch 1 (item 107): 17 Dec 2003 (s 2(1) item 11) sch 1 (items 125, 126(1), (6), (11)): 25 June 2004 (s 2(1) item 12) | Amended by No 45 of 2008, effective sch 1 (items 53 ‑ 66), sch 4 (item 64), sch 6 (items 18 ‑ 21), sch 7 (item 56): 26 June 2008 | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-75", "Provision_Key": "s288-75", "Heading": "Administrative penalty for a copyright or resale royalty collecting society", "Text": "(1) A * copyright collecting society is liable to an administrative penalty of 20 penalty units if the society fails to give a notice as required by section 410 ‑ 5 of the Income Tax Assessment Act 1997 . (2) The * resale royalty collecting society is liable to an administrative penalty of 20 penalty units if the society fails to give a notice as required by section 410 ‑ 50 of the Income Tax Assessment Act 1997 . Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective sch 2 (items 13, 14(2)), sch 3 (items 103 ‑ 109, 111(3)): Royal Assent | Repealed and substituted by No 126 of 2009, effective sch 1 (items 19, 20): 9 June 2010 ( see s 2(1))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-80", "Provision_Key": "s288-80", "Heading": "Administrative penalty for over declaring conduit foreign income", "Text": "(1) An * Australian corporate tax entity is liable to an administrative penalty if: (a) the entity makes a * frankable distribution that has an * unfranked part; and (b) the entity declares an amount of the unfranked part to be * conduit foreign income; and (c) the sum of the amounts declared exceeds the amount of the entity’s conduit foreign income at: (i) if the entity declares the distribution before making the distribution—the time of the declaration; or (ii) otherwise—the time the distribution is made. (2) The amount of the penalty is the sum of the amounts worked out under subsections (3) and (4). (3) The amount is: where: Australian membership interests means the number of * membership interests or * non ‑ share equity interests in the entity that are not covered by the definition of foreign membership interests in subsection (4). total membership interests means the number of * membership interests or * non ‑ share equity interests in the entity held by entities that are entitled to receive the * distribution. (4) The amount is: where: applicable withholding tax rate means 50% of the rate of tax set out in paragraph 7(a) of the Income Tax (Dividends, Interest and Royalties Withholding Tax) Act 1974 . foreign membership interests means the number of * membership interests or * non ‑ share equity interests in the entity held by entities that are entitled to receive the * distribution and in relation to whom the entity is required to withhold amounts under section 12 ‑ 210 disregarding the operation of section 12 ‑ 300 (about limits on the amount withheld). total membership interests means the number of * membership interests or * non ‑ share equity interests in the entity held by entities that are entitled to receive the * distribution.", "Amendment_Count": 3, "First_Amended": "No 147 of 2005", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 147 of 2005 | No 143 of 2007 | No 12 of 2012", "History_Notes": "Inserted by No 147 of 2005, effective sch 2 (item 25): Royal Assent | Amended by No 143 of 2007, effective sch 1 (items 212, 222, 225, 226), sch 4 (items 47, 48, 51, 52), sch 5 (items 29, 30, 48(1), (4), (5)), sch 7 (items 99 ‑ 102, 104(3)): 24 Sept 2007 (s 2(1) items 2, 4, 5, 7, 11) sch 5 (item 47): 15 Mar 2007 (s 2(1) item 6) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-85", "Provision_Key": "s288-85", "Heading": "Failure by Reporting Financial Institution to obtain self ‑ certification", "Text": "An entity that: (a) is: (i) a Reporting Financial Institution (within the meaning of the * CRS); or (ii) an institution that a notice under subsection 396 ‑ 130(5) requires to act as a Reporting Financial Institution; and (b) is required to obtain a self ‑ certification, in relation to an account maintained by the institution, when applying the due diligence procedures described in the CRS; and (c) fails to obtain the self ‑ certification: (i) if the account is a Reportable Account (within the meaning of the CRS) or an account that a notice under subsection 396 ‑ 130(2) requires the entity to treat as a Reportable Account—by the time by which a statement under subsection 396 ‑ 105(2) relating to the account must be given to the Commissioner; or (ii) otherwise—by the time by which such a statement would be required to be given to the Commissioner if the account were such a Reportable Account; is liable to an administrative penalty of 1 penalty unit.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 9 of 2007 | No 56 of 2010 | No 23 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Repealed by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-95", "Provision_Key": "s288-95", "Heading": "Failing to comply etc. with release authority", "Text": "(2) A * superannuation provider that has been given a transitional release authority in accordance with section 292 ‑ 80B of the Income Tax (Transitional Provisions) Act 1997 and that fails to comply with subsection 292 ‑ 80C(1) of that Act is liable to an administrative penalty of 20 penalty units. (3) A * superannuation provider that fails to comply with section 131 ‑ 35 (about release authorities for superannuation) is liable to an administrative penalty of 20 penalty units. (4) A * superannuation provider that fails to comply with section 135 ‑ 75 (about release authorities for debt account discharge liabilities) is liable to an administrative penalty of 20 penalty units. (5) A * superannuation provider that fails to comply with section 139 ‑ 135 (about release authorities following a perpetrator contributions release order) is liable to an administrative penalty of 20 penalty units.", "Amendment_Count": 7, "First_Amended": "No 9 of 2007", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 9 of 2007 | No 75 of 2012 | No 82 of 2013 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016 | No 47 of 2026", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 75 of 2012, effective sch 4 (items 13 ‑ 16, 20), sch 5, sch 7: Royal Assent | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5) | Amended by No 47 of 2026, effective sch 1 (items 1 ‑ 4): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-100", "Provision_Key": "s288-100", "Heading": "Excess money paid under release authority", "Text": "(1) A person is liable for an administrative penalty of 20 penalty units if: (a) the person gives one or more * superannuation providers a release authority in accordance with section 292 ‑ 80B of the Income Tax (Transitional Provisions) Act 1997 ; and (b) the total of the amounts paid by the superannuation provider or providers to the person and the Commissioner as a result of being given the release authority exceeds the amount required to be paid in respect of the release authority under section 292 ‑ 80C of that Act. (2) An individual is liable to an administrative penalty of 20 penalty units if one or more * superannuation benefits that the individual receives (or is taken to receive), paid in relation to a release authority issued in accordance with Subdivision 135 ‑ A in this Schedule, is assessable income to any extent.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-105", "Provision_Key": "s288-105", "Heading": "Superannuation provider to calculate crystallised pre ‑ July 83 amount of superannuation interest by 30 June 2008", "Text": "(1) An entity is liable to an administrative penalty of 5 penalty units if: (a) the entity is the * superannuation provider in relation to a * superannuation plan (other than a * constitutionally protected fund) on 30 June 2008; and (b) the entity has not ensured that the crystallised pre ‑ July 83 amount in relation to each superannuation interest in the plan has been calculated on or before that day. (2) For the purpose of paragraph (1)(b), disregard a * superannuation interest unless the * element taxed in the fund of the * taxable component of the interest exceeds nil just before 1 July 2007. (3) For the purpose of paragraph (1)(b), disregard a * superannuation interest that supported a * superannuation income stream just before 1 July 2007.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-110", "Provision_Key": "s288-110", "Heading": "Contravention of superannuation data and payment regulation or standard", "Text": "Liability to penalty—RSA providers and trustees of eligible superannuation entities (1) An entity is liable to an administrative penalty if the entity contravenes: (a) subsection 34M(1) of the Superannuation Industry (Supervision) Act 1993 ; or (b) subsection 45D(1) of the Retirement Savings Accounts Act 1997 . (2) An entity is liable to an administrative penalty if the entity contravenes: (a) subsection 34P(6) of the Superannuation Industry (Supervision) Act 1993 ; or (b) subsection 45F(6) of the Retirement Savings Accounts Act 1997 . Liability to penalty—employers (3) An entity is liable to an administrative penalty if the entity contravenes: (a) subsection 34N(1) of the Superannuation Industry (Supervision) Act 1993 ; or (b) subsection 45E(1) of the Retirement Savings Accounts Act 1997 . (4) An entity is liable to an administrative penalty if the entity contravenes: (a) subsection 34Q(6) of the Superannuation Industry (Supervision) Act 1993 ; or (b) subsection 45G(6) of the Retirement Savings Accounts Act 1997 . Amount of the penalty (5) The amount of the penalty is: (a) for an administrative penalty under subsection (1) or (3) — 4 penalty units; or (b) for an administrative penalty under subsection (2) or (4)—10 penalty units. Note: The Commissioner is required to notify you of an administrative penalty: see section 298 ‑ 10.", "Amendment_Count": 2, "First_Amended": "No 91 of 2012", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 91 of 2012 | No 158 of 2012", "History_Notes": "Inserted by No 91 of 2012, effective sch 1 (items 3, 20): 29 June 2012 | Amended by No 158 of 2012, effective sch 2 (item 69): 31 Jan 2013 (s 2(1) item 5) sch 3: 28 Nov 2012 (s 2(1) item 6) sch 4 (item 74): 29 Nov 2012 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-115", "Provision_Key": "s288-115", "Heading": "AMIT under or over resulting from intentional disregard of or recklessness as to taxation law", "Text": "(1) An entity is liable to an administrative penalty if: (a) the entity is a trustee of an * AMIT for an income year (the base year ); and (b) the AMIT has an * under or * over for the base year; and (c) at least one of the items in the table in subsection (3) applies in respect of the under or over. (2) To avoid doubt, subsection (1) has a separate operation in respect of each * under or * over mentioned in paragraph (1)(b). (3) The amount of the penalty is 47% of the amount worked out using this table: Amount of penalty Item Column 1 In this situation … Column 2 in the case of an * under or * over covered by subsection (5), the amount is: Column 3 in the case of an * under or * over covered by subsection (6), the amount is: 1 if the * under or * over resulted from intentional disregard of a * taxation law (other than the * Excise Acts) by the trustee of the * AMIT or the trustee’s agent 75% of the under or over 30% of the under or over 2 if the * under or * over resulted from recklessness by the trustee of the * AMIT or the trustee’s agent as to the operation of a * taxation law (other than the * Excise Acts) 50% of the under or over 20% of the under or over (4) Despite subsection (3): (a) if the penalty specified under column 3 of item 1 of the table in that subsection is less than 60 penalty units—the amount of the penalty is 60 penalty units; and (b) if the penalty specified under column 3 of item 2 of the table in that subsection is less than 40 penalty units—the amount of the penalty is 40 penalty units. (5) This subsection covers the following: (a) an * under of: (i) a character relating to assessable income; or (ii) a character relating to * exempt income; or (iii) a character relating to * non ‑ assessable non ‑ exempt income; (b) an * over of a character relating to a * tax offset. (6) This subsection covers the following: (a) an * over of: (i) a character relating to assessable income; or (ii) a character relating to * exempt income; or (iii) a character relating to * non ‑ assessable non ‑ exempt income; (b) an * under of a character relating to a * tax offset. (7) If both items in the table in subsection (3) apply, use item 1 and not item 2. (8) If the income year corresponds to a financial year that is a temporary budget repair levy year (within the meaning of section 4 ‑ 11 of the Income Tax (Transitional Provisions) Act 1997 ), treat the reference in subsection (3) to 47% as instead being a reference to 49%.", "Amendment_Count": 2, "First_Amended": "No 52 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 52 of 2016 | No 53 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective sch 1 (items 37 ‑ 39), sch 2 (items 17A, 25 ‑ 27), sch 3 (items 14, 15): 1 July 2016 (s 2(1) item 1) | Inserted by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-120", "Provision_Key": "s288-120", "Heading": "Prohibited offsets of liabilities using interest etc. accrued on farm management deposits", "Text": "(1) The person who made or is making a * farm management deposit is liable to an administrative penalty if: (a) the fact that the person made or is making the deposit is the reason why, or one of the reasons why, an amount of interest payable to the * FMD provider in respect of loans or other debts falls short of what it would otherwise be; and (b) the shortfall: (i) contravenes a requirement, contained in the agreement mentioned in paragraph 393 ‑ 20(1)(b) of the Income Tax Assessment Act 1997 in relation to the deposit, as set out in item 8 of the table in section 393 ‑ 35 of that Act; or (ii) would contravene such a requirement if it were contained in that agreement. (2) The amount of the penalty is 200% of so much of the shortfall as contravenes that requirement, or would contravene such a requirement.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-125", "Provision_Key": "s288-125", "Heading": "Producing or supplying electronic sales suppression tools", "Text": "(1) You are liable to an administrative penalty of 60 penalty units if you: (a) manufacture, develop or publish an * electronic sales suppression tool; or (b) * supply or make available for use: (i) an electronic sales suppression tool; or (ii) a * right to use an electronic sales suppression tool; or (c) provide a service to an entity that involves the use of an electronic sales suppression tool. (2) You are liable to an administrative penalty of 60 penalty units if you aid, abet, counsel or procure conduct for which subsection (1) makes an entity liable to an administrative penalty. Note: Division 298 contains machinery provisions for administrative penalties. (3) You are not liable to an administrative penalty under this section for conduct undertaken for the purpose of preventing or deterring tax evasion or enforcing a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-130", "Provision_Key": "s288-130", "Heading": "Possessing electronic sales suppression tools", "Text": "(1) You are liable to an administrative penalty of 30 penalty units if: (a) you are required under, or pursuant to, a * taxation law (other than an * Excise Act) to keep or make a record; and (b) you acquire, or have possession or control of: (i) an * electronic sales suppression tool; or (ii) a * right to use an electronic sales suppression tool. (2) You are liable to an administrative penalty of 30 penalty units if you aid, abet, counsel or procure conduct for which subsection (1) makes an entity liable to an administrative penalty. Note: Division 298 contains machinery provisions for administrative penalties. (3) You are not liable to an administrative penalty under this section for conduct undertaken for the purpose of preventing or deterring tax evasion or enforcing a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-135", "Provision_Key": "s288-135", "Heading": "Incorrectly keeping records using electronic sales suppression tools", "Text": "(1) You are liable to an administrative penalty of 60 units if: (a) you are required under, or pursuant to, a * taxation law (other than an * Excise Act) to keep or make a record; and (b) the record is kept, made or altered with the use of an * electronic sales suppression tool, or is prevented by the use of an electronic sales suppression tool from being kept, made or altered; and (c) as a result of the use: (i) the record does not correctly record and explain the matter, transaction, act or operation to which it relates; or (ii) you do not keep or make the record in accordance with the taxation law. (2) You are liable to an administrative penalty of 60 penalty units if you aid, abet, counsel or procure conduct for which subsection (1) makes an entity liable to an administrative penalty. Note: Division 298 contains machinery provisions for administrative penalties.", "Amendment_Count": 1, "First_Amended": "No 121 of 2018", "Last_Amended": "No 121 of 2018", "Amending_Acts": "No 121 of 2018", "History_Notes": "Inserted by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 288-140", "Provision_Key": "s288-140", "Heading": "Penalty for failing to publish information on time", "Text": "(1) You are liable to an administrative penalty if: (a) you are required under subsection 3D(3) or 3DB(2) to publish information by giving a document containing the information to the Commissioner in the * approved form by a particular day; and (b) you do not publish the information by giving the document to the Commissioner in the approved form by that day. (2) The amount of the penalty is 500 penalty units for each period of 28 days or part of a period of 28 days: (a) starting on the day mentioned in paragraph (1)(a); and (b) ending when you publish the information by giving the document to the Commissioner in the approved form; up to a maximum of 2,500 penalty units. Note: Division 298 contains machinery provisions for administrative penalties.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s288-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-5", "Provision_Key": "s290-5", "Heading": "Objects of this Division", "Text": "The objects of this Division are: (a) to deter the promotion of tax avoidance * schemes and tax evasion schemes; and (aa) to deter the promotion of schemes on the basis of conformity with a * public ruling, * private ruling or * oral ruling if the scheme is materially different from that described in the ruling; and (b) to deter the implementation of schemes that have been promoted on the basis of conformity with a public ruling, private ruling or oral ruling in a way that is materially different from that described in the ruling.", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-10", "Provision_Key": "s290-10", "Heading": "Extra ‑ territorial application", "Text": "This Division extends to acts, omissions, matters and things outside Australia.", "Amendment_Count": 1, "First_Amended": "No 84 of 2013", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 84 of 2013", "History_Notes": "Inserted by No 84 of 2013, effective sch 8 (items 33 ‑ 37): 28 June 2013 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-50", "Provision_Key": "s290-50", "Heading": "Civil penalties", "Text": "Promoter of tax exploitation scheme (1) An entity must not engage in conduct that results in that or another entity being a * promoter of a * tax exploitation scheme. Promoting scheme otherwise than in accordance with ruling (1A) An entity must not engage in conduct that results in a * scheme that is materially different from that described in a * public ruling, * private ruling or * oral ruling being promoted on the basis of conformity with that ruling. Implementing scheme otherwise than in accordance with ruling (2) An entity must not engage in conduct that results in a * scheme that has been promoted on the basis of conformity with a * public ruling, * private ruling or * oral ruling (whether or not the ruling actually relates to the scheme) being implemented in a way that is materially different from that described in the ruling. Note: A scheme will not have been implemented in a way that is materially different from that described in a ruling if the tax outcome for participants in the scheme is the same as that described in the ruling. (2A) For the purposes of subsections (1A) and (2), disregard: (a) subsection 82KZMGA(1A) of the Income Tax Assessment Act 1936 ; and (b) subsection 394 ‑ 10(5A) of the Income Tax Assessment Act 1997 . Note 1: Those 2 subsections relate to forestry managed investment schemes. Note 2: The effect of this subsection is that a scheme will have been implemented in a way that is materially different from that described in a ruling if the tax outcome for participants in the scheme is the same as that described in the ruling only because of the operation of the subsections mentioned in paragraphs (a) and (b). Civil penalty (3) If the Federal Court of Australia is satisfied, on application by the Commissioner, that an entity has contravened subsection (1), (1A) or (2), the Court may order the entity to pay a civil penalty to the Commonwealth. Note: If the entity is a registered tax agent or BAS agent, being penalised under this subsection may affect the continued registration of the entity: see section 20 ‑ 45 and Subdivision 40 ‑ A of the Tax Agent Services Act 2009 . Amount of penalty (4) The maximum amount of the penalty for a contravention by an entity is the greater of: (a) 5,000 penalty units; and (b) 3 times the total value of all benefits received or receivable (directly or indirectly) by the entity and * associates of the entity in respect of the * scheme. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (4A) Despite subsection (4), the maximum amount of the penalty for a contravention by an entity that is a body corporate is the greatest of the following: (a) 50,000 penalty units; (b) 3 times the total value of all benefits received or receivable (directly or indirectly) by the entity and * associates of the entity in respect of the * scheme; (c) either: (i) 10% of the * aggregated turnover of the entity for the most recent income year to end before the entity contravened, or began to contravene, the provision; or (ii) if the amount worked out under subparagraph (i) is greater than an amount equal to 2.5 million penalty units—2.5 million penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (4B) Despite subsections (4) and (4A), the maximum amount of the penalty for a contravention by an entity that is: (a) a partner in a partnership that is a * significant global entity; or (b) a trustee of a trust that is a significant global entity; is the greatest of the following: (c) 50,000 penalty units; (d) 3 times the total value of all benefits received or receivable (directly or indirectly) by the significant global entity and * associates of the significant global entity in respect of the * scheme; (e) either: (i) 10% of the * aggregated turnover of the significant global entity for the most recent income year to end before the entity contravened, or began to contravene, the provision; or (ii) if the amount worked out under subparagraph (i) is greater than an amount equal to 2.5 million penalty units—2.5 million penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Principles relating to penalties (5) In deciding what penalty is appropriate for a contravention of subsection (1), (1A) or (2) by an entity, the Federal Court of Australia may have regard to all matters it considers relevant, including: (a) the amount of the benefit received or receivable (directly or indirectly) by the entity and * associates of the entity in respect of the * scheme; and (b) the deterrent effect that any penalty may have; and (c) the amount of loss or damage incurred by scheme participants; and (d) the nature and extent of the contravention; and (e) the circumstances in which the contravention took place, including the deliberateness of the entity’s conduct and whether there was an honest and reasonable mistake of law; and (f) the period over which the conduct extended; and (g) whether the entity took any steps to avoid the contravention; and (h) whether the entity has previously been found by the Court to have engaged in the same or similar conduct; and (i) the degree of the entity’s cooperation with the Commissioner. Recovery of penalty (6) The penalty is a civil debt payable to the Commonwealth, and the Commissioner may, on behalf of the Commonwealth, enforce an order for an entity to pay the penalty as if it were an order made in civil proceedings against the entity to recover a debt due by the entity. The debt arising from the order is taken to be a judgment debt.", "Amendment_Count": 3, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 56 of 2010 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-55", "Provision_Key": "s290-55", "Heading": "Exceptions", "Text": "Reasonable mistake or reasonable precautions (1) The Federal Court of Australia must not order the entity to pay a civil penalty if the entity satisfies the Court: (a) that the conduct in respect of which the proceedings were instituted was due to a reasonable mistake of fact; or (b) that: (i) the conduct in respect of which the proceedings were instituted was due to the act or default of another entity, to an accident or to some other cause beyond the entity’s control; and (ii) the entity took reasonable precautions and exercised due diligence to avoid the conduct. (2) The other entity referred to in paragraph (1)(b) does not include: (a) someone who was an employee or agent of the entity when the alleged conduct occurred; or (b) if the entity is a body corporate—someone who was a director of the entity when the alleged conduct occurred; or (c) if the entity is a partner in a partnership—someone who was also a partner in the partnership when the alleged conduct occurred; or (d) if the entity is a trustee of a trust that has more than one trustee—someone who was also a trustee of the trust when the alleged conduct occurred. Reliance on advice from the Commissioner (3) The Commissioner must not make an application under section 290 ‑ 50 for conduct referred to in subsection 290 ‑ 50(1) in relation to an entity’s involvement in a * scheme if: (a) the scheme is based on treating a * taxation law as applying in a particular way; and (b) that way agrees with: (i) advice given to the entity or the entity’s agent by or on behalf of the Commissioner; or (ii) a statement in a publication approved in writing by the Commissioner. Time limitation (4) The Commissioner must not make an application under section 290 ‑ 50 in relation to an entity’s involvement in a * tax exploitation scheme more than 6 years after the entity last engaged in conduct that resulted in the entity or another entity being a * promoter of the tax exploitation scheme. (5) The Commissioner must not make an application under section 290 ‑ 50 in relation to an entity’s involvement in a * scheme that has been promoted on the basis of conformity with a * public ruling, * private ruling or * oral ruling more than 6 years after the entity last engaged in conduct in relation to: (a) if the scheme has been implemented—the implementation of the scheme; or (b) if the scheme has not been implemented—the promotion of the scheme. (6) However, the limitation in subsection (4) or (5) does not apply to * schemes that involve, or if implemented would involve, tax evasion. Exception where entity does not know result of conduct (7) The Federal Court of Australia must not order an entity to pay a civil penalty in relation to the entity’s engaging in conduct: (a) that results in another entity being a * promoter of a * tax exploitation scheme; or (aa) that results in a * scheme that is materially different from that described in a * public ruling, * private ruling or * oral ruling being promoted on the basis of conformity with that ruling; or (b) that results in a scheme that has been promoted on the basis of conformity with a public ruling, private ruling or oral ruling being implemented in a way that is materially different from that described in the ruling; if the entity satisfies the Court that the entity did not know, and could not reasonably be expected to have known, that the entity’s conduct would produce that result. (7A) The other entity referred to in paragraph (7)(a) does not include: (a) if the entity mentioned first in subsection (7) is a partner in a partnership: (i) the partnership; or (ii) someone who was a partner in the partnership when the alleged conduct occurred; or (b) if the entity mentioned first in subsection (7) is a trustee of a trust: (i) the trust; or (ii) if the trust has more than one trustee—someone who was also a trustee of the trust when the alleged conduct occurred. Employees (8) The Commissioner must not make an application under section 290 ‑ 50 in relation to an individual’s involvement in a * scheme as an employee if the Federal Court of Australia has ordered the individual’s employer to pay a civil penalty under this Division in relation to the same scheme.", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-60", "Provision_Key": "s290-60", "Heading": "Meaning of promoter", "Text": "(1) An entity is a promoter of a * tax exploitation scheme if: (a) the entity: (i) markets the scheme; or (ii) otherwise encourages the growth of the scheme or interest in it; and (b) the entity or an * associate of the entity receives (directly or indirectly) a benefit in respect of that marketing or encouragement; and (c) having regard to all relevant matters, it is reasonable to conclude that the entity has had a substantial role in respect of that marketing or encouragement. (2) However, an entity is not a promoter of a * tax exploitation scheme merely because the entity provides advice about the * scheme. (3) An employee is not to be taken to have had a substantial role in respect of that marketing or encouragement merely because the employee distributes information or material prepared by another entity.", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-65", "Provision_Key": "s290-65", "Heading": "Meaning of tax exploitation scheme", "Text": "(1) A * scheme is a tax exploitation scheme if, at the time of the conduct mentioned in subsection 290 ‑ 50(1): (a) one of these conditions is satisfied: (i) if the scheme has been implemented—it is reasonable to conclude that an entity that (alone or with others) entered into or carried out the scheme did so with the sole or dominant purpose of that entity or another entity getting a * scheme benefit from the scheme; (ii) if the scheme has not been implemented—it is reasonable to conclude that, if an entity (alone or with others) had entered into or carried out the scheme, it would have done so with the sole or dominant purpose of that entity or another entity getting a scheme benefit from the scheme; and (b) one of these conditions is satisfied: (i) if the scheme has been implemented—it is not * reasonably arguable that the scheme benefit is available at law; (ii) if the scheme has not been implemented—it is not reasonably arguable that the scheme benefit would be available at law if the scheme were implemented. Note: The condition in paragraph (b) would not be satisfied if the implementation of the scheme for all participants were in accordance with binding advice given by or on behalf of the Commissioner of Taxation (for example, if that implementation were in accordance with a public ruling under this Act, or all participants had private rulings under this Act and that implementation were in accordance with those rulings). (1A) A * scheme is also a tax exploitation scheme if, at the time of the conduct mentioned in subsection 290 ‑ 50(1): (a) one of these conditions is satisfied: (i) if the scheme has been implemented—Part IVA of the Income Tax Assessment Act 1936 applies to the scheme because of section 177DA or 177J of that Act; (ii) if the scheme has not been implemented—it is reasonable to conclude that, had the scheme been entered into or carried out, Part IVA of that Act would apply to the scheme because of section 177DA or 177J of that Act; and (b) one of these conditions is satisfied: (i) if the scheme has been implemented—it is reasonable to conclude that an entity that (alone or with others) entered into or carried out the scheme, or part of it, did so for a principal purpose of, or for more than one principal purpose that includes a purpose of, that entity or another entity getting a * scheme benefit from the scheme; (ii) if the scheme has not been implemented—it is reasonable to conclude that if an entity (alone or with others) had entered into or carried out the scheme, it would have done so for a principal purpose of, or for more than one principal purpose that includes a purpose of, that entity or another entity getting a scheme benefit from the scheme; and (c) one of these conditions is satisfied: (i) if the scheme has been implemented—it is not * reasonably arguable that the scheme benefit is available at law; (ii) if the scheme has not been implemented—it is not reasonably arguable that the scheme benefit would be available at law if the scheme were implemented. (2) In deciding whether it is * reasonably arguable that a * scheme benefit would be available at law, take into account any thing that the Commissioner can do under a * taxation law. Example: The Commissioner may cancel a tax benefit obtained by a taxpayer in connection with a scheme under section 177F of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-120", "Provision_Key": "s290-120", "Heading": "Conduct to which this Subdivision applies", "Text": "This Subdivision applies to conduct of the kind referred to in subsection 290 ‑ 50(1), (1A) or (2).", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-125", "Provision_Key": "s290-125", "Heading": "Injunctions", "Text": "If an entity has engaged, is engaging or is proposing to engage in conduct to which this Subdivision applies or would apply, the Federal Court of Australia may, on the application of the Commissioner, grant an injunction: (a) restraining the entity from engaging in the conduct; and (b) if, in the Court’s opinion, it is desirable to do so—requiring the entity to do something.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-130", "Provision_Key": "s290-130", "Heading": "Interim injunctions", "Text": "The Federal Court of Australia may, before considering an application for an injunction under section 290 ‑ 125, grant an interim injunction restraining an entity from engaging in conduct to which this Subdivision applies.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-135", "Provision_Key": "s290-135", "Heading": "Delay in making ruling", "Text": "If: (a) an entity applied in writing to the Commissioner for a * public ruling, * private ruling or * oral ruling in relation to a * scheme; and (b) the Commissioner has neither made the ruling nor told the entity in writing that the Commissioner has declined to make the ruling; the Commissioner must not make an application under section 290 ‑ 125 in relation to conduct or proposed conduct by an entity in relation to the scheme until the Commissioner makes the ruling or tells the entity in writing that the Commissioner has declined to make the ruling.", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 32 of 2006 | No 37 of 2024", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-140", "Provision_Key": "s290-140", "Heading": "Discharge etc. of injunctions", "Text": "The Federal Court of Australia may discharge or vary an injunction granted under this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-145", "Provision_Key": "s290-145", "Heading": "Certain limits on granting injunctions not to apply", "Text": "Restraining injunctions (1) The power of the Federal Court of Australia under this Subdivision to grant an injunction restraining an entity from engaging in conduct of a particular kind may be exercised: (a) if the Court is satisfied that the entity has engaged in conduct of that kind—whether or not it appears to the Court that the entity intends to engage again, or to continue to engage, in conduct of that kind; or (b) if it appears to the Court that, if an injunction is not granted, it is likely that the entity will engage in conduct of that kind—whether or not the entity has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to anyone if the entity engages in conduct of that kind. Performance injunctions (2) The power of the Federal Court of Australia under this Subdivision to grant an injunction requiring an entity to do something may be exercised: (a) if the Court is satisfied that the entity has refused or failed to do that thing—whether or not it appears to the Court that the entity intends to refuse or fail again, or to continue to refuse or fail, to do that thing; or (b) if it appears to the Court that, if an injunction is not granted, it is likely that the entity will refuse or fail to do that thing—whether or not the entity has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to anyone if the entity refuses or fails to do that act or thing.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-150", "Provision_Key": "s290-150", "Heading": "Other powers of the Federal Court unaffected", "Text": "The powers conferred on the Federal Court of Australia under this Subdivision are in addition to, and not instead of, any other powers of the Court, however conferred.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 290-200", "Provision_Key": "s290-200", "Heading": "Voluntary undertakings", "Text": "(1) The Commissioner may accept a written undertaking given by an entity for the purposes of this section in connection with furthering the objects of this Division. (2) The entity may withdraw or vary the undertaking at any time, but only with the consent of the Commissioner. (3) If the Commissioner considers that the entity that gave the undertaking has breached any of its terms, the Commissioner may apply to the Federal Court of Australia for an order under subsection (4). (4) If the Court is satisfied that the entity has breached a term of the undertaking, the Court may make one or both of the following orders: (a) an order directing the entity to comply with that term of the undertaking; (b) any other order that the Court considers appropriate.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s290-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 295-70", "Provision_Key": "s295-70", "Heading": "What this Subdivision is about", "Text": "A person is liable to a civil penalty if the person possesses 2 kilograms or more of tobacco and the person: (a) does not provide certain documents (such as a tax invoice) indicating how the person obtained the tobacco; or (b) has stated that the possession was engaged in on behalf of or at the request of another person, but does not provide information enabling the other person to be identified and located. However, the person will not be liable to the civil penalty in certain circumstances, such as where: (a) the person is an individual, and possesses the tobacco for his or her personal use; or (b) the person has reasonable grounds to suspect that excise duty or customs duty has been paid on the tobacco, or excise duty and customs duty is not payable on the tobacco. Table of sections 295 ‑ 75 Possession of tobacco without relevant documentation etc. 295 ‑ 80 Things treated as tobacco", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s295-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 295-75", "Provision_Key": "s295-75", "Heading": "Possession of tobacco without relevant documentation etc.", "Text": "(1) A person contravenes this subsection if: (a) the person possesses a thing; and (b) the thing is tobacco; and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) the condition in subsection (2) is satisfied; and (e) the weight of the tobacco equals or exceeds 2 kilograms. (2) For the purposes of paragraph (1)(d), the condition in this subsection is satisfied if: (a) the person has not provided any of the following: (i) a * tax invoice indicating how the person obtained the tobacco; (ii) a bill of lading indicating how the person obtained the tobacco; (iii) a customs declaration indicating how the person obtained the tobacco; or (b) the person: (i) has stated that the possession was engaged in on behalf of or at the request of another person; and (ii) has not provided information enabling the other person to be identified and located. (3) A person is liable to a civil penalty if the person contravenes subsection (1). Penalty: 100 penalty units. (4) Section 308 ‑ 510 applies to this section in the same way that it applies to Division 308. (5) Subsection (1) does not apply if: (a) the person is an individual; and (b) the person possesses the tobacco for his or her personal use. (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . (8) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. (9) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. (10) If person wishes to rely on subsection (5), (6), (7), (8) or (9) in civil penalty proceedings, the person bears an * evidential burden in relation to that matter.", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s295-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 295-80", "Provision_Key": "s295-80", "Heading": "Things treated as tobacco", "Text": "(1) For the purposes of this Division, treat as tobacco any thing (including moisture) added to the tobacco leaf during manufacturing or processing. (2) To avoid doubt, for the purposes of this Division: (a) treat tobacco seed, tobacco plant (whether or not in the ground) and tobacco leaf as tobacco; and (b) treat cigars, cigarettes and snuff as tobacco.", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s295-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-5", "Provision_Key": "s298-5", "Heading": "Scope of Subdivision", "Text": "This Subdivision applies if: (a) an administrative penalty is imposed on an entity by another Division in this Part; or (b) a penalty is imposed on an entity by Subdivision 162 ‑ D of the * GST Act; or (c) an administrative penalty is imposed on an entity by a provision of Subdivision 12 ‑ H, 14 ‑ D or 14 ‑ E, Division 16 or section 384 ‑ 17, 420 ‑ 5, 426 ‑ 120 or 426 ‑ 195 in this Schedule; or (d) an administrative penalty is imposed on an entity by section 166 of the Superannuation Industry (Supervision) Act 1993 .", "Amendment_Count": 19, "First_Amended": "No 179 of 1999", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 73 of 2001 | No 101 of 2004 | No 32 of 2006 | No 58 of 2006 | No 80 of 2006 | No 4 of 2007 | No 9 of 2007 | No 15 of 2007 | No 32 of 2008 | No 88 of 2009 | No 11 of 2014 | No 110 of 2014 | No 10 of 2016 | No 8 of 2019 | No 49 of 2019 | No 84 of 2022 | No 52 of 2024", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Repealed and substituted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 101 of 2004, effective sch 11 (items 3 ‑ 15): 22 Dec 1999 (s 2(1) item 12) sch 11 (item 130): 30 June 2001 (s 2(1) item 15) sch 11 (items 155 ‑ 160, 163, 164): 30 June 2004 (s 2(1) items 17, 18) | Repealed and substituted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24) | Amended by No 80 of 2006, effective sch 4 (items 10 ‑ 14), sch 6 (items 10, 11), sch 7 (items 4 ‑ 6): Royal Assent | Amended by No 4 of 2007, effective sch 2 (items 17 ‑ 21): Royal Assent | Amended by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 11 of 2014, effective sch 2 (items 26, 27): 1 July 2014 (s 2(1) item 3) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 10 of 2016, effective sch 2 (item 31): 5 May 2016 (s 2(1) item 5) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 49 of 2019, effective sch 4 (items 105 ‑ 111): 1 July 2019 (s 2(1) item 12) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-10", "Provision_Key": "s298-10", "Heading": "Notification of liability", "Text": "The Commissioner must give written notice to the entity of the entity’s liability to pay the penalty and of the reasons why the entity is liable to pay the penalty. The Commissioner is not required to give reasons if he or she decides to remit all of the penalty. Note: Section 25D of the Acts Interpretation Act 1901 sets out rules about the contents of a statement of reasons.", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 179 of 1999 | No 75 of 2005 | No 55 of 2017", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 55 of 2017, effective sch 1 (items 23, 24, 32): 1 July 2017 (s 2(1) items 5, 7)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-15", "Provision_Key": "s298-15", "Heading": "Due date for penalty", "Text": "The penalty becomes due for payment on the day specified in the notice, which must be at least 14 days after the notice is given to the entity. Note: For provisions about collection and recovery of the penalty, see Part 4 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 179 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 44 of 2000, effective sch 1, sch 3 (items 55 ‑ 67), sch 4 (items 17 ‑ 48): 22 Dec 1999 (s 2(1)) sch 2 (item 12): 1 Apr 2000 (s 2(2)) sch 3 (item 68): 1 July 2000 (s 2(8))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-20", "Provision_Key": "s298-20", "Heading": "Remission of penalty", "Text": "(1) The Commissioner may remit all or a part of the penalty. (2) If the Commissioner decides: (a) not to remit the penalty; or (b) to remit only part of the penalty; the Commissioner must give written notice of the decision and the reasons for the decision to the entity. Note: Section 25D of the Acts Interpretation Act 1901 sets out rules about the contents of a statement of reasons. (3) If: (a) the Commissioner refuses to any extent to remit an amount of penalty; and (b) the amount of penalty payable after the refusal is more than 2 penalty units; and Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (c) the entity is dissatisfied with the decision; the entity may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 75 of 2005", "Amending_Acts": "No 179 of 1999 | No 75 of 2005", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 75 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-25", "Provision_Key": "s298-25", "Heading": "General interest charge on unpaid penalty", "Text": "If any of the penalty remains unpaid after it is due, the entity is liable to pay the * general interest charge on the unpaid amount of the penalty for each day in the period that: (a) started at the beginning of the day by which the amount was due to be paid; and (b) finishes at the end of the last day, at the end of which, any of the following remains unpaid: (i) the amount; (ii) general interest charge on any of the amount. Note: The general interest charge is worked out under Part IIA.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 179 of 1999 | No 101 of 2006", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-30", "Provision_Key": "s298-30", "Heading": "Assessment of penalties under Division 284 or section 288 ‑ 115", "Text": "(1) The Commissioner must make an assessment of the amount of an administrative penalty under Division 284 or section 288 ‑ 115. (2) An entity that is dissatisfied with such an assessment made about the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 91 of 2000", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 91 of 2000 | No 2 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-80", "Provision_Key": "s298-80", "Heading": "Application of Subdivision", "Text": "This Subdivision applies for the purposes of the following provisions (the civil penalty provisions ): (a) Division 290 of this Schedule (civil penalties for the promotion and implementation of schemes); (aa) subsection 295 ‑ 75(1) in this Schedule (possession of tobacco without relevant documentation); (b) Part 5 of the Tax Agent Services Act 2009 (civil penalties for providing tax agent services while unregistered and for certain conduct when providing tax agent services).", "Amendment_Count": 3, "First_Amended": "No 32 of 2006", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 32 of 2006 | No 114 of 2009 | No 82 of 2018", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Repealed and substituted by No 114 of 2009, effective sch 1 (items 14 ‑ 26), sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-85", "Provision_Key": "s298-85", "Heading": "Civil evidence and procedure rules for civil penalty orders", "Text": "The Federal Court of Australia must apply the rules of evidence and procedure for civil matters when hearing proceedings for a civil penalty order under the civil penalty provisions.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-90", "Provision_Key": "s298-90", "Heading": "Civil proceedings after criminal proceedings", "Text": "The Court must not make a civil penalty order under the civil penalty provisions against an entity if the entity has been convicted of an offence constituted by conduct that is substantially the same as the conduct in relation to which the civil penalty order would be made.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-95", "Provision_Key": "s298-95", "Heading": "Criminal proceedings during civil proceedings", "Text": "(1) Proceedings for a civil penalty order under the civil penalty provisions against an entity are stayed if: (a) criminal proceedings are started or have already been started against the entity for an offence; and (b) the offence is constituted by conduct that is substantially the same as the conduct in relation to which the civil penalty order would be made. (2) The proceedings for the order may be resumed if the entity is not convicted of the offence. Otherwise, the proceedings for the order are dismissed.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-100", "Provision_Key": "s298-100", "Heading": "Criminal proceedings after civil proceedings", "Text": "Criminal proceedings may be started against an entity for conduct that is substantially the same as conduct in relation to which a civil penalty order under the civil penalty provisions could be made regardless of whether a civil penalty order has been made against the entity.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-105", "Provision_Key": "s298-105", "Heading": "Evidence given in proceedings for penalty not admissible in criminal proceedings", "Text": "Evidence of information given or evidence of production of documents by an entity is not admissible in criminal proceedings against the entity if: (a) the entity previously gave the evidence or produced the documents in proceedings for a civil penalty order under the civil penalty provisions against the entity (whether or not the order was made); and (b) the conduct alleged to constitute the offence is substantially the same as the conduct in relation to which the civil penalty order was sought. However, this does not apply to a criminal proceeding in respect of the falsity of the evidence given by the entity in the proceedings for the civil penalty order.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 298-110", "Provision_Key": "s298-110", "Heading": "Civil double jeopardy", "Text": "If an entity is ordered to pay a civil penalty under the civil penalty provisions in respect of particular conduct, the entity is not liable to a civil penalty under some other provision of a * Commonwealth law in respect of that conduct. Taxation Administration Act 1953 No. 1, 1953 Compilation No. 225 Compilation date: 1 July 2026 Includes amendments: Act No. 57, 2025 and Act No. 49, 2026 This compilation is in 4 volumes Volume 1: Parts I to V sections 1 to 18 Schedule 1 Chapter 2, Part 2 ‑ 1 to Part 2 ‑ 5 sections 6 ‑ 1 to 21 ‑ 5 Volume 2: Schedule 1 Chapter 2, Part 2 ‑ 10 to Chapter 4, Part 4 ‑ 25 sections 45 ‑ 1 to 298 ‑ 110 Volume 3: Schedule 1 Chapter 4, Part 4 ‑ 30 to Chapter 5, Part 5 ‑ 100 sections 308 ‑ 1 to 990 ‑ 5 Volume 4: Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the Taxation Administration Act 1953 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s298-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-1", "Provision_Key": "s308-1", "Heading": "What this Division is about", "Text": "This Division sets out offences and related provisions relating to tobacco.", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-5", "Provision_Key": "s308-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out offences for the possession, sale or buying of tobacco of various quantities where it is reasonable to suspect that none of the following circumstances exist: (a) excise duty has been paid on the tobacco; (b) customs duty has been paid on the tobacco; (c) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (d) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth. This Subdivision sets out defences to those offences, such as where an accused person has a relevant permission or licence under excise or customs legislation. Table of sections 308 ‑ 10 Possession of tobacco (500 kilograms or above)—reasonable suspicion offence 308 ‑ 15 Possession of tobacco (100 kilograms or above)—reasonable suspicion offence 308 ‑ 20 Possession of tobacco (5 kg or above)—reasonable suspicion offence 308 ‑ 25 Sale of tobacco (500 kilograms or above)—reasonable suspicion offence 308 ‑ 30 Sale of tobacco (100 kilograms or above)—reasonable suspicion offence 308 ‑ 35 Sale of tobacco (5 kg or above)—reasonable suspicion offence 308 ‑ 40 Buying of tobacco (500 kilograms or above)—reasonable suspicion offence 308 ‑ 45 Buying of tobacco (100 kilograms or above)—reasonable suspicion offence 308 ‑ 50 Buying of tobacco (5 kg or above)—reasonable suspicion offence 308 ‑ 55 Matters taken to satisfy “reasonable to suspect” requirement", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-10", "Provision_Key": "s308-10", "Heading": "Possession of tobacco (500 kilograms or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person possesses a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 500 kilograms or above. Penalty: 5 years imprisonment or the greater of the following, or both 5 years imprisonment and the greater of the following: (a) 1,000 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-15", "Provision_Key": "s308-15", "Heading": "Possession of tobacco (100 kilograms or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person possesses a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 100 kilograms or above. Penalty: 2 years imprisonment or the greater of the following, or both 2 years imprisonment and the greater of the following: (a) 500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-20", "Provision_Key": "s308-20", "Heading": "Possession of tobacco (5 kg or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person possesses a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 5 kilograms or above. Penalty: The greater of the following: (a) 200 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-25", "Provision_Key": "s308-25", "Heading": "Sale of tobacco (500 kilograms or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person sells a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 500 kilograms or above. Penalty: 5 years imprisonment or the greater of the following, or both 5 years imprisonment and the greater of the following: (a) 1,000 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-30", "Provision_Key": "s308-30", "Heading": "Sale of tobacco (100 kilograms or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person sells a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 100 kilograms or above. Penalty: 2 years imprisonment or the greater of the following, or both 2 years imprisonment and the greater of the following: (a) 500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-35", "Provision_Key": "s308-35", "Heading": "Sale of tobacco (5 kg or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person sells a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 5 kilograms or above. Penalty: The greater of the following: (a) 200 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-40", "Provision_Key": "s308-40", "Heading": "Buying of tobacco (500 kilograms or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person buys a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 500 kilograms or above. Penalty: 5 years imprisonment or the greater of the following, or both 5 years imprisonment and the greater of the following: (a) 1,000 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-45", "Provision_Key": "s308-45", "Heading": "Buying of tobacco (100 kilograms or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person buys a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 100 kilograms or above. Penalty: 2 years imprisonment or the greater of the following, or both 2 years imprisonment and the greater of the following: (a) 500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-50", "Provision_Key": "s308-50", "Heading": "Buying of tobacco (5 kg or above)—reasonable suspicion offence", "Text": "(1) A person commits an offence if: (a) the person buys a thing; and (b) the thing is tobacco (other than tobacco seed or tobacco plant); and (c) the tobacco is in Australia but not in an external Territory; and (d) it is reasonable to suspect that none of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; and (e) the weight of the tobacco is 5 kilograms or above. Penalty: The greater of the following: (a) 200 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(d). (6) Absolute liability applies to paragraph (1)(e). (7) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ). (9) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (9) (see subsection 13.3(3) of the Criminal Code ). (10) Subsection (1) does not apply if: (a) any of the following circumstances exist: (i) * excise duty has been paid on the tobacco; (ii) * customs duty has been paid on the tobacco; (iii) excise duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; (iv) customs duty is not payable on the tobacco because of an exemption under a law of the Commonwealth; or (b) the person has reasonable grounds to suspect that any of those circumstances exist. Note: A defendant bears an evidential burden in relation to the matter in subsection (10) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-55", "Provision_Key": "s308-55", "Heading": "Matters taken to satisfy “reasonable to suspect” requirement", "Text": "(1) Without limiting paragraphs 308 ‑ 10(1)(d), 308 ‑ 15(1)(d), 308 ‑ 20(1)(d), 308 ‑ 25(1)(d), 308 ‑ 30(1)(d), 308 ‑ 35(1)(d), 308 ‑ 40(1)(d), 308 ‑ 45(1)(d) and 308 ‑ 50(1)(d), those paragraphs are taken to be satisfied if any of the following circumstances exist: (a) the tobacco is not in retail packaging that complies with the requirements in Chapter 3 of the Public Health (Tobacco and Other Products) Act 2023 ; (b) the tobacco does not comply with the requirements for a tobacco product in Chapter 3 of the Public Health (Tobacco and Other Products) Act 2023 ; (c) in the case of buying or selling: (i) an information standard has been made under subsection 134(1) or 135(1) of Schedule 2 to the Competition and Consumer Act 2010 for tobacco (or for a particular kind of tobacco); and (ii) the supplier does not comply with the standard in supplying the tobacco; (d) if a safety standard has been made or declared under subsection 104(1) or 105(1) of Schedule 2 to the Competition and Consumer Act 2010 for tobacco (or for a particular kind of tobacco)—the tobacco does not comply with the standard; (e) a permanent ban or an interim ban on consumer goods in force under Part 3 ‑ 3 of Schedule 2 to the Competition and Consumer Act 2010 applies to the tobacco; (ea) a permanent ban under Chapter 4 of the Public Health (Tobacco and Other Products) Act 2023 applies to the tobacco; (f) in the case of buying or selling—the price of the tobacco, or the advertised or offered price for the tobacco, is less than the sum of the following amounts: (i) the lower of the amount of * excise duty or * customs duty that would apply to the tobacco, assuming that such duty were applicable to the tobacco and that no exemption or reduction of such duty were applicable; (ii) the amount of * GST that would apply to the sale of the tobacco, assuming that GST were applicable to the sale; (g) in the case of buying or selling: (i) a law of a State or Territory that applies to the buying or selling of the tobacco makes it unlawful to buy or sell tobacco in certain circumstances; and (ii) the buying or selling happens in such circumstances; (h) the person has not provided any of the following: (i) a * tax invoice indicating how the person obtained the tobacco; (ii) a bill of lading indicating how the person obtained the tobacco; (iii) a customs declaration indicating how the person obtained the tobacco; (i) the person: (i) has stated that the possession, selling or buying was engaged in on behalf of or at the request of another person; and (ii) has not provided information enabling the other person to be identified and located; (j) in the case of selling: (i) the * GST law requires the person to give the buyer of the tobacco a tax invoice in respect of the sale; and (ii) the person fails to meet that requirement; (k) the tobacco is tobacco leaf that: (i) has not been subjected to any process; or (ii) has been subjected only to the process of curing the leaf as stripped from the plant. (2) To avoid doubt, subsection (1) does not apply for the purposes of subsections 308 ‑ 10(10), 308 ‑ 15(10), 308 ‑ 20(10), 308 ‑ 25(10), 308 ‑ 30(10), 308 ‑ 35(10), 308 ‑ 40(10), 308 ‑ 45(10) and 308 ‑ 50(10).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 119 of 2023", "Amending_Acts": "No 82 of 2018 | No 119 of 2023", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 119 of 2023, effective sch 1 (items 18–20): 1 Apr 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-105", "Provision_Key": "s308-105", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out offences for the possession, manufacturing or production of tobacco of various quantities where: (a) the tobacco is excisable goods, tobacco seed or tobacco plant, or tobacco leaf that has not been subjected to any relevant process; and (b) if excise duty is payable on the tobacco, the full amount of that excise duty has not been paid. This Subdivision sets out defences to those offences, such as where an accused person has a relevant permission or licence under excise or customs legislation. Table of sections 308 ‑ 110 Possession of tobacco (500 kg or above)—fault ‑ based offence 308 ‑ 115 Possession of tobacco (100 kg or above)—fault ‑ based offence 308 ‑ 120 Possession of tobacco (5 kg or above)—fault ‑ based offence 308 ‑ 125 Manufacture or production of tobacco (500 kg or above)—fault ‑ based offence 308 ‑ 130 Manufacture or production of tobacco (100 kg or above)—fault ‑ based offence 308 ‑ 135 Manufacture or production of tobacco (5 kg or above)—fault ‑ based offence", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-110", "Provision_Key": "s308-110", "Heading": "Possession of tobacco (500 kg or above)—fault ‑ based offence", "Text": "(1) A person commits an offence if: (a) the person possesses a thing; and (b) the thing is tobacco; and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) the tobacco is: (i) * excisable goods; or (ii) tobacco seed or tobacco plant; or (iii) tobacco leaf that has not been subjected to any process, or has been subjected only to the process of curing the leaf as stripped from the plant; and (e) in a case where the tobacco is excisable goods: (i) * excise duty is payable on the tobacco; and (ii) the full amount of excise duty has not been paid on the tobacco; and (f) the weight of the tobacco is 500 kilograms or above. Penalty: 10 years imprisonment or the greater of the following, or both 10 years imprisonment and the greater of the following: (a) 1,500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco plant or tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco plant or tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that: (i) for tobacco plant—the weight of the tobacco were equal to the potential weight of tobacco that could be produced from the plant if it were fully grown and it had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (ii) for tobacco leaf—the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco plant or tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(f). (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ). (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if: (a) the person has permission (within the meaning of the Excise Act 1901 ): (i) to possess the tobacco; or (ii) to move the tobacco; or (b) the tobacco is covered by an authority under section 55 of that Act; or (c) the tobacco has been deemed to be entered for home consumption under subsection 61C(2) of that Act. Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-115", "Provision_Key": "s308-115", "Heading": "Possession of tobacco (100 kg or above)—fault ‑ based offence", "Text": "(1) A person commits an offence if: (a) the person possesses a thing; and (b) the thing is tobacco; and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) the tobacco is: (i) * excisable goods; or (ii) tobacco seed or tobacco plant; or (iii) tobacco leaf that has not been subjected to any process, or has been subjected only to the process of curing the leaf as stripped from the plant; and (e) in a case where the tobacco is excisable goods: (i) * excise duty is payable on the tobacco; and (ii) the full amount of excise duty has not been paid on the tobacco; and (f) the weight of the tobacco is 100 kilograms or above. Penalty: 5 years imprisonment or the greater of the following, or both 5 years imprisonment and the greater of the following: (a) 1,000 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco plant or tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco plant or tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that: (i) for tobacco plant—the weight of the tobacco were equal to the potential weight of tobacco that could be produced from the plant if it were fully grown and it had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (ii) for tobacco leaf—the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco plant or tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(f). (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ). (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if the person has permission (within the meaning of the Excise Act 1901 ): (a) to possess the tobacco; or (b) to move the tobacco; or (c) to deliver the tobacco for home consumption without entering it for that purpose. Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-120", "Provision_Key": "s308-120", "Heading": "Possession of tobacco (5 kg or above)—fault ‑ based offence", "Text": "(1) A person commits an offence if: (a) the person possesses a thing; and (b) the thing is tobacco; and (c) the place in which the person possesses the tobacco is in Australia but not in an external Territory; and (d) the tobacco is: (i) * excisable goods; or (ii) tobacco seed or tobacco plant; or (iii) tobacco leaf that has not been subjected to any process, or has been subjected only to the process of curing the leaf as stripped from the plant; and (e) in a case where the tobacco is excisable goods: (i) * excise duty is payable on the tobacco; and (ii) the full amount of excise duty has not been paid on the tobacco; and (f) the weight of the tobacco is 5 kilograms or above. Penalty: The greater of the following: (a) 500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco plant or tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco plant or tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that: (i) for tobacco plant—the weight of the tobacco were equal to the potential weight of tobacco that could be produced from the plant if it were fully grown and it had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (ii) for tobacco leaf—the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco plant or tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(f). (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ). (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ). (8) Subsection (1) does not apply if the person has permission (within the meaning of the Excise Act 1901 ): (a) to possess the tobacco; or (b) to move the tobacco; or (c) to deliver the tobacco for home consumption without entering it for that purpose. Note: A defendant bears an evidential burden in relation to the matter in subsection (8) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-125", "Provision_Key": "s308-125", "Heading": "Manufacture or production of tobacco (500 kg or above)—fault ‑ based offence", "Text": "(1) A person commits an offence if: (a) the person manufactures or produces a thing; and (b) the thing is tobacco; and (c) the place in which the person manufactures or produces the tobacco is in Australia but not in an external Territory; and (d) the tobacco is: (i) * excisable goods; or (ii) tobacco seed or tobacco plant; or (iii) tobacco leaf that has not been subjected to any process, or has been subjected only to the process of curing the leaf as stripped from the plant; and (e) in a case where the tobacco is excisable goods: (i) * excise duty is payable on the tobacco; and (ii) the full amount of excise duty has not been paid on the tobacco; and (f) the weight of the tobacco is 500 kilograms or above. Penalty: 10 years imprisonment or the greater of the following, or both 10 years imprisonment and the greater of the following: (a) 1,500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco plant or tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco plant or tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that: (i) for tobacco plant—the weight of the tobacco were equal to the potential weight of tobacco that could be produced from the plant if it were fully grown and it had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (ii) for tobacco leaf—the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco plant or tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(f). (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ). (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-130", "Provision_Key": "s308-130", "Heading": "Manufacture or production of tobacco (100 kg or above)—fault ‑ based offence", "Text": "(1) A person commits an offence if: (a) the person manufactures or produces a thing; and (b) the thing is tobacco; and (c) the place in which the person manufactures or produces the tobacco is in Australia but not in an external Territory; and (d) the tobacco is: (i) * excisable goods; or (ii) tobacco seed or tobacco plant; or (iii) tobacco leaf that has not been subjected to any process, or has been subjected only to the process of curing the leaf as stripped from the plant; and (e) in a case where the tobacco is excisable goods: (i) * excise duty is payable on the tobacco; and (ii) the full amount of excise duty has not been paid on the tobacco; and (f) the weight of the tobacco is 100 kilograms or above. Penalty: 5 years imprisonment or the greater of the following, or both 5 years imprisonment and the greater of the following: (a) 1,000 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco plant or tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco plant or tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that: (i) for tobacco plant—the weight of the tobacco were equal to the potential weight of tobacco that could be produced from the plant if it were fully grown and it had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (ii) for tobacco leaf—the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco plant or tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(f). (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ). (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-135", "Provision_Key": "s308-135", "Heading": "Manufacture or production of tobacco (5 kg or above)—fault ‑ based offence", "Text": "(1) A person commits an offence if: (a) the person manufactures or produces a thing; and (b) the thing is tobacco; and (c) the place in which the person manufactures or produces the tobacco is in Australia but not in an external Territory; and (d) the tobacco is: (i) * excisable goods; or (ii) tobacco seed or tobacco plant; or (iii) tobacco leaf that has not been subjected to any process, or has been subjected only to the process of curing the leaf as stripped from the plant; and (e) in a case where the tobacco is excisable goods: (i) * excise duty is payable on the tobacco; and (ii) the full amount of excise duty has not been paid on the tobacco; and (f) the weight of the tobacco is 5 kilograms or above. Penalty: The greater of the following: (a) 500 penalty units; (b) the amount mentioned in subsection (2) multiplied by 5. (2) For the purposes of the penalty in subsection (1), the amount is: (a) for tobacco (other than tobacco plant or tobacco leaf)—the amount of excise duty that would be payable assuming that the tobacco were * excisable goods and entered for home consumption on the day mentioned in subsection (3); or (b) for tobacco plant or tobacco leaf, if regulations have been made for the purposes of this paragraph—the amount of excise duty that would be payable, as worked out under the regulations, assuming that: (i) for tobacco plant—the weight of the tobacco were equal to the potential weight of tobacco that could be produced from the plant if it were fully grown and it had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (ii) for tobacco leaf—the tobacco had been manufactured into excisable goods and entered for home consumption on the day mentioned in subsection (3); or (c) for tobacco plant or tobacco leaf, if regulations have not been made for the purposes of paragraph (b)—nil. (3) For the purposes of subsection (2), the day is: (a) if the Court knows the day, or days, on which the offence was committed—that day, or the earliest of those days; or (b) otherwise—the day on which the prosecution for the offence is instituted. (4) Absolute liability applies to paragraph (1)(c). (5) Absolute liability applies to paragraph (1)(f). (6) Subsection (1) does not apply if the tobacco is kept or stored at premises for which there is in force: (a) a licence (within the meaning of the Excise Act 1901 ) that relates to tobacco; or (b) a depot licence (within the meaning of the Customs Act 1901 ), or a warehouse licence (within the meaning of that Act), that relates to tobacco. Note: A defendant bears an evidential burden in relation to the matter in subsection (6) (see subsection 13.3(3) of the Criminal Code ). (7) Subsection (1) does not apply if: (a) the person is specified in a movement permission under section 44 of the Excise Act 1901 in relation to tobacco; or (b) the person is specified in a permission under section 71E of the Customs Act 1901 in relation to tobacco; or (c) the person has an authority to take the tobacco into warehousing under subsection 71DJ(4) of the Customs Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (7) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 2, "First_Amended": "No 82 of 2018", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 82 of 2018 | No 51 of 2024", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-200", "Provision_Key": "s308-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out offences for the possession of equipment for use in illegal manufacture or production of tobacco, or of equipment designed or adapted to manufacture or produce tobacco. Table of sections 308 ‑ 205 Possession of equipment for use in illegal manufacture or production of tobacco 308 ‑ 210 Possession of equipment designed or adapted to manufacture or produce tobacco", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-205", "Provision_Key": "s308-205", "Heading": "Possession of equipment for use in illegal manufacture or production of tobacco", "Text": "(1) A person (the first person ) commits an offence if: (a) the first person possesses equipment at a time; and (b) the place in which the first person possesses the equipment is in Australia but not in an external Territory; and (c) the first person is reckless as to whether a particular person (whether or not the first person) will, at a later time, use the equipment to manufacture or produce tobacco; and (d) the first person intends to possess the equipment at that later time; and (e) that manufacture or production by that particular person at that later time would constitute an offence against any of the following provisions: (i) section 308 ‑ 125, 308 ‑ 130 or 308 ‑ 135; (ii) section 25 or 28 of the Excise Act 1901 . Penalty: Imprisonment for 12 months or 120 penalty units, or both. (2) Absolute liability applies to paragraph (1)(b). (3) Absolute liability applies to paragraph (1)(e). (4) Subsection (1) does not apply if the first person has no reasonable ground to consider that the manufacture or production by the particular person at the later time would constitute an offence against any of the provisions mentioned in paragraph (1)(e). Note: A defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-205"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-210", "Provision_Key": "s308-210", "Heading": "Possession of equipment designed or adapted to manufacture or produce tobacco", "Text": "(1) A person commits an offence if: (a) the person possesses equipment at a time; and (b) the place in which the person possesses the equipment is in Australia but not in an external Territory; and (c) a reasonable person, with a full knowledge and understanding of the functioning of the equipment, would conclude that the equipment is designed or adapted specifically to manufacture or produce tobacco; and (d) on the assumption that, at the time mentioned in paragraph (a), the person used the equipment to manufacture or produce tobacco, the person would commit an offence against any of the following provisions: (i) section 308 ‑ 125, 308 ‑ 130 or 308 ‑ 135; (ii) section 25 or 28 of the Excise Act 1901 . Penalty: Imprisonment for 12 months or 120 penalty units, or both. (2) Absolute liability applies to paragraph (1)(b). (3) Absolute liability applies to paragraph (1)(d). (4) Subsection (1) does not apply if the person possesses the equipment: (a) for the sole purpose of the disposal or destruction of the equipment; or (b) for the sole purpose of the export of the equipment. Note: A defendant bears an evidential burden in relation to the matter in subsection (4) (see subsection 13.3(3) of the Criminal Code ). (5) Subsection (1) does not apply if: (a) the person possesses the equipment on behalf of another person; and (b) assuming that, at the time mentioned in paragraph (a), the other person used the equipment in Australia (but not in an external Territory) to manufacture or produce tobacco, the other person would not commit an offence under any of the following provisions: (i) section 308 ‑ 125,308 ‑ 130 or 308 ‑ 135; (ii) section 25 or 28 of the Excise Act 1901 . Note: A defendant bears an evidential burden in relation to the matter in subsection (5) (see subsection 13.3(3) of the Criminal Code ).", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-210"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-500", "Provision_Key": "s308-500", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out various miscellaneous rules that relate to the offences in other provisions of this Division, including rules that treat certain things as tobacco and certain matters as possession. Table of sections 308 ‑ 505 Things treated as tobacco 308 ‑ 510 Matters treated as possession 308 ‑ 515 Where excise duty or customs duty is treated as not payable for the purpose of the reasonable suspicion offences 308 ‑ 520 Section 8ZD does not apply to this Division", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-500"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-505", "Provision_Key": "s308-505", "Heading": "Things treated as tobacco", "Text": "(1) For the purposes of this Division, treat as tobacco any thing (including moisture) added to the tobacco leaf during manufacturing or processing. (2) To avoid doubt, for the purposes of this Division: (a) treat tobacco seed, tobacco plant (whether or not in the ground) and tobacco leaf as tobacco; and (b) treat cigars, cigarettes and snuff as tobacco.", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-505"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-510", "Provision_Key": "s308-510", "Heading": "Matters treated as possession", "Text": "(1) For the purposes of this Division, treat a person as possessing a thing if the person: (a) receives or obtains possession of the thing; or (b) has control over the disposition of the thing (whether or not the thing is in the custody of the person); or (c) has joint possession of the thing with one or more other persons. (2) To avoid doubt, subsection (1) does not limit, for the purposes of this Division, when a person possesses a thing. (3) For the purposes of this Division, a person may possess tobacco plant even if the plant is in the ground.", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-510"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-515", "Provision_Key": "s308-515", "Heading": "Where excise duty or customs duty is treated as not payable for the purpose of the reasonable suspicion offences", "Text": "(1) For the purposes of Subdivision 308 ‑ A, treat * excise duty as not payable on tobacco because of an exemption under a law of the Commonwealth if: (a) a “free” rate of * excise duty applies on the tobacco; or (b) there is a remission of all of the excise duty payable on the tobacco. (2) For the purposes of Subdivision 308 ‑ A, treat * customs duty as not payable on tobacco because of an exemption under a law of the Commonwealth if: (a) a “free” rate of * customs duty applies on the tobacco; or (b) there is a remission of all of the customs duty payable on the tobacco. (3) To avoid doubt, subsections (1) and (2) do not limit, for the purposes of Subdivision 308 ‑ A, when * excise duty or * customs duty is not payable on tobacco because of an exemption under a law of the Commonwealth.", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-515"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 308-520", "Provision_Key": "s308-520", "Heading": "Section 8ZD does not apply to this Division", "Text": "Section 8ZD does not apply for the purposes of this Division.", "Amendment_Count": 1, "First_Amended": "No 82 of 2018", "Last_Amended": "No 82 of 2018", "Amending_Acts": "No 82 of 2018", "History_Notes": "Inserted by No 82 of 2018, effective sch 1 (items 4 ‑ 6, 25): 25 Aug 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s308-520"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 340-1", "Provision_Key": "s340-1", "Heading": "What this Division is about", "Text": "The Commissioner may release you from a particular liability that you have incurred if you are an individual, or a trustee of the estate of a deceased person, and satisfying the liability would cause serious hardship. Table of sections Operative provisions 340 ‑ 5 Release from particular liabilities in cases of serious hardship 340 ‑ 10 Liabilities to which this section applies 340 ‑ 15 Commissioner may take action to give effect to a release decision 340 ‑ 20 Extinguishing your liability to pay a fringe benefits tax instalment if you are released 340 ‑ 25 Extinguishing your liability to pay a PAYG instalment if you are released", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s340-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 340-5", "Provision_Key": "s340-5", "Heading": "Release from particular liabilities in cases of serious hardship", "Text": "Applying for release (1) You may apply to the Commissioner to release you, in whole or in part, from a liability of yours if section 340 ‑ 10 applies to the liability. (2) The application must be in the * approved form. (3) The Commissioner may release you, in whole or in part, from the liability if you are an entity specified in the column headed “Entity” of the following table and the condition specified in the column headed “Condition” of the table is satisfied. Entity and condition Item Entity Condition 1 an individual you would suffer serious hardship if you were required to satisfy the liability 2 a trustee of the estate of a deceased individual the dependants of the deceased individual would suffer serious hardship if you were required to satisfy the liability Effect of the Commissioner’s decision (4) If the Commissioner: (a) refuses to release you in whole from the liability; or (b) releases you in part from the liability; nothing in this section prevents you from making a further application or applications under subsection (1) in relation to the liability. Notification of the Commissioner’s decision (5) The Commissioner must notify you in writing of the Commissioner’s decision within 28 days after making the decision. (6) A failure to comply with subsection (5) does not affect the validity of the Commissioner’s decision. Objections against the Commissioner’s decision (7) If you are dissatisfied with the Commissioner’s decision, you may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 67 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s340-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 340-10", "Provision_Key": "s340-10", "Heading": "Liabilities to which this section applies", "Text": "(1) This section applies to a liability if it is a liability of the following kind: (a) fringe benefits tax; (b) an instalment of fringe benefits tax; (c) * Medicare levy; (d) * Medicare levy (fringe benefits) surcharge; (e) a * PAYG instalment. (2) This section also applies to a liability if it is a liability that is specified in the column headed “Liabilities” of the following table and the liability is a liability under a provision or provisions of an Act specified in the column headed “Provision(s)” of the table: Liabilities and provision(s) Item Liabilities Provision(s) 1 additional tax (a) section 93 or 112B of the Fringe Benefits Tax Assessment Act 1986 ; or (b) former section 163B or subsection 221YDB(1), (1AAA), (1AA) or (1ABA) or Part VII of the Income Tax Assessment Act 1936 2 administrative penalty in relation to fringe benefits tax or * tax Part 4 ‑ 25 in this Schedule 3 general interest charge (a) former section 163AA, former section 170AA, former subsection 204(3) or former subsection 221AZMAA(1), 221AZP(1), 221YD(3) or 221YDB(3) of the Income Tax Assessment Act 1936 ; or (aa) section 5 ‑ 15 in the Income Tax Assessment Act 1997 ; or (b) section 45 ‑ 80 or 45 ‑ 620 or subsection 45 ‑ 230(2), 45 ‑ 232(2), 45 ‑ 235(2) or 45 ‑ 235(3) in this Schedule 3A shortfall interest charge Division 280 in this Schedule 4 interest section 102AAM of the Income Tax Assessment Act 1936 5 penalty former section 163A of the Income Tax Assessment Act 1936 6 * tax (a) section 128B of the Income Tax Assessment Act 1936 ; or (b) section 128V of the Income Tax Assessment Act 1936 ; or (c) section 4 ‑ 1 of the Income Tax Assessment Act 1997 ; or (d) section 840 ‑ 805 of the Income Tax Assessment Act 1997 ; or (da) section 840 ‑ 905 of the Income Tax Assessment Act 1997 ; or (e) section 840 ‑ 805 of the Income Tax (Transitional Provisions) Act 1997", "Amendment_Count": 10, "First_Amended": "No 67 of 2003", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 67 of 2003 | No 75 of 2005 | No 101 of 2006 | No 32 of 2008 | No 79 of 2010 | No 12 of 2012 | No 58 of 2012 | No 110 of 2014 | No 2 of 2015 | No 8 of 2019", "History_Notes": "Inserted by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 32 of 2008, effective sch 1 (items 1, 24 ‑ 58): Royal Assent | Amended by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 58 of 2012, effective sch 1 (items 8 ‑ 28): 21 June 2012 ( see s 2(1)) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s340-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 340-15", "Provision_Key": "s340-15", "Heading": "Commissioner may take action to give effect to a release decision", "Text": "(1) If the Commissioner decides to release you from a liability to which section 340 ‑ 10 applies, the Commissioner may take such action as is necessary to give effect to the decision. (2) Without limiting subsection (1), the Commissioner may amend an assessment within the meaning of the following provisions: (a) subsection 6(1) of the Income Tax Assessment Act 1936 ; (b) subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 ; by making such alterations or additions to the assessment as the Commissioner thinks necessary. (3) Subsection (2) does not limit the power of the Commissioner to amend the assessment in accordance with any other provision of the Income Tax Assessment Act 1936 or the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s340-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 340-20", "Provision_Key": "s340-20", "Heading": "Extinguishing your liability to pay a fringe benefits tax instalment if you are released", "Text": "(1) This section applies if the Commissioner releases you from a liability to pay an instalment of fringe benefits tax. (2) If your liability to pay the instalment is released in whole, you are taken, for the purposes of Division 2 of Part VII of the Fringe Benefits Tax Assessment Act 1986 , not to be liable to pay the instalment. Note: This means that for the purposes of section 105 of that Act you are not entitled to a credit for the instalment. (3) If your liability to pay the instalment is released in part, you are taken, for the purposes of Division 2 of Part VII of the Fringe Benefits Tax Assessment Act 1986 , to be liable to pay the instalment to the extent to which your liability has not been released. Note: This means that for the purposes of section 105 of that Act you are entitled to a credit for the instalment to the extent to which your liability to pay the instalment has not been released.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s340-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 340-25", "Provision_Key": "s340-25", "Heading": "Extinguishing your liability to pay a PAYG instalment if you are released", "Text": "(1) This section applies if the Commissioner releases you from a liability to pay a * PAYG instalment. (2) If your liability to pay the instalment is released in whole, you are taken, for the purposes of Division 45 of Part 2 ‑ 10, not to be liable to pay the instalment. Note: This means that for the purposes of section 45 ‑ 30 you are not entitled to a credit for the instalment. (3) If your liability to pay the instalment is released in part, you are taken, for the purposes of Division 45 of Part 2 ‑ 10, to be liable to pay the instalment to the extent to which your liability has not been released. Note: This means that for the purposes of section 45 ‑ 30 you are entitled to a credit for the instalment to the extent to which your liability to pay the instalment has not been released.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s340-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 342-1", "Provision_Key": "s342-1", "Heading": "What this Division is about", "Text": "To facilitate the starting, conduct and ending of proceedings under the Proceeds of Crime Act 2002 , the Commissioner may waive the right to payment of certain tax ‑ related liabilities.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s342-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 342-5", "Provision_Key": "s342-5", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to facilitate the starting, conduct and ending of proceedings under the Proceeds of Crime Act 2002 by allowing the Commissioner to waive the right to payment of certain liabilities to the Commonwealth arising under * taxation laws. Note: The Commissioner may also exercise other powers so as to facilitate the starting, conduct and ending of proceedings under the Proceeds of Crime Act 2002 . Examples of those other powers include: (a) the power under section 255 ‑ 10 to defer the time a tax ‑ related liability is due and payable; and (b) the power under section 8AAG to remit general interest charge.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s342-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 342-10", "Provision_Key": "s342-10", "Heading": "Power to waive right to payment of tax ‑ related liability", "Text": "(1) The Commissioner may waive the Commonwealth’s right to payment of all or part of a * tax ‑ related liability if the Commissioner is satisfied that: (a) the waiver will facilitate the starting, conduct or ending (by settlement or otherwise) of proceedings under the Proceeds of Crime Act 2002 ; and (b) the liability is connected with circumstances associated with the proceedings. Note: The Commissioner may waive the right to payment only after the liability has arisen, but may do so whether or not the liability is due and payable. Example: A liability is connected with circumstances associated with the proceedings if the liability arose because of activities constituting an offence to which the proceedings relate. (2) In deciding whether to waive the right, the Commissioner must consider: (a) the amount the Commonwealth will forgo as a result of the waiver and the time the Commonwealth could reasonably be expected to receive that amount apart from the waiver; and (b) the amount the Commonwealth could reasonably be expected to receive as a result of the proceedings and the time the Commonwealth could reasonably be expected to receive that amount. (3) Subsection (2) does not limit the matters that the Commissioner may consider in making the decision. Extended operation of this section (4) This section (except this subsection) applies in relation to a pecuniary liability to the Commonwealth that arises directly under a * taxation law, but is not a * tax ‑ related liability, in the same way as this section applies in relation to a tax ‑ related liability. Example: This section applies to a civil penalty under Division 290 (which penalises certain conduct involving promotion of schemes) in the same way as this section applies to a tax ‑ related liability.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s342-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-1", "Provision_Key": "s350-1", "Heading": "What this Division is about", "Text": "The rules in this Division deal with the evidentiary effect of official tax documents for the purposes of taxation laws. This Division also deals with procedural and evidentiary matters relating to proceedings to recover an amount of a tax ‑ related liability.", "Amendment_Count": 3, "First_Amended": "No 39 of 2012", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 39 of 2012 | No 2 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-5", "Provision_Key": "s350-5", "Heading": "Application of Subdivision", "Text": "This Subdivision applies in relation to all * taxation laws.", "Amendment_Count": 4, "First_Amended": "No 14 of 2012", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 82 of 2013 | No 2 of 2015", "History_Notes": "Repealed and substituted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Repealed and substituted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-10", "Provision_Key": "s350-10", "Heading": "Evidence", "Text": "Conclusive evidence (1) The following table has effect: Conclusive evidence Item Column 1 The production of … Column 2 is conclusive evidence that … 1 (a) a Gazette containing a notice purporting to be issued by the Commissioner for the purposes of a * taxation law; or (b) a document that: (i) is under the hand of the Commissioner, a * Second Commissioner, a * Deputy Commissioner or a delegate of the Commissioner; and (ii) purports to be a copy of, or extract from, a document issued by the Commissioner, a Second Commissioner, a Deputy Commissioner or a delegate of the Commissioner for the purposes of a taxation law; the notice or document was so issued. 2 a notice of * assessment under a * taxation law; (a) the assessment was properly made; and (b) except in proceedings under Part IVC of this Act on a review or appeal relating to the assessment—the amounts and particulars of the assessment are correct. 3 a notice under any of the following: (a) section 18 ‑ 140 in this Schedule; (b) section 102UR, 177EA or 177EB of the Income Tax Assessment Act 1936 ; (c) section 271 ‑ 90 in Schedule 2F to that Act; (a) the notice was properly given; and (b) except in proceedings under Part IVC of this Act on a review or appeal relating to the notice—the amounts and particulars of the notice are correct. 4 a declaration under: (a) subsection 165 ‑ 40(1) or 165 ‑ 45(3) of the * GST Act; or (b) subsection 75 ‑ 40(1) or 75 ‑ 45(3) of the Fuel Tax Act 2006 ; (a) the declaration was properly made; and (b) except in proceedings under Part IVC of this Act on a review or appeal relating to the declaration—the amounts and particulars of the declaration are correct. 5 a * public ruling or * private ruling; the ruling was properly made. Prima facie evidence (3) The production of a certificate that: (a) is signed by the Commissioner, a * Second Commissioner, a * Deputy Commissioner or a delegate of the Commissioner; and (b) states that, from the time specified in the certificate, an amount was payable under a * taxation law (whether to or by the Commissioner); is prima facie evidence that: (c) the amount is payable from that time; and (d) the particulars stated in the certificate are correct. (3A) A document that is provided to the Commissioner under a * taxation law, and that purports to be made or signed by or on behalf of an entity, is prima facie evidence that the document was made by the entity or with the authority of the entity. Signed copies are evidence (4) The production of a document that: (a) appears to be a copy of, or extract from, any document (the original document ) made or given by or to an entity for the purposes of a * taxation law; and (b) is signed by the Commissioner, a * Second Commissioner, a * Deputy Commissioner or a delegate of the Commissioner; is evidence of a matter to the same extent as the original document would have been evidence of the matter.", "Amendment_Count": 9, "First_Amended": "No 14 of 2012", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 14 of 2012 | No 39 of 2012 | No 71 of 2012 | No 2 of 2015 | No 15 of 2017 | No 64 of 2020 | No 8 of 2022", "History_Notes": "Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 71 of 2012, effective sch 5 (item 17): 1 July 2012 (s 2(1) item 7) sch 5 (item 18): never commenced (s 2(1) item 8) sch 5 (item 19): 27 June 2012(s 2(1) item 9) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12) | Amended by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 8 of 2022, effective sch 6 (item 23), sch 8 (items 35, 36): 1 Apr 2022 (s 2(1) items 6, 10) sch 8 (item 32): 23 Feb 2022 (s 2(1) item 9) sch 8 (items 41 ‑ 43): 4 Apr 2021 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-12", "Provision_Key": "s350-12", "Heading": "Prima facie evidence—particulars stated in evidentiary certificate", "Text": "(1) Without limiting subsection 350 ‑ 10(3), the particulars that may be stated in a certificate under that subsection include the matters in subsections (2) and (3) of this section. (2) The certificate may state: (a) that a person named in the certificate has a * tax ‑ related liability; or (b) that an * assessment relating to a tax ‑ related liability has been made, or is taken to have been made, under a * taxation law; or (c) that notice of an assessment, or any other notice required to be served on a person in respect of an amount of a tax ‑ related liability, was, or is taken to have been, served on the person under a * taxation law; or (d) that the particulars of a notice covered by paragraph (c) are as stated in the certificate; or (e) that a sum specified in the certificate is, as at the date specified in the certificate, a debt due and payable by a person to the Commonwealth. (3) The certificate may state: (a) that a * foreign revenue claim for an amount specified in the certificate has been made by the competent authority under the relevant international agreement; or (b) that the relevant requirements of the relevant international agreement have been complied with in relation to the foreign revenue claim; or (c) that the claim was registered under Division 263 on the date specified in the certificate; or (d) that, as at the date of the certificate, the Commissioner has or has not received advice from the competent authority under the relevant international agreement about the reduction or discharge of an amount to be recovered under the claim; or (e) that the particulars of any reduction or discharge of an amount to be recovered under the claim are as specified in the certificate.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-12"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-15", "Provision_Key": "s350-15", "Heading": "Judicial notice of signature", "Text": "All courts, and all persons having by law or consent of parties authority to hear, receive and examine evidence, must take judicial notice of the signature of every person who is or has been: (a) the Commissioner; or (b) a * Second Commissioner; or (c) a * Deputy Commissioner; or (d) a delegate of the Commissioner; if the signature is attached or appended to an official document for the purposes of a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 39 of 2012", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 39 of 2012", "History_Notes": "Inserted by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-20", "Provision_Key": "s350-20", "Heading": "Certain statements or averments in proceedings to recover tax ‑ related liabilities", "Text": "(1) In a proceeding to recover an amount of a * tax ‑ related liability, a statement or averment about a matter in the plaintiff’s complaint, claim or declaration is prima facie evidence of the matter. (2) This section applies even if the matter is a mixed question of law and fact. However, the statement or averment is prima facie evidence of the fact only. (3) This section applies even if evidence is given in support or rebuttal of the matter or of any other matter. (4) Any evidence given in support or rebuttal of the matter stated or averred must be considered on its merits. This section does not increase or diminish the credibility or probative value of the evidence. (5) This section does not lessen or affect any onus of proof otherwise falling on a defendant.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 350-25", "Provision_Key": "s350-25", "Heading": "Evidence by affidavit in proceedings to recover tax ‑ related liabilities", "Text": "In a proceeding to recover an amount of a * tax ‑ related liability: (a) a person may give evidence by affidavit; and (b) the court may require the person to attend before it: (i) to be cross ‑ examined on that evidence; or (ii) to give other evidence relating to the proceedings.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s350-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 352-1", "Provision_Key": "s352-1", "Heading": "What this Division is about", "Text": "This Division requires the Commissioner to prepare annual reports on the working of the indirect tax laws and on working holiday makers.", "Amendment_Count": 4, "First_Amended": "No 73 of 2006", "Last_Amended": "No 89 of 2016", "Amending_Acts": "No 73 of 2006 | No 14 of 2012 | No 96 of 2014 | No 89 of 2016", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s352-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 352-5", "Provision_Key": "s352-5", "Heading": "Commissioner must prepare annual report on indirect tax laws", "Text": "(1) As soon as practicable after 30 June in each year, the Commissioner must prepare and give to the Minister a report on the working of the * indirect tax laws during the year ending on that 30 June. (2) The report must include a report on any breaches or evasions of the * indirect tax laws that the Commissioner knows about. (3) The Minister must cause a copy of the report to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s352-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 352-25", "Provision_Key": "s352-25", "Heading": "Commissioner must prepare annual report on working holiday makers", "Text": "(1) As soon as practicable after 30 June in each year, the Commissioner must prepare and give to the Minister a report relating to: (a) the taxation of * working holiday makers; and (b) the registration process referred to in sections 16 ‑ 146 to 16 ‑ 148. (2) Without limiting subsection (1), the report must include statistics and information derived by the Commissioner from that registration process. (3) The Minister must cause a copy of the report to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report.", "Amendment_Count": 1, "First_Amended": "No 89 of 2016", "Last_Amended": "No 89 of 2016", "Amending_Acts": "No 89 of 2016", "History_Notes": "Inserted by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s352-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 353-1", "Provision_Key": "s353-1", "Heading": "What this Division is about", "Text": "This Division gives the Commissioner powers to obtain information and evidence.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s353-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 353-10", "Provision_Key": "s353-10", "Heading": "Commissioner’s power", "Text": "(1) The Commissioner may by notice in writing require you to do all or any of the following: (a) to give the Commissioner any information that the Commissioner requires for the purpose of the administration or operation of a * taxation law; (b) to attend and give evidence before the Commissioner, or an individual authorised by the Commissioner, for the purpose of the administration or operation of a taxation law; (c) to produce to the Commissioner any documents in your custody or under your control for the purpose of the administration or operation of a taxation law. Note: Failing to comply with a requirement can be an offence under section 8C or 8D. (2) The Commissioner may require the information or evidence: (a) to be given on oath or affirmation; and (b) to be given orally or in writing. For that purpose, the Commissioner or the officer may administer an oath or affirmation. (3) The regulations may prescribe scales of expenses to be allowed to entities required to attend before the Commissioner or the officer.", "Amendment_Count": 7, "First_Amended": "No 179 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 67 of 2003 | No 73 of 2006 | No 14 of 2012 | No 82 of 2013 | No 2 of 2015", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 67 of 2003, effective sch 9 (items 1, 2, 18(2), 19): 1 Sept 2003 sch 10 (item 12): Royal Assent | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s353-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 353-15", "Provision_Key": "s353-15", "Heading": "Access to premises, documents etc.", "Text": "(1) For the purposes of a * taxation law, the Commissioner, or an individual authorised by the Commissioner for the purposes of this section: (a) may at all reasonable times enter and remain on any land, premises or place; and (b) is entitled to full and free access at all reasonable times to any documents, goods or other property; and (c) may inspect, examine, make copies of, or take extracts from, any documents; and (d) may inspect, examine, count, measure, weigh, gauge, test or analyse any goods or other property and, to that end, take samples. (2) An individual authorised by the Commissioner for the purposes of this section is not entitled to enter or remain on any land, premises or place if, after having been requested by the occupier to produce proof of his or her authority, the individual does not produce an authority signed by the Commissioner stating that the individual is authorised to exercise powers under this section. (3) You commit an offence if: (a) you are the occupier of land, premises or a place; and (b) an individual enters, or proposes to enter, the land, premises or place under this section; and (c) the individual is the Commissioner or authorised by the Commissioner for the purposes of this section; and (d) you do not provide the individual with all reasonable facilities and assistance for the effective exercise of powers under this section. Penalty: 30 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (4) Strict liability applies to paragraphs (3)(a) and (c). Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 73 of 2006", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 73 of 2006 | No 14 of 2012 | No 82 of 2013 | No 2 of 2015", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s353-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 353-20", "Provision_Key": "s353-20", "Heading": "Checking status of specifically listed deductible gift recipients", "Text": "(1) The Commissioner may require a * deductible gift recipient covered by this section to give the Commissioner information or a document that is relevant to the deductible gift recipient’s status as a deductible gift recipient. The deductible gift recipient must comply with the requirement. Note: Failure to comply with this subsection is an offence against section 8C. (2) If the Commissioner is satisfied of any of the matters set out in subsection (4) in relation to a * deductible gift recipient covered by this section, the Commissioner must, within 28 days, give written notice to the Minister about that fact. (3) The Minister may only disclose information provided under subsection (2) for a purpose relating to the removal of the name of the * deductible gift recipient from Division 30 of the Income Tax Assessment Act 1997 . (4) The matters are as follows: (a) the * deductible gift recipient fails or ceases to use gifts, contributions or money received solely for the principal purpose of the relevant fund, authority or institution; (b) there is a change in the principal purpose of the relevant fund, authority or institution; (c) the deductible gift recipient fails or ceases to comply with any rules or conditions made by the Prime Minister or any other Minister relating to the recipient being or becoming a deductible gift recipient. (5) The requirement in subsection (1): (a) is to be made by notice in writing to the * deductible gift recipient; and (b) may ask the deductible gift recipient to give the information in writing; and (c) must specify: (i) the information or document the deductible gift recipient is to give; and (ii) the period within which the deductible gift recipient is to give the information or document. The period specified under subparagraph (c)(ii) must end at least 28 days after the notice is given. (6) This section covers * deductible gift recipients, other than: (a) an entity or * government entity that is endorsed under Subdivision 30 ‑ BA of the Income Tax Assessment Act 1997 as a deductible gift recipient; and (b) an entity or government entity that is endorsed under that Subdivision as a deductible gift recipient for the operation of a fund, authority or institution. (7) In a prosecution of a person for an offence against section 8C of this Act because of this section as it applies because of Division 444, it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission because of which the offence is taken to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission because of which the offence is taken to have been committed.", "Amendment_Count": 2, "First_Amended": "No 55 of 2007", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 55 of 2007 | No 88 of 2009", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s353-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 353-25", "Provision_Key": "s353-25", "Heading": "Offshore information notices", "Text": "(1) The Commissioner may, by notice in writing (an offshore information notice ) given to you, request you to do all or any of the following: (a) to give the Commissioner any information that the Commissioner reasonably believes is: (i) relevant to the * assessment of a * tax ‑ related liability of yours; and (ii) * offshore information; (b) to produce to the Commissioner any documents that the Commissioner reasonably believes are: (i) relevant to the assessment of a tax ‑ related liability of yours; and (ii) * offshore documents; (c) to make copies of any documents the Commissioner could request you to produce under paragraph (b), and to produce those copies to the Commissioner. (2) An offshore information notice: (a) must specify a period, of at least 90 days after it is given to you, within which you are to give the information or produce the documents or copies; and (b) must set out the effect of section 353 ‑ 30; and (c) may set out how the request is to be complied with; and (d) may be included in the same document as a notice under section 353 ‑ 10. A notice is not invalid merely because it does not comply with paragraph (b). (3) The Commissioner may, by notice in writing, extend the period within which you are to give the information or produce the documents or copies, if, before the end of that period, you apply for the extension in the * approved form. (4) If the Commissioner does not notify you, in writing, before the end of the period of the Commissioner’s decision on an application you make under subsection (3), then the period is extended until the day on which the Commissioner so notifies you. (5) An offshore information notice may be varied or revoked in accordance with subsection 33(3) of the Acts Interpretation Act 1901 , however a variation: (a) must not have the effect of shortening the period within which you must give particular * offshore information or produce particular * offshore documents or copies; and (b) must not have the effect that the period within which you must give particular offshore information, or produce particular offshore documents or copies, is less than 90 days. (6) Nothing in this section affects the operation of section 353 ‑ 10 and nothing in that section affects the operation of this section. (7) Offshore information is any information that is one or more of the following: (a) within the knowledge (whether exclusive or otherwise) of an entity outside Australia; (b) recorded (whether exclusively or otherwise) in a document outside Australia; (c) stored (whether exclusively or otherwise) by any means whatsoever outside Australia. (8) An offshore document is any document that is outside Australia (whether or not copies are in Australia or, if the documents are copies of other documents, whether or not those other documents are in Australia).", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s353-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 353-30", "Provision_Key": "s353-30", "Heading": "Offshore information notices—consequence of not complying", "Text": "(1) Section 8C does not apply to a request set out in an offshore information notice under section 353 ‑ 25. (2) If you refuse or fail to comply with a request set out in an offshore information notice (including a request you are not able to comply with), the following are not admissible in evidence in proceedings under Part IVC on a review or appeal relating to a * tax ‑ related liability of yours, except with the consent of the Commissioner: (a) the * offshore information; (b) the contents of the * offshore documents or copies. (3) In deciding whether to consent, the Commissioner must: (a) have regard to whether, because of the absence of that information or those documents or copies, the remaining information or documents that are relevant to the proceedings are, or are likely to be, misleading; and (b) not have regard to the consequences (whether direct or indirect) of an obligation arising under a * foreign law relating to the secrecy of the information, documents or copies; and (c) consent if refusal would have the effect, for the purposes of the Constitution, of making any tax or penalty incontestable. (4) If, before the hearing of a proceeding under Part IVC on a review or appeal relating to a * tax ‑ related liability of yours, the Commissioner forms the views that: (a) you have refused or failed to comply with a request under section 353 ‑ 25; and (b) the Commissioner is unlikely to give the consent mentioned in subsection (3); the Commissioner must, by notice in writing, inform you that the Commissioner has formed those views. However, a failure to do so does not affect the validity of the Commissioner’s decision under subsection (3).", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s353-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 354-5", "Provision_Key": "s354-5", "Heading": "Power to obtain information about rights or interests in property", "Text": "(1) The Commissioner may by notice in writing require you to give the Commissioner information required for the purpose of the administration or operation of a * taxation law if: (a) both of the following apply: (i) you have a legal or equitable interest in real or personal property; (ii) the information is about any other * property right or interest in the property; or (b) both of the following apply: (i) the Commissioner is satisfied that you may have information about a property right or interest in property; (ii) the information is about the property right or interest. Note: Failing to comply with a requirement may be an offence under section 8C. (2) A property right or interest is: (a) a legal or equitable interest in the property; or (b) a right, power or privilege in connection with the property; whether present or future and whether vested or contingent. Content of notice (3) The notice must specify the following: (a) the property to which the notice applies; (b) the information required; (c) the period within which the information must be given; (d) the manner of giving the information. (4) The information required may include the following: (a) details of your interest in the property; (b) details (including name and address) of any person who has a * property right or interest in the property; (c) details of any class of person who has a property right or interest in the property; (d) details of each property right or interest in the property, including: (i) the nature and extent of the right or interest; and (ii) the circumstances giving rise to the right or interest. (5) If: (a) you are given a notice under paragraph (1)(a); and (b) you do not have the information required but another person has the information; you must make all reasonable efforts to obtain the information. (6) To avoid doubt, you may be required as a result of a notice under this section to create a document giving the information required. (7) The period specified in the notice must be: (a) at least 14 days after the notice is given (except if paragraph (b) applies); or (b) if the Commissioner is satisfied that a shorter period is necessary—the shorter period. Relationship with section 353 ‑ 10 (8) Nothing in this section affects the operation of section 353 ‑ 10 and nothing in that section affects the operation of this section.", "Amendment_Count": 1, "First_Amended": "No 150 of 2015", "Last_Amended": "No 150 of 2015", "Amending_Acts": "No 150 of 2015", "History_Notes": "Inserted by No 150 of 2015, effective sch 4 (items 3 ‑ 12): 1 Dec 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s354-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-1", "Provision_Key": "s355-1", "Heading": "What this Division is about", "Text": "The disclosure of information about the tax affairs of a particular entity is prohibited, except in certain specified circumstances. Those exceptions are designed having regard to the principle that disclosure of information should be permitted only if the public benefit derived from the disclosure outweighs the entity’s privacy. Note: This Division contains the main circumstances in which protected tax information can be disclosed. A number of other Commonwealth laws also allow for the disclosure of, or access to, such information in limited circumstances. Some of these other laws are as follows: sections 32 and 33 of the Auditor ‑ General Act 1997 ; section 9 of the Ombudsman Act 1976 ; section 44 of the Privacy Act 1988 .", "Amendment_Count": 3, "First_Amended": "No 73 of 2006", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 73 of 2006 | No 145 of 2010 | No 21 of 2015", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Repealed and substituted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-10", "Provision_Key": "s355-10", "Heading": "Objects of Division", "Text": "The objects of this Division are: (a) to protect the confidentiality of taxpayers’ affairs by imposing strict obligations on * taxation officers (and others who acquire protected tax information), and so encourage taxpayers to provide correct information to the Commissioner; and (b) to facilitate efficient and effective government administration and law enforcement by allowing disclosures of protected tax information for specific, appropriate purposes.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-15", "Provision_Key": "s355-15", "Heading": "Application of Division", "Text": "This Division applies in relation to the following entities in the same way as it applies in relation to * taxation officers: (a) an entity engaged to provide services relating to the Australian Taxation Office; (b) an individual employed by, or otherwise performing services for, an entity referred to in paragraph (a); (c) an individual: (i) appointed or employed by, or performing services for, the Commonwealth or an authority of the Commonwealth; and (ii) performing functions or exercising powers under or for the purposes of a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-20", "Provision_Key": "s355-20", "Heading": "What this Subdivision is about", "Text": "The main protection for taxpayer confidentiality is in this Subdivision. It is an offence for taxation officers to disclose tax information that identifies an entity, or is reasonably capable of being used to identify an entity, except in certain specified circumstances. Table of sections Operative provisions 355 ‑ 25 Offence—disclosure of protected information by taxation officers 355 ‑ 30 Meaning of protected information and taxation officer 355 ‑ 35 Consent is not a defence 355 ‑ 40 Generality of Subdivision not limited 355 ‑ 45 Exception—disclosure of publicly available information 355 ‑ 47 Exception—disclosure of periodic aggregate tax information 355 ‑ 50 Exception—disclosure in performing duties 355 ‑ 55 Exception—disclosure to Ministers 355 ‑ 60 Limits on disclosure to Ministers 355 ‑ 65 Exception—disclosure for other government purposes 355 ‑ 66 Major disaster support programs 355 ‑ 67 Exception—disclosure to registrars 355 ‑ 70 Exception—disclosure for law enforcement and related purposes 355 ‑ 72 Exception—disclosure to credit reporting bureaus 355 ‑ 75 Limits on disclosure to courts and tribunals", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-25", "Provision_Key": "s355-25", "Heading": "Offence—disclosure of protected information by taxation officers", "Text": "(1) An entity commits an offence if: (a) the entity is or was a * taxation officer; and (b) the entity: (i) makes a record of information; or (ii) discloses information to another entity (other than the entity to whom the information relates or an entity covered by subsection (2) or (3)) or to a court or tribunal; and (c) the information is * protected information; and (d) the information was acquired by the first ‑ mentioned entity as a taxation officer. Penalty: Imprisonment for 2 years. (2) An entity (the covered entity ) is covered by this subsection in relation to * protected information that relates to another entity (the primary entity ) if: (a) the covered entity is the primary entity’s * registered tax agent or BAS agent; or (b) the covered entity is a * legal practitioner representing the primary entity in relation to the primary entity’s affairs relating to one or more * taxation laws; or (ba) the covered entity is a public officer (within the meaning of section 252 or 252A of the Income Tax Assessment Act 1936 ) of the primary entity; or (c) the primary entity is an * incapacitated entity and the covered entity is a * representative of the incapacitated entity; or (d) the covered entity is the primary entity’s * legal personal representative; or (e) the covered entity is the primary entity’s guardian where the primary entity is a minor or suffers from mental incapacity; or (f) the covered entity and the primary entity are members of the same * consolidated group or * MEC group; or (g) the covered entity is a representative of the primary entity who has been nominated by the primary entity in the * approved form to act on that entity’s behalf with respect to protected information; or (h) the covered entity is the registered tax agent or BAS agent of another covered entity mentioned in paragraph (c), (d) or (e) in relation to the relevant primary entity mentioned in those paragraphs; or (i) the covered entity is a legal practitioner representing another covered entity mentioned in paragraph (c), (d) or (e) in relation to the affairs of the relevant primary entity mentioned in those paragraphs relating to one or more taxation laws. (3) An entity (the covered entity ) is covered by this subsection in relation to * protected information that relates to another entity (the primary entity ) if: (a) all of the following subparagraphs apply: (i) the primary entity is, or has been, a * Group Entity of an * Applicable MNE Group; (ii) the covered entity is, or has been, a Group Entity of an Applicable MNE Group; (iii) the protected information relates to the * Australian GloBE tax affairs of any entity that is, or has been, a Group Entity of the Applicable MNE Group; or (b) all of the following subparagraphs apply: (i) the primary entity is, or has been, a * GloBE Joint Venture of an Applicable MNE Group; (ii) the covered entity is, or has been, a * Globe JV Subsidiary of the GloBE Joint Venture; (iii) the protected information relates to the Australian GloBE tax affairs of any entity that is, or has been, a Globe JV Subsidiary of the GloBE Joint Venture; or (c) all of the following subparagraphs apply: (i) the primary entity is, or has been, a GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group; (ii) the covered entity is, or has been, the GloBE Joint Venture, or another GloBE JV Subsidiary of the GloBE Joint Venture; (iii) the protected information relates to the Australian GloBE tax affairs of any entity that is, or has been, the GloBE Joint Venture or a GloBE JV Subsidiary of the GloBE Joint Venture; or (d) all of the following subparagraphs apply: (i) the primary entity is, or has been, a GloBE Joint Venture of an Applicable MNE Group or a GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group; (ii) the covered entity is, or has been, a Group Entity of the Applicable MNE Group; (iii) the protected information relates to the Australian GloBE tax affairs of any entity that is, or has been, the GloBE Joint Venture, a Globe JV Subsidiary of the GloBE Joint Venture or a Group Entity of the Applicable MNE Group; or (e) the covered entity is the * registered tax agent or BAS agent of another covered entity mentioned in paragraph (a), (b), (c) or (d) in relation to the relevant primary entity mentioned in those paragraphs; or (f) the covered entity is a * legal practitioner: (i) representing another covered entity mentioned in paragraph (a), (b), (c) or (d) in relation to the affairs of the relevant primary entity mentioned in those paragraphs; and (ii) representing the other covered entity in relation to the other entity’s Australian GloBE tax affairs.", "Amendment_Count": 4, "First_Amended": "No 145 of 2010", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 145 of 2010 | No 21 of 2015 | No 127 of 2021 | No 134 of 2024", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 127 of 2021, effective sch 3 (items 43, 47, 48, 64): 1 Jan 2022 (s 2(1) item 5) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-30", "Provision_Key": "s355-30", "Heading": "Meaning of protected information and taxation officer", "Text": "(1) Protected information means information that: (a) was disclosed or obtained under or for the purposes of a law that was a * taxation law (other than the Tax Agent Services Act 2009 ) when the information was disclosed or obtained; and (b) relates to the affairs of an entity; and (c) identifies, or is reasonably capable of being used to identify, the entity. Note: Tax file numbers do not constitute protected information because they are not, by themselves, reasonably capable of being used to identify an entity. For offences relating to tax file numbers, see Subdivision BA of Division 2 of Part III. (2) Taxation officer means: (a) the Commissioner or a * Second Commissioner; or (b) an individual appointed or engaged under the Public Service Act 1999 and performing duties in the Australian Taxation Office. Note: This Division applies to certain other entities as if they were taxation officers: see section 355 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 145 of 2010", "Last_Amended": "No 39 of 2012", "Amending_Acts": "No 145 of 2010 | No 39 of 2012", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-35", "Provision_Key": "s355-35", "Heading": "Consent is not a defence", "Text": "It is not a defence to a prosecution for an offence against section 355 ‑ 25 that the entity to whom the information relates has consented to: (a) the making of the record; or (b) the disclosure of the information.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-40", "Provision_Key": "s355-40", "Heading": "Generality of Subdivision not limited", "Text": "Except as provided by section 355 ‑ 60, nothing in this Subdivision limits the generality of anything else in it. Note: This means that each provision in this Subdivision (other than section 355 ‑ 60) has an independent operation and is not to be interpreted by reference to any other provision within the Subdivision.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-45", "Provision_Key": "s355-45", "Heading": "Exception—disclosure of publicly available information", "Text": "Section 355 ‑ 25 does not apply if the information was already available to the public (otherwise than as a result of a contravention of section 355 ‑ 25, 355 ‑ 155 or 355 ‑ 265). Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-47", "Provision_Key": "s355-47", "Heading": "Exception—disclosure of periodic aggregate tax information", "Text": "(1) Section 355 ‑ 25 does not apply if the information is * periodic aggregate tax information. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . (2) Periodic aggregate tax information is information that: (a) specifies the total amount collected or assessed by the Commissioner during a period, or predicted by the Commissioner to be collected or assessed by the Commissioner during a period, in respect of: (i) tax imposed under a particular Act or particular Acts; or (ii) if an Act imposes duties of excise—a type of duty of excise imposed under that Act; or (iii) if an Act imposes duties of customs—a type of duty of customs imposed under that Act; and (b) does not identify, nor is reasonably capable of being used to identify, an individual.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-47"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-50", "Provision_Key": "s355-50", "Heading": "Exception—disclosure in performing duties", "Text": "(1) Section 355 ‑ 25 does not apply if: (a) the entity is a * taxation officer; and (b) the record or disclosure is made in performing the entity’s duties as a taxation officer. Note 1: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Note 2: Examples of duties mentioned in paragraph (b) include: (a) the duty to make available information under sections 3C, 3E and 3H of this Act; and (b) the duty to establish and maintain the Excise and Excise ‑ Equivalent Warehouse Licences Register under subsection 40(1) of the Excise Act 1901 . (2) Without limiting subsection (1), records or disclosures made in performing duties as a * taxation officer include those mentioned in the following table: Records or disclosures in performing duties Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 any entity, court or tribunal is for the purpose of administering any * taxation law. 2 any entity, court or tribunal is for the purpose of the making, or proposed or possible making, of an order under the Proceeds of Crime Act 2002 that is related to a * taxation law. 3 any entity, court or tribunal is for the purpose of criminal, civil or administrative proceedings (including merits review or judicial review) that are related to a * taxation law. 4 any entity is for the purpose of responding to a request for a statement of reasons under the Administrative Decisions (Judicial Review) Act 1977 in relation to a decision made under a * taxation law. 5 any entity is for the purpose of: (a) determining whether to make an ex gratia payment; or (b) administering such a payment; in connection with administering a * taxation law. 6 any entity is for the purpose of enabling the entity to understand or comply with its obligations under a * taxation law. 7 the Secretary of the Department (a) is of information that does not include the name, contact details or * ABN of any entity; and (b) is for the purpose of: (i) the design of a * taxation law; or (ii) the amendment of a taxation law. 8 any board or member of a board performing a function or exercising a power under a * taxation law is for the purpose of performing that function or exercising that power. 9 a competent authority referred to in an international agreement (within the meaning of section 23 of the International Tax Agreements Act 1953 ) is for the purpose of exchanging information under such an international agreement. 10 any employer (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) is for the purpose of disclosing to that employer information included in a notice given to the Commissioner under subsection 32F(1) or 32H(1A) of that Act by an employee (within the meaning of that Act) of that employer. 11 a payer (within the meaning of Part VA of the Income Tax Assessment Act 1936 ) in relation to whom an individual has made a * TFN declaration that is in effect (a) is of a matter that relates to the individual’s income tax or other liability referred to in paragraph 11 ‑ 1(b), (ca), (cb), (cc), (cd), (da) or (db); and (b) is for the purpose of assisting the individual to give a declaration under section 15 ‑ 50 to the payer; and (c) is made as the result of a request made by the individual to the Commissioner", "Amendment_Count": 8, "First_Amended": "No 145 of 2010", "Last_Amended": "No 51 of 2024", "Amending_Acts": "No 145 of 2010 | No 124 of 2013 | No 96 of 2014 | No 110 of 2014 | No 55 of 2016 | No 8 of 2019 | No 92 of 2020 | No 51 of 2024", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 92 of 2020, effective sch 1 (items 22 ‑ 24): 15 Oct 2020 (s 2(1) item 4) sch 2 (item 36), sch 3 (items 37 ‑ 40), sch 6 (items 1 ‑ 3): 1 Jan 2021 (s 2(1) item 7) | Amended by No 51 of 2024, effective sch 1 (item 169, 189): 1 July 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-55", "Provision_Key": "s355-55", "Heading": "Exception—disclosure to Ministers", "Text": "(1) Section 355 ‑ 25 does not apply if: (a) the entity is a * taxation officer; and (b) an item in the table in this subsection covers the making of the record or the disclosure; and (c) if the entity is not the Commissioner, a * Second Commissioner or an SES employee or acting SES employee of the Australian Taxation Office—one of the following has agreed that the record or disclosure is covered by the item: (i) the Commissioner; (ii) a Second Commissioner; (iii) an SES employee or acting SES employee of the Australian Taxation Office who is not a direct supervisor of the taxation officer. Records or disclosures to Ministers Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 any Minister is for the purpose of enabling the Minister to exercise a power or perform a function under a * taxation law. 2 the Minister (a) is about an entity; and (b) is for the purpose of enabling the Minister to respond directly to the entity in relation to a representation made by the entity to: (i) the Minister; or (ii) another member of a House of the Parliament. 3 the Minister is for the purpose of informing decisions made under the scheme known as the Compensation for Detriment Caused by Defective Administration Scheme. 4 the * Finance Minister is for the purpose of: (a) the waiver, or possible waiver, of a * tax debt under section 63 of the Public Governance, Performance and Accountability Act 2013 ; or (b) the making, or possible making, of a payment referred to in section 65 of that Act (about act of grace payments) in connection with administering a * taxation law. 5 any Minister is for the purpose of: (a) determining whether to make an ex gratia payment; or (b) administering such a payment. 6 a Minister responsible for: (a) agriculture; or (aa) water; or (b) industry policy; or (c) investment promotion; or (d) taxation policy; or (e) foreign investment in Australia (a) is of information contained in the Register of Foreign Ownership of Agricultural Land or Register of Foreign Ownership of Water Entitlements; and (b) is for the purpose of enabling that Minister to discharge that responsibility. Note 1: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Note 2: Section 19 of the Acts Interpretation Act 1901 provides that the expression “the Minister”, as used in table items 2 and 3, refers to the Minister or Ministers administering the relevant provision. (2) The * taxation officer is entitled to rely on the exception in subsection (1) even if the agreement referred to in paragraph (1)(c) has not been obtained in relation to the record or disclosure.", "Amendment_Count": 6, "First_Amended": "No 145 of 2010", "Last_Amended": "No 96 of 2016", "Amending_Acts": "No 145 of 2010 | No 39 of 2012 | No 62 of 2014 | No 126 of 2015 | No 150 of 2015 | No 96 of 2016", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 62 of 2014, effective sch 12 (item 188), sch 14: 1 July 2014 (s 2(1) items 6, 14) | Amended by No 126 of 2015, effective sch 1 (items 601 ‑ 603): 5 Mar 2016 (s 2(1) item 2) | Amended by No 150 of 2015, effective sch 4 (items 3 ‑ 12): 1 Dec 2015 (s 2(1) item 4) | Amended by No 96 of 2016, effective sch 1 (items 39 ‑ 43): 7 Dec 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-60", "Provision_Key": "s355-60", "Heading": "Limits on disclosure to Ministers", "Text": "(1) Sections 355 ‑ 45 and 355 ‑ 55 are the only exceptions to the prohibition in section 355 ‑ 25 on which an entity who has acquired * protected information as a * taxation officer can rely in making a record of the information for, or disclosing the information to, a Minister, whether or not provided to a Minister in the course of, or for the purposes of or incidental to, the transacting of the business of a House of the Parliament or of a committee of one or both Houses of the Parliament. Note: Disclosures that are not prohibited by section 355 ‑ 25 are not affected by this subsection. For example, a taxation officer may disclose information to a Minister if the Minister is the entity to whom the information relates, or is an entity covered by subsection 355 ‑ 25(2) in relation to the information. (2) Subsection (1) has effect despite section 16 of the Parliamentary Privileges Act 1987 , and that section does not operate to the extent that it would otherwise apply to a disclosure of * protected information by a * taxation officer to a Minister. Note: This subsection does not limit the operation of section 16 of the Parliamentary Privileges Act 1987 in any other respect. That section continues to operate, for example, to enable taxation officers to disclose protected information to a committee of one or both Houses of the Parliament.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-65", "Provision_Key": "s355-65", "Heading": "Exception—disclosure for other government purposes", "Text": "(1) Section 355 ‑ 25 does not apply if: (a) the entity is a * taxation officer; and (b) an item in a table in this section covers the making of the record or the disclosure. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Table 1—Records or disclosures relating to social welfare, health or safety (2) Table 1 is as follows: Table 1: Records or disclosures relating to social welfare, health or safety Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 an Agency Head (within the meaning of the Public Service Act 1999 ) of an agency (within the meaning of that Act) dealing with matters relating to the social security law (within the meaning of subsection 23(17) of the S ocial Security Act 1991 ) is for the purpose of administering that law. 2 the * Health Secretary is for the purpose of administering any law of the Australian Capital Territory or of the Northern Territory which is administered by the * Health Minister. 3 the Repatriation Commission is for the purpose of administering any * Commonwealth law relating to pensions, allowances or benefits. 4 the * Student Assistance Secretary is for the purpose of administering any * Commonwealth law relating to pensions, allowances or benefits. 4A the Secretary of the Department administered by the Minister administering the Fair Entitlements Guarantee Act 2012 is for the purpose of administering the Fair Entitlements Guarantee Act 2012 . 4B the * Employment Secretary is for the purpose of administering any * Commonwealth law relating to pensions, allowances or benefits, other than the Fair Entitlements Guarantee Act 2012 . 5 (a) the * Student Assistance Secretary; or (b) the Secretary of the Department administered by the Minister administering the Higher Education Support Act 2003 ; or (c) the Secretary of the Department administered by the Minister administering the VET Student Loans Act 2016 is for the purpose of administering any * Commonwealth law relating to financial assistance to students. 5AA the Secretary of the Department administered by the Minister administering the Australian Apprenticeship Support Loans Act 2014 is for the purpose of administering that Act. 5A the * Families Secretary or the Chief Executive Centrelink (within the meaning of the Human Services (Centrelink) Act 1997 ) is for the purpose of administering the Paid Parental Leave Act 2010 . 6 the * Families Secretary or the Chief Executive Centrelink (within the meaning of the Human Services (Centrelink) Act 1997 ) is for the purpose of administering the A New Tax System (Family Assistance) (Administration) Act 1999 . 7 the Child Support Registrar is for the purpose of administering the Child Support (Registration and Collection) Act 1988 or the Child Support (Assessment) Act 1989 . 8 the Chief Executive Medicare (within the meaning of the Human Services (Medicare) Act 1973 ) is for the purpose of administering Part 2 ‑ 2 (about premiums reduction scheme) or 6 ‑ 4 (about administration of that scheme) of the Private Health Insurance Act 2007 . 9 an * Australian government agency is necessary for the purpose of preventing or lessening: (a) a serious threat to an individual’s life, health or safety; or (b) a serious threat to public health or public safety. 10 an * Australian government agency is for the purpose of preventing, detecting, disrupting or investigating conduct that relates to a matter of security as defined by section 4 of the Australian Security Intelligence Organisation Act 1979 11 the Chief Executive Officer of Services Australia is for the purpose of administering the program known as the COVID ‑ 19 Disaster Payment. Table 2—Records or disclosures relating to superannuation or finance (3) Table 2 is as follows: Table 2: Records or disclosures relating to superannuation or finance Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 a financial sector supervisory agency (within the meaning of section 3 of the Australian Prudential Regulation Authority Act 1998 ) (a) is of information that was obtained under or in relation to the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and (b) is for the purpose of the agency performing any of its functions or exercising any of its powers. 2 (a) an agency having the function, in Australia or in a foreign country, of supervising or regulating * financial institutions; or (b) any other agency (including a foreign agency) specified in the regulations (a) is of information that was obtained under or in relation to the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the Superannuation Industry (Supervision) Act 1993 ; and (b) is for the purpose of performing any of its functions or exercising any of its powers; and (c) is made in accordance with the conditions (if any) imposed by the regulations in relation to the disclosure of information under this item. 3 the operator of the AFCA scheme (within the meaning of the Corporations Act 2001 ) (a) is of information that was obtained under or in relation to the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and (b) is for the purpose of the operator performing any of its functions or exercising any of its powers. 4 the Australian Prudential Regulation Authority ( APRA ) is for the purpose of administering: (a) the Financial Institutions Supervisory Levies Collection Act 1998 ; or (b) the Superannuation Industry (Supervision) Act 1993 . 5 APRA (a) is of information that was obtained under or in relation to the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; and (b) is for the purpose of APRA performing any of its functions or exercising any of its powers. 6 APRA is for the purpose of administering a reporting standard made under section 13 of the Financial Sector (Collection of Data) Act 2001 , to the extent that the standard relates to amounts reported to * APRA for the purposes of the Major Bank Levy Act 2017 . 6A * ASIC is for the purpose of administering Part 16 of the Superannuation Industry (Supervision) Act 1993 . 7 an individual who is or was an employee (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) (a) is of information that relates to the Commissioner’s response to a complaint by the individual about a failure by the individual’s employer or former employer to comply with the employer’s obligations under the Superannuation Guarantee (Administration) Act 1992 , or under a provision of this Act as it relates to that Act, in relation to the employee; and (b) does not relate to the general financial affairs of the employer. 7A an individual who is or was an employee (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) (a) is of information that relates to: (i) a failure by the individual’s employer or former employer to comply with the employer’s obligations under the Superannuation Guarantee (Administration) Act 1992 , or under a provision of this Act as it relates to that Act, in relation to the employee; or (ii) if the Commissioner reasonably suspects that such a failure has occurred—the suspected failure; or (iii) any actions taken by the Commissioner in relation to such a failure or suspected failure; and (b) does not relate to the general financial affairs of the employer. 8 any entity, court or tribunal is of information that was obtained under, or for the purposes of the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the Superannuation Industry (Supervision) Act 1993 and is for the purpose of all or any of the following: (a) identifying a particular * self managed superannuation fund; (b) enabling members of the public to contact persons who perform functions in relation to a particular self managed superannuation fund; (c) enabling the Commissioner to provide an opinion to members of the public as to whether or not a particular self managed superannuation fund is a complying superannuation fund in relation to a particular income year for the purposes of Division 2 of Part 5 of the Superannuation Industry (Supervision) Act 1993 ; (d) describing activity engaged in, or proposed to be engaged in, by the Commissioner in relation to a breach or suspected breach by a person of a provision of the Superannuation (Self Managed Superannuation Funds) Taxation Act 1987 or the Superannuation Industry (Supervision) Act 1993 . 8A a Senior Registry official (within the meaning of section 90XZJ of the Family Law Act 1975 ) of a court in response to that official’s request under that section (a) is of superannuation information (within the meaning of that section); and (b) is for the purpose of property settlement proceedings (within the meaning of that Act). 8B the Principal Registrar of the Family Court of Western Australia in response to the Principal Registrar’s request under section 90YZY of the Family Law Act 1975 (a) is of superannuation information (within the meaning of that section); and (b) is for the purpose of all of the relevant proceedings (within the meaning of that section). 10 (a) a * regulated superannuation fund; or (b) a public sector superannuation scheme (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or (c) an * approved deposit fund; or (d) an * RSA provider; or (e) an entity that, as an agent of such a fund, scheme or RSA provider, provides administration services for: (i) beneficiaries (within the meaning of that Act) of the fund or scheme; or (ii) holders (within the meaning of the Retirement Savings Accounts Act 1997 ) of * RSAs provided by the RSA provider is for the purpose of: (a) informing: (i) a beneficiary (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) of such a fund or scheme; or (ii) a holder (within the meaning of the Retirement Savings Accounts Act 1997 ) of an * RSA provided by the * RSA provider; or (iii) an applicant to become such a beneficiary or holder; of one or more of his or her * superannuation interests (whether with that fund, scheme or RSA provider or another fund, scheme or RSA provider); or (b) assisting such a beneficiary, holder or applicant to choose whether to maintain or create such a superannuation interest; or (c) assisting such a beneficiary, holder or applicant to give effect to such a choice; or (d) informing such a beneficiary, holder or applicant of an amount that is or may become payable, or that may be paid, credited or otherwise dealt with, in relation to the beneficiary, holder or applicant under: (i) the Small Superannuation Accounts Act 1995 ; or (ii) the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 ; or (iii) the Superannuation Guarantee (Administration) Act 1992 ; or (iv) the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (e) assisting such a beneficiary, holder or applicant to give effect to a choice that he or she may make, or undertake an action that he or she may undertake, in relation to an amount mentioned in paragraph (d). 10A a * superannuation provider is for the purpose of complying with section 131 ‑ 80 in this Schedule. 11 a * superannuation provider or APRA is for the purpose of complying with subsection 292 ‑ 102(9) of the Income Tax Assessment Act 1997 . 12 An employer (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) of an individual is for the purpose of: (a) informing the individual of one or more of his or her * superannuation interests; or (b) assisting the individual to choose whether to maintain or create a superannuation interest; or (c) assisting the individual to give effect to such a choice Table 3—Records or disclosures relating to corporate regulation, business, research or policy (4) Table 3 is as follows: Table 3: Records or disclosures relating to corporate regulation, business, research or policy Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 * ASIC is for the purpose of performing any functions or exercising any powers under any Act or instrument, or part of any Act or instrument, of which the Commission has the general administration. 6 Industry Innovation and Science Australia established under section 6 of the Industry Research and Development Act 1986 is for the purpose of administering any * Commonwealth law relating to venture capital. 6A the Secretary of the Department administered by the Minister administering the Shipping Reform (Tax Incentives) Act 2012 is for the purpose of administering that Act. 7 the Secretary of the Department is for the purpose of administering the Foreign Acquisitions and Takeovers Act 1975 . 7A a person appointed by the Commonwealth for the purposes of the Foreign Acquisitions and Takeovers Act 1975 is for the purpose of advising the Treasurer in relation to the administration of that Act. 8 the Secretary of the Department (a) is of information that does not include the name, contact details or * ABN of any entity; and (b) is for the purpose of the Department estimating or analysing taxation revenue or estimating the cost of policy proposals. 9 the Parliamentary Budget Officer (within the meaning of the Parliamentary Service Act 1999 ) (a) is of information that does not include the name, contact details or * ABN of any entity; and (b) is for the purpose of the Parliamentary Budget Officer performing any of his or her functions, or exercising any of his or her powers, under Part 7 of the Parliamentary Service Act 1999 . Table 4—Records or disclosures relating to other taxation matters (5) Table 4 is as follows: Table 4: Records or disclosures relating to other taxation matters Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 a State taxation officer, or a Territory taxation officer, within the meaning of subsection 13D(1) of this Act is for the purpose of administering a * State law or * Territory law relating to taxation, if a State taxation officer or a Territory taxation officer is authorised by law to communicate information obtained under the State law or Territory law to the Commissioner. 2 a State taxation officer, or a Territory taxation officer, within the meaning of subsection 13D(1) of this Act (a) is of rental information, residential address information or spousal information; and (b) is for the purpose of administering the First Home Owner Grant (New Homes) Act 2000 (NSW), or a similar * State law or * Territory law. 4 an individual who holds an office of a State or Territory, being an office prescribed for the purpose of this table item (a) is of information that relates to alcoholic beverages; and (b) is for the purpose of the individual administering an * arrangement for the rebate, refund or other payment or credit by a State or Territory in respect of alcoholic beverages. 5 the Inspector ‑ General of Taxation is for the purpose of investigating or reporting under, or otherwise administering: (a) the Inspector ‑ General of Taxation Act 2003 ; or (b) provisions of the Ombudsman Act 1976 , to the extent that they are applied by the Inspector ‑ General of Taxation Act 2003 . 6 the National Anti ‑ Corruption Commissioner (within the meaning of the National Anti ‑ Corruption Commission Act 2022 ) (a) is for the purposes of the National Anti ‑ Corruption Commission Act 2022 ; and (b) is in relation to a corruption issue that relates to the Australian Taxation Office or the Inspector ‑ General of Taxation. Table 5—Records or disclosures relating to rehabilitation or compensation (6) Table 5 is as follows: Table 5: Records or disclosures relating to rehabilitation or compensation Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 an authority of the Commonwealth established under a * Commonwealth law relating to rehabilitation or compensation is for the purpose of performing any of its functions or exercising any of its powers under that law. 2 the * Defence Secretary is for the purpose of administering any * Commonwealth law relating to payments in respect of dependants of members of the Defence Force. 3 an authority of a State or Territory that administers a * workers’ compensation law (a) is of information that relates to amounts withheld under Part 2 ‑ 5 in Schedule 1 to this Act (about PAYG withholding); and (b) is for the purpose of ensuring that employers comply with their obligations relating to insurance or the imposition of a levy under that law. Table 6—Records or disclosures relating to the environment (7) Table 6 is as follows: Table 6: Records or disclosures relating to the environment Item The record is made for or the disclosure is to... and the record or disclosure... 2 the * Environment Secretary is for the purpose of administering product stewardship (oil) benefits. 3 the Australian Renewable Energy Agency (a) is of information relating to the entitlement of an entity to a tax offset for an income year under Division 421 of the Income Tax Assessment Act 1997 (which is about the hydrogen production tax offset), including information about the amount of such a tax offset; and (b) is for the purpose of administering the program known as Hydrogen Headstart. Table 7—Records or disclosures relating to miscellaneous matters (8) Table 7 is as follows: Table 7: Records or disclosures relating to miscellaneous matters Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 the Australian Statistician is for the purpose of administering the Census and Statistics Act 1905 . 2 the Comptroller ‑ General of Customs (within the meaning of the Customs Act 1901 ) is for the purpose of administering any Act to the extent to which the Comptroller ‑ General of Customs has the general administration of the Act or any instrument under such an Act. 2A the Electoral Commissioner (within the meaning of the Commonwealth Electoral Act 1918 ) (a) is of information disclosed to, or obtained by, the Commissioner of Taxation on or after the commencement of this table item; and (b) is for the purpose of administering the Commonwealth Electoral Act 1918 or the Referendum (Machinery Provisions) Act 1984 . 3 the * Immigration Secretary or the Australian Border Force Commissioner (within the meaning of the Australian Border Force Act 2015 ) is for the purpose of performing any functions or exercising any powers under any Act or instrument, or part of any Act or instrument, administered by the Minister administering the * Immigration Department. 4 the Regulator (within the meaning of the Payment Times Reporting Act 2020 ) (a) is of information relating to whether an entity is a reporting entity (within the meaning of the Payment Times Reporting Act 2020 ); and (b) is for the purpose of enabling the Regulator to administer that Act. 5 the Fair Work Ombudsman (within the meaning of the Fair Work Act 2009 ) (a) is of the fact of an entity’s actual or reasonably suspected non ‑ compliance with a * taxation law; and (b) is for the purpose of ensuring the entity’s compliance with the Fair Work Act 2009 . 5AB (a) the Fair Work Commission (within the meaning of the Fair Work Act 2009 ); or (b) the Fair Work Ombudsman (within the meaning of that Act) (a) is of information that relates to the jobkeeper scheme (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020 ); and (b) is for the purpose of administering the Fair Work Act 2009 . 5A the Commissioner of the Australian Charities and Not ‑ for ‑ profits Commission is for the purpose of administering the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 . 6 (a) the Commissioner of the Australian Charities and Not ‑ for ‑ profits Commission; or (b) the Attorney ‑ General of a State or Territory (a) is of information that relates to non ‑ compliance of: (i) an * ancillary or community charity trust fund; or (ii) a * community charity corporation; or (iii) a charity (other than a charity already covered by subparagraph (i) or (ii)); with an * Australian law; and (b) is for the purpose of the administration of an Australian law governing trusts and charities. 6A the Secretary of the Department administered by the Minister administering the Petroleum and Other Fuels Reporting Act 2017 is for the purpose of administering the Petroleum and Other Fuels Reporting Act 2017 or the Fuel Security Act 2021 . 7 the Secretary of a Department administered by a Minister responsible for: (a) agriculture; or (aa) water; or (b) industry policy; or (c) investment promotion; or (d) taxation policy; or (e) foreign investment in Australia (a) is of information contained in the Register of Foreign Ownership of Agricultural Land or Register of Foreign Ownership of Water Entitlements; and (b) is for the purpose of enabling that Department to assist that Minister to discharge that responsibility. 8 a * foreign government agency of a foreign country or part of a foreign country, or an entity acting on behalf of such an agency (a) is of information relating to the address, contact information or income of a person who has an obligation to repay a student loan issued by or on behalf of: (i) that agency; or (ii) another * foreign government agency of that country, or that part of that country; and (b) is for the purposes of contacting the person, and recovering from the person outstanding amounts relating to the loan. 9 an * Australian government agency that administers an * Australian law referred to in paragraph 980 ‑ 10(1)(a) of the Income Tax Assessment Act 1997 is for the purpose of administering that * Australian law in relation to whether an entity should be, or should continue to be, covered by that Australian law in the way described in that paragraph. 10 an * Australian government agency that registers entities as described in paragraph 980 ‑ 10(1)(b) of the Income Tax Assessment Act 1997 is for the purpose of determining whether an entity should be, or should continue to be, registered as described in that paragraph. 10A an * Australian government agency (a) is of information that relates to the jobkeeper scheme (within the meaning of the Coronavirus Economic Response Package (Payments and Benefits) Rules 2020) ; and (b) is for the purpose of administering an * Australian law; and (c) is for a purpose relating to the coronavirus known as COVID ‑ 19. 12 an * Australian government agency is for the purpose of administering a program declared under subsection (10) to be a relevant COVID ‑ 19 business support program. 13 an * Australian government agency is for the purpose of administering a program declared under section 355 ‑ 66 to be a major disaster support program. 14 the Secretary of the Department (a) is of information that concerns: (i) a breach of an obligation of confidence by an entity (the first entity ) against the Commonwealth or a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013 ); or (ii) if the taxation officer reasonably suspects that such a breach has occurred—the suspected breach; where the obligation arose in connection with the first entity providing advice, or otherwise providing services, to a Commonwealth entity either: (iii) as an entity engaged by the Commonwealth entity for that purpose; or (iv) as an entity representing a taxpayer; and (b) is for the purpose of enabling or assisting in the consideration, development or implementation of any measure, or the taking of any action, directed at dealing with the breach or suspected breach; and (c) does not include: (i) the * ABN; or (ii) the name; or (iii) contact details; or (iv) personal information (within the meaning of the Privacy Act 1988 ); of any entity other than the first entity, unless the Commissioner is satisfied that the inclusion of the information is necessary for the purpose mentioned in paragraph (b); and (d) if the taxation officer is not the Commissioner, a * Second Commissioner or an SES employee or acting SES employee of the Australian Taxation Office—is authorised by: (i) the Commissioner; or (ii) a Second Commissioner; or (iii) an SES employee or acting SES employee of the Australian Taxation Office who is not a direct supervisor of the taxation officer. 15 a professional disciplinary body that is prescribed for the purposes of this table item (a prescribed disciplinary body ) (a) is of information that concerns an entity (the first entity ) and an act or omission (or a suspected act or omission) of the first entity that the taxation officer reasonably suspects may constitute a breach by the first entity of the prescribed disciplinary body’s code of conduct or professional standards, however described; and (b) is for the purpose of enabling or assisting the prescribed disciplinary body to perform one or more of its functions in respect of the first entity; and (c) does not include: (i) the * ABN; or (ii) the name; or (iii) contact details; or (iv) personal information (within the meaning of the Privacy Act 1988 ); of any entity other than the first entity, unless the Commissioner is satisfied that the inclusion of the information is necessary for the purpose mentioned in paragraph (b); and (d) if the taxation officer is not the Commissioner, a * Second Commissioner or an SES employee or acting SES employee of the Australian Taxation Office—is authorised by: (i) the Commissioner; or (ii) a Second Commissioner; or (iii) an SES employee or acting SES employee of the Australian Taxation Office who is not a direct supervisor of the taxation officer. (9) To avoid doubt, the exceptions in table items 7 and 7A in table 2 in subsection (3) have effect even if it is, or has been, in dispute or uncertain whether the individual is an employee or former employee of the employer. (10) For the purposes of item 12 of Table 7 in subsection (8), the Minister may, by legislative instrument, declare a program administered by an * Australian government agency to be a relevant COVID ‑ 19 business support program if the Minister is satisfied that the program is, in effect: (a) responding to economic impacts of the coronavirus known as COVID ‑ 19; and (b) directed at supporting * businesses the operations of which have been significantly disrupted as a result of a public health directive.", "Amendment_Count": 63, "First_Amended": "No 56 of 2010", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 56 of 2010 | No 105 of 2010 | No 145 of 2010 | No 32 of 2011 | No 41 of 2011 | No 132 of 2011 | No 147 of 2011 | No 12 of 2012 | No 57 of 2012 | No 71 of 2012 | No 75 of 2012 | No 158 of 2012 | No 169 of 2012 | No 26 of 2013 | No 102 of 2013 | No 105 of 2013 | No 124 of 2013 | No 82 of 2014 | No 83 of 2014 | No 110 of 2014 | No 21 of 2015 | No 41 of 2015 | No 70 of 2015 | No 81 of 2015 | No 130 of 2015 | No 150 of 2015 | No 154 of 2015 | No 162 of 2015 | No 63 of 2016 | No 82 of 2016 | No 89 of 2016 | No 96 of 2016 | No 15 of 2017 | No 64 of 2017 | No 91 of 2017 | No 132 of 2017 | No 4 of 2018 | No 13 of 2018 | No 116 of 2018 | No 125 of 2018 | No 8 of 2019 | No 34 of 2019 | No 38 of 2020 | No 64 of 2020 | No 79 of 2020 | No 81 of 2020 | No 89 of 2020 | No 114 of 2020 | No 66 of 2021 | No 71 of 2021 | No 79 of 2021 | No 101 of 2021 | No 111 of 2021 | No 75 of 2022 | No 89 of 2022 | No 61 of 2023 | No 75 of 2023 | No 76 of 2023 | No 37 of 2024 | No 52 of 2024 | No 9 of 2025 | No 57 of 2025", "History_Notes": "Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 105 of 2010, effective sch 1 (items 71 ‑ 82), sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 11, 14) sch 1 (item 83): 17 Dec 2010 (s 2(1) item 12) | Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 32 of 2011, effective sch 4 (item 628): never commenced (s 2(1) item 4) sch 4 (item 629): 1 July 2011 (s 2(1) item 5) | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 132 of 2011, effective sch 1 (item 212A), sch 2 (item 73): 2 Apr 2012 ( see s 2(1)) | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 57 of 2012, effective sch 5: Royal Assent | Amended by No 71 of 2012, effective sch 5 (item 17): 1 July 2012 (s 2(1) item 7) sch 5 (item 18): never commenced (s 2(1) item 8) sch 5 (item 19): 27 June 2012(s 2(1) item 9) | Amended by No 75 of 2012, effective sch 4 (items 13 ‑ 16, 20), sch 5, sch 7: Royal Assent | Amended by No 158 of 2012, effective sch 2 (item 69): 31 Jan 2013 (s 2(1) item 5) sch 3: 28 Nov 2012 (s 2(1) item 6) sch 4 (item 74): 29 Nov 2012 (s 2(1) item 10) | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9) | Amended by No 26 of 2013, effective sch 1 (item 53): 29 Mar 2013 (s 2(1) item 6) | Amended by No 102 of 2013, effective sch 2 (item 1): 30 June 2013 (s 2(1) item 2) | Amended by No 105 of 2013, effective sch 2 (items 27, 28(4)): 1 July 2013 (s 2) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 82 of 2014, effective sch 1 (items 8 ‑ 24): 18 July 2014 (s 2(1) item 2) | Amended by No 83 of 2014, effective sch 1 (items 319, 340): 1 July 2014 (s 2(1) items 2, 3) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 41 of 2015, effective sch 5 (items 152 ‑ 159), sch 6 (items 186, 187), sch 9: 1 July 2015 (s 2(1) items 2, 9) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 81 of 2015, effective sch 1 (items 24 ‑ 28): 1 July 2015 (s 2(1) item 1) | Amended by No 130 of 2015, effective s 4, sch 1 (item 7): 16 Sept 2015 (s 2(1) items 1, 4) | Amended by No 150 of 2015, effective sch 4 (items 3 ‑ 12): 1 Dec 2015 (s 2(1) item 4) | Amended by No 154 of 2015, effective sch 4 (items 1, 2): 26 Nov 2015 (s 2(1) item 8) | Amended by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 82 of 2016, effective sch 17: 30 Nov 2016 (s 2(1) item 5) | Amended by No 89 of 2016, effective sch 2 (items 3 ‑ 6), sch 3, 4: 2 Dec 2016 (s 2(1) item 3) | Amended by No 96 of 2016, effective sch 1 (items 39 ‑ 43): 7 Dec 2016 (s 2(1) item 1) | Amended by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2) | Amended by No 91 of 2017, effective sch 1 (items 2 ‑ 7): 24 Aug 2017 (s 2(1) item 1) | Amended by No 132 of 2017, effective sch 1 (items 1 ‑ 5, 13 ‑ 20): 1 July 2018 (s 2(1) item 2) sch 2 (items 6, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 4 of 2018, effective sch 6 (items 21 ‑ 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) sch 1 (items 26 ‑ 31, 54 ‑ 58): 6 Mar 2018 (s 2(1) items 2, 6) sch 3 (items 31, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 116 of 2018, effective sch 1 (items 47 ‑ 60): 1 July 2019 (s 2(1) items 10 ‑ 12) | Amended by No 125 of 2018, effective sch 1 (items 2 ‑ 4): 1 Jan 2019 (s 2(1) item 1) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 38 of 2020, effective sch 2 (items 8 ‑ 13), sch 7 (items 1, 2): 9 Apr 2020 (s 2(1) items 4, 13) sch 7 (item 3): 1 July 2023 (s 2(1) item 14) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 79 of 2020, effective sch 2 (items 6 ‑ 9): 1 Oct 2020 (s 2(1) item 2) sch 6: 4 Sept 2020 (s 2(1) item 5) | Amended by No 81 of 2020, effective sch 1 (items 4, 5): 3 Sept 2020 (s 2(1) item 2) | Amended by No 89 of 2020, effective sch 1 (items 1, 2): 1 Jan 2021 (s 2(1) item 2) | Amended by No 114 of 2020, effective sch 1 (items 226, 249): 1 Jan 2021 (s 2(1) item 2) | Amended by No 66 of 2021, effective sch 1 (items 18, 19): 30 June 2021 (s 2(1) item 2) | Amended by No 71 of 2021, effective sch 2: 1 July 2021 (s 2(1) item 1) | Amended by No 79 of 2021, effective sch 2: 11 Aug 2021 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1) | Amended by No 111 of 2021, effective sch 5 (items 2, 3): 1 Apr 2022 (s 2(1) item 6) sch 5 (items 5, 6): 28 Sept 2022 (s 2(1) item 7) | Amended by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4) | Amended by No 89 of 2022, effective sch 1 (items 201 ‑ 204): 1 July 2023 (s 2(1) item 2) | Amended by No 61 of 2023, effective sch 1 (items 137 ‑ 148, 156 ‑ ‑ 165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 75 of 2023, effective sch 4 (items 14 ‑ 30): 15 Sept 2024 (s 2(1) item 11) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3) | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3) | Amended by No 9 of 2025, effective sch 1 (items 5 ‑ 7): 1 Jan 2026 (s 2(1) item 2) sch 1 (items 14 ‑ 21), sch 2 (item 15): 1 Apr 2025 (s 2(1) items 3, 5) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-66", "Provision_Key": "s355-66", "Heading": "Major disaster support programs", "Text": "(1) For the purposes of item 13 of Table 7 in subsection 355 ‑ 65(8), the Minister may, by legislative instrument, declare a program administered by an * Australian government agency to be a major disaster support program if the Minister is satisfied that the program is, in effect: (a) responding to the impacts of an event to which subsection (2) of this section applies; and (b) directed at supporting: (i) individuals whom the event has significantly impacted; or (ii) * businesses the operations of which the event has significantly disrupted. (2) This subsection applies to an event if: (a) the event developed rapidly and resulted in: (i) the death, serious injury or other physical suffering of a large number of individuals; or (ii) widespread damage to property or the natural environment; or (b) the event is an emergency to which a national emergency declaration (within the meaning of the National Emergency Declaration Act 2020 ) relates (including a national emergency declaration that is no longer in force). Period of effect (3) A declaration made under subsection (1) must specify the period for which the declaration is in force. The period must end no later than 2 years after the day the declaration is registered on the Federal Register of Legislation.", "Amendment_Count": 1, "First_Amended": "No 75 of 2022", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 75 of 2022", "History_Notes": "Inserted by No 75 of 2022, effective sch 2 (items 2 ‑ 4): 6 Dec 2022 (s 2(1) item 3) sch 4 (items 23 ‑ 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-66"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-67", "Provision_Key": "s355-67", "Heading": "Exception—disclosure to registrars", "Text": "(1) Section 355 ‑ 25 does not apply if: (a) the entity is a * taxation officer; and (b) the Commissioner is appointed as a registrar specified in subsection (2); and (c) no other person or body is appointed as that registrar; and (d) the record or the disclosure is made for the purposes of the performance of that registrar’s functions, or the exercise of that registrar’s powers. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . (2) The following registrars are specified: (a) the Registrar (within the meaning of the Commonwealth Registers Act 2020 ); (c) the Registrar (within the meaning of the Corporations Act 2001 ); (d) the Registrar (within the meaning of the Foreign Acquisitions and Takeovers Act 1975 ).", "Amendment_Count": 3, "First_Amended": "No 141 of 2020", "Last_Amended": "No 57 of 2026", "Amending_Acts": "No 141 of 2020 | No 57 of 2026", "History_Notes": "Inserted by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15) | Amended by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15) | Amended by No 57 of 2026, effective sch 3 (items 62, 63, 87 ‑ 90): 30 June 2026 (s 2(1) item 10)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-67"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-70", "Provision_Key": "s355-70", "Heading": "Exception—disclosure for law enforcement and related purposes", "Text": "(1) Section 355 ‑ 25 does not apply if: (a) the entity is the Commissioner or a * taxation officer authorised by the Commissioner to make the record or disclosure; and (b) an item in the table in this subsection covers the making of the record or the disclosure; and (c) if the entity is not the Commissioner, a * Second Commissioner or an SES employee or acting SES employee of the Australian Taxation Office—one of the following has agreed that the record or disclosure is covered by the item: (i) the Commissioner; (ii) a Second Commissioner; (iii) an SES employee or acting SES employee of the Australian Taxation Office who is not a direct supervisor of the taxation officer. Note 1: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Note 2: The Commissioner is required to include in an annual report information about disclosures made under this subsection: see section 3B. Records or disclosures for law enforcement and related purposes Item The record is made for or the disclosure is to ... and the record or disclosure ... 1 an * authorised law enforcement agency officer, or a court or tribunal is for the purpose of: (a) investigating a * serious offence; or (b) enforcing a law, the contravention of which is a serious offence; or (c) the making, or proposed or possible making, of a * proceeds of crime order; or (d) supporting or enforcing a proceeds of crime order. 2 an * authorised ASIO officer is for the purpose of performing ASIO’s functions under subsection 17(1) of the Australian Security Intelligence Organisation Act 1979 . 3 a * Project Wickenby officer, or a court or tribunal (a) is for or in connection with a * purpose of the Project Wickenby taskforce; and (b) is made before 1 July 2015, or a later prescribed day. 4 a * taskforce officer of a prescribed taskforce, or a court or tribunal (a) is for or in connection with a purpose of the prescribed taskforce; and (b) is made within the time limit, if any, prescribed by the regulations. 5 a Royal Commission in respect of which Letters Patent issued by the Governor ‑ General declare that the Royal Commission is a Royal Commission to which this table item applies, or a member of such a Royal Commission is for the purpose of the Royal Commission conducting its inquiry. 6 one or more of the following bodies: (a) a Royal Commission of a State or a Territory prescribed by the regulations for the purposes of this table item; (b) a commission of inquiry of a State or a Territory prescribed by the regulations for the purposes of this table item; (c) a board of inquiry of a State or a Territory prescribed by the regulations for the purposes of this table item is for the purpose of: (a) investigating a * serious offence; or (b) enforcing a law, the contravention of which is a serious offence; or (c) the making, or proposed or possible making, of a * proceeds of crime order; or (d) supporting or enforcing a proceeds of crime order. (2A) The * taxation officer is entitled to rely on the exception in subsection (1) even if the agreement referred to in paragraph (1)(c) has not been obtained in relation to the record or disclosure. Meaning of various terms (2) Authorised ASIO officer means: (a) the Director ‑ General of Security holding office under the Australian Security Intelligence Organisation Act 1979 ; or (b) an ASIO employee (within the meaning of that Act) or an ASIO affiliate (within the meaning of that Act) who has been authorised in writing by the Director ‑ General of Security to perform the functions of an authorised ASIO officer under this Act. (3) Authorised law enforcement agency officer means: (a) the head of a * law enforcement agency; or (b) an officer of a law enforcement agency, or a person engaged by, or otherwise performing services for, a law enforcement agency, authorised in writing by the head of the agency to perform the functions of an authorised law enforcement agency officer under this Act. (4) Law enforcement agency means: (a) the Australian Federal Police; or (b) the police force of a State or Territory; or (c) the Office of the Director of Public Prosecutions established by section 5 of the Director of Public Prosecutions Act 1983 ; or (d) the National Anti ‑ Corruption Commission; or (e) the Australian Crime Commission; or (f) the Independent Commission Against Corruption established by the Independent Commission Against Corruption Act 1988 of New South Wales; or (g) the New South Wales Crime Commission; or (h) the Law Enforcement Conduct Commission of New South Wales; or (i) the Independent Broad ‑ based Anti ‑ corruption Commission of Victoria; or (j) the Crime and Corruption Commission of Queensland; or (k) the Corruption and Crime Commission of Western Australia; or (ka) the Independent Commissioner Against Corruption of South Australia; or (l) * ASIC. (5) Proceeds of crime order means: (a) an order, relating to an entity’s commission of a * serious offence, under: (i) Chapter 2 (about confiscation of property in relation to certain offences) or Division 1 of Part 3 ‑ 1 (about examination orders) of the Proceeds of Crime Act 2002 ; or (ii) Part II (about confiscation) or III (about control of property liable to confiscation) of the Proceeds of Crime Act 1987 ; or (iii) a * State law or * Territory law corresponding to a law referred to in subparagraph (i) or (ii); or (iv) Division 3 of Part XIII (about recovery of pecuniary penalties for dealings in narcotic goods) of the Customs Act 1901 ; or (b) an unexplained wealth order (within the meaning of the Proceeds of Crime Act 2002 ); or (c) a court order (including a declaration or direction): (i) under a State law or Territory law; and (ii) relating to unexplained wealth. (6) An entity is a Project Wickenby officer if the entity: (a) holds an office in, is employed in, or is performing services for: (i) a * Project Wickenby taskforce agency; or (ii) a * Project Wickenby taskforce supporting agency; and (b) performs duties that relate to a * purpose of the Project Wickenby taskforce. (7) The following agencies are Project Wickenby taskforce agencies : (a) the Australian Taxation Office; (b) the Australian Crime Commission; (c) the Australian Federal Police; (d) * ASIC; (e) the Office of the Director of Public Prosecutions; (f) a prescribed agency. (8) The following agencies are Project Wickenby taskforce supporting agencies : (a) the Department administered by the Minister administering the Crimes Act 1914 ; (b) the Australian Transaction Reports and Analysis Centre; (c) the Australian Government Solicitor; (d) a prescribed agency. (9) The purposes of the Project Wickenby taskforce are to: (a) detect; and (b) deter; and (c) investigate; and (d) enforce the law relating to; the promotion of or participation in * arrangements of an international character, or purported international character, that relate to one or more of the following: (e) tax avoidance or evasion; (f) breaches of laws regulating financial markets and corporations; (g) criminal activity in the nature of fraud or obtaining benefits by deception (including deceiving investors or creditors); (h) money laundering; (i) concealing income or assets. (10) Serious offence means an offence against an * Australian law that is punishable by imprisonment for a period exceeding 12 months. (11) An entity is a taskforce officer of a prescribed taskforce if: (a) the entity holds an office in, is employed in, or is performing services for, an agency in the prescribed taskforce; and (b) the entity’s duties relate to a purpose of the prescribed taskforce. (12) The regulations may prescribe a taskforce for the purposes of item 4 of the table in subsection (1). A major purpose of the taskforce must be protecting the public finances of Australia. (13) Without limiting subsection (12), regulations made for the purposes of item 4 of the table in subsection (1) may deal with the following matters: (a) the purposes of the taskforce; (b) the agencies in the taskforce.", "Amendment_Count": 12, "First_Amended": "No 145 of 2010", "Last_Amended": "No 89 of 2022", "Amending_Acts": "No 145 of 2010 | No 39 of 2012 | No 74 of 2012 | No 84 of 2013 | No 108 of 2014 | No 110 of 2014 | No 21 of 2015 | No 153 of 2015 | No 162 of 2015 | No 86 of 2016 | No 89 of 2022", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 74 of 2012, effective sch 1 (items 3, 28): 10 Feb 2013 ( see s 2(1)) | Amended by No 84 of 2013, effective sch 8 (items 33 ‑ 37): 28 June 2013 (s 2(1) item 4) | Amended by No 108 of 2014, effective sch 1 (items 55, 56, 78 ‑ 87): 30 Oct 2014 (s 2(1) item 2) | Amended by No 110 of 2014, effective sch 4 (items 2, 3), sch 5 (items 68 ‑ 75, 123 ‑ 140): 16 Oct 2014 (s 2(1) items 3, 4, 7) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14) | Amended by No 153 of 2015, effective sch 15 (items 32, 33): 27 Nov 2015 (s 2(1) item 3) | Amended by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Amended by No 86 of 2016, effective sch 1 (items 1, 56 ‑ 58): 1 Dec 2016 (s 2(1) items 2, 4) sch 1 (items 52 ‑ 55): 1 July 2017 (s 2(1) item 3) | Amended by No 89 of 2022, effective sch 1 (items 201 ‑ 204): 1 July 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-72", "Provision_Key": "s355-72", "Heading": "Exception—disclosure to credit reporting bureaus", "Text": "Exception—entities in declared class of entities (1) Section 355 ‑ 25 does not apply if: (a) the entity is a * taxation officer; and (b) the record is made for, or the disclosure is to, a * credit reporting bureau; and (c) the record or disclosure is of information that relates to the * tax debts of an entity (the primary entity ) that is included in a class of entities declared under subsection (5) of this section; and (d) the record or disclosure is for the purpose of enabling the credit reporting bureau to prepare, issue, update, correct or confirm credit worthiness reports in relation to the primary entity; and (e) in the case of a disclosure of information other than for the purposes of updating, correcting or confirming information previously disclosed under this exception—both: (i) the Inspector ‑ General of Taxation has been consulted on the disclosure; and (ii) 28 days have passed after a notice under subsection (2) of this section was given to the primary entity for the disclosure. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Notice of disclosure (2) The Commissioner must notify a primary entity if: (a) information that relates to the primary entity is to be disclosed to a * credit reporting bureau under this section; and (b) the information is not information that updates, corrects or confirms the information previously disclosed under the exception in subsection (1). (3) The notice must: (a) be in writing; and (b) explain the type of information that is to be disclosed to the * credit reporting bureau; and (ba) explain: (i) why the primary entity is included in a class of entities declared under subsection (5); and (ii) the steps (if any) the primary entity may take to no longer be included in that class before the disclosure occurs; and (c) set out the amount of any * tax debts payable by the primary entity at the time the notice is given by the Commissioner; and (d) explain how the primary entity may make a complaint in relation to the proposed disclosure of the entity’s information; and (e) be served on the primary entity. Exception—entities no longer in declared class of entities (4) Section 355 ‑ 25 does not apply if: (a) the entity is a * taxation officer; and (b) the record is made for, or the disclosure is to, a * credit reporting bureau; and (c) the record or disclosure is of information that relates to the * tax debts of an entity that: (i) has had information previously disclosed under the exception in subsection (1) of this section; and (ii) is no longer an entity that is included in a class of entities declared under subsection (5) of this section; and (d) the record or disclosure is of information that relates to why the entity to which the information relates is no longer included in a class of entities declared under subsection (5) of this section; and (e) the record or disclosure is for the purpose of enabling the credit reporting bureau to update or correct credit worthiness reports in relation to the entity to which the information relates. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Class of entities (5) The Minister may, by legislative instrument, declare one or more classes of entities for the purposes of this section. (5A) Before making an instrument under subsection (5), the Minister must: (a) consult the Inspector ‑ General of Taxation; and (b) consider any submissions made by the Inspector ‑ General of Taxation because of that consultation. (6) Before making an instrument under subsection (5), the Minister must: (a) consult the Information Commissioner in relation to matters that relate to the privacy functions (within the meaning of the Australian Information Commissioner Act 2010 ) and would be affected by the proposed instrument; and (b) consider any submissions made by the Information Commissioner because of that consultation. Credit reporting bureau (7) An entity is a credit reporting bureau if the entity is recognised by the Commissioner as an entity that prepares and issues credit worthiness reports in relation to other entities. (8) The Commissioner must keep and publish a list of credit reporting bureaus on the Australian Taxation Office website. (9) The list of credit reporting bureaus is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 95 of 2019", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 95 of 2019", "History_Notes": "Inserted by No 95 of 2019, effective sch 4 (items 5, 6): 1 Jan 2020 (s 2(1) item 2) sch 5 (items 2 ‑ 4), sch 6: 29 Oct 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-72"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-75", "Provision_Key": "s355-75", "Heading": "Limits on disclosure to courts and tribunals", "Text": "An entity who is or was a * taxation officer is not to be required to disclose to a court or tribunal * protected information that was acquired by the entity as a taxation officer except where it is necessary to do so for the purpose of carrying into effect the provisions of: (a) a * taxation law; or (b) the Foreign Acquisitions and Takeovers Act 1975 , if the entity acquired the information because of a request under subsection 138(4) of that Act. Note: See also section 8ZK of this Act (about protection of witnesses).", "Amendment_Count": 2, "First_Amended": "No 145 of 2010", "Last_Amended": "No 150 of 2015", "Amending_Acts": "No 145 of 2010 | No 150 of 2015", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Repealed and substituted by No 150 of 2015, effective sch 4 (items 3 ‑ 12): 1 Dec 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-150", "Provision_Key": "s355-150", "Heading": "What this Subdivision is about", "Text": "Someone who is not a taxation officer is prohibited from disclosing protected information, except in certain specified circumstances. Table of sections Operative provisions 355 ‑ 155 Offence—on ‑ disclosure of protected information by other people 355 ‑ 160 Consent is not a defence 355 ‑ 165 Generality of Subdivision not limited 355 ‑ 170 Exception—on ‑ disclosure of publicly available information 355 ‑ 172 Exception—disclosure of periodic aggregate tax information 355 ‑ 175 Exception—on ‑ disclosure for original purpose 355 ‑ 180 Exception—on ‑ disclosure to Ministers in relation to statutory powers or functions 355 ‑ 181 Exception—on ‑ disclosure to Ministers in relation to breach of confidence and related matters 355 ‑ 182 Exception—on ‑ disclosure of certain information to Commonwealth Ombudsman 355 ‑ 185 Exception—on ‑ disclosure to IGIS officials 355 ‑ 190 Exception—on ‑ disclosure in relation to ASIO 355 ‑ 192 Exception—on ‑ disclosure in relation to National Anti ‑ Corruption Commission Act 2022 355 ‑ 195 Exception—on ‑ disclosure by Royal Commissions 355 ‑ 200 Exception—records made in compliance with Australian laws 355 ‑ 205 Limits on on ‑ disclosure to courts or tribunals 355 ‑ 210 Limits on on ‑ disclosure to Ministers 355 ‑ 215 Exception—on ‑ disclosure of information disclosed to credit reporting bureaus", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-155", "Provision_Key": "s355-155", "Heading": "Offence—on ‑ disclosure of protected information by other people", "Text": "An entity commits an offence if: (a) the entity: (i) makes a record of information; or (ii) discloses information to another entity (other than the entity to whom the information relates or that entity’s agent in relation to the information) or to a court or tribunal; and (b) the information was acquired by the first ‑ mentioned entity under an exception in this Subdivision or in Subdivision 355 ‑ B (except subsection 355 ‑ 65(1) operating in relation to item 7 in the table in subsection 355 ‑ 65(4)); and (c) the first ‑ mentioned entity did not acquire the information as a * taxation officer. Penalty: Imprisonment for 2 years. Note: This section also covers information acquired by an entity (other than as a taxation officer) before the commencement of this section under certain repealed or amended provisions: see item 124 of Schedule 2 to the Tax Laws Amendment (Confidentiality of Taxpayer Information) Act 2010 .", "Amendment_Count": 2, "First_Amended": "No 145 of 2010", "Last_Amended": "No 150 of 2015", "Amending_Acts": "No 145 of 2010 | No 150 of 2015", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 150 of 2015, effective sch 4 (items 3 ‑ 12): 1 Dec 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-160", "Provision_Key": "s355-160", "Heading": "Consent is not a defence", "Text": "It is not a defence to a prosecution for an offence against section 355 ‑ 155 that the entity to whom the information relates has consented to: (a) the making of the record; or (b) the disclosure of the information.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-165", "Provision_Key": "s355-165", "Heading": "Generality of Subdivision not limited", "Text": "Except as provided in section 355 ‑ 210 (about limits on disclosure to Ministers), nothing in this Subdivision limits the generality of anything else in it. Note: This means that each provision in this Subdivision (other than section 355 ‑ 210) has an independent operation and is not to be interpreted by reference to any other provision within the Subdivision.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-170", "Provision_Key": "s355-170", "Heading": "Exception—on ‑ disclosure of publicly available information", "Text": "Section 355 ‑ 155 does not apply if the information was already available to the public (otherwise than as a result of a contravention of section 355 ‑ 25, 355 ‑ 155 or 355 ‑ 265). Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-172", "Provision_Key": "s355-172", "Heading": "Exception—disclosure of periodic aggregate tax information", "Text": "Section 355 ‑ 155 does not apply if the information is * periodic aggregate tax information. Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-172"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-175", "Provision_Key": "s355-175", "Heading": "Exception—on ‑ disclosure for original purpose", "Text": "(1) Section 355 ‑ 155 does not apply if: (a) the information was originally disclosed under an exception in Subdivision 355 ‑ B for a purpose specified in that exception (the original purpose ); and (b) the information was acquired by the entity under this section or an exception in Subdivision 355 ‑ B; and (c) the record or disclosure is made by the entity for the original purpose, or in connection with the original purpose. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Instances of disclosures in connection with the original purpose (2) Without limiting subsection (1), a record or disclosure is made by the entity in connection with the original purpose if: (a) the record is made for, or the disclosure is to, any entity, court or tribunal; and (b) the record or disclosure is for the purpose of criminal, civil or administrative proceedings (including merits review or judicial review) that are related to the original purpose. Multiple purposes (3) Subsection (1) has effect as if a record or disclosure made by the entity for a purpose specified in column 3 of the following table were made in connection with the original purpose: Records or disclosures for purpose connected with the original purpose Item Original purpose Purpose connected with the original purpose 1 a * purpose of the Project Wickenby taskforce another purpose of that taskforce. 2 a purpose of a prescribed taskforce another purpose of that taskforce. 3 one of the purposes specified in column 3 of item 1 of the table in subsection 355 ‑ 70(1) the other of those purposes. 4 one of the purposes specified in column 3 of item 6 of the table in subsection 355 ‑ 70(1) one of the other purposes specified in column 3 of item 6 of that table.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-175"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-180", "Provision_Key": "s355-180", "Heading": "Exception—on ‑ disclosure to Ministers in relation to statutory powers or functions", "Text": "Section 355 ‑ 155 does not apply if: (a) the information was originally disclosed under an exception in Subdivision 355 ‑ B for a purpose specified in that exception (the original purpose ); and (b) the record is made for, or the disclosure is to, a Minister who has a statutory power or function in relation to the original purpose; and (c) the record or disclosure is for the purpose of enabling the Minister to: (i) decide whether to exercise the power or perform the function; or (ii) exercise the power or perform the function. Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-180"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-181", "Provision_Key": "s355-181", "Heading": "Exception—on ‑ disclosure to Ministers in relation to breach of confidence and related matters", "Text": "Section 355 ‑ 155 does not apply if: (a) the entity is the Secretary of the Department or an SES employee of the Department authorised by the Secretary for the purposes of this section (the first entity ); and (b) the information was obtained by the first entity under the exception in subsection 355 ‑ 65(1) operating in relation to item 14 in the table in subsection 3 55 ‑ 65(8); and (c) the record is made for, or the disclosu re is to, the Minister or the * Finance Minister; and (d) the record or disclosure is for the purpose of providing advice to the Minister or the Finance Minister in relation to: (i) a breach, or a suspected breach, of an obligation of confidence by another entity (the second entity ) against the Commonwealth or a Commonwealth entity (within the meaning of the Public Governance, Performance and Accountability Act 2013 ); or (ii) any proposed measure or action directed at dealing with such a breach or suspected breach. Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 37 of 2024", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 37 of 2024", "History_Notes": "Inserted by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-181"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-182", "Provision_Key": "s355-182", "Heading": "Exception—on ‑ disclosure of certain information to Commonwealth Ombudsman", "Text": "(1) Section 355 ‑ 155 does not apply if: (a) the entity is an officer of an * Australian government agency; and (b) the information was acquired by the entity under the exception in subsection 355 ‑ 65(1) operating in relation to item 10 in the table in subsection 355 ‑ 65(2); and (c) the record is made for, or the disclosure is to: (i) the Commonwealth Ombudsman or a Deputy Commonwealth Ombudsman; or (ii) a member of staff referred to in subsection 31(1) of the Ombudsman Act 1976 ; and (d) the record or disclosure is for the purpose of the performance of a function or duty of the Commonwealth Ombudsman, the Deputy Commonwealth Ombudsman or the member of staff, under the Ombudsman Act 1976 . Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . (2) Section 355 ‑ 155 does not apply if: (a) the entity is: (i) the Commonwealth Ombudsman or a Deputy Commonwealth Ombudsman; or (ii) a member of staff referred to in subsection 31(1) of the Ombudsman Act 1976 ; and (b) the information was acquired by the entity under subsection (1) or this subsection; and (c) the record or disclosure is for the purpose of the performance of a function or duty of the Commonwealth Ombudsman, the Deputy Commonwealth Ombudsman or the member of staff, under the Ombudsman Act 1976 . Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 82 of 2016", "Last_Amended": "No 82 of 2016", "Amending_Acts": "No 82 of 2016", "History_Notes": "Inserted by No 82 of 2016, effective sch 17: 30 Nov 2016 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-182"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-185", "Provision_Key": "s355-185", "Heading": "Exception—on ‑ disclosure to IGIS officials", "Text": "(1) Section 355 ‑ 155 does not apply if: (a) the entity is an officer of an * Australian government agency; and (b) the record is made for, or the disclosure is to, an * IGIS official; and (c) the record or disclosure is for the purposes of the IGIS official performing functions or duties, or exercising powers, as an IGIS official. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . (2) Section 355 ‑ 155 does not apply if: (a) the entity is an * IGIS official; and (b) the information was acquired by the entity under subsection (1) or this subsection; and (c) the record or disclosure is for the purposes of the IGIS official performing functions or duties, or exercising powers, as an IGIS official.", "Amendment_Count": 3, "First_Amended": "No 145 of 2010", "Last_Amended": "No 73 of 2023", "Amending_Acts": "No 145 of 2010 | No 108 of 2014 | No 73 of 2023", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 108 of 2014, effective sch 1 (items 55, 56, 78 ‑ 87): 30 Oct 2014 (s 2(1) item 2) | Repealed and substituted by No 73 of 2023, effective sch 1 (item 200), Sch 3 (item 2): 21 Sept 2023 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-185"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-190", "Provision_Key": "s355-190", "Heading": "Exception—on ‑ disclosure in relation to ASIO", "Text": "(1) Section 355 ‑ 155 does not apply if: (a) the entity is an * authorised ASIO officer; and (b) the record is made for, or the disclosure is to, an officer of a * law enforcement agency; and (c) the record or disclosure is for the purpose of, or in connection with: (i) investigating a * serious offence; or (ii) enforcing a law, the contravention of which is a serious offence; or (iii) the making, or proposed or possible making, of a * proceeds of crime order. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . (2) Section 355 ‑ 155 does not apply if: (a) the entity is an officer of a * law enforcement agency; and (b) the information was acquired by the entity under subsection (1) or this paragraph; and (c) the record or disclosure is for the purpose of, or in connection with: (i) investigating a * serious offence; or (ii) enforcing a law, the contravention of which is a serious offence; or (iii) the making, or proposed or possible making, of a * proceeds of crime order. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-190"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-192", "Provision_Key": "s355-192", "Heading": "Exception—on ‑ disclosure in relation to National Anti ‑ Corruption Commission Act 2022", "Text": "(1) Section 355 ‑ 155 does not apply if: (a) the entity is the Inspector ‑ General of Taxation; and (b) the information was acquired by the Inspector ‑ General of Taxation under the exception in subsection 355 ‑ 65(1) operating in relation to item 5 in the table in subsection 355 ‑ 65(5); and (c) the record is made for, or the disclosure is to: (i) the National Anti ‑ Corruption Commissioner (within the meaning of the National Anti ‑ Corruption Commission Act 2022 ); or (ii) another staff member of the NACC (within the meaning of that Act); and (d) the record or disclosure is: (i) for the purposes of the National Anti ‑ Corruption Commission Act 2022 ; and (ii) in relation to a corruption issue (within the meaning of that Act) that relates to the Australian Taxation Office or the Inspector ‑ General of Taxation. Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . (2) Section 355 ‑ 155 does not apply if: (a) the entity is: (i) the National Anti ‑ Corruption Commissioner (within the meaning of the National Anti ‑ Corruption Commission Act 2022 ); or (ii) another staff member of the NACC (within the meaning of that Act); and (b) the information was acquired by the entity under subsection (1) or this subsection; and (c) the record or disclosure is for the purpose of performing a function or duty of the National Anti ‑ Corruption Commissioner or another staff member of the NACC under the National Anti ‑ Corruption Commission Act 2022 . Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 89 of 2022", "Last_Amended": "No 89 of 2022", "Amending_Acts": "No 89 of 2022", "History_Notes": "Inserted by No 89 of 2022, effective sch 1 (items 201 ‑ 204): 1 July 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-192"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-195", "Provision_Key": "s355-195", "Heading": "Exception—on ‑ disclosure by Royal Commissions", "Text": "(1) Section 355 ‑ 155 does not apply if: (a) the entity is a member of a Royal Commission to which column 2 of item 5 of the table in subsection 355 ‑ 70(1) relates; and (b) the information was acquired by the entity under item 5 of the table in subsection 355 ‑ 70(1); and (c) the record or disclosure is in accordance with section 6P of the Royal Commissions Act 1902 . Note 1: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code . Note 2: Section 6P of the Royal Commissions Act 1902 sets out the circumstances in which a Royal Commission covered by that Act may disclose information it acquires in the course of its inquiry. (2) Section 355 ‑ 155 does not apply to particular information if the information was disclosed under subsection (1). Note: A defendant bears an evidential burden in relation to the matters in this subsection: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-195"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-200", "Provision_Key": "s355-200", "Heading": "Exception—records made in compliance with Australian laws", "Text": "Section 355 ‑ 155 does not apply if the record is made in compliance with a requirement of an * Australian law. Example: The Australian Taxation Office obtains information about an entity from a credit reporting body by giving a notice under paragraph 353 ‑ 10(1)(c). The body is not committing an offence under section 355 ‑ 155 by making a written note of the disclosure as required by subsection 20E(5) of the Privacy Act 1988 . Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 3, "First_Amended": "No 145 of 2010", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 145 of 2010 | No 197 of 2012 | No 2 of 2015", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 197 of 2012, effective sch 5 (items 133, 134), sch 6 (items 15 ‑ 19): 12 Mar 2014 (s 2(1) items 3, 19) sch 6 (item 1): 12 Dec 2012 (s 2(1) item 16) | Amended by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-205", "Provision_Key": "s355-205", "Heading": "Limits on on ‑ disclosure to courts or tribunals", "Text": "An entity is not to be required to disclose to a court or tribunal * protected information that was acquired by the entity under Subdivision 355 ‑ B or this Subdivision, except where it is necessary to do so for the purpose of carrying into effect the provisions of: (a) a * taxation law; or (b) if the entity has or had duties, functions or powers under the Foreign Acquisitions and Takeovers Act 1975 —that Act. Note: See also section 8ZK of this Act (about protection of witnesses).", "Amendment_Count": 2, "First_Amended": "No 145 of 2010", "Last_Amended": "No 150 of 2015", "Amending_Acts": "No 145 of 2010 | No 150 of 2015", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Repealed and substituted by No 150 of 2015, effective sch 4 (items 3 ‑ 12): 1 Dec 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-205"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-210", "Provision_Key": "s355-210", "Heading": "Limits on on ‑ disclosure to Ministers", "Text": "(1) Sections 355 ‑ 170, 355 ‑ 180, 355 ‑ 181 and 355 ‑ 195 are the only exceptions to the prohibition in section 355 ‑ 155 on which an entity who has acquired * protected information (otherwise than as a * taxation officer) can rely in making a record of the information for, or disclosing the information to, a Minister, whether or not provided to a Minister in the course of, or for the purposes of or incidental to, the transacting of the business of a House of the Parliament or of a committee of one or both Houses of the Parliament. Note: Disclosures that are not prohibited by section 355 ‑ 155 are not affected by this subsection. For example, an entity may disclose information to a Minister if the Minister is the entity to whom the information relates, or is another entity’s agent in relation to the information. (2) Subsection (1) has effect despite section 16 of the Parliamentary Privileges Act 1987 , and that section does not operate to the extent that it would otherwise apply to a disclosure of * protected information by the entity to a Minister. Note: This subsection does not limit the operation of section 16 of the Parliamentary Privileges Act 1987 in any other respect. That section continues to operate, for example, to enable an entity to disclose protected information to a committee of one or both Houses of the Parliament.", "Amendment_Count": 2, "First_Amended": "No 145 of 2010", "Last_Amended": "No 37 of 2024", "Amending_Acts": "No 145 of 2010 | No 37 of 2024", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-210"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-215", "Provision_Key": "s355-215", "Heading": "Exception—on ‑ disclosure of information disclosed to credit reporting bureaus", "Text": "Section 355 ‑ 155 does not apply if: (a) the information was originally disclosed under the exception in subsection 355 ‑ 72(1) or (4); and (b) the information was acquired by the entity under that exception or the exception in section 355 ‑ 175; and (c) when making the record, or disclosing the information, the entity is not: (i) a * credit reporting bureau; or (ii) an entity appointed or employed by, or otherwise performing services for, a credit reporting bureau. Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 95 of 2019", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 95 of 2019", "History_Notes": "Inserted by No 95 of 2019, effective sch 4 (items 5, 6): 1 Jan 2020 (s 2(1) item 2) sch 5 (items 2 ‑ 4), sch 6: 29 Oct 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-215"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-260", "Provision_Key": "s355-260", "Heading": "What this Subdivision is about", "Text": "The disclosure of protected tax information that has been unlawfully acquired is prohibited. Table of sections Operative provisions 355 ‑ 265 Offence—disclosure of protected information acquired in breach of a taxation law 355 ‑ 270 Exception—disclosure of publicly available information 355 ‑ 275 Exception—disclosure in relation to a taxation law 355 ‑ 280 Limits on disclosure to courts and tribunals", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-260"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-265", "Provision_Key": "s355-265", "Heading": "Offence—disclosure of protected information acquired in breach of a taxation law", "Text": "An entity commits an offence if: (a) the entity: (i) makes a record of information; or (ii) discloses information to another entity (other than the entity to whom the information relates or that entity’s agent in relation to the information) or to a court or tribunal; and (b) the information is * protected information; and (c) the information was acquired by the entity in breach of a provision of a * taxation law (including this provision); and (d) the information was not acquired by the entity as a * taxation officer. Penalty: Imprisonment for 2 years.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-265"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-270", "Provision_Key": "s355-270", "Heading": "Exception—disclosure of publicly available information", "Text": "Section 355 ‑ 265 does not apply if the information was already available to the public (otherwise than as a result of a contravention of that section, or section 355 ‑ 25 or 355 ‑ 155). Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-270"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-275", "Provision_Key": "s355-275", "Heading": "Exception—disclosure in relation to a taxation law", "Text": "Section 355 ‑ 265 does not apply: (a) to the extent that the entity’s actions are required or permitted by a * taxation law or reasonably necessary in order to comply with an obligation imposed by a taxation law; or (b) if the record was made for or the information was disclosed: (i) to a * taxation officer; and (ii) for a purpose connected with administering a * taxation law. Note: A defendant bears an evidential burden in relation to the matters in this section: see subsection 13.3(3) of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-275"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-280", "Provision_Key": "s355-280", "Heading": "Limits on disclosure to courts and tribunals", "Text": "An entity is not to be required to disclose to a court or tribunal * protected information that was acquired by the entity under this Subdivision, except where it is necessary to do so for the purpose of carrying into effect the provisions of a * taxation law. Note: See also section 8ZK of this Act (about protection of witnesses).", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-280"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-320", "Provision_Key": "s355-320", "Heading": "What this Subdivision is about", "Text": "The Commissioner may require a taxation officer to make an oath of affirmation to protect information. The Federal Court has power to grant an injunction restraining an entity from engaging in conduct that would constitute an offence against this Division. The Commissioner must issue instructions relating to the disclosure of protected tax information. Table of sections Operative provisions 355 ‑ 325 Oath or affirmation to protect information 355 ‑ 330 Injunctions to prevent contravention of non ‑ disclosure provisions 355 ‑ 335 Procedures for disclosing protected information", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-320"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-325", "Provision_Key": "s355-325", "Heading": "Oath or affirmation to protect information", "Text": "(1) A * taxation officer must, if and when required by the Commissioner to do so, make an oath or affirmation to protect information in accordance with this Division. (2) The Commissioner may determine, in writing: (a) the form of the oath or affirmation; and (b) the manner in which the oath or affirmation must be made.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-325"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-330", "Provision_Key": "s355-330", "Heading": "Injunctions to prevent contravention of non ‑ disclosure provisions", "Text": "Injunctions (1) If an entity has engaged, is engaging or is proposing to engage in any conduct that constituted, constitutes or would constitute an offence against this Division, the Federal Court of Australia may, on the application of the Commissioner, grant an injunction: (a) restraining the entity from engaging in the conduct; and (b) if in the court’s opinion it is desirable to do so—requiring the entity to do any act or thing. Interim injunctions (2) If an application is made to the court for an injunction under subsection (1), the court may, before considering the application, grant an interim injunction restraining an entity from engaging in conduct of the kind referred to in that subsection pending the determination of the application. Discharge or variation of injunctions (3) The court may discharge or vary an injunction granted under this section. Exercise of power to grant injunctions (4) If an application is made to the court for the grant of an injunction restraining an entity from engaging in conduct of a particular kind, the power of the court to grant the injunction may be exercised: (a) if the court is satisfied that the entity has engaged in conduct of that kind—whether or not it appears to the court that the entity intends to engage again, or to continue to engage, in conduct of that kind; or (b) if it appears to the court that, in the event that an injunction is not granted, it is likely that the entity will engage in conduct of that kind—whether or not the entity has previously engaged in conduct of that kind and whether or not there is an imminent danger of substantial damage to any other entity if the entity engages in conduct of that kind. (5) The power of the court to grant an injunction requiring an entity to do a particular act or thing may be exercised: (a) if the court is satisfied that the entity has refused or failed to do that act or thing—whether or not it appears to the court that the entity intends to refuse or fail again, or to continue to refuse or fail, to do that act or thing; or (b) if it appears to the court that, in the event that an injunction is not granted, it is likely that the entity will refuse or fail to do that act or thing—whether or not the entity has previously refused or failed to do that act or thing and whether or not there is an imminent danger of substantial damage to any other entity if the entity refuses or fails to do that act or thing. No undertakings as to damages (6) If the Commissioner makes an application to the court for the grant of an injunction under this section, the court must not require the Commissioner or any other entity, as a condition of the granting of an interim injunction, to give any undertakings as to damages. Other powers of the court unaffected (7) The powers conferred on the court under this section are in addition to, and not in derogation of, any other powers of the court, whether conferred by this Act or otherwise.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-330"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 355-335", "Provision_Key": "s355-335", "Heading": "Procedures for disclosing protected information", "Text": "(1) The Commissioner must issue instructions in relation to the procedures to be followed by * taxation officers in disclosing * protected information under the exceptions in sections 355 ‑ 55 (about disclosures to Ministers), 355 ‑ 65 (about disclosures for other government purposes) and 355 ‑ 70 (about disclosures for law enforcement and related purposes). (2) The instructions must: (a) be issued within 6 months after the commencement of this section; and (b) be in writing; and (c) provide for the matters mentioned in subsection (3); and (d) be published on the Australian Taxation Office website. (3) The matters are: (a) the processes to be followed before * protected information can be disclosed by a * taxation officer under the exceptions in sections 355 ‑ 55, 355 ‑ 65 and 355 ‑ 70; and (b) the processes involved in obtaining and giving the agreement mentioned in paragraphs 355 ‑ 55(1)(c) and 355 ‑ 70(1)(c); and (c) other matters the Commissioner considers appropriate. (4) Without limiting subsection 33(3) of the Acts Interpretation Act 1901 , the Commissioner may vary or revoke the instructions. (5) A failure to comply with the time limit in paragraph (2)(a) does not: (a) prevent the Commissioner from issuing the instructions after this time; or (b) affect the validity of the instructions when issued. (6) A failure to comply with the instructions does not, of itself, mean that a * taxation officer is not entitled to rely on the exceptions in sections 355 ‑ 55, 355 ‑ 65 and 355 ‑ 70. (7) The instructions are not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Inserted by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s355-335"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 356-1", "Provision_Key": "s356-1", "Heading": "What this Division is about", "Text": "This Division gives the Commissioner the general administration of the indirect tax laws and the Major Bank Levy Act 2017 .", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 73 of 2006 | No 64 of 2017", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s356-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 356-5", "Provision_Key": "s356-5", "Heading": "Commissioner has general administration of indirect tax laws", "Text": "The Commissioner has the general administration of each * indirect tax law.", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s356-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 356-10", "Provision_Key": "s356-10", "Heading": "Commissioner has general administration of major bank levy", "Text": "The Commissioner has the general administration of the Major Bank Levy Act 2017 .", "Amendment_Count": 1, "First_Amended": "No 64 of 2017", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 64 of 2017", "History_Notes": "Inserted by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s356-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 356-15", "Provision_Key": "s356-15", "Heading": "Commissioner has general administration of Laminaria and Corallina decommissioning levy", "Text": "The Commissioner has the general administration of the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 .", "Amendment_Count": 1, "First_Amended": "No 24 of 2022", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 24 of 2022", "History_Notes": "Inserted by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s356-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 356-20", "Provision_Key": "s356-20", "Heading": "Commissioner has general administration of Minimum Tax Act", "Text": "The Commissioner has the general administration of the * Minimum Tax Act.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s356-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-1", "Provision_Key": "s357-1", "Heading": "What this Division is about", "Text": "This Division sets out the object of this Part, and common rules that apply to public, private and oral rulings. (For the rules specific to each of those kinds of ruling, see Divisions 358, 359, 360 and 362.) A ruling is an expression of the Commissioner’s opinion of the way in which a relevant provision applies, or would apply, to you. A ruling binds the Commissioner if it applies to you and you act in accordance with it. If you do act in accordance with it and the law turns out to be less favourable to you than the ruling provides, you are protected by the ruling from any adverse consequences. The Division also sets out some other general rules for rulings. Note: In limited circumstances, Industry Innovation and Science Australia can make rulings.", "Amendment_Count": 4, "First_Amended": "No 161 of 2005", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 161 of 2005 | No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-5", "Provision_Key": "s357-5", "Heading": "Object of this Part", "Text": "(1) The object of this Part is to provide a way for you to find out the Commissioner’s view about how certain laws administered by the Commissioner apply to you so that the risks to you of uncertainty when you are self assessing or working out your tax obligations or entitlements are reduced. (2) This object is achieved by: (a) making advice in the form of rulings by the Commissioner available on a wide range of matters and to many taxpayers; and (b) ensuring that the Commissioner provides rulings in a timely manner; and (c) enabling the Commissioner to obtain, and make rulings based on, relevant information; and (d) protecting you from increases in tax and from penalties and interest where you rely on rulings; and (e) protecting you from decreases in entitlements where you rely on rulings; and (f) limiting the ways the Commissioner can alter rulings to your detriment; and (g) giving you protection from interest charges where you rely on other advice from the Commissioner, or on the Commissioner’s general administrative practice. (3) A further object of this Part is to provide a way for you to find out * Industry Innovation and Science Australia’s view about whether activities are not ineligible activities for the purposes of applying capital gains tax provisions to venture capital investments. Note: For rulings by Industry Innovation and Science Australia: see Division 362.", "Amendment_Count": 4, "First_Amended": "No 161 of 2005", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 161 of 2005 | No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-50", "Provision_Key": "s357-50", "Heading": "Scope of Division", "Text": "This Division applies to * public rulings, * private rulings and * oral rulings. Note: Section 362 ‑ 70 modifies how this Subdivision applies to rulings by Industry Innovation and Science Australia.", "Amendment_Count": 4, "First_Amended": "No 161 of 2005", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 161 of 2005 | No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-55", "Provision_Key": "s357-55", "Heading": "The provisions that are relevant for rulings", "Text": "Provisions of Acts and regulations of which the Commissioner has the general administration are relevant for rulings if the provisions are about any of the following: (a) * tax; (b) * Medicare levy; (c) fringe benefits tax; (d) * franking tax; (e) * withholding tax; (f) * mining withholding tax; (fa) * petroleum resource rent tax; (fb) * indirect tax; (fc) * excise duty; (fd) levy under the Major Bank Levy Act 2017 ; (fe) * Laminaria and Corallina decommissioning levy; (ff) * build to rent development misuse tax; (fg) * Australian IIR/UTPR tax; (fh) * Australian DMT tax; (g) the administration or collection of those taxes, levies and duties; (h) a grant or benefit mentioned in section 8 of the Product Grants and Benefits Administration Act 2000 , or the administration or payment of such a grant or benefit; (i) a * net fuel amount, or the administration of a net fuel amount; (ia) an * assessed net fuel amount, or the collection or payment of an assessed net fuel amount; (j) a * net amount, or the administration of a net amount; (ja) an * assessed net amount, or the collection or payment of an assessed net amount; (k) a * wine tax credit, or the administration or payment of a wine tax credit.", "Amendment_Count": 12, "First_Amended": "No 161 of 2005", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 161 of 2005 | No 73 of 2006 | No 78 of 2006 | No 74 of 2010 | No 12 of 2012 | No 14 of 2012 | No 39 of 2012 | No 96 of 2014 | No 64 of 2017 | No 24 of 2022 | No 134 of 2024 | No 138 of 2024", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 78 of 2006, effective sch 1 (items 11, 12), sch 4 (items 25 ‑ 38): 1 July 2006 | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 64 of 2017, effective sch 1 (items 14 ‑ 23): 24 June 2017 (s 2(1) item 2) | Amended by No 24 of 2022, effective sch 1 (items 7 ‑ 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 13 ‑ 25), sch 4: 1 Jan 2025 (s 2(1) items 2, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-60", "Provision_Key": "s357-60", "Heading": "When rulings are binding on the Commissioner", "Text": "(1) Subject to subsection (5), a ruling binds the Commissioner in relation to you (whether or not you are aware of the ruling) if: (a) the ruling applies to you; and (b) you rely on the ruling by acting (or omitting to act) in accordance with the ruling. Example 1: A public ruling is expressed to apply to a class of entities in relation to a particular scheme. Tim is a member of that class of entities and he is one of a number of taxpayers who enter into that scheme. The ruling applies to Tim. Tim relies on the ruling by lodging an income tax return that is in accordance with the ruling. Under the ruling, Tim’s deductions in relation to the scheme are worked out to be a particular amount. Because Tim has relied on the ruling, the Commissioner must use that amount in making Tim’s assessment (unless Tim stops relying on the ruling or the law is more favourable to him: see sections 357 ‑ 65 and 357 ‑ 70). Example 2: Cecelia applies for, and obtains, a private ruling that, when she makes a payment in specified circumstances, she would not have to withhold an amount under a relevant provision. Cecelia makes the payment in the circumstances specified in the ruling, so the ruling applies to her. Cecelia relies on the ruling by not withholding an amount from the payment. The Commissioner must not apply the provision in relation to Cecelia in a way that is inconsistent with the ruling (unless Cecelia stops relying on the ruling or the law is more favourable to her: see sections 357 ‑ 65 and 357 ‑ 70). Example 3: Cathie obtains a private ruling that a type of supply she makes is GST ‑ free. She relies on the ruling by: (a) giving her customers invoices that show no GST payable on the supplies; and (b) lodging her GST return on the basis that the supplies are GST ‑ free. The Commissioner must administer the GST law in relation to Cathie on the basis that the supplies to which the ruling relates are GST ‑ free. This does not apply if Cathie stops relying on the ruling, such as by issuing tax invoices that show GST payable on the supplies: see paragraph (1)(b). Note 1: A ruling about the amount of tax payable that binds the Commissioner provides protection in relation to that amount. There is no shortfall interest charge or tax shortfall penalty payable in respect of that amount as there can be no shortfall in tax payable. Note 2: A ruling about the operation of a provision would stop applying to you if the provision is repealed, or is amended to have a different effect. However, if the provision is re ‑ enacted and expresses the same ideas as the old provision, the ruling would still apply: see section 357 ‑ 85. (2) You may rely on the ruling at any time unless prevented from doing so by a time limit imposed by a * taxation law. It is not necessary to do so at the first opportunity. GST rulings (3) The * GST payable on a * supply or importation is the amount worked out in accordance with a ruling (if any) that: (a) relates to the GST payable on the supply or importation; and (b) binds the Commissioner in relation to the supplier or importer. Note: The ruling will stop affecting the GST payable if the supplier or importer stops relying on the ruling: see paragraph (1)(b). (4) Subsection (3) does not apply for the purposes of an objection to the ruling under section 359 ‑ 60. Indirect tax rulings (5) An * indirect tax or excise ruling (except to the extent that the ruling relates to an * excise law) binds the Commissioner in relation to: (a) an entity (the representative entity ) that is: (i) the * representative member of a * GST group; or (ii) the * joint venture operator of a * GST joint venture; or (iii) the * representative of an * incapacitated entity; and (b) an entity (the member entity ) that is: (i) a * member of the GST group; or (ii) a * participant in the GST joint venture; or (iii) the incapacitated entity; if, and only if, both the representative entity and the member entity rely on the ruling by acting (or omitting to act) in accordance with the ruling. (6) Subsection (5) applies if: (a) the ruling applies to the member entity; and (b) the ruling relates to what would be: (i) a liability of the member entity to * indirect tax; or (ii) an entitlement of the member entity to a credit (other than a * fuel tax credit) under an * indirect tax law; or (iii) an * increasing adjustment, a * decreasing adjustment, or a luxury car tax adjustment (within the meaning of the * Luxury Car Tax Act), that the member entity has; if the rules in the indirect tax law relating to * GST groups, * GST joint ventures or * incapacitated entities did not apply; and (c) because of those rules: (i) if that indirect tax were payable, it would be payable by the representative entity; or (ii) if there was an entitlement to that credit, it would be an entitlement of the representative entity; or (iii) if any entity had that adjustment, it would be an adjustment that the representative entity had.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-65", "Provision_Key": "s357-65", "Heading": "Stopping relying on a ruling", "Text": "(1) You can stop relying on a ruling. You do this by acting (or omitting to act) in a way that is not in accordance with the ruling. Note: There is no penalty for a shortfall resulting from failing to follow a ruling. However, there are penalties for shortfalls resulting from failing to take reasonable care, and from taking a position about a large income tax item that is not reasonably arguable: see Division 284. (2) You may stop relying on a ruling at any time unless prevented from doing so by a time limit imposed by a * taxation law. (3) Having stopped relying on a ruling, you may rely on the ruling again unless prevented from doing so by a time limit imposed by a * taxation law.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-70", "Provision_Key": "s357-70", "Heading": "Commissioner may apply the law if more favourable than the ruling", "Text": "(1) The Commissioner may apply a relevant provision to you in the way it would apply if you had not relied on a ruling if: (a) doing so would produce a more favourable result for you; and (b) the Commissioner is not prevented from doing so by a time limit imposed by a * taxation law. (2) The Commissioner does not have a duty to consider whether to apply subsection (1) to you, whether he or she is requested to do so by you or by any other entity.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-75", "Provision_Key": "s357-75", "Heading": "Inconsistent rulings", "Text": "(1) The rules in this table have effect if: (a) a ruling and a later ruling both apply to you; and (b) the 2 rulings are inconsistent. However, the rules in the table only apply to the extent of the inconsistency, and do not apply to * indirect tax or excise rulings. Inconsistent rulings (other than indirect tax or excise rulings) Item If the earlier ruling is: And the later inconsistent ruling is: The result is: 1 A * public ruling Any ruling You may rely on either ruling. 2 A * private ruling or an * oral ruling A private ruling or an oral ruling If you informed the Commissioner about the existence of the earlier ruling when you applied for the later ruling, the earlier ruling is taken not to have been made. Otherwise, the later ruling is taken not to have been made. 3 A * private ruling or an * oral ruling A * public ruling The earlier ruling is taken not to have been made if, when the later ruling is made: (a) the income year or other period to which the rulings relate has not begun; and (b) the * scheme to which the rulings relate has not begun to be carried out. Otherwise, you may rely on either ruling. (1A) If: (a) 2 inconsistent * indirect tax or excise rulings apply to you; and (b) the rulings are both * public rulings; then, to the extent of the inconsistency, you may rely on either of the rulings. (1B) If: (a) 2 inconsistent * indirect tax or excise rulings apply to you; and (b) at least one of the rulings is not a * public ruling; then, to the extent of the inconsistency: (c) the later ruling is taken to apply from the later of: (i) the time it is made; and (ii) the time (if any) specified in the ruling as being the time from which it begins to apply; and (d) the earlier ruling is taken to cease to apply at that later time. (2) If 3 or more rulings apply to you and the rulings are inconsistent, apply the rules in this section to each combination of 2 rulings in the order in which they were made.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-80", "Provision_Key": "s357-80", "Heading": "Contracts for schemes", "Text": "For the purposes of this Part, if a contract requiring a * scheme has been entered into, the scheme is taken to have begun to be carried out.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-85", "Provision_Key": "s357-85", "Heading": "Effect on ruling if relevant provision re ‑ enacted", "Text": "If: (a) the Commissioner makes a ruling about a relevant provision (the old provision ); and (b) that provision is re ‑ enacted or remade (with or without modifications, and whether or not the old provision is repealed); the ruling is taken also to be a ruling about that provision as re ‑ enacted or remade (the new provision ), but only so far as the new provision expresses the same ideas as the old provision. Note 1: Section 357 ‑ 55 specifies the relevant provisions. Note 2: Ideas in taxation provisions are not necessarily different just because different forms of words are used: see section 15AC of the Acts Interpretation Act 1901 and section 1 ‑ 3 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-90", "Provision_Key": "s357-90", "Heading": "Validity of ruling not affected by formal defect", "Text": "The validity of a ruling is not affected merely because a provision of this Part relating to the form of the ruling or the procedure for making it has not been complied with.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-95", "Provision_Key": "s357-95", "Heading": "Electronic communications", "Text": "A communication between the Commissioner and another entity made for the purposes of a * public ruling or * private ruling may be made electronically.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-95"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-105", "Provision_Key": "s357-105", "Heading": "Further information must be sought", "Text": "(1) If the Commissioner considers that further information is required to make a * private ruling or an * oral ruling, the Commissioner must request the applicant to give that information to him or her. Note: The Commissioner should make a private ruling within 60 days. However, if the Commissioner requests further information under this section, that period is extended: see subsection 359 ‑ 50(2). (2) The Commissioner may decline to make the ruling if the applicant does not give the information to the Commissioner within a reasonable time. Note: The Commissioner must give the applicant written reasons for declining to make a private ruling: see section 359 ‑ 35.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-110", "Provision_Key": "s357-110", "Heading": "Assumptions in making private or oral ruling", "Text": "(1) If the Commissioner considers that the correctness of a * private ruling or an * oral ruling would depend on which assumptions were made about a future event or other matter, the Commissioner may: (a) decline to make the ruling; or (b) make such of the assumptions as the Commissioner considers to be most appropriate. (2) Before making the ruling, the Commissioner must: (a) tell the applicant which assumptions (if any) the Commissioner proposes to make; and (b) give the applicant a reasonable opportunity to respond. Note: The Commissioner should make a private ruling within 60 days. However, if the Commissioner tells the applicant about assumptions the Commissioner proposes to make under this section, that period is extended: see subsection 359 ‑ 50(2).", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-115", "Provision_Key": "s357-115", "Heading": "Additional information provided by applicant", "Text": "In considering an application for a * private ruling or an * oral ruling, the Commissioner may take into account additional information provided by the applicant after the application was made (whether in response to a request under section 357 ‑ 105 or otherwise).", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-120", "Provision_Key": "s357-120", "Heading": "Commissioner may take into account information from third parties", "Text": "In making a * private ruling or an * oral ruling, the Commissioner may take into account any relevant information provided by an entity other than the applicant (whenever it was provided) if the Commissioner: (a) tells the applicant what that information is and that the Commissioner intends to take the information into account; and (b) gives the applicant a reasonable opportunity to respond before making the ruling. Note: The Commissioner should make a private ruling within 60 days. However, if the Commissioner tells the applicant about third party information under this section, that period is extended: see subsection 359 ‑ 50(2).", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 357-125", "Provision_Key": "s357-125", "Heading": "Applications and objections not to affect obligations and powers", "Text": "The fact that you have applied for a * private ruling or an * oral ruling, or have made an objection against a private ruling, does not affect: (a) your obligation to lodge a return or do anything else; or (b) the Commissioner’s power to make or amend an assessment or do anything else.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s357-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 358-1", "Provision_Key": "s358-1", "Heading": "What this Division is about", "Text": "A public ruling is an expression of the Commissioner’s opinion of the way in which a relevant provision applies, or would apply, to entities generally or a class of entities. The Commissioner must publish the ruling. A public ruling may be withdrawn. Note: Division 357 has some rules that relate to rulings generally. Table of sections Making public rulings 358 ‑ 5 What is a public ruling? 358 ‑ 10 Application of public rulings 358 ‑ 15 When a public ruling ceases to apply Withdrawing public rulings 358 ‑ 20 Withdrawing public rulings", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s358-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 358-5", "Provision_Key": "s358-5", "Heading": "What is a public ruling?", "Text": "(1) The Commissioner may make a written ruling on the way in which the Commissioner considers a relevant provision applies or would apply to: (a) entities generally or a class of entities; or (b) entities generally, or a class of entities, in relation to a class of * schemes; or (c) entities generally, or a class of entities, in relation to a particular scheme. Note: Section 357 ‑ 55 specifies the relevant provisions. (2) Such a ruling may cover any matter involved in the application of the provision. (3) Such a ruling is a public ruling if it: (a) is published; and (b) states that it is a public ruling. (4) The Commissioner must, by notifiable instrument, publish notice of the making of a * public ruling. Note: The validity of a ruling is not affected merely because a provision of this Part relating to the form of the ruling or the procedure for making it has not been complied with: see section 357 ‑ 90.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 161 of 2005 | No 64 of 2020", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s358-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 358-10", "Provision_Key": "s358-10", "Heading": "Application of public rulings", "Text": "(1) A * public ruling applies from the time it is published or from such earlier or later time as is specified in the ruling. (2) A * public ruling, other than an * indirect tax or excise ruling, that relates to a * scheme does not apply to you if the scheme has begun to be carried out when the ruling is published and: (a) the ruling changes the Commissioner’s general administrative practice; and (b) the ruling is less favourable to you than the practice.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s358-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 358-15", "Provision_Key": "s358-15", "Heading": "When a public ruling ceases to apply", "Text": "(1) A * public ruling may specify the time at which it ceases to apply. (2) If a * public ruling does not do this, it applies until it is withdrawn.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s358-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 358-20", "Provision_Key": "s358-20", "Heading": "Withdrawing public rulings", "Text": "(1) The Commissioner may, by notifiable instrument, withdraw a * public ruling, either wholly or to an extent. (2) The withdrawal takes effect from the time specified in the instrument. That time must not be before the day after the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003 . (3) To the extent that a * public ruling, other than an * indirect tax or excise ruling, is withdrawn, it continues to apply to * schemes to which it applied that had begun to be carried out before the withdrawal but does not apply to schemes that begin to be carried out after the withdrawal. Note: A scheme is taken to have begun to be carried out if a contract requiring the scheme has been entered into: see section 357 ‑ 80.", "Amendment_Count": 3, "First_Amended": "No 161 of 2005", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 161 of 2005 | No 74 of 2010 | No 64 of 2020", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s358-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-1", "Provision_Key": "s359-1", "Heading": "What this Division is about", "Text": "A private ruling is an expression of the Commissioner’s opinion of the way in which a relevant provision applies, or would apply, to you in relation to a specified scheme. Private rulings are usually made on application by you, your agent or your legal personal representative. The Commissioner must make the ruling applied for, except in certain cases. If you are entitled to receive a ruling, you can object if the Commissioner takes too long to make it. The Commissioner must record the ruling in writing and give a copy of it to you. The ruling must include certain details. If you are dissatisfied with the ruling, you may object to it. Note: Division 357 has some common rules that affect private rulings. Table of sections Private rulings 359 ‑ 5 Private rulings 359 ‑ 10 Applying for a private ruling 359 ‑ 15 Private rulings to be given to applicants 359 ‑ 20 Private rulings must contain certain details 359 ‑ 25 Time of application of private rulings 359 ‑ 30 Ruling for trustee of a trust 359 ‑ 35 Dealing with applications 359 ‑ 40 Valuations 359 ‑ 45 Related rulings 359 ‑ 50 Delays in making private rulings 359 ‑ 55 Revised private rulings 359 ‑ 60 Objections, reviews and appeals relating to private rulings 359 ‑ 65 Commissioner may consider new information on objection 359 ‑ 70 Successful objection decision alters ruling", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-5", "Provision_Key": "s359-5", "Heading": "Private rulings", "Text": "(1) The Commissioner may, on application, make a written ruling on the way in which the Commissioner considers a relevant provision applies or would apply to you in relation to a specified * scheme. Such a ruling is called a private ruling . Note: Section 357 ‑ 55 specifies the relevant provisions. (2) A * private ruling may cover any matter involved in the application of the provision.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-10", "Provision_Key": "s359-10", "Heading": "Applying for a private ruling", "Text": "(1) You, your * agent or your * legal personal representative may apply to the Commissioner for a * private ruling. (2) An application for a * private ruling must be made in the * approved form. (3) You, your * agent or your * legal personal representative may withdraw the application at any time before the ruling is made. The Commissioner must confirm the withdrawal in writing.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-15", "Provision_Key": "s359-15", "Heading": "Private rulings to be given to applicants", "Text": "The Commissioner makes a * private ruling by recording the ruling in writing and giving a copy of it to the applicant. The copy may be given electronically.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-20", "Provision_Key": "s359-20", "Heading": "Private rulings must contain certain details", "Text": "(1) A * private ruling must state that it is a private ruling. (2) A * private ruling must identify the entity to whom it applies and specify the relevant * scheme and the relevant provision to which it relates. Note 1: The Commissioner must tell the applicant which assumptions the Commissioner made in making the ruling: see section 357 ‑ 110. Note 2: Section 357 ‑ 55 specifies the relevant provisions.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-25", "Provision_Key": "s359-25", "Heading": "Time of application of private rulings", "Text": "(1) A * private ruling may specify the time from which it begins to apply and the time at which it ceases to apply. (2) The specified start time, or end time, may be before, when, or after the * private ruling is made and may be determined by reference to a specified event. (3) A * private ruling that does not specify a start time applies from the time when it is made. (4) A * private ruling, other than an * indirect tax or excise ruling, that does not specify an end time ceases to apply at the end of the income year or other accounting period in which it started to apply. Note: A private ruling that: (a) is an indirect tax or excise ruling; and (b) does not specify an end time; continues to apply until it is overridden by a later indirect tax or excise ruling: see subsection 357 ‑ 75(1B).", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-30", "Provision_Key": "s359-30", "Heading": "Ruling for trustee of a trust", "Text": "A * private ruling given to or for the trustee of a trust and relating to the affairs of the trust also applies to: (a) if the ruling is not an * indirect tax or excise ruling—the beneficiaries of the trust; and (b) in any case—another trustee who is appointed to replace a trustee.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-35", "Provision_Key": "s359-35", "Heading": "Dealing with applications", "Text": "(1) The Commissioner must comply with an application for a * private ruling and make the ruling. However, this obligation is subject to subsections (2) and (3). (2) The Commissioner may decline to make a * private ruling if: (a) the Commissioner considers that making the ruling would prejudice or unduly restrict the administration of a * taxation law; or (b) the matter sought to be ruled on is already being, or has been, considered by the Commissioner for you; or (c) both: (i) the relevant provision to which the ruling would relate is about * Australian IIR/UTPR tax or * Australian DMT tax; and (ii) the Commissioner considers that it would not be reasonable to comply with the application. (3) The Commissioner may also decline to make a * private ruling if the matter sought to be ruled on is how the Commissioner would exercise a power under a relevant provision and the Commissioner has decided or decides whether or not to exercise the power. Example: Michael applies for a private ruling on the way in which the Commissioner might exercise the Commissioner’s discretion under section 255 ‑ 10 (deferring the payment time). Rather than make the ruling, the Commissioner decides to defer the time at which an amount would otherwise be payable by Michael. Note: The Commissioner may also decline to make a private ruling if: (a) the Commissioner has requested the applicant to give further information under section 357 ‑ 105 and the applicant has not given it to the Commissioner within a reasonable time; or (b) the Commissioner considers that the correctness of a private ruling would depend on which assumptions were made about a future event or other matter (see section 357 ‑ 110). (4) The Commissioner must give the applicant written reasons for declining to make a * private ruling.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 161 of 2005 | No 134 of 2024", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-40", "Provision_Key": "s359-40", "Heading": "Valuations", "Text": "(1) If making a * private ruling would require determining the value of any thing, the Commissioner may: (a) refer the valuation to a valuer; or (b) refer a valuation provided by the applicant to a valuer for review. Note: The Commissioner may request further information: see section 357 ‑ 105. (2) If the Commissioner refers the valuation to a valuer, the Commissioner must tell the applicant that he or she has done so. (3) When the valuer has completed its work in relation to the valuation, the Commissioner must tell the applicant that it has done so. Note: The Commissioner should make a private ruling within 60 days. However, if the Commissioner refers a valuation to a valuer under this section, that period is extended: see subsection 359 ‑ 50(2). (4) The Commissioner may charge the applicant an amount in accordance with the regulations for the valuer making or reviewing the valuation. (5) This section does not apply to a valuation of a gift or contribution for the purposes of Division 30 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-45", "Provision_Key": "s359-45", "Heading": "Related rulings", "Text": "If the Commissioner is making a * private ruling (the first ruling ) you sought on the way in which, in the Commissioner’s opinion, a relevant provision applies or would apply to you, the Commissioner may: (a) make the first ruling a ruling on the way in which another relevant provision applies or would apply to you; or (b) make an additional private ruling on the way in which: (i) another relevant provision applies or would apply; or (ii) a relevant provision applies or would apply to you in relation to a * scheme related to the scheme to which the first ruling applies. Note: Section 357 ‑ 55 specifies the relevant provisions.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-50", "Provision_Key": "s359-50", "Heading": "Delays in making private rulings", "Text": "(1) The applicant for a * private ruling may give the Commissioner a written notice requiring him or her to make the ruling if, at the end of 60 days after the application was made, the Commissioner has neither: (a) made the ruling; nor (b) told the applicant that the Commissioner has declined to make the ruling. (2) The 60 day period mentioned in subsection (1) is extended in a circumstance applicable under the table by the extension period applicable to that circumstance. If 2 or more circumstances are applicable, ignore any overlap between the periods of extension. Extending the 60 day period Item If the Commissioner, during the 60 day period: The 60 day period is extended by the number of days in this period: 1 requests further information under section 357 ‑ 105 the period starting on the day the information was requested and ending on the day it is received by the Commissioner 2 tells the applicant about assumptions the Commissioner proposes to make under section 357 ‑ 110 the period starting on the day the Commissioner tells the applicant and ending on the day on which the Commissioner receives the applicant’s response about the assumptions 3 tells the applicant about information provided by a third party that the Commissioner proposes to take into account under section 357 ‑ 120 the period starting on the day the Commissioner tells the applicant and ending on the day on which the Commissioner receives the applicant’s response about the information 4 refers a valuation to a valuer under section 359 ‑ 40 the period starting on the day the Commissioner tells the applicant about the referral and ending on the day on which the Commissioner tells the applicant that the valuer has completed its work in relation to the valuation (3) The applicant may object, in the manner set out in Part IVC, against the Commissioner’s failure to make the ruling if the Commissioner: (a) does not make the ruling within 30 days of the notice under subsection (1) being given; and (b) has not otherwise declined to make the ruling by the end of that period. (4) The applicant must lodge with the objection a draft * private ruling.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-55", "Provision_Key": "s359-55", "Heading": "Revised private rulings", "Text": "(1) The Commissioner may make a revised * private ruling that applies to you if: (a) the Commissioner had previously made a private ruling that applies to you; and (b) if the ruling is not an * indirect tax or excise ruling—when the Commissioner makes the revised private ruling: (i) the * scheme to which the earlier ruling relates has not begun to be carried out; and (ii) if the earlier ruling relates to an income year or other accounting period—that year or period has not begun. Note: Your private ruling may be affected by a later inconsistent ruling: see section 357 ‑ 75. (2) The Commissioner must give you a copy of the revised * private ruling. The copy may be given electronically. (3) The Commissioner may make the revised * private ruling whether or not there is an application for the revised ruling. (4) When the revised * private ruling is made, the ruling in its initial form stops applying to you. (5) However, if: (a) the * private ruling is an * indirect tax or excise ruling; and (b) the revised private ruling specifies the time from which the revision begins to apply (being a time after the time the revision is made); the ruling in its initial form stops applying to you at the time so specified.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-60", "Provision_Key": "s359-60", "Heading": "Objections, reviews and appeals relating to private rulings", "Text": "(1) You may object against a * private ruling that applies to you in the manner set out in Part IVC if you are dissatisfied with it. (2) The ruling is taken to be a taxation decision (within the meaning of that Part). (3) However, you cannot object against a * private ruling if: (a) there is an assessment for you for the income year or other accounting period to which the ruling relates; or (b) the ruling relates to * withholding tax or * mining withholding tax that has become due and payable; or (c) all of the following subparagraphs apply: (i) the ruling relates to * excise duty, or another amount, payable in relation to the goods under an * excise law; (ii) the Commissioner has made a decision about the excise duty, or other amount, payable in relation to those goods; (iii) the decision is reviewable under an excise law.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 161 of 2005 | No 74 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-65", "Provision_Key": "s359-65", "Heading": "Commissioner may consider new information on objection", "Text": "(1) In deciding whether to allow (wholly or in part), or to disallow, an objection under Part IVC against a * private ruling, the Commissioner may consider any additional information that the Commissioner did not consider when making the ruling. (2) For information you do not have, the Commissioner must tell you what the information is and give you a reasonable opportunity to respond before allowing or disallowing the objection. (3) However, if the Commissioner considers that the additional information is such that the * scheme to which the application related is materially different from the scheme to which the ruling relates: (a) the Commissioner must request the applicant to make an application for another * private ruling; and (b) the objection is taken not to have been made.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 359-70", "Provision_Key": "s359-70", "Heading": "Successful objection decision alters ruling", "Text": "A * private ruling has effect as altered by an objection decision (within the meaning of Part IVC) made by the Commissioner if: (a) the Commissioner made the decision allowing, wholly or in part, a taxation objection (within the meaning of that Part) against the ruling; and (b) the period in which an appeal against, or an application for the review of, the decision may be made has ended without such an appeal or application being made. Note: See sections 14ZZC and 14ZZN for the time limits.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s359-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 360-1", "Provision_Key": "s360-1", "Heading": "What this Division is about", "Text": "An oral ruling is an expression of the Commissioner’s opinion of the way in which a relevant provision applies, or would apply, to you. Oral rulings are given on oral application by you or your legal personal representative. Oral rulings can only be given for individuals. The Commissioner must give the ruling unless he or she considers that the advice you are seeking relates to a business matter or a complex matter. The Commissioner must give the ruling orally and must give you a registration identifier for the ruling. Note: Division 357 has some common rules that affect oral rulings. Table of sections Oral rulings 360 ‑ 5 Applying for and making of oral rulings 360 ‑ 10 Withdrawing an application for an oral ruling 360 ‑ 15 Commissioner determinations", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 179 of 1999 | No 161 of 2005", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s360-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 360-5", "Provision_Key": "s360-5", "Heading": "Applying for and making of oral rulings", "Text": "Applying for oral rulings (1) If you are an individual, you or your * legal personal representative may apply to the Commissioner for advice on the way in which the Commissioner considers a relevant provision applies or would apply to you in relation to a specified * scheme. Note: Section 357 ‑ 55 specifies the relevant provisions. (2) An application under this section must be made orally and in the manner determined under section 360 ‑ 15. (2A) You or your * legal personal representative must not apply for advice under this section in relation to: (a) an * indirect tax law (other than the * fuel tax law); or (b) an * excise law. Making of oral rulings (3) The Commissioner must give you or your * legal personal representative that advice unless: (a) the Commissioner considers that the advice sought relates to a * business matter or a complex matter; or (b) the matter sought to be ruled on is already being, or has been, considered by the Commissioner for you. That advice is an oral ruling . Note: The Commissioner may also decline to make an oral ruling if: (a) the Commissioner has requested you to give further information under section 357 ‑ 105 and you have not given it to the Commissioner; or (b) the Commissioner considers that the correctness of an oral ruling would depend on which assumptions were made about a future event or other matter (see section 357 ‑ 110). (4) The Commissioner must give that advice orally and in the manner determined under section 360 ‑ 15. That advice must include a registration identifier for the ruling. Note: The Commissioner must tell you which assumptions the Commissioner made in making the ruling: see section 357 ‑ 110. (5) You are not entitled to receive a written record of that advice. Note: However, you may be able to apply for a private ruling on the matter under Division 359.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 179 of 1999 | No 161 of 2005 | No 74 of 2010 | No 14 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010 | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s360-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 360-10", "Provision_Key": "s360-10", "Heading": "Withdrawing an application for an oral ruling", "Text": "(1) You or your * legal personal representative may withdraw an application under section 360 ‑ 5 before the Commissioner makes the * oral ruling. (2) The withdrawal must be done orally and in the manner determined under section 360 ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s360-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 360-15", "Provision_Key": "s360-15", "Heading": "Commissioner determinations", "Text": "The Commissioner must, by writing, determine: (a) the manner in which oral applications are to be made under section 360 ‑ 5 or are to be withdrawn; and (b) the manner in which the Commissioner is to give oral advice under that section.", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s360-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 361-5", "Provision_Key": "s361-5", "Heading": "Non ‑ ruling advice and general administrative practice", "Text": "(1) You are not liable to pay the * general interest charge or the * shortfall interest charge under a relevant provision to the extent that the charge would relate to a * shortfall amount or a * scheme shortfall amount that was caused by: (a) you reasonably relying in good faith on: (i) advice (other than a ruling) given to you or your * agent by the Commissioner; or (ii) a statement in a publication approved in writing by the Commissioner; unless the advice, or the statement or publication, is labelled as non ‑ binding; or (b) you reasonably relying in good faith on the Commissioner’s general administrative practice. Note: Section 357 ‑ 55 specifies the relevant provisions. (2) However, subsection (1) does not apply to any * general interest charge accruing more than 21 days after the Commissioner notifies you of the correct position.", "Amendment_Count": 2, "First_Amended": "No 161 of 2005", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 161 of 2005 | No 56 of 2010", "History_Notes": "Inserted by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s361-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-1", "Provision_Key": "s362-1", "Heading": "What this Division is about", "Text": "Industry Innovation and Science Australia may make public rulings and private rulings expressing its view on whether activities are not ineligible activities for the purposes of applying capital gains tax provisions to venture capital investments. Note: An entity’s involvement in ineligible activities can affect whether an investment is an eligible venture capital investment for the purpose of accessing a capital gains tax exemption under Subdivision 118 ‑ F of the Income Tax Assessment Act 1997 . Table of sections Public rulings by Industry Innovation and Science Australia 362 ‑ 5 Industry Innovation and Science Australia may make public rulings on a specified class of activities 362 ‑ 10 Application of public rulings 362 ‑ 15 When a public ruling ceases to apply 362 ‑ 20 Withdrawing public rulings Private rulings by Industry Innovation and Science Australia 362 ‑ 25 Industry Innovation and Science Australia may make private rulings on a specified activity 362 ‑ 30 Applying for a private ruling 362 ‑ 35 Industry Innovation and Science Australia must give notice of its decision 362 ‑ 40 Private rulings must contain certain details 362 ‑ 45 Application of private rulings 362 ‑ 50 Delays in making private rulings 362 ‑ 55 When a private ruling ceases to apply 362 ‑ 60 Withdrawing private rulings General provisions 362 ‑ 65 When rulings are binding on the Commissioner and Industry Innovation and Science Australia 362 ‑ 70 Application of common rules under Subdivision 357 ‑ B 362 ‑ 75 Application of Divisions 358 and 359", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-5", "Provision_Key": "s362-5", "Heading": "Industry Innovation and Science Australia may make public rulings on a specified class of activities", "Text": "(1) * Industry Innovation and Science Australia may make a ruling that Industry Innovation and Science Australia considers that activities included in a specified class of activities: (a) are not ineligible activities for the purposes of subsections 118 ‑ 425(13) and 118 ‑ 427(14) of the Income Tax Assessment Act 1997 ; or (b) in specified circumstances, are not such ineligible activities; if Industry Innovation and Science Australia is satisfied that the activities included in that class are not such ineligible activities, or are not in those circumstances such ineligible activities, as the case requires. Note: An activity will not be an ineligible activity for the purposes of subsections 118 ‑ 425(13) and 118 ‑ 427(14) of the Income Tax Assessment Act 1997 if, for example, it is covered by subsections 118 ‑ 425(13A) and 118 ‑ 427(14A) of that Act. (2) Such a ruling is a public ruling if it: (a) is published; and (b) states that it is a public ruling. (3) * Industry Innovation and Science Australia must, by notifiable instrument, publish notice of the making of a * public ruling. Note: The validity of a ruling is not affected merely because a provision of this Part relating to the form of the ruling or the procedure for making it has not been complied with: see section 357 ‑ 90.", "Amendment_Count": 5, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 124 of 2018 | No 64 of 2020 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 124 of 2018, effective sch 3 (items 4, 6): 1 Jan 2019 (s 2(1) item 1) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-10", "Provision_Key": "s362-10", "Heading": "Application of public rulings", "Text": "A * public ruling under this Division applies from the time it is published or from such earlier or later time as is specified in the ruling.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-15", "Provision_Key": "s362-15", "Heading": "When a public ruling ceases to apply", "Text": "(1) A * public ruling under this Division may specify the time at which it ceases to apply. (2) If a * public ruling under this Division does not do this, it applies until it is withdrawn.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-20", "Provision_Key": "s362-20", "Heading": "Withdrawing public rulings", "Text": "(1) * Industry Innovation and Science Australia must, by notifiable instrument, withdraw a * public ruling made under this Division if: (a) it is no longer satisfied of the matter about which it was required to be satisfied under subsection 362 ‑ 5(1); or (b) the ruling is inconsistent with a decision of a court. (2) The withdrawal takes effect from the time specified in the instrument. That time must not be before the day after the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003 .", "Amendment_Count": 4, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 64 of 2020 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-25", "Provision_Key": "s362-25", "Heading": "Industry Innovation and Science Australia may make private rulings on a specified activity", "Text": "(1) * Industry Innovation and Science Australia may, on application, make a ruling that Industry Innovation and Science Australia considers that a specified activity: (a) is not an ineligible activity for the purposes of subsections 118 ‑ 425(13) and 118 ‑ 427(14) of the Income Tax Assessment Act 1997 ; or (b) in specified circumstances, is not such an ineligible activity; if Industry Innovation and Science Australia is satisfied that the activity is not such an ineligible activity, or is not in those circumstances such an ineligible activity, as the case requires. Note: An activity will not be an ineligible activity for the purposes of subsections 118 ‑ 425(13) and 118 ‑ 427(14) of the Income Tax Assessment Act 1997 if, for example, it is covered by subsections 118 ‑ 425(13A) and 118 ‑ 427(14A) of that Act. (2) Such a ruling is a private ruling . Note: Decisions making such a ruling, and decisions refusing to make such a ruling, are reviewable under Part 5 of the Venture Capital Act 2002 . (3) In considering whether to make a * private ruling under this Division, * Industry Innovation and Science Australia must apply any principles made under subsection (4). (4) * Industry Innovation and Science Australia may, by legislative instrument, make principles about making * private rulings under this Division. (5) A failure to comply with subsection (3) does not affect the validity of the ruling.", "Amendment_Count": 4, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 124 of 2018 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 124 of 2018, effective sch 3 (items 4, 6): 1 Jan 2019 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-30", "Provision_Key": "s362-30", "Heading": "Applying for a private ruling", "Text": "A * general partner of a * limited partnership registered as a * VCLP, an * ESVCLP or an * AFOF may, in the * form approved by * Industry Innovation and Science Australia, apply to Industry Innovation and Science Australia for a * private ruling under this Division.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-35", "Provision_Key": "s362-35", "Heading": "Industry Innovation and Science Australia must give notice of its decision", "Text": "(1) If * Industry Innovation and Science Australia makes a * private ruling under this Division, Industry Innovation and Science Australia must notify the * general partner, and the Commissioner, as soon as practicable after the ruling is made. (2) If * Industry Innovation and Science Australia refuses to make a * private ruling under this Division, Industry Innovation and Science Australia must: (a) notify the * general partner as soon as practicable after the refusal; and (b) provide reasons for the refusal.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-40", "Provision_Key": "s362-40", "Heading": "Private rulings must contain certain details", "Text": "(1) A * private ruling under this Division must state that it is a private ruling. (2) A * private ruling under this Division must identify the entity to whom it applies and specify the activity to which it relates. Note: Industry Innovation and Science Australia must tell the applicant which assumptions Industry Innovation and Science Australia made in making the ruling: see section 357 ‑ 110.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-45", "Provision_Key": "s362-45", "Heading": "Application of private rulings", "Text": "A * private ruling under this Division applies from the time it is published or from such earlier or later time as is specified in the ruling.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-50", "Provision_Key": "s362-50", "Heading": "Delays in making private rulings", "Text": "(1) The applicant for a * private ruling under this Division may give * Industry Innovation and Science Australia a written notice requiring Industry Innovation and Science Australia to make the ruling if, at the end of 60 days after the application was made, Industry Innovation and Science Australia has neither: (a) made the ruling; nor (b) told the applicant that Industry Innovation and Science Australia has refused to make the ruling. (2) The 60 day period mentioned in subsection (1) is extended in a circumstance applicable under the table by the extension period applicable to that circumstance. If 2 or more circumstances are applicable, ignore any overlap between the periods of extension. Extending the 60 day period Item If * Industry Innovation and Science Australia, during the 60 day period: The 60 day period is extended by the number of days in this period: 1 requests further information under section 357 ‑ 105 (as that section applies because of section 362 ‑ 70) the period starting on the day the information was requested and ending on the day it is received by * Industry Innovation and Science Australia 2 tells the applicant about assumptions * Industry Innovation and Science Australia proposes to make under section 357 ‑ 110 (as that section applies because of section 362 ‑ 70) the period starting on the day * Industry Innovation and Science Australia tells the applicant and ending on the day on which Industry Innovation and Science Australia receives the applicant’s response about the assumptions 3 tells the applicant about information provided by a third party that * Industry Innovation and Science Australia proposes to take into account under section 357 ‑ 120 (as that section applies because of section 362 ‑ 70) the period starting on the day * Industry Innovation and Science Australia tells the applicant and ending on the day on which Industry Innovation and Science Australia receives the applicant’s response about the information (3) If * Industry Innovation and Science Australia: (a) does not make the ruling within 30 days of the notice under subsection (1) being given; and (b) has not otherwise declined to make the ruling by the end of that period; Industry Innovation and Science Australia is taken to have refused to make the ruling at the end of that period. Note: Decisions refusing to make such a ruling are reviewable under Part 5 of the Venture Capital Act 2002 .", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-55", "Provision_Key": "s362-55", "Heading": "When a private ruling ceases to apply", "Text": "(1) A * private ruling under this Division may specify the time at which it ceases to apply. (2) If a * private ruling under this Division does not do this, it applies until it is withdrawn.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-60", "Provision_Key": "s362-60", "Heading": "Withdrawing private rulings", "Text": "(1) * Industry Innovation and Science Australia must withdraw a * private ruling made under this Division if: (a) it is no longer satisfied of the matter about which it was required to be satisfied under subsection 362 ‑ 25(1); or (b) the ruling is inconsistent with a decision of a court. (2) * Industry Innovation and Science Australia must give notice of the withdrawal to a * general partner of the * limited partnership to which the ruling related.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-65", "Provision_Key": "s362-65", "Heading": "When rulings are binding on the Commissioner and Industry Innovation and Science Australia", "Text": "(1) A ruling under this Division binds the Commissioner and * Industry Innovation and Science Australia in relation to an entity (whether or not the entity is aware of the ruling) if: (a) the ruling applies to the entity; and (b) the entity relies on the ruling by acting (or omitting to act) in accordance with the ruling. (2) If the ruling is withdrawn under this Division, it continues to bind the Commissioner and * Industry Innovation and Science Australia in relation to the entity until the end of the income year following the income year in which it is withdrawn, but only to the extent that the ruling affected investments made before the withdrawal took effect.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-70", "Provision_Key": "s362-70", "Heading": "Application of common rules under Subdivision 357 ‑ B", "Text": "Despite section 357 ‑ 50: (a) section 357 ‑ 60 does not apply in relation to a ruling under this Division; and (b) sections 357 ‑ 70, 357 ‑ 85 and 357 ‑ 95 apply, in relation to a ruling under this Division, to * Industry Innovation and Science Australia in the same way they apply to the Commissioner; and (c) section 357 ‑ 100 applies: (i) in relation to a ruling under this Division as if a document referred to in paragraph 357 ‑ 100(b) were required to be signed by a member of Industry Innovation and Science Australia, and not by a person referred to in that paragraph; and (ii) in relation to a * private ruling under this Division in the same way it applies to a * public ruling; and (d) sections 357 ‑ 105 to 357 ‑ 125 apply in relation to a ruling under this Division as if references in those sections to the Commissioner were references to Industry Innovation and Science Australia.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 54 of 2016 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 63 of 2016, effective sch 1 (item 48): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective sch 1 (item 5): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 362-75", "Provision_Key": "s362-75", "Heading": "Application of Divisions 358 and 359", "Text": "(1) Division 358 does not apply in relation to a * public ruling under this Division, or in relation to the making of such a ruling. (2) Division 359 does not apply in relation to a * private ruling under this Division, or in relation to the making of such a ruling.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s362-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 370-1", "Provision_Key": "s370-1", "Heading": "What this Division is about", "Text": "The Commissioner may determine a modification of the operation of a provision of a taxation law. The modification must not be inconsistent with the intended purpose or object of the provision. Furthermore: (a) the Commissioner must consider the modification to be reasonable; and (b) the Department, or the Finance Department, must advise that any impact of the modification on the Commonwealth budget would be negligible. Example: After a provision of a taxation law is enacted, it is found that, because of developments in the practices of businesses or the Commissioner, the provision imposes disproportionate compliance costs on taxpayers. The Commissioner might, under this Division, be able to modify the operation of the provision to give timely relief. An entity must not apply a modification if it would produce a less favourable result for the entity. Note: The Commissioner must include in the Commissioner’s annual report under section 3B of this Act information about the exercise of his or her powers under this Division.", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Inserted by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s370-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 370-5", "Provision_Key": "s370-5", "Heading": "Commissioner’s remedial power", "Text": "(1) The Commissioner may, by legislative instrument, determine a modification of the operation of a provision of a * taxation law if: (a) the modification is not inconsistent with the intended purpose or object of the provision; and (b) the Commissioner considers the modification to be reasonable, having regard to: (i) the intended purpose or object of the provision; and (ii) whether the cost of complying with the provision is disproportionate to that intended purpose or object; and (c) any of the following persons advises the Commissioner that any impact of the modification on the Commonwealth budget would be negligible: (i) the Secretary of the Department, or an APS employee in the Department who is authorised by the Secretary for the purposes of this paragraph; (ii) the * Finance Secretary, or an APS employee in the * Finance Department who is authorised by the Finance Secretary for the purposes of this paragraph. (2) If the Commissioner determines a modification of the operation of a provision of a * taxation law under subsection (1), the provision operates with the modification. Scope of determination (3) A modification applies generally, unless the determination states that the modification only applies: (a) to a specified class of entities; or (b) in specified circumstances. (4) An entity (the first entity ) must treat a modification as: (a) not applying to the first entity; and (b) not applying to any other entity; if the modification would produce a less favourable result for the first entity. (5) If the Commissioner determines a modification of the operation of a provision of a * taxation law, the modification (as applied by subsection (2)) does not affect a right or liability under an order (including any judgment, conviction or sentence) made by a court before the commencement of the determination.", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Inserted by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s370-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 370-10", "Provision_Key": "s370-10", "Heading": "Intended purpose or object", "Text": "In ascertaining the intended purpose or object of a provision of a * taxation law for the purposes of paragraph 370 ‑ 5(1)(a) or subparagraph 370 ‑ 5(1)(b)(i): (a) consideration must be given to any documents that may be considered under subsection 15AB(2) of the Acts Interpretation Act 1901 (or that subsection as applied by section 13 of the Legislation Act 2003 ) in relation to the provision; and Example: An explanatory memorandum, second reading speech or report of a parliamentary committee. (b) consideration may be given to any other material (including material not forming part of the provision) that would assist in ascertaining the intended purpose or object of the provision; and (c) primacy is not required to be given to the text of the provision. Note: Ascertaining an intended purpose or object for the purposes of paragraph 370 ‑ 5(1)(a) or subparagraph 370 ‑ 5(1)(b)(i) is not necessarily the same as ascertaining a purpose or object for the purposes of interpreting a provision of an Act.", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Inserted by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s370-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 370-15", "Provision_Key": "s370-15", "Heading": "Repeal of determinations", "Text": "(1) The Commissioner may, by legislative instrument, repeal a determination made under section 370 ‑ 5. (2) A legislative instrument made under subsection (1) of this section may make an application, saving or transitional provision relating to the repeal. (3) Subsection 33(3) of the Acts Interpretation Act 1901 does not apply in relation to the repeal, rescission or revocation of a determination made under section 370 ‑ 5 in this Schedule (but does apply in relation to the amendment or variation of such a determination).", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Inserted by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s370-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 370-20", "Provision_Key": "s370-20", "Heading": "Commencement of determinations", "Text": "A determination made under section 370 ‑ 5, or a repeal made under section 370 ‑ 15, must not commence before the first day it is no longer liable to be disallowed, or to be taken to have been disallowed, under section 42 of the Legislation Act 2003 .", "Amendment_Count": 1, "First_Amended": "No 15 of 2017", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 15 of 2017", "History_Notes": "Inserted by No 15 of 2017, effective sch 1 (items 2 ‑ 4): 1 Mar 2017 (s 2(1) item 2) sch 4 (items 5, 6, 8): never commenced (s 2(1) items 5, 7) sch 4 (items 86 ‑ 92): 1 Apr 2017 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s370-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 382-1", "Provision_Key": "s382-1", "Heading": "What this Division is about", "Text": "You are required to keep records of indirect tax transactions in accordance with this Division. Deductible gift recipients are required to keep records in accordance with this Division.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 73 of 2006 | No 55 of 2007", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s382-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 382-5", "Provision_Key": "s382-5", "Heading": "Keeping records of indirect tax transactions", "Text": "Records of transactions (1) You must: (a) keep records that record and explain all transactions and other acts you engage in that are relevant to a * supply, importation, acquisition, dealing, manufacture or entitlement to which this subsection applies; and (b) retain those records for the longest of: (i) 5 years after the completion of the transactions or acts to which they relate; and (ii) the * period of review for any assessment of an * assessable amount to which those records, transactions or acts relate; and (iii) if such an assessment has been amended under Subdivision 155 ‑ B—the period of 4 years mentioned in paragraph 155 ‑ 70(2)(a) (which provides for a refreshed period of review) that applies to the latest such amendment. (2) Subsection (1) applies to: (a) a * taxable supply, * taxable importation, * creditable acquisition or * creditable importation made by you; or (b) a * supply made by you that is * GST ‑ free or * input taxed; or (c) a * taxable dealing, in relation to * wine, on which you are liable for * wine tax; or (d) any other assessable dealing within the meaning of the * Wine Tax Act made by you; or (e) your entitlement to a * wine tax credit; or (f) a * taxable supply of a luxury car, or a * taxable importation of a luxury car, made by you; or (g) your entitlement to a special credit under the A New Tax System (Goods and Services Tax Transition) Act 1999 or the A New Tax System (Wine Equalisation Tax and Luxury Car Tax Transition) Act 1999 ; or (h) if you are entitled to a * fuel tax credit for fuel that you acquire, manufacture or import—the acquisition, manufacture or importation; or (i) if you are liable, as a recipient of a taxable supply, to pay the * GST on a taxable supply because of section 15C of the A New Tax System (Goods and Services Tax Transition) Act 1999 —the taxable supply. (3) If you give the Commissioner a return that takes into account: (a) an * input tax credit that is attributable to a * tax period under subsection 29 ‑ 10(5) of the * GST Act; or (b) a * fuel tax credit that is attributable to a tax period or * fuel tax return period under subsection 65 ‑ 5(5) of the Fuel Tax Act 2006 ; you must: (c) keep records that record and explain all transactions and other acts you engage in that are relevant to the acquisition or importation in question; and (d) retain those records for at least 5 years after the return was given to the Commissioner. Records of elections, choices, estimates, determinations and calculations (4) If you make any election, choice, estimate, determination or calculation under an * indirect tax law, you must: (a) keep records containing particulars of: (i) the election, choice, estimate, determination or calculation; and (ii) in the case of an estimate, determination or calculation—the basis on which, and the method by which, the estimate, determination or calculation was made; and (b) retain those records: (i) if the indirect tax law specifies circumstances in which the election, choice, estimate, determination or calculation ceases to have effect—for at least 5 years after the election, choice, estimate, determination or calculation ceased to have effect; or (ii) in any other case—for at least 5 years after the election, choice, estimate, determination or calculation was made. (5) This section requires a record of an * arrangement entered into under section 153 ‑ 50 of the * GST Act to be kept and retained by the party entering into the arrangement as principal. It does not require such a record to be kept or retained by the party entering into the arrangement as intermediary (within the meaning of that section). (6) This section requires records of a notice given under subsection 153 ‑ 65(2) of the * GST Act to be kept and retained by both the entity giving the notice and the entity receiving it. (7) Without limiting subsection (4), if you choose to apply Division 63 (non ‑ profit sub ‑ entities) of the * GST Act, you must: (a) keep records that record: (i) your choice to apply that Division; and (ii) each branch that is treated as a separate entity for the purposes of the * GST law; and (iii) each branch that has ceased to be treated as a separate entity for the purposes of the GST law; and (b) retain those records for at least 5 years after you revoke the choice. Requirements of records (8) The records must be: (a) in English, or readily accessible and easily convertible into English; and (b) such as to enable your liabilities and entitlements under an * indirect tax law to be readily ascertained. Offence (9) An entity commits an offence if: (a) the entity is required to keep or retain a record under this section; and (b) the entity does not keep or retain the record in accordance with this section. Penalty: 30 penalty units. Note 1: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 3: Section 288 ‑ 25 imposes an administrative penalty if an entity does not keep or retain records as required by this section. (10) Subsection (9) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . Defence (11) Subsection (9) does not apply if: (a) the Commissioner notifies the entity that the entity does not need to retain the record; or (b) the entity is a company that has been finally dissolved. Note: A defendant bears an evidential burden in relation to the matters in subsection (10): see subsection 13.3(3) of the Criminal Code . (12) For the purposes of section 288 ‑ 25, this section does not require an entity to retain a record if: (a) the Commissioner notifies the entity that the entity does not need to retain the record; or (b) the entity is a company that has been finally dissolved. Note: Section 288 ‑ 25 imposes an administrative penalty if an entity does not keep or retain records as required by this section.", "Amendment_Count": 5, "First_Amended": "No 73 of 2006", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 73 of 2006 | No 20 of 2010 | No 39 of 2012 | No 70 of 2015 | No 72 of 2025", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 20 of 2010, effective sch 1 (items 15, 16, 18 ‑ 20), sch 3 (items 30, 31), sch 5 (items 8 ‑ 11): Royal Assent sch 2 (items 19 ‑ 22, 23(1)): 1 July 2010 | Amended by No 39 of 2012, effective sch 1 (items 1, 2, 29, 190 ‑ 223, 231 ‑ 240): 1 July 2012 (s 2(1) item 2) sch 1 (items 255 ‑ 264): 1 Jan 2017 (s 2(1) item 3) sch 4 (items 19 ‑ 24): 15 Apr 2012 (s 2(1) item 8) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17) | Amended by No 72 of 2025, effective sch 4 (items 41 ‑ 43): 1 Jan 2026 (s 2(1) item 5) sch 5 (item 33): 1 July 2024 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s382-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 382-15", "Provision_Key": "s382-15", "Heading": "Deductible gift recipients to keep records", "Text": "(1) A * deductible gift recipient must: (a) keep records that record and explain all transactions and other acts the deductible gift recipient engages in that are relevant to the deductible gift recipient’s status as a deductible gift recipient; and (b) retain those records for at least 5 years after the completion of the transactions or acts to which they relate. Note 1: Section 288 ‑ 25 imposes an administrative penalty if an entity does not keep or retain records as required by this section. Note 2: The Commissioner may request information from certain deductible gift recipients: see sections 353 ‑ 20 and 426 ‑ 40. Requirements of records (2) The records must be: (a) in English, or readily accessible and easily convertible into English; and (b) such as to show that the * deductible gift recipient uses each of the following only for the principal purpose of the fund, authority or institution: (i) gifts of money or property for that purpose; (ii) contributions described in item 7 or 8 of the table in section 30 ‑ 15 of the Income Tax Assessment Act 1997 in relation to a * fund ‑ raising event held for that purpose; (iii) money received by the deductible gift recipient because of such gifts or contributions. Exception (3) For the purposes of section 288 ‑ 25, this section does not require a * deductible gift recipient to retain a record if: (a) the Commissioner notifies the deductible gift recipient that the deductible gift recipient does not need to retain the record; or (b) the deductible gift recipient is a company that has been finally dissolved.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s382-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 382-20", "Provision_Key": "s382-20", "Heading": "Keeping of records in respect of Minimum Tax law", "Text": "(1) A * Group Entity of an * Applicable MNE Group that is * GloBE located in Australia must: (a) keep records that record and explain whether the Group Entity has complied with the * Minimum Tax law; and (b) retain those records until the latest of the following: (i) the end of 8 years after the records were prepared or obtained; (ii) the end of 8 years after the completion of the transactions or acts to which those records relate; (iii) if there is an assessment of the Group Entity, or another Group Entity of the Applicable MNE Group, of an amount payable under the Minimum Tax law to which those records relate and the period of review for the assessment is extended under subsection 155 ‑ 35(3) or (4)—the end of the period of review as so extended. (2) The records must be: (a) in English, or readily accessible and easily convertible into English; and (b) such as to enable the * Group Entity’s liabilities under the * Minimum Tax law to be readily ascertained. (3) A * Group Entity commits an offence if: (a) the Group Entity is required to keep or retain a record under this section; and (b) the Group Entity does not keep or retain the record in accordance with this section. Penalty: 30 penalty units. Note: Section 288 ‑ 25 imposes an administrative penalty if the Group Entity does not keep or retain records as required by this section. (4) Subsection (3) is an offence of strict liability. (5) This section applies in relation to: (a) a * GloBE Joint Venture of an * Applicable MNE Group; and (b) a * GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group; in the same way that it applies in relation to a * Group Entity of an Applicable MNE Group. (6) If: (a) a * Group Entity of an * Applicable MNE Group is a * GloBE Main Entity in respect of a * GloBE Permanent Establishment; and (b) the Group Entity is not * GloBE located in Australia; and (c) the GloBE Permanent Establishment is: (i) GloBE located in Australia; or (ii) a Stateless Constituent Entity (within the meaning of the * Minimum Tax Act); this section applies in relation to the Group Entity in the same way that it applies in relation to a Group Entity that is GloBE located in Australia.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s382-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-5", "Provision_Key": "s384-5", "Heading": "What this Division is about", "Text": "If the Commissioner reasonably believes that you have failed to comply with certain obligations arising under taxation laws, the Commissioner may give you a direction requiring a specified course of education to be undertaken. Table of sections 384 ‑ 10 When a superannuation guarantee education direction may be given 384 ‑ 12 When a tax ‑ records education direction may be given 384 ‑ 15 Content of, and matters relating to compliance with, education directions 384 ‑ 17 Compliance with superannuation guarantee education directions 384 ‑ 20 Approval of courses of education 384 ‑ 25 Costs of course of education 384 ‑ 30 Variation or revocation on Commissioner’s own initiative 384 ‑ 35 Variation on request 384 ‑ 40 Taxation objection", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-10", "Provision_Key": "s384-10", "Heading": "When a superannuation guarantee education direction may be given", "Text": "(1) The Commissioner may give you a written direction (a superannuation guarantee education direction ) if the Commissioner reasonably believes that an item of the following table applies to you. Education directions Item The item applies to you if… 1 You fail to pay an amount of a tax ‑ related liability set out in subsection (2). 3 You fail to comply with an obligation to keep records under the Superannuation Guarantee (Administration) Act 1992 . 4 You fail to comply with an obligation under this Act that relates to the Superannuation Guarantee (Administration) Act 1992 . Note: For the requirements in the direction, see subsection 384 ‑ 15(1). (2) The following table sets out tax ‑ related liabilities for the purposes of subsection (1). Item Tax ‑ related liability 1 Superannuation guarantee charge payable by you under the Superannuation Guarantee (Administration) Act 1992 2 An amount that is due and payable by you of an estimate under Division 268 of an amount of a liability referred to in paragraph 268 ‑ 10(1)(b) (superannuation guarantee charge)", "Amendment_Count": 3, "First_Amended": "No 8 of 2019", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 8 of 2019 | No 84 of 2022 | No 57 of 2025", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-12", "Provision_Key": "s384-12", "Heading": "When a tax ‑ records education direction may be given", "Text": "(1) The Commissioner may give you a written direction (a tax ‑ records education direction ) if the Commissioner reasonably believes you have failed, at a specified time or for a specified period, to comply with one or more specified record ‑ keeping obligations under a taxation law that: (a) is not set out in paragraph 288 ‑ 25(2)(a) or (b); and (b) is not the Superannuation Guarantee (Administration) Act 1992 . Note: For the requirements in the direction, see subsection 384 ‑ 15(2). (2) However, the Commissioner must not give you a * tax ‑ records education direction if the Commissioner reasonably believes: (a) you are disengaged from the tax system; or (b) you are deliberately avoiding any of those obligations to keep records.", "Amendment_Count": 1, "First_Amended": "No 84 of 2022", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 84 of 2022", "History_Notes": "Inserted by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-12"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-15", "Provision_Key": "s384-15", "Heading": "Content of, and matters relating to compliance with, education directions", "Text": "(1) A * superannuation guarantee education direction, or a * tax ‑ records education direction, given to you requires you to: (a) ensure that any of the following individuals undertakes a specified approved course of education (see section 384 ‑ 20): (i) if you are an individual—you; (ii) an individual who makes, or participates in making, decisions that affect the whole, or a substantial part, of your business; and (b) provide the Commissioner with evidence that the individual has completed the course. (2) The direction must specify the period within which you must comply with the direction (which must be a period that is reasonable in the circumstances). Note: The period may be affected by the operation of subsection 384 ‑ 35(7). (3) You are taken to comply with the direction if, and only if: (a) an individual referred to in paragraph (1)(a) undertakes the specified approved course of education during the specified period; and (b) before the end of the specified period, you provide the Commissioner with evidence that the individual has completed the course. Note 1: For a failure to comply with a superannuation guarantee education direction, see section 384 ‑ 17. Note 2: A failure to comply with a tax ‑ records education direction will give rise to the administrative penalty set out in subsection 288 ‑ 25(1).", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 8 of 2019 | No 84 of 2022", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Repealed and substituted by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-17", "Provision_Key": "s384-17", "Heading": "Compliance with superannuation guarantee education directions", "Text": "(1) If you are given a * superannuation guarantee education direction, you must comply with it within the period specified in the direction. Note: Failure to comply with this subsection is an offence against section 8C. (2) You are liable to an administrative penalty of 5 penalty units if you contravene subsection (1). Note: Division 298 contains machinery provisions for administrative penalties.", "Amendment_Count": 1, "First_Amended": "No 84 of 2022", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 84 of 2022", "History_Notes": "Inserted by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-17"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-20", "Provision_Key": "s384-20", "Heading": "Approval of courses of education", "Text": "(1) The Commissioner may, in writing, approve one or more courses of education for the purposes of giving * education directions. (2) A course approved under subsection (1) may be provided by the Commissioner or by another entity. (3) An approval under subsection (1) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 8 of 2019 | No 84 of 2022", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-25", "Provision_Key": "s384-25", "Heading": "Costs of course of education", "Text": "(1) The Commissioner or other entity providing an approved course of education may charge fees for the course. (2) Any fees charged must not be such as to amount to taxation.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-30", "Provision_Key": "s384-30", "Heading": "Variation or revocation on Commissioner’s own initiative", "Text": "If the Commissioner has given you an * education direction, the Commissioner may, at any time, vary or revoke the education direction by written notice given to you.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 8 of 2019 | No 84 of 2022", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-35", "Provision_Key": "s384-35", "Heading": "Variation on request", "Text": "(1) If the Commissioner has given you an * education direction, you may ask the Commissioner to vary the direction. (2) The request must be made by written notice given to the Commissioner before the end of the period specified in the direction for the purposes of subsection 384 ‑ 15(2). (3) The request must set out the reasons for making the request. (4) The Commissioner must decide: (a) to vary the direction in accordance with the request; or (b) to vary the direction otherwise than in accordance with the request; or (c) to refuse to vary the direction. (5) If the Commissioner does not make a decision on the request before the end of 28 days after the day the Commissioner received the request, the Commissioner is taken, at the end of that period, to have decided to refuse the request. (6) If the Commissioner makes a decision on the request before the end of the period referred to in subsection (5), the Commissioner must: (a) notify you of the Commissioner’s decision; and (b) if the decision is to vary the direction (whether or not in accordance with the request)—give you a copy of the varied direction; and (c) if the decision is to refuse to vary the direction, or to vary the direction otherwise than in accordance with the request—give you written reasons for the decision. (7) If you make a request under this section, then, for the purposes of when you must comply with the direction, the period specified in the direction for the purposes of subsection 384 ‑ 15(2) is taken to be extended by 1 day for each day in the period: (a) beginning at the start of the day the Commissioner receives the request; and (b) ending at the end of the day that the Commissioner notifies you that a decision has been made on the request.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 8 of 2019 | No 84 of 2022", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 384-40", "Provision_Key": "s384-40", "Heading": "Taxation objection", "Text": "If you are dissatisfied with: (a) a decision of the Commissioner to give an * education direction, or to vary one otherwise than in accordance with a request under section 384 ‑ 35; or (b) a decision of the Commissioner under section 384 ‑ 35 to refuse to vary an education direction; you may object against the decision in the manner set out in Part IVC.", "Amendment_Count": 2, "First_Amended": "No 8 of 2019", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 8 of 2019 | No 84 of 2022", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s384-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-5", "Provision_Key": "s388-5", "Heading": "Object of Division", "Text": "The object of this Division is to set out requirements to ensure the integrity and efficiency of giving material to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-50", "Provision_Key": "s388-50", "Heading": "Approved forms", "Text": "(1) A return, notice, statement, application or other document under a * taxation law is in the approved form if, and only if: (a) it is in the form approved in writing by the Commissioner for that kind of return, notice, statement, application or other document; and (b) it contains a declaration signed by a person or persons as the form requires (see section 388 ‑ 75); and (c) it contains the information that the form requires, and any further information, statement or document as the Commissioner requires, whether in the form or otherwise; and (d) for a return, notice, statement, application or document that is required to be given to the Commissioner—it is given in the manner that the Commissioner requires (which may include electronically). (1A) Despite subsection (1), a document that satisfies paragraphs (1)(a), (b) and (d) but not paragraph (1)(c) is also in the approved form if it contains the information required by the Commissioner. The Commissioner must specify the requirement in writing. (2) The Commissioner may combine in the same * approved form more than one return, notice, statement, application or other document. (3) The Commissioner may approve a different * approved form for different entities. Example: The Commissioner may require high wealth individuals to lodge a different income tax return to that required to be lodged by an individual whose only income is a salary.", "Amendment_Count": 3, "First_Amended": "No 91 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 91 of 2000 | No 73 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3)) | Amended by No 58 of 2006, effective sch 7 (items 131 ‑ 169, 217 ‑ 219): 22 June 2006 (s 2(1) items 6, 24)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-52", "Provision_Key": "s388-52", "Heading": "Saturdays, Sundays and public holidays", "Text": "Where an * approved form is required to be given to the Commissioner or to another entity by, or on, a day (the lodgment day ) that is not a * business day, the approved form may be given on the first business day after the lodgment day.", "Amendment_Count": 1, "First_Amended": "No 73 of 2001", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 73 of 2001", "History_Notes": "Inserted by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-52"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-55", "Provision_Key": "s388-55", "Heading": "Commissioner may defer time for lodgment", "Text": "(1) The Commissioner may defer the time within which an * approved form is required to be given to the Commissioner or to another entity. (2) A deferral under subsection (1) does not defer the time for payment of any amount to the Commissioner. Note: Section 255 ‑ 10 allows the Commissioner to defer the time for payment of an amount of a tax ‑ related liability.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-60", "Provision_Key": "s388-60", "Heading": "Declaration by entity", "Text": "If you give a return, notice, statement, application or other document to the Commissioner in the * approved form, you must make a declaration in the approved form that any information in the document is true and correct.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-65", "Provision_Key": "s388-65", "Heading": "Declaration by entity where agent gives document", "Text": "(1) If a return, notice, statement, application or other document of yours is to be given to the Commissioner in the * approved form by an agent on your behalf, you must make a declaration in writing: (a) stating that you have authorised the agent to give the document to the Commissioner; and (b) declaring that any information you provided to the agent for the preparation of the document is true and correct. Note: This subsection does not apply if a declaration is made in accordance with subsection 389 ‑ 35(2) in relation to a notification of an amount under Division 389 (see paragraph 389 ‑ 35(3)(a)). (2) You must give the declaration to the agent. (3) You must retain the declaration or a copy of it for: (a) 5 years after it is made; or (b) a shorter period determined by the Commissioner in writing for you; or (c) a shorter period determined by the Commissioner by legislative instrument for a class of entities that includes you. (3A) A determination under paragraph (3)(c) may specify different periods for different classes of entities. (4) You must produce the declaration or copy if requested to do so within that period by the Commissioner. (5) The agent must not give the document to the Commissioner before you make the declaration. (6) You must sign the declaration.", "Amendment_Count": 4, "First_Amended": "No 91 of 2000", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 91 of 2000 | No 161 of 2005 | No 41 of 2011 | No 135 of 2024", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 161 of 2005, effective sch 1 (items 27 ‑ 37, 46 ‑ 56, 59), sch 2 (items 1, 16 ‑ 32): Royal Assent | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-70", "Provision_Key": "s388-70", "Heading": "Declaration by agent", "Text": "If an agent gives a return, notice, statement, application or other document to the Commissioner in the * approved form on behalf of another entity, the agent must, if the document so requires, make a declaration in the approved form stating that: (a) the document has been prepared in accordance with the information supplied by the other entity; and (b) the agent has received a declaration from the other entity stating that the information provided to the agent is true and correct; and (c) the agent is authorised by the other entity to give the document to the Commissioner. Note: For a notification of an amount under Division 389, a reference to a declaration in paragraph 388 ‑ 70(b) may also be a reference to a declaration made in accordance with subsection 389 ‑ 35(2) (see paragraph 389 ‑ 35(3)(c)).", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 91 of 2000 | No 135 of 2024", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-75", "Provision_Key": "s388-75", "Heading": "Signing declarations", "Text": "(1) You must sign a declaration in a return, notice, statement, application or other document you give to the Commissioner in paper form. (2) If your agent gives a return, notice, statement, application or other document to the Commissioner on your behalf in paper form, the document must contain: (a) if the document so requires—a declaration made by you with your signature; and (b) if the document so requires—a declaration made by your agent with the agent’s signature. (3) Any return, notice, statement, application or other document of yours that is * lodged electronically: (a) if you give it to the Commissioner—must contain your declaration (see section 388 ‑ 60) with your * electronic signature; or (b) if your agent gives it to the Commissioner—must contain the agent’s declaration (see section 388 ‑ 70) with the agent’s electronic signature. (4) Any return, notice, statement, application or other document of yours that is given by telephone: (a) if you give it—must contain your * telephone signature; or (b) if your agent gives it—must contain your agent’s telephone signature.", "Amendment_Count": 2, "First_Amended": "No 91 of 2000", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 91 of 2000 | No 73 of 2001", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 73 of 2001, effective sch 1 (items 21, 22, 58 ‑ 62(1)), sch 2 (items 1 ‑ 40, 53, 86 ‑ 95(1)), sch 3 (items 20 ‑ 33), sch 4 (items 1, 10), sch 5: 30 June 2001 (s 2(1)) sch 2 (items 48 ‑ 52): 1 Jan 2001 (s 2(2)) sch 3 (items 35, 36): 1 Apr 2001 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-80", "Provision_Key": "s388-80", "Heading": "Electronic notification of BAS amounts", "Text": "An entity that, under section 31 ‑ 25 of the * GST Act, chooses or is required to * lodge a * GST return electronically must also electronically notify the Commissioner of all other * BAS amounts whose notification is required on the same day as the GST return (ignoring any extension allowed by the Commissioner under section 31 ‑ 10 of that Act or a deferral under section 388 ‑ 55).", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 388-85", "Provision_Key": "s388-85", "Heading": "Truncating amounts", "Text": "If an * approved form that you are required to give the Commissioner specifies that amounts set out in the form are to be expressed in whole dollars, you truncate the amounts to the nearest whole dollar. Example: Stefan Pty Ltd calculates that its PAYG instalment for a quarter is $8,496.73. Because the approved form requires amounts to be truncated, the amount would be reported in its BAS as $8,496.", "Amendment_Count": 1, "First_Amended": "No 91 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 91 of 2000", "History_Notes": "Inserted by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s388-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-1", "Provision_Key": "s389-1", "Heading": "What this Division is about", "Text": "This Division establishes the “Single Touch Payroll” reporting framework. Employers must (unless they are exempt) notify the Commissioner of certain amounts that relate to payments in respect of their employees. Employers may notify the Commissioner of certain other amounts on a voluntary basis. In many cases, this Division has the effect of bringing forward the due date for notification or reporting under other provisions. Notifying under this Division may satisfy an employer’s obligations to notify or report under the other provisions. Employers may make a declaration that authorises an agent to give the Commissioner one or more notifications of an amount under this Division for a period of up to 12 months. Table of sections Operative provisions 389 ‑ 5 Required reporting by employers 389 ‑ 10 Exemptions 389 ‑ 15 Voluntary reporting by employers in relation to taxation laws 389 ‑ 20 Effect on reporting requirements under Subdivision 16 ‑ C 389 ‑ 25 Grace periods for correcting false or misleading notifications 389 ‑ 30 Voluntary reporting by employers in relation to child support laws 389 ‑ 35 Declaration where agent gives notification under this Division", "Amendment_Count": 4, "First_Amended": "No 55 of 2016", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 55 of 2016 | No 8 of 2019 | No 79 of 2020 | No 135 of 2024", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Repealed and substituted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Repealed and substituted by No 79 of 2020, effective sch 2 (items 6 ‑ 9): 1 Oct 2020 (s 2(1) item 2) sch 6: 4 Sept 2020 (s 2(1) item 5) | Amended by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-5", "Provision_Key": "s389-5", "Heading": "Required reporting by employers", "Text": "(1) An entity must notify the Commissioner of an amount of a kind referred to in column 1 of an item in the following table on or before the day referred to in column 2 of that item, if the amount arises as a result of conduct of the entity (such as payment of an amount or provision of a benefit). Amounts to be notified to the Commissioner Item Column 1 The following must be notified … Column 2 … on or before this day 1 The following amounts: (a) an amount the entity must withhold under Subdivision 12 ‑ B (other than section 12 ‑ 55 or 12 ‑ 60), paragraph 12 ‑ 85(b), section 12 ‑ 90, paragraph 12 ‑ 110(1)(ca) or section 12 ‑ 319A; (b) the * withholding payment from which the amount referred to in paragraph (a) is required to be withheld the day by which the amount is required to be withheld (regardless of whether it is withheld) (see section 16 ‑ 5). 2 An amount that: (a) is not covered by item 1; and (b) is paid, on a particular day, by or on behalf of the entity; and (c) constitutes the qualifying earnings (within the meaning of the Superannuation Guarantee (Administration) Act 1992 ) of an individual who is the entity’s employee (within the meaning of that Act but disregarding subsection 12(3) of that Act) the day on which the amount is paid, or would be paid, as mentioned in column 1. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this section. (2) The notification must be in the * approved form. However, the approved form must not require information about an amount unless it is: (a) the amount to be notified under subsection (1); or (b) an amount of a kind determined by the Commissioner under subsection (3). (3) The Commissioner may, by legislative instrument, determine kinds of amounts for the purposes of paragraph (2)(b). (4) In applying item 1 of the table in subsection (1), a requirement to withhold a nil amount is to be treated as a requirement to withhold an amount. (5) This section does not apply to an entity to the extent (if any) that the entity is covered by an exemption under section 389 ‑ 10 for the income year in which the entity’s conduct occurs.", "Amendment_Count": 4, "First_Amended": "No 55 of 2016", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 55 of 2016 | No 8 of 2019 | No 4 of 2023 | No 57 of 2025", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 4 of 2023, effective sch 2 (items 27 ‑ 31), sch 3 (items 1, 2, 4): 26 Mar 2023 (s 2(1) item 1) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-10", "Provision_Key": "s389-10", "Heading": "Exemptions", "Text": "Exempting classes of entities (1) The Commissioner may, by legislative instrument, exempt a class of entities from section 389 ‑ 5 for one or more income years. (2) The exemption may be limited to the extent specified in the instrument. Exempting particular entities (3) The Commissioner may, on application by an entity (an exemption application ) or on the Commissioner’s own initiative, exempt the entity from section 389 ‑ 5 for one or more income years. (4) The exemption may be limited to the extent specified in the notice under paragraph (5)(a). (5) The Commissioner must notify the entity in writing if: (a) the Commissioner exempts the entity under subsection (3); or (b) refuses an exemption application by the entity. (6) The Commissioner is taken to have refused an exemption application if the Commissioner fails to notify the entity in writing of the Commissioner’s decision on the application within 60 days after the application is made. (7) The entity may object, in the manner set out in Part IVC, against: (a) a decision of the Commissioner to refuse an exemption application; or (b) a decision of the Commissioner to limit the extent of an exemption under subsection (4).", "Amendment_Count": 1, "First_Amended": "No 55 of 2016", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 55 of 2016", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-15", "Provision_Key": "s389-15", "Heading": "Voluntary reporting by employers in relation to taxation laws", "Text": "(3) If: (a) an amount arises as a result of conduct of an entity (such as payment of an amount or provision of a benefit); and (b) the amount is an amount of a kind referred to in column 1 of an item in the following table; the entity may notify the Commissioner of the amount on or before the day referred to in column 2 of that item. Amounts to be notified to the Commissioner Item Column 1 This amount may be notified … Column 2 … on or before this day 1 A * reportable employer superannuation contribution made by the entity in respect of a * financial year for the benefit of an employee of the entity 14 July in the next * financial year. 2 A * reportable fringe benefits amount that an employee of the entity has for an income year in respect of the employee’s employment with the entity 14 July in the * financial year most closely corresponding to the next income year. (4) The notification must be in the * approved form. Note: The approved form may require information about other amounts, in addition to the amount to be notified: see paragraph 388 ‑ 50(1)(c).", "Amendment_Count": 3, "First_Amended": "No 55 of 2016", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 55 of 2016 | No 8 of 2019 | No 79 of 2020", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 79 of 2020, effective sch 2 (items 6 ‑ 9): 1 Oct 2020 (s 2(1) item 2) sch 6: 4 Sept 2020 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-20", "Provision_Key": "s389-20", "Heading": "Effect on reporting requirements under Subdivision 16 ‑ C", "Text": "(1) An entity is not required to comply with a requirement of: (a) subsection 16 ‑ 150(1) (Commissioner must be notified of amounts); or (b) section 16 ‑ 153 (annual reports—other payments); or (c) section 16 ‑ 155 (annual payment summary); or (d) section 16 ‑ 160 (part ‑ year payment summary); or (e) section 16 ‑ 165 (payment summaries for superannuation lump sums and payments for termination of employment); or (f) section 16 ‑ 175 in relation to compliance with any requirements under section 16 ‑ 155, 16 ‑ 160 or 16 ‑ 165; to give a notice, report or statement to the extent that it would relate to an amount that the entity has notified under section 389 ‑ 5 or 389 ‑ 15. (2) However, paragraphs (1)(b), (c) and (e) do not apply, in relation to requirement to give a notice, report or statement relating to payments made in a * financial year, unless, within 14 days after the end of the financial year, the entity makes a declaration to the Commissioner that: (a) states that the entity has notified under section 389 ‑ 5 or 389 ‑ 15 all the information that the entity would otherwise be required to give under sections 16 ‑ 153, 16 ‑ 155 and 16 ‑ 165 relating to payments made in the financial year; and (b) is in the * approved form.", "Amendment_Count": 2, "First_Amended": "No 55 of 2016", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 55 of 2016 | No 23 of 2018", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 23 of 2018, effective sch 1 (items 72, 73), sch 5 (items 1 ‑ 4, 12 ‑ 28): 1 Apr 2018 (s 2(1) items 8, 12) sch 1 (items 75 ‑ 79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-25", "Provision_Key": "s389-25", "Heading": "Grace periods for correcting false or misleading notifications", "Text": "When notifications can be corrected (1) An entity that has made a statement (a withholding statement ) under section 389 ‑ 5 notifying an amount under item 1 or 2 of the table in subsection 389 ‑ 5(1) may correct the statement: (a) within the period determined by the Commissioner under subsection (2); or (b) if paragraph (a) does not apply but the entity is covered by a determination under subsection (5)—within the period specified in that determination. Note: Correcting the statement can protect the person from liability for a false or misleading withholding statement: see subsections 8K(2A), 8N(2) and 284 ‑ 75(8). Determinations for particular entities (2) The Commissioner may determine the period within which the entity may correct a withholding statement. (3) The Commissioner must give the entity written notice of the determination. (4) The entity may object, in the manner set out in Part IVC, against a decision of the Commissioner determining a period under subsection (2) relating to the entity. Determinations for classes of entities (5) The Commissioner may, by legislative instrument, determine the period within which entities included in a class of entities specified in the determination may correct a withholding statement.", "Amendment_Count": 3, "First_Amended": "No 55 of 2016", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 55 of 2016 | No 8 of 2019 | No 57 of 2025", "History_Notes": "Inserted by No 55 of 2016, effective sch 23 (items 1, 4 ‑ 20, 22 ‑ 24, 35, 36): 1 Oct 2016 (s 2(1) item 25) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 151 ‑ 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-30", "Provision_Key": "s389-30", "Heading": "Voluntary reporting by employers in relation to child support laws", "Text": "(1) If there is an amount of a kind referred to in column 1 of an item of the following table, the entity referred to in that item may notify the Commissioner of the amount on or before the day referred to in column 2 of that item. Amounts that may be notified to the Commissioner Item Column 1 This amount may be notified … Column 2 … on or before this day 1 An amount the entity deducted under Part IV of the Child Support (Registration and Collection) Act 1988 from salary or wages paid to an employee of the entity the day on which the deduction is made. 2 A nil amount, if: (a) a notice given to the entity under subsection 45(1) of the Child Support (Registration and Collection) Act 1988 is in force on a day (the reporting day ) in relation to a payer who is an employee of the entity; and (b) either: (i) the entity pays salary or wages to the employee on the reporting day but does not make a deduction under Part IV of that Act in relation to the employee and the payment; or (ii) the reporting day is a day on which the entity would ordinarily pay salary or wages to the employee, but the entity does not do so because no salary or wages are payable the reporting day. 3 An amount the entity paid to the Child Support Registrar if: (a) the entity paid the amount in accordance with a notice given to the entity under section 72A of the Child Support (Registration and Collection) Act 1988 ; and (b) the entity is the employer of the relevant debtor referred to in that section the day on which the amount is paid. Note: Voluntary reporting of an amount referred to in item 1 or 2 of the table may affect the entity’s reporting requirements under the Child Support (Registration and Collection) Act 1988 : see subsection 47(1B) of that Act. (2) The notification must be in the * approved form. Note: The approved form may require information about other amounts, in addition to the amount to be notified: see paragraph 388 ‑ 50(1)(c). (3) A disclosure of personal information (within the meaning of the Privacy Act 1988 ) under subsection (1) is taken for the purposes of that Act to be authorised by this section. (4) The following terms used in the table in subsection (1) have the same meaning as in the Child Support (Registration and Collection) Act 1988 : (a) employee (for this purpose, the term has the same meaning as it has when used in Part IV of that Act); (b) employer ; (c) payer ; (d) salary or wages .", "Amendment_Count": 1, "First_Amended": "No 79 of 2020", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 79 of 2020", "History_Notes": "Inserted by No 79 of 2020, effective sch 2 (items 6 ‑ 9): 1 Oct 2020 (s 2(1) item 2) sch 6: 4 Sept 2020 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 389-35", "Provision_Key": "s389-35", "Heading": "Declaration where agent gives notification under this Division", "Text": "(1) This section applies if a notification of an amount that is required or permitted to be given under this Division is to be given to the Commissioner in the * approved form by an agent on behalf of an entity. (2) The entity may make a declaration in writing: (a) stating that the entity has authorised the agent to give one or more notifications under this Division to the Commissioner; and (b) declaring that any information the entity has provided, or will provide, to the agent for the preparation of any such notifications is, or will be, true and correct; and (c) specifying the day the declaration is made and the maximum period for the declaration (which must not exceed 12 months starting on the day the declaration is made). (3) If the entity makes a declaration under subsection (2), then for the period in subsection (4): (a) subsection 388 ‑ 65(1) does not apply in relation to any notifications to be given by the agent on behalf of the entity under this Division; and (b) subsections 388 ‑ 65(2) to (6) apply to the declaration in the same way those subsections apply to a declaration made under subsection 388 ‑ 65(1); and (c) for the purposes of section 388 ‑ 70, the declaration is taken to be a declaration of the kind mentioned in paragraph 388 ‑ 70(b). (4) The period for a declaration made under subsection (2): (a) begins on the day the declaration is made; and (b) ends on the earliest of: (i) the last day of the period specified in the declaration; or (ii) if the entity withdraws the declaration—the day the agent is notified of the withdrawal; or (iii) if there is a material change in the relationship between the entity and the agent, or in the affairs of the entity since the declaration was made—the day the agent becomes aware of the change or is notified of the change by the entity.", "Amendment_Count": 1, "First_Amended": "No 135 of 2024", "Last_Amended": "No 135 of 2024", "Amending_Acts": "No 135 of 2024", "History_Notes": "Inserted by No 135 of 2024, effective sch 1, sch 3 (items 4 ‑ 6), sch 4: 1 Jan 2025 (s 2(1) items 2, 4) sch 2: 11 Dec 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s389-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-1", "Provision_Key": "s390-1", "Heading": "What this Division is about", "Text": "Superannuation providers must give the Commissioner information about superannuation plans (such as contributions to superannuation plans) periodically. Superannuation providers are also required to give information about roll ‑ over superannuation benefits paid from superannuation plans. Life insurance companies must give the Commissioner information about holders of certain life insurance policies. Note: For requirements for payment summaries in relation to superannuation lump sums, see section 16 ‑ 165.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 56 of 2010 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-5", "Provision_Key": "s390-5", "Heading": "Member information statements", "Text": "(1) A * superannuation provider in relation to a * superannuation plan must give the Commissioner a statement in relation to an individual if the individual held a * superannuation interest in the plan at any time during the period specified in a determination under subsection (6). Note 1: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. Note 2: If a person is dissatisfied with a statement given to the Commissioner by a superannuation provider under this section, the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ). (4) A statement under subsection (1) must be in the * approved form. (5) The statement must be given to the Commissioner on a day specified in the determination under subsection (6). Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (6) The Commissioner may determine, by legislative instrument: (a) the period mentioned in subsection (1); and (b) the day on which a statement must be given to the Commissioner. (7) The period specified in the determination: (a) may be: (i) all or part of an income year; or (ii) all or part of a financial year; or (iii) any other period; and (b) may be different: (i) for different kinds of * superannuation provider; and (ii) in relation to any other matter. (8) Subsection (7) does not limit the way in which the determination may specify the period. (9) The * approved form may require the statement to contain the following information: (a) information relating to the contributions made to the * superannuation plan, including the amount and type of the contributions; (b) the * value or * total superannuation balance value of any * superannuation interest, or superannuation account, the individual held in the superannuation plan at a particular time; (ba) the amount of the individual’s * relevant superannuation earnings for an income year for any superannuation interest the individual held in the superannuation plan (unless it is an amount taken to be nil under subsection 296 ‑ 55(2) of the Income Tax Assessment Act 1997 ); (c) if no contributions were made to the superannuation plan in respect of the individual during the period—a statement to that effect; (d) information relating to the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; (e) if the superannuation plan is a * regulated superannuation fund in relation to which the individual has an LRBA amount under section 307 ‑ 231 of the Income Tax Assessment Act 1997 (about limited recourse borrowing arrangements)—the amount of the LRBA amount. (9A) Treat the following as contributions for the purposes of this section: (a) * notional taxed contributions in relation to a * defined benefit interest in the * superannuation plan; (b) amounts, mentioned in subsection 291 ‑ 25(3) or paragraph 292 ‑ 90(4)(a) of the Income Tax Assessment Act 1997 , allocated by the * superannuation provider in relation to the superannuation plan; (c) amounts mentioned in paragraph 292 ‑ 90(4)(c) of that Act; (d) * defined benefit contributions in relation to a * defined benefit interest in the superannuation plan. (10) Subsection (9) does not limit the information that the * approved form may require the statement to contain. (11) The * approved form may require the statement to contain the * tax file number of: (a) the * superannuation provider; and (b) the * superannuation plan; and (c) the individual who holds the * superannuation interest in the plan if: (i) the individual has quoted the individual’s tax file number to the superannuation provider; or (ii) a person has quoted the individual’s tax file number to the superannuation provider (and had authority to do so).", "Amendment_Count": 9, "First_Amended": "No 9 of 2007", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 9 of 2007 | No 158 of 2012 | No 82 of 2013 | No 118 of 2013 | No 13 of 2018 | No 8 of 2019 | No 78 of 2019 | No 76 of 2023 | No 8 of 2026", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 158 of 2012, effective sch 2 (item 69): 31 Jan 2013 (s 2(1) item 5) sch 3: 28 Nov 2012 (s 2(1) item 6) sch 4 (item 74): 29 Nov 2012 (s 2(1) item 10) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective sch 1 (items 2, 29 ‑ 36, 81 ‑ 84, 101 ‑ 110): 29 June 2013 (s 2(1) items 2, 10, 11) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) sch 1 (items 26 ‑ 31, 54 ‑ 58): 6 Mar 2018 (s 2(1) items 2, 6) sch 3 (items 31, 32): 5 Mar 2022 (s 2(1) item 8) | Amended by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 78 of 2019, effective sch 3 (item 3): 1 Jan 2020 (s 2(1) item 3) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23) | Amended by No 8 of 2026, effective sch 1 (items 61 ‑ 91), sch 2 (item 11): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-7", "Provision_Key": "s390-7", "Heading": "Grace periods for correcting false or misleading member information statements", "Text": "When statements can be corrected (1) A * superannuation provider in relation to a * superannuation plan that has given a statement to the Commissioner under section 390 ‑ 5 may correct the statement: (a) within the period determined by the Commissioner under subsection (2) of this section; or (b) if paragraph (a) does not apply but the superannuation provider is covered by a determination under subsection (5)—within the period specified in that determination. Note 1: Correcting the statement can protect the superannuation provider from liability for a false or misleading statement: see subsections 8K(2B), 8N(3) and 284 ‑ 75(9). Note 2: If no period has been determined under subsection (2) or (5) in relation to a superannuation provider, the superannuation provider will not be able to take advantage of the grace period provided for by this section. Determinations for particular superannuation providers (2) The Commissioner may determine the period within which the * superannuation provider may correct a statement. (3) The Commissioner must give the * superannuation provider written notice of the determination. (4) The * superannuation provider may object, in the manner set out in Part IVC, against a decision of the Commissioner determining a period under subsection (2) relating to the superannuation provider. Determinations for classes of superannuation providers (5) The Commissioner may, by legislative instrument, determine the period within which * superannuation providers included in a class of superannuation providers specified in the determination may correct a statement.", "Amendment_Count": 1, "First_Amended": "No 8 of 2019", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 8 of 2019", "History_Notes": "Inserted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-7"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-10", "Provision_Key": "s390-10", "Heading": "Statements about roll ‑ over superannuation benefits etc.", "Text": "(1) This section applies if: (a) a * superannuation provider (the first provider ) in relation to a * superannuation plan (the first plan ) pays a * roll ‑ over superannuation benefit to another superannuation provider in relation to another superannuation plan; or (b) a superannuation provider (also the first provider ) in relation to a superannuation plan (also the first plan ) pays to another superannuation provider in relation to another superannuation plan a * superannuation benefit (other than a roll ‑ over superannuation benefit) in these circumstances: (i) the first plan or the other superannuation plan is, or both are, a * non ‑ complying superannuation plan for the income year in which the benefit is paid; or (ii) the first plan or the other superannuation plan was, or both were, a non ‑ complying superannuation plan for the previous income year. (2) The first provider in relation to the first plan must: (a) give the other superannuation provider a statement in relation to the benefit within 7 days after the day on which the benefit is paid; and (b) unless the benefit is an * involuntary roll ‑ over superannuation benefit, give the individual in respect of whom the benefit is paid a statement in relation to the benefit within 30 days after the day on which the benefit is paid. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (3) A statement under subsection (2) must be in the * approved form. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) The * approved form may require the statement to contain the following information: (a) information relating to contributions made to the first plan in respect of the individual during the period specified in a determination under subsection (5) in which the benefit is paid, to the extent those contributions are reflected in that benefit; (b) other information relating to the benefit, including the * tax free component, * taxable component, * element taxed in the fund and * element untaxed in the fund (as applicable) of the benefit. (5) The Commissioner may determine, by legislative instrument, the period mentioned in paragraph (4)(a). (6) The period specified in the determination: (a) may be: (i) all or part of an income year; or (ii) all or part of a financial year; or (iii) any other period; and (b) may be different: (i) for different kinds of * superannuation provider; and (ii) in relation to any other matter. (7) Subsection (6) does not limit the way in which the determination may specify the period. (8) The * approved form may require the statement to contain different information depending on whether paragraph (1)(a) or (b) applies. (9) Subsections (4) and (8) do not limit the information that the * approved form may require the statement to contain. (10) The * approved form may require the statement to contain the * tax file number of: (a) the first provider; and (b) the first plan; and (c) the individual in respect of whom the benefit is paid if: (i) the individual has quoted the individual’s tax file number to the first provider; or (ii) a person who made at least some of the contributions mentioned in paragraph (4)(a) has quoted the individual’s tax file number to the first provider (and had authority to do so).", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 21 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 15 of 2007, effective sch 1 (items 366 ‑ 393, 406(1) ‑ (3)), sch 3 (items 61 ‑ 66), sch 4 (item 12): 15 Mar 2007 (s 2(1) items 2, 8, 12) | Amended by No 21 of 2015, effective sch 1 (items 18 ‑ 49), sch 5, sch 7 (items 33 ‑ 43): 20 Mar 2015 (s 2(1) items 2, 6, 15) sch 2 (items 39 ‑ 46): 1 May 2015 (s 2(1) item 3) sch 4 (items 8, 9): 1 July 2015 (s 2(1) item 5) sch 6 (items 26 ‑ 37, 73): 19 Mar 2015 (s 2(1) item 11, 13) sch 6 (items 60 ‑ 72, 74 ‑ 79): never commenced (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-12", "Provision_Key": "s390-12", "Heading": "Statements about benefits paid to KiwiSaver schemes", "Text": "(1) This section applies if the trustee of a * complying superannuation fund pays a * superannuation benefit to a * KiwiSaver scheme provider. (2) The trustee must: (a) give to the * KiwiSaver scheme provider a statement under this section within 7 days after the day on which the benefit is paid; and (b) give to the individual in respect of whom the benefit is paid a statement in relation to the benefit within 30 days after the day on which the benefit is paid. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (3) A statement under subsection (2) must be in the * approved form. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) The * approved form may require the statement to contain the following information: (a) information relating to contributions made to the * complying superannuation fund in respect of the individual during the period specified in a determination under subsection (5) in which the benefit is paid, to the extent those contributions are reflected in that benefit; (b) other information relating to the benefit, including the * tax free component and * taxable component (as applicable) of the benefit. (5) The Commissioner may determine, by legislative instrument, the period mentioned in paragraph (4)(a). (6) The period specified in the determination: (a) may be: (i) all or part of an income year; or (ii) all or part of a * financial year; or (iii) any other period; and (b) may be different: (i) for different kinds of trustee; and (ii) in relation to any other matter. (7) Subsection (6) does not limit the way in which the determination may specify the period. (8) Subsection (4) does not limit the information that the * approved form may require the statement to contain.", "Amendment_Count": 1, "First_Amended": "No 181 of 2012", "Last_Amended": "No 181 of 2012", "Amending_Acts": "No 181 of 2012", "History_Notes": "Inserted by No 181 of 2012, effective sch 1 (items 10 ‑ 12): 1 July 2013 (s 2(1) and gaz 2013, No GN25)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-12"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-15", "Provision_Key": "s390-15", "Heading": "Superannuation statements to members", "Text": "(1) An individual, or the trustee of an individual’s estate: (a) may ask a * superannuation provider who has given information in a statement under section 390 ‑ 5, 390 ‑ 10 or 390 ‑ 12 in relation to the individual to give the individual or the trustee the same information; and (b) may ask a * life insurance company that has given information in a statement under section 390 ‑ 20 in relation to the individual to give the individual or the trustee the same information; and (c) may ask the superannuation provider or life insurance company to give the information in writing. (2) The * superannuation provider or * life insurance company must: (a) comply with the request within 30 days after receiving the request; and (b) if the individual or the trustee asked for the information to be given in writing—give the information in the * approved form. Note 1: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. Note 2: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (3) Subsection (2) does not apply if the * superannuation provider or * life insurance company has given the same information to the individual or the trustee previously (whether or not on request by the individual or trustee). (4) If the individual or the trustee does not ask for the information to be given in writing, the * superannuation provider or * life insurance company may give the information to the individual or trustee in a way that the provider or company considers appropriate.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 181 of 2012 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 181 of 2012, effective sch 1 (items 10 ‑ 12): 1 July 2013 (s 2(1) and gaz 2013, No GN25) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-20", "Provision_Key": "s390-20", "Heading": "Statements relating to holders of certain life insurance policies", "Text": "(1) A * life insurance company must give the Commissioner a statement in relation to an individual if: (a) the individual held: (i) an * exempt life insurance policy that provides for an * annuity that is a * superannuation income stream that is in the * retirement phase; or (ii) a * life insurance policy covered by paragraph (b) of the definition of complying superannuation life insurance policy ; and (b) the individual held the policy at any time during the period specified in the determination under subsection (3). Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (2) The statement must: (a) be in the * approved form; and (b) be given to the Commissioner on a day specified in the determination under subsection (3). (3) The Commissioner may determine, by legislative instrument: (a) the period mentioned in subsection (1); and (b) the day on which a statement must be given to the Commissioner. (4) The determination may specify a period beginning before, or a day before, the commencement of either or both of the following: (a) this section; (b) the determination. (5) The * approved form may require the statement to contain information about the policy held by the individual. (6) The * approved form may require the statement to contain the * tax file number of: (a) the * life insurance company; and (b) the individual who holds the policy if: (i) the individual has quoted the individual’s tax file number to the life insurance company; or (ii) a person has quoted the individual’s tax file number to the life insurance company (and had authority to do so).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-65", "Provision_Key": "s390-65", "Heading": "Statements relating to release authorities", "Text": "(1) A * superannuation provider in relation to a * superannuation plan must give the Commissioner a statement under this section if the superannuation provider has: (a) been given a release authority in accordance with: (ii) section 292 ‑ 80B of the Income Tax (Transitional Provisions) Act 1997 ; or (iii) Subdivision 135 ‑ B in this Schedule; and (b) paid an amount out of the plan in accordance with the release authority. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (2) The statement must be given within 30 days after the amount is paid out of the plan. (3) A statement under subsection (1) must be in the * approved form. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) The * approved form must require the statement to contain information relating to the release authority. (5) The * approved form may require the statement to contain the following information: (a) the amount paid; (b) details relating to the * superannuation provider in relation to the * superannuation plan; (c) the individual in respect of whom the release authority was given to the superannuation provider. (6) Subsection (5) does not limit the information that the * approved form may require the statement to contain. (7) The * superannuation provider must also give the individual to whom the release authority relates a copy of the statement within 30 days after the amount is paid out of the plan. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8) | Amended by No 82 of 2013, effective sch 3 (items 2 ‑ 5, 14 ‑ 37, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 390-115", "Provision_Key": "s390-115", "Heading": "Change or omission in information given to the Commissioner", "Text": "(1) If a * superannuation provider in relation to a * superannuation plan becomes aware of a material change or material omission in any information given to the Commissioner in relation to the plan under this Division, the provider must: (a) tell the Commissioner of the change in the * approved form; or (b) give the omitted information to the Commissioner in the approved form. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (2) Information required by subsection (1) must be given no later than 30 days after the * superannuation provider becomes aware of the change or omission. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective sch 1 (items 19 ‑ 24), sch 2 (items 4, 5), sch 4 (items 11 ‑ 16), sch 5 (items 31 ‑ 36): 15 Mar 2007 (s 2(1) items 2 ‑ 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s390-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 392-1", "Provision_Key": "s392-1", "Heading": "What this Division is about", "Text": "A company that provides ESS interests to an individual under an employee share scheme during a year must, at the end of the year (and, in certain cases, at the end of a later year), give certain information to the Commissioner and to the individual. Note: For the tax treatment of employee share schemes, see Division 83A of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s392-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 392-5", "Provision_Key": "s392-5", "Heading": "Statements by providers", "Text": "Statements (1) An entity (the provider ) must give a statement to the Commissioner and to an individual for a * financial year if: (a) both of the following subparagraphs apply: (i) the provider provides * ESS interests to the individual during the year; (ii) Subdivision 83A ‑ B or 83A ‑ C of the Income Tax Assessment Act 1997 (about employee share schemes) applies to the interests; or (b) all of the following subparagraphs apply: (i) the provider has provided ESS interests to the individual (whether during the year or during an earlier year); (ii) Subdivision 83A ‑ C of the Income Tax Assessment Act 1997 (about employee share schemes) applies to the interests; (iii) the * ESS deferred taxing point for the interests occurs during the year. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. Form of statements (2) The statement must be in the * approved form. (3) The * approved form may require the statement to contain the following information: (a) the provider’s * ABN; (b) the following information about the individual: (i) the individual’s name and address; (ii) if the individual has quoted his or her * tax file number to the provider—that tax file number; (iii) if the individual acquired the interests in relation to any services provided to the provider, or to a * subsidiary of the provider, in the course or furtherance of an * enterprise * carried on by the individual, and the individual has * quoted his or her ABN to the provider—that ABN; (c) the following information about any interests to which both paragraph (1)(a) of this section and Subdivision 83A ‑ B of the Income Tax Assessment Act 1997 apply: (i) the number of the interests; (ii) the amount paid, at or before the time of acquisition, towards acquiring the interests; (iii) the provider’s estimate of the * market value of the interests at the time of acquisition; (iv) the amount of * TFN withholding tax (ESS) paid or payable by the provider in respect of the interests during the year; (d) the following information about any interests to which both paragraph (1)(a) of this section and Subdivision 83A ‑ C of the Income Tax Assessment Act 1997 apply: (i) the number of the interests; (ii) the amount paid, at or before the time of acquisition, towards acquiring the interests; (e) the following information about any interests to which paragraph (1)(b) applies: (i) the number of the interests; (ii) the amount paid, after the time of acquisition but not after the * ESS deferred taxing point, towards acquiring the interests; (iii) the provider’s estimate of the market value of the interests at the ESS deferred taxing point; (iv) the amount of TFN withholding tax (ESS) paid or payable by the provider in respect of the interests during the year. Note: Regulations made for the purposes of section 83A ‑ 315 of the Income Tax Assessment Act 1997 may substitute different amounts for the market values of the ESS interests: see section 392 ‑ 15 in this Schedule. (4) Subsection (3) does not limit the information that the * approved form may require the statement to contain. When statements must be given (5) The statement must be given: (a) to the individual no later than 14 July after the end of the year; and (b) to the Commissioner no later than 14 August after the end of the year. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. Disregard 30 day rule for ESS deferred taxing point if provider does not know when shares are disposed of etc. (6) For the purposes of Subdivision 14 ‑ C (about TFN withholding tax (ESS)) and this Division, in working out the * ESS deferred taxing point for an * ESS interest, disregard subsection 83A ‑ 115(3) or 83A ‑ 120(3) (whichever is applicable) of the Income Tax Assessment Act 1997 (about the 30 day rule) if the provider does not know the time worked out under that subsection at the earlier of: (a) the time (if any) the provider gives a statement to the relevant individual under this section for the * financial year mentioned in subsection (7); and (b) the later of: (i) 14 July after the end of the financial year mentioned in subsection (7); and (ii) if, under section 388 ‑ 55, the Commissioner defers to a later time the time within which the statement under this section for that financial year is required to be given to the individual—that later time. (7) The * financial year is the financial year in which the * ESS deferred taxing point for the * ESS interest occurs, disregarding subsection 83A ‑ 115(3) or 83A ‑ 120(3) (whichever is applicable) of the Income Tax Assessment Act 1997 (about the 30 day rule).", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s392-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 392-10", "Provision_Key": "s392-10", "Heading": "Change or omission in information given to the Commissioner", "Text": "(1) If the provider becomes aware of a material change or material omission in any information given to the individual or the Commissioner under this Division, the provider must: (a) tell the individual or the Commissioner, as applicable, of the change in the * approved form; or (b) give the omitted information to the individual or the Commissioner, as applicable, in the approved form. (2) Information required by subsection (1) must be given no later than 30 days after the provider becomes aware of the change or omission. Note 1: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. Note 2: Section 286 ‑ 75 provides an administrative penalty for breach of this section.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s392-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 392-15", "Provision_Key": "s392-15", "Heading": "Application of certain provisions of Division 83A of the Income Tax Assessment Act 1997", "Text": "The following provisions of the Income Tax Assessment Act 1997 have effect for the purposes of this Division in the same way as they have for the purposes of Division 83A of that Act: (a) section 83A ‑ 130 (about takeovers and restructures); (b) section 83A ‑ 305 (about associates); (c) section 83A ‑ 315 (about market values and discounts); (d) section 83A ‑ 320 (about trusts); (e) section 83A ‑ 325 (about relationships similar to employment); (f) section 83A ‑ 335 (about stapled securities); (g) section 83A ‑ 340 (about indeterminate rights).", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s392-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 393-1", "Provision_Key": "s393-1", "Heading": "What this Division is about", "Text": "An investment body must give to the Commissioner quarterly reports about the quoting of investors’ tax file numbers and ABNs, and annual reports on Part VA investments. Table of sections 393 ‑ 5 Reports about quoting tax file numbers and ABNs 393 ‑ 10 Annual investment income reports 393 ‑ 15 Errors in reports", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s393-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 393-5", "Provision_Key": "s393-5", "Heading": "Reports about quoting tax file numbers and ABNs", "Text": "(1) If an entity is an * investment body in relation to a * Part VA investment for which either of the following occurs during a * quarter: (a) an * investor’s * tax file number is * quoted in connection with the investment; (b) an investor’s * ABN is quoted in connection with the investment; the entity must give to the Commissioner a report on all Part VA investments, in relation to which the entity is an investment body, for which either of those events occurs during the quarter. (2) The report must be in the * approved form. (3) The report must be given to the Commissioner no later than 28 days after the end of the * quarter. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) Subsection (1) does not apply to an * investment body in relation to a * quarter for which the investment body has complied with an * arrangement in force between the investment body and the Commissioner relating to the reporting of * tax file numbers and * ABNs.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s393-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 393-10", "Provision_Key": "s393-10", "Heading": "Annual investment income reports", "Text": "(1) An entity must give to the Commissioner a report, for a * financial year, on all * Part VA investments in relation to which it was an * investment body at any time during the year. (2) The report must be in the * approved form. (3) The report must be given to the Commissioner within the following period after the end of the * financial year: (a) the period the Commissioner specifies by legislative instrument; or (b) otherwise—4 months. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) The report need not include particulars of an investment for which the return during the * financial year was less than $1. (5) Despite subsection (1), the entity need not give to the Commissioner a report, for a * financial year during which the total number of * Part VA investments in relation to which it was an * investment body is less than: (a) the number the Commissioner specifies by legislative instrument; or (b) otherwise—10. (5A) Paragraph (5)(b) does not apply to an * investment body that is a * managed investment trust. (6) Subsection (1) does not apply to an * investment body in relation to a * financial year for which the investment body has complied with an * arrangement in force between the investment body and the Commissioner relating to the reporting on * Part VA investments.", "Amendment_Count": 2, "First_Amended": "No 2 of 2015", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 2 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2016, effective sch 1 (items 2 ‑ 4), sch 3 (items 5 ‑ 23), sch 4 (items 6 ‑ 9), sch 5 (items 73 ‑ 75), sch 6 (items 35 ‑ 68), sch 8 (item 1): 5 May 2016 (s 2(1) items 2, 4) sch 7 (items 1, 2): 1 July 2014 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s393-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 393-15", "Provision_Key": "s393-15", "Heading": "Errors in reports", "Text": "(1) An entity must give to the Commissioner a corrected report if: (a) the entity has given a report to the Commissioner under this Division; and (b) after giving the report, the entity becomes aware of a material error in it. (2) The report must be in the * approved form. (3) The report must be given to the Commissioner no later than 28 days after the entity becomes aware of the error. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective sch 2 (items 8 ‑ 20, 72, 73, 90 ‑ 99), sch 4 (items 75 ‑ 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) sch 2 (items 66 ‑ 71): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s393-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 394-1", "Provision_Key": "s394-1", "Heading": "What this Division is about", "Text": "A forestry manager of a forestry managed investment scheme must give the Commissioner information about initial contributions by participants in the scheme. The forestry manager must also inform the Commissioner if the trees are not established under the scheme within 18 months of the first investment in the scheme. Table of sections 394 ‑ 5 Statements about initial contributions to scheme 394 ‑ 10 Statements about failure to establish trees within 18 months", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s394-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 394-5", "Provision_Key": "s394-5", "Heading": "Statements about initial contributions to scheme", "Text": "(1) The * forestry manager of a * forestry managed investment scheme must give the Commissioner a statement in relation to the scheme if: (a) the scheme satisfies the requirement in paragraph 394 ‑ 10(1)(c) of the Income Tax Assessment Act 1997 (the * 70% DFE rule); and (b) the forestry manager (or an * associate of the forestry manager) receives an amount under the scheme that is included in the forestry manager’s (or the associate’s) assessable income under section 15 ‑ 46 of that Act; and (c) that amount is the amount that is first paid under the scheme by a * participant in the scheme. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (2) A statement under subsection (1) must be in the * approved form. (3) The statement must be given to the Commissioner within 3 months after the end of the income year in which the * forestry manager (or the * associate) receives the amount. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) The * approved form may require the statement to contain the following information: (a) the name of the scheme; (b) information relating to the identity of the * forestry manager (or the * associate); (c) information relating to the amounts paid or payable under the scheme by * participants in the scheme. (5) Subsection (4) does not limit the information that the * approved form may require the statement to contain.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s394-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 394-10", "Provision_Key": "s394-10", "Heading": "Statements about failure to establish trees within 18 months", "Text": "(1) If: (a) a * forestry managed investment scheme satisfies the requirement in paragraph 394 ‑ 10(1)(c) of the Income Tax Assessment Act 1997 (the * 70% DFE rule); and (b) the condition in subsection 394 ‑ 10(4) of that Act is not satisfied in relation to the scheme; the * forestry manager of the scheme must give the Commissioner a statement in relation to the reasons why that condition was not satisfied. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (2) A statement under subsection (1) must be in the * approved form. (3) The statement must be given to the Commissioner within 3 months after the end of the 18 months mentioned in subsection 394 ‑ 10(4) of the Income Tax Assessment Act 1997 . Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form. (4) The * approved form may require the statement to contain the following information: (a) the name of the scheme; (b) information relating to the identity of the * forestry manager; (c) information relating to the circumstances that gave rise to the condition not being satisfied. (5) Subsection (4) does not limit the information that the * approved form may require the statement to contain.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective sch 8 (items 3, 26(1), (2)): 1 July 2007 sch 10 (items 1, 2, 14 ‑ 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s394-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-1A", "Provision_Key": "s396-1a", "Heading": "What this Division is about", "Text": "This Division requires: (a) financial institutions to give to the Commissioner information for the purposes of the FATCA Agreement and the Common Reporting Standard; and (b) certain entities to give to the Commissioner information about transactions that could have tax consequences for other entities.", "Amendment_Count": 2, "First_Amended": "No 162 of 2015", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 162 of 2015 | No 23 of 2016", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Repealed and substituted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-1A"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-1", "Provision_Key": "s396-1", "Heading": "What this Subdivision is about", "Text": "This Subdivision gives effect to the FATCA Agreement between the Government of Australia and the Government of the United States of America. Reporting Australian Financial Institutions must give the Commissioner certain information about U.S. Reportable Accounts. For the 2015 and 2016 calendar years, they must also give the Commissioner information about payments made to Nonparticipating Financial Institutions. This Subdivision also creates record ‑ keeping obligations in relation to the requirements to give the Commissioner information. Table of sections Operative provisions 396 ‑ 5 Statements about U.S. Reportable Accounts 396 ‑ 10 Statements about payments to Nonparticipating Financial Institutions 396 ‑ 15 Meaning of the FATCA Agreement 396 ‑ 20 Permissions and elections 396 ‑ 25 Record keeping", "Amendment_Count": 2, "First_Amended": "No 67 of 2014", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 67 of 2014 | No 162 of 2015", "History_Notes": "Inserted by No 67 of 2014, effective sch 1 (items 2, 3): 30 June 2014 (s 2) | Amended by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-5", "Provision_Key": "s396-5", "Heading": "Statements about U.S. Reportable Accounts", "Text": "(1) Subsection (2) applies if: (a) an entity is a Reporting Australian Financial Institution (within the meaning of the * FATCA Agreement) at any time in a calendar year; and (b) the entity maintains a U.S. Reportable Account (within the meaning of the FATCA Agreement) at any time in the year. (2) The entity must give the Commissioner a statement that contains the information in respect of that U.S. Reportable Account that the Australian Government is required to obtain in order for it to fulfil its obligations under the * FATCA Agreement in respect of that U.S. Reportable Account. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (3) The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the * FATCA Agreement. Note: Those due diligence procedures are specified in Annex I to the FATCA Agreement, subject to the application of Article 7 of that Agreement (consistency in the application of FATCA to partner jurisdictions). (4) A statement under subsection (2) must be in the * approved form. (5) More than one statement under subsection (2) may be included in the same document. (6) The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 2, "First_Amended": "No 67 of 2014", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 67 of 2014 | No 23 of 2016", "History_Notes": "Inserted by No 67 of 2014, effective sch 1 (items 2, 3): 30 June 2014 (s 2) | Amended by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-10", "Provision_Key": "s396-10", "Heading": "Statements about payments to Nonparticipating Financial Institutions", "Text": "(1) Subsection (2) applies if: (a) an entity is a Reporting Australian Financial Institution (within the meaning of the * FATCA Agreement) at any time in a calendar year; and (b) the calendar year is the 2015 or 2016 year; and (c) the entity makes a payment to a Nonparticipating Financial Institution (within the meaning of the FATCA Agreement) at any time in the year. (2) The entity must give the Commissioner a statement that contains the information in respect of that payment that the Australian Government is required to obtain in order for it to fulfil its obligations under the * FATCA Agreement in respect of that payment. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (3) The information contained in the statement must be determined by the entity by applying the due diligence procedures required under the * FATCA Agreement. Note: Those due diligence procedures are specified in Annex I to the FATCA Agreement, subject to the application of Article 7 of that Agreement (consistency in the application of FATCA to partner jurisdictions). (4) A statement under subsection (2) must be in the * approved form. (5) More than one statement under subsection (2) may be included in the same document. (6) The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 2, "First_Amended": "No 67 of 2014", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 67 of 2014 | No 23 of 2016", "History_Notes": "Inserted by No 67 of 2014, effective sch 1 (items 2, 3): 30 June 2014 (s 2) | Amended by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-15", "Provision_Key": "s396-15", "Heading": "Meaning of the FATCA Agreement", "Text": "The FATCA Agreement is the Agreement between the Government of Australia and the Government of the United States of America to Improve International Tax Compliance and to Implement FATCA, done at Canberra on 28 April 2014. Note: The text of the Agreement is set out in Australian Treaty Series [2014] ATNIF 5. In 2014, the text of the Agreement in the Australian Treaty Series was accessible through the Australian Treaties Library on the AustLII website (www.austlii.edu.au).", "Amendment_Count": 1, "First_Amended": "No 67 of 2014", "Last_Amended": "No 67 of 2014", "Amending_Acts": "No 67 of 2014", "History_Notes": "Inserted by No 67 of 2014, effective sch 1 (items 2, 3): 30 June 2014 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-20", "Provision_Key": "s396-20", "Heading": "Permissions and elections", "Text": "(1) This section applies, for the purposes of this Subdivision: (a) in determining whether the conditions in subsections 396 ‑ 5(1) and 396 ‑ 10(1) are satisfied; and (b) in determining which information the Australian Government is required to obtain in order for it to fulfil its obligations under the * FATCA Agreement. (2) To the extent that the * FATCA Agreement gives Australia the ability to permit an entity to use or rely on matters provided for in U.S. Treasury Regulations in determining obligations under the FATCA Agreement, assume that the permission has been given. (3) To the extent that the * FATCA Agreement gives Australia the ability to provide for an entity to make an election in determining obligations under the FATCA Agreement, assume that the entity may make the election.", "Amendment_Count": 2, "First_Amended": "No 67 of 2014", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 67 of 2014 | No 162 of 2015", "History_Notes": "Inserted by No 67 of 2014, effective sch 1 (items 2, 3): 30 June 2014 (s 2) | Amended by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-25", "Provision_Key": "s396-25", "Heading": "Record keeping", "Text": "(1) If an entity is obliged to give the Commissioner a statement under subsection 396 ‑ 5(2) or 396 ‑ 10(2), the entity must keep written records that: (a) correctly record the procedures by which the entity determines the information that is required to be contained in the statement; and (b) are in English, or readily accessible and easily convertible into English. (2) The entity must retain the records until the expiration of 5 years after the entity gives the Commissioner the statement under subsection 396 ‑ 5(2) or 396 ‑ 10(2). Note: Section 288 ‑ 25 imposes an administrative penalty if an entity does not keep and retain records as required by this section.", "Amendment_Count": 1, "First_Amended": "No 67 of 2014", "Last_Amended": "No 67 of 2014", "Amending_Acts": "No 67 of 2014", "History_Notes": "Inserted by No 67 of 2014, effective sch 1 (items 2, 3): 30 June 2014 (s 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-50", "Provision_Key": "s396-50", "Heading": "What this Subdivision is about", "Text": "The Commissioner can require certain entities to give information about transactions that could reasonably be expected to have tax consequences for other entities. Table of sections Operative provisions 396 ‑ 55 Reporting tax ‑ related information about transactions to the Commissioner 396 ‑ 60 Information required 396 ‑ 65 Exemptions—wholesale clients 396 ‑ 70 Exemptions—other cases 396 ‑ 75 Errors in reports", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-55", "Provision_Key": "s396-55", "Heading": "Reporting tax ‑ related information about transactions to the Commissioner", "Text": "An entity mentioned in column 1 of an item of this table must: (a) prepare a report in the * approved form setting out information about any transactions described in that item that happened during this period: (i) a * financial year; or (ii) such other period as the Commissioner specifies by legislative instrument for that item; and (b) give the report to the Commissioner on or before: (i) the 31st day after the end of that period; or (ii) such other time after the end of that period as the Commissioner specifies by legislative instrument for that item; unless section 396 ‑ 65, or a notice or determination under section 396 ‑ 70, provides that the entity is not required to do so. Information to be reported by third parties about transactions Column 1 Column 2 Item This entity: must report information about this transaction: 1 a government related entity (within the meaning of the * GST Act), other than a * local governing body the provision of a grant by the entity to an entity that has an * ABN 2 a government related entity (within the meaning of the * GST Act) the provision of consideration (within the meaning of the * GST Act): (a) by the entity to an entity; and (b) wholly or partly for a * supply of services; unless the supply of services is merely incidental to a supply of goods (within the meaning of the GST Act) 3 a State or Territory the transfer of a freehold or leasehold interest in real property situated in the State or Territory 4 * ASIC a transaction about which data has been delivered to * ASIC under the * market integrity rules 5 a participant (within the meaning of the Corporations Act 2001 ) in an * Australian financial market a transaction, involving the participant, that: (a) results in a change to the type, name or number of * shares in a company, or units in a unit trust, that are held by another entity; and (b) is a transaction about which data is required to be delivered to * ASIC under the * market integrity rules 6 a company whose * shares are listed for quotation in the official list of an * Australian financial market a transaction that: (a) results in a change to the type, name or number of * shares in the company that are held by an entity; and (b) is not a transaction about which data is required to be delivered to * ASIC under the * market integrity rules 7 the trustee of a unit trust a transaction that: (a) results in a change to the type, name or number of units in the unit trust that are held by an entity; and (b) is not a transaction about which data is required to be delivered to * ASIC under the * market integrity rules 8 the trustee of a trust (other than a unit trust) a transaction that results in a change to the type, name or number of any * shares in a company, or units in a unit trust: (a) that are held as assets of the trust; and (b) to which one or more entities are absolutely entitled as beneficiaries of the trust; unless the trustee gives the Commissioner an * income tax return for the income year in which the transaction was entered into 9 an administrator of a payment system (within the meaning of the Payment Systems (Regulation) Act 1998 ) a transaction involving an electronic payment if: (a) the transaction is facilitated by the payment system on behalf of an entity; and (b) the administrator reasonably believes that the transaction: (i) provides a payment to the entity, or provides a refund or cash to a customer of the entity; and (ii) is for the purposes of a * business carried on by the entity 9A an * eligible community housing provider the issuing by the provider of a certificate under section 980 ‑ 15 of the Income Tax Assessment Act 1997 10 a company the issuing by the company of a * share that could give rise to an entitlement to a * tax offset (or a modified CGT treatment) under Subdivision 360 ‑ A of the Income Tax Assessment Act 1997 11 an entity that makes a * supply of a cleaning service and has an * ABN the provision of consideration (within the meaning of the * GST Act) by the entity to another entity wholly or partly for the * supply by the other entity of a cleaning service, unless: (a) the entities are * members of the same * consolidated group or * MEC group; or (b) Division 12 requires that an amount be withheld from the payment of the consideration 12 an entity that makes a * supply of a courier service or a road freight service and has an * ABN the provision of consideration (within the meaning of the * GST Act) by the entity to another entity wholly or partly for the * supply by the other entity of a courier service or a road freight service, unless: (a) the entities are * members of the same * consolidated group or * MEC group; or (b) Division 12 requires that an amount be withheld from the payment of the consideration 13 an entity that makes a * supply of a security, investigation or surveillance service and has an * ABN the provision of consideration (within the meaning of the * GST Act) by the entity to another entity wholly or partly for the * supply by the other entity of a security, investigation or surveillance service, unless: (a) the entities are * members of the same * consolidated group or * MEC group; or (b) Division 12 requires that an amount be withheld from the payment of the consideration 14 an entity that makes a * supply of an information technology service and has an * ABN the provision of consideration (within the meaning of the * GST Act) by the entity to another entity wholly or partly for the * supply by the other entity of an information technology service, unless: (a) the entities are * members of the same * consolidated group or * MEC group; or (b) Division 12 requires that an amount be withheld from the payment of the consideration 15 an operator of an electronic distribution platform (within the meaning of the * GST Act, but disregarding paragraph 84 ‑ 70(1)(c) of that Act) the provision of consideration (within the meaning of the GST Act) by an entity to another entity (the supplier ) wholly or partly for a * supply made by the supplier through the electronic distribution platform, if: (a) the supply is connected with the indirect tax zone (within the meaning of the GST Act), or would be connected with the indirect tax zone (within the meaning of the GST Act) if the definition of indirect tax zone in the GST Act included the external Territories; and (b) no amount is required by Division 12 to be withheld from the payment of the consideration; and (c) the operator and the supplier are not * members of the same * consolidated group or * MEC group; and (d) the supply is not any of the following: (i) a supply by way of transfer of ownership of goods (within the meaning of the GST Act); (ii) a supply by way of transfer of ownership of real property (within the meaning of the GST Act); (iii) a financial supply (within the meaning of the GST Act) Note: An administrative penalty applies to a failure to give the report by that time (see subsection 286 ‑ 75(1)). An administrative penalty applies for any false statements in the report (see section 284 ‑ 75).", "Amendment_Count": 7, "First_Amended": "No 162 of 2015", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 162 of 2015 | No 54 of 2016 | No 121 of 2018 | No 141 of 2018 | No 34 of 2019 | No 84 of 2022 | No 69 of 2023", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6) | Amended by No 121 of 2018, effective sch 1 (items 2 ‑ 4), sch 2: 4 Oct 2018 (s 2(1) item 1) | Amended by No 141 of 2018, effective sch 2, sch 3 (items 9, 10): 1 Jan 2019 (s 2(1) items 3, 4) | Amended by No 34 of 2019, effective sch 1 (items 6 ‑ 11, 16), sch 5 (items 3 ‑ 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 84 of 2022, effective sch 1 (items 1 ‑ 15, 17 ‑ 20), sch 2: 1 Jan 2023 (s 2(1) item 2) sch 4: 13 Dec 2022 (s 2(1) item 3) | Amended by No 69 of 2023, effective sch 1 (item 143): 1 Jan 2024 (s 2(1) item 3) sch 2 (item 160): 15 Sept 2023 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-60", "Provision_Key": "s396-60", "Heading": "Information required", "Text": "Transactions not involving market participants (1) For the purposes of section 396 ‑ 55, the information required by the * approved form about a transaction (other than a transaction described in table item 5 in that section): (a) must relate to: (i) the identification, collection or recovery of a possible * tax ‑ related liability; or (ii) the identification of a possible reduction of a possible tax ‑ related liability; of a party to the transaction (disregarding any exemption under a * taxation law that may apply to those parties); and (b) may relate to identifying the parties to the transaction; and (c) for a transaction described in table item 3 in that section—may include the * tax file numbers of those parties to the transaction who have quoted their tax file numbers to the State or Territory concerned. Transactions involving market participants (2) For the purposes of section 396 ‑ 55, the information required by the * approved form about a transaction described in table item 5 in that section must relate to identifying the parties to the transaction. Some reporting entities may request tax file numbers (3) A State or Territory may request an entity to quote the entity’s * tax file number to the State or Territory if: (a) the tax file number is for a report by the State or Territory under section 396 ‑ 55 about a transaction described in table item 3 in that section; and (b) the entity is a party to the transaction.", "Amendment_Count": 2, "First_Amended": "No 162 of 2015", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 162 of 2015 | No 54 of 2016", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Amended by No 54 of 2016, effective sch 1 (items 15 ‑ 19), sch 2 (items 57 ‑ 61, 63, 76): 1 July 2016 (s 2(1) items 2, 3, 7) sch 2 (item 75): never commenced (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-65", "Provision_Key": "s396-65", "Heading": "Exemptions—wholesale clients", "Text": "(1) An entity is not required to include, in a report under section 396 ‑ 55, information about a transaction described in table item 5, 6 or 7 in that section to the extent that the information relates to a party to the transaction: (a) who is not an individual; and (b) who, under the transaction, is being provided with: (i) a financial product (within the meaning of Division 3 of Part 7.1 of the Corporations Act 2001 ); or (ii) a financial service (within the meaning of that Act); as a wholesale client (within the meaning of that Act). Note: This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service. (2) An entity is not required to include, in a report under section 396 ‑ 55, information about a transaction described in table item 8 in that section to the extent that the information relates to a beneficiary mentioned in that item: (a) who is not an individual; and (b) who, under the transaction, is being provided with: (i) a financial product (within the meaning of Division 3 of Part 7.1 of the Corporations Act 2001 ); or (ii) a financial service (within the meaning of that Act); as a wholesale client (within the meaning of that Act). Note: This exemption does not apply to information relating to any other party to the transaction, such as the party providing the product or service.", "Amendment_Count": 3, "First_Amended": "No 162 of 2015", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 162 of 2015 | No 8 of 2019 | No 76 of 2023", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4) | Repealed and substituted by No 8 of 2019, effective sch 1 (items 1 ‑ 5, 7, 8), sch 2, sch 3 (items 2 ‑ 10), sch 4 (items 1 ‑ 7, 18), sch 5, sch 7 (item 2), sch 8 (items 9 ‑ 11, 16 ‑ 19, 48 ‑ 63): 1 Apr 2019 (s 2(1) items 2, 3, 5, 7, 11) sch 3 (items 11 ‑ 16): 23 June 2020 (s 2(1) item 4) sch 6 (items 3, 4): 1 July 2018 (s 2(1) item 6) | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-70", "Provision_Key": "s396-70", "Heading": "Exemptions—other cases", "Text": "Exemptions for particular entities (1) The Commissioner may, in writing, notify an entity that it: (a) is not required to prepare and give reports under section 396 ‑ 55; or (b) is not required to do so for specified classes of transactions. (2) An entity dissatisfied with a decision to: (a) give it a notice under subsection (1); or (b) not give it a notice under subsection (1); may object against the decision in the manner set out in Part IVC. (3) A notice under subsection (1) is not a legislative instrument. General exemptions (4) The Commissioner may, by legislative instrument, determine that specified classes of entities: (a) are not required to prepare and give reports under section 396 ‑ 55; or (b) are not required to do so for specified classes of transactions.", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-75", "Provision_Key": "s396-75", "Heading": "Errors in reports", "Text": "(1) An entity must give to the Commissioner a corrected report if: (a) the entity has given a report to the Commissioner under this Subdivision; and (b) after giving the report, the entity becomes aware of a material error in it. (2) The report must be in the * approved form. (3) The report must be given to the Commissioner no later than 28 days after the entity becomes aware of the error. Note 1: An administrative penalty applies to a failure to give the report by that time (see subsection 286 ‑ 75(1)). An administrative penalty applies for any false statements in the report (see section 284 ‑ 75). Note 2: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Inserted by No 162 of 2015, effective sch 4 (items 1, 10 ‑ 21, 25 ‑ 27): 30 Nov 2015 (s 2(1) items 3, 5, 6) sch 4 (items 22 ‑ 24): never commenced (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-75"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-100", "Provision_Key": "s396-100", "Heading": "What this Subdivision is about", "Text": "Australian Financial Institutions must give the Commissioner certain information about accounts of foreign residents. This obligation is based on the Common Reporting Standard. Note 1: This obligation will assist the Australian Government to exchange information with other jurisdictions in accordance with international agreements, such as the Multilateral Convention on Mutual Administrative Assistance in Tax Matters, done at Strasbourg on 25 January 1988. In 2015, the text of the Convention was available on the OECD’s website (http://www.oecd.org). Note 2: The purpose of the Common Reporting Standard is to reduce international tax evasion. It sets out due diligence procedures for financial institutions to apply to identify account holders that are foreign tax residents, and provides for financial institutions to report information with respect to such account holders. This Subdivision also creates record ‑ keeping obligations in relation to the requirement to give the Commissioner information. This Subdivision also requires the Commissioner to report on certain Reportable Accounts that are maintained by Australian Reporting Financial Institutions. Table of sections Operative provisions 396 ‑ 105 Statements about Reportable Accounts 396 ‑ 110 Meaning of CRS 396 ‑ 115 Matters Common Reporting Standard leaves to domestic law 396 ‑ 120 Application of Common Reporting Standard 396 ‑ 125 Record keeping 396 ‑ 130 Anti ‑ avoidance provisions 396 ‑ 135 Application of penalty to false or misleading self ‑ certification 396 ‑ 136 Report on Reportable Accounts maintained by Australian Reporting Financial Institutions", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-105", "Provision_Key": "s396-105", "Heading": "Statements about Reportable Accounts", "Text": "(1) Subsection (2) applies if: (a) at any time in a calendar year, an entity: (i) is a Reporting Financial Institution (within the meaning of the * CRS); or (ii) is an institution that a notice under subsection 396 ‑ 130(5) requires to act as a Reporting Financial Institution; and (b) at that time in the year, the entity: (i) is resident in Australia (within the meaning of the CRS); or (ii) is a branch located in Australia (within the meaning of the CRS); and (c) at any time in the year, the entity maintains: (i) a Reportable Account (within the meaning of the CRS); or (ii) an account that a notice under subsection 396 ‑ 130(2) requires the entity to treat as a Reportable Account. Note: Subsection 396 ‑ 120(3) applies the CRS to all jurisdictions. (2) The entity must give the Commissioner a statement that contains in respect of the account the information that the * CRS states the entity must report. Note: Section 286 ‑ 75 provides an administrative penalty for breach of this subsection. (3) Whether an entity maintains a Reportable Account (within the meaning of the * CRS) must be determined by the entity by applying the due diligence procedures described in the CRS. Note: Section 288 ‑ 85 provides an administrative penalty for failing to obtain a self ‑ certification in relation to the account when applying the due diligence procedures. (4) A statement under subsection (2) must be in the * approved form. (5) More than one statement under subsection (2) may be included in the same document. (6) The statement must be given to the Commissioner no later than the first 31 July after the end of the calendar year. Note: Section 388 ‑ 55 allows the Commissioner to defer the time for giving an approved form.", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-110", "Provision_Key": "s396-110", "Heading": "Meaning of CRS", "Text": "(1) The CRS is the Common Reporting Standard set out in Part II.B of the Standard for Automatic Exchange of Financial Account Information in Tax Matters approved by the Council of the Organisation for Economic Co ‑ Operation and Development on 15 July 2014. Note: In 2015, the text of the Standard was available on the OECD’s website (http://www.oecd.org). (2) Subject to section 396 ‑ 120, for the purposes of this Subdivision, the * CRS must be applied consistently with Part III.B (the CRS Commentary ) of the Standard for Automatic Exchange of Financial Account Information in Tax Matters.", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-115", "Provision_Key": "s396-115", "Heading": "Matters Common Reporting Standard leaves to domestic law", "Text": "Defined terms (1) For the purposes of subparagraph B(1)(c) of Section VIII of the * CRS, the following Entities (within the meaning of the CRS) are defined as Non ‑ Reporting Financial Institutions: (a) an Entity (other than a * self managed superannuation fund or a * small superannuation fund) to which any of the following paragraphs of Annex II of the * FATCA Agreement applies: (i) paragraph A (government entity), B (international organisation) or C (central bank) of section I; (ii) paragraph A (retirement fund) of section II; (b) an Entity the Minister prescribes by legislative instrument. (2) Subparagraph (1)(a)(i) does not apply with respect to a payment that is derived from an obligation held in connection with a commercial financial activity of a type engaged in by a Specified Insurance Company, Custodial Institution, or Depository Institution (within the meaning of the * CRS). (3) For the purposes of subparagraph C(17)(g) of Section VIII of the * CRS, the following accounts are defined as Excluded Accounts: (a) an account to which any of the following subparagraphs of paragraph A of section V of Annex II of the * FATCA Agreement applies: (i) subparagraph (1) (retirement and pension accounts); (ii) subparagraph (3) (certain other tax ‑ favoured accounts); (aa) a * self managed superannuation fund account; (ab) a * small superannuation fund account; (b) an account the Minister prescribes by legislative instrument. Elections by entities (4) To the extent that the * CRS gives Australia the ability to provide for an entity to make an election in determining obligations under the CRS, assume that the entity may make the election. Modifications mentioned in CRS Commentary (5) The * CRS has effect with the following modifications mentioned in the * CRS Commentary: (a) the inclusion mentioned in paragraph 13 of the Commentary on Section VII concerning Special Due Diligence Requirements; (b) the 2 replacements mentioned in paragraph 82 of the Commentary on Section VIII concerning Defined Terms.", "Amendment_Count": 2, "First_Amended": "No 23 of 2016", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 23 of 2016 | No 141 of 2020", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5) | Amended by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-120", "Provision_Key": "s396-120", "Heading": "Application of Common Reporting Standard", "Text": "Scope of this section (1) This section applies: (a) for the purposes of section 288 ‑ 85 (Failure by Reporting Financial Institution to obtain self ‑ certification); and (b) for the purposes of this Subdivision: (i) in determining whether the conditions in subsection 396 ‑ 105(1) are satisfied; and (ii) in determining which information the * CRS states a Reporting Financial Institution must report. General reporting requirements (2) Paragraph F of Section I of the * CRS is to be disregarded. Reportable and Participating Jurisdictions (3) All jurisdictions (other than Australia) are to be treated as Reportable Jurisdictions. (4) Without limiting subparagraph D(5) of Section VIII of the * CRS, Australia is to be treated as a Participating Jurisdiction. Accounts (5) Without limiting subparagraph D(1) of Section VIII of the * CRS, an account maintained by a Reporting Financial Institution for an entity is treated as being a Reportable Account (within the meaning of the CRS) if: (a) the Reporting Financial Institution does not apply the due diligence procedures described in the CRS in relation to the account; and (b) the CRS does not state that the account is not required to be identified; and (c) the account would be such a Reportable Account if the Reporting Financial Institution applied those procedures. (6) The date provided for in subparagraph C(9) of Section VIII of the * CRS (about Preexisting Accounts) (as affected by paragraph 396 ‑ 115(5)(b) in this Schedule) is taken to be 30 June 2017. (7) A reference in the * CRS to a New Account is treated as being a reference to a Financial Account maintained by a Reporting Financial Institution that is not a Preexisting Account. Dollar amounts (8) An entity may choose to treat all dollar amounts in the * CRS as being in Australian dollars. Note: Otherwise, all dollar amounts are in United States dollars: see subparagraph C(4) of Section VII of the CRS.", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-125", "Provision_Key": "s396-125", "Heading": "Record keeping", "Text": "(1) If paragraph 396 ‑ 105(1)(a) applies to an entity for a calendar year, the entity must keep written records that: (a) correctly record the procedures by which the entity determines: (i) whether, at any time during the year, the entity maintains an account to which paragraph 396 ‑ 105(1)(c) applies; and (ii) the information that is required to be contained in the statement (if any) the entity is obliged to give the Commissioner under subsection 396 ‑ 105(2); and (b) are in English, or readily accessible and easily convertible into English. (2) The entity must retain the records, to the extent that they relate to a particular account, until: (a) the expiration of 5 years after the entity gives the Commissioner the statement in respect of the account under subsection 396 ‑ 105(2); or (b) if the entity is not required to give the Commissioner a statement in respect of the account for the year—31 July in the sixth year after the end of the year. Note: Section 288 ‑ 25 imposes an administrative penalty if an entity does not keep and retain records as required by this section.", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-130", "Provision_Key": "s396-130", "Heading": "Anti ‑ avoidance provisions", "Text": "Commissioner may require an account to be treated as a Reportable Account (1) The Commissioner may require an entity that: (a) is a Reporting Financial Institution (within the meaning of the * CRS); or (b) is a Financial Institution that a notice under subsection (5) requires to act as a Reporting Financial Institution; to treat an account the institution maintains or has maintained as if it is a Reportable Account (within the meaning of the CRS), if the Commissioner reasonably believes that: (c) the account would not be, or would not have been, such a Reportable Account if the Commissioner had not made such a requirement; and (d) one or more of the following: (ia) the Reporting Financial Institution; (ib) the Account Holder (within the meaning of the CRS); (ic) an intermediary of the Reporting Financial Institution or the Account Holder; (id) any other entity; undertook a transaction, or entered into an * arrangement: (i) for the purpose of causing the account not to be such a Reportable Account; or (ii) for 2 or more purposes of which that purpose is the dominant purpose. (2) The Commissioner must give written notice of the requirement to the Reporting Financial Institution. (3) The Reporting Financial Institution may object, in the manner set out in Part IVC, against the Commissioner’s decision to give the notice. Commissioner may require a Financial Institution to act as a Reporting Financial Institution (4) The Commissioner may require an entity that is a Financial Institution (within the meaning of the * CRS) to act as if it is a Reporting Financial Institution (within the meaning of the CRS), if the Commissioner reasonably believes that: (a) the institution would not be, or would not have been, such a Reporting Financial Institution if the Commissioner had not made such a requirement; and (b) the Financial Institution undertook a transaction, or entered into an * arrangement: (i) for the purpose of causing the institution not to be such a Reporting Financial Institution; or (ii) for 2 or more purposes of which that purpose is the dominant purpose. (5) The Commissioner must give written notice of the requirement to the institution. (6) The institution may object, in the manner set out in Part IVC, against the Commissioner’s decision to give the notice.", "Amendment_Count": 2, "First_Amended": "No 23 of 2016", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 23 of 2016 | No 141 of 2020", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5) | Amended by No 141 of 2020, effective sch 4 (items 76 ‑ 80): 18 Dec 2020 (s 2(1) item 6) sch 4 (item 142): 1 July 2024 sch 4 (items 143, 144): 4 Apr 2021 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-135", "Provision_Key": "s396-135", "Heading": "Application of penalty to false or misleading self ‑ certification", "Text": "For the purposes of applying Part 4 ‑ 25 (Charge and penalties) in relation to a statement that is, or that relates to, a self ‑ certification (within the meaning of the * CRS) that a Reporting Financial Institution is required to obtain when applying, under subsection 396 ‑ 105(3), the due diligence procedures described in the CRS: (a) the CRS is treated as permitting the self ‑ certification; and (b) the CRS is treated as being a * taxation law (but not an * Excise Act). Note: You are liable to an administrative penalty under subsection 284 ‑ 75(4) if you give a self ‑ certification that is false or misleading in a material particular.", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 396-136", "Provision_Key": "s396-136", "Heading": "Report on Reportable Accounts maintained by Australian Reporting Financial Institutions", "Text": "(1) This section applies if: (a) the Commissioner receives one or more statements under subsection 396 ‑ 105(2) in relation to: (i) the 2018 calendar year; or (ii) a calendar year commencing after 2018; and (b) the statement contains information about a Reportable Account (within the meaning of the CRS); and (c) the total number of accounts of the kind mentioned in paragraph (b) for a jurisdiction (other than Australia) that is a Reportable Jurisdiction (within the meaning of the CRS) (the relevant jurisdiction ) for the calendar year is 6 or more. (2) The Commissioner must, no later than 31 December of the year following the calendar year, prepare and give to the Minister a report that sets out for each relevant jurisdiction in relation to the calendar year the following information: (a) the total number of accounts of the kind mentioned in paragraph (1)(b); (b) the sum of the amounts in those accounts. (3) The Minister must cause a copy of the report given under subsection (2) to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report. (4) The report given under subsection (2) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 23 of 2016", "Last_Amended": "No 23 of 2016", "Amending_Acts": "No 23 of 2016", "History_Notes": "Inserted by No 23 of 2016, effective sch 1 (items 2, 8 ‑ 11, 13 ‑ 15, 19): 19 Mar 2016 (s 2(1) items 2, 4, 6, 8) sch 1 (items 3 ‑ 7, 12): never commenced (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s396-136"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 398-1", "Provision_Key": "s398-1", "Heading": "What this Division is about", "Text": "This Division contains reporting obligations not covered by other Divisions of this Part.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s398-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 398-5", "Provision_Key": "s398-5", "Heading": "Reporting to Agriculture Department", "Text": "FMD provider must provide monthly information (1) An * FMD provider must, before the 11th day after the end of a calendar month, give in writing to the * Agriculture Secretary the information specified in subsection (3) if the provider holds a * farm management deposit at the end of that month. Penalty: 10 penalty units. (2) An offence under subsection (1) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . Information required (3) The information is: (a) the number of * farm management deposits held at the end of that month; and (b) the number of depositors in respect of such deposits at the end of that month; and (c) the sum of the balances of such deposits at the end of that month; and (d) any other information, in relation to farm management deposits held by the * FMD provider at any time in that month, that is required by the regulations for the purposes of this section. Regulations not to require identity of depositor (4) Regulations made for the purposes of paragraph (3)(d) must not require information: (a) that discloses the identity of a depositor; or (b) from which the identity of a depositor could reasonably be inferred.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 79 of 2010 | No 147 of 2011", "History_Notes": "Inserted by No 79 of 2010, effective sch 1 (items 6 ‑ 10, 36 ‑ 53, 57 ‑ 66), sch 4 (items 7, 47 ‑ 49, 51): 1 July 2010 | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s398-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 400-1", "Provision_Key": "s400-1", "Heading": "What Part 5 ‑ 30 is about", "Text": "To improve compliance with the tax laws that relate to payments for certain supplies, this Part imposes additional requirements on purchasers and suppliers. The additional requirements relate to verification of ABNs and to reporting information about payments. Regulations will specify the supplies that are covered and the additional requirements that apply to payments for those supplies.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s400-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 400-5", "Provision_Key": "s400-5", "Heading": "The payment, ABN and identification verification system", "Text": "(1) There are 4 components in the payment, ABN and identification verification system: (a) transaction reporting by purchasers (Division 405); (b) transaction reporting by suppliers (Division 410); (c) verification of suppliers’ * ABNs by purchasers (Division 415); (d) verification of suppliers’ identities by purchasers (Division 417); One or more of the components may apply to a particular payment. The regulations will specify which components apply. (2) Where a component of the system applies to a payment, the requirements of that component must be complied with.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s400-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 405-5", "Provision_Key": "s405-5", "Heading": "Payments to which this Division applies", "Text": "(1) This Division applies to any payments made, or liable to be made, for a * supply where the supply is specified in regulations made for the purpose of this section. (2) A payment is liable to be made if the obligation to make the payment is notified in an * invoice. (3) Payments to which this Division applies are called Division 405 payments . (4) Without limiting the ways in which the regulations may specify a * supply, the regulations may specify a supply by reference to: (a) the goods or services supplied; or (b) the supplier; or (c) the purchaser.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s405-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 405-10", "Provision_Key": "s405-10", "Heading": "Reporting requirements", "Text": "(1) Any entity (the purchaser ) that makes, or is liable to make, a * Division 405 payment during a * quarter must give a * Division 405 report to the Commissioner within 21 days after the end of the quarter. (2) A Division 405 report is a written statement in the * approved form that names the purchaser and, for each supplier in relation to whom the purchaser made, or was liable to make, a * Division 405 payment during the * quarter: (a) names the supplier; and (b) specifies the supplier’s * ABN (if known by the purchaser); and (c) specifies the total of the Division 405 payments that the purchaser made, or was liable to make, to the supplier during the quarter that: (i) were notified in an invoice during the quarter (unless the payment was reported in an earlier Division 405 report); or (ii) were made during the quarter but for which no invoice had been received before the end of the quarter. The report must also include any other information that the Commissioner requires. (3) The Commissioner may, in writing, require particular information to be included in a * Division 405 report or a class of Division 405 reports. (4) The Commissioner may, by written notice, vary any requirements under subsection (1), (2) or (3) in relation to a purchaser or class of purchaser. The Commissioner may do so in such instances and to such extent as the Commissioner thinks fit.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s405-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 405-15", "Provision_Key": "s405-15", "Heading": "Invoices produced by purchasers", "Text": "If a purchaser produces an * invoice that notifies the purchaser’s obligation to make a payment, the purchaser is taken to have been notified of the payment at the time that the invoice is produced.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s405-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 410-5", "Provision_Key": "s410-5", "Heading": "Payments to which this Division applies", "Text": "(1) This Division applies to any payments received, or entitled to be received, for a * supply where the supply is specified in regulations made for the purpose of this section. (2) A payment is entitled to be received if the obligation to make the payment is notified in an * invoice. (3) Payments to which this Division applies are called Division 410 payments . (4) Without limiting the ways in which the regulations may specify a * supply, the regulations may specify a supply by reference to: (a) the goods or services supplied; or (b) the supplier; or (c) the purchaser.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s410-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 410-10", "Provision_Key": "s410-10", "Heading": "Reporting requirements", "Text": "(1) Any entity (the supplier ) that receives, or is entitled to receive, a * Division 410 payment during a * quarter must give a * Division 410 report to the Commissioner within 21 days after the end of the quarter. (2) A Division 410 report is a written statement in the * approved form that names the supplier and, for each purchaser in relation to whom the supplier received, or was entitled to receive, a * Division 410 payment during the * quarter: (a) names the purchaser; and (b) specifies the purchaser’s * ABN (if known by the supplier); and (c) specifies the total of the Division 410 payments that the supplier received, or was entitled to receive, from the purchaser during the quarter that: (i) were notified in an invoice during the quarter (unless the payment was reported in an earlier Division 410 report); or (ii) were received during the quarter but for which no invoice had been provided before the end of the quarter. The report must also include any other information that the Commissioner requires. (3) The Commissioner may, in writing, require particular information to be included in a * Division 410 report or a class of Division 410 reports. (4) The Commissioner may, by written notice, vary any requirements under subsection (1), (2) or (3) in relation to a supplier or class of supplier. The Commissioner may do so in such instances and to such extent as the Commissioner thinks fit.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s410-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 410-15", "Provision_Key": "s410-15", "Heading": "Invoices produced by purchasers", "Text": "If a purchaser produces an * invoice that notifies the purchaser’s obligation to make a payment, the supplier is taken to have notified the purchaser of the payment at the time that the invoice is produced.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s410-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 415-5", "Provision_Key": "s415-5", "Heading": "Payments to which this Division applies", "Text": "(1) This Division applies if: (a) a payment is made, or is liable to be made, by an entity (the purchaser ) to another entity (the supplier ) for a * supply; and (b) the supply is specified in regulations made for the purpose of this section; and (c) the supplier has purported to * quote his or her * ABN to the purchaser. (2) Payments to which this Division applies are called Division 415 payments . (3) Without limiting the ways in which the regulations may specify a * supply, the regulations may specify a supply by reference to: (a) the goods or services supplied; or (b) the supplier; or (c) the purchaser.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s415-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 415-10", "Provision_Key": "s415-10", "Heading": "ABN verification requirements", "Text": "Before the purchaser makes a * Division 415 payment to the supplier, the purchaser must obtain verification that the * ABN * quoted by the supplier is the ABN entered in the * Australian Business Register with the name given by the supplier. Note: If the purchaser has reasonable grounds to believe that the supplier has not correctly quoted his or her ABN, the purchaser is required to withhold an amount under section 12 ‑ 190.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s415-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 415-15", "Provision_Key": "s415-15", "Heading": "Method of obtaining ABN verification", "Text": "(1) To obtain verification of a supplier’s * ABN, a purchaser must seek the verification in a manner approved in writing by the Commissioner. (2) Without limiting the Commissioner’s power under subsection (1), the Commissioner may approve verifications being sought orally or by way of electronic transmission. (3) Verification of an * ABN may be obtained in such form, including orally or by way of electronic transmission, as the Commissioner approves in writing. (4) The Commissioner may, by written notice, vary any requirements under subsection (1) in relation to: (a) a purchaser or class of purchaser; or (b) a supplier or class of supplier. The Commissioner may do so in such instances and to such extent as the Commissioner thinks fit.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s415-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 415-20", "Provision_Key": "s415-20", "Heading": "Verification applies to later payments", "Text": "(1) Verification of a supplier’s ABN applies to all later * Division 415 payments by the purchaser to the supplier unless there is a period of 2 years during which no * Division 415 payment is made by the purchaser to the supplier. If this occurs, the verification continues to apply to any purchases before 1 July first occurring after the end of the 2 year period. (2) However, verification of a supplier’s * ABN does not apply to a * Division 415 payment if the purchaser has reasonable grounds to believe that the * ABN * quoted by the supplier is no longer the ABN entered in the * Australian Business Register with the name given by the supplier.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s415-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 417-5", "Provision_Key": "s417-5", "Heading": "Payments to which this Division applies", "Text": "(1) This Division applies if: (a) a payment is made, or liable to be made, by an entity (the purchaser ) to another entity (the supplier ) for a * supply; and (b) the supply is specified in regulations made for the purpose of this section. (2) Payments to which this Division applies are called Division 417 payments . (3) Without limiting the ways in which the regulations may specify a * supply, the regulations may specify a supply by reference to: (a) the goods or services supplied; or (b) the supplier; or (c) the purchaser.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s417-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 417-10", "Provision_Key": "s417-10", "Heading": "Identity verification requirements", "Text": "Before the purchaser makes a * Division 417 payment, the purchaser must obtain verification of the supplier’s identity. Note: If the purchaser has reasonable grounds to believe that the supplier has not correctly quoted his or her ABN, the purchaser is required to withhold an amount under section 12 ‑ 190.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s417-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 417-15", "Provision_Key": "s417-15", "Heading": "Method of obtaining identity verification", "Text": "(1) To obtain verification of a supplier’s identity, a purchaser must carry out the identity verification procedure that is determined, in writing, by the Commissioner. (2) The Commissioner may determine different identity verification procedures for: (a) different purchasers or classes of purchasers; or (b) different suppliers or classes of suppliers.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s417-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 417-20", "Provision_Key": "s417-20", "Heading": "Verification applies to later payments", "Text": "(1) Verification of a supplier’s identity applies to all later * Division 417 payments by the purchaser to the supplier unless there is a period of 2 years during which no * Division 417 payment is made by the purchaser to the supplier. If this occurs, the verification continues to apply to any purchases before 1 July first occurring after the end of the 2 year period. (2) However, verification of a supplier’s identity does not apply to a later * Division 417 payment if the purchaser has reasonable grounds to believe that the verified identity is not the supplier’s true identity.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s417-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 420-5", "Provision_Key": "s420-5", "Heading": "Failing to report or verify: administrative penalty", "Text": "An entity that fails to: (a) give a * Division 405 report to the Commissioner as required by section 405 ‑ 10; or (b) give a * Division 410 report to the Commissioner as required by section 410 ‑ 10; or (c) verify a supplier’s * ABN as required by section 415 ‑ 10; or (d) verify a supplier’s identity as required by section 417 ‑ 10; is liable to pay to the Commissioner a penalty of 20 penalty units. Note 1: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. Note 2: Division 298 contains machinery provisions for administrative and civil penalties.", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 179 of 1999 | No 91 of 2000 | No 32 of 2006", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Amended by No 91 of 2000, effective sch 1, sch 2 (items 68 ‑ 120, 142A, 143, 144): 1 July 2000 (s 3(1)) sch 3 (items 1 ‑ 16): 22 Dec 1999 (s 3(4)) | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s420-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 425-20", "Provision_Key": "s425-20", "Heading": "Constructive payment", "Text": "(1) In working out whether an entity has paid an amount to another entity, and when the payment is made, the amount is taken to have been paid to the other entity when the first entity applies or deals with the amount in any way on the other’s behalf or as the other directs. (2) An amount is taken to be payable by an entity to another entity if the first entity is required to apply or deal with it in any way on the other’s behalf or as the other directs.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s425-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 425-25", "Provision_Key": "s425-25", "Heading": "Non ‑ cash benefits", "Text": "For the purposes of this Part, if an entity (the payer ) provides a * non ‑ cash benefit to another entity (the recipient ), the payer is taken to have made a payment of an amount equal to the * market value of the benefit provided.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12))", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s425-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-1", "Provision_Key": "s426-1", "Heading": "What this Division is about", "Text": "This Division sets out procedural rules relating to endorsement of charities and other entities (the conditions for entitlement to endorsement are set out in the GST Act, the Fringe Benefits Tax Assessment Act 1986 , and the Income Tax Assessment Act 1997 ). These rules cover matters such as application for and revocation of endorsement, and entry of the details of endorsement on the Australian Business Register. Subdivision 426 ‑ D deals with types of philanthropic trust funds known as public ancillary funds , private ancillary funds and community charity trusts . Subdivision 426 ‑ E deals with certain philanthropic companies known as community charity corporations .", "Amendment_Count": 5, "First_Amended": "No 95 of 2004", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 95 of 2004 | No 88 of 2009 | No 147 of 2011 | No 12 of 2012 | No 52 of 2024", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8) | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-5", "Provision_Key": "s426-5", "Heading": "Application of Subdivision 426 ‑ B to various kinds of endorsement", "Text": "Subdivision 426 ‑ B applies separately in relation to each of these kinds of endorsement: (a) endorsement of an entity as a charity under subsection 176 ‑ 1(1) of the * GST Act; (ba) endorsement of: (i) a fund as an approved worker entitlement fund under subsection 58PB(3) of the Fringe Benefits Tax Assessment Act 1986 ; or (ii) an entity for the operation of a fund as an approved worker entitlement fund under subsection 58PB(3A) of that Act; (c) endorsement of an entity as a public benevolent institution under subsection 123C(1) of the Fringe Benefits Tax Assessment Act 1986 ; (e) endorsement of an entity as a health promotion charity under subsection 123D(1) of the Fringe Benefits Tax Assessment Act 1986 ; (f) endorsement of an entity under subsection 123E(1) of the Fringe Benefits Tax Assessment Act 1986 as a registered charity covered by table item 1 in subsection 65J(1) of that Act; (g) endorsement of an entity as a * deductible gift recipient, or as a deductible gift recipient for the operation of a fund, authority or institution, under section 30 ‑ 120 of the Income Tax Assessment Act 1997 ; (h) endorsement of an entity as exempt from income tax under section 50 ‑ 105 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 5, "First_Amended": "No 95 of 2004", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 95 of 2004 | No 41 of 2011 | No 12 of 2012 | No 169 of 2012 | No 124 of 2013", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8) | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-10", "Provision_Key": "s426-10", "Heading": "How Subdivision 426 ‑ B applies to government entities in relation to endorsement under section 30 ‑ 120 of the Income Tax Assessment Act 1997", "Text": "(1) This section applies in relation to endorsement under section 30 ‑ 120 of the Income Tax Assessment Act 1997 . (2) Subdivision 426 ‑ B applies in relation to a * government entity in the same way as it applies in relation to an entity. (3) If, apart from this subsection, section 426 ‑ 40 or 426 ‑ 45 (as applied by this section) would impose an obligation on a * government entity: (a) that is an unincorporated association or body; and (b) for whose management a single person is responsible to persons or bodies outside the government entity; the obligation is imposed on that person. (4) Subsection (3) has effect despite: (a) subsection (2); and (b) subsection 426 ‑ 50(2) as it applies because of this section.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-15", "Provision_Key": "s426-15", "Heading": "Applying for endorsement", "Text": "(1) An entity may apply to the Commissioner for endorsement. (2) The application: (a) must be in a form approved by the Commissioner; and (b) may be * lodged electronically; and (c) must be signed for the entity, or include the entity’s * electronic signature if the application is lodged electronically; and (d) must be lodged at, or posted to, an office or facility designated by the Commissioner as a receiving centre for applications of that kind. Note: The Commissioner could approve a form that is part of an application form for an ABN. (3) Section 426 ‑ 5 does not prevent the Commissioner from approving a single form to be used by an entity to make applications for 2 or more kinds of endorsement.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-20", "Provision_Key": "s426-20", "Heading": "Dealing with an application for endorsement", "Text": "Requiring further information or documents (1) The Commissioner may require an applicant to give the Commissioner specified information, or a specified document, that the Commissioner needs in order to decide whether the applicant is entitled to endorsement. Treating application as being refused (2) After the time worked out under subsection (3), the applicant may give the Commissioner written notice that the applicant wishes to treat the application as having been refused, if the Commissioner has not given the applicant before that time written notice that the Commissioner endorses or refuses to endorse the applicant. Note: Section 426 ‑ 25 requires the Commissioner to give the applicant written notice if the Commissioner endorses or refuses to endorse the applicant. (3) The time is the end of the 60th day after the application was made. However, if before that time the Commissioner requires the applicant under subsection (1) to give information or a document, the time is the later of the following (or either of them if they are the same): (a) the end of the 28th day after the last day on which the applicant gives the Commissioner information or a document he or she has required; (b) the end of the 60th day after the application was made. (4) If the applicant gives notice under subsection (2), section 426 ‑ 35 operates as if the Commissioner had refused the application on the day on which the notice is given. Note: Section 426 ‑ 35 lets the applicant object against refusal of an application in the manner set out in Part IVC of this Act. That Part provides for review of the refusal objected against. (5) The notice given by the applicant: (a) may be * lodged electronically; and (b) must be signed for the applicant, or include the applicant’s * electronic signature if the application is * lodged electronically.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-20"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-25", "Provision_Key": "s426-25", "Heading": "Notifying outcome of application for endorsement", "Text": "(1) The Commissioner must give the applicant written notice if: (a) the Commissioner endorses the applicant; or (b) the Commissioner refuses to endorse the applicant. (2) The Commissioner may give the notice by way of electronic transmission. This does not limit the ways in which the Commissioner may give the notice.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-25"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-30", "Provision_Key": "s426-30", "Heading": "Date of effect of endorsement", "Text": "(1) The endorsement has effect from a date specified by the Commissioner. (2) The date specified may be any date (including a date before the application for endorsement was made and a date before the applicant had an * ABN).", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-35", "Provision_Key": "s426-35", "Heading": "Review of refusal of endorsement", "Text": "If the applicant is dissatisfied with the Commissioner’s refusal to endorse the applicant in accordance with the application, the applicant may object against the refusal in the manner set out in Part IVC of this Act. Note: That Part provides for review of the refusal objected against.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-35"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-40", "Provision_Key": "s426-40", "Heading": "Checking entitlement to endorsement", "Text": "(1) The Commissioner may require an entity that is endorsed to give the Commissioner information or a document that is relevant to the entity’s entitlement to endorsement. The entity must comply with the requirement. Note 1: The conditions for an entity to be entitled to be endorsed are set out in: (a) subsections 176 ‑ 1(2) of the GST Act; and (b) subsections 123C(2), 123D(2) and 123E(2) of the Fringe Benefits Tax Assessment Act 1986 ; and (c) sections 30 ‑ 120 and 50 ‑ 105 of the Income Tax Assessment Act 1997 . Note 2: Failure to comply with this subsection is an offence against section 8C. Also, the Commissioner may revoke the endorsement of the entity under section 426 ‑ 55 if it fails to comply with this subsection. Note 3: Section 426 ‑ 50 modifies the way this subsection operates in relation to partnerships and unincorporated bodies. (2) The requirement: (a) is to be made by notice in writing to the entity; and (b) may ask the entity to give the information in writing; and (c) must specify: (i) the information or document the entity is to give; and (ii) the period within which the entity is to give the information or document. The period specified under subparagraph (c)(ii) must end at least 28 days after the notice is given. (3) The Commissioner may give the notice by way of electronic transmission. This does not limit the ways in which the Commissioner may give the notice. (4) If the requirement is for the entity to give information in writing, the document setting out the information: (a) must be given to the Commissioner; and (b) may be * lodged electronically; and (c) must be signed for the entity, or include the entity’s * electronic signature if the document is lodged electronically.", "Amendment_Count": 3, "First_Amended": "No 95 of 2004", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 95 of 2004 | No 12 of 2012 | No 169 of 2012", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-40"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-45", "Provision_Key": "s426-45", "Heading": "Telling Commissioner of loss of entitlement to endorsement", "Text": "(1) Before, or as soon as practicable after, an entity that is endorsed ceases to be entitled to be endorsed, the entity must give the Commissioner written notice of the cessation. Note 1: Failure to comply with this subsection is an offence against section 8C. Note 2: Section 426 ‑ 50 modifies the way this subsection operates in relation to partnerships and unincorporated bodies. (2) The notice: (a) may be * lodged electronically; and (b) must be signed for the entity, or include the entity’s * electronic signature if the document is lodged electronically. (3) Subsection (1) does not apply to an entitlement to endorsement ceasing because the entity ceases to have an * ABN.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-45"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-50", "Provision_Key": "s426-50", "Heading": "Partnerships and unincorporated bodies", "Text": "Application to partnerships (1) If, apart from this subsection, section 426 ‑ 40 or 426 ‑ 45 would impose an obligation on a partnership, the obligation is imposed on each partner, but may be discharged by any of the partners. Application to unincorporated bodies (2) If, apart from this subsection, section 426 ‑ 40 or 426 ‑ 45 would impose an obligation on an unincorporated association or body, the obligation is imposed on each member of the committee of management of the association or body, but may be discharged by any of the members of the committee. Defences for partners and members of committee of management (3) In a prosecution of a person for an offence against section 8C of this Act because of subsection (1) or (2), it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission because of which the offence is taken to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission because of which the offence is taken to have been committed.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-55", "Provision_Key": "s426-55", "Heading": "Revoking endorsement", "Text": "(1) The Commissioner may revoke the endorsement of an entity if: (a) at any time after the date of effect of the endorsement, the entity is not, or was not, entitled to be endorsed; or (b) the Commissioner has required the entity under section 426 ‑ 40 to provide information or a document that is relevant to its entitlement to endorsement and the entity has not provided the required information or document within the time specified in the requirement; or (c) in the case of an entity endorsed under section 30 ‑ 120 of the Income Tax Assessment Act 1997 —the entity has contravened Subdivision 30 ‑ CA of that Act (which requires the entity to ensure that certain things are stated in any receipts it issues for certain gifts). Note: The conditions for an entity to be entitled to be endorsed are set out in: (a) subsections 176 ‑ 1(2) of the GST Act; and (b) subsections 58PB(4) and (4A), 123C(2), 123D(2) and 123E(2) of the Fringe Benefits Tax Assessment Act 1986 ; and (c) sections 30 ‑ 120 and 50 ‑ 105 of the Income Tax Assessment Act 1997 . (2) The revocation has effect from a day specified by the Commissioner (which may be a day before the Commissioner decided to revoke the endorsement). (3) However, if the Commissioner revokes the endorsement because the entity is not, or was not, entitled to it, the Commissioner must not specify a day before the day on which the entity first ceased to be entitled. (4) The Commissioner must give the entity written notice if the Commissioner revokes its endorsement. (5) The Commissioner may give the notice by way of electronic transmission. This does not limit the ways in which the Commissioner may give the notice.", "Amendment_Count": 5, "First_Amended": "No 95 of 2004", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 95 of 2004 | No 141 of 2011 | No 12 of 2012 | No 169 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8) | Amended by No 141 of 2011, effective sch 6 (items 12, 13): 14 May 2012 (s 2(1) item 14) | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9) | Amended by No 70 of 2015, effective sch 1 (items 151 ‑ 174, 195 ‑ 205): 1 July 2015 (s 2(1) items 3, 6) sch 6 (items 51 ‑ 59): 25 June 2015 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-55"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-60", "Provision_Key": "s426-60", "Heading": "Review of revocation of endorsement", "Text": "If the entity is dissatisfied with the revocation of its endorsement, the entity may object against the revocation in the manner set out in Part IVC of this Act. Note: That Part provides for review of the revocation objected against.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-60"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-65", "Provision_Key": "s426-65", "Heading": "Entries on Australian Business Register", "Text": "(1) If an entity that is endorsed in any of these ways: (a) as a charity under subsection 176 ‑ 1(1) of the * GST Act; (ba) as an approved worker entitlement fund under subsection 58PB(3) of the Fringe Benefits Tax Assessment Act 1986 ; (bb) for the operation of an approved worker entitlement fund under subsection 58PB(3A) of the Fringe Benefits Tax Assessment Act 1986 ; (c) as a public benevolent institution under subsection 123C(1) of the Fringe Benefits Tax Assessment Act 1986 ; (e) as a health promotion charity under subsection 123D(1) of the Fringe Benefits Tax Assessment Act 1986 ; (f) as a registered charity covered by table item 1 in subsection 65J(1) of the Fringe Benefits Tax Assessment Act 1986 under subsection 123E(1) of that Act; (g) as exempt from income tax under section 50 ‑ 105 of the Income Tax Assessment Act 1997 ; the * Australian Business Registrar must enter in the * Australian Business Register a statement that the entity is so endorsed for a specified period. Note 1: An entry (or lack of entry) of a statement required by this section does not affect concessions available to the entity under the Act for the purposes of which it is endorsed. Note 2: For entities and government entities that are endorsed under section 30 ‑ 120 of the Income Tax Assessment Act 1997 , see section 30 ‑ 229 of that Act. (2) The * Australian Business Registrar may remove the statement from the * Australian Business Register after the end of the period. (2A) If the endorsed entity is also registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as an entity of a particular type or subtype, the * Australian Business Registrar must also enter in the * Australian Business Register: (a) a statement that the entity is so registered; and (b) a statement as to the date of effect of the registration. (2B) The * Australian Business Registrar may remove the statements from the * Australian Business Register if the registration is revoked under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 . (3) The * Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the * Australian Business Register under this section is true. For this purpose, the Registrar may: (a) change the statement; or (b) remove the statement from the Register if the statement is not true; or (c) remove the statement from the Register and enter another statement in the Register under this section. (4) Making, changing or removing an entry in the * Australian Business Register as required or permitted by this section does not contravene section 355 ‑ 25 or 355 ‑ 155.", "Amendment_Count": 6, "First_Amended": "No 95 of 2004", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 95 of 2004 | No 145 of 2010 | No 41 of 2011 | No 12 of 2012 | No 169 of 2012 | No 124 of 2013", "History_Notes": "Inserted by No 95 of 2004, effective sch 10 (item 40): repealed before commencing (s 2(1) item 8) sch 10 (items 41, 44(2), (3), 45): 1 July 2005 (s 2(1) item 8) | Amended by No 145 of 2010, effective sch 1, sch 2 (items 96 ‑ 117, 124, 125), sch 3 (items 16 ‑ 19): 17 Dec 2010 | Amended by No 41 of 2011, effective sch 5 (items 10 ‑ 14, 21 ‑ 23): 28 June 2011 sch 5 (item 24): 1 July 2011 ( see s 2(1)) sch 5 (items 34, 35, 146, 147, 168 ‑ 172, 401 ‑ 411, 421, 422): Royal Assent | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 169 of 2012, effective sch 2 (items 68 ‑ 68C, 131 ‑ 134), sch 3 (items 2A ‑ 17): 3 Dec 2012 (s 2(1)) sch 3 (item 19): 3 June 2013 (s 2(1) item 9) | Amended by No 124 of 2013, effective sch 1 (items 1 ‑ 36, 45 ‑ 49), sch 5 (items 1 ‑ 6, 8): 29 June 2013 (s 2(1) items 2, 10) sch 11 (items 26, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-65"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-100", "Provision_Key": "s426-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with types of philanthropic trust funds known as public ancillary funds , private ancillary funds and community charity trusts . The Minister must make guidelines determining when such trust funds are entitled to be endorsed as deductible gift recipients. This Subdivision also provides for: (a) penalties for trustees who fail to comply with the applicable trust fund guidelines, and the liability of directors of trustees to pay those penalties in certain circumstances; and (b) powers for the Commissioner to suspend or remove trustees who breach their obligations. Table of sections Public ancillary funds 426 ‑ 102 Public ancillary funds 426 ‑ 103 Public ancillary fund guidelines 426 ‑ 104 Australian Business Register must show public ancillary fund status Private ancillary funds 426 ‑ 105 Private ancillary funds 426 ‑ 110 Private ancillary fund guidelines 426 ‑ 115 Australian Business Register must show private ancillary fund status Community charity trusts 426 ‑ 117 Community charity trusts 426 ‑ 118 Community charity trust guidelines 426 ‑ 119 Australian Business Register must show community charity trust status Administrative penalties 426 ‑ 120 Administrative penalties for trustees of ancillary funds Suspension and removal of trustees 426 ‑ 125 Suspension or removal of trustees 426 ‑ 130 Commissioner to appoint acting trustee in cases of suspension or removal 426 ‑ 135 Terms and conditions of appointment of acting trustee 426 ‑ 140 Termination of appointment of acting trustee 426 ‑ 145 Resignation of acting trustee 426 ‑ 150 Property vesting orders 426 ‑ 155 Powers of acting trustee 426 ‑ 160 Commissioner may give directions to acting trustee 426 ‑ 165 Property vested in acting trustee—former trustees’ obligations relating to books, identification of property and transfer of property Limitation on certain transfers 426 ‑ 170 Limitation on ancillary and community charity trust funds making certain transfers", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Repealed and substituted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-102", "Provision_Key": "s426-102", "Heading": "Public ancillary funds", "Text": "(1) A trust is a public ancillary fund if: (a) at least one of the following subparagraphs applies: (i) each trustee of the trust is a * constitutional corporation; (ii) the only trustee of the trust is the Public Trustee of a State or Territory, or each trustee of the trust is prescribed by the regulations for the purposes of this subparagraph; and (b) each trustee of the trust has agreed, in the * approved form given to the Commissioner, to comply with the rules in the * public ancillary fund guidelines, as in force from time to time; and (c) none of the trustees has revoked that agreement in accordance with subsection (2). (2) A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the * approved form. (3) Sections 426 ‑ 125 to 426 ‑ 165 do not apply to a * public ancillary fund if subparagraph (1)(a)(ii) of this section applies to the fund.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 147 of 2011 | No 88 of 2013", "History_Notes": "Inserted by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 88 of 2013, effective sch 5 (items 22 ‑ 27): 1 July 2013 (s 2(1) item 10) sch 6 (items 44 ‑ 48, 66): 29 June 2013 (s 2(1) item 14) sch 7 (items 167 ‑ 183): 1 July 2012 (s 2(1) item 11) sch 7 (item 225): 28 June 2013 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-102"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-103", "Provision_Key": "s426-103", "Heading": "Public ancillary fund guidelines", "Text": "The Minister must, by legislative instrument, formulate guidelines (the public ancillary fund guidelines ) setting out: (a) rules that * public ancillary funds and their trustees must comply with if the funds are to be, or are to remain, endorsed as * deductible gift recipients; and (b) the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426 ‑ 120(1) in relation to public ancillary funds.", "Amendment_Count": 1, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-103"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-104", "Provision_Key": "s426-104", "Heading": "Australian Business Register must show public ancillary fund status", "Text": "(1) If a * public ancillary fund has an * ABN, the * Australian Business Registrar must enter in the * Australian Business Register in relation to the fund a statement that it is a public ancillary fund. Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether a trust is a public ancillary fund. Note 2: The Australian Business Register will also show if a public ancillary fund is endorsed as a deductible gift recipient: see section 30 ‑ 229 of the Income Tax Assessment Act 1997 . (2) The * Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the * Australian Business Register under this section is true. For this purpose, the Registrar may: (a) change the statement; or (b) remove the statement from the Register if the statement is not true.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-104"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-105", "Provision_Key": "s426-105", "Heading": "Private ancillary funds", "Text": "(1) A trust is a private ancillary fund if: (a) each trustee of the trust is a * constitutional corporation; and (b) each trustee has agreed, in the * approved form given to the Commissioner, to comply with the rules in the * private ancillary fund guidelines, as in force from time to time; and (c) none of the trustees has revoked that agreement in accordance with subsection (2). (2) A trustee may revoke an agreement mentioned in paragraph (1)(b) only by giving the revocation to the Commissioner in the * approved form.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-105"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-110", "Provision_Key": "s426-110", "Heading": "Private ancillary fund guidelines", "Text": "The Minister must, by legislative instrument, formulate guidelines (the private ancillary fund guidelines ) setting out: (a) rules that * private ancillary funds and their trustees must comply with if the funds are to be, or are to remain, endorsed as * deductible gift recipients; and (b) the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426 ‑ 120(1) in relation to private ancillary funds.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 88 of 2009 | No 147 of 2011", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-110"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-115", "Provision_Key": "s426-115", "Heading": "Australian Business Register must show private ancillary fund status", "Text": "(1) If a * private ancillary fund has an * ABN, the * Australian Business Registrar must enter in the * Australian Business Register in relation to the fund a statement that it is a private ancillary fund. Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether a trust is a private ancillary fund. Note 2: The Australian Business Register will also show if a private ancillary fund is endorsed as a deductible gift recipient: see section 30 ‑ 229 of the Income Tax Assessment Act 1997 . (2) The * Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the * Australian Business Register under this section is true. For this purpose, the Registrar may: (a) change the statement; or (b) remove the statement from the Register if the statement is not true.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-115"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-117", "Provision_Key": "s426-117", "Heading": "Community charity trusts", "Text": "(1) A trust is a community charity trust if: (a) the trust is specified in a declaration in force under subsection (3); and (b) each trustee of the trust is a * constitutional corporation; and (c) each trustee has agreed, in the * approved form given to the Commissioner, to comply with the rules in the * community charity trust guidelines, as in force from time to time; and (d) none of the trustees has revoked that agreement in accordance with subsection (2). (2) A trustee may revoke an agreement mentioned in paragraph (1)(c) only by giving the revocation to the Commissioner in the * approved form. (3) The Minister may, by legislative instrument, declare one or more trusts for the purposes of paragraph (1)(a).", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-117"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-118", "Provision_Key": "s426-118", "Heading": "Community charity trust guidelines", "Text": "The Minister must, by legislative instrument, formulate guidelines (the community charity trust guidelines ) setting out: (a) rules that * community charity trusts and their trustees must comply with if the trusts are to be, or are to remain, endorsed as * deductible gift recipients; and (b) the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426 ‑ 120(1) in relation to community charity trusts.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-118"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-119", "Provision_Key": "s426-119", "Heading": "Australian Business Register must show community charity trust status", "Text": "(1) If a * community charity trust has an * ABN, the * Australian Business Registrar must enter in the * Australian Business Register in relation to the trust a statement that it is a community charity trust. Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether a trust is a community charity trust. Note 2: The Australian Business Register will also show if a community charity trust is endorsed as a deductible gift recipient: see section 30 ‑ 229 of the Income Tax Assessment Act 1997 . (2) The * Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the * Australian Business Register under this section is true. For this purpose, the Registrar may: (a) change the statement; or (b) remove the statement from the Register if the statement is not true.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-119"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-120", "Provision_Key": "s426-120", "Heading": "Administrative penalties for trustees of ancillary and community charity trust funds", "Text": "Administrative penalty (1) The persons mentioned in subsection (2) are jointly and severally liable to an administrative penalty if: (a) a trustee of an * ancillary or community charity trust fund holds the fund out as being endorsed, entitled to be endorsed, or entitled to remain endorsed, as a * deductible gift recipient; and (b) the fund is not so endorsed or entitled. Note: The Commissioner is required to give written notice of the penalty (see section 298 ‑ 10). (2) The persons are: (a) each person who is a trustee of the fund; and (b) each director of each * constitutional corporation that is a trustee of the fund, if: (i) any of the penalty cannot reasonably be recovered from the constitutional corporation; and (ii) the constitutional corporation is neither a licensed trustee company (within the meaning of the Corporations Act 2001 ) nor the Public Trustee of a State or Territory. Note: A person mentioned in paragraph (2)(a) may, in certain circumstances, not be a constitutional corporation: see item 28 of Schedule 2 to the Tax Laws Amendment (2009 Measures No. 4) Act 2009 (former prescribed private funds). (3) The amount of the penalty is: (a) the amount specified in the * applicable trust fund guidelines for the purposes of subsection (1); or (b) the amount worked out in accordance with the method specified in the applicable trust fund guidelines for the purposes of subsection (1). The guidelines may specify different penalties or methods for different circumstances. (4) The penalty must not be reimbursed from the fund. Note: Division 298 in this Schedule contains machinery provisions for administrative penalties. Defences for directors (5) Paragraph (2)(b) does not apply to a director if: (a) the director was not aware of the holding out mentioned in paragraph (1)(a) and it would not have been reasonable to expect the director to have been aware of that holding out; or (b) the director took all reasonable steps to ensure that the holding out mentioned in that paragraph did not occur; or (c) there were no such steps that the director could have taken. (6) In determining what is reasonable for the purposes of paragraph (5)(a), (b) or (c), have regard to all relevant circumstances. (7) A person who wishes to rely on subsection (5) bears an evidential burden in relation to the matters in that subsection. Power of courts to grant relief (8) Section 1318 of the Corporations Act 2001 (power of Court to grant relief in case of breach of director’s duty) does not apply to a liability of a director under this section.", "Amendment_Count": 4, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 76 of 2023 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 76 of 2023, effective sch 2 (items 727–737): 20 Oct 2023 (s 2(1) item 2) sch 6 (items 39, 40): 21 Sept 2023 (s 2(1) item 22) sch 6 (items 43, 44): 1 Oct 2023 (s 2(1) item 23) | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-125", "Provision_Key": "s426-125", "Heading": "Suspension or removal of trustees", "Text": "Suspension (1) The Commissioner may suspend all of the trustees of an * ancillary or community charity trust fund if the Commissioner is satisfied that the fund, or any of the trustees of the fund, have breached: (a) the * applicable trust fund guidelines; or (b) any other * Australian law. (2) The suspension of a trustee: (a) starts when the Commissioner gives the trustee notice of the suspension under subsection (3); and (b) ends at the time specified in the notice. (3) If the Commissioner decides to suspend a trustee under this section, the Commissioner must give to the trustee a written notice: (a) setting out the decision; and (b) giving the reasons for the decision; and (c) setting out the time the suspension ends. Extension of suspensions (4) The Commissioner may change the time the suspension of a trustee ends. (5) If the Commissioner decides to change the time the suspension of a trustee ends under this section, the Commissioner must give to the trustee a written notice: (a) setting out the decision; and (b) giving the reasons for the decision; and (c) setting out the new time the suspension ends. Removal (6) The Commissioner may remove all of the trustees of an * ancillary or community charity trust fund if the Commissioner is satisfied that the fund, or any of the trustees of the fund, have breached: (a) the * applicable trust fund guidelines; or (b) any other * Australian law. (7) If the Commissioner decides to remove a trustee under this section, the Commissioner must give to the trustee a written notice: (a) setting out the decision; and (b) giving the reasons for the decision. Review of decisions under this section (8) A trustee who is dissatisfied with any of the following decisions under this section may object in the manner set out in Part IVC of this Act: (a) a decision to suspend the trustee; (b) a decision to change the time a suspension of the trustee ends; (c) a decision to remove the trustee.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-125"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-130", "Provision_Key": "s426-130", "Heading": "Commissioner to appoint acting trustee in cases of suspension or removal", "Text": "Appointment of acting trustee (1) If the Commissioner suspends all of the trustees of an * ancillary or community charity trust fund under section 426 ‑ 125, the Commissioner must appoint a single entity to act as the trustee (the acting trustee ) of the fund during the period of the suspension. (2) If the Commissioner removes all of the trustees of an * ancillary or community charity trust fund under section 426 ‑ 125, the Commissioner must appoint a single entity to act as the trustee (the acting trustee ) of the fund until all of the vacancies in the position of trustee are filled. Acting trustee need not be constitutional corporation (3) An acting trustee need not be a * constitutional corporation, and may be the Commissioner. (4) An entity that is not a * constitutional corporation may not act as trustee under this section for longer than 6 months. Acting trustee must have agreed to comply with guidelines (5) An entity may only be appointed as acting trustee if the entity has agreed, in accordance with paragraph 426 ‑ 102(1)(b), 426 ‑ 105(1)(b) or 426 ‑ 117(1)(c), to comply with the rules in the * applicable trust fund guidelines as in force from time to time.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-130"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-135", "Provision_Key": "s426-135", "Heading": "Terms and conditions of appointment of acting trustee", "Text": "(1) The Commissioner may determine the terms and conditions of the appointment of the acting trustee, including fees. The determination has effect despite anything in: (a) any * Australian law other than this section; or (b) the * ancillary or community charity trust fund’s governing rules. (2) Without limiting subsection (1), the Commissioner may make a determination under that subsection to the effect that the acting trustee’s fees are to be paid out of the corpus of the * ancillary or community charity trust fund.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-135"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-140", "Provision_Key": "s426-140", "Heading": "Termination of appointment of acting trustee", "Text": "The Commissioner may terminate the appointment of the acting trustee at any time.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-140"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-145", "Provision_Key": "s426-145", "Heading": "Resignation of acting trustee", "Text": "(1) The acting trustee may resign by writing given to the Commissioner. (2) The resignation does not take effect until the end of the seventh day after the day on which it was given to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-145"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-150", "Provision_Key": "s426-150", "Heading": "Property vesting orders", "Text": "(1) If the Commissioner appoints an acting trustee, the Commissioner must make a written order vesting the property of the * ancillary or community charity trust fund in the acting trustee. (2) If the appointment ends, the Commissioner must make a written order vesting the property of the fund in the new acting trustee, the previously suspended trustee or trustees or the new actual trustee or trustees (whichever is applicable). (3) If the Commissioner makes an order under this section vesting property of an * ancillary or community charity trust fund in an entity or entities, then, subject to subsection (4), the property immediately vests in the entity or entities by force of this section. (4) If: (a) the property is of a kind whose transfer or transmission may be registered under an * Australian law; and (b) that law enables the registration of such an order, or enables the entity or entities to be registered as the owner of that property; the property does not vest in the entity or entities until the requirements of the law referred to in paragraph (a) have been complied with.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-150"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-155", "Provision_Key": "s426-155", "Heading": "Powers of acting trustee", "Text": "Subject to section 426 ‑ 150: (a) the acting trustee has and may exercise all the rights, title and powers, and must perform all the functions and duties, of the original trustee or trustees; and (b) the * ancillary or community charity trust fund’s governing rules and every * Australian law apply in relation to the acting trustee as if the acting trustee were the trustee of the fund.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-155"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-160", "Provision_Key": "s426-160", "Heading": "Commissioner may give directions to acting trustee", "Text": "(1) The Commissioner may give the acting trustee a written notice directing the acting trustee to do, or not to do, one or more specified acts or things in relation to the * ancillary or community charity trust fund. (2) The acting trustee commits an offence if: (a) the acting trustee engages in conduct (within the meaning of subsection 2(1) of this Act); and (b) that engagement in conduct contravenes a notice given to the acting trustee under subsection (1). Penalty: 100 penalty units. (3) This section does not affect the validity of a transaction entered into in contravention of a notice given under subsection (1).", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-160"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-165", "Provision_Key": "s426-165", "Heading": "Property vested in acting trustee—former trustees’ obligations relating to books, identification of property and transfer of property", "Text": "Books (1) An entity commits an offence if: (a) the Commissioner makes an order under subsection 426 ‑ 150(1) or (2) vesting the property of an * ancillary or community charity trust fund in an acting trustee; and (b) just before the Commissioner made the order, the property was vested in: (i) the entity (the former trustee ); or (ii) 2 or more entities (the former trustees ), including the entity; and (c) the former trustee or former trustees do not, within 14 days of the Commissioner making the order, give the acting trustee all books (within the meaning of the Corporations Act 2001 ) relating to the fund’s affairs that are in the former trustee’s or former trustees’ possession, custody or control. Penalty: 50 penalty units. Identification of property and transfer of property (2) Subsections (3) to (5) apply if: (a) the property of an * ancillary or community charity trust fund is vested in an entity (the former trustee ) or entities (the former trustees ); and (b) the Commissioner makes an order under subsection 426 ‑ 150(1) or (2) vesting the property in an acting trustee. (3) The acting trustee may, by notice in writing to the former trustee or former trustees, require the former trustee or former trustees, so far as the former trustee or former trustees can do so: (a) to identify property of the fund; and (b) to explain how the former trustee or former trustees have kept account of that property. (4) The acting trustee may, by notice in writing to the former trustee or former trustees, require the former trustee or former trustees to take specified action that is necessary to bring about a transfer of specified property of the fund to the acting trustee. (5) The former trustee, or each of the former trustees, commits an offence if: (a) the acting trustee gives the former trustee or former trustees a notice under subsection (3) or (4); and (b) the former trustee or former trustees do not, within 28 days of the notice being given, comply with the requirement in the notice. Penalty: 50 penalty units. Strict liability (6) Subsections (1) and (5) are offences of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 88 of 2009", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 88 of 2009 | No 56 of 2010 | No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 88 of 2009, effective sch 2 (items 16 ‑ 22, 25 ‑ 31): 1 Oct 2009 sch 2 (item 24): 1 Jan 2010 sch 5 (items 233 ‑ 236, 239 ‑ 243, 246 ‑ 257): Royal Assent | Amended by No 56 of 2010, effective s 4(2), sch 3 (items 9, 10(1), (5)), sch 5 (items 191 ‑ 193), sch 6 (items 12 ‑ 14, 27 ‑ 36, 44 ‑ 53, 110, 111, 116, 159, 160): 3 June 2010 (s 2(1) items 1, 7, 11, 15, 20, 23) sch 1 (item 8): 17 Dec 2010 (s 2(1) item 4) sch 2 (items 3, 4), sch 6 (items 58 ‑ 97, 101 ‑ 105): 4 June 2010 (s 2(1) items 6, 16, 17) | Amended by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Amended by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-165"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-170", "Provision_Key": "s426-170", "Heading": "Limitation on ancillary and community charity trust funds making certain transfers", "Text": "(1) An * ancillary fund must not provide money, property or benefits to another ancillary fund unless permitted to do so by the * public ancillary fund guidelines or the * private ancillary fund guidelines (whichever are applicable) for the first ‑ mentioned fund. (2) A * community charity trust must not provide money, property or benefits to: (a) another community charity trust; or (b) an * ancillary fund; or (c) a * community charity corporation; unless permitted to do so by the * community charity trust guidelines.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 147 of 2011 | No 52 of 2024", "History_Notes": "Inserted by No 147 of 2011, effective sch 3, sch 5 (items 10 ‑ 16), sch 8 (item 43): Royal Assent sch 8 (items 10 ‑ 35, 37, 39, 40): 1 Jan 2012 sch 8 (item 36): 1 July 2012 | Repealed and substituted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-170"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-175", "Provision_Key": "s426-175", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with philanthropic companies known as community charity corporations . The Minister must make guidelines determining when community charity corporations are entitled to be endorsed as deductible gift recipients. This Subdivision also provides for penalties for failures to comply with the guidelines. Table of sections Community charity corporations 426 ‑ 180 Community charity corporations 426 ‑ 185 Community charity corporation guidelines 426 ‑ 190 Australian Business Register must show community charity corporation status Administrative penalties 426 ‑ 195 Administrative penalties for community charity corporations Limitation on certain transfers 426 ‑ 200 Limitation on community charity corporations making certain transfers", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-175"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-180", "Provision_Key": "s426-180", "Heading": "Community charity corporations", "Text": "(1) A company is a community charity corporation if: (a) the company is: (i) a * constitutional corporation; or (ii) a body corporate that is not a constitutional corporation; and (b) the company is specified in a declaration in force under subsection (3); and (c) each director of the company has agreed, in the * approved form given to the Commissioner, to comply with the rules in the * community charity corporation guidelines, as in force from time to time; and (d) none of the directors of the company has revoked that agreement in accordance with subsection (2). (2) A director may revoke an agreement mentioned in paragraph (1)(c) only by giving the revocation to the Commissioner in the * approved form. (3) The Minister may, by legislative instrument, declare one or more companies for the purposes of paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-180"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-185", "Provision_Key": "s426-185", "Heading": "Community charity corporation guidelines", "Text": "The Minister must, by legislative instrument, formulate guidelines (the community charity corporation guidelines ) setting out: (a) rules that * community charity corporations and their directors must comply with if the corporations are to be, or are to remain, endorsed as * deductible gift recipients; and (b) the amount of the administrative penalty, or how to work out the amount of the administrative penalty, under subsection 426 ‑ 195(1) in relation to community charity corporations.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-185"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-190", "Provision_Key": "s426-190", "Heading": "Australian Business Register must show community charity corporation status", "Text": "(1) If a * community charity corporation has an * ABN, the * Australian Business Registrar must enter in the * Australian Business Register in relation to the corporation a statement that it is a community charity corporation. Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether a company is a community charity corporation. Note 2: The Australian Business Register will also show if a community charity corporation is endorsed as a deductible gift recipient: see section 30 ‑ 229 of the Income Tax Assessment Act 1997 . (2) The * Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the * Australian Business Register under this section is true. For this purpose, the Registrar may: (a) change the statement; or (b) remove the statement from the Register if the statement is not true.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-190"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-195", "Provision_Key": "s426-195", "Heading": "Administrative penalties for community charity corporations", "Text": "Administrative penalty (1) All of the directors of a * community charity corporation are jointly and severally liable to an administrative penalty if: (a) the corporation, or a director of the corporation, holds out that the corporation is endorsed as a * deductible gift recipient and the corporation is not so endorsed; or (b) the corporation, or a director of the corporation, holds out that the corporation is entitled to remain endorsed as a deductible gift recipient and the corporation is not so entitled; or (c) the corporation, or a director of the corporation, holds out that the corporation will be endorsed, as a deductible gift recipient, at a particular time and the corporation is not so endorsed at that time. Note: The Commissioner is required to give written notice of the penalty (see section 298 ‑ 10). (2) The amount of the penalty is: (a) the amount specified in the * community charity corporation guidelines for the purposes of subsection (1); or (b) the amount worked out in accordance with the method specified in the community charity corporation guidelines for the purposes of subsection (1). The guidelines may specify different penalties or methods for different circumstances. (3) A director who is liable to the penalty must not be reimbursed the penalty from the corporation. Note: Division 298 in this Schedule contains machinery provisions for administrative penalties. Defences for directors (4) Subsection (1) does not apply to a director if: (a) the director was not aware of the holding out mentioned in paragraph (1)(a), (b) or (c) (whichever applicable) and it would not have been reasonable to expect the director to have been aware of that holding out; or (b) the director took all reasonable steps to ensure that the holding out mentioned in that paragraph did not occur; or (c) there were no such steps that the director could have taken. (5) In determining what is reasonable for the purposes of paragraph (4)(a), (b) or (c), have regard to all relevant circumstances. (6) A person who wishes to rely on subsection (4) bears an evidential burden in relation to the matters in that subsection. Power of courts to grant relief (7) Section 1318 of the Corporations Act 2001 (power of Court to grant relief in case of breach of director’s duty) does not apply to a liability of a director under this section.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-195"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 426-200", "Provision_Key": "s426-200", "Heading": "Limitation on community charity corporations making certain transfers", "Text": "A * community charity corporation must not provide money, property or benefits to: (a) another community charity corporation; or (b) an * ancillary fund; or (c) a * community charity trust; unless permitted to do so by the * community charity corporation guidelines.", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 6 ‑ 34): 29 June 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s426-200"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-1", "Provision_Key": "s444-1", "Heading": "What this Division is about", "Text": "This Division imposes onto other entities the liabilities of unincorporated associations or bodies, companies, partnerships, superannuation funds, incapacitated entities, trusts and various indirect tax specific entities.", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 14 of 2012", "Amending_Acts": "No 73 of 2006 | No 14 of 2012", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-5", "Provision_Key": "s444-5", "Heading": "Unincorporated associations and bodies", "Text": "(1) Obligations that would be imposed under this Schedule or an * indirect tax law on an unincorporated association or body of entities are imposed on each member of the committee of management of the association or body, but may be discharged by any of those members. (2) Any offence against this Schedule or an * indirect tax law that is committed by the association or body is taken to have been committed by each member of its committee of management. (3) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (2), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (3) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (3): see section 13.4 of the Criminal Code . (4) A reference in this section to an obligation imposed under, or an offence against, this Schedule does not include an obligation imposed under, or an offence against, the * Minimum Tax law. Note: See Subdivision 128 ‑ B in relation to such obligations and offences.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 14 of 2012 | No 96 of 2014 | No 134 of 2024", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-10", "Provision_Key": "s444-10", "Heading": "Public officers of companies", "Text": "(1) The individual who is the public officer of a company for the purposes of the Income Tax Assessment Act 1936 is also the public officer of the company for the purposes of an * indirect tax law. The public officer’s address for service under that Act is also the public officer’s address for service for the same purposes. (2) The public officer is answerable for doing everything required to be done by the company under an * indirect tax law, and in case of default is liable to the same penalties. (3) A proceeding under an * indirect tax law that is brought against the public officer is taken to have been brought against the company, and the company is liable jointly with the public officer for any penalty imposed on the public officer. (4) Everything done by the public officer that the public officer is required to do in that capacity is taken to have been done by the company. (5) Service of a notice or other document on the public officer or at the public officer’s address for service is sufficient service on the company for the purposes of an * indirect tax law. If at any time there is no public officer, service on an individual who is acting or appears to be acting in the business of the company is sufficient. Note: See section 444 ‑ 15 for alternative ways to give a notice to, or serve a process on, a company (through its officers, attorneys or agents). (6) This section does not, by implication, reduce any of the obligations or liabilities of the company.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 14 of 2012 | No 180 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 180 of 2012, effective sch 6 (items 30, 31), sch 7: 11 Dec 2012 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-10"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-15", "Provision_Key": "s444-15", "Heading": "Notifying and serving companies", "Text": "For the purposes of an * indirect tax law, if the Commissioner considers it appropriate, a notice or process may be given to, or served on, a company by giving the notice to, or serving the process on: (a) a director, the secretary or another officer of the company; or (b) an attorney or agent of the company. Note: See subsection 444 ‑ 10(5) for alternative ways to serve a notice or another document on a company (through its public officer or someone else acting or appearing to act for the company).", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 179 of 1999 | No 73 of 2006 | No 14 of 2012 | No 180 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 179 of 1999, effective sch 1 (items 1 ‑ 4, 7, 8), sch 2 (items 1 ‑ 4, 86 ‑ 93, 103 ‑ 107, 130, 131), sch 3 (items 1, 2), sch 4, sch 5 (items 69, 73, 74), sch 6 (items 14 ‑ 24), sch 10 (items 1 ‑ 18), sch 12 (item 21), sch 14: 22 Dec 1999 (s 2(1) ‑ (6), (7)(b), (c)) sch 2 (items 94 ‑ 102), sch 11 (items 111, 112), sch 12 (items 4 ‑ 20), sch 15 (items 9 ‑ 18): 1 July 2000 (s 2(8), (9)(b), (12)) | Repealed and substituted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed and substituted by No 180 of 2012, effective sch 6 (items 30, 31), sch 7: 11 Dec 2012 (s 2) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-15"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-30", "Provision_Key": "s444-30", "Heading": "Partnerships", "Text": "(1) Obligations that are imposed under this Schedule or an * indirect tax law on a partnership are imposed on each partner, but may be discharged by any of the partners. (2) The partners are jointly and severally liable to pay any amount that is payable under this Schedule or an * indirect tax law by the partnership. (3) Any offence against this Schedule or an * indirect tax law that is committed by a partnership is taken to have been committed by each of the partners. (4) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (3), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (4) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (4): see section 13.4 of the Criminal Code . (5) If a civil penalty may be imposed in relation to a contravention of a provision of this Schedule or an * indirect tax law: (a) subsection (3) applies to a contravention of the provision in a corresponding way to the way in which it applies to an offence; and (b) subsection (4) does not apply. (6) A reference in this section to an obligation imposed or an amount payable under, or an offence against, this Schedule does not include an obligation imposed or an amount payable under, or an offence against, the * Minimum Tax law. Note: See Subdivision 128 ‑ B in relation to such obligations, amounts and offences.", "Amendment_Count": 5, "First_Amended": "No 73 of 2006", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 73 of 2006 | No 14 of 2012 | No 96 of 2014 | No 37 of 2024 | No 134 of 2024", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Amended by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-30"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-50", "Provision_Key": "s444-50", "Heading": "Superannuation funds", "Text": "If a superannuation fund does not have a trustee of the fund, this Schedule applies to the fund as if: (a) the entity that manages the fund were the trustee of the fund; or (b) each of the entities that manage the fund were a trustee of the fund. Note: The trustee of a superannuation fund is taken to be an entity: see subsection 960 ‑ 100(2) of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-50"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-70", "Provision_Key": "s444-70", "Heading": "Representatives of incapacitated entities", "Text": "(1) If: (a) there are, at the same time, 2 or more * representatives of the same * incapacitated entity; and (b) the representatives were not appointed to act in different capacities as representatives; the representatives are jointly and severally liable to pay any amount that is payable under an * indirect tax law by any of the representatives in relation to that same incapacitated entity. (2) If: (a) there are, at the same time, 2 or more * representatives of the same * incapacitated entity; and (b) the representatives were not appointed to act in different capacities as representatives; any offence against an * indirect tax law that is committed by one of the representatives is taken to have been committed by each of the representatives. (3) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (2), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (3) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (3): see section 13.4 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 73 of 2006", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 73 of 2006 | No 118 of 2009 | No 14 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 118 of 2009, effective sch 1 (items 47 ‑ 49, 51(2), 53, 54), sch 2: 4 Dec 2009 (s 2(1) items 4 ‑ 6) | Amended by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Amended by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-70"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-80", "Provision_Key": "s444-80", "Heading": "GST joint ventures", "Text": "Joint and several liability (1) The * participants in a * GST joint venture are jointly and severally liable to pay any amount (an indirect tax amount ) that is payable under an * indirect tax law by the * joint venture operator for the joint venture, to the extent that the amount relates to the joint venture. Indirect tax sharing agreements (1A) Despite subsection (1), if: (a) before the * joint venture operator for the joint venture is required to give to the Commissioner a * GST return for a * tax period, an agreement (the indirect tax sharing agreement ) has been entered into between: (i) the joint venture operator; and (ii) one or more * participants in the joint venture (the contributing participant ) (other than the joint venture operator); and (b) a particular amount (the contribution amount ) could be determined under the indirect tax sharing agreement for each contributing participant in relation to that tax period; and (c) the contribution amounts for each of the contributing participants under the indirect tax sharing agreement represent a reasonable allocation among: (i) the joint venture operator; and (ii) the contributing participants; of the total amount payable, under * indirect tax laws, for which the participants in the joint venture would be jointly or severally liable under subsection (1) in relation to that tax period; then: (d) if the contributing participant leaves the joint venture before the joint venture operator for the joint venture is required to give to the Commissioner a GST return for that tax period, and subsection (1B) applies—the contributing participant is not liable under subsection (1) in relation to an indirect tax amount relating to that tax period; or (e) otherwise—the contributing participant’s liability under subsection (1) in relation to that tax period is not to exceed that contribution amount. (1B) This subsection applies if: (a) leaving the joint venture was not part of an arrangement, a purpose of which was to prejudice the recovery by the Commissioner of the indirect tax amount; and (b) before the day on which the * joint venture operator is required to give to the Commissioner a * GST return for that tax period, the contributing participant pays to the joint venture operator: (i) the contribution amount relating to that tax period; or (ii) if the contribution amount cannot be determined at the time of the payment—an amount that is a reasonable estimate of the contribution amount. (1C) Subsection (1A) does not apply if: (a) the indirect tax sharing agreement was entered into as part of an arrangement; and (b) a purpose of the arrangement was to prejudice the recovery by the Commissioner of the indirect tax amount. (1D) Subsection (1A) does not apply if: (a) the Commissioner gives the * joint venture operator of the joint venture written notice under this subsection in relation to the indirect tax sharing agreement (whether before, when or after an indirect tax amount to which the agreement relates becomes payable); and (b) the notice requires the joint venture operator to give the Commissioner a copy of the agreement in the * approved form within 14 days after the notice is given; and (c) the Commissioner does not receive a copy of the agreement by the time required. (1E) Subsection (1A) does not apply if, apart from this subsection, the requirements of subsection (1A) would be satisfied in relation to 2 or more agreements: (a) that were entered into by the * joint venture operator; and (b) that relate to the same tax period. Criminal liability of participants in GST joint ventures (2) Any offence against an * indirect tax law that: (a) is committed by the * joint venture operator for a * GST joint venture; and (b) relates to the joint venture; is taken to have been committed by each of the * participants in the joint venture. (3) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (2), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (3) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (3): see section 13.4 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 73 of 2006 | No 74 of 2010", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-80"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-85", "Provision_Key": "s444-85", "Heading": "Non ‑ profit sub ‑ entities", "Text": "(1) Obligations that would be imposed under the * GST law or the * fuel tax law on a * non ‑ profit sub ‑ entity are imposed on each entity who is responsible, to entities or bodies outside the sub ‑ entity, for the management of the sub ‑ entity, but may be discharged by any entity who is so responsible. (2) The entities who are so responsible in respect of the sub ‑ entity are jointly and severally liable to pay any amount that is payable under the * GST law or the * fuel tax law by the sub ‑ entity. (3) Any offence against the * GST law or the * fuel tax law that is committed by the sub ‑ entity is taken to have been committed by each entity who is responsible, to entities or bodies outside the sub ‑ entity, for the management of the sub ‑ entity. (4) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (3), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (4) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (4): see section 13.4 of the Criminal Code .", "Amendment_Count": 1, "First_Amended": "No 73 of 2006", "Last_Amended": "No 73 of 2006", "Amending_Acts": "No 73 of 2006", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-85"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-90", "Provision_Key": "s444-90", "Heading": "GST groups", "Text": "Joint and several liability (1) The * members of a * GST group are jointly and severally liable to pay any amount (an indirect tax amount ) that is payable under an * indirect tax law by the * representative member for the group. Indirect tax sharing agreements (1A) Despite subsection (1), if: (a) before the * representative member of the group is required to give to the Commissioner a * GST return for a * tax period, an agreement (the indirect tax sharing agreement ) has been entered into between: (i) the representative member; and (ii) one or more other * members of the group (the contributing member ); and (b) a particular amount (the contribution amount ) could be determined under the indirect tax sharing agreement for each contributing member in relation to that tax period; and (c) the contribution amounts for each of the contributing members under the indirect tax sharing agreement represent a reasonable allocation among: (i) the representative member; and (ii) the contributing members; of the total amount payable, under * indirect tax laws, for which the members of the group would be jointly or severally liable under subsection (1) in relation to that tax period; then: (d) if the contributing member leaves the group before the representative member of the group is required to give to the Commissioner a GST return for that tax period, and subsection (1B) applies—the contributing member is not liable under subsection (1) in relation to an indirect tax amount relating to that tax period; or (e) otherwise—the contributing member’s liability under subsection (1) in relation to that tax period is not to exceed that contribution amount. (1B) This subsection applies if: (a) leaving the group was not part of an arrangement, a purpose of which was to prejudice the recovery by the Commissioner of the indirect tax amount; and (b) before the day on which the * representative member is required to give to the Commissioner a * GST return for that tax period, the contributing member pays to the representative member: (i) the contribution amount relating to that tax period; or (ii) if the contribution amount cannot be determined at the time of the payment—an amount that is a reasonable estimate of the contribution amount. (1C) Subsection (1A) does not apply if: (a) the indirect tax sharing agreement was entered into as part of an arrangement; and (b) a purpose of the arrangement was to prejudice the recovery by the Commissioner of the indirect tax amount. (1D) Subsection (1A) does not apply if: (a) the Commissioner gives the * representative member of the group written notice under this subsection in relation to the indirect tax sharing agreement (whether before, when or after an indirect tax amount to which the agreement relates becomes payable); and (b) the notice requires the representative member to give the Commissioner a copy of the agreement in the * approved form within 14 days after the notice is given; and (c) the Commissioner does not receive a copy of the agreement by the time required. (1E) Subsection (1A) does not apply if, apart from this subsection, the requirements of subsection (1A) would be satisfied in relation to 2 or more agreements: (a) that were entered into by the * representative member; and (b) that relate to the same tax period. Effect of prohibitions on certain arrangements (2) Subsection (1) does not apply to a * member of a * GST group if an * Australian law has the effect of prohibiting the member from entering into any * arrangement under which the member becomes subject to the liability referred to in that subsection. (3) However, a * member to which subsection (2) applies remains liable for any amount payable under an * indirect tax law by the * representative member for the group, to the extent that the liability arises from an act or omission of the member to which subsection (2) applies. Criminal liability of members of GST groups (4) Any offence against an * indirect tax law that is committed by the * representative member for a * GST group is taken to have been committed by each of the * members of the group. (5) In a prosecution of an entity for an offence that the entity is taken to have committed because of subsection (4), it is a defence if the entity proves that the entity: (a) did not aid, abet, counsel or procure the relevant act or omission; and (b) was not in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly and whether by any act or omission of the entity). Note 1: The defence in subsection (5) does not apply in relation to offences under Part 2.4 of the Criminal Code . Note 2: A defendant bears a legal burden in relation to the matters in subsection (5): see section 13.4 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 73 of 2006", "Last_Amended": "No 74 of 2010", "Amending_Acts": "No 73 of 2006 | No 74 of 2010", "History_Notes": "Inserted by No 73 of 2006, effective sch 5 (items 39 ‑ 60, 160 ‑ 165): 1 July 2006 (s 2(1) items 18, 19, 21) | Amended by No 74 of 2010, effective sch 1 (items 41, 42, 45, 56 ‑ 63): Royal Assent sch 2 (items 13 ‑ 46): 1 July 2010", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-90"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 444-120", "Provision_Key": "s444-120", "Heading": "Joint and several liability for all trustees", "Text": "(1) If: (a) a trust has more than one trustee; and (b) a civil penalty is imposed in relation to a contravention of a provision of this Schedule or an * indirect tax law on one of those trustees; then all the trustees are jointly and severally liable to pay the amount of the penalty. (2) A reference in this section to a contravention of a provision of this Schedule does not include a contravention of a provision of the * Minimum Tax law. Note: See Subdivision 128 ‑ B in relation to such contraventions.", "Amendment_Count": 4, "First_Amended": "No 14 of 2012", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 14 of 2012 | No 96 of 2014 | No 37 of 2024 | No 134 of 2024", "History_Notes": "Inserted by No 14 of 2012, effective sch 1, sch 2 (items 1 ‑ 9): 1 July 2012 (s 2(1) items 2, 3) sch 2 (items 17 ‑ 28): never commenced (s 2(1) item 4) | Repealed by No 96 of 2014, effective sch 1 (items 54 ‑ 108, 122 ‑ 124), sch 2 (items 41 ‑ 43): 30 Sept 2014 (s 2(1) item 2, F2014L01256) | Inserted by No 37 of 2024, effective sch 1 (items 5 ‑ 37), sch 2: 1 July 2024 (s 2(1) item 2) sch 4 (items 1 ‑ 3, 5): 1 June 2024 (s 2(1) item 3) | Amended by No 134 of 2024, effective sch 1 (items 32 ‑ 64, 68, 69): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s444-120"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 446-1", "Provision_Key": "s446-1", "Heading": "What this Division is about", "Text": "A local governing body can resolve that its members are subject to Pay As You Go withholding. This also results in the members being treated as employees for a wide range of other taxation purposes. Table of sections Operative provisions 446 ‑ 5 Requirements for unanimous resolutions by local governing bodies", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s446-1"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 446-5", "Provision_Key": "s446-5", "Heading": "Requirements for unanimous resolutions by local governing bodies", "Text": "When section applies (1) This section applies to the following unanimous resolutions made by a * local governing body: (a) a resolution that the remuneration of members of the body be subject to withholding under Part 2 ‑ 5 (about Pay As You Go withholding) ; (b) a resolution cancelling a resolution covered by paragraph (a). When resolution takes effect (2) The resolution must specify a day as the day on which the resolution takes effect. The specified day must be within the 28 ‑ day period beginning on the day after the day on which the resolution was made. Resolution not affected by change in membership of body (3) The resolution continues in force in spite of a change in the membership of the * local governing body. Commissioner to be notified of resolution (4) The * local governing body must give written notice of the resolution to the Commissioner within 7 days after the resolution was made. Eligible local governing bodies to be notified by notifiable instrument (5) If the Commissioner is notified of the resolution, the Commissioner must, by notifiable instrument, publish notice of the making of the resolution. The instrument must also set out: (a) the name of the * local governing body; and (b) the day on which the resolution takes effect. When resolution applies for purposes of affected provisions (6) This table sets out when the resolution applies for the purposes of particular provisions whose operation it affects. When the resolution applies Item If the resolution affects the operation of ... the resolution applies to ... 1 section 12 ‑ 45 amounts that become payable after the day on which the resolution takes effect 2 Subdivision AB of Division 17 of Part III of the Income Tax Assessment Act 1936 (about tax offset for lump sum payments in arrears) * ordinary income * derived, and amounts that become * statutory income, after the day on which the resolution takes effect 3 sections 26 ‑ 30 and 34 ‑ 5 of the Income Tax Assessment Act 1997 (about deductions for relatives’ travel expenses and non ‑ compulsory uniforms) expenditure incurred after the day on which the resolution takes effect 4 Divisions 28 and 900 of the Income Tax Assessment Act 1997 (about car expenses and substantiation) expenses incurred after the day on which the resolution takes effect 5 section 130 ‑ 80 of the Income Tax Assessment Act 1997 (about capital gains tax and employee share trusts) * shares and rights to which a beneficiary becomes absolutely entitled after the day on which the resolution takes effect 6 provisions of the Fringe Benefits Tax Assessment Act 1986 relating to assessments (a) in the case of a loan benefit within the meaning of the Fringe Benefits Tax Assessment Act 1986 —a loan made after the day on which the resolution takes effect; (b) in the case of a housing benefit within the meaning of that Act—the subsistence, after the day on which the resolution takes effect, of the housing right concerned; (c) in the case of a residual benefit within the meaning of that Act that is * provided during a period—so much of the period as occurs after the day on which the resolution takes effect; (d) any other * fringe benefit provided after the day on which the resolution takes effect. 7 Division 4 of Part II of the Income Tax Rates Act 1986 (about pro ‑ rating the tax ‑ free threshold) amounts that become assessable income after the day on which the resolution takes effect 8 the provisions of the Child Support (Registration and Collection) Act 1988 * ordinary income * derived, and amounts that become * statutory income, after the day on which the resolution takes effect 9 section 9 ‑ 20 of the * GST Act (about the meaning of enterprise ) activities, or series of activities, done after the day on which the resolution takes effect 10 Division 111 of the * GST Act (about reimbursement of employees) reimbursements made after the day on which the resolution takes effect", "Amendment_Count": 5, "First_Amended": "No 101 of 2006", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 101 of 2006 | No 133 of 2009 | No 12 of 2012 | No 64 of 2020", "History_Notes": "Inserted by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 101 of 2006, effective sch 3, 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 133 of 2009, effective sch 1 (items 2 ‑ 5, 78 ‑ 82, 86, 87): 14 Dec 2009 sch 3 (items 41 ‑ 45): Royal Assent | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 64 of 2020, effective sch 3 (items 124 ‑ 145): 1 July 2020 (s 2(1) item 5) sch 3 (items 302 ‑ 321, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s446-5"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 850-100", "Provision_Key": "s850-100", "Heading": "Declaration relating to security or intelligence agency", "Text": "Object (1) The object of this section is to remove the possibility of a conflict arising between Australia’s national security interests and Australia’s taxation laws. Making a declaration (2) The Director ‑ General of Security holding office under the Australian Security Intelligence Organisation Act 1979 may declare that this section applies to one or more specified entities (the Australian Security Intelligence Organisation itself may be specified) in relation to one or more specified transactions. (3) The Director ‑ General of the Australian Secret Intelligence Service ( ASIS ) may declare that this section applies to one or more specified entities (ASIS itself may be specified) in relation to one or more specified transactions. (3A) The Director ‑ General of the Australian Signals Directorate ( ASD ) may declare that this section applies to one or more specified entities (ASD itself may be specified) in relation to one or more specified transactions. (4) A declaration under this section may only be made if the relevant Director ‑ General is satisfied that the making of the declaration is necessary for the proper performance of the functions of: (a) for the Director ‑ General of Security—the Australian Security Intelligence Organisation; or (b) for the Director ‑ General of ASIS—ASIS; or (c) for the Director ‑ General of ASD—ASD. (5) A declaration under this section must be in writing, signed by the relevant Director ‑ General. Note 1: A declaration may specify an entity or transaction by reference to a class of entities or transactions (see subsection 33(3AB) of the Acts Interpretation Act 1901 ). For example, a declaration may specify the subsidiaries of a specified company, or the parties to a specified transaction. Note 2: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 . (6) A declaration may be made even though: (a) a transaction it specifies has already been entered into or carried out; or (b) an entity it specifies has died or ceased to exist; (whether before or after the commencement of this section). (7) A written document signed by the relevant Director ‑ General purporting to be a declaration is prima facie evidence that this section has been complied with in making the declaration, but this subsection does not affect the performance of the functions of the Inspector ‑ General of Intelligence and Security. Effect of declaration (8) For an entity specified in a declaration in relation to a specified transaction, the transaction is to be disregarded in determining any of the following: (a) the existence or amount of a liability of the entity relating to taxation under any * Commonwealth law, even if the law requires express words to be used to exempt an entity or transaction from liability to taxation under that law; Example: Examples of liabilities covered by paragraph (a) are a liability to GST (despite section 177 ‑ 5 of the GST Act), and amounts required to be paid by Part 2 ‑ 5 in this Schedule (Pay as you go (PAYG) withholding). (b) the existence or amount of any kind of benefit (however the benefit is expressed) relating to taxation under any Commonwealth law; Example: Examples of benefits covered by paragraph (b) are deductions, credits and offsets under the Income Tax Assessment Act 1997 , and input tax credits under the GST Act. (c) the existence or extent of any other obligation (or right) of the entity relating to a liability or benefit of a kind mentioned in paragraph (a) or (b). Example: Examples of obligations covered by paragraph (c) include the following: (a) an obligation to withhold money from a payment; (b) an obligation to lodge a return, or to provide information, to the Commissioner of Taxation; (c) an obligation to become registered under a taxation law. (9) A declaration under this section is not a legislative instrument.", "Amendment_Count": 4, "First_Amended": "No 90 of 2010", "Last_Amended": "No 25 of 2018", "Amending_Acts": "No 90 of 2010 | No 46 of 2011 | No 12 of 2012 | No 25 of 2018", "History_Notes": "Inserted by No 90 of 2010, effective sch 3, sch 5 (items 4, 5, 7): 29 June 2010 (s 2(1) item 3) | Amended by No 46 of 2011, effective sch 2 (items 1109 ‑ 1111), sch 3 (items 10, 11): 27 Dec 2011 | Amended by No 12 of 2012, effective sch 6 (items 27 ‑ 29): 22 Dec 1999 (s 2(1) item 11) sch 6 (items 84 ‑ 93, 186, 187, 191, 192, 212, 213, 218, 241 ‑ 246, 248 ‑ 251): 21 Mar 2012 (s 2(1) items 14, 31) sch 6 (item 182): 3 Oct 2008 (s 2(1) item 30) | Amended by No 25 of 2018, effective sch 1 (items 91, 92, 100 ‑ 108): 1 July 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s850-100"}
{"Act_Short_Name": "TAA1953", "Act_Title": "Taxation Administration Act 1953", "Act_Year": "1953", "Act_FRL_Id": "C1953A00001", "Provision": "s 990-5", "Provision_Key": "s990-5", "Heading": "Commissioner may combine notices", "Text": "(1) For the purposes of a * taxation law under which the Commissioner must or may give you a document (however described), that document may be included in or with any other document (however described) that the Commissioner gives you under a taxation law. (2) This section is enacted for the avoidance of doubt. Taxation Administration Act 1953 No. 1, 1953 Compilation No. 225 Compilation date: 1 July 2026 Includes amendments: Act No. 57, 2025 and Act No. 49, 2026 This compilation is in 4 volumes Volume 1: Parts I to V sections 1 to 18 Schedule 1 Chapter 2, Part 2 ‑ 1 to Part 2 ‑ 5 sections 6 ‑ 1 to 21 ‑ 5 Volume 2: Schedule 1 Chapter 2, Part 2 ‑ 10 to Chapter 4, Part 4 ‑ 25 sections 45 ‑ 1 to 298 ‑ 110 Volume 3: Schedule 1 Chapter 4, Part 4 ‑ 30 to Chapter 5, Part 5 ‑ 100 sections 308 ‑ 1 to 990 ‑ 5 Volume 4: Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the Taxation Administration Act 1953 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective sch 1 (items 10 ‑ 25, 33, 36), sch 2 (items 19, 20), sch 10 (items 55 ‑ 65, 86 ‑ 93): 1 Jan 2017 (s 2(1) items 2, 6) sch 10 (items 1, 29 ‑ 47, 49 ‑ 54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C1953A00001/latest/text#s990-5"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Superannuation Guarantee Charge Act 1992 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s1"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act commences on 1 July 1992.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s2"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 3", "Provision_Key": "s3", "Heading": "Incorporation of the Superannuation Guarantee (Administration) Act", "Text": "The Superannuation Guarantee (Administration) Act 1992 is incorporated and is to be read as one with this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s3"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Act binds Crown", "Text": "This Act binds the Crown in right of each State, the Australian Capital Territory and the Northern Territory.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s4"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 5", "Provision_Key": "s5", "Heading": "Imposition of charge", "Text": "Charge is imposed on any superannuation guarantee shortfall of an employer for a QE day.", "Amendment_Count": 2, "First_Amended": "No 52 of 2002", "Last_Amended": "No 58 of 2025", "Amending_Acts": "No 52 of 2002 | No 58 of 2025", "History_Notes": "Amended by No 52 of 2002, effective sch 1: 1 July 2003 (s 2(1) item 2(a)) | Amended by No 58 of 2025, effective 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s5"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Amount of charge", "Text": "The amount of superannuation guarantee charge payable on a superannuation guarantee shortfall of an employer for a QE day is an amount equal to the amount of the shortfall.", "Amendment_Count": 2, "First_Amended": "No 52 of 2002", "Last_Amended": "No 58 of 2025", "Amending_Acts": "No 52 of 2002 | No 58 of 2025", "History_Notes": "Amended by No 52 of 2002, effective sch 1: 1 July 2003 (s 2(1) item 2(a)) | Amended by No 58 of 2025, effective 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s6"}
{"Act_Short_Name": "SGCA", "Act_Title": "Superannuation Guarantee Charge Act 1992", "Act_Year": "1992", "Act_FRL_Id": "C2004A04384", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Severability", "Text": "It is the intention of the Parliament that if, but for this section, section 5 would impose a superannuation guarantee charge on a State that exceeds the legislative power of the Commonwealth, section 5 of this Act has effect as if it did not impose that charge.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A04384/latest/text#s7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 1-1", "Provision_Key": "s1-1", "Heading": "Short title", "Text": "This Act may be cited as the Income Tax Assessment Act 1997 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s1-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 1-2", "Provision_Key": "s1-2", "Heading": "Commencement", "Text": "This Act commences on 1 July 1997.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s1-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 1-3", "Provision_Key": "s1-3", "Heading": "Differences in style not to affect meaning", "Text": "(1) This Act contains provisions of the Income Tax Assessment Act 1936 in a rewritten form. (2) If: (a) that Act expressed an idea in a particular form of words; and (b) this Act appears to have expressed the same idea in a different form of words in order to use a clearer or simpler style; the ideas are not to be taken to be different just because different forms of words were used. Note: A public or private ruling about a provision of the Income Tax Assessment Act 1936 is taken also to be a ruling about the corresponding provision of this Act, so far as the 2 provisions express the same ideas: see section 357 ‑ 85 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 161 of 2005", "Last_Amended": "No 161 of 2005", "Amending_Acts": "No 161 of 2005", "History_Notes": "Amended by No 161 of 2005, effective Schedule 1 (item 26) and Schedule 2 (items 6–14, 32): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s1-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 1-4", "Provision_Key": "s1-4", "Heading": "Application", "Text": "This Act extends to every external Territory referred to in the definition of Australia .", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s1-4"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 1-7", "Provision_Key": "s1-7", "Heading": "Administration of this Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 97 of 2008", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 97 of 2008 | No 145 of 2010", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 145 of 2010, effective Schedule 2 (items 34–51) and Schedule 3 (items 7–15): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s1-7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-1", "Provision_Key": "s2-1", "Heading": "The design", "Text": "This Act is designed to help you identify accurately and quickly the provisions that are relevant to your purpose in reading the income tax law. The Act contains tables, diagrams and signposts to help you navigate your way. You can start at Division 3 (What this Act is about) and follow the signposts as far into the Act as you need to go. You may also encounter signposts to several areas of the law that are relevant to you. Each one should be followed. Sometimes they will lead down through several levels of detail. At each successive level, the rules are structured in a similar way. They will often be preceded by a Guide to the rules at that level. The rules themselves will usually deal first with the general or most common case and then with the more particular or special cases.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-5", "Provision_Key": "s2-5", "Heading": "The pyramid", "Text": "This Act is arranged in a way that reflects the principle of moving from the general case to the particular. In this respect, the conceptual structure of the Act is something like a pyramid. The pyramid shape illustrates the way the income tax law is organised, moving down from the central or core provisions at the top of the pyramid, to general rules of wide application and then to the more specialised topics. Note: The Taxation Administration Act 1953 contains the provisions on collection and recovery of tax and provisions on administration.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-10", "Provision_Key": "s2-10", "Heading": "When defined terms are identified", "Text": "(1) Many of the terms used in the income tax law are defined. (2) Most defined terms in this Act are identified by an asterisk appearing at the start of the term: as in “ * business”. The footnote that goes with the asterisk contains a signpost to the Dictionary definitions starting at section 995 ‑ 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-15", "Provision_Key": "s2-15", "Heading": "When terms are not identified", "Text": "(1) Once a defined term has been identified by an asterisk, later occurrences of the term in the same subsection are not usually asterisked. (2) Terms are not asterisked in the non ‑ operative material contained in this Act. Note: The non ‑ operative material is described in Subdivision 2 ‑ E. (3) The following basic terms used throughout the Act are not identified with an asterisk. They fall into 2 groups: Key participants in the income tax system Item This term: is defined in: 1. Australian resident section 995 ‑ 1 2. Commissioner section 995 ‑ 1 3. company section 995 ‑ 1 4. entity section 960 ‑ 100 4A. foreign resident section 995 ‑ 1 5. individual section 995 ‑ 1 6. partnership section 995 ‑ 1 7. person section 995 ‑ 1 8. trustee section 995 ‑ 1 9. you section 4 ‑ 5 Core concepts Item This term: is defined in: 1. amount section 995 ‑ 1 2. assessable income Division 6 3. assessment section 995 ‑ 1 3A. Australia Subdivision 960 ‑ T 4. deduct, deduction Division 8 5. income tax section 995 ‑ 1 6. income year section 995 ‑ 1 7. taxable income section 4 ‑ 15 8. this Act section 995 ‑ 1", "Amendment_Count": 2, "First_Amended": "No 44 of 2000", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 44 of 2000 | No 2 of 2015", "History_Notes": "Amended by No 44 of 2000, effective Sch 3 (item 38), Sch 4 (items 13–16) and Sch 5: 22 Dec 1999 (s 2(1)) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-20", "Provision_Key": "s2-20", "Heading": "Identifying the defined term in a definition", "Text": "Within a definition, the defined term is identified by bold italics .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-25", "Provision_Key": "s2-25", "Heading": "Purposes", "Text": "Two main purposes of the numbering system in this Act are: To indicate the relationship between units at different levels. For example, the number of Part 2 ‑ 15 indicates that the Part is in Chapter 2. Similarly, the number of section 165 ‑ 70 indicates that the section is in Division 165. To allow for future expansion of the Act. The main technique here is leaving gaps between numbers.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-30", "Provision_Key": "s2-30", "Heading": "Gaps in the numbering", "Text": "There are gaps in the numbering system to allow for the insertion of new Divisions and sections.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 121 of 1997 | No 54 of 1999 | No 41 of 2005", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed and substituted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-35", "Provision_Key": "s2-35", "Heading": "Non ‑ operative material", "Text": "In addition to the operative provisions themselves, this Act contains other material to help you identify accurately and quickly the provisions that are relevant to you and to help you understand them. This other material falls into 2 main categories.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-40", "Provision_Key": "s2-40", "Heading": "Guides", "Text": "The first is the “Guides”. A Guide consists of sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc. Guides form part of this Act but are kept separate from the operative provisions. In interpreting an operative provision, a Guide may only be considered for limited purposes. These are set out in section 950 ‑ 150.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 2-45", "Provision_Key": "s2-45", "Heading": "Other material", "Text": "The other category consists of material such as notes and examples. These also form part of the Act. They are distinguished by type size from the operative provisions, but are not kept separate from them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s2-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 3-5", "Provision_Key": "s3-5", "Heading": "Annual income tax", "Text": "(1) Income tax is payable for each year by each individual and company, and by some other entities. Note 1: Individuals who are Australian residents, and some trustees, are also liable to pay Medicare levy for each year. See the Medicare Levy Act 1986 and Part VIIB of the Income Tax Assessment Act 1936 . Note 2: Income tax is imposed by the Income Tax Act 1986 and the other Acts referred to in the definition of income tax in section 995 ‑ 1. (2) Most entities have to pay instalments of income tax before the income tax they actually have to pay can be worked out. (3) This Act answers these questions: 1. What instalments of income tax do you have to pay? When and how do you pay them? See Schedule 1 to the Taxation Administration Act 1953 . 2. How do you work out how much income tax you must pay? See Division 4, starting at section 4 ‑ 1. 3. What happens if your income tax is more than the instalments you have paid? When and how must you pay the rest? See Division 5 of this Act and Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . 4. What happens if your income tax is less than the instalments you have paid? How do you get a refund? See Division 3A of Part IIB of the Taxation Administration Act 1953 . 5. What are your other obligations as a taxpayer, besides paying instalments and the rest of your income tax? See section 3 ‑ 10. 6. Do you have any other obligations under the income tax law? See section 3 ‑ 15. 7. If a dispute between you and the Commissioner of Taxation cannot be settled by agreement, what procedures for objection, review and appeal are available? See Part IVC (sections 14ZL to 14ZZS) of the Taxation Administration Act 1953 .", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 179 of 1999 | No 44 of 2000 | No 101 of 2006 | No 79 of 2010 | No 41 of 2011", "History_Notes": "Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 44 of 2000, effective Sch 3 (item 38), Sch 4 (items 13–16) and Sch 5: 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s3-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 3-10", "Provision_Key": "s3-10", "Heading": "Your other obligations as a taxpayer", "Text": "(1) Besides paying instalments and the rest of your income tax, your main obligations as a taxpayer are: (a) to keep records and provide information as required by: the Income Tax Assessment Act 1936 ; and Division 900 (which sets out substantiation rules) of this Act; and (b) to lodge income tax returns as required by: the Income Tax Assessment Act 1936 . Tax file numbers (2) Under Part VA of the Income Tax Assessment Act 1936 , a tax file number can be issued to you. You are not obliged to apply for a tax file number. However, if you do not quote one in certain situations: you may become liable for instalments of income tax that would not otherwise have been payable; the amount of certain of your instalments of income tax may be increased.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s3-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 3-15", "Provision_Key": "s3-15", "Heading": "Your obligations other than as a taxpayer", "Text": "Your main obligations under the income tax law, other than as a taxpayer are: in certain situations, to deduct from money you owe to another person, and to remit to the Commissioner, instalments of income tax payable by that person. See Part 4 ‑ 5 (Collection of income tax instalments), starting at section 750 ‑ 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s3-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 4-1", "Provision_Key": "s4-1", "Heading": "Who must pay income tax", "Text": "Income tax is payable by each individual and company, and by some other entities. Note: The actual amount of income tax payable may be nil. For a list of the entities that must pay income tax, see Division 9, starting at section 9 ‑ 1.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s4-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 4-5", "Provision_Key": "s4-5", "Heading": "Meaning of you", "Text": "If a provision of this Act uses the expression you , it applies to entities generally, unless its application is expressly limited. Note 1: The expression you is not used in provisions that apply only to entities that are not individuals. Note 2: For circumstances in which the identity of an entity that is a managed investment scheme for the purposes of the Corporations Act 2001 is not affected by changes to the scheme, see Subdivision 960 ‑ E of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 117 of 1999", "Last_Amended": "No 55 of 2001", "Amending_Acts": "No 117 of 1999 | No 55 of 2001", "History_Notes": "Amended by No 117 of 1999, effective Sch 2 (item 2): 22 Sept 1999 (s 2(1)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s4-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 4-10", "Provision_Key": "s4-10", "Heading": "How to work out how much income tax you must pay", "Text": "(1) You must pay income tax for each * financial year. (2) Your income tax is worked out by reference to your taxable income for the income year . The income year is the same as the * financial year, except in these cases: (a) for a company, the income year is the previous financial year; (b) if you have an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year. Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 . Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 . (3) Work out your income tax for the * financial year as follows: Method statement Step 1. Work out your taxable income for the income year. To do this, see section 4 ‑ 15. Step 2. Work out your basic income tax liability on your taxable income using: (a) the income tax rate or rates that apply to you for the income year; and (b) any special provisions that apply to working out that liability. See the Income Tax Rates Act 1986 and section 4 ‑ 25. Step 3. Work out your tax offsets for the income year. A tax offset reduces the amount of income tax you have to pay. For the list of tax offsets, see section 13 ‑ 1. Step 4. Subtract your * tax offsets from your basic income tax liability. The result is how much income tax you owe for the * financial year. Note 1: Division 63 explains what happens if your tax offsets exceed your basic income tax liability. How the excess is treated depends on the type of tax offset. Note 2: Section 4 ‑ 11 of the Income Tax (Transitional Provisions) Act 1997 (which is about the temporary budget repair levy) may increase the amount of income tax worked out under this section. Income tax worked out on another basis (4) For some entities, some or all of their income tax for the * financial year is worked out by reference to something other than taxable income for the income year. See section 9 ‑ 5.", "Amendment_Count": 13, "First_Amended": "No 46 of 1998", "Last_Amended": "No 48 of 2014", "Amending_Acts": "No 46 of 1998 | No 91 of 1998 | No 128 of 1998 | No 58 of 2000 | No 79 of 2000 | No 136 of 2002 | No 142 of 2003 | No 58 of 2006 | No 78 of 2007 | No 97 of 2008 | No 16 of 2011 | No 136 of 2012 | No 48 of 2014", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Amended by No 128 of 1998, effective 21 Dec 1998 | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 16 of 2011, effective Sch 1 (items 1, 2): 12 Apr 2011 (s 2(1) item 2) Sch 2 (items 1, 2): 1 July 2016 (s 2(1) item 3) | Amended by No 136 of 2012, effective Sch 7 (items 7–9): 22 Sept 2012 (s 2(1) item 37) | Amended by No 48 of 2014, effective Sch 1 (item 1): 25 June 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s4-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 4-15", "Provision_Key": "s4-15", "Heading": "How to work out your taxable income", "Text": "(1) Work out your taxable income for the income year like this: Method statement Step 1. Add up all your assessable income for the income year. To find out about your assessable income, see Division 6. Step 2. Add up your deductions for the income year. To find out what you can deduct, see Division 8. Step 3. Subtract your deductions from your assessable income (unless they exceed it). The result is your taxable income. (If the deductions equal or exceed the assessable income, you don’t have a taxable income.) Note: If the deductions exceed the assessable income, you may have a tax loss which you may be able to utilise in that or a later income year: see Division 36. (2) There are cases where taxable income is worked out in a special way: Item For this case ... See: 1. A company does not maintain continuity of ownership and control during the income year and does not satisfy the business continuity test Subdivision 165 ‑ B 1B. An entity is a * member of a * consolidated group at any time in the income year Part 3 ‑ 90 2. A company becomes a PDF (pooled development fund) during the income year, and the PDF component for the income year is a nil amount section 124ZTA of the Income Tax Assessment Act 1936 3. A shipowner or charterer:  has its principal place of business outside Australia; and  carries passengers, freight or mail shipped in Australia section 129 of the Income Tax Assessment Act 1936 4. An insurer who is a foreign resident enters into insurance contracts connected with Australia sections 142 and 143 of the Income Tax Assessment Act 1936 5. The Commissioner makes a default or special assessment of taxable income sections 167 and 168 of the Income Tax Assessment Act 1936 6. The Commissioner makes a determination of the amount of taxable income to prevent double taxation in certain treaty cases section 24 of the International Tax Agreements Act 1953 Note: A life insurance company can have a taxable income of the complying superannuation class and/or a taxable income of the ordinary class for the purposes of working out its income tax for an income year: see Subdivision 320 ‑ D.", "Amendment_Count": 11, "First_Amended": "No 78 of 2001", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 78 of 2001 | No 68 of 2002 | No 83 of 2004 | No 41 of 2005 | No 147 of 2005 | No 80 of 2007 | No 143 of 2007 | No 45 of 2008 | No 88 of 2013 | No 70 of 2015 | No 7 of 2019", "History_Notes": "Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s4-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 4-25", "Provision_Key": "s4-25", "Heading": "Special provisions for working out your basic income tax liability", "Text": "Subsection 119 ‑ 10(1) or 392 ‑ 35(3) may increase your basic income tax liability beyond the liability worked out simply by applying the income tax rates to your taxable income. Note 1: Subsection 119 ‑ 10(1) increases some individuals’ tax liability by requiring them to pay extra income tax in relation to certain capital gains. Note 2: Subsection 392 ‑ 35(3) increases some primary producers’ tax liability by requiring them to pay extra income tax on their averaging components worked out under Subdivision 392 ‑ C.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 93 of 2011 | No 92 of 2020 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s4-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 5-1", "Provision_Key": "s5-1", "Heading": "What this Division is about", "Text": "If your assessed income tax liability exceeds the credits available to you under the PAYG system, this Division explains when you must pay the excess to the Commissioner. If your assessment is amended so that you must pay income tax, or pay more income tax than under the previous assessment, this Division explains: (a) when you must pay the additional tax; and (b) when any associated interest charges must be paid. Note: For provisions about the collection and recovery of income tax and other tax ‑ related liabilities, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s5-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 5-5", "Provision_Key": "s5-5", "Heading": "When income tax is payable", "Text": "Scope (1) This section tells you when income tax you must pay for a * financial year is due and payable. Note: The Commissioner may defer the time at which the income tax is due and payable: see section 255 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . (2) The income tax is only due and payable if the Commissioner makes an * assessment of your income tax for the year. (3) However, if the Commissioner does make an * assessment of your income tax for the year, the tax may be taken to have been due and payable at a time before your assessment was made. Note: This is to ensure that general interest charge begins to accrue from the same date for all like entities. General interest charge on unpaid income tax is calculated from when the tax is due and payable, not from when the assessment is made: see section 5 ‑ 15. Original assessments—self ‑ assessment entities (4) If you are a * self ‑ assessment entity, the income tax is due and payable on the first day of the sixth month after the end of the income year. Example: If your income year is the same as the financial year, your income tax would be due and payable on 1 December. Original assessments—other entities (5) If you are not a * self ‑ assessment entity, the income tax is due and payable 21 days after the day (the return day ) on or before which you are required to lodge your * income tax return with the Commissioner. Note: For rules about income tax returns and when they are due, see Part IV of the Income Tax Assessment Act 1936 . (6) However, if you lodge your return on or before the return day and the Commissioner gives you a notice of * assessment (other than an amended assessment) after the return day, the income tax is due and payable 21 days after the Commissioner gives you the notice. Amended assessments (7) If the Commissioner amends your * assessment, any extra income tax resulting from the amendment is due and payable 21 days after the day on which the Commissioner gives you notice of the amended assessment. Note: Shortfall interest charge may be payable, on any amount of extra income tax payable as a result of the amended assessment, for each day in the period that: (a) starts at the time income tax was due and payable on your original assessment; and (b) ends the day before the day on which the Commissioner gives you notice of the amended assessment.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s5-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 5-10", "Provision_Key": "s5-10", "Heading": "When shortfall interest charge is payable", "Text": "An amount of * shortfall interest charge that you are liable to pay is due and payable 21 days after the day on which the Commissioner gives you notice of the charge. Note: Shortfall interest charge is imposed if the Commissioner amends an assessment and the amended assessment results in an increase in some tax payable. For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s5-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 5-15", "Provision_Key": "s5-15", "Heading": "General interest charge payable on unpaid income tax or shortfall interest charge", "Text": "If an amount of income tax or * shortfall interest charge that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the amount was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the income tax or shortfall interest charge; (ii) general interest charge on any of the income tax or shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . Note 2: Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s5-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-1", "Provision_Key": "s6-1", "Heading": "Diagram showing relationships among concepts in this Division", "Text": "(1) Assessable income consists of ordinary income and statutory income. (2) Some ordinary income, and some statutory income, is exempt income. (3) Exempt income is not assessable income. (4) Some ordinary income, and some statutory income, is neither assessable income nor exempt income. For the effect of the GST in working out assessable income, see Division 17. (5) An amount of ordinary income or statutory income can have only one status (that is, assessable income, exempt income or non ‑ assessable non ‑ exempt income) in the hands of a particular entity.", "Amendment_Count": 3, "First_Amended": "No 16 of 1998", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 16 of 1998 | No 176 of 1999 | No 66 of 2003", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Repealed and substituted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-5", "Provision_Key": "s6-5", "Heading": "Income according to ordinary concepts ( ordinary income )", "Text": "(1) Your assessable income includes income according to ordinary concepts, which is called ordinary income . Note: Some of the provisions about assessable income listed in section 10 ‑ 5 may affect the treatment of ordinary income. (2) If you are an Australian resident, your assessable income includes the * ordinary income you * derived directly or indirectly from all sources, whether in or out of Australia, during the income year. (3) If you are a foreign resident, your assessable income includes: (a) the * ordinary income you * derived directly or indirectly from all * Australian sources during the income year; and (b) other * ordinary income that a provision includes in your assessable income for the income year on some basis other than having an * Australian source. (4) In working out whether you have derived an amount of * ordinary income, and (if so) when you derived it, you are taken to have received the amount as soon as it is applied or dealt with in any way on your behalf or as you direct.", "Amendment_Count": 2, "First_Amended": "No 78 of 2001", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 78 of 2001 | No 41 of 2005", "History_Notes": "Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-10", "Provision_Key": "s6-10", "Heading": "Other assessable income ( statutory income )", "Text": "(1) Your assessable income also includes some amounts that are not * ordinary income. Note: These are included by provisions about assessable income. For a summary list of these provisions, see section 10 ‑ 5. (2) Amounts that are not * ordinary income, but are included in your assessable income by provisions about assessable income, are called statutory income . Note 1: Although an amount is statutory income because it has been included in assessable income under a provision of this Act, it may be made exempt income or non ‑ assessable non ‑ exempt income under another provision: see sections 6 ‑ 20 and 6 ‑ 23. Note 2: Many provisions in the summary list in section 10 ‑ 5 contain rules about ordinary income. These rules do not change its character as ordinary income. (3) If an amount would be * statutory income apart from the fact that you have not received it, it becomes statutory income as soon as it is applied or dealt with in any way on your behalf or as you direct. (4) If you are an Australian resident, your assessable income includes your * statutory income from all sources, whether in or out of Australia. (5) If you are a foreign resident, your assessable income includes: (a) your * statutory income from all * Australian sources; and (b) other * statutory income that a provision includes in your assessable income on some basis other than having an * Australian source.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 41 of 2005 | No 58 of 2006", "History_Notes": "Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-15", "Provision_Key": "s6-15", "Heading": "What is not assessable income", "Text": "(1) If an amount is not * ordinary income, and is not * statutory income, it is not assessable income (so you do not have to pay income tax on it). (2) If an amount is * exempt income, it is not assessable income . Note: If an amount is exempt income, there are other consequences besides it being exempt from income tax. For example: the amount may be taken into account in working out the amount of a tax loss (see section 36 ‑ 10); you cannot deduct as a general deduction a loss or outgoing incurred in deriving the amount (see Division 8); capital gains and losses on assets used solely to produce exempt income are disregarded (see section 118 ‑ 12). (3) If an amount is * non ‑ assessable non ‑ exempt income, it is not assessable income . Note 1: You cannot deduct as a general deduction a loss or outgoing incurred in deriving an amount of non ‑ assessable non ‑ exempt income (see Division 8). Note 2: Capital gains and losses on assets used to produce some types of non ‑ assessable non ‑ exempt income are disregarded (see section 118 ‑ 12).", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-20", "Provision_Key": "s6-20", "Heading": "Exempt income", "Text": "(1) An amount of * ordinary income or * statutory income is exempt income if it is made exempt from income tax by a provision of this Act or another * Commonwealth law. For summary lists of provisions about exempt income, see sections 11 ‑ 5 and 11 ‑ 15. (2) * Ordinary income is also exempt income to the extent that this Act excludes it (expressly or by implication) from being assessable income. (3) By contrast, an amount of * statutory income is exempt income only if it is made exempt from income tax by a provision of this Act outside this Division or another * Commonwealth law. (4) If an amount of * ordinary income or * statutory income is * non ‑ assessable non ‑ exempt income, it is not exempt income . Note: An amount of non ‑ assessable non ‑ exempt income is not taken into account in working out the amount of a tax loss.", "Amendment_Count": 3, "First_Amended": "No 94 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 94 of 1999 | No 66 of 2003 | No 12 of 2012", "History_Notes": "Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-23", "Provision_Key": "s6-23", "Heading": "Non ‑ assessable non ‑ exempt income", "Text": "An amount of * ordinary income or * statutory income is non ‑ assessable non ‑ exempt income if a provision of this Act or of another * Commonwealth law states that it is not assessable income and is not * exempt income. Note: Capital gains and losses on assets used to produce some types of non ‑ assessable non ‑ exempt income are disregarded (see section 118 ‑ 12). For a summary list of provisions about non ‑ assessable non ‑ exempt income, see Subdivision 11 ‑ B.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-23"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 6-25", "Provision_Key": "s6-25", "Heading": "Relationships among various rules about ordinary income", "Text": "(1) Sometimes more than one rule includes an amount in your assessable income: the same amount may be * ordinary income and may also be included in your assessable income by one or more provisions about assessable income; or the same amount may be included in your assessable income by more than one provision about assessable income. For a summary list of the provisions about assessable income, see section 10 ‑ 5. However, the amount is included only once in your assessable income for an income year, and is then not included in your assessable income for any other income year. (2) Unless the contrary intention appears, the provisions of this Act (outside this Part) prevail over the rules about * ordinary income. Note: This Act contains some specific provisions about how far the rules about ordinary income prevail over the other provisions of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s6-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 8-1", "Provision_Key": "s8-1", "Heading": "General deductions", "Text": "(1) You can deduct from your assessable income any loss or outgoing to the extent that: (a) it is incurred in gaining or producing your assessable income; or (b) it is necessarily incurred in carrying on a * business for the purpose of gaining or producing your assessable income. Note: Division 35 prevents losses from non ‑ commercial business activities that may contribute to a tax loss being offset against other assessable income. (2) However, you cannot deduct a loss or outgoing under this section to the extent that: (a) it is a loss or outgoing of capital, or of a capital nature; or (b) it is a loss or outgoing of a private or domestic nature; or (c) it is incurred in relation to gaining or producing your * exempt income or your * non ‑ assessable non ‑ exempt income; or (d) a provision of this Act prevents you from deducting it. For a summary list of provisions about deductions, see section 12 ‑ 5. (3) A loss or outgoing that you can deduct under this section is called a general deduction . For the effect of the GST in working out deductions, see Division 27. Note If you receive an amount as insurance, indemnity or other recoupment of a loss or outgoing that you can deduct under this section, the amount may be included in your assessable income: see Subdivision 20 ‑ A.", "Amendment_Count": 6, "First_Amended": "No 16 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 16 of 1998 | No 176 of 1999 | No 90 of 2000 | No 78 of 2001 | No 66 of 2003 | No 41 of 2005", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 90 of 2000, effective 30 June 2000 | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s8-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 8-5", "Provision_Key": "s8-5", "Heading": "Specific deductions", "Text": "(1) You can also deduct from your assessable income an amount that a provision of this Act (outside this Division) allows you to deduct. (2) Some provisions of this Act prevent you from deducting an amount that you could otherwise deduct, or limit the amount you can deduct. (3) An amount that you can deduct under a provision of this Act (outside this Division) is called a specific deduction . Note: If you receive an amount as insurance, indemnity or other recoupment of a deductible expense, the amount may be included in your assessable income: see Subdivision 20 ‑ A. For a summary list of provisions about deductions, see section 12 ‑ 5.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s8-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 8-10", "Provision_Key": "s8-10", "Heading": "No double deductions", "Text": "If 2 or more provisions of this Act allow you deductions in respect of the same amount (whether for the same income year or different income years), you can deduct only under the provision that is most appropriate.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s8-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 9-1A", "Provision_Key": "s9-1a", "Heading": "Effect of this Division", "Text": "This Division is a * Guide.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s9-1A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 9-1", "Provision_Key": "s9-1", "Heading": "List of entities", "Text": "Income tax is payable by the entities listed in the table. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Item Income tax is payable by this kind of entity: because of this provision: 1 An individual section 4 ‑ 1 2 A company, that is:  a body corporate; or  an unincorporated body (except a partnership) section 4 ‑ 1 3 A company that was a member of a wholly ‑ owned group if a former subsidiary in the group is treated as having disposed of leased plant and does not pay all of the income tax resulting from that treatment section 45 ‑ 25 3A A company that is a corporate collective investment vehicle (CCIV) Subdivision 195 C 3B The trustee of an attribution managed investment trust (AMIT) sections 276 405 to 276 425 4 A superannuation provider in relation to a complying superannuation fund sections 295 ‑ 5 and 295 ‑ 605 5 A superannuation provider in relation to a non ‑ complying superannuation fund sections 295 ‑ 5 and 295 ‑ 605 6 A superannuation provider in relation to a complying approved deposit fund section 295 ‑ 5 7 A superannuation provider in relation to a non ‑ complying approved deposit fund section 295 ‑ 5 8 The trustee of a pooled superannuation trust section 295 ‑ 5 8A A sovereign entity section 880 ‑ 55 9 A corporate limited partnership section 94J 10 A mutual insurance association (as described in section 121) section 121 11 A trustee (except one covered by another item in this table), but only in respect of some kinds of income of the trust sections 98, 99, 99A and 102 13 The trustee of a public trading trust section 102S", "Amendment_Count": 10, "First_Amended": "No 16 of 1998", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 16 of 1998 | No 169 of 1999 | No 9 of 2007 | No 143 of 2007 | No 45 of 2008 | No 97 of 2008 | No 70 of 2015 | No 53 of 2016 | No 34 of 2019 | No 8 of 2022", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s9-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 9-5", "Provision_Key": "s9-5", "Heading": "Entities that work out their income tax by reference to something other than taxable income", "Text": "(1) For some entities, some or all of their income tax for the * financial year is worked out as described in the table. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936. Item This kind of entity is liable to pay income tax worked out by reference to: See: 1 A company that was a member of a wholly ‑ owned group is jointly and severally liable to pay an amount of income tax if a former subsidiary in the group is treated as having disposed of leased plant and does not pay all of the income tax resulting from that treatment. section 45 ‑ 25 1A The trustee of an attribution managed investment trust (AMIT) is liable to pay income tax on certain amounts reflecting under attribution of income or over attribution of tax offsets sections 276 405 to 276 425 2 A superannuation provider in relation to a complying superannuation fund is to be assessed and is liable to pay income tax on no ‑ TFN contributions income as well as on taxable income. sections 295 ‑ 5 and 295 ‑ 605 3 A superannuation provider in relation to a non ‑ complying superannuation fund is to be assessed and is liable to pay income tax on no ‑ TFN contributions income as well as on taxable income. sections 295 ‑ 5 and 295 ‑ 605 4 An RSA provider is to be assessed and is liable to pay income tax on no ‑ TFN contributions income as well as on taxable income. sections 295 ‑ 5, 295 ‑ 605 and 320 ‑ 155 5 An Australian resident individual with:  eligible foreign remuneration under section 23AF; or  foreign earnings under section 23AG; (from working in a foreign country) is liable to pay income tax worked out by reference to his or her assessable income less some of his or her deductions. section 23AF or 23AG 6 A trustee covered by item 11 in the table in section 9 ‑ 1 is liable to pay income tax worked out by reference to the net income of the trust for the income year. sections 98, 99 and 99A 8 The trustee of a public trading trust is liable to pay income tax worked out by reference to the net income of the trust for the income year. section 102S 9 An entity that is liable to pay income tax (worked out by reference to taxable income or otherwise) is also liable to pay income tax worked out by reference to diverted income or diverted trust income for the income year. section 121H 10 An Australian insurer that re ‑ insures overseas can elect to pay, as agent for the re ‑ insurer, income tax worked out by reference to the amount of the re ‑ insurance premiums. section 148 (2) For entities covered by an item in the table in subsection (1), the income year is the same as the * financial year, except in these cases: (a) for a company, or an entity covered by item 2 or 3 in the table, the income year is the previous financial year; (b) if an entity has an accounting period that is not the same as the financial year, each such accounting period or, for a company, each previous accounting period is an income year. Note 1: The Commissioner can allow an entity to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 . Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 .", "Amendment_Count": 11, "First_Amended": "No 16 of 1998", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 16 of 1998 | No 169 of 1999 | No 136 of 2002 | No 9 of 2007 | No 15 of 2007 | No 78 of 2007 | No 143 of 2007 | No 93 of 2011 | No 53 of 2016 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s9-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 10-1", "Provision_Key": "s10-1", "Heading": "Effect of this Division", "Text": "This Division is a * Guide.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s10-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 10-5", "Provision_Key": "s10-5", "Heading": "List of provisions about assessable income", "Text": "The provisions set out in the table: include in your assessable income amounts that are not * ordinary income; and vary or replace the rules that would otherwise apply for certain kinds of * ordinary income. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936. Accrued leave transfer payments .................................... 15 ‑ 5 alienated personal services income .................................... 86 ‑ 15 allowances see employment annual leave see leave payments annuities .................................... 27H approved deposit fund (ADFs) see superannuation attributable income see controlled foreign corporations avoidance of tax general ................................. 177F diversion of income ......................... 121H see also transfers of income bad debts see recoupment balancing adjustment see capital allowances , investments , R&D , scientific research and tax exempt entities banking offshore banking unit, deemed interest on payments to by owner 121EK barter transactions .......... .................................. 21, 21A, 15 ‑ 2 beneficiaries see trusts benefits business, non ‑ cash ................... 21A consideration, non ‑ cash ................ 21 meals you provide in an in ‑ house dining facility 32 ‑ 70 see also employment and superannuation bonus shares see shares bounties .......... .................................. 15 ‑ 10 capital allowances excess of termination value over adjustable value generally ......................... 40 ‑ 285 for some cars ...................... 40 ‑ 370 depreciating asset in low ‑ value pool ........ 40 ‑ 445(2) expenditure in software development pool .......... 40 ‑ 460 recovery of petroleum resource rent tax ............ 40 ‑ 750(3) capital gains .................................... 102 ‑ 5 see also insurance car expenses cents per kilometres reimbursement of ............ 15 ‑ 70 carried interests carried interests, not ordinary income ............. 118 ‑ 21 CFCs see controlled foreign corporations charters see shipping child non ‑ trust income of, unearned ............ 102AE trust income of, unearned ..................... 102AG collecting societies payments of royalties by copyright collecting societies .. 15 ‑ 22 payments of royalties by resale royalty collecting society 15 ‑ 23 company see controlled foreign corporations , co ‑ operative company , directors , dividends , liquidation , shareholders and shares compensation live stock or trees, recoveries for loss of ........... 385 ‑ 130 profits or income, insurance or indemnity for loss of .... 15 ‑ 30 received by lessor for lessee’s non ‑ compliance with lease obligation to repair 15 ‑ 25 trading stock, insurance or indemnity for loss of ...... 70 ‑ 115 see also insurance , live stock , recoupment and scientific research consideration see benefits consolidated groups and MEC groups Assets in relation to Division 230 financial arrangement . 701 ‑ 61(3) controlled foreign corporations (CFCs) attributable income of ....................... 456 to 459A see also dividends and taxes co ‑ operative company receipts of ............................... 119 credit union see co ‑ operative company currency gains see foreign exchange currency losses see recoupment death see trusts debt/equity swap see shares and units defence forces allowances and benefits for service as a member of .... 15 ‑ 2 depreciation see capital allowances directors excessive remuneration or retirement payment from company 109 distributions see dividends dividends benefit of LIC capital gain through a trust or partnership . 115 ‑ 280 general ................................. 44(1) distribution from a controlled foreign corporation ..... 47A(1) franked dividends, credits on ................... 207 ‑ 20(1), 207 ‑ 35(1), 207 ‑ 35(3) see also liquidation elections local government, reimbursement of expenses of ...... 25 ‑ 65 see also recoupment electricity connections see recoupment employees see shares employment allowances and benefits in relation to employment or rendering services 15 ‑ 2 employment termination payment ............... 82 ‑ 10 82 ‑ 65 82 ‑ 70 other payments for employment termination ......... 83 ‑ 295 return to work payments ...................... 15 ‑ 3 see accrued leave transfer payments, leave payments , superannuation and sections 82 ‑ 10A and 82 ‑ 10C of the Income Tax (Transitional Provisions) Act 1997 environment see recoupment farm management deposits repayments of ............................ 393 ‑ 10 films Australian, proceeds of investment in ............. 26AG financial arrangements gains from ............................... 230 ‑ 15(1) foreign exchange gains .................................. 775 ‑ 15 see also recoupment foreign income tax deduction for franked distributions Additional Tier 1 capital exception ............... 15 ‑ 80 forestry agreement amount where section 82KZMG of the 1936 Act applies . 15 ‑ 45 CGT event in relation to forestry interest in agreement .. 82KZMGB forestry managed investment schemes forestry manager’s receipts under scheme ........... 15 ‑ 46 CGT event in relation to forestry interest in scheme for initial participant 394 ‑ 25(2) CGT event in relation to forestry interest in scheme for subsequent participant 394 ‑ 30(2) franked dividends see dividends funeral policy benefit under .............................. 15 ‑ 55 general insurance companies and companies that self insure gross premiums ............................ reduction in value of adjusted liability for incurred claims 321 ‑ 45 321 ‑ 10 reduction in value of adjusted liability for remaining coverage 321 ‑ 50 reduction in value of outstanding claims liability ...... 321 ‑ 80 geothermal energy providing geothermal exploration information ....... 15 ‑ 40 grapevines see recoupment horticultural plants see recoupment improvements see leases imputation see dividends indemnity see compensation and recoupment insurance bonuses ................................. 26AH , 15 ‑ 75 company, demutualisation of ................... 121AT life insurance, transfer of contributions by superannuation fund or approved deposit fund to 295 ‑ 260 payments from a non ‑ resident reinsurer in respect of a loss .............................. 148 premiums in respect of Australian business received by non ‑ resident insurers 143 premiums paid to a non ‑ resident for reinsurance 148 premiums paid to mutual insurance association ....... 121 premiums payable to a non ‑ resident for insurance of property in Australia 142(1) premiums payable to a non ‑ resident for insuring an event that can only happen in Australia 142(1) premiums payable to a non ‑ resident under an insurance contract with a resident 142(2) rebates and premiums refunded to a superannuation fund trustee 295 ‑ 320 (table item 4) see also compensation , life insurance companies and recoupment interest overpaid tax, on ........................... 15 ‑ 35 qualifying securities, on ...................... 159GQ, 159GW(1) see also co ‑ operative companies and leases investments prizes from investment ‑ related lotteries ...... 26AJ qualifying securities, payments to partial residents made under 159GW(2) qualifying securities, amount assessable to issuer of .... 159GT(1B) qualifying securities, balancing adjustment on the transfer of 159GS securities, variation in terms of ................. 159GV(2) securities lending arrangements ................. 26BC traditional securities, gains on the disposal or redemption of 26BB see also films and interest landcare operations see recoupment leased plant .................................. Division 45 leases amounts received by lessor from lessee for non ‑ compliance with lease obligation to repair 15 ‑ 25 interest component of payments under non ‑ leveraged finance leases 159GK partnership leasing property under non ‑ leveraged finance lease, new partner or contribution of capital since 14 May 1985 159GO premiums relating to assignment of a lease granted before 20 September 1985 26AB profit on disposal of previously leased motor vehicles .. Subdivision 20 ‑ B leases of luxury cars accrual amounts ........................... 242 ‑ 35 adjustment amounts (lessee) 242 ‑ 70 adjustment amounts (lessor) 242 ‑ 65 leave payments accrued leave transfer payment ................. 15 ‑ 5 unused annual leave payment .......... .............. 83 ‑ 10 unused long service leave payment ............... 83 ‑ 80 see employment life insurance companies Subdivision 320 ‑ B limited recourse debt excessive deduction amount (debtor) 243 ‑ 40 excessive deduction amount (partner) 243 ‑ 65 liquidation distribution to a shareholder in winding up a company .. 47(1) live stock death or destruction of ....................... Subdivision 385 ‑ E departing Australia and ...................... 385 ‑ 160, 385 ‑ 163 insolvency, and ........................... 385 ‑ 160, 385 ‑ 163 profits on death or disposal of .................. Subdivision 385 ‑ E, 385 ‑ 160 see also compensation and trading stock long service leave see leave payments losses see compensation lotteries see investments managed investment trusts gains etc. from carried interests ................. 275 ‑ 200(2) meals see benefits Mining providing mining, quarrying or prospecting information . 15 ‑ 40 minors see child motor vehicles see car expenses and leases mutual insurance see insurance non ‑ cash benefits see benefits and employment notional sales and loans adjustment amounts (lessee) 240 ‑ 110(2) adjustment amounts (lessor) 240 ‑ 105(2) notional interest ............................ 240 ‑ 35(1) profit on actual sale ......................... 240 ‑ 35(3) profit on notional sale ........................ 240 ‑ 35(2) offshore banking units see banking partnerships net income of, partner’s interest in ............... 92(1) uncontrolled partnership income, effect of .......... 94 see also leases petroleum resource rent tax, recovery of .................. 20 ‑ 30(1) see also capital allowances premiums see insurance , leases and superannuation primary production see recoupment prizes see investments profits cross ‑ border transfer pricing ............. 815 ‑ 30 profit ‑ making undertaking or plan .......... 15 ‑ 15 sale of property acquired before 20 September 1985 for profit ‑ making by sale 25A see also avoidance of tax Project pools An amount received for the abandonment, sale or other disposal of a project 40 ‑ 830, 40 ‑ 832 property see profits and trusts quarrying see mining and recoupment R&D balancing adjustment ........................ 40 ‑ 292, 40 ‑ 293, 355 ‑ 315 and 355 ‑ 525 disposal of R&D results ...................... 355 ‑ 410 recoupments and feedstock adjustments ........... 355 ‑ 450 rates see recoupment recoupment insurance or indemnity for deductible losses or outgoings ............................. Subdivision 20 ‑ A other recoupment for certain deductible losses or outgoings Subdivision 20 ‑ A see also car expenses , compensation , elections and petroleum registered emissions units disposal of ............................... 420 ‑ 25 disposal for a non ‑ commercial purpose.......... .. 420 ‑ 40 difference between opening and closing value of ...... 420 ‑ 45 reimbursements see car expenses , dividends , elections , petroleum and recoupment reinsurance see insurance retirement payments see directors , leave payments and shareholders rights to income see transfers of income roads see timber royalties .......... .................................. 15 ‑ 20 schemes see avoidance of tax scholarship plan benefit under .............................. 15 ‑ 60 scientific research consideration for disposal or destruction of buildings acquired for scientific research 73A(4) securities see investments services see co ‑ operative companies , employment , loans and trusts shareholders excessive remuneration or retirement payment from company 109 loans, payments and credits from company ......... Division 7A of Part III see also dividends shares acquired in a debt/equity swap, profit on the disposal cancellation or redemption of 63E(4) bonus shares, cost of ........................ 6BA buy ‑ backs ......................... 159GZZZJ to 159GZZZT employee share schemes ..................... Subdivisions 83A ‑ B and 83A ‑ C holding company shares held by a subsidiary, cancellation of 159GZZZC to 159GZZZI see also dividends shipping goods shipped in Australia, amounts paid to foreign shipowners and charterers for 129 subsidies .......... .................................. 15 ‑ 10 superannuation associated earnings on non ‑ concessional contributions Subdivision 292 ‑ B benefits generally .......................... Divisions 301 to 306 benefits in breach of legislative requirements ........ Division 304 benefits received from older superannuation funds .... 26AF, 26AFA complying fund becomes non ‑ complying, effect of 295 ‑ 320 (table item 2) contributions to an approved deposit fund .......... Subdivisions 295 ‑ C and 295 ‑ D contributions to an RSA ...................... Subdivision 295 ‑ C contributions to a superannuation fund ............ Subdivisions 295 ‑ C and 295 ‑ D death benefits ............................. 302 ‑ 75 302 ‑ 85 302 ‑ 90 302 ‑ 145 excess concessional contributions ................ 291 ‑ 15(a) first home super saver scheme .................. 313 ‑ 20 foreign superannuation funds and schemes, benefits from 305 ‑ 70 member benefits ........................... 301 ‑ 20 301 ‑ 25 301 ‑ 35 301 ‑ 40 Subdivision 301 ‑ C foreign fund becoming Australian, effect of ......... 295 ‑ 320 (table item 3) no ‑ TFN contributions income ............ 295 ‑ 605 release authorities, payments from ............... 304 ‑ 20 returned contributions ....................... 290 ‑ 100 trustee’s liability to pay tax .................... 295 ‑ 5(2) and (3) see insurance tax avoidance see avoidance of tax and transfers of income tax exempt entities treatment of income and gains on becoming taxable .... Schedule 2D taxes see dividends , foreign investment funds , interest and recoupment termination of employment see directors , eligible termination payments , leave payments and shareholders theft see recoupment trading stock change in interests in ........................ 70 ‑ 100 death of trader and ......................... 70 ‑ 105 difference between opening and closing value of ...... 70 ‑ 35 disposal not at arm’s length .................... 70 ‑ 20 disposal of outside ordinary course of business ....... 70 ‑ 90, 70 ‑ 95 see also compensation and tax exempt entities transfer pricing arm’s length principle for cross ‑ border conditions between entities Subdivision 815 ‑ B arm’s length principle for permanent establishments .... Subdivision 815 ‑ C transfers of income consideration for transfer of right to income ......... 102CA payments for transfer or disposal of property ........ 262 transferee, effect on of transfer of right to income ..... 102C transferor, effect on of transfer of right to income ..... 102B travel expenses see car expenses trusts beneficiary under legal disability or with a vested and indefeasible interest in trust income 100 deceased estates, income of .................... 101A discretionary trusts ......................... 101 net income of a trust estate, your present entitlement to 97, 101 non ‑ resident beneficiaries, liability to tax of ... 98A non ‑ resident trust estates to which you have transferred property or services, income of 102AAZD property of applied for benefit of beneficiaries ....... 99B trust estate includes income from another trust estate 94(5) trustees’ liability to tax ....................... 98, 99, 99A, 102, 102S see also avoidance of tax and superannuation unearned income see child units acquired in a debt/equity swap, profit on the disposal, cancellation or redemption of 63E(4) water conservation see recoupment winding ‑ up see insurance and liquidation wool clips double wool clips, treatment of ................. 385 ‑ 135, 385 ‑ 155 work in progress receipt of a work in progress amount ............. 15 ‑ 50", "Amendment_Count": 66, "First_Amended": "No 121 of 1997", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 121 of 1997 | No 174 of 1997 | No 16 of 1998 | No 46 of 1998 | No 47 of 1998 | No 85 of 1998 | No 39 of 1999 | No 54 of 1999 | No 169 of 1999 | No 176 of 1999 | No 79 of 2000 | No 86 of 2000 | No 89 of 2000 | No 72 of 2001 | No 77 of 2001 | No 169 of 2001 | No 170 of 2001 | No 26 of 2002 | No 97 of 2002 | No 119 of 2002 | No 136 of 2002 | No 12 of 2003 | No 65 of 2003 | No 66 of 2003 | No 133 of 2003 | No 20 of 2004 | No 101 of 2004 | No 23 of 2005 | No 55 of 2006 | No 101 of 2006 | No 15 of 2007 | No 79 of 2007 | No 143 of 2007 | No 164 of 2007 | No 92 of 2008 | No 15 of 2009 | No 126 of 2009 | No 133 of 2009 | No 56 of 2010 | No 79 of 2010 | No 114 of 2010 | No 93 of 2011 | No 132 of 2011 | No 14 of 2012 | No 75 of 2012 | No 115 of 2012 | No 82 of 2013 | No 84 of 2013 | No 88 of 2013 | No 101 of 2013 | No 118 of 2013 | No 96 of 2014 | No 109 of 2014 | No 21 of 2015 | No 70 of 2015 | No 47 of 2016 | No 53 of 2016 | No 81 of 2016 | No 132 of 2017 | No 4 of 2018 | No 23 of 2018 | No 49 of 2019 | No 79 of 2020 | No 92 of 2020 | No 110 of 2021 | No 52 of 2024", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 85 of 1998, effective 2 Jan 1999 | Amended by No 39 of 1999, effective 31 May 1999 | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Amended by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 26 of 2002, effective 4 Apr 2002 | Amended by No 97 of 2002, effective s. 4, Schedule 1 (item 8) and Schedule 2 (items 9A, 9B, 10–12): Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Amended by No 65 of 2003, effective s. 4, Schedule 2, Schedule 3 (items 3–5) and Schedule 5 (item 3): Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1)) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 47 of 2016, effective Sch 6 (items 16–25): 6 May 2016 (s 2(1) item 8) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s10-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 11-1A", "Provision_Key": "s11-1a", "Heading": "Effect of this Subdivision", "Text": "This Subdivision is a * Guide.", "Amendment_Count": 2, "First_Amended": "No 57 of 2002", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 57 of 2002 | No 66 of 2003", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Repealed and substituted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s11-1A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 11-1", "Provision_Key": "s11-1", "Heading": "Overview", "Text": "Ordinary income or statutory income which is exempt from income tax can be divided into 2 main classes: (a) ordinary or statutory income of entities that are exempt, no matter what kind of ordinary or statutory income they have (see table in section 11 ‑ 5); (b) ordinary or statutory income of a kind that is exempt (see table in section 11 ‑ 15).", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 16 of 1998 | No 12 of 2012", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s11-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 11-5", "Provision_Key": "s11-5", "Heading": "Entities that are exempt, no matter what kind of ordinary or statutory income they have", "Text": "Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936. Note: Special rules apply to entities that cease to be exempt. See Schedule 2D to the Income Tax Assessment Act 1936 . charity, education or science educational institution, public ................... 50 ‑ 5 registered charity ........................... 50 ‑ 5 scientific institution ......................... 50 ‑ 5 scientific research fund ....................... 50 ‑ 5 scientific society etc. ........................ 50 ‑ 5 community service community service society etc. .................. 50 ‑ 10 employees and employers employee association ........................ 50 ‑ 15 employer association ........................ 50 ‑ 15 trade union ............................... 50 ‑ 15 government constitutionally protected fund .................. 50 ‑ 25 local governing body ........................ 50 ‑ 25 municipal corporation ........................ 50 ‑ 25 public authority ............................ 50 ‑ 25 state/territory bodies ......................... 24AK to 24AZ health health benefits organisation .................... 50 ‑ 30 hospital ................................. 50 ‑ 30 medical benefits organisation ................... 50 ‑ 30 HIH rescue package HIH Claims Support Trust .................. 322 ‑ 10 mining British Phosphate Commissioners Banaba Contingency Fund 50 ‑ 35 primary or secondary resources, and tourism agricultural society etc. ...................... 50 ‑ 40 aviation society etc. ......................... 50 ‑ 40 horticultural society etc. ...................... 50 ‑ 40 industrial society etc. ........................ 50 ‑ 40 manufacturing society etc. .................... 50 ‑ 40 pastoral society etc. ......................... 50 ‑ 40 tourism society etc. ......................... 50 ‑ 40 viticultural society etc. ....................... 50 ‑ 40 sports, culture or recreation animal racing society etc. ..................... 50 ‑ 45 art society etc. ............................ 50 ‑ 45 Fédération Internationale de Football Association ..... 50 ‑ 45 FWWC2023 Pty Ltd ........................ 50 ‑ 45 game society etc. .......................... 50 ‑ 45 ICC Business Corporation FZ ‑ LLC ......... 50 ‑ 45 literature society etc. ........................ 50 ‑ 45 music society etc. .......................... 50 ‑ 45 Rugby Australia Ltd ......................... 50 ‑ 45 Rugby World Cup (Australia) Pty Ltd ............. 50 ‑ 45 Rugbypass Limited ......................... 50 ‑ 45 RWC2003 Limited .......................... 50 ‑ 45 sport society etc. ........................... 50 ‑ 45 World Rugby ............................. 50 ‑ 45 World Rugby Events Designated Activity Company .... 50 ‑ 45 World Rugby Limited ........................ 50 ‑ 45 World Rugby Tournaments Limited .............. 50 ‑ 45", "Amendment_Count": 15, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 169 of 2001 | No 101 of 2004 | No 63 of 2005 | No 9 of 2007 | No 75 of 2010 | No 41 of 2011 | No 169 of 2012 | No 96 of 2013 | No 70 of 2015 | No 84 of 2018 | No 35 of 2022 | No 12 of 2026", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 35 of 2022, effective sch 1 (items 1-3), sch 3 (items 2, 3): 1 Oct 2022 (s 2(1) items 2, 4) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s11-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 11-15", "Provision_Key": "s11-15", "Heading": "Ordinary or statutory income which is exempt", "Text": "Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936. acute support packages for veterans and their families acute support packages for veterans and their families ... 52 ‑ 185 agricultural industry exit grants tobacco industry exit grants .................... 53 ‑ 10 copyright collecting societies 51 ‑ 43 Coronavirus economic response payment certain payments in accordance with the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 53 ‑ 25 credit unions interest ................................. 23G defence Defence Force member, allowances ............... 51 ‑ 5 Defence Force member, compensation payments for loss of deployment allowance for warlike service 51 ‑ 5 Defence Force Ombudsman recommendation, reparation payments and additional payments in relation to 51 ‑ 5 F ‑ 111 Deseal/Reseal Ex ‑ gratia Lump Sum Payments 51 ‑ 5 Former Reserve Defence Force member, compensation payments for loss of pay and/or allowances 51 ‑ 5 Reserve Defence Force member, pay and allowances ... 51 ‑ 5 disasters 2018 storms—relief payments .................. 51 ‑ 125 dividends or shares pooled development fund company dividend ........ 124ZM pooled development fund company shares, income from sale of 124ZN education and training Apprenticeship Wage Top ‑ Up payment, recipient of 51 ‑ 10 bursary, educational allowance etc. ............... 51 ‑ 10 and 51 ‑ 35 Commonwealth Trade Learning Scholarship, recipient of 51 ‑ 10 CRAFT scheme, employer’s income from .......... 51 ‑ 10 early completion bonuses for apprentices ........... 51 ‑ 10 and 51 ‑ 42 Endeavour Awards, research fellowship under ........ 51 ‑ 10 Endeavour Executive Award ................... 51 ‑ 10 foreign student, scholarship and bursary to .......... 842 ‑ 105 full ‑ time student, income from a scholarship, bursary, other educational allowance or educational assistance 51 ‑ 10 and 51 ‑ 35 isolated child, income for the provision of education of .. 51 ‑ 10 and 51 ‑ 40 secondary student, income for the provision of education of 51 ‑ 10 and 51 ‑ 40 Skills for Sustainability for Australian Apprentices payment, recipient of 51 ‑ 10 Tools for Your Trade payment (under the program known as the Australian Apprenticeships Incentives Program), recipient of 51 ‑ 10 family assistance additional child care subsidy ................... 52 ‑ 150 additional economic support payment 2020 or additional economic support payment 2021 52 ‑ 150 back to school bonus or single income family bonus .... 52 ‑ 150 child care subsidy .......................... 52 ‑ 150 clean energy advance ........................ 52 ‑ 150 economic security strategy payment to families ....... 52 ‑ 150 economic support payment, first or second 2020 payment 52 ‑ 150 ETR payment ............................. 52 ‑ 150 ETR payment, payments under the scheme determined under Part 2 of Schedule 1 to the Family Assistance and Other Legislation Amendment (Schoolkids Bonus Budget Measures) Act 2012 52 ‑ 162 families, payments to, under the scheme determined under Schedule 4 to the Social Security and Other Legislation Amendment (Economic Security Strategy) Act 2008 52 ‑ 160 family tax benefit .......................... 52 ‑ 150 Household Stimulus Package Act (No. 2) 2009 , payments under scheme determined under Schedule 4 to the 52 ‑ 165 single income family supplement ................ 52 ‑ 150 stillborn baby payment ....................... 52 ‑ 150 financial arrangements gains related to exempt income .................. 230 ‑ 30 financial transactions pooled development fund company dividends ........ 124ZM pooled development fund company shares, income from sale of 124ZN foreign aspects of income taxation approved overseas project, income from ........... 23AF Australian ‑ American Education Foundation, grant from 51 ‑ 10 Commonwealth of Nations country officer, official salary and foreign income 768 ‑ 100 consul and official staff member, official salary and foreign income 768 ‑ 100 Defence Force member, foreign resident, pay and allowances of .......................... 842 ‑ 105 Defence Force member, pay and allowances from being on eligible duty 23AD defence of Australia, overseas person’s income from assisting in Australia’s defence 842 ‑ 105 diplomat and official staff member, official salary and foreign income 768 ‑ 100 educational, scientific, religious or philanthropic society, income of a visiting representative of 842 ‑ 105 expert, foreign resident, remuneration of ........... 842 ‑ 105 foreign society or association representative, income of . 842 ‑ 105 forex realisation gains, certain .................. 775 ‑ 20 government representative and members of the entourage, foreign resident, income of 842 ‑ 105 OBU investment trusts for overseas charitable institutions 121EL(2) OBU off ‑ shore investment trusts, income to which subsection 121D(6) applies 121EL overseas charitable institutions, income from OBUs .... 121ELA(1) overseas employment income, resident, income of ..... 23AG persecution victim, payments to ................. 768 ‑ 105 press representative, foreign, income of ............ 842 ‑ 105 resistance fighter and victim of wartime persecution, payments to 768 ‑ 105 United Nations, income from service with .......... 23AB United States projects, income from approved overseas projects 23AA health Continence Aids Payment Scheme, payments under .... 52 ‑ 175 interest judgement debt, personal injury ................. 51 ‑ 57 unclaimed money and property .................. 51 ‑ 120 life insurance companies Subdivision 320 ‑ B National Disability Insurance Scheme NDIS amounts ............................ 52 ‑ 180 non ‑ cash benefits business benefit ............................ 23L(2) exempt fringe benefit ........................ 23L(1A) prizes Prime Minister’s Literary Awards ............... 51 ‑ 60 Prime Minister’s Prize for Australian History ........ 51 ‑ 60 Prime Minister’s Prize for Science ............... 51 ‑ 60 resale royalty collecting societies 51 ‑ 45 shipping income from shipping activities ................. 51 ‑ 100 social security or like payments ABSTUDY scheme, payment under .............. Subdivision 52 ‑ E additional economic support payment 2020 or additional economic support payment 2021 under the Social Security Act 1991 52 ‑ 10 additional economic support payment 2020 or additional economic support payment 2021 under the Veterans’ Entitlements Act 1986 52 ‑ 65 Australian Victim of Terrorism Overseas Payment ..... 52 ‑ 10 Better Start for Children with Disability initiative, Outer Regional and Remote payment under 52 ‑ 172 carer adjustment payment ..................... 53 ‑ 10 carers, 2005 one ‑ off payment to, (carer payment related), 2005 one ‑ off payment to carers (carer service pension related) or 2005 one ‑ off payment to carers (carer allowance related) 52 ‑ 10 carers, 2006 one ‑ off payment to, (carer payment related), 2006 one ‑ off payment to carers (wife pension related), 2006 one ‑ off payment to carers (partner service pension related), 2006 one ‑ off payment to carers (carer service pension related) or 2006 one ‑ off payment to carers (carer allowance related) 52 ‑ 10 carers, 2007 one ‑ off payment to, (carer payment related), 2007 one ‑ off payment to carers (wife pension related), 2007 one ‑ off payment to carers (partner service pension related), 2007 one ‑ off payment to carers (carer service pension related) or 2007 one ‑ off payment to carers (carer allowance related). 52 ‑ 10 carers, 2008 one ‑ off payment to, (carer payment related), 2008 one ‑ off payment to carers (wife pension related), 2008 one ‑ off payment to carers (partner service pension related), 2008 one ‑ off payment to carers (carer service pension related) or 2008 one ‑ off payment to carers (carer allowance related) 52 ‑ 10 carers, one ‑ off payment to, (carer allowance related) or one ‑ off payment to carers (carer payment related) 52 ‑ 10 carers, payments to, under the scheme determined under Schedule 3 to the Family Assistance Legislation Amendment (More Help for Families—One ‑ off Payments) Act 2004 52 ‑ 10 carer supplement. ........................... 52 ‑ 10 child disability assistance ..................... Subdivision 52 ‑ A clean energy payment under the Social Security Act 1991 52 ‑ 10 clean energy payment under the Veterans’ Entitlements Act 1986 52 ‑ 65 clean energy payment under the Military Rehabilitation and Compensation Act 2004 52 ‑ 114 clean energy payment under the scheme determined under section 258 of the Military Rehabilitation and Compensation Act 2004 52 ‑ 114 Commonwealth education or training payment ....... Subdivision 52 ‑ F cost of living payment 2022 under the Social Security Act 1991 52 ‑ 10 cost of living payment 2022 under the Veterans’ Entitlements Act 1986 52 ‑ 65 disability services payment .................... 53 ‑ 10 economic security strategy payment under the Social Security Act 1991 52 ‑ 10 economic support payment, first or second 2020 payment under the Social Security Act 1991 52 ‑ 10 economic support payment, first or second 2020 payment under the Veterans’ Entitlements Act 1986 52 ‑ 65 education entry payment supplement under the Social Security Act 1991 52 ‑ 10 energy assistance payment, one ‑ off payment under the Social Security Act 1991 52 ‑ 10 energy assistance payment, one ‑ off payment under the Veterans’ Entitlements Act 1986 52 ‑ 65 ETR payment, payments under the scheme determined under Part 2 of Schedule 1 to the Family Assistance and Other Legislation Amendment (Schoolkids Bonus Budget Measures) Act 2012 52 ‑ 162 farm household allowance under the Farm Household Support Act 2014 Subdivision 52 ‑ A Helping Children with Autism package, Outer Regional and Remote payment under 52 ‑ 170 Household Stimulus Package Act (No. 2) 2009 , payments under the scheme determined under Schedule 4 to the 52 ‑ 165 pension bonus and pension bonus bereavement payment . 52 ‑ 10 and 52 ‑ 65 persecution victim, payments to ................. 768 ‑ 105 pharmaceutical supplement for Australian participants in British nuclear tests or in the British Commonwealth Occupation Force Subdivision 52 ‑ CB pharmaceutical supplement for Australian surgical ‑ medical team members Subdivision 52 ‑ CC resistance fighter and victim of wartime persecution, payments to 768 ‑ 105 Social Security and Other Legislation Amendment (Economic Security Strategy) Act 2008 , payments under the scheme determined under Schedule 4 to the 52 ‑ 160 Social Security and Veterans’ Affairs Legislation Amendment (One ‑ off Payments and Other 2007 Budget Measures) Act 2007 , payments under a scheme determined under item 1 of Schedule 2 to the 52 ‑ 10 Social Security and Veterans’ Affairs Legislation Amendment (One ‑ off Payments and Other 2007 Budget Measures) Act 2007 , payments under the scheme determined under Schedule 4 to the 52 ‑ 10 Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments and Other Budget Measures) Act 2008 , payments under a scheme determined under item 1 of Schedule 2 to the 52 ‑ 10 Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments and Other Budget Measures) Act 2008 , payments under the scheme determined under Schedule 4 to the 52 ‑ 10 Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments to Increase Assistance for Older Australians and Carers and Other Measures) Act 2006 , payments under the scheme determined under item 1 of Schedule 2 to the 52 ‑ 10 Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments to Increase Assistance for Older Australians and Carers and Other Measures) Act 2006 , payments under the scheme determined under Schedule 4 to the 52 ‑ 10 Social Security Legislation Amendment (One ‑ off Payments for Carers) Act 2005 , payments under the scheme determined under Schedule 2 to the 52 ‑ 10 social security payments ...................... Subdivision 52 ‑ A training and learning bonus under the Social Security Act 1991 52 ‑ 10 travelling expenses for Australian participants in British nuclear tests or in the British Commonwealth Occupation Force Subdivision 52 ‑ CB travelling expenses for Australian surgical ‑ medical team members Subdivision 52 ‑ CC veteran, Australian and United Kingdom, payment to ... 53 ‑ 20 veteran, payment to ......................... Subdivisions 52 ‑ B and 52 ‑ C Veterans’ Entitlements Act 1986 , lump sum payment under section 198N of the 52 ‑ 65 wounds and disability pension .................. 53 ‑ 10 see also welfare structured settlements and structured orders annuities and lump sums ...................... Subdivisions 54 ‑ B, 54 ‑ C and 54 ‑ D student see education and training superannuation and related business approved deposit fund, continuously complying fixed interest, income from 25 May 1988 deposits 295 ‑ 390 of the Income Tax (Transitional Provisions) Act 1997 approved deposit fund, income from a grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 295 ‑ 405 (table item 1) approved deposit fund, non ‑ reversionary bonuses on policies of life assurance 295 ‑ 335 (table item 1) benefits from non ‑ complying funds ........ 305 ‑ 5 pooled superannuation trust, income from constitutionally protected funds 295 ‑ 335 (table item 2) pooled superannuation trust, income from current pension liabilities of complying superannuation funds 295 ‑ 400 pooled superannuation trust, non ‑ reversionary bonuses on policies of life assurance 295 ‑ 335 (table item 1) superannuation fund, income from other assets used to meet current pension liabilities 295 ‑ 390 superannuation fund, income from segregated current pensions assets 295 ‑ 385 superannuation fund, non ‑ reversionary bonuses on policies of life assurance 295 ‑ 335 (table item 1) superannuation fund, regulated, income from a grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 295 ‑ 405 (table item 1) Territories Stolen Generations Redress Scheme Territories Stolen Generations Redress Scheme payments 53 ‑ 30 United Nations United Nations Service, income from ............. 23AB venture capital eligible venture capital investments, gain or profit from realisation of 51 ‑ 54 eligible venture capital investments by ESVCLPs, income derived from 51 ‑ 52 venture capital equity, gain or profit from realisation of .. 51 ‑ 55 welfare Disaster recovery payments to special category visa (subclass 444) holders 51 ‑ 30 maintenance payment ........................ 51 ‑ 30 and 51 ‑ 50 thalidomide payment—payment under the Support for Australia’s Thalidomide Survivors program 51 ‑ 30 thalidomide payment—payment by the Thalidomide Australia Fixed Trust 51 ‑ 30 see also social security or like payments Note: The following provisions of the Income Tax Assessment Act 1936 give rise to notional exempt income and not exempt income. For this reason the provisions do not appear in the lists of kinds of exempt income. The provisions are: paragraphs 384(1)(b) and 385(1)(b), subsection 402(2) and section 403.", "Amendment_Count": 107, "First_Amended": "No 121 of 1997", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 121 of 1997 | No 179 of 1997 | No 196 of 1997 | No 45 of 1998 | No 102 of 1998 | No 128 of 1998 | No 13 of 1999 | No 54 of 1999 | No 60 of 1999 | No 83 of 1999 | No 93 of 1999 | No 165 of 1999 | No 76 of 2000 | No 89 of 2000 | No 144 of 2000 | No 77 of 2001 | No 57 of 2002 | No 136 of 2002 | No 139 of 2002 | No 65 of 2003 | No 66 of 2003 | No 59 of 2004 | No 60 of 2004 | No 101 of 2004 | No 23 of 2005 | No 55 of 2005 | No 66 of 2005 | No 41 of 2006 | No 58 of 2006 | No 101 of 2006 | No 136 of 2006 | No 15 of 2007 | No 66 of 2007 | No 78 of 2007 | No 82 of 2007 | No 113 of 2007 | No 114 of 2007 | No 143 of 2007 | No 182 of 2007 | No 183 of 2007 | No 184 of 2007 | No 19 of 2008 | No 38 of 2008 | No 97 of 2008 | No 131 of 2008 | No 4 of 2009 | No 14 of 2009 | No 25 of 2009 | No 35 of 2009 | No 50 of 2009 | No 52 of 2009 | No 80 of 2009 | No 118 of 2009 | No 126 of 2009 | No 19 of 2010 | No 56 of 2010 | No 75 of 2010 | No 93 of 2010 | No 31 of 2011 | No 41 of 2011 | No 50 of 2011 | No 129 of 2011 | No 141 of 2011 | No 12 of 2012 | No 49 of 2012 | No 50 of 2012 | No 57 of 2012 | No 58 of 2012 | No 71 of 2012 | No 5 of 2013 | No 44 of 2013 | No 70 of 2013 | No 85 of 2013 | No 88 of 2013 | No 105 of 2013 | No 124 of 2013 | No 13 of 2014 | No 35 of 2014 | No 96 of 2014 | No 109 of 2014 | No 110 of 2014 | No 2 of 2015 | No 53 of 2015 | No 128 of 2015 | No 55 of 2016 | No 22 of 2017 | No 25 of 2017 | No 46 of 2017 | No 59 of 2017 | No 128 of 2017 | No 4 of 2018 | No 124 of 2018 | No 30 of 2019 | No 42 of 2019 | No 22 of 2020 | No 38 of 2020 | No 97 of 2020 | No 107 of 2020 | No 61 of 2021 | No 141 of 2021 | No 142 of 2021 | No 14 of 2022 | No 40 of 2022 | No 17 of 2025", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1997, effective Sch 2 (items 12–26) and Sch 3 (item 4): 25 Nov 1997 (s 2) | Amended by No 196 of 1997, effective Sch 1 (items 19, 20): 9 Dec 1997 (s 2(5)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 102 of 1998, effective 30 July 1998 | Amended by No 128 of 1998, effective 21 Dec 1998 | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 60 of 1999, effective 9 July 1999 ( see s. 2) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 76 of 2000, effective 28 June 2000 | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 144 of 2000, effective Sch 2 (items 7–19) and Sch 3 (items 7(3), 8): 18 Dec 2000 (s 2(2) and gaz 2000, No S634) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 139 of 2002, effective 19 Dec 2002 | Amended by No 65 of 2003, effective s. 4, Schedule 2, Schedule 3 (items 3–5) and Schedule 5 (item 3): Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 59 of 2004, effective Schedule 2 (items 36–42): 1 July 2004 | Amended by No 60 of 2004, effective 26 May 2004 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 55 of 2005, effective 25 May 2005 | Amended by No 66 of 2005, effective Schedules 1 and 2: 1 July 2005 Schedule 3: 20 Mar 2000 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 41 of 2006, effective 22 May 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 136 of 2006, effective Schedules 1 and 2: 1 Dec 2006 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 66 of 2007, effective Schedule 1 (items 17–26) and Schedule 3 (items 13–16): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 82 of 2007, effective Schedule 6 (items 39, 40): 1 July 2007 | Amended by No 113 of 2007, effective Schedule 1 (items 20–22): 1 July 2007 | Amended by No 114 of 2007, effective Schedule 1: 1 July 2007 Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 182 of 2007, effective Schedule 1: 1 Oct 2007 Remainder: Royal Assent | Amended by No 183 of 2007, effective 1 Jan 2008 | Amended by No 184 of 2007, effective Schedule 3: 1 Jan 2008 | Amended by No 19 of 2008, effective Schedule 1 (items 17–25) and Schedule 3 (items 14–32): Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 131 of 2008, effective Schedule 5 (items 3–12): Royal Assent | Amended by No 4 of 2009, effective Schedule 4 and Schedule 5 (items 6–14): Royal Assent | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 25 of 2009, effective Sch 1 (items 8–10): 18 Feb 2009 (s 2(1) item 3) | Amended by No 35 of 2009, effective Schedule 1 (items 13–15): Royal Assent | Amended by No 50 of 2009, effective Schedule 1 (items 15, 40, 41): Royal Assent | Amended by No 52 of 2009, effective Schedule 1 (items 1–3): 1 July 2009 | Amended by No 80 of 2009, effective Schedule 1 (items 13, 14): 11 Sept 2009 | Amended by No 118 of 2009, effective Sch 3 and Sch 6 (item 5): 4 Dec 2009 (s 2(1) items 7, 11) Sch 4: 1 July 2010 (s 2(1) item 8) Sch 6 (item 6): never commenced (s 2(1) item 12) Sch 6 (item 7): 30 June 2016 (s 2(1) item 12) | Amended by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1)) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 93 of 2010, effective Schedule 2 (items 54–57): 1 July 2010 | Amended by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 50 of 2011, effective Schedule 4 (items 1–3): 27 June 2011 (s 2(1) item 11) Schedule 4 (items 10, 11): 1 July 2014 (s 2(1) item 12) | Amended by No 129 of 2011, effective Sch 1 and Sch 3 (items 3–8): 3 Nov 2011 (s 2(1) items 2, 6) Sch 3 (items 1, 2): 22 Feb 2011 (s 2(1) item 5) Sch 3 (items 9, 10): 1 July 2013 (s 2(1) item 7) Sch 3 (items 11, 12): 1 July 2014 (s 2(1) item 8) Sch 3 (items 13, 14): 1 July 2015 (s 2(1) item 9) | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 49 of 2012, effective Schedule 1 (items 46, 47, 52) and Schedule 4 (items 10, 11): 1 July 2012 | Amended by No 50 of 2012, effective Schedule 3: 27 May 2012 | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 5 of 2013, effective Sch 1 (items 14–20): 5 Mar 2013 (s 2) | Amended by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Amended by No 70 of 2013, effective Sch 2A (items 45–47, 67(9)): 1 Mar 2014 (s 2(1) item 9A) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 105 of 2013, effective Sch 2 (items 22–26, 28(3)): 1 July 2013 (s 2) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 35 of 2014, effective Sch 1 (items 9–12): 1 July 2014 (s 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2015, effective Sch 1 (items 9–17, 19): 1 July 2016 (s 2) | Amended by No 128 of 2015, effective Sch 1 (items 29–31): 1 July 2017 (s 2(1) item 3) Sch 1 (items 32, 33): 17 Sept 2015 (s 2(1) item 4) | Amended by No 55 of 2016, effective Sch 3 (items 16–19): 1 July 2017 (s 2(1) item 4) Sch 4 (items 9–13): 1 Jan 2017 (s 2(1) item 5) Sch 22 and Sch 23 (items 2, 3, 22–24): 1 Oct 2016 (s 2(1) item 25) | Amended by No 22 of 2017, effective Sch 2 (items 6–8): 2 July 2018 (s 2(1) item 2) Sch 4: 5 Apr 2017 (s 2(1) item 5) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 46 of 2017, effective Sch 1 (items 10–16): 19 June 2017 (s 2(1) item 2) | Amended by No 59 of 2017, effective Sch 1 (items 26–33): 1 July 2017 (s 2(1) item 4) | Amended by No 128 of 2017, effective Sch 8 (items 11–15, 19, 26, 27): 1 Dec 2017 (s 2(1) item 10) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 30 of 2019, effective Sch 1 and 2: 1 July 2019 (s 2(1) item 2) | Amended by No 42 of 2019, effective Sch 1 (items 1, 2) and Sch 2 (items 9–11): 6 Apr 2019 (s 2(1) item 2) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 38 of 2020, effective Sch 2 (items 3–6): 9 Apr 2020 (s 2(1) item 4) | Amended by No 97 of 2020, effective Sch 1 (items 28–36): 14 Nov 2020 (s 2(1) item 2) | Amended by No 107 of 2020, effective Sch 3 (items 2–9): 27 Nov 2020 (s 2(1) item 3) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 141 of 2021, effective Sch 1 (items 1–3): 1 Jan 2022 (s 2(1) item 2) | Amended by No 142 of 2021, effective Sch 1 (items 15–20): 1 Jan 2022 (s 2(1) item 2) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 40 of 2022, effective sch 1 (items 25-27): 14 Oct 2022 (s 2(1) item 1) | Amended by No 17 of 2025, effective sch 8 (items 38 ‑ 52): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s11-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 11-50", "Provision_Key": "s11-50", "Heading": "Effect of this Subdivision", "Text": "This Subdivision is a * Guide.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s11-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 11-55", "Provision_Key": "s11-55", "Heading": "List of non ‑ assessable non ‑ exempt income provisions", "Text": "The provisions set out in the list make amounts non ‑ assessable non ‑ exempt income. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . alienated personal services income associate, non ‑ deductible payment or obligation to 85 ‑ 20(3) entitlements to a share of net income that is personal services income already assessable to an individual ............................. 86 ‑ 35(2) payments by personal services entity or associate of personal services income already assessable to an individual 86 ‑ 35(1) personal services entity, amounts of personal services income assessable to an individual 86 ‑ 30 bonds see securities capital gains tax small business retirement exemption, payments made directly or indirectly to CGT concession stakeholder so company or trust complies with section 152 ‑ 325 152 ‑ 310 cash flow boost payments in accordance with the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 59 ‑ 90 Coronavirus economic response certain payments in accordance with the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 59 ‑ 95 State and Territory grants to small business relating to the recovery from the coronavirus 59 ‑ 97 Commonwealth small business support payments relating to the coronavirus 59 ‑ 98 COVID ‑ 19 disaster payment 59 ‑ 96 demutualisation of friendly society health or life insurers amounts related to issue, or transfer from lost policy holders trust, of demutualisation assets 316 ‑ 255 payments received directly, or from lost policy holders trust, in exchange for cancellation or variation of interests under the demutualisation 316 ‑ 255 demutualisation of private health insurers market value of shares and rights at time of issue ...... 315 ‑ 310 payments received in exchange for cancellation or variation of interests under the demutualisation 315 ‑ 310 disasters 2019 ‑ 20 bushfires—payments for volunteer work with fire services 59 ‑ 55 2019 ‑ 20 bushfires—disaster relief payments and non ‑ cash benefits 59 ‑ 60 2019 floods—recovery grants ................... 59 ‑ 85 2019 floods—on ‑ farm grant program ....... 59 ‑ 86 2021 floods and storms—recovery grants ........... 59 ‑ 99 Cyclone Seroja—recovery grants ................ 59 ‑ 105 dividends demerger dividends ......................... 44(4) later dividend set off against amount taken to be dividend 109ZC(3), 109ZCA(4) electricity generation refund of large ‑ scale generation shortfall charge 59 ‑ 100 employment early retirement scheme payment, tax free amount of ... 83 ‑ 170 employment termination payment ............... 82 ‑ 10 82 ‑ 65 82 ‑ 70 foreign termination payment ................... 83 ‑ 235 83 ‑ 240 genuine redundancy payment, tax free amount of ..... 83 ‑ 170 unused long service leave payment, pre ‑ 16/8/78 period ............................... 83 ‑ 80 see superannuation and sections 82 ‑ 10A and 82 ‑ 10C of the Income Tax (Transitional Provisions) Act 1997 environment water infrastructure improvement payments ......... 59 ‑ 65 farm ‑ in farm ‑ out arrangements rewards for providing exploration benefits .......... 40 ‑ 1135 financial arrangements gains related to non ‑ assessable non ‑ exempt income 230 ‑ 30 firearms surrender arrangements compensation under ......................... 59 ‑ 10 foreign aspects of income taxation attributed controlled foreign company income, amounts paid out of 23AI attributed foreign investment fund income, amounts paid out of 23AK certain forex realisation gains ................... 775 ‑ 25 branch profits of Australian companies ............ 23AH distributions of conduit foreign income ............ 802 ‑ 20 income derived by foreign residents in exclusive economic zone or on or above continental shelf 768 ‑ 110 foreign equity distributions on participation interests ... 768 ‑ 5 income derived by temporary residents. ............ 768 ‑ 910 interest paid by temporary residents ............... 768 ‑ 980 managed investment trust withholding tax, amount subject to 840 ‑ 815 labour mobility program withholding tax, amount subject to 840 ‑ 915 superannuation fund, foreign, interest and dividend income of 128B(3)(jb) withholding tax, dividend royalty or interest subject to .. 128D GST GST payable on a taxable supply ................ 17 ‑ 5(a) increasing adjustments ....................... 17 ‑ 5(b) and (c) investment manager regime IMR concessions ........................... 842 ‑ 215 life insurance companies .......................... Subdivision 320 ‑ B mining withholding tax, payments to Indigenous persons and distributing bodies subject to 59 ‑ 15 mutual receipts amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs 59 ‑ 35 National Rental Affordability Scheme payments made, and non ‑ cash benefits provided, by a State or Territory governmental body in relation to participation in the National Rental Affordability Scheme.................................................................. 380 ‑ 35 native title benefits native title benefits .......................... 59 ‑ 50 non ‑ cash benefits fringe benefits ............................. 23L(1) notional sale and loan arrangement payments a notional seller receives or is entitled to receive 240 ‑ 40 luxury car leases, lease payments that the lessor receives or is entitled to receive 242 ‑ 40 deemed loan treatment for financial benefits provided for tax preferred use of asset 250 ‑ 160 related entities amounts from, where deduction reduced for ......... 26 ‑ 35(4) repayable amounts previously assessable amounts .................. 59 ‑ 30 rights to acquire shares or units market value of at time of issue ................. 59 ‑ 40 small business assets income arising from CGT event, company or trust owned asset continuously for 15 years 152 ‑ 110(2) sovereign entities .............................. Subdivision 880 ‑ C superannuation benefits generally .......................... Divisions 301 to 306 commutation of income stream, under 25 years ....... 303 ‑ 5 death benefits ............................. 302 ‑ 60 302 ‑ 65 302 ‑ 70 302 ‑ 140 departing Australia superannuation benefits ......... 301 ‑ 175 foreign superannuation funds, lump sum benefits ..... 305 ‑ 60 305 ‑ 65 305 ‑ 70 KiwiSaver schemes, contributions to complying superannuation funds from 312 ‑ 10 KiwiSaver schemes, superannuation benefits paid from complying superannuation funds to 312 ‑ 15 KiwiSaver schemes, superannuation benefits paid by Commissioner to 312 ‑ 20 member benefits ........................... 301 ‑ 10 301 ‑ 15 301 ‑ 30 301 ‑ 225 payment to victim following perpetrator contributions release order 59 ‑ 110 release authorities, payments from ............... 303 ‑ 15 303 ‑ 20 roll ‑ over superannuation benefits .......... 306 ‑ 5 superannuation lump sum for recipient having terminal medical condition 303 ‑ 10 unclaimed money payment to government .......... 306 ‑ 20 tax loss transfers consideration received by loss company from income company, generally 170 ‑ 25(1) consideration received by loss company from income company, net capital loss 170 ‑ 125(1) consideration received for transfer of tax losses relating to transitioned petroleum activities 417 ‑ 70 temporary residents see foreign aspects of income taxation trading stock disposal outside ordinary course of business, amounts received upon 70 ‑ 90(2) transfer of entitlements to deductions consideration received for transfer of entitlements to deductions relating to transitioned petroleum activities 417 ‑ 70 trusts attributable income, amounts representing .......... 99B(2A) family trust distribution tax, amounts subject to ....... 271 ‑ 105(3) in Schedule 2F windfall amounts business franchise fees, refund of when invalid ....... 59 ‑ 20 State tax on Commonwealth place, refund of when invalid 59 ‑ 25 withholding taxes see foreign aspects of income taxation and mining", "Amendment_Count": 56, "First_Amended": "No 66 of 2003", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 66 of 2003 | No 41 of 2005 | No 147 of 2005 | No 13 of 2006 | No 32 of 2006 | No 101 of 2006 | No 15 of 2007 | No 164 of 2007 | No 32 of 2008 | No 38 of 2008 | No 45 of 2008 | No 91 of 2008 | No 92 of 2008 | No 97 of 2008 | No 130 of 2008 | No 6 of 2009 | No 15 of 2009 | No 42 of 2009 | No 88 of 2009 | No 56 of 2010 | No 75 of 2010 | No 79 of 2010 | No 114 of 2010 | No 136 of 2010 | No 145 of 2010 | No 31 of 2011 | No 58 of 2012 | No 181 of 2012 | No 82 of 2013 | No 84 of 2013 | No 88 of 2013 | No 118 of 2013 | No 32 of 2014 | No 110 of 2014 | No 2 of 2015 | No 21 of 2015 | No 70 of 2015 | No 130 of 2015 | No 47 of 2016 | No 81 of 2016 | No 30 of 2019 | No 34 of 2019 | No 37 of 2019 | No 59 of 2019 | No 1 of 2020 | No 22 of 2020 | No 38 of 2020 | No 118 of 2020 | No 61 of 2021 | No 79 of 2021 | No 110 of 2021 | No 111 of 2021 | No 35 of 2022 | No 75 of 2022 | No 47 of 2026", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 32 of 2008, effective 23 June 2008 | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 91 of 2008, effective Schedule 1: Royal Assent | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 130 of 2008, effective 1 July 2008 | Amended by No 6 of 2009, effective Schedule 1 (items 2, 3): 18 Feb 2009 ( see s. 2(1)) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 145 of 2010, effective Schedule 2 (items 34–51) and Schedule 3 (items 7–15): 17 Dec 2010 | Amended by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Amended by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 181 of 2012, effective Sch 1 (items 1–8, 12): 1 July 2013 (s 2(1) item 2) | Amended by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 32 of 2014, effective Sch 1 (items 5, 6): 1 July 2016 (s 2(1) item 3) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 47 of 2016, effective Sch 6 (items 16–25): 6 May 2016 (s 2(1) item 8) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 30 of 2019, effective Sch 1 and 2: 1 July 2019 (s 2(1) item 2) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 37 of 2019, effective Sch 2 (items 17–22): 6 Apr 2019 (s 2(1) item 1) | Amended by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2) | Amended by No 1 of 2020, effective 14 Feb 2020 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 38 of 2020, effective Sch 2 (items 3–6): 9 Apr 2020 (s 2(1) item 4) | Amended by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 79 of 2021, effective Sch 3 and Sch 5: 11 Aug 2021 (s 2(1) item 1) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 111 of 2021, effective Sch 1 and 3: 1 Oct 2021 (s 2(1) items 2, 4) | Amended by No 35 of 2022, effective sch 1 (items 1-3), sch 3 (items 2, 3): 1 Oct 2022 (s 2(1) items 2, 4) | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4) | Amended by No 47 of 2026, effective sch 1 (items 6-11): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s11-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 12-1", "Provision_Key": "s12-1", "Heading": "Effect of this Division", "Text": "This Division is a * Guide.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s12-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 12-5", "Provision_Key": "s12-5", "Heading": "List of provisions about deductions", "Text": "The provisions set out in the table contain rules about specific types of deduction. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936. accrued leave transfer payments .................................... 26 ‑ 10 advance expenditure generally ................................ 82KZL to 82KZO avoidance arrangements ...................... 82KJ when deductible ........................... 82KZM to 82KZN Australian apprenticeship support loan payment made to reduce a debt to the Commonwealth under the Australian Apprenticeship Support Loans Act 2014 , no deduction unless provided as fringe benefit 26 ‑ 20 Australian IIR/UTPR tax and Australian DMT tax no deduction ............................. 26 ‑ 99C see also tax related expenses bad debts deduction reduced because of forgiveness of debt if debtor and creditor are companies under common ownership and agree on the reduction 245 ‑ 90 general ................................. 25 ‑ 35, 63F companies ............................... Subdivisions 165 ‑ C, 166 ‑ C and 175 ‑ C debt/equity swaps .......................... 63E, 63F , 709 ‑ 220 deduction of a debt that used to be owed to a member of a consolidated group or MEC group by an entity that used to be a member of the group Subdivisions 709 ‑ D and 719 ‑ I money lenders, listed country branches, no deduction for 63D see also losses balancing adjustment see buildings , capital allowances , industrial property , R&D and tax exempt entities banks foreign banks, Australian branches of ............. 160ZZVA to 160ZZZJ boats deferral of deductions ....................... 26 ‑ 47 borrowing expenses .................................... 25 ‑ 25 bribes to foreign public officials .................... 26 ‑ 52 bribes to public officials .......................... 26 ‑ 53 buildings build to rent development misuse tax, no deduction for .. 26 ‑ 99B income producing buildings, capital allowances ...... Division 43 see also heritage conservation work capital allowances generally ................................ Division 40 balancing adjustments ....................... 40 ‑ 285(2), 40 ‑ 370 business related costs ........................ 40 ‑ 880 electricity and telephone lines .................. 40 ‑ 645 environmental protection activities ............... 40 ‑ 755 exploration or prospecting .................... 40 ‑ 80(1), 40 ‑ 730 in ‑ house software .................... 40 ‑ 335, 40 ‑ 455 intellectual property ........................ Subdivisions 40 ‑ B and 40 ‑ I IRUs .................................. Subdivision 40 ‑ B landcare operations ......................... 40 ‑ 630 low ‑ value and software development pools ... Subdivision 40 ‑ E mining and quarrying ........................ Subdivision 40 ‑ H and Subdivision 40 ‑ I new business investment, additional deduction ....... Division 41 Petroleum Resource Rent Tax .................. 40 ‑ 750 project pools ............................. 40 ‑ 830, 40 ‑ 832 reducing deductions ........................ 40 ‑ 25, 40 ‑ 27, 40 ‑ 290 and 40 ‑ 291 spectrum licences .......................... Subdivision 40 ‑ B tax preferred use of asset ...................... Division 250 telecommunications site access rights ............. Subdivision 40 ‑ B trees in carbon sink forests .................... Subdivision 40 ‑ J water facilities, horticultural plants, fodder storage assets and fencing assets Subdivision 40 ‑ F capital gains no deduction for an amount that would otherwise be deductible only because a net capital gain is included in assessable income 51AAA small business retirement exemption, no deduction for payments made directly or indirectly to CGT concession stakeholder so company or trust complies with section 152 ‑ 325 152 ‑ 310 see also foreign residents capital loss net capital loss, no deduction for ................ 102 ‑ 10 net capital loss, transfer within company group ....... Subdivision 170 ‑ B car disposal see capital allowances car expenses generally ................................ Division 28 “cents per kilometre” method .................. Subdivision 28 ‑ C “log book” method ......................... Subdivisions 28 ‑ F and 28 ‑ G substantiation of car expenses .................. Division 900 see also transport expenses car expenses of employee employee’s car expenses where car provided by employer can be used for private purposes, no deduction for . 51AF carried interests carried interests, no deduction for ................ 118 ‑ 21 car parking employee’s car parking expenses, no deduction for .... 51AGA children’s income generally ................................ 102AA to 102AH taxable income of a child, deductions taken into consideration in calculating 102AD club fees club fees, no deduction for .................... 26 ‑ 45 see also subscriptions to associations Commonwealth places windfall tax .................................... 26 ‑ 17 companies, co ‑ operative and mutual generally ................................ 117 to 121 distributions of assessable income ............... 120 companies, private excessive payments to shareholders directors and associates, reduced deduction 109 conservation covenants .................................... Division 31 consolidated groups and MEC groups assets in relation to Division 230 financial arrangement ............................ 701 ‑ 61(4) controlled foreign companies generally ................................ 316 to 468 bad debts ................................ 399A decline in value of depreciating assets ............. 398 finance share dividends ...................... 394 taxes paid ............................... 393 convertible notes see interest copyrights expenditure in obtaining registration .............. Subdivisions 40 ‑ B and 40 ‑ I COVID ‑ 19 expenditure on COVID ‑ 19 tests ........... 25 ‑ 125 cross staple arrangements rent from land investment ..................... 25 ‑ 115, 25 ‑ 120 currency exchange gains and losses see foreign exchange death of timber owner see timber debt interests certain returns in respect of debt interests ........... 25 ‑ 85 depreciation see capital allowances designs expenditure in obtaining or extending registration ..... Subdivisions 40 ‑ B and 40 ‑ I disposal of depreciating assets see capital allowances dividends dividends including LIC capital gain component ...... 115 ‑ 280 franking credits, companies and foreign residents ...... 207 ‑ 95(2), 207 ‑ 95(3), 220 ‑ 405(3) franking credits, pooled development funds (PDFs) .... 124ZM non ‑ share equity interests, no deduction for return in respect of 26 ‑ 26 unfranked non ‑ portfolio dividends ......... 46FA education expenses Higher Education Contribution Scheme, no deduction unless provided as fringe benefit 26 ‑ 20 see also overseas debtors repayment levy see also student start ‑ up loans see also VET student loans election expenses Federal and State Parliament election expenses ....... 25 ‑ 60, 25 ‑ 70 local government election expenses, limited deduction for 25 ‑ 65, 25 ‑ 70 electricity connections see capital allowances embezzlement see theft employees labour mobility programs, delayed deduction for salary, wages etc. paid to employees under program until labour mobility program withholding tax payable has been paid 26 ‑ 25A pensions, gratuities or retiring allowances for ex ‑ employees 25 ‑ 50 see also shares entertainment expenditure, no deduction for some .............. Division 32 meal entertainment, calculation of deductible amount ... 51AEA to 51AEC environment see capital allowances excess non ‑ concessional contributions tax no deduction ............................. 26 ‑ 75 exploration and prospecting see capital allowances family no deduction for maintaining spouse or child ......... 26 ‑ 40 farm management deposits see primary production film licensed investment companies (FLICs) see shares financial arrangements losses from ............................... 230 ‑ 15(2) and (3) see also borrowing expenses , interest , leases and securities foreign exchange losses .................................. 775 ‑ 30 foreign financial entities’ Australian permanent establishments generally ................................ Part IIIB thin capitalisation .......................... Subdivision 820 ‑ FB transfer of losses ........................... Subdivisions 170 ‑ A and 170 ‑ B forestry managed investment schemes payments under scheme ...................... 394 ‑ 10(1) franchise fees windfall tax .................................... 26 ‑ 15 freight freight for shipped goods ..................... 135A fringe benefits contributions for private component, no deduction for .. 51AJ employee’s car expenses where car provided by employer can be used for private purposes, no deduction for 51AF employee’s car parking expenses, no deduction for .... 51AGA expense payment fringe benefits, reduced deduction ... 51AH general insurance companies and companies that self insure claims paid ............................... 321 ‑ 25 and 321 ‑ 95 increase in value of adjusted liability for incurred claims . 321 ‑ 15 increase in value of adjusted liability for remaining coverage 321 ‑ 55 increase in value of outstanding claims liability ....... 321 ‑ 85 gifts general ................................. Division 30 limit on deduction .......................... 26 ‑ 55 see also tax avoidance schemes horticultural plants see capital allowances higher education assistance 26 ‑ 20 hybrid mismatch rules disallowing of deductions ..................... Division 832 illegal activities 26 ‑ 54 income equalisation deposits see primary production industrial property see intellectual property and R&D infrastructure see tax losses insurance with non ‑ residents generally ................................ 141 to 148 insurance premiums, no deduction unless arrangement to pay tax 145 reinsurance, no deduction for resident carrying on insurance business in Australia for reinsurance premiums paid to a non ‑ resident 148 intellectual property see capital allowances interest convertible notes, interest on, generally ............ 82L to 82T foreign residents, debt creation involving, generally .... 159GZY to 159GZZF foreign residents, delayed deduction for interest paid to until withholding tax payable has been paid 26 ‑ 25 life assurance premiums, interest etc. on loans to finance, no deduction for 26 ‑ 85 superannuation contributions, interest etc. on loans to finance, no deduction for 26 ‑ 80 underpayment or late payment of tax, interest for ..... 25 ‑ 5 international agreements see transfer pricing international profit shifting see transfer pricing investment company see shares IRUs see capital allowances land land degradation, see primary production vacant land, limit on deduction .................. 26 ‑ 102 lease document expenses .................................... 25 ‑ 20 lease, authority, licence, permit or quota expenditure to terminate ...................... 25 ‑ 110 leases finance leases and arrangements, use of property if end ‑ user an exempt public body or use outside Australia to produce exempt income 159GE to 159GO leases of assets being put to tax preferred use ........ Division 250 leveraged arrangements, property used: • other than to produce assessable income; or • by a non ‑ resident outside Australia; or • by a previous owner .................................... 51AD payment for failure to comply with lease obligation to repair premises 25 ‑ 15 leases of luxury cars accrual amounts ........................... 242 ‑ 35 adjustment amounts (lessee) 242 ‑ 70 adjustment amounts (lessor) 242 ‑ 65 lease payments not deductible .................. 242 ‑ 55 payments to acquire car not deductible ............. 242 ‑ 85 leave payments accrued leave transfer payments ................. 26 ‑ 10 no deduction for leave payments until paid .......... 26 ‑ 10 leisure facilities no deduction for ........................... 26 ‑ 50 life insurance companies .......................... Subdivision 320 ‑ C limited recourse debt later payments ............................. 243 ‑ 45 later payments (replacement debt) 243 ‑ 50 loans see borrowing expenses , interest and securities losses foreign exchange .......................... 775 ‑ 30 profit ‑ making undertaking or scheme ....... 25 ‑ 40 property sale ............................. 25 ‑ 40 traditional securities, loss on disposal or redemption of 70B see also tax losses managed investment trusts losses from carried interests .................... 275 ‑ 200(4) management and investment company shares see shares membership of associations see subscriptions to associations mining Laminaria and Corallina decommissioning levy ...... 26 ‑ 96 see also capital allowances misappropriation by employee or agent ........................ 25 ‑ 47 mortgage expenses of discharging a mortgage .............. 25 ‑ 30 motor vehicles see car expenses and leases National Disability Insurance Scheme National Disability Insurance Scheme expenditure ..... 26 ‑ 97 non ‑ cash transactions non ‑ cash business benefits .............. 51AK non ‑ cash consideration, money value deemed to have been paid or given 21 non ‑ commercial business activities deferral of non ‑ commercial losses .......... Division 35 non ‑ resident trust estates generally ................................ 102AAA to 102AAZG modified application of depreciation provisions . ...... 102AAY modified application of trading stock provisions ...... 102AAZ no deductions allowable under Division 36 ......... 102AAZC notional sales and loans adjustment amounts (lessee) 240 ‑ 110(1) adjustment amounts (lessor) 240 ‑ 105(3) arrangement payments, no deduction for ........... 240 ‑ 55 notional interest ............................ 240 ‑ 50, 250 ‑ 155 deemed loan treatment for financial benefits provided for tax preferred use of asset Subdivision 250 ‑ C payments to acquire property, no deduction for ....... 240 ‑ 85 offshore banking units generally ................................ 121B to 121EL overseas debtors repayment levy payment made to reduce a liability to overseas debtors repayment levy under the Student Loans (Overseas Debtors Repayment Levy) Act 2015 , no deduction unless provided as fringe benefit 26 ‑ 20 partnerships foreign hybrid loss exposure adjustment ............ ............................. 830 ‑ 50 losses, partner’s share of partnership loss ........... 90, 92 patents expenditure relating to grant of patents, etc. ......... Subdivisions 40 ‑ B and 40 ‑ I penalties no deduction for penalties ..................... 26 ‑ 5 personal services income alienated personal services income ............... Subdivision 86 ‑ B general ................................. Division 85 political contributions and gifts denial of certain deductions .................... 26 ‑ 22 deductions for individuals ..................... Subdivision 30 ‑ DA pooled development funds (PDFs) .................................... 124ZM to 124ZZD prepaid expenditure see advance expenditure primary production farm management deposits .................... Division 393 see also capital allowances and timber property arrangements relating to assets being put to tax preferred use Division 250 arrangements relating to use of property if end ‑ user an exempt public body or use outside Australia to produce exempt income 159GE to 159GO leveraged arrangements, property used: • other than to produce assessable income; or • by a non ‑ resident outside Australia; or • by a previous owner .................................... 51AD sale of property, profit or loss .................. 82(2) see also capital allowances and losses public trading trusts generally ................................ 102M to 102T qualifying securities see securities R&D Division 355 rates and land taxes premises used to produce mutual receipts ........... 25 ‑ 75 rebatable benefits no deduction for ........................... 26 ‑ 19 registered emissions units expenditure incurred in becoming the holder of ....... 420 ‑ 15 expenditure incurred in ceasing to hold ............ 420 ‑ 42 excess of opening over closing value of.......... ........ 420 ‑ 45 reimbursements expense payment fringe benefits, reduced deduction ... 51AH reinsurance see insurance with non ‑ residents related entities (including relatives) reduction of deduction for payment or liability to ...... 26 ‑ 35, 65(1B) and (1C) repairs general ................................. 25 ‑ 10 repair covenants, payment for non ‑ compliance with covenant to repair under lease 25 ‑ 15 roads see timber royalties royalty, no deduction for royalty paid to a foreign resident until the withholding tax payable has been paid 26 ‑ 25 scientific research see R&D securities qualifying securities ........................ 159GP to 159GZ substituted securities ........................ 23K traditional securities, loss on disposal or redemption of 70B shares buy ‑ backs ......................... 159GZZZJ to 159GZZZT cancellation of subsidiary’s shares in holding company . 159GZZZC to 159GZZZI employee share schemes, deduction for provider of ESS interests Subdivision 83A ‑ D see also dividends and securities Software see capital allowances spectrum licences see capital allowances State or Territory bodies (STBs) body ceasing to be STB, some deductions not allowed .. 24AW to 24AYA student start ‑ up loans payment made to reduce a debt to the Commonwealth under Chapter 2AA of the Social Security Act 1991 (student start ‑ up loans), no deduction unless provided as fringe benefit 26 ‑ 20 payment made to reduce a debt to the Commonwealth under Part 2 of the Student Assistance Act 1973 (ABSTUDY student start ‑ up loans), no deduction unless provided as fringe benefit 26 ‑ 20 subscriptions to associations .................................... 25 ‑ 55 substantiation work, travel and car expenses .................. Division 900 superannuation see insurance and annuity business and interest superannuation and related business generally ................................ Part 3 ‑ 30 asset disposals ............................ 295 ‑ 85 death or disability benefits, deduction for future service element 295 ‑ 470 death or disability cover, premiums for ............ 295 ‑ 465 financial assistance levy ...................... 295 ‑ 490(1) (table item 3) financial product advice subsection 295 ‑ 490(1) (table item 5) superannuation contributions surcharge no deduction ............................. 26 ‑ 60 superannuation—deductibility of contributions generally .......... ............................ Division 290 contributions for employees etc. ................. Subdivision 290 ‑ B contributions to non ‑ complying funds ....... sections 290 ‑ 10 and 290 ‑ 75 first home super saver scheme re ‑ contribution . section 290 ‑ 168 limit on deduction .......................... 26 ‑ 55 no deduction under any other provision of the Act ..... section 290 ‑ 10 personal contributions ....................... Subdivision 290 ‑ C superannuation—Division 296 tax no deduction for ........................... 26 ‑ 99A superannuation supervisory levy late lodgment amount, no deduction for ............ 26 ‑ 90 tax agent’s fees see tax related expenses tax avoidance schemes companies, use of tax losses or deductions to avoid tax . Division 175 diverted assessable income .................... 121F to 121L dividend stripping .......................... 177E gifts ................................... 78A imputation, manipulation of .................... 207 ‑ 150(2), 207 ‑ 150(3) prepaid outgoings to avoid tax .................. 82KJ recouped expenditure ........................ 82KH to 82KL tax avoidance scheme, no deduction allowable where deduction the result of 177A to 177G trading stock ............................. 70 ‑ 20, 52A tax exempt entities treatment of losses and outgoings on becoming taxable ............................... Schedule 2D tax losses bad debts, companies ........................ 165 ‑ 120 change of ownership or control of a company generally ......................... Division 165 for earlier income years ............... Subdivision 165 ‑ A for income year of the change ........... Subdivision 165 ‑ B designated infrastructure project entities ........... Division 415 earlier income years ........................ Division 36 life insurance companies ...................... Subdivision 320 ‑ D pooled development funds .................... Subdivision 195 ‑ A transfer between companies in same wholly ‑ owned group ................................ Subdivision 170 ‑ A tax preferred asset financing generally ................................ Division 250 denial of capital allowance deductions in relation to asset being put to tax preferred use 250 ‑ 145 reduction in capital allowance deductions in relation to asset being put to tax preferred use 250 ‑ 150 tax related expenses .................................... 25 ‑ 5 telecommunications site access rights see capital allowances telephone lines see primary production theft by employee or agent ........................ 25 ‑ 45 thin capitalisation disallowing of deductions ..................... Division 820 previously FRT disallowed amounts .............. 820 ‑ 56 timber death of owner of land carrying trees, deduction of the part of land cost attributable to trees 70 ‑ 120 disposal of land carrying trees, deduction of the part of land cost attributable to trees 70 ‑ 120 felling trees, deduction of cost of land attributable to trees felled or of cost of right to fell trees 70 ‑ 120 see also capital allowances trading ships see capital allowances trading stock Commissioner may determine whether consideration paid for chose in action is reasonable 52A excess of opening stock over closing value .......... 70 ‑ 35(3) expenditure deemed not to be of a capital nature ...... 70 ‑ 25 prepayments, when stock becomes trading stock on hand ................................ 70 ‑ 15 see also tax avoidance schemes and timber traditional securities see securities training guarantee training guarantee charge, no deduction for ......... 51(7) transfer pricing arm’s length principle for cross ‑ border conditions between entities Subdivision 815 ‑ B arm’s length principle for permanent establishments .... Subdivision 815 ‑ C transport expenses incurred in travel between workplaces ............. 25 ‑ 100 travel expenses accompanying relatives, no deduction for some travel expenses 26 ‑ 30 travel related to the use of residential premises as residential accommodation 26 ‑ 31 see also substantiation trees in carbon sink forests see capital allowances trusts trust income, deductions considered in calculating ..... 95 to 102 see also foreign residents , non ‑ resident trust estates and public trading trusts uniforms non ‑ compulsory uniforms .............. Division 34 uranium mining see mining VET student loans payment made to reduce a debt to the Commonwealth under Part 3A of the VET Student Loans Act 2016 (VETSL debts), no deduction unless provided as fringe benefit 26 ‑ 20 water facilities improvements ............................. 26 ‑ 100 see also capital allowances work expenses standard deduction for work ‑ related expenses . 25 ‑ 130 see also substantiation work in progress payment of a work in progress amount ............ 25 ‑ 95", "Amendment_Count": 113, "First_Amended": "No 121 of 1997", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 121 of 1997 | No 134 of 1997 | No 147 of 1997 | No 174 of 1997 | No 191 of 1997 | No 16 of 1998 | No 23 of 1998 | No 46 of 1998 | No 85 of 1998 | No 108 of 1998 | No 16 of 1999 | No 39 of 1999 | No 54 of 1999 | No 83 of 1999 | No 164 of 1999 | No 169 of 1999 | No 176 of 1999 | No 177 of 1999 | No 179 of 1999 | No 58 of 2000 | No 79 of 2000 | No 86 of 2000 | No 89 of 2000 | No 90 of 2000 | No 72 of 2001 | No 77 of 2001 | No 89 of 2001 | No 162 of 2001 | No 163 of 2001 | No 167 of 2001 | No 169 of 2001 | No 57 of 2002 | No 97 of 2002 | No 119 of 2002 | No 136 of 2002 | No 67 of 2003 | No 133 of 2003 | No 150 of 2003 | No 83 of 2004 | No 95 of 2004 | No 101 of 2004 | No 129 of 2004 | No 21 of 2005 | No 23 of 2005 | No 41 of 2005 | No 64 of 2005 | No 78 of 2005 | No 147 of 2005 | No 162 of 2005 | No 32 of 2006 | No 55 of 2006 | No 101 of 2006 | No 4 of 2007 | No 15 of 2007 | No 78 of 2007 | No 79 of 2007 | No 143 of 2007 | No 164 of 2007 | No 38 of 2008 | No 15 of 2009 | No 31 of 2009 | No 133 of 2009 | No 16 of 2010 | No 56 of 2010 | No 79 of 2010 | No 114 of 2010 | No 62 of 2011 | No 93 of 2011 | No 132 of 2011 | No 14 of 2012 | No 58 of 2012 | No 71 of 2012 | No 99 of 2012 | No 44 of 2013 | No 84 of 2013 | No 88 of 2013 | No 101 of 2013 | No 118 of 2013 | No 124 of 2013 | No 82 of 2014 | No 83 of 2014 | No 96 of 2014 | No 110 of 2014 | No 67 of 2015 | No 154 of 2015 | No 162 of 2015 | No 169 of 2015 | No 47 of 2016 | No 53 of 2016 | No 81 of 2016 | No 126 of 2017 | No 132 of 2017 | No 4 of 2018 | No 23 of 2018 | No 84 of 2018 | No 116 of 2018 | No 34 of 2019 | No 95 of 2019 | No 105 of 2019 | No 110 of 2021 | No 14 of 2022 | No 24 of 2022 | No 75 of 2022 | No 84 of 2022 | No 61 of 2023 | No 23 of 2024 | No 52 of 2024 | No 67 of 2024 | No 134 of 2024 | No 138 of 2024 | No 57 of 2025 | No 8 of 2026 | No 49 of 2026", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 134 of 1997, effective s 4(2) and Sch 1 (items 3–6): 19 Sept 1997 (s 2) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 191 of 1997, effective Sch 2: 7 Dec 1997 (s 2(1)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 23 of 1998, effective 17 Apr 1998 | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 85 of 1998, effective 2 Jan 1999 | Amended by No 108 of 1998, effective 7 Dec 1998 ( see s. 2) | Amended by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 39 of 1999, effective 31 May 1999 | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 177 of 1999, effective Sch 5: 22 Dec 1999 (s 2(1)) Sch 8 (items 1–6): 1 July 2000 (s 2(10)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Amended by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2000, effective 30 June 2000 | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 89 of 2001, effective 18 July 2001 | Amended by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 97 of 2002, effective s. 4, Schedule 1 (item 8) and Schedule 2 (items 9A, 9B, 10–12): Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 150 of 2003, effective Sch 2 (items 136–143): 1 Jan 2004 (s 2(1) item 16) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 21 of 2005, effective 21 Mar 2005 | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 31 of 2009, effective 22 May 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 16 of 2010, effective 15 Mar 2010 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Amended by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 82 of 2014, effective Sch 1 (items 5–7): 18 July 2014 (s 2(1) item 2) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 154 of 2015, effective Sch 5 (items 2–4): 1 Jan 2016 (s 2(1) item 9) | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6) | Amended by No 169 of 2015, effective Sch 1 (items 6–10, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 47 of 2016, effective Sch 6 (items 16–25): 6 May 2016 (s 2(1) item 8) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 116 of 2018, effective Sch 1 (items 27–32): 1 July 2019 (s 2(1) item 2B) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 95 of 2019, effective Sch 2 and 3: 1 Jan 2020 (s 2(1) item 2) Sch 5 (items 1, 4): 29 Oct 2019 (s 2(1) item 3) | Amended by No 105 of 2019, effective Sch 1 (items 5–7, 54): 1 July 2020 (s 2(1) item 2) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 24 of 2022, effective sch 1 (items 1-5, 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4) | Amended by No 84 of 2022, effective sch 1 (item 16), sch 3 (items 28-33), sch 5: 1 Jan 2023 (s 2(1) items 2, 4) | Amended by No 61 of 2023, effective sch 1 (items 132-136, 156-165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s12-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 13-1A", "Provision_Key": "s13-1a", "Heading": "Effect of this Division", "Text": "This Division is a * Guide.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s13-1A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 13-1", "Provision_Key": "s13-1", "Heading": "List of tax offsets", "Text": "The provisions set out in the list allow you a tax offset. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936. Aboriginal study assistance see social security and other benefit payments annual leave see leave payments annuity see superannuation approved deposit funds (ADFs) see dividends attribution managed investment trusts non ‑ resident beneficiary ................ 276 ‑ 110 averaging see primary production bonuses see life assurance child increased tax payable under Part III Division 6AA, unreasonable 102AH trust income .............................. 100(2) corporate unit trusts see dividends critical minerals .................................... Division 419 Cyclone Larry or Cyclone Monica income support payment see social security and other benefit payments defence force members serving overseas .................... 79B dependants invalid relative, invalid spouse or carer in receipt of carer benefit Subdivision 61 ‑ A dividends general ................................. 207 ‑ 20(2), 207 ‑ 45, 207 ‑ 110(2)(c), 210 ‑ 170(1) early stage venture capital limited partnerships contributions to ESVCLPs......................................... Subdivision 61 ‑ P employment termination employment termination payments ............... 82 ‑ 10 82 ‑ 70 see leave payments , superannuation and sections 82 ‑ 10A and 82 ‑ 10C of the Income Tax (Transitional Provisions) Act 1997 Equine Workers Hardship Wage Supplement Payment see social security and other benefit payments exploration for minerals junior minerals exploration incentive ............. Subdivision 418 ‑ B film .................................... Division 376 foreign income tax foreign income tax paid, tax offset for ............. Division 770 franking deficit tax liabilities to pay ............................ 205 ‑ 70 franked dividends see dividends hardship see child housing National Rental Affordability. .................. Division 380 hydrogen production .................................... Division 421 imputation see dividends and franking deficit tax innovation companies certain shares issued to early stage investors ......... Subdivision 360 ‑ A inter ‑ corporate dividends see dividends interest tax paid on by company ...................... 127 interim income support payment see social security and other benefit payments invalid relative see dependants labour income .................................... Subdivision 61 ‑ E leave payments unused annual leave payment .......... .............. 83 ‑ 15 unused long service leave payment ............... 83 ‑ 85 see employment termination legal disability see trusts life assurance bonus, receipt of ........................... 160AAB life insurance company subsidiary joining consolidated group ............. 713 ‑ 545(5) long service leave see leave payments losses loss carry back ............................ Division 160 low income earner aged or pensioner beneficiary , trustee liable to be assessed for beneficiary’s share of net income of trust estate 160AAAB aged person or pensioner ...................... 160AAAA general ................................. Subdivision 61 ‑ D lump sum income arrears receipt of ................................ 159ZRA, 159ZRB , Subdivision 61 ‑ L non ‑ resident beneficiary see trusts non ‑ resident trust estate see trusts overseas defence force service see defence force partnerships see dividends , housing and small business entities pension see social security and other benefit payments pooled superannuation trusts (PSTs) see dividends primary production averaging of income, trustees .................. 156 averaging of tax liability, individuals ............. 392 ‑ 35(2) farm household allowance see social security and other benefit payments interim income support payments see social security and other benefit payments private health insurance ...................................... Subdivision 61–G public trading trust see dividends public unit trust see dividends R&D Division 355 residents of isolated areas see zone small business small business income ....................... Subdivision 328 ‑ F social security and other benefit payments Aboriginal study assistance scheme .............. 160AAA(3) children, assistance for isolated ................. 160AAA(3) Cyclone Larry or Cyclone Monica income support payment 160AAA(3) Disaster income support allowance for special category visa (subclass 444) holders 160AAA(3) Equine Workers Hardship Wage Supplement Payment .. 160AAA(3) farm household allowance under the Farm Household Support Act 2014 see unemployment and other benefit payments under the Social Security Act 1991 interim income support payment ................. 160AAA(3) pension, social security pension and veteran’s pension .. 160AAAA textile, clothing and footwear allowance ............ 160AAA(3) unemployment and other benefit payments under the Social Security Act 1991 160AAA(3) superannuation generally ................................ Divisions 301 and 302 associated earnings on non ‑ concessional contributions Subdivision 292 ‑ B spouse contributions ........................ Subdivision 290 ‑ D death benefits ............................. 302 ‑ 75 302 ‑ 85 302 ‑ 145 excess concessional contributions ................ 291 ‑ 15(b) first home super saver scheme .................. 313 ‑ 25 member benefits ........................... 301 ‑ 20 301 ‑ 25 301 ‑ 35 301 ‑ 40 301 ‑ 95 301 ‑ 100 301 ‑ 105 301 ‑ 115 TFN quoted to superannuation or RSA provider after no ‑ TFN contributions tax paid 295 ‑ 675 veterans’ invalidity pensions ................... Subdivision 301 ‑ F termination payments see employment termination , leave payments and superannuation trustee see dividends , low income earner and trusts trusts beneficiary in a foreign trust ................... 98B non ‑ resident beneficiary ................ 98A(2)(a) trust income of beneficiary with legal disability ....... 100(2) trust income (modifications for special disability trusts) . 95AB(5) see also dividends , housing and small business entities United Nations forces salary, wages and allowances from service as a member of 23AB(7) unemployment benefits see social security and other benefit payments unit trusts see dividends winding ‑ up of non ‑ resident trust estates see trusts withholding payments made by companies to Australian seafarers .......... Subdivision 61 ‑ N zone residents of isolated areas ..................... 79A", "Amendment_Count": 68, "First_Amended": "No 56 of 1997", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 56 of 1997 | No 121 of 1997 | No 179 of 1997 | No 16 of 1998 | No 46 of 1998 | No 47 of 1998 | No 91 of 1998 | No 102 of 1998 | No 128 of 1998 | No 60 of 1999 | No 83 of 1999 | No 144 of 2000 | No 77 of 2001 | No 170 of 2001 | No 32 of 2002 | No 57 of 2002 | No 67 of 2003 | No 107 of 2003 | No 23 of 2005 | No 41 of 2005 | No 77 of 2005 | No 160 of 2005 | No 58 of 2006 | No 80 of 2006 | No 101 of 2006 | No 15 of 2007 | No 32 of 2007 | No 79 of 2007 | No 80 of 2007 | No 143 of 2007 | No 38 of 2008 | No 97 of 2008 | No 130 of 2008 | No 141 of 2008 | No 42 of 2009 | No 41 of 2011 | No 62 of 2011 | No 93 of 2011 | No 159 of 2011 | No 12 of 2012 | No 23 of 2012 | No 50 of 2012 | No 57 of 2012 | No 75 of 2012 | No 84 of 2013 | No 85 of 2013 | No 88 of 2013 | No 118 of 2013 | No 11 of 2014 | No 13 of 2014 | No 96 of 2014 | No 20 of 2015 | No 21 of 2015 | No 70 of 2015 | No 114 of 2015 | No 53 of 2016 | No 54 of 2016 | No 25 of 2017 | No 132 of 2017 | No 4 of 2018 | No 15 of 2018 | No 26 of 2018 | No 47 of 2018 | No 49 of 2019 | No 92 of 2020 | No 29 of 2023 | No 9 of 2025 | No 49 of 2026", "History_Notes": "Amended by No 56 of 1997, effective Sch 2 (items 7–10): 1 July 1997 (s 2(4)) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1997, effective Sch 2 (items 12–26) and Sch 3 (item 4): 25 Nov 1997 (s 2) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Amended by No 102 of 1998, effective 30 July 1998 | Amended by No 128 of 1998, effective 21 Dec 1998 | Amended by No 60 of 1999, effective 9 July 1999 ( see s. 2) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 144 of 2000, effective Sch 2 (items 7–19) and Sch 3 (items 7(3), 8): 18 Dec 2000 (s 2(2) and gaz 2000, No S634) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 32 of 2002, effective 30 May 2002 | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 77 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 130 of 2008, effective 1 July 2008 | Amended by No 141 of 2008, effective Schedule 1 (items 2–5, 10): Royal Assent | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 159 of 2011, effective Schedule 3 (items 17–21, 24): 1 July 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 50 of 2012, effective Schedule 3: 27 May 2012 | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 11 of 2014, effective Sch 3 (items 7, 8): 1 July 2019 (s 2(1) item 6) Sch 4 (items 1–7): 18 Mar 2014 (s 2(1) item 7) Sch 4 (items 8, 9): 17 Dec 2018 (s 2(1) item 8) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 20 of 2015, effective Sch 1 (items 1–3, 6): 20 Mar 2015 (s 2(1) item 2) Sch 4: 19 Mar 2015 (s 2(1) item 3) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 47 of 2018, effective Sch 1 (items 1, 6, 7): 1 July 2018 (s 2(1) item 2) Sch 1 (items 11–15, 19, 20): repealed before commencing (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s13-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-1", "Provision_Key": "s15-1", "Heading": "What this Division is about", "Text": "This Division sets out some items that are included in your assessable income. Remember that the general rules about assessable income in Division 6 apply to these items. Table of sections Operative provisions 15 ‑ 2 Allowances and other things provided in respect of employment or services 15 ‑ 3 Return to work payments 15 ‑ 5 Accrued leave transfer payments 15 ‑ 10 Bounties and subsidies 15 ‑ 15 Profit ‑ making undertaking or plan 15 ‑ 20 Royalties 15 ‑ 22 Payments made to members of a copyright collecting society 15 ‑ 23 Payments of resale royalties by resale royalty collecting society 15 ‑ 25 Amount received for lease obligation to repair 15 ‑ 30 Insurance or indemnity for loss of assessable income 15 ‑ 35 Interest on overpayments and early payments of tax 15 ‑ 40 Providing mining, quarrying or prospecting information or geothermal exploration information 15 ‑ 45 Amounts paid under forestry agreements 15 ‑ 46 Amounts paid under forestry managed investment schemes 15 ‑ 50 Work in progress amounts 15 ‑ 55 Certain amounts paid under funeral policy 15 ‑ 60 Certain amounts paid under scholarship plan 15 ‑ 70 Reimbursed car expenses 15 ‑ 75 Bonuses 15 ‑ 80 Franked distributions entitled to a foreign income tax deduction—Additional Tier 1 capital exception", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-2", "Provision_Key": "s15-2", "Heading": "Allowances and other things provided in respect of employment or services", "Text": "(1) Your assessable income includes the value to you of all allowances, gratuities, compensation, benefits, bonuses and premiums * provided to you in respect of, or for or in relation directly or indirectly to, any employment of or services rendered by you (including any service as a member of the Defence Force). (2) This is so whether the things were * provided in money or in any other form. (3) However, the value of the following are not included in your assessable income under this section: (a) a * superannuation lump sum or an * employment termination payment; (b) an * unused annual leave payment or an * unused long service leave payment; (c) a * dividend or * non ‑ share dividend; (d) an amount that is assessable as * ordinary income under section 6 ‑ 5; (e) * ESS interests to which Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies. Note: Section 23L of the Income Tax Assessment Act 1936 provides that fringe benefits are non ‑ assessable non ‑ exempt income.", "Amendment_Count": 3, "First_Amended": "No 101 of 2006", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 101 of 2006 | No 15 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-3", "Provision_Key": "s15-3", "Heading": "Return to work payments", "Text": "Your assessable income includes an amount you receive under an * arrangement that an entity enters into for a purpose of inducing you to resume working for, or providing services to, any entity.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-5", "Provision_Key": "s15-5", "Heading": "Accrued leave transfer payments", "Text": "Your assessable income includes an * accrued leave transfer payment that you receive. To find out if the payment is deductible to the payer, see section 26 ‑ 10.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-10", "Provision_Key": "s15-10", "Heading": "Bounties and subsidies", "Text": "Your assessable income includes a bounty or subsidy that: (a) you receive in relation to carrying on a * business; and (b) is not assessable as * ordinary income under section 6 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-15", "Provision_Key": "s15-15", "Heading": "Profit ‑ making undertaking or plan", "Text": "(1) Your assessable income includes profit arising from the carrying on or carrying out of a profit ‑ making undertaking or plan. (2) This section does not apply to a profit that: (a) is assessable as * ordinary income under section 6 ‑ 5; or (b) arises in respect of the sale of property acquired on or after 20 September 1985. Note: If you sell property you acquired before 20 September 1985 for profit ‑ making by sale, your assessable income includes the profit: see section 25A of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-20", "Provision_Key": "s15-20", "Heading": "Royalties", "Text": "(1) Your assessable income includes an amount that you receive as or by way of royalty within the ordinary meaning of “royalty” (disregarding the definition of royalty in subsection 995 ‑ 1(1)) if the amount is not assessable as * ordinary income under section 6 ‑ 5. (2) Subsection (1) does not apply to an amount of a payment to which section 15 ‑ 22 or 15 ‑ 23 applies.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 121 of 1997 | No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-22", "Provision_Key": "s15-22", "Heading": "Payments made to members of a copyright collecting society", "Text": "(1) This section, instead of Division 6 of Part III of the Income Tax Assessment Act 1936 , applies to a payment that a * copyright collecting society, to which section 51 ‑ 43 applies, makes to you as a * member of the society. (2) Your assessable income includes the amount of the payment, except to the extent that the payment represents an amount on which the directors of the society are or have been assessed, and are liable to pay * tax, under section 98, 99 or 99A of the Income Tax Assessment Act 1936 . Note: Section 410 ‑ 5 of this Act requires a copyright collecting society to give you a notice at the time of payment.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-22"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-23", "Provision_Key": "s15-23", "Heading": "Payments of resale royalties by resale royalty collecting society", "Text": "(1) This section, instead of Division 6 of Part III of the Income Tax Assessment Act 1936 , applies to a payment that the * resale royalty collecting society makes to you under section 26 of the Resale Royalty Right for Visual Artists Act 2009 . (2) Your assessable income includes the amount of the payment, except to the extent that the payment represents an amount on which the directors of the society are or have been assessed, and are liable to pay * tax, under section 98, 99 or 99A of the Income Tax Assessment Act 1936 . Note: Section 410 ‑ 50 of this Act requires the resale royalty collecting society to give you a notice at the time of payment.", "Amendment_Count": 1, "First_Amended": "No 126 of 2009", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 126 of 2009", "History_Notes": "Inserted by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-23"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-25", "Provision_Key": "s15-25", "Heading": "Amount received for lease obligation to repair", "Text": "Your assessable income includes an amount you receive from an entity if: (a) you receive it as a lessor or former lessor of premises; and (b) the entity pays you the amount for failing to comply with a lease obligation to make repairs to the premises; and (c) the entity uses or has used the premises for the * purpose of producing assessable income; and (d) the amount is not assessable as * ordinary income under section 6 ‑ 5. Note: The entity can deduct the amount: see section 25 ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-30", "Provision_Key": "s15-30", "Heading": "Insurance or indemnity for loss of assessable income", "Text": "Your assessable income includes an amount you receive by way of insurance or indemnity for the loss of an amount (the lost amount ) if: (a) the lost amount would have been included in your assessable income; and (b) the amount you receive is not assessable as * ordinary income under section 6 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-35", "Provision_Key": "s15-35", "Heading": "Interest on overpayments and early payments of tax", "Text": "Your assessable income includes interest payable to you under the Taxation (Interest on Overpayments and Early Payments) Act 1983 . The interest becomes assessable when it is paid to you or applied to discharge a liability you have to the Commonwealth.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-40", "Provision_Key": "s15-40", "Heading": "Providing mining, quarrying or prospecting information or geothermal exploration information", "Text": "(1) Your assessable income includes an amount you receive for providing * mining, quarrying or prospecting information to another entity if: (a) you continue to * hold the information; and (b) the amount you receive is not assessable as * ordinary income under section 6 ‑ 5. (2) Your assessable income includes an amount you receive for providing * geothermal exploration information you have to another entity if: (a) you continue to have the information; and (b) the information is, and continues to be, relevant to: (i) * geothermal energy extraction that you carry on or propose to carry on; or (ii) a * business that you carry on that includes * exploration or prospecting for * geothermal energy resources from which energy can be extracted by geothermal energy extraction; and (c) the amount you receive is not assessable as * ordinary income under section 6 ‑ 5. It does not matter whether the information is generally available or not. (3) Geothermal exploration information is geological, geophysical or technical information that: (a) relates to the presence, absence or extent of * geothermal energy resources in an area; or (b) is likely to help in determining the presence, absence or extent of such resources in an area. (4) Geothermal energy extraction means operations that are for: (a) the extraction of energy from * geothermal energy resources; and (b) the * purpose of producing assessable income.", "Amendment_Count": 3, "First_Amended": "No 77 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 77 of 2001 | No 84 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-45", "Provision_Key": "s15-45", "Heading": "Amounts paid under forestry agreements", "Text": "(1) Your assessable income includes an amount you receive under an agreement for the planting and tending of trees for felling if: (a) you are the manager of the agreement as mentioned in section 82KZMG of the Income Tax Assessment Act 1936 ; and (b) the amount satisfies, for the entity that paid it, the requirements of that section. The amount is included for the income year in which the entity can claim a deduction for the amount. (2) No part of an amount included under subsection (1) is included in your assessable income for a later income year.", "Amendment_Count": 1, "First_Amended": "No 26 of 2002", "Last_Amended": "No 26 of 2002", "Amending_Acts": "No 26 of 2002", "History_Notes": "Inserted by No 26 of 2002, effective 4 Apr 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-46", "Provision_Key": "s15-46", "Heading": "Amounts paid under forestry managed investment schemes", "Text": "(1) Your assessable income includes an amount you receive under a * forestry managed investment scheme if: (a) you are the * forestry manager of the scheme, or an * associate of the forestry manager; and (b) the entity that paid the amount can deduct or has deducted the amount under section 394 ‑ 10 in relation to the scheme (disregarding subsection 394 ‑ 10(5)). The amount is included for the income year for which the entity that paid the amount can or has claimed a deduction for it (disregarding subsection 394 ‑ 10(5)). (2) No part of an amount included under subsection (1) is included in your assessable income for a later income year.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-46"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-50", "Provision_Key": "s15-50", "Heading": "Work in progress amounts", "Text": "Your assessable income includes a * work in progress amount that you receive. Note: To find out whether the amount is deductible to the payer, see section 25 ‑ 95.", "Amendment_Count": 1, "First_Amended": "No 119 of 2002", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 119 of 2002", "History_Notes": "Inserted by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-55", "Provision_Key": "s15-55", "Heading": "Certain amounts paid under funeral policy", "Text": "(1) Your assessable income includes the amount of a benefit provided to you by a * life insurance company under a * funeral policy issued after 31 December 2002 to pay for the funeral of the insured person, reduced by: (a) the amount of the premium or premiums of the policy that is reasonably related to the benefit; and (b) the amount of the fees and charges included in the company’s assessable income for any income year under paragraph 320 ‑ 15(1)(k) that is reasonably related to the benefit. (2) This section does not apply if the benefit is included in your assessable income as: (a) * ordinary income under section 6 ‑ 5; or (b) * statutory income under a section of this Act other than this section.", "Amendment_Count": 2, "First_Amended": "No 12 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 12 of 2003 | No 143 of 2007", "History_Notes": "Inserted by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-60", "Provision_Key": "s15-60", "Heading": "Certain amounts paid under scholarship plan", "Text": "(1) Your assessable income includes the amount of a benefit provided to you, or on your behalf, by a * life insurance company under a * scholarship plan covered by subsection (2) or (3), reduced by the amount worked out under subsection (4), if: (a) the benefit is provided on or after 1 January 2003; and (b) you are nominated in the plan as a beneficiary whose education is to be helped by the benefit. (2) This subsection covers a * scholarship plan issued by the * life insurance company after 31 December 2002. (3) This subsection covers a * scholarship plan if: (a) the plan was issued by the * life insurance company before 1 January 2003; and (b) no amount received by the company on or after 1 January 2003 and attributable to the plan is * non ‑ assessable non ‑ exempt income of the company under paragraph 320 ‑ 37(1)(d). (4) The amount of the reduction is the sum of: (a) the amount of the premium or premiums of the plan that is reasonably related to the benefit; and (b) the amount of the fees and charges included in the company’s assessable income for any income year under paragraph 320 ‑ 15(1)(k) that is reasonably related to the benefit.", "Amendment_Count": 3, "First_Amended": "No 12 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 12 of 2003 | No 66 of 2003 | No 143 of 2007", "History_Notes": "Inserted by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-70", "Provision_Key": "s15-70", "Heading": "Reimbursed car expenses", "Text": "Your assessable income includes a reimbursement mentioned in section 22 of the Fringe Benefits Tax Assessment Act 1986 (about exempt car expense payment benefits) that, but for that section, would be a * fringe benefit * provided to you.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-75", "Provision_Key": "s15-75", "Heading": "Bonuses", "Text": "Your assessable income includes any amount you receive as or by way of bonus on a * life insurance policy, other than a reversionary bonus. Note: Reversionary bonuses are covered by section 6 ‑ 5 of this Act if they are ordinary income and, if not, by section 26AH of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 15-80", "Provision_Key": "s15-80", "Heading": "Franked distributions entitled to a foreign income tax deduction—Additional Tier 1 capital exception", "Text": "(1) If section 207 ‑ 158 would, apart from subsection 207 ‑ 158(2), apply to a * franked distribution, then an amount equal to the * foreign income tax deduction referred to in subsection (1) of that section is included in the assessable income of the entity that made the distribution for the income year mentioned in subsection (2) of this section. (2) The income year is: (a) if the * foreign tax period in which the * foreign income tax deduction arises falls wholly within an income year of the entity—that income year; or (b) if the foreign tax period in which the foreign income tax deduction arises straddles 2 income years of the entity—the later of those income years.", "Amendment_Count": 3, "First_Amended": "No 92 of 2008", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 92 of 2008 | No 70 of 2015 | No 79 of 2020", "History_Notes": "Inserted by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Repealed by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Inserted by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s15-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-1", "Provision_Key": "s17-1", "Heading": "What this Division is about", "Text": "This Division sets out the effect of the GST in working out assessable income. Generally speaking, GST, input tax credits and adjustments under the GST Act are disregarded. Table of sections 17 ‑ 5 GST and increasing adjustments 17 ‑ 10 Certain decreasing adjustments 17 ‑ 15 Elements in calculation of amounts 17 ‑ 20 GST groups and GST joint ventures 17 ‑ 30 Special credits because of indirect tax transition 17 ‑ 35 Certain sections not to apply to certain assets or expenditure", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-5", "Provision_Key": "s17-5", "Heading": "GST and increasing adjustments", "Text": "An amount is not assessable income, and is not * exempt income, to the extent that it includes an amount relating to: (a) * GST payable on a * taxable supply; or (b) an * increasing adjustment that relates to a * supply; or (c) an * increasing adjustment that: (i) relates to an * acquisition; and (ii) arises in circumstances that also give rise to a * recoupment that is included in assessable income.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 176 of 1999 | No 66 of 2003", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-10", "Provision_Key": "s17-10", "Heading": "Certain decreasing adjustments", "Text": "(1) An amount of a * decreasing adjustment that arises under Division 129 or 132 of the * GST Act is assessable income , unless the entity that has the adjustment is an * exempt entity. (2) However, the amount is not assessable income to the extent that, because it becomes a component of a * net input tax credit, a reduction is made under section 103 ‑ 30 (reduction of cost base etc. by net input tax credits).", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 176 of 1999 | No 95 of 2004", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-15", "Provision_Key": "s17-15", "Heading": "Elements in calculation of amounts", "Text": "In calculating an amount that may be included in assessable income: (a) an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any * GST payable on a * taxable supply related to the amount received or receivable, or any * increasing adjustment related to that amount; and (b) an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any * input tax credit for an * acquisition related to the amount paid or payable, or any * decreasing adjustment related to that amount.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-20", "Provision_Key": "s17-20", "Heading": "GST groups and GST joint ventures", "Text": "(1) A * member of a * GST group is to be treated, for the purposes of this Division, as if Subdivision 48 ‑ B of the * GST Act (other than paragraph 48 ‑ 40(2)(a) and subsection 48 ‑ 40(3)) did not apply to that member. (2) A * participant in a * GST joint venture is to be treated, for the purposes of this Division, as if Subdivision 51 ‑ B of the * GST Act (other than subsections 51 ‑ 30(2) and (3)) did not apply to that participant.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-30", "Provision_Key": "s17-30", "Heading": "Special credits because of indirect tax transition", "Text": "A special credit under section 19A of the A New Tax System (Goods and Services Tax Transition) Act 1999 is assessable income at the time it is attributed to a * tax period (for a credit under section 19A).", "Amendment_Count": 4, "First_Amended": "No 177 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 177 of 1999 | No 156 of 2000 | No 97 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 177 of 1999, effective Sch 5: 22 Dec 1999 (s 2(1)) Sch 8 (items 1–6): 1 July 2000 (s 2(10)) | Amended by No 156 of 2000, effective Sch 6 (items 47, 48, 49(3)) and Sch 7 (item 15): 21 Dec 2000 (s 2(1)) | Amended by No 97 of 2002, effective s. 4, Schedule 1 (item 8) and Schedule 2 (items 9A, 9B, 10–12): Royal Assent | Repealed and substituted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 17-35", "Provision_Key": "s17-35", "Heading": "Certain sections not to apply to certain assets or expenditure", "Text": "Sections 17 ‑ 5, 17 ‑ 10 and 17 ‑ 15 do not apply to assets, or to expenditure, for which you can deduct amounts under Division 40 or Division 328. Note: See instead Subdivision 27 ‑ B.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s17-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-1", "Provision_Key": "s20-1", "Heading": "What this Division is about", "Text": "This Division includes amounts in your assessable income to reverse the effect of certain kinds of deductions. Table of sections 20 ‑ 5 Other provisions that reverse the effect of deductions", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-5", "Provision_Key": "s20-5", "Heading": "Other provisions that reverse the effect of deductions", "Text": "The table lists other provisions that reverse the effect of certain kinds of deductions. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Provisions that adjust your tax position in respect of deductions Item In this situation: See: 1 A balancing adjustment for a depreciating asset is included in your assessable income. 40 ‑ 285(1) and 40 ‑ 445(2) 2 An amount you receive by way of insurance or indemnity for a loss of trading stock is included in your assessable income. 70 ‑ 115 2A Limited recourse debt that was used to finance expenditure deductible under a capital allowance (or on property for which you have deducted or can deduct amounts under a capital allowance) terminates: an amount is included in your assessable income 243 ‑ 40 3 Because of: • petroleum resource rent tax; or • an instalment of petroleum resource rent tax; that you have deducted or can deduct, an amount is refunded, credited, paid or applied: the amount is included in your assessable income. 40 ‑ 750(3) 4 You receive a fringe benefit by way of reimbursement or payment of a loss or outgoing you incurred: your deduction for the loss or outgoing is reduced. 51AH 7 You receive an amount as recoupment for your local governing body election expenses: an amount is included in your assessable income. 74A(4) 8 You receive superannuation benefits as a result of someone’s deductible contributions: the benefits are included in your assessable income. 290 ‑ 100 9 An R&D entity receives or becomes entitled to receive an amount: • for, or relating to, the results of R&D activities; or • attributable to it incurring expenditure on R&D activities or to its use of a depreciating asset for the purpose of conducting R&D activities; and the entity is entitled under Division 355 to a tax offset relating to those R&D activities. The amount is included in its assessable income. 355 ‑ 410 10 An R&D entity: • receives, or becomes entitled to receive, a recoupment from government relating to R&D activities; or • can deduct, under Division 355, expenditure on goods, materials or energy used during R&D activities to produce marketable products or products applied to the R&D entity’s own use; and the entity is entitled under Division 355 to a tax offset relating to those R&D activities. An amount is included in its assessable income. Subdivision 355 ‑ G", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 121 of 1997 | No 46 of 1998 | No 72 of 2001 | No 77 of 2001 | No 170 of 2001 | No 15 of 2007 | No 143 of 2007 | No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-10", "Provision_Key": "s20-10", "Heading": "What this Subdivision is about", "Text": "Recoupment of expenses you incurred and can deduct Your assessable income may include an amount that you receive by way of insurance, indemnity or other recoupment if:  it is for a deductible expense; and  it is not otherwise assessable income. Recoupment of expenses you did not incur but can deduct Your assessable income may include an amount that another entity receives by way of insurance, indemnity or other recoupment if:  it is for an expense that you can deduct; and  it is not otherwise your assessable income. Table of sections 20 ‑ 15 How to use this Subdivision What is an assessable recoupment ? 20 ‑ 20 Assessable recoupments 20 ‑ 25 What is recoupment ? 20 ‑ 30 Tables of deductions for which recoupments are assessable How much is included in your assessable income? 20 ‑ 35 If the expense is deductible in a single income year 20 ‑ 40 If the expense is deductible over 2 or more income years 20 ‑ 45 Effect of balancing charge 20 ‑ 50 If the expense is only partially deductible 20 ‑ 55 Meaning of previous recoupment law What if you can deduct a loss or outgoing incurred by another entity? 20 ‑ 60 If you are the only entity that can deduct an amount for the loss or outgoing 20 ‑ 65 If 2 or more entities can deduct amounts for the loss or outgoing", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 121 of 1997 | No 16 of 1998", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed and substituted by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-15", "Provision_Key": "s20-15", "Heading": "How to use this Subdivision", "Text": "If you incurred the deductible loss or outgoing (1) First, read sections 20 ‑ 20 to 20 ‑ 30 to work out whether you have received an assessable recoupment. If not, you do not need to read the rest of the Subdivision. (2) If you have received one or more assessable recoupments, sections 20 ‑ 35 to 20 ‑ 55 tell you how much is included in your assessable income for an income year. If another entity incurred a loss or outgoing you can deduct (3) Sections 20 ‑ 60 and 20 ‑ 65 tell you how to apply this Subdivision.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 121 of 1997 | No 16 of 1998", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-20", "Provision_Key": "s20-20", "Heading": "Assessable recoupments", "Text": "Exclusion (1) An amount is not an assessable recoupment to the extent that it is * ordinary income, or it is * statutory income because of a provision outside this Subdivision. Insurance or indemnity (2) An amount you have received as * recoupment of a loss or outgoing is an assessable recoupment if: (a) you received the amount by way of insurance or indemnity; and (b) you can deduct an amount for the loss or outgoing for the * current year, or you have deducted or can deduct an amount for it for an earlier income year, under any provision of this Act. Other recoupment (3) An amount you have received as * recoupment of a loss or outgoing ( except by way of insurance or indemnity) is an assessable recoupment if: (a) you can deduct an amount for the loss or outgoing for the * current year; or (b) you have deducted or can deduct an amount for the loss or outgoing for an earlier income year; under a provision listed in section 20 ‑ 30.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 54 of 1999", "Amending_Acts": "No 121 of 1997 | No 54 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-25", "Provision_Key": "s20-25", "Heading": "What is recoupment ?", "Text": "General (1) Recoupment of a loss or outgoing includes: (a) any kind of recoupment, reimbursement, refund, insurance, indemnity or recovery, however described; and (b) a grant in respect of the loss or outgoing. Amount paid for you (2) If some other entity pays an amount for you in respect of a loss or outgoing that you incur, you are taken to receive the amount as recoupment of the loss or outgoing. Remission of general interest charge or shortfall interest charge (2A) If: (a) you have incurred expenditure that consists of * general interest charge or * shortfall interest charge; and (b) the Commissioner remits any of that charge; then you are taken to receive the remitted amount as recoupment of that expenditure. Amount for disposing of right to recoupment (3) If you dispose of your right to receive an amount as * recoupment of a loss or outgoing you are taken to receive as recoupment of the loss or outgoing any amount you receive for disposing of that right. (The disposal need not be to another entity.) Amount received that is recoupment to an unspecified extent (4) If you receive an amount that is, to an unspecified extent, * recoupment of a loss or outgoing, the amount is taken to be recoupment of the loss or outgoing to whatever extent is reasonable. Balancing adjustments not covered (5) If a balancing adjustment is required for property on which you incurred a loss or outgoing, no part of the * termination value of the property is an amount you receive as recoupment of the loss or outgoing. Note: The termination value is usually the amount you receive because of disposal, loss or destruction of the property.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 75 of 2005", "Amending_Acts": "No 121 of 1997 | No 11 of 1999 | No 178 of 1999 | No 75 of 2005", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 11 of 1999, effective Sch 1 (items 277–280, 404): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Amended by No 75 of 2005, effective 29 June 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-30", "Provision_Key": "s20-30", "Heading": "Tables of deductions for which recoupments are assessable", "Text": "(1) This table shows the deductions under the Income Tax Assessment Act 1997 for which recoupments are assessable. Note: References are to section numbers except where otherwise indicated. Provisions of the Income Tax Assessment Act 1997 Item Provision Description of expense 1.1 8 ‑ 1 (so far as it allows you to deduct a bad debt, or part of a debt that is bad) bad debts 1.2 8 ‑ 1 (so far as it allows you to deduct rates or taxes) rates or taxes 1.3 25 ‑ 5 tax ‑ related expenses 1.4 25 ‑ 35 bad debts 1.5 25 ‑ 45 embezzlement or larceny by an employee 1.5A 25 ‑ 47 misappropriation by an employee or agent 1.6 25 ‑ 60 election expenses, Commonwealth and State elections 1.6A 25 ‑ 65 election expenses, local governing body 1.7 25 ‑ 75 rates and land taxes on premises used to produce mutual receipts 1.8 The former 25 ‑ 80 upgrading assets to meet GST obligations etc. 1.8A 25 ‑ 95 work in progress amount 1.8B item 7 of the table in section 30 ‑ 15 contributions relating to fund ‑ raising events 1.8C item 8 of the table in section 30 ‑ 15 contributions relating to fund ‑ raising auctions 1.9 Division 40 capital allowances 1.10 The former Division 42 (as it applied to * software because of the former Subdivision 46 ‑ B) expenditure on software 1.11 The former Subdivision 46 ‑ C expenditure on software 1.12 The former Subdivision 46 ‑ D expenditure on software, pooled 1.13 The former Division 42 (as it applied to * IRUs because of Division 44) expenditure on IRUs 1.14 The former 330 ‑ 15 exploration or prospecting expenditure 1.15 The former 330 ‑ 80 allowable capital expenditure relating to mining or quarrying 1.16 The former 330 ‑ 350 petroleum resource rent tax 1.17 The former 330 ‑ 370 transport capital expenditure relating to mining or quarrying 1.18 The former 330 ‑ 435 rehabilitation expenditure relating to mining or quarrying 1.19 The former 330 ‑ 485 balancing adjustment deduction for expenditure relating to mining or quarrying 1.19A Division 355 R&D 1.20 The former Subdivisions 380 ‑ A and 380 ‑ C capital expenditure incurred in obtaining a spectrum licence 1.21 The former Subdivision 387 ‑ A landcare operations expenditure 1.22 The former Subdivision 387 ‑ B expenditure on facilities to conserve or convey water 1.23 The former Subdivision 387 ‑ D grapevine establishment expenditure 1.24 The former Subdivision 387 ‑ C horticultural plant establishment expenditure 1.25 The former Subdivision 387 ‑ E mains electricity connection expenditure 1.26 The former Subdivision 400 ‑ A expenditure on environmental impact assessment 1.27 The former Subdivision 400 ‑ B expenditure on environmental protection activities 1.27A 420 ‑ 15 registered emissions unit 1.28 775 ‑ 30 forex realisation loss (2) This table shows the deductions under the Income Tax Assessment Act 1936 for which recoupments are assessable. Note: References are to section numbers except where otherwise indicated. Provisions of the Income Tax Assessment Act 1936 Item Provision Description of expense 2.1 Former 51(1) (so far as it allowed you to deduct a bad debt, or part of a debt that is bad) bad debts 2.2 Former 51(1) (so far as it allowed you to deduct rates or taxes) rates or taxes 2.3 63 bad debts 2.4 Former 69 tax ‑ related expenses 2.5 Former 70A(3) mains electricity connection expenditure 2.6 Former 71 embezzlement or larceny by an employee 2.7 Former 72 rates and land tax 2.7A Former 72A a payment of petroleum resource rent tax, or an instalment of petroleum resource rent tax, or a credit under paragraph 99(d) of the Petroleum Resource Rent Tax Assessment Act 1987 in respect of a payment of such an instalment 2.8 Former 73B, 73BA or 73BH research and development activity expenditure 2.9 Former 74 election expenses, Commonwealth and State elections 2.9A Former 74A election expenses, local governing body 2.10 Former 75AA(1) or (6) grape vine establishment expenditure 2.11 Former 75B(2) or (3A) water conservation or conveyance expenditure 2.12 Former 75D(2) land degradation prevention expenditure 2.13 Former 82AB development allowance expenditure 2.14 Former 82BB environmental impact study expenditure 2.15 Former 82BK environmental protection expenditure 2.17 Former Division 10 of Part III mining and quarrying expenditure 2.18 Former Division 10AAA of Part III expenditure on transport of minerals and quarry materials 2.19 Former Division 10AA of Part III expenditure on prospecting and mining for petroleum 2.20 Former 124BA expenditure on rehabilitating mining, quarrying and petroleum sites 2.21 Former 124ZZF horticultural plant establishment expenditure (effective life of the plant less than 3 years) 2.22 Former 124ZZG horticultural plant establishment expenditure (effective life of the plant more than 3 years) 2.23 Former 628 drought mitigation property expenditure by a primary producer 2.24 Former 636 drought mitigation property expenditure by a leasing company", "Amendment_Count": 17, "First_Amended": "No 121 of 1997", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 121 of 1997 | No 46 of 1998 | No 47 of 1998 | No 39 of 1999 | No 54 of 1999 | No 164 of 1999 | No 177 of 1999 | No 77 of 2001 | No 170 of 2001 | No 119 of 2002 | No 133 of 2003 | No 95 of 2004 | No 101 of 2006 | No 38 of 2008 | No 97 of 2008 | No 93 of 2011 | No 132 of 2011", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 39 of 1999, effective 31 May 1999 | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 177 of 1999, effective Sch 5: 22 Dec 1999 (s 2(1)) Sch 8 (items 1–6): 1 July 2000 (s 2(10)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-35", "Provision_Key": "s20-35", "Heading": "If the expense is deductible in a single income year", "Text": "(1) Your assessable income includes an * assessable recoupment of a loss or outgoing if: (a) you can deduct the whole of the loss or outgoing for the * current year; or (b) you have deducted or can deduct the whole of the loss or outgoing for an earlier income year. Note 1: The operation of this section may be affected if a balancing charge has been included in your assessable income because of a deduction for the loss or outgoing: see section 20 ‑ 45. Note 2: Recoupment of a loss or outgoing for which you can deduct amounts over more than one income year is covered by section 20 ‑ 40. Note 3: Recoupment of a loss or outgoing that is only partially deductible is covered by section 20 ‑ 50. Total assessed not to exceed the loss or outgoing (2) The total of all amounts that subsection (1) includes in your assessable income for one or more income years in respect of a loss or outgoing cannot exceed the amount of the loss or outgoing. Recoupment received before income year of the deduction (3) If: (a) you can deduct the whole of a loss or outgoing for the * current year; and (b) before the current year you received an * assessable recoupment of the loss or outgoing; your assessable income for the current year includes so much of the recoupment as subsection (1) would have included if you had instead received the recoupment at the start of the current year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-40", "Provision_Key": "s20-40", "Heading": "If the expense is deductible over 2 or more income years", "Text": "(1) This section includes an amount in your assessable income if: (a) you receive in the * current year an * assessable recoupment of a loss or outgoing for which you can deduct amounts over 2 or more income years; or (b) you received in an earlier income year an * assessable recoupment of a loss or outgoing of that kind (unless all of the recoupment has already been included in your assessable income for one or more earlier income years by this section or a * previous recoupment law). (This section applies even if the recoupment was received before the first of those income years.) Note: Recoupment of a loss or outgoing that is only partially deductible is covered by section 20 ‑ 50. (2) Work out as follows how much is included in your assessable income for the * current year because of one or more * assessable recoupments of the loss or outgoing. Note: The method statement ensures that assessable recoupments are included: only so far as they have not already been included for an earlier income year; and only to the extent of your total deductions to date for the loss or outgoing. Method statement Step 1. Add up all the * assessable recoupments of the loss or outgoing that you have received (in the * current year or earlier). The result is the total assessable recoupment . Step 2. Add up the amounts (if any) included in your assessable income for earlier income years, in respect of the loss or outgoing, by this section or a * previous recoupment law. The result is the recoupment already assessed . (If no amount was included, the recoupment already assessed is nil.) Step 3. Subtract the recoupment already assessed from the total assessable recoupment. The result is the unassessed recoupment . Step 4. Add up each amount that you can deduct for the loss or outgoing for the * current year, or you have deducted or can deduct for the loss or outgoing for an earlier income year. The result is the total deductions for the loss or outgoing . Note: The total deductions may be reduced if an amount has been included in your assessable income because of a balancing adjustment: see section 20 ‑ 45. Step 5. Subtract the recoupment already assessed from the total deductions for the loss or outgoing. The result is the outstanding deductions . Step 6. The unassessed recoupment is included in your assessable income, unless it is greater than the outstanding deductions. In that case, the amount of the outstanding deductions is included instead. Example: At the start of the 2002 ‑ 03 income year, a company incurs $100,000 to start to hold a depreciating asset. The company uses the prime cost method, and the effective life is 10 years. $10,000 is deductible for the 2002 ‑ 03 income year and for each of the following 9 income years under section 40 ‑ 25. In the 2002 ‑ 03 income year, the company receives $20,000 as recoupment. How much is assessable for the 2002 ‑ 03 income year? Applying the method statement: After step 1: the total assessable recoupment is $20,000. After step 2: the recoupment already assessed is nil. After step 3: the unassessed recoupment is: total assessable recoupment minus recoupment already assessed, i.e. $20,000 minus 0 = $20,000. After step 4: the total deductions for the loss or outgoing are $10,000. After step 5: the outstanding deductions are: total deductions for the loss or outgoing minus recoupment already assessed, i.e. $10,000 minus 0 = $10,000. After step 6: the unassessed recoupment (step 3) is greater than outstanding deductions (step 5), so the amount of the outstanding deductions is included in assessable income, i.e. $10,000. Applying the method statement to the 2003 ‑ 04 income year: a further $10,000 is included in the company’s assessable income.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-45", "Provision_Key": "s20-45", "Heading": "Effect of balancing charge", "Text": "(1) This section may affect the operation of section 20 ‑ 35 or 20 ‑ 40 (as appropriate) if: (a) a balancing adjustment is required for the * current year (or for an earlier income year) because you have deducted or can deduct an amount for an income year for the loss or outgoing; and (b) an amount (the balancing charge ) is included in your assessable income for the * current year (or for the earlier income year) because of the balancing adjustment. To find out about balancing adjustments, see Subdivision 40 ‑ D. Effect on section 20 ‑ 35 (2) In applying section 20 ‑ 35, treat each of the following as reduced by the balancing charge: (a) the amount of the loss or outgoing; (b) the total of what you can deduct for the loss or outgoing for the * current year, or have deducted or can deduct for an earlier income year. Effect on section 20 ‑ 40 (3) In applying the method statement in subsection 20 ‑ 40(2), reduce the total deductions for the loss or outgoing by the balancing charge. Example: Continuing the example in subsection 20 ‑ 40(2): at the start of the 2005 ‑ 06 income year, the company: receives a further $10,000 as recoupment; and sells the depreciating asset for $75,000. As a result of the sale, a balancing adjustment of $5,000 is included under section 40 ‑ 285 in the company’s assessable income for that income year. How much of the recoupment amount received in the 2005 ‑ 06 income year is assessable for that income year? Applying the method statement in subsection 20 ‑ 40(2): After step 1: the total assessable recoupment is $30,000 (received during 2002 ‑ 03 and 2005 ‑ 06). After step 2: the recoupment already assessed is $20,000 (for 2002 ‑ 03 and 2003 ‑ 04). After step 3: the unassessed recoupment is: total assessable recoupment minus recoupment already assessed, i.e. $30,000 minus $20,000 = $10,000. After step 4: the total deductions for the loss or outgoing are $30,000 ($10,000 for each of 2002 ‑ 03, 2004 ‑ 04 and 2004 ‑ 05), reduced by $5,000 (the amount included in assessable income for the balancing adjustment), i.e. $25,000. After step 5: the outstanding deductions are: total deductions for the loss or outgoing minus recoupment already assessed, i.e. $25,000 minus $20,000 = $5,000. After step 6: the unassessed recoupment (step 3) is greater than outstanding deductions (step 5), so the amount of the outstanding deductions is included in assessable income, i.e. $5,000.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-50", "Provision_Key": "s20-50", "Heading": "If the expense is only partially deductible", "Text": "(1) This section extends the operation of section 20 ‑ 35 or 20 ‑ 40 (as appropriate) to a case where the total of what you can deduct under a provision (the deduction provision ) for a loss or outgoing is limited to a proportion of the loss or outgoing. (2) If you receive an * assessable recoupment of the loss or outgoing, section 20 ‑ 35 or 20 ‑ 40 applies as if: (a) you had incurred only that proportion of the loss or outgoing, but could deduct the whole of that proportion under the deduction provision; and (b) you had received only that proportion of the recoupment. Example: You incur expenditure of $500. A provision listed in section 20 ‑ 30 entitles you to deduct 10% of the expenditure ($50) over 5 years. This means you can deduct $10 in each of the 5 years. You recoup $300 of the expenditure. This section treats you as receiving only 10% of the recoupment. Therefore, $30 is dealt with by section 20 ‑ 40.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-55", "Provision_Key": "s20-55", "Heading": "Meaning of previous recoupment law", "Text": "(1) Previous recoupment law means a provision of the Income Tax Assessment Act 1936 listed in this table. Previous recoupment law Item Provision What kind of expense the provision relates to: 1 former 26(j) (so far as it relates to an amount received for or in respect of a loss or outgoing that is a deduction) a loss or outgoing that is a deduction 2 former 26(k) embezzlement or larceny by an employee 3 former 63(3) bad debts 4 former 69(8) tax ‑ related expenses 5 former 70A(5) mains electricity connection expenditure 6 former 72(2) (so far as it relates to a refund of an amount you have deducted or can deduct) rates or taxes 6A former 72A(4)(a) and (aa) petroleum resource rent tax 7 former 74(2) election expenses, Commonwealth and State elections (2) Former section 330 ‑ 350 of this Act is also a previous recoupment law .", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 121 of 1997 | No 77 of 2001 | No 101 of 2006 | No 14 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-60", "Provision_Key": "s20-60", "Heading": "If you are the only entity that can deduct an amount for the loss or outgoing", "Text": "This Subdivision applies in a different way if: (a) an entity (other than you) incurs a loss or outgoing; and (b) you can deduct the whole of the loss or outgoing for an income year, or you can deduct amounts for the loss or outgoing over 2 or more income years; and (c) no other entity can deduct an amount for the loss or outgoing; and (d) the entity that incurred the loss or outgoing receives one or more amounts as * recoupment of the loss or outgoing. This Subdivision (except this section and section 20 ‑ 65) applies as if you had incurred the loss or outgoing and had also received the * recoupment.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Inserted by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-65", "Provision_Key": "s20-65", "Heading": "If 2 or more entities can deduct amounts for the loss or outgoing", "Text": "(1) Special rules apply if: (a) an entity (the first entity ) incurs a loss or outgoing; and (b) 2 or more entities (the deducting entities , which may include the first entity) have deducted or can deduct amounts for the loss or outgoing (whether for the same income year or for different income years); and (c) the first entity receives one or more amounts as * recoupment of the loss or outgoing. (2) This Subdivision (except this section and section 20 ‑ 60) applies as if the first entity and the deducting entities together constituted a single entity (the notional entity ) that had: (a) incurred the loss or outgoing; and (b) received the amount or amounts as * recoupment; and (c) included in its assessable income any amount included in the assessable income of any of the deducting entities under a * previous recoupment law or this Subdivision (except this section). (3) If because of subsection (2) the notional entity’s assessable income for an income year (the assessment year ) would include an amount under this Subdivision (the assessable amount ), the amount reverses in the assessment year the deductions for the loss or outgoing, in accordance with the rules in subsection (5). (4) The assessable income of each deducting entity for the assessment year includes the total amounts (if any) by which that entity’s actual deductions for the loss or outgoing are reversed in that income year. (5) Deductions for the loss or outgoing are reversed in the assessment year as follows: (a) the amounts by which deductions are reversed total the assessable amount (unless all the deductions have been reversed); (b) a deduction for an income year is not reversed until all deductions for earlier income years have been reversed; (c) a deduction is not reversed in the assessment year to the extent that it has already been reversed in an earlier year; (d) if each of 2 or more entities can deduct an amount for the loss or outgoing for the same income year, those deductions are reversed in the assessment year by amounts proportionate to the amounts of the deductions.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Inserted by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-100", "Provision_Key": "s20-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision reverses the effect of deductions for lease payments for a car leased to you (or to your associate), but only if you make a profit by disposing of the car after acquiring it from the lessor. The smallest of these amounts is included in your assessable income:  your profit on the disposal;  the total deductible lease payments for the period of the lease;  the total amounts you could have deducted for the car’s decline in value if, instead of leasing it, you had owned it and used it solely for the purpose of producing assessable income. Table of sections 20 ‑ 105 Map of this Subdivision The usual case 20 ‑ 110 Disposal of a leased car for profit 20 ‑ 115 Working out the profit on the disposal 20 ‑ 120 Meaning of notional depreciation The associate case 20 ‑ 125 Disposal of a leased car for profit Successive leases 20 ‑ 130 Successive leases Previous disposals of the car 20 ‑ 135 No amount included if earlier disposal for market value 20 ‑ 140 Reducing the amount to be included if there has been an earlier disposal Miscellaneous rules 20 ‑ 145 No amount included if you inherited the car 20 ‑ 150 Reducing the amount to be included if another provision requires you to include an amount for the disposal 20 ‑ 155 Exception for particular cars taken on hire 20 ‑ 157 Exception for small business entities Disposals of interests in a car: special rules apply 20 ‑ 160 Disposal of an interest in a car", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-105", "Provision_Key": "s20-105", "Heading": "Map of this Subdivision", "Text": "", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-110", "Provision_Key": "s20-110", "Heading": "Disposal of a leased car for profit", "Text": "(1) Your assessable income includes the * profit you make on disposing of a * car if: (a) the car was designed mainly for carrying passengers; and (b) the car was leased to you and has been leased to no ‑ one else; and (c) you or another entity can deduct for the income year any of the lease payments paid or payable by you, or have deducted or can deduct any of them for an earlier income year, under this Act; and (d) you acquired the car from the lessor. Note 1: Even if subsection (1) does not apply, an amount may still be included in your assessable income: under section 20 ‑ 125 (which deals with more complicated cases that may involve your associate); or if you disposed of an interest in a car (rather than the car itself): see section 20 ‑ 160. Note 2: In some cases you do not include an amount in your assessable income: if there has been an earlier disposal of the car for market value: see section 20 ‑ 135; or if you inherited the car: see section 20 ‑ 145; or if the car was let on hire in the circumstances set out in section 20 ‑ 155. (2) However, the amount included cannot exceed the smaller of these limits: (a) the total lease payments for the lease that you or another entity have deducted or can deduct under this Act for an income year; (b) the amount of * notional depreciation for the lease period. Note 1: If, because of more than one lease of the car, there is more than one way to work out the amount to be included, you only include the largest amount: see section 20 ‑ 130. Note 2: In some cases you reduce the amount to be included: if there has been an earlier disposal of the car, or of an interest in it: see section 20 ‑ 140; or if another provision requires you to include an amount because of the disposal: see section 20 ‑ 150. (3) You increase those limits if you have previously leased the * car from the same lessor, or from an * associate of that lessor. You increase the first limit by the total lease payments for each previous lease of that kind that you or another entity have deducted or can deduct under this Act for an income year. You increase the second limit by the amount of * notional depreciation for the period of each previous lease of that kind.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-115", "Provision_Key": "s20-115", "Heading": "Working out the profit on the disposal", "Text": "(1) The profit on the disposal is the amount by which the * consideration receivable for the disposal exceeds: the amount it cost you to acquire the * car; plus: any capital expenditure you incurred on the car after acquiring it. (2) The consideration receivable is worked out using this table: Consideration receivable for the disposal of the car Item In this situation: the consideration receivable is: 1 you sell the * car for an amount specific to it the proceeds of the sale, less the expenses of the sale 2 you sell the * car with other property without a specific amount being allocated to it the part of the total proceeds of the sale that is reasonably attributable to the car less the part of the reasonably attributable expenses of the sale 3 you trade the * car in and buy another car the value of the trade ‑ in, plus any other consideration you receive 4 you sell the * car and another entity buys another car the amount by which the cost of the other car is reduced by the sale, plus any other consideration you receive 5 you dispose of the * car to an insurer because it is lost or destroyed the amount or value received or receivable under the insurance policy (3) However, if the disposal of the * car is a * taxable supply, the consideration receivable does not include an amount equal to the * GST payable on the supply.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-120", "Provision_Key": "s20-120", "Heading": "Meaning of notional depreciation", "Text": "This is how to work out the notional depreciation for a lease period: Method statement Step 1. Compare: • the * car’s * cost to the lessor for the purposes of Subdivision 40 ‑ C (which is about working out the cost of * depreciating assets); with: • the car’s * termination value for the purposes of section 40 ‑ 300 when the lessor disposed of it. Step 2. If the car’s cost exceeds the car’s termination value, multiply the excess by: • the number of days in the lease period; divided by: • the number of days the lessor owned the car. Step 3. The result is the notional depreciation for the lease period. Step 4. If the car’s cost does not exceed the car’s termination value, the notional depreciation for the lease period is zero. Note 1: The notional depreciation for the lease period represents: the amount you could have deducted for the car’s decline in value if, instead of leasing it, you had owned it and used it solely for the purpose of producing assessable income for that period; adjusted by: the balancing adjustment you would have made if you had disposed of the car at the end of that period. Note 2: The car’s cost to the lessor is worked out differently if the lessor acquired it in the 1996 ‑ 97 income year or an earlier income year: see section 20 ‑ 105 of the Income Tax (Transitional Provisions) Act 1997 . Note 3: The car’s termination value is worked out differently if the lessor disposed of it in the 1996 ‑ 97 income year or an earlier income year: see section 20 ‑ 110 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-125", "Provision_Key": "s20-125", "Heading": "Disposal of a leased car for profit", "Text": "(1) Your assessable income includes the * profit you make on disposing of a * car if: (a) section 20 ‑ 110 does not include an amount in your assessable income because of the disposal; and (b) the car was designed mainly for carrying passengers; and (c) the car was leased to you or your * associate; and (d) you, your associate or another entity can deduct for the income year any of the lease payments paid or payable by the lessee, or have deducted or can deduct any of them for an earlier income year, under this Act; and (e) either: (i) you, your associate, or entities including you or your associate, acquired the car from the lessor; or (ii) another entity acquired the car from the lessor under an * arrangement that enabled you or your associate to acquire the car. Note 1: Even if subsection (1) does not apply, an amount may be included in your assessable income if you disposed of an interest in a car (rather than the car itself): see section 20 ‑ 160. Note 2: In some cases you do not include an amount in your assessable income: if there has been an earlier disposal of the car for market value: see section 20 ‑ 135; or if you inherited the car: see section 20 ‑ 145; or if the car was let on hire in the circumstances set out in section 20 ‑ 155. (2) However, the amount included cannot exceed the smallest of these limits: (a) the total lease payments for the lease that you, your * associate or another entity have deducted or can deduct under this Act for an income year; (b) the amount of * notional depreciation for the lease period; (c) if an entity other than you, or if entities including you, acquired the * car from the lessor—the amount by which the * consideration receivable for the disposal of the car by you exceeds the total of: (i) the car’s cost to that entity, or those entities; and (ii) any capital expenditure that entity, or any of those entities, incurred on the car after that acquisition and before you acquired it. Note 1: If, because of more than one lease of the car, there is more than one way to work out the amount to be included, you only include the largest amount: see section 20 ‑ 130. Note 2: In some cases you reduce the amount to be included: if there has been an earlier disposal of the car, or of an interest in it: see section 20 ‑ 140; or if another provision requires you to include an amount because of the disposal: see section 20 ‑ 150. Example: Your associate leases a car for 5 years and then acquires it from the lessor for $4,000. Your associate sells it to you for $3,000. You sell it for $10,000. Your profit is $10,000 (the consideration receivable) less $3,000 (the car’s cost to you) = $7,000. The first 2 limits on the amount to be included in your assessable income are $9,000 (total deductible lease payments for the lease) and $8,000 (notional depreciation for the lease period). Since your associate acquired the car from the lessor, the third limit is $10,000 (the consideration receivable by you) less $4,000 (the car’s cost to the associate) = $6,000. The amount you include in your assessable income cannot exceed the smallest of the limits. So, you do not include your profit of $7,000. Instead, you include $6,000 (the smallest of the limits). (3) You increase the first 2 limits if you, or your associate, have previously leased the * car from the same lessor, or from an associate of that lessor. You increase the first limit by the total lease payments for each previous lease of that kind that you, your * associate or another entity have deducted or can deduct under this Act for an income year. You increase the second limit by the amount of * notional depreciation for the period of each previous lease of that kind.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-130", "Provision_Key": "s20-130", "Heading": "Successive leases", "Text": "If, because of 2 or more leases of the * car, there are different amounts that could be included in your assessable income because of the disposal, only the largest of those amounts is included.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-135", "Provision_Key": "s20-135", "Heading": "No amount included if earlier disposal for market value", "Text": "You do not include an amount in your assessable income because of the disposal if, after the lessor disposed of the * car and before you disposed of it, an entity other than you disposed of the car and: (a) the * consideration receivable for that disposal was at least the * market value of the car at the time of that disposal; or (b) because of that disposal, that market value was included, or an amount worked out using that market value was included, in the entity’s assessable income under this Act.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-140", "Provision_Key": "s20-140", "Heading": "Reducing the amount to be included if there has been an earlier disposal", "Text": "Each limit on the amount to be included in your assessable income because of your disposal of the * car is reduced if, after the lease period began and before your disposal, the car, or an interest in it, was disposed of in one of these situations: Reducing each limit on the amount to be included Item In this situation: reduce each limit by: 1 Section 20 ‑ 110 or 20 ‑ 125 included an amount in your assessable income in respect of such an earlier disposal by you that amount 2 Section 20 ‑ 110 or 20 ‑ 125 included an amount in another entity’s assessable income in respect of such an earlier disposal by the other entity that amount 3 Section 20 ‑ 110 or 20 ‑ 125 would have included an amount in your assessable income in respect of such an earlier disposal by you but for the operation of section 20 ‑ 145 that amount 4 Section 20 ‑ 110 or 20 ‑ 125 would have included an amount in another entity’s assessable income in respect of such an earlier disposal by the other entity but for the operation of section 20 ‑ 145 that amount 5 Section 20 ‑ 150 reduced the amount to be included in your assessable income in respect of such an earlier disposal by you the amount of the reduction 6 Section 20 ‑ 150 reduced the amount to be included in another entity’s assessable income in respect of such an earlier disposal by the other entity the amount of the reduction Examples: Your associate leases a car for 5 years and then acquires it. Your associate disposes of it to you and section 20 ‑ 110 includes $500 in your associate’s assessable income. You later dispose of the car. In working out the amount to include in your assessable income for your disposal, you can reduce each limit in subsection 20 ‑ 125(2) by $500 because the disposal by your associate occurred after the lease period began. Contrast this case: You lease a car for 5 years and then acquire it. You dispose of it to another entity and section 20 ‑ 110 includes $1,000 in your assessable income. You lease the car from that entity for 2 years and then acquire it. You later dispose of it. In working out the amount to include in your assessable income in respect of the second lease, you cannot reduce each limit in subsection 20 ‑ 110(2) by $1,000 because the first disposal did not occur after the start of that lease. Note: If the earlier disposal occurred in the 1996 ‑ 97 income year or an earlier income year, each limit may be able to be reduced by a further amount: see section 20 ‑ 115 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-145", "Provision_Key": "s20-145", "Heading": "No amount included if you inherited the car", "Text": "You do not include an amount in your assessable income because of the disposal if you inherited the * car.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-150", "Provision_Key": "s20-150", "Heading": "Reducing the amount to be included if another provision requires you to include an amount for the disposal", "Text": "The amount to be included in your assessable income because of the disposal is reduced by any amount that another provision of this Act (except sections 40 ‑ 285 and 40 ‑ 370) requires you to include in your assessable income because of the disposal. Note: sections 40 ‑ 285 and 40 ‑ 370 are about including an amount after making a balancing adjustment on the disposal of a car.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-155", "Provision_Key": "s20-155", "Heading": "Exception for particular cars taken on hire", "Text": "This Subdivision does not apply to these kinds of leases: (a) letting a * car on hire under a * hire purchase agreement; or (b) letting a * car on hire under an agreement of a kind ordinarily entered into by people who take cars on hire intermittently on an hourly, daily, weekly or monthly basis.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 174 of 1997", "Amending_Acts": "No 121 of 1997 | No 174 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-157", "Provision_Key": "s20-157", "Heading": "Exception for small business entities", "Text": "This Subdivision does not apply to you if, at any time in the income year in which you disposed of the * car, it was allocated to a pool of yours under Division 328.", "Amendment_Count": 2, "First_Amended": "No 78 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 78 of 2001 | No 80 of 2007", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-157"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 20-160", "Provision_Key": "s20-160", "Heading": "Disposal of an interest in a car", "Text": "(1) This Subdivision applies to the disposal of an interest in a * car in almost the same way as it does to the disposal of the car itself. The differences are set out below. (2) Your assessable income includes so much of your * profit on the disposal as is reasonable. The limits in subsections 20 ‑ 110(2) and 20 ‑ 125(2) do not apply. (3) The cost of the interest to you is taken to be a reasonable amount. (4) Sections 20 ‑ 135 and 20 ‑ 140 do not apply to the disposal. Note 1: Section 20 ‑ 135 says that you do not include an amount if there has been an earlier disposal of the car for market value. Note 2: Section 20 ‑ 140 allows you to reduce the amount to be included if there has been an earlier disposal of the car. (5) Section 20 ‑ 145 applies to the disposal if you inherited either the interest or the * car itself. Note: Section 20 ‑ 145 says that you do not include an amount if you inherited the car.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s20-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-1", "Provision_Key": "s25-1", "Heading": "What this Division is about", "Text": "This Division sets out some amounts you can deduct. Remember that the general rules about deductions in Division 8 (which is about general deductions) apply to this Division. Table of sections Operative provisions 25 ‑ 5 Tax ‑ related expenses 25 ‑ 10 Repairs 25 ‑ 15 Amount paid for lease obligation to repair 25 ‑ 20 Lease document expenses 25 ‑ 25 Borrowing expenses 25 ‑ 30 Expenses of discharging a mortgage 25 ‑ 35 Bad debts 25 ‑ 40 Loss from profit ‑ making undertaking or plan 25 ‑ 45 Loss by theft etc. 25 ‑ 47 Misappropriation where a balancing adjustment event occurs 25 ‑ 50 Payments of pensions, gratuities or retiring allowances 25 ‑ 55 Payments to associations 25 ‑ 60 Parliament election expenses 25 ‑ 65 Local government election expenses 25 ‑ 70 Deduction for election expenses does not extend to entertainment 25 ‑ 75 Rates and land taxes on premises used to produce mutual receipts 25 ‑ 85 Certain returns in respect of debt interests 25 ‑ 90 Deduction relating to foreign non ‑ assessable non ‑ exempt income 25 ‑ 95 Deduction for work in progress amounts 25 ‑ 100 Travel between workplaces 25 ‑ 110 Capital expenditure to terminate lease etc. 25 ‑ 115 Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility 25 ‑ 120 Transitional—deduction for payment of rent from land investment by operating entity to asset entity 25 ‑ 125 COVID ‑ 19 tests", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-130", "Provision_Key": "s25-130", "Heading": "Standard deduction for work ‑ related expenses", "Text": "(1) You can deduct the amount provided by subsection (2) for an income year if: (a) you are an individual; and (b) you are an Australian resident at any time during the income year; and (c) you derive * assessable labour income in the income year. (2) The amount is the lesser of: (a) $1,000; and (b) the total amount of your * assessable labour income for the income year; reduced, but not below zero, by the sum of the following amounts (if any): (c) subject to subsection (3), each of your deductions for the income year under section 8 ‑ 1 (general deductions), to the extent that the loss or outgoing that gives rise to the deduction is incurred in gaining or producing your assessable labour income; (d) each of your deductions for the income year under Division 28 (car expenses), to the extent that the deduction arises in respect of gaining or producing your assessable labour income; (e) each of your deductions for the income year under section 25 ‑ 100 (travel between workplaces), to the extent that either of the following is satisfied in relation to the deduction: (i) while you were at the first place mentioned in paragraph 25 ‑ 100(2)(a), you were engaged in activities to gain or produce your assessable labour income; (ii) while you were at the second place mentioned in paragraph 25 ‑ 100(2)(b), you were engaged in activities to gain or produce your assessable labour income; (f) each of your deductions for the income year under any of the following provisions, to the extent that the deduction arises in respect of a * depreciating asset that is used for the purpose of gaining or producing your assessable labour income: (i) section 25 ‑ 10 (repairs); (ii) Subdivision 40 ‑ B (deducting amounts for depreciating assets); (iii) Subdivision 40 ‑ D (balancing adjustments); (g) each of your deductions under section 25 ‑ 125 (COVID ‑ 19 tests) for the income year. (3) For the purposes of paragraph (2)(c), disregard each of your deductions under section 8 ‑ 1 to the extent that the deduction is in respect of any of the following: (a) an income protection insurance premium; (b) a personal sickness insurance premium; (c) an accident insurance premium; (d) membership of a trade, business or professional association. (4) Your assessable labour income , for an income year, is each amount included in your assessable income for the income year from which an amount must be withheld (even if the amount is not withheld) under any of the following provisions in Schedule 1 to the Taxation Administration Act 1953 : (a) section 12 ‑ 35 (payment to employee); (b) section 12 ‑ 40 (payment to company director); (c) section 12 ‑ 45 (payment to office holder); (d) section 12 ‑ 47 (payment to religious practitioners); (e) section 12 ‑ 50 (return to work payment); (f) Subdivision 12 ‑ C (payments for retirement or because of termination of employment); (g) paragraph 12 ‑ 110(1)(ca) (parental leave pay).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-5", "Provision_Key": "s25-5", "Heading": "Tax ‑ related expenses", "Text": "(1) You can deduct expenditure you incur to the extent that it is for: (a) managing your * tax affairs; or (b) complying with an obligation imposed on you by a * Commonwealth law, insofar as that obligation relates to the * tax affairs of an entity; or (ca) a penalty under Subdivision 162 ‑ D of the * GST Act; or (cb) levy under the Major Bank Levy Act 2017 ; or (d) obtaining a valuation in accordance with section 30 ‑ 212 or 31 ‑ 15; or (e) managing your * Australian GloBE tax affairs; or (f) complying with an obligation imposed on you by a * Commonwealth law, insofar as that obligation relates to the Australian GloBE tax affairs of an entity. Note 1: To find out whether a trustee of a deceased estate can deduct expenditure under this section, see subsection 69(7) of the Income Tax Assessment Act 1936 . Note 2: If you receive an amount as recoupment of the expenditure, the amount may be included in your assessable income: see Subdivision 20 ‑ A. No deduction for certain expenditure (2) You cannot deduct under subsection (1): (a) * tax; or (b) an amount withheld or payable under Part 2 ‑ 5 or Part 2 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 ; or (c) expenditure for * borrowing money (including payments of interest) to pay an amount covered by paragraph (a) or (b); or (d) expenditure for a matter relating to the commission (or possible commission) of an offence against an * Australian law or a * foreign law; or (e) a fee or commission for advice about the operation of a * Commonwealth law relating to taxation, unless that advice is provided by a * recognised tax adviser. No deduction for expenditure excluded from general deductions (3) You cannot deduct expenditure under subsection (1) to the extent that a provision of this Act (except section 8 ‑ 1) expressly prevents or limits your deducting it under section 8 ‑ 1 (about general deductions). It does not matter whether the provision specifically refers to section 8 ‑ 1. No deduction for capital expenditure (4) You cannot deduct capital expenditure under subsection (1). However, for this purpose, expenditure is not capital expenditure merely because the * tax affairs or * Australian GloBE tax affairs concerned relate to matters of a capital nature. Example: Under this section, you can deduct expenditure you incur in applying for a private ruling on whether you can depreciate an item of property. Use of property taken to be for income producing purpose (5) Under some provisions of this Act it is important to decide whether you used property for the * purpose of producing assessable income. For provisions of that kind, your use of property is taken to be for that purpose insofar as you use the property for: (a) managing your * tax affairs; or (b) complying with an obligation imposed on you by a * Commonwealth law, insofar as that obligation relates to the * tax affairs of another entity. Example: You buy a computer to prepare your tax returns. The expenditure you incur in buying the computer is capital expenditure and cannot be deducted under this section. However, to the extent that you use the computer in preparing your income tax return, you will be able to deduct the decline in value of your computer under Division 40. That is because, under this subsection, the computer is property that you are taken to use for the purpose of producing assessable income. (6) If another provision of this Act expressly provides that a particular use of property is not taken to be for the * purpose of producing assessable income, that provision overrides subsection (5). Expenditure by trustee of deceased estate (8) If: (a) after you die, the trustee of your deceased estate incurs expenditure; and (b) had you incurred the expenditure before you died, you could have deducted it under subsection (1); for the purposes of assessing the trustee for the income year in which you died, the expenditure is a deduction under that subsection.", "Amendment_Count": 16, "First_Amended": "No 121 of 1997", "Last_Amended": "No 29 of 2025", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 11 of 1999 | No 178 of 1999 | No 179 of 1999 | No 58 of 2000 | No 73 of 2001 | No 77 of 2001 | No 167 of 2001 | No 75 of 2005 | No 101 of 2006 | No 14 of 2009 | No 41 of 2011 | No 64 of 2017 | No 134 of 2024 | No 29 of 2025", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 11 of 1999, effective Sch 1 (items 277–280, 404): 1 July 1999 (s 2(3)) | Amended by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1) | Amended by No 29 of 2025, effective sch 2: 1 Apr 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-10", "Provision_Key": "s25-10", "Heading": "Repairs", "Text": "(1) You can deduct expenditure you incur for repairs to premises (or part of premises) or a * depreciating asset that you held or used solely for the * purpose of producing assessable income. Property held or used partly for that purpose (2) If you held or used the property only partly for that purpose, you can deduct so much of the expenditure as is reasonable in the circumstances. No deduction for capital expenditure (3) You cannot deduct capital expenditure under this section.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-15", "Provision_Key": "s25-15", "Heading": "Amount paid for lease obligation to repair", "Text": "You can deduct an amount that you pay for failing to comply with a lease obligation to make repairs to premises if you use or have used the premises for the * purpose of producing assessable income. Note: The amount is assessable income of the entity to which you pay it: either as ordinary income under section 6 ‑ 5 or because it is included by section 15 ‑ 25.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-20", "Provision_Key": "s25-20", "Heading": "Lease document expenses", "Text": "(1) You can deduct expenditure you incur for preparing, registering or stamping: (a) a lease of property; or (b) an assignment or surrender of a lease of property; if you have used or will use the property solely for the * purpose of producing assessable income. Property used partly for that purpose (2) If you have used, or will use, the leased property only partly for that purpose, you can deduct the expenditure to the extent that you have used, or will use, the leased property for that purpose.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-25", "Provision_Key": "s25-25", "Heading": "Borrowing expenses", "Text": "(1) You can deduct expenditure you incur for * borrowing money, to the extent that you use the money for the * purpose of producing assessable income. In most cases the deduction is spread over the * period of the loan. For the cases where the deduction is not spread, see subsection (6). Note: Your deductions under this section may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245 ‑ E. Income year when money used solely for the purpose of producing assessable income (2) You can deduct for an income year the maximum amount worked out under subsection (4) if you use the * borrowed money during that income year solely for the * purpose of producing assessable income. Example: In 1997 ‑ 98 you borrow $100,000 and incur expenditure of $1,500 for the borrowing. You use the money to buy a house. Throughout 1998 ‑ 99 you rent the house to a tenant. You can deduct for the expenditure for 1998 ‑ 99 the maximum amount worked out under subsection (4). Income year when borrowed money used partly for that purpose (3) If you use the money only partly for that purpose during that income year, you can deduct the proportion of that maximum amount that is appropriate having regard to the extent that you used the * borrowed money for that purpose. Note: You cannot deduct anything for that income year if you do not use the money for that purpose at all during that income year. Maximum deduction for an income year (4) You work out as follows the maximum amount that you can deduct for the expenditure for an income year: Method statement Step 1. Work out the remaining expenditure as follows: • For the income year in which the * period of the loan begins, it is the amount of the expenditure. • For a later income year, it is the amount of the expenditure reduced by the maximum amount that you can deduct for the expenditure for each earlier income year. Step 2. Work out the remaining loan period as follows: • For the income year in which the * period of the loan begins, it is the period of the loan (as determined at the end of the income year). • For a later income year, it is the period from the start of the income year until the end of the period of the loan (as determined at the end of the income year). Step 3. Divide the remaining expenditure by the number of days in the remaining loan period. Step 4. Multiply the result from Step 3 by the number of days in the remaining loan period that are in the income year. Example: To continue the example in subsection (2): suppose the original period of the loan is 4 years starting on 1 September 1997. What is the maximum amount you can deduct for the expenditure for 1997 ‑ 98? Applying the method statement: After Step 1: the remaining expenditure is $1,500 (the amount of the expenditure). After Step 2: the remaining loan period is 4 years from 1 September 1997 (1,461 days). After Step 3: the result is $1,500 divided by 1,461 = $1.03. After Step 4: the result is $1.03 multiplied by 302 days = $310.06. Suppose you repay the loan early, on 31 December 1998. What is the maximum amount you can deduct for the expenditure for 1998 ‑ 99? Applying the method statement: After Step 1: the remaining expenditure is $1,500 (the amount of the expenditure) reduced by $310.06 (the maximum amount you can deduct for 1997 ‑ 98) = $1,189.94. After Step 2: the remaining loan period is the period from 1 July 1998 to 31 December 1998 (183 days). After Step 3: the result is $1,189.94 divided by 183 days = $6.50. After Step 4: the result is $6.50 multiplied by 183 days = $1,189.94. Meaning of period of the loan (5) The period of the loan is the shortest of these periods: (a) the period of the loan as specified in the original loan contract; (b) the period starting on the first day on which the money was borrowed and ending on the day the loan is repaid; (c) 5 years starting on the first day on which the money was borrowed. When deduction not spread (6) If the total of the following is $100 or less: (a) each amount of expenditure you incur in an income year for * borrowing money you use during that income year solely for the * purpose of producing assessable income; (b) for each amount of expenditure you incur in that income year for borrowing money you use during that income year only partly for that purpose—the proportion of that amount that is appropriate having regard to the extent that you use the money during that income year for that purpose; you can deduct for the income year: (c) each amount covered by paragraph (a); and (d) each proportion covered by paragraph (b).", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 57 of 2002 | No 79 of 2010 | No 15 of 2017", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-30", "Provision_Key": "s25-30", "Heading": "Expenses of discharging a mortgage", "Text": "Mortgage for borrowed money (1) You can deduct expenditure you incur to discharge a mortgage that you gave as security for the repayment of money that you * borrowed if you used the money solely for the * purpose of producing assessable income. Mortgage for property bought (2) You can deduct expenditure you incur to discharge a mortgage that you gave as security for the payment of the whole or part of the purchase price of property that you bought if you used the property solely for the * purpose of producing assessable income. Money or property used partly for that purpose (3) If you used the money you * borrowed, or the property you bought, only partly for the * purpose of producing assessable income, you can deduct the expenditure to the extent that you used the money or property for that purpose. No deduction for payments of principal or interest (4) You cannot deduct payments of principal or interest under this section.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 57 of 2002", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-35", "Provision_Key": "s25-35", "Heading": "Bad debts", "Text": "(1) You can deduct a debt (or part of a debt) that you write off as bad in the income year if: (a) it was included in your assessable income for the income year or for an earlier income year; or (b) it is in respect of money that you lent in the ordinary course of your * business of lending money. Note: If a bad debt is in respect of a payment that is required to be made under a qualifying security (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 ): see subsection 63(1A) of that Act. Writing off a debt you have bought (2) You can deduct a debt that you write off as bad in the income year if you bought the debt in the ordinary course of your * business of lending money. However, you cannot deduct more than the expenditure you incurred in buying the debt. Writing off part of a debt you have bought (3) You can deduct a part of a debt if: (a) you write off that part as bad in the income year; and (b) you bought the debt in the ordinary course of your * business of lending money. (4) However, the maximum that you can deduct under subsection (3) for one or more income years is the amount (if any) by which: • the expenditure you incurred in buying the debt; exceeds: • so much of the debt as has not yet been written off as bad. Limit on deductions for bad debts under leases of luxury cars (4A) There is a limit to how much you can deduct under this section for debts you write off that relate to * luxury car lease payments that have become or will become liable to be made under a lease of a * car to which Division 242 (about luxury car leases) applies. (4B) The most you can deduct for an income year is: • the interest for the notional loan you are taken to have made to the lessee; reduced by: • each amount that you have deducted, or can deduct, for an earlier income year under this section (or section 63 of the Income Tax Assessment Act 1936 ) for debts relating to * luxury car lease payments that have become or will become liable to be made under the lease. Special rules affecting deductions under this section (5) The rules described in the table may affect your entitlement to deductions under this section, or may result in a deduction being reversed. Provisions of the Income Tax Assessment Act 1997 are identified in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Rules affecting deductions for bad debts Item For the rules about this situation: See: 1 A company cannot deduct a bad debt if there has been a change in ownership or control of the company and the company has not satisfied the business continuity test. Subdivisions 165 ‑ C and 166 ‑ C 2 A company cannot deduct a bad debt in various other cases that may involve trafficking in bad debts. Subdivision 175 ‑ C and section 63D 3 A deduction under this section is reduced if the debt is forgiven and the debtor and creditor are companies under common ownership and agree for the creditor to forgo the deduction to a specified extent. section 245 ‑ 90 4 If you receive an amount as recoupment of a bad debt that you can deduct under this section, the amount may be included in your assessable income. Subdivision 20 ‑ A 5 Certain trusts cannot deduct a bad debt if there has been a change in ownership or control or an abnormal trading in their units Divisions 266 and 267 in Schedule 2F 6 An entity that used to be a member of a consolidated group or MEC group can deduct a bad debt that used to be owed to a member of the group only if certain conditions are met Subdivisions 709 ‑ D and 719 ‑ I Note: Subsections 230 ‑ 180(3), (5) and (6) and 230 ‑ 195(3), (5) and (6) provide that in certain circumstances a deduction for a loss in relation to a financial arrangement is to be treated, for the purposes of this Act, as a deduction of a bad debt. The rules referred to in this subsection apply to that deduction.", "Amendment_Count": 13, "First_Amended": "No 121 of 1997", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 121 of 1997 | No 174 of 1997 | No 16 of 1998 | No 17 of 1998 | No 46 of 1998 | No 101 of 2003 | No 41 of 2005 | No 147 of 2005 | No 162 of 2005 | No 15 of 2009 | No 79 of 2010 | No 41 of 2011 | No 7 of 2019", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 17 of 1998, effective 16 Apr 1998 | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-40", "Provision_Key": "s25-40", "Heading": "Loss from profit ‑ making undertaking or plan", "Text": "(1) You can deduct a loss arising from the carrying on or carrying out of a profit ‑ making undertaking or plan if any profit from that plan would have been included in your assessable income by section 15 ‑ 15 (which is about profit ‑ making undertakings and plans). When section does not apply (2) You cannot deduct a loss under subsection (1) if the loss arises in respect of the sale of property acquired on or after 20 September 1985. Note: If you sell property you acquired before 20 September 1985 for profit ‑ making by sale, you may be able to deduct a loss on the sale: see section 52 of the Income Tax Assessment Act 1936 . Notice to Commissioner (3) You can deduct a loss under subsection (1), insofar as it arises in respect of property, only if: (a) you notified the Commissioner that you acquired the property for the purpose of profit ‑ making by sale or for the carrying on or carrying out of any profit ‑ making undertaking or plan (however described); or (b) the Commissioner is satisfied that you acquired the property for either of those purposes. When notice must have been given (4) The notice must have been given at or before the time you lodged your * income tax return: (a) for the income year in which you acquired the property; or (b) if you were not required to lodge an income tax return for that income year—for the first income year after that income year for which you were required to lodge one.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-45", "Provision_Key": "s25-45", "Heading": "Loss by theft etc.", "Text": "You can deduct a loss in respect of money if: (a) you discover the loss in the income year; and (b) the loss was caused by theft, stealing, embezzlement, larceny, defalcation or misappropriation by your employee or * agent (other than an individual you employ solely for private purposes); and (c) the money was included in your assessable income for the income year, or for an earlier income year. Note: If you receive an amount as recoupment of the loss, the amount may be included in your assessable income: see Subdivision 20 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 121 of 1997 | No 16 of 1998", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-47", "Provision_Key": "s25-47", "Heading": "Misappropriation where a balancing adjustment event occurs", "Text": "(1) You can deduct an amount if: (a) a * balancing adjustment event occurs for a * depreciating asset you * held; and (b) your employee or * agent misappropriates (whether by theft, embezzlement, larceny or otherwise) all or part of the amount applicable to you under: (i) item 8 of the table in subsection 40 ‑ 300(2); or (ii) item 1, 3, 4 or 6 of the table in subsection 40 ‑ 305(1); in relation to the balancing adjustment event. Note 1: The amount applicable to you under subsection 40 ‑ 300(2) or 40 ‑ 305(1) may be the market value of an asset or of a non ‑ cash benefit. Note 2: If you receive an amount as recoupment of the amount misappropriated, the amount may be included in your assessable income: see Subdivision 20 ‑ A. (2) The amount you can deduct is so much of the amount misappropriated as represents an amount applicable to you under item 8 of the table in subsection 40 ‑ 300(2) or item 1, 3, 4 or 6 of the table in subsection 40 ‑ 305(1) in relation to the * balancing adjustment event. (3) You can deduct the amount for the income year in which the misappropriation happens. (4) You must reduce the amount you can deduct under this section if your deductions for the asset have been reduced under section 40 ‑ 25 because of use for a purpose other than a * taxable purpose. The reduction is by the same proportion you reduce the balancing adjustment amount for the asset under section 40 ‑ 290. (4A) You must further reduce the amount you can deduct under this section if your deductions for the asset have been reduced under section 40 ‑ 27 (about second ‑ hand assets in residential property). The reduction is by the same proportion you reduce the balancing adjustment amount for the asset under section 40 ‑ 291. (5) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to this section for an income year if: (a) you discover the misappropriation after you lodged your * income tax return for the income year; and (b) the amendment is made at any time during the period of 4 years starting immediately after you discover the misappropriation.", "Amendment_Count": 2, "First_Amended": "No 38 of 2008", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 38 of 2008 | No 126 of 2017", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-50", "Provision_Key": "s25-50", "Heading": "Payments of pensions, gratuities or retiring allowances", "Text": "(1) You can deduct a payment of a pension, gratuity or retiring allowance that you make to: (a) an employee; or (b) a former employee; or (c) a dependant of an employee or a former employee. (2) However, you can deduct it only to the extent that it is made in good faith in consideration of the past services of the employee, or former employee, in any * business that you carried on for the purpose of gaining or producing assessable income. (3) You cannot deduct a payment under this section if you can deduct it under any other provision of this Act.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-55", "Provision_Key": "s25-55", "Heading": "Payments to associations", "Text": "(1) You can deduct a payment you make for membership of a trade, business or professional association. Note: Alternatively, you can deduct the expense under section 8 ‑ 1 (which is about general deductions) if you satisfy the requirements of that section. Maximum amount—$42 (2) However, $42 is the maximum amount you can deduct under this section for the payments that you make in the income year to any one association. If you deduct under section 8 ‑ 1 (3) If you deduct a payment under section 8 ‑ 1 (which is about general deductions) instead of this section: (a) the payment does not count towards the $42 limit; and (b) the amount that you can deduct for the payment is not limited to $42.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-60", "Provision_Key": "s25-60", "Heading": "Parliament election expenses", "Text": "(1) You can deduct expenditure you incur in contesting an election for membership of: (a) the Parliament of the Commonwealth; or (b) the Parliament of a State; or (c) the Legislative Assembly for the Australian Capital Territory; or (d) the Legislative Assembly of the Northern Territory of Australia. Note 1: Entertainment expenses are excluded: see section 25 ‑ 70. Note 2: If you receive an amount as recoupment of the expenditure, the amount may be included in your assessable income: see Subdivision 20 ‑ A.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 47 of 1998", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-65", "Provision_Key": "s25-65", "Heading": "Local government election expenses", "Text": "(1) You can deduct expenditure you incur in contesting an election for membership of a * local governing body, but you cannot deduct more than $1,000 per election. You deduct the expenditure for the income year in which you incur it. (2) However, you can deduct more than the $1,000 limit if: (a) you have received an amount as * recoupment of the expenditure; and (b) some or all of that amount is included in your assessable income for an income year; and (c) the total of your deductions for the election would be less than the $1,000 limit if you disregarded so much (the assessed recoupment ) of the expenditure as equals the amount so included in your assessable income. In that case: (d) the assessed recoupment is disregarded in applying the $1,000 limit; and (e) the further amount that you can deduct because of paragraph (d) is deducted for the income year referred to in paragraph (b). Example: Chris is elected to the Bunyip Shire Council. In the 2007 ‑ 08 income year he incurs expenditure of $1,200 in contesting the election, of which he deducts $1,000 (the limit under subsection (1)). In 2008 ‑ 09, Chris receives $360 as an assessable recoupment of the expenditure. $300 of that is included in his assessable income by section 20 ‑ 35 (as extended by section 20 ‑ 50). Because of the assessable recoupment, $300 of the expenditure is disregarded under paragraph (2)(d) in applying the $1,000 limit. As a result, Chris’s deductions are treated as being only $700, which is less than the limit. This does not affect his original deduction for 2007 ‑ 2008, but it means he can deduct the previously undeducted $200, for 2008 ‑ 09 (see paragraph (2)(e)). This triggers a further application of section 20 ‑ 35 (as extended by section 20 ‑ 50) to include the remaining $60 of the assessable recoupment in Chris’s assessable income for 2008 ‑ 09. His total deductions (net of recoupment included in assessable income) come to $840, which is the same as his original expenditure (net of recoupment). Note: An amount you receive as recoupment of expenditure may be included in your assessable income as an assessable recoupment under Subdivision 20 ‑ A, as ordinary income under section 6 ‑ 5 or as statutory income under some other provision.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-70", "Provision_Key": "s25-70", "Heading": "Deduction for election expenses does not extend to entertainment", "Text": "(1) To the extent that you incur expenditure in respect of providing * entertainment, you cannot deduct it under section 25 ‑ 60 or 25 ‑ 65. (2) However, subsection (1) does not stop you deducting expenditure to the extent that you incur it in respect of: (a) providing * entertainment that is available to the public generally; or (b) providing food or drink to yourself, unless it would be concluded that you have a purpose of enabling or facilitating * entertainment to be provided to someone else.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 121 of 1997 | No 101 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-75", "Provision_Key": "s25-75", "Heading": "Rates and land taxes on premises used to produce mutual receipts", "Text": "(1) An entity can deduct these amounts it pays for premises: (a) rates which are annually assessed; (b) land tax imposed under a * State law or * Territory law. But only if it uses the premises: (c) for the purpose of producing mutual receipts; or (d) in carrying on a * business for the purpose of producing mutual receipts; or (e) for the purpose of producing amounts to which section 59 ‑ 35 applies (amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs); or (f) in carrying on a * business for the purpose of producing amounts to which section 59 ‑ 35 applies. Note: If the entity receives an amount as recoupment of the rates or land tax, the amount may be included in its assessable income: see Subdivision 20 ‑ A When premises used only for deductible purposes (2) The entity can deduct the whole of the rates or land tax if it uses the premises only in one or more of these ways: (a) for the purpose of producing mutual receipts; (b) in carrying on a * business for the purpose of producing mutual receipts; (c) for the * purpose of producing assessable income. When premises used partly for deductible purposes (3) If the entity uses the premises partly in one or more of the ways referred to in subsection (2) and partly in some other way, it can deduct the rates or land tax to the extent that it uses the premises in one or more of the ways referred to in that subsection. No deduction under section 8 ‑ 1 (4) The entity cannot deduct the rates or land tax under section 8 ‑ 1 (which is about general deductions).", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 37 of 2019", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 13 of 2006 | No 37 of 2019", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 37 of 2019, effective Sch 2 (items 17–22): 6 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-85", "Provision_Key": "s25-85", "Heading": "Certain returns in respect of debt interests", "Text": "(1) This section deals with a * return that an entity pays or provides on a * debt interest. (2) The * return is not prevented from being a * general deduction for an income year under section 8 ‑ 1 merely because: (a) the return is * contingent on aspects of the economic performance (whether past, current or future) of: (i) the entity or a part of the entity’s activities; or (ii) a * connected entity of the entity or a part of the activities of a connected entity of the entity; or (b) the return secures a permanent or enduring benefit for the entity or a connected entity of the entity. (3) If the * return is a * dividend, the entity can deduct the return to the extent to which it would have been a * general deduction under section 8 ‑ 1 if: (a) the payment of the return were the incurring by the entity of a liability to pay the same amount as interest; and (b) that interest were incurred in respect of the finance raised by the entity and in respect of which the return was paid or provided; and (c) the * debt interest retained its character as a debt interest for the purposes of subsection (2). (4) Subsections (2) and (3) do not apply to a * return to the extent to which it would be a * general deduction under section 8 ‑ 1 apart from this section. (4A) Subsections (2) and (3) do not apply to a * return on a * debt interest that is a * Division 230 financial arrangement. (5) Subject to regulations made for the purposes of subsection (6), subsections (2) and (3) do not apply to the return to the extent to which the annually compounded internal rate of return exceeds the * benchmark rate of return for the interest increased by 150 basis points. (6) The regulations may provide that subsection (5) applies in the circumstances specified in the regulations as if the reference to 150 basis points were a reference to a greater or lesser number of basis points.", "Amendment_Count": 3, "First_Amended": "No 163 of 2001", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 163 of 2001 | No 15 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-90", "Provision_Key": "s25-90", "Heading": "Deduction relating to foreign non ‑ assessable non ‑ exempt income", "Text": "An * Australian entity can deduct an amount of loss or outgoing from its assessable income for an income year if: (a) the amount is incurred by the entity in deriving income from a foreign source; and (b) the income is * non ‑ assessable non ‑ exempt income under section 768 ‑ 5, or section 23AI or 23AK of the Income Tax Assessment Act 1936 ; and (c) the amount is a cost in relation to a * debt interest issued by the entity that is covered by paragraph (1)(a) of the definition of debt deduction . Note: This section does not apply to a Division 230 financial arrangement.", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 162 of 2001 | No 66 of 2003 | No 15 of 2009 | No 110 of 2014", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-95", "Provision_Key": "s25-95", "Heading": "Deduction for work in progress amounts", "Text": "(1) You can deduct a * work in progress amount that you pay for the income year in which you pay it to the extent that, as at the end of that income year: (a) a recoverable debt has arisen in respect of the completion or partial completion of the work to which the amount related; or (b) you reasonably expect a recoverable debt to arise in respect of the completion or partial completion of that work within the period of 12 months after the amount was paid. (2) You can deduct the remainder (if any) of the * work in progress amount for the following income year. (3) An amount is a work in progress amount to the extent that: (a) an entity agrees to pay the amount to another entity (the recipient ); and (b) the amount can be identified as being in respect of work (but not goods) that has been partially performed by the recipient for a third entity but not yet completed to the stage where a recoverable debt has arisen in respect of the completion or partial completion of the work. (4) An amount does not stop being a work in progress amount merely because it is paid after a recoverable debt has arisen in respect of the completion or partial completion of the work to which the amount related.", "Amendment_Count": 1, "First_Amended": "No 119 of 2002", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 119 of 2002", "History_Notes": "Inserted by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-100", "Provision_Key": "s25-100", "Heading": "Travel between workplaces", "Text": "When a deduction is allowed (1) If you are an individual, you can deduct a * transport expense to the extent that it is incurred in your * travel between workplaces. Transport expense (1A) A transport expense is a loss or outgoing to do with transport (including the decline in value of a * depreciating asset used in connection with transport) but does not include: (a) a loss or outgoing for accommodation or for food or drink; or (b) expenditure incidental to transport. Travel between workplaces (2) Your travel between workplaces is travel directly between 2 places, to the extent that: (a) while you were at the first place, you were: (i) engaged in activities to gain or produce your assessable income; or (ii) engaged in activities in the course of carrying on a * business for the purpose of gaining or producing your assessable income; and (b) the purpose of your travel to the second place was to: (i) engage in activities to gain or produce your assessable income; or (ii) engage in activities in the course of carrying on a business for the purpose of gaining or producing your assessable income; and you engaged in those activities while you were at the second place. (3) Travel between 2 places is not travel between workplaces if one of the places you are travelling between is a place at which you reside. (4) Travel between 2 places is not travel between workplaces if, at the time of your travel to the second place: (a) the arrangement under which you gained or produced assessable income at the first place has ceased; or (b) the * business in respect of which you engaged in activities at the first place has ceased. No deduction for capital expenditure (5) You cannot deduct expenditure under subsection (1) to the extent that the expenditure is capital, or of a capital nature.", "Amendment_Count": 2, "First_Amended": "No 95 of 2004", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 95 of 2004 | No 49 of 2026", "History_Notes": "Inserted by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-110", "Provision_Key": "s25-110", "Heading": "Capital expenditure to terminate lease etc.", "Text": "(1) You can deduct an amount for capital expenditure you incur to terminate a lease or licence (including an authority, permit or quota) that results in the termination of the lease or licence if the expenditure is incurred: (a) in the course of carrying on a * business; or (b) in connection with ceasing to carry on a business. (2) The amount you can deduct is 20% of the expenditure: (a) for the income year in which the lease or licence is terminated; and (b) for each of the next 4 income years. Exceptions (3) You cannot deduct any amount for expenditure you incur to terminate a lease that, in accordance with * accounting standards, or statements of accounting concepts made by the Australian Accounting Standards Board, is classified as a finance lease. (4) If you incurred the expenditure under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this subsection, the amount of the expenditure would be more than the * market value of what it was for (assuming the termination did not occur and was never proposed to occur); the amount of expenditure you take into account is that market value. (5) You cannot deduct any amount for expenditure you incur to terminate a lease or licence if: (a) after the termination, you or an * associate of yours enters into another lease or licence with the same party or an associate of that party; and (b) the other lease or licence is of the same kind as the original one. (6) You cannot deduct any amount for expenditure you incur to terminate a lease or licence to the extent that the expenditure is for the granting or receipt of another lease or licence in relation to the asset that was the subject of the original lease or licence.", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 32 of 2006 | No 70 of 2015", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-115", "Provision_Key": "s25-115", "Heading": "Deduction for payment of rent from land investment by operating entity to asset entity in relation to approved economic infrastructure facility", "Text": "(1) An entity that is an * operating entity in relation to a * cross staple arrangement can deduct an amount, for an income year, of * rent from land investment if: (a) another entity derives or receives the amount from the operating entity: (i) in the income year; and (ii) on or after 27 March 2018; and (b) the cross staple arrangement was entered into in relation to: (i) a facility that is covered by section 12 ‑ 439 in Schedule 1 to the Taxation Administration Act 1953 at a time in the income year; or (ii) an improvement to a facility that is covered by that section at a time in the income year; and (c) the other entity is an * asset entity in relation to the cross staple arrangement; and (d) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and (e) the amount is * excepted MIT CSA income of the asset entity for the income year; and (f) each entity that is a * stapled entity in relation to the cross staple arrangement has made a choice in accordance with subsection (3). (2) If the * asset entity is not a * managed investment trust in relation to the income year, for the purposes of paragraph (1)(e), treat it as a managed investment trust in relation to the income year. (3) An entity makes a choice in accordance with this subsection if: (a) the entity makes the choice in the * approved form; and (b) the entity makes the choice before: (i) the start of the income year in which the asset is first put to use; or (ii) a later time allowed by the Commissioner; and (c) the entity gives the choice to the Commissioner within 60 days after the entity makes the choice. (4) The choice cannot be revoked.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-120", "Provision_Key": "s25-120", "Heading": "Transitional—deduction for payment of rent from land investment by operating entity to asset entity", "Text": "(1) This section applies if the requirements in subsection 12 ‑ 440(1) or (2) in Schedule 1 to the Taxation Administration Act 1953 are satisfied in relation to a * cross staple arrangement. (2) An entity that is an * operating entity in relation to the * cross staple arrangement can deduct, for an income year, an amount of * rent from land investment if: (a) another entity derives or receives the amount from the operating entity at a time that: (i) is in the income year; and (ii) is on or after 27 March 2018; and (iii) meets the requirements in subsection 12 ‑ 440(4) of Schedule 1 to the Taxation Administration Act 1953 ; and (b) the other entity is an * asset entity in relation to the cross staple arrangement; and (c) apart from this subsection, the operating entity could otherwise deduct the amount under this Act; and (d) the amount is * excepted MIT CSA income of the asset entity for the income year. (3) If the * asset entity is not a * managed investment trust in relation to the income year, for the purposes of paragraph (2)(d), treat it as a managed investment trust in relation to the income year.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 25-125", "Provision_Key": "s25-125", "Heading": "COVID ‑ 19 tests", "Text": "(1) You can deduct a loss or outgoing to the extent it is incurred in gaining or producing your assessable income if: (a) you are an individual; and (b) the loss or outgoing is incurred in respect of testing you for the novel coronavirus SARS ‑ CoV ‑ 2 that causes COVID ‑ 19 using a test covered by subsection (3); and (c) the purpose of testing you is to determine whether you may attend or remain at a place where you: (i) engage in activities to gain or produce your assessable income; or (ii) engage in activities in the course of carrying on a * business for the purpose of gaining or producing your assessable income. (2) However, you cannot deduct a loss or outgoing under this section to the extent that it is a loss or outgoing of capital, or of a capital nature. (3) This subsection covers a test that: (a) is a polymerase chain reaction test; or (b) is a therapeutic good (within the meaning of the Therapeutic Goods Act 1989 ) that: (i) is included in the Australian Register of Therapeutic Goods maintained under section 9A of that Act; and (ii) has an intended purpose, accepted in relation to that inclusion, that relates to the detection of the novel coronavirus SARS ‑ CoV ‑ 2 that causes COVID ‑ 19.", "Amendment_Count": 1, "First_Amended": "No 14 of 2022", "Last_Amended": "No 14 of 2022", "Amending_Acts": "No 14 of 2022", "History_Notes": "Inserted by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s25-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-1", "Provision_Key": "s26-1", "Heading": "What this Division is about", "Text": "This Division sets out some amounts that you cannot deduct, or that you cannot deduct in full. Table of sections Operative provisions 26 ‑ 5 Penalties 26 ‑ 10 Leave payments 26 ‑ 15 Franchise fees windfall tax 26 ‑ 17 Commonwealth places windfall tax 26 ‑ 19 Rebatable benefits 26 ‑ 20 Assistance to students 26 ‑ 22 Political contributions and gifts 26 ‑ 25 Interest or royalty 26 ‑ 25A Payments to employees—labour mobility programs 26 ‑ 26 Non ‑ share distribution and dividends 26 ‑ 30 Relative’s travel expenses 26 ‑ 31 Travel related to use of residential premises as residential accommodation 26 ‑ 35 Reducing deductions for amounts paid to related entities 26 ‑ 40 Maintaining your family 26 ‑ 45 Recreational club expenses 26 ‑ 47 Non ‑ business boating activities 26 ‑ 50 Expenses for a leisure facility 26 ‑ 52 Bribes to foreign public officials 26 ‑ 53 Bribes to public officials 26 ‑ 54 Expenditure relating to illegal activities 26 ‑ 55 Limit on deductions 26 ‑ 60 Superannuation contributions surcharge 26 ‑ 68 Loss from disposal of eligible venture capital investments 26 ‑ 70 Loss from disposal of venture capital equity 26 ‑ 75 Excess non ‑ concessional contributions tax cannot be deducted 26 ‑ 80 Financing costs on loans to pay superannuation contribution 26 ‑ 85 Borrowing costs on loans to pay life insurance premiums 26 ‑ 90 Superannuation supervisory levy 26 96 Laminaria and Corallina decommissioning levy cannot be deducted 26 ‑ 97 National Disability Insurance Scheme expenditure 26 ‑ 98 Division 293 tax cannot be deducted 26 ‑ 99 Excess transfer balance tax cannot be deducted", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-99A", "Provision_Key": "s26-99a", "Heading": "Division 296 tax cannot be deducted", "Text": "26 ‑ 99B Build to rent development misuse tax cannot be deducted 26 ‑ 99C Australian IIR/UTPR tax and Australian DMT tax cannot be deducted 26 ‑ 100 Expenditure attributable to water infrastructure improvement payments 26 ‑ 102 Expenses associated with holding vacant land 26 ‑ 105 Non ‑ compliant payments for work and services 26 ‑ 155 Using or holding residential dwellings", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-99A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-160", "Provision_Key": "s26-160", "Heading": "Meaning of residential dwelling and new residential dwelling", "Text": "Meaning of residential dwelling (1) A residential dwelling means a * dwelling other than any of the following: (a) a caravan, mobile tiny home, or other mobile home; (b) a hotel, motel, inn, hostel or boarding house; (c) a dwelling providing accommodation to students in connection with a school or an education institution that is not a school; (d) a boat or other marine vessel. (2) For the purposes of subsection (1), a residential dwelling is taken to include any of the following things to the extent that the thing is available for use by an occupant of the * dwelling: (a) land adjacent to the dwelling; (b) a garage, storeroom or other structure associated with the dwelling. Meaning of new residential dwelling (3) A * residential dwelling is a new residential dwelling in relation to you if the requirements determined under subsection (4) are met in relation to you and the residential dwelling. (4) The Minister must, by legislative instrument, determine requirements for the purposes of subsection (3). Without limiting this subsection, the requirements may include requirements relating to one or more of the following: (a) the kind of * residential dwelling; (b) the kind of interest you hold in the residential dwelling and the circumstances in which you acquired your interest (such as whether you were the builder or a subsequent purchaser of the residential dwelling); (c) circumstances relating to the creation of the residential dwelling (such as whether the residential dwelling was built on vacant land, was created through substantial renovations of an existing building, or was built to replace a demolished residential dwelling); (d) whether the residential dwelling has a separate title, equitable title or similar legal interest that can be acquired by an entity. (4A) Before determining requirements for the purposes of subsection (4), the Minister must be satisfied that determining the requirements will assist in achieving the objective of genuinely adding to the supply of residential dwellings in Australia. (5) To avoid doubt, the Minister may determine requirements under subsection (4) relating to matters or circumstances existing before the commencement of this section.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-5", "Provision_Key": "s26-5", "Heading": "Penalties", "Text": "(1) You cannot deduct under this Act: (a) an amount (however described) payable, by way of penalty, under an * Australian law or a * foreign law; or (b) an amount ordered by a court to be paid on the conviction of an entity for an offence against an * Australian law or a * foreign law. (1A) Without limiting paragraph (1)(a), you cannot deduct under this Act the * general interest charge or the * shortfall interest charge. (2) This section does not apply to an amount payable, by way of penalty, under Subdivision 162 ‑ D of the * GST Act. Note: See paragraph 25 ‑ 5(1)(ca) for the deductibility of penalties that arise under Subdivision 162 ‑ D of the GST Act.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 29 of 2025", "Amending_Acts": "No 121 of 1997 | No 73 of 2001 | No 58 of 2006 | No 29 of 2025", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 29 of 2025, effective sch 2: 1 Apr 2025 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-10", "Provision_Key": "s26-10", "Heading": "Leave payments", "Text": "(1) You cannot deduct under this Act a loss or outgoing for long service leave, annual leave, sick leave or other leave except: (a) an amount paid in the income year to the individual to whom the leave relates (or, if that individual has died, to that individual’s dependant or * legal personal representative); or (b) an * accrued leave transfer payment that is made in the income year. (2) An accrued leave transfer payment is a payment that an entity makes: (a) in respect of an individual’s leave (some or all of which accrued while the entity was required to make payments in respect of the individual’s leave, or leave the individual might take); and (b) when the entity is no longer required (or is about to stop being required) to make payments in respect of such leave; and (c) to another entity when the other entity has begun (or is about to begin) to be required to make payments in respect of such leave; and (d) under (or for the purposes of facilitating the provisions of) an * Australian law, or an award, order, determination or industrial agreement under an * Australian law. It does not matter whether the leave accrues to the individual as an employee or for some other reason. Example: Your employee goes to a new employer. You pay the new employer $2,000 for the employee’s unused long service leave because an industrial agreement requires you to make that payment. Note: An accrued leave transfer payment is included in the assessable income of the entity to which it is made: see section 15 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-15", "Provision_Key": "s26-15", "Heading": "Franchise fees windfall tax", "Text": "You cannot deduct under this Act any tax that is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 134 of 1997", "Last_Amended": "No 134 of 1997", "Amending_Acts": "No 134 of 1997", "History_Notes": "Inserted by No 134 of 1997, effective s 4(2) and Sch 1 (items 3–6): 19 Sept 1997 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-17", "Provision_Key": "s26-17", "Heading": "Commonwealth places windfall tax", "Text": "You cannot deduct under this Act any tax that is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 .", "Amendment_Count": 1, "First_Amended": "No 23 of 1998", "Last_Amended": "No 23 of 1998", "Amending_Acts": "No 23 of 1998", "History_Notes": "Inserted by No 23 of 1998, effective 17 Apr 1998", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-19", "Provision_Key": "s26-19", "Heading": "Rebatable benefits", "Text": "(1) You cannot deduct under this Act a loss or outgoing to the extent that the loss or outgoing is incurred in gaining or producing a rebatable benefit (within the meaning of section 160AAA of the Income Tax Assessment Act 1936 ). (2) To the extent that you use property in gaining or producing a rebatable benefit, your use of the property is taken not to be for the * purpose of producing assessable income if subsection (1) would stop you deducting a loss or outgoing if you incurred it in the income year in gaining or producing the rebatable benefit. Note: Under some provisions of this Act, in order to deduct an amount for your property, you must have used the property for the purpose of producing assessable income.", "Amendment_Count": 1, "First_Amended": "No 71 of 2012", "Last_Amended": "No 71 of 2012", "Amending_Acts": "No 71 of 2012", "History_Notes": "Inserted by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-19"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-20", "Provision_Key": "s26-20", "Heading": "Assistance to students", "Text": "(1) You cannot deduct under this Act: (ca) a student contribution amount within the meaning of the Higher Education Support Act 2003 paid to a higher education provider (within the meaning of that Act); or (cb) a payment made to reduce a debt to the Commonwealth under Chapter 4 of that Act; or (cba) a payment made to reduce a debt to the Commonwealth under Part 3A of the VET Student Loans Act 2016 ; or (cc) a payment made to reduce a debt to the Commonwealth under Chapter 2AA of the Social Security Act 1991 or Part 2 of the Student Assistance Act 1973 ; or (cd) a payment made to reduce a debt to the Commonwealth under Chapter 3 of the Australian Apprenticeship Support Loans Act 2014 ; or (ce) a payment made to reduce a liability to overseas debtors repayment levy under the Student Loans (Overseas Debtors Repayment Levy) Act 2015 ; or (d) a payment made to reduce a debt to the Commonwealth, or to a participating corporation, under Chapter 2B of the Social Security Act 1991 or Part 4A of the Student Assistance Act 1973 . Exception when you provide a fringe benefit (2) Subsection (1) does not stop you deducting expenditure you incur in * providing a * fringe benefit.", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 61 of 2023", "Amending_Acts": "No 121 of 1997 | No 45 of 1998 | No 150 of 2003 | No 56 of 2010 | No 82 of 2014 | No 154 of 2015 | No 169 of 2015 | No 116 of 2018 | No 61 of 2023", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 150 of 2003, effective Sch 2 (items 136–143): 1 Jan 2004 (s 2(1) item 16) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 82 of 2014, effective Sch 1 (items 5–7): 18 July 2014 (s 2(1) item 2) | Amended by No 154 of 2015, effective Sch 5 (items 2–4): 1 Jan 2016 (s 2(1) item 9) | Amended by No 169 of 2015, effective Sch 1 (items 6–10, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 116 of 2018, effective Sch 1 (items 27–32): 1 July 2019 (s 2(1) item 2B) | Amended by No 61 of 2023, effective sch 1 (items 132-136, 156-165): 1 Jan 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-22", "Provision_Key": "s26-22", "Heading": "Political contributions and gifts", "Text": "You cannot deduct political contributions or gifts (1) You cannot deduct under this Act (other than Subdivision 30 ‑ DA): (a) a contribution (including a membership fee) or gift to a political party that is registered under Part XI of the Commonwealth Electoral Act 1918 or under corresponding State or Territory legislation; or (b) a contribution or gift to an individual when the individual is a candidate in an election for members of: (i) an * Australian legislature; or (ii) a * local governing body; or (c) a contribution or gift to an individual who is a member of: (i) an Australian legislature; or (ii) a local governing body. Exception for employees and office holders (2) However, subsection (1) does not apply to a loss or outgoing incurred in gaining or producing assessable income from which an amount is required to be withheld under section 12 ‑ 35 or 12 ‑ 45 in Schedule 1 to the Taxation Administration Act 1953 . Note: These provisions of the Taxation Administration Act 1953 require amounts to be withheld from income of employees and office holders. Starting and stopping being a candidate (3) For the purposes of this section, an individual: (a) starts being a candidate when the individual’s intention to be or to attempt to be a candidate for the election is publicly available; and (b) stops being a candidate at the earlier of: (i) the time when the result of the election is declared or otherwise publicly announced by an entity (an electoral official ) authorised under the relevant electoral legislation; and (ii) the time (if any) when the individual’s intention to no longer be a candidate for the election is publicly available. Starting being a member (4) An individual who becomes a member as a result of an election (including an election that is later declared void) is taken to start being a member when the individual’s election as a member is declared or otherwise publicly announced by an electoral official.", "Amendment_Count": 1, "First_Amended": "No 16 of 2010", "Last_Amended": "No 16 of 2010", "Amending_Acts": "No 16 of 2010", "History_Notes": "Inserted by No 16 of 2010, effective 15 Mar 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-22"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-25", "Provision_Key": "s26-25", "Heading": "Interest or royalty", "Text": "(1) You cannot deduct under this Act interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) or a * royalty if: (a) Subdivision 12 ‑ F in Schedule 1 to the Taxation Administration Act 1953 requires you to withhold an amount from the interest or royalty; and (b) either: (i) you fail to withhold the amount; or (ii) after withholding the amount, you fail to comply with section 16 ‑ 70 in that Schedule in relation to that amount. (2) You cannot deduct under this Act interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ), or a * royalty, that is in the form of a * non ‑ cash benefit if: (a) section 14 ‑ 5 or 14 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 requires you to pay an amount to the Commissioner before providing the benefit, because of Subdivision 12 ‑ F in that Schedule; and (b) you fail to pay the amount as required by that section. (3) If: (a) apart from subsection (1) or (2), you can deduct interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) or a * royalty for an income year; and (b) the * withholding tax payable for the interest or the royalty is paid; you can deduct the interest or royalty for that income year.", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Inserted by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Amended by No 44 of 2000, effective Sch 3 (item 38), Sch 4 (items 13–16) and Sch 5: 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-25A", "Provision_Key": "s26-25a", "Heading": "Payments to employees—labour mobility programs", "Text": "No deduction to extent amount not withheld (1) You cannot deduct under this Act salary, wages, commission, bonuses or allowances from which Subdivision 12 ‑ FC in Schedule 1 to the Taxation Administration Act 1953 (about labour mobility programs) requires you to withhold an amount, to the extent that: (a) you fail to withhold the amount; or (b) after withholding the amount, you fail to comply with section 16 ‑ 70 in that Schedule in relation to that amount. Note: Section 16 ‑ 70 in that Schedule requires you to pay the amount to the Commissioner. Deduction to extent amount not withheld but withholding tax paid (2) You can deduct, for an income year, salary, wages, commission, bonuses or allowances to the extent that: (a) you cannot deduct the salary, wages, commission, bonuses or allowances for that income year only because of subsection (1) of this section; and (b) the * labour mobility program withholding tax payable for the salary, wages, commission, bonuses or allowance is paid.", "Amendment_Count": 2, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-25A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-26", "Provision_Key": "s26-26", "Heading": "Non ‑ share distributions and dividends", "Text": "(1) A company cannot deduct under this Act: (a) a * non ‑ share distribution; or (b) a return that has accrued on a * non ‑ share equity interest. (2) A company cannot deduct a * dividend paid on an * equity interest in the company as a * general deduction under this Act.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-26"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-30", "Provision_Key": "s26-30", "Heading": "Relative’s travel expenses", "Text": "(1) You cannot deduct under this Act a loss or outgoing you incur, insofar as it is attributable to your * relative’s travel, if: (a) you travelled in the course of performing your duties as an employee, or in the course of carrying on a * business for the purpose of gaining or producing your assessable income; and (b) your relative accompanied you while you travelled. Exception to subsection (1) (2) Subsection (1) does not stop you deducting a loss or outgoing if: (a) your * relative, while accompanying you, performed substantial duties as your employer’s employee, or as your employee; and (b) it is reasonable to conclude that your relative would still have accompanied you even if he or she had not had a personal relationship with you. Exception when you provide a fringe benefit (3) Subsection (1) does not stop you deducting expenditure you incur in * providing a * fringe benefit. This section also applies to individuals who are not employees (4) If an individual is not an employee, but receives, or is entitled to receive, * withholding payments covered by subsection (6), this section applies to the individual as if: (a) he or she were an employee; and (b) the entity, who pays (or is liable to pay) * withholding payments covered by subsection (6) that result in the individual being in receipt of, or entitled to receive, such payments, were the individual’s employer; and (c) any other individual who receives (or is entitled to receive) * withholding payments covered by subsection (6): (i) that result in that other individual being in receipt of, or entitled to receive, such payments; and (ii) that the entity pays (or is liable to pay) to that other individual; were an employee of the entity. This section also applies to entities who are not employers (5) If an entity is not an employer, but pays (or is liable to pay) * withholding payments covered by subsection (6), this section applies to the entity as if: (a) it were an employer; and (b) an individual to whom the entity pays (or is liable to pay) such withholding payments were the entity’s employee. Withholding payments covered (6) This subsection covers: (a) a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table; and (b) a withholding payment covered by section 12 ‑ 47 in Schedule 1 to the Taxation Administration Act 1953 where: (i) the payment is made to a religious practitioner by a religious institution; and (ii) the activity, or series of activities, for which the payment is made is done by the religious practitioner as a member of the religious institution. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 40 Payment to company director 2 Section 12 ‑ 45 Payment to office holder 3 Section 12 ‑ 50 Return to work payment 4 Subdivision 12 ‑ D Benefit, training and compensation payments", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 168 of 2001", "Amending_Acts": "No 121 of 1997 | No 179 of 1999 | No 168 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-31", "Provision_Key": "s26-31", "Heading": "Travel related to use of residential premises as residential accommodation", "Text": "(1) You cannot deduct under this Act a loss or outgoing you incur, insofar as it is related to travel, if: (a) it is incurred in gaining or producing your assessable income from the use of * residential premises as residential accommodation; and (b) it is not necessarily incurred in carrying on a * business for the purpose of gaining or producing your assessable income. Exception—kind of entity (2) Subsection (1) does not stop you deducting a loss or outgoing if, at any time during the income year in which the loss or outgoing is incurred, you are: (a) a * corporate tax entity; or (b) a * superannuation plan that is not a * self managed superannuation fund; or (c) a * managed investment trust; or (d) a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); or (e) a unit trust or partnership, if each * member of the trust or partnership is covered by a paragraph of this subsection at that time during the income year.", "Amendment_Count": 1, "First_Amended": "No 126 of 2017", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 126 of 2017", "History_Notes": "Inserted by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-31"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-35", "Provision_Key": "s26-35", "Heading": "Reducing deductions for amounts paid to related entities", "Text": "You can only deduct reasonable amounts paid to related entities (1) If, under another provision of this Act, you can deduct an amount for a payment you make, or for a liability you incur, to a * related entity, then you can only deduct so much of the amount as the Commissioner considers reasonable. Note: This section has a special operation if the payment is made, or the liability is incurred, by a partnership in which a private company is a partner: see section 65 (Payments to associated persons and relatives) of the Income Tax Assessment Act 1936 . Meaning of related entity (2) A related entity is any of the following: (a) your * relative; or (b) a partnership in which your relative is a partner. (3) In the case of a partnership, a related entity is any of the following: (a) a * relative of a partner in the partnership; (b) an individual who is or has been a director of a company that is a partner in the partnership and is a * private company for the income year; (c) an entity that is or has been a shareholder in a company of that kind; (d) a * relative of an individual who is or has been a director or shareholder of a company of that kind; (e) a beneficiary of a trust if the trustee is a partner in the partnership; (f) a * relative of a beneficiary of a trust if the trustee is a partner in the partnership; (g) another partnership, if a partner in the other partnership is a * relative of a partner in the first partnership. However, a partner in a partnership is not a related entity of the partnership. If you can’t deduct, then related entity doesn’t include amount as income (4) To the extent that subsection (1) stops you deducting an amount, the amount is neither assessable income, nor exempt income, of the * related entity.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 75 of 2010", "Amending_Acts": "No 121 of 1997 | No 75 of 2010", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-40", "Provision_Key": "s26-40", "Heading": "Maintaining your family", "Text": "You cannot deduct under this Act expenditure you incur for maintaining: (a) your * spouse (except a spouse permanently living separately and apart from you); or (b) your * child who is under 16 years. Example: A farmer cannot deduct an amount for food or lodgings that the farmer provides to his or her child who is under 16 years for the work the child performs on the farm.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-45", "Provision_Key": "s26-45", "Heading": "Recreational club expenses", "Text": "(1) You cannot deduct under this Act a loss or outgoing to the extent you incur it to obtain or maintain: (a) membership of a * recreational club; or (b) rights to enjoy (otherwise than as a * member) facilities provided by a * recreational club for the use or benefit of its * members; whether for yourself or someone else. Meaning of recreational club (2) A recreational club is a company that was established or is carried on mainly to provide facilities, for the use or benefit of its * members, for drinking, dining, * recreation or entertainment. Exception when you provide a fringe benefit (3) Subsection (1) does not stop you deducting expenditure you incur in * providing a * fringe benefit.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-47", "Provision_Key": "s26-47", "Heading": "Non ‑ business boating activities", "Text": "Object (1) The object of this section is to improve the integrity of the taxation system by preventing deductions from boating activities that are not carried on as a * business being offset against other assessable income. Rule (2) This Act applies to you as if so much of the amounts relating to using or * holding boats that you could otherwise deduct for an income year as exceeds your assessable income from using or holding boats for that year: (a) were not deductible for that income year; and (b) were an amount (a quarantined amount ) relating to using or holding boats that you can deduct for the next income year. Note: A quarantined amount may be reduced under subsection (5) (for boat capital gains), reduced under subsection (7) (where you deduct part of a quarantined amount under subsection (6) for boat business profits), reduced under subsection (8) (about exempt income) or affected by subsection (10) (about bankruptcy). Example: Ian does not use his boat in a business. In Year 1, Ian would be able to claim $100,000 in deductions for the boat (but for this subsection), including interest, depreciation and running costs. He earns only $40,000 of income from the boat. He can only deduct $40,000. He carries the remaining $60,000 forward to Year 2 (the quarantined amount). In Year 2, Ian has $95,000 of expenses and $30,000 of income for the boat. He can deduct $30,000. The quarantined amount is now $125,000: the quarantined amount from Year 1 plus the excess of expenses over income from Year 2. In Year 3, Ian has $60,000 of expenses and $150,000 of income from the boat. The expenses from Year 3 plus the quarantined amount is $185,000. Therefore, Ian claims a deduction of $150,000 and carries forward $35,000 to Year 4. Exception: business use (3) The rule in subsection (2) does not apply to amounts that are attributable to one or more of the following: (a) * holding a boat as your * trading stock; (b) using a boat (or holding it) mainly for letting it on hire in the ordinary course of a * business that you carry on; (c) using a boat (or holding it) mainly for transporting the public or goods for payment in the ordinary course of a business that you carry on; (d) using a boat for a purpose that is essential to the efficient conduct of a business that you carry on. Note: Even if this exception applies to you, you may still have to quarantine losses under Division 35 (deferral of losses from non ‑ commercial business activities). Exception: fringe benefits (4) The rule in subsection (2) does not apply to so much of an amount you incur in * providing a * fringe benefit. Modification if you have boat capital gains (5) You reduce a quarantined amount you have for an income year by so much of that amount as is applied under section 118 ‑ 80 to reduce a * capital gain you have for the year in relation to a boat. You make this reduction before you deduct an amount under subsection (6). Deduction if you have boat business profits (6) You can deduct all or part of your remaining quarantined amount for an income year if your assessable income for the year from activities of a kind referred to in subsection (3) exceeds your deductions for the year relating to those activities. The amount you can deduct is the lesser of that excess and that remaining quarantined amount. (7) You reduce your quarantined amount for the year by the amount you deduct. You make this reduction before a reduction under subsection (8). Modification if you have exempt income (8) You reduce any remaining quarantined amount you have for an income year by your * net exempt income for that year (after * utilising the net exempt income under section 35 ‑ 15 (about non ‑ commercial business activities) or section 36 ‑ 10 or 36 ‑ 15 (about tax losses)). Modification if you become bankrupt (9) The modification in subsection (10) has effect if: (a) in an income year (the current year ) you become bankrupt or are released from a debt by the operation of an Act relating to bankruptcy; or (b) you became bankrupt before the current year and: (i) the bankruptcy is annulled in the current year under section 74 of the Bankruptcy Act 1966 because your creditors have accepted a proposal for a composition or scheme of arrangement; and (ii) under the composition or scheme of arrangement, you have been, will be or may be released from some or all of the debts from which you would have been released if you had instead been discharged from the bankruptcy. (10) This Act applies to you as if any amount that: (a) is a quarantined amount for you for the current year or was a quarantined amount for you for an earlier year; and (b) has not been applied under section 118 ‑ 80 and that you have not yet deducted; were not an amount relating to using or holding boats that you can deduct for the current year or a later year.", "Amendment_Count": 3, "First_Amended": "No 78 of 2007", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 78 of 2007 | No 88 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-50", "Provision_Key": "s26-50", "Heading": "Expenses for a leisure facility", "Text": "(1) You cannot deduct under this Act a loss or outgoing to the extent you incur it: (a) to acquire ownership of a * leisure facility; or (b) to retain ownership of a leisure facility; or (c) to acquire rights to use a leisure facility; or (d) to retain rights to use a leisure facility; or (e) to use, operate, maintain or repair a leisure facility; or (f) in relation to any obligation associated with your ownership of a leisure facility; or (g) in relation to any obligation associated with your rights to use a leisure facility. However, there are exceptions (see subsections (3), (4) and (8)). What is a leisure facility ? (2) A leisure facility is land, a building, or part of a building or other structure, that is used (or held for use) for holidays or * recreation. Exception—leisure facilities (3) Subsection (1) does not stop you deducting a loss or outgoing for a * leisure facility if at all times in the income year: (a) you hold the leisure facility for sale in the ordinary course of your business of selling leisure facilities; or (b) you use the leisure facility (or hold it for use) mainly to provide it: (i) in the ordinary course of your * business of providing leisure facilities for payment; or (ii) to produce your assessable income in the nature of rents, lease premiums, licence fees or similar charges; or (iii) for your employees to use; or (iv) for the care of your employees’ * children. In the case of a company, subparagraphs (b)(iii) and (iv) do not apply to employees who are * members or directors of the company. Exception—part year use of leisure facilities (4) If you use a * leisure facility (or hold it) as described in subsection (3) at all times during part of the income year, then subsection (1) does not stop you deducting so much of the loss or outgoing as is reasonable in the circumstances. Anti ‑ avoidance—when exceptions do not apply (7) A * leisure facility is taken not to be used (or held) as described in subsection (3) if: (a) apart from this subsection, the leisure facility would be used (or held) in that way because of a * scheme; and (b) in the Commissioner’s opinion, the scheme would not have been entered into or carried out if this section had not been enacted. Exception when you provide a fringe benefit (8) Subsection (1) does not stop you deducting expenditure you incur in * providing a * fringe benefit.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 121 of 1997 | No 78 of 2007 | No 14 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-52", "Provision_Key": "s26-52", "Heading": "Bribes to foreign public officials", "Text": "(1) You cannot deduct under this Act a loss or outgoing you incur that is a * bribe to a foreign public official. (2) An amount is a bribe to a foreign public official to the extent that: (a) you incur the amount in, or in connection with: (i) providing a benefit to another person; or (ii) causing a benefit to be provided to another person; or (iii) offering to provide, or promising to provide, a benefit to another person; or (iv) causing an offer of the provision of a benefit, or a promise of the provision of a benefit, to be made to another person; and (b) you incur the amount with the intention of improperly influencing a * foreign public official (who may be the other person) in order to obtain or retain business or a business or personal advantage (whether or not for yourself). The benefit may be any advantage and is not limited to property. (2A) For the purposes of subsection (2), disregard whether business, or a business or personal advantage, was actually obtained or retained. Payments that written law of foreign public official’s country requires or permits (3) An amount is not a bribe to a foreign public official if, assuming the benefit had been provided, and all related acts had been done, in the * foreign public official’s country, a written law of that country would have required or permitted the provision of the benefit. Facilitation payments (4) An amount is not a bribe to a foreign public official if: (a) the value of the benefit is of a minor nature; and (b) the amount is incurred for the sole or dominant purpose of expediting or securing the performance of a routine government action of a minor nature. (5) For the purposes of this section, a routine government action is an action of a * foreign public official that: (a) is ordinarily and commonly performed by the official; and (b) is covered by any of the following subparagraphs: (i) granting a permit, licence or other official document that qualifies a person to do business in a foreign country or in a part of a foreign country; (ii) processing government papers such as a visa or work permit; (iii) providing police protection or mail collection or delivery; (iv) scheduling inspections associated with contract performance or related to the transit of goods; (v) providing telecommunications services, power or water; (vi) loading and unloading cargo; (vii) protecting perishable products, or commodities, from deterioration; (viii) any other action of a similar nature; and (c) does not involve a decision about: (i) whether to award new business; or (ii) whether to continue existing business with a particular person; or (iii) the terms of new business or existing business; and (d) does not involve encouraging a decision about: (i) whether to award new business; or (ii) whether to continue existing business with a particular person; or (iii) the terms of new business or existing business. Improper influence (6) In determining whether influence is improper, disregard the following: (a) the fact that the benefit, or the offer or promise to provide the benefit, may be, or be perceived to be, customary, necessary or required in the situation; (b) any official tolerance of the benefit; (c) if particular business or a particular business or personal advantage is relevant to determining whether influence is improper—the following: (i) if the value of the business or advantage is insignificant—that fact; (ii) in the case of an advantage—any official tolerance of the advantage; (iii) in the case of an advantage—the fact that the advantage may be customary, or perceived to be customary, in the situation. Duties of foreign public official (8) The duties of a * foreign public official are any authorities, duties, functions or powers that: (a) are conferred on the official; or (b) the official holds himself or herself out as having.", "Amendment_Count": 3, "First_Amended": "No 58 of 2000", "Last_Amended": "No 5 of 2024", "Amending_Acts": "No 58 of 2000 | No 147 of 2007 | No 5 of 2024", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 147 of 2007, effective Schedule 2 (items 5–9): 25 Sept 2007 | Amended by No 5 of 2024, effective sch 1 (items 11 ‑ 14): 1 Oct 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-52"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-53", "Provision_Key": "s26-53", "Heading": "Bribes to public officials", "Text": "(1) You cannot deduct under this Act a loss or outgoing you incur that is a * bribe to a public official. (2) An amount is a bribe to a public official to the extent that: (a) you incur the amount in, or in connection with: (i) providing a benefit to another person; or (ii) causing a benefit to be provided to another person; or (iii) offering to provide, or promising to provide, a benefit to another person; or (iv) causing an offer of the provision of a benefit, or a promise of the provision of a benefit, to be made to another person; and (b) the benefit is not legitimately due to the other person (see subsection (3)); and (c) you incur the amount with the intention of influencing a * public official (who may or may not be the other person) in the exercise of the official’s duties as a public official in order to: (i) obtain or retain business; or (ii) obtain or retain an advantage in the conduct of business that is not legitimately due to you, or another person, as the recipient, or intended recipient, of the advantage in the conduct of business (see subsection (4)). The benefit may be any advantage and is not limited to property. Benefit not legitimately due (3) In working out if a benefit is not legitimately due to another person in a particular situation, disregard the following: (a) the fact that the benefit may be customary, or perceived to be customary, in the situation; (b) the value of the benefit; (c) any official tolerance of the benefit. Advantage in the conduct of business that is not legitimately due (4) In working out if an advantage in the conduct of business is not legitimately due in a particular situation, disregard the following: (a) the fact that the advantage may be customary, or perceived to be customary, in the situation; (b) the value of the advantage; (c) any official tolerance of the advantage. Duties of public official (5) The duties of a * public official are any authorities, duties, functions or powers that: (a) are conferred on the official; or (b) the official holds himself or herself out as having.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 58 of 2000 | No 173 of 2000", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-53"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-54", "Provision_Key": "s26-54", "Heading": "Expenditure relating to illegal activities", "Text": "(1) You cannot deduct under this Act a loss or outgoing to the extent that it was incurred in the furtherance of, or directly in relation to, a physical element of an offence against an * Australian law of which you have been convicted if the offence was, or could have been, prosecuted on indictment. (2) Despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend your assessment at any time within 4 years after you are convicted of the relevant offence for the purpose of giving effect to subsection (1) of this section.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-54"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-55", "Provision_Key": "s26-55", "Heading": "Limit on deductions", "Text": "(1) There is a limit on the total of the amounts you can deduct for the income year under these provisions: (a) section 25 ‑ 50 (which is about payments of pensions, gratuities or retiring allowances) of this Act; (ba) Division 30 (which is about deductions for gifts or contributions) of this Act; (bb) Division 31 (which is about deductions for conservation covenants) of this Act; (d) section 290 ‑ 150 (which is about deductions for personal superannuation contributions). Do not include in the total an amount that you could also deduct under another provision of this Act, apart from section 8 ‑ 10 (which prevents double deductions). (2) The limit is worked out by subtracting from your assessable income all your deductions except: (a) * tax losses; and See Division 36 (which is about tax losses of earlier income years). (c) the amount you can deduct for the income year under section 393 ‑ 5 (which provides for deductions for making * farm management deposits).", "Amendment_Count": 7, "First_Amended": "No 121 of 1997", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 121 of 1997 | No 85 of 1998 | No 169 of 1999 | No 167 of 2001 | No 101 of 2006 | No 15 of 2007 | No 79 of 2010", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 85 of 1998, effective 2 Jan 1999 | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-60", "Provision_Key": "s26-60", "Heading": "Superannuation contributions surcharge", "Text": "You cannot deduct under this Act: (a) a superannuation contributions surcharge within the meaning of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ; or (b) a superannuation contributions surcharge within the meaning of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 191 of 1997", "Last_Amended": "No 191 of 1997", "Amending_Acts": "No 191 of 1997", "History_Notes": "Inserted by No 191 of 1997, effective Sch 2: 7 Dec 1997 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-68", "Provision_Key": "s26-68", "Heading": "Loss from disposal of eligible venture capital investments", "Text": "Partners in VCLPs and ESVCLPs (1) You cannot deduct under this Act your share of a loss made from the disposal or other realisation of an * eligible venture capital investment if: (a) it is made by a * VCLP, or an * ESVCLP, that is * unconditionally registered; and (b) were that disposal or other realisation to be a * disposal of a * CGT asset, your share of any * capital gain or * capital loss would be disregarded under section 118 ‑ 405 or 118 ‑ 407. Partners in AFOFs (2) You cannot deduct under this Act your share of a loss made from the disposal or other realisation of an * eligible venture capital investment if: (a) it is made by: (i) an * AFOF that is * unconditionally registered; or (ii) a * VCLP, or an * ESVCLP, that is unconditionally registered and in which an AFOF that is * unconditionally registered is a partner; and (b) were that disposal or other realisation to be a * disposal of a * CGT asset, your share of any * capital gain or * capital loss would be disregarded under section 118 ‑ 410. Eligible venture capital investors (3) You cannot deduct under this Act a loss made from the disposal or other realisation of an * eligible venture capital investment if: (a) you are an * eligible venture capital investor; and (b) were that disposal or other realisation to be a * disposal of a * CGT asset, any * capital gain or * capital loss would be disregarded under section 118 ‑ 415.", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-68"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-70", "Provision_Key": "s26-70", "Heading": "Loss from disposal of venture capital equity", "Text": "You cannot deduct under this Act a loss made from the disposal or other realisation of * venture capital equity in a * resident investment vehicle if: (a) it is made by a * venture capital entity or a * limited partnership referred to in subsection 118 ‑ 515(2); and (b) if that disposal or other realisation were a * disposal of a * CGT asset, any * capital gain or * capital loss would be disregarded under Subdivision 118 ‑ G.", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-75", "Provision_Key": "s26-75", "Heading": "Excess non ‑ concessional contributions tax cannot be deducted", "Text": "You cannot deduct under this Act an amount of * excess non ‑ concessional contributions tax that you pay.", "Amendment_Count": 3, "First_Amended": "No 89 of 2001", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 89 of 2001 | No 15 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 89 of 2001, effective 18 July 2001 | Repealed and substituted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-80", "Provision_Key": "s26-80", "Heading": "Financing costs on loans to pay superannuation contribution", "Text": "(1) You can only deduct under this Act a * financing cost connected with a contribution you make to a * superannuation plan if you can deduct the contribution under Subdivision 290 ‑ B. (2) A financing cost connected with a contribution is expenditure incurred to the extent that it relates to obtaining finance to make the contribution, including: (a) interest, and payments in the nature of interest; and (b) expenses of borrowing.", "Amendment_Count": 6, "First_Amended": "No 51 of 2002", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 51 of 2002 | No 92 of 2004 | No 93 of 2004 | No 147 of 2005 | No 58 of 2006 | No 15 of 2007", "History_Notes": "Inserted by No 51 of 2002, effective s. 4, Schedule 1 (item 202(2)) and Schedule 3 (items 3, 4): Royal Assent Schedule 1 (items 185, 186): 1 July 2003 | Amended by No 92 of 2004, effective 29 June 2004 | Amended by No 93 of 2004, effective s. 4(1) and Schedule 1 (item 3): Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Repealed and substituted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-85", "Provision_Key": "s26-85", "Heading": "Borrowing costs on loans to pay life insurance premiums", "Text": "(1) You can only deduct under this Act interest on, or other expenses associated with, money you borrow to pay a premium for a * life insurance policy if: (a) the * risk component of the premium received by the insurer is the entire amount of the premium; and (b) each amount the insurer is liable to pay under the policy would be included in your assessable income if it were paid. (2) The risk component of a premium for a * life insurance policy means the amount of the premium worked out on the basis specified in the regulations.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 147 of 2005 | No 15 of 2007", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Repealed and substituted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-90", "Provision_Key": "s26-90", "Heading": "Superannuation supervisory levy", "Text": "You cannot deduct under this Act so much of a levy imposed by the Superannuation (Self Managed Superannuation Funds) Supervisory Levy Imposition Act 1991 as represents the late lodgment amount (within the meaning of section 6 of that Act).", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-96", "Provision_Key": "s26-96", "Heading": "Laminaria and Corallina decommissioning levy cannot be deducted", "Text": "You cannot deduct under this Act an amount of * Laminaria and Corallina decommissioning levy that you pay.", "Amendment_Count": 1, "First_Amended": "No 24 of 2022", "Last_Amended": "No 24 of 2022", "Amending_Acts": "No 24 of 2022", "History_Notes": "Inserted by No 24 of 2022, effective sch 1 (items 1-5, 21): 2 Apr 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-96"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-97", "Provision_Key": "s26-97", "Heading": "National Disability Insurance Scheme expenditure", "Text": "A participant (within the meaning of the National Disability Insurance Scheme Act 2013 ) cannot deduct under this Act a loss or outgoing to the extent the loss or outgoing is funded (including funded by way of reimbursement) by an * NDIS amount the participant * derives.", "Amendment_Count": 2, "First_Amended": "No 44 of 2013", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 44 of 2013 | No 110 of 2014", "History_Notes": "Inserted by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-97"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-98", "Provision_Key": "s26-98", "Heading": "Division 293 tax cannot be deducted", "Text": "You cannot deduct under this Act any of the following: (a) an amount of * Division 293 tax that you pay; (b) an amount of * debt account discharge liability that you pay.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 82 of 2013 | No 110 of 2014", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-98"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-99", "Provision_Key": "s26-99", "Heading": "Excess transfer balance tax cannot be deducted", "Text": "You cannot deduct under this Act an amount of * excess transfer balance tax that you pay.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-99"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-99B", "Provision_Key": "s26-99b", "Heading": "Build to rent development misuse tax cannot be deducted", "Text": "You cannot deduct under this Act an amount of * build to rent development misuse tax that you pay.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-99B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-99C", "Provision_Key": "s26-99c", "Heading": "Australian IIR/UTPR tax and Australian DMT tax cannot be deducted", "Text": "You cannot deduct under this Act an amount of * Australian IIR/UTPR tax or * Australian DMT tax that you pay.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-99C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-100", "Provision_Key": "s26-100", "Heading": "Expenditure attributable to water infrastructure improvement payments", "Text": "(1) You cannot deduct under this Act * SRWUIP expenditure if the matching * SRWUIP payment is, or is reasonably expected to be, * non ‑ assessable non ‑ exempt income (whether for you or for another entity) under section 59 ‑ 65. (2) SRWUIP expenditure , in respect of a * SRWUIP program, is expenditure that: (a) you incur that satisfies an obligation under an * arrangement under the program; and (b) is, or is reasonably expected to be, matched by a * SRWUIP payment in respect of the program. (3) However, treat the expenditure as if it had never been SRWUIP expenditure if it is no longer reasonable to expect that the expenditure will be matched by a * SRWUIP payment in respect of the program.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-102", "Provision_Key": "s26-102", "Heading": "Expenses associated with holding vacant land", "Text": "Limit on deduction (1) If: (a) at a particular time, you incur a loss or outgoing relating to holding land (including interest or any other ongoing costs of borrowing to acquire the land); and (b) at the earlier of the following (the critical time ): (i) that time; (ii) if you have ceased to hold the land—the time just before you ceased to hold the land; there is no substantial and permanent structure in use or available for use on the land having a purpose that is independent of, and not incidental to, the purpose of any other structure or proposed structure; you can only deduct under this Act the loss or outgoing to the extent that the land is in use, or available for use, in carrying on a business covered by subsection (2) at the time applying under subsection (3). Note 1: The ordinary meaning of structure includes a building and anything else built or constructed. Note 2: The land need not be all of the land under a land title. (2) A * business is covered by this subsection if the business is carried on for the purpose of gaining or producing the assessable income of one or more of the following entities: (a) you; (b) your * affiliate, or an entity of which you are an affiliate; (c) if you are an individual—your * spouse, or any of your * children who is under 18 years of age; (d) an entity * connected with you. (3) The time applying under this subsection is the critical time unless: (a) the business referred to in subsection (1) ceases before the critical time; and (b) the loss or outgoing is otherwise deductible because of the use or availability for use of the land at an earlier time or during an earlier period; and (c) at that earlier time or during that earlier period the land was in use or available for use in carrying on that business; in which case the time applying under this subsection is that earlier time or the end of that earlier period. Disregard certain residential premises if not rented etc. (4) For the purposes of paragraph (1)(b), treat a building as not being a substantial and permanent structure if it is * residential premises constructed, or * substantially renovated, while you hold the land unless: (a) the residential premises are lawfully able to be occupied; and (b) the residential premises are: (i) leased, hired or licensed; or (ii) available for lease, hire or licence. Note: If all of the structures on the land are disregarded under this subsection, then subsection (1) may deny you a deduction for a loss or outgoing relating to the land. Exception—kind of entity (5) Subsection (1) does not stop you deducting a loss or outgoing if, at any time during the income year in which the loss or outgoing is incurred, you are: (a) a * corporate tax entity; or (b) a * superannuation plan that is not a * self managed superannuation fund; or (c) a * managed investment trust; or (d) a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); or (e) a unit trust or partnership, if each * member of the trust or partnership is covered by a paragraph of this subsection at that time during the income year. Exception—structures affected by natural disasters or other exceptional circumstances (6) Subsection (1) does not stop you deducting a loss or outgoing relating to holding land if: (a) had an earlier time been the critical time (see paragraph (1)(b)), paragraph (1)(b) would not have applied to you for the land because of the existence at that earlier time of a substantial and permanent structure on the land; and (b) after that earlier time, paragraph (1)(b): (i) began to apply to you for the land wholly or mainly because of a circumstance affecting that structure; and (ii) continued to do so at the critical time; and (c) the circumstance was exceptional and beyond the reasonable control of you, and of all the entities referred to in paragraphs (2)(b), (c) and (d); and (d) the critical time happened before: (i) the third anniversary of the time paragraph (1)(b) began to apply to you for the land as described in subparagraph (b)(i) of this subsection; or (ii) such later time as the Commissioner allows. (7) If subsection (6) applies to you and you deduct the loss or outgoing, you must keep written records of: (a) the circumstance; and (b) the circumstance’s effect on the affected structure; until the fifth anniversary of the end of the income year in which you incurred the loss or outgoing. Note: There is an administrative penalty if you fail to keep these records (see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 ). Exception—land held by primary producers (8) Subsection (1) does not stop you deducting a loss or outgoing relating to holding land if, at the critical time (see paragraph (1)(b)): (a) the land is under lease, hire or licence to another entity; and (b) you are, or an entity referred to in paragraph (2)(b), (c) or (d) is, carrying on a * primary production business; and (c) the land does not contain * residential premises; and (d) residential premises are not being constructed on the land. Exception—land in use or available for use in carrying on a business (9) Subsection (1) does not stop you deducting a loss or outgoing relating to holding land if, at the critical time (see paragraph (1)(b)): (a) the land is under lease, hire or licence to another entity as a result of a dealing at * arm’s length; and (b) the land is in use, or available for use, in carrying on a * business; and (c) the land does not contain * residential premises; and (d) residential premises are not being constructed on the land.", "Amendment_Count": 1, "First_Amended": "No 95 of 2019", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 95 of 2019", "History_Notes": "Inserted by No 95 of 2019, effective Sch 2 and 3: 1 Jan 2020 (s 2(1) item 2) Sch 5 (items 1, 4): 29 Oct 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-105", "Provision_Key": "s26-105", "Heading": "Non ‑ compliant payments for work and services", "Text": "No deduction if amount not withheld or Commissioner not notified (1) You cannot deduct under this Act a payment if: (a) any of the following provisions in Schedule 1 to the Taxation Administration Act 1953 require you to withhold an amount from the payment: (i) section 12 ‑ 35 (about payments to employees); (ii) section 12 ‑ 40 (about payments to directors); (iii) section 12 ‑ 47 (about payments to * religious practitioners); (iv) section 12 ‑ 60 (about payments under labour hire and certain other arrangements); (v) in relation to a * supply, other than a supply referred to in subsection (3) of this section—section 12 ‑ 190 (about quoting of * ABN); and (b) either: (i) you fail to withhold an amount (whether or not that amount is the amount required to be withheld as mentioned in paragraph (a)) from the payment; or (ii) after withholding the amount from the payment, you fail to comply, or purportedly comply, with section 16 ‑ 150 or 389 ‑ 5 (as the case requires) in that Schedule, in relation to the amount. (2) You cannot deduct under this Act a * non ‑ cash benefit if: (a) section 14 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 requires you to pay an amount to the Commissioner before providing the benefit, because of any of the following provisions in that Schedule: (i) section 12 ‑ 35 (about payments to employees); (ii) section 12 ‑ 40 (about payments to directors); (iii) section 12 ‑ 47 (about payments to * religious practitioners); (iv) section 12 ‑ 60 (about payments under labour hire and certain other arrangements); (v) in relation to a * supply, other than a supply referred to in subsection (3) of this section—section 12 ‑ 190 (about quoting of * ABN); and (b) you fail to comply, or purportedly comply, with section 16 ‑ 150 in that Schedule in relation to the amount. (3) For the purposes of subparagraphs (1)(a)(v) and (2)(a)(v), the supplies are supplies that are wholly a * supply of either or both of the following: (a) a supply of goods (within the meaning of section 195 ‑ 1 of the * GST Act); (b) a supply of real property (within the meaning of that section of that Act). Exception—nil amounts (4) Subsection (1) or (2) does not apply if the amount required to be withheld, or the amount required to be paid to the Commissioner, (as the case requires) is a nil amount. Exception—ABN quoted (5) Subsection (1) does not apply in relation to an amount required to be withheld from a payment under section 12 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 , if: (a) when the payment is made, you have been given: (i) an * invoice or some other document that relates to the payment that * quotes the individual’s * ABN; or (ii) if the payment relates to a * supply that has been made through an * agent—an invoice or some other document that relates to the payment that quotes the agent’s ABN; or (b) when the payment is made: (i) you have been given an invoice or some other document that relates to the payment that purports to quote the individual’s ABN; and (ii) the individual does not have an ABN, or the invoice or other document does not in fact quote the individual’s ABN; and (iii) you have no reasonable grounds to believe that the individual does not have an ABN, or that the invoice or other document does not quote the individual’s ABN; or (c) if the payment relates to a supply that has been made through an agent—when the payment is made: (i) you have been given an invoice or some other document that relates to the payment that purports to quote the agent’s ABN; and (ii) the agent does not have an ABN, or the invoice or other document does not in fact quote the agent’s ABN; and (iii) you have no reasonable grounds to believe that the agent does not have an ABN, or that the invoice or other document does not quote the agent’s ABN. (6) Subsection (2) does not apply in relation to a * non ‑ cash benefit that requires an amount to be paid to the Commissioner, if: (a) when the non ‑ cash benefit is provided, you have been given: (i) an * invoice or some other document that relates to the non ‑ cash benefit that * quotes the individual’s * ABN; or (ii) if the non ‑ cash benefit relates to a * supply that has been made through an * agent—an invoice or some other document that relates to the non ‑ cash benefit that quotes the agent’s ABN; or (b) when the non ‑ cash benefit is provided: (i) you have been given an invoice or some other document that relates to the non ‑ cash benefit that purports to quote the individual’s ABN; and (ii) the individual does not have an ABN, or the invoice or other document does not in fact quote the individual’s ABN; and (iii) you have no reasonable grounds to believe that the individual does not have an ABN, or that the invoice or other document does not quote the individual’s ABN; or (c) if the non ‑ cash benefit relates to a supply that has been made through an agent—when the non ‑ cash benefit is provided: (i) you have been given an invoice or some other document that relates to the non ‑ cash benefit that purports to quote the agent’s ABN; and (ii) the agent does not have an ABN, or the invoice or other document does not in fact quote the agent’s ABN; and (iii) you have no reasonable grounds to believe that the agent does not have an ABN, or that the invoice or other document does not quote the agent’s ABN. Exception—voluntarily tell the Commissioner about a mistake (7) Subsection (1) does not apply if, before the Commissioner tells you that an examination is to be made of your affairs relating to a * taxation law for a relevant period, you voluntarily tell the Commissioner, in the * approved form, that you have failed to: (a) withhold an amount; or (b) comply with section 16 ‑ 150 or 389 ‑ 5 (as the case requires) in Schedule 1 to the Taxation Administration Act 1953 in relation to the amount. (8) Subsection (2) does not apply if, before the Commissioner tells you that an examination is to be made of your affairs relating to a * taxation law for a relevant period, you voluntarily tell the Commissioner, in the * approved form, that you have failed to comply with section 16 ‑ 150 in Schedule 1 to the Taxation Administration Act 1953 in relation to the amount.", "Amendment_Count": 1, "First_Amended": "No 141 of 2018", "Last_Amended": "No 141 of 2018", "Amending_Acts": "No 141 of 2018", "History_Notes": "Inserted by No 141 of 2018, effective Sch 1: 1 Jan 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 26-155", "Provision_Key": "s26-155", "Heading": "Using or holding residential dwellings", "Text": "General rule (1) If the amounts relating to the using or holding of * residential dwellings as residential accommodation that you could otherwise deduct for an income year exceed your assessable income from using or holding residential dwellings as residential accommodation for the income year, this Act applies to the amount of the excess as follows: (a) it is not deductible for that income year; (b) it is an amount (a quarantined amount ) that could be applied in accordance with the method statement in section 102 ‑ 5 (about working out your net capital gain) for that income year; (c) to the extent any part of it remains after applying that method statement—it is treated as an amount relating to using or holding residential dwellings as residential accommodation for the next income year. Example: Henrietta acquires an established residential dwelling in July 2028. For the 2028 ‑ 29 income year Henrietta has assessable income of $50,000 from renting out the residential dwelling as residential accommodation. For that year, Henrietta has (but for this subsection) $65,000 in deductions for the residential dwelling, including interest, insurance and strata costs. She can only deduct $50,000 and the remaining $15,000 is carried forward to the next income year. For the 2029 ‑ 30 income year, Henrietta has (but for this subsection) $70,000 in deductions and $52,000 of assessable income from renting out the residential dwelling as residential accommodation. She can deduct $52,000 and $33,000 is carried forward to the next income year (comprising the $15,000 carried forward from the 2028 ‑ 29 income year and $18,000 from the 2029 ‑ 30 income year). For the 2030 ‑ 31 income year, Henrietta has $20,000 in deductions and $72,000 of assessable income from renting out the residential dwelling as residential accommodation, having reduced her mortgage following an inheritance. She has net rental income from the residential dwelling of $52,000 for this income year and can fully offset the amount of $33,000 that has been carried forward from the previous income year. Exceptions for non ‑ quarantined residential dwellings (2) For the purposes of subsection (1), disregard amounts you could otherwise deduct, and amounts of assessable income, to the extent those amounts relate to the using or holding of the following: (a) an * ownership interest in a * residential dwelling you last * acquired before 7.30 pm, by legal time in the Australian Capital Territory, on 12 May 2026; (b) a residential dwelling that is a * new residential dwelling in relation to you; (c) a residential dwelling for an activity or purpose determined by the Minister by legislative instrument for the purposes of this paragraph. Note: If you have a net gain from your non ‑ quarantined residential dwellings for an income year: see subsection (6). (3) Despite subsection 118 ‑ 130(2), for the purposes of paragraph (2)(a) of this section, for a * residential dwelling that you * acquire under a contract, you have an * ownership interest in the residential dwelling from the time when you enter into the contract. (3A) Before determining an activity or purpose for the purposes of paragraph (2)(c), the Minister must be satisfied that determining the activity or purpose will assist in achieving one or more of the following objectives: (a) improving availability of social or affordable housing; (b) improving housing outcomes for one or more of the following: (i) Aboriginal or Torres Strait Islander persons; (ii) persons with a disability; (iii) aged persons; (iv) another class of persons suffering disadvantage. Exception for certain kinds of entities (4) Subsection (1) does not apply to you if you are: (a) a widely held unit trust as defined in section 272 ‑ 105 in Schedule 2F to the Income Tax Assessment Act 1936 ; or (b) a * complying superannuation entity. Exception for fringe benefits (5) For the purposes of subsection (1), disregard amounts you could otherwise deduct, and amounts of assessable income, to the extent those amounts relate to * providing a * fringe benefit. Modification in relation to certain gains (6) Reduce the amount of an excess referred to in subsection (1) for an income year (before applying any of paragraphs (1)(a) to (c)) by the sum of the following: (a) any amount by which your assessable income covered by subsection (2) for the income year exceeds your deductions covered by that subsection for the income year; (b) any gain you * realised for income tax purposes for the income year from a * realisation event occurring in relation to a * residential dwelling that is a * revenue asset. Modification in relation to beneficiaries of trusts (7) If: (a) you are a beneficiary of a trust estate; and (b) an amount is taken to have been included in your assessable income for an income year under Division 6 of Part III of the Income Tax Assessment Act 1936 in relation to the * net income of the trust estate; to the extent that the amount is referable (either directly or indirectly through one or more interposed partnerships or trust estates) to using or holding * residential dwellings as residential accommodation, the amount is taken to be included in your assessable income from using or holding residential dwellings as residential accommodation for that year. Modification if you become bankrupt (8) The modification in subsection (9) has effect if: (a) in an income year (the current year ) you become bankrupt or are released from a debt by the operation of an Act relating to bankruptcy; or (b) you became bankrupt before the current year and: (i) the bankruptcy is annulled in the current year under section 74 of the Bankruptcy Act 1966 because your creditors have accepted a proposal for a composition or scheme of arrangement; and (ii) under the composition or scheme of arrangement, you have been, will be or may be released from some or all of the debts from which you would have been released if you had instead been discharged from the bankruptcy. (9) This Act applies to you as if any amount that: (a) is an amount that you cannot deduct for the current year in accordance with paragraph (1)(a); and (b) has not been applied in accordance with the method statement in section 102 ‑ 5; were not an amount relating to using or holding * residential dwellings as residential accommodation that you can deduct for the current year or a later year.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s26-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-1", "Provision_Key": "s27-1", "Heading": "What this Division is about", "Text": "This Division sets out the effect of the GST in working out deductions. Generally speaking, input tax credits, GST and adjustments under the GST Act are disregarded.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-5", "Provision_Key": "s27-5", "Heading": "Input tax credits and decreasing adjustments", "Text": "You cannot deduct under this Act a loss or outgoing you incur, to the extent that the loss or outgoing includes an amount relating to an * input tax credit to which you are entitled or a * decreasing adjustment that you have.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-10", "Provision_Key": "s27-10", "Heading": "Certain increasing adjustments", "Text": "(1) You can deduct an amount of an * increasing adjustment that arises under Division 129 of the * GST Act. (2) However, you cannot deduct the amount to the extent (if any) that the adjustment arises from an increase in the extent to which the activity giving rise to the adjustment is of a private or domestic nature. (3) If: (a) you have an * increasing adjustment under Division 138 of the * GST Act in respect of an asset as a result of the cancellation of your registration under Part 2 ‑ 5 of the GST Act; and (b) immediately after the cancellation, you held the asset for the purpose of gaining or producing assessable income; you can deduct the amount of the increasing adjustment. (4) However, you cannot deduct an amount under subsection (1) or (3) to the extent that, because it becomes a component of a * net input tax credit, a reduction is made under section 103 ‑ 30 (reduction of cost base etc. by net input tax credits).", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 176 of 1999 | No 95 of 2004 | No 41 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-15", "Provision_Key": "s27-15", "Heading": "GST payments", "Text": "(1) You cannot deduct under this Act a loss or outgoing consisting of a payment under Division 33 of the * GST Act. (2) This section does not apply to the payment: (a) to the extent (if any) that the * net amount to which the payment relates was increased under section 21 ‑ 5 of the * Wine Tax Act (which allows for such increases to take account of wine equalisation tax); and (b) to the extent (if any) that the * net amount was increased under section 13 ‑ 5 of the * Luxury Car Tax Act (which allows for such increases to take account of luxury car tax); and (c) to the extent (if any) that the * net amount was increased under paragraph 13 ‑ 10(1)(a) of the Luxury Car Tax Act (which allows for such alterations to take account of increasing luxury car tax adjustments under that Act). (3) This section does not apply to the payment of * assessed GST (under section 33 ‑ 15 of the * GST Act) on a * taxable importation that: (a) was not a * creditable importation; or (b) was * partly creditable; but only to the extent that that payment of assessed GST exceeds the * input tax credit (if any) to which you are entitled for that importation. (4) This section does not apply to the payment of an * assessed net amount under section 33 ‑ 3 or 33 ‑ 5 of the * GST Act to the extent that the assessed net amount includes * GST on a * taxable supply that: (a) exceeds the * input tax credit (if any) to which you are entitled for a * creditable acquisition that relates to that supply; and (b) is payable by you (and is not payable by the supplier of that supply) because of the operation of Division 83, 84 or 86 of the GST Act.", "Amendment_Count": 4, "First_Amended": "No 176 of 1999", "Last_Amended": "No 72 of 2025", "Amending_Acts": "No 176 of 1999 | No 73 of 2006 | No 39 of 2012 | No 72 of 2025", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 73 of 2006, effective Schedule 5 (items 5–38, 156–159): 1 July 2006 ( see s. 2(1)) | Amended by No 39 of 2012, effective Sch 1 (items 18–28, 186, 187, 239): 1 July 2012 (s 2(1) item 2) Sch 1 (items 254, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 17, 18): 15 Apr 2012 (s 2(1) item 8) | Amended by No 72 of 2025, effective sch 4 (items 52, 53): 1 Jan 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-20", "Provision_Key": "s27-20", "Heading": "Elements in calculation of amounts", "Text": "In calculating an amount that you may be able to deduct: (a) an element in the calculation that is an amount paid or payable is treated as not including an amount equal to any * input tax credit for an * acquisition related to the amount paid or payable, or any * decreasing adjustment related to that amount; and (b) an element in the calculation that is an amount received or receivable is treated as not including an amount equal to any * GST payable on a * taxable supply related to the amount received or receivable, or any * increasing adjustment related to that amount.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-25", "Provision_Key": "s27-25", "Heading": "GST groups and GST joint ventures", "Text": "(1) A * member of a * GST group is to be treated, for the purposes of this Division, as if Subdivision 48 ‑ B of the * GST Act (other than subsections 48 ‑ 45(3) and (4)) did not apply to that member. (2) A * participant in a * GST joint venture is to be treated, for the purposes of this Division, as if Subdivision 51 ‑ B of the * GST Act did not apply to that participant.", "Amendment_Count": 1, "First_Amended": "No 176 of 1999", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 176 of 1999", "History_Notes": "Inserted by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-35", "Provision_Key": "s27-35", "Heading": "Certain sections not to apply to certain assets or expenditure", "Text": "Sections 27 ‑ 5, 27 ‑ 10, 27 ‑ 15 and 27 ‑ 20 do not apply to assets, or to expenditure, for which you can deduct amounts under Division 40 or 328. Note: See instead Subdivision 27 ‑ B.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-80", "Provision_Key": "s27-80", "Heading": "Cost or opening adjustable value of depreciating assets reduced for input tax credits", "Text": "(1) A * depreciating asset’s * cost is reduced if: (a) an entity’s acquisition or importation of the asset constitutes a * creditable acquisition or * creditable importation; and (b) the entity is or becomes entitled to an * input tax credit for the acquisition or importation; and (c) the entity can deduct amounts for the asset under Division 40 or 328. The reduction is the amount of the input tax credit. (2) A * depreciating asset’s * cost is also reduced if: (a) the entity that * holds the asset incurs expenditure that is included in the second element of the asset’s cost for the income year in which the asset’s * start time occurs; and (b) the entity is or becomes entitled to an * input tax credit for the * creditable acquisition or * creditable importation to which the expenditure relates; and (c) the entity can deduct amounts for the asset under Division 40 or 328. The reduction is the amount of the input tax credit. (3) However, subsections (1) and (2) do not apply if the * cost of the * depreciating asset is modified under Division 40 to be its * market value. (3A) A * depreciating asset’s * opening adjustable value for an income year and its * cost is reduced if: (a) an entity’s acquisition or importation of the asset constitutes a * creditable acquisition or * creditable importation; and (b) the entity is or becomes entitled to an * input tax credit in an income year (the credit year ) for the acquisition or importation and the credit year occurs after the income year in which the acquisition or importation occurred; and (c) the income year is after the one in which the asset’s * start time occurs; and (d) the entity can deduct amounts for the asset under Division 40 or 328. The reduction is the amount of the input tax credit. (4) A * depreciating asset’s * opening adjustable value for an income year and its * cost is reduced if: (a) the entity that * holds the asset incurs expenditure that is included in the second element of the asset’s cost for that income year; and (b) that income year is after the one in which the asset’s * start time occurs; and (c) the entity is or becomes entitled to an * input tax credit for the * creditable acquisition or * creditable importation to which the expenditure relates for the income year in which the expenditure was incurred; and (d) the entity can deduct amounts for the asset under Division 40 or 328. The reduction is the amount of the input tax credit. (5) If the reduction under subsection (2), (3A) or (4) is more than: (a) for a subsection (2) case—the * depreciating asset’s * cost; or (b) for a subsection (3A) or (4) case—the depreciating asset’s * opening adjustable value; the excess is included in the entity’s assessable income unless the entity is an * exempt entity. Exception: pooling (6) This section does not apply to: (a) a depreciating asset allocated to a low ‑ value pool or a pool under Division 328 for or in the * current year; or (b) * in ‑ house software if expenditure on the software is allocated to a software development pool for the current year; or (c) a project pool.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-85", "Provision_Key": "s27-85", "Heading": "Cost or opening adjustable value of depreciating assets reduced: decreasing adjustments", "Text": "(1) This section applies to an entity if: (a) the entity can deduct amounts for a * depreciating asset under Division 40 or 328; and (b) the entity has a * decreasing adjustment in an income year that relates directly or indirectly to the asset. (1A) However, this section does not apply to a * decreasing adjustment that arises under Division 129 or 132 of the * GST Act. Note: See instead section 27 ‑ 87. (2) The asset’s * cost is reduced by an amount equal to the * decreasing adjustment if the adjustment arises in the income year in which the asset’s * start time occurs. (3) The asset’s * opening adjustable value for an income year and its * cost is reduced by an amount equal to the * decreasing adjustment if the adjustment arises in that year and that year is after the one in which the asset’s * start time occurs. (4) If the reduction under subsection (2) or (3) is more than: (a) for a subsection (2) case—the * depreciating asset’s * cost; or (b) for a subsection (3) case—the depreciating asset’s * opening adjustable value; the excess is included in the entity’s assessable income unless the entity is an * exempt entity. Exception: pooling (5) This section does not apply to: (a) a depreciating asset allocated to a low ‑ value pool or a pool under Division 328 for or in the * current year; or (b) * in ‑ house software if expenditure on the software is allocated to a software development pool for the current year; or (c) a project pool.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-87", "Provision_Key": "s27-87", "Heading": "Certain decreasing adjustments included in assessable income", "Text": "(1) This section applies to an entity if: (a) the entity can deduct amounts for a * depreciating asset under Division 40 or 328; and (b) the entity has a * decreasing adjustment that arises under Division 129 or 132 of the * GST Act in an income year that relates directly or indirectly to the asset; and (c) section 27 ‑ 95 does not apply to the entity in relation to the asset. (2) The amount of the * decreasing adjustment is included in the entity’s assessable income for the income year unless the entity is an * exempt entity.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-87"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-90", "Provision_Key": "s27-90", "Heading": "Cost or opening adjustable value of depreciating assets increased: increasing adjustments", "Text": "(1) This section applies to an entity if: (a) the entity can deduct amounts for a * depreciating asset under Division 40 or 328; and (b) the entity has an * increasing adjustment in an income year that relates directly or indirectly to the asset. (1A) However, this section does not apply to an * increasing adjustment that arises under Division 129 or 132 of the * GST Act. Note: See instead section 27 ‑ 92. (2) The asset’s * cost is increased by an amount equal to the * increasing adjustment if the adjustment arises in the income year in which the asset’s * start time occurs. (3) The asset’s * opening adjustable value for an income year and its * cost is increased by an amount equal to the * increasing adjustment if the adjustment arises in that year and that year is after the one in which the asset’s * start time occurs. Exception: pooling (4) This section does not apply to: (a) a depreciating asset allocated to a low ‑ value pool or a pool under Division 328 for or in the * current year; or (b) * in ‑ house software if expenditure on the software is allocated to a software development pool for the current year; or (c) a project pool.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-92", "Provision_Key": "s27-92", "Heading": "Certain increasing adjustments can be deducted", "Text": "(1) This section applies to an entity if: (a) the entity can deduct amounts for a * depreciating asset under Division 40 or 328; and (b) the entity has an * increasing adjustment that arises under Division 129 or 132 of the * GST Act in an income year that relates directly or indirectly to the asset. (2) The entity can deduct the amount of the * increasing adjustment for the income year. (3) However, the entity cannot deduct the amount to the extent (if any) that the adjustment arises from an increase in the extent to which the activity giving rise to the adjustment is of a private or domestic nature.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-92"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-95", "Provision_Key": "s27-95", "Heading": "Balancing adjustment events", "Text": "(1) The * termination value of a * depreciating asset is reduced if the relevant * balancing adjustment event is a * taxable supply. The reduction is an amount equal to the * GST payable on the supply. (2) However, subsection (1) does not apply if the * termination value of the * depreciating asset is modified under Division 40 to be its * market value. (3) The * termination value of a * depreciating asset is increased if the entity that * held the asset has a * decreasing adjustment that relates directly or indirectly to that * taxable supply in the income year in which the * balancing adjustment event occurred. The increase is the amount of the decreasing adjustment. (4) The * termination value of a * depreciating asset is decreased if the entity that * held the asset has an * increasing adjustment that relates directly or indirectly to that * taxable supply in the income year in which the * balancing adjustment event occurred. The decrease is the amount of the increasing adjustment. (5) An amount is included in the assessable income of the entity that * held the asset if the entity has a * decreasing adjustment that relates directly or indirectly to that * taxable supply in a later income year. The amount included is the amount of the decreasing adjustment. (6) The entity that * held the asset can deduct an amount if the entity has an * increasing adjustment that relates directly or indirectly to that * taxable supply in a later income year. The amount it can deduct is the amount of the increasing adjustment.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-100", "Provision_Key": "s27-100", "Heading": "Pooling", "Text": "(1) This section contains special rules for expenditure (the pooled expenditure ) incurred by an entity: (a) on a * depreciating asset allocated to a low ‑ value pool; or (b) on a depreciating asset allocated to a pool under Division 328 for or in an income year; or (c) on * in ‑ house software if the expenditure on the software is allocated to a software development pool; and (d) on * project amounts if the amounts are allocated to a project pool. Reduction to pools etc. (2) There is a reduction under subsection (3) or (5) if: (a) the pooled expenditure relates directly or indirectly to a * creditable acquisition or * creditable importation; and (b) the entity is or becomes entitled to an * input tax credit in an income year (the credit year ) for the acquisition or importation and the credit year occurs after the income year in which the acquisition or importation occurred. (2A) There is a reduction under subsection (4) if: (a) the pooled expenditure relates directly or indirectly to a * creditable acquisition or * creditable importation; and (b) the entity is or becomes entitled to an * input tax credit in an income year (the credit year ) for the acquisition or importation. Reduced cost of assets allocated to a pool (2B) A * depreciating asset’s * cost is reduced if: (a) an entity’s acquisition or importation of the asset constitutes a * creditable acquisition or * creditable importation; and (b) the entity is or becomes entitled to an * input tax credit for the acquisition or importation and the income year in which the acquisition or importation occurred is the same as the one in which the input tax credit arose; and (c) the asset is allocated to a low ‑ value pool or a pool under Division 328 for or in that year. The reduction is the amount of the input tax credit. Low ‑ value pools (3) For a low ‑ value pool, the * closing pool balance of the pool for: (a) if the credit year is later than the first income year for which * depreciating assets were allocated to the pool—the income year before the credit year; or (b) if the credit year is the first income year for which * depreciating assets were allocated to the pool—the credit year; is reduced by an amount equal to the input tax credit. Software development pools and project pools (4) For a software development pool or a project pool, the expenditure in the pool for the credit year, or the * pool value for the credit year, is reduced by an amount equal to the * input tax credit. Small business pools (5) For a pool under Division 328, the * opening pool balance of the pool for the credit year is reduced by an amount equal to the input tax credit. No reduction if market value (5A) However, there is no reduction to the * cost of a * depreciating asset if its cost is modified under Division 40 to be its * market value. Second element of cost (6) There is a reduction under subsection (7) if: (a) the entity incurs expenditure in an income year (also the credit year ) that is included in the second element of the * cost of a * depreciating asset allocated to a low ‑ value pool or a pool under Division 328 for or in the credit year; and (b) the entity is or becomes entitled, after the credit year, to an * input tax credit for the expenditure. (7) An amount equal to the amount of the * input tax credit is applied in reduction of: (a) for a low ‑ value pool: (i) if the credit year is later than the first income year for which * depreciating assets were allocated to the pool—the * closing pool balance of the pool for the income year before the credit year; or (ii) if the credit year is the first income year for which * depreciating assets were allocated to the pool—the * closing pool balance of the pool for the credit year; or (b) for a pool under Division 328—the * opening pool balance of the pool for the credit year. (7A) There is a reduction to an amount of expenditure included in the second element of the * cost of a * depreciating asset if: (a) the asset is allocated to a low ‑ value pool or a pool under Division 328 for or in the income year in which the expenditure was incurred; and (b) the entity that incurred the expenditure is or becomes entitled to an * input tax credit for the expenditure; and (c) the entitlement arises in the income year in which the expenditure was incurred. The reduction is the amount of the input tax credit. Increasing adjustments (8) There is an increase under subsection (9) if the entity has an * increasing adjustment (except one that arises under Division 129 or 132 of the * GST Act) in an income year (the adjustment year ) that relates directly or indirectly to a * creditable acquisition or * creditable importation to which the pooled expenditure relates. Note: For an increasing adjustment that arises under Division 129 or 132 of the GST Act, see section 27 ‑ 92. (9) An amount equal to the amount of that * increasing adjustment is added to: (a) for a low ‑ value pool: (i) if the adjustment year is later than the first income year for which * depreciating assets were allocated to the pool—the * closing pool balance of the pool for the income year before the adjustment year; or (ii) if the adjustment year is the first income year for which * depreciating assets were allocated to the pool—the * closing pool balance of the pool for the adjustment year; or (b) for a pool under Division 328—the * opening pool balance of the pool for the adjustment year; or (c) for * in ‑ house software—the amount of expenditure allocated to the software development pool for the adjustment year; or (d) for a project pool—the * pool value for the adjustment year. Decreasing adjustments (10) There is a decrease under subsection (11) if the entity has a * decreasing adjustment (except one that arises under Division 129 or 132 of the * GST Act) in an income year (also the adjustment year ) that relates directly or indirectly to a * creditable acquisition or * creditable importation to which the pooled expenditure relates. Note: For a decreasing adjustment that arises under Division 129 or 132 of the GST Act, see section 27 ‑ 87. (11) An amount equal to the amount of the * decreasing adjustment is applied in reduction of: (a) for a low ‑ value pool: (i) if the adjustment year is later than the first income year for which * depreciating assets were allocated to the pool—the * closing pool balance of the pool for the income year before the adjustment year; or (ii) if the adjustment year is the first income year for which * depreciating assets were allocated to the pool—the * closing pool balance of the pool for the adjustment year; or (b) for a pool under Division 328—the * opening pool balance of the pool for the adjustment year; or (c) for * in ‑ house software—the amount of expenditure allocated to the software development pool for the adjustment year; or (d) for a project pool—the * pool value for the adjustment year. (12) If the amount available for reduction under subsection (11) is more than the amount referred to in paragraph (11)(a), (b), (c) or (d) (whichever is applicable), the excess is included in the entity’s assessable income unless the entity is an * exempt entity.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 77 of 2001 | No 80 of 2007", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-105", "Provision_Key": "s27-105", "Heading": "Other Division 40 expenditure", "Text": "(1) This section applies to expenditure for which an entity can deduct amounts under Division 40 (but not under Subdivision 40 ‑ B or 40 ‑ E, or Subdivision 40 ‑ I to the extent that that Subdivision relates to project pools). (2) The amount of the expenditure is reduced if the entity is or becomes entitled to an * input tax credit for a * creditable acquisition or * creditable importation to which the expenditure directly or indirectly relates. The reduction is the amount of the input tax credit that relates to that expenditure. (3) If the entity has a * decreasing adjustment in an income year that relates directly or indirectly to the expenditure, an amount equal to the decreasing adjustment is included in the entity’s assessable income for that income year. (4) If the entity has an * increasing adjustment in an income year that relates directly or indirectly to the expenditure, the entity can deduct an amount equal to the increasing adjustment for that income year. (5) If the entity is a partnership and partners in that partnership can deduct amounts under Division 40 because section 40 ‑ 570 or 40 ‑ 665 applies, an amount equal to the * input tax credit, the * decreasing adjustment or the * increasing adjustment is apportioned to each of the partners as set out in subsection 40 ‑ 570(2) or 40 ‑ 665(2). (6) However, this section does not apply to an * exempt entity.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 27-110", "Provision_Key": "s27-110", "Heading": "Input tax credit etc. relating to 2 or more things", "Text": "This Subdivision applies to an * input tax credit, or an * increasing adjustment or * decreasing adjustment, that relates directly or indirectly to 2 or more things of which at least one is a * depreciating asset as if a reasonable proportion of the input tax credit or adjustment related directly or indirectly to each of those depreciating assets and each of those other things.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s27-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-1", "Provision_Key": "s28-1", "Heading": "What this Division is about", "Text": "This Division sets out the rules for working out deductions for car expenses if you own or lease a car or hire a car under a hire purchase agreement. Table of sections 28 ‑ 5 Map of this Division", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-5", "Provision_Key": "s28-5", "Heading": "Map of this Division", "Text": "", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Repealed and substituted by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-10", "Provision_Key": "s28-10", "Heading": "Application of Division 28", "Text": "(1) This Division applies to an individual. (2) It also applies to a partnership that includes at least one individual, as if the partnership were an individual. (3) It does not apply to any other entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-12", "Provision_Key": "s28-12", "Heading": "Car expenses", "Text": "(1) If you owned or leased a * car, you can deduct for the car’s expenses an amount or amounts worked out using one of 2 methods. Note 1: For particular types of cars taken on hire you cannot use one of the 2 methods: see section 28 ‑ 165. Note 2: In certain circumstances the lessee of a luxury car is taken to be its owner (see subsection 242 ‑ 15(2)). Note 3: In certain circumstances (for example, under a hire purchase agreement) the notional buyer of property is taken to be its owner (see subsection 240 ‑ 20(2)). (2) You must use one of the 2 methods unless an exception applies. If you can’t use either of the methods, you can’t deduct anything for the * car expenses.", "Amendment_Count": 5, "First_Amended": "No 174 of 1997", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 174 of 1997 | No 72 of 2001 | No 57 of 2002 | No 79 of 2010 | No 162 of 2015", "History_Notes": "Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-13", "Provision_Key": "s28-13", "Heading": "Meaning of car expense", "Text": "(1) A car expense is a loss or outgoing to do with a * car. (2) In addition, any of the following is a car expense: (a) a loss or outgoing to do with operating a * car; (b) the decline in value of a car. (3) None of the following is a car expense: (a) a loss or outgoing incurred, or a payment made, in respect of travel outside Australia; (b) a taxi fare or similar loss or outgoing.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-13"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-14", "Provision_Key": "s28-14", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the rules about choosing a method of calculating car expense deductions. Table of sections 28 ‑ 15 Choosing between the 2 methods Operative provision 28 ‑ 20 Rules governing choice of method", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-14"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-15", "Provision_Key": "s28-15", "Heading": "Choosing between the 2 methods", "Text": "(1) Below is a diagram giving information about the 2 methods of calculating car expense deductions. (2) The 2 methods give you the choice of which method best suits your situation and needs. For instance, one method may involve more paperwork than the other, but could give you bigger deductions.", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 16 of 1998 | No 162 of 2015", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Repealed and substituted by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-20", "Provision_Key": "s28-20", "Heading": "Rules governing choice of method", "Text": "(1) You can choose only one method for all the * car expenses for the * car for the income year. Choosing one method precludes the other method. (2) However, you can change your choice for the income year. Example: You choose the “log book” method and deduct $1,000. On audit, the Commissioner finds that your claim is too high and should be reduced to $500. You would have been able to deduct $700 if you had chosen the “cents per kilometre” method. This rule lets you change your choice and deduct the $700. (3) You can also choose different methods for the same * car for different income years and different methods for different cars for the same year.", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-25", "Provision_Key": "s28-25", "Heading": "How to calculate your deduction", "Text": "(1) To calculate your deduction using the “cents per kilometre” method, use this formula: (2) But you can use this formula for the first 5,000 * business kilometres only. If the * car travelled more than 5,000 business kilometres, you must discard the kilometres in excess of 5,000. Example: If the car travelled 5,085 business kilometres, you could claim for 5,000, and would lose the extra 85. (3) Business kilometres are kilometres the * car travelled in the course of: (a) producing your assessable income; or (b) your * travel between workplaces. You calculate the number of business kilometres by making a reasonable estimate. (4) For the purposes of subsection (1), the Commissioner may, by legislative instrument, determine rates of cents per kilometre for cars for an income year. (5) In determining a rate, the Commissioner must have regard to the average operating costs for the cars to be covered by that rate. Note: Examples of operating costs include fixed costs such as registration, insurance and depreciation, and variable costs such as fuel and maintenance.", "Amendment_Count": 2, "First_Amended": "No 95 of 2004", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 95 of 2004 | No 162 of 2015", "History_Notes": "Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-30", "Provision_Key": "s28-30", "Heading": "Capital allowances", "Text": "If a * balancing adjustment event occurs for the * car, you will need to refer to the capital allowances rules in Division 40 to find out how using this method affects the operation of those rules. See section 40 ‑ 370 (about balancing adjustments for some cars).", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 77 of 2001", "History_Notes": "Repealed and substituted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-35", "Provision_Key": "s28-35", "Heading": "Substantiation", "Text": "To use this method, you do not need to substantiate the * car expenses for the * car.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-90", "Provision_Key": "s28-90", "Heading": "How to calculate your deduction", "Text": "(1) To use the “log book” method, you multiply the amount of each * car expense by the * business use percentage. The expense (2) The expense must qualify as a deduction under some provision of this Act outside this Division (or would qualify if, while you * held the * car, you had used it only in producing your assessable income). If only part of the expense would qualify, you multiply that part by the * business use percentage. Example: You borrow money to buy a car. You make repayments of principal and payments of interest. You cannot deduct the repayments of principal because they are capital expenses. The interest payments would be deductible in full if, throughout the income year, you had used the car only in producing your assessable income. Using the “log book” method: if you held the car for the whole income year—multiply the interest payments by the business use percentage; if you held the car for only 6 months of the income year—multiply the interest payments for those 6 months by the business use percentage. To find out whether an expense qualifies as a deduction under this Act, see Division 8 (Deductions). The percentage (3) The business use percentage is calculated by dividing:  the number of * business kilometres that the * car travelled in the period when you * held it during the income year; by  the total number of kilometres that the car travelled in that period; and expressing the result as a percentage. (4) Business kilometres are kilometres the * car travelled in the course of: (a) producing your assessable income; or (b) your * travel between workplaces. (5) You calculate the number of business kilometres by making a reasonable estimate. The estimate must take into account all relevant matters, including: (a) any log books, odometer records or other records you have; and (b) any variations in the pattern of use of the * car; and (c) any changes in the number of cars you used in the course of producing your assessable income. (6) You hold a * car while you own it, or it is leased to you, for use in the course of producing your assessable income, even if it is also used for some other purpose. Note 1: In certain circumstances the lessee of a luxury car is taken to be its owner (see subsection 242 ‑ 15(2)). Note 2: In certain circumstances the notional buyer of property is taken to be its owner (see subsection 240 ‑ 20(2)).", "Amendment_Count": 4, "First_Amended": "No 174 of 1997", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 174 of 1997 | No 72 of 2001 | No 95 of 2004 | No 79 of 2010", "History_Notes": "Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-95", "Provision_Key": "s28-95", "Heading": "Eligibility", "Text": "You can use this method only if you * held the * car for some or all of the income year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-100", "Provision_Key": "s28-100", "Heading": "Substantiation", "Text": "(1) To use this method, you must substantiate the * car expenses under Subdivision 900 ‑ C. (2) You must also keep a log book. Subdivision 28 ‑ G explains:  how often you need to keep a log book;  how to keep a log book. The log book is relevant to estimating the number of business kilometres the * car travelled in the period when you * held it during the income year. (3) You must keep odometer records for the period when you * held the * car during the income year. Subdivision 28 ‑ H tells you about odometer records, which document the total number of kilometres the car travelled in that period. (4) You must record the following information, in writing, before you lodge your * income tax return: (a) your estimate of the number of * business kilometres; and (b) the * business use percentage. However, the Commissioner may allow you to record the information later. (5) You must retain the log book and the odometer records. Subdivision 28 ‑ I has the rules about this.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-105", "Provision_Key": "s28-105", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you how to keep a log book. A log book is relevant to estimating the number of business kilometres the car travelled in the period when you held it during the income year. Table of sections 28 ‑ 110 Steps for keeping a log book Operative provisions 28 ‑ 115 Income years for which you need to keep a log book 28 ‑ 120 Choosing the 12 week period for a log book 28 ‑ 125 How to keep a log book 28 ‑ 130 Replacing one car with another", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-110", "Provision_Key": "s28-110", "Heading": "Steps for keeping a log book", "Text": "There are 3 steps you need to follow in keeping a log book:  identify an income year for which to keep a log book;  choose a period of at least 12 weeks for the log book to cover;  record journeys made in the car during the log book period in the course of producing your assessable income.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-115", "Provision_Key": "s28-115", "Heading": "Income years for which you need to keep a log book", "Text": "(1) You need to keep a log book for the first income year for which you use this method for the * car. (2) Having kept a log book for one income year, you don’t need to keep a new one for the next 4 or more income years unless subsection (3) or (4) requires it. If you haven’t kept a new log book for 4 income years in a row, you must keep one for the next income year. Example: If you keep a log book in 1997 ‑ 98, you would need to keep the next one in 2002 ‑ 2003, unless subsection (3) or (4) requires one sooner. (3) You must keep a log book for an income year if the Commissioner sends you a notice before the year directing you to keep a log book for the * car for that year. (4) You must keep a log book for an income year if, during that year, you get one or more additional * cars for which you want to use the “log book” method for that year. (5) When you replace one * car with another, you might have a period when you * hold both the new car and the old car, or a period when you no longer * hold the old car but do not yet hold the new car. In both these cases, you are treated for the purposes of subsection (4) as if you held the one car continuously. (6) You may choose to keep a log book for an income year even if you don’t need to; for example, because you want to establish a higher * business use percentage.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-120", "Provision_Key": "s28-120", "Heading": "Choosing the 12 week period for a log book", "Text": "(1) The log book must cover a continuous period of at least 12 weeks throughout which you * held the * car. If you hold the car for less than 12 weeks, the period must be the entire period for which you held the car. (2) The period may overlap the start or end of the income year, so long as it includes part of the year. (3) If you want to use the “log book” method for 2 or more * cars for the same income year, the log books for those cars must cover periods that are concurrent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-125", "Provision_Key": "s28-125", "Heading": "How to keep a log book", "Text": "(1) It is in your interests to record in the log book any journey made in the * car during the log book period in the course of producing your assessable income. If a journey is not recorded, the log book will indicate a lower * business use percentage than is actually the case. (2) A journey is recorded by making in the log book an entry specifying: (a) the day the journey began and the day it ended; (b) the * car’s odometer readings at the start and end of the journey; (c) how many kilometres the car travelled on the journey; (d) why the journey was made. The record must be made at the end of the journey or as soon as possible afterwards. (3) If 2 or more journeys in a row are made in the * car on the same day in the course of producing your assessable income, they can be recorded as a single journey. (4) The following must be entered in the log book: (a) when the log book period begins and ends; (b) the * car’s odometer readings at the start and the end of the period; (c) the total number of kilometres that the car travelled during the period; (d) the number of kilometres that the car travelled, in the course of producing your assessable income, on journeys recorded in the log book; (e) the number of kilometres referred to in paragraph (d), expressed as a percentage of the total number referred to in paragraph (c). Each of the entries must be made at or as soon as possible after the start or end of the period, as appropriate. (5) Each entry in the log book must be in English.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-130", "Provision_Key": "s28-130", "Heading": "Replacing one car with another", "Text": "(1) For the purposes of using the “log book” method, you may nominate one * car as having replaced another car with effect from a day specified in the nomination. (2) After the nomination takes effect, the replacement * car is treated as the original car, and the original car is treated as a different car. This means that you do not need to repeat for the replacement car the steps you have already taken for the original car under this Subdivision. (3) You must record the nomination in writing before you lodge your * income tax return for the income year in which the nomination takes effect. However, the Commissioner may allow you to do it later. (4) You must retain the nomination document until the end of the period for which you must retain the last log book that you began to keep for the original * car before the day of effect of the nomination. (5) Section 28 ‑ 150 (which is about retaining log books) applies to the nomination document in the same way as it applies to that last log book.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-135", "Provision_Key": "s28-135", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you how to keep odometer records for a car during a particular period. Odometer records document the total number of kilometres the car travelled during a particular period. Table of sections Operative provision 28 ‑ 140 How to keep odometer records for a car for a period", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-140", "Provision_Key": "s28-140", "Heading": "How to keep odometer records for a car for a period", "Text": "(1) Odometer records for a period are kept in the form of a document in which the following are entered: (a) the * car’s odometer readings at the start and the end of the period; (b) if there is a nomination under section 28 ‑ 130 to replace the car with another * car with effect from a day in that period—the odometer readings, at the end of that day, of both cars affected by the nomination. (2) Each entry under subsection (1) must be in English and must be made at or as soon as possible after the start or end of the period, or the end of the specified day, as appropriate. (3) The following must also be entered in the document: (a) the * car’s make, model and registration number (if any); (b) if the car has an internal combustion engine—its engine capacity expressed in cubic centimetres; (c) if there is a nomination under section 28 ‑ 130 to replace the car with another * car—the corresponding details for the other car affected by the nomination. (4) Each entry under subsection (3) must be made in English and must be made before you lodge your * income tax return. (5) The Commissioner may allow you to make an entry under this section after you lodge your * income tax return.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-150", "Provision_Key": "s28-150", "Heading": "Retaining the log book for the retention period", "Text": "(1) You must retain the log book: (a) first, until the end of the latest income year for which you rely on the log book to support your calculation of the * business use percentage for the * car; and (b) then for another 5 years. The period for which you must retain the log book is called the retention period . (2) The 5 years start on the due day for lodging your * income tax return for that latest income year. If you lodge your return later, the 5 years start on the day you lodge it. (3) However, the * retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to a deduction worked out using a * business use percentage that you are relying on the log book to support. See section 900 ‑ 170. (4) If you do not retain the log book for the * retention period, you cannot deduct any amount worked out using a * business use percentage that you are relying on the log book to support. If you have already deducted such an amount, your assessment may be amended to disallow the deduction. (5) For the purposes of the rules about retaining and producing records of expenses (see Subdivision 900 ‑ G), the log book is treated as a record of the * car expenses for each year for which you use a * business use percentage that you are relying on the log book to support. (6) If you lose the log book, there are rules that might help you in section 900 ‑ 205. For the purposes of the rules about relief from the effects of failing to substantiate (see Subdivision 900 ‑ H), not doing something required by this Division is treated in the same way as not doing something necessary to follow the rules in Division 900.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-155", "Provision_Key": "s28-155", "Heading": "Retaining odometer records", "Text": "(1) You must retain your odometer records relating to the period when you * held the * car in the income year. (2) If you keep a log book for the income year, you must retain the odometer records for the same period as the log book, and section 28 ‑ 150 applies to them in the same way as it applies to the log book. (3) If you don’t keep a log book for the income year, you must retain the odometer records for the same period as written evidence of a * car expense for the * car for the income year, and section 900 ‑ 75 applies to them in the same way as it applies to written evidence of an expense. Note: Section 900 ‑ 75 is about retaining written evidence of a car expense.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-160", "Provision_Key": "s28-160", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the situations where you cannot use, or don’t need to use, either of the 2 methods. These situations involve either the nature of your car or the way you use it. Table of sections Operative provisions 28 ‑ 165 Exception for particular cars taken on hire 28 ‑ 170 Exception for particular cars used in particular ways 28 ‑ 175 Further miscellaneous exceptions 28 ‑ 185 Application of Subdivision 28 ‑ J to recipients and payers of certain withholding payments", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-165", "Provision_Key": "s28-165", "Heading": "Exception for particular cars taken on hire", "Text": "(1) For particular types of * cars taken on hire you cannot use one of the 2 methods to calculate your deductions for * car expenses. (2) Instead, you must calculate the deductions under the normal principles governing deductions, including the rules for apportioning a loss or outgoing that is only partly attributable to producing assessable income. (3) This section applies to a taxi taken on hire. (4) It also applies to a * motor vehicle taken on hire under an agreement of a kind ordinarily entered into by people who take motor vehicles on hire intermittently, as the occasion requires, on an hourly, daily, weekly or short term basis, except if the motor vehicle: (a) has been taken on hire under successive agreements of a kind that result in substantial continuity of the motor vehicle being taken on hire; or (b) it is reasonable to expect that the motor vehicle will be taken on hire under successive agreements of a kind that will so result.", "Amendment_Count": 1, "First_Amended": "No 162 of 2015", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 162 of 2015", "History_Notes": "Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-170", "Provision_Key": "s28-170", "Heading": "Exception for particular cars used in particular ways", "Text": "(1) For particular types of * cars used in particular ways you don’t need to use one of the 2 methods to calculate your deductions for * car expenses. (2) You may use one of the 2 methods, or you may instead calculate the deductions under the normal principles governing deductions, including the rules for apportioning a loss or outgoing that is only partly attributable to producing assessable income. (3) This section applies if, whenever you used the * car in the income year: (a) the car was covered by the description in column 2 of an item in the table below; and (b) you used the car as described in column 3 of that item. Item Column 2 Particular car Column 3 Exempt use 1. The * car was: (a) a panel van or utility truck; or (b) any other road vehicle designed to carry a load of less than 1 tonne (other than a vehicle designed principally to carry passengers); or You used the car only in one or more of the following ways: (a) in the course of producing your assessable income; (b) to go between your residence and a place where you use the car in the course of producing your assessable income; (c) by providing the car to someone else to drive between his or her residence and a place where the car is used in the course of producing your assessable income; (c) a taxi. (d) for the purpose of travel that is incidental to using the car in the course of producing your assessable income; (e) for your own or someone else’s private use that was minor, infrequent and irregular. 2. The * car was part of the * trading stock of a * business of selling cars that you carried on. You used the car in the course of the business. 3. The * car was any type of car. You let the car on lease or hire in the course of a * business of letting cars on lease or hire that you carry on. 4. The * car was any type of car. As an employer, you provided the car for the exclusive use of one or more of the following: (a) your employees; (b) their * relatives; in circumstances where one or more of them was entitled to use the car for private purposes. Note: This Subdivision also applies to entities that are not employers, but pay (or are liable to pay) withholding payments covered by subsection 28 ‑ 185(3).", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 179 of 1999 | No 12 of 2012 | No 162 of 2015", "History_Notes": "Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-175", "Provision_Key": "s28-175", "Heading": "Further miscellaneous exceptions", "Text": "(1) This section lists some miscellaneous cases where you don’t need to use one of the 2 methods to calculate your deductions for * car expenses. (2) You may use one of the 2 methods, or you may instead calculate the deductions under the normal principles governing deductions, including the rules for apportioning a loss or outgoing that is only partly attributable to producing assessable income. (3) The cases are as follows: (a) the * car was unregistered throughout the period when you * held it during the income year, and during that period you used it principally in the course of producing your assessable income; or (b) at some time during the income year the * car was part of the * trading stock of a * business of selling cars that you carried on, and you didn’t use the car at any time during that year; or (c) the expense is to do with repairs to or other work on the * car, and you incurred it in the course of a * business that you carried on of doing repairs or other work on cars. In applying paragraph (a), the car is taken to be registered in a particular place while it is lawful to drive the car on a public road there.", "Amendment_Count": 2, "First_Amended": "No 12 of 2012", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 12 of 2012 | No 162 of 2015", "History_Notes": "Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 28-185", "Provision_Key": "s28-185", "Heading": "Application of Subdivision 28 ‑ J to recipients and payers of certain withholding payments", "Text": "Application to recipients (1) If an individual receives, or is entitled to receive, * withholding payments covered by subsection (3), this Subdivision applies to him or her: (a) in the same way as it applies to an employee; and (b) as if an entity (a notional employer ) that makes (or is liable to make) such payments to him or her were his or her employer; and (c) as if any other individual who receives, or is entitled to receive, such payments from a notional employer were also an employee of the notional employer. Application to payers (2) This Division applies to an entity that makes, or is liable to make, * withholding payments covered by subsection (3): (a) in the same way as it applies to an employer; and (b) as if an individual to whom the entity makes (or is liable to make) such payments were the entity’s employee. Withholding payments covered (3) This subsection covers a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 35 Payment to employee 2 Section 12 ‑ 40 Payment to company director 3 Section 12 ‑ 45 Payment to office holder 3A Section 12 ‑ 47 Payment to * religious practitioner 4 Section 12 ‑ 50 Return to work payment 5 Subdivision 12 ‑ C Payments for retirement or because of termination of employment 6 Subdivision 12 ‑ D Benefit and compensation payments", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 178 of 1999 | No 168 of 2001 | No 15 of 2007 | No 56 of 2010", "History_Notes": "Repealed and substituted by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s28-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-1", "Provision_Key": "s30-1", "Heading": "What this Division is about", "Text": "This Division sets out the rules for working out deductions for certain gifts or contributions that you make. Table of sections 30 ‑ 5 How to find your way around this Division 30 ‑ 10 Index", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-5", "Provision_Key": "s30-5", "Heading": "How to find your way around this Division", "Text": "(1) You should start at Subdivision 30 ‑ A unless you are making a contribution or gift to a political party, independent candidate or member. Note: Subdivision 30 ‑ DA deals with the deductibility of contributions and gifts to political parties, independent candidates and members. (2) Subdivision 30 ‑ A contains a table of all the gifts and contributions that you can deduct. You need to look at the table to see whether the type of gift or contribution you are making is covered by it. (3) In some cases, the table sends you off to Subdivision 30 ‑ B. It has a number of tables that list particular funds, authorities or institutions that deductible gifts can be made to. (4) In other cases, the table sends you off to Subdivision 30 ‑ C. It contains rules that apply to particular gifts of property. (4AA) Subdivision 30 ‑ BA provides for the Commissioner to endorse as a deductible gift recipient an entity that is, or operates, a fund, authority or institution. The relevance of the Subdivision to you is that generally you can deduct only a gift you make to a recipient that is endorsed or named in: (a) this Division; or (b) regulations made for the purposes of this Division. Note: The fact that gifts to a recipient registered in the Australian Business Register are deductible will be shown in the Register. (4AB) Subdivision 30 ‑ CA sets out administrative rules which do not directly affect whether you can deduct a gift you make. The rules require: (a) a receipt issued by an entity for a gift to the entity or to a fund, authority or institution operated by the entity to show the entity’s ABN; and (b) the Australian Business Registrar to enter in the Australian Business Register a statement in relation to an entity entered in the Register if: (i) gifts to the entity are deductible; or (ii) gifts to a fund, authority or institution operated by the entity are deductible. (4B) Subdivision 30 ‑ DB allows you to spread deductions for certain gifts and covenants over up to 5 income years.", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 40 of 2023", "Amending_Acts": "No 121 of 1997 | No 179 of 1999 | No 58 of 2000 | No 167 of 2001 | No 67 of 2003 | No 101 of 2004 | No 65 of 2006 | No 12 of 2012 | No 40 of 2023", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-10", "Provision_Key": "s30-10", "Heading": "Index", "Text": "There is an index to this Division in Subdivision 30 ‑ G.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-15", "Provision_Key": "s30-15", "Heading": "Table of gifts or contributions that you can deduct", "Text": "(1) You can deduct a gift or contribution that you make in the situations set out in the following table. It tells you:  who the recipient of the gift or contribution can be; and  the type of gift or contribution that you can make; and  how much you can deduct for the gift or contribution; and  any special conditions that apply. (2) A testamentary gift or contribution is not deductible under this section. Note: Subdivision 30 ‑ DA deals with the deductibility of contributions and gifts to political parties, independent candidates and members. Deductible gifts or contributions Recipient Type of gift or contribution How much you can deduct Special conditions 1 A fund, authority or institution covered by an item in any of the tables in Subdivision 30 ‑ B. A gift of: (a) money; or (b) property (including * trading stock) that you purchased during the 12 months before making the gift; or (c) an item of your trading stock if:  the gift is a disposal of the item outside the ordinary course of your * business; and  no election has been made, or is made, in relation to the item under Subdivision 385 ‑ E (about electing to spread or defer profit from the forced disposal or death of * live stock); or (d) property valued by the Commissioner at more than $5,000; or (a) if the gift is money—the amount you are giving; or (b) if the gift is property (except trading stock covered by paragraph (c), property covered by paragraph (d) or shares covered by paragraph (e))—the lesser of the market value of the property on the day you made the gift and the amount you paid for the property; or (c) if the gift is an item of your trading stock:  that you disposed of outside the ordinary course of your business; and  for which no election has been made, or is made, in relation to the item under Subdivision 385 ‑ E; the market value of the item on the day you made the gift; or (a) the fund, authority or institution must be in Australia; and (aa) the fund, authority or institution must either meet the requirements of section 30 ‑ 17 or be mentioned by name in the relevant table item in Subdivision 30 ‑ B; and (c) any conditions set out in the relevant table item in Subdivision 30 ‑ B must be satisfied; and (d) if the property is to be valued by the Commissioner—the requirements of section 30 ‑ 212 are satisfied. (e) * shares that you have acquired in a * listed public company if:  the shares are listed for quotation in the official list of a stock exchange that is listed under the heading “Australia” in regulations made for the purposes of the definition of * approved stock exchange; and  the * market value of the shares on the day you made the gift is $5,000 or less; and  you acquire the shares at least 12 months before making the gift. (d) if the gift is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the gift—the value of the property as determined by the Commissioner; or (e) if the gift is shares described in paragraph (e) of the previous column—the market value of the shares on the day you made the gift. 2 An * ancillary fund established and maintained under a will or instrument of trust solely for: (a) the purpose of providing money, property or benefits:  to a fund, authority or institution gifts to which are deductible under item 1 of this table; and  for any purposes set out in the item of the table in Subdivision 30 ‑ B that covers the fund, authority or institution; or A gift of: (a) money; or (b) property (including * trading stock) that you purchased during the 12 months before making the gift; or (c) an item of your trading stock if:  the gift is a disposal of the item outside the ordinary course of your * business; and  no election has been made, or is made, in relation to the item under Subdivision 385 ‑ E (about electing to spread or defer profit from the forced disposal or death of * live stock); or (d) property valued by the Commissioner at more than $5,000; or (a) if the gift is money—the amount you are giving; or (b) if the gift is property (except trading stock covered by paragraph (c), property covered by paragraph (d) or shares covered by paragraph (e))—the lesser of the market value of the property on the day you made the gift and the amount you paid for the property; or (c) if the gift is an item of your trading stock:  that you disposed of outside the ordinary course of your business; and  for which no election has been made, or is made, in relation to the item under Subdivision 385 ‑ E; the market value of the item on the day you made the gift; or (b) the terms of the will or trust must allow the trustee to invest money that the ancillary fund receives because of the gift only in a way that an * Australian law allows trustees to invest trust money; and (c) the ancillary fund must meet the requirements of section 30 ‑ 17; and (d) if the property is to be valued by the Commissioner—the requirements of section 30 ‑ 212 are satisfied. (b) the establishment of such a fund, authority or institution. (e) * shares that you have acquired in a * listed public company if:  the shares are listed for quotation in the official list of a stock exchange that is listed under the heading “Australia” in regulations made for the purposes of the definition of * approved stock exchange; and  the * market value of the shares on the day you made the gift is $5,000 or less; and  you acquire the shares at least 12 months before making the gift. (d) if the gift is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the gift—the value of the property as determined by the Commissioner; or (e) if the gift is shares described in paragraph (e) of the previous column—the market value of the shares on the day you made the gift. 4 (a) the Australiana Fund; or (b) a public library in Australia; or (c) a public museum in Australia; or (d) a public art gallery in Australia; or (e) an institution in Australia consisting of a public library, a public museum and a public art gallery or any 2 of them. A gift of property (except an estate or interest in land or in a building or part of a building). The general rule is that you can deduct the average of the * GST inclusive market values (as reduced under subsection (3) if that subsection applies) specified in the written valuations you get from approved valuers. Subdivision 30 ‑ C sets out: (a) how a person becomes an approved valuer; and (b) the exceptions to the general rule; and (c) the situations when the amount you can deduct is reduced. If the property is jointly owned, see section 30 ‑ 225 to work out how much of the gift you can deduct. (a) the property must be accepted by the recipient for inclusion in a collection it is maintaining or establishing; and (ba) the institution must meet the requirements of section 30 ‑ 17, unless it is the Australiana Fund; and (c) you must satisfy the valuation requirements in section 30 ‑ 200, unless section 30 ‑ 205 (about the proceeds of the sale being assessable) applies. 5 The Commonwealth (for the purposes of Artbank). A gift of property (except an estate or interest in land or in a building or part of a building). The general rule is that you can deduct the average of the * GST inclusive market values (as reduced under subsection (3) if that subsection applies) specified in the written valuations you get from approved valuers. Subdivision 30 ‑ C sets out: (a) how a person becomes an approved valuer; and (b) the exceptions to the general rule; and (c) the situations when the amount you can deduct is reduced. If the property is jointly owned, see section 30 ‑ 225 to work out how much of the gift you can deduct. (a) the property must be accepted by the Commonwealth for inclusion in a collection maintained, or being established, for the purposes of Artbank; and (b) you must satisfy the valuation requirements in section 30 ‑ 200, unless section 30 ‑ 205 (about the proceeds of the sale being assessable) applies. 6 (a) the National Trust of Australia (New South Wales); or (b) the National Trust of Australia (Victoria); or (c) National Trust of Australia (Queensland) Limited; or (d) The National Trust of South Australia; or (e) The National Trust of Australia (W.A.); or (f) the National Trust of Australia (Tasmania); or (g) The National Trust of Australia (Northern Territory); or (h) the National Trust of Australia (A.C.T.); or (i) the Australian Council of National Trusts. A gift of a place included in: (a) the National Heritage List, or the Commonwealth Heritage List, under the Environment Protection and Biodiversity Conservation Act 1999 ; or (b) the Register of the National Estate under the Australian Heritage Council Act 2003 . The general rule is that you can deduct the average of the * GST inclusive market values (as reduced under subsection (3) if that subsection applies) specified in the written valuations you get from approved valuers. Subdivision 30 ‑ C sets out: (a) how a person becomes an approved valuer; and (b) the exceptions to the general rule; and (c) the situations when the amount you can deduct is reduced. If the place is jointly owned, see section 30 ‑ 225 to work out how much of the gift you can deduct. (a) the place must be accepted by the recipient for the purpose of preserving it for the benefit of the public; and (c) you must satisfy the valuation requirements in section 30 ‑ 200, unless section 30 ‑ 205 (about the proceeds of the sale being assessable) applies. 7 A * deductible gift recipient that is a fund, authority or institution covered by item 1 or 2 of this table. A contribution of: (a) money, if the amount is more than $150; or (b) property that you purchased during the 12 months before making the contribution, if the lesser of:  the * market value of the property on the day you made the contribution; and  the amount you paid for the property; is more than $150; or (c) property valued by the Commissioner at more than $5,000, if you did not purchase the property during the 12 months before making the contribution; or (a) if the contribution is money—the amount of the contribution, reduced by the * GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event; or (b) if the contribution is property that you purchased during the 12 months before making the contribution—the lesser of:  the market value of the property on the day you made the contribution; and  the amount you paid for the property; reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event; or (a) if the contribution is money—the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event must not exceed the lesser of:  20% of the amount of the contribution; and  $150; and (ca) * shares that you have acquired in a * listed public company if:  the shares are listed for quotation in the official list of a stock exchange that is listed under the heading “Australia” in regulations made for the purposes of the definition of * approved stock exchange; and  the market value of the shares on the day you made the contribution is more than $150 and less than or equal to $5,000; and  you acquire the shares at least 12 months before making the contribution; (c) if the contribution is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the contribution—the value of the property as determined by the Commissioner, reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event; or (ca) if the contribution is shares described in paragraph (ca) of the previous column—the market value of the shares on the day you made the contribution, reduced by the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event. (b) if the contribution is property that you purchased during the 12 months before making the contribution—the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event must not exceed the lesser of:  20% of the lesser of the market value of the property on the day you made the contribution and the amount you paid for the property; and  $150; and where: (d) the contribution is not a gift; and (e) either:  the contribution is made in return for a right permitting you to attend, or participate in, a particular * fund ‑ raising event in Australia; or  the contribution is made in return for a right permitting an individual (other than you) to attend, or participate in, a particular fund ‑ raising event in Australia. (c) if the contribution is property valued by the Commissioner at more than $5,000 and you did not purchase the property during the 12 months before making the contribution—the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event must not exceed $150; and (ca) if the contribution is shares described in paragraph (ca) of the column headed “Type of gift or contribution”—the GST inclusive market value, on the day you made the contribution, of the right to attend, or participate in, the fund ‑ raising event must not exceed the lesser of:  20% of the market value of the shares on the day you made the contribution; and  $150; and (d) if:  instead of making the contribution you had made a gift of money to the fund, authority or institution; and  the gift had been made for the same purpose for which funds were to be raised by the fund ‑ raising event; you could have deducted the gift under item 1 or 2 of this table; and (e) you must be an individual; and (f) you cannot deduct more than 2 contributions in relation to the same fund ‑ raising event; and (g) if the property is to be valued by the Commissioner—the requirements of section 30 ‑ 212 are satisfied. 8 A * deductible gift recipient that is a fund, authority or institution covered by item 1 or 2 of this table. A contribution of money, if: (a) the amount is more than $150; and (b) the contribution is not a gift; and (c) you made the contribution by way of consideration for the supply of goods or services; and The amount of the contribution, reduced by the GST inclusive market value, on the day you made the contribution, of the goods or services. (a) the GST inclusive market value, on the day you made the contribution, of the goods or services must not exceed the lesser of:  20% of the amount of the contribution; and  $150; and (d) you made the contribution because you were the successful bidder at an auction that:  was a particular * fund ‑ raising event in Australia; or  was held at a particular fund ‑ raising event in Australia; and (e) the amount of the contribution exceeds the * GST inclusive market value, on the day you made the contribution, of the goods or services. (b) if:  instead of making the contribution you had made a gift of money to the fund, authority or institution; and  the gift had been made for the same purpose for which funds were to be raised by the fund ‑ raising event; you could have deducted the gift under item 1 or 2 of this table; and (c) you must be an individual. (3) For the purposes of items 4, 5 and 6 of the table in subsection (2), the * GST inclusive market values of the property or place in question are reduced by 1 / 11 if you would have been entitled to an * input tax credit if: (a) you had * acquired the property or place at the time you made the gift; and (b) your acquisition had been for a * creditable purpose. (4) For the purposes of item 7 of the table in subsection (2), in working out the * GST inclusive market value of the right in question, disregard anything that would prevent or restrict conversion of the right to money. (5) For the purposes of item 8 of the table in subsection (2), in working out the * GST inclusive market value of the goods or services in question, disregard anything that would prevent or restrict conversion of the goods or services to money.", "Amendment_Count": 17, "First_Amended": "No 121 of 1997", "Last_Amended": "No 58 of 2026", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 179 of 1999 | No 58 of 2000 | No 57 of 2002 | No 86 of 2003 | No 95 of 2004 | No 58 of 2006 | No 65 of 2006 | No 78 of 2007 | No 97 of 2008 | No 14 of 2009 | No 88 of 2009 | No 147 of 2011 | No 12 of 2012 | No 15 of 2017 | No 58 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 86 of 2003, effective Sch 1 (items 4–6): 1 Jan 2004 (s 2(1) item 2) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 58 of 2026, effective sch 1, 4: 1 July 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-17", "Provision_Key": "s30-17", "Heading": "Requirements for certain recipients", "Text": "(1) This section sets out requirements to be met for you to be able to deduct a gift you make to a fund, authority or institution described in the column headed “Recipient” of item 1, 2 or 4 of the table in section 30 ‑ 15. However, this section does not apply to: (a) a fund, authority or institution that is mentioned by name in an item of a table in Subdivision 30 ‑ B; or (c) the Australiana Fund. (2) The fund, authority or institution must: (a) be an entity or * government entity that is endorsed under Subdivision 30 ‑ BA as a * deductible gift recipient; or (b) in the case of a fund—either: (i) be owned legally by an entity that is endorsed under Subdivision 30 ‑ BA as a * deductible gift recipient for the operation of the fund; or (ii) be under the control of one or more persons who constitute a * government entity that is endorsed under Subdivision 30 ‑ BA as a * deductible gift recipient for the operation of the fund; or (c) in the case of an authority or institution—be part of an entity or * government entity that is endorsed under Subdivision 30 ‑ BA as a * deductible gift recipient for the operation of the authority or institution. Example: A public fund that is established and maintained for constructing a building to be used by a State school and is controlled by the principal of the school would be an example of a fund under the control of one or more persons who constitute a government entity that is endorsed as a deductible gift recipient for the operation of the fund, if the school were so endorsed.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 179 of 1999 | No 88 of 2009", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-20", "Provision_Key": "s30-20", "Heading": "Health", "Text": "(1) This table sets out general categories of health recipients. Health—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 1.1.1 a public hospital the public hospital must be: (a) an * Australian government agency; or (b) a * registered charity none 1.1.2 a hospital carried on by a society or association the society or association must be a * registered charity none 1.1.3 a public fund maintained for: (a) the purpose of providing money for hospitals covered by item 1.1.1 or 1.1.2; or (b) the establishment of such hospitals (a) the public fund must have been established before 23 October 1963; and (b) the public fund must be, or be operated by, an * Australian government agency or a * registered charity; and (c) the hospitals must satisfy the special conditions set out in item 1.1.1 or 1.1.2 (as applicable) none 1.1.4 a public authority engaged in research into the causes, prevention or cure of disease in human beings, animals or plants the public authority must be: (a) an * Australian government agency; or (b) a * registered charity the gift must be made for such research 1.1.5 a public institution engaged solely in research into the causes, prevention or cure of disease in human beings, animals or plants the public institution must be: (a) an * Australian government agency; or (b) a * registered charity none 1.1.6 a * registered health promotion charity none none 1.1.7 a public ambulance service the public ambulance service must be: (a) an * Australian government agency; or (b) a * registered charity none 1.1.8 a public fund established and maintained for the purpose of providing money for public ambulance services covered by item 1.1.7 (a) the public fund must be, or be operated by, an * Australian government agency or a * registered charity; and (b) the public ambulance services must satisfy the special conditions set out in item 1.1.7 none 1.1.9 a * community shed the community shed must be a * registered charity none (2) This table sets out specific health recipients. Health—Specific Item Fund, authority or institution Special conditions 1.2.1 The Royal Australian and New Zealand College of Obstetricians and Gynaecologists none 1.2.4 The Royal Australian and New Zealand College of Radiologists the gift must be made for education or research in medical knowledge or science 1.2.5 the New South Wales College of Nursing none 1.2.6 the Royal Australian and New Zealand College of Psychiatrists none 1.2.7 the Royal Australian College of General Practitioners the gift must be made for education or research in medical knowledge or science 1.2.8 the Royal Australasian College of Physicians none 1.2.9 the Royal Australasian College of Surgeons none 1.2.10 the Royal College of Pathologists of Australasia the gift must be made for education or research in medical knowledge or science 1.2.12 the Royal College of Nursing, Australia none 1.2.13 the Australian and New Zealand College of Anaesthetists none 1.2.18 The Australasian College for Emergency Medicine the gift must be made after 2 February 2009 1.2.19 Cancer Australia the gift must be made: (a) after 8 June 2011; and (b) for improving outcomes for Australians affected by breast cancer 1.2.20 The Australasian College of Dermatologists the gift must be made for education or research in medical knowledge or science 1.2.21 College of Intensive Care Medicine of Australia and New Zealand the gift must be made for education or research in medical knowledge or science 1.2.22 The Royal Australian and New Zealand College of Ophthalmologists the gift must be made for education or research in medical knowledge or science", "Amendment_Count": 14, "First_Amended": "No 121 of 1997", "Last_Amended": "No 136 of 2024", "Amending_Acts": "No 121 of 1997 | No 94 of 1999 | No 167 of 2001 | No 168 of 2001 | No 57 of 2002 | No 83 of 2004 | No 42 of 2009 | No 41 of 2011 | No 129 of 2011 | No 169 of 2012 | No 25 of 2017 | No 79 of 2020 | No 110 of 2021 | No 136 of 2024", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 129 of 2011, effective Sch 1 and Sch 3 (items 3–8): 3 Nov 2011 (s 2(1) items 2, 6) Sch 3 (items 1, 2): 22 Feb 2011 (s 2(1) item 5) Sch 3 (items 9, 10): 1 July 2013 (s 2(1) item 7) Sch 3 (items 11, 12): 1 July 2014 (s 2(1) item 8) Sch 3 (items 13, 14): 1 July 2015 (s 2(1) item 9) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-25", "Provision_Key": "s30-25", "Heading": "Education", "Text": "(1) This table sets out general categories of education recipients. Education—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 2.1.1 a public university the public university must be: (a) an * Australian government agency; or (b) a * registered charity none 2.1.2 a public fund for the establishment of a public university (a) the public fund must be: (i) an * Australian government agency; or (ii) a * registered charity; or (iii) operated by an Australian government agency or registered charity; and (b) the public university must satisfy the special conditions set out in item 2.1.1 none 2.1.3 an institution that is a higher education provider within the meaning of the Higher Education Support Act 2003 the institution must be: (a) an * Australian government agency; or (b) a * registered charity none 2.1.4 a residential educational institution affiliated under statutory provisions with a public university (a) the residential educational institution must be a * registered charity; and (b) the public university must satisfy the special conditions set out in item 2.1.1 none 2.1.5 a residential educational institution established by the Commonwealth none none 2.1.6 a residential educational institution that is affiliated with an institution that is a higher education provider within the meaning of the Higher Education Support Act 2003 (a) the residential educational institution must be: (i) an * Australian government agency; or (ii) a * registered charity; and (b) the higher education provider must satisfy the special conditions set out in item 2.1.3 none 2.1.7 an institution that the * Student Assistance Minister has determined to be a technical and further education institution under the Student Assistance Act 1973 the institution must be: (a) an * Australian government agency; or (b) a * registered charity see section 30 ‑ 30 2.1.8 a public fund established and maintained solely for the purpose of providing religious instruction in government schools in Australia the public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or a registered charity none 2.1.9 a public fund established and maintained by a Roman Catholic archdiocesan or diocesan authority solely for the purpose of providing religious instruction in government schools in Australia the public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or a registered charity none 2.1.9A a public fund established and maintained solely for the purpose of providing education in ethics: (a) in government schools in Australia; and (b) as an alternative to religious instruction, in accordance with * State law or * Territory law the public fund must be: (a) a * registered charity; or (b) operated by a registered charity none 2.1.10 a public fund established and maintained solely for providing money for the acquisition, construction or maintenance of a building used, or to be used, as a school or college by: (a) a government; or (b) a public authority; or (c) a society or association which is carried on otherwise than for the purposes of profit or gain to the individual members of the society or association the public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or a registered charity none 2.1.11 a public fund established and maintained solely for providing money for the acquisition, construction or maintenance of a rural school hostel building to which section 30 ‑ 35 applies the public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or a registered charity none 2.1.12 a government school that: (a) provides special education for students each of whom has a disability that is permanent or is likely to be permanent; and (b) does not provide education for other students none none 2.1.13 a public fund that is established and maintained solely for providing money for scholarships, bursaries or prizes to which section 30 ‑ 37 applies the public fund must be: (a) a * registered charity; or (b) operated by a registered charity none (2) This table sets out specific education recipients. Education—Specific Item Fund, authority or institution Special conditions 2.2.1 The Academy of the Social Sciences in Australia Incorporated none 2.2.2 the Australian Academy of Science none 2.2.3 the Australian Academy of the Humanities for the Advancement of Scholarship in Language, Literature, History, Philosophy and the Fine Arts none 2.2.4 the Australian Academy of Technological Sciences and Engineering Limited none 2.2.5 Aurora Education Foundation Limited the gift must be made after 30 June 2013 2.2.6 the Australian and New Zealand Association for the Advancement of Science none 2.2.8 Life Education Australia none 2.2.9 a company that conducts life education programs under the auspices of Life Education Australia if the company: (a) is not carried on for the purposes of profit or gain to its individual members; and (b) is prohibited by its * constitution from making any distribution of money or property to its members the gift must be for the conduct of such programs 2.2.10 the Council for Christian Education in Schools none 2.2.11 the Council for Jewish Education in Schools none 2.2.13 the Lionel Murphy Foundation none 2.2.14 the Marcus Oldham Farm Management College see section 30 ‑ 30 2.2.16 the Polly Farmer Foundation (Inc) none 2.2.17 The Australian Council of Christians and Jews the gift must be made after 6 December 1998 2.2.20 Australian Nuffield Farming Scholars Association the gift must be made after 16 April 2001 2.2.21 Dymocks Children’s Charities Limited the gift must be made after 4 January 2001 2.2.22 Australian Primary Principals Association Education Foundation the gift must be made after 1 October 2001 2.2.23 Commonwealth Study Conferences (Australia) Incorporated the gift must be made after 19 February 2001 2.2.24 Mt Eliza Graduate School of Business and Government Limited the gift must be made after 4 April 2000 and before 1 January 2023 2.2.25 Australian Human Rights Education Fund the gift must be made after 24 September 2001 2.2.26 Aboriginal Education Council (N.S.W.) Incorporated the gift must be made after 6 May 2002 2.2.27 General Sir John Monash Foundation the gift must be made after 16 June 2002 2.2.28 Australian ‑ American Educational Foundation the gift must be made after 30 April 2003 2.2.29 The Australian Literacy and Numeracy Foundation Limited the gift must be made after 11 October 2002 2.2.30 The Constitution Education Fund the gift must be made after 20 June 2003 2.2.31 Country Education Foundation of Australia Limited the gift must be made on or after 20 August 2003 2.2.33 International Specialised Skills Institute Incorporated the gift must be made after 11 August 2005 2.2.36 The Spirit of Australia Foundation the gift must be made after 10 September 2007 2.2.37 The Royal Institution of Australia Incorporated the gift must be made after 16 April 2009 2.2.39 The Charlie Perkins Scholarship Trust the gift must be made after 1 August 2010 2.2.41 Teach for Australia the gift must be made after 31 December 2012 2.2.42 The Conversation Trust the gift must be made after 21 November 2012 2.2.43 Australian Schools Plus Ltd the gift must be made on or after 1 April 2014 2.2.44 Australian Science Innovations Incorporated the gift must be made on or after 1 January 2016 2.2.45 Smile Like Drake Foundation Limited the gift must be made after 8 March 2018 and before 9 March 2023 2.2.46 The Q Foundation Trust the gift must be made after 31 December 2017 and before 1 January 2023 2.2.47 Governor Phillip International Scholarship Trust the gift must be made after 30 June 2018 and before 1 July 2025 2.2.48 High Resolves the gift must be made after 30 June 2018 and before 1 July 2025 2.2.49 Australian Academy of Law the gift must be made after 30 June 2019 and before 1 July 2025 2.2.50 Superannuation Consumers’ Centre Ltd the gift must be made after 30 June 2019 and before 1 July 2025 2.2.51 The Andy Thomas Space Foundation Limited the gift must be made after 30 June 2020 2.2.52 The Judith Neilson Institute for Journalism and Ideas the gift must be made after 30 June 2020 2.2.53 SU Australia Ministries Limited the gift must be made on or after 1 July 2021 and before 1 July 2023 2.2.55 The Ramsay Centre for Western Civilisation Limited the gift must be made after 30 June 2021 2.2.56 Australian Education Research Organisation Limited the gift must be made after 30 June 2021 2.2.57 Jewish Education Foundation (Vic) Ltd the gift must be made after 30 June 2021 and before 1 July 2026 2.2.58 Melbourne Business School Limited the gift must be made after 30 June 2022 2.2.59 Ourschool Ltd the gift must be made after 30 June 2024 and before 1 July 2029 2.2.60 Tasmanian Leaders Inc. the gift must be made after 30 June 2024 and before 1 July 2029", "Amendment_Count": 47, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 94 of 1999 | No 173 of 2000 | No 168 of 2001 | No 57 of 2002 | No 101 of 2003 | No 150 of 2003 | No 95 of 2004 | No 101 of 2004 | No 23 of 2005 | No 13 of 2006 | No 80 of 2006 | No 101 of 2006 | No 4 of 2007 | No 161 of 2007 | No 38 of 2008 | No 155 of 2008 | No 42 of 2009 | No 47 of 2009 | No 88 of 2009 | No 19 of 2010 | No 56 of 2010 | No 75 of 2010 | No 136 of 2010 | No 41 of 2011 | No 169 of 2012 | No 84 of 2013 | No 85 of 2013 | No 119 of 2013 | No 124 of 2013 | No 11 of 2014 | No 110 of 2014 | No 20 of 2015 | No 15 of 2017 | No 25 of 2017 | No 8 of 2019 | No 49 of 2019 | No 79 of 2020 | No 61 of 2021 | No 110 of 2021 | No 127 of 2021 | No 8 of 2022 | No 14 of 2022 | No 2 of 2023 | No 136 of 2024 | No 138 of 2024 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 150 of 2003, effective Sch 2 (items 136–143): 1 Jan 2004 (s 2(1) item 16) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 161 of 2007, effective Schedule 1: 25 Sept 2007 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 155 of 2008, effective Schedule 2 (items 45–47) and Schedule 3 (item 8): 1 Jan 2009 ( see s. 2(1)) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 47 of 2009, effective Schedule 2 (item 1) and Schedule 4: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 11 of 2014, effective Sch 3 (items 7, 8): 1 July 2019 (s 2(1) item 6) Sch 4 (items 1–7): 18 Mar 2014 (s 2(1) item 7) Sch 4 (items 8, 9): 17 Dec 2018 (s 2(1) item 8) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 20 of 2015, effective Sch 1 (items 1–3, 6): 20 Mar 2015 (s 2(1) item 2) Sch 4: 19 Mar 2015 (s 2(1) item 3) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 2 of 2023, effective 1 Apr 2023 (s 2(1) item 1) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12) | Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-30", "Provision_Key": "s30-30", "Heading": "Gifts that must be for certain purposes", "Text": "(1) You can deduct a gift that you make to: (a) a technical and further education institution covered by item 2.1.7 of the table in subsection 30 ‑ 25(1); or (b) the Marcus Oldham Farm Management College; only if the gift is for: (c) purposes of the institution, or of the College, that have been declared by the * Student Assistance Minister to relate solely to tertiary education; or (d) the provision of facilities for the institution, or the College, if the Student Assistance Minister has declared that he or she is satisfied the facilities are to be used principally for such purposes. (2) A declaration under subsection (1) must be in writing, signed by the Minister.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 121 of 1997 | No 88 of 2009 | No 15 of 2017", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-35", "Provision_Key": "s30-35", "Heading": "Rural schools hostel buildings", "Text": "(1) For the purposes of item 2.1.11 of the table in subsection 30 ‑ 25(1), a rural school hostel building is one to which this section applies if it meets the conditions in subsections (2), (3) and (4). (2) The rural school hostel building must be used, or going to be used, principally as residential accommodation for students: (a) whose usual place of residence is in a rural area; and (b) who are undertaking primary or secondary education, or special education programs for children with disabilities, at a school in the same area as the building. (3) The costs of the school must be solely or partly funded by the Commonwealth, a State or a Territory. (4) The residential accommodation must be provided by: (a) the Commonwealth, a State or a Territory; or (b) a public authority; or (c) a company that: (i) is not carried on for the purposes of profit or gain to its individual members; and (ii) is prohibited by its * constitution from making any distribution of money or property to its members.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 121 of 1997 | No 169 of 2012", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-37", "Provision_Key": "s30-37", "Heading": "Scholarship etc. funds", "Text": "For the purposes of item 2.1.13 of the table in subsection 30 ‑ 25(1), a scholarship, bursary or prize is one to which this section applies if: (a) it may only be awarded to Australian citizens, or permanent residents of Australia, within the meaning of the Australian Citizenship Act 2007 ; and (b) it is open to individuals or groups of individuals throughout a region of at least 200,000 people, or throughout at least an entire State or Territory; and (c) it promotes recipients’ education in either or both of the following: (i) * pre ‑ school courses, * primary courses, * secondary courses or * tertiary courses; (ii) educational institutions overseas, by way of study of a component of a course covered by subparagraph (i); and (d) it is awarded on merit or for reasons of equity.", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 80 of 2006 | No 12 of 2012", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-40", "Provision_Key": "s30-40", "Heading": "Research", "Text": "(1) This table sets out general categories of research recipients. Research—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 3.1.1 a university, college, institute, association or organisation which is an approved research institute for the purposes of section 73A (Expenditure on scientific research) of the Income Tax Assessment Act 1936 the approved research institute must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or a registered charity the gift must be made for purposes of scientific research in the field of natural or applied science (2) This table sets out specific research recipients. Research—Specific Item Fund, authority or institution Special conditions 3.2.1 the Centre for Independent Studies none 3.2.4 The Menzies Research Centre Public Fund the gift must be made after 2 April 1998 3.2.5 The Sir Earl Page Memorial Trust the gift must be made after 6 May 2001 3.2.6 Research Australia Limited the gift must be made after 26 June 2001 3.2.7 The Page Research Centre Limited the gift must be made after 12 January 2005 3.2.8 The Chifley Research Centre Limited the gift must be made after 19 May 2005 3.2.12 The Green Institute Limited the gift must be made after 23 June 2009 3.2.13 United States Studies Centre the gift must be made after 26 July 2009 3.2.14 The Ethics Centre Limited the gift must be made on or after 24 February 2016 3.2.15 Centre For Entrepreneurial Research and Innovation Limited the gift must be made after 1 January 2017 3.2.16 The Samuel Griffith Society Inc. the gift must be made after 30 June 2019", "Amendment_Count": 17, "First_Amended": "No 121 of 1997", "Last_Amended": "No 136 of 2024", "Amending_Acts": "No 121 of 1997 | No 93 of 1999 | No 168 of 2001 | No 78 of 2005 | No 160 of 2005 | No 4 of 2007 | No 42 of 2009 | No 19 of 2010 | No 41 of 2011 | No 169 of 2012 | No 25 of 2017 | No 118 of 2017 | No 61 of 2020 | No 61 of 2021 | No 110 of 2021 | No 127 of 2021 | No 136 of 2024", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 118 of 2017, effective Sch 2: 1 Jan 2018 (s 2(1) item 3) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-45", "Provision_Key": "s30-45", "Heading": "Welfare and rights", "Text": "(1) This table sets out general categories of welfare and rights recipients. Welfare and rights—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 4.1.1 a * registered public benevolent institution none none 4.1.2 a public fund maintained for the purpose of providing money for: (a) * registered public benevolent institutions; or (b) the establishment of registered public benevolent institutions the public fund must: (a) have been established before 23 October 1963; and (b) be: (i) a * registered charity; or (ii) operated by a registered charity none 4.1.3 a public fund established and maintained for the purpose of relieving the necessitous circumstances of one or more individuals who are in Australia the public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or a registered charity none 4.1.4 an institution whose principal activity is the promotion of the prevention or the control of * behaviour that is harmful or abusive to human beings the institution must: (a) be a * registered charity; and (b) meet the requirements of section 30 ‑ 130; and (c) have a policy of not acting as a mere conduit for the donation of money or property to other organisations, bodies or persons the gift must be received by the institution’s gift fund (mentioned in section 30 ‑ 130) 4.1.5 a public fund (including a public fund established and maintained by a public benevolent institution) that is established and maintained solely for providing money for the relief (including relief by way of assistance to re ‑ establish a community) of people in Australia in distress as a result of a disaster to which subsection 30 ‑ 45A(1) or 30 ‑ 46(1) applies the public fund must: (a) be: (i) an * Australian government agency; or (ii) a * registered charity; or (b) be operated by: (i) an Australian government agency; or (ii) a registered charity see subsections 30 ‑ 45A(4) and 30 ‑ 46(2) 4.1.6 an institution whose principal activity is one or both of the following: (a) providing short ‑ term direct care to animals (but not only native wildlife) that have been lost or mistreated or are without owners; (b) rehabilitating orphaned, sick or injured animals (but not only native wildlife) that have been lost or mistreated or are without owners the institution must be a * registered charity none 4.1.7 an institution that would be a public benevolent institution, but for one or both of the following: (a) it also promotes the prevention or the control of diseases in human beings (but not as a principal activity); (b) it also promotes the prevention or the control of * behaviour that is harmful or abusive to human beings (but not as a principal activity) the institution must be a * registered charity none (2) This table sets out specific welfare and rights recipients. Welfare and rights—Specific Item Fund, authority or institution Special conditions 4.2.1 Amnesty International Australia none 4.2.2 the Child Accident Prevention Foundation of Australia none 4.2.3 the National Foundation for Australian Women Limited none 4.2.5 United Way Australia the gift must be made after 25 April 2013 4.2.6 the Royal Society for the Prevention of Cruelty to Animals New South Wales none 4.2.7 the Royal Society for the Prevention of Cruelty to Animals (Victoria) Inc. none 4.2.8 Australian Neighbourhood Houses & Centres Association (ANHCA) Inc. the gift must be made after 30 June 2013 4.2.9 Royal Society for the Prevention of Cruelty to Animals (South Australia) Limited none 4.2.10 the Royal Society for the Prevention of Cruelty to Animals, Western Australia none 4.2.11 Royal Society for the Prevention of Cruelty to Animals Tasmania none 4.2.12 the Society for the Prevention of Cruelty to Animals (Northern Territory) none 4.2.13 the Royal Society for the Prevention of Cruelty to Animals (A.C.T.) Incorporated none 4.2.14 RSPCA Australia none 4.2.15 the Australian Council of Social Service Incorporated the gift must be made after 30 June 2013 4.2.19 Reconciliation Australia Limited the gift must be made after 6 December 2000 4.2.20 Royal Society for the Prevention of Cruelty to Animals, Queensland Incorporated the gift must be made after 22 December 1999 4.2.21 Crime Stoppers Western Australia Limited the gift must be made after 31 October 2002 4.2.22 New South Wales Crime Stoppers Limited the gift must be made after 31 October 2002 4.2.23 Crime Stoppers Tasmania the gift must be made after 28 November 2002 4.2.24 Crime Stoppers Queensland Limited the gift must be made after 23 January 2003 4.2.25 Crime Stoppers Australia Ltd the gift must be made after 4 June 2003 4.2.26 Foundation for Alcohol Research and Education Limited the gift must be made after 5 June 2003 4.2.27 Crime Stoppers South Australia Limited the gift must be made on or after 19 September 2003 4.2.28 International Social Service ‑ Australian Branch the gift must be made after 17 March 2004 4.2.29 the Victorian Crime Stoppers Program the gift must be made after 22 April 2004 4.2.31 Crime Stoppers Northern Territory Program the gift must be made after 13 March 2005 4.2.31A ACT Region Crime Stoppers Limited the gift must be made after 12 February 2009 4.2.32 Kidsafe ACT (Inc.) the gift must be made after 2 August 2007 4.2.33 Kidsafe New South Wales (Inc.) the gift must be made after 2 August 2007 4.2.34 Kidsafe NT (Inc.) the gift must be made after 2 August 2007 4.2.35 Kidsafe Qld (Inc.) the gift must be made after 2 August 2007 4.2.36 Kidsafe SA Incorporated the gift must be made after 2 August 2007 4.2.37 Kidsafe Tasmania (Inc) the gift must be made after 2 August 2007 4.2.38 Kidsafe Vic (Inc.) the gift must be made after 2 August 2007 4.2.39 Kidsafe Western Australia (Inc) the gift must be made after 2 August 2007 4.2.43 2017 Bourke Street Fund Trust Account the gift must be made: (a) after 20 January 2017; and (b) before 21 January 2022 4.2.44 Victorian Pride Centre Ltd the gift must be made after 8 March 2018 and before 9 March 2028 4.2.45 Australian Volunteers Support Trust the gift must be made after 30 June 2019 4.2.46 Community Rebuilding Trust the gift must be made after 30 June 2019 4.2.47 Motherless Daughters Australia Limited the gift must be made after 30 June 2019 and before 1 July 2025 4.2.48 Neighbourhood Watch Australasia Limited the gift must be made after 30 June 2019 4.2.49 Alliance for Journalists’ Freedom Ltd the gift must be made after 30 June 2020 4.2.50 Youthsafe the gift must be made after 30 June 2020 4.2.51 Equality Australia Ltd the gift must be made after 30 June 2025 and before 1 July 2030", "Amendment_Count": 40, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 94 of 1999 | No 66 of 2000 | No 173 of 2000 | No 168 of 2001 | No 57 of 2002 | No 67 of 2003 | No 101 of 2003 | No 95 of 2004 | No 101 of 2004 | No 23 of 2005 | No 78 of 2005 | No 160 of 2005 | No 80 of 2006 | No 101 of 2006 | No 164 of 2007 | No 38 of 2008 | No 14 of 2009 | No 42 of 2009 | No 118 of 2009 | No 41 of 2011 | No 169 of 2012 | No 85 of 2013 | No 96 of 2013 | No 120 of 2013 | No 124 of 2013 | No 110 of 2014 | No 14 of 2017 | No 15 of 2017 | No 8 of 2019 | No 1 of 2020 | No 64 of 2020 | No 79 of 2020 | No 118 of 2020 | No 61 of 2021 | No 110 of 2021 | No 40 of 2023 | No 52 of 2024 | No 136 of 2024 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 66 of 2000, effective Sch 2 (items 3, 4): 7 Dec 1998 (s 2(3)) Sch 3–5: 22 June 2000 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 118 of 2009, effective Sch 3 and Sch 6 (item 5): 4 Dec 2009 (s 2(1) items 7, 11) Sch 4: 1 July 2010 (s 2(1) item 8) Sch 6 (item 6): never commenced (s 2(1) item 12) Sch 6 (item 7): 30 June 2016 (s 2(1) item 12) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 120 of 2013, effective Sch 1 (items 44–46): 1 July 2014 (s 2(1) item 4) Sch 3: 29 June 2013 (s 2(1) item 8) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 14 of 2017, effective 1 Apr 2017 (s 2(1) item 1) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 1 of 2020, effective 14 Feb 2020 (s 2(1) item 1) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-45A", "Provision_Key": "s30-45a", "Heading": "Australian disaster relief funds—declarations by Minister", "Text": "(1) For the purposes of item 4.1.5 of the table in subsection 30 ‑ 45(1), an event is a disaster to which this subsection applies if the Minister has declared it to be a disaster. The Minister may do so if satisfied that: (a) the event developed rapidly and resulted in: (i) the death, serious injury or other physical suffering of a large number of people; or (ii) widespread damage to property or the natural environment; or (b) if a national emergency declaration (within the meaning of the National Emergency Declaration Act 2020 ) is in force—the event is the subject of the national emergency declaration. (2) The Minister’s declaration of an event as a disaster: (a) must be in writing; and (b) must specify the day (or the first day) of the event; and (c) must be published on the internet or by another method determined by the Minister. (3) The Minister’s declaration of an event as a disaster is not a legislative instrument. (4) You can deduct a gift that you make to a public fund covered by item 4.1.5 of the table in subsection 30 ‑ 45(1), in relation to a disaster to which subsection (1) of this section applies, only within the 2 years beginning on the day specified in the declaration as the day (or the first day) of the event for which the fund is to provide relief. Note: Public funds under item 4.1.5 of the table in subsection 30 ‑ 45(1) are for disaster relief of people in Australia. Public funds may also be established for disaster relief of people in other countries. See items 9.1.1 (which is not limited to disaster relief) and 9.1.2 of the table in section 30 ‑ 80.", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 129 of 2020", "Amending_Acts": "No 14 of 2009 | No 129 of 2020", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 129 of 2020, effective Sch 1 (item 24): 16 Dec 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-45A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-46", "Provision_Key": "s30-46", "Heading": "Australian disaster relief funds—declarations under State and Territory law", "Text": "(1) For the purposes of item 4.1.5 of the table in subsection 30 ‑ 45(1), a disaster is one to which this subsection applies if: (a) it is declared to be a disaster, or it gives rise to a declaration of a state of emergency, by or with the approval of a Minister of a State or Territory under the law of the State or Territory; and (b) it developed rapidly; and (c) it resulted in the death, serious injury or other physical suffering of a large number of people, or in widespread damage to property or the natural environment; and (d) subsection 30 ‑ 45A(1) does not apply to it. (2) You can deduct a gift that you make to a public fund covered by item 4.1.5 of the table in subsection 30 ‑ 45(1), in relation to a disaster to which subsection (1) of this section applies, only within the 2 years beginning: (a) if the day (or the first day) on which the event occurred is specified in the declaration mentioned in paragraph (1)(a)—on that day; or (b) otherwise—on the day of the declaration. Note: Public funds under item 4.1.5 of the table in subsection 30 ‑ 45(1) are for disaster relief of people in Australia. Public funds may also be established for disaster relief of people in other countries. See items 9.1.1 (which is not limited to disaster relief) and 9.1.2 of the table in section 30 ‑ 80.", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 80 of 2006 | No 14 of 2009", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-46"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-50", "Provision_Key": "s30-50", "Heading": "Defence", "Text": "(1) This table sets out general categories of defence recipients. Defence—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 5.1.1 the Commonwealth or a State none the gift must be made for purposes of defence 5.1.2 a public institution or public fund established and maintained for the comfort, recreation or welfare of members of: (a) the armed forces of any part of the Sovereign’s dominions; or (b) any allied or other foreign force serving in association with the Sovereign’s armed forces the public institution or public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) in the case of a public fund—operated by an Australian government agency or registered charity none 5.1.3 a public fund established and maintained solely for providing money to reconstruct, or make critical repairs to, a particular war memorial that: (a) is located in Australia; and (b) commemorates events in a conflict in which Australia was involved, or people who are mainly Australians and who participated on Australia’s behalf in a conflict; and the public fund must be: (a) an * Australian government agency; or (b) a * registered charity; or (c) operated by an Australian government agency or registered charity the gift must be made within the 2 years beginning on the day on which: (a) the fund; or (b) if the fund is legally owned by an entity that is endorsed for the operation of the fund—the entity; is endorsed as a * deductible gift recipient under Subdivision 30 ‑ BA (c) is a focus for public commemoration of the events or people mentioned in paragraph (b); and (d) is solely or mainly used for that public commemoration (2) This table sets out specific defence recipients. Defence—Specific Item Fund, authority or institution Special conditions 5.2.11 The RSL Foundation the gift must be made after 20 September 2000 5.2.34 Melbourne Korean War Memorial Committee Incorporated the gift must be made after 31 December 2017 and before 1 January 2020 5.2.35 The Headstone Project (Tas) Inc. the gift must be made after 30 June 2019 and before 1 July 2025 5.2.36 Virtual War Memorial Limited the gift must be made on or after 1 July 2021 and before 1 July 2026 5.2.37 Perth Korean War Memorial Committee Incorporated the gift must be made after 30 June 2021 and before 1 July 2024", "Amendment_Count": 30, "First_Amended": "No 121 of 1997", "Last_Amended": "No 115 of 2024", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 47 of 1998 | No 94 of 1999 | No 66 of 2000 | No 114 of 2000 | No 173 of 2000 | No 168 of 2001 | No 57 of 2002 | No 101 of 2003 | No 95 of 2004 | No 23 of 2005 | No 13 of 2006 | No 80 of 2006 | No 101 of 2006 | No 4 of 2007 | No 78 of 2007 | No 164 of 2007 | No 38 of 2008 | No 41 of 2011 | No 169 of 2012 | No 85 of 2013 | No 110 of 2014 | No 70 of 2015 | No 84 of 2018 | No 79 of 2020 | No 127 of 2021 | No 8 of 2022 | No 14 of 2022 | No 115 of 2024", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 66 of 2000, effective Sch 2 (items 3, 4): 7 Dec 1998 (s 2(3)) Sch 3–5: 22 June 2000 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 115 of 2024, effective sch 1 (items 27, 28): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-55", "Provision_Key": "s30-55", "Heading": "The environment", "Text": "(1) This table sets out general categories of environment recipients. The environment—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 6.1.1 an institution or * Australian government agency whose principal purpose is: (a) the protection and enhancement of the natural environment or of a significant aspect of the natural environment; or (b) the provision of information or education, or the carrying on of research, about the natural environment or a significant aspect of the natural environment the institution or Australian government agency must: (a) if it is not an Australian government agency—be a * registered charity; and (b) meet the requirements of section 30 ‑ 130; and (c) have a policy of not acting as a mere conduit for the donation of money or property to other organisations, bodies or persons the gift must be received by the gift fund (mentioned in section 30 ‑ 130) of the institution or Australian government agency (2) This table sets out specific environment recipients. The environment—Specific Item Fund, authority or institution Special conditions 6.2.1 the Australian Conservation Foundation Incorporated see section 30 ‑ 60 6.2.2 Greening Australia Limited see section 30 ‑ 60 6.2.3 Landcare Australia Limited see section 30 ‑ 60 6.2.4 the National Parks Association of New South Wales see section 30 ‑ 60 6.2.5 the Victorian National Parks Association Incorporated see section 30 ‑ 60 6.2.6 Trust for Nature (Victoria) see section 30 ‑ 60 6.2.7 the National Parks Association of Queensland see section 30 ‑ 60 6.2.8 The Nature Conservation Society of South Australia Incorporated see section 30 ‑ 60 6.2.9 Nature Foundation Limited see section 30 ‑ 60 6.2.11 the Tasmanian Conservation Trust Incorporated see section 30 ‑ 60 6.2.12 the National Parks Association of the Australian Capital Territory Incorporated see section 30 ‑ 60 6.2.13 the National Trust of Australia (New South Wales) none 6.2.14 the National Trust of Australia (Victoria) none 6.2.15 National Trust of Australia (Queensland) Limited none 6.2.16 The National Trust of South Australia none 6.2.17 The National Trust of Australia (W.A.) none 6.2.18 the National Trust of Australia (Tasmania) none 6.2.19 The National Trust of Australia (Northern Territory) none 6.2.20 the National Trust of Australia (A.C.T.) none 6.2.21 the Australian Council of National Trusts none 6.2.22 the World Wide Fund for Nature see section 30 ‑ 60 6.2.23 Mawson’s Huts Foundation Limited the gift must be made after 17 March 1997", "Amendment_Count": 10, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 94 of 1999 | No 168 of 2001 | No 57 of 2002 | No 143 of 2007 | No 15 of 2017 | No 127 of 2021 | No 40 of 2023 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-60", "Provision_Key": "s30-60", "Heading": "Gifts to a National Parks body or conservation body must satisfy certain requirements", "Text": "You can deduct a gift that you make to an environmental institution covered by any of table items 6.2.1 to 6.2.12 or 6.2.22 in subsection 30 ‑ 55(2) only if, at the time of making the gift, the institution has a policy of not acting as a mere conduit for the donation of money or property to other entities.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 40 of 2023", "Amending_Acts": "No 121 of 1997 | No 143 of 2007 | No 124 of 2013 | No 40 of 2023", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Repealed and substituted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-65", "Provision_Key": "s30-65", "Heading": "Industry, trade and design", "Text": "This table sets out specific industry, trade and design recipients. Industry, trade and design—Specific Item Fund, authority or institution Special conditions 7.2.3 WorldSkills Australia none 7.2.5 Australian Business Week Limited the gift must be made after 8 December 2003 7.2.6 Ethnic Business Awards Foundation Limited the gift must be made after 30 June 2024 and before 1 July 2029 7.2.7 Social Enterprise Australia Ltd the gift must be made after 30 June 2025 and before 1 July 2030", "Amendment_Count": 8, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 168 of 2001 | No 23 of 2005 | No 78 of 2007 | No 41 of 2011 | No 129 of 2011 | No 138 of 2024 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 129 of 2011, effective Sch 1 and Sch 3 (items 3–8): 3 Nov 2011 (s 2(1) items 2, 6) Sch 3 (items 1, 2): 22 Feb 2011 (s 2(1) item 5) Sch 3 (items 9, 10): 1 July 2013 (s 2(1) item 7) Sch 3 (items 11, 12): 1 July 2014 (s 2(1) item 8) Sch 3 (items 13, 14): 1 July 2015 (s 2(1) item 9) | Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-70", "Provision_Key": "s30-70", "Heading": "The family", "Text": "(1) This table sets out general categories of family recipients. The family—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 8.1.1 a public fund established and maintained: (a) by a * non ‑ profit company to which section 30 ‑ 75 applies; and (b) solely for the purpose of providing money to be used in giving or providing marriage education under the Marriage Act 1961 to individuals in Australia the public fund must be: (a) a * registered charity; or (b) operated by a registered charity none 8.1.2 a public fund that is established and maintained: (a) by a * non ‑ profit company which receives funding from the Commonwealth to provide family counselling or family dispute resolution within the meaning of the Family Law Act 1975 ; and (b) solely for the purpose of providing money to be used in providing family counselling or family dispute resolution within the meaning of the Family Law Act 1975 to individuals in Australia the public fund must be: (a) a * registered charity; or (b) operated by a registered charity none (2) This table sets out specific family recipients. The family—Specific Item Fund, authority or institution Special conditions 8.2.3 Australian Breastfeeding Association the gift must be made after 31 July 2001 8.2.4 Playgroup NSW (Inc). the gift must be made after 14 April 2005 8.2.5 Playgroup WA (Inc) the gift must be made after 13 March 2005 8.2.6 Playgroup Queensland Ltd the gift must be made after 14 April 2005 8.2.7 Playgroup Tasmania Inc. the gift must be made after 14 April 2005 8.2.8 Playgroup Association Northern Territory Incorporated the gift must be made after 24 May 2005 8.2.9 ACT Playgroups Association Incorporated the gift must be made after 14 April 2005 8.2.10 Playgroup Victoria Inc. the gift must be made after 23 February 2006 8.2.11 Playgroup SA Inc the gift must be made after 5 August 2006 8.2.12 Playgroup Australia Limited the gift must be made after 2 August 2006", "Amendment_Count": 14, "First_Amended": "No 121 of 1997", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 121 of 1997 | No 94 of 1999 | No 101 of 2003 | No 101 of 2004 | No 160 of 2005 | No 46 of 2006 | No 58 of 2006 | No 101 of 2006 | No 4 of 2007 | No 38 of 2008 | No 12 of 2012 | No 169 of 2012 | No 110 of 2014 | No 15 of 2017", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 46 of 2006, effective Schedule 4 (items 113A, 113B, 129, 138A): 1 July 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-75", "Provision_Key": "s30-75", "Heading": "Marriage education organisations must be approved", "Text": "For the purposes of item 8.1.1 of the table in subsection 30 ‑ 70(1), this section applies to a company if the company has been approved by the * Families Minister under section 9C of the Marriage Act 1961 .", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 121 of 1997 | No 94 of 1999 | No 46 of 2006 | No 88 of 2009 | No 169 of 2012", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed and substituted by No 46 of 2006, effective Schedule 4 (items 113A, 113B, 129, 138A): 1 July 2006 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-80", "Provision_Key": "s30-80", "Heading": "International affairs", "Text": "(1) This table sets out general categories of international affairs recipients. International affairs—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 9.1.1 a public fund, institution or * Australian government agency whose principal purpose is delivering development or humanitarian assistance activities (or both): (a) in a country covered by section 30 ‑ 85; and (b) in partnership with entities in the country, based on principles of cooperation, mutual respect and shared accountability the public fund, institution or Australian government agency must: (a) if it is a public fund—be operated by a * registered charity; and (b) if it is an institution—be a registered charity; and (c) if it is not a public fund—meet the requirements of section 30 ‑ 130 if the gift is made to an institution or Australian government agency—the gift must be received by the gift fund (mentioned in section 30 ‑ 130) of the institution or Australian government agency 9.1.2 a public fund established and maintained by a * registered public benevolent institution solely for providing money for the relief (including relief by way of assistance to re ‑ establish a community) of people in a country other than: (a) Australia; and (b) a country declared by the * Foreign Affairs Minister to be a developing country; who are in distress as a result of a disaster to which subsection 30 ‑ 86(1) applies none see subsection 30 ‑ 86(4) (2) This table sets out specific international affairs recipients. International affairs—Specific Item Fund, authority or institution Special conditions 9.2.1 the Australian Institute of International Affairs none 9.2.3 The Foundation for Development Cooperation Ltd none 9.2.4 Australian American Education Leadership Foundation Limited the gift must be made after 26 January 1998 9.2.6 United Israel Appeal Refugee Relief Fund Limited the gift must be made after 29 January 1998 9.2.7 the Asia Society AustralAsia Centre the gift must be made after 6 December 1998 9.2.8 The Global Foundation the gift must be made after 2 November 1999 9.2.10 Australia for UNHCR the gift must be made after 27 June 2007 9.2.11 The Australia Foundation in support of Human Rights Watch Limited the gift must be made after 30 June 2013 9.2.12 Lowy Institute for International Policy the gift must be made after 13 August 2003 9.2.14 Make a Mark Australia Incorporated the gift must be made after 30 June 2013 9.2.18 American Australian Association Limited the gift must be made after 13 November 2006 9.2.21 Diplomacy Training Program Limited the gift must be made after 16 April 2009 9.2.25 Rhodes Trust in Australia the gift must be made after 21 October 2011 9.2.26 International Jewish Relief Limited the gift must be made on or after 1 January 2015 9.2.27 Cambridge Australia Scholarships Limited the gift must be made on or after 1 July 2021 and before 1 July 2026", "Amendment_Count": 36, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 94 of 1999 | No 173 of 2000 | No 168 of 2001 | No 57 of 2002 | No 101 of 2003 | No 23 of 2005 | No 78 of 2005 | No 13 of 2006 | No 80 of 2006 | No 101 of 2006 | No 55 of 2007 | No 78 of 2007 | No 38 of 2008 | No 47 of 2009 | No 88 of 2009 | No 75 of 2010 | No 136 of 2010 | No 41 of 2011 | No 129 of 2011 | No 12 of 2012 | No 169 of 2012 | No 184 of 2012 | No 84 of 2013 | No 120 of 2013 | No 124 of 2013 | No 11 of 2014 | No 110 of 2014 | No 20 of 2015 | No 177 of 2015 | No 25 of 2017 | No 8 of 2019 | No 127 of 2021 | No 8 of 2022 | No 40 of 2023 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 47 of 2009, effective Schedule 2 (item 1) and Schedule 4: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 129 of 2011, effective Sch 1 and Sch 3 (items 3–8): 3 Nov 2011 (s 2(1) items 2, 6) Sch 3 (items 1, 2): 22 Feb 2011 (s 2(1) item 5) Sch 3 (items 9, 10): 1 July 2013 (s 2(1) item 7) Sch 3 (items 11, 12): 1 July 2014 (s 2(1) item 8) Sch 3 (items 13, 14): 1 July 2015 (s 2(1) item 9) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 184 of 2012, effective Sch 1, 2 and 5: 10 Dec 2012 (s 2) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 120 of 2013, effective Sch 1 (items 44–46): 1 July 2014 (s 2(1) item 4) Sch 3: 29 June 2013 (s 2(1) item 8) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 11 of 2014, effective Sch 3 (items 7, 8): 1 July 2019 (s 2(1) item 6) Sch 4 (items 1–7): 18 Mar 2014 (s 2(1) item 7) Sch 4 (items 8, 9): 17 Dec 2018 (s 2(1) item 8) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 20 of 2015, effective Sch 1 (items 1–3, 6): 20 Mar 2015 (s 2(1) item 2) Sch 4: 19 Mar 2015 (s 2(1) item 3) | Amended by No 177 of 2015, effective 11 Dec 2015 (s 2(1) item 1) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-85", "Provision_Key": "s30-85", "Heading": "Developing country relief funds", "Text": "(1) For the purposes of item 9.1.1 of the table in subsection 30 ‑ 80(1), a country is covered by this section if: (a) it is included in the list of official development assistance recipients published from time to time by the Organisation for Economic Co ‑ operation and Development’s Development Assistance Committee; or (b) it is specified in a declaration under subsection (2) of this section. (2) For the purposes of paragraph (1)(b), the * Foreign Affairs Minister may, by legislative instrument, make a declaration specifying a country as a developing country.", "Amendment_Count": 6, "First_Amended": "No 121 of 1997", "Last_Amended": "No 40 of 2023", "Amending_Acts": "No 121 of 1997 | No 80 of 2006 | No 88 of 2009 | No 110 of 2014 | No 64 of 2020 | No 40 of 2023", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Repealed and substituted by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-86", "Provision_Key": "s30-86", "Heading": "Developed country disaster relief funds", "Text": "(1) For the purposes of item 9.1.2 of the table in subsection 30 ‑ 80(1), a disaster is one to which this subsection applies if the Minister has recognised it as a disaster. The Minister may do so if satisfied that: (a) it developed rapidly; and (b) it resulted in the death, serious injury or other physical suffering of a large number of people, or in widespread damage to property or the natural environment. (2) The Minister’s recognition of an event as a disaster: (a) must be by notifiable instrument; and (b) must specify the day (or the first day) of the event. (4) You can deduct a gift that you make to a public fund covered by item 9.1.2 of the table in subsection 30 ‑ 80(1) only within the 2 years beginning on the day specified in the recognition as the day (or the first day) of the event for which the fund is to provide relief. Note: A public fund may also be established for disaster relief of people in Australia (see item 4.1.5 of the table in section 30 ‑ 45).", "Amendment_Count": 4, "First_Amended": "No 80 of 2006", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 80 of 2006 | No 88 of 2009 | No 8 of 2010 | No 64 of 2020", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 8 of 2010, effective Sch 1 (item 33) and Sch 5 (item 137(a)): 1 Mar 2010 (s 2(1) items 4, 38) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-86"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-90", "Provision_Key": "s30-90", "Heading": "Sports and recreation", "Text": "This table sets out specific sports and recreation recipients. Sports and recreation—Specific Item Fund, authority or institution Special conditions 10.2.1 the Australian Sports Foundation none 10.2.2 Girl Guides Australia none 10.2.3 an institution that is known as a State or Territory branch of Girl Guides Australia none 10.2.4 the Scout Association of Australia none 10.2.5 an institution that is known as a State or Territory branch of the Scout Association of Australia none 10.2.8 Amy Gillett Foundation the gift must be made after 13 September 2007 10.2.9 Australian Sports Foundation Charitable Fund the gift must be made after 30 June 2018", "Amendment_Count": 8, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 41 of 1998 | No 168 of 2001 | No 38 of 2008 | No 41 of 2011 | No 8 of 2019 | No 52 of 2024 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 41 of 1998, effective s 4, Sch 3 (items 4–7), Sch 4 (items 1–3, 5): 4 June 1998 (s 2(1)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-95", "Provision_Key": "s30-95", "Heading": "Philanthropic trusts", "Text": "This table sets out specific philanthropic trusts. Philanthropic trusts—Specific Item Fund, authority or institution Special conditions 11.2.1 the Connellan Airways Trust none 11.2.2 The Friends of the Duke of Edinburgh’s Award in Australia Incorporated none 11.2.4 the Playford Memorial Trust none 11.2.5 The Sir Robert Menzies Memorial Foundation Limited none 11.2.7 the Winston Churchill Memorial Trust none 11.2.8 The Foundation for Young Australians the gift must be made after 6 May 2001 11.2.9 Visy Cares the gift must be made after 19 June 2001 11.2.10 Australian Philanthropic Services Limited the gift must be made after 30 June 2016 11.2.11 Australian Women Donors Network the gift must be made after 8 March 2018 and before 9 March 2028 11.2.12 the Australian Ireland Fund Limited none 11.2.13 Foundation Broken Hill Limited the gift must be made after 30 June 2019 and before 1 July 2030", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 168 of 2001 | No 160 of 2005 | No 101 of 2006 | No 8 of 2019 | No 49 of 2019 | No 79 of 2020 | No 2 of 2023 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 2 of 2023, effective 1 Apr 2023 (s 2(1) item 1) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-100", "Provision_Key": "s30-100", "Heading": "Cultural organisations", "Text": "(1) This table sets out general categories of cultural recipients. Cultural organisations—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 12.1.1 an institution or * Australian government agency whose principal purpose is the promotion of literature, music, a performing art, a visual art, a craft, design, film, video, television, radio, community arts, arts or languages of * Indigenous persons or movable cultural heritage the institution or Australian government agency must: (a) if it is not an Australian government agency—be a * registered charity; and (b) meet the requirements of section 30 ‑ 130 the gift must be received by the gift fund (mentioned in section 30 ‑ 130) of the institution or Australian government agency 12.1.2 a public library the public library must: (a) be: (i) an * Australian government agency; or (ii) a * registered charity; or (b) be operated by: (i) an Australian government agency; or (ii) a registered charity none 12.1.3 a public museum the public museum must: (a) be: (i) an * Australian government agency; or (ii) a * registered charity; or (b) be operated by: (i) an Australian government agency; or (ii) a registered charity none 12.1.4 a public art gallery the public art gallery must: (a) be: (i) an * Australian government agency; or (ii) a * registered charity; or (b) be operated by: (i) an Australian government agency; or (ii) a registered charity none 12.1.5 an institution consisting of a public library, public museum and public art gallery or of any 2 of them the institution must: (a) be: (i) an * Australian government agency; or (ii) a * registered charity; or (b) be operated by: (i) an Australian government agency; or (ii) a registered charity none (2) This table sets out specific cultural recipients. Cultural organisations—Specific Item Fund, authority or institution Special conditions 12.2.1 The Australiana Fund none 12.2.4 National Arboretum Canberra Fund the gift must be made after 30 June 2013 12.2.5 Sydney Chevra Kadisha the gift must be made either: (a) after 31 December 2017 and before 1 July 2024; or (b) after 30 June 2025 and before 1 July 2030 12.2.6 C E W Bean Foundation the gift must be made after 30 June 2018 and before 1 July 2025", "Amendment_Count": 16, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 94 of 1999 | No 168 of 2001 | No 101 of 2006 | No 4 of 2007 | No 169 of 2012 | No 11 of 2014 | No 8 of 2019 | No 79 of 2020 | No 61 of 2021 | No 127 of 2021 | No 2 of 2023 | No 15 of 2023 | No 40 of 2023 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 11 of 2014, effective Sch 3 (items 7, 8): 1 July 2019 (s 2(1) item 6) Sch 4 (items 1–7): 18 Mar 2014 (s 2(1) item 7) Sch 4 (items 8, 9): 17 Dec 2018 (s 2(1) item 8) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 2 of 2023, effective 1 Apr 2023 (s 2(1) item 1) | Amended by No 15 of 2023, effective sch 1 (items 6, 7): 1 July 2023 (s 2(1) item 2) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-102", "Provision_Key": "s30-102", "Heading": "Fire and emergency services", "Text": "This table sets out general categories of fire and emergency services recipients. Fire and emergency services—General Item Fund, authority or institution Special conditions 12A.1.1 an * Australian government agency that has statutory responsibility for the coordination of volunteer fire brigades or State Emergency Services the gift or contribution must be made for the purposes of supporting the coordination of volunteer fire brigades or State Emergency Services 12A.1.2 a public fund which satisfies all of the following requirements: (a) the fund is established and maintained by an * Australian government agency covered by item 12A.1.1; none (b) the fund is established and maintained solely for the purpose of supporting the volunteer based emergency service activities of non ‑ profit entities or of Australian government agencies; (c) the principal activity of the entities mentioned in paragraph (b) is the provision of volunteer based emergency services that are regulated by a * State law or a * Territory law 12A.1.3 a public fund which satisfies all of the following requirements: (a) the fund is established and maintained by a * registered charity or an * Australian government agency; none (b) the principal activity of the entity is the provision of volunteer based emergency services that are regulated by a * State law or a * Territory law; (c) the fund is established and maintained solely for the purpose of supporting the volunteer based emergency service activities of the entity", "Amendment_Count": 5, "First_Amended": "No 23 of 2005", "Last_Amended": "No 110 of 2021", "Amending_Acts": "No 23 of 2005 | No 101 of 2006 | No 136 of 2010 | No 169 of 2012 | No 110 of 2021", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Repealed and substituted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-105", "Provision_Key": "s30-105", "Heading": "Other recipients", "Text": "(1) This table sets out general categories of other recipients. Other recipients—General Item Fund, authority or institution Special conditions—fund, authority or institution Special conditions—gift 13.1.1 a * community charity trust to which section 30 ‑ 110 applies the community charity trust must be a * registered charity none 13.1.2 a * community charity corporation to which section 30 ‑ 110 applies the community charity corporation must be a * registered charity none (2) This table sets out specific other recipients. Other recipients—specific Item Fund, authority or institution Special conditions 13.2.1 the Council for Jewish Community Security the gift must be made after 9 August 2007 13.2.2 the Foundation for Rural and Regional Renewal Public Fund the gift must be made after 28 March 2000 13.2.3 Young Endeavour Youth Scheme Public Fund the gift must be made after 24 September 2001 13.2.3A Leeuwin Ocean Adventure Foundation Limited the gift must be made after 16 April 2009 13.2.5 Social Traders Ltd the gift must be made after 30 June 2013 13.2.7 Lord Somers Camp and Power House the gift must be made after 4 March 2004 13.2.16 Social Ventures Australia Limited the gift must be made after 3 May 2007 13.2.19 Philanthropy Australia Inc. the gift must be made after 27 February 2013 13.2.20 The King’s Trust Australia Limited the gift must be made after 31 December 2013 13.2.21 The Minderoo Foundation Trust the gift must be made on or after 1 January 2014 13.2.22 National Apology Foundation Ltd the gift must be made on or after 1 January 2015 13.2.23 Foundation 1901 Limited the gift must be made on or after 1 September 2021 and before 1 September 2026 13.2.24 Paul Ramsay Foundation Limited the gift must be made either: (a) after 30 June 2018 and before 1 July 2020; or (b) after 30 June 2025 and before 1 July 2030 13.2.25 Friends of Myall Creek Memorial Incorporated the gift must be made after 30 June 2019 13.2.26 Toy Libraries Australia Inc. the gift must be made after 30 June 2019 13.2.27 RAS Foundation Limited the gift must be made after 30 June 2020 13.2.28 The Great Synagogue Foundation the gift must be made after 30 June 2020 and before 1 July 2030 13.2.29 Australian Associated Press Ltd the gift must be made on or after 1 July 2021 and before 1 July 2026 13.2.30 The Greek Orthodox Community Of New South Wales Ltd the gift must be made on or after 1 July 2019 13.2.31 Greek Orthodox Archdiocese of Australia Consolidated Trust Cathedral of the Annunciation of our Lady Restoration Fund the gift must be made after 30 June 2021 and before 1 July 2024 13.2.32 Lord Mayor’s Charitable Foundation the gift must be made after 30 June 2021 13.2.33 Royal Humane Society of New South Wales Incorporated the gift must be made after 30 June 2020 13.2.34 Australians for Indigenous Constitutional Recognition Ltd the gift must be made after 30 June 2022 and before 1 July 2025 13.2.35 Leaders Institute of South Australia Incorporated the gift must be made after 30 June 2022 and before 1 July 2027 13.2.36 St Patrick’s Cathedral Melbourne Restoration Fund the gift must be made after 30 June 2022 and before 1 July 2032 13.2.37 Australians for Unity Ltd the gift must be made after 31 May 2023 and before 1 July 2024 13.2.38 Justice Reform Initiative Limited the gift must be made after 30 June 2023 and before 1 July 2028 13.2.39 Transparency International Australia the gift must be made after 30 June 2023 13.2.40 Australian Democracy Network Ltd the gift must be made after 30 June 2024 and before 1 July 2029 13.2.41 Australian Science Media Centre Incorporated the gift must be made after 30 June 2024 and before 1 July 2029 13.2.42 Centre for Australian Progress Ltd the gift must be made after 30 June 2024 and before 1 July 2029 13.2.43 Combatting Antisemitism Fund Limited the gift must be made after 30 June 2024 and before 1 July 2029 13.2.44 International Campaign to Abolish Nuclear Weapons, Australia Inc. the gift must be made after 30 June 2024 and before 1 July 2029 13.2.45 Susan McKinnon Charitable Foundation Ltd the gift must be made after 30 June 2023 and before 1 July 2028 13.2.46 The Hillview Foundation Australia Limited the gift must be made after 30 June 2024 and before 1 July 2029 13.2.47 Skip Foundation Ltd the gift must be made after 30 June 2024 and before 1 July 2029 13.2.48 Coaxial Foundation Ltd the gift must be made after 30 June 2025 and before 1 July 2030 13.2.49 Community Foundations Australia Ltd the gift must be made after 30 June 2025 and before 1 July 2030 13.2.50 Partnerships for Local Action and Community Empowerment Ltd the gift must be made after 30 June 2025 and before 1 July 2030 13.2.51 The Parenthood Project Limited the gift must be made after 30 June 2025 and before 1 July 2030", "Amendment_Count": 37, "First_Amended": "No 94 of 1999", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 94 of 1999 | No 114 of 2000 | No 173 of 2000 | No 57 of 2002 | No 101 of 2003 | No 95 of 2004 | No 23 of 2005 | No 78 of 2005 | No 160 of 2005 | No 58 of 2006 | No 101 of 2006 | No 4 of 2007 | No 55 of 2007 | No 78 of 2007 | No 143 of 2007 | No 38 of 2008 | No 42 of 2009 | No 47 of 2009 | No 136 of 2010 | No 41 of 2011 | No 85 of 2013 | No 124 of 2013 | No 11 of 2014 | No 20 of 2015 | No 177 of 2015 | No 8 of 2019 | No 61 of 2020 | No 61 of 2021 | No 127 of 2021 | No 8 of 2022 | No 14 of 2022 | No 2 of 2023 | No 28 of 2023 | No 52 of 2024 | No 136 of 2024 | No 138 of 2024 | No 12 of 2026", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 47 of 2009, effective Schedule 2 (item 1) and Schedule 4: Royal Assent | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 11 of 2014, effective Sch 3 (items 7, 8): 1 July 2019 (s 2(1) item 6) Sch 4 (items 1–7): 18 Mar 2014 (s 2(1) item 7) Sch 4 (items 8, 9): 17 Dec 2018 (s 2(1) item 8) | Amended by No 20 of 2015, effective Sch 1 (items 1–3, 6): 20 Mar 2015 (s 2(1) item 2) Sch 4: 19 Mar 2015 (s 2(1) item 3) | Amended by No 177 of 2015, effective 11 Dec 2015 (s 2(1) item 1) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 2 of 2023, effective 1 Apr 2023 (s 2(1) item 1) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12) | Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-110", "Provision_Key": "s30-110", "Heading": "Community charities", "Text": "(1) For the purposes of item 13.1.1 of the table in subsection 30 ‑ 105(1), this section applies to a * community charity trust if the trust is established and maintained under a will or instrument of trust: (a) for the purposes covered by: (i) subsections (3) and (4) of this section; or (ii) subsections (3), (4) and (5) of this section; and (b) for no other purposes. (2) For the purposes of item 13.1.2 of the table in subsection 30 ‑ 105(1), this section applies to a * community charity corporation if the corporation is operated: (a) for the purposes covered by: (i) subsections (3) and (4) of this section; or (ii) subsections (3), (4) and (5) of this section; and (b) for no other purposes. Mandatory purposes (3) This subsection covers the purpose of providing money, property or benefits to a fund, authority or institution if: (a) gifts to the fund, authority or institution are deductible under item 1 of the table in section 30 ‑ 15; and (b) the fund, authority or institution is described (whether or not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30 ‑ 105(1)); and (c) the money, property or benefits are so provided to the fund, authority or institution for any purposes set out in the item of that table in which the fund, authority or institution is described. (4) This subsection covers the purpose of engaging in an activity that: (a) is the principal activity of a fund, authority or institution described (but not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30 ‑ 105(1)); or (b) involves pursuing the principal purpose of a fund, authority or institution described (but not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30 ‑ 105(1)). Permitted purpose (5) This subsection covers the purpose of establishing a fund, authority or institution described (whether or not by name) in an item of a table in this Subdivision (other than item 13.1.1 or 13.1.2 of the table in subsection 30 ‑ 105(1)).", "Amendment_Count": 1, "First_Amended": "No 52 of 2024", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 52 of 2024", "History_Notes": "Inserted by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-115", "Provision_Key": "s30-115", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out rules about endorsement of entities and government entities as deductible gift recipients. Endorsement of an entity described (except by name) in Subdivision 30 ‑ A or 30 ‑ B lets you deduct a gift you make to a fund, authority or institution that is, or is operated by, the entity. Table of sections Endorsement as a deductible gift recipient 30 ‑ 120 Endorsement by Commissioner 30 ‑ 125 Entitlement to endorsement 30 ‑ 130 Maintaining a gift fund Government entities treated like entities 30 ‑ 180 How this Subdivision applies to government entities", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 179 of 1999 | No 12 of 2012 | No 52 of 2024", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-120", "Provision_Key": "s30-120", "Heading": "Endorsement by Commissioner", "Text": "If an entity applies for endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 , the Commissioner must endorse the entity: (a) as a * deductible gift recipient, if the entity is entitled to be endorsed as a deductible gift recipient; or (b) as a * deductible gift recipient for the operation of a fund, authority or institution, if the entity is entitled to be endorsed as a deductible gift recipient for the operation of the fund, authority or institution. Note: For procedural rules relating to endorsement, see Division 426 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 179 of 1999 | No 95 of 2004", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-125", "Provision_Key": "s30-125", "Heading": "Entitlement to endorsement", "Text": "Endorsement of an entity that is a fund, authority or institution (1) An entity is entitled to be endorsed as a * deductible gift recipient if: (a) the entity has an * ABN; and (b) the entity is a fund, authority or institution that: (i) is described (but not by name) in item 1, 2 or 4 of the table in section 30 ‑ 15; and (ii) is not described by name in Subdivision 30 ‑ B if it is described in item 1 of that table; and (iii) meets the relevant conditions (if any) identified in the column headed “Special conditions” of the item of that table in which it is described; and (c) the entity meets the requirements of subsection (6), unless: (i) the entity is established by an Act; and (ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and (d) in the case of an * ancillary or community charity trust fund—the fund and all of its trustees comply with the rules in the * applicable trust fund guidelines; and (e) in the case of a * community charity corporation—the corporation and all of its directors comply with the rules in the * community charity corporation guidelines. Endorsement of an entity for operating a fund, authority etc. (2) An entity is entitled to be endorsed as a * deductible gift recipient for the operation of a fund, authority or institution that is described (but not by name) in item 1, 2 or 4 of the table in section 30 ‑ 15 and is not described by name in Subdivision 30 ‑ B if: (a) the entity has an * ABN; and (b) the entity: (i) legally owns the fund; or (ii) includes the authority or institution; and (c) the fund, authority or institution meets the relevant conditions (if any) identified in the column headed “Special conditions” of that item; and (d) the entity meets the requirements of subsection (6), unless: (i) the entity is established by an Act; and (ii) the Act (or another Act) does not provide for the winding up or termination of the entity; and (e) the entity meets the requirements of section 30 ‑ 130, unless the entity is endorsed as a deductible gift recipient under paragraph 30 ‑ 120(a). Relevant special conditions in table in section 30 ‑ 15 (3) To avoid doubt: (a) a condition requiring the fund, authority or institution to meet the requirements of section 30 ‑ 17 is not a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section; and Note: Section 30 ‑ 17 requires the entity to be endorsed under this Subdivision as a deductible gift recipient. (b) in the case of a fund, authority or institution that is described in item 1 of the table in section 30 ‑ 15—a condition set out in the relevant table item in Subdivision 30 ‑ B, including a condition identified in the column headed “Special conditions—fund, authority or institution” of that item (if any), is a relevant condition for the purposes of subparagraph (1)(b)(iii) or paragraph (2)(c) of this section. Note: Paragraph (c) of the column headed “Special conditions” of item 1 of the table in section 30 ‑ 15 requires any conditions set out in the relevant table item in Subdivision 30 ‑ B to be satisfied. Transfer of assets from fund, authority or institution (6) A law (outside this Subdivision), a document constituting the entity or rules governing the entity’s activities must require the entity, at the first occurrence of an event described in subsection (7), to transfer to a fund, authority or institution gifts to which can be deducted under this Division: (a) any surplus assets of the gift fund (see section 30 ‑ 130); or (b) if the entity is not required by this section to meet the requirements of section 30 ‑ 130—any surplus: (i) gifts of money or property for the principal purpose of the fund, authority or institution; and (ii) contributions described in item 7 or 8 of the table in section 30 ‑ 15 in relation to a * fund ‑ raising event held for that purpose; and (iii) money received by the entity because of such gifts or contributions. Events requiring transfer (7) The events are: (a) the winding up of the fund, authority or institution; and (b) if the entity is endorsed because of a fund, authority or institution—the revocation of the entity’s endorsement under this Subdivision relating to the fund, authority or institution. Note 1: There are 2 ways an entity can be endorsed because of a fund, authority or institution. An entity can be endorsed either because it is a fund, authority or institution or because it operates a fund, authority or institution. Note 2: Section 426 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 deals with revocation of endorsement. Note 3: The entity is also required to keep appropriate records: see section 382 ‑ 15 of the Taxation Administration Act 1953.", "Amendment_Count": 9, "First_Amended": "No 179 of 1999", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 179 of 1999 | No 107 of 2003 | No 95 of 2004 | No 58 of 2006 | No 55 of 2007 | No 88 of 2009 | No 147 of 2011 | No 169 of 2012 | No 52 of 2024", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-130", "Provision_Key": "s30-130", "Heading": "Maintaining a gift fund", "Text": "(1) The entity must maintain for the principal purpose of the fund, authority or institution a fund (the gift fund ): (a) to which gifts of money or property for that purpose are to be made; and (b) to which contributions described in item 7 or 8 of the table in section 30 ‑ 15 in relation to a * fund ‑ raising event held for that purpose are to be made; and (c) to which any money received by the entity because of such gifts or contributions is to be credited; and (d) that does not receive any other money or property. (2) The entity must use the gift fund only for the principal purpose of the fund, authority or institution. Exception—only one gift fund required per entity (3) An entity that operates 2 or more funds, authorities or institutions also meets the requirements of this section for 2 or more of those funds, authorities or institutions by maintaining a single gift fund if: (a) the gift fund meets the requirements in paragraphs (1)(a), (b) and (c) in respect of each of the funds, authorities or institutions for which the gift fund is maintained; and (b) the gift fund does not receive any other money or property. (4) The entity must use a gift or contribution made to the fund and any money credited to the fund only for the principal purpose of the fund, authority or institution to which the gift, contribution or money relates. Note: The entity is also required to keep appropriate records for each of the funds, authorities or institutions: see section 382 ‑ 15 of the Taxation Administration Act 1953.", "Amendment_Count": 4, "First_Amended": "No 179 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 179 of 1999 | No 95 of 2004 | No 58 of 2006 | No 55 of 2007", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Repealed by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-180", "Provision_Key": "s30-180", "Heading": "How this Subdivision applies to government entities", "Text": "(1) The other sections of this Subdivision apply in relation to a * government entity in the same way as they apply in relation to an entity. (2) Subparagraph 30 ‑ 125(2)(b)(i) (as applied by this section) operates as if it referred to the * government entity consisting of persons, one or more of whom controlled the fund (instead of referring to the entity legally owning the fund).", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 179 of 1999 | No 95 of 2004", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-200", "Provision_Key": "s30-200", "Heading": "Getting written valuations", "Text": "(1) You satisfy the valuation requirements if you get 2 or more written valuations of the gift you made. Note 1: In most cases, you need to get these written valuations to be able to deduct a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30 ‑ 15. Note 2: You do not need to get written valuations in the circumstances set out in section 30 ‑ 205. (2) The valuations must be by different individuals, each of whom is an approved valuer of the kind of property you are giving away. Note: Section 30 ‑ 210 deals with how an individual becomes an approved valuer. (3) Each valuation must state the amount that, in the opinion of the valuer, was: (a) the * GST inclusive market value of the property on the day you made the gift; or (b) the * GST inclusive market value of the property on the day the valuation was made. (4) If a valuation states the * GST inclusive market value of the property on the day the valuation was made, it must have been made within 90 days before or after the gift was made. However, the Commissioner may allow a longer period than this.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-205", "Provision_Key": "s30-205", "Heading": "Proceeds of the sale would have been assessable", "Text": "(1) You do not need to get written valuations of the gift you made if: (a) no amount is included in your assessable income in respect of the gift you made; but (b) an amount would have been included in your assessable income if you had sold the property instead of making the gift. (2) However, this section does not apply if, apart from the operation of subsection 118 ‑ 60(2), an amount would have been included in your assessable income in respect of the gift you made.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 58 of 2000", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-210", "Provision_Key": "s30-210", "Heading": "Approved valuers", "Text": "(1) The * Arts Secretary may approve an individual as a valuer of a particular kind of property. The approval must be in writing, signed by the Secretary. (2) The Secretary must, in deciding whether to approve an individual, have regard to: (a) the individual’s qualifications, experience and knowledge in valuing that kind of property; and (b) the individual’s knowledge of the current * GST inclusive market value of that kind of property; and (c) the individual’s standing in the professional community.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 88 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-212", "Provision_Key": "s30-212", "Heading": "Valuations by the Commissioner", "Text": "(1) If you make a gift or contribution that is covered by a provision of this Division that refers to the value of property as determined by the Commissioner, you must seek the valuation from the Commissioner. (2) The Commissioner may charge you the amount worked out in accordance with the regulations for making the valuation.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 58 of 2000 | No 95 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-212"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-215", "Provision_Key": "s30-215", "Heading": "How much you can deduct", "Text": "(1) This section contains the rules for working out how much you can deduct for a gift of property that you make to a recipient covered by item 4, 5 or 6 of the table in section 30 ‑ 15. (2) The general rule is that the amount you can deduct for a gift of this kind is the average of the * GST inclusive market values (as reduced under subsection 30 ‑ 15(3) if that subsection applies) specified in the written valuations you got from the approved valuers. Note: In some situations you must reduce the amount you can deduct: see section 30 ‑ 220. (3) The exceptions to the general rule are set out in this table: Amount you can deduct for a gift of property Item In this case: The amount you can deduct is: 1 Section 30 ‑ 205 (which is about the proceeds of the sale being assessable) applies, and you bought the property the amount you paid for the property, reduced by the amount of any * input tax credit to which you are or were entitled for your * acquisition of the property 2 Section 30 ‑ 205 (which is about the proceeds of the sale being assessable) applies, and you created or produced the property so much of the cost of creation or production as you would have been able to deduct if you had sold the property, reduced by the amount of any * input tax credit to which you are or were entitled for your * acquisitions to the extent that they were made for the purpose of creating or producing the property 3 Neither of cases 1 and 2 applies, and you acquired the property: (a) less than one year before making the gift (otherwise than by inheriting it); or (b) for the purpose of giving it away; or (c) subject to an * arrangement that the property would be given away the lesser of the amount you paid for the property and: (a) if the average of the written valuations you got fairly represents the * GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift—that average; or (b) if it does not—the * GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift 4 None of cases 1 to 3 applies, and the average of the written valuations you got does not fairly represent the * market value of the property on the day you made the gift the * GST inclusive market value (as reduced under subsection (4) if that subsection applies) of the property on the day you made the gift (4) For the purposes of items 3 and 4 of the table in subsection (3), the * GST inclusive market values of the property in question are reduced by 1 / 11 if you would have been entitled to an * input tax credit if: (a) you had * acquired the property at the time you made the gift; and (b) your acquisition had been for a * creditable purpose.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-220", "Provision_Key": "s30-220", "Heading": "Reducing the amount you can deduct", "Text": "(1) The amount you can deduct is reduced by a reasonable amount if: (a) the terms and conditions on which the gift is made are such that the recipient: (i) does not receive immediate custody and control of the property; or (ii) does not have the unconditional right to retain custody and control of the property in perpetuity; or (iii) does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property; or (b) the custody, control or use of the property by the recipient is affected by an * arrangement entered into in respect of the making of the gift. (2) In deciding what is a reasonable amount, have regard to the effect of those terms and conditions, or that * arrangement, on the * GST inclusive market value of the gift.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-225", "Provision_Key": "s30-225", "Heading": "Gift of property by joint owners", "Text": "If: (a) you own property jointly with one or more other entities; and (b) you and the other entities make a gift of the property; and (c) you would have been able to deduct the gift under section 30 ‑ 15 because of item 4, 5 or 6 of the table in that section if you had made a gift of the property as sole owner of it; you can deduct so much of the gift as is reasonable, having regard to your interest in the property.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-226", "Provision_Key": "s30-226", "Heading": "What this Subdivision is about", "Text": "An entity must ensure certain details must appear on a receipt it issues for a gift that: (a) is made to the entity or a fund, authority or institution it operates; and (b) is of a kind that the giver can deduct under Subdivision 30 ‑ A. If the entity has an ABN, the Australian Business Registrar must state in the Australian Business Register that the entity is a deductible gift recipient. Table of sections Requirements 30 ‑ 227 Entities to which this Subdivision applies 30 ‑ 228 Content of receipt for gift or contribution 30 ‑ 229 Australian Business Register must show deductibility of gifts to deductible gift recipient", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-226"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-227", "Provision_Key": "s30-227", "Heading": "Entities to which this Subdivision applies", "Text": "(1) This Subdivision sets out requirements relating to a * deductible gift recipient. (2) A deductible gift recipient is an entity or * government entity that: (a) is a fund, authority or institution described in item 1, 2, 4, 5 or 6 of the table in section 30 ‑ 15 and is: (i) endorsed under Subdivision 30 ‑ BA as a deductible gift recipient; or (ii) mentioned by name in that table or in Subdivision 30 ‑ B; or (b) is endorsed as a deductible gift recipient for the operation of a fund, authority or institution described in item 1, 2 or 4 of the table in section 30 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 179 of 1999 | No 88 of 2009", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-227"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-228", "Provision_Key": "s30-228", "Heading": "Content of receipt for gift or contribution", "Text": "(1) If a * deductible gift recipient issues a receipt for a gift described in the relevant item of the table in section 30 ‑ 15 to the fund, authority or institution, the deductible gift recipient must ensure that the receipt states: (a) the name of the fund, authority or institution; and (b) the * ABN (if any) of the deductible gift recipient; and (c) the fact that the receipt is for a gift. Note: If the deductible gift recipient is endorsed as a deductible gift recipient and it contravenes this section, the Commissioner may revoke its endorsement: see section 426 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . (2) If a * deductible gift recipient issues a receipt for a contribution described in item 7 of the table in section 30 ‑ 15, the deductible gift recipient must ensure that the receipt states: (a) the name of the deductible gift recipient; and (b) the * ABN (if any) of the deductible gift recipient; and (c) the fact that the receipt is for a contribution made in return for a right to attend, or participate in, a specified * fund ‑ raising event; and (d) if the contribution is money—the amount of the contribution; and (e) the amount of the * GST inclusive market value, on the day the contribution was made, of the right to attend, or participate in, the fund ‑ raising event. (3) For the purposes of paragraph (2)(e), in working out the * GST inclusive market value of the right in question, disregard anything that would prevent or restrict conversion of the right to money. (4) If a * deductible gift recipient issues a receipt for a contribution described in item 8 of the table in section 30 ‑ 15, the deductible gift recipient must ensure that the receipt states: (a) the name of the deductible gift recipient; and (b) the * ABN (if any) of the deductible gift recipient; and (c) the fact that the receipt is for a contribution made by way of consideration for the supply of goods or services; and (d) the fact that the contribution was made because the contributor was the successful bidder at an auction that: (i) was a specified * fund ‑ raising event; or (ii) was held at a specified fund ‑ raising event; and (e) if the contribution is money—the amount of the contribution; and (f) the * GST inclusive market value, on the day the contribution was made, of the goods or services. (5) For the purposes of paragraph (4)(f), in working out the * GST inclusive market value of the goods or services in question, disregard anything that would prevent or restrict conversion of the goods or services to money.", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 179 of 1999 | No 95 of 2004", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-228"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-229", "Provision_Key": "s30-229", "Heading": "Australian Business Register must show deductibility of gifts to deductible gift recipient", "Text": "(1) If a * deductible gift recipient has an * ABN, the * Australian Business Registrar must enter in the * Australian Business Register in relation to the deductible gift recipient a statement that it is a deductible gift recipient for a specified period. Note 1: An entry (or lack of entry) of a statement required by this section does not affect whether you can deduct a gift to the fund, authority or institution. Note 2: This section will apply to all entities and government entities that are endorsed as deductible gift recipients under Subdivision 30 ‑ BA, because they must have ABNs to be endorsed. It will also apply to other entities described or named in Subdivision 30 ‑ A if they have ABNs. (2) If the * deductible gift recipient is a deductible gift recipient only because it is endorsed under Subdivision 30 ‑ BA as a deductible gift recipient for the operation of a fund, authority or institution, the statement must name the fund, authority or institution. (2A) If: (a) the * deductible gift recipient is: (i) a fund, authority or institution; or (ii) a deductible gift recipient only because it is endorsed under Subdivision 30 ‑ BA as a deductible gift recipient for the operation of a fund, authority or institution; and (b) the fund, authority or institution is covered by item 1, 2 or 4 of the table in section 30 ‑ 15; the statement must specify that the fund, authority or institution is covered by that item. (3) The * Australian Business Registrar may remove the statement from the * Australian Business Register after the end of the period. (4) The * Australian Business Registrar must take reasonable steps to ensure that a statement appearing in the * Australian Business Register under this section is true . For this purpose, the Registrar may: (a) change the statement; or (b) remove the statement from the Register if the statement is not true; or (c) remove the statement from the Register and enter another statement in the Register under this section.", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 179 of 1999 | No 88 of 2009 | No 145 of 2010", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 145 of 2010, effective Schedule 2 (items 34–51) and Schedule 3 (items 7–15): 17 Dec 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-229"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-241", "Provision_Key": "s30-241", "Heading": "What this Subdivision is about", "Text": "Generally, you can deduct certain contributions and gifts to political parties, independent candidates and members. Contributions and gifts must be at least $2 and there is a limit on the total amount that you can deduct. Table of sections Operative provisions 30 ‑ 242 Deduction for political contributions and gifts 30 ‑ 243 Amount of the deduction 30 ‑ 244 When an individual is an independent candidate 30 ‑ 245 When an individual is an independent member", "Amendment_Count": 1, "First_Amended": "No 65 of 2006", "Last_Amended": "No 65 of 2006", "Amending_Acts": "No 65 of 2006", "History_Notes": "Inserted by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-241"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-242", "Provision_Key": "s30-242", "Heading": "Deduction for political contributions and gifts", "Text": "(1) You can deduct any of the following for the income year in which they are made: (a) a contribution or gift to a political party that is registered under Part XI of the Commonwealth Electoral Act 1918 or under corresponding State or Territory legislation; (b) a contribution or gift to an individual when the individual is an * independent candidate for a Commonwealth, State, Northern Territory or Australian Capital Territory election; (c) a contribution or gift to an individual who is, or was, an * independent member of the Commonwealth Parliament, a State Parliament, the Legislative Assembly of the Northern Territory or the Legislative Assembly for the Australian Capital Territory. (2) The contribution or gift must be of: (a) money; or (b) property that you purchased during the 12 months before making the contribution or gift. (3) The value of the contribution or gift must be at least $2. (3A) You can deduct the contribution or gift only if: (a) you are an individual; and (b) you do not make the gift or contribution in the course of carrying on a * business. (4) You cannot deduct a testamentary contribution or gift under this Subdivision. (5) A contribution or gift to an individual who is, or was, an * independent member must be made: (a) when the individual is an independent member; or (b) if the individual ceases to be an independent member because: (i) a Parliament, a House of a Parliament or a Legislative Assembly is dissolved or has reached its maximum duration; or (ii) the individual comes up for election; after the individual ceases to be a member but before candidates for the resulting election are declared or otherwise publicly announced by an entity authorised under the relevant electoral legislation.", "Amendment_Count": 3, "First_Amended": "No 65 of 2006", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 65 of 2006 | No 16 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent | Amended by No 16 of 2010, effective 15 Mar 2010 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-242"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-243", "Provision_Key": "s30-243", "Heading": "Amount of the deduction", "Text": "(1) If the contribution or gift is money, the amount of the deduction is the amount of money. (2) If the contribution or gift is property, the amount of the deduction is the lesser of: (a) the market value of the property on the day that you made the contribution or gift; and (b) the amount that you paid for the property. $1,500 limit on deductions (3) You cannot deduct more than $1,500 under this Subdivision for an income year for contributions and gifts to political parties. (4) You cannot deduct more than $1,500 under this Subdivision for an income year for contributions and gifts to * independent candidates or * independent members.", "Amendment_Count": 1, "First_Amended": "No 65 of 2006", "Last_Amended": "No 65 of 2006", "Amending_Acts": "No 65 of 2006", "History_Notes": "Inserted by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-243"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-244", "Provision_Key": "s30-244", "Heading": "When an individual is an independent candidate", "Text": "(1) An individual is an independent candidate if: (a) the individual is a candidate in an election (including an election that is later declared void) for members of the Commonwealth Parliament, a State Parliament, the Legislative Assembly of the Northern Territory or the Legislative Assembly for the Australian Capital Territory; and (b) the individual’s candidature is not endorsed by a political party that is registered under Part XI of the Commonwealth Electoral Act 1918 or under corresponding State or Territory legislation. (2) However, an individual does not start being an * independent candidate until the candidates for the election are declared or otherwise publicly announced by an entity authorised under the relevant electoral legislation. (3) An individual stops being an * independent candidate when the result of the election is declared or otherwise publicly announced by an entity authorised under the relevant electoral legislation. (4) If: (a) the election is taken to have wholly failed under the relevant electoral legislation; and (b) the result of the election has not been declared or otherwise publicly announced by an entity authorised under the relevant electoral legislation; the individual stops being an * independent candidate in that election when candidates for the replacement election are declared or otherwise publicly announced by an entity authorised under the relevant electoral legislation.", "Amendment_Count": 1, "First_Amended": "No 65 of 2006", "Last_Amended": "No 65 of 2006", "Amending_Acts": "No 65 of 2006", "History_Notes": "Inserted by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-244"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-245", "Provision_Key": "s30-245", "Heading": "When an individual is an independent member", "Text": "(1) An individual is an independent member of the Commonwealth Parliament, a State Parliament, the Legislative Assembly of the Northern Territory or the Legislative Assembly for the Australian Capital Territory if the individual: (a) is a member of that Parliament or Legislative Assembly; and (b) the individual is not a member of a political party that is registered under Part XI of the Commonwealth Electoral Act 1918 or under corresponding State or Territory legislation. (2) An individual who becomes a member as a result of an election (including an election that is later declared void) is taken to start being a member of the Parliament or Legislative Assembly when the individual’s election as a member is declared or otherwise publicly announced by an entity authorised under the relevant electoral legislation.", "Amendment_Count": 1, "First_Amended": "No 65 of 2006", "Last_Amended": "No 65 of 2006", "Amending_Acts": "No 65 of 2006", "History_Notes": "Inserted by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-246", "Provision_Key": "s30-246", "Heading": "What this Subdivision is about", "Text": "This Subdivision allows you to elect to spread deductions for certain gifts and covenants over up to 5 income years. There are some different requirements for environmental, heritage and cultural property gifts and conservation covenants. Table of sections Operative provisions 30 ‑ 247 Gifts and covenants for which elections can be made 30 ‑ 248 Making an election 30 ‑ 249 Effect of election 30 ‑ 249A Requirements—environmental property gifts 30 ‑ 249B Requirements—heritage property gifts 30 ‑ 249D Requirements—conservation covenants", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 58 of 2000 | No 101 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-246"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-247", "Provision_Key": "s30-247", "Heading": "Gifts and covenants for which elections can be made", "Text": "(1) An election under this Subdivision may be made for a gift, made on or after 1 July 2003, that is: (a) a gift of: (i) money; or (ii) property valued by the Commissioner at more than $5,000; made to a fund, authority or institution covered by item 1 or 2 of the table in section 30 ‑ 15; or (b) a gift that is covered by item 4, 5 or 6 of the table in section 30 ‑ 15. (2) An election under this Subdivision may also be made for entering into a * conservation covenant, under Division 31, on or after 1 July 2003.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 58 of 2000 | No 101 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-247"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-248", "Provision_Key": "s30-248", "Heading": "Making an election", "Text": "(1) If you can deduct an amount: (a) under this Division for a gift covered by subsection 30 ‑ 247(1); or (b) under Division 31 for entering into a * conservation covenant covered by subsection 30 ‑ 247(2); you may make a written election to spread that deduction over the current income year and up to 4 of the immediately following income years. (2) In the election, you must specify the percentage (if any) of the deduction that you will deduct in each of the income years. (3) You must make the election before you lodge your * income tax return for the income year in which you made the gift or entered into the covenant. (4) You may vary an election at any time. However, the variation can only change the percentage that you will deduct in respect of income years for which you have not yet lodged an * income tax return. (5) Unless section 30 ‑ 249A or 30 ‑ 249B applies, the election and any variation must be in the * approved form. Note: Sections 30 ‑ 249A and 30 ‑ 249B provide for the form of elections and variations for gifts covered by those sections.", "Amendment_Count": 3, "First_Amended": "No 58 of 2000", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 58 of 2000 | No 101 of 2004 | No 64 of 2020", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-248"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-249", "Provision_Key": "s30-249", "Heading": "Effect of election", "Text": "(1) In each of the income years you specified in the election, you can deduct the amount corresponding to the percentage you specified for that year. (2) You cannot deduct the amount that you otherwise would have been able to deduct for the gift in the income year in which you made the gift or entered into the covenant.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 58 of 2000 | No 101 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-249"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-249A", "Provision_Key": "s30-249a", "Heading": "Requirements—environmental property gifts", "Text": "(1) This section applies if you make an election for a gift of property made to a fund, authority or institution covered by section 30 ‑ 55. (2) You must give a copy of the election to the * Environment Secretary before you lodge your * income tax return for the income year in which you made the gift. (3) If you vary the election, you must give a copy of the variation to the * Environment Secretary before you lodge your * income tax return for the first income year to which the variation applies. (4) The election and any variation must be in a form approved in writing by the * Environment Secretary.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 58 of 2000 | No 101 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-249A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-249B", "Provision_Key": "s30-249b", "Heading": "Requirements—heritage property gifts", "Text": "(1) This section applies if you make an election for a gift of property made to a fund, authority or institution covered by item 6 of the table in section 30 ‑ 15. (2) You must give a copy of the election to the * Heritage Secretary before you lodge your * income tax return for the income year in which you made the gift. (3) If you vary the election, you must give a copy of the variation to the * Heritage Secretary before you lodge your * income tax return for the first income year to which the variation applies. (4) The election and any variation must be in a form approved in writing by the * Heritage Secretary.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 58 of 2000 | No 101 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-249B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-249D", "Provision_Key": "s30-249d", "Heading": "Requirements—conservation covenants", "Text": "(1) This section applies if you make an election for a * conservation covenant. (2) You must give a copy of the election to the * Environment Secretary before you lodge your * income tax return for the income year in which you entered the covenant. (3) If you vary the election, you must give a copy of the variation to the * Environment Secretary before you lodge your * income tax return for the first income year to which the variation applies.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 58 of 2000 | No 101 of 2004", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-249D"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-315", "Provision_Key": "s30-315", "Heading": "Index", "Text": "(1) The table in this section gives you an index to this Division. (2) It tells you:  each topic covered by this Division; and  where in this Division you can find the detail about each topic. Note: In the last column there are many references in this form: item 2.2.1. These refer to items in the tables in Subdivision 30 ‑ B. Index Topic Provision 1A 2009 Victorian Bushfire Appeal Trust Account item 4.2.41 1AAA 2017 Bourke Street Fund Trust Account item 4.2.43 1AA Aboriginal Education Council (N.S.W.) Incorporated item 2.2.26 1 Academies ‑ professional section 30 ‑ 25 2 Academy of the Social Sciences in Australia Incorporated item 2.2.1 2AAA ACT Playgroups Association Incorporated item 8.2.9 2AAB ACT Region Crime Stoppers Limited item 4.2.31A 2ACB Alliance for Journalists’ Freedom Ltd item 4.2.49 2AD American Australian Association Limited item 9.2.18 3 Amnesty International Australia item 4.2.1 3A Amy Gillett Foundation item 10.2.8 4 Ancillary funds item 2 of the table in section 30 ‑ 15 4AA Andy Thomas Space Foundation Limited item 2.2.51 4A Animal welfare item 4.1.6 6 Approved research institutes item 3.1.1 7 Armed forces, auxiliaries item 5.1.2 8 Artbank item 5 of the table in section 30 ‑ 15 9 Art galleries items 12.1.4 and 12.1.5; item 4 of the table in section 30 ‑ 15 9AA Asia Society AustralAsia Centre item 9.2.7 9AAA Aurora Education Foundation Limited item 2.2.5 9AB Australasian College for Emergency Medicine item 1.2.18 9AC Australasian College of Dermatologists item 1.2.20 9A Australia for UNHCR item 9.2.10 9B Australia Foundation in support of Human Rights Watch Limited item 9.2.11 9C Australian Academy of Law item 2.2.49 10 Australian Academy of Science item 2.2.2 11 Australian Academy of Technological Sciences and Engineering Limited item 2.2.4 12 Australian Academy of the Humanities for the Advancement of Scholarship in Language, Literature, History, Philosophy and the Fine Arts item 2.2.3 13A Australian American Education Leadership Foundation Limited item 9.2.4 14 Australiana Fund item 12.2.1; item 4 of the table in section 30 ‑ 15 15 Australian and New Zealand Association for the Advancement of Science item 2.2.6 16 Australian and New Zealand College of Anaesthetists item 1.2.13 17 Australian Antarctic Territory, payment to Commonwealth for research item 3.2.3 17AAAA Australian Associated Press Ltd item 13.2.29 17AAA Australian Breastfeeding Association item 8.2.3 17A Australian Business Register section 30 ‑ 229 17B Australian Business Week Limited item 7.2.5 20 Australian Conservation Foundation Incorporated item 6.2.1 20A Australian Council of Christians and Jews item 2.2.17 21 Australian Council of Social Service Incorporated item 4.2.15 21AAAA Australian Democracy Network Ltd item 13.2.40 21AAA Australian Education Research Organisation Limited item 2.2.56 21A Australian Human Rights Education Fund item 2.2.25 22 Australian Institute of International Affairs item 9.2.1 23 Australian Ireland Fund Limited item 11.2.12 24 Australian Neighbourhood Houses & Centres Association (ANHCA) Inc. item 4.2.8 24A Australian Nuffield Farming Scholars Association item 2.2.20 24C Australian Philanthropic Services Limited item 11.2.10 25A Australian Primary Principals Association Education Foundation item 2.2.22 25B Australian Schools Plus Ltd item 2.2.43 26 Australian Science Innovations Incorporated item 2.2.44 26AA Australian Science Media Centre Incorporated item 13.2.41 26A Australians for Indigenous Constitutional Recognition Ltd item 13.2.34 26B Australians for Unity Ltd item 13.2.37 27 Australian Sports Foundation item 10.2.1 27AAAA Australian Sports Foundation Charitable Fund item 10.2.9 27AAA Australian Volunteers Support Trust item 4.2.45 27AAB Australian Women Donors Network item 11.2.11 28AC Cambridge Australia Scholarships Limited item 9.2.27 29 Cancer Australia item 1.2.19 29AA Centre for Australian Progress Ltd item 13.2.42 29A Centre For Entrepreneurial Research and Innovation Limited item 3.2.15 30 Centre for Independent Studies item 3.2.1 30AA C E W Bean Foundation item 12.2.6 30A Charlie Perkins Scholarship Trust item 2.2.39 30B Chifley Research Centre Limited item 3.2.8 31 Child Accident Prevention Foundation of Australia item 4.2.2 31B Coaxial Foundation Ltd item 13.2.48 33 College buildings item 2.1.10 34 College of Intensive Care Medicine of Australia and New Zealand item 1.2.21 34AAAA Combatting Antisemitism Fund Limited item 13.2.43 34AA Commonwealth Study Conferences (Australia) Incorporated item 2.2.23 34AAA Community charity corporations 34AAB Community charity trusts 34AAC Community Foundations Australia Ltd item 13.2.49 34AB Community sheds section 30 ‑ 20 34A Community Rebuilding Trust item 4.2.46 35 Conditional gifts section 30 ‑ 220 36 Connellan Airways Trust item 11.2.1 37 Conservation bodies section 30 ‑ 55 38 Conversation Trust item 2.2.42 39 Council for Christian Education in Schools item 2.2.10 39A Council for Jewish Community Security item 13.2.1 40 Council for Jewish Education in Schools item 2.2.11 40A Country Education Foundation of Australia Limited item 2.2.31 40B Crime Stoppers South Australia Limited item 4.2.27 40C Crime Stoppers Northern Territory Program item 4.2.31 42 Cultural organisations section 30 ‑ 100 44 Defence organisations section 30 ‑ 50 44AAA Diplomacy Training Program Limited item 9.2.21 44AA Disaster relief—public fund for relief of people in Australia item 4.1.5 44AB Disaster relief—public fund for relief of people in developing countries item 9.1.1 44AC Disaster relief—public fund for relief of people in developed countries item 9.1.2 44A Diseases—charitable institutions whose principal activity is to promote the prevention or the control of diseases in human beings items 1.1.6 and 4.1.7 45 Diseases—institutions researching causes, prevention or cure items 1.1.4 and 1.1.5 45A Dymocks Children’s Charities Limited item 2.2.21 46 Education—education bodies section 30 ‑ 25 46AA Education—public fund for scholarships, bursaries and prizes item 2.1.13 46A Endorsement as a deductible gift recipient Subdivision 30 ‑ BA 47 Environmental organisations section 30 ‑ 55 48AAA Ethics Centre Limited item 3.2.14 48AA Ethics education section 30 ‑ 25 48AB Ethnic Business Awards Foundation Limited item 7.2.6 48AC Equality Australia Ltd item 4.2.51 48A Family and child mediation and counselling item 8.1.1 49 Family organisations section 30 ‑ 70 49B Fire and emergency services section 30 ‑ 102 49C Foundation 1901 Limited item 13.2.23 49D Foundation Broken Hill Limited item 11.2.13 49E Foundation for Alcohol Research and Education Limited item 4.2.26 50 Foundation for Development Cooperation Ltd item 9.2.3 50B Foundation for Rural and Regional Renewal Public Fund item 13.2.2 50C Foundation for Young Australians item 11.2.8 50D Friends of Myall Creek Memorial Incorporated item 13.2.25 51 Friends of the Duke of Edinburgh’s Award in Australia Incorporated item 11.2.2 51AA Fund ‑ raising events—contributions items 7 and 8 of the table in section 30 ‑ 15 51A General Sir John Monash Foundation item 2.2.27 52 Global Foundation item 9.2.8 52AA Governor Phillip International Scholarship Trust item 2.2.47 52B Great Synagogue Foundation item 13.2.28 52BA Greek Orthodox Archdiocese of Australia Consolidated Trust Cathedral of the Annunciation of our Lady Restoration Fund item 13.2.31 52C Greek Orthodox Community Of New South Wales Ltd item 13.2.30 53 Greening Australia Limited item 6.2.2 53AA Green Institute Limited item 3.2.12 53A Girl Guides Australia items 10.2.2 and 10.2.3 53B Harm prevention charities items 4.1.4 and 4.1.7 53C Headstone Project (Tas) Inc. item 5.2.35 54 Health organisations section 30 ‑ 20 56 Heritage properties item 6 of the table in section 30 ‑ 15 56A High Resolves item 2.2.48 57 Higher education institutions item 2.1.3 57A Hillview Foundation Australia Limited item 13.2.46 58 Hospitals items 1.1.1, 1.1.2 and 1.1.3 62 Industry, trade and design section 30 ‑ 65 63 International affairs section 30 ‑ 80 63AAA International Campaign to Abolish Nuclear Weapons, Australia Inc. item 13.2.44 63AA International Jewish Relief Limited item 9.2.26 63A International Social Service ‑ Australian Branch item 4.2.28 63B International Specialised Skills Institute Incorporated item 2.2.33 63C Jewish Education Foundation (Vic) Ltd item 2.2.57 64 Joint ownership of property section 30 ‑ 225 64AA Judith Neilson Institute for Journalism and Ideas item 2.2.52 64AB Justice Reform Initiative Limited item 13.2.38 64A Kidsafe items 4.2.32 to 4.2.39 (inclusive) 64B King’s Trust Australia Limited item 13.2.20 65 Landcare Australia Limited item 6.2.3 65AB Leaders Institute of South Australia Incorporated item 13.2.35 65A Leeuwin Ocean Adventure Foundation Limited item 13.2.3A 66 Libraries items 12.1.2 and 12.1.5; item 4 of the table in section 30 ‑ 15 67 Life Education Australia items 2.2.8 and 2.2.9 68 Lionel Murphy Foundation item 2.2.13 68A Lord Mayor’s Charitable Foundation item 13.2.32 68AA Lord Somers Camp and Power House item 13.2.7 68AB Lowy Institute for International Policy item 9.2.12 68B Make a Mark Australia Incorporated item 9.2.14 69 Marcus Oldham Farm Management College item 2.2.14 70 Marriage education organisations item 8.1.1 70A Mawson’s Huts Foundation Limited item 6.2.23 71 Medical colleges section 30 ‑ 20 72 Medical research section 30 ‑ 20 72AAAA Melbourne Business School Limited item 2.2.58 72AAA Melbourne Korean War Memorial Committee Incorporated item 5.2.34 72A Menzies Research Centre Public Fund item 3.2.4 72B Minderoo Foundation Trust item 13.2.21 72BA Motherless Daughters Australia Limited item 4.2.47 72C Mt Eliza Graduate School of Business and Government Limited item 2.2.24 73 Museums items 12.1.3 and 12.1.5; item 4 of the table in section 30 ‑ 15 73AAAA National Apology Foundation Ltd item 13.2.22 73AAA National Arboretum Canberra Fund item 12.2.4 74 National Foundation for Australian Women Limited item 4.2.3 75 National Parks associations section 30 ‑ 55 77 National Trust bodies section 30 ‑ 55; item 6 of the table in section 30 ‑ 15 77A Nature Foundation Limited item 6.2.9 78 Nature organisations section 30 ‑ 55 79 Necessitous circumstances ‑ funds for relief of item 4.1.3 79A Neighbourhood Watch Australasia Limited item 4.2.48 80 New South Wales College of Nursing item 1.2.5 81 Ourschool Ltd item 2.2.59 82 Overseas relief funds item 9.1.1 82A Page Research Centre Limited item 3.2.7 82B Partnerships for Local Action and Community Empowerment Ltd item 13.2.50 82C The Parenthood Project Limited item 13.2.51 83 Paul Ramsay Foundation Limited item 13.2.24 84 People in need, fund for item 4.1.3 84A Perth Korean War Memorial Committee Incorporated item 5.2.37 85 Philanthropic trusts section 30 ‑ 95 85A Philanthropy Australia Inc. item 13.2.19 86 Playford Memorial Trust item 11.2.4 86A Playgroup Association Northern Territory Incorporated item 8.2.8 86AA Playgroup Australia Limited item 8.2.12 86B Playgroup NSW (Inc) item 8.2.4 86C Playgroup Queensland Ltd item 8.2.6 86CA Playgroup SA Inc item 8.2.11 86D Playgroup Tasmania Inc item 8.2.7 86DA Playgroup Victoria Inc. item 8.2.10 86E Playgroup WA (Inc) item 8.2.5 87 Political parties and independent candidates and members Subdivision 30 ‑ DA 88 Polly Farmer Foundation (Inc) item 2.2.16 89 Prevention of cruelty to animals section 30 ‑ 45 90 Productivity section 30 ‑ 65 92 Property, rules for valuing gifts section 30 ‑ 15 and Subdivision 30 ‑ C 92A Public ambulance services items 1.1.7 and 1.1.8 93 Public benevolent institutions items 4.1.1, 4.1.2 and 4.1.7 94AA Q Foundation Trust item 2.2.46 94AAA Ramsay Centre for Western Civilisation Limited item 2.2.55 94AC RAS Foundation Limited item 13.2.27 94A Receipts for gifts Subdivision 30 ‑ CA 94B Reconciliation Australia Limited item 4.2.19 95 Religious instruction/education section 30 ‑ 25 95A Research Australia Limited item 3.2.6 96 Research institutions items 1.1.4 and 1.1.5 97 Residential education institutions section 30 ‑ 25 97AAA Rhodes Trust in Australia item 9.2.25 97A Royal Australian and New Zealand College of Obstetricians and Gynaecologists item 1.2.1 97B Royal Australian and New Zealand College of Ophthalmologists item 1.2.22 98 Royal Australian and New Zealand College of Psychiatrists item 1.2.6 98A Royal Australian and New Zealand College of Radiologists item 1.2.4 99 Royal Australian College of General Practitioners item 1.2.7 100 Royal Australasian College of Physicians item 1.2.8 101 Royal Australasian College of Surgeons item 1.2.9 102 Royal College of Nursing, Australia item 1.2.12 103 Royal College of Pathologists of Australasia item 1.2.10 103AA Royal Humane Society of New South Wales Incorporated item 13.2.33 103A Royal Institution of Australia Incorporated item 2.2.37 104 Royal Societies for the Prevention of Cruelty to Animals section 30 ‑ 45 104B RSL Foundation item 5.2.11 105 Rural school hostel buildings item 2.1.11 106 Samuel Griffith Society Inc. item 3.2.16 107 School building funds item 2.1.10 108 Schools section 30 ‑ 25 109 Scouts items 10.2.4 and 10.2.5 110A Sir Earl Page Memorial Trust item 3.2.5 111 Sir Robert Menzies Memorial Trust Foundation Limited item 11.2.5 111AA Skip Foundation Ltd item 13.2.47 111AB Smile Like Drake Foundation Limited item 2.2.45 111ABA Social Enterprise Australia Ltd item 7.2.7 111AC Social Traders Ltd item 13.2.5 111A Social Ventures Australia Limited item 13.2.16 111C Spirit of Australia Foundation item 2.2.36 112 Sports and recreation section 30 ‑ 90 112AA Spreading deductions over income years Subdivision 30 ‑ DB 112AB St Patrick’s Cathedral Melbourne Restoration Fund item 13.2.36 112AFA SU Australia Ministries Limited item 2.2.53 112AG Superannuation Consumers’ Centre Ltd item 2.2.50 112A Susan McKinnon Charitable Foundation Ltd item 13.2.45 112B Sydney Chevra Kadisha item 12.2.5 113 Tasmanian Conservation Trust Incorporated item 6.2.11 113A Tasmanian Leaders Inc. item 2.2.60 114 Taxation incentives for the Arts scheme items 4 and 5 of the table in section 30 ‑ 15 114A Teach for Australia item 2.2.41 115 Technical and further education institution item 2.1.7 116 Tertiary education/TAFE section 30 ‑ 25 116AA Toy Libraries Australia Inc. item 13.2.26 116AB Transparency International Australia item 13.2.39 116A Trust for Nature (Victoria) item 6.2.6 117 Trusts—ancillary item 2 of the table in section 30 ‑ 15 118 Trusts—philanthropic section 30 ‑ 95 118A United Israel Appeal Refugee Relief Fund Limited item 9.2.6 118B United States Studies Centre item 3.2.13 118C United Way Australia item 4.2.5 119 Universities – general section 30 ‑ 25 120 Universities – research section 30 ‑ 40 120A Valuations by Commissioner section 30 ‑ 212 121 Valuers section 30 ‑ 210 121A Victorian Crime Stoppers Program item 4.2.29 121B Victorian Pride Centre Ltd item 4.2.44 121C Virtual War Memorial Limited item 5.2.36 122 Visy Cares item 11.2.9 123 War Memorials section 30 ‑ 50 124 Welfare and rights section 30 ‑ 45 125 Winston Churchill Memorial Trust item 11.2.7 126 WorldSkills Australia item 7.2.3 127 World Wide Fund for Nature Australia item 6.2.22 128 Young Endeavour Youth Scheme Public Fund item 13.2.3 129 Youthsafe item 4.2.50", "Amendment_Count": 75, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 41 of 1998 | No 93 of 1999 | No 94 of 1999 | No 179 of 1999 | No 58 of 2000 | No 66 of 2000 | No 173 of 2000 | No 167 of 2001 | No 168 of 2001 | No 57 of 2002 | No 67 of 2003 | No 101 of 2003 | No 83 of 2004 | No 95 of 2004 | No 101 of 2004 | No 23 of 2005 | No 78 of 2005 | No 160 of 2005 | No 13 of 2006 | No 58 of 2006 | No 65 of 2006 | No 80 of 2006 | No 101 of 2006 | No 4 of 2007 | No 78 of 2007 | No 143 of 2007 | No 161 of 2007 | No 164 of 2007 | No 38 of 2008 | No 155 of 2008 | No 14 of 2009 | No 42 of 2009 | No 47 of 2009 | No 19 of 2010 | No 75 of 2010 | No 136 of 2010 | No 41 of 2011 | No 129 of 2011 | No 12 of 2012 | No 184 of 2012 | No 84 of 2013 | No 85 of 2013 | No 96 of 2013 | No 119 of 2013 | No 120 of 2013 | No 124 of 2013 | No 11 of 2014 | No 20 of 2015 | No 177 of 2015 | No 14 of 2017 | No 15 of 2017 | No 25 of 2017 | No 118 of 2017 | No 84 of 2018 | No 8 of 2019 | No 49 of 2019 | No 1 of 2020 | No 61 of 2020 | No 79 of 2020 | No 118 of 2020 | No 61 of 2021 | No 127 of 2021 | No 8 of 2022 | No 14 of 2022 | No 2 of 2023 | No 15 of 2023 | No 28 of 2023 | No 40 of 2023 | No 52 of 2024 | No 136 of 2024 | No 138 of 2024 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 41 of 1998, effective s 4, Sch 3 (items 4–7), Sch 4 (items 1–3, 5): 4 June 1998 (s 2(1)) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 66 of 2000, effective Sch 2 (items 3, 4): 7 Dec 1998 (s 2(3)) Sch 3–5: 22 June 2000 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 161 of 2007, effective Schedule 1: 25 Sept 2007 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 155 of 2008, effective Schedule 2 (items 45–47) and Schedule 3 (item 8): 1 Jan 2009 ( see s. 2(1)) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 47 of 2009, effective Schedule 2 (item 1) and Schedule 4: Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 129 of 2011, effective Sch 1 and Sch 3 (items 3–8): 3 Nov 2011 (s 2(1) items 2, 6) Sch 3 (items 1, 2): 22 Feb 2011 (s 2(1) item 5) Sch 3 (items 9, 10): 1 July 2013 (s 2(1) item 7) Sch 3 (items 11, 12): 1 July 2014 (s 2(1) item 8) Sch 3 (items 13, 14): 1 July 2015 (s 2(1) item 9) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 184 of 2012, effective Sch 1, 2 and 5: 10 Dec 2012 (s 2) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4) | Amended by No 120 of 2013, effective Sch 1 (items 44–46): 1 July 2014 (s 2(1) item 4) Sch 3: 29 June 2013 (s 2(1) item 8) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 11 of 2014, effective Sch 3 (items 7, 8): 1 July 2019 (s 2(1) item 6) Sch 4 (items 1–7): 18 Mar 2014 (s 2(1) item 7) Sch 4 (items 8, 9): 17 Dec 2018 (s 2(1) item 8) | Amended by No 20 of 2015, effective Sch 1 (items 1–3, 6): 20 Mar 2015 (s 2(1) item 2) Sch 4: 19 Mar 2015 (s 2(1) item 3) | Amended by No 177 of 2015, effective 11 Dec 2015 (s 2(1) item 1) | Amended by No 14 of 2017, effective 1 Apr 2017 (s 2(1) item 1) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 118 of 2017, effective Sch 2: 1 Jan 2018 (s 2(1) item 3) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 1 of 2020, effective 14 Feb 2020 (s 2(1) item 1) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 2 of 2023, effective 1 Apr 2023 (s 2(1) item 1) | Amended by No 15 of 2023, effective sch 1 (items 6, 7): 1 July 2023 (s 2(1) item 2) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12) | Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 30-320", "Provision_Key": "s30-320", "Heading": "Effect of this Subdivision", "Text": "This Subdivision is a * Guide. Note: In interpreting an operative provision, a Guide may be considered only for limited purposes: see section 950 ‑ 150.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 121 of 1997 | No 16 of 1998", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s30-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 31-1", "Provision_Key": "s31-1", "Heading": "What this Division is about", "Text": "You can deduct an amount if you enter into a conservation covenant over land that you own and you satisfy certain conditions. The amount you can deduct is the difference between the market value of the land just before and after you enter into the covenant. Table of sections Operative provisions 31 ‑ 5 Deduction for entering into conservation covenant 31 ‑ 10 Requirements for fund, authority or institution 31 ‑ 15 Valuations by the Commissioner", "Amendment_Count": 1, "First_Amended": "No 167 of 2001", "Last_Amended": "No 167 of 2001", "Amending_Acts": "No 167 of 2001", "History_Notes": "Inserted by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s31-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 31-5", "Provision_Key": "s31-5", "Heading": "Deduction for entering into conservation covenant", "Text": "(1) You can deduct an amount if: (a) you enter into a * conservation covenant over land you own; and (b) the conditions set out in subsection (2) are met. (2) These conditions must be satisfied: (a) the covenant must be perpetual; (b) you must not receive any money, property or other material benefit for entering into the covenant; (c) the * market value of the land must decrease as a result of your entering into the covenant; (d) one or both of these must apply: (i) the change in the market value of the land as a result of entering into the covenant must be more than $5,000; (ii) you must have entered into a contract to acquire the land not more than 12 months before you entered into the covenant; (e) the covenant must have been entered into with: (i) a fund, authority or institution that meets the requirements of section 31 ‑ 10; or (ii) the Commonwealth, a State, a Territory or a * local governing body; or (iii) an authority of the Commonwealth, a State or a Territory. Note: You must seek a valuation of the change in market value from the Commissioner: see section 31 ‑ 15. (3) The amount you can deduct is the difference between the * market value of the land just before you entered the covenant and its decreased market value just after that time, but only to the extent that the decrease is attributable to your entering into the covenant. Note: You can spread the deduction over a 5 year period: see Subdivision 30 ‑ DB. (4) For the purposes of paragraph (2)(a), a covenant is treated as being perpetual even if a Minister of a State or Territory has a power to rescind it. (5) A conservation covenant over land is a covenant that: (a) restricts or prohibits certain activities on the land that could degrade the environmental value of the land; and (b) is permanent and registered on the title to the land (if registration is possible); and (c) is approved in writing by, or is entered into under a program approved in writing by, the * Environment Minister.", "Amendment_Count": 4, "First_Amended": "No 167 of 2001", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 167 of 2001 | No 107 of 2003 | No 101 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s31-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 31-10", "Provision_Key": "s31-10", "Heading": "Requirements for fund, authority or institution", "Text": "(1) The fund, authority or institution: (a) must be covered by an item in any of the tables in Subdivision 30 ‑ B and must meet any conditions set out in the relevant table item; or (b) must be an * ancillary fund established under a will or instrument of trust solely for: (i) the purpose of providing money, property or benefits to a fund, authority or institution mentioned in paragraph (a) and for any purposes set out in the item of the table in Subdivision 30 ‑ B that covers the fund, authority or institution; or (ii) the establishment of such a fund, authority or institution. (2) If the fund, authority or institution is not listed specifically in Subdivision 30 ‑ B, it must also: (a) be in Australia; and (b) meet the requirements of section 30 ‑ 17 (about the endorsement of deductible gift recipients).", "Amendment_Count": 3, "First_Amended": "No 167 of 2001", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 167 of 2001 | No 88 of 2009 | No 147 of 2011", "History_Notes": "Inserted by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s31-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 31-15", "Provision_Key": "s31-15", "Heading": "Valuations by the Commissioner", "Text": "(1) You must seek a valuation of the change in the * market value of the land from the Commissioner for the purposes of this Division. (2) The Commissioner may charge you the amount worked out in accordance with the regulations for making the valuation.", "Amendment_Count": 1, "First_Amended": "No 167 of 2001", "Last_Amended": "No 167 of 2001", "Amending_Acts": "No 167 of 2001", "History_Notes": "Inserted by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s31-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-1", "Provision_Key": "s32-1", "Heading": "What this Division is about", "Text": "You cannot deduct costs of providing entertainment. Nor can you deduct amounts for property that you use for providing entertainment. But there are exceptions.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-5", "Provision_Key": "s32-5", "Heading": "No deduction for entertainment expenses", "Text": "To the extent that you incur a loss or outgoing in respect of providing * entertainment, you cannot deduct it under section 8 ‑ 1. However, there are exceptions, which are set out in Subdivision 32 ‑ B. Note 1: Under section 8 ‑ 1 you can deduct a loss or outgoing that you incur for the purpose of producing assessable income. Note 2: If you have used your property in providing entertainment, you may not be able to deduct an amount for the property: see section 32 ‑ 15. Note 3: Section 32 ‑ 75 deals with arrangements to avoid the operation of this section.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-10", "Provision_Key": "s32-10", "Heading": "Meaning of entertainment", "Text": "(1) Entertainment means: (a) entertainment by way of food, drink or * recreation; or (b) accommodation or travel to do with providing entertainment by way of food, drink or * recreation. (2) You are taken to provide entertainment even if business discussions or transactions occur. Note: These are some examples of what is entertainment: business lunches social functions. These are some examples of what is not entertainment: meals on business travel overnight theatre attendance by a critic a restaurant meal of a food writer.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-15", "Provision_Key": "s32-15", "Heading": "No deduction for property used for providing entertainment", "Text": "To the extent that you use property in providing * entertainment, your use of the property is taken not to be for the * purpose of producing assessable income if section 32 ‑ 5 would stop you deducting a loss or outgoing if you incurred it in the income year in providing the entertainment. Note: Under some provisions of this Act, in order to deduct an amount for your property, you must have used the property for the purpose of producing assessable income.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-20", "Provision_Key": "s32-20", "Heading": "The main exception—fringe benefits", "Text": "Section 32 ‑ 5 does not stop you deducting a loss or outgoing to the extent that you incur it in respect of providing * entertainment by way of * providing a * fringe benefit. But this exception does not apply to the extent that the taxable value of the * fringe benefit is reduced under section 63A of the Fringe Benefits Tax Assessment Act 1986. Note 1: You may be able to deduct losses or outgoings that are fringe benefits under section 51AEA, 51AEB or 51AEC of the Income Tax Assessment Act 1936 . If you do, then you cannot deduct them under section 8 ‑ 1 (about general deductions) and so this section is not relevant. Note 2: There are other exceptions for a loss or outgoing you incur in providing a benefit that would be a fringe benefit if it were not an exempt benefit: see items 1.6 and 1.7 of the table in section 32 ‑ 30.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-25", "Provision_Key": "s32-25", "Heading": "The tables set out the other exceptions", "Text": "Section 32 ‑ 5 does not stop you deducting a loss or outgoing to the extent that you incur it in respect of providing * entertainment as described in column 2 of an item of a table in this Subdivision. However, if column 3 of that item applies, the exception in column 2 of that item does not.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-30", "Provision_Key": "s32-30", "Heading": "Employer expenses", "Text": "Employer expenses Item Section 32 ‑ 5 does not stop you deducting a loss or outgoing for ... But the exception does not apply if ... 1.1 providing food or drink to your employees in an * in ‑ house dining facility. the food or drink is provided at a party, reception or other social function. 1.2 providing food or drink to individuals (other than your employees) in an * in ‑ house dining facility. (a) you choose (under section 32 ‑ 70) not to include in your assessable income $30 for each meal you provide in the * in ‑ house dining facility in the income year to an individual (other than your employee); or (b) the food or drink is provided at a party, reception or other social function. 1.3 providing food or drink in a * dining facility to your employees who perform most of their duties in connection with: (a) the dining facility; or (b) a facility (of which the dining facility forms a part) for providing accommodation, * recreation or travel. the food or drink is provided at a party, reception or other social function. 1.4 providing food or drink to your employee under an * industrial instrument relating to overtime. 1.5 providing a facility for * recreation on property you occupy, if the facility is mainly operated for your employees to use. the facility is for: (a) accommodation; or (b) dining or drinking (unless it is a food or drink vending machine). 1.6 providing food or drink which would be a * fringe benefit apart from sections 54, 58, 58N, 58S and 58T of the Fringe Benefits Tax Assessment Act 1986 (disregarding section 58P of that Act). 1.7 providing a meal which would be a * fringe benefit apart from sections 58A, 58F, 58L, 58LA and 58M of the Fringe Benefits Tax Assessment Act 1986 (disregarding section 58P of that Act). 1.8 giving your employee an allowance that is included in his or her assessable income. (a) the employee is a * relative of another employee of yours; and (b) you give the allowance to the relative, as your employee, because: (i) he or she provides, or facilitates providing, * entertainment to do with the other employee’s employment; and (ii) you expect the relative to do so. Note 1: In the case of a company, items 1.1, 1.2, 1.3, 1.5 and 1.8 cover directors of the company as if they were employees: see section 32 ‑ 80. Note 2: In the case of a company, items 1.1, 1.2, 1.3 and 1.5 cover directors, employees and property of another company that is a member of the same wholly ‑ owned group: see section 32 ‑ 85. Note 3: Item 1.8 has a special operation for partnerships: see section 32 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-35", "Provision_Key": "s32-35", "Heading": "Seminar expenses", "Text": "Seminar expenses Item Section 32 ‑ 5 does not stop you deducting a loss or outgoing for ... But the exception does not apply if ... 2.1 providing food, drink, accommodation or travel to an individual (including yourself) that is reasonably incidental to the individual attending a * seminar that * goes for at least 4 hours. (a) the seminar is a * business meeting; or (b) the * seminar’s main purpose is to promote or advertise a * business (or prospective * business) or its goods or services; or (c) the * seminar’s main purpose is to provide * entertainment at, or in connection with, the seminar.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-40", "Provision_Key": "s32-40", "Heading": "Entertainment industry expenses", "Text": "Entertainment industry expenses Item Section 32 ‑ 5 does not stop you deducting a loss or outgoing for ... But the exception does not apply if ... 3.1 providing * entertainment for payment in the ordinary course of a * business that you carry on. 3.2 providing * entertainment in performing your duties to your employer who carries on a * business that includes providing that entertainment for payment.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-45", "Provision_Key": "s32-45", "Heading": "Promotion and advertising expenses", "Text": "Promotion and advertising expenses Item Section 32 ‑ 5 does not stop you deducting a loss or outgoing for ... But the exception does not apply if ... 4.1 providing * entertainment if: (a) you provide it to an individual under a contract to supply him or her with goods or services in the ordinary course of your * business; and (b) you incur the loss or outgoing to promote or advertise to the public your business or its goods or services. 4.2 providing or exhibiting your * business’s goods or services if you incur the loss or outgoing to promote or advertise those goods or services to the public. 4.3 providing * entertainment to promote or advertise to the public a * business or its goods or services. some people have a greater opportunity to get the benefits of the entertainment than ordinary members of the public have.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-50", "Provision_Key": "s32-50", "Heading": "Other expenses", "Text": "Other expenses Item Section 32 ‑ 5 does not stop you deducting a loss or outgoing for ... But the exception does not apply if ... 5.1 buying food or drink to do with overtime that you work, if you receive an allowance under an * industrial instrument to buy the food or drink. 5.2 providing * entertainment free to members of the public who are sick, disabled, poor or otherwise disadvantaged.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-55", "Provision_Key": "s32-55", "Heading": "In ‑ house dining facility (employer expenses table items 1.1 and 1.2)", "Text": "An in ‑ house dining facility is a canteen, dining room or similar facility that: (a) is on property you occupy; and (b) is operated mainly for providing food and drink to your employees; and (c) is not open to the public. Note 1: In the case of a company, this definition also covers directors of the company as if they were employees: see section 32 ‑ 80. Note 2: In the case of a company, this definition also covers directors, employees and property of another company that is a member of the same wholly ‑ owned group: see section 32 ‑ 85.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-60", "Provision_Key": "s32-60", "Heading": "Dining facility (employer expenses table item 1.3)", "Text": "A dining facility is: (a) a canteen, dining room or similar facility; or (b) a cafe, restaurant or similar facility; that is on property you occupy. Note: In the case of a company, this definition also covers property of another company that is a member of the same wholly ‑ owned group: see section 32 ‑ 85.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-65", "Provision_Key": "s32-65", "Heading": "Seminars (seminar expenses table item 2.1)", "Text": "(1) Seminar includes a conference, convention, lecture, meeting (including a meeting for the presentation of awards), speech, “question and answer session”, training session or educational course. (2) In working out whether a * seminar goes for at least 4 hours the following are taken not to affect the seminar’s continuity, nor to form part of it: (a) any part of the seminar that occurs during a meal; (b) any break during the seminar for the purpose of a meal, rest or * recreation. (3) A * seminar is a business meeting if its main purpose is for individuals who are (or will be) associated with the carrying on of a particular * business to give or receive information, or discuss matters, relating to the business. However, the * seminar is not a business meeting if it: (a) is organised by (or on behalf of) an employer solely for either or both of these purposes: (i) training the employer and the employer’s employees (or just those employees) in matters relevant to the employer’s * business (or prospective * business); (ii) enabling the employer and the employer’s employees (or just those employees) to discuss general policy issues relevant to the internal management of the employer’s * business; and (b) is conducted on property that is occupied by a person (other than the employer) whose * business includes organising seminars or making property available for conducting seminars. Note 1: In the case of a company, subsection (3) covers directors of the company as if they were employees: see section 32 ‑ 80. Note 2: In the case of a company, paragraph (3)(b) also covers property of another company that is a member of the same wholly ‑ owned group: see section 32 ‑ 85. Note 3: Subsection (3) has a special operation for partnerships: see section 32 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-70", "Provision_Key": "s32-70", "Heading": "$30 is assessable for each meal provided to non ‑ employee in an in ‑ house dining facility", "Text": "(1) Your assessable income includes $30 for a meal you provide in an * in ‑ house dining facility in the income year to an individual other than your employee, but only if: (a) you incur a loss or outgoing in respect of providing the meal; and (b) because of item 1.2 of the table in section 32 ‑ 30, section 32 ‑ 5 does not stop you deducting the loss or outgoing under section 8 ‑ 1 (which deals with general deductions); and (c) the loss or outgoing is one that you can deduct under section 8 ‑ 1 for the income year or some other income year. (2) However, you can choose not to include in your assessable income $30 for each meal you provide in the * in ‑ house dining facility in the income year to an individual other than your employee. Note: If you do choose, you cannot rely on item 1.2 of the table in section 32 ‑ 30 as a basis for deducting a loss or outgoing you incur in respect of providing a meal. (3) You must choose by the day you lodge your * income tax return for the income year, or within a further time allowed by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-75", "Provision_Key": "s32-75", "Heading": "Commissioner may treat you as having incurred entertainment expense", "Text": "If: (a) you incur a loss or outgoing under an * arrangement; and (b) someone provides * entertainment under the arrangement to you or someone else; and (c) section 32 ‑ 5 would have stopped you deducting the loss or outgoing under section 8 ‑ 1 (which deals with general deductions) if you had incurred it in respect of providing that entertainment; this Division applies to you as if you had incurred the loss or outgoing in providing that entertainment, to the extent (if any) that the Commissioner thinks reasonable. Note: This means that section 32 ‑ 5 will prevent you from deducting the loss or outgoing under section 8 ‑ 1 unless an exception applies. Example: A company pays $1,000 to sponsor a football game. Under the same arrangement, the company is given a viewing box at the game. To the extent the Commissioner thinks reasonable, he or she can treat the company as having incurred the $1,000 in providing entertainment.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-80", "Provision_Key": "s32-80", "Heading": "Company directors", "Text": "In the case of a company, these provisions cover directors of the company as if they were the company’s employees: item 1.1 (exception for * in ‑ house dining facilities) of the table in section 32 ‑ 30; item 1.2 (exception for * in ‑ house dining facilities) of the table in section 32 ‑ 30; item 1.3 (exception for * dining facilities) of the table in section 32 ‑ 30; item 1.5 (exception for recreational facilities) of the table in section 32 ‑ 30; item 1.8 (exception for providing your employee with an allowance) of the table in section 32 ‑ 30; section 32 ‑ 55 (which defines in ‑ house dining facility ); subsection 32 ‑ 65(3) (which defines business meeting ).", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-85", "Provision_Key": "s32-85", "Heading": "Directors, employees and property of wholly ‑ owned group company", "Text": "Employees and directors of group company (1) In the case of a company, these provisions cover directors and employees of another company that is a member of the same * wholly ‑ owned group as if they were the company’s own directors and employees: item 1.1 (exception for * in ‑ house dining facilities) of the table in section 32 ‑ 30; item 1.2 (exception for * in ‑ house dining facilities) of the table in section 32 ‑ 30; item 1.3 (exception for * dining facilities) of the table in section 32 ‑ 30; item 1.5 (exception for recreational facilities) of the table in section 32 ‑ 30; section 32 ‑ 55 (which defines in ‑ house dining facility ); subsection 32 ‑ 60(1) (which defines dining facility ); paragraph 32 ‑ 65(3)(b). Property occupied by group company (2) Those provisions also cover property occupied by that other company as if the company occupied that property.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 32-90", "Provision_Key": "s32-90", "Heading": "Partnerships", "Text": "In the case of a partnership: item 1.8 (exception for providing employee with an allowance) of the table in section 32 ‑ 30; and subsection 32 ‑ 65(3) (which defines business meeting ); apply to a partner in the same way as they apply to an employee of the partnership, but only for the purposes of calculating, in accordance with section 90 of the Income Tax Assessment Act 1936 , the partnership’s net income or partnership loss.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s32-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-1", "Provision_Key": "s34-1", "Heading": "What this Division is about", "Text": "This Division is about deductions for the costs of non ‑ compulsory uniforms. Table of sections 34 ‑ 3 What you need to read", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-3", "Provision_Key": "s34-3", "Heading": "What you need to read", "Text": "Employees (1) If you incur expenditure for your non ‑ compulsory uniform, you need to read Subdivision 34 ‑ B (which is about deductions for your non ‑ compulsory uniform), starting at section 34 ‑ 10. Employers (2) If you have people working for you who want to deduct expenditure of that kind, you need to read: Subdivision 34 ‑ C (which is about registering the design of a non ‑ compulsory uniform), starting at section 34 ‑ 25; and Subdivision 34 ‑ D (which is about appeals from Industry Secretary’s decision), starting at section 34 ‑ 40.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-5", "Provision_Key": "s34-5", "Heading": "This Division applies to employees and others", "Text": "(1) This Division applies not only to an individual who is an employee. It also applies to an individual who is not an employee, but who receives, or is entitled to receive, * withholding payments covered by subsection (3). (2) If an individual is not an employee, but is covered by subsection (1), this Division applies to the individual as if: (a) he or she were an employee; and (b) the entity, who pays (or is liable to pay) * withholding payments covered by subsection (3) that result in the individual being in receipt of, or entitled to receive, such payments, were the individual’s employer; and (c) any other individual who receives (or is entitled to receive) * withholding payments covered by subsection (3): (i) that result in that other individual being in receipt of, or entitled to receive, such payments; and (ii) that the entity pays (or is liable to pay) to that other individual; were an employee of the entity. (3) This subsection covers a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 40 Payment to company director 2 Section 12 ‑ 45 Payment to office holder 3 Section 12 ‑ 50 Return to work payment 4 Subdivision 12 ‑ D Benefit, training and compensation payments", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 121 of 1997 | No 179 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed and substituted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-7", "Provision_Key": "s34-7", "Heading": "This Division applies to employers and others", "Text": "If an entity is not an employer, but pays (or is liable to pay) * withholding payments covered by subsection 34 ‑ 5(3), this Division applies to the entity as if: (a) it were an employer; and (b) an individual to whom the entity pays (or is liable to pay) such withholding payments were the entity’s employee.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 121 of 1997 | No 179 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-10", "Provision_Key": "s34-10", "Heading": "What you can deduct", "Text": "(1) If you are an employee, you can deduct expenditure you incur in respect of your * non ‑ compulsory * uniform if: (a) you can deduct the expenditure under another provision of this Act; and (b) the * design of the uniform is registered under this Division when you incur the expenditure. Note 1: This Division also applies to individuals who are not employees: see Subdivision 34 ‑ A. Note 2: Employers apply to register designs of uniforms: see Subdivision 34 ‑ C. (2) You cannot deduct the expenditure under this Act if the * design is not registered at the time you incur the expenditure. (3) However, this Division does not stop you deducting expenditure you incur in respect of your * occupation specific clothing or * protective clothing.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 121 of 1997 | No 179 of 1999 | No 41 of 2005", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-15", "Provision_Key": "s34-15", "Heading": "What is a non ‑ compulsory uniform?", "Text": "What is a uniform ? (1) A uniform is one or more items of clothing (including accessories) which, when considered as a set, distinctively identify you as a person associated (directly or indirectly) with: (a) your employer; or (b) a group consisting of your employer and one or more of your employer’s * associates. When is a uniform non ‑ compulsory ? (2) Your uniform is non ‑ compulsory unless your employer consistently enforces a policy that requires you and the other employees (except temporary or relief employees) who do the same type of work as you: (a) to wear the uniform when working for your employer; and (b) not to substitute an item of clothing not included in the uniform for an item of clothing included in the uniform when working for your employer; except in special circumstances.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 121 of 1997 | No 41 of 2005", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-20", "Provision_Key": "s34-20", "Heading": "What are occupation specific clothing and protective clothing ?", "Text": "(1) Occupation specific clothing is clothing that distinctively identifies you as belonging to a particular profession, trade, vocation, occupation or calling. To determine this, disregard any feature of the clothing that distinctively identifies you as a person associated (directly or indirectly) with: (a) your employer; or (b) a group consisting of your employer and one or more of your employer’s * associates. Example: Occupation specific clothing includes a nurse’s uniform, a chef’s checked pants and a religious cleric’s ceremonial robes. (2) Protective clothing is clothing of a kind that you mainly use to protect yourself, or someone else, from risk of: (a) death; or (b) * disease (including the contraction, aggravation, acceleration or recurrence of a disease); or (c) injury (including the aggravation, acceleration or recurrence of an injury); or (d) damage to clothing; or (e) damage to an artificial limb or other artificial substitute, or to a medical, surgical or other similar aid or appliance. Example: Protective clothing includes overalls, aprons, goggles, hard hats and safety boots, when worn to protect the wearer. Meaning of disease (3) Disease includes any mental or physical ailment, disorder, defect or morbid condition, whether of sudden onset or gradual development and whether of genetic or other origin.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-25", "Provision_Key": "s34-25", "Heading": "Application to register the design", "Text": "(1) The employer of an employee who has, or will have, a * non ‑ compulsory * uniform can apply to the * Industry Secretary for the * design of the uniform to be registered. Note: This Division also applies to entities that are not employers: see Subdivision 34 ‑ A. Meaning of design of a uniform (2) The design of a * uniform includes features such as its colouring, construction, durability, ornamentation, pattern and shape. Form of application (3) The application must be: (a) in writing; and (b) in a form approved in writing by the * Industry Secretary; and (c) accompanied by such information as the Industry Secretary requires.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 121 of 1997 | No 41 of 2005 | No 88 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-30", "Provision_Key": "s34-30", "Heading": "Industry Secretary’s decision on application", "Text": "Industry Secretary must decide to grant or refuse application (1) After considering the application, the * Industry Secretary must decide to either grant or refuse the application. Criteria for grant of application (2) The * Industry Secretary must not decide to grant an application unless he or she is satisfied that the design meets the criteria set out in the * approved occupational clothing guidelines. Note: The approved occupational clothing guidelines are created under section 34 ‑ 55. When Industry Secretary taken to have refused application (3) The * Industry Secretary is taken to have refused an application if he or she does not make a decision by the later of the following times (the deadline ): (a) the end of 90 days (the 90 ‑ day period ) after the day the Industry Secretary receives the application; (b) if the Industry Secretary, by written notice given to the applicant within the 90 ‑ day period, requests the applicant to give further information about the application—the end of 90 days after the Industry Secretary receives the further information.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-33", "Provision_Key": "s34-33", "Heading": "Written notice of decision", "Text": "(1) If the * Industry Secretary makes a decision to grant or refuse an application under subsection 34 ‑ 30(1) before the * deadline, the Industry Secretary must give the applicant written notice of the decision. Reasons for refusal (2) If the notice is a notice of a decision to refuse the application, it must also set out the reasons for the refusal. Statements to accompany notice of decision (3) The notice of the decision is to include the statements set out in subsections (4) and (5). (4) There must be a statement to the effect that, subject to the Administrative Review Tribunal Act 2024 , an application may be made to the * ART, by (or on behalf of) any entity whose interests are affected by the decision, for review of the decision. (5) There must also be a statement to the effect that a request may be made under section 268 of that Act by (or on behalf of) such an entity for a statement of reasons. Failure does not affect validity (6) If the * Industry Secretary fails to comply with subsection (4) or (5), that failure does not affect the validity of his or her decision.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 121 of 1997 | No 38 of 2024", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-33"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-35", "Provision_Key": "s34-35", "Heading": "When uniform becomes registered", "Text": "If the * Industry Secretary decides to grant the application, the * design of the * uniform becomes registered on: (a) the day the decision is made; or (b) if the applicant requests—such earlier day as the Industry Secretary specifies. Note: When the design becomes registered, an entry for the design is made on the Register of Approved Occupational Clothing. Subdivision 34 ‑ E is about the Register.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-40", "Provision_Key": "s34-40", "Heading": "Review of decisions by the Administrative Review Tribunal", "Text": "Applications may be made to the * ART for review of a decision made by the * Industry Secretary under subsection 34 ‑ 30(1).", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 121 of 1997 | No 38 of 2024", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-45", "Provision_Key": "s34-45", "Heading": "Keeping of the Register", "Text": "(1) The * Industry Secretary must keep the Register of Approved Occupational Clothing, listing the designs that are required to be entered on the Register because of this Division. Register to be open for inspection (2) The * Industry Secretary must arrange for the Register to be available for inspection at any reasonable time by any person on request.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-50", "Provision_Key": "s34-50", "Heading": "Changes to the Register", "Text": "Removal of registration (1) The * Industry Secretary must remove an entry for a * design from the Register of Approved Occupational Clothing if requested to do so by the employer who applied for the design to be registered. Correcting errors and mistakes (2) The * Industry Secretary may correct a clerical error or an obvious mistake in an entry for a design in the Register and, if the Industry Secretary does so, the correction takes effect on the day on which the design to which the entry relates was registered.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-55", "Provision_Key": "s34-55", "Heading": "Approved occupational clothing guidelines", "Text": "(1) The Minister must, by legislative instrument, formulate written guidelines (the approved occupational clothing guidelines ) setting out criteria that * designs of uniforms must meet if the designs are to be registered. Matters to be taken into account in making guidelines (2) In making * approved occupational clothing guidelines, the matters to which the Minister is to have regard include: (a) how distinctively a * uniform’s * design identifies the wearer as a person associated (directly or indirectly) with: (i) the applicant for registering the uniform’s design; or (ii) a group consisting of the applicant and one or more of the applicant’s * associates; and (b) the nature of the * business or activities the applicant carries on.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 121 of 1997 | No 58 of 2006 | No 110 of 2014", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-60", "Provision_Key": "s34-60", "Heading": "Industry Secretary to give Commissioner information about entries", "Text": "The * Industry Secretary must give the Commissioner information about entries of * designs on the Register of Approved Occupational Clothing if the Commissioner requests him or her to do so.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 34-65", "Provision_Key": "s34-65", "Heading": "Delegation of powers by Industry Secretary", "Text": "The * Industry Secretary may, by writing, delegate any or all of his or her functions and powers under this Division to a person in the * Industry Department: (a) who holds or performs the duties of a * Senior Executive Service office; or (b) whose classification level appears in Group 7 or 8 of Schedule 1 to the Classification Rules under the Public Service Act 1999 ; or (c) who is acting in a position usually occupied by a person with a classification level of the kind mentioned in paragraph (b).", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 121 of 1997 | No 146 of 1999 | No 88 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed and substituted by No 146 of 1999, effective Sch 1 (items 532–534): 5 Dec 1999 (s 2(1), (2)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s34-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-1", "Provision_Key": "s35-1", "Heading": "What this Division is about", "Text": "This Division prevents losses of individuals from non ‑ commercial business activities being offset against other assessable income in the year the loss is incurred. The loss is deferred. It sets out an income requirement and a series of tests to determine whether a business activity is treated as being non ‑ commercial. The deferred losses may be offset in later years against profits from the activity. They may also be offset against other income if the income requirement and one of the other tests are satisfied, or if the Commissioner exercises a discretion. Table of sections Operative provisions 35 ‑ 5 Object 35 ‑ 10 Deferral of deductions from non ‑ commercial business activities 35 ‑ 15 Modification if you have exempt income 35 ‑ 20 Modification if you become bankrupt 35 ‑ 25 Application of Division to certain partnerships 35 ‑ 30 Assessable income test 35 ‑ 35 Profits test 35 ‑ 40 Real property test 35 ‑ 45 Other assets test 35 ‑ 50 Apportionment 35 ‑ 55 Commissioner’s discretion", "Amendment_Count": 2, "First_Amended": "No 90 of 2000", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 90 of 2000 | No 133 of 2009", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-5", "Provision_Key": "s35-5", "Heading": "Object", "Text": "(1) The object of this Division is to improve the integrity of the taxation system by: (a) preventing losses from non ‑ commercial activities that are carried on as * businesses by individuals (alone or in partnership) being offset against other assessable income; and (b) preventing pre ‑ business capital expenditure and post ‑ business capital expenditure by individuals (alone or in partnership) in relation to non ‑ commercial activities being deductible under section 40 ‑ 880 (business related costs); unless certain exceptions apply. (2) This Division is not intended to apply to activities that do not constitute carrying on a * business (for example, the receipt of income from passive investments).", "Amendment_Count": 3, "First_Amended": "No 90 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 90 of 2000 | No 32 of 2006 | No 70 of 2015", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Repealed and substituted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-10", "Provision_Key": "s35-10", "Heading": "Deferral of deductions from non ‑ commercial business activities", "Text": "(1) The rule in subsection (2) applies for an income year to each * business activity you carried on in that year if you are an individual, either alone or in partnership (whether or not some other entity is a member of the partnership), unless: (a) you satisfy subsection (2E) for that year, and one of the tests set out in any of the following provisions is satisfied for the business activity for that year: (i) section 35 ‑ 30 (assessable income test); (ii) section 35 ‑ 35 (profits test); (iii) section 35 ‑ 40 (real property test); (iv) section 35 ‑ 45 (other assets test); or (b) the Commissioner has exercised the discretion set out in section 35 ‑ 55 for the business activity for that year; or (c) the exception in subsection (4) applies for that year. Note: This section covers individuals carrying on a business activity as partners, but not individuals merely in receipt of income jointly. Compare the definition of partnership in subsection 995 ‑ 1(1). Rules (2) If the amounts attributable to the * business activity for that income year that you could otherwise deduct under this Act for that year exceed your assessable income (if any) from the business activity for that year, or your share of it, this Act applies to you as if the excess: (a) were not incurred in that income year; and (b) were an amount attributable to the activity that you can deduct from assessable income from the activity for the next income year in which the activity is carried on. Note 1: There are modifications of this rule if you have exempt income (see section 35 ‑ 15) or you become bankrupt (see section 35 ‑ 20). Note 2: This rule does not apply if your excess is solely due to deductions under Division 41 (see section 35 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 ). Example: Jennifer has a salaried job, and she also carries on a business activity consisting of selling lingerie. Jennifer starts that activity on 1 July 2002, and for the 2002 ‑ 03 income year, the activity produces assessable income of $8,000 and deductions of $10,000. The activity does not pass any of the tests and the discretion is not exercised so the $2,000 excess is carried over to the next income year in which the activity is carried on. For the 2003 ‑ 04 income year, the activity produces assessable income of $9,000 and deductions of $10,000 (excluding the $2,000 excess from 2002 ‑ 03). Again, no tests passed and no exercise of discretion. $3,000 is carried over to the next income year (comprising the $1,000 excess for the current year, plus the previous year’s $2,000 excess) when the activity is carried on. (2A) You cannot deduct an amount under section 40 ‑ 880 (business related costs) for expenditure in relation to a * business activity you used to carry on if you are an individual, either alone or in partnership (whether or not some other entity is a member of the partnership) unless: (a) you satisfied subsection (2E), and one of the tests set out in any of the following provisions was satisfied for the business activity: (i) section 35 ‑ 30 (assessable income test); (ii) section 35 ‑ 35 (profits test); (iii) section 35 ‑ 40 (real property test); (iv) section 35 ‑ 45 (other assets test); or (b) the Commissioner has exercised the discretion set out in section 35 ‑ 55 for the business activity; or (c) the exception in subsection (4) applied; for the income year in which the business activity ceased to be carried on or an earlier income year. (2B) If you are an individual, either alone or in partnership (whether or not some other entity is a member of the partnership), you cannot deduct an amount under section 40 ‑ 880 (business related costs) for expenditure in relation to a * business activity: (a) you propose to carry on; or (b) another entity proposes to carry on if the other entity is not an individual, either alone or in partnership; for an income year before the one in which the business activity starts to be carried on. (2C) This section applies to an amount that you could have deducted, apart from paragraph (2B)(a), as if it were an amount attributable to the * business activity that you can deduct from assessable income from the activity for the income year in which the business activity starts to be carried on. (2D) You can deduct expenditure covered by paragraph (2B)(b) for the income year in which the * business activity starts to be carried on. Income requirement (2E) You satisfy this subsection for an income year if the sum of the following is less than $250,000: (a) your taxable income for that year, disregarding your * assessable FHSS released amount for that year; (b) your * reportable fringe benefits total for that year; (c) your * reportable superannuation contributions for that year; (d) your * total net investment losses for that year. For the purposes of paragraph (a), when working out your taxable income, disregard any excess mentioned in subsection (2) for any * business activity for that year that you could otherwise deduct under this Act for that year. Grouping business activities (3) In applying this Division, you may group together * business activities of a similar kind. Exceptions (4) The rule in subsection (2), (2A) or (2B) does not apply to a * business activity for an income year if: (a) the activity is a * primary production business, or a * professional arts business; and (b) your assessable income for that year (except any * net capital gain) from other sources that do not relate to that activity is less than $40,000. (5) A professional arts business is a * business you carry on as: (a) the author of a literary, dramatic, musical or artistic work; or Note: The expression “author” is a technical term from copyright law. In general, the “author” of a musical work is its composer and the “author” of an artistic work is the artist, sculptor or photographer who created it. (b) a * performing artist; or (c) a * production associate.", "Amendment_Count": 5, "First_Amended": "No 90 of 2000", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 90 of 2000 | No 32 of 2006 | No 133 of 2009 | No 70 of 2015 | No 132 of 2017", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-15", "Provision_Key": "s35-15", "Heading": "Modification if you have exempt income", "Text": "(1) The rule in subsection 35 ‑ 10(2) may be modified for an income year if you * derived * exempt income in that year. (2) Any amount to which paragraph 35 ‑ 10(2)(b) would otherwise apply for an income year for you is reduced by your * net exempt income for that year (after * utilising the net exempt income under section 36 ‑ 10 or 36 ‑ 15 (about tax losses)). This reduction is made before you apply the paragraph 35 ‑ 10(2)(b) amount against assessable income from the * business activity.", "Amendment_Count": 3, "First_Amended": "No 90 of 2000", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 90 of 2000 | No 32 of 2006 | No 88 of 2013", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-20", "Provision_Key": "s35-20", "Heading": "Modification if you become bankrupt", "Text": "(1) The rule in subsection 35 ‑ 10(2) or (2A) is modified as set out in subsection (3) for an income year if in that year (the current year ) you become bankrupt or are released from a debt by the operation of an Act relating to bankruptcy. (2) The rule is also modified as set out in subsection (3) if: (a) you became bankrupt before the current year; and (b) the bankruptcy is annulled in the current year under section 74 of the Bankruptcy Act 1966 because your creditors have accepted a proposal for a composition or scheme of arrangement; and (c) under the composition or scheme of arrangement, you have been, will be or may be released from some or all of the debts from which you would have been released if you had instead been discharged from the bankruptcy. (3) This Act applies to you as if any amount that: (a) paragraph 35 ‑ 10(2)(b) had applied to for an income year before the current year for you; and (b) you have not yet deducted; were not an amount attributable to the * business activity that you can deduct for the current year or a later income year.", "Amendment_Count": 2, "First_Amended": "No 90 of 2000", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 90 of 2000 | No 32 of 2006", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-25", "Provision_Key": "s35-25", "Heading": "Application of Division to certain partnerships", "Text": "For the purpose of applying the tests in sections 35 ‑ 30, 35 ‑ 40 and 35 ‑ 45 where you carry on a * business activity in an income year as a partner, ignore: (a) any part of the assessable income from the business activity for the year that is attributable to the interest of a partner that is not an individual in the partnership net income or partnership loss for the year; and (b) any part of the assessable income from the business activity for the year that is * derived from the activity by another partner otherwise than as a member of the partnership; and (c) any part of the * reduced cost bases or other values of assets of the partnership used in carrying on the activity in that year that is attributable to the interest of a partner that is not an individual in those assets; and (d) any part of the reduced cost bases or other values of assets owned or leased by another partner that are not partnership assets and used in carrying on the activity in that year.", "Amendment_Count": 2, "First_Amended": "No 90 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2000 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-30", "Provision_Key": "s35-30", "Heading": "Assessable income test", "Text": "The rules in section 35 ‑ 10 do not apply to a * business activity for an income year if: (a) the amount of assessable income from the business activity for the year; or (b) you started to carry on the business activity, or stopped carrying it on, during the year—a reasonable estimate of what would have been the amount of that assessable income if you had carried on that activity throughout the year; is at least $20,000.", "Amendment_Count": 2, "First_Amended": "No 90 of 2000", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 90 of 2000 | No 32 of 2006", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-35", "Provision_Key": "s35-35", "Heading": "Profits test", "Text": "(1) The rules in section 35 ‑ 10 do not apply to a * business activity (except an activity carried on by one or more individuals as partners, whether or not some other entity is a member of the partnership) for an income year (the current year ) if, for each of at least 3 of the past 5 income years (including the current year) the sum of the deductions attributable to that activity for that year (apart from the operation of subsections 35 ‑ 10(2) and (2C)) is less than the assessable income from the activity for that year. (2) For a * business activity you carried on with one or more others as partners, the rules in section 35 ‑ 10 do not apply to you for the current year if, for each of at least 3 of the past 5 income years (including the current year) the sum of your deductions (including your share of the partnership deductions) attributable to that activity for that year (apart from the operation of subsections 35 ‑ 10(2) and (2C)) is less than your assessable income (including your share of the partnership’s assessable income) from the activity for that year.", "Amendment_Count": 2, "First_Amended": "No 90 of 2000", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 90 of 2000 | No 32 of 2006", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-40", "Provision_Key": "s35-40", "Heading": "Real property test", "Text": "(1) The rules in section 35 ‑ 10 do not apply to a * business activity for an income year if the total * reduced cost bases of real property or interests in real property used on a continuing basis in carrying on the activity in that year is at least $500,000. (2) You may use the * market value of the real property or interest if that value is more than its * reduced cost base. (3) The * reduced cost base or * market value is worked out: (a) as at the end of the income year; or (b) if you stopped carrying on the * business activity during the year: (i) as at the time you stopped; or (ii) if you disposed of the asset before that time in the course of stopping carrying on the activity—as at the time you disposed of it. (4) However, these assets are not counted for this test: (a) a * dwelling, and any adjacent land used in association with the dwelling, that is used mainly for private purposes; (b) fixtures owned by you as a tenant.", "Amendment_Count": 3, "First_Amended": "No 90 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2000 | No 32 of 2006 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-45", "Provision_Key": "s35-45", "Heading": "Other assets test", "Text": "(1) The rules in section 35 ‑ 10 do not apply to a * business activity for an income year if the total values of assets that are counted for this test (see subsections (2) and (4)) and that are used on a continuing basis in carrying on the activity in that year is at least $100,000. (2) The assets counted for this test, and their values for this test, are set out in this table: Assets counted for this test and their values Item Asset Value 1 An asset whose decline in value you can deduct under Division 40 The asset’s * written down value 2 An item of * trading stock Its value under subsection 70 ‑ 45(1) 3 An asset that you lease from another entity The sum of the amounts of the future lease payments for the asset to which you are irrevocably committed, less an appropriate amount to reflect any interest component for those lease payments 4 Trade marks, patents, copyrights and similar rights Their * reduced cost base (3) The value of such an asset is worked out: (a) as at the end of the income year; or (b) if you stopped carrying on the * business activity during the year: (i) as at the time you stopped; or (ii) if you disposed of the asset before that time in the course of stopping carrying on the activity—as at the time you disposed of it. (4) However, these assets are not counted for this test: (a) assets that are real property or interests in real property that are taken into account for that year under section 35 ‑ 40; (b) * cars, motor cycles and similar vehicles.", "Amendment_Count": 4, "First_Amended": "No 90 of 2000", "Last_Amended": "No 31 of 2014", "Amending_Acts": "No 90 of 2000 | No 77 of 2001 | No 32 of 2006 | No 31 of 2014", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 31 of 2014, effective Sch 4 (item 99): 24 June 2014 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-50", "Provision_Key": "s35-50", "Heading": "Apportionment", "Text": "If an asset that is being taken into account under section 35 ‑ 40 or 35 ‑ 45 is used during an income year partly in carrying on the relevant * business activity and partly for other purposes, only that part of its * reduced cost base, * market value or other value that is attributable to its use in carrying on the business activity in that year is taken into account for that section.", "Amendment_Count": 2, "First_Amended": "No 90 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2000 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 35-55", "Provision_Key": "s35-55", "Heading": "Commissioner’s discretion", "Text": "(1) The Commissioner may, on application, decide that the rule in subsection 35 ‑ 10(2) does not apply to a * business activity for one or more income years (the excluded years ) if the Commissioner is satisfied that it would be unreasonable to apply that rule because: (a) the business activity was or will be affected in the excluded years by special circumstances outside the control of the operators of the business activity, including drought, flood, bushfire or some other natural disaster; or Note: This paragraph is intended to provide for a case where a business activity would have satisfied one of the tests if it were not for the special circumstances. (b) for an applicant who carries on the business activity who satisfies subsection 35 ‑ 10(2E) (income requirement) for the most recent income year ending before the application is made—the business activity has started to be carried on and, for the excluded years: (i) because of its nature, it has not satisfied, or will not satisfy, one of the tests set out in section 35 ‑ 30, 35 ‑ 35, 35 ‑ 40 or 35 ‑ 45; and (ii) there is an objective expectation, based on evidence from independent sources (where available) that, within a period that is commercially viable for the industry concerned, the activity will either meet one of those tests or will produce assessable income for an income year greater than the deductions attributable to it for that year (apart from the operation of subsections 35 ‑ 10(2) and (2C)); or (c) for an applicant who carries on the business activity who does not satisfy subsection 35 ‑ 10(2E) (income requirement) for the most recent income year ending before the application is made—the business activity has started to be carried on and, for the excluded years: (i) because of its nature, it has not produced, or will not produce, assessable income greater than the deductions attributable to it; and (ii) there is an objective expectation, based on evidence from independent sources (where available) that, within a period that is commercially viable for the industry concerned, the activity will produce assessable income for an income year greater than the deductions attributable to it for that year (apart from the operation of subsections 35 ‑ 10(2) and (2C)). Note: Paragraphs (b) and (c) are intended to cover a business activity that has a lead time between the commencement of the activity and the production of any assessable income. For example, an activity involving the planting of hardwood trees for harvest, where many years would pass before the activity could reasonably be expected to produce income. (2) The Commissioner may, on application, decide that the rule in subsection 35 ‑ 10(2B) does not apply to a * business activity for an income year if the Commissioner is satisfied that it would be unreasonable to apply that rule because special circumstances of the kind referred to in paragraph (1)(a) of this section prevented the activity from starting. Note: This subsection is intended to provide for a case where a business activity would have begun to be carried on and satisfied one of the tests if it were not for the special circumstances. (3) An application for a decision by the Commissioner under this section must be made in the * approved form.", "Amendment_Count": 4, "First_Amended": "No 90 of 2000", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 90 of 2000 | No 26 of 2002 | No 32 of 2006 | No 133 of 2009", "History_Notes": "Inserted by No 90 of 2000, effective 30 June 2000 | Amended by No 26 of 2002, effective 4 Apr 2002 | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s35-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-1", "Provision_Key": "s36-1", "Heading": "What this Division is about", "Text": "If you have more deductions for an income year than you have income, the difference is a tax loss . Note: You may be able to utilise the tax loss in that or a later income year.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-10", "Provision_Key": "s36-10", "Heading": "How to calculate a tax loss for an income year", "Text": "(1) Add up the amounts you can deduct for an income year (except * tax losses for earlier income years). (2) Subtract your total assessable income. (3) If you * derived * exempt income, also subtract your * net exempt income (worked out under section 36 ‑ 20). (4) Any amount remaining is your tax loss for the income year, which is called a loss year . Note 1: Some deductions are limited so that they cannot contribute to a tax loss. See section 26 ‑ 55 (Limit on certain deductions). Note 2: The meanings of tax loss and loss year are modified by section 36 ‑ 55 for a corporate tax entity that has an amount of excess franking offsets. (5) For subsection (3), if you have * exempt income under section 51 ‑ 100 (about shipping), disregard 90% of so much of your * net exempt income as directly relates to that exempt income.", "Amendment_Count": 4, "First_Amended": "No 16 of 1998", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 16 of 1998 | No 142 of 2003 | No 143 of 2007 | No 57 of 2012", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-15", "Provision_Key": "s36-15", "Heading": "How to deduct tax losses of entities other than corporate tax entities", "Text": "(1) Your * tax loss for a * loss year is deducted in a later income year as follows if you are not a * corporate tax entity at any time during the later income year. Note 1: See section 36 ‑ 17 for the deduction of a tax loss of an entity that is a corporate tax entity at any time during the later income year. Note 2: A tax loss can be deducted only to the extent that it has not already been utilised: see subsection 960 ‑ 20(1). If you have no net exempt income (2) If your total assessable income for the later income year exceeds your total deductions (other than * tax losses), you deduct the tax loss from that excess. If you have net exempt income (3) If you have * net exempt income for the later income year and your total assessable income (if any) for the later income year exceeds your total deductions (except * tax losses), you deduct the tax loss: (a) first, from your net exempt income; and (b) secondly, from the part of your total assessable income that exceeds those deductions. (4) However, if you have * net exempt income for the later income year and those deductions exceed your total assessable income, then: (a) subtract that excess from your net exempt income; and (b) deduct the tax loss from any net exempt income that remains. To work out your net exempt income: see section 36 ‑ 20. General (5) If you have 2 or more * tax losses, you deduct them in the order in which you incurred them.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 121 of 1997 | No 142 of 2003 | No 79 of 2010 | No 88 of 2013", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-17", "Provision_Key": "s36-17", "Heading": "How to deduct tax losses of corporate tax entities", "Text": "(1) A * tax loss of an entity for a * loss year is deducted in a later income year as follows if the entity is a * corporate tax entity at any time during the later income year. Note 1: A tax loss can be deducted under this section only to the extent that it has not already been utilised: see subsection 960 ‑ 20(1). Note 2: A corporate tax entity may also, in the 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 income year, be able to carry a loss back to the 2018 ‑ 19, 2019 ‑ 20, 2020 ‑ 21 or 2021 ‑ 2022 income year: see Division 160. If the entity has no net exempt income (2) If the entity’s total assessable income for the later income year exceeds the entity’s total deductions (except * tax losses), the entity is to deduct from that excess so much of the tax loss as the entity chooses. The entity may choose a nil amount. If the entity has net exempt income (3) If the entity has * net exempt income for the later income year and the entity’s total assessable income (if any) for that year exceeds the entity’s total deductions (except * tax losses), the entity is to: (a) first, deduct the tax loss from the net exempt income; and (b) secondly, deduct from the part of the total assessable income that exceeds those deductions so much of the undeducted amount of the tax loss (if any) as the entity chooses. The entity may choose a nil amount under paragraph (b). Note: To work out the corporate tax entity’s net exempt income: see section 36 ‑ 20. (4) However, if the entity has * net exempt income for the later income year and those deductions exceed the entity’s total assessable income, the entity is to: (a) subtract that excess from the net exempt income; and (b) deduct the * tax loss from any net exempt income that remains. Note: This means there is no choice available under this subsection. (4A) For subsection (3) or (4), if the entity has * exempt income under section 51 ‑ 100 (about shipping) for the later income year, disregard 90% of so much of the entity’s * net exempt income for the later income year as directly relates to that exempt income. Limit to how much the entity can choose (5) The choice that the entity has under subsection (2) or (3) for the later income year is subject to both of the following: (a) the entity must choose a nil amount if, disregarding the * tax loss and other tax losses of the entity, the entity would have an amount of * excess franking offsets for that year; (b) if, disregarding the tax loss and other tax losses of the entity, the entity would not have an amount of excess franking offsets for that year—the entity must not choose an amount that would result in the entity having an amount of excess franking offsets for that year. Example: For the 2017 ‑ 18 income year, Company A (which is not a base rate entity) has: a tax loss of $150 from a previous income year; and assessable income of $200 (franked distribution of $70, franking credit of $30 and $100 of income from other sources); and no deductions; and no net exempt income. The tax offset of $30 from the franking credit is not stated in Division 67 to be subject to the refundable tax offset rules. Company A would not have an amount of excess franking offsets for that year if the tax loss were disregarded (see section 36 ‑ 55). This is because the tax offset of $30 is less than $60, the amount of income tax that Company A would have to pay if it did not have the tax offset and the tax loss. Paragraph (a) therefore does not apply. If Company A chooses to deduct the full amount of the tax loss, it would have an amount of excess franking offsets of $15: Company A therefore cannot make this choice because of paragraph (b). However, if Company A chooses to deduct $100 of the tax loss, it would not have an amount of excess franking offsets: Company A therefore can choose to deduct $100 of the tax loss. (6) The entity must state its choice under subsection (2) or (3) in its * income tax return for the later income year. General (7) If the entity has 2 or more * tax losses, the entity is to deduct them in the order in which the entity incurred them. Recalculation of amounts resulting in a choice or a change of a choice (10) Subsection (11) or (12) applies if at least one of the following amounts is recalculated after an entity has lodged its * income tax return for an income year: (a) the amount of a * tax loss that the entity can * utilise in that year; (b) the amount of the difference between the entity’s total assessable income for that year and the entity’s total deductions (other than * tax losses) for that year; (c) the amount of the entity’s * net exempt income for that year; whether or not the amount is recalculated in an amendment of the entity’s assessment for that year, and whether or not the amount was a nil amount before the recalculation (or has become a nil amount after the recalculation). (11) If: (a) before the recalculation, a choice under subsection (2) or (3) for the income year was not available to the entity; but (b) as a result of the recalculation, the choice has (apart from subsection (6)) become available to the entity; the entity can make that choice by written notice given to the Commissioner. (12) If: (a) the entity made a choice under subsection (2) or (3) for the income year; but (b) as a result of the recalculation, the entity wishes to change that choice; the entity can do so by written notice given to the Commissioner. (13) Subsections (10) to (12) have effect subject to section 170 of the Income Tax Assessment Act 1936 (about amendment of assessments).", "Amendment_Count": 11, "First_Amended": "No 142 of 2003", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 142 of 2003 | No 164 of 2007 | No 14 of 2009 | No 79 of 2010 | No 57 of 2012 | No 88 of 2013 | No 96 of 2014 | No 66 of 2015 | No 41 of 2017 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-20", "Provision_Key": "s36-20", "Heading": "Net exempt income", "Text": "(1) If you are an Australian resident, your net exempt income is the amount by which your total * exempt income from all sources exceeds the total of: (a) the losses and outgoings (except capital losses and outgoings) you incurred in deriving that exempt income; and (b) any taxes payable outside Australia on that exempt income. (2) If you are a foreign resident, your net exempt income is the amount (if any) by which the total of: (a) your * exempt income * derived from sources in Australia; and (b) your exempt income to which section 26AG (Certain film proceeds included in assessable income) of the Income Tax Assessment Act 1936 applies; exceeds the total of: (c) the losses and outgoings (except capital losses and outgoings) you incurred in deriving exempt income covered by paragraph (a) or (b); and (d) any taxes payable outside Australia on income covered by paragraph (b).", "Amendment_Count": 5, "First_Amended": "No 147 of 1997", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 147 of 1997 | No 16 of 1998 | No 60 of 1999 | No 66 of 2003 | No 41 of 2005", "History_Notes": "Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 60 of 1999, effective 9 July 1999 ( see s. 2) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-25", "Provision_Key": "s36-25", "Heading": "Special rules about tax losses", "Text": "Tax losses of individuals Item For the special rules about this situation ... See: 1. You go bankrupt, or you are released from debts under a bankruptcy law: your right to deduct tax losses of an earlier income year may be affected. Subdivision 36 ‑ B Tax losses of companies Item For the special rules about this situation ... See: 1. A company has had a change of ownership or control during the income year, and has not satisfied the business continuity test: it works out its taxable income and its tax loss in a special way. Subdivision 165 ‑ B 2. A company wants to deduct a tax loss. It cannot do so unless: • the same people owned the company during the loss year, the income year and any intervening year; and Subdivision 165 ‑ A • no person controlled the company’s voting power at any time during the income year who did not also control it during the whole of the loss year and any intervening year; or the company has satisfied the business continuity test. 3. One or more of these things happen: • income is injected into a company; • a tax benefit is obtained from available losses or deductions; • a deduction is injected into a company; • a tax benefit is obtained because of available income. The Commissioner can disallow tax losses or current year deductions. Division 175 4. A company can transfer a surplus amount of its tax loss to another company so that the other company can deduct the amount in the income year of the transfer. (Both companies must be members of the same wholly ‑ owned group.) Subdivision 170 ‑ A See also: Tax losses of pooled development funds (PDFs) below 5. A life insurance company Subdivision 320 ‑ D 6. A company is a designated infrastructure project entity. Subdivision 415 ‑ B Tax losses of corporate tax entities Item For the special rules about this situation... See: 1. A corporate tax entity that has an amount of excess franking offsets for an income year: it works out its tax loss in a special way. Subdivision 36 ‑ C See also Division 160 (loss carry back tax offset for 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 for businesses with turnover under $5 billion) Tax losses of entities generally Item For the special rules about this situation ... See: 3. You have deductions in relation to deriving income under section 26AG of the Income Tax Assessment Act 1936 from the proceeds of a film: your tax loss may have a film component, which is deductible from your film income only. Former Subdivision 375 ‑ G Tax losses of pooled development funds (PDFs) Item For the special rules about this situation ... See: 1. A company is a pooled development fund (PDF) at the end of an income year for which it has a tax loss: it can only: (a) deduct the loss while it is a PDF; or (b) carry back the loss to an income year in which it was a PDF. Sections 195 ‑ 5 and 195 ‑ 37 2. A company becomes a PDF during an income year: special rules affect how it works out a tax loss and how the loss is utilised. Section 195 ‑ 15 Tax losses of VCLPs, ESVCLPs, AFOFs and VCMPs Item For the special rules about this situation ... See: 1. A limited partnership that has a tax loss becomes a VCLP, an ESVCLP, an AFOF or a VCMP: it cannot: (a) deduct the loss while it is a VCLP, an ESVCLP, an AFOF or a VCMP; or (b) carry back the loss to an income year in which it was not a VCLP, an ESVCLP, an AFOF or a VCMP. Subdivision 195 ‑ B Tax losses of entities that become foreign hybrids Item For the special rules about this situation... See: 1. An entity that has a tax loss becomes a foreign hybrid: it cannot deduct the loss while it is a foreign hybrid. Section 830 ‑ 115 Tax losses of trusts Item For the special rules about this subsection... See: 1. A trust has had a change of ownership or control or there has been an abnormal trading in its units: • if this happens in the income year, it works out its net income and tax loss in a special way; or • if this happens at any time from the start of a loss year until the end of the income year, it cannot deduct a tax loss from the loss year. This will not be the case if the trust is an excepted trust. However, if it became one by making a family trust election, a special tax may be payable on certain distributions and other amounts. Divisions 266, 267 and 268 in Schedule 2F to the Income Tax Assessment Act 1936 2. A trust is involved in a scheme to take advantage of deductions. The trust may be prevented from making full use of them. Division 270 in Schedule 2F to the Income Tax Assessment Act 1936 3. A trust is a designated infrastructure project entity. Subdivision 415 ‑ B Tax losses of greenfields minerals explorers Item For the special rules about this situation... See: 1. A greenfields minerals explorer creates exploration credits. Section 418 ‑ 95", "Amendment_Count": 18, "First_Amended": "No 17 of 1998", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 17 of 1998 | No 136 of 2002 | No 142 of 2003 | No 83 of 2004 | No 101 of 2004 | No 147 of 2005 | No 78 of 2007 | No 143 of 2007 | No 164 of 2007 | No 41 of 2011 | No 12 of 2012 | No 88 of 2013 | No 124 of 2013 | No 96 of 2014 | No 21 of 2015 | No 7 of 2019 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Amended by No 17 of 1998, effective 16 Apr 1998 | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-30", "Provision_Key": "s36-30", "Heading": "What this Subdivision is about", "Text": "After you become bankrupt, you cannot deduct a tax loss that you incurred beforehand. However, you may be able to deduct repayments of debts you incurred in the loss year. Table of sections Operative provisions 36 ‑ 35 No deduction for tax loss incurred before bankruptcy 36 ‑ 40 Deduction for amounts paid for debts incurred before bankruptcy 36 ‑ 45 Limit on deductions for amounts paid", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-35", "Provision_Key": "s36-35", "Heading": "No deduction for tax loss incurred before bankruptcy", "Text": "(1) If: (a) you became bankrupt; or (b) you were released from a debt by the operation of an Act relating to bankruptcy; before the income year, you cannot deduct a * tax loss that you incurred before the day on which you either became bankrupt or were released. (2) If: (a) you became bankrupt before the income year; and (b) the bankruptcy is later annulled under section 74 of the Bankruptcy Act 1966 because your creditors have accepted your proposal for a composition or scheme of arrangement; and (c) under the composition or scheme of arrangement, you have been, will be or may be released from some or all of the debts from which you would have been released if you had instead been discharged from the bankruptcy; you cannot deduct a * tax loss that you incurred before the day on which you became bankrupt.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-40", "Provision_Key": "s36-40", "Heading": "Deduction for amounts paid for debts incurred before bankruptcy", "Text": "Tax losses generally (1) If: (a) you pay an amount in the income year for a debt that you incurred in an earlier income year; and (b) you have a * tax loss covered by section 36 ‑ 35 for that earlier income year; you can deduct the amount paid, but only to the extent that it does not exceed so much of the debt as the Commissioner is satisfied was taken into account in calculating the amount of the tax loss. Film losses (2) If: (a) you pay an amount in the income year for a debt that you incurred in an earlier income year; and (b) you incurred the debt in the course of deriving or gaining * assessable film income or * exempt film income; and (c) you also incurred a * film loss covered by section 36 ‑ 35 in that earlier income year; you can deduct the amount paid, but only to the extent that it does not exceed so much of the debt as the Commissioner is satisfied was taken into account in calculating the amount of the film loss. (3) A film loss is the * film component (if any) of a * tax loss. (4) Your * tax loss for an income year has a film component if your * film deductions for the year exceed the sum of: (a) your * assessable film income for the year; and (b) your * net exempt film income for the year. The amount of the film component is the excess or the tax loss, whichever is lesser. (5) However, if your * tax loss worked out under a provision listed in the table, the film component is what that tax loss would have been if: (a) your * film deductions for the * loss year had been your only deductions; and (b) your * assessable film income for the loss year had been your only assessable income; and (c) your * net exempt film income for the loss year had been your only * net exempt income. However, the film component cannot exceed the actual tax loss. Working out film component of tax loss Item Provision Type of entity 1 165 ‑ 70 Company—income year when ownership or control changed 2 175 ‑ 35 Company—deductions that have been used to obtain a tax benefit disallowed 3 268 ‑ 60 in Schedule 2F to the Income Tax Assessment Act 1936 Trust—income year when ownership or control changed", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 121 of 1997 | No 164 of 2007", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-45", "Provision_Key": "s36-45", "Heading": "Limit on deductions for amounts paid", "Text": "Tax losses generally (1) The total of your deductions under subsection 36 ‑ 40(1) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * tax loss reduced by the sum of: (a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and (b) any amounts of the tax loss * utilised in earlier income years; and (c) any amounts of the tax loss that, apart from section 36 ‑ 35, would have been deductible from your * net exempt income for the income year or earlier income years. Film losses (2) The total of your deductions under subsection 36 ‑ 40(2) for amounts paid in the income year for debts incurred in the * loss year cannot exceed the amount of the * film loss reduced by the sum of: (a) your deductions under that subsection for amounts paid in earlier income years for debts incurred in the loss year; and (b) any amounts of the film loss deducted in earlier income years; and (c) any amounts of the film loss that, apart from section 36 ‑ 35, would have been deductible from your * net exempt film income for the income year or earlier income years.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-50", "Provision_Key": "s36-50", "Heading": "What this Subdivision is about", "Text": "Amounts of tax offsets to which a corporate tax entity is entitled under Division 207 and Subdivision 210 ‑ H may in some circumstances be converted into an amount of a tax loss for the entity. Table of sections Operative provision 36 ‑ 55 Converting excess franking offsets into tax loss", "Amendment_Count": 1, "First_Amended": "No 142 of 2003", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 142 of 2003", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 36-55", "Provision_Key": "s36-55", "Heading": "Converting excess franking offsets into tax loss", "Text": "Excess franking offsets (1) An entity that is a * corporate tax entity at any time during an income year has an amount of excess franking offsets for that year if: (a) the total amount of * tax offsets to which the entity is entitled for that year under Division 207 and Subdivision 210 ‑ H (except those that are subject to the refundable tax offset rules because of section 67 ‑ 25); exceeds: (b) the amount of income tax that the entity would have to pay on its taxable income for that year if: (i) it did not have those tax offsets; and (ii) it did not have any tax offsets that are subject to the tax offset carry forward rules or the refundable tax offset rules; and (iii) it did not have any tax offset under section 205 ‑ 70; but had all its other tax offsets. The excess is the amount of excess franking offsets . Note: Division 65 sets out the tax offset carry forward rules. Division 67 sets out which tax offsets are subject to the refundable tax offset rules. Example: For the 2017 ‑ 18 income year, Company E (which is not a base rate entity) has: assessable income of $200 (franked distribution of $140 and franking credit of $60); and $100 of deductions that are allowable. The tax offset of $60 from the franking credit is not stated in Division 67 to be subject to the refundable tax offset rules. Disregarding the tax offset of $60 from the franking credit, the amount of income tax that Company E would have to pay is $30: This amount is $30 less than the tax offset of $60. Company E therefore has an amount of excess franking offsets of $30 for that year. How to work out the amount of the tax loss (2) For the purposes of this Act, if: (a) an entity has an amount of * excess franking offsets for an income year; and (b) the result of applying the following method statement is a positive amount; then: (c) the entity is taken to have a * tax loss for that year equal to that positive amount (instead of an amount of tax loss worked out under section 36 ‑ 10, 165 ‑ 70, 175 ‑ 35 or 701 ‑ 30); and (d) that year is taken to be a * loss year for the entity if the entity would not otherwise have a tax loss for that year. Method statement Step 1. Work out the amount (if any) that would have been the entity’s * tax loss for that year under section 36 ‑ 10, 165 ‑ 70, 175 ‑ 35 or 701 ‑ 30 if the entity’s * net exempt income for that year (if any) were disregarded. Note: See section 36 ‑ 20 for the calculation of net exempt income. Step 2. Divide the amount of * excess franking offsets by the entity’s * corporate tax rate for imputation purposes for that year. Step 3. Add the results of steps 1 and 2. Step 4. Reduce the result of step 3 by the entity’s * net exempt income for that year (if any). The result of this step is taken to be the entity’s * tax loss for that year. However, if the result of this step is nil or a negative amount, the company does not have any tax loss for that year. Example: Assume that company E did not derive any exempt income for the 2017 ‑ 2018 income year and that it would not otherwise have any tax loss for that year under section 36 ‑ 10, 165 ‑ 70, 175 ‑ 35 or 701 ‑ 30. Applying the method statement, the amount of excess franking offsets of $30 generates a tax loss of $100 for that year, which can be deducted in a later income year under section 36 ‑ 15 or 36 ‑ 17. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 5, "First_Amended": "No 107 of 2003", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 107 of 2003 | No 142 of 2003 | No 164 of 2007 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s36-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1", "Provision_Key": "s40-1", "Heading": "What this Division is about", "Text": "You can deduct an amount equal to the decline in value of a depreciating asset (an asset that has a limited effective life and that is reasonably expected to decline in value over the time it is used) that you hold. That decline is generally measured by reference to the effective life of the asset. You can also deduct amounts for certain other capital expenditure.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Repealed and substituted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-10", "Provision_Key": "s40-10", "Heading": "Simplified outline of this Division", "Text": "The key concepts about depreciating assets and certain other capital expenditure are outlined below (in bold italics ). Simplified outline of this Division Item Major topic Subordinate topics Rules Provisions 1 Rules about depreciating assets 1.1 Core provisions Depreciating assets are assets with a limited effective life that are reasonably expected to decline in value. Broadly, the effective life of a depreciating asset is the period it can be used to produce income. The decline in value is based on the cost and effective life of the depreciating asset, not its actual change in value. It begins at start time , when you begin to use the asset (or when you have it installed ready for use). It continues while you use the asset (or have it installed). Usually, the owner of a depreciating asset holds the asset and can therefore claim deductions for its decline in value. Sometimes the economic owner will be different to the legal owner and the economic owner will be the holder. Subdivision 40 ‑ B 1.2 Cost The cost of a depreciating asset includes both: expenses you incur to start holding the asset; and additional expenses that contribute to its present condition and location (e.g. improvements). Subdivision 40 ‑ C 1.3 Balancing adjustments When you stop holding a depreciating asset you may have to include an amount in your assessable income, or deduct an amount under a balancing adjustment . The adjustment reconciles the decline with the actual change in value. Subdivision 40 ‑ D 1.4 Low ‑ value and software development pools Low ‑ cost assets and assets depreciated to a low value may be placed in a low value pool , which is treated as a single depreciating asset. You can also pool in ‑ house software expenditure in a software development pool . Subdivision 40 ‑ E 1.5 Primary production depreciating assets You can deduct amounts for capital expenditure on: water facilities immediately; or horticultural plants over a period that relates to the effective life of the plant; or fodder storage assets immediately; or fencing assets immediately. Subdivision 40 ‑ F 2 Rules about other capital expenditure 2.1 Capital expenditure of primary producers and other landholders You can deduct amounts for capital expenditure on: landcare operations immediately; or electricity and telephone lines over 10 income years. Subdivision 40 ‑ G 2.2 Capital expenditure that is immediately deductible You can get an immediate deduction for certain capital expenditure on: exploration or prospecting ; and rehabilitation of mine and quarry sites ; and paying petroleum taxes ; and environmental protection activities . Subdivision 40 ‑ H 2.3 Capital expenditure that is deductible over time You can deduct amounts for certain capital expenditure associated with projects you carry on. You deduct the amount over the life of the project using a project pool . You can also deduct amounts for certain business related costs over 5 years where the amounts are not otherwise taken into account and are not denied a deduction. Subdivision 40 ‑ I 2.4 Capital expenditure for establishing trees in carbon sink forests You can deduct amounts for capital expenditure for the establishment of trees in carbon sink forests. Subdivision 40 ‑ J", "Amendment_Count": 8, "First_Amended": "No 16 of 1998", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 16 of 1998 | No 91 of 1998 | No 76 of 2001 | No 129 of 2004 | No 32 of 2006 | No 38 of 2008 | No 67 of 2015 | No 141 of 2020", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Repealed and substituted by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Repealed and substituted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-15", "Provision_Key": "s40-15", "Heading": "Objects of Division", "Text": "The objects of this Division are: (a) to allow you to deduct the * cost of a * depreciating asset; and (b) to spread the deduction over a period that reflects the time for which the asset can be used to obtain benefits; and (c) to provide deductions for certain other capital expenditure that is not otherwise deductible. Note 1: This Division does not apply to some depreciating assets: see section 40 ‑ 45. Note 2: The application of this Division to a life insurance company is affected by sections 320 ‑ 200 and 320 ‑ 255.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 76 of 2001 | No 83 of 2004", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Repealed and substituted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-20", "Provision_Key": "s40-20", "Heading": "What this Subdivision is about", "Text": "The rules that apply to most depreciating assets are in this Subdivision. It explains: • what a depreciating asset is; and • when you start deducting amounts for depreciating assets; and • how to work out your deductions. It also contains rules for splitting and merging depreciating assets. Table of sections Operative provisions 40 ‑ 25 Deducting amounts for depreciating assets 40 ‑ 27 Further reduction of deduction for second ‑ hand assets in residential property 40 ‑ 30 What a depreciating asset is 40 ‑ 35 Jointly held depreciating assets 40 ‑ 40 Meaning of hold a depreciating asset 40 ‑ 42 When mining, quarrying or prospecting rights are used 40 ‑ 45 Assets to which this Division does not apply 40 ‑ 50 Assets for which you deduct under another Subdivision 40 ‑ 53 Alterations etc. to certain depreciating assets 40 ‑ 55 Use of the “cents per kilometre” car expense deduction method 40 ‑ 60 When a depreciating asset starts to decline in value 40 ‑ 65 Choice of methods to work out the decline in value 40 ‑ 70 Diminishing value method 40 ‑ 72 Diminishing value method for post ‑ 9 May 2006 assets 40 ‑ 75 Prime cost method 40 ‑ 80 When you can deduct the asset’s cost 40 ‑ 82 Assets costing less than $150,000—medium sized businesses—assets first acquired between 2 April 2019 and 31 December 2020 40 ‑ 85 Meaning of adjustable value and opening adjustable value of a depreciating asset 40 ‑ 90 Debt forgiveness 40 ‑ 95 Choice of determining effective life 40 ‑ 100 Commissioner’s determination of effective life 40 ‑ 102 Capped life of certain depreciating assets 40 ‑ 103 Effective life and remaining effective life of certain vessels 40 ‑ 105 Self ‑ assessing effective life 40 ‑ 110 Recalculating effective life 40 ‑ 115 Splitting a depreciating asset 40 ‑ 120 Replacement spectrum licences 40 ‑ 122 Partial conversions of mining, quarrying or prospecting rights 40 ‑ 125 Merging depreciating assets 40 ‑ 130 Choices 40 ‑ 135 Certain anti ‑ avoidance provisions 40 ‑ 140 Getting tax information from associates", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 16 of 1998 | No 76 of 2001", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Repealed and substituted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-25", "Provision_Key": "s40-25", "Heading": "Deducting amounts for depreciating assets", "Text": "You deduct the decline in value (1) You can deduct an amount equal to the decline in value for an income year (as worked out under this Division) of a * depreciating asset that you * held for any time during the year. Note 1: Sections 40 ‑ 70, 40 ‑ 72 and 40 ‑ 75 show you how to work out the decline for most depreciating assets. There is a limit on the decline: see subsections 40 ‑ 70(3), 40 ‑ 72(3) and 40 ‑ 75(7). Note 2: Small business entities can choose to both deduct and work out the amount they can deduct under Division 328. Note 3: Generally, only one taxpayer can deduct amounts for a depreciating asset. However, if you and another taxpayer jointly hold the asset, each of you deduct amounts for it: see section 40 ‑ 35. Reduction of deduction (2) You must reduce your deduction by the part of the asset’s decline in value that is attributable to your use of the asset, or your having it * installed ready for use, for a purpose other than a * taxable purpose. Example: Ben holds a depreciating asset that he uses for private purposes for 30% of his total use in the income year. If the asset declines by $1,000 for the year, Ben would have to reduce his deduction by $300 (30% of $1,000). Note: You may have to make a further reduction under subsections (3) and (4) or section 40 ‑ 27. Further reduction: leisure facilities (3) You may have to make a further reduction for a * depreciating asset that is a * leisure facility attributable to your use of it, or your having it * installed ready for use, for a * taxable purpose. (4) That reduction is the part of the * leisure facility’s decline in value that is attributable to your use of it, or your having it * installed ready for use, at a time when: (a) its use did not constitute a * fringe benefit; or (b) you did not use it or * hold it for use as mentioned in paragraph 26 ‑ 50(3)(b) (about using it in the course of your business or for your employees). Exception: low ‑ value pools (5) Subsections (2), (3) and (4) do not apply to * depreciating assets allocated to a low ‑ value pool. Despite subsection (1), you can continue to deduct an amount equal to the decline in value for an income year (as worked out under this Division) of such an asset even though you do not continue to * hold that asset. Note: See Subdivision 40 ‑ E for low ‑ value pools. Meaning of taxable purpose (7) Subject to subsection (8), a taxable purpose is: (a) the * purpose of producing assessable income; or (b) the purpose of * exploration or prospecting; or (c) the purpose of * mining site rehabilitation; or (d) * environmental protection activities. Note 1: Where you have had a deduction under this Division an amount may be included in your assessable income if the expenditure was financed by limited recourse debt that has terminated: see Division 243. Note 2: When this Division notionally applies under section 355 ‑ 310 (about depreciating assets used for R&D activities), the taxable purpose is sometimes only the purpose of conducting R&D activities. (8) If Division 250 applies to you and an asset that is a * depreciating asset: (a) if section 250 ‑ 150 applies—you are taken not to be using the asset for a * taxable purpose to the extent of the * disallowed capital allowance percentage; or (b) otherwise—you are taken not to be using the asset for such a purpose.", "Amendment_Count": 12, "First_Amended": "No 16 of 1998", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 16 of 1998 | No 164 of 1999 | No 76 of 2001 | No 119 of 2002 | No 55 of 2006 | No 78 of 2007 | No 80 of 2007 | No 164 of 2007 | No 93 of 2011 | No 162 of 2015 | No 15 of 2017 | No 126 of 2017", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed and substituted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-27", "Provision_Key": "s40-27", "Heading": "Further reduction of deduction for second ‑ hand assets in residential property", "Text": "(1) In addition to subsections 40 ‑ 25(2) to (4), you may have to further reduce your deduction for a * depreciating asset for the income year. (2) Reduce your deduction by any part of the asset’s decline in value that is attributable to your use of it, or your having it * installed ready for use, for the * purpose of producing assessable income: (a) from the use of * residential premises to provide residential accommodation; but (b) not in the course of carrying on a * business; if: (c) you did not * hold the asset when it was first used, or first installed ready for use, (other than as trading stock) by any entity; or (d) at any time during the income year or an earlier income year, the asset was used, or installed ready for use, either: (i) in residential premises that were one of your residences at that time; or (ii) for a purpose that was not a * taxable purpose, and in a way that was not occasional. Note: Your deduction could be reduced to nil if the purpose to which paragraphs (a) and (b) relate is your only taxable purpose for using the asset or having the asset installed ready for use. Exception—kind of entity (3) Subsection (2) does not apply to you for the asset if, at any time during the income year, you are: (a) a * corporate tax entity; or (b) a * superannuation plan that is not a * self managed superannuation fund; or (c) a * managed investment trust; or (d) a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); or (e) a unit trust or partnership, if each * member of the trust or partnership is covered by a paragraph of this subsection at that time during the income year. Exception—certain assets in new residential premises (4) Paragraph (2)(c) does not apply to you for the asset if: (a) the * residential premises referred to in paragraph (2)(a) (the current premises ) are supplied to you as new residential premises on a particular day (the current supply day ); and (b) the asset is supplied to you as part of that supply of the current premises; and (c) at the time you first * hold the asset as a result of that supply, the asset is used, or * installed ready for use, in: (i) the current premises; or (ii) any other real property in which an interest was supplied to you as part of that supply of the current premises; and (d) at any earlier time, no entity was residing in any residential premises in which the asset was used, or installed ready for use, at that earlier time; and (e) no amount can be deducted under this Division, or under Subdivision 328 ‑ D, for the asset for any income year by any previous holder of the asset. Note: An entity residing at an earlier time in other residential premises in the same complex will not cause paragraph (d) to prevent this subsection from applying. (5) However, disregard paragraph (4)(d) for an earlier time if: (a) the asset was used, or installed ready for use, in the current premises at that time; and (b) both that time, and the current supply, happen during the 6 ‑ month period starting on the day the current premises became new residential premises. Exception—low ‑ value pools (6) Subsection (2) does not apply to * depreciating assets allocated to a low ‑ value pool. Note: See Subdivision 40 ‑ E for low ‑ value pools.", "Amendment_Count": 1, "First_Amended": "No 126 of 2017", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 126 of 2017", "History_Notes": "Inserted by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-30", "Provision_Key": "s40-30", "Heading": "What a depreciating asset is", "Text": "(1) A depreciating asset is an asset that has a limited * effective life and can reasonably be expected to decline in value over the time it is used, except: (a) land; or (b) an item of * trading stock; or (c) an intangible asset, unless it is mentioned in subsection (2). (2) These intangible assets are depreciating assets if they are not * trading stock: (a) * mining, quarrying or prospecting rights; (b) * mining, quarrying or prospecting information; (c) items of * intellectual property; (d) * in ‑ house software; (e) * IRUs; (f) * spectrum licences; (h) * telecommunications site access rights. (3) This Division applies to an improvement to land, or a fixture on land, whether the improvement or fixture is removable or not, as if it were an asset separate from the land. Note 1: Whether such an asset is a depreciating asset depends on whether it falls within the definition in subsection (1). Note 2: This Division does not apply to capital works for which you can deduct amounts under Division 43: see subsection 40 ‑ 45(2). (4) Whether a particular composite item is itself a depreciating asset or whether its components are separate depreciating assets is a question of fact and degree which can only be determined in the light of all the circumstances of the particular case. Example 1: A car is made up of many separate components, but usually the car is a depreciating asset rather than each component. Example 2: A floating restaurant consists of many separate components (like the ship itself, stoves, fridges, furniture, crockery and cutlery), but usually these components are treated as separate depreciating assets. (5) This Division applies to a renewal or extension of a * depreciating asset that is a right as if the renewal or extension were a continuation of the original right. (6) This Division applies to a * mining, quarrying or prospecting right (the new right ) as if it were a continuation of another mining, quarrying or prospecting right you * held if: (a) the other right ends; and (b) any of the following conditions are satisfied: (i) the new right and the other right relate to the same area, or any difference in area is not significant; (ii) the new right relates to an area that is a part of the area that the other right relates to. Note: If the other right does not end, it may be taken to be split into 2 assets: see section 40 ‑ 122. (7) For the purposes of subsection (6), it does not matter whether the new right begins immediately after the other right ends or later (including in a later income year).", "Amendment_Count": 15, "First_Amended": "No 121 of 1997", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 46 of 1998 | No 91 of 1998 | No 108 of 1998 | No 39 of 1999 | No 54 of 1999 | No 164 of 1999 | No 76 of 2001 | No 66 of 2003 | No 78 of 2005 | No 84 of 2013 | No 96 of 2014 | No 151 of 2020 | No 67 of 2024", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Amended by No 108 of 1998, effective 7 Dec 1998 ( see s. 2) | Amended by No 39 of 1999, effective 31 May 1999 | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed and substituted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 151 of 2020, effective Sch 9 (items 101–106): 17 June 2021 (s 2(1) item 12) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-35", "Provision_Key": "s40-35", "Heading": "Jointly held depreciating assets", "Text": "(1) This Division and the provisions referred to in subsection (3) apply to a * depreciating asset (the underlying asset ) that you * hold, and that is also held by one or more other entities, as if your interest in the underlying asset were itself the underlying asset. Note: Partners do not hold partnership assets: see section 40 ‑ 40. (2) As a result, the decline in value of the underlying asset is not itself taken into account. Example: Buford Corp owns an office block that it leases to 2 companies, Smokey Pty Ltd and Bandit Pty Ltd. Smokey and Bandit decide to install a fountain in front of the building. They discuss it with Buford who agrees to pay half the cost (because the fountain won’t be removable at the end of the lease). Smokey and Bandit split the rest of the cost between them. Smokey and Bandit would each hold the asset under item 3 of the table in section 40 ‑ 40 and Buford would hold it under item 10. They would be joint holders, so each would write ‑ off its interest in the fountain. (3) The provisions are: (a) Divisions 41, 328 and 775 of this Act; and (b) Divisions 40 and 328 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 22 of 2020", "Amending_Acts": "No 76 of 2001 | No 133 of 2003 | No 31 of 2009 | No 22 of 2020", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 31 of 2009, effective 22 May 2009 | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-40", "Provision_Key": "s40-40", "Heading": "Meaning of hold a depreciating asset", "Text": "Use this table to work out who holds a * depreciating asset. An entity identified in column 3 of an item in the table as not holding a depreciating asset cannot hold the asset under another item. Identifying the holder of a depreciating asset Item This kind of depreciating asset: Is held by this entity: 1 A * car in respect of which a lease has been granted that was a * luxury car when the lessor first leased it The lessee (while the lessee has the * right to use the car) and not the lessor 2 A * depreciating asset that is fixed to land subject to a * quasi ‑ ownership right (including any extension or renewal of such a right) where the owner of the right has a right to remove the asset The owner of the quasi ‑ ownership right (while the right to remove exists) 3 An improvement to land (whether a fixture or not) subject to a * quasi ‑ ownership right (including any extension or renewal of such a right) made, or itself improved, by any owner of the right for the owner’s own use where the owner of the right has no right to remove the asset The owner of the quasi ‑ ownership right (while it exists) 4 A * depreciating asset that is subject to a lease where the asset is fixed to land and the lessor has the right to recover the asset The lessor (while the right to recover exists) 5 A right that an entity legally owns but which another entity (the economic owner ) exercises or has a right to exercise immediately, where the economic owner has a right to become its legal owner and it is reasonable to expect that: (a) the economic owner will become its legal owner; or (b) it will be disposed of at the direction and for the benefit of the economic owner The economic owner and not the legal owner 6 A * depreciating asset that an entity (the former holder ) would, apart from this item, hold under this table (including by another application of this item) where a second entity (also the economic owner ): (a) possesses the asset, or has a right as against the former holder to possess the asset immediately; and (b) has a right as against the former holder the exercise of which would make the economic owner the holder under any item of this table; and it is reasonable to expect that the economic owner will become its holder by exercising the right, or that the asset will be disposed of at the direction and for the benefit of the economic owner The economic owner and not the former holder 7 A * depreciating asset that is a partnership asset The partnership and not any particular partner 8 * Mining, quarrying or prospecting information that an entity has and that is relevant to: (a) * mining and quarrying operations carried on, or proposed to be carried on by the entity; or (b) a * business carried on by the entity that includes * exploration or prospecting for * minerals or quarry materials obtainable by such operations; whether or not it is generally available The entity 9 Other * mining quarrying or prospecting information that an entity has and that is not generally available The entity 10 Any * depreciating asset The owner, or the legal owner if there is both a legal and equitable owner Example 1: Power Finance leases a luxury car to Kris who subleases it to Rachael. As lessee, item 1 makes Rachael the holder of the car. Power, as the legal owner, would normally hold the car under item 10. However, item 1 makes it clear that Power, as lessor, does not hold the car. As the lessee, item 1 would normally mean that Kris held the car but, again, she is also a lessor and so is not the holder (she also doesn’t have the right to use the car during the sublease). Example 2: Sandra sells a packing machine to Jenny under a hire purchase agreement. Jenny holds the machine under item 6 because, although she is not the legal owner until she exercises her option to purchase, she possesses the machine now and can exercise an option to become its legal owner. Jenny is reasonably expected to exercise that option because the final payment will be well below the expected market value of the machine at the end of the agreement. Sandra, as the machine’s legal owner, would normally be its holder under item 10 but item 6 makes it clear that the legal owner is not the holder. Note 1: Some assets may have holders under more than one item in the table. Note 2: As well as hire purchase agreements, items 5 and 6 cover cases like assets subject to chattel mortgages, sales subject to retention of title clauses and assets subject to bare trusts.", "Amendment_Count": 5, "First_Amended": "No 76 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 76 of 2001 | No 79 of 2010 | No 14 of 2012 | No 84 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-42", "Provision_Key": "s40-42", "Heading": "When mining, quarrying or prospecting rights are used", "Text": "(1) This Division and Subdivision 328 ‑ D (capital allowances for small business entities) apply to a * depreciating asset you * hold that is a * mining, quarrying or prospecting right as if a reference to using the asset were a reference to engaging in activity that involves exercising rights conferred on you by the asset. (2) If the asset is an interest covered by paragraph (c) of the definition of mining, quarrying or prospecting right in subsection 995 ‑ 1(1), the reference in subsection (1) of this section to rights conferred on you by the asset is taken to be a reference to rights conferred on you by the authority, licence, permit, right or lease referred to in paragraph (c) of that definition.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-42"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-45", "Provision_Key": "s40-45", "Heading": "Assets to which this Division does not apply", "Text": "Eligible work related items (1) This Division does not apply to an asset that is an eligible work related item for the purposes of section 58X of the Fringe Benefits Tax Assessment Act 1986 where the relevant benefit provided by the employer is an expense payment benefit or a property benefit (within the meaning of that Act). Capital works (2) This Division does not apply to capital works for which you can deduct amounts under Division 43, or for which you could deduct amounts under that Division: (a) but for expenditure being incurred, or capital works being started, before a particular day; or (b) had you used the capital works for a purpose relevant to those capital works under section 43 ‑ 140. Note: Section 43 ‑ 20 lists the capital works to which that Division applies. Films (5) This Division does not apply to a * depreciating asset if you or another taxpayer has deducted or can deduct amounts for it under: (a) former Division 10BA of Part III of the Income Tax Assessment Act 1936 (about Australian films); or (b) former Division 10B of Part III of that Act if the depreciating asset relates to a copyright in an Australian film within the meaning of that Division. (6) This Division applies to a * depreciating asset that is copyright in a * film where a company is entitled to a * tax offset under section 376 ‑ 55 in respect of the film as if the asset’s * cost were reduced by the amount of that offset.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 59 of 2008", "Amending_Acts": "No 76 of 2001 | No 170 of 2001 | No 119 of 2002 | No 78 of 2005 | No 164 of 2007 | No 59 of 2008", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 59 of 2008, effective 30 June 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-50", "Provision_Key": "s40-50", "Heading": "Assets for which you deduct under another Subdivision", "Text": "(1) You cannot deduct an amount, or work out a decline in value, for a * depreciating asset under this Subdivision if you or another taxpayer has deducted or can deduct amounts for it under Subdivision 40 ‑ F (about primary production depreciating assets), 40 ‑ G (about capital expenditure of primary producers and other landholders) or 40 ‑ J (about capital expenditure for the establishment of trees in carbon sink forests). (2) You cannot deduct an amount, or work out a decline in value, for * in ‑ house software under this Subdivision if you have allocated expenditure on the software to a software development pool under Subdivision 40 ‑ E.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 38 of 2008", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-53", "Provision_Key": "s40-53", "Heading": "Alterations etc. to certain depreciating assets", "Text": "(1) These things are not the same * depreciating asset for the purposes of section 40 ‑ 50 and Subdivision 40 ‑ F: (a) a depreciating asset; and (b) a repair of a capital nature, or an alteration, addition or extension, to that asset that would, if it were a separate depreciating asset, be a * water facility, * fodder storage asset or * fencing asset. (2) These things are not the same * depreciating asset for the purposes of section 40 ‑ 50 and Subdivision 40 ‑ G: (a) a depreciating asset; and (b) a repair of a capital nature, or an alteration, addition or extension, to that asset that would, if it were a separate depreciating asset, be a * landcare operation.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 67 of 2015", "Amending_Acts": "No 23 of 2005 | No 67 of 2015", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-53"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-55", "Provision_Key": "s40-55", "Heading": "Use of the “cents per kilometre” car expense deduction method", "Text": "You cannot deduct any amount for the decline in value of a * car for an income year if you use the “cents per kilometre” method for the car for that year. Note: See Subdivision 28 ‑ C for that method.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 76 of 2001 | No 162 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Repealed and substituted by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-60", "Provision_Key": "s40-60", "Heading": "When a depreciating asset starts to decline in value", "Text": "(1) A * depreciating asset you * hold starts to decline in value from when its * start time occurs. (2) The start time of a * depreciating asset is when you first use it, or have it * installed ready for use, for any purpose. Note: Previous use by a transition entity is ignored: see section 58 ‑ 70. (3) However, there is another start time for a * depreciating asset you * hold if a * balancing adjustment event referred to in paragraph 40 ‑ 295(1)(b) occurs for the asset and you start to use the asset again. Its second start time is when you start using it again.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-65", "Provision_Key": "s40-65", "Heading": "Choice of methods to work out the decline in value", "Text": "(1) You have a choice of 2 methods to work out the decline in value of a * depreciating asset. You must choose to use either the * diminishing value method or the * prime cost method. Note 1: Once you make the choice for an asset, you cannot change it: see section 40 ‑ 130. Note 2: For the diminishing value method, see sections 40 ‑ 70 and 40 ‑ 72. For the prime cost method, see section 40 ‑ 75. Note 3: In some cases you do not have to make the choice because you can deduct the asset’s cost: see sections 40 ‑ 80 and 40 ‑ 82. Note 4: Subdivisions 40 ‑ BA and 40 ‑ BB of the Income Tax (Transitional Provisions) Act 1997 may affect the operation of this section. Exception: asset acquired from associate (2) For a * depreciating asset that you acquire from an * associate of yours where the associate has deducted or can deduct an amount for the asset under this Division, you must use the same method that the associate was using. Note: You can require the associate to tell you which method the associate was using: see section 40 ‑ 140. Exception: holder changes but user same or associate of former user (3) For a * depreciating asset that you acquire from a former * holder of the asset, you must use the same method that the former holder was using for the asset if: (a) the former holder or another entity (each of which is the former user ) was using the asset at a time before you became the holder; and (b) while you hold the asset, the former user or an * associate of the former user uses the asset. (4) However, you must use the * diminishing value method if: (a) you do not know, and cannot readily find out, which method the former holder was using; or (b) the former holder did not use a method. Exception: low ‑ value pools (5) You work out the decline in value of a * depreciating asset in a low ‑ value pool under Subdivision 40 ‑ E rather than under this Subdivision. Exception: also notionally deductible under R&D provisions (6) If: (a) only one of the following events has happened: (i) you have deducted one or more amounts under this Division for an asset; (ii) you have been entitled under section 355 ‑ 100 (about R&D) to one or more * tax offsets because you can deduct one or more amounts under section 355 ‑ 305 for an asset; but (b) later, the other event happens for the asset; then, for the purposes of working out the deduction for the later event, you must choose the same method that you chose for the first event. Note 1: Deductions under section 355 ‑ 305 (about decline in value of tangible depreciating assets used for R&D activities) are worked out using a notional application of this Division. Note 2: This subsection applies with changes if you have or could have deducted an amount under former section 73BA of the Income Tax Assessment Act 1936 for the asset (see section 40 ‑ 67 of the Income Tax (Transitional Provisions) Act 1997 ). (7) If: (a) the events in paragraph (6)(a) could both arise for the same period for an asset; and (b) neither event has already arisen for the asset; then you must choose the same method for the purposes of working out the deduction for each event.", "Amendment_Count": 7, "First_Amended": "No 76 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 76 of 2001 | No 170 of 2001 | No 55 of 2006 | No 93 of 2011 | No 51 of 2019 | No 22 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-70", "Provision_Key": "s40-70", "Heading": "Diminishing value method", "Text": "(1) You work out the decline in value of a * depreciating asset for an income year using the diminishing value method in this way: where: base value is: (a) for the income year in which the asset’s * start time occurs—its * cost; or (b) for a later year—the sum of its * opening adjustable value for that year and any amount included in the second element of its cost for that year. days held is the number of days you * held the asset in the income year from its * start time, ignoring any days in that year when you did not use the asset, or have it * installed ready for use, for any purpose. Note 1: If you recalculate the effective life of a depreciating asset, you use that recalculated life in working out your deduction. You can choose to recalculate effective life because of changed circumstances: see section 40 ‑ 110. That section also requires you to recalculate effective life in some cases. Note 2: The effective life of a vessel can change in some cases: see subsection 40 ‑ 103(2). Exception: intangibles (2) You cannot use the * diminishing value method to work out the decline in value of: (a) * in ‑ house software; or (b) an item of * intellectual property (except copyright in a * film); or (c) a * spectrum licence; or (e) a * telecommunications site access right. Limit on decline (3) The decline in value of a * depreciating asset under this section for an income year cannot be more than the amount that is the asset’s * base value for that income year.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 151 of 2020", "Amending_Acts": "No 76 of 2001 | No 78 of 2005 | No 147 of 2005 | No 14 of 2012 | No 57 of 2012 | No 151 of 2020", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 151 of 2020, effective Sch 9 (items 101–106): 17 June 2021 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-72", "Provision_Key": "s40-72", "Heading": "Diminishing value method for post ‑ 9 May 2006 assets", "Text": "(1) You work out the decline in value of a * depreciating asset for an income year using the diminishing value method in this way if you started to * hold the asset on or after 10 May 2006: where: days held has the same meaning as in subsection 40 ‑ 70(1). Note: If you recalculate the effective life of a depreciating asset, you use that recalculated life in working out your deduction. You can choose to recalculate effective life because of changed circumstances: see section 40 ‑ 110. That section also requires you to recalculate effective life in some cases. Exception: intangibles (2) You cannot use the * diminishing value method to work out the decline in value of: (a) * in ‑ house software; or (b) an item of * intellectual property (except copyright in a * film); or (c) a * spectrum licence; or (e) a * telecommunications site access right. Limit on decline (3) The decline in value of a * depreciating asset under this section for an income year cannot be more than the amount that is the asset’s * base value for that income year.", "Amendment_Count": 3, "First_Amended": "No 55 of 2006", "Last_Amended": "No 151 of 2020", "Amending_Acts": "No 55 of 2006 | No 14 of 2012 | No 151 of 2020", "History_Notes": "Inserted by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 151 of 2020, effective Sch 9 (items 101–106): 17 June 2021 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-72"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-75", "Provision_Key": "s40-75", "Heading": "Prime cost method", "Text": "(1) You work out the decline in value of a * depreciating asset for an income year using the prime cost method in this way: where: where: days held has the same meaning as in subsection 40 ‑ 70(1). Example: Greg acquires an asset for $3,500 and first uses it on the 26th day of the income year. If the effective life of the asset is 3 1 / 3 years, the asset would decline in value in that year by: The asset’s adjustable value at the end of the income year is: (2) However, you must adjust the formula in subsection (1) for an income year (the change year ): (a) for which you recalculate the * depreciating asset’s * effective life; or (b) after the year in which the asset’s start time occurs and in which an amount is included in the second element of the asset’s * cost; or (c) for which the asset’s * opening adjustable value is reduced under section 40 ‑ 90 (about debt forgiveness); or (d) in which the * remaining effective life of the asset is calculated under section 40 ‑ 103; or (e) for which there is a reduction to the asset’s opening adjustable value under paragraph 40 ‑ 365(5)(b) (about involuntary disposals) where you are using the prime cost method; or (f) for which the opening adjustable value of the asset is modified under subsection 27 ‑ 80(3A) or (4), 27 ‑ 85(3) or 27 ‑ 90(3); or (g) for which there is a reduction in the asset’s opening adjustable value under section 775 ‑ 70; or (h) for which there is an increase in the asset’s opening adjustable value under section 775 ‑ 75. The adjustments apply for the change year and later years. Note 1: For recalculating a depreciating asset’s effective life: see section 40 ‑ 110. Note 2: You may also adjust the formula for an income year if you had undeducted core technology expenditure for the asset at the end of your last income year commencing before 1 July 2011 (see section 355 ‑ 605 of the Income Tax (Transitional Provisions) Act 1997 ). Note 3: Subdivision 40 ‑ BA or 40 ‑ BB of the Income Tax (Transitional Provisions) Act 1997 may also require you to adjust the formula: see subsections 40 ‑ 135(3) and 40 ‑ 180(2) of that Act. (3) The adjustments are: (a) instead of the asset’s * cost, you use its * opening adjustable value for the change year plus the amounts (if any) included in the second element of its cost for that year; and (b) instead of the asset’s * effective life, you use its * remaining effective life. (4) The remaining effective life of a * depreciating asset is any period of its * effective life that is yet to elapse as at: (a) the start of the change year; or (b) in the case of a roll ‑ over under section 40 ‑ 340—the time when the * balancing adjustment event occurs for the transferor. Note: Effective life is worked out in years and fractions of years. (5) You must also adjust the formula in subsection (1) for an intangible * depreciating asset that: (a) is mentioned in an item in the table in subsection 40 ‑ 95(7) (except item 5, 7 or 8); and (b) you acquire from a former * holder of the asset. The adjustment applies for the income year in which you acquire the asset and later income years. (6) Instead of the asset’s * effective life under the table in subsection 40 ‑ 95(7), you use the number of years remaining in that effective life as at the start of the income year in which you acquire the asset. Limit on decline (7) The decline in value of a * depreciating asset under this section for an income year cannot be more than: (a) for the income year in which the asset’s * start time occurs—its * cost; or (b) for a later year—the sum of its * opening adjustable value for that year and any amount included in the second element of its cost for that year.", "Amendment_Count": 7, "First_Amended": "No 76 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 133 of 2003 | No 93 of 2011 | No 57 of 2012 | No 22 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-80", "Provision_Key": "s40-80", "Heading": "When you can deduct the asset’s cost", "Text": "Exploration or prospecting (1) The decline in value of a * depreciating asset you * hold is the asset’s * cost if: (a) you first use the asset for * exploration or prospecting for * minerals, or quarry materials, obtainable by * mining and quarrying operations; and (b) when you first use the asset, you do not use it for: (i) development drilling for * petroleum; or (ii) operations in the course of working a mining property, quarrying property or petroleum field; and (c) you satisfy one or more of these subparagraphs at the asset’s * start time: (i) you carry on mining and quarrying operations; (ii) it would be reasonable to conclude you proposed to carry on such operations; (iii) you carry on a * business of, or a business that included, exploration or prospecting for minerals or quarry materials obtainable by such operations, and expenditure on the asset was necessarily incurred in carrying on that business; and (d) in a case where the asset is a * mining, quarrying or prospecting right—you acquired the asset from an * Australian government agency or a * government entity; and (e) in a case where the asset is * mining, quarrying or prospecting information: (i) you acquired the asset from an Australian government agency or a government entity; or (ii) the asset is a geophysical or geological data package you acquired from an entity to which subsection (1AA) applies; or (iii) you created the asset, or contributed to the cost of its creation; or (iv) you caused the asset to be created, or contributed to the cost of it being created, by an entity to which subsection (1AA) applies. (1AA) This subsection applies to an entity if, at the time of the acquisition referred to in subparagraph (1)(e)(ii) or the creation referred to in subparagraph (1)(e)(iv), the entity predominantly carries on a * business of providing * mining, quarrying or prospecting information to other entities that: (a) carry on * mining and quarrying operations; or (b) it would be reasonable to conclude propose to carry on such operations; or (c) carry on a business of, or a business that included, * exploration or prospecting for * minerals or quarry materials obtainable by such operations. (1AB) If an amount is included in the second element of the * cost of a * depreciating asset, subsection (1) applies in relation to that amount only if: (a) your first use of the asset, after the inclusion of the amount in the second element, is for * exploration or prospecting for * minerals, or quarry materials, obtainable by * mining and quarrying operations; and (b) at the time of that first use: (i) you satisfy paragraph (1)(b) as if that first use was your first use of the asset; and (ii) you satisfy paragraph (1)(c) as if the time of that first use was the asset’s * start time; and (c) if the amount relates to a * mining, quarrying or prospecting right—after the inclusion of the amount in the second element, you satisfy paragraph (1)(d) in relation to the right; and (d) if the amount relates to * mining, quarrying or prospecting information—after the inclusion of the amount in the second element: (i) you satisfy paragraph (1)(e) in relation to the information; or (ii) you would satisfy that paragraph, in relation to the economic benefit that resulted in the inclusion of the amount in the second element, if that economic benefit were the asset referred to in that paragraph. (1AC) If subsection (1) does not apply to a * depreciating asset: (a) the fact that subsection (1) does not apply to the asset does not prevent the application of subsection (1AB) to an amount included in the second element of the * cost of the asset; but (b) subsection (1) only affects the asset’s decline in value to the extent that the asset’s cost consists of that amount. Depreciating assets used for certain purposes (2) The decline in value of a * depreciating asset you start to * hold in an income year is the asset’s * cost if: (a) that cost does not exceed $300; and (b) you use the asset predominantly for the * purpose of producing assessable income that is not income from carrying on a * business; and (c) the asset is not one that is part of a set of assets that you started to hold in that income year where the total cost of the set of assets exceeds $300; and (d) the total cost of the asset and any other identical, or substantially identical, asset that you start to hold in that income year does not exceed $300.", "Amendment_Count": 9, "First_Amended": "No 76 of 2001", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 76 of 2001 | No 66 of 2003 | No 12 of 2012 | No 14 of 2012 | No 84 of 2013 | No 69 of 2014 | No 96 of 2014 | No 70 of 2015 | No 130 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 69 of 2014, effective 1 July 2014 (s 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-82", "Provision_Key": "s40-82", "Heading": "Assets costing less than $150,000—medium sized businesses—assets first acquired between 2 April 2019 and 31 December 2020", "Text": "Year in which asset first used, or installed ready for use, for a taxable purpose (1) The decline in value of a * depreciating asset you * hold for the income year (the current year ) in which you start to use the asset, or have it * installed ready for use, for a * taxable purpose is the amount worked out under subsection (2) if: (a) you are an entity covered by subsection (4) (about medium sized businesses) for: (i) the current year; and (ii) the income year in which you started to hold the asset; and (b) you first acquired the asset: (i) at or after 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019; and (ii) before 12 March 2020; and (c) the current year ends on or after 2 April 2019; and (d) you start to use the asset, or have it installed ready for use, for a taxable purpose before 12 March 2020; and (e) the asset is a depreciating asset whose * cost as at the end of the current year is less than $30,000. Note: The amount you can deduct may be reduced by other provisions, such as subsection 40 ‑ 25(2) (about taxable purpose) and section 40 ‑ 215 (about double deductions). (2) The amount is: (a) unless paragraph (b) applies—the asset’s * cost as at the end of the current year; or (b) if the asset’s * start time occurred in an earlier income year—the sum of the asset’s * opening adjustable value for the current year and any amount included in the second element of its cost for the current year. (2A) The decline in value of a * depreciating asset you * hold for the income year (the current year ) in which you start to use the asset, or have it * installed ready for use, for a * taxable purpose is the amount worked out under subsection (2B) if: (a) you are an entity covered by subsection (4) (about medium sized businesses), or by subsection (4A) (about medium sized businesses and certain assets) in relation to the asset, for: (i) the current year; and (ii) the income year in which you started to hold the asset; and (b) you first acquired the asset: (i) at or after 7.30 pm, by legal time in the Australian Capital Territory, on 2 April 2019; and (ii) on or before 31 December 2020; and (c) the current year ends on or after 12 March 2020; and (d) you start to use the asset, or have it installed ready for use, for a taxable purpose: (i) on or after 12 March 2020; and (ii) on or before 30 June 2021; and (e) the asset is a depreciating asset whose * cost as at the end of the earlier of: (i) the end of the current year; and (ii) 31 December 2020; is less than $150,000. Note 1: The amount you can deduct may be reduced by other provisions, such as subsection 40 ‑ 25(2) (about taxable purpose) and section 40 ‑ 215 (about double deductions). Note 2: This subsection does not apply if Subdivision 40 ‑ BB of the Income Tax (Transitional Provisions) Act 1997 applies: see section 40 ‑ 145 of that Act. (2B) The amount is: (a) unless paragraph (b) applies—the asset’s * cost as at the earlier of: (i) the end of the current year; and (ii) 31 December 2020; or (b) if the asset’s * start time occurred in an earlier income year—the sum of: (i) the asset’s * opening adjustable value for the current year; and (ii) any amount included in the second element of the asset’s cost for the current year, other than an amount included after 31 December 2020. Later year (3) The decline in value of a * depreciating asset you * hold for an income year (the later year ) is the first amount included in the second element of the asset’s * cost for the later year if: (a) you are an entity covered by subsection (4) (about medium sized businesses) for the later year; and (aa) the amount is included before 12 March 2020; and (b) the amount included is less than $30,000; and (c) you worked out the decline in value of the asset for an earlier income year under subsection (1); and (d) the later year ends on or after 2 April 2019. Note: The amount you can deduct may be reduced by other provisions, such as subsection 40 ‑ 25(2) (about taxable purpose) and section 40 ‑ 215 (about double deductions). (3A) The decline in value of a * depreciating asset you * hold for an income year (the later year ) is the first amount included in the second element of the asset’s * cost for the later year if: (a) you are an entity covered by subsection (4) (about medium sized businesses), or by subsection (4B) (about medium sized businesses and certain amounts) in relation to the amount, for the later year; and (b) the amount is included: (i) on or after 12 March 2020; and (ii) on or before 31 December 2020; and (c) the amount included is less than $150,000; and (d) you worked out the decline in value of the asset for an earlier income year under subsection (1) or (2A); and (e) the later year ends on or after 12 March 2020. Note 1: The amount you can deduct may be reduced by other provisions, such as subsection 40 ‑ 25(2) (about taxable purpose) and section 40 ‑ 215 (about double deductions). Note 2: This subsection does not apply if Subdivision 40 ‑ BB of the Income Tax (Transitional Provisions) Act 1997 applies: see section 40 ‑ 145 of that Act. Medium sized business (4) An entity is covered by this subsection for an income year if: (a) the entity is not a * small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection. (4A) An entity is covered by this subsection for an income year in relation to an asset mentioned in subsection (2A) if: (a) the entity starts to use the asset, or has the asset * installed ready for use, for a * taxable purpose in the period beginning on 12 March 2020 and ending on 30 June 2021; and (b) the entity is not a * small business entity for the income year; and (c) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $500 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the asset. (4B) An entity is covered by this subsection for an income year in relation to an amount included as mentioned in subsection (3A) if: (a) the amount is so included in the period beginning on 12 March 2020 and ending on 31 December 2020; and (b) the entity is not a * small business entity for the income year; and (c) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $500 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection in relation to the amount. Assets you start to use, or have installed ready for use, after 30 June 2021 (5) The decline in value of a * depreciating asset you start to use, or have * installed ready for use, for a * taxable purpose after 30 June 2021 is worked out under the other provisions of this Division. Amounts included in second element of cost after 31 December 2020 (6) The effect on the value of a * depreciating asset of an amount included in the second element of the asset’s * cost after 31 December 2020 is worked out under the other provisions of this Division.", "Amendment_Count": 4, "First_Amended": "No 51 of 2019", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 51 of 2019 | No 22 of 2020 | No 61 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-82"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-85", "Provision_Key": "s40-85", "Heading": "Meaning of adjustable value and opening adjustable value of a depreciating asset", "Text": "(1) The adjustable value of a * depreciating asset at a particular time is: (a) if you have not yet used it or had it * installed ready for use for any purpose—its * cost; or (b) for a time in the income year in which you first use it, or have it installed ready for use, for any purpose—its cost less its decline in value up to that time; or (c) for a time in a later income year—the sum of its * opening adjustable value for that year and any amount included in the second element of its cost for that year up to that time, less its decline in value for that year up to that time. Note: The adjustable value of a depreciating asset may be modified by section 250 ‑ 285. (2) The opening adjustable value of a * depreciating asset for an income year is its * adjustable value to you at the end of the previous income year. Note: The opening adjustable value of a depreciating asset may be modified by one of these provisions: (a) Subdivision 27 ‑ B; (b) subsection 40 ‑ 90(3); (c) subsection 40 ‑ 285(4); (d) paragraph 40 ‑ 365(5)(b); (e) section 775 ‑ 70; (f) section 775 ‑ 75; (g) section 355 ‑ 605 of the Income Tax (Transitional Provisions) Act 1997.", "Amendment_Count": 5, "First_Amended": "No 76 of 2001", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 133 of 2003 | No 164 of 2007 | No 93 of 2011", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-90", "Provision_Key": "s40-90", "Heading": "Debt forgiveness", "Text": "(1) This section applies if an amount (the debt forgiveness amount ) is applied in reduction of expenditure for a * depreciating asset in an income year under section 245 ‑ 155 or 245 ‑ 157. (2) The asset’s * cost is reduced for that income year by the debt forgiveness amount. (3) The asset’s * opening adjustable value for that income year is reduced by the debt forgiveness amount if that income year is later than the one in which its * start time occurs.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 76 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-95", "Provision_Key": "s40-95", "Heading": "Choice of determining effective life", "Text": "(1) You must choose either: (a) to use an * effective life determined by the Commissioner for a * depreciating asset under section 40 ‑ 100; or (b) to work out the effective life of the asset yourself under section 40 ‑ 105. Note: If you choose to use an effective life determined by the Commissioner for a depreciating asset, a capped life may apply to the asset under section 40 ‑ 102. (2) Your choice of an * effective life determined by the Commissioner for a * depreciating asset is limited to one in force as at: (a) the time when you entered into a contract to acquire the asset, you otherwise acquired it or you started to construct it if its * start time occurs within 5 years of that time; or (b) for * plant that you entered into a contract to acquire, you otherwise acquired or you started to construct before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999—the time when you entered into the contract to acquire it, otherwise acquired it or started to construct it; or (c) otherwise—its * start time. (3) You must make the choice for the income year in which the asset’s * start time occurs. Note: For rules about choices: see section 40 ‑ 130. Exception: asset acquired from associate (4) For a * depreciating asset that you start to * hold where the former holder is an * associate of yours and the associate has deducted or can deduct an amount for the asset under this Division, you must use: (a) if the associate was using the * diminishing value method for the asset—the same * effective life that the associate was using; or (b) if the associate was using the * prime cost method—an effective life equal to any period of the asset’s effective life the associate was using that is yet to elapse at the time you started to hold it. Note: You can require the associate to tell you which effective life the associate was using: see section 40 ‑ 140. (4A) Subsection (4) does not apply to a * depreciating asset if subsection (4B) or (4C) applies to the asset. (4B) For a * depreciating asset that you start to * hold if: (a) the former holder is an * associate of yours; and (b) the associate has deducted or can deduct an amount for the asset under this Division; and (c) section 40 ‑ 102 applied to the asset immediately before you started to hold it because an item in the tables in subsections 40 ‑ 102(4) and (5) applied to it at the relevant time (the relevant time for the associate ) that applied to the associate under subsection 40 ‑ 102(3); and (d) a different item in the tables in subsections 40 ‑ 102(4) and (5) applies to the asset when you start to hold it; and (e) the item referred to in paragraph (d) would have applied to the asset at the relevant time for the associate if the use to which the asset were put at that time were the use (the new use ) to which it is put when you start to hold it; you must use: (f) if the associate was using the * diminishing value method for the asset—an * effective life equal to the * capped life that would have applied to the asset under subsection 40 ‑ 102(4) or (5) at the relevant time for the associate if the use to which the asset were put at that time were the new use; or (g) if the associate was using the * prime cost method—an effective life equal to the capped life that: (i) would have applied to the asset under subsection 40 ‑ 102(4) or (5) at the relevant time for the associate if the use to which the asset were put at that time were the new use; and (ii) is yet to elapse at the time you start to hold it. Note 1: If paragraph (e) is not satisfied, subsection (4C) may apply to the depreciating asset. Note 2: You can require the associate to tell you the relevant time that applied to the associate under subsection 40 ‑ 102(3): see section 40 ‑ 140. (4C) For a * depreciating asset that you start to * hold if: (a) the former holder is an * associate of yours; and (b) the associate has deducted or can deduct an amount for the asset under this Division; and (c) section 40 ‑ 102 applied to the asset immediately before you started to hold it; and (d) one of the following applies: (i) no item in the tables in subsections 40 ‑ 102(4) and (5) applies to the asset when you start to hold it; (ii) subsection (4B) would apply to the asset but for paragraph (e) of that subsection not being satisfied; you must use: (e) if the associate was using the * diminishing value method for the asset—the * effective life determined by the Commissioner for the asset under section 40 ‑ 100 that the associate would have used if section 40 ‑ 102 had not applied to the asset; or (f) if the associate was using the * prime cost method—an effective life equal to any period of the effective life determined by the Commissioner for the asset under section 40 ‑ 100 that: (i) the associate would have used if section 40 ‑ 102 had not applied to the asset; and (ii) is yet to elapse at the time you start to hold it. Note: You can require the associate to tell you which effective life the associate would have used if section 40 ‑ 102 had not applied to the asset: see section 40 ‑ 140. Exception: holder changes but user same or associate of former user (5) For a * depreciating asset that you start to * hold where: (a) the former holder or another entity (each of which is the former user ) was using the asset at a time before you became the holder; and (b) while you hold the asset, the former user or an * associate of the former user uses the asset; you must use: (c) if the former holder was using the * diminishing value method for the asset—the same * effective life that the former holder was using; or (d) if the former holder was using the * prime cost method—an effective life equal to any period of the asset’s effective life the former holder was using that is yet to elapse at the time you started to hold it. (5A) Subsection (5) does not apply to a * depreciating asset if subsection (5B) or (5C) applies to the asset. (5B) For a * depreciating asset that you start to * hold if: (a) paragraphs (5)(a) and (b) apply; and (b) section 40 ‑ 102 applied to the asset immediately before you started to hold it because an item in the tables in subsections 40 ‑ 102(4) and (5) applied to it at the relevant time (the relevant time for the former holder ) that applied to the former holder under subsection 40 ‑ 102(3); and (c) a different item in the tables in subsections 40 ‑ 102(4) and (5) applies to the asset when you start to hold it; and (d) the item referred to in paragraph (c) would have applied to the asset at the relevant time for the former holder if the use to which the asset were put at that time were the use (the new use ) to which it is put when you start to hold it; you must use: (e) if the former holder was using the * diminishing value method for the asset—an * effective life equal to the * capped life that would have applied to the asset under subsection 40 ‑ 102(4) or (5) at the relevant time for the former holder if the use to which the asset were put at that time were the new use; or (f) if the former holder was using the * prime cost method—an effective life equal to the capped life that: (i) would have applied to the asset under subsection 40 ‑ 102(4) or (5) at the relevant time for the former holder if the use to which the asset were put at that time were the new use; and (ii) is yet to elapse at the time you start to hold it. Note: If paragraph (d) is not satisfied, subsection (5C) may apply to the depreciating asset. (5C) For a * depreciating asset that you start to * hold if: (a) paragraphs (5)(a) and (b) apply; and (b) section 40 ‑ 102 applied to the asset immediately before you started to hold it; and (c) one of the following applies: (i) no item in the tables in subsections 40 ‑ 102(4) and (5) applies to the asset when you start to hold it; (ii) subsection (5B) would apply to the asset but for paragraph (d) of that subsection not being satisfied; you must use: (d) if the former holder was using the * diminishing value method for the asset—the * effective life determined by the Commissioner for the asset under section 40 ‑ 100 that the former holder would have used if section 40 ‑ 102 had not applied to the asset; or (e) if the former holder was using the * prime cost method—an effective life equal to any period of the effective life determined by the Commissioner for the asset under section 40 ‑ 100 that: (i) the former holder would have used if section 40 ‑ 102 had not applied to the asset; and (ii) is yet to elapse at the time you start to hold it. (6) However, you must use an * effective life determined by the Commissioner if: (a) you do not know, and cannot readily find out, which effective life the former holder was using and, if subsection (5B) or (5C) applied to the asset, either of the following matters: (i) the effective life the former holder would have used if section 40 ‑ 102 had not applied to the asset; (ii) the relevant time that applied to the former holder under subsection 40 ‑ 102(3); or (b) the former holder did not use an effective life. Exception: intangible depreciating assets (7) The effective life of an intangible * depreciating asset mentioned in this table is the period applicable to that asset under the table. Effective life of certain intangible depreciating assets Item For this asset: The effective life is: 1 Standard patent 20 years 2 Innovation patent 8 years 3 Petty patent 6 years 4 Registered design 15 years 5 Copyright (except copyright in a * film) The shorter of: (a) 25 years from when you acquire the copyright; or (b) the period until the copyright ends 6 A licence (except one relating to a copyright or * in ‑ house software) The term of the licence 7 A licence relating to a copyright (except copyright in a * film) The shorter of: (a) 25 years from when you become the licensee; or (b) the period until the licence ends 8 * In ‑ house software 5 years 9 * Spectrum licence The term of the licence 14 * Telecommunications site access right The term of the right (8) The effective life of an intangible * depreciating asset that is not mentioned in the table in subsection (7) and is not an * IRU or a * mining, quarrying or prospecting right cannot be longer than the term of the asset as extended by any reasonably assured extension or renewal of that term. (9) The effective life of an * IRU is the * effective life of the telecommunications cable over which the IRU is granted. Exceptions: mining, quarrying or prospecting rights and mining, quarrying or prospecting information (10) Subject to subsection (12), the effective life of: (a) a * mining, quarrying or prospecting right; or (b) * mining, quarrying or prospecting information; is the period you work out yourself by estimating the period (in years, including fractions of years) set out in column 2 of this table: Effective life of certain mining, quarrying or prospecting rights and mining, quarrying or prospecting information Item Column 1 For this asset: Column 2 Estimate the period until the end of: 1 A * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, relating to * mining and quarrying operations (except obtaining * petroleum or quarry materials) The life of the mine or proposed mine to which the right or information relates or, if there is more than one, the life of the mine that has the longest estimated life 2 A * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, relating to * mining and quarrying operations to obtain * petroleum The life of the petroleum field or proposed petroleum field to which the right or information relates or, if there is more than one, the life of the petroleum field that has the longest estimated life 3 A * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, relating to * mining and quarrying operations to obtain quarry materials The life of the quarry or proposed quarry to which the right or information relates or, if there is more than one, the life of the quarry that has the longest estimated life (10A) However, if the only reason that subsection 40 ‑ 80(1) does not apply to the * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, is that the right or information does not meet the requirements of paragraph 40 ‑ 80(1)(d) or (e), the effective life of the right or information is the shorter of: (a) the period that would, apart from this subsection, be the effective life of the information or right under subsection (10); and (b) 15 years. (11) You work out the period in subsection (10): (a) as from the * start time of the * mining, quarrying or prospecting right or * mining, quarrying or prospecting information; and (b) by reference only to the period of time over which the reserves, reasonably estimated using an appropriate accepted industry practice, are expected to be extracted from the mine, * petroleum field or quarry. (12) The effective life of a * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, is 15 years if the right or information does not relate to: (a) a mine or proposed mine; or (b) a petroleum field or proposed petroleum field; or (c) a quarry or proposed quarry.", "Amendment_Count": 14, "First_Amended": "No 76 of 2001", "Last_Amended": "No 151 of 2020", "Amending_Acts": "No 76 of 2001 | No 170 of 2001 | No 53 of 2002 | No 66 of 2003 | No 78 of 2005 | No 147 of 2005 | No 78 of 2007 | No 59 of 2008 | No 93 of 2011 | No 12 of 2012 | No 14 of 2012 | No 69 of 2014 | No 130 of 2015 | No 151 of 2020", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 59 of 2008, effective 30 June 2008 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 69 of 2014, effective 1 July 2014 (s 2) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 151 of 2020, effective Sch 9 (items 101–106): 17 June 2021 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-100", "Provision_Key": "s40-100", "Heading": "Commissioner’s determination of effective life", "Text": "(1) The Commissioner may make a written determination specifying the effective life of * depreciating assets. The determination may specify conditions for particular depreciating assets. (2) A determination may specify a day from which it takes effect for * depreciating assets specified in the determination. (3) A determination may operate retrospectively to a day specified in the determination if: (a) there was no applicable determination at that day for the * depreciating asset covered by the determination; or (b) the determination specifies a shorter * effective life for the depreciating asset covered by the determination than was previously applicable. Criteria for making a determination (4) The Commissioner is to make a determination of the effective life of a * depreciating asset in accordance with subsections (5) and (6). (5) Firstly, estimate the period (in years, including fractions of years) the asset can be used by any entity for one or more of the following purposes: (a) a * taxable purpose; (b) the purpose of producing * exempt income or * non ‑ assessable non ‑ exempt income; (c) the purpose of conducting * R&D activities, assuming that this is reasonably likely. (6) Secondly, if relevant for the asset: (a) assume the asset will be subject to wear and tear at a rate that is reasonable for the Commissioner to assume; and (b) assume the asset will be maintained in reasonably good order and condition; and (c) have regard to the period within which the asset is likely to be scrapped, sold for no more than scrap value or abandoned. However, for paragraph (c), disregard reasons attributable to the technical risk in conducting * R&D activities if it is reasonably likely that the asset will be used for such activities.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 76 of 2001 | No 66 of 2003 | No 147 of 2005 | No 93 of 2011", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-102", "Provision_Key": "s40-102", "Heading": "Capped life of certain depreciating assets", "Text": "(1) If this section applies to a * depreciating asset, the effective life of the asset is the period (the capped life) that applies to the asset under subsection (4) or (5) at the relevant time (which is worked out using subsection (3)). Working out if this section applies (2) This section applies to a * depreciating asset if: (a) you choose, under paragraph 40 ‑ 95(1)(a), to use an * effective life determined by the Commissioner for the asset under section 40 ‑ 100; and (b) your choice is limited to a determination in force at the time mentioned in paragraph 40 ‑ 95(2)(a) or (c); and (c) a * capped life applies to the asset under subsection (4) or (5) at the relevant time (which is worked out using subsection (3)); and (d) the capped life is shorter than the effective life mentioned in paragraph (a). (3) For the purposes of this section, the relevant time is: (a) the * start time of the * depreciating asset if: (i) paragraph 40 ‑ 95(2)(c) applies to you; or (ii) paragraph 40 ‑ 95(2)(a) applies to you and a * capped life does not apply to the asset under subsection (4) or (5) at the time mentioned in that paragraph; or (iii) paragraph 40 ‑ 95(2)(a) applies to you and the capped life that applies to the asset under subsection (4) or (5) at the time mentioned in that paragraph is longer than the capped life that applies to the asset at its start time; or (b) if paragraph (a) does not apply—the time mentioned in paragraph 40 ‑ 95(2)(a). Capped life (4) If the * depreciating asset corresponds exactly to the description in column 2 of the table, the capped life of the asset is the period specified in column 3 of the table. Capped life of certain depreciating assets Item Kind of depreciating asset Period 1 Aeroplane used predominantly for agricultural spraying or agricultural dusting 8 years 2 Aeroplane to which item 1 does not apply 10 years 3 Helicopter used predominantly for mustering, agricultural spraying or agricultural dusting 8 years 4 Helicopter to which item 3 does not apply 10 years 5 Bus with a * gross vehicle mass of more than 3.5 tonnes 7.5 years 6 Light commercial vehicle with a * gross vehicle mass of 3.5 tonnes or less and designed to carry a load of 1 tonne or more 7.5 years 7 Minibus with a * gross vehicle mass of 3.5 tonnes or less and designed to carry 9 or more passengers 7.5 years 8 Trailer with a * gross vehicle mass of more than 4.5 tonnes 10 years 9 Truck with a * gross vehicle mass of more than 3.5 tonnes (other than a truck that is used in * mining and quarrying operations and that is not of a kind that can be registered to be driven on a public road in the place in which the truck is operated) 7.5 years 10 Vessel for which you have a certificate under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 10 years (4A) Item 10 of the table in subsection 40 ‑ 102(4) does not apply to a vessel if: (a) * ordinary income that you * derive, or your * statutory income, in relation to the vessel; or (b) ordinary income that your * associate derives, or your associate’s statutory income, in relation to the vessel; is exempt from income tax under section 51 ‑ 100 for the income year for which you are working out the vessel’s decline in value. (5) If the * depreciating asset is of a kind described in column 2 of the table and is used in the industry specified in column 3 of the table for the asset, the capped life of the asset is the period specified in column 4 of the table. Capped life of certain depreciating assets used in specified industries Item Kind of depreciating asset Industry in which the asset is used Period 1 Gas transmission asset Gas supply 20 years 2 Gas distribution asset Gas supply 20 years 3 Oil production asset (other than an electricity generation asset or an offshore platform) Oil and gas extraction 15 years 4 Gas production asset (other than an electricity generation asset or an offshore platform) Oil and gas extraction 15 years 5 Offshore platform Oil and gas extraction 20 years 6 Asset (other than an electricity generation asset) used to manufacture condensate, crude oil, domestic gas, liquid natural gas or liquid petroleum gas but not if the manufacture occurs in an oil refinery Petroleum refining 15 years 7 Harvester Primary production sector 6 2 /3 years 8 Tractor Primary production sector 6 2 /3 years", "Amendment_Count": 5, "First_Amended": "No 53 of 2002", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 53 of 2002 | No 77 of 2005 | No 55 of 2007 | No 14 of 2012 | No 57 of 2012", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 77 of 2005, effective 29 June 2005 | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-103", "Provision_Key": "s40-103", "Heading": "Effective life and remaining effective life of certain vessels", "Text": "(1) If, at a particular time, item 10 of the table in subsection 40 ‑ 102(4): (a) starts to apply to a vessel (whether or not that item has previously applied to the vessel); or (b) ceases to apply to a vessel (whether or not that item subsequently applies to the vessel); at that time the effective life of the vessel changes accordingly. (2) If subsection (1) applies and the decline in value of the vessel is worked out using the * prime cost method, the remaining effective life of the vessel just after that time is: where: alternative effective life is: (a) if that item starts to apply to the vessel at that time—what would have been the * effective life of the vessel just before that time if that item had applied to the vessel; or (b) if that item ceases to apply to the vessel at that time—what would have been the effective life of the vessel just before that time if that item had not applied to the vessel. unadjusted effective life is what was the * effective life of the vessel just before that time. unadjusted remaining effective life is what was the * remaining effective life of the vessel just before that time. Example: Assume that item 10 of the table in subsection 40 ‑ 102(4) ceases to apply to a vessel after having applied to the vessel for 7 years, and again starts to apply after another 4 years. Assume further that the effective life of a vessel of that kind has been determined under section 40 ‑ 100 to be 20 years. The remaining effective life of the vessel just before that item ceases to apply to the vessel is 3 years. Its alternative effective life is 20 years, and its unadjusted effective life is 10 years. Its remaining effective life just after that time is therefore 6 years. The remaining effective life of the vessel just before that item again starts to apply to the vessel is 2 years. Its alternative effective life is 10 years, and its unadjusted effective life is 20 years. Its remaining effective life just after that time is therefore 1 year.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-103"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-105", "Provision_Key": "s40-105", "Heading": "Self ‑ assessing effective life", "Text": "(1) You work out the effective life of a * depreciating asset yourself in accordance with this section. (1A) Firstly, estimate the period (in years, including fractions of years) the asset can be used by any entity for one or more of the following purposes: (a) a * taxable purpose; (b) the purpose of producing * exempt income or * non ‑ assessable non ‑ exempt income; (c) the purpose of conducting * R&D activities, assuming that this is reasonably likely. (1B) Secondly, if relevant for the asset: (a) have regard to the wear and tear you reasonably expect from your expected circumstances of use; and (b) assume that the asset will be maintained in reasonably good order and condition. (2) If, in working out that period, you decide that the asset would be likely to be: (a) scrapped; or (b) sold for no more than scrap value or abandoned; before the end of that period, its effective life ends at the earlier time. However, when making your decision, disregard reasons attributable to the technical risk in conducting * R&D activities if it is reasonably likely that the asset will be used for such activities. (3) You work out the period mentioned in subsection (1A) or (2) beginning at the * start time of the * depreciating asset. Exception: intangibles (4) This section does not apply to the following intangible * depreciating assets: (a) assets to which an item in the table in subsection 40 ‑ 95(7) applies; (b) * mining, quarrying or prospecting rights; (c) * mining, quarrying or prospecting information.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 69 of 2014", "Amending_Acts": "No 76 of 2001 | No 66 of 2003 | No 147 of 2005 | No 78 of 2007 | No 93 of 2011 | No 69 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 69 of 2014, effective 1 July 2014 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-110", "Provision_Key": "s40-110", "Heading": "Recalculating effective life", "Text": "(1) You may choose to recalculate the * effective life of a * depreciating asset from a later income year if the effective life you have been using is no longer accurate because of changed circumstances relating to the nature of the use of the asset. Example: Some examples of changes in circumstances that may result in your recalculating the effective life of a depreciating asset are: • your use of the asset turns out to be more or less rigorous than you expected (or was anticipated by the Commissioner’s determination); • there is a downturn in demand for the goods or services the asset is used to produce that will result in the asset being scrapped; • legislation prevents the asset’s continued use; • changes in technology make the asset redundant; • there is an unexpected demand, or lack of success, for a film. (2) You must recalculate a * depreciating asset’s * effective life from a later income year if: (a) you: (i) self ‑ assessed its effective life; or (ii) are using an effective life worked out under section 40 ‑ 100 (about the Commissioner’s determination), or 40 ‑ 102 (about the capped life of certain depreciating assets), and the * prime cost method; or (iii) are using an effective life because of subsection 40 ‑ 95(4), (4B), (4C), (5), (5B) or (5C); and (b) its * cost is increased in that year by at least 10%. Note 1: You may conclude that the effective life is the same. Note 2: For the elements of the cost of a depreciating asset, see Subdivision 40 ‑ C. Example 1: Paul purchases a photocopier and self ‑ assesses its effective life at 6 years. In a later year he incurs expenditure to increase the quality of the reproductions it makes. He recalculates its effective life, but concludes that it remains the same. Example 2: Fiona also purchases a photocopier and self ‑ assesses its effective life at 6 years. In a later year she incurs expenditure to incorporate a more robust paper handling system. She recalculates its effective life, and concludes that it is increased to 7 years. (3) You must recalculate a * depreciating asset’s * effective life for the income year in which you started to * hold it if: (a) you are using an effective life because of subsection 40 ‑ 95(4), (4B), (4C), (5), (5B) or (5C); and (b) the asset’s * cost is increased after you started to hold it in that year by at least 10%. (3A) Subsections (1), (2) and (3) do not apply to a * depreciating asset that is a * mining, quarrying or prospecting right or * mining, quarrying or prospecting information. (3B) You may choose to recalculate the * effective life of a * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, from a later income year if the effective life you have been using is no longer accurate: (a) because of changed circumstances relating to an existing or proposed mine, petroleum field or quarry to which that right or information relates; or (b) because that right or information now relates to an existing or proposed mine, petroleum field or quarry; or (c) because that right or information no longer relates to an existing or proposed mine, petroleum field or quarry. (4) A recalculation under this section must be done using: (a) if paragraph (b) does not apply—section 40 ‑ 105 (about self ‑ assessing effective life); or (b) if the * depreciating asset is a * mining, quarrying or prospecting right or * mining, quarrying or prospecting information: (i) subsections 40 ‑ 95(10) and (11) (if the right or information relates to an existing or proposed mine, petroleum field or quarry); or (ii) subsection 40 ‑ 95(12) (if the right or information no longer relates to an existing or proposed mine, petroleum field or quarry). Exception: intangibles (5) This section does not apply to an intangible * depreciating asset to which an item in the table in subsection 40 ‑ 95(7) applies.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 69 of 2014", "Amending_Acts": "No 76 of 2001 | No 53 of 2002 | No 147 of 2005 | No 78 of 2007 | No 12 of 2012 | No 69 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 69 of 2014, effective 1 July 2014 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-115", "Provision_Key": "s40-115", "Heading": "Splitting a depreciating asset", "Text": "(1) If a * depreciating asset you * hold is split into 2 or more assets, this Division applies as if you had stopped holding the original asset and started holding the assets into which it is split. Note 1: For the cost of the split assets, see section 40 ‑ 205. Note 2: A balancing adjustment event does not occur just because you split a depreciating asset: see section 40 ‑ 295. (2) If you stop * holding part of a * depreciating asset, this Division applies as if, just before you stopped holding that part, you had split the original asset into the part you stopped holding and the rest of the original asset. (The rest of the original asset is then taken to be a different asset from the original asset.) Example: Bronwyn sells Tim a part interest in a depreciating asset she owns. They become joint holders under section 40 ‑ 35. She is taken to have split the underlying asset into the interest she retains and the interest Tim buys. She now holds an interest (a new depreciating asset) in the underlying asset and is taken to have stopped holding the interest sold. (3) If you grant or assign an interest in an item of * intellectual property, subsection (2) applies to you as if you had stopped * holding part of the item.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-120", "Provision_Key": "s40-120", "Heading": "Replacement spectrum licences", "Text": "(1) If: (a) some (but not all) of a * spectrum licence you * hold is assigned or resumed; and (b) your original licence is replaced by one or more other spectrum licences (possibly including a modified version of your original licence); and (c) the replacement licences together cover exactly the same rights as were covered by your original licence just after the assignment or resumption; this Division applies as if your original licence (as it existed just after the assignment or resumption) had been split into the replacement licences. Example: MGP Communications Ltd buys a spectrum licence on 1 July 2003 for $5 million. The licence specifies areas A, B, C and D. The company assigns the spectrum relating to area C. Area C represents 20% of the market value of the overall licence. $1m of the adjustable value is allocated to it and $4m is allocated to the remaining licence. The Australian Communications and Media Authority adjusts the licence to specify only areas A and B, and issues a new licence specifying area D. Area D represents 25% of the market value of the spectrum remaining in the licence. The adjustable value of the new licence is therefore $1m and the adjustable value of the original (modified) licence is $3m. (2) If a * spectrum licence you * hold is replaced by 2 or more spectrum licences (possibly including a modified version of your original licence) that together cover exactly the same rights as your original licence, this Division applies as if the original licence had been split into the replacement licences.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 45 of 2005", "Amending_Acts": "No 76 of 2001 | No 45 of 2005", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 45 of 2005, effective Schedule 1 (items 66, 67) and Schedule 4: 1 July 2005 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-122", "Provision_Key": "s40-122", "Heading": "Partial conversions of mining, quarrying or prospecting rights", "Text": "(1) This section applies if: (a) a * depreciating asset you * hold is a * mining, quarrying or prospecting right (the old right ) that relates to an area; and (b) you begin to hold another depreciating asset (the partial new right ) that: (i) is a mining, quarrying or prospecting right; and (ii) relates to an area that is a part of the area that the old right relates to; and (c) the old right does not end when you begin to hold the partial new right. (2) This Division applies as if: (a) when you begin to hold the partial new right, the old right is split into: (i) an asset that is the partial new right; and (ii) an asset that is the old right; and (b) the assets mentioned in subparagraphs (a)(i) and (ii) are both continuations of the old right. Note: For the cost of the split assets, see section 40 ‑ 205.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-122"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-125", "Provision_Key": "s40-125", "Heading": "Merging depreciating assets", "Text": "If a * depreciating asset or assets that you * hold is or are merged into another depreciating asset, this Division applies as if you had stopped holding the original asset or assets and started holding the merged asset. Note 1: For the cost of the merged asset, see section 40 ‑ 210. Note 2: A balancing adjustment event does not occur just because you merge depreciating assets: see section 40 ‑ 295.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-130", "Provision_Key": "s40-130", "Heading": "Choices", "Text": "(1) A choice you can make under this Division about a * depreciating asset must be made: (a) by the day you lodge your * income tax return for the income year to which the choice relates; or (b) within a further time allowed by the Commissioner. (2) Your choice, once made, applies to that income year and all later income years. Exception: recalculating effective life (3) However, subsection (2) does not apply to a choice to recalculate the * effective life of a * depreciating asset under section 40 ‑ 110.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-135", "Provision_Key": "s40-135", "Heading": "Certain anti ‑ avoidance provisions", "Text": "These anti ‑ avoidance provisions: (a) section 51AD (Deductions not allowable in respect of property under certain leveraged arrangements) of the Income Tax Assessment Act 1936 ; (b) Division 16D (Certain arrangements relating to the use of property) of Part III of that Act; apply to your deductions under this Division for a * depreciating asset you * hold as if you were the owner of the asset instead of any other person.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-140", "Provision_Key": "s40-140", "Heading": "Getting tax information from associates", "Text": "(1) If you acquire a * depreciating asset from an * associate of yours where the associate has deducted or can deduct an amount for the asset under this Division, you may give the associate a written notice requiring the associate to tell you: (a) the method the associate was using to work out the decline in value of the asset; and (b) the * effective life the associate was using; and (c) if section 40 ‑ 102 applied to the asset at any time: (i) the effective life that the associate would have used if section 40 ‑ 102 had not applied to the asset; and (ii) the relevant time that applied to the associate under subsection 40 ‑ 102(3). (2) The notice must: (a) be given within 60 days of your acquiring the asset; and (b) specify a period of at least 60 days within which the information must be given; and (c) set out the effect of subsection (3). Note: Subsections (4) and (5) explain how this subsection operates if the associate is a partnership. Requirement to comply with notice (3) The * associate must not intentionally refuse or fail to comply with the notice. Penalty: 10 penalty units. Giving the notice to a partnership (4) If the * associate is a partnership: (a) you may give it to the partnership by giving it to any of the partners (this does not limit how else you can give it); and (b) the obligation to comply with the notice is imposed on each of the partners (not on the partnership), but may be discharged by any of them. (5) A partner must not intentionally refuse or fail to comply with that obligation, unless another partner has already complied with it. Penalty: 10 penalty units. Limits on giving a notice (6) Only one notice can be given in relation to the same * depreciating asset.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 76 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-170", "Provision_Key": "s40-170", "Heading": "What this Subdivision is about", "Text": "Your cost of a depreciating asset is a component in working out the amounts you can deduct for it. There are 2 elements of the cost of a depreciating asset. This Subdivision shows you how to work out those elements. Table of sections Operative provisions 40 ‑ 175 Cost 40 ‑ 180 First element of cost 40 ‑ 185 Amount you are taken to have paid to hold a depreciating asset or to receive a benefit 40 ‑ 190 Second element of cost 40 ‑ 195 Apportionment of cost 40 ‑ 200 Exclusion from cost 40 ‑ 205 Cost of a split depreciating asset 40 ‑ 210 Cost of merged depreciating assets 40 ‑ 215 Adjustment: double deduction 40 ‑ 217 Cost of partial continuations of mining, quarrying or prospecting rights 40 ‑ 220 Cost reduced by amounts not of a capital nature 40 ‑ 222 Cost reduced by water infrastructure improvement expenditure 40 ‑ 225 Adjustment: acquiring a car at a discount 40 ‑ 230 Adjustment: car limit 40 ‑ 235 Adjustment: National Disability Insurance Scheme costs", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-175", "Provision_Key": "s40-175", "Heading": "Cost", "Text": "The cost of a * depreciating asset you * hold consists of 2 elements. Note: The cost of a depreciating asset may be modified by one of these provisions: • Subdivision 27 ‑ B; • subsection 40 ‑ 90(2); • paragraph 40 ‑ 362(3)(c); • paragraph 40 ‑ 365(5)(a); • section 40 ‑ 1110; • section 775 ‑ 70; • section 775 ‑ 75.", "Amendment_Count": 5, "First_Amended": "No 76 of 2001", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 133 of 2003 | No 57 of 2012 | No 130 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-180", "Provision_Key": "s40-180", "Heading": "First element of cost", "Text": "(1) The first element is worked out as at the time when you began to * hold the * depreciating asset (except for a case to which item 3, 4 or 14 of the table in subsection (2) applies). It is: (a) if an item in that table applies—the amount specified in that item; or (b) otherwise—the amount you are taken to have paid to hold the asset under section 40 ‑ 185. Note 1: The first element of the cost may be modified by a later provision in this Subdivision. Note 2: Section 230 ‑ 505 provides special rules for working out the amount of consideration for an asset if the asset is a Division 230 financial arrangement or a Division 230 financial arrangement is involved in that consideration. (2) If more than one item in this table covers the asset, apply the last item that covers it. First element of the cost of a depreciating asset Item In this case: The cost is: 1 A * depreciating asset you * hold is split into 2 or more assets For each of the assets into which it is split, the amount worked out under section 40 ‑ 205 2 A * depreciating asset or assets that you * hold is or are merged into another depreciating asset For the other asset, the amount worked out under section 40 ‑ 210 3 A * balancing adjustment event happens to a * depreciating asset you * hold because you stop using it for any purpose expecting never to use it again, and you continue to hold it The * termination value of the asset at the time of the event 4 A * balancing adjustment event happens to a * depreciating asset you * hold but have not used because you expect never to use it, and you continue to hold it The * termination value of the asset at the time of the event 5 A partnership asset that was * held, just before it became a partnership asset, by one or more partners (whether or not any other entity was a joint holder) or a partnership asset to which subsection 40 ‑ 295(2) applies The * market value of the asset when the partnership started to hold it or when the change referred to in subsection 40 ‑ 295(2) occurred 6 There is roll ‑ over relief under section 40 ‑ 340 for a * balancing adjustment event happening to a * depreciating asset The * adjustable value of the asset to the transferor just before the balancing adjustment event occurred 7 You are the legal owner of a * depreciating asset that is hired under a * hire purchase agreement and you start * holding it because the entity to whom it is hired does not become the legal owner The * market value of the asset when you started to hold it 8 You started to * hold the asset under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this item, the first element of the asset’s cost would exceed its * market value The market value of the asset when you started to hold it 9 You started to * hold the asset under an * arrangement that was private or domestic in nature to you (for example, a gift) The * market value of the asset when you started to hold it 10 The * Finance Minister has determined a cost for you under section 49A, 49B, 50A, 50B, 51A or 51B of the Airports (Transitional) Act 1996 The cost so determined 11 To which Division 58 (which deals with assets previously owned by an * exempt entity) applies The amount applicable under subsections 58 ‑ 70(3) and (5) 12 A * balancing adjustment event happens to a * depreciating asset because a person dies and the asset devolves to you as the person’s * legal personal representative The asset’s * adjustable value on the day the person died or, if the asset is allocated to a low ‑ value pool, so much of the * closing pool balance for the income year in which the person died as is reasonably attributable to the asset 13 You started to * hold a * depreciating asset because it * passed to you as the beneficiary or a joint tenant The * market value of the asset when you started to hold it reduced by any * capital gain that was disregarded under section 128 ‑ 10 or subsection 128 ‑ 15(3), whether by the deceased or by the * legal personal representative 14 A * balancing adjustment event happens to a * depreciating asset you * hold because of subsection 40 ‑ 295(1B) What would, apart from subsection 40 ‑ 285(3), be the asset’s * adjustable value on the day the * balancing adjustment event occurs (3) The first element of * cost includes an amount you paid or are taken to have paid in relation to starting to * hold the * depreciating asset if that amount is directly connected with holding the asset. (4) The first element of * cost of a * depreciating asset does not include an amount that forms part of the second element of cost of another depreciating asset. Note: The first element of cost may be reduced under section 40 ‑ 1130 to account for exploration benefits received under farm ‑ in farm ‑ out arrangements.", "Amendment_Count": 8, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 32 of 2006 | No 15 of 2009 | No 88 of 2009 | No 69 of 2014 | No 130 of 2015 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 69 of 2014, effective 1 July 2014 (s 2) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-185", "Provision_Key": "s40-185", "Heading": "Amount you are taken to have paid to hold a depreciating asset or to receive a benefit", "Text": "(1) This Division applies to you as if you had paid, to * hold a * depreciating asset or for an economic benefit for such an asset, the greater of these amounts: (a) the sum of the amounts that would have been included in your assessable income because you started to hold the asset or received the benefit, or because you gave something to start holding the asset or receive the benefit, if you ignored the value of anything you gave that reduced the amount actually included; or (b) the sum of the applicable amounts set out in this table in relation to holding the asset or receiving the benefit. Example 1: Gold Medals Ltd manufactures some medals for a local sporting association’s annual meeting in return for a die cut stamping machine. The medals have a market value of $20,000. The machine has an arm’s length value of $100,000 but Gold Medals has to contribute $75,000 towards acquiring it from the association. Gold Medals will have to include: in its assessable income because of section 21A of the Income Tax Assessment Act 1936 . The first element of the machine’s cost will be the greater of: • the amount it paid ($75,000) plus the market value of the non ‑ cash benefits it provided ($20,000), which comes to $95,000; and • the amount that was assessable income from receiving the machine ($25,000) plus the amount by which that assessable income was reduced because of the payment Gold Medals made ($75,000), which comes to $100,000. So, in this case, the first element of the machine’s cost to Gold Medals is $100,000. Example 2: Laura travels overseas to purchase a purpose ‑ built vehicle for use in her trade. The purchase of the vehicle is the sole reason for the trip. Laura incurs expenses for airfares and accommodation. These expenses are included in the cost of the vehicle because they are “in relation to starting to hold” the vehicle. Amount you are taken to have paid to hold a depreciating asset or to receive a benefit Item In this case: The amount is: 1 You pay an amount The amount 2 You incur or increase a liability to pay an amount The amount of the liability or increase when you incurred or increased it 3 All or part of a liability to pay an amount owed to you by another entity is terminated The amount of the liability or part when it is terminated 4 You provide a * non ‑ cash benefit The * market value of the non ‑ cash benefit when it is provided 5 You incur or increase a liability to provide a * non ‑ cash benefit The * market value of the non ‑ cash benefit or the increase when you incurred or increased the liability 6 All or part of a liability to provide a * non ‑ cash benefit (except the * depreciating asset) owed to you by another entity is terminated The * market value of the non ‑ cash benefit when the liability is terminated Note 1: Item 1 includes not only amounts actually paid but also amounts taken to have been paid. Examples include the price of the notional purchase made when trading stock is converted to a depreciating asset under section 70 ‑ 110, the cost of an asset held under a hire purchase arrangement under section 240 ‑ 25 and a lessor’s deemed purchase price when a luxury car lease ends under subsection 242 ‑ 90(3). Note 2: Section 230 ‑ 505 provides special rules for working out the amount of consideration for an asset if the asset is a Division 230 financial arrangement or a Division 230 financial arrangement is involved in that consideration. (2) In applying the table in subsection (1) to a liability of yours to pay an amount or provide a * non ‑ cash benefit, don’t count any part of the liability you have already satisfied.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 76 of 2001 | No 32 of 2006 | No 15 of 2009 | No 79 of 2010", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-190", "Provision_Key": "s40-190", "Heading": "Second element of cost", "Text": "(1) The second element is worked out after you start to * hold the * depreciating asset. (2) The second element is: (a) the amount you are taken to have paid under section 40 ‑ 185 for each economic benefit that has contributed to bringing the asset to its present condition and location from time to time since you started to * hold the asset; and (b) expenditure you incur that is reasonably attributable to a * balancing adjustment event occurring for the asset. Example 1: Andrew adds a new tray and canopy to his ute. The materials and labour that go into the addition are economic benefits that Andrew received and that contribute to the ute’s present condition. The payments he makes for those economic benefits are included in the second element of the ute’s cost. Example 2: Leonie needed to replace one of her old depreciating assets that was fixed to her land with a new, more efficient one. Leonie paid a contractor a fee to demolish and remove the old asset. This resulted in a balancing adjustment event occurring for the old asset, and the fee forms part of the second element of the cost of the old asset that was demolished. Note: The second element of the cost may be modified by a later provision in this Subdivision. (2A) Paragraph (2)(b) does not apply to a * balancing adjustment event referred to in item 6 or 11 of the table in subsection 40 ‑ 300(2). (3) However, the second element is worked out using this table if an item in it applies. Use the last applicable item. Second element of the cost of a depreciating asset Item In this case: The second element of cost is: 1 You received the benefit under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this item, the second element of cost for the benefit would exceed its * market value The market value of the benefit when you received it 2 You received the benefit under an * arrangement that was private or domestic in nature to you The * market value of the benefit when you received it", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 76 of 2001 | No 32 of 2006", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-195", "Provision_Key": "s40-195", "Heading": "Apportionment of cost", "Text": "If you pay an amount for 2 or more things that include at least one * depreciating asset, or that include a contribution to bringing a depreciating asset to its present condition and location, you take into account as part of its * cost only that part of what you paid that is reasonably attributable to the asset. Example: Ian buys 3 assets (one depreciating asset and 2 other assets) under the one transaction. He pays $30,000 for the 3 assets. $25,000 of that amount is reasonably attributable to the depreciating asset. The first element of the depreciating asset’s cost is $25,000.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-200", "Provision_Key": "s40-200", "Heading": "Exclusion from cost", "Text": "The * cost of a * depreciating asset that is not * plant does not include any amount that was incurred: (a) before 1 July 2001; or (b) under a contract entered into before that day.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-205", "Provision_Key": "s40-205", "Heading": "Cost of a split depreciating asset", "Text": "If you split a * depreciating asset into separate assets as mentioned in section 40 ‑ 115, the first element of the cost of each of the separate assets is a reasonable proportion of the sum of these amounts: (a) the * adjustable value of the original asset just before it was split; and (b) the amount you are taken to have paid under section 40 ‑ 185 for any economic benefit involved in splitting the original asset. Example: Barry owns a spectrum licence that covers 3 areas: Area A, area B and area C. The licence has an adjustable value of $160,000. He sells area A to Chris, and his costs of splitting are $10,000. Barry is taken to have split the licence into 2 assets. On the basis of their relative market values, Barry apportions $170,000 to area A (that he disposed of) and to the licence he still holds for areas B and C.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-210", "Provision_Key": "s40-210", "Heading": "Cost of merged depreciating assets", "Text": "If a * depreciating asset or assets that you * hold is or are merged into another depreciating asset as mentioned in section 40 ‑ 125, the first element of the cost of the merged asset is a reasonable proportion of the sum of: (a) the * adjustable value or adjustable values of the original asset or assets just before the merger; and (b) the amount you are taken to have paid under section 40 ‑ 185 for any economic benefit involved in merging the original asset or assets.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-215", "Provision_Key": "s40-215", "Heading": "Adjustment: double deduction", "Text": "Each element of the * cost of a * depreciating asset is reduced by any portion of that element of cost that you have deducted or can deduct, or that has been or will be taken into account in working out an amount you can deduct, other than under this Division, Division 41 or Division 328. Note: This section does not apply to notional deductions under section 355 ‑ 305 or 355 ‑ 520 (about R&D) because those provisions are about deducting the asset’s decline in value, not its cost.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 76 of 2001 | No 170 of 2001 | No 119 of 2002 | No 101 of 2006 | No 31 of 2009 | No 93 of 2011", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 31 of 2009, effective 22 May 2009 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-217", "Provision_Key": "s40-217", "Heading": "Cost of partial continuations of mining, quarrying or prospecting rights", "Text": "If: (a) because of subsection 40 ‑ 30(6), this Division applies to a * mining, quarrying or prospecting right (the new right ) as if it were a continuation of another mining, quarrying or prospecting right you * held; and (b) the new right satisfies the condition in subparagraph (b)(ii) of that subsection because it relates to an area that is a part of the area that the other right relates to; the first element of the cost of the new right is a reasonable proportion of the * adjustable value of other right at the time just before the other right ends.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-217"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-220", "Provision_Key": "s40-220", "Heading": "Cost reduced by amounts not of a capital nature", "Text": "The * cost of a * depreciating asset is reduced by any portion of it that consists of an amount that is not of a capital nature.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-222", "Provision_Key": "s40-222", "Heading": "Cost reduced by water infrastructure improvement expenditure", "Text": "The * cost of a * depreciating asset is reduced by any portion of it that consists of expenditure that you cannot deduct because of section 26 ‑ 100.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-222"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-225", "Provision_Key": "s40-225", "Heading": "Adjustment: acquiring a car at a discount", "Text": "(1) You must increase the first element of the cost of a * car designed mainly for carrying passengers you acquire at a discount if: (a) it is reasonable to conclude that any portion (the discount portion ) of the discount is referable to you or another entity selling another asset for less than its * market value; and (b) you, or another entity, has deducted or can deduct an amount for the other asset for any income year; and (c) the sum of the cost of the car and the discount portion exceeds the * car limit for the * financial year in which you first use the car for any purpose. (2) The first element of the cost of the * car is increased by the discount portion. (3) This section does not apply to a * car that is excluded from the * car limit by subsection 40 ‑ 230(2).", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-230", "Provision_Key": "s40-230", "Heading": "Adjustment: car limit", "Text": "(1) The first element of the cost of a * car designed mainly for carrying passengers (after applying section 40 ‑ 225 and Subdivision 27 ‑ B) is reduced to the * car limit for the * financial year in which you started to * hold it if its cost exceeds that limit. (2) However, the * car limit does not apply to a * car: (a) fitted out for transporting disabled people in wheelchairs for profit; or (b) whose first element of * cost exceeds that limit only because of modifications made to enable an individual with a disability to use it for a * taxable purpose. (3) The car limit for the 2000 ‑ 01 * financial year is $55,134. The limit is indexed annually. Note: Subdivision 960 ‑ M shows you how to index amounts. (4) If you * hold a * car that is also held by one or more other entities, subsection (1) applies to the * cost of the car despite section 40 ‑ 35. Then section 40 ‑ 35 applies to the cost of the car as reduced under subsection (1).", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 76 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-235", "Provision_Key": "s40-235", "Heading": "Adjustment: National Disability Insurance Scheme costs", "Text": "The * cost of a * depreciating asset does not include an amount to the extent that section 26 ‑ 97 prevents the amount from being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 97 denies deductions for National Disability Insurance Scheme expenditure.", "Amendment_Count": 2, "First_Amended": "No 44 of 2013", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 44 of 2013 | No 110 of 2014", "History_Notes": "Inserted by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-280", "Provision_Key": "s40-280", "Heading": "What this Subdivision is about", "Text": "You may have to make an adjustment to your taxable income if you stop holding a depreciating asset. The adjustment is generally based on the difference between the actual value of the asset when you stop holding it and its adjustable value. Table of sections Operative provisions 40 ‑ 285 Balancing adjustments 40 ‑ 290 Reduction for non ‑ taxable use 40 ‑ 291 Reduction for second ‑ hand assets used in residential property 40 ‑ 291A Fixed reduction for certain assets used to produce assessable labour income 40 ‑ 292 Adjustments—assets used for both general tax purposes and R&D activities 40 ‑ 293 Adjustments—partnership assets used for both general tax purposes and R&D activities 40 ‑ 295 Meaning of balancing adjustment event 40 ‑ 300 Meaning of termination value 40 ‑ 305 Amount you are taken to have received under a balancing adjustment event 40 ‑ 310 Apportionment of termination value 40 ‑ 320 Car to which section 40 ‑ 225 applies 40 ‑ 325 Adjustment: car limit 40 ‑ 335 Deduction for in ‑ house software where you will never use it 40 ‑ 340 Roll ‑ over relief 40 ‑ 345 What the roll ‑ over relief is 40 ‑ 350 Additional consequences 40 ‑ 360 Notice to allow transferee to work out how this Division applies 40 ‑ 362 Roll ‑ over relief for holders of vessels covered by certificates under the Shipping Reform (Tax Incentives) Act 2012 40 ‑ 363 Roll ‑ over relief for interest realignment arrangements 40 ‑ 364 Interest realignment adjustments 40 ‑ 365 Involuntary disposals 40 ‑ 370 Balancing adjustments where there has been use of different car expense methods", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-285", "Provision_Key": "s40-285", "Heading": "Balancing adjustments", "Text": "(1) An amount is included in your assessable income if: (a) a * balancing adjustment event occurs for a * depreciating asset you * held and: (i) whose decline in value you worked out under Subdivision 40 ‑ B; or (ii) whose decline in value you would have worked out under that Subdivision if you had used the asset; and (b) the asset’s * termination value is more than its * adjustable value just before the event occurred. The amount included is the difference between those amounts, and it is included for the income year in which the balancing adjustment event occurred. Note 1: The most common balancing adjustment event is where you sell the depreciating asset. Note 2: There is a different calculation if you had used different car expense methods for a car: see section 40 ‑ 370. Note 3: There is a modification to the calculation in the case of misappropriation by your employee or agent: see section 25 ‑ 47. (2) You can deduct an amount if: (a) a * balancing adjustment event occurs for a * depreciating asset you * held and: (i) whose decline in value you worked out under Subdivision 40 ‑ B; or (ii) whose decline in value you would have worked out under that Subdivision if you had used the asset; and (b) the asset’s * termination value is less than its * adjustable value just before the event occurred. The amount you can deduct is the difference between those amounts, and you can deduct it for the income year in which the balancing adjustment event occurred. Note 1: There is a different calculation if you had used different car expense methods for a car: see section 40 ‑ 370. Note 2: The timing of a deduction allowed under this subsection is determined under Subdivision 170 ‑ D where that Subdivision applies to the balancing adjustment event. Note 3: There is a modification to the calculation in the case of misappropriation by your employee or agent: see section 25 ‑ 47. (3) The * adjustable value of a * depreciating asset you * hold after this section applies to it is then zero. (4) However, subsection (3) does not apply to a * depreciating asset for which you have a * cost under item 3, 4 or 14 of the table in subsection 40 ‑ 180(2). Instead, the asset’s * opening adjustable value for the income year (the later year ) after the one in which the * balancing adjustment event occurred is that cost plus any amounts included in the second element of that cost after the event occurred and before the start of the later year. Note: Those items deal with a case where a balancing adjustment event happens even though you still hold the asset in question. (5) Despite subsection (1), an amount included in your assessable income under that subsection is included for the second income year after the income year in which the * balancing adjustment event occurs if: (a) the * depreciating asset is a vessel; and (b) you have a certificate for the vessel under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 that: (i) applies to the day that the balancing adjustment event occurs; and (ii) is not a * shipping exempt income certificate. Note: An amount will not be included in your assessable income in relation to the balancing adjustment event if you choose roll ‑ over relief under section 40 ‑ 362.", "Amendment_Count": 5, "First_Amended": "No 76 of 2001", "Last_Amended": "No 69 of 2014", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 38 of 2008 | No 57 of 2012 | No 69 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 69 of 2014, effective 1 July 2014 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-290", "Provision_Key": "s40-290", "Heading": "Reduction for non ‑ taxable use", "Text": "(1) You must reduce the amount (the balancing adjustment amount ) included in your assessable income, or the amount you can deduct, under section 40 ‑ 285 for a * depreciating asset if your deductions for the asset have been reduced under section 40 ‑ 25. Note: You may instead choose a fixed reduction for certain depreciating assets that have been used to produce your assessable labour income: see section 40 ‑ 291A. (2) The reduction is: where: sum of reductions is the sum of: (a) the reductions in your deductions for the asset under section 40 ‑ 25; and (b) if there has been roll ‑ over relief for the asset under section 40 ‑ 340—the reductions in deductions for the asset for the transferor or an earlier successive transferor under section 40 ‑ 25; and (c) if you * hold the asset as the * legal personal representative of an individual—the reductions in deductions for the asset for the individual under section 40 ‑ 25. total decline is the sum of: (a) the decline in value of the * depreciating asset since you started to * hold it; and (b) if there has been roll ‑ over relief for the asset under section 40 ‑ 340—the decline in value of the asset for the transferor or an earlier successive transferor; and (c) if you * hold the asset as the * legal personal representative of an individual—the decline in value of the asset for the individual. (3) You must further reduce the amount included in your assessable income, or the amount you can deduct, under section 40 ‑ 285 for a * depreciating asset (the current asset ) if: (a) the asset’s * cost (for you) was worked out under section 40 ‑ 205 (Cost of a split depreciating asset) or 40 ‑ 210 (Cost of merged depreciating assets); and (b) you used the depreciating asset from which the current asset was split, or a depreciating asset that was merged into the current asset, or had it * installed ready for use, for a purpose other than a * taxable purpose. (4) The further reduction is such amount as is reasonable having regard to the extent of the use referred to in paragraph (3)(b). Exception: mining, quarrying or prospecting information (5) This section does not apply to * mining, quarrying or prospecting information.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 76 of 2001 | No 84 of 2013 | No 96 of 2014 | No 49 of 2026", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-291", "Provision_Key": "s40-291", "Heading": "Reduction for second ‑ hand assets used in residential property", "Text": "(1) In addition to section 40 ‑ 290, you must reduce the amount (the balancing adjustment amount ) included in your assessable income, or that you can deduct, under section 40 ‑ 285 for a * depreciating asset if your deductions for the asset have been reduced under section 40 ‑ 27. Note: You may instead choose a fixed reduction for certain depreciating assets that have been used to produce your assessable labour income: see section 40 ‑ 291A. (2) The reduction is the following, as increased under subsection (3) if applicable: where: sum of section 40 ‑ 27 reductions is the sum of: (a) the reductions in your deductions for the asset under section 40 ‑ 27; and (b) if there has been roll ‑ over relief for the asset under section 40 ‑ 340—the reductions in deductions for the asset for the transferor or an earlier successive transferor under section 40 ‑ 27; and (c) if you * hold the asset as the * legal personal representative of an individual—the reductions in deductions for the asset for the individual under section 40 ‑ 27. total decline is the sum of: (a) the decline in value of the * depreciating asset since you started to * hold it; and (b) if there has been roll ‑ over relief for the asset under section 40 ‑ 340—the decline in value of the asset for the transferor or an earlier successive transferor; and (c) if you hold the asset as the * legal personal representative of an individual—the decline in value of the asset for the individual. (3) If: (a) the * cost (for you) of the asset (the current asset ) was worked out under section 40 ‑ 205 (Cost of a split depreciating asset) or 40 ‑ 210 (Cost of merged depreciating assets); and (b) you used the * depreciating asset from which the current asset was split, or a depreciating asset that was merged into the current asset, or had it * installed ready for use, for the purpose to which paragraphs 40 ‑ 27(2)(a) and (b) relate; the reduction includes an increase equal to such amount as is reasonable having regard to the extent of the use referred to in paragraph (b) of this subsection.", "Amendment_Count": 2, "First_Amended": "No 126 of 2017", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 126 of 2017 | No 49 of 2026", "History_Notes": "Inserted by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-291"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-291A", "Provision_Key": "s40-291a", "Heading": "Fixed reduction for certain assets used to produce assessable labour income", "Text": "(1) Instead of a reduction under section 40 ‑ 290 or 40 ‑ 291, you may reduce, by a fixed amount, the amount (the balancing adjustment amount ) included in your assessable income, or the amount you can deduct, under section 40 ‑ 285 for a * depreciating asset if: (a) the depreciating asset has been used at any time for the purpose of gaining or producing your * assessable labour income; and (b) you have deducted an amount under section 25 ‑ 130 for an income year (whether the income year in which the * balancing adjustment event that gave rise to the balancing adjustment amount occurred or another income year); and (c) the * effective life of the depreciating asset overlaps, wholly or partly, with that income year. (2) The amount of the reduction is 50% of the balancing adjustment amount.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-291A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-292", "Provision_Key": "s40-292", "Heading": "Adjustments—assets used for both general tax purposes and R&D activities", "Text": "(1) This section applies if: (a) a * balancing adjustment event happens in an income year (the event year ) for an asset you * held and for which: (i) you can deduct, for an income year, an amount under section 40 ‑ 25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or (ii) you could have deducted, for an income year, an amount as described in subparagraph (i) if you had used the asset; and (b) you are entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions (the R&D deductions ) under section 355 ‑ 305 for the asset. Note 1: This section applies in a modified way if you have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40 ‑ 292 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: To the extent that any amount is included in your assessable income under section 40 ‑ 285 in relation to R&D activities, you may have an additional amount included in your assessable income (see section 355 ‑ 447). Note 3: To the extent any amount that you are entitled to as a deduction under section 40 ‑ 285 relates to R&D activities, you may have an additional amount you can deduct (see section 355 ‑ 466). Section 40 ‑ 290 to be applied as if use for conducting R&D activities were use for a taxable purpose (2) In applying section 40 ‑ 290 (including references in that section to the reduction of deductions under section 40 ‑ 25) in relation to the asset, assume that using the asset for a * taxable purpose includes using it for the purpose of conducting the * R&D activities to which the R&D deductions relate.", "Amendment_Count": 4, "First_Amended": "No 170 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 170 of 2001 | No 16 of 2003 | No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-292"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-293", "Provision_Key": "s40-293", "Heading": "Adjustments—partnership assets used for both general tax purposes and R&D activities", "Text": "(1) This section applies to an * R&D partnership if: (a) a * balancing adjustment event happens in an income year (the event year ) for a * depreciating asset * held by the R&D partnership and for which: (i) the R&D partnership can deduct, for an income year, an amount under section 40 ‑ 25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or (ii) the R&D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and (b) one or more partners of the R&D partnership are entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions (the R&D deductions ) under section 355 ‑ 520 for the asset. Note 1: This section applies in a modified way if the partners have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40 ‑ 293 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: To the extent any amount that is included in the R&D partnership’s assessable income under section 40 ‑ 285 relates to R&D activities, a partner may have an additional amount included in the partner’s assessable income (see section 355 ‑ 449). Note 3: To the extent any amount that the R&D partnership is entitled to as a deduction under section 40 ‑ 285 relates to R&D activities, a partner may have an additional amount the partner can deduct (see section 355 ‑ 468). Section 40 ‑ 290 to be applied as if use for conducting R&D activities were use for a taxable purpose (2) In applying section 40 ‑ 290 (including references in that section to the reduction of deductions under section 40 ‑ 25) in relation to the asset, assume that using the asset for a * taxable purpose includes using it for the purpose of conducting the * R&D activities to which the R&D deductions relate.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-293"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-295", "Provision_Key": "s40-295", "Heading": "Meaning of balancing adjustment event", "Text": "(1) A balancing adjustment event occurs for a * depreciating asset if: (a) you stop * holding the asset; or (b) you stop using it, or having it * installed ready for use, for any purpose and you expect never to use it, or have it installed ready for use, again; or (c) you have not used it and: (i) if you have had it installed ready for use—you stop having it so installed; and (ii) you decide never to use it. Note: A balancing adjustment event occurs under paragraph 40 ‑ 295(1)(a) when you start holding a depreciating asset as trading stock. (1A) A balancing adjustment event occurs for a * depreciating asset you * hold that is a * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, if: (a) the only reason that subsection 40 ‑ 80(1) does not apply to the right or information is that the right or information does not meet the requirements of paragraph 40 ‑ 80(1)(d) or (e); and (b) you have neither budgeted nor planned for further expenditure that: (i) will relate to the tenement to which the right or information relates; and (ii) will exceed the minimum expenditure required to maintain the tenement; and (c) you choose to apply this subsection to the right or information. (1B) A balancing adjustment event occurs for a * depreciating asset you * hold that is a * mining, quarrying or prospecting right, or * mining, quarrying or prospecting information, if: (a) since the last time you commenced to hold the right or information, a * balancing adjustment event occurred, because of subsection (1A), to the right or information; and (b) paragraph (1A)(b) no longer applies. (2) A balancing adjustment event occurs for a * depreciating asset if: (a) for any reason, a change occurs in the * holding of, or in the interests of entities in, the asset; and (b) the entity or one of the entities that had an interest in the asset before the change has an interest in it after the change; and (c) the asset was a partnership asset before the change or becomes one as a result of the change. (3) However, a balancing adjustment event does not occur for a * depreciating asset merely because you split it into 2 or more depreciating assets or you merge it with one or more other depreciating assets. Note: A balancing adjustment event will occur if you stop holding part of a depreciating asset.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 69 of 2014", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 69 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 69 of 2014, effective 1 July 2014 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-300", "Provision_Key": "s40-300", "Heading": "Meaning of termination value", "Text": "(1) The termination value of a * depreciating asset is worked out as at the time when the * balancing adjustment event occurs. It is: (a) if an item in the table in subsection (2) applies—the amount specified in that item; or (b) otherwise—the amount you are taken to have received under section 40 ‑ 305 for the asset. Note: Section 230 ‑ 505 provides special rules for working out the amount of consideration for an asset if the asset is a Division 230 financial arrangement or a Division 230 financial arrangement is involved in that consideration. (2) If more than one item applies, use the value under the last applicable item. Termination value table Item For this balancing adjustment event: The termination value is: 1 You stop using a * depreciating asset, or having it * installed ready for use, for any purpose and you expect never to use it again even though you still * hold it The * market value of the asset when you stopped using it or having it * installed ready for use 2 You decide never to use a * depreciating asset that you have not used even though you still * hold it The * market value of the asset when you make the decision 3 You stop using * in ‑ house software for any purpose and you expect never to use it again even though you still * hold it Zero 4 You decide never to use * in ‑ house software that you have not used even though you still * hold it Zero 5 One or more partners stop holding a * depreciating asset when it becomes a partnership asset or a * balancing adjustment event referred to in subsection 40 ‑ 295(2) occurs The * market value of the asset when the partnership started to * hold it or when the balancing adjustment event occurred 6 You stop * holding a * depreciating asset under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this item, the * termination value would be less than its * market value The market value of the asset just before you stopped holding it 7 You stop * holding a * depreciating asset under an * arrangement that was private or domestic in nature to you (for example, a gift) The * market value of the asset just before you stopped * holding it 8 A * depreciating asset is lost or destroyed The amount or value received or receivable under an insurance policy or otherwise for the loss or destruction 9 You stop * holding a * depreciating asset because you die and the asset starts being held by the * legal personal representative The asset’s * adjustable value on the day you died or, if the asset is allocated to a low ‑ value pool, so much of the * closing pool balance for the income year in which you died as is reasonably attributable to the asset 10 You stop * holding a * depreciating asset because it * passes directly to a beneficiary or joint tenant when you die The * market value of the asset on the day you die 11 A * depreciating asset for which the * Finance Minister has determined an amount for you under section 52A of the Airports (Transitional) Act 1996 The amount so determined 13 The * balancing adjustment event occurs under subsection 40 ‑ 295(1A) Zero 14 The * balancing adjustment event occurs under subsection 40 ‑ 295(1B) What would, apart from subsection 40 ‑ 285(3), be the asset’s * adjustable value on the day the * balancing adjustment event occurs (3) The termination value of a * depreciating asset does not include an amount that is included in assessable income as * ordinary income under section 6 ‑ 5 or as * statutory income under section 6 ‑ 10 (except an amount that is statutory income under this Division). Note 1: Termination value may be adjusted under Subdivision 27 ‑ B so that any GST consequences are accounted for. Note 2: Termination value may be reduced under section 40 ‑ 1105 to account for exploration benefits received under farm ‑ in farm ‑ out arrangements.", "Amendment_Count": 8, "First_Amended": "No 76 of 2001", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 15 of 2009 | No 88 of 2009 | No 84 of 2013 | No 69 of 2014 | No 96 of 2014 | No 130 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 69 of 2014, effective 1 July 2014 (s 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-305", "Provision_Key": "s40-305", "Heading": "Amount you are taken to have received under a balancing adjustment event", "Text": "(1) This Division applies to you as if you had received, under a * balancing adjustment event, the greater of these amounts: (a) the sum of the amounts you have deducted or can deduct, or has been or will be taken into account in working out an amount you can deduct because of the balancing adjustment event and any amount by which the amount so deductible was reduced because of a case described in the table in this subsection; and (b) the sum of the applicable amounts set out in that table: Amount you are taken to have received under a balancing adjustment event Item In this case: The amount is: 1 You receive an amount The amount 2 You terminate all or part of a liability to pay an amount The amount of the liability or part when you terminate it 3 You are granted a right to receive an amount or an amount to which you are entitled is increased The amount of the right or increase when it is granted or increased 4 You receive a * non ‑ cash benefit The * market value of the non ‑ cash benefit when it is received 5 You terminate all or part of a liability to provide a * non ‑ cash benefit The * market value of the non ‑ cash benefit or reduction in the non ‑ cash benefit when the liability or part is terminated 6 You are granted a right to receive a * non ‑ cash benefit or you become entitled to an increased non ‑ cash benefit The * market value of the non ‑ cash benefit, or the increase, when it is granted or increased Note 1: Item 1 includes not only amounts actually received but also amounts taken to have been received. Examples include the price of the notional sale made when a depreciating asset is converted to trading stock under section 70 ‑ 30, the consideration for an asset held under a hire purchase arrangement under section 240 ‑ 25 and a lessee’s deemed consideration when a luxury car lease ends under subsection 242 ‑ 90(3). Note 2: Section 230 ‑ 505 provides special rules for working out the amount of consideration for an asset if the asset is a Division 230 financial arrangement or a Division 230 financial arrangement is involved in that consideration. (2) In applying the table in subsection (1) to a right you have to receive an amount or a * non ‑ cash benefit, don’t count any part of the right that has already been satisfied.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 76 of 2001 | No 15 of 2009 | No 79 of 2010", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-310", "Provision_Key": "s40-310", "Heading": "Apportionment of termination value", "Text": "If you receive an amount for 2 or more things that include a * balancing adjustment event occurring for a * depreciating asset, you take into account as its * termination value only that part of what you received that is reasonably attributable to the asset.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-320", "Provision_Key": "s40-320", "Heading": "Car to which section 40 ‑ 225 applies", "Text": "You must increase the * termination value of a * car the * cost of which was increased under section 40 ‑ 225 by the discount portion for the car referred to in that section.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-325", "Provision_Key": "s40-325", "Heading": "Adjustment: car limit", "Text": "The termination value of a * car the * cost of which was worked out by applying section 40 ‑ 230 (Car limit) is the amount worked out under subsection 40 ‑ 300(1) multiplied by the fraction: where: CL is the * car limit for the * car for the * financial year in which you first used it for any purpose.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 76 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-335", "Provision_Key": "s40-335", "Heading": "Deduction for in ‑ house software where you will never use it", "Text": "(1) You can deduct expenditure you incurred on * in ‑ house software if: (a) you incurred the expenditure with the intention of using the software for a * taxable purpose; and (b) the expenditure relates to a unit of software that you have not used or had * installed ready for use; and (c) the expenditure is not allocated to a software development pool (see Subdivision 40 ‑ E); and (d) in the * current year, you have decided that you will never use the software, or have it installed ready for use. (2) The amount that you can deduct in the * current year is: (a) the total of your expenditure on the * in ‑ house software in the current year and any previous income year; less (b) any amount of consideration you * derive in relation to the software or any part of it (but no more than the total in paragraph (a)); but only to the extent that, when you incurred the expenditure, you intended to use the software, or have it * installed ready for use, for a * taxable purpose. Example: Shannon has abandoned a software project that she was working on. She could not deduct expenditure on the project for the current year or any previous income year under any other provision. Shannon can deduct it under this section, to the extent that she intended to use it, or have it installed ready for use, for a taxable purpose. Note: If an amount of the expenditure is recouped, the amount may be included in her assessable income: see Subdivision 20 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 76 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-340", "Provision_Key": "s40-340", "Heading": "Roll ‑ over relief", "Text": "Automatic roll ‑ over relief (1) There is roll ‑ over relief if: (a) there is a * balancing adjustment event because an entity (the transferor ) disposes of a * depreciating asset in an income year to another entity (the transferee ); and (b) the disposal involves a * CGT event; and (c) the conditions in an item in this table are satisfied. CGT roll ‑ overs that qualify transferor for relief Item Type of CGT roll ‑ over Conditions 1 Disposal of asset to wholly ‑ owned company The transferor is able to choose a roll ‑ over under Subdivision 122 ‑ A for the * CGT event. 2 Disposal of asset by partnership to wholly ‑ owned company The transferor is a partnership, the property is partnership property and the partners are able to choose a roll ‑ over under Subdivision 122 ‑ B for the disposal by the partners of the * CGT assets consisting of their interests in the property. 2A Transfer of a * CGT asset of a trust to a company under a trust restructure The transferor and transferee are able to choose a roll ‑ over under Subdivision 124 ‑ N for the * CGT event. 3 Marriage or relationship breakdown There is a roll ‑ over under Subdivision 126 ‑ A for the * CGT event. 4 Disposal of asset to another member of the same wholly ‑ owned group The transferor is able to choose a roll ‑ over under Subdivision 126 ‑ B for the * CGT event. 5 * Disposal of asset between certain trusts The trustees of the trusts choose to obtain a roll ‑ over under Subdivision 126 ‑ G in relation to the disposal. 6 Disposal of asset as part of merger of superannuation funds The transferor chooses a roll ‑ over under Subdivision 310 ‑ D in relation to the disposal. 8 Transfer of asset under a small business restructure roll ‑ over A roll ‑ over under Subdivision 328 ‑ G would be available in relation to the asset if the asset were not a * depreciating asset. Note 1: Section 40 ‑ 345 sets out what the relief is. Note 2: This Act also applies as if there were roll ‑ over relief under this subsection in the circumstances set out in section 620 ‑ 30 (which is about a body incorporated under one law ceasing to exist and disposing of its assets to a company incorporated under another law that has not significantly different ownership). (2) In applying an item in the table in subsection (1), disregard the following so far as they relate to the * depreciating asset you disposed of: (a) an exemption in Division 118 (which contains the general exemptions from CGT); and (b) subsection 122 ‑ 25(3) (which excludes certain assets from some kinds of CGT roll ‑ over); and (c) subsection 124 ‑ 870(5) (which excludes certain assets from roll ‑ over relief under Subdivision 124 ‑ N). Choosing roll ‑ over relief (3) There is also roll ‑ over relief if: (a) there is a * balancing adjustment event for a * depreciating asset because of subsection 40 ‑ 295(2) (about a change in the holding of, or in interests in, the asset); and (b) the entity or entities that had an interest in the asset before the change (also the transferor ) and the entity or entities that have an interest in the asset after the change (also the transferee ) jointly choose the roll ‑ over relief. Example: The change could be a variation in the constitution of a partnership or in the interests of the partners. Note 1: Section 40 ‑ 345 sets out what the relief is. Note 2: Subdivision 328 ‑ D sets out what the relief is for small business entities that calculate deductions for their depreciating assets under that Subdivision. (4) The choice must: (a) be in writing; and (b) contain enough information about the transferor’s holding of the property for the transferee to work out how this Division or Subdivision 328 ‑ D applies to the transferee’s holding of the * depreciating asset; and (c) be made within 6 months after the end of the transferee’s income year in which the * balancing adjustment event occurred, or within a longer period allowed by the Commissioner. (5) If you die before the end of the time allowed for jointly choosing roll ‑ over relief, the trustee of your estate may be a party to the choice. (6) The transferor must keep the choice or a copy of it for 5 years after the * balancing adjustment event occurred. Penalty: 30 penalty units. (7) The transferee must keep the choice or a copy of it until the end of 5 years after the next * balancing adjustment event occurs for the * depreciating asset. Penalty: 30 penalty units. Exception: Subdivision 170 ‑ D applies (8) There can be no roll ‑ over relief if Subdivision 170 ‑ D (about transactions by a company that is a member of a linked group) applies to the disposal of the * depreciating asset or the change in interests in it.", "Amendment_Count": 13, "First_Amended": "No 76 of 2001", "Last_Amended": "No 94 of 2017", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 144 of 2008 | No 14 of 2009 | No 19 of 2010 | No 12 of 2012 | No 89 of 2013 | No 21 of 2015 | No 18 of 2016 | No 94 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1) | Amended by No 94 of 2017, effective Sch 2: 1 Oct 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-345", "Provision_Key": "s40-345", "Heading": "What the roll ‑ over relief is", "Text": "(1) Section 40 ‑ 285 does not apply to the * balancing adjustment event for the transferor. (2) The transferee can deduct the decline in value of the * depreciating asset using the same method and * effective life (or * remaining effective life if that method is the * prime cost method) that the transferor was using.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-350", "Provision_Key": "s40-350", "Heading": "Additional consequences", "Text": "(1) For the purposes of Division 45: (a) if the transferor, or a partnership of which the transferor was a member, leased the * depreciating asset to another entity for most of the time that the transferor or partnership * held the asset, the transferee is taken also to have done so; and (b) if the transferor, or a partnership of which the transferor was a member, leased the asset to another entity for a period on or after 22 February 1999, the transferee is taken also to have done so; and (c) if the main * business of the transferor, or a partnership of which the transferor was a member, was to lease assets, the main business of the transferee is taken also to have been to lease assets. (2) However, subsection (1) does not apply to roll ‑ over relief under subsection 40 ‑ 340(3) if the sum of the amounts specified in paragraph 45 ‑ 5(1)(e) or 45 ‑ 10(1)(f), or subsection 45 ‑ 5(4) or 45 ‑ 10(4), is at least equal to the * market value of the * plant or interest concerned.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 76 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-360", "Provision_Key": "s40-360", "Heading": "Notice to allow transferee to work out how this Division applies", "Text": "(1) This section applies if there is roll ‑ over relief because of subsection 40 ‑ 340(1). (2) The transferor must give the transferee a notice containing enough information about the transferor’s * holding of the property for the transferee to work out how this Division applies to the transferee’s holding of the * depreciating asset. (3) The transferor must give the notice within 6 months after the end of the transferee’s income year in which the * balancing adjustment event occurred, or within a longer period allowed by the Commissioner. (4) The transferee must keep the notice until the end of 5 years after the earlier of these events: (a) the transferee disposes of the property; (b) the property is lost or destroyed. Penalty: 30 penalty units.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-360"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-362", "Provision_Key": "s40-362", "Heading": "Roll ‑ over relief for holders of vessels covered by certificates under the Shipping Reform (Tax Incentives) Act 2012", "Text": "Circumstances giving rise to roll ‑ over relief (1) There is roll ‑ over relief if: (a) there is a * balancing adjustment event under section 40 ‑ 295 because you cease to * hold a * depreciating asset that is a vessel (the original vessel ); and (b) on the day that the balancing adjustment event occurs, you have a certificate for the vessel under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 that: (i) applies to that day; and (ii) is not a * shipping exempt income certificate; and (c) there is no roll ‑ over relief under section 40 ‑ 340 relating to the original vessel; and (d) on the day occurring 2 years after the day you cease to hold the original vessel, you are the holder of another depreciating asset that is a vessel (the other vessel ): (i) for which you choose to apply roll ‑ over relief in relation to the original vessel; and (ii) for which you have a certificate under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 (other than a shipping exempt income certificate) that applies to the day of that choice; and (e) you became the holder of the other vessel during the period starting 1 year before the day you cease to hold the original vessel and ending 2 years after that day. Choosing to apply roll ‑ over relief (2) The choice must: (a) be in writing; and (b) be made within 6 months after the end of the second income year after the income year in which the * balancing adjustment event occurs, or within a longer period allowed by the Commissioner. The effect of roll ‑ over relief (3) If there is roll ‑ over relief under this section: (a) subsection 40 ‑ 285(1) does not apply to the * balancing adjustment event in relation to the original vessel; and (b) an amount is included in your assessable income if the original vessel’s * termination value exceeds the sum of: (i) the original vessel’s * adjustable value just before the balancing adjustment event occurred; and (ii) the * cost of the other vessel (disregarding paragraph (3)(c)); and (c) for the purpose of applying this Act to the other vessel, its cost is reduced (but not below zero) by the difference between: (i) the original vessel’s termination value; and (ii) the original vessel’s adjustable value just before the balancing adjustment event occurred. (4) The amount included in your assessable income under paragraph (3)(b) is the amount of the excess mentioned in that paragraph. It is included in the second income year after the income year in which the * balancing adjustment event occurs.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-362"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-363", "Provision_Key": "s40-363", "Heading": "Roll ‑ over relief for interest realignment arrangements", "Text": "Circumstances giving rise to roll ‑ over relief (1) There is roll ‑ over relief if: (a) there is a * balancing adjustment event under section 40 ‑ 295 because, in an income year, you dispose of a * depreciating asset to another entity; and (b) the asset is a * mining, quarrying or prospecting right; and (c) the disposal occurs under an * interest realignment arrangement; and (d) you choose to apply roll ‑ over relief in relation to the asset. Choosing to apply roll ‑ over relief (2) The choice must: (a) be in writing; and (b) be made at or before the time you lodge your * income tax return for the income year in which the * balancing adjustment event occurs, or within a longer period allowed by the Commissioner. The effect of roll ‑ over relief (3) If there is roll ‑ over relief under this section: (a) section 40 ‑ 285 does not apply to the * balancing adjustment event in relation to the asset; and (b) an amount is included in your assessable income if such an amount (the non ‑ realignment amount ) would have been included under subsection 40 ‑ 285(1) if: (i) paragraph (a) of this subsection did not apply; and (ii) the * adjustable value of the * mining, quarrying or prospecting rights that you disposed of under the arrangement were taken to be the market value of the mining, quarrying or prospecting rights that you received under the arrangement; and (c) in working out the * cost of a mining, quarrying or prospecting right that you receive under the arrangement, if: (i) some or all of the cost consists of a * non ‑ cash benefit that you provide; and (ii) that benefit is a mining, quarrying or prospecting right that you disposed of under the arrangement; the market value of the benefit is taken to be the adjustable value of the benefit. (4) The amount included in your assessable income under paragraph (3)(b) is the non ‑ realignment amount, and it is included for the income year in which the balancing adjustment event occurred. Meaning of interest realignment arrangement etc. (5) An interest realignment arrangement is an * arrangement: (a) that is entered into between entities: (i) that are undertaking jointly, or propose to undertake jointly, a project for carrying out * mining and quarrying operations; and (ii) that each * holds one or more * mining, quarrying or prospecting rights relating to the project; and (b) under which those entities exchange (or agree to exchange), with the effect set out in subsection (6), parts of those rights; and (c) that does not provide for any transfer, of a mining, quarrying or prospecting right, that does not give rise to the effect referred to in subsection (6). Note: The parts referred to in paragraph (b) are themselves mining, quarrying or prospecting rights (see paragraph (c) of the definition of mining, quarrying or prospecting right in subsection 995 ‑ 1(1)), and are therefore not referred to elsewhere in this Act as parts of such rights. (6) The effect referred to in paragraphs (5)(b) and (c) must be that, for each of those entities, the following are equal: (a) the entity’s percentage interest in the project; (b) the reserves and resources represented by the * mining, quarrying or prospecting rights that the entity * holds relating to the project, expressed as a percentage of the reserves and resources represented by all mining, quarrying or prospecting rights that any of the entities hold relating to the project. (7) For the purposes of subsection (6): (a) the reserves represented by a * mining, quarrying or prospecting right are taken to be the reserves, reasonably estimated using an appropriate accepted industry practice, that are expected to be extracted from the mine, * petroleum field or quarry to which the right relates; and (b) the resources represented by a mining, quarrying or prospecting right are taken to be the resources, reasonably estimated using an appropriate accepted industry practice, that are expected to be situated in the area to which the right relates (other than those resources that are reserves referred to in paragraph (a)).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-363"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-364", "Provision_Key": "s40-364", "Heading": "Interest realignment adjustments", "Text": "Effect of receiving interest realignment adjustment on assessable income (1) If you receive an * interest realignment adjustment in an income year, include in your assessable income for the year an amount (the adjustment amount ) equal to: (a) the amount of the adjustment; or (b) if the adjustment is not an amount—the * market value of the adjustment. Effect of providing interest realignment adjustment on cost, or cost base and reduced cost base (2) If an * interest realignment adjustment is provided by you or on your behalf: (a) include the adjustment amount in the second element of the * cost of a * mining, quarrying or prospecting right that you acquired under the * interest realignment arrangement to which the adjustment amount relates; or (b) if this Division does not apply to that right—include the adjustment amount in the * cost base and * reduced cost base of that right. However, if you acquired more than one such right under the arrangement, apportion the adjustment amount between the costs, or cost bases and reduced cost bases, of those rights on a reasonable basis. Note: Subsections 40 ‑ 77(1D) and (1E) of the Income Tax (Transitional Provisions) Act 1997 set out when this Division does not apply to the right. Tax effects of the right to an interest realignment adjustment (3) In calculating the * termination value of a * mining, quarrying or prospecting right that you provide under an * interest realignment arrangement, assume to be zero the * market value of any contractual right conferred by the arrangement to an * interest realignment adjustment to be received by you. (4) In calculating the * cost of a * mining, quarrying or prospecting right that you receive under an * interest realignment arrangement, assume to be zero the * market value of any contractual right conferred by the arrangement to an * interest realignment adjustment to be provided by you. (5) The creation of a right to an * interest realignment adjustment does not cause * CGT event D1 or CGT event D3 to happen. (6) Your receipt of an * interest realignment adjustment does not cause * CGT event C2 to happen in relation to the right to receive the adjustment. Meaning of interest realignment adjustment (7) An interest realignment adjustment is an amount, or an asset (other than a * mining, quarrying or prospecting right), that: (a) is provided under an * interest realignment arrangement to a party to the arrangement by or on behalf of another party to the arrangement; and (b) is provided as an adjustment, to the parties’ contributions of value to the project to which the arrangement relates, that arises because information that has become available since the time the arrangement took effect indicates that the other party did not make an appropriate contribution at that time.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-364"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-365", "Provision_Key": "s40-365", "Heading": "Involuntary disposals", "Text": "(1) You may exclude some or all of an amount that has been included in your assessable income for a * depreciating asset (the original asset ) as a result of a * balancing adjustment event to the extent that you choose to treat it as an amount to be applied under subsection (5) for one or more replacement assets. (2) You can only make this choice if you stop * holding the asset because: (a) the original asset is lost or destroyed; or (b) the original asset is compulsorily acquired by an * Australian government agency; or (c) the original asset is acquired by an entity (other than an Australian government agency or a * foreign government agency) under a power of compulsory acquisition conferred by a law covered under subsection (2A); or (d) you dispose of the original asset to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the disposal takes place after a notice was served on you by or on behalf of the entity; (ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the asset by agreement; (iii) the notice informed you that if the negotiations were unsuccessful, the asset would be compulsorily acquired by the entity; (iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by a law covered under subsection (2A); or (e) you dispose of land onto which the original asset was fixed to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) a mining lease was compulsorily granted over the land; (ii) the lease significantly affected your use of the land; (iii) the lease was in force just before the disposal; (iv) the entity to which you dispose of the land was the lessee under the lease; or (f) you dispose of land onto which the original asset was fixed to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) a mining lease would have been compulsorily granted over the land if you had not disposed of it; (ii) that lease would have significantly affected your use of the land; (iii) the entity to which you dispose of the land would have been the lessee under the lease. (2A) A law is covered under this subsection if it is: (a) an * Australian law (other than Chapter 6A of the Corporations Act 2001 ); or (b) a * foreign law (other than a foreign law corresponding to Chapter 6A of the Corporations Act 2001 ). (3) You can only make this choice for a replacement asset if you incur the expenditure on the replacement asset, or you start to * hold it: (a) no earlier than one year, or within a further period the Commissioner allows, before the * balancing adjustment event occurred; and (b) no later than one year, or within a further period the Commissioner allows, after the end of the income year in which the balancing adjustment event occurred. (4) You can only make this choice for a replacement asset if: (a) at the end of the income year in which you incurred the expenditure on the asset, or you started to * hold it, you used it, or had it * installed ready for use, wholly for a * taxable purpose; and (b) you can deduct an amount for it. (5) For the purposes of applying this Act to the replacement asset: (a) its * cost is reduced by the amount covered by the choice for the income year in which the asset’s * start time occurs; and (b) if the income year is later than the one in which the asset’s * start time occurs—the sum of its * opening adjustable value for that later year and any amount included in the second element of the asset’s cost for that later year is reduced by the amount covered by the choice. (6) If you are making the choice for 2 or more replacement assets, you apportion the amount covered by the choice between those items in proportion to their * cost.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-370", "Provision_Key": "s40-370", "Heading": "Balancing adjustments where there has been use of different car expense methods", "Text": "(1) An amount is included in your assessable income or you can deduct an amount under this section instead of section 40 ‑ 285 if: (a) a * balancing adjustment event occurs for a * car you * held; and (b) you have deducted or can deduct an amount for the decline in value of the car for an income year under this Division; and (c) you chose the “cents per kilometre” method in Subdivision 28 ‑ C for deducting your car expenses for the car for one or more other income years. Note 1: This means if you have only used the “log book” method since you began using the car, you calculate the assessable amount or deductible amount under section 40 ‑ 285. Note 2: Also, if you have only used the “cents per kilometre” method since you began using the car, no amount is assessable or deductible under this section or section 40 ‑ 285. (2) Work out the amount you include in your assessable income or the amount you can deduct in this way: Method statement Step 1. Subtract the * car’s * adjustable value just before the * balancing adjustment event occurred from the car’s * termination value. Step 2. Reduce the step 1 amount by the part of the * car’s decline in value that is attributable to your using the car, or having it * installed ready for use, for purposes other than * taxable purposes. You do this by applying the formula in subsection 40 ‑ 290(2). Step 3. Multiply the step 2 amount by the total number of days for which you deducted the decline in value of the * car under this Division. Step 4. Divide the step 3 amount by the total number of days you * held the * car. Step 5. The step 4 amount is a deduction if it is negative or it is included in your assessable income if it is positive. (3) In working out the * adjustable value for the income years for which you chose the “cents per kilometre method”, assume the decline in value was calculated under this Division on the same basis as those income years when that method did not apply. (4) In working out the reduction in step 2 for the income years for which you chose the “cents per kilometre method”, assume that: (a) you had not chosen that method for the * car; and (b) Division 28 (about car expenses) had not applied to the car; and (c) 20% was the extent of your use of the car for * taxable purposes.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 76 of 2001 | No 162 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-420", "Provision_Key": "s40-420", "Heading": "What this Subdivision is about", "Text": "You may choose to work out the decline in value of low ‑ cost assets (assets costing less than $1,000) and certain other depreciating assets through a low ‑ value pool. You may also choose to deduct amounts for expenditure you incur on in ‑ house software through a software development pool. Table of sections Operative provisions 40 ‑ 425 Allocating assets to a low ‑ value pool 40 ‑ 430 Rules for assets in low ‑ value pools 40 ‑ 435 Private or exempt use of assets 40 ‑ 440 How you work out the decline in value of assets in low ‑ value pools 40 ‑ 445 Balancing adjustment events 40 ‑ 450 Software development pools 40 ‑ 455 How to work out your deduction 40 ‑ 460 Your assessable income includes consideration for pooled software", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-425", "Provision_Key": "s40-425", "Heading": "Allocating assets to a low ‑ value pool", "Text": "(1) You may choose to allocate a * low cost asset you * hold to a low ‑ value pool for the income year in which you start to use it, or have it * installed ready for use, for a * taxable purpose. (2) A low ‑ cost asset is a * depreciating asset (except a * horticultural plant) whose * cost as at the end of the income year in which you start to use it, or have it * installed ready for use, for a * taxable purpose is less than $1,000. (3) You may also choose to allocate a * low ‑ value asset to a low ‑ value pool. (4) You cannot allocate a * depreciating asset to a low ‑ value pool if: (a) its * cost does not exceed $300; and (b) you use the asset predominantly for the * purpose of producing assessable income that is not income from carrying on a * business; and (c) the asset is not part of a set of assets that you started to hold in that income year where the total cost of the set of assets exceeds $300; and (d) the total cost of the asset and any other identical, or substantially identical, asset that you start to hold in that income year does not exceed $300. (5) A low ‑ value asset is a * depreciating asset, except a * horticultural plant, you * hold: (a) if you have deducted or can deduct amounts for it under this Division for a previous income year—for which you used the * diminishing value method; and (b) that has an * opening adjustable value for the current year of less than $1,000 (worked out using the diminishing value method); and (c) that is not a * low ‑ cost asset. (6) A * depreciating asset: (a) to which Division 58 (about assets previously owned by an exempt entity) applied for an entity sale situation; and (b) for which you used the * diminishing value method; and (c) whose * adjustable value as at the end of the income year before the * current year is less than $1,000; is also a low ‑ value asset . Exception: small business entities (7) You cannot allocate a * depreciating asset to a low ‑ value pool if you deduct amounts for it under Subdivision 328 ‑ D (about capital allowances for small business entities). Exception: medium sized businesses (7A) You cannot allocate a * depreciating asset to a low ‑ value pool if the decline in value of the asset for any income year is determined by section 40 ‑ 82 (about assets costing below a threshold). Exception: R&D (8) You cannot allocate a * depreciating asset to a low ‑ value pool if you are entitled under section 355 ‑ 100 to a * tax offset for a deduction under section 355 ‑ 305 for the asset for an income year starting before, or at the same time as, the allocation has effect. Note: A similar rule applies if you deducted or could have deducted amounts under former 73BA of the Income Tax Assessment Act 1936 (see section 40 ‑ 430 of the Income Tax (Transitional Provisions) Act 1997 ). Exception: assessable labour income (9) You cannot allocate a * depreciating asset to a low ‑ value pool if, at the time you: (a) started to use it; or (b) had it * installed ready for use; you reasonably expected to use it mainly for the purpose of gaining or producing your * assessable labour income.", "Amendment_Count": 9, "First_Amended": "No 76 of 2001", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 76 of 2001 | No 170 of 2001 | No 129 of 2004 | No 80 of 2007 | No 88 of 2009 | No 93 of 2011 | No 51 of 2019 | No 22 of 2020 | No 49 of 2026", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-425"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-430", "Provision_Key": "s40-430", "Heading": "Rules for assets in low ‑ value pools", "Text": "(1) Once you have made a choice to allocate a * low ‑ cost asset to a low ‑ value pool for an income year, you must allocate all low ‑ cost assets you start to * hold in that income year or a later one to the pool. Note 1: This rule does not apply to low ‑ value assets. Note 2: If you are a small business entity for the income year and you calculate your deductions for your depreciating assets under Subdivision 328 ‑ D, you must deduct amounts for your depreciating assets under that Subdivision unless deductions for particular assets are specifically excluded by that Subdivision. (2) Once you allocate any * depreciating asset to a low ‑ value pool, it must remain in the pool.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 76 of 2001 | No 41 of 2005 | No 80 of 2007", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-435", "Provision_Key": "s40-435", "Heading": "Private or exempt use of assets", "Text": "(1) When you allocate a * depreciating asset to a low ‑ value pool, you must make a reasonable estimate of the percentage (the taxable use percentage ) of your use of the asset (including any past use) that will be for a * taxable purpose over: (a) for a * low ‑ cost asset—its * effective life; or (b) for a * low ‑ value asset—any period of its effective life that is yet to elapse at the start of the income year for which you allocate it to the pool. (2) For the purposes of subsection (1), disregard a * taxable purpose that is the * purpose of producing assessable income: (a) from the use of * residential premises to provide residential accommodation; but (b) not in the course of carrying on a * business; if, apart from subsections 40 ‑ 25(5) and 40 ‑ 27(6), section 40 ‑ 27 would reduce your deductions under subsection 40 ‑ 25(1) for the asset.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 76 of 2001 | No 126 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-440", "Provision_Key": "s40-440", "Heading": "How you work out the decline in value of assets in low ‑ value pools", "Text": "(1) You work out the decline in value of * depreciating assets in a low ‑ value pool for an income year in this way: Step 1. Work out the amount obtained by taking 18 3 / 4 % of the taxable use percentage of the * cost of each * low ‑ cost asset you allocated to the pool for that year. Add those amounts. Step 2. Add to the step 1 amount 18 3 / 4 % of the taxable use percentage of any amounts included in the second element of the * cost for that year of: (a) assets allocated to the pool for an earlier income year; and (b) * low ‑ value assets allocated to the pool for the * current year. Step 3. Add to the step 2 amount 37 1 / 2 % of the sum of: (a) the * closing pool balance for the previous income year; and (b) the taxable use percentage of the * opening adjustable values of * low ‑ value assets, at the start of the income year, that you allocated to the pool for that year. Step 4. The result is the decline in value of the * depreciating assets in the pool. (2) The closing pool balance of a low ‑ value pool for an income year is the sum of: (a) the * closing pool balance of the pool for the previous income year; and (b) the taxable use percentage of the * costs of * low ‑ cost assets you allocated to the pool for that year; and (c) the taxable use percentage of the * opening adjustable values of any * low ‑ value assets you allocated to the pool for that year as at the start of that year; and (d) the taxable use percentage of any amounts included in the second element of the cost for the income year of: (i) assets allocated to the pool for an earlier income year; and (ii) low ‑ value assets allocated to the pool for the * current year; less the decline in value of the * depreciating assets in the pool worked out under subsection (1). Note: The closing pool balance may be reduced under section 40 ‑ 445 if a balancing adjustment event happens.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-445", "Provision_Key": "s40-445", "Heading": "Balancing adjustment events", "Text": "(1) If a * balancing adjustment event happens to a * depreciating asset in a low ‑ value pool in an income year, the * closing pool balance for that year is reduced (but not below zero) by the taxable use percentage of the asset’s * termination value. (2) If the sum of the * termination values, or the part of it, applicable under subsection (1) exceeds the * closing pool balance of the pool for that year, the excess is included in your assessable income.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-445"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-450", "Provision_Key": "s40-450", "Heading": "Software development pools", "Text": "(1) You may choose to allocate amounts of expenditure you incur on * in ‑ house software in an income year to a software development pool if it is expenditure on developing, or having another entity develop, computer software. Note: You cannot allocate expenditure on in ‑ house software to a software development pool if it is expenditure on acquiring computer software or a right to use computer software. (2) Once you choose to create a software development pool for an income year, any amounts of the kind referred to in subsection (1) you incur after the pool is created (whether in that income year or a later one) must be allocated to a software development pool. (3) However, an amount of expenditure on * in ‑ house software can only be allocated to a software development pool if you intend to use the software solely for a * taxable purpose. (4) You must create a separate software development pool for each income year for which you incur amounts of the kind referred to in subsection (1).", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-455", "Provision_Key": "s40-455", "Heading": "How to work out your deduction", "Text": "For all the expenditure on * in ‑ house software in a software development pool that was incurred in a particular income year ( Year 1 ), you get deductions in successive income years as follows: Deductions allowed for software development pool Column 1 Column 2 Item Income year Amount of expenditure you can deduct for that year 1 Year 1 Nil 2 Year 2 30% 3 Year 3 30% 4 Year 4 30% 5 Year 5 10%", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 76 of 2001 | No 130 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-460", "Provision_Key": "s40-460", "Heading": "Your assessable income includes consideration for pooled software", "Text": "(1) If expenditure on * in ‑ house software is (or was) in your software development pool, your assessable income includes any amount you * derive as consideration in relation to the software. (2) However, subsection (1) does not apply if subsection 40 ‑ 340(3) (roll ‑ over relief) applies to the change.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 76 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-510", "Provision_Key": "s40-510", "Heading": "What this Subdivision is about", "Text": "You can deduct amounts for capital expenditure on depreciating assets that are water facilities, horticultural plants, fodder storage assets or fencing assets. The amount you can deduct is equal to the asset’s decline in value during an income year (as measured under this Subdivision). Table of sections Operative provisions 40 ‑ 515 Water facilities, horticultural plants, fodder storage assets and fencing assets 40 ‑ 520 Meaning of water facility , horticultural plant , fodder storage asset and fencing asset 40 ‑ 525 Conditions 40 ‑ 530 When declines in value start 40 ‑ 535 Meaning of horticulture and commercial horticulture 40 ‑ 540 How you work out the decline in value for water facilities 40 ‑ 545 How you work out the decline in value for horticultural plants 40 ‑ 548 How you work out the decline in value for fodder storage assets 40 ‑ 551 How you work out the decline in value for fencing assets 40 ‑ 555 Amounts you cannot deduct 40 ‑ 560 Non ‑ arm’s length transactions 40 ‑ 565 Extra deduction for destruction of a horticultural plant 40 ‑ 570 How this Subdivision applies to partners and partnerships 40 ‑ 575 Getting tax information if you acquire a horticultural plant", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 67 of 2015", "Amending_Acts": "No 76 of 2001 | No 129 of 2004 | No 67 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-515", "Provision_Key": "s40-515", "Heading": "Water facilities, horticultural plants, fodder storage assets and fencing assets", "Text": "(1) You can deduct an amount equal to the decline in value for an income year (as worked out under this Subdivision) of a * depreciating asset that is one of these: (a) a * water facility; (b) a * horticultural plant; (c) a * fodder storage asset; (d) a * fencing asset. Note 1: Sections 40 ‑ 540, 40 ‑ 545, 40 ‑ 548 and 40 ‑ 551 show you how to work out the decline. Note 2: Generally, only one taxpayer can deduct amounts for a depreciating asset. However, if you and another taxpayer jointly hold the asset, each of you deduct amounts for it: see section 40 ‑ 35. Conditions (2) However, the applicable condition in section 40 ‑ 525 must be satisfied for the * depreciating asset. Limit on deduction (3) You cannot deduct more in total than: (a) for a * water facility—the amount of capital expenditure (disregarding expenditure that you cannot deduct because of section 26 ‑ 100 (about water infrastructure improvement expenditure)) incurred on the facility; or (b) for a * horticultural plant—the amount of capital expenditure incurred on the plant; or (c) for a * fodder storage asset—the amount of capital expenditure incurred on the asset; or (d) for a * fencing asset—the amount of capital expenditure incurred on the asset. Reduction of deduction: water facilities, fodder storage assets and fencing assets (4) You must reduce your deduction for a * water facility, * fodder storage asset or * fencing asset for an income year by the part of the decline in value of the facility or asset that is attributable to the period (if any) in the income year when it was: (a) not wholly used in carrying on a * primary production business on land in Australia; or (b) not wholly used for a * taxable purpose. (5) Paragraph (4)(a) does not apply to a * water facility if the expenditure incurred on the construction, manufacture, installation or acquisition of the water facility was incurred by an * irrigation water provider. Meaning of irrigation water provider (6) An irrigation water provider is an entity whose * business is primarily and principally the supply (otherwise than by using a * motor vehicle) of water to entities for use in * primary production businesses on land in Australia.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 123 of 2018", "Amending_Acts": "No 76 of 2001 | No 129 of 2004 | No 23 of 2005 | No 88 of 2013 | No 67 of 2015 | No 123 of 2018", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 123 of 2018, effective Sch 1: 1 Jan 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-520", "Provision_Key": "s40-520", "Heading": "Meaning of water facility , horticultural plant , fodder storage asset and fencing asset", "Text": "(1) A water facility is: (a) * plant or a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to plant or a structural improvement, that is primarily and principally for the purpose of conserving or conveying water; or (b) a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to a structural improvement, that is reasonably incidental to conserving or conveying water. Example: Examples of a water facility include a dam, tank, tank stand, bore, well, irrigation channel, pipe, pump, water tower and windmill. Examples of things reasonably incidental to conserving or conveying water include a culvert, a fence to prevent live stock entering an irrigation channel and a bridge over an irrigation channel. (2) A horticultural plant is a live plant or fungus that is cultivated or propagated for any of its products or parts. (3) A fodder storage asset is an asset or a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to an asset or a structural improvement, that is primarily and principally for the purpose of storing fodder. (4) A fencing asset is: (a) an asset or a structural improvement that is a fence; or (b) a repair of a capital nature, or an alteration, addition or extension, to a fence.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 23 of 2005 | No 67 of 2015 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-525", "Provision_Key": "s40-525", "Heading": "Conditions", "Text": "Water facilities (1) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the * water facility must have been incurred: (a) primarily and principally for the purpose of conserving or conveying water for use in a * primary production business that you conduct on land in Australia; or (b) for expenditure incurred by an * irrigation water provider—primarily and principally for the purpose of conserving or conveying water for use in primary production businesses conducted by other entities on land in Australia, being entities supplied with water by the irrigation water provider. Note: If Division 250 applies to you and an asset that is a water facility: (a) if section 250 ‑ 150 applies—the condition in this subsection is taken not to be satisfied for the facility to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—the condition in this subsection is taken not to be satisfied for the facility. Horticultural plants (2) One of the conditions in this table must be satisfied: Conditions relating to horticultural plants Item Condition 1 You own the * horticultural plant and any holder of a lease, lesser interest or licence relating to the land does not carry on a * business of * horticulture on the land 2 The * horticultural plant is attached to land you hold under a lease, or a * quasi ‑ ownership right granted by an * exempt Australian government agency or an * exempt foreign government agency, and: (a) the lease or quasi ‑ ownership right enables you to carry on a * business of * horticulture on the land; and (b) any holder of a lesser interest or licence relating to the land does not carry on a * business of * horticulture on the land. 3 You: (a) hold a licence relating to the land to which the * horticultural plant is attached; and (b) carry on a * business of * horticulture on the land as a result of holding the licence. Note: If Division 250 applies to you and an asset that is a horticultural plant: (a) if section 250 ‑ 150 applies—a condition in this subsection is taken not to be satisfied for the plant to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—the conditions in this subsection are taken not to be satisfied for the horticultural plant. Fodder storage assets (3) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the * fodder storage asset must have been incurred primarily and principally for use in a * primary production business that you conduct on land in Australia. Note: If Division 250 applies to you and an asset that is a fodder storage asset: (a) if section 250 ‑ 150 applies—the condition in this subsection is taken not to be satisfied for the asset to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—the condition in this subsection is taken not to be satisfied for the asset. Fencing assets (4) The capital expenditure you incurred on the construction, manufacture, installation or acquisition of the * fencing asset must have been incurred primarily and principally for use in a * primary production business that you conduct on land in Australia. Note: If Division 250 applies to you and an asset that is a fencing asset: (a) if section 250 ‑ 150 applies—the condition in this subsection is taken not to be satisfied for the asset to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—the condition in this subsection is taken not to be satisfied for the asset.", "Amendment_Count": 6, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 129 of 2004 | No 23 of 2005 | No 164 of 2007 | No 67 of 2015 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-530", "Provision_Key": "s40-530", "Heading": "When declines in value start", "Text": "(1) A * water facility, * fodder storage asset or * fencing asset starts to decline in value in the income year in which you first incur expenditure on the facility or asset. (2) A * horticultural plant starts to decline in value in: (a) if you are the first entity to satisfy a condition in subsection 40 ‑ 525(2) for the plant—the income year in which the first commercial season starts; or (b) if not—the later of the income year in which you first satisfied that condition and the income year in which the first commercial season starts.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 67 of 2015", "Amending_Acts": "No 76 of 2001 | No 129 of 2004 | No 67 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Repealed and substituted by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-535", "Provision_Key": "s40-535", "Heading": "Meaning of horticulture and commercial horticulture", "Text": "(1) Horticulture includes: (a) propagation and cultivation of a * horticultural plant in any environment (whether natural or artificial); and (b) propagation and cultivation of seeds, bulbs, spores and similar things; and (c) propagation and cultivation of fungi. (2) Use for commercial horticulture means use for the * purpose of producing assessable income in a * business of * horticulture.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-540", "Provision_Key": "s40-540", "Heading": "How you work out the decline in value for water facilities", "Text": "(1) The decline in value of a * water facility for the income year in which you incurred the expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the water facility. (2) However, disregard expenditure that you cannot deduct because of section 26 ‑ 100 (about water infrastructure improvement expenditure).", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 67 of 2015", "Amending_Acts": "No 76 of 2001 | No 88 of 2013 | No 67 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed and substituted by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-540"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-545", "Provision_Key": "s40-545", "Heading": "How you work out the decline in value for horticultural plants", "Text": "(1) The decline in value of a * horticultural plant for the income year in which it starts to decline in value is all of the capital expenditure attributable to the establishment of the plant if its * effective life is less than 3 years. (2) You work out the decline in value for an income year of a * horticultural plant whose * effective life is 3 years or more in this way: where: establishment expenditure is the amount of capital expenditure incurred that is attributable to the establishment of the * horticultural plant. write ‑ off days in income year is the number of days in the income year on which you satisfied a condition in subsection 40 ‑ 525(2) for the plant and either used it for * commercial horticulture or held it ready for that use. write ‑ off rate is the rate shown in this table for the * horticultural plant according to its * effective life. Write ‑ off rate for horticultural plant Item Effective life of: The write ‑ off rate is: 1 3 to fewer than 5 years 40% 2 5 to fewer than 6 2 / 3 years 27% 3 6 2 / 3 to fewer than 10 years 20% 4 10 to fewer than 13 years 17% 5 13 to fewer than 30 years 13% 6 30 years or more 7% Limit on write ‑ off days (3) Disregard your use of the * horticultural plant on a day outside the period that: (a) starts when the plant can first be used for * commercial horticulture; and (b) extends for the time shown in this table (depending on the plant’s * effective life). Period after which you cannot count use of horticultural plant Item Effective life: Time limit: 1 3 to fewer than 5 years 2 years and 183 days 2 5 to fewer than 6 2 / 3 years 3 years and 257 days 3 6 2 / 3 to fewer than 10 years 5 years 4 10 to fewer than 13 years 5 years and 323 days 5 13 to fewer than 30 years 7 years and 253 days 6 30 years or more 14 years and 105 days", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-545"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-548", "Provision_Key": "s40-548", "Heading": "How you work out the decline in value for fodder storage assets", "Text": "The decline in value of a * fodder storage asset for the income year in which you incurred the expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the fodder storage asset.", "Amendment_Count": 2, "First_Amended": "No 67 of 2015", "Last_Amended": "No 123 of 2018", "Amending_Acts": "No 67 of 2015 | No 123 of 2018", "History_Notes": "Inserted by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Repealed and substituted by No 123 of 2018, effective Sch 1: 1 Jan 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-548"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-551", "Provision_Key": "s40-551", "Heading": "How you work out the decline in value for fencing assets", "Text": "The decline in value of a * fencing asset for the income year in which you incurred the expenditure is the amount of capital expenditure you incurred on the construction, manufacture, installation or acquisition of the fencing asset.", "Amendment_Count": 1, "First_Amended": "No 67 of 2015", "Last_Amended": "No 67 of 2015", "Amending_Acts": "No 67 of 2015", "History_Notes": "Inserted by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-551"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-555", "Provision_Key": "s40-555", "Heading": "Amounts you cannot deduct", "Text": "Water facilities (1) You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * water facility if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on: (a) the construction or manufacture of the facility; or (b) a previous acquisition of the facility. Note: A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a water facility are not the same depreciating asset for the purposes of section 40 ‑ 50 and this Subdivision: see section 40 ‑ 53. Horticultural plants (3) In working out your deduction under this Subdivision for a * horticultural plant, disregard expenditure incurred: (a) in draining swamp or low ‑ lying land; or (b) in clearing land. Fodder storage assets (4) You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * fodder storage asset if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on: (a) the construction or manufacture of the asset; or (b) a previous acquisition of the asset. Note: A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a fodder storage asset are not the same depreciating asset for the purposes of section 40 ‑ 50 and this Subdivision: see section 40 ‑ 53. Fencing assets (5) You cannot deduct an amount for any income year for capital expenditure on the acquisition of a * fencing asset if any entity has deducted or can deduct an amount under this Subdivision for any income year for earlier capital expenditure on: (a) the construction or manufacture of the fencing asset; or (b) a previous acquisition of the fencing asset. Note: A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset that is a fencing asset are not the same depreciating asset for the purposes of section 40 ‑ 50 and this Subdivision: see section 40 ‑ 53. (6) You cannot deduct an amount for any income year for capital expenditure on a * fencing asset to the extent that any entity has deducted or can deduct the amount under subsection 40 ‑ 630(1) (about landcare operations). (7) You cannot deduct an amount for any income year for capital expenditure on a * fencing asset if the fencing asset is (or is a repair, alteration, addition or extension to): (a) a stockyard or pen; or (b) a portable fence.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 67 of 2015", "Amending_Acts": "No 76 of 2001 | No 129 of 2004 | No 23 of 2005 | No 67 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-560", "Provision_Key": "s40-560", "Heading": "Non ‑ arm’s length transactions", "Text": "If you incurred capital expenditure under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this section, the amount of the expenditure would be more than the * market value of what it was for; the amount of expenditure you take into account under this Subdivision is that market value.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-560"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-565", "Provision_Key": "s40-565", "Heading": "Extra deduction for destruction of a horticultural plant", "Text": "(1) You can deduct the amount worked out under subsection (2) for a * horticultural plant for an income year if its * effective life is 3 years or more and it is destroyed during the income year while you own it and use it for * commercial horticulture. (2) Work out your deduction as follows: Method statement Step 1. Work out the total of the amounts you could have deducted under this Subdivision for the * horticultural plant for the period: (a) starting when the plant could first be used for * commercial horticulture; and (b) ending when it was destroyed; assuming that, during that period, you satisfied a condition in section 40 ‑ 525 for the plant and used it for commercial horticulture. Step 2. Subtract from the capital expenditure that is attributable to the establishment of the * horticultural plant: (a) the result from step 1; and (b) any amount you received (under an insurance policy or otherwise) for the destruction. The remaining amount (if any) is your deduction under subsection (1). (3) This deduction is in addition to any deduction for the income year under section 40 ‑ 545.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 129 of 2004", "Amending_Acts": "No 76 of 2001 | No 129 of 2004", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-565"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-570", "Provision_Key": "s40-570", "Heading": "How this Subdivision applies to partners and partnerships", "Text": "(1) This section applies to allocate expenditure to you for the purposes of this Subdivision if you were a partner in a partnership when it incurred capital expenditure during an income year. (2) For the purposes of this Subdivision, you are taken to have incurred during that income year: (a) the amount of the expenditure that the partners agreed you should bear; or (b) if there was no such agreement—the proportion of the expenditure equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year. (3) Disregard this Subdivision when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-570"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-575", "Provision_Key": "s40-575", "Heading": "Getting tax information if you acquire a horticultural plant", "Text": "(1) If you begin to satisfy a condition in section 40 ‑ 525 for a * horticultural plant, you may give the last entity (if any) that satisfied such a condition for the plant a written notice requiring the entity to give you any or all of the following information: (a) the amount of establishment expenditure for the plant; (b) if the entity used the plant’s * effective life to work out the decline in value of the plant—its effective life and the day on which it could first be used for * commercial horticulture. (2) The notice must: (a) be given within 60 days of your beginning to satisfy that condition; and (b) specify a period of at least 60 days within which the information must be given; and (c) set out the effect of subsection (3). Note: Subsections (4) and (5) explain how this subsection operates if the last owner is a partnership. Requirement to comply with notice (3) The entity to whom the notice is given must not intentionally refuse or fail to comply with the notice. Penalty: 10 penalty units. Giving the notice to a partnership (4) If the entity to whom the notice is given is a partnership: (a) you may give it to the partnership by giving it to any of the partners (this does not limit how else you can give it); and (b) the obligation to comply with the notice is imposed on each of the partners (not on the partnership), but may be discharged by any of them. (5) A partner must not intentionally refuse or fail to comply with that obligation, unless another partner has already complied with it. Penalty: 10 penalty units. Limits on giving a notice (6) Only one notice can be given in relation to the same * horticultural plant.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 129 of 2004", "Amending_Acts": "No 76 of 2001 | No 129 of 2004", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-575"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-625", "Provision_Key": "s40-625", "Heading": "What this Subdivision is about", "Text": "You can deduct amounts for capital expenditure you incur: • on landcare operations; or • on electricity connections or telephone lines. Table of sections Operative provisions 40 ‑ 630 Landcare operations 40 ‑ 635 Meaning of landcare operation 40 ‑ 640 Meaning of approved management plan 40 ‑ 645 Electricity and telephone lines 40 ‑ 650 Amounts you cannot deduct under this Subdivision 40 ‑ 655 Meaning of connecting power to land or upgrading the connection and metering point 40 ‑ 660 Non ‑ arm’s length transactions 40 ‑ 665 How this Subdivision applies to partners and partnerships 40 ‑ 670 Approval of persons as farm consultants 40 ‑ 675 Review of decisions relating to approvals", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-625"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-630", "Provision_Key": "s40-630", "Heading": "Landcare operations", "Text": "(1) You can deduct capital expenditure you incur at a time in an income year on a * landcare operation for: (a) land in Australia you use at the time for carrying on a * primary production business; or (b) rural land in Australia you use at the time for carrying on a * business for a * taxable purpose from the use of that land (except a business of * mining and quarrying operations). Note: If Division 250 applies to you and an asset that is land: (a) if section 250 ‑ 150 applies—you are taken not to be using the land for the purpose of carrying on a primary production business, or a business for the purpose of producing assessable income from the use of rural land (except a business of mining and quarrying operations), to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you are taken not to be using the land for such a purpose. (1A) A * rural land irrigation water provider can deduct capital expenditure it incurs at a time in an income year on a * landcare operation for: (a) land in Australia that other entities use at the time for carrying on * primary production businesses; or (b) rural land in Australia that other entities use at the time for carrying on * businesses for a * taxable purpose from the use of that land (except a business of * mining and quarrying operations); being entities supplied with water by the rural land irrigation water provider. (1B) A rural land irrigation water provider is: (a) an * irrigation water provider; or (b) an entity whose * business is primarily and principally the supply (otherwise than by using a * motor vehicle) of water to entities for use in carrying on * businesses (except businesses of * mining and quarrying operations) using rural land in Australia. Exception: plant (2) However, you cannot deduct an amount under this Subdivision for capital expenditure on * plant, except: (a) a fence erected for a purpose described in paragraph 40 ‑ 635(1)(a) or (b); or (b) a dam or structural improvement (except a fence) covered by paragraph (1)(c), (d), (e) or (f) of the definition of plant in section 45 ‑ 40. (2A) In applying paragraph (2)(b) to capital expenditure incurred by a * rural land irrigation water provider on a dam or structural improvement, the requirement in paragraph 45 ‑ 40(1)(c) that the land on which the dam or structural improvement is situated be used for agricultural or pastoral operations is to be disregarded. Exception: deduction available under Subdivision 40 ‑ F (2B) A * rural land irrigation water provider cannot deduct an amount under this Subdivision for capital expenditure if the entity can deduct an amount for that expenditure under Subdivision 40 ‑ F. Exception: deduction available under Subdivision 40 ‑ J (2C) You cannot deduct an amount under this Subdivision for capital expenditure if any entity can deduct an amount for that expenditure for any income year under Subdivision 40 ‑ J. Reduction of deduction (3) You must reduce your deduction by a reasonable amount to reflect your use of the land in the income year after the time when you incurred the expenditure for a purpose other than the purpose of carrying on: (a) a * primary production business; or (b) a * business for the * purpose of producing assessable income from the use of rural land (except a business of * mining and quarrying operations). (4) Subsection (3) does not apply to expenditure incurred by a * rural land irrigation water provider. Instead, a rural land irrigation water provider must reduce its deduction in relation to particular land by a reasonable amount to reflect an entity’s use of the land in the income year after the rural land irrigation water provider incurred the expenditure for a purpose other than a * taxable purpose.", "Amendment_Count": 8, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 23 of 2005 | No 164 of 2007 | No 38 of 2008 | No 14 of 2012 | No 84 of 2013 | No 96 of 2014 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-630"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-635", "Provision_Key": "s40-635", "Heading": "Meaning of landcare operation", "Text": "(1) Landcare operation for land means: (a) erecting a fence to separate different land classes on the land in accordance with an * approved management plan for the land; or (b) erecting a fence on the land primarily and principally for the purpose of excluding animals from an area affected by land degradation: (i) to prevent or limit extension or worsening of land degradation in the area; and (ii) to help reclaim the area; or (c) constructing a levee or a similar improvement on the land; or (d) constructing drainage works on the land primarily and principally for the purpose of controlling salinity or assisting in drainage control; or (e) an operation primarily and principally for the purpose of: (i) eradicating or exterminating from the land animals that are pests; or (ii) eradicating, exterminating or destroying plant growth detrimental to the land; or (iii) preventing or fighting land degradation (except by erecting fences on the land); or (f) a repair of a capital nature, or an alteration, addition or extension, to an asset described in paragraph (a), (b), (c) or (d) or an extension of an operation described in paragraph (e); or (g) constructing a structural improvement, or a repair of a capital nature, or an alteration, addition or extension, to a structural improvement, that is reasonably incidental to an asset described in paragraph (c) or (d). Note: A depreciating asset and a repair of a capital nature or an alteration, addition or extension to that asset are not the same asset for the purposes of section 40 ‑ 50 and this Subdivision: see section 40 ‑ 53. (2) Paragraph (1)(d) does not apply to an operation draining swamp or low ‑ lying land.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 76 of 2001 | No 23 of 2005", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-635"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-640", "Provision_Key": "s40-640", "Heading": "Meaning of approved management plan", "Text": "An approved management plan for * land is a plan that: (a) shows the different classes within the land and the location of any fencing needed to separate any of the land classes to prevent land degradation; and (b) describes the kind of fencing and how it will prevent land degradation; and (c) has been prepared by, or approved in writing as a suitable plan for the land by: (i) an officer of an * Australian government agency responsible for land conservation who has authority to do so; or (ii) an individual who was at the time approved as a farm consultant under this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-640"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-645", "Provision_Key": "s40-645", "Heading": "Electricity and telephone lines", "Text": "(1) You can deduct amounts for capital expenditure you incur on * connecting power to land or upgrading the connection if, when you incur the expenditure: (a) you have an interest in the land or are a share ‑ farmer carrying on a * business on the land; and (b) you or another entity intends to use some or all of the electricity to be supplied as a result of the expenditure in carrying on a business on the land for a * taxable purpose at a time when you have an interest in the land or are a share ‑ farmer carrying on a business on the land. (2) You can also deduct amounts for capital expenditure you incur on a telephone line on or extending to land if, when you incurred the expenditure: (a) a * primary production business was carried on the land; and (b) you had an interest in the land or you were a share ‑ farmer carrying on a primary production business on the land. (3) The amount you can deduct is 10% of the expenditure: (a) for the income year in which you incur it; and (b) for each of the next 9 income years. Note 1: Various provisions may reduce the amount you can deduct or stop you deducting. For example, see: Division 26 (limiting deductions generally); and section 40 ‑ 650 (specifying expenditure you cannot deduct under this Subdivision); and Division 245 (which may affect your entitlement to a deduction if your debts are forgiven). Note 2: If you recoup an amount of the expenditure, the amount will be included in your assessable income. See Subdivision 20 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 76 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-645"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-650", "Provision_Key": "s40-650", "Heading": "Amounts you cannot deduct under this Subdivision", "Text": "(1) You cannot deduct amounts for capital expenditure you incur on * connecting power to land or upgrading the connection if, during the 12 months after electricity is first supplied to the land as a result of the expenditure, no electricity supplied as a result of the expenditure is used in carrying on a * business on the land for a * taxable purpose. (2) If you deducted an amount for any income year under this Subdivision for the expenditure, your assessment for that income year may be amended under section 170 of the Income Tax Assessment Act 1936 to disallow the deduction. (3) You cannot deduct an amount for capital expenditure you incur on * connecting power to land or upgrading the connection for: (a) expenditure in providing water, light or power for use on, access to or communication with the site of * mining and quarrying operations; or (b) a contribution to the cost of providing water, light or power for those operations. (4) You cannot deduct an amount for any income year for your capital expenditure on a part of a telephone line if: (a) any entity has deducted, or can deduct, an amount for any income year for the cost of that part under a provision of this Act (except this Subdivision); or (b) the cost of that part has been, or must be, taken into account in working out: (i) the amount of any entity’s deduction (including a deduction for a * depreciating asset) for any income year under a provision of this Act (except this Subdivision); or (ii) the net income, or partnership loss, of a partnership under section 90 of the Income Tax Assessment Act 1936 . (5) However, you can deduct an amount under this Subdivision for your expenditure on a part of a telephone line even if: (a) an entity that worked on installing that part has deducted, or can deduct, an amount relating to that part for any income year under this Act (except this Subdivision); or (b) the cost of that part has been, or must be, taken into account: (i) in working out the amount of such an entity’s deduction for any income year under a provision of this Act (except this Subdivision); or (ii) under section 90 of the Income Tax Assessment Act 1936 in working out the net income, or partnership loss, of a partnership that worked on installing that part. (6) Subsection (5) has effect whether the entity did the work itself or through one or more employees or * agents. (7) If you can deduct, or have deducted, an amount for any income year under section 40 ‑ 645 for your expenditure: (a) an entity cannot deduct an amount for any income year under a provision of this Act (except this Subdivision) for the expenditure; and (b) the expenditure cannot be taken into account to work out the amount of an entity’s deduction for any income year under a provision of this Act (except this Subdivision). (8) Subsection (7) also applies in working out the net income, or partnership loss, of a partnership under section 90 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 76 of 2001 | No 14 of 2012 | No 84 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-650"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-655", "Provision_Key": "s40-655", "Heading": "Meaning of connecting power to land or upgrading the connection and metering point", "Text": "(1) Each of these operations is connecting power to land or upgrading the connection : (a) connecting a mains electricity cable to a * metering point on the land (whether or not the point from which the cable is connected is on the land); (b) providing or installing equipment designed to measure the amount of electricity supplied through a mains electricity cable to a metering point on the land; (c) providing or installing equipment for use directly in connection with the supply of electricity through a mains electricity cable to a metering point on the land; (d) work to increase the amount of electricity that can be supplied through a mains electricity cable to a metering point on the land; (e) work to modify or replace equipment designed to measure the amount of electricity supplied through a mains electricity cable to a metering point on the land, if the modification or replacement results from increasing the amount of electricity supplied to the land; (f) work to modify or replace equipment for use directly in connection with the supply of electricity through a mains electricity cable to the land, if the modification or replacement results from increasing the amount of electricity supplied to the land; (g) work carried out as a result of a contribution to the cost of a project consisting of the connection of mains electricity facilities to that land and other land. (2) However, an operation described in subsection (1) done in the course of replacing or relocating mains electricity cable or equipment is connecting power to land or upgrading the connection only if done to increase the amount of electricity that can be supplied to a * metering point on the land. (3) A metering point on land is a point where consumption of electricity supplied to the land through a mains electricity cable is measured.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-655"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-660", "Provision_Key": "s40-660", "Heading": "Non ‑ arm’s length transactions", "Text": "If you incurred capital expenditure under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this section, the amount of the expenditure would be more than the * market value of what it was for; the amount of expenditure you take into account under this Subdivision is that market value.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-660"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-665", "Provision_Key": "s40-665", "Heading": "How this Subdivision applies to partners and partnerships", "Text": "(1) This section applies to allocate expenditure to you for the purposes of this Subdivision if you were a partner in a partnership when it incurred capital expenditure during an income year. (2) For the purposes of this Subdivision, you are taken to have incurred during that income year: (a) the amount of the expenditure that the partners agreed you should bear; or (b) if there was no such agreement—the proportion of the expenditure equal to the proportion of your individual interest in the net income or partnership loss of the partnership for that income year. (3) Disregard this Subdivision when working out the net income or partnership loss of the partnership under section 90 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 76 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-665"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-670", "Provision_Key": "s40-670", "Heading": "Approval of persons as farm consultants", "Text": "(1) A person may be approved in writing as a farm consultant by: (a) the * Agriculture Secretary; or (b) an officer of the * Agriculture Department who has been authorised in writing by the Agriculture Secretary to approve persons as farm consultants. Note: This subsection also allows the approval of an individual as a farm consultant to be revoked. See subsection 33(3) of the Acts Interpretation Act 1901 . (2) The following matters must be taken into account when deciding whether to approve a person as a farm consultant: (a) the person’s qualifications, experience and knowledge relating to * land conservation and farm management; (b) the person’s standing in the professional community; (c) any other relevant matters.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 76 of 2001 | No 88 of 2009", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-670"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-675", "Provision_Key": "s40-675", "Heading": "Review of decisions relating to approvals", "Text": "A person may apply to the * ART for review of a decision (as defined in the Administrative Review Tribunal Act 2024 ): (a) to refuse to approve the person as a farm consultant; or (b) to revoke the approval of the person as a farm consultant.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 76 of 2001 | No 38 of 2024", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-675"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-725", "Provision_Key": "s40-725", "Heading": "What this Subdivision is about", "Text": "You get an immediate deduction for certain capital expenditure on: • exploration or prospecting; and • rehabilitation of mining or quarrying sites; and • paying petroleum resource rent tax; and • environmental protection activities. Table of sections Operative provisions 40 ‑ 730 Deduction for expenditure on exploration or prospecting 40 ‑ 735 Deduction for expenditure on mining site rehabilitation 40 ‑ 740 Meaning of ancillary activities and mining building site 40 ‑ 745 No deduction for certain expenditure 40 ‑ 750 Deduction for payments of petroleum resource rent tax 40 ‑ 755 Environmental protection activities 40 ‑ 760 Limits on deductions from environmental protection activities 40 ‑ 765 Non ‑ arm’s length transactions", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 76 of 2001 | No 14 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-725"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-730", "Provision_Key": "s40-730", "Heading": "Deduction for expenditure on exploration or prospecting", "Text": "(1) You can deduct expenditure you incur in an income year on * exploration or prospecting for * minerals, or quarry materials, obtainable by * mining and quarrying operations if, for that expenditure, you satisfy one or more of these paragraphs: (a) you carried on mining and quarrying operations; (b) it would be reasonable to conclude you proposed to carry on such operations; (c) you carried on a * business of, or a business that included, exploration or prospecting for minerals or quarry materials obtainable by such operations, and the expenditure was necessarily incurred in carrying on that business. Note: If Division 250 applies to you and an asset that is land: (a) if section 250 ‑ 150 applies—you cannot deduct expenditure you incur in relation to the land to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you cannot deduct such expenditure. (2) However, you cannot deduct expenditure under subsection (1) if it is expenditure on: (a) development drilling for * petroleum; or (b) operations in the course of working a mining property, quarrying property or petroleum field. (3) Also, you cannot deduct expenditure under subsection (1) to the extent that it forms part of the * cost of a * depreciating asset. Definitions (4) Exploration or prospecting includes: (a) for mining in general, and quarrying: (i) geological mapping, geophysical surveys, systematic search for areas containing * minerals (except * petroleum) or quarry materials, and search by drilling or other means for such minerals or materials within those areas; and (ii) search for ore within, or near, an ore ‑ body or search for quarry materials by drives, shafts, cross ‑ cuts, winzes, rises and drilling; and (b) for petroleum mining: (i) geological, geophysical and geochemical surveys; and (ii) exploration drilling and appraisal drilling; and (c) feasibility studies to evaluate the economic feasibility of mining minerals or quarry materials once they have been discovered; and (d) obtaining * mining, quarrying or prospecting information associated with the search for, and evaluation of, areas containing minerals or quarry materials. (5) Minerals includes * petroleum. (6) Petroleum means: (a) any naturally occurring hydrocarbon or naturally occurring mixture of hydrocarbons, whether in a gaseous, liquid or solid state; or (b) any naturally occurring mixture of: (i) one or more hydrocarbons, whether in a gaseous, liquid or solid state; and (ii) one or more of the following: hydrogen sulphide, nitrogen, helium or carbon dioxide; whether or not that substance has been returned to a natural reservoir. (7) Mining and quarrying operations means: (a) mining operations on a mining property for extracting * minerals (except * petroleum) from their natural site; or (b) mining operations for the purpose of obtaining petroleum; or (c) quarrying operations on a quarrying property for extracting quarry materials from their natural site; for the * purpose of producing assessable income. (8) Mining, quarrying or prospecting information is geological, geophysical or technical information that: (a) relates to the presence, absence or extent of deposits of * minerals or quarry materials in an area; or (b) is likely to help in determining the presence, absence or extent of such deposits in an area.", "Amendment_Count": 7, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 66 of 2003 | No 164 of 2007 | No 14 of 2012 | No 84 of 2013 | No 96 of 2014 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-730"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-735", "Provision_Key": "s40-735", "Heading": "Deduction for expenditure on mining site rehabilitation", "Text": "(1) You can deduct for an income year expenditure you incur in that year to the extent it is on * mining site rehabilitation of: (a) a site on which you: (i) carried on * mining and quarrying operations; or (ii) conducted * exploration or prospecting; or (iii) conducted * ancillary mining activities; or (b) a * mining building site. Note 1: If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20 ‑ A. Note 2: If Division 250 applies to you and an asset that is land: (a) if section 250 ‑ 150 applies—you cannot deduct expenditure you incur in relation to the land to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you cannot deduct such expenditure. (2) However, a provision of this Act (except Division 8 (which is about deductions)) that expressly prevents or restricts the operation of that Division applies in the same way to this section. (3) However, you cannot deduct expenditure under subsection (1) to the extent that it forms part of the * cost of a * depreciating asset. (4) Mining site rehabilitation is an act of restoring or rehabilitating a site or part of a site to, or to a reasonable approximation of, the condition it was in before * mining and quarrying operations, * exploration or prospecting or * ancillary mining activities were first started on the site, whether by you or by someone else. (5) Partly restoring or rehabilitating such a site counts as mining site rehabilitation (even if you had no intention of completing the work). (6) For a * mining building site, the time when * ancillary mining activities were first started on the site is the earliest time when the buildings, improvements or * depreciating assets concerned were located on the site.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 164 of 2007 | No 14 of 2012 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-735"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-740", "Provision_Key": "s40-740", "Heading": "Meaning of ancillary mining activities and mining building site", "Text": "(1) Any of the following are ancillary mining activities : (a) preparing a site for you to carry on * mining and quarrying operations; (b) providing water, light or power for, access to, or communications with, a site on which you carry on, or will carry on, mining and quarrying operations; (c) * minerals treatment of * minerals or minerals treatment of quarry materials, obtained by you in carrying on mining and quarrying operations; (d) storing (whether before or after minerals treatment) such minerals, * petroleum or quarry materials in relation to the operation of a * depreciating asset for use primarily and principally in treating such minerals or quarry materials; (e) liquefying natural gas obtained from mining and quarrying operations you carry on. (2) A mining building site is a site, or a part of a site, where there are * depreciating assets that are or were necessary for you to carry on * mining and quarrying operations. However, a mining building site does not include anything covered by the definition of housing and welfare .", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 14 of 2012", "Amending_Acts": "No 76 of 2001 | No 12 of 2012 | No 14 of 2012", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-740"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-745", "Provision_Key": "s40-745", "Heading": "No deduction for certain expenditure", "Text": "Expenditure on these things is not deductible under section 40 ‑ 735: (a) acquiring land or an interest in land or a right, power or privilege to do with land; (b) a bond or security, however described, for performing * mining site rehabilitation; (c) * housing and welfare.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-745"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-750", "Provision_Key": "s40-750", "Heading": "Deduction for payments of petroleum resource rent tax", "Text": "(1) You can deduct a payment of * petroleum resource rent tax, or an * instalment of petroleum resource rent tax, that you make in an income year. Note 1: If an amount of the expenditure is recouped, the amount may be included in your assessable income: see Subdivision 20 ‑ A. Note 2: If Division 250 applies to you and an asset: (a) if section 250 ‑ 150 applies—you cannot deduct expenditure you incur in relation to the asset to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you cannot deduct such expenditure. (2) You cannot deduct under subsection (1) a payment that you make under paragraph 99(c) of the Petroleum Resource Rent Tax Assessment Act 1987 . (3) These amounts are included in your assessable income for the income year in which they are refunded, credited, paid or applied: (a) an amount the Commissioner pays you in total or partial discharge of a debt of the kind referred to in subsection 47(1) of the Petroleum Resource Rent Tax Assessment Act 1987 ; or (b) an amount the Commissioner applies under subsection 47(2) of the Petroleum Resource Rent Tax Assessment Act 1987 in total or partial discharge of a liability you have.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 164 of 2007 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-750"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-755", "Provision_Key": "s40-755", "Heading": "Environmental protection activities", "Text": "(1) You can deduct expenditure you incur in an income year for the sole or dominant purpose of carrying on * environmental protection activities. Note: If Division 250 applies to you and an asset that is land: (a) if section 250 ‑ 150 applies—you cannot deduct expenditure you incur in relation to the land to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you cannot deduct such expenditure. (2) Environmental protection activities are any of the following activities that are carried on by or for you: (a) preventing, fighting or remedying: (i) pollution resulting, or likely to result, from * your earning activity; or (ii) pollution of or from the site of your earning activity; or (iii) pollution of or from a site where an entity was carrying on any * business that you have acquired and carry on substantially unchanged as your earning activity; (b) treating, cleaning up, removing or storing: (i) waste resulting, or likely to result, from your earning activity; or (ii) waste that is on or from the site of * your earning activity; or (iii) waste that is on or from a site where an entity was carrying on any business that you have acquired and carry on substantially unchanged as your earning activity. No other activities are environmental protection activities. (3) Your earning activity is an activity you carried on, carry on, or propose to carry on: (a) for the * purpose of producing assessable income for an income year (except a * net capital gain); or (b) for the purpose of * exploration or prospecting; or (c) for the purpose of * mining site rehabilitation; or (d) for purposes that include one or more of those purposes. (4) If * your earning activity is: (a) leasing a site you own; or (b) granting a * right to use a site you own or control; or (c) a similar activity involving a site; that site is taken to be the site of your earning activity. Note: This means you can deduct your expenditure on environmental protection activities relating to the site, even if the pollution or waste is caused by another entity that uses the site.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 164 of 2007 | No 79 of 2010 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-755"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-760", "Provision_Key": "s40-760", "Heading": "Limits on deductions from environmental protection activities", "Text": "Expenditure you cannot deduct (1) You cannot deduct an amount under section 40 ‑ 755 for an income year for: (a) expenditure for acquiring land; or (b) capital expenditure for constructing a building, structure or structural improvement; or (c) capital expenditure for constructing an extension, alteration or improvement to a building, structure or structural improvement; or (d) a bond or security (however described) for performing * environmental protection activities; or (e) expenditure to the extent that you can deduct an amount for it under a provision of this Act outside this Subdivision. Note: You may be able to deduct expenditure described in paragraph (1)(b) or (c) under Division 43 (which deals with capital works). (2) In particular, you cannot deduct under section 40 ‑ 755 expenditure to the extent that you incur it on carrying out an activity for environmental impact assessment of your project. (3) However, a provision of this Act (except Division 8 (which is about deductions)) that expressly prevents or restricts the operation of that Division applies in the same way to section 40 ‑ 755.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-760"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-765", "Provision_Key": "s40-765", "Heading": "Non ‑ arm’s length transactions", "Text": "If you incurred capital expenditure under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this section, the amount of the expenditure would be more than the * market value of what it was for; the amount of expenditure you take into account under this Subdivision is that market value.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-765"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-825", "Provision_Key": "s40-825", "Heading": "What this Subdivision is about", "Text": "You can deduct amounts for certain capital expenditure associated with projects you carry on. You deduct the amounts over the life of the project using a pool. You can also deduct amounts for certain business related costs. You deduct these amounts over 5 years (or immediately in the case of some start ‑ up expenses for small businesses) if the amounts are not otherwise taken into account and are not denied a deduction. Table of sections Operative provisions 40 ‑ 830 Project pools 40 ‑ 832 Project pools for post ‑ 9 May 2006 projects 40 ‑ 835 Reduction of deduction 40 ‑ 840 Meaning of project amount 40 ‑ 845 Project life 40 ‑ 855 When you start to deduct amounts for a project pool 40 ‑ 860 Meaning of mining capital expenditure 40 ‑ 865 Meaning of transport capital expenditure 40 ‑ 870 Meaning of transport facility 40 ‑ 875 Meaning of processed minerals and minerals treatment 40 ‑ 880 Business related costs 40 ‑ 885 Non ‑ arm’s length transactions", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 114 of 2015", "Amending_Acts": "No 76 of 2001 | No 32 of 2006 | No 114 of 2015", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-825"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-830", "Provision_Key": "s40-830", "Heading": "Project pools", "Text": "(1) You can allocate * project amounts to a project pool. (2) You can deduct amounts for * project amounts that are allocated to the project pool. (3) You calculate your deduction for an income year for a project pool in this way: where: DV project pool life is: (a) the * project life of the project; or (b) if its project life has been recalculated—its most recently recalculated project life. pool value is: (a) for the first income year that a * project amount is allocated to the pool—the sum of the project amounts allocated to the pool for that year; or (b) for a later income year—the sum of the pool’s * closing pool value for the previous income year and any project amounts allocated to the pool for the later year. Note: The calculation is made under subsection 40 ‑ 832(3) for project amounts incurred on or after 10 May 2006 for projects that start to operate on or after that day. (4) If, in an income year, you abandon, sell or otherwise dispose of a project for which you have a project pool, you can deduct for that year the sum of the pool’s * closing pool value for the previous income year and any * project amounts allocated to the pool for the income year. (5) Your assessable income for that income year includes any amount you receive for the abandonment, sale or other disposal. (6) Your assessable income for an income year includes other capital amounts that you * derive in that year in relation to a * project amount allocated to your project pool or in relation to something on which the project amount is expended. (7) The closing pool value of a project pool for an income year is: (a) for the first income year that a * project amount is allocated to the pool—the sum of the project amounts allocated to the pool for that year less the amount you could deduct for the pool for that year (apart from section 40 ‑ 835); or (b) for a later income year—the sum of the pool’s * closing pool value for the previous income year and any project amounts allocated to the pool for the later year less the amount you could deduct for the pool for the later year (apart from section 40 ‑ 835). (8) Your deduction for an income year cannot be more than the amount of the component “pool value” in the formula in subsection (3) for that year.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 76 of 2001 | No 55 of 2006 | No 58 of 2006", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-830"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-832", "Provision_Key": "s40-832", "Heading": "Project pools for post ‑ 9 May 2006 projects", "Text": "(1) You calculate your deduction for an income year for a project pool in this way if the project pool contains only * project amounts incurred on or after 10 May 2006 for projects that start to operate on or after that day: where: DV project pool life has the same meaning as in subsection 40 ‑ 830(3). pool value has the same meaning as in subsection 40 ‑ 830(3). (2) If, in an income year, you abandon, sell or otherwise dispose of a project for which you have a project pool, you can deduct for that year the sum of the pool’s * closing pool value for the previous income year and any * project amounts allocated to the pool for the income year. (3) Your assessable income for that income year includes any amount you receive for the abandonment, sale or other disposal. (4) Your assessable income for an income year includes other capital amounts that you * derive in that year in relation to a * project amount allocated to your project pool or in relation to something on which the project amount is expended. (5) Your deduction for an income year cannot be more than the amount of the component “pool value” in the formula in subsection (1) for that year.", "Amendment_Count": 1, "First_Amended": "No 55 of 2006", "Last_Amended": "No 55 of 2006", "Amending_Acts": "No 55 of 2006", "History_Notes": "Inserted by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-832"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-835", "Provision_Key": "s40-835", "Heading": "Reduction of deduction", "Text": "You must reduce your deduction under section 40 ‑ 830 or 40 ‑ 832 for an income year by a reasonable amount for the extent (if any) to which the project operates in the year for purposes other than * taxable purposes. Note: If Division 250 applies to you and an asset: (a) if section 250 ‑ 150 applies—you are taken not to be using the asset for taxable purposes to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you are taken not to be using the asset for such purposes.", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 76 of 2001 | No 55 of 2006 | No 164 of 2007 | No 15 of 2017", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-835"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-840", "Provision_Key": "s40-840", "Heading": "Meaning of project amount", "Text": "(1) An amount of * mining capital expenditure or * transport capital expenditure you incur is a project amount if: (a) it does not form part of the * cost of a * depreciating asset you * hold or held; and (b) you cannot deduct it under a provision of this Act outside this Subdivision; and (c) it is directly connected with: (i) for mining capital expenditure—carrying on the * mining and quarrying operations in relation to which the expenditure is incurred; or (ii) for transport capital expenditure—carrying on the * business in relation to which the expenditure is incurred. (2) Another amount of capital expenditure you incur is also a project amount so far as: (a) it does not form part of the * cost of a * depreciating asset you * hold or held; and (b) you cannot deduct it under a provision of this Act outside this Subdivision; and (c) it is directly connected with a project you carry on or propose to carry on for a * taxable purpose; and (d) it is one of these: (i) an amount paid to create or upgrade community infrastructure for a community associated with the project; or (ii) an amount incurred for site preparation costs for depreciating assets (except, for * horticultural plants, in draining swamp or low ‑ lying land or in clearing land); or (iii) an amount incurred for feasibility studies for the project; or (iv) an amount incurred for environmental assessments for the project; or (v) an amount incurred to obtain information associated with the project; or (vi) an amount incurred in seeking to obtain a right to * intellectual property; or (vii) an amount incurred for ornamental trees or shrubs.", "Amendment_Count": 3, "First_Amended": "No 76 of 2001", "Last_Amended": "No 14 of 2012", "Amending_Acts": "No 76 of 2001 | No 129 of 2004 | No 14 of 2012", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 129 of 2004, effective Schedules 1 and 3: 1 Oct 2004 Remainder: Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-840"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-845", "Provision_Key": "s40-845", "Heading": "Project life", "Text": "You work out the project life of a project by estimating how long (in years, including fractions of years) it will be from when the project starts to operate until it stops operating.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-845"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-855", "Provision_Key": "s40-855", "Heading": "When you start to deduct amounts for a project pool", "Text": "You start to deduct amounts for a project pool for the first income year when the project starts to operate.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-855"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-860", "Provision_Key": "s40-860", "Heading": "Meaning of mining capital expenditure", "Text": "(1) Mining capital expenditure is capital expenditure you incur: (a) in carrying on * mining and quarrying operations; or (b) in preparing a site for those operations; or (c) on buildings or other improvements necessary for you to carry on those operations; or (d) in providing, or in contributing to the cost of providing: (i) water, light or power for use on the site of those operations; or (ii) access to, or communications with, the site of those operations; or (e) on buildings for use directly in connection with operating or maintaining * plant that is primarily and principally for * treating * minerals, or quarry materials, that you obtain by carrying on such operations; or (f) on buildings or other improvements for use directly in connection with storing minerals or quarry materials or to facilitate * minerals treatment of them (whether the storage happens before or after the treatment). (2) Capital expenditure you incur on * housing and welfare in carrying on * mining and quarrying operations (except quarrying operations) is also mining capital expenditure , but only if: (a) for residential accommodation—the accommodation is provided by you, on or adjacent to a site where you carry on those operations, for the use of: (i) your employees, or someone else’s employees, who are employed or engaged in those operations, or in operations of yours that are connected with those operations; or (ii) dependants of such employees; or (b) for health, education, recreation or other similar facilities, or facilities for meals—the facilities: (i) are on or adjacent to a site where you carry on those operations, and are principally for the benefit of the employees or dependants covered by paragraph (a); and (ii) are not run for profit by any person, except in the case of facilities for meals (which may be run for profit); or (c) in the case of works, including works for providing water, light, power, access or communications—the works are carried out directly in connection with the accommodation or facilities covered by this section. (3) However, expenditure on these is not mining capital expenditure : (a) railway lines, roads, pipelines or other facilities, for use wholly or partly for transporting * minerals or quarry materials, or their products, other than facilities used for transport wholly within the site of * mining and quarrying operations you carry on; (b) works carried out in connection with, or buildings or other improvements constructed or acquired for use in connection with, establishing, operating or using a port facility or other facility for ships; (c) an office building that is not at or adjacent to the site of mining and quarrying operations you carry on; (d) * housing and welfare in relation to quarrying operations.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 14 of 2012", "Amending_Acts": "No 76 of 2001 | No 14 of 2012", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-860"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-865", "Provision_Key": "s40-865", "Heading": "Meaning of transport capital expenditure", "Text": "(1) Transport capital expenditure is capital expenditure you incur, in carrying on a * business for a * taxable purpose, on: (a) a * transport facility; or (b) obtaining a right to construct or install a transport facility, or part of one, on land owned or leased by another entity or in an area referred to in subsection 960 ‑ 505(2) (about offshore areas and installations); or (c) paying compensation for any damage or loss caused by constructing or installing a transport facility or part of one; or (d) earthworks, bridges, tunnels or cuttings that are necessary for a transport facility. (2) Transport capital expenditure also includes capital expenditure you incur, in carrying on a * business for a * taxable purpose, by way of contribution to: (a) someone else’s capital expenditure on a * transport facility or on anything else covered by a paragraph of subsection (1); or (b) an * exempt Australian government agency’s capital expenditure on railway rolling ‑ stock. (3) Transport capital expenditure does not include expenditure on: (a) road vehicles or ships; or (b) railway rolling ‑ stock; or (c) a thing covered by the definition of housing and welfare ; or (d) works for providing water, light or power, in connection with a port facility or other facility for ships; and does not include expenditure by way of contribution to that expenditure (except expenditure by way of contribution to an * exempt Australian government agency’s capital expenditure on railway rolling ‑ stock).", "Amendment_Count": 4, "First_Amended": "No 76 of 2001", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 76 of 2001 | No 17 of 2006 | No 2 of 2015 | No 59 of 2019", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 17 of 2006, effective Sch 2 (items 41, 42): 1 July 2008 (s 2(1) item 2) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4) | Amended by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-865"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-870", "Provision_Key": "s40-870", "Heading": "Meaning of transport facility", "Text": "(1) A transport facility is a railway, a road, a pipe ‑ line, a port facility or other facility for ships, or another facility, that is used primarily and principally for transport of: (a) * minerals or quarry materials obtained by any entity in carrying on * mining and quarrying operations; or (b) * processed minerals produced from minerals or quarry materials. (2) However, a facility used for these is not a transport facility : (a) transport wholly within the site of * mining and quarrying operations; (b) transport of * petroleum: (i) that has been treated at a refinery; or (ii) that forms part of a system of reticulation to consumers; or (iii) to a particular consumer or consumers.", "Amendment_Count": 2, "First_Amended": "No 76 of 2001", "Last_Amended": "No 14 of 2012", "Amending_Acts": "No 76 of 2001 | No 14 of 2012", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-870"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-875", "Provision_Key": "s40-875", "Heading": "Meaning of processed minerals and minerals treatment", "Text": "(1) Processed minerals are any of the following: (a) materials resulting from * minerals treatment of * minerals or quarry materials (except * petroleum); (b) materials resulting from sintering or calcining; (c) pellets or other agglomerated forms of iron; (d) alumina and blister copper. (2) Minerals treatment means: (a) cleaning, leaching, crushing, grinding, breaking, screening, grading or sizing; or (b) concentration by a gravity, magnetic, electrostatic or flotation process; or (c) any other treatment: (i) that is applied to * minerals, or to quarry materials, before that concentration; or (ii) for a mineral or materials not requiring that concentration, that would, if the mineral or materials had required concentration, have been applied before the concentration; but does not include: (d) sintering or calcining; or (e) producing alumina, or pellets or other agglomerated forms of iron, or processing connected with such production.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-875"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-880", "Provision_Key": "s40-880", "Heading": "Business related costs", "Text": "Object (1) The object of this section is to make certain * business capital expenditure deductible over 5 years, or immediately in the case of some start ‑ up expenses for small businesses, if: (a) the expenditure is not otherwise taken into account; and (b) a deduction is not denied by some other provision; and (c) the business is, was or is proposed to be carried on for a * taxable purpose. Note: If Division 250 applies to you and an asset: (a) if section 250 ‑ 150 applies—you cannot deduct an amount for capital expenditure you incur in relation to the asset to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you cannot deduct an amount for such expenditure. Deduction (2) You can deduct, in equal proportions over a period of 5 income years starting in the year in which you incur it, capital expenditure you incur: (a) in relation to your * business; or (b) in relation to a business that used to be carried on; or (c) in relation to a business proposed to be carried on; or (d) to liquidate or deregister a company of which you were a * member, to wind up a partnership of which you were a partner or to wind up a trust of which you were a beneficiary, that carried on a business. (2A) However, you can deduct the capital expenditure in the income year in which you incur it if: (a) the expenditure is incurred in relation to a business that is proposed to be carried on; and (b) the expenditure is incurred: (i) in obtaining advice or services relating to the proposed structure, or proposed operation of the business; or (ii) in payment to an * Australian government agency of fees, taxes or charges relating to establishing the business or its operating structure; and (c) you are a * small business entity, or an entity covered by subsection (2B), for the income year, or both of the following apply: (i) you are not carrying on a * business in the income year; (ii) you are not * connected with, or an * affiliate of, another entity that carries on a business in the income year and that is neither a small business entity, nor an entity covered by subsection (2B), for the income year. (2B) An entity is covered by this subsection for an income year if: (a) the entity is not a * small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection. Limitations and exceptions (3) You can only deduct the expenditure, for a * business that you carry on, used to carry on or propose to carry on, to the extent that the business is carried on, was carried on or is proposed to be carried on for a * taxable purpose. (4) You can only deduct the expenditure, for a * business that another entity used to carry on or proposes to carry on, to the extent that: (a) the business was carried on or is proposed to be carried on for a * taxable purpose; and (b) the expenditure is in connection with: (i) your deriving assessable income from the business; and (ii) the business that was carried on or is proposed to be carried on. (5) You cannot deduct anything under this section for an amount of expenditure you incur to the extent that: (a) it forms part of the * cost of a * depreciating asset that you * hold, used to hold or will hold; or (b) you can deduct an amount for it under a provision of this Act other than this section; or (c) it forms part of the cost of land; or (d) it is in relation to a lease or other legal or equitable right; or (e) it would, apart from this section, be taken into account in working out: (i) a profit that is included in your assessable income (for example, under section 6 ‑ 5 or 15 ‑ 15); or (ii) a loss that you can deduct (for example, under section 8 ‑ 1 or 25 ‑ 40); or (f) it could, apart from this section, be taken into account in working out the amount of a * capital gain or * capital loss from a * CGT event; or (g) a provision of this Act other than this section would expressly make the expenditure non ‑ deductible if it were not of a capital nature; or (h) a provision of this Act other than this section expressly prevents the expenditure being taken into account as described in paragraphs (a) to (f) for a reason other than the expenditure being of a capital nature; or (i) it is expenditure of a private or domestic nature; or (j) it is incurred in relation to gaining or producing * exempt income or * non ‑ assessable non ‑ exempt income. (6) The exceptions in paragraphs (5)(d) and (f) do not apply to expenditure you incur to preserve (but not enhance) the value of goodwill if the expenditure you incur is in relation to a legal or equitable right and the value to you of the right is solely attributable to the effect that the right has on goodwill. (7) You cannot deduct an amount under paragraph (2)(c) in relation to a * business proposed to be carried on unless, having regard to any relevant circumstances, it is reasonable to conclude that the business is proposed to be carried on within a reasonable time. (8) You cannot deduct anything under this section for an amount of expenditure that, because of a market value substitution rule, was excluded from the * cost of a * depreciating asset or the * cost base or * reduced cost base of a * CGT asset. Note: Some examples of market value substitution rules are subsection 40 ‑ 180(2) (table item 8), subsection 40 ‑ 190(3) (table item 1) and sections 40 ‑ 765 and 112 ‑ 20. (9) You cannot deduct anything under this section for an amount of expenditure you incur: (a) by way of returning an amount you have received (except to the extent that the amount was included in your assessable income or taken into account in working out an amount so included); or (b) to the extent that, for another entity, the amount is a * return on or of: (i) an * equity interest; or (ii) a * debt interest that is an obligation of yours.", "Amendment_Count": 8, "First_Amended": "No 76 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 76 of 2001 | No 119 of 2002 | No 32 of 2006 | No 164 of 2007 | No 70 of 2015 | No 114 of 2015 | No 15 of 2017 | No 92 of 2020", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Repealed and substituted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-880"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-885", "Provision_Key": "s40-885", "Heading": "Non ‑ arm’s length transactions", "Text": "If you incurred capital expenditure, or received an amount, under an * arrangement and: (a) there is at least one other party to the arrangement with whom you did not deal at * arm’s length; and (b) apart from this section: (i) the amount of the expenditure would be more than the * market value of what it was for; or (ii) the amount you received would be less than the market value of what it was for; the amount of expenditure, or the amount received, you take into account under this Subdivision is that market value.", "Amendment_Count": 1, "First_Amended": "No 76 of 2001", "Last_Amended": "No 76 of 2001", "Amending_Acts": "No 76 of 2001", "History_Notes": "Inserted by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-885"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1000", "Provision_Key": "s40-1000", "Heading": "What this Subdivision is about", "Text": "You can deduct amounts for capital expenditure incurred for establishing trees that meet the requirements for constituting a carbon sink forest. Table of sections Operative provisions 40 ‑ 1005 Deduction for expenditure for establishing trees in carbon sink forests 40 ‑ 1010 Expenditure for establishing trees in carbon sink forests 40 ‑ 1015 Carbon sequestration by trees 40 ‑ 1020 Certain expenditure disregarded 40 ‑ 1025 Non ‑ arm’s length transactions 40 ‑ 1030 Extra deduction for destruction of trees in carbon sink forest 40 ‑ 1035 Getting information if you acquire a carbon sink forest", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1000"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1005", "Provision_Key": "s40-1005", "Heading": "Deduction for expenditure for establishing trees in carbon sink forests", "Text": "(1) You can deduct an amount for an income year if: (a) you or another entity incurred capital expenditure that is covered under section 40 ‑ 1010 in relation to particular trees; and (b) you satisfy a condition in subsection (5) for the trees for at least part of the income year; and (c) you are carrying on a * business in the income year; and (d) you use the land occupied by the trees for the primary and principal purpose of * carbon sequestration by the trees (see section 40 ‑ 1015); and (e) your purposes in using the land occupied by the trees do not include any of the following: (i) felling the trees; (ii) using the trees for * commercial horticulture; and (f) you do not use the land in connection with: (i) a * managed investment scheme; or (ii) a * forestry managed investment scheme. (2) The amount of the deduction is worked out under this formula: where: establishment expenditure is the amount of expenditure mentioned in subsection (1). write ‑ off days in income year is the number of days in the income year: (a) that occur within the period: (i) starting on the first day of the income year in which the trees are established; and (ii) ending 14 years and 105 days after that day; and (b) on which you use the land occupied by the trees for the primary and principal purpose of * carbon sequestration by the trees; and (c) on which you satisfy a condition in subsection (5) for the trees. write ‑ off rate is 7%. (3) You cannot deduct more in total than the amount of capital expenditure incurred for establishing the trees up to the time at which they are established. (5) The conditions are as follows: Conditions for deduction for establishing trees in carbon sink forest Item Condition 1 You own the trees and any holder of a lease, lesser interest or licence relating to the land occupied by the trees does not use the land for the primary and principal purpose of * carbon sequestration by the trees. 2 The trees occupy land you hold under a lease, or a * quasi ‑ ownership right granted by an * exempt Australian government agency or an * exempt foreign government agency, and: (a) the lease or quasi ‑ ownership right enables you to use the land for the primary and principal purpose of * carbon sequestration by the trees; and (b) any holder of a lesser interest or licence relating to the land does not use the land for the primary and principal purpose of carbon sequestration by the trees. 3 You: (a) hold a licence relating to the land occupied by the trees; and (b) use the land for the primary and principal purpose of * carbon sequestration by the trees, as a result of holding the licence.", "Amendment_Count": 2, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1005"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1010", "Provision_Key": "s40-1010", "Heading": "Expenditure for establishing trees in carbon sink forests", "Text": "(1) Expenditure is covered under this section in relation to particular trees if: (a) the trees are established in an income year; and (b) you incur or another entity incurs the expenditure in the income year or an earlier income year for establishing the trees; and (c) the entity incurring the expenditure (the establishing entity ) is carrying on a * business in the income year; and (d) the establishing entity’s primary and principal purpose for establishing the trees is * carbon sequestration by the trees (see section 40 ‑ 1015); and (e) the establishing entity’s purposes for establishing the trees do not include any of the following: (i) felling the trees; (ii) using the trees for * commercial horticulture; and (f) the establishing entity does not incur the expenditure under: (i) a * managed investment scheme; or (ii) a * forestry managed investment scheme; and (g) all of the conditions in subsection (2) are satisfied for the trees; and (h) the establishing entity gives the Commissioner, in accordance with subsection (4), a statement that: (i) sets out all information necessary to determine whether all of the conditions in subsection (2) are satisfied for the trees; and (ii) is in the * approved form. (2) The conditions are as follows: (a) at the end of the income year, the trees occupy a continuous land area in Australia of 0.2 hectares or more; (b) at the time the trees are established, it is more likely than not that they will: (i) attain a crown cover of 20% or more; and (ii) reach a height of at least 2 metres; (c) on 1 January 1990, the area occupied by the trees was clear of other trees that: (i) attained, or were more likely than not to attain, a crown cover of 20% or more; and (ii) reached, or were more likely than not to reach, a height of at least 2 metres; (d) the establishment of the trees meets the requirements of the guidelines mentioned in subsection (3). (3) The * Climate Change Minister must, by legislative instrument, make guidelines about environmental and natural resource management in relation to the establishment of trees for the purposes of * carbon sequestration. (4) The statement mentioned in paragraph (1)(h) is to be given to the Commissioner no later than: (a) if the establishing entity lodges its * income tax return for the income year within 5 months after the end of the income year—the day the establishing entity lodges that income tax return; or (b) otherwise—5 months after the end of the income year. (5) However, expenditure is not covered under this section if the * Climate Change Secretary gives the Commissioner a notice under subsection (6) in relation to the trees. (6) The * Climate Change Secretary must give the Commissioner a notice in writing under this subsection if the Climate Change Secretary is satisfied that one or more of the conditions in subsection (2) have not been satisfied for the trees. (7) A person may apply to the * ART for review of a decision (as defined in the Administrative Review Tribunal Act 2024 ) of the * Climate Change Secretary to give a notice under subsection (6). (8) The Commissioner may give the * Climate Change Secretary a copy of the statement mentioned in paragraph (1)(h), for the purposes of subsections (5), (6) and (7).", "Amendment_Count": 3, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 38 of 2008 | No 38 of 2024", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1010"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1015", "Provision_Key": "s40-1015", "Heading": "Carbon sequestration by trees", "Text": "Carbon sequestration by trees means the process by which trees absorb carbon dioxide from the atmosphere.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1015"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1020", "Provision_Key": "s40-1020", "Heading": "Certain expenditure disregarded", "Text": "In working out a deduction under this Subdivision in relation to the establishment of trees, disregard expenditure incurred: (a) in draining swamp or low ‑ lying land; or (b) in clearing land.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1020"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1025", "Provision_Key": "s40-1025", "Heading": "Non ‑ arm’s length transactions", "Text": "If an entity incurred capital expenditure under an * arrangement and: (a) there is at least one other party to the arrangement with whom the entity did not deal at * arm’s length; and (b) apart from this section, the amount of the expenditure would be more than the * market value of what it was for; the amount of expenditure taken into account under this Subdivision is that market value.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1025"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1030", "Provision_Key": "s40-1030", "Heading": "Extra deduction for destruction of trees in carbon sink forest", "Text": "(1) You can deduct the amount worked out under subsection (2) for an income year if: (a) you or another entity incurred capital expenditure that is covered under section 40 ‑ 1010 in relation to particular trees; and (b) you use the land occupied by the trees for the primary and principal purpose of * carbon sequestration by the trees; and (c) the trees are destroyed during the income year; and (d) you satisfy a condition in subsection 40 ‑ 1005(5) for the trees just before they are destroyed. (2) Work out the amount of the deduction as follows: Method statement Step 1. Work out the total of the amounts you could have deducted under this Subdivision in relation to the trees for the period: (a) starting on the first day of the income year in which the trees are established; and (b) ending when the trees were destroyed; assuming that, during that period, you satisfied a condition in the table in subsection 40 ‑ 1005(5). Step 2. Subtract from the expenditure that is covered under section 40 ‑ 1010 in relation to the trees: (a) the result from step 1; and (b) any amount you received (under an insurance policy or otherwise) for the destruction. The remaining amount (if positive) is your deduction under subsection (1). (3) This deduction is in addition to any deduction for the income year under section 40 ‑ 1005.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1030"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1035", "Provision_Key": "s40-1035", "Heading": "Getting information if you acquire a carbon sink forest", "Text": "(1) This section applies if: (a) you or another entity incurred capital expenditure; and (b) the expenditure is covered under section 40 ‑ 1010 in relation to particular trees; and (c) you begin to satisfy a condition in the table in subsection 40 ‑ 1005(5) for the trees. (2) You may give the last entity (if any) that satisfied a condition mentioned in subsection 40 ‑ 1005(5) for the trees a written notice requiring the entity to give you any or all of the following information: (a) the amount of the expenditure covered under section 40 ‑ 1010 in relation to the trees; (b) the income year in which the trees were established. (3) The notice must: (a) be given within 60 days of your beginning to satisfy the condition mentioned in paragraph (1)(c); and (b) specify a period of at least 60 days within which the information must be given; and (c) set out the effect of subsection (4). Note: Subsections (5), (6) and (7) explain how this subsection operates if the entity to which the notice is to be given is a partnership. Requirement to comply with notice (4) The entity to whom the notice is given must not intentionally refuse or fail to comply with the notice. Penalty: 10 penalty units. Giving the notice to a partnership (5) If the entity to whom the notice is given is a partnership: (a) you may give it to the partnership by giving it to any of the partners (this does not limit how else you can give it); and (b) the obligation to comply with the notice is imposed on each of the partners (not on the partnership), but may be discharged by any of them. (6) A partner must not intentionally refuse or fail to comply with that obligation. Penalty: 10 penalty units. (7) Subsection (6) does not apply if another partner has already complied with that obligation. Note: A defendant bears an evidential burden in relation to the matters in subsection (7), see subsection 13.3(3) of the Criminal Code . Limits on giving a notice (8) Only one notice can be given in relation to the same trees.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1035"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1095", "Provision_Key": "s40-1095", "Heading": "What this Subdivision is about", "Text": "The costs and termination values of parts of interests in mining, quarrying or prospecting rights that are transferred under farm ‑ in farm ‑ out arrangements are reduced by the market value of the exploration benefits conferred under the arrangements. Table of sections Farm ‑ in farm ‑ out arrangements and exploration benefits 40 ‑ 1100 Meaning of farm ‑ in farm ‑ out arrangement and exploration benefit Consequences for transferors 40 ‑ 1105 Treatment of certain exploration benefits received under farm ‑ in farm ‑ out arrangements 40 ‑ 1110 Cost of split interests resulting from farm ‑ in farm ‑ out arrangements 40 ‑ 1115 Deductions relating to receipt of exploration benefits 40 ‑ 1120 Cost base and reduced cost base of exploration benefits etc. 40 ‑ 1125 Effect of exploration benefits on the cost of mining, quarrying or prospecting information Consequences for transferees 40 ‑ 1130 Consequences of certain exploration benefits provided under farm ‑ in farm ‑ out arrangements", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1095"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1100", "Provision_Key": "s40-1100", "Heading": "Meaning of farm ‑ in farm ‑ out arrangement and exploration benefit", "Text": "(1) A farm ‑ in farm ‑ out arrangement is an * arrangement under which: (a) an entity (the transferor ) transfers, or agrees to transfer, part of the entity’s interest in a * mining, quarrying or prospecting right to another entity (the transferee ); and (b) in exchange for the transfer, the transferee provides to the transferor one or more * exploration benefits. (2) The transferee provides an exploration benefit to the transferor if: (a) the transferee: (i) conducts * exploration or prospecting for * minerals, or quarry materials, obtainable by * mining and quarrying operations; or (ii) undertakes to conduct exploration or prospecting for minerals, or quarry materials, obtainable by mining and quarrying operations; or (iii) funds, on the transferor’s behalf, expenditure that the transferor incurs in relation to exploration or prospecting by the transferor or another entity (other than the transferee); or (iv) undertakes to fund, on the transferor’s behalf, expenditure that the transferor incurs in relation to exploration or prospecting by the transferor or another entity (other than the transferee); and (b) the exploration or prospecting relates to the part of the transferor’s interest in the * mining, quarrying or prospecting right that the transferor does not transfer, or agree to transfer, under the arrangement; and (c) in a case where the transferor conducts the exploration or prospecting—expenditure incurred by the transferor relating to the exploration or prospecting is: (i) included in the * cost of * mining, quarrying or prospecting information * held by the transferor; or (ii) included in any other * depreciating asset, held by the transferor, for which the decline in value is provided under section 40 ‑ 80; or (iii) expenditure, of a kind referred to in subsection 40 ‑ 730(1), that meets the requirements of subsection (3) of this section; and (d) in a case where the transferor does not conduct the exploration or prospecting—were the transferor to conduct the exploration or prospecting, expenditure incurred by the transferor relating to the exploration or prospecting would: (i) be included in the cost of mining, quarrying or prospecting information held by the transferor; or (ii) be included in any other depreciating asset, held by the transferor, for which the decline in value is provided under section 40 ‑ 80; or (iii) be expenditure, of a kind referred to in subsection 40 ‑ 730(1), that meets the requirements of subsection (3) of this section. (3) Expenditure meets the requirements of this subsection if: (a) for that expenditure, the transferor satisfies, or would satisfy, one or more of paragraphs 40 ‑ 730(1)(a) to (c); and (b) the expenditure is not of a kind referred to in subsection 40 ‑ 730(2) or (3); and (c) the expenditure is not of a kind that another provision of this Act provides is not deductible.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1105", "Provision_Key": "s40-1105", "Heading": "Treatment of certain exploration benefits received under farm ‑ in farm ‑ out arrangements", "Text": "If, under a * farm ‑ in farm ‑ out arrangement, you receive an * exploration benefit in relation to the transfer of part of your interest in a * mining, quarrying or prospecting right, the * termination value of the part of the interest is reduced by the * market value of the exploration benefit.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1110", "Provision_Key": "s40-1110", "Heading": "Cost of split interests resulting from farm ‑ in farm ‑ out arrangements", "Text": "Despite section 40 ‑ 205, if: (a) under a * farm ‑ in farm ‑ out arrangement, you provide a part of your interest in a * mining, quarrying or prospecting right; and (b) because of subsection 40 ‑ 115(2), this Division applies as if you had split your interest into the part you stopped * holding and the rest of your interest; then: (c) the first element of the * cost of the asset that consists of the part you stopped holding is a reasonable proportion of the amount you are taken to have paid under section 40 ‑ 185 for any economic benefit involved in splitting your interest; and (d) the first element of the cost of the asset that consists of the rest of your interest is the sum of: (i) the * adjustable value of your interest just before it was split; and (ii) a reasonable proportion of the amount you are taken to have paid under section 40 ‑ 185 for any economic benefit involved in splitting your interest.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1115", "Provision_Key": "s40-1115", "Heading": "Deductions relating to receipt of exploration benefits", "Text": "(1) If: (a) under a * farm ‑ in farm ‑ out arrangement, you receive an * exploration benefit in exchange for providing a part of your interest in a * mining, quarrying or prospecting right; and (b) because of section 40 ‑ 1105, the * termination value of the interest you provide is reduced (including reduced to nil); you are not entitled to a deduction under a provision of this Act in relation to your expenditure consisting of the provision of that part. (2) If: (a) under a * farm ‑ in farm ‑ out arrangement, you receive an * exploration benefit in exchange for providing a part of your interest in a * mining, quarrying or prospecting right; and (b) because of section 40 ‑ 1105, the * termination value of the interest you provide is reduced (including reduced to nil); and (c) the exploration benefit consists of another party to the arrangement funding on your behalf, or undertaking to fund on your behalf, expenditure that you incur in relation to exploration or prospecting; your entitlement (if any) to a deduction under a provision of this Act in relation to that expenditure is reduced to the same extent as the extent to which the expenditure is reasonably attributable to the exploration benefit.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1120", "Provision_Key": "s40-1120", "Heading": "Cost base and reduced cost base of exploration benefits etc.", "Text": "If: (a) under a * farm ‑ in farm ‑ out arrangement, you receive an * exploration benefit; and (b) the benefit involves one or more undertakings of the kinds referred to in subparagraphs 40 ‑ 1100(2)(a)(ii) and (iv); the first element of the * cost base and the * reduced cost base of the benefit are reduced by the * market value of the undertakings.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1125", "Provision_Key": "s40-1125", "Heading": "Effect of exploration benefits on the cost of mining, quarrying or prospecting information", "Text": "If: (a) you * hold a * depreciating asset that is * mining, quarrying or prospecting information; and (b) under a * farm ‑ in farm ‑ out arrangement, you receive an * exploration benefit; and (c) an amount or expenditure would, apart from this section, be included in the second element of the * cost of the asset; do not include that amount or expenditure in the second element to the extent (if any) that it is reasonably attributable to the exploration benefit.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 40-1130", "Provision_Key": "s40-1130", "Heading": "Consequences of certain exploration benefits provided under farm ‑ in farm ‑ out arrangements", "Text": "(1) If, under a * farm ‑ in farm ‑ out arrangement, you provide an * exploration benefit in relation to the transfer to you of part of another entity’s interest in a * mining, quarrying or prospecting right: (a) the first element of the * cost of the part of the interest is reduced by the * market value of the exploration benefit; and (b) if, for providing the exploration benefit, you receive a reward as a result of which an amount would, apart from this paragraph, be included in your assessable income—the entire amount of the reward is not assessable income and is not * exempt income; and (c) subsection 40 ‑ 730(3) does not apply in relation to expenditure that you incur under the arrangement if the reduction in market value under paragraph (a) took into account your liability to incur that expenditure. (2) A reduction under paragraph(1)(a) may be a reduction to nil.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s40-1130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-1", "Provision_Key": "s41-1", "Heading": "What this Division is about", "Text": "You may be able to deduct an amount in relation to a depreciating asset for the 2008 ‑ 09, 2009 ‑ 10, 2010 ‑ 11 or 2011 ‑ 12 income year if: (a) you can deduct an amount for the decline in value for the asset for the relevant year under Subdivision 40 ‑ B; and (b) you make certain new investments in respect of the asset in the period starting on 13 December 2008 and ending on 31 December 2009; and (c) the total of those new investments is at least $1000 (for small businesses) or $10,000 (for other businesses). Table of sections Operative provisions 41 ‑ 5 Object of Division 41 ‑ 10 Entitlement to deduction for investment 41 ‑ 15 Amount of deduction 41 ‑ 20 Recognised new investment amount 41 ‑ 25 Investment commitment time 41 ‑ 30 First use time 41 ‑ 35 New investment threshold", "Amendment_Count": 1, "First_Amended": "No 31 of 2009", "Last_Amended": "No 31 of 2009", "Amending_Acts": "No 31 of 2009", "History_Notes": "Inserted by No 31 of 2009, effective 22 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-5", "Provision_Key": "s41-5", "Heading": "Object of Division", "Text": "The object of this Division is to provide a temporary business tax break for Australian businesses using assets in Australia, with a view to encouraging business investment and economic activity.", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 31 of 2009", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 46 of 1998 | No 39 of 1999 | No 54 of 1999 | No 164 of 1999 | No 72 of 2001 | No 76 of 2001 | No 31 of 2009", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 39 of 1999, effective 31 May 1999 | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 72 of 2001, effective 30 June 2001 | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-10", "Provision_Key": "s41-10", "Heading": "Entitlement to deduction for investment", "Text": "(1) You can deduct an amount for an income year in relation to an asset if: (a) the asset is a * depreciating asset, other than an intangible asset; and (b) you can deduct an amount under section 40 ‑ 25 in relation to the asset for the income year; and (c) the income year is the 2008 ‑ 09, 2009 ‑ 10, 2010 ‑ 11 or 2011 ‑ 12 income year; and (d) the total of the * recognised new investment amounts for the income year in relation to the asset equals or exceeds the * new investment threshold for the income year in relation to the asset. (2) Subsection 355 ‑ 715(2) (tax offset for assets used for R&D activities) does not apply to a deduction under subsection (1). (3) For the purposes of paragraph (1)(b), in determining whether you can deduct the amount in relation to the asset under section 40 ‑ 25 for the income year: (aa) disregard section 40 ‑ 90 (reduction in cost where debt is forgiven); and (ab) disregard subsection 40 ‑ 365(5) (reduction in cost for replacement asset where involuntary disposal); and (b) disregard Subdivision 328 ‑ D (capital allowances for small business entities); and (c) disregard subsection 355 ‑ 715(2) (tax offset for assets used for R&D activities). Counting additional recognised new investment amounts for the purposes of meeting the threshold (4) For the purposes of paragraph (1)(d), treat each of the following as a * recognised new investment amount for the income year in relation to the asset (the relevant asset ): (a) a recognised new investment amount for a previous income year in relation to the relevant asset; (b) a recognised new investment amount for the income year or a previous income year in relation to another asset, if: (i) the other asset is part of a set of assets including the relevant asset; or (ii) the other asset is identical, or substantially identical, to the relevant asset; (c) a recognised new investment amount for the income year or a previous income year in relation to an asset * held by another entity, if: (i) subsection 40 ‑ 35(1) (jointly held depreciating assets) applies in relation to the relevant asset because it is your interest in an asset (the underlying asset ); and (ii) the asset held by the other entity is the other entity’s interest in the underlying asset.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 46 of 1998 | No 76 of 2001 | No 31 of 2009 | No 93 of 2011 | No 162 of 2015", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-15", "Provision_Key": "s41-15", "Heading": "Amount of deduction", "Text": "(1) The amount that you can deduct is: (a) if the * new investment threshold for the income year in relation to the asset is $1000 (small business entities)—50% of the total of the * recognised new investment amounts for the income year in relation to the asset; or (b) if paragraph (a) does not apply but subsection (3), (4) or (5) applies—10% of that total; or (c) otherwise—the sum of: (i) 30% of the total of the recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and (ii) 10% of the total of the other recognised new investment amounts for the income year in relation to the asset. (2) A * recognised new investment amount meets the condition in this subsection if: (a) the * investment commitment time for the amount occurred before 1 July 2009; and (b) the * first use time for the amount occurred before 1 July 2010. (3) This subsection applies if the income year is the 2011 ‑ 12 income year. (4) This subsection applies if: (a) you can deduct the amount because of paragraph 41 ‑ 10(4)(a); and (b) the * new investment threshold for the income year in relation to the asset exceeds the total of the * recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2). (5) This subsection applies if: (a) you can deduct the amount because of paragraph 41 ‑ 10(4)(b) or (c); and (b) the * new investment threshold for the income year in relation to the asset exceeds the sum of: (i) the total of the * recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2); and (ii) the total of the amounts treated under paragraph 41 ‑ 10(4)(b) or (c) (as the case requires) as recognised new investment amounts for the income year in relation to the asset that meet the condition in subsection (2).", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 31 of 2009", "Amending_Acts": "No 121 of 1997 | No 76 of 2001 | No 31 of 2009", "History_Notes": "Repealed and substituted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-20", "Provision_Key": "s41-20", "Heading": "Recognised new investment amount", "Text": "(1) An amount is a recognised new investment amount for the income year in relation to the asset if: (a) either: (i) the amount is included in the first element of the asset’s * cost (worked out in accordance with Subdivision 40 ‑ C); or (ii) the amount is included in the second element of the asset’s cost under paragraph 40 ‑ 190(2)(a); and (b) the * investment commitment time for the amount occurs in the period: (i) starting at 12.01 am, by legal time in the Australian Capital Territory, on 13 December 2008; and (ii) ending on 31 December 2009; and (c) the * first use time for the amount occurs: (i) no later than the end of the income year; and (ii) no later than 31 December 2010; and (d) at the first use time for the amount, it is reasonable to conclude that you will use the asset principally in Australia for the principal purpose of carrying on a * business; and (e) if the amount is included in the first element of the asset’s cost—the first use time for the amount is the first time you or any other entity have used the asset, or have it installed ready for use, for any purpose; and (f) you have not been entitled to a deduction under this Division for any previous income year in relation to the amount. (2) Treat the requirements in paragraph (1)(d) as not being met if, at the first use time for the amount, it is reasonable to conclude that the asset will never be located in Australia. (3) For the purposes of paragraph (1)(e), disregard any previous use of the asset that was merely for the purposes of reasonable testing or trialling. (4) Treat the requirements in paragraph (1)(e) as not being met if the amount becomes included in the first element of the asset’s * cost at a time because of paragraph 40 ‑ 205(a) (splitting depreciating assets) or 40 ‑ 210(a) (merging depreciating assets). (5) In determining the amount of a * recognised new investment amount, disregard: (a) subsection 40 ‑ 90(2) (reduction in cost where debt is forgiven); and (b) paragraph 40 ‑ 365(5)(a) (reduction in cost for replacement asset where involuntary disposal).", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 121 of 1997 | No 46 of 1998 | No 76 of 2001 | No 31 of 2009 | No 70 of 2015", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-25", "Provision_Key": "s41-25", "Heading": "Investment commitment time", "Text": "(1) The investment commitment time for the amount is: (a) if the amount is included in the first element of the asset’s * cost—the time at which you: (i) enter into a contract under which you * hold the asset at that time, or will hold the asset at a later time; or (ii) start to construct the asset; or (iii) start to hold the asset in some other way; or (b) if the amount is included in the second element of the asset’s cost—the time at which you enter into a contract, or start construction, for the economic benefit in relation to which the amount becomes, or will become, included in that element under paragraph 40 ‑ 190(2)(a). Integrity rule (2) Subsection (3) applies in relation to an amount if: (a) at a time, you: (i) enter into a contract under which you * hold an asset at that time, or will hold the asset at a later time; or (ii) start to construct an asset; or (iii) start to hold an asset in some other way; and (b) at a later time, you engage in conduct that results in you: (i) entering into a contract under which you hold the asset mentioned in paragraph (a) (or an identical or substantially similar asset) at that later time, or will hold that asset (or an identical or substantially similar asset) at an even later time; or (ii) starting to construct an asset that is identical or substantially similar to the asset mentioned in paragraph (a); or (iii) starting to hold the asset mentioned in paragraph (a) (or an identical or substantially similar asset) in some other way; and (c) you engage in that conduct for the purpose, or for purposes that include the purpose, of becoming entitled to a deduction under this Division. (3) Despite paragraph (1)(a), the investment commitment time for an amount to which that paragraph would otherwise apply is the time mentioned in paragraph (2)(a). (3A) For the purposes of paragraph (1)(a) and subsection (2), treat yourself as having started to construct an asset at a time if you first incur expenditure in respect of the construction of the asset at that time. (3B) For the purposes of paragraph (1)(b), treat yourself as having started construction for an economic benefit at a time if you first incur expenditure in respect of the construction for the benefit at that time. Options (4) To avoid doubt, for the purposes of this section, you do not enter into a contract under which you * hold an asset merely because you acquire an option to enter into such a contract.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 31 of 2009", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 76 of 2001 | No 31 of 2009", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-30", "Provision_Key": "s41-30", "Heading": "First use time", "Text": "The first use time for the amount is: (a) if the amount is included in the first element of the asset’s * cost—the time at which you start to use the asset, or have it * installed ready for use; or (b) if the amount is included in the second element of the asset’s cost—the later of: (i) the time at which it becomes included in that element under paragraph 40 ‑ 190(2)(a); or (ii) the time mentioned in paragraph (a).", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 31 of 2009", "Amending_Acts": "No 121 of 1997 | No 54 of 1999 | No 76 of 2001 | No 31 of 2009", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 41-35", "Provision_Key": "s41-35", "Heading": "New investment threshold", "Text": "The new investment threshold for an income year (the relevant income year ) in relation to an asset means: (a) $1000 if you are a * small business entity during any of the following income years: (i) the income year in which occurs the * investment commitment time for any * recognised new investment amount for the asset in relation to the relevant income year; (ii) the income year in which occurs the * first use time for any such amount; (iii) the relevant income year; or (b) otherwise—$10,000.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 31 of 2009", "Amending_Acts": "No 121 of 1997 | No 76 of 2001 | No 31 of 2009", "History_Notes": "Repealed and substituted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed by No 76 of 2001, effective Schedule 2: 1 July 2000 Schedule 3: 9 May 2001 Remainder: Royal Assent | Inserted by No 31 of 2009, effective 22 May 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s41-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-1", "Provision_Key": "s43-1", "Heading": "What this Division is about", "Text": "You can deduct certain capital expenditure on assessable income producing buildings and other capital works. This Division sets out the rules for working out those deductions. Table of sections 43 ‑ 2 Key concepts used in this Division", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-2", "Provision_Key": "s43-2", "Heading": "Key concepts used in this Division", "Text": "The following graphic introduces the key concepts used in this Division and shows the relationships between them.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-5", "Provision_Key": "s43-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains the key operative provisions for this Division, including all of the deduction entitlement provisions. You should read all of this Subdivision to understand how this Division works. Table of sections Operative provisions 43 ‑ 10 Deductions for capital works 43 ‑ 15 Amount you can deduct 43 ‑ 20 Capital works to which this Division applies 43 ‑ 25 Rate of deduction 43 ‑ 30 No deduction until construction is complete 43 ‑ 35 Requirement for registration under the Industry Research and Development Act 43 ‑ 40 Deduction for destruction of capital works 43 ‑ 45 Certain anti ‑ avoidance provisions 43 ‑ 50 Links and signposts to other parts of the Act 43 ‑ 55 Anti ‑ avoidance—arrangement etc. with tax ‑ exempt entity", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-10", "Provision_Key": "s43-10", "Heading": "Deductions for capital works", "Text": "(1) You can deduct an amount for capital works for an income year. (2) You can only deduct the amount if: (a) the capital works have a * construction expenditure area; and (b) there is a * pool of construction expenditure for that area; and (c) you use * your area in the income year in the way set out in Table 43 ‑ 140 (Current year use). Note 1: The deduction is limited to capital works to which this Division applies, see section 43 ‑ 20. Note 2: Amongst other things, the definition of your area ensures that only owners and certain lessees of capital works, and certain holders of quasi ‑ ownership rights over land on which capital works are constructed, can deduct an amount under this Division.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-15", "Provision_Key": "s43-15", "Heading": "Amount you can deduct", "Text": "(1) The amount you can deduct is a portion of * your construction expenditure. However, it cannot exceed the amount of * undeducted construction expenditure for * your area. Note: The limit in this subsection has 2 effects: • It ensures that not more than 100% of your construction expenditure can be deducted. • It imposes a time limit on the period over which your construction expenditure can be deducted. For capital works begun before 27 February 1992, that period will be 25 years if the rate of deduction is 4% or 40 years if the rate is 2.5%. For other capital works, the period will be 25 years or 40 years or some period between 25 and 40 years depending on their use. (2) Your deduction is calculated under section 43 ‑ 210 or 43 ‑ 215.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-20", "Provision_Key": "s43-20", "Heading": "Capital works to which this Division applies", "Text": "Buildings (1) This Division applies to capital works being a building, or an extension, alteration or improvement to a building: (a) begun in Australia after 21 August 1979; or (b) begun outside Australia after 21 August 1990. Note: Section 43 ‑ 80 explains when capital works begin. Structural improvements (2) This Division also applies to capital works (other than capital works referred to in subsection (1)) begun after 26 February 1992 that are structural improvements, or extensions, alterations or improvements to structural improvements, whether they are in or outside Australia. (3) Some examples of structural improvements are: (a) sealed roads, sealed driveways, sealed car parks, sealed airport runways, bridges, pipelines, lined road tunnels, retaining walls, fences, concrete or rock dams and artificial sports fields; and (b) earthworks that are integral to the construction of a structural improvement (other than a structural improvement described in subsection (4)), for example, embankments, culverts and tunnels associated with a runway, road or railway. (4) This Division does not apply to structural improvements being: (a) earthworks that: (i) are not integral to the installation or construction of a structure; and (ii) are permanent (assuming they are maintained in reasonably good order and condition); and (iii) can be economically maintained in reasonably good order and condition for an indefinite period; for example, unlined channels, unlined basins, earth tanks and dirt tracks; or (b) earthworks that merely create artificial landscapes, for example, grass golf course fairways and greens, gardens, and grass sports fields. Environment protection earthworks (5) This Division also applies to capital works being earthworks, or extensions, alterations or improvements to earthworks, if: (a) they are constructed as a result of carrying out of * environmental protection activities; and (b) they can be economically maintained in reasonably good order and condition for an indefinite period; and (c) they are not integral to the construction of capital works; and (d) the expenditure on the capital works was incurred after 18 August 1992. Note: This subsection allows you to deduct an amount for some earthworks that are excluded by paragraph (4)(a) if the earthworks are constructed in carrying out an environmental protection activity.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 77 of 2001", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-25", "Provision_Key": "s43-25", "Heading": "Rate of deduction", "Text": "(1) For capital works begun after 26 February 1992, there is a basic entitlement to a rate of 2.5% for parts used as described in Table 43 ‑ 140 (Current year use). The rate increases to 4% for parts used as described in Table 43 ‑ 145 (Use in the 4% manner). (2) For capital works begun before 27 February 1992 and used as described in Table 43 ‑ 140, the rate is: (a) 4% if the capital works were begun after 21 August 1984 and before 16 September 1987; or (b) 2.5% in any other case. Note: Section 43 ‑ 80 explains when capital works begin.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-30", "Provision_Key": "s43-30", "Heading": "No deduction until construction is complete", "Text": "You cannot deduct an amount for any period before the completion of construction of the capital works even though you used them, or part of them, before completion.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-35", "Provision_Key": "s43-35", "Heading": "Requirement for registration under the Industry Research and Development Act", "Text": "You may deduct an amount under this Division on the basis of using capital works for the purpose of conducting * R&D activities only if: (a) you are registered under section 27A (registering R&D activities) of the Industry Research and Development Act 1986 for the R&D activities for an income year; or (b) if you are an * R&D partnership—an * R&D entity, who was a partner of the R&D partnership at some time while the R&D activities were conducted, is registered under that section for the R&D activities for an income year. Note 1: R&D activities must be conducted in connection with a business carried on for the purpose of producing assessable income, see section 43 ‑ 195. Note 2: You may still deduct an amount under this Division if you were registered for the R&D activities under former section 39J (Registration of eligible companies) of the Industry Research and Development Act 1986 (see section 355 ‑ 200 of the Income Tax (Transitional Provisions) Act 1997 ).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Repealed and substituted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-40", "Provision_Key": "s43-40", "Heading": "Deduction for destruction of capital works", "Text": "(1) You can deduct an amount if all or a part of * your area is destroyed in an income year and: (a) you have been allowed, or can claim, a deduction under this Division, or former Division 10C or 10D of Part III of the Income Tax Assessment Act 1936 , for your area; and (b) there is an amount of * undeducted construction expenditure for your area; and (c) you were using your area in the way that applies to it under Table 43 ‑ 140 (Current year use) immediately before the destruction or, if not, neither you nor any other entity used your area for any purpose since it was last used by you in that way. (2) The deduction is allowable in the income year in which the destruction occurs, and is calculated under section 43 ‑ 250. Note: The effect of this provision is to allow you to deduct an amount in the income year in which the capital works are destroyed for all of your construction expenditure that has not yet been deducted. However, you must reduce the deduction by any insurance and salvage receipts.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-45", "Provision_Key": "s43-45", "Heading": "Certain anti ‑ avoidance provisions", "Text": "These anti ‑ avoidance provisions: (a) section 51AD (Deductions not allowable in respect of property under certain leveraged arrangements) of the Income Tax Assessment Act 1936 ; (b) Division 16D (Certain arrangements relating to the use of property) of Part III of that Act; apply to your deductions under this Division for an asset as if you were the owner of the asset instead of any other person.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-50", "Provision_Key": "s43-50", "Heading": "Links and signposts to other parts of the Act", "Text": "Links (1) No part of a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division. (2) No part of an amount incurred by an entity in acquiring capital works for which there is a * pool of construction expenditure can be a deduction, or taken into account in working out the amount of a deduction, under a provision of this Act other than this Division. (3) You will be taken not to be the owner of any part of capital works that are the subject of a lease to which you have chosen to apply section 104 ‑ 115 (CGT event F2). The lessee or sublessee will be taken to be the owner of that part. Note 1: Choosing to apply section 104 ‑ 115 results in the lease being treated for CGT purposes more like an outright disposal. Note 2: See subsection 43 ‑ 180(3) for the effect of the rule in subsection (3) of this section on the need to own 10 apartments, units or flats in an apartment building. Signposts (6) There are special record ‑ keeping rules that apply to this Division in subsection 262A(4AJA) of the Income Tax Assessment Act 1936 . (7) Your deductions under this Division may be reduced if any of your commercial debts have been forgiven in the income year: see Subdivision 245 ‑ E. (8) Where you have had a deduction under this Division an amount may be included in your assessable income if the expenditure was financed by limited recourse debt that has terminated: see Division 243.", "Amendment_Count": 6, "First_Amended": "No 121 of 1997", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 46 of 1998 | No 72 of 2001 | No 14 of 2009 | No 79 of 2010", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-55", "Provision_Key": "s43-55", "Heading": "Anti ‑ avoidance—arrangement etc. with tax ‑ exempt entity", "Text": "(1) You will not be allowed a deduction under this Division for an income year if the Commissioner is satisfied that: (a) you entered into an * arrangement with: (i) an entity to which section 50 ‑ 5, 50 ‑ 10, 50 ‑ 15, 50 ‑ 25, 50 ‑ 30, 50 ‑ 40 or 50 ‑ 45 (dealing with * exempt income) applies; or (ii) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936 ) whose * ordinary income and * statutory income is exempt from income tax; under which you were to pay an amount, or transfer property, directly or indirectly, to the entity; and (b) the amount of the payment or the value of the property is calculated by reference to the amount of a deduction allowable to you under this Division; and (c) a purpose of the arrangement that is not a merely incidental purpose is to ensure that the benefit of the deduction would pass wholly or substantially to the entity, whether directly or indirectly. (2) Subsection (1) applies to * arrangements entered into with an entity referred to in subparagraph (1)(a)(i) after 1 May 1980 that relate to deductions for * hotel buildings or * apartment buildings begun before 1 July 1997. (3) Subsection (1) also applies to * arrangements entered into with an entity referred to in subparagraph (1)(a)(ii) after 30 June 1994 that relate to deductions for * hotel buildings or * apartment buildings begun before 1 July 1997.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 96 of 2013", "Amending_Acts": "No 121 of 1997 | No 101 of 2004 | No 63 of 2005 | No 96 of 2013", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-60", "Provision_Key": "s43-60", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains the meaning of the terms construction expenditure , construction expenditure area and pool of construction expenditure . Table of sections 43 ‑ 65 Explanatory material Operative provisions 43 ‑ 70 What is construction expenditure? 43 ‑ 72 Meaning of forestry road , timber operation and timber mill building 43 ‑ 75 Construction expenditure area 43 ‑ 80 When capital works begin 43 ‑ 85 Pools of construction expenditure 43 ‑ 90 Table of intended use at time of completion of construction 43 ‑ 95 Meaning of hotel building and apartment building 43 ‑ 100 Certificates by Industry Innovation and Science Australia", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-65", "Provision_Key": "s43-65", "Heading": "Explanatory material", "Text": "Expenditure in respect of the construction of capital works is only eligible for a deduction under this Division if there is a construction expenditure area for the capital works. The area defined as the construction expenditure area may comprise the whole of the capital works or only part of them. Whether there is a construction expenditure area for capital works and how it is identified depends on the following factors: the type of expenditure incurred; the time when the capital works began; the area of the capital works that is to be owned, leased or held by the entity that incurred the expenditure; for capital works begun before 1 July 1997, the area of the capital works that was to be used in a particular manner. A pool of construction expenditure is that part of an amount of construction expenditure that is attributable to a particular construction expenditure area.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-70", "Provision_Key": "s43-70", "Heading": "What is construction expenditure?", "Text": "(1) Construction expenditure is capital expenditure incurred in respect of the construction of capital works. (2) Construction expenditure does not include: (a) expenditure on acquiring land; or (b) expenditure on demolishing existing structures; or (c) expenditure on clearing, levelling, filling, draining or otherwise preparing the construction site prior to carrying out excavation works; or (d) expenditure on landscaping; or (e) expenditure on * plant; or (f) expenditure on property for which a deduction is allowable, or would be allowable if the property were for use for the * purpose of producing assessable income, under: (i) Subdivision 40 ‑ F (about primary production depreciating assets), Subdivision 40 ‑ G (about capital expenditure of primary producers and other landholders), Subdivision 40 ‑ H (about capital expenditure that is immediately deductible) or Subdivision 40 ‑ I (about capital expenditure that is deductible over time); or (ii) the former Division 330 of this Act or the former Division 10, 10AAA or 10AA of Part III of the Income Tax Assessment Act 1936 (all of which dealt with mining and/or quarrying); or (iii) section 73A of the Income Tax Assessment Act 1936 (about expenditure on scientific research); or (iv) the former Subdivision 387 ‑ A of this Act or the former section 75D of the Income Tax Assessment Act 1936 (both of which allowed deductions for capital expenditure to prevent land degradation); or (v) the former Subdivision 387 ‑ B of this Act or the former section 75B of the Income Tax Assessment Act 1936 (both of which allowed deductions for capital expenditure on facilities to conserve or convey water); or (vi) the former Subdivision 387 ‑ G of this Act or the former section 124F or 124JA of the Income Tax Assessment Act 1936 (all of which allowed deductions for capital expenditure on forestry roads and/or timber mill buildings); or (fa) any of these kinds of expenditure if a deduction is allowable for the expenditure, or would be allowable if property had been used for the purpose of producing assessable income: (i) * mining capital expenditure or * transport capital expenditure; (ii) expenditure on a * forestry road in connection with carrying on a * timber operation for a * taxable purpose; (iii) expenditure for the construction or acquisition of a * timber mill building; (iv) expenditure on a * depreciating asset you can deduct under subsection 40 ‑ 80(1) (about exploration and prospecting); or (g) expenditure on property for which a deduction under section 355 ‑ 305 or 355 ‑ 520 is allowable for the property, or would be allowable if the property were for use for conducting * R&D activities; or (h) eligible heritage conservation expenditure within the meaning of the former Subdivision AAD of Division 17 of Part III of the Income Tax Assessment Act 1936 ; or (i) expenditure that you cannot deduct because of section 26 ‑ 100 (about water infrastructure improvement expenditure).", "Amendment_Count": 8, "First_Amended": "No 121 of 1997", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 121 of 1997 | No 77 of 2001 | No 170 of 2001 | No 101 of 2006 | No 93 of 2011 | No 84 of 2013 | No 88 of 2013 | No 96 of 2014", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-72", "Provision_Key": "s43-72", "Heading": "Meaning of forestry road , timber operation and timber mill building", "Text": "(1) A forestry road is a road constructed primarily and principally for the purpose of providing access to an area to enable: (a) trees to be planted or tended in the area; or (b) timber felled in the area to be removed. For this purpose, a road includes any bridge, culvert or similar work forming part of the road. (2) A timber operation is: (a) planting or tending trees for felling; or (b) felling standing timber; or (c) removing felled timber; or (d) milling felled timber or processing it in another way. (3) A timber mill building is a building: (a) for use primarily and principally: (i) in carrying on your * business of milling timber for a * taxable purpose; or (ii) as residential accommodation for your employees engaged in connection with the business, or for their dependants; and (b) located in a forest, and in or adjacent to the area where timber milled in the business is, or is to be, felled.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-72"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-75", "Provision_Key": "s43-75", "Heading": "Construction expenditure area", "Text": "(1) The construction expenditure area of capital works begun after 30 June 1997 is the part of the capital works on which the * construction expenditure was incurred that, at the time when it was incurred by an entity, was to be owned or leased by the entity or held by the entity under a * quasi ‑ ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency. Note: Section 43 ‑ 80 explains when capital works begin. (2) The construction expenditure area of capital works begun before 1 July 1997 is the part of the capital works on which the * construction expenditure was incurred that: (a) at the time when it was incurred by an entity, was to be owned or leased by the entity or held by the entity under a * quasi ‑ ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency; and (b) at the time of completion of construction, was to be used in the way described in Column 3 of Table 43 ‑ 90 (intended use at completion) for the time period when the capital works began as set out in Column 1. (3) There is taken to be a construction expenditure area for capital works purchased by an entity from another entity if: (a) the capital works would have had a construction expenditure area but for the fact that the other entity did not incur capital expenditure in constructing the capital works; and (b) the other entity is not an * associate of the entity; and (c) the other entity constructed the capital works on land that it owned or leased in the course of a business that included the construction and sale of capital works of that kind. Note: Subsection (3) makes capital works purchased from a speculative builder eligible for deduction in the hands of the first and subsequent purchasers. (4) The construction of the capital works must be complete before the * construction expenditure area is determined. (5) Only one * construction expenditure area is created each time an entity constructs capital works. Example: An entity undertakes the construction of a building. During the course of construction, the entity makes 3 progress payments to the builder. There is still only one construction expenditure area. (6) A separate * construction expenditure area will be created each time an entity undertakes the construction of capital works. Example: In the diagram below, area 1 relates to the original construction of a building which gives rise to one construction expenditure area . Area 2 is a subsequent extension of the same building which gives rise to another, while area 3 is a later renovation of the entire building which gives rise to another.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-80", "Provision_Key": "s43-80", "Heading": "When capital works begin", "Text": "Capital works are taken to begin when the first step in the construction phase starts. For example, the pouring of foundations or sinking of pilings for a building. Note 1: Capital works begun after 15 September 1987 are taken to have begun before 16 September 1987 in certain circumstances. See section 43 ‑ 220. Note 2: The time when capital works begin is relevant for determining whether the capital works qualify for deduction, the use to which those works must be put, the rate of deduction and the calculation mechanism used. However, the time when capital works begin does not limit what qualifies as construction expenditure.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-85", "Provision_Key": "s43-85", "Heading": "Pools of construction expenditure", "Text": "(1) A pool of construction expenditure is so much of the * construction expenditure incurred by an entity on capital works as is attributable to the * construction expenditure area. (2) In applying subsection (1) in a case to which subsection 43 ‑ 75(3) (dealing with purchases from speculative builders) applies, assume that the expenditure incurred by the other entity was capital expenditure, but that the limitations in subsection 43 ‑ 70(2) (which sets out types of expenditure that are not * construction expenditure) still apply to the other entity’s expenditure. Note: The builder’s profit margin does not form part of the construction expenditure of the purchaser.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-90", "Provision_Key": "s43-90", "Heading": "Table of intended use at time of completion of construction", "Text": "Column 1 Date capital works begin Column 2 Type of capital works Column 3 Intended use on completion Time period 1: 22/8/79 to 19/7/82 (inclusive) Hotel building For use by any entity wholly or mainly to operate a hotel, motel or guest house that has at least 10 bedrooms that are for use wholly or mainly to provide short ‑ term accommodation for travellers. Apartment building The building consisted of: (a) at least 10 apartments, units or flats each of which was for use wholly or mainly to provide short ‑ term accommodation for travellers; or (b) at least 10 apartments, units or flats each of which was for use for that purpose and facilities that are wholly or mainly for use in association with providing short ‑ term accommodation for travellers in those apartments, units or flats. Time period 2: 20/7/82 to 17/7/85 (inclusive) Hotel building As for time period 1. Apartment building As for time period 1. Non ‑ residential building For: (a) use by the entity that incurred the expenditure for the * purpose of producing assessable income or exempt income; or (b) disposal by that entity to another entity for use by the other entity for the purpose of producing assessable income or exempt income. Time period 3: 18/7/85 to 20/11/87 (inclusive) Any building For: (a) use by the entity that incurred the expenditure for the * purpose of producing assessable income or exempt income; or (b) disposal by that entity to another entity for use by the other entity for the purpose of producing assessable income or exempt income; or (c) use by an entity wholly or mainly for, or in association with, residential accommodation. Time period 4: 21/11/87 to 26/2/92 (inclusive) Any building For: (a) use by the entity that incurred the expenditure for the * purpose of producing assessable income or exempt income; or (b) disposal by that entity to another entity for use by the other entity for the purpose of producing assessable income or exempt income; or (c) use by an entity wholly or mainly for, or in association with, residential accommodation; or (d) use by the entity that incurred the expenditure to carry on research and development activities (within the meaning of former section 73B of the Income Tax Assessment Act 1936 ) by or for that entity, or for disposal by that entity to another entity for use by the other entity for carrying on research and development activities (within the meaning of that former section) by or for the other entity. Time period 5: 27/2/92 to 18/8/92 (inclusive) Hotel building As for time period 1. Apartment building As for time period 1. Other buildings As for any building in time period 4. Structural improvements As for any building in time period 4. Time period 6: 19/8/92 to 30/6/97 (inclusive) Hotel building As for time period 1. Apartment building As for time period 1. Other buildings As for any building in time period 4. Structural improvements As for any building in time period 4. Environment protection earthworks As for any building in time period 4. Note: There are special rules that explain or qualify the uses described in Column 3 of this Table. These rules are set out in Subdivision 43 ‑ E (sections 43 ‑ 155 to 43 ‑ 195). For example, certain facilities that are not commonly provided in a hotel, motel or guest house in Australia are taken not to be used or for use to operate a hotel, motel or guest house, see subsection 43 ‑ 180(6).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-95", "Provision_Key": "s43-95", "Heading": "Meaning of hotel building and apartment building", "Text": "(1) A hotel building is: (a) a building begun after 21 August 1979 and before 18 July 1985, or after 26 February 1992 and before 1 July 1997, that, at the time of completion of its construction, was intended to be used in the way referred to in Column 3 of Table 43 ‑ 90 (intended use at completion) for a hotel building; or (b) a building begun after 30 June 1997 and that, in the income year, is used in the way referred to in Column 3 (time period 2) of Table 43 ‑ 145 (use in the 4% manner) for a hotel building. (2) An apartment building is: (a) a building begun after 21 August 1979 and before 18 July 1985, or after 26 February 1992 and before 1 July 1997, that, at the time of completion of its construction, was intended to be used in the way referred to in Column 3 of Table 43 ‑ 90 for an apartment building; or (b) a building begun after 30 June 1997 and that, in the income year, is used in the way referred to in Column 3 (time period 2) of Table 43 ‑ 145 for an apartment building.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-100", "Provision_Key": "s43-100", "Heading": "Certificates by Industry Innovation and Science Australia", "Text": "A certificate by * Industry Innovation and Science Australia stating that activities carried on by or for an entity were or were not * core R&D activities or * supporting R&D activities is conclusive for the purposes of this Division. Note: Core R&D activities and supporting R&D activities are kinds of R&D activities.", "Amendment_Count": 4, "First_Amended": "No 164 of 2007", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 164 of 2007 | No 93 of 2011 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 63 of 2016, effective Sch 1 (item 40): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-105", "Provision_Key": "s43-105", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains your area and your construction expenditure . Table of sections 43 ‑ 110 Explanatory material Operative provisions 43 ‑ 115 Your area and your construction expenditure—owners 43 ‑ 120 Your area and your construction expenditure—lessees and quasi ‑ ownership right holders 43 ‑ 125 Lessees’ or right holders’ pools can revert to owner 43 ‑ 130 Identifying your area on acquisition or disposal", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-110", "Provision_Key": "s43-110", "Heading": "Explanatory material", "Text": "You can only get a deduction under this Division for an income year if you own, lease or hold part of a construction expenditure area of capital works. The area you own, lease or hold is called your area . In working out your deductions, you must identify your area for each construction expenditure area of the capital works. Your area may comprise the whole of the construction expenditure area or part of it. Note: In certain circumstances the notional buyer of property is taken to be its owner (see subsection 240 ‑ 20(2)).", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 16 of 1998 | No 72 of 2001", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-115", "Provision_Key": "s43-115", "Heading": "Your area and your construction expenditure—owners", "Text": "(1) Your area is the part of the * construction expenditure area that you own. (2) Your construction expenditure is the portion of the * pool of construction expenditure that is attributable to your area.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-120", "Provision_Key": "s43-120", "Heading": "Your area and your construction expenditure—lessees and quasi ‑ ownership right holders", "Text": "Own expenditure (1) Your area is the part of the * construction expenditure area that you lease, or hold under a * quasi ‑ ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency, and that: (a) is attributable to a * pool of construction expenditure that you incurred; and (b) you have continuously leased or held since the construction was completed. Earlier lessees’ or holders’ expenditure (2) Your area is the part of the * construction expenditure area that you lease, or hold under a * quasi ‑ ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency, and that: (a) is attributable to a * pool of construction expenditure incurred by another lessee or holder of a quasi ‑ ownership right over land; and (b) has been continuously leased or held since the construction was completed by the lessee or holder who incurred the expenditure or an assignee of that lessee’s lease or that holder’s quasi ‑ ownership right over land. (3) Your construction expenditure is the portion of the * pool of construction expenditure that is attributable to your area.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-125", "Provision_Key": "s43-125", "Heading": "Lessees’ or right holders’ pools can revert to owner", "Text": "(1) An amount that relates to a * pool of construction expenditure that arises as a result of expenditure incurred by a lessee or a holder of a * quasi ‑ ownership right over land: (a) can only be deducted by a lessee or a holder of a quasi ‑ ownership right over land who satisfies subsection 43 ‑ 120(1) or (2); and (b) cannot be deducted by the owner of the capital works while there is a lessee or a holder of a quasi ‑ ownership right over land who satisfies that subsection. (2) The owner of the capital works may deduct an amount that relates to that pool if there is no longer a lessee or a holder of a * quasi ‑ ownership right over land who satisfies subsection 43 ‑ 120(1) or (2).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-130", "Provision_Key": "s43-130", "Heading": "Identifying your area on acquisition or disposal", "Text": "There will be a separate * your area at each time in an income year when you: (a) acquire an additional part of a * construction expenditure area; or (b) dispose of some but not all of a construction expenditure area. Example: You own half of a building (part A) throughout the income year, and you acquire the other half (part B) on 1 January. This section ensures that part A is your area for the entire year and that part B is your area for the second 6 months of the year. Note: This ensures that the same area is not counted twice in calculating your deduction. You will have to make separate deduction calculations if you have identified more than one area as your area of the capital works.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-135", "Provision_Key": "s43-135", "Heading": "What this Subdivision is about", "Text": "You can only get a deduction under this Division if you use your area in a way described in Table 43 ‑ 140 or 43 ‑ 145 of this Subdivision. Table of sections Using your area 43 ‑ 140 Using your area in a deductible way 43 ‑ 145 Using your area in the 4% manner Industrial activities 43 ‑ 150 Meaning of industrial activities Build to rent developments 43 ‑ 151 Meaning of active build to rent development area 43 ‑ 152 Build to rent developments 43 ‑ 153 Build to rent developments—eligibility 43 ‑ 154 Notice of events 43 ‑ 154A References to buildings", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-140", "Provision_Key": "s43-140", "Heading": "Using your area in a deductible way", "Text": "(1) The following table sets out the way you must use * your area in an income year for a deduction to be allowed under section 43 ‑ 10 (the main deduction provision). The relevant use depends on the time when the capital works began (Column 1) and the type of capital works (Column 2). Column 3 sets out the use. Table 43 ‑ 140—Current year use Column 1 Date capital works begin Column 2 Type of capital works Column 3 Use of your area at some time in the income year Time period 1: After 30/6/97 Any capital works You use * your area for the purpose of: (a) producing assessable income; or (b) conducting * R&D activities. Time period 2: 27/2/92 to 30/6/97 (inclusive) * Hotel building You use * your area for the * purpose of producing assessable income. * Apartment building You use * your area for the * purpose of producing assessable income. Other capital works You use * your area for the purpose of: (a) producing assessable income; or (b) conducting * R&D activities. Time period 3: Before 27/2/92 * Hotel building You use * your area for the * purpose of producing assessable income and: (a) all or part of that area is used by any entity wholly or mainly to operate a hotel, motel or guest house; and (b) that hotel, motel or guest house has at least 10 bedrooms that are used or available for use wholly to provide short ‑ term accommodation for travellers. * Apartment building You use * your area for the * purpose of producing assessable income and: (a) that area is, is part of or contains an apartment, unit or flat that is used or available for use by any entity wholly to provide short ‑ term accommodation for travellers, and you own or lease at least 9 other apartments, units or flats in the building that are used or available for use by any entity wholly to provide short ‑ term accommodation for travellers; or (b) that area is, is part of or contains a facility that is used or available for use by any entity wholly or mainly in association with providing short ‑ term accommodation for travellers in apartments, units or flats in the building that are used in the way described in paragraph (a). Other capital works You use * your area for the purpose of: (a) producing assessable income; or (b) conducting * R&D activities. Note 1: There are special rules that explain or qualify the uses described in Column 3 of this Table. These rules are set out in Subdivision 43 ‑ E (sections 43 ‑ 155 to 43 ‑ 195). For example: • Your area is taken to be used, for use or available for use for a purpose or in a way if it is maintained ready for use for that purpose or in that way. See section 43 ‑ 160. • R&D activities must be conducted in connection with a business carried on for the purpose of producing assessable income, see section 43 ‑ 195. Note 2: If Division 250 applies to you and an asset that is a capital work: (a) if section 250 ‑ 150 applies—you are taken not to be using the capital work for the purpose of producing assessable income, or for the purpose of conducting R&D activities, to the extent specified under subsection 250 ‑ 150(3); or (b) otherwise—you are taken not to be using the capital work for such a purpose. (2) This Division applies to an entity as if the entity used property for the * purpose of producing assessable income if the entity uses the property for: (a) * environmental protection activities; or (b) the environmental impact assessment of a project; unless a provision of this Act expressly provides that that use is not for the purpose of producing assessable income.", "Amendment_Count": 4, "First_Amended": "No 119 of 2002", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 119 of 2002 | No 164 of 2007 | No 93 of 2011 | No 15 of 2017", "History_Notes": "Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-145", "Provision_Key": "s43-145", "Heading": "Using your area in the 4% manner", "Text": "(1) You use a part of * your area in the 4% manner if you use it as described in the following Table. The relevant use depends on the time when the capital works began (Column 1) and the type of capital works (Column 2). Column 3 sets out the use. Table 43 ‑ 145—Use in the 4% manner Column 1 Date capital works begin Column 2 Type of capital works Column 3 Use of a part of * your area at some time in the income year Time period 1: After 30/6/97 Capital works that are buildings You use the part of * your area for the * purpose of producing assessable income and: (a) that part is used by any entity wholly or mainly to operate a hotel, motel or guest house; and (b) that hotel, motel or guest house has at least 10 bedrooms that are used or available for use wholly to provide short ‑ term accommodation for travellers. You use the part of * your area for the * purpose of producing assessable income and: (a) that part is, is part of or contains an apartment, unit or flat that is used or available for use by any entity wholly to provide short ‑ term accommodation for travellers, and you own or lease at least 9 other apartments, units or flats in the building that are used or available for use by any entity wholly to provide short ‑ term accommodation for travellers; or (b) that part is, is part of or contains a facility that is used or available for use by any entity wholly or mainly in association with providing short ‑ term accommodation for travellers in apartments, units or flats in the building that are used in the way described in paragraph (a). You use the part of * your area for the * purpose of producing assessable income, and that part is used by any entity: (a) wholly or mainly for * industrial activities; or (b) to provide meal rooms, rest rooms, first aid rooms, change rooms or similar facilities that are wholly or mainly for use by: (i) workers employed wholly or mainly to undertake the work directly involved in carrying out industrial activities; or (ii) the immediate supervisors of those workers; or (c) wholly or mainly as office accommodation for the immediate supervisors of those workers. You use the part of * your area in the * 4% build to rent manner. Time period 2: 27/2/92 to 30/6/97 (inclusive) * Hotel building You use the part of * your area for the * purpose of producing assessable income and: (a) that part is used by any entity wholly or mainly to operate a hotel, motel or guest house; and (b) that hotel, motel or guest house has at least 10 bedrooms that are used or available for use wholly to provide short ‑ term accommodation for travellers. * Apartment building You use the part of * your area for the * purpose of producing assessable income and: (a) that part is, is part of or contains an apartment, unit or flat that is used or available for use by any entity wholly to provide short ‑ term accommodation for travellers, and you own or lease at least 9 other apartments, units or flats in the building that are used or available for use by any entity wholly to provide short ‑ term accommodation for travellers; or (b) that part is, is part of or contains a facility that is used or available for use by any entity wholly or mainly in association with providing short ‑ term accommodation for travellers in apartments, units or flats in the building that are used in the way described in paragraph (a). Other buildings You use the part of * your area for the * purpose of producing assessable income, and that part is used by any entity: (a) wholly or mainly for * industrial activities; or (b) to provide meal rooms, rest rooms, first aid rooms, change rooms or similar facilities that are wholly or mainly for use by: (i) workers employed wholly or mainly to undertake the work directly involved in carrying out industrial activities; or (ii) the immediate supervisors of those workers; or (c) wholly or mainly as office accommodation for the immediate supervisors of those workers. Note: There are special rules that explain or qualify the uses described in Column 3 of this Table. These rules are set out in Subdivision 43 ‑ E (sections 43 ‑ 155 to 43 ‑ 195). For example: • Your area is taken to be used, for use or available for use for a purpose or in a way if it is maintained ready for use for that purpose or in that way. See section 43 ‑ 160. • A suite of rooms in a hotel building may be treated as one bedroom, see subsection 43 ‑ 180(2). (2) You use a part of * your area in the 4% build to rent manner if: (a) you use the part of your area for the * purpose of producing assessable income; and (b) that part is, or is part of, an * active build to rent development area (the eligible development ); and (c) if the * build to rent compliance period for each of the * dwellings in the eligible development has ended: (i) no other entity is using the eligible development, or any part of the eligible development, for the purpose of producing assessable income; and (ii) at each earlier time (if any) at which you or another entity used the eligible development, or any part of the eligible development, for the purpose of producing assessable income and at which the eligible development was an * active build to rent development, no other entity was using the eligible development, or any part of the eligible development, for the purpose of producing assessable income. (3) For the purposes of paragraph (2)(c), disregard use of the eligible development, or any part of the eligible development, for the * purpose of producing assessable income by providing management services.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-150", "Provision_Key": "s43-150", "Heading": "Meaning of industrial activities", "Text": "Industrial activities means: (a) any of the following activities ( core activities ): (i) operations where manufactured items are derived from other goods even if those manufactured items are themselves used as parts or materials in the manufacture of other items; (ii) operations (other than packing, placing in containers or labelling) by which manufactured items are brought into or maintained in the form or condition in which they are sold or used, even if they are for sale or use as parts or materials in the manufacture of other items; (iii) the separation of a metal or a compound of a metal from its ore (not including crushing, grinding, breaking, screening or sizing to facilitate that separation) or the treatment or processing of a metal or a compound of a metal after its separation; (iv) for a metal or a compound of a metal not requiring separation—applying to the metal or compound a treatment or process which, if the metal or compound had required separation, would not have been applied until after the separation; (v) refining * petroleum; (vi) scouring or carbonising wool; (vii) milling timber; (viii) freezing primary products; (ix) printing, lithographing or engraving, or a similar process, in the course of carrying on a business as a publisher, printer, lithographer or engraver; (x) curing meat or fish; (xi) producing chilled or frozen meat; (xii) pasteurising milk; (xiii) canning or bottling foodstuffs; (xiv) producing electric current, hydraulic power, steam, compressed air or gases (other than natural gas) for the purpose of sale, or use wholly or mainly in carrying on another activity mentioned in this paragraph; or (b) any of the following activities: (i) the packing, placing in containers or labelling of any goods resulting from the carrying on of core activities; (ii) the disposal of waste substances resulting from the carrying on of core activities; (iii) the cleansing or sterilising of bottles, vats or other containers used by the entity to store goods to be used in carrying on core activities or goods resulting from the carrying on of core activities; (iv) the assembly, maintenance, cleansing, sterilising or repair of property used in carrying on core activities; (v) the storage, within premises in which core activities are carried on, or premises contiguous to those premises, of goods in carrying on core activities, goods in relation to which core activities have commenced but not finally been completed or goods resulting from core activities; but does not include the preparation of food or drink (whether for consumption on the premises where it is prepared or elsewhere) in, or in premises occupied in connection with, a hotel, motel, boarding house, catering establishment, restaurant, cafe, milk ‑ bar, coffee shop, retail shop or similar establishment.", "Amendment_Count": 1, "First_Amended": "No 4 of 2007", "Last_Amended": "No 4 of 2007", "Amending_Acts": "No 4 of 2007", "History_Notes": "Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-151", "Provision_Key": "s43-151", "Heading": "Meaning of active build to rent development area", "Text": "(1) An active build to rent development area is a part of a building comprising any of the following: (a) the * dwellings of an * active build to rent development; (b) any * common areas for those dwellings. (2) An active build to rent development is a * build to rent development that has: (a) * commenced to be an active build to rent development (see subsections 43 ‑ 152(1) and (2)); and (b) not * ceased to be an active build to rent development (see subsection 43 ‑ 152(4)). (3) A common area for * dwellings of a * build to rent development is an area, facility or amenity: (a) intended for use for the purposes of those dwellings; or (b) intended for use for the purposes of those dwellings and any other dwellings in the same building.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-151"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-152", "Provision_Key": "s43-152", "Heading": "Build to rent developments", "Text": "Commencement (1) On and after the first day on which a building has 50 or more * dwellings: (a) that satisfy subsection 43 ‑ 153(1); and (b) that the owner of the dwellings chooses to form a * build to rent development in accordance with subsection (6) of this section; those dwellings are a build to rent development , of the building, that commences to be an * active build to rent development on that day. (2) Also, on and after the first day (if any): (a) after the most recent instance of a * build to rent development of a building * commencing to be an * active build to rent development; and (b) on which the building has 50 or more * dwellings: (i) that satisfy subsection 43 ‑ 153(1); and (ii) that were not part of a build to rent development just before that day; and (iii) that the owner of the dwellings chooses to form a build to rent development in accordance with subsection (6) of this section; those dwellings are a build to rent development , of the building, that commences to be an active build to rent development on that day unless an active build to rent development * expands under subsection (3) on that day to include the dwellings. Expansion (3) If a building has a * build to rent development (the existing development ) that has * commenced to be an * active build to rent development, on the first day (if any) on which the building has * dwellings (the new dwellings ): (a) that taken together with the dwellings of the existing development for which the * build to rent compliance period has not ended, satisfy subsection 43 ‑ 153(1); and (b) that are not already a part of a build to rent development; and (c) that the owner of the dwellings chooses to form part of the existing development in accordance with subsection (6) of this section; the existing development expands to comprise: (d) the dwellings of the existing development; and (e) the new dwellings. Cessation (4) A * build to rent development ceases to be an * active build to rent development if the dwellings of the active build to rent development for which the * build to rent compliance period has not ended cease to satisfy subsection 43 ‑ 153(1). Build to rent compliance period (5) The build to rent compliance period for a * dwelling of an * active build to rent development is the 15 years beginning on the day after the day on which: (a) unless paragraph (b) applies—the development * commences to be an active build to rent development; or (b) if: (i) the dwelling is not part of the development when it commences to be an active build to rent development; but (ii) the development * expands to include the dwelling; the development expands to include the dwelling. (6) To make a choice for the purposes of paragraph (1)(b), subparagraph (2)(b)(iii) or paragraph (3)(c) in respect of * dwellings, the owner of the dwellings must: (a) make the choice in the * approved form; and (b) give it to the Commissioner. (7) The choice is taken to be made on the following day: (a) if: (i) the owner nominates a day in the choice; and (ii) the Commissioner receives the choice before the nominated day; the nominated day; or (b) otherwise—the day the Commissioner receives the choice.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-152"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-153", "Provision_Key": "s43-153", "Heading": "Build to rent developments—eligibility", "Text": "(1) For the purposes of section 43 ‑ 152, * dwellings of a building satisfy this subsection at a particular time if, at that time: (a) each of the dwellings is: (i) available to the public to be tenanted by way of lease for a period of 5 years or more in accordance with any requirements determined under subsection (1A); or (ii) being tenanted by way of lease as a result of being made available to the public to be tenanted by way of lease for a period of 5 years or more in accordance with any requirements determined under subsection (1A); and (b) all of the dwellings are: (i) * residential premises; and (ii) * taxable Australian real property; and (iii) not * commercial residential premises; and (c) all of the dwellings and * common areas for the dwellings are owned by a single entity; and (d) the number of the dwellings that are * affordable dwellings is equal to or greater than: (i) 10% of the number of the dwellings; or (ii) if the number of dwellings worked out under subparagraph (i) is not a whole number—that number rounded down to the nearest whole number of dwellings; and (e) subsection (5) applies to each of the affordable dwellings. Note: For the purposes of paragraph (a), a lease is still offered to the public for a period of 5 years or more even if a prospective tenant subsequently requests and the lessor accepts a shorter lease. (1A) For the purposes of subparagraphs (1)(a)(i) and (ii), the Minister may, by legislative instrument, determine requirements relating to the terms of the lease. (1B) For the purposes of subparagraphs (1)(a)(i) and (ii), disregard a requirement determined under subsection (1A) if complying with that requirement would contravene a law of a State or Territory. Affordable dwellings (2) A * dwelling is an affordable dwelling if the requirements determined under subsection (3) in relation to the dwelling are met. (3) For the purposes of subsection (2), the Minister must, by legislative instrument, determine requirements relating to a dwelling. Without limiting this subsection, the requirements may include requirements relating to: (a) the rent payable under the lease for the dwelling; or (b) the income of the tenant or prospective tenant. (4) A reference in paragraph (1)(a) to the public in relation to a lease of a * dwelling is taken to be a reference to a segment of the public if: (a) the dwelling is an * affordable dwelling; and (b) requirements determined under subsection (3) require that the dwelling be tenanted, or be available to be tenanted, only to that segment of the public. (5) For the purposes of paragraph (1)(e), this subsection applies in relation to an affordable dwelling (the test dwelling ) if: where: number of comparable affordable dwellings means the number of the dwellings (including the test dwelling) that: (a) are * affordable dwellings; and (b) have the same number of bedrooms as the test dwelling; and (c) have a floor area that is at least equal to the floor area of the test dwelling, but does not exceed 110% of that floor area. number of comparable non ‑ affordable dwellings means the number of the dwellings that: (a) are not * affordable dwellings; and (b) have the same number of bedrooms as the test dwelling; and (c) have a floor area that is at least equal to the floor area of the test dwelling, but does not exceed 110% of that floor area. Eligibility during construction (6) Dwellings of a building are taken to satisfy subsection (1) at a particular time if: (a) one or more of the dwellings is not tenanted, and not available to be tenanted, at that time as mentioned in paragraph (1)(a) because of: (i) construction of an extension, alteration or improvement to any of the dwellings or the building; or (ii) the making of repairs to any of the dwellings or the building; and (b) the dwellings satisfied subsection (1) just before paragraph (a) of this subsection began to apply; and (c) it is reasonable to expect that the dwellings will satisfy subsection (1) when the construction or repairs are completed. Commissioner’s discretion (7) The Commissioner may determine that * dwellings of a building are taken to satisfy one or more of paragraphs (1)(a), (d) and (e) (the eligibility criteria ) at all times during a particular period, if: (a) the entity that owns the dwellings applies to the Commissioner in the * approved form; and (b) the Commissioner is satisfied of the following: (i) the dwellings did not otherwise satisfy the eligibility criteria at all times during the period due to events outside the control of the entity; (ii) the entity took all reasonable steps to ensure that the dwellings would satisfy the eligibility criteria as soon as practicable; (iii) at the time of the determination, the dwellings satisfy the eligibility criteria; (iv) at the time of the determination, the entity intends that each dwelling will satisfy subsection (1) for the remainder of its * build to rent compliance period. (8) A determination made under subsection (7) has effect according to its terms.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-153"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-154", "Provision_Key": "s43-154", "Heading": "Notice of events", "Text": "(1) If any of the following events happen in relation to a * build to rent development, each entity to which subsection (3) applies must notify the Commissioner of the event: (a) the development * commences to be an * active build to rent development; (b) the development * expands; (c) the * ownership interest in the development is acquired by another entity; (d) the development * ceases to be an active build to rent development. (2) The notice must be: (a) in the * approved form; and (b) given no later than 28 days after the event. (3) This subsection applies to the following entities: (a) the owner of the development at the time just before the event happens; (b) if in the income year in which the event happens, an entity is required to notify the Commissioner under subsection 16 ‑ 150(4) in Schedule 1 to the Taxation Administration Act 1953 of an amount to which subsection 12 ‑ 450(5) in that Schedule applies, to any extent, because of a * dwelling of the development—the entity; (c) if the event is the event mentioned in paragraph (1)(c) of this section—the entity that acquires the * ownership interest in the development.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-154"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-154A", "Provision_Key": "s43-154a", "Heading": "References to buildings", "Text": "A reference in sections 43 ‑ 151 to 43 ‑ 153 to a building includes a reference to any other buildings that are on the same or adjacent land.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-154A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-155", "Provision_Key": "s43-155", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains special rules about uses of capital works. It is relevant to whether you can get a deduction for capital works and also to the rate of that deduction. The rules in this Subdivision affect the uses of capital works described in Tables 43 ‑ 90, 43 ‑ 140 and 43 ‑ 145. Table of sections Operative provisions 43 ‑ 160 Your area is used for a purpose if it is maintained ready for use for the purpose 43 ‑ 165 Temporary cessation of use 43 ‑ 170 Own use—capital works other than hotel and apartment buildings 43 ‑ 175 Own use—hotel and apartment buildings 43 ‑ 180 Special rules for hotel and apartment buildings 43 ‑ 185 Residential or display use 43 ‑ 190 Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house 43 ‑ 195 Use for R&D activities must be in connection with a business", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-160", "Provision_Key": "s43-160", "Heading": "Your area is used for a purpose if it is maintained ready for use for the purpose", "Text": "A part of * your area is taken to be used, for use or available for use for a particular purpose or in a particular manner at a time if, at that time: (a) it was maintained ready for use for that purpose or in that manner; and (b) it was not used or for use for any other purpose or in any other manner; and (c) its use or intended use for that purpose or in that manner had not been abandoned. Note 1: Construction must be complete before you can deduct an amount, see section 43 ‑ 30. Note 2: This section affects Tables 43 ‑ 140 and 43 ‑ 145.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-165", "Provision_Key": "s43-165", "Heading": "Temporary cessation of use", "Text": "A part of * your area is taken to be used, for use or available for use for a particular purpose or in a particular manner if its use for that purpose or in that manner temporarily ceases because of: (a) the construction of an extension, alteration or improvement, or the making of repairs; or (b) seasonal or climatic factors. Note: This section affects Tables 43 ‑ 140 and 43 ‑ 145.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-170", "Provision_Key": "s43-170", "Heading": "Own use—capital works other than hotel and apartment buildings", "Text": "(1) A part of capital works, other than a * hotel building or an * apartment building, is taken not to be used for the * purpose of producing assessable income if that part is for use mainly for, or in association with, residential accommodation by you or an * associate. Note: This subsection affects Tables 43 ‑ 140 and 43 ‑ 145. (2) Subsection (1) does not apply to use by an * associate under an * arrangement: (a) to which you and the associate are parties; and (b) that is of a kind that the parties could reasonably be expected to have entered into if they had been dealing with each other at * arm’s length; and (c) that was not entered into for the purpose of obtaining a deduction under this Division. (3) If property that constitutes the whole or part of capital works, other than a * hotel building or an * apartment building, is part of an individual’s home, the property is taken to be used, or for use, wholly or mainly for or in association with residential accommodation. Note: This subsection affects Tables 43 ‑ 90 and 43 ‑ 140.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-175", "Provision_Key": "s43-175", "Heading": "Own use—hotel and apartment buildings", "Text": "(1) An entity is taken not to have used a bedroom in a * hotel building, or an apartment, unit or flat in an * apartment building, for the * purpose of producing assessable income at a time if, at that time, the bedroom, apartment, unit or flat is used, or reserved for use, by: (a) the entity; or (b) if the entity is a partnership—any of the partners in the partnership. Note: This subsection affects Tables 43 ‑ 140 and 43 ‑ 145. (2) Also, an entity is taken not to use a bedroom in a * hotel building, or an apartment, unit or flat in an * apartment building for any purpose at a time if: (a) at that time, a * right to use or a right to occupy the bedroom, apartment, unit or flat was vested in the entity; and (b) that right was vested in the entity because the entity was, at that time, a member of a company, a beneficiary of a trust estate or a partner in a partnership. Note: This subsection affects Tables 43 ‑ 90, 43 ‑ 140 and 43 ‑ 145.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-180", "Provision_Key": "s43-180", "Heading": "Special rules for hotel and apartment buildings", "Text": "Rules about counting rooms or apartments etc. (1) A bedroom in a * hotel building, or an apartment, unit or flat in an * apartment building, is taken to be used or available for use wholly for short ‑ term accommodation for travellers in a period if it is used or available for use mainly for short ‑ term accommodation for travellers in that period. Note: This subsection ensures that a limited period of non ‑ short ‑ term traveller accommodation use will be disregarded in counting the number of rooms provided the bedroom, apartment, unit or flat is used mainly for short ‑ term traveller accommodation. (2) For the purpose of counting the number of bedrooms in a * hotel building, if 2 or more rooms that are bedrooms or include a bedroom are for use together as a suite of rooms, the suite is taken to constitute one bedroom. (3) Despite subsection 43 ‑ 50(3) (which treats you as not being the owner of certain capital works), you can still count an apartment, unit or flat in relation to which CGT event F2 has happened in working out whether you own or lease at least 10 apartments, units or flats in an * apartment building if you own or lease at least one other apartment, unit or flat in the building. Note 1: CGT event F2 results in a lease with a term of 50 years or more being treated for CGT purposes more like an outright disposal. Note 2: Subsection 43 ‑ 50(3) treats you as not being the owner of capital works that are the subject of such a lease. Rules about hotel or apartment complexes (4) A group of buildings that constitutes a complex of buildings is taken to be one * hotel building or * apartment building, and none of the buildings in the group is taken to be a separate building. (5) The construction of a * hotel building or * apartment building is taken to be an extension of another building if, after completion of the construction, those buildings are taken to be one building under subsection (4). Note: Subsections (4) and (5) ensure that a hotel or apartment building that provides short ‑ term traveller accommodation in detached buildings will be treated as a single building so that the 10 hotel room/apartment test is applied to the complex as a whole. It also has the effect that the complex as a whole must be completed before there can be a construction expenditure area. Rules about facilities not commonly provided in Australia (6) If a * hotel building contains a facility of a kind that is not commonly provided in a hotel, motel or guest house in Australia, the facility is taken not to be used or for use to operate a hotel, motel or guest house. (7) If an * apartment building contains a facility of a kind that is not commonly provided in a hotel, motel or guest house in Australia, the facility is taken not to be a facility for use in association with providing short ‑ term accommodation for travellers in apartments, units or flats. Note: Subsections (6) and (7) exclude areas such as casinos from the construction expenditure area of a hotel building or apartment building.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-185", "Provision_Key": "s43-185", "Heading": "Residential or display use", "Text": "(1) A building, other than a * hotel building or an * apartment building, or an extension, alteration or improvement to such a building, begun after 19 July 1982 and before 18 July 1985 is taken not to be used for the * purpose of producing assessable income or exempt income if it is used or for use wholly or mainly for exhibition or display in connection with: (a) the sale of all or part of any building; or (b) the lease of all or part of any building for use wholly or mainly for or in association with residential accommodation. Note: Subsection (1) affects time period 2 in Table 43 ‑ 90 and time period 3 in Table 43 ‑ 140. (2) A building, other than a * hotel building or an * apartment building, begun after 19 July 1982 and before 18 July 1985 is taken not to be used for the * purpose of producing assessable income if it is used or available for use wholly or mainly for or in association with residential accommodation. Note: Subsection (2) affects time period 2 in Table 43 ‑ 90 and time period 3 in Table 43 ‑ 140. (3) A building, other than a * hotel building or an * apartment building, begun after 17 July 1985 and before 1 July 1997 is taken not to be used for the * purpose of producing assessable income if it is used or for use wholly or mainly for exhibition or display in connection with the sale of all or part of any building. Note: Subsection (3) affects time periods 2 and 3 in Table 43 ‑ 140.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-190", "Provision_Key": "s43-190", "Heading": "Use of facilities not commonly provided, and of certain buildings used to operate a hotel, motel or guest house", "Text": "(1) A facility in a * hotel building or an * apartment building that is not commonly provided in a hotel, motel or guest house in Australia is taken not to be used, or for use, for or in association with residential accommodation if the facility is part of a building begun after 19 July 1982 and before 18 July 1985. Note: This subsection means that, for time period 2 in Table 43 ‑ 90, a facility referred to in subsection 43 ‑ 180(6) or (7) (dealing with facilities not commonly provided in Australia) is taken to be a non ‑ residential building if it satisfies the use test in Column 3 of that table for a building of that kind, and is therefore eligible for deduction even though it would ordinarily be taken to be used for residential accommodation. (2) A building, other than a * hotel building or an * apartment building, begun after 19 July 1982 and before 18 July 1985 that is used, or for use, wholly or mainly for the purpose of operating a hotel, motel or guest house is taken to be used or for use wholly or mainly for, or in association with, residential accommodation. Note: This subsection ensures that hotels, motels and guest houses begun in the specified time period that do not satisfy the tests for hotel and apartment buildings (for example, because they had fewer than 10 bedrooms or apartments) do not qualify for a deduction under this Division.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-195", "Provision_Key": "s43-195", "Heading": "Use for R&D activities must be in connection with a business", "Text": "You are taken not to use capital works for * R&D activities unless you do so in connection with a business that you carry on for the * purpose of producing assessable income. Note: This section affects Tables 43 ‑ 90 and 43 ‑ 140.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-200", "Provision_Key": "s43-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision shows you how to calculate the amount of a deduction under section 43 ‑ 10. The calculations must be made separately for each area that is identified as your area. There are 2 separate calculation provisions: One for capital works begun before 27 February 1992; and the other for capital works begun after 26 February 1992. Table of sections 43 ‑ 205 Explanatory material Operative provisions 43 ‑ 210 Deduction for capital works begun after 26 February 1992 43 ‑ 215 Deduction for capital works begun before 27 February 1992 43 ‑ 220 Capital works taken to have begun earlier for certain purposes", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-205", "Provision_Key": "s43-205", "Heading": "Explanatory material", "Text": "Capital works begun before 27 February 1992 The calculation for these works is based on * your construction expenditure and the applicable rate of deduction. There can be only one rate of deduction that applies to * your area. However, reductions of deductions may apply. You must reduce your deduction for any period in the income year that you did not own * your area and use it in the way described in Table 43 ‑ 140 (Current year use). Because there are 2 use tests in Table 43 ‑ 140 for * hotel buildings and * apartment buildings (a general income producing test and a more specific hotel and short ‑ term traveller accommodation use test), there are 2 reduction steps. The first step reduces your deduction if part of * your area was not used as a * hotel building or * apartment building. The second step reduces the deduction to the extent that your area is used only partly for the * purpose of producing assessable income. This occurs, for example, if you * derive both assessable and exempt income, or if part of your area is not used to produce assessable income for all or part of the period it was used as a hotel building or apartment building. Capital works begun after 26 February 1992 The calculation for these works is based on a portion of * your construction expenditure and the applicable rate of deduction. There can be 2 rates of deduction for your area depending on the way you use it. If 2 rates apply, there will be a separate calculation for the part of * your area used in the way described in Table 43 ‑ 140 and for the part of * your area used in the way described in Table 43 ‑ 145 (Use in the 4% manner). A gross deduction and subsequent reduction is calculated for each. The reduction is the same as the second reduction for capital works begun before 27 February 1992.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-210", "Provision_Key": "s43-210", "Heading": "Deduction for capital works begun after 26 February 1992", "Text": "Step 1 Calculate the amount worked out using the formula: where: portion of your CE is the portion of * your construction expenditure that is attributable to the part of * your area that you used in the * 4% manner. days used is the number of days in the income year that: (a) you owned or were the lessee of that part of * your area and used it in the * 4% manner; or (b) you were the holder of that part of * your area under a * quasi ‑ ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency, and used that part of your area in the 4% manner. Step 2 Reduce the Step 1 amount by the extent to which the part referred to in Step 1 was used only partly for the * purpose of producing assessable income. Note: This Step applies if: • part of your income from the part referred to in Step 1 is exempt income; or • part of the part referred to in Step 1 was not used for the purpose of producing assessable income or was not available for that use; or • the part of the part referred to in Step 1 was not used for such a purpose during a part of the days used period. Step 3 Calculate the amount worked out using the formula: where: portion of your CE is the portion of * your construction expenditure that is attributable to the part of * your area that you did not use in the * 4% manner but was used as described in Table 43 ‑ 140 (Current year use). days used is the number of days in the income year that: (a) you owned or were the lessee of that part of * your area and used it in that manner; or (b) you were the holder of that part of * your area under a * quasi ‑ ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency, and used that part of your area in that manner. Step 4 Reduce the Step 3 amount by the extent to which the part referred to in Step 3: (a) for a * hotel building or * apartment building—was used only partly for the * purpose of producing assessable income; or (b) for any other capital works—was used only partly for the purpose of * producing assessable income or conducting * R&D activities. Note: This Step applies if: • part of your income from the part referred to in Step 3 is exempt income; or • part of the part referred to in Step 3 was not used for the purpose of producing assessable income (or R&D activities) or was not available for that use; or • the part of the part referred to in Step 3 was not used for such a purpose during a part of the days used period. Step 5 Add the Step 2 and Step 4 amounts. Step 6 The amount of your deduction is the lesser of your Step 5 amount or the * undeducted construction expenditure for * your area.", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 14 of 2009 | No 93 of 2011", "History_Notes": "Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-215", "Provision_Key": "s43-215", "Heading": "Deduction for capital works begun before 27 February 1992", "Text": "Step 1 Calculate the amount worked out using the formula: where: your CE is * your construction expenditure. days used is the number of days in the income year that you owned or were the lessee of * your area and used it in the way that applies to the capital works under Table 43 ‑ 140 (Current year use). applicable rate is: (a) 0.04 if the capital works began after 21 August 1984 and before 16 September 1987; or (b) 0.025 in any other case. Note: For the purpose of working out the applicable rate, capital works begun after 15 September 1987 are taken to have begun before 16 September 1987 in certain circumstances. See section 43 ‑ 220. Step 2 This step applies only to * hotel buildings and * apartment buildings. Reduce the Step 1 amount by the extent to which: (a) for a hotel building—any part of * your area was not used wholly or mainly to operate a hotel, motel or guest house; or (b) for an apartment building—any part of * your area was not used wholly for or in association with providing short ‑ term accommodation for travellers. Step 3 Reduce the Step 1 or 2 amount by the extent to which: (a) for a * hotel building or * apartment building— * your area was used only partly for the * purpose of producing assessable income; or (b) for any other capital works— * your area was used only partly for the * purpose of producing assessable income or conducting * R&D activities. Note: This Step applies if: • part of your income from the capital works is exempt income; or • part of the capital works were not used for the purpose of producing assessable income or were not available for that use; or • the capital works were not used for such a purpose during a part of the days used period. Step 4 The amount of your deduction is the lesser of your Step 3 amount or the * undeducted construction expenditure for * your area.", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 14 of 2009 | No 93 of 2011", "History_Notes": "Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-220", "Provision_Key": "s43-220", "Heading": "Capital works taken to have begun earlier for certain purposes", "Text": "(1) A building, other than a * hotel building or an * apartment building, or an extension, alteration or improvement to such a building, begun after 15 September 1987 is taken to have begun before 16 September 1987 if: (a) the construction was under a contract that was entered into before 16 September 1987, or was under 2 or more contracts any of which was entered into before that date; or (b) money was borrowed for a purpose that included the purpose of financing the construction under a contract or contracts entered into before 16 September 1987 by an entity that was, or by entities each of which was, a * qualifying investor, and that money was used to finance the construction. (2) An entity is a qualifying investor for the construction of a building if: (a) at the end of 15 September 1987, the entity was the owner or lessee of the land on which the building was constructed; or (b) the entity became the owner or lessee of the land under a contract entered into before 16 September 1987. (3) An entity is a qualifying investor for the construction of an extension, alteration or improvement to a building if: (a) at the end of 15 September 1987, the entity was the owner or lessee of the building, or the part of the building to which the extension, alteration or improvement was made; or (b) the entity became the owner or lessee of the building or that part under a contract entered into before 16 September 1987.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-225", "Provision_Key": "s43-225", "Heading": "What this Subdivision is about", "Text": "The undeducted construction expenditure for your area is the part of your construction expenditure you have left to write off. It is used to work out: • the number of years in which you can deduct amounts for your construction expenditure; and • the amount that you can deduct under section 43 ‑ 40 if your area or a part is destroyed. Table of sections Operative provisions 43 ‑ 230 Calculating undeducted construction expenditure—common step 43 ‑ 235 Post ‑ 26 February 1992 undeducted construction expenditure 43 ‑ 237 Post ‑ 26 February 1992 undeducted construction expenditure—modification for active build to rent developments that have ceased 43 ‑ 240 Pre ‑ 27 February 1992 undeducted construction expenditure", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-230", "Provision_Key": "s43-230", "Heading": "Calculating undeducted construction expenditure—common step", "Text": "(1) Identify the date when the capital works began. Note 1: The date determines whether your calculation is to be made under section 43 ‑ 235 (for post ‑ 26/2/92 expenditure) or 43 ‑ 240 (for pre ‑ 27/2/92 expenditure). Note 2: Section 43 ‑ 80 explains when capital works begin. (2) If you are calculating a deduction under Subdivision 43 ‑ F, identify the period ( use period ) that: (a) started when * your area, or a part of it, was first used by any entity for any purpose after completion of the relevant construction; and (b) ended at the end of the preceding income year or, if you acquired your area during the income year, at the end of the day before the time of the acquisition. (3) If you are calculating a deduction under Subdivision 43 ‑ H, identify the period ( use period ) that started at the time described in paragraph (2)(a) and ended at the time of the destruction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-235", "Provision_Key": "s43-235", "Heading": "Post ‑ 26 February 1992 undeducted construction expenditure", "Text": "Step 1 Calculate for each day in the use period the amount worked out using the formula: where: portion of your CE is the portion of * your construction expenditure that is attributable to the part of * your area that you used in the * 4% manner. Step 2 Calculate for each day in the use period the amount worked out using the formula: where: portion of your CE is the portion of * your construction expenditure that is attributable to the part of * your area that you did not use in the * 4% manner. Step 3 Add the aggregate of the amounts calculated under Steps 1 and 2. Step 4 Deduct the sum of those amounts from * your construction expenditure. The result is the undeducted construction expenditure for * your area.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-237", "Provision_Key": "s43-237", "Heading": "Post ‑ 26 February 1992 undeducted construction expenditure—modification for active build to rent developments that have ceased", "Text": "(1) This section applies if: (a) a part of * your area was an * active build to rent development area; and (b) on a day (the cessation day ) in the income year or a prior income year, the * active build to rent development of the active build to rent development area * ceases to be an active build to rent development. (2) Section 43 ‑ 235 applies to the part as if for each day in the use period: (a) before the cessation day; and (b) that the part was an * active build to rent development; you did not use the part in the * 4% manner.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-237"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-240", "Provision_Key": "s43-240", "Heading": "Pre ‑ 27 February 1992 undeducted construction expenditure", "Text": "Step 1 Calculate for each day in the use period the amount worked out using the formula: where: your CE is * your construction expenditure. applicable rate is: (a) 0.04 if the capital works began after 21 August 1984 and before 16 September 1987; or (b) 0.025 in any other case. Note: For the purpose of working out the applicable rate, capital works begun after 15 September 1987 are taken to have begun before 16 September 1987 in certain circumstances. See section 43 ‑ 220. Step 2 Deduct the sum of the amounts calculated under Step 1 from * your construction expenditure. The result is the undeducted construction expenditure for * your area.", "Amendment_Count": 1, "First_Amended": "No 101 of 2003", "Last_Amended": "No 101 of 2003", "Amending_Acts": "No 101 of 2003", "History_Notes": "Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-245", "Provision_Key": "s43-245", "Heading": "What this Subdivision is about", "Text": "You may deduct an amount for the undeducted construction expenditure for your area if your area or part of it is destroyed in the circumstances described in section 43 ‑ 40. This Subdivision shows you how to work out that deduction. The calculations in this Subdivision are made separately for each part of the capital works that is identified as your area. Table of sections Operative provisions 43 ‑ 250 The amount of the balancing deduction 43 ‑ 255 Amounts received or receivable 43 ‑ 260 Apportioning amounts received for destruction", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-250", "Provision_Key": "s43-250", "Heading": "The amount of the balancing deduction", "Text": "Method statement Step 1. Calculate the amount (if any) by which the * undeducted construction expenditure for the part of * your area that was destroyed exceeds the amounts you have received or have a right to receive for the destruction of that part. Step 2. Reduce the amount at Step 1 if one or more of these happened to that part of * your area: (a) Step 2 or 4 in section 43 ‑ 210, or Step 2 or 3 in section 43 ‑ 215, applied to you or another person for it; (b) you were, or another person was, not allowed a deduction for it under this Division; (c) a deduction for it was not allowed or was reduced (for you or another person) under former Division 10C or 10D of Part III of the Income Tax Assessment Act 1936 . The reduction under this step must be reasonable.", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 1998 | No 101 of 2006", "History_Notes": "Repealed and substituted by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-255", "Provision_Key": "s43-255", "Heading": "Amounts received or receivable", "Text": "The amounts you have received or have a right to receive for the destruction of that part of * your area include: (a) an amount received under an insurance policy or otherwise for the destruction of that part; and (b) an amount received for disposing of property that was included in that part of your area, less any demolition expenditure incurred on the property.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 43-260", "Provision_Key": "s43-260", "Heading": "Apportioning amounts received for destruction", "Text": "If an amount received or receivable in respect of the destruction of property relates to both the part of * your area for which you are claiming the balancing deduction and to property: (a) the cost of which did not form part of * your construction expenditure; or (b) that is capital works that was not part of your area; you must apportion the amount received or receivable to the amount that is attributable to the part of your area that was destroyed. The apportionment must be reasonable.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s43-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-1", "Provision_Key": "s44-1", "Heading": "What this Division is about", "Text": "This Division removes certain tax concessions for build to rent developments when they cease to be active build to rent developments.", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-5", "Provision_Key": "s44-5", "Heading": "Object of this Division", "Text": "The object of this Division is to remove certain tax concessions for * build to rent developments when they * cease to be * active build to rent developments.", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-10", "Provision_Key": "s44-10", "Heading": "What this Subdivision is about", "Text": "You are liable to pay a tax if a build to rent development you own ceases to be an active build to rent development. The tax is on an amount (called a build to rent misuse amount) related to past capital works deductions and withholding amounts (if any) for the active build to rent development. Table of sections Liability for tax 44 ‑ 15 Liability for tax Build to rent misuse amounts 44 ‑ 20 Build to rent misuse amounts 44 ‑ 25 Your build to rent capital works deduction amount 44 ‑ 30 Your build to rent withholding amount", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-15", "Provision_Key": "s44-15", "Heading": "Liability for tax", "Text": "You are liable to pay * build to rent development misuse tax for an income year if you have a * build to rent misuse amount for the income year. Note: The amount of tax is set out in the Capital Works (Build to Rent Misuse Tax) Act 2024 .", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-20", "Provision_Key": "s44-20", "Heading": "Build to rent misuse amounts", "Text": "(1) You have a build to rent misuse amount for an income year, equal to the amount worked under subsection (2), if the amount worked out under that subsection is greater than nil. (2) For the purposes of subsection (1), the amount is the sum of: (a) the amount that is the sum of your * build to rent capital works deduction amounts, worked out under section 44 ‑ 25, for each * build to rent development to which subsection (3) of this section applies for the income year (if any); and (b) the amount that is 10 times the sum of your * build to rent withholding amounts, worked out under section 44 ‑ 30, for each build to rent development to which subsection (3) of this section applies for the income year (if any). (3) For the purposes of paragraphs (2)(a) and (b), this subsection applies to a * build to rent development for an income year if: (a) the build to rent development * ceases to be an * active build to rent development during the income year; and (b) you owned the * dwellings of the build to rent development immediately before that cessation.", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-25", "Provision_Key": "s44-25", "Heading": "Your build to rent capital works deduction amount", "Text": "Your build to rent capital works deduction amount , for a * build to rent development that * ceases to be an * active build to rent development, is the amount worked out as follows: Method statement Step 1. Identify each income year in which, at any time during the year, the * build to rent development was an * active build to rent development. Step 2. For each of those years: (a) identify each * construction expenditure area of capital works that are or include the * active build to rent development area of the * build to rent development at any time during the year; and (b) calculate the amount worked out by the following formula for each construction expenditure area: where: active build to rent part , of the * construction expenditure area, is the part of the area that was the * active build to rent development area, or part of the active build to rent development area at any time during the year. days used is the number of days in the income year that: (a) any entity owned or was the lessee of the * active build to rent part and used it in the * 4% build to rent manner; or (b) any entity was the holder of the active build to rent part under a * quasi ownership right over land granted by an * exempt Australian government agency or an * exempt foreign government agency, and used it in the 4% build to rent manner. portion of construction expenditure is the portion of * construction expenditure that is attributable to the * active build to rent part. Step 3. Reduce the Step 2 amount for each * construction expenditure area, for each year, by the extent to which the * active build to rent part was used only partly for the * purpose of producing assessable income in the year. Note: This step applies if: (a) part of the income from the active build to rent part is exempt income; or (b) part of the active build to rent part was not used for the purpose of producing assessable income or was not available for that use; or (c) the active build to rent part was not used for such a purpose during a part of the days used period. Step 4. For each year, add up the amounts worked out under Step 3 for each * construction expenditure area. Step 5. Add up the Step 4 amounts for each year. Step 6. Multiply the Step 5 amount by: (a) if * you are a company (other than a company in the capacity of a trustee)—the * corporate tax rate for the income year in which the * build to rent development * ceases to be an * active build to rent development (the cessation year ); or (b) in any other case—the maximum rate specified in the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 for the cessation year. Step 7. Your build to rent capital works deduction amount is the Step 6 amount multiplied by 1.08. Note: You can have more than one build to rent capital works deduction amount because there can be more than one build to rent development for which you have a build to rent capital works deduction amount.", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-30", "Provision_Key": "s44-30", "Heading": "Your build to rent withholding amount", "Text": "Your build to rent withholding amount , for a * build to rent development that * ceases to be an * active build to rent development, is the amount worked out as follows: Method statement Step 1. Identify each income year in which, at any time during the year, the * build to rent development was an * active build to rent development. Step 2. For each of those years, identify each * fund payment made by the owner of the * active build to rent development, or each part of such a fund payment, (if any) that is referable to any of the following: (a) a payment of rental income under a lease of a * dwelling of the active build to rent development; (b) a * capital gain from a * CGT event in relation to a dwelling of the active build to rent development. Note: For the purposes of this step, it does not matter whether an amount must be withheld from a fund payment under Part 2 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Step 3. For each year add up the amounts of payments, or parts of payments, identified under Step 2. Step 4. Add up the Step 3 amounts for each year. Step 5. Your build to rent withholding amount is the Step 4 amount multiplied by 1.08.", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-35", "Provision_Key": "s44-35", "Heading": "What this Subdivision is about", "Text": "This Subdivision has rules about payment of build to rent development misuse tax. Table of sections 44 ‑ 40 When tax is payable—original assessments 44 ‑ 45 When tax is payable—amended assessments 44 ‑ 50 General interest charge", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-40", "Provision_Key": "s44-40", "Heading": "When tax is payable—original assessments", "Text": "Your * assessed build to rent development misuse tax is due and payable at the end of 21 days after the Commissioner gives you notice of the assessment of the amount of the * build to rent development misuse tax. Note: For assessments of build to rent development misuse tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 164 of 1999", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 138 of 2024", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-45", "Provision_Key": "s44-45", "Heading": "When tax is payable—amended assessments", "Text": "If the Commissioner amends your assessment, any extra * assessed build to rent development misuse tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment.", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 44-50", "Provision_Key": "s44-50", "Heading": "General interest charge", "Text": "If an amount of * assessed build to rent development misuse tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the amount was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the assessed build to rent development misuse tax; (ii) general interest charge on any of the assessed build to rent development misuse tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 138 of 2024", "Last_Amended": "No 138 of 2024", "Amending_Acts": "No 138 of 2024", "History_Notes": "Inserted by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s44-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-1", "Provision_Key": "s45-1", "Heading": "What this Division is about", "Text": "This Division is designed to prevent tax being avoided through: (a) the disposal of leased plant, or an interest in leased plant; or (b) the disposal of a partnership interest in a partnership that leased plant; or (c) the disposal of shares in a 100% subsidiary that leased plant; where amounts have been deducted for the decline in value of the plant. It includes amounts in assessable income. Any benefit received, and any reduction in a liability, is taken into account in calculating the amounts included. Where the disposal of shares in a 100% subsidiary is involved, the companies in the former wholly ‑ owned group may be made jointly and severally liable for tax that the former subsidiary does not pay. Table of sections Operative provisions 45 ‑ 5 Disposal of leased plant or lease 45 ‑ 10 Disposal of interest in partnership 45 ‑ 15 Disposal of shares in 100% subsidiary that leases plant 45 ‑ 20 Disposal of shares in 100% subsidiary that leases plant in partnership 45 ‑ 25 Group members liable to pay outstanding tax 45 ‑ 30 Reduction for certain plant acquired before 21.9.99 45 ‑ 35 Limit on amount included for plant for which there is a CGT exemption 45 ‑ 40 Meaning of plant and written down value", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 169 of 1999 | No 119 of 2002", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-5", "Provision_Key": "s45-5", "Heading": "Disposal of leased plant or lease", "Text": "(1) An amount is included in your assessable income if: (a) you have deducted or can deduct an amount for the decline in value of * plant; and (b) for most of the time when you * held the plant, you leased it to another entity; and (c) all or part of the lease period occurred on or after 22 February 1999; and (d) on or after that day, you dispose of the plant or an interest in the plant, and that disposal constitutes a * balancing adjustment event; and (e) the sum of the following amounts is more than the plant’s * written down value or of that part of it that is attributable to that interest: (i) the money you receive or are entitled to receive for the disposal; (ii) the amount of any reduction in a liability of yours as a result of the disposal; (iii) the * market value of any other benefit you receive or are entitled to receive as a result of the disposal. (2) The amount included is the excess referred to in paragraph (1)(e). It is included for the income year in which the disposal occurred. Example: Sean owns a leased asset. The asset has a written down value of $20,000. He has an outstanding loan for the asset of $60,000. Sean sells a 50% interest in the asset to Leprechaun Pty Ltd for $40,000. Leprechaun agrees to take over 50% of Sean’s obligation to make debt service payments. The excess referred to in paragraph 45 ‑ 5(1)(e) is: That amount is included in Sean’s assessable income. This amount would be reduced if part of it is included in Sean’s assessable income under another provision (see subsection 45 ‑ 5(5)). Note 1: There is a reduction of the amount included for certain plant acquired before 21 September 1999: see section 45 ‑ 30. Note 2: There is a limit on the amount included for plant for which there is a CGT exemption: see section 45 ‑ 35. (3) An amount is also included in your assessable income if: (a) you have deducted or can deduct an amount for the * plant’s decline in value; and (b) for most of the time when you * held the plant, you leased it to another entity; and (c) all or part of the lease period occurred on or after 22 February 1999; and (d) on or after that day, you dispose of: (i) your interest in the plant, or part of it; or (ii) a right under, or an interest in, the lease; and that disposal does not constitute a * balancing adjustment event. (4) The amount included is the sum of the following amounts: (a) the money you receive or are entitled to receive for the disposal; (b) the amount of any reduction in a liability of yours as a result of the disposal; (c) the * market value of any other benefit you receive or are entitled to receive as a result of the disposal; It is included for the income year in which the disposal occurred. (5) However, an amount is not included in your assessable income under this section to the extent that: (a) it is included in that assessable income under a provision of this Act outside this Division; or (b) you apply it under section 40 ‑ 365 (about offsetting balancing adjustments); or (c) roll ‑ over relief is available for the disposal under section 40 ‑ 340. Note: There are special rules for disposals between 22 February 1999 and 21 September 1999: see Division 45 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 77 of 2001 | No 57 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-10", "Provision_Key": "s45-10", "Heading": "Disposal of interest in partnership", "Text": "(1) An amount is included in your assessable income if: (a) a partnership of which you are (or were) a member has deducted or can deduct an amount for the decline in value of * plant; and (b) the deductions have been or would be reflected in your interest in the partnership net income or partnership loss; and (c) for most of the time when the partnership * held the plant, it leased it to another entity; and (d) all or part of the lease period occurred on or after 22 February 1999; and (e) on or after that day, you dispose of your interest in the plant, or part of it, and that disposal constitutes a * balancing adjustment event; and (f) the sum of the following amounts is more than that part of the plant’s * written down value that is attributable to that interest: (i) the money you receive or are entitled to receive for the disposal; (ii) the amount of any reduction in a liability of yours as a result of the disposal; (iii) the * market value of any other benefit you receive or are entitled to receive as a result of the disposal. (2) The amount included is the excess referred to in paragraph (1)(f). It is included for the income year in which the disposal occurred. Example: Chris has a 50% share in a partnership formed to lease an asset. The asset has a written down value of $124,000 (of which Chris’ share is $62,000). Chris assigns his partnership share to another entity for $34,000 plus the other entity agreeing to take over Chris’ obligations to service his share of the partnership debt (which is $165,000). The total consideration is: The amount assessable under section 45 ‑ 10 is the excess referred to in paragraph 45 ‑ 10(1)(f), which is: This amount would be reduced if part of it is included in Chris’ assessable income under another provision (see subsection 45 ‑ 10(5)). Note 1: There is a reduction of the amount included for certain plant acquired before 21 September 1999: see section 45 ‑ 30. Note 2: There is a limit on the amount included for plant for which there is a CGT exemption: see section 45 ‑ 35. (3) An amount is also included in your assessable income if: (a) a partnership of which you are (or were) a member has deducted or can deduct an amount for the decline in value of * plant; and (b) the deductions have been or would be reflected in your interest in the partnership net income or partnership loss; and (c) for most of the time when the partnership * held the plant, it leased it to another entity; and (d) all or part of the lease period occurred on or after 22 February 1999; and (e) on or after that day, you dispose of: (i) your interest in the plant, or part of it; or (ii) a right under, or an interest in, the lease; and that disposal does not constitute a * balancing adjustment event. (4) The amount included is the sum of the following amounts: (a) the money you receive or are entitled to receive for the disposal; (b) the amount of any reduction in a liability of yours as a result of the disposal; (c) the * market value of any other benefit you receive or are entitled to receive as a result of the disposal. It is included for the income year in which the disposal occurred. (5) However, an amount is not included in your assessable income under this section to the extent that: (a) it is included in that assessable income under a provision of this Act outside this Division; or (b) you apply it under section 40 ‑ 365 (about offsetting balancing adjustments). Note: There are special rules for disposals between 22 February 1999 and 21 September 1999: see Division 45 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 77 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-15", "Provision_Key": "s45-15", "Heading": "Disposal of shares in 100% subsidiary that leases plant", "Text": "(1) A company (the former subsidiary ) is treated as if it had disposed of * plant, received its * market value for that disposal and immediately reacquired it for the same amount if: (a) the former subsidiary has deducted or can deduct an amount for the decline in value of the plant; and (b) the former subsidiary was a * 100% subsidiary of another company in a * wholly ‑ owned group at a time when it * held the plant; and (c) for most of the time when the former subsidiary held the plant, the plant was leased to another entity; and (d) the main * business of the former subsidiary was to lease assets; and (e) all or part of the lease period occurred on or after 22 February 1999; and (f) on or after that day, the direct or indirect beneficial ownership of more than 50% of the * shares in the former subsidiary is acquired by an entity or entities none of which is a member of the wholly ‑ owned group; and (g) the plant’s * written down value at the time of that acquisition is less than its market value at that time. (2) However, the former subsidiary is not treated as if it had disposed of * plant and reacquired it if the main business of each of the entities that acquired the direct or indirect beneficial ownership of * shares in the former subsidiary is the same as the main business of the * wholly ‑ owned group of which the former subsidiary was a member. (3) The disposal and reacquisition of the * plant: (a) is taken to have occurred when that direct or indirect beneficial ownership was acquired; and (b) is taken not to have affected any lease of the plant.", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 77 of 2001 | No 119 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-20", "Provision_Key": "s45-20", "Heading": "Disposal of shares in 100% subsidiary that leases plant in partnership", "Text": "(1) A company (also the former subsidiary ) is treated as if it had disposed of its interest in * plant, received its * market value for that disposal and immediately reacquired it for the same amount if: (a) a partnership of which the former subsidiary is (or was) a member has deducted or can deduct an amount for the decline in value of the plant; and (b) the former subsidiary was a * 100% subsidiary of another company in a * wholly ‑ owned group at a time when: (i) it was a member of that partnership; and (ii) the partnership * held the plant; and (c) for most of the time when the partnership held the plant, the plant was leased to another entity; and (d) the main * business of the partnership was to lease assets; and (e) all or part of the lease period occurred on or after 22 February 1999; and (f) on or after that day, the direct or indirect beneficial ownership of more than 50% of the * shares in the former subsidiary is acquired by an entity or entities none of which is a member of the wholly ‑ owned group; and (g) the plant’s * written down value at the time of that acquisition is less than its market value at that time. (2) However, the former subsidiary is not treated as if it had disposed of the interest and reacquired it if the main business of each of the entities that acquired the direct or indirect beneficial ownership of * shares in the former subsidiary is the same as the main business of the * wholly ‑ owned group of which the former subsidiary was a member. (3) The disposal and reacquisition of the interest: (a) is taken to have occurred when that direct or indirect beneficial ownership was acquired; and (b) is taken not to have affected any lease of the plant.", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 77 of 2001 | No 119 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-25", "Provision_Key": "s45-25", "Heading": "Group members liable to pay outstanding tax", "Text": "(1) The consequences specified in subsection (2) apply if: (a) an amount is included in the former subsidiary’s assessable income for an income year because of section 45 ‑ 15 or 45 ‑ 20; and (b) the former subsidiary is liable to pay an amount of income tax for that income year; and (c) the former subsidiary does not pay all of that income tax within 6 months after it became payable. (2) The consequences are that: (a) the former subsidiary remains liable to pay the outstanding amount of income tax (reduced by any payments of tax imposed by the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999 ); and (b) each company that was, just before the time when the direct or indirect beneficial ownership referred to in paragraph 45 ‑ 15(1)(f) or 45 ‑ 20(1)(f) was acquired, a member of the former subsidiary’s former * wholly ‑ owned group, is jointly and severally liable to pay tax imposed by the New Business Tax System (Former Subsidiary Tax Imposition) Act 1999 .", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-30", "Provision_Key": "s45-30", "Heading": "Reduction for certain plant acquired before 21.9.99", "Text": "(1) The amount included in your assessable income under subsection 45 ‑ 5(2) or 45 ‑ 10(2) is reduced if: (a) you acquired the * plant at or before 11.45 am, by legal time in the Australian Capital Territory, on 21 September 1999 and you disposed of the plant or an interest in it after that time; and (b) the sum of the amounts (your proceeds ) referred to in paragraph 45 ‑ 5(1)(e) or 45 ‑ 10(1)(f) is more than the plant’s * cost, or that part of it that is attributable to the interest you disposed of. (2) The amount included is reduced by the lesser of: (a) the amount (if any) by which the * plant’s * cost base exceeds its * cost, or that part of the excess that is attributable to the interest you disposed of; and (b) the difference between your proceeds and the plant’s cost, or that part of its cost that is attributable to the interest you disposed of. (3) However, the amount is not reduced under this section if: (a) the * plant was a * pre ‑ CGT asset at the time of the * balancing adjustment event; or (b) a * capital gain or * capital loss from the plant or interest would be disregarded because of a provision listed in the table in this subsection if: (i) you had made the gain or loss from * CGT event A1; and (ii) that CGT event had happened at the time of the balancing adjustment event. Plant for which a reduction is not made under this section Item Provision Subject matter 1 section 118 ‑ 5 cars, motor cycles and valour decorations 2 section 118 ‑ 10 collectables and personal use assets 3 section 118 ‑ 12 plant used to produce exempt income", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-35", "Provision_Key": "s45-35", "Heading": "Limit on amount included for plant for which there is a CGT exemption", "Text": "(1) For * plant to which subsection 45 ‑ 30(3) applies there is a limit on the amount that can be included in your assessable income under subsection 45 ‑ 5(2) or 45 ‑ 10(2). (2) The limit for subsection 45 ‑ 5(2) is the lesser of: (a) the excess referred to in paragraph 45 ‑ 5(1)(e); and (b) the amounts you have deducted or can deduct for the decline in value of the * plant or, if you disposed of an interest in the plant, so much of those amounts as is attributable to that interest. (3) The limit for subsection 45 ‑ 10(2) is the lesser of: (a) the excess referred to in paragraph 45 ‑ 10(1)(f); and (b) that part of the amounts the partnership has deducted or can deduct for the decline in value of the * plant that has been or would be reflected in your interest in the partnership net income or partnership loss (your partnership amount ) or, if you disposed of part of your interest in the plant, so much of your partnership amount as is attributable to that part of that interest.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 169 of 1999 | No 119 of 2002", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 45-40", "Provision_Key": "s45-40", "Heading": "Meaning of plant and written down value", "Text": "(1) Plant includes: (a) articles, machinery, tools and rolling stock; and (b) animals used as beasts of burden or working beasts in a * business, other than a * primary production business; and (c) fences, dams and other structural improvements, other than those used for domestic or residential purposes, on land that is used for agricultural or pastoral operations; and (d) structural improvements, other than a * forestry road or structural improvements used for domestic or residential purposes, on land used in a business involving: (i) planting or tending trees in a plantation or forest that are intended to be felled; or (ii) felling trees in a plantation or forest; or (iii) transporting trees, or parts of trees, that you felled in a plantation or forest to the place where they are first to be milled or processed, or from which they are to be transported to the place where they are first to be milled or processed; and (e) structural improvements, other than those used for domestic or residential purposes, that are used wholly for operations (carried out in the course of a business) relating directly to: (i) taking or culturing pearls or pearl shell; or (ii) taking or catching trochus, bêche ‑ de ‑ mer or green snails; and that are situated at or near a port or harbour from which the business is conducted; and (f) structural improvements that are excluded from paragraph (c), (d) or (e) because they are used for domestic or residential purposes if they are provided for the accommodation of employees, tenants or sharefarmers who are engaged in or in connection with the activities referred to in that paragraph. (2) Plant also includes plumbing fixtures and fittings (including wall and floor tiles) provided by an entity mainly for: (a) either or both: (i) employees in a * business carried on by the entity for the * purpose of producing assessable income; or (ii) employees in a business carried on for that purpose by a company that is a member of the same * wholly ‑ owned group of which the entity is a member; or (b) * children of any of those employees. (3) The written down value of a * depreciating asset is its * cost less the sum of: (a) the amounts you have deducted or can deduct for its decline in value; and (b) if section 40 ‑ 340 applied to your acquisition of it—the amounts the transferor, and earlier successive transferors, deducted or can deduct for its decline in value.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s45-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-1", "Provision_Key": "s50-1", "Heading": "Entities whose ordinary income and statutory income is exempt", "Text": "The total * ordinary income and * statutory income of the entities covered by the following tables is exempt from income tax. In some cases, the exemption is subject to special conditions. Note 1: Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6 ‑ 20. The note to subsection 6 ‑ 15(2) describes some of the other consequences of it being exempt income. Note 2: Even if you are an exempt entity, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936 . Note 3: In all cases the exemption is subject to the special condition in section 50 ‑ 47 (about an entity that is an ACNC type of entity).", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 121 of 1997 | No 124 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-5", "Provision_Key": "s50-5", "Heading": "Charity, education and science", "Text": "Charity, education, science and religion Item Exempt entity Special conditions 1.1 registered charity see sections 50 ‑ 50 and 50 ‑ 52 1.3 scientific institution see section 50 ‑ 55 1.4 public educational institution see section 50 ‑ 55 1.6 fund established to enable scientific research to be conducted by or in conjunction with a public university or public hospital see section 50 ‑ 65 1.7 society, association or club established for the encouragement of science see section 50 ‑ 70 Note 1: Section 50 ‑ 52 has the effect that certain charities are exempt from income tax only if they are endorsed under Subdivision 50 ‑ B. Note 2: Section 50 ‑ 80 may affect which item a trust is covered by.", "Amendment_Count": 6, "First_Amended": "No 121 of 1997", "Last_Amended": "No 96 of 2013", "Amending_Acts": "No 121 of 1997 | No 47 of 1998 | No 179 of 1999 | No 75 of 2010 | No 169 of 2012 | No 96 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-10", "Provision_Key": "s50-10", "Heading": "Community service", "Text": "Community service Item Exempt entity Special conditions 2.1 society, association or club established for community service purposes (except political or lobbying purposes) see section 50 ‑ 70", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 47 of 1998", "Amending_Acts": "No 121 of 1997 | No 47 of 1998", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-15", "Provision_Key": "s50-15", "Heading": "Employees and employers", "Text": "Employees and employers Item Exempt entity Special conditions 3.1 (a) employee association; or (b) employer association the association: (a) is registered or recognised under the Fair Work (Registered Organisations) Act 2009 or an * Australian law relating to the settlement of industrial disputes; and (b) is located in Australia, and incurs its expenditure and pursues its objectives principally in Australia; and (c) complies with all the substantive requirements in its governing rules; and (d) applies its income and assets solely for the purpose for which the association is established 3.2 trade union the trade union: (a) is located in Australia, and incurs its expenditure and pursues its objectives principally in Australia; and (b) complies with all the substantive requirements in its governing rules; and (c) applies its income and assets solely for the purpose for which the trade union is established", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 121 of 1997 | No 47 of 1998 | No 101 of 2004 | No 54 of 2009 | No 124 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 54 of 2009, effective Sch 18 (items 6–9): 1 July 2009 (s 2(1) item 41) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-25", "Provision_Key": "s50-25", "Heading": "Government", "Text": "Government Item Exempt entity Special conditions 5.1 (a) a municipal corporation; or (b) a * local governing body none 5.2 a public authority constituted under an * Australian law none 5.3 a * constitutionally protected fund none 5.4 a * 100% subsidiary of the * Future Fund Board that is incorporated under an * Australian law the 100% subsidiary only undertakes investment activities that the Future Fund Board is able to undertake Note: The ordinary and statutory income of a State or Territory body is exempt: see Division 1AB of Part III of the Income Tax Assessment Act 1936 .", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 40 of 2023", "Amending_Acts": "No 121 of 1997 | No 54 of 1999 | No 58 of 2006 | No 9 of 2007 | No 40 of 2023", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-30", "Provision_Key": "s50-30", "Heading": "Health", "Text": "Health Item Exempt entity Special conditions 6.1 public hospital see section 50 ‑ 55 6.2 hospital carried on by a society or association not carried on for the profit or gain of its individual members, see also section 50 ‑ 55 6.3 private health insurer within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 not carried on for the profit or gain of its individual members", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 121 of 1997 | No 47 of 1998 | No 32 of 2007 | No 87 of 2015", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-35", "Provision_Key": "s50-35", "Heading": "Mining", "Text": "Mining Item Exempt entity Special conditions 7.2 the British Phosphate Commissioners Banaba Contingency Fund (established on 1 June 1981) none", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 121 of 1997 | No 41 of 2011", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-40", "Provision_Key": "s50-40", "Heading": "Primary and secondary resources, and tourism", "Text": "Primary and secondary resources, and tourism Item Exempt entity Special conditions 8.1 a society or association established for the purpose of promoting the development of: (a) aviation; or (b) tourism not carried on for the profit or gain of its individual members 8.2 a society or association established for the purpose of promoting the development of any of the following Australian resources: (a) agricultural resources; (b) horticultural resources; (c) industrial resources; (d) manufacturing resources; (e) pastoral resources; (f) viticultural resources; (g) aquacultural resources; (h) fishing resources not carried on for the profit or gain of its individual members 8.3 a society or association established for the purpose of promoting the development of Australian information and communications technology resources not carried on for the profit or gain of its individual members", "Amendment_Count": 7, "First_Amended": "No 121 of 1997", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 121 of 1997 | No 66 of 2000 | No 168 of 2001 | No 70 of 2015 | No 84 of 2018 | No 49 of 2019 | No 52 of 2024", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 66 of 2000, effective Sch 2 (items 3, 4): 7 Dec 1998 (s 2(3)) Sch 3–5: 22 June 2000 (s 2(1)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-45", "Provision_Key": "s50-45", "Heading": "Sports, culture and recreation", "Text": "Sports, culture, film and recreation Item Exempt entity Special conditions 9.1 a society, association or club established for the encouragement of: (a) animal racing; or (b) art; or (c) a game or sport; or (d) literature; or (e) music see section 50 ‑ 70 9.2 a society, association or club established for musical purposes see section 50 ‑ 70 9.3 ICC Business Corporation FZ ‑ LLC both of the following: (a) the entity is a * wholly ‑ owned subsidiary of International Cricket Council Limited; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2018; and (ii) before 1 July 2023 9.4 Fédération Internationale de Football Association both of the following: (a) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2020; and (ii) before 1 January 2029; (b) the ordinary income is * derived from, or the statutory income is from, activities relating to the Fédération Internationale de Football Association (FIFA) Women’s World Cup Australia New Zealand 2023 9.5 FWWC2023 Pty Ltd all of the following: (a) the entity is a * wholly ‑ owned subsidiary of the Fédération Internationale de Football Association; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2020; and (ii) before 1 January 2029; (c) the ordinary income is * derived from, or the statutory income is from, activities relating to the Fédération Internationale de Football Association (FIFA) Women’s World Cup Australia New Zealand 2023 9.6 Rugby Australia Ltd both of the following: (a) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (b) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.7 Rugby World Cup (Australia) Pty Ltd both of the following: (a) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (b) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.8 Rugbypass Limited all of the following: (a) the entity is a * wholly ‑ owned subsidiary of World Rugby; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (c) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.9 RWC2003 Limited all of the following: (a) the entity is a * wholly ‑ owned subsidiary of World Rugby; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (c) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.10 World Rugby both of the following: (a) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (b) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.11 World Rugby Events Designated Activity Company all of the following: (a) the entity is a * wholly ‑ owned subsidiary of World Rugby; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (c) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.12 World Rugby Limited all of the following: (a) the entity is a * wholly ‑ owned subsidiary of World Rugby; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (c) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029 9.13 World Rugby Tournaments Limited all of the following: (a) the entity is a * wholly ‑ owned subsidiary of World Rugby; (b) only amounts included as * ordinary income or * statutory income: (i) on or after 1 July 2023; and (ii) before 1 July 2031; (c) the ordinary income is * derived from, or the statutory income is from, activities relating to the men’s Rugby World Cup 2027 or the women’s Rugby World Cup 2029", "Amendment_Count": 8, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2026", "Amending_Acts": "No 121 of 1997 | No 47 of 1998 | No 65 of 2003 | No 58 of 2006 | No 41 of 2011 | No 84 of 2018 | No 35 of 2022 | No 12 of 2026", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 65 of 2003, effective s. 4, Schedule 2, Schedule 3 (items 3–5) and Schedule 5 (item 3): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 35 of 2022, effective sch 1 (items 1-3), sch 3 (items 2, 3): 1 Oct 2022 (s 2(1) items 2, 4) | Amended by No 12 of 2026, effective sch 3 (items 4 ‑ 6), sch 5 (items 1 ‑ 28): 1 Apr 2026 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-47", "Provision_Key": "s50-47", "Heading": "Special condition for all items", "Text": "An entity that: (a) is covered by any item; and (b) is an * ACNC type of entity; is not exempt from income tax unless the entity is registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 .", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-50", "Provision_Key": "s50-50", "Heading": "Special conditions for item 1.1", "Text": "(1) An entity covered by item 1.1 is not exempt from income tax unless the entity: (a) has a physical presence in Australia and, to that extent, incurs its expenditure and pursues its objectives principally in Australia; or (b) is an institution that meets the description and requirements in item 1 of the table in section 30 ‑ 15; or (c) is a prescribed institution which is located outside Australia and is exempt from income tax in the country in which it is resident; or (d) is a prescribed institution that has a physical presence in Australia but which incurs its expenditure and pursues its objectives principally outside Australia; and the entity satisfies the conditions in subsection (2). Note 1: Certain distributions may be disregarded: see section 50 ‑ 75. Note 2: The entity must also meet other conditions to be exempt from income tax: see section 50 ‑ 52. (2) The entity must: (a) comply with all the substantive requirements in its governing rules; and (b) apply its income and assets solely for the purpose for which the entity is established.", "Amendment_Count": 4, "First_Amended": "No 47 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 169 of 2012 | No 124 of 2013", "History_Notes": "Inserted by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-52", "Provision_Key": "s50-52", "Heading": "Special condition for item 1.1", "Text": "(1) An entity covered by item 1.1 is not exempt from income tax unless the entity is endorsed as exempt from income tax under Subdivision 50 ‑ B. (3) This section has effect despite all the other sections of this Subdivision.", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 96 of 2013", "Amending_Acts": "No 179 of 1999 | No 95 of 2004 | No 63 of 2005 | No 169 of 2012 | No 96 of 2013", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Repealed and substituted by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-52"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-55", "Provision_Key": "s50-55", "Heading": "Special conditions for items 1.3, 1.4, 6.1 and 6.2", "Text": "(1) An entity covered by item 1.3, 1.4, 6.1 or 6.2 is not exempt from income tax unless the entity: (a) has a physical presence in Australia and, to that extent, incurs its expenditure and pursues its objectives principally in Australia; or (b) is an institution that meets the description and requirements in item 1 of the table in section 30 ‑ 15; or (c) is a prescribed institution which is located outside Australia and is exempt from income tax in the country in which it is resident; and the entity satisfies the conditions in subsection (2). Note: Certain distributions may be disregarded: see section 50 ‑ 75. (2) The entity must: (a) comply with all the substantive requirements in its governing rules; and (b) apply its income and assets solely for the purpose for which the entity is established.", "Amendment_Count": 3, "First_Amended": "No 47 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 124 of 2013", "History_Notes": "Inserted by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-65", "Provision_Key": "s50-65", "Heading": "Special conditions for item 1.6", "Text": "(1) A fund covered by item 1.6 is not exempt from tax unless the fund is applied for the purposes for which it was established and is: (a) a fund that is located in, and which incurs its expenditure principally in, Australia and that is established for the purpose of enabling scientific research to be conducted principally in Australia by or in conjunction with a public university or public hospital; or (b) a scientific research fund that meets the description and requirements in item 1 or 2 of the table in section 30 ‑ 15; and the fund satisfies the conditions in subsection (2). Note: Certain distributions may be disregarded: see section 50 ‑ 75. (2) The fund must: (a) comply with all the substantive requirements in its governing rules; and (b) apply its income and assets solely for the purpose for which the fund is established.", "Amendment_Count": 3, "First_Amended": "No 47 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 124 of 2013", "History_Notes": "Inserted by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-70", "Provision_Key": "s50-70", "Heading": "Special conditions for items 1.7, 2.1, 9.1 and 9.2", "Text": "(1) An entity covered by item 1.7, 2.1, 9.1 or 9.2 is not exempt from tax unless the entity is a society, association or club that is not carried on for the purpose of profit or gain of its individual members and that: (a) has a physical presence in Australia and, to that extent, incurs its expenditure and pursues its objectives principally in Australia; or (b) is a society, association or club that meets the description and requirements in item 1 of the table in section 30 ‑ 15; or (c) is a prescribed society, association or club which is located outside Australia and is exempt from income tax in the country in which it is resident; and the entity satisfies the conditions in subsection (2). Note: Certain distributions may be disregarded: see section 50 ‑ 75. (2) The entity must: (a) comply with all the substantive requirements in its governing rules; and (b) apply its income and assets solely for the purpose for which the entity is established.", "Amendment_Count": 5, "First_Amended": "No 47 of 1998", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 47 of 1998 | No 179 of 1999 | No 89 of 2000 | No 143 of 2007 | No 124 of 2013", "History_Notes": "Inserted by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-72", "Provision_Key": "s50-72", "Heading": "Special condition for item 4.1", "Text": "(1) A fund covered by item 4.1 is not exempt from income tax unless the fund: (a) is applied for the purposes for which it is established; and (b) distributes solely, and has at all times since the time mentioned in subsection (2) distributed solely, to a fund, authority or institution that: (i) meets the description and requirements in item 1 of the table in section 30 ‑ 15; and (ii) is an * exempt entity; and (c) complies with all the substantive requirements in its governing rules; and (d) applies its income and assets solely for the purpose for which the fund is established. (2) The time is the start of the income year after the income year in which the Tax Laws Amendment (2005 Measures No. 3) Act 2005 receives the Royal Assent.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 89 of 2000 | No 63 of 2005 | No 124 of 2013", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Inserted by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-72"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-75", "Provision_Key": "s50-75", "Heading": "Certain distributions may be made overseas", "Text": "(1) In determining for the purposes of this Subdivision whether an institution, fund or other body incurs its expenditure or pursues its objectives principally in Australia, distributions of any amount received by the institution, fund or other body as a gift (whether of money or other property) or by way of government grant are to be disregarded. (2) In determining for the purposes of this Subdivision whether an institution, fund or other body incurs its expenditure or pursues its objectives principally in Australia, distributions of any amount from a fund that is referred to in a table in Subdivision 30 ‑ B and operated by the institution, fund or other body are to be disregarded.", "Amendment_Count": 3, "First_Amended": "No 47 of 1998", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 47 of 1998 | No 63 of 2005 | No 169 of 2012", "History_Notes": "Inserted by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-100", "Provision_Key": "s50-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out rules about endorsement of charities as exempt from income tax. Such entities are only exempt from income tax if they are endorsed. Table of sections Endorsing charitable entities as exempt from income tax 50 ‑ 105 Endorsement by Commissioner 50 ‑ 110 Entitlement to endorsement", "Amendment_Count": 3, "First_Amended": "No 179 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 179 of 1999 | No 96 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-105", "Provision_Key": "s50-105", "Heading": "Endorsement by Commissioner", "Text": "The Commissioner must endorse an entity as exempt from income tax if the entity: (a) is entitled to be endorsed as exempt from income tax; and (b) has applied for that endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . Note: For procedural rules relating to endorsement, see Division 426 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 179 of 1999", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 179 of 1999 | No 95 of 2004", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 50-110", "Provision_Key": "s50-110", "Heading": "Entitlement to endorsement", "Text": "General rule (1) An entity is entitled to be endorsed as exempt from income tax if the entity meets all the relevant requirements of this section. Which entities are entitled to be endorsed? (2) To be entitled, the entity must be an entity covered by item 1.1 of the table in section 50 ‑ 5. Requirement for ABN (3) To be entitled, the entity must have an * ABN. Requirement to meet special conditions (5) To be entitled: (a) the entity must meet the relevant conditions referred to in the column headed “Special conditions” of item 1.1 of the table in section 50 ‑ 5; or (b) both of the following conditions must be met: (i) the entity must not have carried on any activities as a charity; (ii) there must be reasonable grounds for believing that the entity will meet the relevant conditions referred to in the column headed “Special conditions” of item 1.1 of the table. The entity must also satisfy section 50 ‑ 47, if the entity is an * ACNC type of entity. (6) To avoid doubt, the condition set out in section 50 ‑ 52 (requiring the entity to be endorsed under this Subdivision) is not a relevant condition for the purposes of subsection (5).", "Amendment_Count": 5, "First_Amended": "No 179 of 1999", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 179 of 1999 | No 63 of 2005 | No 169 of 2012 | No 96 of 2013 | No 124 of 2013", "History_Notes": "Inserted by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s50-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-1", "Provision_Key": "s51-1", "Heading": "Amounts of ordinary income and statutory income that are exempt", "Text": "The amounts of * ordinary income and * statutory income covered by the following tables are exempt from income tax. In some cases, the exemption is subject to exceptions or special conditions, or both. Note 1: Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6 ‑ 20. The note to subsection 6 ‑ 15(2) describes some of the other consequences of it being exempt income. Note 2: Even if an exempt payment is made to you, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-5", "Provision_Key": "s51-5", "Heading": "Defence", "Text": "Defence Item If you are: ... the following amounts are exempt from income tax: ... subject to these exceptions and special conditions: 1.1 a member of the Defence Force (a) payments of allowances or bounty of a kind prescribed in the regulations; and (b) the * market value of rations and quarters supplied to you without charge none 1.1A a member of the Defence Force compensation payments for loss of deployment allowance for warlike service see section 51 ‑ 32 1.2 a recipient of a payment in respect of a member of the Defence Force payments of allowances or bounty of a kind prescribed in the regulations none 1.4 a member of: (a) the Naval Reserve; or (b) the Army Reserve; or (c) the Air Force Reserve pay and allowances as a member except pay and allowances for continuous full time service 1.5 a former member of: (a) the Naval Reserve; or (b) the Army Reserve; or (c) the Air Force Reserve compensation payments for loss of pay and/or allowances as a member see section 51 ‑ 33 1.6 a recipient of an ex ‑ gratia payment from the Commonwealth known as the F ‑ 111 Deseal/Reseal Ex ‑ gratia Lump Sum Payment the ex ‑ gratia payment none 1.7 a recipient of a reparation payment or an additional payment from the Commonwealth in relation to a recommendation by the Defence Force Ombudsman performing a function conferred by a prescribed provision of regulations made under the Ombudsman Act 1976 the reparation payment or additional payment none Note: Reparation payments referred to in item 1.7 relate to abuse in the Defence Force.", "Amendment_Count": 7, "First_Amended": "No 121 of 1997", "Last_Amended": "No 18 of 2020", "Amending_Acts": "No 121 of 1997 | No 10 of 2001 | No 65 of 2003 | No 58 of 2006 | No 124 of 2013 | No 124 of 2018 | No 18 of 2020", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 10 of 2001, effective Sch 2 (items 62, 94, 95): 19 Apr 2001 (s 2(1)) | Amended by No 65 of 2003, effective s. 4, Schedule 2, Schedule 3 (items 3–5) and Schedule 5 (item 3): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 18 of 2020, effective Sch 1 (items 24–26): 6 Sept 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-10", "Provision_Key": "s51-10", "Heading": "Education and training", "Text": "Education and training Item If you are: ... the following amounts are exempt from income tax: ... subject to these exceptions and special conditions: 2.1A a full ‑ time student at a school, college or university a scholarship, bursary, educational allowance or educational assistance see section 51 ‑ 35 2.1B (a) a student; or (b) a recipient of a payment in respect of a student a payment under a Commonwealth scheme for assistance of: (a) secondary education; or (b) the education of isolated children see section 51 ‑ 40 2.1 a recipient of a grant made by the Australian ‑ American Educational Foundation the grant the grant is from funds made available to the Foundation under the agreement establishing it 2.2 an employer payments under the CRAFT Scheme (the Commonwealth Rebate for Apprentice Full ‑ Time Training Scheme) each payment is for an apprentice who most recently started work with you before 1 January 1998 2.3 a recipient of a scholarship known as a Commonwealth Trade Learning Scholarship the scholarship none 2.4 a recipient of a payment known as the Apprenticeship Wage Top ‑ Up the payment none 2.5 a recipient of: (a) a research fellowship under the Endeavour Awards; or (b) an Endeavour Executive Award the fellowship or award none 2.6 a recipient of a bonus for early completion of an apprenticeship so much of the bonus as does not exceed $1,000 see section 51 ‑ 42 2.7 a recipient of a payment under the program known as Skills for Sustainability for Australian Apprentices the payment none 2.8 a recipient of a payment under the program known as Tools for Your Trade (within the program known as the Australian Apprenticeships Incentives Program) the payment none", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 55 of 2016", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 54 of 1999 | No 66 of 2005 | No 114 of 2007 | No 38 of 2008 | No 52 of 2009 | No 75 of 2010 | No 55 of 2016", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 66 of 2005, effective Schedules 1 and 2: 1 July 2005 Schedule 3: 20 Mar 2000 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 114 of 2007, effective Schedule 1: 1 July 2007 Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 52 of 2009, effective Schedule 1 (items 1–3): 1 July 2009 | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 55 of 2016, effective Sch 3 (items 16–19): 1 July 2017 (s 2(1) item 4) Sch 4 (items 9–13): 1 Jan 2017 (s 2(1) item 5) Sch 22 and Sch 23 (items 2, 3, 22–24): 1 Oct 2016 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-30", "Provision_Key": "s51-30", "Heading": "Welfare", "Text": "Welfare Item If you are: ... the following amounts are exempt from income tax: ... subject to these exceptions and special conditions: 5.1 an individual in receipt of periodic payments in the nature of maintenance the payments see section 51 ‑ 50 5.2 an individual in receipt of an ex ‑ gratia payment from the Commonwealth known as disaster recovery payment for special category visa (subclass 444) holders for a disaster: (a) that occurred in Australia during the 2014 ‑ 15 * financial year or a later financial year; and (b) for which a determination under section 1061L of the Social Security Act 1991 has been made the payment 5.5 an individual in receipt of a payment under the program established by the Commonwealth and known as the Support for Australia’s Thalidomide Survivors program the payment none 5.6 an individual in receipt of a payment from the Thalidomide Australia Fixed Trust the payment the payment must be: (a) made to you, or applied for your benefit, as a beneficiary of the Trust; or (b) made to you in respect of a beneficiary of the Trust", "Amendment_Count": 12, "First_Amended": "No 121 of 1997", "Last_Amended": "No 61 of 2021", "Amending_Acts": "No 121 of 1997 | No 54 of 1999 | No 97 of 2008 | No 14 of 2009 | No 19 of 2010 | No 31 of 2011 | No 50 of 2011 | No 71 of 2012 | No 85 of 2013 | No 119 of 2013 | No 25 of 2017 | No 61 of 2021", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Amended by No 50 of 2011, effective Schedule 4 (items 1–3): 27 June 2011 (s 2(1) item 11) Schedule 4 (items 10, 11): 1 July 2014 (s 2(1) item 12) | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4) | Amended by No 25 of 2017, effective Sch 3 (items 1–11) and Sch 4 (items 3–5): 5 Apr 2017 (s 2(1) items 4, 6) Sch 3 (items 12–14): 1 Sept 2017 (s 2(1) item 5) | Amended by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-32", "Provision_Key": "s51-32", "Heading": "Compensation payments for loss of tax exempt payments", "Text": "(1) A compensation payment for the loss of pay or an allowance for your warlike service is exempt from income tax if: (a) the compensation payment is made under the Safety, Rehabilitation and Compensation (Defence ‑ related Claims) Act 1988 in respect of an injury (as defined in that Act) you suffered; and (b) you suffered your injury while covered by a certificate in force under paragraph 23AD(1)(a) of the Income Tax Assessment Act 1936 ; and (c) your injury or disease caused the loss of your pay or allowance; and (d) your pay or allowance was payable under the Defence Act 1903 or under a determination under that Act. (2) A compensation payment for the loss of pay or an allowance for your warlike service is exempt from income tax if: (a) the compensation payment is made under the Military Rehabilitation and Compensation Act 2004 in respect of a service injury or disease (as defined in that Act); and (b) you sustained your service injury or contracted your service disease, or your service injury or disease was aggravated or materially contributed to, while covered by a certificate in force under paragraph 23AD(1)(a) of the Income Tax Assessment Act 1936 ; and (c) your injury or disease caused the loss of your pay or allowance; and (d) your pay or allowance was payable under the Defence Act 1903 or under a determination under that Act. (3) Subsections (4) and (5) apply to: (a) a deployment allowance; or (b) some other allowance that is exempt from income tax specified in writing by the * Defence Minister for the purposes of this subsection; that is payable under a determination under the Defence Act 1903 for your non ‑ warlike service. (4) A compensation payment for the loss of the allowance is exempt from income tax if: (a) the compensation payment is made under the Safety, Rehabilitation and Compensation (Defence ‑ related Claims) Act 1988 in respect of an injury (as defined in that Act) you suffered; and (b) your injury caused the loss of your allowance. (5) A compensation payment for the loss of the allowance is exempt from income tax if: (a) the compensation payment is made under the Military Rehabilitation and Compensation Act 2004 in respect of a service injury or disease (as defined in that Act); and (b) your injury or disease caused the loss of your allowance.", "Amendment_Count": 4, "First_Amended": "No 65 of 2003", "Last_Amended": "No 108 of 2017", "Amending_Acts": "No 65 of 2003 | No 52 of 2004 | No 88 of 2009 | No 108 of 2017", "History_Notes": "Inserted by No 65 of 2003, effective s. 4, Schedule 2, Schedule 3 (items 3–5) and Schedule 5 (item 3): Royal Assent | Repealed and substituted by No 52 of 2004, effective Schedule 4 (items 10–13, 14(2), (3), 15): 1 July 2004 ( see s. 2) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 108 of 2017, effective Sch 3 (item 12): 12 Oct 2017 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-33", "Provision_Key": "s51-33", "Heading": "Compensation payments for loss of pay and/or allowances as a Defence reservist", "Text": "(1) A compensation payment for the loss of your pay or an allowance is exempt from income tax if: (a) the compensation payment is made under the Safety, Rehabilitation and Compensation (Defence ‑ related Claims) Act 1988 in respect of an injury (as defined in that Act) you suffered; and (b) you suffered your injury while serving as a member of the Naval Reserve, Army Reserve or Air Force Reserve (but not while on continuous full time service); and (c) your pay or allowance was payable for service of a kind described in paragraph (b). (2) A compensation payment for the loss of your pay or an allowance is exempt from income tax if: (a) the compensation payment is made under the Military Rehabilitation and Compensation Act 2004 in respect of a service injury or disease (as defined in that Act); and (b) you sustained your service injury or contracted your service disease, or your service injury or disease was aggravated or materially contributed to, while serving as a member of the Naval Reserve, Army Reserve or Air Force Reserve; and (c) your pay or allowance was payable for service of a kind described in paragraph (b); and (d) the compensation payment is worked out by reference to your normal earnings (as defined in that Act) as a part ‑ time Reservist (as defined in that Act).", "Amendment_Count": 3, "First_Amended": "No 65 of 2003", "Last_Amended": "No 108 of 2017", "Amending_Acts": "No 65 of 2003 | No 52 of 2004 | No 108 of 2017", "History_Notes": "Inserted by No 65 of 2003, effective s. 4, Schedule 2, Schedule 3 (items 3–5) and Schedule 5 (item 3): Royal Assent | Repealed and substituted by No 52 of 2004, effective Schedule 4 (items 10–13, 14(2), (3), 15): 1 July 2004 ( see s. 2) | Amended by No 108 of 2017, effective Sch 3 (item 12): 12 Oct 2017 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-33"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-35", "Provision_Key": "s51-35", "Heading": "Payments to a full ‑ time student at a school, college or university", "Text": "The following payments made to or on behalf of a full ‑ time student at a school, college or university are not exempt from income tax under item 2.1A of the table in section 51 ‑ 10: (a) a payment by the Commonwealth for assistance for secondary education or in connection with education of isolated children; (b) a * Commonwealth education or training payment; (c) a payment by an entity or authority on the condition that the student will (or will if required) become, or continue to be, an employee of the entity or authority; (d) a payment by an entity or authority on the condition that the student will (or will if required) enter into, or continue to be a party to, a contract with the entity or authority that is wholly or principally for the labour of the student; (e) a payment under a scholarship where the scholarship is not provided principally for educational purposes; (f) an education entry payment under Part 2.13A of the Social Security Act 1991 . Note: The whole or part of a Commonwealth education or training payment may be exempt under Subdivision 52 ‑ E or 52 ‑ F.", "Amendment_Count": 3, "First_Amended": "No 54 of 1999", "Last_Amended": "No 184 of 2007", "Amending_Acts": "No 54 of 1999 | No 58 of 2006 | No 184 of 2007", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 184 of 2007, effective Schedule 3: 1 Jan 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-40", "Provision_Key": "s51-40", "Heading": "Payments to a secondary student", "Text": "The following payments made to or on behalf of a student are not exempt from income tax under item 2.1B of the table in section 51 ‑ 10: (a) a * Commonwealth education or training payment; (b) an education entry payment under Part 2.13A of the Social Security Act 1991 . Note: The whole or part of a Commonwealth education or training payment may be exempt under Subdivision 52 ‑ E or 52 ‑ F.", "Amendment_Count": 2, "First_Amended": "No 54 of 1999", "Last_Amended": "No 184 of 2007", "Amending_Acts": "No 54 of 1999 | No 184 of 2007", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 184 of 2007, effective Schedule 3: 1 Jan 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-42", "Provision_Key": "s51-42", "Heading": "Bonuses for early completion of an apprenticeship", "Text": "(1) The bonus must be provided under a scheme provided by a State or Territory, and the scheme must be specified in the regulations for the purposes of this section. (2) The apprenticeship: (a) must be for an occupation of a kind specified in the regulations; and (b) must be completed within a time frame specified in the regulations for apprenticeships of that kind.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-42"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-43", "Provision_Key": "s51-43", "Heading": "Income collected or derived by copyright collecting society", "Text": "(1) This section applies to a * copyright collecting society if Division 6 of Part III of the Income Tax Assessment Act 1936 applies to the income of the society. (2) The following are exempt from income tax: (a) * royalties, and interest on royalties, collected or * derived by the society in an income year; (b) any other amounts, relating to copyright, that are: (i) derived by the society in an income year; and (ii) prescribed by the regulations for the purposes of this paragraph; (c) other * ordinary income and * statutory income derived by the society in an income year, to the extent that it does not exceed the lesser of: (i) 5% of the total amount of the * ordinary income and * statutory income collected and derived by the society in the income year; and (ii) $5 million or such other amount as is prescribed by the regulations for the purposes of this subparagraph.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Repealed and substituted by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-43"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-45", "Provision_Key": "s51-45", "Heading": "Income collected or derived by resale royalty collecting society", "Text": "(1) This section applies to the * resale royalty collecting society if Division 6 of Part III of the Income Tax Assessment Act 1936 applies to the income of the society. (2) The following are exempt from income tax: (a) * resale royalties, and interest on resale royalties, collected or * derived by the society in an income year; (b) any other amounts, relating to * resale royalty rights, that are: (i) derived by the society in an income year; and (ii) prescribed by the regulations for the purposes of this paragraph; (c) other * ordinary income and * statutory income derived by the society in an income year, to the extent that it does not exceed the lesser of: (i) 5% of the total amount of the ordinary income and statutory income collected and derived by the society in the income year; and (ii) $5 million or such other amount as is prescribed by the regulations for the purposes of this subparagraph.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 121 of 1997 | No 66 of 2003 | No 126 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Inserted by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-50", "Provision_Key": "s51-50", "Heading": "Maintenance payments to a spouse or child", "Text": "(1) This section sets out the conditions on which a periodic payment, in the nature of maintenance, that: (a) is made by an individual (the maintenance payer ); or (b) is attributable to a payment made by an individual (also the maintenance payer ); is exempt from income tax under item 5.1 of the table in section 51 ‑ 30. (2) The maintenance payment is exempt from income tax only if it is made: (a) to an individual who is or has been the maintenance payer’s * spouse; or (b) to or for the benefit of an individual who is or has been: (i) a * child of the maintenance payer; or (ii) a child who is or has been a child of an individual who is or has been a * spouse of the maintenance payer. (3) The maintenance payment is not exempt if, in order to make it or a payment to which it is attributable, the maintenance payer: (a) divested any income ‑ producing assets; or (b) diverted * ordinary income or * statutory income upon which the maintenance payer would otherwise have been liable to income tax.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 121 of 1997 | No 14 of 2009", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-52", "Provision_Key": "s51-52", "Heading": "Income derived from eligible venture capital investments by ESVCLPs", "Text": "General (1) An entity’s share of income derived from an * eligible venture capital investment is exempt from income tax if: (a) the entity is a partner in a * limited partnership; and (b) the partnership made the investment; and (c) the investment meets all of the * additional investment requirements for ESVCLPs for the investment; and (d) when the partnership made the investment, the partnership was an * early stage venture capital limited partnership that was * unconditionally registered; and (e) when the income was derived, the partnership: (i) owned the investment; and (ii) was an early stage venture capital limited partnership that was unconditionally registered. Partners in AFOFs (2) An entity’s share of income derived from an * eligible venture capital investment is exempt from income tax if: (a) the entity is a partner in an * AFOF; and (b) the AFOF is a partner in a partnership that made the investment; and (c) when the partnership made the investment, the partnership was an * early stage venture capital limited partnership that was * unconditionally registered; and (d) the investment meets all of the * additional investment requirements for ESVCLPs for the investment; and (e) when the income was derived, the partnership: (i) owned the investment; and (ii) was an early stage venture capital limited partnership that was unconditionally registered. Residency requirements for general partners (3) However, if the entity is a * general partner in the partnership, this section does not apply to the entity unless the entity is: (a) an Australian resident; or (b) a resident of a foreign country in respect of which a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) is in force that is an agreement of a kind referred to in subparagraph (b)(i), (ia), (ii), (iii), (iv) or (v) of that definition. (4) For the purposes of this section, the place of residence of a * general partner in a * limited partnership: (a) that is a company or limited partnership; and (b) that is not an Australian resident; is the place in which the general partner has its central management and control. Beneficiaries’ shares of capital gains made by unit trusts (5) For the purposes of this section, an entity’s share of income derived from an * eligible venture capital investment that is an investment in a unit trust includes any present entitlement of the entity, as a beneficiary, to a share of an amount included in the assessable income of the unit trust under section 102 ‑ 5. Carried interests (6) This section does not apply to an entity’s share of income derived from an * eligible venture capital investment to the extent that the income is a payment of a * carried interest of a * general partner in an * ESVCLP or an * AFOF.", "Amendment_Count": 1, "First_Amended": "No 78 of 2007", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 78 of 2007", "History_Notes": "Inserted by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-52"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-54", "Provision_Key": "s51-54", "Heading": "Gain or profit from disposal of eligible venture capital investments", "Text": "Partners in VCLPs and ESVCLPs (1) An entity’s share of any gain or profit made from the disposal or other realisation of an * eligible venture capital investment is exempt from income tax if: (a) it is made by a * VCLP, or an * ESVCLP, that is * unconditionally registered; and (b) were that disposal or other realisation to be a * disposal of a * CGT asset, the entity’s share of any * capital gain or * capital loss would be disregarded under section 118 ‑ 405 or 118 ‑ 407. (1A) An entity’s share of any gain or profit made: (a) by an * ESVCLP that is * unconditionally registered; and (b) from the disposal or other realisation of an * eligible venture capital investment; is exempt from income tax to the extent that, were that disposal or other realisation to be a * disposal of a * CGT asset, the equivalent * capital gain arising from the * CGT event would be disregarded because of a partial exemption from the CGT event under section 118 ‑ 408. Partners in AFOFs (2) An entity’s share of any gain or profit made from the disposal or other realisation of an * eligible venture capital investment is exempt from income tax if: (a) it is made by: (i) an * AFOF that is * unconditionally registered; or (ii) a * VCLP, or an * ESVCLP, that is unconditionally registered and in which an AFOF that is * unconditionally registered is a partner; and (b) were that disposal or other realisation to be a * disposal of a * CGT asset, the entity’s share of any * capital gain or * capital loss would be disregarded under section 118 ‑ 410. Eligible venture capital investors (3) Any gain or profit made from the disposal or other realisation of an * eligible venture capital investment is exempt from income tax if: (a) you are an * eligible venture capital investor; and (b) were that disposal or other realisation to be a * disposal of a * CGT asset, any * capital gain or * capital loss would be disregarded under section 118 ‑ 415.", "Amendment_Count": 3, "First_Amended": "No 136 of 2002", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 136 of 2002 | No 78 of 2007 | No 54 of 2016", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-54"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-55", "Provision_Key": "s51-55", "Heading": "Gain or profit from disposal of venture capital equity", "Text": "Any gain or profit made from the disposal or other realisation of * venture capital equity in a * resident investment vehicle is exempt from income tax if: (a) it is made by a * venture capital entity or a * limited partnership referred to in subsection 118 ‑ 515(2); and (b) if that disposal or other realisation were a * disposal of a * CGT asset, any * capital gain or * capital loss would be disregarded under Subdivision 118 ‑ G.", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-57", "Provision_Key": "s51-57", "Heading": "Interest on judgment debt relating to personal injury", "Text": "(1) An amount paid by way of interest on a judgment debt, whether payable under an * Australian law, or otherwise, is exempt from income tax if: (a) the judgment debt arose from a judgment (the original judgment ) given by, or entered in, a court for an award of damages for personal injury; and (b) the amount is in respect of the whole or any part of the period: (i) beginning at the time of the original judgment, or, if the judgment debt is taken to have arisen at an earlier time, at that earlier time; and (ii) ending when the original judgment is finalised. (2) For the purposes of subsection (1), an original judgment is finalised at whichever of the following times is applicable: (a) if the period for lodging an appeal against either the original judgment or a subsequent related judgment ends without an appeal being lodged—the end of the period; (b) if an appeal from either the original judgment or a subsequent related judgment is lodged and final judgment on the appeal is given by, or entered in, a court—when the final judgment takes effect; (c) if an appeal from either the original judgment or a subsequent related judgment is lodged but is settled or discontinued—when the settlement or discontinuance takes effect. (3) For the purposes of paragraph (2)(b), a judgment is a final judgment if: (a) no appeal lies against the judgment; or (b) leave to appeal against the judgment has been refused.", "Amendment_Count": 3, "First_Amended": "No 58 of 2000", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 58 of 2000 | No 136 of 2002 | No 143 of 2007", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-57"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-60", "Provision_Key": "s51-60", "Heading": "Prime Minister’s Prizes", "Text": "(1) To the extent that the Prime Minister’s Prize for Australian History would otherwise be assessable income, it is exempt from income tax. (2) To the extent that the Prime Minister’s Prize for Science would otherwise be assessable income, it is exempt from income tax. (3) To the extent that a Prime Minister’s Literary Award would otherwise be assessable income, it is exempt from income tax.", "Amendment_Count": 4, "First_Amended": "No 76 of 2000", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 76 of 2000 | No 101 of 2006 | No 164 of 2007 | No 32 of 2008", "History_Notes": "Inserted by No 76 of 2000, effective 28 June 2000 | Repealed by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 32 of 2008, effective 23 June 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-100", "Provision_Key": "s51-100", "Heading": "Shipping", "Text": "(1) An entity’s * ordinary income * derived during an income year (the present year ), or * statutory income for the present year, is exempt from income tax to the extent that it is from * shipping activities that: (a) relate to a vessel for which the entity has a * shipping exempt income certificate for the present year; and (b) take place on a day (a certified day ) to which the certificate applies. Note: For the days to which the certificate applies, see subsection 8(5) of the Shipping Reform (Tax Incentives) Act 2012 . (2) Subsection (1) does not apply to * ordinary income * derived from, or * statutory income from, * incidental shipping activities relating to the vessel if: where: total core shipping income means the sum of the entity’s: (a) * ordinary income * derived from * core shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and (b) * statutory income from those activities on those days. total incidental shipping income means the sum of the entity’s: (a) * ordinary income * derived from * incidental shipping activities relating to the vessel on the certified days (see paragraph (1)(b)); and (b) * statutory income from those activities on those days.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-105", "Provision_Key": "s51-105", "Heading": "Shipping activities", "Text": "Shipping activities are * core shipping activities or * incidental shipping activities.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-110", "Provision_Key": "s51-110", "Heading": "Core shipping activities", "Text": "(1) Core shipping activities are activities directly involved in operating a vessel to carry * shipping cargo or * shipping passengers for consideration. (2) Without limiting subsection (1), core shipping activities include the following: (a) carrying the * shipping cargo or * shipping passengers on the vessel; (b) crewing the vessel; (c) carrying goods on board for the operation of the vessel (including for the enjoyment of shipping passengers); (d) providing the containers that carry shipping cargo on the vessel; (e) loading shipping cargo onto, and unloading it from, the vessel; (f) repacking shipping cargo to be carried on the vessel; (g) providing temporary storage for shipping cargo just before or after its carriage on the vessel; (h) providing space on board the vessel for carrying shipping cargo or shipping passengers; (i) activities generating onboard income from shipping passengers of the vessel; (j) providing shore excursions to shipping passengers of the vessel; (k) transporting shipping cargo, or shipping passengers, between the vessel and the shore; (l) providing administration and insurance services that are directly related to carrying shipping cargo or shipping passengers on the vessel; (m) onboard selling of tickets on behalf of other entities to shipping passengers of the vessel; (n) onboard advertising to shipping passengers of the vessel; (o) providing quay ‑ side services to shipping passengers that: (i) are similar to those provided on the vessel; and (ii) are provided from a floor area that does not exceed that from which similar services are provided on the vessel; (p) providing car parking to individuals while they are shipping passengers on the vessel; (q) making contracts solely to reduce the risk of financial loss from currency exchange rate fluctuations that directly relate to the operation of the vessel; (r) an activity specified in regulations made for the purposes of this paragraph. (3) Despite subsections (1) and (2), core shipping activities do not include an activity specified in regulations made for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-115", "Provision_Key": "s51-115", "Heading": "Incidental shipping activities", "Text": "Incidental shipping activities are activities incidental to * core shipping activities.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-120", "Provision_Key": "s51-120", "Heading": "Interest on unclaimed money and property", "Text": "The following amounts are exempt from income tax: (a) an amount of interest paid under paragraph 69(7AA)(b) of the Banking Act 1959 ; Note: An amount of interest paid under paragraph 69(7AA)(a) of the Banking Act 1959 is not ordinary income or statutory income. (b) an amount of interest paid under subsection 1341(3A) of the Corporations Act 2001 ; (e) an amount of interest paid under paragraph 216(7A)(b) of the Life Insurance Act 1995 . Note: An amount of interest paid under paragraph 216(7A)(a) of the Life Insurance Act 1995 is not ordinary income or statutory income. Note: For interest paid under the Superannuation (Unclaimed Money and Lost Members) Act 1999 , see subsections 307 ‑ 142(3B) and (3C).", "Amendment_Count": 2, "First_Amended": "No 88 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 88 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 51-125", "Provision_Key": "s51-125", "Heading": "2018 storms—relief payments", "Text": "(1) A payment is exempt from income tax if the payment: (a) is made to a primary producer for the purposes of an agreement covered by subsection (2); and (b) relates to storm damage sustained by the primary producer on or around 25 October 2018. (2) An agreement is covered by this subsection if: (a) the parties to the agreement are the Commonwealth and the Foundation for Rural and Regional Renewal; and (b) the objective of the agreement is principally to assist primary producers affected by storms that occurred on or around 25 October 2018. Note: Payments may be made to primary producers by the Foundation for Rural and Regional Renewal, or by other entities on behalf of the Foundation.", "Amendment_Count": 1, "First_Amended": "No 30 of 2019", "Last_Amended": "No 30 of 2019", "Amending_Acts": "No 30 of 2019", "History_Notes": "Inserted by No 30 of 2019, effective Sch 1 and 2: 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s51-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-1", "Provision_Key": "s52-1", "Heading": "What this Division is about", "Text": "Certain payments made under various Acts are wholly or partly exempt from income tax. This Division tells you if a payment is exempt and how much is exempt. Table of Subdivisions 52 ‑ A Exempt payments under the Social Security Act 1991 52 ‑ B Exempt payments under the Veterans’ Entitlements Act 1986 52 ‑ C Exempt payments made because of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 52 ‑ CA Exempt payments under the Military Rehabilitation and Compensation Act 2004 52 ‑ CB Exempt payments under the Australian Participants in British Nuclear Tests and British Commonwealth Occupation Force (Treatment) Act 2006 52 ‑ CC Exempt payments under the Treatment Benefits (Special Access) Act 2019 52 ‑ E Exempt payments under the ABSTUDY scheme 52 ‑ F Exemption of Commonwealth education or training payments 52 ‑ G Exempt payments under the A New Tax System (Family Assistance) (Administration) Act 1999 52 ‑ H Other exempt payments", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-5", "Provision_Key": "s52-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: (a) the payments under the Social Security Act 1991 that are wholly or partly exempt from income tax; and (b) any special circumstances, conditions or exceptions that apply to a payment in order for it to be exempt; and (c) how to work out how much of a payment is exempt. Table of sections Operative provisions 52 ‑ 10 How much of a social security payment is exempt? 52 ‑ 15 Supplementary amounts of payments 52 ‑ 20 Tax ‑ free amount of an ordinary payment after the death of your partner 52 ‑ 25 Tax ‑ free amount of certain bereavement lump sum payments 52 ‑ 30 Tax ‑ free amount of certain other bereavement lump sum payments 52 ‑ 35 Tax ‑ free amount of a lump sum payment made because of the death of a person you are caring for 52 ‑ 40 Provisions of the Social Security Act 1991 under which payments are made", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-10", "Provision_Key": "s52-10", "Heading": "How much of a social security payment is exempt?", "Text": "(1) The table in this section tells you about the income tax treatment of social security payments, other than payments of: (a) pension bonus and pension bonus bereavement payment; or (aa) child disability assistance; or (ab) carer supplement; or (ac) one ‑ off energy assistance payment under the Social Security Act 1991 ; or (ad) first 2020 economic support payment under the Social Security Act 1991 ; or (ae) second 2020 economic support payment under the Social Security Act 1991 ; or (af) additional economic support payment 2020 under the Social Security Act 1991 ; or (ag) additional economic support payment 2021 under the Social Security Act 1991 ; or (bb) payments under a scheme referred to in subsection (1CB); or (c) one ‑ off payment to carers (carer payment related); or (d) one ‑ off payment to carers (carer allowance related); or (e) 2005 one ‑ off payment to carers (carer payment related); or (f) 2005 one ‑ off payment to carers (carer service pension related); or (g) 2005 one ‑ off payment to carers (carer allowance related); or (h) 2006 one ‑ off payment to carers (carer payment related); or (i) 2006 one ‑ off payment to carers (wife pension related); or (j) 2006 one ‑ off payment to carers (partner service pension related); or (k) 2006 one ‑ off payment to carers (carer service pension related); or (l) 2006 one ‑ off payment to carers (carer allowance related); or (m) 2007 one ‑ off payment to carers (carer payment related); or (n) 2007 one ‑ off payment to carers (wife pension related); or (o) 2007 one ‑ off payment to carers (partner service pension related); or (p) 2007 one ‑ off payment to carers (carer service pension related); or (q) 2007 one ‑ off payment to carers (carer allowance related); or (r) 2008 one ‑ off payment to carers (carer payment related); or (s) 2008 one ‑ off payment to carers (wife pension related); or (t) 2008 one ‑ off payment to carers (partner service pension related); or (u) 2008 one ‑ off payment to carers (carer service pension related); or (v) 2008 one ‑ off payment to carers (carer allowance related); or (w) payments under a scheme referred to in subsection (1E); or (wa) payments under the Social Security Act 1991 referred to in subsection (1EA); or (x) economic security strategy payment under the Social Security Act 1991 ; or (y) training and learning bonus under the Social Security Act 1991 ; or (za) education entry payment supplement under the Social Security Act 1991 ; or (zb) clean energy payments under the Social Security Act 1991 ; or (zc) 2022 cost of living payment under the Social Security Act 1991 . Note: Section 52 ‑ 40 sets out the provisions of the Social Security Act 1991 under which the payments are made. (1A) Payments of pension bonus and pension bonus bereavement payment under Part 2.2A of the Social Security Act 1991 are exempt from income tax. (1AA) Child disability assistance under Part 2.19AA of the Social Security Act 1991 is exempt from income tax. (1AB) Carer supplement under Part 2.19B of the Social Security Act 1991 is exempt from income tax. (1AC) One ‑ off energy assistance payments under Part 2.6 of the Social Security Act 1991 are exempt from income tax. (1AD) One ‑ off energy assistance payments under Part 2.6A of the Social Security Act 1991 are exempt from income tax. (1B) The following payments are exempt from income tax: (a) first 2020 economic support payments under Division 1 of Part 2.6B of the Social Security Act 1991 ; (b) second 2020 economic support payments under Division 2 of Part 2.6B of the Social Security Act 1991 . (1C) The following payments are exempt from income tax: (a) additional economic support payment 2020 under Division 1 of Part 2.6C of the Social Security Act 1991 ; (b) additional economic support payment 2021 under Division 2 of Part 2.6C of the Social Security Act 1991 . (1CA) 2022 cost of living payment under Division 1 of Part 2.6D of the Social Security Act 1991 is exempt from income tax. (1CB) Payments to older Australians under the following schemes are exempt from income tax: (a) a scheme determined under item 1 of Schedule 2 to the Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments to Increase Assistance for Older Australians and Carers and Other Measures) Act 2006 ; (b) a scheme determined under item 1 of Schedule 2 to the Social Security and Veterans’ Affairs Legislation Amendment (One ‑ off Payments and Other 2007 Budget Measures) Act 2007 ; (c) a scheme determined under item 1 of Schedule 2 to the Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments and Other Budget Measures) Act 2008. (1D) The following payments under the Social Security Act 1991 are exempt from income tax: (a) one ‑ off payment to carers (carer payment related) (see Division 1 of Part 2.5A of that Act); (b) one ‑ off payment to carers (carer allowance related) (see Division 1 of Part 2.19A of that Act); (c) 2005 one ‑ off payment to carers (carer payment related) (see Division 2 of Part 2.5A of that Act); (d) 2005 one ‑ off payment to carers (carer service pension related) (see Division 3 of Part 2.5A of that Act); (e) 2005 one ‑ off payment to carers (carer allowance related) (see Division 2 of Part 2.19A of that Act); (f) 2006 one ‑ off payment to carers (carer payment related) (see Division 4 of Part 2.5A of that Act); (g) 2006 one ‑ off payment to carers (wife pension related) (see Division 5 of Part 2.5A of that Act); (h) 2006 one ‑ off payment to carers (partner service pension related) (see Division 6 of Part 2.5A of that Act); (i) 2006 one ‑ off payment to carers (carer service pension related) (see Division 7 of Part 2.5A of that Act); or (j) 2006 one ‑ off payment to carers (carer allowance related) (see Division 3 of Part 2.19A of that Act); (k) 2007 one ‑ off payment to carers (carer payment related) (see Division 8 of Part 2.5A of that Act); (l) 2007 one ‑ off payment to carers (wife pension related) (see Division 9 of Part 2.5A of that Act); (m) 2007 one ‑ off payment to carers (partner service pension related) (see Division 10 of Part 2.5A of that Act); (n) 2007 one ‑ off payment to carers (carer service pension related) (see Division 11 of Part 2.5A of that Act); (o) 2007 one ‑ off payment to carers (carer allowance related) (see Division 4 of Part 2.19A of that Act); (p) 2008 one ‑ off payment to carers (carer payment related) (see Division 12 of Part 2.5A of that Act); (q) 2008 one ‑ off payment to carers (wife pension related) (see Division 13 of Part 2.5A of that Act); (r) 2008 one ‑ off payment to carers (partner service pension related) (see Division 14 of Part 2.5A of that Act); (s) 2008 one ‑ off payment to carers (carer service pension related) (see Division 15 of Part 2.5A of that Act); (t) 2008 one ‑ off payment to carers (carer allowance related) (see Division 5 of Part 2.19A of that Act). (1E) Payments to carers under the following schemes are exempt from income tax: (a) a scheme determined under Schedule 3 to the Family Assistance Legislation Amendment (More Help for Families—One ‑ off Payments) Act 2004 ; (b) a scheme determined under Schedule 2 to the Social Security Legislation Amendment (One ‑ off Payments for Carers) Act 2005 ; (c) a scheme determined under Schedule 4 to the Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments to Increase Assistance for Older Australians and Carers and Other Measures) Act 2006 ; (d) a scheme determined under Schedule 4 to the Social Security and Veterans’ Affairs Legislation Amendment (One ‑ off Payments and Other 2007 Budget Measures) Act 2007 ; (e) a scheme determined under Schedule 4 to the Social Security and Veterans’ Entitlements Legislation Amendment (One ‑ off Payments and Other Budget Measures) Act 2008 . (1F) Economic security strategy payment under the Social Security Act 1991 is exempt from income tax. (1G) Training and learning bonus under the Social Security Act 1991 is exempt from income tax. (1J) Education entry payment supplement under the Social Security Act 1991 is exempt from income tax. (1K) Australian Victim of Terrorism Overseas Payment under Part 2.24AA the Social Security Act 1991 is exempt from income tax. (1L) Clean energy payments under the Social Security Act 1991 are exempt from income tax. (2) Expressions used in this Subdivision that are also used in the Social Security Act 1991 have the same meaning as in that Act. (3) Ordinary payment means a payment other than a payment made because of a person’s death. Income tax treatment of social security payments Item Payment Case 1 Case 2 Case 3 Case 4 1.1 Advance pharmaceutical supplement Exempt Exempt Not applicable Not applicable 2.1 Age pension Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 2AA.1 Australian Government Disaster Recovery Payment Exempt Exempt Not applicable Not applicable 2A.1 Austudy payment Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 30) 3A.1 Carer allowance Exempt Exempt Exempt Exempt 4.1 Carer payment : you are pension age or over Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt, but if it is made under section 236A of the Social Security Act 1991 , exempt only up to the tax ‑ free amount (see section 52 ‑ 35) Exempt up to the tax ‑ free amount if it is made under section 239 of the Social Security Act 1991 (see section 52 ‑ 25) 4.2 Carer payment: the care receiver or any of the care receivers is pension age or over Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt, but if it is made under section 236A of the Social Security Act 1991 , exempt only up to the tax ‑ free amount (see section 52 ‑ 35) Exempt up to the tax ‑ free amount if it is made under section 239 of the Social Security Act 1991 (see section 52 ‑ 25) 4.3 Carer payment: both you and the care receiver or all of the care receivers are under pension age Exempt Exempt Exempt, but if it is made under section 236A of the Social Security Act 1991 , exempt only up to the tax ‑ free amount (see section 52 ‑ 35) Exempt up to the tax ‑ free amount if it is made under section 239 of the Social Security Act 1991 (see section 52 ‑ 25) 4.4 Carer payment: you are under pension age and any of the care receivers has died Exempt Exempt Exempt, but if it is made under section 236A of the Social Security Act 1991 , exempt only up to the tax ‑ free amount (see section 52 ‑ 35) Exempt up to the tax ‑ free amount if it is made under section 239 of the Social Security Act 1991 (see section 52 ‑ 25) 5.1 Crisis payment Exempt Exempt Not applicable Not applicable 6.1 Disability support pension : you are pension age or over Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 6.2 Disability support pension : you are under pension age Exempt Exempt Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 9.1 Double orphan pension Exempt Exempt Exempt Not applicable 13A.1 Fares allowance Exempt Exempt Not applicable Not applicable 14.1 Jobseeker payment Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 30) 18.1 Mobility allowance Exempt Exempt Not applicable Not applicable 21A.1 Parenting payment (benefit PP (partnered)) Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount is exempt (see section 52 ‑ 15) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 30) 21A.3 Parenting payment (pension PP (single)) Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount is exempt (see section 52 ‑ 15) Exempt Not applicable 22A.1 Pensioner education supplement Exempt Exempt Not applicable Not applicable 22B.1 Energy supplement under Part 2.25B of the Social Security Act 1991 Exempt Exempt Not applicable Not applicable 22C.1 Quarterly pension supplement Exempt Exempt Not applicable Not applicable 25.1 Special benefit Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 30) 26.1 Special needs age pension Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 27.1 Special needs disability support pension : you are pension age or over Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 27.2 Special needs disability support pension : you are under pension age Exempt Exempt Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 30.1 Special needs wife pension : you are pension age or over Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 30.2 Special needs wife pension : your partner is pension age or over Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 30.3 Special needs wife pension : both you and your partner are under pension age Exempt Exempt Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 30.4 Special needs wife pension : you are under pension age and your partner has died Exempt Exempt Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 25) 31.1 Telephone allowance Exempt Exempt Not applicable Not applicable 31A.1 Utilities allowance Exempt Exempt Not applicable Not applicable 35.1 Youth allowance Supplementary amount is exempt (see section 52 ‑ 15) Supplementary amount, and tax ‑ free amount, are exempt (see sections 52 ‑ 15 and 52 ‑ 20) Exempt Exempt up to the tax ‑ free amount (see section 52 ‑ 30) Note: A reference in this table to jobseeker payment or youth allowance includes a reference to farm household allowance under the Farm Household Support Act 2014 (see Part 5 of that Act). Other payments referred to in this table (such as advance pharmaceutical supplement) might also be payable to a person who is receiving farm household allowance.", "Amendment_Count": 45, "First_Amended": "No 121 of 1997", "Last_Amended": "No 14 of 2022", "Amending_Acts": "No 121 of 1997 | No 197 of 1997 | No 202 of 1997 | No 45 of 1998 | No 67 of 1998 | No 93 of 1998 | No 13 of 1999 | No 83 of 1999 | No 152 of 1999 | No 43 of 2001 | No 44 of 2001 | No 60 of 2004 | No 132 of 2004 | No 55 of 2005 | No 41 of 2006 | No 82 of 2006 | No 66 of 2007 | No 182 of 2007 | No 183 of 2007 | No 19 of 2008 | No 64 of 2008 | No 97 of 2008 | No 131 of 2008 | No 4 of 2009 | No 35 of 2009 | No 60 of 2009 | No 93 of 2010 | No 141 of 2011 | No 12 of 2012 | No 49 of 2012 | No 106 of 2012 | No 5 of 2013 | No 13 of 2014 | No 35 of 2014 | No 96 of 2014 | No 91 of 2015 | No 128 of 2015 | No 55 of 2016 | No 46 of 2017 | No 26 of 2018 | No 28 of 2019 | No 22 of 2020 | No 97 of 2020 | No 107 of 2020 | No 14 of 2022", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 197 of 1997, effective Sch 1 (items 338–343): 20 Mar 1998 (s 2(2)) Sch 1 (items 369–381): 1 July 1998 (s 2(2)) | Amended by No 202 of 1997, effective Sch 1 (items 44, 45): 1 Jan 1998 (s 2(3)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 67 of 1998, effective 30 June 1998 | Amended by No 93 of 1998, effective Sch 7 (items 40–45): 1 Apr 1998 (s 2(9)) | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 152 of 1999, effective Sch 4 (items 17–19): 11 Nov 1999 (s 2(4)) | Amended by No 43 of 2001, effective 25 May 2001 | Amended by No 44 of 2001, effective 25 May 2001 | Amended by No 60 of 2004, effective 26 May 2004 | Amended by No 132 of 2004, effective Schedule 1 (items 1, 2, 17, 18) and Schedule 2 (items 1, 2, 13–15, 24): 1 Dec 2004 | Amended by No 55 of 2005, effective 25 May 2005 | Amended by No 41 of 2006, effective 22 May 2006 | Amended by No 82 of 2006, effective Schedule 4 (items 6–9): 1 Dec 2006 | Amended by No 66 of 2007, effective Schedule 1 (items 17–26) and Schedule 3 (items 13–16): Royal Assent | Amended by No 182 of 2007, effective Schedule 1: 1 Oct 2007 Remainder: Royal Assent | Amended by No 183 of 2007, effective 1 Jan 2008 | Amended by No 19 of 2008, effective Schedule 1 (items 17–25) and Schedule 3 (items 14–32): Royal Assent | Amended by No 64 of 2008, effective 1 July 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 131 of 2008, effective Schedule 5 (items 3–12): Royal Assent | Amended by No 4 of 2009, effective Schedule 4 and Schedule 5 (items 6–14): Royal Assent | Amended by No 35 of 2009, effective Schedule 1 (items 13–15): Royal Assent | Amended by No 60 of 2009, effective Schedule 4 (items 35–40): 20 Sept 2009 | Amended by No 93 of 2010, effective Schedule 2 (items 54–57): 1 July 2010 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 49 of 2012, effective Schedule 1 (items 46, 47, 52) and Schedule 4 (items 10, 11): 1 July 2012 | Amended by No 106 of 2012, effective Schedule 1 (items 17, 18): 22 Jan 2013 (s 2(1) item 2) | Amended by No 5 of 2013, effective Sch 1 (items 14–20): 5 Mar 2013 (s 2) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 35 of 2014, effective Sch 1 (items 9–12): 1 July 2014 (s 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 91 of 2015, effective Sch 1 (items 49–53, 56): 20 June 2015 (s 2(1) item 2) | Amended by No 128 of 2015, effective Sch 1 (items 29–31): 1 July 2017 (s 2(1) item 3) Sch 1 (items 32, 33): 17 Sept 2015 (s 2(1) item 4) | Amended by No 55 of 2016, effective Sch 3 (items 16–19): 1 July 2017 (s 2(1) item 4) Sch 4 (items 9–13): 1 Jan 2017 (s 2(1) item 5) Sch 22 and Sch 23 (items 2, 3, 22–24): 1 Oct 2016 (s 2(1) item 25) | Amended by No 46 of 2017, effective Sch 1 (items 10–16): 19 June 2017 (s 2(1) item 2) | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 28 of 2019, effective Sch 1 (items 10–13): 6 Apr 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 97 of 2020, effective Sch 1 (items 28–36): 14 Nov 2020 (s 2(1) item 2) | Amended by No 107 of 2020, effective Sch 3 (items 2–9): 27 Nov 2020 (s 2(1) item 3) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-15", "Provision_Key": "s52-15", "Heading": "Supplementary amounts of payments", "Text": "You work out the supplementary amount of a social security payment using the following table: Supplementary amount of a social security payment Item For this category of social security payment: the supplementary amount is the total of: 1 Age pension Carer payment Special benefit Special needs age pension Special needs disability support pension Special needs wife pension (a) so much of the payment as is included by way of rent assistance; and (b) so much of the payment as is included by way of remote area allowance; and (c) so much of the payment as is included by way of pharmaceutical allowance; and (d) so much of the payment as is included by way of tax ‑ exempt pension supplement; and (e) so much of the payment as is included by way of energy supplement 2 Disability support pension (a) so much of the payment as is included by way of rent assistance; and (b) so much of the payment as is included by way of remote area allowance; and (c) so much of the payment as is included by way of pharmaceutical allowance; and (d) so much of the payment as is included by way of incentive allowance; and (e) so much of the payment as is included by way of language, literacy and numeracy supplement; and (f) so much of the payment as is included by way of tax ‑ exempt pension supplement; and (g) so much of the payment as is included by way of energy supplement 3 Jobseeker payment Parenting payment (benefit (PP partnered)) Parenting payment (pension (PP single)) Youth allowance (a) so much of the payment as is included by way of rent assistance; and (b) so much of the payment as is included by way of remote area allowance; and (c) so much of the payment as is included by way of pharmaceutical allowance; and (d) so much of the payment as is included by way of language, literacy and numeracy supplement; and (e) so much of the payment as is included by way of tax ‑ exempt pension supplement; and (f) so much of the payment as is included by way of energy supplement 4 Austudy payment (a) so much of the payment as is included by way of rent assistance; and (b) so much of the payment as is included by way of remote area allowance; and (c) so much of the payment as is included by way of pharmaceutical allowance; and (d) so much of the payment as is included by way of tax ‑ exempt pension supplement; and (e) so much of the payment as is included by way of energy supplement Note: A reference in this table to jobseeker payment or youth allowance includes a reference to farm household allowance under the Farm Household Support Act 2014 (see Part 5 of that Act).", "Amendment_Count": 13, "First_Amended": "No 121 of 1997", "Last_Amended": "No 26 of 2018", "Amending_Acts": "No 121 of 1997 | No 197 of 1997 | No 45 of 1998 | No 13 of 1999 | No 83 of 1999 | No 35 of 2003 | No 38 of 2008 | No 97 of 2008 | No 60 of 2009 | No 141 of 2011 | No 13 of 2014 | No 122 of 2014 | No 26 of 2018", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 197 of 1997, effective Sch 1 (items 338–343): 20 Mar 1998 (s 2(2)) Sch 1 (items 369–381): 1 July 1998 (s 2(2)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 35 of 2003, effective Schedules 1, 1A, 2, 4, 5 and 6: 20 Sept 2003 Schedule 3: 22 May 2003 Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 60 of 2009, effective Schedule 4 (items 35–40): 20 Sept 2009 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 122 of 2014, effective Sch 1 (items 289–294): 20 Sept 2014 (s 2(1) item 2) | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-20", "Provision_Key": "s52-20", "Heading": "Tax ‑ free amount of an ordinary payment after the death of your partner", "Text": "(1) You work out under this section the * tax ‑ free amount of an * ordinary payment made under the Social Security Act 1991 after the death of your partner if: (a) you do not qualify for payments under a * bereavement Subdivision; and (b) the ordinary payment became due to you during the bereavement period. Note: For the provisions of the Social Security Act 1991 that tell you if you qualify for payments under a bereavement Subdivision: see subsection (3). (2) This is how to work out the tax ‑ free amount : Method statement Step 1. Work out the * supplementary amount of the payment. Note: The supplementary amount is also exempt and is worked out under section 52 ‑ 15. Step 2. Subtract the * supplementary amount from the amount of the payment. Step 3. Work out what would have been the amount of the payment if your partner had not died. Step 4. Work out what would have been the * supplementary amount of the payment if your partner had not died. Step 5. Subtract the amount at Step 4 from the amount at Step 3. Step 6. Subtract the amount at Step 5 from the amount at Step 2: the result is the tax ‑ free amount . (3) This table sets out: (a) the Subdivisions of the Social Security Act 1991 that are bereavement Subdivisions ; and (b) the provision of that Act that tells you if you qualify for payments under the relevant bereavement Subdivision. Bereavement Subdivisions Item For this bereavement Subdivision: This provision tells you if you qualify for payments under it: 1 Subdivision A of Division 9 of Part 2.2 paragraph 82(1)(e) 2 Subdivision A of Division 10 of Part 2.3 paragraph 146F(1)(e) 3 Subdivision B of Division 9 of Part 2.5 paragraph 237(1)(e) 5A Division 10 of Part 2.11 subsection 567(1) or section 567FA 5B Division 10 of Part 2.11A paragraph 592(1)(f) 6 Division 9 of Part 2.12 subsection 660LA(1) or section 660LH 10 Subdivision AA of Division 9 of Part 2.15 paragraph 768A(1)(f) 11 Subdivision A of Division 10 of Part 2.16 paragraph 822(1)(e)", "Amendment_Count": 6, "First_Amended": "No 121 of 1997", "Last_Amended": "No 107 of 2020", "Amending_Acts": "No 121 of 1997 | No 197 of 1997 | No 45 of 1998 | No 132 of 1998 | No 26 of 2018 | No 107 of 2020", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 197 of 1997, effective Sch 1 (items 338–343): 20 Mar 1998 (s 2(2)) Sch 1 (items 369–381): 1 July 1998 (s 2(2)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 132 of 1998, effective Sch 5 (items 2–9): 1 July 1999 (s 2(1)) | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 107 of 2020, effective Sch 3 (items 2–9): 27 Nov 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-25", "Provision_Key": "s52-25", "Heading": "Tax ‑ free amount of certain bereavement lump sum payments", "Text": "(1) This section applies if a lump sum of any of these categories of social security payments becomes due to you because of your partner’s death. Category of social security payment Age pension Carer payment Disability support pension Special needs age pension Special needs disability support pension Special needs wife pension (2) The total of the following are exempt up to the * tax ‑ free amount: (a) the lump sum payment; (b) all other payments that become due to you under the Social Security Act 1991 during the bereavement lump sum period. (3) This is how to work out the tax ‑ free amount : Method statement Step 1. Work out the payments under the Social Security Act 1991 that would have become due to you during the bereavement lump sum period if: (a) your partner had not died; and (b) your partner had been under * pension age; and (c) immediately before your partner died, you and your partner had been neither an illness separated couple nor a respite care couple. Step 2. Work out how much of those payments would have been exempt in those circumstances. Step 3. Work out the payments under the Social Security Act 1991 or Part III of the Veterans’ Entitlements Act 1986 that would have become due to your partner during the bereavement lump sum period if: (a) your partner had not died; and (b) immediately before your partner died, you and your partner were neither an illness separated couple nor a respite care couple; even if the payments would not have been exempt. Step 4. Total the payments worked out at Steps 2 and 3: the result is the tax ‑ free amount . Example: You are receiving a disability support pension of $300 a fortnight and a pharmaceutical allowance of $5 a fortnight. You are over pension age. Your partner is receiving a jobseeker payment of $250 a fortnight and rent assistance of $75 a fortnight. Your partner dies. Seven instalments are due to you during the bereavement lump sum period. You work out the tax ‑ free amount as follows: Step 1: The instalments that would have become due to you during the bereavement lump sum period are: The total for the period is $2,135. Step 2: The exempt component of each instalment is $5. The total for the 7 instalments is $35. Step 3: The instalments that would have become due to your partner during the same period are: The total for the period is $2,275. Step 4: The tax ‑ free amount is:", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 107 of 2020", "Amending_Acts": "No 121 of 1997 | No 197 of 1997 | No 132 of 1998 | No 13 of 1999 | No 97 of 2008 | No 60 of 2009 | No 26 of 2018 | No 94 of 2019 | No 107 of 2020", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 197 of 1997, effective Sch 1 (items 338–343): 20 Mar 1998 (s 2(2)) Sch 1 (items 369–381): 1 July 1998 (s 2(2)) | Amended by No 132 of 1998, effective Sch 5 (items 2–9): 1 July 1999 (s 2(1)) | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 60 of 2009, effective Schedule 4 (items 35–40): 20 Sept 2009 | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2) | Amended by No 107 of 2020, effective Sch 3 (items 2–9): 27 Nov 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-30", "Provision_Key": "s52-30", "Heading": "Tax ‑ free amount of certain other bereavement lump sum payments", "Text": "(1) This section applies if a lump sum of any of these categories of social security payments becomes due to you because of your partner’s death. Category of social security payment Austudy payment Jobseeker payment Parenting payment (benefit PP (partnered)) Special benefit Youth allowance Note: A reference in this table to jobseeker payment or youth allowance includes a reference to farm household allowance under the Farm Household Support Act 2014 (see Part 5 of that Act). (2) The total of the following are exempt up to the * tax ‑ free amount: (a) the lump sum payment; (b) all other payments that become due to you under the Social Security Act 1991 during the bereavement lump sum period. (3) This is how to work out the tax ‑ free amount : Method statement Step 1. Work out the payments under the Social Security Act 1991 that would have become due to you during the bereavement lump sum period if: (a) your partner had not died; and (b) your partner had been under * pension age; and (c) immediately before your partner died, you and your partner had been neither an illness separated couple nor a respite care couple. Step 2. Work out how much of those payments would have been exempt in those circumstances. Step 3. Work out the payments under the Social Security Act 1991 that would have become due to your partner during the bereavement lump sum period if your partner had not died, even if the payments would not have been exempt. Step 4. Total the payments worked out at Steps 2 and 3: the result is the tax ‑ free amount .", "Amendment_Count": 8, "First_Amended": "No 121 of 1997", "Last_Amended": "No 107 of 2020", "Amending_Acts": "No 121 of 1997 | No 197 of 1997 | No 45 of 1998 | No 132 of 1998 | No 13 of 2014 | No 26 of 2018 | No 94 of 2019 | No 107 of 2020", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 197 of 1997, effective Sch 1 (items 338–343): 20 Mar 1998 (s 2(2)) Sch 1 (items 369–381): 1 July 1998 (s 2(2)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 132 of 1998, effective Sch 5 (items 2–9): 1 July 1999 (s 2(1)) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2) | Amended by No 107 of 2020, effective Sch 3 (items 2–9): 27 Nov 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-35", "Provision_Key": "s52-35", "Heading": "Tax ‑ free amount of a lump sum payment made because of the death of a person you are caring for", "Text": "(1) This section applies if a lump sum payment becomes due to you under section 236A of the Social Security Act 1991 because of the death of the care receiver or any of the care receivers. (2) The total of the following are exempt up to the * tax ‑ free amount: (a) the lump sum payment; (b) all other payments that become due to you under the Social Security Act 1991 during the bereavement lump sum period. (3) This is how to work out the tax ‑ free amount : Method statement Step 1. Work out the payments under the Social Security Act 1991 that would have become due to you during the bereavement lump sum period if: (a) the care receiver had not died; and (b) the care receiver had been under * pension age. Step 2. Work out how much of those payments would have been exempt in those circumstances. Step 3. Work out the payments under the Social Security Act 1991 that would have become due to the care receiver during the bereavement lump sum period if the care receiver had not died, even if the payments would not have been exempt. Step 4. Total the payments worked out at Steps 2 and 3: the result is the tax ‑ free amount .", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 121 of 1997 | No 132 of 1998 | No 13 of 1999 | No 94 of 2019", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 132 of 1998, effective Sch 5 (items 2–9): 1 July 1999 (s 2(1)) | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-40", "Provision_Key": "s52-40", "Heading": "Provisions of the Social Security Act 1991 under which payments are made", "Text": "This table lists the provisions of the Social Security Act 1991 under which social security payments are made that are wholly or partly exempt from income tax under this Subdivision. Provisions under which social security payments are made Item Category of social security payment Ordinary payment Payment made because of a person’s death (unless covered by next column) Lump sum payment made because of your partner’s death 1A 2020 economic support payment Part 2.6B Not applicable Not applicable 1AA 2022 cost of living payment Part 2.6D Not applicable Not applicable 1B Additional economic support payment 2020 or additional economic support payment 2021 Part 2.6C Not applicable Not applicable 1 Advance pharmaceutical supplement Part 2.23 Not applicable Not applicable 2 Age pension Part 2.2 Sections 83, 86 and 91 Section 84 2AA Australian Government Disaster Recovery Payment Part 2.24 Not applicable Not applicable 2AB Australian Victim of Terrorism Overseas Payment Part 2.24AA Not applicable Not applicable 2A Austudy payment Part 2.11A Section 592A Section 592B 3A Carer allowance Part 2.19 Sections 992K and 992M Not applicable 4 Carer payment Part 2.5 Sections 236A, 238, 241 and 246 Section 239 4A Clean energy payment Part 2.18A Not applicable Not applicable 5 Crisis payment Part 2.23A Not applicable Not applicable 6 Disability support pension Part 2.3 Sections 146G, 146K and 146Q Section 146H 9 Double orphan pension Part 2.20 Sections 1034 and 1034A Not applicable 13A Fares allowance Part 2.26 Not applicable Not applicable 14 Jobseeker payment Part 2.12 Section 660LB Sections 660LC and 660LH 18 Mobility allowance Part 2.21 Not applicable Not applicable 20 One ‑ off energy assistance payment Part 2.6 or 2.6A Not applicable Not applicable 21A Parenting payment (benefit PP (partnered)) Part 2.10 Sections 513A and 514B Section 514C 21C Parenting payment (pension PP (single)) Part 2.10 Section 513 Not applicable 22A Pensioner education supplement Part 2.24A Not applicable Not applicable 22B Energy supplement Part 2.25B Not applicable Not applicable 22C Quarterly pension supplement Part 2.25C Not applicable Not applicable 25 Special benefit Part 2.15 Section 768B Section 768C 26 Special needs age pension Section 772 Sections 823, 826 and 830 Section 824 27 Special needs disability support pension Section 773 Sections 823, 826 and 830 Section 824 30 Special needs wife pension Section 774 Sections 823, 826 and 830 Section 824 31 Telephone allowance Part 2.25 Not applicable Not applicable 31A Utilities allowance Part 2.25A Not applicable Not applicable 35 Youth allowance Part 2.11 Section 567A Sections 567B and 567FA", "Amendment_Count": 26, "First_Amended": "No 121 of 1997", "Last_Amended": "No 14 of 2022", "Amending_Acts": "No 121 of 1997 | No 197 of 1997 | No 202 of 1997 | No 45 of 1998 | No 93 of 1998 | No 13 of 1999 | No 83 of 1999 | No 152 of 1999 | No 35 of 2003 | No 132 of 2004 | No 82 of 2006 | No 64 of 2008 | No 97 of 2008 | No 60 of 2009 | No 141 of 2011 | No 106 of 2012 | No 35 of 2014 | No 91 of 2015 | No 55 of 2016 | No 46 of 2017 | No 26 of 2018 | No 28 of 2019 | No 22 of 2020 | No 97 of 2020 | No 107 of 2020 | No 14 of 2022", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 197 of 1997, effective Sch 1 (items 338–343): 20 Mar 1998 (s 2(2)) Sch 1 (items 369–381): 1 July 1998 (s 2(2)) | Amended by No 202 of 1997, effective Sch 1 (items 44, 45): 1 Jan 1998 (s 2(3)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 93 of 1998, effective Sch 7 (items 40–45): 1 Apr 1998 (s 2(9)) | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 152 of 1999, effective Sch 4 (items 17–19): 11 Nov 1999 (s 2(4)) | Amended by No 35 of 2003, effective Schedules 1, 1A, 2, 4, 5 and 6: 20 Sept 2003 Schedule 3: 22 May 2003 Remainder: Royal Assent | Amended by No 132 of 2004, effective Schedule 1 (items 1, 2, 17, 18) and Schedule 2 (items 1, 2, 13–15, 24): 1 Dec 2004 | Amended by No 82 of 2006, effective Schedule 4 (items 6–9): 1 Dec 2006 | Amended by No 64 of 2008, effective 1 July 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 60 of 2009, effective Schedule 4 (items 35–40): 20 Sept 2009 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 106 of 2012, effective Schedule 1 (items 17, 18): 22 Jan 2013 (s 2(1) item 2) | Amended by No 35 of 2014, effective Sch 1 (items 9–12): 1 July 2014 (s 2) | Amended by No 91 of 2015, effective Sch 1 (items 49–53, 56): 20 June 2015 (s 2(1) item 2) | Amended by No 55 of 2016, effective Sch 3 (items 16–19): 1 July 2017 (s 2(1) item 4) Sch 4 (items 9–13): 1 Jan 2017 (s 2(1) item 5) Sch 22 and Sch 23 (items 2, 3, 22–24): 1 Oct 2016 (s 2(1) item 25) | Amended by No 46 of 2017, effective Sch 1 (items 10–16): 19 June 2017 (s 2(1) item 2) | Amended by No 26 of 2018, effective Sch 1 (items 14–23, 342–354), Sch 2 (items 3–6, 82–93), Sch 3 (items 5–8, 98–111) and Sch 4 (items 1–7, 105–110): 20 Mar 2020 (s 2(1) items 2, 4–6) Sch 5 (items 32–39, 139–148): 20 Sept 2020 (s 2(1) item 8) Sch 6 (items 6–8, 63–72) and Sch 7 (items 2–6, 68–77): 1 Jan 2022 (s 2(1) items 10, 11) | Amended by No 28 of 2019, effective Sch 1 (items 10–13): 6 Apr 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 97 of 2020, effective Sch 1 (items 28–36): 14 Nov 2020 (s 2(1) item 2) | Amended by No 107 of 2020, effective Sch 3 (items 2–9): 27 Nov 2020 (s 2(1) item 3) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-60", "Provision_Key": "s52-60", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: (a) the payments under the Veterans’ Entitlements Act 1986 that are wholly or partly exempt from income tax; and (b) any special circumstances, conditions or exceptions that apply to a payment in order for it to be exempt; and (c) how to work out how much of a payment is exempt. Table of sections Operative provisions 52 ‑ 65 How much of a veterans’ affairs payment is exempt? 52 ‑ 70 Supplementary amounts of payments 52 ‑ 75 Provisions of the Veterans’ Entitlements Act 1986 under which payments are made", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2003", "Amending_Acts": "No 121 of 1997 | No 101 of 2003", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-65", "Provision_Key": "s52-65", "Heading": "How much of a veterans’ affairs payment is exempt?", "Text": "(1) The table in this section tells you about the income tax treatment of veterans’ affairs payments, other than: (a) payments of pension bonus or pension bonus bereavement payment; or (b) clean energy payments; or (c) one ‑ off energy assistance payments under the Veterans’ Entitlements Act 1986 ; or (d) first 2020 economic support payments under the Veterans’ Entitlements Act 1986 ; or (da) second 2020 economic support payments under the Veterans’ Entitlements Act 1986 ; or (db) payments of additional economic support payment 2020 under the Veterans’ Entitlements Act 1986 ; or (dc) payments of additional economic support payment 2021 under the Veterans’ Entitlements Act 1986 ; or (f) a 2022 cost of living payment under the Veterans’ Entitlements Act 1986 . Note: Section 52 ‑ 75 sets out the provisions of the Veterans’ Entitlements Act 1986 under which the payments are made. (1A) Payments of pension bonus and pension bonus bereavement payment under Part IIIAB of the Veterans’ Entitlements Act 1986 are exempt from income tax. (1E) A lump sum payment under section 198N of the Veterans’ Entitlements Act 1986 is exempt from income tax. (1G) Clean energy payments under the Veterans’ Entitlements Act 1986 are exempt from income tax. (1GA) One ‑ off energy assistance payments under Part IIIF of the Veterans’ Entitlements Act 1986 are exempt from income tax. (1H) One ‑ off energy assistance payments under Part IIIG of the Veterans’ Entitlements Act 1986 are exempt from income tax. (1J) The following payments are exempt from income tax: (a) first 2020 economic support payments under Division 1 of Part IIIH of the Veterans’ Entitlements Act 1986 ; (b) second 2020 economic support payments under Division 2 of Part IIIH of the Veterans’ Entitlements Act 1986 . (1K) The following payments are exempt from income tax: (a) additional economic support payment 2020 under Division 1 of Part IIIJ of the Veterans’ Entitlements Act 1986 ; (b) additional economic support payment 2021 under Division 2 of Part IIIJ of the Veterans’ Entitlements Act 1986 . (1L) 2022 cost of living payment under Division 1 of Part IIIK of the Veterans’ Entitlements Act 1986 is exempt from income tax. (2) Expressions (except “pension age”) used in this Subdivision that are also used in the Veterans’ Entitlements Act 1986 have the same meaning as in that Act. Note: Pension age has the meaning given by subsection 23(1) of the Social Security Act 1991 : see subsection 995 ‑ 1(1). (4) Ordinary payment means a payment other than a payment made because of a person’s death. Income tax treatment of veterans’ affairs payments Item Category of veterans’ affairs payment Ordinary payment Payment made because of a person’s death 1.1 Age service pension Supplementary amount is exempt (see section 52 ‑ 70) Exempt 2.1 Attendant allowance Exempt Not applicable 3.1 Carer service pension : unless covered by item 3.2 or 3.3 Supplementary amount is exempt (see section 52 ‑ 70) Exempt 3.2 Carer service pension : both you and your partner are under pension age and your partner is receiving an invalidity service pension Exempt Exempt 3.3 Carer service pension : you are under pension age, your partner has died and was receiving an invalidity service pension at death Exempt Exempt 4.1 Clothing allowance Exempt Not applicable 6.1 Income support supplement : unless covered by item 6.2, 6.3, 6.4 or 6.5 Supplementary amount is exempt (see section 52 ‑ 70) Exempt 6.2 Income support supplement : you are under pension age and receiving the supplement on the grounds of permanent incapacity Exempt Exempt 6.3 Income support supplement : both you and the severely handicapped person you are caring for are under pension age and you are receiving the supplement for providing constant care for that person Exempt Exempt 6.4 Income support supplement : both you and your partner are under pension age and your partner is an invalidity service pensioner or a disability support pensioner Exempt Exempt 6.5 Income support supplement : both you and your partner are under pension age and your partner is receiving the supplement on the grounds of permanent incapacity Exempt Exempt 7.1 Invalidity service pension : you are pension age or over Supplementary amount is exempt (see section 52 ‑ 70) Exempt 7.2 Invalidity service pension : you are under pension age Exempt Exempt 8.1 Loss of earnings allowance Exempt Not applicable 9.1 Partner service pension : unless covered by item 9.2 or 9.3 Supplementary amount is exempt (see section 52 ‑ 70) Exempt 9.2 Partner service pension : both you and your partner are under pension age and your partner is receiving an invalidity service pension Exempt Exempt 9.3 Partner service pension : you are under pension age, your partner has died and was receiving an invalidity service pension at death Exempt Exempt 10.1 Pension for defence ‑ caused death or incapacity Exempt Not applicable 11.1 Pension for war ‑ caused death or incapacity Exempt Not applicable 12.1 Quarterly pension supplement Exempt Not applicable 13.1 Recreation transport allowance Exempt Not applicable 14.1 Section 98A Bereavement payment Not applicable Exempt 14.2 Section 98AA Bereavement payment Not applicable Exempt 16A.1 Energy supplement under Part VIIAD of the Veterans’ Entitlements Act 1986 Exempt Not applicable 17.1 Special assistance Exempt Not applicable 21.1 Vehicle Assistance Scheme Exempt Not applicable 21AA.1 Veteran payment Supplementary amount is exempt (see section 52 ‑ 70) Exempt 21A.1 Veterans supplement Exempt Not applicable", "Amendment_Count": 32, "First_Amended": "No 121 of 1997", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 121 of 1997 | No 67 of 1998 | No 100 of 2004 | No 132 of 2004 | No 41 of 2006 | No 66 of 2007 | No 89 of 2007 | No 183 of 2007 | No 19 of 2008 | No 48 of 2008 | No 97 of 2008 | No 131 of 2008 | No 80 of 2009 | No 81 of 2009 | No 95 of 2011 | No 141 of 2011 | No 12 of 2012 | No 50 of 2012 | No 58 of 2012 | No 5 of 2013 | No 96 of 2014 | No 91 of 2015 | No 46 of 2017 | No 128 of 2017 | No 17 of 2018 | No 28 of 2019 | No 94 of 2019 | No 22 of 2020 | No 97 of 2020 | No 142 of 2021 | No 14 of 2022 | No 17 of 2025", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 67 of 1998, effective 30 June 1998 | Amended by No 100 of 2004, effective Schedule 2 (items 32–35): 20 Sept 2004 | Amended by No 132 of 2004, effective Schedule 1 (items 1, 2, 17, 18) and Schedule 2 (items 1, 2, 13–15, 24): 1 Dec 2004 | Amended by No 41 of 2006, effective 22 May 2006 | Amended by No 66 of 2007, effective Schedule 1 (items 17–26) and Schedule 3 (items 13–16): Royal Assent | Amended by No 89 of 2007, effective Schedule 5: 1 July 2007 | Amended by No 183 of 2007, effective 1 Jan 2008 | Amended by No 19 of 2008, effective Schedule 1 (items 17–25) and Schedule 3 (items 14–32): Royal Assent | Amended by No 48 of 2008, effective Schedule 3 (items 1, 2, 16(1)): 1 July 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 131 of 2008, effective Schedule 5 (items 3–12): Royal Assent | Amended by No 80 of 2009, effective Schedule 1 (items 13, 14): 11 Sept 2009 | Amended by No 81 of 2009, effective Schedule 4 (items 54–67, 209(3), 210(3), 211(3), 212(2), 214(4), 215(1)): 20 Sept 2009 | Amended by No 95 of 2011, effective Schedule 1 (items 8–10) and Schedule 3 (items 1, 2, 15(1)): 20 Sept 2011 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 50 of 2012, effective Schedule 3: 27 May 2012 | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 5 of 2013, effective Sch 1 (items 14–20): 5 Mar 2013 (s 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 91 of 2015, effective Sch 1 (items 49–53, 56): 20 June 2015 (s 2(1) item 2) | Amended by No 46 of 2017, effective Sch 1 (items 10–16): 19 June 2017 (s 2(1) item 2) | Amended by No 128 of 2017, effective Sch 8 (items 11–15, 19, 26, 27): 1 Dec 2017 (s 2(1) item 10) | Amended by No 17 of 2018, effective Sch 2 (items 47, 48): 1 May 2018 (s 2(1) item 3) | Amended by No 28 of 2019, effective Sch 1 (items 10–13): 6 Apr 2019 (s 2(1) item 1) | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 97 of 2020, effective Sch 1 (items 28–36): 14 Nov 2020 (s 2(1) item 2) | Amended by No 142 of 2021, effective Sch 1 (items 15–20): 1 Jan 2022 (s 2(1) item 2) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 17 of 2025, effective sch 8 (items 38 ‑ 52): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-70", "Provision_Key": "s52-70", "Heading": "Supplementary amounts of payments", "Text": "The supplementary amount of a veterans’ affairs payment is the total of: (a) so much of the payment as is included by way of rent assistance; and (b) so much of the payment as is included by way of an additional amount for each of your dependent * children; and (c) so much of the payment as is included by way of remote area allowance; and (d) so much of the payment as is equal to the tax ‑ exempt pension supplement for the payment; and (e) so much of the payment as is included by way of energy supplement.", "Amendment_Count": 7, "First_Amended": "No 121 of 1997", "Last_Amended": "No 122 of 2014", "Amending_Acts": "No 121 of 1997 | No 45 of 1998 | No 14 of 2009 | No 60 of 2009 | No 81 of 2009 | No 141 of 2011 | No 122 of 2014", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 45 of 1998, effective Sch 12 (items 25–46): 1 July 1998 (s 2(1)) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 60 of 2009, effective Schedule 4 (items 35–40): 20 Sept 2009 | Amended by No 81 of 2009, effective Schedule 4 (items 54–67, 209(3), 210(3), 211(3), 212(2), 214(4), 215(1)): 20 Sept 2009 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 122 of 2014, effective Sch 1 (items 289–294): 20 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-75", "Provision_Key": "s52-75", "Heading": "Provisions of the Veterans’ Entitlements Act 1986 under which payments are made", "Text": "This table lists the provisions of the Veterans’ Entitlements Act 1986 under which veterans’ affairs payments are made that are wholly or partly exempt from income tax under this Subdivision. Provisions under which veterans’ affairs payments are made Item Category of veterans’ affairs payment Ordinary payment Payment made because of a person’s death 1A 2020 economic support payment Part IIIH Not applicable 1AA 2022 cost of living payment Part IIIK Not applicable 1B Additional economic support payment 2020 or additional economic support payment 2021 Part IIIJ Not applicable 1 Age service pension Division 3 of Part III Division 12A of Part IIIB 2 Attendant allowance Section 98 Not applicable 3 Carer service pension Division 6 of Part III Division 12A of Part IIIB 3A Clean energy payment Part IIIE Not applicable 4 Clothing allowance Section 97 Not applicable 6 Income support supplement Part IIIA Division 12A of Part IIIB 7 Invalidity service pension Division 4 of Part III Division 12A of Part IIIB 8 Loss of earnings allowance Section 108 Not applicable 8A One ‑ off energy assistance payment Part IIIF or IIIG Not applicable 9 Partner service pension Division 5 of Part III Division 12A of Part IIIB 10 Pension for defence ‑ caused death or incapacity Part IV Not applicable 11 Pension for war ‑ caused death or incapacity Part II Not applicable 12 Quarterly pension supplement Part IIID Not applicable 13 Recreation transport allowance Section 104 Not applicable 14 Section 98A Bereavement payment Not applicable Section 98A 14A Section 98AA Bereavement payment Not applicable Section 98AA 16A Energy supplement Part VIIAD Not applicable 17 Special assistance Section 106 Not applicable 21 Vehicle Assistance Scheme Section 105 Not applicable 21AA Veteran payment Section 45SB Section 45SB 21A Veterans supplement Part VIIA Not applicable", "Amendment_Count": 28, "First_Amended": "No 121 of 1997", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 121 of 1997 | No 101 of 2003 | No 100 of 2004 | No 132 of 2004 | No 41 of 2006 | No 66 of 2007 | No 19 of 2008 | No 48 of 2008 | No 97 of 2008 | No 131 of 2008 | No 81 of 2009 | No 95 of 2011 | No 141 of 2011 | No 12 of 2012 | No 50 of 2012 | No 58 of 2012 | No 5 of 2013 | No 96 of 2014 | No 91 of 2015 | No 46 of 2017 | No 128 of 2017 | No 17 of 2018 | No 28 of 2019 | No 22 of 2020 | No 97 of 2020 | No 142 of 2021 | No 14 of 2022 | No 17 of 2025", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 100 of 2004, effective Schedule 2 (items 32–35): 20 Sept 2004 | Amended by No 132 of 2004, effective Schedule 1 (items 1, 2, 17, 18) and Schedule 2 (items 1, 2, 13–15, 24): 1 Dec 2004 | Amended by No 41 of 2006, effective 22 May 2006 | Amended by No 66 of 2007, effective Schedule 1 (items 17–26) and Schedule 3 (items 13–16): Royal Assent | Amended by No 19 of 2008, effective Schedule 1 (items 17–25) and Schedule 3 (items 14–32): Royal Assent | Amended by No 48 of 2008, effective Schedule 3 (items 1, 2, 16(1)): 1 July 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 131 of 2008, effective Schedule 5 (items 3–12): Royal Assent | Amended by No 81 of 2009, effective Schedule 4 (items 54–67, 209(3), 210(3), 211(3), 212(2), 214(4), 215(1)): 20 Sept 2009 | Amended by No 95 of 2011, effective Schedule 1 (items 8–10) and Schedule 3 (items 1, 2, 15(1)): 20 Sept 2011 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 50 of 2012, effective Schedule 3: 27 May 2012 | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 5 of 2013, effective Sch 1 (items 14–20): 5 Mar 2013 (s 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 91 of 2015, effective Sch 1 (items 49–53, 56): 20 June 2015 (s 2(1) item 2) | Amended by No 46 of 2017, effective Sch 1 (items 10–16): 19 June 2017 (s 2(1) item 2) | Amended by No 128 of 2017, effective Sch 8 (items 11–15, 19, 26, 27): 1 Dec 2017 (s 2(1) item 10) | Amended by No 17 of 2018, effective Sch 2 (items 47, 48): 1 May 2018 (s 2(1) item 3) | Amended by No 28 of 2019, effective Sch 1 (items 10–13): 6 Apr 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 97 of 2020, effective Sch 1 (items 28–36): 14 Nov 2020 (s 2(1) item 2) | Amended by No 142 of 2021, effective Sch 1 (items 15–20): 1 Jan 2022 (s 2(1) item 2) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9) | Amended by No 17 of 2025, effective sch 8 (items 38 ‑ 52): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-100", "Provision_Key": "s52-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: (a) the payments made because of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 that are wholly or partly exempt from income tax; and (b) any special circumstances, conditions or exceptions that apply to a payment in order for it to be exempt; and (c) how to work out how much of a payment is exempt. Table of sections Operative provisions 52 ‑ 105 Supplementary amount of a payment made under the Repatriation Act 1920 is exempt 52 ‑ 110 Other exempt payments", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-105", "Provision_Key": "s52-105", "Heading": "Supplementary amount of a payment made under the Repatriation Act 1920 is exempt", "Text": "(1) The * supplementary amount of a payment made to you is exempt from income tax if: (a) you are a * parent of a * member of the Forces who has died (but you are neither a widow nor a woman divorced or deserted by her husband) and you are of * pension age or over; or (b) you are the mother of a * member of the Forces who has died and you are also a widow, or divorced or deserted by your husband; and the payment is covered by subsection (2). (2) The payment must be made in circumstances that are a prescribed case under: (a) Table A in Schedule 3 to the Repatriation Act 1920 ; or (b) that Table as applying because of the Repatriation (Far East Strategic Reserve) Act 1956 ; or (c) that Table as applying because of the Repatriation (Special Overseas Service) Act 1962 ; or (d) that Table as applying because of the Interim Forces Benefits Act 1947 ; as in force because of subsection 4(6) of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 . (3) The supplementary amount is the total of: (a) so much of the payment as is included by way of rental assistance; and (b) so much of the payment as is included by way of an additional amount for each of your dependent * children; and (c) so much of the payment as is included by way of remote area allowance. (4) Member of the Forces has the same meaning as in the Act referred to in the relevant paragraph of subsection (2). (5) Expressions (except pension age ) used in this Subdivision that are also used in the Veterans’ Entitlements Act 1986 have the same meaning as in that Act. Note: Pension age has the meaning given by subsection 23(1) of the Social Security Act 1991 : see subsection 995 ‑ 1(1).", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 121 of 1997 | No 144 of 2008 | No 14 of 2009 | No 94 of 2019", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-110", "Provision_Key": "s52-110", "Heading": "Other exempt payments", "Text": "Payments (except those covered by section 52 ‑ 105) made because of subsection 4(6) of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-112", "Provision_Key": "s52-112", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: (a) the payments under the Military Rehabilitation and Compensation Act 2004 that are wholly or partly exempt from income tax; and (b) any special circumstances, conditions or exceptions that apply to a payment in order for it to be exempt; and (c) how to work out how much of a payment is exempt. Table of sections Operative provisions 52 ‑ 114 How much of a payment under the Military Rehabilitation and Compensation Act is exempt?", "Amendment_Count": 1, "First_Amended": "No 52 of 2004", "Last_Amended": "No 52 of 2004", "Amending_Acts": "No 52 of 2004", "History_Notes": "Inserted by No 52 of 2004, effective Schedule 4 (items 10–13, 14(2), (3), 15): 1 July 2004 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-112"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-114", "Provision_Key": "s52-114", "Heading": "How much of a payment under the Military Rehabilitation and Compensation Act is exempt?", "Text": "(1) The table in this section tells you about the income tax treatment of payments under the Military Rehabilitation and Compensation Act 2004 . References in the table to provisions are to provisions of that Act. (2) Expressions used in this Subdivision that are also used in the Military Rehabilitation and Compensation Act 2004 have the same meanings as in that Act. (3) Ordinary payment means a payment other than a payment made because of a person’s death. Income tax treatment of Military Rehabilitation and Compensation Act payments Item Category of payment and provision under which it is paid Ordinary payment Payment because of a person’s death 1 Alterations to aids and appliances relating to rehabilitation (section 57) Exempt Not applicable 2 Compensation for journey and accommodation costs (sections 47, 290, 291, 291A and 297 and subsection 328(4)) Exempt Not applicable 3 Compensation for permanent impairment (sections 68, 71, 75 and 80) Exempt Exempt 4 Compensation for financial advice or legal advice (sections 81, 205 and 239) Exempt Not applicable 5 Compensation for incapacity for Permanent Forces member or continuous full ‑ time Reservist (section 85) See section 51 ‑ 32 Exempt 6 Compensation for incapacity for part ‑ time Reservists (section 86) See section 51 ‑ 33 Exempt 7 Compensation by way of Special Rate Disability Pension (section 200) Exempt Not applicable 8 Compensation under the Motor Vehicle Compensation Scheme (section 212) Exempt Not applicable 9 Compensation for household services and attendant care services (sections 214 and 217) Exempt Not applicable 9A Additional Disablement Amount (section 220A) Exempt Not applicable 10 MRCA supplement (sections 221, 245 and 300) Exempt Not applicable 11 Compensation for loss or damage to medical aids (section 226) Exempt Not applicable 11A Victoria Cross allowance (section 230A) Exempt Not applicable 11B Decoration allowance (section 230C) Exempt Not applicable 12 Compensation for a wholly dependent partner for a member’s death (section 233) Not applicable Exempt 13 Continuing permanent impairment and incapacity etc. compensation for a wholly dependent partner (subparagraphs 242(1)(a)(i), (iii) and (iv)) Not applicable Exempt 14 Compensation for eligible young persons who were dependent on deceased member (section 253) Not applicable Exempt 15 Continuing permanent impairment and incapacity etc. compensation for eligible young persons (subparagraphs 255(1)(c)(i), (iii) and (iv)) Not applicable Exempt 16 Education and training, or a payment, under the education scheme for certain eligible young persons (section 258) Exempt if: (a) provided for or made to a person under 16; or (b) a clean energy payment Exempt 17 Compensation for other persons who were dependent on deceased member (section 262) Not applicable Exempt 18 Compensation for cost of a funeral (sections 266, 268AA, 268AB and 268AC) Not applicable Exempt 18A Compensation relating to prisoners of war (sections 268AJ and 268AM) Exempt Not applicable 19 Compensation for treatment costs (sections 288A, 288B and 288C) Exempt Not applicable 21 Special assistance (section 424) Exempt Exempt 22 Clean energy payment (sections 83A, 209A, 220D and 238A) Exempt Not applicable Note: The supplementary amount of a payment covered by item 16 of the table made to a person aged 16 or over is also exempt from income tax (see section 52 ‑ 140).", "Amendment_Count": 10, "First_Amended": "No 52 of 2004", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 52 of 2004 | No 81 of 2009 | No 141 of 2011 | No 58 of 2012 | No 5 of 2013 | No 99 of 2013 | No 96 of 2014 | No 128 of 2017 | No 122 of 2019 | No 17 of 2025", "History_Notes": "Inserted by No 52 of 2004, effective Schedule 4 (items 10–13, 14(2), (3), 15): 1 July 2004 ( see s. 2) | Amended by No 81 of 2009, effective Schedule 4 (items 54–67, 209(3), 210(3), 211(3), 212(2), 214(4), 215(1)): 20 Sept 2009 | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 5 of 2013, effective Sch 1 (items 14–20): 5 Mar 2013 (s 2) | Amended by No 99 of 2013, effective Sch 5 (item 48): 1 July 2013 (s 2(1) item 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 128 of 2017, effective Sch 8 (items 11–15, 19, 26, 27): 1 Dec 2017 (s 2(1) item 10) | Amended by No 122 of 2019, effective Sch 1 (items 25, 28–32): 12 Dec 2019 (s 2(1) item 1) | Amended by No 17 of 2025, effective sch 8 (items 38 ‑ 52): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-114"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-117", "Provision_Key": "s52-117", "Heading": "Payments of travelling expenses and pharmaceutical supplement are exempt", "Text": "(1) A payment made to you under Part 3 (travelling expenses) of the Australian Participants in British Nuclear Tests and British Commonwealth Occupation Force (Treatment) Act 2006 is exempt from income tax. (2) A payment of pharmaceutical supplement made to you under Part 3A of the Australian Participants in British Nuclear Tests and British Commonwealth Occupation Force (Treatment) Act 2006 is exempt from income tax.", "Amendment_Count": 2, "First_Amended": "No 136 of 2006", "Last_Amended": "No 59 of 2017", "Amending_Acts": "No 136 of 2006 | No 59 of 2017", "History_Notes": "Inserted by No 136 of 2006, effective Schedules 1 and 2: 1 Dec 2006 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 59 of 2017, effective Sch 1 (items 26–33): 1 July 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-117"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-120", "Provision_Key": "s52-120", "Heading": "Payments of travelling expenses and pharmaceutical supplement are exempt", "Text": "(1) A payment made to you under Part 3 (travelling expenses) of the Treatment Benefits (Special Access) Act 2019 is exempt from income tax. (2) A payment of pharmaceutical supplement made to you under Part 4 of the Treatment Benefits (Special Access) Act 2019 is exempt from income tax.", "Amendment_Count": 3, "First_Amended": "No 196 of 1997", "Last_Amended": "No 42 of 2019", "Amending_Acts": "No 196 of 1997 | No 83 of 1999 | No 42 of 2019", "History_Notes": "Inserted by No 196 of 1997, effective Sch 1 (items 19, 20): 9 Dec 1997 (s 2(5)) | Repealed by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Inserted by No 42 of 2019, effective Sch 1 (items 1, 2) and Sch 2 (items 9–11): 6 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-130", "Provision_Key": "s52-130", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: (a) the payments under the ABSTUDY scheme that are wholly or partly exempt from income tax; and (b) any special circumstances, conditions or exceptions that apply to a payment in order for it to be exempt; and (c) how to work out how much of a payment is exempt. Table of sections Operative provisions 52 ‑ 131 Payments under ABSTUDY scheme 52 ‑ 132 Supplementary amount of payment 52 ‑ 133 Tax ‑ free amount of ordinary payment on death of partner if no bereavement payment payable 52 ‑ 134 Tax ‑ free amount if you receive a bereavement lump sum payment", "Amendment_Count": 3, "First_Amended": "No 60 of 1999", "Last_Amended": "No 184 of 2007", "Amending_Acts": "No 60 of 1999 | No 66 of 2003 | No 184 of 2007", "History_Notes": "Inserted by No 60 of 1999, effective 9 July 1999 ( see s. 2) | Repealed by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Inserted by No 184 of 2007, effective Schedule 3: 1 Jan 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-131", "Provision_Key": "s52-131", "Heading": "Payments under ABSTUDY scheme", "Text": "(1) This section tells you about the income tax treatment of a payment under the ABSTUDY scheme made in respect of a period commencing at a time when you were at least 16 years old. Note: The whole of a payment made under the ABSTUDY scheme in respect of a period commencing at a time when you are under 16 years old may be exempt under section 51 ‑ 10. (2) The following payments made to you under the ABSTUDY scheme are exempt from income tax: (a) a crisis payment; (b) a clean energy payment; (c) a first 2020 economic support payment; (d) a second 2020 economic support payment; (e) a 2022 cost of living payment. (3) If: (a) an * ordinary payment becomes due to you; and (b) the payment is not covered by subsection (4) or (6); the * supplementary amount of the ordinary payment is exempt from income tax. Note: To work out the supplementary amount of the ordinary payment, see section 52 ‑ 132. (4) If: (a) your partner dies; and (b) you do not qualify for a payment under the ABSTUDY scheme in respect of that death; and (c) an * ordinary payment becomes due to you during the bereavement period; the * supplementary amount and the * tax ‑ free amount of the ordinary payment are exempt from income tax. Note 1: To work out the supplementary amount of the ordinary payment, see section 52 ‑ 132. Note 2: To work out the tax ‑ free amount of the ordinary payment, see section 52 ‑ 133. (5) If a payment becomes due to you under the ABSTUDY scheme because of a person’s death (except a lump sum payment because of your partner’s death), the payment is exempt from income tax. (6) If: (a) your partner dies; and (b) a lump sum payment under the ABSTUDY scheme becomes due to you because of your partner’s death; the total of the following are exempt from income tax up to the * tax free amount: (c) the lump sum payment; and (d) all other payments that become due to you under the ABSTUDY scheme during the bereavement lump sum period. Note: To work out the tax ‑ free amount, see section 52 ‑ 134. (7) ABSTUDY scheme means the scheme known as ABSTUDY. (8) Ordinary payment means a payment under the ABSTUDY scheme, other than: (a) a crisis payment; or (aa) a clean energy payment; or (ab) a first 2020 economic support payment; or (ac) a second 2020 economic support payment; or (ad) a 2022 cost of living payment; or (b) a payment made because of a person’s death. (9) The following expressions used in this Subdivision have the same meaning as in the ABSTUDY Policy Manual: (a) bereavement lump sum period; (b) bereavement period; (c) illness separated couple; (d) lump sum payment; (e) partner; (f) pension age; (g) respite care couple. Note: In 2009, the ABSTUDY Policy Manual was accessible through the website of the Department administered by the Student Assistance Minister.", "Amendment_Count": 7, "First_Amended": "No 184 of 2007", "Last_Amended": "No 14 of 2022", "Amending_Acts": "No 184 of 2007 | No 88 of 2009 | No 58 of 2012 | No 110 of 2014 | No 15 of 2017 | No 22 of 2020 | No 14 of 2022", "History_Notes": "Inserted by No 184 of 2007, effective Schedule 3: 1 Jan 2008 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-131"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-132", "Provision_Key": "s52-132", "Heading": "Supplementary amount of payment", "Text": "The * supplementary amount of a payment is the total of: (a) so much of the payment as is included to assist you with, or to reimburse you for, the costs of any one or more of the following: (i) rent; (ii) living in a remote area; (iii) commencing employment; (iv) travel to, or participation in, courses, interviews, education or training; (v) a child or children wholly or substantially dependent on you; (vi) telephone bills; (vii) living away from your usual residence; (viii) maintaining your usual residence while living away from that residence; (ix) accommodation, books or equipment; (xi) discharging a compulsory repayment amount (within the meaning of the Higher Education Support Act 2003 ); (xia) discharging a compulsory VETSL repayment amount (within the meaning of the VET Student Loans Act 2016 ); (xii) transport in travelling to undertake education or training, or to visit your usual residence when undertaking education or training away from that residence; (xiii) if you are disabled—acquiring any special equipment, services or transport as a result of the disability; (xiv) anything that would otherwise prevent you from beginning, continuing or completing any education or training; and (b) so much of the payment as is included by way of pharmaceutical allowance; and (c) so much of the payment as is included by way of energy supplement.", "Amendment_Count": 5, "First_Amended": "No 184 of 2007", "Last_Amended": "No 116 of 2018", "Amending_Acts": "No 184 of 2007 | No 56 of 2010 | No 58 of 2012 | No 122 of 2014 | No 116 of 2018", "History_Notes": "Inserted by No 184 of 2007, effective Schedule 3: 1 Jan 2008 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 122 of 2014, effective Sch 1 (items 289–294): 20 Sept 2014 (s 2(1) item 2) | Amended by No 116 of 2018, effective Sch 1 (items 27–32): 1 July 2019 (s 2(1) item 2B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-132"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-133", "Provision_Key": "s52-133", "Heading": "Tax ‑ free amount of ordinary payment on death of partner if no bereavement payment payable", "Text": "This is how to work out the tax ‑ free amount of an * ordinary payment for the purposes of subsection 52 ‑ 131(4): Method statement Step 1. Work out the * supplementary amount of the payment. Note: The supplementary amount is also exempt and is worked out under section 52 ‑ 132. Step 2. Subtract the * supplementary amount from the amount of the payment. Step 3. Work out what would have been the amount of the payment if your partner had not died. Step 4. Work out what would have been the * supplementary amount of the payment if your partner had not died. Step 5. Subtract the amount at Step 4 from the amount at Step 3. Step 6. Subtract the amount at Step 5 from the amount at Step 2: the result is the tax ‑ free amount .", "Amendment_Count": 1, "First_Amended": "No 184 of 2007", "Last_Amended": "No 184 of 2007", "Amending_Acts": "No 184 of 2007", "History_Notes": "Inserted by No 184 of 2007, effective Schedule 3: 1 Jan 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-133"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-134", "Provision_Key": "s52-134", "Heading": "Tax ‑ free amount if you receive a bereavement lump sum payment", "Text": "This is how to work out the tax ‑ free amount for the purposes of subsection 52 ‑ 131(6): Method statement Step 1. Work out the payments under the ABSTUDY scheme that would have become due to you during the bereavement lump sum period if: (a) your partner had not died; and (b) your partner had been under pension age; and (c) immediately before your partner died, you and your partner had been neither an illness separated couple nor a respite care couple. Step 2. Work out how much of those payments would have been exempt in those circumstances. Step 3. Work out the payments under the ABSTUDY scheme or the Social Security Act 1991 that would have become due to your partner during the bereavement lump sum period if your partner had not died, even if the payments would not have been exempt. Step 4. Total the payments worked out at Steps 2 and 3: the result is the tax ‑ free amount .", "Amendment_Count": 1, "First_Amended": "No 184 of 2007", "Last_Amended": "No 184 of 2007", "Amending_Acts": "No 184 of 2007", "History_Notes": "Inserted by No 184 of 2007, effective Schedule 3: 1 Jan 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-134"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-140", "Provision_Key": "s52-140", "Heading": "Supplementary amount of a Commonwealth education or training payment is exempt", "Text": "(1) This section tells you about the income tax treatment of a * Commonwealth education or training payment (other than a payment to or on behalf of a student under the scheme known as ABSTUDY). Note: The income tax treatment of payments under the scheme known as ABSTUDY is dealt with in Subdivision 52 ‑ E. (2) The * supplementary amount of the payment is exempt from income tax. (3) The supplementary amount is the total of: (a) so much of the payment as is included to assist you with, or to reimburse you for, the costs of any one or more of the following: (i) rent; (ii) living in a remote area; (iii) commencing employment; (iv) travel to, or participation in, courses, interviews, education or training; (v) a child or children wholly or substantially dependent on you; (vi) telephone bills; (vii) living away from your usual residence; (viii) maintaining your usual residence while living away from that residence; (ix) accommodation, books or equipment; (xa) discharging a compulsory repayment amount (within the meaning of the Higher Education Support Act 2003 ); (xb) discharging a compulsory VETSL repayment amount (within the meaning of the VET Student Loans Act 2016 ); (xi) transport in travelling to undertake education or training, or to visit your usual residence when undertaking education or training away from that residence; (xii) if you are disabled—acquiring any special equipment, services or transport as a result of the disability; (xiii) anything that would otherwise prevent you from beginning, continuing or completing any education or training; and (b) so much of the payment as is included by way of pharmaceutical allowance; and (c) so much of the payment as is included by way of energy supplement.", "Amendment_Count": 7, "First_Amended": "No 54 of 1999", "Last_Amended": "No 116 of 2018", "Amending_Acts": "No 54 of 1999 | No 150 of 2003 | No 184 of 2007 | No 56 of 2010 | No 58 of 2012 | No 122 of 2014 | No 116 of 2018", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 150 of 2003, effective Sch 2 (items 136–143): 1 Jan 2004 (s 2(1) item 16) | Amended by No 184 of 2007, effective Schedule 3: 1 Jan 2008 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 122 of 2014, effective Sch 1 (items 289–294): 20 Sept 2014 (s 2(1) item 2) | Amended by No 116 of 2018, effective Sch 1 (items 27–32): 1 July 2019 (s 2(1) item 2B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-145", "Provision_Key": "s52-145", "Heading": "Meaning of Commonwealth education or training payment", "Text": "(1) A Commonwealth education or training payment is a payment by the Commonwealth, or in connection with a payment by the Commonwealth, of an allowance or reimbursement: (a) to or on behalf of a participant in a * Commonwealth labour market program; or (b) to or on behalf of a student under: (i) the scheme known as ABSTUDY; or (ii) the scheme known as the Assistance for Isolated Children Scheme; or (iiia) the scheme under section 258 of the Military Rehabilitation and Compensation Act 2004 to provide education and training; or (iv) the scheme known as youth allowance; or (v) the scheme known as austudy payment; in respect of a period commencing at a time when the student was at least 16 years old. (2) A Commonwealth labour market program is a program administered by the Commonwealth under which: (a) unemployed persons are given training in skills to improve their employment prospects; or (b) unemployed persons are assisted in obtaining employment or to become self ‑ employed; or (c) employed persons are given training in skills and other assistance to aid them in continuing to be employed by their current employer or in obtaining other employment.", "Amendment_Count": 4, "First_Amended": "No 54 of 1999", "Last_Amended": "No 17 of 2025", "Amending_Acts": "No 54 of 1999 | No 52 of 2004 | No 17 of 2025", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 52 of 2004, effective Schedule 4 (items 10–13, 14(2), (3), 15): 1 July 2004 ( see s. 2) | Amended by No 17 of 2025, effective sch 8 (items 38 ‑ 52): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-150", "Provision_Key": "s52-150", "Heading": "Family assistance payments are exempt", "Text": "A payment of child care subsidy, additional child care subsidy, family tax benefit, stillborn baby payment, economic security strategy payment to families, back to school bonus, single income family bonus, clean energy advance, single income family supplement, ETR payment, first 2020 economic support payment, second 2020 economic support payment, additional economic support payment 2020 or additional economic support payment 2021 made to you under the A New Tax System (Family Assistance) (Administration) Act 1999 is exempt from income tax.", "Amendment_Count": 18, "First_Amended": "No 83 of 1999", "Last_Amended": "No 97 of 2020", "Amending_Acts": "No 83 of 1999 | No 59 of 2004 | No 60 of 2004 | No 82 of 2007 | No 113 of 2007 | No 97 of 2008 | No 131 of 2008 | No 4 of 2009 | No 50 of 2009 | No 141 of 2011 | No 12 of 2012 | No 49 of 2012 | No 50 of 2012 | No 70 of 2013 | No 96 of 2014 | No 22 of 2017 | No 22 of 2020 | No 97 of 2020", "History_Notes": "Inserted by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 59 of 2004, effective Schedule 2 (items 36–42): 1 July 2004 | Amended by No 60 of 2004, effective 26 May 2004 | Amended by No 82 of 2007, effective Schedule 6 (items 39, 40): 1 July 2007 | Amended by No 113 of 2007, effective Schedule 1 (items 20–22): 1 July 2007 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 131 of 2008, effective Schedule 5 (items 3–12): Royal Assent | Amended by No 4 of 2009, effective Schedule 4 and Schedule 5 (items 6–14): Royal Assent | Amended by No 50 of 2009, effective Schedule 1 (items 15, 40, 41): Royal Assent | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 49 of 2012, effective Schedule 1 (items 46, 47, 52) and Schedule 4 (items 10, 11): 1 July 2012 | Amended by No 50 of 2012, effective Schedule 3: 27 May 2012 | Amended by No 70 of 2013, effective Sch 2A (items 45–47, 67(9)): 1 Mar 2014 (s 2(1) item 9A) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 22 of 2017, effective Sch 2 (items 6–8): 2 July 2018 (s 2(1) item 2) Sch 4: 5 Apr 2017 (s 2(1) item 5) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 97 of 2020, effective Sch 1 (items 28–36): 14 Nov 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-160", "Provision_Key": "s52-160", "Heading": "Economic security strategy payments are exempt", "Text": "Payments under the scheme determined under Schedule 4 to the Social Security and Other Legislation Amendment (Economic Security Strategy) Act 2008 are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 131 of 2008", "Last_Amended": "No 131 of 2008", "Amending_Acts": "No 131 of 2008", "History_Notes": "Inserted by No 131 of 2008, effective Schedule 5 (items 3–12): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-162", "Provision_Key": "s52-162", "Heading": "ETR payments are exempt", "Text": "Payments under the scheme determined under Part 2 of Schedule 1 to the Family Assistance and Other Legislation Amendment (Schoolkids Bonus Budget Measures) Act 2012 are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 50 of 2012", "Last_Amended": "No 50 of 2012", "Amending_Acts": "No 50 of 2012", "History_Notes": "Inserted by No 50 of 2012, effective Schedule 3: 27 May 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-162"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-165", "Provision_Key": "s52-165", "Heading": "Household stimulus payments are exempt", "Text": "Payments under the scheme determined under Schedule 4 to the Household Stimulus Package Act (No. 2) 2009 are exempt from income tax.", "Amendment_Count": 2, "First_Amended": "No 4 of 2009", "Last_Amended": "No 25 of 2009", "Amending_Acts": "No 4 of 2009 | No 25 of 2009", "History_Notes": "Inserted by No 4 of 2009, effective Schedule 4 and Schedule 5 (items 6–14): Royal Assent | Amended by No 25 of 2009, effective Sch 1 (items 8–10): 18 Feb 2009 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-170", "Provision_Key": "s52-170", "Heading": "Outer Regional and Remote payments under the Helping Children with Autism package are exempt", "Text": "Payments known as Outer Regional and Remote payments under the Helping Children with Autism package are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Sch 3 and Sch 6 (item 5): 4 Dec 2009 (s 2(1) items 7, 11) Sch 4: 1 July 2010 (s 2(1) item 8) Sch 6 (item 6): never commenced (s 2(1) item 12) Sch 6 (item 7): 30 June 2016 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-172", "Provision_Key": "s52-172", "Heading": "Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt", "Text": "Payments known as Outer Regional and Remote payments under the Better Start for Children with Disability initiative are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 129 of 2011", "Last_Amended": "No 129 of 2011", "Amending_Acts": "No 129 of 2011", "History_Notes": "Inserted by No 129 of 2011, effective Sch 1 and Sch 3 (items 3–8): 3 Nov 2011 (s 2(1) items 2, 6) Sch 3 (items 1, 2): 22 Feb 2011 (s 2(1) item 5) Sch 3 (items 9, 10): 1 July 2013 (s 2(1) item 7) Sch 3 (items 11, 12): 1 July 2014 (s 2(1) item 8) Sch 3 (items 13, 14): 1 July 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-172"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-175", "Provision_Key": "s52-175", "Heading": "Continence aids payments are exempt", "Text": "Payments under the scheme known as the Continence Aids Payment Scheme are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 118 of 2009", "Last_Amended": "No 118 of 2009", "Amending_Acts": "No 118 of 2009", "History_Notes": "Inserted by No 118 of 2009, effective Sch 3 and Sch 6 (item 5): 4 Dec 2009 (s 2(1) items 7, 11) Sch 4: 1 July 2010 (s 2(1) item 8) Sch 6 (item 6): never commenced (s 2(1) item 12) Sch 6 (item 7): 30 June 2016 (s 2(1) item 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-180", "Provision_Key": "s52-180", "Heading": "National Disability Insurance Scheme amounts are exempt", "Text": "An * NDIS amount * derived by a participant (within the meaning of the National Disability Insurance Scheme Act 2013 ) is exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 44 of 2013", "Last_Amended": "No 44 of 2013", "Amending_Acts": "No 44 of 2013", "History_Notes": "Inserted by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 52-185", "Provision_Key": "s52-185", "Heading": "Acute support packages are exempt", "Text": "Payments under an instrument made under any of the following are exempt from income tax: (a) section 268B of the Military Rehabilitation and Compensation Act 2004 ; (b) section 41B of the Safety, Rehabilitation and Compensation (Defence ‑ related Claims) Act 1988 ; (c) section 115S of the Veterans’ Entitlements Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 40 of 2022", "Last_Amended": "No 40 of 2022", "Amending_Acts": "No 40 of 2022", "History_Notes": "Inserted by No 40 of 2022, effective sch 1 (items 25-27): 14 Oct 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s52-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 53-1", "Provision_Key": "s53-1", "Heading": "What this Division is about", "Text": "This Division tells you: (a) about various payments that are wholly or partly exempt from income tax; and (b) any special conditions that apply to a payment in order for it to be exempt; and (c) how to work out how much of a payment is exempt. Table of sections Operative provisions 53 ‑ 10 Exemption of various types of payments 53 ‑ 20 Exemption of similar Australian and United Kingdom veterans’ payments 53 ‑ 25 Coronavirus economic response payment 53 ‑ 30 Territories Stolen Generations Redress Scheme payments are exempt", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s53-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 53-10", "Provision_Key": "s53-10", "Heading": "Exemption of various types of payments", "Text": "This table tells you about the income tax treatment of various types of payments. Exemption of various payments Item This type of payment: ... made under: ... is exempt subject to these exceptions and special conditions: 1 Carer adjustment payment The power of the Commonwealth to make ex ‑ gratia payments None 2 Disability services payment Part III of the former Disability Services Act 1986 None 4C Tobacco industry exit grant The program known as the Tobacco Growers Adjustment Assistance Programme 2006 As a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of any agricultural * enterprise within 5 years after receiving the grant 5 Wounds and disability pension Not applicable The payment must be: (a) of a kind specified in section 641 of the Income Tax (Earnings and Pensions) Act 2003 of the United Kingdom; and (b) similar in nature to payments that are exempt under Division 52 or this Division", "Amendment_Count": 14, "First_Amended": "No 121 of 1997", "Last_Amended": "No 103 of 2023", "Amending_Acts": "No 121 of 1997 | No 179 of 1997 | No 102 of 1998 | No 13 of 1999 | No 144 of 2000 | No 20 of 2004 | No 38 of 2008 | No 97 of 2008 | No 141 of 2011 | No 12 of 2012 | No 58 of 2012 | No 13 of 2014 | No 109 of 2014 | No 103 of 2023", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1997, effective Sch 2 (items 12–26) and Sch 3 (item 4): 25 Nov 1997 (s 2) | Amended by No 102 of 1998, effective 30 July 1998 | Amended by No 13 of 1999, effective Sch 1 (items 122–125, 128): 1 July 1997 (s 2(3)) Sch 1 (items 129–133): 1 July 1998 (s 2(4)) Sch 1 (items 134–137) and Sch 2 (items 50–55, 63, 64(1), (3)): 1 July 1999 (s 2(2)(a), (b)) | Amended by No 144 of 2000, effective Sch 2 (items 7–19) and Sch 3 (items 7(3), 8): 18 Dec 2000 (s 2(2) and gaz 2000, No S634) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 141 of 2011, effective Schedule 10 (items 2–17): 14 May 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 103 of 2023, effective sch 2 (item 10): 1 Jan 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s53-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 53-20", "Provision_Key": "s53-20", "Heading": "Exemption of similar Australian and United Kingdom veterans’ payments", "Text": "The following payments made by the Government of Australia, or the Government of the United Kingdom, are exempt from income tax: (a) payments similar to payments under the Veterans’ Entitlements Act 1986 that are exempt under Subdivision 52 ‑ B; (b) payments similar to payments that are made because of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 and are exempt under Subdivision 52 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s53-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 53-25", "Provision_Key": "s53-25", "Heading": "Coronavirus economic response payment", "Text": "A payment is exempt from income tax if: (a) the payment is paid in accordance with rules made under the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 ; and (b) those rules state that the payment is exempt from income tax.", "Amendment_Count": 4, "First_Amended": "No 102 of 1998", "Last_Amended": "No 38 of 2020", "Amending_Acts": "No 102 of 1998 | No 144 of 2000 | No 97 of 2008 | No 38 of 2020", "History_Notes": "Inserted by No 102 of 1998, effective 30 July 1998 | Amended by No 144 of 2000, effective Sch 2 (items 7–19) and Sch 3 (items 7(3), 8): 18 Dec 2000 (s 2(2) and gaz 2000, No S634) | Repealed by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Inserted by No 38 of 2020, effective Sch 2 (items 3–6): 9 Apr 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s53-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 53-30", "Provision_Key": "s53-30", "Heading": "Territories Stolen Generations Redress Scheme payments are exempt", "Text": "Payments under the scheme known as the Territories Stolen Generations Redress Scheme are exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 141 of 2021", "Last_Amended": "No 141 of 2021", "Amending_Acts": "No 141 of 2021", "History_Notes": "Inserted by No 141 of 2021, effective Sch 1 (items 1–3): 1 Jan 2022 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s53-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-1", "Provision_Key": "s54-1", "Heading": "What this Division is about", "Text": "Certain annuities and lump sums provided under structured settlements and structured orders are exempt from income tax. This Division tells you what a structured settlement is and what a structured order is, and when such an annuity or lump sum is exempt.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-5", "Provision_Key": "s54-5", "Heading": "Definitions", "Text": "In this Division: date of the settlement or order : (a) for a * structured settlement, means: (i) the date on which the agreement that is the structured settlement was entered into; or (ii) if that agreement depends, for its effectiveness, on being approved (however described) by an order of a court, or on being embodied in a consent order made by a court, the date on which that order was made; and (b) for a * structured order, means the date on which the order was made. personal injury annuity means an * annuity: (a) that is purchased under the terms of a * structured settlement as mentioned in paragraph 54 ‑ 10(1)(e); or (b) that is purchased under the terms of a * structured order as mentioned in paragraph 54 ‑ 10(1A)(e). personal injury lump sum means a lump sum: (a) that is purchased under the terms of a * structured settlement as mentioned in paragraph 54 ‑ 10(1)(e); or (b) that is purchased under the terms of a * structured order as mentioned in paragraph 54 ‑ 10(1A)(e).", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-10", "Provision_Key": "s54-10", "Heading": "Meaning of structured settlement and structured order", "Text": "(1) A structured settlement is a settlement of a claim that satisfies the following conditions: (a) the claim: (i) is for compensation or damages for, or in respect of, personal injury suffered by a person (the injured person ); and (ii) is made by the injured person or by his or her * legal personal representative; (b) the claim is based on the commission of a wrong, or on a right created by statute; (c) the claim is made against a person (the defendant ) and satisfies the following conditions: (i) the claim is not made against the defendant in his or her capacity as an employer, or * associate of an employer, of the injured person; (ii) the claim is not made under a * workers’ compensation law, and is not made as an alternative to a claim under such a law; (d) the settlement takes the form of a written agreement between the parties to the claim (whether or not that agreement is approved by an order of a court, or is embodied in a consent order made by a court); (e) under the terms of the settlement, some or all of the compensation or damages is to be used by the defendant (or by a person with whom the defendant has insurance against the liability to which the claim relates) to purchase from one or more * life insurance companies or * State insurers: (i) an * annuity or annuities to be paid to the injured person, or to a trustee for the benefit of the injured person; or (ii) such an annuity or annuities, together with one or more lump sums that are also to be paid to the injured person, or to a trustee for the benefit of the injured person. (1A) A structured order is an order of a court that satisfies the following conditions: (a) the order is made in respect of a claim that: (i) is for compensation or damages for, or in respect of, personal injury suffered by a person (the injured person ); and (ii) is made by the injured person or by his or her * legal personal representative; (b) the order is not an order approving or endorsing an agreement as mentioned in paragraph (1)(d); (c) the claim is based on the commission of a wrong, or on a right created by statute; (d) the claim is made against a person (the defendant ) and satisfies the following conditions: (i) the claim is not made against the defendant in his or her capacity as an * employer, or * associate of an employer, of the injured person; (ii) the claim is not made under a * workers’ compensation law, and is not made as an alternative to a claim under such a law; (e) under the terms of the order, some or all of the compensation or damages is to be used by the defendant (or by a person with whom the defendant has insurance against the liability to which the claim relates) to purchase from one or more * life insurance companies or * State insurers: (i) an * annuity or annuities to be paid to the injured person, or to a trustee for the benefit of the injured person; or (ii) such an annuity or annuities, together with one or more lump sums that are also to be paid to the injured person, or to a trustee for the benefit of the injured person. (3) If a claim is both: (a) for compensation or damages for personal injury suffered by a person; and (b) for some other remedy (for example, compensation or damages for loss of, or damage to, property); this section applies to the claim, but only to the extent that it relates to the compensation or damages referred to in paragraph (a), and only to annuities or lump sums that, in the settlement agreement, or in the order, are identified as being solely in payment of that compensation or those damages.", "Amendment_Count": 2, "First_Amended": "No 139 of 2002", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 139 of 2002 | No 88 of 2009", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-15", "Provision_Key": "s54-15", "Heading": "Personal injury annuity exemption for injured person", "Text": "A payment of a * personal injury annuity that is made to the * injured person is exempt from income tax if the conditions in this Subdivision are satisfied. Note: Section 54 ‑ 70 provides a tax exemption if the payment is instead made to the trustee of a trust.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-20", "Provision_Key": "s54-20", "Heading": "Lump sum compensation etc. would not have been assessable", "Text": "If the compensation or damages that were used to purchase the * annuity had instead been paid to the * injured person in a single lump sum on the * date of the settlement or order, the compensation or damages would not have been assessable income. Note: Paragraph 118 ‑ 37(1)(b) disregards a capital gain or capital loss that arises from compensation or damages the injured person receives for any wrong he or she suffers personally.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-25", "Provision_Key": "s54-25", "Heading": "Requirements of the annuity instrument", "Text": "The * annuity instrument must: (a) identify the * structured settlement or * structured order under which the * annuity is provided; and (b) only allow for payments of the annuity to be made to: (i) the injured person; or (ii) a trustee of a trust of which the injured person is the beneficiary; or (iii) a reversionary beneficiary, or the injured person’s estate, in accordance with section 54 ‑ 35; and (c) contain a statement to the effect that the annuity cannot be assigned, and cannot be commuted except as mentioned in section 54 ‑ 35. Note: Division 2A of Part 10 of the Life Insurance Act 1995 makes a purported assignment or commutation that is contrary to paragraph (c) ineffective.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-30", "Provision_Key": "s54-30", "Heading": "Requirements for payments of the annuity", "Text": "(1) The * annuity instrument must provide that payments of the * annuity are to be made at least annually: (a) over a period of at least 10 years during the life of the * injured person; or (b) for the life of the injured person. (2) The * annuity instrument must specify: (a) the date of the first payment of the * annuity; and (b) if the annuity instrument specifies a period of years—the date of the last payment in that period; and (c) the amount of each periodic payment of the annuity. (3) The * annuity instrument may only allow the amount of a payment to be varied by increasing the amount: (a) in order to maintain its real value: (i) by indexation by reference to increases in the * All Groups Consumer Price Index number; or (ii) by indexation by reference to increases in the full ‑ time adult average weekly ordinary time earnings, published by the Australian Statistician; or (b) by a percentage specified in the annuity instrument. (4) The * annuity instrument may only allow the amount of a particular payment to be varied: (a) by only one of the methods referred to in subsection (3); or (b) by whichever of 2 or more of those methods would result in the biggest or smallest increase. (5) A reference in this section to specifying a date or percentage requires an actual date or figure to be specified, not merely a method of determining a date or figure. Example: Under subsection (2), “13 September 2002” would be allowed, but “The date on which the annuitant finishes university” would not be allowed.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-35", "Provision_Key": "s54-35", "Heading": "Payments during the guarantee period on the death of the injured person", "Text": "(1) This section applies if the * annuity instrument provides for payments to be made to the * injured person during any part of the period ending 10 years after the * date of the settlement or order (whether the * annuity is expressed to be for the life of the person or for a period of years). (2) The * annuity instrument may specify a period (the guarantee period ) of up to 10 years after the * date of the settlement or order, during which, if the * injured person dies, the payments (the remaining payments ) for the remainder of the guarantee period that would have been paid to the injured person are to be paid instead to: (a) the injured person’s estate; or (b) a reversionary beneficiary. Note: For tax exemptions in this situation, see sections 54 ‑ 65 and 54 ‑ 70. (3) If the * annuity instrument provides for the remaining payments to be made to a reversionary beneficiary, the instrument must: (a) name the beneficiary; and (b) allow the beneficiary to choose either: (i) to be paid the amounts of the remaining payments when the injured person would have received them; or (ii) to commute those payments into a lump sum worked out under subsection (5). (4) The * injured person’s estate may only be paid the lump sum worked out under subsection (5) (and not the periodic payments). (5) The amount of the lump sum under subparagraph (3)(b)(ii) or subsection (4) is the * policy termination value of the * life insurance policy that is the * annuity instrument, as calculated by an * actuary as at the date of the injured person’s death. In making this calculation, the following are to be disregarded: (a) any payments of the annuity due to be made after the end of the guarantee period; (b) any * structured settlement lump sums that are also provided for by that policy. (6) In this section: pay to a person includes pay to the trustee of a trust of which the person is the beneficiary. pay to the injured person’s estate includes pay to the trustee of a trust established by the * injured person’s will.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-40", "Provision_Key": "s54-40", "Heading": "Requirement for minimum monthly level of support", "Text": "(1) Either: (a) the * annuity instrument must provide; or (b) if there is more than one * annuity provided under the * structured settlement or * structured order—the annuity instruments for all of those annuities that satisfy the other conditions in this Subdivision, taken as a whole, must provide; that at least once a month for the life of the * injured person, he or she is to be paid an amount that equals or exceeds the minimum monthly level of support. (2) The minimum monthly level of support means: (a) for the year starting on the * date of the settlement or order—one twelfth of the amount that is, on that date, the sum of: (i) the maximum basic rate of age pension payable to a person in accordance with item 1 of Table B in point 1064 ‑ B1 of Pension Rate Calculator A in section 1064 of the Social Security Act 1991 ; and (ii) the amount of a person’s pension supplement, worked out (using that maximum basic rate) in accordance with Module BA of that Pension Rate Calculator; and (b) for any subsequent year starting on an anniversary of the date of the settlement or order: (i) if the indexation factor for the year (see subsection (3)) is greater than 1—the amount worked out under subsection (4); or (ii) otherwise—the minimum monthly level of support for the previous year. Note: In working out the rate and amount that count for the purposes of paragraph (a), the effect of the indexation provisions in sections 1191 to 1195 of the Social Security Act 1991 must be taken into account. The indexed figures are available from the Department administered by the Minister administering the Human Services (Centrelink) Act 1997 . (3) The indexation factor for a year is to be worked out on the anniversary of the * date of the settlement or order in accordance with the formula: where: base year means: (a) if there have been one or more previous years for which the indexation factor was greater than 1—the year ending immediately before the most recent year for which the indexation factor was greater than 1; or (b) otherwise—the year ending immediately before the * date of the settlement or order. Note: This has effect subject to subsection (6). (4) If the indexation factor for a year is greater than 1, then the minimum monthly level of support for the year is the amount worked out in accordance with the following formula: (5) The results under subsections (3) and (4) must be rounded to 3 decimal places (rounding up if the fourth decimal place is 5 or more). (6) The indexation factor for a year must be worked out by reference to figures for the same * quarter (for example, the March quarter) as has been used in previous years, even if, on the anniversary of the * date of the settlement or order, the * All Groups Consumer Price Index number for that quarter has not yet been published. If this happens, the calculation must be made as soon as practicable after the number for that quarter is published. (7) In this section: pay to a person includes pay to the trustee of a trust of which the person is the beneficiary.", "Amendment_Count": 2, "First_Amended": "No 139 of 2002", "Last_Amended": "No 32 of 2011", "Amending_Acts": "No 139 of 2002 | No 32 of 2011", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002 | Amended by No 32 of 2011, effective Schedule 4 (item 285): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-45", "Provision_Key": "s54-45", "Heading": "Personal injury lump sum exemption for injured person", "Text": "A payment of a * personal injury lump sum that is made to the * injured person is exempt from income tax if: (a) there is at least one * personal injury annuity (provided under the same * structured settlement or * structured order) that satisfies the conditions in Subdivision 54 ‑ B; and (b) the other conditions in this Subdivision are satisfied. Note: Section 54 ‑ 70 provides a tax exemption if the payment is instead made to the trustee of a trust.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-50", "Provision_Key": "s54-50", "Heading": "Lump sum compensation would not have been assessable", "Text": "If the compensation or damages that were used to purchase the * personal injury lump sum had instead been paid to the * injured person on the * date of the settlement or order, the compensation or damages would not have been assessable income. Note: Paragraph 118 ‑ 37(1)(b) disregards a capital gain or capital loss that arises from compensation or damages the injured person receives for any wrong he or she suffers personally.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-55", "Provision_Key": "s54-55", "Heading": "Requirements of the instrument under which the lump sum is paid", "Text": "The instrument under which the * personal injury lump sum is paid must: (a) identify the * structured settlement or * structured order under which the lump sum is provided; and (b) only allow for the payment of the lump sum to be made to: (i) the * injured person; or (ii) a trustee of a trust of which the injured person is the beneficiary; and (c) contain a statement to the effect that the right to receive the lump sum cannot be assigned, and cannot be commuted or otherwise cashed ‑ out early. Note: Division 2A of Part 10 of the Life Insurance Act 1995 makes a purported assignment or commutation (or cashing ‑ out) that is contrary to paragraph (c) ineffective.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-60", "Provision_Key": "s54-60", "Heading": "Requirements for payments of the lump sum", "Text": "(1) The instrument under which the * personal injury lump sum is paid must specify the date and amount of the payment of the lump sum. (2) The instrument may only allow the amount of the payment to be varied by increasing the amount: (a) in order to maintain its real value: (i) by indexation by reference to increases in the * All Groups Consumer Price Index number; or (ii) by indexation by reference to increases in the full ‑ time adult average weekly ordinary time earnings, published by the Australian Statistician; or (b) by a percentage specified in the instrument. (3) The instrument may only allow the amount of the payment to be varied: (a) by only one of the methods referred to in subsection (2); or (b) by whichever of 2 or more of those methods would result in the biggest or smallest increase. (4) A reference in this section to specifying a date or percentage requires an actual date or figure to be specified, not merely a method of determining a date or figure. Example: Under subsection (1), “13 September 2002” would be allowed, but “The date on which the annuitant finishes university” would not be allowed.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-65", "Provision_Key": "s54-65", "Heading": "Exemption for certain payments to reversionary beneficiaries", "Text": "A payment that is made to the reversionary beneficiary of a * personal injury annuity for which there is a * guarantee period is exempt from income tax if: (a) the payment is a periodic or lump sum payment made in accordance with subsection 54 ‑ 35(3); and (b) either: (i) if subparagraph 54 ‑ 35(3)(b)(i) applies—the payment; or (ii) if subparagraph 54 ‑ 35(3)(b)(ii) applies—each of the payments taken into account in working out the amount of the lump sum under subsection 54 ‑ 35(5); would be exempt from income tax under this Division if the * injured person were still alive and the payment, or each of the payments, were instead made to the injured person.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-70", "Provision_Key": "s54-70", "Heading": "Special provisions about trusts", "Text": "(1) A payment of a * personal injury annuity or a * personal injury lump sum to the trustee of a trust is exempt from income tax for the trustee if: (a) the beneficiary of the trust is the * injured person; and (b) because of Subdivision 54 ‑ B or 54 ‑ C, the payment would have been exempt from income tax if it had been made directly to the beneficiary. (2) A payment made in accordance with paragraph 54 ‑ 35(3)(b) to the trustee of a trust is exempt from income tax for the trustee if: (a) the beneficiary of the trust is the reversionary beneficiary; and (b) because of section 54 ‑ 65, the payment would have been exempt from income tax if it had been made directly to the beneficiary. (3) A payment of a lump sum in accordance with subsection 54 ‑ 35(4) to the trustee of a trust is exempt from income tax for the trustee. (4) If a payment is exempt from income tax for a trustee because of this section, the payment is also exempt from income tax for a beneficiary, or the beneficiary, of the trust, even if the trustee: (a) pays all or part of the payment to the beneficiary; or (b) applies all or part of the payment for the benefit of the beneficiary.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 54-75", "Provision_Key": "s54-75", "Heading": "Minister to arrange for review and report", "Text": "(1) The Minister must cause a person to review, and to report to the Minister in writing about, the operation of the following provisions (the structured settlements and orders provisions ): (a) the other provisions of this Division; (b) Division 2A of Part 10 of the Life Insurance Act 1995 . (2) The person must be someone who, in the Minister’s opinion, is suitably qualified and appropriate to conduct the review. (3) The review and report must relate to the period beginning when this Division commences and ending after 4 years and 6 months. (4) The person must give the report to the Minister as soon as practicable, and in any event within 6 months, after the end of that period. (5) The report may include suggestions for changes to the structured settlements and orders provisions that, in the person’s opinion, are needed to overcome, or would help overcome, problems identified during the review and set out in the report. (6) The person must provide a reasonable opportunity for members of the public to make submissions to him or her about matters to which the review relates. (7) The Minister must cause a copy of the report to be laid before each House of the Parliament within 15 sitting days of that House after the Minister receives the report.", "Amendment_Count": 1, "First_Amended": "No 139 of 2002", "Last_Amended": "No 139 of 2002", "Amending_Acts": "No 139 of 2002", "History_Notes": "Inserted by No 139 of 2002, effective 19 Dec 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s54-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 55-1", "Provision_Key": "s55-1", "Heading": "What this Division is about", "Text": "A variety of payments are not exempt from income tax even though they are similar in nature to payments that are wholly or partly exempt under this Part. Table of sections Operative provisions 55 ‑ 5 Occupational superannuation payments 55 ‑ 10 Education entry payments", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s55-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 55-5", "Provision_Key": "s55-5", "Heading": "Occupational superannuation payments", "Text": "(1) This Part does not exempt from income tax any amount or pension paid under the following provisions or Acts, or under schemes established under any of them: (a) Defence Force Retirement and Death Benefits Act 1973 ; (b) Defence Forces Retirement Benefits Act 1948 ; (c) Military Superannuation and Benefits Act 1991 ; (ca) Australian Defence Force Superannuation Act 2015 ; (cb) Australian Defence Force Cover Act 2015 ; (d) Papua New Guinea (Staffing Assistance) Act 1973 ; (e) Parliamentary Contributory Superannuation Act 1948 ; (f) section 10 of the Superannuation (Pension Increases) Act 1971 ; (g) section 9 or 14 of the Superannuation Act (No. 2) 1956 ; (h) subsection 8(1) of the Superannuation Act 1948 ; (i) Superannuation Act 1922 ; (j) Superannuation Act 1976 ; (k) Superannuation Act 1990 ; (l) Superannuation Act 2005 . (2) This section operates despite anything contained in any other provision of this Part.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 120 of 2015", "Amending_Acts": "No 121 of 1997 | No 81 of 2005 | No 120 of 2015", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 81 of 2005, effective Schedule 7 (items 2, 3): 1 July 2005 | Amended by No 120 of 2015, effective Sch 1 (item 54): 11 Sept 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s55-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 55-10", "Provision_Key": "s55-10", "Heading": "Education entry payments", "Text": "This Part does not exempt from income tax an education entry payment under Part 2.13A of the Social Security Act 1991 .", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s55-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-1", "Provision_Key": "s58-1", "Heading": "What this Division is about", "Text": "This Division sets out special rules that apply in calculating deductions for the decline in value of depreciating assets and balancing adjustments for assets previously owned by an exempt entity if the assets: • continue to be owned by that entity after the entity becomes taxable; or • are acquired from that entity, in connection with the acquisition of a business, by a purchaser that is a taxable entity. There is a choice of 2 methods for each depreciating asset: • the notional written down value method; and • the undeducted pre ‑ existing audited book value method.", "Amendment_Count": 2, "First_Amended": "No 93 of 1999", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 93 of 1999 | No 77 of 2001", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-5", "Provision_Key": "s58-5", "Heading": "Application of Division", "Text": "(1) This Division applies in 2 situations. Entity sale (2) The first (an entity sale situation ) is where: (a) at a particular time on or after 1 July 2001, an entity is an * exempt entity; and (b) just after that time, the entity’s * ordinary income or * statutory income becomes to any extent assessable income. (3) In an entity sale situation: (a) the entity is a transition entity ; and (b) the time when the entity’s * ordinary income or * statutory income becomes to that extent assessable is the transition time ; and (c) the income year in which the * transition time occurs is the transition year for the entity; and (d) the * depreciating assets the * transition entity * held just before the transition time are privatised assets . Asset sale (4) The second (an asset sale situation ) is where: (a) at a particular time on or after 1 July 2001, an entity (the purchaser ) whose * ordinary income or statutory income is to any extent assessable acquires a * depreciating asset from the Commonwealth, a State, a Territory or an * exempt entity; and (b) the asset is acquired in connection with the acquisition of a * business from the Commonwealth, the State, the Territory or the exempt entity. (5) In an asset sale situation: (a) the Commonwealth, the State, the Territory or the * exempt entity is the tax exempt vendor ; and (b) the time when the * depreciating asset is acquired is the acquisition time ; and (c) the income year in which the * acquisition time occurs is the acquisition year ; and (d) each * depreciating asset the purchaser acquires from the * tax exempt vendor at the acquisition time is a privatised asset .", "Amendment_Count": 3, "First_Amended": "No 93 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 78 of 2007", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-10", "Provision_Key": "s58-10", "Heading": "When an asset is acquired in connection with the acquisition of a business", "Text": "(1) A * depreciating asset is taken to be acquired in connection with the acquisition of a * business from the Commonwealth, the State, the Territory or the * exempt entity if and only if: (a) the asset was used by the Commonwealth, the State, the Territory or the exempt entity in carrying on a business and the purchaser or another entity uses the asset in carrying on the business; or (b) subsection (2) applies. (2) This subsection applies if: (a) the asset was used by the Commonwealth, the State, the Territory or the * exempt entity in performing functions, or engaging in activities, that did not constitute the carrying on of a * business by the Commonwealth, the State, the Territory or the exempt entity and the asset is used by the purchaser or another entity in performing those functions or engaging in those activities as part of carrying on a business; or (b) all of these subparagraphs apply: (i) the acquisition by the purchaser of the asset was connected with the acquisition of another asset by the purchaser or another entity from the Commonwealth, the State, the Territory or the exempt entity or from an * associate of the Commonwealth, the State, the Territory or the exempt entity; (ii) ownership of the other asset gives the purchaser or other entity a right, or imposes on the purchaser or other entity an obligation, to perform functions or engage in activities as part of the carrying on of a business or confers on the purchaser or other entity a commercial advantage or opportunity in connection with performing functions or engaging in activities as part of the carrying on of a business; (iii) the asset is used by the purchaser or other entity in performing those functions or engaging in those activities under the right or obligation or in taking the benefit of the advantage or opportunity; or (c) the asset was acquired by the purchaser under an * arrangement under which the purchaser or another entity acquired another asset from the Commonwealth, the State, the Territory or the exempt entity or from an associate of the Commonwealth, the State, the Territory or the exempt entity and: (i) the other asset is taken by paragraph (1)(a), or by paragraph (a) or (b) of this subsection; or (ii) where the other asset is not a depreciating asset, it would, if it were a depreciating asset, be taken by paragraph (1)(a), or by paragraph (a) or (b) of this subsection; to be acquired in connection with the acquisition of a business from the Commonwealth, the State, the Territory or the exempt entity. (3) Paragraphs (2)(a), (b) and (c) do not apply if the asset is used by the purchaser solely to * derive assessable income from the provision of office or residential accommodation.", "Amendment_Count": 4, "First_Amended": "No 93 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 58 of 2006 | No 78 of 2007", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-60", "Provision_Key": "s58-60", "Heading": "Purpose of rules in this Subdivision", "Text": "This Subdivision sets out rules that affect the way in which the * transition entity or the purchaser work out the decline in value of, and balancing adjustments for, * privatised assets under Division 40 after the * transition time or the * acquisition time.", "Amendment_Count": 2, "First_Amended": "No 93 of 1999", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 93 of 1999 | No 77 of 2001", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-65", "Provision_Key": "s58-65", "Heading": "Choice of method to work out cost of privatised asset", "Text": "(1) The * transition entity or the purchaser has a choice to work out the first element of the * cost of each * privatised asset. (2) The choice is to use either: (a) the * notional written down value of the asset; or (b) the * undeducted pre ‑ existing audited book value (if any) of the asset. (3) The choice must be made: (a) for the * transition entity—by the day on which the transition entity lodges its * income tax return for the * transition year; or (b) for the purchaser—by the day on which the purchaser lodges the purchaser’s income tax return for the * acquisition year; or within a further period allowed by the Commissioner. (4) The choice, once made, cannot be changed.", "Amendment_Count": 3, "First_Amended": "No 93 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 97 of 2008", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-70", "Provision_Key": "s58-70", "Heading": "Application of Division 40", "Text": "Application of Division 40 (1) The * transition entity and the purchaser work out the decline in value of, and the effect of a * balancing adjustment event occurring for, each * privatised asset using Division 40 (Capital allowances) as if the asset had been acquired under a contract entered into on or after 1 July 2001. Entity sale situation (2) Division 40 applies to a * privatised asset * held by the * transition entity as if the asset had not been used, or * installed ready for use, for any purpose before the * transition time. (3) The first element of the * cost to the * transition entity at the * transition time is the * notional written down value of the asset or the * undeducted pre ‑ existing audited book value of the asset (depending on the choice made for the asset). (4) No amount incurred before the * transition time is included in the second element of the * cost of a * privatised asset. Asset sale situation (5) The first element of the * cost of a * privatised asset to the purchaser at the * acquisition time is the sum of: (a) the * notional written down value of the asset or the * undeducted pre ‑ existing audited book value of the asset (depending on the choice made for the asset); and (b) the amount of any incidental costs to the purchaser in acquiring the asset.", "Amendment_Count": 2, "First_Amended": "No 93 of 1999", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 93 of 1999 | No 77 of 2001", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-75", "Provision_Key": "s58-75", "Heading": "Meaning of notional written down value", "Text": "(1) The notional written down value of a * privatised asset is its * adjustable value in the hands of: (a) the * transition entity just before the * transition time; or (b) the * tax exempt vendor just before the * acquisition time; worked out using the assumptions in this section. Application of Division 40 (2) Assume that Division 40 had always applied to work out the decline in value of the * privatised asset. Use for taxable purposes (3) Assume that, in applying Division 40 to the * privatised asset, it had always been used by the * transition entity or the * tax exempt vendor wholly for * taxable purposes. Cost and acquisition time: exempt Australian government agency (4) If the * transition entity or the * tax exempt vendor was an * exempt Australian government agency just before the * transition time and had acquired the * privatised asset from another exempt Australian government agency: (a) assume that the transition entity or tax exempt vendor acquired it at the time when it was acquired or constructed by the other exempt Australian government agency and that the first element of its * cost to the transition entity or tax exempt vendor is the amount that was its cost to the other exempt Australian government agency; or (b) if it had, before its acquisition by the transition entity or tax exempt vendor, been successively * held by 2 or more exempt Australian government agencies—assume that: (i) the transition entity or tax exempt vendor acquired it at the time when it was acquired or constructed by the first of those exempt Australian government agencies that owned it; and (ii) the first element of its cost to the transition entity or tax exempt vendor is the sum of the amount that was the first element of its cost to the first of those exempt Australian government agencies that owned it and any amount included in the second element of its cost for that first agency or a later successive agency. Effective life (5) Assume that: (a) the * transition entity or the * tax exempt vendor had chosen to use an * effective life determined by the Commissioner for the * privatised asset as in force at the * transition time or the * acquisition time; and (b) subsection 40 ‑ 95(2) did not apply. (5A) Assume that section 40 ‑ 102 did not apply to a * privatised asset unless all of the following are satisfied: (a) it is an entity sale situation within the meaning of section 58 ‑ 5; (b) a * capped life applies to the asset under subsection 40 ‑ 102(4) or (5) at both the asset’s * start time and the * transition time; (c) the * transition entity chooses, for the purposes of this section, to have section 40 ‑ 102 apply to the asset. If section 40 ‑ 102 is to be applied to the asset, disregard paragraphs 40 ‑ 102(2)(a) and (b) and assume that the relevant time for the purposes of the application of that section to the asset were the transition time. (6) Assume also that section 40 ‑ 110 (about recalculating effective life) did not apply.", "Amendment_Count": 3, "First_Amended": "No 93 of 1999", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-80", "Provision_Key": "s58-80", "Heading": "Meaning of undeducted pre ‑ existing audited book value", "Text": "(1) The undeducted pre ‑ existing audited book value of a * privatised asset is its * adjustable value in the hands of: (a) the * transition entity just before the * transition time; or (b) the * tax exempt vendor just before the * acquisition time; worked out using the assumptions in this section. Application of Division 40 (2) Assume that Division 40 had always applied to work out the decline in value of the * privatised asset. Use for taxable purposes (3) Assume that, in applying Division 40 to the * privatised asset, it had always been used by the * transition entity or the * tax exempt vendor wholly for * taxable purposes. Cost (4) Assume that: (a) the first element of the * privatised asset’s * cost to the * transition entity or the * tax exempt vendor is its * pre ‑ existing audited book value as at the latest time (the test time ) at which it had a pre ‑ existing audited book value; and (b) no amount was included in the second element of the asset’s cost before the test time; and (c) any amount included in the second element of the asset’s cost after the test time had been incurred by the transition entity or the tax exempt vendor. Acquisition time (5) Assume that the * transition entity or the * tax exempt vendor had acquired the * privatised asset at the test time. Effective life (6) Assume that: (a) the * transition entity or the * tax exempt vendor had chosen to use an * effective life determined by the Commissioner for the * privatised asset as in force at the * transition time or the * acquisition time; and (b) subsection 40 ‑ 95(2) did not apply. Note: Section 40 ‑ 102 does not apply to a privatised asset for the purposes of this section. (7) Assume also that section 40 ‑ 110 (about recalculating effective life) did not apply.", "Amendment_Count": 3, "First_Amended": "No 93 of 1999", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-85", "Provision_Key": "s58-85", "Heading": "Pre ‑ existing audited book value of depreciating asset", "Text": "(1) A * privatised asset has a pre ‑ existing audited book value if: (a) a balance sheet, as at the end of an annual accounting period (the balance date ), that was prepared as part of the final accounts of the Commonwealth, a State, a Territory or an * exempt entity for that period showed the asset as an asset of the relevant entity and specified a value for it; and (b) a qualified independent auditor who was engaged, or was required by law, to undertake an audit of those accounts had prepared and signed, before 4 August 1997, a final audit report on those accounts; and (c) the report did not state that the auditor was not satisfied that the specified value fairly represented the value of the asset. The asset is taken to have had a pre ‑ existing audited book value at the balance date of an amount equal to the specified value. (2) If a balance sheet did not specify a value for the asset but specified a total value for 2 or more assets including the asset, the balance sheet is taken to have specified as the value of the asset so much of that total value as is reasonably attributable to the asset.", "Amendment_Count": 5, "First_Amended": "No 93 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 93 of 1999 | No 164 of 1999 | No 169 of 1999 | No 77 of 2001 | No 78 of 2007", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 58-90", "Provision_Key": "s58-90", "Heading": "Method and effective life for transition entity", "Text": "(1) The * transition entity must, in working out the decline in value of a * privatised asset, use the * diminishing value method or the * prime cost method for the asset that it used to work out the * notional written down value, or the * undeducted pre ‑ existing audited book value, of the asset. (2) In working out the decline in value of a * privatised asset held by a * transition entity: (a) if section 40 ‑ 102 applied to the asset for the purposes of subsection 58 ‑ 75(5A)—section 40 ‑ 102 applies to the asset and applies as if the relevant time for the asset for the purposes of that section were the * transition time; or (b) if section 40 ‑ 102 did not apply to the asset for the purposes of subsection 58 ‑ 75(5A) or section 58 ‑ 80—section 40 ‑ 102 does not apply to the asset.", "Amendment_Count": 3, "First_Amended": "No 93 of 1999", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 93 of 1999 | No 77 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s58-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-1", "Provision_Key": "s59-1", "Heading": "What this Division is about", "Text": "This Division details particular amounts that are non ‑ assessable non ‑ exempt income. Table of sections Operative provisions 59 ‑ 10 Compensation under firearms surrender arrangements 59 ‑ 15 Mining payments 59 ‑ 20 Taxable amounts relating to franchise fees windfall tax 59 ‑ 25 Taxable amounts relating to Commonwealth places windfall tax 59 ‑ 30 Amounts you must repay 59 ‑ 35 Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs 59 ‑ 40 Issue of rights 59 ‑ 50 Native title benefits 59 ‑ 55 2019 ‑ 20 bushfires—payments for volunteer work with fire services 59 ‑ 60 2019 ‑ 20 bushfires—disaster relief payments and non ‑ cash benefits 59 ‑ 65 Water infrastructure improvement payments 59 ‑ 67 Meaning of SRWUIP program , SRWUIP payment , direct SRWUIP payment and indirect SRWUIP payment 59 ‑ 70 List of SRWUIP programs 59 ‑ 75 Commissioner to be kept informed 59 ‑ 80 Amending assessments 59 ‑ 85 2019 floods—recovery grants for small businesses, primary producers and non ‑ profit organisations 59 ‑ 86 2019 floods—on ‑ farm grant program for primary producers 59 ‑ 90 Cash flow boost 59 ‑ 95 Coronavirus economic response payment 59 ‑ 96 COVID ‑ 19 disaster payment 59 ‑ 97 State and Territory grants to small business relating to the recovery from the coronavirus known as COVID ‑ 19 59 ‑ 98 Commonwealth small business support payments relating to the coronavirus known as COVID ‑ 19 59 ‑ 99 2021 floods and storms—recovery grants 59 ‑ 100 Refund of large ‑ scale generation shortfall charge 59 ‑ 105 Cyclone Seroja—recovery grants 59 ‑ 110 Payment to victim following perpetrator contributions release order", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-10", "Provision_Key": "s59-10", "Heading": "Compensation under firearms surrender arrangements", "Text": "A payment made to you by way of compensation under * firearms surrender arrangements for any loss of business is not assessable income and is not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-15", "Provision_Key": "s59-15", "Heading": "Mining payments", "Text": "(1) These are not assessable income and are not * exempt income: (a) a * mining payment made to a * distributing body; (b) a mining payment made to one or more * Indigenous persons, or applied for their benefit. (2) A payment: (a) made to a * distributing body; or (b) made to one or more * Indigenous persons, or applied for their benefit; is not assessable income and is not * exempt income if the payment is made by a * distributing body out of a * mining payment that it has received. (3) A payment made to a * distributing body by another distributing body, out of a * mining payment received by the other distributing body, is taken to be a mining payment for the purposes of: (a) any further applications of subsection (2); and (b) any further applications of this subsection. (4) Subsection (2) does not apply to a payment by a * distributing body for the purposes of meeting its administrative costs. (5) This section does not apply to an amount paid to or applied for the benefit of a person if it is remuneration or consideration for goods or services provided by that person.", "Amendment_Count": 2, "First_Amended": "No 66 of 2003", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 66 of 2003 | No 84 of 2013", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-20", "Provision_Key": "s59-20", "Heading": "Taxable amounts relating to franchise fees windfall tax", "Text": "Taxable amounts on which tax is imposed by the Franchise Fees Windfall Tax (Imposition) Act 1997 are not assessable income and are not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-25", "Provision_Key": "s59-25", "Heading": "Taxable amounts relating to Commonwealth places windfall tax", "Text": "Taxable amounts on which tax is imposed by the Commonwealth Places Windfall Tax (Imposition) Act 1998 are not assessable income and are not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-30", "Provision_Key": "s59-30", "Heading": "Amounts you must repay", "Text": "(1) An amount you receive is not assessable income and is not * exempt income for an income year if: (a) you must repay it; and (b) you repay it in a later income year; and (c) you cannot deduct the repayment for any income year. (2) It does not matter if: (a) you received the amount as part of a larger amount; or (b) the obligation to repay existed when you received the amount or it came into existence later. (3) This section does not apply to an amount you must repay because you received a lump sum as compensation or damages for a wrong or injury you suffered in your occupation.", "Amendment_Count": 1, "First_Amended": "No 66 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 66 of 2003", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-35", "Provision_Key": "s59-35", "Heading": "Amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs", "Text": "An amount of * ordinary income of an entity is not assessable income and not * exempt income if: (a) the amount would be a mutual receipt, but for: (i) the entity’s constituent document preventing the entity from making any * distribution, whether in money, property or otherwise, to its members; or (ii) the entity’s constituent document providing for the entity to issue MCIs (within the meaning of the Corporations Act 2001 ) or to pay * dividends in respect of MCIs; or (iii) the entity having issued one or more MCIs (within the meaning of the Corporations Act 2001 ) or having paid dividends in respect of one or more MCIs; and (b) apart from this section, the amount would be assessable income only because of section 6 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 13 of 2006", "Last_Amended": "No 37 of 2019", "Amending_Acts": "No 13 of 2006 | No 37 of 2019", "History_Notes": "Inserted by No 13 of 2006, effective 29 Mar 2006 | Amended by No 37 of 2019, effective Sch 2 (items 17–22): 6 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-40", "Provision_Key": "s59-40", "Heading": "Issue of rights", "Text": "(1) The * market value, as at the time of issue (the issue time ), of rights issued to you: (a) by a company to * acquire * shares in that company; or (b) by a trustee of a unit trust to acquire units in that trust; is not assessable income and is not * exempt income as at the issue time if the conditions in subsection (2) are satisfied. (2) The conditions are as follows: (a) at the issue time, you must already own * shares in the company or units in the unit trust (the original interests ); (b) the rights must be issued to you because of your ownership of the original interests; (c) the original interests and the rights must not be * revenue assets or * trading stock at the issue time; (d) if you acquired a beneficial interest in the rights under an * employee share scheme—neither Subdivision 83A ‑ B nor 83A ‑ C (about employee share schemes) applies to the beneficial interest; (e) the original interests and the rights must not be * traditional securities; (f) the original interests must not be * convertible interests.", "Amendment_Count": 2, "First_Amended": "No 91 of 2008", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 91 of 2008 | No 133 of 2009", "History_Notes": "Inserted by No 91 of 2008, effective Schedule 1: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-50", "Provision_Key": "s59-50", "Heading": "Native title benefits", "Text": "(1) To the extent that a * native title benefit would otherwise be included in your assessable income, it is not assessable income and is not * exempt income if you are an * Indigenous person or an * Indigenous holding entity. (2) To the extent that an amount, or other benefit, arising directly or indirectly from a * native title benefit would otherwise be included in your assessable income, it is not assessable income and is not * exempt income if you are an * Indigenous person or an * Indigenous holding entity. (3) Neither subsection (1) nor (2) applies to an amount, or benefit, to the extent that it: (a) is for the purposes of meeting the provider’s administrative costs; or (b) is remuneration or consideration for the provision of goods or services. (4) Subsection (2) does not apply to an amount, or benefit, to the extent that it arises directly or indirectly: (a) from so much of: (i) the * native title benefit; or (ii) an amount, or benefit, arising directly or indirectly from the native title benefit; as is not * non ‑ assessable non ‑ exempt income of an entity because of this section; or (b) from an entity investing any or all of: (i) the native title benefit; or (ii) an amount, or benefit, arising directly or indirectly from the native title benefit. (5) A native title benefit is an amount, or * non ‑ cash benefit, that: (a) arises under: (i) an agreement made under an Act of the Commonwealth, a State or a Territory, or under an instrument made under such an Act; or (ii) an ancillary agreement to such an agreement; to the extent that the amount or benefit relates to an act that would extinguish * native title or that would otherwise be wholly or partly inconsistent with the continued existence, enjoyment or exercise of native title; or (b) is compensation determined in accordance with Division 5 of Part 2 of the Native Title Act 1993 . Note 1: Agreements that can be covered by paragraph (a) include: (a) indigenous land use agreements (within the meaning of the Native Title Act 1993 ); and (b) an agreement of the kind mentioned in paragraph 31(1)(b) of that Act; and (c) recognition and settlement agreements (within the meaning of the Traditional Owner Settlement Act 2010 (Vic.)). Note 2: Paragraph (a) does not require a determination of native title under the Native Title Act 1993 . (6) An Indigenous holding entity is: (a) a * distributing body; or (b) a trust, if the beneficiaries of the trust can only be * Indigenous persons or Indigenous holding entities; or (c) a * registered charity.", "Amendment_Count": 4, "First_Amended": "No 42 of 2009", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 42 of 2009 | No 84 of 2013 | No 124 of 2013", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Repealed by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Inserted by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-55", "Provision_Key": "s59-55", "Heading": "2019 ‑ 20 bushfires—payments for volunteer work with fire services", "Text": "(1) A payment to an individual is not assessable income and is not * exempt income if: (a) the purpose of the payment is to compensate the individual for the loss of income as a result of the individual performing volunteer work with a fire service (however described) of a State or Territory; and (b) the work is performed during the 2019 ‑ 20 income year; and (c) the payment is made by a State or Territory and is covered by an agreement between the Commonwealth and that State or Territory; and (d) the payment is made on or after 1 January 2020. (2) However, this section does not apply to: (a) a payment received in the individual’s capacity as an employee or contractor (including a payment of an entitlement to paid leave); or (b) a workers’ compensation payment.", "Amendment_Count": 3, "First_Amended": "No 31 of 2011", "Last_Amended": "No 1 of 2020", "Amending_Acts": "No 31 of 2011 | No 1 of 2020", "History_Notes": "Inserted by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Repealed by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Inserted by No 1 of 2020, effective 14 Feb 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-60", "Provision_Key": "s59-60", "Heading": "2019 ‑ 20 bushfires—disaster relief payments and non ‑ cash benefits", "Text": "(1) A payment made to an entity, or a * non ‑ cash benefit provided to an entity, to the extent it would otherwise be assessable income of the entity, is not assessable income and is not * exempt income if: (a) the payment has been made or the benefit provided directly as a result of the bushfires commencing in Australia in the 2019 ‑ 20 financial year; and (b) the purpose of the payment or benefit is to provide the entity with relief from, or assist the entity in recovering from, the effects of the bushfires; and (c) the payment is made, or the benefit is provided, by: (i) the Commonwealth; or (ii) a State or Territory; or (iii) a municipal corporation; or (iv) a * local governing body. Note: Payments covered by this subsection would include Disaster Recovery Allowance paid under the Social Security Act 1991 and payments made under disaster recovery funding arrangements made by or on behalf of the Commonwealth. (2) A payment made to an entity, or a * non ‑ cash benefit provided to an entity, to the extent it would otherwise be assessable income of the entity, is also not assessable income and is not * exempt income if: (a) the payment or benefit relates to the bushfires commencing in Australia in the 2019 ‑ 20 financial year; and (b) the payment or benefit is of a kind prescribed by the regulations for the purposes of this subsection. (3) However, this section does not apply to: (a) a payment or benefit received in an individual’s capacity as an employee or contractor (including a payment of an entitlement to paid leave); or (b) a workers’ compensation payment; or (c) a payment of compensation or damages made to an entity as a result of an order of a court or tribunal or settlement of a claim.", "Amendment_Count": 3, "First_Amended": "No 31 of 2011", "Last_Amended": "No 1 of 2020", "Amending_Acts": "No 31 of 2011 | No 1 of 2020", "History_Notes": "Inserted by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Repealed by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Inserted by No 1 of 2020, effective 14 Feb 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-65", "Provision_Key": "s59-65", "Heading": "Water infrastructure improvement payments", "Text": "(1) A * SRWUIP payment, in respect of a * SRWUIP program, to an entity that is a participant in the program is not assessable income and is not * exempt income if: (a) the entity has made a choice under subsection (2) for the program; and (b) if the payment is an * indirect SRWUIP payment—the entity * derives the payment because it owns an asset (otherwise than under a * financial arrangement) to which the program relates. Note: One of the requirements for a SRWUIP payment is for the SRWUIP program to be on the published list of SRWUIP programs for the day the payment is made (see subsection 59 ‑ 67(5)). (2) An entity may make a choice for a * SRWUIP program under this subsection if, in an income year: (a) the entity * derives a * SRWUIP payment in respect of the program but has not , in an earlier income year: (i) derived a SRWUIP payment in respect of the program; or (ii) incurred * SRWUIP expenditure in respect of the program; or (b) the entity incurs SRWUIP expenditure in respect of the program but has not , in an earlier income year: (i) derived a SRWUIP payment in respect of the program; or (ii) incurred SRWUIP expenditure in respect of the program. Disregard subsection 26 ‑ 100(3) (about expenditure that is never SRWUIP expenditure) for the purposes of this subsection. (3) The choice must be: (a) made in the * approved form; and (b) made: (i) unless subparagraph (ii) or (iii) applies—on or before the day the entity lodges its * income tax return for the income year; or (ii) if the Commissioner makes an assessment of the entity’s taxable income for the income year before the entity lodges its income tax return for the income year, and subparagraph (iii) does not apply—on or before the day the Commissioner makes that assessment; or (iii) within such further time as the Commissioner allows. The choice cannot be revoked. Integrity rule (4) Subsection (1) does not apply if, at the time the entity * derives the * SRWUIP payment in respect of a * SRWUIP program, it is reasonable to conclude that: (a) the entity will not incur expenditure at least equal to the payment on works required by the program; and (b) despite not incurring such expenditure, the entity will comply with the program because an * associate of the entity will incur expenditure on those works; and (c) the associate has not made, and will not make, a choice under subsection (2) for the program.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-67", "Provision_Key": "s59-67", "Heading": "Meaning of SRWUIP program , SRWUIP payment , direct SRWUIP payment and indirect SRWUIP payment", "Text": "(1) A SRWUIP program is a program under the program administered by the Commonwealth known as the Sustainable Rural Water Use and Infrastructure program. (2) A SRWUIP payment , in respect of a * SRWUIP program, is: (a) a * direct SRWUIP payment in respect of the program; or (b) an * indirect SRWUIP payment in respect of the program. (3) A direct SRWUIP payment is a payment by the Commonwealth to a participant in a * SRWUIP program to the extent that it is made under that program. (4) An indirect SRWUIP payment is a payment to a participant in a * SRWUIP program to the extent that it is reasonably attributable to a payment by the Commonwealth under that program. (5) For the purposes of subsections (3) and (4), treat a payment as being made under a * SRWUIP program only if that SRWUIP program is on the published list of SRWUIP programs (see section 59 ‑ 70) for the day the payment is made. (6) However, treat a payment as if it had never been made under a * SRWUIP program to the extent that the Commonwealth seeks to recover the payment. Example: The Commonwealth seeks to recover half of a payment made under a SRWUIP program. The remaining half is still a payment made under the SRWUIP program.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-67"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-70", "Provision_Key": "s59-70", "Heading": "List of SRWUIP programs", "Text": "(1) The * Water Secretary must keep a list of * SRWUIP programs. The list must: (a) specify the days for which each program is on the list; and (b) be published on the * Water Department’s website. Example: A program could be listed for each day on or after 1 July 2011. Entering SRWUIP programs on the list (2) The * Water Secretary must enter on the list each * SRWUIP program (and its days) in accordance with a direction under subsection (3). (3) The Minister and the * Water Minister may jointly direct the * Water Secretary to enter a program (and its days) on the list only if the Water Minister has notified the Minister in writing that the Water Minister is satisfied that the program: (a) is a * SRWUIP program; and (b) will generate efficiencies in water use through infrastructure improvements. (4) A direction under subsection (3) must be in writing and specify the days for which the * SRWUIP program is to be on the list. Some or all of those days may be before the day the direction is given. Changing the days for which a SRWUIP program is listed (5) The Minister and the * Water Minister may jointly direct the * Water Secretary to change the list to specify: (a) additional days (including days before the day the direction is given) for which a * SRWUIP program is on the list; or (b) the final day (which must be after the day the direction is given) for which a SRWUIP program is on the list. The * Water Secretary must change the list accordingly. (6) A direction under subsection (5) must be in writing. Giving directions (7) The Minister and the * Water Minister must have regard to the policies and budgetary priorities of the Commonwealth Government in deciding whether to give a direction under subsection (3) or (5).", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-75", "Provision_Key": "s59-75", "Heading": "Commissioner to be kept informed", "Text": "The * Water Secretary must notify the Commissioner about each payment described in subsection 59 ‑ 67(6) that the Commonwealth seeks to recover.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-80", "Provision_Key": "s59-80", "Heading": "Amending assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purpose of giving effect to an outcome that is consequential on any or all of the following events: (a) the inclusion of a * SRWUIP program on the published list of SRWUIP programs (see section 59 ‑ 70); (b) the publication of a change to a SRWUIP program’s listing on the published list of SRWUIP programs; (c) the Commonwealth seeking to recover a payment described in subsection 59 ‑ 67(6); (d) the making of a choice under subsection 59 ‑ 65(2); (e) the event that causes subsection 26 ‑ 100(3) to treat expenditure as if it had never been * SRWUIP expenditure; if the amendment is made at any time during the period of 2 years starting immediately after that event. Note: Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.", "Amendment_Count": 1, "First_Amended": "No 88 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2013", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-85", "Provision_Key": "s59-85", "Heading": "2019 floods—recovery grants for small businesses, primary producers and non ‑ profit organisations", "Text": "A payment is not assessable income and is not * exempt income if: (a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grant made to a small business, primary producer or non ‑ profit organisation as part of a Category C or Category D measure; and (b) the payment relates to floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.", "Amendment_Count": 1, "First_Amended": "No 30 of 2019", "Last_Amended": "No 30 of 2019", "Amending_Acts": "No 30 of 2019", "History_Notes": "Inserted by No 30 of 2019, effective Sch 1 and 2: 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-86", "Provision_Key": "s59-86", "Heading": "2019 floods—on ‑ farm grant program for primary producers", "Text": "(1) A payment is not assessable income and is not * exempt income if: (a) for the purposes of an agreement covered by subsection (2), the payment is a grant made to a primary producer; and (b) the grant is for replacing or repairing farm infrastructure, restocking, replanting, or a similar purpose. (2) An agreement is covered by this subsection if: (a) the agreement is entered into in the period between 1 February 2019 and 1 July 2019; and (b) the parties to the agreement are the Commonwealth and a State or Territory; and (c) the objective of the agreement is principally to assist primary producers impacted by floods commencing in Australia in the period between 25 January 2019 and 28 February 2019.", "Amendment_Count": 1, "First_Amended": "No 30 of 2019", "Last_Amended": "No 30 of 2019", "Amending_Acts": "No 30 of 2019", "History_Notes": "Inserted by No 30 of 2019, effective Sch 1 and 2: 1 July 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-86"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-90", "Provision_Key": "s59-90", "Heading": "Cash flow boost", "Text": "A cash flow boost paid in accordance with the Boosting Cash Flow for Employers (Coronavirus Economic Response Package) Act 2020 is not assessable income and is not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 22 of 2020", "Last_Amended": "No 22 of 2020", "Amending_Acts": "No 22 of 2020", "History_Notes": "Inserted by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-95", "Provision_Key": "s59-95", "Heading": "Coronavirus economic response payment", "Text": "A payment is not assessable income and is not * exempt income if: (a) the payment is paid in accordance with rules made under the Coronavirus Economic Response Package (Payments and Benefits) Act 2020 ; and (b) those rules state that the payment is not assessable income and is not exempt income.", "Amendment_Count": 1, "First_Amended": "No 38 of 2020", "Last_Amended": "No 38 of 2020", "Amending_Acts": "No 38 of 2020", "History_Notes": "Inserted by No 38 of 2020, effective Sch 2 (items 3–6): 9 Apr 2020 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-96", "Provision_Key": "s59-96", "Heading": "COVID ‑ 19 disaster payment", "Text": "A payment an individual receives is not assessable income and is not * exempt income if it is a COVID ‑ 19 disaster payment (within the meaning of the COVID ‑ 19 Disaster Payment (Funding Arrangements) Act 2021 ).", "Amendment_Count": 1, "First_Amended": "No 79 of 2021", "Last_Amended": "No 79 of 2021", "Amending_Acts": "No 79 of 2021", "History_Notes": "Inserted by No 79 of 2021, effective Sch 3 and Sch 5: 11 Aug 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-96"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-97", "Provision_Key": "s59-97", "Heading": "State and Territory grants to small business relating to the recovery from the coronavirus known as COVID ‑ 19", "Text": "(1) A payment an entity receives is not assessable income and is not * exempt income if: (a) the entity receives the payment under a grant program administered by: (i) a State or a Territory; or (ii) an authority of a State or a Territory; and (b) the grant program is declared under subsection (3) to be an eligible program (whether this declaration is made before, on or after the day the entity receives the payment); and (c) the entity receives the payment in the 2020 ‑ 21 or 2021 ‑ 22 * financial year; and (d) the entity is a * small business entity, or an entity covered by subsection (2), for the income year in which the entity receives the payment. (2) An entity is covered by this subsection for an income year if: (a) the entity is not a * small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection. (3) The Minister must, by legislative instrument, declare a grant program to be an eligible program if the Minister is satisfied that: (a) the program was first publicly announced on or after 13 September 2020 by the State, Territory or authority that is administering it; and (b) the program is, in effect, responding to economic impacts of the coronavirus known as COVID ‑ 19; and (c) the program is, in effect, directed at supporting businesses: (i) who are the subject of a public health directive applying to a geographical area in which the businesses operate; and (ii) whose operations have been significantly disrupted as a result of the public health directive; and (d) the State, Territory or authority has requested the program to be declared to be an eligible program under this subsection.", "Amendment_Count": 2, "First_Amended": "No 118 of 2020", "Last_Amended": "No 71 of 2021", "Amending_Acts": "No 118 of 2020 | No 71 of 2021", "History_Notes": "Inserted by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5) | Amended by No 71 of 2021, effective Sch 1: 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-97"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-98", "Provision_Key": "s59-98", "Heading": "Commonwealth small business support payments relating to the coronavirus known as COVID ‑ 19", "Text": "(1) A payment an entity receives is not assessable income and is not * exempt income if: (a) the entity receives the payment under a program administered by the Commonwealth or an authority of the Commonwealth; and (b) the program is declared under subsection (2) to be an eligible program (whether this declaration is made before, on or after the day the entity receives the payment); and (c) the entity receives the payment in the 2021 ‑ 22 * financial year; and (d) the entity is a * small business entity, or an entity covered by subsection 59 ‑ 97(2), for the income year in which the entity receives the payment. (2) For the purposes of paragraph (1)(b), the Minister may, by legislative instrument, declare a program to be an eligible program if the Minister is satisfied that the program is, in effect: (a) responding to economic impacts of the coronavirus known as COVID ‑ 19; and (b) directed at supporting * businesses the operations of which have been significantly disrupted as a result of a public health directive.", "Amendment_Count": 1, "First_Amended": "No 79 of 2021", "Last_Amended": "No 79 of 2021", "Amending_Acts": "No 79 of 2021", "History_Notes": "Inserted by No 79 of 2021, effective Sch 3 and Sch 5: 11 Aug 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-98"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-99", "Provision_Key": "s59-99", "Heading": "2021 floods and storms—recovery grants", "Text": "A payment is not assessable income and is not * exempt income if: (a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grant made to a small business or primary producer as part of a Category D measure; and (b) the payment relates to: (i) floods commencing in Australia as a consequence of rainfall events occurring in the period between 19 February 2021 and 31 March 2021; or (ii) storms occurring in Australia in that period.", "Amendment_Count": 1, "First_Amended": "No 61 of 2021", "Last_Amended": "No 61 of 2021", "Amending_Acts": "No 61 of 2021", "History_Notes": "Inserted by No 61 of 2021, effective Sch 3 (items 1–3), Sch 4 and Sch 5: 1 July 2021 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-99"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-100", "Provision_Key": "s59-100", "Heading": "Refund of large ‑ scale generation shortfall charge", "Text": "(1) A payment to an entity under section 98 of the Renewable Energy (Electricity) Act 2000 is not assessable income and is not * exempt income. (2) Disregard subsection (1) for the purposes of determining whether an entity can deduct expenditure that it incurs in relation to large ‑ scale generation certificates (within the meaning of the Renewable Energy (Electricity) Act 2000 ).", "Amendment_Count": 1, "First_Amended": "No 111 of 2021", "Last_Amended": "No 111 of 2021", "Amending_Acts": "No 111 of 2021", "History_Notes": "Inserted by No 111 of 2021, effective Sch 1 and 3: 1 Oct 2021 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-105", "Provision_Key": "s59-105", "Heading": "Cyclone Seroja—recovery grants", "Text": "A payment is not assessable income and is not * exempt income if: (a) for the purposes of the Disaster Recovery Funding Arrangements 2018 (set out in a determination made by the Minister for Law Enforcement and Cyber Security on 5 June 2018), the payment is a recovery grant made to a small business or primary producer as part of a Category C measure; and (b) the payment relates to Cyclone Seroja.", "Amendment_Count": 1, "First_Amended": "No 35 of 2022", "Last_Amended": "No 35 of 2022", "Amending_Acts": "No 35 of 2022", "History_Notes": "Inserted by No 35 of 2022, effective sch 1 (items 1-3), sch 3 (items 2, 3): 1 Oct 2022 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 59-110", "Provision_Key": "s59-110", "Heading": "Payment to victim following perpetrator contributions release order", "Text": "A payment made by the Commissioner of an amount mentioned in subsection 139 ‑ 160(1) in Schedule 1 to the Taxation Administration Act 1953 is not assessable income and is not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 47 of 2026", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 47 of 2026", "History_Notes": "Inserted by No 47 of 2026, effective sch 1 (items 6-11): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s59-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-1", "Provision_Key": "s61-1", "Heading": "What this Subdivision is about", "Text": "You are entitled to a tax offset for an income year if you maintain certain dependants who are unable to work. Table of sections Object of this Subdivision 61 ‑ 5 Object of this Subdivision Entitlement to the dependant (invalid and carer) tax offset 61 ‑ 10 Who is entitled to the tax offset 61 ‑ 15 Cases involving more than one spouse 61 ‑ 20 Exceeding the income limit for family tax benefit (Part B) 61 ‑ 25 Eligibility for family tax benefit (Part B) without shared care Amount of the dependant (invalid and carer) tax offset 61 ‑ 30 Amount of the dependant (invalid and carer) tax offset 61 ‑ 35 Families with shared care percentages 61 ‑ 40 Reduced amounts of dependant (invalid and carer) tax offset 61 ‑ 45 Reductions to take account of the other individual’s income", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-5", "Provision_Key": "s61-5", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to provide a * tax offset to assist with the maintenance of certain types of dependants who are genuinely unable to work because of invalidity, or because of their care obligations.", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-10", "Provision_Key": "s61-10", "Heading": "Who is entitled to the tax offset", "Text": "(1) You are entitled to a * tax offset for an income year if: (a) during the year you contribute to the maintenance of another individual who: (i) is your * spouse; or (ii) is your * parent or your spouse’s parent; or (iii) is aged 16 years or over, and is your * child, brother or sister or a brother or sister of your spouse; and (b) during the year, the other individual meets the requirements of one or more of subsections (2), (3) and (4); and (c) during the year: (i) the other individual is an Australian resident; or (ii) if the other individual is your spouse or your child—you had a domicile in Australia. (2) The other individual meets the requirements of this subsection if he or she is being paid: (a) a disability support pension or a special needs disability support pension under the Social Security Act 1991 ; or (b) an invalidity service pension under the Veterans’ Entitlements Act 1986 . (3) The other individual meets the requirements of this subsection if he or she: (a) is your * spouse or parent, or your spouse’s parent; and (b) is being paid a carer allowance or carer payment under the Social Security Act 1991 in relation to provision of care to a person who: (i) is your * child, brother or sister, or the brother or sister of your spouse; and (ii) is aged 16 years or over. (4) The other individual meets the requirements of this subsection if he or she is your * spouse or parent, or your spouse’s parent, and is wholly engaged in providing care to an individual who: (a) is your * child, brother or sister, or the brother or sister of your spouse; and (b) is aged 16 years or over; and (c) is being paid: (i) a disability support pension or a special needs disability support pension under the Social Security Act 1991 ; or (ii) an invalidity service pension under the Veterans’ Entitlements Act 1986 . (5) You may be entitled to more than one * tax offset for the year under subsection (1) if: (a) you contributed to the maintenance of more than one other individual (none of whom are your * spouse) during the year; or (b) you had different * spouses at different times during the year. Note 1: If paragraph (b) applies, the amount of the tax offset in relation to each spouse would be only part of the full amount: see section 61 ‑ 40. Note 2: Section 960 ‑ 255 may be relevant to determining relationships for the purposes of this section.", "Amendment_Count": 2, "First_Amended": "No 85 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 85 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-15", "Provision_Key": "s61-15", "Heading": "Cases involving more than one spouse", "Text": "(1) Despite paragraph 61 ‑ 10(1)(a), if, during a period comprising some or all of the year, there are 2 or more individuals who are your * spouse, you are taken, for the purposes of section 61 ‑ 10, only to contribute to the maintenance of the spouse with whom you reside during that period. (2) Despite paragraph 61 ‑ 10(1)(a) and subsection (1) of this section, if, during a period comprising some or all of the year: (a) you reside with 2 or more individuals who are your * spouse; or (b) 2 or more individuals are your * spouse but you reside with none of them; you are taken, for the purposes of section 61 ‑ 10, only to contribute to the maintenance of whichever of those individuals in relation to whom you are entitled to the smaller, or smallest, amount (including a nil amount) of tax offset under this Subdivision in relation to that period.", "Amendment_Count": 2, "First_Amended": "No 85 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 85 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-20", "Provision_Key": "s61-20", "Heading": "Exceeding the income limit for family tax benefit (Part B)", "Text": "(1) Despite section 61 ‑ 10, you are not entitled to a * tax offset for an income year if the sum of: (a) your * adjusted taxable income for offsets for the year; and (b) if you had a * spouse for the whole or part of the year, and your spouse was not the other individual referred to in subsection 61 ‑ 10(1)—the spouse’s adjusted taxable income for offsets for the year; is more than the amount specified in subclause 28B(1) of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 , as indexed under Part 2 of Schedule 4 to that Act. (2) However, if you had a * spouse for only part of the year, the spouse’s * adjusted taxable income for offsets for the year is taken, for the purposes of paragraph (1)(b), to be this amount: (3) If you had a different * spouse during different parts of the year, include the * adjusted taxable income for offsets of each spouse under paragraph (1)(b) and subsection (2).", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-25", "Provision_Key": "s61-25", "Heading": "Eligibility for family tax benefit (Part B) without shared care", "Text": "Despite section 61 ‑ 10, you are not entitled to a * tax offset in relation to another individual for an income year if: (a) your entitlement to the tax offset would, apart from this section, be based on the other individual being your spouse during the year; and (b) during the whole of the year: (i) you, or your * spouse while being your partner (within the meaning of the A New Tax System (Family Assistance) Act 1999 ), is eligible for family tax benefit at the Part B rate (within the meaning of that Act); and (ii) clause 31 of Schedule 1 to that Act does not apply in respect of the Part B rate. Note: Clause 31 of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 reduces the standard rate for the family tax benefit to take account of shared care percentages.", "Amendment_Count": 2, "First_Amended": "No 85 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 85 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-30", "Provision_Key": "s61-30", "Heading": "Amount of the dependant (invalid and carer) tax offset", "Text": "The amount of the * tax offset to which you are entitled in relation to another individual under section 61 ‑ 10 for an income year is $2,423. The amount is indexed annually. Note 1: Subdivision 960 ‑ M shows you how to index amounts. Note 2: The amount of the tax offset may be reduced by the application, in order, of sections 61 ‑ 35 to 61 ‑ 45.", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-35", "Provision_Key": "s61-35", "Heading": "Families with shared care percentages", "Text": "(1) The amount of the * tax offset under section 61 ‑ 30 in relation to the other individual for the year is reduced by the amount worked out under subsection (2) of this section if: (a) your entitlement to the tax offset is based on the other individual being your spouse during the year; and (b) during a period (the shared care period ) comprising the whole or part of the year: (i) you, or your * spouse while being your partner (within the meaning of the A New Tax System (Family Assistance) Act 1999 ), was eligible for family tax benefit at the Part B rate within the meaning of that Act; and (ii) clause 31 of Schedule 1 to that Act applied in respect of that Part B rate because you, or your spouse, had a shared care percentage for an FTB child (within the meaning of that Act). (2) The reduction is worked out as follows: where: non ‑ shared care rate is the rate that would be the standard rate in relation to you or your * spouse under clause 30 of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 if: (a) clause 31 of that Schedule did not apply; and (b) the FTB child in relation to whom the standard rate was determined under clause 31 of that Schedule was the only FTB child of you or your spouse, as the case requires. shared care rate is the standard rate in relation to you or your * spouse worked out under clause 31 of Schedule 1 to the A New Tax System (Family Assistance) Act 1999 . unaltered offset amount is what would, but for this section, be the amount of your * tax offset in relation to the other individual under section 61 ‑ 10 for the year.", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-40", "Provision_Key": "s61-40", "Heading": "Reduced amounts of dependant (invalid and carer) tax offset", "Text": "(1) The amount of the * tax offset under sections 61 ‑ 30 and 61 ‑ 35 in relation to the other individual for the year is reduced by the amount in accordance with subsection (2) of this section if one or more of the following applies: (a) you contribute to the maintenance of the other individual during part only of the year; (b) during the whole or part of the year, 2 or more individuals contribute to the maintenance of the other individual; (c) the other individual is an individual of a kind referred to in subparagraph 61 ‑ 10(1)(a)(i), (ii) or (iii) during part only of the year; (d) paragraph 61 ‑ 10(1)(b) applies to the other individual during part only of the year; (e) paragraph 61 ‑ 10(1)(c) applies during part only of the year; (f) the other individual is your spouse, and, during part of the year: (i) you, or your * spouse while being your partner (within the meaning of the A New Tax System (Family Assistance) Act 1999 ), is eligible for family tax benefit at the Part B rate (within the meaning of that Act); and (ii) clause 31 of Schedule 1 to that Act does not apply in respect of the Part B rate; (g) the other individual is your spouse, and, during part of the year, parental leave pay is payable under the Paid Parental Leave Act 2010 to you, or to your spouse while being your partner (within the meaning of that Act). (2) The amount of the tax offset under sections 61 ‑ 30 and 61 ‑ 35 is reduced to an amount that, in the Commissioner’s opinion, is a reasonable apportionment in the circumstances, having regard to the applicable matters referred to in paragraphs (1)(a) to (g). (3) If paragraph (1)(f) or (g) applies, the Commissioner is not to consider the part of the year covered by that paragraph.", "Amendment_Count": 2, "First_Amended": "No 85 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 85 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-45", "Provision_Key": "s61-45", "Heading": "Reductions to take account of the other individual’s income", "Text": "The amount of the * tax offset under sections 61 ‑ 30 to 61 ‑ 40 in relation to the other individual for the year is reduced by $1 for every $4 by which the following exceeds $282: (a) if you contribute to the maintenance of the other individual for the whole of the year—the other individual’s * adjusted taxable income for offsets for the year; (b) if paragraph (a) does not apply—the other individual’s * adjusted taxable income for offsets for that part of the year during which you contribute to the maintenance of the other individual.", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-100", "Provision_Key": "s61-100", "Heading": "What this Subdivision is about", "Text": "You may be entitled to a tax offset if you: (a) are a lower ‑ income earner; or (b) are the trustee of a trust who is liable to be assessed in respect of a share of the trust’s net income to which a beneficiary is presently entitled. Table of sections Operative provisions 61 ‑ 110 Entitlement to the Low Income tax offset 61 ‑ 115 Amount of the Low Income tax offset", "Amendment_Count": 1, "First_Amended": "No 47 of 2018", "Last_Amended": "No 47 of 2018", "Amending_Acts": "No 47 of 2018", "History_Notes": "Inserted by No 47 of 2018, effective Sch 1 (items 1, 6, 7): 1 July 2018 (s 2(1) item 2) Sch 1 (items 11–15, 19, 20): repealed before commencing (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-110", "Provision_Key": "s61-110", "Heading": "Entitlement to the Low Income tax offset", "Text": "(1) You are entitled to a * tax offset for the 2020 ‑ 21 income year or a later income year if: (a) you are an individual who is an Australian resident at any time during the income year; and (b) your taxable income for the income year does not exceed $66,667. (2) You are entitled to a * tax offset for the 2020 ‑ 21 income year or a later income year if: (a) for the income year, you are a trustee who is liable to be assessed under section 98 of the Income Tax Assessment Act 1936 in respect of a share of the * net income of a trust; and (b) the beneficiary who is presently entitled to that share is an individual who is an Australian resident at any time during the income year; and (c) that share does not exceed $66,667. (3) If you are entitled to a * tax offset under subsection (2), you are entitled to a separate tax offset for each beneficiary who is presently entitled to a share for which subsection (2) is satisfied.", "Amendment_Count": 2, "First_Amended": "No 47 of 2018", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 47 of 2018 | No 92 of 2020", "History_Notes": "Inserted by No 47 of 2018, effective Sch 1 (items 1, 6, 7): 1 July 2018 (s 2(1) item 2) Sch 1 (items 11–15, 19, 20): repealed before commencing (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-115", "Provision_Key": "s61-115", "Heading": "Amount of the Low Income tax offset", "Text": "General rule (1) The amount of your * tax offset is set out in the following table in respect of the following income (your relevant income ): (a) if you are an individual—your taxable income for the income year; (b) if you are a trustee—the amount of the share of * net income referred to in subsection 61 ‑ 110(2). Amount of your tax offset Item If your relevant income: The amount of your tax offset is: 1 does not exceed $37,500 $700 2 exceeds $37,500 but is not more than $45,000 $700, less an amount equal to 5% of the excess 3 exceeds $45,000 but is not more than $66,667 $325, less an amount equal to 1.5% of the excess If you are less than 18 years of age (2) Despite subsection (1), the amount of your * tax offset for the income year cannot exceed a cap if: (a) you are an individual who is a prescribed person in relation to the income year for the purposes of Division 6AA of Part III of the Income Tax Assessment Act 1936 ; and (b) part (the excluded part ) of your basic income tax liability for the income year is attributable to your eligible taxable income (within the meaning of section 102AD of that Act). The cap is an amount equal to the remaining part of your basic income tax liability for the income year. Note: Division 6AA (including section 102AD) is about income that particular kinds of children derive from particular sources. (3) When working out the remaining part of your basic income tax liability, if you are also entitled to a * tax offset under section 160AAA of the Income Tax Assessment Act 1936 , treat that tax offset as having been applied, to the extent possible, against the excluded part of your basic income tax liability. Note: That tax offset is for individuals eligible for certain benefits. If you are a trustee and the beneficiary is less than 18 years of age (4) Despite subsection (1), the amount of your * tax offset for the income year cannot exceed a cap if: (a) you are a trustee; and (b) the beneficiary who is presently entitled to the share of * net income to which the tax offset relates is a prescribed person in relation to the income year for the purposes of Division 6AA of Part III of the Income Tax Assessment Act 1936 ; and (c) part of your basic income tax liability for the income year is attributable to the portion of that share to which that Division applies. The cap is an amount equal to the part of your basic income tax liability attributable to the remaining portion of that share. Note 1: Division 6AA is about income that particular kinds of children derive from particular sources. Note 2: To work out the portion of that share to which Division 6AA applies, see section 102AG of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 47 of 2018", "Last_Amended": "No 52 of 2019", "Amending_Acts": "No 47 of 2018 | No 52 of 2019", "History_Notes": "Inserted by No 47 of 2018, effective Sch 1 (items 1, 6, 7): 1 July 2018 (s 2(1) item 2) Sch 1 (items 11–15, 19, 20): repealed before commencing (s 2(1) item 3) | Amended by No 52 of 2019, effective Sch 1: 6 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-150", "Provision_Key": "s61-150", "Heading": "What this Subdivision is about", "Text": "You may be entitled to a tax offset if you earn certain labour income. Table of sections Operative provisions 61 ‑ 155 Entitlement to the working Australians tax offset 61 ‑ 160 Amount of the working Australians tax offset", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-155", "Provision_Key": "s61-155", "Heading": "Entitlement to the working Australians tax offset", "Text": "(1) You are entitled to a * tax offset for an income year if: (a) you are an individual who is an Australian resident at any time during the income year; and (b) in the income year, the amount worked out for you under subsection (2) (about your net labour income) exceeds the tax ‑ free threshold (within the meaning of the Income Tax Rates Act 1986 ). Net labour income (2) Work out the amount for an income year using the formula: where: labour amounts means the sum of the following amounts included in your assessable income for the income year: (a) an amount of * assessable labour income; (b) an amount you * derive from carrying on a * business as an individual (not including assessable income you derive from a business carried on by a partnership or trust); (c) an amount of * personal services income; (d) an amount included in your assessable income under section 83A ‑ 25 (about discounts given in relation to an * ESS interest included in assessable income); (e) an amount that is a payment from which an amount must be withheld (even if the amount is not withheld) under section 12 ‑ 60 in Schedule 1 to the Taxation Administration Act 1953 (about payments under labour hire and certain other arrangements). labour deductions means the sum of the following amounts you can deduct in relation to the income year: (a) an amount of a loss or outgoing that you incurred in gaining or producing an amount mentioned in paragraph (a) or (c) of the definition of labour amounts ; (b) an amount of a loss or outgoing that you necessarily incurred in carrying on a * business as an individual (not including a loss or outgoing necessarily incurred by a business carried on by a partnership or trust); (c) an amount you can deduct under section 25 ‑ 130; (d) an amount you can deduct under section 40 ‑ 25 (other than an amount equal to the decline in value of a * depreciating asset that you allocate to a low ‑ value pool under section 40 ‑ 425), to the extent that the deduction arises for a depreciating asset that you use to: (i) derive an amount mentioned in paragraph (b) of the definition of labour amounts ; or (ii) gain or produce an amount mentioned in paragraph (c) of the definition of labour amounts ; (e) an amount of a deduction mentioned in paragraphs 25 ‑ 130(2)(d) to (g) (standard deduction for work ‑ related expenses); (f) an amount you can deduct under Subdivision 328 ‑ D, to the extent that the deduction arises for a depreciating asset that you use to derive an amount mentioned in paragraph (b) of the definition of labour amounts . (3) If more than one paragraph in the definition of labour amounts or labour deductions covers an amount, include the amount only once.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-160", "Provision_Key": "s61-160", "Heading": "Amount of the working Australians tax offset", "Text": "The amount of your * tax offset for an income year is the lesser of: (a) $250; and (b) the amount that would be the amount of your basic income tax liability for the income year if your taxable income was comprised only of your net labour income worked out under subsection 61 ‑ 155(2) for the income year.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-200", "Provision_Key": "s61-200", "Heading": "What this Subdivision is about", "Text": "You can choose to claim a tax offset for a premium, or an amount in respect of a premium, paid under a private health insurance policy instead of having the premium reduced under Division 23 of the Private Health Insurance Act 2007 . Table of sections Operative provisions 61 ‑ 205 Entitlement to the private health insurance tax offset 61 ‑ 210 Amount of the private health insurance tax offset 61 ‑ 215 Reallocation of the private health insurance tax offset between spouses", "Amendment_Count": 2, "First_Amended": "No 32 of 2007", "Last_Amended": "No 105 of 2013", "Amending_Acts": "No 32 of 2007 | No 105 of 2013", "History_Notes": "Inserted by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Amended by No 105 of 2013, effective Sch 2 (items 22–26, 28(3)): 1 July 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-205", "Provision_Key": "s61-205", "Heading": "Entitlement to the private health insurance tax offset", "Text": "(1) You are entitled to a * tax offset for the 2012 ‑ 13 income year or a later income year if: (a) a premium, or an amount in respect of a premium, was paid by you or another entity during the income year under a * complying health insurance policy in respect of a period (the premium period ); and (b) you are a * PHIIB in respect of the premium or amount; and (c) each person insured under the policy during the premium period is, for the whole of the time that he or she is insured under the policy during the premium period: (i) an eligible person (within the meaning of section 3 of the Health Insurance Act 1973 ); or (ii) treated as such because of section 6, 6A or 7 of that Act. (2) You are also entitled to the * tax offset if: (a) you are a trustee who is liable to be assessed under section 98 of the Income Tax Assessment Act 1936 in respect of a share of the net income of a trust estate; and (b) the beneficiary who is presently entitled to the share of the income of the trust estate would be entitled to the tax offset because of subsection (1).", "Amendment_Count": 2, "First_Amended": "No 32 of 2007", "Last_Amended": "No 26 of 2012", "Amending_Acts": "No 32 of 2007 | No 26 of 2012", "History_Notes": "Inserted by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Amended by No 26 of 2012, effective Schedule 1 (items 3–9, 48): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-210", "Provision_Key": "s61-210", "Heading": "Amount of the private health insurance tax offset", "Text": "(1) The amount of the * tax offset is your * share of the PHII benefit in respect of the premium or amount. Reduction because PHII benefit received in another form (2) Subsections (3), (4) and (5) apply if the amount of the premium was reduced because of the operation or purported operation of Division 23 of the Private Health Insurance Act 2007 . (3) Divide the total of the reduction by the number of persons who are * PHIIBs in respect of the premium or amount. (4) Reduce your * tax offset under subsection (1) to nil if the amount worked out under subsection (3) equals or exceeds your * share of the PHII benefit in respect of the premium or amount. Note: If the amount worked out under subsection (3) exceeds your share of the PHII benefit, you are liable to pay the excess to the Commonwealth. See section 282 ‑ 18 of the Private Health Insurance Act 2007 (Liability for excess private health insurance premium reduction or refund). (5) Otherwise, reduce your * tax offset under subsection (1) by the amount worked out under subsection (3).", "Amendment_Count": 3, "First_Amended": "No 32 of 2007", "Last_Amended": "No 105 of 2013", "Amending_Acts": "No 32 of 2007 | No 26 of 2012 | No 105 of 2013", "History_Notes": "Inserted by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Repealed and substituted by No 26 of 2012, effective Schedule 1 (items 3–9, 48): 1 July 2012 | Amended by No 105 of 2013, effective Sch 2 (items 22–26, 28(3)): 1 July 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-215", "Provision_Key": "s61-215", "Heading": "Reallocation of the private health insurance tax offset between spouses", "Text": "(1) You can make a choice under this section in relation to the income year if: (a) you are a * PHIIB in respect of the premium or amount; and (b) on the last day of the income year, you are married (within the meaning of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 ; and (c) the individual to whom you are married is also a PHIIB in respect of the premium or amount; and (d) the individual to whom you are married has not made a choice under this section in relation to the income year. Note: If you make a choice under this section, you might be liable to pay an amount under section 282 ‑ 18 of the Private Health Insurance Act 2007 (Liability for excess private health insurance premium reduction or refund). (2) If you make a choice under this section in relation to the income year: (a) the amount (if any) of the * tax offset for the income year under section 61 ‑ 205 in respect of the premium or amount of the individual to whom you are married is reduced to nil; and (b) your tax offset for the income year under that section in respect of the premium or amount is increased by that amount. (3) A choice under this section in relation to the income year can only be made in your * income tax return for the income year. (4) A choice under this section in relation to an income year has effect for all premiums, or amounts in respect of premiums, paid during the income year.", "Amendment_Count": 2, "First_Amended": "No 32 of 2007", "Last_Amended": "No 26 of 2012", "Amending_Acts": "No 32 of 2007 | No 26 of 2012", "History_Notes": "Inserted by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Repealed and substituted by No 26 of 2012, effective Schedule 1 (items 3–9, 48): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-575", "Provision_Key": "s61-575", "Heading": "What this Subdivision is about", "Text": "You may get a tax offset under this Subdivision if: (a) Medicare levy surcharge is payable by you for the current year; and (b) a substantial lump sum was paid to you in the current year; and (c) the lump sum accrued in whole or in part in a previous year. The amount of the offset is the amount of additional Medicare levy surcharge payable by you for the current year because of your lump sums and your spouse’s lump sums. Alternatively, you may get a tax offset under this Subdivision if your spouse gets a tax offset under this Subdivision. The amount of the offset is the amount of additional Medicare levy surcharge payable by you for the current year because of your spouse’s lump sums. Table of sections Operative provisions 61 ‑ 580 Entitlement to a tax offset 61 ‑ 585 The amount of a tax offset 61 ‑ 590 Definition of MLS lump sums", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-575"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-580", "Provision_Key": "s61-580", "Heading": "Entitlement to a tax offset", "Text": "Tax offset for MLS lump sums paid to you (1) You are entitled to a * tax offset for the * current year if: (a) you are an individual; and (b) * Medicare levy surcharge is payable by you for the current year because of: (i) section 8B, 8C or 8D of the Medicare Levy Act 1986 ; or (ii) the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 ; and (c) your assessable income or * exempt foreign employment income for the current year includes one or more * MLS lump sums paid to you; and (d) the total of the MLS lump sums paid to you is greater than or equal to one ‑ eleventh of the total of the following amounts: (i) your normal taxable income (within the meaning of section 159ZR of the Income Tax Assessment Act 1936 ) for the current year, disregarding your * assessable FHSS released amount for the current year; (ii) your exempt foreign employment income for the current year; (iii) your * reportable fringe benefits total for the current year; (iv) the amounts that would be included in your assessable income for the current year if, and only if, subsection 271 ‑ 105(1) (family trust distribution tax) in Schedule 2F to the Income Tax Assessment Act 1936 were ignored; (v) your * reportable superannuation contributions for the current year; (vi) your * total net investment loss for the current year. Note: The test in paragraph (d) is similar to the 10% test in paragraph 159ZRA(1)(b) of the Income Tax Assessment Act 1936 , which also deals with a tax offset for lump sum payments in arrears. Tax offset for MLS lump sums paid to your spouse (2) You are also entitled to a * tax offset for the * current year if: (a) during all or part of the current year, you were married to an individual (within the meaning of section 3 of the Medicare Levy Act 1986 or section 7 of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 ); and (b) the individual is entitled to a tax offset for the current year under subsection (1); and (c) * Medicare levy surcharge is payable by you for the current year because of: (i) section 8D of the Medicare Levy Act 1986 ; or (ii) Division 4 of Part 3 of the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 ; (which are about Medicare Levy surcharge for individuals who are married); and (d) you are not entitled to a tax offset for the current year under subsection (1); and (e) less of the Medicare levy surcharge referred to in paragraph (c) would be payable by you for the current year if the * MLS lump sums paid to the individual referred to in paragraph (a) were disregarded.", "Amendment_Count": 3, "First_Amended": "No 80 of 2006", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 80 of 2006 | No 27 of 2009 | No 132 of 2017", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-580"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-585", "Provision_Key": "s61-585", "Heading": "The amount of a tax offset", "Text": "(1) The amount of a * tax offset under subsection 61 ‑ 580(1) is the amount worked out using the following formula: where: total Medicare levy surcharge means the total of the * Medicare levy surcharge referred to in paragraph 61 ‑ 580(1)(b) that is payable by you for the * current year. total non ‑ arrears Medicare levy surcharge means the amount that would be the total Medicare levy surcharge if the * MLS lump sums paid to you (and the MLS lump sums paid to the individual referred to in paragraph 61 ‑ 580(2)(a)) were disregarded. (2) The amount of a * tax offset under subsection 61 ‑ 580(2) is the amount worked out using the following formula: where: total family Medicare levy surcharge means the total of the * Medicare levy surcharge referred to in paragraph 61 ‑ 580(2)(c) that is payable by you for the * current year. total non ‑ arrears family Medicare levy surcharge means the amount that would be the total family Medicare levy surcharge if the * MLS lump sums referred to in paragraph 61 ‑ 580(2)(e) were disregarded.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-585"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-590", "Provision_Key": "s61-590", "Heading": "Definition of MLS lump sums", "Text": "Both of the following are MLS lump sums paid to an individual: (a) a lump sum payment of eligible income (within the meaning of section 159ZR of the Income Tax Assessment Act 1936 ) that is included in the individual’s assessable income for the * current year (but only to the extent that it accrued in an earlier income year); (b) a lump sum payment that is included in the individual’s * exempt foreign employment income for the current year (but only to the extent that it accrued during a period ending more than 12 months before the date on which it was paid).", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-590"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-695", "Provision_Key": "s61-695", "Heading": "What this Subdivision is about", "Text": "A company may get a refundable tax offset for withholding payments made to Australian seafarers for overseas voyages if: (a) the voyage is made by a vessel for which the company, or another entity, has a certificate under the Shipping Reform (Tax Incentives) Act 2012 ; and (b) the company employs or engages the seafarer on such voyages for at least 91 days in the income year. Table of sections Operative provisions 61 ‑ 700 Object of this Subdivision 61 ‑ 705 Who is entitled to the seafarer tax offset 61 ‑ 710 Amount of the seafarer tax offset", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-695"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-700", "Provision_Key": "s61-700", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to stimulate opportunities for Australian seafarers to: (a) be employed or engaged on overseas voyages; and (b) acquire maritime skills.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-705", "Provision_Key": "s61-705", "Heading": "Who is entitled to the seafarer tax offset", "Text": "(1) A company is entitled to a * tax offset for an income year if: (a) the company is a corporation to which paragraph 51(xx) of the Constitution applies; and (b) there is at least one individual in respect of whom the company has 91 days or more in the income year that qualify for the tax offset as mentioned in subsection (2). (2) A particular day qualifies for the * tax offset under this Subdivision for a company for an individual if: (a) on the day, the individual is an Australian resident who: (i) is employed by the company; or (ii) performs work or services under an * arrangement under which the company makes, at any time, a payment that is a * withholding payment covered by subsection 12 ‑ 60(1) in Schedule 1 to the Taxation Administration Act 1953 (about labour hire arrangements); and (b) on the day, the individual is so employed, or performs the work or services, on a voyage of a vessel as master, deck officer, integrated rating, steward or engineer; and (c) the company, or another entity, has a certificate for the vessel that applies to the day under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 ; and (d) in the course of the voyage, the vessel travels between: (i) a port in Australia and a port outside Australia; or (ii) a port in Australia and a place in the waters of the sea above the continental shelf of a country other than Australia; or (iii) a port outside Australia and a place in the waters of the sea above the continental shelf of Australia; or (iv) a place in the waters of the sea above the continental shelf of Australia and a place in the waters of the sea above the continental shelf of a country other than Australia; or (v) ports outside Australia; or (vi) places beyond the continental shelf of Australia; whether or not the ship travels between 2 or more ports in Australia in the course of the voyage. Note 1: An entity may be entitled to a certificate for a vessel under Part 2 of the Shipping Reform (Tax Incentives) Act 2012 if it meets the requirements (relating to such things as tonnage, registration and usage) in that Act. Note 2: An entity cannot be entitled to a certificate for a vessel under Part 2 of that Act for a day before 1 July 2012: see paragraph 8(4)(b) of that Act. (3) For the purposes of paragraph (2)(b), the voyage of a vessel is taken to: (a) start on the earliest day on which one or more of the following occurs: (i) * shipping cargo to be carried on the voyage, or any part of the voyage, is first loaded into the vessel; (ii) * shipping passengers to be carried on the voyage, or any part of the voyage, first board the vessel; (iii) the voyage begins; and (b) end on the latest day on which any of the following occurs: (i) all shipping cargo carried on the voyage, or any part of the voyage, is completely unloaded from the vessel; (ii) all shipping passengers carried on the voyage, or any part of the voyage, finally disembark from the vessel; (iii) the voyage ends.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-710", "Provision_Key": "s61-710", "Heading": "Amount of the seafarer tax offset", "Text": "The amount of the company’s * tax offset for the income year is the amount (rounded up to the nearest whole dollar) worked out using the formula: where: gross payment amounts means the total amount of * withholding payments covered by section 12 ‑ 35 or subsection 12 ‑ 60(1) in Schedule 1 to the Taxation Administration Act 1953 payable by the company in the income year: (a) to individuals in respect of whom the company has 91 days or more in the income year that qualify for the offset as mentioned in subsection 61 ‑ 705(2); and (b) in respect of any of the following: (i) the employment of, or the work or services performed by, such individuals in relation to which the company so qualifies for the offset; (ii) leave accrued by such individuals during such employment, work or services; (iii) training of such individuals that relates to such employment, work or services.", "Amendment_Count": 1, "First_Amended": "No 57 of 2012", "Last_Amended": "No 57 of 2012", "Amending_Acts": "No 57 of 2012", "History_Notes": "Inserted by No 57 of 2012, effective Schedules 1–3: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-710"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-750", "Provision_Key": "s61-750", "Heading": "What this Subdivision is about", "Text": "A limited partner in an ESVCLP may be entitled to a tax offset for investing in the ESVCLP. Table of sections Operative provisions 61 ‑ 755 Object of this Subdivision 61 ‑ 760 Who is entitled to the ESVCLP tax offset 61 ‑ 765 Amount of the ESVCLP tax offset—general case 61 ‑ 770 Amount of the ESVCLP tax offset—members of trusts or partnerships 61 ‑ 775 Amount of the ESVCLP tax offset—trustees", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-750"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-755", "Provision_Key": "s61-755", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to encourage new investment in early stage venture capital by providing investors with a * tax offset to reduce the effective cost of such investments.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-755"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-760", "Provision_Key": "s61-760", "Heading": "Who is entitled to the ESVCLP tax offset", "Text": "General case (1) A * limited partner of an * ESVCLP is entitled to a * tax offset for an income year if: (a) the partner contributes to the ESVCLP during the income year; and (b) the partner is not a trust or partnership. Members of trusts or partnerships (2) A * member of a trust or partnership is entitled to a * tax offset for an income year if the trust or partnership would be entitled to a tax offset, under this section, for the income year if it were an individual. Trustees (3) A trustee of a trust is entitled to a * tax offset for an income year if: (a) the trust would be entitled to a tax offset, under this section, for the income year if it were an individual; and (b) in a case where the trustee has determined percentages under subsection 61 ‑ 770(2) in relation to the * members of the trust—the sum of those percentages is not 100%; and (c) the trustee is liable to be assessed or has been assessed, and is liable to pay * tax, on a share of, or all or a part of, the trust’s * net income under section 98, 99 or 99A of the Income Tax Assessment Act 1936 for that income year.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-760"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-765", "Provision_Key": "s61-765", "Heading": "Amount of the ESVCLP tax offset—general case", "Text": "(1) If subsection 61 ‑ 760(1) applies, the amount of the * tax offset for the income year is 10% of the lesser of: (a) the sum of the amounts the partner contributes to the * ESVCLP during the income year, reduced by any amounts excluded under subsection (2); and (b) the amount (the investment related amount ) worked out under subsection (3). (2) The following amounts are excluded for the purposes of paragraph (1)(a) in relation to the income year: (a) any parts of a contribution the partner made to the * ESVCLP that the ESVCLP is, or will become, obliged to repay to the partner, whether or not: (i) the obligation arises during the income year; or (ii) the obligation arises only when the partner requests repayment; (b) any parts of a contribution the partner made to the ESVCLP that, during the income year, are repaid to the partner within 12 months after the contribution was made; (c) any parts of a contribution the partner made to the ESVCLP to the extent that they comprise a commitment to provide money or property in the future. (3) Work out the investment related amount as follows: where: partner’s share is the partner’s share of the capital of the * ESVCLP at the end of the income year, expressed as a percentage of the entire capital of the ESVCLP. sum of eligible venture capital investments is the sum of: (a) all the amounts of the * eligible venture capital investments made by the * ESVCLP during the period starting at the start of the income year and ending 2 months after the end of the income year; and (b) all the incidental costs, incurred during that period, of making those investments; and (c) all the administrative expenses, incurred during that period, associated with those investments. (4) For the purposes of paragraph (a) of the definition of sum of eligible venture capital investments in subsection (3), disregard the amounts of any * eligible venture capital investments that were taken into account in working out the amount of a * tax offset under this Subdivision for a preceding income year.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-765"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-770", "Provision_Key": "s61-770", "Heading": "Amount of the ESVCLP tax offset—members of trusts or partnerships", "Text": "(1) If subsection 61 ‑ 760(2) applies, the amount of the * member’s * tax offset for the income year is as follows: where: determined share of notional tax offset is the percentage determined under subsection (2) for the * member. notional tax offset amount is what would, under section 61 ‑ 765, have been the amount of the trust’s or partnership’s * tax offset (the notional tax offset ) if the trust or partnership had been an individual. (2) The trustee or partnership may determine the percentage of the notional tax offset that is the * member’s share of the notional tax offset. (3) If, under the terms and conditions under which the trust or partnership operates, the * member would be entitled to a fixed proportion of any * capital gain from a * disposal: (a) relating to the trust or partnership; and (b) of investments made as a result of the contributions that gave rise to the notional tax offset; and (c) happening at the end of the income year to which the notional tax offset relates; the percentage determined under subsection (2) must be equivalent to that fixed proportion, and a determination of any other percentage has no effect. (4) The trustee or partnership must give the * member written notice of the determination. The notice: (a) must enable the member to work out the amount of the member’s * tax offset by including enough information to enable the member to work out the member’s share of the notional tax offset; and (b) must be given to the member within 3 months after the end of the income year, or within such further time as the Commissioner allows. (5) The sum of all the percentages determined under subsection (2) in relation to the * members of the trust or partnership must not exceed 100%.", "Amendment_Count": 2, "First_Amended": "No 54 of 2016", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-770"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 61-775", "Provision_Key": "s61-775", "Heading": "Amount of the ESVCLP tax offset—trustees", "Text": "If subsection 61 ‑ 760(3) applies, the amount of the * tax offset for the income year is the difference between: (a) what would, under section 61 ‑ 765, have been the amount of the tax offset to which the trust would have been entitled if it had been an individual; and (b) if * members of the trust are entitled to tax offsets under subsection 61 ‑ 760(2) arising from the same contributions from which the trustee’s entitlement arises under subsection 61 ‑ 760(3)—the sum of the amounts, under section 61 ‑ 770, of those tax offsets.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s61-775"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 63-1", "Provision_Key": "s63-1", "Heading": "What this Division is about", "Text": "This Division sets out some rules that are common to all tax offsets. Table of sections 63 ‑ 10 Priority rules", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s63-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 63-10", "Provision_Key": "s63-10", "Heading": "Priority rules", "Text": "(1) If you have one or more * tax offsets for an income year, apply them against your basic income tax liability in the order shown in the table. To the extent that an amount of a tax offset remains, the table tells you what happens to it. Order of applying tax offsets Item Tax offset What happens to any excess 3 * Tax offset under Subdivision 61 ‑ E (working Australians tax offset) You cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year 5 * Tax offset under section 160AAAA of the Income Tax Assessment Act 1936 (tax offset for low income aged persons and pensioners) Your entitlement to it is transferred in accordance with regulations made under that Act 10 * Tax offset under section 160AAAB of the Income Tax Assessment Act 1936 (tax offset for low income aged persons and pensioners —trustee assessed under section 98) Your entitlement to it is transferred in accordance with regulations made under that Act 15 * Tax offset under section 160AAA of the Income Tax Assessment Act 1936 (tax offset in respect of certain benefits) Your entitlement to it is transferred in accordance with regulations made under that Act 20 Any * tax offset not covered by another item in this table You cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year 21 * Tax offset under Subdivision 301 ‑ F (veterans’ superannuation (invalidity pension) tax offset) Apply it against your liability (if any) to pay * Medicare levy for the income year. To the extent that an amount of it remains, apply it against your liability (if any) to pay * Medicare levy (fringe benefits) surcharge for the income year. To the extent that an amount of it remains, you cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year 22 * Tax offset for * foreign income tax under Division 770 Apply it against your liability (if any) to pay * Medicare levy for the income year. To the extent that an amount of it remains, apply it against your liability (if any) to pay * Medicare levy (fringe benefits) surcharge for the income year. To the extent that an amount of it remains, you cannot get a refund of it, you cannot transfer it and you cannot carry it forward to a later income year 30 Landcare and water facility * tax offset under the former Subdivision 388 ‑ A You may carry it forward to a later income year (under Division 65) 32 ESVCLP * tax offset under Subdivision 61 ‑ P You may carry it forward to a later income year (under Division 65) 33 * Tax offset under Subdivision 360 ‑ A (about early stage investors in innovation companies) You may carry it forward to a later income year (under Division 65) 35 A * tax offset under Division 355 (about R&D) that is not covered by section 67 ‑ 30 You may carry it forward to a later income year (under Division 65) 40 * Tax offset that is subject to the refundable tax offset rules (see Division 67) You can get a refund of the remaining amount 45 * Tax offset arising from payment of * franking deficit tax (see section 205 ‑ 70) You may carry it forward to a later income year (under section 205 ‑ 70) Note 1: Section 13 ‑ 1 lists tax offsets. Note 2: Former Division 388 was repealed by the New Business Tax System (Capital Allowances—Transitional and Consequential) Act 2001 . Note 4: The remaining amount of a carry forward tax offset may be reduced by section 65 ‑ 30 or 65 ‑ 35 to take account of net exempt income. Note 5: Tax offsets mentioned in items 5 and 10 are more commonly referred to as the Senior Australians Tax Offset. (2) Within each item, apply the tax offsets in the order in which they arose. Note: This would be relevant if you have carry forward tax offsets of the same category for different income years.", "Amendment_Count": 13, "First_Amended": "No 58 of 2006", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 58 of 2006 | No 143 of 2007 | No 164 of 2007 | No 43 of 2011 | No 93 of 2011 | No 159 of 2011 | No 12 of 2012 | No 54 of 2016 | No 47 of 2018 | No 49 of 2019 | No 92 of 2020 | No 29 of 2023 | No 49 of 2026", "History_Notes": "Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 43 of 2011, effective s. 4, Schedule 2 (items 4–6) and Schedule 3 (items 1–9): Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 159 of 2011, effective Schedule 3 (items 17–21, 24): 1 July 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 47 of 2018, effective Sch 1 (items 1, 6, 7): 1 July 2018 (s 2(1) item 2) Sch 1 (items 11–15, 19, 20): repealed before commencing (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s63-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 65-10", "Provision_Key": "s65-10", "Heading": "What this Division is about", "Text": "This Division sets out the rules about carrying forward excess tax offsets to later income years. You can only carry forward certain tax offsets. Before you can apply a tax offset to reduce the amount of income tax that you will pay in a later year, you must apply it to reduce certain amounts of net exempt income. The same rules that prevent companies from utilising certain losses of earlier income years prevent companies from applying tax offsets that they have carried forward. Table of sections Operative provisions 65 ‑ 30 Amount carried forward 65 ‑ 35 How to apply carried forward tax offsets 65 ‑ 40 When a company cannot apply a tax offset 65 ‑ 50 Effect of bankruptcy 65 ‑ 55 Deduction for amounts paid for debts incurred before bankruptcy", "Amendment_Count": 3, "First_Amended": "No 91 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 91 of 1998 | No 97 of 2008 | No 88 of 2013", "History_Notes": "Inserted by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s65-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 65-30", "Provision_Key": "s65-30", "Heading": "Amount carried forward", "Text": "(1) The amount of the * tax offset that is carried forward is the amount of the excess worked out under Division 63. (2) However, reduce the * tax offset by the amount worked out by multiplying your * net exempt income by: (a) if you are a base rate entity (within the meaning of the Income Tax Rates Act 1986 ) for the income year—0.25; or (b) otherwise—0.3; if you have a taxable income for the income year.", "Amendment_Count": 5, "First_Amended": "No 91 of 1998", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 91 of 1998 | No 66 of 2003 | No 58 of 2006 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Repealed and substituted by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s65-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 65-35", "Provision_Key": "s65-35", "Heading": "How to apply carried forward tax offsets", "Text": "(1) A * tax offset that you have carried forward decreases the amount of income tax that you would otherwise have to pay under section 4 ‑ 10 in a later income year. (2) You apply a * tax offset that is carried forward to a later year in accordance with the priorities set out in Division 63 as if it were a tax offset for that later year. (3) Before you apply a * tax offset to reduce the amount of income tax that you pay in a later income year in which you have a taxable income, you must apply it to reduce to nil any * net exempt income for: (a) that later income year; or (b) any income year after the year in which the tax offset arose and before the later income year in which you had a taxable income but did not apply the tax offset to reduce the amount of income tax you had to pay. Note: Paragraph (b) would apply to cases such as where your taxable income was below your tax ‑ free threshold or where you had other tax offsets that reduced your income tax to nil. (3A) In reducing * net exempt income for an income year under subsection (3): (a) if you were a base rate entity (within the meaning of the Income Tax Rates Act 1986 ) for the year—each 25 cents of * tax offset reduces the net exempt income by $1; or (b) otherwise—each 30 cents of tax offset reduces the net exempt income by $1. (4) You can only apply a * tax offset that you have carried forward to the extent that it has not already been applied. Note: Section 65 ‑ 40 contains special restrictions on applying carried forward tax offsets.", "Amendment_Count": 5, "First_Amended": "No 91 of 1998", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 91 of 1998 | No 66 of 2003 | No 58 of 2006 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s65-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 65-40", "Provision_Key": "s65-40", "Heading": "When a company cannot apply a tax offset", "Text": "(1) In working out its * tax offset for the * current year, a company cannot apply a * tax offset it has carried forward if, assuming: (a) the tax offset were a * tax loss of the company for the income year in which it became entitled to the tax offset; and (b) section 165 ‑ 20 (deducting part of a tax loss) were disregarded; Subdivision 165 ‑ A would prevent the company from deducting it for the current year. Note: Subdivision 165 ‑ A deals with the deductibility of a company’s tax loss for an earlier income year if there has been a change in the ownership or control of the company in the loss year or the income year. (2) If subsection (1) prevents the company from applying the * tax offset, it can apply the part of the tax offset that it is reasonable to consider relates to a part of the income year in which it became entitled to the tax offset, but only if, assuming that part of that income year had been treated as the whole of it, the company would have been entitled to apply the tax offset.", "Amendment_Count": 1, "First_Amended": "No 91 of 1998", "Last_Amended": "No 91 of 1998", "Amending_Acts": "No 91 of 1998", "History_Notes": "Inserted by No 91 of 1998, effective Sch 1 (items 1–13, 19): 14 July 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s65-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 65-50", "Provision_Key": "s65-50", "Heading": "Effect of bankruptcy", "Text": "(1) If during the * current year: (a) you became bankrupt; or (b) you were released from debts under a law relating to bankruptcy; you cannot apply a * tax offset that you have carried forward from an earlier income year in working out the tax offset for the current year or a later income year. (2) Subsection (1) applies even though your bankruptcy is annulled if: (a) the annulment happens under section 74 of the Bankruptcy Act 1966 because your creditors have accepted your proposal for a composition or scheme of arrangement; and (b) under the composition or scheme of arrangement concerned, you were, will be or may be released from debts from which you would have been released if instead you had been discharged from the bankruptcy.", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s65-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 65-55", "Provision_Key": "s65-55", "Heading": "Deduction for amounts paid for debts incurred before bankruptcy", "Text": "(1) If: (a) you pay an amount in the * current year for a debt that you incurred in an earlier income year; and (b) you have a * tax offset referred to in section 65 ‑ 50 for that earlier income year; you can deduct the amount paid, but only to the extent that it does not exceed so much of the debt as the Commissioner is satisfied was taken into account in calculating the amount of the tax offset. (2) The total of the following amounts cannot exceed the total of the expenditure that the Commissioner is satisfied was taken into account in calculating the amount of the * tax offset that you are unable to apply because of section 66 ‑ 50: (a) your deductions under subsection (1) for amounts paid in the * current year or an earlier income year for debts incurred in the income year for which you have the tax offset; and (b) the expenditure that the Commissioner is satisfied was taken into account in calculating any amounts of the tax offset that, apart from section 65 ‑ 50, would have been applied in reducing your * net exempt income for the current year or earlier income years.", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s65-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 67-10", "Provision_Key": "s67-10", "Heading": "What this Division is about", "Text": "If your total tax offsets exceed your basic income tax liability, and some of those offsets are subject to the refundable tax offset rules, you may get a refund instead of paying income tax (see section 63 ‑ 10). This Division tells you which tax offsets are subject to the refundable tax offset rules. Table of sections Operative provisions 67 ‑ 20 Which tax offsets this Division applies to 67 ‑ 23 Refundable tax offsets 67 ‑ 25 Refundable tax offsets—franked distributions 67 ‑ 30 Refundable tax offsets—R&D", "Amendment_Count": 3, "First_Amended": "No 128 of 1998", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 128 of 1998 | No 79 of 2000 | No 164 of 2007", "History_Notes": "Inserted by No 128 of 1998, effective 21 Dec 1998 | Repealed and substituted by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s67-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 67-20", "Provision_Key": "s67-20", "Heading": "Which tax offsets this Division applies to", "Text": "This Division only applies to a * tax offset if it is stated to be subject to the refundable tax offset rules.", "Amendment_Count": 2, "First_Amended": "No 128 of 1998", "Last_Amended": "No 79 of 2000", "Amending_Acts": "No 128 of 1998 | No 79 of 2000", "History_Notes": "Inserted by No 128 of 1998, effective 21 Dec 1998 | Repealed and substituted by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s67-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 67-23", "Provision_Key": "s67-23", "Heading": "Refundable tax offsets", "Text": "The following * tax offsets are subject to the refundable tax offset rules: Refundable tax offsets Item Subject matter Tax offset 3 * principal beneficiary of a * special disability trust the * tax offset available under subsection 95AB(5) of the Income Tax Assessment Act 1936 5 private health insurance private health insurance tax offsets under Subdivision 61 ‑ G, other than those arising under subsection 61 ‑ 205(2) 13 seafarers the * tax offset available under Subdivision 61 ‑ N 14 corporate losses * loss carry back tax offset under Division 160 14A attribution managed investment trusts—foreign resident member the * tax offset available under section 276 ‑ 110 15 no ‑ TFN contributions income the * tax offset available under Subdivision 295 ‑ J 20 films the * tax offsets available under Division 376 21 * digital games the * tax offsets available under Division 378 23 National Rental Affordability Scheme the * tax offsets available under Division 380 27 junior minerals exploration incentive the * tax offset available under Subdivision 418 ‑ B 28 critical minerals production incentive the * CMPTI tax offset (see Division 419) 29 hydrogen production incentive the * tax offset available under Division 421 30 life insurance company’s subsidiary joining consolidated group the * tax offset available under subsection 713 ‑ 545(5) Note 1: Subsection 61 ‑ 205(2) of this Act deals with tax offsets for trustees who are assessed and liable to pay tax under section 98 of the Income Tax Assessment Act 1936 . Note 2: For the tax offsets available under Division 207 and Subdivision 210 ‑ H (franked distributions), see section 67 ‑ 25. Note 3: For the tax offsets available under Division 355 (about R&D), see section 67 ‑ 30.", "Amendment_Count": 21, "First_Amended": "No 42 of 2009", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 42 of 2009 | No 56 of 2010 | No 90 of 2010 | No 93 of 2011 | No 132 of 2011 | No 50 of 2012 | No 57 of 2012 | No 75 of 2012 | No 84 of 2013 | No 88 of 2013 | No 118 of 2013 | No 83 of 2014 | No 96 of 2014 | No 109 of 2014 | No 21 of 2015 | No 53 of 2016 | No 15 of 2018 | No 49 of 2019 | No 92 of 2020 | No 29 of 2023 | No 9 of 2025", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 50 of 2012, effective Schedule 3: 27 May 2012 | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s67-23"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 67-25", "Provision_Key": "s67-25", "Heading": "Refundable tax offsets—franked distributions", "Text": "(1) * Tax offsets available under Division 207 (which sets out the effects of receiving a * franked distribution) or Subdivision 210 ‑ H (which sets out the effects of receiving a * distribution * franked with a venture capital credit) are subject to the refundable tax offset rules, unless otherwise stated in this section. (1A) Where the trustee of a * non ‑ complying superannuation fund or a * non ‑ complying approved deposit fund is entitled to a * tax offset under Division 207 because a * franked distribution is made to, or * flows indirectly to, the trustee, the tax offset is not subject to the refundable tax offset rules. (1B) If: (a) the trustee of a trust to whom a * franked distribution * flows indirectly under subsection 207 ‑ 50(4) is entitled to a * tax offset under Division 207 for an income year because of the distribution; and (b) the trustee is liable to be assessed under section 98 or 99A of the Income Tax Assessment Act 1936 on a share of, or all or a part of, the trust’s * net income for that income year; the tax offset is not subject to the refundable tax offset rules. (1C) Where a * corporate tax entity is entitled to a * tax offset under Division 207 because a * franked distribution is made to the entity, the tax offset is not subject to the refundable tax offset rules unless: (a) the entity is an * exempt institution that is eligible for a refund; or (b) the entity is a * life insurance company and the * membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period: (i) starting at the beginning of the income year of the company in which the distribution is made; and (ii) ending when the distribution is made. (1D) Where a * corporate tax entity is entitled to a * tax offset under Division 207 because a * franked distribution * flows indirectly to the entity, the tax offset is not subject to the refundable tax offset rules unless: (a) the entity is an * exempt institution that is eligible for a refund; or (b) the entity is a * life insurance company and the company’s interest in the * membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period: (i) starting at the beginning of the income year of the company in which the distribution is made; and (ii) ending when the distribution is made. (1DA) A * tax offset is not subject to the refundable tax offset rules if: (a) an entity is entitled to the tax offset under Division 207 because a * franked distribution is made, or * flows indirectly, to the entity; and (b) the entity is a foreign resident and carries on business in Australia at or through a permanent establishment of the entity in Australia, being a permanent establishment within the meaning of: (i) a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) that relates to a foreign country and affects the entity; or (ii) subsection 6(1) of that Act, if there is no such agreement; and (c) the distribution is attributable to the permanent establishment. (1E) Where a * corporate tax entity is entitled to a * tax offset under Subdivision 210 ‑ H because a * distribution * franked with a venture capital credit is made to the entity, the tax offset is not subject to the refundable tax offset rules unless: (a) the entity is a * life insurance company; and (b) the * membership interest on which the distribution was made was not held by the company on behalf of its shareholders at any time during the period: (i) starting at the beginning of the income year of the company in which the distribution is made; and (ii) ending when the distribution is made.", "Amendment_Count": 17, "First_Amended": "No 128 of 1998", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 128 of 1998 | No 79 of 2000 | No 170 of 2001 | No 27 of 2002 | No 32 of 2002 | No 57 of 2002 | No 66 of 2003 | No 83 of 2004 | No 41 of 2005 | No 64 of 2005 | No 9 of 2007 | No 32 of 2007 | No 164 of 2007 | No 130 of 2008 | No 141 of 2008 | No 42 of 2009 | No 56 of 2010", "History_Notes": "Inserted by No 128 of 1998, effective 21 Dec 1998 | Repealed and substituted by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 27 of 2002, effective 4 Apr 2002 | Amended by No 32 of 2002, effective 30 May 2002 | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 130 of 2008, effective 1 July 2008 | Amended by No 141 of 2008, effective Schedule 1 (items 2–5, 10): Royal Assent | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s67-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 67-30", "Provision_Key": "s67-30", "Heading": "Refundable tax offsets—R&D", "Text": "(1) A * tax offset to which an * R&D entity is entitled under section 355 ‑ 100 (about R&D) for an income year is subject to the refundable tax offset rules if the amount of the tax offset is worked out in accordance with item 1 of the table in subsection 355 ‑ 100(1) (disregarding subsection 355 ‑ 100(3)). Note: Otherwise, the tax offset will be a non ‑ refundable tax offset (see item 35 of the table in subsection 63 ‑ 10(1)). (2) Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if: (a) subsection (3) had not been enacted; and (b) the reference in subsection (1) to an * R&D entity were, by express provision, confined to an R&D entity that: (i) is a * constitutional corporation; or (ii) has its registered office (within the meaning of the Corporations Act 2001 ) or principal place of business (within the meaning of that Act) located in a Territory. (3) Without limiting its effect apart from this subsection, subsection (1) also has the effect it would have if: (a) subsection (2) had not been enacted; and (b) this Act applied so that * tax offsets under section 355 ‑ 100 could only be worked out in respect of * R&D activities conducted or to be conducted: (i) solely in a Territory; or (ii) solely outside of Australia; or (iii) solely in a Territory and outside of Australia; or (iv) for the dominant purpose of supporting * core R&D activities conducted, or to be conducted, solely in a Territory. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 7, "First_Amended": "No 128 of 1998", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 128 of 1998 | No 79 of 2000 | No 23 of 2005 | No 58 of 2006 | No 93 of 2011 | No 13 of 2015 | No 92 of 2020", "History_Notes": "Inserted by No 128 of 1998, effective 21 Dec 1998 | Repealed and substituted by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Repealed by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 13 of 2015, effective Sch 1 (items 1–6, 9): 5 Mar 2015 (s 2(1) item 2) Sch 1 (items 10–14, 17): repealed before commencing (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s67-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-1", "Provision_Key": "s70-1", "Heading": "What this Division is about", "Text": "This Division deals with amounts you can deduct, and amounts included in your assessable income, because of these situations: • you acquire an item of trading stock; • you carry on a business and hold trading stock at the start or the end of the income year; • you dispose of an item of trading stock outside the ordinary course of business, or it ceases to be trading stock in certain other circumstances. Table of sections 70 ‑ 5 The 3 key features of tax accounting for trading stock", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-5", "Provision_Key": "s70-5", "Heading": "The 3 key features of tax accounting for trading stock", "Text": "The purpose of income tax accounting for trading stock is to produce an overall result that (apart from concessions) properly reflects your activities with your trading stock during the income year. There are 3 key features: (1) You bring your gross outgoings and earnings to account, not your net profits and losses on disposal of trading stock. (2) Those outgoings and earnings are on revenue account, not capital account. As a result: (a) the gross outgoings are usually deductible as general deductions under section 8 ‑ 1 (when the trading stock becomes trading stock on hand); and (b) the gross earnings are usually assessable as ordinary income under section 6 ‑ 5 (when the trading stock stops being trading stock on hand). (3) You must bring to account any difference between the value of your trading stock on hand at the start and at the end of the income year. This is done in such a way that, in effect: (a) you account for the value of your trading stock as assessable income; and (b) you carry that value over as a corresponding deduction for the next income year. Note: You may not have to bring to account that difference if you are a small business entity: see Division 328.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 121 of 1997 | No 78 of 2001 | No 80 of 2007", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-10", "Provision_Key": "s70-10", "Heading": "Meaning of trading stock", "Text": "(1) Trading stock includes: (a) anything produced, manufactured or acquired that is held for purposes of manufacture, sale or exchange in the ordinary course of a * business; and (b) * live stock. (2) Trading stock does not include: (a) a * Division 230 financial arrangement; or (b) a * CGT asset covered by section 275 ‑ 105 that: (i) is owned by a * complying superannuation entity; or (ii) is a * complying superannuation asset of a * life insurance company. Note 1: Shares in a PDF are not trading stock. See section 124ZO of the Income Tax Assessment Act 1936 . Note 2: If a company becomes a PDF, its shares are taken not to have been trading stock before it became a PDF. See section 124ZQ of the Income Tax Assessment Act 1936 .", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 121 of 1997 | No 15 of 2009 | No 71 of 2012 | No 70 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Repealed and substituted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-12", "Provision_Key": "s70-12", "Heading": "Registered emissions units", "Text": "A * registered emissions unit is not * trading stock.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-15", "Provision_Key": "s70-15", "Heading": "In which income year do you deduct an outgoing for trading stock?", "Text": "(1) This section tells you in which income year to deduct under section 8 ‑ 1 (about general deductions) an outgoing incurred in connection with acquiring an item of * trading stock. (The outgoing must be deductible under that section.) (2) If the item becomes part of your * trading stock on hand before or during the income year in which you incur the outgoing, deduct it in that income year. (3) Otherwise, deduct the outgoing in the first income year: (a) during which the item becomes part of your * trading stock on hand; or (b) for which an amount is included in your assessable income in connection with the disposal of that item. Note You can deduct your capital costs of acquiring land carrying trees or of acquiring a right to fell trees, to the extent that the trees are felled for sale, or for use in manufacture, by you. (This is because the trees will then usually become your trading stock.) See section 70 ‑ 120.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 121 of 1997 | No 78 of 2001 | No 41 of 2005", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-20", "Provision_Key": "s70-20", "Heading": "Non ‑ arm’s length transactions", "Text": "If: (a) you incur an outgoing that is directly attributable to your buying or obtaining delivery of an item of your * trading stock; and (b) you and the seller of the item did not deal with each other at * arm’s length; and (c) the amount of the outgoing is greater than the * market value of what the outgoing is for; the amount of the outgoing is instead taken to be that market value. This has effect for the purposes of applying this Act to you and also to the seller. Note: This section also affects the value of the item of trading stock at the end of an income year if you value it at its cost under section 70 ‑ 45 (Value of trading stock at end of income year).", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 88 of 2013 | No 101 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-25", "Provision_Key": "s70-25", "Heading": "Cost of trading stock is not a capital outgoing", "Text": "An outgoing you incur in connection with acquiring an item of * trading stock is not an outgoing of capital or of a capital nature. Note: This means that paragraph 8 ‑ 1(2)(a) does not prevent the outgoing from being a general deduction under section 8 ‑ 1.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-30", "Provision_Key": "s70-30", "Heading": "Starting to hold as trading stock an item you already own", "Text": "(1) If you start holding as * trading stock an item you already own, but do not hold as trading stock, you are treated as if:. (a) just before it became trading stock, you had sold the item to someone else (at * arm’s length) for whichever of these amounts you elect: • its cost (as worked out under subsection (3) or (4)); • its * market value just before it became trading stock; and (b) you had immediately bought it back for the same amount. Example: You start holding a depreciating asset as part of your trading stock. You are treated as having sold it just before that time, and immediately bought it back, for its cost or market value, whichever you elect. (Subdivision 40 ‑ D provides for the consequences of selling depreciating assets.) The same amount is normally a general deduction under section 8 ‑ 1 as an outgoing in connection with acquiring trading stock. The amount is also taken into account in working out the item’s cost for the purposes of section 70 ‑ 45 (about valuing trading stock at the end of the income year). Note: Depending on how you elect under paragraph (1)(a), the sale may or may not give rise to a capital gain or a capital loss for the purposes of Parts 3 ‑ 1 and 3 ‑ 3 (about CGT). It does not if you elect to be treated as having sold the item for what would have been its cost: see subsection 118 ‑ 25(2). However, it can if you elect market value. When you must make the election (2) You must make the election by the time you lodge your * income tax return for the income year in which you start holding the item as * trading stock. (If you do not make the election by then because you do not realise until later that you started to hold the item as trading stock, you must make the election as soon as is reasonable after realising that.) However, the Commissioner can allow you to make it later (in either case). How to work out the item’s cost (3) The item’s cost is what would have been its cost for the purposes of section 70 ‑ 45 (about valuing trading stock at the end of the income year) if it had been your * trading stock ever since you last acquired it. In working that out, disregard section 70 ‑ 55 (about acquiring live stock by natural increase). (4) However, if you last acquired the item for no consideration, its cost is worked out using this table: Cost of item acquired for no consideration Item In this case: The cost is: 1 you acquired the item during or after the 1998 ‑ 99 income year, and the acquisition involved a * CGT event the item’s * market value when you last acquired it 2 you acquired the item before or during the 1997 ‑ 98 income year, and the acquisition involved a disposal of the item to you within the meaning of former Part IIIA (Capital gains and capital losses) of the Income Tax Assessment Act 1936 the item’s * market value when you last acquired it 3 your acquisition of the item involved the item: (a) devolving to you as someone’s * legal personal representative; or (b) * passing to you as a beneficiary in someone’s estate; and, if a * CGT event had happened in relation to the item just before you started holding it as * trading stock, a * capital gain or * capital loss could have resulted that would have been taken into account in working out your * net capital gain or * net capital loss for the income year of the event (a) if the person died during or after his or her 1998 ‑ 99 income year—the dead person’s * cost base for the item just before his or her death; or (b) if the person died before or during his or her 1997 ‑ 98 income year—the dead person’s indexed cost base (within the meaning of former Part IIIA (Capital gains and capital losses) of the Income Tax Assessment Act 1936 ) for the item just before his or her death (but worked out disregarding former section 160ZG (which affects the indexed cost base for a non ‑ listed personal use asset) of that Act) 4 any other case where you last acquired the item for no consideration a nil amount Exceptions (5) Subsection (1) does not apply if you start holding any of the following as * trading stock because they are severed from land: (a) standing or growing crops; (b) crop ‑ stools; (c) trees planted and tended for sale. (This does not prevent subsection (1) from applying to a severed item that you later start holding as trading stock.) (6) Subsection (1) does not apply if: (a) you start holding an item as * trading stock; and (b) immediately before you started holding the item as trading stock, you * held the item as a * registered emissions unit. Note: A transaction that this section treats as having occurred is disregarded for the purposes of these provisions of the Income Tax Assessment Act 1936 : • subsection 47A(10) (which treats certain benefits as dividends paid by a CFC) • paragraph 103A(3A)(c) (which affects whether a company is a public company for an income year).", "Amendment_Count": 9, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 46 of 1998 | No 176 of 1999 | No 77 of 2001 | No 101 of 2006 | No 132 of 2011 | No 12 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-35", "Provision_Key": "s70-35", "Heading": "You include the value of your trading stock in working out your assessable income and deductions", "Text": "(1) If you carry on a * business, you compare: (a) the * value of all your * trading stock on hand at the start of the income year; and (b) the * value of all your trading stock on hand at the end of the income year. Note: You may not need to do this stocktaking if you are a small business entity: see Division 328. (2) Your assessable income includes any excess of the * value at the end of the income year over the value at the start of the income year. (3) On the other hand, you can deduct any excess of the * value at the start of the income year over the value at the end of the income year.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 121 of 1997 | No 78 of 2001 | No 80 of 2007 | No 12 of 2012", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-40", "Provision_Key": "s70-40", "Heading": "Value of trading stock at start of income year", "Text": "(1) The value of an item of * trading stock on hand at the start of an income year is the same amount at which it was taken into account under this Division or Subdivision 328 ‑ E (about trading stock for small business entities) at the end of the last income year. (2) The value of the item is a nil amount if the item was not taken into account under this Division or Subdivision 328 ‑ E (about trading stock for small business entities) at the end of the last income year.", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 121 of 1997 | No 78 of 2001 | No 119 of 2002 | No 101 of 2006 | No 80 of 2007", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-45", "Provision_Key": "s70-45", "Heading": "Value of trading stock at end of income year", "Text": "(1) You must elect to value each item of * trading stock on hand at the end of an income year at: (a) its * cost; or (b) its market selling value; or (c) its replacement value. Note: An item’s market selling value at a particular time may not be the same as its market value. (1A) In working out the * cost, market selling value or replacement value of an item of * trading stock (other than an item the * supply of which cannot be a * taxable supply) at the end of an income year, disregard an amount equal to the amount of the * input tax credit (if any) to which you would be entitled if: (a) you had * acquired the item at that time; and (b) the acquisition had been solely for a * creditable purpose; and Note: Some assets, such as shares, cannot be the subject of a taxable supply. (2) The rest of this Subdivision deals with cases where the normal operation of this section is modified, or where a different valuation method may or must be used. The table sets out other cases where that happens because of provisions outside this Subdivision. Rules about the value of trading stock Item For this situation: See: 2 In working out the attributable income of a non ‑ resident trust estate, trading stock is taken to be valued at cost. Section 102AAY of the Income Tax Assessment Act 1936 3 In working out the attributable income of a controlled foreign corporation, the corporation must value at cost. Section 397 of the Income Tax Assessment Act 1936 4 Some anti ‑ avoidance provisions reduce the amount that is taken to be the cost of an item of trading stock. Subsections 52A(7), 82KH(1N), 82KL(6) and 100A(6B) of the Income Tax Assessment Act 1936 5 The value of the item at the end of an income year may be the same as at the start of the year for a small business entity Subdivision 328 ‑ E of this Act 6 The hybrid mismatch rules disallow an amount of a deduction for an outgoing incurred in connection with acquiring an item of * trading stock Section 832 ‑ 60 of this Act", "Amendment_Count": 6, "First_Amended": "No 121 of 1997", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 78 of 2001 | No 23 of 2005 | No 80 of 2007 | No 84 of 2018", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-50", "Provision_Key": "s70-50", "Heading": "Valuation if trading stock obsolete etc.", "Text": "You may elect to value an item of your * trading stock below all the values in section 70 ‑ 45 if: (a) that is warranted because of obsolescence or any other special circumstances relating to that item; and (b) the value you elect is reasonable.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-55", "Provision_Key": "s70-55", "Heading": "Working out the cost of natural increase of live stock", "Text": "(1) The cost of an animal you hold as * live stock that you acquired by natural increase is whichever of these you elect: (a) the actual cost of the animal; (b) the cost prescribed by the regulations for each animal in the applicable class of live stock. (2) However, if you incur a service fee for insemination and, as a result, acquire a horse by natural increase, its cost is the greater of: (a) the amount worked out under subsection (1); and (b) the part of the service fee that is attributable to your acquiring the horse. (3) An election under this section must be made by the time you lodge your * income tax return for the income year in which you acquired the animal. However, the Commissioner can allow you to make it later.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-60", "Provision_Key": "s70-60", "Heading": "Valuation of horse breeding stock", "Text": "(1) For a horse at least 3 years old that you acquired under a contract and hold for breeding, you can elect a value other than the values in section 70 ‑ 45. (2) The value you can elect for the horse at the end of the income year is worked out using the table: Value of horse breeding stock If the horse is: ... you can value it at this amount: female 12 years or over $1 any other horse the * horse opening value less the * horse reduction amount (see section 70 ‑ 65) (3) However, if the value worked out under subsection (2) would be less than $1, you must elect the value of $1. (4) A horse’s age is to be measured in whole years as at the end of the relevant income year. The age of a horse not born on 1 August is determined as if the horse had been born on the last 1 August before it was actually born.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-65", "Provision_Key": "s70-65", "Heading": "Working out the horse opening value and the horse reduction amount", "Text": "(1) The horse opening value is: (a) if the horse has been your * live stock ever since the start of the income year—its * value as * trading stock at the start of the income year; or (b) otherwise—the horse’s base amount (see subsection (3)). (2) The horse reduction amount is worked out as follows: (a) for female horses under 12 years of age: (b) for any male horse: (3) In this section: base amount is the lesser of: (a) the horse’s * cost; and (b) the horse’s * adjustable value when it most recently became your * live stock. breeding days is the number of whole days in the income year since you most recently began to hold the horse for breeding. nominated percentage is any percentage, up to 25%, you nominate when you make the election in section 70 ‑ 60. reduction factor is the greater of: (a) 3; and (b) the difference between 12 and the horse’s age when you most recently began to hold it for breeding.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-75", "Provision_Key": "s70-75", "Heading": "What this Subdivision is about", "Text": "Your assessable income includes the market value of an item of trading stock if you dispose of it outside the ordinary course of business or it ceases to be trading stock in certain other circumstances. This Subdivision treats certain other assets in the same way as trading stock. Table of sections 70 ‑ 80 Why the rules in this Subdivision are necessary Operative provisions 70 ‑ 85 Application of this Subdivision to certain other assets 70 ‑ 90 Assessable income on disposal of trading stock outside the ordinary course of business 70 ‑ 95 Purchase price is taken to be market value 70 ‑ 100 Notional disposal when you stop holding an item as trading stock 70 ‑ 105 Death of owner 70 ‑ 110 You stop holding an item as trading stock but still own it 70 ‑ 115 Compensation for lost trading stock", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-80", "Provision_Key": "s70-80", "Heading": "Why the rules in this Subdivision are necessary", "Text": "(1) When you dispose of an item of your trading stock in the ordinary course of business, what you get for it is included in your assessable income (under section 6 ‑ 5) as ordinary income. Note: An incorporated body is treated as disposing of an item of its trading stock in the ordinary course of business if the body ceases to exist and disposes of the asset to a company that has not significantly different ownership: see Division 620. (2) If an item stops being your trading stock for certain other reasons, an amount is generally included in your assessable income to balance the reduction in trading stock on hand, which is a transaction on revenue account. (3) The other reasons for an item to stop being your trading stock are: (a) you dispose of it outside the ordinary course of business; or (b) interests in it change; or (c) you die; or (d) you stop holding it as trading stock.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 121 of 1997 | No 12 of 2012", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-85", "Provision_Key": "s70-85", "Heading": "Application of this Subdivision to certain other assets", "Text": "This Subdivision (except section 70 ‑ 115) applies to certain assets of a * business as if they were * trading stock on hand of the entity that carries on that business. The assets are: (a) standing or growing crops; and (b) crop ‑ stools; and (c) trees planted and tended for sale. Note: Section 70 ‑ 115 assesses insurance or indemnity amounts for lost trading stock.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-90", "Provision_Key": "s70-90", "Heading": "Assessable income on disposal of trading stock outside the ordinary course of business", "Text": "(1) If you dispose of an item of your * trading stock outside the ordinary course of a * business: (a) that you are carrying on; and (b) of which the item is an asset; your assessable income includes the * market value of the item on the day of the disposal. (1A) If the disposal is the giving of a gift of property by you for which a valuation under section 30 ‑ 212 is obtained, you may choose that the * market value is replaced with the value of the property as determined under the valuation. You can only make this choice if the valuation was made no more than 90 days before or after the disposal. (2) Any amount that you actually receive for the disposal is not included in your assessable income (nor is it * exempt income). Note 1: In the case of an asset covered by section 70 ‑ 85 (which applies this Subdivision to certain other assets), the disposal will usually involve disposing of the land of which the asset forms part. Note 2: For certain disposals of live stock by primary producers, special rules apply: see Subdivision 385 ‑ E. Note 3: If the disposal is by way of gift, you may be able to deduct the gift: see Division 30 (Gifts). Note 4: If the disposal is of trees, you can deduct the relevant portion of your capital costs of acquiring the land carrying the trees or of acquiring a right to fell the trees: see section 70 ‑ 120. Note 5: This section and section 70 ‑ 95 also apply to disposals of certain items on hand at the end of 1996 ‑ 97 that are not trading stock but were trading stock as defined in the Income Tax Assessment Act 1936 : see section 70 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 121 of 1997 | No 16 of 1998 | No 176 of 1999 | No 58 of 2000 | No 58 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-95", "Provision_Key": "s70-95", "Heading": "Purchase price is taken to be market value", "Text": "If an entity disposes of an item of the entity’s * trading stock outside the ordinary course of * business, the entity acquiring the item is treated as having bought it for the amount included in the disposing entity’s assessable income under section 70 ‑ 90.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 121 of 1997 | No 58 of 2000", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-100", "Provision_Key": "s70-100", "Heading": "Notional disposal when you stop holding an item as trading stock", "Text": "(1) An item of * trading stock is treated as having been disposed of outside the ordinary course of * business if it stops being trading stock on hand of an entity (the transferor ) and, immediately afterwards: (a) the transferor is not the item’s sole owner; but (b) an entity that owned the item (alone or with others) immediately beforehand still has an interest in the item. Example: A grocer decides to take her daughters into partnership with her. Her trading stock becomes part of the partnership assets, owned by the partners equally. As a result, it becomes trading stock on hand of the partnership instead of the grocer. This section treats the grocer as having disposed of the trading stock to the partnership outside the ordinary course of her business. Note: If the transferor is the item’s sole owner after it stops being trading stock on hand of the transferor, section 70 ‑ 110 applies instead of this section. (2) As a result, the transferor’s assessable income includes the * market value of the item on the day it stops being * trading stock on hand of the transferor. (3) The entity or entities (the transferee ) that own the item immediately after it stops being * trading stock on hand of the transferor are treated as having bought the item for the same value on that day. Election to treat item as disposed of at closing value (4) However, an election can be made to treat the item as having been disposed of for what would have been its * value as * trading stock of the transferor on hand at the end of an income year ending on that day. (5) If this election is made, this * value is included in the transferor’s assessable income for the income year that includes that day. The transferee is treated as having bought the item for the same value on that day. (6) This election can only be made if: (a) immediately after the item stops being * trading stock on hand of the transferor, it is an asset of a * business carried on by the transferee; and (b) immediately after the item stops being trading stock on hand of the transferor, the entities that owned it immediately beforehand have (between them) interests in the item whose total value is at least 25% of the item’s * market value on that day; and (c) the * value elected is less than that market value; and (d) the item is not a thing in action. (7) Also, the election can only be made before 1 September following the end of the * financial year in which the item stops being * trading stock on hand of the transferor. However, the Commissioner can allow the election to be made later. (8) An election must be in writing and signed by or on behalf of each of: (a) the entities that own the item immediately before it stops being * trading stock on hand of the transferor; and (b) the entities that own it immediately afterwards. (9) If a person whose signature is required for the election has died, the * legal personal representative of that person’s estate may sign instead. When election has no effect (10) An election has no effect if: (a) the item stops being * trading stock on hand of the transferor outside the course of ordinary family or commercial dealing; and (b) the * consideration receivable by the transferor (or by any of the entities constituting the transferor) substantially exceeds what would reasonably be expected to be the consideration receivable by the entity concerned if the * market value of the item immediately before it stops being trading stock on hand of the transferor were the * value elected under subsection (4). Note: Section 960 ‑ 255 may be relevant to determining family relationships for the purposes of paragraph (10)(a). (11) Consideration receivable by an entity means so much of the value of any benefit as it is reasonable to expect that the entity will obtain in connection with the item ceasing to be * trading stock on hand of the transferor.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 121 of 1997 | No 144 of 2008 | No 12 of 2012", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-105", "Provision_Key": "s70-105", "Heading": "Death of owner", "Text": "(1) When you die, your assessable income up to the time of your death includes the * market value at that time of the * trading stock of your * business (if any). Note: In the case of trees, you can deduct the relevant portion of your capital costs of acquiring the land carrying the trees or of acquiring a right to fell the trees: see section 70 ‑ 120. (2) The entity on which the * trading stock devolves is treated as having bought it for its * market value at that time. (3) However, your * legal personal representative can elect to have included in your assessable income (instead of the * market value) the amount that would have been the * value of the * trading stock at the end of an income year ending on the day of your death. (4) In the case of an asset covered by section 70 ‑ 85 (which applies this Subdivision to certain other assets), your * legal personal representative can elect to have a nil amount included in your assessable income (instead of the * market value). (5) Your * legal personal representative can make an election only if: (a) the * business is carried on after your death; and (b) the * trading stock continues to be held as trading stock of that business, or the asset continues to be held as an asset of that business, as appropriate. (6) If an election is made, the entity on which the * trading stock devolves is treated as having bought it for the amount referred to in subsection (3) or (4). (7) An election can only be made on or before the day when your * legal personal representative lodges your * income tax return for the period up to your death. However, the Commissioner can allow it to be made later.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-110", "Provision_Key": "s70-110", "Heading": "You stop holding an item as trading stock but still own it", "Text": "(1) If you stop holding an item as * trading stock, but still own it, you are treated as if: (a) just before it stopped being trading stock, you had sold it to someone else (at * arm’s length and in the ordinary course of business) for its * cost; and (b) you had immediately bought it back for the same amount. Example 1: You are a sheep grazier and take a sheep from your stock to slaughter for personal consumption. You are treated as having sold it for its cost. This amount is assessable income, just like the proceeds of sale of any of your trading stock. Although you are also treated as having bought the sheep for the same amount, it would not be deductible because the sheep is for personal consumption. Example 2: You stop holding an item as trading stock and begin to use it as a depreciating asset for the purpose of producing your assessable income. You are treated as having sold it for its cost. This amount is assessable income, just like the proceeds of sale of any of your trading stock. You are also treated as having bought the item for the same amount, which is relevant to working out the item’s cost for capital allowance purposes (see Subdivision 40 ‑ C) and the item’s cost base for CGT purposes (see Division 110). (2) This section does not apply if: (a) you stop holding an item as * trading stock; and (b) immediately after you stopped holding the item as trading stock, you start to * hold the item as a * registered emissions unit. Note: A transaction that this section treats as having occurred is disregarded for the purposes of these provisions of the Income Tax Assessment Act 1936 : • subsection 47A(10) (which treats certain benefits as dividends paid by a CFC) • paragraph 103A(3A)(c) (which affects whether a company is a public company for an income year).", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 121 of 1997 | No 54 of 1999 | No 77 of 2001 | No 132 of 2011 | No 88 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-115", "Provision_Key": "s70-115", "Heading": "Compensation for lost trading stock", "Text": "Your assessable income includes an amount that: (a) you receive by way of insurance or indemnity for a loss of * trading stock; and (b) is not assessable as * ordinary income under section 6 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 70-120", "Provision_Key": "s70-120", "Heading": "Deducting capital costs of acquiring trees", "Text": "(1) This section gives you deductions for your capital costs of acquiring land carrying trees or of acquiring a right to fell trees. Note: This section is included in this Division because: • trees felled for sale, or for use in manufacture, by you will usually become your trading stock; and • before they are felled, the trees are covered by sections 70 ‑ 90 and 70 ‑ 105 because of section 70 ‑ 85. Land carrying trees (2) You can deduct the amount you paid to acquire land carrying trees if: (a) some or all of the trees are felled during the income year for sale, or for use in manufacture, by you for the * purpose of producing assessable income; or (b) some or all of the trees are felled during the income year under a right you granted to another entity in consideration of payments as or by way of * royalty; or (c) the * market value of some or all of the trees is included in your assessable income for the income year by section 70 ‑ 90 (because you disposed of the trees outside the ordinary course of * business) or section 70 ‑ 105 (because of your death). (It does not matter when you acquired the land.) Note: The market value of trees is not included in your assessable income for the income year by section 70 ‑ 105 (because of your death) if your legal personal representative elects under subsection 70 ‑ 105(4) to have a nil amount included instead. Right to fell trees (3) You can deduct the amount you paid to acquire a right to fell trees if: (a) some or all of the trees are felled during the income year for sale, or for use in manufacture, by you for the * purpose of producing assessable income; or (b) some or all of the trees are felled during the income year under a right you granted to another entity in consideration of payments as or by way of * royalty. (It does not matter when you acquired the right.) How much you can deduct for costs of acquiring land or right (4) You can deduct for the income year so much of the amount you paid as is attributable to the trees covered by a paragraph of subsection (2) or (3). (5) If you can deduct an amount because of paragraph (2)(c), you can also deduct for the income year so much of any other capital expenditure you incurred as is attributable to acquiring the trees covered by that paragraph (except so far as you have deducted it, or can deduct it, for any income year under a provision of this Act outside this section). No deduction for carbon sink forests (5A) You cannot deduct under this section so much of an amount you paid or incurred as is attributable to the establishment of trees for which any entity has deducted, or can deduct, an amount for any income year under Subdivision 40 ‑ J. Non ‑ arm’s length transactions (6) If: (a) you can deduct an amount under this section for expenditure incurred in connection with a transaction; and (b) the parties to the transaction did not deal with each other at * arm’s length; and (c) the amount of the expenditure is greater than the * market value of what the expenditure is for; the amount of the expenditure is instead taken to be that market value. This has effect for the purposes of working out what you can deduct under this section.", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 121 of 1997 | No 176 of 1999 | No 58 of 2006 | No 38 of 2008 | No 88 of 2013", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s70-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 80-1", "Provision_Key": "s80-1", "Heading": "What this Division is about", "Text": "This Division sets out rules that apply throughout the Part. The rules are about holding an office, the termination of employment, the transfer of property and receiving and making payments. Table of sections Operative provisions 80 ‑ 5 Holding of an office 80 ‑ 10 Application to the termination of employment 80 ‑ 15 Transfer of property 80 ‑ 20 Payments for your benefit or at your direction or request", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s80-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 80-5", "Provision_Key": "s80-5", "Heading": "Holding of an office", "Text": "If a person holds (or has held) an office, this Part applies to the person in the same way as it would apply if the person were (or had been) employed.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s80-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 80-10", "Provision_Key": "s80-10", "Heading": "Application to the termination of employment", "Text": "For the purposes of this Part, treat the termination of employment as including: (a) retirement from employment; and (b) the cessation of employment because of death.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s80-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 80-15", "Provision_Key": "s80-15", "Heading": "Transfer of property", "Text": "(1) Any of the following payments covered by this Part (but no others covered by this Part) can be or include a transfer of property: (a) an * employment termination payment; (b) a * genuine redundancy payment; (c) an * early retirement scheme payment; (d) a payment covered by Subdivision 83 ‑ D (Foreign termination payments); (e) a payment that would be an employment termination payment but for paragraph 82 ‑ 130(1)(b) (see Subdivision 83 ‑ E). Note: An unused annual leave payment or an unused long service leave payment cannot include a transfer of property. (2) The amount of the payment is or includes the * market value of the property. (3) The * market value is reduced by the value of any consideration given for the transfer of the property.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s80-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 80-20", "Provision_Key": "s80-20", "Heading": "Payments for your benefit or at your direction or request", "Text": "(1) This section applies for the purposes of: (a) determining whether Division 82 or 83 applies to a payment; and (b) determining whether a payment mentioned in Division 82 or 83 is made to you, or received by you. (2) A payment is treated as being made to you, or received by you, if it is made: (a) for your benefit; or (b) to another person or to an entity at your direction or request.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s80-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-1", "Provision_Key": "s82-1", "Heading": "What this Division is about", "Text": "This Division tells you how employment termination payments are treated for the purpose of income tax.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-5", "Provision_Key": "s82-5", "Heading": "What this Subdivision is about", "Text": "If you receive a life benefit termination payment, part of the payment may be tax free (the tax free component). You are entitled to a tax offset on the remaining part of the payment (the taxable component), subject to limitations. The extent of your entitlement to the offset depends on your age in the year you receive the offset, on the total amount of payments you receive in the same year, and on the total amount of payments you receive in consequence of the same employment termination. Table of sections Operative provisions 82 ‑ 10 Taxation of life benefit termination payments", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-10", "Provision_Key": "s82-10", "Heading": "Taxation of life benefit termination payments", "Text": "Tax free component (1) The * tax free component of a * life benefit termination payment you receive is not assessable income and is not * exempt income. Taxable component (2) The * taxable component of the payment is assessable income. (3) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (4) does not exceed: (a) if you are your * preservation age or older on the last day of the income year in which you receive the payment—15%; or (b) otherwise—30%. Note: The remainder of the taxable component is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (4) The amount is so much of the * taxable component of the payment as does not exceed the smallest of the following: (a) the * ETP cap amount reduced (but not below zero) by: (i) if the payment is a payment of a kind referred to in subsection (6) (an excluded payment )—the amount worked out under this subsection for each * life benefit termination payment you have received earlier in the income year to the extent that it is an excluded payment; or (ii) if the payment is not an excluded payment—the amount worked out under this subsection for each life benefit termination payment you have received earlier in the income year; (b) the ETP cap amount reduced (but not below zero) by: (i) if the payment is an excluded payment—the amount worked out under this subsection for each life benefit termination payment you have received earlier in consequence of the same employment termination (whether in the income year or an earlier income year) to the extent that it is an excluded payment; or (ii) if the payment is not an excluded payment—the amount worked out under this subsection for each life benefit termination payment you have received earlier in consequence of the same employment termination (whether in the income year or an earlier income year); (c) if the payment is not an excluded payment—$180,000, reduced (but not below zero) by your taxable income for the income year in which the payment is made. Note 1: For the ETP cap amount , see section 82 ‑ 160. Note 2: If you have also received a death benefit termination payment in the same income year, your entitlement to a tax offset under this section is not affected by your entitlement (if any) to a tax concession for the death benefit termination payment (under section 82 ‑ 65 or 82 ‑ 70). Note 3: Certain other life benefit termination payments made before 1 July 2012 may be treated as earlier payments under paragraph (4)(b): see section 82 ‑ 10H of the Income Tax (Transitional Provisions) Act 1997 . (5) In working out, for the purposes of paragraph (4)(c), your taxable income for the income year, disregard: (a) the taxable component of the payment; and (b) the taxable component of each * life benefit termination payment you receive later in the income year. (6) Paragraph (4)(c) does not apply in relation to * life benefit termination payments: (a) that are * genuine redundancy payments, or that would be genuine redundancy payments but for paragraph 83 ‑ 175(2)(a); or (b) that are * early retirement scheme payments; or (c) that include * invalidity segments, or what would be invalidity segments included in such payments but for paragraph 82 ‑ 150(1)(c); or (d) that: (i) are paid in connection with a genuine dispute; and (ii) are principally compensation for personal injury, unfair dismissal, harassment, discrimination or a matter prescribed by the regulations; and (iii) exceed the amount that could, at the time of the termination of your employment, reasonably be expected to be received by you in consequence of the voluntary termination of your employment. (7) If the payment is partly an excluded payment: (a) subsection (4) applies as if the payment were 2 payments as follows: (i) first, a payment consisting only of the part of the payment that is an excluded payment; (ii) second, another payment, made immediately after the first payment, consisting only of the part of the payment that is not an excluded payment; and (b) subsection (4) applies to the second payment as if a reference in subsection (5) to the taxable component of a payment were a reference to so much of the taxable component as relates to the part of the payment that is not an excluded payment. (8) Despite subsections (4) and (7), the amount mentioned in subsection (4) in relation to the payment must not exceed either of the following: (a) the * ETP cap amount reduced (but not below zero) by the amount worked out under subsection (4) for each * life benefit termination payment you have received earlier in the income year; (b) the ETP cap amount reduced (but not below zero) by the amount worked out under subsection (4) for each life benefit termination payment you have received earlier in consequence of the same employment termination (whether in the income year or an earlier income year).", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 58 of 2012", "Amending_Acts": "No 9 of 2007 | No 58 of 2012", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-60", "Provision_Key": "s82-60", "Heading": "What this Subdivision is about", "Text": "If you receive a death benefit termination payment after the death of a person, part of the payment may be tax free (the tax free component). You are entitled to a tax offset on the remaining part of the payment (the taxable component), subject to limitations. The extent of your entitlement to the offset depends on whether or not you were a death benefits dependant of the deceased, and on the total amount of payments you receive in consequence of the same employment termination. If a death benefit termination payment is payable to the trustee of the estate of the deceased for the benefit of another person, the payment is taxed in the hands of the trustee in the same way as it would be taxed if it had been paid directly to the other person. Table of sections Operative provisions 82 ‑ 65 Death benefits for dependants 82 ‑ 70 Death benefits for non ‑ dependants 82 ‑ 75 Death benefits paid to trustee of deceased estate", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-65", "Provision_Key": "s82-65", "Heading": "Death benefits for dependants", "Text": "Tax free component (1) The * tax free component of a * death benefit termination payment that you receive after the death of a person of whom you are a * death benefits dependant is not assessable income and is not * exempt income. Taxable component (2) If you receive a * death benefit termination payment after the death of a person of whom you are a * death benefits dependant: (a) the part of the * taxable component of the payment mentioned in subsection (3) is not assessable income and is not * exempt income; and (b) the remainder of the taxable component (if any) of the payment is assessable income. Note: The remainder of the taxable component is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (3) The amount is so much of the * taxable component of the payment as does not exceed the * ETP cap amount. Note: For the ETP cap amount, see section 82 ‑ 160. (4) The * ETP cap amount is reduced (but not below zero) by the amount worked out under subsection (3) for each * death benefit termination payment (if any) you have received earlier in consequence of the same employment termination, whether in the income year or an earlier income year. Note 1: See subsection 82 ‑ 75(2) for the tax treatment of any amount by which you may have benefited from an employment termination payment to the trustee of the estate of the deceased. Note 2: If you have also received a life benefit termination payment in the same income year, your entitlement to a tax concession under this section is not affected by your entitlement (if any) to an offset for the life benefit termination payment (under section 82 ‑ 10).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-70", "Provision_Key": "s82-70", "Heading": "Death benefits for non ‑ dependants", "Text": "Tax free component (1) The * tax free component of a * death benefit termination payment that you receive after the death of a person of whom you are not a * death benefits dependant is not assessable income and is not * exempt income. Taxable component (2) If you receive a * death benefit termination payment after the death of a person of whom you are not a * death benefits dependant, the * taxable component of the payment is assessable income. (3) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (4) does not exceed 30%. Note: The remainder of the taxable component is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (4) The amount is so much of the * taxable component of the payment as does not exceed the * ETP cap amount. Note: For the ETP cap amount, see section 82 ‑ 160. (5) The * ETP cap amount is reduced (but not below zero) by the amount worked out under subsection (4) for each * death benefit termination payment (if any) you have received earlier in consequence of the same employment termination, whether in the income year or an earlier income year. Note 1: See subsection 82 ‑ 75(3) for the tax treatment of any amount by which you may have benefited from an employment termination payment to the trustee of the estate of the deceased. Note 2: If you have also received a life benefit termination payment in the same income year, your entitlement to a tax offset under this section is not affected by your entitlement (if any) to an offset for the life benefit termination payment (under section 82 ‑ 10).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-75", "Provision_Key": "s82-75", "Heading": "Death benefits paid to trustee of deceased estate", "Text": "(1) This section applies to you if: (a) you are the trustee of a deceased estate; and (b) a * death benefit termination payment is made to you in your capacity as trustee. Note: See also subsection 101A(3) of the Income Tax Assessment Act 1936 . Dependants of deceased benefit from payment (2) To the extent that 1 or more beneficiaries of the estate who were * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the payment: (a) the payment is treated as if it had been made to you as a person who was a death benefits dependant of the deceased; and (b) the payment is taken to be income to which no beneficiary is presently entitled. Note: Section 82 ‑ 65 deals with the taxation of employment termination payments made to persons who are death benefits dependants of deceased persons. Non ‑ dependants of deceased benefit from payment (3) To the extent that 1 or more beneficiaries of the estate who were not * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the payment: (a) the payment is treated as if it had been made to you as a person who was not a death benefits dependant of the deceased; and (b) the payment is taken to be income to which no beneficiary is presently entitled. Note: Section 82 ‑ 70 deals with the taxation of employment termination payments made to persons who are not death benefits dependants of deceased persons.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-125", "Provision_Key": "s82-125", "Heading": "What this Subdivision is about", "Text": "This Subdivision defines an employment termination payment as a payment made in consequence of the termination of a person’s employment that is received no later than 12 months after the termination (though the 12 month restriction is relaxed in some circumstances). An employment termination payment can be a life benefit termination payment (received by the person whose employment is terminated) or a death benefit termination payment (received by another person after the death of a person whose employment is terminated). Certain types of payments are declared not to be employment termination payments. Various other terms used in describing the taxation treatment of employment termination payments are defined in the Subdivision. Table of sections Operative provisions 82 ‑ 130 What is an employment termination payment ? 82 ‑ 135 Payments that are not employment termination payments 82 ‑ 140 Tax free component of an employment termination payment 82 ‑ 145 Taxable component of an employment termination payment 82 ‑ 150 What is an invalidity segment of an employment termination payment? 82 ‑ 155 What is a pre ‑ July 83 segment of an employment termination payment? 82 ‑ 160 What is the ETP cap amount ?", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-130", "Provision_Key": "s82-130", "Heading": "What is an employment termination payment ?", "Text": "(1) A payment is an employment termination payment if: (a) it is received by you: (i) in consequence of the termination of your employment; or (ii) after another person’s death, in consequence of the termination of the other person’s employment; and (b) it is received no later than 12 months after that termination (but see subsection (4)); and (c) it is not a payment mentioned in section 82 ‑ 135. Note 1: If a payment would be an employment termination payment but for paragraph (b), see subsection (4) and section 83 ‑ 295. Note 2: The holding of an office is treated as employment for this Part: see section 80 ‑ 5. Also, the termination of employment is treated as including the termination of employment by retirement or by death: see section 80 ‑ 10. Types of employment termination payment (2) A life benefit termination payment is an * employment termination payment to which subparagraph (1)(a)(i) applies. (3) A death benefit termination payment is an * employment termination payment to which subparagraph (1)(a)(ii) applies. Exemption from 12 month rule (4) Paragraph (1)(b) does not apply to you if: (a) you are covered by a determination under subsection (5) or (7); or (b) the payment is a * genuine redundancy payment or an * early retirement scheme payment. Note: The part of a genuine redundancy payment or an early retirement scheme payment worked out under section 83 ‑ 170 is not an employment termination payment: see section 82 ‑ 135. (5) The Commissioner may determine, in writing, that paragraph (1)(b) does not apply to you if the Commissioner considers the time between the employment termination and the payment to be reasonable, having regard to the following: (a) the circumstances of the employment termination, including any dispute in relation to the termination; (b) the circumstances of the payment; (c) the circumstances of the person making the payment; (d) any other relevant circumstances. (6) A determination under subsection (5) is not a legislative instrument. (7) The Commissioner may, by legislative instrument, determine that paragraph (1)(b) does not apply to either or both of the following, as specified in the determination: (a) a class of payments; (b) a class of recipients of payments. (8) A determination under subsection (7) may provide for paragraph (1)(b) not to apply in circumstances relating to any (or all) of the following, as specified in the determination: (a) a class of employment termination (including a class described by reference to disputes of a specified type); (b) a class of payments; (c) a class of persons making payments; (d) the period after the employment termination until payment is received; (e) any other relevant circumstances.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-135", "Provision_Key": "s82-135", "Heading": "Payments that are not employment termination payments", "Text": "The following payments you receive are not employment termination payments : (a) a * superannuation benefit (see Divisions 301 to 307); (b) a payment of a pension or an * annuity (whether or not the payment is a superannuation benefit); and (c) an * unused annual leave payment (see Subdivision 83 ‑ A); (d) an * unused long service leave payment (see Subdivision 83 ‑ B); (e) the part of a * genuine redundancy payment or an * early retirement scheme payment worked out under section 83 ‑ 170 (see Subdivision 83 ‑ C); (f) a payment to which Subdivision 83 ‑ D (Foreign termination payments) applies; (fa) a payment (or part of one) made by a company or trust as mentioned in subsection 152 ‑ 310(2); (g) a payment that is an advance or a loan to you on terms and conditions that would apply if you and the payer were dealing at * arm’s length; (h) a payment that is deemed to be a * dividend under this Act; (i) a capital payment for, or in respect of, personal injury to you so far as the payment is reasonable having regard to the nature of the personal injury and its likely effect on your capacity to * derive income from personal exertion (within the meaning of the definition of income derived from personal exertion in subsection 6(1) of the Income Tax Assessment Act 1936 ); (j) a capital payment for, or in respect of, a legally enforceable contract in restraint of trade by you so far as the payment is reasonable having regard to the nature and extent of the restraint; (k) a payment: (i) received by you, or to which you are entitled, as the result of the commutation of a pension payable from a * constitutionally protected fund; and (ii) wholly applied in paying any superannuation contributions surcharge (as defined in section 37 of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ); (l) a payment: (i) received by you, or to which you are entitled, as the result of the commutation of a pension payable by a superannuation provider (within the meaning of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ); and (ii) wholly applied in paying any superannuation contributions surcharge (as defined in section 43 of that Act); (m) an amount included in your assessable income under Division 83A of this Act (which deals with employee share schemes). Note: For paragraph (e)—the remaining part of a genuine redundancy payment or an early retirement scheme payment (apart from the amount mentioned in the paragraph) is an employment termination payment if section 82 ‑ 130 applies to that part.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-140", "Provision_Key": "s82-140", "Heading": "Tax free component of an employment termination payment", "Text": "The tax free component of an * employment termination payment is so much of the payment as consists of the following: (a) the * invalidity segment of the payment; (b) the * pre ‑ July 83 segment of the payment.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-145", "Provision_Key": "s82-145", "Heading": "Taxable component of an employment termination payment", "Text": "The taxable component of an * employment termination payment is the amount of the payment less the * tax free component of the payment (see section 82 ‑ 140).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-150", "Provision_Key": "s82-150", "Heading": "What is an invalidity segment of an employment termination payment?", "Text": "(1) An * employment termination payment includes an invalidity segment if: (a) the payment was made to a person because he or she stops being * gainfully employed; and (b) the person stopped being gainfully employed because he or she suffered from ill ‑ health (whether physical or mental); and (c) the gainful employment stopped before the person’s * last retirement day; and (d) 2 legally qualified medical practitioners have certified that, because of the ill ‑ health, it is unlikely that the person can ever be gainfully employed in capacity for which he or she is reasonably qualified because of education, experience or training. (2) Work out the amount of the invalidity segment by applying the following formula: where: days to retirement is the number of days from the day on which the person’s employment was terminated to the * last retirement day. employment days is the number of days of employment to which the payment relates.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-155", "Provision_Key": "s82-155", "Heading": "What is a pre ‑ July 83 segment of an employment termination payment?", "Text": "(1) An * employment termination payment includes a pre ‑ July 83 segment if any of the employment to which the payment relates occurred before 1 July 1983. (2) Work out the amount of the pre ‑ July 83 segment as follows: Step 1. Subtract the * invalidity segment (if any) from the * employment termination payment. Step 2. Multiply the amount at step 1 by the fraction:", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 82-160", "Provision_Key": "s82-160", "Heading": "What is the ETP cap amount ?", "Text": "The ETP cap amount for the 2007 ‑ 2008 income year is $140,000. This amount is indexed annually. Note 1: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the ETP cap amount: see section 960 ‑ 285. Note 2: The ETP cap amount may be reduced for the purpose of working out tax offsets for individual employment termination payments.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s82-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-1", "Provision_Key": "s83-1", "Heading": "What this Division is about", "Text": "This Division sets out the taxation treatment for a variety of payments, other than employment termination payments, that are made in consequence of the termination of employment.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-5", "Provision_Key": "s83-5", "Heading": "What this Subdivision is about", "Text": "You are entitled to a tax offset for a payment that you receive in consequence of the termination of your employment that is for unused annual leave. Table of sections Operative provisions 83 ‑ 10 Unused annual leave payment is assessable 83 ‑ 15 Entitlement to tax offset", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-10", "Provision_Key": "s83-10", "Heading": "Unused annual leave payment is assessable", "Text": "Application—annual leave (1) This section applies to leave ( annual leave ) of the following types (whether it is made available as an entitlement or as a privilege): (a) leave ordinarily known as annual leave, including recreational leave and annual holidays; (b) any other leave made available in circumstances similar to those in which the leave mentioned in paragraph (a) is ordinarily made available. Unused annual leave payments (2) Your assessable income includes an * unused annual leave payment that you receive. (3) A payment that you receive in consequence of the termination of your employment is an unused annual leave payment if: (a) it is for annual leave you have not used; or (b) it is a bonus or other additional payment for annual leave you have not used; or (c) it is for annual leave, or is a bonus or other additional payment for annual leave, to which you were not entitled just before the employment termination, but that would have been made available to you at a later time if it were not for the employment termination.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-15", "Provision_Key": "s83-15", "Heading": "Entitlement to tax offset", "Text": "You are entitled to a * tax offset to ensure that the rate of tax on an * unused annual leave payment does not exceed 30%, to the extent that: (a) the payment was made in connection with a payment that includes, or consists of, any of the following: (i) a * genuine redundancy payment; (ii) an * early retirement scheme payment; (iii) the * invalidity segment of an * employment termination payment or * superannuation benefit; or (b) the payment was made in respect of employment before 18 August 1993.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-65", "Provision_Key": "s83-65", "Heading": "What this Subdivision is about", "Text": "You are entitled to a tax offset for a payment that you receive in consequence of the termination of your employment that is for unused long service leave. Table of sections General 83 ‑ 70 Application—long service leave 83 ‑ 75 Meaning of unused long service leave payment 83 ‑ 80 Taxation of unused long service leave payments 83 ‑ 85 Entitlement to tax offset 83 ‑ 90 Meaning of pre ‑ 16/8/78 period , pre ‑ 18/8/93 period , post ‑ 17/8/93 period and long service leave employment period Employment wholly full ‑ time or wholly part ‑ time 83 ‑ 95 How to work out amount of payment attributable to each period 83 ‑ 100 How to work out unused days of long service leave for each period 83 ‑ 105 How to work out long service leave accrued in each period Employment partly full ‑ time and partly part ‑ time 83 ‑ 110 Leave accrued in pre ‑ 16/8/78, pre ‑ 18/8/93 and post ‑ 17/8/93 periods—employment full ‑ time and part ‑ time Long service leave taken at less than full pay 83 ‑ 115 Working out used days of long service leave if leave taken at less than full pay", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-70", "Provision_Key": "s83-70", "Heading": "Application—long service leave", "Text": "This Subdivision applies to leave ( long service leave ) of the following types (whether it is made available as an entitlement or as a privilege), other than annual leave to which section 83 ‑ 10 applies: (a) leave ordinarily known as long service leave, including long leave, furlough and extended leave; (b) any other leave made available in circumstances similar to those in which the leave mentioned in paragraph (a) is ordinarily made available; (c) if your employer has entered into a * scheme or * arrangement for leave and, because of the existence and nature of the scheme or arrangement, the employer does not have to comply with the requirements of a law of the Commonwealth, or of a State or Territory, relating to leave mentioned in paragraph (a) or (b)—leave made available under the scheme or arrangement.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-75", "Provision_Key": "s83-75", "Heading": "Meaning of unused long service leave payment", "Text": "A payment that you receive in consequence of the termination of your employment is an unused long service leave payment if: (a) it is for long service leave you have not used; or (b) it is for long service leave to which you were not entitled just before the employment termination, but that would have been made available to you at a later time if it were not for the employment termination.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-80", "Provision_Key": "s83-80", "Heading": "Taxation of unused long service leave payments", "Text": "Assessable and tax ‑ free parts of unused long service leave payments (1) If you receive an * unused long service leave payment, your assessable income includes the part of the payment shown in this table: * Unused long service leave payments Item To the extent the payment is attributable to the … Your assessable income includes this part of it … 1 * pre ‑ 16/8/78 period 5% 2 * pre ‑ 18/8/93 period 100% 3 * post ‑ 17/8/93 period 100% (2) The remainder of that part (if any) of an * unused long service leave payment that is attributable to the * pre ‑ 16/8/78 period is not assessable income and is not * exempt income. Note 1: If your employment was wholly full ‑ time or wholly part ‑ time during a period, see sections 83 ‑ 95, 83 ‑ 100 and 83 ‑ 105 to work out the amount of an unused long service leave payment that is attributable to the period. Note 2: If your employment was partly full ‑ time and partly part ‑ time during a period, see section 83 ‑ 110 to work out the amount of an unused long service leave payment that is attributable to the period.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-85", "Provision_Key": "s83-85", "Heading": "Entitlement to tax offset", "Text": "(1) You are entitled to a * tax offset on an * unused long service leave payment that ensures that the rate of income tax on the amount of the payment mentioned in subsection (2) does not exceed 30%. (2) The amount is the part of the * unused long service leave payment included in your assessable income under subsection 83 ‑ 80(1): (a) to the extent that it is attributable to the * pre ‑ 18/8/93 period; and (b) to the extent that it is attributable to the * post ‑ 17/8/93 period, if the payment was made in connection with a payment that includes, or consists of, any of the following: (i) a * genuine redundancy payment; or (ii) an * early retirement scheme payment; or (iii) an * invalidity segment of an * employment termination payment or a * superannuation benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-90", "Provision_Key": "s83-90", "Heading": "Meaning of pre ‑ 16/8/78 period , pre ‑ 18/8/93 period , post ‑ 17/8/93 period and long service leave employment period", "Text": "(1) The pre ‑ 16/8/78 period consists of each day (if any) in your * long service leave employment period that occurred before 16 August 1978. (2) The pre ‑ 18/8/93 period consists of each day (if any) in your * long service leave employment period to which the payment relates that occurred after 15 August 1978 and before 18 August 1993. (3) The post ‑ 17/8/93 period consists of each day (if any) in your * long service leave employment period to which the payment relates that occurred after 17 August 1993. (4) Your long service leave employment period , for a period of long service leave, is: (a) the period of employment to which the long service leave relates; or (b) if your entitlement to long service leave changes so that it accrues over a shorter period—the period that would apply under paragraph (a) assuming the change had not happened.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-95", "Provision_Key": "s83-95", "Heading": "How to work out amount of payment attributable to each period", "Text": "(1) Work out how much of an * unused long service leave payment is attributable to a period as follows: (a) for the * pre ‑ 18/8/93 period or to the * post ‑ 17/8/93 period—use the formula in subsection (2); (b) for the * pre ‑ 16/8/78 period—subtract the sum of the amounts (if any) worked out for paragraph (a) for the other 2 periods from the total amount of the payment. (2) For the * pre ‑ 18/8/93 period or the * post ‑ 17/8/93 period, the formula is: where: total unused long service leave days means the total number of unused days of long service leave in the * long service leave employment period for the payment. unused long service leave days in the relevant period means the number of unused days of long service leave in the * pre ‑ 18/8/93 period or the * post ‑ 17/8/93 period (as applicable), worked out under section 83 ‑ 100. Note 1: For the meaning of unused days of long service leave , see section 83 ‑ 100. Note 2: Section 83 ‑ 110 explains how to work out the period of unused long service leave if your employment was partly full ‑ time and partly part ‑ time during the period.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-100", "Provision_Key": "s83-100", "Heading": "How to work out unused days of long service leave for each period", "Text": "(1) The number of unused days of long service leave for each of the * pre ‑ 16/8/78 period, the * pre ‑ 18/8/93 period and the * post ‑ 17/8/93 period is the number of days of long service leave that accrued to you during that period less the number of days of long service leave that you used in the period. Exception if days used exceed days accrued in the pre ‑ 18/8/93 period and the post ‑ 17/8/93 period (2) To the extent that the number of days of long service leave that you used during the * pre ‑ 18/8/93 period or the * post ‑ 17/8/93 period exceeds the number of days of long service leave that accrued to you during the period, apply the excess days as shown in this table: How to apply excess days Item If there are excess days in this period: Apply the excess days as follows: If, after you apply the excess days as shown in column 2, excess days remain, apply the remaining days as follows: 1 * pre ‑ 18/8/93 period Subtract the excess days from the unused days in the * post ‑ 17/8/93 period Subtract the excess days from the unused days in the * pre ‑ 16/8/78 period 2 * post ‑ 17/8/93 period Subtract the excess days from the unused days in the * pre ‑ 18/8/93 period Subtract the excess days from the unused days in the * pre ‑ 16/8/78 period (3) The number of unused days of long service leave in each period is the number of days after applying the table. Note: Section 83 ‑ 115 explains how to work out the number of days of long service leave you are taken to have used if you took long service leave at less than the full pay rate.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-105", "Provision_Key": "s83-105", "Heading": "How to work out long service leave accrued in each period", "Text": "(1) Work out the number of days of long service leave that accrued to you during each part of your * long service leave employment period as follows: (a) for the * pre ‑ 18/8/93 period or the * post ‑ 17/8/93 period—use the formula in subsection (2); (b) for the * pre ‑ 16/8/78 period—subtract the sum of the number of days (if any) worked out under paragraph (a) for the other 2 periods from the total number of days of long service leave accrued to you during the long service leave employment period. (2) For the * pre ‑ 18/8/93 period or the * post ‑ 17/8/93 period, the formula is: where: relevant period means the * pre ‑ 18/8/93 period or the * post 17/8/93 period (as applicable). How to treat fraction of day (3) If long service leave accrued to you during the * pre ‑ 18/8/93 period and the * post ‑ 17/8/93 period but not during the * pre ‑ 16/8/78 period, and the number of days worked out under subsection (2) for the post ‑ 17/8/93 period includes a fraction, treat the fraction as having accrued during the pre ‑ 18/8/93 period. (4) If long service leave accrued to you during all 3 periods and the number of days worked out under subsection (2) for the * post ‑ 17/8/93 period or the * pre ‑ 18/8/93 period includes a fraction, treat the fraction as having accrued during the * pre ‑ 16/8/78 period.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-110", "Provision_Key": "s83-110", "Heading": "Leave accrued in pre ‑ 16/8/78, pre ‑ 18/8/93 and post ‑ 17/8/93 periods—employment full ‑ time and part ‑ time", "Text": "(1) This section applies if the * long service leave employment period for an * unused long service leave payment includes: (a) 1 or more periods when you were employed on a full ‑ time basis; and (b) 1 or more periods when you were employed on a part ‑ time basis. (2) Work out how much of the payment is attributable to the period or periods when you were employed on a full ‑ time basis (the full ‑ time payment ) and how much to the period or periods when you were employed on a part ‑ time basis (the part ‑ time payment ). (3) The amount of the payment that is attributable to each of the * pre ‑ 16/8/78 period, the * pre ‑ 18/8/93 period and the * post ‑ 17/8/93 period is the sum of the amounts worked out in accordance with sections 83 ‑ 95, 83 ‑ 100 and 83 ‑ 105 that would be attributable to those periods if the full ‑ time payment and the part ‑ time payment were each * unused long service leave payments.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-115", "Provision_Key": "s83-115", "Heading": "Working out used days of long service leave if leave taken at less than full pay", "Text": "If you used days of long service leave at a rate of pay that is less than the rate to which you are entitled, the number of days of long service leave you are taken to have used (disregarding fractions of days) is as follows: Example: If you took 100 actual days of long service leave at a rate of pay of $30 per hour, while the rate of pay to which you were entitled when taking leave is $40 per hour, you are taken to have used 75 days of long service leave, worked out as follows:", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-165", "Provision_Key": "s83-165", "Heading": "What this Subdivision is about", "Text": "This Subdivision defines what are genuine redundancy payments and early retirement scheme payments. If you receive a genuine redundancy payment or an early retirement scheme payment, you do not have to pay income tax on the payment so far as it does not exceed a certain amount worked out under this Subdivision. A part of a genuine redundancy payment or an early retirement scheme payment that is not tax free under this Subdivision will normally be an employment termination payment. Table of sections Operative provisions 83 ‑ 170 Tax ‑ free treatment of genuine redundancy payments and early retirement scheme payments 83 ‑ 175 What is a genuine redundancy payment ? 83 ‑ 180 What is an early retirement scheme payment ?", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-170", "Provision_Key": "s83-170", "Heading": "Tax ‑ free treatment of genuine redundancy payments and early retirement scheme payments", "Text": "(1) This section applies if you receive a * genuine redundancy payment or an * early retirement scheme payment. Note: A payment cannot be both a genuine redundancy payment and an early retirement scheme payment, because of the nature of each of these types of payment: see sections 83 ‑ 175 and 83 ‑ 180. (2) So much of the relevant payment as does not exceed the amount worked out under subsection (3) is not assessable income and is not * exempt income. (3) Work out the amount using the formula: where: base amount means: (a) for the income year 2006 ‑ 2007—$6,783; and (b) for a later income year—the amount mentioned in paragraph (a) indexed annually. Note: Subdivision 960 ‑ M shows you how to index the base amount. service amount means: (a) for the income year 2006 ‑ 2007—$3,392; and (b) for a later income year—the amount mentioned in paragraph (a) indexed annually. Note: Subdivision 960 ‑ M shows you how to index the service amount. years of service means the number of whole years in the period, or sum of periods, of employment to which the payment relates. Note: The remaining part of a genuine redundancy payment or an early retirement scheme payment (apart from the amount mentioned in subsection (3)) is an employment termination payment if section 82 ‑ 130 applies to that part.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-175", "Provision_Key": "s83-175", "Heading": "What is a genuine redundancy payment ?", "Text": "(1) A genuine redundancy payment is so much of a payment received by an employee who is dismissed from employment because the employee’s position is genuinely redundant as exceeds the amount that could reasonably be expected to be received by the employee in consequence of the voluntary termination of his or her employment at the time of the dismissal. (2) A genuine redundancy payment must satisfy the following conditions: (a) the employee is dismissed before the earlier of the following: (i) the day the employee reached * pension age; (ii) if the employee’s employment would have terminated when he or she reached a particular age or completed a particular period of service—the day he or she would reach the age or complete the period of service (as the case may be); (b) if the dismissal was not at * arm’s length—the payment does not exceed the amount that could reasonably be expected to be made if the dismissal were at arm’s length; (c) at the time of the dismissal, there was no * arrangement between the employee and the employer, or between the employer and another person, to employ the employee after the dismissal. (3) However, a genuine redundancy payment does not include any part of a payment that was received by the employee in lieu of * superannuation benefits to which the employee may have become entitled at the time the payment was received or at a later time. Payments not covered (4) A payment is not a genuine redundancy payment if it is a payment mentioned in section 82 ‑ 135 (apart from paragraph 82 ‑ 135(e)). Note: Paragraph 82 ‑ 135(e) provides that the part of a genuine redundancy payment or an early retirement scheme payment worked out under section 83 ‑ 170 is not an employment termination payment.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 9 of 2007 | No 94 of 2019", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-180", "Provision_Key": "s83-180", "Heading": "What is an early retirement scheme payment ?", "Text": "(1) An early retirement scheme payment is so much of a payment received by an employee because the employee retires under an * early retirement scheme as exceeds the amount that could reasonably be expected to be received by the employee in consequence of the voluntary termination of his or her employment at the time of the retirement. (2) An early retirement scheme payment must satisfy the following conditions: (a) the employee retires before the earlier of the following: (i) the day the employee reached * pension age; (ii) if the employee’s employment would have terminated when he or she reached a particular age or completed a particular period of service—the day he or she would reach the age or complete the period of service (as the case may be); (b) if the retirement is not at * arm’s length—the payment does not exceed the amount that could reasonably be expected to be made if the retirement were at arm’s length; (c) at the time of the retirement, there was no * arrangement between the employee and the employer, or between the employer and another person, to employ the employee after the retirement. (3) A scheme is an early retirement scheme if: (a) all the employer’s employees who comprise such a class of employees as the Commissioner approves may participate in the scheme; and (b) the employer’s purpose in implementing the scheme is to rationalise or re ‑ organise the employer’s operations by making any change to the employer’s operations, or the nature of the work force, that the Commissioner approves; and (c) before the scheme is implemented, the Commissioner, by written instrument, approves the scheme as an early retirement scheme for the purposes of this section. (4) A scheme is also an early retirement scheme if: (a) paragraph (3)(a) or (b) does not apply; and (b) the Commissioner is satisfied that special circumstances exist in relation to the scheme that make it reasonable to approve the scheme; and (c) before the scheme is implemented, the Commissioner, by written instrument, approves the scheme as an early retirement scheme for the purposes of this section. (5) However, an early retirement scheme payment does not include any part of the payment that was paid to the employee in lieu of * superannuation benefits to which the employee may have become entitled at the time the payment was made or at a later time. Payments not covered (6) A payment is not an early retirement scheme payment if it is a payment mentioned in section 82 ‑ 135 (apart from paragraph 82 ‑ 135(e)). Note: Paragraph 82 ‑ 135(e) provides that the part of a genuine redundancy payment or an early retirement scheme payment worked out under section 83 ‑ 170 is not an employment termination payment.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 94 of 2019", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 94 of 2019", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-230", "Provision_Key": "s83-230", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with termination payments that arise out of foreign employment. These payments are not employment termination payments, and are tax free (except for amounts worked out under this Subdivision). Table of sections Operative provisions 83 ‑ 235 Termination payments tax free—foreign resident period 83 ‑ 240 Termination payments tax free—Australian resident period", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-235", "Provision_Key": "s83-235", "Heading": "Termination payments tax free—foreign resident period", "Text": "A payment received by you is not assessable income and is not * exempt income if: (a) it was received in consequence of the termination of your employment in a foreign country; and (b) it is not a * superannuation benefit; and (c) it is not a payment of a pension or an * annuity (whether or not the payment is a superannuation benefit); and (d) it relates only to a period of employment when you were not an Australian resident.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-240", "Provision_Key": "s83-240", "Heading": "Termination payments tax free—Australian resident period", "Text": "(1) A payment received by you is not assessable income and is not * exempt income if: (a) it was received in consequence of: (i) the termination of your employment in a foreign country; or (ii) the termination of your engagement on qualifying service on an approved project (within the meaning of section 23AF of the Income Tax Assessment Act 1936 ), in relation to a foreign country; and (b) it relates only to the period of that employment or engagement; and (c) it is not a * superannuation benefit; and (d) it is not a payment of a pension or an * annuity (whether or not the payment is a superannuation benefit); and (e) you were an Australian resident during the period of the employment or engagement; and (f) the payment is not exempt from income tax under the law of the foreign country; and (g) for a period of employment—your foreign earnings from the employment are exempt from income tax under section 23AG of the Income Tax Assessment Act 1936 ; and (h) for a period of engagement—your * eligible foreign remuneration from the service is exempt from income tax under section 23AF of that Act. (2) For the purposes of subparagraph (1)(a)(ii), treat the termination of engagement on qualifying service on an approved project as including: (a) retirement from the engagement; and (b) cessation of the engagement because of the person’s death. Note: The termination of a person’s employment is treated in the same way: see section 80 ‑ 10.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-290", "Provision_Key": "s83-290", "Heading": "What this Subdivision is about", "Text": "If a payment you receive in consequence of the termination of your employment is made more than 12 months after the termination of your employment, it does not qualify as an employment termination payment, subject to certain exceptions (see section 82 ‑ 130). The payment is treated as assessable income and no tax concession is allowed under Division 82. Table of sections Operative provisions 83 ‑ 295 Termination payments made more than 12 months after termination etc.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83-295", "Provision_Key": "s83-295", "Heading": "Termination payments made more than 12 months after termination etc.", "Text": "A payment received by you that would be an * employment termination payment but for paragraph 82 ‑ 130(1)(b) is assessable income.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-1", "Provision_Key": "s83a-1", "Heading": "What this Division is about", "Text": "Your assessable income includes discounts on shares, rights and stapled securities you (or your associate) acquire under an employee share scheme. You may be entitled: (a) to have the amount included in your assessable income reduced; or (b) to have the income year in which it is included deferred.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-5", "Provision_Key": "s83a-5", "Heading": "Objects of Division", "Text": "The objects of this Division are: (a) to ensure that benefits provided to employees under * employee share schemes are subject to income tax at the employees’ marginal rates under * income tax law (instead of being subject to * fringe benefits tax law); and (b) to increase the extent to which the interests of employees are aligned with those of their employers, by providing a tax concession to encourage lower and middle income earners to acquire * shares under such schemes; and (c) to increase the number of new entrepreneurial companies in Australia by assisting them to attract and retain employees by providing those employees with a tax concession for acquiring shares under such schemes.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-10", "Provision_Key": "s83a-10", "Heading": "Meaning of ESS interest and employee share scheme", "Text": "(1) An ESS interest , in a company, is a beneficial interest in: (a) a * share in the company; or (b) a right to acquire a beneficial interest in a share in the company. (2) An employee share scheme is a * scheme under which * ESS interests in a company are provided to employees, or * associates of employees, (including past or prospective employees) of: (a) the company; or (b) * subsidiaries of the company; in relation to the employees’ employment. Note: See section 83A ‑ 325 for relationships similar to employment.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-15", "Provision_Key": "s83a-15", "Heading": "What this Subdivision is about", "Text": "Generally, a discount you receive on shares, rights or stapled securities you acquire under an employee share scheme is included in your assessable income when you acquire the beneficial interest in those shares, rights or securities. You may be entitled to reduce the amount included in your assessable income if you meet one of 2 sets of conditions. If you are a foreign resident, only the part of the discount that relates to your employment in Australia is included in your assessable income. Table of sections Operative provisions 83A ‑ 20 Application of Subdivision 83A ‑ 25 Discount to be included in assessable income 83A ‑ 30 Amount for which discounted ESS interest acquired 83A ‑ 33 Reducing amounts included in assessable income—start ups 83A ‑ 35 Reducing amounts included in assessable income—other cases 83A ‑ 45 Further conditions for reducing amounts included in assessable income", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-20", "Provision_Key": "s83a-20", "Heading": "Application of Subdivision", "Text": "(1) This Subdivision applies to an * ESS interest if you acquire the interest under an * employee share scheme at a discount. Note 1: This Subdivision does not apply if Subdivision 83A ‑ C applies: see section 83A ‑ 105. Note 2: If an associate of yours acquires an interest in relation to your employment, this Division applies as if you, rather than your associate, acquired the interest: see section 83A ‑ 305. (2) However, this Subdivision does not apply if the * ESS interest is a beneficial interest in a * share that you acquire as a result of exercising a right, if you acquired a beneficial interest in the right under an * employee share scheme.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-25", "Provision_Key": "s83a-25", "Heading": "Discount to be included in assessable income", "Text": "(1) Your assessable income for the income year in which you acquire the * ESS interest includes the discount given in relation to the interest. Note: Regulations made for section 83A ‑ 315 may be relevant to working out whether you acquire the ESS interest at a discount. (2) Treat an amount included in your assessable income under subsection (1) as being from a source other than an * Australian source to the extent that it relates to your employment outside Australia. Note: For the CGT treatment of employee share schemes, see Subdivision 130 ‑ D.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-30", "Provision_Key": "s83a-30", "Heading": "Amount for which discounted ESS interest acquired", "Text": "(1) For the purposes of this Act (other than this Division), the * ESS interest (and the * share or right of which it forms part) is taken to have been acquired for its * market value (rather than for its discounted value). Note: Regulations made for the purposes of section 83A ‑ 315 may substitute a different amount for the market value of the ESS interest. (2) Subsection (1) does not apply to an * ESS interest that is a beneficial interest in a right (or to the right of which it forms part), if section 83A ‑ 33 (about start ups) reduces the amount to be included in your assessable income in relation to the interest.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-33", "Provision_Key": "s83a-33", "Heading": "Reducing amounts included in assessable income—start ups", "Text": "(1) Reduce the total amount included in your assessable income under subsection 83A ‑ 25(1) for an income year by the total of the amounts included in your assessable income under that subsection, for the income year, for * ESS interests to which all of the following provisions apply: (a) subsections (2) to (6) of this section; (b) section 83A ‑ 45 (about further conditions); (c) for ESS interests that are beneficial interests in * shares—subsection 83A ‑ 105(2) (about broad availability of schemes). No equity interests listed on a stock exchange (2) This subsection applies to an * ESS interest in a company (the first company ) if no * equity interests in any of the following companies are listed for quotation in the official list of any * approved stock exchange at the end of the first company’s most recent income year before you acquired the interest: (a) the first company; (b) any * subsidiary of the first company at the end of that income year; (c) any holding company (within the meaning of the Corporations Act 2001 ) of the first company at the end of that income year; (d) any subsidiary of a holding company (within the meaning of that Act) of the first company at the end of that income year. Note: For identifying any holding company, see also subsection (7). Incorporated for less than 10 years (3) This subsection applies to an * ESS interest in a company if: (a) the company (the first company ); and (b) each of the other companies referred to in subsection (2); was incorporated by or under an * Australian law or * foreign law less than 10 years before the end of the first company’s most recent income year before you acquired the interest. Company has aggregated turnover not exceeding $50 million (4) This subsection applies to an * ESS interest in a company if the company has an * aggregated turnover not exceeding $50 million for the company’s most recent income year before the income year in which you acquire the ESS interest. Note: For working out aggregated turnover, see also subsection (7). Conditions relating to market value (5) This subsection applies to an * ESS interest in a company if: (a) in the case of an ESS interest that is a beneficial interest in a * share—the discount on the ESS interest is no more than 15% of its * market value when you acquire it; or (b) in the case of an ESS interest that is a beneficial interest in a right—the amount that must be paid to exercise the right is greater than or equal to the market value of an ordinary share in the company when you acquire the ESS interest. Employer to be an Australian resident company (6) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, when you acquire the interest, your employer is an Australian resident. Disregard certain investments (7) For the purposes of subsections (2) and (4), disregard: (a) * eligible venture capital investments by a * VCLP, * ESVCLP or * AFOF; and (b) investments by an * exempt entity that is a * deductible gift recipient; when identifying any holding company (within the meaning of the Corporations Act 2001 ) or working out * aggregated turnover.", "Amendment_Count": 1, "First_Amended": "No 105 of 2015", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 105 of 2015", "History_Notes": "Inserted by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-33"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-35", "Provision_Key": "s83a-35", "Heading": "Reducing amounts included in assessable income—other cases", "Text": "Reduction and income test (1) Reduce the total amount included in your assessable income under subsection 83A ‑ 25(1) for an income year by the total of the amounts included in your assessable income under that subsection, for the income year, for * ESS interests to which all of the following provisions apply: (a) subsections (6) and (7) of this section; (b) section 83A ‑ 45 (about further conditions). (2) However: (a) do not reduce the total amount by more than $1,000; and (b) only make the reduction if the sum of the following does not exceed $180,000: (i) your taxable income for the income year (including any amount that would be included in your taxable income if you disregarded this section, but not including your * assessable FHSS released amount for the income year); (ii) your * reportable fringe benefits total for the income year; (iii) your * reportable superannuation contributions (if any) for the income year; (iv) your * total net investment loss for the income year; and (c) subsection (1) does not apply if section 83A ‑ 33 (about start ups) reduces the amount to be included in your assessable income for the income year for the * ESS interests. Scheme must be non ‑ discriminatory (6) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, when you acquire the interest, both: (a) the employee share scheme; and (b) any scheme for the provision of financial assistance in respect of acquisitions of ESS interests under the employee share scheme; are operated on a non ‑ discriminatory basis in relation to at least 75% of the permanent employees of your employer who have completed at least 3 years of service (whether continuous or non ‑ continuous) with your employer and who are Australian residents. No risk of losing interest or share under the conditions of the scheme (7) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, when you acquire the interest: (a) if the ESS interest is a beneficial interest in a * share—there is no real risk that, under the conditions of the scheme, you will forfeit or lose the ESS interest (other than by disposing of it); or (b) if the ESS interest is a beneficial interest in a right to acquire a beneficial interest in a * share: (i) there is no real risk that, under the conditions of the scheme, you will forfeit or lose the ESS interest (other than by disposing of it, exercising the right or letting the right lapse); and (ii) there is no real risk that, under the conditions of the scheme, if you exercise the right, you will forfeit or lose the beneficial interest in the share (other than by disposing of it).", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 133 of 2009 | No 105 of 2015 | No 132 of 2017", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-45", "Provision_Key": "s83a-45", "Heading": "Further conditions for reducing amounts included in assessable income", "Text": "Employment (1) This subsection applies to an * ESS interest in a company if, when you acquire the interest, you are employed by: (a) the company; or (b) a * subsidiary of the company. Employee share scheme relates only to ordinary shares (2) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, when you acquire the interest, all the ESS interests available for acquisition under the scheme relate to ordinary * shares. Integrity rule about share trading and investment companies. (3) This subsection applies to an * ESS interest in a company unless, when you acquire the interest: (a) the predominant business of the company (whether or not stated in its constituent documents) is the acquisition, sale or holding of * shares, securities or other investments (whether directly or indirectly through one or more companies, partnerships or trusts); and (b) you are employed by the company; and (c) you are also employed by any other company that is: (i) a * subsidiary of the first company; or (ii) a holding company (within the meaning of the Corporations Act 2001 ) of the first company; or (iii) a subsidiary of a holding company (within the meaning of the Corporations Act 2001 ) of the first company. Minimum holding period (4) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, at all times during the interest’s * minimum holding period, the scheme is operated so that every acquirer of an ESS interest (the scheme interest ) under the scheme is not permitted to dispose of: (a) the scheme interest; or (b) a beneficial interest in a * share acquired as a result of the scheme interest; during the scheme interest’s minimum holding period. Note: This subsection is taken to apply in the case of a takeover or restructure: see subsection 83A ‑ 130(3). (5) An * ESS interest’s minimum holding period is the period starting when the interest is acquired under the * employee share scheme and ending at the earlier of: (a) 3 years later, or such earlier time as the Commissioner allows if the Commissioner is satisfied that: (i) the operators of the scheme intended for subsection (4) to apply to the interest during the 3 years after that acquisition of the interest; and (ii) at the earlier time that the Commissioner allows, all * membership interests in the relevant company were disposed of under a particular * scheme; and (b) when the acquirer of the interest ceases being employed by the relevant employer. 10% limit on shareholding and voting power (6) This subsection applies to an * ESS interest in a company if, immediately after you acquire the interest: (a) you do not hold a beneficial interest in more than 10% of the * shares in the company; and (b) you are not in a position to cast, or to control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the company. (7) For the purposes of subsection (6), you are taken to: (a) hold a beneficial interest in any * shares in the company that you can acquire under an * ESS interest that is a beneficial interest in a right to acquire a beneficial interest in such shares; and (b) be in a position to cast votes as a result of holding that interest in those shares.", "Amendment_Count": 1, "First_Amended": "No 105 of 2015", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 105 of 2015", "History_Notes": "Inserted by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-100", "Provision_Key": "s83a-100", "Heading": "What this Subdivision is about", "Text": "If there is a real risk you might forfeit the share, right or stapled security you acquired under an employee share scheme, you don’t include the discount in your assessable income when you acquired it. Instead, in the first income year you are able to dispose of the share, right or security, your assessable income will include any gain you have made to that time. If 15 years pass, the gain is included in that income year instead. This deferred taxing point can also apply to: (a) a share or stapled security you acquire under salary sacrifice arrangements, if you get no more than $5,000 worth of shares under those arrangements; or (b) a right, if the scheme restricted you immediately disposing of the right, and stated that this Subdivision applies. Table of sections Main provisions 83A ‑ 105 Application of Subdivision 83A ‑ 110 Amount to be included in assessable income 83A ‑ 115 ESS deferred taxing point—shares 83A ‑ 120 ESS deferred taxing point—rights to acquire shares 83A ‑ 125 Tax treatment of ESS interests held after ESS deferred taxing points Takeovers and restructures 83A ‑ 130 Takeovers and restructures", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 133 of 2009 | No 105 of 2015 | No 8 of 2022", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-105", "Provision_Key": "s83a-105", "Heading": "Application of Subdivision", "Text": "Scope of Subdivision (1) This Subdivision applies, and Subdivision 83A ‑ B does not apply, to an * ESS interest in a company if: (a) Subdivision 83A ‑ B would, apart from this section, apply to the interest (see section 83A ‑ 20); and (aa) after applying section 83A ‑ 315, there is still a discount given in relation to the interest; and (ab) section 83A ‑ 33 (about start ups) does not reduce the amount to be included in your assessable income in relation to the interest; and (b) subsections 83A ‑ 45(1), (2), (3) and (6) apply to the interest; and (c) if the interest is a beneficial interest in a * share: (i) subsection (2) of this section applies to the interest; and (ii) subsection (3) or (4) applies to the interest; and (d) if the interest is a beneficial interest in a right to acquire a beneficial interest in a share—subsection (3) or (6) applies to the interest. Note: Subsections 83A ‑ 45(1), (2), (3) and (6) contain conditions relating to the following: (a) your employment; (b) the types of shares available under the employee share scheme; (c) share trading and investment companies; (d) your shareholding and voting power in the company. Broad availability of schemes (2) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, when you acquire the interest, at least 75% of the permanent employees of your employer who have completed at least 3 years of service (whether continuous or non ‑ continuous) with your employer and who are Australian residents are, or at some earlier time had been, entitled to acquire: (a) ESS interests under the scheme; or (b) ESS interests in: (i) your employer; or (ii) a holding company (within the meaning of the Corporations Act 2001 ) of your employer; under another employee share scheme. Real risk of losing interest or share under the conditions of the scheme (3) This subsection applies to an * ESS interest you acquire under an * employee share scheme if, when you acquire the interest: (a) if the ESS interest is a beneficial interest in a * share—there is a real risk that, under the conditions of the scheme, you will forfeit or lose the ESS interest (other than by disposing of it); or (b) if the ESS interest is a beneficial interest in a right to acquire a beneficial interest in a share: (i) there is a real risk that, under the conditions of the scheme, you will forfeit or lose the ESS interest (other than by disposing of it, exercising the right or letting the right lapse); or (ii) there is a real risk that, under the conditions of the scheme, if you exercise the right, you will forfeit or lose the beneficial interest in the share (other than by disposing of it). Salary sacrifice arrangement (4) This subsection applies to an * ESS interest you acquire under an * employee share scheme during an income year at a discount if: (a) the interest is provided: (i) because you agreed to acquire the interest in return for a reduction in your salary or wages that would not have happened apart from the agreement; or (ii) as part of your remuneration package, in circumstances where it is reasonable to conclude that your salary or wages would be greater if the interest was not made part of that package; and (b) at the time you acquire the interest: (i) the discount equals the * market value of the ESS interest; and (ii) all of the ESS interests available for acquisition under the scheme are ESS interests to which subsection (3) applies, beneficial interests in * shares, or both; and (iii) the governing rules of the scheme expressly state that this Subdivision applies to the scheme (subject to the requirements of this Act); and (c) the total * market value of the * ESS interests in your employer and any holding company (within the meaning of the Corporations Act 2001 ) of your employer: (i) that you acquire during the year under any employee share scheme or schemes; and (ii) to which both this Subdivision and this subsection apply; does not exceed $5,000. (5) For the purposes of paragraph (4)(c), work out the * market value of each * ESS interest as at the time you acquire it. Note: Regulations made for the purposes of section 83A ‑ 315 may substitute a different amount for the market value of the ESS interest. Scheme’s rules state that this Subdivision applies (6) This subsection applies to an * ESS interest you acquire under an * employee share scheme during an income year at a discount if: (a) the interest is a beneficial interest in a right; and (b) at the time you acquired the interest: (i) the scheme genuinely restricted you immediately disposing of the right; and (ii) the governing rules of the scheme expressly stated that this Subdivision applies to the scheme (subject to the requirements of this Act).", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-110", "Provision_Key": "s83a-110", "Heading": "Amount to be included in assessable income", "Text": "(1) Your assessable income for the income year in which the * ESS deferred taxing point for the * ESS interest occurs includes the * market value of the interest at the ESS deferred taxing point, reduced by the * cost base of the interest. Note: Regulations made for the purposes of section 83A ‑ 315 may substitute a different amount for the market value of the ESS interest. (2) Treat an amount included in your assessable income under subsection (1) as being from a source other than an * Australian source to the extent that it relates to your employment outside Australia. Note: For the CGT treatment of employee share schemes, see Subdivision 130 ‑ D.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-115", "Provision_Key": "s83a-115", "Heading": "ESS deferred taxing point—shares", "Text": "Scope (1) This section applies if the * ESS interest is a beneficial interest in a * share. Meaning of ESS deferred taxing point (2) The ESS deferred taxing point for the * ESS interest is the earlier of the times mentioned in subsections (4) and (6). (3) However, the ESS deferred taxing point for the * ESS interest is instead the time you dispose of the interest, if that time occurs within 30 days after the time worked out under subsection (2). No restrictions on disposing of share (4) The first possible taxing point is the earliest time when: (a) there is no real risk that, under the conditions of the * employee share scheme, you will forfeit or lose the * ESS interest (other than by disposing of it); and (b) if, at the time you acquired the interest, the scheme genuinely restricted you immediately disposing of the interest—the scheme no longer so restricts you. Maximum time period for deferral (6) The 2nd possible taxing point is the end of the 15 year period starting when you acquired the interest.", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 133 of 2009 | No 105 of 2015 | No 8 of 2022", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-120", "Provision_Key": "s83a-120", "Heading": "ESS deferred taxing point—rights to acquire shares", "Text": "Scope (1) This section applies if the * ESS interest is a beneficial interest in a right to acquire a beneficial interest in a * share. Meaning of ESS deferred taxing point (2) The ESS deferred taxing point for the * ESS interest is the earliest of the times mentioned in subsections (4), (6) and (7). (3) However, the ESS deferred taxing point for the * ESS interest is: (a) the time you dispose of the ESS interest (other than by exercising the right); or (b) if you exercise the right—the time you dispose of the beneficial interest in the * share; if that time occurs within 30 days after the time worked out under subsection (2). No restrictions on disposing of right (4) The first possible taxing point is the earliest time when: (a) you have not exercised the right; and (b) there is no real risk that, under the conditions of the * employee share scheme, you will forfeit or lose the * ESS interest (other than by disposing of it, exercising the right or letting the right lapse); and (c) if, at the time you acquired the ESS interest, the scheme genuinely restricted you immediately disposing of the ESS interest—the scheme no longer so restricts you. Maximum time period for deferral (6) The 2nd possible taxing point is the end of the 15 year period starting when you acquired the interest. No restrictions on disposing of a share after exercising the right (7) The 3rd possible taxing point is the earliest time when: (a) you exercise the right; and (c) there is no real risk that, under the conditions of the scheme, after exercising the right, you will forfeit or lose the beneficial interest in the * share (other than by disposing of it); and (d) if, at the time you acquired the ESS interest, the scheme genuinely restricted you immediately disposing of the beneficial interest in the share if you exercised the right—the scheme no longer so restricts you.", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 133 of 2009 | No 105 of 2015 | No 8 of 2022", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-125", "Provision_Key": "s83a-125", "Heading": "Tax treatment of ESS interests held after ESS deferred taxing points", "Text": "For the purposes of this Act (other than this Division), the * ESS interest (and the * share or right of which it forms part) is taken to have been acquired immediately after the * ESS deferred taxing point for the interest for its * market value, unless the ESS deferred taxing point occurs at the time the interest is disposed of. Note: Regulations made for the purposes of section 83A ‑ 315 may substitute a different amount for the market value of the ESS interest.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-130", "Provision_Key": "s83a-130", "Heading": "Takeovers and restructures", "Text": "Object and scope (1) The object of this section is to allow this Division to continue to apply if: (a) at least one of the following applies: (i) an * arrangement (the takeover ) is entered into that is intended to result in a company (the old company ) becoming a * 100% subsidiary of another company; (ii) * ESS interests in a company (the old company ) acquired under * employee share schemes can reasonably be regarded as having been replaced, wholly or partly, by ESS interests in one or more other companies as a result of a change (the restructure ) in the ownership (including the structure of the ownership) of the old company or a * demerger subsidiary of the old company; and (b) just before the takeover or restructure, you held ESS interests (the old interests ) in the old company that you acquired under an employee share scheme. Treat new interests as continuations of old interests (2) For the purposes of this Division, treat any * ESS interests (the new interests ) in a company (the new company ) that you acquire in connection with the takeover or restructure as a continuation of the old interests, to the extent that: (a) as a result of the arrangement or change, you stop holding the old interests; and (b) the new interests can reasonably be regarded as matching any of the old interests. Note: In determining to what extent something can reasonably be regarded as matching any of the old interests, one of the factors to consider is the respective market values of that thing and of the old interests. (3) Subsection 83A ‑ 45(4) (about the minimum holding period) is taken to apply to the * ESS interests. (4) Subsections (2) and (3) only apply if the new interests relate to ordinary * shares. Old interest not matched by new interests (5) For the purposes of this Division, treat yourself as having disposed of the old interests to the extent that, in connection with the takeover or restructure, you acquire anything that: (a) can reasonably be regarded as matching any of the old interests; but (b) is not treated by subsection (2) as a continuation of those interests. Continuation of your employment (6) For the purposes of this Division, treat your employment by: (a) the new company; or (b) a * subsidiary of the new company; or (c) a holding company (within the meaning of the Corporations Act 2001 ) of the new company; or (d) a subsidiary of a holding company (within the meaning of the Corporations Act 2001 ) of the new company; as a continuation of the employment in respect of which you acquired the old interests. Apportionment of cost base of old interests (7) Treat yourself as having given, as consideration for the assets mentioned in subsection (8), the amount worked out by apportioning among those assets, according to their respective * market values immediately after the takeover or restructure, the total of: (a) the * cost bases of the old interests when you stop holding them; and (b) the cost bases of the assets mentioned in paragraph (8)(b) immediately after the takeover or restructure (ignoring the effect of this subsection). (8) The assets are: (a) the things that: (i) you acquired in connection with the takeover or restructure; and (ii) can reasonably be regarded as matching the old interests; (including all of the new interests); and (b) in a case covered by subparagraph (1)(a)(ii)—any * ESS interests in the old company that: (i) you held just before, and continue to hold just after, the restructure; and (ii) that can reasonably be regarded as matching the old interests. Exceptions (9) This section only applies if: (a) at or about the time you acquire the new interests, you are employed as mentioned in subsection (6); and (b) at the time you acquire the new interests: (i) you do not hold a beneficial interest in more than 10% of the * shares in the new company; and (ii) you are not in a position to cast, or to control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the new company. (10) For the purposes of paragraph (9)(b), you are taken to: (a) hold a beneficial interest in any * shares in the new company that you can acquire under an * ESS interest that is a beneficial interest in a right to acquire a beneficial interest in such shares; and (b) be in a position to cast votes as a result of holding that interest in those shares.", "Amendment_Count": 3, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 70 of 2015 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-200", "Provision_Key": "s83a-200", "Heading": "What this Subdivision is about", "Text": "You can deduct an amount for shares, rights or stapled securities you provide to your employees under an employee share scheme if they are eligible for a reduction in their assessable income under section 83A ‑ 35. The amount you can deduct is equal to that reduction. You must defer any deduction you are entitled to for amounts you provide to finance your employees acquiring interests in shares, rights or stapled securities under an employee share scheme until the employees have actually acquired those interests. Table of sections Operative provisions 83A ‑ 205 Deduction for employer 83A ‑ 210 Timing of general deductions", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-205", "Provision_Key": "s83a-205", "Heading": "Deduction for employer", "Text": "(1) You can deduct an amount for an income year if: (a) during the year you provided one or more * ESS interests to an individual under an * employee share scheme; and (b) you did so as: (i) the employer of the individual; or (ii) a holding company (within the meaning of the Corporations Act 2001 ) of the employer of the individual; and (c) section 83A ‑ 35 applies to reduce the amount included in the individual’s assessable income under subsection 83A ‑ 25(1) in relation to some or all of the interests. (2) Disregard paragraph 83A ‑ 35(2)(b) (income test) for the purposes of paragraph (1)(c) of this section. (3) The amount of the deduction is the amount of the reduction mentioned in paragraph (1)(c). Deduction to be apportioned if interest provided by multiple entities (4) The amount of the deduction worked out under subsection (3) must be apportioned between 2 or more entities on a reasonable basis if the entities jointly provide an * ESS interest for which an amount can be deducted under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-210", "Provision_Key": "s83a-210", "Heading": "Timing of general deductions", "Text": "If: (a) at a particular time, you provide another entity with money or other property: (i) under an * arrangement; and (ii) for the purpose of enabling an individual (the ultimate beneficiary ) to acquire, directly or indirectly, an * ESS interest under an * employee share scheme in relation to the ultimate beneficiary’s employment (including past or prospective employment); and (b) that particular time occurs before the time (the acquisition time ) the ultimate beneficiary acquires the * ESS interest; then, for the purpose of determining the income year (if any) in which you can deduct an amount in respect of the provision of the money or other property, you are taken to have provided the money or other property at the acquisition time.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-305", "Provision_Key": "s83a-305", "Heading": "Acquisition by associates", "Text": "(1) If an * associate (other than an * employee share trust) of an individual acquires an * ESS interest in relation to the individual’s employment (including past or prospective employment), then, for the purposes of this Division: (a) treat the interest as having being acquired by the individual (instead of the associate); and (b) treat any circumstance, right or obligation existing or not existing in relation to the interest in relation to the associate as existing or not existing in relation to the individual; and (c) treat anything done or not done by or in relation to the associate in relation to the interest as being done or not done by or in relation to the individual. Example 1: The following are attributed to the employee, rather than to the associate: (a) the associate’s voting rights; (b) the associate’s ability or inability to dispose of the ESS interest; (c) whether there is a real risk that the associate may lose the ESS interest; (d) the associate’s cost base for the ESS interest. Example 2: If the associate disposes of the ESS interest, the employee is taken to have disposed of the ESS interest instead. (2) For the purposes of subsections 83A ‑ 45(6) and (7), subsection (1) of this section also applies if the * associate acquired the * ESS interest otherwise than in relation to the individual’s employment.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-310", "Provision_Key": "s83a-310", "Heading": "Forfeiture etc. of ESS interest", "Text": "(1) This Division (apart from this Subdivision) is taken never to have applied in relation to an * ESS interest acquired by an individual under an * employee share scheme if: (a) disregarding this section, an amount is included in the individual’s assessable income under this Division in relation to the interest; and (b) either: (i) the individual forfeits the interest; or (ii) in the case of an ESS interest that is a beneficial interest in a right—the individual forfeits or loses the interest (without having disposed of the interest or exercised the right); and (c) the forfeiture or loss is not the result of: (i) a choice made by the individual (other than a choice to which subsection (2) applies); or (ii) a condition of the scheme that has the direct effect of protecting (wholly or partly) the individual against a fall in the * market value of the interest. (2) This subsection applies to the following choices by the individual: (a) a choice to cease particular employment; (b) in the case of an * ESS interest that is a beneficial interest in a right: (i) a choice not to exercise the right before it lapsed; or (ii) a choice to allow the right to be cancelled.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-315", "Provision_Key": "s83a-315", "Heading": "Market value of ESS interest", "Text": "(1) Whenever this Division (other than section 83A ‑ 20) uses the * market value of an * ESS interest, instead use the amount specified in the regulations for the purposes of this section in relation to the interest, if the regulations specify such an amount. (2) To avoid doubt, apply the rule in subsection (1) to the * market value component of any calculation for the purposes of this Division that involves market value. Example: If the regulations specify an amount in relation to an ESS interest, use that amount instead of the market value of the interest in working out: (a) whether there is a discount given in relation to interest; and (b) if so—the amount of the discount.", "Amendment_Count": 2, "First_Amended": "No 133 of 2009", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-320", "Provision_Key": "s83a-320", "Heading": "Interests in a trust", "Text": "(1) This section applies if, at a time: (a) you hold an interest in a trust whose assets include * shares; and (b) that interest corresponds to a particular number of the shares (even if the interest does not correspond to particular shares). (2) For the purposes of this Division, treat yourself as holding at that time a beneficial interest in each of a number of the * shares included in the assets of the trust equal to the number mentioned in paragraph (1)(b). (3) If there are 2 or more classes of * shares included in the assets of the trust, this section operates separately in relation to each class as if the shares in that class were all the shares included in the assets of the trust. (4) This section applies to rights to acquire beneficial interests in * shares in the same way it applies to shares. Note: For the CGT treatment of employee share schemes, see Subdivision 130 ‑ D.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-325", "Provision_Key": "s83a-325", "Heading": "Application of Division to relationships similar to employment", "Text": "This Division applies to an individual covered by column 1 of an item in the table as if: (a) he or she were employed by the entity referred to in column 2 of that item; and (b) the thing referred to column 3 of that item constituted that employment. Application of Division to relationships similar to employment Item Column 1 This Division applies to an individual who: Column 2 as if he or she were employed by: Column 3 and this constituted that employment: 1 receives, or is entitled to receive, * work and income support withholding payments (otherwise than as an employee) the entity that pays or provides the work and income support withholding payments (or is liable to do so) the relationship because of which the entity pays or provides the work and income support withholding payments to the individual (or is liable to do so). 2 is engaged in service in a foreign country as the holder of an office the entity by whom the individual is so engaged the holding of the office. 3 provides services to an entity (other than services covered by a previous item in this table and services provided as an employee) the entity the * arrangement between the individual and the entity under which those services are provided.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-330", "Provision_Key": "s83a-330", "Heading": "Application of Division to ceasing employment", "Text": "For the purposes of this Division, you are treated as ceasing employment when you are no longer employed by any of the following: (a) your employer in that employment; (b) a holding company (within the meaning of the Corporations Act 2001 ) of your employer; (c) a * subsidiary of your employer; (d) a * subsidiary of a holding company (within the meaning of the Corporations Act 2001 ) of your employer.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-335", "Provision_Key": "s83a-335", "Heading": "Application of Division to stapled securities", "Text": "(1) This Division applies in relation to a stapled security in the same way as it applies in relation to a * share in a company, if at least one of the * ownership interests that are stapled together to form the stapled security is a share in the company. Note: This means the Division also applies to rights to acquire such a stapled security in the same way it applies to rights to acquire a share. (2) This Division applies in relation to a stapled security in the same way as it applies in relation to an ordinary * share in a company, if at least one of the * ownership interests that are stapled together to form the stapled security is an ordinary share in the company. (3) For the purposes of this Division, in relation to a stapled security or right to acquire a beneficial interest in a stapled security, a company is taken to include (as part of the company) each * stapled entity for the stapled security, if at least one of the * ownership interests that are stapled together to form the stapled security is a * share in the company.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 83A-340", "Provision_Key": "s83a-340", "Heading": "Application of Division to indeterminate rights", "Text": "(1) This section applies if: (a) you acquire a beneficial interest in a right; and (b) the right later becomes a right to acquire a beneficial interest in a * share. Example 1: You acquire a right to acquire, at a future time: (a) shares with a specified total value, rather than a specified number of shares; or (b) an indeterminate number of shares. Example 2: You acquire a right under which the provider must provide you with either ESS interests or cash, whichever the provider chooses. (2) This Division applies as if the right had always been a right to acquire the beneficial interest in the * share.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s83A-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 84-1", "Provision_Key": "s84-1", "Heading": "What this Part is about", "Text": "This Part is about 2 issues relating to personal services income. Division 85 limits the entitlements of individuals to deductions relating to their personal services income. Division 86 sets out the tax consequences of individuals’ personal services income being diverted to other entities (often called alienation of the income). These Divisions do not affect individuals or other entities that conduct personal services businesses. Division 87 defines personal services businesses. Note: This Part may not apply until the 2002 ‑ 03 income year to participants in the prescribed payments system on 13 April 2000: see item 26 of Schedule 1 to the New Business Tax System (Alienation of Personal Services Income) Act 2000 . Table of sections 84 ‑ 5 Meaning of personal services income 84 ‑ 10 This Part does not imply that individuals are employees", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s84-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 84-5", "Provision_Key": "s84-5", "Heading": "Meaning of personal services income", "Text": "(1) Your * ordinary income or * statutory income, or the ordinary income or statutory income of any other entity, is your personal services income if the income is mainly a reward for your personal efforts or skills (or would mainly be such a reward if it was your income). Example 1: NewIT Pty. Ltd. provides computer programming services, but Ron does all the work involved in providing those services. Ron uses the clients’ equipment and software to do the work. NewIT’s ordinary income from providing the services is Ron’s personal services income because it is a reward for his personal efforts or skills. Example 2: Trux Pty. Ltd. owns one semi ‑ trailer, and Tom is the only person who drives it. Trux’s ordinary income from transporting goods is not Tom’s personal services income because it is produced mainly by use of the semi ‑ trailer, and not mainly as a reward for Tom’s personal efforts or skills. Example 3: Jim works as an accountant for a large accounting firm that employs many accountants. None of the firm’s ordinary income or statutory income is Jim’s personal services income because it is produced mainly by the firm’s business structure, and not mainly as a reward for Jim’s personal efforts or skills. (2) Only individuals can have personal services income. (3) This section applies whether the income is for doing work or is for producing a result. (4) The fact that the income is payable under a contract does not stop the income being mainly a reward for your personal efforts or skills.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s84-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 84-10", "Provision_Key": "s84-10", "Heading": "This Part does not imply that individuals are employees", "Text": "The application of this Part to an individual does not imply, for the purposes of any * Australian law or any instrument made under an Australian law, that the individual is an employee.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s84-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-1", "Provision_Key": "s85-1", "Heading": "What this Division is about", "Text": "This Division sets out amounts, relating to personal services income, that an individual cannot deduct. In particular, deductions that are unavailable to an employee are similarly unavailable to an individual who has personal services income and who is not an employee. However, this Division does not apply if the individual is conducting a personal services business or receives the income as an employee or office holder. Table of sections 85 ‑ 5 Object of this Division 85 ‑ 10 Deductions for non ‑ employees relating to personal services income 85 ‑ 15 Deductions for rent, mortgage interest, rates and land tax 85 ‑ 20 Deductions for payments to associates etc. 85 ‑ 25 Deductions for superannuation for associates 85 ‑ 30 Exception: personal services businesses 85 ‑ 35 Exception: employees, office holders and religious practitioners 85 ‑ 40 Application of Subdivision 900 ‑ B to individuals who are not employees", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-5", "Provision_Key": "s85-5", "Heading": "Object of this Division", "Text": "The object of this Division is to ensure that individuals who are not conducting * personal services businesses cannot deduct certain amounts (such as amounts that employees cannot deduct). Note: This Division also affects the extent to which a personal services entity is entitled to deductions relating to gaining or producing an individual’s personal services income: see section 86 ‑ 60.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-10", "Provision_Key": "s85-10", "Heading": "Deductions for non ‑ employees relating to personal services income", "Text": "(1) You cannot deduct under this Act an amount to the extent that it relates to gaining or producing that part of your * ordinary income or * statutory income that is your * personal services income if: (a) the income is not payable to you as an employee; and (b) you would not be able to deduct the amount under this Act if the income were payable to you as an employee. Example: Ruth is an architect who works as an independent contractor for one firm. She is not conducting a personal services business. On most days she travels from her home to the business premises of the firm, where she does her work. She also has a home office, where she does some of her work. This section confirms that Ruth cannot deduct her expenses of travelling between her home and the firm’s premises because she could not deduct them if she were an employee. (2) Subsection (1) does not stop you deducting an amount to the extent that it relates to: (a) gaining work; or Examples: Advertising, tendering and quoting for work. (b) insuring against loss of your income or your income earning capacity; or Examples: Sickness, accident and disability insurance. (c) insuring against liability arising from your acts or omissions in the course of earning income; or Examples: Public liability insurance and professional indemnity insurance. (d) engaging an entity that is not your * associate to perform work; or (e) engaging your * associate to perform work that forms part of the principal work for which you gain or produce your * personal services income; or (f) contributing to a fund in order to obtain * superannuation benefits for yourself or for your * SIS dependants in the event of your death; or Note: For deductions for superannuation contributions: see Subdivision 290 ‑ C. (g) meeting your obligations under a * workers’ compensation law to pay premiums, contributions or similar payments or to make payments to an employee in respect of * compensable work ‑ related trauma; or (h) meeting your obligations, or exercising your rights, under the * GST law.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 86 of 2000 | No 15 of 2007", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-15", "Provision_Key": "s85-15", "Heading": "Deductions for rent, mortgage interest, rates and land tax", "Text": "You cannot deduct under this Act an amount of rent, mortgage interest, rates or land tax: (a) for some or all of your residence; or (b) for some or all of your * associate’s residence; to the extent that the amount relates to gaining or producing your * personal services income.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-20", "Provision_Key": "s85-20", "Heading": "Deductions for payments to associates etc.", "Text": "(1) You cannot deduct under this Act: (a) any payment you make to your * associate; or (b) any amount you incur arising from an obligation you have to your associate; to the extent that the payment or amount relates to gaining or producing your * personal services income. (2) Subsection (1) does not stop you deducting a payment or amount to the extent that it relates to engaging your * associate to perform work that forms part of the principal work for which you gain or produce your * personal services income. (3) An amount or payment that you cannot deduct because of this section is neither assessable income nor * exempt income of your * associate.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-25", "Provision_Key": "s85-25", "Heading": "Deductions for superannuation for associates", "Text": "(1) You cannot deduct under this Act a contribution you make to a fund or an * RSA to provide for * superannuation benefits payable for your * associate, to the extent that the associate’s work for you relates to gaining or producing your * personal services income. (2) Subsection (1) does not stop you deducting a contribution to the extent that your * associate’s performance of work forms part of the principal work for which you gain or produce your * personal services income. (3) However, if subsection (2) applies, your deduction cannot exceed the amount you would have to contribute, for the benefit of the * associate, to a * complying superannuation fund or an * RSA in order to ensure that you did not have any * individual final superannuation guarantee shortfalls for the associate and any * QE days in the income year. (4) To work out the amount you would have to contribute under subsection (3), assume under the Superannuation Guarantee (Administration) Act 1992 that your payments of qualifying earnings (within the meaning of that Act) to the associate do not include any amounts that section 85 ‑ 10 or 85 ‑ 20 of this Act would prevent you from deducting. Note: See paragraph 85 ‑ 10(2)(e) for deductions relating to employment of associates.", "Amendment_Count": 4, "First_Amended": "No 86 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 86 of 2000 | No 51 of 2002 | No 15 of 2007 | No 57 of 2025", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 51 of 2002, effective s. 4, Schedule 1 (item 202(2)) and Schedule 3 (items 3, 4): Royal Assent Schedule 1 (items 185, 186): 1 July 2003 | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-30", "Provision_Key": "s85-30", "Heading": "Exception: personal services businesses", "Text": "This Division does not apply to an amount, payment or contribution to the extent that the amount, payment or contribution relates to income from you conducting a * personal services business.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-35", "Provision_Key": "s85-35", "Heading": "Exception: employees, office holders and religious practitioners", "Text": "(1) This Division does not apply to an amount, payment or contribution to the extent that the amount, payment or contribution relates to * personal services income that you receive as: (a) an employee; or (b) an individual referred to in paragraph 12 ‑ 45(1)(a), (b), (c), (d) or (e) (about payments to office holders) in Schedule 1 to the Taxation Administration Act 1953 . (2) This Division does not apply to an amount, payment or contribution to the extent that the amount, payment or contribution relates to a payment referred to in section 12 ‑ 47 in Schedule 1 to the Taxation Administration Act 1953 (payments to * religious practitioners).", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 168 of 2001", "Amending_Acts": "No 86 of 2000 | No 168 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 85-40", "Provision_Key": "s85-40", "Heading": "Application of Subdivision 900 ‑ B to individuals who are not employees", "Text": "This Division does not have the effect of applying Subdivision 900 ‑ B (about substantiating work expenses) to an individual who is not an employee.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s85-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-1", "Provision_Key": "s86-1", "Heading": "What this Division is about", "Text": "Income from the rendering of your personal services is treated as your assessable income if it is the income of another entity and is not promptly paid to you as salary. However, this does not apply if the other entity is conducting a personal services business. There are limits to the other entity’s entitlement to deductions to offset against the amount treated as your income.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-5", "Provision_Key": "s86-5", "Heading": "A simple description of what this Division does", "Text": "(1) This diagram shows an example of a simple arrangement for the alienation of personal services income. Note 1: Solid lines indicate actual payments between the parties. Dotted lines indicate other interactions between the parties. Note 2: This Division also applies to different and more complex arrangements. (2) This Division has the effect of attributing the personal services entity’s income from the personal services to the individual who performed them (unless the income is promptly paid to the individual as salary). Certain deduction entitlements of the personal services entity can reduce the amount of the attribution.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-10", "Provision_Key": "s86-10", "Heading": "Object of this Division", "Text": "The object of this Division is to ensure that individuals cannot reduce or defer their income tax (and other liabilities) by alienating their * personal services income through companies, partnerships or trusts that are not conducting * personal services businesses. Note: The general anti ‑ avoidance provisions of Part IVA of the Income Tax Assessment Act 1936 may still apply to cases of alienation of personal services income that fall outside this Division.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-15", "Provision_Key": "s86-15", "Heading": "Effect of obtaining personal services income through a personal services entity", "Text": "Amounts included in your assessable income (1) Your assessable income includes an amount of * ordinary income or * statutory income of a * personal services entity that is your * personal services income. Example: Continuing example 1 in section 84 ‑ 5: Assume that NewIT only provides services to one client. Ron’s assessable income includes ordinary income of NewIT from providing the computer programming services, because the income is Ron’s personal services income. Note: The amount included in your assessable income can be reduced by certain deductions to which the personal services entity is entitled: see section 86 ‑ 20. (2) A personal services entity is a company, partnership or trust whose * ordinary income or * statutory income includes the * personal services income of one or more individuals. Exception: personal services businesses (3) This section does not apply if that amount is income from the * personal services entity conducting a * personal services business. Note: Even if the entity is conducting a personal services business, it is possible that some of its income is not income from conducting that business. Exception: amounts promptly paid to you as salary or wages (4) This section does not apply to the extent that: (a) the * personal services entity pays that amount to you, as an employee, as salary or wages; and (b) the payment is made before the end of the 14th day after the * PAYG payment period during which the amount became * ordinary income or * statutory income of the entity. Note: The entity is obliged to withhold amounts from salary or wages paid before the end of that day: see section 12 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . Exception: exempt income etc. (5) This section only applies to the extent that that amount would be assessable income of the personal services entity if this Division did not apply. Example: If the entity’s income includes an amount that is your personal services income for a service on which GST is payable, the amount included in your assessable income will not include the GST, because the GST is neither assessable income nor exempt income of the entity: see section 17 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-20", "Provision_Key": "s86-20", "Heading": "Offsetting the personal services entity’s deductions against personal services income", "Text": "(1) The amount of your * personal services income included in your assessable income under section 86 ‑ 15 may be reduced (but not below nil) by the amount of certain deductions to which the * personal services entity is entitled. Note 1: Subdivision 86 ‑ B limits a personal services entity’s entitlement to deductions. Note 2: If the amount of the deductions exceeds the amount of the personal services income, a deduction for the excess is available to you under section 86 ‑ 27. The personal services entity cannot deduct the amount of the excess: see section 86 ‑ 87. (2) Use this method statement to work out whether, and by how much, the amount is reduced: Method statement Step 1. Work out, for the income year, the amount of any deductions (other than * entity maintenance deductions or deductions for amounts of salary or wages paid to you ) to which the * personal services entity is entitled that are deductions relating to your * personal services income. Step 2. Work out, for the income year, the amount of any * entity maintenance deductions to which the * personal services entity is entitled. Step 3. Work out the * personal services entity’s assessable income for that income year, disregarding any income it receives that is your * personal services income or the personal services income of anyone else. Step 4. Subtract the amount under step 3 from the amount under step 2. Note 1: Step 4 ensures that, before entity maintenance deductions can contribute to the reduction, they are first exhausted against any income of the entity that is not personal services income. Note 2: If the personal services entity receives another individual’s personal services income, see section 86 ‑ 25. Step 5. If the amount under step 4 is greater than zero, the amount of the reduction under subsection (1) is the sum of the amounts under steps 1 and 4. Step 6 . If the amount under step 4 is not greater than zero, the amount of the reduction under subsection (1) is the amount under step 1. Example 1: Continuing example 1 in section 84 ‑ 5: Assume these additional facts: • $120,000 of NewIT’s income is Ron’s personal services income; • NewIT has deductions (including superannuation contributions) of $50,000 relating to Ron’s personal services income (step 1); • NewIT has entity maintenance deductions of $8,000 (step 2); • NewIT has investments that produce income. NewIT’s assessable income, disregarding Ron’s or anyone else’s personal services income, is $20,000 (step 3). Because the step 4 amount is less than zero ( ‑ $12,000), step 5 does not apply and, under step 6, the amount of the reduction is $50,000. Therefore the amount included in Ron’s assessable income is: Example 2: Assume, as an alternative set of facts, that NewIT’s assessable income under step 3 was only $2,000. The step 4 amount would have been $6,000, and, under step 5, the amount of the reduction would have been $56,000 (adding the amounts under steps 1 and 4). The amount included in Ron’s assessable income would then have been: Note: The personal services entity’s deductions that do not relate to your personal services income and that are not entity maintenance deductions cannot reduce the amount included in your assessable income under section 86 ‑ 15.", "Amendment_Count": 3, "First_Amended": "No 86 of 2000", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 86 of 2000 | No 169 of 2001 | No 20 of 2004", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-25", "Provision_Key": "s86-25", "Heading": "Apportionment of entity maintenance deductions among several individuals", "Text": "If, in the income year: (a) the amount worked out under step 4 of the method statement in section 86 ‑ 20 is greater than zero; and Note: This happens if the entity has entity maintenance deductions that form some or all of the reduction under section 86 ‑ 20. (b) the * ordinary income or * statutory income of the * personal services entity includes another individual’s * personal services income (as well as your personal services income); and (c) the other individual’s personal services income is included in the other individual’s assessable income under section 86 ‑ 15; the amount worked out under step 4 is taken to be: where: original step 4 amount is the amount that would be the amount worked out under step 4 if this section did not apply. total personal services income is the sum of all the amounts of personal services income (whether your personal services income or someone else’s) that are included in the personal services entity’s ordinary income or statutory income for the income year. your personal services income is the sum of all the amounts of your personal services income that are included in the personal services entity’s ordinary income or statutory income for the income year. Example: Continuing example 2 in section 86 ‑ 20: Assume that Robyn, another computer consultant, joined NewIT, and NewIT’s ordinary income from providing the services also includes Robyn’s personal services income of $168,000. Because NewIT now receives the personal services income of someone else, Ron’s step 4 amount is reduced as follows: Under step 5 of the method statement in section 86 ‑ 20, the amount of the reduction under that section is therefore $52,500, and the amount included in Ron’s assessable income is $67,500.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-27", "Provision_Key": "s86-27", "Heading": "Deduction for net personal services income loss", "Text": "If your personal services deduction amount exceeds your unreduced personal services income, then you can deduct the excess amount. For this purpose: (a) your personal services deduction amount is the amount of deductions relating to your * personal services income worked out under step 1 of the method statement in section 86 ‑ 20, increased by the amount (if greater than zero) worked out under step 4 of the method statement; and (b) your unreduced personal services income is the personal services income that would have been included in your assessable income for the income year if there had not been any reduction under section 86 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 20 of 2004", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 20 of 2004", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-30", "Provision_Key": "s86-30", "Heading": "Assessable income etc. of the personal services entity", "Text": "* Ordinary income or * statutory income of the * personal services entity is neither assessable income nor * exempt income of the entity, to the extent that it is * personal services income included in your assessable income under section 86 ‑ 15. Note: Subsection 118 ‑ 20(4) prevents this income being treated as a capital gain.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-35", "Provision_Key": "s86-35", "Heading": "Later payments of, or entitlements to, personal services income to be disregarded for income tax purposes", "Text": "(1) To the extent that a payment by the * personal services entity, or by your * associate, is a payment to you or any of your associates of: (a) * personal services income included in your assessable income under section 86 ‑ 15; or (b) any other amount that is attributable to that income; the payment: (c) is neither assessable income nor * exempt income of the entity receiving it; and Note: Subsection 118 ‑ 20(4) prevents this income being treated as a capital gain. (d) is not an amount that the entity making it can deduct. Note: Section 118 ‑ 65 prevents this amount being treated as a capital loss. Example: Continuing example 2 in section 86 ‑ 20: Assume that NewIT had paid Jill, Ron’s wife, an amount for work that is not the principal work of NewIT. The payment is made from money already included in Ron’s assessable income under section 86 ‑ 15. The amount is neither assessable income nor exempt income of Jill, and NewIT cannot deduct the amount. (2) To the extent that you are entitled, or any of your * associates are entitled, to a share of the net income of the * personal services entity, or of any of your associates, and that income is: (a) * personal services income included in your assessable income under section 86 ‑ 15; or (b) any other amount that is attributable to that income; that share is neither assessable income nor * exempt income of the entity receiving it or entitled to receive it.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-40", "Provision_Key": "s86-40", "Heading": "Salary payments shortly after an income year", "Text": "(1) If: (a) before the end of 14 July in a particular income year, you receive, as salary or wages, * personal services income of yours from the * personal services entity; and (b) failure to make the payment before the end of 14 July would have resulted in an amount of income being included in your assessable income under section 86 ‑ 15 for the preceding income year; you are taken to have received the payment on 30 June of that preceding income year. Example: Continuing example 2 in section 86 ‑ 20: Assume that NewIT is a small withholder for PAYG withholding purposes, and its PAYG payment period covering April 2001 to June 2001 is the quarter ending on 30 June 2001. NewIT’s income for that period (after taking into account any reductions under sections 86 ‑ 20 and 86 ‑ 25) includes $20,000 that is Ron’s personal services income, and NewIT pays this to Ron on 12 July 2001. The $20,000 that Ron receives is assessable income for the income year ended on 30 June 2001. (2) However, this section does not affect the time at which the * personal services entity is treated as having paid the salary or wages. Note 1: Therefore neither the timing of the entity’s deduction for the payment, nor the timing of the obligation to withhold amounts under section 12 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 , is affected. Note 2: However, these payments are treated as relating to the preceding income year for the purposes of the rules relating to payment summaries, PAYG credits and PAYG withholding non ‑ compliance tax (see Subdivisions 16 ‑ C, 18 ‑ A and 18 ‑ D in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 86 of 2000 | No 99 of 2012", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-60", "Provision_Key": "s86-60", "Heading": "General rule for deduction entitlements of personal services entities", "Text": "A * personal services entity cannot deduct under this Act an amount to the extent that it relates to gaining or producing an individual’s * personal services income, unless: (a) the individual could have deducted the amount under this Act if the circumstances giving rise to the entity’s entitlement to deduct the amount had applied instead to the individual; or Note: In particular, Division 85 specifies limits on an individual’s entitlements to deductions relating to the individual’s personal services income. (b) the entity receives the individual’s * personal services income in the course of conducting a * personal services business.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-65", "Provision_Key": "s86-65", "Heading": "Entity maintenance deductions", "Text": "(1) Section 86 ‑ 60 does not stop a * personal services entity deducting an amount to the extent that it is an * entity maintenance deduction. Note: See section 86 ‑ 25 for how entity maintenance deductions are offset against a personal services entity’s income. (2) Each of these is an entity maintenance deduction : (a) any fee or charge payable by the entity for opening, operating or closing an account with an * ADI; (b) any deduction under section 25 ‑ 5 (about tax ‑ related expenses); (c) any loss or outgoing incurred in relation to preparation or lodgment of any document the entity is required to lodge under the Corporations Act 2001 ; (d) any fee or charge payable by the entity to an * Australian government agency for any licence, permission, approval, authorisation, registration or certification (however described) that is granted or given under an * Australian law. (3) However, paragraph (2)(c) does not include any payment that the entity makes to an * associate.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 55 of 2001", "Amending_Acts": "No 86 of 2000 | No 55 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-70", "Provision_Key": "s86-70", "Heading": "Car expenses", "Text": "Cars used solely for business (1) Section 86 ‑ 60 does not stop a * personal services entity deducting a * car expense for a * car of which there is no * private use. Other cars (2) Section 86 ‑ 60 does not stop a * personal services entity deducting: (a) a * car expense; or (b) an amount of tax payable under the Fringe Benefits Tax Assessment Act 1986 for a * car fringe benefit; for a * car of which there is * private use. However, there cannot be, at the same time, more than one car for which such deductions can arise in relation to gaining or producing the same individual’s * personal services income. (3) If there is more than one * car to which subsection (2) could apply at the same time, the entity must choose the car to which subsection (2) applies at that time. The choice remains in effect until the entity ceases to * hold that car. Example: Continuing example 2 in section 86 ‑ 20: Assume that NewIT provides 3 cars to Ron. Car 1 is used solely for business purposes and cars 2 and 3 are used for private purposes. NewIT can deduct all the car expenses it incurs for car 1. It can also deduct all the car expenses it incurs for its choice of either car 2 or car 3, as well as the fringe benefits tax it pays for that car. However, it cannot deduct any car expenses or fringe benefits tax for the car that it does not choose. Note: If car expenses for a car are not deductible because of section 86 ‑ 60, the car benefit being provided is an exempt benefit for the purposes of fringe benefits tax: see subsection 8(4) of the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-75", "Provision_Key": "s86-75", "Heading": "Superannuation", "Text": "(1) Section 86 ‑ 60 does not stop a * personal services entity deducting a contribution the entity makes to a fund or an * RSA for the purpose of making provision for * superannuation benefits payable for an individual whose * personal services income is included in the entity’s * ordinary income or * statutory income. (2) However, if: (a) the individual performs less than 20% (by * market value) of the entity’s principal work; and (b) the individual is an * associate of another individual whose * personal services income is included in the entity’s * ordinary income or * statutory income; the entity’s deduction cannot exceed the amount it would have to contribute, for the benefit of the individual, to a * complying superannuation fund or an * RSA in order to ensure that it did not have any * individual final superannuation guarantee shortfalls for the individual and any * QE days in the income year. (3) To work out the amount the entity would have to contribute under subsection (2), assume under the Superannuation Guarantee (Administration) Act 1992 that the entity’s payments of qualifying earnings (within the meaning of that Act) to the individual do not include any amounts that section 86 ‑ 60 of this Act would prevent the entity from deducting. Note: Section 86 ‑ 60 will apply the limitations under sections 85 ‑ 10 and 85 ‑ 20 on an individual’s entitlement to deductions (but see paragraph 85 ‑ 10(2)(e) on employment of associates).", "Amendment_Count": 5, "First_Amended": "No 86 of 2000", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 86 of 2000 | No 51 of 2002 | No 58 of 2006 | No 15 of 2007 | No 57 of 2025", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 51 of 2002, effective s. 4, Schedule 1 (item 202(2)) and Schedule 3 (items 3, 4): Royal Assent Schedule 1 (items 185, 186): 1 July 2003 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-80", "Provision_Key": "s86-80", "Heading": "Salary or wages promptly paid", "Text": "Section 86 ‑ 60 does not stop a * personal services entity deducting an amount for salary or wages it pays to the individual referred to in that section before the end of the 14th day after the * PAYG payment period during which the amount became * ordinary income or * statutory income of the entity.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-85", "Provision_Key": "s86-85", "Heading": "Deduction entitlements of personal services entities for amounts included in an individual’s assessable income", "Text": "The fact that a * personal services entity: (a) incurs an amount in gaining or producing an individual’s assessable income; or (b) uses a * depreciating asset, or has it installed ready for use, for the * purpose of producing assessable income of an individual; does not stop the entity deducting the loss or outgoing, or deducting an amount for the decline in value of the asset, under this Act if: (c) the entity incurs the amount in gaining or producing, or uses or installs the depreciating asset for the purpose of producing, its * ordinary income or * statutory income; and (d) the income is included in the individual’s assessable income under section 86 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 86 of 2000 | No 77 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-87", "Provision_Key": "s86-87", "Heading": "Personal services entity cannot deduct net personal services income loss", "Text": "The total amount of the deductions to which a * personal services entity is entitled for an income year is reduced by the amount of any deduction that an individual, whose * personal services income is ordinary or statutory income of the entity for that income year, is entitled to under section 86 ‑ 27.", "Amendment_Count": 1, "First_Amended": "No 20 of 2004", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 20 of 2004", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-87"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 86-90", "Provision_Key": "s86-90", "Heading": "Application of Divisions 28 and 900 to personal services entities", "Text": "This Division does not have the effect of applying Division 28 (about car expenses) or Division 900 (about substantiation rules) to a * personal services entity. Note: Divisions 28 and 900 can still apply to a personal services entity that is a partnership: see subsections 28 ‑ 10(2) and 900 ‑ 5(2).", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s86-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-1", "Provision_Key": "s87-1", "Heading": "What this Division is about", "Text": "Divisions 85 and 86 do not apply to personal services income that is income from conducting a personal services business. It is not intended that the Divisions apply to independent contractors. A personal services business exists if there is a personal services business determination or if one or more of 4 tests for what is a personal services business are met. Regardless of how much of your personal services income is paid from one source, you can self ‑ assess against the results test to determine whether you are an independent contractor. The results test is based on the traditional tests for determining independent contractors and it is intended that it apply accordingly. However, you cannot “self ‑ assess” whether you meet any of the other 3 tests if 80% or more of your personal services income is from one source. In these cases, you need a personal services business determination in order to be treated as conducting a personal services business.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Repealed and substituted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-5", "Provision_Key": "s87-5", "Heading": "Diagram showing the operation of this Division", "Text": "This diagram shows how this Division operates to ascertain whether personal services income is income from conducting a personal services business.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Repealed and substituted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-10", "Provision_Key": "s87-10", "Heading": "Object of this Division", "Text": "The object of this Division is to define * personal services businesses in a way that ensures that it covers genuine businesses but not situations that are merely arrangements for dealing with the * personal services income of individuals.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-15", "Provision_Key": "s87-15", "Heading": "What is a personal services business?", "Text": "(1) An individual or * personal services entity conducts a personal services business if: (a) for an individual—a * personal services business determination is in force relating to the individual’s * personal services income; or (b) for a personal services entity—a personal services business determination is in force relating to an individual whose personal services income is included in the entity’s * ordinary income or * statutory income; or (c) in any case—the individual or entity meets at least one of the 4 * personal services business tests in the income year for which the question whether the individual or entity is conducting a personal services business is in issue. Note 1: For personal services business determinations, see Subdivision 87 ‑ B. Note 2: Under subsection (3), the personal services business tests, apart from the results test under section 87 ‑ 18, do not apply if 80% or more of your personal services income is from one source (but they can still be used in deciding whether to make a personal services business determination). (2) The 4 personal services business tests are: (a) the results test under section 87 ‑ 18; and (b) the unrelated clients test under section 87 ‑ 20; and (c) the employment test under section 87 ‑ 25; and (d) the business premises test under section 87 ‑ 30. (3) However, if 80% or more of an individual’s * personal services income (not including income referred to in subsection (4)) during an income year is income from the same entity (or one entity and its * associates), and: (a) the individual’s personal services income is not included in a * personal services entity’s * ordinary income or * statutory income during an income year, and the individual does not meet the results test under section 87 ‑ 18 in that income year; or (b) the individual’s personal services income is included in a personal services entity’s ordinary income or statutory income during an income year, and the entity does not, in relation to the individual, meet the results test under section 87 ‑ 18 in that income year; the individual’s personal services income is not taken to be from conducting a * personal services business unless: (c) when the personal services income is gained or produced, a * personal services business determination is in force relating to the individual’s personal services income; and (d) if the determination was made on the application of a personal services entity—the individual’s personal services income is income from the entity conducting the personal services business. Note: Sections 87 ‑ 35 and 87 ‑ 40 affect the operation of subsection (3) in relation to Australian government agencies and certain agents. (4) Subsection (3) does not apply to income: (a) that the individual receives as an employee; or (b) that the individual receives as an individual referred to in paragraph 12 ‑ 45(1)(a), (b), (c), (d) or (e) (payments to office holders) in Schedule 1 to the Taxation Administration Act 1953 ; or (c) to the extent that it is a payment referred to in section 12 ‑ 47 (payments to * religious practitioners) in that Schedule.", "Amendment_Count": 3, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Repealed and substituted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-18", "Provision_Key": "s87-18", "Heading": "The results test for a personal services business", "Text": "(1) An individual meets the results test in an income year if, in relation to at least 75% of the individual’s * personal services income (not including income referred to in subsection (2)) during the income year: (a) the income is for producing a result; and (b) the individual is required to supply the * plant and equipment, or tools of trade, needed to perform the work from which the individual produces the result; and (c) the individual is, or would be, liable for the cost of rectifying any defect in the work performed. (2) Paragraph (1)(a) does not apply to income: (a) that the individual receives as an employee; or (b) that the individual receives as an individual referred to in paragraph 12 ‑ 45(1)(a), (b), (c), (d) or (e) (payments to office holders) in Schedule 1 to the Taxation Administration Act 1953 ; or (c) to the extent that it is a payment referred to in section 12 ‑ 47 (payments to * religious practitioners) in that Schedule. (3) A * personal services entity meets the results test in an income year if, in relation to at least 75% of the * personal services income of one or more individuals that is included in the personal services entity’s * ordinary income or * statutory income during the income year: (a) the income is for producing a result; and (b) the personal services entity is required to supply the * plant and equipment, or tools of trade, needed to perform the work from which the personal services entity produces the result; and (c) the personal services entity is, or would be, liable for the cost of rectifying any defect in the work performed. (4) For the purposes of paragraph (1)(a), (b) or (c) or (3)(a), (b) or (c), regard is to be had to whether it is the custom or practice, when work of the kind in question is performed by an entity other than an employee: (a) for the * personal services income from the work to be for producing a result; and (b) for the entity to be required to supply the * plant and equipment, or tools of trade, needed to perform the work; and (c) for the entity to be liable for the cost of rectifying any defect in the work performed; as the case requires.", "Amendment_Count": 2, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-18"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-20", "Provision_Key": "s87-20", "Heading": "The unrelated clients test for a personal services business", "Text": "(1) An individual or a * personal services entity meets the unrelated clients test in an income year if: (a) during the year, the individual or personal services entity gains or produces income from providing services to 2 or more entities that are not * associates of each other, and are not associates of the individual or of the personal services entity; and (b) the services are provided as a direct result of the individual or personal services entity making offers or invitations (for example, by advertising), to the public at large or to a section of the public, to provide the services. Note: Sections 87 ‑ 35 and 87 ‑ 40 affect the operation of paragraph (1)(a) in relation to Australian government agencies and certain agents. (2) The individual or * personal services entity is not treated, for the purposes of paragraph (1)(b), as having made offers or invitations to provide services merely by being available to provide the services through an entity that conducts a * business of arranging for persons to provide services directly for clients of the entity.", "Amendment_Count": 2, "First_Amended": "No 86 of 2000", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 86 of 2000 | No 169 of 2001", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-25", "Provision_Key": "s87-25", "Heading": "The employment test for a personal services business", "Text": "(1) An individual meets the employment test in an income year if: (a) the individual engages one or more entities (other than * associates of the individual that are not individuals) to perform work; and (b) that entity performs, or those entities together perform, at least 20% (by * market value) of the individual’s principal work for that year. (2) A * personal services entity meets the employment test in an income year if: (a) the entity engages one or more other entities to perform work, other than: (i) individuals whose * personal services income is included in the entity’s * ordinary income or * statutory income; or (ii) * associates of the entity that are not individuals; and (b) that other entity performs, or those other entities together perform, at least 20% (by * market value) of the entity’s principal work for that year. (2A) If the * personal services entity is a partnership, work that a partner performs is taken, for the purposes of subsection (2), to be work that the personal services entity engages another entity to perform. (3) An individual or a * personal services entity also meets the employment test in an income year if, for at least half the income year, the individual or entity has one or more apprentices.", "Amendment_Count": 3, "First_Amended": "No 86 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 86 of 2000 | No 169 of 2001 | No 58 of 2006", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-30", "Provision_Key": "s87-30", "Heading": "The business premises test for a personal services business", "Text": "(1) An individual or a * personal services entity meets the business premises test in an income year if, at all times during the income year, the individual or entity maintains and uses business premises: (a) at which the individual or entity mainly conducts activities from which * personal services income is gained or produced; and (b) of which the individual or entity has exclusive use; and (c) that are physically separate from any premises that the individual or entity, or any * associate of the individual or entity, uses for private purposes; and (d) that are physically separate from the premises of the entity to which the individual or entity provides services and from the premises of any associate of the entity to which the individual or entity provides services. (2) The individual or entity need not maintain and use the same business premises throughout the income year.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-35", "Provision_Key": "s87-35", "Heading": "Personal services income from Australian government agencies", "Text": "(1) * Australian government agencies are not treated as * associates of each other for the purposes of subsection 87 ‑ 15(3) and paragraph 87 ‑ 20(1)(a). Example: You receive 60% of your personal services income from a Department of a State government and 40% of your personal services income from a corporation in which that State has a majority shareholding. You are not treated as if 80% or more of your personal services income is income from the same entity and that entity’s associates, and therefore you will not need a personal services business determination to satisfy subsection 87 ‑ 15(3). In addition, you satisfy the first limb (but not necessarily the second limb) of the unrelated clients test in subsection 87 ‑ 20(1), because you receive your personal services income from 2 entities that are not treated as associates of each other. (2) Each Agency within the meaning of the Public Service Act 1999 : (a) is treated as a separate entity; and (b) is not treated as an * associate of any other such Agency, or of any * Australian government agency; for the purposes of subsection 87 ‑ 15(3) and paragraph 87 ‑ 20(1)(a). Example: You receive 70% of your personal services income from the Commonwealth Department of Treasury and 30% of your personal services income from the Australian Taxation Office (neither body has a legal identity separate from the Commonwealth Government). You are not treated as if 80% or more of your personal services income is income from the same entity, or from the same entity and that entity’s associates, and therefore you will not need a personal services business determination to satisfy subsection 87 ‑ 15(3). In addition, you satisfy the first limb (but not necessarily the second limb) of the unrelated clients test in subsection 87 ‑ 20(1), because you receive your personal services income from 2 bodies that are treated as separate entities and that are not treated as associates of each other. (3) Each part of the government of a State or Territory, and each part of an authority of the State or Territory, that has, under a law of the State or Territory, a status corresponding to an Agency within the meaning of the Public Service Act 1999 : (a) is treated as a separate entity; and (b) is not treated as an * associate of any other part of such a government or authority, or of any * Australian government agency; for the purposes of subsection 87 ‑ 15(3) and paragraph 87 ‑ 20(1)(a).", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-40", "Provision_Key": "s87-40", "Heading": "Application of this Division to certain agents", "Text": "Object of this section (1) The object of this section is to modify the operation of this Division for * agents who bear entrepreneurial risk in the way they provide services. Agent rules do not apply (1A) The rules in section 960 ‑ 105 (Certain entities treated as agents) do not apply to this section. Agents covered by this section (2) Subsection 87 ‑ 15(3) and section 87 ‑ 20 apply, in the manner specified in this section, to an individual or * personal services entity if: (a) the individual or personal services entity is an * agent of another entity (the principal ) but not the principal’s employee; and (b) the agent receives income from the principal that is for services that the agent provides to other entities ( customers ) on the principal’s behalf; and (c) at least 75% of that income is commissions, or fees, based on the agent’s performance in providing services to the customers on the principal’s behalf; and (d) the agent actively seeks other entities to whom the agent could provide services on the principal’s behalf; and (e) the agent does not provide any services to the customers, on the principal’s behalf, using premises: (i) that the principal or an * associate of the principal owns; or (ii) in which the principal or an associate of the principal has a leasehold interest; unless the agent uses the premises under an arrangement entered into at * arm’s length. Whether personal services income is from one source (3) If the * agent is an individual, in applying subsection 87 ‑ 15(3) to the * personal services income of the agent during an income year, any part of the agent’s personal services income from the principal that: (a) the agent gains or produces during the income year; and (b) is for services that the agent provided to a customer on the principal’s behalf in the income year or an earlier income year; is treated as if it were personal services income from the customer, and not personal services income from the principal. (4) If the * agent is a * personal services entity, in applying subsection 87 ‑ 15(3) to an individual’s * personal services income that is included in the entity’s * ordinary income or * statutory income during an income year, any part of the individual’s personal services income from the principal that: (a) the agent gains or produces during the income year; and (b) is for services that the individual or the agent provided to a customer on the principal’s behalf in the income year or an earlier income year; is treated as if it were personal services income from the customer, and not personal services income from the principal. The unrelated clients test for a personal services business (5) In determining whether, during an income year, the * agent meets the unrelated clients test under section 87 ‑ 20, any services the agent provided in the income year or an earlier income year: (a) for which the agent gains or produces, during the income year, personal services income from the principal; and (b) that were provided to a customer on the principal’s behalf; are treated for the purposes of paragraph 87 ‑ 20(1)(a) as if the agent, and not the principal, provided them to the customer.", "Amendment_Count": 4, "First_Amended": "No 169 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 169 of 2001 | No 58 of 2006 | No 4 of 2007 | No 88 of 2013", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-60", "Provision_Key": "s87-60", "Heading": "Personal services business determinations for individuals", "Text": "Making etc. personal services business determinations (1) The Commissioner may, by giving written notice to an individual: (a) make a personal services business determination relating to the individual; or (b) vary such a determination. (2) The Commissioner may, in the notice, specify: (a) the day on which the determination or variation takes effect, or took effect; (b) the period for which the determination has effect; (c) conditions to which the determination is subject. Matters about which the Commissioner must be satisfied (3) The Commissioner must not make the determination unless satisfied that, in the income year during which the determination first has effect, or is taken to have first had effect, the conditions in one or more of subsections (3A), (3B), (5) and (6) are met. First alternative—results, employment or business premises test met or reasonably expected to be met (3A) The conditions in this subsection are that: (a) the individual could reasonably be expected to meet, or met, the results test under section 87 ‑ 18, the employment test under section 87 ‑ 25, the business premises test under section 87 ‑ 30 or more than one of those tests; and (b) the individual’s * personal services income could reasonably be expected to be, or was, from the individual conducting activities that met one or more of those tests. Second alternative—unusual circumstances prevented the results, employment or business premises test from being met (3B) The conditions in this subsection are that: (a) but for unusual circumstances applying to the individual in that year, the individual could reasonably have been expected to meet, or would have met, the results test under section 87 ‑ 18, the employment test under section 87 ‑ 25, the business premises test under section 87 ‑ 30 or more than one of those tests; and (b) the individual’s * personal services income could reasonably be expected to be, or was, from the individual conducting activities that met one or more of those tests. (4) For the purposes of paragraph (3B)(a) but without limiting the scope of that paragraph, unusual circumstances include providing services to an insufficient number of entities to meet the unrelated clients test under section 87 ‑ 20 if: (a) the individual starts a * business during the income year, and can reasonably be expected to meet the test in subsequent income years; or (b) the individual provides services to only one entity during the income year, but met the test in one or more preceding income years and can reasonably be expected to meet the test in subsequent income years. Third alternative—unrelated clients test was met but 80% or more of income from same source because of unusual circumstances (5) The conditions in this subsection are that: (a) the individual could reasonably be expected to meet, or met, the unrelated clients test under section 87 ‑ 20; and (b) because of unusual circumstances applying to the individual in the income year, 80% or more of the individual’s * personal services income (not including income mentioned in subsection 87 ‑ 15(4)) could reasonably have been expected to be, or would have been, income from the same entity (or one entity and its * associates); and (c) the individual’s personal services income could reasonably be expected to be, or was, from the individual conducting activities that met the unrelated clients test under section 87 ‑ 20. Fourth alternative—unrelated clients test not met because of unusual circumstances (6) The conditions in this subsection are that: (a) but for unusual circumstances applying to the individual in that year, the individual could reasonably have been expected to meet, or would have met, the unrelated clients test under section 87 ‑ 20; and (b) if 80% or more of the individual’s * personal services income (not including income mentioned in subsection 87 ‑ 15(4)) could reasonably have been expected to be, or would have been, income from the same entity (or one entity and its * associates)—that is the case only because of unusual circumstances applying to the individual in the income year; and (c) the individual’s personal services income could reasonably be expected to be, or was, from the individual conducting activities that met the unrelated clients test under section 87 ‑ 20.", "Amendment_Count": 3, "First_Amended": "No 86 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 86 of 2000 | No 169 of 2001 | No 83 of 2004", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-65", "Provision_Key": "s87-65", "Heading": "Personal services business determinations for personal services entities", "Text": "Making etc. personal services business determinations (1) The Commissioner may, by giving written notice to a * personal services entity whose * ordinary income or * statutory income includes some or all of an individual’s * personal services income: (a) make a personal services business determination relating to the individual’s personal services income included in the entity’s ordinary income or statutory income; or (b) vary such a determination. (2) The Commissioner may, in the notice, specify: (a) the day on which the determination or variation takes effect, or took effect; (b) the period for which the determination has effect; (c) conditions to which the determination is subject. Matters about which the Commissioner must be satisfied (3) The Commissioner must not make the determination unless satisfied that, in the income year during which the determination first has effect, or is taken to have first had effect, the conditions in one or more of subsections (3A), (3B), (5) and (6) are met. First alternative——results, employment or business premises test met or reasonably expected to be met (3A) The conditions in this subsection are that: (a) the entity could reasonably be expected to meet, or met, the results test under section 87 ‑ 18, the employment test under section 87 ‑ 25, the business premises test under section 87 ‑ 30 or more than one of those tests; and (b) the individual’s * personal services income included in the entity’s * ordinary income or * statutory income could reasonably be expected to be, or was, from the entity conducting activities that met one or more of those tests. Second alternative—unusual circumstances prevented the results, employment or business premises test from being met (3B) The conditions in this subsection are that: (a) but for unusual circumstances applying to the entity in that year, the entity could reasonably have been expected to meet, or would have met, the results test under section 87 ‑ 18, the employment test under section 87 ‑ 25, the business premises test under section 87 ‑ 30 or more than one of those tests; and (b) the individual’s * personal services income included in the entity’s * ordinary income or * statutory income could reasonably be expected to be, or was, from the entity conducting activities that met one or more of those tests. (4) For the purposes of paragraph (3B)(a) but without limiting the scope of that paragraph, unusual circumstances include providing services to an insufficient number of entities to meet the unrelated clients test under section 87 ‑ 20 if: (a) the * personal services entity starts a * business during the income year, and can reasonably be expected to meet that test in subsequent income years; or (b) the personal services entity provides services to only one entity during the income year, but met the test in one or more preceding income years and can reasonably be expected to meet the test in subsequent income years. Third alternative—unrelated clients test was met but 80% or more of income from same source because of unusual circumstances (5) The conditions in this subsection are that: (a) the entity could reasonably be expected to meet, or met, the unrelated clients test under section 87 ‑ 20; and (b) because of unusual circumstances applying to the entity in the income year, 80% or more of the individual’s * personal services income (not including income mentioned in subsection 87 ‑ 15(4)) included in the entity’s * ordinary income or * statutory income could reasonably have been expected to be, or would have been, income from the same entity (or one entity and its * associates); and (c) the individual’s personal services income included in the entity’s ordinary income or statutory income could reasonably be expected to be, or was, from the entity conducting activities that met the unrelated clients test under section 87 ‑ 20. Fourth alternative—unrelated clients test not met because of unusual circumstances (6) The conditions in this subsection are that: (a) but for unusual circumstances applying to the entity in that year, the entity could reasonably have been expected to meet, or would have met, the unrelated clients test under section 87 ‑ 20; and (b) if 80% or more of the individual’s * personal services income (not including income mentioned in subsection 87 ‑ 15(4)) included in the entity’s * ordinary income or * statutory income could reasonably have been expected to be, or would have been, income from the same entity (or one entity and its * associates)—that is the case only because of unusual circumstances applying to the entity in the income year; and (c) the individual’s personal services income included in the entity’s ordinary income or statutory income could reasonably be expected to be, or was, from the entity conducting activities that met the unrelated clients test under section 87 ‑ 20.", "Amendment_Count": 3, "First_Amended": "No 86 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 86 of 2000 | No 169 of 2001 | No 83 of 2004", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-70", "Provision_Key": "s87-70", "Heading": "Applying etc. for personal services business determinations", "Text": "(1) An individual or a * personal services entity may apply to the Commissioner, in the * approved form: (a) for a * personal services business determination; or (b) for a variation of a personal services business determination. (2) The Commissioner may request the applicant to give the Commissioner specified information, or a specified document, that the Commissioner needs to decide the application. (3) If the Commissioner has not decided the application within 60 days after it is made, the applicant may, at any time, give the Commissioner written notice that the applicant wishes to treat the application as having been refused. (4) If the applicant gives notice under subsection (3), the Commissioner is taken, for the purposes of section 87 ‑ 85, to have refused the application on the day on which the notice is given. (5) For the purposes of measuring the 60 days mentioned in subsection (3), disregard each period (if any): (a) starting on the day when the Commissioner requests the applicant under subsection (2) to give the Commissioner specified information or a specified document; and (b) ending at the end of the day the applicant gives the Commissioner the specified information or document.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-75", "Provision_Key": "s87-75", "Heading": "When personal services business determinations have effect", "Text": "(1) The determination, or a variation of the determination, has effect, or is taken to have had effect, on and from: (a) the day specified in the notice as the day on which the determination or variation takes effect, or took effect; or (b) if a day is not specified—the day on which the notice is given. (2) The determination ceases to have effect at the end of the earliest day on which one or more of these occurs: (a) one or more conditions to which the determination is subject are not met; (b) the Commissioner revokes the determination; (c) the period for which the determination has effect comes to an end.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-80", "Provision_Key": "s87-80", "Heading": "Revoking personal services business determinations", "Text": "The Commissioner must, by giving written notice to the individual or * personal services entity on whose application a * personal services business determination was made, revoke the determination if the Commissioner is no longer satisfied that there are grounds on which the determination could be made.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 87-85", "Provision_Key": "s87-85", "Heading": "Review of decisions", "Text": "A person who is dissatisfied with; (a) a decision of the Commissioner to make, vary or revoke a * personal services business determination; or (b) the Commissioner’s refusal of an application for a personal services business determination or for a variation of a personal services business determination; may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s87-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-1", "Provision_Key": "s100-1", "Heading": "What this Division is about", "Text": "This Division is a simplified outline of the capital gains and capital losses provisions, commonly referred to as capital gains tax ( CGT ). It will help you to understand your current liabilities, and to factor CGT into your on ‑ going financial affairs. Table of sections 100 ‑ 5 Effect of this Division 100 ‑ 10 Fundamentals of CGT 100 ‑ 15 Overview of Steps 1 and 2 Step 1—Have you made a capital gain or a capital loss? 100 ‑ 20 What events attract CGT? 100 ‑ 25 What are CGT assets? 100 ‑ 30 Does an exception or exemption apply? 100 ‑ 33 Can there be a roll ‑ over? Step 2—Work out the amount of the capital gain or loss 100 ‑ 35 What is a capital gain or loss? 100 ‑ 40 What factors come into calculating a capital gain or loss? 100 ‑ 45 How to calculate the capital gain or loss for most CGT events Step 3—Work out your net capital gain or loss for the income year 100 ‑ 50 How to work out your net capital gain or loss 100 ‑ 55 How do you comply with CGT? Keeping records for CGT purposes 100 ‑ 60 Why keep records? 100 ‑ 65 What records? 100 ‑ 70 How long you need to keep records", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-5", "Provision_Key": "s100-5", "Heading": "Effect of this Division", "Text": "This Division is a * Guide. Note: In interpreting an operative provision, a Guide may be considered only for limited purposes: see section 950 ‑ 150.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-10", "Provision_Key": "s100-10", "Heading": "Fundamentals of CGT", "Text": "(1) CGT affects your income tax liability because your assessable income includes your net capital gain for the income year. Your net capital gain is the total of your capital gains for the income year, reduced by certain capital losses you have made. See later in this Guide (section 100 ‑ 50) for more detail. (2) When you prepare your income tax return, you need to check whether you have made any capital gains for the income year. You also need to check whether you have made any capital losses. You cannot deduct a capital loss from your assessable income, but it will reduce your capital gain in the current income year or later income years. (3) You will also need to consider the impact of CGT when doing your financial planning. In particular, you will need adequate record ‑ keeping to deal most effectively with any immediate or future CGT liability. To give you a sense of the range of things affected by CGT, if you are involved with any of the following, you may have a CGT liability now or at some time in the future: • leases • marriage or relationship breakdown • inheritance • working from home • subdividing land • shares • goodwill • a civil court case • contracts • trusts • options • bankruptcy • a company liquidation • incorporating a company • leaving Australia", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 46 of 1998 | No 144 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-15", "Provision_Key": "s100-15", "Heading": "Overview of Steps 1 and 2", "Text": "Note: Capital proceeds and cost base are not relevant for some CGT events, for example CGT event K7 or any of the CGT events created by Subdivision 104 ‑ L.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 117 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-20", "Provision_Key": "s100-20", "Heading": "What events attract CGT?", "Text": "(1) You can make a capital gain or loss only if a CGT event happens. (2) There are a wide range of CGT events. Some happen often and affect many different taxpayers. Others are rare and affect only a few. Some examples of CGT events Situation Event Which CGT event? You own shares you acquired on or after 20 September 1985 You sell them CGT event A1 You sell a business You agree with the purchaser not to operate a similar business in the same area CGT event D1 You are a lessor You receive a payment for changing the lease CGT event F5 You own shares in a company The company makes a payment (not a dividend) to you as a shareholder CGT event G1 A summary of all the CGT events is in section 104 ‑ 5. Identifying the time of a CGT event (3) The specific time when a CGT event happens is important for various reasons: in particular, for working out whether a capital gain or loss from the event affects your income tax for the current or another income year. If a CGT event involves a contract, the time of the event will often be when the contract is made , not when it is completed. The time of each CGT event is explained early in the relevant section in Division 104.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-25", "Provision_Key": "s100-25", "Heading": "What are CGT assets?", "Text": "(1) Most CGT events involve a CGT asset. (For many, there is an exception if the CGT event happens before 1 July 2027 and the CGT asset was acquired before 20 September 1985.) However, many CGT events are concerned directly with capital receipts and do not involve a CGT asset. See the summary of the CGT events in section 104 ‑ 5. (2) Some CGT assets are reasonably well ‑ known: • land and buildings, for example, a weekender; • shares; • units in a unit trust; • collectables which cost over $500, for example, jewellery or an artwork; • personal use assets which cost over $10,000, for example, a boat. (3) Other CGT assets are not so well ‑ known. For example: • your home; • contractual rights; • goodwill; • foreign currency. For a full explanation of what things are CGT assets: see Division 108.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-30", "Provision_Key": "s100-30", "Heading": "Does an exception or exemption apply?", "Text": "(1) Once you identify a CGT event which applies to you, you need to know if there is an exception or exemption that would reduce the capital gain or loss or allow you to disregard it. (2) There are 4 categories of exemptions: 1. exempt assets: for example, cars; 2. exempt or loss ‑ denying transactions: for example, compensation for personal injury or your tenancy comes to an end; 3. anti ‑ overlap provisions (that reduce your capital gain by the amount that is otherwise assessable); 4. small business relief. Note: Most of the exceptions are in Division 104. You will find most of the possible exemptions in Division 118. The small business relief provisions are in Division 152. Some exemptions are limited (3) Take the family home for example. Generally, you are exempt from CGT when you make a capital gain on disposing of your main residence. But this can change depending on how you came to own the house and what you have done with it. For example, if you rent it out, you may be liable to CGT when you sell it. For the limits on the general exemption of your main residence: see Subdivision 118 ‑ B.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 173 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-33", "Provision_Key": "s100-33", "Heading": "Can there be a roll ‑ over?", "Text": "(1) Roll ‑ overs allow you to defer or disregard a capital gain or loss from a CGT event. They apply in specific situations. Some require a choice (for example, where an asset is compulsorily acquired: see Subdivision 124 ‑ B) and some are automatic (for example, where an asset is transferred because of marriage or relationship breakdown: see Subdivision 126 ‑ A). (2) There are 2 types of roll ‑ over: 1. a replacement ‑ asset roll ‑ over allows you to defer a capital gain or loss from one CGT event until a later CGT event happens where a CGT asset is replaced with another one; 2. a same ‑ asset roll ‑ over allows you to disregard a capital gain or loss from a CGT event where the same CGT asset is involved. Note: The replacement ‑ asset roll ‑ overs are listed in section 112 ‑ 115, and the same ‑ asset roll ‑ overs are listed in section 112 ‑ 150.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 46 of 1998 | No 144 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-33"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-35", "Provision_Key": "s100-35", "Heading": "What is a capital gain or loss?", "Text": "For most CGT events: • You make a capital gain if you receive (or are entitled to receive) capital amounts from the CGT event which exceed your total costs associated with that event. • You make a capital loss if your total costs associated with the CGT event exceed the capital amounts you receive (or are entitled to receive) from the event.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-40", "Provision_Key": "s100-40", "Heading": "What factors come into calculating a capital gain or loss?", "Text": "Capital proceeds (1) For most CGT events, the capital amounts you receive (or are entitled to receive) from the event are called the capital proceeds . To work out the capital proceeds: see Division 116. Cost base and reduced cost base (2) For most CGT events, your total costs associated with the event are worked out in 2 different ways: • For the purpose of working out a capital gain , those costs are called the cost base of the CGT asset. • For the purpose of working out a capital loss , those costs are called the reduced cost base of the asset. One of the main differences is that the costs may be indexed for inflation in working out a capital gain for a CGT asset (which reduces the size of the gain), but not in working out a capital loss. Indexation is only available for certain entities and may not be available for the entire period the CGT asset is held. To work out the cost base and reduced cost base: see Division 110.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-45", "Provision_Key": "s100-45", "Heading": "How to calculate the capital gain or loss for most CGT events", "Text": "1. Work out your capital proceeds from the CGT event. 2. Work out the cost base for the CGT asset. 3. Subtract the cost base from the capital proceeds. 4. If the proceeds exceed the cost base, the difference is your capital gain . 5. If not, work out the reduced cost base for the asset. 6. If the reduced cost base exceeds the capital proceeds, the difference is your capital loss . 7. If the capital proceeds are less than the cost base but more than the reduced cost base, you have neither a capital gain nor a capital loss .", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-50", "Provision_Key": "s100-50", "Heading": "How to work out your net capital gain or loss", "Text": "1. Reduce your capital gains for the income year by your capital losses for the income year. You need to reduce certain kinds of capital gains before you can reduce other kinds of capital gains. (If the capital losses for the income year exceed the capital gains, the difference is your net capital loss. You cannot deduct a net capital loss from your assessable income.) 2. Reduce any remaining capital gains by any unapplied net capital losses for previous income years. You need to reduce certain kinds of remaining capital gains before you can reduce other kinds of remaining capital gains. 3. Apply any quarantined amount relating to using or holding residential dwellings as residential accommodation to reduce certain kinds of remaining capital gains. 4. Reduce any remaining capital gains that are discount capital gains by the discount percentage. Note: To find out what is a discount capital gain and the discount percentage, see Division 115. 5. If you carry on a small business, apply the small business concessions in further reduction of your capital gains (whether or not the gains are discount capital gains). Note: For the small business concessions, see Division 152. 6. Add up any remaining capital gains. The total is your net capital gain. Note: For the rules on working out your net capital gain or loss, see Division 102.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 169 of 1999 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-55", "Provision_Key": "s100-55", "Heading": "How do you comply with CGT?", "Text": "Declare any net capital gain as assessable income in your income tax return. Defer any net capital loss to the next income year for which you have capital gains that exceed the capital losses for that income year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-60", "Provision_Key": "s100-60", "Heading": "Why keep records?", "Text": "1. To ensure you do not disadvantage yourself. 2. To comply as easily as possible. 3. To plan for your CGT position in future income years. 4. The law requires you to: see Division 121.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-65", "Provision_Key": "s100-65", "Heading": "What records?", "Text": "Keeping full records will make it easier for you to comply. For example, keep records of: • receipts of purchase or transfer; • interest on money you borrowed; • costs of agents, accountants, legal, advertising etc.; • insurance costs and land rates or taxes; • any market valuations; • costs of maintenance, repairs or modifications; • brokerage on shares; • legal costs.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 100-70", "Provision_Key": "s100-70", "Heading": "How long you need to keep records", "Text": "The law requires you to keep records for 5 years after a CGT event has happened.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s100-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-1", "Provision_Key": "s102-1", "Heading": "What this Division is about", "Text": "This Division tells you how to work out if you have made a net capital gain or a net capital loss for the income year. A net capital gain is included in your assessable income. However, you cannot deduct a net capital loss. (Amounts otherwise included in your assessable income do not form part of a net capital gain.) Some or all of your net capital gain may be subject to a 30% minimum tax (see Division 119).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-3", "Provision_Key": "s102-3", "Heading": "Concessions in working out your net capital gain", "Text": "(1) Concessional rules apply to working out the net capital gain of some entities (see subsection (2)) if: (a) they have a capital gain (a discount capital gain ) from a CGT asset acquired at least 12 months before the CGT event that caused the capital gain; and (b) they have not chosen to include indexation in the cost base of the asset for working out the capital gain (if relevant). Note 1: Division 115 explains what is a discount capital gain. Note 2: Under Division 110, the entity can choose to include indexation in the cost base of a CGT asset acquired at or before 11.45 am on 21 September 1999. (2) Only these entities get the concession: (b) complying superannuation entities; (d) life insurance companies, in relation to discount capital gains for CGT events in respect of CGT assets that are complying superannuation assets. Note: Shareholders in a listed investment company can also receive a concession equivalent to a discount capital gain: see Subdivision 115 ‑ D. (3) The concession is that the net capital gain includes only part of the amount of the discount capital gain left after applying capital losses and net capital losses from earlier income years. See subsection 102 ‑ 5(1). Table of sections Operative provisions 102 ‑ 5 Assessable income includes net capital gain 102 ‑ 6 Meanings of the different categories of capital gains 102 ‑ 10 How to work out your net capital loss 102 ‑ 15 How to apply net capital losses 102 ‑ 20 Ways you can make a capital gain or a capital loss 102 ‑ 22 Amounts of capital gains and losses 102 ‑ 23 CGT event still happens even if gain or loss disregarded 102 ‑ 25 Order of application of CGT events 102 ‑ 30 Exceptions and modifications", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 169 of 2001 | No 45 of 2008 | No 70 of 2015 | No 49 of 2026", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-5", "Provision_Key": "s102-5", "Heading": "Assessable income includes net capital gain", "Text": "(1) Your assessable income includes your net capital gain (if any) for the income year. You work out your net capital gain in this way: Working out your net capital gain Step 1. Reduce the * capital gains you made during the income year by the * capital losses (if any) you made during the income year as follows: (a) first, reduce any * deferred non‑residential capital gains; (b) then, reduce any * deferred residential capital gains; (c) then, reduce any * non‑residential capital gains; (d) then, reduce any * residential capital gains. Note 1: Indexation may apply in relation to working out your capital gains: see Divisions 110 and 114. Note 2: Some provisions of this Act (such as Divisions 104 and 118) permit or require you to disregard certain capital gains or losses when working out your net capital gain. Subdivision 152 ‑ B permits you, in some circumstances, to disregard a capital gain made from a CGT event happening to a CGT asset you held for at least 15 years. Note 3: If you have more than one capital gain within a category mentioned in paragraph (a), (b), (c) or (d), you can choose the order in which you reduce them. Step 2. Apply any previously unapplied * net capital losses from earlier income years to further reduce the amounts (if any) remaining after the reduction of * capital gains under step 1. Make the further reductions in the same order as mentioned in step 1. Note: Section 102 ‑ 15 explains how to apply net capital losses. Step 3. Apply any quarantined amount referred to in paragraph 26 ‑ 155(1)(b) you have for the income year to reduce the amounts (if any) of any * deferred residential capital gains remaining after the reduction of * capital gains under step 2. Note: Subsection 26 ‑ 155(1) deals with amounts relating to using or holding residential dwellings as residential accommodation. Step 4. Apply any quarantined amount referred to in paragraph 26 ‑ 155(1)(b) you have for the income year remaining after step 3 to reduce the amounts (if any) of any * residential capital gains remaining after the reduction of * capital gains under step 2. Step 5. Reduce by the * discount percentage each amount of any * discount capital gain remaining after the application of steps 1 to 4. Note: Only some entities can have discount capital gains, and only if they have capital gains from certain CGT assets acquired at least a year before making the gains: see Division 115. Step 6. If any of your * capital gains (whether or not they are * discount capital gains) remaining after step 5 qualify for any of the small business concessions in Subdivisions 152 ‑ C, 152 ‑ D and 152 ‑ E, apply those concessions to each of those capital gains as provided for in those Subdivisions. Note 1: The basic conditions for getting these concessions are in Subdivision 152 ‑ A. Note 2: Subdivision 152 ‑ C does not apply to CGT events J2, J5 and J6. In addition, Subdivision 152 ‑ E does not apply to CGT events J5 and J6. Step 7. Add up the amounts of any * capital gains remaining after step 6. The sum is your net capital gain for the income year. Note: For exceptions and modifications to these rules: see section 102 ‑ 30.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 169 of 1999 | No 41 of 2005 | No 55 of 2007 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-6", "Provision_Key": "s102-6", "Heading": "Meanings of the different categories of capital gains", "Text": "Non ‑ residential capital gains (1) If a * capital gain you make during an income year is not one to which subsection (5) applies, then so much of the capital gain as is not a * residential capital gain is a non ‑ residential capital gain . Residential capital gains (2) If a * capital gain you make during an income year: (a) is not one to which subsection (5) applies; and (b) arises from a * CGT event happening in relation to a * CGT asset that is or was a * residential dwelling; then so much of the capital gain as is worked out as follows is a residential capital gain : where: post ‑ July 2027 ownership period means the number of days in so much of the following period: (a) unless paragraph (b) applies—your * ownership period of the * CGT asset; (b) if because of section 115 ‑ 215 you are taken to have made the * capital gain as a beneficiary of a trust—the trustee’s ownership period of the CGT asset; as: (c) is on or after 1 July 2027, and as ends on the day the * CGT event happens; and (d) does not include a day or part of a day for which you can reasonably expect to disregard the capital gain because of Subdivision 118 ‑ B (about the main residence exemption). Note 1: If the CGT event is a realisation event mentioned in paragraph 112 ‑ 155(1)(c) or 112 ‑ 165(1)(c), subsection (4) of this section applies to your capital gain for the portion of your ownership period that is before 1 July 2027. Note 2: If the CGT event happens (on or after 1 July 2027) in relation to a CGT asset that was a pre ‑ CGT asset just before 1 July 2027, your capital gain for the portion of your ownership period that is before 1 July 2027 is disregarded (see subsection 112 ‑ 175(2)). residential accommodation days means the sum of: (a) the number of days in the post ‑ July 2027 ownership period in which the * CGT asset is used, or held, solely for the provision of residential accommodation; and (b) for each other day in the post ‑ July 2027 ownership period—the fraction of that day that represents the extent to which, on that day, the CGT asset is used, or held, for the provision of residential accommodation. Deferred non ‑ residential capital gains (3) If a * capital gain you make during an income year is one to which subsection (5) applies, then so much of the capital gain as is not a * deferred residential capital gain is a deferred non ‑ residential capital gain . Deferred residential capital gains (4) If a * capital gain you make during an income year: (a) is one to which subsection (5) applies; and (b) arises from a * CGT event happening in relation to a * CGT asset that is or was a * residential dwelling; then so much of the capital gain as is worked out as follows is a deferred residential capital gain : where: pre ‑ July 2027 ownership period means the number of days in so much of the following period: (a) unless paragraph (b) applies—your * ownership period of the * CGT asset; (b) if because of section 115 ‑ 215 you are taken to have made the * capital gain as a beneficiary of a trust—the trustee’s ownership period of the CGT asset; as: (c) ends on 30 June 2027; and (d) does not include a day or part of a day for which you can reasonably expect to disregard the capital gain because of Subdivision 118 ‑ B (about the main residence exemption). residential accommodation days means the sum of: (a) the number of days in the pre ‑ July 2027 ownership period in which the * CGT asset is used, or held, solely for the provision of residential accommodation; and (b) for each other day in the pre ‑ July 2027 ownership period—the fraction of that day that represents the extent to which, on that day, the CGT asset is used, or held, for the provision of residential accommodation. Does the capital gain arise from a deemed sale on 30 June 2027? (5) This subsection applies to a * capital gain you have made if: (a) paragraph 112 ‑ 160(3)(a) or 112 ‑ 170(3)(a) treats you as having made the capital gain; or (b) because of section 115 ‑ 215, you are taken to have made the capital gain as a beneficiary of a trust in relation to the trust’s deferred gain (within the meaning of paragraph 112 ‑ 170(3)(a)). Note 1: Subsection 112 ‑ 160(3) covers individuals who are Australian residents. Subsection 112 ‑ 170(3) covers trusts. Note 2: Paragraph (b) can cover a capital gain taken to have been made by any of the trust’s beneficiaries, not just beneficiaries who are individuals and Australian residents. Note 3: Section 112 ‑ 175 applies to assets that were pre ‑ CGT assets on 30 June 2027. Section 112 ‑ 175 has the effect that a capital gain from a CGT event happening on or after 1 July 2027 in relation to such an asset will be either a residential capital gain or a non ‑ residential capital gain. (2) However, if during the income year: (a) you became bankrupt; or (b) you were released from debts under a law relating to bankruptcy; any * net capital loss you made for an earlier income year must be disregarded in working out whether you made a * net capital gain for the income year or a later one. (3) Subsection (2) applies even though your bankruptcy is annulled if: (a) the annulment happens under section 74 of the Bankruptcy Act 1966 ; and (b) under the composition or scheme of arrangement concerned, you were, will be or may be released from debts from which you would have been released if instead you had been discharged from the bankruptcy.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-6"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-10", "Provision_Key": "s102-10", "Heading": "How to work out your net capital loss", "Text": "(1) You work out if you have a net capital loss for the income year in this way: Working out your net capital loss Step 1. Add up the * capital losses you made during the income year. Also add up the * capital gains you made. Step 2. Subtract your * capital gains from your * capital losses. Step 3. If the Step 2 amount is more than zero, it is your net capital loss for the income year. Note: For exceptions and modifications to these rules: see section 102 ‑ 30. (2) You cannot deduct from your assessable income a * net capital loss for any income year.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 46 of 1998 | No 88 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-15", "Provision_Key": "s102-15", "Heading": "How to apply net capital losses", "Text": "In working out if you have a * net capital gain, your * net capital losses are applied in the order in which you made them. Note 1: A net capital loss can be applied only to the extent that it has not already been utilised: see subsection 960 ‑ 20(1). Note 2: For applying a net capital loss for the 1997 ‑ 98 income year or an earlier income year, see section 102 ‑ 15 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 46 of 1998 | No 88 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-20", "Provision_Key": "s102-20", "Heading": "Ways you can make a capital gain or a capital loss", "Text": "You can make a * capital gain or * capital loss if and only if a * CGT event happens. The gain or loss is made at the time of the event. Note 1: The full list of CGT events is in section 104 ‑ 5. Note 2: The gain or loss may be affected by an exemption, or may be able to be rolled ‑ over. For exemptions generally, see Division 118. For roll ‑ overs, see Divisions 122, 123, 124 and 126. Note 3: You may make a capital gain or capital loss as a result of a CGT event happening to another entity: see subsections 115 ‑ 215(3), 170 ‑ 275(1) and 170 ‑ 280(3). Note 4: You cannot make a capital loss from a CGT event that happens to your original interests during a trust restructuring period if you choose a roll ‑ over under Subdivision 124 ‑ N. Note 5: The capital loss may be affected if the CGT asset was owned by a member of a demerger group just before a demerger: see section 125 ‑ 170. Note 6: Under subsection 230 ‑ 310(4) gains and losses are taken to arise from a CGT event in particular circumstances. Note 7: This section does not apply in relation to the capital gain mentioned in paragraph 294 ‑ 120(5)(b) of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 53 of 2002 | No 90 of 2002 | No 97 of 2008 | No 15 of 2009 | No 88 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-22", "Provision_Key": "s102-22", "Heading": "Amounts of capital gains and losses", "Text": "Most * CGT events provide for calculating a * capital gain or * capital loss by comparing 2 different amounts. The amount of the gain or loss is the difference between those amounts.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-22"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-23", "Provision_Key": "s102-23", "Heading": "CGT event still happens even if gain or loss disregarded", "Text": "A * CGT event still happens even if: (a) it does not result in a * capital gain or * capital loss; or (b) a capital gain or capital loss from the event is disregarded. Example: Lindy sells a car. Section 118 ‑ 5 says that any capital gain or loss from a CGT event happening to a car is disregarded. However, the sale is still an example of CGT event A1.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-23"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-25", "Provision_Key": "s102-25", "Heading": "Order of application of CGT events", "Text": "(1) Work out if a * CGT event (except * CGT events D1 and H2) happens to your situation. If more than one event can happen, the one you use is the one that is the most specific to your situation. (2) However, there are 3 exceptions: one for * CGT event J2, one for CGT event K5 and one for CGT event K12. (2A) If the circumstances that gave rise to * CGT event J2 constitute another CGT event, CGT event J2 applies in addition to the other event. Example: CGT event J2 happens because a replacement asset for a small business roll ‑ over under Subdivision 152 ‑ E becomes your trading stock (in circumstances where CGT event K4 happens). Both CGT events apply. (2B) * CGT event K5 happens if CGT event A1, C2 or E8 happens. CGT event K5 applies in addition to the other event. (2C) If: (a) * CGT events happen for which you make * capital gains or * capital losses; and (b) the capital gains or losses are taken into account in working out a * foreign hybrid net capital loss amount; and (c) the foreign hybrid net capital loss amount is itself taken into account in determining that * CGT event K12 happens; CGT event K12 applies in addition to the other CGT events. (3) If no * CGT event (except * CGT events D1 and H2) happens: (a) work out if CGT event D1 happens and use that event if it does; and (b) if it does not, work out if CGT event H2 happens and use that event if it does. Note: The full list of CGT events is in section 104 ‑ 5.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 101 of 2004 | No 55 of 2007", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 102-30", "Provision_Key": "s102-30", "Heading": "Exceptions and modifications", "Text": "Provisions of this Act are in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Special rules affecting capital gains and capital losses Item For this kind of entity: There are these special rules: See: 1 All entities You can subtract capital losses from collectables only from your capital gains from collectables. section 108 ‑ 10 2 All entities Disregard capital losses you make from personal use assets. section 108 ‑ 20 2AA Beneficiary of trust that makes a capital gain taken into account in working out the net income of the trust The beneficiary is treated as having an extra capital gain corresponding to the beneficiary’s share of the capital gain (taking into account adjustments in respect of the CGT discount small business concessions and indexation. Subdivision 115 ‑ C 3 All entities If any of your commercial debts have been forgiven in the income year, your net capital losses (including net capital losses from collectables) may be reduced. sections 245 ‑ 130 and 245 ‑ 135 4 A company If it has a change of ownership or control during the income year, and has not satisfied the business continuity test, it works out its net capital gain and net capital loss in a special way. Subdivision 165 ‑ CB 5 A company It cannot apply a net capital loss unless: • the same people owned the company during the loss year, the income year and any intervening year; and • no person controlled the company’s voting power at any time during the income year who did not also control it during the whole of the loss year and any intervening year; or the company has satisfied the business continuity test. Subdivision 165 ‑ CA 6 A company If one or more of these things happen: • a capital gain or loss is injected into it; • a tax benefit is obtained from its available net capital losses or current year capital losses; • a tax benefit is obtained because of its available capital gains; the Commissioner can disallow its net capital losses or current year capital losses, and it may have to work out its net capital loss in a special way. Division 175 7 A company A company can transfer a surplus amount of its net capital loss to another company so that the other company can apply the amount in the income year of the transfer. (Both companies must be members of the same wholly ‑ owned group.) Subdivision 170 ‑ B 7A The head company of a consolidated group or a MEC group The head company of a consolidated group or a MEC group must apply the capital loss from CGT event L1 over at least 5 income years section 104 ‑ 500 8 A PDF If it is a PDF at the end of an income year for which it has a net capital loss, it can apply the loss in a later income year only if it is a PDF throughout the last day of the later income year. section 195 ‑ 25 9 A PDF If it becomes a PDF during an income year, it works out its net capital gain and net capital loss for the income year in a special way. section 195 ‑ 35 10 Body that has ceased to be an STB Net capital losses made before cessation disregarded. Special rules apply in cessation year where net capital gain before cessation and net capital loss after cessation. section 24AX 10A All entities Division 316 contains special rules affecting capital gains and capital losses connected with demutualisation of friendly society health or life insurers. Division 316 11 A life insurance company Division 320 contains special rules that apply to capital gains and capital losses Division 320 12 A company The capital gain or capital loss a company makes from a CGT event that happened to a share in a company that is a foreign resident may be reduced. Subdivision 768 ‑ G 13 A PDF Sections 102 ‑ 5 and 102 ‑ 10 do not apply to the calculation of net capital gains and losses. Capital gains and losses are instead allocated to separate classes of income. Subdivision C of Division 10E of Part III 14 A CFC In calculating the CFC’s attributable income, pre ‑ 1 July 1990 capital losses are disregarded. section 409", "Amendment_Count": 14, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 169 of 1999 | No 89 of 2000 | No 117 of 2002 | No 107 of 2003 | No 96 of 2004 | No 147 of 2005 | No 88 of 2009 | No 79 of 2010 | No 62 of 2011 | No 7 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s102-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 103-1", "Provision_Key": "s103-1", "Heading": "What this Division is about", "Text": "This Division sets out some general rules that apply to the provisions dealing with capital gains and capital losses. Table of sections Operative provisions 103 ‑ 5 Giving property as part of a transaction 103 ‑ 10 Entitlement to receive money or property 103 ‑ 15 Requirement to pay money or give property 103 ‑ 25 Choices 103 ‑ 30 Reduction of cost base etc. by net input tax credits", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s103-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 103-5", "Provision_Key": "s103-5", "Heading": "Giving property as part of a transaction", "Text": "There are a number of provisions in this Part and Part 3 ‑ 3 that say that a payment, cost or expenditure can include giving property. To the extent that such a provision does say that a payment, cost or expenditure can include giving property, use the * market value of the property in working out the amount of the payment, cost or expenditure.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 173 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s103-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 103-10", "Provision_Key": "s103-10", "Heading": "Entitlement to receive money or property", "Text": "(1) This Part and Part 3 ‑ 3 apply to you as if you had received money or other property if it has been applied for your benefit (including by discharging all or part of a debt you owe) or as you direct. (2) Those Parts apply to you as if you are entitled to receive money or other property: (a) if you are entitled to have it so applied; or (b) if: (i) you will not receive it until a later time; or (ii) the money is payable by instalments.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s103-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 103-15", "Provision_Key": "s103-15", "Heading": "Requirement to pay money or give property", "Text": "This Part and Part 3 ‑ 3 apply to you as if you are required to pay money or give other property even if: (a) you do not have to pay or give it until a later time; or (b) the money is payable by instalments.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s103-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 103-25", "Provision_Key": "s103-25", "Heading": "Choices", "Text": "(1) A choice you can make under this Part or Part 3 ‑ 3 must be made: (a) by the day you lodge your * income tax return for the income year in which the relevant * CGT event happened; or (b) within a further time allowed by the Commissioner. (2) The way you (and any other entity making the choice) prepare your * income tax returns is sufficient evidence of the making of the choice. (3) However, there are some exceptions: (aa) subsection 115 ‑ 230(3) (relating to assessment of * capital gains of resident testamentary trusts) requires a trustee to make a choice by the time specified in subsection 115 ‑ 230(5); and (b) subsections 152 ‑ 315(4) and (5) (relating to the small business retirement exemption) require a choice to be made in writing. Note: This section is modified in calculating the attributable income of a CFC: see section 421 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 117 of 2002 | No 55 of 2007 | No 79 of 2007 | No 133 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s103-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 103-30", "Provision_Key": "s103-30", "Heading": "Reduction of cost base etc. by net input tax credits", "Text": "Reduce the * cost base and * reduced cost base of a * CGT asset, and any other amount that could be involved in the calculation of an entity’s * capital gain or * capital loss, by the amount of any * net input tax credit of the entity in relation to that amount. Example: The other amount could be expenditure in the case of some CGT events (see, for example, CGT event D1). Note: Subsection 116 ‑ 20(5) deals with the effect of net GST on supplies for the purposes of capital proceeds.", "Amendment_Count": 1, "First_Amended": "No 95 of 2004", "Last_Amended": "No 95 of 2004", "Amending_Acts": "No 95 of 2004", "History_Notes": "Inserted by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s103-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-1", "Provision_Key": "s104-1", "Heading": "What this Division is about", "Text": "This Division sets out all the CGT events for which you can make a capital gain or loss. It tells you how to work out if you have made a gain or loss from each event and the time of each event. It also contains exceptions for gains and losses for many events (such as the exception for CGT assets acquired before 20 September 1985) and some cost base adjustment rules.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-5", "Provision_Key": "s104-5", "Heading": "Summary of the CGT events", "Text": "CGT events Event number and description Time of event is: Capital gain is: Capital loss is: A1 Disposal of a CGT asset [See section 104 ‑ 10] when disposal contract is entered into or, if none, when entity stops being asset’s owner capital proceeds from disposal less asset’s cost base asset’s reduced cost base less capital proceeds B1 Use and enjoyment before title passes [See section 104 ‑ 15] when use of CGT asset passes capital proceeds less asset’s cost base asset’s reduced cost base less capital proceeds C1 Loss or destruction of a CGT asset [See section 104 ‑ 20] when compensation is first received or, if none, when loss discovered or destruction occurred capital proceeds less asset’s cost base asset’s reduced cost base less capital proceeds C2 Cancellation, surrender and similar endings [See section 104 ‑ 25] when contract ending asset is entered into or, if none, when asset ends capital proceeds from ending less asset’s cost base asset’s reduced cost base less capital proceeds C3 End of option to acquire shares etc. [See section 104 ‑ 30] when option ends capital proceeds from granting option less expenditure in granting it expenditure in granting option less capital proceeds D1 Creating contractual or other rights [See section 104 ‑ 35] when contract is entered into or right is created capital proceeds from creating right less incidental costs of creating it incidental costs of creating right less capital proceeds D2 Granting an option [See section 104 ‑ 40] when option is granted capital proceeds from grant less expenditure to grant it expenditure to grant option less capital proceeds D3 Granting a right to income from mining [See section 104 ‑ 45] when contract is entered into or, if none, when right is granted capital proceeds from grant of right less expenditure to grant it expenditure to grant right less capital proceeds D4 Entering into a conservation covenant [See section 104 ‑ 47] when covenant is entered into capital proceeds from covenant less cost base apportioned to the covenant reduced cost base apportioned to the covenant less capital proceeds from covenant E1 Creating a trust over a CGT asset [See section 104 ‑ 55] when trust is created capital proceeds from creating trust less asset’s cost base asset’s reduced cost base less capital proceeds E2 Transferring a CGT asset to a trust [See section 104 ‑ 60] when asset transferred capital proceeds from transfer less asset’s cost base asset’s reduced cost base less capital proceeds E3 Converting a trust to a unit trust [See section 104 ‑ 65] when trust is converted market value of asset at that time less its cost base asset’s reduced cost base less that market value E4 Capital payment for trust interest [See section 104 ‑ 70] when trustee makes payment non ‑ assessable part of the payment less cost base of the trust interest no capital loss E5 Beneficiary becoming entitled to a trust asset [See section 104 ‑ 75] when beneficiary becomes absolutely entitled for trustee—market value of CGT asset at that time less its cost base; for beneficiary—that market value less cost base of beneficiary’s capital interest for trustee—reduced cost base of CGT asset at that time less that market value; for beneficiary—reduced cost base of beneficiary’s capital interest less that market value E6 Disposal to beneficiary to end income right [See section 104 ‑ 80] the time of the disposal for trustee—market value of CGT asset at that time less its cost base; for beneficiary—that market value less cost base of beneficiary’s right to income for trustee—reduced cost base of CGT asset at that time less that market value; for beneficiary—reduced cost base of beneficiary’s right to income less that market value E7 Disposal to beneficiary to end capital interest [See section 104 ‑ 85] the time of the disposal for trustee—market value of CGT asset at that time less its cost base; for beneficiary—that market value less cost base of beneficiary’s capital interest for trustee—reduced cost base of CGT asset at that time less that market value; for beneficiary—reduced cost base of beneficiary’s capital interest less that market value E8 Disposal by beneficiary of capital interest [See section 104 ‑ 90] when disposal contract entered into or, if none, when beneficiary ceases to own CGT asset capital proceeds less appropriate proportion of the trust’s net assets appropriate proportion of the trust’s net assets less capital proceeds E9 Creating a trust over future property [See section 104 ‑ 105] when entity makes agreement market value of the property (as if it existed when agreement made) less incidental costs in making agreement incidental costs in making agreement less market value of the property (as if it existed when agreement made) E10 Annual cost base reduction exceeds cost base of interest in AMIT [See section 104 ‑ 107A] when reduction happens excess of cost base reduction over cost base no capital loss F1 Granting a lease [See section 104 ‑ 110] for grant of lease—when entity enters into lease contract or, if none, at start of lease; for lease renewal or extension—at start of renewal or extension capital proceeds less expenditure on grant, renewal or extension expenditure on grant, renewal or extension less capital proceeds F2 Granting a long term lease [See section 104 ‑ 115] for grant of lease—when lessor grants lease; for lease renewal or extension—at start of renewal or extension capital proceeds from grant, renewal or extension less cost base of leased property reduced cost base of leased property less capital proceeds from grant, renewal or extension F3 Lessor pays lessee to get lease changed [See section 104 ‑ 120] when lease term is varied or waived no capital gain amount of expenditure to get lessee’s agreement F4 Lessee receives payment for changing lease [See section 104 ‑ 125] when lease term is varied or waived capital proceeds less cost base of lease no capital loss F5 Lessor receives payment for changing lease [See section 104 ‑ 130] when lease term is varied or waived capital proceeds less expenditure in relation to variation or waiver expenditure in relation to variation or waiver less capital proceeds G1 Capital payment for shares [See section 104 ‑ 135] when company pays non ‑ assessable amount payment less cost base of shares no capital loss G3 Liquidator or administrator declares shares or financial instruments worthless [See section 104 ‑ 145] when declaration was made no capital gain shares’ or financial instruments’ reduced cost base H1 Forfeiture of a deposit [See section 104 ‑ 150] when deposit is forfeited deposit less expenditure in connection with prospective sale expenditure in connection with prospective sale less deposit H2 Receipt for event relating to a CGT asset [See section 104 ‑ 155] when act, transaction or event occurred capital proceeds less incidental costs incidental costs less capital proceeds I1 Individual or company stops being an Australian resident [See section 104 ‑ 160] when individual or company stops being Australian resident for each CGT asset the person owns, its market value less its cost base for each CGT asset the person owns, its reduced cost base less its market value I2 Trust stops being a resident trust [See section 104 ‑ 170] when trust ceases to be resident trust for CGT purposes for each CGT asset the trustee owns, its market value of asset less its cost base for each CGT asset the trustee owns, its reduced cost base less its market value J1 Company stops being member of wholly ‑ owned group after roll ‑ over [See section 104 ‑ 175] when the company stops market value of asset at time of event less its cost base reduced cost base of asset less that market value J2 Change in relation to replacement asset or improved asset after a roll ‑ over under Subdivision 152 ‑ E [See section 104 ‑ 185] when the change happens the amount mentioned in subsection 104 ‑ 185(5) no capital loss J4 Trust fails to cease to exist after a roll ‑ over under Subdivision 124 ‑ N [See section 104 ‑ 195] when the failure happens market value of asset less asset’s cost base reduced cost base of asset less asset’s market value J5 Failure to acquire replacement asset and to incur fourth element expenditure after a roll ‑ over under Subdivision 152 ‑ E [See section 104 ‑ 197] at the end of the replacement asset period the amount of the capital gain that you disregarded under Subdivision 152 ‑ E no capital loss J6 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain [See section 104 ‑ 198] at the end of the replacement asset period the amount mentioned in subsection 104 ‑ 198(3) no capital loss K1 As the result of an incoming international transfer of a Kyoto unit or an Australian carbon credit unit from your foreign account or your nominee’s foreign account, you start to hold the unit as a registered emissions unit [See section 104 ‑ 205] when you start to hold the unit as a registered emissions unit market value of unit less its cost base reduced cost base of unit less its market value K2 Bankrupt pays amount in relation to debt [See section 104 ‑ 210] when payment is made no capital gain so much of payment as relates to denied part of a net capital loss K3 Asset passing to tax ‑ advantaged entity [See section 104 ‑ 215] when individual dies market value of asset at death less its cost base reduced cost base of asset less that market value K4 CGT asset starts being trading stock [See section 104 ‑ 220] when asset starts being trading stock market value of asset less its cost base reduced cost base of asset less its market value K5 Special capital loss from collectable that has fallen in market value [See section 104 ‑ 225] when CGT event A1, C2 or E8 happens to shares in the company, or an interest in the trust, that owns the collectable no capital gain market value of the shares or interest (as if the collectable had not fallen in market value) less the capital proceeds from CGT event A1, C2 or E8 K6 Pre ‑ CGT shares or trust interest [See section 104 ‑ 230] when another CGT event involving the shares or interest happens capital proceeds from the shares or trust interest (so far as attributable to post ‑ CGT assets owned by the company or trust) less the assets’ cost bases no capital loss K7 Balancing adjustment occurs for a depreciating asset that you used for purposes other than taxable purposes [See section 104 ‑ 235] When balancing adjustment event occurs Termination value less cost times fraction Cost less termination value times fraction K8 Direct value shifts affecting your equity or loan interests in a company or trust [See section 104 ‑ 250 and Division 725] the decrease time for the interests the gain worked out under section 725 ‑ 365 no capital loss K9 Entitlement to receive payment of a carried interest [See section 104 ‑ 255] when you become entitled to receive payment capital proceeds from entitlement no capital loss K10 You make a forex realisation gain covered by item 1 of the table in subsection 775 ‑ 70(1) [See section 104 ‑ 260] when the forex realisation event happens the forex realisation gain no capital loss K11 You make a forex realisation loss covered by item 1 of the table in subsection 775 ‑ 75(1) [See section 104 ‑ 265] when the forex realisation event happens no capital gain the forex realisation loss K12 Foreign hybrid loss exposure adjustment [See section 104 ‑ 270] just before the end of the income year no capital gain the amount stated in subsection 104 ‑ 270(3) L1 Reduction under section 705 ‑ 57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or MEC group [See section 104 ‑ 500] Just after entity becomes subsidiary member no capital gain amount of reduction L2 Amount remaining after step 3A etc. of joining allocable cost amount is negative [See section 104 ‑ 505] Just after entity becomes subsidiary member amount remaining no capital loss L3 Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount [See section 104 ‑ 510] Just after entity becomes subsidiary member amount of excess no capital loss L4 No reset cost base assets against which to apply excess of net allocable cost amount on joining [See section 104 ‑ 515] Just after entity becomes subsidiary member no capital gain amount of excess L5 Amount remaining after step 4 of leaving allocable cost amount is negative [See section 104 ‑ 520] When entity ceases to be subsidiary member amount remaining no capital loss L6 Error in calculation of tax cost setting amount for joining entity’s assets: CGT event L6 [See section 104 ‑ 525] start of the income year when the Commissioner becomes aware of the errors the net overstated amount resulting from the errors, or a portion of that amount the net understated amount resulting from the errors, or a portion of that amount L8 Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated [See section 104 ‑ 535] Just after entity becomes subsidiary member no capital gain amount of reduction that cannot be allocated Note: Subsection 230 ‑ 310(4) (which deals with hedging financial arrangements) provides that in certain circumstances a CGT event is taken to have occurred in relation to a hedging financial arrangement at the same time as a CGT event actually occurs in relation to a hedged item covered by the arrangement.", "Amendment_Count": 22, "First_Amended": "No 46 of 1998", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 77 of 2001 | No 167 of 2001 | No 53 of 2002 | No 90 of 2002 | No 117 of 2002 | No 136 of 2002 | No 16 of 2003 | No 107 of 2003 | No 133 of 2003 | No 101 of 2004 | No 23 of 2005 | No 41 of 2005 | No 55 of 2007 | No 15 of 2009 | No 56 of 2010 | No 132 of 2011 | No 83 of 2014 | No 70 of 2015 | No 53 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-10", "Provision_Key": "s104-10", "Heading": "Disposal of a CGT asset: CGT event A1", "Text": "(1) CGT event A1 happens if you * dispose of a * CGT asset. (2) You dispose of a * CGT asset if a change of ownership occurs from you to another entity, whether because of some act or event or by operation of law. However, a change of ownership does not occur if you stop being the legal owner of the asset but continue to be its beneficial owner. Note: A change in the trustee of a trust does not constitute a change in the entity that is the trustee of the trust (see subsection 960 ‑ 100(2)). This means that CGT event A1 will not happen merely because of a change in the trustee. (3) The time of the event is: (a) when you enter into the contract for the * disposal; or (b) if there is no contract—when the change of ownership occurs. Example: In June 1999 you enter into a contract to sell land. The contract is settled in October 1999. You make a capital gain of $50,000. The gain is made in the 1998 ‑ 99 income year (the year you entered into the contract) and not the 1999 ‑ 2000 income year (the year that settlement takes place). Note 1: If the contract falls through before completion, this event does not happen because no change in ownership occurs. Note 2: If the asset was compulsorily acquired from you: see subsection (6). (4) You make a capital gain if the * capital proceeds from the disposal are more than the asset’s * cost base. You make a capital loss if those capital proceeds are less than the asset’s * reduced cost base. Exceptions (5) A * capital gain or * capital loss you make is disregarded if: (a) you * acquired the asset before 20 September 1985; or (b) for a lease that you granted: (i) it was granted before that day; or (ii) if it has been renewed or extended—the start of the last renewal or extension occurred before that day. Note 1: You can make a gain if you dispose of shares in a company, or an interest in a trust, that you acquired before that day: see CGT event K6. Note 2: A capital gain or loss you make because you assign a right under or in relation to a general insurance policy you held with an HIH company to the Commonwealth, the trustee of the HIH Trust or a prescribed entity is also disregarded: see section 322 ‑ 15. Note 3: A capital gain or loss made by a demerging entity from CGT event A1 happening as a result of a demerger is also disregarded: see section 125 ‑ 155. Note 4: A capital gain or loss you make because of section 16AI of the Banking Act 1959 is disregarded: see section 253 ‑ 10 of this Act. Section 16AI of the Banking Act 1959 : (a) reduces your right to be paid an amount by an ADI in connection with an account to the extent of your entitlement under Division 2AA of Part II of that Act to be paid an amount by APRA; and (b) provides that, to the extent of the reduction, the right becomes a right of APRA. Note 5: A capital gain or loss you make because, under section 62ZZL of the Insurance Act 1973 , you dispose of a CGT asset consisting of your rights against a general insurance company to APRA is disregarded: see section 322 ‑ 30 of this Act. Compulsory acquisition (6) If the asset was * acquired from you by an entity under a power of compulsory acquisition conferred by an * Australian law or a * foreign law, the time of the event is the earliest of: (a) when you received compensation from the entity; or (b) when the entity became the asset’s owner; or (c) when the entity entered it under that power; or (d) when the entity took possession under that power. Note: You may be able to choose a roll ‑ over if an asset is compulsorily acquired: see Subdivision 124 ‑ B.", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 119 of 2013", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 173 of 2000 | No 169 of 2001 | No 90 of 2002 | No 97 of 2008 | No 42 of 2009 | No 19 of 2010 | No 119 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-15", "Provision_Key": "s104-15", "Heading": "Use and enjoyment before title passes: CGT event B1", "Text": "(1) CGT event B1 happens if you enter into an agreement with another entity under which: (a) the right to the use and enjoyment of a * CGT asset you own passes to the other entity; and (b) title in the asset will or may pass to the other entity at or before the end of the agreement. Note: Division 240 provides for the inclusion of amounts under hire purchase agreements in assessable income. (2) The time of the event is when the other entity first obtains the use and enjoyment of the asset. (3) You make a capital gain if the * capital proceeds from the agreement are more than the asset’s * cost base. You make a capital loss if those capital proceeds are less than the asset’s * reduced cost base. Exceptions (4) A * capital gain or * capital loss you make is disregarded if: (a) title in the asset does not pass to the other entity at or before the end of the agreement; or (b) you * acquired the asset before 20 September 1985.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000 | No 72 of 2001 | No 101 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-20", "Provision_Key": "s104-20", "Heading": "Loss or destruction of a CGT asset: CGT event C1", "Text": "(1) CGT event C1 happens if a * CGT asset you own is lost or destroyed. Note: This event can apply to part of a CGT asset: see section 108 ‑ 5 (definition of CGT asset ). (2) The time of the event is: (a) when you first receive compensation for the loss or destruction; or (b) if you receive no compensation—when the loss is discovered or the destruction occurred. (3) You make a capital gain if the * capital proceeds from the loss or destruction are more than the asset’s * cost base. You make a capital loss if those capital proceeds are less than the asset’s * reduced cost base. Exception (4) A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-25", "Provision_Key": "s104-25", "Heading": "Cancellation, surrender and similar endings: CGT event C2", "Text": "(1) CGT event C2 happens if your ownership of an intangible * CGT asset ends by the asset: (a) being redeemed or cancelled; or (b) being released, discharged or satisfied; or (c) expiring; or (d) being abandoned, surrendered or forfeited; or (e) if the asset is an option—being exercised; or (f) if the asset is a * convertible interest—being converted. (2) The time of the event is: (a) when you enter into the contract that results in the asset ending; or (b) if there is no contract—when the asset ends. (3) You make a capital gain if the * capital proceeds from the ending are more than the asset’s * cost base. You make a capital loss if those capital proceeds are less than the asset’s * reduced cost base. Note: The capital proceeds referred to in this subsection are reduced if the gain or loss was for shares and an amount was taken into account as a capital gain for the shares under former section 160ZL of the Income Tax Assessment Act 1936 for the 1997 ‑ 98 income year or an earlier income year: see section 104 ‑ 25 of the Income Tax (Transitional Provisions) Act 1997 . (4) A lease is taken to have expired even if it is extended or renewed. Exceptions (5) A * capital gain or * capital loss you make is disregarded if: (a) you * acquired the asset before 20 September 1985; or (b) for a lease that you granted: (i) it was granted before that day; or (ii) if it has been renewed or extended—the start of the last renewal or extension occurred before that day. Note 1: There are other exceptions if: • your lease expires and you did not use it mainly to produce assessable income: see section 118 ‑ 40; or • you exercise rights to acquire shares or units: see section 130 ‑ 40; or • you acquire shares or units by converting a convertible interest: see section 130 ‑ 60; or • you exercise an option: see section 134 ‑ 1. Note 2: A company can agree to forgo any capital loss it makes as a result of forgiving a commercial debt owed to it by another company where the companies are under common ownership: see section 245 ‑ 90. Note 3: A capital gain or loss a company makes because shares in its 100% subsidiary are cancelled (an example of CGT event C2) on the liquidation of the subsidiary may be reduced if there was a roll ‑ over for a CGT asset under Subdivision 126 ‑ B: see section 126 ‑ 85. Note 5: Cost base adjustments are made only under Subdivision 125 ‑ B if there is a roll ‑ over under that Subdivision for CGT event C2 happening as a result of a demerger. Note 6: A capital gain or loss made by a demerging entity from CGT event C2 happening as a result of a demerger is also disregarded: see section 125 ‑ 155. Note 7: A capital gain or loss you make from the meeting of your entitlement under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 or Part VC (Financial claims scheme for account ‑ holders with insolvent general insurers) of the Insurance Act 1973 is disregarded: see sections 253 ‑ 10 and 322 ‑ 30 of this Act.", "Amendment_Count": 12, "First_Amended": "No 46 of 1998", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 89 of 2000 | No 114 of 2000 | No 173 of 2000 | No 163 of 2001 | No 90 of 2002 | No 101 of 2006 | No 97 of 2008 | No 42 of 2009 | No 79 of 2010 | No 135 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-30", "Provision_Key": "s104-30", "Heading": "End of option to acquire shares etc.: CGT event C3", "Text": "(1) CGT event C3 happens if an option a company or a trustee of a unit trust granted to an entity to * acquire a * CGT asset that is: (a) * shares in the company or units in the unit trust; or (b) * debentures of the company or unit trust; ends in one of these ways: (c) it is not exercised by the latest time for its exercise; (d) it is cancelled; (e) it is released or abandoned. (2) The time of the event is when the option ends. (3) The company or trustee makes a capital gain if the * capital proceeds from the grant of the option are more than the expenditure incurred in granting it. It makes a capital loss if those capital proceeds are less . (4) The expenditure can include giving property: see section 103 ‑ 5. However, it does not include an amount you have received as * recoupment of it and that is not included in your assessable income. Exception (5) A * capital gain or * capital loss the company or trustee makes is disregarded if it granted the option before 20 September 1985. Note: This subsection is modified for the purpose of calculating the attributable income of a CFC: see section 418 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-35", "Provision_Key": "s104-35", "Heading": "Creating contractual or other rights: CGT event D1", "Text": "(1) CGT event D1 happens if you create a contractual right or other legal or equitable right in another entity. Example: You enter into a contract with the purchaser of your business not to operate a similar business in the same town. The contract states that $20,000 was paid for this. You have created a contractual right in favour of the purchaser. If you breach the contract, the purchaser can enforce that right. (2) The time of the event is when you enter into the contract or create the other right. (3) You make a capital gain if the * capital proceeds from creating the right are more than the * incidental costs you incurred that relate to the event. You make a capital loss if those capital proceeds are less . Example: To continue the example: If you paid your lawyer $1,500 to draw up the contract, you make a capital gain of: (4) The costs can include giving property: see section 103 ‑ 5. However, they do not include an amount you have received as * recoupment of them and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it. Exceptions (5) CGT event D1 does not happen if: (a) you created the right by borrowing money or obtaining credit from another entity; or (b) the right requires you to do something that is another * CGT event that happens to you; or (c) a company issues or allots * equity interests or * non ‑ equity shares in the company; or (d) the trustee of a unit trust issues units in the trust; or (e) a company grants an option to acquire equity interests, non ‑ equity shares or * debentures in the company; or (f) the trustee of a unit trust grants an option to acquire units or debentures in the trust; or (g) you created the right by creating in another entity a right to receive an * exploration benefit under a * farm ‑ in farm ‑ out arrangement. Example: You agree to sell land. You have created a contractual right in the buyer to enforce completion of the transaction. The sale results in you disposing of the land, an example of CGT event A1. This means that CGT event D1 does not happen.", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000 | No 163 of 2001 | No 162 of 2005 | No 97 of 2008 | No 130 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-40", "Provision_Key": "s104-40", "Heading": "Granting an option: CGT event D2", "Text": "(1) CGT event D2 happens if you grant an option to an entity, or renew or extend an option you had granted. Note: Some options are not covered: see subsections (6) and (7). (2) The time of the event is when you grant, renew or extend the option. (3) You make a capital gain if the * capital proceeds from the grant, renewal or extension of the option are more than the expenditure you incurred to grant, renew or extend it. You make a capital loss if those capital proceeds are less . (4) The expenditure can include giving property: see section 103 ‑ 5. However, it does not include an amount you have received as * recoupment of it and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it. Exceptions (5) A * capital gain or * capital loss you make from the grant, renewal or extension of the option is disregarded if the option is exercised. Note 1: Section 134 ‑ 1 sets out the consequences of an option being exercised. Note 2: A capital gain or capital loss you made for the 1997 ‑ 98 income year or an earlier income year under former Part IIIA of the Income Tax Assessment Act 1936 is also disregarded where the option is exercised in the 1998 ‑ 99 income year or a later one: see section 104 ‑ 40 of the Income Tax (Transitional Provisions) Act 1997 . (6) This section does not apply to an option granted, renewed or extended by a company or the trustee of a unit trust to * acquire a * CGT asset that is: (a) * shares in the company or units in the unit trust; or (b) debentures of the company or unit trust. Note: Section 104 ‑ 30 deals with this situation. (7) Nor does it apply to an option relating to a * personal use asset or a * collectable.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000 | No 101 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-45", "Provision_Key": "s104-45", "Heading": "Granting a right to income from mining: CGT event D3", "Text": "(1) CGT event D3 happens if you own a * prospecting entitlement or * mining entitlement, or an interest in one, and you grant another entity a right to receive * ordinary income or * statutory income from operations permitted to be carried on by the entitlement. Note: If this event applies, there is no disposal of the entitlement. (2) The time of the event is: (a) when you enter into the contract with the other entity; or (b) if there is no contract—when you grant the right to receive * ordinary income or * statutory income. (3) You make a capital gain if the * capital proceeds from the grant of the right are more than the expenditure you incurred in granting it. You make a capital loss if those capital proceeds are less . (4) The expenditure can include giving property: see section 103 ‑ 5. However, it does not include an amount you have received as * recoupment of it and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-47", "Provision_Key": "s104-47", "Heading": "Conservation covenants: CGT event D4", "Text": "(1) CGT event D4 happens if you enter into a * conservation covenant over land you own. (2) The time of the event is when you enter into the covenant. (3) You make a * capital gain if the * capital proceeds from entering into the covenant are more than that part of the * cost base of the land that is apportioned to the covenant. You make a * capital loss if those capital proceeds are less than the part of the * reduced cost base of the land that is apportioned to the covenant. Note: The capital proceeds from entering into the covenant are modified if you do not receive anything for entering into the covenant: see section 116 ‑ 105. (4) The part of the * cost base of the land that is apportioned to the covenant is worked out in this way: The part of the * reduced cost base of the land that is apportioned to the covenant is worked out similarly. (5) The * cost base and * reduced cost base of the land are reduced by the part of the cost base or reduced cost base of the land that is apportioned to the covenant. Example: Lisa receives $10,000 for entering into a conservation covenant that covers 15% of the land she owns. Lisa uses the following figures in calculating the cost base of the land that is apportioned to the covenant: The cost base of the entire land is $200,000. The market value of the entire land before entering into the covenant is $300,000, and its market value after entering into the covenant is $285,000. Lisa calculates the cost base of the land that is apportioned to the covenant to be: She reduces the cost base of the land by the part that is apportioned to the covenant: Exceptions (6) * CGT event D4 does not happen if: (a) you did not receive any * capital proceeds for entering into the covenant; and (b) you cannot deduct an amount under Division 31 for entering into the covenant. Note: In this case, CGT event D1 will apply. (7) A * capital gain or * capital loss you make is disregarded if you * acquired the land before 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 167 of 2001", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 167 of 2001 | No 41 of 2005", "History_Notes": "Inserted by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-55", "Provision_Key": "s104-55", "Heading": "Creating a trust over a CGT asset: CGT event E1", "Text": "(1) CGT event E1 happens if you create a trust over a * CGT asset by declaration or settlement. Note: A change in the trustee of a trust does not constitute a change in the entity that is the trustee of the trust (see subsection 960 ‑ 100(2)). This means that CGT event E1 will not happen merely because of a change in the trustee. (2) The time of the event is when the trust over the asset is created. (3) You make a capital gain if the * capital proceeds from the creation are more than the asset’s * cost base. You make a capital loss if those capital proceeds are less than the asset’s * reduced cost base. Cost base rule (4) If you are the trustee of the trust and no beneficiary is absolutely entitled to the asset as against you (disregarding any legal disability), the first element of the asset’s * cost base and * reduced cost base in your hands is its * market value when the trust is created. Exceptions (5) CGT event E1 does not happen if you are the sole beneficiary of the trust and: (a) you are absolutely entitled to the asset as against the trustee (disregarding any legal disability); and (b) the trust is not a unit trust. (6) A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 97 of 2008 | No 19 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-60", "Provision_Key": "s104-60", "Heading": "Transferring a CGT asset to a trust: CGT event E2", "Text": "(1) CGT event E2 happens if you transfer a * CGT asset to an existing trust. Note: A change in the trustee of a trust does not constitute a change in the entity that is the trustee of the trust (see subsection 960 ‑ 100(2)). This means that CGT event E2 will not happen merely because of a change in the trustee. (2) The time of the event is when the asset is transferred. (3) You make a capital gain if the * capital proceeds from the transfer are more than the asset’s * cost base. You make a capital loss if those capital proceeds are less than the asset’s * reduced cost base. (4) If you are the trustee of the trust and no beneficiary is absolutely entitled to the asset as against you (disregarding any legal disability), the first element of the asset’s * cost base and * reduced cost base in your hands is its * market value when the asset is transferred. Exceptions (5) CGT event E2 does not happen if you are the sole beneficiary of the trust and: (a) you are absolutely entitled to the asset as against the trustee (disregarding any legal disability); and (b) the trust is not a unit trust. (6) A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 173 of 2000 | No 97 of 2008 | No 133 of 2009 | No 19 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-65", "Provision_Key": "s104-65", "Heading": "Converting a trust to a unit trust: CGT event E3", "Text": "(1) CGT event E3 happens if: (a) a trust (that is not a unit trust) over a * CGT asset is converted to a unit trust; and (b) just before the conversion, a beneficiary under the trust was absolutely entitled to the asset as against the trustee (disregarding any legal disability the beneficiary is under). (2) The time of the event is when the trust is converted. (3) The beneficiary makes a capital gain if the * market value of the asset (when the trust is converted) is more than the asset’s * cost base. The beneficiary makes a capital loss if that market value is less than the asset’s * reduced cost base. Exception (4) A * capital gain or * capital loss the beneficiary makes is disregarded if it * acquired the asset before 20 September 1985.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-70", "Provision_Key": "s104-70", "Heading": "Capital payment for trust interest: CGT event E4", "Text": "(1) CGT event E4 happens if: (a) the trustee of a trust makes a payment to you in respect of your unit or your interest in the trust (except for * CGT event A1, C2, E1, E2, E6 or E7 happening in relation to it); and (b) some or all of the payment (the non ‑ assessable part ) is not included in your assessable income. To avoid doubt, in applying paragraph (b) to work out what part of the payment is included in your assessable income, disregard your share of the trust’s net income that is subject to the rules in subsection 115 ‑ 215(3). Note 1: Subsections 104 ‑ 71(1) (tax ‑ exempted amounts), 104 ‑ 71(3) (tax ‑ free amounts) and 104 ‑ 71(4) (CGT concession amounts) can affect the calculation of the non ‑ assessable part. Note 2: The non ‑ assessable part includes amounts (tax ‑ deferred amounts) associated with the small business 50% reduction, frozen indexation, building allowance and accounting differences in income. Note 3: A payment made to you after you stop owning the unit or interest in the trust forms part of the capital proceeds for the CGT event that happened when you stopped owning it. (1A) However, CGT event E4 does not happen if the unit or interest mentioned in subsection (1) is a unit or interest in an * AMIT. (2) The payment can include giving property (see section 103 ‑ 5). (3) The time of the event is: (a) just before the end of the income year in which the trustee makes the payment; or (b) if another * CGT event (except CGT event E4) happens in relation to the unit or interest or part of it after the trustee makes the payment but before the end of that income year—just before the time of that other CGT event. (4) You make a capital gain if the sum of the amounts of the non ‑ assessable parts of the payments made in the income year made by the trustee in respect of the unit or interest is more than its * cost base. Note: You cannot make a capital loss. (5) If you make a * capital gain, the * cost base and * reduced cost base of the unit or interest are reduced to nil. Note: A capital gain under former section 160ZM of the Income Tax Assessment Act 1936 is also taken into account for the purposes of this subsection: see subsection 104 ‑ 70(3) of the Income Tax (Transitional Provisions) Act 1997 . (6) However, if that sum is not more than the * cost base: (a) the cost base is reduced by that sum; and (b) the * reduced cost base is reduced by that sum (without the adjustment in subsection 104 ‑ 71(3)). Example: Mandy owns units in a unit trust that she bought on 1 July 1998 for $10 each. During the 1999 ‑ 2000 income year the trustee makes 4 non ‑ assessable payments of $0.50 per unit. If at the end of the income year Mandy’s cost base for each unit (including indexation) would otherwise be $10.10, the payments require that it be reduced by $2, giving a new cost base of $8.10. If Mandy sells the units (CGT event A1) in the 2000 ‑ 01 year for more than their cost base at that time, she will make a capital gain equal to the difference. Note: Cost base adjustments are made only under Subdivision 125 ‑ B if there is a roll ‑ over under that Subdivision for CGT event E4 happening as a result of a demerger. Exceptions (7) A * capital gain you make from * CGT event E4 is disregarded if you * acquired the * CGT asset that is the unit or interest before 20 September 1985. (8) CGT event E4 does not happen to the extent that the payment is reasonably attributable to a * LIC capital gain. (9) CGT event E4 does not happen for a payment made to a foreign resident to the extent that the payment is reasonably attributable to * ordinary income or * statutory income from sources other than an * Australian source. However, this exception does not apply if the trust is a * public trading trust.", "Amendment_Count": 13, "First_Amended": "No 46 of 1998", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 169 of 1999 | No 86 of 2000 | No 89 of 2000 | No 173 of 2000 | No 168 of 2001 | No 169 of 2001 | No 90 of 2002 | No 21 of 2005 | No 101 of 2006 | No 53 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Repealed and substituted by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 21 of 2005, effective 21 Mar 2005 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-71", "Provision_Key": "s104-71", "Heading": "Adjustment of non ‑ assessable part", "Text": "(1) In working out the non ‑ assessable part referred to in section 104 ‑ 70, disregard any part of the payment that is: (a) * non ‑ assessable non ‑ exempt income; or (c) paid from an amount that has been assessed to the trustee; or (d) paid from an amount that is * personal services income included in your assessable income, or another entity’s assessable income, under section 86 ‑ 15; or (da) a payment to which paragraph 118 ‑ 37(1)(ba) applies (about compensation paid through a trust); or (db) a payment to which subsection 118 ‑ 300(1A) applies (about insurance and annuity payments paid through a trust); or (e) repaid by you; or (f) compensation you paid that can reasonably be regarded as a repayment of all or part of the payment; or (g) an amount referred to in section 152 ‑ 125 (which exempts a payment of a small business 15 ‑ year exemption amount) as an exempt amount. The payment can include giving property (see section 103 ‑ 5). (2) However, the non ‑ assessable part is not reduced by any part of the payment that you can deduct. (3) The amount of the non ‑ assessable part referred to in section 104 ‑ 70 is adjusted to exclude any part of it that is attributable to: (a) an amount that is not included in the assessable income of an entity because of section 124ZM or 124ZN (which exempt income arising from * shares in a * PDF) of the Income Tax Assessment Act 1936 ; or (aa) an amount that is not included in the assessable income of an entity because of section 51 ‑ 52 or subsection 51 ‑ 54(1) or (1A) of this Act; or (b) * capital proceeds from a * CGT event that happens in relation to * shares in a company that was a * PDF when that event happened; or (c) capital proceeds from a CGT event if: (i) the CGT event relates to an * eligible venture capital investment; and (ii) the share of a partner in an ESVCLP in a * capital gain or * capital loss from the CGT event is disregarded under section 118 ‑ 407; or (d) that part of the capital proceeds from a CGT event, relating to an eligible venture capital investment, for which there is a partial exemption under section 118 ‑ 408; or (e) capital proceeds from a CGT event if a capital gain made from the event may be disregarded under subsection 360 ‑ 50(4). (4) The amount of the non ‑ assessable part referred to in section 104 ‑ 70 for an entity shown in the table is adjusted to exclude the amount or amounts applicable to the entity under the table. Adjustment of non ‑ assessable part Item Entity Amount excluded 1 Any entity So much of the amount of a * discount capital gain excluded from the * net capital gain of the trust making the payment because of step 5 of the method statement in subsection 102 ‑ 5(1) and that is reflected in the payment to the entity 2 Individual, company or trust that has a * capital loss or * net capital loss to reduce its * capital gain described in paragraph 115 ‑ 215(3)(b) where the trust gain referred to in subsection 115 ‑ 215(3) is reduced under Subdivision 152 ‑ C 1/2 of the amount of the capital loss or net capital loss 3 Individual or trust that has a * capital loss or * net capital loss to reduce its * capital gain described in paragraph 115 ‑ 215(3)(c) 1/4 of the amount of the capital loss or net capital loss 4 Company that has a * capital loss or * net capital loss to reduce its * capital gain described in paragraph 115 ‑ 215(3)(c) where: (a) that capital loss or net capital loss is more than 1/2 of the trust gain referred to in subsection 115 ‑ 215(3); and (b) that trust gain is reduced by an amount (the reduction amount) under Subdivision 152 ‑ C The excess of the reduction amount over the Subdivision 152 ‑ C reduction to the paragraph 115 ‑ 215(3)(c) amount 5 * Complying superannuation entity that has a * capital loss or * net capital loss to reduce its * capital gain described in paragraph 115 ‑ 215(3)(b) where: (a) that capital loss or net capital loss is more than 1/2 of the trust gain referred to in subsection 115 ‑ 215(3); and (b) that trust gain is reduced under Subdivision 152 ‑ C 1/2 of the amount of the capital loss or net capital loss 6 * Complying superannuation entity that has a * capital loss or * net capital loss to reduce its * capital gain described in paragraph 115 ‑ 215(3)(c) where: (a) that capital loss or net capital loss is more than 1/4 of the trust gain referred to in subsection 115 ‑ 215(3); and (b) that trust gain is reduced by an amount (also the reduction amount) under Subdivision 152 ‑ C The excess of the reduction amount over the Subdivision 152 ‑ C reduction to the paragraph 115 ‑ 215(3)(c) amount 7 Any entity receiving the payment where the trust making the payment, or another trust that is part of the same * chain of trusts, has a * capital loss or * net capital loss to reduce its * capital gain described in subsection 115 ‑ 215(3) The proportion of the capital loss or net capital loss reflected in the payment Example: Claude is paid $100 by the trustee of a unit trust. The trustee advises that the amount comprises $50 CGT discount, $25 small business 50% reduction and $25 net income from a capital gain made by the trust. In applying the rules in Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 , Claude reduces his capital gain of $100 by a $20 net capital loss from an earlier year. He then reduces the remaining $80 gain by $40 (CGT discount) and $20 (small business 50% reduction) leaving a net capital gain of $20. In applying the rules in CGT event E4, the $100 payment is reduced by $25 (being the amount assessed under section 97 of the Income Tax Assessment Act 1936 ). It is further reduced by $50 under item 1 of the table and $5 under item 3. Claude’s non ‑ assessable part is $20. Effectively, CGT event E4 applies to the $20 small business 50% reduction allowed to Claude in applying Subdivision 115 ‑ C of the Income Tax Assessment Act 1997 . Note 1: Step 5 of the method statement in subsection 102 ‑ 5(1) (see table item 1) reduces by 50% the trust’s discount capital gains remaining after applying capital losses and earlier net capital losses. That 50% is excluded from the trust’s net capital gain. Note 2: Subdivision 152 ‑ C (small business 50% reduction—see table items 2, 3, 4, 5, 6 and 7) reduces by 50% the trust’s capital gains or discount capital gains remaining after applying step 5 of the method statement in subsection 102 ‑ 5(1). That 50% is also excluded from the trust’s net capital gain. Note 3: Paragraph 115 ‑ 215(3)(b) or (c) (see table items 2, 3, 4, 5 and 6) treats a beneficiary as having an extra capital gain if an amount of the trust’s net income that is included in the beneficiary’s assessable income is attributable to trust gains that were reduced by step 5 of the method statement in subsection 102 ‑ 5(1) and/or the small business 50% reduction. (5) A chain of trusts consists of 2 or more trusts where at least one of these conditions is satisfied for each of the trusts: (a) the trustee of the trust owns units or interests in another of the trusts; or (b) the trustee of another of the trusts owns units or interests in the trust. (6) Item 7 of the table in subsection (4) does not apply if the entity making the payment is a * managed investment trust.", "Amendment_Count": 9, "First_Amended": "No 89 of 2000", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 89 of 2000 | No 168 of 2001 | No 66 of 2003 | No 21 of 2015 | No 54 of 2016 | No 26 of 2017 | No 4 of 2018 | No 15 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 26 of 2017, effective Sch 1: 1 July 2017 (s 2(1) item 2) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-71"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-72", "Provision_Key": "s104-72", "Heading": "Reducing your capital gain under CGT event E4 if you are a trustee", "Text": "(1) A * capital gain you make under subsection 104 ‑ 70(4) is reduced if: (a) you are the trustee of another trust that is a * fixed trust and is not a * complying superannuation entity; and (b) you are taken to have a * capital gain under paragraph 115 ‑ 215(3)(b) or (c) (your notional gain ) in respect of a corresponding trust gain (the trust gain ); and (c) some or all (the attributable amount ) of the total of the non ‑ assessable parts referred to in subsection 104 ‑ 70(4) is attributable to proceeds from the trust gain. (2) The * capital gain is reduced (but not below 0) by the lesser of: (a) your notional gain; and (b) the attributable amount.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 168 of 2001", "Amending_Acts": "No 89 of 2000 | No 168 of 2001", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-72"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-75", "Provision_Key": "s104-75", "Heading": "Beneficiary becoming entitled to a trust asset: CGT event E5", "Text": "(1) CGT event E5 happens if a beneficiary becomes absolutely entitled to a * CGT asset of a trust (except a unit trust or a trust to which Division 128 applies) as against the trustee (disregarding any legal disability the beneficiary is under). Note: Division 128 deals with the effect of death. (2) The time of the event is when the beneficiary becomes absolutely entitled to the asset. Trustee makes a capital gain or loss (3) The trustee makes a capital gain if the * market value of the asset (at the time of the event) is more than its * cost base. The trustee makes a capital loss if that market value is less than the asset’s * reduced cost base. Exception for trustee (4) A * capital gain or * capital loss the trustee makes is disregarded if it * acquired the asset before 20 September 1985. Note: There is also an exception for employee share trusts: see section 130 ‑ 80. Beneficiary makes a capital gain or loss (5) The beneficiary makes a capital gain if the * market value of the asset (at the time of the event) is more than the * cost base of the beneficiary’s interest in the trust capital to the extent it relates to the asset. The beneficiary makes a capital loss if that market value is less than the * reduced cost base of that beneficiary’s interest in the trust capital to the extent it relates to the asset. Exceptions for beneficiary (6) A * capital gain or * capital loss the beneficiary makes is disregarded if: (a) the beneficiary * acquired the * CGT asset that is the interest (except by way of an assignment from another entity) for no expenditure; or (b) the beneficiary acquired it before 20 September 1985; or (c) all or part of the capital gain or capital loss the trustee makes from the * CGT event is disregarded under Subdivision 118 ‑ B (about main residence). Expenditure can include giving property: see section 103 ‑ 5. Note 1: For provisions affecting the application of Subdivision 118 ‑ B to the trustee, see sections 118 ‑ 215 to 118 ‑ 230. Note 2: There are also exceptions for employee share trusts: see sections 130 ‑ 80 and 130 ‑ 90.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 101 of 2003 | No 133 of 2009 | No 41 of 2011 | No 147 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-80", "Provision_Key": "s104-80", "Heading": "Disposal to beneficiary to end income right: CGT event E6", "Text": "(1) CGT event E6 happens if the trustee of a trust (except a unit trust or a trust to which Division 128 applies) * disposes of a * CGT asset of the trust to a beneficiary in satisfaction of the beneficiary’s right, or part of it, to receive * ordinary income or * statutory income from the trust. Note: Division 128 deals with the effect of death. (2) The time of the event is when the disposal occurs. Trustee makes a capital gain or loss (3) The trustee makes a capital gain if the * market value of the asset (at the time of the disposal) is more than its * cost base. It makes a capital loss if that market value is less than the asset’s * reduced cost base. Exception for trustee (4) A * capital gain or * capital loss the trustee makes is disregarded if it * acquired the asset before 20 September 1985. Beneficiary makes a capital gain or loss (5) The beneficiary makes a capital gain if the * market value of the asset (at the time of the disposal) is more than the * cost base of the right, or the part of it. The beneficiary makes a capital loss if that market value is less than the * reduced cost base of the right or part. Note: If the beneficiary did not pay anything for the right, the market value substitution rule does not apply: see section 112 ‑ 20. Exception for beneficiary (6) A * capital gain or * capital loss the beneficiary makes is disregarded if it * acquired the * CGT asset that is the right before 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-85", "Provision_Key": "s104-85", "Heading": "Disposal to beneficiary to end capital interest: CGT event E7", "Text": "(1) CGT event E7 happens if the trustee of a trust (except a unit trust or a trust to which Division 128 applies) * disposes of a * CGT asset of the trust to a beneficiary in satisfaction of the beneficiary’s interest, or part of it, in the trust capital. Note: Division 128 deals with the effect of death. (2) The time of the event is when the disposal occurs. Trustee makes a capital gain or loss (3) The trustee makes a capital gain if the * market value of the asset (at the time of the disposal) is more than its * cost base. It makes a capital loss if that market value is less than the asset’s * reduced cost base. Exception for trustee (4) A * capital gain or * capital loss the trustee makes is disregarded if it * acquired the asset before 20 September 1985. Beneficiary makes a capital gain or loss (5) The beneficiary makes a capital gain if the * market value of the asset (at the time of the disposal) is more than the * cost base of the interest, or the part of it, being satisfied. The beneficiary makes a capital loss if that market value is less than the * reduced cost base of that interest or part. Exceptions for beneficiary (6) A * capital gain or * capital loss the beneficiary makes is disregarded if: (a) the beneficiary * acquired the * CGT asset that is the interest (except by way of an assignment from another entity) for no expenditure; or (b) the beneficiary acquired it before 20 September 1985; or (c) all or part of the capital gain or capital loss the trustee makes from the * CGT event is disregarded under Subdivision 118 ‑ B (about main residence). Expenditure can include giving property: see section 103 ‑ 5. Note 1: For provisions affecting the application of Subdivision 118 ‑ B to the trustee, see sections 118 ‑ 215 to 118 ‑ 230. Note 2: There is also an exception for employee share trusts: see section 130 ‑ 90.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 41 of 2011 | No 147 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-90", "Provision_Key": "s104-90", "Heading": "Disposal by beneficiary of capital interest: CGT event E8", "Text": "(1) CGT event E8 happens if: (a) you are the beneficiary under a trust (except a unit trust or a trust to which Division 128 applies); and (b) you did not give any money or property to * acquire the * CGT asset that is your interest in the trust capital and you did not acquire it by assignment; and (c) you * dispose of the interest, or part of it (but not to the trustee). Note: Division 128 deals with the effect of death. (2) The time of the event is: (a) when you enter into the contract for the * disposal; or (b) if there is no contract—when you stop owning the interest or part. Note 1: You work out if you have made a capital gain or capital loss under sections 104 ‑ 95 and 104 ‑ 100. Note 2: There is a special indexation rule for this event: see section 114 ‑ 10.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-95", "Provision_Key": "s104-95", "Heading": "Making a capital gain", "Text": "You are the only beneficiary (1) If you are the only beneficiary with an interest in the trust capital and you * dispose of that interest, you work out if you have made a * capital gain in this way: Working out your capital gain Step 1. Work out the * capital proceeds from the * disposal. Step 2. Work out the * net asset amount. Step 3. If the Step 1 amount is greater , you make a capital gain equal to the difference. (2) The net asset amount is worked out in this way: Working out the net asset amount Step 1. Work out the total of the * cost bases (at the time of the disposal) of the * CGT assets that the trustee * acquired on or after 20 September 1985 and that formed part of the trust capital at that time. Step 2. Work out the total of the * market values (at the time of the disposal) of the * CGT assets that the trustee * acquired before 20 September 1985 and that formed part of the trust capital at that time. Step 3. Work out the amount of money that formed part of the trust capital at the time of the disposal. Step 4. Add up the Step 1, 2 and 3 amounts. Step 5. Subtract from the Step 4 amount any liabilities of the trust at the time of the disposal. Step 6. The result is the net asset amount . Example: You dispose of your interest in the trust capital for $10,000 (the capital proceeds). The total of the cost bases of the CGT assets that the trustee acquired on or after 20 September 1985 is $6,000. The total of the market values of the CGT assets that the trustee acquired before 20 September 1985 is $2,500. There is $1,000 in the trust. The trust liabilities are $500. The net asset amount is: You make a capital gain of: (3) If you * dispose of only part of that interest, any * capital gain is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by: Example: To vary the example in subsection (2), suppose you dispose of 50% of your interest for $5,000 (the capital proceeds). The Step 2 amount becomes: You make a capital gain of: There is more than one beneficiary (4) If you are not the only beneficiary with an interest in the trust capital and you * dispose of your interest, any * capital gain is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by: Example: To vary the example in subsection (2), suppose you have a 20% interest in the trust capital and you dispose of it for $4,000 (the capital proceeds). The Step 2 amount becomes: You make a capital gain of: (5) If you are not the only beneficiary with an interest in the trust capital and you * dispose of part of your interest, any * capital gain is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by: Example: To vary the example in subsection (2), suppose you have a 50% interest in the trust capital. You dispose of 20% of it for $1,000 (the capital proceeds). The Step 2 amount becomes: You make a capital gain of: Exception (6) A * capital gain you make is disregarded if you * acquired the * CGT asset that is the interest in the trust capital before 20 September 1985. Note: You can make a gain if you dispose of an interest in a trust that you acquired before that day: see CGT event K6.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-100", "Provision_Key": "s104-100", "Heading": "Making a capital loss", "Text": "You are the only beneficiary (1) If you are the only beneficiary with an interest in the trust capital and you * dispose of that interest, you work out if you have made a * capital loss in this way: Working out your capital loss Step 1. Work out the * capital proceeds from the * disposal. Step 2. Work out the * reduced net asset amount. Step 3. If the Step 1 amount is less , you make a capital loss equal to the difference. (2) The reduced net asset amount is worked out in this way: Working out the reduced net asset amount Step 1. Work out the total of the * reduced cost bases (at the time of the disposal) of the * CGT assets that the trustee * acquired on or after 20 September 1985 and that formed part of the trust capital at that time. Step 2. Work out the total of the * market values (at the time of the disposal) of the * CGT assets that the trustee * acquired before 20 September 1985 and that formed part of the trust capital at that time. Step 3. Work out the amount of money that formed part of the trust capital at the time of the disposal. Step 4. Add up the Step 1, 2 and 3 amounts. Step 5. Subtract from the Step 4 amount any liabilities of the trust at the time of the disposal. Step 6. The result is the reduced net asset amount . (3) If you * dispose of only part of that interest, any * capital loss is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by: There is more than one beneficiary (4) If you are not the only beneficiary with an interest in the trust capital and you * dispose of your interest, any * capital loss is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by: (5) If you are not the only beneficiary with an interest in the trust capital and you * dispose of part of your interest, any * capital loss is worked out using the method statement in subsection (1), except that the Step 2 amount is replaced by: Exception (6) A * capital loss you make is disregarded if you * acquired the * CGT asset that is the interest in the trust capital before 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-105", "Provision_Key": "s104-105", "Heading": "Creating a trust over future property: CGT event E9", "Text": "(1) CGT event E9 happens if: (a) you agree for consideration that when property comes into existence you will hold it on trust; and (b) at the time of the agreement, no potential beneficiary under the trust has a beneficial interest in the rights created by the agreement. (2) The time of the event is when you made the agreement. (3) You make a capital gain if the * market value the property would have had if it had existed when you made the agreement is more than any * incidental costs you incurred that relate to the event. You make a capital loss if that market value is less . (4) The costs can include giving property: see section 103 ‑ 5. However, they do not include an amount you have received as * recoupment of them and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107A", "Provision_Key": "s104-107a", "Heading": "AMIT—cost base reduction exceeds cost base: CGT event E10", "Text": "(1) CGT event E10 happens if: (a) you are a * member of an * AMIT in respect of an income year because you have a * CGT asset that is your unit or your interest in the AMIT; and (b) either: (i) the * cost base of that asset is reduced under subsection 104 ‑ 107B(2) during the income year; or (ii) the cost base of that asset is nil at the start of the income year; and (c) the asset’s * AMIT cost base net amount for the income year is the excess mentioned in paragraph 104 ‑ 107C(a); and (d) the asset’s AMIT cost base net amount for the income year exceeds the cost base of the asset. (2) The time of the event is: (a) if subparagraph (1)(b)(i) applies—the time at which the reduction occurs under section 104 ‑ 107B; or (b) if subparagraph (1)(b)(ii) applies—the time at which the * cost base would have been reduced under subsection 104 ‑ 107B(2) during the income year if the cost base had been greater than nil at the start of the income year. (3) You make a capital gain equal to: (a) if the * cost base of the asset is nil—the excess mentioned in paragraph 104 ‑ 107C(a); or (b) if the cost base of the asset is not nil—the excess mentioned in paragraph (1)(d) of this section. Note 1: If you make a capital gain, the cost base and reduced cost base of the CGT asset are reduced to nil (see paragraph 104 ‑ 107B(2)(a)). Note 2: You cannot make a capital loss. Exceptions (4) A * capital gain you make from * CGT event E10 is disregarded if you * acquired the * CGT asset that is the unit or interest before 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107B", "Provision_Key": "s104-107b", "Heading": "Annual cost base adjustment for member’s unit or interest in AMIT", "Text": "(1) This section applies if you are a * member of an * AMIT in respect of an income year because you have a * CGT asset that is your unit or your interest in the AMIT. (2) If the * CGT asset’s * AMIT cost base net amount for the income year is the excess mentioned in paragraph 104 ‑ 107C(a): (a) in a case where that AMIT cost base net amount exceeds the * cost base of the asset—reduce the cost base and * reduced cost base of the asset to nil; or (b) otherwise—reduce the cost base and reduced cost base of the asset by that AMIT cost base net amount. Note: If that AMIT cost base net amount exceeds the cost base of the asset, CGT event E10 will happen (see section 104 ‑ 107A). (3) If the * CGT asset’s * AMIT cost base net amount for the income year is the shortfall mentioned in paragraph 104 ‑ 107C(b), increase the * cost base and * reduced cost base of the asset by that AMIT cost base net amount. (4) The time of the reduction or increase is: (a) unless paragraph (b) applies—just before the end of the income year; or (b) if a * CGT event happens to the * CGT asset at a time when you hold it before the end of the income year—just before the time of that CGT event.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107C", "Provision_Key": "s104-107c", "Heading": "AMIT cost base net amount", "Text": "The * CGT asset’s AMIT cost base net amount for the income year is: (a) if the CGT asset’s * AMIT cost base reduction amount for the income year exceeds the CGT asset’s * AMIT cost base increase amount for the income year—the amount of the excess; or (b) if the CGT asset’s AMIT cost base reduction amount for the income year falls short of the CGT asset’s AMIT cost base increase amount for the income year—the amount of the shortfall.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107D", "Provision_Key": "s104-107d", "Heading": "AMIT cost base reduction amount", "Text": "(1) The * CGT asset’s AMIT cost base reduction amount for the income year is the total of: (a) money, and the * market value of any property, if: (i) you start to have a right to receive the money or property from the trustee of the * AMIT in the income year; and (ii) that right is indefeasible (disregarding section 276 ‑ 55) or is reasonably likely not to be defeated; and (b) all amounts of * tax offset that you have for the income year in respect of the AMIT because of the operation of section 276 ‑ 80; to the extent that the total is reasonably attributable to the CGT asset. (2) If: (a) * CGT event A1, C2, E1, E2, E6 or E7 happens to the * CGT asset before the end of the income year; and (b) as a result, the time of the reduction or increase mentioned in subsection 104 ‑ 107B(4) is just before the time of that CGT event; do not include in the CGT asset’s AMIT cost base reduction amount for the income year any * capital proceeds from that CGT event.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107D"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107E", "Provision_Key": "s104-107e", "Heading": "AMIT cost base increase amount", "Text": "(1) The * CGT asset’s AMIT cost base increase amount for the income year is the total of the 2 amounts set out in the following subsections. First amount—total of amounts not related to capital gains (2) The first amount is the total of all of the following amounts included in your assessable income or * non ‑ assessable non ‑ exempt income for the income year in respect of the * AMIT, to the extent that they are reasonably attributable to the * CGT asset: (a) amounts so included because of the operation of section 276 ‑ 80; (b) amounts so included otherwise than because of the operation of section 276 ‑ 80 (as reduced in accordance with section 276 ‑ 100). (3) For the purposes of subsection (2), disregard the * AMIT’s * net capital gain (if any) for the income year. Second amount—total of amounts related to capital gains (4) The second amount is the total of each * determined member component of a character relating to * capital gains that: (a) you have for the income year in respect of the * AMIT; and (b) is taken into account under section 276 ‑ 80. Residence assumption (5) For the purposes of working out amounts under subsections (2) and (4), assume that you are an Australian resident.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107E"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107F", "Provision_Key": "s104-107f", "Heading": "Receipt of money etc. increasing AMIT cost base reduction amount not to be treated as income", "Text": "(1) Subsections (2) and (3) apply if: (a) you start to have a right to receive any money or any property from the trustee of an * AMIT in an income year; and (b) the right is indefeasible (disregarding section 276 ‑ 55) or is reasonably likely not to be defeated; and (c) the right is not remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person; and (d) the right is reasonably attributable to a * CGT asset that is a * membership interest in the AMIT; and (e) the CGT asset is neither * trading stock nor a * Division 230 financial arrangement; and (f) as a result of you starting to have the right, the CGT asset’s * AMIT cost base reduction amount for the income year is increased because of the operation of section 104 ‑ 107D. (2) These provisions do not apply to you starting to have the right: (a) sections 6 ‑ 5 (about * ordinary income), 8 ‑ 1 (about amounts you can deduct), 15 ‑ 15 and 25 ‑ 40 (about profit ‑ making undertakings or plans); (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit ‑ making undertakings or schemes). (3) Section 6 ‑ 10 (about * statutory income) does not apply to you starting to have the right except so far as that section applies in relation to section 102 ‑ 5 (about net capital gains).", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107F"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107G", "Provision_Key": "s104-107g", "Heading": "Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset—adjustment of cost of asset", "Text": "(1) This section applies if: (a) you are a * member of an * AMIT in respect of an income year because you have a * CGT asset that is your unit or your interest in the AMIT; and (b) the CGT asset is a * revenue asset; and (c) the CGT asset is not a * Division 230 financial arrangement. (2) Make the adjustments in subsection (3) for the purposes of working out an amount included in your assessable income (or working out an amount treated as a deduction) under any of these provisions: (a) sections 6 ‑ 5 (about * ordinary income), 8 ‑ 1 (about amounts you can deduct), 15 ‑ 15 and 25 ‑ 40 (about profit ‑ making undertakings or plans); (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit ‑ making undertakings or schemes). (3) If the * CGT asset’s * AMIT cost base net amount for the income year is the excess mentioned in paragraph 104 ‑ 107C(a): (a) in a case where that AMIT cost base net amount exceeds the cost of the asset—reduce the cost of the asset to nil; or (b) otherwise—reduce the cost of the asset by that AMIT cost base net amount. Note: If the AMIT cost base net amount exceeds the cost of the asset, see section 104 ‑ 107H. (4) If the * CGT asset’s * AMIT cost base net amount for the income year is the shortfall mentioned in paragraph 104 ‑ 107C(b), increase the cost of the asset by that AMIT cost base net amount. (5) The time of the reduction or increase is: (a) unless paragraph (b) applies—just before the end of the income year; or (b) if a * CGT event happens to the * CGT asset at a time when you hold it before the end of the income year—just before the time of that CGT event. (6) For the purposes of this section and section 104 ‑ 107H, in working out the * CGT asset’s * AMIT cost base net amount for the income year, disregard any right that you start to have in the income year if: (a) the right is for you to receive any money or any property from the trustee of the * AMIT; and (b) the right is remuneration or consideration for you providing finance, services, goods or property to the trustee of the AMIT or to another person. (7) For the purposes of section 118 ‑ 20, treat this section as being outside of this Part. Note: Section 118 ‑ 20 deals with reducing capital gains if an amount is otherwise assessable.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107G"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-107H", "Provision_Key": "s104-107h", "Heading": "Effect of AMIT cost base net amount on cost of AMIT membership interest or unit that is a revenue asset—amount included in assessable income", "Text": "(1) Subsection (2) applies if: (a) paragraph 104 ‑ 107G(3)(a) applies in respect of the * CGT asset’s * AMIT cost base net amount for the income year; and (b) that AMIT cost base net amount exceeds the cost of the * CGT asset just before the time mentioned in subsection 104 ‑ 107G(5). (2) Include in your assessable income for the income year in which that time occurs: (a) if the cost of the * CGT asset was nil just before that time—the cost reduction amount; or (b) otherwise—the excess mentioned in paragraph (1)(b). (3) Subsection (2) applies despite subsection 104 ‑ 107F(3). (4) For the purposes of section 118 ‑ 20, treat this section as being outside of this Part. Note: Section 118 ‑ 20 deals with reducing capital gains if an amount is otherwise assessable.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-107H"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-110", "Provision_Key": "s104-110", "Heading": "Granting a lease: CGT event F1", "Text": "(1) CGT event F1 happens if a lessor grants, renews or extends a lease. Note 1: Other CGT events can apply to leases. An assignment of a lease is an example of CGT event A1. Note 2: There are special rules that apply to some lease transactions: see Division 132. (2) The time of the event is: (a) for the grant of a lease: (i) when the contract for the lease is entered into; or (ii) if there is no contract—at the start of the lease; or (b) for a renewal or extension—at the start of the renewal or extension. (3) The lessor makes a capital gain if the * capital proceeds from the grant, renewal or extension are more than the expenditure it incurred on the grant, renewal or extension. It makes a capital loss if those capital proceeds are less . (4) The expenditure can include giving property: see section 103 ‑ 5. However, it does not include an amount you have received as * recoupment of it and that is not included in your assessable income, or an amount to the extent that you have deducted or can deduct it. Exception (5) The lessor can choose to apply section 104 ‑ 115 to certain long term leases. If it does so, this section does not apply.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-115", "Provision_Key": "s104-115", "Heading": "Granting a long ‑ term lease: CGT event F2", "Text": "(1) CGT event F2 happens if: (a) a lessor grants a lease over land (whether or not the lessor owns an estate in fee simple in the land), or renews or extends a lease over land; and (b) the lease, renewal or extension is for at least 50 years and: (i) at the time of the grant, renewal or extension, it was reasonable to expect that it would continue for at least 50 years; and (ii) the terms of the lease, renewal or extension as they apply to the lessee are substantially the same as those under which the lessor owned the land or held a lease of the land; and (c) the lessor chooses to apply this section instead of section 104 ‑ 110. Note: Section 103 ‑ 25 tells you when the choice must be made. (2) The time of the event is when the lessor grants the lease, or at the start of the renewal or extension, as appropriate. (3) The lessor makes a capital gain if the * capital proceeds from the event are more than the * cost base of the lessor’s interest in the land. The lessor makes a capital loss if those capital proceeds are less than the * reduced cost base of that interest. Exceptions (4) A * capital gain or * capital loss the lessor makes is disregarded if: (a) it * acquired the * CGT asset that is the land, or the lease to the lessor was granted, before 20 September 1985; or (b) the lease to the lessor has been renewed or extended and the last renewal or extension started before that day. Note: For any later CGT event that happens to the land or the lessor’s lease of it: see section 132 ‑ 10.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-120", "Provision_Key": "s104-120", "Heading": "Lessor pays lessee to get lease changed: CGT event F3", "Text": "(1) CGT event F3 happens if a lessor incurs expenditure in getting the lessee’s agreement to vary or waive a term of the lease. The lessor makes a capital loss equal to the amount of expenditure it incurred. (The expenditure can include giving property: see section 103 ‑ 5.) (2) The time of the event is when the term is varied or waived. Exception (3) However, this event does not apply to expenditure for a lease to which the lessor has chosen to apply section 104 ‑ 115.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-125", "Provision_Key": "s104-125", "Heading": "Lessee receives payment for changing lease: CGT event F4", "Text": "(1) CGT event F4 happens if a lessee receives a payment from the lessor for agreeing to vary or waive a term of the lease. The payment can include giving property: see section 103 ‑ 5. (2) The time of the event is when the term is varied or waived. (3) The lessee makes a capital gain if the * capital proceeds from the event are more than the lease’s * cost base (at the time of the event). If the lessee makes a * capital gain, the lease’s cost base is also reduced to nil. Note: The lessee cannot make a capital loss. (4) On the other hand, if those * capital proceeds are less , the lease’s * cost base is reduced by that amount at the time of the event. Example: On 1 January 1999 a lessee enters a lease. On 1 May 1999 the lessee agrees to waive a term. The lessor pays the lessee $1,000 for this. If the lease’s cost base at the time of the waiver is $2,500, it is reduced from $2,500 to $1,500. On 1 September 1999 the lessee agrees to waive another term. The lessor pays the lessee $2,000 for this. If the lease’s cost base at the time of the waiver is $1,500, the lessee makes a capital gain of $500, and the cost base is reduced to nil. Exceptions (5) A * capital gain the lessee makes is disregarded if: (a) the lease was granted before 20 September 1985; or (b) for a lease that has been renewed or extended—the start of the last renewal or extension occurred before that day.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-130", "Provision_Key": "s104-130", "Heading": "Lessor receives payment for changing lease: CGT event F5", "Text": "(1) CGT event F5 happens if a lessor receives a payment from the lessee for agreeing to vary or waive a term of the lease. The payment can include giving property: see section 103 ‑ 5. (2) The time of the event is when the term is varied or waived. (3) The lessor makes a capital gain if the * capital proceeds from the event are more than the expenditure the lessor incurs in relation to the variation or waiver. The lessor makes a capital loss if those capital proceeds are less . Example: You own a shopping centre. The lessee of a shop in the centre pays you $10,000 for agreeing to change the terms of its lease. You incur expenses of $1,000 for a solicitor and $500 for a valuer. You make a capital gain of $8,500. (4) The expenditure can include giving property: see section 103 ‑ 5. However, it does not include an amount you have received as * recoupment of it and that is not included in your assessable income. Exceptions (5) A * capital gain or * capital loss the lessor makes is disregarded if: (a) the lease was granted before 20 September 1985; or (b) for a lease that has been renewed or extended—the start of the last renewal or extension occurred before that day.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-135", "Provision_Key": "s104-135", "Heading": "Capital payment for shares: CGT event G1", "Text": "(1) CGT event G1 happens if: (a) a company makes a payment to you in respect of a * share you own in the company (except for * CGT event A1 or C2 happening in relation to the share); and (b) some or all of the payment (the non ‑ assessable part ) is not a * dividend, or an amount that is taken to be a dividend under section 47 of the Income Tax Assessment Act 1936 ; and (c) the payment is not included in your assessable income. The payment can include giving property: see section 103 ‑ 5. (1A) In working out the non ‑ assessable part, disregard any part of the payment that is: (aa) * non ‑ assessable non ‑ exempt income; or (a) repaid by you; or (b) compensation you paid that can reasonably be regarded as a repayment of all or part of the payment; or (c) an amount referred to in section 152 ‑ 125 (which exempts a payment of a small business 15 ‑ year exemption amount) as an exempt amount. The payment can include giving property: see section 103 ‑ 5. (1B) However, the non ‑ assessable part is not reduced by any part of the payment that you can deduct. (2) The time of the event is when the company makes the payment. (3) You make a capital gain if the amount of the non ‑ assessable part is more than the * share’s * cost base. If you make a * capital gain, the share’s * cost base and * reduced cost base are reduced to nil. Note 1: You cannot make a capital loss. Note 2: A capital gain under former section 160ZL of the Income Tax Assessment Act 1936 is also taken into account for the purposes of this subsection: see section 104 ‑ 135 of the Income Tax (Transitional Provisions) Act 1997 . (4) However, if the amount of the non ‑ assessable part is not more than the * share’s * cost base, that cost base and its * reduced cost base are reduced by the amount of the non ‑ assessable part. Note: Cost base adjustments are made only under Subdivision 125 ‑ B if there is a roll ‑ over under that Subdivision for CGT event G1 happening as a result of a demerger. Exceptions (5) A * capital gain you make is disregarded if you * acquired the * CGT asset that is the * share before 20 September 1985. (6) You disregard a payment by a liquidator for the purposes of this section if the company ceases to exist within 18 months of the payment. Note: The payment will be part of your capital proceeds for CGT event C2 happening when the share ends. (7) You also disregard a payment that is * personal services income included in your assessable income, or another entity’s assessable income, under section 86 ‑ 15.", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 91 of 2008", "Amending_Acts": "No 46 of 1998 | No 86 of 2000 | No 114 of 2000 | No 173 of 2000 | No 90 of 2002 | No 41 of 2005 | No 101 of 2006 | No 55 of 2007 | No 91 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 91 of 2008, effective Schedule 1: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-145", "Provision_Key": "s104-145", "Heading": "Liquidator or administrator declares shares or financial instruments worthless: CGT event G3", "Text": "(1) CGT event G3 happens if you own * shares in a company, or financial instruments issued by or created by or in relation to a company, and a liquidator or administrator of the company declares in writing that the liquidator or administrator has reasonable grounds to believe (as at the time of the declaration) that: (a) for shares—there is no likelihood that shareholders in the company, or shareholders of the relevant class of shares, will receive any further distribution for their shares; or (b) for financial instruments—the instruments, or a class of instruments that includes instruments of that kind, have no value or have only negligible value. (2) The time of the event is when the declaration was made. (3) Examples of financial instruments referred to in subsection (1) are: (a) * debentures, bonds or promissory notes issued by the company; and (b) loans to the company; and (c) futures contracts, forward contracts or currency swap contracts relating to the company; and (d) rights or options to acquire an asset referred to in a preceding paragraph of this subsection; and (e) rights or options to acquire * shares in the company. (4) You can choose to make a capital loss equal to the * reduced cost base of your * shares or financial instruments (as at the time of the declaration). (5) If you make the choice, the * cost base and * reduced cost base of the * shares or financial instruments are reduced to nil just after the declaration was made. Note: This is for the purpose of working out if you make a capital gain or loss from any later CGT event in relation to the shares or financial instruments. Exceptions (6) You cannot choose to make a * capital loss if: (a) you * acquired the shares or financial instruments before 20 September 1985; or (b) the shares or financial instruments were * revenue assets at the time when the declaration was made. (7) You cannot choose to make a * capital loss for a * share, or a right to acquire a beneficial interest in a share, if: (a) you acquired the beneficial interest (the ESS interest ) in the share or right under an * employee share scheme; and (b) subsequent to an amount being included in your assessable income under Division 83A (about employee share schemes) in relation to the ESS interest, section 83A ‑ 310 (about forfeiture) applies in relation to ESS interest.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 46 of 1998 | No 23 of 2005 | No 133 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-150", "Provision_Key": "s104-150", "Heading": "Forfeiture of deposit: CGT event H1", "Text": "(1) CGT event H1 happens if a deposit paid to you is forfeited because a prospective sale or other transaction does not proceed. The payment can include giving property: see section 103 ‑ 5. Example: You decide to sell land. Before entering into a contract of sale, the prospective purchaser pays you a 2 month holding deposit of $1,000. The negotiations fail and the deposit is forfeited. (1A) The amount of the deposit is reduced by any part of the deposit that is: (a) repaid by you; or (b) compensation you paid that can reasonably be regarded as a repayment of all or part of the deposit. The payment can include giving property: see section 103 ‑ 5. (1B) However, the deposit is not reduced by any part of the payment that you can deduct. (2) The time of the event is when the deposit is forfeited. (3) You make a capital gain if the deposit is more than the expenditure you incur in connection with the prospective sale or other transaction. You make a capital loss if the deposit is less . (4) The expenditure can include giving property: see section 103 ‑ 5. However, it does not include an amount you have received as * recoupment of it and that is not included in your assessable income. Example: To continue the example: if you gave a lawyer wine worth $400 in connection with the prospective sale, you make a capital gain of:", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 46 of 1998 | No 173 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-155", "Provision_Key": "s104-155", "Heading": "Receipt for event relating to a CGT asset: CGT event H2", "Text": "(1) CGT event H2 happens if: (a) an act, transaction or event occurs in relation to a * CGT asset that you own; and (b) the act, transaction or event does not result in an adjustment being made to the asset’s * cost base or * reduced cost base. Example: You own land on which you intend to construct a manufacturing facility. A business promotion organisation pays you $50,000 as an inducement to start construction early. No contractual rights or obligations are created by the arrangement. The payment is made because of an event (the inducement to start construction early) in relation to your land. Note: This event does not apply if any other CGT event applies: see section 102 ‑ 25. (2) The time of the event is when the act, transaction or event occurs. (3) You make a capital gain if the * capital proceeds because of the * CGT event are more than the * incidental costs you incurred that relate to the event. You make a capital loss if those capital proceeds are less . (4) The costs can include giving property: see section 103 ‑ 5. However, they do not include an amount you have received as * recoupment of them and that is not included in your assessable income. Exceptions (5) CGT event H2 does not happen if: (a) the act, transaction or event is the borrowing of money or the obtaining of credit from another entity; or (b) the act, transaction or event requires you to do something that is another * CGT event that happens to you; or (c) a company issues or allots * equity interests or * non ‑ equity shares in the company; or (d) the trustee of a unit trust issues units in the trust; or (e) a company grants an option to acquire equity interests, non ‑ equity shares or * debentures in the company; or (ea) a company grants an option to dispose of * shares in the company to the company; or (f) the trustee of a unit trust grants an option to acquire units or debentures in the trust; or (g) a company or a trust that is a member of a * demerger group issues new * ownership interests under a * demerger. Note: For demergers, see Division 125.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000 | No 163 of 2001 | No 90 of 2002 | No 162 of 2005 | No 91 of 2008 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 91 of 2008, effective Schedule 1: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-160", "Provision_Key": "s104-160", "Heading": "Individual or company stops being an Australian resident: CGT event I1", "Text": "(1) CGT event I1 happens if you stop being an Australian resident. (2) The time of the event is when you stop being one. (3) You need to work out if you have made a * capital gain or a * capital loss for each * CGT asset that you owned just before the time of the event, except one that is * taxable Australian property: (a) covered by item 1 or 3 of the table in section 855 ‑ 15; or (b) covered by item 4 of that table because it is an option or right to * acquire a * CGT asset covered by item 1 or 3 of that table. (4) You make a capital gain if the * market value of the asset (at the time of the event) is more than its * cost base. You make a capital loss if that market value is less than the asset’s * reduced cost base. (4A) If the asset is an * indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3 ‑ 3 apply to the asset as if the first element of the * cost base and * reduced cost base of the asset (just after the time of the event) were its * market value at the time of the event. (4B) Subsection (4A) does not apply if the * capital gain or * capital loss you make is disregarded under subsection (5) or (6), or subsection 104 ‑ 165(2). Exceptions (5) A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 41 of 2005 | No 64 of 2005 | No 32 of 2006 | No 168 of 2006 | No 133 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-165", "Provision_Key": "s104-165", "Heading": "Exception for individuals", "Text": "Choosing to disregard making a gain or loss (2) If you are an individual, you can choose to disregard making a * capital gain or a * capital loss from all * CGT assets covered by * CGT event I1. (3) If you do so choose, each of those assets is taken to be * taxable Australian property until the earlier of: (a) a * CGT event happening in relation to the asset, if the CGT event involves you ceasing to own the asset; (b) you again becoming an Australian resident. Note: If you are an individual who was in Australia on 6 April 2006, and you remain an Australian resident from that day until you stop being one, and you were an Australian resident for less than 5 years during the 10 years before you stopped being one, see section 104 ‑ 166 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 41 of 2005 | No 32 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-170", "Provision_Key": "s104-170", "Heading": "Trust stops being a resident trust: CGT event I2", "Text": "(1) CGT event I2 happens if a trust stops being a * resident trust for CGT purposes. (2) The time of the event is when the trust stops being one. (3) The trustee needs to work out if it has made a * capital gain or a * capital loss for each * CGT asset that it owned (in the capacity as trustee of the trust) just before the time of the event except one that is * taxable Australian property: (a) covered by item 1 or 3 of the table in section 855 ‑ 15; or (b) covered by item 4 of that table because it is an option or right to * acquire a * CGT asset covered by item 1 or 3 of that table. (4) The trustee makes a capital gain if the * market value of the asset (at the time of the event) is more than the asset’s * cost base. The trustee makes a capital loss if that market value is less than the asset’s * reduced cost base. (4A) If the asset is an * indirect Australian real property interest, or an option or right to acquire such an interest, this Part and Part 3 ‑ 3 apply to the asset as if the first element of the * cost base and * reduced cost base of the asset (just after the time of the event) were its * market value at the time of the event. (4B) Subsection (4A) does not apply if the * capital gain or * capital loss the trustee makes is disregarded under subsection (5). Exception (5) A * capital gain or * capital loss the trustee makes is disregarded if it * acquired the asset before 20 September 1985.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-175", "Provision_Key": "s104-175", "Heading": "Company ceasing to be member of wholly ‑ owned group after roll ‑ over: CGT event J1", "Text": "(1) CGT event J1 happens if: (a) there is a roll ‑ over under Subdivision 126 ‑ B for a * CGT event (the roll ‑ over event ) that happens in relation to a * CGT asset (the roll ‑ over asset ) involving 2 companies that are members of the same * wholly ‑ owned group; and (b) the company (the recipient company ) that owns the roll ‑ over asset just after the roll ‑ over stops being a 100% subsidiary of a company in the group in the circumstances set out in subsection (2) or (3); and (c) at the time of the roll ‑ over, the recipient company was a * 100% subsidiary of: (i) the other company involved in the roll ‑ over event (the originating company ); or (ii) another member of the same * wholly ‑ owned group. Note: If the roll ‑ over was under former section 160ZZO of the Income Tax Assessment Act 1936 , CGT event J1 does not happen if there would not have been a deemed disposal and re ‑ acquisition under that Act: see section 104 ‑ 175 of the Income Tax (Transitional Provisions) Act 1997 . (2) This condition applies if there has been only one roll ‑ over within the * wholly ‑ owned group under Subdivision 126 ‑ B involving the roll ‑ over asset. The recipient company must stop, at a time (the break ‑ up time ) when it still owns the roll ‑ over asset, being a * 100% subsidiary of a member of the group (the ultimate holding company ) that is not a 100% subsidiary of any other member of the group at the time of the roll ‑ over event. (3) This condition applies if the roll ‑ over event was the last in a series of * CGT events involving the roll ‑ over asset and there was a roll ‑ over within the * wholly ‑ owned group under Subdivision 126 ‑ B for all the events. The recipient company must stop, at a time (also the break ‑ up time ) when it still owns the roll ‑ over asset, being a * 100% subsidiary of another member of the group (also the ultimate holding company ) that was not a 100% subsidiary of any other member of the group at the time of the first of the events. (4) The time of the event is the break ‑ up time. (5) The recipient company makes a capital gain if the roll ‑ over asset’s * market value (at the break ‑ up time) is more than its * cost base. It makes a capital loss if that market value is less than its * reduced cost base. Exceptions (6) CGT event J1 does not happen if the conditions in section 104 ‑ 180 or 104 ‑ 182 are satisfied. (7) A * capital gain or * capital loss the recipient company makes is disregarded if the roll ‑ over asset is taken to have been * acquired by it before 20 September 1985 under Subdivision 126 ‑ B (except where the roll ‑ over asset has stopped being a * pre ‑ CGT asset, for example, because of Division 149). Note: CGT event J1 does not happen to a demerged entity or a member of a demerger group if CGT event A1 or C2 happens to a demerging entity under a demerger: see section 125 ‑ 160. Acquisition rule (8) The recipient company is taken to have * acquired the roll ‑ over asset at the break ‑ up time. Cost base adjustment (9) The first element of the recipient company’s * cost base and * reduced cost base of the roll ‑ over asset (just after the break ‑ up time) is its * market value (at the break ‑ up time).", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 173 of 2000 | No 68 of 2002 | No 90 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-180", "Provision_Key": "s104-180", "Heading": "Sub ‑ group break ‑ up", "Text": "(1) The condition in subsection (2) must have been satisfied at each time when there is a roll ‑ over within the * wholly ‑ owned group under Subdivision 126 ‑ B for a * CGT event happening in relation to the roll ‑ over asset. (2) The originating company and the recipient company must have been members of a group of 2 or more companies (the sub ‑ group ) within the * wholly ‑ owned group (excluding the ultimate holding company) for which one of these is satisfied: (a) if the sub ‑ group consists of 2 companies, either the recipient company is a 100% subsidiary of the other company (the holding company ), or the other company is a 100% subsidiary of the recipient company (also the holding company ); (b) if the sub ‑ group consists of 3 or more companies: (i) the recipient company is a 100% subsidiary of one of those other companies (also the holding company ) and so are the other companies (except the holding company) in the sub ‑ group; or (ii) each of the companies in the sub ‑ group (except the recipient company) is a 100% subsidiary of the recipient company (also the holding company ). (3) If the roll ‑ over event was the last in a series of * CGT events involving the roll ‑ over asset and there was a roll ‑ over within the * wholly ‑ owned group under Subdivision 126 ‑ B for all the events, each company that was the originating company or the recipient company for the purposes of that Subdivision for one of those roll ‑ overs must have been members of the sub ‑ group at the time of each of the roll ‑ overs. (4) The conditions in subsection (5) or (6) must be satisfied just after the break ‑ up time. (5) If the recipient company was the holding company of the sub ‑ group, none of its * shares can be owned by: (a) the ultimate holding company; or (b) a company that is a * 100% subsidiary of the ultimate holding company just after the break ‑ up time. (6) If the recipient company was not the holding company of the sub ‑ group, no * shares in it or in the holding company can be owned by: (a) the ultimate holding company; or (b) a company that is a * 100% subsidiary of the ultimate holding company just after the break ‑ up time.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-182", "Provision_Key": "s104-182", "Heading": "Consolidated group break ‑ up", "Text": "* CGT event J1 does not happen if the recipient company ceases to be a * subsidiary member of a * consolidated group at the break ‑ up time (whether or not it becomes a subsidiary member of another consolidated group at that time).", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-182"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-185", "Provision_Key": "s104-185", "Heading": "Change in relation to replacement asset or improved asset after a roll ‑ over under Subdivision 152 ‑ E: CGT event J2", "Text": "(1) CGT event J2 happens if you choose a small business roll ‑ over under Subdivision 152 ‑ E for a * CGT event that happens in relation to a * CGT asset in an income year and: (a) you * acquire a replacement asset (the replacement asset ), or you incur * fourth element expenditure in relation to a CGT asset (also the replacement asset ), or you do both, by the end of the * replacement asset period; and (b) the replacement asset is your * active asset at the end of the replacement asset period; and (c) if the replacement asset is a * share in a company or an interest in a trust, at the end of the replacement asset period: (i) either you, or an entity * connected with you, is a * CGT concession stakeholder in the company or trust; or (ii) CGT concession stakeholders in the company or trust have a * small business participation percentage in you of at least 90%; and (d) a change of a kind specified in subsection (2) or (3) happens after the end of the replacement asset period. Note 1: The replacement asset period may be modified or extended, see section 104 ‑ 190. Note 2: There is an exception: see subsection (8). Note 3: There may be 2 or more replacement assets. Note 4: CGT event J2 can also happen in relation to a capital gain you rolled ‑ over under Division 17A of former Part IIIA of the Income Tax Assessment Act 1936 or Division 123 of the Income Tax Assessment Act 1997 if the status of the replacement asset changes: see section 104 ‑ 185 of the Income Tax (Transitional Provisions) Act 1997 . (2) For any replacement asset that satisfied paragraph (1)(b) and, if applicable, paragraph (1)(c), the change is: (a) the asset stops being your * active asset; or (b) the asset becomes your * trading stock; or (d) you start to use the asset solely to produce your * exempt income or * non ‑ assessable non ‑ exempt income. (3) In addition, for a * share in a company or an interest in a trust, the change is: (a) * CGT event G3 or I1 happens in relation to it; or (b) paragraph (1)(c) stops being satisfied. Note: The full list of CGT events is in section 104 ‑ 5. (4) The time of the event is when the change happens. (5) You make a capital gain equal to: (a) if there is only one replacement asset that satisfied paragraph (1)(b) and, if applicable, paragraph (1)(c)—the amount of the capital gain that you disregarded under Subdivision 152 ‑ E (the 152 ‑ E amount ); or (b) if there are 2 or more replacement assets that satisfied paragraph (1)(b) and, if applicable, paragraph (1)(c) and a change of a kind specified in subsection (2) or (3) occurs for all of them—the 152 ‑ E amount; or (c) if there are 2 or more replacement assets that satisfied paragraph (1)(b) and, if applicable, paragraph (1)(c) and such a change occurs for one or more but not all of them—so much (if any) of the 152 ‑ E amount as exceeds the sum of the following: (i) the first element of the * cost base of each of those replacement assets * acquired; (ii) the * incidental costs you incurred to acquire each of those replacement assets (which can include giving property, see section 103 ‑ 5); (iii) the amount of * fourth element expenditure incurred in relation to each of those replacement assets; in relation to which such a change did not occur. (6) If * CGT event J6 has happened in relation to the small business roll ‑ over under Subdivision 152 ‑ E, subsection (5) applies to the 152 ‑ E amount reduced by the amount of the capital gain under that event. (7) If * CGT event J2 happens again in a later income year in relation to the small business roll ‑ over under Subdivision 152 ‑ E, subsection (5) applies to any remaining part of the 152 ‑ E amount reduced by the amount of the capital gain under the earlier event. (8) CGT event J2 does not happen because of paragraph (2)(a) for a * share in a company or an interest in a trust if the share or interest ceased to be an * active asset only because of changes in the * market values of assets that were owned by the company or trust when you * acquired the share or interest or incurred the * fourth element expenditure. (9) You incur fourth element expenditure in relation to a * CGT asset if you incur capital expenditure that is included, under subsection 110 ‑ 25(5), in the fourth element of the * cost base of the asset.", "Amendment_Count": 9, "First_Amended": "No 94 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 173 of 2000 | No 66 of 2003 | No 101 of 2003 | No 101 of 2006 | No 55 of 2007 | No 12 of 2012 | No 10 of 2016", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-190", "Provision_Key": "s104-190", "Heading": "Replacement asset period", "Text": "(1A) If you choose a small business roll ‑ over under Subdivision 152 ‑ E for a * CGT event that happens in relation to a * CGT asset in an income year, the replacement asset period is the period: (a) starting one year before the last CGT event in the income year for which you obtain the roll ‑ over; and (b) ending at the later of: (i) 2 years after that last CGT event; and (ii) if the first ‑ mentioned CGT event happened because you * disposed of the CGT asset—6 months after the latest time a possible * financial benefit becomes or could become due under a * look ‑ through earnout right relating to the CGT asset and the disposal. (1) The replacement asset period is modified if your * capital proceeds for the * CGT event are increased under subsection 116 ‑ 45(2) or 116 ‑ 60(3) after the end of that period. Instead, you have until 12 months after you receive those additional proceeds to * acquire a replacement asset, or incur * fourth element expenditure in relation to a * CGT asset, or do both. Note: Section 116 ‑ 45 applies if you do not receive your capital proceeds despite having taken all reasonable steps to get them, and section 116 ‑ 60 applies if your capital proceeds are misappropriated by your employee or agent. (2) The Commissioner may extend the replacement asset period , or that period as modified by subsection (1).", "Amendment_Count": 9, "First_Amended": "No 94 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 173 of 2000 | No 101 of 2003 | No 58 of 2006 | No 101 of 2006 | No 55 of 2007 | No 38 of 2008 | No 10 of 2016", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-195", "Provision_Key": "s104-195", "Heading": "Trust failing to cease to exist after roll ‑ over under Subdivision 124 ‑ N: CGT event J4", "Text": "(1) CGT event J4 happens if: (a) there is a roll ‑ over under Subdivision 124 ‑ N for a trust * disposing of a * CGT asset to a company under a trust restructure; and (b) the trust fails to cease to exist: (i) within 6 months after the start of the * trust restructuring period; or (ii) if that is not possible because of circumstances outside the control of the trustee—as soon as practicable after the end of that 6 month period; and (c) the company owns the asset when the failure happens. Example: Circumstances would be outside the control of the trustee if the trustee is involved in litigation concerning the trust and cannot wind up the trust until the litigation is finished. (2) CGT event J4 also happens if: (a) there is a roll ‑ over under Subdivision 124 ‑ N for an entity (the shareholding entity ) receiving a * share in a company in exchange for a unit or interest in a trust under a trust restructure; and (b) the trust fails to cease to exist: (i) within 6 months after the start of the * trust restructuring period; or (ii) if that is not possible because of circumstances outside the control of the trustee—as soon as practicable after the end of that 6 month period; and (c) the shareholding entity owns the share when the failure happens. (3) The time of the event is when the failure to cease to exist happens. (4) The company makes a capital gain if the * CGT asset’s * market value at the time the company * acquired the asset is more than its * cost base at that time. The company makes a capital loss if that market value is less than the asset’s * reduced cost base at that time. (5) This Part and Part 3 ‑ 3 apply to the company from just after the time of the event as if the first element of the * cost base and * reduced cost base of the asset were its * market value at the time the company * acquired the asset. (6) The shareholding entity makes a capital gain if the * share’s * market value at the time the entity * acquired the share is more than its * cost base at that time. The shareholding entity makes a capital loss if that market value is less than the share’s * reduced cost base at that time. (7) This Part and Part 3 ‑ 3 apply to the shareholding entity from just after the time of the event as if the first element of the * cost base and * reduced cost base of the * share were its * market value at the time the entity * acquired the share. Exception (8) This section does not apply to a * CGT asset acquired under a trust restructure that happened before the day on which the Taxation Laws Amendment Act (No. 4) 2002 received the Royal Assent.", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-197", "Provision_Key": "s104-197", "Heading": "Failure to acquire replacement asset and to incur fourth element expenditure after a roll ‑ over under Subdivision 152 ‑ E: CGT event J5", "Text": "(1) CGT event J5 happens if you choose a small business roll ‑ over under Subdivision 152 ‑ E for a * CGT event that happens in relation to a * CGT asset in an income year and, by the end of the * replacement asset period: (a) you have not * acquired a replacement asset (the replacement asset ), and have not incurred * fourth element expenditure in relation to a CGT asset (also the replacement asset ); or (b) the replacement asset does not satisfy the conditions set out in subsection (2). Note: You do not have to satisfy the basic conditions in Subdivision 152 ‑ A for the gain in relation to CGT event J5 (see subsection 152 ‑ 305(4)). (2) The conditions are: (a) the replacement asset must be your * active asset; and (b) if the replacement asset is a * share in a company or an interest in a trust: (i) you, or an entity * connected with you, must be a * CGT concession stakeholder in the company or trust; or (ii) CGT concession stakeholders in the company or trust must have a * small business participation percentage in you of at least 90%. Example: Joseph owns 50% of the shares in Company A and Company B. He is therefore a CGT concession stakeholder in the companies: see section 152 ‑ 60. The companies are connected with Joseph (see section 328 ‑ 125) because he controls both of them. Company A owns land which it leases to Joseph for use in a business. It sells the land at a profit and buys shares in Company B. Subsection (2) is satisfied for the shares because Joseph is connected with Company A and is a CGT concession stakeholder in Company B. (3) The time of the event is at the end of the * replacement asset period. (4) You make a capital gain equal to the amount of the * capital gain that you disregarded under Subdivision 152 ‑ E. (5) The * replacement asset period may be modified or extended as mentioned in section 104 ‑ 190.", "Amendment_Count": 4, "First_Amended": "No 55 of 2007", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 55 of 2007 | No 80 of 2007 | No 42 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-197"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-198", "Provision_Key": "s104-198", "Heading": "Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain: CGT event J6", "Text": "(1) CGT event J6 happens if you choose a small business roll ‑ over under Subdivision 152 ‑ E for a * CGT event that happens in relation to a * CGT asset in an income year and: (a) by the end of the * replacement asset period, you have done either or both of the following: (i) * acquired a replacement asset (the replacement asset ); (ii) incurred * fourth element expenditure in relation to a CGT asset (also the replacement asset ); and (b) at the end of the replacement asset period, the replacement asset is your * active asset; and (c) if the replacement asset is a * share in a company or an interest in a trust, at the end of the replacement asset period: (i) you, or an entity * connected with you, are a * CGT concession stakeholder in the company or trust; or (ii) CGT concession stakeholders in the company or trust have a * small business participation percentage in you of at least 90%; and (d) the total (the amount incurred ) of the following, in relation to each replacement asset that satisfied paragraph (b) and, if applicable, paragraph (c), is less than the amount of the capital gain that you disregarded: (i) the first element of the * cost base; (ii) the * incidental costs you incurred (which can include giving property, see section 103 ‑ 5); (iii) the amount of fourth element expenditure incurred. Note: You do not have to satisfy the basic conditions in Subdivision 152 ‑ A for the gain in relation to CGT event J6 (see subsection 152 ‑ 305(4)). (2) The time of the event is at the end of the * replacement asset period. (3) You make a capital gain equal to the difference between: (a) the amount of the * capital gain that you disregarded under Subdivision 152 ‑ E; and (b) the amount incurred. (4) The * replacement asset period may be modified or extended as mentioned in section 104 ‑ 190.", "Amendment_Count": 3, "First_Amended": "No 55 of 2007", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 55 of 2007 | No 42 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-198"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-205", "Provision_Key": "s104-205", "Heading": "Incoming international transfer of emissions unit: CGT event K1", "Text": "(1) CGT event K1 happens if: (a) any of the following conditions is satisfied: (iii) a * Kyoto unit is transferred from your foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee’s Registry account (within the meaning of that Act); (iv) a Kyoto unit is transferred from your nominee’s foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee’s Registry account (within the meaning of that Act); (v) an * Australian carbon credit unit is transferred from your foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); (vi) an * Australian carbon credit unit is transferred from your nominee’s foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); and (b) as a result of the transfer, you start to * hold the unit as a * registered emissions unit; and (c) just before the transfer, the unit was neither your * trading stock nor your * revenue asset. (2) The time of the event is when you start to * hold the unit as a * registered emissions unit. (3) You make a capital gain if the unit’s * market value (just before you started to * hold the unit as a * registered emissions unit) is more than its * cost base. You make a capital loss if that market value is less than its * reduced cost base.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 77 of 2001 | No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-210", "Provision_Key": "s104-210", "Heading": "Bankrupt pays amount in relation to debt: CGT event K2", "Text": "(1) CGT event K2 happens if: (a) you made a * net capital loss for an income year that, because of subsection 102 ‑ 5(2), cannot be applied in working out whether you made a * net capital gain for the income year or a later one; and (b) you make a payment in an income year (the payment year ) in respect of a debt that was taken into account in working out the amount of that net capital loss; and (c) ignoring subsection 102 ‑ 5(2), some part of the net capital loss (the denied part ) would have been applied (if you had made sufficient * capital gains) in working out whether you had made a * net capital gain for the payment year. The payment can include giving property: see section 103 ‑ 5. (2) The time of the event is when you make the payment. (3) You make a capital loss equal to the smallest of: (a) the amount you paid; or (b) that part of it that was taken into account in working out the denied part; or (c) the denied part less the sum of * capital losses you made as a result of previous payments you made in respect of the debt that was taken into account in working out the denied part. (4) In calculating that capital loss , disregard any amount you have received as * recoupment of the payment and that is not included in your assessable income.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-215", "Provision_Key": "s104-215", "Heading": "Asset passing to tax ‑ advantaged entity: CGT event K3", "Text": "(1) CGT event K3 happens if you die and a * CGT asset you owned just before dying * passes to a beneficiary in your estate who (when the asset passes): (a) is an * exempt entity; or (b) is the trustee of a * complying superannuation entity; or (c) is a foreign resident. (2) If the asset passes to a beneficiary who is a foreign resident, CGT event K3 happens only if: (a) you were an Australian resident just before dying; and (b) the asset (in the hands of the beneficiary) is not * taxable Australian property. (3) The time of the event is just before you die. (4) A capital gain is made if the * market value of the asset on the day you died is more than the asset’s * cost base. A capital loss is made if that market value is less than the asset’s * reduced cost base. Note: The trustee of the estate must include in the date of death return any net capital gain for the income year when you died. Exception (5) A * capital gain or * capital loss is disregarded if you * acquired the asset before 20 September 1985. Note: There is also an exception for certain philanthropic testamentary gifts: see section 118 ‑ 60.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 176 of 1999 | No 41 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-220", "Provision_Key": "s104-220", "Heading": "CGT asset starts being trading stock: CGT event K4", "Text": "(1) CGT event K4 happens if: (a) you start holding as * trading stock a * CGT asset you already own but do not hold as trading stock; and (b) you elect under paragraph 70 ‑ 30(1)(a) to be treated as having sold the asset for its * market value. Note 1: Paragraph 70 ‑ 30(1)(a) allows you to elect the cost of the asset, or its market value, just before it became trading stock. Note 2: There is an exemption if you elect its cost: see section 118 ‑ 25. (2) The time of the event is when you start. (3) You make a capital gain if the asset’s * market value (just before it became * trading stock) is more than its * cost base. You make a capital loss if that market value is less than its * reduced cost base. Exception (4) A * capital gain or * capital loss you make is disregarded if you * acquired the asset before 20 September 1985.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-225", "Provision_Key": "s104-225", "Heading": "Special collectable losses: CGT event K5", "Text": "(1) CGT event K5 happens if the requirements in subsections (2), (3) and (4) are satisfied. (2) There is a fall in the * market value of a * collectable of a company or trust. (3) * CGT event A1, C2 or E8 happens to: (a) * shares you own in the company (or in a company that is a member of the same * wholly ‑ owned group); or (b) an interest you have in the trust; and there is no roll ‑ over for that CGT event. (4) As a result of the * capital proceeds from that event being replaced under section 116 ‑ 80: (a) you make a * capital gain that you would not otherwise have made; or (b) you do not make the * capital loss you would otherwise have made; or (c) you make a capital loss that is less than you would otherwise have made. Note: The capital proceeds from that event are replaced with the market value of the shares or the interest in the trust as if the fall in the market value of collectables and personal use assets had not occurred: see section 116 ‑ 80. (5) The time of CGT event K5 is the time of * CGT event A1, C2 or E8. (6) You make a capital loss from a * collectable equal to: • the * market value of the * shares or the interest in the trust (worked out as at the time of * CGT event A1, C2 or E8 as if the fall in market value of the collectable had not occurred); less: • the actual * capital proceeds from CGT event A1, C2 or E8. Example: You own 50% of the shares in a company. You bought them in 1999 for $60,000. The company owns a painting worth $100,000 and another asset worth $20,000. The painting falls in value to $50,000. In 1999 you sell your shares for $35,000 (the actual capital proceeds). You would otherwise make a capital loss of $25,000. However, the actual capital proceeds are replaced with $60,000 (the market value of the shares if the painting had not fallen in value). You do not make a capital loss from selling the shares. You do make a collectable loss equal to: Note: You can subtract capital losses from collectables only from your capital gains from collectables: see section 108 ‑ 10.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-230", "Provision_Key": "s104-230", "Heading": "Pre ‑ CGT shares or trust interest: CGT event K6", "Text": "(1) CGT event K6 happens if: (a) you own * shares in a company or an interest in a trust you * acquired before 20 September 1985; and (b) * CGT event A1, C2, E1, E2, E3, E5, E6, E7, E8, J1 or K3 happens in relation to the shares or interest; and (c) there is no roll ‑ over for the other CGT event; and (d) the applicable requirement in subsection (2) is satisfied. (2) Just before the other event happened: (a) the * market value of property of the company or trust (that is not its * trading stock) that was * acquired on or after 20 September 1985; or (b) the market value of interests the company or trust owned through interposed companies or trusts in property (except trading stock) that was * acquired on or after 20 September 1985; must be at least 75% of the * net value of the company or trust. (5) The time of CGT event K6 is when the other event happens. (6) You make a * capital gain equal to that part of the * capital proceeds from the * share or interest that is reasonably attributable to the amount by which the * market value of the property referred to in subsection (2) is more than the sum of the * cost bases of that property. Note: You cannot make a capital loss. (7) This section applies to property that a company that is a foreign resident * acquired after 15 August 1989 from another company as if it were acquired before 20 September 1985 if: (a) the other company acquired it before 20 September 1985; and (b) the companies are members of the same * wholly ‑ owned group; and (c) the property is not * taxable Australian property. (8) In working out the * net value of a company or trust for the purposes of subsection (2), disregard: (a) the discharge or release of any liabilities; or (b) the * market value of any * CGT assets acquired; if the discharge or release, or the * acquisition, was done for a purpose that included ensuring that the requirement in subsection (2) would not be satisfied in a particular situation. Exceptions (9) CGT event K6 does not happen if: (a) for a company referred to in subsection (2)—some of its * shares were listed for quotation in the official list of a stock exchange in Australia or a foreign country at the time of the other event and at all times in the period of 5 years before the time of the other event; or (b) for a trust referred to in subsection (2) that is a unit trust—some of its units were so listed, or were ordinarily available to the public for subscription or purchase, at the time of the other event and at all times in that period. (9A) Paragraph (9)(a) applies to a case where: (a) the company referred to in subsection (2) is a * demerged entity; and (b) * shares in the demerged entity do not satisfy the test referred to in that paragraph; and (c) the demerger happened not more than 5 years before the other CGT event happened; as if shares in the demerged entity were listed for quotation in the official list of a stock exchange in Australia or a foreign country at all times when some of the shares in the * head entity of the * demerger group were so listed. Example: Louise owns shares in a company which has been listed for 3 years. The company is the head entity of a demerger group. As part of a demerger, she receives new interests in a demerged entity. The demerged entity then lists in its own right. Since the head entity was listed for only 3 years, the demerged entity must remain listed for 2 years before Louise’s new interests become eligible for the exception from CGT event K6. (9B) Paragraph (9)(b) applies to a case where: (a) the trust referred to in subsection (2) is a * demerged entity and a unit trust; and (b) units in the demerged entity do not satisfy the test referred to in that paragraph; and (c) the demerger happened not more than 5 years before the other CGT event happened; as if units in the demerged entity were listed for quotation in the official list of a stock exchange in Australia or a foreign country, or were ordinarily available to the public for subscription or purchase, at all times when some of the units in the * head entity of the * demerger group were so listed or available. (10) A * capital gain is disregarded for a * share in a company or an interest in a trust to the extent that, had you * acquired it on or after 20 September 1985, you could have chosen a roll ‑ over for the other * CGT event under Subdivision 124 ‑ M (scrip for scrip roll ‑ over). Example: Bill owns a unit in a trust that he acquired before 20 September 1985. He exchanges the unit for a unit in another trust worth $60 and $40 cash. He makes a capital gain of $50 because of CGT event K6. Had the unit been acquired after 20 September 1985, Bill would have been entitled to a partial roll ‑ over of the capital gain under Subdivision 124 ‑ M to the extent that his capital proceeds constituted a replacement unit. Bill can therefore disregard 60 / 100 of the $50 gain ($30). The cost base of Bill’s replacement unit is reduced by this amount. Bill must include the remaining $20 of the CGT event K6 gain in the calculation of his net capital gain or loss for the year. Note: A capital gain or loss made by a demerging entity from CGT event K6 happening as a result of a demerger is also disregarded: see section 125 ‑ 155.", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 89 of 2000 | No 114 of 2000 | No 90 of 2002 | No 83 of 2004 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-235", "Provision_Key": "s104-235", "Heading": "Balancing adjustment events for depreciating assets and certain assets used for R&D: CGT event K7", "Text": "(1) CGT event K7 happens if: (a) a * balancing adjustment event occurs for a * depreciating asset you * held; and (b) at some time when you held the asset, you used it, or had it * installed ready for use, for: (i) a purpose other than a * taxable purpose; or (ii) the purpose to which paragraphs 40 ‑ 27(2)(a) and (b) relate (about second ‑ hand assets in residential property). (1A) However, subsection (1) does not apply if: (a) you are an * R&D entity and you could deduct an amount under section 40 ‑ 25 for the * depreciating asset if the following assumptions were made: (i) despite paragraph 40 ‑ 30(1)(c) and subsection 40 ‑ 30(2), all intangible assets were excluded from the definition of depreciating asset in section 40 ‑ 30; (ii) subsection 40 ‑ 45(2) did not, except in the case of buildings, prevent Division 40 from applying to capital works to which Division 43 applies, or to which Division 43 would apply but for expenditure being incurred, or capital works being started, before a particular day; (iii) you satisfied any relevant requirement for deductibility under Division 40; or (b) there is roll ‑ over relief for the * balancing adjustment event under section 40 ‑ 340 of this Act; or (c) the asset is one for which you or another entity has deducted or can deduct amounts under Subdivision 40 ‑ F or 40 ‑ G. (1AA) Without limiting subsection (1A), if the asset is a vessel for which: (a) you have a * shipping exempt income certificate; or (b) you have at any time had such a certificate; subsection (1) does not apply in relation to the asset to the extent that you are using, or at any time have used, it to produce income that is exempt under section 51 ‑ 100. (1B) CGT event K7 also happens if: (a) you are an * R&D entity; and (b) a * balancing adjustment event occurs for a * depreciating asset you * held; and (c) when you held the asset, you could deduct an amount under section 40 ‑ 25 for the asset if the assumptions set out in paragraph (1A)(a) were made; and (d) at some time when you held the asset: (i) you used it other than for a taxable purpose or for the purpose of conducting * R&D activities for which you were registered under section 27A of the Industry Research and Development Act 1986 ; or (ii) you had it installed ready for use other than for a taxable purpose. Note: For subparagraph (d)(i), disregard any use of the asset for the purpose of carrying on research and development activities (within the meaning of former section 73B of the Income Tax Assessment Act 1936 ): see section 104 ‑ 235 of the Income Tax (Transitional Provisions) Act 1997. (2) The time of * CGT event K7 is when the * balancing adjustment event occurs. (3) Any * capital gain or * capital loss is worked out: (a) under section 104 ‑ 240; or (b) under section 104 ‑ 245 if the * depreciating asset was allocated to a low ‑ value pool. (4) A * capital gain or * capital loss you make is disregarded if: (a) the * depreciating asset covered by subsection (1) or (1B) is a * pre ‑ CGT asset; or (b) you can deduct an amount for the asset under Division 328 (about small business entities) for the income year in which the * balancing adjustment event occurred.", "Amendment_Count": 7, "First_Amended": "No 77 of 2001", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 77 of 2001 | No 170 of 2001 | No 119 of 2002 | No 80 of 2007 | No 93 of 2011 | No 57 of 2012 | No 126 of 2017", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-240", "Provision_Key": "s104-240", "Heading": "Working out capital gain or loss for CGT event K7: general case", "Text": "(1) You make a capital gain if the * termination value of the * depreciating asset covered by subsection 104 ‑ 235(1) or (1B) is more than its * cost. The amount of the * capital gain is: where: sum of reductions is the sum of: (a) if the * depreciating asset is covered by subsection 104 ‑ 235(1): (i) if subparagraph (ii) does not apply—the reductions in your deductions for the asset under sections 40 ‑ 25 and 40 ‑ 27; or (ii) if there is a reduction of the balancing adjustment amount under section 40 ‑ 291A in relation to the * balancing adjustment event—the amount of that reduction; or (b) if the depreciating asset is covered by subsection 104 ‑ 235(1B)—the reductions that would have been required under section 40 ‑ 25 on the assumption that using the asset for a * taxable purpose included using it for the purpose of conducting * R&D activities for which you were registered under section 27A of the Industry Research and Development Act 1986 . total decline is the decline in value of the * depreciating asset since you started to * hold it. Note 1: This subsection applies in a modified way if you used the asset for the purpose of carrying on research and development activities (within the meaning of former section 73B of the Income Tax Assessment Act 1936 ): see section 104 ‑ 235 of the Income Tax (Transitional Provisions) Act 1997. Note 2: The CGT concepts of cost base and capital proceeds are not relevant for this event. (2) You make a capital loss if the * cost of the * depreciating asset covered by subsection 104 ‑ 235(1) or (1B) is more than its * termination value. The amount of the * capital loss is: where: sum of reductions and total decline have the same meanings as in subsection (1). (3) In applying subsection (1) or (2), reduce the * termination value of the * depreciating asset by so much of an amount misappropriated by your employee or * agent (whether by theft, embezzlement, larceny or otherwise) as represents an amount applicable to you under: (a) item 8 of the table in subsection 40 ‑ 300(2); or (b) item 1, 3, 4 or 6 of the table in subsection 40 ‑ 305(1); in relation to the * balancing adjustment event. (4) If you later receive an amount as * recoupment of all or part of the amount misappropriated, the amount applicable under subsection (3) is increased by the amount received. (5) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to this section for an income year if: (a) you discover the misappropriation, or you receive an amount as * recoupment of all or part of the amount misappropriated, after you lodged your * income tax return for the income year; and (b) the amendment is made at any time during the period of 4 years starting immediately after you discover the misappropriation or receive the amount.", "Amendment_Count": 6, "First_Amended": "No 77 of 2001", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 77 of 2001 | No 170 of 2001 | No 38 of 2008 | No 93 of 2011 | No 126 of 2017 | No 49 of 2026", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-245", "Provision_Key": "s104-245", "Heading": "Working out capital gain or loss for CGT event K7: pooled assets", "Text": "(1) You make a capital gain if the * depreciating asset’s * termination value is more than its * cost. The amount of the * capital gain is: where: taxable use fraction is the taxable use percentage (expressed as a fraction) that you estimated for the asset when you allocated it to the pool. Note: The CGT concepts of cost base and capital proceeds are not relevant for this event. (2) You make a capital loss if the * depreciating asset’s * cost is more than its * termination value. The amount of the * capital loss is: where: taxable use fraction has the same meaning as in subsection (1). (3) In applying subsection (1) or (2), reduce the * termination value of the * depreciating asset by so much of an amount misappropriated by your employee or * agent (whether by theft, embezzlement, larceny or otherwise) as represents an amount applicable to you under: (a) item 8 of the table in subsection 40 ‑ 300(2); or (b) item 1, 3, 4 or 6 of the table in subsection 40 ‑ 305(1); in relation to the * balancing adjustment event. (4) If you later receive an amount as * recoupment of all or part of the amount misappropriated, the amount applicable under subsection (3) is increased by the amount received. (5) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to this section for an income year if: (a) you discover the misappropriation, or you receive an amount as * recoupment of all or part of the amount misappropriated, after you lodged your * income tax return for the income year; and (b) the amendment is made at any time during the period of 4 years starting immediately after you discover the misappropriation or receive the amount.", "Amendment_Count": 2, "First_Amended": "No 77 of 2001", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 77 of 2001 | No 38 of 2008", "History_Notes": "Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-250", "Provision_Key": "s104-250", "Heading": "Direct value shifts: CGT event K8", "Text": "(1) CGT event K8 happens if there is a * taxing event generating a gain for a * down interest under section 725 ‑ 245. Note: That section sets out some of the CGT consequences of a direct value shift for affected owners of down interests. See also the rest of Division 725. (2) The time of the event is the * decrease time for the * down interest. (3) You make a capital gain equal to the gain generated for the taxing event. Note: You cannot make a capital loss. (4) If, because of the same * direct value shift, there are 2 or more * taxing events generating a gain that are covered by subsection (1), CGT event K8 happens for each of those taxing events, and you make a separate capital gain for each. Exceptions (5) A * capital gain is disregarded if the * down interest is a * pre ‑ CGT asset.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 90 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-255", "Provision_Key": "s104-255", "Heading": "Carried interests: CGT event K9", "Text": "(1) CGT event K9 happens if you become entitled to receive a * payment of a * carried interest of a * general partner in a * VCLP, an * ESVCLP or an * AFOF or a * limited partner in a * VCMP. (2) The time of the event is the time you become entitled to receive the * payment. (3) You make a capital gain equal to the * capital proceeds from the * CGT event. Note: You cannot make a capital loss. Meaning of carried interest (4) The carried interest of a * general partner in a * VCLP, an * ESVCLP or an * AFOF is the partner’s entitlement to a distribution from the VCLP, ESVCLP or AFOF, to the extent that the distribution is contingent upon the attainment of profits for the * limited partners in the VCLP, ESVCLP or AFOF. (5) The carried interest of a * limited partner in a * VCMP is the partner’s entitlement to a distribution from the VCMP, to the extent that the distribution is contingent upon the attainment of profits for the * limited partners in the VCLP, ESVCLP or AFOF in which the VCMP is a * general partner. (6) The carried interest does not include: (a) any part of the partner’s entitlement to that distribution that is attributable to a fee (by whatever name called) for the management of the * VCLP, * ESVCLP, * AFOF or * VCMP; or (b) any part of the partner’s entitlement to that distribution that is attributable to the partner’s * equity interest in the VCLP, ESVCLP, AFOF or VCMP. Meaning of payment of carried interest (7) Payment , of a * carried interest, includes: (a) a payment that is attributable to the carried interest; or (b) the giving of property in satisfaction of the carried interest: see section 103 ‑ 5; or (c) the giving of property in satisfaction of an entitlement that is attributable to the carried interest: see section 103 ‑ 5.", "Amendment_Count": 3, "First_Amended": "No 136 of 2002", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 136 of 2002 | No 78 of 2007 | No 110 of 2014", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-260", "Provision_Key": "s104-260", "Heading": "Certain short ‑ term forex realisation gains: CGT event K10", "Text": "(1) CGT event K10 happens if: (a) you make a * forex realisation gain as a result of forex realisation event 2; and (b) item 1 of the table in subsection 775 ‑ 70(1) applies. (2) The time of the event is when the forex realisation event happens. (3) You make a capital gain equal to the * forex realisation gain. Note: You cannot make a capital loss under CGT event K10. However, if you make a forex realisation loss covered by item 1 of the table in subsection 775 ‑ 75(1), you will make a capital loss under CGT event K11 ( see section 104 ‑ 265).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-265", "Provision_Key": "s104-265", "Heading": "Certain short ‑ term forex realisation losses: CGT event K11", "Text": "(1) CGT event K11 happens if: (a) you make a * forex realisation loss as a result of forex realisation event 2; and (b) item 1 of the table in subsection 775 ‑ 75(1) applies. (2) The time of the event is when the forex realisation event happens. (3) You make a capital loss equal to the * forex realisation loss. Note: You cannot make a capital gain under CGT event K11 . However, if you make a forex realisation gain covered by item 1 of the table in subsection 775 ‑ 70(1), you will make a capital gain under CGT event K10 ( see section 104 ‑ 260).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-270", "Provision_Key": "s104-270", "Heading": "Foreign hybrids: CGT event K12", "Text": "(1) CGT event K12 happens if, in accordance with paragraph 830 ‑ 50(2)(b) or (3)(b), you make a * capital loss under this section for an income year. (2) The time of the event is just before the end of the income year. (3) You make a capital loss equal to the amount applicable under paragraph 830 ‑ 50(2)(b) or (3)(b).", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-500", "Provision_Key": "s104-500", "Heading": "Loss of pre ‑ CGT status of membership interests in entity becoming subsidiary member: CGT event L1", "Text": "(1) CGT event L1 happens if, under section 705 ‑ 57 (including in its application in accordance with Subdivisions 705 ‑ B to 705 ‑ E), there is a reduction in the * tax cost setting amount of assets of an entity that becomes a * subsidiary member of a * consolidated group or a * MEC group. (2) The time of the event is just after the entity becomes a * subsidiary member of the group. (3) For the head company core purposes mentioned in subsection 701 ‑ 1(2), the * head company makes a capital loss equal to the reduction . (4) The amount of the capital loss that can be applied to reduce the head company’s * capital gains for the first income year ending after the entity becomes a * subsidiary member of the group (the first income year ) cannot exceed 1 / 5 of the * capital loss . (5) The amount of the * net capital loss from the first income year, to the extent the amount is attributable to the * capital loss (the extent being the event L1 attributable loss ), that can be applied to reduce the head company’s * capital gains for a later income year cannot exceed the amount worked out for the year using the following table: Limit on applying event L1 attributable loss Item For this income year: The amount of the event L1 attributable loss that can be applied cannot exceed: 1 For the second income year ending after the entity became a * subsidiary member The difference between: (a) 2/5 of the * capital loss; and (b) the amount of the capital loss that was applied in accordance with subsection (4) for the first income year. 2 For the third income year ending after the entity became a * subsidiary member The difference between: (a) 3/5 of the * capital loss; and (b) the sum of the amount mentioned in paragraph (b) of item 1 and the amount of the event L1 attributable loss that was applied to reduce the entity’s * capital gains for the next income year after the first income year. 3 For the fourth income year ending after the entity became a * subsidiary member The difference between: (a) 4/5 of the * capital loss; and (b) the sum of the amount mentioned in paragraph (b) of item 1 and the amounts of the event L1 attributable loss that were applied to reduce the entity’s * capital gains for earlier income years ending after the first income year. 4 For the fifth income year ending after the entity became a * subsidiary member, or for any later income year The difference between: (a) the * capital loss; and (b) the sum of the amount mentioned in paragraph (b) of item 1 and the amounts of the event L1 attributable loss that were applied to reduce the entity’s * capital gains for earlier income years ending after the first income year.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 117 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-505", "Provision_Key": "s104-505", "Heading": "Where pre ‑ formation intra ‑ group roll ‑ over reduction results in negative allocable cost amount: CGT event L2", "Text": "(1) CGT event L2 happens if: (a) an entity becomes a * subsidiary member of a * consolidated group or a * MEC group; and (b) in working out the group’s * allocable cost amount for the entity, the amount remaining after applying step 3A of the table in section 705 ‑ 60 is negative. (2) The time of the event is just after the entity becomes a * subsidiary member of the group. (3) For the head company core purposes mentioned in subsection 701 ‑ 1(2), the * head company makes a capital gain equal to the amount remaining .", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 107 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-510", "Provision_Key": "s104-510", "Heading": "Where tax cost setting amounts for retained cost base assets exceeds joining allocable cost amount: CGT event L3", "Text": "(1) CGT event L3 happens if: (a) an entity becomes a * subsidiary member of a * consolidated group or a * MEC group; and (b) the sum of the * tax cost setting amounts for all * retained cost base assets that are taken into account under paragraph 705 ‑ 35(1)(b) in working out the tax cost setting amount of each reset cost base asset of the entity exceeds the group’s * allocable cost amount for the entity. (2) The time of the event is just after the entity becomes a * subsidiary member of the group. (3) For the head company core purposes mentioned in subsection 701 ‑ 1(2), the * head company makes a capital gain equal to the excess .", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 16 of 2003 | No 67 of 2003 | No 107 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-515", "Provision_Key": "s104-515", "Heading": "Where no reset cost base assets and excess of net allocable cost amount on joining: CGT event L4", "Text": "(1) CGT event L4 happens if: (a) an entity becomes a * subsidiary member of a * consolidated group or a * MEC group; and (b) in working out the * tax cost setting amount for assets of the entity in accordance with section 705 ‑ 35 (including in its application in accordance with Subdivisions 705 ‑ B to 705 ‑ D), there is an amount that results after applying paragraphs 705 ‑ 35(1)(b) and (c) (including in their application in accordance with those Subdivisions); and Note: Section 705 ‑ 35 is about the tax cost setting amount for reset cost base assets. (c) it is not possible to allocate, in accordance with the latter paragraph, the amount that results because there are no reset cost base assets of the kind mentioned in that paragraph. (2) The time of the event is just after the entity becomes a * subsidiary member of the group. (3) For the head company core purposes mentioned in subsection 701 ‑ 1(2), the * head company makes a capital loss equal to the amount that results .", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 16 of 2003 | No 107 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-520", "Provision_Key": "s104-520", "Heading": "Where amount remaining after step 4 of leaving allocable cost amount is negative: CGT event L5", "Text": "(1) CGT event L5 happens if: (a) an entity ceases to be a * subsidiary member of a * consolidated group or a * MEC group; and (b) in working out the group’s * allocable cost amount for the entity, the amount remaining after applying step 4 of the table in section 711 ‑ 20 is negative. (2) The time of the event is when the entity ceases to be a * subsidiary member of the group. (3) For the head company core purposes mentioned in subsection 701 ‑ 1(2), the * head company makes a capital gain equal to the amount remaining . Note: The amount remaining may be reduced under section 707 ‑ 415.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 16 of 2003 | No 107 of 2003 | No 88 of 2009", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-525", "Provision_Key": "s104-525", "Heading": "Error in calculation of tax cost setting amount for joining entity’s assets: CGT event L6", "Text": "(1) CGT event L6 happens if: (a) you are the * head company of a * consolidated group or a * MEC group; and (b) the conditions in section 705 ‑ 315 (about errors in tax cost setting amounts) are satisfied for a * subsidiary member of the group; and (c) you have a * net overstated amount or a * net understated amount for the subsidiary member. (2) The time of the event is the start of the income year in which the Commissioner becomes aware of the errors. (3) You work out whether you have a net overstated amount or net understated amount using this table: Meaning of net overstated amount and net understated amount Item In this situation: There is this result: 1 There are one or more overstated amounts under section 705 ‑ 315 for the * subsidiary member but no understated amount under that section for the subsidiary member There is a net overstated amount . It is the overstated amount, or the sum of the overstated amounts. 2 There are one or more understated amounts under section 705 ‑ 315 for the * subsidiary member but no overstated amount under that section for the subsidiary member There is a net understated amount . It is the understated amount, or the sum of the understated amounts. 3 There are both one or more overstated amounts and one or more understated amounts under section 705 ‑ 315 for the * subsidiary member and the sum of the overstated amounts exceeds the sum of the understated amounts There is a net overstated amount . It is the difference between those sums 4 There are both one or more overstated amounts and one or more understated amounts under section 705 ‑ 315 for the * subsidiary member and the sum of the overstated amounts is less than the sum of the understated amounts There is a net understated amount . It is the difference between those sums (4) If the time when the Commissioner becomes aware of the errors is within the period within which the Commissioner may amend all of the assessments necessary to correct the errors, then, for the head company core purposes mentioned in subsection 701 ‑ 1(2): (a) if you have a * net overstated amount—you make a capital gain equal to that amount; or (b) if you have a * net understated amount—you make a capital loss equal to that amount. (5) If the time when the Commissioner becomes aware of the errors is not within that period, then, for the head company core purposes mentioned in subsection 701 ‑ 1(2): (a) if you have a * net overstated amount—you make a capital gain of the amount worked out under subsection (6); or (b) if you have a * net understated amount—you make a capital loss of the amount worked out under subsection (6). (6) The amount of the * capital gain or * capital loss is worked out as follows: where: current asset setting amount means the * tax cost setting amount for all assets referred to in subsection 705 ‑ 315(2) as reset cost base assets that the * head company of the * consolidated group or the * MEC group held continuously from the time when the * subsidiary member joined the group until the start of the head company’s income year that is the earliest income year for which the Commissioner could amend the head company’s assessment to correct any of the errors. original asset setting amount means the * tax cost setting amount for all assets referred to in subsection 705 ‑ 315(2) as reset cost base assets that the * subsidiary member held at the time it joined the group. stated amount means the * net overstated amount or the * net understated amount, as the case requires.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 16 of 2003 | No 107 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 104-535", "Provision_Key": "s104-535", "Heading": "Where reduction in tax cost setting amounts for reset cost base assets cannot be allocated: CGT event L8", "Text": "(1) CGT event L8 happens if: (a) an entity becomes a * subsidiary member of a * consolidated group or a * MEC group; and (b) the * tax cost setting amount for a reset cost base asset of the entity is reduced under subsection 705 ‑ 40(1) (including in its application in accordance with Subdivisions 705 ‑ B to 705 ‑ D); and (c) some or all (the unallocated amount ) of the reduction cannot be allocated as mentioned in subsection 705 ‑ 40(2). (2) The time of the event is just after the entity becomes a * subsidiary member of the group. (3) For the head company core purposes mentioned in subsection 701 ‑ 1(2), the * head company makes a capital loss equal to the unallocated amount.", "Amendment_Count": 1, "First_Amended": "No 107 of 2003", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 107 of 2003", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s104-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 106-1", "Provision_Key": "s106-1", "Heading": "What this Division is about", "Text": "This Division sets out the cases where a capital gain or loss is made by someone other than the entity to which a CGT event happens. The entities affected are: • partnerships (Subdivision 106 ‑ A); • bankruptcy trustees and company liquidators (Subdivision 106 ‑ B); • trustees where there is an absolutely entitled beneficiary (Subdivision 106 ‑ C); • security holders (Subdivision 106 ‑ D).", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s106-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 106-5", "Provision_Key": "s106-5", "Heading": "Partnerships", "Text": "(1) Any * capital gain or * capital loss from a * CGT event happening in relation to a partnership or one of its * CGT assets is made by the partners individually. Each partner’s gain or loss is calculated by reference to the partnership agreement, or partnership law if there is no agreement. Example 1: A partnership creates contractual rights in another entity (CGT event D1). Each partner’s capital gain or loss is calculated by allocating an appropriate share of the capital proceeds from the event and the incidental costs that relate to the event (according to the partnership agreement, or partnership law if there is no agreement). Example 2: Helen and Clare set up a business in partnership. Helen contributes a block of land to the partnership capital. Their partnership agreement recognises that Helen has a 75% interest in the land and Clare 25%. The agreement is silent as to their interests in other assets and profit sharing. When the land is sold, Helen’s capital gain or loss will be determined on the basis of her 75% interest. For other partnership assets, Helen’s gain or loss will be determined on the basis of her 50% interest (under the relevant Partnership Act). (2) Each partner has a separate * cost base and * reduced cost base for the partner’s interest in each * CGT asset of the partnership. (3) If a partner leaves a partnership, a remaining partner * acquires a separate * CGT asset to the extent that the remaining partner acquires a share of the departing partner’s interest in a partnership asset. Note: The remaining partners would not be affected if the departing partner sells its interests to an entity that was not a partner. Example: (Indexation is ignored for the purpose of this example). John, Wil and Patricia form a partnership (in equal shares). John contributes a building (which is a pre ‑ 20 September 1985 asset) having a market value of $200,000. Wil and Patricia contribute $200,000 each in cash. The partnership buys another asset for $400,000. John is taken to have disposed of 2 / 3 of his interest in the building ( 1 / 3 to Wil and 1 / 3 to Patricia). His remaining 1 / 3 share in the building remains a pre ‑ CGT asset. The 1 / 3 shares that Wil and Patricia acquire are post ‑ CGT assets. Wil retires from the partnership when the partnership assets have a market value of $1,200,000 ($500,000 for the building and $700,000 for the other asset). John and Patricia pay Wil $400,000 for his interest in the partnership. Wil has a capital gain of $100,000 on the building and $100,000 on the other asset. John and Patricia each acquire an additional 1 / 6 interest in the partnership assets. These additional interests are separate assets and post ‑ CGT assets. (4) If a new partner is admitted to a partnership: (a) the new partner * acquires a share (according to the partnership agreement, or partnership law if there is no agreement) of each partnership asset; and (b) the existing partners are treated as having * disposed of part of their interest in each partnership asset to the extent that the new partner has acquired it. Example: (Indexation is ignored for the purpose of this example). Lyn and Barry form a partnership, each contributing $15,000 to its capital. The partnership buys land for $30,000. The land increases in value to $300,000. Andrew is admitted as an equal partner, paying Lyn and Barry $50,000 each to acquire a 1 / 3 share in the land. His cost base is $100,000. Lyn and Barry have each disposed of 1 / 3 of their interest in the land. Each has a cost base for that interest of $5,000, and capital proceeds of $50,000, leaving them with a capital gain of $45,000 each on Andrew’s admission to the partnership. The land is sold for its market value. Andrew has no capital gain on the land. Lyn and Barry have disposed of their remaining 2 / 3 original interest in the land for capital proceeds of $100,000, leaving each of them with a capital gain of:", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 119 of 2002", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 119 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s106-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 106-30", "Provision_Key": "s106-30", "Heading": "Effect of bankruptcy", "Text": "(1) For the purposes of this Part and Part 3 ‑ 3 (about capital gains and losses) and Subdivision 328 ‑ C (What is a small business entity), the vesting of the individual’s * CGT assets in the trustee under the Bankruptcy Act 1966 or under a similar foreign law is ignored. (2) This Part, Part 3 ‑ 3 and Subdivision 328 ‑ C apply to an act done in relation to a * CGT asset of an individual in these circumstances as if the act had been done by the individual (instead of by the trustee etc.): (a) as a result of the bankruptcy of the individual by the Official Trustee in Bankruptcy or a registered trustee, or the holder of a similar office under a * foreign law; (b) by a trustee under a personal insolvency agreement made under Part X of the Bankruptcy Act 1966 , or under a similar instrument under a foreign law; (c) by a trustee as a result of an arrangement with creditors under that Act or a foreign law. Example: A CGT asset of an individual vests in a trustee because of the bankruptcy of the individual. No CGT event happens as a result of the vesting. The trustee later sells the CGT asset. Any capital gain or loss is made by the individual, not the trustee.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 119 of 2013", "Amending_Acts": "No 46 of 1998 | No 80 of 2004 | No 119 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 80 of 2004, effective Sch 1 (items 197, 212, 213, 215): 1 Dec 2004 (s 2(1) item 2) | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s106-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 106-35", "Provision_Key": "s106-35", "Heading": "Effect of liquidation", "Text": "(1) For the purposes of this Part and Part 3 ‑ 3 (about capital gains and losses) and Subdivision 328 ‑ C (What is a small business entity), the vesting of a company’s * CGT assets in a liquidator, or the holder of a similar office under a * foreign law, is ignored. (2) This Part, Part 3 ‑ 3 and Subdivision 328 ‑ C apply to an act done by a liquidator of a company, or the holder of a similar office under a * foreign law, as if the act had been done by the company (instead of by the liquidator etc.). Example: Ben, a liquidator of a company, sells a CGT asset of the company. Any capital gain or loss is made by the company, not by Ben.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 119 of 2013", "Amending_Acts": "No 46 of 1998 | No 119 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s106-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 106-50", "Provision_Key": "s106-50", "Heading": "Absolutely entitled beneficiaries", "Text": "(1) For the purposes of this Part and Part 3 ‑ 3 (about capital gains and losses) and Subdivision 328 ‑ C (What is a small business entity), from just after the time you become absolutely entitled to a * CGT asset as against the trustee of a trust (disregarding any legal disability), the asset is treated as being your asset (instead of being an asset of the trust). (2) This Part, Part 3 ‑ 3 and Subdivision 328 ‑ C apply, from just after the time you become absolutely entitled to a * CGT asset as against the trustee of a trust (disregarding any legal disability), to an act done in relation to the asset by the trustee as if the act had been done by you (instead of by the trustee). Example: An individual becomes absolutely entitled to a CGT asset of a trust. The trustee later sells the asset. Any capital gain or loss from the sale is made by the individual, not the trustee.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 119 of 2013", "Amending_Acts": "No 46 of 1998 | No 119 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s106-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 106-60", "Provision_Key": "s106-60", "Heading": "Securities, charges and encumbrances", "Text": "(1) For the purposes of this Part and Part 3 ‑ 3 (about capital gains and losses) and Subdivision 328 ‑ C (What is a small business entity): (a) the vesting of a * CGT asset in an entity is ignored, if: (i) the vesting is for the purpose of enforcing, giving effect to or maintaining a security, charge or encumbrance over the asset; and (ii) the security, charge or encumbrance remains over the asset just after the vesting; and (b) a CGT asset is treated as vesting in an entity at the time a security, charge or encumbrance ceases to be over the asset, if: (i) the entity holds the asset just after that time because the asset vested in the entity at an earlier time; and (ii) that earlier vesting was ignored under paragraph (a) because it was for the purpose of enforcing, giving effect to or maintaining the security, charge or encumbrance. (2) This Part, Part 3 ‑ 3 and Subdivision 328 ‑ C apply to an act done by an entity (or an * agent of the entity) in relation to a * CGT asset for the purpose of enforcing, giving effect to or maintaining a security, charge or encumbrance over the asset as if the act had been done by the entity that provided the security (instead of by the first ‑ mentioned entity or its agent). Example: A CGT asset of a borrower vests in a lender as security for a loan. No CGT event happens as a result of the vesting. If the borrower fails to make payments on the loan and the lender sells the CGT asset under the security arrangement, any capital gain or loss is made by the borrower, not the lender.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 119 of 2013", "Amending_Acts": "No 46 of 1998 | No 58 of 2006 | No 119 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Repealed and substituted by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s106-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-1", "Provision_Key": "s108-1", "Heading": "What this Division is about", "Text": "This Division defines the various categories of assets that are relevant to working out your capital gains and losses. They are CGT assets, collectables and personal use assets. It also tells you how capital losses from collectables and personal use assets are relevant to working out your net capital gain or loss. It also sets out when land, buildings and capital improvements are taken to be separate CGT assets.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-5", "Provision_Key": "s108-5", "Heading": "CGT assets", "Text": "(1) A CGT asset is: (a) any kind of property; or (b) a legal or equitable right that is not property. (2) To avoid doubt, these are CGT assets : (a) part of, or an interest in, an asset referred to in subsection (1); (b) goodwill or an interest in it; (c) an interest in an asset of a partnership; (d) an interest in a partnership that is not covered by paragraph (c). Note 1: Examples of CGT assets are: • land and buildings; • shares in a company and units in a unit trust; • options; • debts owed to you; • a right to enforce a contractual obligation; • foreign currency. Note 2: An asset is not a CGT asset if the asset was last acquired before 26 June 1992 and was not an asset for the purposes of former Part IIIA of the Income Tax Assessment Act 1936 : see section 108 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-7", "Provision_Key": "s108-7", "Heading": "Interest in CGT assets as joint tenants", "Text": "Individuals who own a * CGT asset as joint tenants are treated as if they each owned a separate CGT asset constituted by an equal interest in the asset and as if each of them held that interest as a tenant in common. Note: Section 128 ‑ 50 contains rules that apply when a joint tenant dies.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-10", "Provision_Key": "s108-10", "Heading": "Losses from collectables to be offset only against gains from collectables", "Text": "(1) In working out your * net capital gain or * net capital loss for the income year, * capital losses from * collectables can be used only to reduce * capital gains from collectables. Note: You choose the order in which you reduce your capital gains from collectables by your capital losses from collectables. Example: Your capital gains from collectables total $200 and your capital losses from collectables total $400. You have other capital gains of $500. You have a net capital gain of $500 and a net capital loss from collectables of $200. The losses from collectables cannot be used to reduce the $500 capital gain. (2) A collectable is: (a) * artwork, jewellery, an antique, or a coin or medallion; or (b) a rare folio, manuscript or book; or (c) a postage stamp or first day cover; that is used or kept mainly for your (or your * associate’s) personal use or enjoyment. (3) These are also collectables : (a) an interest in any of the things covered by subsection (2); or (b) a debt that arises from any of those things; or (c) an option or right to * acquire any of those things. Note: Collectables acquired for $500 or less are exempt. However, you get an exemption for an interest in one only if the market value of all the interests combined is $500 or less: see Subdivision 118 ‑ A. (4) If some or all of a * capital loss from a * collectable cannot be applied in an income year, the unapplied amount can be applied in the next income year for which your * capital gains from * collectables exceed your * capital losses (if any) from collectables. Example: You have a capital gain from a collectable for the income year of $200 and a capital loss from another collectable of $600. Your capital loss from one collectable reduces your capital gain from the other to zero. You cannot apply the remaining $400 of the capital loss in this income year, but you can apply it in a later income year. (5) If you have 2 or more unapplied * net capital losses from * collectables, you must apply them in the order you made them.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 46 of 1998 | No 169 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-15", "Provision_Key": "s108-15", "Heading": "Sets of collectables", "Text": "(1) This section sets out what happens if: (a) you own * collectables that are a set; and (b) they would ordinarily be * disposed of as a set; and (c) you dispose of them in one or more transactions for the purpose of trying to obtain the exemption in section 118 ‑ 10. Example: You buy a set of 3 books for $900. You apportion the $900 among each book: see section 112 ‑ 30. If the books are of equal value, you have acquired each one for $300. If you dispose of each book individually, you would ordinarily obtain the exemption in section 118 ‑ 10, because you acquired each one for less than $500. (2) The set of * collectables is taken to be a single * collectable and each of your * disposals is a disposal of part of that collectable. Example: To continue the example, the 3 books are taken to be a single collectable. You will not obtain the exemption in section 118 ‑ 10, because you acquired the set for more than $500. You work out if you make a capital gain or loss from a disposal of part of an asset by comparing the capital proceeds from it with the cost base or reduced cost base (as appropriate) of the disposed part. Note 1: Section 112 ‑ 30 tells you how to apportion the cost base and reduced cost base of a CGT asset on a disposal of part of an asset. Note 2: This section does not apply to a collectable you last acquired before 16 December 1995: see section 108 ‑ 15 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-17", "Provision_Key": "s108-17", "Heading": "Cost base of a collectable", "Text": "In working out the * cost base of a * collectable, disregard the third element (about costs of ownership).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 46 of 1998 | No 32 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-20", "Provision_Key": "s108-20", "Heading": "Losses from personal use assets must be disregarded", "Text": "(1) In working out your * net capital gain or * net capital loss for the income year, any * capital loss you make from a * personal use asset is disregarded. (2) A personal use asset is: (a) a * CGT asset (except a * collectable) that is used or kept mainly for your (or your * associate’s) personal use or enjoyment; or (b) an option or right to * acquire a * CGT asset of that kind; or (c) a debt arising from a * CGT event in which the * CGT asset the subject of the event was one covered by paragraph (a); or (d) a debt arising other than: (i) in the course of gaining or producing your assessable income; or (ii) from your carrying on a * business. Note 1: There is an exemption for a personal use asset you acquire for $10,000 or less: see section 118 ‑ 10. Note 2: A debt arising from a CGT event involving a CGT asset kept mainly for your personal use and enjoyment is a personal use asset to prevent any loss arising from the debt being a normal capital loss. (3) A personal use asset does not include land, a * stratum unit or a building or structure that is taken to be a separate * CGT asset because of Subdivision 108 ‑ D.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-25", "Provision_Key": "s108-25", "Heading": "Sets of personal use assets", "Text": "(1) This section sets out what happens if: (a) you own * personal use assets that are a set; and (b) they would ordinarily be * disposed of as a set; and (c) you dispose of them in one or more transactions for the purpose of trying to obtain the exemption in section 118 ‑ 10. (2) The set of * personal use assets is taken to be a single * personal use asset and each of your * disposals is a disposal of part of that asset.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-30", "Provision_Key": "s108-30", "Heading": "Cost base of a personal use asset", "Text": "In working out the * cost base of a * personal use asset, disregard the third element (about the costs of ownership).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 46 of 1998 | No 32 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-50", "Provision_Key": "s108-50", "Heading": "What this Subdivision is about", "Text": "For CGT purposes, there are: • exceptions to the common law principle that what is attached to the land is part of the land; and • special rules about buildings and adjacent land; and • rules about when a capital improvement to a CGT asset is treated as a separate CGT asset. Note: In addition to the circumstances set out in this Subdivision, separate asset treatment can apply under section 124 ‑ 595 (about a roll ‑ over for a Crown lease) and section 124 ‑ 725 (about a roll ‑ over for a prospecting or mining entitlement). Table of sections Operative provisions 108 ‑ 55 When is a building a separate asset from land? 108 ‑ 60 Depreciating asset that is part of a building is a separate asset 108 ‑ 65 Land adjacent to land acquired before 20 September 1985 108 ‑ 70 When is a capital improvement a separate asset? 108 ‑ 75 Capital improvements to CGT assets for which a roll ‑ over may be available 108 ‑ 80 Deciding if capital improvements are related to each other 108 ‑ 85 Meaning of improvement threshold", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 101 of 2004 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-55", "Provision_Key": "s108-55", "Heading": "When is a building a separate asset from land?", "Text": "(1) A building or structure on land that you * acquired on or after 20 September 1985 is taken to be a separate * CGT asset from the land if one of these balancing adjustment provisions applies to the building or structure (whether or not there is a balancing adjustment): (a) Subdivision 40 ‑ D; or (b) section 355 ‑ 315 or 355 ‑ 525 (about R&D). Example: You construct a timber mill building on land you own. The building is subject to a balancing adjustment on its disposal, loss or destruction. It is taken to be a separate CGT asset from the land. (2) A building or structure that is constructed on land that you * acquired before 20 September 1985 is taken to be a separate * CGT asset from the land if: (a) you entered into a contract for the construction on or after that day; or (b) if there is no contract—the construction started on or after that day. Example: You bought a block of land with a building on it on 10 August 1984. On 1 December 1999 you construct another building on the land. The other building is taken to be a separate CGT asset from the land.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 170 of 2001 | No 119 of 2002 | No 93 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-60", "Provision_Key": "s108-60", "Heading": "Depreciating asset that is part of a building is a separate asset", "Text": "A * depreciating asset that is part of a building or structure is taken to be a separate * CGT asset from the building or structure. Example: You own a factory from which you carry on a business. You install rest rooms for your employees. The plumbing fixtures and fittings are depreciating assets. These are taken to be a separate CGT asset from the factory.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-65", "Provision_Key": "s108-65", "Heading": "Land adjacent to land acquired before 20 September 1985", "Text": "Land that you * acquire on or after 20 September 1985 that is adjacent to land (the original land ) you acquired before that day is taken to be a separate * CGT asset from the original land if it and the original land are amalgamated into one title. Example: On 1 April 1984 you bought a block of land. On 1 June 1999 you bought another block of land adjacent to the first block. You amalgamate the titles to the 2 blocks into 1 title. The second block is treated as a separate CGT asset. You can make a capital gain or loss from it if you sell the whole area of land.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-70", "Provision_Key": "s108-70", "Heading": "When is a capital improvement a separate asset?", "Text": "Improvements to land (1) A capital improvement to land is taken to be a separate * CGT asset from the land if one of the balancing adjustment provisions set out in subsection 108 ‑ 55(1) applies to the improvement (whether or not there is a balancing adjustment). Example: You own land that you use for pastoral operations. You build some fences that are destroyed by fire. The fences are depreciating assets and are subject to a balancing adjustment on their destruction under Division 40. The fences are taken to be a separate CGT asset from the land. Unrelated improvements to pre ‑ CGT assets (2) A capital improvement to a * CGT asset (the original asset ) that you * acquired before 20 September 1985 (that is not related to any other capital improvement to the asset) is taken to be a separate * CGT asset if its * cost base (assuming it were a separate CGT asset) when a CGT event happens (except one that happens because of your death) in relation to the original asset is: (a) more than the * improvement threshold for the income year in which the event happened; and (b) more than 5% of the * capital proceeds from the event. Example: In 1983 you bought a boat. In 1999 you install a new mast (a capital improvement) for $30,000. Later, you sell the boat for $150,000. If the cost base of the improvement in the sale year is $41,000 and the improvement threshold for that year is $96,000, the improvement will not be treated as a separate asset. Note 1: Section 108 ‑ 80 sets out the factors for deciding whether capital improvements are related to each other. Note 2: If the improvement is a separate asset, the capital proceeds from the event must be apportioned between the original asset and the improvement: see section 116 ‑ 40. Related improvements to pre ‑ CGT assets (3) Capital improvements to a * CGT asset (the original asset ) that you * acquired before 20 September 1985 that are related to each other are taken to be a separate * CGT asset if the total of their * cost bases (assuming each one were a separate CGT asset) when a * CGT event happens in relation to the original asset is: (a) more than the * improvement threshold for the income year in which the event happened; and (b) more than 5% of the * capital proceeds from the event. Note: If the improvements are a separate asset, the capital proceeds from the event must be apportioned between the original asset and the improvements: see section 116 ‑ 40. Some improvements not relevant (4) This section does not apply to a capital improvement: (a) that took place under a contract that you entered into before 20 September 1985; or (b) if there is no contract—that started or occurred before that day. (5) Subsections (2) and (3) do not apply if the capital improvement is made to: (a) a * Crown lease; or (b) a * prospecting entitlement or * mining entitlement; or (c) a * statutory licence; or (d) a * depreciating asset to which Subdivision 124 ‑ K applies. Note: Section 108 ‑ 75 deals with this situation. (6) This section does not apply to a capital improvement consisting of repairs to or restoration of a * CGT asset * acquired before 20 September 1985 in circumstances where there is a roll ‑ over under Subdivision 124 ‑ B.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-75", "Provision_Key": "s108-75", "Heading": "Capital improvements to CGT assets for which a roll ‑ over may be available", "Text": "(1) This section is relevant only if a * CGT event happens in relation to a * CGT asset that is: (a) a * Crown lease; or (b) a * prospecting entitlement or * mining entitlement; or (c) a * statutory licence; or (d) a * depreciating asset to which Subdivision 124 ‑ K applies. You must have * acquired it before 20 September 1985. Note: Division 124 treats you as having acquired a CGT asset before that day in some situations. (2) There are possible consequences if there has been one or more capital improvements to: (a) the * CGT asset the subject of the * CGT event; or (b) any * CGT assets of the same kind that were in existence before the CGT asset and came to an end where a roll ‑ over was obtained under a provision set out in this table: Roll ‑ over provisions Item For this CGT asset: Roll ‑ over is obtained under this provision: 1 A * Crown lease Subdivision 124 ‑ J 2 A prospecting or mining entitlement Subdivision 124 ‑ L 3 A * statutory licence Subdivision 124 ‑ C or former Subdivision 124 ‑ O 4 A * depreciating asset Subdivision 124 ‑ K Note: Roll ‑ overs under former sections 160ZWA, 160ZZF, 160ZZPE and 160ZWC of the Income Tax Assessment Act 1936 are also relevant: see section 108 ‑ 75 of the Income Tax (Transitional Provisions) Act 1997 . Example: In 1984 you acquired a commercial fishing licence. In 1986 you paid $62,000 to get an extra right (a capital improvement) attached to the licence. In June 1999 the licence expired and you got a new licence. You obtained a roll ‑ over for the old licence expiring. In April 2000 you sold the new fishing licence for $200,000. (3) Any capital improvement that is not related to another capital improvement is taken to be a separate * CGT asset if its * cost base (assuming it were a separate CGT asset) when the * CGT event happens is: (a) more than the * improvement threshold for the income year in which the event happened; and (b) more than 5% of the * capital proceeds from the event. Example: To continue the example, suppose the cost base of the right is $101,000 and the improvement threshold for the 1999 ‑ 2000 income year is $96,000. Since the cost base of the right is more than the improvement threshold and more than 5% of the capital proceeds, the right is taken to be a separate CGT asset. Note 1: Section 108 ‑ 80 sets out the factors for deciding whether capital improvements are related to each other. Note 2: If the improvement is a separate asset, the capital proceeds from the event must be apportioned between the asset and the improvement: see section 116 ‑ 40. (4) Any capital improvements that are related to each other are taken to be a separate * CGT asset if the total of their * cost bases (assuming each one were a separate CGT asset) when the * CGT event happens is: (a) more than the * improvement threshold for the income year in which the event happened; and (b) more than 5% of the * capital proceeds from the event. Note: If the improvements are a separate asset, the capital proceeds from the event must be apportioned between the asset and the improvements: see section 116 ‑ 40. (5) This section does not apply to any capital improvement: (a) that took place under a contract that you entered into before 20 September 1985; or (b) if there is no contract—that started or occurred before that day.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 101 of 2004 | No 101 of 2006 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-80", "Provision_Key": "s108-80", "Heading": "Deciding if capital improvements are related to each other", "Text": "In deciding whether capital improvements are related to each other, the factors to be considered include: (a) the nature of the * CGT asset to which the improvements are made; and (b) the nature, location, size, value, quality, composition and utility of each improvement; and (c) whether an improvement depends in a physical, economic, commercial or practical sense on another improvement; and (d) whether the improvements are part of an overall project; and (e) whether the improvements are of the same kind; and (f) whether the improvements are made within a reasonable period of time of each other.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 108-85", "Provision_Key": "s108-85", "Heading": "Meaning of improvement threshold", "Text": "(1) The improvement threshold for the 1997 ‑ 98 income year is $89,992. (2) The * improvement threshold is indexed annually. Note: Subdivision 960 ‑ M shows you how to index amounts. (3) The Commissioner must publish before the beginning of each * financial year the * improvement threshold for that year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s108-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 109-1", "Provision_Key": "s109-1", "Heading": "What this Division is about", "Text": "This Division sets out the ways in which you can acquire a CGT asset and the time of acquisition. The time of acquisition is important for indexation, and for the exemption of assets acquired before 20 September 1985. Generally, you acquire a CGT asset when you become its owner. You can also acquire a CGT asset: • as a result of a CGT event happening: see section 109 ‑ 5; or • in other circumstances: see section 109 ‑ 10. This Division also directs you to special acquisition rules in other Divisions.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s109-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 109-5", "Provision_Key": "s109-5", "Heading": "General acquisition rules", "Text": "(1) In general, you acquire a * CGT asset when you become its owner. In this case, the time when you * acquire the asset is when you become its owner. (2) This table sets out specific rules for the circumstances in which, and the time at which, you acquire a * CGT asset as a result of a * CGT event happening. Note: The full list of CGT events is in section 104 ‑ 5. Acquisition rules (CGT events) Event Number In these circumstances: You acquire the asset at this time: A1 (case 1) An entity * disposes of a CGT asset to you (except where you compulsorily acquire it) when the disposal contract is entered into or, if none, when the entity stops being the asset’s owner A1 (case 2) You compulsorily acquire a * CGT asset from another entity the earliest of: (a) when you paid compensation to the entity; or (b) when you became the asset’s owner; or (c) when you entered the asset under the power of compulsory acquisition; or (d) when you took possession of it under that power B1 You enter into an agreement to obtain the use and enjoyment of a * CGT asset when you first obtain the use and enjoyment of the asset (unless title does not pass to you at or before the end of the agreement) D1 An entity creates contractual or other rights in you when the contract is entered into or the right created D2 An entity grants an option to you when the option is granted D3 An entity grants you a right to receive * ordinary income from mining when the contract is entered into or, if none, when the right is granted D4 You enter into a * conservation covenant as a covenantee when the covenant is entered into E1 An entity creates a trust over a * CGT asset and you are the trustee when the trust is created E2 An entity transfers a * CGT asset to a trust and you are the trustee when the asset is transferred E3 A trust over a * CGT asset is converted to a unit trust and you are the trustee when the trust is converted E5 You as beneficiary under a trust become absolutely entitled to a * CGT asset of the trust as against the trustee (disregarding any legal disability) when you become absolutely entitled E6 Trustee * disposes of a * CGT asset of the trust to you to satisfy a right you had to receive * ordinary income from the trust when the * disposal occurs E7 Trustee * disposes of a * CGT asset of the trust to you to satisfy your interest, or part of it, in trust capital when the * disposal occurs E8 Beneficiary under a trust * disposes of its interest, or part of it, in trust capital to you when disposal contract is entered into or, if none, when beneficiary stops being interest’s owner E9 An entity creates a trust over future property and you are the trustee when the entity makes the agreement to create the trust F1 A lessor grants a lease to you, or renews or extends a lease for grant of lease—when the contract is entered into or, if none, at the start of lease; for lease renewal or extension—at the start of renewal or extension F2 A lessor grants a lease to you, or renews or extends a lease, and term is at least 50 years for grant of lease—when lessor grants the lease; for lease renewal or extension—at the start of renewal or extension K3 An individual dies and a * CGT asset of the individual * passes to you (as a tax advantaged entity) when the individual dies K6 A * CGT event happens to * shares or an interest in a trust you own when the other CGT event happens Note 1: For CGT events E1, E2 and E3, if the circumstances specified in the second column of the table happened to an asset before 12 January 1994, there may be no acquisition: see section 109 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: The acquisition rule for CGT event E9 in the table does not apply to you as trustee if the agreement to create the trust was made before 12 noon on 12 January 1994: see section 109 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 167 of 2001", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 173 of 2000 | No 77 of 2001 | No 167 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s109-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 109-10", "Provision_Key": "s109-10", "Heading": "When you acquire a CGT asset without a CGT event", "Text": "This table sets out some specific rules for the circumstances in which, and the time at which, you acquire a * CGT asset otherwise than as a result of a * CGT event happening. Acquisition rules (no CGT event) Item In these circumstances You acquire the asset at this time: 1 You (or your * agent) construct or create a * CGT asset, and you own it when the construction is finished or the asset is created when the construction, or work that resulted in the creation, started 2 A company issues or allots * equity interests or * non ‑ equity shares in the company to you when contract is entered into or, if none, when equity interests or non ‑ equity shares issued or allotted 3 A trustee of a unit trust issues units in the trust to you when contract is entered into or, if none, when units issued", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 163 of 2001 | No 162 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s109-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 109-50", "Provision_Key": "s109-50", "Heading": "Effect of this Subdivision", "Text": "This Subdivision is a * Guide.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s109-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 109-55", "Provision_Key": "s109-55", "Heading": "Other acquisition rules", "Text": "This table sets out other acquisition rules in this Part and Part 3 ‑ 3. Some of the rules have effect only for limited purposes. Other acquisition rules Item In these circumstances You acquire the asset at this time: See: 1 A CGT asset devolves to you as legal personal representative of a deceased individual when the individual died section 128 ‑ 15 2 A CGT asset passes to you as beneficiary in the estate of a deceased individual when the individual died sections 128 ‑ 15 and 128 ‑ 25 3 A surviving joint tenant acquires deceased joint tenant’s interest in a CGT asset when the deceased died section 128 ‑ 50 4 You get only a partial exemption under Subdivision 118 ‑ B for a CGT event happening to a CGT asset that is a dwelling, but you would have got a full exemption if the CGT event had happened just before the first time the dwelling was used for that purpose at that time section 118 ‑ 192 5 The trustee of a deceased estate acquires a dwelling under the deceased’s will for you to occupy, and you obtain an interest in it when the trustee acquired it section 118 ‑ 210 6 You obtain a replacement ‑ asset roll ‑ over for replacing an asset you acquired before 20 September 1985 before 20 September 1985 Divisions 122 and 124 7 You obtain a replacement ‑ asset roll ‑ over for a Crown lease, or a prospecting or mining entitlement that is renewed or replaced and part of the new entitlement relates to a part of the old one that you acquired before 20 September 1985 before 20 September 1985 (for that part of the new entitlement that relates to the pre ‑ CGT part of the old one) sections 124 ‑ 595 and 124 ‑ 725 8 You obtain a same ‑ asset roll ‑ over for a CGT asset the transferor acquired before 20 September 1985 before 20 September 1985 Subdivision 124 ‑ N and Divisions 122 and 126 8A There is a same ‑ asset roll ‑ over for a CGT event that happens to a CGT asset (acquired on or after 20 September 1985) because the trust deed of a fund is changed and you are the fund that owns the asset after the CGT event at the time of the CGT event Subdivision 126 ‑ C 8B There is a same ‑ asset roll ‑ over for a CGT event that happens to a CGT asset when the entity that owned the asset before the roll ‑ over acquired it section 115 ‑ 30 8C You obtain a replacement ‑ asset roll ‑ over (other than a roll ‑ over covered by section 115 ‑ 34) for replacing a CGT asset when you acquired the original asset involved in the roll ‑ over section 115 ‑ 30 8D A CGT asset devolves to you as legal personal representative of a deceased individual when the deceased acquired the asset (unless it was a pre ‑ CGT asset just before his or her death) section 115 ‑ 30 8E A CGT asset passes to you as beneficiary in the estate of a deceased individual when the deceased acquired the asset (unless it was a pre ‑ CGT asset just before his or her death) section 115 ‑ 30 8F A surviving joint tenant acquires a deceased joint tenant’s interest in a CGT asset when the deceased acquired the interest section 115 ‑ 30 8G You hold a membership interest in the receiving trust involved in a roll ‑ over under Subdivision 126 ‑ G when you acquired the corresponding membership interest in the transferring trust involved in the roll ‑ over section 115 ‑ 30 9 A company or trustee of a unit trust issues you with bonus equities and no amount is included in your assessable income if the original equities are post ‑ CGT assets, or are pre ‑ CGT assets and fully paid—when you acquired the original equities; or if the original equities are pre ‑ CGT assets and you had to pay an amount for the bonus equities—when the liability to pay arose section 130 ‑ 20 10 You own shares in a company or units in a unit trust and you exercise rights to acquire new equities in the company or trust for the rights if you acquired them from the company or trustee—when you acquired the original equities; or for the new equities—when you exercise the rights section 130 ‑ 40 11 You acquire shares in a company or units in a unit trust by converting a convertible interest when the conversion of the convertible interest happened section 130 ‑ 60 11A You acquire shares in a company in exchange for the disposal of an exchangeable interest, and the disposal of the exchangeable interest was to: (a) the issuer of the exchangeable interest; or (b) a connected entity of the issuer of the exchangeable interest when the disposal of the exchangeable interest happened section 130 ‑ 105 11B You acquire shares in a company in exchange for the redemption of an exchangeable interest when the redemption of the exchangeable interest happened section 130 ‑ 105 13 You (as a lessee of land) acquire the reversionary interest of the lessor and there is no roll ‑ over for the acquisition if term of lease was for 99 years or more—when the lease was granted or assigned to you; or if term of lease less than 99 years—when the reversionary interest acquired section 132 ‑ 15 14 You acquired a CGT asset before 20 September 1985, and there has since been a change in the majority underlying interests in the asset at the time of the change Division 149 15 You become an Australian resident (but not a temporary resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not * taxable Australian property when you become an Australian resident (but not a temporary resident) section 855 ‑ 45 15A You are a temporary resident, you then cease to be a temporary resident (but remain, at that time, an Australian resident) and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not * taxable Australian property when you cease to be a temporary resident section 768 ‑ 955 16 A trust of which you are trustee becomes a resident trust for CGT purposes and you owned a CGT asset that you acquired on or after 20 September 1985 and that was not * taxable Australian property when the trust becomes a resident trust for CGT purposes section 855 ‑ 50 17 There is a roll ‑ over under Subdivision 126 ‑ B for a CGT event and you are the company owning the roll ‑ over asset just after the roll ‑ over and you stop being a 100% subsidiary of another company in the wholly ‑ owned group when you stop section 104 ‑ 175 Note: Section 115 ‑ 34 sets out other acquisition rules for certain cases involving replacement ‑ asset roll ‑ overs covered by that section.", "Amendment_Count": 18, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 63 of 1998 | No 94 of 1999 | No 169 of 1999 | No 58 of 2000 | No 114 of 2000 | No 163 of 2001 | No 53 of 2002 | No 101 of 2003 | No 133 of 2003 | No 101 of 2004 | No 41 of 2005 | No 32 of 2006 | No 168 of 2006 | No 133 of 2009 | No 19 of 2010 | No 56 of 2010 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s109-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 109-60", "Provision_Key": "s109-60", "Heading": "Acquisition rules outside this Part and Part 3 ‑ 3", "Text": "This table sets out other acquisition rules outside this Part and Part 3 ‑ 3. Provisions of the Income Tax Assessment Act 1936 are in bold . Other acquisition rules Item In these circumstances: The asset is acquired at this time: See: 1 CGT event happens to Cocos (Keeling) Islands asset 30 June 1991 subsection 102 ‑ 25(1) of the Income Tax (Transitional Provisions) Act 1997 2 Lender acquires a replacement security before 20 September 1985 subsection 26BC(6A) 3 Trust ceases to be a resident trust for CGT purposes and there is an attributable taxpayer when it ceases section 102AAZBA 4 CGT event happens to CGT asset in connection with the demutualisation of an insurance company except a friendly society health or life insurer on the demutualisation resolution day section 121AS 5 CGT event happens to assets of NSW State Bank at the first taxing time section 121EN 6 You own shares in a company that stops being a PDF just after it stops section 124ZR 8 A CGT asset of a CFC (that it owned on its commencing day) on the CFC’s commencing day section 411 9 A CGT asset is owned by a tax exempt entity and it becomes taxable at the transition time section 57 ‑ 25 in Schedule 2D 10 CGT event happens to CGT asset in connection with the demutualisation of a mutual entity other than an insurance company, health insurer and friendly society health or life insurer on the demutualisation resolution day Division 326 in Schedule 2H 11 You stop holding an item as trading stock when you stop paragraph 70 ‑ 110(1)(b) 11A You acquire an * ESS interest and Subdivision 83A ‑ C (about employee share schemes) applies to the interest at the * ESS deferred taxing point for the interest section 83A ‑ 125 12 CGT event happens to 30 June 1988 asset of a complying superannuation entity 30 June 1988 section 295 ‑ 90 13 You are issued with a share or right under a demutualisation of a health insurer except a friendly society health or life insurer the time the share or right is issued sections 315 ‑ 80, 315 ‑ 210 and 315 ‑ 260 14 You are transferred a share or right by a lost policy holders trust under a demutualisation of a health insurer except a friendly society health or life insurer the time the share or right is issued sections 315 ‑ 145, 315 ‑ 210 and 315 ‑ 260 14A You are issued with a share, or a right to acquire shares, under a demutualisation of a friendly society health or life insurer the time the share or right is issued section 316 ‑ 105 14B You are transferred a share, or right to acquire shares, by a lost policy holders trust under a demutualisation of a friendly society health or life insurer the time the share or right is issued to the trustee section 316 ‑ 170 15 A CGT asset is transferred to or from a life insurance company’s complying superannuation asset pool at the time of the transfer Division 320 16 A CGT asset is transferred to or from the segregated exempt assets of a life insurance company at the time of the transfer Division 320 17 Entity becomes a subsidiary member of a consolidated group at the time it becomes a subsidiary member 701 ‑ 5 18 Entity ceases to be a subsidiary member of a consolidated group at the time it ceases 701 ‑ 40", "Amendment_Count": 17, "First_Amended": "No 46 of 1998", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 46 of 1998 | No 103 of 1999 | No 89 of 2000 | No 41 of 2005 | No 58 of 2006 | No 15 of 2007 | No 45 of 2008 | No 97 of 2008 | No 88 of 2009 | No 133 of 2009 | No 41 of 2011 | No 132 of 2011 | No 53 of 2015 | No 70 of 2015 | No 20 of 2016 | No 23 of 2018 | No 64 of 2020", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 103 of 1999, effective 16 July 1999 | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 53 of 2015, effective Sch 1 (items 9–17, 19): 1 July 2016 (s 2) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 20 of 2016, effective Sch 1 (items 1, 2): 1 July 2016 (s 2(1) item 2) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s109-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-1", "Provision_Key": "s110-1", "Heading": "What this Division is about", "Text": "This Division tells you how to work out the cost base and reduced cost base of a CGT asset. You need to know these to work out if you make a capital gain or loss from most CGT events. Table of sections 110 ‑ 5 Modifications to general rules 110 ‑ 10 Rules about cost base not relevant for some CGT events", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-5", "Provision_Key": "s110-5", "Heading": "Modifications to general rules", "Text": "After you have read the general rules, you need to know if there are any modifications to them. Division 112 lists each situation that may result in a modification and tells you where you can find the detailed provisions for each situation.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-10", "Provision_Key": "s110-10", "Heading": "Rules about cost base not relevant for some CGT events", "Text": "This table sets out each CGT event for which you do not need to know what the cost base or reduced cost base of a CGT asset is to work out if you make a capital gain or loss. The section describing the event tells you what amount is relevant instead. Rules about cost base not relevant for some CGT events Event number Description of event: See section: C3 End of option to acquire shares etc. 104 ‑ 30 D1 Creating contractual or other rights 104 ‑ 35 D2 Granting an option 104 ‑ 40 D3 Granting a right to income from mining 104 ‑ 45 E9 Creating a trust over future property 104 ‑ 105 F1 Granting a lease 104 ‑ 110 F3 Lessor pays lessee to get lease changed 104 ‑ 120 F5 Lessor receives payment for changing lease 104 ‑ 130 H1 Forfeiture of deposit 104 ‑ 150 H2 Receipt for event relating to a CGT asset 104 ‑ 155 J5 Failure to acquire replacement asset and to incur fourth element expenditure after a roll ‑ over 104 ‑ 197 J6 Cost of acquisition of replacement asset or amount of fourth element expenditure, or both, not sufficient to cover disregarded capital gain 104 ‑ 198 K2 Bankrupt pays amount in relation to debt 104 ‑ 210 K7 Balancing adjustment event happens to depreciating asset 104 ‑ 235 K9 Carried interests 104 ‑ 255 K10 You make a forex realisation gain covered by item 1 of the table in subsection 775 ‑ 70(1) 104 ‑ 260 K11 You make a forex realisation loss covered by item 1 of the table in subsection 775 ‑ 75(1) 104 ‑ 265 K12 Foreign hybrid loss exposure adjustment 104 ‑ 270 L1 Reduction under section 705 ‑ 57 in tax cost setting amount of assets of entity becoming subsidiary member of consolidated group or MEC group 104 ‑ 500 L2 Amount remaining after step 3A etc. of joining allocable cost amount is negative 104 ‑ 505 L3 Tax cost setting amounts for retained cost base assets exceed joining allocable cost amount 104 ‑ 510 L4 No reset cost base assets against which to apply excess of net allocable cost amount on joining 104 ‑ 515 L5 Amount remaining after step 4 of leaving allocable cost amount is negative 104 ‑ 520 L6 Errors in tax cost setting amounts for entity joining consolidated group or MEC group 104 ‑ 525 L8 Reduction in tax cost setting amount for reset cost base assets on joining cannot be allocated 104 ‑ 535", "Amendment_Count": 10, "First_Amended": "No 46 of 1998", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 117 of 2002 | No 136 of 2002 | No 16 of 2003 | No 107 of 2003 | No 133 of 2003 | No 101 of 2004 | No 55 of 2007 | No 56 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-25", "Provision_Key": "s110-25", "Heading": "General rules about cost base", "Text": "(1) The cost base of a * CGT asset consists of 5 elements. Note 1: You need to keep records of each element: see Division 121. Note 2: The cost base is reduced by net input tax credits: see section 103 ‑ 30. Note 3: An amount that makes up all or part of an element of the cost base of an asset may be determined under section 230 ‑ 505, if the amount is provided for acquiring a thing, and you start or cease to have a Division 230 financial arrangement as consideration for the acquisition of the thing. 5 elements of the cost base (2) The first element is the total of: (a) the money you paid, or are required to pay, in respect of * acquiring it; and (b) the * market value of any other property you gave, or are required to give, in respect of acquiring it (worked out as at the time of the acquisition). Note 1: There are special rules for working out when you are required to pay money or give other property: see section 103 ‑ 15. Note 2: This element is replaced with another amount in many situations: see Division 112. (3) The second element is the * incidental costs you incurred. These costs can include giving property: see section 103 ‑ 5. Note: There is one situation to do with options in which the incidental costs relating to the CGT event are modified: see section 112 ‑ 85. (4) The third element is the costs of owning the * CGT asset you incurred (but only if you * acquired the asset after 20 August 1991). These costs include: (a) interest on money you borrowed to acquire the asset; and (b) costs of maintaining, repairing or insuring it; and (c) rates or land tax, if the asset is land; and (d) interest on money you borrowed to refinance the money you borrowed to acquire the asset; and (e) interest on money you borrowed to finance the capital expenditure you incurred to increase the asset’s value. These costs can include giving property: see section 103 ‑ 5. Note: This element does not apply to personal use assets or collectables: see sections 108 ‑ 17 and 108 ‑ 30. (5) The fourth element is capital expenditure you incurred: (a) the purpose or the expected effect of which is to increase or preserve the asset’s value; or (b) that relates to installing or moving the asset. The expenditure can include giving property: see section 103 ‑ 5. Note: There are 3 situations involving leases in which this element is modified: see section 112 ‑ 80. (5A) Subsection (5) does not apply to capital expenditure incurred in relation to goodwill. (6) The fifth element is capital expenditure that you incurred to establish, preserve or defend your title to the asset, or a right over the asset. (The expenditure can include giving property: see section 103 ‑ 5.) Assume a CGT event for purposes of working out cost base at a particular time (12) If: (a) it is necessary to work out the * cost base at a particular time; and (b) a * CGT event does not happen in relation to the asset at or just after that time; assume, for the purpose only of working out the cost base at the particular time, that such an event does happen in relation to the asset at or just after that time. Note 1: For example, in order to apply subsection 110 ‑ 37(1), it is necessary for there to be a CGT event. Note 2: The assumption that a CGT event happens does not have any consequence beyond that stated. For example, it does not mean that the asset is afterwards to be treated as having been acquired at the particular time with a first element of cost base equal to all of its former cost base elements.", "Amendment_Count": 13, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 46 of 1998 | No 16 of 1999 | No 94 of 1999 | No 169 of 1999 | No 58 of 2000 | No 89 of 2000 | No 169 of 2001 | No 101 of 2003 | No 83 of 2004 | No 95 of 2004 | No 32 of 2006 | No 58 of 2006 | No 15 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-35", "Provision_Key": "s110-35", "Heading": "Incidental costs", "Text": "(1) There are a number of incidental costs you may have incurred. Except for the ninth , they are costs you may have incurred: (a) to * acquire a * CGT asset; or (b) that relate to a * CGT event. (2) The first is remuneration for the services of a surveyor, valuer, auctioneer, accountant, broker, * agent, consultant or legal adviser. However, remuneration for professional advice about the operation of this Act is not included unless it is provided by a * recognised tax adviser. Note: Expenditure for professional advice about taxation incurred before 1 July 1989 does not form part of the cost base of a CGT asset: see section 110 ‑ 35 of the Income Tax (Transitional Provisions) Act 1997 . (3) The second is costs of transfer. (4) The third is stamp duty or other similar duty. (5) The fourth is: (a) if you * acquired a * CGT asset—costs of advertising or marketing to find a seller; or (b) if a * CGT event happened—costs of advertising or marketing to find a buyer. (6) The fifth is costs relating to the making of any valuation or apportionment for the purposes of this Part or Part 3 ‑ 3. (7) The sixth is search fees relating to a * CGT asset. (8) The seventh is the cost of a conveyancing kit (or a similar cost). (9) The eighth is borrowing expenses (such as loan application fees and mortgage discharge fees). (10) The ninth is expenditure that: (a) is incurred by the * head company of a * consolidated group or * MEC group to an entity that is not a * member of the group; and (b) reasonably relates to a * CGT asset * held by the head company; and (c) is incurred because of a transaction that is between members of the group. Example: Land is transferred by one company to another company. The companies are members of a consolidated group. Stamp duty is payable as a result of the transaction. The transaction has no taxation consequences because of its intra ‑ group nature. The stamp duty is included in the cost base and reduced cost base of the land. Note: Intra ‑ group assets are not held by the head company because of the operation of subsection 701 ‑ 1(1) (the single entity rule). An example of an intra ‑ group asset is a debt owed by a member of the consolidated group to another member of the group. (11) The tenth is termination or other similar fees incurred as a direct result of your ownership of a * CGT asset ending.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 32 of 2006 | No 58 of 2006 | No 56 of 2010 | No 136 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-36", "Provision_Key": "s110-36", "Heading": "Indexation", "Text": "Indexation for working out capital gains of Australian resident individuals or trusts for CGT events happening on or after 1 July 2027 (1A) The cost base of a * CGT asset also includes indexation of the elements of the cost base (except the third element) for the purposes of working out the * capital gain of an individual or a trust from a * CGT event happening in relation to the CGT asset if: (a) the CGT event happens on or after 1 July 2027; and (b) the requirements of Division 114 are met. Note 1: This subsection does not extend to foreign residents or temporary residents (see section 114 ‑ 25). Note 2: This subsection is mainly relevant for a trust to the extent that the trust’s beneficiaries are individuals who are Australian residents (see Subdivision 115 ‑ C and section 114 ‑ 25). Note 3: This subsection extends to the capital gain of an individual that is attributable to a partnership of which the individual is a partner. Note 4: If an asset (including a pre ‑ CGT asset) was held on 30 June 2027, it may be taken to have been sold just before, and reacquired on, 1 July 2027 (see subsections 112 ‑ 155(2), 112 ‑ 165(2) and 112 ‑ 175(2)). For such an asset, indexation because of this subsection will happen only for the period the asset is held on or after 1 July 2027 (see subsection 960 ‑ 275(1B)). Indexation for working out capital gains in other circumstances (1) The cost base of a * CGT asset also includes indexation of the elements of the cost base (except the third element) for the purposes of working out the * capital gain of an entity from a * CGT event happening in relation to the CGT asset if: (a) the most recent * acquisition of the CGT asset is at or before 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; and (b) for an entity that is an individual or a trust—the CGT event happens before 1 July 2027, and not because of subsection 112 ‑ 155(2) or 112 ‑ 165(2); and (c) the requirements of Division 114 are met. Note: For paragraph (b), indexation is not applicable for working out a capital gain arising: (a) directly from a CGT event taken to have happened under subsection 112 ‑ 155(2); or (b) directly or indirectly from a CGT event taken to have happened under subsection 112 ‑ 165(2). Instead, capital gains from such CGT events may be discount capital gains. (2) However, for the purposes of working out the * capital gain of an entity mentioned in an item of the table from a * CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999, the cost base includes indexation because of subsection (1) only if the entity mentioned in the item chooses that the cost base includes indexation. Choice of indexation Item For the purposes of working out the capital gain of this entity: The cost base includes indexation only if this entity chooses so: 1 An individual The individual 2 A * complying superannuation entity The trustee of the complying superannuation entity 3 A trust The trustee of the trust 4 A listed investment company The company Note 1: Section 103 ‑ 25 specifies when you must make the choice and provides that the way you prepare your income tax return is evidence of your choice. Note 2: For each CGT asset whose cost base you need to work out, you may either choose to index the expenditure included in the asset’s cost base or not make that choice. If you do not choose to index the expenditure, your net capital gain includes only part of your capital gain on the CGT asset as worked out on the basis of the cost base not including indexation and reduced by your capital losses. Note 3: This subsection only applies for an individual or a trust for a CGT event happening before 1 July 2027 (see paragraph (1)(b)). (3) Also, for the purpose of working out the * capital gain of a * life insurance company from a * CGT event happening after 30 June 2000 in respect of a * CGT asset that is a * complying superannuation asset, the cost base includes indexation because of subsection (1) only if the life insurance company chooses that the cost base includes indexation. Note: Section 110 ‑ 25 of the Income Tax (Transitional Provisions) Act 1997 provides that, in working out the capital gain from a CGT event after 11.45 am on 21 September 1999 and before 1 July 2000 in respect of an asset of a life insurance company or registered organisation, the cost base includes indexation only if the company or organisation chooses it.", "Amendment_Count": 4, "First_Amended": "No 32 of 2006", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 32 of 2006 | No 45 of 2008 | No 70 of 2015 | No 49 of 2026", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-36"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-37", "Provision_Key": "s110-37", "Heading": "Expenditure forming part of cost base or element", "Text": "(1) If a later provision of this Subdivision says that: (a) certain expenditure does not form part of the * cost base of a * CGT asset; or (b) the cost base is reduced by certain expenditure; the expenditure is initially included in the cost base, which is then reduced by the amount of the expenditure just before a * CGT event happens in relation to the asset. Note: This has the effect of recognising in the cost base any indexed component relating to the expenditure. (2) On the other hand, if such a provision says that: (a) certain expenditure does not form part of one or more elements of the * cost base of a * CGT asset; or (b) one or more elements of the cost base are reduced by certain expenditure; the expenditure is never included in the relevant elements of the cost base. Note: This has the effect of not recognising to any extent this expenditure in the cost base.", "Amendment_Count": 1, "First_Amended": "No 173 of 2000", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 173 of 2000", "History_Notes": "Inserted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-38", "Provision_Key": "s110-38", "Heading": "Exclusions", "Text": "(1) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 54 prevents it being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 54 prevents deductions for expenditure related to certain offences. (2) Expenditure does not form part of any element of the cost base to the extent that it is a * bribe to a foreign public official or a * bribe to a public official. (3) Expenditure does not form part of any element of the cost base to the extent that it is in respect of providing * entertainment. (4) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 5 prevents it being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 5 denies deductions for penalties. (4A) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 31 prevents it being deducted. Note: Section 26 ‑ 31 denies deductions for travel related to the use of residential premises as residential accommodation. (5) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 47 prevents it being deducted. Note: Section 26 ‑ 47 denies deductions for the excess of boat expenditure over boat income. (6) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 22 prevents it being deducted. Note: Section 26 ‑ 22 denies deductions for political contributions and gifts. (7) Expenditure does not form any part of any element of the cost base to the extent that section 26 ‑ 97 prevents it being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 97 denies deductions for National Disability Insurance Scheme expenditure. (8) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 100 prevents it being deducted. Note: Section 26 ‑ 100 denies deductions for certain expenditure on water infrastructure improvements. (8A) Expenditure does not form part of any element of the cost base to the extent that section 26 ‑ 155 prevents it being deducted. Note: Section 26 ‑ 155 denies deductions for the excess of residential dwelling related expenditure over residential dwelling related income. (9) Expenditure does not form part of any element of the cost base to the extent that a provision of Division 832 (about hybrid mismatch rules) prevents it being deducted.", "Amendment_Count": 10, "First_Amended": "No 147 of 2005", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 147 of 2005 | No 32 of 2006 | No 78 of 2007 | No 16 of 2010 | No 44 of 2013 | No 88 of 2013 | No 110 of 2014 | No 126 of 2017 | No 84 of 2018 | No 49 of 2026", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 16 of 2010, effective 15 Mar 2010 | Amended by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-38"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-40", "Provision_Key": "s110-40", "Heading": "Assets acquired before 7.30 pm on 13 May 1997", "Text": "(1) This section prevents some expenditure from forming part of one or more elements of the * cost base of a * CGT asset * acquired at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997. (The expenditure mentioned in this section can include giving property: see section 103 ‑ 5.) Note: For the cost base of a partnership interest you acquire at or before that time, see section 110 ‑ 43. (2) Expenditure does not form part of the second or third element of the cost base to the extent that you have deducted or can deduct it. (3) Expenditure does not form part of any element of the cost base to the extent of any amount you have received as * recoupment of it, except so far as the amount is included in your assessable income. (4) Subsection (2) does not apply in relation to amounts that you have deducted or can deduct under Division 243.", "Amendment_Count": 4, "First_Amended": "No 16 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 1999 | No 173 of 2000 | No 72 of 2001 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-43", "Provision_Key": "s110-43", "Heading": "Partnership interests acquired before 7.30 pm on 13 May 1997", "Text": "(1) This section prevents some expenditure from forming part of one or more elements of the * cost base of your interest in a * CGT asset of a partnership if you * acquired the interest at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997. (The expenditure mentioned in this section can include giving property: see section 103 ‑ 5.) (2) Expenditure does not form part of the second or third element of the cost base to the extent that you, or a partnership in which you are or were a partner, have deducted or can deduct it. (3) Expenditure does not form part of any element of the cost base to the extent of any amount that you, or a partnership in which you are or were a partner, have received as * recoupment of the expenditure, except so far as the amount is included in your assessable income or the partnership’s assessable income. (4) Subsection (2) does not apply in relation to amounts that you have deducted or can deduct under Division 243.", "Amendment_Count": 4, "First_Amended": "No 16 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 1999 | No 173 of 2000 | No 72 of 2001 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-43"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-45", "Provision_Key": "s110-45", "Heading": "Assets acquired after 7.30 pm on 13 May 1997", "Text": "(1) This section prevents some expenditure from forming part of the * cost base, or of an element of the cost base, of a * CGT asset * acquired after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997. (The expenditure mentioned in this section can include giving property: see section 103 ‑ 5.) For the cost base of interests in partnership assets acquired after that time, see section 110 ‑ 50. For exceptions to the application of this section, see section 110 ‑ 53. (1A) This section also applies to expenditure incurred after 30 June 1999 on land or a building if: (a) the land or building was * acquired at or before the time mentioned in subsection (1); and (b) the expenditure forms part of the fourth element of the * cost base of the land or building. Deductible expenditure excluded from second and third elements (1B) Expenditure does not form part of the second or third element of the cost base to the extent that you have deducted or can deduct it. Other deductible expenditure (2) Expenditure (except expenditure excluded by subsection (1B)) does not form part of the cost base to the extent that you have deducted or can deduct it for an income year, except so far as: (a) the deduction has been reversed by an amount being included in your assessable income for an income year by a provision of this Act (outside this Part and Part 3 ‑ 3 and Division 243); or Note: Division 20 contains some of the provisions that reverse deductions. Section 20 ‑ 5 lists some others. (ab) the deduction is under Division 243; or (b) the deduction would have been so reversed apart from a provision listed in the table (relief from including a balancing charge in your assessable income). Provisions for relief from including a balancing charge in your assessable income Item Provision Subject matter 1 section 40 ‑ 340 Roll ‑ over relief for * depreciating asset 2 section 40 ‑ 365 Involuntary disposal of * depreciating asset Recouped expenditure (3) Expenditure does not form part of any element of the cost base to the extent of any amount you have received as * recoupment of it, except so far as the amount is included in your assessable income. Capital expenditure by previous owner that you can deduct after acquisition (4) The cost base is reduced to the extent that you have deducted or can deduct for an income year capital expenditure incurred by another entity in respect of the * CGT asset. (This rule does not apply so far as the deduction is covered by paragraph (2)(a) or (b).) Example: Under Division 43 you can deduct expenditure incurred by a previous owner of capital works you own. Landcare and water facility expenditure giving rise to a tax offset (5) Expenditure does not form part of the cost base to the extent that you choose a * tax offset for it under the former section 388 ‑ 55 (about the landcare and water facility tax offset) instead of deducting it. Heritage conservation expenditure giving rise to a tax offset (6) Expenditure does not form part of the cost base to the extent that: (a) it is eligible heritage conservation expenditure (as determined under former section 159UO of the Income Tax Assessment Act 1936 ); and (b) you could have deducted it for an income year under any of these Divisions (about capital works): (i) Division 43 of this Act; (ii) former Division 10C or 10D of Part III of that Act; but for the exclusions in paragraph 43 ‑ 70(2)(h) of this Act and former subsections 124ZB(4) and 124ZG(5) of that Act. Note: Because eligible heritage conservation expenditure is the subject of a tax offset, it is also not deductible.", "Amendment_Count": 11, "First_Amended": "No 16 of 1999", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 16 of 1999 | No 164 of 1999 | No 176 of 1999 | No 114 of 2000 | No 173 of 2000 | No 72 of 2001 | No 77 of 2001 | No 119 of 2002 | No 95 of 2004 | No 101 of 2006 | No 93 of 2011", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-50", "Provision_Key": "s110-50", "Heading": "Partnership interests acquired after 7.30 pm on 13 May 1997", "Text": "(1) This section prevents some expenditure from forming part of the * cost base, or of an element of the cost base, of your interest in a * CGT asset of a partnership if you * acquired the interest after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997. (The expenditure mentioned in this section can include giving property: see section 103 ‑ 5.) For exceptions to the application of this section, see section 110 ‑ 53. (1A) This section also applies to expenditure incurred after 30 June 1999 on land or a building if: (a) the land or building was * acquired at or before the time mentioned in subsection (1); and (b) the expenditure forms part of the fourth element of the * cost base of the land or building. Deductible expenditure excluded from second and third elements (1B) Expenditure does not form part of the second or third element of the cost base to the extent that you, or a partnership in which you are or were a partner, have deducted or can deduct it. Other deductible expenditure (2) Expenditure (except expenditure excluded by subsection (1B) does not form part of the cost base to the extent that you, or a partnership in which you are or were a partner, have deducted or can deduct it for an income year, except so far as: (a) the deduction has been reversed by an amount being included in your assessable income for an income year, or in the assessable income of a partnership in which you are or were a partner, by a provision of this Act (outside this Part and Part 3 ‑ 3 and Division 243); or Note: Division 20 contains some of the provisions that reverse deductions. Section 20 ‑ 5 lists some others. (ab) the deduction is under Division 243; or (b) the deduction would have been so reversed apart from a provision listed in the table in subsection 110 ‑ 45(2) (relief from including a balancing charge in your assessable income). Recouped expenditure (3) Expenditure does not form part of any element of the cost base to the extent of any amount that you, or a partnership in which you are or were a partner, have received as * recoupment of it, except so far as the amount is included in your assessable income or the partnership’s assessable income. Capital expenditure by previous owner of the asset (4) The cost base is reduced to the extent that you, or a partnership in which you are or were a partner, have deducted or can deduct for an income year capital expenditure incurred by another entity in respect of the * CGT asset. (This rule does not apply so far as the deduction is covered by paragraph (2)(a) or (b).) Example: Under Division 43 an entity can deduct expenditure incurred by a previous owner of capital works that the entity owns. Landcare and water facility expenditure giving rise to a tax offset (5) Expenditure does not form part of the cost base to the extent that you choose a * tax offset for it under the former section 388 ‑ 55 (about the landcare and water facility tax offset) instead of deducting it. Heritage conservation expenditure giving rise to a tax offset (6) Expenditure does not form part of the cost base to the extent that: (a) it is eligible heritage conservation expenditure (as determined under former section 159UO of the Income Tax Assessment Act 1936 ); and (b) you, or a partnership in which you are or were a partner, could have deducted it for an income year under any of these Divisions (about capital works): (i) Division 43 of this Act; (ii) former Division 10C or 10D of Part III of that Act; but for the exclusions in paragraph 43 ‑ 70(2)(h) of this Act and former subsections 124ZB(4) and 124ZG(5) of that Act. Note: Because eligible heritage conservation expenditure is the subject of a tax offset, it is also not deductible.", "Amendment_Count": 8, "First_Amended": "No 16 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 1999 | No 176 of 1999 | No 114 of 2000 | No 173 of 2000 | No 72 of 2001 | No 77 of 2001 | No 95 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-53", "Provision_Key": "s110-53", "Heading": "Exceptions to application of sections 110 ‑ 45 and 110 ‑ 50", "Text": "(1) Subsection 110 ‑ 45(2), (4), (5) or (6) or 110 ‑ 50(2), (4), (5) or (6) does not prevent expenditure from forming part of the cost base to the extent that the deduction mentioned in that subsection could reasonably be regarded as arising before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997, or as relating to a period before that time. (2) Subsections 110 ‑ 45(5) and (6) and 110 ‑ 50(5) and (6) do not apply to expenditure incurred before the day on which the Bill that became the Taxation Laws Amendment Act (No. 1) 1999 was introduced into the House of Representatives.", "Amendment_Count": 4, "First_Amended": "No 16 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 1999 | No 114 of 2000 | No 173 of 2000 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-53"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-54", "Provision_Key": "s110-54", "Heading": "Debt deductions disallowed by thin capitalisation rules", "Text": "Expenditure does not form part of the third element of the cost base to the extent that Division 820 (Thin capitalisation rules) prevented or prevents you, or a partnership in which you are or were a partner, from deducting it.", "Amendment_Count": 1, "First_Amended": "No 142 of 2003", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 142 of 2003", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-54"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-55", "Provision_Key": "s110-55", "Heading": "General rules about reduced cost base", "Text": "(1) The reduced cost base of a * CGT asset consists of 5 elements. It does not include indexation of those elements. Note: The reduced cost base is reduced by net input tax credits: see section 103 ‑ 30. 5 elements of the reduced cost base (2) All of the elements (except the third one) of the reduced cost base of a * CGT asset are the same as those for the * cost base. (3) The third element is: (a) any amounts worked out under whichever of the following subparagraphs applies: (i) if Division 58 does not apply to the asset—any amount included in your assessable income for any income year because of a balancing adjustment for the asset; (ii) if Division 58 applies to the asset and an amount has been included in your assessable income for an income year because of a balancing adjustment for the asset—any part of that amount that was attributable to amounts you have deducted or can deduct for the decline in value of the asset; and (b) any amount that would have been so included apart from any of these (which provide relief from including a balancing charge in your assessable income): (i) section 40 ‑ 365; or (ii) any of these former sections—section 42 ‑ 285, 42 ‑ 290 or 42 ‑ 293; or (iii) former subsection 59(2A) or (2D) of the Income Tax Assessment Act 1936 . What does not form part of the reduced cost base (4) The reduced cost base does not include an amount to the extent that you have deducted or can deduct it (including because of a balancing adjustment) or could have deducted apart from paragraph 43 ‑ 70(2)(h). Note: That paragraph excludes from deductibility under Division 43 expenditure that qualifies for the heritage conservation rebate. (5) The reduced cost base does not include an amount that you could have deducted for a * CGT asset had you used it wholly for the * purpose of producing assessable income. (6) Expenditure does not form part of the reduced cost base to the extent of any amounts you have received as * recoupment of it. However, this rule does not apply to the extent that the amounts are included in your assessable income. (6A) Expenditure does not form part of the reduced cost base to the extent that you chose a * tax offset for it under the former section 388 ‑ 55 (about the landcare and water facility tax offset) instead of deducting it. (7) If your * CGT asset is a * share in a company, its reduced cost base is reduced by the amount calculated under subsection (8) if: (aa) you are a * corporate tax entity; and (a) the company makes a distribution to you under an * arrangement; and (b) an amount (the attributable amount ) representing the distribution or part of it is reasonably attributable to profits * derived by the company before you c acquired the share; and (c) you are entitled to a * tax offset under Division 207 on the part of the distribution that is a * dividend (the dividend amount ); and (d) you were a * controller (for CGT purposes) of the company, or an * associate of such a controller, when the arrangement was made or carried out. (8) The amount of the reduction is: (9) The reduced cost base is to be reduced by any amount that you have deducted or can deduct, or could have deducted except for Subdivision 170 ‑ D, as a result of a * CGT event that happens in relation to a * CGT asset. However, do not make a reduction for an amount that relates to a cost that could never have formed part of the reduced cost base or is excluded from the reduced cost base as a result of another provision of this section. (9A) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 54 prevents it being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 54 prevents deductions for expenditure related to certain offences. (9B) Expenditure does not form part of the reduced cost base to the extent that it is a * bribe to a foreign public official or a * bribe to a public official. (9C) Expenditure does not form part of the reduced cost base to the extent that it is in respect of providing * entertainment. (9D) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 5 prevents it being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 5 denies deductions for penalties. (9E) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 47 prevents it being deducted. Note: Section 26 ‑ 47 denies deductions for the excess of boat expenditure over boat income. (9F) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 22 prevents it being deducted. Note: Section 26 ‑ 22 denies deductions for political contributions and gifts. (9G) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 100 prevents it being deducted. Note: Section 26 ‑ 100 denies deductions for certain expenditure on water infrastructure improvements. (9H) Expenditure does not form any part of any element of the reduced cost base to the extent that section 26 ‑ 97 prevents it being deducted (even if some other provision also prevents it being deducted). Note: Section 26 ‑ 97 denies deductions for National Disability Insurance Scheme expenditure. (9J) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 31 prevents it being deducted. Note: Section 26 ‑ 31 denies deductions for travel related to the use of residential premises as residential accommodation. (9JA) Expenditure does not form part of the reduced cost base to the extent that section 26 ‑ 155 prevents it being deducted. Note: Section 26 ‑ 155 denies deductions for the excess of residential dwelling related expenditure over residential dwelling related income. (9K) Expenditure does not form part of the reduced cost base to the extent that a provision of Division 832 (about hybrid mismatch rules) prevents it being deducted. Assume a CGT event for purposes of working out reduced cost base at a particular time (10) If: (a) it is necessary to work out the * reduced cost base at a particular time; and (b) a * CGT event does not happen in relation to the asset at or just after that time; assume, for the purpose only of working out the reduced cost base at the particular time, that such an event does happen in relation to the asset at or just after that time.", "Amendment_Count": 21, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 16 of 1999 | No 93 of 1999 | No 164 of 1999 | No 169 of 1999 | No 77 of 2001 | No 83 of 2004 | No 95 of 2004 | No 23 of 2005 | No 147 of 2005 | No 32 of 2006 | No 58 of 2006 | No 101 of 2006 | No 78 of 2007 | No 16 of 2010 | No 44 of 2013 | No 88 of 2013 | No 110 of 2014 | No 126 of 2017 | No 84 of 2018 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 16 of 2010, effective 15 Mar 2010 | Amended by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 110-60", "Provision_Key": "s110-60", "Heading": "Reduced cost base for partnership assets", "Text": "(1) The third element of an entity’s reduced cost base for its interest in a * CGT asset of a partnership is the entity’s share of: (a) any amounts worked out under whichever of the following subparagraphs applies: (i) if Division 58 does not apply to the asset—any amount included in the assessable income of the partnership for any income year because of a balancing adjustment for the asset; (ii) if Division 58 applies to the asset and an amount has been included in the assessable income of the partnership for an income year because of a balancing adjustment for the asset—any part of that amount that was attributable to amounts that the partnership has deducted or can deduct for depreciation of the asset; and (b) any amount that would have been so included apart from any of these (which provide relief from including a balancing charge in your assessable income): (i) section 40 ‑ 365; or (ii) any of these former sections—section 42 ‑ 285, 42 ‑ 290 or 42 ‑ 293; or (iii) former subsection 59(2A) or (2D) of the Income Tax Assessment Act 1936 ; calculated according to the entity’s share in the partnership net income or net loss. (2) Expenditure does not form part of an entity’s reduced cost base for its interest in a * CGT asset of a partnership to the extent that a partnership in which the entity is or was a partner has deducted or can deduct it (including because of a balancing adjustment), or could have deducted it apart from paragraph 43 ‑ 70(2)(h). (3) Expenditure does not form part of an entity’s reduced cost base for its interest in a * CGT asset of a partnership to the extent that a partnership in which the entity is or was a partner could have deducted an amount for the asset if it had used it wholly for the * purpose of producing assessable income. (4) Expenditure does not form part of an entity’s reduced cost base for its interest in a * CGT asset of a partnership to the extent of any amounts that a partnership in which the entity is or was a partner has received as * recoupment of it and that are not included in the assessable income of the partnership. (4A) Expenditure does not form part of an entity’s reduced cost base for its interest in a * CGT asset of a partnership to the extent that the entity chose a * tax offset for the expenditure under the former section 388 ‑ 55 (about the landcare and water facility tax offset) instead of deducting it. (7) The reduced cost base of an entity’s interest in a * CGT asset of a partnership is to be reduced by the entity’s share of any amount that the partnership has deducted or can deduct, or could have deducted except for Subdivision 170 ‑ D, as a result of a * CGT event that happens in relation to the asset. However, a reduction is not to be made for an amount that relates to a cost that could never have formed part of the reduced cost base or is excluded from the reduced cost base as a result of another provision of this section.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 16 of 1999 | No 93 of 1999 | No 164 of 1999 | No 169 of 1999 | No 77 of 2001 | No 23 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 16 of 1999, effective s 4, Sch 3 (items 11, 12(3)), Sch 4 and Sch 7 (items 9–14): 9 Apr 1999 (s 2(1)) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s110-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-1", "Provision_Key": "s112-1", "Heading": "What this Division is about", "Text": "This Division tells you the situations that may modify the general rules about the cost base and reduced cost base of a CGT asset.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-5", "Provision_Key": "s112-5", "Heading": "Discussion of modifications", "Text": "(1) Modifications can occur from the time you acquired the CGT asset to when a CGT event happens in relation to it. Note: You should keep records of the modifications: see Division 121. (2) Most modifications replace the first element (what you paid for a CGT asset) of the cost base and reduced cost base of the asset. (3) Subdivision 112 ‑ A contains operative provisions setting out the general situations that may result in a modification to the general rules. (4) Subdivision 112 ‑ B (which is a guide) has a number of tables (each one covering a specialist topic) that tell you each situation that may result in a modification to the general rules. (5) Subdivision 112 ‑ C (which is a guide) explains what a replacement ‑ asset roll ‑ over is and how it can modify the cost base or reduced cost base. (6) Subdivision 112 ‑ D (which is a guide) explains what a same ‑ asset roll ‑ over is and how it can modify the cost base or reduced cost base. (6A) Subdivision 112 ‑ E contains operative provisions setting out some deemed sales and reacquisitions that may result in a modification to the general rules. (7) Section 230 ‑ 505 provides special rules for working out the amount of consideration for an asset if the asset is a * Division 230 financial arrangement or a Division 230 financial arrangement is involved in that consideration.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 15 of 2009 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-15", "Provision_Key": "s112-15", "Heading": "General rule for replacement modifications", "Text": "If a cost base modification replaces an element of the * cost base of a * CGT asset with an amount, this Part and Part 3 ‑ 3 apply to you as if you had paid that amount. Example: An individual pays $10,000 to acquire an option. The individual dies and the option devolves to his legal personal representative, who exercises the option. Section 134 ‑ 1 applies to the legal personal representative as if the representative had paid $10,000 for the option.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-20", "Provision_Key": "s112-20", "Heading": "Market value substitution rule", "Text": "(1) The first element of your * cost base and * reduced cost base of a * CGT asset you * acquire from another entity is its * market value (at the time of acquisition) if: (a) you did not incur expenditure to acquire it, except where your acquisition of the asset resulted from: (i) * CGT event D1 happening; or (ii) another entity doing something that did not constitute a CGT event happening; or (b) some or all of the expenditure you incurred to acquire it cannot be valued; or (c) you did not deal at * arm’s length with the other entity in connection with the acquisition. The expenditure can include giving property: see section 103 ‑ 5. (2) Despite paragraph (1)(c), if: (a) you did not deal at * arm’s length with the other entity; and (b) your * acquisition of the * CGT asset resulted from another entity doing something that did not constitute a CGT event happening; the * market value is substituted only if what you paid to acquire the CGT asset was more than its market value (at the time of acquisition). The payment can include giving property: see section 103 ‑ 5. (3) There are some situations in which the rule in subsection (1) does not apply. They include the situations set out in this table: Exceptions to the market value substitution rule Item You * acquired this CGT asset: ...in this situation: 1 A right to receive * ordinary income or * statutory income from a trust (except a unit trust or a trust that arises because of someone’s death) (a) you did not pay or give anything for the right; and (b) you did not acquire the right by way of an assignment from another entity 2 A decoration awarded for valour or brave conduct you did not pay or give anything for it 3 A contractual or other legal or equitable right resulting from * CGT event D1 happening you did not pay or give anything for it 4 Rights to * acquire: (a) * shares, or options to acquire * shares, in a company; or (b) units, or options to acquire units, in a unit trust; in a situation covered by Subdivision 130 ‑ B you did not pay or give anything for the rights 5 A * share in a company or a right to * acquire a share or * debenture in a company it was issued or allotted to you by the company and you did not pay or give anything for it 6 A unit in a unit trust or a right to * acquire a unit or debenture in a unit trust it was issued to you by the trustee of the unit trust and you did not pay or give anything for it 7 A right to * dispose of a * share in a company it was issued to you by the company and was exercised by you or by another entity who became the owner of the right Note 1: Disregard subsections (2) and (3) for shares or units that you acquired before 16 August 1989: see section 112 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: This section does not apply to ESS interests acquired under employee share schemes: see subsection 130 ‑ 80(4).", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 176 of 1999 | No 114 of 2000 | No 58 of 2006 | No 91 of 2008 | No 133 of 2009 | No 41 of 2011 | No 88 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 91 of 2008, effective Schedule 1: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-25", "Provision_Key": "s112-25", "Heading": "Split, changed or merged assets", "Text": "Split or changed assets (1) This section sets out what happens if: (a) a * CGT asset (the original asset ) is split into 2 or more assets (the new assets ); or (b) a * CGT asset (also the original asset ) changes in whole or in part into an asset (also the new asset ) of a different nature; and you are the beneficial owner of the original asset and each new asset. Example: You subdivide a block of land into 3 separate blocks. Each of those blocks is a new asset . (2) The splitting or change is not a * CGT event. (3) You work out the * cost base and * reduced cost base of each new asset as follows: Method statement Step 1. Work out each element of the * cost base and * reduced cost base of the original asset at the time of the event referred to in subsection (1). Step 2. Apportion in a reasonable way each element to each new asset. The result is each corresponding element of the new asset’s * cost base and * reduced cost base. Merged assets (4) If 2 or more * CGT assets (the original assets ) are merged into a single asset (the new asset ) and you are the beneficial owner of the original assets and the new asset: (a) the merger is not a * CGT event; and (b) each element of the * cost base and * reduced cost base of the new asset (at the time of the merging) is the sum of the corresponding elements of each original asset.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-30", "Provision_Key": "s112-30", "Heading": "Apportionment rules", "Text": "Apportionment on acquisition of an asset (1) If you * acquire a * CGT asset because of a transaction and only part of the expenditure you incurred under the transaction relates to the acquisition of the asset, the first element of your * cost base and * reduced cost base of the asset is that part of the expenditure that is reasonably attributable to the acquisition of the asset. The expenditure can include giving property: see section 103 ‑ 5. Apportionment of expenditure in other elements (1A) If you incur expenditure and only part of it relates to another element of the * cost base or * reduced cost base of a * CGT asset, that element includes that part of the expenditure that is reasonably attributable to that element. Apportionment for CGT asset that was part of another asset (2) The * cost base and * reduced cost base of a * CGT asset is apportioned if a * CGT event happens to some part of the asset, but not to the remainder of it. Note: The full list of CGT events is in section 104 ‑ 5. (3) The * cost base for the * CGT asset representing the part to which the * CGT event happened is worked out using the formula: The * reduced cost base is worked out similarly. (4) The remainder of the * cost base and * reduced cost base of the asset is attributed to the part that remains. Example: You acquire a truck for $24,000 and sell its motor for $9,000. Suppose the market value of the remainder of the truck is $16,000. Under subsection (3), the cost base of the motor is: Under subsection (4), the cost base of the remainder of the truck is: (5) However, an amount forming part of the * cost base or * reduced cost base of the asset is not apportioned if, on the facts, that amount is wholly attributable to the part to which the * CGT event happened or to the remaining part.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-35", "Provision_Key": "s112-35", "Heading": "Assumption of liability rule", "Text": "If you * acquire a * CGT asset from another entity that is subject to a liability, the first element of your * cost base and * reduced cost base of the asset includes the amount of the liability you assume. Example: You acquire a block of land for $150,000. You pay $50,000 and assume a liability for an outstanding mortgage of $100,000. The first element of your cost base and reduced cost base is $150,000. Note: The first element of cost base is dealt with in subsection 110 ‑ 25(2). The first element of reduced cost base is the same: see subsection 110 ‑ 55(2).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-36", "Provision_Key": "s112-36", "Heading": "Acquisitions of assets involving look ‑ through earnout rights", "Text": "Consequences for cost base and reduced cost base (1) If you * acquire a * CGT asset because an entity * disposes of the CGT asset to you, and that disposal causes * CGT event A1 (the first CGT event ) to happen: (a) neither the * cost base nor the * reduced cost base of the CGT asset includes the value of any * look ‑ through earnout right relating to the CGT asset and the acquisition; and (b) include in the first element of the CGT asset’s cost base and reduced cost base any * financial benefit that you provide under such a look ‑ through earnout right; and (c) reduce the first element of the CGT asset’s cost base and reduced cost base by an amount equal to the amount of any financial benefit that you receive under such a look ‑ through earnout right. Remaking choices affected by the look ‑ through earnout right (2) Despite section 103 ‑ 25, you may remake any choice you made under this Part or Part 3 ‑ 3 for a later * CGT event involving the * CGT asset if: (a) after the later CGT event, you provide or receive a * financial benefit under such a * look ‑ through earnout right; and (b) you remake the choice at or before the time you are required to lodge your * income tax return for the income year in which the financial benefit is provided or received. Amending assessments affected by the look ‑ through earnout right (3) The Commissioner may amend an assessment of a * tax ‑ related liability if: (a) an entity provides or receives a * financial benefit under such a * look ‑ through earnout right; and (b) the amount of the tax ‑ related liability: (i) depends on that entity’s taxable income for an income year in which a * CGT event, involving the * CGT asset, happens after the first CGT event but before the financial benefit is provided or received; or (ii) is otherwise affected by that right’s character as a look ‑ through earnout right; and (c) the Commissioner makes the amendment before the end of the 4 ‑ year period starting at the end of the income year in which the last possible financial benefit becomes or could become due under the look ‑ through earnout right. The tax ‑ related liability need not be a liability of that entity. Note: Subparagraph (b)(ii) covers changes to the amount of that tax ‑ related liability that happen directly or indirectly because of subsection (1) or (2). (4) If at a particular time a right is taken never to have been a * look ‑ through earnout right because of subsection 118 ‑ 565(2), the Commissioner may amend an assessment of a * tax ‑ related liability for up to 4 years after that time if: (a) an entity provides or receives a * financial benefit under the right; and (b) the amount of the tax ‑ related liability: (i) depends on that entity’s taxable income for an income year in which a * CGT event, involving the * CGT asset, happens after the first CGT event but before the financial benefit is provided or received; or (ii) was otherwise affected by that right’s character as a look ‑ through earnout right before subsection 118 ‑ 565(2) applied. The tax ‑ related liability need not be a liability of that entity. Note: Subsection 118 ‑ 565(2) restricts look ‑ through earnout rights to rights to financial benefits over a period not exceeding 5 years from the end of the income year in which the first CGT event happens. (5) If, after providing or receiving a * financial benefit under a right referred to in subsection (3) or (4): (a) you are dissatisfied with an assessment referred to in that subsection; and (b) the Commissioner notifies you that the Commissioner has decided under that subsection not to amend your assessment; you may object against the assessment, to the extent that it does not take account of that right’s character (as a * look ‑ through earnout right or not such a right), in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-36"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-37", "Provision_Key": "s112-37", "Heading": "Put options", "Text": "The first element of the * cost base and * reduced cost base of a right to * dispose of a * share in a company that you * acquire as a result of * CGT event D2 happening to the company is the sum of: (a) the amount that is included in your assessable income as ordinary income as a result of your acquisition of the right; and (b) the amount (if any) that you paid to acquire the right.", "Amendment_Count": 1, "First_Amended": "No 91 of 2008", "Last_Amended": "No 91 of 2008", "Amending_Acts": "No 91 of 2008", "History_Notes": "Inserted by No 91 of 2008, effective Schedule 1: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-40", "Provision_Key": "s112-40", "Heading": "Effect of this Subdivision", "Text": "(1) This Subdivision is a * Guide. Note: In interpreting an operative provision, a Guide may be considered only for limited purposes: see section 950 ‑ 150. (2) It sets out which element of the cost base or reduced cost base of a CGT asset is affected by various situations.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-45", "Provision_Key": "s112-45", "Heading": "CGT events", "Text": "CGT events Event number In this situation: Element affected: See section: D4 A conservation covenant is entered into over land The total cost base and reduced cost base 104 ‑ 47 E1 A trust is created over a CGT asset First element of cost base and reduced cost base 104 ‑ 55 E2 A CGT asset is transferred to a trust First element of cost base and reduced cost base 104 ‑ 60 E4 A trustee makes a capital payment to you in relation to units or an interest in the trust The total cost base and reduced cost base 104 ‑ 70 F4 A lessee receives payment for changing lease The total cost base 104 ‑ 125 G1 A company makes a capital payment to you in relation to your shares The total cost base and reduced cost base 104 ‑ 135 G3 A liquidator or administrator declares shares or financial instruments to be worthless The total cost base and reduced cost base 104 ‑ 145 K8 Direct value shifts affecting your equity or loan interests in a company or trust The total cost base and reduced cost base Subdivision 725 ‑ D J4 Trust fails to cease to exist after a roll ‑ over under Subdivision 124 ‑ N First element of cost base and reduced cost base 104 ‑ 195", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 167 of 2001 | No 53 of 2002 | No 90 of 2002 | No 23 of 2005 | No 41 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-46", "Provision_Key": "s112-46", "Heading": "Annual cost base adjustment for member’s unit or interest in AMIT", "Text": "Annual cost base adjustment for member’s unit or interest in AMIT Item In this situation: Element affected: See section: 1 Annual cost base adjustment for member’s unit or interest in AMIT The total cost base and reduced cost base 104 ‑ 107B", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-46"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-48", "Provision_Key": "s112-48", "Heading": "Gifts acquired by associates", "Text": "Gifts acquired by associates Item In this situation: Element affected: See section: 1 A gift of property is covered by subsection 118 ‑ 60(1) or (2) and the property is later * acquired by an associate for less than market value First element of cost base and reduced cost base 118 ‑ 60", "Amendment_Count": 1, "First_Amended": "No 58 of 2000", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 58 of 2000", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-48"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-50", "Provision_Key": "s112-50", "Heading": "Main residence", "Text": "Main residence Item In this situation: Element affected: See section: 1 A dwelling that is your main residence begins to be used for the first time for the purpose of producing assessable income The total cost base and reduced cost base 118 ‑ 192", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-53", "Provision_Key": "s112-53", "Heading": "Scrip for scrip roll ‑ over", "Text": "Scrip for scrip roll ‑ over Item In this situation: Element affected: See section: 1 Interest is acquired by an entity where there is a roll ‑ over under Subdivision 124 ‑ M and there is a significant or common stakeholder under an arrangement First element of cost base and reduced cost base 124 ‑ 782 2 Equity or debt is acquired by a member of a wholly ‑ owned group under that arrangement from another member of the group First element of cost base and reduced cost base 124 ‑ 784 2A Interest is acquired by an entity where there is a roll ‑ over under Subdivision 124 ‑ M and the arrangement is taken to be a restructure First element of cost base and reduced cost base 124 ‑ 784B 3 You exchange an interest you acquired before 20 September 1985 for an interest in another entity The total cost base and reduced cost base 124 ‑ 800", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 89 of 2000 | No 14 of 2009 | No 135 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-53"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-53AA", "Provision_Key": "s112-53aa", "Heading": "Statutory licences", "Text": "New statutory licence Item In this situation: Element affected: See section: 1 New statutory licences First element of cost base and reduced cost base 124 ‑ 150, 124 ‑ 155 and 124 ‑ 160", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-53AA"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-53AB", "Provision_Key": "s112-53ab", "Heading": "Change of incorporation", "Text": "Change of incorporation Item In this situation: Element affected: See section: 1 Shares in company that has changed its incorporation or has ownership not significantly different from that of a former body incorporated under another law First element of cost base and reduced cost base 124 ‑ 530", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-53AB"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-53A", "Provision_Key": "s112-53a", "Heading": "MDO roll ‑ over", "Text": "MDO roll ‑ over Item In this situation: Element affected: See section: 1 Exchange of an interest in an MDO for an interest in another MDO First element of cost base and reduced cost base 124 ‑ 985", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-53A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-53B", "Provision_Key": "s112-53b", "Heading": "Exchange of stapled ownership interests for units in a unit trust", "Text": "Exchange of stapled ownership interests for units in a unit trust Item In this situation: Element affected: See section: 1 Exchange of stapled ownership interests First element of cost base and reduced cost base 124 ‑ 1055 and 124 ‑ 1060", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-53B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-53C", "Provision_Key": "s112-53c", "Heading": "Water entitlement roll ‑ overs", "Text": "Roll ‑ over for water entitlements Item In this situation: Element affected: See section: 1 You replace one or more water entitlements with one or more new water entitlements First element of cost base and reduced cost base 124 ‑ 1120 and 124 ‑ 1130 2 You have a reduction in one or more water entitlements that you own First element of cost base and reduced cost base 124 ‑ 1145 and 124 ‑ 1150 3 A CGT event happens to an asset you own as a result of the replacement of water entitlements First element of cost base and reduced cost base 124 ‑ 1165", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-53C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-54", "Provision_Key": "s112-54", "Heading": "Demergers", "Text": "Demergers Item In this situation: Element affected: See section: 1 There is a roll ‑ over under Subdivision 125 ‑ B after a demerger First element of cost base and reduced cost base of new interests and remaining original interests 125 ‑ 80 2 There is a CGT event under a demerger but no roll ‑ over under Subdivision 125 ‑ B First element of cost base and reduced cost base of new interests and remaining original interests 125 ‑ 85 3 There is a cost base adjustment under Subdivision 125 ‑ B but no CGT event under a demerger First element of cost base and reduced cost base of new interests and remaining original interests 125 ‑ 90", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-54"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-54A", "Provision_Key": "s112-54a", "Heading": "Transfer of assets between certain trusts", "Text": "Transfer of assets between certain trusts Item In this situation: Element affected: See sections: 1 There is a roll ‑ over under Subdivision 126 ‑ G relating to the transfer of a CGT asset between certain trusts First element of cost base and reduced cost base of the CGT asset 126 ‑ 240 2 There is a roll ‑ over under Subdivision 126 ‑ G relating to the transfer of a CGT asset between certain trusts Cost base and reduced cost base of membership interests in each trust 126 ‑ 245 and 126 ‑ 250", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-54A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-55", "Provision_Key": "s112-55", "Heading": "Effect of you dying", "Text": "Effect of an individual dying Item In this situation: Element affected: See section: 1 CGT asset devolves to the legal personal representative First element of cost base and reduced cost base 128 ‑ 15 2 CGT asset passes to a beneficiary First element of cost base and reduced cost base 128 ‑ 15 3 CGT asset passes to a trustee of a complying superannuation entity First element of cost base and reduced cost base 128 ‑ 25 4 Surviving joint tenant acquires deceased joint tenant’s interest in CGT asset First element of cost base and reduced cost base 128 ‑ 50", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 46 of 1998 | No 169 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-60", "Provision_Key": "s112-60", "Heading": "Bonus shares or units", "Text": "Bonus shares or units Item In this situation: Element affected: See section: 1 A company issues you with bonus shares First element of cost base and reduced cost base 130 ‑ 20 2 A unit trust issues you with bonus units First element of cost base and reduced cost base 130 ‑ 20", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 63 of 1998", "Amending_Acts": "No 46 of 1998 | No 63 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-65", "Provision_Key": "s112-65", "Heading": "Rights", "Text": "Exercise of rights Item In this situation: Element affected: See section: 1 You exercise rights to acquire shares, or options to acquire shares, in a company First element of cost base and reduced cost base 130 ‑ 40 2 You exercise rights to acquire units, or options to acquire units, in a unit trust First element of cost base and reduced cost base 130 ‑ 40", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-70", "Provision_Key": "s112-70", "Heading": "Convertible interests", "Text": "Convertible interests Item In this situation: Element affected: See section: 1 You acquire shares, or units in a unit trust, by converting a convertible interest First element of cost base and reduced cost base 130 ‑ 60", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 46 of 1998 | No 163 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-77", "Provision_Key": "s112-77", "Heading": "Exchangeable interests", "Text": "Exchangeable interests Item In this situation: Element affected: See section: 1 You acquire shares in a company in exchange for the disposal of an exchangeable interest, and the disposal of the exchangeable interest was to: (a) the issuer of the exchangeable interest; or (b) a connected entity of the issuer of the exchangeable interest First element of cost base and reduced cost base 130 ‑ 105 2 You acquire shares in a company in exchange for the redemption of an exchangeable interest First element of cost base and reduced cost base 130 ‑ 105", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-77"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-78", "Provision_Key": "s112-78", "Heading": "Exploration investments", "Text": "Exploration investments Item In this situation: Element affected: See section: 1 An exploration investment in the form of a share is disposed of The total reduced cost base 130 ‑ 110", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-78"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-80", "Provision_Key": "s112-80", "Heading": "Leases", "Text": "Leases Item In this situation: Element affected: See section: 1 A lessee incurs expenditure in obtaining the lessor’s agreement to vary or waive a term of the lease Fourth element of cost base and reduced cost base 132 ‑ 1 2 A lessor pays an amount to the lessee for improvements made by the lessee to the property Fourth element of cost base and reduced cost base 132 ‑ 5 3 A lessor of a long ‑ term lease incurs expenditure in obtaining the lessee’s agreement to vary or waive a term of the lease or to forfeit or surrender the lease Fourth element of cost base and reduced cost base 132 ‑ 10 4 A lessee of land acquires the reversionary interest of the lessor First element of cost base and reduced cost base 132 ‑ 15", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-85", "Provision_Key": "s112-85", "Heading": "Options", "Text": "Exercise of options Item In this situation: Element affected: See section: 1 Grantee of option acquires the CGT asset the subject of the option First element of cost base and reduced cost base 134 ‑ 1 2 Grantor of option acquires the CGT asset the subject of the option For the grantor—the first element of cost base and reduced cost base; For the grantee—the second element of cost base and reduced cost base 134 ‑ 1", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-87", "Provision_Key": "s112-87", "Heading": "Residency", "Text": "Residency Item In this situation: Element affected: See section: 1 An individual or company becomes an Australian resident (but not a temporary resident) First element of cost base and reduced cost base 855 ‑ 45 1A A temporary resident ceases to be a temporary resident (but remains, at that time, an Australian resident) First element of cost base and reduced cost base 768 ‑ 955 2 A trust becomes a resident trust for CGT purposes First element of cost base and reduced cost base 855 ‑ 50", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 32 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-87"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-90", "Provision_Key": "s112-90", "Heading": "An asset stops being a pre ‑ CGT asset", "Text": "An asset stops being a pre ‑ CGT asset Item In this situation: Element affected: See section: 1 An asset of a non ‑ public entity stops being a pre ‑ CGT asset The total cost base and reduced cost base 149 ‑ 35 2 An asset of a public entity stops being a pre ‑ CGT asset The total cost base and reduced cost base 149 ‑ 75", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-92", "Provision_Key": "s112-92", "Heading": "Demutualisation of certain entities", "Text": "Demutualisation of certain entities Item In this situation: Element affected: See section: 1 Just before the mutual entity known in New Zealand as Tower Corporation ceased to be a mutual entity, you had membership rights in that entity The total cost base and reduced cost base 118 ‑ 550", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-92"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-95", "Provision_Key": "s112-95", "Heading": "Transfer of tax losses and net capital losses within wholly ‑ owned groups of companies", "Text": "Transfer of tax losses and net capital losses within wholly ‑ owned groups of companies Item In this situation: Element affected: See section: 1 An amount of a tax loss is transferred and a company has a direct or indirect equity interest in the loss company The total cost base and reduced cost base 170 ‑ 210 2 An amount of a tax loss is transferred and a company has a direct or indirect debt interest in the loss company The reduced cost base 170 ‑ 210 3 An amount of a tax loss is transferred and a company has a direct or indirect equity or debt interest in the income company The total cost base and reduced cost base 170 ‑ 215 4 An amount of a net capital loss is transferred and a company has a direct or indirect equity interest in the loss company The total cost base and reduced cost base 170 ‑ 220 5 An amount of a net capital loss is transferred and a company has a direct or indirect debt interest in the loss company The reduced cost base 170 ‑ 220 6 An amount of a net capital loss is transferred and a company has a direct or indirect equity or debt interest in the gain company The total cost base and reduced cost base 170 ‑ 225", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 46 of 1998 | No 169 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-97", "Provision_Key": "s112-97", "Heading": "Modifications outside this Part and Part 3 ‑ 3", "Text": "This table sets out other cost base modifications outside this Part and Part 3 ‑ 3. Provisions of the Income Tax Assessment Act 1936 are in bold . Modifications outside this Part and Part 3 ‑ 3 Item In this situation Element affected: See: 1A You receive, under a * farm ‑ in farm ‑ out arrangement, an * exploration benefit or an entitlement to an exploration benefit First element of cost base and reduced cost base Section 40 ‑ 1120 1 You stop holding an item as trading stock First element of cost base and reduced cost base Paragraph 70 ‑ 110(1)(b) 2 CGT event happens to Cocos (Keeling) Islands asset First element of cost base and reduced cost base subsection 102 ‑ 25(1) of the Income Tax (Transitional Provisions) Act 1997 2A Lender acquires a replacement security First element of cost base and reduced cost base subsection 26BC(6B) 3 CGT event happens by the borrower disposing of the borrowed security to a third party First element of cost base and reduced cost base paragraph 26BC(9)(a) 4 CGT event happens to replacement security and compensatory payment was incurred by the borrower Second element of cost base and reduced cost base subsection 26BC(9A) 5 CGT event happens to CGT asset in connection with the demutualisation of an insurance company except a friendly society health or life insurer First element of cost base and reduced cost base section 121AS 5A CGT event happens to CGT asset in connection with the demutualisation of a mutual entity other than an insurance company, health insurer and friendly society health or life insurer First element of cost base and reduced cost base Division 326 in Schedule 2H 6 CGT event happens to assets of NSW State Bank First element of cost base and reduced cost base section 121EN 7 Trust ceases to be a resident trust for CGT purposes and there is an attributable taxpayer The total cost base and reduced cost base section 102AAZBA 8 You own shares in a company that stops being a PDF First element of cost base and reduced cost base section 124ZR 10 CGT event happens to CGT asset used in gold mining First element of cost base and reduced cost base section 112 ‑ 100 of the Income Tax (Transitional Provisions) Act 1997 12 Shares in a holding company are cancelled The total cost base and reduced cost base section 159GZZZH 12B Entity has interest in loss company immediately before alteration time The total reduced cost base sections 165 ‑ 115ZA and 165 ‑ 115ZB 13 CGT event happens to 30 June 1988 asset of a complying superannuation entity First element of cost base and reduced cost base section 295 ‑ 85 of the Income Tax (Transitional Provisions) Act 1997 14 CGT event happens to CGT asset of a complying superannuation entity First element of cost base and reduced cost base section 295 ‑ 100 of the Income Tax (Transitional Provisions) Act 1997 15 A CGT asset of a CFC is taken into account in calculating its attributable income First element of cost base and reduced cost base section 412 16 A CGT asset of a CFC is taken into account in calculating its attributable income First element of cost base and reduced cost base subsection 413(2) 17 A CGT asset of a CFC is taken into account in calculating its attributable income First element of cost base and reduced cost base subsection 413(3) 18 A CGT asset of a CFC is taken into account in calculating its attributable income First element of cost base and reduced cost base section 414 18A You cease to hold a registered emissions unit as the result of an outgoing international transfer of a Kyoto unit First element of cost base and reduced cost base Section 420 ‑ 35 19 A commercial debt is forgiven The total cost base and reduced cost base of certain CGT assets of the debtor sections 245 ‑ 175 to 245 ‑ 190 20 A tax exempt entity becomes taxable First element of cost base and reduced cost base section 57 ‑ 25 in Schedule 2D 20A An entity becomes or ceases to be a foreign hybrid The total cost base and reduced cost base Sections 830 ‑ 80 and 830 ‑ 85 21 A CGT asset is transferred to or from a life insurance company’s complying superannuation asset pool First element of cost base and reduced cost base subsection 320 ‑ 200(2) 22 A CGT asset is transferred to or from the segregated exempt assets of a life insurance company First element of cost base and reduced cost base subsection 320 ‑ 255(2) 22A A CGT event happens in relation to forestry interest in a forestry managed investment scheme for a subsequent participant The total cost base and reduced cost base Subsection 394 ‑ 30(9) 22B You start or cease to have a * Division 230 financial arrangement as consideration for the acquisition of a thing All elements of cost base and reduced cost base section 230 ‑ 505 23 The arrangement period for the tax preferred use of an asset ends The total cost base and reduced cost base subsection 250 ‑ 285(3) 24 An entity becomes a subsidiary member of a consolidated group The total cost base and reduced cost base for the head company of the subsidiary’s assets Section 701 ‑ 10 24A An entity ceases to be a subsidiary member of a consolidated group The total cost base and reduced cost base for the head company of membership interests in the subsidiary Section 701 ‑ 15 24B An entity ceases to be a subsidiary member of a consolidated group The total cost base and reduced cost base for the head company of liabilities owed by the subsidiary Section 701 ‑ 20 24C An entity ceases to be a subsidiary member of a consolidated group and an asset becomes an asset of the entity because the single entity rule ceases to apply The total cost base and reduced cost base for the entity of a liability owed to the entity Section 701 ‑ 45 24D 2 or more entities cease to be subsidiary members of a consolidated group The total cost base and reduced cost base of the membership interests that one subsidiary member holds in another Section 701 ‑ 50 24E Determining an asset’s tax cost setting amount The total cost base and reduced cost base of the asset Section 701 ‑ 55 24F Eligible tier ‑ 1 company ceases to be a subsidiary member of a MEC group or a CGT event happens to a pooled interest in the company The total cost base and reduced cost base Section 719 ‑ 565 25 You make a forex realisation gain as a result of forex realisation event 4, and: (a) you incurred the obligation to pay foreign currency: (i) in return for the acquisition of a CGT asset; or (ii) as the second, third, fourth or fifth element of the cost base of a CGT asset; and (b) the foreign currency became due for payment within 12 months after the time when: (i) in the case of the acquisition of a CGT asset—you acquired the CGT asset; or (ii) in the case of the second, third, fourth or fifth element of the cost base of a CGT asset—you incurred the relevant expenditure total cost base and reduced cost base section 775 ‑ 70 26 You make a forex realisation loss as a result of forex realisation event 4, and: (a) you incurred the obligation to pay foreign currency: (i) in return for the acquisition of a CGT asset; or (ii) as the second, third, fourth or fifth element of the cost base of a CGT asset; and (b) the foreign currency became due for payment within 12 months after the time when: (i) in the case of the acquisition of a CGT asset—you acquired the CGT asset; or (ii) in the case of the second, third, fourth or fifth element of the cost base of a CGT asset—you incurred the relevant expenditure total cost base and reduced cost base section 775 ‑ 75 27 You acquire foreign currency as a result of forex realisation event 2 first element of cost base and reduced cost base section 775 ‑ 125 28 On 10 May 2005, a foreign resident holds certain membership interests first element of * cost base and * reduced cost base subsection 855 ‑ 25(3) 29 You are issued with an asset under a demutualisation of a health insurer except a friendly society health or life insurer First element of cost base and reduced cost base sections 315 ‑ 80, 315 ‑ 210 and 315 ‑ 260 30 You are transferred an asset by a lost policy holders trust under a demutualisation of a health insurer except a friendly society health or life insurer First element of cost base and reduced cost base sections 315 ‑ 145, 315 ‑ 210 and 315 ‑ 260 30A A CGT event occurs under a demutualisation of a friendly society health or life insurer and the capital proceeds from the event include money All elements of cost base section 316 ‑ 60 30B You are issued with an asset under a demutualisation of a friendly society health or life insurer First element of cost base and reduced cost base section 316 ‑ 105 30C A CGT event happens to an interest in a lost policy holders trust and the capital proceeds from the event include money All elements of cost base section 316 ‑ 165 30D You are transferred a share, or right to acquire shares, by a lost policy holders trust under a demutualisation of a friendly society health or life insurer The total cost base and reduced cost base section 316 ‑ 170 31 An entitlement arises under Division 2AA of Part II of the Banking Act 1959 in connection with an account ‑ holder’s account with an ADI The total cost base, and reduced cost base, of the entitlement and of the remainder (if any) of the right to be paid by the ADI in connection with the account Section 253 ‑ 15 32 You acquire an * ESS interest and Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies to the interest First element of cost base and reduced cost base sections 83A ‑ 30 and 83A ‑ 125 33 An entity chooses a roll ‑ over under Subdivision 310 ‑ D and the entity chooses section 310 ‑ 55 to apply to assets First element of cost base and reduced cost base section 310 ‑ 55 34 An entity chooses a roll ‑ over under Subdivision 310 ‑ D, but the entity does not choose section 310 ‑ 55 to apply to assets First element of cost base and reduced cost base section 310 ‑ 60 35 A CGT asset is held by a company that has ownership not significantly different from that of a former body that held the asset and was incorporated under another law First element of cost base and reduced cost base Section 620 ‑ 25 37 The issuing of a share gives rise to an entitlement to a tax offset under Subdivision 360 ‑ A First element of cost base and reduced cost base Sections 360 ‑ 50, 360 ‑ 55, 360 ‑ 60 and 360 ‑ 65", "Amendment_Count": 37, "First_Amended": "No 46 of 1998", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 46 of 1998 | No 103 of 1999 | No 169 of 1999 | No 89 of 2000 | No 173 of 2000 | No 101 of 2003 | No 133 of 2003 | No 101 of 2004 | No 41 of 2005 | No 58 of 2006 | No 101 of 2006 | No 168 of 2006 | No 15 of 2007 | No 79 of 2007 | No 164 of 2007 | No 45 of 2008 | No 97 of 2008 | No 15 of 2009 | No 42 of 2009 | No 88 of 2009 | No 133 of 2009 | No 19 of 2010 | No 56 of 2010 | No 79 of 2010 | No 41 of 2011 | No 132 of 2011 | No 12 of 2012 | No 89 of 2013 | No 83 of 2014 | No 53 of 2015 | No 70 of 2015 | No 130 of 2015 | No 20 of 2016 | No 54 of 2016 | No 4 of 2018 | No 23 of 2018 | No 64 of 2020", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 103 of 1999, effective 16 July 1999 | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 53 of 2015, effective Sch 1 (items 9–17, 19): 1 July 2016 (s 2) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 20 of 2016, effective Sch 1 (items 1, 2): 1 July 2016 (s 2(1) item 2) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-97"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-100", "Provision_Key": "s112-100", "Heading": "Effect of this Subdivision", "Text": "This Subdivision is a * Guide. Note: In interpreting an operative provision, a Guide may be considered only for limited purposes: see section 950 ‑ 150.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-105", "Provision_Key": "s112-105", "Heading": "What is a replacement ‑ asset roll ‑ over?", "Text": "(1) A replacement ‑ asset roll ‑ over allows you to defer the making of a capital gain or a capital loss from one CGT event until a later CGT event happens. (2) It involves your ownership of one CGT asset (the original asset ) ending and you acquiring another one (the replacement asset ). (3) All replacement ‑ asset roll ‑ overs are set out in the table in section 112 ‑ 115.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 46 of 1998 | No 90 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-110", "Provision_Key": "s112-110", "Heading": "How is the cost base of the replacement asset modified?", "Text": "If you acquired the original asset on or after 20 September 1985: (a) the first element of the replacement asset’s cost base is replaced by the original asset’s cost base at the time you acquired the replacement asset; and (b) the first element of the replacement asset’s reduced cost base is replaced by the original asset’s reduced cost base at the time you acquired the replacement asset. Note 1: Some replacement ‑ asset roll ‑ overs involve other rules that affect the cost base or reduced cost base of the replacement asset. Note 2: If you acquired the original asset before 20 September 1985, you are taken to have acquired the replacement asset before that day: see Subdivision 124 ‑ A. Note 3: The reduced cost base may be further modified if the replacement asset roll ‑ over happens after a demerger: see section 125 ‑ 170.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 90 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-115", "Provision_Key": "s112-115", "Heading": "Table of replacement ‑ asset roll ‑ overs", "Text": "This table sets out all the replacement ‑ asset roll ‑ overs and tells you where you can find more detail about each one. Provisions of this Act are in normal text. The other provisions, in bold , are provisions of the Income Tax Assessment Act 1936 . Replacement ‑ asset roll ‑ overs Item For the rules about this roll ‑ over: See: 1 Disposal or creation of assets by individual or trustee to a wholly ‑ owned company sections 122 ‑ 40 to 122 ‑ 65 2 Disposal or creation of assets by partners to a wholly ‑ owned company sections 122 ‑ 150 to 122 ‑ 195 4 Asset compulsorily acquired, lost or destroyed Subdivision 124 ‑ B 5 New statutory licences Subdivision 124 ‑ C 6 Strata title conversion Subdivision 124 ‑ D 7 Exchange of shares in the same company or units in the same unit trust Subdivision 124 ‑ E 8 Exchange of rights or options to acquire shares in a company or units in a unit trust Subdivision 124 ‑ F 11 Change of incorporation Subdivision 124 ‑ I 12 Crown leases Subdivision 124 ‑ J 13 Depreciating assets Subdivision 124 ‑ K 14 Prospecting and mining entitlements Subdivision 124 ‑ L 14A Scrip for scrip Subdivision 124 ‑ M 14B Exchange of interests in a trust as a result of a trust restructure Subdivision 124 ‑ N 14BB Exchange of an interest in an MDO for an interest in another MDO Subdivision 124 ‑ P 14BC Exchange of stapled ownership interests Subdivision 124 ‑ Q 14BD Water entitlements Subdivision 124 ‑ R 14C Demergers Division 125 14D Exchange of shares in one company for shares in an interposed company Division 615 14E Exchange of units in a unit trust for shares in a company Division 615 15 Disposal of a security under a securities lending arrangement section 26BC", "Amendment_Count": 16, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 173 of 2000 | No 77 of 2001 | No 53 of 2002 | No 90 of 2002 | No 101 of 2004 | No 55 of 2007 | No 143 of 2007 | No 164 of 2007 | No 97 of 2008 | No 136 of 2010 | No 12 of 2012 | No 109 of 2014 | No 133 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-135", "Provision_Key": "s112-135", "Heading": "Effect of this Subdivision", "Text": "This Subdivision is a * Guide. Note: In interpreting an operative provision, a Guide may be considered only for limited purposes: see section 950 ‑ 150.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-140", "Provision_Key": "s112-140", "Heading": "What is a same ‑ asset roll ‑ over?", "Text": "A same ‑ asset roll ‑ over allows one entity (the transferor ) to disregard a capital gain or loss it makes from disposing of a CGT asset to, or creating a CGT asset in, another entity (the transferee ). Any gain or loss is deferred until another CGT event happens in relation to the asset (in the hands of the transferee). All same ‑ asset roll ‑ overs are set out in the table in section 112 ‑ 150.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 46 of 1998 | No 53 of 2002 | No 90 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-145", "Provision_Key": "s112-145", "Heading": "How is the cost base of the asset modified?", "Text": "If the transferor acquired the asset on or after 20 September 1985: (a) the first element of the asset’s cost base (in the hands of the transferee) is replaced by the asset’s cost base at the time the transferee acquired it; and (b) the first element of the asset’s reduced cost base (in the hands of the transferee) is replaced by the asset’s reduced cost base at the time the transferee acquired it. Note 1: If the transferor acquired the asset before 20 September 1985, the transferee is taken to have acquired it before that day: see Subdivision 126 ‑ A. Note 2: The reduced cost base may be further modified if the same asset roll ‑ over happens after a demerger: see section 125 ‑ 170.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 90 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-150", "Provision_Key": "s112-150", "Heading": "Table of same ‑ asset roll ‑ overs", "Text": "This table sets out all the same ‑ asset roll ‑ overs and tells you where you can find more detail about each one. Same ‑ asset roll ‑ overs Item For the rules about this roll ‑ over: See: 1 Transfer of a CGT asset from one spouse to the other because of a marriage or relationship breakdown Subdivision 126 ‑ A 2 Transfer of a CGT asset from a company or trust to a spouse because of a marriage or relationship breakdown Subdivision 126 ‑ A 3 Transfer of a CGT asset to a wholly ‑ owned company sections 122 ‑ 70 and 122 ‑ 75 4 Transfer of a CGT asset of a partnership to a wholly ‑ owned company Sections 122 ‑ 200 and 122 ‑ 205 4A Transfer of a CGT asset of a trust to a company under a trust restructure Subdivision 124 ‑ N 5 Transfer of a CGT asset between certain related companies Subdivision 126 ‑ B 6 CGT event happens because a trust deed of a complying approved deposit fund, a complying superannuation fund or a fund that accepts worker entitlement contributions is changed Subdivision 126 ‑ C 7 Transfer of a CGT asset from a small superannuation fund to another complying superannuation fund because of a marriage or relationship breakdown Subdivision 126 ‑ D 8 Beneficiary becomes absolutely entitled to a share following a roll ‑ over under Subdivision 124 ‑ M Subdivision 126 ‑ E 10 Transfer of a CGT asset between certain trusts Subdivision 126 ‑ G 11 Corporations covered by Subdivision 124 ‑ I sections 620 ‑ 10, 620 ‑ 15, 620 ‑ 20 and 620 ‑ 25", "Amendment_Count": 13, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 114 of 2001 | No 53 of 2002 | No 57 of 2002 | No 117 of 2002 | No 66 of 2003 | No 78 of 2005 | No 58 of 2006 | No 164 of 2007 | No 144 of 2008 | No 19 of 2010 | No 12 of 2012 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2001, effective Sch 1 (items 16–19, 21–24): 28 Dec 2002 (s 2) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-155", "Provision_Key": "s112-155", "Heading": "Australian resident individuals—deemed sale just before, and reacquisition on, 1 July 2027", "Text": "Application (1) This section applies in relation to a * CGT asset of yours if: (a) on 30 June 2027, the asset is not a * pre ‑ CGT asset; and (b) you are an individual who * acquired the asset and then held it throughout the period: (i) starting at a time before 1 July 2027; and (ii) ending at the end of 30 June 2027; and (c) you continue to hold the asset until a * realisation event happens in relation to the asset on or after 1 July 2027; and (d) if it were assumed that you make a * discount capital gain from the realisation event—section 115 ‑ 105 (about foreign or temporary residents) would not apply to the discount capital gain; and (e) the asset is not an asset for which either of the following sections applies in relation to a * capital gain you make in relation to the realisation event: (i) section 115 ‑ 102 (about new residential dwellings); (ii) section 115 ‑ 125 (about affordable housing). Deemed sale and reacquisition (2) For the purposes of this Part, Part 3 ‑ 3 and Subdivision 960 ‑ M, you are taken: (a) to have sold the asset just before 1 July 2027, with your * capital proceeds for that sale taken to be the amount applying under subsection (3); and (b) to have * acquired the asset again just after that sale for an amount equal to those capital proceeds. Note 1: The sale under paragraph (a) happens on 30 June 2027, and the reacquisition under paragraph (b) happens on 1 July 2027. Note 2: Any capital gain or loss you make from the sale on 30 June 2027 is disregarded (and deferred) until the income year in which the realisation event happens. You can wait until then before working out the amount of the capital gain or loss (see section 112 ‑ 160). Note 3: Subdivision 960 ‑ M deals with indexation of a CGT asset’s cost base. (3) The * capital proceeds are taken to be equal to: (a) unless paragraph (b) applies—the asset’s * market value just before 1 July 2027; or (b) if you choose to use an apportioning method determined under section 112 ‑ 185—the amount of capital proceeds worked out using that method. (4) For the purposes of paragraph 103 ‑ 25(1)(a), the * realisation event is the relevant * CGT event for such a choice. Note 1: Section 103 ‑ 25 sets out rules for making choices. Note 2: This subsection and section 103 ‑ 25 mean you do not have to make a choice until the day you lodge your income tax return for the income year in which the realisation event happens (see paragraph 103 ‑ 25(1)(a)). Note 3: The realisation event is the event mentioned in paragraph (1)(c). (5) Except for the purposes of section 112 ‑ 185 (about making apportioning determinations), none of the following apply in relation to a sale and acquisition mentioned in paragraphs (2)(a) and (b) for which a choice is made under paragraph (3)(b): (a) Subdivisions 112 ‑ A, 112 ‑ B, 112 ‑ C and 112 ‑ D (about modifications of the cost base and reduced cost base); (b) sections 116 ‑ 25 to 116 ‑ 60 (about modifications of the general rules about capital proceeds).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-160", "Provision_Key": "s112-160", "Heading": "Australian resident individuals—defer a gain or loss from the deemed sale until the later realisation event happens", "Text": "Application (1) This section applies in relation to a * CGT asset of yours if, under paragraph 112 ‑ 155(2)(a), you make: (a) a * capital gain (the initial notional gain ); or (b) a * capital loss (the initial notional loss ); in respect of the asset (disregarding subsection (2) of this section). Note: The initial notional gain or loss is made from the sale that is taken to happen at the end of 30 June 2027 (see paragraph 112 ‑ 155(2)(a)), and is disregarded under subsection (2) of this section. Disregard the initial notional gain or loss because it is to be deferred (2) Disregard the initial notional gain or the initial notional loss, except for the purposes of subsection (3) or (4). Deferring an initial notional gain (3) If you made an initial notional gain, then for the purposes of Division 102: (a) in the income year in which the * realisation event happens in relation to the * CGT asset—you are treated as having made a * capital gain ( your deferred gain ): (i) for the * CGT event that happens under paragraph 112 ‑ 155(2)(a) (the deemed CGT event ); and (ii) that is a * discount capital gain if the initial notional gain is a discount capital gain; and (iii) that is equal to the amount of the initial notional gain; and (b) disregard section 102 ‑ 20 in relation to your deferred gain; and (c) for the purposes of subparagraph (a)(ii) of this subsection, in working out whether the initial notional gain is a discount capital gain, treat the deemed CGT event as if it happens on the day the realisation event happens; and (d) in working out whether, under step 6 of the method statement in subsection 102 ‑ 5(1), your deferred gain qualifies for any of the small business concessions, treat the deemed CGT event as if it happens on the day the realisation event happens. Note 1: For paragraph (a), the realisation event is the CGT event referred to in paragraph 112 ‑ 155(1)(c). Note 2: Paragraph (c) is relevant for working out whether the 12 ‑ month rule in subsection 115 ‑ 25(1) is satisfied for the initial notional gain. Note 3: If the initial notional gain is a discount capital gain, then under step 5 of the method statement in subsection 102 ‑ 5(1), the 50% discount mentioned in paragraph 115 ‑ 100(aa) can apply to your deferred gain. Deferring an initial notional loss (4) If you made an initial notional loss, then for the purposes of Division 102: (a) in the income year in which the * realisation event happens in relation to the * CGT asset—you are treated as having made a * capital loss ( your deferred loss ) equal to the amount of the initial notional loss; and (b) disregard section 102 ‑ 20 in relation to your deferred loss. Note: You may make a separate capital loss from the realisation event for the period starting on 1 July 2027. In working out whether you make a capital loss from the realisation event for this period, you are taken to have acquired the CGT asset at the time, and for the amount, mentioned in paragraph 112 ‑ 155(2)(b). Working out whether concessions are available for a capital gain from the realisation event (5) In working out when you * acquired the * CGT asset for the purposes of working out whether your * capital gain resulting from the * realisation event is a * discount capital gain, disregard the sale and acquisition under subsection 112 ‑ 155(2). Note: If you make a capital gain from the realisation event in respect of the asset, this subsection is relevant for working out whether the 12 ‑ month rule in subsection 115 ‑ 25(1) is satisfied for the capital gain. (6) In working out whether, under step 6 of the method statement in subsection 102 ‑ 5(1), your * capital gain resulting from the * realisation event qualifies for any of the small business concessions, disregard the sale and acquisition under subsection 112 ‑ 155(2). Note: Subsections (5) and (6) refer to the capital gain from the realisation event for the period starting on 1 July 2027. The sale and reacquisition under subsection 112 ‑ 155(2) remain relevant for working out the amount of this capital gain, just not for whether this capital gain: (a) is a discount capital gain; or (b) qualifies for any of the small business concessions.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-165", "Provision_Key": "s112-165", "Heading": "Trusts—deemed sale just before, and reacquisition on, 1 July 2027", "Text": "Application (1) This section applies in relation to a * CGT asset of a trust estate if: (a) on 30 June 2027, the asset is not a * pre ‑ CGT asset; and (b) the trustee * acquired the asset and then held it throughout the period: (i) starting at a time before 1 July 2027; and (ii) ending at the end of 30 June 2027; and (c) the trustee continues to hold the asset until a * realisation event happens in relation to the asset on or after 1 July 2027; and (d) if it were assumed that the trust estate makes a * discount capital gain (the primary trust gain ) from the realisation event—at least one beneficiary of the trust makes, because of section 115 ‑ 215, a discount capital gain in relation to the primary trust gain for which: (i) for a beneficiary who is an individual—section 115 ‑ 110 (about foreign or temporary residents) does not apply; or (ii) for a beneficiary that is another trust (other than a * complying superannuation entity)—section 115 ‑ 120 (about foreign or temporary residents) does not apply; and (e) the asset is not an asset for which either: (i) section 115 ‑ 102 (about new residential dwellings); or (ii) section 115 ‑ 125 (about affordable housing); applies in relation to all of the * capital gains that, because of section 115 ‑ 215, are made by the beneficiaries of the trust in relation to the capital gain the trust estate makes in relation to the realisation event. Deemed sale and reacquisition (2) For the purposes of this Part, Part 3 ‑ 3 and Subdivision 960 ‑ M, the trustee is taken: (a) to have sold the asset just before 1 July 2027, with the trustee’s * capital proceeds for that sale taken to be the amount applying under subsection (3); and (b) to have * acquired the asset again just after that sale for an amount equal to those capital proceeds. Note 1: The sale under paragraph (a) happens on 30 June 2027, and the reacquisition under paragraph (b) happens on 1 July 2027. Note 2: Any capital gain or loss the trust estate makes from the sale on 30 June 2027 is disregarded (and deferred) until the income year in which the realisation event happens. The trustee (and beneficiaries) can wait until then before working out the amount of the capital gain or loss (see section 112 ‑ 170). Note 3: Subdivision 960 ‑ M deals with indexation of a CGT asset’s cost base. (3) The * capital proceeds are taken to be equal to: (a) unless paragraph (b) applies—the asset’s * market value just before 1 July 2027; or (b) if the trustee chooses to use an apportioning method determined under section 112 ‑ 185—the amount of capital proceeds worked out using that method. (4) For the purposes of paragraph 103 ‑ 25(1)(a), the * realisation event is the relevant * CGT event for such a choice. Note 1: Section 103 ‑ 25 sets out rules for making choices. Note 2: This subsection and section 103 ‑ 25 mean the trustee does not have to make a choice until the day the trustee lodges the trust’s income tax return for the income year in which the realisation event happens (see paragraph 103 ‑ 25(1)(a)). Note 3: The realisation event is the event mentioned in paragraph (1)(c). (5) Except for the purposes of section 112 ‑ 185 (about making apportioning determinations), none of the following apply in relation to a sale and acquisition mentioned in paragraphs (2)(a) and (b) for which a choice is made under paragraph (3)(b): (a) Subdivisions 112 ‑ A, 112 ‑ B, 112 ‑ C and 112 ‑ D (about modifications of the cost base and reduced cost base); (b) sections 116 ‑ 25 to 116 ‑ 60 (about modifications of the general rules about capital proceeds). (6) To avoid doubt, subsection (2) applies only for the purposes of the provisions mentioned in that subsection. For example, it does not apply for the purposes of Subdivision EA of Division 7A of Part III of the Income Tax Assessment Act 1936 (about unpaid present entitlements).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-170", "Provision_Key": "s112-170", "Heading": "Trusts—defer a gain or loss from the deemed sale until the later realisation event happens", "Text": "Application (1) This section applies in relation to a * CGT asset of a trust estate if, under paragraph 112 ‑ 165(2)(a), the trust estate makes: (a) a * capital gain (the initial notional gain ); or (b) a * capital loss (the initial notional loss ); in respect of the asset (disregarding subsection (2) of this section). Note: The initial notional gain or loss is made from the sale that is taken to happen at the end of 30 June 2027 (see paragraph 112 ‑ 165(2)(a)), and is disregarded under subsection (2) of this section. Disregard the initial notional gain or loss because it is to be deferred (2) Disregard the initial notional gain or the initial notional loss, except for the purposes of subsection (3) or (4). Deferring an initial notional gain (3) If the trust estate made an initial notional gain, then for the purposes of Division 102 and Subdivision 115 ‑ C: (a) in the income year in which the * realisation event happens in relation to the * CGT asset—treat the trust estate as having made a * capital gain (the trust’s deferred gain ): (i) for the * CGT event that happens under paragraph 112 ‑ 165(2)(a) (the deemed CGT event ); and (ii) that is a * discount capital gain if the initial notional gain is a discount capital gain; and (iii) that is equal to the amount of the initial notional gain; and (b) disregard section 102 ‑ 20 in relation to the trust’s deferred gain; and (c) for the purposes of subparagraph (a)(ii) of this subsection, in working out whether the initial notional gain is a discount capital gain, treat the deemed CGT event as if it happens on the day the realisation event happens; and (d) in working out whether, under step 6 of the method statement in subsection 102 ‑ 5(1), the trust’s deferred gain qualifies for any of the small business concessions, treat the deemed CGT event as if it happens on the day the realisation event happens. Note 1: For paragraph (a), the realisation event is the CGT event referred to in paragraph 112 ‑ 165(1)(c). Note 2: Paragraph (c) is relevant for working out whether the 12 ‑ month rule in subsection 115 ‑ 25(1) is satisfied for the initial notional gain. Note 3: If the initial notional gain is a discount capital gain, then under step 5 of the method statement in subsection 102 ‑ 5(1), the 50% discount mentioned in paragraph 115 ‑ 100(ab) can apply to the trust’s deferred gain. Note 4: A beneficiary of the trust may also be taken to have made, because of section 115 ‑ 215, a capital gain in relation to the trust’s deferred gain. Deferring an initial notional loss (4) If the trust estate made an initial notional loss, then for the purposes of Division 102: (a) in the income year in which the * realisation event happens in relation to the * CGT asset—treat the trust estate as having made a * capital loss (the trust’s deferred loss ) equal to the amount of the initial notional loss; and (b) disregard section 102 ‑ 20 in relation to the trust’s deferred loss. Note 1: For paragraph (a), the realisation event is the CGT event referred to in paragraph 112 ‑ 165(1)(c). Note 2: The trust estate may make a separate capital loss from the realisation event for the period starting on 1 July 2027. In working out whether the trust estate makes a capital loss from the realisation event for this period, the trust estate is taken to have acquired the CGT asset at the time, and for the amount, mentioned in paragraph 112 ‑ 165(2)(b). Note 3: The trust’s deferred loss, and any separate capital loss referred to in note 2, are taken into account to work out whether the trust estate has a net capital gain for the income year in which the realisation event happens. If the trust estate does, then a beneficiary of the trust may also be taken to have, because of section 115 ‑ 215, an extra capital gain for that income year. Working out whether concessions are available for a capital gain from the realisation event (5) In working out when the trustee * acquired the * CGT asset for the purposes of working out whether the trust estate’s * capital gain resulting from the * realisation event is a * discount capital gain, disregard the sale and acquisition under subsection 112 ‑ 165(2). Note: If the trust estate make a capital gain from the realisation event in respect of the asset, this subsection is relevant for working out whether the 12 ‑ month rule in subsection 115 ‑ 25(1) is satisfied for the capital gain. (6) In working out whether, under step 6 of the method statement in subsection 102 ‑ 5(1), the trust estate’s * capital gain resulting from the * realisation event qualifies for any of the small business concessions, disregard the sale and acquisition under subsection 112 ‑ 165(2). Note 1: Subsections (5) and (6) refer to the capital gain from the realisation event for the period starting on 1 July 2027. The sale and reacquisition under subsection 112 ‑ 165(2) remain relevant for working out the amount of this capital gain, just not for whether this capital gain: (a) is a discount capital gain; or (b) qualifies for any of the small business concessions. Note 2: A beneficiary of the trust may also be taken to have made, because of section 115 ‑ 215, a capital gain in relation to the capital gain of the trust estate referred to in subsections (5) and (6).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-175", "Provision_Key": "s112-175", "Heading": "Pre ‑ CGT assets—deemed sale just before, and reacquisition on, 1 July 2027", "Text": "(1) This section applies in relation to your asset if: (a) the asset is a * pre ‑ CGT asset on 30 June 2027; and (b) you continue to hold the asset until a * realisation event happens in relation to the asset on or after 1 July 2027. Deemed sale and reacquisition (2) For the purposes of this Part, Part 3 ‑ 3 and Subdivision 960 ‑ M, you are taken: (a) to have sold the asset just before 1 July 2027, with your * capital proceeds for that sale taken to be the amount applying under subsection (3); and (b) to have * acquired the asset again just after that sale for an amount equal to those capital proceeds. Note 1: This subsection causes the asset to cease to be a pre ‑ CGT asset, and for the first element of the asset’s cost base to be reset, on 1 July 2027 (see paragraph 149 ‑ 10(a) and subsection 110 ‑ 25(2)). Note 2: The sale under paragraph (a) happens on 30 June 2027, and the reacquisition under paragraph (b) happens on 1 July 2027. Note 3: Any capital gain or capital loss you make from the sale on 30 June 2027 is disregarded (see subsection 104 ‑ 10(5)). Note 4: For the purposes of working out whether you make a capital gain or capital loss from the realisation event, you are taken to have acquired the CGT asset at the time, and for the amount, applying under paragraph (b). Note 5: Subdivision 960 ‑ M deals with indexation of a CGT asset’s cost base. (3) The * capital proceeds are taken to be equal to: (a) unless paragraph (b) applies—the asset’s * market value immediately before 1 July 2027; or (b) if you choose to use an apportioning method determined under section 112 ‑ 185—the amount of capital proceeds worked out using that method. (4) For the purposes of paragraph 103 ‑ 25(1)(a), the * realisation event is the relevant * CGT event for such a choice. Note 1: Section 103 ‑ 25 sets out rules for making choices. Note 2: This subsection and section 103 ‑ 25 mean you do not have to make a choice until the day you lodge your income tax return for the income year in which the realisation event happens (see paragraph 103 ‑ 25(1)(a)). (5) Except for the purposes of section 112 ‑ 185 (about making apportioning determinations), none of the following apply in relation to a sale and acquisition mentioned in paragraphs (2)(a) and (b) for which a choice is made under paragraph (3)(b): (a) Subdivisions 112 ‑ A, 112 ‑ B, 112 ‑ C and 112 ‑ D (about modifications of the cost base and reduced cost base); (b) sections 116 ‑ 25 to 116 ‑ 60 (about modifications of the general rules about capital proceeds). (6) To avoid doubt, subsection (2) applies only for the purposes of the provisions mentioned in that subsection. For example, it does not apply for the purposes of Subdivision EA of Division 7A of Part III of the Income Tax Assessment Act 1936 (about unpaid present entitlements).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-180", "Provision_Key": "s112-180", "Heading": "Pre ‑ CGT assets—defer a gain from CGT event K6 from the deemed sale until the later realisation event happens", "Text": "Application (1) This section applies if: (a) you own * shares in a company or an interest in a trust; and (b) under subsection 112 ‑ 175(2), you are taken to have sold the shares or interest (the deemed sale ) and acquired them again; and (c) * CGT event K6 happens on 30 June 2027 as a result of the deemed sale, and you make a * capital gain from this CGT event (the initial notional gain ); and (d) you continue to hold the shares or interest until a * realisation event happens in relation to them on or after 1 July 2027. Disregard the initial notional gain because it is to be deferred (2) Disregard the initial notional gain, except for the purposes of subsection (3). Deferring an initial notional gain (3) For the purposes of Division 102: (a) in the income year in which the * realisation event happens in relation to the * CGT asset—you are treated as having made a * capital gain ( your deferred gain ): (i) for the * CGT event K6 mentioned in paragraph (1)(c); and (ii) that is a * discount capital gain if the initial notional gain is a discount capital gain; and (iii) that is equal to the amount of the initial notional gain; and (b) disregard section 102 ‑ 20 in relation to your deferred gain. Note 1: If the initial notional gain is a discount capital gain, then under step 5 of the method statement in subsection 102 ‑ 5(1), the 50% discount mentioned in paragraph 115 ‑ 100(aa) or (ab) can apply to your deferred gain. Note 2: For a trust, a beneficiary of the trust may also be taken to have made, because of section 115 ‑ 215, a capital gain in relation to the deferred gain.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 112-185", "Provision_Key": "s112-185", "Heading": "Method for apportioning capital gains and losses between realisation events and earlier deemed CGT events", "Text": "(1) The Minister may, by legislative instrument, determine a method for apportioning * capital gains and * capital losses between: (a) * realisation events happening on or after 1 July 2027 in relation to * CGT assets; and (b) earlier * CGT events relating to those CGT assets that are taken to have happened under subsection 112 ‑ 155(2), 112 ‑ 165(2) or 112 ‑ 175(2). (2) For such a * CGT asset, such a method must take into account: (a) the * acquisition of the * CGT asset that is taken to have happened under paragraph 112 ‑ 155(2)(b), 112 ‑ 165(2)(b) or 112 ‑ 175(2)(b); and (b) any expenditure (including indexation) in an element of the * cost base or * reduced cost base of the CGT asset on or after 1 July 2027; and (c) any other matter the Minister considers relevant. (3) For such a * CGT asset, such a method must enable the following to be worked out: (a) the * capital proceeds for the sale of the CGT asset that is taken to have happened under paragraph 112 ‑ 155(2)(a), 112 ‑ 165(2)(a) or 112 ‑ 175(2)(a); (b) the * cost base and * reduced cost base of the CGT asset when it is taken to have been * acquired under paragraph 112 ‑ 155(2)(b), 112 ‑ 165(2)(b) or 112 ‑ 175(2)(b). The method may also enable other things to be worked out.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s112-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-30", "Provision_Key": "s114-30", "Heading": "Asset requirements for indexation to apply for a cost base worked out under subsection 110 ‑ 36(1A)", "Text": "(1) This section sets out requirements for indexation to be included under subsection 110 ‑ 36(1A) in the * cost base of a * CGT asset for the purposes of working out your * capital gain from a * CGT event happening in relation to the CGT asset if: (a) you are an individual; and (b) you make the capital gain directly or, because of section 115 ‑ 215, as a beneficiary of a trust. (2) The * CGT asset must not be an asset for which either of the following sections applies in relation to the * capital gain: (a) section 115 ‑ 102 (about new residential dwellings); (b) section 115 ‑ 125 (about affordable housing). Note 1: If you are a beneficiary of a trust, the requirements in this section do not affect whether indexation is included in the cost base of the CGT asset for the purposes of working out whether the trust estate makes a capital gain. If section 115 ‑ 102 or 115 ‑ 125 (the discount section ) applies for your capital gain, then in working out your capital gain: (a) the cost base will be adjusted to remove the effect of indexation (see subsection 115 ‑ 225(5)); and (b) instead, the discount relating to the discount section applies (see paragraph 115 ‑ 215(4)(a)). Note 2: However, the result in paragraphs (a) and (b) of note 1 does not happen for your capital gain if the trust chooses under the discount section for that section not to apply. If the trust makes this choice, the indexation included in the cost base of the CGT asset will flow through to working out your capital gain (see subsection 115 ‑ 215(3)(a)).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-1", "Provision_Key": "s114-1", "Heading": "Indexing elements of cost base", "Text": "(1) In working out the * cost base of a * CGT asset under subsection 110 ‑ 36(1A), index expenditure incurred in each element (except the third element). Note 1: The expenditure can include giving property (see section 103 ‑ 5). Note 2: Subdivision 960 ‑ M shows you how to index amounts (see subsections 960 ‑ 275(1B) and (1C) in particular). Note 3: You have to work out the cost base of a CGT asset if a CGT event happens in relation to it or if there is a cost base modification. Note 4: You cannot index expenditure in the third element (costs of ownership) (see subsection 960 ‑ 275(4)). (2) In working out the * cost base of a * CGT asset under subsection 110 ‑ 36(1), index expenditure incurred in each element (except the third element) at or before the time mentioned in paragraph 110 ‑ 36(1)(a). Note 1: The expenditure can include giving property (see section 103 ‑ 5). Note 2: Subdivision 960 ‑ M shows you how to index amounts. Indexation under subsection 110 ‑ 36(1) does not take account of inflation after 30 September 1999 (see subsections 960 ‑ 275(2) and (3)). Note 3: You have to work out the cost base of a CGT asset if a CGT event happens in relation to it or if there is a cost base modification. Note 4: You cannot index expenditure in the third element (costs of ownership) (see subsection 960 ‑ 275(4)). Note 5: Indexation under subsection 110 ‑ 36(1) is not relevant to expenditure incurred after 11.45 am on 21 September 1999 or any expenditure relating to a CGT asset acquired after that time.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 32 of 2006 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Repealed and substituted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-5", "Provision_Key": "s114-5", "Heading": "When indexation relevant", "Text": "(1) Indexation is only relevant if the * cost base of a * CGT asset is relevant to a * CGT event. Note 1: The table in section 110 ‑ 10 sets out the CGT events for which cost base is not relevant. Note 2: Indexation is not relevant to the reduced cost base of a CGT asset. Indexation for some entities only if indexation chosen (2) Indexation is not relevant for the purposes of working out under subsection 110 ‑ 36(1): (a) the * cost base of a * CGT asset; and (b) the * capital gain of an entity mentioned in an item of the table from a * CGT event happening in relation to the CGT asset after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999; unless the relevant entity mentioned in that item chooses that the cost base includes indexation. Entities for which indexation is not relevant unless chosen Item Indexation is not relevant to the capital gain of this entity: Unless this entity has chosen that the cost base include indexation: 1 An individual The individual 2 A * complying superannuation entity The trustee of the complying superannuation entity 3 A trust The trustee of the trust 4 A listed investment company The company (3) Indexation is not relevant for the purposes of working out under subsection 110 ‑ 36(1): (a) the * cost base of a * CGT asset; and (b) the * capital gain of a * life insurance company from a * CGT event happening after 30 June 2000 in respect of a CGT asset that is a * complying superannuation asset; unless the company chooses that the cost base includes indexation. Note: Section 114 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 provides that indexation is not relevant to the capital gain of a life insurance company or registered organisation from a CGT event after 11.45 am on 21 September 1999 and before 1 July 2000 unless the company or organisation chooses it.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 89 of 2000 | No 169 of 2001 | No 32 of 2006 | No 45 of 2008 | No 70 of 2015 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-10", "Provision_Key": "s114-10", "Heading": "Requirement for 12 months ownership", "Text": "(1) You only index expenditure in the * cost base of a * CGT asset because of subsection 110 ‑ 36(1A) or (1) for a * CGT event happening in relation to the asset if you, or the entity whose cost base is being worked out, had * acquired the asset at least 12 months before the time of the CGT event. Note: Generally, expenditure is indexed from when it is incurred: see subsection 960 ‑ 275(1B) or (2). The exception is when there is an acquisition that did not result from a CGT event. The first element in this case is indexed from when the expenditure was paid: see subsection 960 ‑ 275(1C) or (3). (2) There are 6 exceptions: • one for * CGT event E8: see subsection (3); and • one for roll ‑ overs: see subsections (4) and (5); and • one for deceased estates: see subsection (6); and • one for a surviving joint tenant: see subsection (7); and • one for * CGT event J1: see subsection (8); and • one for a sale and reacquisition taken to have happened under subsection 112 ‑ 155(2), 112 ‑ 165(2) or 112 ‑ 175(2): see subsection (9). CGT event E8 (3) For * CGT event E8, the beneficiary indexes the * cost bases of the * CGT assets of the trust only if the beneficiary * acquired the * CGT asset that is the interest in the trust capital at least 12 months before * disposing of it. It does not matter (for indexation from the beneficiary’s point of view) how long the trustee owned any of the assets of the trust. Same asset roll ‑ overs (4) The 12 month rule is satisfied for both the entity that owned a * CGT asset before a * same ‑ asset roll ‑ over and the entity that owned it after the roll ‑ over if the sum of their periods of ownership of the asset (and the sum of the periods of ownership of the asset of other entities involved in an unbroken series of roll ‑ overs) is at least 12 months. Replacement asset roll ‑ overs (5) The 12 month rule is satisfied for an entity obtaining a * replacement ‑ asset roll ‑ over for a * CGT event happening in relation to a * CGT asset if the period of the entity’s ownership of the original asset (and of other assets for an unbroken series of replacement ‑ asset roll ‑ overs) and of the replacement asset are together at least 12 months. Example: Company A transfers a CGT asset to Company B (which is a member of the same wholly ‑ owned group and a foreign resident) 5 months after acquiring it. There is a roll ‑ over for the transfer under Subdivision 126 ‑ B. Company B sells the asset 8 months after the transfer. Company A indexes expenditure in its cost base up to the transfer. That cost base becomes the first element of Company B’s cost base. Company B indexes its cost base from the transfer to the sale. Deceased estates (6) If a * CGT asset you owned just before dying devolves to your * legal personal representative or * passes to a beneficiary in your estate, the 12 month rule applies to the legal personal representative or the beneficiary as if that entity had * acquired the asset when you acquired it. Surviving joint tenant (7) If individuals own a * CGT asset as joint tenants and one of them dies, the 12 month rule applies to the surviving joint tenant as if the surviving joint tenant had * acquired the deceased’s interest in the asset when the deceased acquired it. Note: The surviving joint tenant is taken to have acquired the deceased’s interest in the asset: see section 128 ‑ 50. CGT event J1 (8) If * CGT event J1 happens, the company that owns the roll ‑ over asset ignores (for indexation purposes) the acquisition rule in subsection 104 ‑ 175(8). Sales and reacquisitions taken to have happened in relation to adjustments to the 50% capital gains discount (9) Disregard subsections 112 ‑ 155(2), 112 ‑ 165(2) and 112 ‑ 175(2) for the purposes of applying the 12 month rule.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 117 of 2002 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-15", "Provision_Key": "s114-15", "Heading": "Cost base modifications", "Text": "(1) There are a number of modifications to the * cost base of * CGT assets (see sections 112 ‑ 20 and 112 ‑ 35 and Subdivisions 112 ‑ B, 112 ‑ C and 112 ‑ D). These affect the way indexation because of subsection 110 ‑ 36(1A) or (1) works. (2) If a cost base modification replaces an element of the * cost base of a * CGT asset with an amount, or includes an amount in such an element, you index the element or the amount as if expenditure equal to the amount had been incurred in the * quarter in which the modification occurred. Example: A trust is declared over a CGT asset (an example of CGT event E1). The first element of the cost base in the hands of the trustee is its market value. The trustee indexes that market value from the quarter in which the trust was declared. (3) A different rule applies if a cost base modification reduces the total * cost base of a * CGT asset. Method statement Step 1. Work out the * cost base (all elements) of the asset as at the * quarter in which the modification occurred. Step 2. Subtract the amount of the reduction. Step 3. The Step 2 amount forms a new first element of your * cost base, and is later indexed as if you had incurred expenditure equal to that amount in the * quarter in which the modification occurred. Example: Margaret receives a capital payment of $1,000 for shares (an example of CGT event G1). The first element of her cost base is $10,250 (indexed to the quarter in which the payment was made) and the second element (similarly indexed) is $210. Add those amounts ($10,460) and subtract the $1,000. Her new first element of the cost base is $9,460. There are no other elements at that time. (4) Despite subsection (2), there are different rules for the exercise of an option or the conversion of a * convertible interest. Exercise of options (5) The amount you paid for the option, and the amount you paid to exercise it, are indexed from the * quarter in which the liabilities to pay the amounts were incurred. Example: On 1 April 1997, Robyn grants Andrew an option to buy land she owns. The option fee is $10,000, and the option is to buy the land on 30 June 1998 for $100,000. Andrew exercises the option and acquires the land on 30 June 1998. To work out whether there is a capital gain when Andrew disposes of the land, indexation is available if the land is disposed of 12 months or more after its acquisition. The $10,000 option fee can be indexed from 1 April 1997 (when the liability to pay it was incurred). The $100,000 exercise price can be indexed from 30 June 1998 (when the liability to pay the price was incurred). Convertible interests (6) If you * acquire * shares in a company or units in a unit trust by converting a * convertible interest, the amount paid for the convertible interest, and the amount paid to convert it, are indexed from the * quarter in which the liabilities to pay the amounts were incurred. Note: If shares or units are acquired as a result of the exercise of the option or the conversion of the convertible interest, and an amount is paid to the company or trust on the shares or units after the day of acquisition, that amount is indexed from the time it is paid: see subsection 960 ‑ 275(1C) or (3).", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 163 of 2001 | No 41 of 2011 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-20", "Provision_Key": "s114-20", "Heading": "When expenditure is incurred for roll ‑ overs", "Text": "If there is a roll ‑ over for a * CGT event happening in relation to a * CGT asset and the first element of the * cost base of the asset is the whole of the cost base of: (a) for a * replacement ‑ asset roll ‑ over, the original asset; or (b) for a * same ‑ asset roll ‑ over, the CGT asset; when indexing that element because of subsection 110 ‑ 36(1A) or (1), you index that element as if expenditure equal to the amount in that element had been incurred in the * quarter in which the CGT event happened.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 41 of 2011 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 114-25", "Provision_Key": "s114-25", "Heading": "Residency requirements for individuals for indexation to be included in a cost base under subsection 110 ‑ 36(1A)", "Text": "(1) This section sets out requirements for indexation to be included under subsection 110 ‑ 36(1A) in the * cost base of a * CGT asset for the purposes of working out your * capital gain from a * CGT event happening in relation to the * CGT asset if: (a) you are an individual; and (b) the CGT event happened while you were holding the CGT asset (as a result of earlier * acquiring it). Note: This section applies for working out a capital gain you make from directly holding the asset. A similar result arises for any capital gain you make indirectly as a beneficiary of a trust (see Subdivision 115 ‑ C, in particular subsections 115 ‑ 225(4) and (5)). (2) You must be neither a foreign resident nor a * temporary resident at any time during the period (the testing period ): (a) starting on the later of 1 July 2027 and the day of * acquiring the * CGT asset; and (b) ending on the day the * CGT event happens. (3) For the purposes of subsection (2), if: (a) another individual owned the * CGT asset on a particular day before the testing period ends; and (b) on that day, that individual was one of the following (that individual’s residency status ): (i) an Australian resident (but not a * temporary resident); (ii) a temporary resident; (iii) a foreign resident; and (c) section 115 ‑ 30 treats you as having * acquired the CGT asset when that individual, or an earlier owner of the CGT asset, acquired it; you are treated as having the same residency status on that day as that individual had on that day. (4) Section 115 ‑ 30 applies to subsections (2) and (3) of this section in a corresponding way to the way that section applies in relation to section 115 ‑ 105. Note: Section 115 ‑ 30 has special rules about when assets are acquired.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s114-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-1", "Provision_Key": "s115-1", "Heading": "What this Division is about", "Text": "A discount capital gain remaining after the application of any capital losses and net capital losses from previous income years is reduced by the discount percentage when working out your net capital gain. A capital gain from a CGT asset is a discount capital gain only if the entity making the gain acquired the asset at least a year before the CGT event causing the gain and no choice has been made to include indexation in the cost base of the asset. Special rules apply to the net income of trusts with net capital gains (and in certain other circumstances), to ensure that the appropriate discount percentage is applied and to let beneficiaries apply their capital losses against their share of the trust’s capital gains. Special rules apply to certain capital gains made by listed investment companies to enable shareholders receiving dividends that include these gains to obtain benefits similar to those conferred by the CGT discount. For a discount capital gain from a CGT event happening on or after 1 July 2027, a discount of at least 50% continues to be available if the CGT event relates to a new residential dwelling or to the provision of affordable housing.", "Amendment_Count": 3, "First_Amended": "No 169 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 169 of 1999 | No 169 of 2001 | No 49 of 2026", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-5", "Provision_Key": "s115-5", "Heading": "What is a discount capital gain ?", "Text": "A discount capital gain is a * capital gain that meets the requirements of sections 115 ‑ 10, 115 ‑ 15, 115 ‑ 20 and 115 ‑ 25. Note: Sections 115 ‑ 40, 115 ‑ 45 and 775 ‑ 70 identify capital gains that are not discount capital gains, despite this section.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 169 of 1999 | No 133 of 2003", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-10", "Provision_Key": "s115-10", "Heading": "Who can make a discount capital gain?", "Text": "To be a * discount capital gain, the * capital gain must be made by: (a) an individual; or (b) a * complying superannuation entity; or (c) a trust; or (d) a * life insurance company in relation to a * discount capital gain from a * CGT event in respect of a * CGT asset that is a * complying superannuation asset.", "Amendment_Count": 5, "First_Amended": "No 169 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 101 of 2006 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-15", "Provision_Key": "s115-15", "Heading": "Discount capital gain must be made after 21 September 1999", "Text": "To be a * discount capital gain, the * capital gain must result from a * CGT event happening after 11.45 am (by legal time in the Australian Capital Territory) on 21 September 1999.", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-20", "Provision_Key": "s115-20", "Heading": "Discount capital gain must not have indexed cost base", "Text": "(1) To be a * discount capital gain, the * capital gain must have been worked out: (a) using a * cost base that has been calculated without reference to indexation at any time; or (b) for a capital gain that arose under * CGT event K7—using the * cost of the * depreciating asset concerned. Note: A listed investment company must also calculate capital gains without reference to indexation in order to allow its shareholders to access the concessions in Subdivision 115 ‑ D. (2) For the purposes of working out whether the * capital gain is a * discount capital gain and the amount of that gain, the * cost base taken into account in working out the capital gain may be recalculated without reference to indexation if the cost base had an element including indexation because of another provision of this Act. This subsection has effect despite that other provision. Note: This lets a capital gain of an entity (the gain entity ) on a CGT asset be a discount capital gain even if: (a) another provision of this Act (such as a provision for a same ‑ asset roll ‑ over or Division 128) set the gain entity’s cost base for the asset by reference to the cost base for the asset when it was owned by another entity (the earlier owner ), and the earlier owner’s cost base for the asset included indexation; or (b) another provision of this Act (such as a provision for a replacement ‑ asset roll ‑ over) set the cost base of the asset by reference to the cost base of the original asset involved in the roll ‑ over, and the original asset’s cost base included indexation. Example: In 1995 Elizabeth acquired land from her ex ‑ husband under an order made by a court under the Family Law Act 1975 . Former section 160ZZM of the Income Tax Assessment Act 1936 treated her as having paid $56,000 for the land, equal to her ex ‑ husband’s indexed cost base for it. His cost base for the land then was $40,000. In 2000, she sold the land for capital proceeds of $150,000. Her discount capital gain on the land is $110,000 (equal to the capital proceeds less the cost base for the land without indexation). (3) This section does not apply to a * capital gain worked out under subsection 104 ‑ 255(3) (about carried interests).", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 169 of 1999 | No 173 of 2000 | No 169 of 2001 | No 119 of 2002 | No 136 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-25", "Provision_Key": "s115-25", "Heading": "Discount capital gain must be on asset acquired at least 12 months before", "Text": "(1) To be a * discount capital gain, the * capital gain must result from a * CGT event happening to a * CGT asset that was * acquired by the entity making the capital gain at least 12 months before the CGT event. Note 1: Even if the capital gain results from a CGT event happening at least a year after the CGT asset was acquired, the gain may not be a discount capital gain, depending on the cause of the CGT event (see section 115 ‑ 40) and the nature of the asset (see sections 115 ‑ 45 and 115 ‑ 50). Note 2: Section 115 ‑ 30 or 115 ‑ 34 may affect the time when the entity is treated as having acquired the CGT asset. (2) To avoid doubt, subsection (1) applies to the * CGT asset shown in the table for a * CGT event listed in the table. CGT assets to which subsection (1) applies Item CGT event CGT asset to which subsection (1) applies 1A D4 the land over which the * conservation covenant is entered into 1 E8 the interest or part interest in the trust capital 2 K6 the * share or interest * acquired before 20 September 1985 (2A) If the * capital gain results from a * CGT event K9 happening: (a) subsection (1) does not apply; and (b) to be a * discount capital gain, the * carried interest to which the CGT event relates must arise under a partnership agreement entered into at least 12 months before the CGT event. (3) A * capital gain from one of these * CGT events is not a discount capital gain (despite section 115 ‑ 5): (a) * CGT event D1; (b) * CGT event D2; (c) * CGT event D3; (d) * CGT event E9; (e) * CGT event F1; (f) * CGT event F2; (g) * CGT event F5; (h) * CGT event H2; (ha) * CGT event J2; (hb) * CGT event J5; (hc) * CGT event J6; (i) * CGT event K10. Note: Capital gains from the CGT events mentioned in paragraphs (3)(a) to (f) are not discount capital gains because the CGT asset involved in the CGT event comes into existence at the time of the event, so it is impossible to meet the requirement in this section that the asset have been acquired at least 12 months before the event.", "Amendment_Count": 8, "First_Amended": "No 165 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 165 of 1999 | No 169 of 1999 | No 77 of 2001 | No 167 of 2001 | No 136 of 2002 | No 133 of 2003 | No 55 of 2007 | No 56 of 2010", "History_Notes": "Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-30", "Provision_Key": "s115-30", "Heading": "Special rules about time of acquisition", "Text": "Entity is treated as acquiring some CGT assets early (1) Sections 115 ‑ 25, 115 ‑ 40, 115 ‑ 45, 115 ‑ 105, 115 ‑ 110 and 115 ‑ 115 (the affected sections ) apply as if an entity (the acquirer ) had acquired a * CGT asset described in an item of the table at the time mentioned in the item: When the acquirer is treated as having acquired a CGT asset Item The affected sections apply as if the acquirer had acquired this CGT asset: At this time: 1 A * CGT asset the acquirer * acquired in circumstances giving rise to a * same ‑ asset roll ‑ over (a) when the entity that owned the CGT asset before the roll ‑ over * acquired it; or (b) if the asset has been involved in an unbroken series of roll ‑ overs—when the entity that owned it before the first roll ‑ over in the series * acquired it 2 A * CGT asset that the acquirer * acquired as a replacement asset for a * replacement ‑ asset roll ‑ over (other than a roll ‑ over covered by paragraph 115 ‑ 34(1)(c)) (a) when the acquirer acquired the original asset involved in the roll ‑ over; or (b) if the acquirer acquired the replacement asset for a roll ‑ over that was the last in an unbroken series of replacement ‑ asset roll ‑ overs (other than roll ‑ overs covered by paragraph 115 ‑ 34(1)(c))—when the acquirer acquired the original asset involved in the first roll ‑ over in the series 3 A * CGT asset the acquirer * acquired as the * legal personal representative of a deceased individual, except one that was a * pre ‑ CGT asset of the deceased immediately before his or her death When the deceased * acquired the asset 4 A * CGT asset that * passed to the acquirer as the beneficiary of a deceased individual’s estate, except one that was a * pre ‑ CGT asset of the deceased immediately before his or her death When the deceased * acquired the asset 5 A * CGT asset that: (a) the acquirer * acquired as the * legal personal representative of a deceased individual; and (b) was a * pre ‑ CGT asset of the deceased immediately before his or her death When the deceased died 6 A * CGT asset that: (a) * passed to the acquirer as the beneficiary of a deceased individual’s estate; and (b) was a * pre ‑ CGT asset of the deceased immediately before his or her death When the deceased died 7 The interest (or share of an interest) the acquirer is taken under section 128 ‑ 50 to have * acquired in another * CGT asset that the acquirer and another individual held as joint tenants immediately before he or she died When the deceased * acquired his or her interest in the other CGT asset 9 A * CGT asset that: (a) is a * membership interest in the receiving trust involved in a roll ‑ over under Subdivision 126 ‑ G; and (b) is held by the acquirer just after the transfer time for the roll ‑ over (a) when the acquirer * acquired the corresponding membership interest (or membership interests) in the transferring trust involved in the roll ‑ over; or (b) if the roll ‑ over asset for the roll ‑ over has been involved in an unbroken series of roll ‑ overs under Subdivision 126 ‑ G—when the acquirer acquired the corresponding membership interest (or membership interests) in the transferring trust involved in the first roll ‑ over in the series 9A A * share the acquirer * acquires by exercising an * ESS interest if: (a) section 83A ‑ 33 (about start ups) reduces the amount to be included in the acquirer’s assessable income in relation to the ESS interest; and (b) exercising the ESS interest causes Subdivision 130 ‑ B or Division 134 to apply When the acquirer * acquired the * ESS interest 10 A * CGT asset that the acquirer * acquired as a received asset for a roll ‑ over under Subdivision 310 ‑ D (a) when the transferring entity for the roll ‑ over acquired the corresponding original asset for the roll ‑ over; or (b) if that original asset (or any asset corresponding to it) has been involved in an unbroken series of roll ‑ overs—when the entity that owned the applicable asset before the first roll ‑ over in the series acquired it Note: Under section 128 ‑ 50, the acquirer is taken to acquire the interest of a deceased individual in a CGT asset the acquirer and the deceased held as joint tenants immediately before the deceased’s death (or an equal share of that interest if there are other surviving joint tenants). (1A) For the purposes of sections 115 ‑ 105, 115 ‑ 110 and 115 ‑ 115, item 2 of the table in subsection (1) applies in relation to all * replacement ‑ asset roll ‑ overs, including those covered by paragraph 115 ‑ 34(1)(c). CGT event E8 (2) For the purposes of applying sections 115 ‑ 25 and 115 ‑ 40 in relation to * CGT event E8 and the * CGT asset consisting of a beneficiary’s interest in trust capital, it does not matter how long the trustee owned any of the assets of the trust. Note: Section 115 ‑ 45 limits the effect of this subsection in some cases. Relationship with Subdivision 109 ‑ A and Division 128 (3) This section has effect despite Subdivision 109 ‑ A and Division 128 (which contain rules about the time when you * acquire a * CGT asset).", "Amendment_Count": 11, "First_Amended": "No 169 of 1999", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 169 of 1999 | No 173 of 2000 | No 101 of 2003 | No 147 of 2005 | No 56 of 2007 | No 133 of 2009 | No 19 of 2010 | No 56 of 2010 | No 89 of 2013 | No 124 of 2013 | No 105 of 2015", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-32", "Provision_Key": "s115-32", "Heading": "Special rule about time of acquisition for certain replacement ‑ asset roll ‑ overs", "Text": "(1) This section applies if: (a) a * CGT event happens to: (i) your * share in a company; or (ii) your * trust voting interest, unit or other fixed interest in a trust; and (b) you * acquired the share or interest as a replacement asset for a * replacement ‑ asset roll ‑ over (other than a roll ‑ over covered by paragraph 115 ‑ 34(1)(c)); and (c) at the time of the CGT event, the company or trust: (i) owns a * membership interest in an entity (the original entity ); and (ii) has owned that membership interest for less than 12 months; and (d) that membership interest is the original asset for the roll ‑ over. Note: This section does not affect the time when you are treated as having acquired the replacement asset. That time is worked out under item 2 of the table in subsection 115 ‑ 30(1). Application of tests about the assets of the company or trust (2) Subsection 115 ‑ 45(4) applies as if the company or trust had * acquired the original asset at least 12 months before the * CGT event, if the condition in that subsection would not be met were it to be applied to the original entity and the CGT event. (3) Subsection 115 ‑ 45(6) applies as if the company or trust had * acquired the original asset at least 12 months before the * CGT event, if the condition in subsection 115 ‑ 45(5) would not be met were it to be applied to the original entity and the CGT event.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-34", "Provision_Key": "s115-34", "Heading": "Further special rule about time of acquisition for certain replacement ‑ asset roll ‑ overs", "Text": "(1) This section applies if: (a) a * CGT event happens to your * share in a company; and (b) at the time of the CGT event, you had owned the share for less than 12 months; and (c) you * acquired the share as a replacement asset for: (i) a * replacement ‑ asset roll ‑ over under Subdivision 122 ‑ A (disposal of assets by individuals or trustees to a wholly ‑ owned company) for which you * disposed of a * CGT asset, or all the assets of a * business, to the company; or (ii) a replacement ‑ asset roll ‑ over under Subdivision 122 ‑ B (disposal of assets by partners to a wholly ‑ owned company) for which you disposed of your interests in a CGT asset, or your interests in all the assets of a business, to the company; or (iii) a replacement ‑ asset roll ‑ over under Subdivision 124 ‑ N (disposal of assets by trusts to a company) for which a trust of which you were a beneficiary disposed of all of its CGT assets to the company. Application of tests about when you acquired the share (2) Sections 115 ‑ 25 and 115 ‑ 40 apply as if you had * acquired the * share at least 12 months before the * CGT event. Application of tests about the company’s assets (3) For each asset mentioned in subparagraph (1)(c)(i), subsections 115 ‑ 45(4) and (6) apply as if the company had * acquired that asset when you acquired it. (4) For each asset mentioned in subparagraph (1)(c)(ii), subsections 115 ‑ 45(4) and (6) apply as if the company had * acquired that asset when you acquired your interests in it. (5) For each asset mentioned in subparagraph (1)(c)(iii), subsections 115 ‑ 45(4) and (6) apply as if the company had * acquired that asset when the trust acquired it. Relationship with Subdivision 109 ‑ A (6) This section has effect despite Subdivision 109 ‑ A (which contains rules about the time of acquisition of CGT assets).", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-34"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-40", "Provision_Key": "s115-40", "Heading": "Capital gain resulting from agreement made within a year of acquisition", "Text": "Your * capital gain on a * CGT asset from a * CGT event is not a discount capital gain (despite section 115 ‑ 5) if the CGT event occurred under an agreement you made within 12 months of * acquiring the CGT asset. Note: Section 115 ‑ 30 or 115 ‑ 34 may affect the time when you are treated as having acquired the CGT asset.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 169 of 1999 | No 56 of 2010", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-45", "Provision_Key": "s115-45", "Heading": "Capital gain from equity in an entity with newly acquired assets", "Text": "Purpose of this section (1) The purpose of this section is to deny you a * discount capital gain on your * share in a company or interest in a trust if you would not have had * discount capital gains on the majority of * CGT assets (by cost and by value) underlying the share or interest if: (a) you had owned them for the time the company or trust did; and (b) * CGT events had happened to them when the CGT event happened to your share or interest. When a capital gain is not a discount capital gain (2) Your * capital gain from a * CGT event happening to: (a) your * share in a company; or (b) your * trust voting interest, unit or other fixed interest in a trust; is not a discount capital gain if the 3 conditions in subsections (3), (4) and (5) are met. This section has effect despite section 115 ‑ 5 and subsection 115 ‑ 30(2). Note: This section does not prevent a capital gain from being a discount capital gain if there are at least 300 members or beneficiaries of the company or trust and control of the company or trust is not and cannot be concentrated (see section 115 ‑ 50). You had at least 10% of the equity in the entity before the event (3) The first condition is that, just before the * CGT event, you and your * associates beneficially owned: (a) at least 10% by value of the * shares in the company (except shares that carried a right only to participate in a distribution of profits or capital to a limited extent); or (b) at least 10% of the * trust voting interests, issued units or other fixed interests (as appropriate) in the trust. Cost bases of new assets are more than 50% of all cost bases of entity’s assets (4) The second condition is that the total of the * cost bases of * CGT assets that the company or trust owned at the time of the * CGT event and had * acquired less than 12 months before then is more than half of the total of the * cost bases of the * CGT assets the company or trust owned at the time of the event. Note: Sections 115 ‑ 30 and 115 ‑ 32, or section 115 ‑ 34, may affect the time when the company or trust is treated as having acquired a CGT asset. Net capital gain on entity’s new assets would be more than 50% of net capital gain on all the entity’s assets (5) The third condition is that the amount worked out under subsection (6) is more than half of the amount worked out under subsection (7). (6) Work out the amount that would be the * net capital gain of the company or trust for the income year if: (a) just before the * CGT event, the company or trust had * disposed of all of the * CGT assets that it owned then and had * acquired less than 12 months before the * CGT event; and (b) it had received the * market value of those assets for the disposal; and (c) the company or trust did not have any * capital gains or * capital losses from * CGT events other than the disposal; and (d) the company or trust did not have a * net capital loss for an earlier income year. Note: Sections 115 ‑ 30 and 115 ‑ 32, or section 115 ‑ 34, may affect the time when the company or trust is treated as having acquired a CGT asset. (7) Work out the amount that would be the * net capital gain of the company or trust for the income year if: (a) just before the * CGT event, the company or trust had * disposed of all of the * CGT assets that it owned then; and (b) it had received the * market value of those assets for the disposal; and (c) all of the * capital gains and * capital losses from those assets were taken into account in working out the net capital gain, despite any rules providing that one or more of those capital gains or losses are not to be taken into account in working out the net capital gain; and (d) the company or trust did not have any * capital gains or * capital losses from * CGT events other than the disposal; and (e) the company or trust did not have a * net capital loss for an earlier income year.", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 169 of 1999 | No 173 of 2000 | No 58 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-50", "Provision_Key": "s115-50", "Heading": "Discount capital gain from equity in certain entities", "Text": "Capital gain from share in company with 300 members (1) Section 115 ‑ 45 does not prevent a * capital gain from a * CGT event happening to a * share in a company with at least 300 * members from being a * discount capital gain, unless subsection (3) or (6) applies in relation to the company. Capital gain from interest in fixed trust with 300 beneficiaries (2) Section 115 ‑ 45 does not prevent a * capital gain from a * CGT event happening to an interest in a trust from being a * discount capital gain if: (a) entities have * fixed entitlements to all of the income and capital of the trust; and (b) the trust has at least 300 beneficiaries; and (c) neither subsection (4) nor subsection (6) applies in relation to the trust. No discount capital gain if ownership is concentrated (3) Section 115 ‑ 45 may prevent a * capital gain from a * share in a company from being a * discount capital gain if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, * shares in the company: (a) carrying * fixed entitlements to: (i) at least 75% of the company’s income; or (ii) at least 75% of the company’s capital; or (b) carrying at least 75% of the voting rights in the company. (4) Section 115 ‑ 45 may prevent a * capital gain from an interest in a trust from being a * discount capital gain if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, interests in the trust: (a) carrying * fixed entitlements to: (i) at least 75% of the trust’s income; or (ii) at least 75% of the trust’s capital; or (b) if beneficiaries of the trust have a right to vote in respect of activities of the trust—carrying at least 75% of those voting rights. (5) Subsections (3) and (4) operate as if all of these were a single individual: (a) an individual, whether or not the individual holds * shares in the company or interests in the trust (as appropriate); (b) the individual’s * associates; (c) for any * shares or interests in respect of which other individuals are nominees of the individual or of the individual’s associates—those other individuals. No discount capital gain if rights can be varied to concentrate ownership (6) Section 115 ‑ 45 may prevent a * capital gain from a * share in a company, or from an interest in a trust, from being a * discount capital gain if, because of anything listed in subsection (7), it is reasonable to conclude that the rights attaching to any of the * shares in the company or interests in the trust (as appropriate) can be varied or abrogated in such a way that subsection (3) or (4) would be satisfied. (7) These are the things: (a) any provision in the constituent document of the company or trust, or in any contract, agreement or instrument: (i) authorising the variation or abrogation of rights attaching to any of the * shares in the company or interests in the trust (as appropriate); or (ii) relating to the conversion, cancellation, extinguishment or redemption of any of those shares or interests; (b) any contract, * arrangement, option or instrument under which a person has power to acquire any of those shares or interests; (c) any power, authority or discretion in a person in relation to the rights attaching to any of those shares or interests. (8) It does not matter for the purposes of subsection (6) whether or not the rights attaching to any of the * shares or interests are varied or abrogated in the way described in that subsection.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 169 of 1999 | No 41 of 2011", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-55", "Provision_Key": "s115-55", "Heading": "Capital gains involving money received from demutualisation of friendly society health or life insurer", "Text": "Your * capital gain from a * CGT event is not a discount capital gain if it is affected by section 316 ‑ 60 or 316 ‑ 165. Note: Those sections affect capital gains involving the receipt of money as a result of the demutualisation of a friendly society health or life insurer.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-102", "Provision_Key": "s115-102", "Heading": "New residential dwellings", "Text": "(1) This section applies to a * discount capital gain if: (a) you are an individual; and (b) neither section 115 ‑ 105 nor 115 ‑ 110 (about foreign or temporary residents) applies to the discount capital gain; and (c) either: (i) you make the discount capital gain from a * CGT event happening on or after 1 July 2027 in relation to a * CGT asset covered by subsection (2); or (ii) because of section 115 ‑ 215, Division 102 applies to you as if you had made the discount capital gain for a * capital gain of a trust covered by subsection (4); and (d) where subparagraph (c)(ii) applies—the trust’s capital gain was made directly, or indirectly through one or more entities that are all covered by subsection (4), from a CGT event happening on or after 1 July 2027 in relation to a CGT asset covered by subsection (2). Note: The discount percentage for the discount capital gain is 50% (see paragraph 115 ‑ 100(a)). CGT assets to which this section relates (2) This subsection covers a * new residential dwelling. Relevant trusts and interposed entities (4) This subsection covers the following: (a) a trust, other than a * superannuation fund or a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); (b) a partnership. Note: For paragraph (a), a trust includes a managed investment trust. Indexation may be able to be chosen as an alternative (5) Despite subsection (1), the following person may choose for this section not to apply to the * discount capital gain: (a) if you make the discount capital gain in the way described in subparagraph (1)(c)(i)—you; (b) if you make the discount capital gain in the way described in subparagraph (1)(c)(ii)—the trustee of the trust. Such a choice by the trustee applies to you in a similar way to a choice made by you for a gain covered by paragraph (a). Note: Instead, the cost base of the CGT asset may be able to be indexed (see subsection 110 ‑ 36(1A)).", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-100", "Provision_Key": "s115-100", "Heading": "What is the discount percentage for a discount capital gain", "Text": "The discount percentage for an amount of a * discount capital gain is: (a) 50% if section 115 ‑ 102 (about new residential dwellings) applies to the gain; or (aa) 50% if: (i) the gain is made by an individual from a * CGT event happening before 1 July 2027; and (ii) neither section 115 ‑ 105 nor 115 ‑ 110 (about foreign or temporary residents) applies to the gain; or (ab) 50% if: (i) the gain is made by a trust (other than a trust that is a * complying superannuation entity) from a * CGT event happening before 1 July 2027; and (ii) section 115 ‑ 120 (about foreign or temporary residents) does not apply to the gain; or (b) 33 1 / 3 % if the gain is made: (i) by a complying superannuation entity; or (ii) by a * life insurance company from a * CGT asset that is a * complying superannuation asset; or (c) the percentage resulting from section 115 ‑ 115 if section 115 ‑ 105 or 115 ‑ 110 applies to the gain; or (d) the percentage resulting from section 115 ‑ 120 if that section applies to the gain; or (e) the percentage resulting from section 115 ‑ 125 if that section applies to the gain; or (f) 0% if none of the above paragraphs applies to the gain.", "Amendment_Count": 7, "First_Amended": "No 169 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 45 of 2008 | No 124 of 2013 | No 70 of 2015 | No 129 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-105", "Provision_Key": "s115-105", "Heading": "Foreign or temporary residents—individuals with direct gains", "Text": "Object (1) The object of this section (with section 115 ‑ 115) is to adjust the discount percentage so as to deny you a discount to the extent that you accrued a * capital gain while a foreign resident or * temporary resident. When this section applies (2) This section applies to a * discount capital gain if: (a) you are an individual; and (b) you * acquire a * CGT asset; and (c) you make the discount capital gain from a * CGT event happening in relation to the CGT asset; and (d) the period (the discount testing period ): (i) starting on the day you acquired the CGT asset; and (ii) ending on the day the CGT event happens; ends after 8 May 2012; and (e) you were a foreign resident or * temporary resident during some or all of so much of that period as is after 8 May 2012. Note: Section 115 ‑ 30 has special rules about when assets are acquired. Changed residency status (3) For the purposes of this section and section 115 ‑ 115, if: (a) another individual owned the * CGT asset on a particular day before the discount testing period ends; and (b) on that day, that individual was one of the following (that individual’s residency status ): (i) an Australian resident (but not a * temporary resident); (ii) a temporary resident; (iii) a foreign resident; and (c) section 115 ‑ 30 treats you as having * acquired the CGT asset when that individual, or an earlier owner of the CGT asset, acquired it; you are treated as having the same residency status on that day as that individual had on that day.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-110", "Provision_Key": "s115-110", "Heading": "Foreign or temporary residents—individuals with trust gains", "Text": "Object (1) The object of this section (with section 115 ‑ 115) is to adjust the discount percentage so as to deny you a discount for a * capital gain you make because of section 115 ‑ 215 to the extent that the gain was accrued while you were a foreign resident or * temporary resident. When this section applies (2) This section applies to a * discount capital gain if: (a) you are an individual and a beneficiary of a trust ( your trust ); and (b) because of section 115 ‑ 215, Division 102 applies to you as if you had made the discount capital gain on a particular day ( your gain day ) for a * capital gain (the relevant trust gain ) of the trust estate; and (c) the period (the discount testing period ) worked out from the following table ends after 8 May 2012; and (d) you were a foreign resident or * temporary resident during some or all of so much of that period as is after 8 May 2012. Working out the discount testing period Item Column 1 If this is the case: Column 2 the discount testing period is: 1 your trust is a * fixed trust the period: (a) starting on the most recent day (before your gain day) that you became a beneficiary of your trust; and (b) ending on your gain day. 2 your trust is not a * fixed trust and the relevant trust gain: (a) is made because a * CGT event happened in relation to a * CGT asset * acquired by the trustee of your trust; or (b) is referable (either directly or indirectly through one or more interposed trusts that are not fixed trusts) to a * capital gain made by the trustee of another trust that is not a fixed trust because a CGT event happened in relation to a CGT asset acquired by that trustee the period: (a) starting on the day of that acquisition; and (b) ending on your gain day. 3 your trust is not a * fixed trust and the relevant trust gain is referable (either directly or indirectly through one or more interposed trusts that are not fixed trusts) to a * capital gain made by a fixed trust the period: (a) starting on the most recent day (before your gain day) that the trust whose capital gain is directly referable to the capital gain made by the fixed trust became a beneficiary of the fixed trust; and (b) ending on your gain day. Note: Section 115 ‑ 30 has special rules about when assets (including membership interests in trusts) are acquired. Changed residency status (3) For the purposes of this section and section 115 ‑ 115, if: (a) your trust is a * fixed trust and another individual owned your * membership interest in your trust on a particular day before the discount testing period ends; and (b) on that day, that individual was one of the following (that individual’s residency status ): (i) an Australian resident (but not a * temporary resident); (ii) a temporary resident; (iii) a foreign resident; and (c) section 115 ‑ 30 treats you as having * acquired your membership interest in your trust when that individual, or an earlier owner of that membership interest, acquired it; you are treated as having the same residency status on that day as that individual had on that day.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-115", "Provision_Key": "s115-115", "Heading": "Foreign or temporary residents—percentage for individuals", "Text": "(1) This section applies if section 115 ‑ 105 or 115 ‑ 110 applies to a * discount capital gain. Periods starting after 8 May 2012 (2) If the discount testing period starts after 8 May 2012, the following (expressed as a percentage) is the percentage resulting from this section: Note 1: The percentage will be 0% if you were a foreign resident or temporary resident during all of the discount testing period. Note 2: Subsection 115 ‑ 105(3) or 115 ‑ 110(3) may change your residency status for this formula. Periods starting earlier—Australian residents (3) If: (a) the discount testing period starts on or before 8 May 2012; and (b) you were an Australian resident (but not a * temporary resident) on 8 May 2012; the following (expressed as a percentage) is the percentage resulting from this section: where: apportionable day means a day, after 8 May 2012, during the discount testing period. Note: Subsection 115 ‑ 105(3) or 115 ‑ 110(3) may change your residency status for this formula. Periods starting earlier—other residents may choose market value (4) The percentage resulting from this section is worked out from the following table if: (a) the discount testing period starts on or before 8 May 2012; and (b) you were a foreign resident or * temporary resident on 8 May 2012; and (c) the most recent * acquisition (before the * CGT event) of the * CGT asset happened on or before 8 May 2012; and (d) the CGT asset’s * market value on 8 May 2012 exceeds the amount that was its * cost base at the end of that day; and (e) you choose for this subsection to apply. Note 1: The CGT event and CGT asset are those expressly or impliedly referred to in section 115 ‑ 105 or 115 ‑ 110. Note 2: Section 115 ‑ 30 has special rules about when assets are acquired. Percentage using market value Item Column 1 If the excess from paragraph (d): Column 2 then, the percentage is: 1 is equal to or greater than the amount of the * discount capital gain 50%. 2 falls short of the amount of the * discount capital gain worked out under subsection (5). (5) For the purposes of table item 2 in subsection (4), the following (expressed as a percentage) is the percentage resulting from this section: where: apportionable day means a day, after 8 May 2012, during the discount testing period. eligible resident means an Australian resident who is not a * temporary resident. excess means the excess from paragraph (4)(d). shortfall means the amount that the excess falls short of the amount of the * discount capital gain. Note: Subsection 115 ‑ 105(3) or 115 ‑ 110(3) may change your residency status for this formula. Periods starting earlier—other residents not choosing market value (6) If: (a) the discount testing period starts on or before 8 May 2012; and (b) you were a foreign resident or * temporary resident on 8 May 2012; and (c) subsection (4) does not apply; the following (expressed as a percentage) is the percentage resulting from this section: where: apportionable day means a day, after 8 May 2012, during the discount testing period. Note 1: The percentage will be 0% if you were a foreign resident or temporary resident on each of the apportionable days. Note 2: Subsection 115 ‑ 105(3) or 115 ‑ 110(3) may change your residency status for this formula.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-120", "Provision_Key": "s115-120", "Heading": "Foreign or temporary residents—trusts with certain gains", "Text": "(1) The object of this section is to adjust the discount percentage so as to deny a trustee a discount for a * capital gain for which the trustee is liable: (a) to be assessed; and (b) to pay tax; under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of a beneficiary to the extent that the beneficiary was a foreign resident or * temporary resident. (2) This section applies to a * discount capital gain of a trust estate if: (a) you are the trustee of that trust; and (b) section 115 ‑ 220 applies to you in relation to the discount capital gain and a beneficiary of the trust who is an individual. (3) The percentage resulting from this section is the same as the * discount percentage for the corresponding * discount capital gain the beneficiary would have made for the purposes of Division 102 had section 115 ‑ 215 applied to the beneficiary.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-125", "Provision_Key": "s115-125", "Heading": "Investors disposing of property used for affordable housing", "Text": "Object (1) The object of this section is to increase the discount percentage to the extent that the * discount capital gain relates to a * dwelling used to * provide affordable housing. When this section applies (2) This section applies to a * discount capital gain if: (a) you are an individual; and (b) either: (i) you make the discount capital gain from a * CGT event happening in relation to a * CGT asset that is your * ownership interest in a * dwelling; or (ii) because of section 115 ‑ 215, Division 102 applies to you as if you had made the discount capital gain for a * capital gain of a trust covered by subsection (3); and (c) where subparagraph (b)(ii) applies—the trust’s capital gain was made directly, or indirectly through one or more entities that are all covered by subsection (3), from a CGT event happening in relation to a CGT asset that is an ownership interest in a dwelling; and (d) the dwelling was used to * provide affordable housing on at least 1095 days: (i) before the CGT event; and (ii) during your, or the relevant trustee’s or partner’s, * ownership period of that dwelling; and (iii) on or after 1 January 2018. The days mentioned in paragraph (d) need not be consecutive. Note 1: 1095 days is the same as 3 years. Note 2: It may be possible to choose indexation as an alternative to a discount under this section (see subsection (6)). (3) This subsection covers the following: (a) a trust, other than a * superannuation fund or a public unit trust (within the meaning of section 102P of the Income Tax Assessment Act 1936 ); (c) a partnership. Note: For paragraph (a), a trust includes a managed investment trust. Discount percentage (4) The percentage resulting from this section is the sum of: (a) either: (i) 50% if neither section 115 ‑ 105 nor 115 ‑ 110 (about foreign or temporary residents) applies to the * discount capital gain; or (ii) the * discount percentage that, apart from this section, would result from section 115 ‑ 115 if section 115 ‑ 105 or 115 ‑ 110 applies to the discount capital gain; and (b) the result (expressed as a percentage) of subsection (5). (5) Work out the following: where: affordable housing days means the number of days during that * ownership period (see paragraph (2)(d)) of the * dwelling, and on or after 1 January 2018, on which: (a) the dwelling was used to * provide affordable housing; and (b) you were neither a foreign resident nor a * temporary resident. total ownership days means the number of days during that * ownership period (see paragraph (2)(d)) of the * dwelling, less the number of days after 8 May 2012 during that ownership period that you were a foreign resident or a * temporary resident. Indexation may be able to be chosen as an alternative (6) If the percentage that would result from this section for you and the * discount capital gain is 60%, then, despite subsection (2), the following person may choose for this section not to apply to the discount capital gain: (a) if you make the discount capital gain in the way described in subparagraph (2)(b)(i)—you; (b) if you make the discount capital gain in the way described in subparagraph (2)(b)(ii)—the trustee of the trust. Such a choice by the trustee applies to you in a similar way to a choice made by you for a gain covered by paragraph (a). Note: Instead, the cost base of the CGT asset may be able to be indexed (see subsection 110 ‑ 36(1A)).", "Amendment_Count": 2, "First_Amended": "No 129 of 2019", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 129 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-200", "Provision_Key": "s115-200", "Heading": "What this Division is about", "Text": "This Subdivision sets out rules for dealing with the net income of a trust that has a net capital gain. The rules treat parts of the net income attributable to the trust’s net capital gain as capital gains made by the beneficiary entitled to those parts. This lets the beneficiary reduce those parts by any capital losses and unapplied net capital losses it has. If the trust’s capital gain was reduced by either the general 50% discount in step 5 of the method statement in subsection 102 ‑ 5(1) or by the small business 50% reduction in Subdivision 152 ‑ C (but not both), then the gain is doubled. The beneficiary can then apply its capital losses to the gain before applying the appropriate discount percentage (if any) or the small business 50% reduction. If the trust’s capital gain was reduced by both the general 50% discount and the small business 50% reduction, then the gain is multiplied by 4. The beneficiary can then apply its capital losses to the gain before applying the appropriate discount percentage (if any) and the small business 50% reduction. Division 6E of Part III of the Income Tax Assessment Act 1936 will exclude amounts from the beneficiary’s assessable income if necessary to prevent it from being taxed twice on the same parts of the trust’s net income. Table of sections Operative provisions 115 ‑ 210 When this Subdivision applies 115 ‑ 215 Assessing presently entitled beneficiaries 115 ‑ 220 Assessing trustees under section 98 of the Income Tax Assessment Act 1936 115 ‑ 222 Assessing trustees under section 99 or 99A of the Income Tax Assessment Act 1936 115 ‑ 225 Attributable gain 115 ‑ 227 Share of a capital gain 115 ‑ 228 Specifically entitled to an amount of a capital gain 115 ‑ 230 Choice for resident trustee to be specifically entitled to capital gain", "Amendment_Count": 4, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 169 of 1999 | No 62 of 2011 | No 49 of 2026", "History_Notes": "Repealed and substituted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-235", "Provision_Key": "s115-235", "Heading": "Giving information to beneficiaries", "Text": "(1) If a trust is covered by a determination under subsection (4), the trustee must: (a) prepare a statement for each beneficiary of the trust who, because of subsection 115 ‑ 215(3), makes one or more * capital gains for an income year in relation to capital gains of the trust estate for the income year; and (b) ensure the statement complies with subsection (2); and (c) give the statement to the beneficiary within the period specified in, or worked out under, the determination. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection. (2) The statement complies with this subsection if it: (a) is in the * approved form; and (b) states the amount of each of those * capital gains that the beneficiary makes; and (c) sets out which of those capital gains are * non ‑ residential capital gains, * residential capital gains, * deferred non ‑ residential capital gains or * deferred residential capital gains; and (d) sets out the effect of subsections 115 ‑ 215(4), and 115 ‑ 225(5) if applicable, in relation to each of those capital gains. Note: Subsection 115 ‑ 215(4) deals with the status of capital gains as discount capital gains, and the effect of Subdivision 152 ‑ C having been applied to the trust gain. Subsection 115 ‑ 225(5) makes adjustments to remove the effect of indexation on the cost bases of the relevant CGT assets. (3) A trustee of a trust is not required to prepare and give a statement under subsection (1) for an income year if a report is given, or required to be given, under section 393 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 in respect of the trust estate for the * financial year that corresponds to the income year. (4) The Commissioner may, by legislative instrument, determine that trustees of all or specified kinds of trusts are required: (a) to prepare and give statements under subsection (1) to beneficiaries of the trusts; and (b) to do so before the end of: (i) a specified period; or (ii) a period worked out using a specified method.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-210", "Provision_Key": "s115-210", "Heading": "When this Subdivision applies", "Text": "(1) This Subdivision applies if a trust estate has a * net capital gain for an income year that is taken into account in working out the trust estate’s net income (as defined in section 95 of the Income Tax Assessment Act 1936 ) for the income year. Note: This Subdivision has an extended application under Subdivision 115 ‑ CA (about trusts that would have net capital gains if indexation were disregarded). (2) If the trust estate has a beneficiary that is a * complying superannuation entity that is a trust, this Subdivision applies in relation to the complying superannuation entity as a beneficiary but not as a trust estate. This Subdivision does not apply otherwise to a * complying superannuation entity that is a trust.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 169 of 1999 | No 49 of 2026", "History_Notes": "Repealed and substituted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-215", "Provision_Key": "s115-215", "Heading": "Assessing presently entitled beneficiaries", "Text": "Purpose (1) The purpose of this section is to ensure that appropriate amounts of the trust estate’s net income attributable to the trust estate’s * capital gains are treated as a beneficiary’s capital gains when assessing the beneficiary, so: (a) the beneficiary can apply * capital losses against gains; and (b) the beneficiary can apply the appropriate * discount percentage (if any) to gains. Extra capital gains (3) If you are a beneficiary of the trust estate, for each * capital gain of the trust estate, Division 102 applies to you as if you had: (a) if the capital gain was not reduced under either step 5 of the method statement in subsection 102 ‑ 5(1) (discount capital gains) or Subdivision 152 ‑ C (small business 50% reduction)—a capital gain equal to the amount mentioned in subsection 115 ‑ 225(1); and (b) if the capital gain was reduced under either step 5 of the method statement or Subdivision 152 ‑ C but not both (even if it was further reduced by the other small business concessions)—a capital gain equal to twice the amount mentioned in subsection 115 ‑ 225(1); and (c) if the capital gain was reduced under both step 5 of the method statement and Subdivision 152 ‑ C (even if it was further reduced by the other small business concessions)—a capital gain equal to 4 times the amount mentioned in subsection 115 ‑ 225(1). Note: This subsection does not affect the amount (if any) included in your assessable income under Division 6 of Part III of the Income Tax Assessment Act 1936 because of the capital gain of the trust estate . However, Division 6E of that Part may have the effect of reducing the amount included in your assessable income under Division 6 of that Part by an amount related to the capital gain you have under this subsection. (4) For each * capital gain of yours mentioned in subsection (3): (a) if the relevant trust gain is a * discount capital gain (disregarding section 115 ‑ 20)—Division 102 also applies to you as if your capital gain were a * discount capital gain, if you are the kind of entity that can have a discount capital gain; and (b) if the relevant trust gain was reduced under Subdivision 152 ‑ C—the capital gain remaining after you apply step 5 of the method statement is reduced by 50%. Note: This ensures that your share of the trust estate’s net capital gain is taxed as if it were a capital gain you made (assuming you made the same choices about cost bases including indexation as the trustee). (4A) To avoid doubt, subsection (3) treats you as having a * capital gain for the purposes of Division 102, despite section 102 ‑ 20. Section 118 ‑ 20 does not reduce extra capital gains (5) To avoid doubt, section 118 ‑ 20 does not reduce a * capital gain that subsection (3) treats you as having for the purpose of applying Division 102.", "Amendment_Count": 7, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 169 of 1999 | No 173 of 2000 | No 79 of 2007 | No 32 of 2008 | No 62 of 2011 | No 49 of 2026", "History_Notes": "Repealed and substituted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 32 of 2008, effective 23 June 2008 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-220", "Provision_Key": "s115-220", "Heading": "Assessing trustees under section 98 of the Income Tax Assessment Act 1936", "Text": "(1) This section applies if: (a) you are the trustee of the trust estate; and (b) on the assumption that there is a share of the income of the trust to which a beneficiary of the trust is presently entitled, you would be liable to be assessed (and pay tax) under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of the beneficiary. (2) For each * capital gain of the trust estate, increase the amount (the assessable amount ) in respect of which you are actually liable to be assessed (and pay tax) under section 98 of the Income Tax Assessment Act 1936 in relation to the trust estate in respect of the beneficiary by: (a) unless paragraph (b) applies—the amount mentioned in subsection 115 ‑ 225(1) in relation to the beneficiary; or (b) if the liability is under paragraph 98(3)(b) or subsection 98(4), and the capital gain was reduced under step 5 of the method statement in subsection 102 ‑ 5(1) (discount capital gains)—twice the amount mentioned in subsection 115 ‑ 225(1) in relation to the beneficiary. (3) To avoid doubt, increase the assessable amount under subsection (2) even if the assessable amount is nil.", "Amendment_Count": 5, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 169 of 1999 | No 79 of 2007 | No 62 of 2011 | No 49 of 2026", "History_Notes": "Repealed and substituted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-222", "Provision_Key": "s115-222", "Heading": "Assessing trustees under section 99 or 99A of the Income Tax Assessment Act 1936", "Text": "(1) Subsection (2) applies if: (a) you are the trustee of the trust estate; and (b) section 99A of the Income Tax Assessment Act 1936 does not apply in relation to the trust estate in relation to the relevant income year. (2) For each * capital gain of the trust estate, increase the amount (the assessable amount ) in respect of which you are liable to be assessed (and pay tax) under section 99 of the Income Tax Assessment Act 1936 in relation to the trust estate by the amount mentioned in subsection 115 ‑ 225(1). (3) Subsection (4) applies if: (a) you are the trustee of the trust estate; and (b) subsection (2) does not apply. (4) For each * capital gain of the trust estate, increase the amount (the assessable amount ) in respect of which you are liable to be assessed (and pay tax) under section 99A of the Income Tax Assessment Act 1936 in relation to the trust estate by: (a) if the capital gain was not reduced under either step 5 of the method statement in subsection 102 ‑ 5(1) (discount capital gains) or Subdivision 152 ‑ C (small business 50% reduction)—the amount mentioned in subsection 115 ‑ 225(1); and (b) if the capital gain was reduced under either step 3 of the method statement or Subdivision 152 ‑ C but not both (even if it was further reduced by the other small business concessions)—twice the amount mentioned in subsection 115 ‑ 225(1); and (c) if the capital gain was reduced under both step 3 of the method statement and Subdivision 152 ‑ C (even if it was further reduced by the other small business concessions)—4 times the amount mentioned in subsection 115 ‑ 225(1). (5) To avoid doubt, increase the assessable amount under subsection (2) or (4) even if the assessable amount is nil.", "Amendment_Count": 3, "First_Amended": "No 79 of 2007", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 79 of 2007 | No 62 of 2011 | No 49 of 2026", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-222"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-225", "Provision_Key": "s115-225", "Heading": "Attributable gain", "Text": "(1) The amount is the product of: (a) the amount of the * capital gain remaining after applying steps 1 to 6 of the method statement in subsection 102 ‑ 5(1); and (b) your * share of the capital gain (see section 115 ‑ 227), divided by the amount of the capital gain. Special rule if net income falls short of certain amount (2) Subsection (3) applies if the net income of the trust estate (disregarding the amount of any * franking credits) for the relevant income year falls short of the sum of: (a) the * net capital gain (if any) of the trust estate for the income year; and (b) the total of all * franked distributions (if any) included in the assessable income of the trust estate for the income year (to the extent that an amount of the franked distributions remained after reducing them by deductions that were directly relevant to them). (3) For the purposes of subsection (1), replace paragraph (a) of that subsection with the following paragraph: (a) the product of: (i) the amount of the * capital gain remaining after applying steps 1 to 6 of the method statement in subsection 102 ‑ 5(1); and (ii) the * net income of the trust estate for that income year (disregarding the amount of any * franking credits), divided by the sum mentioned in subsection (2); and Special rule relating to indexation (4) Subsection (5) applies if the * capital gain has been worked out using a * cost base that includes indexation because of subsection 110 ‑ 36(1A), and the amount mentioned in subsection (1) of this section: (a) is being worked out for the purposes of subsection 115 ‑ 215(3) in circumstances where, had you: (i) made the capital gain; and (ii) * acquired and held any relevant * CGT asset in the same way as the trust estate did; that indexation could not have applied to the cost base; or (b) is being worked out for the purposes of subsection 115 ‑ 215(3) in connection with you having a resultant * discount capital gain to which section 115 ‑ 102 (about new residential dwellings) or 115 ‑ 125 (about affordable housing) applies; or (c) is being worked out for the purposes of subsection 115 ‑ 220(2) in relation to a beneficiary in circumstances where, had the beneficiary: (i) made the capital gain; and (ii) acquired and held any relevant CGT asset in the same way as the trust estate did; that indexation could not have applied to the cost base; or (d) is being worked out for the purposes of subsection 115 ‑ 220(2) in connection with a beneficiary having a resultant discount capital gain to which section 115 ‑ 102 (about new residential dwellings) or 115 ‑ 125 (about affordable housing) applies; or (e) is being worked out for the purposes of subsection 115 ‑ 222(4). Note 1: For paragraph (a) or (c), indexation under subsection 110 ‑ 36(1A) is only applicable in relation to capital gains, of individuals and trusts, that arise from a CGT event that happens on or after 1 July 2027. In addition, residency requirements for individuals apply under section 114 ‑ 25. Note 2: For paragraph (b) or (d), indexation may be able to be chosen by the trustee of a trust as an alternative to the discount percentage applying for a beneficiary’s attributed gain: see subsections 115 ‑ 102(5) and 115 ‑ 125(6). Note 3: For paragraph (e), subsection 115 ‑ 222(4) relates to assessing trustees under section 99A of the Income Tax Assessment Act 1936 . (5) For the purposes of the provision mentioned in subsection (6) of this section, determine the amount of the * capital gain remaining assuming that: (a) in working out the amount of the capital gain before any reductions under the method statement in subsection 102 ‑ 5(1) were applied, the * cost base was adjusted to remove the effect of indexation on its calculation; and (b) the assumption in paragraph (a) did not result in any changes to the application of * capital losses, previously unapplied * net capital losses or quarantined amounts (including how much of each of those was applied) under that method statement to reduce the capital gain. (6) The provision is: (a) if subsection (3) does not apply—paragraph (1)(a); or (b) if subsection (3) applies—subparagraph (1)(a)(i) (as taken to be included because of subsection (3)).", "Amendment_Count": 4, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 169 of 1999 | No 62 of 2011 | No 49 of 2026", "History_Notes": "Repealed and substituted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-227", "Provision_Key": "s115-227", "Heading": "Share of a capital gain", "Text": "An entity that is a beneficiary or the trustee of a trust estate has a share of a * capital gain that is the sum of: (a) the amount of the capital gain to which the entity is * specifically entitled; and (b) if there is an amount of the capital gain to which no beneficiary of the trust estate is specifically entitled, and to which the trustee is not specifically entitled—that amount multiplied by the entity’s * adjusted Division 6 percentage of the income of the trust estate for the relevant income year.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-227"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-228", "Provision_Key": "s115-228", "Heading": "Specifically entitled to an amount of a capital gain", "Text": "(1) A beneficiary of a trust estate is specifically entitled to an amount of a * capital gain made by the trust estate in an income year equal to the amount calculated under the following formula: where: net financial benefit means an amount equal to the * financial benefit that is referable to the * capital gain (after any application by the trustee of losses and quarantined amounts, to the extent that the application is consistent with the application of capital losses and quarantined amounts against the capital gain in accordance with the method statement in subsection 102 ‑ 5(1)). share of net financial benefit means an amount equal to the * financial benefit that, in accordance with the terms of the trust: (a) the beneficiary has received, or can be reasonably expected to receive; and (b) is referable to the * capital gain (after application by the trustee of any losses and quarantined amounts, to the extent that the application is consistent with the application of capital losses and quarantined amounts against the capital gain in accordance with the method statement in subsection 102 ‑ 5(1)); and (c) is recorded, in its character as referable to the capital gain, in the accounts or records of the trust no later than 2 months after the end of the income year. Note: A trustee of a trust estate that makes a choice under section 115 ‑ 230 is taken to be specifically entitled to a capital gain. (2) To avoid doubt, for the purposes of subsection (1), something is done in accordance with the terms of the trust if it is done in accordance with: (a) the exercise of a power conferred by the terms of the trust; or (b) the terms of the trust deed (if any), and the terms applicable to the trust because of the operation of legislation, the common law or the rules of equity. (3) For the purposes of this section, in calculating the amount of the * capital gain, disregard sections 112 ‑ 20 and 116 ‑ 30 (Market value substitution rule) to the extent that those sections have the effect of increasing the amount of the capital gain. (4) In this section: quarantined amount means a quarantined amount referred to in paragraph 26 ‑ 155(1)(b) (about using or holding residential dwellings as residential accommodation).", "Amendment_Count": 3, "First_Amended": "No 62 of 2011", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 62 of 2011 | No 12 of 2012 | No 49 of 2026", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-228"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-230", "Provision_Key": "s115-230", "Heading": "Choice for resident trustee to be specifically entitled to capital gain", "Text": "Purpose (1) The purpose of this section is to allow a trustee of a resident trust to make a choice that has the effect that the trustee will be assessed on a * capital gain of the trust if no trust property representing the capital gain has been paid to or applied for the benefit of a beneficiary of the trust. Trusts for which choice can be made (2) A trustee can only make a choice under this section in relation to a trust estate that is, in the income year in respect of which the choice is made, a resident trust estate (within the meaning of Division 6 of Part III of the Income Tax Assessment Act 1936 ). Circumstances in which choice can be made (3) If: (a) a * capital gain is taken into account in working out the * net capital gain of a trust for an income year; and (b) trust property representing all or part of that capital gain has not been paid to or applied for the benefit of a beneficiary of the trust by the end of 2 months after the end of the income year; the trustee may, no later than the deadline in subsection (5), make a choice that subsection (4) applies in respect of the capital gain. Consequences if trustee makes choice (4) These are the consequences if the trustee makes a choice that this subsection applies in respect of a * capital gain: (a) sections 115 ‑ 215 and 115 ‑ 220 do not apply in relation to the capital gain; (b) for the purposes of this Act, the trustee is taken to be * specifically entitled to all of the capital gain. Deadline for making choice (5) The deadline for the purposes of subsection (3) is: (a) the day 2 months after the last day of the income year; or (b) a later day allowed by the Commissioner. Note: This deadline is an exception to the general rule about choices in section 103 ‑ 25.", "Amendment_Count": 2, "First_Amended": "No 79 of 2007", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 79 of 2007 | No 62 of 2011", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-250", "Provision_Key": "s115-250", "Heading": "What this Subdivision is about", "Text": "This Subdivision extends the application of Subdivision 115 ‑ C in certain circumstances where indexation is used in working out the cost base for trust estate capital gains, and Subdivision 115 ‑ C does not otherwise apply because the trust estate does not have a net capital gain. Table of sections Operative provisions 115 ‑ 255 Extended application of Subdivision 115 ‑ C—disregarding indexation", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-255", "Provision_Key": "s115-255", "Heading": "Extended application of Subdivision 115 ‑ C—disregarding indexation", "Text": "(1) In addition to its application under subsection 115 ‑ 210(1), Subdivision 115 ‑ C applies as set out in this section if: (a) a trust estate has one or more * capital gains that have been worked out using a * cost base that includes indexation because of subsection 110 ‑ 36(1A); and (b) that Subdivision does not apply under subsection 115 ‑ 210(1) in relation to the trust estate for an income year; and (c) that Subdivision would so apply if, in working out whether the trust estate has a * net capital gain for the income year, the following assumptions applied in relation to each of those capital gains: (i) in working out the amount of the capital gain before any reductions under the method statement in subsection 102 ‑ 5(1) were applied, the * cost base was adjusted to remove the effect of indexation on its calculation; (ii) the assumption in subparagraph (i) did not result in any changes to the application of * capital losses, previously unapplied * net capital losses or quarantined amounts (including how much of each of those was applied) under that method statement to reduce the capital gain. (2) Subdivision 115 ‑ C applies under this section as follows in relation to such a * capital gain of the trust estate (the trust gain ): (a) that Subdivision applies for the purposes of treating a beneficiary of the trust estate as having a related capital gain under subsection 115 ‑ 215(3) in circumstances where subsection 115 ‑ 225(5) would apply for working out the amount of the trust gain; (b) if paragraph (a) applies—section 115 ‑ 235 applies for such a related capital gain; (c) that Subdivision applies for the purposes of increasing the trustee’s assessable amount under subsection 115 ‑ 220(2) or 115 ‑ 222(4) in circumstances where subsection 115 ‑ 225(5) would apply for working out the amount of the trust gain. (3) The reference to the trust estate’s net income in subsection 115 ‑ 215(1) does not limit the application of section 115 ‑ 215 for those purposes. (4) To avoid doubt, subsection 115 ‑ 210(2) applies in relation to the application of Subdivision 115 ‑ C under this section. (5) To avoid doubt, a reference in a * taxation law to Subdivision 115 ‑ C or a provision of that Subdivision includes a reference to that Subdivision, or that provision (as the case requires), as it applies because of this section.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-275", "Provision_Key": "s115-275", "Heading": "What this Subdivision is about", "Text": "This Subdivision allows shareholders of certain listed companies to obtain benefits similar to those conferred by discount capital gains. The benefits accrue where dividends paid by those companies represent capital gains that would be discount capital gains had they been made by an individual, a trust or a complying superannuation entity. Table of sections Operative provisions 115 ‑ 280 Deduction for certain dividends 115 ‑ 285 Meaning of LIC capital gain 115 ‑ 290 Meaning of listed investment company 115 ‑ 295 Maintaining records", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-280", "Provision_Key": "s115-280", "Heading": "Deduction for certain dividends", "Text": "(1) You can deduct an amount for a * dividend paid to you by a company (the payment company ) if: (a) you are: (i) an individual, a * complying superannuation entity, a trust or a partnership; or (ii) a * life insurance company where the dividend is in respect of * shares that are * complying superannuation assets; and (b) when the dividend is paid, either you are an Australian resident or you are an individual who is a foreign resident and carries on business in Australia at or through your permanent establishment in Australia, being a permanent establishment within the meaning of: (i) a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) that relates to a foreign country and affects the individual; or (ii) subsection 6(1) of that Act, if there is no such agreement; and (ba) if, when the dividend is paid, you are an individual who is a foreign resident and has in Australia such a permanent establishment—the dividend is attributable to the permanent establishment; and (c) all or some part of the dividend is reasonably attributable to a * LIC capital gain made by a * listed investment company; and (d) in a case where the LIC capital gain was made by a company other than the payment company—the payment company was a listed investment company when it received a dividend part of which is attributable to the LIC capital gain. Note: The concession is available for LIC capital gains made directly by a listed investment company, and for LIC capital gains that company receives as a dividend through one or more other listed investment companies. (2) The amount you can deduct is: (a) 50% of your share of the amount (the attributable part ) worked out under subsection (3) if you are an individual, a trust (except a trust that is a * complying superannuation entity) or a partnership; or (b) 33 1 / 3 % of your share of the attributable part if you are a complying superannuation entity or a * life insurance company. Note 1: The listed investment company will advise you of your share of the attributable part. Note 2: If a shareholder in a listed investment company is a trust or partnership, a beneficiary of the trust or a partner in the partnership has no share of the attributable part. (3) The attributable part is worked out using this formula: where: after tax gain is the after tax * LIC capital gain. Example: A listed investment company (which is not a base rate entity) disposes of a CGT asset for $30,000. The asset had a cost base of $10,000. The capital gain is therefore $20,000. The company applies a capital loss of $10,000 against the gain. Its net capital gain is $10,000. The net capital gain is subject to tax at 30%. The after tax gain is therefore $7,000. The company pays a fully franked dividend to Daryl, one of its shareholders. It advises Daryl that his share of the attributable part of the dividend is: Daryl, being an individual, can deduct 50% of $10, which is $5. (4) An amount is included in your assessable income if: (a) a deduction is allowed under subsection (1) to a trust or a partnership; and (b) you are a beneficiary of the trust or a partner in the partnership and you are not an individual; and (c) the income of the trust or partnership is reduced by an amount because of that deduction; and (d) a part of the deduction (the reduction amount ) is reflected in your share of the net income of the trust or partnership. (5) The amount included is: (a) the reduction amount if you are a company, a trust (except a trust that is a * complying superannuation entity) or a partnership; or (b) one ‑ third of the reduction amount if you are a complying superannuation entity or a * life insurance company. Example: The Burnett Partnership received a dividend from a listed investment company. The dividend statement advised that the dividend included a $100 attributable part. The partnership deducted $50 under this section in calculating its net income. The partnership has 2 equal partners, Amy Burnett and Burnett Consulting Pty Ltd. Burnett Consulting’s assessable income includes its share of the net income of the partnership plus $25 (being that part of the $50 deduction allowed to the partnership that is reflected in the company’s share of the partnership net income). Subsections (4) and (5) do not apply to Amy because she is an individual.", "Amendment_Count": 7, "First_Amended": "No 169 of 2001", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 169 of 2001 | No 64 of 2005 | No 45 of 2008 | No 97 of 2008 | No 66 of 2015 | No 70 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-285", "Provision_Key": "s115-285", "Heading": "Meaning of LIC capital gain", "Text": "(1) A LIC capital gain is a * capital gain: (a) from a * CGT event that happens on or after 1 July 2001; and (b) that is made by a company that is a * listed investment company from a * CGT asset that is an investment to which paragraph 115 ‑ 290(1)(c) applies; and (c) that meets the requirements of sections 115 ‑ 20 and 115 ‑ 25; and (d) that is not a capital gain that could not be a * discount capital gain had it been made by an individual because of section 115 ‑ 40 or 115 ‑ 45; and (e) that is included in the * net capital gain of the company; and (f) that is reflected in the taxable income of the company for the income year in which the company had the net capital gain. Note 1: The listed investment company must be able to demonstrate that at least some part of the LIC capital gain, whether made by the company itself or by another listed investment company, remains after claiming deductions and losses against that income for the income year. Note 2: Section 115 ‑ 30 may affect the date of acquisition of a CGT asset for the purposes of sections 115 ‑ 25, 115 ‑ 40 and 115 ‑ 45. (2) However, a * capital gain made by a company is not a LIC capital gain if the company: (a) became a * listed investment company after 1 July 2001; and (b) * acquired the * CGT asset concerned before the day on which it became a listed investment company. (3) In applying subsection (2), a * CGT asset is treated as if it had been * acquired by the company before it became a * listed investment company if the asset would otherwise be treated as being acquired after that time because of one of these provisions: (a) section 70 ‑ 110 (about trading stock); (b) Subdivision 124 ‑ E or 124 ‑ F (replacement asset roll ‑ overs for exchange of * shares, units, rights or options); (ba) Subdivision 124 ‑ Q (exchange of stapled ownership interests); (c) Subdivision 126 ‑ B (same ‑ asset roll ‑ over for transfers within certain wholly ‑ owned groups).", "Amendment_Count": 3, "First_Amended": "No 169 of 2001", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 169 of 2001 | No 117 of 2002 | No 164 of 2007", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-290", "Provision_Key": "s115-290", "Heading": "Meaning of listed investment company", "Text": "(1) A listed investment company is a company: (a) that is an Australian resident; and (b) * shares in which are listed for quotation on the official list of ASX Limited or an * approved stock exchange; and (c) at least 90% of the * market value of whose * CGT assets consists of investments permitted by subsection (4). (2) A company is also a listed investment company if: (a) it is a 100% subsidiary of a company that is a * listed investment company because of subsection (1); and (b) the subsidiary would be a listed investment company because of subsection (1) if it were able to comply with paragraph (1)(b). (3) This Subdivision applies to a company that does not comply with paragraph (1)(c) as if it did comply if the failure: (a) was of a temporary nature only; and (b) was caused by circumstances outside its control. (4) The permitted investments are: (a) * shares, units, options, rights or similar interests to the extent permitted by subsections (5), (6), (7) and (8); or (b) financial instruments (such as loans, debts, debentures, bonds, promissory notes, futures contracts, forward contracts, currency swap contracts and a right or option in respect of a share, security, loan or contract); or (c) an asset whose main use by the company in the course of carrying on its * business is to * derive interest, an annuity, rent, royalties or foreign exchange gains unless: (i) the asset is an intangible asset and has been substantially developed, altered or improved by the company so that its * market value has been substantially enhanced; or (ii) its main use for deriving rent was only temporary; or (d) goodwill. (5) The company can own a * 100% subsidiary if the subsidiary is a listed investment company because of subsection (2). (6) The company can own (directly or indirectly) any percentage of another * listed investment company that is not the company’s * 100% subsidiary. (7) Otherwise, the company cannot own (directly or indirectly) more than 10% of another company or trust. (8) In working out whether a company indirectly owns any part of another company or trust: (a) disregard any ownership it has indirectly through a * listed public company or a * publicly traded unit trust; and (b) if the company owns not more than 50% of another * listed investment company—disregard any ownership it has indirectly through the other company.", "Amendment_Count": 4, "First_Amended": "No 169 of 2001", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 169 of 2001 | No 58 of 2006 | No 97 of 2008 | No 76 of 2023", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 115-295", "Provision_Key": "s115-295", "Heading": "Maintaining records", "Text": "A * listed investment company must maintain records showing the balance of its * LIC capital gains available for distribution.", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s115-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-1", "Provision_Key": "s116-1", "Heading": "What this Division is about", "Text": "This Division tells you how to work out what the capital proceeds from a CGT event are. You need to know this to work out if you made a capital gain or loss from the event. Table of sections 116 ‑ 5 General rules 116 ‑ 10 Modifications to general rules General rules 116 ‑ 20 General rules about capital proceeds Modifications to general rules 116 ‑ 25 Table of modifications to the general rules 116 ‑ 30 Market value substitution rule: modification 1 116 ‑ 35 Companies and trusts that are not widely held 116 ‑ 40 Apportionment rule: modification 2 116 ‑ 45 Non ‑ receipt rule: modification 3 116 ‑ 50 Repaid rule: modification 4 116 ‑ 55 Assumption of liability rule: modification 5 116 ‑ 60 Misappropriation rule: modification 6 Special rules 116 ‑ 65 Disposal etc. of a CGT asset the subject of an option 116 ‑ 70 Option requiring both acquisition and disposal etc. 116 ‑ 75 Special rule for CGT event happening to a lease 116 ‑ 80 Special rule if CGT asset is shares or an interest in a trust 116 ‑ 85 Section 47A of 1936 Act applying to rolled ‑ over asset 116 ‑ 95 Company changes residence from an unlisted country 116 ‑ 100 Gifts of property 116 ‑ 105 Conservation covenants 116 ‑ 110 Roll ‑ overs for merging superannuation funds 116 ‑ 115 Farm ‑ in farm ‑ out arrangements 116 ‑ 120 Disposals of assets involving look ‑ through earnout rights", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-5", "Provision_Key": "s116-5", "Heading": "General rules", "Text": "Section 116 ‑ 20 sets out the general rules about capital proceeds. They are relevant to each CGT event that is listed in the table in section 116 ‑ 25.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-10", "Provision_Key": "s116-10", "Heading": "Modifications to general rules", "Text": "(1) There are 6 modifications to the general rules that may be relevant. The table in section 116 ‑ 25 lists which ones may be relevant to each CGT event listed in the table. Explanation of modifications (2) The first is a market value substitution rule. It is relevant if: • you receive no capital proceeds from a CGT event; or • some or all of the capital proceeds cannot be valued; or • you did not deal at arm’s length with another entity in connection with the event. (3) The second is an apportionment rule. It is relevant if a payment you receive in connection with a transaction relates in part only to a CGT event. Example: You sell 3 CGT assets for a total of $100,000. The $100,000 needs to be apportioned between the 3 assets. (4) The third is a non ‑ receipt rule. It is relevant if you do not receive, or are not likely to receive, some or all of the capital proceeds from a CGT event. (5) The fourth is a repaid rule. It is relevant if you are required to repay some or all of the capital proceeds from a CGT event. (6) The fifth is relevant only if another entity assumes a liability in connection with a CGT event. (7) The sixth relates to misappropriation by an employee or agent. It is relevant if your employee or agent misappropriates all or part of the capital proceeds from a CGT event. Note 1: Also, these provisions of the Income Tax Assessment Act 1936 modify capital proceeds: (a) section 23B (undistributed FIF attribution income on disposal of an interest in a FIF); (b) sections 159GZZZF and 159GZZZG (cancellation of shares in a holding company); (c) sections 159GZZZQ and 159GZZZS (buy ‑ backs of shares); (d) sections 401, 422, 423 and 461 (CFCs). Note 2: Section 230 ‑ 505 of this Act (Division 230 financial arrangement as consideration for provision or acquisition of a thing) also modifies capital proceeds.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 46 of 1998 | No 38 of 2008 | No 15 of 2009 | No 114 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-20", "Provision_Key": "s116-20", "Heading": "General rules about capital proceeds", "Text": "(1) The capital proceeds from a * CGT event are the total of: (a) the money you have received, or are entitled to receive, in respect of the event happening; and (b) the * market value of any other property you have received, or are entitled to receive, in respect of the event happening (worked out as at the time of the event). Note 1: The timing rules for each event are in Division 104. Note 2: In some situations you are treated as having received money or other property, or being entitled to receive it: see section 103 ‑ 10. Note 3: If you dispose of shares in a buy ‑ back, the capital proceeds are worked out under Division 16K of the Income Tax Assessment Act 1936 . (2) This table sets out what the capital proceeds from * CGT events F1, F2, H2 and K9 are: General rules about capital proceeds Event number Description of event: The capital proceeds are: F1 Granting, renewing or extending a lease Any premium paid or payable to you for the grant, renewal or extension F2 Granting, renewing or extending a long ‑ term lease The greatest of: (a) the * market value of the estate in fee simple or head lease (worked out when you grant, renew or extend the lease); and (b) what would have been that market value if you had not granted, renewed or extended the lease; and (c) any premium paid or payable to you for the grant, renewal or extension H2 Receipt for event relating to a CGT asset The money or other consideration you received, or are entitled to receive, because of the act, transaction or event K9 Entitlement to receive payment of a * carried interest The amount of the payment, to the extent that it is a payment of the * carried interest (3) In working out the * market value of the property the subject of the grant, renewal or extension of a long ‑ term lease: (a) include the market value of any building, part of a building, structure or improvement that is treated as a separate * CGT asset from the property; and (b) disregard any * depreciating assets for whose decline in value the lessor has deducted or can deduct an amount under this Act. Note: Subdivision 108 ‑ D sets out when a building, structure or improvement is treated as a separate CGT asset. (4) In working out the amount of any premium paid or payable to the lessor for the grant, renewal or extension of a long ‑ term lease, disregard any part of it that is attributable to a * depreciating asset of that kind. The payment of any premium can include giving property: see section 103 ‑ 5. (5) In working out the proceeds of a * CGT event that is a * supply, disregard the amount of your * net GST (if any) on the supply.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 77 of 2001 | No 57 of 2002 | No 136 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-25", "Provision_Key": "s116-25", "Heading": "Table of modifications to the general rules", "Text": "There are 6 modifications to the general rules that may be relevant to a * CGT event. This table tells you: • each * CGT event for which the general rules about * capital proceeds are relevant; and • the modifications that can apply to that event; and • any special rules that apply to that event. Capital proceeds modifications Event number Description of event: Only these modifications can apply: Special rules: A1 Disposal of a CGT asset 1, 2, 3, 4, 5, 6 If the * disposal is because another entity exercises an option: see section 116 ‑ 65 If the disposal is of * shares or an interest in a trust: see section 116 ‑ 80 If the disposal is a gift for which a section 30 ‑ 212 valuation is obtained: see section 116 ‑ 100 If a roll ‑ over under Subdivision 310 ‑ D applies: see section 116 ‑ 110 If the disposal is a disposal of part of an interest in a * mining, quarrying or prospecting right under a * farm ‑ in farm ‑ out arrangement: see section 116 ‑ 115 If the disposal involves a * look ‑ through earnout right: see section 116 ‑ 120 B1 Use and enjoyment before title passes 1, 2, 3, 4, 5, 6 None C1 Loss or destruction of a CGT asset 2, 3, 4, 6 None C2 Cancellation, surrender and similar endings 1, 2, 3, 4, 6 See sections 116 ‑ 75, 116 ‑ 80, 116 ‑ 110 and 116 ‑ 115 C3 End of option to acquire shares etc. 2, 3, 4, 6 None D1 Creating contractual or other rights 1, 2, 3, 4, 6 None D2 Granting an option 1, 2, 3, 4, 6 See section 116 ‑ 70 D3 Granting a right to income from mining 1, 2, 3, 4, 6 None D4 Entering into a conservation covenant 2, 3, 4, 5, 6 116 ‑ 105 E1 Creating a trust over a CGT asset 1, 2, 3, 4, 5, 6 None E2 Transferring a CGT asset to a trust 1, 2, 3, 4, 5, 6 If a roll ‑ over under Subdivision 310 ‑ D applies: see section 116 ‑ 110 E8 Disposal by beneficiary of capital interest 1, 2, 3, 4, 5, 6 See section 116 ‑ 80 F1 Granting a lease 2, 3, 4, 6 None F2 Granting a long ‑ term lease 2, 3, 4, 6 None F4 Lessee receives payment for changing lease 2, 3, 4, 6 None F5 Lessor receives payment for changing lease 2, 3, 4, 6 None H2 Receipt for event relating to a CGT asset 2, 3, 4, 6 None K6 Pre ‑ CGT shares or trust interest 1, 2, 3, 4, 5, 6 None K9 Entitlement to receive payment of a * carried interest 2, 3, 4, 6 None", "Amendment_Count": 10, "First_Amended": "No 46 of 1998", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 46 of 1998 | No 58 of 2000 | No 77 of 2001 | No 167 of 2001 | No 119 of 2002 | No 136 of 2002 | No 38 of 2008 | No 19 of 2010 | No 130 of 2015 | No 10 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-30", "Provision_Key": "s116-30", "Heading": "Market value substitution rule: modification 1", "Text": "No capital proceeds (1) If you received no * capital proceeds from a * CGT event, you are taken to have received the * market value of the * CGT asset that is the subject of the event. (The market value is worked out as at the time of the event.) Example: You give a CGT asset to another entity. You are taken to have received the market value of the CGT asset. There are capital proceeds (2) The * capital proceeds from a * CGT event are replaced with the * market value of the * CGT asset that is the subject of the event if: (a) some or all of those proceeds cannot be valued; or (b) those capital proceeds are more or less than the market value of the asset and: (i) you and the entity that * acquired the asset from you did not deal with each other at * arm’s length in connection with the event; or (ii) the CGT event is CGT event C2 (about cancellation, surrender and similar endings). (The market value is worked out as at the time of the event.) (2A) Subsection (2) does not apply if there is a partial roll ‑ over for the * CGT event because of section 124 ‑ 150. (2B) Subsection (2) does not apply to a situation that would otherwise be covered by paragraph (2)(b) if the * CGT event is * CGT event C2 (about cancellation, surrender and similar endings) and the * CGT asset that is the subject of the event is: (a) a * share in a company that has at least 300 * members and is not a company that is covered by section 116 ‑ 35; or (b) a unit in a unit trust that has at least 300 unit holders and is not a trust that is covered by section 116 ‑ 35. Note: So, for one of these assets, the capital proceeds for the cancellation will be what you actually received. (2C) Subsection (2) does not apply if: (a) you are a * complying superannuation fund, a * complying approved deposit fund or a * pooled superannuation trust; and (b) the * capital proceeds from the * CGT event exceed the * market value of the * CGT asset; and (c) assuming the capital proceeds were your * statutory income, the proceeds would be * non ‑ arm’s length income. Market value for CGT events C2 and D1 (3) Subsection (1) does not apply to: (a) these examples of * CGT event C2: (i) the expiry of a * CGT asset you own; (ii) the cancellation of your * statutory licence; or (b) * CGT event D1 (about creating contractual or other rights). (3A) If you need to work out the * market value of a * CGT asset that is the subject of * CGT event C2, work it out as if the event had not occurred and was never proposed to occur. Example: A company cancels shares you own in it. You work out the market value of the shares by disregarding the cancellation. CGT assets the subject of certain events (4) To avoid doubt, the * CGT asset that is the subject of a * CGT event specified in this table is the asset so specified. * CGT assets the subject of certain events For this * CGT event: This asset is the subject of the event: D1 the right you created D2 the option you granted D3 the right you granted E8 your interest or part interest in the trust capital K6 the * share or interest you * acquired before 20 September 1985 Carried interests (5) This section does not apply to * CGT event A1 or C2 to the extent that the CGT event is constituted by ceasing to own: (a) the * carried interest of a * general partner in a * VCLP, an * ESVCLP or an * AFOF or a * limited partner in a * VCMP; or (b) an entitlement to receive a payment of such a carried interest. Note: This section does not apply to ESS interests acquired under employee share schemes: see subsection 130 ‑ 80(4).", "Amendment_Count": 19, "First_Amended": "No 46 of 1998", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 169 of 1999 | No 176 of 1999 | No 114 of 2000 | No 173 of 2000 | No 77 of 2001 | No 136 of 2002 | No 41 of 2005 | No 55 of 2007 | No 78 of 2007 | No 164 of 2007 | No 38 of 2008 | No 14 of 2009 | No 133 of 2009 | No 56 of 2010 | No 88 of 2013 | No 141 of 2020", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-35", "Provision_Key": "s116-35", "Heading": "Companies and trusts that are not widely held", "Text": "Coverage (1) A company is covered by this section if subsection (3) or (5) applies to the company. (2) A unit trust is covered by this section if subsection (4) or (5) applies to the trust. Concentrated ownership (3) This subsection applies to a company if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, * shares in the company: (a) carrying * fixed entitlements to at least 75% of the company’s income or at least 75% of the company’s capital; or (b) carrying at least 75% of the voting power in the company. (4) This subsection applies to a trust if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, units in the trust: (a) carrying * fixed entitlements to at least 75% of the trust’s income or at least 75% of the trust’s capital; or (b) if unit holders of the trust have a right to vote in respect of activities of the trust—carrying at least 75% of the voting power in the trust. Possible variation of rights (5) This subsection applies to a company or trust if, because of: (a) any provision in the entity’s constituent document, or in any contract, agreement or instrument: (i) authorising the variation or abrogation of rights attaching to any of the * shares or units in the entity; or (ii) relating to the conversion, cancellation, extinguishment or redemption of any of those shares or units; or (b) any contract, * arrangement, option or instrument under which a person has power to acquire any of those shares or units; or (c) any power, authority or discretion in a person in relation to the rights attaching to any of those shares or units; it is reasonable to conclude that the rights attaching to any of those shares or units are capable of being varied or abrogated in such a way (even if they are not in fact varied or abrogated in that way) that, directly or indirectly, subsection (3) or (4) would apply to the entity. Single individual (6) For the purposes of subsections (3) and (4), all of the following are taken to be a single individual: (a) an individual, whether or not the individual holds * shares or units in the entity concerned; (b) the individual’s * associates; (c) for any shares or units in respect of which other individuals are nominees of the individual or of the individual’s associates—those other individuals.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-40", "Provision_Key": "s116-40", "Heading": "Apportionment rule: modification 2", "Text": "(1) If you receive a payment in connection with a transaction that relates to more than one * CGT event, the capital proceeds from each event are so much of the payment as is reasonably attributable to that event. Example: You sell a block of land and a boat for a total of $100,000. This transaction involves 2 CGT events. The $100,000 must be divided among the 2 events. The capital proceeds from the disposal of the land are so much of the $100,000 as is reasonably attributable to it. The rest relates to the boat. (2) If you receive a payment in connection with a transaction that relates to one * CGT event and something else, the capital proceeds from the event are so much of the payment as is reasonably attributable to the event. Example: You are an architect. You receive $70,000 for selling a block of land and giving advice to the new owner. This transaction involves one CGT event: the disposal of the land. The capital proceeds from the disposal of the land is so much of the $70,000 as is reasonably attributable to that disposal. (3) The payment can include giving property: see section 103 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-45", "Provision_Key": "s116-45", "Heading": "Non ‑ receipt rule: modification 3", "Text": "(1) The * capital proceeds from a * CGT event are reduced if: (a) you are not likely to receive some or all (the unpaid amount ) of those proceeds; and (b) this is not because of anything you (or your * associate) have done or omitted to do; and (c) you took all reasonable steps to get the unpaid amount paid. The capital proceeds are reduced by the unpaid amount. Note: This rule exists because the general rules treat you as having received an amount when you are entitled to receive it. Example You sell a painting to another entity for $5,000 (the capital proceeds). You agree to accept monthly instalments of $100. You receive $2,000, but then the other entity stops making payments. It becomes clear that you are not likely to receive the remaining $3,000. The capital proceeds are reduced to $2,000. (2) There is a further consequence if: (a) those proceeds are reduced by the unpaid amount; but (b) you later receive a part of that amount. Those proceeds are increased by that part. (3) This Part and Part 3 ‑ 3 apply to the debt owed to you (the unpaid amount) as if it were not a * CGT asset.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-50", "Provision_Key": "s116-50", "Heading": "Repaid rule: modification 4", "Text": "(1) The * capital proceeds from a * CGT event are reduced by: (a) any part of them that you repay; or (b) any compensation you pay that can reasonably be regarded as a repayment of part of them. However, the capital proceeds are not reduced by any part of the payment that you can deduct. Example: You sell a block of land for $50,000 (the capital proceeds). The purchaser later finds out that you misrepresented a term in the contract. The purchaser sues you and the court orders you to pay $10,000 in damages to the purchaser. The capital proceeds are reduced by $10,000. (2) The payment can include giving property: see section 103 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-55", "Provision_Key": "s116-55", "Heading": "Assumption of liability rule: modification 5", "Text": "The * capital proceeds from a * CGT event are increased if another entity * acquires the * CGT asset (the subject of the event) subject to a liability by way of security over the asset. They are increased by the amount of the liability the other entity assumes. Example: You sell land for $150,000. You receive $50,000 (the capital proceeds) and the buyer becomes responsible for a $100,000 liability under an outstanding mortgage. The capital proceeds are increased by $100,000 to $150,000.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-60", "Provision_Key": "s116-60", "Heading": "Misappropriation rule: modification 6", "Text": "(1) The * capital proceeds from a * CGT event are reduced if your employee or * agent misappropriates (whether by theft, embezzlement, larceny or otherwise) all or part of those proceeds. Note: This rule exists because the general rules treat you as having received an amount when you are entitled to receive it. (2) The * capital proceeds are reduced by the amount misappropriated. (3) There is a further consequence if: (a) those proceeds are reduced by the amount misappropriated; and (b) you later receive an amount as * recoupment of all or part of the amount misappropriated. Those proceeds are increased by the amount received. (4) This Part and Part 3 ‑ 3 apply to the debt owed to you (the amount misappropriated) as if it were not a * CGT asset. (5) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to this section for an income year if: (a) you discover the misappropriation, or you receive an amount as * recoupment of all or part of the amount misappropriated, after you lodged your * income tax return for the income year; and (b) the amendment is made at any time during the period of 4 years starting immediately after you discover the misappropriation or receive the amount.", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-65", "Provision_Key": "s116-65", "Heading": "Disposal etc. of a CGT asset the subject of an option", "Text": "(1) This section applies if: (a) you granted, renewed or extended an option to create (including grant or issue) or * dispose of a * CGT asset; and (b) another entity exercises the option; and (c) because of the exercise of the option, you create (including grant or issue) or dispose of the CGT asset. (2) The * capital proceeds from the creation (including grant or issue) or disposal include any payment you received for granting, renewing or extending the option. (3) The payment can include giving property: see section 103 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-70", "Provision_Key": "s116-70", "Heading": "Option requiring both acquisition and disposal etc.", "Text": "(1) This section applies if: (a) you granted, renewed or extended an option; and (b) the option requires you both to * acquire, and to create (including grant or issue) or * dispose of, a * CGT asset. (2) The option is treated as 2 separate options and half of the * capital proceeds from the grant, renewal or extension is attributed to each option.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-75", "Provision_Key": "s116-75", "Heading": "Special rule for CGT event happening to a lease", "Text": "The * capital proceeds from the expiry, surrender or forfeiture of a lease include any payment (because of the lease ending) by the lessor to the lessee for expenditure of a capital nature incurred by the lessee in making improvements to the leased property. The payment or expenditure can include giving property: see section 103 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 46 of 1998 | No 173 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-80", "Provision_Key": "s116-80", "Heading": "Special rule if CGT asset is shares or an interest in a trust", "Text": "(1) This section sets out what happens if: (a) there is a fall in the * market value of a * personal use asset (other than a car, motor cycle or similar vehicle) or a * collectable of a company or trust; and (b) * CGT event A1, C2 or E8 happens to: (i) * shares you own in the company (or in a company that is a member of the same * wholly ‑ owned group); or (ii) an interest you have in the trust. Note: The full list of CGT events is in section 104 ‑ 5. (2) The * capital proceeds from the event are replaced with the * market value of the * shares, or the interest in the trust. The market value is worked out as at the time of the event as if the fall in market value of the * personal use asset or * collectable had not occurred. Note: You may also make a collectable loss: see CGT event K5.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-85", "Provision_Key": "s116-85", "Heading": "Section 47A of 1936 Act applying to rolled ‑ over asset", "Text": "(1) You reduce the * capital proceeds from a * CGT event that happens in relation to a * CGT asset you have if the conditions in this table are satisfied. Conditions for reduction Item Condition 1 You must have * acquired the asset from a company or * CFC 2 Either: (a) the company obtained a roll ‑ over for the * CGT event that resulted in your * acquisition of the asset; or (b) the * CFC obtained a roll ‑ over for that event in applying Division 7 of Part X of the Income Tax Assessment Act 1936 for the purpose of working out the * attributable income of a company in relation to any entity except a roll ‑ over under Subdivision 124 ‑ J (about Crown leases), 124 ‑ K (about depreciating assets) or 124 ‑ L (about prospecting and mining entitlements) 3 The company or * CFC is taken, under section 47A of the Income Tax Assessment Act 1936 , to have paid you a dividend in relation to that event and some or all of the dividend is included in your assessable income under section 44 of that Act Note: For roll ‑ overs: see Divisions 122, 124 and 126. (2) The reduction is the lesser of: (a) the amount of the dividend; and (b) the amount of any * capital gain that, apart from the roll ‑ over, the company or * CFC would have made from the * CGT event if its * capital proceeds from the event had been the asset’s * market value (at the time of the event). Note: This section is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 77 of 2001 | No 96 of 2004", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-95", "Provision_Key": "s116-95", "Heading": "Company changes residence from an unlisted country", "Text": "(1) This section sets out what happens if: (a) a * CFC ceases at a time (the residency change time ) to be a resident of an * unlisted country and becomes a resident of a * listed country; and (aa) subsection 457(3) of the Income Tax Assessment Act 1936 does not apply to the change of residence; and (b) because of the change in its residency status, an amount is included in an entity’s assessable income under section 457 of the Income Tax Assessment Act 1936 (including because of paragraph 58(1)(d) of the Taxation Laws Amendment (Foreign Income) Act 1990 ); and (c) a * CGT event happens in relation to a * CGT asset (the CFC asset ) that is * taxable Australian property and that the CFC owned since the residency change time. (2) If the conditions in subsection (3) are satisfied, the * capital proceeds from the * CGT event are reduced by the amount worked out under subsection (4). If the conditions in subsection (5) are satisfied, those capital proceeds are increased by the amount worked out under subsection (6). Reduction of capital proceeds (3) If all the * CFC’s assets were * disposed of at the residency change time for their * market values in the circumstances mentioned in subparagraph 457(2)(a)(ii) of the Income Tax Assessment Act 1936 : (a) * distributable profits of the CFC of a particular amount (the distributable profit amount ) would be created, or its distributable profits would be increased by an amount (also the distributable profit amount ); and (b) the CFC would have made a profit (the CFC asset profit ) on the disposal of the CFC asset. (4) The * capital proceeds are reduced by: where: total asset profits is the sum of the profits that the CFC would have made if all its assets were * disposed of at the residency change time for their * market values (ignoring disposals that would not result in a profit). Increase in capital proceeds (5) If all the * CFC’s assets were * disposed of at the residency change time for their * market values in the circumstances mentioned in subparagraph 457(2)(a)(ii) of the Income Tax Assessment Act 1936 : (a) the * distributable profits of the CFC would be reduced by an amount (the distributable profit reduction amount ); and (b) the CFC would have made a loss (the CFC asset loss ) on the disposal of the CFC asset. (6) The * capital proceeds are increased by: where: total asset losses is the sum of the losses that the CFC would have made if all its assets were * disposed of at the residency change time for their * market values (ignoring disposals that would not result in a loss). Note: This section is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 64 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-100", "Provision_Key": "s116-100", "Heading": "Gifts of property", "Text": "(1) If CGT event A1 is the giving of a gift of property by you for which a valuation under section 30 ‑ 212 is obtained, you may choose that the * capital proceeds from the event are replaced with the value of the property as determined under the valuation. (2) You can only make this choice if the valuation was made no more than 90 days before or after the CGT event.", "Amendment_Count": 1, "First_Amended": "No 58 of 2000", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 58 of 2000", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-105", "Provision_Key": "s116-105", "Heading": "Conservation covenants", "Text": "If * CGT event D4 happens because you enter into a * conservation covenant over land you own and you can deduct an amount under Division 31 because you enter into the covenant, the * capital proceeds from the event are the amount you can deduct. Note: To get a deduction under Division 31, you must not receive money, property or other material benefit for entering into the covenant.", "Amendment_Count": 1, "First_Amended": "No 167 of 2001", "Last_Amended": "No 167 of 2001", "Amending_Acts": "No 167 of 2001", "History_Notes": "Inserted by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-110", "Provision_Key": "s116-110", "Heading": "Roll ‑ overs for merging superannuation funds", "Text": "If a roll ‑ over is chosen under Subdivision 310 ‑ D in relation to * CGT event A1, C2 or E2, the * capital proceeds of the transferring entity (within the meaning of that Division) from the event are the amount worked out under subsection 310 ‑ 55(1) or 310 ‑ 60(3).", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-115", "Provision_Key": "s116-115", "Heading": "Farm ‑ in farm ‑ out arrangements", "Text": "(1) If: (a) * CGT event A1 is the * disposal of part of your interest in a * mining, quarrying or prospecting right; and (b) the part is disposed of under a * farm ‑ in farm ‑ out arrangement; and (c) you have received an * exploration benefit in respect of the event happening; in working out the * capital proceeds for the CGT event, treat as zero the * market value of the exploration benefit. (2) If: (a) * CGT event C2 arises as a result of an * exploration benefit being provided to you; and (b) the exploration benefit is provided under a * farm ‑ in farm ‑ out arrangement; in working out the * capital proceeds for the CGT event, treat as zero the * market value of the exploration benefit.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 116-120", "Provision_Key": "s116-120", "Heading": "Disposals of assets involving look ‑ through earnout rights", "Text": "Consequences for capital proceeds (1) If * CGT event A1 happens because you * dispose of a * CGT asset, your * capital proceeds from the disposal: (a) do not include the value of any * look ‑ through earnout right relating to the CGT asset and the disposal; and (b) are increased by any * financial benefit that you receive under such a look ‑ through earnout right; and (c) are reduced by any financial benefit that you provide under such a look ‑ through earnout right. Remaking choices affected by the look ‑ through earnout right (2) Despite section 103 ‑ 25, you may remake any choice you made under this Part or Part 3 ‑ 3 in relation to the * CGT event if: (a) you provide or receive a * financial benefit under such a * look ‑ through earnout right; and (b) you remake the choice at or before the time you are required to lodge your * income tax return for the income year in which the financial benefit is provided or received. Amending assessments affected by the look ‑ through earnout right (3) The Commissioner may amend an assessment of a * tax ‑ related liability if: (a) an entity provides or receives a * financial benefit under such a * look ‑ through earnout right; and (b) the amount of the tax ‑ related liability: (i) depends on that entity’s taxable income for the income year in which the * CGT event happens; or (ii) is otherwise affected by that right’s character as a look ‑ through earnout right; and (c) the Commissioner makes the amendment before the end of the 4 ‑ year period starting at the end of the income year in which the last possible financial benefit becomes or could become due under the look ‑ through earnout right. The tax ‑ related liability need not be a liability of that entity. Note: Subparagraph (b)(ii) covers changes to the amount of that tax ‑ related liability that happen directly or indirectly because of subsection (1) or (2). (4) If at a particular time a right is taken never to have been a * look ‑ through earnout right because of subsection 118 ‑ 565(2), the Commissioner may amend an assessment of a * tax ‑ related liability for up to 4 years after that time if: (a) an entity provides or receives a * financial benefit under the right; and (b) the amount of the tax ‑ related liability: (i) depends on that entity’s taxable income for the income year in which the * CGT event happens; or (ii) was otherwise affected by that right’s character as a look ‑ through earnout right before subsection 118 ‑ 565(2) applied. The tax ‑ related liability need not be a liability of that entity. Note: Subsection 118 ‑ 565(2) restricts look ‑ through earnout rights to rights to financial benefits over a period not exceeding 5 years from the end of the income year in which the CGT event happens. (5) If, after providing or receiving a * financial benefit under a right referred to in subsection (3) or (4): (a) you are dissatisfied with an assessment referred to in that subsection; and (b) the Commissioner notifies you that the Commissioner has decided under that subsection not to amend your assessment; you may object against the assessment, to the extent that it does not take account of that right’s character (as a * look ‑ through earnout right or not such a right), in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s116-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-1", "Provision_Key": "s118-1", "Heading": "What this Division is about", "Text": "This Division sets out various exemptions for many capital gains and losses. There are other provisions that provide exemptions from CGT liability, for example, Division 104 (exceptions from CGT events), Division 152 (small business relief) and Division 50 (exempt entities). Note 1: There are also these exemptions in the Income Tax Assessment Act 1936 : • section 23AH (about foreign branch gains and losses of companies); • section 26BC (about securities lending arrangements); • section 121AS (about demutualisation of insurance companies); • sections 121EL, 121ELA and 121ELB (about offshore banking units); • section 159GZZZN (about buy ‑ back and cancellation of shares); • section 315 (about superannuation and related businesses); • section 408 (about calculating the attributable income of a CFC). Note 2: There are also exemptions in Division 54. Note 3: There are also exemptions in Divisions 315 and 316 (about demutualisation of certain insurers).", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 53 of 2015", "Amending_Acts": "No 46 of 1998 | No 93 of 1999 | No 165 of 1999 | No 139 of 2002 | No 101 of 2004 | No 15 of 2007 | No 97 of 2008 | No 88 of 2009 | No 53 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 139 of 2002, effective 19 Dec 2002 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 53 of 2015, effective Sch 1 (items 9–17, 19): 1 July 2016 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-5", "Provision_Key": "s118-5", "Heading": "Cars, motor cycles and valour decorations", "Text": "A * capital gain or * capital loss you make from any of these * CGT assets is disregarded: (a) a * car, motor cycle or similar vehicle; (b) a decoration awarded for valour or brave conduct (unless you paid money or gave any other property for it).", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-10", "Provision_Key": "s118-10", "Heading": "Collectables and personal use assets", "Text": "(1) A * capital gain or * capital loss you make from a * collectable is disregarded if the first element of its * cost base, or the first element of its * cost if it is a * depreciating asset, is $500 or less. Example: On 10 July 2001, Gayle buys a print for $450 and hangs it in her home. On 30 November 2001 she takes the print to her office and hangs it in the lobby. Gayle self assesses the effective life of the print to be 7 years. Gayle sells the print to Anna for $700 on 2 January 2002. How much can Gayle deduct for the 2001 ‑ 02 income year? The cost of the print is $450. Gayle chooses to use the prime cost method to calculate its decline in value. The print’s decline in value is: = $31 Gayle can deduct $6 as the taxable use portion of the decline in value under Division 40: Due to the balancing adjustment event that occurred on 2 January 2002, $54 is included in Gayle’s assessable income for the 2001 ‑ 02 income year under section 40 ‑ 285. The amount is reduced for non ‑ taxable use by section 40 ‑ 290. A capital gain of $202 is disregarded under this section because the asset is a collectable acquired for less than $500. (2) However, there is a special rule if the * collectable is an interest in one of these * CGT assets: (a) * artwork, jewellery, an antique, or a coin or medallion; (b) a rare folio, manuscript or book; (c) a postage stamp or first day cover. A * capital gain or * capital loss you make from the interest is disregarded only if the * market value of the asset (when you * acquired the interest) is $500 or less. Note: If you last acquired the interest before 16 December 1995, a capital gain or loss is disregarded if you acquired the interest for $500 or less: see section 118 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 . (3) A * capital gain you make from a * personal use asset, or part of the asset, is disregarded if the first element of the asset’s * cost base, or the first element of its * cost if it is a * depreciating asset, is $10,000 or less. Note: A capital loss you make from a personal use asset is disregarded: see subsection 108 ‑ 20(1).", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 173 of 2000 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-12", "Provision_Key": "s118-12", "Heading": "Assets used to produce exempt income etc.", "Text": "(1) A * capital gain or * capital loss you make from a * CGT asset that you used solely to produce your * exempt income or * non ‑ assessable non ‑ exempt income is disregarded. (2) However, the exemption does not apply if the asset was used to gain or produce an amount that is * non ‑ assessable non ‑ exempt income because of: (a) any of these provisions of this Act: (i) section 59 ‑ 15 (mining payments); (ia) section 59 ‑ 35 (amounts that would be mutual receipts but for prohibition on distributions to members or issue of MCIs); (ii) subsection 70 ‑ 90(2) (disposing of trading stock outside the ordinary course of business); (iii) section 86 ‑ 30 (income of a personal services entity); (iv) subsection 86 ‑ 35(1) (payment by a personal services entity); (v) subsection 86 ‑ 35(2) (share of personal services entity’s net income); (vi) section 240 ‑ 40 (treatment of arrangement payments); (via) section 242 ‑ 40 (about luxury car lease payments); (vib) section 768 ‑ 5 (foreign equity distributions on participation interests); (vii) section 802 ‑ 15 (foreign residents—exempting CFI from Australian tax); (viii) section 840 ‑ 815 (foreign residents—final withholding tax on managed investment trust income); or (b) any of these provisions of the Income Tax Assessment Act 1936 : (i) section 23AH (foreign branch profits of Australian companies); (ii) section 23AI (amounts paid out of attributed income); (iv) section 23AK (attributed foreign investment fund income); (v) subsection 23L(1) (fringe benefits); (vi) subsection 99B(2A) (attributed trust income); (vii) section 128D (dividends, royalties and interest subject to withholding tax); (viii) subsection 271 ‑ 105(3) in Schedule 2F (amounts subject to family trust distribution tax). Note: These provisions make amounts non ‑ assessable non ‑ exempt income to prevent them being double taxed rather than to remove them entirely from the taxation system. Therefore, the policy reason for disregarding gains and losses does not apply to assets used to produce those amounts.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 37 of 2019", "Amending_Acts": "No 46 of 1998 | No 66 of 2003 | No 147 of 2005 | No 143 of 2007 | No 32 of 2008 | No 79 of 2010 | No 110 of 2014 | No 37 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 32 of 2008, effective 23 June 2008 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 37 of 2019, effective Sch 2 (items 17–22): 6 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-13", "Provision_Key": "s118-13", "Heading": "Shares in a PDF", "Text": "A * capital gain or * capital loss you make from a * CGT event happening in relation to * shares in a * PDF is disregarded.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-13"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-15", "Provision_Key": "s118-15", "Heading": "Registered emissions units", "Text": "(1) A * capital gain or * capital loss you make from a * registered emissions unit is disregarded. (3) A * capital gain or * capital loss you make from a right to receive an * Australian carbon credit unit is disregarded.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000 | No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-20", "Provision_Key": "s118-20", "Heading": "Reducing capital gains if amount otherwise assessable", "Text": "(1) A * capital gain you make from a * CGT event is reduced if, because of the event, a provision of this Act (outside of this Part) includes an amount (for any income year) in: (a) your assessable income or * exempt income; or (b) if you are a partner in a partnership, the assessable income or exempt income of the partnership. (1A) Subsection (1) applies to an amount that, under a provision of this Act (outside of this Part), is included in: (a) your assessable income or * exempt income; or (b) if you are a partner in a partnership, the assessable income or exempt income of the partnership; in relation to a * CGT asset as if it were so included because of the * CGT event referred to in that subsection if the amount would also be taken into account in working out the amount of a * capital gain you make. Note: An example is an amount assessable under Division 16E of Part III of the Income Tax Assessment Act 1936 , which deals with accruals taxation of certain securities. (1B) The rule in subsection (1) does not apply to: (a) an amount that is taken to be a dividend under section 159GZZZP of the Income Tax Assessment Act 1936 (which relates to buy ‑ backs of * shares); or (b) an amount included in assessable income under subsection 207 ‑ 20(1), 207 ‑ 35(1) or 207 ‑ 35(3) of this Act (which relate to franked distributions). (2) The gain is reduced to zero if it does not exceed: (a) the amount included; or (b) if you are a partner, your share (the partner’s share ) of the amount included in the assessable income or * exempt income of the partnership (calculated according to your entitlement to share in the partnership net income or loss). Example: Liz bought some land in 1990, as part of a profit ‑ making scheme. In December 1998 she sells it. Her profit from the sale is $40,000 and is included in her assessable income under section 6 ‑ 5 (about ordinary income). Suppose she made a capital gain from the sale of $30,000. It is reduced to zero because it is does not exceed the amount included. (3) The gain is reduced by the amount included, or the amount of the partner’s share, if the gain exceeds that amount. Note: These rules are modified for complying superannuation funds that become non ‑ complying and for foreign superannuation funds that become Australian superannuation funds: see Division 295. (4) A * capital gain you make from a * CGT event is reduced by the extent that a provision of this Act (except sections 59 ‑ 40 and 316 ‑ 255) treats: (a) an amount of your * ordinary income or * statutory income from the event as being * non ‑ assessable non ‑ exempt income; or (b) if you are a partner, your share of the ordinary income or * statutory income of the partnership from the event (calculated according to your entitlement to share in the partnership net income or loss) as being non ‑ assessable non ‑ exempt income of the partnership. (4A) A * capital gain the trustee of a * superannuation fund makes from a * CGT event happening in relation to a * CGT asset in an income year is reduced if the asset’s * market value was taken into account in working out the fund’s income from previous years under section 295 ‑ 325 or 295 ‑ 330. (4B) The gain is reduced to zero if it does not exceed the amount that would have been the * capital gain from the * CGT event if the * capital proceeds from the event were the asset’s * market value that was taken into account in working out that net previous income. If the gain exceeds that amount, it is reduced by that amount. Exceptions (5) The gain is not reduced if an amount is included in your assessable income, or the assessable income of the partnership, for any income year because of a balancing adjustment. (6) The gain is not reduced if an amount is included in your * non ‑ assessable non ‑ exempt income under section 768 ‑ 5 (about foreign equity distributions on participation interests) because a company makes a * foreign equity distribution that is: (a) debited against a * share capital account of the company; or (c) debited against an asset revaluation reserve of the company; or (d) directly or indirectly attributable to amounts transferred from such an account or reserve of the company.", "Amendment_Count": 11, "First_Amended": "No 46 of 1998", "Last_Amended": "No 110 of 2021", "Amending_Acts": "No 46 of 1998 | No 63 of 1998 | No 176 of 1999 | No 66 of 2003 | No 23 of 2005 | No 80 of 2006 | No 15 of 2007 | No 91 of 2008 | No 88 of 2009 | No 110 of 2014 | No 110 of 2021", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 91 of 2008, effective Schedule 1: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-21", "Provision_Key": "s118-21", "Heading": "Carried interests", "Text": "CGT events relating to carried interests not to be treated as income (1) The modifications in subsections (2) and (3) apply if * CGT event K9 happens in relation to your entitlement to receive a payment of the * carried interest of a * general partner in a * VCLP, an * ESVCLP or an * AFOF or a * limited partner in a * VCMP. (2) These provisions do not apply to the CGT event: (a) sections 6 ‑ 5 (about * ordinary income), 8 ‑ 1 (about amounts you can deduct), 15 ‑ 15 and 25 ‑ 40 (about profit ‑ making undertakings or plans) and 118 ‑ 20 (reducing capital gains if amount otherwise assessable); (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit ‑ making undertakings or schemes). (3) Section 6 ‑ 10 (about * statutory income) does not apply to the * CGT event except so far as that section applies in relation to section 102 ‑ 5 (about net capital gains).", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-21"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-22", "Provision_Key": "s118-22", "Heading": "Superannuation lump sums and employment termination payments", "Text": "In applying section 118 ‑ 20, treat a * superannuation lump sum or an * employment termination payment that you receive as being included in your assessable income.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 46 of 1998 | No 15 of 2007", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-22"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-24", "Provision_Key": "s118-24", "Heading": "Depreciating assets", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event (that is also a * balancing adjustment event) that happens to a * depreciating asset is disregarded if the asset was: (a) an asset you * held; or (b) if you are a partner, an asset of the partnership; or (c) if you are absolutely entitled to the asset as against the trustee of a trust (disregarding any legal disability), an asset of the trustee; where the decline in value of the asset was worked out under Division 40 (including that Division as it applies under Division 355), or the deduction for the asset was calculated under Division 328, or would have been if the asset had been used. (2) However, subsection (1) does not apply to: (a) a * capital gain or * capital loss you make from * CGT event J2 or * CGT event K7 happening; or (b) a * depreciating asset for which you or another entity has deducted or can deduct amounts under Subdivision 40 ‑ F or 40 ‑ G.", "Amendment_Count": 5, "First_Amended": "No 164 of 1999", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 164 of 1999 | No 77 of 2001 | No 170 of 2001 | No 119 of 2002 | No 93 of 2011", "History_Notes": "Inserted by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Repealed and substituted by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-24"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-25", "Provision_Key": "s118-25", "Heading": "Trading stock", "Text": "(1) A * capital gain or * capital loss you make from a * CGT asset is disregarded if, at the time of the * CGT event, the asset is: (a) your * trading stock; or (b) if you are a partner, trading stock of the partnership; or (c) if you are absolutely entitled to the asset as against the trustee of a trust (disregarding any legal disability), trading stock of the trustee. (2) A * capital gain or * capital loss you make in these circumstances is disregarded: (a) you start holding as * trading stock a * CGT asset you already own but do not hold as trading stock; and (b) you elect under paragraph 70 ‑ 30(1)(a) to be treated as having sold the asset for its cost (worked out under that section). Note 1: Paragraph 70 ‑ 30(1)(a) allows you to elect the cost of the asset, or its market value, just before it became trading stock. Note 2: You may make a capital gain or loss if you elect its market value: see CGT event K4.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-27", "Provision_Key": "s118-27", "Heading": "Division 230 financial arrangements and financial arrangements to which Subdivision 250 ‑ E applies", "Text": "(1) A * capital gain or * capital loss you make: (a) from a * CGT asset; or (b) in creating a CGT asset; or (c) from the discharge of a liability; is disregarded if, at the time of the * CGT event, the asset or liability is, or is part of, a * Division 230 financial arrangement. Note 1: Paragraph (b) is relevant for CGT event D1. Note 2: Paragraph (c) is relevant for CGT event L7. (2) Subsection (1) does not apply to the following: (a) a gain or loss that subsection 230 ‑ 310(4) (which deals with hedging financial arrangements) provides is to be treated as a * capital gain or * capital loss; (b) a loss that is reduced under subsection 230 ‑ 465(2), to the extent of that reduction (this is the extent to which the loss is of a capital nature). (3) Subsection (1) does not apply if the situation that gives rise to the * CGT event does not result in a gain from the arrangement being included in your assessable income under Division 230, or in a loss from the arrangement entitling you to a deduction under Division 230. (4) A * capital gain or * capital loss you make from a * CGT asset is disregarded if, at the time of the * CGT event, the asset is, or is part of, a * financial arrangement to which Subdivision 250 ‑ E applies.", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 164 of 2007 | No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Repealed and substituted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-30", "Provision_Key": "s118-30", "Heading": "Film copyright", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event relating to your interest in the copyright in a film is disregarded if an amount is included in your assessable income under section 26AG (about film proceeds) of the Income Tax Assessment Act 1936 because of the event. (2) If you are a partner in a partnership, a * capital gain or * capital loss you make from a * CGT event relating to the partnership’s interest in the copyright in a film is disregarded if an amount is included in the assessable income of a partner (including you) under section 26AG of that Act because of the event. (3) If you are absolutely entitled to an interest in the copyright in a film as against the trustee of a trust (disregarding any legal disability), a * capital gain or * capital loss you make from a * CGT event relating to the interest is disregarded if an amount is included in your assessable income or the net income of the trust under section 26AG of that Act because of the event.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 58 of 2006 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Repealed and substituted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-35", "Provision_Key": "s118-35", "Heading": "R&D", "Text": "Disregard a * capital gain or * capital loss from a * CGT event if an amount is included in your assessable income in any income year under section 355 ‑ 410 (about disposal of R&D results) because of that CGT event.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 46 of 1998 | No 170 of 2001 | No 93 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Repealed and substituted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-37", "Provision_Key": "s118-37", "Heading": "Compensation, damages etc.", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event relating directly to any of these is disregarded: (a) compensation or damages you receive for: (i) any wrong or injury you suffer in your occupation; or (ii) any wrong, injury or illness you or your * relative suffers personally; (b) compensation or damages you receive as the trustee of a trust (other than a trust that is a * complying superannuation entity) for: (i) any wrong or injury a beneficiary of the trust suffers in his or her occupation; or (ii) any wrong, injury or illness a beneficiary of the trust, or the beneficiary’s relative, suffers personally; (ba) a * CGT asset you receive, as a beneficiary of a trust, from the trustee of the trust to the extent that the CGT asset is attributable to compensation or damages that the trustee receives as described in paragraph (b) for: (i) any wrong or injury you suffer in your occupation; or (ii) any wrong, injury or illness you or your relative suffers personally; (c) gambling, a game or a competition with prizes; (g) a tobacco industry exit grant that you receive under the program known as the Tobacco Growers Adjustment Assistance Programme 2006 if, as a condition of receiving the grant, you entered into an undertaking not to become the owner or operator of any agricultural * enterprise within 5 years after receiving the grant; (ga) a * water entitlement, to the extent that the CGT event happens because an entity * derives a * SRWUIP payment that is * non ‑ assessable non ‑ exempt income under section 59 ‑ 65; (gb) a * SRWUIP payment you derive that is non ‑ assessable non ‑ exempt income under section 59 ‑ 65; (h) a right or entitlement to a * tax offset, a * deduction, or a similar benefit under an * Australian law, a * foreign law or a law of part of a foreign country; (i) a variation, transfer or revocation of an allocation (within the meaning of the National Rental Affordability Scheme Act 2008 ); (j) anything of economic value provided to you (whether directly or indirectly, such as through an * NRAS consortium of which you are a * member) by: (i) a Department of a State or Territory; or (ii) a body (whether incorporated or not) established for a public purpose by or under a law of a State or Territory; in relation to your participation in the * National Rental Affordability Scheme. (2) A * capital gain or * capital loss is disregarded if you make it as a result of receiving a payment or property as reimbursement or payment of your expenses, or receiving or using a voucher or certificate, under: (a) a scheme established by an * Australian government agency, a * local governing body or a * foreign government agency under an enactment or an instrument of a legislative character; or (b) the General Practice Rural Incentives Program or the Rural and Remote General Practice Program; or (c) the Sydney Aircraft Noise Insulation Project; or (d) the M4/M5 Cashback Scheme; or (e) the Unlawful Termination Assistance Scheme or the Alternative Dispute Resolution Assistance Scheme. (3) A * capital gain you make from compensation you receive under the * firearms surrender arrangements is disregarded. (4) A * capital gain or * capital loss you make from a payment you receive is disregarded if: (a) you are an Australian resident; and (b) you receive the payment: (i) under the program known as the “German Forced Labour Compensation Programme”; and (ii) from the Foundation known as “Remembrance, Responsibility and Future” or any of the Foundation’s partner organisations; and (c) the payment is in the nature of compensation for: (i) any wrong or injury; or (ii) any loss of, or damage to, property; that you, or another person, suffered as a result of injustices committed during the National Socialist period. (5) A * capital gain or * capital loss you make as a result of receiving a payment or property is disregarded if: (a) you are an individual who is an Australian resident; and (b) you receive the payment or property from a source in a foreign country; and (c) you do not receive the payment or property directly or indirectly from an * associate of yours; and (d) the payment or property you receive is in connection with: (i) any wrong or injury; or (ii) any loss of, or damage to, property; or (iii) any other detriment; that you, or another individual, suffered as a result of: (iv) persecution by the National Socialist regime of Germany during the National Socialist period; or (v) persecution by any other enemy of the Commonwealth during the Second World War; or (vi) persecution by an enemy ‑ associated regime during the Second World War; or (vii) flight from persecution mentioned in subparagraph (iv), (v) or (vi); or (viii) participation in a resistance movement during the Second World War against forces of the National Socialist regime of Germany; or (ix) participation in a resistance movement during the Second World War against forces of any other enemy of the Commonwealth. (6) For the purposes of subsection (5), the duration of the Second World War includes: (a) the period immediately before the Second World War; and (b) the period immediately after the Second World War. (7) For the purposes of subsection (5), a regime is an enemy ‑ associated regime if, and only if, it was: (a) in alliance with; or (b) occupied by; or (c) effectively controlled by; or (d) under duress from; or (e) surrounded by; either or both of the following: (f) the National Socialist regime of Germany; (g) any other enemy of the Commonwealth. (8) Subsection (5) applies to a payment or property received by the * legal personal representative of an individual in a corresponding way to the way in which that subsection would have applied if the payment or property had been received by the individual. (9) Subsection (5) applies to a payment or property received by: (a) the * legal personal representative of a deceased individual; or (b) the trustee of a trust established by the will of a deceased individual; in a corresponding way to the way in which that subsection would have applied if: (c) the individual had not died; and (d) the payment or property had been received by the individual.", "Amendment_Count": 17, "First_Amended": "No 94 of 1999", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 94 of 1999 | No 22 of 2000 | No 114 of 2000 | No 12 of 2003 | No 20 of 2004 | No 101 of 2004 | No 41 of 2005 | No 80 of 2006 | No 38 of 2008 | No 123 of 2008 | No 130 of 2008 | No 42 of 2009 | No 62 of 2011 | No 88 of 2013 | No 13 of 2014 | No 109 of 2014 | No 21 of 2015", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 22 of 2000, effective 3 Apr 2000 | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 123 of 2008, effective Schedule 3 (items 1, 2): 26 Nov 2008 | Amended by No 130 of 2008, effective 1 July 2008 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-40", "Provision_Key": "s118-40", "Heading": "Expiry of a lease", "Text": "A * capital loss a lessee makes from the expiry, surrender, forfeiture or assignment of a lease (except one granted for 99 years or more) is disregarded if the lessee did not use the lease solely or mainly for the * purpose of producing assessable income.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-42", "Provision_Key": "s118-42", "Heading": "Transfer of stratum units", "Text": "If: (a) you own land on which there is a building; and (b) you subdivide the building into * stratum units; and (c) you transfer each unit to the entity who had the right to occupy it just before the subdivision; a * capital gain or * capital loss you make from transferring the unit is disregarded.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-42"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-45", "Provision_Key": "s118-45", "Heading": "Sale of rights to mine", "Text": "A * capital gain or * capital loss you make from the sale, transfer or assignment of your rights to mine in a particular area in Australia is disregarded if you have * exempt income for the income year (because of the former section 330 ‑ 60) from the sale, transfer or assignment.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-55", "Provision_Key": "s118-55", "Heading": "Foreign currency hedging gains and losses", "Text": "A * capital gain or * capital loss you make from a contract you entered into solely to reduce the risk of financial loss you may suffer from currency exchange rate fluctuations is disregarded if the contract relates to: (a) a liability you have to make a payment under another contract; or (b) a * CGT asset that is a right you * acquired before 20 September 1985 to receive money under another contract.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-60", "Provision_Key": "s118-60", "Heading": "Certain gifts", "Text": "(1) A * capital gain or * capital loss made from a testamentary gift of property that would have been deductible under section 30 ‑ 15 if it had not been a testamentary gift is disregarded. (1A) If the only reason the gain or loss is not disregarded under subsection (1) is because the property has not been valued by the Commissioner at more than $5,000, then, for the purposes of that subsection, it is taken to have been so valued. (2) A * capital gain or * capital loss made from a gift of property that is deductible under section 30 ‑ 15 because of item 4 or 5 in the table in that section is disregarded. (3) However, subsection (2) does not apply if the gift was not a testamentary gift and the property is later * acquired for less than * market value by the person who made the gift or an * associate of that person. (4) If the gift was a testamentary gift and the property is later * acquired for less than * market value by the deceased person’s estate or a person (the deceased’s associate ) who: (a) is an * associate of the deceased person’s estate; or (b) was an associate of the deceased person immediately before the deceased person’s death; the * cost base and the * reduced cost base of the property in the hands of the estate or the deceased’s associate is worked out under section 128 ‑ 15 as if the property had passed in the estate to the estate or the deceased’s associate.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 46 of 1998 | No 58 of 2000 | No 63 of 2005 | No 58 of 2006 | No 12 of 2012", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-65", "Provision_Key": "s118-65", "Heading": "Later distributions of personal services income", "Text": "A * capital loss you make from a payment is disregarded if it is a payment to any entity of: (a) * personal services income included in an individual’s assessable income under section 86 ‑ 15; or (b) any other amount that is attributable to that income.", "Amendment_Count": 1, "First_Amended": "No 86 of 2000", "Last_Amended": "No 86 of 2000", "Amending_Acts": "No 86 of 2000", "History_Notes": "Inserted by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-70", "Provision_Key": "s118-70", "Heading": "Transactions by exempt entities", "Text": "A * capital loss made by an entity is disregarded if it was an * exempt entity at the time it made the loss.", "Amendment_Count": 2, "First_Amended": "No 173 of 2000", "Last_Amended": "No 101 of 2003", "Amending_Acts": "No 173 of 2000 | No 101 of 2003", "History_Notes": "Inserted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Inserted by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-75", "Provision_Key": "s118-75", "Heading": "Marriage or relationship breakdown settlements", "Text": "(1) A * capital gain or * capital loss you make as a result of * CGT event C2 happening is disregarded if: (a) you make the gain or loss in relation to a right that directly relates to the breakdown of a relationship between * spouses; and (b) at the time of the CGT event: (i) you and your spouse or former spouse are separated; and (ii) there is no reasonable likelihood of cohabitation being resumed. Example: Maude receives an amount from Claude by way of a settlement directly related to the breakdown of their marriage. CGT event C2 would happen to Maude on satisfaction of her legally enforceable right to the amount. Any capital gain or loss that Maude makes in these circumstances is disregarded. (2) For the purposes of this section, the question whether * spouses or former spouses have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act).", "Amendment_Count": 2, "First_Amended": "No 168 of 2006", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 168 of 2006 | No 144 of 2008", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-77", "Provision_Key": "s118-77", "Heading": "Native title and rights to native title benefits", "Text": "(1) A * capital gain or * capital loss you make is disregarded if: (a) you are an * Indigenous person or an * Indigenous holding entity; and (b) you make the gain or loss because one of the following things happens in relation to a * CGT asset mentioned in subsection (2): (i) you transfer the CGT asset to one or more entities that are either Indigenous persons or Indigenous holding entities; (ii) you create a trust, that is an Indigenous holding entity, over the CGT asset; (iii) your ownership of the CGT asset ends, resulting in * CGT event C2 happening in relation to the CGT asset. (2) The * CGT assets are as follows: (a) * native title; (b) the right to be provided with a * native title benefit. Note: Paragraph (a) does not require a determination of native title under the Native Title Act 1993 .", "Amendment_Count": 1, "First_Amended": "No 84 of 2013", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 84 of 2013", "History_Notes": "Inserted by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-77"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-80", "Provision_Key": "s118-80", "Heading": "Reduction of boat capital gain", "Text": "A * capital gain you make from a * CGT event happening in relation to a boat for an income year is reduced by an amount that is a quarantined amount for you for the income year under subsection 26 ‑ 47(2). Note: Section 26 ‑ 47 denies deductions for the excess of boat expenditure over boat income.", "Amendment_Count": 1, "First_Amended": "No 78 of 2007", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 78 of 2007", "History_Notes": "Inserted by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-85", "Provision_Key": "s118-85", "Heading": "Special disability trusts", "Text": "(1) A * capital gain or * capital loss you make is disregarded if you make it from transferring a * CGT asset for no consideration to: (a) a * special disability trust; or (b) a trust that becomes a special disability trust as soon as practicable after the transfer. (2) In working out whether the transfer was for consideration, disregard any interest in the trust.", "Amendment_Count": 1, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-100", "Provision_Key": "s118-100", "Heading": "What this Subdivision is about", "Text": "You can ignore a capital gain or capital loss you make from a CGT event that happens to a dwelling that is your main residence. However, this exemption may not apply if you are a foreign resident, and may not apply in full if: • it was your main residence during part only of your ownership period; or • it was used for the purpose of producing assessable income. There are special rules for dwellings passed from, or owned by a trustee of, a deceased estate. There is a similar exemption for a CGT event that is a compulsory acquisition (or similar arrangement) happening to adjacent land but not also to the dwelling itself. Table of sections 118 ‑ 105 Map of this Subdivision Basic case and concepts 118 ‑ 110 Basic case 118 ‑ 115 Meaning of dwelling 118 ‑ 120 Extension to adjacent land etc. 118 ‑ 125 Meaning of ownership period 118 ‑ 130 Meaning of ownership interest in land or a dwelling Rules that may extend the exemption 118 ‑ 135 Moving into a dwelling 118 ‑ 140 Changing main residences 118 ‑ 145 Absences 118 ‑ 147 Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc. 118 ‑ 150 If you build, repair or renovate a dwelling 118 ‑ 155 Where individual referred to in section 118 ‑ 150 dies 118 ‑ 160 Destruction of dwelling and sale of land Rules that may limit the exemption 118 ‑ 165 Separate CGT event for adjacent land or other structures 118 ‑ 170 Spouse having different main residence 118 ‑ 175 Dependent child having different main residence Roll ‑ overs under Subdivision 126 ‑ A 118 ‑ 178 Previous roll ‑ over under Subdivision 126 ‑ A 118 ‑ 180 Acquisition of dwelling from company or trust on marriage or relationship breakdown—roll ‑ over provision applying Partial exemption rules 118 ‑ 185 Partial exemption where dwelling was your main residence during part only of ownership period 118 ‑ 190 Use of dwelling for producing assessable income 118 ‑ 192 Special rule for first use to produce income Dwellings acquired from deceased estates 118 ‑ 195 Dwelling acquired from a deceased estate 118 ‑ 197 Special rule for surviving joint tenant 118 ‑ 200 Partial exemption for deceased estate dwellings 118 ‑ 205 Adjustment if dwelling inherited from deceased individual 118 ‑ 210 Trustee acquiring dwelling under will Special disability trusts 118 ‑ 215 What the following provisions are about 118 ‑ 218 Exemption available to trustee—main case 118 ‑ 220 Exemption available to trustee—after the principal beneficiary’s death 118 ‑ 222 Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary’s death 118 ‑ 225 Amount of exemption available after the principal beneficiary’s death—general 118 ‑ 227 Amount of exemption available after the principal beneficiary’s death—cost base and reduced cost base 118 ‑ 230 Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts Compulsory acquisitions of adjacent land only 118 ‑ 240 What the following provisions are about 118 ‑ 245 CGT events happening only to adjacent land 118 ‑ 250 Compulsory acquisitions of adjacent land 118 ‑ 255 Maximum exempt area 118 ‑ 260 Partial exemption rules 118 ‑ 265 Extension to adjacent structures", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 61 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-105", "Provision_Key": "s118-105", "Heading": "Map of this Subdivision", "Text": "Note: The exemption may not be available for the main residence of a foreign resident.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 61 of 2011 | No 147 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Repealed and substituted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-110", "Provision_Key": "s118-110", "Heading": "Basic case", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event that happens in relation to a * CGT asset that is a * dwelling or your * ownership interest in it is disregarded if: (a) you are an individual; and (b) the dwelling was your main residence throughout your * ownership period; and (c) the interest did not * pass to you as a beneficiary in, and you did not * acquire it as a trustee of, the estate of a deceased person. Note 1: You may make a capital gain or capital loss even though you comply with this section if the dwelling was used for the purpose of producing assessable income: see section 118 ‑ 190. Note 2: There is a separate rule for beneficiaries and trustees of deceased estates: see section 118 ‑ 195. Note 3: There is a separate rule for a CGT event that is a compulsory acquisition (or similar arrangement) happening to adjacent land but not also to the dwelling itself: see section 118 ‑ 245. (2) Only these * CGT events are relevant: (a) CGT events A1, B1, C1, C2, E1, E2, F2, K3, K4 and K6 (except one involving the forfeiting of a deposit); and (b) a CGT event that involves the forfeiting of a deposit as part of an uninterrupted sequence of transactions ending in one of the events specified in paragraph (a) subsequently happening. Note: The full list of CGT events is in section 104 ‑ 5. (3) However, this section does not apply if, at the time the * CGT event happens, you: (a) are an * excluded foreign resident; or (b) are a foreign resident who does not satisfy the * life events test. (4) You are an excluded foreign resident , at a particular time, if: (a) you are a foreign resident at that time; and (b) the continuous period ending at that time for which you have been a foreign resident is more than 6 years. (5) You satisfy the life events test , at the time a * CGT event happens, if: (a) the continuous period ending at that time for which you have been a foreign resident is 6 years or less; and (b) you are covered by any of the following subparagraphs: (i) you or your * spouse has had a * terminal medical condition that existed at any time during that period of foreign residency; (ii) your * child has had a terminal medical condition that existed at any time during that period of foreign residency, and that child was under 18 years of age at at least one such time; (iii) your spouse, or your child who was under 18 years of age at death, has died during that period of foreign residency; (iv) the CGT event happens because of a matter referred to in a paragraph of subsection 126 ‑ 5(1) involving you and your spouse (or former spouse).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 61 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-115", "Provision_Key": "s118-115", "Heading": "Meaning of dwelling", "Text": "(1) A dwelling includes: (a) a unit of accommodation that: (i) is a building or is contained in a building; and (ii) consists wholly or mainly of residential accommodation; and (b) a unit of accommodation that is a caravan, houseboat or other mobile home; and (c) any land immediately under the unit of accommodation. (2) However, except as provided in section 118 ‑ 120, a dwelling does not include any land adjacent to a building.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-120", "Provision_Key": "s118-120", "Heading": "Extension to adjacent land etc.", "Text": "Adjacent land (1) This Subdivision applies to a * dwelling’s * adjacent land (if the same * CGT event happens to that land or your * ownership interest in it) as if it were a dwelling. (2) Land adjacent to a * dwelling is its adjacent land to the extent that the land was used primarily for private or domestic purposes in association with the dwelling. (3) The maximum area of * adjacent land covered by the exemption for the * CGT event (the current event ) is 2 hectares, less the area of the land immediately under the * dwelling. (4) However, if subsection 118 ‑ 245(2) applied to you for an earlier * CGT event that happened in relation to: (a) other land that was part of the * dwelling’s * adjacent land at the time of the earlier CGT event; or (b) your * ownership interest in that other land at that time; the maximum area of land covered by the exemption for the current event is the * maximum exempt area for the current event and the dwelling. Adjacent structures (5) This Subdivision applies to an * adjacent structure of a flat or home unit (if the same * CGT event happens to that structure or your * ownership interest in it) as if it were a * dwelling. (6) A garage, storeroom or other structure associated with a flat or home unit is an adjacent structure of the flat or home unit to the extent that the structure was used primarily for private or domestic purposes in association with the flat or home unit.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 46 of 1998 | No 61 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-125", "Provision_Key": "s118-125", "Heading": "Meaning of ownership period", "Text": "Your ownership period of a * dwelling is the period on or after 20 September 1985 when you had an * ownership interest in: (a) the dwelling; or (b) land ( * acquired on or after 20 September 1985) on which the dwelling is later built.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-130", "Provision_Key": "s118-130", "Heading": "Meaning of ownership interest in land or a dwelling", "Text": "(1) You have an ownership interest in land or a * dwelling if: (a) for land—you have a legal or equitable interest in it or a right to occupy it; or (b) for a dwelling that is not a flat or home unit—you have a legal or equitable interest in the land on which it is erected, or a licence or right to occupy it; or (c) for a flat or home unit—you have: (i) a legal or equitable interest in a * stratum unit in it; or (ii) a licence or right to occupy it; or (iii) a * share in a company that owns a legal or equitable interest in the land on which the flat or home unit is erected and that gives you to a right to occupy it. (2) For land or a * dwelling that you * acquire under a contract, you have an ownership interest in it from: (a) the time when you obtain legal ownership of it; or (b) if the contract or a related contract gives you a right to occupy it at an earlier time—the earlier time. (3) For land or a * dwelling where you have a contract for the happening of the * CGT event, you have an ownership interest in it until your legal ownership of it ends.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-135", "Provision_Key": "s118-135", "Heading": "Moving into a dwelling", "Text": "If a * dwelling becomes your main residence by the time it was first practicable for you to move into it after you * acquired your * ownership interest in it, the dwelling is treated as your main residence from when you acquired the interest until it actually became your main residence.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-140", "Provision_Key": "s118-140", "Heading": "Changing main residences", "Text": "(1) If you * acquire an * ownership interest in a * dwelling that is to become your main residence and you still have your ownership interest in your existing main residence, both dwellings are treated as your main residence for the shorter of: (a) 6 months ending when your ownership interest in your existing main residence ends; or (b) the period between the acquisition of the new ownership interest and the time when the ownership interest referred to in paragraph (a) ends. (2) Subsection (1) only applies if: (a) your existing main residence was your main residence for a continuous period of at least 3 months in the 12 months ending when your ownership interest in it ends; and (b) your existing main residence was not used for the * purpose of producing assessable income in any part of that 12 month period when it was not your main residence.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-145", "Provision_Key": "s118-145", "Heading": "Absences", "Text": "(1) If a * dwelling that was your main residence ceases to be your main residence, you may choose to continue to treat it as your main residence. (2) If you use the part of the * dwelling that was your main residence for the * purpose of producing assessable income, the maximum period that you can treat it as your main residence under this section while you use it for that purpose is 6 years. You are entitled to another maximum period of 6 years each time the dwelling again becomes and ceases to be your main residence. (3) If you do not use the * dwelling for that purpose, you can treat it as your main residence under this section indefinitely. (3A) This section does not apply if the * dwelling was your main residence because of section 118 ‑ 147 and ceases to be your main residence because of subsections 118 ‑ 147(3) and (4). (4) If you make the choice, you cannot treat any other * dwelling as your main residence while you apply this section, except if section 118 ‑ 140 (about changing main residences) applies. Example: You live in a house for 3 years. You are posted overseas for 5 years and you rent it out during your absence. On your return you move back into it for 2 years. You are then posted overseas again for 4 years (again renting it out). You then move back into it for 3 years, after which you sell the house. You have not treated any other dwelling as your main residence during your absences. You may choose to continue to treat the house as your main residence during both absences because each absence is less than 6 years. You can make this choice when preparing your income tax return for the income year in which you sold the house.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 56 of 2010 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-147", "Provision_Key": "s118-147", "Heading": "Absence from dwelling replacing main residence that was compulsorily acquired, destroyed etc.", "Text": "(1) This section applies if: (a) a * dwelling (the old dwelling ) is treated as your main residence because of your choice under section 118 ‑ 145; and (b) because of an event (the key event ) described in subsection 124 ‑ 70(1): (i) you cease to have any * ownership interest in the old dwelling; or (ii) the old dwelling is lost or destroyed; and (c) after the key event you have an ownership interest (the substitute property interest ) in: (i) a dwelling (the substitute dwelling ); or (ii) land (the substitute land ) that did not have a dwelling on it at the later of the time just after the key event and the time you * acquired the interest; and (d) you acquired the substitute property interest at a time (the substitute property acquisition time ) no later than one year, or within such further time as the Commissioner allows in special circumstances, after the end of the income year in which the key event happens. Note 1: Subsection 124 ‑ 70(1) deals with compulsory acquisitions, disposals in circumstances involving powers of compulsory acquisition, expiry of leases granted by Australian government agencies and loss or destruction of a CGT asset. Note 2: The substitute property acquisition time may be before, at or after the time the key event happened. The old dwelling and the substitute dwelling may be different or the same. The land on which the old dwelling is erected and the substitute land may be different or the same. (2) You may choose to treat the substitute dwelling, or a * dwelling you built on the substitute land within 4 years after the later of the time of the key event and the substitute property acquisition time, as your main residence from the later of the following times (or from either of them if they are the same): (a) the substitute property acquisition time; (b) the time one year before the key event happened. (3) Subsection (4) limits the time you can treat a * dwelling as your main residence under this section if you use all or part of it or the substitute land, after the later of the key event and the substitute property acquisition time, for the * purpose of producing assessable income. (4) The maximum period you can treat the * dwelling that way while you use it or the substitute land as described in subsection (3) is: (a) 6 years; or (b) if, just before the key event, you used all or part of the old dwelling for that purpose—so much of the period of 6 years described in subsection 118 ‑ 145(2) in relation to the old dwelling as had not passed before the event. (5) If you do not use the * dwelling or substitute land as described in subsection (3) you can treat the dwelling as your main residence under this section indefinitely. (6) If you make the choice: (a) you cannot treat any other * dwelling as your main residence while you apply this section; and (b) section 118 ‑ 140 does not apply in relation to your * acquisition, while you still have an * ownership interest in the old dwelling, of an ownership interest in the dwelling you choose to treat as your main residence under this section; and (c) section 118 ‑ 150 does not apply after the key event to the land on which the old dwelling is erected or the substitute land; and (d) section 118 ‑ 155 does not apply after the key event in relation to the old dwelling, the substitute dwelling or a dwelling built on the substitute land. (7) Paragraph (6)(a) does not prevent the old dwelling from being your main residence at any time before the key event happened.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-147"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-150", "Provision_Key": "s118-150", "Heading": "If you build, repair or renovate a dwelling", "Text": "(1) This section applies to land in which you have an * ownership interest (except a life interest) if you build a * dwelling on the land, or repair, renovate or finish building a dwelling on the land. (2) You can choose to apply this Subdivision as if the * dwelling that you are building, repairing or renovating on the land were your main residence from the time you * acquired the * ownership interest. (3) You can make the choice only if: (a) a * dwelling on the land that you construct, repair or renovate becomes your main residence (except because of section 118 ‑ 147) as soon as practicable after the work is finished; and (b) it continues to be your main residence for at least 3 months. (4) There is a time limit during which the choice can operate. This is the shorter of: (a) 4 years, or a longer time allowed by the Commissioner, before the * dwelling becomes your main residence; and (b) the period starting when you * acquired your * ownership interest in the land and ending when the dwelling becomes your main residence. (5) If there was already a * dwelling on the land when you * acquired your * ownership interest and you or someone else occupied it after that time, the period in subsection (2) and paragraph (4)(b) starts when the dwelling ceased to be occupied. (6) Once you make the choice, no other * dwelling can be treated as your main residence during the period referred to in subsection (4), except if section 118 ‑ 140 (about changing main residences) applies.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 56 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-155", "Provision_Key": "s118-155", "Heading": "Where individual referred to in section 118 ‑ 150 dies", "Text": "(1) This section applies if the individual referred to in subsection 118 ‑ 150(1) dies: (a) after the work began, or the individual entered into a contract for it to be done, but before it was finished; or (b) after the work was finished but before it was practicable for the * dwelling to become the individual’s main residence; or (c) during the period of 3 months referred to in paragraph 118 ‑ 150(3)(b). (2) If the individual owned the interest in the land as a joint tenant, the surviving joint tenant or, if none, the trustee of the individual’s estate, can choose to apply this Subdivision as if the * dwelling were the main residence of the individual: (a) when the individual died; and (b) for the shorter of: (i) 4 years before the individual’s death; or (ii) the period starting when the individual * acquired the interest in the land and ending when the individual died. (3) If there was already a * dwelling on the land when the individual * acquired the interest in the land and someone occupied it after that time, the period in subparagraph (2)(b)(ii) starts when the dwelling ceased to be occupied so that it could be repaired or renovated. (4) If the * dwelling is treated as the deceased’s main residence under this section, no other dwelling can be treated as the deceased’s main residence at the same time. (5) However, this section does not apply if, just before the individual’s death, the individual was an * excluded foreign resident.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-160", "Provision_Key": "s118-160", "Heading": "Destruction of dwelling and sale of land", "Text": "(1) This section applies if a * dwelling that is your main residence is accidentally destroyed and a * CGT event happens in relation to the land on which it was built without you erecting another dwelling on the land. (2) You can choose to apply this Subdivision to the land as if, from the time of the destruction until your * ownership interest in the land ends, the * dwelling had not been destroyed and were your main residence. (3) If you do so, you cannot treat any other * dwelling as your main residence during that period, except under section 118 ‑ 140 (about changing main residences).", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-165", "Provision_Key": "s118-165", "Heading": "Separate CGT event for adjacent land or other structures", "Text": "The exemption does not apply to a * CGT event that happens in relation to land, or a garage, storeroom or other structure, to which the exemption can extend under section 118 ‑ 120 (about adjacent land) if that event does not also happen in relation to the * dwelling or your * ownership interest in it. Note: There is a separate rule for a CGT event that is a compulsory acquisition (or similar arrangement) happening to adjacent land but not also to the dwelling itself: see section 118 ‑ 245.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 46 of 1998 | No 61 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-170", "Provision_Key": "s118-170", "Heading": "Spouse having different main residence", "Text": "(1) If, during a period, a * dwelling is your main residence and another * dwelling is the main residence of your * spouse (except a spouse living permanently separately and apart from you), you and your spouse must either: (a) choose one of the dwellings as the main residence of both of you for the period; or (b) nominate the different dwellings as your main residences for the period. (2) If you nominate the different * dwellings as your main residences for the period, you split the exemption in accordance with subsections (3) and (4). (3) If your interest in the * dwelling you chose was not, during the period, more than half of the total interests in the dwelling, the dwelling is taken to have been your main residence during the period. Otherwise, the dwelling is taken to have been your main residence for half of the period. (4) If your * spouse’s interest in the * dwelling your spouse chose was not , during the period, more than half of the total interests in the dwelling, the dwelling is taken to have been your spouse’s main residence during the period. Otherwise, the dwelling is taken to have been your spouse’s main residence for half of the period. Example: You and your spouse (who are Australian residents) own a town house as tenants in common in equal shares. You and your spouse also own a beach house as tenants in common, with your interest being 30% and your spouse’s 70%. From 1 July 1999, you live mainly in the town house and your spouse lives mainly in the beach house. On 1 July 2000 you and your spouse dispose of both dwellings. For the period 1 July 1999 ‑ 30 June 2000 you nominate the town house as your main residence and your spouse nominates the beach house. The town house is taken to be your main residence during the period. The beach house is taken to be your spouse’s main residence during half the period.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-175", "Provision_Key": "s118-175", "Heading": "Dependent child having different main residence", "Text": "If, at a particular time, a * dwelling is your main residence and another * dwelling is the main residence of a * child of yours who is under 18 and is dependent on you for economic support, you must choose one of them as the main residence of both of you.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-178", "Provision_Key": "s118-178", "Heading": "Previous roll ‑ over under Subdivision 126 ‑ A", "Text": "(1) This section applies to you if: (a) you * acquired an * ownership interest in a * dwelling from another person (your former partner ) as a result of a * CGT event (the earlier event ); and (b) your former partner acquired the ownership interest on or after 20 September 1985; and (c) there was a roll ‑ over under Subdivision 126 ‑ A (marriage or relationship breakdown roll ‑ over) for the earlier event; and (d) a CGT event (the later event ) happens in relation to the ownership interest. (2) This Subdivision applies to the later event in the way that it would if: (a) your * ownership interest had commenced when your former partner’s ownership interest commenced (the acquisition time ); and (b) from the acquisition time until the time your former partner’s ownership interest ended: (i) you had used the * dwelling in the same way that your former partner used it; and (ii) the dwelling had been your main residence for the same number of days as it was your former partner’s main residence. Example 1: Peter (the transferor spouse) is the 100% owner of a dwelling that he uses only as a main residence before transferring it to Susan (the transferee spouse). Susan uses the dwelling only as a rental property. Susan will be eligible for a partial main residence exemption having regard to how both Peter and Susan used the dwelling if, at the time the dwelling is sold, Susan is an Australian resident. Example 2: Caroline (the transferor spouse) is the 100% owner of a dwelling that she uses only as a rental property before transferring it to David (the transferee spouse). David uses the dwelling only as a main residence. David will be eligible for only a partial main residence exemption having regard to how both Caroline and David used the dwelling if, at the time the dwelling is sold, David is an Australian resident.", "Amendment_Count": 3, "First_Amended": "No 168 of 2006", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 168 of 2006 | No 144 of 2008 | No 129 of 2019", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-178"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-180", "Provision_Key": "s118-180", "Heading": "Acquisition of dwelling from company or trust on marriage or relationship breakdown—roll ‑ over provision applying", "Text": "(1) This Subdivision applies to you as if you owned an * ownership interest in land or a dwelling during a period when it was actually owned by a company or trustee if: (a) you * acquired the interest from the company or trustee; and (b) it was acquired by the company or trustee on or after 20 September 1985; and (c) a roll ‑ over was available to the company or trustee under Subdivision 126 ‑ A. (2) If subsection (1) applies to a * dwelling, it cannot be treated as your main residence during the period, despite other provisions of this Subdivision that would allow you to treat it as your main residence during the period.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 46 of 1998 | No 144 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-185", "Provision_Key": "s118-185", "Heading": "Partial exemption where dwelling was your main residence during part only of ownership period", "Text": "(1) You get only a partial exemption for a * CGT event that happens in relation to a * dwelling or your * ownership interest in it if: (a) you are an individual; and (b) the dwelling was your main residence for part only of your * ownership period; and (c) the interest did not * pass to you as a beneficiary in, and you did not * acquire it as a trustee of, the estate of a deceased person. (2) You calculate your * capital gain or * capital loss using the formula: where: CG or CL amount is the * capital gain or * capital loss you would have made from the * CGT event apart from this Subdivision. non ‑ main residence days is the number of days in your * ownership period when the * dwelling was not your main residence. Note: The capital gain or loss may be further adjusted if the dwelling was used to produce assessable income: see section 118 ‑ 190. Example: You bought a house in July 2020 and moved in immediately. In July 2023, you moved out and began to rent it. You sold it in July 2030, making (apart from this Subdivision) a capital gain of $10,000. At the time you sold the house, you were an Australian resident. You choose to continue to treat the dwelling as your main residence under section 118 ‑ 145 (about absences) for the first 6 of the 7 years during which you rented the house out. Under this section, you will be taken to have made a capital gain of: (3) However, this section does not apply if, at the time the * CGT event happens, you: (a) are an * excluded foreign resident; or (b) are a foreign resident who does not satisfy the * life events test.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-190", "Provision_Key": "s118-190", "Heading": "Use of dwelling for producing assessable income", "Text": "(1) You get only a partial exemption for a * CGT event that happens in relation to a * dwelling or your * ownership interest in it if: (a) apart from this section, because the dwelling was your main residence or someone else’s during a period: (i) you would not make a * capital gain or * capital loss from the event; or (ii) you would make a lesser capital gain or loss than if this Subdivision had not applied; and (b) the dwelling was used for the * purpose of producing assessable income during all or a part of that period; and (c) if you had incurred interest on money borrowed to * acquire the dwelling, or your ownership interest in it, you could have deducted some or all of that interest. Example: You acquire a house as a beneficiary in a deceased estate, rent it out for 12 months and sell it within 2 years of the deceased’s death. You can ignore the rental because the exemption does not require the house to be your main residence during the 2 years after the death. (2) The * capital gain or * capital loss that you would have made apart from this section from the * CGT event is increased by an amount that is reasonable having regard to the extent to which you would have been able to deduct that interest. (3) However, you ignore any use of the * dwelling for the * purpose of producing assessable income during any period that you continue to treat it as your main residence under section 118 ‑ 145 (about absences) to the extent that any part of it was not used for that purpose just before it last ceased to be your main residence. Example: To continue the example from section 118 ‑ 185, assume that, when you moved in, you used 1 / 4 of the house as a doctor’s surgery. Under section 118 ‑ 185, your capital gain was $1,000. Under this section, it would be reasonable to add an amount of: You have a total capital gain of $3,250 on the sale of the house. (3A) Also, you ignore any use of the * dwelling for the * purpose of producing assessable income during any period that you treat it as your main residence under section 118 ‑ 147 (about absences) to the extent that any part of the old dwelling mentioned in that section was not used for that purpose just before the old dwelling last ceased to be your main residence. (4) If a * dwelling or your * ownership interest in a dwelling * passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate, you ignore any use of the * dwelling for the * purpose of producing assessable income before the deceased’s death if: (a) the dwelling was the deceased’s main residence just before the death; and (b) it was not being used for that purpose just before the death, or any use for that purpose just before the death was ignored because of subsection (3).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 46 of 1998 | No 56 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-192", "Provision_Key": "s118-192", "Heading": "Special rule for first use to produce income", "Text": "(1) There is a special rule if: (a) you would get only a partial exemption under this Subdivision for a * CGT event happening in relation to a * dwelling or your * ownership interest in it because the dwelling was used for the * purpose of producing assessable income during your * ownership period; and (aa) that use occurred for the first time after 7.30 pm, by legal time in the Australian Capital Territory, on 20 August 1996; and (b) you would have got a full exemption under this Subdivision if the CGT event had happened just before the first time (the income time ) it was used for that purpose during your ownership period. (2) You are taken to have * acquired the * dwelling or your * ownership interest at the income time for its * market value at that time. (3) If your * ownership interest in the * dwelling * passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate and the * CGT event did not happen within 2 years of the deceased’s death, you apply this Subdivision as if: (a) you had * acquired the interest as an individual and not as a beneficiary or trustee of a deceased estate; and (b) for applying the formula in section 118 ‑ 185, your non ‑ main residence days were the number of days in your * ownership period when the dwelling was not the main residence of an individual referred to in item 2, column 3 of the table in section 118 ‑ 195. Note: There are special rules for dwellings acquired before 7.30 pm on 20 August 1996: see section 118 ‑ 195 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 114 of 2000 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-192"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-195", "Provision_Key": "s118-195", "Heading": "Dwelling acquired from a deceased estate", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event that happens in relation to a * dwelling or your * ownership interest in it is disregarded if: (a) you are an individual and the interest * passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate; and (b) at least one of the items in column 2 and at least one of the items in column 3 of the table are satisfied; and (c) the deceased was not an * excluded foreign resident just before the deceased’s death. Beneficiary or trustee of deceased estate acquiring interest Item One of these items is satisfied And also one of these items 1 the deceased * acquired the * ownership interest on or after 20 September 1985 and the * dwelling was the deceased’s main residence just before the deceased’s death and was not then being used for the * purpose of producing assessable income your * ownership interest ends within 2 years of the deceased’s death, or within a longer period allowed by the Commissioner 2 the deceased * acquired the * ownership interest before 20 September 1985 the * dwelling was, from the deceased’s death until your * ownership interest ends, the main residence of one or more of: (a) the spouse of the deceased immediately before the death (except a spouse who was living permanently separately and apart from the deceased); or (b) an individual who had a right to occupy the dwelling under the deceased’s will; or (c) if the * CGT event was brought about by the individual to whom the * ownership interest * passed as a beneficiary—that individual Note 1: You may make a capital gain or capital loss if the dwelling was used for the purpose of producing assessable income: see section 118 ‑ 190. Note 2: In some cases the use of a dwelling to produce assessable income can be disregarded: see sections 118 ‑ 145 and 118 ‑ 190. Note 3: There are special rules for dwellings acquired before 7.30 pm on 20 August 1996. These rules also affect the operation of section 118 ‑ 192 and subsections 118 ‑ 190(4) and 118 ‑ 200(4): see section 118 ‑ 195 of the Income Tax (Transitional Provisions) Act 1997 . (1A) For the purposes of a provision of this Subdivision that applies the table in subsection (1): (a) disregard paragraphs (a) and (b) in column 3 of item 2 of the table if, just before the deceased’s death, the deceased was an * excluded foreign resident; and (b) disregard paragraph (c) in column 3 of item 2 of the table if, at the time the relevant * CGT event happened, the individual was an excluded foreign resident. Note: The other provisions that apply the table include paragraph 118 ‑ 192(3)(b), subsection 118 ‑ 200(2), paragraph 118 ‑ 225(3)(c) and section 118 ‑ 260. (2) Only these * CGT events are relevant: (a) CGT events A1, B1, C1, C2, E1, E2, F2, K3, K4 and K6 (except one involving the forfeiting of a deposit); and (b) a CGT event that involves the forfeiting of a deposit as part of an uninterrupted sequence of transactions ending in one of the events specified in paragraph (a) subsequently happening. Note: The full list of CGT events is in section 104 ‑ 5.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 12 of 2012 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-197", "Provision_Key": "s118-197", "Heading": "Special rule for surviving joint tenant", "Text": "This Subdivision applies to you as if the * ownership interest of another individual in a * dwelling had * passed to you as a beneficiary in a deceased estate if: (a) you and the other individual owned ownership interests in the dwelling as joint tenants; and (b) the other individual dies.", "Amendment_Count": 1, "First_Amended": "No 114 of 2000", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 114 of 2000", "History_Notes": "Inserted by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-197"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-200", "Provision_Key": "s118-200", "Heading": "Partial exemption for deceased estate dwellings", "Text": "(1) You get only a partial exemption (or no exemption) if: (a) you are an individual and your * ownership interest in a * dwelling * passed to you as a beneficiary in a deceased estate, or you owned it as the trustee of a deceased estate; and (b) section 118 ‑ 195 does not apply. (2) You calculate your * capital gain or * capital loss using the formula: where: CG or CL amount is the * capital gain or * capital loss you would have made from the * CGT event apart from this Subdivision. non ‑ main residence days is the sum of: (a) if the deceased * acquired the * ownership interest on or after 20 September 1985—the number of days in the deceased’s * ownership period when the * dwelling was not the deceased’s main residence; and (aa) if the deceased acquired the ownership interest on or after 20 September 1985 and, just before the deceased’s death, the deceased was an * excluded foreign resident—the number of remaining days in the deceased’s ownership period; and (b) the number of days in the period from the death until your ownership interest ends when the dwelling was not the main residence of an individual referred to in item 2, column 3 of the table in section 118 ‑ 195. total days is: (a) if the deceased * acquired the * ownership interest before 20 September 1985—the number of days in the period from the death until your ownership interest ends; or (b) if the deceased acquired the ownership interest on or after that day—the number of days in the period from the acquisition of the dwelling by the deceased until your ownership interest ends. (3) However, you can adjust the formula by ignoring any non ‑ main residence days and total days in the period from the deceased’s death until your * ownership interest ended, if: (a) the deceased * acquired the ownership interest on or after 20 September 1985; and (b) your ownership interest ends within: (i) 2 years of the deceased’s death; or (ii) a longer period allowed by the Commissioner; and (c) you get a more favourable result by doing so; and (d) the deceased was not an * excluded foreign resident just before the deceased’s death. Note 1: The formula in this section will be adjusted (or further adjusted) under section 118 ‑ 205 if the deceased acquired the dwelling through a deceased estate. Note 2: There may be a further adjustment if the dwelling was used for the purpose of producing assessable income: see section 118 ‑ 190. (4) You ignore any non ‑ main residence days before the deceased’s death if: (a) the * dwelling was the deceased’s main residence just before the death; and (b) the dwelling was not being used for the * purpose of producing assessable income just before the death, or any use for that purpose just before the death was ignored because of subsection 118 ‑ 190(3) or (3A); and (c) the deceased was not an * excluded foreign resident just before the deceased’s death.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 56 of 2010 | No 12 of 2012 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-205", "Provision_Key": "s118-205", "Heading": "Adjustment if dwelling inherited from deceased individual", "Text": "(1) You must adjust the formula in subsection 118 ‑ 200(2) if the * ownership interest of the deceased individual referred to in section 118 ‑ 200 (the most recently deceased ) * passed to the individual on or after 20 September 1985 as a beneficiary in, or the individual owned it as trustee of, a deceased estate. Note: Any gains or losses of individuals earlier in the inheritance chain are included in the gain or loss you would have made apart from this Subdivision. This section adjusts the formula to take account of times when the dwelling was the main residence of the individuals. (2) Add to the component total days in the formula the fewer of: (a) the number of days between 20 September 1985 and the day when the interest * passed to or was * acquired as trustee by the most recently deceased; and (b) the number of days between the time when an * ownership interest in the * dwelling was last acquired on or after 20 September 1985 by an individual except as a beneficiary in a deceased estate or as trustee of a deceased estate and the day when the interest passed to or was acquired as trustee by the most recently deceased. (3) Add to the component non ‑ main residence days in the formula the number of days in the period applicable under subsection (2) that the * dwelling was not the main residence of one or more of: (a) an individual who owned the dwelling at the time of the individual’s death; or (b) an individual who, immediately before the death of an individual referred to in paragraph (a), was the spouse of that individual (except a spouse who was living permanently separately and apart from the individual); or (c) an individual who had a right to occupy the dwelling under a will; or (d) an individual to whom an * ownership interest in the dwelling * passed as a beneficiary in, or who * acquired an ownership interest in the dwelling as trustee of, a deceased estate. (4) Add to the component non ‑ main residence days in the formula the number of days in the period applicable under subsection (2) that the * dwelling was the main residence of an individual who: (a) owned the dwelling; and (b) was an * excluded foreign resident; just before the individual’s death.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-210", "Provision_Key": "s118-210", "Heading": "Trustee acquiring dwelling under will", "Text": "(1) This section applies if you are the trustee of a deceased estate and, under the deceased’s will, you * acquire an * ownership interest in a * dwelling for occupation by an individual. (2) If a * CGT event happens to the interest in relation to the individual and you receive no money or property for it: (a) a * capital gain or * capital loss you make from the event is disregarded; and (b) the first element of the * dwelling’s * cost base and * reduced cost base in the hands of the individual is its cost base and reduced cost base in your hands at the time of the event; and (c) the individual is taken to have * acquired it when you did. (3) If: (a) you receive money or property for the * CGT event happening or the event happens in relation to another entity; and (b) the dwelling was the main residence of the individual from the time you * acquired the interest until the time of the event; you do not make a * capital gain or * capital loss from the CGT event. (4) However, if the * dwelling was the main residence of the individual during part only of that period, you make a * capital gain or * capital loss worked out using the formula: where: CG or CL amount is the * capital gain or * capital loss you would have made from the * CGT event apart from this Subdivision. non ‑ main residence days is the number of days in that period when the * dwelling was not the individual’s main residence. (5) Only these * CGT events are relevant: (a) CGT events A1, B1, C1, C2, E1, E2, E5, F2, K3, K4 and K6 (except one involving the forfeiting of a deposit); and (b) a CGT event that involves the forfeiting of a deposit as part of an uninterrupted sequence of transactions ending in one of the events specified in paragraph (a) subsequently happening. Note: The full list of CGT events is in section 104 ‑ 5. (6) However, this section does not apply if, just before the deceased’s death, the deceased was an * excluded foreign resident.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-215", "Provision_Key": "s118-215", "Heading": "What the following provisions are about", "Text": "The trustee of a trust that is or has been a special disability trust may be eligible for an exemption to the extent that a dwelling is the main residence of the individual who is or has been the principal beneficiary of the trust. Another beneficiary of the trust may be eligible for an exemption if the dwelling is distributed to that other beneficiary at or after the principal beneficiary’s death. Note 1: The following provisions also apply to the exemption about compulsory acquisitions of adjacent land (see section 118 ‑ 245). Note 2: The exemptions may not apply if the principal beneficiary of the trust is a foreign resident.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 147 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-218", "Provision_Key": "s118-218", "Heading": "Exemption available to trustee—main case", "Text": "(1) This section applies to you in relation to a * CGT event if: (a) the CGT event happens in relation to a * CGT asset; and (b) just before the CGT event happens, you hold the CGT asset as trustee of a trust; and (c) the trust was a * special disability trust on at least one of the days on which you held the CGT asset. Note: This section may not apply if the principal beneficiary of the trust is a foreign resident (see subsection (5)). (2) For the purposes of applying this Subdivision in relation to the * CGT event, on each day to which paragraph (1)(c) applies: (a) treat yourself as holding the * CGT asset personally (and not as trustee of the trust); and (b) if the * principal beneficiary of the trust uses the applicable * dwelling in a particular way on that day—treat yourself as using the dwelling in that way on that day. Example: If the principal beneficiary uses the dwelling as his or her main residence on the day, then treat yourself as using the dwelling as your main residence on that day. Note 1: The CGT asset need not be a dwelling (or an ownership interest in a dwelling) if it is land adjacent to a dwelling, an adjacent structure of a flat or home unit, or an ownership interest in such an asset. Note 2: If the trustee is an individual, the individual’s actual circumstances are ignored. Similarly, this subsection does not affect how this Subdivision applies for the individual’s actual circumstances. See section 960 ‑ 100. (3) If you are not an individual, treat yourself as being an individual for the purposes of applying this Subdivision in relation to the * CGT event. (4) If the * CGT asset, or your * ownership interest in it, * passed to you as a beneficiary in a deceased estate: (a) treat the deceased as never having used the applicable * dwelling for the * purpose of producing assessable income; and (b) treat the dwelling as being the deceased’s main residence on each day during the deceased’s * ownership period; for the purposes of applying this Subdivision in relation to the * CGT event. (5) Despite subsection (1), this section does not apply if, at the time the * CGT event happens, the * principal beneficiary of the trust: (a) is an * excluded foreign resident; or (b) is a foreign resident who does not satisfy the * life events test.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 147 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-218"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-220", "Provision_Key": "s118-220", "Heading": "Exemption available to trustee—after the principal beneficiary’s death", "Text": "This section applies to you in relation to a * CGT event if: (a) the trustee of a trust holds a * CGT asset on a particular day (the transition day ); and (b) on the transition day, or on an earlier day on which the CGT asset was held by the trustee of the trust, the trust is a * special disability trust; and (c) the individual who is or has been the * principal beneficiary of the trust dies on the transition day; and (d) the CGT event happens in relation to the CGT asset at or after the deceased’s death; and (e) the CGT event happens while you hold the CGT asset: (i) as trustee of the trust; or (ii) as trustee of an implied trust arising because of the deceased’s death.", "Amendment_Count": 1, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-222", "Provision_Key": "s118-222", "Heading": "Exemption available to other beneficiary who acquires the CGT asset after the principal beneficiary’s death", "Text": "This section applies to you in relation to a * CGT event if: (a) the CGT event happens in relation to a * CGT asset; and (b) you * acquired the CGT asset or your * ownership interest in it: (i) as a result of an earlier CGT event; and (ii) as a beneficiary of a trust; and (c) section 118 ‑ 220 applied to the trustee of the trust in relation to the earlier CGT event and the CGT asset.", "Amendment_Count": 1, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-222"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-225", "Provision_Key": "s118-225", "Heading": "Amount of exemption available after the principal beneficiary’s death—general", "Text": "Full exemption for trustee unless sells asset for proceeds etc. (1) A * capital gain or * capital loss you make from a * CGT event is disregarded if: (a) section 118 ‑ 220 applies to you in relation to the CGT event; and (b) as a result of the CGT event, an entity * acquires the * CGT asset: (i) as trustee of an implied trust arising because of the deceased’s death; or (ii) as a beneficiary of the relevant trust referred to in paragraph 118 ‑ 220(e). Exemption for beneficiary, or trustee selling asset for proceeds etc. (2) If: (a) section 118 ‑ 220 applies to you in relation to a * CGT event, but paragraph (1)(b) does not; or (b) section 118 ‑ 222 applies to you in relation to a CGT event; the amount of the * capital gain or * capital loss that you would have made apart from this section from the CGT event is decreased by an amount that is reasonable. (3) In determining what is a reasonable decrease: (a) if section 118 ‑ 220 applies to you, but paragraph (1)(b) does not—treat yourself as being an individual who owned the * CGT asset as the trustee of the deceased’s estate; and (b) if section 118 ‑ 222 applies to you—treat yourself as being an individual and treat the CGT asset or your * ownership interest in it as having * passed to you as a beneficiary in the deceased’s estate; and (c) have regard to the principles in this Subdivision, and to: (i) the extent that the applicable * dwelling was the deceased’s main residence for the relevant period; and (ii) the extent that the dwelling was used for the * purpose of producing assessable income during the relevant period. (4) For the purposes of subparagraph (3)(c)(i), assume the * dwelling was not the deceased’s main residence on each day the trust referred to in paragraph 118 ‑ 220(b) was not a * special disability trust. (5) However, subsection (2) does not apply if, just before the deceased’s death, the deceased was an * excluded foreign resident.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 147 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-227", "Provision_Key": "s118-227", "Heading": "Amount of exemption available after the principal beneficiary’s death—cost base and reduced cost base", "Text": "(1) If section 118 ‑ 220 applies to you and: (a) the applicable * dwelling was the deceased’s main residence just before the deceased’s death; and (b) that dwelling was not then being used for the * purpose of producing assessable income; and (c) the trust referred to in paragraph 118 ‑ 220(b) was then a * special disability trust; and (ca) the deceased was not an * excluded foreign resident just before the deceased’s death; then: (d) the first element of the * CGT asset’s * cost base, in your hands, is the CGT asset’s * market value just before the deceased’s death; and (e) the first element of the CGT asset’s * reduced cost base, in your hands, is worked out similarly. (2) However, if section 118 ‑ 220 applies to you as trustee of an implied trust arising because of the deceased’s death, but subsection (1) does not, then: (a) the first element of the * CGT asset’s * cost base, in your hands, is the CGT asset’s cost base just before the deceased’s death; and (b) the first element of the CGT asset’s * reduced cost base, in your hands, is worked out similarly. (3) If section 118 ‑ 222 applies to you: (a) the first element of the * CGT asset’s * cost base, in your hands, is the CGT asset’s cost base just before the earlier * CGT event happened that resulted in you * acquiring the CGT asset or your * ownership interest in it; and (b) the first element of the CGT asset’s * reduced cost base, in your hands, is worked out similarly.", "Amendment_Count": 2, "First_Amended": "No 147 of 2011", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 147 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-227"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-230", "Provision_Key": "s118-230", "Heading": "Application of CGT events E5 and E7 in relation to main residence exemption and special disability trusts", "Text": "If * CGT event E5 or E7 happens in relation to a * CGT asset held by a trust that is or has been a * special disability trust, treat the lists of CGT events in paragraphs 118 ‑ 110(2)(a) and 118 ‑ 195(2)(a) as including a reference to that CGT event.", "Amendment_Count": 1, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-240", "Provision_Key": "s118-240", "Heading": "What the following provisions are about", "Text": "You can ignore a capital gain or capital loss you make from a compulsory acquisition (or similar arrangement) that happens only to land that is adjacent to: (a) a dwelling that is your main residence; or (b) a dwelling that passed to you as a beneficiary, or trustee, of a deceased estate; to the extent that the land was used primarily for private or domestic purposes in association with the dwelling. There is a limit on the maximum area of land covered by the exemption. Note 1: The exemption may not apply in full if the dwelling: (a) was not always a main residence; or (b) was used for the purpose of producing assessable income. Note 2: The exemption may not apply at all if you are a foreign resident.", "Amendment_Count": 2, "First_Amended": "No 61 of 2011", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 61 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-245", "Provision_Key": "s118-245", "Heading": "CGT events happening only to adjacent land", "Text": "Total adjacent land is 2 hectares or less (1) A * capital gain or * capital loss you make from a * CGT event that happens in relation to land (the exempt land ), or your * ownership interest in it, is disregarded if: (a) you are an individual; and (b) the exempt land is all or part of a * dwelling’s * adjacent land at the time of the CGT event; and (c) the CGT event does not happen in relation to the dwelling and does not happen in relation to your ownership interest in the dwelling; and (d) one of the following subparagraphs applies: (i) the dwelling was your main residence throughout all or part of your * ownership period of the dwelling; (ii) your ownership interest in the dwelling * passed to you as a beneficiary in a deceased estate; (iii) you own your ownership interest in the dwelling as the trustee of a deceased estate; and (e) section 118 ‑ 250 (about compulsory acquisitions of adjacent land) applies to the CGT event and the exempt land; and (f) the sum of the following is 2 hectares or less: (i) the area of all of the dwelling’s adjacent land at the time of the CGT event; (ii) the area of the land immediately under the dwelling; (iii) if this section applied to you for an earlier CGT event that involved reducing the area of the dwelling’s adjacent land at the time of that earlier CGT event—that reduction in area. Note: You may get only a partial exemption for the gain or loss (see section 118 ‑ 260). Total adjacent land is more than 2 hectares (2) If: (a) apart from paragraph (1)(f), subsection (1) would apply to the gain or loss; and (b) you choose this subsection to apply to the gain or loss; disregard so much of the gain or loss that relates to land (the exempt land ) within the * maximum exempt area for the * CGT event and the * dwelling. Note: You may get only a partial exemption for this portion of the gain or loss (see section 118 ‑ 260). No exemption if you are an excluded foreign resident (3) However, this section does not apply if, at the time the * CGT event happens, you: (a) are an * excluded foreign resident; or (b) are a foreign resident who does not satisfy the * life events test.", "Amendment_Count": 2, "First_Amended": "No 61 of 2011", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 61 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-250", "Provision_Key": "s118-250", "Heading": "Compulsory acquisitions of adjacent land", "Text": "(1) This section applies to the * CGT event and the exempt land if the CGT event involves: (a) the compulsory * acquisition of the exempt land by: (i) an * Australian government agency; or (ii) an entity under a power conferred by an * Australian law; or (b) you * disposing of the exempt land to an entity in circumstances meeting all of these conditions: (i) the disposal takes place after a notice was served on you by or on behalf of the entity; (ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the exempt land by agreement; (iii) the notice informed you that if the negotiations were unsuccessful, the exempt land would be compulsorily acquired by the entity; (iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by an Australian law. Note: For paragraph (b), the entity may be an Australian government agency. (2) This section applies to the * CGT event and the exempt land if the CGT event involves: (a) your * ownership interest in the exempt land being compulsorily cancelled (however described) or varied (however described) by: (i) an * Australian government agency; or (ii) an entity under a power conferred by an * Australian law; or (b) you surrendering (however described) or varying (however described) your ownership interest in the exempt land in circumstances meeting all of these conditions: (i) the surrender or variation takes place after a notice was served on you by or on behalf of an entity; (ii) the notice invited you to negotiate with the entity with a view to you agreeing to surrender or vary your ownership interest; (iii) the notice informed you that if the negotiations were unsuccessful, your ownership interest would be compulsorily cancelled, or varied, under a power conferred by an Australian law. Note: For paragraph (b), the entity may be an Australian government agency. (3) This section applies to the * CGT event and the exempt land if the CGT event involves: (a) an interest or right in or relating to the exempt land being compulsorily conferred on: (i) an * Australian government agency; or (ii) an entity under a power conferred by an * Australian law; or (b) you conferring on an entity an interest or right in or relating to the exempt land in circumstances meeting all of these conditions: (i) the conferral takes place after a notice was served on you by or on behalf of an entity; (ii) the notice invited you to negotiate with the entity with a view to you agreeing to confer an interest or right in or relating to the exempt land; (iii) the notice informed you that if the negotiations were unsuccessful, an interest or right in or relating to the exempt land would be compulsorily conferred on the entity under a power conferred by an Australian law. Note: For paragraph (b), the entity may be an Australian government agency. (4) This section applies to the * CGT event and the exempt land if: (a) your * ownership interest in the exempt land: (i) was conferred on you by an * Australian government agency; and (ii) had a limited, but renewable, period of operation; and (b) the CGT event involves that ownership interest not being renewed by that agency.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 114 of 2000 | No 61 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Inserted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-255", "Provision_Key": "s118-255", "Heading": "Maximum exempt area", "Text": "Your maximum exempt area for the * CGT event and the * dwelling is 2 hectares less the amount worked out as follows: Method statement Step 1. Identify each earlier * CGT event (if any) that: (a) happened in relation to land that was part of the * dwelling’s * adjacent land at the time of the earlier CGT event, or happened in relation to your * ownership interest in that land at that time; and (b) resulted in you losing rights to the substantial use and enjoyment of that land either completely or for at least 10 years; for which you made a * capital gain or * capital loss that was wholly or partly disregarded because of the application of subsection 118 ‑ 245(2). Step 2. For each earlier * CGT event covered by step 1, work out the area of the exempt land for that application of subsection 118 ‑ 245(2). Step 3. Add the results from step 2 to the area of the land immediately under the * dwelling.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 114 of 2000 | No 61 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Inserted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-260", "Provision_Key": "s118-260", "Heading": "Partial exemption rules", "Text": "(1) If section 118 ‑ 245 applies to a * CGT event, the amount of the * capital gain or * capital loss that you would have made apart from this section from the CGT event is increased by an amount that is reasonable having regard to the following: (a) the extent that the * dwelling was not a main residence for the relevant period; (b) the extent that the dwelling was used for the * purpose of producing assessable income during the relevant period. (2) In determining what is a reasonable increase, have regard to the principles in this Subdivision applicable to * CGT events happening in relation to a * dwelling or your * ownership interest in it.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 61 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-265", "Provision_Key": "s118-265", "Heading": "Extension to adjacent structures", "Text": "Sections 118 ‑ 245 to 118 ‑ 260 (with appropriate modifications) apply to an * adjacent structure of a flat or home unit in a corresponding way to the way they apply to a * dwelling’s * adjacent land.", "Amendment_Count": 1, "First_Amended": "No 61 of 2011", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 61 of 2011", "History_Notes": "Inserted by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-300", "Provision_Key": "s118-300", "Heading": "Insurance policies", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event happening in relation to a * CGT asset that is your interest in rights under a * general insurance policy, a * life insurance policy or an * annuity instrument is disregarded in the situations set out in this table. Insurance policies Item The * CGT event happens to this type of policy: ... and you are 1 Any insurance policy or * annuity instrument the insurer or the entity that issued the instrument 2 A * general insurance policy for property where, if a * CGT event happened in relation to the property, any * capital gain or * capital loss would be disregarded the insured 3 A policy of insurance on the life of an individual or an * annuity instrument the original owner of the policy or instrument (other than the trustee of a * complying superannuation entity) 4 A policy of insurance on the life of an individual or an * annuity instrument an entity that * acquired the interest in the policy or instrument for no consideration 5 A policy of insurance on the life of an individual or an * annuity instrument the trustee of a * complying superannuation entity for the income year in which the * CGT event happened 6 A policy of insurance on the life of an individual or an * annuity instrument, where the * life insurance company’s liabilities under the policy or instrument are to be discharged out of * complying superannuation assets or * segregated exempt assets the life insurance company 7 A policy of insurance against an individual suffering an illness or injury the trustee of a * complying superannuation entity for the income year in which the * CGT event happened Example 1: Brian (as the insured) receives an insurance payment from his insurer for the destruction of a building he owned as an investment. The payment constitutes capital proceeds on the destruction (CGT event C1). The discharge of the insurance policy (CGT event C2) has no CGT consequences. Example 2: Peter is the original beneficial owner of the rights under a policy of insurance on the life of an individual. He transfers the rights to his spouse for nothing. There are no CGT consequences for him, and none for his spouse if he dies. Payment to trust beneficiary (or representative) if trustee owns the policy or instrument (1A) A * capital gain or * capital loss you make from a * CGT event happening because you receive a * CGT asset from the trustee of a trust is disregarded if: (a) you receive the CGT asset as: (i) a beneficiary of the trust; or (ii) a * legal personal representative of a beneficiary of the trust; and (b) the CGT asset is attributable to another CGT event and CGT asset to which table item 3 in subsection (1) applies for the trustee. (2) Only these * CGT events are relevant: CGT events A1, B1, C2, E1, E2, E3, E5, E6, E7, E8, I1, I2, K3 and K4. Note: The full list of CGT events is in section 104 ‑ 5.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 89 of 2000 | No 45 of 2008 | No 21 of 2015 | No 70 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-305", "Provision_Key": "s118-305", "Heading": "Superannuation", "Text": "(1) A * capital gain or * capital loss is disregarded if you make it from a * CGT event happening in relation to any of the following: (a) a right to an allowance, annuity or capital amount payable out of a * superannuation fund or * approved deposit fund; (b) a right to an asset of such a fund; (c) a right to any part of such an allowance, annuity, capital amount or asset. Example: Angela retires from her employment and receives a lump sum payment from her superannuation fund. This is an example of CGT event C2 (her rights to receive the payment ending). There are no CGT consequences for Angela. (2) However, this exemption is not available if: (a) you are the trustee of the fund and a * CGT event happens in relation to a * CGT asset of the fund; or (b) an entity receives a payment or property where: (i) the entity was not a member of the fund; and (ii) the entity * acquired the right to the payment or property for consideration. (3) Subsection (2) does not apply if: (a) a * payment split applies to a * splittable payment; and (b) as a result, a payment is made to the * non ‑ member spouse (or to his or her * legal personal representative if the non ‑ member spouse has died).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2001", "Amending_Acts": "No 46 of 1998 | No 114 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2001, effective Sch 1 (items 16–19, 21–24): 28 Dec 2002 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-310", "Provision_Key": "s118-310", "Heading": "RSA’s", "Text": "A * capital gain or * capital loss you make from a * CGT event happening in relation to a right to, or any part of, an * RSA is disregarded.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-313", "Provision_Key": "s118-313", "Heading": "Superannuation agreements under the Family Law Act", "Text": "A * capital gain or * capital loss you make from * CGT event C2 or D1 relating directly to any of the following is disregarded: (a) the making of a superannuation agreement (within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 ); (b) the termination, or setting aside, of such an agreement; (c) such an agreement otherwise coming to an end.", "Amendment_Count": 3, "First_Amended": "No 114 of 2001", "Last_Amended": "No 112 of 2020", "Amending_Acts": "No 114 of 2001 | No 41 of 2005 | No 112 of 2020", "History_Notes": "Inserted by No 114 of 2001, effective Sch 1 (items 16–19, 21–24): 28 Dec 2002 (s 2) | Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 112 of 2020, effective Sch 3 (items 39–47): 28 Sept 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-313"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-315", "Provision_Key": "s118-315", "Heading": "Segregated exempt assets of life insurance companies", "Text": "A * capital gain or * capital loss that a * life insurance company makes from a * CGT event happening in relation to a * segregated exempt asset is disregarded.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-320", "Provision_Key": "s118-320", "Heading": "Segregated current pension assets of a complying superannuation entity", "Text": "(1) A * capital gain or * capital loss that a * complying superannuation entity makes from a * CGT event happening in relation to a * segregated current pension asset is disregarded. (2) However, subsection (1) does not apply to a * capital gain if the capital gain would, if it were an amount of * ordinary income or * statutory income received by the * complying superannuation fund, be * non ‑ arm’s length income.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 89 of 2000 | No 15 of 2007 | No 141 of 2020", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-350", "Provision_Key": "s118-350", "Heading": "Units in pooled superannuation trusts", "Text": "(1) A * capital gain or * capital loss an entity makes from a * CGT event happening in relation to a unit in a unit trust is disregarded if: (a) the trust is a * pooled superannuation trust for the income year in which the event happened; and (b) one of the conditions in subsection (2) is satisfied. (2) The entity must be: (a) the trustee of a * complying superannuation entity for the income year in which the * CGT event happened; or (b) a * life insurance company and, just before the event happened, the unit must have been a * complying superannuation asset or a * segregated exempt asset of the company.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 89 of 2000 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-400", "Provision_Key": "s118-400", "Heading": "What this Subdivision is about", "Text": "You can ignore capital gains and capital losses from CGT events that relate to investments, in Australian companies and unit trusts (and in some cases foreign holding companies), that meet the requirements of this Subdivision. These investments are made: (a) through limited partnerships, known as venture capital limited partnerships or early stage venture capital limited partnerships, that are unconditionally registered under Part 2 of the Venture Capital Act 2002 ; or (b) through limited partnerships, known as Australian venture capital funds of funds, that are unconditionally registered under that Part; or (c) directly by foreign residents who are registered under Part 3 of that Act. However, unless investments are made through early stage venture capital limited partnerships, you must be a foreign resident for this Subdivision to apply. Note: Registration of a limited partnership under Part 2 of that Act also leads to its income and losses being assessed under Division 5 of Part III of the Income Tax Assessment Act 1936 on the basis that it is a partnership. This is an exception to the general rule, under Division 5A of that Part, that limited partnerships are assessed as companies. Table of sections Operative provisions 118 ‑ 405 Exemption for certain foreign venture capital investments through venture capital limited partnerships 118 ‑ 407 Exemption for certain venture capital investments through early stage venture capital limited partnerships 118 ‑ 408 Partial exemption for some capital gains otherwise fully exempt under section 118 ‑ 407 118 ‑ 410 Exemption for certain foreign venture capital investments through Australian venture capital funds of funds 118 ‑ 415 Exemption for certain venture capital investments by foreign residents 118 ‑ 420 Meaning of eligible venture capital partner etc. 118 ‑ 425 Meaning of eligible venture capital investment —investments in companies 118 ‑ 427 Meaning of eligible venture capital investment —investments in unit trusts 118 ‑ 428 Additional investment requirements for ESVCLPs 118 ‑ 430 Meaning of at risk 118 ‑ 432 Findings of substantially novel applications of technology 118 ‑ 435 Special rule relating to investment in foreign resident holding companies 118 ‑ 440 Meaning of permitted entity value 118 ‑ 445 Meaning of committed capital 118 ‑ 450 Values of assets and investments of entities without auditors 118 ‑ 455 Impact Assessment of this Subdivision", "Amendment_Count": 4, "First_Amended": "No 94 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-405", "Provision_Key": "s118-405", "Heading": "Exemption for certain foreign venture capital investments through venture capital limited partnerships", "Text": "General (1) All of your share in a * capital gain or a * capital loss from a * CGT event is disregarded if: (a) you are an * eligible venture capital partner in a * limited partnership; and (b) the CGT event relates to an investment that the partnership made that is an * eligible venture capital investment; and (c) when the partnership made the investment, the partnership was a * venture capital limited partnership that was * unconditionally registered; and (d) at the time of the CGT event, the partnership: (i) owned the investment; and (ii) had owned the investment for at least 12 months; and (iii) was a venture capital limited partnership that was unconditionally registered; and (iv) in the case of a capital gain—met all of the * registration requirements of a VCLP that are not * investment registration requirements. Note: The registration requirements of a VCLP are set out in section 9 ‑ 1 of the Venture Capital Act 2002 . It is important to understand that this is a separate requirement from registration under Part 2 of that Act (which effectively determines whether an entity is a VCLP). It is technically possible to be registered under Part 2 of that Act without meeting the registration requirements of a VCLP, but you might still not be entitled to exemption under this section. Meaning of venture capital limited partnership (2) A * limited partnership is a venture capital limited partnership at a particular time if, at that time, the partnership’s registration as a venture capital limited partnership under Part 2 of the Venture Capital Act 2002 is, or is taken to have been, in force. For when the registration is, or is taken to have been, in force, see section 13 ‑ 10 of the Venture Capital Act 2002 . Note: In this Act and the Venture Capital Act 2002 , the term “venture capital limited partnership” is usually abbreviated to “VCLP”. Effect of converting convertible notes etc. (3) A partnership that acquired a * share in a company by converting a * convertible note, or a convertible preference share, issued by the company is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the share from the time when it last acquired the convertible note or convertible preference share. (4) A partnership that acquired a unit in a unit trust by converting a * convertible note issued by or on behalf of the trustee of the unit trust is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the unit from the time when it last acquired the convertible note. (5) Subsection (3) or (4) applies whether or not the acquisition of the * convertible note, or convertible preference share, was an * eligible venture capital investment. (6) A partnership that converts a * convertible note into a share or a unit is treated, for the purposes of subparagraph (1)(d)(ii), as continuing to own the convertible note until the partnership no longer owns the share or unit.", "Amendment_Count": 4, "First_Amended": "No 94 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-407", "Provision_Key": "s118-407", "Heading": "Exemption for certain venture capital investments through early stage venture capital limited partnerships", "Text": "General (1) All of your share in a * capital gain or a * capital loss from a * CGT event is disregarded if: (a) you are a partner in a * limited partnership; and (b) the CGT event relates to an investment that the partnership made that: (i) is an * eligible venture capital investment; and (ii) meets all of the * additional investment requirements for ESVCLPs for the investment; and (c) when the partnership made the investment, the partnership was an * early stage venture capital limited partnership that was * unconditionally registered; and (d) at the time of the CGT event, the partnership: (i) owned the investment; and (ii) had owned the investment for at least 12 months; and (iii) was an early stage venture capital limited partnership that was unconditionally registered; and (iv) in the case of a capital gain—met all of the * registration requirements of an ESVCLP that are not * investment registration requirements. Note 1: The registration requirements of an ESVCLP are set out in section 9 ‑ 3 of the Venture Capital Act 2002 . It is important to understand that this is a separate requirement from registration under Part 2 of that Act (which effectively determines whether an entity is an ESVCLP). It is technically possible to be registered under Part 2 of that Act without meeting the registration requirements of an ESVCLP, but you might still not be entitled to exemption under this section. Note 2: This section does not apply if you get a partial exemption in relation to a CGT event under section 118 ‑ 408. Residency requirements for general partners (2) However, if you are a * general partner in the partnership, subsection (1) does not apply to you unless you are: (a) an Australian resident; or (b) a resident of a foreign country in respect of which a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) is in force that is an agreement of a kind referred to in subparagraph (b)(i), (ia), (ii), (iii), (iv) or (v) of that definition. (3) For the purposes of this section, the place of residence of a * general partner in a * limited partnership: (a) that is a company or limited partnership; and (b) that is not an Australian resident; is the place in which the general partner has its central management and control. Meaning of early stage venture capital limited partnership (4) A * limited partnership is an early stage venture capital limited partnership at a particular time if, at that time, the partnership’s registration as an early stage venture capital limited partnership under Part 2 of the Venture Capital Act 2002 is, or is taken to have been, in force. Note 1: For when the registration is, or is taken to have been, in force, see section 13 ‑ 10 of the Venture Capital Act 2002 . Note 2: In this Act and the Venture Capital Act 2002 , the term “early stage venture capital limited partnership” is usually abbreviated to “ESVCLP”. Effect of converting convertible notes etc. (6) A partnership that acquired a * share in a company by converting a * convertible note, or a convertible preference share, issued by the company is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the share from the time when it last acquired the convertible note or convertible preference share. (7) A partnership that acquired a unit in a unit trust by converting a * convertible note issued by the trustee of the unit trust is treated, for the purposes of subparagraph (1)(d)(ii), as having owned the unit from the time when it last acquired the convertible note. (8) Subsection (6) or (7) applies whether or not the acquisition of the * convertible note, or convertible preference share, was an * eligible venture capital investment. (9) A partnership that converts a * convertible note into a share or a unit is treated, for the purposes of subparagraph (1)(d)(ii), as continuing to own the convertible note until the partnership no longer owns the share or unit.", "Amendment_Count": 4, "First_Amended": "No 165 of 1999", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 78 of 2007 | No 54 of 2016", "History_Notes": "Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Inserted by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-407"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-408", "Provision_Key": "s118-408", "Heading": "Partial exemption for some capital gains otherwise fully exempt under section 118 ‑ 407", "Text": "(1) Despite section 118 ‑ 407, you get only a partial exemption for a * capital gain from a * CGT event relating to an * eligible venture capital investment if: (a) apart from this section, all of your share in the capital gain from the CGT event relating to the investment would be disregarded under section 118 ‑ 407; and (b) at the end of an income year to which subsection (4) applies (a valuation year ), the sum of the values of: (i) the assets of the company or unit trust in which the investment is made; and (ii) the assets of each other entity that is a * connected entity of the company or unit trust; exceeds $250 million; and (c) the CGT event happens after: (i) if there is only one valuation year—the end of the period of 6 months after the end of that valuation year; or (ii) if there is more than one valuation year—the end of the period of 6 months after the end of the earliest of those valuation years. (2) If subsection (1) applies, work out your * capital gain using the formula: where: normal capital gain is what your * capital gain from the * CGT event would be apart from section 118 ‑ 407 and this section. valuation year capital gain is the capital gain you would have made in relation to the * CGT event if the CGT event had happened: (a) if there is only one valuation year—at the end of the period of 6 months after the end of that valuation year; or (b) if there is more than one valuation year—at the end of the period of 6 months after the end of the earliest of those valuation years. Work out the capital gain based on what the * capital proceeds would have been, and on other matters relating to the amount of the gain being determined on a reasonable basis, if the CGT event resulting in the gain had happened at the end of that period. (3) Despite subsection (2), you are taken not to have a * capital gain, or a * capital loss, from the * CGT event if the amount worked out under the formula in that subsection would be less than zero. (4) This subsection applies to any income year that: (a) precedes the income year in which the * CGT event happens; but (b) does not precede the income year in which the investment was made. Note: There must always be at least one valuation year, because paragraph 118 ‑ 407(1)(d) ensures the CGT event will not happen in the year the investment was made. (5) Section 118 ‑ 407 does not apply in relation to a * CGT event if this section applies in relation to the CGT event.", "Amendment_Count": 2, "First_Amended": "No 54 of 2016", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-408"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-410", "Provision_Key": "s118-410", "Heading": "Exemption for certain foreign venture capital investments through Australian venture capital funds of funds", "Text": "Gains or losses as a partner in a VCLP or an ESVCLP (1) All of your share in a * capital gain or a * capital loss from a * CGT event is disregarded if: (a) you are an * eligible venture capital partner in a * limited partnership; and (b) the CGT event relates to an * eligible venture capital investment made by a * VCLP, or an * ESVCLP, in which the partnership is a partner; and (c) when the investment was made, the partnership was an * Australian venture capital fund of funds that was * unconditionally registered; and (d) when the investment was made, the VCLP or ESVCLP was unconditionally registered; and (e) at the time of the CGT event, the partnership: (i) was an Australian venture capital fund of funds that was unconditionally registered; and (ii) in the case of a capital gain—met all of the * registration requirements of an AFOF that are not * investment registration requirements; and (f) at the time of the CGT event, the VCLP or ESVCLP: (i) owned the investment; and (ii) had owned the investment for at least 12 months; and (iii) was unconditionally registered; and (iv) in the case of a capital gain—met all of the * registration requirements of a VCLP, or all of the * registration requirements of an ESVCLP, (as the case requires) that are not investment registration requirements. Note: The registration requirements of an AFOF are set out in section 9 ‑ 5 of the Venture Capital Act 2002 . It is important to understand that this is a separate requirement from registration under Part 2 of that Act (which effectively determines whether an entity is an AFOF). It is technically possible to be registered under Part 2 of that Act without meeting the registration requirements of an AFOF, but you might still not be entitled to exemption under this section. Gains or losses from direct investments (2) All of your share in a * capital gain or a * capital loss from a * CGT event is disregarded if: (a) you are an * eligible venture capital partner in a * limited partnership; and (b) in the case of a capital gain—the CGT event relates to an * eligible venture capital investment that the partnership made in a company, or a unit trust, in which a * VCLP, or an * ESVCLP, of which the partnership is a partner, owns one or more eligible venture capital investments; and (c) when the investment was made, the partnership was an * Australian venture capital fund of funds that was * unconditionally registered; and (d) when the investment was made, the VCLP or ESVCLP owned one or more eligible venture capital investments in the company referred to in paragraph (b); and (e) at the time of the CGT event, the partnership: (i) owned the investment; and (ii) had owned the investment for at least 12 months; and (iii) was an Australian venture capital fund of funds that was unconditionally registered; and (iv) in the case of a capital gain—met all of the * registration requirements of an AFOF that are not * investment registration requirements. Note: The registration requirements of an AFOF are set out in section 9 ‑ 5 of the Venture Capital Act 2002 . It is important to understand that this is a separate requirement from registration under Part 2 of that Act (which effectively determines whether an entity is an AFOF). It is technically possible to be registered under Part 2 of that Act without meeting the registration requirements of an AFOF, but you might still not be entitled to exemption under this section. Meaning of Australian venture capital fund of funds (3) A * limited partnership is an Australian venture capital fund of funds at a particular time if, at that time, the partnership’s registration as an Australian venture capital fund of funds under Part 2 of the Venture Capital Act 2002 is, or is taken to have been, in force. For when the registration is, or is taken to have been, in force, see section 13 ‑ 10 of the Venture Capital Act 2002 . Note: In this Act and the Venture Capital Act 2002 , the term “Australian venture capital fund of funds” is usually abbreviated to “AFOF”. Effect of converting convertible notes etc. (4) A partnership that acquired a * share in a company by converting a * convertible note, or a convertible preference share, issued by the company is treated, for the purposes of subparagraphs (1)(f)(ii) and (2)(e)(ii), as having owned the share from the time when it last acquired the convertible note or convertible preference share. (5) A partnership that acquired a unit in a unit trust by converting a * convertible note issued by or on behalf of the trustee of the unit trust is treated, for the purposes of subparagraphs (1)(f)(ii) and (2)(e)(ii), as having owned the unit from the time when it last acquired the convertible note. (6) Subsection (4) or (5) applies whether or not the acquisition of the * convertible note, or convertible preference share, was an * eligible venture capital investment. (7) A partnership that converts a * convertible note into a share or a unit is treated, for the purposes of subparagraphs (1)(f)(ii) and (2)(e)(ii), as continuing to own the convertible note until the partnership no longer owns the share or unit.", "Amendment_Count": 5, "First_Amended": "No 94 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 105 of 2004 | No 78 of 2007", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 105 of 2004, effective Schedule 2: 1 Apr 2004 Remainder: Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-415", "Provision_Key": "s118-415", "Heading": "Exemption for certain venture capital investments by foreign residents", "Text": "General (1) A * capital gain or a * capital loss from a * CGT event is disregarded if: (a) the CGT event relates to an investment that you made that is an * eligible venture capital investment; and (b) you were an * eligible venture capital investor when you made the investment; and (c) at the time of the CGT event: (i) you owned the investment; and (ii) you had owned the investment for at least 12 months; and (iii) you were an eligible venture capital investor. Meaning of eligible venture capital investor (2) An entity is an eligible venture capital investor at a particular time if, at that time, the entity: (a) is a * tax ‑ exempt foreign resident; and (b) is registered under Part 3 of the Venture Capital Act 2002 . Effect of converting convertible notes etc. (3) An entity that acquired a * share in a company by converting a * convertible note, or a convertible preference share, issued by the company is treated, for the purposes of subparagraph (1)(c)(ii), as having owned the share from the time when it last acquired the convertible note or convertible preference share. (4) An entity that acquired a unit in a unit trust by converting a * convertible note issued by or on behalf of the trustee of the unit trust is treated, for the purposes of subparagraph (1)(c)(ii), as having owned the unit from the time when it last acquired the convertible note. (5) Subsection (3) or (4) applies whether or not the acquisition of the * convertible note, or convertible preference share, was an * eligible venture capital investment. (6) An entity that converts a * convertible note into a share or a unit is treated, for the purposes of subparagraph (1)(c)(ii), as continuing to own the convertible note until the entity no longer owns the share or unit.", "Amendment_Count": 5, "First_Amended": "No 94 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 41 of 2005 | No 78 of 2007", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-420", "Provision_Key": "s118-420", "Heading": "Meaning of eligible venture capital partner etc.", "Text": "(1) A partner in a * limited partnership is an eligible venture capital partner if: (a) the partner is a * tax ‑ exempt foreign resident; or (b) the partner is a * foreign venture capital fund of funds, and the sum of: (i) the partner’s * committed capital in the partnership; and (ii) the sum of the amounts of committed capital in the partnership of any entities that are * connected entities of the partner; does not exceed 30% of the partnership’s committed capital; or (ba) the partner is a * widely held foreign venture capital fund of funds; or (c) the partner is a foreign resident who is not a * general partner of a * VCLP or an * ESVCLP and is neither a * tax ‑ exempt foreign resident nor a * foreign venture capital fund of funds, and the sum of: (i) the partner’s committed capital in the partnership; and (ii) the sum of the amounts of committed capital in the partnership of any entities that are connected entities of the partner; is less than 10% of the partnership’s committed capital. Note: Subsection (7) prevents some trusts from being eligible venture capital partners. (2) An entity that is an * associate of the partner only because the entity is a partner in the partnership in question is taken not to be a * connected entity of the partner for the purposes of subparagraphs (1)(b)(ii) and (c)(ii). (3) An entity is a tax ‑ exempt foreign resident if: (a) the entity is a foreign resident; and (b) the entity is not a * general partner of a * VCLP or an * ESVCLP; and (c) the entity’s income is exempt, or effectively exempt, from taxation in the entity’s country of residence. (4) An entity that is a * limited partnership is a foreign venture capital fund of funds if: (a) the partnership was established in a foreign country; and (b) every partner who is a * general partner is a foreign resident; and (c) the partnership is not a general partner of a * VCLP or an * ESVCLP. (5) An entity that is not a * limited partnership is a foreign venture capital fund of funds if: (a) whether by operation of law or by election, the entity is not taxed as an entity in its country of residence, but the entity’s income is taxed to its members according to their interests in the entity; and (b) the entity was established in a foreign country; and (c) the entity is a foreign resident; and (d) the entity is not a * general partner of a * VCLP or an * ESVCLP. (6) An entity is a widely held foreign venture capital fund of funds if: (a) the entity is a * foreign venture capital fund of funds; and (b) the entity is a * widely held entity; and (c) * eligible venture capital partners (other than foreign venture capital fund of funds) ultimately hold the rights to at least 90% of the entity’s income; and (d) each other entity who: (i) if the entity is a * limited partnership—is a * general partner of the partnership; or (ii) otherwise—exercises day to day control of the entity; is a * foreign resident. (7) A trust is not an eligible venture capital partner if an Australian resident: (a) is or is likely to become presently entitled, for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 , to; or (b) has or is likely to have an individual interest, for the purposes of Division 5 of Part III of the Income Tax Assessment Act 1936 , in; a share of income of the trust, either directly or indirectly through one or more interposed partnerships or trusts. (8) For the purposes of this section, the place of residence of a * general partner of a * limited partnership: (a) that is a company or a limited partnership; and (b) that is a foreign resident; is the place in which the general partner has its central management and control. (9) For the purposes of this section, the place of residence of an entity referred to in paragraph (5)(a) is the place in which the entity has its central management and control.", "Amendment_Count": 7, "First_Amended": "No 94 of 1999", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 105 of 2004 | No 41 of 2005 | No 78 of 2007 | No 54 of 2016", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 105 of 2004, effective Schedule 2: 1 Apr 2004 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-425", "Provision_Key": "s118-425", "Heading": "Meaning of eligible venture capital investment —investments in companies", "Text": "Requirements for an eligible venture capital investment (1) An investment is an eligible venture capital investment if: (a) it is * at risk; and (b) it is: (i) an acquisition of * shares in a company; or (ii) an acquisition of options (including warrants) originally issued by a company to acquire shares in the company; or (iii) an acquisition of * convertible notes (other than convertible notes that are * debt interests) issued by a company; and (c) the company meets the requirements of subsections (2) to (7); and (d) the sum of: (i) the total amount that the partnership has invested in all the * equity interests and * debt interests that the partnership owns in the company; and (ii) the total amount that the partnership has invested in all the equity interests and debt interests that the partnership owns in any entities that are * connected entities of the company; does not exceed 30% of the partnership’s * committed capital. Certain entities not treated as connected entities (1A) In applying subparagraph (1)(d)(ii), ignore an entity that is a * connected entity of the company only because it is an * associate of the company because of an investment made in the entity by the partnership. Location within Australia (2) The company: (a) must, at the time the investment is made, be an Australian resident; and (b) if at that time the entity making the investment does not own any other investments in the company—must meet the following requirements: (i) more than 50% of the people who are currently engaged by the company to perform services must perform those services primarily in Australia; (ii) more than 50% of its assets (determined by value) must be situated in Australia; during the whole of the period of 12 months, or such shorter period as * Industry Innovation and Science Australia determines under section 25 ‑ 5 of the Venture Capital Act 2002 , starting from the time the investment is made. However, subparagraph (b)(i) or (ii) does not apply to the company if Industry Innovation and Science Australia so determines under section 25 ‑ 10 of the Venture Capital Act 2002 . See subsection (10) for the value of assets. Note: A company that fails to meet the requirements of this subsection can still be eligible in certain circumstances: see subsection (12A). Predominant activity (3) The company must satisfy at least 2 of these requirements: (a) more than 75% of the assets (determined by value) that are assets of either: (i) the company; or (ii) any entity controlled by the company in a way described in section 328 ‑ 125 (a controlled entity ); must be used primarily in activities that are not ineligible activities mentioned in subsection (13) of this section; (b) more than 75% of the persons who are employees of either or both of the following: (i) the company; (ii) any one or more of its controlled entities; must be engaged (as such employees) primarily in activities that are not ineligible activities mentioned in subsection (13) of this section; (c) more than 75% of the total assessable income, * exempt income and * non ‑ assessable non ‑ exempt income of: (i) the company; and (ii) each of its controlled entities; must come from activities that are not ineligible activities mentioned in subsection (13) of this section. Note 1: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made. Note 2: See subsection (10) for the value of assets. Note 3: A company that fails to meet at least 2 of the requirements can still be eligible if: (a) Industry Innovation and Science Australia determines that the company’s primary activity is not ineligible and the failure is temporary: see subsection (14); or (b) all amounts invested in the company are appropriately invested within the first 6 months: see subsection (14A). Industry Innovation and Science Australia may also determine that the activities of a controlled entity of the company are to be disregarded in applying this section to the company: see subsection (14B). Investment in other entities (4) The company must not invest, in another entity, any part of the amount invested, unless: (a) the other entity: (i) is * connected with the company (but not because the other entity is an * associate of the company as a result of an investment made in the other entity by the partnership); and (ii) meets the requirements of subsections (3) to (7); or (b) the other entity: (i) is, after the investment is made, controlled by the company in a way described in section 328 ‑ 125; and (ii) meets the requirements of subsections (2) to (7) of this section (other than subsection (3)). However, this subsection does not prevent the company from depositing money with an * ADI, or with a body authorised by or under a law of a foreign country to carry on banking business in that country. Note 1: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made. Note 2: The other entity can be taken to meet the requirements of subsection (2) if Industry Innovation and Science Australia determines that its activities are complementary to activities of the company or other controlled entities and that the company meets those requirements at the time of the investment: see subsection (14C). Investment in the capacity of a trustee (4A) The company must not, in the capacity of a trustee, use any part of the amount invested. Note: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made. Registered auditor (5) The company must have as its auditor a * registered auditor at all times (if any) referred to in subsection (5A) during which the company: (a) is not a proprietary company within the meaning of the Corporations Act 2001 ; or (b) is a large proprietary company within the meaning of that Act; or (c) would exceed the * permitted entity value if the amount provided for under subsection 118 ‑ 440(9) were $12.5 million. Note: This requirement is ongoing. (5A) The times are: (a) the end of the income year in which the investment is made; and (b) all times after the end of that income year. Permitted entity value (6) The company must not, immediately before the investment is made, exceed the * permitted entity value. Listing (7) The company must be a company whose * shares: (a) are, at the time the investment is made, not listed for quotation in the official list of a stock exchange in Australia or a foreign country; or (b) are so listed at that time, but cease to be so listed at any time during the 12 months after the investment is made. However, the company is taken to meet the requirements of this subsection in relation to any investment made by an * ESVCLP (whether or not shares in the company are so listed). Note: The additional requirements for ESVCLPs deal with listing in relation to initial investments by ESVCLPs in companies: see paragraph 118 ‑ 428(1)(a). Scrip for scrip investments (8) However, a company is taken to meet the requirements of subsections (2) to (7) if: (a) the investment is an acquisition of * shares in that company in exchange for shares in another company; and (b) at the time that the * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor in question acquired the shares being exchanged, the other company meets the requirements of subsections (2) to (7), but not only because this subsection applies to the other company; and (c) the shares in the other company that are being exchanged are all of the shares in the other company that the entity making the investment owned at the time of the exchange. Debt interests (9) To avoid doubt, a * debt interest cannot be an eligible venture capital investment. The value of an asset or investment (10) The value of an asset, or an investment, of an entity at a particular time for the purposes of this section is the value of the asset or investment as shown in: (a) the last audited accounts prepared for the entity for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before that time; or (b) if there are no such audited accounts—a statement, prepared in accordance with the * accounting standards and audited by the entity’s auditor, showing that value as at a time no longer than 12 months before that time. (10A) However, for the purposes of this section, the value of the asset or investment at that time is the value provided for by section 118 ‑ 450 if: (a) there are no such audited accounts; and (b) the entity does not have an auditor at that time; and (c) the entity is not required under subsection (5) of this section to have an auditor at that time. Application to consolidated or consolidatable groups (12) This section applies to a * consolidated group or * consolidatable group as if: (a) the * head company of the group carried on all of the activities that are carried on by * subsidiary members of the group; and (b) the assets, employees and income of the subsidiary members of the group were assets, employees and income of the head company; and (c) each subsidiary member of the group were parts of the head company rather than separate entities. Exception to requirements relating to location within Australia (12A) A company is taken to meet the requirements of subsection (2) in relation to an investment made by an entity if the sum of: (a) the value of the investment at the time the entity makes it; and (b) the total value of all the other investments that the entity owns at that time that do not, or apart from this subsection would not, meet those requirements; does not exceed 20% of the partnership’s * committed capital. Note: See subsection (10) for the value of investments. Ineligible activities (13) These activities are ineligible activities: (a) property development or land ownership; (b) finance, to the extent that it is any of the following: (i) banking; (ii) providing capital to others; (iii) leasing; (iv) factoring; (v) securitisation; (c) insurance; (d) construction (including extension, improvement or up ‑ grading) or acquisition of infrastructure facilities (within the meaning of section 93L of the Development Allowance Authority Act 1992 , as in force just before the commencement of Schedule 6 to the Statute Update (Smaller Government) Act 2018 ) or related facilities (within the meaning of section 93M of that Act), or both; (e) making investments, whether made directly or indirectly, that are directed to deriving income in the nature of interest, rents, dividends, royalties or lease payments. For the purposes of this subsection, activities that are ancillary or incidental to a particular activity are taken to form part of that activity. Note: Under Division 362 in Schedule 1 to the Taxation Administration Act 1953 , Industry Innovation and Science Australia can make rulings that activities, or classes of activities, are not ineligible activities. (13A) However, none of the following activities are ineligible activities mentioned in subsection (13): (a) developing technology for use in relation to an activity referred to in paragraph (13)(b), (c) or (e); (b) an activity that is ancillary or incidental to the activity of developing technology referred to in paragraph (a) of this subsection; (c) an activity referred to in paragraph (13)(b), (c) or (e) that is the subject of a finding in force under section 118 ‑ 432 at the time the investment is made. (13B) Subsection (13A) does not apply in circumstances prescribed by regulations made for the purposes of this subsection. Industry Innovation and Science Australia discretion (14) A company is taken to meet the requirements of subsection (3) even if it fails to satisfy at least 2 of the requirements in that subsection if * Industry Innovation and Science Australia determines under section 25 ‑ 15 of the Venture Capital Act 2002 that: (a) the company’s primary activity is not an ineligible activity mentioned in subsection (13); and (b) the failure is temporary and did not exist at the time the investment referred to in subsection (1) was made and, if it has been disposed of, when it was disposed of. Temporary exception to the requirements for predominant activity (14A) A company is taken to meet the requirements of subsection (3) even if it fails to satisfy at least 2 of the requirements in that subsection if: (a) the company’s sole purpose is making one or more investments that are * eligible venture capital investments, or would be eligible venture capital investments apart from paragraph (1)(d); and (b) during the 6 month period starting immediately before the first investment made by a * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor, the company has used all of the amounts invested in it: (i) to make investments of a kind referred to in paragraph (a); or (ii) to engage in activities that are ancillary or incidental to making those investments. However, this subsection applies to the company only for that 6 month period. Activities disregarded in applying the predominant activity test (14B) If * Industry Innovation and Science Australia determines under section 25 ‑ 15 of the Venture Capital Act 2002 that: (a) the activities of the controlled entity of a company are complementary to one or more of the activities, of the company or its other controlled entities, that are not ineligible activities mentioned in subsection (13) of this section; and (b) the activities that, taken together, constitute the principal activities of the company and all of its controlled entities are not ineligible activities mentioned in subsection (13) of this section; and (c) in all the circumstances, it is appropriate that, for a period specified in the determination, the activities of the controlled entity are disregarded when applying subsection (3) of this section to the company; in applying subsection (3) of this section to the company, disregard, for the period specified in the determination, the activities of the controlled entity. Other entity can be taken to meet requirements relating to location in Australia (14C) In applying subsection (4) to a company in relation to its investment in another entity, the other entity is taken, for the purposes of subparagraph (4)(b)(ii), to meet the requirements of subsection (2) if * Industry Innovation and Science Australia determines under section 25 ‑ 15 of the Venture Capital Act 2002 that: (a) the activities of the other entity are complementary to one or more of the activities of the company or its other controlled entities; and (b) the company meets the requirements of subsection (2) of this section at the time the investment is made, or will meet those requirements at the time the investment is proposed to be made. Convertible notes and convertible preference shares (15) To the extent that an investment by an entity consists of the acquisition of a * share in a company by converting a * convertible note, or a convertible preference share, issued by the company, the investment is, for the purpose of determining whether the company meets the requirements of subsections (2) to (7), taken to have been made at the time when the entity last acquired the convertible note or convertible preference share.", "Amendment_Count": 11, "First_Amended": "No 94 of 1999", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 105 of 2004 | No 78 of 2007 | No 164 of 2007 | No 54 of 2016 | No 63 of 2016 | No 4 of 2018 | No 124 of 2018 | No 101 of 2021", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 105 of 2004, effective Schedule 2: 1 Apr 2004 Remainder: Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 63 of 2016, effective Sch 1 (item 40): 20 Oct 2016 (s 2(1) item 1) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-425"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-427", "Provision_Key": "s118-427", "Heading": "Meaning of eligible venture capital investment —investments in unit trusts", "Text": "Requirements for an eligible venture capital investment (1) An investment is an eligible venture capital investment if: (a) it is * at risk; and (b) it is either: (i) an acquisition of units in a unit trust; or (ii) an acquisition of options (including warrants) originally issued by or on behalf of the trustee of a unit trust to acquire units in the unit trust; or (iii) an acquisition of * convertible notes (other than convertible notes that are * debt interests) issued by or on behalf of the trustee of a unit trust; and (c) the unit trust meets the requirements of subsections (3) to (8); and (d) the sum of: (i) the total amount that the partnership has invested in all the * equity interests and * debt interests that the partnership owns in the unit trust; and (ii) the total amount that the partnership has invested in all the equity interests and debt interests that the partnership owns in any entities that are * connected entities of the unit trust; does not exceed 30% of the partnership’s * committed capital. Certain entities not treated as connected entities (2) In applying subparagraph (1)(d)(ii), ignore an entity that is a * connected entity of the unit trust only because it is an * associate of the unit trust because of an investment made in the entity by the partnership. Location within Australia (3) The unit trust: (a) must, at the time the investment is made, carry on * business in Australia; and (b) must, at that time, meet at least one of the following requirements: (i) the central management and control of the unit trust is in Australia; (ii) more than 50% of the beneficial interests in the income of the unit trust are held by Australian residents; (iii) more than 50% of the beneficial interests in the property of the unit trust are held by Australian residents; and (c) if at that time the entity making the investment does not own any other investments in the unit trust—must meet the following requirements: (i) more than 50% of the people who are currently engaged by the trustee of the unit trust to perform services must perform those services primarily in Australia; (ii) more than 50% of its assets (determined by value) must be situated in Australia; during the whole of the period of 12 months, or such shorter period as * Industry Innovation and Science Australia determines under section 25 ‑ 5 of the Venture Capital Act 2002 , starting from the time the investment is made. However, subparagraph (c)(i) or (ii) does not apply to the unit trust if Industry Innovation and Science Australia so determines under section 25 ‑ 10 of the Venture Capital Act 2002 . Note: A company that fails to meet the requirements of this subsection can still be eligible in certain circumstances: see subsection (13). Predominant activity (4) The unit trust must satisfy at least 2 of these requirements: (a) more than 75% of the assets (determined by value) that are assets of either: (i) the unit trust; or (ii) any entity controlled by the unit trust in a way described in section 328 ‑ 125 (a controlled entity ); must be used primarily in activities that are not ineligible activities mentioned in subsection (14) of this section; (b) more than 75% of the persons who are employees of either or both of the following: (i) the trustee of the unit trust; (ii) any one or more of the unit trust’s controlled entities; must be engaged (as such employees) primarily in activities that are not ineligible activities mentioned in subsection (14) of this section; (c) more than 75% of the total assessable income, * exempt income and * non ‑ assessable non ‑ exempt income of: (i) the unit trust; and (ii) each of its controlled entities; must come from activities that are not ineligible activities mentioned in subsection (14) of this section. Note 1: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made. Note 2: See subsection (11) for the value of assets. Note 3: A unit trust that fails to meet at least 2 of the requirements can still be eligible if Industry Innovation and Science Australia determines that the unit trust’s primary activity is not ineligible and the failure is temporary: see subsection (15). Note 4: Industry Innovation and Science Australia may also determine that the activities of a controlled entity of the unit trust are to be disregarded in applying this section to the unit trust: see subsection (15A). Investment in other entities (5) The unit trust must not invest, in another entity, any part of the amount invested, unless: (a) the other entity: (i) is * connected with the unit trust (but not because the other entity is an * associate of the unit trust as a result of an investment made in the other entity by the partnership); and (ii) meets the requirements of subsections (4) to (8); or (b) the other entity: (i) is, after the investment is made, controlled by the unit trust in a way described in section 328 ‑ 125; and (ii) meets the requirements of subsections (3) to (8) of this section (other than subsection (4)). However, this subsection does not prevent the unit trust from depositing money with an * ADI, or with a body authorised by or under a law of a foreign country to carry on banking business in that country. Note 1: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made. Note 2: The other entity can be taken to meet the requirements of subsection (3) if Industry Innovation and Science Australia determines that its activities are complementary to activities of the unit trust or other controlled entities and that the unit trust meets those requirements at the time of the investment: see subsection (15B). Investment in the capacity of a trustee (5A) The unit trust must not, in the capacity of a trustee, use any part of the amount invested. Note: This requirement is ongoing. It is not limited to the circumstances at the time the investment was made. Registered auditor (6) The unit trust must have as its auditor a * registered auditor at all times (if any) referred to in subsection (6A) during which the unit trust: (a) if it were a company: (i) would not be a proprietary company within the meaning of the Corporations Act 2001 ; or (ii) would be a large proprietary company within the meaning of that Act; or (b) would exceed the * permitted entity value if the amount provided for under subsection 118 ‑ 440(9) were $12.5 million. Note: This requirement is ongoing. (6A) The times are: (a) the end of the income year in which the investment is made; and (b) all times after the end of that income year. Permitted entity value (7) The unit trust must not, immediately before the investment is made, exceed the * permitted entity value. Listing (8) The unit trust must be a unit trust whose units: (a) are, at the time the investment is made, not listed for quotation in the official list of a stock exchange in Australia or a foreign country; or (b) are so listed at that time, but cease to be so listed at any time during the 12 months after the investment is made. However, the unit trust is taken to meet the requirements of this subsection in relation to any investment made by an * ESVCLP (whether or not units in the unit trust are so listed). Note: The additional requirements for ESVCLPs deal with listing in relation to initial investments by ESVCLPs in unit trusts: see paragraph 118 ‑ 428(1)(a). Scrip for scrip investments (9) However, a unit trust is taken to meet the requirements of subsections (3) to (8) if: (a) the investment is an acquisition of units in that unit trust in exchange for units in another unit trust; and (b) at the time that the * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor in question acquired the units being exchanged, the other unit trust meets the requirements of subsections (3) to (8), but not only because this subsection applies to the other unit trust; and (c) the units in the other unit trust that are being exchanged are all of the units in the other unit trust that the entity making the investment owned at the time of the exchange. Debt interests (10) To avoid doubt, a * debt interest cannot be an * eligible venture capital investment. The value of an asset or investment (11) The value of an asset or investment of an entity at a particular time for the purposes of this section is: (a) the value of the asset or investment as shown in a statement, prepared in accordance with the * accounting standards and audited by the entity’s auditor, showing that value as at a time no longer than 12 months before that time; or (b) the value provided for by section 118 ‑ 450 if: (i) the entity does not have an auditor at that time; and (ii) the entity is not required under subsection (6) of this section to have an auditor at that time. Application to groups (12) If a group of entities: (a) is treated as a * consolidated group because of a choice that a unit trust has made under section 713 ‑ 130; or (b) would be treated as a consolidated group because of such a choice: (i) if a unit trust were to make such a choice; or (ii) if a unit trust that is not a * public trading trust were such a trust and were to make such a choice; this section applies in relation to the entities as if: (c) the unit trust carried on, as the * head company of the consolidated group or consolidatable group, all of the activities that are carried on by the other members of the group; and (d) the assets, employees and income of the other members of the group were assets, employees and income of the unit trust; and (e) each of the other members of the group were parts of the unit trust rather than separate entities. Exception to requirements relating to location within Australia (13) A unit trust is taken to meet the requirements of subsection (3) in relation to an investment made by an entity if the sum of: (a) the value of the investment at the time the entity makes it; and (b) the total value of all the other investments that the entity owns at that time that do not, or apart from this subsection would not, meet those requirements; does not exceed 20% of the partnership’s * committed capital. Note: See subsection (11) for the value of investments. Ineligible activities (14) These activities are ineligible activities: (a) property development or land ownership; (b) finance, to the extent that it is any of the following: (i) banking; (ii) providing capital to others; (iii) leasing; (iv) factoring; (v) securitisation; (c) insurance; (d) construction (including extension, improvement or up ‑ grading) or acquisition of infrastructure facilities (within the meaning of section 93L of the Development Allowance Authority Act 1992 , as in force just before the commencement of Schedule 6 to the Statute Update (Smaller Government) Act 2018 ) or related facilities (within the meaning of section 93M of that Act), or both; (e) making investments, whether made directly or indirectly, that are directed to deriving income in the nature of interest, rents, dividends, royalties or lease payments. For the purposes of this subsection, activities that are ancillary or incidental to a particular activity are taken to form part of that activity. Note: Under Division 362 in Schedule 1 to the Taxation Administration Act 1953 , Industry Innovation and Science Australia can make rulings that activities, or classes of activities, are not ineligible activities. (14A) However, none of the following activities are ineligible activities mentioned in subsection (14): (a) developing technology for use in relation to an activity referred to in paragraph (14)(b), (c) or (e); (b) an activity that is ancillary or incidental to the activity of developing technology referred to in paragraph (a) of this subsection; (c) an activity referred to in paragraph (14)(b), (c) or (e) that is the subject of a finding in force under section 118 ‑ 432 at the time the investment is made. (14B) Subsection (14A) does not apply in circumstances prescribed by regulations made for the purposes of this subsection. Industry Innovation and Science Australia discretion (15) A unit trust is taken to meet the requirements of subsection (4) even if it fails to satisfy at least 2 of the requirements in that subsection if * Industry Innovation and Science Australia determines under section 25 ‑ 15 of the Venture Capital Act 2002 that: (a) the unit trust’s primary activity is not an ineligible activity mentioned in subsection (14); and (b) the failure is temporary and did not exist at the time the investment referred to in subsection (1) was made and, if it has been disposed of, when it was disposed of. Activities disregarded in applying the predominant activity test (15A) If * Industry Innovation and Science Australia determines under section 25 ‑ 15 of the Venture Capital Act 2002 that: (a) the activities of the controlled entity of a unit trust are complementary to one or more of the activities, of the unit trust or its other controlled entities, that are not ineligible activities mentioned in subsection (14) of this section; and (b) the activities that, taken together, constitute the principal activities of the unit trust and all of its controlled entities are not ineligible activities mentioned in subsection (14) of this section; and (c) in all the circumstances, it is appropriate that, for a period specified in the determination, the activities of the controlled entity are disregarded when applying subsection (4) of this section to the unit trust; in applying subsection (4) of this section to the unit trust, disregard, for the period specified in the determination, the activities of the controlled entity. Other entity can be taken to meet requirements relating to location in Australia (15B) In applying subsection (5) to a unit trust in relation to its investment in another entity, the other entity is taken, for the purposes of subparagraph (5)(b)(ii), to meet the requirements of subsection (3) if * Industry Innovation and Science Australia determines under section 25 ‑ 15 of the Venture Capital Act 2002 that: (a) the activities of the other entity are complementary to one or more of the activities of the unit trust or its other controlled entities; and (b) the unit trust meets the requirements of subsection (3) of this section at the time the investment is made, or will meet those requirements at the time the investment is proposed to be made. Convertible notes (16) To the extent that an investment by an entity consists of the acquisition of a unit in a unit trust by converting a * convertible note issued by or on behalf of the trustee of the unit trust, the investment is, for the purpose of determining whether the unit trust meets the requirements of subsections (3) to (8), taken to have been made at the time when the entity last acquired the convertible note. (17) Subsection (16) applies whether or not the acquisition of the * convertible note was an * eligible venture capital investment.", "Amendment_Count": 8, "First_Amended": "No 78 of 2007", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 78 of 2007 | No 164 of 2007 | No 53 of 2016 | No 54 of 2016 | No 63 of 2016 | No 4 of 2018 | No 124 of 2018 | No 101 of 2021", "History_Notes": "Inserted by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 63 of 2016, effective Sch 1 (item 40): 20 Oct 2016 (s 2(1) item 1) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-427"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-428", "Provision_Key": "s118-428", "Heading": "Additional investment requirements for ESVCLPs", "Text": "(1) The additional investment requirements for ESVCLPs , for an investment in a company or in a unit trust, are: (a) if the entity making the investment does not, when the investment is made, own any other investment in the company or unit trust: (i) * shares in the company; or (ii) units in the unit trust; are not, when the investment is made, listed for quotation in the official list of a stock exchange in Australia or a foreign country; and (b) if the investment is * pre ‑ owned when the investment is made: (i) the entity already owns investments in the company or unit trust; or (ii) the entity will, in connection with making the investment, make other investments in the company or unit trust, some or all of which are not pre ‑ owned; and (c) if the investment is pre ‑ owned when the investment is made—the sum of: (i) the value of the investment when the entity makes it; and (ii) the total value of all the other pre ‑ owned investments that the entity owns at that time; does not exceed 20% of the partnership’s * committed capital. Note: See subsection (3) for the value of investments. (2) An investment is pre ‑ owned if it was issued or allotted to an entity other than the entity that owns the investment. However, the investment is not pre ‑ owned if it: (a) was issued: (i) to an underwriter or sub ‑ underwriter of the issue of the investment; or (ii) to a person for the purpose of being offered for sale; and (b) was still held by the underwriter, sub ‑ underwriter or person immediately before being acquired by the entity that now owns the investment. (3) The value of an investment of an entity at a particular time for the purposes of this section is the value of the investment as shown in: (a) the last audited accounts prepared for the entity for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before that time; or (b) a statement, prepared in accordance with the * accounting standards and audited by the entity’s auditor, showing that value as at a time no longer than 12 months before that time. (4) However, for the purposes of this section, the value of the investment at that time is the value provided for by section 118 ‑ 450 if: (a) there are no such audited accounts; and (b) the entity does not have an auditor at that time.", "Amendment_Count": 3, "First_Amended": "No 78 of 2007", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 78 of 2007 | No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-428"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-430", "Provision_Key": "s118-430", "Heading": "Meaning of at risk", "Text": "An * eligible venture capital investment is at risk if the entity that owns the investment had no * arrangement as to: (a) the maintenance of the value of the investment; or (b) the maintenance of any earnings or other return that might be made from owning the investment, including (if the investment relates to a unit trust) the maintenance of any conferrals of present entitlement to income or capital of the unit trust or to any distributions of income or capital of the unit trust.", "Amendment_Count": 4, "First_Amended": "No 94 of 1999", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-432", "Provision_Key": "s118-432", "Heading": "Findings of substantially novel applications of technology", "Text": "Public findings (1) * Industry Innovation and Science Australia may, by legislative instrument, find that each activity within a specified class is a substantially novel application of one or more technologies. Note: A substantially novel application of a technology could, for example, take the form of a substantially novel product or service. Private findings (2) * Industry Innovation and Science Australia may, on application by a company or unit trust, make a written decision: (a) finding that a specified activity is a substantially novel application of one or more technologies; or (b) refusing to make such a finding about a specified activity. Note: A refusal to make a finding is reviewable (see Part 5 of the Venture Capital Act 2002 ). Period for which a finding is in force (3) Subject to variation or revocation, a finding under subsection (1) or paragraph (2)(a) is in force for the period specified in the finding. Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901 . Applications for private findings (4) An application for a finding under paragraph (2)(a) must be in the * form approved by Industry Innovation and Science Australia. (5) * Industry Innovation and Science Australia must notify the applicant in writing of any decision under subsection (2) about the application. (6) A failure to comply with subsection (5) does not affect the validity of a finding or decision.", "Amendment_Count": 2, "First_Amended": "No 124 of 2018", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 124 of 2018 | No 101 of 2021", "History_Notes": "Inserted by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-432"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-435", "Provision_Key": "s118-435", "Heading": "Special rule relating to investment in foreign resident holding companies", "Text": "(1) A company that meets the requirements of subsections 118 ‑ 425(6) and (7) is treated as also meeting the requirements of subsections 118 ‑ 425(2), (3), (4), (4A) and (5) if: (a) it is a resident of: (i) Canada; or (ii) France; or (iii) Germany; or (iv) Japan; or (v) the United Kingdom; or (vi) the United States of America; or (vii) any other foreign country prescribed by the regulations; and (b) it beneficially owns all the * shares in another company or all the units in a unit trust; and (c) it does not carry on any * business other than to support the primary activity of the other company or unit trust; and (d) the other company meets the requirements of subsections 118 ‑ 425(2) to (7), or the unit trust meets the requirements of subsections 118 ‑ 427(3) to (8), as the case requires. (2) However, if: (a) the company is so treated as meeting those requirements; and (b) at any time within the period of 12 months after the day on which the first * eligible venture capital investment was made in the company: (i) the other company ceases to be an Australian resident; or (ii) the unit trust ceases to carry on * business in Australia; as the case requires; then: (c) any eligible venture capital investments already made in the company or unit trust cease to be eligible venture capital investments; and (d) any further investments made in the company or unit trust are not eligible venture capital investments.", "Amendment_Count": 6, "First_Amended": "No 94 of 1999", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 41 of 2005 | No 78 of 2007 | No 54 of 2016", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-440", "Provision_Key": "s118-440", "Heading": "Meaning of permitted entity value", "Text": "(1) An entity exceeds the permitted entity value immediately before a proposed investment is made in the entity if, at that time, the sum of the following exceeds the amount provided for under subsection (9): (a) the total value of the entity’s assets; (b) the total value of the assets of any other entity * connected with the entity to the extent that they are not reflected in the value of any assets referred to in paragraph (a). Note: The time the entity makes the investment is, for a share acquired by converting a convertible note or convertible preference share or for a unit in a unit trust acquired by converting a convertible note, the time when the entity last acquired the convertible note or convertible preference share: see subsections 118 ‑ 425(15) and 118 ‑ 427(16). (2) The total value of the assets of an entity is the total value of its assets (both current and non ‑ current) as shown in: (a) the last audited accounts prepared for the entity for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before that time; or (b) if there are no such audited accounts—a statement, prepared in accordance with the * accounting standards and audited by the entity’s auditor, showing that value as at a time no longer than 12 months before that time. (2A) However, for the purposes of this section, the total value of its assets at that time is the sum of the values of those assets provided for by section 118 ‑ 450 if: (a) there are no such audited accounts; and (b) the entity does not have an auditor at that time; and (c) the entity is not required under subsection 118 ‑ 425(5) or 118 ‑ 427(6) to have an auditor at that time. (3) In applying paragraphs (1)(b), (5)(b) and (7)(c), ignore the total value of the assets of an entity that is * connected with the entity first ‑ mentioned in subsection (1) (the target entity ) either immediately before or immediately after the investment referred to in that subsection if it is so connected only because of * eligible venture capital investments made in both of those entities by the same * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor. (4) In applying paragraphs (1)(b), (5)(b) and (7)(c), ignore the total value of the assets of an entity that, immediately after the investment is made, is not * connected with the target entity. (5) Despite the previous provisions of this section, the target entity exceeds the permitted entity value immediately before the time (the investment time ) when the * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor made the investment in the target entity if: (a) the target entity was * connected with an entity (the linked entity ) in which the VCLP, ESVCLP, AFOF or eligible venture capital investor had made an * eligible venture capital investment at some time in the period of 12 months before the investment time; and (b) the sum of the total value of the assets of the target entity and of any entity * connected with the target entity (at the investment time) and the linked entity and of any entity connected with the linked entity (at the time that the entity making the investment made its investment in the linked entity) exceeds the amount provided for under subsection (9). (6) The Commissioner may determine that subsection (5) does not apply if the Commissioner is satisfied that: (a) the activities of the target entity are not the same as, not an integral part of and not a necessary support for the activities of the linked entity; and (b) the making of the investment in the target entity is not part of a * scheme to acquire interests in all or a substantial part of a group of companies that are * connected with each other. (7) Despite the previous provisions of this section, the target entity exceeds the permitted entity value immediately before the investment time if: (a) the target entity was * connected with an entity (also the linked entity ) in which the * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor had made an * eligible venture capital investment more than 12 months before the investment time; and (b) the activities of the target entity are the same as, are an integral part of or are a necessary support for the activities of the linked entity; and (c) the sum of the total value of the assets of the target entity and of any entity * connected with the target entity (at the investment time) and the linked entity and of any entity connected with the linked entity (at the time that the entity making the investment made its investment in the linked entity) exceeds the amount provided for under subsection (9). (8) In applying paragraphs (5)(b) and (7)(c), ignore the total value of the assets of an entity that is * connected with the linked entity either immediately before or immediately after the investment in the linked entity if it is so connected only because of * eligible venture capital investments made in both of those entities by the same * VCLP, * ESVCLP, * AFOF or * eligible venture capital investor. (9) The amount in relation to a proposed investment is: (a) if an * ESVCLP is to make the proposed investment—$50 million; or (b) in any other case—$250 million.", "Amendment_Count": 6, "First_Amended": "No 94 of 1999", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002 | No 105 of 2004 | No 78 of 2007 | No 54 of 2016", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 105 of 2004, effective Schedule 2: 1 Apr 2004 Remainder: Royal Assent | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-445", "Provision_Key": "s118-445", "Heading": "Meaning of committed capital", "Text": "(1) A partner’s committed capital in a partnership is the sum of the amounts that the partner may, under the partnership agreement establishing the partnership, become obliged to contribute to the partnership. (2) It does not matter whether: (a) the partner contributes all of those amounts; or (b) any amounts contributed are subsequently returned to the partner; or (c) the contributions give rise to * equity interests or * debt interests in the partnership, or both. (3) A partnership’s committed capital is the sum of the committed capital of all of the partnership’s partners.", "Amendment_Count": 3, "First_Amended": "No 94 of 1999", "Last_Amended": "No 136 of 2002", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 136 of 2002", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-445"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-450", "Provision_Key": "s118-450", "Heading": "Values of assets and investments of entities without auditors", "Text": "(1) If, under a provision of this Subdivision, the value of an asset or investment at a particular time is the value provided for by this section, that value is: (a) if paragraph (b) does not apply—its * market value at that time; or (b) the amount stated to be its current market value, at that time or a time in the 12 months preceding that time, in a statutory declaration by: (i) if the entity is a company—the directors of the company; or (ii) if the entity is a unit trust—the trustees of the unit trust. (2) Paragraph (1)(b) does not apply if the Commissioner reasonably believes that the amount stated in the statutory declaration to be the * market value of the asset or investment at the relevant time is inaccurate.", "Amendment_Count": 3, "First_Amended": "No 94 of 1999", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 94 of 1999 | No 165 of 1999 | No 54 of 2016", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Repealed by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-455", "Provision_Key": "s118-455", "Heading": "Impact Assessment of this Subdivision", "Text": "(1) As soon as practicable after 24 months after the Treasury Laws Amendment (Tax Integrity and Other Measures) Act 2018 receives the Royal Assent, the Minister must cause an impact assessment of the operation of this Subdivision and other related tax concessions to be conducted. (2) The impact assessment must: (a) examine the operation of the tax concession regime for: (i) investments made through a * VCLP, * ESVCLP or * AFOF; and (ii) investments made directly by foreign residents registered under Part 3 of the Venture Capital Act 2002 ; and (b) be conducted by the Department and Industry Innovation and Science Australia; and (c) make provision for public consultation. (3) For the purposes of conducting the impact assessment, the reference to Industry Innovation and Science Australia in item 6 of the table in subsection 355 ‑ 65(4) of Schedule 1 to the Taxation Administration Act 1953 is taken to include the Secretary of the Department. (4) The Minister must cause a written report about the impact assessment to be prepared. (5) The Minister must cause a copy of the report to be tabled in each House of the Parliament within 15 sitting days of that House after the day on which the report is given to the Minister.", "Amendment_Count": 2, "First_Amended": "No 124 of 2018", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 124 of 2018 | No 101 of 2021", "History_Notes": "Inserted by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-500", "Provision_Key": "s118-500", "Heading": "What this Subdivision is about", "Text": "A foreign resident tax exempt pension fund that invests in venture capital equity in an Australian company or fixed trust (a resident investment vehicle) can disregard a capital gain or capital loss it makes from a CGT event that happens to that equity if: (a) the entity is registered under the Pooled Development Funds Act 1992 ; and (b) the entity owned the equity for at least 12 months. Table of sections 118 ‑ 505 Exemption for certain foreign venture capital 118 ‑ 510 Meaning of resident investment vehicle 118 ‑ 515 Meaning of venture capital entity 118 ‑ 520 Meaning of superannuation fund for foreign residents 118 ‑ 525 Meaning of venture capital equity", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 165 of 1999 | No 41 of 2005", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-505", "Provision_Key": "s118-505", "Heading": "Exemption for certain foreign venture capital", "Text": "(1) A * capital gain or * capital loss is disregarded if it is made from a * CGT event happening in relation to a * CGT asset that is * venture capital equity where the asset: (a) was * acquired by a * venture capital entity; and (b) at the time of the CGT event: (i) was owned by that entity; and (ii) had been owned by that entity for at least 12 months. (2) The * venture capital entity must be registered under Part 7A of the Pooled Development Funds Act 1992 at the time of the * CGT event.", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-510", "Provision_Key": "s118-510", "Heading": "Meaning of resident investment vehicle", "Text": "(1) A resident investment vehicle is a company that is an Australian resident, or a trust that is a * resident trust for CGT purposes, if: (a) the sum of: (i) the total value of the assets of the company or trust, and (ii) the total value of the assets of any company or trust * connected with the first company or trust; and (iii) the amount of the investment proposed to be made in venture capital equity in the company or trust by the relevant * venture capital entity; is not more than $50,000,000 just before the time (the acquisition time ) when the relevant venture capital entity acquires venture capital equity in the company or trust; and (b) the primary activity of the company or trust is not, at any time, property development or land ownership. (2) However, a trust is not a resident investment vehicle unless entities have * fixed entitlements to all of the income and capital of the trust. (3) The total value of the assets of a company or trust is the total value of its assets (both current and non ‑ current) as shown in: (a) the last audited accounts prepared for the company or trust for the purposes of the Corporations Act 2001 that relates to a period ending less than 18 months before the acquisition time; or (b) if there are no such audited accounts—a statement audited by the company’s or trust’s auditor showing that value as at a time no longer than 12 months before the acquisition time.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2001", "Amending_Acts": "No 165 of 1999 | No 55 of 2001", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-515", "Provision_Key": "s118-515", "Heading": "Meaning of venture capital entity", "Text": "(1) An entity (except a partner in a partnership) is a venture capital entity if: (a) it is a foreign resident; and (b) it is a * superannuation fund for foreign residents; and (c) it is not a * prescribed dual resident; and (d) it is a resident of: (i) Canada; or (ii) France; or (iii) Germany; or (iv) Japan; or (v) the United Kingdom; or (vi) the United States of America; or (vii) some other foreign country prescribed by the regulations; and (e) its income is exempt, or effectively exempt, from taxation in its country of residence. (2) A partner in a partnership is a venture capital entity if: (a) all of the partners in it are entities that are * venture capital entities under subsection (1); or (b) the partnership is a * limited partnership and: (i) all of the partners in it (except its general partner or managing partner) are venture capital entities under subsection (1); and (ii) its general partner or managing partner has interests in less than 10% of the total value of the assets of the partnership.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 165 of 1999 | No 41 of 2005 | No 9 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-520", "Provision_Key": "s118-520", "Heading": "Meaning of superannuation fund for foreign residents", "Text": "(1) A fund is a superannuation fund for foreign residents at a time if: (a) at that time, it is: (i) an indefinitely continuing fund; and (ii) a provident, benefit, superannuation or retirement fund; and (b) it was established in a foreign country; and (c) it was established, and is maintained at that time, only to provide benefits for individuals who are not Australian residents; and (d) at that time, its central management and control is carried on outside Australia by entities none of whom is an Australian resident. (2) However, a fund is not a superannuation fund for foreign residents if: (a) an amount paid to the fund or set aside for the fund has been or can be deducted under this Act; or (b) a * tax offset has been allowed or is allowable for such an amount.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 165 of 1999 | No 4 of 2007 | No 9 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Repealed and substituted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-525", "Provision_Key": "s118-525", "Heading": "Meaning of venture capital equity", "Text": "(1) A * CGT asset is venture capital equity for a * venture capital entity if it is a * share in a company or an interest in a trust where: (a) the company or trust is a * resident investment vehicle; and (b) the share or interest was issued or allotted to the entity by the company or trust; and (c) the entity was at risk in owning the share or interest in that it had no * arrangement (either before or after the share or interest was issued or allotted) as to: (i) the maintenance of the value of the share or interest; or (ii) any earnings or other return that might be made from owning it; or (iii) protection from commercial loss because of owning it. Example: A company borrows money to purchase some shares. The terms of the loan include a term that, if the value of the shares falls below the amount of the loan, the company can repay the loan by transferring the shares to the lender. The company’s ownership of the shares is not at risk, because there is no possibility that it can lose money under the transaction. (2) However, * shares or interests in the * resident investment vehicle issued or allotted to a * venture capital entity are not venture capital equity for the entity if: (a) one or more of these events happens: (i) a share or interest in the resident investment vehicle that was * acquired by some other entity before that issue or allotment is cancelled or redeemed; or (ii) there is a return of some of the capital of the resident investment vehicle that was acquired before that issue or allotment; or (iii) value is shifted out of a share or interest in that vehicle that was acquired before that issue or allotment; and (b) it is reasonable to conclude that the happening of the event referred to in paragraph (a) is connected to that issue or allotment, or to some * arrangement between the entities concerned. Example: The capital of an Australian company is 100,000 shares, with a market value of $1 per share. The shares have full voting and dividend rights. The Australian company issues another 100,000 shares to a foreign company. The new shares are issued at one cent each, but have very limited voting and dividend rights. The Australian company then changes the rights attaching to its shares so that the new shares have full voting and dividend rights, and the original shares have none. Value has been shifted out of the original shares, effectively converting “old equity” to “new equity”. (3) In deciding whether it is reasonable to reach the conclusion referred to in paragraph (2)(b), these matters are relevant: (a) whether the amount of the decrease in the * net value of the * resident investment vehicle because of the happening of the event referred to in paragraph (2)(a) is the same as, or is calculated by reference to, the value of the issue or allotment of * shares or interests to the * venture capital entity; and (b) the time lapse between the happening of that event and that issue or allotment.", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-550", "Provision_Key": "s118-550", "Heading": "Demutualisation of Tower Corporation", "Text": "(1) This section applies if, just before the mutual entity known in New Zealand as Tower Corporation ceased to be a mutual entity, you had membership rights in that entity. Note: Tower Corporation demutualised on 1 October 1999. No capital gain or capital loss from end of membership rights (2) Disregard any * capital gain or * capital loss that resulted from any of your membership rights in Tower Corporation ceasing to exist when that entity ceased to be a mutual entity. Note: Subsection (2) applies to you even if, because you could not be located at the time of demutualisation, you were not immediately issued with shares in the demutualised entity in substitution for your old membership rights, and rights to shares were instead put aside in a trust. Cost base of replacement assets (3) The * cost base and the * reduced cost base of any * shares or other * CGT assets that you * acquire in substitution for the membership rights that have ceased to exist do not include any amounts that you paid in acquiring or maintaining those old rights.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-560", "Provision_Key": "s118-560", "Heading": "Object", "Text": "(1) This Subdivision and its related provisions set out special rules for * look ‑ through earnout rights. The object of these rules is to avoid unnecessary compliance costs and disadvantageous tax outcomes when entities involved in the sale of a business: (a) cannot agree on the current value of some or all of the business’ assets due to uncertainty about the future economic performance of the business; and (b) resolve this uncertainty by agreeing to potentially provide future additional consideration linked to this performance. (2) These rules achieve this object by: (a) disregarding any * capital gain or * capital loss relating to the creation of a * look ‑ through earnout right; and (b) for the acquirer of the business—treating any * financial benefits provided (or received) under the right as forming part of (or reducing) the cost base or reduced cost base of the business assets; and (c) for the seller of the business—treating any financial benefits received (or provided) under the right as increasing (or reducing) the capital proceeds for the business assets. Note: Sections 112 ‑ 36 and 116 ‑ 120 are 2 of the more important related provisions that set out these rules.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-560"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-565", "Provision_Key": "s118-565", "Heading": "Look ‑ through earnout rights", "Text": "Look ‑ through earnout rights—main case (1) A look ‑ through earnout right is a right for which the following conditions are met: (a) the right is a right to future * financial benefits that are not reasonably ascertainable at the time the right is created; (b) the right is created under an * arrangement that involves the * disposal of a * CGT asset; (c) the disposal causes * CGT event A1 to happen; (d) just before the CGT event, the CGT asset was an * active asset of the entity who disposed of the asset; Note: For extra ways to be an active asset, see section 118 ‑ 570. (e) all of the financial benefits that can be provided under the right are to be provided over a period ending no later than 5 years after the end of the income year in which the CGT event happens; (f) those financial benefits are contingent on the economic performance of: (i) the CGT asset; or (ii) a business for which it is reasonably expected that the CGT asset will be an active asset for the period to which those financial benefits relate; (g) the value of those financial benefits reasonably relates to that economic performance; (h) the parties to the arrangement deal with each other at * arm’s length in making the arrangement. Matters affecting the 5 ‑ year maximum period (2) The condition in paragraph (1)(e) is not met, and is treated as never having been met, for the right if: (a) the * arrangement includes an option to extend or renew the arrangement; or (b) the parties to the arrangement vary the arrangement; or (c) those parties enter into another arrangement over the * CGT asset or a business for which it is reasonably expected that the CGT asset will be an * active asset; so that a party could, or does, provide * financial benefits under the right (or one or more equivalent rights) over a total period ending later than 5 years after the end of the income year in which the * CGT event happens. (3) For the purposes of paragraph (1)(e) or subsection (2), in working out the period over which * financial benefits under a right can be provided, disregard any part of an * arrangement that allows for an entity to defer providing such a financial benefit if: (a) the deferral is contingent on an event happening that is beyond the control of the parties to the arrangement; and (b) the deferral cannot change the amount of any financial benefit provided, or to be provided, under the right; and (c) when the arrangement is entered into, the contingent event is not reasonably expected to happen. Look ‑ through earnout rights—rights for ending other rights (4) A look ‑ through earnout right is a right to receive one or more future * financial benefits that: (a) are for ending a right to which subsection (1) applies; and (b) are certain. Note: This subsection will not apply if the old right ends as described in subsection (2), as subsection (2) causes the old right to be treated as if it had never been a right to which subsection (1) applies.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-565"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-570", "Provision_Key": "s118-570", "Heading": "Extra ways a CGT asset can be an active asset", "Text": "(1) For the purposes of this Subdivision, treat a * CGT asset as if it were an active asset of an entity at a particular time, if: (a) the entity owns it at that time; and (b) it is either a * share in a company, or an interest in a trust; and (c) at that time, the entity: (i) is a * CGT concession stakeholder of the company or trust; or (ii) if the entity is not an individual—has a * small business participation percentage in the company or trust of at least 20%; and (d) at that time, the company or trust: (i) is carrying on a * business, and has been carrying on a business since the start of the most recent income year ending before that time; and (ii) is not a * subsidiary member of a * consolidated group; and (e) the assessable income of the company or trust for that most recent income year was greater than nil, and at least 80% of that assessable income was: (i) from the carrying on of one or more businesses; but (ii) not * derived (directly or indirectly) from an asset of a kind to which paragraph 152 ‑ 40(4)(d) or (e) applies. Note: Paragraphs 152 ‑ 40(4)(d) and (e) refer to financial instruments and assets used to derive interest, annuities, rent, royalties or foreign exchange gains. (2) For the purposes of this Subdivision, treat a * CGT asset as if it were an active asset of an entity at a particular time, if subsection 152 ‑ 40(3) would have been satisfied for the asset at that time had paragraph 152 ‑ 40(3)(a) only required the asset to be: (a) a * share in a company; or (b) an interest in a trust. Note: This enables shares and interests in foreign entities to be active assets for the purposes of this Subdivision. (3) Subsections (1) and (2) do not limit section 152 ‑ 40 (about active assets).", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-570"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-575", "Provision_Key": "s118-575", "Heading": "Creating and ending look ‑ through earnout rights", "Text": "Disregard a * capital gain or * capital loss you make because: (a) * CGT event C2 happens in relation to a * look ‑ through earnout right you receive; or (b) CGT event D1 happens when you create a look ‑ through earnout right in another entity.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-575"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 118-580", "Provision_Key": "s118-580", "Heading": "Temporarily disregard capital losses affected by look ‑ through earnout rights", "Text": "(1) Temporarily disregard a portion of a * capital loss you make from * disposing of a * CGT asset if the capital loss could be reduced by you receiving one or more * financial benefits under a * look ‑ through earnout right relating to the CGT asset and the disposal. (2) The portion of the * capital loss that is temporarily disregarded is: (a) if those * financial benefits can never exceed a maximum amount that is certain—so much of the capital loss as is equal to that maximum amount; or (b) otherwise—all of the capital loss. Note: When you receive a financial benefit under the look ‑ through earnout right: (a) you cease to disregard under this section a portion of your loss related to the amount of that financial benefit; and (b) your capital proceeds for the disposal increase (see paragraph 116 ‑ 120(1)(b)), causing a reduction in the amount of your loss.", "Amendment_Count": 1, "First_Amended": "No 10 of 2016", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 10 of 2016", "History_Notes": "Inserted by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s118-580"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 119-1", "Provision_Key": "s119-1", "Heading": "What this Division is about", "Text": "If you are an individual who is an Australian resident, you may have to pay extra income tax relating to certain capital gains you make during an income year to ensure, before applying offsets, a rate of tax of 30% on so much of those gains as remains after applying section 119 ‑ 5. This Division sets out how to work out when extra income tax is payable and matters relating to the amount of that tax. The requirement to pay extra income tax does not apply if you received certain payments during the income year. Table of sections Operative provisions 119 ‑ 5 Your minimum tax capital gain for an income year 119 ‑ 10 When extra income tax is payable on your minimum tax capital gain 119 ‑ 15 Exception for recipients of certain payments", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s119-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 119-5", "Provision_Key": "s119-5", "Heading": "Your minimum tax capital gain for an income year", "Text": "(1) Your minimum tax capital gain (if any) for an income year is worked out as follows: (a) first, total the amounts of * capital gains (if any) covered by subsection (2) that are remaining after applying step 6 of the method statement in subsection 102 ‑ 5(1); (b) next, reduce the result of paragraph (a) (but not below nil) by the total amount (if any) you are entitled to deduct, for the income year, under any of the following: (i) Division 30 (about gifts or contributions); (ii) Division 31 (about conservation covenants). (2) This subsection covers a * capital gain you made during the income year, including because of section 115 ‑ 215 (about attribution of trust gains to beneficiaries), if: (a) the capital gain is: (i) a * residential capital gain; or (ii) a * non ‑ residential capital gain; and (b) section 115 ‑ 102 (about new residential dwellings) does not apply to the capital gain; and (c) section 115 ‑ 125 (about affordable housing) does not apply to the capital gain.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s119-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 119-10", "Provision_Key": "s119-10", "Heading": "When extra income tax is payable on your minimum tax capital gain", "Text": "(1) You must pay extra income tax on your * minimum tax capital gain for an income year if: (a) you are an individual; and (b) you are an Australian resident at any time during the income year; and (c) you have a * minimum tax gap amount for the income year. Note: Section 12AA of the Income Tax Rates Act 1986 sets the rate at which you must pay extra income tax on your minimum tax capital gain. It does so in such a way that the extra income tax you must pay equals the minimum tax gap amount. (2) Use this method statement to work out whether you have a minimum tax gap amount for the income year: Method statement Step 1. Multiply your * minimum tax capital gain for the income year by 30%. Step 2. Work out your basic income tax liability for the income year under step 2 of the method statement in subsection 4 ‑ 10(3), disregarding this Division. Step 3. Work out what the amount at step 2 of this method statement would be if your taxable income for the income year were reduced (but not below nil) by the amount of your * minimum tax capital gain. Step 4. Subtract the amount at step 3 from the amount at step 2. Step 5. Subtract the amount at step 4 from the amount at step 1. Step 6. Round the result down to the nearest whole dollar if the result is not already a number of whole dollars. Step 7. If the result (as rounded) is more than nil, you have a minimum tax gap amount for the income year equal to that amount.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s119-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 119-15", "Provision_Key": "s119-15", "Heading": "Exception for recipients of certain payments", "Text": "(1) Section 119 ‑ 10 does not apply to you if you receive, at any time during the income year, a payment covered by any of subsections (2) to (5). Social Security Act 1991 payments (2) This subsection covers the following payments under the Social Security Act 1991 : (a) an age pension under Part 2.2 of that Act; (b) an austudy payment under Part 2.11A of that Act; (c) a carer payment under Part 2.5 of that Act; (d) a disability support pension under Part 2.3 of that Act; (e) a double orphan pension under Part 2.20 of that Act; (f) a jobseeker payment under Part 2.12 of that Act; (g) parenting payment under Part 2.10 of that Act; (h) special benefit under Part 2.15 of that Act; (i) youth allowance under Part 2.11 of that Act. Other social support payments (3) This subsection covers the following payments: (a) family tax benefit under the A New Tax System (Family Assistance) Act 1999 ; (b) a stillborn baby payment under the A New Tax System (Family Assistance) Act 1999 ; (c) farm household allowance under Part 2 of the Farm Household Support Act 2014 ; (d) parental leave pay under the Paid Parental Leave Act 2010 ; (e) a payment under the scheme known as the ABSTUDY scheme that includes an amount identified as living allowance. Veterans’ Entitlements Act 1986 payments (4) This subsection covers the following payments under the Veterans’ Entitlements Act 1986 : (a) an age service pension under Division 3 of Part III of that Act; (b) a carer service pension under former Division 6 of Part III of that Act, as saved by clause 8 of Schedule 5 to that Act; (c) income support supplement under Part IIIA of that Act; (d) an invalidity service pension under Division 4 of Part III of that Act; (e) a partner service pension under Division 5 of Part III of that Act; (f) a veteran payment under section 45SB of that Act; (g) a pension under Part II or IV of that Act at a rate determined under or by reference to subsection 30(1) of that Act; (h) a pension under Part II or IV of that Act at a rate determined under or by reference to paragraph 30(2)(a) or (b) of that Act; (i) a pension under Part II or IV of that Act at a rate applicable under section 23, 24 or 25 of that Act. Military Rehabilitation and Compensation Act 2004 payments (5) This subsection covers the following payments under the Military Rehabilitation and Compensation Act 2004 : (a) a Special Rate Disability Pension under Part 6 of Chapter 4 of that Act; (b) the weekly amount mentioned in paragraph 234(1)(b) of that Act, including a reduced weekly amount because of a choice under section 236 of that Act; (c) a lump sum mentioned in subsection 236(5) of that Act.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Inserted by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s119-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 121-10", "Provision_Key": "s121-10", "Heading": "What this Division is about", "Text": "You must keep records of matters that affect the capital gains and losses you make. You must retain them for 5 years after the last relevant CGT event. Table of sections Operative provisions 121 ‑ 20 What records you must keep 121 ‑ 25 How long you must retain the records 121 ‑ 30 Exceptions 121 ‑ 35 Asset register entries", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s121-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 121-20", "Provision_Key": "s121-20", "Heading": "What records you must keep", "Text": "(1) You must keep records of every act, transaction, event or circumstance that can reasonably be expected to be relevant to working out whether you have made a * capital gain or * capital loss from a * CGT event. (It does not matter whether the CGT event has already happened or may happen in the future.) Note 1: There are exceptions: see section 121 ‑ 30. Example 1: You dispose of a CGT asset. The records that are relevant to working out your capital gain or loss are records of: • the date you acquired the asset; • the date you disposed of it; • each element of its cost base and reduced cost base and the effect of indexation on those elements; • what you sold it for (the capital proceeds). Example 2: Company A disposes of a CGT asset it acquired from company B (a member of the same wholly ‑ owned group and a foreign resident) where company B obtained a roll ‑ over under Subdivision 126 ‑ B. In addition to the records mentioned in example 1, company A needs records showing: • the status of the 2 companies as members of the group; • which company is the ultimate holding company in the group; • the cost base and reduced cost base of the asset in the hands of company B just before the roll ‑ over (because these become company A’s cost base and reduced cost base). Example 3: CGT event G2 (about shifts in share values) happens involving company X and Greg (a controller (for CGT purposes) of company X). Z Nominees Pty Ltd (an associate of Greg’s) suffers a material decrease in the value of its shares in company X as a result of the shift. Z Nominees needs records showing: • the essential elements of the relevant scheme; • the date when the share value shift occurred; • the amounts of the decreases and increases in the market values of all shares involved in the scheme; • if shares are issued at a discount under the scheme, the amount of the discount; • the cost bases and market values of the shares that decreased in value. Note 2: There is an administrative penalty if you do not keep records as required by this Division: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . (2) The records must be in English, or be readily accessible and convertible into English. They must show what is described in this section. (They show something if they include whatever material is necessary for that thing to be easily identified or worked out.) (3) They must show the nature of the act, transaction, event or circumstance, the day when it happened or arose and: (a) in the case of an act—who did it; and (b) in the case of a transaction—who were the parties to it. (4) They must show details (including relevant amounts) of how the act, transaction, event or circumstance is relevant (or can reasonably be expected to be relevant) to working out whether you have made a * capital gain or * capital loss from a * CGT event. (5) If the necessary records of an act, transaction, event or circumstance do not already exist, you must reconstruct them or have someone else reconstruct them. Example: Your capital gain or capital loss from a CGT event may depend on the market value of property at a particular time. To record that market value properly, you may need to get a valuation done. Penalty: 30 penalty units. Note: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit. (6) An offence under this section is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 46 of 1998 | No 91 of 2000 | No 146 of 2001 | No 117 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 91 of 2000, effective Sch 2 (items 49–53), Sch 4A and Sch 5: 1 July 2000 (s 3(1), (6)) | Amended by No 146 of 2001, effective Sch 4 (items 92–101): 15 Dec 2001 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s121-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 121-25", "Provision_Key": "s121-25", "Heading": "How long you must retain the records", "Text": "(1) You must retain records that section 121 ‑ 20 requires you to keep. (2) You must retain them until the end of 5 years after it becomes certain that no * CGT event (or no further * CGT event) can happen such that the records could reasonably be expected to be relevant to working out whether you have made a * capital gain or * capital loss from the event. (2A) An offence under this section is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . (3) This section has effect despite subsection 262A(4) of the Income Tax Assessment Act 1936 (which requires records to be retained for a different period). (4) However, it is not necessary to retain records: (a) if the Commissioner notifies you that you do not need to retain them; or (b) for a company that has finally ceased to exist. Note 1: There are special record keeping rules where there has been a roll ‑ over for a merger between superannuation funds under former section 160ZZPI of the Income Tax Assessment Act 1936 : see section 121 ‑ 25 of the Income Tax (Transitional Provisions) Act 1997 . Penalty: 30 penalty units. Note 2: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 91 of 2000 | No 146 of 2001 | No 41 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 91 of 2000, effective Sch 2 (items 49–53), Sch 4A and Sch 5: 1 July 2000 (s 3(1), (6)) | Amended by No 146 of 2001, effective Sch 4 (items 92–101): 15 Dec 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s121-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 121-30", "Provision_Key": "s121-30", "Heading": "Exceptions", "Text": "(1) You do not need to keep records under section 121 ‑ 20 if: (a) for each * CGT event (if any) that has happened such that the records are relevant (or could reasonably be expected to be relevant) to working out whether you have made a * capital gain or * capital loss from the event; and (b) for each * CGT event that may happen in the future such that the records could reasonably be expected to be relevant to working out whether you might make a * capital gain or * capital loss from the event; any capital gain or capital loss you made (or might make) from it is to be (or would be) disregarded, except because of a roll ‑ over. (2) However, the exceptions in this section do not apply to a * CGT event as a result of which a * capital gain or * capital loss is disregarded under section 855 ‑ 40 (about capital gains and losses of foreign residents through * fixed trusts).", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 21 of 2005 | No 168 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 21 of 2005, effective 21 Mar 2005 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s121-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 121-35", "Provision_Key": "s121-35", "Heading": "Asset register entries", "Text": "(1) You satisfy a requirement under this Division to retain records for a period if you: (a) retain for that period an entry in a register for the records that satisfies the requirements in subsection (2), or a combination of the records and such an entry for them, containing all the information required to be contained in the records; and (b) retain those of the records that contain the information entered in the register for at least 5 years after the requirement in paragraph (2)(b) is satisfied. (2) The requirements are: (a) you must make an entry in a register, in English, setting out some or all of the information contained in the records; and (b) another entity who is a * registered tax agent or some other person approved by the Commissioner must certify in the register that the information entered is information from those records. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 94 of 1999", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 94 of 1999", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s121-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-1", "Provision_Key": "s122-1", "Heading": "What this Division is about", "Text": "A roll ‑ over can delay the making of a capital gain or loss if: • you dispose of a CGT asset, or all the assets of a business, to a company in which you own all the shares; or • you create a CGT asset in such a company; or • all the partners in a partnership dispose of partnership property to a company in which they own all the shares; or • the partners create a CGT asset in such a company.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-5", "Provision_Key": "s122-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out when you can obtain a roll ‑ over if you transfer a CGT asset, or all the assets of a business, to a company. It also deals with the creation of a CGT asset in a company. There are consequences for the company also. Table of sections When is a roll ‑ over available 122 ‑ 15 Disposal or creation of assets—wholly ‑ owned company 122 ‑ 20 What you receive for the trigger event 122 ‑ 25 Other requirements to be satisfied 122 ‑ 35 What if the company undertakes to discharge a liability (disposal case) 122 ‑ 37 Rules for working out what a liability in respect of an asset is Replacement ‑ asset roll ‑ over if you dispose of a CGT asset 122 ‑ 40 Disposal of a CGT asset Replacement ‑ asset roll ‑ over if you dispose of all the assets of a business 122 ‑ 45 Disposal of all the assets of a business 122 ‑ 50 All assets acquired on or after 20 September 1985 122 ‑ 55 All assets acquired before 20 September 1985 122 ‑ 60 Assets acquired before and after 20 September 1985 Replacement ‑ asset roll ‑ over for a creation case 122 ‑ 65 Creation of asset Same ‑ asset roll ‑ over consequences for the company (disposal case) 122 ‑ 70 Consequences for the company (disposal case) Same ‑ asset roll ‑ over consequences for the company (creation case) 122 ‑ 75 Consequences for the company (creation case)", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-15", "Provision_Key": "s122-15", "Heading": "Disposal or creation of assets—wholly ‑ owned company", "Text": "If you are an individual or a trustee, you can choose to obtain a roll ‑ over if one of the * CGT events (the trigger event ) specified in this table happens involving you and a company in the circumstances set out in sections 122 ‑ 20 to 122 ‑ 35. Relevant * CGT events Event No. What you do A1 * Dispose of a CGT asset, or all the assets of a business, to the company D1 Create contractual or other rights in the company D2 Grant an option to the company D3 Grant the company a right to income from mining F1 Grant a lease to the company, or renew or extend a lease Note 1: The roll ‑ over starts at section 122 ‑ 40. Note 2: Section 103 ‑ 25 tells you when you have to make the choice. Note 3: A roll ‑ over may also be available under Subdivision 328 ‑ G (Restructures of small businesses). Example: Gavin runs a plumbing business. He wants to incorporate it so he disposes of all its assets to a company. He becomes the sole shareholder of the company.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 46 of 1998 | No 18 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-20", "Provision_Key": "s122-20", "Heading": "What you receive for the trigger event", "Text": "(1) The consideration you receive for the trigger event happening must be only: (a) * shares in the company; or (b) for a * disposal of a * CGT asset, or all the assets of a business, to the company (a disposal case )—shares in the company and the company undertaking to discharge one or more liabilities in respect of the asset or assets of the * business (as appropriate). Note: There are rules for working out what are the liabilities in respect of an asset: see section 122 ‑ 37. (2) The * shares cannot be * redeemable shares. (3) The * market value of the * shares you receive for the trigger event happening must be substantially the same as: (a) for a disposal case—the market value of the asset or assets you disposed of, less any liabilities the company undertakes to discharge in respect of the asset or assets (as appropriate); or (b) for another trigger event (a creation case )—the market value of the CGT asset created in the company (the created asset ). (4) In working out if the requirement in paragraph (3)(a) is satisfied, if the * market value of the * shares is different to what it would otherwise be only because of the possibility of liabilities attaching to the asset or assets, disregard the difference. Note: The company may have to pay income tax if an amount is included in its assessable income because of a CGT event happening to an asset you disposed of, or it may have a liability because of accrued leave entitlements of employees. The market value of the shares will reflect these contingent liabilities.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-25", "Provision_Key": "s122-25", "Heading": "Other requirements to be satisfied", "Text": "(1) You must own all the * shares in the company just after the time of the trigger event. Note: You must own the shares in the same capacity as you owned or created the assets that the company now owns. (2) This Subdivision does not apply to the * disposal or creation of any of the assets specified in this table: Assets to which Subdivision does not apply Item In this situation: This Subdivision does not apply to: 1 You * dispose of a * CGT asset to the company or create a CGT asset in the company (a) a * collectable or a * personal use asset; or (b) a decoration awarded for valour or brave conduct (except if you paid money or gave any other property for it); or (c) a * precluded asset; or (d) an asset that becomes * trading stock of the company just after the * disposal or creation; or (e) an asset that becomes a * registered emissions unit * held by the company just after the * disposal or creation 2 You * dispose of all the assets of a * business to the company (a) a * collectable or a * personal use asset; or (b) a decoration awarded for valour or brave conduct (except if you paid money or gave any other property for it); or (c) an asset that becomes * trading stock of the company just after the disposal or creation (unless it was your trading stock when you disposed of it); or (d) an asset that becomes a * registered emissions unit * held by the company just after the * disposal or creation (unless it was a registered emissions unit held by you when you disposed of it) (3) A precluded asset is: (a) a * depreciating asset; or (b) * trading stock; or (c) an interest in the copyright in a * film referred to in section 118 ‑ 30; or (d) a * registered emissions unit. (4) If: (a) the * CGT asset or any of the assets of the * business is a right, option, * convertible interest or * exchangeable interest; and (b) the company * acquires another CGT asset by exercising the right or option or by converting the convertible interest or in exchange for the disposal or redemption of the exchangeable interest; the other asset cannot become * trading stock of the company just after the company acquired it. (5) The * ordinary income and * statutory income of the company must not be exempt from income tax because it is an * exempt entity for the income year of the trigger event. (6) If you are an individual at the time of the trigger event, either: (a) you and the company must both be Australian residents at that time; or (b) both of the following requirements must be satisfied: (i) each asset must be * taxable Australian property at that time; (ii) the shares in the company mentioned in subsection 122 ‑ 20(1) must be taxable Australian property just after that time. (7) If you are a trustee of a trust at the time of the trigger event, either: (a) at that time, the trust must be a * resident trust for CGT purposes and the company must be an Australian resident; or (b) both of the following requirements must be satisfied: (i) each * CGT asset must be a CGT asset of the trust that is * taxable Australian property at that time; and (ii) the shares in the company mentioned in subsection 122 ‑ 20(1) must be taxable Australian property just after that time.", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 77 of 2001 | No 133 of 2003 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006 | No 132 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-35", "Provision_Key": "s122-35", "Heading": "What if the company undertakes to discharge a liability (disposal case)", "Text": "Disposal of a CGT asset (1) One of the requirements in this table must be satisfied if: (a) you * dispose of a * CGT asset; and (b) the company undertakes to discharge one or more liabilities in respect of it. (The * market value, or the * cost base, of an asset is worked out when you disposed of it.) * What amount the liabilities cannot exceed Item In this situation: the liabilities cannot exceed: 1 You * acquired the asset on or after 20 September 1985 The * cost base of the asset 2 You * acquired the asset before 20 September 1985 The * market value of the asset Note: There are rules for working out what are the liabilities in respect of an asset: see section 122 ‑ 37. Disposal of all the assets of a business (2) One of the requirements in this table must be satisfied if: (a) you * dispose of all the assets of a * business; and (b) the company undertakes to discharge one or more liabilities in respect of the assets of the business. (The * market value, or the * cost base, of an asset is worked out when you disposed of it.) What amount the liabilities cannot exceed Item In this situation: The liabilities cannot exceed: 1 You * acquired all the assets on or after 20 September 1985 The sum of the * market values of the * precluded assets and the * cost bases of the other assets 2 You * acquired all the assets before 20 September 1985 The sum of the * market values of the assets 3 You * acquired at least one asset on or after 20 September 1985 and at least one before that day For liabilities in respect of assets you * acquired on or after that day—the sum of the * market values of the * precluded assets and the * cost bases of the other assets; For liabilities in respect of assets you * acquired before that day—the sum of the market values of those assets", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-37", "Provision_Key": "s122-37", "Heading": "Rules for working out what a liability in respect of an asset is", "Text": "(1) These rules are relevant to working out what are the liabilities in respect of an asset. (2) A liability incurred for the purposes of a * business that is not a liability in respect of a specific asset or assets of the business is taken to be a liability in respect of all the assets of the business. Note: An example is a bank overdraft. (3) If a liability is in respect of 2 or more assets, the proportion of the liability that is in respect of any one of those assets is equal to:", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-40", "Provision_Key": "s122-40", "Heading": "Disposal of a CGT asset", "Text": "(1) If you choose a roll ‑ over, a * capital gain or * capital loss you make from the trigger event is disregarded. (2) If you * acquired the asset on or after 20 September 1985: (a) the first element of each * share’s * cost base is the asset’s cost base when you * disposed of it (less any liabilities the company undertakes to discharge in respect of it) divided by the number of shares; and (b) the first element of each share’s * reduced cost base is worked out similarly. Note 1: There are rules for working out what are the liabilities in respect of an asset: see section 122 ‑ 37. Note 2: There are special indexation rules for roll ‑ overs: see Division 114. (3) If you * acquired the asset before 20 September 1985, you are taken to have acquired the * shares before that day.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-45", "Provision_Key": "s122-45", "Heading": "Disposal of all the assets of a business", "Text": "(1) If you choose a roll ‑ over for * disposing of all the assets of a * business to the company, a * capital gain or * capital loss you make from each of the assets of the business is disregarded. (2) The other consequences relate to the * shares you receive and depend on when you * acquired the assets of the * business. Note 1: There are 3 possible cases: • you acquired all the assets on or after 20 September 1985: see section 122 ‑ 50; • you acquired all the assets before that day: see section 122 ‑ 55; • you acquired some of the assets on or after that day: see section 122 ‑ 60. Note 2: There are special indexation rules for roll ‑ overs: see Division 114. Note 3: There are other consequences for you and the company if you dispose of trading stock: see Division 70.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-50", "Provision_Key": "s122-50", "Heading": "All assets acquired on or after 20 September 1985", "Text": "(1) If you * acquired all of the assets of the * business on or after 20 September 1985: (a) the first element of each * share’s * cost base is the sum of the * market values of the * precluded assets and the cost bases of the other assets (less any liabilities the company undertakes to discharge in respect of all of those assets) divided by the number of shares; and (b) the first element of each share’s * reduced cost base is worked out similarly. Note 1: There are rules for working out what are the liabilities in respect of an asset: see section 122 ‑ 37. Note 2: There are special indexation rules for roll ‑ overs: see Division 114. Example: Nick is a small trader. He wants to incorporate his business. He disposes of all its assets to a company and receives 10 shares in return. Nick acquired all the assets of the business after 20 September 1985. Trading stock, plant and equipment and office furniture are precluded assets. The market value of Nick’s trading stock when he disposed of it is $20,000. The market value of his plant and equipment at that time is $50,000 and the market value of his office furniture at that time is $10,000. The cost bases of Nick’s land and buildings at that time total $120,000. Nick has a business overdraft of $15,000. It is taken to be a liability in respect of all the assets of his business. The first element of the cost base of the 10 shares is: The first element of the reduced cost base of the 10 shares is worked out similarly. (2) The * market value of an asset is worked out when you * disposed of it. The * cost base or * reduced cost base of an asset is worked out at the same time.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 14 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-55", "Provision_Key": "s122-55", "Heading": "All assets acquired before 20 September 1985", "Text": "(1) You are taken to have * acquired all of the * shares before 20 September 1985 if you acquired all the assets of the * business before that day and none of the assets is a * precluded asset. (2) However, if at least one of the assets is a * precluded asset, you are taken to have * acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares) does not exceed: • the total of the * market values of the assets that are not * precluded assets, less any liabilities the company undertakes to discharge in respect of those assets; expressed as a percentage of: • the total of the market values of all the assets, less any liabilities the company undertakes to discharge in respect of those assets. Note: There are rules for working out what are the liabilities in respect of an asset: see section 122 ‑ 37. (3) The first element of each other * share’s * cost base and * reduced cost base is the total of the * market values of the * precluded assets (less any liabilities the company undertakes to discharge in respect of those assets) divided by the number of those other shares. (4) The * market value of an asset is worked out when you * disposed of it. The * cost base or * reduced cost base of an asset is worked out at the same time.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-60", "Provision_Key": "s122-60", "Heading": "Assets acquired before and after 20 September 1985", "Text": "(1) If you * acquired some of the assets on or after 20 September 1985, you are taken to have acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares) does not exceed: • the total of the * market values of the assets (except any * precluded assets) that you acquired before that day, less any liabilities the company undertakes to discharge in respect of those assets; expressed as a percentage of: • the total of the market values of all the assets, less any liabilities the company undertakes to discharge in respect of those assets. (2) The first element of each other * share’s * cost base is the sum of the * market values of the * precluded assets and the cost bases of the other assets that you * acquired on or after that day (less any liabilities the company undertakes to discharge in respect of all of those assets) divided by the number of those other shares. Note: There are special indexation rules for roll ‑ overs: see Division 114. (3) The first element of each other * share’s * reduced cost base is worked out similarly. (4) The * market value of an asset is worked out when you * disposed of it. The * cost base or * reduced cost base of an asset is worked out at the same time.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-65", "Provision_Key": "s122-65", "Heading": "Creation of asset", "Text": "(1) If you choose a roll ‑ over, a * capital gain or * capital loss you make from the trigger event is disregarded. (2) The first element of each * share’s * cost base is the amount applicable under this table divided by the number of shares. The first element of each share’s * reduced cost base is worked out similarly. Creation case Event No. Applicable amount D1 the * incidental costs you incurred that relate to the trigger event D2 the expenditure you incurred to grant the option D3 the expenditure you incurred to grant the right F1 the expenditure you incurred on the grant, renewal or extension of the lease The expenditure can include a transfer of property: see section 103 ‑ 5. Example: Bill grants a licence (CGT event D1) to Tiffin Pty Ltd (a company he owns). The company issues him with 2 additional shares. He incurs legal expenses of $1,000 to grant the licence. Bill’s cost base for each of the shares is $500.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-70", "Provision_Key": "s122-70", "Heading": "Consequences for the company (disposal case)", "Text": "(1) There are these consequences for the company in a disposal case if you choose to obtain a roll ‑ over. They are relevant for each * CGT asset (except a * precluded asset) that you * disposed of to the company. Note: A capital gain or loss from a precluded asset can be disregarded: see Subdivision 118 ‑ A. Asset acquired on or after 20 September 1985 (2) If you * acquired the asset on or after 20 September 1985: (a) the first element of the asset’s * cost base (in the hands of the company) is the asset’s cost base when you disposed of it; and (b) the first element of the asset’s * reduced cost base (in the hands of the company) is the asset’s reduced cost base when you disposed of it. Note 1: There are special indexation rules for roll ‑ overs: see Division 114. Note 2: The reduced cost base may be modified for a roll ‑ over happening after a demerger: see section 125 ‑ 170. Asset acquired before 20 September 1985 (3) If you * acquired the asset before 20 September 1985, the company is taken to have acquired it before that day. Note: A capital gain or loss from a CGT asset acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 90 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-75", "Provision_Key": "s122-75", "Heading": "Consequences for the company (creation case)", "Text": "(1) There are these consequences for the company in a creation case if you choose to obtain a roll ‑ over. (2) The first element of the created asset’s * cost base (in the hands of the company) is the applicable amount from the table in subsection 122 ‑ 65(2). Example: To continue the example in section 122 ‑ 65, the cost base of the licence in Tiffin Pty Ltd’s hands is $1,000. (3) The first element of the created asset’s * reduced cost base (in the hands of the company) is worked out similarly.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-120", "Provision_Key": "s122-120", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out when the partners in a partnership can obtain a roll ‑ over on transferring a CGT asset, or all the assets of a business, to a company. It also deals with the creation of a CGT asset in a company. There are consequences for the company also. Table of sections When is a roll ‑ over available 122 ‑ 125 Disposal or creation of assets—wholly ‑ owned company 122 ‑ 130 What the partners receive for the trigger event 122 ‑ 135 Other requirements to be satisfied 122 ‑ 140 What if the company undertakes to discharge a liability (disposal case) 122 ‑ 145 Rules for working out what a liability in respect of an interest in an asset is Replacement ‑ asset roll ‑ over if partners dispose of a CGT asset 122 ‑ 150 Capital gain or loss disregarded 122 ‑ 155 Disposal of post ‑ CGT or pre ‑ CGT interests 122 ‑ 160 Disposal of both post ‑ CGT and pre ‑ CGT interests Replacement ‑ asset roll ‑ over if the partners dispose of all the assets of a business 122 ‑ 170 Capital gain or loss disregarded 122 ‑ 175 Other consequences 122 ‑ 180 All interests acquired on or after 20 September 1985 122 ‑ 185 All interests acquired before 20 September 1985 122 ‑ 190 Interests acquired before and after 20 September 1985 Replacement ‑ asset roll ‑ over for a creation case 122 ‑ 195 Creation of asset Same ‑ asset roll ‑ over consequences for the company (disposal case) 122 ‑ 200 Consequences for the company (disposal case) Same ‑ asset roll ‑ over consequences for the company (creation case) 122 ‑ 205 Consequences for the company (creation case)", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-125", "Provision_Key": "s122-125", "Heading": "Disposal or creation of assets—wholly ‑ owned company", "Text": "All of the partners in a partnership can choose to obtain a roll ‑ over if one of the * CGT events (the trigger event ) specified in this table happens involving the partners and a company in the circumstances set out in sections 122 ‑ 130 to 122 ‑ 140. Relevant * CGT events Event No. What the partners do A1 * Dispose of their interests in a * CGT asset of the partnership, or all the assets of a business carried on by the partnership, to the company D1 Create contractual or other rights in the company D2 Grant an option to the company D3 Grant the company a right to income from mining F1 Grant a lease to the company, or renew or extend a lease Note 1: The roll ‑ over starts at section 122 ‑ 150. Note 2: Section 103 ‑ 25 tells you when you have to make the choice. Example: Michael and Sandra operate a fish shop in partnership. They agree to incorporate the business so they dispose of their interests in all its assets to a company. They are the only shareholders of the company.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-130", "Provision_Key": "s122-130", "Heading": "What the partners receive for the trigger event", "Text": "(1) The consideration the partners receive must be only: (a) * shares in the company; or (b) for a * disposal of their interests in a * CGT asset, or in all the assets of a business, to the company (a disposal case )—shares in the company and the company undertaking to discharge one or more liabilities in respect of their interests. Note: There are rules for working out what are the liabilities in respect of an interest in an asset: see section 122 ‑ 145. (2) The * shares cannot be * redeemable shares. (3) The * market value of the * shares each partner receives for the trigger event happening must be substantially the same as: (a) for a disposal case—the market value of the interests in the asset or assets the partner disposed of, less any liabilities the company undertakes to discharge in respect of the interests in the asset or assets (as appropriate); or (b) for another trigger event (a creation case )—the market value of what would have been the partner’s interest in the * CGT asset created in the company (the created asset ) if it were an asset of the partnership. (4) In working out if the requirement in paragraph (3)(a) is satisfied, if the * market value of the * shares is different to what it would otherwise be only because of the possibility of liabilities attaching to the asset or assets, disregard the difference. Note: The company may have to pay income tax if an amount is included in its assessable income because of a CGT event happening to an asset a partner disposed of, or it may have a liability because of accrued leave entitlements of employees. The market value of the shares will reflect these contingent liabilities.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-135", "Provision_Key": "s122-135", "Heading": "Other requirements to be satisfied", "Text": "(1) The partners must own all the * shares in the company just after the time of the trigger event. (2) Each partner must own the * shares the partner received for the trigger event happening in the same capacity that the partner: (a) owned the partner’s interests in the assets that the company now owns; or (b) participated in the creation of the asset in the company. Note: If a partner’s interests were owned as trustee, the partner must receive shares as trustee. (3) This Subdivision does not apply to the * disposal or creation of any of the assets specified in this table: Assets to which Subdivision does not apply Item In this situation: This Subdivision does not apply to: 1 The partners * dispose of their interests in a * CGT asset to, or create a CGT asset in, the company (a) a * collectable or a * personal use asset; or (b) a decoration awarded for valour or brave conduct (except if a partner paid money or gave any other property for it); or (c) a * precluded asset; or (d) an asset that becomes * trading stock of the company just after the * disposal or creation 2 The partners * dispose of their interests in all the assets of a business (a) a * collectable or a * personal use asset; or (b) a decoration awarded for valour or brave conduct (except if a partner paid money or gave any other property for it); or (c) an asset that becomes * trading stock of the company just after the disposal or creation (unless it was trading stock of the partnership when it was disposed of) (4) If: (a) the * CGT asset or any of the assets of the * business is a right, option, * convertible interest or * exchangeable interest; and (b) the company * acquires another CGT asset by exercising the right or option or by converting the convertible interest or in exchange for the disposal or redemption of the exchangeable interest; the other asset cannot become * trading stock of the company just after the company acquired it. (5) The * ordinary income and * statutory income of the company must not be exempt from income tax because it is an * exempt entity for the income year of the trigger event. (6) For a partner who is not a trustee of a trust at the time of the trigger event, either: (a) the partner and the company must both be Australian residents at that time; or (b) both of the following requirements must be satisfied: (i) each asset must be * taxable Australian property at that time; and (ii) the shares in the company mentioned in subsection 122 ‑ 130(1) must be taxable Australian property just after that time. (7) For a partner who is a trustee of a trust at the time of the trigger event, either: (a) at that time, the trust must be a * resident trust for CGT purposes and the company must be an Australian resident; or (b) both of the following requirements must be satisfied: (i) each * CGT asset must be a CGT asset of the trust that is * taxable Australian property at that time; and (ii) the shares in the company mentioned in subsection 122 ‑ 130(1) must be taxable Australian property just after that time.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 133 of 2003 | No 41 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-140", "Provision_Key": "s122-140", "Heading": "What if the company undertakes to discharge a liability (disposal case)", "Text": "Disposal of a CGT asset (1) One of these requirements must be satisfied (for each partner) if: (a) the partners * dispose of their interests in a * CGT asset; and (b) the company undertakes to discharge one or more liabilities in respect of the interests in the asset. (The * market value, or the * cost base, of an interest is worked out at the time of the disposal.) What amount the liabilities cannot exceed Item In this situation: the liabilities cannot exceed: 1 A partner * acquired the interest on or after 20 September 1985 The * cost base of the interest 2 A partner * acquired the interest before 20 September 1985 The * market value of the interest Note: There are rules for working out what are the liabilities in respect of an interest in an asset: see section 122 ‑ 145. Disposal of all the assets of a business (2) One of these requirements must be satisfied (for each partner) if: (a) the partners * dispose of their interests in all the assets of a * business; and (b) the company undertakes to discharge one or more liabilities in respect of the interests in the assets. (The * market value, or the * cost base, of an interest is worked out at the time of the disposal.) What amount the liabilities cannot exceed Item In this situation: the liabilities cannot exceed: 1 A partner * acquired all the interests on or after 20 September 1985 The sum of the * market values of the partner’s interests in * precluded assets and the * cost bases of the partner’s interests in other assets 2 A partner * acquired all the interests before 20 September 1985 The sum of the * market values of the interests 3 A partner * acquired at least one interest on or after 20 September 1985 and at least one before that day For liabilities in respect of interests * acquired on or after that day—the sum of the * market values of the partner’s interests in * precluded assets and the * cost bases of the partner’s interests in other assets For liabilities in respect of interests * acquired before that day—the sum of the market values of those interests", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 41 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-145", "Provision_Key": "s122-145", "Heading": "Rules for working out what a liability in respect of an interest in an asset is", "Text": "(1) These rules are relevant to working out what are the liabilities in respect of a partner’s interests in an asset. (2) A liability incurred for the purposes of a * business that is not a liability in respect of interests in a specific asset or assets of the business is taken to be a liability in respect of the partner’s interests in all the assets of the business. Note: An example is a bank overdraft. (3) If a liability is in respect of both: (a) the partner’s interests in one or more assets that the partner * acquired on or after 20 September 1985; and (b) the partner’s interests in one or more assets that the partner acquired before that day; the proportion of the liability that is in respect of the partner’s interests that the partner acquired on or after that day is equal to:", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-150", "Provision_Key": "s122-150", "Heading": "Capital gain or loss disregarded", "Text": "If the partners choose a roll ‑ over for * disposing of their interests in a CGT asset to the company, a * capital gain or * capital loss any partner makes from the disposal is disregarded.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-155", "Provision_Key": "s122-155", "Heading": "Disposal of post ‑ CGT or pre ‑ CGT interests", "Text": "(1) If a partner * acquired all the partner’s interests in the asset on or after 20 September 1985: (a) the first element of each * share’s * cost base is the sum of the cost bases of the interests when the partner * disposed of them (less any liabilities the company undertakes to discharge in respect of them) divided by the number of the partner’s shares; and (b) the first element of each share’s * reduced cost base is worked out similarly. Note 1: There are rules for working out what are the liabilities in respect of an interest in an asset: see section 122 ‑ 145. Note 2: There are special indexation rules for roll ‑ overs: see Division 114. (2) If a partner * acquired all the partner’s interests in the asset before 20 September 1985, the partner is taken to have acquired the * shares before that day.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-160", "Provision_Key": "s122-160", "Heading": "Disposal of both post ‑ CGT and pre ‑ CGT interests", "Text": "(1) If a partner * acquired some of the partner’s interests in the asset on or after 20 September 1985 and some before that day, the partner is taken to have acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares the partner acquires) does not exceed: • the * market value of the interests in the asset that the partner acquired before that day; expressed as a percentage of: • the total of the market values of all the partner’s interests in the asset. (2) The first element of each other * share’s * cost base is the sum of the cost bases of the partner’s interests that the partner * acquired on or after that day (less any liabilities the company undertakes to discharge in respect of all of those interests) divided by the number of the other shares. Note: There are special indexation rules for roll ‑ overs: see Division 114. (3) The first element of each other * share’s * reduced cost base is worked out similarly. (4) The * market value of an interest in an asset is worked out when the partner * disposed of it. The * cost base or * reduced cost base of an interest in an asset is worked out at the same time.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-170", "Provision_Key": "s122-170", "Heading": "Capital gain or loss disregarded", "Text": "If the partners choose a roll ‑ over for * disposing of their interests in all the assets of a * business to the company, a * capital gain or * capital loss any partner makes from the disposal is disregarded.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-175", "Provision_Key": "s122-175", "Heading": "Other consequences", "Text": "The other consequences relate to the * shares the partners receive and depend on when they * acquired their interests in the assets of the * business. Note 1: There are 3 possible cases: • a partner acquired all the interests on or after 20 September 1985: see section 122 ‑ 180; • a partner acquired all the interests before that day: see section 122 ‑ 185; • a partner acquired some of the interests on or after that day: see section 122 ‑ 190. Note 2: There are other consequences for the partnership and the company if the partners dispose of their interests in trading stock of the partnership: see Division 70.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-180", "Provision_Key": "s122-180", "Heading": "All interests acquired on or after 20 September 1985", "Text": "(1) If a partner * acquired all of the partner’s interests in the assets of the * business on or after 20 September 1985: (a) the first element of the partner’s * cost base of each * share is the sum of the * market values of the partner’s interests in the * precluded assets and the cost bases of the partner’s interests in the other assets (less any liabilities the company undertakes to discharge in respect of all of those interests) divided by the number of the partner’s shares; and (b) the first element of the partner’s * reduced cost base of each * share is worked out similarly. Note 1: There are rules for working out what are the liabilities in respect of interests: see section 122 ‑ 145. Note 2: There are special indexation rules for roll ‑ overs: see Division 114. (2) The * market value of an interest in an asset is worked out when the partner * disposed of it. The * cost base or * reduced cost base of an interest is worked out at the same time.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-185", "Provision_Key": "s122-185", "Heading": "All interests acquired before 20 September 1985", "Text": "(1) A partner is taken to have * acquired all of the * shares before 20 September 1985 if the partner acquired all the partner’s interests in the assets of the * business before that day and none of the assets is a * precluded asset. (2) However, if at least one of the assets is a * precluded asset, the partner is taken to have * acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares) does not exceed: • the total of the * market values of the partner’s interests in the assets that are not * precluded assets, less any liabilities the company undertakes to discharge in respect of those interests; expressed as a percentage of: • the total of the market values of the partner’s interests in all the assets, less any liabilities the company undertakes to discharge in respect of those interests. Note: There are rules for working out what are the liabilities in respect of an interest: see section 122 ‑ 145. (3) The first element of the partner’s * cost base and * reduced cost base of each other * share is the total of the * market values of the partner’s interests in the * precluded assets (less any liabilities the company undertakes to discharge in respect of those interests) divided by the number of the other shares. (4) The * market value of an interest in an asset is worked out when the partner * disposed of it. The * cost base or * reduced cost base of an interest is worked out at the same time.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-190", "Provision_Key": "s122-190", "Heading": "Interests acquired before and after 20 September 1985", "Text": "(1) If a partner * acquired some of the interests in the assets on or after 20 September 1985, the partner is taken to have acquired a whole number of the * shares (but not all of them) before that day. The number is the greatest possible that (when expressed as a percentage of all the shares) does not exceed: • the total of the * market values of the partner’s interests in the assets (except any * precluded assets) that the partner acquired before that day, less any liabilities the company undertakes to discharge in respect of those interests; expressed as a percentage of: • the total of the market values of all the partner’s interests in the assets, less any liabilities the company undertakes to discharge in respect of those interests. (2) The first element of the partner’s * cost base of each other * share is the sum of the * market values of the partner’s interests in the * precluded assets and the cost bases of the partner’s interests in the other assets that the partner * acquired on or after that day (less any liabilities the company undertakes to discharge in respect of all of those interests) divided by the number of the other shares. Note: There are special indexation rules for roll ‑ overs: see Division 114. (3) The first element of the partner’s * reduced cost base of each other * share is worked out similarly. (4) The * market value of an interest in an asset is worked out when the partner * disposed of it. The * cost base or * reduced cost base of an interest in an asset is worked out at the same time.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-195", "Provision_Key": "s122-195", "Heading": "Creation of asset", "Text": "(1) If the partners choose a roll ‑ over, a * capital gain or * capital loss any partner makes from the trigger event is disregarded. (2) The first element of the partner’s * cost base of each * share is the amount applicable under this table divided by the number of shares. The first element of each share’s * reduced cost base is worked out similarly. Creation case Event No. Applicable amount D1 the partner’s share of the * incidental costs incurred that relate to the trigger event D2 the partner’s share of the expenditure incurred to grant the option D3 the partner’s share of the expenditure incurred to grant the right F1 the partner’s share of the expenditure incurred on the grant, renewal or extension of the lease The expenditure can include a transfer of property: see section 103 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-200", "Provision_Key": "s122-200", "Heading": "Consequences for the company (disposal case)", "Text": "(1) There are these consequences for the company in a disposal case if the partners choose to obtain a roll ‑ over. They are relevant for interests in each * CGT asset (except a * precluded asset) that the partners * disposed of to the company. Note 1: A capital gain or loss from a precluded asset can be disregarded: see Subdivision 118 ‑ A. Note 2: The reduced cost base (as determined under this section) may be modified for a roll ‑ over happening after a demerger: see section 125 ‑ 170. Interests acquired on or after 20 September 1985 (2) If all of the partners’ interests in an asset were * acquired on or after 20 September 1985: (a) the first element of the asset’s * cost base (in the hands of the company) is the sum of the cost bases of the partners’ interests in the asset when it was disposed of; and (b) the first element of the asset’s * reduced cost base (in the hands of the company) is the sum of the reduced cost bases of the partners’ interests in the asset when it was disposed of. Note: There are special indexation rules for roll ‑ overs: see Division 114. Interests acquired before 20 September 1985 (3) If all of the partners’ interests in an asset were * acquired before 20 September 1985, the company is taken to have acquired it before that day. Note: A capital gain or loss from a CGT asset acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149. Interests acquired on or after and before 20 September 1985 (4) If some of the partners’ interests in an asset (the original asset ) were * acquired on or after 20 September 1985 and some before that day, the company is taken to have acquired 2 separate * CGT assets: (a) one (which the company is taken to have acquired on or after 20 September 1985) representing the extent to which the partners’ interests in the original asset were acquired by the partners on or after that day; and (b) another (which the company is taken to have acquired before that day) representing the extent to which the partners’ interests in the original asset were acquired by the partners before that day. (5) The first element of the * cost base of the separate asset that the company is taken to have * acquired on or after 20 September 1985 is the sum of the cost bases of the partners’ interests in the original asset that they acquired on or after that day. Note: There are special indexation rules for roll ‑ overs: see Division 114. (6) The first element of its * reduced cost base is worked out similarly.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 90 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 122-205", "Provision_Key": "s122-205", "Heading": "Consequences for the company (creation case)", "Text": "(1) There are these consequences for the company in a creation case if the partners choose to obtain a roll ‑ over. (2) The first element of the created asset’s * cost base (in the hands of the company) is the applicable amount from this table. Creation case Event No. Applicable amount D1 the total * incidental costs incurred that relate to the trigger event D2 the total expenditure incurred to grant the option D3 the total expenditure incurred to grant the right F1 the total expenditure incurred on the grant, renewal or extension of the lease The expenditure can include a transfer of property: see section 103 ‑ 5. (3) The first element of the created asset’s * reduced cost base (in the hands of the company) is worked out similarly.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s122-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1", "Provision_Key": "s124-1", "Heading": "What this Division is about", "Text": "A replacement ‑ asset roll ‑ over allows you, in special cases, to defer the making of a capital gain or loss from one CGT event until a later CGT event happens. It involves your ownership of one CGT asset ending and you acquiring another one.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-5", "Provision_Key": "s124-5", "Heading": "How to find your way around this Division", "Text": "(1) First, find out if you can obtain a roll ‑ over when your ownership of one or more CGT assets ends and you acquire one or more CGT assets: see Subdivisions 124 ‑ B to 124 ‑ R. Note: If you carry on a small business, you may also be able to obtain a roll ‑ over under Subdivision 152 ‑ E. (2) Second, find out what the consequences are for being able to obtain a roll ‑ over: see Subdivision 124 ‑ A. Note: The consequences of a scrip for scrip roll ‑ over are set out in Subdivision 124 ‑ M. The consequences of replacing a statutory licence by a new statutory licence are set out in Subdivision 124 ‑ C. The consequences of an exchange of a membership interest in an MDO are set out in Subdivision 124 ‑ P. The consequences of an exchange of stapled ownership interests are set out in Subdivision 124 ‑ Q. The consequences of a roll ‑ over for water entitlements are set out in Subdivision 124 ‑ R. (3) Third, find out if there are any special rules relevant to your situation: see the Subdivision under which you can get the roll ‑ over.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 53 of 2002 | No 101 of 2004 | No 143 of 2007 | No 164 of 2007 | No 136 of 2010 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-10", "Provision_Key": "s124-10", "Heading": "Your ownership of one CGT asset ends", "Text": "(1) There are these consequences (in most cases) if you can obtain a roll ‑ over when your ownership of a * CGT asset (the original asset ) ends and you * acquire one or more CGT assets (the new assets ) in a situation covered by this Division. (1A) A * car, motor cycle or similar vehicle must not be one of the new assets. (2) A * capital gain or a * capital loss you make from the original asset is disregarded. (3) If you * acquired the original asset on or after 20 September 1985, the first element of each new asset’s * cost base is: The first element of each new asset’s * reduced cost base is worked out similarly. Note 1: In some cases the amount you paid to acquire the new asset also forms part of the first element: see Subdivision 124 ‑ D (about strata title conversion). Note 2: There are modifications to the consequences in Subdivision 124 ‑ B (about compulsory acquisition, loss or destruction), Subdivision 124 ‑ C (about statutory licences), Subdivision 124 ‑ J (about Crown leases) and Subdivision 124 ‑ L (about prospecting and mining). Note 3: No other elements of the cost base of the new asset are affected by the roll ‑ over. Note 4: There are special indexation rules for roll ‑ overs: see Division 114. Note 5: The reduced cost base may be modified for a roll ‑ over happening after a demerger: see section 125 ‑ 170. (4) If you * acquired the original asset before 20 September 1985, you are taken to have acquired each new asset before that day. Note: A capital gain or loss you make from a CGT asset you acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149. (5) However, subsection (4) is taken never to have applied to a * share to which subsection 104 ‑ 195(6) applies (CGT event J4).", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 53 of 2002 | No 90 of 2002 | No 101 of 2004 | No 164 of 2007 | No 97 of 2008 | No 88 of 2009 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-15", "Provision_Key": "s124-15", "Heading": "Your ownership of more than one CGT asset ends", "Text": "(1) There are these consequences (in most cases) if you can obtain a roll ‑ over when your ownership of more than one * CGT asset (the original assets ) ends and you acquire one or more CGT assets (the new assets ) in a situation covered by this Division. Example: You own 100 shares in a company. The company cancels these shares and issues you with 10 shares in return. (1A) A * car, motor cycle or similar vehicle must not be one of the new assets. (2) A * capital gain or a * capital loss you make from each original asset is disregarded. (3) If you * acquired all the original assets on or after 20 September 1985, the first element of each new asset’s cost base is: The first element of each new asset’s * reduced cost base is worked out similarly. Note 1: No other elements of the cost base of the new asset are affected by the roll ‑ over. Note 2: There are special indexation rules for roll ‑ overs: see Division 114. (4) If you * acquired all the original assets before 20 September 1985, you are taken to have acquired each new asset before that day. Note: A capital gain or loss you make from a CGT asset you acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149. (5) If you * acquired some of the original assets before 20 September 1985, you are taken to have acquired a number of new assets before that day. It is the maximum possible that does not exceed: If the result is less than one, none of the new assets are taken to have been * acquired before 20 September 1985. Example: To continue the example, suppose you acquired 67 of the 100 original shares before 20 September 1985. The number of new shares that you are taken to have acquired before that day cannot exceed: So, you are taken to have acquired 6 of the 10 shares before that day. (6) These rules are relevant to each remaining new asset. The first element of each one’s * cost base is: The first element of each one’s * reduced cost base is worked out similarly. Note: There are special indexation rules for roll ‑ overs: see Division 114. Example: To continue the example, suppose the total of the cost bases of the 33 shares you acquired on or after 20 September 1985 is $400. The first element of the cost base of each of the remaining 4 shares is: The first element of the reduced cost base of those 4 shares is worked out similarly. (7) However, subsections (4) and (5) are taken never to have applied to a * share to which subsection 104 ‑ 195(6) applies (CGT event J4).", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 53 of 2002 | No 101 of 2004 | No 109 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-20", "Provision_Key": "s124-20", "Heading": "Share and interest sale facilities", "Text": "Share and interest sale facilities (1) An entity (the investor ) is treated as owning an * ownership interest (the roll ‑ over interest ) in a company or trust (the issuer ) at a time (the deeming time ), if: (a) the investor owned an ownership interest (the original interest ) in a company or trust; and (b) a transaction happened in relation to the original interest; and (c) because: (i) a * foreign law impedes the ability of the issuer to issue or transfer the roll ‑ over interest to the investor; or (ii) it would be impractical or unreasonably onerous to determine whether a foreign law impedes the ability of the issuer to issue or transfer the roll ‑ over interest to the investor; it is * arranged that the issuer will issue or transfer the roll ‑ over interest to another entity (the facility ) under the transaction instead of to the investor; and (d) in accordance with that arrangement and as a result of the transaction, the facility: (i) becomes the owner of the roll ‑ over interest; and (ii) owns the roll ‑ over interest at the deeming time; and (e) under the arrangement, the investor is entitled to receive from the facility: (i) an amount equivalent to the * capital proceeds of any * CGT event that happens in relation to the roll ‑ over interest (less expenses); or (ii) if a CGT event happens in relation to the roll ‑ over interest together with CGT events happening in relation to other ownership interests—an amount equivalent to the investor’s proportion of the total capital proceeds of the CGT events (less expenses). (2) The facility is treated as not owning the roll ‑ over interest at the deeming time. (3) This section applies for the purposes of: (a) applying one of the following provisions (the roll ‑ over provision ) in relation to the transaction: (iii) Subdivision 124 ‑ I (Change of incorporation); (iv) Subdivision 124 ‑ N (Disposal of assets by a trust to a company); (v) Subdivision 124 ‑ Q (Exchange of stapled ownership interests for ownership interests in a unit trust); (vi) Division 615 (Roll ‑ overs for business restructures); and (b) the following provisions, to the extent that they relate to a roll ‑ over under the roll ‑ over provision that involves the transaction: (i) item 2 of the table in subsection 115 ‑ 30(1); (ii) sections 124 ‑ 10 and 124 ‑ 15. Incorporated bodies (4) Without limiting this section, it also has effect, in a case covered by subparagraph (3)(a)(iii) (about Subdivision 124 ‑ I), as if each reference in this section to an * ownership interest in a company or trust were a reference to: (a) an interest in an incorporated body; and (b) any rights relating to the body owned by the entity that owns that interest. (5) This section applies, in a case covered by subparagraph (3)(a)(iii) (about Subdivision 124 ‑ I), in relation to rights as a * member of a company incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 in the same way as it applies in relation to * shares in a company.", "Amendment_Count": 2, "First_Amended": "No 12 of 2012", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 12 of 2012 | No 133 of 2014", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-70", "Provision_Key": "s124-70", "Heading": "Events giving rise to a roll ‑ over", "Text": "(1) You may be able to choose a roll ‑ over if one of these events happens to a * CGT asset (the original asset ) you own: (a) it is compulsorily * acquired by an * Australian government agency; (aa) it is compulsorily acquired by an entity (other than an Australian government agency or a * foreign government agency) under a power of compulsory acquisition conferred by a law covered under subsection (1A); (b) it, or part of it, is lost or destroyed; (c) you * dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the disposal takes place after a notice was served on you by or on behalf of the entity; (ii) the notice invited you to negotiate with the entity with a view to the entity acquiring the asset by agreement; (iii) the notice informed you that if the negotiations were unsuccessful, the asset would be compulsorily acquired by the entity; (iv) the compulsory acquisition would have been under a power of compulsory acquisition conferred by a law covered under subsection (1A); (ca) you dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the asset is land over which a mining lease was compulsorily granted; (ii) the lease significantly affected your use of the land; (iii) the lease was in force just before the disposal; (iv) the entity to which you dispose of the land was the lessee under the lease; (cb) you dispose of it to an entity (other than a foreign government agency) in circumstances meeting all of these conditions: (i) the asset is land over which a mining lease would have been compulsorily granted if you had not disposed of it; (ii) that lease would have significantly affected your use of the land; (iii) the entity to which you dispose of the land would have been the lessee under the lease. (d) if it is a lease granted to you by an * Australian government agency under an * Australian law—the lease expires and is not renewed. Note 1: There are no roll ‑ over consequences if you make a capital loss from the event. Note 2: Section 103 ‑ 25 tells you when you have to make the choice. (1A) A law is covered under this subsection if it is: (a) an * Australian law (other than Chapter 6A of the Corporations Act 2001 ); or (b) a * foreign law (other than a foreign law corresponding to Chapter 6A of the Corporations Act 2001 ). (2) You must receive money or another * CGT asset (except a * car, motor cycle or similar vehicle), or both: (a) as compensation for the event happening; or (b) under an insurance policy against the risk of loss or destruction of the original asset. Note: There are other requirements that must be satisfied if: • you receive money: see section 124 ‑ 75; or • you receive another CGT asset: see section 124 ‑ 80. (3) The requirement in subsection (4) must be satisfied if: (a) you are a foreign resident just before the event happens; or (b) you are the trustee of a trust that is a * foreign trust for CGT purposes for the income year in which the event happens. (4) The original asset must be * taxable Australian property just before the event happens. The other asset must be taxable Australian property just after you * acquire it.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-75", "Provision_Key": "s124-75", "Heading": "Other requirements if you receive money", "Text": "(1) If you receive money for the event happening, you can choose to obtain a roll ‑ over only if these other requirements are satisfied. Note: The roll ‑ over consequences are set out in section 124 ‑ 85. (2) You must: (a) incur expenditure in * acquiring another * CGT asset (except a * depreciating asset whose decline in value is worked out under Division 40 or deductions for which are calculated under Division 328); or (b) if part of the original asset is lost or destroyed—incur expenditure of a capital nature in repairing or restoring it. (3) At least some of the expenditure must be incurred: (a) no earlier than one year, or within such further time as the Commissioner allows in special circumstances, before the event happens; or (b) no later than one year, or within such further time as the Commissioner allows in special circumstances, after the end of the income year in which the event happens. Special rules if you acquire another asset (4) If just before the event happened the original asset: (a) was used in your * business; or (b) was * installed ready for use in your business; or (c) was in the process of being * installed ready for use in your business; the other asset must be used in the business, or be installed ready for use in the business, for a reasonable time after you * acquired it. Otherwise, you must use the other asset (for a reasonable time after you * acquired it) for the same purpose as, or for a similar purpose to, the purpose for which you used the original asset just before the event happened. (5) The other asset cannot become an item of your * trading stock just after you * acquire it, nor can it be a * depreciating asset whose decline in value is worked out under Division 40 or deductions for which are calculated under Division 328. (6) The other asset cannot become a * registered emissions unit * held by you just after you * acquire it.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 77 of 2001 | No 119 of 2002 | No 132 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-80", "Provision_Key": "s124-80", "Heading": "Other requirements if you receive an asset", "Text": "(1) If you receive another * CGT asset for the event happening, you can choose to obtain a roll ‑ over only if these other requirements are satisfied. Note: The roll ‑ over consequences are set out in section 124 ‑ 90. (2) The other asset cannot become an item of your * trading stock just after you * acquire it, nor can it be a * depreciating asset whose decline in value is worked out under Division 40 or deductions for which are calculated under Division 328 nor can it be a * registered emissions unit. (3) The * market value of the other asset (when you * acquire it) must be more than the * cost base of the original asset just before the event happens.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 114 of 2000 | No 77 of 2001 | No 119 of 2002 | No 132 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-85", "Provision_Key": "s124-85", "Heading": "Consequences for receiving money", "Text": "(1) If you receive money for the event happening, there are these consequences if you choose to obtain a roll ‑ over. Original asset acquired on or after 20 September 1985 (2) If you make a * capital gain from the event, this table sets out in what situations the gain is reduced, not reduced or disregarded. It also sets out in what situations the expenditure you incurred to * acquire another * CGT asset or to repair or restore the original asset is reduced. You make a capital gain from the event Item In this situation: There are these consequences 1 The money exceeds the expenditure you incurred to * acquire another CGT asset or to repair or restore the original asset If the gain is more than the excess: (a) the gain is reduced to the amount by which the money exceeds that expenditure; and (b) that expenditure is reduced by the amount by which the gain (before it is reduced) is more than the excess 2 The money exceeds that expenditure If the gain is less than or equal to the excess, the gain is not reduced 3 The money does not exceed that expenditure The gain is disregarded in working out your * net capital gain or * net capital loss for the income year. That expenditure is reduced by the amount of the gain Example: In 1999 Simon bought a small factory. In 2000 a fire destroys part of it. He receives $100,000 under an insurance policy. The capital gain is worked out under section 112 ‑ 30. Suppose the factory’s cost base at the time of the fire is $75,000 and the market value of the part that is not destroyed is $150,000. The cost base of the part that is destroyed is: The capital gain is: Case 1 Suppose Simon spent $80,000 on repairing the factory. The money he received under the insurance policy exceeds the repair cost by $20,000. The gain exceeds that by $50,000. The result is that the gain is reduced to $20,000 and the $80,000 he spent on repairs is reduced to $30,000. Case 2 Suppose Simon spent $15,000 on repairs instead. The money he received under the policy exceeds that amount by $85,000. This is more than the gain he made. The gain is relevant to working out Simon’s net capital gain or loss for the income year and the $15,000 he spent on repairs forms part of the factory’s cost base. Case 3 Suppose Simon spent $120,000 on repairs instead. The gain is disregarded and the $120,000 is reduced to $50,000. Original asset acquired before 20 September 1985 (3) If you * acquired the original asset before 20 September 1985 and you incurred expenditure in acquiring another * CGT asset, you are taken to have acquired the other asset before that day if: (a) the expenditure is not more than 120% of the * market value of the original asset when the event happened; or (b) a natural disaster happened so that the original asset, or part of it, is lost or destroyed and it is reasonable to treat the other asset as substantially the same as the original asset. (4) If you * acquired the original asset before 20 September 1985 and you incurred expenditure of a capital nature in repairing or restoring it, you are taken to have acquired the original asset (as repaired or restored) before that day.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 77 of 2001 | No 41 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-90", "Provision_Key": "s124-90", "Heading": "Consequences for receiving an asset", "Text": "(1) If you receive another * CGT asset for the event happening, there are these consequences if you choose to obtain a roll ‑ over. (2) A * capital gain you make from the original asset is disregarded. (3) If you * acquired the original asset on or after 20 September 1985: (a) the first element of the other asset’s * cost base is the original asset’s cost base at the time of the event; and (b) the first element of the other asset’s * reduced cost base is the original asset’s reduced cost base at the time of the event. Note: There are special indexation rules for roll ‑ overs: see Division 114. Example: Steven bought land in 1999 for $100,000. In 2001 the government compulsorily acquires the land and gives him new land in return. A capital gain he makes from the original land is disregarded. Suppose the original land’s cost base when it is acquired is $120,000. The first element of the new land’s cost base becomes $120,000. (4) If you acquired the original asset before 20 September 1985, you are taken to have * acquired the other asset before that day.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-95", "Provision_Key": "s124-95", "Heading": "You receive both money and an asset", "Text": "(1) If you receive both money and another * CGT asset for the event happening and choose to obtain a roll ‑ over, the requirements and consequences are different for each part of the compensation attributable to the original asset (having regard to the amount of money and the * market value of the other asset). The other asset as a part of compensation (2) The * market value of the other asset (when you * acquire it) must be more than that part of the * cost base of the original asset that is attributable to the new asset. Note: This requirement is different to that in subsection 124 ‑ 80(3). It requires a proportional attribution of the cost base of the original asset. (3) If you * acquired the original asset on or after 20 September 1985: (a) the first element of the other asset’s * cost base is that part of the original asset’s cost base at the time of the event that is attributable to the new asset; and (b) the first element of the other asset’s * reduced cost base is worked out similarly. Note: These consequences are different to those in subsection 124 ‑ 90(3). They require a proportional attribution of the cost base of the original asset. (4) If you * acquired the original asset before 20 September 1985, you are taken to have acquired the new asset before that day. Money as a part of compensation (5) If you make a * capital gain from the event, this table sets out in what situations that part of the gain on the original asset that is attributable to the amount of money you received is reduced, not reduced or disregarded. It also sets out in what situations the expenditure you incurred to * acquire another * CGT asset or to repair or restore the original asset is reduced. You make a capital gain from the event Item In this situation: There are these consequences 1 The money exceeds the expenditure you incurred to * acquire another CGT asset or to repair or restore the original asset If that part of the gain that is attributable to the amount of money is more than the excess: (a) that part of the gain is reduced to the amount by which the money exceeds that expenditure; and (b) that expenditure is reduced by the amount by which that part of the gain (before it is reduced) is more than the excess 2 The money exceeds that expenditure If that part of the gain that is attributable to the amount of money is less than or equal to the excess, the gain is not reduced 3 The money does not exceed that expenditure That part of the gain that is attributable to the amount of money is disregarded in working out your * net capital gain or * net capital loss for the income year. That expenditure is reduced by the amount of that part of the gain Note: These consequences are different to those in subsection 124 ‑ 85(2). They require a proportional attribution of capital gain on the original asset. (6) If you * acquired the original asset before 20 September 1985 and you incurred expenditure in acquiring another * CGT asset, you are taken to have acquired the other asset before that day if: (a) the expenditure you incurred in acquiring the other asset is not more than 120% of the * market value of that part of the original asset that is attributable to the other asset when the event happened; or (b) a natural disaster happened so that the original asset, or part of it, is lost or destroyed and it is reasonable to treat the other asset as substantially the same as that part of the original asset that is attributable to the new asset. Note 1: The consequences in paragraph (6)(a) are different to those in paragraph 124 ‑ 85(3)(a). They require a proportional attribution of the market value of the original asset. Note 2: The consequences in paragraph (6)(b) are different to those in paragraph 124 ‑ 85(3)(b). They require a proportional attribution of the original asset. Example: Kris owns land, which he acquired in 1998. It is compulsorily acquired, and Kris receives $80,000 in cash and replacement land with a market value of $80,000. The cost base of the original land is $150,000. Kris buys additional land for $80,000. Subsection (2) is satisfied because the market value of the replacement land ($80,000) is more than the part of the cost base of the original land that is attributable to the replacement land: Applying subsection (5), the other part of the gain is disregarded, and the first element of the cost base of the replacement land is the part of the cost base of the original land that is attributable to the replacement land: Applying subsection (3), the money he received ($80,000) is the same as the expenditure he incurred to buy the additional land. Item 3 in the table applies. The part of the gain that is attributable to that money is disregarded: The expenditure is reduced by $5,000.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-140", "Provision_Key": "s124-140", "Heading": "New statutory licences", "Text": "(1) There is a roll ‑ over if: (a) your ownership of one or more * statutory licences (each of which is an original licence ) ends, resulting in * CGT event C2 happening to the licence (or to each of the licences as part of an * arrangement); and (b) as a result of the CGT event or events, you are issued one or more new licences (each of which is a new licence ) for the original licence (or original licences); and (c) the new licence authorises (or the new licences taken together authorise) substantially similar activity as that authorised by the original licence (or by the original licences taken together). Note 1: If there has been a capital improvement to the original licence: see section 108 ‑ 75. Note 2: Subdivision 124 ‑ C of the Income Tax (Transitional Provisions) Act 1997 modifies this roll ‑ over for certain water ‑ related licences. A separate roll ‑ over for other water entitlements is provided in Subdivision 124 ‑ R of this Act. (1A) If: (a) you are a foreign resident just before the * CGT event happens (or just before one or more of the CGT events happens); or (b) you are the trustee of a trust that is a * foreign trust for CGT purposes for the income year in which the event happens (or for an income year in which one or more of those events happens); there is no roll ‑ over under this section unless the conditions in subsection (1B) are satisfied. (1B) The conditions are that: (a) if there was only one original licence—the licence must be * taxable Australian property just before the * CGT event happens; and (b) if there was more than one original licence—each original licence must be taxable Australian property just before the CGT event in relation to it happens; and (c) if there is only one new licence—the licence must be taxable Australian property just after you * acquire it; and (d) if there is more than one new licence—each new licence must be taxable Australian property just after you acquire it. (2) The first element of the * cost base and * reduced cost base of the new licence includes any amount you paid to get it (which can include giving property: see section 103 ‑ 5). (3) A statutory licence is an authority, licence, permit or quota (except a lease or a * mining entitlement or * prospecting entitlement) granted by: (a) an * Australian government agency under an * Australian law; or (b) a * foreign government agency under a * foreign law.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 46 of 1998 | No 173 of 2000 | No 164 of 2007 | No 88 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-145", "Provision_Key": "s124-145", "Heading": "Rollover consequences—capital gain or loss disregarded", "Text": "A * capital gain or * capital loss you make from the original licence (or from each of the original licences) is disregarded.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-150", "Provision_Key": "s124-150", "Heading": "Rollover consequences—partial roll ‑ over", "Text": "(1) You can obtain only a partial roll ‑ over in relation to an original licence if the * capital proceeds for that licence includes something (the ineligible proceeds ) other than a new licence or new licences. There is no roll ‑ over for that part (the ineligible part ) of the licence for which you received the ineligible proceeds. Note: If there is more than one original licence, some or all of those original licences may each have an ineligible part. (2) The * cost base of the ineligible part is that part of the cost base of the original licence as is reasonably attributable to the ineligible part. (3) The * reduced cost base of the ineligible part is that part of the reduced cost base of the original licence as is reasonably attributable to the ineligible part. (4) For the purposes of sections 124 ‑ 155 and 124 ‑ 165, for each original licence that has an ineligible part: (a) reduce the * cost base of that licence (just before the * CGT event that happened in relation to it) by so much of that cost base as is attributable to that ineligible part; and (b) reduce the * reduced cost base of that licence (just before the CGT event that happened in relation to it) by so much of that reduced cost base as is attributable to that ineligible part.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-155", "Provision_Key": "s124-155", "Heading": "Roll ‑ over consequences—all original licences were post ‑ CGT", "Text": "(1) This section applies if you * acquired the original licence (or all of the original licences) on or after 20 September 1985. (2) The first element of the * cost base of the new licence (or of each of the new licences) is such amount as is reasonable having regard to: (a) the total of the cost bases of all the original licences; and (b) the number, * market value and character of the original licences; and (c) the number, market value and character of the new licences. (3) The first element of the * reduced cost base of the new licence (or of each of the new licences) is such amount as is reasonable having regard to: (a) the total of the reduced cost bases of all the original licences; and (b) the number, * market value and character of the original licences; and (c) the number, market value and character of the new licences.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-160", "Provision_Key": "s124-160", "Heading": "Roll ‑ over consequences—all original licences were pre ‑ CGT", "Text": "If you * acquired the original licence (or all of the original licences) before 20 September 1985, you are taken to have acquired the new licence (or all of the new licences) before that day.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-165", "Provision_Key": "s124-165", "Heading": "Roll ‑ over consequences—some original licences were pre ‑ CGT, others were post ‑ CGT", "Text": "(1) This section applies if: (a) there was more than one original licence; and (b) you * acquired one or more of the original licences before 20 September 1985; and (c) you acquired one or more of the original licences on or after that day. (2) Each new licence is taken to be 2 separate * CGT assets that are both * statutory licences: (a) one (which you are taken to have * acquired on or after 20 September 1985) representing the extent to which you acquired the original licences on or after that day; and (b) another (which you are taken to have acquired before that day) representing the extent to which you acquired the original licences before that day. (3) The first element of the * cost base and * reduced cost base of the * CGT asset mentioned in paragraph (2)(a) in relation to a new licence is worked out under the formula: where: market value of all new licences is the total of the * market values of all of the new licences. market value of new licence is the * market value of the new licence to which the * CGT asset mentioned in paragraph (2)(a) relates. total post ‑ CGT cost base is the total of the * cost bases of all the original licences that you * acquired on or after 20 September 1985.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-190", "Provision_Key": "s124-190", "Heading": "Strata title conversion", "Text": "(1) You can choose to obtain a roll ‑ over if: (a) you own property that gives you a right to occupy a unit in a building; and (b) the building’s owner subdivides it into * stratum units; and (c) the owner transfers to you the stratum unit that corresponds to the unit you had the right to occupy just before the subdivision. Note 1: The roll ‑ over consequences are set out in section 124 ‑ 10. The original asset is the property that gave you the right to occupy a unit in the building. The new asset is the stratum unit. Note 2: Section 103 ‑ 25 tells you when you have to make the choice. (2) The first element of the * cost base and * reduced cost base of the * stratum unit includes any amount you paid to get it (which can include giving property: see section 103 ‑ 5). Note: The rest of the first element is worked out under Subdivision 124 ‑ A. (3) A stratum unit is a lot or unit (however described in an * Australian law or a * foreign law relating to strata title or similar title) and any accompanying common property.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-240", "Provision_Key": "s124-240", "Heading": "Exchange of shares in the same company", "Text": "You can choose to obtain a roll ‑ over if: (a) you own * shares (the original shares ) of a certain class in a company; and (b) the company redeems or cancels all shares of that class; and (c) the company issues you with new shares (and you receive nothing else) in substitution for the original shares; and (d) the * market value of the new shares just after they were issued is at least equal to the market value of the original shares just before they were redeemed or cancelled; and (e) the * paid ‑ up share capital of the company just after the new shares were issued is the same as just before the original shares were redeemed or cancelled; and (f) one of these requirements is satisfied: (i) you are an Australian resident at the time of the redemption or cancellation; or (ii) if you are a foreign resident at that time—the original shares were * taxable Australian property just before that time and the new shares are taxable Australian property when they are issued. Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. The original assets are the original shares. The new assets are the new shares. Note 2: Section 103 ‑ 25 tells you when you have to make the choice.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 63 of 1998 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-245", "Provision_Key": "s124-245", "Heading": "Exchange of units in the same unit trust", "Text": "You can choose to obtain a roll ‑ over if: (a) you own units (the original units ) of a certain class in a unit trust; and (b) the trustee redeems or cancels all units of that class; and (c) the trustee issues you with new units (and you receive nothing else) in substitution for the original units; and (d) the * market value of the new units just after they were issued is at least equal to the market value of the original units just before they were redeemed or cancelled; and (e) one of these requirements is satisfied: (i) you are an Australian resident at the time of the redemption or cancellation; or (ii) if you are a foreign resident at that time—the original units were * taxable Australian property just before that time and the new units are taxable Australian property when they are issued. Note: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. The original assets are the original units. The new assets are the new units.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-295", "Provision_Key": "s124-295", "Heading": "Exchange of rights or option to acquire shares in a company", "Text": "(1) You can choose to obtain a roll ‑ over if: (a) you own rights (the original rights ) to * acquire * shares in a company or to acquire an option to acquire * shares in a company; or (b) you own an option (the original option ) to acquire * shares in a company; and these other requirements are satisfied. Note: Section 103 ‑ 25 tells you when you have to make the choice. (2) The * shares must: (a) be consolidated and divided into new shares of a larger amount; or (b) be subdivided into new shares of a smaller amount. (3) The company must cancel the original rights or original option because of the consolidation or subdivision. (4) The company must: (a) issue you with new rights (relating to the new * shares) in substitution for the original rights; or (b) issue you with a new option (relating to the new shares) in substitution for the original option. (5) You must receive nothing else in substitution for the original rights or original option. (6) The * market value of the new rights or new option just after it was issued must be at least equal to the market value of the original rights or original option just before it was cancelled. (7) One of these requirements must be satisfied: (a) you must be an Australian resident at the time of the cancellation; or (b) if you are a foreign resident at that time: (i) the original rights or original option were * taxable Australian property just before that time; and (ii) the new rights or new option are taxable Australian property when they are issued. Note: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. The original asset is the original rights or original option. The new asset is the new rights or new option.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-300", "Provision_Key": "s124-300", "Heading": "Exchange of rights or option to acquire units in a unit trust", "Text": "(1) You can choose to obtain a roll ‑ over if: (a) you own rights (the original rights ) to * acquire units in a unit trust or to acquire an option to acquire units in a unit trust; or (b) you own an option (the original option ) to acquire units in a unit trust; and these other requirements are satisfied. Note: Section 103 ‑ 25 tells you when you have to make the choice. (2) The units must: (a) be consolidated and divided into new units of a larger amount; or (b) be subdivided into new units of a smaller amount. (3) The trustee must cancel the original rights or original option because of the consolidation or subdivision. (4) The trustee must: (a) issue you with new rights (relating to the new units) in substitution for the original rights; or (b) issue you with a new option (relating to the new units) in substitution for the original option. (5) You must receive nothing else in substitution for the original rights or original option. (6) The * market value of the new rights or new option just after it was issued must be at least equal to the market value of the original rights or original option just before it was cancelled. (7) One of these requirements must be satisfied: (a) you must be an Australian resident at the time of the cancellation; or (b) if you are a foreign resident at that time: (i) the original rights or original option were * taxable Australian property just before that time; and (ii) the new rights or new option are taxable Australian property when they are issued. Note: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. The original asset is the original rights or original option. The new asset is the new rights or new option.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-510", "Provision_Key": "s124-510", "Heading": "What this Subdivision is about", "Text": "Roll ‑ over relief is available for members of a body that is incorporated under one law and is converted to, or replaced with, a body incorporated under another law. Table of sections Object of this Subdivision 124 ‑ 515 Object of this Subdivision Change of incorporation without change of entity 124 ‑ 520 Change of incorporation without change of entity Old corporation wound up 124 ‑ 525 Old corporation wound up Special consequences of some roll ‑ overs 124 ‑ 530 Shares in company replacing pre ‑ CGT and post ‑ CGT mix of interest and rights in body 124 ‑ 535 Rights as member of Indigenous corporation replacing pre ‑ CGT and post ‑ CGT mix of interest and rights in body", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-515", "Provision_Key": "s124-515", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to ensure that CGT considerations for * members of a body incorporated under a law do not impede a change of incorporation involving converting the body to, or replacing it with, a company incorporated under: (a) the Corporations Act 2001 or a similar * foreign law; or (b) the Corporations (Aboriginal and Torres Strait Islander) Act 2006 . Note: Subdivision 620 ‑ A provides a roll ‑ over for the assets of the body.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-520", "Provision_Key": "s124-520", "Heading": "Change of incorporation without change of entity", "Text": "(1) This section applies if: (a) you are a * member of a body incorporated under a law described in column 1 of an item of the table; and (b) the body is converted into a company incorporated under a law described in column 2 of the item, without creating a new legal entity; and (c) it is reasonable to conclude that there is no significant difference: (i) between the ownership of the body, and of rights relating to the body held by entities that owned the body, just before the conversion and the ownership of the company just after the conversion; or (ii) between the mix of ownership of the body, and of rights relating to the body held by entities that owned the body, just before the conversion and the mix of ownership of the company just after the conversion. Note: See section 124 ‑ 20 if an entity uses a share or interest sale facility. Laws the body and company are incorporated under Column 1 Body incorporated under this law Column 2 Company incorporated under this law 1 A law other than the Corporations Act 2001 and a similar * foreign law relating to companies The Corporations Act 2001 or a similar foreign law relating to companies 2 A law other than the Corporations (Aboriginal and Torres Strait Islander) Act 2006 The Corporations (Aboriginal and Torres Strait Islander) Act 2006 (2) You can choose to obtain a roll ‑ over if: (a) as a result of the conversion you are issued with * shares in the company and you receive nothing else; and (b) either you are an Australian resident at the time of the conversion or, if you are a foreign resident at that time: (i) each of your interest and your other rights (if any) relating to the body was * taxable Australian property just before that time; and (ii) the shares are taxable Australian property when they are issued. Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A and section 124 ‑ 530. Note 2: Section 103 ‑ 25 tells you when you have to make the choice. (3) If the company is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 , subsection (2) applies in relation to rights as a * member of the company in the same way as that subsection applies to * shares in a company. Note: This may allow you to choose to obtain a roll ‑ over. The roll ‑ over consequences are set out in Subdivision 124 ‑ A and section 124 ‑ 535. Exception for demutualisation of certain bodies (4) This section does not apply to demutualisation of a body if Division 326 in Schedule 2H to the Income Tax Assessment Act 1936 applies to the demutualisation. Note: That Division deals with demutualisation of entities other than insurance companies and health insurers.", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 46 of 1998 | No 103 of 1999 | No 55 of 2001 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006 | No 12 of 2012", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 103 of 1999, effective 16 July 1999 | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Repealed and substituted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-525", "Provision_Key": "s124-525", "Heading": "Old corporation wound up", "Text": "(1) This section applies if: (a) a body is incorporated under a law described in column 1 of an item of the table; and (b) a company is incorporated under a law described in column 2 of the item; and (c) the body ceases to exist, but the company continues to exist, after the time (the switch time ) the * members of the body receive * shares in the company, or rights as members of it if it is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 , on account of: (i) their interests in the body; and (ii) their other rights (if any) relating to the body; and (d) the members of the body do not receive anything else on account of the expected ending of those interests and rights; and (e) it is reasonable to conclude that there is no significant difference: (i) between the ownership of the body, and of rights relating to the body held by entities that owned the body, just before the switch time and the ownership of the company just after the switch time; or (ii) between the mix of ownership of the body, and of rights relating to the body held by entities that owned the body, just before the switch time and the mix of ownership of the company just after the switch time; and Note: See section 124 ‑ 20 if an entity uses a share or interest sale facility. (f) the body * disposes of all its * CGT assets to the company, except any assets expected to be needed to meet the body’s existing or expected liabilities before it ceases to exist. Laws the body and company are incorporated under Column 1 Body incorporated under this law Column 2 Company incorporated under this law 1 A law other than the Corporations Act 2001 and a similar * foreign law relating to companies The Corporations Act 2001 or a similar foreign law relating to companies 2 A law other than the Corporations (Aboriginal and Torres Strait Islander) Act 2006 The Corporations (Aboriginal and Torres Strait Islander) Act 2006 (2) You can choose to obtain a roll ‑ over if: (a) you were a * member of the body just before the switch time; and (b) your ownership of your interest in the body ends at a time (the end time ) after the switch time; and (c) at the end time you have the * shares in the company that you received at the switch time; and (d) either you are an Australian resident at the end time or, if you are a foreign resident at the end time: (i) each of your interest in the body and your other rights (if any) relating to the body was * taxable Australian property just before the end time; and (ii) the shares in the company that you received at the switch time are taxable Australian property at the end time. Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A and section 124 ‑ 530. Note 2: Section 103 ‑ 25 tells you when you have to make the choice. (3) If the company is incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 , subsection (2) applies in relation to rights as a * member of the company in the same way as that subsection applies to * shares in a company. Note: This may allow you to choose to obtain a roll ‑ over. The roll ‑ over consequences are set out in Subdivision 124 ‑ A and section 124 ‑ 535.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-530", "Provision_Key": "s124-530", "Heading": "Shares in company replacing pre ‑ CGT and post ‑ CGT mix of interest and rights in body", "Text": "(1) This section applies if: (a) you choose to obtain a roll ‑ over under section 124 ‑ 520 or 124 ‑ 525 relating to * shares you have in the company on account of the following (your original assets ): (i) your interest in the body mentioned in that section; (ii) your other rights relating to the body mentioned in that section; and (b) you * acquired some of your original assets before 20 September 1985 and the rest of them on or after that day. (2) You are taken to have * acquired so many of the * shares before 20 September 1985 as is reasonable, having regard to: (a) the number and * market value of your original assets; and (b) the number and market value of the shares. (3) The first element of the * cost base of each of the * shares not taken by subsection (2) to have been * acquired before 20 September 1985 (your post ‑ CGT shares ) is such amount as is reasonable having regard to: (a) the total of the cost bases of your original assets that you acquired on or after 20 September 1985; and (b) the number and * market value of your post ‑ CGT shares. (4) The reduced cost base of each of your post ‑ CGT shares is worked out similarly. (5) This section has effect despite subsections 124 ‑ 15(5) and (6).", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-535", "Provision_Key": "s124-535", "Heading": "Rights as member of Indigenous corporation replacing pre ‑ CGT and post ‑ CGT mix of interest and rights in body", "Text": "(1) This section applies if: (a) you choose to obtain a roll ‑ over under section 124 ‑ 520 or 124 ‑ 525 relating to rights (the replacement rights ) you have as a * member of a company incorporated under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 on account of the following (your original assets ): (i) your interest in the body mentioned in that section; (ii) your other rights relating to the body mentioned in that section; and (b) you * acquired any of your original assets before 20 September 1985. (2) You are taken to have * acquired the replacement rights before 20 September 1985. (3) This section has effect despite subsection 124 ‑ 15(5).", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-570", "Provision_Key": "s124-570", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the situations in which the holder of a Crown lease over land obtains a replacement asset roll ‑ over when the lease is, among other things, renewed, extended or converted to an estate in fee simple. Table of sections Operative provisions 124 ‑ 575 Extension or renewal of Crown lease 124 ‑ 580 Meaning of Crown lease 124 ‑ 585 Original right differs in area from new right 124 ‑ 590 Part of original right excised 124 ‑ 595 Treating parts of new right as separate assets 124 ‑ 600 What is the roll ‑ over? 124 ‑ 605 Change of lessor", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-570"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-575", "Provision_Key": "s124-575", "Heading": "Extension or renewal of Crown lease", "Text": "(1) There is a roll ‑ over if: (a) you hold one or more * CGT assets that are * Crown leases over land (the original right ); and (b) the original right expires or you surrender it; and (c) you are granted one or more new Crown leases over land or one or more estates in fee simple in land, or both (the new right ); and (d) the new right relates to the same land as the original right. Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. They might be modified: see section 124 ‑ 600. Note 2: If there has been a capital improvement to the Crown lease: see section 108 ‑ 75. (2) The new right must have been granted in one of these ways: (a) by renewing or extending the term of the original right where the renewal or extension is mainly due to your having held the original right; or (b) by changing the purpose for which the land to which the original right related can be used; or (c) by converting the original right to a * Crown lease in perpetuity; or (d) by converting the original right to an estate in fee simple; or (e) by consolidating, or consolidating and dividing, the original right; or (f) by subdividing the original right; or (g) by excising or relinquishing a part of the land to which the original right related; or (h) by expanding the area of that land.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-575"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-580", "Provision_Key": "s124-580", "Heading": "Meaning of Crown lease", "Text": "A Crown lease is: (a) a lease of land granted by the Crown under an * Australian law (other than the common law); or (b) a similar lease granted under a * foreign law.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-580"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-585", "Provision_Key": "s124-585", "Heading": "Original right differs in area from new right", "Text": "(1) Even if the new right relates to different land to that to which the original right related, this Subdivision applies as if it relates to the same land in these cases: (a) the difference in area is not significant; (b) the difference in * market value is not significant; (c) the new right was granted to correct errors in or omissions from the original right; (d) the new right relates to a significantly different area of land but you had made reasonable efforts to ensure that the area was the same; (e) it is otherwise reasonable for this Subdivision to apply in that way. (2) However, the rule in subsection (1) does not apply if section 124 ‑ 590 applies.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-585"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-590", "Provision_Key": "s124-590", "Heading": "Part of original right excised", "Text": "(1) There is a partial roll ‑ over if you * acquired the original right on or after 20 September 1985 and: (a) the land to which the new right relates is different in area to the land the subject of the original right because a part (the excised part ) of the land to which the original right related was excised or you relinquished it; and (b) you received a payment for the expiry or surrender of the original right. The payment can include giving property: see section 103 ‑ 5. Note: Section 124 ‑ 600 sets out the effect on your cost base. (2) There is no roll ‑ over for the excised part. The * cost base of the excised part is so much of the * cost base of the relevant * Crown lease as is attributable to the excised part. Its * reduced cost base is worked out similarly. Note: You may make a capital gain or loss on the excised part because of CGT event C2.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-590"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-595", "Provision_Key": "s124-595", "Heading": "Treating parts of new right as separate assets", "Text": "(1) Each part of a * Crown lease or an estate in fee simple that is part of the new right is taken to be a separate * CGT asset to the extent that it relates to: (a) land to which a Crown lease (that was part of the original right) related where you * acquired the lease before 20 September 1985; and (b) land to which a Crown lease (that was part of the original right) related where you acquired the lease on or after 20 September 1985; and (c) other land. (2) You are taken to have * acquired each asset that is a separate * CGT asset because of paragraph (1)(a) before 20 September 1985.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-595"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-600", "Provision_Key": "s124-600", "Heading": "What is the roll ‑ over?", "Text": "(1) The roll ‑ over is mainly as specified in Subdivision 124 ‑ A. (2) However, you work out the * cost base and * reduced cost base of * CGT assets (that you are not taken to have * acquired before 20 September 1985) and that are part of the new right a bit differently where section 124 ‑ 590 or 124 ‑ 595 applies. (3) The first element of your * cost base for each of those assets is: where: CB of post ‑ CGT original right is the sum of the * cost bases of the * Crown leases (that were part of the original right) and that you * acquired on or after 20 September 1985 (just before the original right expired or was surrendered) reduced, if there is an excised part, by so much of those cost bases as is attributable to the excised part. market value of all new assets is the * market value of all * CGT assets (that you are not taken to have * acquired before 20 September 1985) that are part of the new right just after you acquired them. market value of separate asset is the * market value of the particular asset just after you * acquired it. (4) The first element of the * reduced cost base of each of those assets is worked out similarly.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-600"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-605", "Provision_Key": "s124-605", "Heading": "Change of lessor", "Text": "(1) You treat a lease of land (whether or not it is a * Crown lease) granted to you (the fresh lease ) as being a renewal of your original right if: (a) after the grant of the original right, the land (the original land ) to which it related became vested in an * Australian government agency (other than the one that granted the original right); and (b) the second agency granted you the fresh lease over: (i) the original land; or (ii) the original land less an excised area; or (iii) the original land and other land; and (c) the fresh lease was granted under an * Australian law (other than the common law). (2) You do this even if there is a period between the end of the original right and the grant of the fresh lease if you continued to occupy the original land during that period under a permission, licence or authority granted by the second agency.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-605"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-655", "Provision_Key": "s124-655", "Heading": "Roll ‑ over for depreciating assets", "Text": "There is a roll ‑ over for a * depreciating asset if: (a) the asset is attached to land you hold under a * quasi ‑ ownership right granted by an * exempt Australian government agency or an * exempt foreign government agency; and (b) you * hold the asset because of section 40 ‑ 40; and (c) the quasi ‑ ownership right expires or is terminated or you surrender it; and (d) you are granted a new quasi ‑ ownership right over the land or an estate in fee simple in the land; and (e) there is no roll ‑ over for you under Subdivision 124 ‑ J (about Crown leases) or Subdivision 124 ‑ L (about prospecting and mining entitlements). Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. Note 2: This section provides a roll ‑ over for a depreciating asset in the limited circumstances where Subdivision 124 ‑ J cannot because a quasi ‑ ownership right over land covers situations that a Crown lease does not (for example, an easement over land). Note 3: If there has been a capital improvement to the quasi ‑ ownership right: see section 108 ‑ 75.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-655"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-660", "Provision_Key": "s124-660", "Heading": "Right granted to associate", "Text": "If the * quasi ‑ ownership right or estate in fee simple is instead granted to an * associate or an * associated government entity of yours: (a) your * reduced cost base of the * depreciating asset is reduced by the * adjustable value of the asset just before the original quasi ‑ ownership right expired or was surrendered or terminated; and (b) there is no roll ‑ over.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-660"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-700", "Provision_Key": "s124-700", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the situations in which there is a roll ‑ over if a prospecting or mining entitlement expires or is surrendered and it is replaced by a new one. Table of sections Operative provisions 124 ‑ 705 Extension or renewal of prospecting or mining entitlement 124 ‑ 710 Meaning of prospecting entitlement and mining entitlement 124 ‑ 715 Original entitlement differs in area from new entitlement 124 ‑ 720 Part of original entitlement excised 124 ‑ 725 Treating parts of new entitlement as separate assets 124 ‑ 730 What is the roll ‑ over?", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-705", "Provision_Key": "s124-705", "Heading": "Extension or renewal of prospecting or mining entitlement", "Text": "(1) There is a roll ‑ over if: (a) you hold one or more * CGT assets that are * prospecting entitlements or * mining entitlements (the original entitlement ); and (b) the original entitlement expires or you surrender it; and (c) you are granted one or more new prospecting entitlements or mining entitlements (the new entitlement ); and (d) the new entitlement relates to the same land as the original entitlement. Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. They might be modified: see section 124 ‑ 730. Note 2: If there has been a capital improvement to the entitlement: see section 108 ‑ 75. (2) The new entitlement must have been granted in one of these ways: (a) by renewing or extending the term of the original entitlement where the renewal or extension is mainly due to your having held the original entitlement; or (b) by consolidating, or consolidating and dividing, the original entitlement; or (c) by subdividing the original entitlement; or (d) by converting a * prospecting entitlement to a * mining entitlement, or a mining entitlement to a prospecting entitlement; or (e) by excising or relinquishing a part of the land to which the original entitlement related; or (f) by expanding the area of that land.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-710", "Provision_Key": "s124-710", "Heading": "Meaning of prospecting entitlement and mining entitlement", "Text": "(1) A prospecting entitlement is: (a) an authority, licence, permit or entitlement under an * Australian law or * foreign law to prospect or explore for * minerals in an area; or (aa) an authority, licence, permit or entitlement under an Australian law to prospect or explore for * geothermal energy resources in an area; or (b) a lease of land that allows the lessee to prospect or explore for minerals or geothermal energy resources on the land; or (c) an interest in a thing referred to in paragraph (a), (aa) or (b). (2) A mining entitlement is: (a) an authority, licence, permit or entitlement under an * Australian law or * foreign law to mine for * minerals in an area; or (aa) an authority, licence, permit or entitlement under an Australian law to extract energy from * geothermal energy resources in an area; or (b) a lease of land that allows the lessee to mine for minerals, or extract energy from geothermal energy resources, on the land; or (c) an interest in a thing referred to in paragraph (a), (aa) or (b).", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 46 of 1998 | No 41 of 2005 | No 12 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-710"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-715", "Provision_Key": "s124-715", "Heading": "Original entitlement differs in area from new entitlement", "Text": "(1) Even if the new entitlement relates to different land to that to which the original entitlement related, this Subdivision applies as if it relates to the same land in these cases: (a) the difference in area is not significant; (b) the difference in * market value is not significant; (c) the new entitlement was granted to correct errors in or omissions from the original entitlement; (d) it is otherwise reasonable for this Subdivision to apply in that way. (2) However, the rule in subsection (1) does not apply if section 124 ‑ 720 applies.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-715"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-720", "Provision_Key": "s124-720", "Heading": "Part of original entitlement excised", "Text": "(1) There is partial roll ‑ over if you * acquired the original entitlement on or after 20 September 1985 and: (a) the land to which the new entitlement relates is different in area to the land the subject of the original entitlement because a part (the excised part ) of the land to which the original entitlement related was excised or you relinquished it; and (b) you received a payment for the expiry or surrender of the original entitlement. The payment can include giving property: see section 103 ‑ 5. Note: Section 124 ‑ 730 sets out the effect on your cost base. (2) There is no roll ‑ over for the excised part. The * cost base of the excised part is so much of the * cost base of the original entitlement as is attributable to the excised part. Its * reduced cost base is worked out similarly. Note: You may make a capital gain or loss on the excised part because of CGT event C2.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-720"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-725", "Provision_Key": "s124-725", "Heading": "Treating parts of new entitlement as separate assets", "Text": "(1) Each part of a * prospecting entitlement or * mining entitlement that is part of the new entitlement is taken to be a separate * CGT asset to the extent that it relates to: (a) land to which a prospecting entitlement or mining entitlement (that was part of the original entitlement) related where you * acquired the entitlement before 20 September 1985; and (b) land to which a prospecting entitlement or mining entitlement (that was part of the original entitlement) related where you acquired the entitlement on or after 20 September 1985; and (c) other land. (2) You are taken to have * acquired each asset that is a separate * CGT asset because of paragraph (1)(a) before 20 September 1985.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-725"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-730", "Provision_Key": "s124-730", "Heading": "What is the roll ‑ over?", "Text": "(1) The roll ‑ over is mainly as specified in Subdivision 124 ‑ A. (2) However, you work out the * cost base and * reduced cost base of * CGT assets (that you are not taken to have * acquired before 20 September 1985) and that are part of the new entitlement a bit differently where section 124 ‑ 720 or 124 ‑ 725 applies. (3) The first element of your * cost base for each of those assets is: where: CB of post ‑ CGT original entitlement is the sum of the * cost bases of the prospecting entitlements or mining entitlements (that were part of the original entitlement) and that you * acquired on or after 20 September 1985 (just before the original entitlement expired or was surrendered) reduced, if there is an excised part, by so much of those cost bases as is attributable to the excised part. market value of all new assets is the * market value of all * CGT assets (that you are not taken to have * acquired before 20 September 1985) that are part of the new entitlement just after you acquired them. market value of separate asset is the * market value of the particular asset just after you * acquired it. (4) The first element of the * reduced cost base of each of those assets is worked out similarly.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-730"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-775", "Provision_Key": "s124-775", "Heading": "What this Subdivision is about", "Text": "This Subdivision allows you to choose a roll ‑ over where post ‑ CGT shares or trust interests you own are replaced with other shares or trust interests, for example, where there is a company takeover. You can only choose the roll ‑ over if you would have made a capital gain from the exchange. Table of sections Operative provisions 124 ‑ 780 Replacement of shares 124 ‑ 781 Replacement of trust interests 124 ‑ 782 Transfer or allocation of cost base of shares acquired by acquiring entity etc. 124 ‑ 783 Meaning of significant stakeholder , common stakeholder , significant stake and common stake 124 ‑ 783A Rights that affect stakes 124 ‑ 784 Cost base of equity or debt given within acquiring group 124 ‑ 784A When arrangement is a restructure 124 ‑ 784B What is the cost base and reduced cost base when arrangement is a restructure? 124 ‑ 784C Cost base of equity or debt given within acquiring group 124 ‑ 785 What is the roll ‑ over? 124 ‑ 790 Partial roll ‑ over 124 ‑ 795 Exceptions 124 ‑ 800 Interest received for pre ‑ CGT interest 124 ‑ 810 Certain companies and trusts not regarded as having 300 members or beneficiaries", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-775"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-780", "Provision_Key": "s124-780", "Heading": "Replacement of shares", "Text": "(1) There is a roll ‑ over if: (a) an entity (the original interest holder ) exchanges: (i) a * share (the entity’s original interest ) in a company (the original entity ) for a share (the holder’s replacement interest ) in another company; or (ii) an option, right or similar interest (also the holder’s original interest ) issued by the original entity that gives the holder an entitlement to acquire a share in the original entity for a similar interest (also the holder’s replacement interest ) in another company; and (b) the exchange is in consequence of a single * arrangement that satisfies subsection (2) or (2A); and (c) the conditions in subsection (3) are satisfied; and (d) if subsection (4) applies, the conditions in subsection (5) are satisfied. Note 1: There are some exceptions: see section 124 ‑ 795. Note 2: The original interest holder can obtain only a partial roll ‑ over if the capital proceeds for its original interest include something other than its replacement interest: see section 124 ‑ 790. Note 3: A trustee who gets a roll ‑ over under this Subdivision for an original interest consisting of shares issued as part of a demutualisation may be eligible for a further roll ‑ over under Subdivision 126 ‑ E when a beneficiary becomes absolutely entitled to the replacement shares. Example 1: You can get a roll ‑ over if you exchange your shares in one entity for shares in another entity or if you exchange options in one entity for options in another entity. You cannot get a roll ‑ over if you exchange options for shares. Example 2: Examples of arrangements that could be involved include: • a company takeover, whether or not it is regulated by the Corporations Act 2001 , resulting in a company owning 80% or more of another company’s shares. • a scheme of arrangement governed by the Corporations Act 2001 that involves a cancellation of some interests in an original entity resulting in another entity owning 80% or more of the interests in the original entity. Conditions for arrangement (2) The * arrangement must: (a) result in: (i) a company (the acquiring entity ) that is not a member of a * wholly ‑ owned group becoming the owner of 80% or more of the * voting shares in the original entity; or (ii) a company (also an acquiring entity ) that is a member of such a group increasing the percentage of voting shares that it owns in the original entity, and that company or members of the group becoming the owner of 80% or more of those shares; and (b) be one in which at least all owners of * voting shares in the original entity (except a company referred to in paragraph (a)) could participate; and (c) be one in which participation was available on substantially the same terms for all of the owners of interests of a particular type in the original entity. Note 1: The 80% or more requirement is satisfied if the acquiring entity ends up owning at least 80% of the voting shares in the original entity. This may include shares held before the arrangement started. Note 2: Participation will be on substantially the same terms if, for example, matters such as those referred to in subsections 619(2) and (3) of the Corporations Act 2001 affect the capital proceeds that each participant can receive. Conditions for arrangement—takeover bids and arrangements (2A) The * arrangement must: (a) satisfy paragraph (2)(a); and (b) be, be part of, or include one or more of the following: (i) a takeover bid (within the meaning of the Corporations Act 2001 ) for the original interests by the acquiring entity that is not carried out in contravention of the provisions mentioned in paragraphs 612(a) to (g) of that Act; Note: For exemption and modification of provisions by ASIC (and review by the takeovers panel) see Part 6.10 of the Corporations Act 2001 . For Court declarations excusing contraventions see section 1325D of that Act. (ii) a compromise or arrangement entered into by the original entity under Part 5.1 of the Corporations Act 2001 , approved by order of a court made for the purposes of paragraph 411(4)(b) of that Act. Conditions for roll ‑ over (3) The conditions are: (a) the original interest holder * acquired its original interest on or after 20 September 1985; and (b) apart from the roll ‑ over, it would make a * capital gain from a * CGT event happening in relation to its original interest; and (c) its replacement interest is in a company (the replacement entity ) that is: (i) the company referred to in subparagraph (2)(a)(i); or (ii) in any other case—the * ultimate holding company of the * wholly ‑ owned group; and (d) the original interest holder chooses to obtain the roll ‑ over or, if section 124 ‑ 782 applies to it for the * arrangement, it and the replacement entity jointly choose to obtain the roll ‑ over; and (e) if that section applies, the original interest holder informs the replacement entity in writing of the * cost base of its original interest worked out just before a CGT event happened in relation to it; and (f) if an acquiring entity is a member of a wholly ‑ owned group—no member of the group issues equity (other than a replacement interest), or owes new debt, under the arrangement: (i) to an entity that is not a member of the group; and (ii) in relation to the issuing of the replacement interest. Note: If the original interest holder also exchanges a CGT asset that it acquired before 20 September 1985, the cost base of any interest received in exchange for it is worked out under section 124 ‑ 800. Further roll ‑ over conditions in certain cases (4) The conditions specified in subsection (5) must be satisfied if the original interest holder and an acquiring entity did not deal with each other at * arm’s length and: (a) neither the original entity nor the replacement entity had at least 300 * members just before the * arrangement started; or (b) the original interest holder, the original entity and an acquiring entity were all members of the same * linked group just before that time. Note: There are some cases where a company will not be regarded as having 300 members: see section 124 ‑ 810. (5) The conditions are: (a) the * market value of the original interest holder’s * capital proceeds for the exchange is at least substantially the same as the market value of its original interest; and (b) its replacement interest carries the same kind of rights and obligations as those attached to its original interest. CUFS (6) This section applies to the holder of a Chess Unit of Foreign Security as if the holder held the underlying interests that the unit represents. Note: A Chess Unit of Foreign Security is an interest, traded on the stock market operated by ASX Limited, in a foreign share, unit or interest. (7) A company is the ultimate holding company of a * wholly ‑ owned group if it is not a * 100% subsidiary of another company in the group.", "Amendment_Count": 8, "First_Amended": "No 165 of 1999", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 165 of 1999 | No 89 of 2000 | No 55 of 2001 | No 57 of 2002 | No 58 of 2006 | No 97 of 2008 | No 136 of 2010 | No 135 of 2015", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-780"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-781", "Provision_Key": "s124-781", "Heading": "Replacement of trust interests", "Text": "(1) There is a roll ‑ over if: (a) an entity (also the original interest holder ) exchanges: (i) a unit or other interest (also the holder’s original interest ) in a trust (also the original entity ) for a unit or other interest (also the holder’s replacement interest ) in another trust (also the acquiring entity and the replacement entity ); or (ii) an option, right or similar interest (also the holder’s original interest ) issued by the original entity that gives the holder an entitlement to acquire a unit or other interest in the original entity for a similar interest (also the holder’s replacement interest ) in another trust (also the acquiring entity and the replacement entity ); and (b) entities have * fixed entitlements to all of the income and capital of the original entity and the acquiring entity; and (c) the exchange is in consequence of an * arrangement that satisfies subsection (2) or (2A); and (d) the conditions in subsections (3) and (4) are satisfied. Note 1: There are some exceptions: see section 124 ‑ 795. Note 2: The original interest holder can obtain only a partial roll ‑ over if the capital proceeds for its original interest include something other than its replacement interest: see section 124 ‑ 790. Conditions for arrangement (2) The * arrangement must: (a) result in the acquiring entity owning 80% or more of the * trust voting interests in the original entity or, if there are none, 80% or more of the units or other interests in the original entity; and (b) be one in which at least all owners of trust voting interests (or of units or other interests) in the original entity (except the acquiring entity) could participate; and (c) be one in which participation was available on substantially the same terms for all of the owners of interests or units of a particular type in the original entity. Conditions for arrangement—takeover bids (2A) The * arrangement must: (a) satisfy paragraph (2)(a); and (b) be, be part of, or include a takeover bid (within the meaning of the Corporations Act 2001 ) for the original interests by the acquiring entity that is not carried out in contravention of the provisions mentioned in paragraphs 612(a) to (g) of that Act. Note: For exemption and modification of provisions by ASIC (and review by the takeovers panel) see Part 6.10 of the Corporations Act 2001 . For Court declarations excusing contraventions see section 1325D of that Act. Conditions for roll ‑ over (3) The conditions are: (a) the original interest holder * acquired its original interest on or after 20 September 1985; and (b) apart from the roll ‑ over, it would make a * capital gain from a * CGT event happening in relation to its original interest; and (c) it chooses to obtain the roll ‑ over or, if section 124 ‑ 782 applies to it for the * arrangement, it and the trustee of the acquiring entity jointly choose to obtain the roll ‑ over; and (d) if that section applies to it, it informs that trustee in writing of the * cost base of its original interest as at the time just before a CGT event happened in relation to it. Note: If the original interest holder also exchanges a CGT asset that it acquired before 20 September 1985, the cost base of any interest received in exchange for it is worked out under section 124 ‑ 800. Further roll ‑ over conditions in certain cases (4) These conditions must be satisfied if the original interest holder and the trustee of the acquiring entity did not deal with each other at * arm’s length and neither the original entity nor the acquiring entity had at least 300 beneficiaries just before the * arrangement started: (a) the * market value of the original interest holder’s * capital proceeds for the exchange is at least substantially the same as the market value of its original interest; and (b) its replacement interest carries the same kind of rights and obligations as those attached to its original interest. Note: There are some cases where a trust will not be regarded as having 300 beneficiaries: see section 124 ‑ 810. CUFS (5) This section applies to the holder of a Chess Unit of Foreign Security as if the holder held the underlying interests that the unit represents. Note: A Chess Unit of Foreign Security is an interest, traded on the stock market operated by ASX Limited, in a foreign share, unit or interest. Meaning of trust voting interest (6) A trust voting interest in a trust is an interest in the trust that confers rights of the same or a similar kind as the rights conferred by a * voting share in a company.", "Amendment_Count": 5, "First_Amended": "No 89 of 2000", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 89 of 2000 | No 58 of 2006 | No 97 of 2008 | No 136 of 2010 | No 135 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-781"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-782", "Provision_Key": "s124-782", "Heading": "Transfer or allocation of cost base of shares acquired by acquiring entity etc.", "Text": "Transfer of cost base (1) The * cost base of an original interest * acquired by an acquiring entity under the * arrangement from an original interest holder becomes the first element of the cost base and * reduced cost base of the acquiring entity for the interest if: (a) the original interest holder obtains a roll ‑ over; and (b) the holder is a * significant stakeholder or a * common stakeholder for the arrangement. Note 1: For other interests, for example, interests for which the roll ‑ over is not chosen, the cost base will be worked out under the ordinary cost base rules in Divisions 110 and 112. Note 2: There is a special rule to determine the cost base of equity or debt given to a member of an acquiring wholly ‑ owned group by another member of the group under an arrangement: see section 124 ‑ 784. Allocation of cost base in cancellation case (2) The * cost base and * reduced cost base of any interests (the new interests ) issued by the original entity to an acquiring entity under the * arrangement is worked out under subsection (3) if: (a) original interests of an original interest holder are cancelled under the arrangement; and (b) the holder obtains a roll ‑ over for the cancellation; and (c) the holder is a * significant stakeholder or a * common stakeholder for the arrangement. (3) The first element of the * cost base and * reduced cost base of the new interests of an acquiring entity is that part of the cost base of the cancelled interests as can be reasonably allocated to the new interests, having regard to: (a) the nature of the * arrangement; and (b) the number, type and relative * market values of the cancelled interests and the new interests; and (c) any other relevant matters. Example: Robert Co has 3 shareholders: Antill Co with 300 shares, Rachael Co 400 shares and Margaret Co 300 shares. The cost base of each share is $1 and market value is $2. Margaret Co is owned by two shareholders, John and Paul, who each have 50 shares. The market value of each share is $20. Under an arrangement, Robert Co cancels the shares of Antill Co and Rachael Co. They receive 30 and 40 shares respectively in Margaret Co, which becomes the sole shareholder in Robert Co. The market value of Antill Co’s and Rachael Co’s shares in Margaret Co is equivalent to the market value of their cancelled shares in Robert Co. Robert Co also issues 700 shares to Margaret Co, reflecting the $1,400 total market value of the shares issued by Margaret Co to Antill Co and Rachael Co. Before and after the arrangement, Margaret Co’s shares in Robert Co were worth $2 each. It is necessary to reasonably allocate the cost bases of the cancelled shares (700 x $1) to the 700 shares issued by Robert Co to Margaret Co. In this case, an allocation of $1 per share would be reasonable. Note: If no new shares are issued by Robert Co, the cost base of the original shares that Margaret Co holds would not be adjusted. (4) The amount allocated to a new interest under subsection (3) must not be more than its * market value just after the * arrangement was completed.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 89 of 2000 | No 58 of 2006 | No 97 of 2008 | No 135 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-782"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-783", "Provision_Key": "s124-783", "Heading": "Meaning of significant stakeholder , common stakeholder , significant stake and common stake", "Text": "Significant stakeholder (1) An original interest holder is a significant stakeholder for an * arrangement if it had: (a) a * significant stake in the original entity just before the arrangement started; and (b) a significant stake in the replacement entity just after the arrangement was completed. (2) Also, if an original interest holder is an acquiring entity, any other original interest holder is a significant stakeholder for an * arrangement if it: (a) had a * significant stake in the original entity just before the * arrangement started; and (b) is an * associate of the replacement entity just after the arrangement was completed. Common stakeholder (3) An original interest holder is a common stakeholder for an * arrangement if it had: (a) a * common stake in the original entity just before the arrangement started; and (b) a common stake in the replacement entity just after the arrangement was completed. (4) If an acquiring entity for an * arrangement is an original interest holder, each other original interest holder that has a replacement interest is a common stakeholder for the arrangement. (5) No original interest holder is a common stakeholder for an * arrangement if either the original entity or the replacement entity had at least 300 * members (for a company) or 300 beneficiaries (for a trust) just before the arrangement started. Significant stake (6) An entity has a significant stake in a company at a time if the entity, or the entity and the entity’s * associates between them: (a) have at that time * shares carrying 30% or more of the voting rights in the company; or (b) have at that time the right to receive 30% or more of any * dividends that the company may pay; or (c) have at that time the right to receive 30% or more of any distribution of capital of the company. Example: There are 4 shareholders in YZT Company: Sonja has 60%, Mario has 20%, Peter has 10% and Dave has 10%. Sonja, Mario and Peter are associates. They each have a significant stake in YZT because, on an associate inclusive basis, they each have a 90% stake in YZT. Dave does not have a significant stake because his total stake, on an associate inclusive basis, is 10%. (7) An entity has a significant stake in a trust at a time if the entity, or the entity and the entity’s * associates between them, had at that time the right to receive 30% or more of any distribution to beneficiaries of the trust of income or capital of the trust. (8) No original interest holder has a significant stake in a company that has at least 300 * members or a trust that has at least 300 beneficiaries if it is reasonable for the company or the trustee of the trust to conclude that this is the case on the information available to it. Note: There are some cases where a company or trust will not be regarded as having 300 members or beneficiaries: see section 124 ‑ 810. Common stake (9) If the original entity and the replacement entity are companies, an entity, or 2 or more entities, have a common stake in the original entity just before the * arrangement started and in the replacement entity just after the arrangement was completed if the entity or entities, and their * associates, between them: (a) had 80% or more of: (i) the voting rights in the original entity just before the arrangement started; and (ii) the voting rights in the replacement entity just after the arrangement was completed; or (b) had the right to receive 80% or more of: (i) any * dividends that the original entity may pay just before the arrangement started; and (ii) any dividends that the replacement entity may pay just after the arrangement was completed; or (c) had the right to receive 80% or more of: (i) any distribution of capital of the original entity just before the arrangement started; and (ii) any distribution of capital of the replacement entity just after the arrangement was completed. (10) If the original entity and the replacement entity are trusts, an entity, or 2 or more entities, have a common stake in the original entity just before the * arrangement started and in the replacement entity just after the arrangement was completed if the entity or entities, and their * associates, between them: (a) had, just before the arrangement started, the right to receive 80% or more of any distribution to beneficiaries of the original entity of income or capital of the original entity; and (b) had, just after the arrangement was completed, the right to receive 80% or more of any distribution to beneficiaries of the replacement entity of income or capital of that entity.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 89 of 2000 | No 101 of 2003 | No 119 of 2013 | No 135 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4) | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-783"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-783A", "Provision_Key": "s124-783a", "Heading": "Rights that affect stakes", "Text": "(1) An entity has a significant stake in another entity if: (a) the first entity has one or more * stake options in the other entity; and (b) the first entity would have such a stake (under section 124 ‑ 783) if the first entity acquired * stake interests in the other entity under any of those stake options. Note: Paragraph (b) is satisfied if there are any circumstances (e.g. the first entity exercises some but not all of the stake options) in which the first entity would have a significant stake in the other entity, even if in other circumstances the first entity would not have such a stake. (2) An entity, or 2 or more entities, have a common stake in the original entity just before the * arrangement started and in the replacement entity just after the arrangement was completed if: (a) the entities: (i) had one or more * stake options in the original entity before the arrangement started; or (ii) have one or more stake options in the replacement entity; and (b) the entities would have such stakes (under section 124 ‑ 783) if: (i) the entities had acquired * stake interests in the original entity under any of the stake options mentioned in subparagraph (a)(i); or (ii) the entities acquired stake interests in the replacement entity under some or all of the stake options mentioned in subparagraph (a)(ii). (3) Something is a stake option an entity has in another entity if it gives the first entity, or its * associates, a right to acquire the following ( stake interests ): (a) if the other entity is a company: (i) voting rights in the company; or (ii) the right to receive any part of any * dividends that the company may pay; or (iii) the right to receive any part of any distribution of capital of the company; (b) if the other entity is a trust—the right to receive any part of any distribution to beneficiaries of the trust of income or capital of the trust; and the acquisition could occur before the end of 5 years after the * arrangement was completed. Example 1: An option. Example 2: A share that gives a voting right that is temporarily supressed. (4) For the purposes of subsection (1), treat the reference in subparagraph (3)(a)(i) to voting rights as being a reference to * shares carrying voting rights. (5) This section does not limit subsections 124 ‑ 783(6) to (10).", "Amendment_Count": 1, "First_Amended": "No 135 of 2015", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 135 of 2015", "History_Notes": "Inserted by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-783A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-784", "Provision_Key": "s124-784", "Heading": "Cost base of equity or debt given within acquiring group", "Text": "Purpose (1) This section allocates an appropriate * cost base to equity issued, or new debt owed, under the * arrangement, by a member of a * wholly ‑ owned group to another member (the recipient ) of the group, if: (a) the acquiring entity is a member of the group; and (b) the cost base of an original interest was transferred or allocated under section 124 ‑ 782 because the original interest holder is a * significant stakeholder or a * common stakeholder for the arrangement. Allocation of cost base (2) The first element of the * cost base of the equity or debt for the recipient is that part of the cost base of the original interest transferred or allocated under section 124 ‑ 782 as: (a) may be reasonably allocated to the equity or debt; and (b) is not more than the * market value of the equity or debt just after the * arrangement was completed.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 89 of 2000 | No 58 of 2006 | No 135 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Repealed and substituted by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-784"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-784A", "Provision_Key": "s124-784a", "Heading": "When arrangement is a restructure", "Text": "(1) This section applies in relation to a single * arrangement if: (a) the replacement entity for the arrangement knows, or could reasonably be expected to know: (i) that a roll ‑ over under section 124 ‑ 780 or 124 ‑ 781 has been, or will be, obtained in relation to the arrangement; and (ii) that there is a * common stakeholder for the arrangement (disregarding subsections 124 ‑ 783(4) and (5)); and (b) subsection (2) is satisfied for the arrangement. Note: If this section applies, the first element of the cost base and reduced cost base of interests in the original entity acquired under the arrangement is worked out under section 124 ‑ 784B. (2) This subsection is satisfied for the * arrangement if the result of step 2 is more than 80% of the result of step 3. Method statement Step 1. Add up the * market value just after the * arrangement was completed (the completion time ) of all of the replacement interests issued by the replacement entity under the arrangement in exchange for the following interests (the qualifying interests ): (a) original interests in the original entity; (b) any interests issued by the original entity to an acquiring entity under the arrangement in respect of other original interests in the original entity cancelled under the arrangement. Step 2. Add to the result of step 1 the * market value at the completion time of all of the replacement interests issued by the replacement entity under any earlier arrangement for which this section applied in exchange for qualifying interests in the original entity. Step 3. Add up the * market value at the completion time of all of the: (a) if the replacement entity is a company— * shares * on issue by the replacement entity; and (b) if the replacement entity is a company—options, rights and similar interests issued by the replacement entity that give the holder an entitlement to acquire a share in the replacement entity at or after the completion time; and (c) if the replacement entity is a trust—units or other interests in the replacement entity; and (d) if the replacement entity is a trust—options, rights or similar interests issued by the replacement entity that gives the holder an entitlement to acquire a unit or other interest in the replacement entity at or after the completion time. Application if an entity is listed (3) For the purposes of: (a) subsection (2); and (b) step 5 of the method statement in subsection 124 ‑ 784B(2); if interests in an entity are listed for quotation in the official list of an * approved stock exchange at the completion time, then the replacement entity may choose that the * market value at that time of an interest in the first ‑ mentioned entity is taken to be the * officially quoted price of the interest at that time. Application if more than one original entity (4) If qualifying interests in more than one original entity are * acquired under the * arrangement, then, for the purposes of subsections (1) and (2): (a) those interests of each of those original entities are taken to have been acquired under separate arrangements; and (b) those separate arrangements are taken to have happened in the same order as the acquisitions. (5) If qualifying interests in more than one original entity: (a) would be taken by subsection (4) to have been * acquired under separate * arrangements happening at the same time; or (b) are acquired under separate arrangements that commence at the same time; then, for the purposes of subsections (1) and (2), the replacement entity must choose the order in which those separate arrangements are to have happened. Meaning of officially quoted price (6) An interest in an entity has an officially quoted price at a particular time if, during the one week period starting on the day in which that time occurred, there was at least one transaction on the relevant stock exchange in interests of that class. That price is the weighted average of the prices at which those interests were traded on that stock exchange during that period. (7) For the purposes of subsection (6), if an interest is quoted on 2 or more * approved stock exchanges on that day, the officially quoted price of the interest is determined under subsection (6) in respect of whichever of those the entity chooses.", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 14 of 2009 | No 135 of 2015", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-784A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-784B", "Provision_Key": "s124-784b", "Heading": "What is the cost base and reduced cost base when arrangement is a restructure?", "Text": "(1) This section applies in relation to each qualifying interest in the original entity: (a) * acquired by an acquiring entity under an * arrangement to which section 124 ‑ 784A applies; and (b) for which the first element of the * cost base of the acquiring entity is not worked out under section 124 ‑ 782. Note: Section 124 ‑ 782 applies when an original interest holder is a significant stakeholder or a common stakeholder. First element of cost base—qualifying interests acquired in exchange for replacement interests only (2) The first element of the * cost base of the acquiring entity for the qualifying interest in the original entity is worked out as follows: Method statement Step 1. Add up: (a) the * market value, at the completion time, of the original entity’s * pre ‑ CGT assets (except * trading stock); and (b) the * cost bases, at the completion time, of the original entity’s * post ‑ CGT assets (except trading stock); and (c) for the original entity’s * CGT assets (except trading stock) that had no cost base—the maximum amount of consideration the original entity would need to receive if it were to dispose, at the completion time, of those assets without an amount being assessable income of, or deductible to, the original entity; and (d) the amount worked out under steps 2 and 3. Step 2. For the original entity’s * trading stock, add up: (a) the * value of the trading stock at the start of the income year containing the completion time; and (b) for * live stock acquired by natural increase during that income year but before the completion time—the * cost of that live stock; and (c) the amount of any outgoing incurred in connection with acquiring an item of trading stock during that income year but before the completion time (except live stock acquired by natural increase); and (d) the amount of any outgoings forming part of the cost of the trading stock incurred by the entity during its current holding of the trading stock but before the completion time. Step 3. For any asset of the original entity not covered by steps 1 and 2, work out the amount that would be the asset’s * cost base at the completion time if it were a * CGT asset. Step 4. Subtract from the result of step 1 the original entity’s liabilities (if any) at the completion time in respect of those assets. Step 5. If there is one class of * membership interests in the original entity, divide the result of step 4 by the total number of those membership interests at the completion time. If there are 2 or more classes of membership interests in the original entity, allocate a portion of the result of step 4 to each class in proportion to the * market value of all the membership interests in that class and divide that result by the total number of membership interests in that class at the completion time. Note 1: For the purposes of this subsection, Division 701 (Core rules for consolidated groups) is disregarded for an original entity that becomes a subsidiary member of a consolidated group or MEC group under the arrangement (see paragraph 715 ‑ 910(1)(a)). Note 2: If the original entity is the head company of a consolidated group or MEC group, then subsection 701 ‑ 1(1) (the single entity rule) and section 701 ‑ 5 (the entry history rule) apply in relation to that group when working out steps 1 and 2 (see subsection 715 ‑ 910(2)). Note 3: For step 5, the replacement entity may choose to use the officially quoted price of the qualifying interests as their market value (see subsection 124 ‑ 784A(3)). First element of cost base—interests acquired in exchange for replacement interests and cash etc. (3) However, if the qualifying interest was acquired under the * arrangement partly in exchange for one or more replacement interests and partly for something else, subsection (2) applies only for working out the first element of that part of the * cost base of the qualifying interest that is attributable to the replacement interests. Note 1: This means that the acquiring entity will have to apportion the cost base amount worked out under subsection (2) according to the relative values of the replacement interests and the other component. Note 2: The first element of that part of the cost base, and reduced cost base, of the qualifying interest that is attributable to cash etc. is worked out using the general rules about cost base. Liabilities (4) For the purposes of step 4 of subsection (2), a liability of the original entity that is not a liability in respect of a specific asset or assets of the entity is taken to be a liability in respect of all the assets of the entity. (5) If a liability is in respect of 2 or more assets, the proportion of the liability that is in respect of any one of those assets is equal to: First element of reduced cost base (6) The first element of the * reduced cost base of the acquiring entity for the qualifying interest in the original entity is worked out similarly. Rights and options to acquire membership interests (7) For the purposes of step 5 of subsection (2), if at the completion time a person holds an option, right or similar interest (including a contingent option, right or interest), created or issued by the original entity, to acquire a * membership interest in the original entity, that option, right or interest is treated as if it were a membership interest in the original entity.", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 14 of 2009 | No 15 of 2017", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-784B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-784C", "Provision_Key": "s124-784c", "Heading": "Cost base of equity or debt given within acquiring group", "Text": "Purpose (1) This section allocates an appropriate * cost base to equity issued, or new debt owed, under the * arrangement by a member of a * wholly ‑ owned group to another member (the holder ) of the group, if: (a) an acquiring entity is a member of the group; and (b) the cost base of the acquiring entity for a qualifying interest was worked out under section 124 ‑ 784B. Allocation of cost base (2) The first element of the * cost base of the equity or debt for the holder is that part of the cost base of the qualifying interest worked out under section 124 ‑ 784B as: (a) may be reasonably allocated to the equity or debt; and (b) is not more than the * market value of the equity or debt at the completion time.", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 135 of 2015", "Amending_Acts": "No 14 of 2009 | No 135 of 2015", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Repealed and substituted by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-784C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-785", "Provision_Key": "s124-785", "Heading": "What is the roll ‑ over?", "Text": "(1) A * capital gain you make from your original interest is disregarded. (2) You work out the first element of the * cost base of each * CGT asset you received as a result of the exchange by reasonably attributing to it the cost base (or the part of it) of your original interest for which it was exchanged and for which you obtained the roll ‑ over. (3) In applying subsection (2), you reduce the * cost base of your original interest (just before you stop owning it) by so much of that cost base as is attributable to an ineligible part (see section 124 ‑ 790). (4) The first element of the * reduced cost base is worked out similarly. Example 1: Lyn exchanges 1 share with a cost base of $10 for another share. The cost base of the new share is $10. Example 2: Glenn exchanges 2 shares with cost bases of $10 and $11 respectively for one new share. The cost base of the new share is $21. Example 3: Wayne exchanges 1 share with a cost base of $9 for share A with a market value of $5 and share B with a market value of $10. The cost base of share A is $3 and the cost base of share B is $6.", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-785"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-790", "Provision_Key": "s124-790", "Heading": "Partial roll ‑ over", "Text": "(1) The original interest holder can obtain only a partial roll ‑ over if its * capital proceeds for its original interest include something (the ineligible proceeds ) other than its replacement interest. There is no roll ‑ over for that part (the ineligible part ) of its original interest for which it received ineligible proceeds. (2) The * cost base of the ineligible part is that part of the cost base of your original interest as is reasonably attributable to it. Example: Ken owns 100 shares in Aim Ltd. Those shares have a cost base of $2. Ken accepts an offer from LBZ Ltd to acquire those shares. The offer is 1 share in LBZ (market value $4) plus $1 for each Aim share. Ken chooses the roll ‑ over to the extent that he can. The cost base of the ineligible part is [$100  $200]  $500  $40. Ken makes a capital gain of $100  $40  $60.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 165 of 1999 | No 89 of 2000 | No 97 of 2008", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-790"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-795", "Provision_Key": "s124-795", "Heading": "Exceptions", "Text": "(1) You cannot obtain the roll ‑ over if, just before you stop owning your original interest, you are a foreign resident unless, just after you * acquire your replacement interest, the replacement interest is * taxable Australian property. (2) You cannot obtain the roll ‑ over if: (a) any * capital gain you might make from your replacement interest would be disregarded (except because of a roll ‑ over); or (b) you and the acquiring entity are members of the same * wholly ‑ owned group just before you stop owning your original interest and the acquiring entity is a foreign resident. Example: An example of a capital gain or loss being disregarded as mentioned in paragraph (2)(a) is because the asset is trading stock. Note: A roll ‑ over may be available under Subdivision 126 ‑ B in the circumstances mentioned in paragraph (2)(b). (3) You cannot obtain the roll ‑ over for the * CGT event happening in relation to the exchange of your original interest if you can choose a roll ‑ over under Division 122 or 615 for that event. Note: Division 122 deals with the disposal of assets to a wholly ‑ owned company, and Division 615 deals with business restructures. (4) You cannot obtain the roll ‑ over for the * CGT event happening in relation to the exchange of your qualifying interest if: (a) the replacement entity makes a choice to that effect under this subsection; and (b) that entity or the original entity notifies you in writing of the choice before the exchange.", "Amendment_Count": 7, "First_Amended": "No 165 of 1999", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 165 of 1999 | No 89 of 2000 | No 117 of 2002 | No 41 of 2005 | No 168 of 2006 | No 14 of 2009 | No 133 of 2014", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-795"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-800", "Provision_Key": "s124-800", "Heading": "Interest received for pre ‑ CGT interest", "Text": "(1) If, in consequence of the * arrangement, you exchange an interest that you * acquired before 20 September 1985 for an interest in the replacement entity, the first element of the * cost base and * reduced cost base of the interest in the replacement entity is its * market value just after you acquired it. (2) The * cost base and * reduced cost base of the interest in the replacement entity is reduced if all or part of a * capital gain from * CGT event K6 happening is disregarded because of subsection 104 ‑ 230(10). The amount of the reduction is the amount of the * capital gain you disregard under that subsection. Note 1: The full list of CGT events is in section 104 ‑ 5. Note 2: Subsection 104 ‑ 230(10) provides that a capital gain from CGT event K6 is disregarded to the extent that you could have chosen a roll ‑ over under this Subdivision if your original interest had been post ‑ CGT.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 165 of 1999 | No 89 of 2000 | No 58 of 2006", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-800"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-810", "Provision_Key": "s124-810", "Heading": "Certain companies and trusts not regarded as having 300 members or beneficiaries", "Text": "(1) For the purposes of this Subdivision, a company is treated as if it did not have at least 300 * members if subsection (3) or (5) applies to it. (2) For the purposes of this Subdivision, a trust is treated as if it did not have at least 300 beneficiaries if subsection (4) or (5) applies to it. Concentrated ownership (3) This subsection applies to a company if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, * shares in the company: (a) carrying * fixed entitlements to: (i) at least 75% of the company’s income; or (ii) at least 75% of the company’s capital; or (b) carrying at least 75% of the voting rights in the company. (4) This subsection applies to a trust if an individual owns, or up to 20 individuals own between them, directly or indirectly (through one or more interposed entities) and for their own benefit, units or other fixed interests in the trust: (a) carrying * fixed entitlements to: (i) at least 75% of the trust’s income; or (ii) at least 75% of the trust’s capital; or (b) if beneficiaries of the trust have a right to vote in respect of activities of the trust—carrying at least 75% of those voting rights. Possible variation of rights etc. (5) This subsection applies to a company or trust if, because of: (a) any provision in the entity’s constituent document, or in any contract, agreement or instrument: (i) authorising the variation or abrogation of rights attaching to any of the * shares, units or other fixed interests in the entity; or (ii) relating to the conversion, cancellation, extinguishment or redemption of any of those interests; or (b) any contract, * arrangement, option or instrument under which a person has power to acquire any of those interests; or (c) any power, authority or discretion in a person in relation to the rights attaching to any of those shares, units or interests; it is reasonable to conclude that the rights attaching to any of those interests are capable of being varied or abrogated in such a way (even if they are not in fact varied or abrogated in that way) that, directly or indirectly, subsection (3) or (4) would apply to the entity. Single individual (6) For the purposes of subsections (3) and (4), all of the following are taken to be a single individual: (a) an individual, whether or not the individual holds * shares, units or other interests in the entity concerned; (b) the individual’s * associates; (c) for any shares, units or interests in respect of which other individuals are nominees of the individual or of the individual’s associates—those other individuals.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 165 of 1999 | No 89 of 2000 | No 41 of 2011", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-810"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-850", "Provision_Key": "s124-850", "Heading": "What this Subdivision is about", "Text": "Entities can choose to obtain a roll ‑ over if: (a) a trust disposes of all of its assets to a company; and (b) units and interests in the trust are replaced by shares in the company. The roll ‑ over may also be available for 2 or more trusts disposing of all their assets to a single company. Note: The effect of the roll ‑ over may be reversed if the trust does not cease to exist within 6 months: see section 104 ‑ 195. Table of sections Operative provisions 124 ‑ 855 What this Subdivision deals with 124 ‑ 860 Requirements for roll ‑ over 124 ‑ 865 Entities both choose the roll ‑ over 124 ‑ 870 Roll ‑ over for owner of units or interests in a trust 124 ‑ 875 Effect on the transferor and transferee", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-850"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-855", "Provision_Key": "s124-855", "Heading": "What this Subdivision deals with", "Text": "(1) A roll ‑ over may be available for a restructuring (a trust restructure ) if: (a) a trust, or 2 or more trusts, (the transferor ) * dispose of all of their * CGT assets to a company limited by * shares (the transferee ); and (b) * CGT event E4 is capable of applying to all of the units and interests in the transferor; and (c) the requirements in section 124 ‑ 860 are met. Note: A roll ‑ over is not available for a restructure undertaken by a discretionary trust. (2) For 2 or more transferors, units and interests in each transferor must be owned in the same proportions by the same beneficiaries. Example: Matthew and Jaclyn each own 50% of the units in the Spring Unit Trust and the Dale Unit trust. All of the assets of both trusts are disposed of to Jonathon Pty Ltd. A roll ‑ over for a trust restructure is available if the other requirements of this Subdivision are met.", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-855"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-860", "Provision_Key": "s124-860", "Heading": "Requirements for roll ‑ over", "Text": "(1) All of the * CGT assets owned by the transferor must be disposed of to the transferee during the * trust restructuring period. However, ignore any CGT assets retained by the transferor to pay existing or expected debts of the transferor. (2) The trust restructuring period for a trust restructure: (a) starts just before the first * CGT asset is * disposed of to the transferee under the trust restructure, which must happen on or after 11 November 1999; and (b) ends when the last CGT asset of the transferor is disposed of to the transferee. (3) The transferee must not be an * exempt entity. (4) The transferee must be a company that: (a) has never carried on commercial activities; and (b) has no * CGT assets, other than any or all of the following: (i) small amounts of cash or debt; (ii) its rights under an * arrangement, if (collectively) those rights only facilitate the transfer of assets to the transferee from the transferor; and (c) has no losses of any kind. Example: It could be a shelf company. (5) Subsection (4) does not apply to a transferee that is the trustee of the transferor. (6) Just after the end of the * trust restructuring period: (a) each entity that owned interests in a transferor just before the start of the trust restructuring period must own replacement interests in the transferee in the same proportion as it owned those interests in that transferor; and (b) the * market value of the replacement interests each of those entities owns in the transferee must be at least substantially the same as the market value of the interests it owned in the transferor or transferors just before the start of the trust restructuring period. Note 1: Any assets in the company just before the start of the trust restructuring period may affect the ability of owners of units or interests to comply with paragraph (6)(b). Note 2: See section 124 ‑ 20 if an entity uses an interest sale facility. (7) For the purposes of subsection (6), ignore any * shares in the transferee that: (a) just before the start of the * trust restructuring period, were owned by entities who together owned no more than 5 shares; and (b) just after the end of that period, represented such a low percentage of the total * market value of all the shares that it is reasonable to treat other entities as if they owned all the shares in the transferee. Example: To continue the example in subsection 124 ‑ 855(2), assume that Jonathon Pty Ltd was a shelf company organised for Matthew and Jaclyn by their solicitor, Indira. Indira owned the 2 shares in Jonathon Pty Ltd before the trust restructuring period. The company issues Matthew and Jaclyn 5,000 shares each. In these circumstances, it is reasonable to treat Matthew and Jaclyn as if they owned all the shares in Jonathon Pty Ltd.", "Amendment_Count": 5, "First_Amended": "No 53 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 53 of 2002 | No 58 of 2006 | No 168 of 2006 | No 12 of 2012 | No 133 of 2014", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-860"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-865", "Provision_Key": "s124-865", "Heading": "Entities both choose the roll ‑ over", "Text": "A roll ‑ over is only available for the transferor and transferee if both the transferor and transferee choose to obtain it. Note 1: If they do so, the consequences for the transferor and transferee are set out in section 124 ‑ 875. Note 2: An entity that owns a unit or interest in the transferor can also choose to obtain a roll ‑ over: see section 124 ‑ 870.", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-865"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-870", "Provision_Key": "s124-870", "Heading": "Roll ‑ over for owner of units or interests in a trust", "Text": "(1) You can choose to obtain a roll ‑ over (whether or not the transferor and transferee choose to obtain a roll ‑ over, and even if * CGT event J4 applies) if: (a) you own units or interests in the transferor (your original interests ); and (b) the ownership of all your units or interests ends under a trust restructure in exchange for * shares in the transferee (your replacement interests ). Note 1: The roll ‑ over consequences are set out in Subdivision 124 ‑ A. The original assets are your units and interests in the transferor. The new assets are your shares in the transferee. Note 2: The effect of the roll ‑ over may be reversed if the transferor does not cease to exist within 6 months: see section 104 ‑ 195. (2) You must make the choice for each of your original interests. (3) An entity that is a foreign resident cannot choose a roll ‑ over under this section unless the replacement interests the entity * acquires in the transferee are * taxable Australian property just after their acquisition. (4) If you choose a roll ‑ over, you cannot make a * capital loss from a * CGT event that happens to your original interests during the * trust restructuring period. Note: The rule in subsection (4) prevents a capital loss arising on your units or interests after the trust assets have been disposed of to the company but before your shares are issued to you. Exception: trading stock (5) This section does not apply to your ownership of an original interest ending if: (a) the interest was an item of your * trading stock and the corresponding replacement interest becomes an item of your trading stock when you * acquire it; or (b) the interest was not an item of your trading stock but the corresponding replacement interest becomes an item of your trading stock when you acquire it.", "Amendment_Count": 4, "First_Amended": "No 53 of 2002", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 53 of 2002 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-870"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-875", "Provision_Key": "s124-875", "Heading": "Effect on the transferor and transferee", "Text": "Capital gains and losses disregarded (1) Any * capital gain or * capital loss from * CGT event A1 happening to the transferor under the trust restructure is disregarded (even if * CGT event J4 applies). Note: The effect of the roll ‑ over may be reversed if the transferor does not cease to exist within 6 months: see section 104 ‑ 195. Cost base is transferred (2) The first element of the * cost base and * reduced cost base (for the transferee) of each * CGT asset that the transferee * acquires under the trust restructure is the same as the cost base and reduced cost base of that asset (for the transferor) just before that acquisition. Note: For the cost base and reduced cost base of interests in the transferee: see Subdivision 124 ‑ A. Pre ‑ CGT assets retain their status (3) If the transferor * acquired any of the * CGT assets * disposed of to the transferee under the trust restructure before 20 September 1985, the transferee is taken to have acquired it before that day. (4) However, subsection (3) is taken never to have applied to such an asset of the transferee if subsection 104 ‑ 195(4) (CGT event J4) applies to the transferee in relation to the asset. Exception: trading stock (5) This section does not apply to a * CGT asset if: (a) the asset was an item of * trading stock of the transferor and becomes an item of trading stock of the transferee; or (b) the asset was not an item of trading stock of the transferor but becomes an item of trading stock of the transferee when the transferee * acquires it. Exception: asset must be taxable Australian property for foreign resident transferee (6) For a transferee that is a foreign resident, this section only applies to a * CGT asset that is * taxable Australian property just after the transferee * acquires it under the trust restructure.", "Amendment_Count": 2, "First_Amended": "No 53 of 2002", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 53 of 2002 | No 168 of 2006", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-875"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-975", "Provision_Key": "s124-975", "Heading": "What this Subdivision is about", "Text": "You can choose a roll ‑ over if you exchange your interest as a member of an MDO for an interest as a member of another MDO. You can only choose the roll ‑ over if you would have made a capital gain from the exchange. Table of sections Operative provisions 124 ‑ 980 Exchange of membership interests in an MDO 124 ‑ 985 What the roll ‑ over is for post ‑ CGT interests 124 ‑ 990 Partial roll ‑ over 124 ‑ 995 Pre ‑ CGT interests", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-975"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-980", "Provision_Key": "s124-980", "Heading": "Exchange of membership interests in an MDO", "Text": "(1) There is a roll ‑ over if: (a) an entity exchanges: (i) an interest (the original interest ) in an * MDO (the original MDO ) as a member of the original MDO; for (ii) a similar interest (the replacement interest ) in another MDO (the new MDO ) as a member of the new MDO; and (b) both the original MDO and the new MDO are companies limited by guarantee; and (c) the exchange is in consequence of a single * arrangement that satisfies subsection (3); and (d) apart from the roll ‑ over, the entity would make a * capital gain from a * CGT event happening in relation to its original interest; and (e) the entity chooses to obtain the roll ‑ over; and (f) the entity acquired the original interest on or after 20 September 1985. Note: The entity can obtain only a partial roll ‑ over if the capital proceeds for its original interest include something other than its replacement interest: see section 124 ‑ 990. (2) In working out whether an original interest is exchanged for a similar interest, disregard a difference that consists only of a right to receive distributions of income or capital. Conditions for arrangement (3) The * arrangement must: (a) result in the new * MDO becoming the sole * member of the original MDO; and (b) be one in which participation was available on substantially the same terms for all of the holders of interests as members of the original MDO of a particular type.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-980"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-985", "Provision_Key": "s124-985", "Heading": "What the roll ‑ over is for post ‑ CGT interests", "Text": "(1) A * capital gain the entity makes from an original interest * acquired on or after 20 September 1985 is disregarded. (2) The entity works out the first element of the * cost base of each replacement interest the entity received as a result of the exchange by reasonably attributing to it the cost base (or the part of it) of the entity’s original interest for which it was exchanged and for which the entity obtained the roll ‑ over. (3) In applying subsection (2), the entity reduces (but not below zero) the * cost base of the original interest (just before stopping owning it) by so much of that cost base as is attributable to an ineligible part (see section 124 ‑ 990). (4) The first element of the * reduced cost base of a replacement interest is worked out similarly.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-985"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-990", "Provision_Key": "s124-990", "Heading": "Partial roll ‑ over", "Text": "(1) The entity can obtain only a partial roll ‑ over if its * capital proceeds for its original interest include something (the ineligible proceeds ) other than its replacement interest. There is no roll ‑ over for that part (the ineligible part ) of its original interest for which it received ineligible proceeds. (2) The * cost base of the ineligible part is that part of the cost base of the original interest as is reasonably attributable to it.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-990"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-995", "Provision_Key": "s124-995", "Heading": "Pre ‑ CGT interests", "Text": "If the entity exchanges an original interest that the entity * acquired before 20 September 1985 for its replacement interest, the first element of the * cost base and * reduced cost base of the replacement interest is zero.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-995"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1040", "Provision_Key": "s124-1040", "Heading": "What this Subdivision is about", "Text": "There is a roll ‑ over if you own ownership interests that are stapled and, as a result of a reorganisation, you stop owning those interests and you acquire or own ownership interests in an interposed unit trust. Table of sections Operative provisions 124 ‑ 1045 Exchange of stapled securities 124 ‑ 1050 Conditions 124 ‑ 1055 Consequences of the roll ‑ over for exchanging members 124 ‑ 1060 Consequences of the roll ‑ over for interposed trust", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1040"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1045", "Provision_Key": "s124-1045", "Heading": "Exchange of stapled securities", "Text": "(1) There is a roll ‑ over if: (a) you own * ownership interests in 2 or more trusts, or in one or more companies and one or more trusts, and those interests are stapled together to form stapled securities; and (b) at least one of the trusts is a trust whose trustee is not assessed and liable to pay tax under Division 6C of Part III of the Income Tax Assessment Act 1936 ; and (c) if no company is involved—at least one of the trusts is a trust whose trustee is assessed and liable to pay tax under Division 6C of Part III of that Act; and (d) under a * scheme for reorganising the affairs of the relevant * stapled entities, you and the other entities that own the ownership interests in the stapled entities (together the exchanging members ): (i) stop being the owner of those ownership interests and acquire ownership interests in a new unit trust (the interposed trust ) and nothing else (a new trust case ); or (ii) retain their ownership interests in one of those trusts (also the interposed trust ), stop being the owner of the remaining ownership interests that form the stapled securities and receive nothing other than ownership interests in the interposed trust, or an increase in value of their existing ownership interests in the interposed trust, or both (an existing trust case ); and Note: See section 124 ‑ 20 if an exchanging member uses an interest sale facility. (e) under the scheme, the interposed trust becomes the owner of: (i) for a new trust case—all of the ownership interests in the stapled entities; or (ii) for an existing trust case—all of the ownership interests in the other stapled entities; and (f) the conditions in section 124 ‑ 1050 are satisfied. Note: Division 6C of Part III of the Income Tax Assessment Act 1936 deals with taxing public trading trusts in the same way as companies. (2) An entity is a stapled entity in relation to stapled securities if * ownership interests in the entity form part of the stapled securities. (3) Ignore for the purposes of subsection (1) * ownership interests held by one * stapled entity in another stapled entity as at the start of the day on which the Bill for this Act was introduced into the Parliament.", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 164 of 2007 | No 12 of 2012 | No 53 of 2016", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1045"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1050", "Provision_Key": "s124-1050", "Heading": "Conditions", "Text": "(1) Just after the * scheme is completed (the completion time ), each exchanging member must own a percentage of the * ownership interests in the interposed trust that reasonably equates to the percentage of the ownership interests that the member owned in the * stapled entities. Example: Public Company A, Unit Trust No. 1 and Unit Trust No. 2 are stapled entities. Each stapled entity has 4,000 ownership interests on issue. There are no ownership interests in any of the stapled entities other than shares in the company and units in the trusts. Under a scheme for reorganising the stapled entities, Unit Trust No. 3 is interposed between the stapled entities and the owners of the interests in those entities. Unit Trust No. 3 (the interposed trust) becomes the owner of all of the interests in each of the three stapled entities. Exchanging members receive one unit in the interposed trust for each stapled security they owned. All units in the interposed trust are of the same class. Naomi owned 200 shares in Public Company A, 200 units in Unit Trust No. 1 and 200 units in Unit Trust No. 2. Naomi therefore owned 5% of the ownership interests in each of the stapled entities. Under the scheme, Naomi receives 100 units in Unit Trust No. 3 (out of a total of 2,000 units) in exchange for her ownership interests in the stapled entities. Naomi now owns 5% of the ownership interests in the interposed trust and meets the condition in subsection (1). (2) Just after the completion time, each exchanging member must have the same, or as nearly as practicable the same, proportionate * market value of * ownership interests in the interposed trust as the member had in the * stapled entities just before that time. (3) In working out whether an exchanging member complies with subsection (2), an anticipated reasonable approximation of the * market value of * ownership interests just after the completion time is sufficient. Note: An anticipated reasonable approximation of market values of ownership interests may include valuations provided to exchanging members in scheme documents. (4) You must be an Australian resident at the completion time or, if you are a foreign resident at that time: (a) some or all of your * ownership interests in the * stapled entities must have been * taxable Australian property just before that time; and (b) your ownership interests in the interposed trust must be taxable Australian property just after that time.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1050"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1055", "Provision_Key": "s124-1055", "Heading": "Consequences of the roll ‑ over for exchanging members", "Text": "(1) A * capital gain or * capital loss you make as a result of the * scheme from each of your * ownership interests is disregarded. (2) If you * acquired all of your * ownership interests in the * stapled entities on or after 20 September 1985, the first element of the * cost base and * reduced cost base of each of your ownership interests in the interposed trust is such amount as is reasonable having regard to: (a) the total of the * cost bases of all of your ownership interests in the * stapled entities; and (b) the number, * market value and character of your ownership interests in the interposed trust. Example: Naomi had a cost base of $2.00 for each of her 200 Public Company A shares, $1.50 for each of her 200 Unit Trust No. 1 units and $0.50 for each of her 200 Unit Trust No. 2 units. The total of the cost bases of all of her membership interests is $800.00. It is reasonable to allocate $8.00 to each of the 100 units in the interposed trust that she receives under the reorganisation. (3) If you * acquired all of your * ownership interests in the * stapled entities before 20 September 1985, you are taken to have acquired all of your ownership interests in the interposed trust before that day. (4) If you * acquired some of your * ownership interests in the * stapled entities before 20 September 1985, you are taken to have acquired so many of your ownership interests in the interposed trust as is reasonable before that day having regard to: (a) the number, * market value and character of your ownership interests in the stapled entities; and (b) the number, market value and character of your ownership interests in the interposed trust. Note: Generally, a capital gain or capital loss from a CGT asset acquired before 20 September 1985 can be disregarded: see Division 104. (5) The first element of the * cost base and * reduced cost base of each of your * ownership interests in the interposed trust that is not taken by subsection (4) to have been * acquired before 20 September 1985 (your post ‑ CGT interests ) is such amount as is reasonable having regard to: (a) the total of the cost bases of your ownership interests in the * stapled entities that you acquired on or after 20 September 1985; and (b) the number, * market value and character of your post ‑ CGT interests.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1055"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1060", "Provision_Key": "s124-1060", "Heading": "Consequences of the roll ‑ over for interposed trust", "Text": "(1) Apply this section separately for the interposed trust in relation to the * ownership interests in each * stapled entity that the trustee of the interposed trust * acquires under the * scheme. (2) A whole number of * ownership interests in a * stapled entity that the trustee * acquires under the * scheme are taken to have been acquired before 20 September 1985 if any of the stapled entity’s assets as at the completion time were acquired by it before that day. Note: Generally, a capital gain or capital loss from a CGT asset acquired before 20 September 1985 can be disregarded: see Division 104. (3) The number (worked out as at the completion time) is the greatest possible that (when expressed as a percentage of all the * ownership interests in the * stapled entity * acquired by the trustee) does not exceed: (a) the * market value of the stapled entity’s assets that it acquired before 20 September 1985; less (b) its liabilities (if any) in respect of those assets; expressed as a percentage of the market value of all the stapled entity’s assets less all of its liabilities. The amounts in paragraphs (a) and (b) are to be worked out as at the completion time. (4) The first element of the * cost base and * reduced cost base of each of the trustee’s * ownership interests in that * stapled entity that are not taken by subsection (3) to have been * acquired before 20 September 1985 is such proportion as is reasonable of the total of the cost bases (as at the completion time) of that stapled entity’s assets that it acquired on or after that day less its liabilities (if any) in respect of those assets. (5) In applying this section: (a) a liability of a * stapled entity that is not a liability in respect of a specific asset or assets of the stapled entity is a liability in respect of all the assets of the stapled entity; and (b) if a liability is in respect of 2 or more assets, the proportion of the liability that is in respect of any one of those assets is such amount as is reasonable having regard to the * market values of each of those assets.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1060"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1100", "Provision_Key": "s124-1100", "Heading": "What this Subdivision is about", "Text": "There is a roll ‑ over if a CGT event happens to you because of something occurring in relation to one or more water entitlements. You do not need to own water entitlements for the event to happen to you. Table of sections Replacement case 124 ‑ 1105 Replacement water entitlements roll ‑ over 124 ‑ 1110 Roll ‑ over consequences—capital gain or loss disregarded 124 ‑ 1115 Roll ‑ over consequences—partial roll ‑ over 124 ‑ 1120 Roll ‑ over consequences—all original entitlements post ‑ CGT 124 ‑ 1125 Roll ‑ over consequences—all original entitlements pre ‑ CGT 124 ‑ 1130 Roll ‑ over consequences—some original entitlements pre ‑ CGT, others post ‑ CGT Reduction case 124 ‑ 1135 Reduction in water entitlements roll ‑ over 124 ‑ 1140 Roll ‑ over consequences—capital gain or loss disregarded 124 ‑ 1145 Roll ‑ over consequences—all original entitlements post ‑ CGT 124 ‑ 1150 Roll ‑ over consequences—some original entitlements pre ‑ CGT, others post ‑ CGT Variation to CGT asset case 124 ‑ 1155 Roll ‑ over for variation to CGT asset 124 ‑ 1160 Roll ‑ over consequences 124 ‑ 1165 Roll ‑ over consequences—partial roll ‑ over", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1105", "Provision_Key": "s124-1105", "Heading": "Replacement water entitlements roll ‑ over", "Text": "Automatic roll ‑ over for single water entitlements (1) There is a roll ‑ over if: (a) your ownership of a * water entitlement (the original entitlement ) ends, resulting in a * CGT event happening; and (b) as a result of your ownership of the original entitlement ending, you * acquire one or more water entitlements (each of which is a new entitlement ); and (c) if you are a foreign resident just before your ownership of the original entitlement ends, or you are the trustee of a trust that is a * foreign trust for CGT purposes for the income year in which your ownership of the original entitlement ends: (i) the original entitlement was * taxable Australian property just before you stopped owning it; and (ii) if there is only one new entitlement—the new entitlement is taxable Australian property just after you acquire it; and (iii) if there is more than one new entitlement—each new entitlement is taxable Australian property just after you acquire it; and (d) you have not chosen a roll ‑ over in relation to the original entitlement under subsection (2). Elective roll ‑ over for bundled water entitlements (2) There is a roll ‑ over if: (a) your ownership of more than one * water entitlement (each of which is an original entitlement ) ends, resulting in a * CGT event happening; and (b) as a result of your ownership of the original entitlements ending, you * acquire one or more water entitlements (each of which is a new entitlement ); and (c) if you are a foreign resident just before your ownership of the original entitlements ends, or you are the trustee of a trust that is a * foreign trust for CGT purposes for the income year in which your ownership of the original entitlements ends: (i) each original entitlement was * taxable Australian property just before you stopped owning it; and (ii) if there is only one new entitlement—the new entitlement is taxable Australian property just after you acquire it; and (iii) if there is more than one new entitlement—each new entitlement is taxable Australian property just after you acquire it; and (d) you choose to obtain the roll ‑ over. Note: Section 103 ‑ 25 tells you when the choice must be made. No roll ‑ over if Subdivision 124 ‑ C applies (3) However, there is no roll ‑ over in relation to a * water entitlement under this section if there is a roll ‑ over in relation to the water entitlement under Subdivision 124 ‑ C (statutory licences). Meaning of water entitlement (4) A water entitlement is a legal or equitable right that an entity owns that relates to water, including a right to: (a) receive water; or (b) take water from a water resource; or (c) have water delivered; or (d) deliver water; and includes a right that must be owned by the entity in order to own a right covered by paragraph (a), (b), (c) or (d). Example: Philip owns a share in Big Pump Irrigation Ltd. The share provides Philip with the right to receive dividends, to participate in the running of the company and to have a separate contractual agreement with Big Pump Irrigation Ltd for the delivery of 1 megalitre of water. Philip has such an agreement. Philip’s agreement is a water entitlement . Philip’s share is also a water entitlement because he must own the share in order to have a contractual arrangement with Big Pump Irrigation Ltd for the delivery of water.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1110", "Provision_Key": "s124-1110", "Heading": "Roll ‑ over consequences—capital gain or loss disregarded", "Text": "Disregard a * capital gain or * capital loss you make from each original entitlement that qualifies for a roll ‑ over.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1115", "Provision_Key": "s124-1115", "Heading": "Roll ‑ over consequences—partial roll ‑ over", "Text": "(1) You can obtain only a partial roll ‑ over in relation to an original entitlement if the * capital proceeds for that entitlement includes something (the ineligible proceeds ) other than a new entitlement or new entitlements. There is no roll ‑ over for that part (the ineligible part ) of the entitlement for which you received the ineligible proceeds. Note: If the roll ‑ over is under subsection 124 ‑ 1105(2), some or all of the original entitlements may each have an ineligible part. (2) The * cost base of the ineligible part is that part of the cost base of the original entitlement as is reasonably attributable to the ineligible part. (3) The * reduced cost base of the ineligible part is worked out similarly. (4) In working out what is reasonably attributable to the ineligible part for the purposes of subsections (2) and (3), have regard to the * market value of the new entitlement relative to the market value of the ineligible proceeds. (5) If the roll ‑ over is under subsection 124 ‑ 1105(2), for the purposes of sections 124 ‑ 1120 and 124 ‑ 1130, for each original entitlement that has an ineligible part: (a) reduce the * cost base of that entitlement (just before you stopped owning it) by so much of that cost base as is attributable to that ineligible part; and (b) reduce the * reduced cost base of that entitlement similarly.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1120", "Provision_Key": "s124-1120", "Heading": "Roll ‑ over consequences—all original entitlements post ‑ CGT", "Text": "(1) In a situation covered by subsection 124 ‑ 1105(1), if you * acquired the original entitlement on or after 20 September 1985, the first element of the * cost base of the new entitlement (or of each of the new entitlements) is such amount as is reasonable having regard to: (a) the cost base and * market value of the original entitlement; and (b) the number and market value of the new entitlements; and (c) any amount you paid to get the new entitlement (which can include giving property: see section 103 ‑ 5). (2) In a situation covered by subsection 124 ‑ 1105(2), if you * acquired the original entitlements on or after 20 September 1985, the first element of the * cost base of the new entitlement (or of each of the new entitlements) is such amount as is reasonable having regard to: (a) the total of the cost bases of all the original entitlements; and (b) the number and * market value of the original entitlements; and (c) the number and market value of the new entitlements; and (d) any amount you paid to get the new entitlements (which can include giving property: see section 103 ‑ 5). (3) In the situation covered by subsection 124 ‑ 1105(1) or (2), the first element of the * reduced cost base of the new entitlement (or of each of the new entitlements) is worked out similarly. (4) For the purposes of paragraphs (1)(b) and (2)(c), the * market value of the new entitlements is their market value at the time you * acquired them.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1125", "Provision_Key": "s124-1125", "Heading": "Roll ‑ over consequences—all original entitlements pre ‑ CGT", "Text": "(1) In the situation covered by subsection 124 ‑ 1105(1), if you * acquired the original entitlement before 20 September 1985, you are taken to have acquired the new entitlement (or all of the new entitlements) before that day. (2) In the situation covered by subsection 124 ‑ 1105(2), if you * acquired the original entitlements before 20 September 1985, you are taken to have acquired the new entitlement (or all of the new entitlements) before that day.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1130", "Provision_Key": "s124-1130", "Heading": "Roll ‑ over consequences—some original entitlements pre ‑ CGT, others post ‑ CGT", "Text": "(1) This section applies if: (a) the roll ‑ over is under subsection 124 ‑ 1105(2); and (b) you * acquired one or more of the original entitlements before 20 September 1985; and (c) you acquired one or more of the original entitlements on or after that day. (2) You are taken to have * acquired so many of your new entitlements before 20 September 1985 as is reasonable, having regard to: (a) the number and * market value of your original entitlements; and (b) the number and market value of your new entitlements. (3) The first element of the * cost base of each of your new entitlements that are not taken by subsection (2) to have been * acquired before 20 September 1985 (your post ‑ CGT entitlements ) is such amount as is reasonable having regard to: (a) the total of the cost bases of the original entitlements you acquired on or after 20 September 1985; and (b) the number and * market value of your post ‑ CGT entitlements; and (c) any amount you paid to get the new entitlements (which can include giving property: see section 103 ‑ 5). (4) The reduced cost base of each of your post ‑ CGT entitlements is worked out similarly.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1135", "Provision_Key": "s124-1135", "Heading": "Reduction in water entitlements roll ‑ over", "Text": "There is a roll ‑ over if: (a) you own more than one * water entitlement; and (b) under an * arrangement: (i) your ownership of one or more of the water entitlements (each of which is an original entitlement ) ends, resulting in a * CGT event happening; and (ii) you do not receive anything for the original entitlement or entitlements; and (iii) you retain one or more of your original entitlements (the retained entitlements ); and (c) the total of the * market values of all of the retained entitlements immediately after the CGT event happens is substantially the same as the total of the market values of all of the original entitlements immediately before the CGT event happened.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1140", "Provision_Key": "s124-1140", "Heading": "Roll ‑ over consequences—capital gain or loss disregarded", "Text": "A * capital gain or * capital loss you make from your ownership of the original entitlements ending is disregarded.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1145", "Provision_Key": "s124-1145", "Heading": "Roll ‑ over consequences—all original entitlements post ‑ CGT", "Text": "(1) This section applies if you * acquired the original entitlement (or all of the original entitlements) on or after 20 September 1985. (2) The first element of the * cost base of the retained entitlement (or of each of the retained entitlements) is such amount as is reasonable having regard to: (a) the total of the cost bases of all the original entitlements; and (b) the number and * market value of the original entitlements; and (c) the number and market value of the retained entitlements. (3) The first element of the * reduced cost base of the retained entitlements is worked out similarly. (4) For the purposes of paragraph (2)(c), the * market value of the retained entitlements is their market value just after the * CGT event referred to in section 124 ‑ 1135 happens.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1150", "Provision_Key": "s124-1150", "Heading": "Roll ‑ over consequences—some original entitlements pre ‑ CGT, others post ‑ CGT", "Text": "(1) This section applies if: (a) you * acquired one or more of the original entitlements before 20 September 1985; and (b) you acquired one or more of the original entitlements on or after that day. (2) You are taken to have * acquired so many of your retained entitlements before 20 September 1985 as is reasonable, having regard to: (a) the number and * market value of your original entitlements; and (b) the number and market value of your retained entitlements. (3) The first element of the * cost base of each of your retained entitlements that are not taken by subsection (2) to have been * acquired before 20 September 1985 (your post ‑ CGT entitlements ) is such amount as is reasonable having regard to: (a) the total of the cost bases of the original entitlements you acquired on or after 20 September 1985; and (b) the number and * market value of the your post ‑ CGT entitlements. (4) The reduced cost base of each of your post ‑ CGT entitlements is worked out similarly.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1155", "Provision_Key": "s124-1155", "Heading": "Roll ‑ over for variation to CGT asset", "Text": "There is a roll ‑ over if: (a) a * CGT event happens to a * CGT asset that you own; and (b) the CGT event happens as a direct result of the circumstances that gave rise to a roll ‑ over under section 124 ‑ 1105; and (c) you continue to be the owner of the asset (the retained asset ) immediately after the CGT event has happened.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1160", "Provision_Key": "s124-1160", "Heading": "Roll ‑ over consequences", "Text": "A * capital gain or * capital loss you make from the * CGT event is disregarded.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1165", "Provision_Key": "s124-1165", "Heading": "Roll ‑ over consequences—partial roll ‑ over", "Text": "(1) You can obtain only a partial roll ‑ over in relation to a * CGT asset if the * capital proceeds for that asset includes something (the ineligible proceeds ) other than your retained asset. There is no roll ‑ over for that part (the ineligible part ) of the asset for which you received the ineligible proceeds. (2) The * cost base of the ineligible part is that part of the cost base of the * CGT asset as is reasonably attributable to the ineligible part. (3) The * reduced cost base of the ineligible part is worked out similarly. (4) In working out what is reasonably attributable to the ineligible part for the purposes of subsections (2) and (3), have regard to the * market value of the retained asset relative to the market value of the ineligible proceeds.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1220", "Provision_Key": "s124-1220", "Heading": "What this Subdivision is about", "Text": "There is roll ‑ over relief if an interest in a mining, quarrying or prospecting right is disposed of under an interest realignment arrangement. Table of sections Operative provisions 124 ‑ 1225 Disposals of interests under interest realignment arrangements 124 ‑ 1230 Roll ‑ over consequences—partial roll ‑ over 124 ‑ 1235 Roll ‑ over consequences—all original interests were post ‑ CGT and pre ‑ UCA 124 ‑ 1240 Roll ‑ over consequences—all original interests were pre ‑ CGT 124 ‑ 1245 Roll ‑ over consequences—original interests were of mixed CGT status, all were pre ‑ UCA 124 ‑ 1250 Roll ‑ over consequences—some original interests were pre ‑ UCA", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1225", "Provision_Key": "s124-1225", "Heading": "Disposals of interests under interest realignment arrangements", "Text": "(1) There is a roll ‑ over if: (a) * CGT event A1 happens because you * dispose of one or more assets each of which: (i) is an interest (an original interest ) in a * mining, quarrying or prospecting right; and (ii) is an interest that you started to * hold before 1 July 2001; and (b) the disposal occurs under an * interest realignment arrangement. (2) The first element of the * cost base and * reduced cost base of an interest (a new interest ) in a * mining, quarrying or prospecting right that you acquire under the * interest realignment arrangement includes any amount you paid to acquire the new interest. Note 1: The rest of the first element is worked out under Subdivision 124 ‑ A. Note 2: Under subsections 124 ‑ 10(2) and 124 ‑ 15(2), a capital gain or capital loss you make from the original interest is disregarded. (3) The amount can include giving property: see section 103 ‑ 5. However, it does not include a * mining, quarrying or prospecting right that you dispose of under the * interest realignment arrangement.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1230", "Provision_Key": "s124-1230", "Heading": "Roll ‑ over consequences—partial roll ‑ over", "Text": "(1) You can obtain only a partial roll ‑ over in relation to an original interest if the * capital proceeds for that interest includes something (the ineligible proceeds ) other than a new interest or new interests. There is no roll ‑ over for that part (the ineligible part ) of the interest for which you received the ineligible proceeds. Note: If there is more than one original interest, some or all of those original interests may each have an ineligible part. (2) The * cost base of the ineligible part is that part of the cost base of the original interest as is reasonably attributable to the ineligible part. (3) The * reduced cost base of the ineligible part is that part of the reduced cost base of the original interest as is reasonably attributable to the ineligible part. (4) For the purposes of sections 124 ‑ 1235 and 124 ‑ 1245, for each original interest that has an ineligible part: (a) reduce the * cost base of that interest (just before the * CGT event that happened in relation to it) by so much of that cost base as is attributable to that ineligible part; and (b) reduce the * reduced cost base of that interest (just before the CGT event that happened in relation to it) by so much of that reduced cost base as is attributable to that ineligible part.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1235", "Provision_Key": "s124-1235", "Heading": "Roll ‑ over consequences—all original interests were post ‑ CGT and pre ‑ UCA", "Text": "(1) If you acquire the new interest in exchange for: (a) one original interest that you started to * hold on or after 20 September 1985 and before 1 July 2001; or (b) 2 or more original interests, each of which you started to hold on or after 20 September 1985 and before 1 July 2001; you are taken to have started to hold the new interest (or all of the new interests) on or after 20 September 1985 and before 1 July 2001. (2) The first element of the * cost base of the new interest (or of each of the new interests) is such amount as is reasonable having regard to: (a) the total of the cost bases of all the original interests; and (b) the number, * market value and character of the original interests; and (c) the number, market value and character of the new interests. (3) The first element of the * reduced cost base of the new interest (or of each of the new interests) is such amount as is reasonable having regard to: (a) the total of the reduced cost bases of all the original interests; and (b) the number, * market value and character of the original interests; and (c) the number, market value and character of the new interests.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1240", "Provision_Key": "s124-1240", "Heading": "Roll ‑ over consequences—all original interests were pre ‑ CGT", "Text": "If you acquire the new interest in exchange for: (a) one original interest that you started to * hold before 20 September 1985; or (b) 2 or more original interests, each of which you started to hold before 20 September 1985; you are taken to have started to hold the new interest (or all of the new interests) before that day.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1245", "Provision_Key": "s124-1245", "Heading": "Roll ‑ over consequences—original interests were of mixed CGT status, all were pre ‑ UCA", "Text": "(1) This section applies if: (a) you acquire the new interest in exchange for more than one original interest; and (b) you started to * hold one or more of the original interests before 20 September 1985; and (c) you started to hold one or more of the original interests on or after that day; and (d) you did not start to hold any of the original interests on or after 1 July 2001. (2) Each new interest is taken to be 2 separate * CGT assets that are both new interests: (a) one (which you are taken to have started to * hold on or after 20 September 1985 and before 1 July 2001) representing the extent to which you started to hold the original interests on or after 20 September 1985 and before 1 July 2001; and (b) another (which you are taken to have started to hold before 20 September 1985) representing the extent to which you started to hold the original interests before that day. (3) The first element of the * cost base and * reduced cost base of the * CGT asset mentioned in paragraph (2)(a) in relation to a new interest is worked out under the formula: where: market value of all new interests is the total of the * market values of all of the new interests. market value of new interest is the * market value of the new interest to which the * CGT asset mentioned in paragraph (2)(a) relates. total post ‑ CGT cost base is the total of the * cost bases of all the original interests that you started to * hold on or after 20 September 1985.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 124-1250", "Provision_Key": "s124-1250", "Heading": "Roll ‑ over consequences—some original interests were pre ‑ UCA", "Text": "(1) This section applies if: (a) you acquire the new interest in exchange for more than one original interest; and (b) you started to * hold one or more of the original interests ( pre ‑ UCA interests ) before 1 July 2001; and (c) you started to hold one or more of the original interests ( post ‑ UCA interests ) on or after that day. (2) If you started to * hold all of the pre ‑ UCA interests on or after 20 September 1985, each new interest is taken to be 2 separate assets that are both new interests: (a) one (which you are taken to have started to hold on or after that day and before 1 July 2001) representing the extent to which the original interests are pre ‑ UCA interests; and (b) another (which you are taken to have started to hold on or after 1 July 2001) representing the extent to which the original interests are post ‑ UCA interests. Apply section 124 ‑ 1235 to the interest referred to in paragraph (a) as if the pre ‑ UCA interests were the only original interests. Apply Division 40 to the interests referred to in paragraph (b). (3) If you started to * hold all of the pre ‑ UCA interests before 20 September 1985, each new interest is taken to be 2 separate assets that are both new interests: (a) one (which you are taken to have started to hold before that day) representing the extent to which the original interests are pre ‑ UCA interests; and (b) another (which you are taken to have started to hold on or after 1 July 2001) representing the extent to which the original interests are post ‑ UCA interests. Apply section 124 ‑ 1240 to the new interest referred to in paragraph (a) as if the pre ‑ UCA interests were the only original interests. Apply Division 40 to the new interest referred to in paragraph (b). (4) If you started to * hold one or more of the pre ‑ UCA interests before 20 September 1985 and one or more of the pre ‑ UCA interests on or after that day, each new interest is taken to be 3 separate assets that are all new interests: (a) one (which you are taken to have started to hold on or after 20 September 1985 and before 1 July 2001) representing the extent to which the original interests that you started to hold on or after 20 September 1985 are pre ‑ UCA interests; and (b) another (which you are taken to have started to hold before 20 September 1985) representing the extent to which the original interests that you started to hold before 20 September 1985 are pre ‑ UCA interests; and (c) another (which you are taken to have started to hold on or after 1 July 2001) representing the extent to which the original interests are post ‑ UCA interests. Apply section 124 ‑ 1245 to the new interests referred to in paragraphs (a) and (b) as if the pre ‑ UCA interests were the only original interests. Apply Division 40 to the new interest referred to in paragraph (c).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s124-1250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-1", "Provision_Key": "s125-1", "Heading": "What this Division is about", "Text": "Entities can obtain CGT relief for a demerger. Owners of ownership interests in the head entity of a demerger group can obtain a roll ‑ over to defer CGT consequences for the CGT events that happen to their interests under the demerger (see Subdivision 125 ‑ B). Capital gains and capital losses made by members of the demerger group from certain CGT events that happen under the demerger are disregarded (see Subdivision 125 ‑ C). Note: Dividend relief is also available: see section 44 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-5", "Provision_Key": "s125-5", "Heading": "Object of this Division", "Text": "The object of this Division is to facilitate the demerging of entities by ensuring that capital gains tax considerations are not an impediment to restructuring a * business.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-50", "Provision_Key": "s125-50", "Heading": "Guide to Subdivision 125 ‑ B", "Text": "You can choose to obtain a roll ‑ over if a CGT event happens to your interests in a company or trust because of a demerger of an entity from the group of which the company or trust is the head entity. There are cost base adjustments if you receive new interests under a demerger and no CGT event happens to your original interests. Table of sections Operative provisions 125 ‑ 55 When a roll ‑ over is available for a demerger 125 ‑ 60 Meaning of ownership interest and related terms 125 ‑ 65 Meanings of demerger group , head entity and demerger subsidiary 125 ‑ 70 Meanings of demerger , demerged entity and demerging entity 125 ‑ 75 Exceptions to subsection 125 ‑ 70(2) 125 ‑ 80 What is the roll ‑ over? 125 ‑ 85 Cost base adjustments where CGT event happens but no roll ‑ over chosen 125 ‑ 90 Cost base adjustments where no CGT event 125 ‑ 95 No other cost base adjustment after demerger 125 ‑ 100 No further demerger relief in some cases", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-55", "Provision_Key": "s125-55", "Heading": "When a roll ‑ over is available for a demerger", "Text": "(1) You can choose to obtain a roll ‑ over if: (a) you own an * ownership interest in a company or trust (your original interest ); and (b) the company or trust is the * head entity of a * demerger group; and (c) a * demerger happens to the demerger group; and (d) under the demerger, a * CGT event happens to your original interest and you * acquire a new or replacement interest (your new interest ) in the * demerged entity. Note 1: Section 125 ‑ 80 sets out what the roll ‑ over is. Note 2: You have to make cost base adjustments even if there is no CGT event: see section 125 ‑ 90. Example: Peter owns shares (his original interests) in Company A, a public company. Company B is a wholly owned subsidiary of Company A. Company A announces a demerger utilising a proportionate capital reduction and the disposal of all its shares in Company B to its 320,000 shareholders. Following the demerger all of the shareholders in Company A, including Peter, will own all of the shares in Company B (their new interests). (2) You cannot choose to obtain a roll ‑ over under this Subdivision for an original interest if: (a) you are a foreign resident; and (b) the new interest you * acquire under the * demerger in exchange for that original interest is not * taxable Australian property just after you acquire it. Note: For taxable Australian property , see section 855 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 90 of 2002 | No 168 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-60", "Provision_Key": "s125-60", "Heading": "Meaning of ownership interest and related terms", "Text": "(1) An ownership interest in a company or trust is: (a) for a company, a * share in the company or an option, right or similar interest issued by the company that gives the owner an entitlement to * acquire a share in the company; and (b) for a trust, a unit or other interest in the trust or an option, right or similar interest issued by the trustee that gives the owner an entitlement to acquire a unit or other interest in the trust. (2) However, this Subdivision applies to a * dual listed company voting share in a company that is the * head entity of a * demerger group as if it were not an ownership interest if there are not more than 5 of those * shares in the company. (3) A dual listed company voting share is a * share in a company: (a) issued: (ii) as part of a * dual listed company arrangement; and (iii) mainly for the purpose of ensuring that shareholders of both companies involved in the arrangement vote as a single decision ‑ making body on matters affecting them; and (b) that does not carry rights to financial entitlements (except the return of the amount paid up on the share and a dividend that is the equivalent of a dividend paid on an ordinary share). (4) A dual listed company arrangement is an * arrangement under which 2 publicly listed companies, while maintaining their separate legal entity status, shareholdings and listings, align their strategic directions and the economic interests of their respective shareholders through: (a) the appointment of common (or almost identical) boards of directors, except where the effect of the relevant regulatory requirements prevents this; and (b) management of the operations of the 2 companies on a unified basis; and (c) the shareholders of both companies voting in effect as a single decision ‑ making body on substantial issues affecting their combined interests; and (d) equalised distributions to shareholders in accordance with an equalisation ratio applying between the 2 companies, both generally and in the event of a winding up of one or both of the companies; and (e) cross ‑ guarantees as to, or similar financial support for, each other’s substantial obligations or operations, except where the effect of the relevant regulatory requirements prevents those guarantees or that financial support. (5) However, an arrangement is not a dual listed company arrangement unless one but not both of the companies is an Australian resident.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 13 of 2010", "Amending_Acts": "No 90 of 2002 | No 147 of 2005 | No 13 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 13 of 2010, effective Schedule 1 (items 1, 2): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-65", "Provision_Key": "s125-65", "Heading": "Meanings of demerger group , head entity and demerger subsidiary", "Text": "(1) A demerger group comprises the * head entity of the group and one or more * demerger subsidiaries. Note: An entity may be a member of one or more demerger groups. (2) A trust cannot be a member of a demerger group unless * CGT event E4 is capable of applying to all of the units and interests in the trust. Note: A discretionary trust cannot be a member of a demerger group. (2A) Neither a corporation sole nor a * complying superannuation entity is a member of a * demerger group. (3) A company or trust is the head entity of a * demerger group if no other member of the group owns * ownership interests in the company or trust. (4) If apart from this subsection, a company or trust would be the * head entity of a * demerger group and the company or trust, and all of its * demerger subsidiaries, are also demerger subsidiaries of another company or trust in another demerger group, the first ‑ mentioned company or trust is not the head entity of a demerger group. (5) A company or trust (the first company or trust ) that would, apart from this subsection, be a member of a demerger group is not a member of the demerger group if: (a) the first company or trust owns, either alone or together with another company or trust that would, apart from this subsection, be a member of the * demerger group, more than 20% but less than 80% of the * ownership interests in a * listed public company or * listed widely held trust; and (b) the listed public company or listed widely held trust chooses that the first company or trust not be a member of the demerger group. (6) A company is a demerger subsidiary of another company or a trust that is a member of a * demerger group if the other company or the trust, either alone or together with other members of the group, owns, or has the right to * acquire, * ownership interests in the company that carry between them: (a) the right to receive more than 20% of any distribution of income or capital by the company; or (b) the right to exercise, or control the exercise of, more than 20% of the voting power of the company. (7) A trust is a demerger subsidiary of another trust or a company that is a member of a * demerger group if the other trust or the company, either alone or together with other members of the group, owns, or has the right to * acquire, * ownership interests in the trust that carry between them the right to receive more than 20% of any distribution of income or capital by the trustee.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-70", "Provision_Key": "s125-70", "Heading": "Meanings of demerger , demerged entity and demerging entity", "Text": "(1) A demerger happens to a * demerger group if: (a) there is a restructuring of the demerger group; and (b) under the restructuring: (i) members of the demerger group * dispose of at least 80% of their total * ownership interests in another member of the demerger group to owners of original interests in the * head entity of the demerger group; or (ii) at least 80% of the total ownership interests of members of the demerger group in another member of the demerger group end and new interests are issued to owners of original interests in the head entity; or (iii) the demerged entity issues sufficient new ownership interests in itself with the result that owners of original interests in the head entity own at least 80% of the total ownership interests in the demerged entity; or (iv) some combination of the processes referred to in subparagraphs (i), (ii) and (iii) happens with the effect that members of the demerger group stop owning at least 80% of the total ownership interests owned by members of the demerger group in another member of the group; and Note: CGT event C2 and CGT event C3 are the only relevant CGT events in a subparagraph (ii) case. (c) under the restructuring: (i) a * CGT event happens to an original interest owned by an entity in the head entity of the group and the entity * acquires a new interest and nothing else; or (ii) no CGT event happens to an original interest owned by an entity in the head entity of the group and the entity acquires a new interest and nothing else; and (d) the acquisition by entities of new interests happens only because those entities own or owned original interests; and (e) the new interests acquired are: (i) if the head entity is a company—ownership interests in a company; or (ii) if the head entity is a trust—ownership interests in a trust; and (g) neither the original interests nor the new interests are in a trust that is a * non ‑ complying superannuation fund; and (h) the requirements of subsection (2) are met. Example: To continue the example from subsection 125 ‑ 55(1), Peter owns 400 post ‑ CGT shares in Company A. Companies A and B are both members of a demerger group. Company A is the head entity of the demerger group and Company B is a demerger subsidiary. Company A proceeds to demerge 100% of its shares in Company B to its shareholders. Company A enters into a proportionate capital reduction, returning 40 cents per share to its ordinary shareholders. Peter is entitled to $160 (40c times 400 shares) under the capital reduction. For Peter, the capital reduction amount of $160 is compulsorily applied to acquire Company A’s shares in Company B, at $6.75 (a discount of 10% to current market value). Company A rounds up the fractional amounts in calculating the number of whole shares to be distributed to each shareholder. This gives Peter 24 shares in Company B (160 divided by 6.75, rounded up to the nearest whole number). Note: Acquiring new interests by an owner of original interests may include the allocation of the owner’s entitlement to new interests to a nominee: • to sell on the owner’s behalf; or • to hold pending the owner being located. (2) Each owner (an original owner ) of original interests in the * head entity of the * demerger group must: (a) * acquire, under the * demerger, the same proportion, or as nearly as practicable the same proportion, of new interests in the * demerged entity as the original owner owned in the head entity just before the demerger; and (b) just after the demerger, have the same proportionate total * market value of * ownership interests in the head entity and demerged entity as the original owner owned in the head entity just before the demerger. Note 1: There is an exception: see section 125 ‑ 75. Note 2: Dual listed company voting shares are not treated as ownership interests: see section 125 ‑ 60. Note 3: Fractional interests will generally not affect your ability to choose a roll ‑ over. Example: To continue the example from subsection (1), Company A concludes, given the circumstances of the demerger, that the market values of Peter’s and the other shareholders’ shares in A and B are expected to be in proportion with their original interests in Company A, and advises the shareholders of this position. (3) In working out whether an original owner complies with subsection (2): (a) disregard * ownership interests that are original interests the owner owns in the * demerged entity; and (b) an anticipated reasonable approximation of the * market value of ownership interests is sufficient. Example: An anticipated reasonable approximation of market values of ownership interests may include: • valuations provided to shareholders in scheme documents; • the price selected for use under a sale facility; and may be made by reference to long ‑ term value. Exception: off ‑ market buy ‑ backs (4) A buy ‑ back of * shares that is an off ‑ market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 is not a * demerger. Exception: roll ‑ over available under another provision (5) Circumstances where an owner of original interests can obtain a roll ‑ over under a provision of this Act outside this Division for all of the CGT events that happened to the owner’s original interests under the circumstances cannot be a demerger . Note: An owner might be able to obtain a roll ‑ over for the CGT events under Subdivision 124 ‑ E, or 124 ‑ M or Division 615. Meaning of demerged entity (6) An entity that is a former member of a * demerger group is a demerged entity if, under a * demerger that happens to the group, * ownership interests in the entity are acquired by: (a) shareholders in the * head entity of the group; or (b) unitholders or holders of interests in the head entity of the group. Meaning of demerging entity (7) An entity that is a member of a * demerger group just before the * CGT event referred to in section 125 ‑ 155 happens is a demerging entity if, under a * demerger that happens to the group: (a) the entity (either alone or together with other members of the demerger group) * dispose of at least 80% of their total * ownership interests in another member of the demerger group to owners of original interests in the * head entity of the demerger group; or (b) at least 80% of the total ownership interests of that entity and of other members of the demerger group in another member of the demerger group end and new interests are issued to owners of original interests in the head entity; or Note: CGT event C2 and CGT event C3 are the only relevant CGT events. (c) the demerged entity issues sufficient new ownership interests in itself with the result that owners of original interests in the head entity own at least 80% of the total ownership interests in the demerged entity; or (d) some combination of the processes referred to in paragraphs (a), (b) and (c) happens with the effect that members of the demerger group stop owning at least 80% of the total ownership interests owned by members of the demerger group in another member of the group.", "Amendment_Count": 4, "First_Amended": "No 90 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 90 of 2002 | No 168 of 2006 | No 12 of 2012 | No 133 of 2014", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-75", "Provision_Key": "s125-75", "Heading": "Exceptions to subsection 125 ‑ 70(2)", "Text": "Employee share schemes (1) In working out whether the requirements in subsection 125 ‑ 70(2) are met, disregard each of the * ownership interests described in subsections (2) and (3) if, just before the * demerger, those interests (taking into account either or both of their number and value) represented not more than 3% of the total * ownership interests in the entity. (2) An * ownership interest, in a company, that is owned by an entity is disregarded under subsection (1) if: (a) the entity acquired a beneficial interest in the ownership interest under an * employee share scheme; and (b) these provisions apply to the beneficial interest: (i) Subdivision 83A ‑ B and the provisions referred to in paragraphs 83A ‑ 33(1)(a) to (c); or (ii) Subdivision 83A ‑ B and the provisions referred to in paragraphs 83A ‑ 35(1)(a) and (b); or (iii) Subdivision 83A ‑ C; and (c) the ownership interest is not a fully ‑ paid ordinary * share. (3) An * ownership interest, in a trust, that is owned by an entity is disregarded under subsection (1) if: (a) both of the following would apply if Division 83A (about employee share schemes) applied to ownership interests in trusts in the same way as it applies to * shares: (i) the entity acquired a beneficial interest in the ownership interest under an * employee share scheme; (ii) the provisions referred to in subparagraph (2)(b)(i), (ii) or (iii) apply to the beneficial interest; and (b) the ownership interest is not a fully ‑ paid unit. Adjusting instruments (4) In working out whether the requirements in subsection 125 ‑ 70(2) are met, disregard each of the * ownership interests described in subsection (5) ( adjusting instruments ) if, just before the * demerger, those interests represented not more than 10%, or such greater percentage (not exceeding 17%) as is prescribed, of the ownership interests in the entity. (5) An * ownership interest in a * listed public company or a * listed widely held trust that is the * head entity of a * demerger group is disregarded under subsection (4) if: (a) the adjusting instrument was issued on terms that ensure that its value is not adversely affected by an * arrangement undertaken by the company or trust in relation to other ownership interests in the company or trust; and (b) if the adjusting instrument can be converted into an ordinary * share in the company or an ordinary unit in the trust, any conversion will occur on a basis: (i) that is set out in the terms of the issue of the instrument; and (ii) that is adjusted to take into account a capital reduction or a capital reconstruction; and (c) before conversion, the owner of the adjusting instrument does not have a right to participate in distributions of profit or capital except as set out in the terms of the issue of the instrument; and (d) the adjusting instrument deals with the effect of a * demerger that happens to the demerger group on the value of the instrument. Example: Some examples of adjusting instruments are: • convertible preference shares, including reset preference shares; • convertible notes; • partly paid shares where the paid ‑ up amount is adjusted to reflect a capital reduction. Additional exceptions (6) The regulations may provide that, in working out whether the requirements in subsection 125 ‑ 70(2) are met, other * ownership interests of a kind specified in the regulations are to be disregarded if, just before the * demerger, those interests represented not more than a prescribed percentage of the ownership interests in the entity. (7) However, the total percentage of * ownership interests to be disregarded under this section must not exceed 20% of the ownership interests in the entity.", "Amendment_Count": 4, "First_Amended": "No 90 of 2002", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 90 of 2002 | No 56 of 2007 | No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-80", "Provision_Key": "s125-80", "Heading": "What is the roll ‑ over?", "Text": "(1) If you choose the roll ‑ over, a * capital gain or * capital loss you make from a * CGT event happening under the * demerger to an original interest you own is disregarded. (2) If you choose the roll ‑ over, the first element of the * cost base and * reduced cost base of: (a) each new interest that you are not taken to have * acquired before 20 September 1985; and (b) if not all of your original interests ended under the * demerger—each of your remaining original interests that you acquired on or after 20 September 1985; is such proportion of the sum of the cost bases of all your original interests that you acquired on or after 20 September 1985 (worked out just before the demerger) as is reasonable having regard to the matters specified in subsection (3). Note 1: These rules replace the cost base and reduced cost base adjustments in CGT event E4 and CGT event G1. Note 2: The head entity or the demerging entity may advise you of the proportions. (3) The matters are: (a) the * market values of your remaining original interests just after the * demerger, or an anticipated reasonable approximation of those market values; and (b) the market values of your new interests just after the demerger, or an anticipated reasonable approximation of those market values. Example: To continue the example from subsection 125 ‑ 70(2), Company A advises its shareholders that Company B at that time represents 5% of the market value of the group as a whole. Peter’s cost base for each of his shares in A is $4.60, and Peter recalculates his cost base as follows: to be spread over 400 shares in A and 24 shares in B. Pre ‑ CGT interests (4) The following subsections apply if you choose the roll ‑ over and you * acquired some or all of your original interests before 20 September 1985. (5) If you * acquired all of your original interests before 20 September 1985, you are taken to have acquired all of your new interests before that day. (6) If you * acquired some of your original interests before 20 September 1985, you are taken to have acquired a reasonable whole number of your new interests before that day having regard to: (a) the * market values of your original interests and your remaining original interests just after the * demerger, or an anticipated reasonable approximation of those market values; and (b) the market values of your new interests just after the demerger, or an anticipated reasonable approximation of those market values. (7) If a proportion, but not all, of your original interests ends under the * demerger and you * acquired some of your original interests before 20 September 1985, that same proportion of those interests you acquired before that day ends. Note: CGT event K6 may be relevant if you later dispose of your interests that are treated as being pre ‑ CGT. Example: Bert owned 100 shares in a company of which 50 were acquired pre ‑ CGT. Under a demerger 20 of Bert’s 100 shares were cancelled in exchange for new interests. As 20% of his shares were cancelled, 10 of his pre ‑ CGT shares are taken to have been cancelled. Partial roll ‑ over (8) If you choose a roll ‑ over for some but not all of your original interests, you apply the rules in this section as if your original interests for which you chose the roll ‑ over were your only original interests.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-85", "Provision_Key": "s125-85", "Heading": "Cost base adjustments where CGT event happens but no roll ‑ over chosen", "Text": "(1) You must adjust the * cost base and * reduced cost base of an * ownership interest you own in a company or trust if: (a) a * demerger happens to a * demerger group of which the company or trust is a member; and (b) you owned an original interest in the * head entity of the demerger group just before the demerger; and (c) a * CGT event happens to the original interest and you * acquire a new interest under the demerger; and (d) you do not choose a roll ‑ over under this Subdivision for the original interest. (2) The adjustments you must make are the same as the adjustments you would have to make under section 125 ‑ 80 for the * cost bases and * reduced cost bases of the remaining original interests and new interests just after the * CGT event if you could have chosen a roll ‑ over under this Subdivision for the * demerger and you had done so.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-90", "Provision_Key": "s125-90", "Heading": "Cost base adjustments where no CGT event", "Text": "(1) You must adjust the * cost base and * reduced cost base of an * ownership interest you own in a company or trust if: (a) a * demerger happens to a * demerger group of which the company or trust is a member; and (b) you owned an original interest in the * head entity of the demerger group just before the demerger; and (c) no * CGT event happens to the original interest, but you * acquire a new interest under the demerger. (2) The adjustments you must make are the same as the adjustments you would have to make under section 125 ‑ 80 if you could have chosen a roll ‑ over under this Subdivision for the * demerger and you had done so.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-95", "Provision_Key": "s125-95", "Heading": "No other cost base adjustment after demerger", "Text": "If you have to make adjustments to the * cost base and * reduced cost base of your * ownership interests under section 125 ‑ 80, 125 ‑ 85 or 125 ‑ 90 because of a * demerger, no other adjustment can be made under this Act to those cost bases and reduced cost bases because of something that happens under the demerger. Note: Those sections deal with any value shift that might occur under the demerger and avoid the need for the general value shifting regime to apply.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-100", "Provision_Key": "s125-100", "Heading": "No further demerger relief in some cases", "Text": "This Division does not apply to the remaining * ownership interests in a * demerged entity if one or more members of the * demerger group * disposed of or cancelled less than 100% of the total ownership interests of that group in the demerged entity. Note: After the demerger, a former member of the demerger group can undertake a further demerger to which this Division can apply.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-150", "Provision_Key": "s125-150", "Heading": "Guide to Subdivision 125 ‑ C", "Text": "Certain capital gains and capital losses that members of a demerger group make under a demerger are disregarded. Certain capital losses made under a demerger are reduced where the demerger results in a value shift. Table of sections Operative provisions 125 ‑ 155 Certain capital gains or losses disregarded for demerging entity 125 ‑ 160 No CGT event J1 125 ‑ 165 Adjusted capital loss for value shift under a demerger 125 ‑ 170 Reduced cost base reduction if demerger asset subject to roll ‑ over", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-155", "Provision_Key": "s125-155", "Heading": "Certain capital gains or losses disregarded for demerging entity", "Text": "Any * capital gain or * capital loss a * demerging entity makes from * CGT event A1, * CGT event C2, * CGT event C3 or * CGT event K6 happening to its * ownership interests in a * demerged entity under a * demerger is disregarded. Note 1: The full list of CGT events is in section 104 ‑ 5. Note 2: This section will not apply if section 125 ‑ 100 applies.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-160", "Provision_Key": "s125-160", "Heading": "No CGT event J1", "Text": "* CGT event J1 does not happen to a * demerged entity or a member of a * demerger group under a * demerger.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-165", "Provision_Key": "s125-165", "Heading": "Adjusted capital loss for value shift under a demerger", "Text": "A * capital loss made by an entity that was a member of a * demerger group from a * CGT event happening to a * CGT asset under a * demerger or after a demerger is reduced to the extent that the capital loss is reasonably attributable to a reduction in the * market value of the asset because of the demerger. Example: The market value of equity or loan interests in the demerging entity may be reduced by the disposal, for inadequate value, of ownership interests of another member of the demerger group to owners of original interests in the head entity of the group.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-170", "Provision_Key": "s125-170", "Heading": "Reduced cost base reduction if demerger asset subject to roll ‑ over", "Text": "(1) The * reduced cost base of a * CGT asset is reduced if: (a) the * market value of the asset is reduced because of a * demerger; and (b) after the demerger the asset is * acquired by an entity from another entity (the transferor ) in a situation where the transferor obtained a roll ‑ over for the disposal; and (c) the reduction occurred when the transferor owned the asset. (2) The * reduced cost base of the asset as determined under the roll ‑ over is reduced just after the roll ‑ over to the extent of the reduction in * market value caused by the * demerger. Note: The rules in section 125 ‑ 165 and this section deal with any value shift that might occur under the demerger and avoid the need for the general value shifting regime to apply. (3) If the * reduced cost base of a * CGT asset is reduced under this section because of a * demerger, no other adjustment can be made under this Act to that reduced cost base because of something that happens under the demerger.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-225", "Provision_Key": "s125-225", "Heading": "Guide to Subdivision 125 ‑ D", "Text": "This Division applies to corporate unit trusts and public trading trusts as if they were companies. Table of sections Operative provisions 125 ‑ 230 Application of Division to public trading trusts", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-230", "Provision_Key": "s125-230", "Heading": "Application of Division to public trading trusts", "Text": "This Division applies to a trust to which section 102S of the Income Tax Assessment Act 1936 applies for an income year in which a * demerger happens as if: (a) the trust were a company; and (b) * ownership interests in it were interests in a company.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 90 of 2002 | No 53 of 2016", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 125-235", "Provision_Key": "s125-235", "Heading": "Share and interest sale facilities", "Text": "Share and interest sale facilities (1) An entity (the investor ) is treated as owning an * ownership interest (the roll ‑ over interest ) in a * demerged entity at a time (the deeming time ), if: (a) the investor owned an ownership interest in a company or trust that was the * head entity of a * demerger group; and (b) a * demerger happens to the demerger group; and (c) because: (i) a * foreign law impedes the ability of a member of the demerger group to issue or transfer the roll ‑ over interest to the investor; or (ii) it would be impractical or unreasonably onerous to determine whether a foreign law impedes the ability of a member of the demerger group to issue or transfer the roll ‑ over interest to the investor; it is * arranged that the member will issue or transfer the roll ‑ over interest to another entity (the facility ) under the demerger instead of to the investor; and (d) in accordance with that arrangement and as a result of the demerger, the facility: (i) becomes the owner of the roll ‑ over interest (which is a new or replacement interest in the demerged entity); and (ii) owns the roll ‑ over interest at the deeming time; and (e) under the arrangement, the investor is entitled to receive from the facility: (i) an amount equivalent to the * capital proceeds of any * CGT event that happens in relation to the roll ‑ over interest (less expenses); or (ii) if a CGT event happens in relation to the roll ‑ over interest together with CGT events happening in relation to other ownership interests—an amount equivalent to the investor’s proportion of the total capital proceeds of the CGT events (less expenses). (2) The facility is treated as not owning the roll ‑ over interest at the deeming time. (3) This section applies for the purposes of: (a) applying this Division in relation to the demerger; and (b) item 2 of the table in subsection 115 ‑ 30(1), to the extent that it relates to a roll ‑ over under this Division that involves the demerger.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s125-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-1", "Provision_Key": "s126-1", "Heading": "What this Division is about", "Text": "A same ‑ asset roll ‑ over allows a capital gain or loss an entity makes from disposing of a CGT asset to, or creating a CGT asset in, another entity to be disregarded. For a disposal, certain attributes of the asset are transferred to the receiving entity.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-5", "Provision_Key": "s126-5", "Heading": "CGT event involving spouses", "Text": "(1) There is a roll ‑ over if a * CGT event (the trigger event ) happens involving an individual (the transferor ) and his or her * spouse (the transferee ), or a former * spouse (also the transferee ), because of: (a) a court order under the Family Law Act 1975 or under a * State law, * Territory law or * foreign law relating to breakdowns of relationships between spouses; or (b) a maintenance agreement approved by a court under section 87 of the Family Law Act 1975 or a corresponding agreement approved by a court under a corresponding * foreign law; or (d) something done under: (i) a financial agreement made under Part VIIIA of the Family Law Act 1975 that is binding because of section 90G of that Act; or (ii) a corresponding written agreement that is binding because of a corresponding foreign law; or (da) something done under: (i) a Part VIIIAB financial agreement (within the meaning of the Family Law Act 1975 ) that is binding because of section 90UJ of that Act; or (ii) a corresponding written agreement that is binding because of a corresponding foreign law; or (e) something done under: (i) an award made in an arbitration referred to in section 13H of the Family Law Act 1975 ; or (ii) a corresponding award made in an arbitration under a corresponding State law, Territory law or foreign law; or (f) something done under a written agreement: (i) that is binding because of a State law, Territory law or foreign law relating to breakdowns of relationships between spouses; and (ii) that, because of such a law, prevents a court making an order about matters to which the agreement applies, or that is inconsistent with the terms of the agreement in relation to those matters, unless the agreement is varied or set aside. (2) Only these * CGT events are relevant: (a) CGT events A1 and B1 (a disposal case ); and (b) CGT events D1, D2, D3 and F1 (a creation case ). Note: The full list of CGT events is in section 104 ‑ 5. (3) However, there is no roll ‑ over if: (a) the * CGT asset involved is * trading stock of the transferor; or (b) for * CGT event B1—title in the CGT asset does not pass to the transferee at or before the end of the agreement. (3A) There is no roll ‑ over because of paragraph (1)(d), (da) or (f) unless the conditions set out in section 126 ‑ 25 are met. (4) A * capital gain or a * capital loss the transferor makes from the * CGT event is disregarded. Consequences for the transferee (disposal case) (5) For a disposal case where the transferor * acquired the asset on or after 20 September 1985: (a) the first element of the asset’s * cost base (in the hands of the transferee) is the asset’s cost base (in the hands of the transferor) at the time the transferee acquired it; and (b) the first element of the asset’s * reduced cost base (in the hands of the transferee) is worked out similarly. Example: Your spouse transfers land to you because of a court order under the Family Law Act 1975 . Any capital gain or loss your spouse makes is disregarded. If the land’s cost base at the time you acquired it is $10,000, the first element of the land’s cost base in your hands becomes $10,000. Note 1: There are special indexation rules for roll ‑ overs: see Division 114. Note 2: A roll ‑ over under this Subdivision may have an effect on the transferee’s main residence exemption: see sections 118 ‑ 178 and 118 ‑ 180. (6) For a disposal case where the transferor * acquired the asset before 20 September 1985, the transferee is taken to have acquired it before that day. Note: A capital gain or loss you make from a CGT asset you acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149. (7) For a disposal case where the transferor * disposed of a * collectable or * personal use asset, the transferee is taken to have * acquired one. Note 1: Capital losses from collectables can be subtracted only from capital gains from collectables: see section 108 ‑ 10. Note 2: Capital losses from personal use assets are disregarded: see section 108 ‑ 20. Consequences for the transferee (creation case) (8) For a creation case, the first element of the asset’s * cost base (in the hands of the transferee) is the amount applicable under this table. The first element of its * reduced cost base is worked out similarly. Creation case Event No. Applicable amount D1 the * incidental costs the transferor incurred that relate to the trigger event D2 the expenditure the transferor incurred to grant the option D3 the expenditure the transferor incurred to grant the right F1 the expenditure the transferor incurred on the grant, renewal or extension of the lease The expenditure can include giving property: see section 103 ‑ 5.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 168 of 2006 | No 164 of 2007 | No 115 of 2008 | No 144 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 115 of 2008, effective Sch 2 (items 34–41): 1 Mar 2009 (s 2(1) item 5) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-15", "Provision_Key": "s126-15", "Heading": "CGT event involving company or trustee", "Text": "(1) There are the roll ‑ over consequences in section 126 ‑ 5 if the trigger event involves a company (the transferor ) or a trustee (also the transferor ) and a * spouse or former spouse (the transferee ) of another individual because of: (a) a court order under the Family Law Act 1975 or under a * State law, * Territory law or * foreign law relating to breakdowns of relationships between spouses; or (b) a maintenance agreement approved by a court under section 87 of the Family Law Act 1975 or a corresponding agreement approved by a court under a corresponding * foreign law; or (d) something done under: (i) a financial agreement made under Part VIIIA of the Family Law Act 1975 that is binding because of section 90G of that Act; or (ii) a corresponding written agreement that is binding because of a corresponding foreign law; or (da) something done under: (i) a Part VIIIAB financial agreement (within the meaning of the Family Law Act 1975 ) that is binding because of section 90UJ of that Act; or (ii) a corresponding written agreement that is binding because of a corresponding foreign law; or (e) something done under: (i) an award made in an arbitration referred to in section 13H of the Family Law Act 1975 ; or (ii) a corresponding award made in an arbitration under a corresponding State law, Territory law or foreign law; or (f) something done under a written agreement: (i) that is binding because of a State law, Territory law or foreign law relating to breakdowns of relationships between spouses; and (ii) that, because of such a law, prevents a court making an order about matters to which the agreement applies, or that is inconsistent with the terms of the agreement in relation to those matters, unless the agreement is varied or set aside. (2) There are other consequences if: (a) just before the time of the trigger event, an entity (including the transferee) owned another * CGT asset of a kind covered by this table; and (b) the entity * acquired it on or after 20 September 1985; and (c) a * CGT event happens in relation to it. Relevant CGT assets Item For this transferor: The entity can own these assets: 1 Company (a) a * share in the company; or (b) a loan to the company; or (c) an indirect interest (through one or more interposed companies or trusts) in a * share in, or loan to, the company 2 Trustee (a) an interest or unit in the trust; or (b) a loan to the trustee; or (c) an indirect interest (through one or more interposed companies or trusts) in an interest or unit in the trust or in a loan to the trustee Example: An individual owns all the shares in a company. The company owns land. The individual’s marriage breaks down. A court orders that the company transfer the land it owns to the individual’s spouse. The individual later sells the shares. (3) The * cost base and * reduced cost base of the other asset are reduced by an amount that reasonably reflects the fall in its * market value because of the trigger event. The reduction occurs at the time of the trigger event. (4) If the entity owning the other asset is also the transferee, the * cost base and * reduced cost base of the other asset are then increased by any amount that is included in the entity’s assessable income for any income year because of the trigger event. Note: The reduced cost base may be modified for a roll ‑ over happening after a demerger: see section 125 ‑ 170. (5) There is no roll ‑ over because of paragraph (1)(d), (da) or (f) unless the conditions set out in section 126 ‑ 25 are met.", "Amendment_Count": 9, "First_Amended": "No 46 of 1998", "Last_Amended": "No 13 of 2021", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 90 of 2002 | No 168 of 2006 | No 164 of 2007 | No 97 of 2008 | No 115 of 2008 | No 144 of 2008 | No 13 of 2021", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 115 of 2008, effective Sch 2 (items 34–41): 1 Mar 2009 (s 2(1) item 5) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 13 of 2021, effective Sch 2 (item 467): 1 Sept 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-20", "Provision_Key": "s126-20", "Heading": "Subsequent CGT event happening to roll ‑ over asset where transferor was a CFC or a non ‑ resident trust", "Text": "(1) This section applies if: (a) there is a roll ‑ over for the trigger event under section 126 ‑ 15; and (b) the transferor was: (i) a * CFC; or (ii) a trustee of a trust that is a non ‑ resident trust estate within the meaning of section 102AAB of the Income Tax Assessment Act 1936 for the income year of the trigger event; and (c) section 126 ‑ 15 is relevant to: (i) the calculation of the * attributable income of the CFC under Division 7 of Part X of the Income Tax Assessment Act 1936 ; or (ii) the calculation of the attributable income of the trust under Subdivision D of Division 6AAA of Part III of that Act; because (ignoring the residency assumptions in that Division or Subdivision) the roll ‑ over asset was not * taxable Australian property; and (d) a subsequent * CGT event happens in relation to the roll ‑ over asset. (2) In working out the amount of any * capital gain or * capital loss the transferee (or a subsequent owner of the roll ‑ over asset if there is a series of roll ‑ overs until there is no roll ‑ over) makes when a subsequent * CGT event happens in relation to the asset, the modifications specified in Division 7 of Part X, or Subdivision D of Division 6AAA of Part III, of the Income Tax Assessment Act 1936 apply.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-25", "Provision_Key": "s126-25", "Heading": "Conditions for the purposes of subsections 126 ‑ 5(3A) and 126 ‑ 15(5)", "Text": "(1) The conditions referred to in subsections 126 ‑ 5(3A) and 126 ‑ 15(5) are that: (a) at the time of the trigger event: (i) the * spouses, or former spouses, involved are separated; and (ii) there is no reasonable likelihood of cohabitation being resumed; and (b) the trigger event happened because of reasons directly connected with the breakdown of the relationship between the spouses or former spouses. (2) For the purposes of this section, the question whether * spouses or former spouses have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act).", "Amendment_Count": 2, "First_Amended": "No 168 of 2006", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 168 of 2006 | No 144 of 2008", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-40", "Provision_Key": "s126-40", "Heading": "What this Subdivision is about", "Text": "A roll ‑ over may be available for the transfer of a CGT asset between 2 companies, or the creation of a CGT asset by one company in another, if: (a) both companies are members of the same wholly ‑ owned group; and (b) at least one of the companies is a foreign resident. Table of sections Operative provisions 126 ‑ 45 Roll ‑ over for members of wholly ‑ owned group 126 ‑ 50 Requirements for roll ‑ over 126 ‑ 55 When there is a roll ‑ over 126 ‑ 60 Consequences of roll ‑ over 126 ‑ 75 Originating company is a CFC 126 ‑ 85 Effect of roll ‑ over on certain liquidations", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 46 of 1998 | No 68 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-45", "Provision_Key": "s126-45", "Heading": "Roll ‑ over for members of wholly ‑ owned group", "Text": "(1) There may be a roll ‑ over if a * CGT event (the trigger event ) happens involving a company (the originating company ) and another company (the recipient company ) in the circumstances set out in section 126 ‑ 50. (2) Only these * CGT events are relevant: (a) CGT events A1 and B1 (a disposal case ); and (b) CGT events D1, D2, D3 and F1 (a creation case ). Note: The full list of CGT events is in section 104 ‑ 5. (3) However, there is no roll ‑ over for * CGT event B1 if title in the * CGT asset does not pass to the transferee at or before the end of the agreement. Note: CGT event J1 can happen if the recipient company stops being a 100% subsidiary of a company in the relevant group: see section 104 ‑ 175.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 46 of 1998 | No 114 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-50", "Provision_Key": "s126-50", "Heading": "Requirements for roll ‑ over", "Text": "(1) The originating company and recipient company must be members of the same * wholly ‑ owned group at the time of the trigger event. Note: This requirement is taken to be satisfied in the case of the transfer of the life insurance business of a life insurance company: see section 121AS of the Income Tax Assessment Act 1936 . (2) The * CGT asset involved (the roll ‑ over asset ) must not be: (a) * trading stock of the recipient company just after the time of the trigger event; or (b) a * registered emissions unit * held by the recipient company just after the time of the trigger event. (3) If: (a) the roll ‑ over asset is a right or * convertible interest referred to in Division 130, or an option referred to in Division 134, or an * exchangeable interest; and (b) the recipient company * acquires another * CGT asset by exercising the right or option or by converting the convertible interest or in exchange for the disposal or redemption of the exchangeable interest; the other asset cannot become * trading stock of the recipient company just after the recipient company acquired it. (3A) If: (a) the roll ‑ over asset is an option referred to in Division 134; and (b) the recipient company * acquires another * CGT asset by exercising the option; the other asset cannot become a * registered emissions unit * held by the recipient company just after the recipient company acquired it. (4) The * ordinary income and * statutory income of the recipient company must not be exempt from income tax because it is an * exempt entity for the income year of the trigger event. (5) The requirements in one of the items in this table must be satisfied. Additional requirements Item At the time of the trigger event the originating company must be: At the time of the trigger event the recipient company must be: The roll ‑ over asset must be taxable Australian property: 1 Either: (a) a foreign resident; or (b) an Australian resident but not a * prescribed dual resident A foreign resident Either: (a) just before and just after the trigger event, for a disposal case; or (b) just after that event, for a creation case 2 A foreign resident An Australian resident but not a * prescribed dual resident Either: (a) just before the trigger event, for a disposal case; or (b) just after that event, for a creation case (6) If the originating company or the recipient company is an Australian resident at the time of the trigger event, that company must: (a) be a * member of a * consolidated group or * MEC group at that time; or (b) not be a member of a * consolidatable group at that time. (7) If the originating company is a foreign resident, it must not have * acquired the * CGT asset described in subsection (8) because of: (a) a single * CGT event giving rise to a roll ‑ over under a previous application of this Subdivision (as amended by the New Business Tax System (Consolidation) Act (No. 1) 2002 ) involving an Australian resident originating company other than the company that is the recipient company for the current application of this Subdivision; or (b) a series (whether or not it is the longest possible series) of consecutive CGT events giving rise to roll ‑ overs under previous applications of this Subdivision (as amended by the New Business Tax System (Consolidation) Act (No. 1) 2002 ), the earliest involving an Australian resident originating company other than the company that is the recipient company for the current application of this Subdivision. (8) Subsection (7) operates in relation to the * CGT asset: (a) that was involved in the trigger event in a disposal case; or (b) because of which the originating company was able to create the CGT asset that was involved in the trigger event in a creation case. (9) Subsection (7) does not apply if each of the following companies mentioned in that subsection: (a) the recipient company for the roll ‑ over under the current application of this Subdivision; (b) the Australian resident originating company for the roll ‑ over under: (i) for paragraph (7)(a)—the previous application of this Subdivision; or (ii) for paragraph (7)(b)—the earliest previous application of this Subdivision for that series of consecutive * CGT events; was, at the time of its roll ‑ over, the * head company of the same * MEC group.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 173 of 2000 | No 68 of 2002 | No 133 of 2003 | No 83 of 2004 | No 168 of 2006 | No 132 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-55", "Provision_Key": "s126-55", "Heading": "When there is a roll ‑ over", "Text": "Capital gain or no loss (1) There is a roll ‑ over if: (a) either: (i) the trigger event would have resulted in the originating company making a * capital gain, or making no * capital loss and not being entitled to a deduction; or (ii) the originating company * acquired the roll ‑ over asset before 20 September 1985; and (b) the originating company and recipient company both choose to obtain it. Note: Section 103 ‑ 25 sets out when the choice must be made.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 46 of 1998 | No 169 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-60", "Provision_Key": "s126-60", "Heading": "Consequences of roll ‑ over", "Text": "Consequences for the originating company in all cases (1) A * capital gain the originating company makes from the trigger event is disregarded. Consequences for the recipient company (disposal case) (2) For a disposal case, if the originating company * acquired the roll ‑ over asset on or after 20 September 1985: (a) the first element of the asset’s * cost base (in the hands of the recipient company) is the asset’s cost base (in the hands of the originating company) when the recipient company acquired it; and (b) the first element of the asset’s * reduced cost base (in the hands of the recipient company) is worked out similarly. Note 1: There are special indexation rules for roll ‑ overs: see Division 114. Note 2: The reduced cost base may be modified for a roll ‑ over happening after a demerger: see section 125 ‑ 170. (3) If the originating company * acquired the roll ‑ over asset before 20 September 1985, the recipient company is taken to have acquired it before that day. Note 1: A capital gain or loss you make from a CGT asset you acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see, for example, Division 149. Note 2: Under section 716 ‑ 855, where there have been certain roll ‑ overs, the cost base and reduced cost base of pre ‑ CGT assets for the purposes of Part 3 ‑ 90 (Consolidated groups) are worked out by applying subsection (2), rather than subsection (3), of this section. (4) If the trigger event involved a * personal use asset of the originating company, the recipient company is taken to have * acquired one. Consequences for the recipient company (creation case) (5) For a creation case, the first element of the asset’s * cost base (in the hands of the recipient company) is the amount applicable under this table. The first element of its * reduced cost base is worked out similarly. Creation case Event No. Applicable amount D1 the * incidental costs the originating company incurred that relate to the trigger event D2 the expenditure the originating company incurred to grant the option D3 the expenditure the originating company incurred to grant the right F1 the expenditure the originating company incurred on the grant, renewal or extension of the lease The expenditure can include giving property: see section 103 ‑ 5. Note: CGT event J1 may occur if the recipient company stops being a member of the wholly ‑ owned group while still owning the roll ‑ over asset: see section 104 ‑ 175.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 173 of 2000 | No 90 of 2002 | No 107 of 2003 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-75", "Provision_Key": "s126-75", "Heading": "Originating company is a CFC", "Text": "(1) This section applies if: (a) there is a roll ‑ over for the trigger event under this Subdivision; and (b) the originating company was a * CFC at the time of the trigger event; and (c) this Subdivision is relevant to the calculation of the * attributable income of the originating company under Division 7 of Part X of the Income Tax Assessment Act 1936 because (ignoring the residency assumptions in that Division) the roll ‑ over asset was not * taxable Australian property for the originating company; and (d) a subsequent * CGT event happens in relation to the roll ‑ over asset. (2) In working out the amount of any * capital gain or * capital loss the recipient company (or a subsequent owner of the roll ‑ over asset if there is a series of roll ‑ overs until there is no roll ‑ over) makes when a subsequent * CGT event happens in relation to the asset, the modifications specified in Division 7 of Part X of the Income Tax Assessment Act 1936 apply.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 46 of 1998 | No 168 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-85", "Provision_Key": "s126-85", "Heading": "Effect of roll ‑ over on certain liquidations", "Text": "(1) A * capital gain a company (the holding company ) makes because * shares in its * 100% subsidiary are cancelled (an example of * CGT event C2: see section 104 ‑ 25) on the liquidation of the subsidiary is reduced if the conditions in subsection (2) are satisfied. The reduction is worked out under subsection (3). (2) These conditions must be satisfied: (a) there must be a roll ‑ over under this Subdivision for at least one * CGT asset that the subsidiary * acquired on or after 20 September 1985 (the CGT roll ‑ over asset ) being * disposed of by the subsidiary to the holding company in the course of the liquidation of the subsidiary; (c) the disposals must either: (i) be part of the liquidator’s final distribution in the course of the liquidation; or (ii) have occurred within 18 months of the dissolution of the subsidiary if they are part of an interim distribution in the course of the liquidation; (d) the holding company must have beneficially owned all of the shares in the subsidiary for the whole period from the time of the disposal, or the first disposal, of a CGT roll ‑ over asset until the cancellation of the shares; (e) the * market value of the CGT roll ‑ over asset or assets must comprise at least part of the * capital proceeds for the cancellation of the shares in the subsidiary that are beneficially owned by the holding company; (f) one or more of the shares that were cancelled (the post ‑ CGT shares ) must have been acquired by the holding company on or after 20 September 1985. (3) The reduction of the * capital gain is worked out in this way. Method statement Step 1. Work out (disregarding this section) the sum of the * capital gains and the sum of the * capital losses the holding company would make on the cancellation of its shares in the subsidiary. Step 2. Work out (disregarding this Subdivision): (a) the sum of the * capital gains the subsidiary would make on the * disposal of its CGT roll ‑ over assets to the holding company; and (b) the sum of the * capital losses it would make except for Subdivision 170 ‑ D on the disposal of its * CGT assets to the holding company; in the course of the liquidation assuming the * capital proceeds were the assets’ * market values at the time of the disposal. Step 3. If, after subtracting the sum of the * capital losses from the sum of the * capital gains, there is an overall capital gain from step 1 and an overall capital gain from step 2, then continue. Otherwise there is no adjustment. Step 4. Express the number of post ‑ CGT shares as a fraction of the total number of shares the holding company owned in the subsidiary. Step 5. Multiply the overall * capital gain from Step 2 by the fraction from Step 4. Step 6. Reduce the overall * capital gain from Step 1 by the amount from Step 5. The result is the * capital gain the holding company makes from the cancellation of its shares in the subsidiary. Note: This Subdivision is modified in calculating the attributable income of a CFC: see section 419 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 169 of 1999 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-125", "Provision_Key": "s126-125", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out when there is a roll ‑ over for a CGT event that happens because of an amendment to or replacement of the trust deed of a complying approved deposit fund, a complying superannuation fund or a fund that accepts worker entitlement contributions. Table of sections 126 ‑ 130 Changes to trust deeds 126 ‑ 135 Consequences of roll ‑ over", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 46 of 1998 | No 66 of 2003", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-130", "Provision_Key": "s126-130", "Heading": "Changes to trust deeds", "Text": "(1) There is a roll ‑ over if: (a) * CGT event E1 or E2 happens in relation to a * CGT asset because the trust deed of a * complying approved deposit fund or * complying superannuation fund is amended or replaced; and (b) the amendment or replacement is done for the purpose of: (i) complying with the Superannuation Industry (Supervision) Act 1993 ; or (ii) enabling a * complying approved deposit fund to become a * complying superannuation fund; and (c) the assets and members of the fund do not change as a consequence of the amendment or replacement. Note: The full list of CGT events is in section 104 ‑ 5. (2) There is a roll ‑ over if: (a) * CGT event E1 or E2 happens in relation to a * CGT asset because the trust deed of a fund is amended or replaced; and (b) the amendment or replacement is done for the purpose of having: (i) the fund endorsed as an approved worker entitlement fund under subsection 58PB(3) of the Fringe Benefits Tax Assessment Act 1986 ; or (ii) the entity that operates the fund endorsed for the operation of the fund as an approved worker entitlement fund under subsection 58PB(3A) of that Act. (c) the assets and members of the fund do not change as a consequence of the amendment or replacement. Note: The full list of CGT events is in section 104 ‑ 5.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1998 | No 66 of 2003 | No 41 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-135", "Provision_Key": "s126-135", "Heading": "Consequences of roll ‑ over", "Text": "(1) A * capital gain or * capital loss made from the * CGT event is disregarded. (2) If the fund that owned the * CGT asset just before the time of the * CGT event * acquired it before 20 September 1985, the asset retains its status as a * pre ‑ CGT asset in the hands of the fund that owned it after the time of the event. (3) If the fund that owned the * CGT asset just before the time of the * CGT event * acquired it on or after 20 September 1985: (a) the first element of the asset’s * cost base (in the hands of the fund that owned the asset after the time of the event) is its cost base just before that time; and (b) the first element of the asset’s * reduced cost base asset is worked out similarly; and (c) the fund that owned the asset after the time of the event is taken to have acquired the asset at that time.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-140", "Provision_Key": "s126-140", "Heading": "CGT event involving small superannuation funds", "Text": "Payment splits under Family Law Act (1) There is a roll ‑ over if: (a) an interest in a * small superannuation fund is subject to a * payment split; and (b) the * non ‑ member spouse in relation to that interest serves a waiver notice under section 90XZA or 90YZQ of the Family Law Act 1975 in respect of that interest; and (c) as a result of serving the notice, the trustee (the transferor ) of the fund transfers a * CGT asset to the trustee (the transferee ) of another * complying superannuation fund for the benefit of the non ‑ member spouse. Note: CGT event E2 may apply to the transfer. Payment splits under the Superannuation Industry (Supervision) Regulations (2) There is also a roll ‑ over if: (a) an interest in a * small superannuation fund (the first fund ) is subject to a * payment split; and (b) as a result of the payment split, there is a transfer or roll over of benefits, for the benefit of the * non ‑ member spouse, from the first fund to another * complying superannuation fund; and (c) the transfer is under provisions of the Superannuation Industry (Supervision) Regulations 1994 dealing with superannuation interests that are subject to payment splits; and (d) in order to give effect to the payment split, the trustee (the transferor ) of the first fund transfers a * CGT asset to the trustee (the transferee ) of the other fund for the benefit of the non ‑ member spouse. Note: CGT event E2 may apply to the transfer. Transfer of own interest in a small superannuation fund (2A) There is also a roll ‑ over if: (a) an individual has an interest in a * small superannuation fund (the first fund ); and (b) the individual’s * spouse, or former spouse, also has an interest in the first fund; and (c) the trustee (the transferor ) of the first fund transfers a * CGT asset to the trustee (the transferee ) of another * complying superannuation fund for the benefit of the individual; and (d) the transfer is in accordance with an award, order or agreement mentioned in subsection (2B); and (e) if the transfer is part of a series of transfers in accordance with the award, order or agreement—the individual will no longer have an interest in the first fund when the series of transfers is complete; and (f) if the transfer is not part of a series of transfers in accordance with the award, order or agreement—as a result of the transfer, the individual no longer has an interest in the first fund; and (g) there has not been a roll ‑ over under subsection (1) or (2) or this subsection in relation to the transfer of another CGT asset from the first fund, where the transfer was: (i) made because of the award, order or agreement; and (ii) for the benefit of that spouse, or former spouse; and (h) if the transfer is in accordance with an agreement mentioned in paragraph (2B)(d), (da) or (e), the conditions in subsection (2C) are satisfied. Note: CGT event E2 may apply to the transfer. (2B) The awards, orders and agreements are: (a) an award made in an arbitration referred to in section 13H of the Family Law Act 1975 or a corresponding award made in an arbitration under a corresponding * State law, * Territory law or * foreign law; or (b) a court order made under section 79, subsection 90AE(2) or 90AF(2) or section 90SM or 90YX of the Family Law Act 1975 ; or (c) a court order made under a State law, Territory law or foreign law relating to breakdowns of relationships between * spouses that corresponds to an order made under subsection 90AE(2) or 90AF(2) or section 90SM of the Family Law Act 1975 ; or (d) a financial agreement made under Part VIIIA of the F amily Law Act 1975 that is binding because of section 90G of that Act or a corresponding written agreement that is binding because of a corresponding foreign law; or (da) a Part VIIIAB financial agreement (within the meaning of the Family Law Act 1975 ) that is binding because of section 90UJ of that Act; or (e) a written agreement: (i) that is binding under a State law, Territory law or foreign law relating to breakdowns of relationships between spouses; and (ii) that, because of such a law, prevents a court making an order about matters to which the agreement applies, or that is inconsistent with the terms of the agreement in relation to those matters, unless the agreement is varied or set aside. (2C) The conditions are that: (a) at the time of the transfer: (i) the * spouses, or former spouses, involved are separated; and (ii) there is no reasonable likelihood of cohabitation being resumed; and (b) the transfer happened because of reasons directly connected with the breakdown of the relationship between the spouses or former spouses. (2D) For the purposes of subsection (2C), the question whether * spouses, or former spouses, have separated is to be determined in the same way as it is for the purposes of section 48 of the Family Law Act 1975 (as affected by sections 49 and 50 of that Act). Roll ‑ over consequences (3) A * capital gain or * capital loss the transferor makes from the transfer of the asset is disregarded. (4) If the transferor * acquired the asset on or after 20 September 1985: (a) the first element of the asset’s * cost base (in the hands of the transferee) is the asset’s cost base (in the hands of the transferor) at the time the transferee acquired it; and (b) the first element of the asset’s * reduced cost base (in the hands of the transferee) is worked out similarly. (5) If the transferor * acquired the asset before 20 September 1985, the transferee is taken to have acquired it before that day. Note: A capital gain or loss you make from a CGT asset you acquired before 20 September 1985 is generally disregarded: see Division 104. This exemption is removed in some situations: see Division 149.", "Amendment_Count": 6, "First_Amended": "No 114 of 2001", "Last_Amended": "No 112 of 2020", "Amending_Acts": "No 114 of 2001 | No 164 of 2007 | No 115 of 2008 | No 144 of 2008 | No 130 of 2018 | No 112 of 2020", "History_Notes": "Inserted by No 114 of 2001, effective Sch 1 (items 16–19, 21–24): 28 Dec 2002 (s 2) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 115 of 2008, effective Sch 2 (items 34–41): 1 Mar 2009 (s 2(1) item 5) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 130 of 2018, effective Sch 6 (item 66): 22 Nov 2018 (s 2(1) item 10) | Amended by No 112 of 2020, effective Sch 3 (items 39–47): 28 Sept 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-185", "Provision_Key": "s126-185", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out when there is a roll ‑ over for a CGT event that happens because a beneficiary becomes absolutely entitled to a share as against the trustee where the trustee obtained a roll ‑ over under Subdivision 124 ‑ M following a demutualisation. Table of sections Operative provisions 126 ‑ 190 When there is a roll ‑ over 126 ‑ 195 Consequences of roll ‑ over", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-190", "Provision_Key": "s126-190", "Heading": "When there is a roll ‑ over", "Text": "There is a roll ‑ over if: (a) an insurance company demutualises; and (b) the trustee of a trust holds a * share issued under the demutualisation in trust for an entity to whom the share would have been issued if the entity could, and were in a position to, prove the entity’s entitlement to the share; and (c) the trustee obtains a roll ‑ over under Subdivision 124 ‑ M of this Act (Scrip for scrip roll ‑ over) for the share because the trustee exchanges the share for a share (the replacement share ) in another company (whether or not the trustee receives something in addition to the replacement share); and (d) a * CGT event happens in relation to the replacement share because the entity becomes absolutely entitled to the share as against the trustee. Note: This Subdivision does not apply to the demutualisation of a private health insurer: see section 315 ‑ 160.", "Amendment_Count": 2, "First_Amended": "No 57 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 57 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-195", "Provision_Key": "s126-195", "Heading": "Consequences of roll ‑ over", "Text": "(1) A * capital gain or * capital loss the trustee makes from the * CGT event is disregarded. (2) The first element of the * cost base of the replacement share for the entity is the cost base of the replacement share in the hands of the trustee just before the * CGT event happened. The first element of the * reduced cost base of the replacement share for the entity is worked out similarly. Example: The JB mutual insurance company demutualises, issuing shares in JB Limited to its policyholders. It is unable to locate some of its policyholders so it establishes a trust and issues shares to the trustee on behalf of those policyholders. Steve is one of those policyholders (being potentially entitled to 50 shares). JB Limited is taken over by PVDM Limited. Members of JB are issued with 2 shares in PVDM for each share they have in JB. The trustee obtains a roll ‑ over under Subdivision 124 ‑ M for the exchange. Each PVDM share held by the trustee has a cost base and reduced cost base of $15. Steve writes to the trustee and proves his entitlement to the shares held in trust for him. There is a roll ‑ over under this Subdivision so that any capital gain or loss made by the trustee is disregarded. The first element of the cost base and reduced cost base of each of Steve’s PVDM shares is $15.", "Amendment_Count": 1, "First_Amended": "No 57 of 2002", "Last_Amended": "No 57 of 2002", "Amending_Acts": "No 57 of 2002", "History_Notes": "Inserted by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-215", "Provision_Key": "s126-215", "Heading": "What this Subdivision is about", "Text": "Roll ‑ overs may be available when CGT assets are transferred between certain trusts. Table of sections Operative provisions 126 ‑ 220 Object of this Subdivision 126 ‑ 225 When a roll ‑ over may be chosen 126 ‑ 230 Beneficiaries’ entitlements not be discretionary etc. 126 ‑ 235 Exceptions for roll ‑ over 126 ‑ 240 Consequences for the trusts 126 ‑ 245 Consequences for beneficiaries—general approach for working out cost base etc. 126 ‑ 250 Consequences for beneficiaries—other approach for working out cost base etc. 126 ‑ 255 No other cost base etc. adjustment for beneficiaries 126 ‑ 260 Giving information to beneficiaries 126 ‑ 265 Interest sale facilities", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-220", "Provision_Key": "s126-220", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to ensure that CGT considerations are not an impediment to the restructure of trusts, whilst ensuring that subsequent changes to the manner and extent to which beneficiaries can benefit from the trusts are subject to appropriate tax consequences.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-225", "Provision_Key": "s126-225", "Heading": "When a roll ‑ over may be chosen", "Text": "(1) A roll ‑ over may be chosen for a * CGT asset (the roll ‑ over asset ) if: (a) the trustee of a trust (the transferring trust ): (i) creates a trust (the receiving trust ), by declaration or settlement, over one or more CGT assets that include the roll ‑ over asset; or (ii) transfers the roll ‑ over asset to an existing trust (the receiving trust ); at a particular time (the transfer time ); and (b) if subparagraph (a)(ii) applies—the receiving trust has no CGT assets immediately before the transfer time, other than any or all of the following: (i) small amounts of cash or debt; (ii) its rights under an * arrangement, if (collectively) those rights only facilitate the transfer of assets to it from the transferring trust; and (c) just after the transfer time: (i) each of the trusts has the same beneficiaries; and (ii) the receiving trust has the same * classes of * membership interests that the transferring trust had just before, and has just after, the transfer time; and (iii) the sum of the * market values of each beneficiary’s membership interests of a particular class in both trusts is substantially the same as the sum of the market values, just before the transfer time, of the beneficiary’s membership interests of that class in both trusts; and (d) the requirement in section 126 ‑ 230 is met; and (e) the exceptions in section 126 ‑ 235 do not apply. Exception if other roll ‑ over assets already transferred (2) However, paragraph (1)(b) does not apply if: (a) the roll ‑ over asset is transferred to the receiving trust under an * arrangement; and (b) the roll ‑ over asset was an asset of the transferring trust just before the arrangement was made; and (c) at least one other asset of the receiving trust: (i) is an asset for which a roll ‑ over was obtained under this Subdivision for the trusts; and (ii) is an asset over which the receiving trust was created, or was transferred by the transferring trust to the receiving trust under the arrangement; and (d) the transfer time is in the income year for the transferring trust that includes the earliest transfer time (the start time ) for the assets covered by paragraph (c). Obtaining the roll ‑ over (3) The roll ‑ over only happens if both the trustee of the transferring trust and the trustee of the receiving trust choose to obtain it.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 19 of 2010 | No 133 of 2014", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-230", "Provision_Key": "s126-230", "Heading": "Beneficiaries’ entitlements not be discretionary etc.", "Text": "(1) The conditions in subsections (2) and (3) must be met: (a) if subsection 126 ‑ 225(2) applies—at all times during the period: (i) starting at the start time; and (ii) ending at the transfer time; and (b) otherwise—at the transfer time. CGT event E4 is capable of happening (2) The first condition is met at a particular time if, at that time, * CGT event E4 is capable of happening to all of the * membership interests in each of the trusts. Note: A roll ‑ over cannot be chosen if either trust is a discretionary trust. Beneficiaries’ entitlements not discretionary (3) The second condition is met at a particular time if, at that time, the manner or extent to which each beneficiary of each trust can benefit from the trust is not capable of being significantly affected by the exercise, or non ‑ exercise, of a power. (4) However, if both trusts are * managed investment trusts, disregard a power if the power’s existence at that time does not significantly affect the * market value at that time of each * membership interest in each of the trusts.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-235", "Provision_Key": "s126-235", "Heading": "Exceptions for roll ‑ over", "Text": "Foreign trusts (1) An exception applies for a * CGT asset if: (a) the receiving trust is a * foreign trust for CGT purposes for the income year that includes the transfer time; and (b) the roll ‑ over asset is not * taxable Australian property just after the transfer time. Public trading trusts (2) Another exception applies if either trust is a trust to which section 102S of the Income Tax Assessment Act 1936 applies for the income year that includes the transfer time. Choices (3) Another exception applies if, just after the transfer time: (a) a choice (however described) under a provision of a * taxation law is in force for either of the trusts in relation to particular circumstances; and (b) the same choice (however described) under that provision for the other trust in relation to those circumstances (a mirror choice ) is not also in force; and (c) the absence of a mirror choice would or could have an ongoing effect on the calculation of an entity’s * net income, or taxable income, for: (i) the entity’s income year that includes the transfer time; or (ii) a later income year. (4) However, the exception in subsection (3) does not apply if: (a) the other trust makes a mirror choice before the first time after the transfer time when the absence of the mirror choice would affect the calculation of an entity’s * net income, or taxable income, for an income year; or (b) it would not be reasonable for subsection (3) to apply. Note: For paragraph (a), the other trust must still be able, under the relevant provision of the taxation law, to make the mirror choice. (5) If, just after the transfer time: (a) a choice (however described) referred to in paragraph (3)(a) is in force for either of the trusts (the first choice ); and (b) a provision of a * taxation law: (i) prevents the revocation or variation of that choice; or (ii) sets out a consequence for an entity if that choice is revoked or varied; that provision is taken to apply for a mirror choice, in force for the other trust at or after that time, in a way corresponding to the way in which it applies for the first choice. Note: For example, if the provision sets out consequences that flow from the revocation of the first choice, then those consequences will also flow if the mirror choice is revoked.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 19 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-240", "Provision_Key": "s126-240", "Heading": "Consequences for the trusts", "Text": "Disregard any capital gain or loss (1) If the roll ‑ over is chosen, disregard any * capital gain or * capital loss the trustee of the transferring trust makes from: (a) creating the receiving trust over the roll ‑ over asset; or (b) transferring the roll ‑ over asset to the receiving trust; at the transfer time. Adjust roll ‑ over asset’s cost base and reduced cost base (2) If the roll ‑ over is chosen: (a) the first element of the roll ‑ over asset’s * cost base, in the hands of the receiving trust, is its cost base just before the transfer time; and (b) the first element of the roll ‑ over asset’s * reduced cost base is worked out similarly. Any pre ‑ transfer losses of receiving trust cannot be utilised (3) If the roll ‑ over is chosen: (a) any * net capital loss of the receiving trust for an income year ending before the transfer time cannot be applied after the transfer time to reduce an amount of that trust’s * capital gains; and (b) the sum of the receiving trust’s * capital losses for the income year that includes the transfer time (the transfer year ) is reduced by an amount equal to any net capital loss that the trust would have had for that year had that year ended just before the transfer time; and (c) any * tax loss of the receiving trust for an income year ending before the transfer time cannot be deducted after the transfer time from an amount of that trust’s assessable income or * net exempt income; and (d) the sum of the receiving trust’s deductions for the transfer year is reduced by an amount equal to any tax loss that the trust would have had for that year had that year ended just before the transfer time. References in this subsection to the transfer time are to be read as references to the start time if subsection 126 ‑ 225(2) applies. Note: Subsection 126 ‑ 225(2) applies if the roll ‑ over asset is transferred to the receiving trust after an earlier roll ‑ over under this Subdivision, for another asset, was obtained for the trusts. Pre ‑ CGT assets (4) If: (a) the roll ‑ over is chosen; and (b) the transferring trust last * acquired the roll ‑ over asset before 20 September 1985; the receiving trust is taken to have acquired it before that day.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-245", "Provision_Key": "s126-245", "Heading": "Consequences for beneficiaries—general approach for working out cost base etc.", "Text": "(1) If the roll ‑ over is chosen, each of the following: (a) the * cost base and * reduced cost base of each of a beneficiary’s * membership interests in each trust; (b) the time each of the beneficiary’s membership interests in the receiving trust is treated as having been * acquired; is adjusted under this section for the transfer time unless the beneficiary has chosen for them to be adjusted under section 126 ‑ 250. Note: The beneficiary can choose for these things to be adjusted once for several consecutive transfer times (for multiple roll ‑ over assets) if the beneficiary owned the interests at all of those times (see section 126 ‑ 250). First element of cost base of interests in transferring trust (2) The first element of the * cost base, just after the transfer time, of each of the beneficiary’s * membership interests in the transferring trust is an amount equal to such proportion of the interest’s cost base just before the transfer time as is reasonable having regard to: (a) the * market value of the interest just after the transfer time, or a reasonable approximation of that market value; and (b) the market value of the interest just before the transfer time, or a reasonable approximation of that market value. First element of cost base of interests in receiving trust (3) The first element of the * cost base, just after the transfer time, of each of the beneficiary’s * membership interests in the receiving trust is such amount so that the sum of: (a) the cost base, just before the transfer time, of that membership interest in the receiving trust; and (b) if, just after the transfer time, that interest in the receiving trust corresponds to at least one of the beneficiary’s membership interests in the transferring trust—the cost base, just before the transfer time, of each of those corresponding membership interests in the transferring trust; and (c) if, just after the transfer time, that interest in the receiving trust corresponds to a proportion of one of the beneficiary’s membership interests in the transferring trust—that proportion of the cost base, just before the transfer time, of that corresponding membership interest in the transferring trust; reasonably approximates: (d) if paragraph (b) applies—the sum of the cost bases, just after the transfer time, of each of the interests referred to in paragraphs (a) and (b); and (e) if paragraph (c) applies—the sum of: (i) the cost base, just after the transfer time, of the interest referred to in paragraph (a); and (ii) the proportion of the cost base, just after the transfer time, of the interest referred to in paragraph (c). First element of reduced cost base of interests in each trust (4) The first element of the * reduced cost base, just after the transfer time, of each of the beneficiary’s * membership interests in each trust is worked out similarly. Time of acquisition for interests in the receiving trust (5) Each of the beneficiary’s * membership interests in the receiving trust is treated as having been * acquired just after the transfer time. Time of acquisition for pre ‑ CGT interests in the receiving trust (6) However, if one or more of the beneficiary’s * membership interests in the transferring trust were * pre ‑ CGT assets just before the transfer time, the beneficiary is treated as having * acquired before 20 September 1985 its interests in the receiving trust that correspond to those interests in the transferring trust.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-250", "Provision_Key": "s126-250", "Heading": "Consequences for beneficiaries—other approach for working out cost base etc.", "Text": "(1) This section applies if the beneficiary owns one or more * membership interests in the transferring trust at all times during the period: (a) starting just before this time (the starting time ): (i) the transfer time; or (ii) the transfer time for an asset referred to in paragraph 126 ‑ 225(2)(c) (assuming subsection 126 ‑ 225(2) applies); and (b) ending just after this time (the ending time ): (i) the transfer time (assuming this is not also the starting time); or (ii) a later time in the transfer year that is the transfer time for another asset for which a roll ‑ over is obtained under this Subdivision for the trusts. Note: Subsection 126 ‑ 225(2) applies if the roll ‑ over asset is transferred to the receiving trust after an earlier roll ‑ over under this Subdivision, for another asset, was obtained for the trusts. (2) The beneficiary may choose for each of the following: (a) the * cost base and * reduced cost base of each of those * membership interests and of the beneficiary’s corresponding membership interests in the receiving trust; (b) the time each of those corresponding interests in the receiving trust is treated as having been * acquired; to be adjusted under subsection (3) for the period. (3) For each of the interests referred to in subsection (2), subsections 126 ‑ 245(2), (3), (4), (5) and (6) apply as if: (a) references in those subsections to just before the transfer time were references to just before the starting time; and (b) references in those subsections to just after the transfer time were references to just after the ending time.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-255", "Provision_Key": "s126-255", "Heading": "No other cost base etc. adjustment for beneficiaries", "Text": "If a beneficiary of the trusts makes adjustments under section 126 ‑ 245 or 126 ‑ 250 to the * cost base and * reduced cost base of the beneficiary’s * membership interests in relation to the * CGT event that is: (a) the creation of the receiving trust over the roll ‑ over asset; or (b) the transfer of the roll ‑ over asset to the receiving trust; no other adjustment is to be made under this Act to those cost bases and reduced cost bases because of something that happens in relation to that event. Note: This section prevents the general value shifting regime from applying in relation to the event because sections 126 ‑ 245 and 126 ‑ 250 deal with any value shift that might occur.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-260", "Provision_Key": "s126-260", "Heading": "Giving information to beneficiaries", "Text": "Beneficiaries must be given particulars of the roll ‑ over (1) If the roll ‑ over is chosen, the trustee of the transferring trust must, within 3 months after the end of the transfer year, send written notice of the particulars set out in subsection (2) to each of the trust’s beneficiaries: (a) by post to the address most recently notified by the beneficiary as the beneficiary’s address; or (b) by any other means notified by the beneficiary for receiving correspondence from the trust. Note: The trustee may also notify beneficiaries of other details of the roll ‑ over. The particulars that must be given (2) The particulars are as follows: (a) the roll ‑ over asset’s transfer time; (b) sufficient information to enable a beneficiary to work out which of the beneficiary’s * membership interests in the receiving trust correspond to each of the beneficiary’s membership interests in the transferring trust; (c) the * market value of each of the membership interests held by the beneficiary in the transferring trust just after the roll ‑ over asset’s transfer time, or a reasonable approximation of that market value; (d) the market value of each of the membership interests held by the beneficiary in the transferring trust just before the roll ‑ over asset’s transfer time, or a reasonable approximation of that market value. Offence (3) A trustee commits an offence if the trustee contravenes subsection (1). Penalty: 30 penalty units. (4) An offence against subsection (3) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . If the transferring trust has multiple trustees (5) If the transferring trust has 2 or more trustees, the obligation imposed by subsection (1) is imposed on each of the trustees, but may be discharged by any of the trustees. Note: Each of the trustees commits an offence against subsection (3) if none of them discharges the obligation imposed by subsection (1). (6) In a prosecution of a trustee for an offence against subsection (3) for an act or omission contravening subsection (1), it is a defence if the trustee proves that the trustee: (a) did not aid, abet, counsel or procure the act or omission; and (b) was not in any way knowingly concerned in, or party to, the act or omission (whether directly or indirectly and whether by any act or omission of the trustee). Note: A defendant bears a legal burden in relation to the matters in subsection (6): see section 13.4 of the Criminal Code . Obligations of beneficiary unaffected if not notified of roll ‑ over (7) A failure by a trustee to comply with subsection (1) does not affect the application of section 126 ‑ 245 to the beneficiary.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 126-265", "Provision_Key": "s126-265", "Heading": "Interest sale facilities", "Text": "Interest sale facilities (1) For the purposes of this Subdivision, an entity (the investor ) is treated as owning a * membership interest (the roll ‑ over interest ) in the receiving trust at a time (the deeming time ), if: (a) the investor owned a membership interest in the transferring trust; and (b) a trust is created, or a transfer happens, (the transaction ) as mentioned in paragraph 126 ‑ 225(1)(a) in relation to * CGT assets of the transferring trust; and (c) because: (i) a * foreign law impedes the ability of the receiving trust to issue or transfer the roll ‑ over interest to the investor; or (ii) it would be impractical or unreasonably onerous to determine whether a foreign law impedes the ability of the receiving trust to issue or transfer the roll ‑ over interest to the investor; it is * arranged that the receiving trust will issue or transfer the roll ‑ over interest to another entity (the facility ) under the transaction instead of to the investor; and (d) in accordance with that arrangement and as a result of the transaction, the facility: (i) becomes the owner of the roll ‑ over interest; and (ii) owns the roll ‑ over interest at the deeming time; and (e) under the arrangement, the investor is entitled to receive from the facility: (i) an amount equivalent to the * capital proceeds of any * CGT event that happens in relation to the roll ‑ over interest (less expenses); or (ii) if a CGT event happens in relation to the roll ‑ over interest together with CGT events happening in relation to other membership interests—an amount equivalent to the investor’s proportion of the total capital proceeds of the CGT events (less expenses). (2) The facility is treated as not owning the roll ‑ over interest at the deeming time.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s126-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 128-1", "Provision_Key": "s128-1", "Heading": "What this Division is about", "Text": "This Division sets out what happens when you die and a CGT asset you owned just before dying devolves to your legal personal representative or passes to a beneficiary in your estate. It also contains rules about what happens when a joint tenant dies. General rules 128 ‑ 10 Capital gain or loss when you die is disregarded 128 ‑ 15 Effect on the legal personal representative or beneficiary 128 ‑ 20 When does an asset pass to a beneficiary? 128 ‑ 25 The beneficiary is a trustee of a superannuation fund etc. Special rules for joint tenants 128 ‑ 50 Joint tenants", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s128-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 128-10", "Provision_Key": "s128-10", "Heading": "Capital gain or loss when you die is disregarded", "Text": "When you die, a * capital gain or * capital loss from a * CGT event that results for a * CGT asset you owned just before dying is disregarded. Note 1: Section 104 ‑ 215 sets out an exception to this rule if the CGT asset passes to a beneficiary in your estate who is: • an exempt entity; or • the trustee of a complying superannuation entity; or • a foreign resident. Note 2: There is a special indexation rule for deceased estates: see section 114 ‑ 10.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 41 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s128-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 128-15", "Provision_Key": "s128-15", "Heading": "Effect on the legal personal representative or beneficiary", "Text": "(1) This section sets out what happens if a * CGT asset you owned just before dying: (a) devolves to your * legal personal representative; or (b) * passes to a beneficiary in your estate. Note 1: Section 128 ‑ 25 has different rules if the asset passes to a beneficiary in your estate who is the trustee of a complying superannuation entity. Note 2: If the beneficiary is an exempt entity, Division 57 in Schedule 2D to the Income Tax Assessment Act 1936 has rules about exempt entities that become taxable. It sets out what the entity is taken to have purchased its assets for when it becomes taxable. Note 3: If the beneficiary is a foreign resident, Subdivision 855 ‑ B sets out what happens if the beneficiary becomes an Australian resident. The beneficiary is taken to have acquired each asset owned just before becoming an Australian resident for the market value of the asset at that time. (2) The * legal personal representative, or beneficiary, is taken to have * acquired the asset on the day you died. Special rule for legal personal representative (3) Any * capital gain or * capital loss the * legal personal representative makes if the asset * passes to a beneficiary in your estate is disregarded. Cost base rules for both (4) This table sets out the modifications to the * cost base and * reduced cost base of the * CGT asset in the hands of the * legal personal representative or beneficiary. Modifications to cost base and reduced cost base Item For this kind of CGT asset: The first element of the asset’s cost base is: The first element of the asset’s reduced cost base is: 1 One you * acquired on or after 20 September 1985, except one covered by item 2, 3, 3A or 3B the * cost base of the asset on the day you died the * reduced cost base of the asset on the day you died 2 One that was * trading stock in your hands just before you died the amount worked out under section 70 ‑ 105 the amount worked out under section 70 ‑ 105 3 A * dwelling that was your main residence just before you died if: (a) the dwelling was not then being used for the * purpose of producing assessable income; and (b) you were not then an * excluded foreign resident the * market value of the * dwelling on the day you died the market value of the * dwelling on the day you died 3A If you were a foreign resident just before you died—an asset that was not * taxable Australian property just before you died, except one covered by item 2 the * market value of the asset on the day you died the market value of the asset on the day you died 3B One that * passes to a trustee of a * special disability trust the * market value of the asset on the day you died the market value of the asset on the day you died 4 One you * acquired before 20 September 1985 the * market value of the asset on the day you died the market value of the asset on the day you died Note 1: Section 70 ‑ 105 has a general rule that the person on whom the trading stock devolves is taken to have bought it for its market value. There are some exceptions though. Note 2: Subdivision 118 ‑ B contains other rules about dwellings acquired through deceased estates. Note 3: The rule in item 3 in the table does not apply to a dwelling that devolved to your legal personal representative, or passed to a beneficiary in your estate, on or before 7.30 pm on 20 August 1996: see section 128 ‑ 15 of the Income Tax (Transitional Provisions) Act 1997 . Further rule for a beneficiary (5) A beneficiary can include in the * cost base or * reduced cost base of the asset any expenditure that the * legal personal representative would have been able to include at the time the asset * passes to the beneficiary. The beneficiary can include the expenditure on the day the representative incurred it. Example: You die on 1 May 1995 owning land. On 15 June 1995 your legal personal representative pays $500 council rates for the land. On 31 July 1995 your representative transfers it to a beneficiary in your estate, who is taken to have acquired it on 1 May 1995. The beneficiary can include the $500 in the third element of the cost base of the land. It is included on 15 June 1995. Collectables and personal use assets (6) The * legal personal representative or beneficiary is taken to have * acquired a * collectable or a * personal use asset if: (a) you acquired it on or after 20 September 1985; and (b) it was a * collectable or a * personal use asset (as appropriate) in your hands when you died. Note 1: Capital losses from collectables can be used only to reduce capital gains from collectables: see section 108 ‑ 10. Note 2: Capital losses from personal use assets are disregarded: see section 108 ‑ 20.", "Amendment_Count": 10, "First_Amended": "No 46 of 1998", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 176 of 1999 | No 41 of 2005 | No 58 of 2006 | No 168 of 2006 | No 97 of 2008 | No 41 of 2011 | No 147 of 2011 | No 129 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s128-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 128-20", "Provision_Key": "s128-20", "Heading": "When does an asset pass to a beneficiary?", "Text": "(1) A * CGT asset passes to a beneficiary in your estate if the beneficiary becomes the owner of the asset: (a) under your will, or that will as varied by a court order; or (b) by operation of an intestacy law, or such a law as varied by a court order; or (c) because it is appropriated to the beneficiary by your legal personal representative in satisfaction of a pecuniary legacy or some other interest or share in your estate; or (d) under a deed of arrangement if: (i) the beneficiary entered into the deed to settle a claim to participate in the distribution of your estate; and (ii) any consideration given by the beneficiary for the asset consisted only of the variation or waiver of a claim to one or more other * CGT assets that formed part of your estate. (It does not matter whether the asset is transmitted directly to the beneficiary or is transferred to the beneficiary by your * legal personal representative.) (2) A * CGT asset does not pass to a beneficiary in your estate if the beneficiary becomes the owner of the asset because your * legal personal representative transfers it under a power of sale.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s128-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 128-25", "Provision_Key": "s128-25", "Heading": "The beneficiary is a trustee of a superannuation fund etc.", "Text": "(1) This section has rules about * cost base and * reduced cost base that are relevant if you die and a * CGT asset you owned just before dying * passes to a beneficiary in your estate who (when the asset passes) is the trustee of a * complying superannuation entity. Note: A capital gain or loss is also made: see section 104 ‑ 215. (2) The beneficiary is taken to have * acquired the asset on the day you died. The first element of the * cost base and * reduced cost base of the asset is its * market value on that day. (3) The beneficiary can include in the * cost base or * reduced cost base of the asset any expenditure that your * legal personal representative would have been able to include at the time the asset * passes to the beneficiary. The beneficiary can include the expenditure on the day the representative incurred it.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 176 of 1999 | No 41 of 2005 | No 168 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s128-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 128-50", "Provision_Key": "s128-50", "Heading": "Joint tenants", "Text": "(1) This section has rules that are relevant if a * CGT asset is owned by joint tenants and one of them dies. (2) The survivor is taken to have * acquired (on the day the individual died) the individual’s interest in the asset. If there are 2 or more survivors, they are taken to have acquired that interest in equal shares. Note: Joint tenants are treated as owning a CGT asset in equal shares: see section 108 ‑ 7. (3) If the individual who died * acquired his or her interest in the asset on or after 20 September 1985, the first element of the * cost base of the interest each survivor is taken to have acquired is: The first element of the * reduced cost base of the interest each survivor is taken to have * acquired is worked out similarly. Example: In 1999 2 individuals buy land for $50,000 as joint tenants. Each one is taken to have a 50% interest in it. On 1 May 2001 one of them dies. The survivor is taken to have acquired the interest of the individual who died on 1 May 2001. If the cost base of that interest on that day is $27,000, the survivor is taken to have acquired that interest for that amount. (4) If the individual who died * acquired his or her interest in the asset before 20 September 1985, the first element of the * cost base and * reduced cost base of the interest each survivor is taken to have acquired is: Note: There is a special indexation rule for surviving joint tenants: see section 114 ‑ 10.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s128-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-1", "Provision_Key": "s130-1", "Heading": "What this Division is about", "Text": "This Division sets out the rules for these kinds of investments: • bonus shares and units; and • rights; and • convertible interests; and • shares acquired under an employee share scheme; and • exchangeable interests; and • exploration investments. Most are about modifying the cost base and reduced cost base of a CGT asset.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 46 of 1998 | No 133 of 2003 | No 15 of 2018", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-15", "Provision_Key": "s130-15", "Heading": "Acquisition time and cost base of bonus equities", "Text": "", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 63 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-20", "Provision_Key": "s130-20", "Heading": "Issue of bonus shares or units", "Text": "(1) This section sets out what happens if: (a) you own * shares in a company or units in a unit trust (the original equities ); and (b) the company issues other shares, or the trustee issues other units, (the bonus equities ) to you in relation to the original equities. (2) The first element of your * cost base and * reduced cost base for the bonus equities includes: (a) for * shares—any part of the shares that are a * dividend (or taken to be a dividend under subsection 45(2) or 45C(1) of the Income Tax Assessment Act 1936 ); and (b) for units—any part of the other units that are or will be included in your assessable income. You are taken to have * acquired the bonus equities when they were issued. Note 1: There are special indexation rules for cost base modifications: see Division 114. Note 2: The amounts of calls you pay on partly ‑ paid equities will also form part of the first element of their cost base and reduced cost base. Note 3: There is a special rule for shares issued on or before 30 June 1987: see subsection 130 ‑ 20(2) of the Income Tax (Transitional Provisions) Act 1997 . Note 4: Certain capital distributions are taken to be dividends under subsections 45(2) and 45C(1) if a company has entered into a capital streaming or dividend substitution arrangement. (3) This table sets out what happens if: (a) none of the shares are a * dividend (or taken to be a dividend under subsection 45(2) or 45C(1) of the Income Tax Assessment Act 1936 ); or (b) none of the other units are or will be included in your assessable income. Note: Certain capital distributions are taken to be dividends under subsections 45(2) and 45C(1) if a company has entered into a capital streaming or dividend substitution arrangement. Modifications where neither a dividend nor assessable Item In this situation: You are taken to have * acquired the bonus equities when: There is this effect: 1 You * acquire the original equities on or after 20 September 1985 You * acquired the original equities You apportion the first element of your * cost base and * reduced cost base for the original equities in a reasonable way over both the original and bonus equities 2 You * acquire the original equities before 20 September 1985 and an amount has been paid for the bonus equities that you were required to pay The liability to pay the amount arose The first element of your * cost base and * reduced cost base for the bonus equities includes their * market value just before that time 3 You * acquire the original equities before 20 September 1985 and the bonus equities are fully paid You * acquired the original equities Any * capital gain or * capital loss you make from the bonus equities is disregarded 4 You * acquire the original equities before 20 September 1985 and the bonus equities are partly paid but no amount has been paid since the issue of the bonus equities You * acquired the original equities Any * capital gain or * capital loss you make from the bonus equities is disregarded The amount paid or payable can include giving property: see section 103 ‑ 5. Note 1: The amounts of calls you pay on partly ‑ paid equities will also form part of the first element of their cost base and reduced cost base. Note 2: There is a special rule for bonus equities issued on or before 1 pm on 10 December 1986 that affects item 2 of the table: see subsection 130 ‑ 20(3) of the Income Tax (Transitional Provisions) Act 1997 . (3A) If only a part of a capital benefit that is bonus equities is a * dividend, or is taken to be a dividend under subsection 45(2) or 45C(1) of the Income Tax Assessment Act 1936 , you apportion the first element of your * cost base and * reduced cost base for the original equities in a reasonable way over both the original equities and the bonus equities. (4) The modifications in this section are not made if, for the income year in which the bonus equities are issued, the unit trust is a public trading trust within the meaning of section 102R of the Income Tax Assessment Act 1936 . Note: Subsection 26BC(9E) of the Income Tax Assessment Act 1936 (about securities lending arrangements) modifies the operation of this section.", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 46 of 1998 | No 63 of 1998 | No 94 of 1999 | No 173 of 2000 | No 57 of 2002 | No 58 of 2006 | No 53 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-40", "Provision_Key": "s130-40", "Heading": "Exercise of rights", "Text": "(1) The table in this section sets out the modifications to the rules about * cost base and * reduced cost base that happen if you exercise rights to * acquire: (a) * shares, or options to acquire shares, in a company; or (b) units, or options to acquire units, in a unit trust. Note: For rights acquired under employee share schemes, see Division 83A, Subdivision 130 ‑ D and Division 134. (2) The modifications happen only if: (a) you did not pay for the rights and the condition in subsection (3) is satisfied; or (b) the condition in subsection (4) is satisfied. The payment can include giving property: see section 103 ‑ 5. (3) When you were issued the rights, you must: (a) already own shares in, or * convertible interests issued by, the company or a company that is a member of the same * wholly ‑ owned group (the original shares or interests ); or (b) already own units in, or convertible interests issued by the trustee of, the unit trust (the original units or interests ). (4) You must have * acquired the rights from an entity that already owned shares, units or convertible interests of the kind referred to in subsection (3). (5) The company that is a member of the same * wholly ‑ owned group mentioned in paragraph (3)(a) includes a company that would cease to be a member of that group by the exercise of the rights. (6) The rights to * acquire units or to acquire an option to acquire units in a unit trust must have been issued by the trustee after 28 January 1988. Modifications on exercise of rights Item In this situation: The modification is... 1 You exercise rights issued to you to * acquire the * shares, units or options. The first element of your * cost base for the shares, units or options is the sum of: (a) the cost base of the rights at the time of exercise; and (b) any amount paid to exercise the rights, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (6A). The first element of their * reduced cost base is worked out similarly. 2 You exercise rights you * acquired from another entity to acquire the * shares, units or options. The first element of your * cost base for the shares, units or options is the sum of: (a) the cost base of the rights at the time of exercise; and (b) any amount paid to exercise the rights, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (6A). The first element of their * reduced cost base is worked out similarly. 3 You exercise rights issued to you to * acquire the * shares, units or options, and you acquired the original shares or * convertible interests, or the original units or convertible interests, before 20 September 1985. The first element of your * cost base for the shares, units or options is the sum of: (a) the * market value of the rights when they were exercised; and (b) any amount paid to exercise the rights, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (6A). The first element of their * reduced cost base is worked out similarly. (6A) An amount is to be added under this subsection if a * capital gain made from the right has been reduced under section 118 ‑ 20. This is so even though a capital gain that is made on exercise is disregarded under subsection (7). The amount to be added is the amount of the reduction. Note: For example, a capital gain made on the exercise of the right under section 118 ‑ 20 may be reduced because an amount is included in the owner’s assessable income under subsection 26BB(2) of the Income Tax Assessment Act 1936 (about assessing a gain on disposal or redemption of a traditional security) or section 159GS of that Act (about balancing adjustments on transfer of a qualifying security). (7) A * capital gain or * capital loss you make from the exercise of the rights is disregarded. Note 1: The exercise of the rights would be an example of CGT event C2 (about a CGT asset ending). Note 2: There are transitional rules for some rights: see section 130 ‑ 40 of the Income Tax (Transitional Provisions) Act 1997 . Note 3: The effect of this Subdivision is modified in 2 cases by sections 102AAZBA (about non ‑ resident trusts) and 414 (about CFC’s) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 163 of 2001 | No 133 of 2003 | No 133 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-45", "Provision_Key": "s130-45", "Heading": "Timing rules", "Text": "Acquisition of rights (1) If you * acquired the rights from the company or trustee, you are taken to have acquired the rights when you acquired the original shares or interests or the original units or interests. Acquisition of shares, units or options on exercise of rights (2) You are taken to have * acquired the new * shares, units or options when you exercise the rights.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 46 of 1998 | No 163 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-50", "Provision_Key": "s130-50", "Heading": "Application to options", "Text": "This Subdivision applies to options in the same way that it applies to rights.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-60", "Provision_Key": "s130-60", "Heading": "Shares or units acquired by converting a convertible interest", "Text": "(1) This table sets out the modification to the rules about * cost base and * reduced cost base that happens if you * acquire * shares, or units in a unit trust, by converting a * convertible interest. Conversion of a convertible interest Item In this situation: The modification is... 1 You * acquire * shares or units in a unit trust by converting a * convertible interest that is a * traditional security. The first element of the * cost base of the shares or units is the sum of: (a) the cost base of the convertible interest at the time of conversion; and (b) any amount paid to convert the convertible interest, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (1A). The first element of their * reduced cost base is worked out similarly. 2 You * acquire * shares (except shares acquired under an * employee share scheme) by converting a * convertible interest that is not a * traditional security. The first element of the * cost base of the shares is the sum of: (a) the cost base of the convertible interest at the time of conversion; and (b) any amount paid to convert the convertible interest, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (1A). The first element of their * reduced cost base is worked out similarly. 3 You * acquire units in a unit trust by converting a * convertible interest (except one that is a * traditional security) that was issued by the trustee of the unit trust after 28 January 1988. The first element of the * cost base of the units is the sum of: (a) the cost base of the convertible interest at the time of conversion; and (b) any amount paid to convert the convertible interest, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (1A). The first element of their * reduced cost base is worked out similarly. (1A) An amount is to be added under this subsection if a * capital gain from the * convertible interest has been reduced under section 118 ‑ 20. This is so even though a capital gain that is made on conversion is disregarded under subsection (3). The amount to be added is the amount of the reduction. Note: For example, a capital gain made on the conversion under section 118 ‑ 20 may be reduced because an amount is included in the owner’s assessable income under subsection 26BB(2) of the Income Tax Assessment Act 1936 (about assessing a gain on disposal or redemption of a traditional security) or section 159GS of that Act (about balancing adjustments on transfer of a qualifying security). (1B) The payment to convert the convertible interest can include giving property (see section 103 ‑ 5). (2) You are taken to have * acquired the shares or units when the conversion of the convertible interest happened. (3) A * capital gain or * capital loss you make from converting the convertible interest is disregarded. Note 1: The conversion of the convertible interest would be an example of CGT event C2 (about a CGT asset ending). Note 2: There are transitional rules for some convertible notes: see section 130 ‑ 60 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 163 of 2001 | No 133 of 2003", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-75", "Provision_Key": "s130-75", "Heading": "Objects of Subdivision", "Text": "The objects of this Subdivision are: (a) to recognise that: (i) Division 83A contains the primary rules for taxing gains on * ESS interests acquired under * employee share schemes; and (ii) * capital gains and * capital losses on such interests should usually be disregarded during the period in which Division 83A applies to them; and (b) to align the treatment of ESS interests under Division 83A and the CGT provisions by, for example: (i) turning off certain special CGT rules; and (ii) extending some of the deeming provisions of that Division into the CGT provisions; and (c) to disregard * employee share trusts for most CGT purposes, by treating ESS interests owned by such trusts as being directly owned by the beneficiaries of the trusts.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-80", "Provision_Key": "s130-80", "Heading": "ESS interests acquired under employee share schemes", "Text": "Capital gains and losses (1) Disregard any * capital gain or * capital loss to the extent that it results from a * CGT event if: (a) the CGT event happens in relation to an * ESS interest you * acquire under an * employee share scheme; and (b) the CGT event is not CGT event E4, G1 or K8; and (c) if Subdivision 83A ‑ B applies to the interest—the time of the acquisition is the time when the CGT event happens; and (d) if Subdivision 83A ‑ C applies to the interest: (i) the time of the acquisition is the time when the CGT event happens; or (ii) the CGT event happens on or before the * ESS deferred taxing point for the ESS interest. (2) Subsection (1) does not apply if: (a) Subdivision 83A ‑ C applies to the * ESS interest; and (b) the * CGT event happens because you forfeit or lose the ESS interest (other than by disposing of it) on or before the * ESS deferred taxing point for the interest. General acquisition rule (3) Subsection 109 ‑ 5(2) (about when you acquire a CGT asset) does not apply to a * CGT asset and a * CGT event if: (a) the CGT asset is: (i) a * share; or (ii) a right to acquire a beneficial interest in a share; and (b) the CGT event is CGT event A1; and (c) you acquire an * ESS interest; and (d) the ESS interest is a beneficial interest in the share or right; and (e) Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies to the ESS interest. Market value substitution rule (4) Sections 112 ‑ 20 and 116 ‑ 30 (about the market value substitution rule) do not apply to the extent that they relate to: (a) you acquiring an * ESS interest to which Subdivision 83A ‑ C (about employee share schemes) applies; or (b) you: (i) forfeiting an ESS interest; or (ii) forfeiting or losing an ESS interest that is a beneficial interest in a right (without you having disposed of the interest or exercised the right); if Subdivision 83A ‑ B or 83A ‑ C applies to the ESS interest (ignoring section 83A ‑ 310); or (c) you acquiring an ESS interest that: (i) is a beneficial interest in a right; and (ii) is an ESS interest to which the provisions referred to in paragraphs 83A ‑ 33(1)(a) to (c) (about start ups) apply.", "Amendment_Count": 11, "First_Amended": "No 46 of 1998", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 46 of 1998 | No 101 of 2003 | No 41 of 2005 | No 64 of 2005 | No 147 of 2005 | No 32 of 2006 | No 58 of 2006 | No 168 of 2006 | No 97 of 2008 | No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-85", "Provision_Key": "s130-85", "Heading": "Interests in employee share trusts", "Text": "Scope (1) This section applies if: (a) you * acquire an * ESS interest under an * employee share scheme; and (b) Subdivision 83A ‑ B or 83A ‑ C applies to the ESS interest; and (c) the ESS interest is, or arises because of, an interest you hold in an * employee share trust. Application of Division 83A, Part 3 ‑ 1 and this Part (2) Division 83A (Employee share schemes), Part 3 ‑ 1 (Capital gains and losses: general topics) and this Part apply as if you were absolutely entitled to the relevant * share or right: (a) from the time of acquisition of the * ESS interest; and (b) until you no longer have an ESS interest in the share or right. Note 1: An interest you hold in an employee share trust may give rise to an ESS interest because of the operation of section 83A ‑ 320. Note 2: As a result of subsection (2) of this section, CGT event E5 might happen at the time of acquisition. This may result in the trustee making a capital gain. However, any capital gain made by the beneficiary would be disregarded under section 130 ‑ 80. (3) However, if this section applies to you because an * associate of yours * acquired the * ESS interest, Division 83A, this Part and Part 3 ‑ 3 apply as if your associate were absolutely entitled to the relevant * share or right (instead of you): (a) either: (i) if Subdivision 83A ‑ B applies to the ESS interest—from the time of acquisition; or (ii) if Subdivision 83A ‑ C applies to the ESS interest—from immediately after the * ESS deferred taxing point for the ESS interest; and (b) until your associate no longer has an ESS interest in the share or right. Note: Once the ESS interest has been taxed to you under Subdivision 83A ‑ B or 83A ‑ C, section 83A ‑ 305 (which treats the interest as having been acquired by you, rather than your associate) is no longer relevant. Subsection (3) of this section ensures that your associate then gets the same tax treatment as you would have, had you originally acquired the interest. This does not, however, imply a disposal from you to your associate. Meaning of employee share trust (4) An employee share trust , for an * employee share scheme, is a trust whose sole activities are: (a) obtaining * shares or rights in a company; and (b) ensuring that * ESS interests in the company that are beneficial interests in those shares or rights are provided under the employee share scheme to employees, or to * associates of employees, of: (i) the company; or (ii) a * subsidiary of the company; and (c) other activities that are merely incidental to the activities mentioned in paragraphs (a) and (b).", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 46 of 1998 | No 101 of 2003 | No 64 of 2005 | No 32 of 2006 | No 168 of 2006 | No 133 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-90", "Provision_Key": "s130-90", "Heading": "Shares held by employee share trusts", "Text": "Shares held for future acquisition under employee share schemes (1A) Disregard any * capital gain or * capital loss made by an * employee share trust to the extent that it results from a * CGT event, if: (a) immediately before the event happens, an * ESS interest is a * CGT asset of the trust; and (b) either of the following subparagraphs applies: (i) the event is CGT event E5, and the event happens because a beneficiary of the trust becomes absolutely entitled to the ESS interest as against the trustee; (ii) the event is CGT event E7, and the event happens because the trustee * disposes of the ESS interest to a beneficiary of the trust; and (c) Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies to the ESS interest. Shares held to satisfy the future exercise of rights acquired under employee share schemes (1) Disregard any * capital gain or * capital loss made by an * employee share trust, or a beneficiary of the trust, to the extent that it results from a * CGT event, if: (a) the CGT event is CGT event E5 or E7; and (b) the CGT event happens in relation to a * share; and (c) the beneficiary had acquired a beneficial interest in the share by exercising a right; and (d) the beneficiary’s beneficial interest in the right was an * ESS interest to which Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applied. (2) Subsection (1A) or (1) does not apply if the beneficiary acquired the beneficial interest in the * share for more than its * cost base in the hands of the * employee share trust at the time the * CGT event happens.", "Amendment_Count": 11, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 46 of 1998 | No 179 of 1999 | No 168 of 2001 | No 101 of 2003 | No 41 of 2005 | No 64 of 2005 | No 56 of 2007 | No 59 of 2008 | No 88 of 2009 | No 133 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 59 of 2008, effective 30 June 2008 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-95", "Provision_Key": "s130-95", "Heading": "Shares and rights in relation to ESS interests", "Text": "For the purposes of Part 3 ‑ 1 (Capital gains and losses: general topics) and this Part, treat a * CGT event that happens in relation to a * share or right in the same way as a CGT event that happens in relation to an * ESS interest, if: (a) Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies to the ESS interest; and (b) the ESS interest forms part of the share or right.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 41 of 2005 | No 133 of 2009", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-97", "Provision_Key": "s130-97", "Heading": "Application of certain provisions of Division 83A", "Text": "The following provisions have effect for the purposes of this Subdivision in the same way as they have for the purposes of Division 83A: (a) section 83A ‑ 130 (about takeovers and restructures); (b) section 83A ‑ 305 (about associates); (c) section 83A ‑ 320 (about trusts); (d) section 83A ‑ 325 (about relationships similar to employment); (e) section 83A ‑ 335 (about stapled securities); (f) section 83A ‑ 340 (about indeterminate rights).", "Amendment_Count": 4, "First_Amended": "No 56 of 2007", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 56 of 2007 | No 133 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 56 of 2007, effective 12 Apr 2007 | Repealed by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Inserted by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-97"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-100", "Provision_Key": "s130-100", "Heading": "Exchangeable interest", "Text": "An exchangeable interest is a * traditional security or * qualifying security that: (a) was issued on the basis that it will or may be: (i) disposed of to the issuer of the traditional security or the qualifying security or to a * connected entity of the issuer of the traditional security or the qualifying security; or (ii) redeemed; in exchange for * shares in a company that is neither: (iii) the issuer of the traditional security or the qualifying security; nor (iv) a connected entity of the issuer of the traditional security or the qualifying security; and (b) was issued on or after 1 July 2001.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-105", "Provision_Key": "s130-105", "Heading": "Shares acquired in exchange for the disposal or redemption of an exchangeable interest", "Text": "Cost base and reduced cost base (1) The table has effect: Exchange of an exchangeable interest Item In this situation: The rules about cost base and reduced cost base are modified in this way... 1 You * acquire shares in a company in exchange for the disposal of an * exchangeable interest, and the disposal of the exchangeable interest was to: (a) the issuer of the exchangeable interest; or (b) a * connected entity of the issuer of the exchangeable interest. The first element of the * cost base of the shares is the sum of: (a) the cost base of the exchangeable interest at the time of the disposal; and (b) any amount paid for the exchange, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (2). The first element of their * reduced cost base is worked out similarly. 2 You * acquire shares in a company in exchange for the redemption of an * exchangeable interest. The first element of the * cost base of the shares is the sum of: (a) the cost base of the exchangeable interest at the time of the redemption; and (b) any amount paid for the exchange, except to the extent that the amount is represented in the paragraph (a) amount; and (c) all the amounts to be added under subsection (2). The first element of their * reduced cost base is worked out similarly. (2) An amount is to be added under this subsection if a * capital gain on the disposal or redemption of the exchangeable interest has been reduced under section 118 ‑ 20. This is so even though a capital gain that is made on the disposal or redemption of the exchangeable interest is disregarded under subsection (4). The amount to be added is the amount of the reduction. (3) The payment for the exchange can include giving property (see section 103 ‑ 5). Other CGT consequences (4) The table has effect: Exchange of an exchangeable interest Item In this situation: This is the result: 1 You * acquire shares in a company in exchange for the disposal of an * exchangeable interest, and the disposal of the exchangeable interest was to: (a) the issuer of the exchangeable interest; or (b) a * connected entity of the issuer of the exchangeable interest. (a) you are taken to have acquired the shares when the disposal of the exchangeable interest happened; and (b) a * capital gain or * capital loss you make from the disposal of the exchangeable interest is disregarded. 2 You * acquire shares in a company in exchange for the redemption of an * exchangeable interest. (a) you are taken to have acquired the shares when the redemption of the exchangeable interest happened; and (b) a * capital gain or * capital loss you make from the redemption of the exchangeable interest is disregarded. Application (5) This section applies to the disposal or redemption of an * exchangeable interest on or after 1 July 2001.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 130-110", "Provision_Key": "s130-110", "Heading": "Reducing the reduced cost base before disposal", "Text": "(1) This section applies if: (a) an entity (the minerals explorer ) issues a * share in the minerals explorer to another entity (the investor ) during the 2017 ‑ 18, 2018 ‑ 19, 2019 ‑ 20, 2020 ‑ 21, 2021 ‑ 22, 2022 ‑ 23, 2023 ‑ 24 or 2024 ‑ 25 income year; and (b) the Commissioner makes a determination under section 418 ‑ 101 allocating exploration credits to the minerals explorer for the income year in which the share is issued; and (c) the share is issued to the investor on or after the day on which the Commissioner’s determination is made; and (d) the share is an * equity interest. (2) The * reduced cost base of the * share is to be reduced immediately before the disposal of the share by the amount worked out as follows: where: investment period means the period, within the income year in which the * share is issued to the investor, that: (a) begins on the day on which the Commissioner makes the determination mentioned in paragraph (1)(b); and (b) ends at the end of the income year.", "Amendment_Count": 2, "First_Amended": "No 15 of 2018", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s130-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 132-1", "Provision_Key": "s132-1", "Heading": "Lessee incurs expenditure to get lease term varied or waived", "Text": "If the lessee of property incurs expenditure in obtaining the consent of the lessor to vary or waive a term of the lease, the fourth element of the lease’s * cost base and * reduced cost base includes the amount of that expenditure. The expenditure can include giving property: see section 103 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s132-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 132-5", "Provision_Key": "s132-5", "Heading": "Lessor pays lessee for improvements", "Text": "The fourth element of the * cost base and * reduced cost base of property that was subject to a lease includes any payment (because of the lease expiring or being surrendered or forfeited) by the lessor to the lessee for expenditure of a capital nature incurred by the lessee in making improvements to the lease property. The payment or expenditure can include giving property: see section 103 ‑ 5.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s132-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 132-10", "Provision_Key": "s132-10", "Heading": "Grant of a long ‑ term lease", "Text": "(1) These rules apply if * CGT event F2 happens for a lessor of property. (2) For any later * CGT event that happens to the land or the lessor’s lease of it, its * cost base and * reduced cost base (including the cost base and reduced cost base of any building, part of a building, structure or improvement that is treated as a separate * CGT asset) excludes: (a) any expenditure incurred before * CGT event F2 happens; and (b) the * cost of any * depreciating asset for which the lessor has deducted or can deduct an amount for the asset’s decline in value under this Act. Note: Subdivision 108 ‑ D sets out when a building, structure or improvement is treated as a separate CGT asset. (3) The fourth element of the property’s * cost base and * reduced cost base includes any payment by the lessor to the lessee to vary or waive a term of the lease or for the forfeiture or surrender of the lease, reduced by the amount of any * input tax credit to which the lessor is entitled for the variation or waiver. (4) The expenditure or payment can include giving property: see section 103 ‑ 5.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 46 of 1998 | No 176 of 1999 | No 77 of 2001", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s132-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 132-15", "Provision_Key": "s132-15", "Heading": "Lessee of land acquires reversionary interest of lessor", "Text": "(1) This table sets out what happens if: (a) the lessee of land * acquires the reversionary interest of the lessor in the land; and (b) Subdivision 124 ‑ J (roll ‑ over provisions for Crown leases) does not apply to the acquisition. Lessee acquires reversionary interest of lessor Item In this situation: The lessee is taken to have * acquired the land at this time: The lessee is taken to have acquired the land for: 1 The lease was originally granted for 99 years or more When the lease was granted or assigned to the lessee Any premium the lessee paid for the grant or assignment of the lease, plus the amount the lessee paid to * acquire the reversionary interest 2 The lease was originally granted for less than 99 years When the lessee * acquired the reversionary interest (a) if the lessee * acquired the lease after 19 September 1985—any premium the lessee paid for the grant or assignment of the lease, plus the amount the lessee paid to acquire the reversionary interest; or (b) if the lessee acquired the lease before 20 September 1985—the * market value of the land when the lessee acquired it (2) All the payments can include giving property: see section 103 ‑ 5. Note: CGT events F1 to F5 deal specifically with leases. See also (in particular) CGT event C2 (about cancellation, surrender and similar endings).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s132-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 134-1", "Provision_Key": "s134-1", "Heading": "Exercise of options", "Text": "(1) This table sets out the effects of the exercise of an option (including an option that has been renewed or extended) on the * cost bases and * reduced cost bases of the grantor and the entity that exercises the option (the grantee ). Exercise of options Item In this situation: Effect on cost base and reduced cost base: 1 Option binds grantor to: (a) * dispose of a * CGT asset; or (b) create (including grant or issue) a CGT asset (call option) For the grantee The first element of the grantee’s * cost base and * reduced cost base for the CGT asset is what the grantee paid for the option (or to renew or extend it) plus any amount the grantee paid to exercise it For the grantor See section 116 ‑ 65 2 Option binds grantor to * acquire a * CGT asset (put option) For the grantor The first element of the grantor’s * cost base and * reduced cost base for the asset acquired is any amount paid to exercise the option reduced by any payment received by the grantor for the option (or to renew or extend it) For the grantee The second element of the grantee’s cost base and reduced cost base for the asset acquired by the grantor includes any payment the grantee made to acquire the option (or to renew or extend it) Note 1: If you granted, renewed or extended an option, CGT event C3 or D2 may happen. Note 2: Item 1 in the table is modified for certain options granted before 20 September 1985: see section 134 ‑ 1 of the Income Tax (Transitional Provisions) Act 1997 . Note 3: Item 1 in the table is modified for ESS interests acquired under employee share schemes: see Division 83A and section 112 ‑ 97. Note 4: This Division has no operation in relation to an option acquired under an employee share scheme if the option is exercised before the ESS deferred taxing point for the option: see Subdivision 130 ‑ D. Division 83A applies instead. (2) All the payments can include giving property: see section 103 ‑ 5. Example 1: Steven obtains an option to buy a yacht (for $75,000) from Tom. Steven pays $5,000 for the option. Steven exercises the option. The first element of his cost base and reduced cost base for the yacht includes the expenditure he incurred for the option. So, the first element of his cost base and reduced cost base for the yacht is: Example 2: An entity owns 1,000 shares in a company. Bill grants the entity an option which, if exercised, would require him to buy the shares for $2 each. The entity pays Bill 10 cents per share for the option. The entity exercises the option. Bill paid $2,000 for the shares. He received $100 from the entity for granting the option. The first element of Bill’s cost base and reduced cost base for the shares is: In working out whether the entity made a capital gain or loss on the sale of the shares, the second element of its cost base (and reduced cost base) includes the $100 the entity paid for the option. (4) A * capital gain or * capital loss the grantee makes from exercising the option is disregarded. However, this rule does not apply if the grantee * acquired the option under a trust restructure (see Subdivision 124 ‑ N) and, on exercising the option, held the resulting asset as an item of * trading stock. Note 1: The exercise of the option would be an example of CGT event C2 (about a CGT asset ending). Note 2: There is an exemption for the grantor if the option is exercised: see subsection 104 ‑ 40(5). (5) This Division does not apply to rights or options to which Subdivision 130 ‑ B applies. Note: Subdivision 130 ‑ B deals (amongst other things) with rights and options issued by a company or trust where you did not pay or give anything to acquire them. (6) This Division does not apply to: (a) an option to the extent that the option binds the grantor to * dispose of * foreign currency; or (b) an option to the extent that the option binds the grantor to * acquire * foreign currency.", "Amendment_Count": 7, "First_Amended": "No 46 of 1998", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 173 of 2000 | No 53 of 2002 | No 133 of 2003 | No 58 of 2006 | No 133 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s134-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 137-1", "Provision_Key": "s137-1", "Heading": "What this Subdivision is about", "Text": "A CGT event does not happen when certain granny flat arrangements are entered into, varied or terminated. Table of sections Operative provisions 137 ‑ 10 Meaning of key terms 137 ‑ 15 CGT event does not happen when a certain kind of granny flat arrangement is entered into 137 ‑ 20 CGT event does not happen when a certain kind of granny flat arrangement is varied 137 ‑ 25 CGT event does not happen when a certain kind of granny flat arrangement is terminated", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s137-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 137-10", "Provision_Key": "s137-10", "Heading": "Meaning of key terms", "Text": "(1) An individual holds a granny flat interest in a * dwelling under an * arrangement if the individual has a right to occupy the dwelling for life that has been conferred by the arrangement. (2) An individual is eligible for a granny flat interest at a particular time if: (a) the individual reached * pension age at or before that time; or (b) the individual: (i) needs, because of a disability, assistance to carry out most day ‑ to ‑ day activities; and (ii) is likely to continue to need that assistance, because of that disability, for at least 12 months after that time. (3) This Subdivision applies: (a) to a * dwelling’s * adjacent land in a corresponding way to the way Subdivision 118 ‑ B applies to the adjacent land; or (b) to an * adjacent structure of a flat or home unit in a corresponding way to the way Subdivision 118 ‑ B applies to the adjacent structure. Note: Subsections 118 ‑ 120(1) and (5) provide that Subdivision 118 ‑ B (about main residences) applies to adjacent land and adjacent structures as if they were a dwelling.", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s137-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 137-15", "Provision_Key": "s137-15", "Heading": "CGT event does not happen when a certain kind of granny flat arrangement is entered into", "Text": "A * CGT event does not happen, to the extent it relates to creating a * granny flat interest in a * dwelling under an * arrangement by entering into the arrangement at a particular time (the start time ), if: (a) the individual who holds, or who is to hold, the granny flat interest under the arrangement is * eligible for a granny flat interest at the start time; and (b) another individual: (i) holds an * ownership interest in the dwelling at the start time; or (ii) agrees, under the arrangement, to * acquire an ownership interest in a dwelling that is to be the dwelling in which the first ‑ mentioned individual is to hold the granny flat interest; and (c) at the start time, both individuals are parties to the arrangement; and (d) the arrangement: (i) is in writing; and (ii) indicates an intention for the parties to the arrangement to be legally bound by it; and (e) the arrangement is not of a commercial nature.", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s137-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 137-20", "Provision_Key": "s137-20", "Heading": "CGT event does not happen when a certain kind of granny flat arrangement is varied", "Text": "A * CGT event does not happen, to the extent it relates to creating or varying a * granny flat interest in a * dwelling under an * arrangement by varying the arrangement at a particular time (the variation time ), if: (a) the individual who holds, or who is to hold, the granny flat interest under the arrangement (as varied) is * eligible for a granny flat interest at the variation time; and (b) another individual: (i) holds an * ownership interest in the dwelling at the variation time; or (ii) agrees, under the arrangement (as varied), to * acquire an ownership interest in a dwelling that is to be the dwelling in which the first ‑ mentioned individual is to hold the granny flat interest; and (c) at the variation time, both individuals are parties to the arrangement (as varied); and (d) the arrangement (as varied): (i) is in writing; and (ii) indicates an intention for the parties to the arrangement to be legally bound by it; and (e) the arrangement (as varied) is not of a commercial nature.", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s137-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 137-25", "Provision_Key": "s137-25", "Heading": "CGT event does not happen when a certain kind of granny flat arrangement is terminated", "Text": "A * CGT event does not happen, to the extent that it relates to terminating a * granny flat interest in a * dwelling under an * arrangement by terminating the arrangement, if: (a) section 137 ‑ 15 applied so that a CGT event did not happen when the arrangement was entered into; or (b) section 137 ‑ 20 applied so that a CGT event did not happen when the arrangement was varied.", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s137-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-10", "Provision_Key": "s149-10", "Heading": "What is a pre ‑ CGT asset?", "Text": "A * CGT asset that an entity owns is a pre ‑ CGT asset if, and only if: (a) the entity last acquired the asset before 20 September 1985; and (b) the entity was not, immediately before the start of the 1998 ‑ 99 income year, taken under: (i) former subsection 160ZZS(1) of the Income Tax Assessment Act 1936 ; or (ii) Subdivision C of Division 20 of former Part IIIA of that Act; to have acquired the asset on or after 20 September 1985; and (c) the asset has not stopped being a pre ‑ CGT asset of the entity because of this Division. Note 1: There are transitional rules for assets that stopped being pre ‑ CGT assets under the Income Tax Assessment Act 1936 : see section 149 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: A CGT asset will cease to be a pre ‑ CGT asset on 1 July 2027 (see section 112 ‑ 175).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 101 of 2006 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-15", "Provision_Key": "s149-15", "Heading": "Majority underlying interests in a CGT asset", "Text": "(1) Majority underlying interests in a * CGT asset consist of: (a) more than 50% of the beneficial interests that * ultimate owners have (whether directly or * indirectly) in the asset; and (b) more than 50% of the beneficial interests that ultimate owners have (whether directly or indirectly) in any * ordinary income that may be * derived from the asset. (2) An underlying interest in a * CGT asset is a beneficial interest that an * ultimate owner has (whether directly or * indirectly) in the asset or in any * ordinary income that may be * derived from the asset. (3) An ultimate owner is: (a) an individual; or (b) a company whose * constitution prevents it from making any distribution, whether in money, property or otherwise, to its members; or (c) the Commonwealth, a State or a Territory; or (d) a municipal corporation; or (e) a * local governing body; or (f) the government of a foreign country, or of part of a foreign country. (4) An * ultimate owner indirectly has a beneficial interest in a * CGT asset of another entity (that is not an ultimate owner) if he, she or it would receive for his, her or its own benefit any of the capital of the other entity if: (a) the other entity were to distribute any of its capital; and (b) the capital were then successively distributed by each entity interposed between the other entity and the ultimate owner. (5) An * ultimate owner indirectly has a beneficial interest in * ordinary income that may be * derived from a * CGT asset of another entity (that is not an ultimate owner) if he, she or it would receive for his, her or its own benefit any of a * dividend or income if: (a) the other entity were to pay that dividend, or otherwise distribute that income; and (b) the dividend or income were then successively paid or distributed by each entity interposed between the other entity and the ultimate owner.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 46 of 1998 | No 97 of 2008 | No 14 of 2009 | No 15 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-25", "Provision_Key": "s149-25", "Heading": "Which entities are affected", "Text": "This Subdivision provides for when a * CGT asset of an entity stops being a * pre ‑ CGT asset (unless the entity is covered by section 149 ‑ 50). Note: Subdivision 149 ‑ C deals with when an asset of such an entity stops being a pre ‑ CGT asset.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-30", "Provision_Key": "s149-30", "Heading": "Effects if asset no longer has same majority underlying ownership", "Text": "(1) The asset stops being a * pre ‑ CGT asset at the earliest time when * majority underlying interests in the asset were not had by * ultimate owners who had * majority underlying interests in the asset immediately before 20 September 1985. (1A) Also, Part 3 ‑ 1 and this Part (except this Division) apply to the asset as if the entity had acquired it at that earliest time. (2) If the Commissioner is satisfied, or thinks it reasonable to assume, that at all times on and after 20 September 1985 and before a particular time * majority underlying interests in the asset were had by * ultimate owners who had * majority underlying interests in the asset immediately before that day, subsections (1) and (1A) apply as if that were in fact the case. New owner standing in shoes of former owner (3) Subsection (4) affects how the * majority underlying interests in the asset are worked out if an * ultimate owner (the new owner ) has acquired a percentage (the acquired percentage ) of the * underlying interests in the asset because of an event described in column 2 of an item in the table. The former owner is the entity described in column 3 of that item. Events leading to new owner standing in for former owner Item For this kind of event: The former owner is: 1 * CGT event A1 or B1 if there is a roll ‑ over under Subdivision 126 ‑ A (about marriage or relationship breakdowns) for the event the entity that, immediately before the event happened, owned the * CGT asset to which the event relates 2 the death of a person that person (4) This section applies as if the new owner had (in addition to any other * underlying interests), at any time when the former owner had a percentage (the former owner’s percentage ) of the underlying interests in the asset, a percentage of the underlying interests in the asset equal to the acquired percentage, or the former owner’s percentage at that time, whichever is the less.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 46 of 1998 | No 144 of 2008 | No 88 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-35", "Provision_Key": "s149-35", "Heading": "Cost base elements of asset that stops being a pre ‑ CGT asset", "Text": "(1) This section affects the * cost base and * reduced cost base of the asset if it stops being a * pre ‑ CGT asset. (2) The first element of each is the asset’s * market value at the time referred to in subsection 149 ‑ 30(1).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-50", "Provision_Key": "s149-50", "Heading": "Which entities are affected", "Text": "(1) This Subdivision provides for when a * CGT asset of an entity of any of these kinds stops being a * pre ‑ CGT asset: (a) a company * shares in which (except shares that carry the right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange; (b) a * publicly traded unit trust; (c) a * mutual insurance company; (d) a * mutual affiliate company; (e) a company (other than one covered by paragraph (a)) all the * shares in which are beneficially owned, whether directly, or indirectly through one or more interposed entities, by one or more of the following: (i) a company covered by paragraph (a); (ii) a * mutual insurance company; (iii) a * mutual affiliate company; (iv) a * publicly traded unit trust; (2) A publicly traded unit trust is a unit trust the units in which: (a) are listed for quotation in the official list of an * approved stock exchange; or (b) are ordinarily available for subscription or purchase by the public. (3) This Division applies as if what is done or not done by the trustee of a * publicly traded unit trust had been done or not done by the trust.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-55", "Provision_Key": "s149-55", "Heading": "Entity to give the Commissioner evidence periodically as to whether asset still has same majority underlying ownership", "Text": "(1) Within 6 months after each * test day, the entity must give the Commissioner written evidence about the * majority underlying interests in the asset at the end of that day. (The Commissioner can extend the period for doing so.) (1A) The evidence must be given in a form that makes the information about those interests readily apparent. (1B) The only consequences of failing to give the evidence are those set out in section 149 ‑ 70. It is not an offence to fail to give the evidence. Test days (2) Each of these days is a test day : (aa) 30 June 1999; (a) a day that is 5 years (or a multiple of 5 years) after 30 June 1999 (but see subsection (3)); (b) if the entity is covered by paragraph 149 ‑ 50(1)(a) or (e)—a day on which there is * abnormal trading in * shares in the company; (c) if the entity is a * publicly traded unit trust—a day on which there is * abnormal trading in units in the trust; (d) if the entity is a company all the * shares in which are beneficially owned, whether directly, or indirectly through one or more interposed entities, by one or more of the following: (i) a company * shares in which (except shares that carry the right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange; (ii) a * publicly traded unit trust; a day on which there is * abnormal trading in * shares in the other company or in units in that unit trust. Note: Subsections (6) and (7) change the normal rules about abnormal trading. (3) If a day (the fifth anniversary ) that would otherwise be a * test day because of paragraph (2)(a) is: (a) a Saturday; or (b) a Sunday; or (c) a day that is a public holiday or a bank holiday in the place where the records of ownership of shares or other interests in the entity are kept; the next day that is not covered by a paragraph of this subsection is a test day instead of the fifth anniversary. Determining the end of a day (4) For the purposes of this section, the end of a day is determined according to legal time in the place where the records of ownership of shares or other interests in the entity are kept. Special rules about abnormal trading (5) Subsections (6) and (7) change how Subdivision 960 ‑ H applies for the purposes of determining under this section whether there is * abnormal trading in * shares in a company or in units in a unit trust. (6) An issue, redemption or transfer, or any other dealing, is a trading if, and only if, it changes the respective proportions in which * ultimate owners have * underlying interests in * CGT assets of the company or trust. (7) Section 960 ‑ 235 (about suspected transactions involving 5% or more of * shares in the company or units in the trust) is disregarded.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-60", "Provision_Key": "s149-60", "Heading": "What the evidence must show", "Text": "(1A) To avoid the consequences in section 149 ‑ 70, the following condition must be complied with. (1) On the basis solely of the evidence given to the Commissioner under subsection 149 ‑ 55(1), the Commissioner must be satisfied that, or think it reasonable to assume that, at the end of the * test day, * majority underlying interests in the asset were had by * ultimate owners who also had * majority underlying interests in the asset at the end of the starting day. The starting day is: (a) a day the entity chooses under subsection (2); or (b) if no day is so chosen—19 September 1985. (2) The day chosen: (a) must be no earlier than 1 July 1985 and no later than 30 June 1986; and (b) must be one the choice of which will allow evidence to be given that enables a reasonable approximation of the * ultimate owners who had * underlying interests in the assets of the entity at the end of 19 September 1985. How unidentified owners are treated (3) So far as the evidence does not show who had * underlying interests in the asset at the end of the * starting day, the evidence must be treated on the assumption that those interests were then had by * ultimate owners who did not have * underlying interests in the asset at the end of the * test day. New owner standing in the shoes of former owner (4) Subsection (5) affects how the evidence must be treated if an * ultimate owner (the new owner ) has acquired a percentage (the acquired percentage ) of the * underlying interests in the asset because of an event described in column 2 of an item in the table. The former owner is the entity described in column 3 of that item. Events leading to new owner standing in for former owner Item For this kind of event: The former owner is: 1 * CGT event A1 or B1 if there is a roll ‑ over under Subdivision 126 ‑ A (about marriage or relationship breakdowns) for the event the entity that, immediately before the event happened, owned the * CGT asset to which the event relates 2 the death of a person that person (5) The evidence must be treated on the assumption that the new owner had (in addition to any other * underlying interests), at any time when the former owner had a percentage (the former owner’s percentage ) of the * underlying interests in the asset, a percentage of the underlying interests in the asset equal to the acquired percentage, or the former owner’s percentage at that time, whichever is the less. Determining the end of a day (6) For the purposes of this section, the end of a day is determined according to legal time in the place where the records of ownership of shares or other interests in the entity are kept.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 144 of 2008", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-70", "Provision_Key": "s149-70", "Heading": "Effects if asset no longer has same majority underlying ownership", "Text": "(1) The asset stops being a * pre ‑ CGT asset if the condition in subsection 149 ‑ 60(1) is not satisfied. (2) Also, Part 3 ‑ 1 and this Part (except this Division) apply to the asset as if the entity had acquired it at the end of the * test day (as determined under subsection 149 ‑ 55(4)).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-75", "Provision_Key": "s149-75", "Heading": "Cost base elements of asset that stops being a pre ‑ CGT asset", "Text": "(1) This section affects the * cost base and * reduced cost base of the asset if it stops being a * pre ‑ CGT asset. (2) The first element of each is the asset’s * market value at the time referred to in subsection 149 ‑ 70(2).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 176 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-80", "Provision_Key": "s149-80", "Heading": "No more evidence needed after asset stops being a pre ‑ CGT asset", "Text": "After the asset stops being a * pre ‑ CGT asset, the entity need not give the Commissioner any more evidence about it under section 149 ‑ 55.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-162", "Provision_Key": "s149-162", "Heading": "Subdivision applies only if entity gives sufficient evidence", "Text": "(1) This Subdivision applies only if, on the basis solely of evidence the entity gives the Commissioner, the Commissioner is satisfied, or thinks it reasonable to assume, that this Subdivision applies to the entity. (2) The evidence must be given in a form that makes it readily apparent whether this Subdivision applies.", "Amendment_Count": 1, "First_Amended": "No 94 of 1999", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 94 of 1999", "History_Notes": "Inserted by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-162"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-165", "Provision_Key": "s149-165", "Heading": "Members treated as having underlying interests in assets until demutualisation", "Text": "(1) This section modifies the treatment of evidence that an entity gives the Commissioner under section 149 ‑ 55 as to the * ultimate owners who had * underlying interests in the asset at a particular time if the entity: (a) was: (i) a * mutual insurance company; or (ii) a * mutual affiliate company; at the end of the * starting day (as determined under subsection 149 ‑ 60(6)); and (b) has since stopped being a company of either of those kinds, but either: (i) has continued in existence as a company covered by paragraph 149 ‑ 50(1)(a) or (e) or a * publicly traded unit trust; or (ii) has undergone a demutualisation in relation to which Division 316 (Demutualisation of friendly society health or life insurers) applied and has continued in existence as a company; and (c) when it stopped being an entity of either of those kinds (the stopping time ), had more than 50 members. (2) The entity may require the Commissioner to treat the evidence on the assumption that an * ultimate owner who: (a) immediately before the stopping time was a member of the entity; and (b) immediately after the stopping time had an * underlying interest in the asset; had the interest at all times from and including the end of the * starting day until immediately after the stopping time.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 88 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 149-170", "Provision_Key": "s149-170", "Heading": "Effect of demutualisation of interposed company", "Text": "(1) This section modifies the treatment of evidence that an entity (the head entity ) gives the Commissioner under section 149 ‑ 55 as to the * ultimate owners who had * underlying interests in the asset at a particular time if another entity (the interposed company ): (a) was: (i) a * mutual insurance company; or (ii) a * mutual affiliate company; at the end of the * starting day (as determined under subsection 149 ‑ 60(6)) for the head entity; and (b) has since stopped being a company of either of those kinds, but either: (i) has continued in existence as a company covered by paragraph 149 ‑ 50(1)(a) or (e) or a * publicly traded unit trust; or (ii) has undergone a demutualisation in relation to which Division 316 (Demutualisation of friendly society health or life insurers) applied and has continued in existence as a company; and (c) when it stopped being an entity of either of those kinds (the stopping time ), had more than 50 members. (2) The head entity may require the Commissioner to treat the evidence on the assumption that an * ultimate owner who: (a) immediately before the stopping time was a member of the interposed company; and (b) immediately after the stopping time had, through the interposed company, an * underlying interest in the asset; had the interest at all times from and including the end of the * starting day until immediately after the stopping time.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 88 of 2009", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s149-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-1", "Provision_Key": "s152-1", "Heading": "What this Division is about", "Text": "To help small business, if the basic conditions for relief are satisfied, capital gains can be reduced by the various concessions in this Division. Those basic conditions are in Subdivision 152 ‑ A. Some of the concessions have additional, specific conditions that must also be satisfied. The 4 available small business concessions are: (a) the 15 ‑ year exemption (in Subdivision 152 ‑ B); (b) the 50% reduction (in Subdivision 152 ‑ C); (c) the retirement concession (in Subdivision 152 ‑ D); (d) the roll ‑ over (in Subdivision 152 ‑ E). A capital gain that qualifies for the 15 ‑ year exemption is disregarded entirely and is not taken into account under the method statement in subsection 102 ‑ 5(1). By contrast, the other concessions are only activated by step 6 of that method statement. This means that you must apply all available capital losses against your capital gains and quarantined amounts to first reduce your capital gains (under steps 1 to 4) before you can use those 3 concessions to further reduce them. Table of Subdivisions 152 ‑ A Basic conditions for relief under this Division 152 ‑ B Small business 15 ‑ year exemption 152 ‑ C Small business 50% reduction 152 ‑ D Small business retirement exemption 152 ‑ E Small business roll ‑ over", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 49 of 2026", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-5", "Provision_Key": "s152-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out some basic conditions for relief. If the basic conditions are satisfied, an entity may be able to reduce its capital gains using the small business concessions in this Division. The 2 major basic conditions are: (a) the entity must be a CGT small business entity or a partner in a partnership that is a CGT small business entity, or the net value of assets that the entity and related entities own must not exceed $6,000,000; and (b) the CGT asset must be an active asset. Additional basic conditions must be satisfied in the following circumstances: (a) the CGT asset is a share in a company or an interest in a trust; (b) the CGT event involves certain rights or interests in relation to the income or capital of a partnership. Some of the concessions have additional, specific conditions that also must be satisfied. For example, the 15 ‑ year exemption applies only if you have held the CGT asset for at least 15 years and you retire. There are limitations on the availability of the small business concessions for CGT events J2, J5 and J6. You do not need to satisfy the basic conditions for the retirement exemption in relation to CGT events J5 and J6. Table of sections Basic conditions for relief 152 ‑ 10 Basic conditions for relief 152 ‑ 12 Special conditions for CGT event D1 Maximum net asset value test 152 ‑ 15 Maximum net asset value test 152 ‑ 20 Meaning of net value of the CGT assets Active asset test 152 ‑ 35 Active asset test 152 ‑ 40 Meaning of active asset 152 ‑ 45 Continuing time periods for involuntary disposals Treatment of passively held CGT assets 152 ‑ 47 Spouses or children taken to be affiliates for certain passively held CGT assets 152 ‑ 48 Working out an entity’s aggregated turnover for passively held CGT assets 152 ‑ 49 Businesses that are winding up Significant individual test 152 ‑ 50 Significant individual test 152 ‑ 55 Meaning of significant individual CGT concession stakeholder 152 ‑ 60 Meaning of CGT concession stakeholder Small business participation percentage 152 ‑ 65 Small business participation percentage 152 ‑ 70 Direct small business participation percentage 152 ‑ 75 Indirect small business participation percentage Nomination of controllers of discretionary trust 152 ‑ 78 Trustee of discretionary trust may nominate beneficiaries to be controllers of trust CGT event happens to asset or interest within 2 years of an individual’s death 152 ‑ 80 CGT event happens to an asset or interest within 2 years of individual’s death", "Amendment_Count": 8, "First_Amended": "No 165 of 1999", "Last_Amended": "No 95 of 2019", "Amending_Acts": "No 165 of 1999 | No 41 of 2005 | No 55 of 2007 | No 80 of 2007 | No 42 of 2009 | No 41 of 2017 | No 124 of 2018 | No 95 of 2019", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 95 of 2019, effective Sch 2 and 3: 1 Jan 2020 (s 2(1) item 2) Sch 5 (items 1, 4): 29 Oct 2019 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-10", "Provision_Key": "s152-10", "Heading": "Basic conditions for relief", "Text": "(1) A * capital gain (except a capital gain from * CGT event K7) you make may be reduced or disregarded under this Division if the following basic conditions are satisfied for the gain: (a) a * CGT event happens in relation to a * CGT asset of yours in an income year; Note: This condition does not apply in the case of CGT event D1: see section 152 ‑ 12. (b) the event would (apart from this Division) have resulted in the gain; (c) at least one of the following applies: (i) you are a * CGT small business entity for the income year; (ii) you satisfy the maximum net asset value test (see section 152 ‑ 15); (iii) you are a partner in a partnership that is a CGT small business entity for the income year and the CGT asset is an interest in an asset of the partnership; (iv) the conditions mentioned in subsection (1A) or (1B) are satisfied in relation to the CGT asset in the income year; (d) the CGT asset satisfies the active asset test (see section 152 ‑ 35). Note: This condition does not apply in the case of CGT event D1: see section 152 ‑ 12. CGT small business entity (1AA) You are a CGT small business entity for an income year if: (a) you are a * small business entity for the income year; and (b) you would be a small business entity for the income year if each reference in section 328 ‑ 110 to $10 million were a reference to $2 million. Note 1: For the purposes of subsection (1A) or (1B), in determining whether an entity would be a small business entity, see also sections 152 ‑ 48 and 152 ‑ 78. Note 2: Disregard the $2 million threshold in paragraph (b) for working out the availability of the small business 50% reduction mentioned in Subdivision 152 ‑ C (see subsection 152 ‑ 205(2)). Passively held assets—affiliates and entities connected with you (1A) The conditions in this subsection are satisfied in relation to the * CGT asset in the income year if: (a) your * affiliate, or an entity that is * connected with you, is a * CGT small business entity for the income year; and (b) you do not carry on a * business in the income year (other than in partnership); and (c) if you carry on a business in partnership—the CGT asset is not an interest in an asset of the partnership; and (d) in any case—the CGT small business entity referred to in paragraph (a) is the entity that, at a time in the income year, carries on the business (as referred to in subparagraph 152 ‑ 40(1)(a)(ii) or (iii) or paragraph 152 ‑ 40(1)(b)) in relation to the CGT asset. Note 1: The meaning of connected with is affected by section 152 ‑ 78. Note 3: For businesses that are winding up, see section 152 ‑ 49 and subsection 328 ‑ 110(5). Passively held assets—partnerships (1B) The conditions in this subsection are satisfied in relation to the * CGT asset in the income year if: (a) you are a partner in a partnership in the income year; and (b) the partnership is a * CGT small business entity for the income year; and (c) you do not carry on a * business in the income year (other than in partnership); and (d) the CGT asset is not an interest in an asset of the partnership; and (e) the business you carry on as a partner in the partnership referred to in paragraph (a) is the business that you, at a time in the income year, carry on (as referred to in subparagraph 152 ‑ 40(1)(a)(i) or paragraph 152 ‑ 40(1)(b)) in relation to the CGT asset. Note: For businesses that are winding up, see section 152 ‑ 49 and subsection 328 ‑ 110(5). Additional basic conditions for shares in a company or interests in a trust (2) The following additional basic conditions must be satisfied if the * CGT asset is a * share in a company, or an interest in a trust, (the object entity ): (a) the CGT asset would still satisfy the active asset test (see section 152 ‑ 35) if the assumptions in subsection (2A) were made; (b) if you do not satisfy the maximum net asset value test (see section 152 ‑ 15)—you are carrying on a * business just before the * CGT event; (c) either: (i) the object entity would be a * CGT small business entity for the income year; or (ii) the object entity would satisfy the maximum net asset value test (see section 152 ‑ 15); if the following assumptions were made: (iii) the only CGT assets or * annual turnovers considered were those of the object entity, each affiliate of the object entity, and each entity controlled by the object entity in a way described in section 328 ‑ 125; (iv) each reference in section 328 ‑ 125 to 40% were a reference to 20%; (v) no determination under subsection 328 ‑ 125(6) were in force; (d) just before the CGT event, either: (i) you are a * CGT concession stakeholder in the object entity; or (ii) CGT concession stakeholders in the object entity together have a * small business participation percentage in you of at least 90%. (2A) For the purposes of paragraph (2)(a), in working out whether subsection 152 ‑ 40(3) applies at a given time (the test time ) assume that: (a) an asset of a company or trust is covered by neither: (i) subparagraph 152 ‑ 40(3)(b)(ii) (about financial instruments); nor (ii) subparagraph 152 ‑ 40(3)(b)(iii) (about cash); if the company or trust acquired that asset for a purpose that included assisting an entity to otherwise satisfy paragraph (2)(a) of this section; and (b) paragraph 152 ‑ 40(3)(b) does not cover an asset that: (i) is a share in a company, or an interest in a trust, (the later entity ); and (ii) is held at the test time by the object entity directly or indirectly (through one or more interposed entities); and (c) subparagraph 152 ‑ 40(3)(b)(i) also covers each asset that: (i) is held at the test time by a later entity covered by subsection (2B); and (ii) is, for that later entity, an asset of a kind referred to in subparagraph 152 ‑ 40(3)(b)(i), (ii) or (iii), as modified by paragraphs (a) and (b) of this subsection; and (d) subject to paragraph (b) of this subsection, all of the assets of the object entity at the test time included all of the assets of each later entity at the test time; and (e) for the purposes of paragraph 152 ‑ 40(3)(b), the * market value at the test time of an asset held by a later entity were the product of: (i) the asset’s market value, apart from this paragraph, at the test time; and (ii) the object entity’s * small business participation percentage in the later entity at the test time. (2B) For the purposes of paragraph (2A)(c), this subsection covers a later entity if: (a) at the test time: (i) your * small business participation percentage in the later entity is at least 20%; or (ii) you are a * CGT concession stakeholder of the later entity; and (b) either: (i) the later entity would be a * CGT small business entity for the income year that includes the test time; or (ii) the later entity would satisfy the maximum net asset value test (see section 152 ‑ 15) for a notional CGT event taken to have happened at the test time; if the following assumptions were made: (iii) the only * CGT assets or * annual turnovers considered were those of the later entity and of the entities referred to in subparagraph (2)(c)(iii); (iv) each reference in section 328 ‑ 125 to 40% were a reference to 20%; (v) no determination under subsection 328 ‑ 125(6) were in force. Additional basic condition for CGT events involving certain rights or interests in relation to the income or capital of a partnership (2C) If the * CGT event involves the creation, transfer, variation or cessation of a right or interest that would entitle an entity to: (a) an amount of the income or capital of a partnership; or (b) an amount calculated by reference to a partner’s entitlement to an amount of income or capital of a partnership; it is an additional basic condition that the right or interest is a * membership interest of the entity in the partnership: (c) immediately after the CGT event happens; or (d) if the CGT event involved the cessation of the right or interest—immediately before the CGT event happens. Extra conditions for some concessions (3) In addition to the basic conditions in this section, some of the concessions in this Division have extra conditions that must be satisfied for the concession to be available. These extra conditions are set out in the relevant Subdivisions. Special rules for certain CGT events (4) Subdivisions 152 ‑ B and 152 ‑ C do not apply to * CGT events J2, J5 and J6. In addition, Subdivision 152 ‑ E does not apply to CGT events J5 and J6. Note 1: Those CGT events are about previous applications of the roll ‑ over in Subdivision 152 ‑ E. Note 2: This Subdivision does not apply to CGT events J5 and J6 in relation to the retirement exemption (see subsection 152 ‑ 305(4)).", "Amendment_Count": 11, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 77 of 2001 | No 55 of 2007 | No 80 of 2007 | No 42 of 2009 | No 41 of 2011 | No 41 of 2017 | No 124 of 2018 | No 95 of 2019 | No 49 of 2026", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 124 of 2018, effective Sch 2, Sch 3 (items 1–3A, 6) and Sch 4: 1 Jan 2019 (s 2(1) item 1) | Amended by No 95 of 2019, effective Sch 2 and 3: 1 Jan 2020 (s 2(1) item 2) Sch 5 (items 1, 4): 29 Oct 2019 (s 2(1) item 3) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-12", "Provision_Key": "s152-12", "Heading": "Special conditions for CGT event D1", "Text": "(1) Paragraphs 152 ‑ 10(1)(a) and (d) do not apply in the case of * CGT event D1. (2) Instead, it is a basic condition that the right you create that triggers the * CGT event must be inherently connected with a * CGT asset of yours that satisfies the active asset test (see section 152 ‑ 35).", "Amendment_Count": 1, "First_Amended": "No 173 of 2000", "Last_Amended": "No 173 of 2000", "Amending_Acts": "No 173 of 2000", "History_Notes": "Inserted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-15", "Provision_Key": "s152-15", "Heading": "Maximum net asset value test", "Text": "You satisfy the maximum net asset value test if, just before the * CGT event, the sum of the following amounts does not exceed $6,000,000: (a) the * net value of the CGT assets of yours; (b) the net value of the CGT assets of any entities * connected with you; (c) the net value of the CGT assets of any * affiliates of yours or entities connected with your affiliates (not counting any assets already counted under paragraph (b)). Note 1: Some assets are not included in the definition of net value of the CGT assets : see subsections 152 ‑ 20(2), (3) and (4). Note 2: The meaning of connected with is affected by section 152 ‑ 78.", "Amendment_Count": 5, "First_Amended": "No 165 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 55 of 2007 | No 80 of 2007 | No 41 of 2011", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-20", "Provision_Key": "s152-20", "Heading": "Meaning of net value of the CGT assets", "Text": "Meaning of net value of the CGT assets (1) The net value of the CGT assets of an entity is the amount (whether positive, negative or nil) obtained by subtracting from the sum of the * market values of those assets the sum of: (a) the liabilities of the entity that are related to the assets; and (b) the following provisions made by the entity: (i) provisions for annual leave; (ii) provisions for long service leave; (iii) provisions for unearned income; (iv) provisions for tax liabilities. Assets to be disregarded (2) In working out the net value of the CGT assets of an entity: (a) disregard * shares, units or other interests (except debt) in another entity that is * connected with the first ‑ mentioned entity or with an * affiliate of the first ‑ mentioned entity, but include any liabilities related to any such shares, units or interests; and (b) if the entity is an individual, disregard: (i) assets being used solely for the personal use and enjoyment of the individual, or the individual’s * affiliate (except a * dwelling, or an * ownership interest in a dwelling, that is the individual’s main residence, including any adjacent land to which the main residence exemption can extend because of section 118 ‑ 120); and (ii) except for an amount included under subsection (2A), the * market value of a dwelling, or an ownership interest in a dwelling, that is the individual’s main residence (including any relevant adjacent land); and (iii) a right to, or to any part of, any allowance, annuity or capital amount payable out of a * superannuation fund or an * approved deposit fund; and (iv) a right to, or to any part of, an asset of a superannuation fund or of an approved deposit fund; and (v) a policy of insurance on the life of an individual. Note: The meaning of connected with is affected by section 152 ‑ 78. Individual’s dwelling (2A) In working out the net value of the CGT assets of an individual, if: (a) a * dwelling of the individual, an * ownership interest in such a dwelling or any relevant adjacent land, was used, during all or part of the * ownership period of the dwelling, by the individual to produce assessable income to a particular extent; and (b) the individual satisfied paragraph 118 ‑ 190(1)(c) (about interest deductibility) at least to some extent; include such amount as is reasonable having regard to the extent to which that paragraph was satisfied. Note: The net value of the CGT assets of the individual will be reduced by the same proportion of the individual’s liabilities related to the dwelling, ownership interest or adjacent land. Net value of the CGT assets of others (3) In working out the net value of the CGT assets of: (a) your * affiliate; or (b) an entity that is * connected with your affiliate; include only those assets that are used, or held ready for use, in the carrying on of a * business by you or another entity * connected with you (whether the business is carried on alone or jointly with others). Note: The meaning of connected with is affected by section 152 ‑ 78. (4) However, disregard assets under subsection (3) that are used, or held ready for use, in the carrying on of a * business by an entity that is * connected with you only because of your * affiliate. Example: You and your husband sell a florist’s business that you jointly carry on. Your husband also wholly owns a company that carries on a newsagency business. You yourself have no other involvement with the newsagency business. Under subsection (4), you disregard the newsagency company’s assets in working out whether you satisfy the maximum net asset value test because, although the company is “connected” with you, it is so connected only because of your affiliate (your husband). Note: The meaning of connected with is affected by section 152 ‑ 78. Effect of look ‑ through earnout rights (5) Despite subsections (1) to (4), in working out the net value of the CGT assets of an entity at the time just before the * CGT event (the valuing time ), you can make a choice under subsection (6) if: (a) at the valuing time, one or more of the entity’s * CGT assets were assets for which the entity later provided, or was later provided with, one or more * financial benefits under one or more * look ‑ through earnout rights that were in existence at the valuing time; or (b) at the valuing time, one or more of the entity’s CGT assets were look ‑ through earnout rights relating to CGT assets of: (i) one or more of the other entities referred to in section 152 ‑ 15; or (ii) one or more entities not referred to in that section; or (c) you are the entity, and: (i) the CGT event referred to in section 152 ‑ 15 happened because you * disposed of a CGT asset; and (ii) your * capital proceeds from the disposal were affected by one or more financial benefits provided to, or by, you under one or more look ‑ through earnout rights; and no further financial benefits can be provided under any of those look ‑ through earnout rights. Note: For paragraph (c), capital proceeds can be affected by financial benefits provided under a look ‑ through earnout right (see section 116 ‑ 120). (6) You can choose to treat the * market value of each of the * CGT assets first mentioned in the applicable paragraph of subsection (5) as if it were, at the valuing time, equal to: (a) if paragraph (5)(a) applies—the first element of the CGT asset’s * cost base at the valuing time; or (b) if subparagraph (5)(b)(i) applies—nil; or (c) if subparagraph (5)(b)(ii) applies—the total of the financial benefits provided under the * look ‑ through earnout right after the valuing time; or (d) if paragraph (5)(c) applies—those * capital proceeds. Note: For paragraph (a), the first element of a CGT asset’s cost base can be affected by financial benefits provided under a look ‑ through earnout right (see section 112 ‑ 36). (7) In working out the net value of the CGT assets of an entity at the valuing time, if: (a) you make a choice under subsection (6) about a * CGT asset of the entity that is a CGT asset covered by paragraph (5)(a) or (c); and (b) a * look ‑ through earnout right covered by that paragraph is also a CGT asset of the entity; treat the * market value of that right as if it were nil at the valuing time.", "Amendment_Count": 9, "First_Amended": "No 165 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 165 of 1999 | No 89 of 2000 | No 173 of 2000 | No 58 of 2006 | No 55 of 2007 | No 80 of 2007 | No 42 of 2009 | No 41 of 2011 | No 10 of 2016", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-35", "Provision_Key": "s152-35", "Heading": "Active asset test", "Text": "(1) A * CGT asset satisfies the active asset test if: (a) you have owned the asset for 15 years or less and the asset was an * active asset of yours for a total of at least half of the period specified in subsection (2); or (b) you have owned the asset for more than 15 years and the asset was an active asset of yours for a total of at least 7 1 / 2 years during the period specified in subsection (2). (2) The period: (a) begins when you * acquired the asset; and (b) ends at the earlier of: (i) the * CGT event; and (ii) if the relevant business ceased to be carried on in the 12 months before that time or any longer period that the Commissioner allows—the cessation of the business.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-40", "Provision_Key": "s152-40", "Heading": "Meaning of active asset", "Text": "(1) A * CGT asset is an active asset at a time if, at that time: (a) you own the asset (whether the asset is tangible or intangible) and it is used, or held ready for use, in the course of carrying on a * business that is carried on (whether alone or in partnership) by: (i) you; or (ii) your * affiliate; or (iii) another entity that is * connected with you; or (b) if the asset is an intangible asset—you own it and it is inherently connected with a business that is carried on (whether alone or in partnership) by you, your affiliate, or another entity that is connected with you. Note 1: An intangible asset need satisfy only paragraph (a) or paragraph (b). Note 2: The meaning of connected with in subparagraph (1)(a)(iii) and paragraph (b) is affected by section 152 ‑ 78. Note 3: An example of an asset that is inherently connected with a business is goodwill or the benefit of a restrictive covenant. Note 4: For businesses that are winding up, see section 152 ‑ 49 and subsection 328 ‑ 110(5). (2) Subsection 392 ‑ 20(1) is disregarded in determining, for the purposes of subsection (1) of this section, whether an entity is carrying on a * business. Note: An entity would be taken to be carrying on a primary production business under subsection 392 ‑ 20(1) if the business is carried on by a trust and the entity is presently entitled to trust income. (3) A * CGT asset is also an active asset at a given time if, at that time, you own it and: (a) it is either a * share in a company that is an Australian resident at that time or an interest in a trust that is a * resident trust for CGT purposes for the income year in which that time occurs; and (b) the total of: (i) the * market values of the active assets of the company or trust; and (ii) the market value of any financial instruments of the company or trust that are inherently connected with a business that the company or trust carries on; and (iii) any cash of the company or trust that is inherently connected with such a business; is 80% or more of the market value of all of the assets of the company or trust. (3A) A * share in a company, or an interest in a trust, mentioned in paragraph (3)(a) is an active asset at a time (the later time ) if: (a) the share or interest was an active asset at an earlier time; and (b) it is reasonable to conclude that the share or interest is still an active asset at the later time. Note: This ensures that the 80% test does not need to be applied on a day to day basis. (3B) A * share in a company, or an interest in a trust, mentioned in paragraph (3)(a) is an active asset at a time if: (a) the share or interest fails to meet the requirements under subsection (3) at that time; and (b) the failure is of a temporary nature only. Note: If a share in a company or an interest in a trust is chosen as a replacement asset, this ensures that a temporary failure of the 80% test does not automatically lead to CGT event J2 happening. Exceptions (4) However, the following * CGT assets cannot be active assets : (a) interests in an entity that is * connected with you, other than * shares and interests covered by subsection (3); (b) shares in a company, other than: (i) shares in a * widely held company that are covered by subsection (3), (3A) or (3B) and held by a * CGT concession stakeholder of the company; and (ii) shares in any other company that are covered by subsection (3), (3A) or (3B); (c) interests in a trust, other than: (i) interests in a trust to which subsection (5) applies that are covered by subsection (3), (3A) or (3B) and held by a CGT concession stakeholder of the trust; and (ii) interests in any other trust that are covered by subsection (3), (3A) or (3B); (d) financial instruments (such as loans, debentures, bonds, promissory notes, futures contracts, forward contracts, currency swap contracts and a right or option in respect of a share, security, loan or contract); (e) an asset whose main use by you is to * derive interest, an annuity, rent, royalties or foreign exchange gains unless: (i) the asset is an intangible asset and has been substantially developed, altered or improved by you so that its * market value has been substantially enhanced; or (ii) its main use for deriving rent was only temporary. Example: A company uses a house purely as an investment property and rents it out. The house is not an active asset because the company is not using the house in the course of carrying on a business. If, on the other hand, the company ran the house as a guest house the house would be an active asset because the company would be using it to carry on a business and not to derive rent. Note: The meaning of connected with is affected by section 152 ‑ 78. (4A) For the purposes of paragraph (4)(e), in determining the main use of an asset: (a) disregard any personal use or enjoyment of the asset by you; and (b) treat any use by your * affiliate, or an entity that is * connected with you, as your use. Note: The meaning of connected with is affected by section 152 ‑ 78. (5) This subsection applies to a trust if: (a) interests in the trust are listed for quotation in the official list of an * approved stock exchange; or (b) the trust has more than 50 * members, unless the trust is a discretionary trust or a trust where at least one of the following conditions is met during an income year: (i) no more than 20 persons held, or had the right to acquire or become the holders of, * membership interests representing at least 75% of the value of the membership interests in the trust; (ii) if there are * trust voting interests in the trust—at least 75% of the trust voting interests in the trust was capable of being controlled by no more than 20 persons; (iii) at least 75% of the amount of any distribution made by the trustee during the year was made to no more than 20 persons; (iv) if no distribution was made by the trustee during the year—the Commissioner is of the opinion that, if a distribution had been made during the year, at least 75% of the distribution would have been made to no more than 20 persons.", "Amendment_Count": 9, "First_Amended": "No 165 of 1999", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 165 of 1999 | No 101 of 2003 | No 58 of 2006 | No 55 of 2007 | No 80 of 2007 | No 14 of 2009 | No 42 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-45", "Provision_Key": "s152-45", "Heading": "Continuing time periods for involuntary disposals", "Text": "Asset compulsorily acquired, lost or destroyed (1) If a * CGT asset is an asset (the new asset ) you acquired to satisfy the requirement in subsection 124 ‑ 70(2) or 124 ‑ 75(2) for a roll ‑ over under Subdivision 124 ‑ B, then the active asset test in section 152 ‑ 35 applies as if: (a) you had acquired the new asset when you acquired the old asset; and (b) the new asset had been your * active asset at all times when the original asset was your active asset; and (c) the new asset had not been your active asset at all times when the original asset was not your active asset. Note 1: Subdivision 124 ‑ B allows you to choose a roll ‑ over if your CGT asset is compulsorily acquired, lost or destroyed. Note 2: If this subsection applies to a CGT asset, then section 152 ‑ 115 (which is about continuing time periods) will apply for the 15 ‑ year exemption. Assets replaced during FSR transition (same owner roll ‑ overs) (1A) If a * CGT asset is an asset (the new asset ) you acquired in a situation covered by former section 124 ‑ 880, 124 ‑ 885 or 124 ‑ 890, then the active asset test in section 152 ‑ 35 applies as if: (a) you had acquired the new asset when you acquired the original asset; and (b) the new asset had been your * active asset at all times when the original asset was your active asset; and (c) the new asset had not been your active asset at all times when the original asset was not your active asset. Note 1: Former Subdivision 124 ‑ O provided a roll ‑ over for certain CGT assets that came to an end as a result of an FSR transition. Note 2: If this subsection applies to a CGT asset, then section 152 ‑ 115 (which is about continuing time periods) will apply for the 15 ‑ year exemption. Assets replaced during FSR transition (new owner roll ‑ overs) (1B) If a * CGT asset is an asset (the new asset ) acquired in a situation covered by former section 124 ‑ 900, 124 ‑ 905 or 124 ‑ 910, then the active asset test in section 152 ‑ 35 applies as if: (a) the new owner had acquired the new asset when the original owner acquired the original asset; and (b) the new asset had been the * active asset of the new owner at all times when the original asset was the original owner’s active asset; and (c) the new asset had not been the active asset of the new owner at all times when the original asset was not the original owner’s active asset. Note 1: Former Subdivision 124 ‑ O provided a roll ‑ over for certain CGT assets that came to an end as a result of an FSR transition. Note 2: If this subsection applies to a CGT asset, then section 152 ‑ 115 (which is about continuing time periods) will apply for the 15 ‑ year exemption. Marriage or relationship breakdowns (2) If you were the transferee of a * CGT asset for which there has been a roll ‑ over under Subdivision 126 ‑ A, then you may choose that the active asset test in section 152 ‑ 35 applies as if: (a) you had acquired the asset when the transferor acquired the asset; and (b) the asset had been an * active asset of yours at all times when the asset was an active asset of the transferor; and (c) the asset had not been an active asset of yours at all times when the asset was not an active asset of the transferor. Note 1: Section 103 ‑ 25 tells you when the choice must be made. Note 2: There is a roll ‑ over under Subdivision 126 ‑ A if CGT assets are transferred because of a marriage or relationship breakdown. Note 3: If you don’t make the choice, the time of acquisition is simply the time of the transfer. Note 4: Making the choice here has certain consequences for the 15 ‑ year exemption: see section 152 ‑ 115.", "Amendment_Count": 5, "First_Amended": "No 165 of 1999", "Last_Amended": "No 109 of 2014", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 101 of 2004 | No 144 of 2008 | No 109 of 2014", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-47", "Provision_Key": "s152-47", "Heading": "Spouses or children taken to be affiliates for certain passively held CGT assets", "Text": "(1) This section applies if: (a) one entity (the asset owner ) owns a * CGT asset (whether the asset is tangible or intangible); and (b) either: (i) the asset is used, or held ready for use, in the course of carrying on a * business in an income year by another entity (the business entity ); or (ii) the asset is inherently connected with a business that is carried on in an income year by another entity (the business entity ); and (c) the business entity is not (apart from this section) an * affiliate of, or * connected with, the asset owner. Note: The meaning of connected with an entity is affected by section 152 ‑ 78. (2) For the purposes of this Subdivision, in determining whether the business entity is an * affiliate of, or is * connected with, the asset owner, take the following to be affiliates of an individual: (a) a * spouse of the individual; (b) a * child of the individual, being a child who is under 18 years. (3) If an entity is an * affiliate of, or * connected with, another entity as a result of subsection (2), then the * spouse or * child mentioned in that subsection is, in addition, taken to be an affiliate of the individual for the purposes of this Subdivision, and for the purposes of sections 328 ‑ 110 to 328 ‑ 125 to the extent that they relate to this Subdivision. Example: The spouse or child mentioned in subsection (2) is taken to be an affiliate of the individual for the purposes of working out which entities are affiliates of or connected with entities under section 152 ‑ 48. (4) To avoid doubt, subsection (2) applies: (a) for the purposes of reducing or disregarding, under this Division, any * capital gain from any * CGT asset; but (b) only while: (i) a * spouse remains a spouse; or (ii) a * child remains a child who is under 18 years.", "Amendment_Count": 2, "First_Amended": "No 42 of 2009", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 42 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-48", "Provision_Key": "s152-48", "Heading": "Working out an entity’s aggregated turnover for passively held CGT assets", "Text": "(1) This section applies for the purposes of section 328 ‑ 115 to determine whether an entity (the test entity ) is a * CGT small business entity for the purposes of subsection 152 ‑ 10(1A) or (1B). (2) An entity (the deemed entity ) is taken to be an * affiliate of, or * connected with, the test entity (as the case requires) if: (a) the deemed entity is an affiliate of, or connected with, the entity that owns the * CGT asset referred to in subsection 152 ‑ 10(1A) or (1B); and (b) the deemed entity is not (apart from this section) an affiliate of, or connected with, the test entity. Note: Paragraphs (a) and (b)—the meaning of connected with is affected by section 152 ‑ 78. (3) If: (a) the entity that owns the * CGT asset referred to in subsection 152 ‑ 10(1B) is a partner in 2 or more partnerships; and (b) the asset is: (i) used, or held ready for use, in the course of carrying on a * business that is carried on by at least 2 of those partnerships; or (ii) inherently connected with businesses that are carried on by at least 2 of those partnerships; then, each partnership referred to in paragraph (b) that is not (apart from this section) * connected with the test entity is taken to be connected with the test entity.", "Amendment_Count": 3, "First_Amended": "No 42 of 2009", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 42 of 2009 | No 41 of 2011 | No 41 of 2017", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-48"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-49", "Provision_Key": "s152-49", "Heading": "Businesses that are winding up", "Text": "(1) This section applies to an entity in an income year (the CGT event year ) if: (a) a * business that the entity previously carried on (including in partnership) is being wound up in that year; and (b) either: (i) the asset was used, or held ready for use, in the course of carrying on the business at a time in the income year in which the business stopped being carried on; or (ii) if the asset is an intangible asset—the asset was inherently connected with the business that was carried on at a time in the income year in which the business stopped being carried on. (2) For the purposes of paragraphs 152 ‑ 40(1)(a) and (b) as they apply for the purposes of paragraphs 152 ‑ 10(1A)(d) and (1B)(e): (a) the entity is taken to carry on the * business at a time in the CGT event year; and (b) either: (i) the * CGT asset is taken to be used, or held ready for use, in the course of carrying on the business at that time; or (ii) if the asset is an intangible asset—the CGT asset is taken to be inherently connected with the business at that time. Note: The entity might also be taken to be a small business entity in the CGT event year (see subsection 328 ‑ 110(5)).", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-49"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-50", "Provision_Key": "s152-50", "Heading": "Significant individual test", "Text": "An entity satisfies the significant individual test if the entity had at least one * significant individual just before the * CGT event.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-55", "Provision_Key": "s152-55", "Heading": "Meaning of significant individual", "Text": "An individual is a significant individual in a company or a trust at a time if, at that time, the individual has a * small business participation percentage in the company or trust of at least 20%.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-60", "Provision_Key": "s152-60", "Heading": "Meaning of CGT concession stakeholder", "Text": "An individual is a CGT concession stakeholder of a company or trust at a time if the individual is: (a) a * significant individual in the company or trust; or (b) a spouse of a significant individual in the company or trust, if the spouse has a * small business participation percentage in the company or trust at that time that is greater than zero.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-65", "Provision_Key": "s152-65", "Heading": "Small business participation percentage", "Text": "An entity’s small business participation percentage in another entity at a time is the percentage that is the sum of: (a) the entity’s * direct small business participation percentage in the other entity at that time; and (b) the entity’s * indirect small business participation percentage in the other entity at that time.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-70", "Provision_Key": "s152-70", "Heading": "Direct small business participation percentage", "Text": "(1) An entity holds a direct small business participation percentage at the relevant time in an entity equal to the percentage worked out using this table: An entity’s direct small business participation percentage In this entity: Is: 1 A company This percentage that the entity has because of holding the legal and equitable interests in * shares in the company: (a) the percentage of the voting power in the company; or (b) the percentage of any * dividend that the company may pay; or (c) the percentage of any distribution of capital that the company may make; or, if they are different, the smaller or smallest. 2 A trust (where entities have entitlements to all the income and capital of the trust) This percentage: (a) the percentage of any distribution of income that the trustee may make to which the entity would be beneficially entitled; or (b) the percentage of any distribution of capital that the trustee may make to which the entity would be beneficially entitled; or, if they are different, the smaller. 3 A trust (where entities do not have entitlements to all the income and capital of the trust) This percentage: (a) if the trustee makes distributions of income during the income year (the relevant year ) in which that time occurs—the percentage of the distributions to which the entity was beneficially entitled; or (b) if the trustee makes distributions of capital during the relevant year—the percentage of the distributions to which the entity was beneficially entitled; or, if 2 different percentages are applicable, the smaller. Companies (2) For item 1 of the table, ignore * redeemable shares. (3) Paragraph (a) of item 1 of the table does not apply if the entity holds the legal and equitable interests in the * shares jointly with another entity. Discretionary trusts (4) Subsections (5) and (6) apply for the purpose of working out the * direct small business participation percentage in an entity in connection with a * CGT event that happened in an income year (the CGT event year ), if: (a) the entity is a trust (where entities do not have entitlements to all the income and capital of the trust); and (b) during the relevant year mentioned in item 3 of the table in subsection (1) (disregarding subsection (5)), the trustee mentioned in that item: (i) does not make a distribution of income; and (ii) does not make a distribution of capital. (5) Treat the references in that item to the relevant year as being references to: (a) if the trustee made a distribution of income or capital during the CGT event year—the CGT event year; or (b) otherwise—the last income year before the CGT event year in which the trustee did make a distribution of income or capital. (6) Despite subsection (5), an entity holds a direct small business participation percentage of 0% in the trust at the relevant time if either: (a) the trust: (i) had a * net income for the relevant year; and (ii) did not have a * tax loss for the relevant year; or (b) the trustee did not make a distribution of income or capital at any time before the end of the CGT event year.", "Amendment_Count": 2, "First_Amended": "No 55 of 2007", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 55 of 2007 | No 12 of 2012", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-75", "Provision_Key": "s152-75", "Heading": "Indirect small business participation percentage", "Text": "(1) Work out the indirect small business participation percentage that an entity (the holding entity ) holds at a particular time in another entity (the test entity ) by multiplying: (a) the holding entity’s * direct small business participation percentage (if any) in another entity (the intermediate entity ) at that time; by (b) the sum of: (i) the intermediate entity’s direct small business participation percentage (if any) in the test entity at that time; and (ii) the intermediate entity’s indirect small business participation percentage (if any) in the test entity at that time (as worked out under one or more other applications of this section). Note: When testing an intermediate entity’s indirect small business participation percentage in another entity, the intermediate entity becomes the holding entity. (2) If there is more than one intermediate entity to which paragraph (1)(a) applies at that time, the holding entity’s indirect small business participation percentage is the sum of the percentages worked out under subsection (1) in relation to each of those intermediate entities. Example: The individual mentioned in the diagram has an indirect small business participation percentage in the unit trust. Multiplying the percentages as mentioned in subsection (1) produces small business participation percentage of 43.2%. If the individual had a direct small business participation percentage of 10% in the unit trust, that would be added to the individual’s indirect small business participation percentage to produce a small business participation percentage in the trust of 53.2%.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-78", "Provision_Key": "s152-78", "Heading": "Trustee of discretionary trust may nominate beneficiaries to be controllers of trust", "Text": "(1) This section applies for the purposes of determining whether an entity is * connected with you, for the purposes of: (a) this Subdivision; and (b) sections 328 ‑ 110, 328 ‑ 115 and 328 ‑ 125 so far as they relate to this Subdivision. (2) The trustee of a discretionary trust may nominate not more than 4 beneficiaries as being controllers of the trust for an income year (the relevant income year ) for which the trustee did not make a distribution of income or capital if the trust had a * tax loss, or no * net income, for that year. (3) A nomination under subsection (2) has effect as if each nominated beneficiary controlled the trust for the relevant income year in a way described in section 328 ‑ 125. Note: This means each nominated beneficiary is connected with the trust. (4) A nomination under subsection (2) must: (a) be in writing; and (b) be signed by the trustee and by each nominated beneficiary.", "Amendment_Count": 1, "First_Amended": "No 41 of 2011", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 41 of 2011", "History_Notes": "Inserted by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-78"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-80", "Provision_Key": "s152-80", "Heading": "CGT event happens to an asset or interest within 2 years of individual’s death", "Text": "(1) This section applies if: (a) a * CGT asset: (i) forms part of the estate of a deceased individual; or (ii) was owned by joint tenants and one of them dies; and (b) any of the following applies: (i) the asset devolves to the individual’s * legal personal representative; (ii) the asset * passes to a beneficiary of the individual; (iii) an interest in the asset is * acquired by the surviving joint tenant or tenants (as the case may be) as mentioned in section 128 ‑ 50; (iv) the asset devolves to a trustee of a trust established by the will of the individual; and (c) the deceased individual referred to in subparagraph (a)(i) or (ii) would have been entitled to reduce or disregard a * capital gain under this Division if a * CGT event had happened in relation to the CGT asset immediately before his or her death; and (d) a CGT event happens in relation to the CGT asset within 2 years of the individual’s death. (2) A person mentioned in subsection (2A) is entitled to reduce or disregard a * capital gain under this Division in the same way as the deceased individual would have been entitled to as if: (a) paragraph 152 ‑ 105(d) only required the deceased individual to have been 55 or over, or permanently incapacitated, at the time of the * CGT event referred to in paragraph (1)(c) of this section; and (b) paragraph 152 ‑ 305(1)(b) did not apply. (2A) The following persons (as the case requires) are entitled to reduce or disregard a * capital gain under this Division in accordance with subsection (2): (a) the * legal personal representative of the individual; (b) the beneficiary of the individual; (c) the surviving joint tenant or tenants; (d) the trustee or a beneficiary of the trust. (3) The Commissioner may extend the time limit in paragraph (1)(d).", "Amendment_Count": 2, "First_Amended": "No 55 of 2007", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 55 of 2007 | No 42 of 2009", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-100", "Provision_Key": "s152-100", "Heading": "What this Subdivision is about", "Text": "A CGT small business entity can disregard a capital gain arising from a CGT asset that it has owned for at least 15 years if certain conditions are met. Capital losses are not affected. Also, any amount of income a company or trust derives from a CGT event covered by this Subdivision is neither assessable income nor exempt income. If the company or trust makes payments to its CGT concession stakeholders that are attributable to the exempt amount, the payments will not be taken into account in determining the taxable income of the company, trust or recipient. The main conditions are that: • the basic conditions for relief in Subdivision 152 ‑ A are satisfied; • the entity continuously owned the asset for the 15 ‑ year period leading up to the CGT event; • if the entity is an individual, the individual retires or is permanently incapacitated; • if the entity is a company or trust, the entity had a significant individual for a total of at least 15 years during which the entity owned the asset and the individual who was the significant individual just before the CGT event retires or is permanently incapacitated. The Subdivision also allows time periods to continue to run if there has been a roll ‑ over because of marriage or relationship breakdown or compulsory acquisition. Table of sections 152 ‑ 105 15 ‑ year exemption for individuals 152 ‑ 110 15 ‑ year exemption for companies and trusts 152 ‑ 115 Continuing time periods for involuntary disposals 152 ‑ 125 Payments to company’s or trust’s CGT concession stakeholders are exempt", "Amendment_Count": 4, "First_Amended": "No 165 of 1999", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 165 of 1999 | No 55 of 2007 | No 144 of 2008 | No 41 of 2017", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-105", "Provision_Key": "s152-105", "Heading": "15 ‑ year exemption for individuals", "Text": "If you are an individual, you can disregard any * capital gain arising from a * CGT event if all of the following conditions are satisfied: (a) the basic conditions in Subdivision 152 ‑ A are satisfied for the gain; (b) you continuously owned the * CGT asset for the 15 ‑ year period ending just before the CGT event; Note: Section 152 ‑ 115 allows for continuation of the period if there is an involuntary disposal of the asset. (c) if the CGT asset is a * share in a company or an interest in a trust—the company or trust had a * significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which you owned the CGT asset; (d) either: (i) you are 55 or over at the time of the CGT event and the event happens in connection with your retirement; or (ii) you are permanently incapacitated at the time of the CGT event.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 165 of 1999 | No 55 of 2007 | No 12 of 2012", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-110", "Provision_Key": "s152-110", "Heading": "15 ‑ year exemption for companies and trusts", "Text": "(1) An entity that is a company or trust can disregard any * capital gain arising from a * CGT event if all of the following conditions are satisfied: (a) the basic conditions in Subdivision 152 ‑ A are satisfied for the gain; (b) the entity continuously owned the * CGT asset for the 15 ‑ year period ending just before the CGT event; Note: Section 152 ‑ 115 allows for continuation of the period if there is an involuntary disposal of the asset. (c) the entity had a * significant individual for a total of at least 15 years (even if the 15 years was not continuous and it was not always the same significant individual) during which the entity owned the CGT asset; (d) an individual who was a significant individual of the company or trust just before the CGT event either: (i) was 55 or over at that time and the event happened in connection with the individual’s retirement; or (ii) was permanently incapacitated at that time. (1A) For the purposes of paragraphs (1)(b) and (c), disregard subsection 149 ‑ 30(1A) (which applies if an asset stops being a pre ‑ CGT asset). (2) Any * ordinary income or * statutory income the company or trust * derives from a * CGT event that would be covered by subsection (1) (assuming the event gave rise to a * capital gain, even if it didn’t) is neither assessable income nor * exempt income. Exception (3) However, subsection (2) does not apply to income * derived by a company or trust as a result of a * balancing adjustment event occurring to a * depreciating asset: (a) whose decline in value is worked out under Division 40; or (b) deductions for which are calculated under Division 328.", "Amendment_Count": 6, "First_Amended": "No 165 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 165 of 1999 | No 119 of 2002 | No 66 of 2003 | No 55 of 2007 | No 88 of 2009 | No 12 of 2012", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-115", "Provision_Key": "s152-115", "Heading": "Continuing time periods for involuntary disposals", "Text": "Asset compulsorily acquired, lost or destroyed (1) If a * CGT asset is an asset (the new asset ) you acquired to satisfy the requirement in subsection 124 ‑ 70(2) or 124 ‑ 75(2) for a roll ‑ over under Subdivision 124 ‑ B, then paragraphs 152 ‑ 105(b) and 152 ‑ 110(1)(b) and (c) (the 15 ‑ year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset. Note: Subdivision 124 ‑ B allows you to choose a roll ‑ over if your CGT asset is compulsorily acquired, lost or destroyed. Assets replaced during FSR transition (same owner roll ‑ overs) (1A) If a * CGT asset is an asset (the new asset ) you acquired in a situation covered by former section 124 ‑ 880, 124 ‑ 885 or 124 ‑ 890, then paragraphs 152 ‑ 105(b) and 152 ‑ 110(1)(b) and (c) (the 15 ‑ year and significant individual rules) apply as if you had acquired the new asset when you acquired the original asset. Note: Former Subdivision 124 ‑ O provided a roll ‑ over for certain CGT assets that came to an end as a result of an FSR transition. Asset replaced during FSR transition (new owner roll ‑ overs) (1B) If a * CGT asset is an asset (the new asset ) acquired in a situation covered by former section 124 ‑ 900, 124 ‑ 905 or 124 ‑ 910, then paragraphs 152 ‑ 105(b) and 152 ‑ 110(1)(b) and (c) (the 15 ‑ year and significant individual rules) apply as if the new owner had acquired the new asset when the original owner acquired the original asset. Note: Former Subdivision 124 ‑ O provided a roll ‑ over for certain CGT assets that came to an end as a result of an FSR transition. Marriage or relationship breakdowns (2) If you made the choice mentioned in subsection 152 ‑ 45(2) for a * CGT asset, then paragraphs 152 ‑ 105(b) and (c) and 152 ‑ 110(1)(b) and (c) (the 15 ‑ year and significant individual rules) apply as if you had acquired the asset when the transferor acquired it. Note: There is a roll ‑ over under Subdivision 126 ‑ A if CGT assets are transferred because of a marriage or relationship breakdown. Restructures of small businesses (3) If section 328 ‑ 450 or 328 ‑ 455 applies in relation to the transfer of an asset to you, then paragraphs 152 ‑ 105(b) and (c) and 152 ‑ 110(1)(b) and (c) (the 15 ‑ year and significant individual rules) apply as if: (a) you had acquired the asset when the entity transferring the asset acquired it; or (b) in a case where, for the purposes of applying those paragraphs, the time when that entity acquired the asset was provided for by this subsection—you had acquired the asset at that time.", "Amendment_Count": 7, "First_Amended": "No 165 of 1999", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 101 of 2004 | No 55 of 2007 | No 144 of 2008 | No 109 of 2014 | No 18 of 2016", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-125", "Provision_Key": "s152-125", "Heading": "Payments to company’s or trust’s CGT concession stakeholders are exempt", "Text": "(1) This section applies if: (a) one or more of the following apply: (i) under section 152 ‑ 110, a * capital gain (the exempt amount ) of a company or trust is disregarded; (ii) under section 152 ‑ 110, an amount of income (the exempt amount ) is * non ‑ assessable non ‑ exempt income of a company or trust; (iii) subparagraph (i) of this paragraph would have applied to an amount (the exempt amount ) except that the capital gain was disregarded anyway because the relevant * CGT asset was * acquired before 20 September 1985; (iv) subparagraph (i) of this paragraph would have applied to an amount (the exempt amount ) if subsection 149 ‑ 30(1A) and section 149 ‑ 35 had not applied to the relevant asset; and (b) the company or trust makes one or more payments relating to the exempt amount to an individual (whether directly or indirectly through one or more interposed entities) before the later of: (i) 2 years after the relevant * CGT event; and (ii) if the relevant CGT event happened because the company or trust * disposed of the relevant CGT asset—6 months after the latest time a possible * financial benefit becomes or could become due under a * look ‑ through earnout right relating to that CGT asset and the disposal; and (c) the individual was a * CGT concession stakeholder of the company or trust just before the relevant CGT event. Note: A normal business payment, for example, a payment of wages, would not be made “in relation to the exempt amount”. (2) In determining the taxable income of the company, the trust, the individual, or any of the interposed entities, disregard the total amount of the payment or payments made to the * CGT concession stakeholder, up to the following limit: where: stakeholder’s participation percentage means: (a) in the case of a company or a trust referred to in item 2 of the table in subsection 152 ‑ 70(1)—the stakeholder’s * small business participation percentage in the company or trust just before the relevant * CGT event; or (b) in the case of a trust referred to in item 3 of that table—the amount (expressed as a percentage) worked out using the following formula: (3) If a company makes such a payment, this Act applies to the payment, to the extent that it is less than or equal to the limit mentioned in subsection (2), as if: (a) it were not a * dividend; and (b) it were not a * frankable distribution. (4) The Commissioner may extend the time limit under paragraph (1)(b).", "Amendment_Count": 5, "First_Amended": "No 165 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 55 of 2007 | No 88 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-200", "Provision_Key": "s152-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you how to apply the small business CGT concessions mentioned in step 6 of the method statement in subsection 102 ‑ 5(1). A capital gain is reduced by 50% if the basic conditions in Subdivision 152 ‑ A are satisfied (assuming the $2 million threshold for a small business entity to be a CGT small business entity were disregarded). If the capital gain has already been reduced by the discount percentage, the 50% reduction under this Subdivision applies to that reduced gain. The capital gain may be further reduced by the small business retirement exemption or a small business rollover, or both. Alternatively, you may choose not to apply the 50% reduction and instead apply the small business retirement exemption or small business rollover. None of these rules apply if the 15 ‑ year exemption already applies to the capital gain, since such a gain is disregarded anyway. Table of sections 152 ‑ 205 You get the small business 50% reduction 152 ‑ 210 You may also get the small business retirement exemption and small business roll ‑ over relief 152 ‑ 215 15 ‑ year rule has priority 152 ‑ 220 You may choose not to apply this Subdivision", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 58 of 2006 | No 49 of 2026", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-205", "Provision_Key": "s152-205", "Heading": "You get the small business 50% reduction", "Text": "(1) The amount of a * capital gain remaining after applying step 5 of the method statement in subsection 102 ‑ 5(1) is reduced by 50%, if the basic conditions in Subdivision 152 ‑ A are satisfied for the gain. Note: The cost bases of CGT assets of an individual are indexed from 1 July 2027, reducing capital gains that arise after 1 July 2027. This reduction applies after indexation, allowing the indexed gain to be reduced by a further 50%. (2) In working out for the purposes of subsection (1) whether the basic conditions in Subdivision 152 ‑ A are satisfied, disregard paragraph 152 ‑ 10(1AA)(b).", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 165 of 1999 | No 49 of 2026", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-210", "Provision_Key": "s152-210", "Heading": "You may also get the small business retirement exemption and small business roll ‑ over relief", "Text": "(1) The * capital gain, as reduced under section 152 ‑ 205, may also qualify for: (a) the small business retirement exemption (see Subdivision 152 ‑ D); or (b) a small business roll ‑ over (see Subdivision 152 ‑ E); or both. (2) If it qualifies for both of those concessions, you may choose which order to apply them in.", "Amendment_Count": 1, "First_Amended": "No 165 of 1999", "Last_Amended": "No 165 of 1999", "Amending_Acts": "No 165 of 1999", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-215", "Provision_Key": "s152-215", "Heading": "15 ‑ year rule has priority", "Text": "This Subdivision does not apply to a * capital gain to which Subdivision 152 ‑ B (15 ‑ year exemption) applies. Note: Under that Subdivision, such a gain is entirely disregarded, so there is no need for any further concession to apply.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 165 of 1999 | No 41 of 2005", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-220", "Provision_Key": "s152-220", "Heading": "You may choose not to apply this Subdivision", "Text": "You may choose not to apply the reduction mentioned in section 152 ‑ 205 to a particular * capital gain. Note: Making this choice might allow a company or trust to make larger tax ‑ free payments under the small business retirement exemption: see section 152 ‑ 325.", "Amendment_Count": 2, "First_Amended": "No 173 of 2000", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 173 of 2000 | No 55 of 2007", "History_Notes": "Inserted by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-300", "Provision_Key": "s152-300", "Heading": "What this Subdivision is about", "Text": "You can choose to disregard a capital gain from a CGT event happening to a CGT asset of your small business if the capital proceeds from the event are used in connection with your retirement. There is a lifetime limit of $500,000 for all choices that can be made in respect of an individual under this Subdivision. You may choose not to apply the concession in section 152 ‑ 205 (small business 50% reduction) before this one. For an additional concession, see also Subdivision 152 ‑ E (small business roll ‑ over). You do not need to satisfy the basic conditions for this exemption in relation to CGT events J5 and J6. Table of sections 152 ‑ 305 Choosing the exemption 152 ‑ 310 Consequences of choice 152 ‑ 315 Choosing the amount to disregard 152 ‑ 320 Meaning of CGT retirement exemption limit 152 ‑ 325 Company or trust conditions 152 ‑ 330 15 ‑ year rule has priority", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 165 of 1999 | No 58 of 2006 | No 42 of 2009", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-305", "Provision_Key": "s152-305", "Heading": "Choosing the exemption", "Text": "Individual (1) If you are an individual, you can choose to disregard all or part of a * capital gain if: (a) the basic conditions in Subdivision 152 ‑ A are satisfied for the gain; and (b) if you are under 55 just before you make the choice—you contribute an amount equal to the asset’s * CGT exempt amount to a * complying superannuation fund or an * RSA; and Note: For the non ‑ deductibility of the contribution, see subsection 290 ‑ 150(4). (c) the contribution is made: (i) if the relevant CGT event is CGT event J2, J5 or J6—when you made the choice; or (ii) otherwise—at the later of when you made the choice and when you received the proceeds. Note 1: Section 103 ‑ 25 tells you when the choice must be made. (1A) If you receive the * capital proceeds from the * CGT event in instalments, paragraphs (1)(b) and (c) apply to each instalment in succession (up to the asset’s * CGT exempt amount). (1B) For the purposes of (but without limiting) subsection (1A), you are treated as receiving the * capital proceeds in instalments if: (a) the * CGT event happened because you * disposed of the * CGT asset; and (b) the capital proceeds from the disposal are increased by one or more * financial benefits that you receive under a * look ‑ through earnout right. Company or trust (2) A company or a trust (except a public entity—see subsection (3)) can also choose to disregard such an amount if: (a) the basic conditions in Subdivision 152 ‑ A are satisfied for the * capital gain; and (b) the entity satisfies the significant individual test (see section 152 ‑ 50); and (c) the company or trust conditions in section 152 ‑ 325 are satisfied. Note: Section 103 ‑ 25 tells you when the choice must be made. (3) Entities of a kind referred to in subsection 328 ‑ 125(8) cannot make the choice. (4) Paragraphs (1)(a) and (2)(a) do not apply if the * capital gain arose from * CGT event J5 or J6.", "Amendment_Count": 9, "First_Amended": "No 165 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 95 of 2004 | No 101 of 2004 | No 15 of 2007 | No 55 of 2007 | No 80 of 2007 | No 42 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-310", "Provision_Key": "s152-310", "Heading": "Consequences of choice", "Text": "Consequences in all cases (1) If the individual, company or trust makes the choice mentioned in section 152 ‑ 305 for any part of the * capital gain from the * CGT asset, that part of the capital gain equal to its * CGT exempt amount is disregarded. Additional consequences in relation to company or trust (2) Any payment or part of one the company or trust makes to comply with section 152 ‑ 325: (a) is not assessable income, and is not * exempt income, of the * CGT concession stakeholder to whom it is made; and (b) cannot be deducted from the company’s or trust’s assessable income. Additional consequences in relation to interposed entities (3) If: (a) an entity (the paying entity ) receives a payment (whether directly or indirectly through one or more interposed entities) that a company or trust makes to comply with section 152 ‑ 325; and (b) the paying entity passes on the payment to the * CGT concession stakeholder or another interposed entity; then: (c) the payment cannot be deducted from the paying entity’s assessable income; and (d) the payment received by the paying entity is not assessable income and is not * exempt income.", "Amendment_Count": 7, "First_Amended": "No 165 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 165 of 1999 | No 58 of 2006 | No 15 of 2007 | No 55 of 2007 | No 97 of 2008 | No 42 of 2009 | No 56 of 2010", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-315", "Provision_Key": "s152-315", "Heading": "Choosing the amount to disregard", "Text": "(1) You can choose to disregard all or part of each * capital gain to which this Subdivision applies. Note 1: You make capital gains equal to any parts that you do not choose to disregard. Note 2: Section 103 ‑ 25 tells you when the choice must be made. (2) However, the choice must be made in a way that ensures that: (a) for an individual—your * CGT retirement exemption limit is not exceeded; or (b) for a company or trust—the CGT retirement exemption limit of each individual for whom the choice is made is not exceeded. (3) The amount chosen for the asset is its CGT exempt amount . (4) The * CGT exempt amount must be specified in writing. (5) If a company or trust is making the choice and it has more than one * CGT concession stakeholder, it must specify in writing the percentage of each * CGT asset’s * CGT exempt amount that is attributable to each of those stakeholders. One or more of the percentages may be nil, but all of the percentages must add up to 100%. Example: Daryl is a significant individual in a company. The company specifies 90% for Daryl under subsection (5) (which means that the percentage specified for the other stakeholder must be 10%). Daryl’s retirement exemption limit is $500,000. To determine whether subsection (2) is complied with, Daryl would take 90% of the asset’s CGT exempt amount, add that to amounts previously specified in choices made by or for him under this Subdivision and see whether the total exceeds $500,000. Note: Subsections (4) and (5) are exceptions to the general rule about choices in section 103 ‑ 25.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-320", "Provision_Key": "s152-320", "Heading": "Meaning of CGT retirement exemption limit", "Text": "(1) An individual’s CGT retirement exemption limit at a time is $500,000 reduced by the * CGT exempt amounts of * CGT assets specified in choices previously made by or for the individual under this Subdivision. Note: The $500,000 is also reduced by any reduction under old provisions about reduction of the CGT retirement exemption limit: see item 62 of Schedule 1 to the New Business Tax System (Capital Gains Tax) Act 1999 . (2) If the individual was one of at least 2 * CGT concession stakeholders of a company or trust, and the company or trust made a choice for the individual, only the individual’s percentage (see subsection 152 ‑ 315(5)) of the assets’ * CGT exempt amounts is taken into account under subsection (1) for that choice.", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 165 of 1999 | No 55 of 2007 | No 56 of 2010", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-325", "Provision_Key": "s152-325", "Heading": "Company or trust conditions", "Text": "Company or trust to make payments (1) A company or trust must make a payment (whether directly or indirectly through one or more interposed entities) to at least one of its * CGT concession stakeholders if: (a) the company or trust makes a choice under this Subdivision to disregard a * capital gain from * CGT event J2, J5 or J6; or (b) the company or trust receives an amount of * capital proceeds from a * CGT event for which it makes a choice under this Subdivision. (2) If the company or trust receives the * capital proceeds from the CGT event in instalments, subsection (1) applies to each instalment in succession (up to the relevant * CGT exempt amount). (2A) For the purposes of (but without limiting) subsection (2), the company or trust is treated as receiving the * capital proceeds in instalments if: (a) the * CGT event happened because the company or trust * disposed of the * CGT asset; and (b) the capital proceeds from the disposal are increased by one or more * financial benefits that the company or trust receives under a * look ‑ through earnout right. Amount and timing of payments (3) If a payment is made to more than one * CGT concession stakeholder, the amount of each such payment is to be worked out by reference to each individual’s percentage (see subsection 152 ‑ 315(5)) of the relevant * CGT exempt amount. (3A) If the * CGT concession stakeholder to whom the payment is made is an employee of the company or trust, the payment must not be of a kind mentioned in section 82 ‑ 135 (disregarding paragraph (fa) of that section). (4) The payment must be made by: (a) if paragraph (1)(a) applies—7 days after the company or trust makes the choice; and (b) otherwise—the later of: (i) 7 days after the company or trust makes the choice; and (ii) 7 days after the company or trust receives an amount of * capital proceeds from the * CGT event. (5) The amount of the payment, or the sum of the amounts of the payments, required to be made under this section must be equal to the lesser of: (a) either: (i) if paragraph (1)(a) applies—the amount of the * capital gain from the * CGT event that the company or trust disregarded; or (ii) otherwise—the amount of * capital proceeds received; and (b) the relevant * CGT exempt amount. Payments may be joint or separate (6) If this section requires the company or trust to make 2 or more payments to a single * CGT concession stakeholder (whether or not by the same time), the company or trust may meet that requirement by making one payment or by making separate payments. (7) If a * CGT concession stakeholder is under 55 just before a payment is made under this section in relation to him or her: (a) the company or trust must make the payment to the CGT concession stakeholder by contributing it for the stakeholder to a * complying superannuation fund or an * RSA in respect of the stakeholder; and (b) the company or trust must notify the trustee of the fund or the * RSA provider at the time the contribution is made that the contribution is made in accordance with this section. Note: For the non ‑ deductibility of the contribution, see subsection 290 ‑ 150(4). (8) For the purposes of Part 3 ‑ 30, treat a payment mentioned in paragraph (7)(a), made in accordance with this section, as a contribution made by the * CGT concession stakeholder. Payments are not dividends or frankable distributions (9) Subsection (10) applies if: (a) a company makes a payment to comply with subsection (1) to: (i) a * CGT concession stakeholder; or (ii) an interposed entity, in relation to a CGT concession stakeholder; or (b) both of the following apply: (i) an interposed entity receives a payment (whether directly or indirectly through one or more interposed entities) that a company or trust makes to comply with subsection (1), in relation to a CGT concession stakeholder; (ii) the interposed entity passes on the payment to the CGT concession stakeholder or another interposed entity. (10) This Act applies to the payment, to the extent that it is less than or equal to the amount mentioned in subsection (3) for the stakeholder, as if: (a) it were not a * dividend; and (b) it were not a * frankable distribution. (11) Subsection (10) applies in relation to the payment despite section 109 and Division 7A of Part III of the Income Tax Assessment Act 1936 .", "Amendment_Count": 8, "First_Amended": "No 165 of 1999", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 165 of 1999 | No 173 of 2000 | No 101 of 2004 | No 58 of 2006 | No 15 of 2007 | No 55 of 2007 | No 42 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-330", "Provision_Key": "s152-330", "Heading": "15 ‑ year rule has priority", "Text": "This Subdivision does not apply to a * capital gain to which Subdivision 152 ‑ B (15 ‑ year exemption) applies. Note: Under that Subdivision, such a gain is entirely disregarded, so there is no need for any further concession to apply.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-400", "Provision_Key": "s152-400", "Heading": "What this Subdivision is about", "Text": "A small business roll ‑ over allows you to defer the making of a capital gain from a CGT event happening in relation to one or more small business assets if the basic conditions in Subdivision 152 ‑ A are satisfied for the gain. You may choose not to apply the concession in section 152 ‑ 205 (small business 50% reduction) before this one. For an additional exemption, see also Subdivision 152 ‑ D (small business retirement exemption). Table of sections Operative provisions 152 ‑ 410 When you can obtain the roll ‑ over 152 ‑ 415 What the roll ‑ over consists of 152 ‑ 420 Rules where an individual who has obtained a roll ‑ over dies 152 ‑ 430 15 ‑ year rule has priority", "Amendment_Count": 3, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 58 of 2006 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-410", "Provision_Key": "s152-410", "Heading": "When you can obtain the roll ‑ over", "Text": "You can choose to obtain a roll ‑ over under this Subdivision for a * capital gain if the basic conditions in Subdivision 152 ‑ A are satisfied for the gain. Note 1: You can choose the roll ‑ over even if you have not yet acquired a replacement asset or incurred fourth element expenditure, but: (a) CGT event J5 happens if, by the end of the replacement asset period, you do not acquire the asset or incur the expenditure (see section 104 ‑ 197); and (b) CGT event J6 happens if, by the end of the replacement asset period, the cost of the replacement asset or the amount of fourth element expenditure incurred (or both) is less than the amount of the capital gain that you disregarded (see section 104 ‑ 198). Note 2: If you have acquired a replacement asset or incurred fourth element expenditure but there is a change in relation to the replacement asset or improved asset after the end of the replacement asset period, CGT event J2 may happen: see section 104 ‑ 185.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-415", "Provision_Key": "s152-415", "Heading": "What the roll ‑ over consists of", "Text": "If you choose the roll ‑ over, you can choose to disregard all or part of each * capital gain to which this Subdivision applies. Note: If you choose to disregard only some of the capital gain, you make a capital gain equal to the remaining amount. Example: The original capital gain was $100,000. You have reduced it to $25,000 under other concessions (apart from the roll ‑ over). If you choose to disregard $20,000, you are left with a final capital gain of $5,000.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-420", "Provision_Key": "s152-420", "Heading": "Rules where an individual who has obtained a roll ‑ over dies", "Text": "(1) This section applies if: (a) a replacement asset, or an asset in relation to which * fourth element expenditure has been incurred, formed part of the estate of an individual who has died; and (b) either or both of the following apply: (i) the asset has devolved to the deceased’s * legal personal representative; (ii) the asset has * passed to a beneficiary of the deceased; and (c) a change covered by subsection 104 ‑ 185(2) or (3) did not happen while the deceased owned it or, if the asset has passed to a beneficiary, while the asset was in the hands of the deceased’s legal personal representative. (2) For the purposes of this Subdivision, anything done or not done by the deceased in relation to the asset is treated as though it had been done or not done by the * legal personal representative. (3) For the purposes of this Subdivision, if the asset has * passed to a beneficiary, anything done or not done by the deceased or by the deceased’s * legal personal representative (including because of the operation of subsection (2)) in relation to the asset is treated as though it had been done or not done by the beneficiary.", "Amendment_Count": 2, "First_Amended": "No 165 of 1999", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 165 of 1999 | No 55 of 2007", "History_Notes": "Inserted by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Repealed and substituted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 152-430", "Provision_Key": "s152-430", "Heading": "15 ‑ year rule has priority", "Text": "This Subdivision does not apply to a * capital gain to which Subdivision 152 ‑ B (15 ‑ year exemption) applies. Note: Under that Subdivision, such a gain is entirely disregarded, so there is no need for any further concession to apply.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s152-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-1", "Provision_Key": "s160-1", "Heading": "What this Division is about", "Text": "A corporate tax entity can choose to “carry back” a tax loss it had for 2019 ‑ 20, 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 against the income tax liability it had for 2018 ‑ 19, 2019 ‑ 20, 2020 ‑ 21 or 2021 ‑ 22. The entity gets a refundable tax offset for 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 that is a proxy for the tax the entity would save if it deducted the loss in the income year to which the loss is “carried back”. The refundable tax offset: (a) is capped at the entity’s franking account balance; and (b) is only available for losses for years for which the entity’s turnover was less than $5 billion.", "Amendment_Count": 4, "First_Amended": "No 88 of 2013", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-5", "Provision_Key": "s160-5", "Heading": "Entitlement to loss carry back tax offset", "Text": "An entity is entitled to a * tax offset (the loss carry back tax offset ) for the * current year if the following conditions are satisfied: (a) the current year is: (i) the 2020 ‑ 21 income year; or (ii) the 2021 ‑ 22 income year; or (iii) the 2022 ‑ 23 income year; (b) the entity is a * corporate tax entity throughout the current year; Note: See also section 160 ‑ 25. (c) any or all of the following income years were * loss years: (i) the 2019 ‑ 20 income year; (ii) the 2020 ‑ 21 income year; (iii) if the current year is the 2021 ‑ 22 income year—the 2021 ‑ 22 income year; (iv) if the current year is the 2022 ‑ 23 income year—the 2022 ‑ 23 income year or the 2021 ‑ 22 income year; (d) the entity had an * income tax liability for any or all of the following income years: (i) the 2018 ‑ 19 income year; (ii) the 2019 ‑ 20 income year; (iii) if the current year is the 2021 ‑ 22 income year and the 2021 ‑ 22 income year was a loss year—the 2020 ‑ 21 income year; (iv) if the current year is the 2022 ‑ 23 income year and the 2022 ‑ 23 income year was a loss year—the 2021 ‑ 22 income year or the 2020 ‑ 21 income year; (v) if the current year is the 2022 ‑ 23 income year and the 2021 ‑ 22 income year was a loss year—the 2020 ‑ 21 income year; (e) any of the following requirements are satisfied for the current year and each of the 5 income years before the current year: (i) the entity has lodged its * income tax return for the year; (ii) the entity was not required to lodge an income tax return for the year; (iii) the Commissioner has made an assessment of the entity’s income tax for the year; (f) the entity makes a * loss carry back choice for the current year in accordance with Subdivision 160 ‑ B. Note 1: The entity can be entitled to only one loss carry back tax offset for 2020 ‑ 21. However, that offset has 2 components: one relating to 2018 ‑ 19 and one relating to 2019 ‑ 20: see section 160 ‑ 10. Note 2: The entity can be entitled to only one loss carry back tax offset for 2021 ‑ 22. However, that offset has 3 components: one relating to 2018 ‑ 19, one relating to 2019 ‑ 20 and one relating to 2020 ‑ 21: see section 160 ‑ 10. Note 2A: The entity can be entitled to only one loss carry back tax offset for 2022 ‑ 23. However, that offset has 4 components: one relating to 2018 ‑ 19, one relating to 2019 ‑ 20, one relating to 2020 ‑ 21 and one relating to 2021 ‑ 22: see section 160 ‑ 10. Note 3: The loss carry back tax offset is a refundable tax offset: see section 67 ‑ 23.", "Amendment_Count": 4, "First_Amended": "No 88 of 2013", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-10", "Provision_Key": "s160-10", "Heading": "Amount of loss carry back tax offset", "Text": "(1) The amount of the entity’s * loss carry back tax offset for the * current year is the lesser of the following amounts: (a) the sum of the * loss carry back tax offset components for: (i) the 2018 ‑ 19 income year; and (ii) the 2019 ‑ 20 income year; and (iii) if the current year is the 2021 ‑ 22 income year—the 2020 ‑ 21 income year; and (iv) if the current year is the 2022 ‑ 23 income year—the 2021 ‑ 22 income year and the 2020 ‑ 21 income year; (b) the entity’s * franking account balance at the end of the current year. Meaning of loss carry back tax offset component (2) For the purposes of working out the amount of the entity’s * loss carry back tax offset for the * current year, the entity’s loss carry back tax offset component for an income year is: (a) if the entity does not, in its * loss carry back choice for the current year, * carry back any * tax losses to the income year—nil; or (b) otherwise—so much of the entity’s * income tax liability for the income year as does not exceed: (i) if, in its loss carry back choice for the current year, the entity carries back only one tax loss to the income year—the amount worked out at step 3 of the following method statement in relation to the tax loss; or (ii) if, in its loss carry back choice for the current year, the entity carries back tax losses for 2, 3 or 4 * loss years to the income year—the sum of the amounts worked out at step 3 of the following method statement in relation to each of those tax losses. Method statement Step 1. Start with the amount of the * tax loss the entity * carries back to the income year. Step 2. Reduce the step 1 amount by the entity’s * net exempt income for the income year. Note: Do not reduce the step 1 amount by the entity’s net exempt income to the extent the net exempt income has already been utilised: see section 960 ‑ 20. Step 3. Multiply the step 2 amount by the * corporate tax rate for the * loss year. Example: Company A (which is not a base rate entity) has at the end of the 2020 ‑ 21 income year: (a) a tax loss of $900,000 for that year and a franking account balance of $280,000; and (b) for the 2018 ‑ 19 income year—an income tax liability of $120,000 and net exempt income of $5,000; and (c) for the 2019 ‑ 20 income year—an income tax liability of $210,000. Company A chooses to carry back $405,000 of its tax loss for the 2020 ‑ 21 year to the 2018 ‑ 19 year and $495,000 of that loss to the 2019 ‑ 20 year. Company A’s loss carry back tax offset for the 2020 ‑ 21 year is $268,500, worked out as follows: (a) an offset component for the 2018 ‑ 19 income year of $120,000, calculated by starting with the $405,000 carried back, reducing that at step 2 by $5,000, and multiplying the result by 30%; (b) an offset component for the 2019 ‑ 20 income year of $148,500, calculated by starting with the $495,000 carried back and multiplying the result by 30%. The sum of the 2 components is $268,500 (which is less than Company A’s $280,000 franking account balance at the end of the 2020 ‑ 21 year). If that sum had exceeded that balance, the amount of the offset would have been limited under paragraph (1)(b) of this section to that balance. Income tax liability for the 2018 ‑ 19 or 2019 ‑ 20 income year already utilised—entitlement to loss carry back tax offset for 2021 ‑ 22 income year (3) Subsection (4) applies in relation to applying paragraph (2)(b) to work out the entity’s * loss carry back tax offset component for the 2018 ‑ 19 or 2019 ‑ 20 income year (the gain year ) as part of working out the entity’s entitlement to a * loss carry back tax offset for the 2021 ‑ 22 income year. (4) Disregard so much of the entity’s * income tax liability for the gain year as has previously been included (as part of working out the entity’s entitlement to a * loss carry back tax offset for the 2020 ‑ 21 income year) in a * loss carry back tax offset component. Income tax liability for the 2018 ‑ 19, 2019 ‑ 20 or 2020 ‑ 21 income year already utilised — entitlement to loss carry back tax offset for 2022 ‑ 23 income year (4A) Subsection (4B) applies in relation to applying paragraph (2)(b) to work out the entity’s * loss carry back tax offset component for the 2018 ‑ 19, 2019 ‑ 20 or 2020 ‑ 21 income year (the gain year ) as part of working out the entity’s entitlement to a * loss carry back tax offset for the 2022 ‑ 23 income year. (4B) Disregard so much of the entity’s * income tax liability for the gain year as has previously been included (as part of working out the entity’s entitlement to a * loss carry back tax offset for the 2020 ‑ 21 or 2021 ‑ 22 income year) in a * loss carry back tax offset component. Foreign residents (5) Paragraph (1)(b) does not apply if the entity was a foreign resident (other than an * NZ franking company) for: (a) if the entity * carries back an amount to the 2018 ‑ 19 income year—more than half of the 2018 ‑ 19 income year; and (b) if the entity carries back an amount to the 2019 ‑ 20 income year—more than half of the 2019 ‑ 20 income year; and (c) if the * current year is the 2021 ‑ 22 income year and the entity carries back an amount to the 2020 ‑ 21 income year—more than half of the 2020 ‑ 21 income year; and (d) if the current year is the 2022 ‑ 23 income year: (i) where the entity carries back an amount to the 2021 ‑ 22 income year—more than half of the 2021 ‑ 22 income year; and (ii) where the entity carries back an amount to the 2020 ‑ 21 income year—more than half of the 2020 ‑ 21 income year.", "Amendment_Count": 4, "First_Amended": "No 88 of 2013", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-15", "Provision_Key": "s160-15", "Heading": "Loss carry back choice", "Text": "(1) If the * current year is the 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 income year, the entity may make a loss carry back choice for the current year that specifies the following: (a) if the current year is the 2021 ‑ 22 income year: (i) how much (expressed as a specified amount) of the entity’s * tax loss (if any) for the 2021 ‑ 22 income year is to be * carried back to the 2020 ‑ 21 income year; and (ii) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2021 ‑ 22 income year is to be carried back to the 2019 ‑ 20 income year; and (iii) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2021 ‑ 22 income year is to be carried back to the 2018 ‑ 19 income year; (aa) if the current year is the 2022 ‑ 23 income year and the 2022 ‑ 23 income year was a loss year: (i) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2022 ‑ 23 income year is to be carried back to the 2021 ‑ 22 income year; and (ii) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2022 ‑ 23 income year is to be carried back to the 2020 ‑ 21 income year; and (iii) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2022 ‑ 23 income year is to be carried back to the 2019 ‑ 20 income year; and (iv) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2022 ‑ 23 income year is to be carried back to the 2018 ‑ 19 income year; (ab) if the current year is the 2022 ‑ 23 income year and the 2021 ‑ 22 income year was a loss year: (i) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2021 ‑ 22 income year is to be carried back to the 2020 ‑ 21 income year; and (ii) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2021 ‑ 22 income year is to be carried back to the 2019 ‑ 20 income year; and (iii) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2021 ‑ 22 income year is to be carried back to the 2018 ‑ 19 income year; (b) in any case: (i) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2020 ‑ 21 income year is to be carried back to the 2019 ‑ 20 income year; and (i) how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2020 ‑ 21 income year is to be carried back to the 2018 ‑ 19 income year; (c) in any case—how much (expressed as a specified amount) of the entity’s tax loss (if any) for the 2019 ‑ 20 income year is to be carried back to the 2018 ‑ 19 income year. (2) The choice under subsection (1) must be made in the * approved form by: (a) the day the entity lodges its * income tax return for the * current year; or (b) such later day as the Commissioner allows.", "Amendment_Count": 5, "First_Amended": "No 88 of 2013", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 141 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-16", "Provision_Key": "s160-16", "Heading": "Changing a loss carry back choice", "Text": "(1) An entity may change a * loss carry back choice for the 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 income year by notice, in the * approved form, given to the Commissioner. (2) The notice to change a * loss carry back choice for an income year must be given to the Commissioner within the limited amendment period (within the meaning of section 170 of the Income Tax Assessment Act 1936 ) for an assessment for that income year. (3) To avoid doubt, the change takes effect from the day the entity made the original * loss carry back choice under section 160 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 127 of 2021", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 127 of 2021 | No 8 of 2022", "History_Notes": "Inserted by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-16"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-20", "Provision_Key": "s160-20", "Heading": "Entity must have had turnover less than $5 billion for loss year", "Text": "The entity cannot * carry back an amount of a * tax loss for an income year unless the entity: (a) was a * small business entity for the income year; or (b) would have been a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $5 billion; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this section.", "Amendment_Count": 3, "First_Amended": "No 88 of 2013", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-25", "Provision_Key": "s160-25", "Heading": "Entity must have been a corporate tax entity during relevant years", "Text": "(1) If the * current year is the 2020 ‑ 21 income year: (a) the entity cannot * carry back an amount of a * tax loss to the 2018 ‑ 19 income year unless the entity was a * corporate tax entity throughout: (i) the 2018 ‑ 19 income year (disregarding any period when the entity was not in existence); and (ii) the 2019 ‑ 20 income year; and (b) the entity cannot carry back an amount of a tax loss to the 2019 ‑ 20 income year unless the entity was a corporate tax entity throughout the 2019 ‑ 20 income year (disregarding any period when the entity was not in existence). Note: The entity must be a corporate tax entity throughout 2020 ‑ 21: see paragraph 160 ‑ 5(b). (2) If the * current year is the 2021 ‑ 22 income year: (a) the entity cannot * carry back an amount of a * tax loss to the 2018 ‑ 19 income year unless the entity was a * corporate tax entity throughout: (i) the 2018 ‑ 19 income year (disregarding any period when the entity was not in existence); and (ii) the 2019 ‑ 20 income year; and (iii) the 2020 ‑ 21 income year; and (b) the entity cannot carry back an amount of a tax loss to the 2019 ‑ 20 income year unless the entity was a corporate tax entity throughout: (i) the 2019 ‑ 20 income year (disregarding any period when the entity was not in existence); and (ii) the 2020 ‑ 21 income year; and (c) the entity cannot carry back an amount of a tax loss to the 2020 ‑ 21 income year unless the entity was a corporate tax entity throughout the 2020 ‑ 21 income year (disregarding any period when the entity was not in existence). Note: The entity must be a corporate tax entity throughout 2021 ‑ 22: see paragraph 160 ‑ 5(b). (3) If the * current year is the 2022 ‑ 23 income year: (a) the entity cannot * carry back an amount of a * tax loss to the 2018 ‑ 19 income year unless the entity was a * corporate tax entity throughout: (i) the 2018 ‑ 19 income year (disregarding any period when the entity was not in existence); and (ii) the 2019 ‑ 20 income year; and (iii) the 2020 ‑ 21 income year; and (iv) the 2021 ‑ 22 income year; and (b) the entity cannot carry back an amount of a tax loss to the 2019 ‑ 20 income year unless the entity was a corporate tax entity throughout: (i) the 2019 ‑ 20 income year (disregarding any period when the entity was not in existence); and (ii) the 2020 ‑ 21 income year; and (iii) the 2021 ‑ 22 income year; and (c) the entity cannot carry back an amount of a tax loss to the 2020 ‑ 21 income year unless the entity was a corporate tax entity throughout: (i) the 2020 ‑ 21 income year (disregarding any period when the entity was not in existence); and (ii) the 2021 ‑ 22 income year; and (d) the entity cannot carry back an amount of a tax loss to the 2021 ‑ 22 income year unless the entity was a corporate tax entity throughout the 2021 ‑ 22 income year (disregarding any period when the entity was not in existence). Note: The entity must be a corporate tax entity throughout 2022 ‑ 23: see paragraph 160 ‑ 5(b).", "Amendment_Count": 4, "First_Amended": "No 88 of 2013", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-30", "Provision_Key": "s160-30", "Heading": "Transferred tax losses, income tax liabilities etc. not included", "Text": "(1) The entity cannot * carry back an amount of a * tax loss for an income year, to the extent that the loss: (a) was transferred to or from the entity under Division 170 or Subdivision 707 ‑ A (about certain company groups); or (b) exceeds the amount that would be the entity’s tax loss for the year if section 36 ‑ 55 (about excess franking offsets) were disregarded. (2) For the purposes of this Division, disregard the * income tax liability of the entity for an income year to the extent that it consists of an income tax liability of a * subsidiary member of a * consolidated group or * MEC group that is taken to be an income tax liability of the entity because of section 701 ‑ 5 (the entry history rule).", "Amendment_Count": 3, "First_Amended": "No 88 of 2013", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 160-35", "Provision_Key": "s160-35", "Heading": "Integrity rule—no loss carry back tax offset if scheme entered into", "Text": "No loss carry back tax offset if scheme entered into (1) The * corporate tax entity cannot * carry back an amount of a * tax loss to an income year (the gain year ) if: (a) there is a * scheme for a disposition of * membership interests, or an * interest in membership interests, in: (i) the corporate tax entity; or (ii) an entity that has a direct or indirect interest in the corporate tax entity; and (b) the scheme is entered into or carried out during the period: (i) starting at the start of the gain year; and (ii) ending at the end of the * current year; and (c) the disposition results in a change in who controls, or is able to control, (whether directly, or indirectly through one or more interposed entities) the voting power in the corporate tax entity; and (d) another entity receives, in connection with the scheme, a * financial benefit calculated by reference to one or more * loss carry back tax offsets to which it was reasonable, at the time the scheme was entered into or carried out, to expect the corporate tax entity would be entitled; and (e) having regard to the relevant circumstances of the scheme, it would be concluded that a person, or one of the persons, who entered into or carried out the scheme or any part of the scheme did so for a purpose (whether or not the dominant purpose but not including an incidental purpose) of enabling the corporate tax entity to get a loss carry back tax offset. Relevant circumstances (2) For the purposes of paragraph (1)(e), the relevant circumstances of the * scheme for a disposition include the following: (a) the extent to which the * corporate tax entity continued to conduct the same activities after the scheme as it did before the scheme; (b) if the corporate tax entity continued to use the same assets after the scheme as it did before the scheme—the extent to which those assets were assets for which equivalents were not readily available at the time of the scheme; (c) the matters referred to in subsection 177D(2) of the Income Tax Assessment Act 1936 (applying paragraph 177D(2)(d) as if the reference in that paragraph to Part IVA of that Act were instead a reference to this section). Application of this section to non ‑ share equity interests (3) This section: (a) applies to a * non ‑ share equity interest in the same way as it applies to a * membership interest; and (b) applies to an * equity holder in the same way as it applies to a * member.", "Amendment_Count": 3, "First_Amended": "No 88 of 2013", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s160-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 164-1", "Provision_Key": "s164-1", "Heading": "What this Division is about", "Text": "A company that issues non ‑ share equity interests will have a notional account called a non ‑ share capital account . This account records contributions to the company in relation to those non ‑ share equity interests and returns made by the company of those contributions. A non ‑ share distribution that represents a return of contributions is not taxed as a dividend (subject to the anti ‑ avoidance provisions dealing with dividend substitution). In certain circumstances a company may use its share capital account as the source for such distributions. Table of sections Operative provisions 164 ‑ 5 Object 164 ‑ 10 Non ‑ share capital account 164 ‑ 15 Credits to non ‑ share capital account 164 ‑ 20 Debits to non ‑ share capital account", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s164-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 164-5", "Provision_Key": "s164-5", "Heading": "Object", "Text": "(1) This Division provides for the * non ‑ share capital account through which a company records contributions made to it in respect of * non ‑ share equity interests and returns by it of those contributions. (2) This allows a * non ‑ share distribution to be characterised as either: (a) a * non ‑ share dividend; or (b) a * non ‑ share capital return.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s164-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 164-10", "Provision_Key": "s164-10", "Heading": "Non ‑ share capital account", "Text": "(1) A company has a non ‑ share capital account if: (a) the company issues a * non ‑ share equity interest in the company on or after 1 July 2001; or (b) the company has issued a non ‑ share equity interest in the company before 1 July 2001 that is still in existence on 1 July 2001; or (c) a * debt interest in the company changes at a particular time (the change time ) to an * equity interest in the company because of subsection 974 ‑ 110(1) or (2); or (d) the following conditions are satisfied in relation to an interest in the company: (i) immediately before subsection 974 ‑ 75(4) ceases to have effect, the interest is taken to be a debt interest in the company because of that subsection; (ii) the interest is an equity interest in the company at the time (the change time ) that is immediately after that cessation; (iii) subsection 974 ‑ 75(6) does not apply to the interest in relation to the income year that includes the change time; or (e) the following conditions are satisfied in relation to an interest in the company: (i) subsection 974 ‑ 75(6) applies to the interest in relation to a particular income year; (ii) that subsection does not apply to the interest in relation to the next income year; (iii) the interest is an equity interest in the company at the time (the change time ) that is the start of that next income year. (2) The account continues in existence even if the company ceases to have any * non ‑ share equity interests on issue. (3) The balance of the account cannot fall below nil. (4) The only credits and debits that may be made to the account are those provided for in sections 164 ‑ 15 and 164 ‑ 20.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 163 of 2001 | No 162 of 2005", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s164-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 164-15", "Provision_Key": "s164-15", "Heading": "Credits to non ‑ share capital account", "Text": "(1) If the company issues a * non ‑ share equity interest in the company on or after 1 July 2001, there is a credit to the * non ‑ share capital account equal to: where: amount received is the * market value, when it is provided, of the consideration the company receives for the issue of the interest. share capital account credit is the amount of any credit made to the company’s * share capital account in respect of the issue of the interest. Note: The issue of a non ‑ share equity interest can give rise to a credit to the company’s share capital account if the interest consists, for example, of a stapled security that includes a share in the company’s capital. (2) If paragraph 164 ‑ 10(1)(c), (d) or (e) applies in relation to a particular interest in the company, there is a credit to the * non ‑ share capital account at the change time referred to in that paragraph of an amount equal to: where: amount received is the * market value, when it was provided, of the consideration the company received for the issue of the interest. amount returned is so much of the amount received as has been returned to a holder of the interest before the change time. share capital account credit is the amount of any credit made to the company’s * share capital account in respect of the issue of the interest. (3) If the company has a * non ‑ share capital account at the beginning of 1 July 2001 because of a * non ‑ share equity interest the company issued before 1 July 2001, there is a credit to the non ‑ share capital account on that day for each non ‑ share equity interest in the company that: (a) was issued before 1 July 2001; and (b) is still in existence on 1 July 2001 . (4) The amount of the credit under subsection (3) is: where: amount received is the * market value, when it is provided, of the consideration the company receives for the issue of the interest. return of amount received is the sum of the amounts paid before 1 July 2001 by way of return, in whole or in part, of the amount received. share capital account credit is the sum of any amounts credited before 1 July 2001 to the company’s * share capital account in respect of the issue of the interest. (5) To avoid doubt, if: (a) it appears that a credit to the company’s * non ‑ share capital account has arisen under this section because an interest in the company appears to be, or have become, an * equity interest at a time in a particular income year; and (b) because subsection 974 ‑ 75(6) or 974 ‑ 110(1A) is subsequently found to apply in relation to the interest and that income year, the interest was not in fact, or did not in fact become, an equity interest at that time; the credit referred to in paragraph (a) is taken never to have arisen.", "Amendment_Count": 4, "First_Amended": "No 163 of 2001", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 163 of 2001 | No 162 of 2005 | No 58 of 2006 | No 80 of 2006", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s164-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 164-20", "Provision_Key": "s164-20", "Heading": "Debits to non ‑ share capital account", "Text": "(1) The company may debit the whole or a part of a * non ‑ share distribution against the company’s * non ‑ share capital account: (a) to the extent to which the distribution is made as consideration for the surrender, cancellation or redemption of a * non ‑ share equity interest in the company; or (b) to the extent to which: (i) the distribution is made in connection with a reduction in the * market value of a non ‑ share equity interest in the company; and (ii) the amount of the distribution is equal to the amount of the reduction in market value. (2) The total of the amounts debited to the account in respect of a particular * non ‑ share equity interest must not exceed the total of the amounts credited to the account in respect of the interest. (3) If: (a) an * equity interest in the company changes at a particular time (the change time ) to a * debt interest in the company because of subsection 974 ‑ 110(1) or (2); or (b) an equity interest in the company changes to a debt interest in the company, with effect from a time (the change time ) that is the start of a particular income year, because of subsection 974 ‑ 110(1A); or (c) the following conditions are satisfied in relation to an interest in the company: (i) subsection 974 ‑ 75(6) does not apply to the interest in relation to a particular income year; (ii) the interest is an equity interest in the company at the end of that income year; (iii) subsection 974 ‑ 75(6) applies to the interest from the time (the change time ) that is the start of the next income year; there is, or is taken to have been, a debit to the * non ‑ share capital account at the change time equal to: where: credits in relation to the interest is the sum of all the credits that have been made to the * non ‑ share capital account in relation to the interest before the change time. debits in relation to the interest is the sum of all the debits that have been made to the * non ‑ share capital account in relation to the interest before the change time. (4) To avoid doubt, if: (a) it appears that a debit to the company’s * non ‑ share capital account has arisen because an interest in the company appears to be, or have become, a * debt interest at a time in a particular income year; and (b) because subsection 974 ‑ 75(6) or 974 ‑ 110(1A) is subsequently found not to apply in relation to the interest and that income year, the interest was not in fact, or did not in fact become, a debt interest at that time; the debit referred to in paragraph (a) is taken never to have arisen.", "Amendment_Count": 3, "First_Amended": "No 163 of 2001", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 163 of 2001 | No 162 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s164-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-1", "Provision_Key": "s165-1", "Heading": "What this Division is about", "Text": "A change in the ownership or control of a company can affect: • whether it can deduct its tax losses of earlier income years; and • how it calculates its taxable income and tax loss for the income year of the change; and • whether it can deduct debts owed to it that are written off as bad.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Repealed and substituted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-5", "Provision_Key": "s165-5", "Heading": "What this Subdivision is about", "Text": "A company cannot deduct a tax loss unless: (a) it has the same owners and the same control throughout the period from the start of the loss year to the end of the income year; or (b) it satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1 July 2015). Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see section 415 ‑ 35. Table of sections Operative provisions 165 ‑ 10 To deduct a tax loss 165 ‑ 12 Company must maintain the same owners 165 ‑ 13 Alternatively, the company must satisfy the business continuity test 165 ‑ 15 The same people must control the voting power, or the company must satisfy the business continuity test 165 ‑ 20 When company can deduct part of a tax loss", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 147 of 2005 | No 164 of 2007 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-10", "Provision_Key": "s165-10", "Heading": "To deduct a tax loss", "Text": "A company cannot deduct a * tax loss unless either: (a) it meets the conditions in section 165 ‑ 12 (which is about the company maintaining the same owners); or Note: See section 165 ‑ 215 for a special alternative to these conditions. (b) it meets the condition in section 165 ‑ 13 (which is about the company satisfying the business continuity test). Note: In the case of a widely held or eligible Division 166 company, Subdivision 166 ‑ A modifies how this Subdivision applies, unless the company chooses otherwise.", "Amendment_Count": 5, "First_Amended": "No 58 of 2000", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 58 of 2000 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-12", "Provision_Key": "s165-12", "Heading": "Company must maintain the same owners", "Text": "Ownership test period (1) In determining whether section 165 ‑ 10 prevents a company from deducting a * tax loss, the ownership test period is the period from the start of the * loss year to the end of the income year. Note: See section 165 ‑ 255 for the rule about incomplete test periods. Voting power (2) There must be persons who had * more than 50% of the voting power in the company at all times during the * ownership test period. Note 1: See section 165 ‑ 150 to work out who had more than 50% of the voting power. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. Rights to dividends (3) There must be persons who had rights to * more than 50% of the company’s dividends at all times during the * ownership test period. Note 1: See section 165 ‑ 155 to work out who had rights to more than 50% of the company’s dividends. Note 2: Subdivision 167 ‑ A has special rules for working out rights to dividends in a company whose shares do not all carry the same rights to dividends. Rights to capital distributions (4) There must be persons who had rights to * more than 50% of the company’s capital distributions at all times during the * ownership test period. Note 1: See section 165 ‑ 160 to work out who had rights to more than 50% of the company’s capital distributions. Note 2: Subdivision 167 ‑ A has special rules for working out rights to capital distributions in a company whose shares do not all carry the same rights to capital distributions. When to apply the primary test (5) To work out whether a condition in this section was satisfied at all times during the * ownership test period, apply the primary test for that condition unless subsection (6) requires the alternative test to be applied. Note: For the primary test, see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). When to apply the alternative test (6) Apply the alternative test for that condition if one or more other companies beneficially owned * shares or interests in shares in the company at any time during the * ownership test period. Note: For the alternative test, see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). Conditions in subsections (2), (3) and (4) may be treated as having been satisfied in certain circumstances (7) If any of the conditions in subsections (2), (3) and (4) have not been satisfied, those conditions are taken to have been satisfied if: (a) they would have been satisfied except for the operation of section 165 ‑ 165; and (b) the company has information from which it would be reasonable to conclude that less than 50% of the * tax loss has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any * CGT event in relation to any * direct equity interests or * indirect equity interests in the company during the * ownership test period. (7A) If the company is: (a) a * non ‑ profit company; or (b) a * mutual affiliate company; or (c) a * mutual insurance company; during the whole of the * ownership test period, the conditions in subsections (3) and (4) are taken to have been satisfied by the company. Time of happening of CGT event (8) The happening of a * CGT event in relation to a * direct equity interest or * indirect equity interest in the company that results in the failure of the company to satisfy a condition in subsection (2), (3) or (4) is taken, for the purposes of paragraph (7)(b), to have occurred during the * ownership test period.", "Amendment_Count": 5, "First_Amended": "No 169 of 1999", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 147 of 2005 | No 143 of 2007 | No 130 of 2015", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-13", "Provision_Key": "s165-13", "Heading": "Alternatively, the company must satisfy the business continuity test", "Text": "(1) This section sets out the condition that a company must meet to be able to deduct the * tax loss if: (a) the company fails to meet a condition in subsection 165 ‑ 12(2), (3) or (4); or (b) it is not practicable to show that the company meets the conditions in those subsections. Note Other provisions may treat the company as meeting, or failing to meet, the conditions in subsections 165 ‑ 12(2), (3) and (4). (2) The company must satisfy the * business continuity test for the income year (the business continuity test period ). Apply the test to the * business the company carried on immediately before the time (the test time ) shown in the relevant item of the table. Test time Item If: The test time is: 1 It is practicable to show there is a period that meets these conditions: (a) the period starts at the start of the * ownership test period or, if the company came into being during the * loss year, at the time the company came into being; (b) the company would meet the conditions in subsections 165 ‑ 12(2), (3) and (4) if the period were the ownership test period for the purposes of this Act The latest time that it is practicable to show is in the period 2 Item 1 does not apply and the company was in being throughout the * loss year The start of the loss year 3 Item 1 does not apply and the company came into being during the * loss year The end of the loss year For the business continuity test: see Subdivision 165 ‑ E.", "Amendment_Count": 5, "First_Amended": "No 169 of 1999", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 169 of 1999 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-13"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-15", "Provision_Key": "s165-15", "Heading": "The same people must control the voting power, or the company must satisfy the business continuity test", "Text": "(1) Even if a company meets the conditions in section 165 ‑ 12 or 165 ‑ 13, it cannot deduct the * tax loss if: (a) for some or all of the part of the * ownership test period that started at the end of the * loss year, a person controlled, or was able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities); and (b) for some or all of the * loss year, that person did not control, and was not able to control, that voting power (directly, or indirectly in that way); and (c) that person began to control, or became able to control, that voting power (directly, or indirectly in that way) for the purpose of: (i) getting some benefit or advantage in relation to how this Act applies; or (ii) getting such a benefit or advantage for someone else; or for purposes including that purpose. Note: A person can still control the voting power in a company that is in liquidation etc.: see section 165 ‑ 250. (2) However, that person’s control of the voting power, or ability to control it, does not prevent the company from deducting the * tax loss if the company satisfies the * business continuity test for the income year (the business continuity test period ). (3) Apply the * business continuity test to the * business that the company carried on immediately before the time (the test time ) when the person began to control that voting power, or became able to control it. For the business continuity test: see Subdivision 165 ‑ E.", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 169 of 1999 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-20", "Provision_Key": "s165-20", "Heading": "When company can deduct part of a tax loss", "Text": "(1) If section 165 ‑ 10 (which is about deducting a tax loss) prevents a company from deducting a * tax loss, the company can deduct the part of the tax loss that was incurred during a part of the loss year . (2) However, the company can do this only if, assuming that part of the * loss year had been treated as the whole of the loss year for the purposes of section 165 ‑ 10, the company would have been entitled to deduct the * tax loss.", "Amendment_Count": 1, "First_Amended": "No 114 of 2000", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 114 of 2000", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-23", "Provision_Key": "s165-23", "Heading": "What this Subdivision is about", "Text": "A company that has not had the same ownership and control during the income year, and has not satisfied the business continuity test, works out its taxable income and tax loss under this Subdivision. Table of sections 165 ‑ 25 Summary of this Subdivision 165 ‑ 30 Flow chart showing the application of this Subdivision When a company must work out its taxable income and tax loss under this Subdivision 165 ‑ 35 On a change of ownership, unless the company satisfies the business continuity test 165 ‑ 37 Who has more than a 50% stake in the company during a period 165 ‑ 40 On a change of control of the voting power in the company, unless the company satisfies the business continuity test Working out the company’s taxable income 165 ‑ 45 First, divide the income year into periods 165 ‑ 50 Next, calculate the notional loss or notional taxable income for each period 165 ‑ 55 How to attribute deductions to periods 165 ‑ 60 How to attribute assessable income to periods 165 ‑ 65 How to calculate the company’s taxable income for the income year Working out the company’s tax loss 165 ‑ 70 How to calculate the company’s tax loss for the income year Special rules that apply if the company is in partnership 165 ‑ 75 How to calculate the company’s notional loss or notional taxable income for a period when the company was a partner 165 ‑ 80 How to calculate the company’s share of a partnership’s notional loss or notional net income for a period if both entities have the same income year 165 ‑ 85 How to calculate the company’s share of a partnership’s notional loss or notional net income for a period if the entities have different income years 165 ‑ 90 Company’s full year deductions include a share of partnership’s full year deductions", "Amendment_Count": 3, "First_Amended": "No 147 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-23"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-25", "Provision_Key": "s165-25", "Heading": "Summary of this Subdivision", "Text": "(1) The company calculates its taxable income for the income year in this way: Method statement Step 1. Divide the income year into periods: each change in ownership or control is a dividing point between periods. Step 2. Treat each period as if it were an income year and work out the notional loss or notional taxable income for that period. Step 3. Work out the taxable income for the year of the change by adding up:  each notional taxable income; and  any full year amounts (amounts of assessable income not taken into account at Step 2); and then subtracting any full year deductions (deductions not taken into account at Step 2). Note: Do not take into account any notional loss. (2) As well as a taxable income, the company will have a tax loss. It is the total of: • each notional loss; and • excess full year deductions of particular kinds. (3) Special rules apply if the company was in partnership at some time during the income year. For the special rules that apply if the company was in partnership: see sections 165 ‑ 75 to 165 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-30", "Provision_Key": "s165-30", "Heading": "Flow chart showing the application of this Subdivision", "Text": "Note: If the company was a partner during the income year, special rules apply to calculating a notional loss or notional taxable income.", "Amendment_Count": 3, "First_Amended": "No 147 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Repealed and substituted by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-35", "Provision_Key": "s165-35", "Heading": "On a change of ownership, unless the company satisfies the business continuity test", "Text": "A company must calculate its taxable income and * tax loss under this Subdivision unless: (a) there are persons who had * more than a 50% stake in the company during the whole of the income year; or Note: See section 165 ‑ 220 for a special alternative to the condition in this paragraph. (b) there is only part of the income year (a part that started at the start of the income year) during which the same persons had * more than a 50% stake in the company, but the company satisfies the * business continuity test for the rest of the income year (the business continuity test period ); or (c) the company was a * designated infrastructure project entity during the whole of the income year. Note: See subsection 415 ‑ 35(7) if there is only part of the income year during which the company was a designated infrastructure project entity. For the purposes of paragraph (b), apply the business continuity test to the * business that the company carried on immediately before the time (the test time ) when that part ended. Note 1: For the business continuity test, see Subdivision 165 ‑ E. Note 2: In the case of a widely held or eligible Division 166 company, Subdivision 166 ‑ B modifies how this Subdivision applies, unless the company chooses otherwise.", "Amendment_Count": 6, "First_Amended": "No 58 of 2000", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 58 of 2000 | No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-37", "Provision_Key": "s165-37", "Heading": "Who has more than a 50% stake in the company during a period", "Text": "(1) If: (a) there are persons who had * more than 50% of the voting power in the company during the whole of a period (the ownership test period ) consisting of the income year or a part of it; and (b) there are persons who had rights to * more than 50% of the company’s dividends during the whole of the ownership test period; and (c) there are persons who had rights to * more than 50% of the company’s capital distributions during the whole of the ownership test period; those persons had more than a 50% stake in the company during the ownership test period. Note: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) To work out whether a condition in subsection (1) was satisfied during the * ownership test period, apply the primary test for that condition unless subsection (3) requires the alternative test to be applied. For the primary tests: see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). (3) Apply the alternative test for that condition if one or more other companies beneficially owned * shares, or interests in shares, in the company at any time during the * ownership test period. For the alternative tests: see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). Conditions in subsection (1) may be treated as having been satisfied in certain circumstances (4) If any of the conditions in subsection (1) have not been satisfied, those conditions are taken to have been satisfied if: (a) they would have been satisfied except for the operation of section 165 ‑ 165; and (b) the company has information from which it would be reasonable to conclude that less than 50% of the * notional loss for the * ownership test period has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any * CGT event in relation to any * direct equity interests or * indirect equity interests in the company during that period. (4A) If the company is: (a) a * non ‑ profit company; or (b) a * mutual affiliate company; or (c) a * mutual insurance company; during the whole of the * ownership test period, the conditions in paragraphs (1)(b) and (c) are taken to have been satisfied by the company. Time of happening of CGT event (5) The happening of a * CGT event in relation to a * direct equity interest or * indirect equity interest in the company that results in the failure of the company to satisfy a condition in subsection (1) is taken, for the purposes of paragraph (4)(b), to have occurred during the * ownership test period.", "Amendment_Count": 5, "First_Amended": "No 89 of 2000", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 89 of 2000 | No 147 of 2005 | No 143 of 2007 | No 97 of 2008 | No 130 of 2015", "History_Notes": "Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-40", "Provision_Key": "s165-40", "Heading": "On a change of control of the voting power in the company, unless the company satisfies the business continuity test", "Text": "(1) A company must calculate its taxable income and tax loss under this Subdivision if, during the income year, a person begins to control, or becomes able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities) for the purpose, or for purposes including the purpose, of: (a) getting some benefit or advantage in relation to how this Act applies; or (b) getting such a benefit or advantage for someone else. Note 1: A person can still control the voting power in a company that is in liquidation etc.: see section 165 ‑ 250. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. (2) However, that person’s control of the voting power, or ability to control it, does not require the company to calculate its taxable income under this Subdivision if the company satisfies the * business continuity test for the rest of the income year (the business continuity test period ). (3) Apply the * business continuity test to the * business that the company carried on immediately before the time (the test time ) when the person began to control that voting power, or became able to control it. For the business continuity test: see Subdivision 165 ‑ E.", "Amendment_Count": 4, "First_Amended": "No 147 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 147 of 2005 | No 164 of 2007 | No 130 of 2015 | No 7 of 2019", "History_Notes": "Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-45", "Provision_Key": "s165-45", "Heading": "First, divide the income year into periods", "Text": "(1) Divide the income year into periods as follows. (2) The first period starts at the start of the income year. Each later period starts immediately after the end of the previous period. (3) The last period ends at the end of the income year. Each period (except the last) ends at the earlier of: (a) the latest time that would result in persons having * more than a 50% stake in the company during the whole of the period; or (b) the earliest time when a person begins to control, or becomes able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities) for the purpose, or for purposes including the purpose, of: (i) getting some benefit or advantage to do with how this Act applies; or (ii) getting such a benefit or advantage for someone else. Note: See section 165 ‑ 255 for the rule about incomplete periods. (4) However, what would otherwise be 2 or more successive periods are treated as a single period if the company satisfies the * business continuity test for all of them, considered as a single period (the business continuity test period ). Apply the business continuity test to the * business the company carried on immediately before the end of the first of the periods (the test time ). Note 1: For the business continuity test, see Subdivision 165 ‑ E. Note 2: See section 165 ‑ 225 for a special alternative to subsections (3) and (4) of this section.", "Amendment_Count": 5, "First_Amended": "No 58 of 2000", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 58 of 2000 | No 147 of 2005 | No 164 of 2007 | No 41 of 2011 | No 7 of 2019", "History_Notes": "Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-50", "Provision_Key": "s165-50", "Heading": "Next, calculate the notional loss or notional taxable income for each period", "Text": "(1) The company has a * notional loss for a period if the deductions attributed to the period under section 165 ‑ 55 exceed the assessable income attributed to the period under section 165 ‑ 60. The notional loss is the amount of the excess. For a period during which the company was in partnership, the notional loss is worked out under section 165 ‑ 75. (2) On the other hand, if that assessable income exceeds those deductions, the company has a notional taxable income for the period, equal to the excess. For a period during which the company was in partnership, the notional taxable income is worked out under section 165 ‑ 75. (3) If the company has a * notional loss for none of the periods in the income year, this Subdivision has no further application, and the company’s taxable income for the income year is calculated in the usual way. The usual way of working out taxable income is set out in section 4 ‑ 15.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-55", "Provision_Key": "s165-55", "Heading": "How to attribute deductions to periods", "Text": "(1) The company’s deductions for the income year are attributed to periods in the income year as follows. (2) The following deductions are attributed to each period in proportion to the length of the period: (a) deductions for the decline in value of a * depreciating asset; See Division 40. (b) deductions for * exploration or prospecting, or * mining capital expenditure, in connection with mining or quarrying; See section 40 ‑ 80 and Subdivisions 40 ‑ H and 40 ‑ I. (c) deductions for expenditure, deductions for which are spread over 2 or more income years, but not: (i) deductions for exploration or prospecting, or capital expenditure, in connection with mining or quarrying; or See Subdivision 40 ‑ I. (ii) * full year deductions (see subsection (5)); (d) deductions for expenditure of capital monies in connection with an Australian * film. See former section 124ZAFA of the Income Tax Assessment Act 1936 . (3) All other deductions (except * full year deductions) are attributed to periods as if each period were an income year. (4) * Full year deductions are not attributed to any of the periods. They are brought in at a later stage of the process of calculating the company’s taxable income for the income year. (5) These are full year deductions : (a) deductions for bad debts under section 8 ‑ 1 (about general deductions) or section 25 ‑ 35 (about bad debts); (b) deductions for losses on debt/equity swaps under section 63E of the Income Tax Assessment Act 1936 ; (c) deductions, so far as they are allowable under Division 8 (which is about deductions) because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III of the Income Tax Assessment Act 1936 applies to the company in relation to the income year; (fa) deductions for payments of pensions, gratuities or retiring allowances under section 25 ‑ 50; (fb) deductions for gifts under Division 30; (f) deductions for * tax losses of earlier income years. See Division 36. (6) However, a deduction for the balance of capital expenditure is not a full year deduction if the deduction results from the disposal, loss, lapse, termination of use or destruction of the property.", "Amendment_Count": 12, "First_Amended": "No 121 of 1997", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 121 of 1997 | No 85 of 1998 | No 169 of 1999 | No 77 of 2001 | No 58 of 2006 | No 101 of 2006 | No 164 of 2007 | No 97 of 2008 | No 79 of 2010 | No 84 of 2013 | No 34 of 2014 | No 96 of 2014", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 85 of 1998, effective 2 Jan 1999 | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 34 of 2014, effective Sch 1 (items 3–11, 13(1)): 30 May 2014 (s 2(1) item 2) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-60", "Provision_Key": "s165-60", "Heading": "How to attribute assessable income to periods", "Text": "(1) The company’s assessable income for the income year is attributed to periods in the income year as follows. (2) The following amounts are attributed to periods so far as they are reasonably attributable to those periods: (a) amounts included in the company’s assessable income under section 97 (Beneficiary of a trust estate who is not under a legal disability) of the Income Tax Assessment Act 1936 ; or (b) amounts included in the company’s assessable income under section 98A (Non ‑ resident beneficiaries assessable in respect of certain income) of the Income Tax Assessment Act 1936 . (2A) However, so much of an amount included in the company’s assessable income under section 97 or 98A of the Income Tax Assessment Act 1936 as is a * capital gain that forms part of a * net capital gain is not attributed to a period. (3) The following items of assessable income are attributed to each period in proportion to the length of the period: (a) insurance recoveries for loss of * live stock or trees; See section 385 ‑ 130. (b) amounts included in assessable income as a result of elections relating to the forced disposal of live stock; See Subdivision 385 ‑ E and section 385 ‑ 160. (c) recoupment of mains electricity connection expenditure. See items 1.16 and 2.5 in section 20 ‑ 30, which lists deductions for which recoupments are assessable under Subdivision 20 ‑ A. (4) An amount included in the company’s assessable income under section 385 ‑ 135 (Election to defer including profit on second wool clip) is attributed to the period when the wool would ordinarily have been shorn. (5) An amount included in the company’s assessable income that is a * dividend under: (a) section 65 (Payments to associated persons); or (c) section 109 (Excessive payments to shareholders and associates); of the Income Tax Assessment Act 1936 is attributed to the period when the amount was paid or credited, whichever occurred first. (6) All other items of assessable income (except * full year amounts) are attributed to periods as if each period were an income year. (6A) A * net capital gain is not attributed to a period. Note: This is because Subdivision 165 ‑ CB provides for how the company must work out its net capital gain for the income year. (7) Full year amounts are amounts referred to in paragraphs (2)(a) and (b), so far as they are not reasonably attributable to a period, but do not include any part of a * capital gain that forms part of a * net capital gain. Full year amounts are brought in at a later stage of the process of calculating the company’s taxable income for the income year.", "Amendment_Count": 6, "First_Amended": "No 121 of 1997", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 46 of 1998 | No 101 of 2006 | No 79 of 2007 | No 15 of 2017", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-65", "Provision_Key": "s165-65", "Heading": "How to calculate the company’s taxable income for the income year", "Text": "(1) The company’s taxable income for the income year is calculated as follows. (2) Add up the * notional taxable incomes (if any) worked out under section 165 ‑ 50 or 165 ‑ 75. Note: A notional loss for a period is not taken into account, but counts towards the company’s tax loss for the income year. (3) Add the * full year amounts referred to in subsection 165 ‑ 60(7) (if any) and any * net capital gain of the company for the income year. (4) Subtract the company’s * full year deductions of these kinds: (a) deductions for bad debts under section 8 ‑ 1 (about general deductions) or section 25 ‑ 35 (about bad debts); (c) deductions, so far as they are allowable under Division 8 (which is about deductions) because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III of the Income Tax Assessment Act 1936 applies to the company in relation to the income year; unless they exceed the total of the * notional taxable incomes and the * full year amounts. (If they equal or exceed that total, the company does not have a taxable income for the income year.) (5) If an amount remains, subtract from it the company’s other * full year deductions, in the order shown in subsection 165 ‑ 55(5), unless they exceed the amount remaining. (If they equal or exceed that amount, the company does not have a taxable income for the income year.) (6) If an amount remains, it is the company’s taxable income for the income year.", "Amendment_Count": 3, "First_Amended": "No 121 of 1997", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 46 of 1998", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-70", "Provision_Key": "s165-70", "Heading": "How to calculate the company’s tax loss for the income year", "Text": "(1) The company’s tax loss for the income year is calculated as follows. (2) Total the * notional losses worked out under section 165 ‑ 50 or 165 ‑ 75. (3) Add to the total in subsection (2) the amount (if any) by which the company’s * full year deductions of these kinds: (a) deductions for bad debts under section 8 ‑ 1 (about general deductions) or section 25 ‑ 35 (about bad debts); (c) deductions, so far as they are allowable under Division 8 (which is about deductions) because Subdivision H (Period of deductibility of certain advance expenditure) of Division 3 of Part III of the Income Tax Assessment Act 1936 applies to the company in relation to the income year; exceed the total of: (d) the * notional taxable incomes (if any); and To work out the notional taxable income: see section 165 ‑ 50. (e) the * full year amounts referred to in section 165 ‑ 60 (if any); and (f) any * net capital gain of the company for the income year. (4) If the company * derived exempt income, subtract its * net exempt income (worked out under section 36 ‑ 20). (5) Any amount remaining is the company’s tax loss for the income year, which is called a loss year . Note: The meanings of tax loss and loss year are modified by section 36 ‑ 55 for a corporate tax entity that has an amount of excess franking offsets. To find out how much of the tax loss can be deducted in later income years: see Subdivision 165 ‑ A. To find out how to deduct it: see section 36 ‑ 17.", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 121 of 1997 | No 147 of 1997 | No 46 of 1998 | No 142 of 2003", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-75", "Provision_Key": "s165-75", "Heading": "How to calculate the company’s notional loss or notional taxable income for a period when the company was a partner", "Text": "(1) This section applies if at any time during a period the company was a partner in one or more partnerships. (2) The company has a * notional loss for the period if the total (the loss total ) of: (a) the deductions attributed to the period under section 165 ‑ 55; and (b) the * company’s share of each * notional loss (if any) of a partnership for the period; exceeds the total (the income total ) of: (c) the assessable income attributed to the period under section 165 ‑ 60; and (d) the * company’s share of each * notional net income (if any) of a partnership for the period. The notional loss is the amount of the excess. Note: A notional loss is taken into account in working out the company’s tax loss under section 165 ‑ 70. (3) On the other hand, if the income total exceeds the loss total, the company has a notional taxable income for the period, equal to the excess. Note: A notional taxable income is taken into account in working out the company’s taxable income under section 165 ‑ 65. (4) If the company has a * notional taxable income for all periods in the income year, this Subdivision has no further application, and the company’s taxable income for the income year is calculated in the usual way. Note: The usual way of working out taxable income is set out in section 4 ‑ 15.", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 101 of 2003", "Amending_Acts": "No 16 of 1998 | No 101 of 2003", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-80", "Provision_Key": "s165-80", "Heading": "How to calculate the company’s share of a partnership’s notional loss or notional net income for a period if both entities have the same income year", "Text": "(1) This section applies if at any time during a period the company is a partner in a partnership that has an income year that starts and ends when the company’s income year starts and ends. (2) The partnership’s notional loss or notional net income for the period is calculated in the same way as the * notional loss or * notional taxable income of a company. (3) The company’s share is calculated by dividing: • the company’s interest in the partnership’s net income or partnership loss of the income year; by • the amount of that net income or partnership loss; and expressing the result as a percentage. (4) However, if the partnership had neither a net income nor a partnership loss, the company’s share is a percentage that is fair and reasonable having regard to the extent of the company’s interest in the partnership.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-85", "Provision_Key": "s165-85", "Heading": "How to calculate the company’s share of a partnership’s notional loss or notional net income for a period if the entities have different income years", "Text": "(1) This section applies if at any time during a period the company is a partner in a partnership that has an income year that starts and ends at a different time from when the company’s income year starts and ends. (2) So much of the partnership’s net income or partnership loss of an income year as was * derived during the period is a notional net income or notional loss of the partnership for the period. (For the purposes of this subsection, the partnership’s net income or partnership loss is calculated without taking account of the partnership’s * full year deductions for that income year.) Note: The partnership’s full year deductions are dealt with in section 165 ‑ 90. (3) The company’s share is calculated by dividing: • the company’s interest in the partnership’s net income or partnership loss of that income year; by • the amount of that net income or partnership loss; and expressing the result as a percentage.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-90", "Provision_Key": "s165-90", "Heading": "Company’s full year deductions include a share of partnership’s full year deductions", "Text": "(1) This section applies if at any time during the income year the company is a partner in a partnership that has one or more * full year deductions for the income year of the partnership that corresponds to the income year of the company. (2) The partnership’s * full year deductions are treated as full year deductions of the company, but only to the extent of the * company’s share. (3) If the partnership’s income year is the same as the company’s, the company’s share is calculated by dividing: • the company’s interest in the partnership’s net income or partnership loss of the income year; by • the amount of that net income or partnership loss; and expressing the result as a percentage. (4) However, if the partnership had neither a net income nor a partnership loss, the company’s share is a percentage that is fair and reasonable having regard to the extent of the company’s interest in the partnership. (5) If the partnership’s income year does not start and end at the same time as the company’s income year, the company’s share is a percentage that is fair and reasonable having regard to all relevant circumstances.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-93", "Provision_Key": "s165-93", "Heading": "What this Subdivision is about", "Text": "In working out its net capital gain for an income year, a company cannot apply a net capital loss for an earlier income year unless: (a) it has the same owners and the same control from the start of the loss year to the end of the income year; or (b) it satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1 July 2015). Table of sections Operative provisions 165 ‑ 96 When a company cannot apply a net capital loss", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-93"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-96", "Provision_Key": "s165-96", "Heading": "When a company cannot apply a net capital loss", "Text": "(1) In working out its * net capital gain for the * current year, a company cannot apply a * net capital loss it has for an earlier income year if Subdivision 165 ‑ A would prevent it from deducting the loss for the current year if: (a) the loss were a * tax loss of the company for that earlier income year; and (b) section 165 ‑ 20 (about deducting part of a tax loss) were disregarded. Note 1: A company’s net capital gain for an income year is usually worked out under section 102 ‑ 5. Note 2: Subdivision 165 ‑ A deals with the deductibility of a company’s tax loss for an earlier income year if there has been a change in the ownership or control of the company in the period from the start of the loss year to the end of the income year. Note 3: Subdivision 165 ‑ F may affect the application of Subdivision 165 ‑ A. (2) If subsection (1) prevents the company from applying the * net capital loss, it can apply the part of the loss that it made during a part of that earlier income year, but only if, assuming that part of that income year had been treated as the whole of it, the company would have been entitled to apply the net capital loss.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 58 of 2000 | No 147 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-96"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-99", "Provision_Key": "s165-99", "Heading": "What this Subdivision is about", "Text": "A company that has not had the same ownership and control during the income year, and has not satisfied the business continuity test, works out its net capital gain and net capital loss under this Subdivision. Table of sections When a company must work out its net capital gain and net capital loss under this Subdivision 165 ‑ 102 On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test Working out the company’s net capital gain and net capital loss 165 ‑ 105 First, divide the income year into periods 165 ‑ 108 Next, calculate the notional net capital gain or notional net capital loss for each period 165 ‑ 111 How to work out the company’s net capital gain 165 ‑ 114 How to work out the company’s net capital loss", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-99"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-102", "Provision_Key": "s165-102", "Heading": "On a change of ownership, or of control of voting power, unless the company satisfies the business continuity test", "Text": "A company must calculate its * net capital gain and * net capital loss for the income year under this Subdivision if: (a) it must calculate its taxable income and * tax loss for the income year under Subdivision 165 ‑ B; or Note: Subdivision 165 ‑ F may affect the application of Subdivision 165 ‑ B. (b) it would be required to calculate them under that Subdivision but for subsection 165 ‑ 50(3) (about cases where that Subdivision would make no difference to the taxable income). Note: In the case of a widely held or eligible Division 166 company, Subdivision 166 ‑ B modifies how this Subdivision applies, unless the company chooses otherwise.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 58 of 2000 | No 147 of 2005 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-105", "Provision_Key": "s165-105", "Heading": "First, divide the income year into periods", "Text": "Divide the income year into periods according to section 165 ‑ 45 (which is about working out the company’s taxable income under Subdivision 165 ‑ B).", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-108", "Provision_Key": "s165-108", "Heading": "Next, calculate the notional net capital gain or notional net capital loss for each period", "Text": "(1) The company has a notional net capital gain for a period if the total of the * capital gains it made during the period exceeds the total of the * capital losses it made during the period. The notional net capital gain is the amount of the excess. (2) On the other hand, if the total of those losses exceeds the total of those gains, the company has a notional net capital loss for the period, equal to the excess. (3) If the company has a * notional net capital loss for none of the periods in the income year, this Subdivision has no further application, and the company’s * net capital gain for the income year is calculated in the usual way. The usual way of working out the net capital gain is set out in section 102 ‑ 5. Trust’s capital gain attributed to company beneficiary (4) If some or all (the attributable amount ) of an amount included in the company’s assessable income for the income year under: (a) section 97 (Beneficiary of a trust estate who is not under a legal disability) of the Income Tax Assessment Act 1936 ; or (b) section 98A (Non ‑ resident beneficiaries assessable in respect of certain income) of that Act; is attributable to a * capital gain that the trust made at a particular time during the period, this section applies to the attributable amount as if it were a * capital gain made by the company at that time.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-108"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-111", "Provision_Key": "s165-111", "Heading": "How to work out the company’s net capital gain", "Text": "The company’s net capital gain for the income year is worked out in this way: Working out the company’s net capital gain Step 1. Add up the * notional net capital gains (if any) worked out under section 165 ‑ 108. Note: A notional net capital loss for a period is not taken into account, but counts towards the company’s net capital loss for the income year. Step 2. Add to the Step 1 amount so much of each amount included in the company’s assessable income for the income year under: (a) section 97 (Beneficiary of a trust estate who is not under a legal disability) of the Income Tax Assessment Act 1936 ; or (b) section 98A (Non ‑ resident beneficiaries assessable in respect of certain income) of that Act; as is attributable to a * capital gain that the trust made outside the income year. Note: This is relevant only if the trust has an income year that starts and ends at a different time from when the company’s income year starts and ends. Step 3. If the Step 2 amount is more than zero, reduce it by applying any unapplied * net capital losses from previous income years. (If this reduces it to zero, the company has no net capital gain for the income year.) Note: To apply net capital losses: see section 102 ‑ 15. Step 4. If the Step 3 amount is more than zero, it is the company’s net capital gain . Note : For exceptions and modifications to these rules: see section 102 ‑ 30.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-111"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-114", "Provision_Key": "s165-114", "Heading": "How to work out the company’s net capital loss", "Text": "The company’s net capital loss for the income year is worked out in this way: Working out the company’s net capital loss Step 1. Add up the * notional net capital losses (if any) worked out under section 165 ‑ 108. Step 2. If the Step 1 amount is more than zero, it is the company’s net capital loss . Note: For exceptions and modifications to these rules: see section 102 ‑ 30.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 46 of 1998 | No 88 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-114"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115", "Provision_Key": "s165-115", "Heading": "What this Subdivision is about", "Text": "If a change occurs in the ownership or control of a company that has an unrealised net loss, the company cannot, to the extent of the unrealised net loss, have capital losses taken into account, or deduct revenue losses, in respect of CGT events that happen to CGT assets that it owned at the time of the change, unless it satisfies the business continuity test.", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 90 of 2002 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115AA", "Provision_Key": "s165-115aa", "Heading": "Special rules to save compliance costs", "Text": "(1) A company is exempt from these rules if, at the time of the change in ownership or control, it (together with certain related entities) has a net asset value of not more than $6,000,000 under the test in section 152 ‑ 15 (for small business CGT relief). (2) In working out whether it has an unrealised net loss, a company can choose to work out the market value of each of its assets individually, or of all of its assets together. (3) If a company works out the market value of each of its assets individually, it may choose to exclude every asset that it acquired for less than $10,000, in which case: (a) unrealised losses and gains on the excluded assets will not be taken into account in calculating the company’s unrealised net loss; and (b) losses on the excluded assets will be allowed without the company being subject to the business continuity test. Table of sections Operative provisions 165 ‑ 115A Application of Subdivision 165 ‑ 115B What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time 165 ‑ 115BA What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock 165 ‑ 115BB Order of application of assets: residual unrealised net loss 165 ‑ 115C Changeover time—change in ownership of company 165 ‑ 115D Changeover time—change in control of company 165 ‑ 115E What is an unrealised net loss 165 ‑ 115F Notional gains and losses", "Amendment_Count": 5, "First_Amended": "No 90 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 90 of 2002 | No 58 of 2006 | No 80 of 2007 | No 21 of 2015 | No 7 of 2019", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115AA"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115A", "Provision_Key": "s165-115a", "Heading": "Application of Subdivision", "Text": "Application (1) This Subdivision applies to a company if: (a) a changeover time has occurred or occurs in relation to the company after the commencement time; and (b) at the changeover time the company had an unrealised net loss (see section 165 ‑ 115E); and (c) either of the following applies: (i) the company makes a * capital loss, or apart from this Subdivision would be entitled to a deduction, in respect of a * CGT event that happens to a * CGT asset referred to in subsection (1A); (ii) the company makes a * trading stock loss in respect of a CGT asset referred to in subsection (1A) that is an item of * trading stock; and (d) the company would not, at the changeover time, satisfy the maximum net asset value test under section 152 ‑ 15. CGT assets in respect of which Subdivision applies (1A) The * CGT assets for the purposes of paragraph (1)(c) are: (a) any CGT asset that the company owned at the changeover time; and (b) any CGT asset that the company did not own at the changeover time but had owned at a previous time, where: (i) a deferral event referred to in subsection 170 ‑ 255(1) happened before the changeover time; and (ii) the deferral event involved the company as the originating company referred to in that subsection; and (iii) the deferral event would have resulted in the company making a * capital loss, or becoming entitled to a deduction, in respect of the CGT asset except for section 170 ‑ 270; and (iv) the company is not taken to have made a capital loss at or before the changeover time, or to have become entitled to a deduction at that time, under section 170 ‑ 275 in respect of the asset. Company may choose to disregard CGT assets acquired for less than $10,000 (1B) A company may choose, for the purposes of the application of this Subdivision to it in respect of a particular changeover time, that every * CGT asset that has been acquired by it for less than $10,000 is to be disregarded. However, the choice does not affect the application of the * global method of working out whether the company has an unrealised net loss (see subsection 165 ‑ 115E(2)). Time for making choice (1C) A choice under subsection (1B) must be made on or before: (a) the day on which the company lodges its * income tax return for the income year in which the relevant changeover time occurred; or (b) such later day as the Commissioner allows. Trading stock loss (1D) A company is taken to have made a trading stock loss in respect of an asset that is an item of * trading stock if, and only if: (a) one of the following applies: (i) the company * disposes of the item; (ii) the item stops being trading stock (within the meaning of section 70 ‑ 80); (iii) the item is revalued under Division 70; and (b) if subparagraph (a)(i) or (ii) applies—the item’s * market value at the time when it is disposed of or stops being trading stock is less than: (i) in respect of an item that has been valued under Division 70—its latest value under the Division; or (ii) otherwise—its cost at that time; and (c) if subparagraph (a)(iii) applies—the item’s value under the revaluation is less than: (i) in respect of an item that has previously been valued under Division 70—its latest value under that Division before the revaluation; or (ii) otherwise—its cost at the time of the revaluation. The difference worked out under paragraph (b) or (c), as the case may be, constitutes the amount of the * trading stock loss. Commencement time (2) For the purposes of this Subdivision, the commencement time of a company is: (a) if the company was in existence at 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999—that time; or (b) if the company came into existence after that time—the time when it came into existence. Reference time (2A) For the purposes of the application of this Subdivision to a company in relation to a particular time (the test time ), the reference time is: (a) if no changeover time occurred in respect of the company before the test time—the commencement time; or (b) otherwise—the time immediately after the last changeover time that occurred in respect of the company before the test time. Asset owned at more than one changeover time (3) If: (a) 2 or more changeover times have occurred or occur in relation to a company; and (b) the company owned a particular asset at more than one of those changeover times; this Subdivision applies to the company in respect of that asset only in relation to the later or latest of those changeover times. Note: For changeover time see sections 165 ‑ 115C and 165 ‑ 115D.", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 90 of 2002 | No 58 of 2006 | No 97 of 2008 | No 15 of 2017", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115B", "Provision_Key": "s165-115b", "Heading": "What happens when the company makes a capital loss or becomes entitled to a deduction in respect of a CGT asset after a changeover time", "Text": "Where capital loss or deduction is equal to or less than residual unrealised net loss (1) If the * capital loss or deduction referred to in subparagraph 165 ‑ 115A(1)(c)(i) is equal to or less than the company’s residual unrealised net loss at the time of the occurrence of the event that resulted in the capital loss or entitled the company to the deduction: (a) the capital loss is taken to have been a * net capital loss; or (b) the deduction is taken to have been a * tax loss; of the company for the income year immediately before the income year in which the changeover time occurred. Where capital loss or deduction is greater than residual unrealised net loss (2) If the * capital loss or deduction referred to in subparagraph 165 ‑ 115A(1)(c)(i) is greater than the company’s residual unrealised net loss at the time of the occurrence of the event that resulted in the capital loss or entitled the company to the deduction: (a) the part of the capital loss that is equal to the residual unrealised net loss is taken to have been a * net capital loss; or (b) the part of the deduction that is equal to the residual unrealised net loss is taken to have been a * tax loss; of the company for the income year immediately before the income year in which the changeover time occurred. Company does not meet certain conditions in relation to net capital loss or tax loss (3) The company is taken not to have met, at the changeover time, the conditions in subsections 165 ‑ 12(2), (3) and (4) in relation to the * net capital loss or the * tax loss. The changeover time is the test time for applying section 165 ‑ 13 to the company. Need to meet business continuity test (4) The effect of subsection (3) is that the company cannot apply the * net capital loss (see section 165 ‑ 10 as it applies because of section 165 ‑ 96), or deduct the * tax loss (see section 165 ‑ 10), unless it meets the condition in section 165 ‑ 13 (the business continuity test). Consequences for net capital loss (5) The * net capital loss cannot be applied against * capital gains made in an income year before the income year in which the company made the capital loss referred to in subparagraph 165 ‑ 115A(1)(c)(i). Consequences for tax loss (6) The * tax loss cannot be deducted from assessable income * derived in an income year before the income year in which the company would have been entitled to the deduction referred to in subparagraph 165 ‑ 115A(1)(c)(i). Note: For changeover time see sections 165 ‑ 115C and 165 ‑ 115D.", "Amendment_Count": 7, "First_Amended": "No 169 of 1999", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 142 of 2003 | No 147 of 2005 | No 58 of 2006 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115BA", "Provision_Key": "s165-115ba", "Heading": "What happens when a CGT event happens after a changeover time to a CGT asset of the company that is trading stock", "Text": "Application (1) This section applies to the company if, after the changeover time, the company makes a * trading stock loss in respect of an item of * trading stock as mentioned in subparagraph 165 ‑ 115A(1)(c)(ii). Where trading stock loss is equal to or less than residual unrealised net loss (2) If the * trading stock loss is equal to or less than the company’s residual unrealised net loss at the time of the occurrence of the trading stock loss, the amount of the trading stock loss is to be included in the company’s assessable income. Where trading stock loss is greater than unrealised net loss (3) If the * trading stock loss is greater than the company’s residual unrealised net loss at the time of the occurrence of the trading stock loss, the part of the trading stock loss that is equal to the residual unrealised net loss is to be included in the company’s assessable income. No increase in assessable income if company satisfies the business continuity test (4) Neither subsection (2) nor (3) applies to the company if the company meets the condition in section 165 ‑ 13 (the business continuity test). Assumptions for purposes of business continuity test (5) In determining whether the company meets the condition in section 165 ‑ 13, assume: (a) that the * trading stock loss (if subsection (2) applies) or the part of the trading stock loss (if subsection (3) applies) is a * net capital loss of the company for the income year immediately before the income year in which the changeover time occurred; and (b) that the company failed, at the changeover time, to meet the condition in subsections 165 ‑ 12(2), (3) and (4) in relation to the net capital loss referred to in paragraph (a); and (c) that the changeover time is the test time ; and (d) that the * business continuity test period is the income year in which the loss occurred.", "Amendment_Count": 5, "First_Amended": "No 89 of 2000", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 89 of 2000 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115BA"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115BB", "Provision_Key": "s165-115bb", "Heading": "Order of application of assets: residual unrealised net loss", "Text": "Order in which assets are to be applied (1) In applying subsection 165 ‑ 115B(2) or 165 ‑ 115BA(3) in respect of assets that the company owned at the changeover time: (a) the company’s * capital losses are taken to have been made, the company is taken to have become entitled to deductions and the company is taken to have made * trading stock losses in the order in which the events that resulted in the capital losses, deductions or trading stock losses occurred; and (b) if 2 or more such events occurred at the same time, they are taken to have occurred in such order as the company determines. Residual unrealised net loss (2) The company’s residual unrealised net loss , at the time of an event (the relevant event ) that resulted in the company making a * capital loss, becoming entitled to a deduction or making a * trading stock loss, in respect of an asset, is the amount worked out using the following formula: where: previous capital losses, deductions or trading stock losses means the total of the following: (a) capital losses that the company made, deductions to which the company became entitled, or * trading stock losses that the company made, as a result of events earlier than the relevant event in respect of assets that the company owned at the * changeover time; (b) each reduction that section 715 ‑ 105 (as applying to the company as the * head company of a * consolidated group or * MEC group) makes in respect of such an asset because an entity ceased before the time of the relevant event to be a * subsidiary member of the group (but counting only the greater or greatest such reduction if 2 or more are made for the same asset); or nil if there are none. unrealised net loss means the company’s unrealised net loss at the last changeover time that occurred before the relevant event. Note: For changeover time see sections 165 ‑ 115C and 165 ‑ 115D.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 89 of 2000 | No 41 of 2005 | No 12 of 2012", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115BB"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115C", "Provision_Key": "s165-115c", "Heading": "Changeover time—change in ownership of company", "Text": "(1) A time (the test time ) is a changeover time in respect of a company if: (a) persons who had * more than 50% of the voting power in the company at the reference time do not have more than 50% of that voting power immediately after the test time; or (b) persons who had rights to * more than 50% of the company’s dividends at the reference time do not have rights to more than 50% of those dividends immediately after the test time; or (c) persons who had rights to * more than 50% of the company’s capital distributions at the reference time do not have rights to more than 50% of those distributions immediately after the test time. Note 1: See section 165 ‑ 150 to work out who had more than 50% of the voting power in the company. Note 2: See section 165 ‑ 155 to work out who had rights to more than 50% of the company’s dividends. Note 3: See section 165 ‑ 160 to work out who had rights to more than 50% of the company’s capital distributions. Note 4: For reference time see subsection 165 ‑ 115A(2A). Note 5: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) To work out whether paragraph (1)(a), (b) or (c) applied at a particular time, apply the primary test unless subsection (3) requires the alternative test to be applied. Note: For the primary test see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). (3) Apply the alternative test if one or more other companies beneficially owned * shares or interests in shares in the company at any time during the period from the reference time to the * test time. Note: For the alternative test see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). (4) A * test time that would, apart from this subsection, be a changeover time in respect of the company because of the application of subsection (1) is taken not to be a changeover time if: (a) that subsection would not have applied except for the operation of section 165 ‑ 165; and (b) the company has information from which it would be reasonable to conclude that less than 50% of the company’s unrealised net loss at the test time has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any * CGT event in relation to any * direct equity interests or * indirect equity interests in the company during the period from the reference time to the test time. (4A) If the company is: (a) a * non ‑ profit company; or (b) a * mutual affiliate company; or (c) a * mutual insurance company; during the whole of the period from the reference time to the * test time, the test time is taken not to be a * changeover time in respect of the company because of the application of paragraphs (1)(b) and (c). (5) The happening of any * CGT event in relation to a * direct equity interest or * indirect equity interest in the company that results in the time of the happening of the event being a changeover time in respect of the company is taken, for the purposes of paragraph (4)(b), to have occurred during the period referred to in that paragraph.", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 101 of 2003 | No 147 of 2005 | No 143 of 2007 | No 130 of 2015", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115D", "Provision_Key": "s165-115d", "Heading": "Changeover time—change in control of company", "Text": "(1) A time (the test time ) is also a changeover time in respect of a company if, at the test time: (a) a person or persons who did not control, and were not able to control, the voting power in the company at the reference time began to control, or became able to control, that voting power immediately after the test time; and (b) that person or those persons so began, or became able, to control that voting power for the purpose of: (i) getting some benefit or advantage in relation to how this Act applies; or (ii) getting such a benefit or advantage for someone else; or for purposes including that purpose. Note 1: A person can still control the voting power in a company that is in liquidation etc.: see section 165 ‑ 250. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. (2) In this section: control of the voting power in a company means control of that voting power either directly, or indirectly through one or more interposed entities.", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115D"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115E", "Provision_Key": "s165-115e", "Heading": "What is an unrealised net loss", "Text": "(1) The question whether a company has an unrealised net loss at a particular time (the relevant time ) is worked out in this way (the individual asset method ), unless the company chooses to work it out using the * global method (set out in subsection (2)). Method statement Step 1. Work out under section 165 ‑ 115F in respect of each * CGT asset that the company owned at the relevant time any notional capital gain or notional revenue gain or any notional capital loss or notional revenue loss that the company has at that time in respect of the asset. The sum of the notional capital gains is the company’s unrealised capital gain at the relevant time. The sum of the notional capital losses is the company’s unrealised capital loss at the relevant time. The sum of the notional revenue gains is the company’s unrealised revenue gain at the relevant time. The sum of the notional revenue losses is the company’s unrealised revenue loss at the relevant time. Step 2. Add up the unrealised capital gain and the unrealised revenue gain at the relevant time. The total is the unrealised gross gain at that time. Step 3. Add up the unrealised capital loss and the unrealised revenue loss at the relevant time. The total is the unrealised gross loss at that time. Step 4. If the unrealised gross loss at the relevant time exceeds the unrealised gross gain at that time, the excess is the company’s preliminary unrealised net loss at that time. Step 5. Add up the company’s preliminary unrealised net loss and any * capital loss, deduction or share of a deduction disregarded under section 170 ‑ 270 in relation to an asset referred to in paragraph 165 ‑ 115A(1A)(b). The total is the company’s unrealised net loss at the relevant time. (2) The global method of working out whether the company has an unrealised net loss at the relevant time is as follows: Method statement Step 1. Work out the total * market value of all * CGT assets that the company owned at the relevant time (including those it * acquired for less than $10,000), using a valuation method that would generally be regarded as appropriate in the circumstances. Step 2. Work out the total of the * cost bases of those * CGT assets at the relevant time. Note: If a CGT asset that the company owned at the relevant time was also trading stock or a revenue asset at that time, see subsection (3) of this section. Step 3. If the step 2 amount exceeds the step 1 amount, the excess is the company’s preliminary unrealised net loss at the relevant time. Step 4. Add up the company’s preliminary unrealised net loss and any * capital loss, deduction or share of a deduction disregarded under section 170 ‑ 270 in relation to an asset referred to in paragraph 165 ‑ 115A(1A)(b). The total is the company’s unrealised net loss at the relevant time. (3) If: (a) a * CGT asset that the company owned at the relevant time was also * trading stock or a * revenue asset at that time; and (b) the asset’s * cost base at the relevant time is less than the amount that would be compared under section 165 ‑ 115F with the asset’s * market value in working out a notional revenue gain or notional revenue loss that the company has at the relevant time in respect of the asset; then, for the purposes of step 2 of the method statement in subsection (2) of this section, the amount that would be so compared is to be taken into account instead of that cost base. (4) A choice to use the * global method must be made on or before: (a) the day on which the company lodges its * income tax return for the income year in which the relevant time occurred; or (b) such later day as the Commissioner allows.", "Amendment_Count": 5, "First_Amended": "No 169 of 1999", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 90 of 2002 | No 58 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115E"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115F", "Provision_Key": "s165-115f", "Heading": "Notional gains and losses", "Text": "(1) This section applies for the purpose of calculating whether a company has at a particular time (the relevant time ) a notional capital gain, a notional capital loss, a notional revenue gain or a notional revenue loss in respect of a * CGT asset that it owned at that time. (2) The calculation is to be made on the assumption that the company disposed of the asset at its * market value at the relevant time. (3) In relation to an asset other than an item of * trading stock: (a) if the company would make a * capital gain in respect of the disposal of the asset—the company has at the relevant time in respect of the asset a notional capital gain equal to the amount of the capital gain; or (b) if an amount (other than a capital gain) would be included in the company’s assessable income in respect of the disposal of the asset—the company has at the relevant time in respect of the asset a notional revenue gain equal to the amount so included; or (c) if the company would make a * capital loss in respect of the disposal of the asset—the company has at the relevant time in respect of the asset a notional capital loss equal to the amount of the capital loss; or (d) if the company would be entitled to a deduction in respect of the disposal of the asset—the company has at the relevant time in respect of the asset a notional revenue loss equal to the amount of the deduction. (4) In relation to an asset that is an item of * trading stock: (a) if the item’s * market value at the relevant time exceeds: (i) in respect of an item that has been valued under Division 70—the item’s latest valuation under that Division; or (ii) otherwise—the * cost of the item at the relevant time; the company has at the relevant time in respect of the article a notional revenue gain equal to the excess; or (b) if the item’s market value at the relevant time is less than: (i) in respect of an item that has been valued under Division 70—the item’s latest valuation under that Division; or (ii) otherwise—the * cost of the item at the relevant time; the company has at the relevant time in respect of the article a notional revenue loss equal to the difference. (5) A company may choose that this section is to apply to the company at the relevant time in respect of an asset to which subsection (6) applied at that time as if references to the * market value of the asset were references to its * written down value. (6) This subsection applies to an asset at the relevant time if: (a) the asset is a * depreciating asset (not a building or structure) for whose decline in value the company has deducted or can deduct an amount; and (b) the expenditure incurred by the company to * acquire the asset was less than $1,000,000 (the expenditure can include the giving of property: see section 103 ‑ 5); and (c) it would be reasonable for the company to conclude that the * market value of the asset at that time was not less than 80% of its * written down value at that time.", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 77 of 2001 | No 90 of 2002 | No 58 of 2006 | No 12 of 2012", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115F"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115GA", "Provision_Key": "s165-115ga", "Heading": "What this Subdivision is about", "Text": "This Subdivision prevents multiple recognition of a company’s losses when significant equity and debt interests that entities (not individuals) have in the company are realised.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115GA"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115GB", "Provision_Key": "s165-115gb", "Heading": "When adjustments must be made", "Text": "(1) The operation of this Subdivision is triggered at an alteration time, which is when: (a) an alteration takes place in the ownership or control of the company; or (b) a liquidator or administrator of the company declares that shares or financial instruments are worthless (CGT event G3). (2) An alteration time is the trigger for making reductions and other adjustments to the reduced cost base of significant equity and debt interests in the company that are owned by an entity (not an individual) that, alone or with its associates, has a controlling stake in the company and either: (a) has a * direct equity interest or * indirect equity interest of at least 10% in the company; or (b) is owed a debt of at least $10,000 by the company or by another entity that has a significant equity or debt interest in the company. Deductions that relate to such interests held as trading stock or otherwise on revenue account are also reduced. (3) Adjustments may also be made when such an entity’s interests in the company are partly realised within 12 months before an alteration time or if, under an arrangement, such interests are realised partly within that period or at the alteration time and partly at an earlier time. (4) However, entities in which there are no interests in respect of which the company’s losses have been, or can be, duplicated are not affected by this Subdivision.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 90 of 2002 | No 23 of 2005 | No 143 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115GB"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115GC", "Provision_Key": "s165-115gc", "Heading": "How adjustments are calculated", "Text": "(1) Adjustments are based on the overall loss of the company. This comprises its realised losses and unrealised losses on CGT assets. (2) Special rules, directed at saving compliance costs, apply to determine whether unrealised losses have to be counted at an alteration time and, if so, how to work them out. (3) The company may not have to calculate its unrealised losses if the alteration time is not also a changeover time for the purposes of Subdivision 165 ‑ CC (about change of ownership or control of a company that has an unrealised net loss), and the company has no realised losses. (4) The company does not have to count unrealised losses at an alteration time if (together with certain related entities) it has a net asset value of not more than $6,000,000 under the test in section 152 ‑ 15 (for small business CGT relief). (5) In working out its unrealised losses on CGT assets, the company can choose to work out the * market value of each of its assets individually, or of all of its assets together. (6) If the company works out the * market value of each of its assets individually, unrealised losses on assets acquired for less than $10,000 do not have to be calculated at any time. (7) Amounts (whether realised or unrealised) counted at a previous alteration time are not counted again at a later alteration time. (This does not apply to unrealised losses worked out by reference to the * market value of all the company’s assets together.) (8) However, if unrealised amounts are not counted at a previous alteration time (for example, because of the $10,000 exclusion, or because you satisfy the maximum net asset value test in section 152 ‑ 15) and are not required to be taken into account in adjustments made at that time, they may be counted at a later time as part of a realised loss. (9) A formula is provided for making adjustments in straightforward cases if applying the formula gives a reasonable result having regard to the object of the Subdivision. Otherwise, reasonable adjustments must be made having regard to a number of stated factors. (10) To help entities to make the adjustments, any entity that, in its own right, has a controlling stake in the company is required to provide a written notice to its associates setting out relevant information. In limited circumstances, the company itself may have to provide a written notice to entities that, to its knowledge, have a significant equity or debt interest in it.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 90 of 2002 | No 58 of 2006 | No 80 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115GC"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115H", "Provision_Key": "s165-115h", "Heading": "How this Subdivision applies", "Text": "(1) This Subdivision provides for certain taxation consequences for an entity (not an individual) that had a significant equity or debt interest in a loss company immediately before an alteration time occurred in respect of the company. (2) The following flowchart explains how to work out whether this Subdivision applies to an entity. (3) If this Subdivision applies to an entity, reductions are made to: (a) the reduced cost base of the entity’s equity or debt (see subsection 165 ‑ 115ZA(3)); or (b) any deduction to which the entity is entitled in respect of the disposal of the equity or debt (see subsection 165 ‑ 115ZA(4)); or (c) deductions in respect of, and the cost of, any of the equity or debt that is trading stock (see subsection 165 ‑ 115ZA(5)). Example: The following is an example of how this Subdivision operates: Facts: Alpha Co acquired 80% of the shares in Beta Co on 5 May 1998 for $1,000. Gamma Co owns 20% of the shares in Beta Co. On 6 February 2000, Alpha Co disposed of its shares for $600. At the beginning of the 1999 ‑ 2000 income year, Beta Co had an unapplied net capital loss of $500 from the 1998 ‑ 99 income year. This loss was fully reflected in the market value of shares in Beta Co. Alpha Co and Gamma Co are not associated in any way. Result: Step 1: An alteration time occurred in respect of Beta Co as a result of the change in ownership that occurred when Alpha Co sold its shares. Step 2: Beta Co was a loss company at the alteration time because it had an unapplied net capital loss from an earlier income year. Step 3: Alpha Co had a relevant equity interest in Beta Co immediately before the alteration time because it had a controlling stake and significant interest (80% equity interest). Gamma Co did not have a relevant equity interest in Beta Co because it did not have a controlling stake. Step 4: Because Alpha Co had a relevant equity interest in Beta Co, the reduced cost bases of its shares in Beta Co are reduced by 80% of Beta Co’s net capital loss: Alpha Co does not make a capital gain on the disposal of its shares in Beta Co because the capital proceeds ($600) are less than the cost bases ($1,000). Nor did Alpha Co make a capital loss on the disposal of its shares in Beta Co because the capital proceeds ($600) are not less than the reduced cost bases as further reduced by this Subdivision ($600). The net capital loss in Beta Co is not duplicated on the sale of Alpha Co’s shares in Beta Co. Step 5. There are no notice requirements in this simple case. If Gamma Co and Alpha Co were associates (so that Gamma Co had a relevant equity interest in Beta Co), Alpha Co would need to provide the following information to Gamma Co: (a) the alteration time: 6 February 2000; (b) Beta Co’s overall loss at the alteration time: $500; (c) details of the overall loss: a net capital loss of $500 for the 1998 ‑ 99 income year. Table of sections Operative provisions 165 ‑ 115J Object of Subdivision 165 ‑ 115K Application and interpretation 165 ‑ 115L Alteration time—alteration in ownership of company 165 ‑ 115M Alteration time—alteration in control of company 165 ‑ 115N Alteration time—declaration by liquidator or administrator 165 ‑ 115P Notional alteration time—disposal of interests in company within 12 months before alteration time 165 ‑ 115Q Notional alteration time—disposal of interests in company earlier than 12 months before alteration time 165 ‑ 115R When company is a loss company at first or only alteration time in income year 165 ‑ 115S When company is a loss company at second or later alteration time in income year 165 ‑ 115T Reduction of certain amounts included in company’s overall loss at alteration time 165 ‑ 115U Adjusted unrealised loss 165 ‑ 115V Notional losses 165 ‑ 115W Calculation of trading stock decrease 165 ‑ 115X Relevant equity interest 165 ‑ 115Y Relevant debt interest 165 ‑ 115Z What constitutes a controlling stake in a company 165 ‑ 115ZA Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time 165 ‑ 115ZB Adjustment amounts for the purposes of section 165 ‑ 115ZA 165 ‑ 115ZC Notices to be given 165 ‑ 115ZD Adjustment (or further adjustment) for interest realised at a loss after global method has been used", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 89 of 2000 | No 23 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115H"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115J", "Provision_Key": "s165-115j", "Heading": "Object of Subdivision", "Text": "The main object of this Subdivision is to make appropriate adjustments (under section 165 ‑ 115ZA) to the tax values of significant equity and debt interests held directly or indirectly by entities other than individuals in a * loss company whose ownership or control alters. The purpose of the adjustments is to prevent the duplication of the company’s realised and unrealised losses when any of those interests are * disposed of or otherwise realised. This happens because the company’s losses are reflected in the values of the interests.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115J"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115K", "Provision_Key": "s165-115k", "Heading": "Application and interpretation", "Text": "Application (1) This Subdivision applies if: (a) an alteration time occurs in respect of a company; and (b) the company is a * loss company at the alteration time; and (c) one or more entities had relevant equity interests or relevant debt interests in the company immediately before the alteration time. Note 1: For alteration time , see sections 165 ‑ 115L, 165 ‑ 115M, 165 ‑ 115N, 165 ‑ 115P and 165 ‑ 115Q. Note 2: For relevant equity interests and relevant debt interests , see sections 165 ‑ 115X and 165 ‑ 115Y. Alteration time before commencement time to be disregarded (2) An alteration time does not include a time before the commencement time. Commencement time (3) The commencement time for a company is: (a) if the company was in existence at 1 pm (by legal time in the Australian Capital Territory) on 11 November 1999—that time; or (b) if the company came into existence after that time—the time when it came into existence. Certain alteration times to be disregarded (4) If: (a) a time (the test time ) would, apart from this subsection, be an alteration time in relation to a company; and (b) the company does not have any losses of the kinds referred to in paragraphs 165 ‑ 115R(3)(a), (b), (c) and (d) and 165 ‑ 115S(3)(a) and (b); and (c) the test time is not a changeover time in relation to the company under Subdivision 165 ‑ CC; and (d) if the test time were such a changeover time, it would be reasonable for the company to conclude that it would not have an unrealised net loss at that time under section 165 ‑ 115E; the test time is taken not to be an alteration time in relation to the company. Application to CGT events other than disposals (5) This Subdivision applies to a * CGT event (other than a * disposal) happening in relation to a CGT asset (for example, an interest in a company that is constituted by an equity or debt): (a) in the same way as it applies to a disposal of a CGT asset; and (b) as if the asset had been disposed of at the time when the CGT event happens.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115K"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115L", "Provision_Key": "s165-115l", "Heading": "Alteration time—alteration in ownership of company", "Text": "(1) A time (the test time ) is an alteration time in respect of a company if: (a) persons who had * more than 50% of the voting power in the company at the reference time do not have more than 50% of that voting power immediately after the test time; or (b) persons who had rights to * more than 50% of the company’s dividends at the reference time do not have rights to more than 50% of those dividends immediately after the test time; or (c) persons who had rights to * more than 50% of the company’s capital distributions at the reference time do not have rights to more than 50% of those distributions immediately after the test time. Note 1: See section 165 ‑ 150 to work out who had more than 50% of the voting power in the company. Note 2: See section 165 ‑ 155 to work out who had rights to more than 50% of the company’s dividends. Note 3: See section 165 ‑ 160 to work out who had rights to more than 50% of the company’s capital distributions. Note 4: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) The reference time is: (a) if no alteration time occurred in respect of the company before the * test time—the commencement time; or (b) otherwise—the time immediately after the last alteration time. (3) To work out whether paragraph (1)(a), (b) or (c) applied at a particular time, apply the primary test unless subsection (4) requires the alternative test to be applied. Note: For the primary test see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). (4) Apply the alternative test if one or more other companies beneficially owned * shares or interests in shares in the company at any time during the period from the reference time to the * test time. Note: For the alternative test see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). (5) If the company is: (a) a * non ‑ profit company; or (b) a * mutual affiliate company; or (c) a * mutual insurance company; during the whole of the period from the reference time to the * test time, the test time is taken not to be an * alteration time in respect of the company because of the application of paragraphs (1)(b) and (c).", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 89 of 2000 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115L"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115M", "Provision_Key": "s165-115m", "Heading": "Alteration time—alteration in control of company", "Text": "(1) A time (the test time ) is also an alteration time in respect of a company if, at the test time: (a) a person or persons who did not control, and were not able to control, the voting power in the company at the reference time began to control, or became able to control, that voting power immediately after the test time; and (b) that person or those persons so began, or became able, to control that voting power for the purpose of: (i) getting some benefit or advantage in relation to how this Act applies; or (ii) getting such a benefit or advantage for someone else; or for purposes including that purpose. Note 1: A person can still control the voting power in a company that is in liquidation etc.: see section 165 ‑ 250. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. (2) The reference time is: (a) if no alteration time occurred in respect of the company before the * test time—the commencement time; or (b) otherwise—the time immediately after the last alteration time. (3) In this section: control of the voting power in a company means control of that voting power either directly, or indirectly through one or more interposed entities.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 89 of 2000 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115M"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115N", "Provision_Key": "s165-115n", "Heading": "Alteration time—declaration by liquidator or administrator", "Text": "If a liquidator or administrator makes a declaration referred to in section 104 ‑ 145 in relation to a company, the time of the declaration is also an alteration time in respect of the company.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 89 of 2000 | No 23 of 2005", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115N"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115P", "Provision_Key": "s165-115p", "Heading": "Notional alteration time—disposal of interests in company within 12 months before alteration time", "Text": "(1) This section applies if: (a) an alteration time occurs in respect of a * loss company; and (b) an entity * disposed of an interest in the company (an equity ) or a debt (a debt ) at a time (the disposal time ) within 12 months before the alteration time but not earlier than the commencement time; and (c) immediately before the disposal time, the entity had a relevant equity interest or a relevant debt interest in the company that included the equity or debt, or would have had such an interest if any previous disposals of interests or debts by the entity had not occurred; and (d) immediately before the alteration time, the entity had a relevant equity interest or a relevant debt interest in the company, or would have had such an interest if any previous disposals of interests or debts by the entity had not occurred. (2) The references in paragraphs (1)(c) and (d) to previous * disposals of interests or debts by the entity are references to: (a) previous disposals within the period referred to in paragraph (1)(b); and (b) previous disposals before that period if those previous disposals and any one or more of the following: (i) the disposal of the equity or debt; (ii) a disposal referred to in paragraph (a); (iii) a disposal at the alteration time; occurred as part of an * arrangement. (3) The time immediately before the * disposal of the equity or debt is taken to have been an alteration time (a notional alteration time ) in respect of the company. (4) The entity: (a) is taken to have had, immediately before the notional alteration time, a relevant equity interest in the company constituted by the equity or a relevant debt interest in the company constituted by the debt, as the case may be; and (b) is taken not to have had, immediately before the notional alteration time, any other relevant equity interest or relevant debt interest in the company. (5) No entity (other than the entity referred to in paragraph (1)(b)) is taken to have had a relevant equity interest or a relevant debt interest in the company immediately before the notional alteration time. (6) In applying this Subdivision in relation to the company in respect of a time after a notional alteration time, the notional alteration time is taken not to have occurred. Note: For relevant equity interests and relevant debt interests , see sections 165 ‑ 115X and 165 ‑ 115Y.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115P"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115Q", "Provision_Key": "s165-115q", "Heading": "Notional alteration time—disposal of interests in company earlier than 12 months before alteration time", "Text": "(1) This section applies if: (a) an alteration time occurs in respect of a * loss company; and (b) an entity that * disposed of an interest in the company (the later equity ) or a debt (the later debt ) at, or within 12 months before, the alteration time also disposed of an interest in the company (the earlier equity ) or a debt (the earlier debt ) at a time (the earlier disposal time ) earlier than 12 months before the alteration time but not earlier than the commencement time; and (c) the disposal of the later equity or later debt and the disposal of the earlier equity or earlier debt occurred as part of an * arrangement; and (d) immediately before the earlier disposal time, the entity had a relevant equity interest or a relevant debt interest in the company that included the earlier equity or earlier debt, or would have had such an interest if any previous disposals of interests or debts by the entity had not occurred; and (e) immediately before the alteration time, the entity had a relevant equity interest or a relevant debt interest in the company, or would have had such an interest if any previous disposals of interests or debts by the entity had not occurred. (2) The references in paragraphs (1)(d) and (e) to previous * disposals of interests or debts by the entity are references to: (a) previous disposals within the period referred to in paragraph (1)(b); and (b) previous disposals before that period if those previous disposals and any one or more of the following: (i) the disposal of the equity or debt; (ii) a disposal referred to in paragraph (a); (iii) a disposal at the alteration time; occurred as part of an * arrangement. (3) The time immediately before the * disposal of the earlier equity or earlier debt is taken to have been an alteration time (a notional alteration time ) in respect of the company. (4) The entity: (a) is taken to have had, immediately before the notional alteration time, a relevant equity interest in the company constituted by the earlier equity or a relevant debt interest in the company constituted by the earlier debt, as the case may be; and (b) is taken not to have had, immediately before the notional alteration time, any other relevant equity interest or relevant debt interest in the company. (5) No entity (other than the entity referred to in paragraph (1)(b)) is taken to have had a relevant equity interest or a relevant debt interest in the company immediately before the notional alteration time. (6) In applying this Subdivision in relation to the company in respect of a time after a notional alteration time, the notional alteration time is taken not to have occurred. Note: For relevant equity interests and relevant debt interests , see sections 165 ‑ 115X and 165 ‑ 115Y.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115Q"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115R", "Provision_Key": "s165-115r", "Heading": "When company is a loss company at first or only alteration time in income year", "Text": "Application (1) The question whether a company is a loss company at the first or only alteration time in a particular income year is to be worked out in this way. Assumed income year (2) Assume that the period that started at the beginning of the income year and ended at the alteration time is an income year and apply paragraphs (3)(a), (b), (c) and (d) on that assumption. What is a loss company (3) The company is a loss company at the alteration time if: (a) at the beginning of the income year it had a * tax loss or tax losses for an earlier income year or earlier income years; or (b) at the beginning of the income year it had a * net capital loss or net capital losses for an earlier income year or earlier income years; or (c) it has a tax loss for the income year, calculated as if the income year were a period for the purposes of Subdivision 165 ‑ B; or (d) it has a net capital loss for the income year, calculated as if the income year were a period for the purposes of Subdivision 165 ‑ CB; or (e) it has an adjusted unrealised loss at the alteration time. Note: For adjusted unrealised loss , see section 165 ‑ 115U. How losses are to be calculated (4) In applying subsection (3): (a) a * tax loss or * net capital loss that was taken into account in working out under this section whether the company was a * loss company at an alteration time in a previous income year is to be disregarded; and (b) Subdivision 170 ‑ D is to be disregarded. Overall loss (5) The sum of: (a) the amount or amounts of any * tax loss or tax losses referred to in paragraph (3)(a); and (b) the amount or amounts of any * net capital loss or net capital losses referred to in paragraph (3)(b); and (c) the amount of any tax loss referred to in paragraph (3)(c); and (d) the amount of any net capital loss referred to in paragraph (3)(d); and (e) the amount of any adjusted unrealised loss referred to in paragraph (3)(e); is the * loss company’s overall loss at the alteration time. Note: The loss company’s overall loss is relevant for the purposes of subsections 165 ‑ 115ZB(3) and (6). Certain losses to be disregarded (6) A reference in a paragraph of subsection (3) and in the corresponding paragraph of subsection (5) to a particular loss is a reference only to a loss to the extent to which it represents an outlay or loss of any of the economic resources of the company. Note: Where the income tax law allows, as all or part of a loss, an amount for the decline in value of a depreciating asset that exceeds the actual economic depreciation or depletion of the asset concerned, the excess is not to be regarded for the purposes of this subsection as representing an outlay or loss of economic resources of the company. (6A) Subsection (6) does not apply to paragraphs (3)(e) and (5)(e) if the company has chosen to use the * global method of working out whether it has an adjusted unrealised loss at the alteration time. Amounts of losses may be reduced (7) The amounts referred to in paragraphs (5)(a) to (d) may be reduced under section 165 ‑ 115T.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 89 of 2000 | No 77 of 2001 | No 90 of 2002 | No 88 of 2013", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115R"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115S", "Provision_Key": "s165-115s", "Heading": "When company is a loss company at second or later alteration time in income year", "Text": "Application (1) The question whether a company is a loss company at an alteration time (the current alteration time ) that is the second or a later alteration time in the same income year is to be worked out in this way. Assumed income year (2) Assume that the period that started immediately after the last alteration time and ended at the current alteration time is an income year and apply paragraphs (3)(a) and (b) on that assumption. What is a loss company (3) The company is a loss company at the current alteration time if: (a) it has a * tax loss for the income year, calculated as if the income year were a period for the purposes of Subdivision 165 ‑ B; or (b) it has a * net capital loss for the income year, calculated as if the income year were a period for the purposes of Subdivision 165 ‑ CB; or (c) it has an adjusted unrealised loss at the current alteration time. Note: For adjusted unrealised loss , see section 165 ‑ 115U. How losses are to be calculated (4) In applying subsection (3), Subdivision 170 ‑ D is to be disregarded. Overall loss (5) The sum of: (a) the amount of any * tax loss referred to in paragraph (3)(a); and (b) the amount of any * net capital loss referred to in paragraph (3)(b); and (c) the amount of any adjusted unrealised loss referred to in paragraph (3)(c); is the * loss company’s overall loss at the current alteration time. Note: The loss company’s overall loss is relevant for the purposes of subsections 165 ‑ 115ZB(3) and (6). Certain losses to be disregarded (6) A reference in a paragraph of subsection (3) and in the corresponding paragraph of subsection (5) to a particular loss is a reference only to a loss to the extent to which it represents an outlay or loss of any of the economic resources of the company. Note: Where the income tax law allows, as all or part of a loss, an amount for the decline in value of a depreciating asset that exceeds the actual economic depreciation or depletion of the asset concerned, the excess is not to be regarded for the purposes of this subsection as representing an outlay or loss of economic resources of the company. (6A) Subsection (6) does not apply to paragraphs (3)(c) and (5)(c) if the company has chosen to use the * global method of working out whether it has an adjusted unrealised loss at the current alteration time. Amounts of losses may be reduced (7) The amounts referred to in paragraphs (5)(a) and (b) may be reduced under section 165 ‑ 115T.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 89 of 2000 | No 77 of 2001 | No 90 of 2002", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115S"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115T", "Provision_Key": "s165-115t", "Heading": "Reduction of certain amounts included in company’s overall loss at alteration time", "Text": "(1) In working out under section 165 ‑ 115R or 165 ‑ 115S whether a company was a * loss company at an alteration time (the current alteration time ), if a loss (the realised loss ) referred to in paragraph 165 ‑ 115R(3)(a), (b), (c) or (d) or 165 ‑ 115S(3)(a) or (b) that the company had at the current alteration time reflected an amount of a notional revenue loss, a trading stock decrease or a notional capital loss included in an adjusted unrealised loss, that the company had at a previous alteration time, the realised loss is taken to be reduced by that amount. Note 1: For notional revenue loss and notional capital loss see section 165 ‑ 115V. Note 2: For trading stock decrease see section 165 ‑ 115W. (2) Subsection (1) does not apply to an adjusted unrealised loss that the company had at a previous alteration time if the company has chosen to use the * global method of working out whether it has an adjusted unrealised loss at that previous time.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 89 of 2000 | No 90 of 2002", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115T"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115U", "Provision_Key": "s165-115u", "Heading": "Adjusted unrealised loss", "Text": "(1) The question whether a company has an adjusted unrealised loss at an alteration time (the relevant alteration time ) is worked out in this way (the individual asset method ), unless the company chooses to work it out using the * global method (set out in subsection (1B)). Method statement Step 1. Work out under section 165 ‑ 115V or 165 ‑ 115W in respect of each * CGT asset that the company owned at the relevant alteration time any notional capital loss, notional revenue loss or trading stock decrease that the company has at that time in respect of the asset. To the extent that a notional capital loss or a notional revenue loss in respect of an asset at the relevant alteration time reflected an amount that was counted at an earlier alteration time, do not count it again at the relevant alteration time. Step 2. Add up the notional capital losses and the notional revenue losses that the company had at the relevant alteration time. The total is the company’s nominal unrealised loss at that time. Step 3. Add up the trading stock decreases that the company had at the relevant alteration time. The total is the company’s overall trading stock decrease at that time. Step 4. The sum of the company’s nominal unrealised loss and overall trading stock decrease at the relevant time is the company’s adjusted unrealised loss at that time. Note: Certain alteration times are disregarded (see subsections 165 ‑ 115K(2) and (4)). (1A) Step 1 in the method statement in subsection (1) does not apply to an amount that was counted at an earlier alteration time if the company has chosen to use the * global method of working out whether it has an adjusted unrealised loss at that earlier time. (1B) The global method of working out whether the company has an adjusted unrealised loss at the relevant alteration time is as follows: Method statement Step 1. Work out the total * market value of all * CGT assets that the company owned at the relevant alteration time (including those it * acquired for less than $10,000), using a valuation method that would generally be regarded as appropriate in the circumstances. Step 2. Work out the total of the * cost bases of those * CGT assets at the relevant time. Note: If a CGT asset that the company owned at the relevant time was also trading stock or a revenue asset at that time, see subsection (1C) of this section. Step 3. If the step 2 amount exceeds the step 1 amount, the excess is the company’s adjusted unrealised loss at the relevant time. (1C) If: (a) a * CGT asset that the company owned at the relevant alteration time was also * trading stock or a * revenue asset at that time; and (b) the asset’s * cost base at the relevant alteration time is less than the amount that, if the relevant alteration time were a changeover time, would be compared under section 165 ‑ 115F with the asset’s * market value in working out a notional revenue gain or notional revenue loss that the company would have at the changeover time in respect of the asset; then, for the purposes of step 2 of the method statement in subsection (1B) of this section, the amount that would be so compared is to be taken into account instead of that cost base. (1D) A choice to use the * global method must be made on or before: (a) the day on which the company lodges its * income tax return for the income year in which the relevant alteration time occurred; or (b) such later day as the Commissioner allows. (2) However, the company does not have an adjusted unrealised loss at the relevant alteration time if the company would, at that time, satisfy the maximum net asset value test under section 152 ‑ 15.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 89 of 2000 | No 90 of 2002 | No 58 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115U"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115V", "Provision_Key": "s165-115v", "Heading": "Notional losses", "Text": "(1) This section applies for the purpose of calculating whether a company has at an alteration time a notional capital loss or a notional revenue loss in respect of a * CGT asset that it owned at that time. (2) However, a company does not have a notional capital loss or a notional revenue loss at an alteration time in respect of a CGT asset that it * acquired for less than $10,000. (3) The calculation is to be made on the assumption that the company disposed of the asset at its * market value at the alteration time. (4) If the company would make a * capital loss in respect of the disposal of the asset, the company has at the alteration time in respect of the asset a notional capital loss equal to the amount of the capital loss. (5) If the company would be entitled to a deduction in respect of the disposal of the asset, the company has at the alteration time in respect of the asset a notional revenue loss equal to the amount of the deduction. (6) A company may choose that this section is to apply to the company at the alteration time in respect of an asset to which subsection (7) applied at that time as if the reference in subsection (3) to the * market value of the asset were a reference to its * written down value. (7) This subsection applies to an asset at the alteration time if: (a) the asset is a * depreciating asset (not a building or structure) for whose decline in value the company has deducted or can deduct an amount; and (b) the expenditure incurred by the company to * acquire the asset was less than $1,000,000 (the expenditure can include the giving of property: see section 103 ‑ 5); and (c) it would be reasonable for the company to conclude that the * market value of the asset at the alteration time was not less than 80% of its * written down value at that time.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 89 of 2000 | No 77 of 2001 | No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115V"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115W", "Provision_Key": "s165-115w", "Heading": "Calculation of trading stock decrease", "Text": "(1) The question whether there is a trading stock decrease in relation to a company at an alteration time for a * CGT asset of the company that was an item of * trading stock at that time is worked out in this way. Method statement Step 1. Work out whether the item’s * market value immediately before the alteration time was less than: (a) if there was no earlier alteration time in the income year in which that alteration time occurred—the item’s value under subsection 70 ‑ 40(1) at the start of that income year or its cost if subsection 70 ‑ 40(2) applies; or (b) if there was an earlier alteration time or there were earlier alteration times in that income year—the item’s market value immediately before that earlier alteration time or the later or latest of those earlier alteration times, as the case may be, or its cost if the company did not own it at that time. Step 2. If the item’s * market value immediately before the alteration time was less than: (a) the item’s value or cost referred to in paragraph (a) in step 1; or (b) its market value or cost (as applicable) in paragraph (b) in step 1; as the case requires, the difference is the trading stock decrease for the item. To the extent (if any) to which the difference reflects an amount counted at an earlier alteration time, do not count that amount again. Note: Certain alteration times are disregarded (see subsections 165 ‑ 115K(2) and (4)). (1A) Step 2 in the method statement in subsection (1) does not apply to an amount counted at an earlier alteration time if the company has chosen to use the * global method of working out whether it has an adjusted unrealised loss at that earlier time. (2) However, a company does not have a trading stock decrease at an alteration time in respect of an item of * trading stock that it * acquired for less than $10,000.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 89 of 2000 | No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115W"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115X", "Provision_Key": "s165-115x", "Heading": "Relevant equity interest", "Text": "(1) An entity (not an individual) has a relevant equity interest in a * loss company at a particular time if: (a) at that time the entity has a controlling stake in the loss company (see section 165 ‑ 115Z); and (b) at that time the entity has an interest (an equity ) that gives, or interests (each of which is also called an equity ) that between them give, the entity: (i) the control of, or the ability to control, 10% or more of the voting power in the loss company (either directly, or indirectly through one or more interposed entities); or (ii) the right to receive (either directly, or indirectly through one or more interposed entities) 10% or more of any dividends that the loss company may pay; or (iii) the right to receive (either directly, or indirectly through one or more interposed entities) 10% or more of any distribution of capital of the loss company; and (c) the equity or each equity is either: (i) an interest (including a * share or shares, or an option or right to acquire a share or shares) in the loss company; or (ii) an interest (including an option or right to acquire an interest) held by the entity directly in another entity that has a relevant equity interest or relevant debt interest in the loss company. Note: For paragraph (b), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) The equity or equities constitute the entity’s relevant equity interest in the * loss company. (2A) A * widely held company that, apart from this subsection, would have a relevant equity interest in a * loss company at a particular time does not have such an interest at that time. (2B) Subsection (2A) does not apply if: (a) an entity has a controlling stake in the loss company (see section 165 ‑ 115Z); and (b) that entity has a direct or indirect interest in, or is owed a debt by, the * widely held company, being an interest or debt in respect of which: (i) the entity could, if a * CGT event happened in respect of the interest or debt, make a * capital loss (other than a capital loss that would be disregarded) that reflects any part of the loss company’s overall loss; or (ii) the entity has deducted or can deduct, or could deduct at a later time, an amount in respect of the cost of the * acquisition, or a net loss on the * disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company’s overall loss. (2C) Subsection (2A) does not apply in respect of a particular time if an entity that had a direct or indirect interest in, or was owed a debt by, the * widely held company at an earlier time, and had a controlling stake in the loss company (see section 165 ‑ 115Z) at the earlier time: (a) made a capital loss (other than a capital loss that was disregarded) because a * CGT event happened in respect of the interest or debt, where the capital loss reflected any part of the * loss company’s overall loss; or (b) has deducted or could have deducted at an earlier time, or could deduct at a later time, an amount in respect of the cost of the * acquisition, or a net loss on the * disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company’s overall loss. (3) An entity (the first entity ) that, apart from this subsection, would have a relevant equity interest in a * loss company at a particular time does not have such an interest if, at that time, there is no other entity that has a direct or indirect interest in, or is owed a debt by, the first entity, being an interest or debt in respect of which: (a) the other entity could, if a * CGT event happened in respect of the interest or debt, make a * capital loss (other than a capital loss that would be disregarded) that reflects any part of the loss company’s overall loss; or (b) the other entity has deducted or can deduct, or could deduct at a later time: (i) an amount in respect of the cost of the * acquisition of the interest or debt; or (ii) a net loss on the * disposal of the interest or debt; where the deduction reflected, or would reflect, any part of the loss company’s overall loss. (3A) Subsection (3) does not apply if the first entity is a * widely held company. (4) Subsection (3) does not apply to the first entity in respect of a particular time if an entity that had a direct or indirect interest in, or was owed a debt by, the first entity at an earlier time: (a) made a capital loss (other than a capital loss that was disregarded) because a * CGT event happened in respect of the interest or debt, where the capital loss reflected any part of the * loss company’s overall loss; or (b) has deducted or could have deducted at an earlier time, or could deduct at a later time, an amount in respect of the cost of the * acquisition, or a net loss on the * disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company’s overall loss. (5) An individual is not taken to have a relevant equity interest in a * loss company at any time. (6) A partnership that consists only of individuals is not taken to have a relevant equity interest in a * loss company at any time. (7) If section 106 ‑ 30, 106 ‑ 50 or 106 ‑ 60 would treat an act referred to in that section that is done in relation to an interest as having been done by an individual, the interest is not a relevant equity interest.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 89 of 2000 | No 56 of 2010 | No 130 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115X"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115Y", "Provision_Key": "s165-115y", "Heading": "Relevant debt interest", "Text": "(1) An entity (not an individual) has a relevant debt interest in a * loss company at a particular time if, at that time: (a) the entity has a controlling stake in the loss company (see section 165 ‑ 115Z); and (b) the entity is owed by the loss company a debt of not less than $10,000 (a debt ) or debts at least one of which is not less than $10,000 (each debt of not less than $10,000 is also called a debt ). (2) An entity (not an individual) also has a relevant debt interest in a * loss company at a particular time if, at that time: (a) the entity has a controlling stake in the loss company; and (b) the entity is owed by an entity (the debtor entity ) other than the loss company a debt of not less than $10,000 (also a debt ) or debts at least one of which is not less than $10,000 (each debt of not less than $10,000 is also called a debt ); and (c) the debtor entity has a relevant equity interest or a relevant debt interest in the loss company. (3) The total of the debts referred to in subsections (1) and (2) constitutes the entity’s relevant debt interest in the * loss company. (3A) A * widely held company that, apart from this subsection, would have a relevant debt interest in a * loss company at a particular time does not have such an interest at that time. (3B) Subsection (3A) does not apply if: (a) an entity has a controlling stake in the loss company (see section 165 ‑ 115Z); and (b) that entity has a direct or indirect interest in, or is owed a debt by, the * widely held company, being an interest or debt in respect of which: (i) the entity could, if a * CGT event happened in respect of the interest or debt, make a * capital loss (other than a capital loss that would be disregarded) that reflects any part of the loss company’s overall loss; or (ii) the entity has deducted or can deduct, or could deduct at a later time, an amount in respect of the cost of the * acquisition, or a net loss on the * disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company’s overall loss. (3C) Subsection (3A) does not apply in respect of a particular time if an entity that had a direct or indirect interest in, or was owed a debt by, the * widely held company at an earlier time, and had a controlling stake in the * loss company (see section 165 ‑ 115Z) at the earlier time: (a) made a * capital loss (other than a capital loss that was disregarded) because a * CGT event happened in respect of the interest or debt, where the capital loss reflected any part of the loss company’s overall loss; or (b) has deducted or could have deducted at an earlier time, or could deduct at a later time, an amount in respect of the cost of the * acquisition, or a net loss on the * disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company’s overall loss. (4) An entity (the first entity ) that, apart from this subsection, would have a relevant debt interest in a * loss company at a particular time does not have such an interest if, at that time, there is no other entity that has a direct or indirect interest in, or is owed a debt by, the first entity, being an interest or debt in respect of which: (a) the other entity could, if a * CGT event happened in respect of the interest or debt, make a * capital loss (other than a capital loss that would be disregarded) that reflects any part of the loss company’s overall loss; or (b) the other entity could deduct, or can deduct or could deduct at a later time: (i) an amount in respect of the cost of the * acquisition of the interest or debt; or (ii) a net loss on the * disposal of the interest or debt; where the deduction reflects, or would have reflected, any part of the loss company’s overall loss. (4A) Subsection (4) does not apply if the first entity is a * widely held company. (5) Subsection (4) does not apply to the first entity in respect of a particular time if an entity that had a direct or indirect interest in, or was owed a debt by, the first entity at an earlier time: (a) made a capital loss (other than a capital loss that would be disregarded) at an earlier time because a * CGT event happened in respect of the interest or debt, where the capital loss reflected any part of the * loss company’s overall loss; or (b) has deducted or could have deducted at an earlier time, or could deduct at a later time, an amount in respect of the cost of the * acquisition, or a net loss on the * disposal, of the interest or debt, where the deduction reflected or would have reflected, or would reflect, as the case may be, any part of the company’s overall loss. (6) An individual is not taken to have a relevant debt interest in a * loss company at any time. (7) A partnership that consists only of individuals is not taken to have a relevant debt interest in a * loss company at any time. (8) If section 106 ‑ 30, 106 ‑ 50 or 106 ‑ 60 would treat an act referred to in that section that is done in relation to a debt as having been done by an individual, the debt is not a relevant debt interest.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 89 of 2000 | No 58 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115Y"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115Z", "Provision_Key": "s165-115z", "Heading": "What constitutes a controlling stake in a company", "Text": "(1) An entity has a controlling stake in a company at a particular time if the entity, or the entity and the entity’s * associates between them: (a) are able at that time to exercise, or control the exercise of, more than 50% of the voting power in the company (either directly, or indirectly through one or more interposed entities); or (b) have at that time the right to receive (either directly, or indirectly through one or more interposed entities) more than 50% of any dividends that the company may pay; or (c) have at that time the right to receive (either directly, or indirectly through one or more interposed entities) more than 50% of any distribution of capital of the company. Note 1: The effect of subsection (1) is that, if an entity has a controlling stake in a company, each associate of the entity also has a controlling stake in the company. Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) If: (a) apart from this subsection, an interest that gives an entity and its * associates (if any): (i) the ability to exercise, or control the exercise of, any of the voting power in a company; or (ii) the right to receive dividends that a company may pay; or (iii) the right to receive a distribution of capital of a company; would, in the application of paragraph (1)(a), (b) or (c), be counted more than once; and (b) the interest is both direct and indirect; only the direct interest is to be counted.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 89 of 2000 | No 130 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115Z"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115ZA", "Provision_Key": "s165-115za", "Heading": "Reductions and other consequences if entity has relevant equity interest or relevant debt interest in loss company immediately before alteration time", "Text": "Application of section (1) This section applies to an entity (an affected entity ) that has a relevant equity interest or a relevant debt interest, or both, in a * loss company immediately before a time (a relevant time ) that is an alteration time in respect of the loss company. Note: This section and section 165 ‑ 115ZB can apply differently for a company that has used the global method of working out whether it has an adjusted unrealised loss at an alteration time. See section 165 ‑ 115ZD. Application of section nullified in certain circumstances (2) However, if: (a) this section has applied to an entity in respect of a debt owed to the entity; and (b) Subdivisions 245 ‑ C to 245 ‑ G (which relate to the forgiveness of commercial debts) also applied in respect of the debt at the same time or at a later time; any reductions or other consequences affecting the entity in respect of the debt under this section are taken not to have occurred or to have been required to occur. Note: An amendment of an assessment can be made at any time to give effect to this subsection (see subsection 170(10AA) of the Income Tax Assessment Act 1936 ). Reduction of reduced cost base (3) The * reduced cost base of an equity or debt that was * acquired on or after 20 September 1985 is to be reduced immediately before the relevant time by the adjustment amount calculated under section 165 ‑ 115ZB. Reduction of deduction—equity or debt is not trading stock (4) If an equity or debt is not an item of * trading stock of the affected entity immediately before the relevant time, any amount that the entity can deduct in respect of the disposal of any of the equity or debt is to be reduced by the adjustment amount calculated under section 165 ‑ 115ZB. Reduction of cost—equity or debt is trading stock (5) If: (a) an equity or debt is an item of * trading stock of the affected entity immediately before the relevant time; and (b) the * cost for the purposes of Division 70 of the equity or debt exceeds its * market value immediately before the relevant time; then, subject to any later application or applications of this Subdivision, the cost of the equity or debt for the purposes of Division 70, and any deduction for an outlay to * acquire it, are reduced by the lesser of the following amounts or, if they are equal, by one of them: (c) the adjustment amount calculated under section 165 ‑ 115ZB; (d) the amount of the excess referred to in paragraph (b). Subsection (4) to apply only in respect of certain income years (6) For the purpose of working out: (a) deductions under section 8 ‑ 1; or (b) whether an amount is included in assessable income under subsection 70 ‑ 35(2); or (c) whether an amount can be deducted under subsection 70 ‑ 35(3); subsection (5) applies only in respect of income years ending after the later of the following: (d) the commencement time; (e) the time 12 months before the relevant time. Further election to value trading stock (7) If an election has been made under section 70 ‑ 45 to value an item of * trading stock on hand at the end of an income year otherwise than at its * cost and subsection (5) applies in respect of it, a further election may be made under that section to value the item of trading stock at cost. Previous applications of this section in relation to trading stock to be taken into account (8) In applying this section to the affected entity in respect of an equity or debt that is * trading stock of the entity, any previous applications of this section to the entity in respect of the equity or debt are to be taken into account. Cost of equity or debt that becomes trading stock after relevant time (9) If: (a) an equity or debt becomes an item of * trading stock of the affected entity after the relevant time; and (b) had the equity or debt been an item of trading stock of the affected entity at an earlier time that was, or at 2 or more earlier times each of which was, the relevant time for the purposes of a previous application or previous applications of this section, its * cost for the purposes of Division 70 would have exceeded its * market value at the earlier time or at one of the earlier times; its cost for the purposes of Division 70 is taken to be its market value at the earlier time or the smallest of its market values at the earlier times. Reduction of proceeds of disposal of trading stock (10) If: (a) an equity or debt was an item of * trading stock of the affected entity immediately before a relevant time or became such an item of trading stock after a relevant time; and (b) the equity or debt is * disposed of by the entity after the relevant time concerned; and (c) the equity or debt is an item of trading stock of the affected entity at the time of the disposal; and (d) the proceeds of the disposal exceed the * market value of the equity or debt immediately before the relevant time concerned or the market value of the equity or debt immediately before any previous relevant time; the proceeds of the disposal are taken to be reduced by so much of the amount or the total of the amounts of any reductions made by any previous application or applications of subsection (5) in relation to the affected entity in respect of the equity or debt as does not exceed the excess amount or the greater or greatest of the excess amounts referred to in paragraph (d).", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 89 of 2000 | No 90 of 2002 | No 58 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115ZA"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115ZB", "Provision_Key": "s165-115zb", "Heading": "Adjustment amounts for the purposes of section 165 ‑ 115ZA", "Text": "(1A) This section has effect for the purposes of: (a) section 165 ‑ 115ZA; and (b) sections 715 ‑ 255 and 715 ‑ 270 (about effect of alteration time for head company on membership interests of leaving entity just before leaving time). Calculation of adjustment amount (1) An adjustment amount in relation to an equity or debt is to be worked out by the affected entity, and applied by it in making reductions: (a) if subsection (2) applies—in accordance with subsection (3); or (b) otherwise—in accordance with subsection (6). Selection of method of calculation (2) This subsection applies if: (a) the affected entity has a relevant equity interest, but does not have a relevant debt interest, in the * loss company immediately before the alteration time and: (i) all the * shares in the loss company are of the same class and have the same * market value; and (ii) the equity consists only of a share or shares in the loss company; or (b) the affected entity has both a relevant equity interest, and a relevant debt interest under subsection 165 ‑ 115Y(1), in the loss company immediately before the alteration time and: (i) all the shares in the loss company are of the same class and have the same market value; and (ii) the equity consists only of a share or shares in the loss company; and (iii) the debt consists of a single debt or 2 or more debts of the same kind; and the reductions that would result from the application of subsection (3) would be reasonable in the circumstances. Formula method (3) The adjustment amount to be worked out under this subsection is the amount worked out using the formula: and the amount so worked out is to be applied in making reductions as follows: (a) the adjustment amount is to be applied in relation to the * share or shares constituting the equity; and (b) if there is an amount remaining after making reductions in relation to those shares—the amount remaining is to be applied in relation to any debt or, if there is a debt consisting of 2 or more separate debts, in relation to those debts. Applying adjustment amount under formula method to shares (4) If the adjustment amount referred to in subsection (3) is to be applied in relation to an equity consisting of 2 or more * shares: (a) it is to be applied equally among the shares; and (b) if there is any amount remaining after the application of part of the adjustment amount to a share, the amount remaining is to be applied to any other share, or equally among any other shares, to the maximum extent possible. Applying adjustment amount under formula method to debt (5) If the adjustment amount referred to in subsection (3) or part of it is to be applied in relation to a debt (the overall debt ) and the overall debt consists of 2 or more debts (the constituent debts ), the amount to be applied in relation to each constituent debt is the amount worked out using the formula: Non ‑ formula method (6) The adjustment amount to be worked out under this subsection is the amount that is appropriate having regard to: (a) the object of this Subdivision and other matters set out in section 165 ‑ 115J; and (b) the extent of the affected entity’s relevant equity interests or relevant debt interests, as the case may be, in the * loss company immediately before the alteration time; and (c) when, and under what circumstances, the relevant equity interests or relevant debt interests were * acquired by the affected entity; and (d) the loss company’s overall loss at the alteration time; and (e) the extent to which that overall loss has reduced the * market values of the equity or debt; and (f) to prevent double counting, the extent of any adjustments required under this Subdivision because of any application of this Subdivision to another loss company in which the affected entity has a relevant equity interest or relevant debt interest; and the amount so worked out is to be applied in making reductions in an appropriate way. How to work out the extent to which the overall loss has reduced the market value of an equity or debt (7) To avoid doubt in applying paragraph (6)(e) in relation to an equity or a debt, if factors other than an overall loss altered the * market value of the equity or debt, the extent to which the overall loss reduced that market value is taken to be the extent to which that market value would have been reduced apart from those other factors. Note 1: For a company’s overall loss see subsections 165 ‑ 115R(5) and 165 ‑ 115S(5). Note 2: An example of a factor other than the overall loss is the unrealised value of assets (including assets in respect of which there is an unrealised gain) of the loss company, whether or not generated by outlays or economic losses reflected in the loss for income tax purposes.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 89 of 2000 | No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115ZB"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115ZC", "Provision_Key": "s165-115zc", "Heading": "Notices to be given", "Text": "Application (1) This section applies when an alteration time occurs in respect of a * loss company. Note: Section 165 ‑ 115ZC of the Income Tax (Transitional Provisions) Act 1997 affects the operation of this section. Controlling entity (2) For the purposes of this section, an entity is a controlling entity of a * loss company if: (a) the entity is not an individual; and (b) the entity, disregarding any of its * associates, has a controlling stake in the loss company; and (c) no other entity (except an individual or 2 or more individuals between them) has a controlling stake in the entity. Foreign resident controlling entity to be disregarded in certain circumstances (3) If: (a) apart from this subsection, an entity that is a foreign resident would be a controlling entity of a * loss company; and (b) there is an entity that is an Australian resident and would be a controlling entity of the loss company if all the foreign residents that held direct or indirect interests in the Australian resident were individuals; then, for the purposes of this section, the entity referred to in paragraph (a) is taken not to be a controlling entity of the company but the Australian resident is taken to be a controlling entity of the company. Notice by controlling entity of loss company (4) An entity that was a controlling entity of the * loss company immediately before the alteration time must, before the end of 6 months after the latest of the following: (a) the alteration time; (b) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent; (c) the time (if any) specified by the Commissioner; give a written notice, setting out the information mentioned in subsection (6), to each of its * associates that, to the loss company’s knowledge, had a relevant equity interest or relevant debt interest in the loss company immediately before the alteration time. Penalty: 30 penalty units. Notice by loss company (5) If: (a) there was no controlling entity of the * loss company immediately before the alteration time; or (b) no entity that was a controlling entity of the loss company immediately before the alteration time told the loss company in writing, within 2 months after the later of the following: (i) the alteration time; (ii) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent; that it had given, or proposed to give, notices to its associates under subsection (4); the loss company must, before the end of 6 months after the latest of the following: (c) the alteration time; (d) the day on which the New Business Tax System (Miscellaneous) Act (No. 2) 2000 received the Royal Assent; (e) the time (if any) specified by the Commissioner; give a written notice, setting out the information mentioned in subsection (6), to each entity that, to the loss company’s knowledge, had a relevant equity interest or relevant debt interest in the company immediately before the alteration time. Penalty: 30 penalty units. Offences are strict liability (5A) An offence under subsection (4) or (5) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code . Information to be included in notice (6) The information to be contained in a notice given under subsection (4) or (5) must include: (a) the time that is the alteration time; and (b) the amount of the * loss company’s overall loss at that time; and (c) for each income year for which the loss company had at that time a * tax loss or * net capital loss referred to in subsection 165 ‑ 115R(3) or 165 ‑ 115S(3)—the type and amount of the loss; and (d) the amount of any adjusted unrealised loss that the loss company had at that time; and (e) particulars (for the purpose of assisting the entity to whom the notice is given (the recipient ) to comply with the requirements of this Subdivision) of the amounts, proportions, and times of * acquisition, of all relevant equity interests and relevant debt interests in the loss company held by entities through which the recipient had relevant equity interests or relevant debt interests in the loss company. Entity or loss company not required to give information about matters that are not known to it (7) An entity or * loss company is not required by this section to set out information in a notice unless: (a) the information is known to the entity or company; or (b) the entity or company could reasonably be expected to know the information and can readily obtain it. Commissioner’s power to specify a later time for giving notice (7A) The Commissioner may, by written notice given to an entity, or * loss company, that is required to give a notice under subsection (4) or (5), specify a time later than the alteration time as the start of the 6 months mentioned in the subsection. Commissioner’s power to waive requirement for notice (7B) The Commissioner may give an entity or * loss company a written declaration that subsection (4) or (5) does not apply to require the entity or company to give a notice relating to the alteration time. If the Commissioner does so, the subsection does not apply in relation to the alteration time. Considerations relating to Commissioner’s powers (7C) In deciding whether to specify a time for the purposes of subsection (4) or (5) or declare that the subsection does not apply, the Commissioner must consider: (a) the consequences of doing so for each entity to which notice must be given under the subsection (apart from any such declaration); and (b) any other matters that the Commissioner considers relevant. Obligations of person not affected by failure to give notice (8) Any failure by an entity or the * loss company to give a notice to a person under this section does not affect any obligation of the person to comply with the requirements of this Subdivision.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 89 of 2000 | No 146 of 2001 | No 23 of 2005 | No 41 of 2005", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 146 of 2001, effective Sch 4 (items 92–101): 15 Dec 2001 (s 2(1)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115ZC"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-115ZD", "Provision_Key": "s165-115zd", "Heading": "Adjustment (or further adjustment) for interest realised at a loss after global method has been used", "Text": "(1) This section affects how sections 165 ‑ 115ZA and 165 ‑ 115ZB apply to an interest (the equity ) in, or a debt owed by, a company if, apart from this section, a loss (the realised loss ): (a) would be * realised for income tax purposes by a * realisation event that happens to the equity or debt; or (b) would be so realised but for Subdivision 170 ‑ D (which defers realisation of capital losses and deductions); and the company chose to use the * global method of working out whether it had an adjusted unrealised loss at the last alteration time: (c) that happened for the company before the realisation event; and (d) immediately before which the equity or debt was, or was part of: (i) if the company was a * loss company at that alteration time—a relevant equity interest, or a relevant debt interest, that an entity had in the company; or (ii) otherwise—what would have been such an interest if the company had been a loss company at that alteration time. Note: If that last alteration time is before the day on which the New Business Tax System (Consolidation, Value Shifting, Demergers and Other Measures) Act 2002 received the Royal Assent, the owner of the equity or debt may choose to apply section 165 ‑ 115ZD of the Income Tax (Transitional Provisions) Act 1997 instead of this section. (2) In addition to any application to the equity or debt, in relation to that last alteration time, that sections 165 ‑ 115ZA and 165 ‑ 115ZB have apart from this section, those sections apply (and are taken always to have applied) to the equity or debt, in relation to that last alteration time, as if: (a) the company had an adjusted unrealised loss at that time worked out under this section; and (b) the company were therefore a * loss company at that time; and (c) that adjusted unrealised loss were the company’s overall loss at that time. (3) For the purposes of how sections 165 ‑ 115ZA and 165 ‑ 115ZB apply because of this section, the adjustment amount under section 165 ‑ 115ZB is to be worked out and applied in accordance with subsection 165 ‑ 115ZB(6) (the non ‑ formula method). Adjusted unrealised loss worked out under this section (4) The adjusted unrealised loss referred to in paragraph (2)(a) is worked out using this method statement: Method statement Step 1. Add up the amount or value of each thing covered by subsection (5). (If the total exceeds the realised loss, reduce the total by the excess.) Step 2. Reduce the step 1 amount by so much of the realised loss as it is reasonable to conclude is attributable to none of these: (a) a notional capital loss, or a notional revenue loss, that the company has at that last alteration time in respect of a * CGT asset; (b) a trading stock decrease in relation to that time for a CGT asset that was * trading stock of the company at that time. Note: If the equity or debt is a revenue asset, the realised loss is different from the loss referred to in subsection (1): see subsection (9). (5) This subsection covers each thing covered by an item in the table, except to the extent that: (a) it is reasonable to conclude that the thing was not attributable to value that is reflected in what would, if that last alteration time had been a * changeover time for the company, be a notional capital gain or notional revenue gain that the company had under section 165 ‑ 115F at that changeover time in respect of a * CGT asset; or (b) the thing has resulted in a reduction of the * reduced cost base of the equity or debt. Things that might expose an unrealised loss netted off by use of global method Item Thing covered 1 A * dividend that the company pays during the period referred to in subsection (6) 2 A thing that is taken under this Act to be a dividend and that the company pays during the period referred to in subsection (6) 3 A distribution of income or capital to a * member that the company makes during the period referred to in subsection (6) and is not covered by item 1 or 2 4 An amount of income tax to which the company becomes liable at any time, to the extent that it is reasonably attributable to a realisation event that happens, during the period referred to in subsection (6), to a * CGT asset (in its character as a CGT asset, * trading stock or a * revenue asset) that the company owned at that last alteration time and * acquired for not less than $10,000 5 A loss or outgoing to which the company becomes liable at any time, to the extent that it is reasonably attributable to a realisation event of the kind referred to in item 4 6 The difference between: (a) the * capital proceeds (as worked out under subsection (7)) of a * CGT event: (i) that happens, during the period referred to in subsection (6), to a * CGT asset that the company owned at that last alteration time and * acquired for not less than $10,000; and (ii) as a result of which the asset is * acquired by an entity that is an * associate of the company at the time of the CGT event; and (b) the * market value of the asset at the time of the CGT event; but only if those capital proceeds are less than that market value (6) The period starts at that last alteration time and ends at the earlier of: (a) the time of the * realisation event referred to in paragraph (1)(a); or (b) the time immediately before the earliest time when the equity or debt is no longer, or is no longer part of: (i) if the company was a * loss company at that last alteration time—a relevant equity interest, or a relevant debt interest, that an entity has in the company; or (ii) otherwise—what would have been such an interest if the company had been a loss company at that last alteration time. (7) For the purposes of item 6 of the table in subsection (5), the * capital proceeds of the * CGT event are to be worked out: (a) under subsection 116 ‑ 20(1) only; and (b) disregarding subsection 103 ‑ 10(1) and paragraph 103 ‑ 10(2)(a) (about entitlement to receive money or property). Notices under section 165 ‑ 115ZC not affected (8) To avoid doubt: (a) a notice need not be given under section 165 ‑ 115ZC because of this section; and (b) this section does not affect the requirements that apply to a notice that otherwise must be given under that section. If equity or debt is a revenue asset (9) If the equity or debt is a * revenue asset at the time of the * realisation event, subsection (4) applies on the basis that the realised loss is the total of: (a) the loss (if any) * realised for income tax purposes by the realisation event happening to the equity or debt in its character as a * CGT asset; and (b) the loss (if any) realised for income tax purposes by the realisation event happening to the equity or debt in its character as a revenue asset.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-115ZD"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-117", "Provision_Key": "s165-117", "Heading": "What this Subdivision is about", "Text": "A company cannot deduct a bad debt unless: (a) if the debt was incurred in an earlier income year—the company had the same owners and the same control throughout the period from the day on which the debt was incurred to the end of the income year in which it writes off the debt as bad; or (b) if the debt was incurred in the current year—the company had the same owners and the same control during the income year both before and after the debt was incurred; or, if there has been a change of ownership or control, the company satisfies the business continuity test by carrying on the same business (including entering into no new kinds of transactions and conducting no new kinds of business), or by carrying on a similar business (on or after 1 July 2015). Note: The exceptions mentioned in this section apply differently in relation to designated infrastructure project entities: see section 415 ‑ 40. Table of sections Operative provisions 165 ‑ 119 Application of Subdivision 165 ‑ 120 To deduct a bad debt 165 ‑ 123 Company must maintain the same owners 165 ‑ 126 Alternatively, the company must satisfy the business continuity test 165 ‑ 129 Same people must control the voting power, or the company must satisfy the business continuity test 165 ‑ 132 When tax losses resulting from bad debts cannot be deducted", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 147 of 2005 | No 164 of 2007 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-117"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-119", "Provision_Key": "s165-119", "Heading": "Application of Subdivision", "Text": "This Subdivision applies to a debt only to the extent (if any) to which Subdivision 165 ‑ CC does not apply in respect of the debt. Note: Subdivision 165 ‑ CC applies to certain capital losses or tax losses of a company to the extent to which the capital loss or tax loss does not exceed the company’s unrealised net loss.", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-119"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-120", "Provision_Key": "s165-120", "Heading": "To deduct a bad debt", "Text": "(1) A company cannot deduct a debt (or part of a debt) that it writes off as bad in the * current year unless: (a) it meets the conditions in section 165 ‑ 123 (which is about the company maintaining the same owners); or Note: See section 165 ‑ 230 for a special alternative to the condition in this paragraph. (b) the Commissioner thinks it would be unreasonable to require the company to meet the conditions in that section, having regard to the entities that beneficially owned the shares in the company when (in the Commissioner’s opinion) the debt (or part) became bad; or (c) the company meets the condition in section 165 ‑ 126 (which is about the company satisfying the business continuity test). Note 1: In the case of a widely held or eligible Division 166 company, Subdivision 166 ‑ C modifies how this Subdivision applies, unless the company chooses otherwise. Note 2: Normally bad debts are deductible under section 8 ‑ 1 or 25 ‑ 35. Note 3: Subdivisions 709 ‑ D and 719 ‑ I modify how this Subdivision operates in relation to a company that used to be a member of a consolidated group or MEC group and that writes off as bad a debt that used to be owed to a member of the group. (2) The conditions in section 165 ‑ 123 or 165 ‑ 126 apply to different periods, depending on whether the debt was incurred in the * current year or an earlier income year: Meaning of first continuity period and second continuity period In this case: the first continuity period : and the second continuity period : the debt was incurred in an earlier income year • starts on the day when the debt was incurred; and • ends at the end of that income year is the * current year the debt was incurred in the * current year (but not on the last day of it) • starts on the first day of the * current year; and • ends on the day when the debt was incurred • starts on the day after the debt was incurred; and • ends on the last day of the * current year (3) A company cannot deduct a debt (or part of a debt) that it writes off as bad on the last day of the * current year if the debt was also incurred on that day.", "Amendment_Count": 8, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 58 of 2000 | No 142 of 2003 | No 41 of 2005 | No 147 of 2005 | No 162 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-123", "Provision_Key": "s165-123", "Heading": "Company must maintain the same owners", "Text": "Ownership test period (1) In determining whether section 165 ‑ 120 prevents a company from deducting a debt or a part of a debt, the ownership test period is the period from the start of the * first continuity period to the end of the * second continuity period. Note: See section 165 ‑ 255 for the rule about incomplete test periods. Voting power (2) There must be persons who had * more than 50% of the voting power in the company at all times during the * ownership test period. Note 1: See section 165 ‑ 150 to work out who had more than 50% of the voting power. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. Rights to dividends (3) There must be persons who had rights to * more than 50% of the company’s dividends at all times during the * ownership test period. Note 1: See section 165 ‑ 155 to work out who had rights to more than 50% of the company’s dividends. Note 2: Subdivision 167 ‑ A has special rules for working out rights to dividends in a company whose shares do not all carry the same rights to dividends. Rights to capital distributions (4) There must be persons who had rights to * more than 50% of the company’s capital distributions at all times during the * ownership test period. Note 1: See section 165 ‑ 160 to work out who had rights to more than 50% of the company’s capital distributions. Note 2: Subdivision 167 ‑ A has special rules for working out rights to capital distributions in a company whose shares do not all carry the same rights to capital distributions. When to apply the primary test (5) To work out whether a condition in this section was satisfied at all times during the * ownership test period, apply the primary test for that condition unless subsection (6) requires the alternative test to be applied. Note: For the primary test, see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). When to apply the alternative test (6) Apply the alternative test for that condition if one or more other companies beneficially owned * shares or interests in shares in the company at any time during the * ownership test period. Note: For the alternative test, see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). Conditions in subsections (2), (3) and (4) may be treated as having been satisfied in certain circumstances (7) If any of the conditions in subsections (2), (3) and (4) have not been satisfied, those conditions are taken to have been satisfied if: (a) they would have been satisfied except for the operation of section 165 ‑ 165; and (b) the company has information from which it would be reasonable to conclude that less than 50% of the debt or of the part of a debt has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any * CGT event in relation to any * direct equity interests or * indirect equity interests in the company during the * ownership test period. (7A) If the company is: (a) a * non ‑ profit company; or (b) a * mutual affiliate company; or (c) a * mutual insurance company; during the whole of the * ownership test period, the conditions in subsections (3) and (4) are taken to have been satisfied by the company. Time of happening of CGT event (8) The happening of any * CGT event in relation to a * direct equity interest or * indirect equity interest in the company that results in the failure of the company to satisfy a condition in subsection (2), (3) or (4) is taken, for the purposes of paragraph (7)(b), to have occurred during the * ownership test period.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 89 of 2000 | No 147 of 2005 | No 143 of 2007 | No 130 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-123"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-126", "Provision_Key": "s165-126", "Heading": "Alternatively, the company must satisfy the business continuity test", "Text": "(1) This section sets out the condition that a company must meet to be able to deduct a debt or part of a debt that it writes off as bad in the * current year if: (a) either: (i) the company fails to meet a condition in subsection 165 ‑ 123(2), (3) or (4); or (ii) it is not practicable to show that the company meets the conditions in those subsections; and (b) paragraph 165 ‑ 120(1)(b) (about the Commissioner thinking it is unreasonable to require the company to meet the conditions in section 165 ‑ 123) does not apply. Note Other provisions may treat the company as meeting, or failing to meet, the conditions in subsections 165 ‑ 123(2), (3) and (4). (2) The company must satisfy the * business continuity test for the * second continuity period (the business continuity test period ). Apply the test to the * business the company carried on immediately before the time (the test time ) shown in the relevant item of the table. Test time Item If: The test time is: 1 It is practicable to show there is a period that meets these conditions: (a) the period starts at the start of the * first continuity period; (b) the company would meet the conditions in subsections 165 ‑ 123(2), (3) and (4) if the period were the * ownership test period for the purposes of this Act The latest time that it is practicable to show is in the period 2 Item 1 does not apply and either: (a) the debt was incurred before the * current year; or (b) the company came into being during the current year The end of the day on which the debt was incurred 3 All these conditions are met: (a) item 1 does not apply; (b) the debt was incurred in the * current year; (c) the company was in being throughout the current year The start of the current year For the business continuity test: see Subdivision 165 ‑ E.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-126"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-129", "Provision_Key": "s165-129", "Heading": "Same people must control the voting power, or the company must satisfy the business continuity test", "Text": "(1) Even if section 165 ‑ 120 does not prevent a company from deducting a bad debt (or part of one), it cannot deduct the bad debt (or that part of it) if: (a) for some or all of the part of the * ownership test period that started at the end of the * first continuity period, a person controlled, or was able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities); and (b) for some or all of the * first continuity period, that person did not control, and was not able to control, that voting power (directly, or indirectly in that way); and (c) that person began to control, or became able to control, that voting power (directly, or indirectly in that way) for the purpose of: (i) getting some benefit or advantage in relation to how this Act applies; or (ii) getting such a benefit or advantage for someone else; or for purposes including that purpose. Note 1: A person can still control the voting power in a company that is in liquidation etc.: see section 165 ‑ 250. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. (2) However, that person’s control of the voting power, or ability to control it, does not prevent the company from deducting the bad debt (or that part of it) if the company satisfies the * business continuity test for the * second continuity period (the business continuity test period ). (3) Apply the * business continuity test to the * business that the company carried on immediately before the time (the test time ) when the person began to control that voting power, or became able to control it. For the business continuity test: see Subdivision 165 ‑ E.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 147 of 2005 | No 164 of 2007 | No 130 of 2015 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-129"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-132", "Provision_Key": "s165-132", "Heading": "When tax losses resulting from bad debts cannot be deducted", "Text": "(1) If: (a) a company can deduct a debt (or part of a debt) that it wrote off as bad in an income year; and (b) because the company failed to meet a condition in section 165 ‑ 123 (about the company maintaining the same owners), it could not have deducted the debt (or part) apart from section 165 ‑ 126 (about the company satisfying the business continuity test); and (c) the company wrote off the debt after the * test time worked out under section 165 ‑ 126; and (d) because of the deduction, the company has a * tax loss for that income year, or there was an increase in the amount of its * tax loss for that income year; and (e) the company carried on a * business during that income year for the purpose, or for purposes including the purpose, of securing a deduction for the debt (or part) by relying on section 165 ‑ 126; the company cannot deduct the * tax loss for a later income year, or cannot deduct it to the extent of the increase, unless it also satisfies the * business continuity test for the later income year (the business continuity test period ). (2) Apply the test to the * business that the company carried on immediately before the * test time worked out for section 165 ‑ 126. For the business continuity test: see Subdivision 165 ‑ E.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-132"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-150", "Provision_Key": "s165-150", "Heading": "Who has more than 50% of the voting power in the company", "Text": "The primary test (1) Applying the primary test: if there are persons who, at a particular time, beneficially own (between them) * shares that carry (between them) the right to exercise more than 50% of the voting power in the company, those persons have more than 50% of the voting power in the company at that time. The alternative test (2) Applying the alternative test: if it is the case, or it is reasonable to assume, that there are persons (none of them companies or * trustees) who (between them) at a particular time control, or are able to control (whether directly, or indirectly through one or more interposed entities) the voting power in the company, those persons have more than 50% of the voting power in the company at that time.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 169 of 1999 | No 89 of 2000", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-155", "Provision_Key": "s165-155", "Heading": "Who has rights to more than 50% of the company’s dividends", "Text": "The primary test (1) Applying the primary test: if there are persons who, at a particular time, beneficially own (between them) * shares that carry (between them) the right to receive more than 50% of any * dividends that the company may pay, those persons have rights to more than 50% of the company’s dividends at that time. The alternative test (2) Applying the alternative test: if it is the case, or it is reasonable to assume, that there are persons (none of them companies) who (between them) at a particular time have the right to receive for their own benefit (whether directly or * indirectly) more than 50% of any * dividends that the company may pay, those persons have rights to more than 50% of the company’s dividends at that time.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 169 of 1999 | No 89 of 2000", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-160", "Provision_Key": "s165-160", "Heading": "Who has rights to more than 50% of the company’s capital distributions", "Text": "The primary test (1) Applying the primary test: if there are persons who, at a particular time, beneficially own (between them) * shares that carry (between them) the right to receive more than 50% of any distribution of capital of the company, those persons have rights to more than 50% of the company’s capital distributions at that time. The alternative test (2) Applying the alternative test: if it is the case, or it is reasonable to assume, that there are persons (none of them companies) who (between them) at a particular time have the right to receive for their own benefit (whether directly or * indirectly) more than 50% of any distribution of capital of the company, those persons have rights to more than 50% of the company’s capital distributions at that time.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 169 of 1999 | No 89 of 2000", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-165", "Provision_Key": "s165-165", "Heading": "Rules about tests for a condition or occurrence of a circumstance", "Text": "Exactly the same shares or interests must continue to be held (1) For the purpose of determining whether a company has satisfied a condition or whether a time is a changeover time or an alteration time in respect of a company: (a) a condition that has to be satisfied is not satisfied; or (b) a time that, apart from this subsection, would not be a changeover time or alteration time is taken to be a changeover time or alteration time, as the case may be; unless, at all relevant times: (c) the only * shares in the company that are taken into account are exactly the same shares and are held by the same persons; and (d) the only interests in any other entity (including shares in another company) that are taken into account are exactly the same interests and are beneficially owned by the same persons. What happens in case of share splitting (2) If: (a) a particular * share (an old share ) in a company of which a person is the beneficial owner at the start of a * test period is divided into 2 or more new shares; and (b) the person becomes the beneficial owner of each of the new shares immediately after the division takes place and remains the beneficial owner until the end of that period; the new shares are taken to be exactly the same shares as the old share. What happens in case of splitting of units in a unit trust (3) If: (a) a particular unit (the old unit ) in a unit trust of which a person is the holder at the start of a * test period is divided into 2 or more new units; and (b) the person becomes the holder of each of the new units immediately after the division takes place and remains the holder until the end of that period; the new units are taken to be exactly the same units as the old unit. What happens in case of consolidation of shares (4) If: (a) a particular * share (an old share ) in a company of which a person is the beneficial owner at the start of a * test period, and other shares (each of which also called an old share ) in the company of which the person is the beneficial owner at the start of that period, are consolidated into a new share; and (b) the person becomes the beneficial owner of the new share immediately after the consolidation takes place; the new share is taken to be exactly the same share as the old shares. What happens in case of consolidation of units in a unit trust (5) If: (a) a particular unit (an old unit ) in a unit trust of which a person is the holder at the start of a * test period and other units (each of which also called an old unit ) in the trust of which the person is the holder at the start of that period are consolidated into a new unit; and (b) the person becomes the holder of the new unit immediately after the consolidation takes place; the new unit is taken to be exactly the same unit as the old units. Test period (6) A test period is: (a) for the purpose of determining whether a condition in section 165 ‑ 12 has been satisfied—the * ownership test period; or (b) for the purpose of determining whether a test time is a changeover time for the purposes of section 165 ‑ 115C—the period between the reference time referred to in subsection 165 ‑ 115A(2A) and the test time; or (c) for the purpose of determining whether a test time is an alteration time for the purposes of section 165 ‑ 115L—the period between the reference time referred to in subsection 165 ‑ 115L(2) and the test time. Satisfaction by primary test by public company (7) A * public company is taken to satisfy the primary test if it is reasonable to assume that the test is satisfied.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 169 of 1999 | No 89 of 2000", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-175", "Provision_Key": "s165-175", "Heading": "Tests can be satisfied by a single person", "Text": "To avoid doubt, a test for a condition can be satisfied by one person.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-180", "Provision_Key": "s165-180", "Heading": "Arrangements affecting beneficial ownership of shares", "Text": "(1) For the purposes of a test, the Commissioner may treat a person as not having beneficially owned particular * shares at a particular time if the conditions in subsections (2) and (3) are met. Example: The Commissioner may treat a person as not having beneficially owned redeemable shares at a particular time if the conditions in subsections (2) and (3) are met in respect of those shares. (2) An * arrangement must have been entered into at some time that in any way (directly or indirectly) related to, affected, or depended for its operation on: (a) the beneficial interest in the * shares, or the value of that beneficial interest; or (b) a right carried by, or relating to, the shares; or (c) the exercise of such a right. (3) The * arrangement must also have been entered into for the purpose, or for purposes including the purpose, of eliminating or reducing a liability of an entity to pay income tax for a * financial year.", "Amendment_Count": 3, "First_Amended": "No 169 of 1999", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 169 of 1999 | No 114 of 2000 | No 147 of 2005", "History_Notes": "Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-185", "Provision_Key": "s165-185", "Heading": "Shares treated as not having carried rights", "Text": "(1) In applying a test for the purposes of this Division other than Subdivision 165 ‑ CC, * shares are taken not to have carried particular rights during a part of the * ownership test period if the Commissioner is satisfied that: (a) the shares stopped carrying those rights after the ownership test period; or (b) the shares will or may stop carrying those rights after the ownership test period; because of: (c) the company’s * constitution as in force at some time during the ownership test period; or (d) an * arrangement entered into before or during the ownership test period. (2) In applying a test for the purposes of Subdivision 165 ‑ CC, * shares are taken not to have carried particular rights after a particular time if the Commissioner is satisfied that: (a) the shares stopped carrying those rights after that time; or (b) the shares will or may stop carrying those rights after that time; because of: (c) the company’s * constitution as in force at any time; or (d) an * arrangement entered into at any time.", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-190", "Provision_Key": "s165-190", "Heading": "Shares treated as always having carried rights", "Text": "(1) In applying a test for the purposes of this Division other than Subdivision 165 ‑ CC, * shares are taken to have carried particular rights at all times during a part of the * ownership test period if the Commissioner is satisfied that: (a) the shares started to carry those rights after the ownership test period; or (b) the shares will or may start to carry those rights after the ownership test period; because of: (c) the company’s * constitution as in force at some time during the ownership test period; or (d) an * arrangement entered into before or during the ownership test period. (2) In applying a test for the purposes of Subdivision 165 ‑ CC, * shares are taken to have carried particular rights after a particular time if the Commissioner is satisfied that: (a) the shares started to carry those rights after that time; or (b) the shares will or may start to carry those rights after that time; because of: (c) the company’s * constitution as in force at any time; or (d) an * arrangement entered into at any time.", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Repealed and substituted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-200", "Provision_Key": "s165-200", "Heading": "Rules do not affect totals of shares, units in unit trusts or rights carried by shares and units", "Text": "(1) Sections 165 ‑ 165, 165 ‑ 180, 165 ‑ 185 and 165 ‑ 190 do not affect how * shares, and rights carried by * shares, are counted for the purposes of determining: (a) the total voting power in the company; or (b) the total * dividends that the company may pay; or (c) the total distributions of capital of the company. (2) Section 165 ‑ 165 does not affect how units in a unit trust, or the rights carried by such units, are counted for the purposes of determining the total rights, or the total rights of a particular kind, in the trust of the holders of such units.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 89 of 2000 | No 147 of 2005", "History_Notes": "Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-202", "Provision_Key": "s165-202", "Heading": "Shares held by government entities and charities etc.", "Text": "(1) For the purposes of a test, * shares that are beneficially owned by each of the following entities are taken to be beneficially owned instead by a person (who is not a company): (a) the Commonwealth, a State or a Territory; (b) a municipal corporation; (c) a * local governing body; (d) the government of a foreign country, or of part of a foreign country; (e) a company, established under a law, in which no person has a * membership interest; (f) a * non ‑ profit company; (g) a charity that is not a trust; (h) a * complying superannuation fund; (i) a superannuation fund that is established in a foreign country and is regulated under a * foreign law; (j) a * complying approved deposit fund; (k) a * special company; (l) a * managed investment scheme. (2) For the purposes of a test, * shares that are beneficially owned through a charity that is a trust are taken to be beneficially owned instead by a person (who is neither a company nor a trustee).", "Amendment_Count": 4, "First_Amended": "No 147 of 2005", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 147 of 2005 | No 169 of 2012 | No 130 of 2015 | No 15 of 2017", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-202"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-203", "Provision_Key": "s165-203", "Heading": "Companies where no shares have been issued", "Text": "For the purposes of a test, if no * shares have been issued in a company, each * membership interest in the company is taken to be a share in the company.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-203"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-205", "Provision_Key": "s165-205", "Heading": "Death of share owner", "Text": "(1) If an individual beneficially owns * shares in a company when he or she dies, this section applies if and while the shares: (a) are owned by the trustee of the deceased’s estate; or (b) are beneficially owned by someone who receives them as a beneficiary of the deceased’s estate. (2) For the purposes of a test: (a) the * shares are taken to continue to be beneficially owned by the deceased; and (b) as a result of being taken to continue to beneficially own the shares, the deceased is taken to continue: (i) to have any rights to exercise, or to be able to control (whether directly, or indirectly through one or more interposed entities), any of the voting power in the company; and (ii) to have any rights to receive for the deceased’s own benefit (whether directly or * indirectly) any * dividends that the company may pay; and (iii) to have any rights to receive for the deceased’s own benefit (whether directly or indirectly) any distributions of capital of the company.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Repealed and substituted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-207", "Provision_Key": "s165-207", "Heading": "Trustees of family trusts", "Text": "(1) This section applies if one or more trustees of a * family trust: (a) owns * shares in a company; or (b) controls, or is able to control, (whether directly, or indirectly through one or more interposed entities) voting power in a company; or (c) has a right to receive (whether directly, or * indirectly through one or more interposed entities) a percentage of a * dividend or a distribution of capital of a company. (2) For the purposes of a primary test, a single notional entity that is a person (but is neither a company nor a trustee) is taken to own the * shares beneficially. Note: For a primary test, see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). (3) For the purposes of an alternative test, a single notional entity that is a person (but is neither a company nor a trustee) is taken: (a) to control, or have the ability to control, the voting power in the company; or (b) to have the right to receive (whether directly or * indirectly) the percentage of the * dividend or distribution for the entity’s own benefit. Note: For an alternative test, see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). (4) If a trustee of the trust is subsequently replaced by another trustee of the trust, the same single notional entity is taken: (a) to own the * shares beneficially; or (b) to control, or have the ability to control, the voting power in the company; or (c) to have the right to receive (whether directly or * indirectly) the percentage of the * dividend or distribution for the entity’s own benefit.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 58 of 2000 | No 147 of 2005", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-207"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-208", "Provision_Key": "s165-208", "Heading": "Companies in liquidation etc.", "Text": "(1) For the purposes of a primary test or an alternative test, an entity is not prevented from: (a) beneficially owning * shares in a company; or (b) having the right to exercise, controlling, or being able to control, voting power in a company; or (c) having the right to receive any * dividends that a company may pay; or (d) having the right to receive any distribution of capital of a company; merely because: (e) the company is or becomes: (i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or (ii) an entity with a similar status under a * foreign law to a Chapter 5 body corporate; or (f) either: (i) a provisional liquidator is appointed to the company under section 472 of the Corporations Act 2001 ; or (ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the company. Note 1: For a primary test, see subsections 165 ‑ 150(1), 165 ‑ 155(1) and 165 ‑ 160(1). Note 2: For an alternative test, see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). (2) For the purposes of a primary test or an alternative test, a company (the stakeholding company ) is not prevented from: (a) beneficially owning * shares in another company, or any other interest in another entity; or (b) having the right to exercise, controlling, or being able to control, voting power in another company or any other entity; or (c) having the right to receive any * dividends that another company or any other entity may pay; or (d) having the right to receive any distribution of capital of another company or of any other entity; merely because: (e) the stakeholding company is or becomes: (i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or (ii) an entity with a similar status under a * foreign law to a Chapter 5 body corporate; or (f) either: (i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Act 2001 ; or (ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the stakeholding company.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 11 of 2016", "Amending_Acts": "No 147 of 2005 | No 11 of 2016", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 11 of 2016, effective Sch 2 (items 274–277): 1 Mar 2017 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-208"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-209", "Provision_Key": "s165-209", "Heading": "Dual listed companies", "Text": "Section 165 ‑ 150 does not apply to * shares that are * dual listed company voting shares.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-209"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-210", "Provision_Key": "s165-210", "Heading": "The business continuity test—carrying on the same business", "Text": "(1) A company satisfies the business continuity test if throughout the * business continuity test period it carries on the same * business as it carried on immediately before the * test time. (2) However, the company does not satisfy the * business continuity test under this section if, at any time during the * business continuity test period, it * derives assessable income from: (a) a * business of a kind that it did not carry on before the * test time; or (b) a transaction of a kind that it had not entered into in the course of its business operations before the * test time. (3) The company also does not satisfy the * business continuity test under this section if, before the * test time, it: (a) started to carry on a * business it had not previously carried on; or (b) in the course of its business operations, entered into a transaction of a kind that it had not previously entered into; and did so for the purpose, or for purposes including the purpose, of being taken to have carried on throughout the * business continuity test period the same business as it carried on immediately before the test time. (4) So far as the * business continuity test under this section is applied for the purpose of Subdivision 165 ‑ B (which is about working out the taxable income and * tax loss for the income year of change of ownership or control), the company also does not satisfy the test if, at any time during the * business continuity test period, it incurs expenditure: (a) in carrying on a * business of a kind that it did not carry on before the * test time; or (b) as a result of a transaction of a kind that it had not entered into in the course of its business operations before the test time.", "Amendment_Count": 4, "First_Amended": "No 114 of 2000", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-211", "Provision_Key": "s165-211", "Heading": "The business continuity test—carrying on a similar business", "Text": "(1) A company also satisfies the business continuity test in relation to: (a) a * tax loss for an income year starting on or after 1 July 2015; or (b) taxable income for an income year starting on or after 1 July 2015; or (c) a * net capital loss for an income year starting on or after 1 July 2015; or (d) a debt, incurred in an income year starting on or after 1 July 2015, that the company writes off as bad; if throughout the * business continuity test period it carries on a business (its current business ) that is similar to the * business it carried on immediately before the * test time (its former business ). (2) Without limiting the matters that may be taken into account in ascertaining whether the company’s current business is similar to its former business, the following must be taken into account: (a) the extent to which the assets (including goodwill) that are used in its current business to generate assessable income throughout the * business continuity test period were also used in its former business to generate assessable income; (b) the extent to which the activities and operations from which its current business generated assessable income throughout the business continuity test period were also the activities and operations from which its former business generated assessable income; (c) the identity of its current business and the identity of its former business; (d) the extent to which any changes to its former business result from development or commercialisation of assets, products, processes, services or marketing or organisational methods of the former business. (3) However, the company does not satisfy the * business continuity test under this section if, before the * test time, it: (a) started to carry on a * business it had not previously carried on; or (b) in the course of its business operations, entered into a transaction of a kind that it had not previously entered into; and did so for the purpose, or for purposes including the purpose, of being taken to have carried on throughout the * business continuity test period a business that is similar to the business it carried on immediately before the test time.", "Amendment_Count": 1, "First_Amended": "No 7 of 2019", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 7 of 2019", "History_Notes": "Inserted by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-211"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-212D", "Provision_Key": "s165-212d", "Heading": "Restructure of MDOs etc.", "Text": "(1) An * MDO does not fail to satisfy the * business continuity test merely because, before 1 July 2003: (a) the MDO restructured the way it * provides medical indemnity cover; or (b) the MDO ceased to provide medical indemnity cover; in order to comply with the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 . (2) A * general insurance company which is an * associate of an * MDO does not fail to satisfy the * business continuity test merely because, before 1 July 2003: (a) the MDO restructured the way it * provides medical indemnity cover; or (b) the MDO ceased to provide medical indemnity cover; in order to comply with the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 .", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 147 of 2005 | No 7 of 2019", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-212D"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-212E", "Provision_Key": "s165-212e", "Heading": "Entry history rule does not apply for the purposes of sections 165 ‑ 210 and 165 ‑ 211", "Text": "For the purposes of sections 165 ‑ 210 and 165 ‑ 211, section 701 ‑ 5 (the entry history rule) does not operate in relation to an entity becoming a * subsidiary member of a * consolidated group or a * MEC group.", "Amendment_Count": 3, "First_Amended": "No 147 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 147 of 2005 | No 130 of 2015 | No 7 of 2019", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Repealed and substituted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-212E"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-215", "Provision_Key": "s165-215", "Heading": "Special alternative to change of ownership test for Subdivision 165 ‑ A", "Text": "(1) If a company does not meet the conditions in section 165 ‑ 12, it is nevertheless taken to meet the conditions if it meets the conditions in this section. First condition (2) At all times during the * ownership test period: (a) both: (i) persons must have held * fixed entitlements to all of the income and capital of the company; and (ii) * non ‑ fixed trusts, other than * family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the company; or (b) both: (i) a * fixed trust or a company (which trust or company is the holding entity ) must have held, directly or indirectly, fixed entitlements to all of the income and capital of the company; and (ii) non ‑ fixed trusts, other than * family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the holding entity. Second condition (3) The persons holding * fixed entitlements to shares of the income, and the persons holding fixed entitlements to shares of the capital, of: (a) in a paragraph (2)(a) case—the company; or (b) in a paragraph (2)(b) case—the holding entity; at the beginning of the * loss year must have held those entitlements to those shares at all times during the * ownership test period. Third condition (4) At the beginning of the * loss year: (a) individuals must not have had (between them), directly or indirectly, and for their own benefit, * fixed entitlements to a greater than 50% share of the income of the company; or (b) individuals must not have had (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the capital of the company. Fourth condition (5) It must be the case that, for each * non ‑ fixed trust (other than an * excepted trust) that, at any time during the * ownership test period, held directly or indirectly a * fixed entitlement to a share of the income or capital of the company, section 267 ‑ 20 in Schedule 2F to the Income Tax Assessment Act 1936 would not have prevented the non ‑ fixed trust from deducting the * tax loss concerned if it, rather than the company, had incurred the tax loss. Note: See section 165 ‑ 245 for when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.", "Amendment_Count": 4, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 89 of 2000 | No 57 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-220", "Provision_Key": "s165-220", "Heading": "Special alternative to change of ownership test for Subdivision 165 ‑ B", "Text": "(1) If the company does not meet the condition in paragraph 165 ‑ 35(a), it is nevertheless taken to meet the condition if it meets the conditions in this section. First condition (2) At all times during the income year: (a) both: (i) persons must have held * fixed entitlements to all of the income and capital of the company; and (ii) * non ‑ fixed trusts, other than * family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the company; or (b) both: (i) a * fixed trust or a company (which trust or company is the holding entity ) must have held, directly or indirectly, fixed entitlements to all of the income and capital of the company; and (ii) non ‑ fixed trusts, other than family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the holding entity. Second condition (3) The persons holding * fixed entitlements to shares of the income, and the persons holding fixed entitlements to shares of the capital, of: (a) in a paragraph (2)(a) case—the company; or (b) in a paragraph (2)(b) case—the holding entity; at the beginning of the income year must have held those entitlements to those shares at all times during the income year. Third condition (4) At the beginning of the income year: (a) individuals must not have had (between them), directly or indirectly, and for their own benefit, * fixed entitlements to a greater than 50% share of the income of the company; or (b) individuals must not have had (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the capital of the company. Fourth condition (5) It must be the case that, for each * non ‑ fixed trust (other than an * excepted trust) that, at any time in the income year, held directly or indirectly a * fixed entitlement to a share of the income or capital of the company, section 267 ‑ 60 in Schedule 2F to the Income Tax Assessment Act 1936 does not require the non ‑ fixed trust to work out its net income and * tax loss for the income year under Division 268. Note: See section 165 ‑ 245 for when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-225", "Provision_Key": "s165-225", "Heading": "Special way of dividing the income year under Subdivision 165 ‑ B", "Text": "(1) If: (a) the company is required to calculate: (i) its taxable income and * tax loss for the income year under Subdivision 165 ‑ B; and (ii) its * net capital gain and * net capital loss for the income year under Subdivision 165 ‑ CB; and (b) the company meets the requirements of subsections 165 ‑ 220(2) and (4); then, in dividing the income year into periods, apply subsection (2) of this section instead of subsections 165 ‑ 45(3) and (4). (2) The last period ends at the end of the income year. Each period (except the last) ends at the earliest of: (a) the latest time that would result in the persons holding * fixed entitlements to shares of the income or shares of the capital of: (i) if the company meets the requirements of paragraph 165 ‑ 220(2)(a)—the company; or (ii) if the company meets the requirements of paragraph 165 ‑ 220(2)(b)—the holding entity mentioned in that paragraph; and the percentages of the shares that they hold, remaining the same during the whole of the period; and (b) the times that, for all of the * non ‑ fixed trusts, other than * excepted trusts, holding directly or indirectly a fixed entitlement to a share of the income or capital of the company at any time during the income year, are the latest times that would result in individuals having * more than a 50% stake in their income or capital; and (c) the earliest time in the period when a group (within the meaning of Schedule 2F to the Income Tax Assessment Act 1936 ) begins to * control a non ‑ fixed trust, other than an excepted trust, that holds directly or indirectly a fixed entitlement to a share of the income or capital of the company at any time during the income year. Note: See section 165 ‑ 245 for when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-230", "Provision_Key": "s165-230", "Heading": "Special alternative to change of ownership test for Subdivision 165 ‑ C", "Text": "(1) If a company does not meet the conditions in section 165 ‑ 123, it is nevertheless taken to meet the conditions if it meets the conditions in this section. First condition (2) At all times during the * ownership test period: (a) both: (i) persons must have held * fixed entitlements to all of the income and capital of the company; and (ii) * non ‑ fixed trusts, other than * family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the company; or (b) both: (i) a * fixed trust or a company (which trust or company is the holding entity ) must have held, directly or indirectly, fixed entitlements to all of the income and capital of the company; and (ii) non ‑ fixed trusts, other than family trusts, must have held fixed entitlements to a 50% or greater share of the income or a 50% or greater share of the capital of the holding entity. Second condition (3) The persons holding * fixed entitlements to shares of the income, and the persons holding fixed entitlements to shares of the capital, of: (a) in a paragraph (2)(a) case—the company; or (b) in a paragraph (2)(b) case—the holding entity; at the beginning of the * first continuity period must have held those entitlements to those shares at all times during the * ownership test period. Third condition (4) At the beginning of the * first continuity period: (a) individuals must not have had (between them), directly or indirectly, and for their own benefit, * fixed entitlements to a greater than 50% share of the income of the company; or (b) individuals must not have had (between them), directly or indirectly, and for their own benefit, fixed entitlements to a greater than 50% share of the capital of the company. Fourth condition (5) It must be the case that, for each * non ‑ fixed trust (other than an * excepted trust) that, at any time during the * ownership test period, held directly or indirectly a * fixed entitlement to a share of the income or capital of the company, section 267 ‑ 25 in Schedule 2F to the Income Tax Assessment Act 1936 would not have prevented the non ‑ fixed trust from deducting the amount in respect of the debt if it, rather than the company, would otherwise be entitled to deduct the amount. Note: See section 165 ‑ 245 for when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company.", "Amendment_Count": 4, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 89 of 2000 | No 57 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-235", "Provision_Key": "s165-235", "Heading": "Information about non ‑ fixed trusts with interests in company", "Text": "Notice about foreign resident non ‑ fixed trust (1) The Commissioner may give the company a notice in accordance with section 165 ‑ 240 if the requirements of subsections (2) to (5) of this section are met. Tax detriment under Division 165 (2) In its * income tax return for the income year: (a) the company must have deducted a * tax loss from a * loss year where it would not be allowed to deduct the tax loss unless it met the conditions in section 165 ‑ 215; or (b) the company must not have calculated: (i) its taxable income and tax loss for the income year under Subdivision 165 ‑ B; and (ii) its * net capital gain and * net capital loss for the income year under Subdivision 165 ‑ CB; where it would have been required to calculate them unless it met the conditions in section 165 ‑ 220; or (c) the company must have applied a net capital loss for an earlier income year in working out its net capital gain where it would not have been allowed to apply the loss unless it met the conditions in section 165 ‑ 215 as applied on the assumption mentioned in subsection 165 ‑ 96(1); or (d) the company must have deducted a debt that it wrote off as bad in the income year where it would not be allowed to deduct the debt unless it met the conditions in section 165 ‑ 230. Information about non ‑ fixed trust (3) In order to determine whether it meets the conditions concerned, the Commissioner must need information about a * non ‑ fixed trust mentioned in: (a) if paragraph (2)(a) applies—subsection 165 ‑ 215(5); or (b) if paragraph (2)(b) applies—subsection 165 ‑ 220(5); or (c) if paragraph (2)(c) applies—subsection 165 ‑ 215(5) as applied on the assumption mentioned in subsection 165 ‑ 96(1); or (d) if paragraph (2)(d) applies—subsection 165 ‑ 230(5). Foreign resident trust (4) When the Commissioner gives the notice: (a) a trustee of the * non ‑ fixed trust must be a foreign resident; or (b) the central management and control of the non ‑ fixed trust must be outside Australia. When notice must be given (5) The Commissioner must give the notice before the later of: (a) 5 years after the income year; and (b) the end of the period during which the company is required by section 262A of the Income Tax Assessment Act 1936 to retain records in relation to that income year.", "Amendment_Count": 5, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 41 of 2005 | No 147 of 2005 | No 97 of 2008 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-240", "Provision_Key": "s165-240", "Heading": "Notices where requirements of section 165 ‑ 235 are met", "Text": "Information required (1) The notice that the Commissioner may give if the requirements of subsections 165 ‑ 235(2) to (5) are met must require the company to give the Commissioner specified information that is relevant in determining whether: (a) if paragraph 165 ‑ 235(2)(a) applies—the requirements of subsection 165 ‑ 215(5); or (b) if paragraph 165 ‑ 235(2)(b) applies—the requirements of subsection 165 ‑ 220(5); or (c) if paragraph 165 ‑ 235(2)(c) applies—the requirements of subsection 165 ‑ 215(5) as applied on the assumption mentioned in subsection 165 ‑ 96(1); or (d) if paragraph 165 ‑ 235(2)(d) applies—the requirements of subsection 165 ‑ 230(5); are satisfied in relation to the * non ‑ fixed trust mentioned in subsections 165 ‑ 235(3) and (4). Company knowledge (2) The information need not be within the knowledge of the company at the time the notice is given. Period for giving information (3) The notice must specify a period within which the company is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Consequence of not giving the information (4) If the company does not give the information within the period or within such further period as the Commissioner allows, the company is taken not to meet, and never to have met, the conditions mentioned in whichever paragraph of subsection 165 ‑ 235(2) is applicable. Application of Subdivision 165 ‑ B (5) If, because of subsection (4), the company is required to calculate under Subdivision 165 ‑ B its taxable income and * tax loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest possible taxable income for the income year. Application of Subdivision 165 ‑ CB (6) If, because of subsection (4), the company is required to calculate under Subdivision 165 ‑ CB its * net capital gain and * net capital loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest net capital gain for the income year.", "Amendment_Count": 3, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 101 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-245", "Provision_Key": "s165-245", "Heading": "When an entity has a fixed entitlement to income or capital of a company", "Text": "For the purposes of this Act, an entity is taken to have held or had, directly or indirectly, a * fixed entitlement to a share of income or capital of a company at a time if and only if the entity held or had, directly or indirectly, that fixed entitlement at that time for the purposes of Schedule 2F to the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-250", "Provision_Key": "s165-250", "Heading": "Control of companies in liquidation etc.", "Text": "(1) For the purposes of sections 165 ‑ 15, 165 ‑ 40, 165 ‑ 115D, 165 ‑ 115M and 165 ‑ 129, a person is not prevented from controlling, or being or becoming able to control, voting power in a company merely because: (a) the company is or becomes: (i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or (ii) an entity with a similar status under a * foreign law to a Chapter 5 body corporate; or (b) either: (i) a provisional liquidator is appointed to the company under section 472 of the Corporations Act 2001 ; or (ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the company. (2) For the purposes of sections 165 ‑ 15, 165 ‑ 40, 165 ‑ 115D, 165 ‑ 115M and 165 ‑ 129, a company (the stakeholding company ) is not prevented from controlling, or being or becoming able to control, voting power in another company merely because: (a) the stakeholding company is or becomes: (i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or (ii) an entity with a similar status under a * foreign law to a Chapter 5 body corporate; or (b) either: (i) a provisional liquidator is appointed to the stakeholding company under section 472 of the Corporations Act 2001 ; or (ii) a person with a similar status under a foreign law to a provisional liquidator is appointed to the stakeholding company.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 11 of 2016", "Amending_Acts": "No 147 of 2005 | No 11 of 2016", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 11 of 2016, effective Sch 2 (items 274–277): 1 Mar 2017 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 165-255", "Provision_Key": "s165-255", "Heading": "Incomplete periods", "Text": "(1) If: (a) this Division or Division 166 requires a company to meet or satisfy a condition or test, or work out an amount, for a period; and (b) the company is only in existence after the beginning of the period; then the period is taken to start on the first day that the company is in existence. (2) If: (a) this Division or Division 166 requires a company to meet or satisfy a condition or test, or work out an amount, for a period; and (b) the company ceases to be in existence before the end of the period; then the period is taken to end on the day the company ceases to be in existence.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s165-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-1", "Provision_Key": "s166-1", "Heading": "What this Division is about", "Text": "This Division modifies the way the rules in Division 165 apply to a widely held or eligible Division 166 company by making it easier for the company to apply the rules. If the company has maintained the same owners as between certain points of time, it does not need to prove it has maintained the same owners throughout the periods in between. In certain cases, special concessional tracing rules deem entities to hold voting, dividend or capital stakes in the company so that the company does not have to trace through to the ultimate beneficial owners of the stakes.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-3", "Provision_Key": "s166-3", "Heading": "The object of this Division", "Text": "(1) The object of this Division is to make it easier for a * widely held company, or an * eligible Division 166 company, to apply the rules in Division 165 (because of the difficulty the company might have under that Division in actually tracing through to the ultimate beneficial owners of * voting stakes, * dividend stakes and * capital stakes in the company). (2) This Division makes it easier to apply the rules in Division 165 by: (a) making it unnecessary for the company to prove that it has maintained the same owners throughout a period, if the company had the same owners at certain test times; and (b) making it unnecessary for the company to trace through to the ultimate beneficial owners of: (i) * voting stakes, * dividend stakes and * capital stakes in the company held by certain entities (whether directly, or * indirectly through one or more interposed entities); and (ii) small voting stakes, dividend stakes and capital stakes in the company.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 147 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-5", "Provision_Key": "s166-5", "Heading": "How Subdivision 165 ‑ A applies to a widely held or eligible Division 166 company", "Text": "(1) This Subdivision modifies the way Subdivision 165 ‑ A applies to a company that is: (a) a * widely held company at all times during the income year; or (b) an * eligible Division 166 company at all times during the income year; or (c) a widely held company for a part of the income year and an eligible Division 166 company for the rest of the income year. Note 1: Subdivision 165 ‑ A is about the conditions a company must meet before it can deduct a tax loss for an earlier income year. Note 2: A company can choose that this Subdivision is not to apply to it: see section 166 ‑ 15. Note 3: See section 165 ‑ 255 for the rule about incomplete income years. Meaning of test period (2) The company’s test period is the period consisting of the * loss year, the income year and any intervening period. Note: See section 165 ‑ 255 for the rule about incomplete test periods. Substantial continuity of ownership (3) The company is taken to have met the conditions in section 165 ‑ 12 (which is about the company maintaining the same owners) if there is * substantial continuity of ownership of the company as between the start of the * test period and: (a) the end of each income year in that period; and (b) the * end of each * corporate change in that period. Note: See sections 166 ‑ 145 and 166 ‑ 175 to work out whether there is substantial continuity of ownership and a corporate change. No substantial continuity of ownership (4) The company is taken to have failed to meet the conditions in section 165 ‑ 12 if there is no * substantial continuity of ownership of the company as between the start of the * test period and: (a) the end of an income year in that period; or (b) the * end of a * corporate change in that period. Satisfies the business continuity test (5) However, if the company satisfies the * business continuity test for the income year (the business continuity test period ), it is taken to have satisfied the condition in section 165 ‑ 13. Note 1: For the business continuity test, see Subdivision 165 ‑ E. Note 2: See section 165 ‑ 255 for the rule about incomplete test periods. (6) Apply the * business continuity test to the * business that the company carried on immediately before the earlier of the following times (the test time ): (a) the end of the first income year; (b) the first time in the test period that a * corporate change in the company * ends; for which there is no * substantial continuity of ownership of the company as between the start of the * test period and that time.", "Amendment_Count": 4, "First_Amended": "No 114 of 2000", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-15", "Provision_Key": "s166-15", "Heading": "Companies can choose that this Subdivision is not to apply to them", "Text": "(1) The company can choose that Subdivision 165 ‑ A is to apply to it for the income year without the modifications made by this Subdivision. (2) The company must choose on or before the day it lodges its * income tax return for the income year, or before a later day if the Commissioner allows.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-20", "Provision_Key": "s166-20", "Heading": "How Subdivisions 165 ‑ B and 165 ‑ CB apply to a widely held or eligible Division 166 company", "Text": "(1) This Subdivision modifies how Subdivisions 165 ‑ B and 165 ‑ CB apply to a company that is: (a) a * widely held company at all times during the income year (the test period ); or (b) an * eligible Division 166 company at all times during the income year (the test period ); or (c) a widely held company for a part of the income year and an eligible Division 166 company for the rest of the income year (the whole year being the test period ). Note 1: Subdivision 165 ‑ B is about when a company must calculate its taxable income and tax loss for the income year in a special way. Subdivision 165 ‑ CB is about when a company must calculate its net capital gain and net capital loss for the income year in a special way. Note 2: A company can choose that this Subdivision is not to apply to it: see section 166 ‑ 35. Note 3: See section 165 ‑ 255 for the rule about incomplete test periods. No corporate change etc. (2) If: (a) no * corporate change in the company * ends at any time in the * test period; or (b) a corporate change in the company * ends during the test period, but there is * substantial continuity of ownership as between the start of the test period and immediately after the corporate change ends; the company is taken to have met the condition in paragraph 165 ‑ 35(a) (which is about there being persons having * more than a 50% stake in it during the whole of the income year). Note: See sections 166 ‑ 145 and 166 ‑ 175 to work out whether there is substantial continuity of ownership and a corporate change. Corporate change (3) If: (a) a * corporate change in the company * ends at any time in the * test period; and (b) there is no * substantial continuity of ownership as between the start of the test period and immediately after the corporate change ends; then the company is taken to have failed to meet the condition in paragraph 165 ‑ 35(a). Satisfies the business continuity test (4) However, if the company satisfies the * business continuity test for the rest of the income year (the business continuity test period ) after the first time (the test time ) in the * test period that a * corporate change in the company * ended, the company is taken to have satisfied the condition in paragraph 165 ‑ 35(b). Note 1: For the business continuity test, see Subdivision 165 ‑ E. Note 2: See section 165 ‑ 255 for the rule about incomplete test periods. (5) Apply the * business continuity test to the * business that the company carried on immediately before the * test time.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-25", "Provision_Key": "s166-25", "Heading": "How to work out the taxable income, tax loss, net capital gain and net capital loss", "Text": "(1) If the company must calculate its taxable income and * tax loss for the income year under Subdivision 165 ‑ B, and its * net capital gain and * net capital loss under Subdivision 165 ‑ CB, then, in dividing the income year into periods, apply subsection (2) of this section instead of subsection 165 ‑ 45(3). (2) The last period ends at the end of the income year. Each period (except the last) ends at the earlier of: (a) the earliest time when: (i) a * corporate change in the company * ends; and (ii) there is no * substantial continuity of ownership of the company as between the start of the * test period and that time; or (b) the earliest time when a person begins to control, or becomes able to control, the voting power in the company (whether directly, or indirectly through one or more interposed entities) for the purpose, or for purposes including the purpose, of: (i) getting some benefit or advantage to do with how this Act applies; or (ii) getting such a benefit or advantage for someone else. Note: See sections 166 ‑ 145 and 166 ‑ 175 to work out whether there is substantial continuity of ownership and a corporate change.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-35", "Provision_Key": "s166-35", "Heading": "Companies can choose that this Subdivision is not to apply to them", "Text": "(1) The company can choose that Subdivisions 165 ‑ B and 165 ‑ CB are to apply to it for the income year without the modifications made by this Subdivision. (2) The company must choose on or before the day it lodges its * income tax return for the income year, or before a later day if the Commissioner allows.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-40", "Provision_Key": "s166-40", "Heading": "How Subdivision 165 ‑ C applies to a widely held or eligible Division 166 company", "Text": "(1) This Subdivision modifies the way Subdivision 165 ‑ C applies to a company that is: (a) a * widely held company at all times during the * current year; or (b) an * eligible Division 166 company at all times during the current year; or (c) a widely held company for a part of the current year and an eligible Division 166 company for the rest of the current year. Note 1: Subdivision 165 ‑ C is about the conditions a company must meet before it can deduct a bad debt. Note 2: A company can choose that this Subdivision is not to apply to it: see section 166 ‑ 50. Note 3: See section 165 ‑ 255 for the rule about incomplete current years. Meaning of test period (2) The company’s test period is the period: (a) that begins at whichever of the following times the company chooses: (i) the start of the income year in which the debt was incurred; (ii) the start of the * first continuity period; and (b) that ends at the end of the * second continuity period; and includes any intervening period. Note: See section 165 ‑ 255 for the rule about incomplete test periods. Substantial continuity of ownership (3) The company is taken to have met the conditions in section 165 ‑ 123 (about the company maintaining the same owners) if there is * substantial continuity of ownership of the company as between the start of the * test period and: (a) the end of each income year in that period; and (b) the * end of each * corporate change in that period. Note: See sections 166 ‑ 145 and 166 ‑ 175 to work out whether there is substantial continuity of ownership and a corporate change. No substantial continuity of ownership (4) The company is taken to have failed to meet the conditions in section 165 ‑ 123 if there is no * substantial continuity of ownership of the company as between the start of the * test period and: (a) the end of an income year in that period; or (b) the * end of a * corporate change in that period. Satisfies the business continuity test (5) However, if the company satisfies the * business continuity test for the * second continuity period (the business continuity test period ), it is taken to have satisfied the condition in section 165 ‑ 126. Note 1: For the business continuity test, see Subdivision 165 ‑ E. Note 2: See section 165 ‑ 255 for the rule about incomplete test periods. (6) Apply the * business continuity test to the * business that the company carried on immediately before the earlier of the following times (the test time ): (a) the end of the first income year; (b) the first time in the test period that a * corporate change in the company * ends; for which there is no * substantial continuity of ownership of the company as between the start of the * test period and that time.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-50", "Provision_Key": "s166-50", "Heading": "Companies can choose that this Subdivision is not to apply to them", "Text": "(1) The company can choose that Subdivision 165 ‑ C is to apply to it for the income year without the modifications made by this Subdivision. (2) The company must choose on or before the day it lodges its * income tax return for the income year, or before a later day if the Commissioner allows.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-80", "Provision_Key": "s166-80", "Heading": "How Subdivision 165 ‑ CC or 165 ‑ CD applies to a widely held or eligible Division 166 company", "Text": "(1) This Subdivision modifies the way in which: (a) Subdivision 165 ‑ CC applies in determining whether a changeover time (within the meaning of section 165 ‑ 115C) has occurred; or (b) Subdivision 165 ‑ CD applies in determining whether an alteration time (within the meaning of section 165 ‑ 115L) has occurred; in relation to a company that is: (c) a * widely held company at all times during the income year; or (d) an * eligible Division 166 company at all times during the income year; or (e) a widely held company for a part of the income year and an eligible Division 166 company for the rest of the income year. Note 1: Subdivision 165 ‑ CC is about the conditions a company that has an unrealised net loss must satisfy before it can have capital losses taken into account or deduct revenue losses. Subdivision 165 ‑ CD provides for reductions in cost bases and certain other reductions after alterations have occurred in the ownership or control of a loss company. Note 2: A company can choose that this Subdivision is not to apply to it: see section 166 ‑ 90. Note 3: See section 165 ‑ 255 for the rule about incomplete income years. Meaning of test period and test time (2) The company’s test period is the period starting at the time that is the reference time for the purposes of Subdivision 165 ‑ CC or section 165 ‑ 115L, as the case may be, and ending at each of the following times (the test time ): (a) the end of the income year in which the reference time occurred; (b) the end of a later income year; (c) the * end of a * corporate change in the company. Note 1: See section 165 ‑ 255 for the rule about incomplete test periods. Note 2: See section 166 ‑ 175 to work out whether there is a corporate change. Substantial continuity of ownership (3) A changeover time or an alteration time is taken not to have occurred in respect of the company during the test period if there is * substantial continuity of ownership of the company as between the start of the * test period and the * test time. Note: See section 166 ‑ 145 to work out whether there is substantial continuity of ownership. No substantial continuity of ownership (4) Subsections (5) and (6) have effect if there is no * substantial continuity of ownership of the company as between the start of the * test period and the * test time. (5) The * test time is taken to have been a changeover time or an alteration time, as the case may be, in respect of the company. (6) No other time during the * test period is a changeover time or an alteration time in respect of the company.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 89 of 2000 | No 147 of 2005", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-90", "Provision_Key": "s166-90", "Heading": "Companies can choose that this Subdivision is not to apply to them", "Text": "(1) The company can choose that Subdivision 165 ‑ CC or 165 ‑ CD is to apply to it in respect of a * test period for the purposes of section 166 ‑ 80 without the modifications made by this Subdivision. (2) The company must choose on or before the day it lodges its * income tax return for the income year in which the * test period begins, or before a later day if the Commissioner allows.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 89 of 2000 | No 147 of 2005", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-135", "Provision_Key": "s166-135", "Heading": "What this Subdivision is about", "Text": "This Subdivision has the tests to work out whether a widely held or eligible Division 166 company has maintained the same owners as between different times. (Subdivision 166 ‑ E has rules which make it easier for the company to satisfy these tests.) This Subdivision also defines when there has been a corporate change in the company. Table of sections The ownership tests: substantial continuity of ownership 166 ‑ 145 The ownership tests: substantial continuity of ownership 166 ‑ 165 Relationship with rules in Division 165 Corporate change in a company 166 ‑ 175 Corporate change in a company", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-145", "Provision_Key": "s166-145", "Heading": "The ownership tests: substantial continuity of ownership", "Text": "(1) There is substantial continuity of ownership of the company as between the start of the * test period and another time in the test period if (and only if) the conditions in this section are met. Note: Section 166 ‑ 165, and Subdivision 166 ‑ E, affect how this section is applied. Voting power (2) There must be persons (none of them companies or trustees) who had * more than 50% of the voting power in the company at the start of the * test period. Also, those persons must have had * more than 50% of the voting power in the company immediately after the other time in the test period. Note 1: To work out who had more than 50% of the voting power, see section 165 ‑ 150. Note 2: Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. Rights to dividends (3) There must be persons (none of them companies) who had rights to * more than 50% of the company’s dividends at the start of the * test period. Also, those persons must have had rights to * more than 50% of the company’s dividends immediately after the other time in the test period. Note 1: To work out who had rights to more than 50% of the company’s dividends, see section 165 ‑ 155. Note 2: Subdivision 167 ‑ A has special rules for working out rights to dividends in a company whose shares do not all carry the same rights to dividends. Rights to capital distributions (4) There must be persons (none of them companies) who had rights to * more than 50% of the company’s capital distributions at the start of the * test period. Also, those persons must have had rights to * more than 50% of the company’s capital distributions immediately after the other time in the test period. Note 1: To work out who had rights to more than 50% of the company’s capital distributions, see section 165 ‑ 160. Note 2: Subdivision 167 ‑ A has special rules for working out rights to capital distributions in a company whose shares do not all carry the same rights to capital distributions. When to apply the test (5) To work out whether a condition in this section was satisfied at a time (the ownership test time ), apply the alterative test for that condition. Note: For the alternative test, see subsections 165 ‑ 150(2), 165 ‑ 155(2) and 165 ‑ 160(2). Conditions in subsections (3) and (4) satisfied by non ‑ profit and mutual companies (6) If the company is: (a) a * non ‑ profit company; or (b) a * mutual affiliate company; or (c) a * mutual insurance company; during the whole of the * test period, the conditions in subsections (3) and (4) are taken to have been satisfied by the company.", "Amendment_Count": 4, "First_Amended": "No 16 of 1998", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 16 of 1998 | No 89 of 2000 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-165", "Provision_Key": "s166-165", "Heading": "Relationship with rules in Division 165", "Text": "(1) The provisions of Subdivision 165 ‑ D (other than section 165 ‑ 165) apply for the purposes of the tests in section 166 ‑ 145. (2) The following provisions apply for the purposes of the tests in section 166 ‑ 145 as if the reference to a particular time were a reference to the * ownership test time: (a) section 165 ‑ 180 (which is about arrangements affecting beneficial ownership of shares); (b) subsection 165 ‑ 185(2) (which treats some shares as never having carried rights); (c) subsection 165 ‑ 190(2) (which treats some shares as always having carried rights).", "Amendment_Count": 4, "First_Amended": "No 58 of 2000", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 58 of 2000 | No 89 of 2000 | No 114 of 2000 | No 147 of 2005", "History_Notes": "Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-175", "Provision_Key": "s166-175", "Heading": "Corporate change in a company", "Text": "Meaning of corporate change (1) There is a corporate change in a company if: (a) there is a * takeover bid for * shares in the company; or (b) there is a scheme of arrangement, involving more than 50% of the company’s shares, that has been approved by a court; or (c) there is any other arrangement, involving the acquisition of more than 50% of the company’s shares, that is regulated under the Corporations Act 2001 or a * foreign law; or (d) there is an issue of * shares in the company that results in an increase of 20% or more in: (i) the issued share capital of the company; or (ii) the number of the company’s shares on issue; or (e) there is a corporate change in another company which beneficially owns one or more of the following stakes in the first company: (i) a * voting stake that carries rights to more than 50% of the voting power of the first company; (ii) a * dividend stake that carries rights to receive more than 50% of any dividends the first company may pay; (iii) a * capital stake that carries rights to receive more than 50% of any distribution of capital of the first company; (whether the other company owns those stakes directly, or * indirectly through one or more interposed entities). Note: For paragraph (e), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. When a corporate change ends (2) A * corporate change ends : (a) if paragraph (1)(a) applies (or paragraph (1)(e) applies because of paragraph (1)(a))—at the latest time when a * bid period of the * takeover bid ends; and (b) if paragraph (1)(b) or (c) applies (or paragraph (1)(e) applies because of paragraph (1)(b) or (c))—when the scheme of arrangement or other arrangement ends; and (c) if paragraph (1)(d) applies (or paragraph (1)(e) applies because of paragraph (1)(d))—when the offer period for the issue of * shares ends.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-215", "Provision_Key": "s166-215", "Heading": "What this Subdivision is about", "Text": "This Subdivision has rules which make it easier for a widely held or eligible Division 166 company to satisfy the ownership tests in Subdivision 166 ‑ D. Special concessional tracing rules deem entities to hold the following stakes in the company so that the company does not have to trace through to the beneficial owners of the stakes: (a) stakes of less than 10% in the company; (b) stakes of between 10% and 50% that are held by widely held companies; (c) stakes that are held by complying superannuation funds, complying approved deposit funds, special companies and managed investment schemes; (d) stakes in interposed foreign listed companies that are held as bearer shares; (e) stakes in interposed foreign listed companies that are held by depository entities. Table of sections Application of this Subdivision 166 ‑ 220 Application of this Subdivision Stakes of less than 10% in the tested company 166 ‑ 225 Direct stakes of less than 10% in the tested company 166 ‑ 230 Indirect stakes of less than 10% in the tested company 166 ‑ 235 Voting, dividend and capital stakes Stakes held directly and/or indirectly by widely held companies 166 ‑ 240 Stakes held directly and/or indirectly by widely held companies 166 ‑ 245 Stakes held by other entities When identity of foreign stakeholders is not known 166 ‑ 255 Bearer shares in foreign listed companies 166 ‑ 260 Depository entities holding stakes in foreign listed companies Other rules relating to voting power and rights 166 ‑ 265 Persons who actually control voting power or have rights are taken not to control power or have rights 166 ‑ 270 Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights 166 ‑ 272 Same shares or interests to be held When the rules in this Subdivision do not apply 166 ‑ 275 Rules in this Subdivision intended to be concessional 166 ‑ 280 Controlled test companies", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-220", "Provision_Key": "s166-220", "Heading": "Application of this Subdivision", "Text": "This Subdivision applies to a company (the tested company ) that is: (a) a * widely held company at all times during the income year; or (b) an * eligible Division 166 company at all times during the income year; or (c) a widely held company for a part of the income year and an eligible Division 166 company for the rest of the income year. Note: See section 165 ‑ 255 for the rule about incomplete income years.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 68 of 2002 | No 147 of 2005", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-225", "Provision_Key": "s166-225", "Heading": "Direct stakes of less than 10% in the tested company", "Text": "(1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to the tested company if: (a) a * voting stake that carries rights to less than 10% of the voting power in the company is held directly in the company; or (b) a * dividend stake that carries the right to receive less than 10% of any dividends that the company may pay is held directly in the company; or (c) a * capital stake that carries the right to receive less than 10% of any distribution of capital of the company is held directly in the company. Note 1: Other rules might affect this provision: see sections 166 ‑ 270, 166 ‑ 275 and 166 ‑ 280. Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. Notional shareholder (2) The tests are applied to the tested company as if, at the * ownership test time, a single notional entity: (a) directly controlled the voting power that is carried by each such * voting stake; and (b) had the right to receive, for its own benefit and directly: (i) any * dividends the tested company may pay in respect of each such * dividend stake; and (ii) any distributions of capital of the tested company in respect of each such * capital stake; and (c) were a person (other than a company). Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265. (3) To avoid doubt, the single notional entity mentioned in subsection (2) is a different single notional entity from the one mentioned in section 165 ‑ 207 and the one mentioned in section 166 ‑ 255.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 68 of 2002 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-230", "Provision_Key": "s166-230", "Heading": "Indirect stakes of less than 10% in the tested company", "Text": "(1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to the tested company if it is the case, or it is reasonable to assume that: (a) an entity (the stakeholder ) indirectly holds any of these stakes in the tested company: (i) a * voting stake that carries rights to less than 10% of the voting power in the company; or (ii) a * dividend stake that carries the right to receive less than 10% of any dividends that the company may pay; or (iii) a * capital stake that carries the right to receive less than 10% of any distribution of capital of the company; and (b) either: (i) the stakeholder indirectly holds the stake in the tested company by holding * shares directly in a company (the top interposed entity ) that is interposed between the stakeholder and the tested company; or (ii) the stakeholder indirectly holds the stake in the tested company by holding another interest directly in an entity (the top interposed entity ) that is not a company and that is interposed between the stakeholder and the tested company. Note 1: There might also be other entities interposed between the top interposed entity and the tested company. Note 2: Other rules might affect this provision: see subsection (3) and sections 166 ‑ 272, 166 ‑ 275 and 166 ‑ 280. Note 3: For paragraph (a), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. Top interposed entity deemed to hold stakes directly in the tested company (2) The tests are applied to the tested company as if, at the * ownership test time: (a) if the stake is a * voting stake—the top interposed entity controls, or is able to control, the voting power in the tested company that is carried by that stake at that time; and (b) if the stake is a * dividend stake—the top interposed entity * indirectly had the right to receive, for its own benefit, any * dividends the tested company may pay in respect of that stake at that time; and (c) if the stake is a * capital stake—the top interposed entity indirectly had the right to receive, for its own benefit, any distributions of capital of the tested company in respect of that stake at that time; and (d) in any case—the top interposed entity were a person (other than a company). Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265. Acquisition of top interposed entity by another entity (3) If: (a) a new entity (the new interposed entity ) acquires all the * shares or other interests in the top interposed entity (the old interposed entity ); and (b) the new interposed entity has the same classes of shares or other interests as the old interposed entity; and (c) if the new interposed entity is a company—the shares are not * redeemable shares; and (d) in any case—each stakeholder holds the same proportion, or a reasonably equivalent proportion, of the total * voting stakes, * dividend stakes or * capital stakes in the new interposed entity immediately after the acquisition as the stakeholder held in the old interposed entity immediately before the acquisition; then, at all times that the old interposed entity held or is taken to have held a stake in the tested company, the new interposed entity is taken to have held that stake. (4) Except for the purposes of determining whether a time is an alteration time (within the meaning of section 165 ‑ 115L), section 166 ‑ 272 (which is about the same shares or interests) is to be disregarded when applying subsection (3). Acquisition of tested company by new interposed entity (5) If: (a) a new entity (the new interposed entity ) that is a company acquires all the * shares in the tested company; and (b) assuming that the time immediately before the acquisition had been an * ownership test time, section 166 ‑ 225 would have applied the tests to the tested company as if there were a single notional entity as described in subsection 166 ‑ 225(2) in respect of some or all of the * voting stakes, * dividend stakes or * capital stakes in the tested company; and (c) the new interposed entity has the same classes of shares as the tested company; and (d) the shares are not * redeemable shares; and (e) each entity that held a proportion of the voting stakes, dividend stakes or capital stakes in the tested company immediately before the acquisition (disregarding section 166 ‑ 225) holds the same proportion, or a reasonably equivalent proportion, of that kind of stake in the new interposed entity immediately after the acquisition; then, at all times that the single notional entity mentioned in paragraph (b) held or is taken to have held a stake in the tested company, the new interposed entity is taken to have held that stake. (6) Except for the purposes of determining whether a time is an alteration time (within the meaning of section 165 ‑ 115L), section 166 ‑ 272 (which is about the same shares or interests) is to be disregarded when applying subsection (5) of this section.", "Amendment_Count": 5, "First_Amended": "No 114 of 2000", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 114 of 2000 | No 68 of 2002 | No 147 of 2005 | No 130 of 2015 | No 64 of 2020", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-235", "Provision_Key": "s166-235", "Heading": "Voting, dividend and capital stakes", "Text": "Meaning of voting stake (1) An entity holds a voting stake in a company if: (a) the entity is the registered holder of * shares in the company; and (b) the shares carry rights to exercise voting power in the company. (2) An entity (the stakeholder ) also holds a voting stake in a company if: (a) one or more other entities are interposed between the company and the stakeholder; and (b) the stakeholder controls, or is able to control, voting power in the company indirectly through the interposed entity or entities. Note: For working out the size of a voting stake (for example, for paragraph 166 ‑ 225(1)(a)), Subdivision 167 ‑ B has special rules for working out voting power in a company whose shares do not all carry the same voting rights, or do not carry all of the voting rights in the company. Meaning of dividend stake (3) An entity holds a dividend stake in a company if: (a) the entity is the registered holder of * shares in the company; and (b) the shares carry rights to all or any * dividends that the company may pay. (4) An entity (the stakeholder ) also holds a dividend stake in a company if: (a) one or more other entities are interposed between the company and the stakeholder; and (b) the stakeholder has the right to receive, for its own benefit and * indirectly through the interposed entity or entities, all or any * dividends that the company may pay. Note: For working out the size of a dividend stake (for example, for paragraph 166 ‑ 225(1)(b)), Subdivision 167 ‑ A has special rules for a company whose shares do not all carry the same rights to dividends. Meaning of capital stake (5) An entity holds a capital stake in a company if: (a) the entity is the registered holder of * shares in the company; and (b) the shares carry rights to all or any of a distribution of capital of the company. (6) An entity (the stakeholder ) also holds a capital stake in a company if: (a) one or more other entities are interposed between the company and the stakeholder; and (b) the stakeholder has the right to receive, for its own benefit and * indirectly through the interposed entity or entities, all or any of a distribution of capital of the company. Note: For working out the size of a capital stake (for example, for paragraph 166 ‑ 225(1)(c)), Subdivision 167 ‑ A has special rules for a company whose shares do not all carry the same rights to capital distributions. Stakes held by nominees (7) For the purposes of sections 166 ‑ 225 and 166 ‑ 230, if: (a) an entity (the nominee entity ) holds a * voting stake, a * dividend stake, or a * capital stake, in a company; and (b) the nominee entity is itself a company; and (c) the nominee entity holds the stake as a nominee for more than one other entity; then, for each entity for whom a part of the stake is held by the nominee entity, that entity’s part of the stake may be treated instead as a separate stake.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 68 of 2002 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-240", "Provision_Key": "s166-240", "Heading": "Stakes held directly and/or indirectly by widely held companies", "Text": "(1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to the tested company if a * widely held company directly or indirectly (through one or more interposed entities), or both directly and indirectly, holds any of the following: (a) a * voting stake that carries rights to between 10% and 50% (inclusive) of the voting power in the company; (b) a * dividend stake that carries the right to receive between 10% and 50% (inclusive) of any dividends that the company may pay; (c) a * capital stake that carries the right to receive between 10% and 50% (inclusive) of any distribution of capital of the company. Note 1: Other rules might affect this provision: see subsections (3) and (4) and sections 166 ‑ 272, 166 ‑ 275 and 166 ‑ 280. Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) The tests are applied to the tested company as if, at the * ownership test time: (a) if the stake is a * voting stake—the * widely held company controls, or is able to control, the voting power in the tested company that is carried by that stake at that time; and (b) if the stake is a * dividend stake—the widely held company had the right to receive (whether directly or * indirectly), for its own benefit, any * dividends the tested company may pay in respect of that stake at that time; and (c) if the stake is a * capital stake—the widely held company had the right to receive (whether directly or indirectly), for its own benefit, any distributions of capital of the tested company in respect of that stake at that time; and (d) in any case—the widely held company were a person (other than a company). Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265. Exception (3) This section does not apply in respect of a * widely held company if the company is not a widely held company for the whole income year in which the * ownership test time occurs. Note: See section 165 ‑ 255 for the rule about incomplete periods. Acquisition of widely held company by another entity (4) If: (a) a new company acquires all the * shares in the * widely held company; and (b) immediately before the acquisition, the shares in the widely held company were listed for quotation in the official list of an * approved stock exchange; and (c) immediately after the acquisition, the shares in the new company are listed for quotation in the official list of an approved stock exchange; and (d) the new company has the same classes of shares (not being * redeemable shares) as the widely held company; and (e) each entity that held stakes in the widely held company immediately before the acquisition holds the same proportion of the total * voting stakes, * dividend stakes or * capital stakes in the new company immediately after the acquisition as the entity held in the widely held company immediately before the acquisition; then, at all times that the widely held company held or is taken to have held a stake in the tested company, the new company is taken to have held that stake. (5) Except for the purposes of determining whether a time is an alteration time (within the meaning of section 165 ‑ 115L), section 166 ‑ 272 (which is about same shares or interests) is to be disregarded when applying subsection (4).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 46 of 1998 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-245", "Provision_Key": "s166-245", "Heading": "Stakes held by other entities", "Text": "(1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to the tested company if: (a) an entity mentioned in subsection (2) directly or indirectly (through one or more interposed entities) holds a * voting stake, a * dividend stake or a * capital stake in the company; and (b) neither the entity nor another entity has, under section 166 ‑ 225, 166 ‑ 230 or 166 ‑ 240, been taken to control voting power or have rights in respect of the stake; and (c) the entity mentioned in subsection (2) satisfies the condition in subsection (3). Note: Other rules might affect this provision: see sections 166 ‑ 272, 166 ‑ 275 and 166 ‑ 280. (2) For the purposes of subsection (1), these are the entities: (a) a * superannuation fund; and (b) an * approved deposit fund; and (c) a * special company; and (d) a * managed investment scheme; and (e) any other entity, or entity of a kind, prescribed by the regulations. (3) For the purposes of paragraph (1)(c), an entity satisfies the condition in this subsection if at all times during the income year of the tested company in which the * ownership test time occurs: (a) if the entity is a * superannuation fund: (i) the fund is a * complying superannuation fund; or (ii) the fund is a superannuation fund that is established in a foreign country and is regulated under a * foreign law; or (b) if the entity is an * approved deposit fund—the fund is a * complying approved deposit fund; or (c) if the entity is a * special company—the company is a special company; or (d) if the entity is a * managed investment scheme: (i) the scheme is registered under the Corporations Act 2001 ; or (ii) the entity is recognised, under a * foreign law relating to corporate regulation, as an entity with a similar status to a managed investment scheme ; or (e) if the entity is an entity, or an entity of a kind, prescribed by the regulations—the entity meets any conditions prescribed by the regulations. Note: See section 165 ‑ 255 for the rule about incomplete periods. If the entity has 10 members or fewer (4) If the entity has 10 * members or fewer, the tests are applied to the tested company as if, at the * ownership test time: (a) if the stake is a * voting stake—each member controls, or is able to control, an equal proportion of the voting power in the tested company that is carried by that stake at that time; and (b) if the stake is a * dividend stake—each member had the right to receive (whether directly or * indirectly), for its own benefit, an equal proportion of any * dividends the tested company may pay in respect of that stake at that time; and (c) if the stake is a * capital stake—each member had the right to receive (whether directly or indirectly), for its own benefit, an equal proportion of any distributions of capital of the tested company in respect of that stake at that time; and (d) in any case—each member were a person (other than a company or a trustee). Note 1: If each member’s proportion of the voting power, the dividends or the distributions is less than 10%, then subsections (5) and (6) apply instead. Note 2: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265. If the entity has more than 10 members etc. (5) The ownership tests are applied as set out in subsection (6) if: (a) the entity has more than 10 * members; or (b) under subsection (4): (i) the proportion of the voting power in the company that each member controls, or is able to control, is less than 10% of the total voting power; or (ii) the proportion of the * dividends that the tested company may pay for the benefit of each member is less than 10% of the total dividends; or (iii) the proportion of the distributions of capital that the tested company may pay for the benefit of each member is less than 10% of the total distributions. (6) The ownership tests are applied to the tested company as if, at the * ownership test time: (a) if the stake is a * voting stake—the entity controls, or is able to control, the voting power in the tested company that is carried by that stake at that time; and (b) if the stake is a * dividend stake—the entity had the right to receive (whether directly or * indirectly), for its own benefit, any * dividends the tested company may pay in respect of that stake at that time; and (c) if the stake is a * capital stake—the entity had the right to receive (whether directly or indirectly), for its own benefit, any distributions of capital of the tested company in respect of that stake at that time; and (d) in any case—the entity were a person (other than a company or a trustee). Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265.", "Amendment_Count": 6, "First_Amended": "No 156 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 156 of 1999 | No 114 of 2000 | No 55 of 2001 | No 147 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Amended by No 156 of 1999, effective Sch 5 (items 17–21): 13 Mar 2000 (s 2(2)(b) and gaz 2000, No S114) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-255", "Provision_Key": "s166-255", "Heading": "Bearer shares in foreign listed companies", "Text": "(1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to the tested company if: (a) at the * ownership test time, it is the case, or it is reasonable to assume, that persons (none of them companies or trustees) hold a * voting stake, a * dividend stake or a * capital stake in the tested company; and (b) an entity has not, under section 166 ‑ 225, 166 ‑ 230, 166 ‑ 240 or 166 ‑ 245, been taken to control voting power or have rights in respect of the stake; and (c) another company (the foreign listed company ) is interposed, at that time, between those persons and the tested company; and (d) at all times during the income year of the tested company in which the ownership test time occurs, the * principal class of shares in the foreign listed company is listed for quotation in the official list of an * approved stock exchange; and (e) at the ownership test time: (i) voting stakes that carry rights to 50% or more of the voting power in the foreign listed company; or (ii) dividend stakes that carry rights to receive 50% or more of any dividends that the foreign listed company may pay; or (iii) capital stakes that carry rights to receive 50% or more of any distribution of capital of the foreign listed company; as the case requires, are directly held by way of bearer shares; and (f) the beneficial owners of some or all of those bearer shares have not been disclosed to the foreign listed company. Note 1: See section 165 ‑ 255 for the rule about incomplete test periods. Note 2: Other rules might affect this provision: see sections 166 ‑ 270, 166 ‑ 275 and 166 ‑ 280. Note 3: For paragraph (e), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) The tests are applied to the tested company as if, at the * ownership test time, for each of those bearer shares whose owners have not been disclosed: (a) a single notional entity controls, or is able to control, the voting power in the tested company that is carried by those shares at that time; and (b) the entity * indirectly had the right to receive, for its own benefit: (i) any * dividends the tested company may pay in respect of those shares at that time; and (ii) any distributions of capital of the tested company in respect of those shares at that time; and (c) the entity were a person (other than a company). Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265. (3) To avoid doubt, the single notional entity mentioned in subsection (2) is a different single notional entity from the one mentioned in section 165 ‑ 207 and the one mentioned in section 166 ‑ 225.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 68 of 2002 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-260", "Provision_Key": "s166-260", "Heading": "Depository entities holding stakes in foreign listed companies", "Text": "(1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to the tested company if: (a) at the * ownership test time, it is the case, or it is reasonable to assume, that persons (none of them companies or trustees) have a * voting stake, a * dividend stake or a * capital stake in the tested company; and (b) an entity has not, under section 166 ‑ 225, 166 ‑ 230, 166 ‑ 240, 166 ‑ 245 or 166 ‑ 255, been taken to control voting power or have rights in respect of the stake; and (c) another company (the foreign listed company ) is interposed, at that time, between those persons and the tested company; and (d) at all times during the income year of the tested company in which the ownership test time occurs, the * principal class of shares in the foreign listed company is listed for quotation in the official list of an * approved stock exchange; and (e) at the ownership test time: (i) voting stakes that carry rights to 50% or more of the voting power in the foreign listed company; or (ii) dividend stakes that carry rights to receive 50% or more of any dividends that the foreign listed company may pay; or (iii) capital stakes that carry rights to receive 50% or more of any distribution of capital of the foreign listed company; as the case requires, are directly held by one or more * depository entities (see subsection (3)); and (f) a law of a foreign country, or a part of a foreign country, in which the approved stock exchange is located, prevents the disclosure of the beneficial owners of some or all of those shares that are held by the depository entities; and (g) the beneficial owners of some or all of the shares held by the depository entities have not been disclosed to the foreign listed company. Note 1: See section 165 ‑ 255 for the rule about incomplete test periods. Note 2: This rule might not apply in all circumstances: see sections 166 ‑ 275 and 166 ‑ 280. Note 3: For paragraph (e), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (2) The tests are applied to the tested company as if, at the * ownership test time, for each of those * shares held by a * depository entity whose owners have not been disclosed, the depository entity: (a) controls, or is able to control, the voting power in the tested company that is carried by those shares at that time; and (b) * indirectly had the right to receive, for its own benefit: (i) any * dividends the tested company may pay in respect of those shares at that time; and (ii) any distributions of capital of the tested company in respect of those shares at that time; and (c) were a person (other than a company). Note: The persons who actually control the voting power and have rights to dividends and capital are taken not to control that power or have those rights: see section 166 ‑ 265. (3) If the effect of subsection (2) is that the * depository entity is taken to hold: (a) a * voting stake that carries rights to less than 10% of the voting power in the tested company; or (b) a * dividend stake that carries the right to receive less than 10% of any dividends that the tested company may pay; or (c) a * capital stake that carries the right to receive less than 10% of any distribution of capital of the tested company; then neither section 166 ‑ 225 nor section 166 ‑ 230 applies in respect of that stake. Note: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (4) If the * depository entity (the old depository entity ) is subsequently replaced by another depository entity (the new depository entity ), then, at all times that the old depository entity held or is taken to have held a stake in the tested company, the new entity is taken to have held that stake. (5) A depository entity is an entity: (a) that is a central securities repository; and (b) that provides custody of share certificates; and (c) that provides services for the exchange of shares.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 147 of 2005 | No 130 of 2015", "History_Notes": "Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-265", "Provision_Key": "s166-265", "Heading": "Persons who actually control voting power or have rights are taken not to control power or have rights", "Text": "If any of sections 166 ‑ 225, 166 ‑ 230, 166 ‑ 240, 166 ‑ 245, 166 ‑ 255 or 166 ‑ 260 apply, the ownership tests in section 166 ‑ 145 are also applied to the tested company as if, at the * ownership test time: (a) the persons who control, or are able to control, the voting power in the tested company (whether directly, or indirectly through one or more interposed entities) that is carried by each * voting stake in the tested company mentioned in that section had not had that control; and (b) the persons who have the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities): (i) any * dividends that the tested company may pay in respect of each * dividend stake in the tested company mentioned in that section; and (ii) any distributions of capital of the tested company in respect of each * capital stake in the tested company mentioned in that section; had not had that right.", "Amendment_Count": 3, "First_Amended": "No 16 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 16 of 1998 | No 89 of 2000 | No 147 of 2005", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-270", "Provision_Key": "s166-270", "Heading": "Single notional entity stakeholders taken to have minimum voting control, dividend rights and capital rights", "Text": "Minimum control of voting power (1) If: (a) the * ownership test time is after the start of the * test period; and (b) a single notional entity mentioned in section 166 ‑ 225 or 166 ‑ 255 has voting power in a company; and (c) the voting power that the entity has at the ownership test time is greater than the voting power that the entity had at the start of the test period; then the entity is taken to have voting power in the company at the ownership test time only to the extent that it had it at the start of the test period. Minimum percentage of rights to dividends and capital (2) If: (a) the * ownership test time is after the start of the * test period; and (b) a single notional entity mentioned in section 166 ‑ 225 or 166 ‑ 255 has a percentage of rights to the * dividends or distributions of capital of a company; and (c) the percentage that the entity has rights to at the ownership test time is greater than the percentage (the lower percentage ) of the dividends or distributions of capital of the company that the entity had rights to at the start of the test period; then the entity is taken to have rights to the lower percentage of the dividends or distributions of capital at the ownership test time. Acquisition of tested company by new interposed entity—minimum control of voting power (3) If: (a) the * ownership test time is after the start of the * test period; and (b) at the start of the test period, a single notional entity mentioned in section 166 ‑ 225 had voting power in a company (disregarding subsection 166 ‑ 230(5)); and (c) under subsection 166 ‑ 230(5), a new interposed entity is taken to have held that voting power at the start of the test period; and (d) at the ownership test time, the voting power in the company held indirectly by stakeholders covered by subsection 166 ‑ 230(1) is greater than the voting power that the single notional entity had at the start of the test period; then the stakeholders referred to in paragraph (d) are, collectively, taken to have indirect voting power in the company at the ownership test time only to the extent that the single notional entity had it at the start of the test period. Acquisition of tested company by new interposed entity—minimum percentage of rights to dividends and capital (4) If: (a) the * ownership test time is after the start of the * test period; and (b) at the start of the test period, a single notional entity mentioned in section 166 ‑ 225 had a percentage of rights to the * dividends or distributions of capital of a company (disregarding subsection 166 ‑ 230(5)); and (c) under subsection 166 ‑ 230(5), a new interposed entity is taken to have had those rights at the start of the test period; and (d) the percentage that stakeholders covered by subsection 166 ‑ 230(1) have rights to indirectly at the ownership test time is greater than the percentage (the lower percentage ) of the dividends or distributions of capital of the company that the single notional entity had rights to at the start of the test period; then the stakeholders referred to in paragraph (d) are, collectively, taken to have indirect rights to the lower percentage of the dividends or distributions of capital at the ownership test time.", "Amendment_Count": 4, "First_Amended": "No 16 of 1998", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 16 of 1998 | No 46 of 1998 | No 147 of 2005 | No 64 of 2020", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-272", "Provision_Key": "s166-272", "Heading": "Same shares or interests to be held", "Text": "Application (1) This section modifies how the ownership tests in section 166 ‑ 145 are applied to a * voting stake, a * dividend stake or a * capital stake in the tested company held by one of the following entities (the stakeholder ): (a) a top interposed entity mentioned in section 166 ‑ 230 (which is about indirect stakes of less than 10%); (b) a * widely held company mentioned in section 166 ‑ 240; (c) an entity mentioned in subsection 166 ‑ 245(2) (which is about stakes held by other entities); (d) a * depository entity mentioned in section 166 ‑ 260; (whether directly, or * indirectly through one or more interposed entities). Exactly the same shares or interests must continue to be held (2) For the purpose of determining whether the tested company has satisfied a condition or whether a time is a changeover time or an alteration time in respect of the tested company: (a) a condition that has to be satisfied is not satisfied; or (b) a time that, apart from this subsection, would not be a changeover time or alteration time is taken to be a changeover time or alteration time, as the case may be; unless, at all relevant times: (c) the only * shares in the tested company that are taken into account are exactly the same shares and are held by the same persons; and (d) the only interests (including shares) in any other entity that is interposed between the stakeholder and the tested company that are taken into account are exactly the same interests and are held by the same persons. What happens in case of share splitting (3) If: (a) a particular * share (an old share ) in a company of which the stakeholder, or an entity interposed between the stakeholder and the tested company, is the holder at the start of the * test period is divided into 2 or more new shares during that period; and (b) the stakeholder or entity becomes the holder of each of the new shares immediately after the division takes place and remains the holder until the end of that period; the new shares are taken to be exactly the same shares as the old share. What happens in case of splitting of units in a unit trust (4) If: (a) a particular unit (an old unit ) in a unit trust of which the stakeholder, or an entity interposed between the stakeholder and the tested company, is the holder at the start of the * test period is divided into 2 or more new units during that period; and (b) the stakeholder or entity becomes the holder of each of the new units immediately after the division takes place and remains the holder until the end of that period; the new units are taken to be exactly the same units as the old unit. What happens in case of consolidation of shares (5) If: (a) a particular * share (an old share ) in a company of which the stakeholder, or an entity interposed between the stakeholder and the tested company, is the holder at the start of the * test period, and other shares (each of which is also called an old share ) in the company of which the stakeholder or entity is the holder at the start of that period, are consolidated into a new share during that period; and (b) the stakeholder or entity becomes the holder of the new share immediately after the consolidation takes place; the new share is taken to be exactly the same share as the old shares. What happens in case of consolidation of units in a unit trust (6) If: (a) a particular unit (an old unit ) in a unit trust of which the stakeholder, or an entity interposed between the stakeholder and the tested company, is the holder at the start of the * test period and other units (each of which is also called an old unit ) in the trust of which the stakeholder or entity is the holder at the start of that period are consolidated into a new unit during that period; and (b) the stakeholder or entity becomes the holder of the new unit immediately after the consolidation takes place; the new unit is taken to be exactly the same unit as the old units. Totals of shares or rights not affected (7) This section does not affect how * shares, and rights carried by shares, are counted for the purpose of determining: (a) the total voting power in the tested company; or (b) the total dividends that the tested company may pay; or (c) the total distributions of capital of the tested company. Conditions in section 166 ‑ 145 may be treated as having been satisfied in certain circumstances (8) If any of the conditions in section 166 ‑ 145 have not been satisfied, those conditions are taken to have been satisfied if: (a) they would have been satisfied except for the operation of subsection (2) of this section; and (b) the tested company has information from which it would be reasonable to conclude that less than 50% of: (i) the * tax loss; or (ii) the * notional loss; or (iii) the bad debt; or (iv) the unrealised net loss (within the meaning of section 165 ‑ 115E); as the case requires, has been reflected in deductions, capital losses, or reduced assessable income, that occurred, or could occur in future, because of the happening of any * CGT event in relation to any * direct equity interests or * indirect equity interests held in the tested company by the stakeholder, or an entity interposed between the stakeholder and the tested company, during the * test period. Subsection (8) not to apply for purpose of determining whether an alteration time has occurred (9) However, subsection (8) does not apply in relation to any of the conditions in section 166 ‑ 145 in so far as those conditions have effect for the purpose of determining whether an alteration time (within the meaning of section 165 ‑ 115L) has occurred. Time of happening of CGT event (10) The happening of any * CGT event in relation to a * direct equity interest or * indirect equity interest in the tested company that results in the failure of the tested company to satisfy a condition in section 166 ‑ 145 is taken, for the purposes of paragraph (8)(b), to have occurred during the * test period.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 147 of 2005 | No 143 of 2007", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-272"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-275", "Provision_Key": "s166-275", "Heading": "Rules in this Subdivision intended to be concessional", "Text": "A company is taken to have met the conditions in section 165 ‑ 12, paragraph 165 ‑ 35(a) or section 165 ‑ 123, or a changeover time or an alteration time is taken not to have occurred in respect of a company, (as the case requires), if: (a) a * tracing rule modifies how the ownership tests in section 166 ‑ 145 apply to the tested company in respect of a * voting stake, a * dividend stake or a * capital stake; and (b) the company fails the tests (whether at the time of applying the tracing rule or at another time); and (c) the company believes, on reasonable grounds, that if the tracing rule did not modify how the tests apply to the company in respect of that stake, it would not fail the tests. Example: 11 people own shareholdings of 9% in the listed company. Under section 166 ‑ 225, one notional shareholder is deemed to hold all of those shareholdings. 2 of the people sell their shareholdings so that 9 of the original 11 people now own shareholdings of 11%. Without the rule in this section, the company would fail the ownership tests (as the rule in section 166 ‑ 225 no longer applies).", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 166-280", "Provision_Key": "s166-280", "Heading": "Controlled test companies", "Text": "(1) A * tracing rule does not modify how the ownership tests in section 166 ‑ 145 apply to the tested company in respect of all or part of the voting power in the tested company, or all or some of the rights to * dividends of, or capital in, the tested company, if: (a) either: (i) an entity (the controlling entity ) directly holds that power or has those rights; or (ii) an entity (the controlling entity ) indirectly holds that power or has those rights through one or more interposed entities; and (b) the tested company is sufficiently influenced (within the meaning of paragraph 318(6)(b) of the Income Tax Assessment Act 1936 ) by the controlling entity. Note: However, a tracing rule can modify how the ownership tests in section 166 ‑ 145 apply to the tested company in respect of voting power or dividend or capital rights held by entities other than controlling entities. (2) A * tracing rule does not modify how the ownership tests in section 166 ‑ 145 apply to the tested company in respect of all or part of the voting power in the tested company if: (a) the tested company is a * widely held company; and (b) that voting power: (i) is more than 25% of the total voting power in the tested company and is controlled (whether directly, or indirectly through one or more interposed entities) by a natural person, together with his or her * associates; or (ii) is more than 50% of the total voting power in the tested company and is controlled (whether directly, or indirectly through one or more interposed entities) by a trustee or company, together with its associates.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s166-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-1", "Provision_Key": "s167-1", "Heading": "What this Division is about", "Text": "This Division modifies the way conditions relating to this Part apply to companies whose shares: (a) do not all carry the same rights to dividends or capital distributions; or (b) do not all carry the same voting rights, or do not carry all of the voting rights in the company.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-5", "Provision_Key": "s167-5", "Heading": "What this Subdivision is about", "Text": "Companies whose shares do not all carry the same rights to dividends or capital distributions may test the possession of those rights similarly to companies whose shares are all of a single class with the same rights.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-7", "Provision_Key": "s167-7", "Heading": "Simplified outline of this Subdivision", "Text": "If a condition of the continuity of ownership test cannot be worked out for a company: (a) because of its unequal share structure; or (b) because of a holding company’s unequal share structure; an entity can choose to reconsider that condition in up to 3 ways. The first way involves disregarding debt interests. The second way involves disregarding debt interests and secondary share classes. The third way involves disregarding those shares, and treating the remaining shares as carrying certain percentages of the rights to receive dividends and capital distributions. The second way can only be tried after the first way, while the third way can only be tried after the second way. Table of sections Operative provisions 167 ‑ 10 When this Subdivision applies 167 ‑ 15 First way—disregard debt interests 167 ‑ 20 Second way—also disregard secondary share classes 167 ‑ 25 Third way—treat remaining shares as having fixed rights to dividends and capital distributions 167 ‑ 30 Fixing rights if practicable to work out market values 167 ‑ 35 Fixing rights if impracticable to work out market values etc. 167 ‑ 40 The valuing times for conditions listed in subsection 167 ‑ 10(1)", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-10", "Provision_Key": "s167-10", "Heading": "When this Subdivision applies", "Text": "When this Subdivision applies (1) This Subdivision applies in relation to a company if: (a) as described in the following table, a condition (the unsatisfied condition ) cannot be worked out for the company for a particular period (the test period ); and (b) at one or more times during the test period: (i) the company; or (ii) a company that has a * shareholding interest in it; (an unequally structured company ) has an * unequal share structure. Conditions that can be reconsidered under this Subdivision Item Column 1 Each of the following provisions contains a condition: Column 2 that cannot be worked out for: 1 (a) subsection 165 ‑ 12(3) or (4); (b) paragraph 165 ‑ 37(1)(b) or (c); (c) subsection 165 ‑ 123(3) or (4); (d) paragraph 175 ‑ 10(3)(b) or (c), 175 ‑ 45(3)(b) or (c) or 175 ‑ 85(3)(b) or (c); (e) subparagraph (b)(ii) or (iii) of the definition of eligible Division 166 company in subsection 995 ‑ 1(1) a period that is all or part of the period to which that provision relates Note: Each of these conditions is about rights to the company’s dividends or capital distributions. (2) This Subdivision also applies in relation to a company if: (a) as described in the following table, a condition (the unsatisfied condition ) cannot be worked out for the company for a particular time (the test time ); and (b) at the test time, the company, or a company that has a * shareholding interest in it, (an unequally structured company ) has an * unequal share structure. Conditions that can be reconsidered under this Subdivision Item Column 1 Each of the following provisions contains a condition: Column 2 that cannot be worked out for: 1 (a) paragraph 165 ‑ 115C(1)(b) or (c) or 165 ‑ 115L(1)(b) or (c); (b) subparagraph 165 ‑ 115X(1)(b)(ii) or (iii); (c) paragraph 165 ‑ 115Z(1)(b) or (c); (d) subsection 166 ‑ 145(3) or (4); (e) subparagraph 166 ‑ 175(1)(e)(ii) or (iii); (f) paragraph 166 ‑ 225(1)(b) or (c); (g) subparagraph 166 ‑ 230(1)(a)(ii) or (iii); (h) paragraph 166 ‑ 240(1)(b) or (c); (i) subparagraph 166 ‑ 255(1)(e)(ii) or (iii) or 166 ‑ 260(1)(e)(ii) or (iii); (j) paragraph 166 ‑ 260(3)(b) or (c) or 166 ‑ 270(2)(c); (k) paragraph 170 ‑ 260(3)(b) or (c) or 170 ‑ 265(2)(b) or (c) a time that is the time, or one of the times, to which that provision relates Note 1: Each of these conditions is about rights to the company’s dividends or capital distributions. Note 2: If a condition cannot be worked out for several of the times to which the provision relates, apply this Subdivision separately for each of those times. Meaning of unequal share structure (3) A company has an unequal share structure at a particular time if, at that time: (a) the company’s * shares do not all carry the same rights to * dividends, or capital distributions, of the company; or (b) some or all of the company’s shares carry discretionary rights to dividends, or capital distributions, of the company; or (c) the company is a * co ‑ operative company that has * on issue one or more interests (other than shares) in the company’s capital.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-15", "Provision_Key": "s167-15", "Heading": "First way—disregard debt interests", "Text": "(1) The unsatisfied condition may be reconsidered by disregarding any * debt interests in each unequally structured company. (2) The way an entity prepares its * income tax return is sufficient evidence of it choosing to work out the unsatisfied condition under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-20", "Provision_Key": "s167-20", "Heading": "Second way—also disregard secondary share classes", "Text": "(1) This section applies in relation to each unequally structured company if: (a) despite section 167 ‑ 15, the unsatisfied condition cannot be worked out; and (b) on the last day of the test period or at the test time (as appropriate), there is * on issue in that company one or more classes of * shares (the secondary share classes ) other than: (i) the class or classes of ordinary or common shares that represent the majority of that company’s value; and (ii) * debt interests; and (c) it is reasonable to conclude that the total * market value of the secondary share classes does not exceed 25% of the total market value of all of that company’s shares (other than debt interests); and (d) for one or more of the secondary share classes, it is reasonable to conclude that the market value of each of them does not exceed 10% of the total market value of all of that company’s shares (other than debt interests). Note: This section can apply separately for each unequally structured company. (2) For the purposes of subsection (1), use * market values on the last day of the test period, or at the test time, (as appropriate). (3) The unsatisfied condition may be reconsidered by disregarding: (a) those of the secondary share classes that, under paragraph (1)(d), caused this section to apply; and (b) any * debt interests in that company. (4) The way an entity prepares its * income tax return is sufficient evidence of it choosing to work out the unsatisfied condition under subsection (3).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-25", "Provision_Key": "s167-25", "Heading": "Third way—treat remaining shares as having fixed rights to dividends and capital distributions", "Text": "When this section applies (1) This section applies if, despite sections 167 ‑ 15 and 167 ‑ 20, the unsatisfied condition cannot be worked out for the test period or test time (as appropriate). How to fix rights to dividends and capital distributions (2) The unsatisfied condition may be reconsidered by applying subsections (3) and (4) to each unequally structured company. When doing this for an unsatisfied condition listed in subsection 167 ‑ 10(1), assume: (a) that the test period consists only of the valuing times worked out under section 167 ‑ 40; and (b) that each of those valuing times is a test time. (3) Firstly, disregard any * debt interests in that company and any of its * shares that can be disregarded under subsection 167 ‑ 20(3). (4) Secondly, treat each of that company’s remaining * shares * on issue at the test time as having at that time the percentage of the rights to receive * dividends, and capital distributions, worked out either: (a) under section 167 ‑ 30; or (b) under section 167 ‑ 35 if: (i) it is not reasonably practicable to work out the market values of each of those remaining shares; or (ii) the sum of the * market values of all of those remaining shares is nil. Note: The remaining shares are those remaining after disregarding the shares mentioned in subsection (3). Evidence of a choice under this section (5) The way an entity prepares its * income tax return is sufficient evidence of it choosing to work out the unsatisfied condition under this section.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-30", "Provision_Key": "s167-30", "Heading": "Fixing rights if practicable to work out market values", "Text": "Each remaining * share is treated at the test time as carrying the following percentage of the rights to receive * dividends, and capital distributions, from the company: where market value is worked out at the test time.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-35", "Provision_Key": "s167-35", "Heading": "Fixing rights if impracticable to work out market values etc.", "Text": "(1) Each remaining * share is treated at the test time as carrying such a percentage of the rights to receive * dividends, and capital distributions, from the company as is reasonable worked out: (a) at the test time; and (b) having regard to the purpose of the unsatisfied condition. (2) In working out what is reasonable for subsection (1), have regard to the following: (a) the company’s * constitution; (b) any agreements between the company and either or both of the following: (i) any or all of the shareholders in the company; (ii) any or all of the * associates of a shareholder in the company; (c) any statement by the company of its policy in paying * dividends or making capital distributions; (d) the ability of an entity to control (whether directly, or indirectly through one or more interposed entities) how the company pays dividends or makes capital distributions; (e) how the company has previously paid dividends or made capital distributions; (f) whether all classes of * shares carry substantially the same rights to receive dividends and capital distributions; (g) the principle that: (i) a * tax loss or bad debt should only be deductible; and (ii) a * net capital loss should only be applied; if a majority of the persons entitled to the benefits of dividend and capital distributions of the company is maintained.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-40", "Provision_Key": "s167-40", "Heading": "The valuing times for conditions listed in subsection 167 ‑ 10(1)", "Text": "(1) For the purposes of subsection 167 ‑ 25(2), the valuing times for the test period are: (a) the time the test period starts; and (b) the time just before, and the time just after, any of the following events that happen during the test period: (i) the issue of * shares of a class of remaining shares; (ii) the variation of rights attached to any remaining shares to receive * dividends or capital distributions; (iii) the redemption or cancellation of any remaining shares; and (c) the time the test period ends. (2) For paragraph (1)(b), disregard a time if it is outside the test period.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-75", "Provision_Key": "s167-75", "Heading": "What this Subdivision is about", "Text": "Companies whose shares: (a) do not all carry the same voting rights; or (b) do not carry all of the voting rights in the company; may test the possession of voting rights similarly to companies whose shares are all of a single class with the same rights. Table of sections Operative provisions 167 ‑ 80 When this Subdivision applies 167 ‑ 85 Different method for working out voting power 167 ‑ 90 Dual listed companies", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-80", "Provision_Key": "s167-80", "Heading": "When this Subdivision applies", "Text": "(1) For the purposes of this Part, voting power in a company at one or more times can be worked out under section 167 ‑ 85 if: (a) the company’s * shares do not all, at those times, carry the same voting rights for all matters affecting the company; or (b) the company’s shares do not carry all of the voting rights in the company; whether this is because of the company’s * constitution, an * arrangement or some other reason. Note: Disregard dual listed company voting shares (see section 167 ‑ 90). (2) Further, if those times are consecutive times during a period, the voting power in the company can be worked out under section 167 ‑ 85 as if that period consists only of: (a) the time that period starts; and (b) each later time (if any) during that period when there is a change in the maximum number of votes any entity could cast on a poll described in paragraph 167 ‑ 85(1)(a) or (b).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-85", "Provision_Key": "s167-85", "Heading": "Different method for working out voting power", "Text": "(1) An entity may choose whether voting power in the company at a particular time is worked out solely by reference to: (a) the maximum number of votes that could be cast on a poll on the election of a director of the company, if such a poll were to be held at that time; or (b) the maximum number of votes that could be cast on a poll on an amendment to the company’s * constitution, other than an amendment altering: (i) the rights carried by any of the company’s * shares; or (ii) other forms of voting power in the company; if such a poll were to be held at that time. (2) The way the entity prepares its * income tax return is sufficient evidence of it making a choice under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 167-90", "Provision_Key": "s167-90", "Heading": "Dual listed companies", "Text": "For the purposes of this Subdivision, disregard * shares that are * dual listed company voting shares.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s167-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-1", "Provision_Key": "s170-1", "Heading": "What this Subdivision is about", "Text": "A company can transfer a surplus amount of its tax loss to another company so that the other company can deduct the amount in the income year of the transfer. One of the companies must be an Australian branch of a foreign bank, and both companies must be members of the same wholly ‑ owned group. Table of sections 170 ‑ 5 Basic principles for transferring tax losses Effect of transferring a tax loss 170 ‑ 10 When a company can transfer a tax loss 170 ‑ 15 Income company is taken to have incurred transferred loss 170 ‑ 20 Who can deduct transferred loss 170 ‑ 25 Tax treatment of consideration for transferred tax loss Conditions for transfer 170 ‑ 30 Companies must be in existence and members of the same wholly ‑ owned group etc. 170 ‑ 32 Tax loss incurred by the loss company because of a transfer under Subdivision 707 ‑ A 170 ‑ 33 Alternative test of relations between the loss company and other companies 170 ‑ 35 The loss company 170 ‑ 40 The income company 170 ‑ 42 If the income company has become the head company of a consolidated group or MEC group 170 ‑ 45 Maximum amount that can be transferred 170 ‑ 50 Transfer by written agreement 170 ‑ 55 Losses must be transferred in order they are incurred 170 ‑ 60 Income company cannot transfer transferred tax loss Effect of agreement to transfer more than can be transferred 170 ‑ 65 Agreement transfers as much as can be transferred 170 ‑ 70 Amendment of assessments Australian permanent establishments of foreign financial entities 170 ‑ 75 Treatment like Australian branches of foreign banks", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Repealed and substituted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-5", "Provision_Key": "s170-5", "Heading": "Basic principles for transferring tax losses", "Text": "(1) A company can transfer a tax loss to another company so that the other company can deduct it in the income year of the transfer. (2) Both companies must be members of the same wholly ‑ owned group. There are other eligibility requirements that they must also satisfy. (2A) One of the companies must be an Australian branch of a foreign bank. The other company must be: (a) the head company of a consolidated group or MEC group; or (b) not a member of a consolidatable group. Note: This Subdivision applies to Australian permanent establishments of foreign entities that are financial entities in the same way as it applies to Australian branches of foreign banks. See section 170 ‑ 75. (3) The transferred loss must be “surplus” in the sense that the transferring company cannot use it because there is not enough assessable income to offset it. The other company must have enough assessable income to offset the transferred tax loss. (4) Neither company must be prevented from deducting the loss by Division 165 or 175. Note: Division 165 deals with the income tax consequences of changing ownership or control of a company. Division 175 deals with using a company’s tax losses to avoid income tax. (5) The tax loss is transferred by an agreement between the 2 companies. (6) The tax loss can be transferred in the same year as it is incurred. In that case different rules apply.", "Amendment_Count": 5, "First_Amended": "No 121 of 1997", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 121 of 1997 | No 108 of 1998 | No 68 of 2002 | No 64 of 2005 | No 164 of 2007", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 108 of 1998, effective 7 Dec 1998 ( see s. 2) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-10", "Provision_Key": "s170-10", "Heading": "When a company can transfer a tax loss", "Text": "(1) A company (the loss company ) can transfer an amount of its * tax loss for an income year (the loss year ) to another company (the income company ) if the conditions in this Subdivision are met. (2) The amount transferred can be the whole or part of the * tax loss. Note: A PDF cannot transfer a tax loss, except one for a period before it became a PDF: see section 195 ‑ 10.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-15", "Provision_Key": "s170-15", "Heading": "Income company is taken to have incurred transferred loss", "Text": "(1) If an amount of a * tax loss is transferred, the amount is taken to be a tax loss incurred by the * income company in the * loss year. (2) However, if the * loss year is the same as the income year of the transfer, the * income company is taken to have incurred the * tax loss in the income year before the loss year. Note: This rule is needed because Division 36 allows a tax loss to be deducted only if it was incurred in an earlier income year. (3) Despite subsection (1), if the * tax loss is transferred because the conditions in section 170 ‑ 32 are met, the * income company is taken to have incurred the tax loss for the income year for which the first prior transferor mentioned in that section incurred the tax loss. (4) Despite subsection (1), if the * tax loss is transferred because the condition in subsection 170 ‑ 42(4) is met, the * income company is taken to have incurred the tax loss for the income year for which that subsection assumes the income company incurred the tax loss.", "Amendment_Count": 2, "First_Amended": "No 114 of 2000", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 114 of 2000 | No 117 of 2002", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-20", "Provision_Key": "s170-20", "Heading": "Who can deduct transferred loss", "Text": "(1) If an amount of a * tax loss is transferred, the * income company can deduct the amount in accordance with section 36 ‑ 17 (which is about how to deduct a tax loss), but only for the income year of the income company for which the amount is transferred. That income year is called the deduction year . (2) The * loss company can no longer * utilise the transferred amount and is taken not to have incurred the * tax loss to the extent of that amount.", "Amendment_Count": 2, "First_Amended": "No 142 of 2003", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 142 of 2003 | No 88 of 2013", "History_Notes": "Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-25", "Provision_Key": "s170-25", "Heading": "Tax treatment of consideration for transferred tax loss", "Text": "(1) If the * loss company receives any consideration from the * income company for the amount of the * tax loss: (a) so much of the consideration as is given for the amount of the tax loss is neither assessable income nor exempt income of the loss company; and (b) a * capital gain does not accrue to the loss company because of the receipt of the consideration. Note: However, the consideration may affect how section 170 ‑ 210 modifies the cost base of direct and indirect interests in the loss company. (2) If the * income company gives any consideration to the * loss company for the amount of the * tax loss: (a) the income company cannot deduct the amount or value of the consideration; and (b) the income company does not incur a * capital loss because of the giving of the consideration. Note: However, the consideration may affect how section 170 ‑ 215 modifies the cost base of direct and indirect interests in the income company.", "Amendment_Count": 3, "First_Amended": "No 147 of 1997", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 147 of 1997 | No 169 of 1999 | No 114 of 2000", "History_Notes": "Repealed and substituted by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-30", "Provision_Key": "s170-30", "Heading": "Companies must be in existence and members of the same wholly ‑ owned group etc.", "Text": "(1) Both companies must be in existence during at least part of each of the following income years: (a) the * loss year; and (b) the * deduction year; and (c) any intervening income year. Note: In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170 ‑ 32 and 170 ‑ 33. (2) Also, both companies must be members of the same * wholly ‑ owned group during the whole or part of those income years when both companies were in existence. Note: In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170 ‑ 32 and 170 ‑ 33. (3) One of the companies must be an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank. Note: The Australian branch can be taken to be a separate entity from the foreign bank for this Subdivision. See Part IIIB of the Income Tax Assessment Act 1936 . (4) The other company must be covered by an item of this table. The other company Item The other company must: At this time: 1 Be the * head company of a * consolidated group The end of the * deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation 2 Be the * head company of a * MEC group The end of the * deduction year or, if the group ceases to exist during the deduction year because the company ceases to be in existence, just before the cessation 3 Not be a * member of a * consolidatable group The end of the * deduction year or, if the company ceases to be in existence during the deduction year, just before the cessation", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 41 of 2005", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-32", "Provision_Key": "s170-32", "Heading": "Tax loss incurred by the loss company because of a transfer under Subdivision 707 ‑ A", "Text": "When the conditions in this section apply (1) The conditions in this section apply instead of the conditions in subsections 170 ‑ 30(1) and (2) if: (a) the * income company is an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank; and (b) the * loss company incurred the * tax loss because of one or more transfers of the tax loss under Subdivision 707 ‑ A. Conditions (2) Each transferor ( prior transferor ) of the * tax loss under Subdivision 707 ‑ A must have been a company. (3) It must have been possible to meet the conditions in subsections 170 ‑ 30(1) and (2) in relation to the * loss company and the * income company assuming: (a) the * loss year were so much of the income year in which the * tax loss was transferred to the loss company under Subdivision 707 ‑ A as occurred after the transfer; and (b) so much (if any) of the * deduction year as occurred before the transfer were disregarded. (4) The * income company and each prior transferor must both be in existence during at least part of each of these periods: (a) the period consisting of: (i) if the prior transferor incurred the * tax loss apart from Subdivision 707 ‑ A—the * loss year; or (ii) if the prior transferor incurred the tax loss because of a transfer under Subdivision 707 ‑ A (other than a transfer from the prior transferor to itself)—so much of the income year in which the transfer occurred as was after the transfer (but before any later transfer of the loss from the prior transferor under that Subdivision); (b) so much of the income year during which the tax loss was transferred under Subdivision 707 ‑ A from the prior transferor to another company as occurs before the transfer (but after the start of the period described in paragraph (a)); (c) any intervening income year. (5) The * income company must be a member of the same * wholly ‑ owned group as each prior transferor during the whole or part of the periods described in subsection (4) for the prior transferor when both were in existence.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 117 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-33", "Provision_Key": "s170-33", "Heading": "Alternative test of relations between the loss company and other companies", "Text": "(1) The conditions in subsections 170 ‑ 30(1) and (2) are taken to be met in relation to the * loss company and the * income company if: (a) the loss company is an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank; and (b) the income company is covered by item 1 or 2 of the table in subsection 170 ‑ 30(4) (because the company is the * head company of a * consolidated group or * MEC group at the time described in that item); and (c) the relevant circumstances in this section exist. Circumstances (2) One circumstance is that there is another company (the first link company ) in relation to which all these conditions are met: (a) the first link company became a * subsidiary member of a * consolidated group or * MEC group after the start of the * loss year but before the time described in the item of the table in subsection 170 ‑ 30(4) that covers the * income company; (b) the * tax loss could have been transferred from the * loss company to the first link company under this Subdivision (apart from subsection 170 ‑ 30(4) and this section) for a * deduction year consisting of the * trial year for the first link company becoming a subsidiary member of that group had: (i) the first link company continued to be * in existence as a separate entity (rather than being part of the head company of that group) when it was a subsidiary member of that group; and (ii) the trial year not started before the start of the loss year; and (iii) the first link company had enough assessable income for the trial year; (c) the tax loss would have been incurred by the income company because of one or more transfers under Subdivision 707 ‑ A assuming the tax loss had been made by the first link company (apart from that Subdivision) for the loss year. (3) If the condition in paragraph (2)(c) could be met only if there had been a transfer described in that paragraph involving a company other than the first link company and the * income company, another circumstance is that the other company and the * loss company were * in existence and members of the same * wholly ‑ owned group for the period: (a) starting when the * tax loss would have been transferred under Subdivision 707 ‑ A to the other company as described in that paragraph; and (b) ending when the tax loss would have been transferred under Subdivision 707 ‑ A from the other company as described in that paragraph. (4) It does not matter whether or not any of the transfers mentioned in subsection (3) would have involved the first link company or the * income company as well as the other company. (5) Another circumstance is that the conditions in subsections 170 ‑ 30(1) and (2) would have been met for the * loss company and the * income company assuming: (a) the * loss year consisted of the part of the income year in which the * tax loss would have been transferred to the income company under Subdivision 707 ‑ A as described in paragraph (2)(c) occurring after the time the transfer would have occurred; and (b) so much (if any) of the * deduction year as occurred before the time the transfer would have occurred were disregarded.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-33"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-35", "Provision_Key": "s170-35", "Heading": "The loss company", "Text": "(1) The * loss company: (a) must be an Australian resident and not a * prescribed dual resident; and (b) must not be a * dual resident investment company in either the * loss year or the * deduction year. (2) If the * loss year and the * deduction year are the same, it must be the case that the * loss company was not required to calculate the * tax loss: (a) under section 165 ‑ 70 (because of a change in ownership or control); or (b) under section 175 ‑ 35 (because of injected income or deductions). (3) Also, it must be the case that neither Subdivision 165 ‑ A nor Subdivision 175 ‑ A would have prevented the * loss company from deducting the * tax loss in the * deduction year if it had had enough assessable income (including * assessable film income) to offset the tax loss. Note 1: Subdivision 165 ‑ A deals with the deductibility of a company’s tax loss for an earlier income year if there has been a change in the ownership or control of the company in the loss year or the income year. Subdivision 175 ‑ A is about the Commissioner preventing a company from getting certain tax benefits through its unused tax losses. Note 2: Division 707 affects the operation of Subdivision 165 ‑ A if the loss company incurred the tax loss because of a transfer under Subdivision 707 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 95 of 1997", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 95 of 1997 | No 117 of 2002", "History_Notes": "Amended by No 95 of 1997, effective s 4 and Sch 3 (items 15–18): 30 June 1997 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-40", "Provision_Key": "s170-40", "Heading": "The income company", "Text": "(1) The * income company must be an Australian resident and not a * prescribed dual resident. (2) It must not be prevented by Division 165 or 175 from deducting the transferred amount in the * deduction year. Those Divisions do not apply to the * income company if the * loss year and the * deduction year are the same. Note 1: Division 165 deals with the income tax consequences of changing ownership or control of a company. Division 175 deals with using a company’s tax losses to avoid income tax. Note 2: The condition in subsection (2) may not apply in some cases. See section 170 ‑ 42.", "Amendment_Count": 2, "First_Amended": "No 95 of 1997", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 95 of 1997 | No 117 of 2002", "History_Notes": "Amended by No 95 of 1997, effective s 4 and Sch 3 (items 15–18): 30 June 1997 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-42", "Provision_Key": "s170-42", "Heading": "If the income company has become the head company of a consolidated group or MEC group", "Text": "(1) The condition in subsection (2) of this section applies to the * income company instead of the condition in subsection 170 ‑ 40(2) if the conditions in subsections 170 ‑ 30(1) and (2) are met in relation to the * loss company and the income company apart from section 170 ‑ 33 and either: (a) both these circumstances exist: (i) after the start of the * loss year but before the relevant time described in subsection 170 ‑ 30(4), the income company became the * head company of a * consolidated group or of a * MEC group that came into existence after the start of the loss year; (ii) the loss year and * deduction year are not the same; or (b) all these circumstances exist: (i) the income company is, at the relevant time described in subsection 170 ‑ 30(4), the head company of a MEC group; (ii) before that time but after the end of the loss year, the MEC group was involved in an application event described in section 719 ‑ 300 (but not covered by subsection 719 ‑ 300(4) or (5)); (iii) the income company would be taken under section 719 ‑ 305 to have transferred losses to itself under Subdivision 707 ‑ A, assuming it had made losses while head company of the group or of a consolidated group involved in the event; (iv) the MEC group or consolidated group came into existence before the start of the * loss year. Note: An application event involves either expanding an existing MEC group by including extra eligible tier ‑ 1 companies of the top company for the group or creating a MEC group because more companies become eligible tier ‑ 1 companies of the top company of which the head company of a consolidated group is an eligible tier ‑ 1 company. (2) The * income company must have been able to deduct the * tax loss in the * deduction year assuming that it had incurred the tax loss for the * loss year. (3) The condition in subsection (4) of this section applies to the * income company instead of the condition in subsection 170 ‑ 40(2) if the conditions in subsections 170 ‑ 30(1) and (2) are met in relation to the * loss company and the income company because of section 170 ‑ 33. (4) The * income company must have been able to deduct the * tax loss in the * deduction year assuming that it had incurred the tax loss, for the income year in which the loss would have been transferred to it as described in paragraph 170 ‑ 33(2)(c), because of one or more transfers under Subdivision 707 ‑ A described in that paragraph.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-42"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-45", "Provision_Key": "s170-45", "Heading": "Maximum amount that can be transferred", "Text": "Loss company can only transfer what it cannot use itself (1) The amount transferred cannot exceed what would be the amount of the * loss company’s * unutilised * tax loss at the end of the * deduction year if the loss company utilised the tax loss to the greatest extent possible. Transferred loss must not exceed what the income company can use (2) The amount transferred also cannot exceed the amount worked out as follows: Method statement Step 1. Add together the * income company’s assessable income and * net exempt income (if any) for the * deduction year. Step 2. Subtract the * income company’s deductions for the * deduction year, except deductions for amounts of * tax losses transferred to the income company (by the * loss company or any other company). Step 3. Subtract the * income company’s deductions for the * deduction year for amounts of * tax losses transferred to the income company (by the * loss company or any other company) by agreements made before the agreement by which the first amount is transferred. Example: In the deduction year: • the income company has assessable income of $60,000, net exempt income of $10,000 and deductions of $25,000 (apart from the transferred loss); and • another company, being a member of the same wholly ‑ owned group as the income company, transferred a tax loss of $15,000 to the income company; and • the loss company incurred a tax loss of $50,000. Of the $50,000 loss, the loss company can transfer no more than $30,000 ($60,000+$10,000 ‑ $25,000 ‑ $15,000) to the income company. (3) Subsection (2) does not apply if the * tax loss is a * film loss. In that case, the amount transferred also cannot exceed the amount worked out as follows: Method statement Step 1. Add together the * income company’s * net assessable film income and * net exempt film income (if any) for the * deduction year. Step 2. Subtract the * income company’s deductions for the * deduction year for amounts of * film losses transferred to the income company (by the * loss company or any other company) by agreements made before the agreement by which the first amount is transferred. (4) Subsections (2) and (3) do not apply if the transfer occurs because either or both of the conditions in subsections 170 ‑ 42(2) and (4) are met. In that case, the amount transferred also cannot exceed the amount worked out as follows: Method statement Step 1. Identify each * bundle of losses that, on the assumption in subsection 170 ‑ 42(2) or (4) (as appropriate), would have included the * tax loss or * film loss (as appropriate). Note 1: There will be 2 or more bundles of losses identified if both of the conditions in subsections 170 ‑ 42(2) and (4) are met. Note 2: There will be more than 1 bundle of losses identified on the basis of the assumption in paragraph 170 ‑ 42(4) if the conditions in subsections 170 ‑ 30(1) and (2) are met in relation to the loss company and the income company because of multiple applications of section 170 ‑ 33 each involving a different first link company. Step 2. For each * bundle identified, work out how much of the * tax loss or * film loss (as appropriate) the * income company would have been able to deduct in the * deduction year assuming that: (a) the loss could have been deducted in that year only after the deduction in that year of any other losses of that * sort that would have been included in the bundle, other than losses (the transferable losses ) that could be transferred from the * loss company to the income company for that year; and (b) if the bundle would have included 2 or more transferable losses of that sort—those losses could have been deducted only in the order in which the loss company incurred them. Note 1: If the assumption in subsection 170 ‑ 42(2) is relevant to the bundle, it would have included losses incurred by the income company and transferred (or taken to be transferred) to the company (from itself) under Subdivision 707 ‑ A. Note 2: If the assumption in paragraph 170 ‑ 42(4) is relevant to the bundle, it would have included losses actually incurred by the first link company and transferred (by one or more transfers under Subdivision 707 ‑ A) to the income company. Step 3. Total every result of step 2 for the * tax loss or * film loss (as appropriate).", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 117 of 2002 | No 142 of 2003 | No 88 of 2013", "History_Notes": "Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-50", "Provision_Key": "s170-50", "Heading": "Transfer by written agreement", "Text": "(1) The transfer must be made by a written agreement between the * loss company and the * income company. (2) The agreement must: (a) specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and (b) specify the amount of the * tax loss being transferred; and (c) be signed by the public officer of each company; and (d) be made on or before the day of lodgement of the * income company’s * income tax return for the * deduction year, or within such further time as the Commissioner allows. Note: The agreement will usually be made in the next income year after the one for which the income company will deduct the loss.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-55", "Provision_Key": "s170-55", "Heading": "Losses must be transferred in order they are incurred", "Text": "(1) If the * loss company has 2 or more * tax losses (other than * film losses) that it can transfer in the * deduction year, it can transfer them only in the order in which it incurred them. (2) If the * loss company has 2 or more * film losses that it can transfer in the * deduction year, it can transfer them only in the order in which it incurred them. (3) If: (a) the * loss company has 2 or more * tax losses, or 2 or more * film losses, it can transfer for the * deduction year; and (b) it incurred at least one of those losses apart from Subdivision 707 ‑ A and at least one of those losses because of a transfer under that Subdivision; it can transfer under this Subdivision the losses it incurred because of a transfer under Subdivision 707 ‑ A only after transferring under this Subdivision the losses it incurred apart from that Subdivision. (4) For the purposes of subsection (3), treat a loss incurred by the company both apart from that Subdivision and because of a transfer under that Subdivision as a loss incurred because of a transfer under that Subdivision. (5) Subsections (1) and (2) have effect subject to subsection (3).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-60", "Provision_Key": "s170-60", "Heading": "Income company cannot transfer transferred tax loss", "Text": "The * income company cannot transfer an amount of a * tax loss transferred to it, or any part of the amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-65", "Provision_Key": "s170-65", "Heading": "Agreement transfers as much as can be transferred", "Text": "(1) If the amount specified in an agreement exceeds the maximum amount that the * loss company can transfer to the * income company in the * deduction year, only that maximum amount is taken to have been transferred. (2) O ne reason why an agreement might specify more than can be transferred is that an assessment has been amended since the agreement.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-70", "Provision_Key": "s170-70", "Heading": "Amendment of assessments", "Text": "The Commissioner may amend an assessment to disallow a deduction for a transferred amount of a * tax loss: (a) if the agreement to transfer the tax loss is ineffective because the * loss company did not actually incur the loss; or (b) to the extent that section 170 ‑ 65 reduces the transferred amount of a tax loss because the loss company did not actually incur some of it. The Commissioner may do so despite section 170 (Amendment of assessments) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-75", "Provision_Key": "s170-75", "Heading": "Treatment like Australian branches of foreign banks", "Text": "(1) The object of this section is to let * tax losses be transferred under this Subdivision to and from * Australian permanent establishments of * foreign entities that are * financial entities in the same way as tax losses can be transferred to and from Australian branches of * foreign banks. (2) This Subdivision (except this section) applies to an * Australian permanent establishment of a * foreign entity that is a * financial entity in the same way as this Subdivision applies to an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank.", "Amendment_Count": 1, "First_Amended": "No 64 of 2005", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 64 of 2005", "History_Notes": "Inserted by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-101", "Provision_Key": "s170-101", "Heading": "What this Subdivision is about", "Text": "A company can transfer a surplus amount of its net capital loss to another company so that the other company can apply the amount in working out its net capital gain for the income year of the transfer. One of the companies must be an Australian branch of a foreign bank, and both companies must be members of the same wholly ‑ owned group. Table of sections 170 ‑ 105 Basic principles for transferring a net capital loss Effect of transferring a net capital loss 170 ‑ 110 When a company can transfer a net capital loss 170 ‑ 115 Who can apply transferred loss 170 ‑ 120 Gain company is taken to have made transferred loss 170 ‑ 125 Tax treatment of consideration for transferred tax loss Conditions for transfer 170 ‑ 130 Companies must be in existence and members of the same wholly ‑ owned group etc. 170 ‑ 132 Net capital loss made by the loss company because of a transfer under Subdivision 707 ‑ A 170 ‑ 133 Alternative test of relations between the loss company and other companies 170 ‑ 135 The loss company 170 ‑ 140 The gain company 170 ‑ 142 If the gain company has become the head company of a consolidated group or MEC group 170 ‑ 145 Maximum amount that can be transferred 170 ‑ 150 Transfer by written agreement 170 ‑ 155 Losses must be transferred in order they are made 170 ‑ 160 Gain company cannot transfer transferred net capital loss Effect of agreement to transfer more than can be transferred 170 ‑ 165 Agreement transfers as much as can be transferred 170 ‑ 170 Amendment of assessments Australian permanent establishments of foreign financial entities 170 ‑ 174 Treatment like Australian branches of foreign banks", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 46 of 1998 | No 68 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Repealed and substituted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-101"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-105", "Provision_Key": "s170-105", "Heading": "Basic principles for transferring a net capital loss", "Text": "(1) A company can transfer a net capital loss (except a net capital loss from collectables) to another company so that the other company can apply it in working out its net capital gain for the income year of the transfer. (2) Both companies must be members of the same wholly ‑ owned group. There are other eligibility requirements that they must also satisfy. (2A) One of the companies must be an Australian branch of a foreign bank. The other company must be: (a) the head company of a consolidated group or MEC group; or (b) not a member of a consolidatable group. Note: This Subdivision applies to Australian permanent establishments of foreign entities that are financial entities in the same way as it applies to Australian branches of foreign banks. See section 170 ‑ 174. (3) The transferred loss must be “surplus” in the sense that, for the income year of the transfer, the transferring company does not have enough capital gains against which to apply it. The other company must have enough capital gains against which to apply it. (5) Neither company must be prevented by Subdivision 165 ‑ CA or 175 ‑ CA from applying the loss in working out its net capital gain for the income year of the transfer. Note: Subdivision 165 ‑ CA deals with the consequences of changing ownership or control of a company. Subdivision 175 ‑ CA deals with using a company’s net capital losses to avoid income tax. (6) The net capital loss is transferred by an agreement between the 2 companies. (7) The net capital loss can be transferred in the same year as it is made. In that case different rules apply. (8) The provisions of Subdivision 170 ‑ C (so far as they relate to the transfer of net capital losses) are to be disregarded in applying the provisions of this Subdivision where the relevant agreement referred to in section 170 ‑ 150 was made before 22 February 1999.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 46 of 1998 | No 108 of 1998 | No 169 of 1999 | No 68 of 2002 | No 64 of 2005 | No 164 of 2007", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 108 of 1998, effective 7 Dec 1998 ( see s. 2) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-110", "Provision_Key": "s170-110", "Heading": "When a company can transfer a net capital loss", "Text": "(1) A company (the loss company ) can transfer an amount of its * net capital loss for an income year (the capital loss year ) to another company (the gain company ) if the conditions in this Subdivision are met. (2) The amount transferred can be the whole or part of the * net capital loss. Note: A PDF cannot transfer a net capital loss, except one for a period before it became a PDF: see section 195 ‑ 30 of the Income Tax Assessment Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-115", "Provision_Key": "s170-115", "Heading": "Who can apply transferred loss", "Text": "(1) If an amount of a * net capital loss is transferred, the gain company can apply the amount in working out its * net capital gain, but only for the income year of the gain company for which the amount is transferred. That income year is called the application year . Note: A company’s net capital gain or net capital loss for an income year is usually worked out under section 102 ‑ 5 or 102 ‑ 10. (2) The loss company can no longer * utilise the transferred amount and is taken not to have made the * net capital loss to the extent of that amount. (3) Despite subsection (1), if the * net capital loss is transferred because the conditions in section 170 ‑ 132 are met, the gain company is taken to have made the net capital loss for the income year for which the first prior transferor mentioned in that section made the net capital loss. (4) Despite subsection (1), if the * net capital loss is transferred because the condition in subsection 170 ‑ 142(4) is met, the gain company is taken to have made the net capital loss for the income year for which that subsection assumes the gain company made the net capital loss.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 46 of 1998 | No 117 of 2002 | No 41 of 2005 | No 88 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-120", "Provision_Key": "s170-120", "Heading": "Gain company is taken to have made transferred loss", "Text": "(1) If an amount of a * net capital loss is transferred, the amount is taken to be a * net capital loss of the gain company for the capital loss year. (2) However, if the capital loss year is the same as the application year, the amount is taken to be a * capital loss of the gain company for the application year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-125", "Provision_Key": "s170-125", "Heading": "Tax treatment of consideration for transferred tax loss", "Text": "(1) If the loss company receives consideration from the gain company for the transferred amount: (a) the consideration is neither assessable income nor * exempt income of the loss company; and (b) the loss company does not make a * capital gain because of receiving the consideration. Note: However, the consideration may affect how section 170 ‑ 220 modifies the cost base of direct and indirect interests in the loss company. (2) If the gain company gives consideration to the loss company for the transferred amount: (a) the gain company cannot deduct the consideration; and (b) the gain company does not make a * capital loss because of giving the consideration. Note: However, the consideration may affect how section 170 ‑ 225 modifies the cost base of direct and indirect interests in the gain company.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 114 of 2000", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 114 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-130", "Provision_Key": "s170-130", "Heading": "Companies must be in existence and members of the same wholly ‑ owned group etc.", "Text": "(1) Both companies must be in existence during at least part of each of the following income years: (a) the capital loss year; and (b) the application year; and (c) any intervening income year. Note: In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170 ‑ 132 and 170 ‑ 133. (2) Also, both companies must be members of the same * wholly ‑ owned group at all times during those income years when both companies were in existence. Note: In some cases, this condition may not apply, or may be taken to be met even if it is not actually met. See sections 170 ‑ 132 and 170 ‑ 133. (3) One of the companies must be an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank. Note: The Australian branch can be taken to be a separate entity from the foreign bank for this Subdivision. See Part IIIB of the Income Tax Assessment Act 1936 . (4) The other company must be covered by an item of this table. The other company Item The other company must: At this time: 1 Be the * head company of a * consolidated group The end of the application year or, if the company ceases to be in existence during the application year, just before the cessation 2 Be the * head company of a * MEC group The end of the application year or, if the group ceases to exist during the application year because the company ceases to be in existence, just before the cessation 3 Not be a * member of a * consolidatable group The end of the application year or, if the company ceases to be in existence during the application year, just before the cessation", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 46 of 1998 | No 68 of 2002 | No 117 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-132", "Provision_Key": "s170-132", "Heading": "Net capital loss made by the loss company because of a transfer under Subdivision 707 ‑ A", "Text": "When the conditions in this section apply (1) The conditions in this section apply instead of the conditions in subsections 170 ‑ 130(1) and (2) if: (a) the gain company is an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank; and (b) the * loss company made the * net capital loss because of one or more transfers of the net capital loss under Subdivision 707 ‑ A. Conditions (2) Each transferor ( prior transferor ) of the * net capital loss under Subdivision 707 ‑ A must have been a company. (3) It must have been possible to meet the conditions in subsections 170 ‑ 130(1) and (2) in relation to the * loss company and the gain company assuming: (a) the capital loss year were so much of the income year in which the * net capital loss was transferred to the loss company under Subdivision 707 ‑ A as occurred after the transfer; and (b) so much (if any) of the application year as occurred before the transfer were disregarded. (4) The gain company and each prior transferor must both be in existence during at least part of each of these periods: (a) the period consisting of: (i) if the prior transferor made the * net capital loss apart from Subdivision 707 ‑ A—the capital loss year; or (ii) if the prior transferor made the net capital loss because of a transfer under Subdivision 707 ‑ A (other than a transfer from the prior transferor to itself)—so much of the income year in which the transfer occurred as was after the transfer (but before any later transfer of the loss from the prior transferor under that Subdivision); (b) so much of the income year during which the net capital loss was transferred under Subdivision 707 ‑ A from the prior transferor to another company as occurs before the transfer (but after the start of the period described in paragraph (a)); (c) any intervening income year. (5) The gain company must be a member of the same * wholly ‑ owned group as each prior transferor during the whole or part of the periods described in subsection (4) for the prior transferor when both were in existence.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 117 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-132"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-133", "Provision_Key": "s170-133", "Heading": "Alternative test of relations between the loss company and other companies", "Text": "(1) The conditions in subsections 170 ‑ 130(1) and (2) are taken to be met in relation to the * loss company and the gain company if: (a) the loss company is an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank; and (b) the gain company is covered by item 1 or 2 of the table in subsection 170 ‑ 130(4) (because the company is the * head company of a * consolidated group or * MEC group at the time described in that item); and (c) the relevant circumstances in this section exist. Circumstances (2) One circumstance is that there is another company (the first link company ) in relation to which all these conditions are met: (a) the first link company became a * subsidiary member of a * consolidated group or * MEC group after the start of the capital loss year but before the time described in the item of the table in subsection 170 ‑ 130(4) that covers the gain company; (b) the * net capital loss could have been transferred from the * loss company to the first link company under this Subdivision (apart from subsection 170 ‑ 130(4) and this section) for an application year consisting of the * trial year for the first link company becoming a subsidiary member of that group had: (i) the first link company continued to be in existence as a separate entity (rather than being part of the head company of that group) when it was a subsidiary member of that group; and (ii) the trial year not started before the start of the capital loss year; and (iii) the first link company had enough * capital gains for the trial year; (c) the net capital loss would have been made by the gain company because of one or more transfers under Subdivision 707 ‑ A assuming the net capital loss had been made by the first link company (apart from that Subdivision) for the capital loss year. (3) If the condition in paragraph (2)(c) could be met only if there had been a transfer described in that paragraph involving a company other than the first link company and the gain company, another circumstance is that the other company and the * loss company were in existence and members of the same * wholly ‑ owned group for the period: (a) starting when the * net capital loss would have been transferred under Subdivision 707 ‑ A to the other company as described in that paragraph; and (b) ending when the net capital loss would have been transferred under Subdivision 707 ‑ A from the other company as described in that paragraph. (4) It does not matter whether or not any of the transfers mentioned in subsection (3) would have involved the first link company or the gain company as well as the other company. (5) Another circumstance is that the conditions in subsection 170 ‑ 130(1) and (2) would have been met for the * loss company and the gain company assuming: (a) the capital loss year consisted of the part of the income year in which the * net capital loss would have been transferred to the gain company under Subdivision 707 ‑ A as described in paragraph (2)(c) occurring after the time the transfer would have occurred; and (b) so much (if any) of the application year as occurred before the time the transfer would have occurred were disregarded.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 117 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-133"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-135", "Provision_Key": "s170-135", "Heading": "The loss company", "Text": "(1) The loss company: (a) must be an Australian resident (but not a * prescribed dual resident) throughout the capital loss year; and (b) must not be a * dual resident investment company in either the capital loss year or the application year. (2) It must be the case that the loss company was not required to calculate the * net capital loss: (a) under section 165 ‑ 114 (because of a change in ownership or control); or (b) under section 175 ‑ 75 (because of an injected capital gain or loss). (3) Also, it must be the case that neither Subdivision 165 ‑ CA nor Subdivision 175 ‑ CA would have prevented the loss company from applying the * net capital loss in working out its * net capital gain for the application year if it had made enough * capital gains in that year. Note 1: Subdivision 165 ‑ CA deals with the consequences of changing ownership or control of a company. Subdivision 175 ‑ CA deals with using a company’s net capital losses to avoid income tax. Note 2: Division 707 affects the operation of Subdivision 165 ‑ CA if the loss company made the net capital loss because of a transfer under Subdivision 707 ‑ A. Note 3: A company’s net capital gain or net capital loss for an income year is usually worked out under section 102 ‑ 5 or 102 ‑ 10.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 117 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-140", "Provision_Key": "s170-140", "Heading": "The gain company", "Text": "(1) The gain company must be an Australian resident throughout the application year. (2) If the capital loss year and the application year are not the same, the gain company must not be prevented by Subdivision 165 ‑ CA or 175 ‑ CA from applying the transferred amount in working out its * net capital gain for the application year. Note 1: Subdivision 165 ‑ CA deals with the consequences of changing ownership or control of a company. Subdivision 175 ‑ CA deals with using a company’s net capital losses to avoid income tax. Note 2: A company’s net capital gain or net capital loss for an income year is usually worked out under section 102 ‑ 5 or 102 ‑ 10. Note 3: The condition in subsection (2) may not apply in some cases. See section 170 ‑ 142. (3) If the capital loss year and the application year are the same, it must be the case that the gain company was not required to calculate its own * net capital gain or * net capital loss for the application year: (a) under Subdivision 165 ‑ CB (because of a change in ownership or control); or (b) under section 175 ‑ 75 (because of an injected capital gain or loss). Note: In deciding whether paragraph (b) applies, remember that the transferred amount is taken to be a capital loss of the gain company for the application year (because of subsection 170 ‑ 120(2)).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 46 of 1998 | No 117 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-142", "Provision_Key": "s170-142", "Heading": "If the gain company has become the head company of a consolidated group or MEC group", "Text": "(1) The condition in subsection (2) of this section applies to the gain company instead of the condition in subsection 170 ‑ 140(2) if the conditions in subsections 170 ‑ 130(1) and (2) are met in relation to the * loss company and the gain company apart from section 170 ‑ 133 and either: (a) both these circumstances exist: (i) after the start of the capital loss year but before the relevant time described in subsection 170 ‑ 130(4), the gain company became the * head company of a * consolidated group or of a * MEC group that came into existence after the start of the capital loss year; (ii) the capital loss year and application year are not the same; or (b) all these circumstances exist: (i) the gain company is, at the relevant time described in subsection 170 ‑ 130(4), the head company of a MEC group; (ii) before that time but after the end of the capital loss year, the MEC group was involved in an application event described in section 719 ‑ 300 (but not covered by subsection 719 ‑ 300(4) or (5)); (iii) the gain company would be taken under section 719 ‑ 305 to have transferred losses to itself under Subdivision 707 ‑ A, assuming it had made losses while head company of the group or of a consolidated group involved in the event; (iv) the MEC group or consolidated group came into existence before the start of the capital loss year. Note: An application event involves either expanding an existing MEC group by including extra eligible tier ‑ 1 companies of the top company for the group or creating a MEC group because more companies become eligible tier ‑ 1 companies of the top company of which the head company of a consolidated group is an eligible tier ‑ 1 company. (2) The gain company must have been able to apply the * net capital loss in working out its * net capital gain for the application year assuming that it had made the net capital loss for the capital loss year. (3) The condition in subsection (4) of this section applies to the gain company instead of the condition in subsection 170 ‑ 140(2) if the conditions in subsections 170 ‑ 130(1) and (2) are met in relation to the * loss company and the gain company because of section 170 ‑ 133. (4) The gain company must have been able to apply the * net capital loss in working out its * net capital gain for the application year assuming that it had made the net capital loss, for the income year in which the loss would have been transferred to it as described in paragraph 170 ‑ 133(2)(c), because of one or more transfers under Subdivision 707 ‑ A described in that paragraph.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-142"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-145", "Provision_Key": "s170-145", "Heading": "Maximum amount that can be transferred", "Text": "Loss company can only transfer what it cannot use itself (1) The amount transferred cannot exceed what would be the amount of the * loss company’s * unutilised * net capital loss at the end of the application year if the loss company utilised the net capital loss to the greatest extent possible. Note: If the capital loss year and the application year are the same, the whole of the net capital loss would be unutilised, because section 102 ‑ 5 does not allow a net capital loss to be applied in the income year in which it was made. Example: In the application year the loss company has: • a net capital loss from an earlier income year of $25,000; and • other capital losses totalling $10,000; and • capital gains totalling $20,000; Of the $25,000 loss, the loss company can transfer to the gain company no more than: Transferred loss must not exceed what the gain company can use (5) No amount can be transferred if, apart from the operation of this section, the gain company would not have a * net capital gain for the application year. (6) The amount transferred also cannot exceed the amount worked out as follows: Method statement Step 1. Work out what, apart from the operation of this section, would have been the gain company’s * net capital gain for the application year. Step 2. Subtract each amount that: (a) the gain company can apply under section 170 ‑ 115 in working out its * net capital gain for the application year; and (b) was transferred to the gain company (by the loss company or any other company) by an agreement made before the agreement by which the first amount is transferred. Example: In the application year: • the gain company has capital gains totalling $60,000 and capital losses totalling $25,000; and • another company, being a member of the same wholly ‑ owned group as the gain company, transferred a net capital loss of $15,000 to the gain company; and • the loss company incurred a net capital loss of $50,000. Of the $50,000 loss, the loss company can transfer to the gain company no more than: (7) Subsection (6) does not apply if the transfer occurs because either or both of the conditions in subsections 170 ‑ 142(2) and (4) are met. In that case, the amount transferred also cannot exceed the amount worked out as follows: Method statement Step 1. Identify each * bundle of losses that, on the assumption in subsection 170 ‑ 142(2) or (4) (as appropriate), would have included the * net capital loss. Note 1: There will be 2 or more bundles of losses identified if both of the conditions in subsections 170 ‑ 142(2) and (4) are met. Note 2: There will be more than 1 bundle of losses identified on the basis of the assumption in paragraph 170 ‑ 142(4) if the conditions in subsections 170 ‑ 130(1) and (2) are met in relation to the loss company and the gain company because of multiple applications of section 170 ‑ 133 each involving a different first link company. Step 2. For each * bundle identified, work out how much of the * net capital loss the gain company would have been able to apply in working out its * net capital gain for the application year assuming that: (a) the loss could have been applied in that year only after the application in that year of any other losses of that * sort that would have been included in the bundle, other than losses (the transferable losses ) that could be transferred from the * loss company to the gain company for that year; and (b) if the bundle would have included 2 or more transferable losses of that sort—those losses could have been applied only in the order in which the loss company made them. Note 1: If the assumption in subsection 170 ‑ 142(2) is relevant to the bundle, it would have included losses made by the gain company and transferred (or taken to be transferred) to the company (from itself) under Subdivision 707 ‑ A. Note 2: If the assumption in paragraph 170 ‑ 142(4) is relevant to the bundle, it would have included losses actually made by the first link company and transferred (by one or more transfers under Subdivision 707 ‑ A) to the gain company. Step 3. Total every result of step 2 for the * net capital loss.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 46 of 1998 | No 169 of 1999 | No 117 of 2002 | No 88 of 2013", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-150", "Provision_Key": "s170-150", "Heading": "Transfer by written agreement", "Text": "(1) The transfer must be made by a written agreement between the loss company and the gain company. (2) The agreement must: (a) specify the income year of the transfer (which may be earlier than the income year in which the agreement is made); and (b) specify the amount of the * net capital loss being transferred; and (c) be signed by the public officer of each company; and (d) be made on or before the day of lodgment of the gain company’s * income tax return for the application year, or within such further time as the Commissioner allows. Note: The agreement will usually be made in the next income year after the one for which the gain company will apply the loss.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-155", "Provision_Key": "s170-155", "Heading": "Losses must be transferred in order they are made", "Text": "(1) If the loss company has 2 or more * net capital losses that it can transfer in the application year, it can transfer them only in the order in which it made them. (2) If: (a) the * loss company has 2 or more * net capital losses it can transfer for the application year; and (b) it made at least one of those losses apart from Subdivision 707 ‑ A and at least one of those losses because of a transfer under that Subdivision; it can transfer under this Subdivision the losses it made because of a transfer under Subdivision 707 ‑ A only after transferring under this Subdivision the losses it made apart from that Subdivision. (3) For the purposes of subsection (2), treat a loss made by the company both apart from Subdivision 707 ‑ A and because of a transfer under that Subdivision as a loss made because of a transfer under that Subdivision. (4) Subsection (1) has effect subject to subsection (2).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 46 of 1998 | No 117 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-160", "Provision_Key": "s170-160", "Heading": "Gain company cannot transfer transferred net capital loss", "Text": "The gain company cannot transfer an amount of a * net capital loss transferred to it, or any part of the amount.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-165", "Provision_Key": "s170-165", "Heading": "Agreement transfers as much as can be transferred", "Text": "(1) If the amount specified in an agreement exceeds the maximum amount that the loss company can transfer to the gain company in the application year, only that maximum amount is taken to have been transferred. (2) One reason why an agreement might specify more than can be transferred is that an assessment has been amended since the agreement.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-170", "Provision_Key": "s170-170", "Heading": "Amendment of assessments", "Text": "The Commissioner may amend an assessment to * disallow a transferred amount of a * net capital loss: (a) if the agreement to transfer the net capital loss is ineffective because the loss company did not actually make the loss; or (b) to the extent that section 170 ‑ 165 reduces the transferred amount because the loss company did not actually make some of it. The Commissioner may do so despite section 170 (Amendment of assessments) of the Income Tax Assessment Act 1936 . Note: This Subdivision is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 46 of 1998 | No 169 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-174", "Provision_Key": "s170-174", "Heading": "Treatment like Australian branches of foreign banks", "Text": "(1) The object of this section is to let * net capital losses be transferred under this Subdivision to and from * Australian permanent establishments of * foreign entities that are * financial entities in the same way as net capital losses can be transferred to and from Australian branches of * foreign banks. (2) This Subdivision (except this section) applies to an * Australian permanent establishment of a * foreign entity that is a * financial entity in the same way as this Subdivision applies to an Australian branch (as defined in Part IIIB of the Income Tax Assessment Act 1936 ) of a * foreign bank.", "Amendment_Count": 1, "First_Amended": "No 64 of 2005", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 64 of 2005", "History_Notes": "Inserted by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-174"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-201", "Provision_Key": "s170-201", "Heading": "What this Subdivision is about", "Text": "If a tax loss or a net capital loss is transferred between companies in the same wholly ‑ owned group, this Subdivision provides for adjustments to: (a) the cost base and reduced cost base of direct and indirect equity interests held by group companies in the loss company, or in the income company or gain company; and (b) the reduced cost base of direct and indirect debt interest held by group companies in the loss company; and (c) the cost base and reduced cost base of direct and indirect debt interests held by group companies in the income company or gain company. Table of sections Operative provisions 170 ‑ 205 Object of Subdivision 170 ‑ 210 Transfer of tax loss: direct and indirect interests in the loss company 170 ‑ 215 Transfer of tax loss: direct and indirect interests in the income company 170 ‑ 220 Transfer of net capital loss: direct and indirect interests in the loss company 170 ‑ 225 Transfer of net capital loss: direct and indirect interests in the gain company", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-201"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-205", "Provision_Key": "s170-205", "Heading": "Object of Subdivision", "Text": "Interests in the loss company (1) The main object of this Subdivision is to ensure that, if an amount of a * tax loss or * net capital loss is transferred by a company to another company in the same * wholly ‑ owned group, the loss transferred is not duplicated by a member of the group. (2) Duplication could occur by the making of a * capital loss, or the reduction of a * capital gain, from a * CGT event that happens in relation to an equity interest held (directly or indirectly) in the loss company or by the making of a capital loss in relation to a debt interest held (directly or indirectly) in the loss company. Interests in the income company or gain company (3) This Subdivision may also require an adjustment to the cost base and reduced cost base of an equity or debt interest held (directly or indirectly) by a group company in the income company or gain company. (4) This adjustment is to reflect an increase in the * market value of the interest because of the transfer of the loss if the increase is still reflected in the market value of the interest when a * CGT event happens in relation to the interest.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-210", "Provision_Key": "s170-210", "Heading": "Transfer of tax loss: direct and indirect interests in the loss company", "Text": "(1) If: (a) an amount of a * tax loss is transferred by a company to another company; and (b) Subdivision 170 ‑ A applies in respect of the transfer; and (c) a company (the group company ) holds a * share in the loss company or is owed a debt by the loss company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) throughout the deduction year, the group company is a member of the same * wholly ‑ owned group as the loss company (disregarding a period when either was not in existence); and (f) a * CGT event happens in relation to the share or debt on or after the commencement of this section; and (g) the relevant agreement referred to in section 170 ‑ 50 is made on or after that commencement; the * cost base and * reduced cost base of the share or the reduced cost base of the debt is reduced in accordance with subsection (3). (2) If: (a) an amount of a * tax loss is transferred by a company to another company; and (b) Subdivision 170 ‑ A applies in respect of the transfer; and (c) a company (the group company ) holds a * share in another company or is owed a debt by another company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) the money that the group company paid for the share, or the borrowed money, has been applied (directly, or indirectly through one or more interposed entities): (i) in the other company or a third company acquiring shares in the loss company; or (ii) in a * borrowing by the loss company from the other company or from a third company; and (f) throughout the deduction year, the group company, the other company and the third company (if any) are all members of the same * wholly ‑ owned group as the loss company (disregarding, for a particular company, a period when it was not in existence); and (g) a * CGT event happens in relation to the share or debt on or after the commencement of this section; and (h) the relevant agreement referred to in section 170 ‑ 50 is made on or after that commencement; the * cost base and * reduced cost base of the share or the reduced cost base of the debt is reduced in accordance with subsection (3). (3) The * cost base and * reduced cost base of the share or the reduced cost base of the debt is reduced by an amount that is appropriate having regard to: (aa) the main object of this Subdivision and other matters mentioned in subsections 170 ‑ 205(1) and (2); and (a) the group company’s direct or indirect interest in the loss company; and (ba) any reduction in the reduced cost base made under Subdivision 165 ‑ CD; and (b) the amount of the loss transferred; and (c) the extent to which the loss reduced the * market value of the share or debt; and (d) any consideration received by the loss company for the loss transferred; and (e) whether, because of a dividend or dividends paid by the loss company, the consideration is no longer reflected (wholly or partly) in the market value of the share or debt when a * CGT event happens in relation to it. (3A) To avoid doubt in applying paragraph (3)(c) in relation to a * share or debt, if factors other than the loss altered the * market value of the share or debt, the extent to which the loss reduced that market value is taken to be the extent to which that market value would have been reduced apart from those other factors. Note: An example of a factor other than the loss is the unrealised value of assets (including assets in respect of which there is an unrealised gain) of the loss company, whether or not generated by outlays or economic losses reflected in the loss for income tax purposes. (3B) This section applies to a * tax loss only to the extent that the loss represents an outlay or loss of any of the economic resources of the * loss company. Note: Where the income tax law allows, as all or part of a loss, an amount for the decline in value of a depreciating asset that exceeds the actual economic depreciation or depletion of the asset concerned, the excess is not to be regarded for the purposes of this subsection as representing an outlay or loss of economic resources of the company. (4) Any reduction is to be made immediately before a * CGT event happens in relation to the share or debt and is to have effect from that time or the end of the deduction year, whichever is the earlier. Note 1: For deduction year see subsection 170 ‑ 20(1). Note 2: Subsection (4) is relevant for indexing elements of a cost base (see sections 114 ‑ 1 and 114 ‑ 15).", "Amendment_Count": 5, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 77 of 2001 | No 41 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-215", "Provision_Key": "s170-215", "Heading": "Transfer of tax loss: direct and indirect interests in the income company", "Text": "(1) If: (a) an amount of a * tax loss is transferred by a company to another company; and (b) Subdivision 170 ‑ A applies in respect of the transfer; and (c) a company (the group company ) holds a * share in the income company or is owed a debt by the income company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) throughout the deduction year, the group company is a member of the same * wholly ‑ owned group as the income company (disregarding a period when either was not in existence); and (f) a * CGT event happens in relation to the share or debt on or after the commencement of this section; and (g) the relevant agreement referred to in section 170 ‑ 50 is made on or after that commencement; and (h) there are shares in, or debts owed by, the * loss company the * reduced cost base of at least one of which has been reduced by subsection 170 ‑ 210(1) or (2); the * cost base and * reduced cost base of the share or debt are increased in accordance with subsection (3). (2) If: (a) an amount of a * tax loss is transferred by a company to another company; and (b) Subdivision 170 ‑ A applies in respect of the transfer; and (c) a company (the group company ) holds a * share in another company or is owed a debt by another company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) the money that the group company paid for the share, or the borrowed money, has been applied (directly, or indirectly through one or more interposed entities): (i) in the other company or a third company acquiring shares in the income company; or (ii) in a * borrowing by the income company from the other company or from a third company; and (f) throughout the deduction year, the group company, the other company and the third company (if any) are all members of the same * wholly ‑ owned group as the income company (disregarding, for a particular company, a period when it was not in existence); and (g) a * CGT event happens in relation to the share or debt on or after the commencement of this section; and (h) the relevant agreement referred to in section 170 ‑ 50 is made on or after that commencement; and (i) there are shares in, or debts owed by, the * loss company the * reduced cost base of at least one of which has been reduced by subsection 170 ‑ 210(1) or (2); the * cost base and * reduced cost base of the share or debt are increased in accordance with subsection (3). (3) The * cost base and * reduced cost base are increased by an amount that is appropriate having regard to: (aa) the matters mentioned in subsections 170 ‑ 205(3) and (4); and (ab) the amounts of any reductions to the cost base and reduced cost base of * shares, and to the reduced cost base of debts, under subsection 170 ‑ 210(3); and (a) the group company’s direct or indirect interest in the income company; and (b) the amount of the loss transferred; and (c) any consideration given by the income company for the loss transferred. Note: This is because the consideration may be less than the commercial value of the loss transferred. (4) However, the increase cannot exceed the increase in the * market value of the * share or debt that results from the transfer of the loss. (If no increase in that market value results, for example because the consideration paid for the transfer of the loss equals the commercial value of the loss transferred, then there is no increase in the * cost base and * reduced cost base.) (4A) No increase is to be made to the extent that the * tax loss transferred does not represent an outlay or loss of any of the economic resources of the company that transferred the tax loss. Note: Where the income tax law allows, as all or part of a loss, an amount for the decline in value of a depreciating asset that exceeds the actual economic depreciation or depletion of the asset concerned, the excess is not to be regarded for the purposes of this subsection as representing an outlay or loss of economic resources of the company. (5) Any increase is to be made immediately before a * CGT event happens in relation to the share or debt and is to have effect from that time or the end of the deduction year, whichever is the earlier. Note: This subsection is relevant for indexing elements of a cost base (see sections 114 ‑ 1 and 114 ‑ 15). (6) No increase is to be made to the * cost base and * reduced cost base of a share or debt to the extent to which, because of a dividend or dividends paid by the income company, the increase in the * market value of the share or debt that resulted from the transfer of the loss is no longer in existence at the time when a * CGT event happens in relation to the share or debt. Note: For deduction year see subsection 170 ‑ 20(1).", "Amendment_Count": 5, "First_Amended": "No 169 of 1999", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 77 of 2001 | No 41 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-220", "Provision_Key": "s170-220", "Heading": "Transfer of net capital loss: direct and indirect interests in the loss company", "Text": "(1) If: (a) an amount of a * net capital loss is transferred by a company to another company; and (b) Subdivision 170 ‑ B applies in respect of the transfer; and (c) a company (the group company ) holds a * share in the loss company or is owed a debt by the loss company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) throughout the application year, the group company is a member of the same * wholly ‑ owned group as the loss company (disregarding a period when either was not in existence); and (f) the relevant agreement referred to in section 170 ‑ 150 is made on or after the commencement of this section; the * cost base and * reduced cost base of the share or the reduced cost base of the debt is reduced in accordance with subsection (3). (2) If: (a) an amount of a * net capital loss is transferred by a company to another company; and (b) Subdivision 170 ‑ B applies in respect of the transfer; and (c) a company (the group company ) holds a * share in another company or is owed a debt by another company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) the money that the group company paid for the share, or the borrowed money, has been applied (directly, or indirectly through one or more interposed entities): (i) in the other company or a third company acquiring shares in the loss company; or (ii) in a * borrowing by the loss company from the other company or from a third company; and (f) throughout the application year, the group company, the other company and the third company (if any) are all members of the same * wholly ‑ owned group as the loss company (disregarding, for a particular company, a period when it was not in existence); and (g) the relevant agreement referred to in section 170 ‑ 150 is made on or after the commencement of this section; the * cost base and * reduced cost base of the share or the reduced cost base of the debt is reduced in accordance with subsection (3). (3) The * cost base and * reduced cost base of the share or the reduced cost base of the debt is reduced by an amount that is appropriate having regard to: (aa) the main object of this Subdivision and other matters mentioned in subsections 170 ‑ 205(1) and (2); and (a) the group company’s direct or indirect interest in the loss company; and (ba) any reduction in the reduced cost base made under Subdivision 165 ‑ CD; and (b) the amount of the loss transferred; and (c) the extent to which the loss reduced the * market value of the share or debt; and (d) any consideration received by the loss company for the loss transferred; and (e) whether, because of a dividend or dividends paid by the loss company, the consideration is no longer reflected (wholly or partly) in the market value of the share or debt when a * CGT event happens in relation to it. (3A) To avoid doubt in applying paragraph (3)(c) in relation to a * share or debt, if factors other than the loss altered the * market value of the share or debt, the extent to which the loss reduced that market value is taken to be the extent to which that market value would have been reduced apart from those other factors. Note: An example of a factor other than the loss is the unrealised value of assets (including assets in respect of which there is an unrealised gain) of the loss company, whether or not generated by outlays or economic losses reflected in the loss for income tax purposes. (3B) This section applies to a * net capital loss only to the extent that the loss represents an outlay or loss of any of the economic resources of the * loss company. Note: Where the income tax law allows, as all or part of a loss, an amount for the decline in value of a depreciating asset that exceeds the actual economic depreciation or depletion of the asset concerned, the excess is not to be regarded for the purposes of this subsection as representing an outlay or loss of economic resources of the company. (4) Any reduction is to be made immediately before a * CGT event happens in relation to the share or debt and is to have effect from that time or the end of the application year, whichever is the earlier. Note 1: Subsection (4) is relevant for indexing elements of a cost base (see sections 114 ‑ 1 and 114 ‑ 15). Note 2: Reductions under former subsection 160ZP(13) of the Income Tax Assessment Act 1936 are also relevant: see section 170 ‑ 220 of the Income Tax (Transitional Provisions) Act 1997 . Note 3: For applicable year see subsection 170 ‑ 115(1).", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 77 of 2001 | No 41 of 2005 | No 58 of 2006 | No 101 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-225", "Provision_Key": "s170-225", "Heading": "Transfer of net capital loss: direct and indirect interests in the gain company", "Text": "(1) If: (a) an amount of a * net capital loss is transferred by a company to another company; and (b) Subdivision 170 ‑ B applies in respect of the transfer; and (c) a company (the group company ) holds a * share in the gain company or is owed a debt by the gain company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) throughout the application year, the group company is a member of the same * wholly ‑ owned group as the gain company (disregarding a period when either was not in existence); and (f) the relevant agreement referred to in section 170 ‑ 150 is made on or after the commencement of this section; and (g) there are shares in, or debts owed by, the * loss company the * cost base and * reduced cost base of at least one of which have been reduced by subsection 170 ‑ 220(1) or (2); the * cost base and * reduced cost base of the share or debt are increased in accordance with subsection (3). (2) If: (a) an amount of a * net capital loss is transferred by a company to another company; and (b) Subdivision 170 ‑ B applies in respect of the transfer; and (c) a company (the group company ) holds a * share in another company or is owed a debt by another company in respect of a loan; and (d) the group company * acquired the share or debt on or after 20 September 1985; and (e) the money that the group company paid for the share, or the borrowed money, has been applied (directly, or indirectly through one or more interposed entities): (i) in the other company or a third company acquiring shares in the gain company; or (ii) in a * borrowing by the gain company from the other company or from a third company; and (f) throughout the application year, the group company, the other company and the third company (if any) are all members of the same * wholly ‑ owned group as the gain company (disregarding, for a particular company, a period when it was not in existence); and (g) the relevant agreement referred to in section 170 ‑ 150 is made on or after the commencement of this section; and (h) there are shares in, or debts owed by, the * loss company the * cost base and * reduced cost base of at least one of which have been reduced by subsection 170 ‑ 220(1) or (2); the * cost base and * reduced cost base of the share or debt are increased in accordance with subsection (3). (3) The * cost base and * reduced cost base are increased by an amount that is appropriate having regard to: (aa) the matters mentioned in subsections 170 ‑ 205(3) and (4); and (ab) the amounts of any reductions to the cost base and reduced cost base of * shares, and to the reduced cost base of debts, under subsection 170 ‑ 220(3); and (a) the group company’s direct or indirect interest in the gain company; and (b) the amount of the loss transferred; and (c) any consideration given by the gain company for the loss transferred. Note: This is because the consideration may be less than the commercial value of the loss transferred. (4) However, the increase cannot exceed the increase in the * market value of the * share or debt that results from the transfer of the loss. (If no increase in that market value results, for example because the consideration paid for the transfer of the loss equals the commercial value of the loss transferred, then there is no increase in the * cost base and * reduced cost base.) (4A) No increase is to be made to the extent that the * net capital loss transferred does not represent an outlay or loss of any of the economic resources of the company that transferred the net capital loss. Note: Where the income tax law allows, as all or part of a loss, an amount for the decline in value of a depreciating asset that exceeds the actual economic depreciation or depletion of the asset concerned, the excess is not to be regarded for the purposes of this subsection as representing an outlay or loss of economic resources of the company. (5) Any increase is to be made immediately before a * CGT event happens in relation to the share or debt and is to have effect from that time or the end of the application year, whichever is the earlier. Note: This subsection is relevant for indexing elements of a cost base (see sections 114 ‑ 1 and 114 ‑ 15). (6) No increase is to be made to the * cost base and * reduced cost base of a share or debt to the extent to which, because of a dividend or dividends paid by the gain company, the increase in the * market value of the share or debt that resulted from the transfer of the loss is no longer in existence at the time when a * CGT event happens in relation to the share or debt. Note: Increases under former subsections 160ZP(14) and (15) of the Income Tax Assessment Act 1936 are also relevant: see section 170 ‑ 225 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 6, "First_Amended": "No 169 of 1999", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 77 of 2001 | No 41 of 2005 | No 58 of 2006 | No 101 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-250", "Provision_Key": "s170-250", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides that there is a deferral of a * capital loss or deduction if a company (the originating company ) that is a member of a * linked group disposes of a * CGT asset to, or creates a CGT asset in, another entity that: (a) is a company that is also a member of the linked group; or (b) is a connected entity of the originating company or an * associate of such a connected entity; and the disposal or creation of the asset would have resulted in the originating company making a capital loss or becoming entitled to a deduction. Table of sections Operative provisions 170 ‑ 255 Application of Subdivision 170 ‑ 260 Linked group 170 ‑ 265 Connected entity 170 ‑ 270 Immediate consequences for originating company 170 ‑ 275 Subsequent consequences for originating company 170 ‑ 280 What happens if certain events happen in respect of the asset", "Amendment_Count": 1, "First_Amended": "No 169 of 1999", "Last_Amended": "No 169 of 1999", "Amending_Acts": "No 169 of 1999", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-255", "Provision_Key": "s170-255", "Heading": "Application of Subdivision", "Text": "(1) This Subdivision applies if: (a) an event (the deferral event ) happens involving a company (the originating company ) and another entity; and (b) one or more of the following apply: (i) the deferral event is a * CGT event that would have resulted in the originating company making a * capital loss (except a capital loss that would be disregarded under a provision of this Act other than this Subdivision); (ii) the deferral event would have resulted in the originating company becoming entitled to a deduction in respect of the disposal of a CGT asset or of an interest in a CGT asset; (iii) if the originating company is a partner in a partnership—the deferral event would have resulted in the partnership becoming entitled to a deduction in respect of the disposal of a CGT asset or of an interest in a CGT asset; and (c) if subparagraph (b)(i) applies—the CGT event is one of the following: (i) CGT events A1 and B1 (a disposal case ); (ii) CGT events D1, D2, D3 and F1 (a creation case ); and Note: The full list of CGT events is in section 104 ‑ 5. (d) one of the following applies: (i) the originating company is an Australian resident at the time of the deferral event; (ii) if the deferral event is a CGT event D1—the * CGT asset that is the subject of the creation of the contractual or other rights is * taxable Australian property; (iii) if the deferral event is a CGT event A1, B1 or F1—the asset or the subject of the lease, as the case may be, was * taxable Australian property immediately before the deferral event; (iv) if the deferral event is a CGT event D2—the option was taxable Australian property immediately after the deferral event; (v) if subparagraph (b)(ii) or (iii) applies—the originating company is a foreign resident at the time of the deferral event; and (e) at the time of the deferral event, the originating company is a member of a * linked group and one of the following applies: (i) the other entity is a company that is not a connected entity of the originating company and is a member of that linked group; (ii) the other entity is a connected entity of the originating company; (iii) the other entity is an * associate of such a connected entity. (2) Despite subsection (1): (a) this Subdivision does not apply because of * CGT event B1 if title in the * CGT asset does not pass to the other entity when the agreement ends; and (b) this Subdivision does not apply if the deferral event involves the * acquisition of a greater than 50% interest in a CGT asset by an entity other than an entity referred to in subparagraph (1)(e)(i), (ii) or (iii).", "Amendment_Count": 4, "First_Amended": "No 169 of 1999", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 41 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-260", "Provision_Key": "s170-260", "Heading": "Linked group", "Text": "(1) Companies that are linked to one another are a linked group . (2) Two companies are linked to each other if: (a) one of them has a controlling stake in the other; or (b) the same entity has a controlling stake in each of them. (3) For the purposes of this section, an entity has a controlling stake in a company at a particular time if the entity, or the entity and the entity’s * associates between them: (a) are able at that time to exercise, or control the exercise of, more than 50% of the voting power in the company (either directly, or indirectly through one or more interposed entities); or (b) have at that time the right to receive for their own benefit (either directly, or indirectly through one or more interposed entities) more than 50% of any dividends that the company may pay; or (c) have at that time the right to receive for their own benefit (either directly, or indirectly through one or more interposed entities) more than 50% of any distribution of capital of the company. Note: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (4) If: (a) apart from this subsection, an interest that gives an entity and its * associates (if any): (i) the ability to exercise, or control the exercise of, any of the voting power in a company; or (ii) the right to receive dividends that a company may pay; or (iii) the right to receive a distribution of capital of a company; would, in the application of paragraph (3)(a), (b) or (c), be counted more than once; and (b) the interest is both direct and indirect; only the direct interest is to be counted.", "Amendment_Count": 3, "First_Amended": "No 169 of 1999", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 130 of 2015", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-265", "Provision_Key": "s170-265", "Heading": "Connected entity", "Text": "(1) An entity is a connected entity of the originating company at a particular time if, at that time: (a) the entity is a trustee of a trust and either: (i) if the trust is a * fixed trust—one or more companies that are members of the * linked group of which the originating company is a member, or one or more of those companies and their * associates, between them have the right to receive for their own benefit (either directly, or indirectly through one or more interposed entities) more than 50% of any distribution to beneficiaries of the trust of income or corpus of the trust; or (ii) if the trust is not a fixed trust—any company that is a member of the linked group of which the originating company is a member or any associate of such a company benefits or is capable of benefiting under the trust; or (b) the entity is an individual who has a controlling stake in the company. (2) For the purposes of paragraph (1)(b), an individual has a controlling stake in a company at a particular time if the individual, or the individual and his or her * associates between them: (a) are able at that time to exercise, or control the exercise of, more than 50% of the voting power in the company (either directly, or indirectly through one or more interposed entities); or (b) have at that time the right to receive for their own benefit (either directly, or indirectly through one or more interposed entities) more than 50% of any dividends that the company may pay; or (c) have at that time the right to receive for their own benefit (either directly, or indirectly through one or more interposed entities) more than 50% of any distribution of capital of the company. Note: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. (3) If: (a) apart from this subsection, an interest that gives an entity and its * associates (if any): (i) the ability to exercise, or control the exercise of, any of the voting power in a company; or (ii) the right to receive dividends that a company may pay; or (iii) the right to receive a distribution of capital of a company; would, in the application of paragraph (2)(a), (b) or (c), be counted more than once; and (b) the interest is both direct and indirect; only the direct interest is to be counted.", "Amendment_Count": 3, "First_Amended": "No 169 of 1999", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 169 of 1999 | No 89 of 2000 | No 130 of 2015", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-270", "Provision_Key": "s170-270", "Heading": "Immediate consequences for originating company", "Text": "(1) If, apart from this Subdivision: (a) the originating company would have made a * capital loss (except a capital loss that would be disregarded under a provision of this Act other than this Subdivision) as a result of the deferral event; or (b) the originating company would have become entitled to a deduction in respect of the deferral event; or (c) where the originating company is a partner in a partnership—the partnership would have become entitled to a deduction in respect of the deferral event; the capital loss, the deduction or the partner’s share of the deduction, as the case may be, is disregarded. (2) To avoid doubt, the amount of the * capital loss, deduction, or partnership deduction, referred to in this section is: (a) the amount remaining after applying Division 723 or section 727 ‑ 615; or (b) nil, if none of the amount remains after applying that section or Division. Note: Division 723 and section 727 ‑ 615 reduce a loss realised for income tax purposes by a realisation event happening to a non ‑ depreciating asset (in the case of Division 723) or an affected interest in a losing entity under an indirect value shift (in the case of section 727 ‑ 615).", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 169 of 1999 | No 90 of 2002", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-275", "Provision_Key": "s170-275", "Heading": "Subsequent consequences for originating company", "Text": "(1) If, at a time after the deferral event, any one or more of the following events (the new events ) happens: (a) the * CGT asset * acquired by the other entity referred to in paragraph 170 ‑ 255(1)(a) (the relevant CGT asset ), or a greater than 50% interest in it, ceases to exist; (b) the relevant CGT asset, or a greater than 50% interest in it, is acquired by an entity that is none of the following: (i) a member of the * linked group of which the originating company is a member; (ii) a connected entity of the originating company; (iii) an * associate of such a connected entity; (c) if the relevant CGT asset is acquired by a company that is a member of that linked group—that company ceases to be a member of that linked group; (d) the originating company ceases to be a member of that linked group; (e) if the relevant CGT asset is acquired by an entity that is a connected entity of the originating company or is an associate of such a connected entity—that entity ceases to be such a connected entity or ceases to be an associate of such a connected entity, as the case may be; the originating company is taken, immediately before the time of the happening of the new event or the earliest of the new events, as the case may be, to have made a * capital loss equal to the amount of the capital loss referred to in section 170 ‑ 270 or to have become entitled to a deduction equal to the deduction, or the share of the deduction, referred to in that section, as the case may be. (2) If the * capital loss referred to in section 170 ‑ 270 would have been made from a * personal use asset or from a * collectable, any corresponding capital loss that the originating company is taken by subsection (1) of this section to have made is taken to have been made from a personal use asset or from a collectable, as the case may be.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 169 of 1999 | No 89 of 2000", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 170-280", "Provision_Key": "s170-280", "Heading": "What happens if certain events happen in respect of the asset", "Text": "(1) This section applies if, as a result of the occurrence of a new event in respect of a * CGT asset, the originating company is taken by subsection 170 ‑ 275(1) to have made a * capital loss or to be entitled to a deduction and, within 4 years after the occurrence of the new event, one of the following events ( further events ) occurs: (a) the asset or a greater than 50% interest in it is * acquired by the originating company or by an entity that, at the time of the acquisition, is: (i) a company that is a member of the * linked group of which the originating company is a member; or (ii) a connected entity of the originating company; or (iii) an * associate of such a connected entity; (b) a company that owns the asset or a greater than 50% interest in it becomes a member of the linked group of which the originating company is a member; (c) the originating company becomes a member of a linked group another member of which owns the asset or a greater than 50% interest in it; (d) an entity that owns the asset or a greater than 50% interest in it becomes: (i) a connected entity of the originating company; or (ii) an associate of such a connected entity. (1A) If the originating company has information from which it would be reasonable to conclude that, if the * CGT asset involved were owned by the originating company immediately after the further event, * majority underlying interests in the asset immediately after the further event would not have been had by * ultimate owners who had majority underlying interests in the asset immediately before the deferral event, the further event is taken not to have occurred. (2) The company is taken not to have made the * capital loss or not to have been entitled to the deduction, as the case may be. (3) If, at a time after the further event, any one or more of the following events (the realisation events ) happens: (a) the * CGT asset referred to in subsection (1) (the relevant CGT asset ), or a greater than 50% interest in it, ceases to exist; (b) the relevant CGT asset, or a greater than 50% interest in it, is * acquired by an entity that is none of the following: (i) a member of the linked group of which the originating company is a member; (ii) a connected entity of the originating company; (iii) an * associate of such a connected entity; (c) if the relevant CGT asset is acquired by a company that is a member of that linked group—that company ceases to be a member of that linked group; (d) the originating company ceases to be a member of that linked group; (e) if the relevant CGT asset is acquired by an entity that is a connected entity of the originating company or is an associate of such a connected entity—that entity ceases to be such a connected entity or ceases to be an associate of such a connected entity, as the case may be; the originating company is taken, immediately before the time of the happening of the realisation event or the earliest of the realisation events, as the case may be , to have made a * capital loss equal to the amount of the capital loss referred to in subsection (2) or to have become entitled to a deduction equal to the deduction referred to in that subsection, as the case may be. (4) If the * capital loss referred to in subsection (2) would have been made from a * personal use asset or from a * collectable, any corresponding capital loss that the originating company is taken by subsection (3) to have made is taken to have been made from a personal use asset or from a collectable, as the case may be.", "Amendment_Count": 2, "First_Amended": "No 169 of 1999", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 169 of 1999 | No 89 of 2000", "History_Notes": "Inserted by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s170-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-1", "Provision_Key": "s175-1", "Heading": "What this Division is about", "Text": "The Commissioner can reverse the effect of schemes that, in order to avoid tax, bring together in the same company:  assessable income; and  tax losses, current year deductions, or deductions for bad debts, that apart from the scheme would not be fully used.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-5", "Provision_Key": "s175-5", "Heading": "When Commissioner can disallow deduction for tax loss", "Text": "(1) This Subdivision sets out cases where the Commissioner may disallow some or all of a * tax loss (or of part of a tax loss) (the excluded loss ) as a deduction in calculating a company’s taxable income of an income year after the * loss year. (2) However, the Commissioner cannot disallow the * excluded loss if the company: (a) fails to meet a condition in section 165 ‑ 12 (which is about the company maintaining the same owners) in respect of the * loss year or the income year; but (b) meets the condition in section 165 ‑ 13 in respect of the income year by satisfying the * business continuity test under section 165 ‑ 210.", "Amendment_Count": 5, "First_Amended": "No 16 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 1998 | No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-10", "Provision_Key": "s175-10", "Heading": "First case: income or capital gain injected into company because of available tax loss", "Text": "(1) The Commissioner may disallow the * excluded loss if, during the income year, the company * derived assessable income, or a * capital gain accrued to the company, some or all of which (the injected amount ) would not have been derived, or would not have accrued, if the excluded loss had not been available to be taken into account for the purposes of: • Division 36 (which is about tax losses of earlier years); • Division 165 (which is about the income tax consequences of changing ownership or control of a company); • former Subdivision 375 ‑ G (which is about film losses). (2) However, the Commissioner cannot disallow the * excluded loss if the * continuing shareholders will benefit from the derivation or accrual of the * injected amount to an extent that the Commissioner thinks fair and reasonable having regard to their respective rights and interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow an excluded loss of an insolvent company. (3) The continuing shareholders are: (a) all of the persons who had * more than 50% of the voting power in the company during the whole (or the relevant part) of the * loss year and during the whole of the income year; and (b) all of the persons who had rights to * more than 50% of the company’s dividends during the whole (or the relevant part) of the loss year and during the whole of the income year; and (c) all of the persons who had rights to * more than 50% of the company’s capital distributions during the whole (or the relevant part) of the loss year and during the whole of the income year. To find out who they were, apply whichever tests are applied in order to determine whether the company can deduct the * tax loss (or the part of the tax loss) in the first place. Note 1: See section 165 ‑ 12 (which is about the company maintaining the same owners). Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.", "Amendment_Count": 5, "First_Amended": "No 147 of 1997", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 147 of 1997 | No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 130 of 2015", "History_Notes": "Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-15", "Provision_Key": "s175-15", "Heading": "Second case: someone else obtains a tax benefit because of tax loss available to company", "Text": "(1) The Commissioner may disallow the * excluded loss if: (a) a person has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if the excluded loss had not been available to be taken into account for the purposes of: • Division 36 (which is about tax losses of earlier years); • Division 165 (which is about the income tax consequences of changing ownership or control of a company); • former Subdivision 375 ‑ G (which is about film losses). (2) However, the Commissioner cannot disallow the * excluded loss if: (a) the person had a * shareholding interest in the company at some time during the income year; and (b) the Commissioner considers the tax benefit to be fair and reasonable having regard to that shareholding interest. Note: Section 175 ‑ 100 allows the Commissioner to disallow an excluded loss of an insolvent company. (3) An expression means the same in this section as in Part IVA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 3, "First_Amended": "No 114 of 2000", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 114 of 2000 | No 147 of 2005 | No 164 of 2007", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-20", "Provision_Key": "s175-20", "Heading": "Income or capital gain injected into company because of available deductions", "Text": "(1) The Commissioner may disallow deductions of a company (or parts of them) for an income year if: (a) the company has * derived assessable income, or a * capital gain accrued to the company, some or all of which (the injected amount ) would not have been derived, or would not have accrued, if the company did not have those deductions; and (b) the income was derived, or the capital gain accrued, in that income year. The disallowed deductions and parts of deductions may exceed the * injected amount. Note: The disallowance may result in a tax loss for the income year. See section 175 ‑ 35. (2) The Commissioner cannot disallow the deductions or parts of the deductions if the * continuing shareholders will benefit from the derivation of the * injected amount to an extent that the Commissioner thinks fair and reasonable having regard to their respective * shareholding interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow the whole or part of any deductions of an insolvent company. (3) The continuing shareholders are the individuals who had * shareholding interests in the company both immediately before the * injected amount was * derived, and immediately afterwards.", "Amendment_Count": 3, "First_Amended": "No 147 of 1997", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 1997 | No 114 of 2000 | No 147 of 2005", "History_Notes": "Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-25", "Provision_Key": "s175-25", "Heading": "Deduction injected into company because of available income or capital gain", "Text": "(1) The Commissioner may disallow a deduction of a company for an income year to the extent that the company would not have incurred the loss, outgoing or expenditure that the deduction is for if it had not * derived some or all of the assessable income it derived in that income year, or had not made some or all of a * capital gain it made in that income year. Note: The disallowance may result in a tax loss for the income year. See section 175 ‑ 35. (2) The Commissioner cannot disallow any of the deduction if: (a) the * continuing shareholders will benefit from any profit or advantage that has arisen or might arise directly or indirectly from the loss, outgoing or expenditure being incurred; and (b) the Commissioner thinks that the extent to which they will benefit is fair and reasonable having regard to their respective * shareholding interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow a deduction of an insolvent company. (3) The continuing shareholders are the individuals who had * shareholding interests in the company both immediately before the loss, outgoing or expenditure was incurred, and immediately afterwards.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-30", "Provision_Key": "s175-30", "Heading": "Someone else obtains a tax benefit because of a deduction, income or capital gain available to company", "Text": "(1) The Commissioner may disallow a deduction of a company if: (a) a person (other than the company) has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if the company had not incurred some or all (the available expense ) of the loss, outgoing or expenditure that the deduction is for. However, the deduction may be disallowed only to the extent of the available expense. (2) The Commissioner may disallow deductions of a company (or parts of them) if: (a) a person has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if some or all (the available amount ) of the assessable income that the company * derived or of a * capital gain that accrued to the company: (i) before it incurred the losses, outgoings or expenditure that the deductions were for; and (ii) in the same income year as it incurred them; had not been derived or had not accrued, as the case may be. The disallowed deductions and parts of deductions may exceed the available amount. Note: The disallowance may result in a tax loss for the income year. See section 175 ‑ 35. (3) An expression means the same in this section as in Part IVA of the Income Tax Assessment Act 1936 . (4) The Commissioner cannot disallow under this section if: (a) the person who has obtained or will obtain the tax benefit had a * shareholding interest in the company at some time during the income year; and (b) the Commissioner considers the tax benefit to be fair and reasonable having regard to that shareholding interest. Note: Section 175 ‑ 100 allows the Commissioner to disallow the whole or part of any deductions of an insolvent company.", "Amendment_Count": 3, "First_Amended": "No 147 of 1997", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 1997 | No 114 of 2000 | No 147 of 2005", "History_Notes": "Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-35", "Provision_Key": "s175-35", "Heading": "Tax loss resulting from disallowed deductions", "Text": "(1) If a company has a taxable income for an income year because the Commissioner disallows under this Subdivision deductions of the company for the income year (or parts of them), the company may also have a * tax loss for the income year. (2) The company’s tax loss for the income year is calculated as follows. (3) Total what the Commissioner has disallowed under this Subdivision. (4) If the company has * exempt income for the income year, subtract its * net exempt income. (5) Any amount remaining is the company’s tax loss for the income year, which is called a loss year . Note: The meanings of tax loss and loss year are modified by section 36 ‑ 55 for a corporate tax entity that has an amount of excess franking offsets. To find out how much of the tax loss can be deducted in later income years: see Subdivision 165 ‑ A. To find out how to deduct it: see section 36 ‑ 17.", "Amendment_Count": 2, "First_Amended": "No 114 of 2000", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 114 of 2000 | No 142 of 2003", "History_Notes": "Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-40", "Provision_Key": "s175-40", "Heading": "When Commissioner can disallow net capital loss of earlier income year", "Text": "(1) This Subdivision sets out cases where the Commissioner may prevent a company, in working out its * net capital gain for an income year, from applying some or all of a * net capital loss it has for an earlier income year (or of part of one) (the excluded loss ). This is called disallowing the excluded loss. Note: A company’s net capital gain for an income year is usually worked out under section 102 ‑ 5. (2) However, the Commissioner cannot * disallow the * excluded loss if, in determining (under section 165 ‑ 96) whether Subdivision 165 ‑ A would prevent the company from deducting the loss (or the part of the loss) for the income year if the loss were a * tax loss of the company for that earlier income year, the company: (a) would fail to meet a condition in section 165 ‑ 12 (which is about the company maintaining the same owners) in respect of the income year; but (b) would meet the condition in section 165 ‑ 13 in respect of the income year by satisfying the * business continuity test under section 165 ‑ 210. Note: Subdivision 165 ‑ A deals with the deductibility of a company’s tax loss for an earlier income year if there has been a change in the ownership or control of the company in the period from the start of the loss year to the end of the income year.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-45", "Provision_Key": "s175-45", "Heading": "First case: capital gain injected into company because of available net capital loss", "Text": "(1) The Commissioner may * disallow the * excluded loss if, during the income year, the company made a * capital gain some or all of which (the injected capital gain ) it would not have made if the excluded loss had not been available to be applied in working out the company’s * net capital gain for the income year (or for some other income year). (2) However, the Commissioner cannot * disallow the * excluded loss if the * continuing shareholders will benefit from the making of the injected capital gain to an extent that the Commissioner thinks fair and reasonable having regard to their respective rights and interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow an excluded loss of an insolvent company. (3) The continuing shareholders are: (a) all of the persons who had * more than 50% of the voting power in the company during the whole (or the relevant part) of the earlier income year and during the whole of the income year; and (b) all of the persons who had rights to * more than 50% of the company’s dividends during the whole (or the relevant part) of the earlier income year and during the whole of the income year; and (c) all of the persons who had rights to * more than 50% of the company’s capital distributions during the whole (or the relevant part) of the earlier income year and during the whole of the income year. To find out who they were, apply whichever tests are applied in order to determine (under section 165 ‑ 96) whether Subdivision 165 ‑ A would prevent the company from deducting the loss for the current year if it were a * tax loss of the company for that earlier income year. Note 1: See section 165 ‑ 12 (which is about the company maintaining the same owners). Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 46 of 1998 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-50", "Provision_Key": "s175-50", "Heading": "Second case: someone else obtains a tax benefit because of net capital loss available to company", "Text": "(1) The Commissioner may * disallow the * excluded loss if: (a) a person has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if the excluded loss had not been available to be applied in working out the company’s * net capital gain for the income year (or for some other income year). (2) However, the Commissioner cannot * disallow the * excluded loss if: (a) the person had a * shareholding interest in the company at some time during the income year; and (b) the Commissioner considers the tax benefit to be fair and reasonable having regard to that shareholding interest. Note: Section 175 ‑ 100 allows the Commissioner to disallow an excluded loss of an insolvent company. (3) An expression means the same in this section as in Part IVA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-55", "Provision_Key": "s175-55", "Heading": "When Commissioner can disallow capital loss of current year", "Text": "This Subdivision sets out cases where the Commissioner may prevent a company, in working out its * net capital gain or * net capital loss for an income year, from applying all or part of a * capital loss it made during the income year. This is called disallowing the capital loss or part.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-60", "Provision_Key": "s175-60", "Heading": "Capital gain injected into company because of available capital loss", "Text": "(1) The Commissioner may * disallow * capital losses of a company (or parts of them) for an income year if: (a) the company has made a * capital gain some or all of which (the injected capital gain ) it would not have made if it did not have those capital losses; and (b) the injected capital gain was made in that income year. The disallowed capital losses and parts of capital losses may exceed the amount of the injected capital gain. Note: The disallowance may result in a net capital loss for the income year: see section 175 ‑ 75. (2) The Commissioner cannot * disallow the * capital losses or parts of the capital losses if the * continuing shareholders will benefit from the making of the injected capital gain to an extent that the Commissioner thinks fair and reasonable having regard to their respective * shareholding interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow capital losses or parts of capital losses of an insolvent company. (3) The continuing shareholders are the individuals who had * shareholding interests in the company both immediately before the * injected capital gain was made, and immediately afterwards.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 147 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-65", "Provision_Key": "s175-65", "Heading": "Capital loss injected into company because of available capital gain", "Text": "(1) The Commissioner may * disallow a * capital loss of a company for an income year to the extent that the company would not have made the loss if it had not also made some or all of a * capital gain it made in that income year. Note: The disallowance may result in a tax loss for the income year: see section 175 ‑ 75. (2) The Commissioner cannot * disallow any of the * capital loss if: (a) the * continuing shareholders will benefit from any profit or advantage that has arisen or might arise directly or indirectly from the loss being made; and (b) the Commissioner thinks that the extent to which they will benefit is fair and reasonable having regard to their respective * shareholding interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow a capital loss of an insolvent company. (3) The continuing shareholders are the individuals who had * shareholding interests in the company both immediately before the * capital loss was made, and immediately afterwards.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 147 of 2005", "History_Notes": "Repealed and substituted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-70", "Provision_Key": "s175-70", "Heading": "Someone else obtains a tax benefit because of capital loss or gain available to company", "Text": "(1) The Commissioner may * disallow a * capital loss of a company if: (a) a person (other than the company) has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if the company had not made some or all (the available capital loss ) of the capital loss. However, the capital loss may be disallowed only to the extent of the available capital loss. (2) The Commissioner may * disallow * capital losses of a company (or parts of them) if: (a) a person has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if the company had not made some or all (the available capital gains ) of the * capital gains it made: (i) before it made the capital losses; and (ii) in the same income year as it made them. The disallowed capital losses and parts of capital losses may exceed the amount of the available capital gains. Note: The disallowance may result in a tax loss for the income year: see section 175 ‑ 75. (3) An expression means the same in this section as in Part IVA of the Income Tax Assessment Act 1936 . (4) The Commissioner cannot * disallow under this section if: (a) the person who has obtained or will obtain the tax benefit had a * shareholding interest in the company at some time during the income year; and (b) the Commissioner considers the tax benefit to be fair and reasonable having regard to that shareholding interest. Note: Section 175 ‑ 100 allows the Commissioner to disallow the whole or part of any capital losses of an insolvent company.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-75", "Provision_Key": "s175-75", "Heading": "Net capital loss resulting from disallowed capital losses", "Text": "If a company has a * net capital gain for an income year because the Commissioner * disallows under this Subdivision * capital losses of the company for the income year (or parts of them), the company also has a net capital loss for the income year equal to the total of those losses and parts of losses. To find out how much of the net capital loss can be applied in later income years: see Subdivision 165 ‑ CA. To find out how to apply it: see sections 102 ‑ 5 and 102 ‑ 15.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-80", "Provision_Key": "s175-80", "Heading": "When Commissioner can disallow deduction for bad debt", "Text": "(1) This Subdivision sets out cases where the Commissioner may disallow some or all of a deduction for a debt (or part of a debt) that is owed to a company and is written off as bad in the income year. (2) However, the Commissioner cannot disallow any of the deduction if the company: (a) fails to meet a condition in section 165 ‑ 123 (about the company maintaining the same owners) in respect of the * first continuity period or the * second continuity period; but (b) meets the condition in section 165 ‑ 126 by satisfying the * business continuity test under section 165 ‑ 210.", "Amendment_Count": 5, "First_Amended": "No 46 of 1998", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 46 of 1998 | No 114 of 2000 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-85", "Provision_Key": "s175-85", "Heading": "First case: income or capital gain injected into company because of available bad debt", "Text": "(1) The Commissioner may disallow some or all of the deduction if the company would not have had some or all (the injected amount ) of its assessable income or * capital gains for the income year if: (a) the debt had not been incurred; and (b) the debt (or the relevant part of the debt) had not been written off (or able to be written off) as bad. (2) However, the Commissioner cannot disallow any of the deduction if the * continuing shareholders will benefit from the company having the injected amount to an extent that the Commissioner thinks fair and reasonable having regard to their respective rights and interests in the company. Note: Section 175 ‑ 100 allows the Commissioner to disallow some or all of a deduction of an insolvent company. (3) The continuing shareholders are: (a) all of the persons who had * more than 50% of the voting power in the company throughout the * first continuity period and the * second continuity period; and (b) all of the persons who had rights to * more than 50% of the company’s dividends throughout the * first continuity period and the * second continuity period; and (c) all of the persons who had rights to * more than 50% of the company’s capital distributions throughout the * first continuity period and the * second continuity period. To find out who they were, apply whichever tests are applied in order to determine whether the company can deduct the debt (or the relevant part of the debt) in the first place. Note 1: See section 165 ‑ 123 (about the company maintaining the same owners). Note 2: Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 46 of 1998 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-90", "Provision_Key": "s175-90", "Heading": "Second case: someone else obtains a tax benefit because of bad debt deduction available to company", "Text": "(1) The Commissioner may disallow some or all of the deduction if: (a) a person has obtained or will obtain a tax benefit in connection with a * scheme; and (b) the scheme would not have been entered into or carried out if the debt had not been incurred and the debt (or the relevant part of the debt) had not been written off (or able to be written off) as bad. (2) However, the Commissioner cannot disallow any of the deduction if: (a) the person had a * shareholding interest in the company at some time during the income year; and (b) the Commissioner considers the tax benefit to be fair and reasonable having regard to that shareholding interest. Note: Section 175 ‑ 100 allows the Commissioner to disallow some or all of a deduction of an insolvent company. (3) An expression means the same in this section as in Part IVA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 46 of 1998 | No 147 of 2005", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-95", "Provision_Key": "s175-95", "Heading": "When a person has a shareholding interest in the company", "Text": "(1) A person has a shareholding interest in the company if the person is: (a) the beneficial owner; or (b) the trustee of a * family trust who is the owner; of: (c) * shares in the company; or (d) an interest in * shares in the company. (2) A person also has a shareholding interest in the company if: (a) the person has a shareholding interest in another company; and (b) the other company has a shareholding interest in the company (including one resulting from any other application or applications of this subsection).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2000", "Amending_Acts": "No 46 of 1998 | No 58 of 2000", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 175-100", "Provision_Key": "s175-100", "Heading": "Commissioner may disallow excluded losses etc. of insolvent companies", "Text": "Despite a subsection listed in column 1, the Commissioner may, under a subsection listed in column 2, disallow some or all of an * excluded loss, deduction, or * capital loss, of a company (as the case requires) if: (a) the company is or becomes: (i) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or (ii) an entity with a similar status under a * foreign law to a Chapter 5 body corporate; and (b) the company is insolvent (within the meaning of section 9 of the Corporations Act 2001 ) when the company becomes an entity mentioned in subparagraph (a)(i) or (ii). Commissioner may disallow excluded losses etc. for insolvent companies Item Column 1 Despite this subsection... Column 2 the Commissioner may disallow under this subsection: 1 Subsection 175 ‑ 10(2) Subsection 175 ‑ 10(1) 2 Subsection 175 ‑ 15(2) Subsection 175 ‑ 15(1) 3 Subsection 175 ‑ 20(2) Subsection 175 ‑ 20(1) 4 Subsection 175 ‑ 25(2) Subsection 175 ‑ 25(1) 5 Subsection 175 ‑ 30(4) Subsection 175 ‑ 30(1) or (2) 6 Subsection 175 ‑ 45(2) Subsection 175 ‑ 45(1) 7 Subsection 175 ‑ 50(2) Subsection 175 ‑ 50(1) 8 Subsection 175 ‑ 60(2) Subsection 175 ‑ 60(1) 9 Subsection 175 ‑ 65(2) Subsection 175 ‑ 65(1) 10 Subsection 175 ‑ 70(4) Subsection 175 ‑ 70(1) or (2) 11 Subsection 175 ‑ 85(2) Subsection 175 ‑ 85(1) 11 Subsection 175 ‑ 90(2) Subsection 175 ‑ 90(1)", "Amendment_Count": 3, "First_Amended": "No 147 of 2005", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 147 of 2005 | No 11 of 2016 | No 127 of 2021", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 11 of 2016, effective Sch 2 (items 274–277): 1 Mar 2017 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s175-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 180-1", "Provision_Key": "s180-1", "Heading": "What this Division is about", "Text": "If a company would only avoid the tax consequences of Division 165 or 175 because of interests held by a foreign resident family trust, the Commissioner may require the company to give certain information about the family trust. If it is not given, the company does not avoid the tax consequences of that Division.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 58 of 2000 | No 41 of 2005", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Repealed and substituted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s180-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 180-5", "Provision_Key": "s180-5", "Heading": "Information about family trusts with interests in companies", "Text": "Notice about company (1) The Commissioner may give a company a notice in accordance with section 180 ‑ 10 if the requirements of this section are met. Tax detriment under Division 165 (2) In its * income tax return for an income year: (a) the company must have deducted a * tax loss from a * loss year where it would not be allowed to deduct the tax loss if it did not meet the conditions in section 165 ‑ 12; or (b) the company must not have calculated: (i) its taxable income and tax loss under Subdivision 165 ‑ B; and (ii) its * net capital gain and * net capital loss under Subdivision 165 ‑ CB; where it would have been required to calculate them under that Subdivision if it did not satisfy the requirements of paragraph 165 ‑ 35(a); or (c) the company must have applied a * net capital loss from an earlier income year in working out its net capital gain where it would not have been allowed to apply the loss if it did not meet the condition in section 165 ‑ 12 as applied on the assumption mentioned in subsection 165 ‑ 96(1); or (d) the company must have deducted a debt that it wrote off as bad in the income year where it would not be allowed to deduct the debt if it did not satisfy the requirements of paragraph 165 ‑ 120(1)(a) or (b). Role of family trust (3) The Commissioner must be satisfied that the company: (a) if paragraph (2)(a) applies—meets the conditions in section 165 ‑ 12; or (b) if paragraph (2)(b) applies—satisfies the requirements of paragraph 165 ‑ 35(a); or (c) if paragraph (2)(c) applies—meets the conditions in section 165 ‑ 12 as applied on the assumption mentioned in subsection 165 ‑ 96(1); or (d) if paragraph (2)(d) applies—satisfies the requirements of paragraph 165 ‑ 120(1)(a) or (b); but it would not do so unless one or more trusts were * family trusts. Foreign resident trust (4) When the Commissioner gives the notice, for at least one of the * family trusts: (a) a trustee of the trust must be a foreign resident; or (b) the central management and control of the trust must be outside Australia. When notice must be given (5) The Commissioner must give the notice before the later of: (a) 5 years after the income year to which the return relates; and (b) the end of the period during which the company is required by section 262A of the Income Tax Assessment Act 1936 to retain records in relation to that income year.", "Amendment_Count": 4, "First_Amended": "No 58 of 2000", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 58 of 2000 | No 41 of 2005 | No 147 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s180-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 180-10", "Provision_Key": "s180-10", "Heading": "Notice where requirements of section 180 ‑ 5 are met", "Text": "Information required (1) The notice that the Commissioner may give if the requirements of section 180 ‑ 5 are met must require the company to give the Commissioner specified information about conferrals of present entitlements to, and distributions (within the meaning of Subdivision 272 ‑ B in Schedule 2F to the Income Tax Assessment Act 1936 ) of, income and capital, since the start of: (a) if paragraph 180 ‑ 5(2)(a) applies—the * loss year mentioned in that paragraph; or (b) if paragraph 180 ‑ 5(2)(b) applies—the income year for which that paragraph is being applied; or (c) if paragraph 180 ‑ 5(2)(c) applies—the earlier income year mentioned in that paragraph; or (d) if paragraph 180 ‑ 5(2)(d) applies: (i) where the debt mentioned in that paragraph was incurred in an earlier income year—the day on which the debt was incurred; or (ii) where the debt mentioned in that paragraph was incurred in the income year mentioned in that paragraph—that income year; by all of the * family trusts meeting the requirements of paragraph 180 ‑ 5(4)(a) or (b). Company knowledge (2) The information need not be within the knowledge of the company at the time the notice is given. Period for giving information (3) The notice must specify a period within which the company is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Consequence of not giving the information (4) If the company does not give the information within the period or within such further period as the Commissioner allows: (a) if paragraph 180 ‑ 5(2)(a) applies—the company is not entitled, and is taken never to have been entitled, to deduct the * tax loss; or (b) if paragraph 180 ‑ 5(2)(b) applies—the company is required, and taken always to have been required: (i) to calculate its taxable income and tax loss for the income year under Subdivision 165 ‑ B; and (ii) to calculate its * net capital gain and * net capital loss for the income year under Subdivision 165 ‑ CB; or (c) if paragraph 180 ‑ 5(2)(c) applies—the company is not entitled, and is taken never to have been entitled, to apply the net capital loss; or (d) if paragraph 180 ‑ 5(2)(d) applies—the company is not entitled, and is taken never to have been entitled, to deduct the debt. (5) If, because of paragraph (4)(b), the company is required to calculate under Subdivision 165 ‑ B its taxable income and * tax loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest possible taxable income for the income year. (6) If, because of paragraph (4)(b), the company is required to calculate under Subdivision 165 ‑ CB its * net capital gain and * net capital loss for the income year concerned, that Subdivision is to be applied as if it required the income year to be divided into such periods as would result in the highest net capital gain for the income year. No offences or penalties (7) To avoid doubt, subsections (4) to (6) do not cause the company to commit any offence or be liable to any penalty under Part 4 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 for: (a) deducting the * tax loss; or (b) not calculating its taxable income and tax loss under Subdivision 165 ‑ B as it applies in accordance with subsection (5) of this section; or (c) not calculating its * net capital gain and * net capital loss under Subdivision 165 ‑ CB as it applies in accordance with subsection (6) of this section; or (d) applying the net capital loss; or (e) deducting the debt; in the company’s * income tax return.", "Amendment_Count": 4, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 101 of 2006 | No 97 of 2008 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s180-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 180-15", "Provision_Key": "s180-15", "Heading": "Information about family trusts with interests in companies", "Text": "Notice about company (1) The Commissioner may give a company a notice in accordance with section 180 ‑ 20 if the requirements of this section are met. Tax detriment under Division 175 (2) The Commissioner: (a) must have been prevented by subsection 175 ‑ 10(2) or 175 ‑ 15(2) from disallowing, as a deduction for an income year, the whole or part of a * tax loss from a * loss year; or (b) must have been prevented by subsection 175 ‑ 20(2), 175 ‑ 25(2) or 175 ‑ 30(4) from disallowing the whole or part of a deduction for an income year; or (c) must have been prevented by subsection 175 ‑ 45(2) or 175 ‑ 50(2) from disallowing, in working out the * net capital gain or * net capital loss for an income year, the whole or part of a * net capital loss for an earlier income year (or a part of one); or (d) must have been prevented by subsection 175 ‑ 60(2), 175 ‑ 65(2) or 175 ‑ 70(4) from disallowing, in working out its net capital gain or net capital loss for an income year, the whole or part of a * capital loss made during the income year; or (e) must have been prevented by subsection 175 ‑ 85(2) or 175 ‑ 90(2) from disallowing, as a deduction for an income year, the whole or part of a debt. Role of family trust (3) A * family trust must have been: (a) one of the * continuing shareholders mentioned in subsection 175 ‑ 10(2), 175 ‑ 20(2), 175 ‑ 25(2), 175 ‑ 45(2), 175 ‑ 60(2), 175 ‑ 65(2) or 175 ‑ 85(2); or (b) the person who had the * shareholding interest mentioned in subsection 175 ‑ 15(2), 175 ‑ 30(4), 175 ‑ 50(2), 175 ‑ 70(4) or 175 ‑ 90(2); as the case requires. Foreign resident trust (4) When the Commissioner gives the notice: (a) a trustee of the * family trust must be a foreign resident; or (b) the central management and control of the * family trust must be outside Australia. When notice must be given (5) The Commissioner must give the notice before the later of: (a) 5 years after the income year mentioned in subsection (2); and (b) the end of the period during which the company is required by section 262A of the Income Tax Assessment Act 1936 to retain records in relation to that income year.", "Amendment_Count": 2, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 58 of 2000 | No 41 of 2005", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s180-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 180-20", "Provision_Key": "s180-20", "Heading": "Notice where requirements of section 180 ‑ 15 are met", "Text": "Information required (1) The notice that the Commissioner may give if the requirements of section 180 ‑ 15 are met must require the company to give the Commissioner specified information about conferrals of present entitlements to, and distributions (within the meaning of Subdivision 272 ‑ B in Schedule 2F to the Income Tax Assessment Act 1936 ) of, income and capital by the * family trust since the start of: (a) the * loss year mentioned in paragraph 180 ‑ 15(2)(a); or (b) the income year mentioned in paragraph 180 ‑ 15(2)(b) or (d); or (c) the earlier income year mentioned in paragraph 180 ‑ 15(2)(c); or (d) if the debt mentioned in paragraph 180 ‑ 15(2)(e) was incurred in the income year mentioned in that paragraph—that income year; or (e) if the debt mentioned in paragraph 180 ‑ 15(2)(e) was incurred in an earlier income year than the one mentioned in that paragraph—the day on which the debt was incurred. Company knowledge (2) The information need not be within the knowledge of the company at the time the notice is given. Period for giving information (3) The notice must specify a period within which the company is to give the information. The period must not end earlier than 21 days after the day on which the Commissioner gives the notice. Consequence of not giving the information (4) If the company does not give the information within the period or within such further period as the Commissioner allows: (a) subsection 175 ‑ 10(2), 175 ‑ 15(2), 175 ‑ 20(2), 175 ‑ 25(2), 175 ‑ 30(4), 175 ‑ 85(2) or 175 ‑ 90(2) does not prevent the Commissioner from disallowing the deduction; or (b) subsection 175 ‑ 45(2) or 175 ‑ 50(2) does not prevent the Commissioner from * disallowing the * net capital loss; or (c) subsection 175 ‑ 60(2), 175 ‑ 65(2) or 175 ‑ 70(4) does not prevent the Commissioner from * disallowing the * capital loss; as the case requires. No offences or penalties (5) To avoid doubt, subsection (4) does not cause the company to commit any offence or be liable to any penalty under Part 4 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 for claiming the deduction, or applying the * net capital loss or * capital loss, in the company’s * income tax return.", "Amendment_Count": 4, "First_Amended": "No 58 of 2000", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 58 of 2000 | No 101 of 2006 | No 97 of 2008 | No 41 of 2011", "History_Notes": "Inserted by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s180-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-1", "Provision_Key": "s195-1", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains rules about the income tax treatment of:  pooled development funds (PDFs)  shares in PDFs. Table of sections Working out a PDF’s taxable income and tax loss 195 ‑ 5 Deductibility of PDF tax losses 195 ‑ 10 PDF cannot transfer tax loss 195 ‑ 15 Tax loss for year in which company becomes a PDF Working out a PDF’s net capital gain and net capital loss 195 ‑ 25 Applying a PDF’s net capital losses 195 ‑ 30 PDF cannot transfer net capital loss 195 ‑ 35 Net capital loss for year in which company becomes a PDF Working out a PDF’s loss carry back tax offset 195 ‑ 37 PDF cannot carry back tax loss", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-5", "Provision_Key": "s195-5", "Heading": "Deductibility of PDF tax losses", "Text": "If a company is a * PDF at the end of an income year for which it has a * tax loss, it can deduct the tax loss in a later income year only if it is a PDF throughout the later income year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-10", "Provision_Key": "s195-10", "Heading": "PDF cannot transfer tax loss", "Text": "If a company is a * PDF at the end of an income year for which it has a * tax loss, it cannot transfer any amount of the tax loss under Subdivision 170 ‑ A (which is about the transfer of tax losses within certain wholly ‑ owned groups of companies).", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-15", "Provision_Key": "s195-15", "Heading": "Tax loss for year in which company becomes a PDF", "Text": "(1) This section applies if a company becomes a * PDF during an income year and is still a PDF at the end of it. (2) Divide the income year into periods as follows: (a) the non ‑ PDF period is the period beginning at the start of the income year and ending when the company becomes a * PDF; (b) the PDF period is the rest of the income year. (3) For each period, work out whether the company has a taxable income or a * tax loss (or both), treating each period as if it were an income year. (4) If the company has: (a) a taxable income for the non ‑ PDF period; and (b) a * tax loss for the PDF period; that tax loss is a tax loss of the company for the income year. Note: The company can only deduct the tax loss while it is a PDF: see section 195 ‑ 5. (5) If the company has a * tax loss for the non ‑ PDF period: (a) section 195 ‑ 5 does not prevent the company from deducting its tax loss for the income year in a later income year; and (b) section 195 ‑ 10 does not prevent the company from transferring an amount of the tax loss under Subdivision 170 ‑ A (which is about the transfer of tax losses within certain wholly ‑ owned groups of companies); and (c) section 195 ‑ 37 does not prevent the company from * carrying back its tax loss for the purpose of working out the amount of the company’s * loss carry back tax offset for the 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 income year; to the extent that the tax loss does not exceed the tax loss for the non ‑ PDF period. (6) These rules apply in addition to the other rules about how * tax losses are applied or transferred. The other rules start in Division 36 (which is about tax losses of earlier income years).", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 68 of 2002 | No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-25", "Provision_Key": "s195-25", "Heading": "Applying a PDF’s net capital losses", "Text": "If a company is a * PDF at the end of an income year for which it has a * net capital loss, it can apply the loss in working out its * net capital gain for a later income year only if it is a PDF throughout the last day of the later income year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-30", "Provision_Key": "s195-30", "Heading": "PDF cannot transfer net capital loss", "Text": "If a company is a * PDF at the end of an income year for which it has a * net capital loss, it cannot transfer any amount of the loss under Subdivision 170 ‑ B (which is about the transfer of net capital losses within certain wholly ‑ owned groups of companies).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 46 of 1998 | No 68 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-35", "Provision_Key": "s195-35", "Heading": "Net capital loss for year in which company becomes a PDF", "Text": "(1) This section applies if a company becomes a * PDF during an income year and is still a PDF at the end of it. (2) Divide the income year into periods according to subsection 195 ‑ 15(2) (about working out the company’s tax loss for the income year). (3) For each period, work out whether the company has a * net capital gain or a * net capital loss (or both), treating each period as if it were an income year. (4) If the company has: (a) a * net capital gain for the non ‑ PDF period; and (b) a * net capital loss for the PDF period; that loss is a net capital loss of the company for the income year. Note: The company can only apply the loss while it is a PDF: see section 195 ‑ 25. (5) If the company has a * net capital loss for the non ‑ PDF period: (a) section 195 ‑ 25 does not prevent the company from applying its * net capital loss for the income year in working out its * net capital gain for a later income year; and (b) section 195 ‑ 30 does not prevent the company from transferring an amount of its net capital loss for the income year under Subdivision 170 ‑ B (which is about the transfer of net capital losses within certain wholly ‑ owned groups of companies); to the extent that its net capital loss for the income year does not exceed its net capital loss for the non ‑ PDF period. (6) These rules apply in addition to the other rules about how * net capital losses are applied or transferred. The other rules start in Division 102 (about net capital gains and losses).", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 46 of 1998 | No 68 of 2002", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-37", "Provision_Key": "s195-37", "Heading": "PDF cannot carry back tax loss", "Text": "A company that: (a) has a * tax loss for an income year; and (b) is a * PDF at the end of the income year; cannot * carry back the loss to an earlier income year for the purposes of working out the amount of the company’s * loss carry back tax offset for the 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 income year (the offset year ) unless the company is a PDF throughout the earlier income year and the offset year.", "Amendment_Count": 4, "First_Amended": "No 88 of 2013", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-60", "Provision_Key": "s195-60", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains rules about the income tax treatment of limited partnerships that become, or cease to be, venture capital limited partnerships, early stage venture capital limited partnerships, Australian venture capital funds of funds or venture capital management partnerships. It also allows the Commissioner to determine how to take account of limited partnerships having income years of less than 12 months when they become, or cease to be, venture capital limited partnerships, early stage venture capital limited partnerships, Australian venture capital funds of funds or venture capital management partnerships. Table of sections Operative provisions 195 ‑ 65 Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP 195 ‑ 70 Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP 195 ‑ 72 Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP 195 ‑ 75 Determinations to take account of income years of less than 12 months", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-65", "Provision_Key": "s195-65", "Heading": "Tax losses cannot be transferred to a VCLP, an ESVCLP, an AFOF or a VCMP", "Text": "A * limited partnership’s * tax loss for a * loss year cannot be deducted in a later income year during which the partnership is a * VCLP, an * ESVCLP, an * AFOF or a * VCMP.", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-70", "Provision_Key": "s195-70", "Heading": "Previous tax losses can be deducted after ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP", "Text": "This Subdivision does not prevent a * limited partnership that has ceased to be a * VCLP, an * ESVCLP, an * AFOF or a * VCMP from deducting, in an income year, a * tax loss for a * loss year that occurred before the partnership was a VCLP, ESVCLP, AFOF or VCMP.", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 78 of 2007", "Amending_Acts": "No 136 of 2002 | No 78 of 2007", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-72", "Provision_Key": "s195-72", "Heading": "Tax losses cannot be carried back to before ceasing to be a VCLP, an ESVCLP, an AFOF or a VCMP", "Text": "A * limited partnership’s * tax loss for a * loss year cannot be * carried back to an income year during which the partnership was a * VCLP, an * ESVCLP, an * AFOF or a * VCMP.", "Amendment_Count": 3, "First_Amended": "No 88 of 2013", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-72"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-75", "Provision_Key": "s195-75", "Heading": "Determinations to take account of income years of less than 12 months", "Text": "(1) The Commissioner may, by legislative instrument, make a determination modifying the operation of one or more provisions of this Act in relation to limited partnerships whose accounting periods commence or end under section 18A of the Income Tax Assessment Act 1936 . (2) A determination can only be made in order to take account of the fact that such accounting periods are of less than 12 months’ duration.", "Amendment_Count": 2, "First_Amended": "No 136 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 136 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-100", "Provision_Key": "s195-100", "Heading": "What this Subdivision is about", "Text": "The business, assets and liabilities of each sub ‑ fund of a CCIV are taken to constitute the trust estate of a separate trust (a CCIV sub ‑ fund trust), of which the CCIV is the trustee and the members of the sub ‑ fund are the beneficiaries. This Subdivision sets out further rules to facilitate the CCIV, and the sub ‑ fund and its members, being taxed on this basis, including: • modifications of the rules for determining whether the CCIV sub ‑ fund trust is a managed investment trust (under Division 275) and an attribution managed investment trust (under Division 276); and Note: These modifications also affect whether the trust is a withholding MIT under Subdivision 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 . • rules to support the application of Division 6 or 6C of Part III of the Income Tax Assessment Act 1936 , to the extent that Division applies to the trust; and • rules to support the application to the trust of relevant rules about trust losses and capital gains. Table of sections Operative provisions 195 ‑ 105 Effect of this Subdivision 195 ‑ 110 Each sub ‑ fund of a CCIV is taken to be a separate trust 195 ‑ 115 A CCIV sub ‑ fund trust is a unit trust 195 ‑ 120 Beneficiary of a CCIV sub ‑ fund trust has fixed entitlements to shares of income and capital of the trust 195 ‑ 123 How to work out the income of the trust estate of a CCIV sub ‑ fund trust for an income year 195 ‑ 125 When a beneficiary of a CCIV sub ‑ fund trust is presently entitled to trust income 195 ‑ 127 When a beneficiary of a CCIV sub ‑ fund trust has an individual interest in exempt income and non ‑ assessable non ‑ exempt income of the trust estate 195 ‑ 130 Application of Division 275 (managed investment trusts) to a CCIV sub ‑ fund trust 195 ‑ 135 Application of Division 276 (AMITs) to a CCIV sub ‑ fund trust 195 ‑ 140 Entry on Australian Business Register", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-105", "Provision_Key": "s195-105", "Heading": "Effect of this Subdivision", "Text": "(1) This Subdivision has effect for the purposes of all * taxation laws, to the exclusion of those laws as they would otherwise apply in relation to * CCIVs and their members (in their capacity as such). Note: Subsection (3) excludes some taxation laws from this subsection. (2) Without limiting the generality of subsection (1), the purposes referred to in that subsection include how * taxation laws apply in relation to other entities, in so far as that application is affected by the application of those laws in relation to * CCIVs and their members (in their capacity as such). Note: For example, in applying subsection 318(1) of the Income Tax Assessment Act 1936 to determine whether a CCIV is an associate of a natural person for the purposes of a provision affecting the income tax payable by that person: (a) paragraph 318(1)(d) of that Act (providing for when a trustee of a trust is an associate of the natural person) would apply; and (b) paragraph 318(1)(e) of that Act (providing for when a company is an associate of the natural person) would not apply. (3) Subsections (1) and (2) do not apply to the following * taxation laws: (a) the Foreign Acquisitions and Takeovers Act 1975 ; (b) legislative instruments made under that Act.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-110", "Provision_Key": "s195-110", "Heading": "Each sub ‑ fund of a CCIV is taken to be a separate trust", "Text": "(1) For each * sub ‑ fund of a * CCIV, the business, * assets and * liabilities of the sub ‑ fund are taken to constitute the trust estate of a separate trust, of which the CCIV is the trustee and the * members of the sub ‑ fund are the beneficiaries. (2) A trust that is taken to exist because of the application of subsection (1) to a * sub ‑ fund of a * CCIV is a CCIV sub ‑ fund trust . Note: The combined effect of this section and subsections 960 ‑ 100(2) and (3) is that a CCIV is a different entity in its capacity as trustee of each of its CCIV sub ‑ fund trusts. Because of subsection 195 ‑ 105(1), the tax treatment of the CCIV in those capacities excludes the tax treatment that would otherwise apply to the CCIV as a company. Also, the tax treatment of members of the CCIV is based on them being treated as beneficiaries of their respective CCIV sub ‑ fund trusts, to the exclusion of the tax treatment that would otherwise apply to them as members of a company. Example 1: CCIV A has only one sub ‑ fund (sub ‑ fund A). CCIV B has only one sub ‑ fund (sub ‑ fund B). CCIV A holds shares in CCIV B. The shares are referable to sub ‑ fund B. They are assets of sub ‑ fund A. In its capacity as trustee of the CCIV sub ‑ fund trust for sub ‑ fund A, CCIV A is a beneficiary of the CCIV sub ‑ fund trust for sub ‑ fund B. Example 2: A CCIV has 2 sub ‑ funds: sub ‑ fund A and sub ‑ fund B. As permitted by section 1230Q of the Corporations Act 2001 , the CCIV acquires, in respect of sub ‑ fund A, shares that are referable to sub ‑ fund B. The shares are assets of sub ‑ fund A. In its capacity as trustee of the CCIV sub ‑ fund trust for sub ‑ fund A, the CCIV is a beneficiary of the CCIV sub ‑ fund trust for sub ‑ fund B.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-115", "Provision_Key": "s195-115", "Heading": "A CCIV sub ‑ fund trust is a unit trust", "Text": "(1) A * CCIV sub ‑ fund trust is taken to be a unit trust. Note: One consequence of this subsection is that a CCIV sub ‑ fund trust can be a public unit trust if it meets the other tests in section 102P of the Income Tax Assessment Act 1936 . (2) The * shares that are * referable to the * sub ‑ fund are taken to be the units in the trust. (3) The rights, obligations and other characteristics attaching to a unit in the trust are taken to be the same, as nearly as practicable, as the rights, obligations and other characteristics attaching to the share that is taken to be that unit. Note: One consequence of this section is that if shares that are referable to the sub ‑ fund are listed for quotation in the official list of a stock exchange, the units in the sub ‑ fund trust that those shares are taken to be will likewise be taken to be listed in that official list. Examples of provisions to which this is relevant are: (a) paragraph 275 ‑ 20(2)(a) (widely ‑ held requirement for managed investment trusts) of this Act; and (b) paragraph 102P(1)(a) of the Income Tax Assessment Act 1936 (public unit trusts).", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-120", "Provision_Key": "s195-120", "Heading": "Beneficiary of a CCIV sub ‑ fund trust has fixed entitlements to shares of income and capital of the trust", "Text": "(1) A * beneficiary of a * CCIV sub ‑ fund trust is taken to have a fixed entitlement to a share of income of the trust that the trust derives from time to time. At a particular time, that share is equal to the percentage worked out using the formula: where: beneficiary dividends is the total of the * dividends that the * beneficiary has a right to receive because of * shares that the beneficiary holds at that time and are * referable to the * sub ‑ fund. total dividends is the total of all * dividends that are payable on all * shares that are on issue at that time and are * referable to the * sub ‑ fund. (2) A * beneficiary of a * CCIV sub ‑ fund trust is taken to have a fixed entitlement to a share of the capital of the trust at a particular time equal to the percentage worked out using the formula: where: beneficiary capital distribution is the amount of a distribution of paid ‑ up capital (in the event of a return of capital) that the * beneficiary has a right to receive because of * shares that the beneficiary holds at that time and are * referable to the * sub ‑ fund. total capital distribution is the total distribution of paid ‑ up capital (in that event) payable on all * shares that are on issue at that time and are * referable to the * sub ‑ fund. (3) A fixed entitlement that exists because of this section is taken to be a fixed entitlement within the meaning given by sections 272 ‑ 5, 272 ‑ 10, 272 ‑ 15 and 272 ‑ 40 in Schedule 2F to the Income Tax Assessment Act 1936 . Note: This is relevant to, for example, the definition of fixed entitlement in subsection 102UC(4) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-123", "Provision_Key": "s195-123", "Heading": "How to work out the income of the trust estate of a CCIV sub ‑ fund trust for an income year", "Text": "(1) The income (the trust income ) of the trust estate of a * CCIV sub ‑ fund trust for an income year is worked out in accordance with this section. Note: This is relevant to working out the income tax position of the CCIV sub ‑ fund trust and its beneficiaries under Division 6 of Part III of the Income Tax Assessment Act 1936 . (2) If: (a) the * CCIV is a * retail CCIV at the end of the income year; and (b) the amount of the * sub ‑ fund’s profit for the income year, as required to be stated in the financial statements included in the financial report for the sub ‑ fund for the income year that the CCIV is required to prepare because of paragraph 1232C(1)(a) of the Corporations Act 2001 , is greater than nil; the trust income is that profit. (3) If: (a) the * CCIV is not a * retail CCIV at the end of the income year; and (b) the amount of the * sub ‑ fund’s profit for the income year that would, if the CCIV had been a retail CCIV at the end of the income year, be required to be stated as mentioned in paragraph (2)(b) is greater than nil; the trust income is that profit. (4) If neither of subsections (2) and (3) applies, the trust income is nil.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-123"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-125", "Provision_Key": "s195-125", "Heading": "When a beneficiary of a CCIV sub ‑ fund trust is presently entitled to trust income", "Text": "(1) A * beneficiary of a * CCIV sub ‑ fund trust is taken to be presently entitled to a share of the income of the trust estate for an income year if any of the * sub ‑ fund’s profit for the income year was or is payable to the beneficiary by way of one or more * dividends declared during, or within 3 months after, the income year. (2) That share consists of so much of that profit as was or is payable to the beneficiary by way of one or more such * dividends. Note: To the extent that any of that profit is not payable to a beneficiary by way of such dividends, it will be income to which no beneficiary is presently entitled. This can have consequences under section 99 or 99A of the Income Tax Assessment Act 1936 . (3) Within 3 months after the end of the income year, the * CCIV must notify the * beneficiary, in the * approved form, of the following matters: (a) whether the beneficiary is presently entitled to a share of the income of the trust estate for the income year and, if so, the amount of that share; (b) for each * dividend that was declared during, or within 3 months after, the income year on * shares referable to the * sub ‑ fund, and was or is payable to the beneficiary: (i) the amount of the dividend; and (ii) how much of the dividend consists of any of the * sub ‑ fund’s profit for the income year. Note: Failure to comply with this section may constitute an offence against subsection 8C(1) of the Taxation Administration Act 1953 . (4) For the purposes of this section, an amount is taken to be payable to the * beneficiary if it is required to be applied or dealt with in any way on the beneficiary’s behalf or as the beneficiary directs. (5) Except as provided in this section, a * beneficiary of a * CCIV sub ‑ fund trust is not taken to be presently entitled to a share of income of the trust estate.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-127", "Provision_Key": "s195-127", "Heading": "When a beneficiary of a CCIV sub ‑ fund trust has an individual interest in exempt income and non ‑ assessable non ‑ exempt income of the trust estate", "Text": "(1) A * beneficiary of a * CCIV sub ‑ fund trust: (a) is taken to have an individual interest in the exempt income of the trust estate from time to time; and (b) is taken to have an individual interest in the * non ‑ assessable non ‑ exempt income of the trust estate from time to time. (2) The individual interest referred to in paragraph (1)(a) or (b) is the same as the share (of income that the trust derives from time to time) to which the beneficiary has a * fixed entitlement under subsection 195 ‑ 120(1). (3) Except as provided in this section, a * beneficiary of a * CCIV sub ‑ fund trust is not taken to have an individual interest in the exempt income, or * non ‑ assessable non ‑ exempt income, of the trust estate.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-127"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-130", "Provision_Key": "s195-130", "Heading": "Application of Division 275 (managed investment trusts) to a CCIV sub ‑ fund trust", "Text": "(1) This section sets out how to apply Division 275 to a trust that is a * CCIV sub ‑ fund trust. Determining whether the trust is a managed investment trust (2) Section 275 ‑ 10 has effect in relation to the trust as if the following paragraph were substituted for paragraph 275 ‑ 10(3)(c): (c) at the time the payment is made, the * sub ‑ fund is being used for collective investment by pooling the contributions of the * members of the sub ‑ fund as consideration to acquire rights to benefits produced from those contributions; and (3) In applying section 275 ‑ 10 to the trust, disregard the following provisions: (a) paragraph 275 ‑ 10(3)(d); (b) paragraph 275 ‑ 10(3)(g). (4) Section 275 ‑ 10 has effect in relation to the trust as if the following paragraph were substituted for paragraph 275 ‑ 10(3)(e): (e) the trust satisfies, in relation to the income year: (i) if, at the time the payment is made, the trust is covered by section 275 ‑ 15—either or both of the widely ‑ held requirements in subsection 275 ‑ 20(1) and 275 ‑ 25(1); or (ii) if, at the time the payment is made, the trust is not covered by section 275 ‑ 15—either or both of the widely ‑ held requirements in subsections 275 ‑ 20(2) and 275 ‑ 25(1); and Determining whether the trust is a trust with wholesale membership (5) In applying section 275 ‑ 15 to the trust, disregard paragraph 275 ‑ 15(a). Determining whether the trust satisfies the widely ‑ held requirements (6) In applying section 275 ‑ 45 to the trust, disregard paragraph 275 ‑ 45(1)(d).", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-135", "Provision_Key": "s195-135", "Heading": "Application of Division 276 (AMITs) to a CCIV sub ‑ fund trust", "Text": "(1) This section sets out how to apply Division 276 to a trust that is a * CCIV sub ‑ fund trust. Determining whether the trust is an attribution managed investment trust (AMIT) (2) In applying section 276 ‑ 10 to the trust, disregard the following provisions: (a) paragraph 276 ‑ 10(1)(b); (b) paragraph 276 ‑ 10(1)(e). Note: The effect of disregarding paragraph 276 ‑ 10(1)(e) is that the trustee of a * CCIV sub ‑ fund trust does not have a choice as to whether the trust is an AMIT. Trustee cannot choose to treat classes of membership interests as separate AMITs (3) In applying Division 276 to the trust, disregard section 276 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 195-140", "Provision_Key": "s195-140", "Heading": "Entry on Australian Business Register", "Text": "(1) If a * CCIV sub ‑ fund trust has an * ABN, the * Australian Business Registrar must enter in the * Australian Business Register in relation to the trust a statement that: (a) indicates that the trust is taken to exist for tax purposes because of the application of section 195 ‑ 110 to a * sub ‑ fund of a * CCIV; and (b) sets out the sub ‑ fund’s ARFN (within the meaning of the Corporations Act 2001 ). Note: ARFN is short for Australian Registered Fund Number. (2) The * Australian Business Registrar must take reasonable steps to ensure that information entered in the * Australian Business Register under this section is accurate. For this purpose, the Registrar may correct or update the information.", "Amendment_Count": 1, "First_Amended": "No 8 of 2022", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 8 of 2022", "History_Notes": "Inserted by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s195-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-1", "Provision_Key": "s197-1", "Heading": "What this Division is about", "Text": "This Division: (a) applies to certain amounts transferred to a company’s share capital account (see Subdivision 197 ‑ A); and (b) provides for a franking debit to arise if such an amount is transferred to the share capital account (see Subdivision 197 ‑ B); and (c) provides for the tainting of the share capital account if such an amount is transferred, for how the account may be untainted, and for consequences that flow from untainting the account (see Subdivision 197 ‑ C).", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-5", "Provision_Key": "s197-5", "Heading": "Division generally applies to an amount transferred to share capital account from another account", "Text": "(1) Subject to subsection (2), this Division applies to an amount (the transferred amount ) that is transferred to a company’s * share capital account from another of the company’s accounts, if the company was an Australian resident immediately before the time of the transfer. Note: If a company has 2 or more share capital accounts, those accounts are taken to be a single account (see subsection 975 ‑ 300(2)). (2) The other provisions of this Subdivision may stop this Division from applying to some or all of the transferred amount. If those other provisions stop this Division from applying to only some of the transferred amount, this Division (other than this Subdivision) applies to the balance of the transferred amount as if only that balance of the amount had been transferred to the company’s * share capital account.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-10", "Provision_Key": "s197-10", "Heading": "Exclusion for amounts that could be identified as share capital", "Text": "This Division does not apply to the transferred amount if it could, at all times before the transfer, be identified in the books of the company as an amount of share capital.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-15", "Provision_Key": "s197-15", "Heading": "Exclusion for amounts transferred under debt/equity swaps", "Text": "(1) Subject to subsection (2), this Division does not apply to the transferred amount if: (a) the transfer is under an * arrangement under which: (i) a person discharges, releases or otherwise extinguishes the whole or a part of a debt that the company owes to the person; and (ii) the discharge, release or extinguishment is in return for the company issuing * shares (other than redeemable preference shares) in the company to the person; and (b) the transfer is a credit to the * share capital account that is made because of the issue of the shares in return for the discharge, release or extinguishment of the debt. (2) If the transferred amount exceeds the lesser of: (a) the * market value of the * shares issued by the company; and (b) so much of the debt as is discharged, released or extinguished in return for the shares; subsection (1) does not stop this Division from applying to the amount of the excess.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-20", "Provision_Key": "s197-20", "Heading": "Exclusion for amounts transferred leading to there being no shares with a par value—non ‑ Corporations Act companies", "Text": "This Division does not apply to the transferred amount if: (a) immediately before the transfer of the amount, the company was not incorporated under the Corporations Act 2001 ; and (b) the transfer is under, or in accordance with, an * Australian law that requires or allows either or both of the following to become part of the company’s * share capital account: (i) the company’s share premium account; (ii) the company’s capital redemption reserve; and (c) the transfer is made as part of a process that leads to there being no * shares in the company that have a par value; and (d) the amount is transferred from the company’s share premium account or capital redemption reserve.", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 80 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-25", "Provision_Key": "s197-25", "Heading": "Exclusion for transfers from option premium reserves", "Text": "This Division does not apply to the transferred amount if: (a) it is transferred from an option premium reserve of the company; and (b) the transfer is because of the exercise of options to acquire * shares in the company; and (c) premiums in respect of those options were credited to the option premium reserve.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-30", "Provision_Key": "s197-30", "Heading": "Exclusion for transfers made in connection with demutualisations of non ‑ insurance etc. companies", "Text": "(1) Subject to subsection (2), this Division does not apply to the transferred amount if: (a) the amount is transferred in connection with a demutualisation of the company; and (b) Division 326 in Schedule 2H to the Income Tax Assessment Act 1936 applies to the demutualisation; and (c) the transfer occurs within the limitation period in relation to the demutualisation (see subsection 326 ‑ 20(3) in that Schedule). (2) If the sum of: (a) the transferred amount; and (b) any other amounts that were previously transferred to the company’s * share capital account, from another account of the company, in connection with the demutualisation; exceeds the total capital contributions amount described in whichever of subsections (3) and (4) applies, subsection (1) does not stop this Division from applying to so much of the transferred amount as equals the lesser of the transferred amount and the amount of the excess. Note: If there are several transfers of amounts to the company’s share capital account in connection with the demutualisation, this section must be applied separately in relation to each transferred amount, in the order in which the transfers are made. (3) If the company was not formed by the merger of 2 or more mutual entities, the total capital contributions amount referred to in subsection (2) is the sum of all the capital amounts: (a) that were contributed to the company by * members of the company before its demutualisation; and (b) in respect of which deductions are not allowable to the members; and (c) that were not payments for goods or services provided by the company. (4) If the company was formed by the merger of 2 or more mutual entities, the total capital contributions amount referred to in subsection (2) is the sum of: (a) all the capital amounts: (i) that were contributed to the company, before its demutualisation, by persons who became * members of the company at or after the time when the merger took place; and (ii) in respect of which deductions are not allowable to those members; and (iii) that were not payments for goods or services provided by the company; and (b) the * market values, at the time of the merger, of the entities that merged to form the company, as determined by a qualified valuer.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-35", "Provision_Key": "s197-35", "Heading": "Exclusion for transfers made in connection with demutualisations of insurance etc. companies", "Text": "(1) Subject to subsection (2), this Division does not apply to the transferred amount if: (a) the amount is transferred in connection with the demutualisation of a company; and (b) the demutualisation is implemented in accordance with a demutualisation method specified in Division 9AA of Part III of the Income Tax Assessment Act 1936 ; and (c) the transfer occurs within the listing period in relation to the demutualisation (see subsection 121AE(6) of that Act); and (d) the company (the issuing company ) to whose * share capital account the amount is transferred is: (i) if the demutualisation method is the method specified in section 121AF or 121AG of the Income Tax Assessment Act 1936 —the demutualising company; or (ii) if the demutualisation method is the method specified in section 121AH, 121AI, 121AJ, 121AK or 121AL of the Income Tax Assessment Act 1936 —the company issuing the ordinary shares referred to in that section. (2) If the sum of: (a) the transferred amount; and (b) all amounts that were previously transferred to the issuing company’s * share capital account, from another account of the company, in connection with the demutualisation; and (c) all amounts that were previously transferred to the issuing company’s retained profit account in connection with the demutualisation; exceeds the listing day company valuation amount (see subsection (3)), subsection (1) does not stop this Division from applying to so much of the transferred amount as equals the lesser of the transferred amount and the amount of the excess. Note: If there are several transfers of amounts to the issuing company’s share capital account, this section must be applied separately in relation to each transferred amount, in the order in which the transfers are made. (3) The listing day company valuation amount has the same meaning as it has for the purposes of table 1 in section 121AS of the Income Tax Assessment Act 1936 , as that table applies in relation to the demutualising company (see note 3 to that table).", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-37", "Provision_Key": "s197-37", "Heading": "Exclusion for transfers made in connection with demutualisations of private health insurers", "Text": "(1) Subject to subsection (2), this Division does not apply to the transferred amount if: (a) the amount is transferred in connection with a demutualisation of a company; and (b) Division 315 (about demutualisations of private health insurers) applies to the demutualisation; and (c) the company (the issuing company ) to whose * share capital account the amount is transferred is either: (i) the demutualising health insurer; or (ii) the company mentioned in subparagraph 315 ‑ 85(1)(a)(iii) issuing shares that are assets covered by section 315 ‑ 85 ( demutualisation assets ). (2) Subsection (1) does not stop this Division from applying to so much, if any, of the transferred amount as exceeds the sum of the amounts worked out under subsection (3) for each demutualisation asset that is a share issued: (a) by the issuing company under the demutualisation; and (b) to an entity that is either: (i) covered by section 315 ‑ 90 (about participating policy holders); or (ii) the trustee of a trust covered by Subdivision 315 ‑ C (about the lost policy holders trust). (3) The amount worked out under this subsection for a share is: (a) the * market value of the share on the day it is issued; or (b) if the share is in a company covered by subparagraph 315 ‑ 85(1)(a)(iii) that owns other assets in addition to the shares in the demutualising health insurer—worked out using the method statement in subsection 315 ‑ 210(2).", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-38", "Provision_Key": "s197-38", "Heading": "Exclusion for transfers connected with demutualisations of friendly society health or life insurers", "Text": "(1) Subject to subsection (2), this Division does not apply to the transferred amount if: (a) the amount is transferred in connection with a demutualisation of a company; and (b) Division 316 (about demutualisations of friendly society health and life insurers) applies in relation to the demutualisation; and (c) the company (the issuing company ) to whose * share capital account the amount is transferred is either: (i) the * friendly society described in that Division; or (ii) the company that owns all the shares in the friendly society. (2) Subsection (1) does not stop this Division from applying to so much, if any, of the transferred amount as exceeds the sum of the * cost bases of * shares in the issuing company that: (a) are demutualisation assets (see section 316 ‑ 110); and (b) are issued to an entity covered by section 316 ‑ 115. Note: Section 316 ‑ 115 identifies entities connected directly or indirectly with the friendly society and affected by the special cost base rules in section 316 ‑ 105. (3) For the purposes of subsection (2), work out the * cost base of a * share on the day on which it is issued, taking account of section 316 ‑ 105.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-38"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-40", "Provision_Key": "s197-40", "Heading": "Exclusion for post ‑ demutualisation transfers relating to life insurance companies", "Text": "(1) Subject to subsection (2), this Division does not apply to the transferred amount if: (a) a * life insurance company (the demutualised company ) has demutualised; and (b) the demutualisation was implemented in accordance with a demutualisation method specified in Division 9AA of Part III of the Income Tax Assessment Act 1936 ; and (c) the amount is transferred after the end of the listing period in relation to the demutualisation (see subsection 121AE(6) of that Act); and (d) the company transferring the amount to its * share capital account is either: (i) the demutualised company (whichever demutualisation method was used); or (ii) if the demutualisation method was the method specified in section 121AH, 121AI, 121AJ, 121AK or 121AL of the Income Tax Assessment Act 1936 —the company (the issuing company ) that issued the ordinary shares referred to in that section; and (e) if subparagraph (d)(i) applies—the following conditions are satisfied in relation to the transferred amount: (i) the amount is transferred from an account of the demutualised company consisting of shareholders’ capital (within the meaning of the Life Insurance Act 1995 ) in relation to a statutory fund (within the meaning of that Act); (ii) the amount was part of such an account at the time of the demutualisation; and (f) if subparagraph (d)(ii) applies—the amount is transferred from a capital reserve created at the time of or in connection with the demutualisation. (2) If the sum of: (a) the transferred amount; and (b) all amounts that were previously transferred to the demutualised company’s * share capital account, from another account of the demutualised company, as described in subsection (1); and (c) if the demutualisation method was the method specified in section 121AH, 121AI, 121AJ, 121AK or 121AL of the Income Tax Assessment Act 1936 —all amounts that were previously transferred to the issuing company’s share capital account, from another account of the issuing company, as described in subsection (1); and (d) all amounts that were previously transferred, in connection with the demutualisation, to the share capital account of the issuing company (within the meaning of section 197 ‑ 35) as described in subsection 197 ‑ 35(1), or to its retained profit account as described in paragraph 197 ‑ 35(2)(c); exceeds the listing day company valuation amount (see subsection (3)), subsection (1) does not stop this Division from applying to so much of the transferred amount as equals the lesser of the transferred amount and the amount of the excess. Note: If there are several transfers of amounts to the share capital account of the demutualised company or the issuing company, this section must be applied separately in relation to each transferred amount, in the order in which the transfers are made. (3) The listing day company valuation amount has the same meaning as it has for the purposes of table 1 in section 121AS of the Income Tax Assessment Act 1936 , as that table applies in relation to the demutualised company (see note 3 to that table).", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-42", "Provision_Key": "s197-42", "Heading": "Exclusion for exploration credits", "Text": "This Division does not apply to the transferred amount if: (a) the company transferring the amount is a * greenfields minerals explorer; and (b) the amount is transferred in connection with the creation of * exploration credits.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-42"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-45", "Provision_Key": "s197-45", "Heading": "A franking debit arises in relation to the transfer", "Text": "(1) A * franking debit arises in a company’s * franking account if an amount (the transferred amount ) to which this Division applies is transferred to the company’s * share capital account. The debit arises immediately before the end of the * franking period in which the transfer of the amount occurs. (2) The amount of the * franking debit is calculated in accordance with the formula: where: applicable franking percentage means: (a) if, before the debit arises, the * benchmark franking percentage for the * franking period in which the transfer of the amount occurs has already been set by section 203 ‑ 30—that percentage; or (b) otherwise—100%. applicable gross ‑ up rate means the company’s * corporate tax gross ‑ up rate for the income year in which the franking debit arises.", "Amendment_Count": 3, "First_Amended": "No 80 of 2006", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 80 of 2006 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-50", "Provision_Key": "s197-50", "Heading": "The share capital account becomes tainted (if it is not already tainted)", "Text": "(1) A company’s * share capital account becomes tainted when an amount to which this Division applies is transferred to the account, if, at the time of the transfer, the account is not already tainted (because of the application of this section in relation to a previous transfer). Note: If a company’s share capital account is tainted, then a distribution from the account is taxed as a dividend in the hands of the shareholder. This is because a tainted share capital account does not count as a share capital account for the purposes of paragraph (d) of the definition of dividend in subsection 6(1) of the Income Tax Assessment Act 1936 (see subsection 975 ‑ 300(3) of this Act). However, although the distribution is taxed as a dividend, the company cannot pass on to the shareholder the benefit of the tax it has paid, because a distribution from a share capital account (whether or not tainted) is unfrankable (see paragraphs 202 ‑ 45(e) and 975 ‑ 300(3)(ba) of this Act). (2) The * share capital account remains tainted until the company chooses to untaint the account (see section 197 ‑ 55). Note: If, after a choice to untaint is made, the company’s share capital account becomes tainted again, the account remains tainted until a fresh choice to untaint is made. (3) The tainting amount , for a company’s * share capital account that is * tainted at a particular time, means the sum of: (a) the amount transferred to the company’s share capital account that most recently caused the account to become tainted; and (b) any other amounts to which this Division applies that have been transferred to the company’s share capital account since the transfer referred to in paragraph (a) and before the particular time.", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 80 of 2006 | No 79 of 2007", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-55", "Provision_Key": "s197-55", "Heading": "Choosing to untaint a tainted share capital account", "Text": "(1) A company with a * share capital account that is * tainted may make a choice in the * approved form given to the Commissioner to untaint the account. (2) The choice can be made at any time, but cannot be revoked. Note: The choice has no effect in relation to a subsequent tainting of the share capital account that occurs after the choice is made.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-60", "Provision_Key": "s197-60", "Heading": "Choosing to untaint—liability to untainting tax", "Text": "Definitions (1) For the purpose of this section: (a) a company whose * share capital account is * tainted is a company with only lower tax members in relation to the tainting period if, throughout the tainting period, all * members of the company were covered by one, or a combination of 2 or more, of the following subparagraphs: (i) other companies; (ii) * complying superannuation entities; (iii) foreign residents; and (b) a company whose share capital account is tainted is a company with higher tax members in relation to the tainting period if it is not a company with only lower tax members in relation to the tainting period. For this purpose, the tainting period is the period beginning when the share capital account most recently became tainted and ending when the company chooses to untaint the account. Liability to untainting tax (2) A company that chooses to untaint its * share capital account is liable to pay tax, known as untainting tax , equal to the amount calculated in accordance with the formula: where: applicable tax amount has the meaning given by subsection (3). section 197 ‑ 45 franking debits means the total * franking debits arising under section 197 ‑ 45 because of the transfer of the amounts that made up the * tainting amount at the time of the choice. section 197 ‑ 65 franking debits means the total (if any) * franking debits arising under section 197 ‑ 65 because of the choice to untaint. Note: The payment of untainting tax does not give rise to a franking credit. (3) In subsection (2), the applicable tax amount is the amount calculated in accordance with the formula: where: applicable tax rate means: (a) for a company with only lower tax members in relation to the tainting period—the company’s * corporate tax rate for imputation purposes for the income year in which the choice is made; or (b) for a company with higher tax members in relation to the tainting period—the sum of: (i) the maximum rate specified in column 2 of the table in Part I of Schedule 7 to the Income Tax Rates Act 1986 that applies for the income year in which the choice is made; and (ii) 3%. Note: The 3% referred to in subparagraph (b)(ii) relates to rates of Medicare levy and surcharge. notional franking amount has the meaning given by subsection (4). (4) In subsection (3), the notional franking amount is the amount calculated in accordance with the formula: where: applicable gross ‑ up rate means the company’s * corporate tax gross ‑ up rate for the income year in which the choice is made. Temporary budget repair levy (5) If the income year in which the choice is made corresponds to a temporary budget repair levy year (within the meaning of section 4 ‑ 11 of the Income Tax (Transitional Provisions) Act 1997 ), increase the applicable tax rate calculated under subsection (3) by 2 percentage points.", "Amendment_Count": 4, "First_Amended": "No 80 of 2006", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 80 of 2006 | No 49 of 2014 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 49 of 2014, effective Sch 1: 25 June 2014 (s 2(1) item 2) Remainder: 25 June 2014 (s 2(1) item 1) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-65", "Provision_Key": "s197-65", "Heading": "Choosing to untaint—further franking debits may arise", "Text": "When this section applies (1) This section applies if: (a) a company chooses to untaint its * share capital account; and (b) the applicable franking percentage (within the meaning of subsection (3)) is higher than the percentage that was the * benchmark franking percentage in relation to the * franking period in which the transfer of an amount (the transferred amount ) that is, or is part of, the * tainting amount occurred. Note: If paragraph (b) is satisfied in relation to 2 or more amounts, this section is to be applied separately in relation to each of those amounts (so a separate franking debit will arise in relation to each of those amounts). Franking debit arises in relation to making the choice (2) A * franking debit arises in the company’s * franking account in relation to the transferred amount. The debit arises immediately before the end of the * franking period in which the choice to untaint is made. (3) The amount of the * franking debit is the amount by which the amount calculated in accordance with the following formula exceeds the amount of the franking debit that arose under section 197 ‑ 45 in relation to the transferred amount: where: applicable franking percentage means: (a) if, before the debit arises, the * benchmark franking percentage for the * franking period in which the choice to untaint is made has already been set by section 203 ‑ 30—that percentage; or (b) otherwise—100%. applicable gross ‑ up rate means the company’s * corporate tax gross ‑ up rate for the income year in which the franking debit arises.", "Amendment_Count": 3, "First_Amended": "No 80 of 2006", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 80 of 2006 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-70", "Provision_Key": "s197-70", "Heading": "Due date for payment of untainting tax", "Text": "* Untainting tax is due and payable at the end of 21 days after the end of the * franking period in which the choice to untaint was made. Note: For provisions about collection and recovery of untainting tax, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-75", "Provision_Key": "s197-75", "Heading": "General interest charge for late payment of untainting tax", "Text": "If any of the * untainting tax that a company is liable to pay remains unpaid 60 days after the day by which it is due to be paid, the company is liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the 60th day after the day by which the untainting tax was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the untainting tax; (ii) general interest charge on any of the untainting tax.", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-80", "Provision_Key": "s197-80", "Heading": "Notice of liability to pay untainting tax", "Text": "(1) The Commissioner may give a company, by post or otherwise, a notice specifying: (a) the amount of any * untainting tax that the Commissioner has ascertained is payable by the company; and (b) the day on which that tax became or will become due and payable. Effect of notice on liability etc. (2) Subject to section 197 ‑ 85, the amount of the liability of a company to * untainting tax, and the due date for payment of the tax, are not dependent on, or in any way affected by, the giving of a notice. Amendment of notice (3) The Commissioner may at any time amend a notice. An amended notice is a notice for the purposes of this section. Inconsistency between notices (4) If there is an inconsistency between notices that relate to the same subject matter, the later notice prevails to the extent of the inconsistency. Objections (5) A company that is dissatisfied with a notice made in relation to the company may object against the notice in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 197-85", "Provision_Key": "s197-85", "Heading": "Evidentiary effect of notice of liability to pay untainting tax", "Text": "(1) The production of: (a) a notice given under section 197 ‑ 80; or (b) a document that is signed by the Commissioner and appears to be a copy of such a notice; is conclusive evidence that: (c) the notice was duly given; and (d) the amount of * untainting tax specified in the notice became due and payable by the company to which it was given on the day specified in the notice. (2) Subsection (1) does not apply in proceedings under Part IVC of the Taxation Administration Act 1953 on a review or appeal relating to the review. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 80 of 2006", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 80 of 2006", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s197-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-1", "Provision_Key": "s200-1", "Heading": "What this Division is about", "Text": "This Division provides an overview of the imputation system. Table of sections 200 ‑ 5 The imputation system 200 ‑ 10 Franking a distribution 200 ‑ 15 The franking account 200 ‑ 20 How a distribution is franked 200 ‑ 25 A corporate tax entity must not give its members credit for more tax than the entity has paid 200 ‑ 30 Benchmark rule 200 ‑ 35 Effect of receiving a franked distribution 200 ‑ 40 An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members 200 ‑ 45 Special rules for franking by some entities", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-5", "Provision_Key": "s200-5", "Heading": "The imputation system", "Text": "The * imputation system partially integrates the income tax liabilities of an Australian corporate tax entity and its members by: (a) allowing the entity, when distributing profits to its members, to pass to those members credit for income tax paid by the entity on those profits; and (b) allowing the entity’s Australian members to claim a tax offset for that credit; and (c) allowing the entity’s Australian members to claim a refund if they are unable to fully utilise the tax offset in reducing their income tax.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-10", "Provision_Key": "s200-10", "Heading": "Franking a distribution", "Text": "When an Australian corporate tax entity distributes profits to its members, the entity has the option of passing to those members credit for income tax paid by the entity on the profits. This is done by franking the distribution.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-15", "Provision_Key": "s200-15", "Heading": "The franking account", "Text": "(1) A franking account is used to keep track of income tax paid by the entity, so that the entity can pass to its members the benefit of having paid that tax when a distribution is made. (2) Each corporate tax entity has a franking account. (3) Typically, a corporate tax entity receives a credit in the account if the entity pays income tax or receives a franked distribution. A credit in the franking account is called a franking credit. (4) Typically, a corporate tax entity receives a debit in the account if the entity receives a refund of tax or franks a distribution to its members. A debit in the franking account is called a franking debit.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-20", "Provision_Key": "s200-20", "Heading": "How a distribution is franked", "Text": "(1) A corporate tax entity franks a distribution by allocating a franking credit to it. (2) The amount of the franking credit on the distribution is the amount specified in a statement that accompanies the distribution. (3) Only some kinds of distribution can be franked. These are called frankable distributions.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-25", "Provision_Key": "s200-25", "Heading": "A corporate tax entity must not give its members credit for more tax than the entity has paid", "Text": "(1) A corporate tax entity must not frank a distribution from profits with a franking credit that exceeds the maximum amount of income tax that could have been paid, at the entity’s corporate tax rate for imputation purposes for the income year in which the distribution is made, on the profits distributed. (2) If a distribution is franked in excess of this limit, the entity will be taken to have franked the distribution with the maximum franking credit for the distribution.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 48 of 2002 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-30", "Provision_Key": "s200-30", "Heading": "Benchmark rule", "Text": "(1) All frankable distributions made within a particular period must be franked to the same extent. This is the benchmark rule. (2) It is designed to ensure that one member of a corporate tax entity is not preferred over another by the manner in which distributions are franked.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-35", "Provision_Key": "s200-35", "Heading": "Effect of receiving a franked distribution", "Text": "(1) Under Division 207, if an Australian member of a corporate tax entity receives a franked distribution, the member can usually offset, against the member’s own income tax liability, income tax paid by the entity on the profits underlying the distribution. (2) The tax offset to which the member is entitled is equal to the franking credit on the distribution. Note 1: A member may be entitled to a refund under Division 67 if the sum of the tax offset and certain other tax offsets exceeds the amount of income tax that the member would have to pay if the member had not got those tax offsets. Note 2: If the member is not a resident, the tax effects of receiving a distribution will be dealt with under Division 11A of Part III of the Income Tax Assessment Act 1936 , and Subdivision 207 ‑ D of this Part.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-40", "Provision_Key": "s200-40", "Heading": "An Australian corporate tax entity can pass the benefit of having received a franked distribution on to its members", "Text": "If an Australian corporate tax entity receives a franked distribution, it can pass the benefit of having received a franking credit on the distribution to its own members by franking distributions to those members.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 200-45", "Provision_Key": "s200-45", "Heading": "Special rules for franking by some entities", "Text": "There are special rules to deal with: (a) venture capital franking by a pooled development fund; and (b) franking by life insurance companies; and (c) franking by exempting companies and former exempting companies; and (d) franking by co ‑ operative companies; and (e) franking by companies that are NZ residents or members of the same wholly ‑ owned group as one or more companies that are NZ residents.", "Amendment_Count": 4, "First_Amended": "No 48 of 2002", "Last_Amended": "No 101 of 2003", "Amending_Acts": "No 48 of 2002 | No 67 of 2003 | No 101 of 2003", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s200-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 201-1", "Provision_Key": "s201-1", "Heading": "Objects", "Text": "(1) The main object of this Part is to allow certain * corporate tax entities to pass to their * members the benefit of having paid income tax on the profits underlying certain * distributions. (2) The other objects of this Part are to ensure that: (a) the imputation system is not used to give the benefit of income tax paid by a * corporate tax entity to * members who do not have a sufficient economic interest in the entity; and (b) the imputation system is not used to prefer some members over others when passing on the benefits of having paid income tax; and (c) the * membership of a corporate tax entity is not manipulated to create either of the outcomes mentioned in paragraphs (a) and (b).", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s201-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 201-5", "Provision_Key": "s201-5", "Heading": "Application of this Part", "Text": "Subject to the rules on the application of this Part set out in the Income Tax (Transitional Provisions) Act 1997 , this Part applies to events that occur on or after 1 July 2002.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s201-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-1", "Provision_Key": "s202-1", "Heading": "What this Subdivision is about", "Text": "An entity can only frank a distribution if certain conditions are met. These conditions are set out in this Subdivision. Table of sections Operative provisions 202 ‑ 5 Franking a distribution", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-5", "Provision_Key": "s202-5", "Heading": "Franking a distribution", "Text": "An entity franks a * distribution if: (a) the entity is a * franking entity that satisfies the * residency requirement when the distribution is made; and (b) the distribution is a * frankable distribution; and (c) the entity allocates a * franking credit to the distribution. Note 1: Division 205 deals with a corporate tax entity’s franking account and sets out when credits, known as franking credits, and debits, known as franking debits, arise in that account. Note 2: The mechanism by which an entity allocates a franking credit to a distribution (for example, whether it is done by resolution or some other means) is determined by the entity.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-10", "Provision_Key": "s202-10", "Heading": "What this Subdivision is about", "Text": "Generally, a corporate tax entity that is an Australian resident at the time a distribution is made, can frank the distribution. There are some exceptions. Table of sections Operative provisions 202 ‑ 15 Franking entities 202 ‑ 20 Residency requirement when making a distribution", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 48 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-15", "Provision_Key": "s202-15", "Heading": "Franking entities", "Text": "An entity is a franking entity at a particular time if: (a) it is a * corporate tax entity at that time; and (b) it is not a * life insurance company that is a * mutual insurance company at that time; and (c) in a case where the entity is a company that is a trustee of a trust—it is not acting in its capacity as trustee of the trust at that time.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 48 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-20", "Provision_Key": "s202-20", "Heading": "Residency requirement when making a distribution", "Text": "An entity satisfies the residency requirement when making a * distribution if: (a) in the case of a company—the company is an Australian resident at that time; and (b) in the case of a * corporate limited partnership—the corporate limited partnership is an Australian resident at that time; and (d) in the case of a * public trading trust—the public trading trust is a resident unit trust for the income year in which that time occurs.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 48 of 2002 | No 41 of 2005 | No 53 of 2016", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-25", "Provision_Key": "s202-25", "Heading": "What this Subdivision is about", "Text": "Generally, distributions that are made out of realised profits can be franked. Those distributions that are not frankable are identified. Table of sections 202 ‑ 30 Frankable distributions Operative provisions 202 ‑ 35 Object 202 ‑ 40 Frankable distributions 202 ‑ 45 Unfrankable distributions 202 ‑ 47 Distributions of certain ADI profits following restructure", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-30", "Provision_Key": "s202-30", "Heading": "Frankable distributions", "Text": "Distributions and non ‑ share dividends are frankable unless it is specified that they are unfrankable.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-35", "Provision_Key": "s202-35", "Heading": "Object", "Text": "The object of this Subdivision is to ensure that only distributions equivalent to realised taxed profits can be franked.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-40", "Provision_Key": "s202-40", "Heading": "Frankable distributions", "Text": "(1) A * distribution is a frankable distribution , to the extent that it is not unfrankable under section 202 ‑ 45. (2) A * non ‑ share dividend is a frankable distribution , to the extent that it is not unfrankable under section 202 ‑ 45.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-45", "Provision_Key": "s202-45", "Heading": "Unfrankable distributions", "Text": "The following are unfrankable : (c) where the purchase price on the buy ‑ back of a * share by a * company from one of its * members is taken to be a dividend under section 159GZZZP of the Income Tax Assessment Act 1936 —so much of that purchase price as exceeds what would be the market value (as normally understood) of the share at the time of the buy ‑ back if the buy ‑ back did not take place and were never proposed to take place; (d) a * distribution in respect of a * non ‑ equity share; (e) a distribution that is sourced, directly or indirectly, from a company’s * share capital account; (ea) a distribution or a part of a distribution to which subsection 207 ‑ 159(1) of this Act applies (distributions funded by capital raising); (f) an amount that is taken to be an unfrankable distribution under section 215 ‑ 10 or 215 ‑ 15 of this Act; (g) an amount that is taken to be a dividend for any purpose under any of the following provisions: (i) unless subsection 109RB(6) or 109RC(2) of the Income Tax Assessment Act 1936 applies in relation to the amount—Division 7A of Part III of that Act (distributions to entities connected with a * private company); (iii) section 109 of that Act (excessive payments to shareholders, directors and associates); (iv) section 47A of that Act (distribution benefits—CFCs); (h) an amount that is taken to be an unfranked dividend for any purpose: (i) under section 45 of the Income Tax Assessment Act 1936 (streaming bonus shares and unfranked dividends); (ii) because of a determination of the Commissioner under section 45C of that Act (streaming dividends and capital benefits); (i) a * demerger dividend; (j) a distribution that section 152 ‑ 125 or 220 ‑ 105 of this Act says is unfrankable; (k) a distribution by a * listed public company that is consideration for the cancellation of a * membership interest in the company as part of a selective reduction of capital, including a selective reduction within the meaning of section 256B of the Corporations Act 2001 .", "Amendment_Count": 11, "First_Amended": "No 48 of 2002", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 48 of 2002 | No 90 of 2002 | No 117 of 2002 | No 67 of 2003 | No 101 of 2003 | No 58 of 2006 | No 101 of 2006 | No 55 of 2007 | No 79 of 2007 | No 53 of 2015 | No 101 of 2023", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 53 of 2015, effective Sch 1 (items 9–17, 19): 1 July 2016 (s 2) | Amended by No 101 of 2023, effective sch 4 (items 6-9, 13-21): 1 Jan 2024 (s 2(1) item 6) sch 5: 28 Nov 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-47", "Provision_Key": "s202-47", "Heading": "Distributions of certain ADI profits following restructure", "Text": "(1) This section applies to an amount paid by a body corporate if: (a) the body corporate is a non ‑ operating holding company within the meaning of the Financial Sector (Transfer and Restructure) Act 1999 ; and (b) a restructure instrument under Part 4A of that Act is in force in relation to the body; and (c) because of the restructure to which the instrument relates, an * ADI becomes a subsidiary (within the meaning of that Act) of the body; and (d) the amount is sourced, directly or indirectly, from the profits of the ADI before the restructure instrument came into force; and (e) the amount would have been a * frankable distribution if it had been distributed by the ADI before the restructure instrument came into force. (2) The amount: (a) is taken to be a dividend paid by the body, for the purposes of this Act (and so is a * distribution by the body); and (b) is not taken to be an * unfrankable distribution by the body just because of paragraph 202 ‑ 45(e) (which makes distributions from * share capital accounts unfrankable).", "Amendment_Count": 2, "First_Amended": "No 117 of 2007", "Last_Amended": "No 10 of 2018", "Amending_Acts": "No 117 of 2007 | No 10 of 2018", "History_Notes": "Inserted by No 117 of 2007, effective 28 June 2007 | Amended by No 10 of 2018, effective Sch 7 (items 4–11): 5 Mar 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-50", "Provision_Key": "s202-50", "Heading": "What this Subdivision is about", "Text": "The amount of the franking credit on a distribution is that stated in the distribution statement, unless the amount stated exceeds the maximum franking credit for the distribution. In that case, the amount of the franking credit on the distribution is taken to be the maximum franking credit for the distribution, worked out under this Subdivision. Table of sections 202 ‑ 55 What is the maximum franking credit for a frankable distribution? Operative provisions 202 ‑ 60 Amount of the franking credit on a distribution 202 ‑ 65 Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-55", "Provision_Key": "s202-55", "Heading": "What is the maximum franking credit for a frankable distribution?", "Text": "The maximum franking credit for a distribution is equivalent to the maximum amount of income tax that the entity making the distribution could have paid, at the entity’s corporate tax rate for imputation purposes for the income year in which the distribution is made, on the profits underlying the distribution.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 48 of 2002 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-60", "Provision_Key": "s202-60", "Heading": "Amount of the franking credit on a distribution", "Text": "(1) The amount of the * franking credit on a * distribution is that stated in the * distribution statement for the distribution, unless that amount exceeds the * maximum franking credit for the distribution. (2) The maximum franking credit for a * distribution is worked out using the formula: where: applicable gross ‑ up rate means the * corporate tax gross ‑ up rate of the entity making the distribution for the income year in which the distribution is made.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 48 of 2002 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-65", "Provision_Key": "s202-65", "Heading": "Where the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution", "Text": "If the amount of a * franking credit stated in a * distribution statement for a * distribution exceeds the * maximum franking credit for the distribution, the amount of the franking credit on the distribution is taken to be the amount of the maximum franking credit for the distribution, and not the amount stated in the distribution statement.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-70", "Provision_Key": "s202-70", "Heading": "What this Subdivision is about", "Text": "An entity that makes a frankable distribution must give the recipient a statement setting out details of the distribution. Table of sections Operative provisions 202 ‑ 75 Obligation to give a distribution statement 202 ‑ 80 Distribution statement 202 ‑ 85 Changing the franking credit on a distribution by amending the distribution statement", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-75", "Provision_Key": "s202-75", "Heading": "Obligation to give a distribution statement", "Text": "(1) An entity that makes a * frankable distribution must give the recipient a * distribution statement. (2) The statement must be given on or before the day on which the * distribution is made, unless the entity is allowed to give the statement at a later time under subsection (3). (3) If the entity is a * private company for the income year in which the * distribution is made, the statement must be given: (a) before the end of 4 months after the end of the income year in which the distribution is made; or (b) before the time determined by the Commissioner under subsection (5); whichever is later. (4) However, the entity is not allowed to give the statement at a later time under subsection (3) if the statement indicates that a * franking credit has been allocated to the * distribution and the franking credit would, either alone or when added to other franking credits allocated to other distributions made by the entity during the income year, result in the entity having a liability for * franking deficit tax, or an increased liability for franking deficit tax, at the end of the income year. Note: The combined effect of subsections (3) and (4) is that a private company can retrospectively frank a distribution, but not so as to create or increase a liability for franking deficit tax. (5) The Commissioner may determine in writing that a * private company may give the statement before a time specified in the determination.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 48 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-80", "Provision_Key": "s202-80", "Heading": "Distribution statement", "Text": "(1) A distribution statement is a statement made in accordance with this section. (2) The statement must be in the * approved form. (3) The statement must: (a) identify the entity making the distribution; and (b) state the date on which the distribution is made; and (c) state the amount of the distribution; and (d) state that there is a * franking credit of an amount specified on the distribution; and (e) state the * franking percentage for the distribution; and (f) state the amount of any * withholding tax that has been deducted from the distribution by the entity; and (g) include any other information required by the * approved form that is relevant to imputation generally or the distribution. Note: Under the Taxation Administration Act 1953 it is an offence to fail to give a statement required under this Subdivision, or make a misleading statement in connection with a distribution (whether franked or not).", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 202-85", "Provision_Key": "s202-85", "Heading": "Changing the franking credit on a distribution by amending the distribution statement", "Text": "Changing the franking credit on a specified distribution (1) The Commissioner may, on application by an entity, determine in writing that the entity may change the * franking credit on a specified * distribution by amending the * distribution statement for the distribution. (2) In deciding whether to make a determination under subsection (1), the Commissioner must have regard to: (a) whether the date for lodgment of an * income tax return by the recipient of the specified * distribution for the income year in which the distribution was made has passed; and (b) whether, if the * franking credit on the specified distribution were changed in accordance with the entity’s application, there would be any difference in the * withholding tax liability of the recipient; and (c) whether amending the distribution statement as requested by the entity would lead to a breach of the * benchmark rule, or any of the rules in Division 204 (the anti ‑ streaming rules); and (d) whether amending the distribution statement as requested by the entity would lead to a new * benchmark franking percentage being set for the entity for the * franking period in which the distribution was made; and (e) any other matters that the Commissioner considers relevant. Changing the franking credits on a specified class of distributions (3) The Commissioner may, on application by an entity, determine in writing that the entity may change the * franking credits on * distributions of a specified class by amending the * distribution statements for the distributions. (4) In deciding whether to make a determination under subsection (3), the Commissioner must have regard to: (a) the number of recipients to whom an amended * distribution statement would be made; and (b) whether the date for lodgment of * income tax returns by recipients of * distributions of the specified class for the income year in which the distributions were made has passed; and (c) whether, if the * franking credit on the specified distributions were changed in accordance with the entity’s application, there would be any difference in the * withholding tax liability of the recipients; and (d) whether amending the distribution statements as requested by the entity would lead to a breach of the * benchmark rule, or any of the rules in Division 204 (the anti ‑ streaming rules); and (e) whether amending the distribution statements as requested by the entity would lead to a new * benchmark franking percentage being set for the entity for the * franking period in which the distributions were made; and (f) any other matters that the Commissioner considers relevant. Applying to the Commissioner (5) The entity must: (a) make its application under this section in writing; and (b) include in the application all information relevant to the matters to which the Commissioner must have regard under: (i) subsection (2), if the application relates to a * distribution; or (ii) subsection (4), if the application relates to a class of distributions. Review (6) If the entity or a * member of the entity is dissatisfied with a determination under subsection (3), the entity or member may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s202-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-1", "Provision_Key": "s203-1", "Heading": "What this Division is about", "Text": "Distributions within a particular period must all be franked to the same extent. Table of sections 203 ‑ 5 Benchmark rule 203 ‑ 10 Benchmark franking percentage Operative provisions 203 ‑ 15 Object 203 ‑ 20 Application of the benchmark rule 203 ‑ 25 Benchmark rule 203 ‑ 30 Setting a benchmark franking percentage 203 ‑ 35 Franking percentage 203 ‑ 40 Franking periods—where the entity is not a private company 203 ‑ 45 Franking period—private companies 203 ‑ 50 Consequences of breaching the benchmark rule 203 ‑ 55 Commissioner’s powers to permit a departure from the benchmark rule", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-5", "Provision_Key": "s203-5", "Heading": "Benchmark rule", "Text": "(1) A corporate tax entity must frank all frankable distributions made within a particular period at a franking percentage set as the benchmark for that period. This is the benchmark rule. (2) The benchmark rule does not apply to some corporate tax entities. Those entities are identified in section 203 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-10", "Provision_Key": "s203-10", "Heading": "Benchmark franking percentage", "Text": "(1) The benchmark franking percentage for an entity is set by reference to the franking percentage for the first frankable distribution made by the entity during the relevant period. (2) An entity has a benchmark franking percentage, even if it is not subject to the benchmark rule.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-15", "Provision_Key": "s203-15", "Heading": "Object", "Text": "The object of this Subdivision is to ensure that one * member of a * corporate tax entity is not preferred over another when the entity * franks * distributions.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-20", "Provision_Key": "s203-20", "Heading": "Application of the benchmark rule", "Text": "(1) The * benchmark rule does not apply to a company in a * franking period if either: (a) the company satisfies each of the following criteria: (i) at all times during the franking period, the company is a * listed public company; (ii) the company cannot make a * distribution on one * membership interest during the franking period without making a distribution under the same resolution on all other membership interests; (iii) the company cannot * frank a distribution made on one membership interest during the franking period without franking distributions made on all other membership interests under the same resolution with a * franking credit worked out using the same * franking percentage; or (b) the entity is a * 100% subsidiary of a company that satisfies the criteria set out in paragraph (a). (2) The following are examples of cases in which a company satisfies the criteria set out in paragraph (1)(a): (a) the company is a * listed public company with a single * class of * membership interest at all times during the relevant * franking period; (b) the company is a listed public company that, under its constituent documents, must not: (i) make a * distribution on one membership interest during the relevant franking period without making a distribution under the same resolution on all other membership interests; or (ii) * frank a distribution made on one membership interest during the relevant franking period without franking distributions made on all other membership interests under the same resolution with a * franking credit worked out using the same * franking percentage; (c) the company is a listed public company with more than one class of membership interest, but the rights in relation to distributions and the franking of distributions are the same for each class of membership interest. This is not an exhaustive list. (3) For the purposes of subsection (1), ignore * membership interests that do not carry a right to receive * distributions (other than distributions on the winding up of the company).", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 48 of 2002 | No 117 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-25", "Provision_Key": "s203-25", "Heading": "Benchmark rule", "Text": "An entity must not make a * frankable distribution whose * franking percentage differs from the entity’s * benchmark franking percentage for the * franking period in which the distribution is made. This is the benchmark rule . Note: If a corporate tax entity franks a distribution in breach of this rule, the distribution will still be a franked distribution, although consequences will flow under section 203 ‑ 50.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-30", "Provision_Key": "s203-30", "Heading": "Setting a benchmark franking percentage", "Text": "The benchmark franking percentage for an entity for a * franking period is the same as the * franking percentage for the first * frankable distribution made by the entity within the period. Note: If no frankable distribution is made during the period, there is no benchmark franking percentage for the period.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-35", "Provision_Key": "s203-35", "Heading": "Franking percentage", "Text": "(1) Subject to subsection (2), the franking percentage for a * frankable distribution is worked out using the formula: (2) If the * franking percentage for a * frankable distribution would exceed 100% if it were worked out under subsection (1), it is taken to be 100%.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-40", "Provision_Key": "s203-40", "Heading": "Franking periods—where the entity is not a private company", "Text": "(1) Use this section to work out the franking periods for an entity in an income year where the entity is not a * private company for the income year. (2) If the entity’s income year is a period of 12 months, each of the following is a franking period for the entity in that year: (a) the period of 6 months beginning at the start of the entity’s income year; (b) the remainder of the income year. (3) If the entity’s income year is a period of 6 months or less, the franking period for the entity in that year is the same as the income year. (4) If the entity’s income year is a period of more than 6 months and less than 12 months, each of the following is a franking period for the entity in that year: (a) the period of 6 months beginning at the start of the entity’s income year; (b) the remainder of the income year. (5) If the entity’s income year is a period of more than 12 months, each of the following is a franking period for the entity in that year: (a) the period of 6 months beginning at the start of the entity’s income year (the first franking period ); (b) the period of 6 months beginning immediately after the end of the first franking period; (c) the remainder of the income year.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-45", "Provision_Key": "s203-45", "Heading": "Franking period—private companies", "Text": "The franking period for an entity that is a * private company for an income year is the same as the income year.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-50", "Provision_Key": "s203-50", "Heading": "Consequences of breaching the benchmark rule", "Text": "(1) If an entity makes a * frankable distribution in breach of the * benchmark rule: (a) the entity is liable to pay over ‑ franking tax imposed by the New Business Tax System (Over ‑ franking Tax) Act 2002 if the * franking percentage for the * distribution exceeds the entity’s * benchmark franking percentage for the * franking period in which the distribution is made; and (b) a * franking debit arises in the entity’s * franking account if the franking percentage for the distribution is less than the entity’s benchmark franking percentage for the franking period in which the distribution is made. (2) Use the following formula to work out: (a) in a case dealt with under paragraph (1)(a)—the amount of the * over ‑ franking tax; and (b) in a case dealt with under paragraph (1)(b)—the amount of the * franking debit: where: applicable gross ‑ up rate means the * corporate tax gross ‑ up rate of the entity making the distribution for the income year in which the distribution is made. franking % differential is the difference between: (a) the * franking percentage for the * frankable distribution; and (b) either: (i) if subparagraph (ii) does not apply—the entity’s * benchmark franking percentage for the * franking period in which the * distribution is made; or (ii) if the Commissioner in the exercise of the Commissioner’s powers under subsection 203 ‑ 55(1), permits the entity to frank the distribution at a different franking percentage—that percentage. Example: An entity makes 3 successive frankable distributions in a franking period. Each of those distributions is represented in the following diagram. The franking percentage for the first distribution is 40%, and so the entity’s benchmark franking percentage for the period is 40%. Note: Distribution 2 is under ‑ franked to the extent of the franking % differential. This is used to work out the amount of the under ‑ franking debit under subsection (2). Distribution 3 is over ‑ franked to the extent of the franking % differential. This is used to work out the amount of over ‑ franking tax on the distribution under the New Business Tax System (Over ‑ franking Tax) Act 2002 . The amount of the tax is calculated using the same formula as that set out in subsection (2). (3) A * franking debit arising under paragraph (1)(b) is in addition to any franking debit that would otherwise arise for the entity because of the * distribution. (4) The * franking debit arises on the day on which the * frankable distribution is made.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 48 of 2002 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 203-55", "Provision_Key": "s203-55", "Heading": "Commissioner’s powers to permit a departure from the benchmark rule", "Text": "Powers of the Commissioner (1) The Commissioner may, on application by an entity, make a determination in writing permitting the entity to * frank a * distribution at a * franking percentage that differs from the entity’s * benchmark franking percentage for the * franking period in which the distribution is made. (2) Because the * benchmark rule is an integral part of the imputation system, the Commissioner’s powers under this section may only be exercised in extraordinary circumstances. Matters to which the Commissioner must have regard in exercising the power (3) In deciding whether there are extraordinary circumstances justifying the exercise of the Commissioner’s power to make a determination under subsection (1), the Commissioner must have regard to: (a) the entity’s reasons for departing, or proposing to depart, from the * benchmark rule; and (b) the extent of the departure, or proposed departure, from the benchmark rule; and (c) if the circumstances that give rise to the entity’s application are within the entity’s control, the extent to which the entity has sought the exercise of the Commissioner’s powers under this section in the past; and (d) whether a * member of the entity has been or will be disadvantaged as a result of the departure, or proposed departure, from the benchmark rule; and (e) whether a * member of the entity will receive greater * imputation benefits than another member of the entity because a distribution * franked at a * franking percentage that differs from the * benchmark franking percentage for the * franking period is made to one of them; and (f) any other matters that the Commissioner considers relevant. When may the powers be exercised? (4) The Commissioner may make a determination under subsection (1) either before or after the * frankable distribution is made. Consequence of the Commissioner exercising the power under this section (5) An allocation of a * franking credit at a percentage specified by the Commissioner in a determination under subsection (1) is taken to comply with the * benchmark rule. Applying to the Commissioner (6) The entity must: (a) make its application under this section in writing; and (b) include in the application all information relevant to the matters to which the Commissioner must have regard under subsection (3). Review (7) If the entity or a * member of the entity is dissatisfied with the determination under subsection (1), the entity or member may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s203-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-1", "Provision_Key": "s204-1", "Heading": "Objects", "Text": "The objects of this Division are to ensure that: (a) an entity and its * members cannot avoid the effect of the * benchmark rule by exploiting the * benchmark franking percentage of another entity; and (b) an entity does not stream * franked distributions and * tax ‑ exempt bonus shares; and (c) an entity does not stream * distributions to members of the entity who * derive a * greater benefit from franking credits than other members.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 48 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-5", "Provision_Key": "s204-5", "Heading": "Application", "Text": "(1) The rules in this Division will apply to an entity even if it is not subject to the benchmark rule. (2) This Division applies to non ‑ share dividends in the same way as it applies to distributions.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-10", "Provision_Key": "s204-10", "Heading": "What this Subdivision is about", "Text": "This Subdivision prevents the exploitation of a corporate tax entity’s benchmark franking percentage by another corporate tax entity, or that other entity’s members, by imposing a franking debit where there is exploitation. Table of sections Operative provisions 204 ‑ 15 Linked distributions", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-15", "Provision_Key": "s204-15", "Heading": "Linked distributions", "Text": "Franking debit arises where a distribution by one entity is substituted for a distribution by another (1) This section gives rise to a * franking debit if: (a) the exercise of a choice or selection by a * member of an entity (the first entity ); or (b) the member’s failure to exercise a choice or selection; has the effect of determining (to any extent) that another entity makes to one of its members a * distribution (the linked distribution ) that is: (c) in substitution (in whole or in part) for a distribution by the first entity to that member or any other member of the first entity; and (d) unfranked, or * franked at a * franking percentage that differs from the first entity’s * benchmark franking percentage for the * franking period in which the linked distribution is made. Note: Division 205 deals with a corporate tax entity’s franking account and sets out when a debit, known as a franking debit, arises in that account. Franking account in which the debit arises (2) The debit arises in the * franking account of the entity with the higher * benchmark franking percentage for the * franking period in which the linked distribution is made. Amount of the debit (3) The debit is equal to the one that would arise in that * franking account if the entity had made a * franked distribution, equal to the linked distribution, with a * franking percentage equal to the * benchmark franking percentage for that entity. When does the debit arise (4) The debit arises on the day on which the linked distribution is made. Debit is in addition to any other franking debit arising because of the linked distribution (5) The debit is in addition to any other debit that arises in an entity’s * franking account because of the linked distribution. Where an entity has no benchmark franking percentage (6) If an entity has no * benchmark franking percentage for the * franking period in which the linked distribution is made, this section applies as if: (a) in a case where the linked distribution has a * franking percentage of less than 50%—the entity had a benchmark franking percentage of 100% for that period; and (b) in a case where the linked distribution has a franking percentage equal to or greater than 50%—the entity had a benchmark franking percentage of 0% for that period.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-20", "Provision_Key": "s204-20", "Heading": "What this Subdivision is about", "Text": "This Subdivision prevents the substitution of a tax ‑ exempt bonus share for a franked distribution by imposing a franking debit on the issue of the share as if it were a franked distribution. Table of sections Operative provisions 204 ‑ 25 Substituting tax ‑ exempt bonus shares for franked distributions", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-25", "Provision_Key": "s204-25", "Heading": "Substituting tax ‑ exempt bonus shares for franked distributions", "Text": "Franking debit arises if tax ‑ exempt bonus shares are issued in substitution for a franked distribution (1) This section gives rise to a * franking debit in an entity’s * franking account if: (a) the exercise of a choice or selection by a * member of the entity; or (b) the member’s failure to exercise a choice or selection; has the effect of determining (to any extent) that the entity issues one or more * tax ‑ exempt bonus shares, to that member or another member of the entity, in substitution (in whole or in part) for one or more * franked distributions by the entity to that member or another member. Amount of the debit (2) The debit is equal to the one that would arise in the entity’s * franking account if the entity made a * distribution, equal to the * franked distributions referred to in subsection (1), franked at the entity’s * benchmark franking percentage for the * franking period in which the shares are issued. When does the debit arise (3) The debit arises on the day when the shares are issued. Meaning of tax ‑ exempt bonus share (4) For a company whose * shares have no par value, tax ‑ exempt bonus share means a share issued by the company in the circumstances mentioned in subsection 6BA(6) of the Income Tax Assessment Act 1936 . (5) For any other company, tax ‑ exempt bonus share means a * share issued by the company to a * shareholder in the company where: (a) the amount or value of the share is debited against an amount standing to the credit of a share premium account of the company; and (b) no part of the paid ‑ up value of the share is a dividend; and (c) the share is issued: (i) as a bonus share; or (ii) in the circumstances mentioned in subsection 6BA(1) of the Income Tax Assessment Act 1936 , as in force immediately before 1 July 1998. Where a company has no benchmark franking percentage for the franking period (6) If a company has no * benchmark franking percentage for the * franking period in which the * tax ‑ exempt bonus share is issued, this section applies as if the entity had a benchmark franking percentage of 100% for that period.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 48 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-26", "Provision_Key": "s204-26", "Heading": "What this Subdivision is about", "Text": "This Subdivision prevents the streaming of imputation benefits to one member of a corporate tax entity in preference to another by either imposing a franking debit or denying an imputation benefit where there is streaming. Table of sections Operative provisions 204 ‑ 30 Streaming distributions 204 ‑ 35 When does a franking debit arise if the Commissioner makes a determination under paragraph 204 ‑ 30(3)(a) 204 ‑ 40 Amount of the franking debit 204 ‑ 41 Amount of the exempting debit 204 ‑ 45 Effect of a determination about distributions to favoured members 204 ‑ 50 Assessment and notice of determination 204 ‑ 55 Right to review where a determination made", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-26"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-30", "Provision_Key": "s204-30", "Heading": "Streaming distributions", "Text": "Commissioner’s power to make a determination when distributions or distributions and other benefits are streamed (1) This section empowers the Commissioner to make determinations if an entity streams one or more * distributions (or one or more distributions and the giving of other benefits), whether in a single * franking period or in a number of franking periods, in such a way that: (a) an * imputation benefit is, or apart from this section would be, received by a * member of the entity as a result of the distribution or distributions; and (b) the member would * derive a * greater benefit from franking credits than another member of the entity; and (c) the other member of the entity will receive lesser imputation benefits, or will not receive any imputation benefits, whether or not the other member receives other benefits. The member that derives the greater benefit from franking credits is the favoured member . The member that receives the lesser imputation benefits is the disadvantaged member . Examples of other benefits (2) These are examples of the giving of other benefits: (a) issuing bonus * shares; (b) returning * paid ‑ up share capital; (c) * forgiving a debt; (d) the entity or another entity making a payment of any kind, or giving any property, to a * member or to another person on a member’s behalf. Nature of the determination that the Commissioner may make (3) The Commissioner may make one or more of these determinations: (a) that a specified * franking debit arises in the * franking account of the entity, for a specified * distribution or other benefit to a disadvantaged member; (b) that a specified * exempting debit arises in the * exempting account of the entity, for a specified * distribution or other benefit to a disadvantaged member; (c) that no * imputation benefit is to arise in respect of a distribution that is made to a favoured member and specified in the determination. A determination must be in writing. (4) The Commissioner may: (a) specify the * franking debit under paragraph (3)(a) by specifying the * franking percentage to be used in working out the amount of the debit; and (b) specify the * exempting debit under paragraph (3)(b) by specifying the * exempting percentage to be used in working out the amount of the debit. (5) The Commissioner may specify the * distribution under paragraph (3)(a), (b) or (c) by specifying: (a) the date on which the distribution was made, or the period during which the distribution was made; and (b) the member, or class of members, to whom the distribution was made. What is an imputation benefit? (6) A * member of an entity receives an imputation benefit as a result of a distribution if: (a) the member is entitled to a * tax offset under Division 207 as a result of the distribution; or (b) an amount would be included in the member’s assessable income as a result of the distribution because of the operation of section 207 ‑ 35; or (c) a * franking credit would arise in the * franking account of the member as a result of the distribution; or (d) an * exempting credit would arise in the * exempting account of the member as a result of the distribution; or (e) the member would not be liable to pay * withholding tax on the distribution, because of the operation of paragraph 128B(3)(ga) of the Income Tax Assessment Act 1936 ; or (f) the member is entitled to a * tax offset under section 210 ‑ 170 as a result of the distribution. When does a favoured member derive greater benefit from franking credits? (7) The following subsection lists some of the cases in which a * member of an entity * derives a greater benefit from franking credits than another member of the entity. It is not an exhaustive list. (8) A * member of an entity * derives a greater benefit from franking credits than another member of the entity if any of the following circumstances exist in relation to the other member in the income year in which the distribution giving rise to the benefit is made, and not in relation to the first member: (a) the other member is a foreign resident; (b) the other member would not be entitled to any * tax offset under Division 207 because of the distribution; (c) the amount of income tax that, apart from this Division, would be payable by the other member because of the distribution is less than the tax offset to which the other member would be entitled; (d) the other member is a * corporate tax entity at the time the distribution is made, but no * franking credit arises for the entity as a result of the distribution; (e) the other member is a * corporate tax entity at the time the distribution is made, but cannot use * franking credits received on the distribution to * frank distributions to its own members because: (i) it is not a * franking entity; or (ii) it is unable to make * frankable distributions; (f) the other member is an * exempting entity. (9) A * member of an entity * derives a greater benefit from franking credits than another member of the entity if any of the following circumstances exist in relation to the first member in the income year in which the * distribution giving rise to the benefit is made, and not in relation to the other member: (a) a * franking credit arises for the first member under item 5, 6 or 7 of the table in section 208 ‑ 130 (distributions by * exempting entities to exempting entities); (b) a franking credit or * exempting credit arises for the first member because the distribution is * franked with an exempting credit; (c) the first member is entitled to a * tax offset because: (i) the distribution is a * franked distribution made by an exempting entity; or (ii) the distribution is * franked with an exempting credit. (10) A * member of an entity * derives a greater benefit from franking credits than another member if the first member is entitled to a * tax offset under section 210 ‑ 170 as a result of the * distribution, and the other member is not.", "Amendment_Count": 8, "First_Amended": "No 48 of 2002", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 48 of 2002 | No 90 of 2002 | No 16 of 2003 | No 83 of 2004 | No 41 of 2005 | No 58 of 2006 | No 4 of 2007 | No 79 of 2010", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-35", "Provision_Key": "s204-35", "Heading": "When does a franking debit arise if the Commissioner makes a determination under paragraph 204 ‑ 30(3)(a)", "Text": "(1) If the Commissioner makes a determination giving rise to a * franking debit in the * franking account of an entity under paragraph 204 ‑ 30(3)(a), the debit arises in the franking account of the entity on the day on which the notice of determination is given to the entity in accordance with section 204 ‑ 50. (2) If the Commissioner makes a determination giving rise to an * exempting debit in the * exempting account of an entity under paragraph 204 ‑ 30(3)(b), the debit arises in the exempting account of the entity on the day on which the notice of determination is given to the entity in accordance with section 204 ‑ 50.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 48 of 2002 | No 90 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-40", "Provision_Key": "s204-40", "Heading": "Amount of the franking debit", "Text": "(1) The amount of the * franking debit arising because of a determination by the Commissioner under paragraph 204 ‑ 30(3)(a) must not exceed: (a) if the specified * distribution has been * franked—the difference between the amount of the * franking credit on the distribution and an amount worked out by multiplying the amount of the distribution by the highest * franking percentage at which a distribution to a favoured member is franked; or (b) if the specified distribution, although * frankable, has not been franked—an amount worked out by multiplying the amount of the distribution by the highest franking percentage at which a distribution to a favoured member is franked; or (c) if the specified distribution is * unfrankable—an amount worked out by multiplying the amount of the distribution by the highest franking percentage at which a distribution to a favoured member is franked; or (d) if the specified benefit is the issue of bonus shares from a share premium account—an amount worked out by multiplying the amount debited to the share premium account in respect of the bonus shares by the highest franking percentage at which a distribution to a favoured member is franked; or (e) if some other benefit is specified—an amount worked out by multiplying the value of the benefit by the highest franking percentage at which a distribution to a favoured member is franked. (2) In specifying the * franking debit, the Commissioner must have regard to: (a) any * franking debit already arising in the * franking account of the entity under paragraph 203 ‑ 50(1)(b) because the entity franked the specified * distribution in breach of the * benchmark rule; and (b) any franking debit already arising in the franking account of the entity, because of the specified distribution or benefit, under section 204 ‑ 15 (about linked distributions) or section 204 ‑ 25 (about substituting * tax ‑ exempt bonus shares for * franked distributions).", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-41", "Provision_Key": "s204-41", "Heading": "Amount of the exempting debit", "Text": "The amount of the * exempting debit arising because of a determination by the Commissioner under paragraph 204 ‑ 30(3)(b) must not exceed: (a) if the specified * distribution has been * franked with an exempting credit—the difference between the amount of the * exempting credit on the distribution and an amount worked out by multiplying the amount of the distribution by the highest * exempting percentage at which a distribution to a favoured member is franked; or (b) if the specified distribution, although * frankable, has not been franked with an exempting credit—an amount worked out by multiplying the amount of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or (c) if the specified distribution is * unfrankable—an amount worked out by multiplying the amount of the distribution by the highest exempting percentage at which a distribution to a favoured member is franked; or (d) if the specified benefit is the issue of bonus shares from a share premium account—an amount worked out by multiplying the amount debited to the share premium account in respect of the bonus shares by the highest exempting percentage at which a distribution to a favoured member is franked; or (e) if some other benefit is specified—an amount worked out by multiplying the value of the benefit by the highest exempting percentage at which a distribution to a favoured member is franked.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-41"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-45", "Provision_Key": "s204-45", "Heading": "Effect of a determination about distributions to favoured members", "Text": "If the Commissioner makes a determination denying an * imputation benefit under paragraph 204 ‑ 30(3)(c) (about distributions to favoured members), the determination has effect according to its terms.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 48 of 2002 | No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-50", "Provision_Key": "s204-50", "Heading": "Assessment and notice of determination", "Text": "(1) A determination under subsection 204 ‑ 30(3) does not form part of an assessment. (2) The Commissioner must give notice in writing of the determination: (a) in a case where the Commissioner determines that a * franking debit is to arise in the * franking account of an entity under paragraph 204 ‑ 30(3)(a)—to the entity; and (b) in a case where the Commissioner determines that an * exempting debit is to arise in the * exempting account of an entity under paragraph 204 ‑ 30(3)(b)—to the entity; and (c) in a case where a favoured member is denied an * imputation benefit under paragraph 204 ‑ 30(3)(c)—to the favoured member. (3) If the Commissioner makes a determination denying an * imputation benefit under paragraph 204 ‑ 30(3)(c) on a * distribution made by a * listed public company, the Commissioner is taken to have served notice in writing of the determination on the favoured member if the Commissioner causes a notice to be published in a manner that results in the notice being accessible to the public and reasonably prominent. The notice is taken to have been served on the day on which the publication takes place.", "Amendment_Count": 4, "First_Amended": "No 48 of 2002", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 48 of 2002 | No 90 of 2002 | No 81 of 2016 | No 69 of 2023", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 69 of 2023, effective sch 1 (item 109): 1 Jan 2024 (s 2(1) item 3) sch 4 (items 74-76): 15 Sept 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-55", "Provision_Key": "s204-55", "Heading": "Right to review where a determination made", "Text": "If a taxpayer to whom a determination relates is dissatisfied with the determination, the taxpayer may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-65", "Provision_Key": "s204-65", "Heading": "What this Subdivision is about", "Text": "This Subdivision requires an entity to notify the Commissioner where there is a significant difference in its benchmark franking percentage over time, so that the Commissioner can assess whether there is streaming. Table of sections Operative provisions 204 ‑ 70 Application of this Subdivision 204 ‑ 75 Notice to the Commissioner 204 ‑ 80 Commissioner may require information where the Commissioner suspects streaming", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-70", "Provision_Key": "s204-70", "Heading": "Application of this Subdivision", "Text": "(1) This Subdivision applies to an entity if the difference between: (a) the * benchmark franking percentage for the entity for a * franking period (the current franking period ); and (b) the benchmark franking percentage for the entity for the last franking period in which a * frankable distribution was made (the last relevant franking period ); is more than the amount worked out using the following formula (whether the percentage for the current franking period is more than or less than the percentage for the last relevant franking period): (2) However, this Subdivision does not apply to an entity to which the benchmark rule does not apply. Note: Section 203 ‑ 20 identifies the entities to which the benchmark rule does not apply.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 48 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-75", "Provision_Key": "s204-75", "Heading": "Notice to the Commissioner", "Text": "(1) The entity must notify the Commissioner in writing of the difference. (3) The notice must also state: (a) the * benchmark franking percentage for the current franking period; and (b) the benchmark franking percentage for the last relevant franking period. (4) The notice must be in the * approved form and must be given to the Commissioner: (a) if the entity is required to give the Commissioner a * franking return for the income year in which the current franking period occurs—with that return; or (b) otherwise—within one month after the end of the income year in which the current franking period occurs. Note: See Subdivision 214 ‑ A for requirements to give the Commissioner franking returns.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 48 of 2002 | No 16 of 2003 | No 41 of 2011", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 204-80", "Provision_Key": "s204-80", "Heading": "Commissioner may require information where the Commissioner suspects streaming", "Text": "(1) The Commissioner may request the entity to give the Commissioner the following information: (a) the entity’s reasons for setting a benchmark franking percentage for the current franking period that differs significantly from the benchmark franking percentage for the last relevant franking period; and (b) the * franking percentages for all * frankable distributions made in the current franking period and the last relevant franking period; and (c) details of any other benefits given to the entity’s * members, either by the entity or an * associate of the entity, during the period beginning at the beginning of the last relevant franking period and ending at the end of the current franking period; and (d) whether any member of the entity has * derived, or will derive, a * greater benefit from franking credits than another member of the entity as a result of the variation in the benchmark franking percentage between the current franking period and the last relevant franking period; and (e) any other information required by the * approved form that is relevant in determining whether the entity is streaming * distributions. (2) The entity must comply with the Commissioner’s request.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 48 of 2002 | No 58 of 2006 | No 41 of 2011", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s204-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-1", "Provision_Key": "s205-1", "Heading": "What this Division is about", "Text": "This Division: • creates a franking account for each entity that is, or has been, a corporate tax entity; and • identifies when franking credits and debits arise in those accounts and the amount of those credits and debits; and • identifies when there is a franking surplus or deficit in the account; and • creates a liability to pay franking deficit tax if the account is in deficit at certain times; and • creates a tax offset for that liability. Table of sections 205 ‑ 5 Franking accounts, franking deficit tax liabilities and the related tax offset Operative provisions 205 ‑ 10 Each entity that is or has been a corporate tax entity has a franking account 205 ‑ 15 Franking credits 205 ‑ 20 Paying a PAYG instalment, income tax, diverted profits tax or Australian DMT tax 205 ‑ 25 Residency requirement for an event giving rise to a franking credit or franking debit 205 ‑ 30 Franking debits 205 ‑ 35 Refund of income tax, diverted profits tax or Australian DMT tax 205 ‑ 40 Franking surplus and deficit 205 ‑ 45 Franking deficit tax 205 ‑ 50 Deferring franking deficit 205 ‑ 70 Tax offset arising from franking deficit tax liabilities", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 48 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-5", "Provision_Key": "s205-5", "Heading": "Franking accounts, franking deficit tax liabilities and the related tax offset", "Text": "(1) Each entity that is, or has ever been, a corporate tax entity has a franking account. (2) The payment of a PAYG instalment or income tax will generate a franking credit in that account. The amount of the credit is equal to the amount of tax paid. The receipt of a franked distribution by an entity from another corporate tax entity will also generate a franking credit. There are other circumstances in which a franking credit arises. (3) The receipt of a refund of income tax or the payment of a franked distribution by a corporate tax entity will generate a franking debit. There are, however, other cases where a franking debit arises. For example, a franking debit might arise under a determination by the Commissioner because distributions have been streamed. (4) An entity must be a franking entity at certain times and satisfy certain residency requirements before a franking credit or debit arises in its account. (5) Franking deficit tax is payable if the franking account of an entity is in deficit at the end of the entity’s income year, or when the entity ceases to be a franking entity. (6) A tax offset is available to an entity that has incurred a liability to pay franking deficit tax.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 48 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-10", "Provision_Key": "s205-10", "Heading": "Each entity that is or has been a corporate tax entity has a franking account", "Text": "There is a franking account for each entity that is, or has at any time been, a * corporate tax entity. Note: The balance in the franking account on 1 July 2002 will either be nil or, if the entity had a franking surplus or deficit immediately before 1 July 2002 under the imputation scheme existing at that time, an amount calculated under the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-15", "Provision_Key": "s205-15", "Heading": "Franking credits", "Text": "(1) The following table sets out when a credit arises in the * franking account of an entity and the amount of the credit. The credit is called a franking credit . Credits in the franking account Item If: A credit of: Arises: 1 the entity * pays a PAYG instalment; and the entity satisfies the * residency requirement for the income year in relation to which the PAYG instalment is paid; and the entity is a * franking entity for the whole or part of the relevant * PAYG instalment period that part of the payment that is attributable to the period during which the entity was a franking entity, less any reduction under subsection (4) on the day on which the payment is made 2 the entity * pays income tax; and the entity satisfies the * residency requirement for the income year for which the tax is paid; and the entity is a * franking entity for the whole or part of that income year that part of the payment that is attributable to the period during which the entity was a franking entity, less any reduction under subsection (4) on the day on which the payment is made 3 a * franked distribution is made to the entity; and the entity satisfies the * residency requirement for the income year in which the distribution is made; and the entity is a * franking entity when it receives the distribution; and the entity is entitled to a * tax offset because of the distribution under Division 207 the * franking credit on the distribution on the day on which the distribution is made 4 a * franked distribution * flows indirectly to the entity through a partnership or the trustee of a trust; and the entity is a * franking entity when the franked distribution is made; and the entity is entitled to a * tax offset because of the distribution under Division 207 the entity’s share of the * franking credit on the distribution at the time specified in subsection (2) 4A a * franking debit arises under item 2 or 2A of the table in subsection 205 ‑ 30(1) because the entity receives a * tax offset refund; and the entity’s tax offset refund is subsequently reduced and the entity is liable to pay to the Commonwealth the amount of the excess mentioned in subsection 172A(2) of the Income Tax Assessment Act 1936 ; and the entity pays the amount of the excess the difference (if any) between: (a) the amount of the franking debit; and (b) the amount the franking debit would have been if the tax offset refund were reduced by the amount of the excess on the day on which the amount of the excess is paid 5 the entity incurs a liability to pay * franking deficit tax under section 205 ‑ 45 or 205 ‑ 50 the amount of the liability immediately after the liability is incurred 6 a * franking credit arises under section 316 ‑ 275 for the * friendly society or one of its * wholly ‑ owned subsidiaries because the society or subsidiary * receives a refund of income tax the amount of the debit specified in subsection 316 ‑ 275(3) at the time provided by subsection 316 ‑ 275(4) 6A a * franking credit arises under paragraph 417 ‑ 50(5)(b) in relation to a deduction transferred to a * corporate tax entity the amount of the * franking credit specified in subsection 417 ‑ 50(6) at the time provided by paragraph 417 ‑ 50(5)(b) 6B a * franking credit arises under paragraph 417 ‑ 100(1)(c) in relation to * tax loss transferred to a * corporate tax entity the amount of the * franking credit specified in subsection 417 ‑ 100(3) at the time provided by paragraph 417 ‑ 100(1)(c) 7 a * franking credit arises under subsection 418 ‑ 50(1) in relation to an * exploration credit the amount of the * franking credit specified in subsection 418 ‑ 50(2) at the time provided by subsection 418 ‑ 50(3) 8 the entity * pays diverted profits tax; and the entity satisfies the * residency requirement for the income year for which the tax is paid; and the entity is a * franking entity for the whole or part of that income year that part of the payment that is attributable to the period during which the entity was a franking entity, multiplied by the proportion worked out under subsection (5) on the day on which the payment is made 9 the entity * pays Australian DMT tax; and the entity satisfies the * residency requirement for the income year corresponding to the * Fiscal Year for which the tax is paid; and the entity is a * franking entity for the whole or part of that income year that part of the payment that is attributable to the period during which the entity was a franking entity on the day on which the payment is made (2) A * franking credit covered by item 4 of the table arises at the end of the income year: (a) that is an income year of the last partnership or trust interposed between: (i) the entity; and (ii) the * corporate tax entity that made the distribution; and (b) during which the * franked distribution * flows indirectly to the entity. (3) Despite item 1 or 2 of the table in subsection (1), no credit arises on that part of the payment that is attributable to a payment of income tax in relation to an * RSA component. (4) An entity’s * franking credit for a payment mentioned in item 1 or 2 of the table in subsection (1) is reduced by the amount (if any) worked out as follows, but not below zero. Method statement Step 1. Identify any income years ending before the payment was made for which the entity has * received a refund of income tax. Step 2. Add up the part (if any) of each of those refunds that is attributable to a * tax offset that is subject to the refundable tax offset rules because of section 67 ‑ 30 (about R&D). Step 3. Subtract any reduction under this subsection of a * franking credit for any earlier payment by the entity. (For this purpose, assume a credit reduced to zero is still a franking credit.) (5) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ) divided by 40%.", "Amendment_Count": 13, "First_Amended": "No 48 of 2002", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 101 of 2004 | No 58 of 2006 | No 92 of 2008 | No 88 of 2009 | No 93 of 2011 | No 21 of 2015 | No 70 of 2015 | No 27 of 2017 | No 59 of 2019 | No 127 of 2021 | No 134 of 2024", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-20", "Provision_Key": "s205-20", "Heading": "Paying a PAYG instalment, income tax, diverted profits tax or Australian DMT tax", "Text": "(1) An entity pays a PAYG instalment if and only if: (a) the entity has a liability to pay the instalment; and (b) either: (i) the entity makes a payment to satisfy the liability (in whole or in part); or (ii) a credit, or an * RBA surplus, is applied to discharge or reduce the liability. Note: The requirement in paragraph (a) means that the entity cannot generate franking credits by making a “voluntary” payment of income tax (that is, paying an amount on account of income tax for which the entity is not liable at the time when the payment is made). (2) If an entity: (a) is liable to pay a * PAYG instalment; and (b) has a * PAYG instalment variation credit; the PAYG instalment variation credit must be fully applied to reduce the liability for the PAYG instalment before any other credit or payment can be applied to reduce that liability. (3) An entity pays income tax if and only if: (a) the entity has a liability to pay the income tax; and (b) either: (i) the entity makes a payment to satisfy the liability (in whole or in part); or (ii) a credit, or an * RBA surplus, is applied to discharge or reduce the liability. Note: The requirement in paragraph (a) means that the entity cannot generate franking credits by making a “voluntary” payment of income tax (that is, paying an amount on account of income tax for which the entity is not liable at the time when the payment is made). (3A) An entity pays diverted profits tax if and only if: (a) the entity has a liability to pay the * diverted profits tax; and (b) either: (i) the entity makes a payment to satisfy the liability (in whole or in part); or (ii) a credit, or an * RBA surplus, is applied to discharge or reduce the liability. (3B) An entity pays Australian DMT tax if and only if: (a) the entity has a liability to pay the * Australian DMT tax; and (b) either: (i) the entity makes a payment to satisfy the liability (in whole or in part); or (ii) a credit, or an * RBA surplus, is applied to discharge or reduce the liability. (4) Subparagraphs (1)(b)(ii), (3)(b)(ii) and (3A)(b)(ii) do not apply to the application of a credit allowable under or by virtue of section 45 ‑ 30 or 45 ‑ 215 in Schedule 1 to the Taxation Administration Act 1953 (these sections deal with credits for * PAYG instalments payable and credit on using a varied rate in certain cases). (5) The amount of the * PAYG instalment or income tax paid is equal to: (a) the amount of the liability, if it is satisfied in full; or (b) the amount by which the liability is reduced, if it is not satisfied in full. (6) If: (a) a surplus in an * RBA of an entity is applied to satisfy a liability of the entity to * pay a PAYG instalment in respect of an income year; and (b) a credit allowable under section 45 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 in respect of that income year is included in the RBA; and (c) the RBA does not include the liability to pay the * PAYG instalment; and (d) the amount of the credit exceeds the income tax assessed to the entity in respect of that income year; the amount of the PAYG instalment paid by virtue of the application of the surplus is reduced by the amount of the excess mentioned in paragraph (d).", "Amendment_Count": 4, "First_Amended": "No 48 of 2002", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 48 of 2002 | No 143 of 2007 | No 27 of 2017 | No 134 of 2024", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-25", "Provision_Key": "s205-25", "Heading": "Residency requirement for an event giving rise to a franking credit or franking debit", "Text": "(1) An entity satisfies the residency requirement for an income year in which, or in relation to which, an event specified in a relevant table occurs if: (a) the entity is a company, or a * corporate limited partnership, to which at least one of the following subparagraphs applies: (i) the entity is an Australian resident for more than one half of the 12 months immediately preceding the event if the event occurs before the end of the income year; (ii) the entity is an Australian resident at all times during the income year when the entity exists if the event occurs at or after the end of the income year; (iii) the entity is an Australian resident for more than one half of the income year (whether or not the event occurs before the end of the income year); or (c) the entity is a * public trading trust for the income year. (2) The tables in sections 205 ‑ 15 and 205 ‑ 30 are relevant for the purposes of subsection (1).", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 48 of 2002 | No 90 of 2002 | No 101 of 2004 | No 41 of 2005 | No 53 of 2016", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-30", "Provision_Key": "s205-30", "Heading": "Franking debits", "Text": "(1) The following table sets out when a debit arises in the * franking account of an entity and the amount of the debit. The debit is called a franking debit . Debits in the franking account Item If: A debit of: Arises: 1 the entity * franks a * distribution the amount of the * franking credit on the distribution on the day on which the distribution is made 2 the entity * receives a refund of income tax; and the entity satisfies the * residency requirement for the income year to which the refund relates; and the entity was a * franking entity during the whole or part of the income year to which the refund relates that part of the refund that is attributable to the period during which the entity was a franking entity on the day on which the refund is received 2A the entity * receives a * tax offset refund; and the entity does not satisfy the * residency requirement for the income year to which the refund relates; and the entity was a * franking entity during the whole or part of the income year to which the refund relates; and the entity’s * franking account is in * surplus on the day on which the refund is received the lesser of: (a) that part of the refund that is attributable to the period during which the entity was a franking entity; and (b) the amount of the * franking surplus on the day on which the refund is received 3 a * franking debit arises for the entity under paragraph 203 ‑ 50(1)(b) (the entity * franks a * distribution in contravention of the * benchmark rule) the franking debit worked out under paragraph 203 ‑ 50(2)(b) on the day specified in subsection 203 ‑ 50(4) 4 the entity ceases to be a * franking entity; and the entity’s * franking account is in * surplus immediately before ceasing to be a franking entity the amount of the * franking surplus on the day on which the entity ceases to be a franking entity 5 a * franking debit arises for the entity under section 204 ‑ 15 (linked distributions) the franking debit specified in subsection 204 ‑ 15(3) on the day specified in subsection 204 ‑ 15(4) 6 a * franking debit arises under section 204 ‑ 25 (debit for substituting * tax ‑ exempt bonus shares for * franked distributions) the amount of the debit specified in subsection 204 ‑ 25(2) on the day specified in subsection 204 ‑ 25(3) 7 the Commissioner makes a determination under paragraph 204 ‑ 30(3)(a) giving rise to a * franking debit for the entity (streaming distributions) the amount of the debit specified in the determination on the day specified in section 204 ‑ 35 7A a * franking debit arises under subsection 197 ‑ 45(1) because an amount to which Division 197 applies is transferred to a company’s * share capital account the amount of the debit specified in subsection 197 ‑ 45(2) at the time provided by subsection 197 ‑ 45(1) 7B a * franking debit arises under subsection 197 ‑ 65(2) because a company chooses to untaint its * share capital account the amount of the debit specified in subsection 197 ‑ 65(3) at the time provided by subsection 197 ‑ 65(2) 9 (a) the entity purchases a * membership interest in itself; and (b) the purchase is an * on ‑ market buy ‑ back; and (c) the entity is a company an amount equal to the debit that would have arisen if: (a) the purchase of the interest were a * frankable distribution equal to the one that would have arisen if the entity: (i) purchased the interest * off ‑ market; and (ii) in the case of a * listed public company—were not a listed public company; and (b) the distribution were * franked at the entity’s * benchmark franking percentage for the * franking period in which the purchase was made or, if the entity does not have a benchmark franking percentage for the period, at a * franking percentage of 100% on the day on which the interest is purchased 9A (a) the entity purchases a * membership interest in itself; and (b) the purchase is an * off ‑ market buy ‑ back; and (c) the entity is a * listed public company an amount equal to the debit that would have arisen if: (a) the purchase of the interest were a * frankable distribution equal to the one that would have arisen if the entity were not a listed public company; and (b) the distribution were * franked at the entity’s * benchmark franking percentage for the * franking period in which the purchase was made or, if the entity does not have a benchmark franking percentage for the period, at a * franking percentage of 100% on the day on which the interest is purchased 9B the entity makes a * distribution to which paragraph 202 ‑ 45(k) applies (consideration for cancellation of membership interest as part of selective reduction of capital) an amount equal to the debit that would have arisen if: (a) the distribution were a * frankable distribution equal to the one that would have arisen if the entity were not a * listed public company; and (b) the distribution were * franked at the entity’s * benchmark franking percentage for the * franking period in which the distribution was made or, if the entity does not have a benchmark franking percentage for the period, at a * franking percentage of 100% on the day on which the distribution is made 10 a * franking debit arises under section 316 ‑ 260 for the * friendly society or one of its * wholly ‑ owned subsidiaries because the * franking account of the society or subsidiary is in * surplus the amount of the debit specified in subsection 316 ‑ 260(2) at the time provided by subsection 316 ‑ 260(3) 11 a * franking debit arises under section 316 ‑ 265 for the * friendly society or one of its * wholly ‑ owned subsidiaries because a * franking credit arises for the society or subsidiary the amount of the debit specified in subsection 316 ‑ 265(3) at the time provided by subsection 316 ‑ 265(4) 12 a * franking debit arises under section 316 ‑ 270 for the * friendly society or one of its * wholly ‑ owned subsidiaries because a * franking credit arises for the society or subsidiary the amount of the debit specified in subsection 316 ‑ 270(3) at the time provided by subsection 316 ‑ 270(4) 13 the entity * receives a refund of diverted profits tax; and the entity satisfies the * residency requirement for the income year to which the refund relates; and the entity was a * franking entity during the whole or part of the income year to which the refund relates that part of the refund that is attributable to the period during which the entity was a franking entity, multiplied by the proportion worked out under subsection (3) on the day on which the refund is received 14 the entity * receives a refund of Australian DMT tax; and the entity satisfies the * residency requirement for the income year corresponding to the * Fiscal Year to which the refund relates; and the entity was a * franking entity during the whole or part of the income year to which the refund relates that part of the refund that is attributable to the period during which the entity was a franking entity on the day on which the refund is received Note: For completeness, the table refers to some franking debits that arise under other sections of the Act. This does not mean that separate franking debits arise both under the relevant section and this table. (2) Despite item 2 of the table in subsection (1), no debit arises on that part of the refund that is attributable to any of the following: (a) a payment of income tax in relation to an * RSA component; (b) a * tax offset that is subject to the refundable tax offset rules because of section 67 ‑ 30 (about R&D). (3) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ) divided by 40%.", "Amendment_Count": 12, "First_Amended": "No 48 of 2002", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 48 of 2002 | No 41 of 2005 | No 80 of 2006 | No 79 of 2007 | No 92 of 2008 | No 88 of 2009 | No 93 of 2011 | No 88 of 2013 | No 70 of 2015 | No 27 of 2017 | No 101 of 2023 | No 134 of 2024", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 101 of 2023, effective sch 4 (items 6-9, 13-21): 1 Jan 2024 (s 2(1) item 6) sch 5: 28 Nov 2023 (s 2(1) item 7) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-35", "Provision_Key": "s205-35", "Heading": "Refund of income tax, diverted profits tax or Australian DMT tax", "Text": "(1) An entity receives a refund of income tax if and only if: (a) either: (i) the entity receives an amount as a refund; or (ii) the Commissioner applies a credit, or an * RBA surplus, against a liability or liabilities of the entity; and (b) the refund of the amount, or the application of the credit, represents in whole or in part: (i) a return to the entity of an amount paid or applied to satisfy the entity’s liability to pay income tax; or (ii) the amount remaining after applying a * loss carry back tax offset, or a * tax offset that is subject to the refundable tax offset rules because of section 67 ‑ 30 (about R&D), against the entity’s basic income tax liability. (1A) An entity receives a refund of diverted profits tax if and only if: (a) either: (i) the entity receives an amount as a refund; or (ii) the Commissioner applies a credit, or an * RBA surplus, against a liability or liabilities of the entity; and (b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity’s liability to pay * diverted profits tax. (1B) An entity receives a refund of Australian DMT tax if and only if: (a) either: (i) the entity receives an amount as a refund; or (ii) the Commissioner applies a credit, or an * RBA surplus, against a liability or liabilities of the entity; and (b) the refund of the amount, or the application of the credit, represents in whole or in part a return to the entity of an amount paid or applied to satisfy the entity’s liability to pay * Australian DMT tax. (2) The amount of the refund is so much of the amount refunded or applied as represents the return, or amount remaining, referred to in paragraph (1)(b), (1A)(b) or (1B)(b).", "Amendment_Count": 7, "First_Amended": "No 48 of 2002", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 48 of 2002 | No 93 of 2011 | No 88 of 2013 | No 96 of 2014 | No 27 of 2017 | No 92 of 2020 | No 134 of 2024", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-40", "Provision_Key": "s205-40", "Heading": "Franking surplus and deficit", "Text": "(1) An entity’s * franking account is in surplus at a particular time if, at that time, the sum of the * franking credits in the account exceeds the sum of the * franking debits in the account. The amount of the franking surplus is the amount of the excess. (2) An entity’s * franking account is in deficit at a particular time if, at that time, the sum of the * franking debits in the account exceeds the sum of the * franking credits in the account. The amount of the franking deficit is the amount of the excess.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-45", "Provision_Key": "s205-45", "Heading": "Franking deficit tax", "Text": "Object (1) While recognising that an entity may anticipate * franking credits when * franking * distributions, the object of this section is to prevent those credits from being anticipated indefinitely by requiring the entity to reconcile its * franking account at certain times and levying tax if the account is in * deficit. Franking deficit at end of income year (2) An entity is liable to pay franking deficit tax imposed by the New Business Tax System (Franking Deficit Tax) Act 2002 if its * franking account is in * deficit at the end of an income year. Corporate tax entity ceases to be a franking entity (3) An entity is liable to pay * franking deficit tax imposed by the New Business Tax System (Franking Deficit Tax) Act 2002 if: (a) it ceases to be a * franking entity; and (b) immediately before it ceases to be a franking entity, its * franking account is in * deficit. Note: The tax is imposed in the New Business Tax System (Franking Deficit Tax) Act 2002 and the amount of the tax is set out in that Act.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-50", "Provision_Key": "s205-50", "Heading": "Deferring franking deficit", "Text": "Object (1) The object of this section is to ensure that an entity does not avoid * franking deficit tax by deferring the time at which a * franking debit occurs in its * franking account. End of year deficit deferred (2) An entity is taken to have * received a refund of income tax for an income year immediately before the end of that year for the purposes of subsection 205 ‑ 45(2) if: (a) the refund is paid within 3 months after the end of that year; and (b) the * franking account of the entity would have been in * deficit, or in deficit to a greater extent, at the end of that year if the refund had been received in that year. Deficit on ceasing to be a franking entity deferred (3) If an entity ceases to be a * franking entity during an income year, the entity is taken to have * received a refund of income tax immediately before it ceased to be a franking entity for the purposes of subsection 205 ‑ 45(3) if: (a) the refund is attributable to a period in the year during which the entity was a franking entity; and (b) the refund is paid within 3 months after the entity ceases to be a franking entity; and (c) the * franking account of the entity would have been in * deficit, or in deficit to a greater extent, immediately before it ceased to be a franking entity if the refund had been received before it ceased to be a franking entity.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 48 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 205-70", "Provision_Key": "s205-70", "Heading": "Tax offset arising from franking deficit tax liabilities", "Text": "When does the tax offset arise? (1) A * corporate tax entity is entitled to a * tax offset for an income year for which it satisfies the * residency requirement (the relevant year ) if at least one of the following applies: (a) the entity has incurred a liability to pay * franking deficit tax in the relevant year; (b) the entity incurred such a liability in a previous income year for which it did not satisfy the residency requirement, and that liability has not been taken into account in working out a tax offset under this section; (c) when the entity was last entitled to a tax offset under this section for a previous income year, some of the offset remained after applying section 63 ‑ 10 (tax offset priority rules). The amount of the tax offset (2) Work out the amount of the * tax offset for the relevant year as follows: Method statement Step 1. Work out the total amount of * franking deficit tax that is covered by paragraph (1)(a). Then, subject to subsections (5) and (6), reduce so much of it as is attributable to * franking debits to which subsection (8) applies by 30% if that part exceeds 10% of the total amount of * franking credits that arose in the entity’s * franking account for the relevant year. Step 2. Work out the total amount of * franking deficit tax that is covered by paragraph (1)(b) for a previous income year. Then, subject to subsections (5) and (6), reduce so much of it as is attributable to * franking debits to which subsection (8) applies by 30% if that part exceeds 10% of the total amount of * franking credits that arose in the entity’s * franking account for that previous income year. Step 3. Add up the results of step 2 for all the previous income years covered by paragraph (1)(b). Step 4. Work out the remaining amount of a * tax offset covered by paragraph (1)(c). Step 5. Add up the results of steps 1, 3 and 4. The result is the * tax offset to which the entity is entitled under this section for the relevant year. Note: This method statement is modified for certain late balancing entities: see section 205 ‑ 70 of the Income Tax (Transitional Provisions) Act 1997 . Example: The following apply to a corporate tax entity that satisfies the residency requirement for an income year: • the entity’s income tax liability for that year would be $100,000 if its tax offsets were disregarded; • for that year, the entity has a tax offset of $60,000 under this section (the franking deficit offset ) and a tax offset of $80,000 in respect of foreign income tax paid by the entity (the foreign income tax offset ). Under section 63 ‑ 10 (about tax offset priority rules), the foreign income tax offset must be applied before the franking deficit offset is applied. As a result, that offset and $20,000 of the franking deficit offset combine to reduce the entity’s income tax liability to nil. The remaining $40,000 of the franking deficit offset will be included in a franking deficit offset for the next income year for which the entity satisfies the residency requirement. Residency requirement (4) To determine whether the entity satisfies the * residency requirement for the relevant year, section 205 ‑ 25 has effect as if each of the following were an event specified in a relevant table for the purposes of that section: (a) the entity incurring a liability to pay * franking deficit tax in the relevant year; (b) the assessment of the entity’s * income tax liability for the relevant year that is made on the * assessment day for that year. 30% reduction will generally not apply to private company’s first year of tax liability (5) The 30% reductions in steps 1 and 2 of the method statement in subsection (2) do not apply in working out the amount of the * tax offset to which the entity is entitled for the relevant year if: (a) the entity is a * private company for the relevant year; and (b) if the company did not have the tax offset (but had all its other tax offsets) it would have had an * income tax liability for the relevant year; and (c) the company has not had an income tax liability for any income year before the relevant year; and (d) the amount of the liability referred to in paragraph (b) is at least 90% of the amount of the * deficit in the company’s * franking account at the end of the relevant year. Commissioner’s discretion (6) The 30% reductions in steps 1 and 2 of the method statement in subsection (2) do not apply in working out the amount of the * tax offset to which the entity is entitled for the relevant year if the Commissioner determines in writing, on application by the entity in the * approved form, that the excess referred to in those steps was due to events outside the control of the entity. (7) A determination under subsection (6) is not a legislative instrument. Applicable franking debits (8) This subsection applies to * franking debits in the * franking account of an entity: (a) that arise under table item 1, 3, 5 or 6 in section 205 ‑ 30 for an income year; and (b) if the entity has franking debits covered by paragraph (a) for that income year—that arise under table item 2 in that section for that income year.", "Amendment_Count": 5, "First_Amended": "No 107 of 2003", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 107 of 2003 | No 78 of 2005 | No 58 of 2006 | No 143 of 2007 | No 92 of 2020", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s205-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-5", "Provision_Key": "s207-5", "Heading": "Overview", "Text": "(1) If a corporate tax entity makes a franked distribution to one of its members, then, as a general rule: (a) an amount equal to the franking credit on the distribution is included in the member’s assessable income; and (b) the member is entitled to a tax offset equal to the same amount. (2) In some cases a residency requirement must be satisfied for the general rule to apply. (3) If a franked distribution is made to a member that is a partnership or the trustee of a trust, an amount equal to the franking credit on the distribution is also included in the member’s assessable income as mentioned in paragraph (1)(a). (4) However, a tax offset in relation to that distribution is only available to an entity (who may be a partner, beneficiary or a trustee) if the distribution flows indirectly to it and does not flow indirectly through it to another entity. The tax offset is equal to its share of the franking credit on the distribution. Note: That share is a notional amount and the entity can have that share without actually receiving any of that franking credit or distribution. (5) There are exceptions to both the general rule mentioned in subsection (1) and the special rule mentioned in subsection (4). Basically, these exceptions are created: (a) where the relevant entity would not have paid tax on the distribution or a share of the distribution (see Subdivisions 207 ‑ D and 207 ‑ E); and (b) where there is a manipulation of the imputation system in a manner that is not permitted under the income tax law (see Subdivision 207 ‑ F).", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-10", "Provision_Key": "s207-10", "Heading": "What this Subdivision is about", "Text": "As a general rule, if a member of an entity receives a franked distribution: • an amount equal to the franking credit on the distribution is included in the member’s assessable income; and • the member is entitled to a tax offset equal to the franking credit on the distribution. Table of sections Operative provisions 207 ‑ 15 Applying the general rule 207 ‑ 20 General rule—gross ‑ up and tax offset", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-15", "Provision_Key": "s207-15", "Heading": "Applying the general rule", "Text": "(1) This Subdivision sets out, as a general rule, the tax effect of receiving a * franked distribution. (2) This Subdivision does not apply to: (a) a partnership or trustee to whom a * franked distribution is made (except a partnership or trustee that is a * corporate tax entity, or a trustee of a trust that is a * complying superannuation entity, when the distribution is made); or (b) an entity to whom a franked distribution * flows indirectly. Note: Subject to the other provisions in this Division, Subdivision 207 ‑ B applies to an entity excluded from the application of this Subdivision because of this subsection. (3) This Subdivision applies subject to Subdivisions 207 ‑ C, 207 ‑ D, 207 ‑ E and 207 ‑ F. Note 1: Subdivision 207 ‑ C sets out the residency requirements that must be satisfied by an individual or a corporate tax entity that receives a franked distribution. Note 2: Subdivision 207 ‑ D sets out the cases in which the gross ‑ up and tax offset rules in this Subdivision and Subdivision 207 ‑ B will not apply because the franked distribution (or a share of it) would not have been taxed in any case. Note 3: Subdivision 207 ‑ E sets out the exceptions to the rules in Subdivision 207 ‑ D. Note 4: Subdivision 207 ‑ F sets out the cases in which the gross ‑ up and tax offset rules in this Subdivision and Subdivision 207 ‑ B will not apply because the imputation system has been manipulated in a way that is not permitted under the income tax law.", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 48 of 2002 | No 66 of 2003 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-20", "Provision_Key": "s207-20", "Heading": "General rule—gross ‑ up and tax offset", "Text": "(1) If an entity makes a * franked distribution to another entity, the assessable income of the receiving entity, for the income year in which the distribution is made, includes the amount of the * franking credit on the distribution. This is in addition to any other amount included in the receiving entity’s assessable income in relation to the distribution under any other provision of this Act. (2) The receiving entity is entitled to a * tax offset for the income year in which the distribution is made. The tax offset is equal to the * franking credit on the distribution.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-25", "Provision_Key": "s207-25", "Heading": "What this Subdivision is about", "Text": "This Subdivision deals with an entity that receives a benefit of a franked distribution where: (a) the distribution is made to a partnership or the trustee of a trust; and (b) the benefit is received either directly or through other interposed partnerships or trusts. The distribution is regarded as flowing indirectly to the entity under this Subdivision. On the basis of a notional amount of the entity’s share of the distribution, the entity may be entitled to have an amount included in its assessable income and/or a tax offset under this Subdivision. Table of sections Gross ‑ up and tax offset 207 ‑ 30 Applying this Subdivision 207 ‑ 35 Gross ‑ up—distribution made to, or flows indirectly through, a partnership or trustee 207 ‑ 37 Attributable franked distribution—trusts 207 ‑ 45 Tax offset—distribution flows indirectly to an entity Key concepts 207 ‑ 50 When a franked distribution flows indirectly to or through an entity 207 ‑ 55 Share of a franked distribution 207 ‑ 57 Share of the franking credit on a franked distribution 207 ‑ 58 Specifically entitled to an amount of a franked distribution 207 ‑ 59 Franked distributions within class treated as single franked distribution", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-30", "Provision_Key": "s207-30", "Heading": "Applying this Subdivision", "Text": "This Subdivision applies subject to Subdivisions 207 ‑ D, 207 ‑ E and 207 ‑ F. Note 1: Subdivision 207 ‑ D sets out the cases in which the gross ‑ up and tax offset rules in this Subdivision and Subdivision 207 ‑ A will not apply because the franked distribution (or a share of it) would not have been taxed in any case. Note 2: Subdivision 207 ‑ E sets out the exceptions to the rules in Subdivision 207 ‑ D. Note 3: Subdivision 207 ‑ F sets out the cases in which the gross ‑ up and tax offset rules in this Subdivision and Subdivision 207 ‑ A will not apply because the imputation system has been manipulated in a way that is not permitted under the income tax law.", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 66 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-35", "Provision_Key": "s207-35", "Heading": "Gross ‑ up—distribution made to, or flows indirectly through, a partnership or trustee", "Text": "Additional amount of assessable income (1) If: (a) a * franked distribution is made in an income year to an entity that is a partnership or the trustee of a trust; and (b) the entity is not a * corporate tax entity when the distribution is made; and (c) if the entity is the trustee of a trust—the trust is not a * complying superannuation entity when the distribution is made; the assessable income of the partnership or trust for that income year includes the amount of the * franking credit on the distribution. (2) The amount is in addition to any other amount included in that assessable income in relation to the distribution under any other provision of this Act. Note: The amount will affect the income tax liability of a partner in the partnership, or a beneficiary or the trustee of the trust: see Divisions 5 and 6 of Part III of the Income Tax Assessment Act 1936 . (3) Subsection (4) applies if: (a) a * franked distribution is made, or * flows indirectly, to a partnership or the trustee of a trust in an income year; and (b) the assessable income of the partnership or trust for that year includes an amount (the franking credit amount ) that is all or a part of the additional amount of assessable income included under subsection (1) in relation to the distribution; and (c) the distribution flows indirectly to an entity that is a partner in the partnership, or a beneficiary or the trustee of the trust; and (d) disregarding Division 6E of Part III of the Income Tax Assessment Act 1936 , the entity has an amount of assessable income for that year that is attributable to all or a part of the distribution. (4) Despite any provisions in Divisions 5 and 6 of Part III of the Income Tax Assessment Act 1936 , the entity’s assessable income for that year also includes: (a) in the case of an entity that is a partner in a partnership—so much of the franking credit amount as is equal to the entity’s * share of the * franking credit on the distribution; and (b) in the case of an entity that is a beneficiary of a trust: (i) so much of the franking credit amount as is equal to the entity’s share of the franking credit on the distribution; and (ii) the amount mentioned in section 207 ‑ 37. Example: A franked distribution of $70 is made to the trustee of a trust in an income year. The trust also has $100 of assessable income from other sources. Under subsection (1), the trust’s assessable income includes an additional amount of $30 (which is the franking credit on the distribution). The trust has a net income of $200 for that income year. There are 2 beneficiaries of the trust, P and Q, who are presently entitled to the trust’s income. Under the trust deed, P is entitled to all of the franked distribution and Q is entitled to all other income. The distribution flows indirectly to P (as P has a share of the trust’s net income that is covered by paragraph 97(1)(a) and has a share of the distribution under section 207 ‑ 55 equal to 100% of the distribution). Under this subsection, P’s assessable income includes $70 (the amount mentioned in section 207 ‑ 37 (attributable franked distribution)) and also includes the full amount of the franking credit (as P’s share of the franking credit on the distribution is $30 under section 207 ‑ 57). Q’s assessable income does not include any of the amount of the franked distribution or the franking credit. (5) Subsection (6) applies if: (a) a * franked distribution is made, or * flows indirectly, to the trustee of a trust in an income year; and (b) the assessable income of the trust for that year includes an amount (the franking credit amount ) that is all or a part of the additional amount of assessable income included under subsection (1) in relation to the distribution; and (c) disregarding Division 6E of Part III of the Income Tax Assessment Act 1936 , the trustee of the trust is liable to be assessed (and pay tax) in respect of an amount (the assessable amount ) under section 98, 99 or 99A of that Act in relation to the trust. (6) Despite any provisions in Division 6 of Part III of the Income Tax Assessment Act 1936 , for the purposes of that Division, increase the assessable amount by so much of the franking credit amount as is equal to: (a) if the trustee of the trust is liable to be assessed (and pay tax) under section 98 of that Act—the sum of: (i) the trustee’s * share of the * franking credit on the distribution in respect of the beneficiary; and (ii) the amount mentioned in section 207 ‑ 37; or (b) if the trustee of the trust is liable to be assessed (and pay tax) under section 99 or 99A of that Act—the sum of: (i) the trustee’s share of the franking credit on the distribution; and (ii) the amount mentioned in section 207 ‑ 37.", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 45 of 2008 | No 62 of 2011 | No 70 of 2015", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-37", "Provision_Key": "s207-37", "Heading": "Attributable franked distribution—trusts", "Text": "(1) The amount is the product of: (a) the amount of the * franked distribution (to the extent that an amount of the franked distribution remained after reducing it by deductions that were directly relevant to it); and (b) the beneficiary’s or the trustee’s (as the case requires) * share of the franked distribution (see section 207 ‑ 55), divided by the amount of the franked distribution. (2) Subsection (3) applies if the net income of the trust estate (disregarding the amount of any * franking credits) for the relevant income year falls short of the sum of: (a) the * net capital gain (if any) of the trust estate for the income year; and (b) the total of all * franked distributions (if any) included in the assessable income of the trust estate for the income year (to the extent that an amount of the franked distributions remained after reducing them by deductions that were directly relevant to them). (3) For the purposes of subsection (1), replace paragraph (a) of that subsection with the following paragraph: (a) the product of: (i) the amount of the * franked distribution (to the extent that an amount of the franked distribution remained after reducing it by deductions that were directly relevant to it); and (ii) the * net income of the trust estate for that income year (disregarding the amount of any * franking credits), divided by the sum mentioned in subsection (2); and", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-45", "Provision_Key": "s207-45", "Heading": "Tax offset—distribution flows indirectly to an entity", "Text": "An entity to whom a * franked distribution * flows indirectly in an income year is entitled to a * tax offset for that income year that is equal to its * share of the * franking credit on the distribution, if it is: (a) an individual; or (b) a * corporate tax entity when the distribution flows indirectly to it; or (c) the trustee of a trust that is liable to be assessed on a share of, or all or a part of, the trust’s * net income under section 98, 99 or 99A of the Income Tax Assessment Act 1936 for that income year; or (d) the trustee of a * complying superannuation entity, a * non ‑ complying superannuation fund or a * non ‑ complying approved deposit fund in relation to that income year. Note: The entities covered by this section are the ultimate recipients of the distribution because the distribution does not flow indirectly through them to other entities. As a result they are also the ultimate taxpayers in respect of the distribution and are given the tax offset to acknowledge the income tax that has already been paid on the profits underlying the distribution.", "Amendment_Count": 6, "First_Amended": "No 48 of 2002", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-50", "Provision_Key": "s207-50", "Heading": "When a franked distribution flows indirectly to or through an entity", "Text": "(1) For the purposes of this Subdivision, this section sets out the only circumstances in which a * franked distribution: (a) flows indirectly to an entity (subsection (2), (3) or (4)); or (b) flows indirectly through an entity (subsection (5)). Partners (2) A * franked distribution flows indirectly to a partner in a partnership in an income year if, and only if: (a) during that income year, the distribution is made to the partnership, or * flows indirectly to the partnership as a beneficiary because of a previous application of subsection (3); and (b) the partner has an individual interest: (i) in the partnership’s * net income for that income year that is covered by paragraph 92(1)(a) or (b) of the Income Tax Assessment Act 1936 ; or (ii) in a * partnership loss of the partnership for that income year that is covered by paragraph 92(2)(a) or (b) of that Act; (whether or not that individual interest becomes assessable income in the hands of the partner); and (c) the partner’s * share of the distribution under section 207 ‑ 55 is a positive amount (whether or not the partner actually receives any of that share). Beneficiaries (3) A * franked distribution flows indirectly to a beneficiary of a trust in an income year if, and only if: (a) during that income year, the distribution is made to the trustee of the trust, or * flows indirectly to the trustee as a partner or beneficiary because of a previous application of subsection (2) or this subsection; and (b) the beneficiary has this amount for that income year (the share amount ): (i) a share of the trust’s * net income for that income year that is covered by paragraph 97(1)(a) of the Income Tax Assessment Act 1936 ; or (ii) an individual interest in the trust’s net income for that income year that is covered by section 98A or 100 of that Act; (whether or not the share amount becomes assessable income in the hands of the beneficiary); and (c) the beneficiary’s * share of the distribution under section 207 ‑ 55 is a positive amount (whether or not the beneficiary actually receives any of that share). Trustees (4) A * franked distribution flows indirectly to the trustee of a trust in an income year if, and only if: (a) during that income year, the distribution is made to the trustee, or * flows indirectly to the trustee as a partner or beneficiary because of a previous application of subsection (2) or (3); and (b) the trustee is liable or, but for another provision in this Act, would be liable, to be assessed in respect of an amount (the share amount ) that is: (i) a share of the trust’s * net income for that income year under section 98 of the Income Tax Assessment Act 1936 ; or (ii) all or a part of the trust’s net income for that income year under section 99 or 99A of that Act; (whether or not the share amount becomes assessable income in the hands of the trustee); and (c) the trustee’s * share of the distribution under section 207 ‑ 55 is a positive amount (whether or not the trustee actually receives any of that share). Note: A trustee to whom a franked distribution flows indirectly under this subsection is entitled to a tax offset under section 207 ‑ 45 and the distribution does not flow indirectly through the trustee to another entity. (5) A * franked distribution flows indirectly through an entity (the first entity ) to another entity if, and only if: (a) the other entity is the focal entity in an item of the table in section 207 ‑ 55 in relation to the distribution; and (b) that focal entity’s * share of the distribution is based on the first entity’s share of the distribution as an intermediary entity in that or another item of the table. Example: A franked distribution of $140 is made to a partnership. An amount equal to the franking credit on the distribution ($60) is included in the partnership’s assessable income under section 207 ‑ 35. Because the partnership has losses of $300 from other sources, it has a partnership loss of $100 for the income year. The partnership has 2 equal partners. One partner is the trustee of a trust and the other partner is an individual. The distribution flows indirectly to each partner under subsection (2). Each partner has a share of the partnership loss ($50), a share of the distribution under sections 207 ‑ 55 ($70) and a share of the franking credit under section 207 ‑ 57 ($30). The individual partner is allowed a tax offset of $30 under section 207 ‑ 45. Because the trust has $100 of income from other sources, it has a net income of $50 for that income year ($100 minus the share of the partnership loss of $50). The trust has one individual as a beneficiary, to whom the distribution flows indirectly under subsection (3). The beneficiary’s share of the franked distribution is therefore $70 under sections 207 ‑ 55 and its share of the franking credit is $30 under section 207 ‑ 57. The beneficiary is also allowed a tax offset of $30 under section 207 ‑ 45.", "Amendment_Count": 4, "First_Amended": "No 48 of 2002", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 79 of 2007 | No 62 of 2011", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-55", "Provision_Key": "s207-55", "Heading": "Share of a franked distribution", "Text": "Object of section (1) The object of this section is to ensure that: (a) the amount of a * franked distribution made to a partnership or the trustee of a trust is allocated notionally amongst entities who * derive benefits from that distribution; and (b) that allocation corresponds with the way in which those benefits were derived. Note: An entity can derive a benefit from the distribution (and therefore has a share of the distribution) without actually receiving any of the distribution: see subsection (2) of this section and the example at the end of section 207 ‑ 50. (2) An entity’s share of a * franked distribution is an amount notionally allocated to the entity as its share of the distribution, whether or not the entity actually receives any of that distribution. (3) That amount is equal to the entity’s share of the distribution as the focal entity in column 3 of an item of the table. Note: An entity’s share of the distribution is based on the share of the distribution of each preceding intermediary entity through which the distribution flows, starting from the intermediary entity to whom the distribution is made. This means that in some cases (see items 2 and 4), more than one item of the table will need to be applied to work out the share of the distribution of an ultimate recipient of the distribution. Share of a franked distribution Item Column 1 For this intermediary entity and this focal entity : Column 2 The intermediary entity’s share of the franked distribution is: Column 3 The focal entity’s share of the franked distribution is: 1 a partnership is the intermediary entity and a partner in that partnership is the focal entity if: (a) a * franked distribution is made to the partnership; and (b) the partner has, in respect of the partnership, an individual interest mentioned in subsection 207 ‑ 50(2) the amount of the franked distribution so much of the franked distribution as is taken into account in working out the amount of that individual interest 2 a partnership is the intermediary entity and a partner in that partnership is the focal entity if: (a) a * franked distribution * flows indirectly to the partnership as a beneficiary of a trust; and (b) the partner has, in respect of the partnership, an individual interest mentioned in subsection 207 ‑ 50(2) the amount worked out under column 3 of item 3 or 4 of this table where the partnership, as a beneficiary, is the focal entity in that item so much of the amount worked out under column 2 of this item as is attributable to the partner, having regard to the partnership agreement and any other relevant circumstances 3 the trustee of a trust is the intermediary entity and the trustee or a beneficiary of the trust is the focal entity if: (a) a * franked distribution is made to the trustee; and (b) the trustee or beneficiary has, in respect of the trust, a share amount mentioned in subsection 207 ‑ 50(3) or (4) (a) if the trust has a positive amount of * net income for that year—the amount of the franked distribution; or (b) otherwise—nil the amount mentioned in subsection (4) 4 the trustee of a trust is the intermediary entity and the trustee or a beneficiary of the trust is the focal entity if: (a) a * franked distribution * flows indirectly to the trustee as a partner in a partnership or as a beneficiary of another trust; and (b) the trustee or beneficiary has, in respect of the trust, a share amount mentioned in subsection 207 ‑ 50(3) or (4) the amount worked out under column 3 of: (a) item 1 or 2 of this table where the trustee, as a partner, is the focal entity in that item; or (b) item 3 or a previous application of this item where the trustee, as a beneficiary, is the focal entity in that item so much of the amount worked out under column 2 of this item as is attributable to the focal entity in this item, having regard to the trust deed and any other relevant circumstances Note: In item 3 or 4, the trustee of a trust can be both the intermediary entity and the focal entity in the same item. (4) For the purposes of column 3 of item 3 of the table in subsection (3), the amount is the sum of: (a) so much of the amount worked out under column 2 of item 3 of the table in subsection (3) to which: (i) unless subparagraph (ii) applies—the focal entity is * specifically entitled; or (ii) if the focal entity is the trustee and has the share amount because of the operation of section 98 of the Income Tax Assessment Act 1936 in respect of a beneficiary (see subparagraph 207 ‑ 50(4)(b)(i))—the beneficiary is specifically entitled; and (b) if there is an amount of the * franked distribution to which no beneficiary is specifically entitled—that amount multiplied by: (i) unless subparagraph (ii) applies—the focal entity’s * adjusted Division 6 percentage of the income of the trust for the relevant income year; or (ii) if the focal entity is the trustee and has the share amount because of the operation of section 98 of the Income Tax Assessment Act 1936 in respect of a beneficiary (see subparagraph 207 ‑ 50(4)(b)(i))—the beneficiary’s adjusted Division 6 percentage of the income of the trust for the relevant income year.", "Amendment_Count": 4, "First_Amended": "No 48 of 2002", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 58 of 2006 | No 62 of 2011", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-57", "Provision_Key": "s207-57", "Heading": "Share of the franking credit on a franked distribution", "Text": "(1) An entity’s share of a * franking credit on a * franked distribution is an amount notionally allocated to the entity as its share of that credit, whether or not the entity actually receives any of that credit or distribution. (2) Work out that amount as follows:", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-57"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-58", "Provision_Key": "s207-58", "Heading": "Specifically entitled to an amount of a franked distribution", "Text": "(1) A beneficiary of a trust estate is specifically entitled to an amount of a * franked distribution made to the trust estate in an income year equal to the amount calculated under the following formula: where: net financial benefit means an amount equal to the * financial benefit that is referable to the * franked distribution (after any application by the trustee of expenses that are directly relevant to the franked distribution). share of net financial benefit means an amount equal to the * financial benefit that, in accordance with the terms of the trust: (a) the beneficiary has received, or can be reasonably expected to receive; and (b) is referable to the * franked distribution (after application by the trustee of any expenses that are directly relevant to the franked distribution); and (c) is recorded, in its character as referable to the franked distribution, in the accounts or records of the trust no later than the end of the income year. (2) To avoid doubt, for the purposes of subsection (1), something is done in accordance with the terms of the trust if it is done in accordance with: (a) the exercise of a power conferred by the terms of the trust; or (b) the terms of the trust deed (if any), and the terms applicable to the trust because of the operation of legislation, the common law or the rules of equity.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-58"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-59", "Provision_Key": "s207-59", "Heading": "Franked distributions within class treated as single franked distribution", "Text": "(1) Subsection (2) applies if: (a) a trust receives 2 or more * franked distributions in an income year; and (b) all of the franked distributions that the trust receives in the income year are, in accordance with the terms of the trust, to the extent that they are distributed in that income year, distributed within a single class. (2) For the purposes of this Subdivision and Division 6E of Part III of the Income Tax Assessment Act 1936 , treat all of the * franked distributions that the trust receives in the income year as one single franked distribution. (3) To avoid doubt, for the purposes of subsection (1), something is done in accordance with the terms of the trust if it is done in accordance with: (a) the exercise of a power conferred by the terms of the trust; or (b) the terms of the trust deed (if any), and the terms applicable to the trust because of the operation of legislation, the common law or the rules of equity.", "Amendment_Count": 2, "First_Amended": "No 62 of 2011", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 62 of 2011 | No 12 of 2012", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-59"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-60", "Provision_Key": "s207-60", "Heading": "What this Subdivision is about", "Text": "Some recipients of a franked distribution must satisfy a residency requirement if their assessable income is to include the franking credit on the distribution, and they are to be entitled to a tax offset, under the general rule. Table of sections 207 ‑ 65 Satisfying the residency requirement Operative provisions 207 ‑ 70 Gross ‑ up and tax offset under section 207 ‑ 20 207 ‑ 75 Residency requirement", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-65", "Provision_Key": "s207-65", "Heading": "Satisfying the residency requirement", "Text": "(1) This Subdivision sets out the residency requirements that must be satisfied by an individual or a corporate tax entity that receives a franked distribution, if the franking credit on the distribution is to be included in that entity’s assessable income, or the entity is to be entitled to a tax offset, under the general rule. (2) It does not impose a residency requirement on other entities, because the significance of residency for those entities is dealt with elsewhere in this Act. (3) It does not impose a residency requirement where a distribution flows indirectly to an entity. This is also because the significance of residency is dealt with elsewhere, for the most part in Divisions 5 and 6 of Part III of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-70", "Provision_Key": "s207-70", "Heading": "Gross ‑ up and tax offset under section 207 ‑ 20", "Text": "If an entity makes a * franked distribution to an individual or a * corporate tax entity: (a) no amount is included in the receiving entity’s assessable income under subsection 207 ‑ 20(1); and (b) the receiving entity is not entitled to a * tax offset under subsection 207 ‑ 20(2); unless the receiving entity satisfies the * residency requirement at the time the distribution is made.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-75", "Provision_Key": "s207-75", "Heading": "Residency requirement", "Text": "(1) An entity that receives a * distribution satisfies the residency requirement at the time the distribution is made if: (a) in the case of an individual—the individual is an Australian resident at that time; and (b) in the case of a company—the company is an Australian resident at that time; and (c) in the case of a * corporate limited partnership—the corporate limited partnership is an Australian resident at that time; and (e) in the case of a * public trading trust—the public trading trust is a resident unit trust for the income year in which that time occurs. (2) An entity that receives a * distribution also satisfies the residency requirement at the time the distribution is made if the entity at that time: (a) is a company or an individual; and (b) is a foreign resident; and (c) carries on business in Australia at or through a permanent establishment of the entity in Australia, being a permanent establishment within the meaning of: (i) a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ) that relates to a foreign country and affects the entity; or (ii) subsection 6(1) of that Act, if there is no such agreement; and the distribution is attributable to the permanent establishment.", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 48 of 2002 | No 90 of 2002 | No 41 of 2005 | No 64 of 2005 | No 53 of 2016", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-80", "Provision_Key": "s207-80", "Heading": "What this Subdivision is about", "Text": "This Subdivision creates the appropriate adjustment to cancel the effect of the gross ‑ up and tax offset rules where a franked distribution (or a share of it) is, or would be, exempt income or * non ‑ assessable non ‑ exempt income in the relevant entity’s hands (and therefore would not be taxed in any case). Table of sections Operative provisions 207 ‑ 85 Applying this Subdivision 207 ‑ 90 Distribution that is made to an entity 207 ‑ 95 Distribution that flows indirectly to an entity", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-85", "Provision_Key": "s207-85", "Heading": "Applying this Subdivision", "Text": "This Subdivision applies subject to Subdivisions 207 ‑ E and 207 ‑ F. Note 1: Subdivision 207 ‑ E sets out exceptions to the rules in this Subdivision. Note 2: Where both this Subdivision and Subdivision 207 ‑ F apply to an entity, the application of this Subdivision is subject to the rules in Subdivision 207 ‑ F: see subsections 207 ‑ 145(3) and 207 ‑ 150(7) and (8).", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-90", "Provision_Key": "s207-90", "Heading": "Distribution that is made to an entity", "Text": "Whole of distribution not assessable (1) If: (a) a * franked distribution is made to an entity; and (b) the distribution does not * flow indirectly through the entity to another entity; and (c) the distribution is * exempt income or * non ‑ assessable non ‑ exempt income in the hands of the entity; then, for the purposes of this Act: (d) the amount of the * franking credit on the distribution is not included in the assessable income of the entity under section 207 ‑ 20; and (e) the entity is not entitled to a * tax offset under this Division because of the distribution. Part of distribution not assessable (2) If: (a) a * franked distribution is made to an entity; and (b) the distribution does not * flow indirectly through the entity to another entity; and (c) a part of the distribution (the relevant part ) is * exempt income or * non ‑ assessable non ‑ exempt income in the hands of the entity; then, for the purposes of this Act: (d) the amount of the distribution is taken to have been reduced by the relevant part; and (e) the amount of the * franking credit on the distribution is to be worked out as follows:", "Amendment_Count": 3, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-95", "Provision_Key": "s207-95", "Heading": "Distribution that flows indirectly to an entity", "Text": "Whole of share of distribution not assessable (1) If: (a) a * franked distribution * flows indirectly to an entity in an income year; and (b) the entity’s * share of the distribution would, in its hands, be * exempt income or * non ‑ assessable non ‑ exempt income (whether or not it had actually received that share); then, for the purposes of this Act: (c) subsection (2), (3) or (4) (as appropriate) applies to the entity in relation to that income year; and (d) the entity is not entitled to a * tax offset under this Division because of the distribution; and (e) if the distribution flows indirectly through the entity to another entity—subsection 207 ‑ 35(3) and section 207 ‑ 45 do not apply to that other entity. Note: This section can therefore apply, for example, where the entity is a partner in a partnership that has a partnership loss and the entity does not actually receive any of the distribution. Partner (2) If the * franked distribution * flows indirectly to the entity as a partner in a partnership under subsection 207 ‑ 50(2), the entity can deduct an amount for that income year that is equal to its * share of the * franking credit on the distribution. Beneficiary (3) If the * franked distribution * flows indirectly to the entity as a beneficiary of a trust under subsection 207 ‑ 50(3), the entity can deduct an amount for that income year that is equal to the lesser of: (a) its share amount in relation to the distribution that is mentioned in that subsection; and (b) its * share of the * franking credit on the distribution. Trustee (4) If the * franked distribution * flows indirectly to the entity as the trustee of a trust under subsection 207 ‑ 50(4), the entity’s share amount in relation to the distribution that is mentioned in that subsection is to be reduced by the lesser of: (a) that share amount; and (b) its * share of the * franking credit on the distribution. Example: A franked distribution of $70 is made to a partnership. Under section 207 ‑ 35, an additional amount of $30 is included in the partnership’s assessable income because of the distribution. The partnership has 2 equal partners, X and Y. X is a foreign resident individual whose share of partnership’s net income for the income year is $50 (share of distribution of $35 and share of franking credit of $15). That share of distribution is not assessable income and not exempt income under section 128D of the Income Tax Assessment Act 1936 . X’s assessable income of $15 (share of franking credit) is reduced to nil because of the deduction of $15 under subsection (2). Because of subsection (1), X is not entitled to a tax offset under section 207 ‑ 45. Part of share of distribution not assessable (5) If: (a) a * franked distribution * flows indirectly to an entity in an income year; and (b) a part of the entity’s * share of the distribution (the relevant part ) would, in its hands, be * exempt income or * non ‑ assessable non ‑ exempt income(whether or not it had actually received that part); then, subsection (2), (3) or (4) (as appropriate) applies to the entity on the basis that the amount of its * share of the * franking credit on the distribution is worked out as follows: (6) In addition, the following apply to an entity covered by subsection (5): (a) if the distribution would otherwise * flow indirectly through the entity—the entity’s * share of the distribution for the purposes of this Act (other than subsection (2), (3) or (4)) is to be reduced by the relevant part mentioned in subsection (5); (b) if the entity would otherwise be entitled to a * tax offset under this Division because of the distribution—the amount of the tax offset is to be worked out as follows:", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 68 of 2014", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 41 of 2005 | No 68 of 2014", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 68 of 2014, effective Sch 3: 30 June 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-105", "Provision_Key": "s207-105", "Heading": "What this Subdivision is about", "Text": "Subdivision 207 ‑ D does not apply to certain exempt institutions, trusts and life insurance companies as set out in this Subdivision. Such an entity may be entitled to a tax offset under this Subdivision in relation to a franked distribution. Table of sections Operative provisions 207 ‑ 110 Effect of non ‑ assessable income on gross up and tax offset Exempt institutions 207 ‑ 115 Which exempt institutions are eligible for a refund? 207 ‑ 117 Residency requirement 207 ‑ 119 Entity not treated as exempt institution eligible for refund in certain circumstances 207 ‑ 120 Entity may be ineligible because of a distribution event 207 ‑ 122 Entity may be ineligible if distribution is in the form of property other than money 207 ‑ 124 Entity may be ineligible if other money or property also acquired 207 ‑ 126 Entity may be ineligible if distributions do not match trust share amounts 207 ‑ 128 Reinvestment choice 207 ‑ 130 Controller’s liability 207 ‑ 132 Treatment of benefits provided by an entity to a controller 207 ‑ 134 Entity’s present entitlement disregarded in certain circumstances 207 ‑ 136 Review of certain decisions", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-110", "Provision_Key": "s207-110", "Heading": "Effect of non ‑ assessable income on gross up and tax offset", "Text": "(1) This section applies to an entity to whom a * franked distribution is made, or * flows indirectly, in any of the following circumstances: (a) the entity is an * exempt institution that is eligible for a refund and the distribution does not flow indirectly to the entity as a partner in a partnership under subsection 207 ‑ 50(2); (b) the distribution is, or the entity’s * share of the distribution would have been, this kind of income in its hands: (i) * exempt income under section 295 ‑ 385 (about income from assets set aside to meet current pension liabilities), section 295 ‑ 390 (about income from other assets used to meet current pension liabilities) or section 295 ‑ 400 (about income of a PST attributable to current pension liabilities); or (ii) * non ‑ assessable non ‑ exempt income under paragraph 320 ‑ 37(1)(a) (segregated exempt assets of a life insurance company) or paragraph 320 ‑ 37(1)(d) (certain amounts received by a friendly society) of this Act. (2) The following have effect in relation to the entity: (a) section 207 ‑ 90 or 207 ‑ 95 (as appropriate) does not apply to the entity; (b) if the entity would, apart from section 207 ‑ 90 or 207 ‑ 95, be entitled to a * tax offset under section 207 ‑ 20 or 207 ‑ 45 in relation to the distribution—the entity is entitled to that tax offset; (c) if the entity would not be entitled to such a tax offset, the entity is entitled to a tax offset under this section that is equal to: (i) if the distribution is made to the entity—the * franking credit on the distribution; or (ii) if the distribution * flows indirectly to the entity—the entity’s * share of the franking credit on the distribution; (d) if the distribution flows indirectly through the entity to another entity—subsection 207 ‑ 35(3) and section 207 ‑ 45 do not apply to that other entity. Note: Paragraph (2)(c) only applies to an exempt institution that is eligible for a refund and that is not entitled to a tax offset under section 207 ‑ 20 or 207 ‑ 45. An entity covered by paragraph (1)(b) will, in all cases, be entitled to a tax offset under section 207 ‑ 20 or 207 ‑ 45.", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 48 of 2002 | No 66 of 2003 | No 83 of 2004 | No 15 of 2007", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-115", "Provision_Key": "s207-115", "Heading": "Which exempt institutions are eligible for a refund?", "Text": "(1) This section sets out the only circumstances in which an entity is an exempt institution that is eligible for a refund . Income tax exempt charities (2) An entity is an exempt institution that is eligible for a refund if it: (a) is covered by item 1.1 of the table in section 50 ‑ 5; and (b) is endorsed as exempt from income tax under Subdivision 50 ‑ B; and (c) satisfies the * residency requirement. Income tax exempt deductible gift recipients (3) An entity is an exempt institution that is eligible for a refund if it: (a) is endorsed under paragraph 30 ‑ 120(a); and (b) satisfies the * residency requirement. Income tax exempt specified deductible gift recipients (4) An entity is an exempt institution that is eligible for a refund if: (a) the entity’s name is specified in a table in a section in Subdivision 30 ‑ B; and (b) it has an ABN; and (c) it satisfies the * residency requirement. Income tax exempt subsidiaries of the Future Fund Board (5A) An entity is an exempt institution that is eligible for a refund if it is covered by item 5.4 of the table in section 50 ‑ 25. Prescribed income tax exempt entities (6) An entity is an exempt institution that is eligible for a refund if the entity is prescribed as an exempt institution that is eligible for a refund by the regulations. (7) This section has effect subject to sections 207 ‑ 119 to 207 ‑ 136.", "Amendment_Count": 9, "First_Amended": "No 48 of 2002", "Last_Amended": "No 40 of 2023", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 23 of 2005 | No 63 of 2005 | No 58 of 2006 | No 169 of 2012 | No 96 of 2013 | No 110 of 2014 | No 40 of 2023", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 63 of 2005, effective Schedule 1 (items 5–23): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-117", "Provision_Key": "s207-117", "Heading": "Residency requirement", "Text": "An entity satisfies the residency requirement for the purposes of determining whether, at the time a * franked distribution is made, the entity is an * exempt institution that is eligible for a refund if: (a) the entity has a physical presence in Australia; and (b) to that extent, incurs its expenditure and pursues its objectives principally in Australia; at all times during the income year in which the distribution is made.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 48 of 2002 | No 23 of 2005", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-117"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-119", "Provision_Key": "s207-119", "Heading": "Entity not treated as exempt institution eligible for refund in certain circumstances", "Text": "For the purposes of this Act: (a) an entity must not be treated as an * exempt institution that is eligible for a refund in relation to a * franked distribution if section 207 ‑ 120, 207 ‑ 122 or 207 ‑ 124 applies to the entity in relation to the distribution; and (b) a beneficiary of a trust must not be treated as an exempt institution that is eligible for a refund in relation to a franked distribution made in an income year if section 207 ‑ 126 applies to the beneficiary in relation to that income year.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-119"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-120", "Provision_Key": "s207-120", "Heading": "Entity may be ineligible because of a distribution event", "Text": "(1) This section applies to an entity (the ineligible entity ) if: (a) a * franked distribution is made, or * flows indirectly under subsection 207 ‑ 50(3) or (4), to the entity; and (b) subsection (2) of this section applies because of a * distribution event in relation to the distribution. (2) Subject to subsection (3) and to section 207 ‑ 128, this subsection applies if, because of a * distribution event in relation to the * franked distribution: (a) the ineligible entity or another entity: (i) makes, becomes liable to make, or may reasonably be expected to make or to become liable to make, a payment to any entity; or (ii) transfers, becomes liable to transfer, or may reasonably be expected to transfer or to become liable to transfer, any property to any entity; or (iii) incurs, becomes liable to incur, or may reasonably be expected to incur or to become liable to incur, any other detriment, disadvantage, liability or obligation; or (b) if the distribution is made to the ineligible entity—the amount or value of the benefit * derived by the ineligible entity from the distribution is, will be, or may reasonably be expected to be, less than the amount or value of the distribution as at the time the distribution is made; or (c) if the distribution * flows indirectly to the ineligible entity—the amount or value of the benefit derived by the ineligible entity from the ineligible entity’s * trust share amount in relation to the distribution is, will be, or may reasonably be expected to be, less than the amount or value of the ineligible entity’s trust share amount in relation to the distribution as at the time when that amount arises; or (d) any of the following entities has obtained, will obtain or may reasonably be expected to obtain, a benefit, advantage, right or privilege: (i) the entity making the distribution; (ii) an entity through which the distribution flows indirectly to the ineligible entity; (iii) an * associate of any of those entities. Note: For when paragraph (d) is satisfied, see also subsection 207 ‑ 132(2). Exception to paragraph (2)(b) or (c) (3) Paragraph (2)(b) or (c) does not apply if: (a) that paragraph would otherwise apply only because of expenses the ineligible entity has incurred, will incur, or may reasonably be expected to incur, for the purpose of obtaining the * franked distribution or * trust share amount mentioned in that paragraph; and (b) the Commissioner considers the expenses to be reasonable. Trust share amount (4) An entity’s trust share amount in relation to a * franked distribution that * flows indirectly to the entity under subsection 207 ‑ 50(3) or (4) is the entity’s share amount that is mentioned in that subsection. Distribution event (5) A distribution event in relation to a * franked distribution is an act, transaction or circumstance that has happened, will happen, or may reasonably be expected to happen, as part of, in relation to or as a result of: (a) the payment or receipt of the distribution; or (b) if the distribution * flows indirectly to an entity under subsection 207 ‑ 50(3) or (4)—the arising of, or the distribution or receipt of, the entity’s * trust share amount in relation to the distribution; or (c) an * arrangement entered into in association with a matter mentioned in paragraph (a) or (b).", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 48 of 2002 | No 66 of 2003 | No 83 of 2004 | No 23 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Repealed by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-122", "Provision_Key": "s207-122", "Heading": "Entity may be ineligible if distribution is in the form of property other than money", "Text": "This section applies to an entity (the ineligible entity ) to whom a * franked distribution is made, or * flows indirectly under subsection 207 ‑ 50(3) or (4), if: (a) one of the following is in the form of property other than money: (i) if the distribution is made to the ineligible entity—all or part of the distribution; (ii) if the distribution flows indirectly to the ineligible entity through the trustee of a trust under subsection 207 ‑ 50(3) or (4)—all or a part of a distribution (the trust distribution ) made by the trustee of the trust that relates to the ineligible entity’s * trust share amount in relation to the franked distribution; and (b) the terms and conditions on which the franked distribution or trust distribution is made are such that the ineligible entity: (i) does not receive immediate custody and control of the property; or (ii) does not have the unconditional right to retain custody and control of the property in perpetuity; or (iii) does not obtain an immediate, indefeasible and unencumbered legal and equitable title to the property.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-122"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-124", "Provision_Key": "s207-124", "Heading": "Entity may be ineligible if other money or property also acquired", "Text": "Subject to section 207 ‑ 128, this section applies to an entity (the ineligible entity ) to whom a * franked distribution is made, or * flows indirectly under subsection 207 ‑ 50(3) or (4), if: (a) the ineligible entity or another entity has entered into an * arrangement as part of, or in association with: (i) the distribution; or (ii) if the distribution flows indirectly to the ineligible entity—the ineligible entity’s * trust share amount in relation to the distribution; and (b) because of the arrangement, the ineligible entity or another entity has acquired or will acquire (whether directly or indirectly) money or property, other than money or property comprising the distribution or the ineligible entity’s trust share amount, from: (i) the entity making the distribution; or (ii) an entity through which the distribution flows indirectly to the ineligible entity; or (iii) an * associate of any of those entities (other than the ineligible entity).", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-124"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-126", "Provision_Key": "s207-126", "Heading": "Entity may be ineligible if distributions do not match trust share amounts", "Text": "(1) This section applies to a beneficiary of a trust in relation to an income year if: (a) the sum of the distributions: (i) made to the beneficiary during the income year by the trustee of the trust; and (ii) that relate to the beneficiary’s * trust share amount in relation to a * franked distribution made during the income year; is less than: (b) that trust share amount. Commissioner’s power to treat trust share amount as having been distributed during the income year (2) Subsection (1) does not apply if the Commissioner, having regard to all the circumstances, considers that it would be reasonable to treat the * trust share amount as having been distributed to the beneficiary in the income year.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-126"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-128", "Provision_Key": "s207-128", "Heading": "Reinvestment choice", "Text": "(1) If, apart from this section, paragraph 207 ‑ 120(2)(a) or (d) or section 207 ‑ 124 would apply to an entity (the receiving entity ) to whom a * franked distribution is made or * flows indirectly, that paragraph or section is taken not to apply to the receiving entity if: (a) instead of receiving the distribution, or the * trust share amount concerned, by a payment of money, the receiving entity chooses to be issued with: (i) if the distribution is made to the receiving entity— * shares in the * corporate tax entity making the distribution; or (ii) if the distribution flows indirectly to the receiving entity—a fixed interest in the trust in relation to which the trust share amount arises; and (b) the choice is genuine and furthers the purpose for which the entity was established; and (c) the choice is not made for the purpose, or purposes that include the purpose, of benefiting the corporate tax entity, trust or any of their * associates (other than the receiving entity); and (d) any benefit * derived by the corporate tax entity, trust or any of their associates (other than the receiving entity) because of that choice is one which is an ordinary incident of issuing the shares or interests to the receiving entity or of the receiving entity’s holding of those shares or interests; and (e) the parties that were involved in the * distribution event or * arrangement concerned deal with one another on an * arm’s length basis in relation to the event or arrangement. A vested and indefeasible interest constitutes a fixed interest (2) The receiving entity’s interest in a trust is a fixed interest if the interest is a vested and indefeasible interest in the trust’s capital. Special rule about whether interests in unit trusts are defeasible (3) If: (a) the trust is a unit trust and the receiving entity holds units in the unit trust; and (b) the units are redeemable or further units are able to be issued; and (c) the units held by the receiving entity will be redeemed, or any further units will be issued: (i) if units in the unit trust are listed for quotation in the official list of an * approved stock exchange—for the price at which other units of the same kind in the unit trust are offered for sale on the exchange at the time of the redemption or issue; or (ii) if the units are not listed as mentioned in subparagraph (i)—for their * market value at the time of the redemption or issue; then the mere fact that the units are redeemable, or that the further units are able to be issued, does not mean that the receiving entity’s interest, as a unit holder, in the trust’s capital is defeasible. Commissioner’s power to treat an interest in a trust as being a fixed interest (4) If: (a) the receiving entity has an interest in the trust’s capital; and (b) apart from this subsection, the interest would not be a vested or indefeasible interest; and (c) the Commissioner considers that the interest should be treated as being vested and indefeasible, having regard to: (i) the circumstances in which the interest is capable of not vesting, or the defeasance can happen; and (ii) the likelihood of the interest not vesting or the defeasance happening; and (iii) the nature of the trust; and (iv) any other matter the Commissioner thinks relevant; the Commissioner may determine that the interest is to be taken to be vested and indefeasible. (5) A determination made under subsection (4) has effect according to its terms.", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 23 of 2005 | No 58 of 2006 | No 88 of 2013", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-128"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-130", "Provision_Key": "s207-130", "Heading": "Controller’s liability", "Text": "(1) A * controller (for imputation purposes) of an entity (the controlled entity ) is liable to pay an amount under this section in respect of a refund paid to the controlled entity under Division 67 if: (a) the controlled entity claimed the refund wholly or partly on the basis that: (i) the controlled entity was entitled to a * tax offset under section 207 ‑ 20, 207 ‑ 45 or 207 ‑ 110 in relation to a * franked distribution; and (ii) the controlled entity was an * exempt institution that is eligible for a refund; and (b) because of the operation of section 207 ‑ 120, 207 ‑ 122, 207 ‑ 124 or 207 ‑ 126 in respect of a * distribution event or an * arrangement in relation to the distribution, the controlled entity is not entitled to the tax offset; and (c) the controller or an * associate of the controller benefited from that event or arrangement; and (d) some or all of the amount that the controlled entity is liable to pay in respect of the refund remains unpaid after the day on which the amount becomes due and payable; and (e) the Commissioner gives the controller written notice: (i) stating that the controller is liable to pay an amount under this section; and (ii) specifying that amount. Except as provided for in subsection (5), this subsection does not affect any liability the controlled entity has in relation to the refund. Note 1: Section 207 ‑ 134 also provides that the controlled entity’s present entitlement to a trust share amount is disregarded for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 . Note 2: For when paragraph (c) is satisfied, see also subsection 207 ‑ 132(3). (2) The amount that the * controller (for imputation purposes) is liable to pay under subsection (1): (a) is the amount specified under subparagraph (1)(e)(ii); and (b) becomes due and payable at the end of the period of 14 days that starts on the day on which the notice mentioned in paragraph (1)(e) is given. (3) The amount that the * controller (for imputation purposes) is liable to pay under subsection (1) must not exceed the total amount or value of the benefit that the controller and its * associates obtained from the * distribution event or * arrangement. (4) The total of: (a) the amounts that the Commissioner recovers under subsection (1) in relation to the refund from all of the controlled entity’s * controllers (for imputation purposes); and (b) the amounts that the Commissioner recovers in relation to the refund from the controlled entity; must not exceed the amount that the controlled entity was liable to pay as mentioned in paragraph (1)(d). Controller of a company (5) An entity is a controller (for imputation purposes) of a company if the entity is a * controller of the company (for CGT purposes). Controller of an entity other than a company—basic meaning (6) Subject to subsections (7) and (8), an entity is a controller (for imputation purposes) of an entity other than a company (the controlled entity ) if: (a) a group in relation to the entity has the power, by means of the exercise of a power of appointment or revocation or otherwise, to obtain beneficial enjoyment (directly or indirectly) of the capital or income of the controlled entity; or (b) a group in relation to the entity is able (directly or indirectly) to control the application of the capital or income of the controlled entity; or (c) a group in relation to the entity is capable, under a * scheme, of gaining the beneficial enjoyment mentioned in paragraph (a) or the control mentioned in paragraph (b); or (d) the controlled entity or, if the controlled entity is a trust, the trustee of the trust: (i) is accustomed; or (ii) is under an obligation; or (iii) might reasonably be expected; to act in accordance with the directions, instructions or wishes of a group in relation to the entity; or (e) if the controlled entity is a trust—a group in relation to the entity is able (directly or indirectly) to remove or appoint the trustee of the trust; or (f) a group in relation to the entity has * more than a 50% stake in the income or capital of the controlled entity; or (g) entities in a group in relation to the entity are the only entities that, under the terms of: (i) the constitution of the controlled entity or the terms on which the controlled entity is established; or (ii) if the controlled entity is a trust—the terms of the trust; can obtain the beneficial enjoyment of the income or capital of the controlled entity. Group in relation to an entity (7) For the purposes of subsection (6), each of the following constitutes a group in relation to an entity: (a) the entity acting alone; (b) an * associate of the entity acting alone; (c) the entity and one or more associates of the entity acting together; (d) 2 or more associates of the entity acting together. Commissioner’s power to take an entity not to be a controller (for imputation purposes) (8) If: (a) at a particular time, an entity (the first entity ) would, but for this subsection, be a * controller (for imputation purposes) of an entity other than a company (the second entity ); and (b) the Commissioner, having regard to all relevant circumstances, considers that it is reasonable that the first entity be taken not to be such a controller of the second entity at the particular time; the first entity is taken not to be a controller (for imputation purposes) of the second entity at the particular time. (9) Without limiting paragraph (8)(b), if the second entity is a trust, the Commissioner may have regard under that paragraph to the identity of the beneficiaries of the trust at any time (whether before or after the first entity began to be a * controller (for imputation purposes) of the second entity).", "Amendment_Count": 4, "First_Amended": "No 48 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 48 of 2002 | No 23 of 2005 | No 41 of 2011", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-132", "Provision_Key": "s207-132", "Heading": "Treatment of benefits provided by an entity to a controller", "Text": "(1) This section applies in relation to a benefit (the relevant benefit ) given by an entity to a * controller (for imputation purposes) of the entity, or to an * associate of such a controller, if: (a) the controller or associate: (i) makes a * franked distribution to the entity; or (ii) is the trustee of the trust in relation to which a * trust share amount of the entity arises in relation to a franked distribution that * flows indirectly to the entity; and (b) the benefit is, or was, given to the controller or associate at any time during the period that starts 3 years before, and ends 3 years after, the distribution is made or the trust share amount arises (as appropriate). (2) For the purposes of paragraph 207 ‑ 120(2)(d), the controller or * associate is taken to have obtained the relevant benefit because of a * distribution event in relation to the * franked distribution or * trust share amount. (3) For the purposes of paragraph 207 ‑ 130(1)(c), and at least to the extent of the relevant benefit, the controller or * associate is taken to have benefited from a * distribution event or * arrangement that caused section 207 ‑ 120 to apply in relation to the * franked distribution or * trust share amount. Commissioner’s power not to apply subsection (2) or (3) (4) Subsection (2) or (3) does not apply in relation to a benefit if the Commissioner is satisfied, having regard to all the circumstances, that it would be unreasonable to apply that subsection.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-132"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-134", "Provision_Key": "s207-134", "Heading": "Entity’s present entitlement disregarded in certain circumstances", "Text": "The present entitlement of a beneficiary of a trust to a share of trust income is disregarded for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 if: (a) the beneficiary has claimed a * tax offset under section 207 ‑ 45 or 207 ‑ 110 of this Act on the basis that the beneficiary was an * exempt institution that was eligible for a refund in relation to a * trust share amount that is that share of trust income; but (b) the beneficiary was not entitled to that tax offset because of the operation of section 207 ‑ 120, 207 ‑ 122, 207 ‑ 124 or 207 ‑ 126 in respect of a * distribution event, or an * arrangement, to which the trust share amount is related. Note: This means that the trustee of the trust is liable to pay income tax on that share of the trust income.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-134"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-136", "Provision_Key": "s207-136", "Heading": "Review of certain decisions", "Text": "An entity that is dissatisfied with a decision of the Commissioner under any of the following provisions may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 : (a) paragraph 207 ‑ 120(3)(b); (b) subsection 207 ‑ 126(2); (c) subsection 207 ‑ 128(4); (d) paragraph 207 ‑ 130(1)(e); (e) paragraph 207 ‑ 130(8)(b); (f) subsection 207 ‑ 132(4).", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-136"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-140", "Provision_Key": "s207-140", "Heading": "What this Subdivision is about", "Text": "This Subdivision creates the appropriate adjustment to cancel the effect of the gross ‑ up and tax offset rules where the entity concerned has manipulated the imputation system in a manner that is not permitted under the income tax law. Table of sections Operative provisions 207 ‑ 145 Distribution that is made to an entity 207 ‑ 150 Distribution that flows indirectly to an entity 207 ‑ 155 When is a distribution made as part of a dividend stripping operation? 207 ‑ 157 Distribution washing 207 ‑ 158 Distributions entitled to a foreign income tax deduction 207 ‑ 159 Distributions funded by capital raising 207 ‑ 160 Distribution that is treated as an interest payment", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-145", "Provision_Key": "s207-145", "Heading": "Distribution that is made to an entity", "Text": "Whole of distribution manipulated (1) If a * franked distribution is made to an entity in one or more of the following circumstances: (a) the entity is not a qualified person in relation to the distribution for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 ; (b) the Commissioner has made a determination under paragraph 177EA(5)(b) of that Act that no imputation benefit (within the meaning of that section) is to arise in respect of the distribution for the entity; (c) the Commissioner has made a determination under paragraph 204 ‑ 30(3)(c) of this Act that no * imputation benefit is to arise in respect of the distribution for the entity; (d) the distribution is made as part of a * dividend stripping operation; (da) the distribution is one to which section 207 ‑ 157 (which is about distribution washing) applies; (db) the distribution is one to which section 207 ‑ 158 (which is about foreign income tax deductions) applies; then, for the purposes of this Act: (e) the amount of the * franking credit on the distribution is not included in the assessable income of the entity under section 207 ‑ 20 or 207 ‑ 35; and (f) the entity is not entitled to a * tax offset under this Division because of the distribution; and (g) if the distribution * flows indirectly through the entity to another entity—subsection 207 ‑ 35(3) and section 207 ‑ 45 do not apply to that other entity. Part of share of distribution manipulated (2) If: (a) a * franked distribution is made to an entity; and (b) the Commissioner makes a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no imputation benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution (the specified part ) for the entity; then, for the purposes of this Act: (c) the amount of the distribution is taken to have been reduced by the specified part; and (d) the amount of the * franking credit on the distribution is to be worked out as follows: Example: A franked distribution of $70 is made to the trustee of a trust. Apart from this section, the franking credit on the distribution ($30) would be included in the assessable income of the trust under section 207 ‑ 35. The Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no imputation benefit (within the meaning of that section) is to arise for the trustee in respect of $49 of the distribution. Under this subsection, the amount included in the assessable income of the trust under section 207 ‑ 35 because of the distribution is reduced from $30 to $9. If there is a beneficiary of the trust that is presently entitled to the trust’s income, the amount of the distribution that flows indirectly to the beneficiary is reduced from $70 to $21 under this subsection. What happens if both subsection 207 ‑ 90(2) and subsection (2) of this section would apply (3) If, apart from this subsection, both subsection 207 ‑ 90(2) and subsection (2) of this section would apply to an entity in relation to a * franked distribution, then: (a) apply subsection 207 ‑ 90(2) first; and (b) apply subsection (2) of this section on the basis that the amount of the * franked distribution had been reduced under subsection 207 ‑ 90(2).", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 101 of 2006 | No 68 of 2014 | No 84 of 2018", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 68 of 2014, effective Sch 3: 30 June 2014 (s 2(1) item 2) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-150", "Provision_Key": "s207-150", "Heading": "Distribution that flows indirectly to an entity", "Text": "Whole of share of distribution manipulated (1) If a * franked distribution * flows indirectly to an entity in an income year in one or more of the following circumstances: (a) the entity is not a qualified person in relation to the distribution for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 ; (b) the Commissioner has made a determination under paragraph 177EA(5)(b) of that Act that no imputation benefit (within the meaning of that section) is to arise in respect of the distribution for the entity; (c) the Commissioner has made a determination under paragraph 204 ‑ 30(3)(c) of this Act that no * imputation benefit is to arise in respect of the distribution for the entity; (d) the distribution is treated as an interest payment for the entity under section 207 ‑ 160 of this Act; (e) the distribution is made as part of a * dividend stripping operation; (ea) the distribution is one to which section 207 ‑ 157 (which is about distribution washing) applies; (eb) the distribution is one to which section 207 ‑ 158 (which is about foreign income tax deductions) applies; then, for the purposes of this Act: (f) subsection (2), (3) or (4) (as appropriate) applies to the entity in relation to that income year; and (g) the entity is not entitled to a * tax offset under this Division because of the distribution; and (h) if the distribution * flows indirectly through the entity to another entity—subsection 207 ‑ 35(3) and section 207 ‑ 45 do not apply to that other entity. Partner (2) If the * franked distribution * flows indirectly to the entity as a partner in a partnership under subsection 207 ‑ 50(2), the entity can deduct an amount for that income year that is equal to its * share of the * franking credit on the distribution. Beneficiary (3) If the * franked distribution * flows indirectly to the entity as a beneficiary of a trust under subsection 207 ‑ 50(3), the entity can deduct an amount for that income year that is equal to the lesser of: (a) its share amount in relation to the distribution that is mentioned in that subsection; and (b) its * share of the * franking credit on the distribution. Trustee (4) If the * franked distribution * flows indirectly to the entity as the trustee of a trust under subsection 207 ‑ 50(4), the entity’s share amount in relation to the distribution that is mentioned in that subsection is to be reduced by the lesser of: (a) that share amount; and (b) its * share of the * franking credit on the distribution. Part of share of distribution manipulated (5) If: (a) a * franked distribution * flows indirectly to an entity in an income year; and (b) the Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no imputation benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution (the specified part ) for the entity; then, subsection (2), (3) or (4) (as appropriate) applies to the entity on the basis that the amount of its * share of the * franking credit on the distribution is worked out as follows: (6) In addition, the following apply to an entity covered by subsection (5): (a) if the distribution would otherwise * flow indirectly through the entity—the entity’s * share of the distribution for the purposes of this Act (other than subsection (2), (3) or (4)) is to be reduced by the specified part mentioned in subsection (5); (b) if the entity would otherwise be entitled to a * tax offset under this Division because of the distribution—the amount of the tax offset is to be worked out as follows: Example: X is a partner in a partnership to which a franked distribution of $140 is made. The franking credit on the distribution ($60) is included in the assessable income of the partnership under section 207 ‑ 35. X’s share of the distribution is $70 and its share of the franking credit on the distribution is $30. The Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no imputation benefit (within the meaning of that section) is to arise for X in respect of $42 of the distribution. Under subsection (5), X will be allowed a deduction of $18. X is the trustee of a trust and the distribution will flow indirectly through X to beneficiaries of the trust. For the purposes of working out a beneficiary’s share of the distribution and its share of the franking credit, X’s share of the franked distribution is reduced to $28 under this subsection. What happens if both subsection 207 ‑ 95(1) and subsection (1) of this section would apply (7) If, apart from this subsection, both subsection 207 ‑ 95(1) and subsection (1) of this section would apply to an entity in relation to a * franked distribution, then: (a) subsection (1) of this section applies to the entity; but (b) subsection 207 ‑ 95(1) does not apply to the entity. What happens if both subsection 207 ‑ 95(5) and subsection (5) of this section would apply (8) If, apart from this subsection, both subsection 207 ‑ 95(5) and subsection (5) of this section would apply to an entity in relation to a * franked distribution, then: (a) apply subsections 207 ‑ 95(5) and (6) first; and (b) apply subsections (5) and (6) of this section on the basis that: (i) the amount of the entity’s * share of the * franking credit on the distribution had been reduced under subsection 207 ‑ 95(5); and (ii) the amount of the entity’s * share of the distribution had been reduced under subsection 207 ‑ 95(6).", "Amendment_Count": 5, "First_Amended": "No 48 of 2002", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 48 of 2002 | No 83 of 2004 | No 101 of 2006 | No 68 of 2014 | No 84 of 2018", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 68 of 2014, effective Sch 3: 30 June 2014 (s 2(1) item 2) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-155", "Provision_Key": "s207-155", "Heading": "When is a distribution made as part of a dividend stripping operation?", "Text": "A distribution made to a * member of a * corporate tax entity is taken to be made as part of a dividend stripping operation if, and only if, the making of the distribution arose out of, or was made in the course of, a * scheme that: (a) was by way of, or in the nature of, dividend stripping; or (b) had substantially the effect of a scheme by way of, or in the nature of, dividend stripping.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 48 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-157", "Provision_Key": "s207-157", "Heading": "Distribution washing", "Text": "(1) This section applies to a * franked distribution received by a * member of a * corporate tax entity on a * membership interest (the washed interest ) if: (a) the washed interest was acquired after the member, or a * connected entity of the member, disposed of a substantially identical membership interest; and (b) a corresponding franked distribution is made to the member, or the connected entity, on the substantially identical interest. Further requirement for connected entities (2) However, if the entity that disposed of the substantially identical interest was a * connected entity of the member, this section does not apply to the * franked distribution unless: (a) it would be concluded that the disposal took place wholly or partly because there was an expectation that the acquisition would, or would be likely to, take place; or (b) it would be concluded that the acquisition took place wholly or partly because there was a belief that the disposal had taken place. Substantially identical interests (3) Without limiting paragraph (1)(a), for the purpose of that paragraph a * membership interest is substantially identical to the washed interest if it is any one or more of the following: (a) fungible with, or economically equivalent to, the washed interest; (b) a membership interest in the same * corporate tax entity as the washed interest and of a class that is the same as, or not materially different from, the washed interest; (c) a membership interest in the same corporate tax entity as the washed interest and of a class that is exchangeable at a fixed rate for an interest of the same class as the washed interest; (d) a membership interest in another corporate tax entity that holds predominantly membership interests that are covered by any of the preceding paragraphs; (e) a membership interest in another corporate tax entity that is exchangeable at a fixed rate for interests that are covered by any one or more of paragraphs (a) to (c). Exception for individuals who are small holders (4) Despite subsection (1), this section does not apply to a * franked distribution made to an individual in an income year if the sum of the * tax offsets to which the individual would be entitled, worked out on the basis mentioned in subsection (5), is $5000 or less. (5) Work out the sum of the * tax offsets: (a) disregarding this Subdivision, to the extent it applies to the individual; and (b) not disregarding this Subdivision, to the extent it applies to any other entity through which a * franked distribution * flows indirectly to the individual.", "Amendment_Count": 1, "First_Amended": "No 68 of 2014", "Last_Amended": "No 68 of 2014", "Amending_Acts": "No 68 of 2014", "History_Notes": "Inserted by No 68 of 2014, effective Sch 3: 30 June 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-157"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-158", "Provision_Key": "s207-158", "Heading": "Distributions entitled to a foreign income tax deduction", "Text": "(1) This section applies to a * franked distribution if all or part of the distribution gives rise to a * foreign income tax deduction. Exception for distributions made under certain regulatory capital instruments (2) However, this section does not apply to a distribution made in respect of an * equity interest if the interest forms part of Additional Tier 1 capital for the purposes of: (a) applicable * prudential standards; or (b) applicable prudential standards determined by * APRA and in force under section 32 of the Insurance Act 1973 ; or (c) applicable prudential standards determined by APRA and in force under section 230A of the Life Insurance Act 1995 .", "Amendment_Count": 3, "First_Amended": "No 84 of 2018", "Last_Amended": "No 101 of 2023", "Amending_Acts": "No 84 of 2018 | No 79 of 2020 | No 101 of 2023", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Repealed and substituted by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Inserted by No 101 of 2023, effective sch 4 (items 6-9, 13-21): 1 Jan 2024 (s 2(1) item 6) sch 5: 28 Nov 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-158"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-159", "Provision_Key": "s207-159", "Heading": "Distributions funded by capital raising", "Text": "(1) This subsection applies to a distribution (the relevant distribution ) of a kind, or a part (the relevant part ) of a distribution (also a relevant distribution ) of a kind, made by an entity if all of the following conditions are satisfied: (a) either: (i) the entity has a practice of making distributions of that kind on a regular basis and the relevant distribution is not made in accordance with that practice; or (ii) the entity does not have a practice of making distributions of that kind on a regular basis; (b) there is an issue of * equity interests in the entity or any other entity (whether before, at or after the time at which the relevant distribution was made); (c) it is reasonable to conclude having regard to all relevant circumstances that: (i) the principal effect of the issue of any of the equity interests was the direct or indirect funding of a substantial part of the relevant distribution or the relevant part; and (ii) any entity that issued, or facilitated the issue of, any of the equity interests did so for a purpose (other than an incidental purpose) of funding a substantial part of the relevant distribution or the relevant part; (d) the issue of the equity interests was not a direct response in order to meet a requirement, direction or recommendation from * APRA or * ASIC. When an entity has a practice of making distributions of a certain kind on a regular basis (2) In considering whether the condition in paragraph (1)(a) is satisfied, take the following matters into account: (a) the nature of distributions made by the entity before the time at which the relevant distribution was made (including the extent to which such distributions were a return on capital); (b) the timing of such distributions; (c) the amount of such distributions; (d) any explanations given by the entity for making such distributions; (e) the amount of the * franking credits on, and the * franking percentages for, such distributions; (f) any other relevant consideration. Distributions funded by issuing equity interests are to be disregarded in determining past practice (3) In considering whether the condition in paragraph (1)(a) is satisfied, disregard a distribution if: (a) the distribution: (i) is a * franked distribution; or (ii) would be a franked distribution if subsection (1) did not apply to it; and (b) subsection (1) would apply to all or any part of the distribution if paragraph (1)(a) were omitted. When issue of equity interests has the effect or purpose of funding all or part of a distribution (4) In considering whether the condition in paragraph (1)(c) is satisfied, take the following matters into account: (a) the extent to which the time (or times) at which any of the * equity interests mentioned in that paragraph were issued differs (or differ) from the time at which the relevant distribution was made; (b) the extent to which the amount of the funds from the issue of any of those equity interests differs from the amount of the relevant distribution or the relevant part (as the case may be); (c) the extent to which the financial position of any of the following entities changed as a result of the relevant distribution (or any part of the relevant distribution) and the issue of any of those equity interests: (i) the entity that made the relevant distribution; (ii) an entity that, before, at or after the time at which the relevant distribution was made, was a * connected entity of that entity; (iii) if the entity in which those equity interests were issued is not the entity that made the relevant distribution—the entity in which those equity interests were issued; (d) the use of the funds from the issue of any of those equity interests; (e) whether there are any reasons for the issue of any of those equity interests other than the funding of the relevant distribution (or any part of the relevant distribution); (f) the extent to which the issue of any of those equity interests was underwritten (whether formally or informally); (g) how the history of the amounts of * franking surplus or * franking deficit for the * franking account of the entity that made the relevant distribution compares to: (i) the history of profits and or loss of that entity; and (ii) the history of the balance of the share capital account of that entity; (h) if the entity that made the relevant distribution is not the entity in which those equity interests were issued—the nature and extent of the relationship between those entities; (i) the extent to which: (i) the entity to which the relevant distribution was made; and (ii) other entities to which analogous distributions were made; (iii) other entities to which analogous distributions were not made, but which were entitled to analogous distributions; are the same as the entities to which those equity interests were issued; (j) other distributions (if any) made by the entity that made the relevant distribution (whether before, at or after the time at which the relevant distribution was made); (k) any other relevant consideration.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-159"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 207-160", "Provision_Key": "s207-160", "Heading": "Distribution that is treated as an interest payment", "Text": "(1) For the purposes of this Subdivision, a * franked distribution is treated as an interest payment for an entity to whom the distribution * flows indirectly if: (a) all or a part of the entity’s individual interest or share amount in relation to the distribution that is mentioned in subsection 207 ‑ 50(2), (3) or (4) could reasonably be regarded as the payment of interest on a loan, having regard to: (i) the way in which that individual interest or share amount was calculated; and (ii) the conditions applying to the payment or application of that individual interest or share amount; and (iii) any other relevant matters; and (b) the entity’s interest in the last intermediary entity (see subsection (2)): (i) was acquired, or was acquired for a period that was extended, at or after 7.30 pm by legal time in the Australian Capital Territory on 13 May 1997; or (ii) was acquired as part of a * financing arrangement for the entity (including an arrangement extending to an earlier arrangement) that was entered into at or after that time. (2) The entity’s interest in the last intermediary entity is: (a) if the distribution * flows indirectly to the entity as a partner in a partnership under subsection 207 ‑ 50(2)—the entity’s interest in the partnership; or (b) if the distribution flows indirectly to the entity as a beneficiary of a trust under subsection 207 ‑ 50(3)—the entity’s interest in the trust; or (c) if the distribution flows indirectly to the entity as the trustee of a trust under subsection 207 ‑ 50(4)—the entity’s interest in the trust in respect of which the entity is liable to be assessed.", "Amendment_Count": 2, "First_Amended": "No 48 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 48 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002 | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s207-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-5", "Provision_Key": "s208-5", "Heading": "What is an exempting entity?", "Text": "(1) An exempting entity is a corporate tax entity that is effectively owned by entities that, either because they are not Australian residents or because they receive distributions as exempt income or non ‑ assessable non ‑ exempt income, would not be able to fully utilise franking credits on distributions by the corporate tax entity. (2) In deciding whether a corporate tax entity is effectively owned by such entities, these rules: (a) look at the membership interests in the entity that involve the holder of the interest in bearing the risks and accruing the opportunities of ownership of the entity; and (b) ask whether at least 95% of those membership interests, and 95% of any interests in those membership interests, are held by Australian residents or entities that receive distributions as exempt income or non ‑ assessable non ‑ exempt income.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 90 of 2002 | No 66 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-10", "Provision_Key": "s208-10", "Heading": "Former exempting entities", "Text": "When an entity ceases to be an exempting entity, it becomes a former exempting entity.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-15", "Provision_Key": "s208-15", "Heading": "Distributions by exempting entities and former exempting entities", "Text": "To ensure that franking credits accumulated by an exempting entity are not the target of franking credit trading, these rules: (a) limit the circumstances in which a distribution franked with those credits can give rise to benefits under the imputation system; and (b) quarantine those credits by moving them into a separate account, called the exempting account, when the entity ceases to be an exempting entity; and (c) deny a recipient of a distribution franked with a credit from that account any benefit under the imputation system as a result of that distribution, unless the recipient was a member of the entity immediately before it became a former exempting entity.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-20", "Provision_Key": "s208-20", "Heading": "Exempting entities", "Text": "A * corporate tax entity is an exempting entity at a particular time if, at that time, the entity is effectively owned by prescribed persons. Note: Prescribed persons are identified in sections 208 ‑ 40 and 208 ‑ 45.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-25", "Provision_Key": "s208-25", "Heading": "Effective ownership of entity by prescribed persons", "Text": "(1) An entity is effectively owned by prescribed persons at a particular time if: (a) at that time: (i) not less than 95% of the * accountable membership interests in the entity; or (ii) not less than 95% of the * accountable partial interests in the entity; are held by, or held indirectly for the benefit of, prescribed persons; or (b) paragraph (a) does not apply but it would nevertheless be reasonable to conclude that, at that time, the risks involved in, and the opportunities resulting from, holding accountable membership interests, or accountable partial interests, in the entity that are not held by, or directly or indirectly for the benefit of, prescribed persons are substantially borne by, or substantially accrue to, prescribed persons. (2) In deciding whether it would be reasonable to conclude as mentioned in paragraph (1)(b): (a) have regard to any * arrangement in respect of * membership interests (including unissued membership interests), or in respect of * partial interests, in the entity (including any derivatives held or issued in connection with those membership interests or partial interests) of which the entity is aware; but (b) do not have regard to risks involved in the ownership of membership interests, or partial interests, in the entity that are substantially borne by any person in the person’s capacity as a secured creditor. (3) An entity has a partial interest in a * corporate tax entity if it has an interest in a * membership interest in the corporate tax entity.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-30", "Provision_Key": "s208-30", "Heading": "Accountable membership interests", "Text": "(1) The purpose of this section is to identify which * membership interests in an entity are relevant in determining whether the entity is effectively owned by prescribed persons. (2) A * membership interest in an entity is an accountable membership interest if it is not an excluded membership interest. (3) A * membership interest in an entity is an excluded membership interest if, having regard to: (a) the purposes for which the membership interest was issued; and (b) any special or limited rights connected with, arising from, or attached to: (i) the membership interest; or (ii) other membership interests in the entity held by the holder of the membership interest; or (iii) membership interests in the entity held by persons other than the holder of the membership interest; or (iv) interests in any of the above; including rights that are conferred or exercisable only if the holder of the membership interest or interests concerned is, or is not, a prescribed person; and (c) the extent to which any such special or limited rights are similar to or differ from the rights that are normally attached to the ownership of * ordinary membership interests in * corporate tax entities; and (d) the relationship between the value of the membership interest and the value of the entity; and (e) any relationship or connection (whether of a personal or business nature) between holders of membership interests in the entity of which the entity is aware; and (f) any * arrangement in respect of membership interests (including unissued membership interests) in the entity, or interests in membership interests in the entity, of which the entity is aware; it would be reasonable to conclude that the membership interest is not relevant in determining whether the entity is effectively owned by prescribed persons because holding the membership interest does not involve the holder bearing the risks, or result in the accrual to the holder of the opportunities, of ownership of the entity that ordinarily arise from, or are ordinarily attached to, the holding of ordinary membership interests in an entity. (4) In applying subsection (3), the fact that a person is a trustee is to be disregarded. (5) Without limiting subsection (3), a * membership interest in an entity held by a person who is not a prescribed person is an excluded membership interest if: (a) it is a finance membership interest; or (b) it is a distribution access membership interest; or (c) it does not carry the right to receive distributions; or (d) it was issued, transferred or acquired for a purpose (other than an incidental purpose) of ensuring that the entity is not effectively owned by prescribed persons. (6) A * membership interest is a finance membership interest if: (a) the membership interest is a * non ‑ equity share in the entity; or (b) having regard to the rights attached to the membership interest and to any * arrangement with respect to the membership interest of which the entity is aware, the membership interest is equivalent to a debt owed by the entity to the holder of the membership interest. (7) A * membership interest to which subsection (6) does not apply is a finance membership interest if: (a) the manner in which the * distributions payable in respect of the membership interest are calculated, and the conditions applying to the payment of such distributions, indicate that the distributions paid are equivalent to the receipt by the person to whom they are paid of interest or an amount in the nature of or similar to interest; or (b) the capital invested by the holder of the membership interest will be redeemed or, because of an * arrangement between the holder and the entity or an * associate of the entity, it is reasonable for the holder to expect that the capital will be redeemed, for an amount that is not less than, or for property (including other membership interests in the entity) the value of which is not less than, the amount paid for the membership interest; or (c) the membership interest is redeemable by the entity by payment of a lump sum or by the transfer of property, or the membership interest has a preferred right to a repayment of capital on a winding up, where the amount of the lump sum or the value of the property, or the amount of the capital to be repaid, as the case may be, is to be calculated by reference to an implicit interest rate. (8) A * membership interest in an entity is a distribution access membership interest if, having regard to: (a) the terms of the issue of the membership interest, including any guarantee of payment of distributions; and (b) the amounts of the * distributions paid on the membership interest relative to the issue price of the membership interest; and (c) whether there is any guaranteed rate at which * franked distributions are to be paid on the membership interest; and (d) the duration of the period within which the membership interest was issued; and (e) the rights attached to other membership interests in the entity; and (f) any other relevant matters; it could be concluded that the membership interest was issued only for the purpose of paying distributions to the holder of the membership interest.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-35", "Provision_Key": "s208-35", "Heading": "Accountable partial interests", "Text": "(1) The purpose of this section is to identify which * partial interests in an entity are relevant in determining whether the entity is effectively owned by prescribed persons. (2) A * partial interest in an entity is an accountable partial interest if it is not an excluded partial interest. (3) A * partial interest in an entity is an excluded partial interest if, having regard to: (a) the purposes for which the interest was granted; and (b) the nature of the interest; and (c) any special or limited rights connected with or arising from: (i) the interest; or (ii) other * membership interests, or partial interests, in the entity held by the holder of the interest; or (iii) membership interests, or partial interests, in the entity held by persons other than the holder of the interest; including rights that are conferred or exercisable only if the holder of the membership interests or partial interests concerned is, or is not, a prescribed person; and (d) the extent to which the interest is similar to or differs from beneficial ownership; and (e) the relationship between the value of the interest and the value of the entity; and (f) any relationship or connection (whether of a personal or business nature) between holders of partial interests in the entity, and the holders of membership interests in the entity, of which the entity is aware; and (g) any * arrangement in respect of membership interests (including unissued membership interests) in the entity, or partial interests in the entity, of which the entity is aware; it would be reasonable to conclude that the partial interest is not relevant in determining whether the entity is effectively owned by prescribed persons because holding the membership interest to which the partial interest relates does not involve the holder bearing the risks, or result in the accrual to the holder of the opportunities, of ownership of the entity that ordinarily arise from, or are ordinarily attached to, the holding of * ordinary membership interests in an entity. (4) In applying subsection (3), the fact that a person is a trustee is to be disregarded. (5) Without limiting subsection (3), a * partial interest in an entity is also an excluded partial interest if it was granted or otherwise created, or was transferred or acquired, for a purpose (other than an incidental purpose) of ensuring that the entity is not effectively owned by prescribed persons.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-40", "Provision_Key": "s208-40", "Heading": "Prescribed persons", "Text": "(1) A company is a prescribed person in relation to another * corporate tax entity if: (a) the company is a foreign resident; or (b) were the company to receive a * distribution made by the other corporate tax entity, the distribution would be * exempt income or * non ‑ assessable non ‑ exempt income of the company. (2) A trustee is a prescribed person in relation to a * corporate tax entity if: (a) all the beneficiaries in the trust are prescribed persons under other provisions of this section; or (b) were the trustee to receive a * distribution made by the corporate tax entity, the distribution would be * exempt income or * non ‑ assessable non ‑ exempt income of the trust estate. (3) A partnership is a prescribed person in relation to a * corporate tax entity if: (a) all the partners are prescribed persons under other provisions of this section; or (b) were the partnership to receive a * distribution made by the corporate tax entity, the distribution would be * exempt income or * non ‑ assessable non ‑ exempt income of the partnership. (4) An individual (other than a trustee) is a prescribed person in relation to a * corporate tax entity if: (a) he or she is a foreign resident; or (b) were he or she to receive a * distribution made by the corporate tax entity, the distribution would be * exempt income or * non ‑ assessable non ‑ exempt income of the individual. (5) The Commonwealth, each of the States, the Australian Capital Territory, the Northern Territory and Norfolk Island are prescribed persons in relation to any * corporate tax entity. (6) An * exempt institution that is eligible for a refund cannot be a prescribed person in relation to a * corporate tax entity under this section.", "Amendment_Count": 5, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 66 of 2003 | No 83 of 2004 | No 41 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-45", "Provision_Key": "s208-45", "Heading": "Persons who are taken to be prescribed persons", "Text": "(1) This section applies to a person that: (a) is a company, a trustee, or a partnership, that holds * membership interests (whether * accountable membership interests or excluded membership interests), or * partial interests (whether * accountable partial interests or excluded partial interests), in a * corporate tax entity (the relevant entity ); and (b) is not a prescribed person under section 208 ‑ 40. (2) A company that holds * membership interests, or * partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if the risks involved in, and the opportunities resulting from, holding the membership interests or partial interests are substantially borne by, or substantially accrue to, as the case may be, one or more prescribed persons. (3) A trustee of a trust who holds * membership interests, or * partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if the risks involved in, and the opportunities resulting from, holding the membership interests or partial interests are substantially borne by, or substantially accrue to, as the case may be, one or more prescribed persons. (4) A trustee of a trust who holds * membership interests, or * partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if: (a) unless subsection (7) applies, the trust is controlled by one or more persons who are prescribed persons; or (b) all the beneficiaries who are presently entitled to, or during the relevant income year become presently entitled to, income from the trust are prescribed persons. (5) In determining whether subsection (3) or (4) applies in respect of a trust that is controlled by a person, have regard to the way in which the person, or any * associate of the person, exercises powers in relation to the trust. (6) A person controls a trust if: (a) the person has the power, either directly, or indirectly through one or more interposed entities, to control the application of the income, or the distribution of the property, of the trust; or (b) the person has the power, either directly, or indirectly through one or more entities, to appoint or remove the trustee of the trust; or (c) the person has the power, either directly, or indirectly through one or more entities, to appoint or remove beneficiaries of the trust; or (d) the trustee of the trust is accustomed or under an obligation, whether formal or informal, to act according to the directions, instructions or wishes of the person or of an * associate of the person. (7) Paragraph (4)(a) does not apply in relation to a trust if some of the beneficiaries receiving income from the trust are not prescribed persons and the Commissioner considers that it is reasonable to conclude that the risks involved in, and the opportunities resulting from, holding the * membership interests or * partial interests in the relevant entity are substantially borne by, or substantially accrue to, as the case may be, one or more persons who are not prescribed persons. (8) A partnership that holds * membership interests, or * partial interests, in the relevant entity is taken to be a prescribed person in relation to the relevant entity if the risks involved in, and the opportunities resulting from, holding the membership interests or partial interests are substantially borne by, or substantially accrue to, as the case may be, one or more prescribed persons. (9) If any of the prescribed persons referred to in subsection (2), (3), (4) or (8) is a * corporate tax entity, that subsection applies even if the risks involved in, and the opportunities resulting from, holding any of the * membership interests, or * partial interests, in that entity are substantially borne by, or substantially accrue to, as the case may be, one or more persons who are not prescribed persons. (10) An * exempt institution that is eligible for a refund cannot be taken to be a prescribed person in relation to a * corporate tax entity under this section.", "Amendment_Count": 5, "First_Amended": "No 90 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 90 of 2002 | No 83 of 2004 | No 41 of 2005 | No 58 of 2006 | No 97 of 2008", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-50", "Provision_Key": "s208-50", "Heading": "Former exempting companies", "Text": "(1) Subject to subsection (2), a * corporate tax entity is a former exempting entity if it has, at any time, ceased to be an * exempting entity and is not again an exempting entity. (2) If an entity that, at any time, becomes effectively owned by prescribed persons ceases to be so effectively owned within 12 months after that time, the entity is not taken, by so ceasing, to become a former exempting entity.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-55", "Provision_Key": "s208-55", "Heading": "What this Subdivision is about", "Text": "If a former exempting entity makes a distribution in circumstances where it could be franked, the entity can frank the distribution with an exempting credit. Table of sections Operative provisions 208 ‑ 60 Franking with an exempting credit", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-60", "Provision_Key": "s208-60", "Heading": "Franking with an exempting credit", "Text": "An entity franks a * distribution with an exempting credit if: (a) the entity is a * former exempting entity when the distribution is made; and (b) the entity is a * franking entity that satisfies the * residency requirement when the distribution is made; and (c) the distribution is a * frankable distribution; and (d) the entity allocates an * exempting credit to the distribution. Note: The residency requirement for an entity making a distribution is set out in section 202 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-65", "Provision_Key": "s208-65", "Heading": "What this Subdivision is about", "Text": "The amount of the exempting credit on a distribution is that stated in the distribution statement, unless the amount stated exceeds the maximum franking credit for the distribution. In that case, it is nil. Table of sections Operative provisions 208 ‑ 70 Amount of the exempting credit on a distribution", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-70", "Provision_Key": "s208-70", "Heading": "Amount of the exempting credit on a distribution", "Text": "(1) Subject to subsection (2), the amount of the * exempting credit on a * distribution is that stated in the * distribution statement for the distribution. (2) If the sum of the * franking credit and the * exempting credit stated in the * distribution statement for a * distribution exceeds the * maximum franking credit for the distribution, the amount of the exempting credit on the distribution is taken to be nil. Note: If the franking credit stated in the distribution statement exceeds the maximum franking credit for the distribution, the amount of the franking credit on the distribution is taken to equal that maximum under section 202 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-75", "Provision_Key": "s208-75", "Heading": "Guide to Subdivision 208 ‑ D", "Text": "Former exempting entities and exempting entities that make certain distributions must provide additional information in the distribution statement given to the recipient. Table of sections Operative provisions 208 ‑ 80 Additional information to be included by a former exempting entity or exempting entity", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-80", "Provision_Key": "s208-80", "Heading": "Additional information to be included by a former exempting entity or exempting entity", "Text": "(1) A * former exempting entity that makes a * distribution * franked with an exempting credit must include in the * distribution statement given to the recipient, a statement that there is an * exempting credit of a specified amount on the distribution. (2) An * exempting entity that makes a * frankable distribution to a * member must include in the * distribution statement given to the member, a statement to the effect that members who are Australian residents are not entitled to a * tax offset or * franking credit as a result of the distribution, except for certain * corporate tax entities, and employees who receive the distribution in connection with certain * employee share schemes. (3) If, under subsection (1) or (2), a statement must be included in a * distribution statement, the distribution statement is taken not to have been given unless the statement is included.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 90 of 2002 | No 41 of 2005", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-85", "Provision_Key": "s208-85", "Heading": "What this Subdivision is about", "Text": "All frankable distributions made within a franking period must be franked to the same extent with an exempting credit. Table of sections Operative provisions 208 ‑ 90 All frankable distributions made within a franking period must be franked to the same extent with an exempting credit 208 ‑ 95 Exempting percentage 208 ‑ 100 Consequences of breaching the rule in section 208 ‑ 90", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-90", "Provision_Key": "s208-90", "Heading": "All frankable distributions made within a franking period must be franked to the same extent with an exempting credit", "Text": "(1) If an entity * franks a * distribution with an exempting credit, it must frank each other * frankable distribution made within the same * franking period with an exempting credit worked out at the same * exempting percentage. (2) If an entity is not a * former exempting entity for the whole of a * franking period (the longer period ), then, for the purposes of subsection (1), each period within that longer period during which the entity is a former exempting entity is taken to be a franking period .", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-95", "Provision_Key": "s208-95", "Heading": "Exempting percentage", "Text": "The exempting percentage for a * frankable distribution is worked out using the formula:", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-100", "Provision_Key": "s208-100", "Heading": "Consequences of breaching the rule in section 208 ‑ 90", "Text": "If an entity * franks a * distribution with an exempting credit in breach of section 208 ‑ 90: (a) that distribution is taken not to have been franked with an exempting credit; and (b) each other * frankable distribution made by the entity within the relevant * franking period is taken not to have been franked with an exempting credit.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-105", "Provision_Key": "s208-105", "Heading": "What this Subdivision is about", "Text": "This Subdivision: • creates an exempting account for each former exempting entity; and • identifies when exempting credits and debits arise in those accounts and the amount of those credits and debits; and • identifies when there is an exempting surplus or deficit in the account; and • identifies when franking credits and debits arise in the franking account of an entity because it is an exempting entity, or former exempting entity. Table of sections Operative provisions 208 ‑ 110 Exempting account 208 ‑ 115 Exempting credits 208 ‑ 120 Exempting debits 208 ‑ 125 Exempting surplus and deficit 208 ‑ 130 Franking credits arising because of status as exempting entity or former exempting entity 208 ‑ 135 Relationships that will give rise to a franking credit under item 5 of the table in section 208 ‑ 130 208 ‑ 140 Membership of the same effectively wholly ‑ owned group 208 ‑ 145 Franking debits arising because of status as exempting entity or former exempting entity 208 ‑ 150 Residency requirement 208 ‑ 155 Eligible continuing substantial member 208 ‑ 160 Distributions that are affected by a manipulation of the imputation system 208 ‑ 165 Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit 208 ‑ 170 Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution 208 ‑ 175 When does a distribution franked with an exempting credit flow indirectly to an entity? 208 ‑ 180 What is an entity’s share of the exempting credit on a distribution? 208 ‑ 185 Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-110", "Provision_Key": "s208-110", "Heading": "Exempting account", "Text": "Each * former exempting entity has an exempting account .", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-115", "Provision_Key": "s208-115", "Heading": "Exempting credits", "Text": "(1) The following table sets out when a credit arises in the * exempting account of a * former exempting entity. A credit in the former exempting entity’s account is called an exempting credit . Exempting Credits Item If: A credit of: Arises: 1 the entity had a * franking surplus at the time it became a * former exempting entity (at the time of its transition ) an amount equal to: (a) in a case not covered by paragraph (b)—the franking surplus; or (b) if the entity has been a former exempting entity at any time within a period of 12 months before its transition—so much of the franking surplus as would have been the entity’s * exempting surplus had it remained a former exempting entity throughout the period immediately after its transition 2 the entity receives a * distribution * franked with an exempting credit; and the entity satisfies the * residency requirement for the income year in which the distribution is made and at the time the distribution is made; and some part of the distribution is neither * exempt income nor * non ‑ assessable non ‑ exempt income of the entity; and the entity is an * eligible continuing substantial member in relation to the distribution; and the distribution is not affected by a manipulation of the imputation system mentioned in section 208 ‑ 160 an amount worked out under subsection 208 ‑ 165(1) on the day on which the distribution is made 3 the entity receives a * distribution * franked with an exempting credit; and the entity satisfies the * residency requirement for the income year in which the distribution is made and at the time the distribution is made; and some part of the distribution is neither * exempt income nor * non ‑ assessable non ‑ exempt income of the entity; and the entity is an * eligible continuing substantial member in relation to the distribution; and the Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution an amount worked out under subsection 208 ‑ 170(1) on the day on which the distribution is made 4 a * distribution * franked with an exempting credit * flows indirectly to the entity (the ultimate recipient ); and the recipient of the distribution is an * eligible continuing substantial member in relation to the distribution; and except for the fact that the ultimate recipient is not an eligible continuing substantial member in relation to the distribution, it would have been entitled to an * exempting credit because of the distribution had the distribution been made to the ultimate recipient an amount equal to the exempting credit that would have arisen for the ultimate recipient if: (a) the ultimate recipient had been an eligible continuing substantial member in relation to the distribution; and (b) the distribution had been made to the ultimate recipient; and (c) the distribution had been franked with an exempting credit equal to the ultimate recipient’s * share of the actual exempting credit on the day on which the distribution is made 5 the entity * pays a * PAYG instalment; and the entity satisfies the * residency requirement for the income year in relation to which the PAYG instalment is paid; and the entity was an * exempting entity for the whole or part of the relevant * PAYG instalment period an amount equal to that part of the payment that is attributable to the period during which the entity was an exempting entity on the day on which the payment is made 6 the entity * pays income tax; and the entity satisfies the * residency requirement for the income year for which the tax is paid; and the entity was an * exempting entity for the whole or part of that income year an amount equal to that part of the payment that is attributable to the period during which the entity was an exempting entity on the day on which the payment is made 7 the * exempting account of the entity would, apart from this item, be in * deficit immediately before the end of an income year an amount equal to the deficit immediately before the end of the income year 8 the entity becomes an * exempting entity; and the entity has an * exempting deficit at the time it becomes an exempting entity an amount equal to the exempting deficit immediately after the entity becomes an exempting entity 9 the entity * pays diverted profits tax; and the entity satisfies the * residency requirement for the income year for which the tax is paid; and the entity was an * exempting entity for the whole or part of that income year an amount equal to that part of the payment that is attributable to the period during which the entity was an exempting entity, multiplied by the proportion worked out under subsection (2) on the day on which the payment is made (2) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ) divided by 40%.", "Amendment_Count": 4, "First_Amended": "No 90 of 2002", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 90 of 2002 | No 66 of 2003 | No 23 of 2005 | No 27 of 2017", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-120", "Provision_Key": "s208-120", "Heading": "Exempting debits", "Text": "(1) The following table sets out when a debit arises in the * exempting account of the * former exempting entity. A debit in the * former exempting entity's exempting account is called an exempting debit . Exempting debits Item If: A debit of: Arises: 1 the entity had a * franking deficit at the time it became a * former exempting entity (at the time of its transition ) an amount equal to: (a) in a case not covered by paragraph (b)—the franking deficit; or (b) if the entity has been a former exempting entity at any time within a period of 12 months before its transition—so much of the franking deficit as would have been the entity’s * exempting deficit had it remained a former exempting entity throughout the period immediately after its transition 2 the entity makes a * distribution * franked with an exempting credit an amount equal to the * exempting credit on the distribution on the day on which the distribution is made 3 the entity * receives a refund of income tax; and the entity was an * exempting entity during all or part of the income year to which the refund relates; and the entity satisfies the * residency requirement for the income year to which the refund relates an amount equal to that part of the refund that is attributable to the period during which the entity is an exempting entity on the day on which the refund is received 4 the Commissioner makes a determination under paragraph 204 ‑ 30(3)(b) giving rise to an * exempting debit for the entity (streaming distributions) the amount specified in the determination on the day specified in section 204 ‑ 35 5 a * franking debit arises for the entity under section 204 ‑ 15 (linked distributions), 204 ‑ 25 (substituting tax ‑ exempt bonus shares for franked distributions) or a determination made under paragraph 204 ‑ 30(3)(a) (streaming distributions); and the entity was an * exempting entity for the whole or part of the period to which the franking debit relates an amount equal to that part of the franking debit that relates to the period during which the entity was an exempting entity when the franking debit arises 6 the Minister makes a determination under paragraph 208 ‑ 185(4)(a) giving rise to an * exempting debit for the entity the amount specified in the determination on the day specified in the determination 7 the entity becomes an * exempting entity; and the entity has an * exempting surplus at the time it becomes an exempting entity an amount equal to the exempting surplus immediately after the entity becomes an exempting entity 8 the entity * receives a refund of diverted profits tax; and the entity was an * exempting entity during all or part of the income year to which the refund relates; and the entity satisfies the * residency requirement for the income year to which the refund relates an amount equal to that part of the refund that is attributable to the period during which the entity is an exempting entity, multiplied by the proportion worked out under subsection (2) on the day on which the refund is received (2) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ) divided by 40%.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 90 of 2002 | No 27 of 2017", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-125", "Provision_Key": "s208-125", "Heading": "Exempting surplus and deficit", "Text": "(1) An entity’s * exempting account is in surplus at a particular time if, at that time, the sum of the * exempting credits in the account exceeds the sum of the * exempting debits in the account. The amount of the exempting surplus is the amount of the excess. (2) An entity’s * exempting account is in deficit at a particular time if, at that time, the sum of the * exempting debits in the account exceeds the sum of the * exempting credits in the account. The amount of the exempting deficit is the amount of the excess.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-130", "Provision_Key": "s208-130", "Heading": "Franking credits arising because of status as exempting entity or former exempting entity", "Text": "The following table sets out when a credit arises in the * franking account of an entity because of its status as an * exempting entity or * former exempting entity. Franking credits arising because of status as an exempting entity or former exempting entity Item If: A credit of: Arises: 1 an entity becomes a * former exempting entity; and the entity has a * franking deficit at the time it becomes a former exempting entity an amount equal to the franking deficit immediately after the entity becomes a former exempting entity 2 an entity receives a * distribution * franked with an exempting credit; and the entity is an * exempting entity at the time the distribution is made; and the entity satisfies the * residency requirement for the income year in which the distribution is made and at the time the distribution is made; and some part of the distribution is neither * exempt income nor * non ‑ assessable non ‑ exempt income of the entity; and an amount worked out under subsection 208 ‑ 165(1) on the day on which the distribution is made the entity is an * eligible continuing substantial member in relation to the distribution; and the distribution is not affected by a manipulation of the imputation system mentioned in section 208 ‑ 160 3 the entity receives a * distribution * franked with an exempting credit; and the entity is an * exempting entity at the time the distribution is made; and the entity satisfies the * residency requirement for the income year in which the distribution is made and at the time the distribution is made; and some part of the distribution is neither * exempt income nor * non ‑ assessable non ‑ exempt income of the entity; and the entity is an * eligible continuing substantial member in relation to the distribution; and the Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution an amount worked out under subsection 208 ‑ 170(1) on the day on which the distribution is made 4 a * distribution * franked with an exempting credit * flows indirectly to the entity (the ultimate recipient ); and the recipient of the distribution is an * eligible continuing substantial member in relation to the distribution; and except for the fact that the ultimate recipient is not an eligible continuing substantial member in relation to the distribution, it would have been entitled to a * franking credit because of the distribution had the distribution been made to the ultimate recipient an amount equal to the franking credit that would have arisen for the ultimate recipient if: (a) the ultimate recipient had been an eligible continuing substantial member in relation to the distribution; and (b) the distribution had been made to the ultimate recipient; and (c) the distribution had been franked with a franking credit equal to the ultimate recipient’s * share of the actual franking credit on the day on which the distribution is made 5 an * exempting entity makes a * franked distribution to the entity (the recipient ); and at the time the distribution is made: (a) the recipient is an exempting entity; and (b) the recipient satisfies the * residency requirement; and (c) the relationship between the entities is of the type mentioned in section 208 ‑ 135; and an amount worked out using the formula in subsection 208 ‑ 165(2) on the day on which the distribution is made the recipient satisfies the residency requirement for the income year in which the distribution is made; and some part of the distribution is neither * exempt income nor * non ‑ assessable non ‑ exempt income of the recipient; and the distribution is not affected by a manipulation of the imputation system mentioned in section 208 ‑ 160 6 an * exempting entity makes a * franked distribution to the entity (the recipient ); and at the time the distribution is made: (a) the recipient is an exempting entity; and (b) the recipient satisfies the * residency requirement; and (c) the relationship between the entities is of the type mentioned in section 208 ‑ 135; and the recipient satisfies the residency requirement for the income year in which the distribution is made; and some part of the distribution is neither * exempt income nor * non ‑ assessable non ‑ exempt income of the recipient; and the Commissioner has made a an amount worked out using the formula in subsection 208 ‑ 170(2) on the day on which the distribution is made determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of a specified part of the distribution 7 a * distribution made by an * exempting entity * flows indirectly to the entity (the ultimate recipient ); and the recipient of the distribution is an * eligible continuing substantial member in relation to the distribution; and except for the fact that the ultimate recipient is not an eligible continuing substantial member in relation to the distribution, it would have been entitled to a * franking credit because of the distribution had the distribution been made to the ultimate recipient an amount equal to the franking credit that would have arisen for the ultimate recipient if: (a) the ultimate recipient had been an eligible continuing substantial member in relation to the distribution; and (b) the distribution had been made to the ultimate recipient; and (c) the distribution had been franked with a franking credit equal to the ultimate recipient’s * share of the actual franking credit on the day on which the distribution is made 8 the Minister makes a determination under paragraph 208 ‑ 185(4)(b) giving rise to a * franking credit for the entity the amount of the credit specified in the determination on the day specified in the determination 9 an * exempting debit arises for the entity under item 3, 5 or 8 of the table in section 208 ‑ 120 an amount equal to the exempting debit when the exempting debit arises 10 a * former exempting entity becomes an * exempting entity; and the entity has an * exempting surplus at the time it becomes an * exempting entity an amount equal to the * exempting surplus immediately after it becomes an exempting entity Note: Item 9 is designed to reverse out franking debits that arise in relation to a period during which the entity is an exempting entity. The entity will receive an exempting debit instead.", "Amendment_Count": 4, "First_Amended": "No 90 of 2002", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 90 of 2002 | No 66 of 2003 | No 23 of 2005 | No 27 of 2017", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-135", "Provision_Key": "s208-135", "Heading": "Relationships that will give rise to a franking credit under item 5 of the table in section 208 ‑ 130", "Text": "(1) A relationship between an entity making a * franked distribution and the recipient of the distribution is of a type that gives rise to a * franking credit under item 5 or 6 of the table in section 208 ‑ 130 if either: (a) both entities are members of the same effectively wholly ‑ owned group; or (b) the recipient holds more than 5% of the * membership interests in the entity making the distribution (other than finance membership interests or distribution access membership interests within the meaning of section 208 ‑ 30 or membership interests that do not carry the right to receive distributions) and it would be reasonable to conclude that the risks involved in, and the opportunities resulting from, holding those membership interests are substantially borne by, or substantially accrue to, the recipient. (2) In deciding whether it would be reasonable to make the conclusion mentioned in paragraph (1)(b): (a) have regard to any * arrangement in respect of the * membership interests (including unissued membership interests) in the entity making the distribution (including derivatives held or issued in connection with those membership interests); and (b) do not have regard to risks involved in the ownership of membership interests in the entity making the distribution that are substantially borne by any person in the person’s capacity as a secured creditor.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-140", "Provision_Key": "s208-140", "Heading": "Membership of the same effectively wholly ‑ owned group", "Text": "(1) Two * corporate tax entities are members of the same effectively wholly ‑ owned group of entities on a particular day if: (a) throughout that day, not less than 95% of the * accountable membership interests in each of the entities, and not less than 95% of the * accountable partial interests in each of the entities, are held by, or are held indirectly for the benefit of, the same persons; or (b) paragraph (a) does not apply but it would nevertheless be reasonable to conclude, having regard to the matters mentioned in subsection (2), that, throughout that day, the risks involved in, and the opportunities resulting from, holding accountable membership interests, or accountable partial interests, in each of the entities are substantially borne by, or substantially accrue to, the same persons. (2) The matters to which regard is to be had as mentioned in paragraph (1)(b) are: (a) any special or limited rights attaching to * accountable membership interests, or * accountable partial interests, in each of the entities held by persons other than the persons mentioned in paragraph (1)(b) or their * associates; and (b) any special rights attaching only to accountable membership interests, or accountable partial interests, in each of the entities held by the persons mentioned in paragraph (1)(b) or their associates; and (c) the respective proportions: (i) that accountable membership interests in each of the entities held by the persons mentioned in paragraph (1)(b) or their associates, and other accountable membership interests in the entity concerned, bear to all the accountable membership interests in that entity; and (ii) that accountable partial interests in each of the entities held by the persons mentioned in paragraph (1)(b) or their associates, and other accountable partial interests in the entity concerned, bear to all the accountable partial interests in that entity; and (d) the respective proportions that: (i) the total value of accountable membership interests in each of the entities held by the persons mentioned in paragraph (1)(b) or their associates, and the total value of other accountable membership interests in the entity concerned, bear to the total value of all the accountable membership interests in that entity; and (ii) the total value of accountable partial interests in each of the entities held by the persons mentioned in paragraph (1)(b) or their associates, and the total value of other accountable partial interests in the entity concerned, bear to the total value of all the accountable partial interests in that entity; and (e) the purposes for which accountable membership interests, or accountable partial interests, in each of the entities were issued or granted to persons other than the persons mentioned in paragraph (1)(b) or their associates; and (f) any * arrangement in respect of accountable membership interests, or accountable partial interests, in each of the entities held by persons other than the persons mentioned in paragraph (1)(b) or their associates (including any derivatives held or issued in connection with those membership interests or interests) of which the entity concerned is aware.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-145", "Provision_Key": "s208-145", "Heading": "Franking debits arising because of status as exempting entity or former exempting entity", "Text": "The following table sets out when a debit arises in the * franking account of an entity because of its status as an * exempting entity or * former exempting entity. Franking debits arising because of status as an exempting entity or former exempting entity Item If: A debit of: Arises: 1 an entity becomes a * former exempting entity; and the entity has a * franking surplus at the time it becomes a former exempting entity the amount of the franking surplus immediately after the entity becomes a former exempting entity 2 the * exempting account of a * former exempting entity would, apart from item 7 of the table in section 208 ‑ 115, be in * deficit immediately before the end of an income year an amount equal to the deficit immediately before the end of the income year 3 an * exempting credit arises in the * exempting account of the entity under item 5, 6 or 9 of the table in section 208 ‑ 115 an amount equal to the exempting credit when the exempting credit arises 4 a * former exempting entity becomes an * exempting entity; and the entity has an * exempting deficit at the time it becomes an * exempting entity an amount equal to the exempting deficit immediately after it becomes an exempting entity 5 a * franking credit arises in the * franking account of an entity under item 3 or 4 of the table in section 205 ‑ 15 because a * distribution is made by an * exempting entity to the entity, or a distribution made by an exempting entity * flows indirectly to the entity an amount equal to the amount of the franking credit when the franking credit arises Note 1: Item 3 of the table is designed to reverse out franking credits that arise in relation to a period during which the entity is an exempting entity. The entity will receive an exempting credit instead. Note 2: Item 5 of the table is designed to reverse out franking credits that arise under the core rules because an entity receives a franked distribution from an exempting entity. Only a recipient who is itself an exempting entity is entitled to a franking credit in these circumstances.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 90 of 2002 | No 101 of 2004 | No 27 of 2017", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-150", "Provision_Key": "s208-150", "Heading": "Residency requirement", "Text": "The tables in sections 208 ‑ 115, 208 ‑ 120, 208 ‑ 130 and 208 ‑ 145 are relevant for the purposes of subsection 205 ‑ 25(1). Note 1: Subsection 205 ‑ 25(1) sets out the residency requirement for an income year in which, or in relation to which, an event specified in one of the tables occurs. Note 2: Section 207 ‑ 75 sets out the residency requirement that must be satisfied by the entity receiving a distribution when the distribution is made.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-155", "Provision_Key": "s208-155", "Heading": "Eligible continuing substantial member", "Text": "(1) A * member of a * former exempting entity is an eligible continuing substantial member in relation to a * distribution made by the entity if the following provisions apply. (2) At both the time when the * distribution was made, and the time immediately before the entity ceased to be an * exempting entity, the * member was entitled to not less than 5% of: (a) where the entity is a company: (i) if the voting shares (as defined in the Corporations Act 2001 ) in the relevant former exempting entity are not divided into classes—those voting shares; or (ii) if the voting shares (as so defined) in the relevant former exempting entity are divided into 2 or more classes—the shares in one of those classes; and (b) where the entity is a * public trading trust—the units in the trust; and (c) where the entity is a * corporate limited partnership—the income of the partnership. (3) At both the time when the * distribution was made, and the time immediately before the entity ceased to be an * exempting entity, the * member was a person referred to in one or more of the following paragraphs: (a) a person who is a foreign resident; (b) a * life insurance company; (c) an exempting entity; (d) a * former exempting entity; (e) a trustee of a trust in which an interest was held by a person referred to in any of paragraphs (a) to (d); (f) a partnership in which an interest was held by a person referred to in any of paragraphs (a) to (d). (4) If the assumptions set out in subsection (5) are made: (a) if the * member was a person referred to in any of paragraphs (3)(a) to (d)—the member; or (b) if the member was a trustee of a trust or a partnership, being a trust or partnership in which a person referred to in any of those paragraphs held an interest—the holder of the interest; would (if a foreign resident) be exempt from * withholding tax on the distribution or (if an Australian resident) be entitled to a * franking credit or a * tax offset in respect of the distribution. (5) The assumptions referred to in subsection (4) are that: (a) the relevant former exempting entity was an * exempting entity at the time it made the * distribution; and (b) the distribution was a * franked distribution made to the member; and (c) if the * member was a * former exempting entity—the member was an exempting entity; and (d) if the member was a trustee of a trust or partnership in which a former exempting entity had an interest—the former exempting entity was an exempting entity. (6) A person is taken to hold an interest in a trust, for the purposes of paragraph (3)(e), if: (a) the person is a beneficiary under the trust; or (b) the person * derives, or will derive, income indirectly, through interposed trusts or partnerships, from * distributions received by the trustee. (7) A person is taken to hold an interest in a partnership, for the purposes of paragraph (3)(f), if: (a) the person is a partner in the partnership; or (b) the person * derives, or will derive, income indirectly, through interposed trusts or partnerships, from * distributions received by the partnership.", "Amendment_Count": 4, "First_Amended": "No 90 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 58 of 2006 | No 53 of 2016", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-160", "Provision_Key": "s208-160", "Heading": "Distributions that are affected by a manipulation of the imputation system", "Text": "For the purposes of item 2 of the table in section 208 ‑ 115 and items 2 and 5 of the table in section 208 ‑ 130, a * distribution to an entity is affected by a manipulation of the imputation system if: (a) the Commissioner has made a determination under paragraph 204 ‑ 30(3)(c) that no * imputation benefit is to arise for the entity in respect of the distribution; or (b) the Commissioner has made a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 that no franking credit benefit (within the meaning of that section) is to arise in respect of the distribution to the entity; or (c) the distribution is part of a * dividend stripping operation.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-165", "Provision_Key": "s208-165", "Heading": "Amount of the exempting credit or franking credit arising because of a distribution franked with an exempting credit", "Text": "(1) Use the following formula to work out: (a) the amount of an * exempting credit arising under item 2 of the table in section 208 ‑ 115 because a * former exempting entity receives a * distribution * franked with an exempting credit; or (b) the amount of a * franking credit arising under item 2 of the table in section 208 ‑ 130 because an * exempting entity receives a distribution franked with an exempting credit; (2) Use the following formula to work out the amount of a * franking credit arising under item 5 of the table in section 208 ‑ 130 because an * exempting entity receives a * distribution * franked with an exempting credit:", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 90 of 2002 | No 23 of 2005", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-170", "Provision_Key": "s208-170", "Heading": "Where a determination under paragraph 177EA(5)(b) of the Income Tax Assessment Act 1936 affects part of the distribution", "Text": "(1) Use the following formula to work out: (a) the amount of an * exempting credit arising under item 3 of the table in section 208 ‑ 115 because a * former exempting entity receives a * distribution * franked with an exempting credit; or (b) the amount of a * franking credit arising under item 3 of the table in section 208 ‑ 130 because an * exempting entity receives a distribution franked with an exempting credit; (2) Use the following formula to work out the amount of a * franking credit arising under item 6 of the table in section 208 ‑ 130 because an * exempting entity receives * a distribution * franked with an exempting credit:", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 90 of 2002 | No 23 of 2005", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-175", "Provision_Key": "s208-175", "Heading": "When does a distribution franked with an exempting credit flow indirectly to an entity?", "Text": "A * distribution * franked with an exempting credit is taken to flow indirectly to an entity if, had it been a * franked distribution, it would have been taken to have flowed indirectly to the entity under section 207 ‑ 50.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 90 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-180", "Provision_Key": "s208-180", "Heading": "What is an entity’s share of the exempting credit on a distribution?", "Text": "To work out an entity’s share of the * exempting credit on a * distribution * franked with that credit, use sections 207 ‑ 55 and 207 ‑ 57 to work out what the entity’s share of the credit would be it if were a * franking credit on a * franked distribution. The entity’s share of the exempting credit is equal to that amount.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 90 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-185", "Provision_Key": "s208-185", "Heading": "Minister may convert exempting surplus to franking credit of former exempting entity previously owned by the Commonwealth", "Text": "(1) The Minister may make a determination or determinations under this section if: (a) at a particular time, a * corporate tax entity is an * exempting entity; and (b) at that time all of the * membership interests in the entity are owned by the Commonwealth; and (c) the Commonwealth has offered for sale or sold, or proposes to offer for sale, some or all of the membership interests; and (d) the Minister is satisfied, having regard to the matters mentioned in subsection (2), that it is desirable to make a determination or determinations under this section in relation to the entity. (2) The matters to which the Minister must have regard under paragraph (1)(d) are: (a) whether the making of the determination or determinations is necessary to enable the entity to make * distributions * franked at a * franking percentage of 100% after the sale; and (b) the extent to which the success of the sale or proposed sale depended or will depend upon the ability of the entity to make * franked distributions; and (c) the extent to which the reduction in receipts of income tax resulting from the making of the determination or determinations would be offset by the receipt of increased proceeds from the sale; and (d) any other matters that the Minister thinks relevant. (3) The following provisions of this section apply after the * exempting entity becomes a * former exempting entity. (4) If the * former exempting entity would, apart from this section, have an * exempting surplus at the end of an income year, the Minister may, in writing, determine that: (a) an * exempting debit of the entity (not exceeding the exempting surplus) specified in the determination is taken to have arisen immediately before the end of that income year; and (b) a * franking credit of the entity equal to the amount of the exempting debit is taken to have arisen immediately before the end of that income year. (5) A determination under this section may be expressed to be subject to compliance by the * former exempting entity with such conditions as are specified in the determination. (6) If a condition specified in a determination is not complied with, the Minister may revoke the determination and, if the Minister thinks it appropriate, make a further determination under subsection (4). (7) A determination, unless it is revoked, has effect according to its terms.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-190", "Provision_Key": "s208-190", "Heading": "What this Subdivision is about", "Text": "Generally, a franked distribution from an exempting entity will only generate a tax effect for the recipient under Division 207 if the recipient is also an exempting entity. A concession is made to employees of the entity who receive a franked distribution because they hold shares acquired under an eligible employee share scheme. Table of sections Operative provisions 208 ‑ 195 Division 207 does not generally apply 208 ‑ 200 Distributions to exempting entities 208 ‑ 205 Distributions to employees acquiring shares under eligible employee share schemes 208 ‑ 215 Eligible employee share schemes", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 90 of 2002 | No 133 of 2009", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-195", "Provision_Key": "s208-195", "Heading": "Division 207 does not generally apply", "Text": "Division 207 does not apply to a * distribution by an * exempting entity, unless expressly applied under this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-200", "Provision_Key": "s208-200", "Heading": "Distributions to exempting entities", "Text": "(1) Division 207 applies to a * franked distribution made by an * exempting entity to another exempting entity if the distribution gives rise to a * franking credit for the other exempting entity under item 5 or 6 of the table in section 208 ‑ 130. (2) Division 207 applies to a * franked distribution that is made by an * exempting entity and * flows indirectly to another exempting entity if the distribution gives rise to a * franking credit for that other entity under item 7 of the table in section 208 ‑ 130.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-205", "Provision_Key": "s208-205", "Heading": "Distributions to employees acquiring shares under eligible employee share schemes", "Text": "Division 207 also applies to a * franked distribution made by an * exempting entity if: (a) the distribution is made to an individual who, at the time the distribution is made, is an employee of: (i) the exempting entity; or (ii) a * subsidiary of the exempting entity; and (b) the employee acquired a beneficial interest in the * share on which the distribution is made: (i) under an * employee share scheme; and (ii) in circumstances specified as relevant in section 208 ‑ 215; and (c) the employee does not hold that beneficial interest as a trustee.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 133 of 2009", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-215", "Provision_Key": "s208-215", "Heading": "Eligible employee share schemes", "Text": "(1) An individual acquires a beneficial interest in a * share in a company under an * employee share scheme in circumstances that are relevant for the purposes of paragraphs 208 ‑ 205(b) and 208 ‑ 235(b) if: (a) all the * ESS interests available for acquisition under the scheme relate to: (i) ordinary shares; or (ii) preference shares to which are attached substantially the same rights as are attached to ordinary shares; and (b) immediately after the individual acquires the interest: (i) he or she does not hold a beneficial interest in more than 10% of the shares in the company; and (ii) he or she is not in a position to control, or to control the casting of, more than 10% of the maximum number of votes that might be cast at a general meeting of the company; and (c) the share is not a * non ‑ equity share. (2) An individual also acquires a beneficial interest in a * share in a company under an * employee share scheme in circumstances that are relevant for the purposes of paragraphs 208 ‑ 205(b) and 208 ‑ 235(b) if: (a) the share is part of a stapled security; and (b) Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies to the beneficial interest in the stapled security. (3) For the purposes of paragraph (1)(b), you are taken to: (a) hold a beneficial interest in any * shares in the company that you can acquire under an * ESS interest that is a beneficial interest in a right to acquire a beneficial interest in such shares; and (b) be in a position to cast votes as a result of holding that interest in those shares.", "Amendment_Count": 5, "First_Amended": "No 90 of 2002", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 56 of 2007 | No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 56 of 2007, effective 12 Apr 2007 | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-220", "Provision_Key": "s208-220", "Heading": "What this Subdivision is about", "Text": "Generally, a distribution franked with an exempting credit will only generate a tax effect for the recipient under Division 207 if a tax effect would have been generated for the recipient had the recipient received a franked distribution when the distributing entity was an exempting entity. Table of sections Operative provisions 208 ‑ 225 Division 207 does not generally apply 208 ‑ 230 Distributions to exempting entities and former exempting entities 208 ‑ 235 Distributions to employees acquiring shares under eligible employee share schemes 208 ‑ 240 Distributions to certain individuals", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-225", "Provision_Key": "s208-225", "Heading": "Division 207 does not generally apply", "Text": "Division 207 does not apply to a * distribution * franked with an exempting credit, unless the Division is expressly applied to the distribution under this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-230", "Provision_Key": "s208-230", "Heading": "Distributions to exempting entities and former exempting entities", "Text": "Division 207 applies to a * distribution * franked with an exempting credit by a * former exempting entity as if it were a * franked distribution if: (a) the recipient of the distribution is a former exempting entity and the distribution gives rise to an * exempting credit for the recipient; or (b) the recipient of the distribution is an * exempting entity and the distribution gives rise to a * franking credit for the recipient; or (c) the distribution * flows indirectly to a former exempting entity and gives rise to an exempting credit for that entity; or (d) the distribution flows indirectly to an exempting entity and gives rise to a franking credit for that entity.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-235", "Provision_Key": "s208-235", "Heading": "Distributions to employees acquiring shares under eligible employee share schemes", "Text": "Division 207 also applies to a * distribution * franked with an exempting credit made by a * former exempting entity as if it were a * franked distribution if: (a) the distribution is made to an individual who, at the time the distribution is made, is an employee of: (i) the former exempting entity; or (ii) a * subsidiary of the former exempting entity; and (b) the employee acquired a beneficial interest in the * share on which the distribution is made: (i) under an * employee share scheme; and (ii) in circumstances specified as relevant in section 208 ‑ 215; and (c) the employee does not hold that beneficial interest as a trustee.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 133 of 2009", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 208-240", "Provision_Key": "s208-240", "Heading": "Distributions to certain individuals", "Text": "Division 207 also applies to a * distribution * franked with an exempting credit made by a * former exempting entity as if it were a * franked distribution if: (a) a * corporate tax entity other than a former exempting entity became an * exempting entity; and (b) immediately before the entity became an exempting entity all the accountable membership interests and accountable partial interests were beneficially owned (whether directly or indirectly) by individuals who were Australian residents; and (c) the entity became an exempting entity because some or all of the individuals ceased to be Australian residents; and (d) the entity becomes a former exempting entity because all of the individuals are or have become Australian residents; and (e) an amount attributable to a distribution * franked with an exempting credit made by the entity is included in the assessable income of such an individual; and (f) all the accountable membership interests or accountable partial interests in the entity were, throughout the period beginning when the entity became an exempting entity and ending when the amount was received by the individual mentioned in paragraph (e), beneficially owned (directly or indirectly) by that individual; and (g) the individual is an eligible continuing substantial member in relation to the distribution.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 133 of 2009", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s208-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-1", "Provision_Key": "s210-1", "Heading": "Purpose of venture capital franking", "Text": "The purpose of these rules is to encourage venture capital investment by superannuation funds and other entities that deal with superannuation.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-5", "Provision_Key": "s210-5", "Heading": "How is this achieved?", "Text": "This is done by giving tax benefits to those entities when they invest in PDFs, which are the vehicles for venture capital investment. If the PDF makes a distribution franked with a venture capital credit, the relevant venture capital investor receives a certain part of a distribution from the PDF as exempt income and, in addition, is entitled to a tax offset equal to the venture capital credit.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-10", "Provision_Key": "s210-10", "Heading": "What is a venture capital credit?", "Text": "(1) There is a venture capital franking sub ‑ account in the franking account of each PDF. (2) Venture capital credits arise in the sub ‑ account if the PDF pays income tax that is reasonably attributable to capital gains from venture capital investments.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-15", "Provision_Key": "s210-15", "Heading": "What does the PDF have to do to distribute the credits?", "Text": "Only a participating PDF can distribute venture capital credits. A PDF elects to participate by keeping a record of its venture capital sub ‑ account.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-20", "Provision_Key": "s210-20", "Heading": "Limits on venture capital franking", "Text": "(1) The venture capital credit on a distribution cannot exceed the franking credit on the distribution. It is, in this sense, a species of franking credit. (2) A PDF can only distribute venture capital credits if it does it so that all members of the PDF receive venture capital credits in proportion to their holdings. (3) If a PDF has a venture capital surplus when it makes a distribution, it must frank the distribution with venture capital credits. (4) There are measures to ensure that a PDF does not maintain a venture capital deficit over a prolonged period.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-25", "Provision_Key": "s210-25", "Heading": "What this Subdivision is about", "Text": "A PDF can only frank a distribution with a venture capital credit if certain conditions are met. These conditions are set out in this Subdivision. Table of sections Operative provisions 210 ‑ 30 Franking a distribution with a venture capital credit", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-30", "Provision_Key": "s210-30", "Heading": "Franking a distribution with a venture capital credit", "Text": "An entity franks a * distribution with a venture capital credit if: (a) the entity is a * participating PDF at the time the distribution is made; and (b) the distribution is * frankable with a venture capital credit; and (c) the entity allocates a * venture capital credit to the distribution.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-35", "Provision_Key": "s210-35", "Heading": "What this Subdivision is about", "Text": "A PDF may participate if it elects to keep a record of its venture capital sub ‑ account. Table of sections Operative provisions 210 ‑ 40 What is a participating PDF", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-40", "Provision_Key": "s210-40", "Heading": "What is a participating PDF", "Text": "A * PDF is a participating PDF at a particular time if it keeps a record of its * venture capital sub ‑ account at that time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-45", "Provision_Key": "s210-45", "Heading": "What this Subdivision is about", "Text": "A distribution can only be franked with a venture capital credit if all members of the PDF receive distributions in proportion to their holdings. Table of sections Operative provisions 210 ‑ 50 Which distributions can be franked with a venture capital credit?", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-50", "Provision_Key": "s210-50", "Heading": "Which distributions can be franked with a venture capital credit?", "Text": "A * distribution by a * participating PDF is frankable with a venture capital credit if: (a) the distribution is a * franked distribution; and (b) the distribution is made under a resolution under which: (i) distributions are made to all members of the PDF; and (ii) the amount of the distribution per * membership interest is the same for each of those distributions.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-55", "Provision_Key": "s210-55", "Heading": "What this Subdivision is about", "Text": "The amount of the venture capital credit on a distribution is that stated in the distribution statement, unless the amount exceeds the franking credit on the distribution. In that case, the amount of the venture capital credit on the distribution is taken to be the same as the franking credit. Table of sections Operative provisions 210 ‑ 60 Amount of the venture capital credit on a distribution", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-60", "Provision_Key": "s210-60", "Heading": "Amount of the venture capital credit on a distribution", "Text": "(1) The amount of the * venture capital credit on a * distribution is that stated in the * distribution statement for the distribution, unless that amount exceeds the * franking credit on the distribution. (2) If the amount of the * venture capital credit stated in the * distribution statement for a * distribution exceeds the * franking credit on the distribution, the amount of the venture capital credit is taken to be the same as the amount of the franking credit, and not the amount stated in the distribution statement.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-65", "Provision_Key": "s210-65", "Heading": "What this Subdivision is about", "Text": "A participating PDF that makes a distribution franked with a venture capital credit must provide additional information in the distribution statement given to the recipient. Table of sections Operative provisions 210 ‑ 70 Additional information to be included when a distribution is franked with a venture capital credit", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-70", "Provision_Key": "s210-70", "Heading": "Additional information to be included when a distribution is franked with a venture capital credit", "Text": "(1) A * participating PDF that makes a * distribution * franked with a venture capital credit must include in the * distribution statement given to the recipient: (a) a statement that there is a * venture capital credit of a specified amount on the distribution; and (b) a statement to the effect that the venture capital credit is only relevant for a taxpayer who is: (i) the trustee of an entity that is a * complying superannuation entity in relation to the income year in which the distribution is made and is not a * self managed superannuation fund; or (iv) a * life insurance company. (2) If, under subsection (1), a statement must be included in a * distribution statement, the distribution statement is taken not to have been given unless the statement is included.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 16 of 2003 | No 12 of 2012 | No 88 of 2013 | No 64 of 2020", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-75", "Provision_Key": "s210-75", "Heading": "What this Subdivision is about", "Text": "If a PDF has a venture capital surplus when it makes a distribution frankable with venture capital credits, it must frank the distribution with venture capital credits. Table of sections Operative provisions 210 ‑ 80 Draining the venture capital surplus when a distribution frankable with venture capital credits is made 210 ‑ 81 Distributions to be franked with venture capital credits to the same extent 210 ‑ 82 Consequences of breaching the rule in section 210 ‑ 81", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-80", "Provision_Key": "s210-80", "Heading": "Draining the venture capital surplus when a distribution frankable with venture capital credits is made", "Text": "(1) If a * participating PDF would otherwise have a * venture capital surplus at the time a * distribution that is * frankable with a venture capital credit is made, the PDF must either: (a) allocate a * venture capital credit to the distribution that is equal to the * franking credit on the distribution; or (b) allocate a venture capital credit to the distribution that either alone or when added to venture capital credits allocated to other distributions made under the resolution of the PDF under which the distribution in question is made, reduces the surplus to nil, or creates a * venture capital deficit. (2) A * venture capital debit arises for a * participating PDF when a * distribution is made if the PDF does not allocate a * venture capital credit in accordance with subsection (1). The amount of the debit is: where: actual franked amount is the amount of the * venture capital credit that is allocated to the * distribution by the PDF (this may be nil). subsection (1) franked amount is the amount of the * venture capital credit that would have been allocated to the * distribution if the PDF had made the smallest allocation needed to satisfy subsection (1).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-81", "Provision_Key": "s210-81", "Heading": "Distributions to be franked with venture capital credits to the same extent", "Text": "(1) If a * PDF * franks a * distribution with a venture capital credit, it must frank each other distribution made under the same resolution with a venture capital credit worked out using the same venture capital percentage. (2) The venture capital percentage for a * distribution is worked out using the formula:", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-81"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-82", "Provision_Key": "s210-82", "Heading": "Consequences of breaching the rule in section 210 ‑ 81", "Text": "If a * PDF * franks a * distribution with a venture capital credit in breach of section 210 ‑ 81: (a) the distribution is taken not to have been franked with a venture capital credit; and (b) each other distribution made under the same resolution is taken not to have been franked with a venture capital credit.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-82"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-85", "Provision_Key": "s210-85", "Heading": "What this Subdivision is about", "Text": "This Subdivision: • creates a venture capital sub ‑ account for each PDF; and • identifies when venture capital credits and debits arise in the sub ‑ account and the amount of those credits and debits; and • identifies when there is a venture capital surplus or deficit in the sub ‑ account; and • creates a liability to pay venture capital deficit tax if the account is in deficit at certain times. Table of sections 210 ‑ 90 The venture capital sub ‑ account 210 ‑ 95 Venture capital deficit tax Operative provisions 210 ‑ 100 Venture capital sub ‑ account 210 ‑ 105 Venture capital credits 210 ‑ 110 Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax 210 ‑ 115 Participating PDF may elect to have venture capital credits arise on its assessment day 210 ‑ 120 Venture capital debits 210 ‑ 125 Venture capital debit where CGT limit is exceeded 210 ‑ 130 Venture capital surplus and deficit 210 ‑ 135 Venture capital deficit tax 210 ‑ 140 Effect of a liability to pay venture capital deficit tax on franking deficit tax 210 ‑ 145 Effect of a liability to pay venture capital deficit tax on the franking account 210 ‑ 150 Deferring venture capital deficit", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-90", "Provision_Key": "s210-90", "Heading": "The venture capital sub ‑ account", "Text": "(1) Each PDF has a venture capital sub ‑ account in its franking account. The sub ‑ account exists even if the PDF does not elect to become a participating PDF by keeping a record of it. (2) To the extent that income tax is reasonably attributable to capital gains from venture capital investments, it generates a venture capital credit in the sub ‑ account. There are other circumstances in which a venture capital credit arises. (3) If a PDF receives a refund of that tax, a venture capital debit will arise for the PDF. There are other circumstances in which a venture capital debit will arise, such as on the payment of a distribution franked with a venture capital credit.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-95", "Provision_Key": "s210-95", "Heading": "Venture capital deficit tax", "Text": "(1) Venture capital deficit tax is payable if a PDF’s venture capital sub ‑ account is in deficit at the end of the PDF’s income year, or immediately before it ceases to be a PDF. (2) A PDF’s venture capital sub ‑ account may be in deficit, even if its franking account is not. This can happen because only income tax on income of a particular kind (capital gains on venture capital investments) gives rise to venture capital credits. This means that when a PDF anticipates a venture capital credit, it is not only anticipating that income tax will be paid, but that income tax on income of that kind will be paid. Although income tax may, in fact, later be paid, it will not necessarily be income of the kind that would give rise to a venture capital credit. This results in franking credits arising even while the venture capital sub ‑ account remains in deficit. (3) The discrepancy between the franking account balance and the venture capital sub ‑ account balance can also arise because venture capital credits do not necessarily arise at the same time as the relevant franking credits and debits (see item 1 of the table in section 210 ‑ 105 and item 2 of the table in section 210 ‑ 120).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-100", "Provision_Key": "s210-100", "Heading": "Venture capital sub ‑ account", "Text": "Each * PDF has a venture capital sub ‑ account within its * franking account. Note: The balance in the venture capital sub ‑ account on 1 July 2002 will be either nil or, if the entity has a venture capital surplus or deficit immediately before 1 July 2002 under the imputation scheme existing at that time, an amount calculated under the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-105", "Provision_Key": "s210-105", "Heading": "Venture capital credits", "Text": "The table sets out when a credit arises in the * venture capital sub ‑ account of a * PDF. A credit in a PDF’s venture capital sub ‑ account is called a venture capital credit . Credits in the venture capital sub ‑ account Item If: A credit of: Arises on: 1 the * PDF has a * franking credit because it has * paid a PAYG instalment; and the whole or part of the instalment is reasonably attributable to a * CGT event in relation to a * qualifying SME investment of the PDF that part of the franking credit that is reasonably attributable to the CGT event the day on which the franking credit arises; or if the PDF elects to have the * venture capital credit arise on the assessment day under section 210 ‑ 115—on that day 2 the * PDF has a * franking credit because it has * paid income tax; and the whole or part of the payment is reasonably attributable to a * CGT event in relation to a * qualifying SME investment of the PDF that part of the franking credit that is reasonably attributable to the CGT event the day on which the franking credit arises; or if the PDF elects to have the * venture capital credit arise on the assessment day under section 210 ‑ 115—on that day 3 the * PDF incurs a liability to pay * venture capital deficit tax the amount of the liability immediately after the liability is incurred", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-110", "Provision_Key": "s210-110", "Heading": "Determining the extent to which a franking credit is reasonably attributable to a particular payment of tax", "Text": "In determining the extent to which a * franking credit is reasonably attributable to a * CGT event in relation to a * qualifying SME investment of the * PDF, have regard to: (a) the extent to which the credit can reasonably be attributed to the * payment of a PAYG instalment or the payment of income tax by the PDF in relation to its * section 124ZZB SME assessable income for an income year; and (b) the extent to which the section 124ZZB SME assessable income can reasonably be attributed to the CGT event.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-115", "Provision_Key": "s210-115", "Heading": "Participating PDF may elect to have venture capital credits arise on its assessment day", "Text": "(1) Before a * PDF’s assessment day for an income year, the PDF may elect to have the * venture capital credits that arise because of the * payment of PAYG instalments and income tax during that income year arise on the assessment day. (2) The * PDF’s assessment day for an income year is the earlier of: (a) the day on which the PDF furnishes its * income tax return for the income year; or (b) the day on which the Commissioner makes an assessment of the amount of the PDF’s taxable income for that year under section 166 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 2003 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-120", "Provision_Key": "s210-120", "Heading": "Venture capital debits", "Text": "The table sets out when a debit arises in the * venture capital sub ‑ account of a * PDF. A debit in a PDF’s venture capital sub ‑ account is called a venture capital debit . Debits in the venture capital sub ‑ account Item If: A debit of: Arises on: 1 the * PDF makes a * distribution * franked with a venture capital credit the amount of the * venture capital credit the day on which the distribution is made 2 the * PDF receives a * franking debit as a result of * receiving a refund of income tax; and all or part of the refund is attributable to a * payment of a PAYG instalment or a payment of income tax that gave rise to a * venture capital credit of the PDF that part of the refund that is attributable to a payment of a PAYG instalment or a payment of income tax that gave rise to a venture capital credit of the PDF the day on which the franking debit arises; or if the venture capital credit did not arise until a later day—that later day 3 a * venture capital debit arises for the * PDF under subsection 210 ‑ 80(2) the amount of the venture capital debit arising under that subsection the day on which the * distribution giving rise to the venture capital debit is made 4 the Commissioner makes a determination under paragraph 204 ‑ 30(3)(a) giving rise to a * franking debit for the * PDF (streaming distributions); and the * imputation benefit underlying the determination is a * tax offset under section 210 ‑ 170 the amount of the tax offset on the day on which the franking debit arises 5 a * venture capital debit arises for the * PDF under section 210 ‑ 125 because its net venture capital credits for an income year exceed certain limits the amount of the excess the last day of the income year", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 16 of 2003 | No 41 of 2005", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-125", "Provision_Key": "s210-125", "Heading": "Venture capital debit where CGT limit is exceeded", "Text": "(1) A * venture capital debit arises for a * PDF where the PDF’s net venture capital credits for the income year exceed whichever is the lesser of: (a) the PDF’s CGT limit for that income year; and (b) the tax paid by the PDF on its * SME income component for that income year. Net venture capital credits (2) The * PDF’s net venture capital credits for the income year is: where: venture capital credits is the total * venture capital credits of the * PDF that relate to tax in relation to taxable income of that income year. venture capital debits is the total * venture capital debits of the * PDF that relate to tax in relation to taxable income of that income year. CGT limit (3) The * PDF’s CGT limit for the income year is worked out using the formula: where: ordinary capital gains from all SME CGT events means the total of the * ordinary capital gains for the income year for * CGT events in relation to * SME investments of the * PDF. ordinary capital gains from venture capital CGT events means the total of * ordinary capital gains for the income year for * CGT events in relation to shares in companies that are * qualifying SME investments. SME tax rate is the tax rate applicable to the * SME income component of the * PDF for the income year. Tax paid by the PDF on its SME income component (4) The tax paid by the PDF on its SME income component for the income year is the tax paid by the * PDF on its * SME income component after allowing * tax offsets referred to in section 4 ‑ 10 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-130", "Provision_Key": "s210-130", "Heading": "Venture capital surplus and deficit", "Text": "(1) A * PDF’s * venture capital sub ‑ account is in surplus at a particular time if, at that time, the sum of the * venture capital credits in the account exceeds the sum of the * venture capital debits in the account. The amount of the venture capital surplus is the amount of the excess. (2) A * PDF’s * venture capital sub ‑ account is in deficit at a particular time if, at that time, the sum of the * venture capital debits in the account exceeds the sum of the * venture capital credits in the account. The amount of the venture capital deficit is the amount of the excess. (3) A * PDF’s * venture capital sub ‑ account may be in * deficit even though its * franking account as a whole is in * surplus. Similarly, a PDF’s venture capital sub ‑ account may be in surplus even though its franking account as a whole is in deficit.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-135", "Provision_Key": "s210-135", "Heading": "Venture capital deficit tax", "Text": "(1) While recognising that an entity may anticipate * venture capital credits when * franking * distributions, the object of this section is to prevent those credits from being anticipated indefinitely by requiring the entity to reconcile its * venture capital sub ‑ account at certain times and levying tax if the account is in * deficit. (2) An entity is liable to pay * venture capital deficit tax imposed by the New Business Tax System (Venture Capital Deficit Tax) Act 2003 if its * venture capital sub ‑ account is in * deficit at the end of an income year. (3) An entity is liable to pay * venture capital deficit tax imposed by the New Business Tax System (Venture Capital Deficit Tax) Act 2003 if: (a) it ceases to be a * PDF; and (b) immediately before it ceases to be a PDF, its * venture capital sub ‑ account is in * deficit.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-140", "Provision_Key": "s210-140", "Heading": "Effect of a liability to pay venture capital deficit tax on franking deficit tax", "Text": "(1) If an entity is liable to pay * venture capital deficit tax under subsection 210 ‑ 135(2) because its * venture capital sub ‑ account is in * deficit at the end of an income year, the amount (if any) of * franking deficit tax that the entity would otherwise be liable to pay under subsection 205 ‑ 45(2) because its * franking account is in * deficit at that time is reduced by the amount of the liability for venture capital deficit tax. (2) If an entity is liable to pay * venture capital deficit tax under subsection 210 ‑ 135(3) because it ceases to be a * PDF during an income year, the amount (if any) of * franking deficit tax that the entity would otherwise be liable to pay under subsection 205 ‑ 45(3) because it ceases to be a * franking entity at that time is reduced by the amount of the liability for * venture capital deficit tax.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-145", "Provision_Key": "s210-145", "Heading": "Effect of a liability to pay venture capital deficit tax on the franking account", "Text": "(1) If an entity incurs a liability to pay * venture capital deficit tax, a * franking credit arises for the entity immediately after the liability arises (the relevant day ). (2) The amount of the * franking credit is equal to: (a) if no liability to pay * franking deficit tax arises on the relevant day—the amount of the * venture capital deficit tax; or (b) if a liability to pay franking deficit tax also arises on the relevant day—the amount of the venture capital deficit tax reduced by the amount of the franking deficit tax.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-150", "Provision_Key": "s210-150", "Heading": "Deferring venture capital deficit", "Text": "(1) The object of this section is to ensure that an entity does not avoid * venture capital deficit tax by deferring the time at which a * venture capital debit occurs. (2) An entity is taken to have * received a refund of income tax for an income year immediately before the end of that year for the purposes of subsection 210 ‑ 135(2) if: (a) the refund is paid within 3 months after the end of that year; and (b) the entity’s * venture capital sub ‑ account would have been in * deficit, or in deficit to a greater extent, at the end of the previous income year if the refund had been received in the previous income year. (3) If an entity ceases to be a * PDF during an income year, it is taken to have * received a refund of income tax immediately before it ceased to be a PDF for the purposes of subsection 210 ‑ 135(3) if: (a) the refund is attributable to a period in the year during which the entity was a PDF; and (b) the refund is paid within 3 months after the entity ceases to be a PDF; and (c) the * venture capital sub ‑ account of the entity would have been in * deficit, or in deficit to a greater extent, immediately before it ceased to be a PDF if the refund had been received before it ceased to be a PDF.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 16 of 2003 | No 41 of 2005", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-155", "Provision_Key": "s210-155", "Heading": "What this Subdivision is about", "Text": "A superannuation fund or other entity that deals with superannuation that receives a distribution franked with a venture capital credit is entitled to a tax offset equal to the credit. Table of sections 210 ‑ 160 The significance of a venture capital credit 210 ‑ 165 Recipients for whom the venture capital credit is not significant Operative provisions 210 ‑ 170 Tax offset for certain recipients of distributions franked with venture capital credits 210 ‑ 175 Amount of the tax offset 210 ‑ 180 Application of Division 207 where the recipient is entitled to a tax offset under section 210 ‑ 170", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-160", "Provision_Key": "s210-160", "Heading": "The significance of a venture capital credit", "Text": "(1) The venture capital credit on a distribution is only significant in the hands of a relevant venture capital investor (basically a superannuation fund or other entity that deals with superannuation). (2) That investor receives a tax offset. In most cases, this will be equal to the venture capital credit. (3) Under section 124ZM of the Income Tax Assessment Act 1936 , that part of the distribution that is franked with a venture capital credit is also treated as exempt income in the hands of the entity.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-165", "Provision_Key": "s210-165", "Heading": "Recipients for whom the venture capital credit is not significant", "Text": "(1) For other entities, the fact that all or part of the franking credit on a distribution is also a venture capital credit can be ignored. (2) The franking credit will either generate a gross ‑ up of the entity’s assessable income and a corresponding tax offset under Division 207 or, if the right to make an election under section 124ZM of the Income Tax Assessment 1936 is exercised, the franked part of the distribution will be treated as exempt income. (3) The unfranked part of the distribution is treated as exempt income under section 124ZM of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-170", "Provision_Key": "s210-170", "Heading": "Tax offset for certain recipients of distributions franked with venture capital credits", "Text": "(1) The recipient of a * distribution * franked with a venture capital credit is entitled to a * tax offset for the income year in which the distribution is made if: (a) the recipient is a relevant venture capital investor; and (b) the recipient is not: (i) a partnership; or (ii) a trustee (other than the trustee of a * complying superannuation entity, a * non ‑ complying superannuation fund or a * non ‑ complying approved deposit fund); and (c) the recipient satisfies the * residency requirement for an entity receiving a distribution; and (d) the distribution is not * exempt income of the recipient (ignoring section 124ZM of the Income Tax Assessment Act 1936 ); and (e) the recipient is a qualified person in relation to the distribution for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 ; and (f) the distribution is not part of a * dividend stripping operation; and (g) the Commissioner has not made a determination under paragraph 204 ‑ 30(3)(c) that no * imputation benefit is to arise for the receiving entity in respect of the distribution; and (h) the Commissioner has not made a determination under paragraph 177EA(5)(b) that no imputation benefit is to arise in respect of the distribution to the recipient. Relevant venture capital investors (2) The following entities are relevant venture capital investors : (a) the trustee of an entity that is a * complying superannuation entity in relation to the income year in which the * distribution is made and is not a * self managed superannuation fund; (d) a * life insurance company.", "Amendment_Count": 8, "First_Amended": "No 16 of 2003", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 16 of 2003 | No 23 of 2005 | No 58 of 2006 | No 101 of 2006 | No 15 of 2007 | No 12 of 2012 | No 88 of 2013 | No 64 of 2020", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-175", "Provision_Key": "s210-175", "Heading": "Amount of the tax offset", "Text": "Where the recipient is not a life insurance company (1) If the entity receiving the * distribution is not a * life insurance company, the * tax offset is equal to the * venture capital credit on the distribution. Where the recipient is a life insurance company (2) If the entity receiving the * distribution is a * life insurance company, the * tax offset is worked out using the formula: where: complying superannuation class of taxable income means the * complying superannuation class of taxable income of the company for the income year in which the * distribution is made. tax offset to which the entity would otherwise be entitled is the * tax offset that the company would be entitled to under subsection (1) if the entity were not a life insurance company. total income is the company’s assessable income for the income year.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 16 of 2003 | No 45 of 2008 | No 8 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 8 of 2010, effective Sch 1 (item 33) and Sch 5 (item 137(a)): 1 Mar 2010 (s 2(1) items 4, 38) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 210-180", "Provision_Key": "s210-180", "Heading": "Application of Division 207 where the recipient is entitled to a tax offset under section 210 ‑ 170", "Text": "If the recipient of a * distribution * franked with a venture capital credit is entitled to a * tax offset under section 210 ‑ 170, Division 207 does not apply to that * part of the distribution that is venture capital franked.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s210-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-1", "Provision_Key": "s214-1", "Heading": "Purpose of the system", "Text": "These provisions: (a) allow the Commissioner to gather sufficient information to determine whether tax is payable by a corporate tax entity under the imputation system; and (b) provide for the Commissioner to assess the amount of tax that is payable; and (c) specify when the tax is payable; and (d) establish systems to support the assessment and collection of the tax.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-5", "Provision_Key": "s214-5", "Heading": "Key features", "Text": "(1) Initial information about a corporate tax entity’s franking activities is provided by means of a return, called a franking return, given by the entity to the Commissioner. (2) The Commissioner is able to make a legislative instrument requiring corporate tax entities to give a franking return for an income year. (3) The Commissioner is also able to require a particular corporate tax entity to give a franking return for one or more income years. The Commissioner might do this, for example, if the Commissioner wishes to audit the corporate tax entity’s franking activities over a number of years. (4) The Commissioner may assess whether tax is payable under the imputation system and the amount of that tax. (5) In most cases, this is done by treating the first franking return of a corporate tax entity for an income year as an assessment by the Commissioner. To this extent, there is self ‑ assessment. (6) An assessment by the Commissioner is conclusive evidence of a corporate tax entity’s tax liabilities under the imputation system, except for the purposes of objection, review and appeal processes under Part IVC of the Taxation Administration Act 1953 (see section 350 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 ). (7) Assessments can be amended by the Commissioner within certain time limits.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 16 of 2003 | No 97 of 2008 | No 2 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-10", "Provision_Key": "s214-10", "Heading": "What this Subdivision is about", "Text": "A franking return for an income year provides the Commissioner with information about a corporate tax entity’s franking activities during that year. Table of sections Operative provisions 214 ‑ 15 Requirement to give franking return—general 214 ‑ 20 Notice to a specific corporate tax entity 214 ‑ 25 Content and form of a franking return 214 ‑ 30 Franking account balance 214 ‑ 35 Venture capital sub ‑ account balance 214 ‑ 40 Meaning of franking tax 214 ‑ 45 Effect of a refund on franking returns", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-15", "Provision_Key": "s214-15", "Heading": "Requirement to give franking return—general", "Text": "(1) The Commissioner may, by legislative instrument, require each * corporate tax entity to which the instrument applies to give the Commissioner a * franking return for a specified income year. (2) An entity to which the instrument applies must comply with the requirement within the time specified in the instrument. Note: The Commissioner may defer the time for giving the return: see section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 16 of 2003 | No 64 of 2020", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-20", "Provision_Key": "s214-20", "Heading": "Notice to a specific corporate tax entity", "Text": "(1) The Commissioner may give a * corporate tax entity a written notice requiring the entity to give the Commissioner a * franking return for an income year specified in the notice. (2) The entity must comply with the requirement within the time specified in the notice, or within any further time allowed by the Commissioner. (3) The entity must comply with the requirement regardless of whether the entity has given, or has been required to give, the Commissioner a * franking return.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 2003 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-25", "Provision_Key": "s214-25", "Heading": "Content and form of a franking return", "Text": "(1) A * corporate tax entity must include the following information in its * franking return for an income year: (a) if the entity is a * franking entity at the end of the income year—its * franking account balance at the end of the income year; and (b) if the entity ceased to be a franking entity during the income year—its franking account balance immediately before it ceased to be a franking entity; and (c) if the entity is a * PDF at the end of the income year—its * venture capital sub ‑ account balance at the end of the income year; and (d) if the entity ceased to be a PDF during the income year—its venture capital sub ‑ account balance immediately before it ceased to be a PDF; and (e) the amounts (if any) of * franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year; and (f) any other information required by the Commissioner for the purposes of administering this Part. (2) The return must be in the * approved form.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-30", "Provision_Key": "s214-30", "Heading": "Franking account balance", "Text": "A * corporate tax entity’s franking account balance at a particular time is: (a) if the entity has a * franking surplus or a * franking deficit at that time—the amount of the surplus or deficit; or (b) if the entity does not have a franking surplus or a franking deficit at that time—nil.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-35", "Provision_Key": "s214-35", "Heading": "Venture capital sub ‑ account balance", "Text": "A * PDF’s venture capital sub ‑ account balance at a particular time is: (a) if the PDF has a * venture capital surplus or a * venture capital deficit at that time—the amount of the surplus or deficit; or (b) if the entity does not have a venture capital surplus or a venture capital deficit at that time—nil.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-40", "Provision_Key": "s214-40", "Heading": "Meaning of franking tax", "Text": "Each of the following is a franking tax : (a) * franking deficit tax; (b) * over ‑ franking tax; (c) * venture capital deficit tax.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-45", "Provision_Key": "s214-45", "Heading": "Effect of a refund on franking returns", "Text": "If no franking return is outstanding (1) If: (a) a * corporate tax entity * receives a refund of income tax or * receives a refund of diverted profits tax; and (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay * franking deficit tax because of the operation of subsection 205 ‑ 50(2) or (3); and (c) when the refund is received, the entity does not have a * franking return that is * outstanding for the income year in which the liability arose; the entity must give the Commissioner a franking return for the income year within 14 days after the refund is received. Refund received within 14 days before an outstanding franking return is due (2) If: (a) an entity * receives a refund of income tax or * receives a refund of diverted profits tax; and (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay * franking deficit tax because of the operation of subsection 205 ‑ 50(2) or (3); and (c) when the refund is received, the entity has a * franking return that is * outstanding for the income year in which the liability arose; and (d) the entity receives the refund within the period of 14 days ending on the day by which the outstanding return must be given to the Commissioner; the entity may, instead of accounting for the liability, or increased liability, in the outstanding return, account for it in a further return given to the Commissioner within 14 days after the refund is received. Meaning of outstanding (3) A * franking return for an income year is outstanding at a particular time if each of the following is true at that time: (a) the * corporate tax entity has been required to give a * franking return for the income year; (b) the time within which the franking return must be given has not yet passed; (c) the franking return has not yet been given.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 16 of 2003 | No 41 of 2005 | No 27 of 2017", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-55", "Provision_Key": "s214-55", "Heading": "What this Subdivision is about", "Text": "The Commissioner may make an assessment of a corporate tax entity’s liability to pay franking tax, and the franking account balance and the venture capital sub ‑ account balance on which that liability is based. An entity’s first franking return for an income year is treated as an assessment by the Commissioner. To this extent, there is self ‑ assessment. Table of sections Operative provisions 214 ‑ 60 Commissioner may make a franking assessment 214 ‑ 65 Commissioner taken to have made a franking assessment on first return 214 ‑ 70 Part ‑ year assessment 214 ‑ 75 Validity of assessment 214 ‑ 80 Objections", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 2003 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-60", "Provision_Key": "s214-60", "Heading": "Commissioner may make a franking assessment", "Text": "(1) The Commissioner may make an assessment of: (a) if a * corporate tax entity is a * franking entity at the end of the income year—its * franking account balance at the end of the income year; and (b) if a corporate tax entity ceased to be a franking entity during the income year—its franking account balance immediately before it ceased to be a franking entity; and (c) if a corporate tax entity is a * PDF at the end of the income year—its * venture capital sub ‑ account balance at the end of the income year; and (d) if a corporate tax entity ceased to be a PDF during the income year—its venture capital sub ‑ account balance immediately before it ceased to be a PDF; and (e) the amounts (if any) of * franking tax which the entity is liable to pay because of events that have occurred, or are taken to have occurred, during the income year. This is a franking assessment for the entity for the income year. (1A) However, the Commissioner must not make an assessment under subsection (1) for an entity for an income year if: (a) the entity is not required under Subdivision 214 ‑ A to give the Commissioner a * franking return for the income year; and (b) the entity is not required under Division 214 of the Income Tax (Transitional Provisions) Act 1997 to give the Commissioner a franking return for the balancing period ending within the income year; and (c) the entity was required to lodge an * income tax return for the income year by a particular time; and (d) the entity has lodged that income tax return; and (e) 3 years have passed since the later of the following: (i) the time mentioned in paragraph (c); (ii) the time when the entity lodged that income tax return. (2) The Commissioner must give the entity notice of the assessment as soon as practicable after making the assessment.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 16 of 2003 | No 79 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-65", "Provision_Key": "s214-65", "Heading": "Commissioner taken to have made a franking assessment on first return", "Text": "(1) If: (a) a * corporate tax entity gives the Commissioner a * franking return for an income year on a particular day (the return day ); and (b) the return is the first franking return given by the entity for the year; and (c) the Commissioner has not already made a * franking assessment for the entity for the year; the Commissioner is taken to have made a franking assessment for the entity for the year on the return day, and to have assessed: (d) the entity’s * franking account balance at a particular time as that stated in the return as the balance at that time; and (e) the entity’s * venture capital sub ‑ account balance (if any) at a particular time as that stated in the return as the balance at that time; and (f) the amounts (if any) of * franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the return. (2) The return is taken to be notice of the assessment signed by the Commissioner and given to the entity on the return day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-70", "Provision_Key": "s214-70", "Heading": "Part ‑ year assessment", "Text": "(1) The Commissioner may, at any time during an income year, make a * franking assessment for a * corporate tax entity for a particular period within that year as if the beginning and end of that period were the beginning and end of an income year. (2) This Part applies, for the purposes of that assessment, as if the beginning and end of the period were the beginning and end of an income year.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-75", "Provision_Key": "s214-75", "Heading": "Validity of assessment", "Text": "The validity of a * franking assessment is not affected because any of the provisions of this Act have not been complied with.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-80", "Provision_Key": "s214-80", "Heading": "Objections", "Text": "If a * corporate tax entity is dissatisfied with a * franking assessment made in relation to the entity, the entity may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-90", "Provision_Key": "s214-90", "Heading": "What this Subdivision is about", "Text": "The Commissioner may amend franking assessments within certain time limits. Table of sections Operative provisions 214 ‑ 95 Amendments within 3 years of the original assessment 214 ‑ 100 Amended assessments are treated as franking assessments 214 ‑ 105 Further return as a result of a refund affecting a franking deficit tax liability 214 ‑ 110 Later amendments—on request 214 ‑ 115 Later amendments—failure to make proper disclosure 214 ‑ 120 Later amendments—fraud or evasion 214 ‑ 125 Further amendment of an amended particular 214 ‑ 135 Amendment on review etc. 214 ‑ 140 Notice of amendments", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-95", "Provision_Key": "s214-95", "Heading": "Amendments within 3 years of the original assessment", "Text": "(1) The Commissioner may amend a * franking assessment for a * corporate tax entity for an income year at any time during the period of 3 years after the * original franking assessment day for the entity for that year. (2) The original franking assessment day for a * corporate tax entity for an income year is the day on which the first * franking assessment for the entity for the income year is made.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-100", "Provision_Key": "s214-100", "Heading": "Amended assessments are treated as franking assessments", "Text": "Once an amended * franking assessment for a corporate tax entity for an income year is made, it is taken to be a franking assessment for the entity for the year.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-105", "Provision_Key": "s214-105", "Heading": "Further return as a result of a refund affecting a franking deficit tax liability", "Text": "(1) If: (a) a * franking assessment for a * corporate tax entity for an income year has been made; and (b) on a particular day (the further return day ) the entity gives the Commissioner a further * franking return for the income year under subsection 214 ‑ 45(1) (because the entity has * received a refund of income tax that affects its liability to pay * franking deficit tax); the Commissioner is taken to have amended the entity’s franking assessment on the further return day, and to have assessed: (c) the entity’s * franking account balance at a particular time as that stated in the further return as the balance at that time; and (d) the entity’s * venture capital sub ‑ account balance (if any) at a particular time as that stated in the further return as the balance at that time; and (e) the amounts (if any) of * franking tax payable by the entity because of events that have occurred, or are taken to have occurred, during that income year as those stated in the further return. (2) The further return is taken to be notice of the amended assessment signed by the Commissioner and given to the entity on the further return day.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 16 of 2003 | No 41 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-110", "Provision_Key": "s214-110", "Heading": "Later amendments—on request", "Text": "The Commissioner may amend a * franking assessment for a * corporate tax entity for an income year after the end of the period of 3 years after the * original franking assessment day for the entity for the year if, within that 3 year period: (a) the entity applies for the amendment; and (b) the entity gives the Commissioner all the information necessary for making the amendment.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-115", "Provision_Key": "s214-115", "Heading": "Later amendments—failure to make proper disclosure", "Text": "(1) If: (a) a * corporate tax entity does not make a full and true disclosure to the Commissioner of the information necessary for a * franking assessment for the entity for an income year; and (b) in making the assessment, the Commissioner makes an * under ‑ assessment; and (c) the Commissioner is not of the opinion that the under ‑ assessment is due to fraud or evasion; the Commissioner may amend the assessment at any time during the period of 6 years after the * original franking assessment day for the entity for the year. (2) The Commissioner makes an under ‑ assessment in a * franking assessment (the earlier assessment ) if, in amending the earlier assessment, the Commissioner would have to do one or more of the following for the amended assessment to be correct: (a) reduce the * franking surplus (including to a nil balance); (b) increase the * franking deficit (including from a nil balance); (c) increase * franking tax payable.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-120", "Provision_Key": "s214-120", "Heading": "Later amendments—fraud or evasion", "Text": "If: (a) a * corporate tax entity does not make a full and true disclosure to the Commissioner of the information necessary for a * franking assessment for the entity for an income year; and (b) in making the assessment, the Commissioner makes an * under ‑ assessment; and (c) the Commissioner is of the opinion that the under ‑ assessment is due to fraud or evasion; the Commissioner may amend the assessment at any time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-125", "Provision_Key": "s214-125", "Heading": "Further amendment of an amended particular", "Text": "(1) If: (a) a * franking assessment has been amended (the first amendment ) in any particular; and (b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular so as to * reduce the assessment; the Commissioner may do so within a period of 3 years after the first amendment. (2) The Commissioner reduces a franking assessment if the Commissioner amends the assessment by doing one or more of the following: (a) increasing the * franking surplus (including from a nil balance); (b) decreasing the * franking deficit (including to a nil balance); (c) decreasing * franking tax payable.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-135", "Provision_Key": "s214-135", "Heading": "Amendment on review etc.", "Text": "Nothing in this Subdivision prevents the amendment of a * franking assessment: (a) to give effect to a decision on a review or appeal; or (b) to * reduce the assessment as a result of an objection made under this Act or pending an appeal or review.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-140", "Provision_Key": "s214-140", "Heading": "Notice of amendments", "Text": "If the Commissioner amends an entity’s * franking assessment, the Commissioner must give the entity notice of the amendment as soon as practicable after making the amendment.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 16 of 2003 | No 81 of 2016", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-145", "Provision_Key": "s214-145", "Heading": "What this Subdivision is about", "Text": "Franking tax is due and payable at certain times and the general interest charge applies to unpaid amounts. Table of sections Operative provisions 214 ‑ 150 Due date for payment of franking tax 214 ‑ 155 General interest charge 214 ‑ 160 Refunds of amounts overpaid", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-150", "Provision_Key": "s214-150", "Heading": "Due date for payment of franking tax", "Text": "General rule (1) Unless this section provides otherwise, * franking tax assessed for a * corporate tax entity because of events that have occurred, or are taken to have occurred, during an income year is due and payable on the last day of the month immediately following the end of the income year. Part ‑ year assessments (2) * Franking tax payable because of an assessment under section 214 ‑ 70 (a part ‑ year assessment) is due and payable on the day specified in the notice of assessment as the day on which it is due and payable. Amended assessments—other than because of deficit deferral (3) If: (a) the Commissioner amends a * franking assessment (the earlier assessment ) other than because of the operation of section 214 ‑ 105 (an amendment because of a refund of tax that affects * franking deficit tax liability); and (b) the amount of * franking tax of a particular type payable under the amended assessment exceeds the amount of franking tax of that type payable under the earlier assessment; the excess amount is due and payable one month after the day on which the assessment was amended. Tax payable because of deficit deferral (4) If: (a) a * corporate tax entity * receives a refund of income tax or * receives a refund of diverted profits tax; and (b) the receipt of the refund gives rise to a liability, or an increased liability, to pay * franking deficit tax because of the operation of subsection 205 ‑ 50(2) or (3); the franking deficit tax or, if there is an increase in an existing liability to pay franking deficit tax, the difference between the original liability and the increased liability, is due and payable on: (c) if the entity accounts for the liability, or increased liability, in a * franking return that is * outstanding for the income year in which the liability arose—the day on which the outstanding return is required to be given to the Commissioner; or (d) in any other case—14 days after the day on which the refund was received.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 16 of 2003 | No 41 of 2005 | No 27 of 2017", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-155", "Provision_Key": "s214-155", "Heading": "General interest charge", "Text": "If: (a) * franking tax of a particular type payable by a * corporate tax entity remains unpaid after the time by which it is due and payable; and (b) the Commissioner has not allocated the unpaid amount to an * RBA; the entity is liable to pay the * general interest charge on the unpaid amount for each day in the period that: (c) starts at the beginning of the day on which the franking tax was due to be paid; and (d) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the franking tax; (ii) general interest charge on any of the franking tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 16 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-160", "Provision_Key": "s214-160", "Heading": "Refunds of amounts overpaid", "Text": "Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to * franking tax.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-170", "Provision_Key": "s214-170", "Heading": "What this Subdivision is about", "Text": "Generally applicable provisions to do with record keeping apply for the purposes of the imputation system. Table of sections Operative provisions 214 ‑ 175 Record keeping", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 16 of 2003 | No 2 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 214-175", "Provision_Key": "s214-175", "Heading": "Record keeping", "Text": "(1) Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if: (a) the reference in that section to a person carrying on a business were a reference to a * corporate tax entity; and (b) the reference in paragraph (2)(a) of that section to the person’s income and expenditure were a reference to: (i) the entity’s * franking account balance; and (ii) the entity’s liability to pay * franking tax; and (c) paragraph (5)(a) of that section were omitted. (2) A * PDF does not need to maintain records under section 262A of the Income Tax Assessment Act 1936 in relation to a * venture capital sub ‑ account if the * PDF does not elect to be a * participating PDF.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s214-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 215-1", "Provision_Key": "s215-1", "Heading": "Application of the imputation system to non ‑ share equity interests", "Text": "(1) The * imputation system applies to a * non ‑ share equity interest in the same way as it applies to a * membership interest. (2) The * imputation system applies to an equity holder in an entity who is not a member of the entity in the same way as it applies to a member of the entity.", "Amendment_Count": 1, "First_Amended": "No 48 of 2002", "Last_Amended": "No 48 of 2002", "Amending_Acts": "No 48 of 2002", "History_Notes": "Inserted by No 48 of 2002, effective 29 June 2002", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s215-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 215-5", "Provision_Key": "s215-5", "Heading": "What this Subdivision is about", "Text": "While non ‑ share dividends are, as a general rule, frankable, all or part of some non ‑ share dividends are taken to be unfrankable by virtue of these rules. Table of sections 215 ‑ 10 Certain non ‑ share dividends by ADIs unfrankable 215 ‑ 15 Non ‑ share dividends are unfrankable if profits are unavailable 215 ‑ 20 Working out the available frankable profits 215 ‑ 25 Anticipating available frankable profits", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s215-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 215-10", "Provision_Key": "s215-10", "Heading": "Certain non ‑ share dividends by ADIs unfrankable", "Text": "(1) A * non ‑ share dividend paid by an ADI (an authorised deposit ‑ taking institution) for the purposes of the Banking Act 1959 is unfrankable if: (a) the ADI is an Australian resident; and (b) the non ‑ share dividend is paid in respect of a * non ‑ share equity interest that: (i) by itself; or (ii) in combination with one or more * schemes that are * related schemes to the scheme under which the interest arises; forms part of the ADI’s Tier 1 capital either on a solo or consolidated basis (within the meaning of the * prudential standards); and (c) the non ‑ share equity interest is issued at or through a * permanent establishment of the ADI in a * listed country; and (d) the funds from the issue of the non ‑ share equity interest are raised and applied solely for one or more purposes permitted under subsection (2) in relation to the non ‑ share equity interest. (2) The permitted purposes in relation to the * non ‑ share equity interest (the relevant interest ) are the following: (a) the purpose of the business of the ADI carried on at or through the permanent establishment other than the transfer of funds directly or indirectly to: (i) the Australian head office of the permanent establishment; or (ii) any * connected entity of the ADI that is an Australian resident; or (iii) a permanent establishment of the ADI, or of a connected entity of the ADI, located in Australia; (b) the purpose of redeeming: (i) a * debt interest; or (ii) a non ‑ share equity interest; that is issued, before the relevant interest is issued, at or through the permanent establishment and is held by a connected entity of the ADI that is an Australian resident; (c) the purpose of returning funds to: (i) the Australian head office of the permanent establishment; or (ii) a permanent establishment of the ADI or of a connected entity of the ADI, located in Australia; if the funds are contributed, before the relevant interest is issued, for use in the business of the ADI carried on at or through the permanent establishment.", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 117 of 2002 | No 96 of 2004 | No 41 of 2005 | No 14 of 2009", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s215-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 215-15", "Provision_Key": "s215-15", "Heading": "Non ‑ share dividends are unfrankable if profits are unavailable", "Text": "(1) If: (a) a * corporate tax entity pays a * non ‑ share dividend; and (b) immediately before the payment, the amount of the * available frankable profits of the entity is nil, or less than nil; the non ‑ share dividend is unfrankable . (2) If: (a) a * corporate tax entity pays a * non ‑ share dividend that is not one of a number of non ‑ share dividends paid at the same time; and (b) immediately before the payment, the amount of the * available frankable profits of the entity, although greater than nil, are less than the amount of the non ‑ share dividend; the entity is taken to have made a frankable distribution equal to the amount of the available frankable profits. The remainder of the dividend is taken to be an unfrankable distribution. (3) If: (a) a * corporate tax entity pays a * non ‑ share dividend that is one of a number paid at the same time; and (b) immediately before the payment, the amount of the * available frankable profits of the entity, although greater than nil are less than the sum of the amounts of the non ‑ share dividends; the entity is taken to have made a frankable distribution equal to the amount worked out using the formula: The remainder of the dividend is taken to be an unfrankable distribution.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s215-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 215-20", "Provision_Key": "s215-20", "Heading": "Working out the available frankable profits", "Text": "(1) Use the following formula to work out the amount of a * corporate tax entity’s available frankable profits at a particular time: where: committed share dividends means the sum of: (a) the amounts of any * distributions that are not * non ‑ share dividends and are paid by the entity at that time; and (b) if the entity has announced that it will pay distributions that are not non ‑ share dividends at a later time, or is committed or has resolved (formally or informally) to paying such distributions at a later time—the amounts of those distributions. maximum frankable amount means the maximum amount of * frankable * distributions (other than * non ‑ share dividends) that the * corporate tax entity could pay at that time having regard to its available profits at that time. undebited non ‑ share dividends means the sum of the amounts of the franked parts of the * non ‑ share dividends (worked out under subsection (2)) that: (a) were not debited to available profits; and (b) were paid within the preceding 2 income years or were paid under the same * scheme under which the entity pays the non ‑ share dividend. (2) The amount of the franked part of a * non ‑ share dividend is worked out using the following formula: where: applicable gross ‑ up rate means the * corporate tax gross ‑ up rate of the entity making the distribution for the income year in which the distribution is made.", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 117 of 2002 | No 58 of 2006 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s215-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 215-25", "Provision_Key": "s215-25", "Heading": "Anticipating available frankable profits", "Text": "(1) A * corporate tax entity that pays a * non ‑ share dividend may anticipate * available frankable profits if: (a) the entity: (i) has announced the payment of; or (ii) is committed or has resolved (formally or informally) to pay; * distributions other than non ‑ share dividends (the committed distributions ) after payment of the non ‑ share dividend; and (b) but for this subsection, section 215 ‑ 15 would apply to the non ‑ share dividend; and (c) the entity’s available frankable profits would be greater than nil at the relevant time if the committed distributions were ignored; and (d) it is reasonable to expect that available profits will arise after payment of the non ‑ share dividend and before payment of the committed distributions; and (e) it is reasonable to expect that, having regard to the available profits mentioned in paragraph (d), the amount of the entity’s * adjusted available frankable profits immediately after each of the committed distributions is paid will be greater than nil. The available frankable profits immediately before the entity pays the non ‑ share dividend is then the smallest of the amounts of the adjusted available frankable profits mentioned in paragraph (e). (2) The entity’s adjusted available frankable profits immediately after a committed distribution is paid is the amount that would be its * available frankable profits at that time if all committed distributions to be paid after that time, and the * non ‑ share dividend, were ignored. (3) A * franking debit arises for the entity if: (a) the entity anticipates * available frankable profits under subsection (1); and (b) the available frankable profits of the entity are less than nil: (i) immediately after the last of the committed distributions is made; or (ii) immediately before the end of the income year following the income year in which the * non ‑ share dividend is paid; whichever is earlier. (4) The * franking debit is equal to the lesser of: (a) the amount by which the * available frankable profits is below nil; and (b) the amount of the franked part of the * non ‑ share dividend (worked out using subsection 215 ‑ 20(2)) or, if more than one non ‑ share dividend is made at the relevant time, the sum of the amounts of the franked parts of those non ‑ share dividends. (5) In working out the entity’s * available frankable profits for the purposes of subsection (3) or (4), disregard: (a) any * distributions that: (i) the entity announces, or becomes committed to or resolves (formally or informally) to pay after the payment of the * non ‑ share dividend; and (ii) have not been paid; and (b) any estimate made by the entity under subsection (1) after the non ‑ share dividend is paid.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 117 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s215-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-1", "Provision_Key": "s216-1", "Heading": "When a distribution made to a member of a corporate tax entity is treated as having been made to someone else", "Text": "There are 2 situations in which a * franked distribution, or a distribution * franked with an exempting credit, that is made to a * member of a * corporate tax entity is taken to have been made to another entity.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-5", "Provision_Key": "s216-5", "Heading": "First situation (cum dividend sales)", "Text": "(1) The first situation is one in which: (a) the * corporate tax entity makes a * franked distribution, or a * distribution franked with an exempting credit, to a * member of the entity in respect of a * membership interest in the entity; and (b) at the * distribution closing time, the member is under an obligation to transfer the membership interest to another person under a contract for the sale of the membership interest; and (c) the contract: (i) requires that the distribution be paid on to the other person; and (ii) is entered into in the ordinary course of trading on an * approved stock exchange in Australia or elsewhere. (2) The * distribution is taken to have been made to the other person as a * member of the entity (and not to the member). Note: As the other person is the entity receiving the distribution, there may be tax effects for the other person under Division 207 or 208. (3) The * distribution referred to in paragraph (1)(a) includes a distribution that is taken to be made as a result of one or more previous applications of this section or section 216 ‑ 10.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-10", "Provision_Key": "s216-10", "Heading": "Second situation (securities lending arrangements)", "Text": "(1) The second situation is one in which: (a) the * corporate tax entity makes a * franked distribution, or a * distribution franked with an exempting credit, to a * member of the entity in respect of a * membership interest in the entity; and (b) at the time the distribution was made, the member was under an obligation to pay the distribution to another person under a securities lending arrangement; and (c) the obligation was incurred in the member’s capacity as the borrower under the securities lending arrangement; and (d) the * distribution closing time occurred during the borrowing period. (2) The * distribution is taken to have been made to the other person as a * member of the entity (and not to the member). Note: As the other person is the entity receiving the distribution, there may be tax effects for the other person under Division 207 or 208. (3) The distribution referred to in paragraph (1)(a) includes a distribution that is taken to be made as a result of one or more previous applications of this section or section 216 ‑ 5.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 16 of 2003 | No 12 of 2012", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-15", "Provision_Key": "s216-15", "Heading": "Distribution closing time", "Text": "If * distributions by a * corporate tax entity are made to those * members who were members as at a particular time at or before the distribution is made, that time is the distribution closing time in relation to those distributions.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-20", "Provision_Key": "s216-20", "Heading": "Cum dividend sale—statement by securities dealer", "Text": "If: (a) section 216 ‑ 5 applies in relation to a * franked distribution or a * distribution franked with an exempting credit (cum dividend sales); and (b) a * securities dealer has acted for a particular party to the contract concerned; the securities dealer must, as soon as practicable after the making of the distribution, give to the other party to the contract a statement in the * approved form setting out such information in relation to the distribution as is required by the approved form.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-25", "Provision_Key": "s216-25", "Heading": "Cum dividend sale—statement by party", "Text": "If: (a) section 216 ‑ 5 applies in relation to a * franked distribution or a * distribution franked with an exempting credit (cum dividend sales); and (b) a particular party to the contract concerned has not had a * securities dealer acting for him or her; that party must, as soon as practicable after the making of the distribution, give to the other party to the contract a statement in the * approved form setting out such information in relation to the distribution as is required by the approved form.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 216-30", "Provision_Key": "s216-30", "Heading": "Securities lending arrangements—statement by borrower", "Text": "If section 216 ‑ 10 (securities lending arrangements) applies in relation to a * franked distribution, or a * distribution franked with an exempting credit, the borrower must, as soon as practicable after the making of the distribution, give to the lender a statement in the * approved form setting out such information in relation to the distribution as is required by the approved form.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 16 of 2003 | No 12 of 2012", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s216-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 218-5", "Provision_Key": "s218-5", "Heading": "Application of imputation rules to co ‑ operative companies", "Text": "(1) The * imputation system applies to a * co ‑ operative company in the same way as it applies to any other company but with the modifications set out in this section. (2) Each reference to a * distribution is taken to include a reference to an amount distributed as mentioned in paragraph 120(1)(a) or (b) of the Income Tax Assessment Act 1936 . (3) Despite subsection 202 ‑ 75(1) (about giving distribution statements), a * co ‑ operative company does not have to give the recipient of a * frankable distribution a * distribution statement unless the * franking percentage for the distribution is greater than zero.", "Amendment_Count": 1, "First_Amended": "No 101 of 2003", "Last_Amended": "No 101 of 2003", "Amending_Acts": "No 101 of 2003", "History_Notes": "Inserted by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s218-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-1", "Provision_Key": "s219-1", "Heading": "What this Division is about", "Text": "This Division sets out how the imputation rules are applied to a life insurance company.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-10", "Provision_Key": "s219-10", "Heading": "Application of imputation rules to life insurance companies", "Text": "(1) This Part (except this Division) applies to a * life insurance company in the same way as it applies to any other company. (2) However, that application is subject to the modifications set out in this Division.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-15", "Provision_Key": "s219-15", "Heading": "Franking credits", "Text": "(1) The table in section 205 ‑ 15 does not apply to a * life insurance company. (2) The following table sets out when a * franking credit arises under this section in the * franking account of a * life insurance company. Franking credits in the franking account Item If: A credit of: Arises: 1 the company * pays a PAYG instalment; and the company satisfies the * residency requirement for the income year in relation to which the PAYG instalment is paid; and the payment is made before the company’s * assessment day for that income year; and the company is a * franking entity for the whole or part of the relevant * PAYG instalment period that part of the payment that: (a) the company estimates will be attributable to the * shareholders’ share of the * income tax liability of the company for that income year; and (b) is attributable to the period during which the company was a franking entity on the day on which the payment is made (see note 1 to this subsection) 2 the company * paid a PAYG instalment; and the company satisfied the * residency requirement for the income year in relation to which the PAYG instalment was paid; and the payment was made before the company’s * assessment day for that income year; and the company was a * franking entity for the whole or part of the relevant * PAYG instalment period that part of the payment that is attributable to: (a) the * shareholders’ share of the * income tax liability of the company for that income year; and (b) the period during which the company was a franking entity on the company’s assessment day for that income year (see note 1 to this subsection) 3 the company * pays a PAYG instalment; and the company satisfies the * residency requirement for the income year in relation to which the PAYG instalment is paid; and the payment is made on or after the company’s * assessment day for that income year; and the company is a * franking entity for the whole or part of the relevant * PAYG instalment period that part of the payment that is attributable to: (a) the * shareholders’ share of the * income tax liability of the company for that income year; and (b) the period during which the company was a franking entity on the day on which the payment is made 4 the company * pays income tax; and the company satisfies the * residency requirement for the income year for which the tax is paid; and the company is a * franking entity for the whole or part of that income year that part of the payment that is attributable to: (a) the * shareholders’ share of the * income tax liability of the company for that income year; and (b) the period during which the company was a franking entity on the day on which the payment is made 5 a * franked distribution is made to the company; and the company satisfies the * residency requirement for the income year in which the distribution is made; and the company is a * franking entity when it receives the distribution; and the company is entitled to a * tax offset under Division 207 because of the distribution; and the tax offset is not subject to the refundable tax offset rules (see Division 67) the amount of the tax offset on the day on which the distribution is made 6 a * franked distribution * flows indirectly to the company through a partnership or the trustee of a trust; and the company is a * franking entity when the franked distribution is made; and the company is entitled to a * tax offset under Division 207 because of the distribution; and the tax offset is not subject to the refundable tax offset rules (see Division 67) the amount of the tax offset at the time specified in subsection (3) 6A a * franking debit arises under item 2 or 3 of the table in subsection 219 ‑ 30(2) because the company receives a * tax offset refund; and the company’s tax offset refund is subsequently reduced and the company is liable to pay to the Commonwealth the amount of the excess mentioned in subsection 172A(2) of the Income Tax Assessment Act 1936 ; and the company pays the amount of the excess the difference (if any) between: (a) the amount of the franking debit; and (b) the amount the franking debit would have been if the tax offset refund were reduced by the amount of the excess on the day on which the amount of the excess is paid 7 the company incurs a liability to pay * franking deficit tax under section 205 ‑ 45 or 205 ‑ 50 the amount of the liability immediately after the liability is incurred 8 a * franking credit arises under subsection 418 ‑ 55(1) in relation to an * exploration credit the amount of the * franking credit specified in subsection 418 ‑ 55(2) at the time provided by subsection 418 ‑ 55(3) 9 the company * pays diverted profits tax; and the company satisfies the * residency requirement for the income year for which the tax is paid; and the company is a * franking entity for the whole or part of that income year that part of the payment that is attributable to: (a) the * shareholders’ share of the * income tax liability of the company for that income year; and (b) the period during which the company was a franking entity; multiplied by the proportion worked out under subsection (4) on the day on which the payment is made Note 1: On the assessment day, a franking credit that arose under item 1 of the table: • is reversed by a franking debit that arises under item 1 of the table in section 219 ‑ 30; and • is replaced with a franking credit that arises under item 2 of the table in this section. Note 2: Section 219 ‑ 50 tells you how to work out the part of an amount that is attributable to the shareholders’ share of the income tax liability of the company for the income year. Note 3: To find out whether a tax offset under Division 207 is subject to the refundable tax offset rules: see section 67 ‑ 25. (3) A * franking credit covered by item 6 of the table arises at the end of the income year: (a) that is an income year of the last partnership or trust interposed between: (i) the * life insurance company; and (ii) the * corporate tax entity that made the distribution; and (b) during which the * franked distribution * flows indirectly to the life insurance company. (4) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ) divided by 40%.", "Amendment_Count": 8, "First_Amended": "No 83 of 2004", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 83 of 2004 | No 101 of 2004 | No 58 of 2006 | No 164 of 2007 | No 21 of 2015 | No 27 of 2017 | No 92 of 2020 | No 127 of 2021", "History_Notes": "Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-30", "Provision_Key": "s219-30", "Heading": "Franking debits", "Text": "(1) The table in section 205 ‑ 30 (except items 2 and 2A) applies to a * life insurance company in the same way as it applies to any other company. (2) The following table sets out when a * franking debit arises under this section in the * franking account of a * life insurance company. Franking debits in the franking account Item If: A debit of: Arises: 1 a * franking credit arises for the company under item 1 of the table in section 219 ‑ 15 ( * payment of a PAYG instalment) the amount of the franking credit on the company’s * assessment day for the income year mentioned in that item 2 the company * receives a refund of income tax; and the company satisfies the * residency requirement for the income year to which the refund relates; and the company was a * franking entity for the whole or part of that income year that part of the refund that is attributable to: (a) the * shareholders’ share of the * income tax liability of the company for that income year; and (b) the period during which the company was a franking entity on the day on which the refund is received 3 the company * receives a * tax offset refund; and the company does not satisfy the * residency requirement for the income year to which the refund relates; and the company was a * franking entity for the whole or part of that income year; and the company’s * franking account is in * surplus on the day on which the refund is received the lesser of: (a) that part of the refund that is attributable to: (i) the * shareholders’ share of the * income tax liability of the company for that income year; and (ii) the period during which the company was a franking entity; and (b) the amount of the * franking surplus on the day on which the refund is received 4 the company * receives a refund of diverted profits tax; and the company satisfies the * residency requirement for the income year to which the refund relates; and the company was a * franking entity for the whole or part of that income year that part of the refund that is attributable to: (a) the * shareholders’ share of the * income tax liability of the company for that income year; and (b) the period during which the company was a franking entity; multiplied by the proportion worked out under subsection (3) on the day on which the refund is received Note 1: On the assessment day, a franking debit that arises under item 1 of this table reverses the effect of a franking credit that arose under item 1 of the table in section 219 ‑ 15. Note 2: Section 219 ‑ 50 tells you how to work out the part of an amount that is attributable to the shareholders’ share of the income tax liability of the company for the income year. (3) The proportion is the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ) divided by 40%.", "Amendment_Count": 5, "First_Amended": "No 101 of 2004", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 101 of 2004 | No 88 of 2013 | No 70 of 2015 | No 27 of 2017 | No 92 of 2020", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-40", "Provision_Key": "s219-40", "Heading": "Residency requirement", "Text": "The tables in sections 219 ‑ 15 and 219 ‑ 30 are relevant for the purposes of subsection 205 ‑ 25(1) (about the residency requirement).", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-45", "Provision_Key": "s219-45", "Heading": "Assessment day", "Text": "A * life insurance company’s assessment day for an income year is the earlier of: (a) the day on which the company furnishes its * income tax return for that income year; or (b) the day on which the Commissioner makes an assessment of the amount of the company’s taxable income for that income year under section 166 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-50", "Provision_Key": "s219-50", "Heading": "Amount attributable to shareholders’ share of income tax liability", "Text": "(1) Subsection (2) applies to a * life insurance company in relation to the payment or refund mentioned in an item of a table in this Subdivision (except item 1 of the table in section 219 ‑ 15). Note: The operation of this section is affected by section 219 ‑ 75 if a tax offset under section 205 ‑ 70 is applied to work out the company’s income tax liability. (2) For the purposes of this Part, the part of the payment or refund that is attributable to the * shareholders’ share of the * income tax liability of the company for an income year must be worked out as follows: Method statement Step 1. Work out the part of the company’s total * income tax liability for the income year that is attributable to the company’s shareholders. The result of this step is the shareholders’ share of the income tax liability of the company for the income year. Step 2. Divide the step 1 result by that total * income tax liability. The result of this step is the shareholders’ ratio for the income year. Step 3. Multiply the amount of the payment or refund by the * shareholders’ ratio. The result of this step is the part of the payment or refund that is attributable to the * shareholders’ share of the * income tax liability of the company for the income year. (3) For the purposes of this Part, the estimate mentioned in item 1 of the table in section 219 ‑ 15 (the part of a payment estimated to be attributable to the * shareholders’ share of a company’s * income tax liability for an income year) must be worked out on the basis of: (a) subject to paragraph (b), the method statement in subsection (2); and (b) the company’s reasonable estimate of the amounts that, on the company’s * assessment day for the income year, will be: (i) its total income tax liability for the income year; and (ii) the part of that total income tax liability that is attributable to its shareholders. (4) In working out the part of the * income tax liability of a * life insurance company that is attributable to the shareholders of the company for the purposes of this section, regard is to be had to the accounting records of the company.", "Amendment_Count": 3, "First_Amended": "No 107 of 2003", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 107 of 2003 | No 101 of 2004 | No 92 of 2020", "History_Notes": "Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-55", "Provision_Key": "s219-55", "Heading": "Adjustment resulting from an amended assessment", "Text": "(1) This section applies in relation to the * franking account of a * life insurance company if: (a) the assessment of the company’s * income tax liability for an income year is amended on a particular day (the adjustment day ); and (b) the * shareholders’ ratio (the new ratio ) based on the amended assessment is different from the shareholders’ ratio used previously in relation to that income year to work out a * franking credit or * franking debit for the company; and (c) the franking account would have a different balance on the adjustment day if the new ratio had been used to work out all the franking credits and franking debits covered by paragraph (b). Note: The operation of this section is affected by section 219 ‑ 75 if a tax offset under section 205 ‑ 70 is, or has been, applied to work out the company’s income tax liability. (2) On the adjustment day, a * franking credit or * franking debit (as appropriate) of the amount worked out under subsection (3) arises in the * franking account. (3) The amount is an adjustment that will bring the * franking account to the balance that it would have on the adjustment day if the new ratio had been used to work out all the * franking credits and * franking debits covered by paragraph (1)(b). Example: On the basis of a shareholders’ ratio of 60% for the income year, franking credits of the amounts of $6,000, $6,000, $6,000 and $6,000 arose under item 2 of the table in section 219 ‑ 15 for Company X. An amended assessment results in a new shareholders’ ratio of 70%. Under this section, a franking credit of $4,000 arises on the day of the amended assessment to bring the balance of the franking account from $24,000 to $28,000, which would be the account’s balance if the new shareholders’ ratio had been used.", "Amendment_Count": 3, "First_Amended": "No 107 of 2003", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 107 of 2003 | No 101 of 2004 | No 92 of 2020", "History_Notes": "Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-70", "Provision_Key": "s219-70", "Heading": "Tax offset under section 205 ‑ 70", "Text": "(1) For the purposes of paragraph 205 ‑ 70(1)(c), if a * life insurance company was entitled to a * tax offset under section 205 ‑ 70 for a previous income year, assume section 63 ‑ 10 applied to the part of the company’s basic income tax liability for that previous income year that was attributable to its shareholders. (2) In working out the part of the company’s basic income tax liability that was attributable to its shareholders, have regard to the company’s accounting records. Example: The following apply to a life insurance company that satisfies the residency requirement for an income year: (a) the company has a tax offset of $60,000 under section 205 ‑ 70 (the franking deficit offset) for that year; (b) the company’s basic income tax liability for that year would be $100,000 if the franking deficit offset were disregarded; (c) 20% of the $100,000 is attributable to the company’s shareholders (the shareholders’ part). As a result of applying $20,000 of the franking deficit offset to reduce the shareholders’ part to nil, the company’s basic income tax liability becomes $80,000. The remaining $40,000 of the offset will be included in a franking deficit tax offset for the next income year for which the company satisfies the residency requirement.", "Amendment_Count": 2, "First_Amended": "No 107 of 2003", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 107 of 2003 | No 110 of 2014", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Repealed and substituted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 219-75", "Provision_Key": "s219-75", "Heading": "Working out franking credits and franking debits where a tax offset under section 205 ‑ 70 is applied", "Text": "Revised shareholders’ ratio—modification of section 219 ‑ 50 (1) Subsection (2) applies to a * life insurance company if a * tax offset under section 205 ‑ 70 is applied to work out the company’s * income tax liability for an income year. Note: This means subsection (2) applies if the tax offset is applied to reduce the part of the company’s basic income tax liability mentioned in subsection 219 ‑ 70(1) in relation to the income year. (2) For the purposes of working out the amount of a * franking credit or * franking debit for the company in relation to the income year (other than a franking credit covered by item 1 of the table in section 219 ‑ 15), section 219 ‑ 50 has effect as if: (a) steps 1 and 2 of the method statement in section 219 ‑ 50 were omitted; and (b) the reference in step 3 of that method statement to the * shareholders’ ratio were a reference to the revised shareholders’ ratio worked out as follows: Method statement Step 1. Work out the remainder (if any) of the part of the company’s basic income tax liability mentioned in subsection 219 ‑ 70(1) after the * tax offset is applied to reduce that part. Note: The part mentioned in that subsection is the part of an amount of the company’s income tax liability for the income year that is attributable to its shareholders. Step 2. Divide the step 1 result by the company’s total * income tax liability for the income year (after applying the * tax offset). The result (which can be nil) is the company’s revised shareholders’ ratio for the income year. Example: For the 2002 ‑ 2003 income year X Co (which is a life insurance company) has a tax offset of $68,000 under section 205 ‑ 70. Its income tax liability for that year would have been $400,000 on the assessment day (1 February 2004) if the tax offset were disregarded. Of that liability, $80,000 is attributable to the shareholders. The step 1 result is therefore $12,000 ($80,000 minus $68,000). X Co’s income tax liability after applying the tax offset is $332,000 ($400,000 minus $68,000). The revised shareholders’ ratio is therefore 3/83 ($12,000 divided by $332,000). For that income year, the company paid $249,000 of PAYG instalments before the assessment day and $83,000 of income tax one month after that day. On the assessment day, a franking credit of $9,000 arises under item 2 of the table in section 219 ‑ 15 ($249,000 multiplied by 3/83). On the day the additional amount of tax is paid, another franking credit of $3,000 arises under item 4 of that table ($83,000 multiplied by 3/83). Adjustment resulting from amended assessment—modification of section 219 ‑ 55 (3) Subsection (4) applies to a * life insurance company if: (a) the assessment of the company’s * income tax liability for an income year (the previous assessment ) is amended; and (b) at least one of the following applies: (i) a * tax offset under section 205 ‑ 70 is applied in making that amended assessment; (ii) a tax offset under section 205 ‑ 70 was applied in making the previous assessment. (4) Section 219 ‑ 55 has effect in relation to the company as if: (a) if subparagraph (3)(b)(i) of this section applies—a reference in that section to the new ratio were a reference to the revised shareholders’ ratio that is based on the amended assessment; and (b) if subparagraph (3)(b)(ii) of this section applies—the reference in paragraph (1)(b) of that section to the * shareholders’ ratio used previously were a reference to the revised shareholders’ ratio that is based on the previous assessment. Example: Continuing the example in subsection (2), the assessment of X Co for the 2002 ‑ 2003 income year is amended on 31 March 2004. Under the amended assessment, X Co’s income tax liability would be $300,000 if the tax offset were disregarded. Of that liability, $60,000 is attributable to the shareholders. That amount is reduced by the tax offset of $68,000 to nil. X Co’s liability to pay income tax is therefore reduced to $240,000 ($300,000 minus $60,000) and it will receive a refund of $92,000 ($332,000 minus $240,000). As the revised shareholders’ ratio has become nil, no franking debit arises from the refund. The franking credits that previously arose from the payments of PAYG instalments and income tax would not have arisen if the new revised shareholders’ ratio had been used. Section 219 ‑ 55 (as applied by subsection (4) of this section) therefore operates to create an adjustment to cancel those franking credits. The adjustment is a franking debit of $12,000 that arises on the day of the amendment of the assessment.", "Amendment_Count": 3, "First_Amended": "No 107 of 2003", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 107 of 2003 | No 110 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s219-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-1", "Provision_Key": "s220-1", "Heading": "What this Division is about", "Text": "A company resident in New Zealand may choose that the imputation system apply in relation to it. If it does, the rest of this Part applies in relation to it as if it were an Australian resident company, but with modifications. Some of the modifications also affect: (a) other companies that are members of the same wholly ‑ owned group; or (b) entities that receive distributions from the company resident in New Zealand.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-15", "Provision_Key": "s220-15", "Heading": "Objects", "Text": "(1) The main objects of this Division are: (a) to allow a company that is an * NZ resident to choose that the * imputation system apply in relation to it; and (b) if the company makes that choice, to apply the rest of this Part in relation to the company generally as if it were an Australian resident. (2) Another object of this Division is to prevent the benefits of the * imputation system from being inappropriately made available to or through a * member of a company that is a foreign resident, by modifying the way in which the rest of this Part applies to: (a) a company that has chosen that the system apply in relation to it; and (b) other companies that are members of the same * wholly ‑ owned group as that company; and (c) other entities that receive (directly or indirectly) * distributions from that company.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-20", "Provision_Key": "s220-20", "Heading": "What is an NZ resident ?", "Text": "Company (1) A company is an NZ resident if: (a) the company is incorporated in New Zealand; or (b) the company is not incorporated in New Zealand but carries on business there and either: (i) has its central management and control there; or (ii) has its voting power controlled by * members who are NZ residents. Natural person (2) A natural person is an NZ resident if he or she resides in New Zealand. (3) A natural person is also an NZ resident if his or her domicile is in New Zealand, unless the Commissioner is satisfied that the person’s permanent place of abode is outside New Zealand. (4) A natural person is also an NZ resident if he or she has actually been in New Zealand, continuously or intermittently, during more than half of the income year, unless the Commissioner is satisfied that: (a) the person’s usual place of abode is outside New Zealand; and (b) the person does not intend to take up residence in New Zealand. Not an NZ resident if an Australian resident (5) A person is not an NZ resident if the person is an Australian resident. This has effect despite subsections (1), (2), (3) and (4).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-25", "Provision_Key": "s220-25", "Heading": "Application of provisions of Part 3 ‑ 6 outside this Division", "Text": "(1) The provisions of Part 3 ‑ 6 outside this Division apply in relation to a company that is an * NZ franking company at a time as if it were an Australian resident at that time. (2) They apply with the modifications made by the other sections of this Division.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-30", "Provision_Key": "s220-30", "Heading": "What is an NZ franking company ?", "Text": "A company is an NZ franking company at a time if, at the time, the company is an * NZ resident and has an * NZ franking choice in force.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-35", "Provision_Key": "s220-35", "Heading": "Making an NZ franking choice", "Text": "A company that is an * NZ resident may, by notice in the * approved form given to the Commissioner, choose that the * imputation system is to apply in relation to the company. The choice is an NZ franking choice .", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-40", "Provision_Key": "s220-40", "Heading": "When is an NZ franking choice in force?", "Text": "(1) A company’s * NZ franking choice comes into force: (a) at the start of the company’s income year in which the notice was given to the Commissioner; or (b) at the start of a later income year specified in the notice. (2) The * NZ franking choice continues in force until it is revoked by the company or cancelled by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-45", "Provision_Key": "s220-45", "Heading": "Revoking an NZ franking choice", "Text": "(1) A company may revoke its * NZ franking choice by notice in the * approved form given to the Commissioner. (2) To avoid doubt, the revocation takes effect when the notice is given to the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-50", "Provision_Key": "s220-50", "Heading": "Cancelling an NZ franking choice", "Text": "(1) The Commissioner may cancel a company’s * NZ franking choice by written notice given to the company, but only if the Commissioner is satisfied that either: (a) the company was liable to pay * franking deficit tax or * over ‑ franking tax (whether or not because of section 220 ‑ 800 (about joint and several liability for the tax)) and the company did not pay the tax by the day on which it was due and payable; or (b) the company has not complied with subsection 214 ‑ 15(2) or 214 ‑ 20(2) (about giving the Commissioner a * franking return). (2) To avoid doubt, the cancellation takes effect when the notice is given to the company. Review of cancellation (3) If the company is dissatisfied with the cancellation of the choice, it may object against the cancellation in the manner set out in Part IVC of the Taxation Administration Act 1953 . Note: That Part provides for review of the cancellation objected against. Effect of cancelling a choice on making another choice in future (4) If the company makes another * NZ franking choice, it does not come into force unless the Commissioner consents in writing to the choice coming into force. (5) In consenting, the Commissioner may specify when the choice is to come into force. The consent has effect according to its terms, despite section 220 ‑ 40. (6) The Commissioner must give a copy of the consent to the company.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-100", "Provision_Key": "s220-100", "Heading": "Residency requirement for franking", "Text": "(1) An * NZ franking company satisfies the residency requirement when making a * distribution only if the distribution is made at least one month after the notice constituting the company’s * NZ franking choice was given to the Commissioner. Note: This section is relevant to both section 202 ‑ 5 and section 208 ‑ 60, which let a company frank a distribution, or frank a distribution with an exempting credit, only if the company satisfies the residency requirement when making the distribution. (2) Section 202 ‑ 20, as applying because of section 220 ‑ 25, has effect subject to this section. Note: Section 202 ‑ 20 sets out how a company satisfies the residency requirement when making a distribution.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-105", "Provision_Key": "s220-105", "Heading": "Unfrankable distributions by NZ franking companies", "Text": "(1) These * distributions by an * NZ franking company are * unfrankable: (a) a conduit tax relief additional dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand); (b) a supplementary dividend (as defined in that section). (2) This section does not limit section 202 ‑ 45 (about * unfrankable distributions).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-110", "Provision_Key": "s220-110", "Heading": "Maximum franking credit under section 202 ‑ 60", "Text": "For the purposes of working out the * maximum franking credit for a * frankable distribution made by an * NZ franking company in a * foreign currency, translate the amount of the distribution into Australian currency at the exchange rate applicable at the time of the decision to make the * distribution.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-205", "Provision_Key": "s220-205", "Heading": "Franking credit for payment of NZ franking company’s withholding tax liability", "Text": "(1) A * franking credit arises in the * franking account of a company on the day a payment is made of * withholding tax that the company is liable under section 128B of the Income Tax Assessment Act 1936 to pay, if: (a) because of section 220 ‑ 25, the company satisfies the * residency requirement for the income year in which it * derived the income on which it was liable to pay the withholding tax; and (b) the company is a * franking entity for the whole or part of that income year. The amount of the credit equals the amount of the payment. (2) For the purposes of determining whether the company satisfies the * residency requirement for the income year described in paragraph (1)(a), section 205 ‑ 25 has effect as if the derivation of the income described in that paragraph were an event specified in a relevant table for the purposes of that section.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 67 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-210", "Provision_Key": "s220-210", "Heading": "Effect of franked distribution to NZ franking company or flowing indirectly to NZ franking company", "Text": "No tax offset for NZ franking company (1) An * NZ franking company to which a * franked distribution is made or * flows indirectly is not entitled under Division 207 to a * tax offset for the * distribution. That Division has effect subject to this section. Denial of tax offset does not stop franking credit or debit arising (2) However, subsection (1) does not prevent a * franking credit or * franking debit from arising in the * NZ franking company’s * franking account under Division 205 or 208. To avoid doubt, the amount of the credit or debit, and the time at which it arises, are the same as they would be apart from subsection (1). Note: This has the effect that the amount and timing of the credit or debit are worked out as if the NZ franking company had been entitled to the tax offset that subsection (1) prevents the company from being entitled to.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-215", "Provision_Key": "s220-215", "Heading": "Effect on franking account if NZ franking choice ceases to be in force", "Text": "(1) This section has effect if: (a) a company has made an * NZ franking choice; and (b) the choice is revoked or cancelled at a time (the end time ); and (c) immediately before the end time the company is a foreign resident. Franking debit if franking surplus just before end time (2) A * franking debit arises in the company’s * franking account on the day during which the end time occurs if the account was in * surplus immediately before that time. The amount of the debit equals the * franking surplus. Franking deficit tax if franking deficit just before end time (3) If the company’s * franking account was in * deficit immediately before the end time, subsection 205 ‑ 45(3) applies in relation to the company as if it ceased to be a * franking entity at the end time. Note: Subsection 205 ‑ 45(3) makes an entity liable to pay franking deficit tax if the entity ceases to be a franking entity and had a franking deficit immediately before ceasing to be a franking entity. (4) Subsection (3) does not limit the effect of subsection 205 ‑ 45(3). Take account of franking debit arising under section 220 ‑ 605 (5) Take account of any * franking debit arising under section 220 ‑ 605 because of the revocation or cancellation in working out for the purposes of this section whether the company’s * franking account is in * surplus or * deficit immediately before the end time. Note: Section 220 ‑ 605 provides for a franking debit to arise in the company’s franking account immediately before the end time if, immediately before the end time, the company was a former exempting entity and its exempting account was in deficit.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 67 of 2003 | No 41 of 2005", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-300", "Provision_Key": "s220-300", "Heading": "NZ franking company’s franking account affected by franking accounts of some of its 100% subsidiaries", "Text": "(1) This section has effect if all these conditions are met in relation to a company (the franking donor company ) at a time: (a) the franking donor company is at the time: (i) an Australian resident or a * post ‑ choice NZ franking company; and (ii) a * 100% subsidiary of a post ‑ choice NZ franking company (the parent company ) that is not a 100% subsidiary of another company that is a member of the same * wholly ‑ owned group as the parent company; (b) the franking donor company is at the time a 100% subsidiary of a post ‑ choice NZ franking company (the NZ recipient company ) in relation to which these requirements are met: (i) there must be no companies that are * NZ residents and 100% subsidiaries of the NZ recipient company interposed between it and the franking donor company; (ii) the NZ recipient company must be either the parent company or a 100% subsidiary of the parent company; (c) there are interposed between the NZ recipient company and the franking donor company at the time one or more companies, each of which: (i) is a 100% subsidiary of the NZ recipient company; and (ii) is neither an Australian resident nor an NZ resident. What is a post ‑ choice NZ franking company ? (2) A company is a post ‑ choice NZ franking company at a time if: (a) at the time, the company is an * NZ franking company; and (b) the notice constituting the * NZ franking choice that makes the company an NZ franking company at the time was given to the Commissioner at or before the time. Franking donor company’s franking surplus when conditions met (3) If the franking donor company’s * franking account is in * surplus at the first time all the conditions in subsection (1) are met: (a) a * franking debit equal to the surplus arises in the franking donor company’s franking account immediately after that time; and (b) a * franking credit equal to the surplus arises in the NZ recipient company’s franking account immediately after that time. Franking donor company’s franking deficit when conditions met (4) If the franking donor company’s * franking account is in * deficit at the first time all the conditions in subsection (1) are met, subsection 205 ‑ 45(3) applies in relation to the franking donor company as if: (a) it ceased to be a * franking entity at that time; and (b) its franking account had been in deficit to the same extent immediately before that cessation. Note: Subsection 205 ‑ 45(3) makes an entity liable to pay franking deficit tax if the entity ceases to be a franking entity and had a franking deficit immediately before ceasing to be a franking entity. NZ recipient company’s franking account after conditions are met (5) If, apart from paragraph (a), a * franking credit or * franking debit would arise in the franking donor company’s * franking account at a time (the accounting time ) that is a time when all the conditions in subsection (1) are met but after the first time at which all those conditions are met in relation to the franking donor company: (a) the credit or debit does not arise in the franking donor company’s franking account; and (b) a credit or debit of the same amount arises at the accounting time in the NZ recipient company’s franking account instead. (6) However, subsection (5) does not apply in relation to: (a) a * franking debit arising in the franking donor company’s * franking account under subsection (3); or (b) a * franking credit arising in that account because of item 5 of the table in section 205 ‑ 15 in conjunction with subsection (4) of this section; or (c) a franking debit arising in that account under paragraph 220 ‑ 605(3)(a). Note 1: Item 5 of the table in section 205 ‑ 15 gives rise to a franking credit immediately after a liability to franking deficit tax arises. Subsection (4) of this section causes such a liability to arise under section 205 ‑ 45. Note 2: Paragraph 220 ‑ 605(3)(a) gives rise to a franking debit if the NZ franking choice of a company that is a former exempting entity is revoked or cancelled and the company’s exempting account is in deficit immediately before the revocation or cancellation. Franking donor company’s benchmark franking percentage (7) Subsection (5) does not affect the franking donor company’s * benchmark franking percentage. Special rules if franking donor company is former exempting entity (8) If the franking donor company becomes a * former exempting entity at the first time all the conditions in subsection (1) are met: (a) subsections (3) and (4) do not apply; and (b) subsection (5) does not apply in relation to: (i) a * franking credit arising in the franking donor company’s * franking account under item 1 of the table in section 208 ‑ 130 immediately after that time; or (ii) a * franking debit arising in the franking donor company’s franking account under item 1 of the table in section 208 ‑ 145 immediately after that time. Note: Subsection (8) ensures that the franking donor company’s franking account has a nil balance immediately after the company becomes a former exempting entity and that there is an appropriate balance in the company’s exempting account that is not made available for use by the NZ recipient company in franking distributions.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-350", "Provision_Key": "s220-350", "Heading": "Providing for a franking credit to arise", "Text": "(1) This section has effect if: (a) an * NZ franking company makes a * franked distribution to a company (the receiving company ); and (b) the distribution does not * flow indirectly through the receiving company to another entity; and (c) because of section 768 ‑ 5, or section 23AI or 23AK of the Income Tax Assessment Act 1936 : (i) all of the distribution is * exempt income, or is * non ‑ assessable non ‑ exempt income, in the hands of the receiving company; or (ii) part of the distribution is exempt income, or is non ‑ assessable non ‑ exempt income, in the hands of the receiving company. (2) A * franking credit arises in the receiving company’s * franking account on the day on which the distribution is made. Note: If only part of the distribution is exempt income or non ‑ assessable non ‑ exempt income: (a) a franking credit in relation to the distribution will arise under this section in relation to the part of the distribution that is exempt income, or that is non ‑ assessable non ‑ exempt income; and (b) another franking credit in relation to the distribution will arise under item 3 of the table in subsection 205 ‑ 15(1) in relation to the part of the distribution that is not exempt income, or that is not non ‑ assessable non ‑ exempt income (see also subsection 207 ‑ 90(2)). (3) The amount of the * franking credit that so arises is: (a) if subparagraph (1)(c)(i) applies—the amount of the franking credit on the distribution made by the * NZ franking company; or (b) if subparagraph (1)(c)(ii) applies—so much of the franking credit on the distribution made by the NZ franking company as is attributable to the part of the distribution referred to in that subparagraph. (4) The table in subsection 205 ‑ 15(1) has effect subject to this section.", "Amendment_Count": 2, "First_Amended": "No 168 of 2006", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 168 of 2006 | No 110 of 2014", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-400", "Provision_Key": "s220-400", "Heading": "Gross ‑ up and tax offset for distribution from NZ franking company reduced by supplementary dividend", "Text": "(1) This section has effect if: (a) an * NZ franking company: (i) makes a * franked distribution to an entity (the recipient ) in an income year; and (ii) pays a supplementary dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand) to the recipient in connection with the franked distribution; and (b) an amount is included in the recipient’s assessable income for the income year under section 207 ‑ 20, and the recipient is entitled to a * tax offset for the income year under that section or section 207 ‑ 110; and (c) the recipient is entitled to a tax offset under Division 770 because of the inclusion of the * distribution in the recipient’s assessable income for the income year. Reduced gross ‑ up (2) The amount included in the recipient’s assessable income under section 207 ‑ 20 is reduced by the amount of the supplementary dividend (but not below zero). Reduced tax offset (3) The amount of the * tax offset under section 207 ‑ 20 is reduced by the amount of the supplementary dividend (but not below zero). What happens if certain provisions apply (4) Subsections (2) and (3) do not apply to the recipient in relation to the * franked distribution if one or more of the following provisions also apply to the recipient in relation to the distribution: (a) subsection 207 ‑ 90(1); (b) subsection 207 ‑ 90(2); (c) subsection 207 ‑ 145(1); (d) subsection 207 ‑ 145(2). (5) If subsection 207 ‑ 90(2) or 207 ‑ 145(2) would also apply to the recipient in relation to the * franked distribution, apply that subsection on the basis that: (a) the amount of the * franking credit on the distribution; had been reduced by: (b) so much of the supplementary dividend as does not exceed that amount of the franking credit. Relationship with sections 207 ‑ 20, 207 ‑ 90 and 207 ‑ 145 (6) Sections 207 ‑ 20, 207 ‑ 90 and 207 ‑ 145 have effect subject to this section.", "Amendment_Count": 3, "First_Amended": "No 67 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 67 of 2003 | No 83 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-405", "Provision_Key": "s220-405", "Heading": "Franked distribution and supplementary dividend flowing indirectly", "Text": "(1) This section has effect if: (a) an * NZ franking company: (i) makes a * franked distribution; and (ii) pays a supplementary dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand) in connection with the franked distribution; and (b) the franked distribution and the supplementary dividend * flow indirectly to an entity (the recipient ) in an income year because the recipient is a partner in a partnership or a beneficiary or trustee of a trust; and (c) the recipient is entitled under section 207 ‑ 45 to a * tax offset in connection with the * distribution; and (d) the recipient is entitled to a tax offset under Division 770 for the income year because of the distribution. Recipient that is a partner or beneficiary (2) If the * franked distribution * flows indirectly to the recipient under subsection 207 ‑ 50(2) or (3), then: (a) the recipient can deduct an amount for the income year that is equal to so much of its share of the supplementary dividend as does not exceed: (i) if the distribution flows indirectly to the recipient under subsection 207 ‑ 50(2)—the recipient’s individual interest in relation to the distribution that is mentioned in that subsection; or (ii) if the distribution flows indirectly to the recipient under subsection 207 ‑ 50(3)—the recipient’s share amount in relation to the distribution that is mentioned in that subsection; and (b) the recipient’s * tax offset under section 207 ‑ 45 is reduced by so much of the deduction under paragraph (a) as does not exceed its * share of the * franking credit on the distribution. Recipient that is a trustee (3) If the * franked distribution * flows indirectly to the recipient under subsection 207 ‑ 50(4), then: (a) the share amount mentioned in that subsection in relation to the distribution is reduced by so much of the recipient’s share of the supplementary dividend as does not exceed that share amount; and (b) the recipient’s * tax offset under section 207 ‑ 45 is reduced by so much of the reduction under paragraph (a) as does not exceed its * share of the * franking credit on the distribution. What happens if certain provisions apply (4) Subsection (2) or (3) (as appropriate) does not apply to the recipient in relation to the * franked distribution if one or more of the following provisions also apply to the recipient in relation to the distribution: (a) subsection 207 ‑ 95(1); (b) subsection 207 ‑ 95(5); (c) subsection 207 ‑ 150(1); (d) subsection 207 ‑ 150(5). (5) If subsection 207 ‑ 90(5) or 207 ‑ 150(5) would also apply to the recipient in relation to the * franked distribution, apply that subsection on the basis that: (a) the amount of the recipient’s * share of the * franking credit on the distribution; had been reduced by: (b) so much of the recipient’s share of the supplementary dividend as does not exceed the amount of that share of the franking credit. When does a supplementary dividend flow to an entity? (6) A supplementary dividend flows indirectly to an entity if it would have * flowed indirectly to the entity under subsection 207 ‑ 50(2), (3) or (4), if: (a) the dividend had been a * franked distribution; and (b) a reference in that subsection to the entity’s * share of the franked distribution had been a reference to the entity’s share of the supplementary dividend. Share of supplementary dividend (7) The entity’s share of the supplementary dividend is worked out as follows: (8) Nothing in this section has the effect of including in the entity’s assessable income its share of the supplementary dividend. Relationship with Subdivisions 207 ‑ B, 207 ‑ D, 207 ‑ E and 207 ‑ F (9) Subdivisions 207 ‑ B, 207 ‑ D, 207 ‑ E and 207 ‑ F have effect subject to this section.", "Amendment_Count": 3, "First_Amended": "No 67 of 2003", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 67 of 2003 | No 83 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-410", "Provision_Key": "s220-410", "Heading": "Franking credit reduced if tax offset reduced", "Text": "(1) If, under section 220 ‑ 400 or 220 ‑ 405, a * corporate tax entity’s * tax offset (the reduced tax offset ) for the * franked distribution described in that section is less than it would be apart from that section, the * franking credit arising in that entity’s * franking account because of the * distribution is equal to the reduced tax offset. (2) The following provisions have effect subject to this section: (a) items 3 and 4 of the table in section 205 ‑ 15; (b) items 5 and 6 of the table in section 219 ‑ 15. Note: Each of those items gives rise to a franking credit for a franked distribution if the recipient is entitled under Division 207 to a tax offset for the distribution. Those items provide that the amount of the credit equals the amount of that offset.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-500", "Provision_Key": "s220-500", "Heading": "Publicly listed post ‑ choice NZ franking company and its 100% subsidiaries are not exempting entities", "Text": "(1) A company is not an * exempting entity at a particular time if: (a) it is a * post ‑ choice NZ franking company at the time; and (b) the company is a * listed public company at the time. (2) A company (the non ‑ exempting company ) is not an * exempting entity at a particular time if at the time: (a) the non ‑ exempting company is a * 100% subsidiary of a company (the listed company ) that is not an exempting entity because of subsection (1); and (b) the non ‑ exempting company is an Australian resident or a * post ‑ choice NZ franking company; and (c) if: (i) there are one or more companies interposed between the non ‑ exempting company and the listed company; and (ii) one or more of the interposed companies are * NZ residents; all of the interposed companies that are NZ residents are post ‑ choice NZ franking companies. (3) This section has effect despite section 208 ‑ 20 (about an entity being an * exempting entity).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-505", "Provision_Key": "s220-505", "Heading": "Post ‑ choice NZ franking company is not automatically prescribed person", "Text": "(1) A * post ‑ choice NZ franking company is not a prescribed person under section 208 ‑ 40 for the purposes of working out whether another * corporate tax entity is an * exempting entity at a particular time because it is effectively owned by prescribed persons within the meaning of section 208 ‑ 25. (2) However, this section does not prevent the company from being taken under section 208 ‑ 45 to be a prescribed person for those purposes.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-510", "Provision_Key": "s220-510", "Heading": "Parent company’s status as prescribed person sets status of all other members of same wholly ‑ owned group", "Text": "(1) This section has effect for the purposes of working out whether a company is an * exempting entity at a particular time because it is effectively owned by prescribed persons within the meaning of section 208 ‑ 25, if: (a) at the time the company is a * 100% subsidiary of another company (the parent company ) that is not a 100% subsidiary of another member of the same * wholly ‑ owned group; and (b) at the time the parent company is a * post ‑ choice NZ franking company; and (c) there is at least one company (the non ‑ Tasman company ) that meets all these conditions: (i) the non ‑ Tasman company is neither an Australian resident nor an * NZ resident at the time; (ii) the non ‑ Tasman company is a member of the same wholly ‑ owned group at the time; (iii) the non ‑ Tasman company is interposed between the parent company and a company that, at the time, is an Australian resident or a post ‑ choice NZ franking company. (2) At the time, each company that is a * 100% subsidiary of the parent company is a prescribed person if the parent company is a prescribed person at the time for those purposes because of section 208 ‑ 40 or 208 ‑ 45 (taking account of section 220 ‑ 505, if relevant). (3) At the time, each company that is a * 100% subsidiary of the parent company is not a prescribed person if the parent company is not a prescribed person for those purposes because of section 208 ‑ 40 or 208 ‑ 45 (taking account of section 220 ‑ 505, if relevant). (4) This section has effect despite sections 208 ‑ 40, 208 ‑ 45 and 220 ‑ 505 so far as those sections apply in relation to a * 100% subsidiary of the parent company.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-605", "Provision_Key": "s220-605", "Heading": "Effect on exempting account if NZ franking choice ceases to be in force", "Text": "(1) This section has effect if: (a) a company has made an * NZ franking choice; and (b) the choice is revoked or cancelled at a time (the end time ); and (c) immediately before the end time: (i) the company is a foreign resident; and (ii) the company is a * former exempting entity. Exempting debit if exempting surplus just before end time (2) An * exempting debit arises in the company’s * exempting account at the end time if the account was in * surplus immediately before that time. The amount of the debit equals the * exempting surplus. If exempting deficit just before end time (3) If the company’s * exempting account was in * deficit immediately before the end time: (a) a * franking debit equal to that deficit arises in the company’s * franking account immediately before the end time; and (b) an * exempting credit equal to that deficit arises in the company’s exempting account at the end time.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 67 of 2003 | No 41 of 2005", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-605"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-700", "Provision_Key": "s220-700", "Heading": "Tax effect of distribution franked by NZ franking company with an exempting credit", "Text": "(1) This section has effect if an * NZ franking company * franks with an exempting credit a * distribution the company makes when it is a * former exempting entity. (2) If, under Subdivision 208 ‑ H, Division 207 applies in relation to the * distribution, it applies subject to the provisions of this Division that modify the effect of that Division. Note 1: Subdivision 208 ‑ H provides in some cases for the tax effect of a distribution franked with an exempting credit by applying Division 207 as if the distribution were a franked distribution. Note 2: Sections 220 ‑ 400 and 220 ‑ 405 modify the effect of Division 207 so far as it relates to the tax effect of distributions by NZ franking companies that pay supplementary dividends in connection with the distributions. (3) Subdivision 208 ‑ H has effect subject to this section.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 220-800", "Provision_Key": "s220-800", "Heading": "Joint and several liability for NZ resident company’s franking tax etc.", "Text": "(1) This section has effect if: (a) a company (the defaulter ) became liable under another section to pay an amount described in subsection (2) because the company was an * NZ franking company; and (b) the amount was unpaid by the time (the defaulter’s due time ) it was due and payable by the defaulter; and (c) at any time during the period for the amount (see subsection (2)), the defaulter was a member of the same * wholly ‑ owned group as one or more other companies (each of which is a contributor ). (2) For the purposes of subsection (1), the amount and period are shown in the table: Amount and period Item For an amount of this kind: The period is: 1 * Franking deficit tax Whichever of these periods is relevant: (a) if the defaulter was liable to pay the tax because its franking account was in deficit at the end of an income year—that income year; (b) if the defaulter was liable to pay the tax because of another event—the period starting at the start of the income year in which the event occurred and ending when the event occurred 2 * Over ‑ franking tax The income year in which the defaulter made the * frankable distribution that made the defaulter liable to pay the tax 3 * General interest charge on * franking deficit tax or * over ‑ franking tax The period identified under item 1 or 2 for the tax 4 Administrative penalty that: (a) is mentioned in section 284 ‑ 75, 284 ‑ 145, 286 ‑ 75 or 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 ; and (b) relates entirely to * franking deficit tax or * over ‑ franking tax The period identified under item 1 or 2 for the tax (3) Just after the defaulter’s due time, these companies become jointly and severally liable to pay the unpaid amount: (a) the defaulter; (b) each contributor, other than one that, at that time: (i) is neither an Australian resident nor an * NZ resident; or (ii) is prohibited by an * Australian law or a law of New Zealand from entering into an * arrangement that would make the contributor jointly or severally liable for the unpaid amount. (4) The joint and several liability of a particular contributor becomes due and payable by the contributor 14 days after the Commissioner gives it written notice of the liability. Note 1: Two or more contributors will have different due and payable dates for the same liability if the Commissioner gives them notice of their liability on different days. Note 2: This section does not affect the time at which the liability for the unpaid amount arose for, or became due and payable by, the defaulter. (5) If: (a) the unpaid amount (the first interest amount ) is * general interest charge for a day in relation to another unpaid amount (the primary liability ) that consists of * franking deficit tax or * over ‑ franking tax; and (b) on a day the Commissioner gives a particular contributor written notice under subsection (4) of the contributor’s liability for the first interest amount; and (c) general interest charge arises: (i) for a day (the later day ) after the days mentioned in paragraphs (a) and (b); and (ii) in relation to the primary liability; and (d) the general interest charge for the later day has not been paid or otherwise discharged in full by the time it became due and payable; the Commissioner is taken to have given the contributor written notice under subsection (4) of the general interest charge for the later day on that later day. (6) Section 254 of the Income Tax Assessment Act 1936 applies in relation to the contributors’ liability as if it were a liability for tax. Note: Section 254 of the Income Tax Assessment Act 1936 deals with the payment of tax by agents and trustees.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s220-800"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-1", "Provision_Key": "s230-1", "Heading": "What this Division is about", "Text": "This Division is about the tax treatment of gains and losses from your financial arrangements. You recognise the gains and losses, as appropriate, over the life of a financial arrangement and ignore distinctions between income and capital unless specific rules apply. If it is sufficiently certain that you will make a gain or loss, you use a compounding accruals method to recognise the gain or loss. Otherwise you use a realisation method. Instead of either, you may be able to choose to use a fair value or hedging method or to rely on your financial reports. You may also be able to choose to recognise foreign exchange gains and losses using a retranslation method.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-5", "Provision_Key": "s230-5", "Heading": "Scope of this Division", "Text": "(1) You have a financial arrangement if you have one or more cash settlable legal or equitable rights and/or obligations to receive or provide a financial benefit. (2) This Division does not apply to all financial arrangements. The main exceptions are if: (a) you are: (i) an individual; or (ii) a superannuation entity or fund, managed investment scheme or an entity substantially similar to a managed investment scheme under foreign law with assets of less than $100 million; or (iii) an ADI, securitisation vehicle or other financial sector entity with an aggregated turnover of less than $20 million; or (iv) another entity with an aggregated turnover of less than $100 million, financial assets of less than $100 million and assets of less than $300 million; and either: (iva) the arrangement is to end not more than 12 months after you start to have it; or (v) the arrangement is not a qualifying security; or (b) the arrangement is a financial arrangement under section 230 ‑ 50 (equity interests etc.) and neither a fair value election, a hedging financial arrangement election nor an election to rely on financial reports applies to the arrangement. Note: Section 230 ‑ 455 provides for the exceptions referred to in paragraph (a).", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-10", "Provision_Key": "s230-10", "Heading": "Objects of this Division", "Text": "The objects of this Division are: (a) to minimise the extent to which the tax treatment of gains and losses from your * financial arrangements distorts, by providing inappropriate impediments and stimulation, your trading, financing and investment decisions and your risk taking and risk management; and (b) to do so by aligning more closely the tax and commercial recognition of gains and losses from your financial arrangements in the following ways: (i) by allocating the gains and losses to income years throughout the life of your financial arrangements on a reasonable basis; (ii) by generally recognising gains and losses on revenue rather than capital account; and (c) to appropriately take account of, and minimise, your compliance costs.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-15", "Provision_Key": "s230-15", "Heading": "Gains are assessable and losses deductible", "Text": "Gains (1) Your assessable income includes a gain you make from a * financial arrangement. Note: This Division does not apply to gains that are subject to exceptions under Subdivision 230 ‑ H. Losses (2) You can deduct a loss you make from a * financial arrangement, but only to the extent that: (a) you make it in gaining or producing your assessable income; or (b) you necessarily make it in carrying on a * business for the purpose of gaining or producing your assessable income. Note: This Division does not apply to losses that are subject to exceptions under Subdivision 230 ‑ H. (3) You can also deduct a loss you make from a * financial arrangement if: (a) you are an * Australian entity; and (b) you make the loss in deriving income from a foreign source; and (c) the income is * non ‑ assessable non ‑ exempt income under section 768 ‑ 5, or section 23AI or 23AK of the Income Tax Assessment Act 1936 ; and (d) the loss is, in whole or in part, a cost that is covered by paragraph 820 ‑ 40(1)(a). You can deduct the loss only to the extent to which it is a cost that is covered by paragraph 820 ‑ 40(1)(a). Note: This Division does not apply to losses that are subject to exceptions under Subdivision 230 ‑ H. (4) If the * financial arrangement is a * debt interest, the loss is not prevented from being deductible for an income year under subsection (2) merely because of either or both of the following: (a) one or more of the * financial benefits that are taken into account in working out the amount of the loss are * contingent on aspects of the economic performance (whether past, current or future) of: (i) you or a part of your activities; or (ii) a * connected entity of yours or a part of the activities of a connected entity of yours; (b) one or more of the financial benefits that are taken into account in working out the amount of the loss secure a permanent or enduring benefit for you or a connected entity of yours. (4A) A * dividend on a * debt interest is a loss you can deduct to the extent to which it would have been a deductible loss under subsection (2) if: (a) the payment of the amount of the dividend were the incurring of a liability to pay the same amount as interest; and (b) that interest were incurred in respect of the finance raised by you and in respect of which the dividend was paid or provided; and (c) the debt interest retained its character as a debt interest for the purposes of subsection (4). (5) Subject to subsection (6), subsection (4) does not apply to the loss to the extent to which the annually compounded internal rate of return on the * debt interest exceeds the * benchmark rate of return for the debt interest increased by 150 basis points. (6) If: (a) regulations made for the purposes of subsection 25 ‑ 85(6) provide that a specified number of basis points is to apply for the purposes of applying subsection 25 ‑ 85(5) in particular circumstances; and (b) those circumstances exist in relation to the * debt interest; subsection (5) applies as if the reference in that subsection to 150 basis points were a reference to the number of basis points specified in the regulations. Division does not affect foreign residence rules (7) Nothing in this Division affects the operation of the provisions of Division 6 that provide for the significance of foreign residence for the assessability of ordinary and statutory income. Note 1: Gains that you make under this Division may be ordinary or statutory income for the purposes of Division 6. Note 2: For the effect of a change of residence during an income year, see sections 230 ‑ 485 and 230 ‑ 490.", "Amendment_Count": 5, "First_Amended": "No 15 of 2009", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 110 of 2014 | No 10 of 2016 | No 23 of 2024", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-20", "Provision_Key": "s230-20", "Heading": "Gain or loss to be taken into account only once under this Act", "Text": "Application of section (1) This section applies to the following: (a) a gain that is included in your assessable income for an income year under this Division; (b) a loss that is allowable as a deduction to you for an income year under this Division; (c) a gain or a loss that is dealt with in accordance with subsection 230 ‑ 310(4) in relation to an income year. Purpose of this section (2) The purpose of this section is to ensure that your gains and losses, and * financial benefits, to which this section applies are taken into account only once under this Act in working out your taxable income. Gain or loss to be taken into account only once (3) A gain or loss to which this section applies is not to be (to any extent): (a) included in your assessable income; or (b) allowable as a deduction to you; or (c) dealt with in accordance with subsection 230 ‑ 310(4); again under this Division for the same or any other income year. (4) A gain or loss to which this section applies is not to be (to any extent): (a) included in your assessable income; or (b) allowable as a deduction to you; under any provisions of this Act outside this Division for the same or any other income year. Section does not give rise to exempt income (5) A gain is not to be treated as * exempt income merely because it is not included in your assessable income under this section.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-25", "Provision_Key": "s230-25", "Heading": "Associated financial benefits to be taken into account only once under this Act", "Text": "Application of section (1) This section applies to a * financial benefit whose amount or value is taken into account in working out whether you make, or the amount of, a gain or loss to which paragraph 230 ‑ 20(1)(a), (b) or (c) applies. Associated financial benefit to be taken into account only once (2) A * financial benefit to which this section applies is not to be (to any extent): (a) included in your assessable income; or (b) allowable as a deduction to you; under any provision of this Act outside this Division for the same or any other income year. Exception for certain bad debts (3) If: (a) a * financial benefit has been included in your assessable income under a provision of this Act outside this Division; and (b) a bad debt deduction would have been allowed under section 25 ‑ 35 in relation to the financial benefit; subsection (2) does not prevent that bad debt deduction from being allowed under section 25 ‑ 35 in relation to the financial benefit as if the debt were still outstanding. Section does not give rise to exempt income (4) A * financial benefit is not to be treated as * exempt income merely because it is not included in your assessable income under this section.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-30", "Provision_Key": "s230-30", "Heading": "Treatment of gains and losses related to exempt income and non ‑ assessable non ‑ exempt income", "Text": "(1) Despite section 230 ‑ 15, a gain that you make from a * financial arrangement: (a) to the extent that it reflects an amount that would be treated, or would reasonably expected to be treated, as * exempt income under a provision of this Act if this Division were disregarded—is exempt income; and (b) to the extent that it reflects an amount that would be treated or would reasonably expected to be treated, as * non ‑ assessable non ‑ exempt income under a provision of this Act if this Division were disregarded—is not assessable income and is not exempt income. (2) Despite section 230 ‑ 15, a gain that you make from a * financial arrangement: (a) to the extent that, if it had been a loss, you would have made it in gaining or producing * exempt income—is exempt income; and (b) to the extent to which, if it had been a loss, you would have made it in gaining or producing * non ‑ assessable non ‑ exempt income—is not assessable income and is not exempt income. (3) A loss you make from a * financial arrangement is not allowable as a deduction to you under any provision of this Act (other than subsection 230 ‑ 15(3)) to the extent that you make it in gaining or producing your: (a) * exempt income; or (b) * non ‑ assessable non ‑ exempt income.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-35", "Provision_Key": "s230-35", "Heading": "Treatment of gains and losses of private or domestic nature", "Text": "Borrowings etc. used for private or domestic purpose (1) Subsections (2) and (3) apply if: (a) a * borrowing is made by you, or credit is provided to you, under a * financial arrangement; and (b) you use some or all of the funds borrowed or the credit provided for a private or domestic purpose. (2) This Division does not apply to a gain you make from the arrangement to the extent that you use the funds raised or the credit provided for a private or domestic purpose. (3) A loss you make from the arrangement is not allowable as a deduction to you under any provision of this Act to the extent that you use the funds raised or the credit provided for a private or domestic purpose. Derivative financial arrangement held for private or domestic purpose (4) Subsections (5) and (6) apply if: (a) you are an individual; and (b) you make a gain or loss from a * derivative financial arrangement; and (c) the arrangement is held, wholly or in part, for a private or domestic purpose. (5) This Division does not apply to a gain you make from the arrangement to the extent that the arrangement is held or used for a private or domestic purpose. (6) A loss you make from the arrangement is not allowable as a deduction to you under any provision of this Act to the extent that the arrangement is held or used for a private or domestic purpose.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-40", "Provision_Key": "s230-40", "Heading": "Methods for taking gain or loss into account", "Text": "Methods available (1) The methods that can be applied to take account of a gain or loss you make from a * financial arrangement are: (a) the accruals and realisation methods provided for in Subdivision 230 ‑ B; or (b) the fair value method provided for in Subdivision 230 ‑ C; or (c) the foreign exchange retranslation method provided for in Subdivision 230 ‑ D; or (d) the hedging financial arrangement method provided for in Subdivision 230 ‑ E; or (e) the method of relying on your financial reports provided for in Subdivision 230 ‑ F; or (f) a balancing adjustment provided for in Subdivision 230 ‑ G. Note: The methods referred to in paragraphs (b) to (e) only apply if you make an election under the relevant Subdivision and you must meet certain requirements before you can make such an election. (2) A gain or loss is not taken into account under any of the methods referred to in paragraphs (1)(a), (b), (c) and (e) to the extent to which it is taken into account under the method referred to in paragraph (1)(f) (balancing adjustment). (3) A gain or loss is not taken into account under the method referred to in paragraph (1)(f) (balancing adjustment) to the extent to which it is taken into account under the method referred to in paragraph (1)(d) (hedging financial arrangement method). Note: The hedging financial arrangement method may take some account of the gain or loss by reference to the balancing adjustment method (see subsection 230 ‑ 300(5)). Elections override accruals and realisation methods (4) Subdivision 230 ‑ B (accruals and realisation method) does not apply to a gain or loss you make from a * financial arrangement: (a) to the extent that Subdivision 230 ‑ C (fair value method) applies to the gain or loss; or Note: See subsection (5) of this section and subsection 230 ‑ 230(4). (b) to the extent that Subdivision 230 ‑ D (foreign exchange retranslation method) applies to the gain or loss; or (c) to the extent that Subdivision 230 ‑ E (hedging financial arrangements method) applies to the arrangement; or (d) if Subdivision 230 ‑ F (method of relying on financial reports) applies to the arrangement; or (e) if the arrangement is a financial arrangement under section 230 ‑ 50 (equity interests etc.). Priorities among election methods (5) Subdivision 230 ‑ C (fair value method) does not apply to a gain or loss you make from a * financial arrangement: (a) to the extent that Subdivision 230 ‑ E (hedging financial arrangements method) applies to the arrangement; or (b) if Subdivision 230 ‑ F (method of relying on financial reports) applies to the arrangement. (6) Subdivision 230 ‑ D (foreign exchange retranslation method) does not apply to a gain or loss you make from a * financial arrangement: (a) if Subdivision 230 ‑ C (fair value method) applies to the arrangement; or (b) to the extent that Subdivision 230 ‑ E (hedging financial arrangements method) applies to the arrangement; or (c) if Subdivision 230 ‑ F (method of relying on financial reports) applies to the arrangement. (7) Subdivision 230 ‑ F (method of relying on financial reports) does not apply to a gain or loss you make from a * financial arrangement to the extent that Subdivision 230 ‑ E (hedging financial arrangements method) applies to the arrangement.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-45", "Provision_Key": "s230-45", "Heading": "Financial arrangement", "Text": "(1) You have a financial arrangement if you have, under an * arrangement: (a) a * cash settlable legal or equitable right to receive a * financial benefit; or (b) a cash settlable legal or equitable obligation to provide a financial benefit; or (c) a combination of one or more such rights and/or one or more such obligations; unless: (d) you also have under the arrangement one or more legal or equitable rights to receive something and/or one or more legal or equitable obligations to provide something; and (e) for one or more of the rights and/or obligations covered by paragraph (d): (i) the thing that you have the right to receive, or the obligation to provide, is not a financial benefit; or (ii) the right or obligation is not cash settlable; and (f) the one or more rights and/or obligations covered by paragraph (e) are not insignificant in comparison with the right, obligation or combination covered by paragraph (a), (b) or (c). The right, obligation or combination covered by paragraph (a), (b) or (c) constitutes the financial arrangement. Note 1: Whether your rights and/or obligations under an arrangement constitute a financial arrangement can change over time depending on changes either to the terms of the arrangement or external circumstances (such as particular rights or obligations under the arrangement being satisfied by the parties). For example, a contract may provide for the transfer of a boat in 6 months time and payment of the contract price at the end of 2 years. Until the boat is delivered, there is no financial arrangement because of the operation of paragraphs (d), (e) and (f) above. Once the boat is delivered, there is a financial arrangement because those paragraphs are no longer applicable. Note 2: The operative provisions of this Division do not apply to all financial arrangements, and only apply partially to some: see the exceptions in Subdivision 230 ‑ H. Note 3: There are some rules in this Division that tell you what happens if an arrangement ceases to be a financial arrangement (see Subdivision 230 ‑ G and section 230 ‑ 505). (2) A right you have to receive, or an obligation you have to provide, a * financial benefit is cash settlable if, and only if: (a) the benefit is money or a * money equivalent; or (b) in the case of a right—you intend to satisfy or settle it by receiving money or a money equivalent or by starting to have, or ceasing to have, another * financial arrangement; or (c) in the case of an obligation—you intend to satisfy or settle it by providing money or a money equivalent or by starting to have, or ceasing to have, another financial arrangement; or (d) you have a practice of satisfying or settling similar rights or obligations as mentioned in paragraph (b) or (c) (whether or not you intend to satisfy or settle the right or obligation in that way); or (e) you deal with the right or obligation, or with similar rights or obligations, in order to generate a profit from short ‑ term fluctuations in price, from a dealer’s margin, or from both; or (f) none of paragraphs (a) to (e) applies but you satisfy subsection (3); or (g) you are able to settle the right or obligation as mentioned in paragraph (b) or (c) (whether or not you intend to satisfy or settle the right or obligation in that way) and you do not have, as your sole or dominant purpose for entering into the arrangement under which you are to receive or provide the financial benefit, the purpose of receiving or delivering the financial benefit as part of your expected purchase, sale or usage requirements. A reference in paragraph (b) or (c) to a financial arrangement does not include a reference to something that is a financial arrangement under section 230 ‑ 50. Note: Examples of dealing of the kind covered by paragraph (e) are: (a) dealing with the right or obligation, or similar rights or obligations, on a frequent basis, a short ‑ term basis or on a frequent and short ‑ term basis; and (b) acquiring the right or obligation, or similar rights or obligations, and managing the resulting risk by entering into offsetting arrangements that provide a profit margin. (3) You satisfy this subsection if: (a) the * financial benefit is readily convertible into money or a * money equivalent; and (b) there is a market for the financial benefit that has a high degree of liquidity; and (c) subsection (4) or (5) is satisfied. (4) This subsection is satisfied if, for the recipient of the * financial benefit, the amount of the money or * money equivalent referred to in paragraph (3)(a) is not subject to a substantial risk of substantial decrease in value. (5) This subsection is satisfied if your purpose, or one of your purposes, for entering into the arrangement under which you are to receive or provide the * financial benefit, is to receive or deliver the financial benefit: (a) to raise or provide finance; or (b) if paragraph (a) does not apply—so that it may be converted or liquidated into money or a money equivalent (other than as part of your expected purchase, sale or usage requirements).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-50", "Provision_Key": "s230-50", "Heading": "Financial arrangement (equity interest or right or obligation in relation to equity interest)", "Text": "(1) You also have a financial arrangement if you have an * equity interest. The equity interest constitutes the financial arrangement. (2) You also have a financial arrangement if: (a) you have, under an * arrangement: (i) a legal or equitable right to receive something that is a financial arrangement under this section; or (ii) a legal or equitable obligation to provide something that is a financial arrangement under this section; or (iii) a combination of one or more such rights and/or obligations; and (b) the right, obligation or combination does not constitute, or form part of, a financial arrangement under subsection 230 ‑ 45(1). The right, obligation or combination referred to in paragraph (a) constitutes the financial arrangement. Note 1: Paragraph 230 ‑ 40(4)(e) prevents the accruals method or the realisation method being applied to something that is a financial arrangement under this section. Note 2: Subsection 230 ‑ 270(1) prevents the retranslation method being applied to something that is a financial arrangement under this section. Note 3: Subsection 230 ‑ 330(1) prevents the hedging method being applied to something that is a financial arrangement under this section.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-55", "Provision_Key": "s230-55", "Heading": "Rights, obligations and arrangements (grouping and disaggregation rules)", "Text": "Single right or obligation or multiple rights or obligations? (1) If you have a right to receive 2 or more * financial benefits, you are taken, for the purposes of this Division, to have a separate right to receive each of those financial benefits. (2) If you have an obligation to provide 2 or more * financial benefits, you are taken, for the purposes of this Division, to have a separate obligation to provide each of those financial benefits. (3) Subsections (1) and (2) apply for the avoidance of doubt. Matters relevant to determining what rights and/or obligations constitute particular arrangements (4) For the purposes of this Division, whether a number of rights and/or obligations are themselves an * arrangement or are 2 or more separate arrangements is a question of fact and degree that you determine having regard to the following: (a) the nature of the rights and/or obligations; (b) their terms and conditions (including those relating to any payment or other consideration for them); (c) the circumstances surrounding their creation and their proposed exercise or performance (including what can reasonably be seen as the purposes of one or more of the entities involved); (d) whether they can be dealt with separately or must be dealt with together; (e) normal commercial understandings and practices in relation to them (including whether they are regarded commercially as separate things or as a group or series that forms a whole); (f) the objects of this Division. In applying this subsection, have regard to the matters referred to in paragraphs (a) to (f) both in relation to the rights and/or obligations separately and in relation to the rights and/or obligations in combination with each other. Example 1: Your rights and obligations under a typical convertible note, including the right to convert the note into a share or shares, would constitute one arrangement. Example 2: Your rights and obligations under a typical price ‑ linked or index ‑ linked bond would constitute one arrangement. Note 1: If you raised funds by means of a contract that you would not have entered into without entering into another contract, and neither contract could be assigned to a third party without the other also being assigned, this would tend to indicate that your rights and obligations under the 2 contracts together constitute one arrangement. Note 2: If the commercial effect of your individual rights and/or obligations in a group or series cannot be understood without reference to the group or series as a whole, this would tend to indicate that all of your rights and/or obligations in the group or series together constitute one arrangement.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-60", "Provision_Key": "s230-60", "Heading": "When financial benefit provided or received under financial arrangement", "Text": "Financial benefit provided under financial arrangement (1) You are taken, for the purposes of this Division, to have (or to have had) an obligation to provide a * financial benefit under a * financial arrangement if: (a) you have (or had) an obligation to provide the financial benefit in relation to the arrangement; and (b) the financial benefit would not otherwise be treated as one that you have (or had) an obligation to provide under the arrangement; and (c) the financial benefit plays an integral role in determining: (i) whether you make a gain or loss from the arrangement; or (ii) the amount of such a gain or loss. Paragraph (a) applies even if the entity to which you provide the financial benefit is not a party to the arrangement. Note: This means that the financial benefits you provide to acquire the financial arrangement (whether to the issuer, a previous holder or a third party) are taken to be financial benefits you provide under the arrangement. The financial benefits you provide may include, for example, fees paid or the forgoing of rights to receive a financial benefit. Financial benefit received under financial arrangement (2) You are taken, for the purposes of this Division, to have (or to have had) a right to receive a * financial benefit under a * financial arrangement if: (a) you have (or had) a right to receive the financial benefit in relation to the arrangement; and (b) the financial benefit would not otherwise be treated as one that you have (or had) a right to receive under the arrangement; and (c) the financial benefit plays an integral role in determining: (i) whether you make a gain or loss from the arrangement; or (ii) the amount of such a gain or loss. Paragraph (a) applies even if the entity that provides the financial benefit is not a party to the arrangement. Note: The financial benefits you receive may include, for example, the waiving of an obligation you have to provide a financial benefit.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-65", "Provision_Key": "s230-65", "Heading": "Amount of financial benefit relating to more than one financial arrangement etc.", "Text": "(1) This section applies if: (a) a * financial benefit plays the integral role mentioned in paragraph 230 ‑ 60(1)(c) or (2)(c) in relation to a * financial arrangement; and (b) either or both of the following apply: (i) the financial benefit plays that role in relation to one or more other financial arrangements; (ii) the financial benefit is provided or received for one or more other things that are not financial arrangements. (2) For the purposes of this Division, determine the amount of the * financial benefit that plays that role in relation to a particular * financial arrangement by apportioning the actual amount of the financial benefit, on a reasonable basis, between: (a) that financial arrangement; and (b) each other financial arrangement (if any) in relation to which the benefit plays that role; and (c) each other thing (if any) mentioned in subparagraph (1)(b)(ii).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-70", "Provision_Key": "s230-70", "Heading": "Apportionment when financial benefit received or right ceases", "Text": "(1) Apply subsection (2) in working out whether you make, or will make, a gain or loss (and the amount of the gain or loss) at a time when: (a) you receive a particular * financial benefit under a * financial arrangement; or (b) one of your rights under a financial arrangement ceases. The gain or loss is to be calculated in nominal (and not * present value) terms. (2) You must have regard to the extent to which the * financial benefits that you have provided, or are to provide or might provide, under the * financial arrangement are reasonably attributable, at the time mentioned in subsection (1), to the benefit or right referred to in paragraph (1)(a) or (b). (3) Any attribution made under subsection (2) must reflect appropriate and commercially accepted valuation principles that properly take into account: (a) the nature of the rights and obligations under the * financial arrangement; and (b) the risks associated with each * financial benefit, right and obligation under the arrangement; and (c) the time value of money. Note: Generally, no financial benefit you have provided, or are to provide or might provide, under a financial arrangement is reasonably attributable to an amount you receive that is in the nature of interest.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-75", "Provision_Key": "s230-75", "Heading": "Apportionment when financial benefit provided or obligation ceases", "Text": "(1) Apply subsection (2) in working out whether you make, or will make, a gain or loss (and the amount of the gain or loss) at a time when: (a) you provide a particular * financial benefit under the * financial arrangement; or (b) one of your obligations under a financial arrangement ceases. The gain or loss is to be calculated in nominal (and not * present value) terms. (2) You must have regard to the extent to which the * financial benefits that you have received, or are to receive or might receive, under the * financial arrangement are reasonably attributable, at the time mentioned in subsection (1), to the benefit or obligation referred to in paragraph (1)(a) or (b). (3) Any attribution made under subsection (2) must reflect appropriate and commercially accepted valuation principles that properly take into account: (a) the nature of the rights and obligations under the * financial arrangement; and (b) the risks associated with each * financial benefit, right and obligation under the arrangement; and (c) the time value of money. Note: Generally, no financial benefit you have received, or are to receive or might receive, under a financial arrangement is reasonably attributable to an amount you provide that is in the nature of interest.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-80", "Provision_Key": "s230-80", "Heading": "Consistency in working out gains or losses (integrity measure)", "Text": "Object of section (1) The object of this section is to stop you obtaining an inappropriate tax benefit from not working out your gains and losses in a consistent manner. Consistent treatment for particular financial arrangement (2) If: (a) this Division provides that a particular method applies to gains or losses you have from a * financial arrangement; and (b) that method allows you to choose the particular manner in which you apply that method; you must use that manner consistently for the arrangement for all income years. Consistent treatment for financial arrangements of essentially the same nature (3) If: (a) this Division provides that a particular method applies to gains or losses you have from 2 or more * financial arrangements; and (b) that method allows you to choose the particular manner in which you apply that method; you must use that same manner consistently for all of those financial arrangements that are essentially of the same nature. (4) Subsection (3) does not require you to use that same manner consistently for: (a) a * financial arrangement that you start to have on or after the time a * Commonwealth law that amends the method is made; and (b) a financial arrangement that you start to have before that time; if: (c) the Commonwealth law allows you to choose to apply the method in a particular manner (being a manner in which you are not, apart from the Commonwealth law, allowed to apply the method); and (d) the inconsistency is entirely due to you choosing to apply the method in that manner to the financial arrangement mentioned in paragraph (a).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-85", "Provision_Key": "s230-85", "Heading": "Rights and obligations include contingent rights and obligations", "Text": "To avoid doubt: (a) a right is treated as a right for the purposes of this Division even if it is subject to a contingency; and (b) an obligation is treated as an obligation for the purposes of this Division even if it is subject to a contingency.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-90", "Provision_Key": "s230-90", "Heading": "What this Subdivision is about", "Text": "This Subdivision applies the accruals method to determine the amount and timing of gains and losses from a financial arrangement if they are sufficiently certain for such accrual to be done. This Subdivision applies the realisation method to determine the amount and timing of gains and losses if they are not sufficiently certain to be dealt with under the accruals method. If the accruals method is applied to a gain or loss on the basis of an estimate of a financial benefit and the benefit when received or provided is more or less than the estimate, a balancing adjustment is made to correct for the underestimate or overestimate. If the accruals method is being applied to gains and losses from the arrangement and there is a material change to the arrangement, or the circumstances in which it operates, a reassessment is made of whether the accruals method or the realisation method should apply to gains and losses from the arrangement. A change in circumstances may also cause a re ‑ estimation of gains and losses that the accruals method is being applied to.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-95", "Provision_Key": "s230-95", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are: (a) to properly recognise gains and losses from * financial arrangements by allocating them to appropriate periods of time; and (b) to reduce compliance costs by reflecting commercial accounting concepts where appropriate; and (c) to minimise tax deferral.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-100", "Provision_Key": "s230-100", "Heading": "When accruals method or realisation method applies", "Text": "When accruals method applies and when realisation method applies (1) This section tells you when to apply the accruals method and when to apply the realisation method if this Subdivision applies to gains and losses from a * financial arrangement. Accruals method—sufficiently certain overall gain or loss at start time (2) The accruals method provided for in this Subdivision applies to a gain or loss you have from a * financial arrangement if: (a) the gain or loss is an overall gain or loss from the arrangement; and (b) the gain or loss is sufficiently certain at the time when you start to have the arrangement; and (c) you choose to apply the accruals method to the gain or loss, or subsection (4) applies to the gain or loss. Note: Subsection 230 ‑ 105(1) tells you when you have a sufficiently certain overall gain or loss. Accruals method—sufficiently certain particular gain or loss (3) The accruals method provided for in this Subdivision also applies to a gain or loss you have from a * financial arrangement if: (a) the gain or loss arises from a * financial benefit that you are to receive or are to provide under the arrangement; and (b) the gain or loss: (i) is sufficiently certain before or at the time when you start to have the arrangement and before you are to receive or provide the benefit; or (ii) becomes sufficiently certain after the time when you start to have the arrangement and before you are to receive or provide the benefit; and (c) the benefit has not already been taken into account in applying: (i) the accruals method provided for in this Subdivision; or (ii) the realisation method provided for in this Subdivision; to another gain or loss from the arrangement. This subsection has effect subject to subsection (4). Note: Subsection 230 ‑ 110(1) tells you when you have a sufficiently certain gain or loss at a particular time. Accruals method—particular gain or loss becomes sufficiently certain (3A) The accruals method provided for in this Subdivision also applies to a gain or loss you have from a * financial arrangement if: (a) the gain or loss arises from a * financial benefit that you are to receive or are to provide under the arrangement; and (b) the gain or loss becomes sufficiently certain at the time you receive or provide the benefit; and (c) at least part of the period over which the gain or loss would be spread under that method (assuming that method applied) occurs after the time you receive or provide the benefit. This subsection has effect subject to subsection (4). Note 1: Subsection 230 ‑ 110(1) tells you when you have a sufficiently certain gain or loss at a particular time. Note 2: For the period over which the gain or loss would be spread, see subsections 230 ‑ 130(3) to (5). Accruals method—particular gain or loss from qualifying security (4) Subsection (3) or (3A) does not apply to a gain or loss that you have from a * financial arrangement if: (a) you are: (i) an individual; or (ii) an entity (other than an individual) that satisfies subsection 230 ‑ 455(2), (3) or (4) for the income year in which you start to have the arrangement; and (b) the arrangement is a * qualifying security; and (c) you have not made an election under subsection 230 ‑ 455(7). Realisation method—gain or loss not sufficiently certain (5) The realisation method provided for in this Subdivision applies to a gain or loss that you have from a * financial arrangement if the accruals method provided for in this Subdivision does not apply to that gain or loss. Note: Section 230 ‑ 180 tells you how to apply the realisation method to the gain or loss.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-105", "Provision_Key": "s230-105", "Heading": "Sufficiently certain overall gain or loss", "Text": "(1) You have a sufficiently certain overall gain or loss from a * financial arrangement at the time when you start to have the arrangement only if it is sufficiently certain at that time that you will make an overall gain or loss from the arrangement of: (a) a particular amount; or (b) at least a particular amount. The amount of the gain or loss is the amount referred to in paragraph (a) or (b). Note: Sections 230 ‑ 70 and 230 ‑ 75 (about apportionment of financial benefits) only apply in working out whether you make, or will make, a gain or loss (and the amount of the gain or loss) when particular events happen. They do not apply in working out, at the time when you start to have a financial arrangement, whether it is sufficiently certain that you will make an overall gain or loss from the arrangement. (2) In applying subsection (1), you must: (a) assume that you will continue to have the * financial arrangement for the rest of its life; and (b) have regard to the extent of the risk that a * financial benefit that you are not sufficiently certain to provide or receive under the arrangement may reduce the amount of the gain or loss.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-110", "Provision_Key": "s230-110", "Heading": "Sufficiently certain gain or loss from particular event", "Text": "(1) You have a sufficiently certain gain or loss from a * financial arrangement at a particular time if it is sufficiently certain at that time that you make, or will make, a gain or loss from the arrangement of: (a) a particular amount; or (b) at least a particular amount; when one of the following occurs: (c) you receive a particular * financial benefit under the arrangement or one of your rights under the arrangement ceases; (d) you provide a particular financial benefit under the arrangement or one of your obligations under the arrangement ceases. The amount of the gain or loss is the amount referred to in paragraph (a) or (b). (2) In applying subsection (1) to work out whether you have a sufficiently certain gain or loss at a particular time: (a) have regard to the extent of the risk that a * financial benefit that you are not sufficiently certain to provide or receive under the arrangement may reduce the amount of the gain or loss, and the extent to which such a financial benefit is, for the purposes of subsection 230 ‑ 70(2) or 230 ‑ 75(2), reasonably attributable to the benefit, right or obligation mentioned in paragraph (1)(c) or (d) of this section at the time mentioned in subsection (1); and (b) disregard any financial benefit that has already been taken into account, under subsection 230 ‑ 105(1), in working out, at the time when you started to have the arrangement, the amount of a sufficiently certain overall gain or loss from the * financial arrangement to which the accruals method applies; and (c) disregard any financial benefit (or that part of any financial benefit) that has already been taken into account in working out the amount of a sufficiently certain gain or loss from the * financial arrangement under subsection (1). Note: Sections 230 ‑ 70 and 230 ‑ 75 allow you to apportion financial benefits provided and financial benefits received in working out the amount of a gain or loss.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-115", "Provision_Key": "s230-115", "Heading": "Sufficiently certain financial benefits", "Text": "(1) In deciding for the purposes of this Subdivision whether it is sufficiently certain at a particular time that you make, or will make, a gain or loss from a * financial arrangement: (a) have regard only to: (i) * financial benefits that you are sufficiently certain to receive; and (ii) financial benefits that you are sufficiently certain to provide; and (b) have regard to those financial benefits only to the extent that the amount or value of the benefits is, at that time, fixed or determinable with reasonable accuracy. Note: The particular time may be the time at which you start to have the arrangement. (2) A * financial benefit that you are to receive or provide is to be treated as one that you are sufficiently certain to receive or to provide only if: (a) it is reasonably expected that you will receive or provide the financial benefit (assuming that you will continue to have the * financial arrangement for the rest of its life); and (b) at least some of the amount or value of the benefit is, at that time, fixed or determinable with reasonable accuracy. (3) In applying subsection (2) to the * financial benefit: (a) you must have regard to: (i) the terms and conditions of the * financial arrangement; and (ii) accepted pricing and valuation techniques; and (iii) the economic or commercial substance and effect of the arrangement; and (iv) the contingencies that attach to the other financial benefits that are to be provided or received under the arrangement; and (b) you must treat the financial benefit as if it were not contingent if it is appropriate to do so having regard to the contingencies that attach to the other financial benefits that are to be received or provided under the arrangement. (4) In applying paragraph (2)(b) at a particular time (the reference time ) to a * financial benefit that depends on a variable that is based on: (a) an interest rate; or (b) a rate that solely or primarily reflects the time value of money; or (c) a rate that solely or primarily reflects a consumer price index; or (d) a rate that solely or primarily reflects an index prescribed by the regulations for the purposes of this paragraph; you must assume that that variable will continue to have the value it has at the reference time. (5) Despite subsection (4), in applying paragraph (2)(b) at a particular time to a * financial benefit that depends on a rate of change to a variable that is based on: (a) a rate that solely or primarily reflects a consumer price index; or (b) a rate that solely or primarily reflects an index prescribed by the regulations for the purposes of this paragraph; you must assume that the rate of change to that variable will continue to be the rate of change that is current at that time. (6) If subsection (4) or (5) applies to a gain or loss and you are determining the amount of the gain or loss at a particular time, you must also assume that that variable will continue to have the value that it has at that time. (7) Subsections (4) and (5) do not limit paragraph (2)(b). (8) If all of the * financial benefits provided and received under the * financial arrangement are denominated in a particular * foreign currency, those financial benefits are not to be translated into: (a) your * applicable functional currency; or (b) if you do not have an applicable functional currency—Australian currency; for the purposes of applying subsection (2) to the arrangement. (9) To avoid doubt: (a) a * financial benefit that you have already provided at a particular time is taken to be one that it is, at that time, a financial benefit that you are sufficiently certain to provide; and (b) a financial benefit that you have already received at a particular time is taken to be one that it is, at that time, a financial benefit that you are sufficiently certain to receive.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-120", "Provision_Key": "s230-120", "Heading": "Financial arrangements with notional principal", "Text": "(1) This section applies to a * financial arrangement that you have if, in substance or effect, and having regard to the pricing, terms and conditions of the arrangement: (a) the arrangement consists of these things: (i) a leg, the * financial benefits to be provided or received in respect of which are calculated by reference to, or are reasonably related to, a notional principal; (ii) another leg, the financial benefits to be provided or received in respect of which also are calculated by reference to, or are reasonably related to, a notional principal; (iii) if the arrangement includes one or more other things—those things; and (b) when you start to have the arrangement, the value of the notional principal in relation to one leg is equal to the value of the notional principal in relation to the other leg; and (c) all or part of the notional principal in relation to each leg is provided or received at a time, regardless of whether that time is different in relation to each leg. Example: A swap contract. (2) To avoid doubt, the * financial benefits mentioned in subparagraphs (1)(a)(i) and (ii), and the notional principal in relation to each leg, need not actually be provided or received. (3) In applying this Subdivision to the * financial arrangement: (a) work out the * financial benefits from the arrangement as follows: (i) work out the financial benefits from each thing of which the arrangement consists separately from the financial benefits from each other thing of which the arrangement consists; (ii) ensure that results under subparagraph (i) are consistent with the timing and amount of financial benefits to be actually provided or received under the arrangement; and (b) work out your gains and losses from the arrangement as follows: (i) work out the gains and losses from each thing of which the arrangement consists separately from the gains and losses from each other thing of which the arrangement consists; (ii) treat the gains and losses mentioned in subparagraph (i) for all of those things as your gains and losses from the arrangement; and (c) in working out a gain or loss from a thing for the purposes of subparagraph (b)(i), and, if the accruals method applies to the gain or loss, how it is to be spread and allocated: (i) if the thing is a leg—take into account the amount of the notional principal at a time and in a manner that properly reflects the way in which the financial benefits in respect of that leg are calculated; and (ii) if the thing is not a leg—take into account an amount relevant to the thing at a time and in a manner that properly reflects the way in which the financial benefits in respect of that thing are calculated.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-125", "Provision_Key": "s230-125", "Heading": "Overview of the accruals method", "Text": "If the accruals method applies to a gain or loss you have from a * financial arrangement: (a) you use section 230 ‑ 130 to work out the period over which the gain or loss is to be spread; and (b) you use section 230 ‑ 135 to work out how to allocate the gain or loss to particular intervals within the period over which the gain or loss is to be spread; and (c) if an interval to which part of the gain or loss is allocated straddles 2 income years, you use section 230 ‑ 170 to work out how to allocate that part of the gain or loss allocated between those 2 income years.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-130", "Provision_Key": "s230-130", "Heading": "Applying accruals method to work out period over which gain or loss is to be spread", "Text": "Period over which overall gain or loss is to be spread (1) If you have a sufficiently certain overall gain or loss from a * financial arrangement under subsection 230 ‑ 105(1), the period over which the gain or loss is to be spread is the period that: (a) starts when you start to have the arrangement; and (b) ends when you will cease to have the arrangement. In applying paragraph (b), you must assume that you will continue to have the arrangement for the rest of its life. Period over which particular gain or loss is to be spread (3) If you have a sufficiently certain gain or loss from a * financial arrangement under subsection 230 ‑ 110(1), the period over which the gain or loss is to be spread is the period to which the gain or loss relates. Have regard to the pricing, terms and conditions of the arrangement in working out the period to which the gain or loss relates. This subsection has effect subject to subsections (4) and (5). (4) The start of the period over which a gain or loss to which subsection (3) applies is to be spread must: (a) not start earlier than the time when you start to have the * financial arrangement; and (b) other than in the case of a gain or loss to which subsection 230 ‑ 100(3A) or subsection (4A) of this section applies—not start earlier than the start of the income year during which it becomes sufficiently certain that you will make the gain or loss. (4A) This subsection applies to a gain or loss to which subsection (3) applies, if: (a) there is an impairment (within the meaning of the * accounting principles) of: (i) the * financial arrangement; or (ii) a financial asset or financial liability that forms part of the arrangement; and (b) because of the impairment, you make a reassessment under section 230 ‑ 185 in relation to the arrangement; and (c) you determine on the reassessment that the gain or loss is not sufficiently certain (whether or not the gain or loss was sufficiently certain before the reassessment); and (d) there is a reversal of the impairment loss (within the meaning of the accounting principles) that resulted from the impairment; and (e) because of the reversal, you make a reassessment under section 230 ‑ 185 in relation to the arrangement; and (f) you determine on the reassessment that the gain or loss has become sufficiently certain. Note: For the income years to which the gain or loss is allocated, see section 230 ‑ 170. (5) The end of the period over which a gain or loss to which subsection (3) applies is to be spread must not end later than the time when you will cease to have the * financial arrangement.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-135", "Provision_Key": "s230-135", "Heading": "How gain or loss is spread", "Text": "How to spread gain or loss (1) This section tells you how to spread a gain or loss to which the accruals method applies. Compounding accruals or approximation (2) The gain or loss is to be spread using: (a) compounding accruals; or (b) a method whose results approximate those obtained using the method referred to in paragraph (a) (having regard to the length of the period over which the gain or loss is to be spread). (3) The following subsections of this section clarify the way in which the gain or loss is to be spread in accordance with paragraph (2)(a). Intervals to which parts of gain or loss allocated (4) The intervals to which parts of the gain or loss are allocated must: (a) not exceed 12 months; and (b) all be of the same length. Paragraph (b) does not apply to the first and last intervals. These may be shorter than the other intervals. Fixing of amount and rate for interval (5) For each interval: (a) determine a rate of return; and (b) determine an amount to which you apply the rate of return. (6) For the purposes of paragraph (5)(b), in determining the amount to which you apply the rate of return for an interval, have regard to: (a) the amount or value; and (b) the timing; of * financial benefits that are to be taken into account in working out the amount of the gain or loss, and were provided or received by you during the interval. (6A) However, if there is only one * financial benefit that is to be taken into account in working out the amount of the gain or loss, then, for the purposes of paragraph (5)(b), in determining the amount to which you apply the rate of return, have regard to a notional principal: (a) by reference to which the financial benefit is calculated; or (b) which is reasonably related to the financial benefit. Assumption of continuing to hold arrangement for rest of its life (7) The gain or loss is to be spread assuming that you will continue to have the * financial arrangement for the rest of its life. Regard to be had to financial benefits provided or received in interval (8) In allocating the gain or loss to intervals, have regard to the * financial benefits to be provided or received in each of those intervals.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-140", "Provision_Key": "s230-140", "Heading": "Method of spreading gain or loss—effective interest method", "Text": "(1) This section clarifies that the method mentioned in subsection (2) of spreading gains and losses is a method covered by paragraph 230 ‑ 135(2)(b) (methods approximating compounding accruals). (2) The method is the effective interest method mentioned in * accounting standard AASB 139 (or another accounting standard prescribed by the regulations for the purposes of this subsection). (3) However, this section applies to a particular * financial arrangement you have only if: (a) in a case where there is a discount or premium under the arrangement—when you start to have the arrangement, the annually compounded rate of return applicable to the discount or premium does not exceed 1%; and (b) when you start to have the arrangement, neither the maximum life of the arrangement (as determined under the terms and conditions of the arrangement) nor the expected life of the arrangement exceeds: (i) unless subparagraph (ii) applies—30 years; or (ii) if the regulations prescribe a different period for the purposes of this subparagraph—that period; and (c) each * financial benefit that you have an obligation to provide or a right to receive under the arrangement, and that gives rise to a gain or loss from the arrangement (other than a gain or loss that is attributable to any discount or premium): (i) relates to a period not exceeding 12 months; and (ii) is to be provided or received in the period to which it relates; and Note: Different financial benefits may relate to different periods. (d) you prepare a financial report for the year in which you start to have the arrangement; and (e) that financial report is: (i) prepared in accordance with paragraph 230 ‑ 210(2)(a); and (ii) audited in accordance with paragraph 230 ‑ 210(2)(b); and (f) all gains and losses from the arrangement to which the accrual method applies are spread in a way that is consistent with that financial report. (4) For the purposes of paragraph (3)(a), assume that you will continue to have the arrangement for the rest of its expected life.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-145", "Provision_Key": "s230-145", "Heading": "Application of effective interest method where differing income and accounting years", "Text": "(1) This section applies if: (a) you prepare a financial report for a year (the first year ); and (b) you prepare a financial report for the subsequent year (the second year ); and (c) your income year starts in the first year and ends in the second year; and (d) both the financial report for the first year and the financial report for the second year are: (i) prepared in accordance with paragraph 230 ‑ 210(2)(a); and (ii) audited in accordance with paragraph 230 ‑ 210(2)(b); and (e) the auditor’s reports are unqualified for both the financial report for the first year and the financial report for the second year. (2) For the purposes of paragraph 230 ‑ 140(3)(d), treat yourself as having prepared a financial report for the income year in which you start to have the arrangement. (3) Work out the gain or loss you make from the arrangement for the income year as follows: (a) firstly, work out the gain or loss you make from the arrangement for the first year in accordance with paragraph 230 ‑ 140(3)(f) (treating the first year as an income year); (b) next, work out how much of the gain or loss mentioned in paragraph (a) is attributable to the income year in accordance with subsection (4); (c) next, work out the gain or loss you make from the arrangement for the second year in accordance with paragraph 230 ‑ 140(3)(f) (treating the second year as an income year); (d) next, work out how much of the gain or loss mentioned in paragraph (c) is attributable to the income year in accordance with subsection (4); (e) next: (i) if the amounts worked out under paragraphs (b) and (d) are both gains—add them together to work out the gain from the arrangement for the income year; or (ii) if the amounts worked out under paragraphs (b) and (d) are both losses—add them together to work out the loss from the arrangement for the income year; or (iii) if one of the amounts worked out under paragraphs (b) and (d) is a loss and the other is a gain—subtract the loss from the gain. If the result is positive, this is the gain from the arrangement for the income year. If the result is negative, this is the loss from the arrangement for the income year. (4) For the purposes of paragraphs (3)(b) and (d), work out how much of the gain or loss is attributable to the income year by: (a) using a methodology that is reasonable; and (b) using the same methodology for the first and second years.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-150", "Provision_Key": "s230-150", "Heading": "Election for portfolio treatment of fees", "Text": "(1) You may make an election for an income year under this section if: (a) you prepare a financial report for the income year in accordance with: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and (b) the financial report is audited in accordance with: (i) the * auditing principles; or (ii) if the auditing principles do not apply to the auditing of the financial report—comparable standards for auditing made under a foreign law. (2) An election under this section is irrevocable.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-155", "Provision_Key": "s230-155", "Heading": "Election for portfolio treatment of fees where differing income and accounting years", "Text": "(1) This section applies if: (a) you prepare a financial report for a year (the first year ); and (b) you prepare a financial report for the subsequent year (the second year ); and (c) your income year starts in the first year and ends in the second year; and (d) both the financial report for the first year and the financial report for the second year are: (i) prepared in accordance with paragraph 230 ‑ 150(1)(a); and (ii) audited in accordance with paragraph 230 ‑ 150(1)(b); and (e) the auditor’s reports are unqualified for both the financial report for the first year and the financial report for the second year. (2) Treat yourself as eligible to make an election for the income year under subsection 230 ‑ 150(1). (3) Work out the gain or loss you make from the arrangement for the income year as follows: (a) firstly, work out the gain or loss you make from the arrangement for the first year in accordance with subsections 230 ‑ 160(3) and (4) or 230 ‑ 165(3) and (4) (treating the first year as an income year); (b) next, work out how much of the gain or loss mentioned in paragraph (a) is attributable to the income year in accordance with subsection (4); (c) next, work out the gain or loss you make from the arrangement for the second year in accordance with subsections 230 ‑ 160(3) and (4) or 230 ‑ 165(3) and (4) (treating the second year as an income year); (d) next, work out how much of the gain or loss mentioned in paragraph (c) is attributable to the income year in accordance with subsection (4); (e) next: (i) if the amounts worked out under paragraphs (b) and (d) are both gains—add them together to work out the gain from the arrangement for the income year; or (ii) if the amounts worked out under paragraphs (b) and (d) are both losses—add them together to work out the loss from the arrangement for the income year; or (iii) if one of the amounts worked out under paragraphs (b) and (d) is a loss and the other is a gain—subtract the loss from the gain. If the result is positive, this is the gain from the arrangement for the income year. If the result is negative, this is the loss from the arrangement for the income year. (4) For the purposes of paragraphs (3)(b) and (d), work out how much of the gain or loss is attributable to the income year by: (a) using a methodology that is reasonable; and (b) using the same methodology for the first and second years.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-160", "Provision_Key": "s230-160", "Heading": "Portfolio treatment of fees", "Text": "(1) This section applies in relation to a * financial arrangement if: (a) you have made an election under section 230 ‑ 150 in an income year; and (b) you start to have the financial arrangement in that income year or a later income year; and (c) the financial arrangement is part of a portfolio of similar financial arrangements; and (d) a gain or loss to which subsection 230 ‑ 130(3) applies arises in part from fees in respect of the * financial arrangement; and (e) the fees play an integral role in determining the amount of the gain or loss; and (f) the net amount of the fees is not expected to be significant relative to an overall gain or loss from the arrangement. (2) For the purposes of this Division, split the gain or loss mentioned in paragraph (1)(d) as follows: (a) to the extent that it arises from the fees, treat it as a gain or loss from the * financial arrangement (the fees gain or loss ) to which subsection 230 ‑ 130(3) applies; (b) to the extent that it does not arise from the fees, treat it as a separate gain or loss from the financial arrangement to which subsection 230 ‑ 130(3) applies. Note: The separate gain or loss mentioned in paragraph (b) may itself be split under subsection 230 ‑ 165(2) (premium/discount gain or loss). Determination of period for fees gain or loss (3) The period over which the fees gain or loss is to be spread is the period that you determine to be the expected life of the portfolio, if: (a) the basis on which you determine the period accords with the spreading of the fees gain or loss for the purposes of the profit or loss statement of the financial report mentioned in paragraph 230 ‑ 150(1)(a); and (b) the basis on which you determine the period is set and recorded before any fees in respect of the * financial arrangement fall due; and (c) the period can be justified objectively; and (d) the period is reasonable in the circumstances. Spreading the fees gain or loss (4) The method by which the fees gain or loss is to be spread is the method that you determine, if: (a) the basis on which you determine the method accords with the spreading of the fees gain or loss for the purposes of the profit or loss statement of the financial report mentioned in paragraph 230 ‑ 150(1)(a); and (b) the method is determined before any fees in respect of the * financial arrangement fall due; and (c) the method can be justified objectively; and (d) the method is reasonable in the circumstances. (5) To avoid doubt, subsections (3) and (4) apply despite sections 230 ‑ 130 and 230 ‑ 135.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-165", "Provision_Key": "s230-165", "Heading": "Portfolio treatment of premiums and discounts for acquiring portfolio", "Text": "(1) This section applies in relation to a * financial arrangement if: (a) you have made an election under section 230 ‑ 150 in an income year; and (b) you start to have the financial arrangement in that income year or a later income year; and (c) the financial arrangement is part of a portfolio of similar financial arrangements; and (d) a gain or loss to which subsection 230 ‑ 130(3) applies arises in part from a premium or discount in starting to have the portfolio; and (e) the gain or loss is not expected to be significant relative to the amount of the gain or loss on the portfolio. (2) For the purposes of this Division, split the gain or loss mentioned in paragraph (1)(d) as follows: (a) to the extent that it arises from the premium or discount, treat it as a gain or loss from the * financial arrangement (the premium/discount gain or loss ) to which subsection 230 ‑ 130(3) applies; (b) to the extent that it does not arise from the premium or discount, treat it as a separate gain or loss from the financial arrangement to which subsection 230 ‑ 130(3) applies. Note: The separate gain or loss mentioned in paragraph (b) may itself be split under subsection 230 ‑ 160(2) (portfolio fees gain or loss). Determination of period for premium/discount gain or loss (3) The period over which the premium/discount gain or loss is to be spread is the period that you determine to be the expected life of the portfolio, if: (a) the basis on which you determine the period accords with the spreading of the premium/discount gain or loss for the purposes of the profit or loss statement of the financial report mentioned in paragraph 230 ‑ 150(1)(a); and (b) the basis on which you determine the period is set and recorded before you start to have the * financial arrangement; and (c) the period can be justified objectively; and (d) the period is reasonable in the circumstances. Spreading the premium/discount gain or loss (4) The method by which the premium/discount gain or loss is to be spread is the method that you determine, if: (a) the basis on which you determine the method accords with the spreading of the premium/discount gain or loss for the purposes of the profit or loss statement of the financial report mentioned in paragraph 230 ‑ 150(1)(a); and (b) the method is determined before you start to have the * financial arrangement; and (c) the method can be justified objectively; and (d) the method is reasonable in the circumstances. (5) To avoid doubt, subsections (3) and (4) apply despite sections 230 ‑ 130 and 230 ‑ 135.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-170", "Provision_Key": "s230-170", "Heading": "Allocating gain or loss to income years", "Text": "(1) You are taken, for the purposes of section 230 ‑ 15, to make, for an income year, a gain or loss equal to a part of a gain or loss if: (a) that part of the gain or loss is allocated to an interval under section 230 ‑ 135; and (b) that interval falls wholly within that income year. (2) If: (a) a part of a gain or loss is allocated to an interval under section 230 ‑ 135; and (b) that interval straddles 2 income years; you are taken, for purposes of section 230 ‑ 15, to make a gain or loss equal to so much of that part of the gain or loss as is allocated between those income years on a reasonable basis. (2A) Subsections (1) and (2) do not apply to a part of a gain or loss if: (a) subsection 230 ‑ 100(3A) or 230 ‑ 130(4A) applies to the gain or loss; and (b) that part of the gain or loss is allocated to an interval under section 230 ‑ 135; and (c) that interval ends before or during the income year during which the gain or loss becomes sufficiently certain (as mentioned in paragraph 230 ‑ 100(3A)(b) or 230 ‑ 130(4A)(f), whichever is applicable). Instead, you are taken, for the purposes of section 230 ‑ 15, to make, for that income year, a gain or loss equal to that part of that gain or loss. (3) If: (a) a * head company of a * consolidated group or * MEC group has a * financial arrangement; and (b) a subsidiary member of the group ceases to be a member of the group at a particular time (the leaving time ); and (c) immediately after the leaving time, the head company no longer has the arrangement because the subsidiary member ceased to be a member of the group; an income year of the group is taken, for the purposes of applying this section to the group and the arrangement, to end at the leaving time.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-172", "Provision_Key": "s230-172", "Heading": "Applying accruals method to loss resulting from impairment", "Text": "(1) This section applies if: (a) there is an impairment (within the meaning of the * accounting principles) of: (i) a * financial arrangement; or (ii) a financial asset or financial liability that forms part of a financial arrangement; and (b) you make a loss from the financial arrangement as a result of the impairment; and (c) the accruals method applies to the loss. (2) You cannot deduct a loss you make for an income year under section 230 ‑ 15, to the extent that the loss results from the impairment (including as affected by any later reversal of the impairment loss (within the meaning of the * accounting principles) that resulted from the impairment). (3) Disregard subsection (2) for the purposes of paragraph (c) of step 1 of the method statement in subsection 230 ‑ 445(1).", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-172"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-175", "Provision_Key": "s230-175", "Heading": "Running balancing adjustments", "Text": "Overestimate of financial benefit to be received (1) You are taken for the purposes of this Division to make a loss from a * financial arrangement if: (a) a provision of this Subdivision has applied on the basis that you were sufficiently certain, at a particular time, to receive a * financial benefit of, or of at least, a particular amount under the arrangement; and (b) when you receive the benefit (or the time comes for you to receive the benefit), the amount you receive (or are to receive) is nil or is less than the amount estimated. The amount of the loss is equal to the difference between the amount estimated and the amount you receive (or are to receive). You are taken to have made the loss for the income year in which you receive the benefit (or in which the time comes for you to receive the benefit). (1A) Subsection (1) does not apply to the extent that the difference results from: (a) an impairment (within the meaning of the * accounting principles) of: (i) the * financial arrangement; or (ii) a financial asset or financial liability that forms part of the arrangement; or (b) you writing off, as a bad debt, a right to a * financial benefit (or a part of a financial benefit). Underestimate of financial benefit to be received (2) You are taken for the purposes of this Division to make a gain from a * financial arrangement if: (a) a provision of this Subdivision has applied on the basis that you were sufficiently certain at a particular time to receive a * financial benefit of, or of at least, a particular amount under the arrangement; and (b) when you receive the benefit, or the time comes for you to receive the benefit, the amount you receive, or are to receive, is more than the amount estimated. The amount of the gain is equal to the difference between the amount estimated and the amount you receive or are to receive. You are taken to have made that gain in the income year in which you receive the benefit or in which the time comes for you to receive the benefit. (2A) Subsection (2) does not apply to the extent that the difference results from the reversal of an impairment loss (within the meaning of the * accounting principles) that resulted from an impairment (within the meaning of the accounting principles) of: (a) the * financial arrangement; or (b) a financial asset or financial liability that forms part of the arrangement. Overestimate of financial benefit to be provided (3) You are taken for the purposes of this Division to make a gain from a * financial arrangement if: (a) a provision of this Subdivision has applied on the basis that you were sufficiently certain at a particular time to provide a * financial benefit of, or of at least, a particular amount under the arrangement; and (b) when you provide the benefit, or the time comes for you to provide the benefit, the amount you provide, or are to provide, is nil or is less than the amount estimated. The amount of the gain is equal to the difference between the amount estimated and the amount you provide or are to provide. You are taken to have made that gain in the income year in which you provide the benefit or in which the time comes for you to provide the benefit. Underestimate of financial benefit to be provided (4) You are taken for the purposes of this Division to make a loss from a * financial arrangement if: (a) a provision of this Subdivision has applied on the basis that you were sufficiently certain at a particular time to provide a * financial benefit of, or of at least, a particular amount under the arrangement; and (b) when you provide the benefit, or the time comes for you to provide the benefit, the amount you are to provide is more than the estimated amount referred to in paragraph (a). The amount of the loss is equal to the difference between the amount estimated and the amount you are to provide. You are taken to have made that loss in the income year in which you provide the benefit or in which the time comes for you to provide the benefit.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-180", "Provision_Key": "s230-180", "Heading": "Realisation method", "Text": "(1) If a gain or loss is to be taken into account using the realisation method, you are taken, for the purposes of section 230 ‑ 15, to make the gain or loss for the income year in which the gain or loss occurs. Note: Sections 230 ‑ 70 and 230 ‑ 75 allow you to apportion financial benefits provided and financial benefits received in working out the amount of the gain or loss. (2) For the purposes of subsection (1), a gain or loss from a * financial arrangement is taken to occur at: (a) if the last of the * financial benefits, rights and obligations taken into account in determining the amount of the gain or loss is a financial benefit—the time the financial benefit: (i) is provided; or (ii) if the financial benefit is not provided at the time when it is due to be provided under the arrangement and it is reasonable to expect that the financial benefit will be provided—is due to be provided; or (b) if the last of the financial benefits, rights and obligations taken into account in determining the amount of the gain or loss is a right to receive a financial benefit or an obligation to provide a financial benefit—the time: (i) if the right or obligation ceases before the financial benefit is provided—the right or obligation ceases; or (ii) otherwise—the financial benefit is provided. This subsection has effect subject to subsection (3). (3) For the purposes of subsection (1), you make a loss from a * financial arrangement from writing off, as a bad debt, a right to a * financial benefit (or a part of a financial benefit) if: (a) the financial benefit was taken into account in working out the amount of a gain from the arrangement and the gain has been included in your assessable income under this Division; or (b) the right is one in respect of money that you lent in the ordinary course of your * business of lending money; or (c) the right is one that you bought in the ordinary course of your business of lending money. (4) The loss referred to in subsection (3) occurs when you write off the right to the * financial benefit (or the part of the financial benefit) as a bad debt. (5) The amount of the loss referred to in subsection (3) is: (a) if paragraph (3)(a) applies—so much of the gain referred to in that paragraph as is reasonably attributable to the * financial benefit (or the part of the financial benefit); or (b) if paragraph (3)(b) applies—the amount of the financial benefit (or the part of the financial benefit); or (c) if paragraph (3)(c) applies—the amount of the financial benefit (or the part of the financial benefit) but only up to the value of the financial benefit you provided to acquire the right to the financial benefit (or the part of the financial benefit). (6) For the purposes of this Act, a deduction for the loss referred to in subsection (3) is to be treated as a deduction of a bad debt. Note: Various provisions in this Act and the Income Tax Assessment Act 1936 restrict the availability of deductions for bad debts and make provision in relation to the recoupment of amounts in relation to bad debts that have been written off. These provisions are set out in subsection 25 ‑ 35(5).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-185", "Provision_Key": "s230-185", "Heading": "Reassessment", "Text": "(1) You must make a fresh assessment of which gains and losses from a * financial arrangement the accruals method should apply to, and which gains and losses from that arrangement the realisation method should apply to, if: (a) the accruals method, or the realisation method, provided for in this Subdivision applies to gains and losses from the arrangement; and (b) there is a material change to: (i) the terms and conditions of the arrangement; or (ii) circumstances that affect the arrangement. (2) Without limiting subsection (1), the following changes are material changes to the terms and conditions of, or circumstances that affect, the * financial arrangement: (a) a change to the terms or conditions of the arrangement in a way that alters the essential nature of the arrangement (for example, by altering it from a * debt interest to an * equity interest or from an equity interest to a debt interest); (b) a change to the terms or conditions of the arrangement in a way that materially affects the contingencies on which significant obligations and rights under the arrangement are dependent (for example, by introducing such a contingency or removing such a contingency); (c) a change in circumstances that makes something that: (i) materially affects significant obligations and rights under the arrangement; and (ii) was previously dependent on a contingency; no longer dependent on a contingency (because, for example, only one of a number of previously possible contingencies is realised); (d) a change to: (i) the terms on which credit is to be provided to an entity that is not a party to the arrangement; or (ii) the credit rating of an entity that is not a party to the arrangement; if a significant obligation or right under the arrangement is dependent on that credit being provided or that rating being maintained; (e) if the arrangement is, or includes, a financial asset or financial liability and you prepare your financial reports in accordance with: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; a change to the terms or conditions of, or circumstances that affect, the arrangement that are sufficient for the financial asset or financial liability to be treated as impaired for the purposes of those principles or standards. (3) You do not need to make a reassessment under this section merely because of a change in the fair value of the * financial arrangement.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-190", "Provision_Key": "s230-190", "Heading": "Re ‑ estimation", "Text": "When re ‑ estimation necessary (1) You re ‑ estimate a gain or loss from a * financial arrangement under subsection (5) if: (a) the accruals method applies to the gain or loss; and (b) circumstances arise that materially affect: (i) the amount or value; or (ii) the timing; of * financial benefits that were taken into account in working out the amount of the gain or loss; and (c) the circumstances do not give rise to a re ‑ estimation under section 230 ‑ 200. (2) You must re ‑ estimate the gain or loss as soon as reasonably practicable after you become aware of the circumstances referred to in paragraph (1)(b), if subsection (1) applies. (3) Without limiting subsection (1), the following are circumstances of the kind referred to in paragraph (1)(b): (a) a material change in market conditions that are relevant to the amount or value of the * financial benefits to be received or provided under the * financial arrangement; (b) cash flows that were previously estimated becoming known and the difference between the cash flows that become known and the cash flows that were previously estimates is not insignificant; (c) a right to, or a part of a right to, a financial benefit under the arrangement is written off as a bad debt; (d) you have made a reassessment under section 230 ‑ 185 in relation to gains or losses under the arrangement and you have determined on the reassessment under that section that the accruals method should continue to apply to those gains or losses. (3A) You also re ‑ estimate a gain or loss from a * financial arrangement under subsection (5) if: (a) the gain or loss is spread using the method referred to in paragraph 230 ‑ 135(2)(b) in accordance with section 230 ‑ 140 (effective interest method); and (b) you recalculate the effective interest rate in accordance with that method; and (c) the terms and conditions of the arrangement provide for reset dates to occur no more than 12 months apart; and (d) the maximum life of the arrangement (as determined under the terms and conditions of the arrangement) is more than 12 months. (3B) You must re ‑ estimate the gain or loss at the relevant reset date if subsection (3A) applies. (4) You do not re ‑ estimate the gain or loss from a * financial arrangement under subsection (5) merely because of a change in the credit rating, or the creditworthiness, of a party or parties to the arrangement. Nature of re ‑ estimation (5) Making a re ‑ estimation in relation to a gain or loss under this subsection involves: (a) a fresh determination of the amount of the gain or loss; and (b) a reapplication of the accruals method to the redetermined gain or loss to make a fresh allocation of the part of the redetermined gain or loss that has not already been allocated to intervals ending before the re ‑ estimation is made to intervals ending after the re ‑ estimation is made. Basis for re ‑ estimation (6) You may make the fresh allocation of the gain or loss under subsection (5) on these bases: (a) if you satisfy subsection (7) in relation to the * financial arrangement—by maintaining the rate of return being used and adjusting the amount to which you apply the rate of return to the present value of the estimated future cash flows discounted at the maintained rate of return; (b) in any case—by adjusting the rate of return and maintaining the amount to which the adjusted rate of return is to be applied. The object to be achieved by both bases is to allow you to bring the remainder of the gain or loss based on the new estimates properly to account over the remainder of the period over which you spread the gain or loss. Note: The amount referred to in paragraph (b) is the amount to which the previous rate of return was being applied immediately before the re ‑ estimation. (7) You satisfy this subsection in relation to a * financial arrangement if every re ‑ estimation you make under subsection (5) in relation to a gain or loss from the arrangement is made in accordance with: (a) financial reports of the kind referred to in paragraph 230 ‑ 395(2)(a) that are audited as referred to in paragraph 230 ‑ 395(2)(b) (regardless of whether Subdivision 230 ‑ F (reliance on financial reports method) is to apply to a particular financial arrangement); and (b) * accounting standard AASB 139 (or another accounting standard prescribed by the regulations for the purposes of this paragraph).", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-192", "Provision_Key": "s230-192", "Heading": "Re ‑ estimation—impairments and reversals", "Text": "(1) This section applies if the re ‑ estimation mentioned in section 230 ‑ 190 arises because of: (a) an impairment (within the meaning of the * accounting principles) of: (i) the * financial arrangement; or (ii) a financial asset or financial liability that forms part of the arrangement; or (b) a reversal of an impairment loss (within the meaning of the accounting principles) that resulted from such an impairment. (2) Despite paragraph 230 ‑ 190(6)(a), you must make the fresh allocation in accordance with paragraph 230 ‑ 190(6)(b). Losses non ‑ deductible (3) You cannot deduct a loss you make for an income year under section 230 ‑ 15, to the extent that the loss results from: (a) the impairment (including as affected by any later reversal of the impairment loss that resulted from the impairment); or (b) the operation of subsection (7). (4) Disregard subsection (3) for the purposes of paragraph (c) of step 1 of the method statement in subsection 230 ‑ 445(1). Reversals (5) Subsections (7) and (8) apply to the part of the gain or loss that is to be reallocated in accordance with paragraph 230 ‑ 190(6)(b), if: (a) the fresh determination under paragraph 230 ‑ 190(5)(a) that arose because of the reversal resulted in that part being a gain; and (b) there are losses that: (i) resulted from the impairment; and (ii) you could have deducted apart from subsection 230 ‑ 172(2) or subsection (3) of this section. (6) Paragraph (5)(b) does not apply to a loss to the extent that: (a) the loss reflects the amount of a loss you make under paragraph 230 ‑ 195(1)(b) or (c); and (b) the loss you make under paragraph 230 ‑ 195(1)(b) or (c) relates to you writing off, as a bad debt, a right to receive a * financial benefit (or a part of a financial benefit). (7) Treat the fresh determination as having resulted in that part being a loss, if the total of the losses mentioned in paragraph (5)(b) of this section exceeds the amount of the gain mentioned in paragraph (5)(a). The amount of the loss is equal to the amount of the excess. (8) Otherwise, reduce the amount of that gain by the total of those losses.", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-192"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-195", "Provision_Key": "s230-195", "Heading": "Balancing adjustment if rate of return maintained on re ‑ estimation", "Text": "(1) If you make a fresh allocation of the gain or loss on the basis referred to in paragraph 230 ‑ 190(6)(a), you must make the following balancing adjustment: (a) if you re ‑ estimate a gain and the amount to which you apply the rate of return increases—you make a gain from the * financial arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the increase; (b) if you re ‑ estimate a gain and the amount to which you apply the rate of return decreases—you make a loss from the arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the decrease; (c) if you re ‑ estimate a loss and the amount to which you apply the rate of return increases—you make a loss from the arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the increase; (d) if you re ‑ estimate a loss and the amount to which you apply the rate of return decreases—you make a gain from the arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the decrease. (2) Subsection (3) applies if: (a) the re ‑ estimation is made wholly or partly on the basis that you have written off, as a bad debt, a right to receive a * financial benefit (or a part of a financial benefit); and (b) the right: (i) is not one in respect of money that you lent in the ordinary course of your * business of lending money; and (ii) is not one that you bought in the ordinary course of your business of lending money. (3) The balancing adjustment to be made under paragraph (1)(b), to the extent that it relates to the writing off of the bad debt, must not exceed so much of the gain in relation to the * financial arrangement as: (a) has been assessed under this Division; and (b) is reasonably attributable to the * financial benefit (or the part of the financial benefit). (4) Subsection (5) applies if: (a) the re ‑ estimation is made wholly or partly on the basis that you have written off, as a bad debt, a right to receive a * financial benefit; and (b) the right is one that you bought in the ordinary course of your * business of lending money. (5) The balancing adjustment to be made under paragraph (1)(b), to the extent that it relates to the writing off of the bad debt, must not exceed the value of the * financial benefit you provided to acquire the right to the financial benefit (or the part of the financial benefit). (6) For the purposes of this Act, a deduction for the balancing adjustment referred to in subsection (3) is to be treated as a deduction of a bad debt. Note: Various provisions in this Act and the Income Tax Assessment Act 1936 restrict the availability of deductions for bad debts and make provision in relation to the recoupment of amounts in relation to bad debts that have been written off. These provisions are set out in subsection 25 ‑ 35(5).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-200", "Provision_Key": "s230-200", "Heading": "Re ‑ estimation if balancing adjustment on partial disposal", "Text": "Re ‑ estimation if balancing adjustment on partial disposal (1) You also re ‑ estimate a gain or loss from a * financial arrangement under subsection (2) if: (a) the accruals method applies to the gain or loss; and (b) a balancing adjustment is made in relation to the arrangement under Subdivision 230 ‑ G because you transfer to another entity: (i) a proportionate share of all of your rights and/or obligations under the arrangement; or (ii) a right or obligation that you have under the arrangement to a specifically identified * financial benefit; or (iii) a proportionate share of a right or obligation that you have under the arrangement to a specifically identified financial benefit. You must re ‑ estimate the gain or loss as soon as reasonably practicable after the transfer occurs. Nature of re ‑ estimation (2) Making a re ‑ estimation in relation to a gain or loss under this subsection involves: (a) a fresh determination of the amount of the gain or loss disregarding: (i) * financial benefits; and (ii) amounts of the gain or loss that have already been allocated to intervals ending before the re ‑ estimation is made; to the extent to which they are reasonably attributable to the proportionate share, or the right or obligation, referred to in paragraph (1)(b); and (b) a reapplication of the accruals method to the redetermined gain or loss to make a fresh allocation of the part of that gain or loss that has not already been allocated to intervals ending before the re ‑ estimation is made to intervals ending after the re ‑ estimation is made. Basis for re ‑ estimation (3) You make the fresh allocation of the gain or loss under subsection (2) by maintaining the rate of return being used and adjusting the amount to which you apply the rate of return to the present value of the estimated future cash flows discounted at the maintained rate of return. The object to be achieved by the fresh allocation is to allow you to bring the redetermined gain or loss properly to account over the remainder of the period over which you spread the gain or loss.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-205", "Provision_Key": "s230-205", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are: (a) to allow you to align the tax treatment of gains and losses from * financial arrangements with the accounting treatment that applies where assets and liabilities are classified or designated as at fair value through profit or loss; and (b) to facilitate efficient price ‑ making; and (c) to achieve the above objects without allowing you to obtain an inappropriate tax benefit.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-210", "Provision_Key": "s230-210", "Heading": "Fair value election", "Text": "Election (1) You may make a fair value election under this section if you are eligible under subsection (2) to make the election for the income year in which you make the election. Eligibility to make fair value election for an income year (2) You are eligible to make a fair value election for an income year if: (a) you prepare a financial report for that income year in accordance with: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and (b) the financial report is audited in accordance with: (i) the * auditing principles; or (ii) if the auditing principles do not apply to the auditing of the financial report—comparable standards for auditing made under a foreign law. Note: Section 230 ‑ 500 allows regulations to be made specifying particular foreign accounting and auditing standards as ones that are to be treated as comparable with Australian accounting and auditing principles for the purposes of this Division. Election irrevocable (3) A * fair value election is irrevocable. Note: The election may cease to have effect, or cease to apply to a particular financial arrangement, under section 230 ‑ 240.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-215", "Provision_Key": "s230-215", "Heading": "Fair value election where differing income and accounting years", "Text": "(1) This section applies if: (a) you prepare a financial report for a year (the first year ); and (b) you prepare a financial report for the subsequent year (the second year ); and (c) your income year starts in the first year and ends in the second year; and (d) both the financial report for the first year and the financial report for the second year are: (i) prepared in accordance with paragraph 230 ‑ 210(2)(a); and (ii) audited in accordance with paragraph 230 ‑ 210(2)(b); and (e) the auditor’s reports are unqualified for both the financial report for the first year and the financial report for the second year. (2) Treat yourself as eligible to make an election for the income year under subsection 230 ‑ 210(2). (3) Work out the gain or loss you make from the * financial arrangement for the income year as follows: (a) firstly, work out the gain or loss you make from the arrangement for the first year in accordance with section 230 ‑ 230 (treating the first year as an income year); (b) next, work out how much of the gain or loss mentioned in paragraph (a) is attributable to the income year in accordance with subsection (4); (c) next, work out the gain or loss you make from the arrangement for the second year in accordance with section 230 ‑ 230 (treating the second year as an income year); (d) next, work out how much of the gain or loss mentioned in paragraph (c) is attributable to the income year in accordance with subsection (4); (e) next: (i) if the amounts worked out under paragraphs (b) and (d) are both gains—add them together to work out the gain from the arrangement for the income year; or (ii) if the amounts worked out under paragraphs (b) and (d) are both losses—add them together to work out the loss from the arrangement for the income year; or (iii) if one of the amounts worked out under paragraphs (b) and (d) is a loss and the other is a gain—subtract the loss from the gain. If the result is positive, this is the gain from the arrangement for the income year. If the result is negative, this is the loss from the arrangement for the income year. (4) For the purposes of paragraphs (3)(b) and (d), work out how much of the gain or loss is attributable to the income year by: (a) using a methodology that is reasonable; and (b) using the same methodology for the first and second years. (5) For the purposes of paragraph (4)(a), treat a methodology that attributes the gain or loss on a pro ‑ rata basis as not being reasonable.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-220", "Provision_Key": "s230-220", "Heading": "Financial arrangements to which fair value election applies", "Text": "(1) A * fair value election applies in relation to * financial arrangements that: (a) are * Division 230 financial arrangements; and (b) are recognised in financial reports of the kind referred to in paragraph 230 ‑ 210(2)(a) that are audited, or required to be audited, as referred to in paragraph 230 ‑ 210(2)(b); and (c) are assets or liabilities that you are required (whether or not as a result of a choice you make) by: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting that apply to the preparation of the financial report under a * foreign law; to classify, designate or (in whole or in part) otherwise treat, in the financial reports, as at fair value through profit or loss; and (d) you start to have in the income year in which you make the election or in a later income year. This subsection has effect subject to section 230 ‑ 225. (2) If, but for this subsection, paragraphs (1)(b) and (c) would not be satisfied in relation to a * financial arrangement because the arrangement is an intra ‑ group transaction for the purposes of: (a) * accounting standard AASB 127 (or another accounting standard prescribed by the regulations for the purposes of this paragraph); or (b) if that standard does not apply to the preparation of the financial report—a comparable accounting standard that applies to the preparation of the financial report under a * foreign law; paragraphs (1)(b) and (c) are taken to be satisfied in relation to the arrangement. Note: Financial arrangements between members of a consolidated group or MEC group are not covered by this subsection because the single entity rule in subsection 701 ‑ 1(1) operates to treat them as not being financial arrangements for the purposes of this Division. (3) If: (a) the * financial arrangement would not be a financial arrangement if the following provisions were disregarded: (i) Division 9A of Part III of the Income Tax Assessment Act 1936 (which deals with offshore banking units); (ii) Part IIIB of that Act (which deals with Australian branches of foreign banks etc.); and (b) paragraphs (1)(b) and (c) would be satisfied in relation to the financial arrangement if the arrangement had been between 2 separate entities; and (c) the * fair value election is made by: (i) if section 121EB of the Income Tax Assessment Act 1936 applies—the OBU mentioned in that section (disregarding the operation of that section); or (ii) if section 160ZZW of that Act applies—the bank mentioned in that section (disregarding the operation of that section); paragraphs (1)(b) and (c) are taken to be satisfied in relation to the arrangement.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-225", "Provision_Key": "s230-225", "Heading": "Financial arrangements to which election does not apply", "Text": "(1) A * fair value election does not apply to a * financial arrangement if: (a) the arrangement is an * equity interest; and (b) you are the issuer of the equity interest. (2) A * fair value election does not apply to a * financial arrangement if: (a) you are: (i) an individual; or (ii) an entity (other than an individual) that satisfies subsection 230 ‑ 455(2), (3) or (4) for the income year in which you start to have the arrangement; and (b) the arrangement is a * qualifying security; and (c) you have not made an election under subsection 230 ‑ 455(7). (3) A * fair value election does not apply to a * financial arrangement if: (a) the election is made by the * head company of a * consolidated group or * MEC group; and (b) the election specifies that the election is not to apply to financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and (c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group. (4) A * fair value election does not apply to a * financial arrangement if the arrangement is associated with a business of a kind specified in regulations made for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-230", "Provision_Key": "s230-230", "Heading": "Applying fair value method to gains and losses", "Text": "(1) You make a gain or loss for an income year from a * financial arrangement to which a * fair value election applies if: (a) the principles or standards mentioned in paragraph 230 ‑ 210(2)(a) require you to recognise a gain or loss in profit or loss for the income year from the asset or liability mentioned in paragraph 230 ‑ 220(1)(c); or (b) in the case of an arrangement to which subsection 230 ‑ 220(2) applies—the principles or standards referred to in paragraph 230 ‑ 220(1)(c) would have required you to recognise a gain or loss in profit or loss for the year from the asset or liability mentioned in paragraph 230 ‑ 220(1)(c) if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in paragraph 230 ‑ 220(2)(b); or (c) in the case of an arrangement to which subsection 230 ‑ 220(3) applies—the principles or standards referred to in paragraph 230 ‑ 220(1)(c) would have required you to recognise a gain or loss in profit or loss for the year from the asset or liability mentioned in paragraph 230 ‑ 220(1)(c) if the arrangement had been between 2 separate entities. Note: Subsection 230 ‑ 40(7) provides that an election under Subdivision 230 ‑ E (hedging financial arrangements method) or Subdivision 230 ‑ F (method of relying on financial reports) may override a fair value election. (1A) The gain or loss you make is the gain or loss the principles or standards require, or would have required, you to recognise in profit or loss as mentioned in subsection (1). (2) Subsection (3) applies if: (a) a * head company of a * consolidated group or * MEC group has a * financial arrangement; and (b) a * fair value election applies to the arrangement; and (c) a subsidiary member of the group ceases to be a member of the group at a particular time (the leaving time ); and (d) immediately after the leaving time, the head company no longer has the arrangement because the subsidiary member ceased to be a member of the group. (3) The gain or loss the group makes from the arrangement for the income year in which the leaving time occurs is taken to be the gain or loss that the principles or standards referred to in paragraph 230 ‑ 210(2)(a) would require the group to recognise as at fair value through profit or loss for the income year from the asset or liability mentioned in paragraph 230 ‑ 220(1)(c) if: (a) the circumstances that existed in relation to the arrangement (including its value) immediately before the leaving time had continued to exist until the end of the income year; and (b) any circumstances that arise in relation to the financial arrangement after the leaving time were disregarded. Subdivision does not apply to extent gains or losses not recognised as at fair value (4) This Subdivision does not apply to a gain or loss you make from the * financial arrangement, to the extent: (a) you are required, as mentioned in paragraph 230 ‑ 220(1)(c), to otherwise treat as at fair value through profit and loss the assets or liabilities that the financial arrangement is; and (b) the principles or standards referred to in paragraph 230 ‑ 210(2)(a) do not require you to recognise the gain or loss as at fair value through profit or loss. Note: See also subsection 230 ‑ 40(5).", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-235", "Provision_Key": "s230-235", "Heading": "Splitting financial arrangements into 2 financial arrangements", "Text": "(1) If: (a) a * financial arrangement is constituted only in part by an asset or liability mentioned in paragraph 230 ‑ 220(1)(c); and (b) a * fair value election would apply to the arrangement if it were constituted solely by that asset or liability; the provisions of this Division (other than this section) apply to the arrangement as if it were instead 2 separate financial arrangements. (2) The 2 separate * financial arrangements are: (a) one consisting of the part referred to in paragraph (1)(a); and (b) one consisting of the remaining part.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-240", "Provision_Key": "s230-240", "Heading": "When election ceases to apply", "Text": "(1) A * fair value election ceases to have effect from the start of an income year if you cease to be eligible under subsection 230 ‑ 210(2) to make the fair value election for that income year. (2) Subsection (1) does not prevent you from making a new * fair value election at a later time if you become, at that later time, eligible under subsection 230 ‑ 210(2) to make a fair value election for an income year. Note: The new election will only apply to financial arrangements you start to have after the start of the income year in which the new election is made. (3) A * fair value election ceases to apply to a particular * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 230 ‑ 220(1)(b) or (c) during that income year. (4) If the election ceases to apply to a particular * financial arrangement under subsection (3), the election cannot subsequently reapply to that arrangement (even if the requirements of paragraphs 230 ‑ 220(1)(b) and (c) are satisfied once more in relation to the arrangement).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-245", "Provision_Key": "s230-245", "Heading": "Balancing adjustment if election ceases to apply", "Text": "(1) You must make balancing adjustments under subsection (2) if a * fair value election ceases to have effect under subsection 230 ‑ 240(1). (2) The balancing adjustments under this subsection are the balancing adjustments you would make under Subdivision 230 ‑ G for each of the * financial arrangements to which the election applied if you disposed of the arrangement for its fair value when the election ceases to have effect. (3) You must make a balancing adjustment under subsection (4) if a * fair value election ceases to apply to a particular * financial arrangement under subsection 230 ‑ 240(3). (4) The balancing adjustment under this subsection is the balancing adjustment you would make under Subdivision 230 ‑ G if you disposed of the * financial arrangement for its fair value when the election ceases to apply to the arrangement. (5) If a balancing adjustment is made under subsection (2) or (4) in relation to a * financial arrangement, you are taken, for the purposes of this Division, to have reacquired the arrangement at its fair value immediately after the election ceased to have effect or ceased to apply to the arrangement. (6) In determining, for the purposes of the balancing adjustment under subsection (2) or (4) or for the purposes of subsection (5), the fair value of the * financial arrangement at a time, disregard any changes in the fair value to the extent that: (a) you are required, as mentioned in paragraph 230 ‑ 220(1)(c), to otherwise treat the financial arrangement as at fair value through profit and loss; and (b) the principles or standards referred to in paragraph 230 ‑ 210(2)(a) do not require you to recognise the changes as at fair value through profit or loss.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-250", "Provision_Key": "s230-250", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are: (a) to allow you to align the tax treatment of gains and losses from foreign exchange rate changes with the accounting treatment of profits and losses from such changes; and (b) to achieve this without allowing you to obtain an inappropriate tax benefit.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-255", "Provision_Key": "s230-255", "Heading": "Foreign exchange retranslation election", "Text": "General election (1) You may make a foreign exchange retranslation election under this subsection if you are eligible under subsection (2) to make the election for the income year in which you make the election. Eligibility to make election (2) You are eligible to make a * foreign exchange retranslation election for an income year if: (a) you prepare a financial report for that income year in accordance with: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and (b) the financial report is audited in accordance with: (i) the * auditing principles; or (ii) if the auditing principles do not apply to the auditing of the financial report—comparable standards for auditing made under a foreign law. Note: Section 230 ‑ 500 allows regulations to be made specifying particular foreign accounting and auditing standards as ones that are to be treated as comparable with Australian accounting and auditing principles for the purposes of this Division. Election in relation to qualifying forex accounts (3) You may make a foreign exchange retranslation election under this subsection in relation to a * financial arrangement if: (a) the arrangement is a * qualifying forex account; and (b) you have not made a * foreign exchange retranslation election under subsection (1) that applies to the account. You may make the election even if you start to have the arrangement before you make the election. Financial arrangements to which election in relation to qualifying forex accounts applies (4) The election under subsection (3) applies to the * financial arrangement: (a) from the time when you start to have the arrangement if the election is made before you start to have the arrangement; or (b) from the start of the income year in which the election is made if you make the election after you start to have the arrangement. Election irrevocable (5) A * foreign exchange retranslation election is irrevocable. Note: The election may cease to apply under section 230 ‑ 285.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-260", "Provision_Key": "s230-260", "Heading": "Foreign exchange retranslation election where differing income and accounting years", "Text": "(1) This section applies if: (a) you prepare a financial report for a year (the first year ); and (b) you prepare a financial report for the subsequent year (the second year ); and (c) your income year starts in the first year and ends in the second year; and (d) both the financial report for the first year and the financial report for the second year are: (i) prepared in accordance with paragraph 230 ‑ 255(2)(a); and (ii) audited in accordance with paragraph 230 ‑ 255(2)(b); and (e) the auditor’s reports are unqualified for both the financial report for the first year and the financial report for the second year. (2) Treat yourself as eligible to make an election for the income year under subsection 230 ‑ 255(2). (3) Work out the gain or loss you make from the arrangement for the income year as follows: (a) firstly, work out the gain or loss you make from the arrangement for the first year in accordance with section 230 ‑ 280 (treating the first year as an income year); (b) next, work out how much of the gain or loss mentioned in paragraph (a) is attributable to the income year in accordance with subsection (4); (c) next, work out the gain or loss you make from the arrangement for the second year in accordance with section 230 ‑ 280 (treating the second year as an income year); (d) next, work out how much of the gain or loss mentioned in paragraph (c) is attributable to the income year in accordance with subsection (4); (e) next: (i) if the amounts worked out under paragraphs (b) and (d) are both gains—add them together to work out the gain from the arrangement for the income year; or (ii) if the amounts worked out under paragraphs (b) and (d) are both losses—add them together to work out the loss from the arrangement for the income year; or (iii) if one of the amounts worked out under paragraphs (b) and (d) is a loss and the other is a gain—subtract the loss from the gain. If the result is positive, this is the gain from the arrangement for the income year. If the result is negative, this is the loss from the arrangement for the income year. (4) For the purposes of paragraphs (3)(b) and (d), work out how much of the gain or loss is attributable to the income year by: (a) using a methodology that is reasonable; and (b) using the same methodology for the first and second years. (5) For the purposes of paragraph (4)(a), treat a methodology that attributes the gain or loss on a pro ‑ rata basis as not being reasonable.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-265", "Provision_Key": "s230-265", "Heading": "Financial arrangements to which general election applies", "Text": "(1) A * foreign exchange retranslation election under subsection 230 ‑ 255(1) applies to each of your * financial arrangements: (a) that are * Division 230 financial arrangements; and (b) that are recognised in financial reports of a kind referred to in paragraph 230 ‑ 255(2)(a) that are audited, or required to be audited, as referred to in paragraph 230 ‑ 255(2)(b); and (c) in relation to which you are required by: (i) * accounting standard AASB 121 (or another accounting standard prescribed by the regulations for the purposes of this paragraph); or (ii) if that standard does not apply to the preparation of the financial report—a comparable accounting standard that applies to the preparation of the financial report under a * foreign law; to recognise, in the financial reports, amounts in profit or loss (if any) that are attributable to changes in currency exchange rates; and (d) that you start to have in the income year in which you make the election or in a later income year. This subsection has effect subject to section 230 ‑ 270. Note: The election also has consequences under Subdivision 775 ‑ F for arrangements that are not Division 230 financial arrangements. (2) If, but for this subsection, paragraphs (1)(b) and (c) would not be satisfied in relation to a * financial arrangement because the arrangement is an intra ‑ group transaction for the purposes of: (a) * accounting standard AASB 127 (or another accounting standard prescribed by the regulations for the purposes of this paragraph); or (b) if that standard does not apply to the preparation of the financial report—a comparable accounting standard that applies to the preparation of the financial report under a * foreign law; paragraphs (1)(b) and (c) are taken to be satisfied in relation to the arrangement. Note: Financial arrangements between members of a consolidated group or MEC group are not covered by this subsection because the single entity rule in subsection 701 ‑ 1(1) operates to treat them as not being financial arrangements for the purposes of this Division. (3) If: (a) the * financial arrangement would not be a financial arrangement if the following provisions were disregarded: (i) Division 9A of Part III of the Income Tax Assessment Act 1936 (which deals with offshore banking units); (ii) Part IIIB of that Act (which deals with Australian branches of foreign banks etc.); and (b) paragraphs (1)(b) and (c) would be satisfied in relation to the financial arrangement if the arrangement had been between 2 separate entities; and (c) the * foreign exchange retranslation election under subsection 230 ‑ 255(1) is made by: (i) if section 121EB of the Income Tax Assessment Act 1936 applies—the OBU mentioned in that section (disregarding the operation of that section); or (ii) if section 160ZZW of that Act applies—the bank mentioned in that section (disregarding the operation of that section); paragraphs (1)(b) and (c) are taken to be satisfied in relation to the arrangement.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-270", "Provision_Key": "s230-270", "Heading": "Financial arrangements to which general election does not apply", "Text": "(1) For the purposes of this Division, a * foreign exchange retranslation election under subsection 230 ‑ 255(1) does not apply to a * financial arrangement if the arrangement is a financial arrangement under section 230 ‑ 50 (equity interests etc.). (2) For the purposes of this Division, a * foreign exchange retranslation election under subsection 230 ‑ 255(1) does not apply to a * financial arrangement if: (a) you are: (i) an individual; or (ii) an entity (other than an individual) that satisfies subsection 230 ‑ 455(2), (3) or (4) for the income year in which you start to have the arrangement; and (b) the arrangement is a * qualifying security; and (c) you have not made an election under subsection 230 ‑ 455(7). (3) A * foreign exchange retranslation election under subsection 230 ‑ 255(1) does not apply to a * financial arrangement if: (a) the election is made by the * head company of a * consolidated group or * MEC group; and (b) the election specifies that the election is not to apply to financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and (c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group. (4) A * foreign exchange retranslation election does not apply to a * financial arrangement if the arrangement is associated with a business of a kind specified in regulations made for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-275", "Provision_Key": "s230-275", "Heading": "Balancing adjustment for election in relation to qualifying forex accounts", "Text": "(1) If you make a * foreign exchange retranslation election under subsection 230 ‑ 255(3) in relation to a * financial arrangement after you start to have the arrangement, you must make a balancing adjustment under subsection (2). (2) The balancing adjustment under this subsection is the balancing adjustment you would make under Subdivision 230 ‑ G if you ceased to have the arrangement for its fair value at the time when the election started to apply to the arrangement (but only to the extent to which the balancing adjustment is reasonably attributable to a * currency exchange rate effect).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-280", "Provision_Key": "s230-280", "Heading": "Applying foreign exchange retranslation method to gains and losses", "Text": "General election (1) You make a gain or loss from a * financial arrangement for an income year if: (a) a * foreign exchange retranslation election under subsection 230 ‑ 255(1) applies to the arrangement; and (b) any of the following subparagraphs apply: (i) the standard referred to in paragraph 230 ‑ 265(1)(c) requires you to recognise a particular amount in profit or loss in relation to that arrangement for that income year; (ii) if subsection 230 ‑ 265(2) applies to the arrangement—the standard referred to in paragraph 230 ‑ 265(1)(c) would have required you to recognise a particular amount in profit or loss in relation to that arrangement for that income year if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in paragraph 230 ‑ 265(2)(b); (iii) if subsection 230 ‑ 265(3) applies to the arrangement—the standard referred to in paragraph 230 ‑ 265(1)(c) would have required you to recognise a particular amount in profit or loss for the year that is attributable to currency exchange rates mentioned in paragraph 230 ‑ 265(1)(c) if the arrangement had been between 2 separate entities. The amount of the gain or loss is the amount the standard requires, or would have required, you to recognise. Note: See subsection 230 ‑ 40(6). Election in relation to qualifying forex accounts (2) You make a gain or loss from a * financial arrangement for an income year if: (a) a * foreign exchange retranslation election under subsection 230 ‑ 255(3) applies to the arrangement; and (b) the standard referred to in paragraph 230 ‑ 265(1)(c): (i) requires you to recognise a particular amount in profit or loss in relation to that arrangement for that income year; or (ii) would require you to recognise a particular amount in profit or loss in relation to that arrangement for that income year if that standard applied to the arrangement; or (iii) would require you to recognise a particular amount in profit or loss in relation to that arrangement for that income year if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in paragraph 230 ‑ 265(2)(b); or (iv) would require you to recognise a particular amount in profit or loss in relation to that arrangement for that income year if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in paragraph 230 ‑ 265(2)(b) and if that standard applied to the arrangement. The amount of the gain or loss is the amount the standard requires, or would require, you to recognise. Subsidiary leaving group (3) Subsection (4) applies if: (a) a * head company of a * consolidated group or * MEC group has a * financial arrangement; and (b) a * foreign exchange retranslation election under subsection 230 ‑ 255(1) or (3) applies to the arrangement; and (c) a subsidiary member of the group ceases to be a member of the group at a particular time (the leaving time ); and (d) immediately after the leaving time, the head company no longer has the arrangement because the subsidiary member ceased to be a member of the group. (4) The gain or loss the group makes from the * financial arrangement for the income year in which the leaving time occurs is taken to be the gain or loss that the standard referred to in paragraph 230 ‑ 265(1)(c) would require the group to recognise in profit or loss in relation to the arrangement for that income year if: (a) the circumstances that existed in relation to the arrangement (including its value) immediately before the leaving time had continued to exist until the end of the income year; and (b) any circumstances that arise in relation to the arrangement after the leaving time were disregarded.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-285", "Provision_Key": "s230-285", "Heading": "When election ceases to apply", "Text": "General election (1) A * foreign exchange retranslation election under subsection 230 ‑ 255(1) ceases to have effect from the start of an income year if you cease to be eligible under subsection 230 ‑ 255(2) to make a foreign exchange retranslation election under subsection 230 ‑ 255(1) for that income year. (2) Subsection (1) does not prevent you from making a new * foreign exchange retranslation election at a later time if you become, at that later time, eligible under subsection 230 ‑ 255(2), to make a foreign exchange retranslation election under subsection 230 ‑ 255(1) for that income year. Note: The new election will only apply to financial arrangements you start to have after the start of the income year in which the new election is made. (3) A * foreign exchange retranslation election under subsection 230 ‑ 255(1) ceases to apply to a * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 230 ‑ 265(1)(b) or (c) during that income year. (4) If the election ceases to apply to a particular * financial arrangement under subsection (3), the election cannot subsequently reapply to that arrangement (even if the requirements of paragraphs 230 ‑ 265(1)(b) and (c) are satisfied once more in relation to the arrangement). Election in relation to qualifying forex accounts (5) A * foreign exchange retranslation election under subsection 230 ‑ 255(3) ceases to apply to a * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of subsection 230 ‑ 255(3) during that income year. (6) If the election ceases to apply to a particular * financial arrangement under subsection (5), the election cannot subsequently reapply to that arrangement (even if the requirements of subsection 230 ‑ 255(3) are satisfied once more in relation to the arrangement).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-290", "Provision_Key": "s230-290", "Heading": "Balancing adjustment if election ceases to apply", "Text": "(1) You must make balancing adjustments under subsection (2) if a * foreign exchange retranslation election ceases to have effect under subsection 230 ‑ 285(1). (2) The balancing adjustments under this subsection are the balancing adjustments you would make under Subdivision 230 ‑ G for each of the * financial arrangements to which the election applied if you disposed of the arrangement for its fair value when the election ceases to have effect (but only to the extent to which the balancing adjustment is reasonably attributable to a * currency exchange rate effect). (3) You must make a balancing adjustment under this section if a * foreign exchange retranslation election ceases to apply to a particular * financial arrangement under subsection 230 ‑ 285(3) or (5). (4) The balancing adjustment under this subsection is the balancing adjustment you would make under Subdivision 230 ‑ G if you disposed of the * financial arrangement for its fair value when the election ceases to apply to the arrangement (but only to the extent to which the balancing adjustment is reasonably attributable to a * currency exchange rate effect). (5) If a balancing adjustment is made under subsection (2) or (4) in relation to a * financial arrangement, you are taken, for the purposes of this Division, to have reacquired the arrangement at its fair value immediately after the election ceased to have effect or ceased to apply to the arrangement.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-295", "Provision_Key": "s230-295", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are: (a) to facilitate the efficient management of financial risk by reducing after ‑ tax mismatches and better aligning tax treatment where hedging takes place; and (b) to minimise tax deferral and tax motivated practices (including tax deferral arising from such practices as tax advantaged selection from among possible hedges and inappropriate selection of tax treatment).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-300", "Provision_Key": "s230-300", "Heading": "Applying hedging financial arrangement method to gains and losses", "Text": "(1) If you have a * hedging financial arrangement to which a * hedging financial arrangement election applies, the gain or loss you make for an income year from the arrangement is worked out under this section and section 230 ‑ 310 instead of under Subdivision 230 ‑ B, 230 ‑ C, 230 ‑ D, 230 ‑ F or 230 ‑ G. (2) Except where subsection (5) applies, the gain or loss you make from the * hedging financial arrangement is equal to the overall gain or loss you make from the arrangement. (3) The gain or loss you make from the * hedging financial arrangement is allocated over income years according to the determination referred to in subsection 230 ‑ 360(1). Note 1: The allocation is capable of extending to income years after you cease to have the hedging financial arrangement (see subsection 230 ‑ 360(3)). Note 2: The determination must be included in the record made under section 230 ‑ 355. (4) If the * hedging financial arrangement is a * foreign currency hedge and is a * debt interest, split a gain or loss you make from the arrangement as follows: (a) to the extent to which the gain or loss represents a * currency exchange rate effect attributable to the outstanding balance in relation to the debt interest, treat it as a separate gain or loss to which subsections (1) and (2) apply; (b) to the extent that it does not represent that effect, treat it as a separate gain or loss from the financial arrangement that is allocated under Subdivision 230 ‑ B, 230 ‑ F or 230 ‑ G. (5) If an event listed in the table in subsection 230 ‑ 305(1) occurs: (a) the gain or loss you make from the * hedging financial arrangement is equal to any gain or loss that you would have made: (i) while the arrangement was hedging the * hedged item or items; and (ii) on ceasing to have the arrangement; if you ceased to have the arrangement for its fair value at the time of the event; and (b) this Division further applies as if, just after the event, you had acquired the arrangement for its fair value at the time of the event. Despite subsection (3), the gain or loss referred to in paragraph (a) is allocated over income years according to the table. (7) Subsection (8) applies if the * hedging financial arrangement: (a) is a * financial arrangement under section 230 ‑ 50 (equity interests etc.); and (b) is a * foreign currency hedge; and (c) is one that you issue. (8) Split a gain or loss you make from the arrangement as follows: (a) to the extent to which the gain or loss represents a * currency exchange rate effect, treat it as a separate gain or loss to which subsections (1) and (2) apply; (b) to the extent that it does not represent that effect, treat it as a separate gain or loss from the financial arrangement to which this Division does not apply. (9) Subsections (10) and (11) apply if: (a) a * head company of a * consolidated group or * MEC group has a * hedging financial arrangement; and (b) a * hedging financial arrangement election applies to the arrangement; and (c) a subsidiary member of the group ceases to be a member of the group at a particular time (the leaving time ); and (d) immediately after the leaving time: (i) the head company no longer has the arrangement because the subsidiary member ceased to be a member of the group; and (ii) the head company no longer has the * hedged item (or all of the hedged items) because the subsidiary member ceased to be a member of the group. (10) The gain or loss the group makes from the arrangement for the income year in which the leaving time occurs is taken to be the gain or loss that would be allocated to the group in accordance with this section (disregarding subsection (5)) if: (a) the circumstances that existed in relation to the arrangement (including its value) immediately before the leaving time had continued to exist until the end of the income year; and (b) any circumstances that arise in relation to the * financial arrangement after the leaving time were disregarded. (11) For the purposes of applying paragraph (5)(a) to the * head company of the group at the leaving time, disregard item 2 of the table in subsection 230 ‑ 305(1).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-305", "Provision_Key": "s230-305", "Heading": "Table of events and allocation rules", "Text": "(1) For the purposes of paragraph 230 ‑ 300(5)(a), the following table lists events and their consequences: Table of events and allocation rules Item If this event occurs … Your gain or loss is allocated … 1 (a) you revoke the hedging designation; or (b) you redesignate your * hedging financial arrangement; or (c) you cease to meet the requirement of section 230 ‑ 365 in relation to your hedging financial arrangement over income years according to the basis determined under subsection 230 ‑ 360(1). 2 (a) you cease to have the * hedged item or all of the hedged items; or (b) you cease to expect that the hedged item or items will come into existence; or (c) you cease to expect that you will have the hedged item or items to the income year in which the event occurs. 2A (a) you cease to have one or more (but not all) of the * hedged items; or (b) you cease to expect that one or more (but not all) of the hedged items will come into existence; or (c) you cease to expect that you will have one or more (but not all) of the hedged items (a) to the extent to which the gain or loss is reasonably attributable to those one or more hedged items—to the income year in which the event occurs; and (b) to the extent to which the gain or loss is reasonably attributable to the remaining hedged item or items—over income years according to the basis determined under subsection 230 ‑ 360(1). 3 a risk being hedged by your * hedging financial arrangement ceases to exist to the income year in which the risk ceases to exist. (2) For the purposes of item 2A of the table in subsection (1), determine the extent to which the gain or loss is reasonably attributable to a particular * hedged item having regard to the following: (a) the fair value of the hedged item; (b) the length of the period over which you have held the hedged item; (c) commercially accepted valuation principles; (d) any other relevant factors.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-310", "Provision_Key": "s230-310", "Heading": "Aligning tax classification of gain or loss from hedging financial arrangement with tax classification of hedged item", "Text": "(1) The object of this section is to better align, in particular circumstances, the tax classification of a gain or loss you make from a * hedging financial arrangement with the tax classification of the * hedged item. (2) This section applies if: (a) you make a gain or loss from a * hedging financial arrangement for an income year; and (b) a * hedging financial arrangement election applies to the arrangement. (3) Subject to subsection (4): (a) if you make a gain from the arrangement—your assessable income includes the gain in accordance with subsection 230 ‑ 15(1); and (b) if you make a loss from the arrangement—you may deduct the loss in accordance with subsections 230 ‑ 15(2) and (3). Note: Section 230 ‑ 300 tells you how to allocate the gain or loss to an income year or years. (4) A gain or loss you make from a * hedging financial arrangement, to the extent to which it is reasonably attributable to a * hedged item referred to in the following table, is dealt with in the way indicated in that item: Special tax classification for gains and losses Item For a hedged item that is or produces … the gain … the loss … 1 a * CGT asset any * net capital gain in relation to which would be assessable under Parts 3 ‑ 1 and 3 ‑ 3 in relation to which a * CGT event (the hedged item CGT event ) occurs is treated as a * capital gain from a CGT event (but only to the extent to which the gain is reasonably attributable to the hedged item CGT event) is treated as a * capital loss from a CGT event (but only to the extent to which the loss is reasonably attributable to the hedged item CGT event) 2 a * CGT asset that is * taxable Australian property is treated as a * capital gain from a * CGT event for a CGT asset that is taxable Australian property is treated as a * capital loss from a CGT event for a CGT asset that is taxable Australian property 3 a * CGT asset your capital gains and losses in relation to which are disregarded, or reduced by a particular percentage, under Division 855 is disregarded or reduced by the same percentage is disregarded or reduced by the same percentage 4 * exempt income is treated as exempt income is not deductible 5 * non ‑ assessable non ‑ exempt income of an Australian resident is treated as non ‑ assessable non ‑ exempt income is not deductible 6 a share in a company that is a foreign resident if the capital gain or loss you make from a * CGT event that happens to the share is reduced by a particular percentage under Subdivision 768 ‑ G is treated as a * capital gain from a CGT event that is reduced by the same percentage is treated as a * capital loss from a CGT event that is reduced by the same percentage 7 * ordinary income or * statutory income from an * Australian source is treated as ordinary income or statutory income from an Australian source is treated as a loss incurred in gaining or producing ordinary income or statutory income from an Australian source 8 * ordinary income or * statutory income from a source out of Australia is treated as ordinary income or statutory income from a source out of Australia is treated as a loss incurred in gaining or producing ordinary income or statutory income from a source out of Australia 9 a loss or outgoing incurred in gaining or producing * ordinary income or * statutory income from a source out of Australia is treated as ordinary income or statutory income from a source out of Australia is treated as a loss incurred in gaining or producing ordinary income or statutory income from a source out of Australia 10 a loss or outgoing incurred in gaining or producing * ordinary income or * statutory income from an * Australian source is treated as ordinary income or statutory income from an Australian source is treated as a loss incurred in gaining or producing ordinary income or statutory income from an Australian source 11 a loss or outgoing that is not allowed as a deduction is treated as * non ‑ assessable non ‑ exempt income is treated as a loss that is not allowed as a deduction 12 a net investment in a foreign operation (within the meaning of the * accounting principles) that is not carried on through: (a) a company in which you hold shares; or (b) a company that is a subsidiary of yours (within the meaning of the Corporations Act 2001 ). (a) to the extent that the net investment would give rise to income that is * non ‑ assessable non ‑ exempt income under section 23AH of the Income Tax Assessment Act 1936 —is treated as non ‑ assessable non ‑ exempt income; and (b) otherwise—is treated in accordance with the item or items in this table that are applicable to the gain. (a) to the extent that the net investment would give rise to income that is non ‑ assessable non ‑ exempt income under section 23AH of the Income Tax Assessment Act 1936 —is not deductible; and (b) otherwise—is treated in accordance with the item or items in this table that are applicable to the loss. (5) Subsection (6) applies if: (a) a * hedged item is your net investment in a foreign operation (within the meaning of the * accounting principles); and (b) the foreign operation is carried on through: (i) a company in which you hold * shares; or (ii) a company that is a subsidiary of yours (within the meaning of the Corporations Act 2001 ). (6) The table in subsection (4) has effect as if: (a) to the extent that the * hedging financial arrangement hedges a risk or risks in relation to * shares you hold in the company—the reference in that table to the * hedged item were a reference to your interest in those shares; and (b) to the extent that the hedging financial arrangement hedges a risk or risks in relation to another interest you have in the company—the reference in that table to the hedged item were a reference to that interest.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-315", "Provision_Key": "s230-315", "Heading": "Hedging financial arrangement election", "Text": "Election (1) You can make a hedging financial arrangement election if you are eligible under subsection (2) to make the election for the income year in which you make the election. Eligibility to make hedging financial arrangement election for an income year (2) You are eligible to make a hedging financial arrangement election for an income year if: (a) you prepare a financial report for that income year in accordance with: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and (b) the financial report is audited in accordance with: (i) the * auditing principles; or (ii) if the auditing principles do not apply to the auditing of the financial report—comparable standards for auditing made under a foreign law. Note: Section 230 ‑ 500 allows regulations to be made specifying particular foreign accounting and auditing standards as ones that are to be treated as comparable with Australian accounting and auditing principles for the purposes of this Division. Election irrevocable (3) The * hedging financial arrangement election is irrevocable. Note: The election may cease to apply under section 230 ‑ 385.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-320", "Provision_Key": "s230-320", "Heading": "Hedging financial arrangement election where differing income and accounting years", "Text": "(1) This section applies if: (a) you prepare a financial report for a year (the first year ); and (b) you prepare a financial report for the subsequent year (the second year ); and (c) your income year starts in the first year and ends in the second year; and (d) both the financial report for the first year and the financial report for the second year are: (i) prepared in accordance with paragraph 230 ‑ 315(2)(a); and (ii) audited in accordance with paragraph 230 ‑ 315(2)(b); and (e) the auditor’s reports are unqualified for both the financial report for the first year and the financial report for the second year. (2) Treat yourself as eligible to make an election for the income year under subsection 230 ‑ 315(2).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-325", "Provision_Key": "s230-325", "Heading": "Hedging financial arrangements to which election applies", "Text": "A * hedging financial arrangement election applies to a * hedging financial arrangement: (a) that you start to have in the income year in which you make the election or in a later income year; and (b) that is not excluded from the application of the election by section 230 ‑ 330. Note: Subject to a determination by the Commissioner, the hedging financial arrangement election does not apply to a financial arrangement you start to have after you fail to comply with the requirements in sections 230 ‑ 355 and 230 ‑ 360 and paragraph 230 ‑ 365(c) in relation to a hedging financial arrangement to which the election does apply: see section 230 ‑ 385. See also subsection 230 ‑ 305(1).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Repealed and substituted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-330", "Provision_Key": "s230-330", "Heading": "Hedging financial arrangements to which election does not apply", "Text": "(1) A * hedging financial arrangement election does not apply to a * financial arrangement if the arrangement is a financial arrangement under section 230 ‑ 50 (equity interests etc.). (2) Subsection (1) does not apply to a * hedging financial arrangement if: (a) the hedging financial arrangement is a * foreign currency hedge; and (b) you issue the hedging financial arrangement. (3) A * hedging financial arrangement election does not apply to a * financial arrangement if: (a) you are: (i) an individual; or (ii) an entity (other than an individual) that satisfies subsection 230 ‑ 455(2), (3) or (4) for the income year in which you start to have the arrangement; and (b) the arrangement is a * qualifying security; and (c) you have not made an election under subsection 230 ‑ 455(7). (4) A * hedging financial arrangement election does not apply to a * financial arrangement if: (a) the election is made by the * head company of a * consolidated group or * MEC group; and (b) the election specifies that the election is not to apply to financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and (c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group. (5) A * hedging financial arrangement election does not apply to a * financial arrangement if the arrangement is associated with a business of a kind specified in regulations made for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-335", "Provision_Key": "s230-335", "Heading": "Hedging financial arrangement and hedged item", "Text": "Hedging financial arrangement (1) A * financial arrangement that you have that is a * derivative financial arrangement, or is not a derivative financial arrangement but is a * foreign currency hedge, is a hedging financial arrangement if: (a) you create, acquire or apply the arrangement for the purpose of hedging a risk or risks in relation to a * hedged item or items; and (b) at the time you create, acquire or apply the arrangement, the arrangement satisfies the requirements of the principles or standards referred to in paragraph 230 ‑ 315(2)(a) to be a hedging instrument; and (c) the arrangement is recorded as a hedging instrument in: (i) your financial report (including documents and records on which the report is based); or (ii) if the arrangement hedges a risk in relation to * foreign currency—your financial report or the financial report of a consolidated entity in which you are included (including documents and records on which the report is based); for the income year in which the rights and/or obligations are created, acquired or applied. Note: For document and record , see section 2B of the Acts Interpretation Act 1901 . (2) If: (a) the * financial arrangement would not be a financial arrangement if the following provisions were disregarded: (i) Division 9A of Part III of the Income Tax Assessment Act 1936 (which deals with offshore banking units); (ii) Part IIIB of that Act (which deals with Australian branches of foreign banks etc.); and (b) paragraphs (1)(b) and (c) would be satisfied in relation to the financial arrangement if the arrangement had been between 2 separate entities; paragraphs (1)(b) and (c) are taken to be satisfied in relation to the arrangement. (3) A * financial arrangement that is a * derivative financial arrangement, or is not a derivative financial arrangement but is a * foreign currency hedge, is a hedging financial arrangement if: (a) you create, acquire or apply the arrangement for the purpose of hedging a risk or risks in relation to something; and (b) one or more of subsections (4), (5), (6) or (7) is satisfied; and (c) the requirements of paragraphs (1)(b) or (c) are not able to be satisfied: (i) because of the requirements of the principles or standards referred to in paragraph 230 ‑ 315(2)(a); and (ii) not because of any act or omission on your part to deliberately fail to satisfy those requirements; and (d) in a case in which none of subsections (5), (6) and (7) are satisfied—you satisfy the additional recording requirements of subsection 230 ‑ 355(5); and (e) in any case—you satisfy the requirements (if any) prescribed by the regulations for the purposes of this paragraph. (3A) Disregard paragraph (3)(d) if subsection (4) is satisfied and: (a) a * hedging financial arrangement election applies to the * financial arrangement (because you previously satisfied the additional recording requirements mentioned in that paragraph at a time when the election applied); or (b) all of the following subparagraphs apply: (i) a hedging financial arrangement election would apply to the financial arrangement if you satisfied the additional recording requirements mentioned in paragraph (3)(d); (ii) the election and subsection (3) apply to another financial arrangement; (iii) subsection (4) is or was satisfied in relation to that other arrangement at a time when the election applied to that other arrangement. (4) This subsection is satisfied if: (a) the * financial arrangement hedges a foreign currency risk in relation to an anticipated * foreign equity distribution from a * connected entity; and (b) the distribution is * non ‑ assessable non ‑ exempt income under section 768 ‑ 5. (5) This subsection is satisfied if: (a) you enter into a * financial arrangement with a * connected entity; and (b) the principles or standards referred to in paragraph 230 ‑ 315(2)(a) require that a consolidated financial report be prepared that deals with both your affairs and the affairs of the connected entity; and (c) the report properly reflects your affairs; and (d) the arrangement satisfies the requirements of paragraph (1)(a); and (e) the arrangement would satisfy the requirements of paragraph (1)(b) or (c) but for the fact that the consolidated report disregards the arrangement. (6) This subsection is satisfied if: (a) the period for which the risk or risks are hedged does not straddle 2 or more income years; and (b) the * financial arrangement satisfies the requirements of paragraph (1)(a); and (c) the arrangement would satisfy the requirements of paragraph (1)(c) if the period for which the risk or risks that are hedged did straddle 2 or more income years. (7) This subsection is satisfied if the requirements prescribed by the regulations for the purposes of this subsection are satisfied. Financial arrangement hedging more than one type of risk (8) A * financial arrangement that hedges more than one type of risk may only be a hedging financial arrangement if the principles or standards referred to in paragraph (1)(b) allow the arrangement to be designated as a hedge of those risks. More than one financial arrangement hedging the same risk or risks (9) If 2 or more * financial arrangements hedge the same risk or risks, each of the arrangements may only be a hedging financial arrangement if the principles or standards referred to in paragraph (1)(b) allow those arrangements to be viewed in combination and jointly designated as hedging that risk or those risks. Hedged item (10) If a * financial arrangement that you have hedges a risk in relation to: (a) an asset or a part of an asset; or (b) a liability or a part of a liability; or (c) a firm commitment (within the meaning of the * accounting principles) or a part of such a commitment; or (d) a highly probable forecast transaction (within the meaning of the accounting principles) or a part of such a transaction; or (e) a net investment in a foreign operation (within the meaning of the accounting principles) or a part of such an investment; or (f) something prescribed by the regulations for the purposes of this paragraph; the asset (or that part of the asset), the liability (or that part of the liability), the commitment (or that part of the commitment), the transaction (or that part of the transaction) or the investment (or that part of the investment) is a hedged item for the arrangement. (11) If a * financial arrangement is a * hedging financial arrangement because of paragraph (4)(a), the anticipated dividend referred to in that subparagraph is a hedged item for the arrangement even if subsection (10) is not satisfied in relation to the anticipated dividend.", "Amendment_Count": 5, "First_Amended": "No 15 of 2009", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 46 of 2011 | No 85 of 2013 | No 110 of 2014", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 46 of 2011, effective Schedule 2 (items 693–697) and Schedule 3 (items 10, 11): 27 Dec 2011 | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-340", "Provision_Key": "s230-340", "Heading": "Generally whole arrangement must be hedging financial arrangement", "Text": "(1) Subject to subsections (2), (3) and (4), the whole of a * financial arrangement must satisfy the requirements of subsection 230 ‑ 335(1) or (3) for the arrangement to be a hedging financial arrangement . Partial hedges (2) If a * financial arrangement: (a) is an options contract; and (b) hedges risk only in part by reference to changes in the intrinsic value of the options contract; the arrangement may be treated as a hedging financial arrangement to the extent to which the part of the arrangement referred to in paragraph (b) satisfies the requirements of subsection 230 ‑ 335(1) or (3). (3) If a * financial arrangement: (a) is a forward contract; and (b) has a spot price element and an interest element; the arrangement may be treated as a hedging financial arrangement to the extent to which the spot price element satisfies the requirements of subsection 230 ‑ 335(1) or (3). Proportionate hedges (4) A specified proportion of a * financial arrangement may be treated as a hedging financial arrangement to the extent to which that proportion of the arrangement satisfies the requirements of subsection 230 ‑ 335(1) or (3). Separate financial arrangements if partial or proportionate hedge (5) If a part (or parts), or a proportion (or proportions), of a * financial arrangement is (or are) treated as a * hedging financial arrangement under subsection (2), (3) or (4): (a) the part (or each of the parts), or the proportion (or each of the proportions), of the arrangement that is (or are) treated as a hedging financial arrangement is taken to be a separate financial arrangement for the purposes of this Division; and (b) the remaining part or proportion (if any) of the arrangement is taken to be a separate financial arrangement for the purposes of this Division. (6) Subsection (5) has effect even if there would not be separate * arrangements under subsection 230 ‑ 55(4).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-345", "Provision_Key": "s230-345", "Heading": "Requirements not satisfied because of honest mistake or inadvertence", "Text": "If a * derivative financial arrangement, or a * foreign currency hedge, that you have would not be a * hedging financial arrangement only because the requirements of paragraph 230 ‑ 335(1)(b) or (c), or both, are not satisfied because of an honest mistake or inadvertence, it is nevertheless a hedging financial arrangement if the Commissioner considers this appropriate having regard to: (a) your documented risk management practices and policies; and (b) your record keeping practices; and (c) your accounting systems and controls; and (d) your internal governance processes; and (e) the circumstances surrounding the mistake or inadvertence (including the steps (if any) taken to correct or address the mistake or inadvertence and the steps (if any) taken to prevent a recurrence); and (f) the extent to which the requirements of paragraphs 230 ‑ 335(1)(b) and (c) have been met; and (g) the objects of this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-350", "Provision_Key": "s230-350", "Heading": "Derivative financial arrangement and foreign currency hedge", "Text": "Derivative financial arrangement (1) A derivative financial arrangement is a * financial arrangement that you have where: (a) its value changes in response to changes in a specified variable or variables; and (b) there is no requirement for a net investment, or there is such a requirement but the net investment is smaller than would be required for other types of financial arrangement that would be expected to have a similar response to changes in market factors. Note: Paragraph (a)—a specified variable includes an interest rate, foreign exchange rate, credit rating, index or commodity or financial instrument price. Foreign currency hedge (2) A foreign currency hedge is a * financial arrangement that you have if: (a) paragraph (1)(a) is satisfied but paragraph (1)(b) is not; and (b) the arrangement hedges a risk in relation to movements in currency exchange rates.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-355", "Provision_Key": "s230-355", "Heading": "Recording requirements", "Text": "(1) The requirement of this section is that you must make, or have in place, a record that: (a) contains a description of the following: (i) the * hedging financial arrangement in relation to which the election is made; (ii) the nature of the risk or risks being hedged; (iii) the * hedged item or items; (iv) how you will assess the effectiveness of hedging the risk in reducing your exposure to changes in the fair value of the hedged item or items or cash flows or foreign currency exposure attributable to them; (v) the risk management objective for, and the risk management strategy to be followed in, acquiring, creating or applying the arrangement; and (b) contains any further details that the * accounting principles require, by way of documentation, for an arrangement to be recorded in a financial report as a hedging instrument; and (c) sets out the terms of the determinations you make under section 230 ‑ 360. To avoid doubt, paragraph (b) applies even if the arrangement is not recorded in your financial report as a hedging instrument. (2) To avoid doubt, the record may consist of a single document or 2 or more documents. (3) The record must be made or in place: (a) at, or soon after, the time when you create, acquire or apply the * hedging financial arrangement; or (b) at such other time as is provided for in the regulations for the purposes of this paragraph. (4) The description must be sufficiently precise and detailed that the following are clear: (a) that the risk in respect of the particular * hedged item or items was the one hedged by the * hedging financial arrangement; (b) the extent to which the risk was hedged; (c) that the rights and/or obligations comprising the hedging financial arrangement were in fact those created, acquired or applied for the purpose of hedging the risk. (5) If a * financial arrangement is a * hedging financial arrangement under subsection 230 ‑ 335(2) or (3), the following requirements must be met in addition to the requirements of subsections (1), (3) and (4): (a) you must make or have in place, at, or soon before or soon after, the time when you create, acquire or apply the arrangement, a record that sets out: (i) a statement of why, and the way in which, the arrangement operates commercially or economically as a hedge of the * hedged item or items; and (ii) the reasons why the arrangement does not satisfy the requirements of the principles or standards referred to in paragraph 230 ‑ 315(2)(a) to be a hedging instrument; (b) you must, at the end of each income year during which you have the arrangement, make a record of the accumulated gains and/or losses (whether realised or unrealised) as at the end of that income year from the arrangement or arrangements relating to the hedged item or items that are yet to be included in your assessable income or allowed to you as deductions; (c) you must have, at the time when you create, acquire or apply the arrangement, a record that sets out your risk management policies and practices; (d) you must have in place, at the time when you create, acquire or apply the arrangement, internal risk management systems and controls that record the arrangement and the hedged item or items. (6) For the purposes of paragraph (5)(b), you must assume that: (a) all the gains from the * financial arrangement would be assessable income; and (b) all the losses from the financial arrangement would be allowed to you as deductions.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-355"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-360", "Provision_Key": "s230-360", "Heading": "Determining basis for allocating gain or loss", "Text": "(1) A requirement of this section is that you must determine the basis on which your gain or loss from the * hedging financial arrangement is to be allocated to an income year, or over 2 or more income years, for the purposes of this Division. (2) It is also a requirement of this section that the basis that you determine must: (a) fairly and reasonably correspond with the basis on which gains, losses or other amounts in relation to the * hedged item or items are recognised or allocated under this Act; and (b) be objective; and (c) be sufficiently precise and detailed that, when your gain, loss or other amount from the * hedged item or items is taken into account for the purposes of this Act, the following will be clear from the record made under section 230 ‑ 355: (i) the time at which the gain or loss from the * hedging financial arrangement is to be taken into account for the purposes of this Division; (ii) the way in which that gain or loss will be dealt with under section 230 ‑ 310. Note: Paragraph (a) refers to an amount in relation to the hedged item or items being recognised or allocated under this Act. This would include an amount being allowed as a deduction or an amount being included in assessable income. If the hedged item were an asset, an amount referable to a part of the cost of the asset might, for example, be allowed as a deduction for a particular income year. (3) To avoid doubt, the income years over which your gain or loss is to be allocated may include an income year that starts after you cease to have the * hedging financial arrangement.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-360"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-365", "Provision_Key": "s230-365", "Heading": "Effectiveness of the hedge", "Text": "The requirement of this section is that: (a) hedging the risk must be expected to be effective (within the meaning of the principles or standards referred to in paragraph 230 ‑ 315(2)(a)), for the period for which you expect to have the * hedging financial arrangement, in reducing your exposure to changes in the fair value of the * hedged item or items or cash flows attributable to your hedged risk; and (b) the fair value of the hedged item or items or cash flows relating to them and the fair value of the arrangement must be able to be reliably measured; and (c) you must assess the hedging of the risk by the arrangement: (i) on a regular basis in accordance with the * accounting principles; and (ii) at least once in each 12 month period; and (d) your assessment must be that the hedging of the risk will be effective (within the meaning of the principles or standards referred to in paragraph 230 ‑ 315(2)(a)) in reducing your exposure to changes in the fair value of the hedged item or items or cash flows attributable to the hedged risk throughout the remainder of the period for which you expect to have the arrangement.", "Amendment_Count": 4, "First_Amended": "No 15 of 2009", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013 | No 141 of 2020", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-370", "Provision_Key": "s230-370", "Heading": "When election ceases to apply", "Text": "(1) A * hedging financial arrangement election ceases to have effect from the start of an income year if you cease to be eligible under subsection 230 ‑ 315(2) to make the election for that income year. (2) Subsection (1) does not prevent you from making a new * hedging financial arrangement election at a later time if you become, at that later time, eligible under subsection 230 ‑ 315(2) to make an election for an income year. Note: The new election will only apply to financial arrangements you start to have after the start of the income year in which the new election is made.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-375", "Provision_Key": "s230-375", "Heading": "Balancing adjustment if election ceases to apply", "Text": "(1) This section applies if a * hedging financial arrangement election ceases to have effect under subsection 230 ‑ 370(1). (2) You are taken, for the purposes of this Division, to have: (a) disposed of each * hedging financial arrangement to which the election applies for its fair value immediately before the election ceases to have effect; and (b) reacquired the arrangement at its fair value immediately after the election ceases to have effect. (3) To avoid doubt, this Subdivision applies, for the purposes of working out the consequences of the disposal referred to in paragraph (2)(a), as if the * hedging financial arrangement were one to which the * hedging financial arrangement election applied at the time of the disposal.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-380", "Provision_Key": "s230-380", "Heading": "Commissioner may determine that requirement met", "Text": "Commissioner may determine that requirement met (1) If (apart from this section) the requirements of sections 230 ‑ 355 to 230 ‑ 365 are not met in relation to a * hedging financial arrangement that you have, treat those requirements as having been so met if the Commissioner makes a determination under subsection (1A) in relation to the arrangement. (1A) The Commissioner may make the determination if the Commissioner considers that this is appropriate, having regard to: (a) the respects in which the arrangement does not meet those requirements; and (b) the extent to which it does not meet those requirements; and (c) the reasons why it does not meet those requirements; and (d) if the Commissioner is considering whether to impose conditions under subsection (2)—the likelihood that you will comply with those conditions; and (e) the objects of this Subdivision. Commissioner may impose additional record keeping requirements (2) The Commissioner may make a determination under subsection (1A) conditional on your keeping records in addition to those required by section 230 ‑ 355. (3) A determination under subsection (1A) ceases to have effect if you breach a condition imposed under subsection (2). (4) Subsection (3) ceases to apply to you if the Commissioner determines that that subsection ceases to apply to you. The determination takes effect from the date specified in the determination. (5) In deciding whether to make the determination under subsection (4), the Commissioner must have regard to: (a) your record keeping practices; and (b) your compliance history; and (c) any changes that have been made to: (i) your accounting systems and controls; and (ii) your internal governance processes; to ensure that breaches of the kind referred to in subsection (3) do not happen again; and (d) any other relevant matter. Commissioner may determine matter under section 230 ‑ 360 (6) If: (a) the Commissioner makes a determination under subsection (1A) in relation to a * hedging financial arrangement; and (b) either or both of the following applies: (i) you fail to determine a matter in relation to the arrangement under section 230 ‑ 360; (ii) you determine a matter in relation to the arrangement under section 230 ‑ 360 but the determination does not satisfy the requirements of subsection 230 ‑ 360(2); the Commissioner may determine that matter, in a way that satisfies the requirements of section 230 ‑ 360. The Commissioner’s determination has effect as if you had made the determination and recorded it under that section.", "Amendment_Count": 4, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 12 of 2012 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-380"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-385", "Provision_Key": "s230-385", "Heading": "Consequences of failure to meet requirements", "Text": "When this section applies (1) This section applies if: (a) your * hedging financial arrangement election applies to a * hedging financial arrangement; and (b) you do not meet a requirement of section 230 ‑ 355 or 230 ‑ 360 or paragraph 230 ‑ 365(c) in relation to the arrangement. (2) For the purposes of paragraph (1)(b), treat the requirement in paragraph 230 ‑ 365(c) as being met even if you do not assess the hedging of the risk mentioned in that paragraph, but you can demonstrate that you intend to do so. Commissioner may determine matter under section 230 ‑ 360 (3) If: (a) you fail to determine a matter in relation to the * hedging financial arrangement under section 230 ‑ 360; or (b) you determine a matter in relation to the arrangement under section 230 ‑ 360 but the determination does not satisfy the requirements of subsection 230 ‑ 360(2); the Commissioner may determine that matter, in a way that satisfies the requirements of section 230 ‑ 360. A reference in this Division to a determination made under that section is treated as including a reference to a determination under this subsection. Election does not apply to hedging financial arrangements you start to have after failing to comply with requirements (4) Your * hedging financial arrangement election does not apply to a * hedging financial arrangement you start to have: (a) after you fail to meet the requirement mentioned in paragraph (1)(b) in relation to the arrangement mentioned in that paragraph; and (b) before a date (if any) determined by the Commissioner. (5) The Commissioner may make a determination under paragraph (4)(b) only if satisfied that you are unlikely to fail again to meet a requirement of section 230 ‑ 355 or 230 ‑ 360 or paragraph 230 ‑ 365(c) in relation to a * hedging financial arrangement. (6) In deciding whether to make a determination under paragraph (4)(b), the Commissioner must have regard to: (a) your record keeping practices; and (b) your compliance history; and (c) any changes that have been made to: (i) your accounting systems and controls; and (ii) your internal governance processes; to ensure that failures of the kind mentioned in paragraph (1)(b) do not happen again; and (d) any other relevant matter. Commissioner may still exercise powers under section 230 ‑ 380 (7) This section does not prevent the Commissioner from exercising the Commissioner’s powers under section 230 ‑ 380 in relation to the * hedging financial arrangement mentioned in subsection (1).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Repealed and substituted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-385"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-390", "Provision_Key": "s230-390", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are: (a) to reduce administration and compliance costs by allowing you to align the tax treatment of your gains and losses from a * financial arrangement with the accounting treatment that applies to the arrangement; and (b) to achieve those objects without your obtaining inappropriate tax benefits.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-390"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-395", "Provision_Key": "s230-395", "Heading": "Election to rely on financial reports", "Text": "Election (1) You may make an election to rely on financial reports if you are eligible under subsection (2) to make the election for the income year in which you make the election. Eligibility to make election (2) You are eligible to make an election to rely on financial reports for an income year if: (a) you prepare a financial report for that income year in accordance with: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting made under a * foreign law that apply to the preparation of the financial report under a foreign law; and (b) the financial report is audited in accordance with: (i) the * auditing principles; or (ii) if the auditing principles do not apply to the auditing of the financial report—comparable standards for auditing made under a foreign law; and (c) your auditor has not qualified the auditor’s report on your financial report for that income year or any of the last 4 financial years in a respect that is relevant to the taxation treatment of * financial arrangements; and (d) your accounting systems and controls and your internal governance processes are reliable; and (e) no report of an audit or review conducted in the income year, or any of the preceding 4 income years, has included an adverse assessment of your accounting systems in a respect that is relevant to the taxation treatment of financial arrangements. Note 1: Paragraph (b)—section 230 ‑ 500 allows regulations to be made specifying particular foreign accounting and auditing standards as ones that are to be treated as comparable with Australian accounting and auditing principles for the purposes of this Division. Note 2: For the purposes of paragraphs (c) and (e), a qualification or assessment may be relevant to the taxation treatment of financial arrangements even though it does not deal with the amount or timing of recognition of gains or losses (but relates, for example, to the reliability of the accounting systems through which information about financial arrangements is recorded). (3) Paragraph (2)(e) does not apply to a report of: (a) an internal audit or review that you conduct; or (b) an audit or review of a kind prescribed by the regulations for the purposes of this paragraph. Election irrevocable (4) An election under subsection (1) is irrevocable. Note: The election may cease to apply under section 230 ‑ 425.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-395"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-400", "Provision_Key": "s230-400", "Heading": "Financial reports election where differing income and accounting years", "Text": "(1) This section applies if: (a) you prepare a financial report for a year (the first year ); and (b) you prepare a financial report for the subsequent year (the second year ); and (c) your income year starts in the first year and ends in the second year; and (d) both the financial report for the first year and the financial report for the second year are: (i) prepared in accordance with paragraph 230 ‑ 395(2)(a); and (ii) audited in accordance with paragraph 230 ‑ 395(2)(b); and (e) the auditor’s reports are unqualified for both the financial report for the first year and the financial report for the second year. (2) Treat yourself as eligible to make an election for the income year under subsection 230 ‑ 395(2). (3) Work out the gain or loss you make from the arrangement for the income year as follows: (a) firstly, work out the gain or loss you make from the arrangement for the first year in accordance with section 230 ‑ 420 (treating the first year as an income year); (b) next, work out how much of the gain or loss mentioned in paragraph (a) is attributable to the income year in accordance with subsection (4); (c) next, work out the gain or loss you make from the arrangement for the second year in accordance with section 230 ‑ 420 (treating the second year as an income year); (d) next, work out how much of the gain or loss mentioned in paragraph (c) is attributable to the income year in accordance with subsection (4); (e) next: (i) if the amounts worked out under paragraphs (b) and (d) are both gains—add them together to work out the gain from the arrangement for the income year; or (ii) if the amounts worked out under paragraphs (b) and (d) are both losses—add them together to work out the loss from the arrangement for the income year; or (iii) if one of the amounts worked out under paragraphs (b) and (d) is a loss and the other is a gain—subtract the loss from the gain. If the result is positive, this is the gain from the arrangement for the income year. If the result is negative, this is the loss from the arrangement for the income year. (4) For the purposes of paragraphs (3)(b) and (d), work out how much of the gain or loss is attributable to the income year by: (a) using a methodology that is reasonable; and (b) using the same methodology for the first and second years. (5) For the purposes of paragraph (4)(a), treat a methodology that attributes the gain or loss on a pro ‑ rata basis as not being reasonable.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-405", "Provision_Key": "s230-405", "Heading": "Commissioner discretion to waive requirements in paragraphs 230 ‑ 395(2)(c) and (e)", "Text": "(1) Paragraph 230 ‑ 395(2)(c) or (e) does not apply in relation to your * election to rely on financial reports for a particular income year or income years if the Commissioner determines that the paragraph does not apply to the election for that income year or those income years. (2) In deciding whether to make the determination under subsection (1), the Commissioner must have regard to: (a) the reasons for the non ‑ compliance with the principles or standards concerned; and (b) the remedial action (if any) that you have undertaken to ensure that non ‑ compliance with those principles or standards does not occur in future (such as changes to your accounting systems and controls or to your internal governance structures); and (c) if you, or your activities, are subject to regulatory oversight or review—any opinions expressed by the regulator about the adequacy of remedial action of the kind referred to in paragraph (b); and (d) any other relevant matter.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-410", "Provision_Key": "s230-410", "Heading": "Financial arrangements to which the election applies", "Text": "(1) An * election to rely on financial reports applies in relation to a * financial arrangement that you have if: (a) the arrangement is a * Division 230 financial arrangement; and (b) you start to have the arrangement in the income year in which you make the election or in a later income year; and (c) the arrangement is recognised in financial reports of the kind referred to in paragraph 230 ‑ 395(2)(a) that are audited as referred to in paragraph 230 ‑ 395(2)(b); and (d) if the arrangement is a financial arrangement under section 230 ‑ 50—the arrangement is an asset or liability that you are required (whether or not as a result of a choice you make) by: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting that apply to the preparation of the financial report under a * foreign law; to classify or designate, in the financial reports, as at fair value through profit or loss; and (e) it is reasonably expected that the following is, or will be, the same: (i) the amount of the overall gain or loss you make from the arrangement (as determined in accordance with the financial reports); (ii) the amount of the overall gain or loss you make from the arrangement (as determined in accordance with the provisions of this Division if the election under this subsection did not apply to the arrangement); and (f) the differences between the results of the following methods would reasonably be expected not to be substantial: (i) the method used in your financial reports to work out the amounts of the gain or loss you make from the arrangement for each income year; (ii) the method that would be applied by this Division to work out the amounts of those gains or losses if the election did not apply to the arrangement. This subsection has effect subject to section 230 ‑ 415. (2) In applying paragraph (1)(f) at the time when you start to have the * financial arrangement, disregard any differences between the results of the methods referred to in subparagraphs (1)(f)(i) and (ii) that are attributable solely to the provision for the possible impairment of debts required by the principles or standards referred to in paragraph 230 ‑ 395(2)(a). (3) Subsections (4), (5) and (6) apply if, but for this subsection, paragraphs (1)(c) and (d) would not be satisfied in relation to a * financial arrangement because the arrangement is an intra ‑ group transaction for the purposes of: (a) * accounting standard AASB 127 (or another accounting standard prescribed by the regulations for the purposes of this paragraph); or (b) if that standard does not apply to the preparation of the financial report—a comparable accounting standard that applies to the preparation of the financial report under a * foreign law. Note: Financial arrangements between members of a consolidated group or MEC group are not covered by this subsection because the single entity rule in subsection 701 ‑ 1(1) operates to treat them as not being financial arrangements for the purposes of this Division. (4) Paragraphs (1)(c) and (d) are taken to be satisfied in relation to the * financial arrangement. (5) Paragraph (1)(e) applies as if the reference in subparagraph (1)(e)(i) to the amount of the overall gain or loss you make from the * financial arrangement (as determined in accordance with the financial reports) were a reference to the amount of that overall gain or loss (as would be determined in accordance with the financial reports if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in subsection (3)). (6) Paragraph (1)(f) applies as if the reference in subparagraph (1)(f)(i) to the method used in your financial reports to work out the amounts of the gain or loss you make from the arrangement for each income year were a reference to the method that would be used in your financial reports to work out those amounts if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in subsection (3). (7) For the purposes of applying subparagraphs (1)(e)(ii) and (f)(ii) to a * financial arrangement, assume that you had made any election that: (a) you could make under Subdivision 230 ‑ C or 230 ‑ D; and (b) could apply to the arrangement. (8) If: (a) the * financial arrangement would not be a financial arrangement if the following provisions were disregarded: (i) Division 9A of Part III of the Income Tax Assessment Act 1936 (which deals with offshore banking units); (ii) Part IIIB of that Act (which deals with Australian branches of foreign banks etc.); and (b) paragraphs (1)(c) and (d) would be satisfied in relation to the financial arrangement if the arrangement had been between 2 separate entities; and (c) the * election to rely on financial reports is made by: (i) if section 121EB of the Income Tax Assessment Act 1936 applies—the OBU mentioned in that section (disregarding the operation of that section); or (ii) if section 160ZZW of that Act applies—the bank mentioned in that section (disregarding the operation of that section); paragraphs (1)(c) and (d) are taken to be satisfied in relation to the arrangement.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-415", "Provision_Key": "s230-415", "Heading": "Financial arrangements not covered by election", "Text": "(1) An * election to rely on financial reports does not apply to a * financial arrangement if: (a) the arrangement is an * equity interest; and (b) you are the issuer of the equity interest. (2) An * election to rely on financial reports does not apply to a * financial arrangement if: (a) you are: (i) an individual; or (ii) an entity (other than an individual) that satisfies subsection 230 ‑ 455(2), (3) or (4) for the income year in which you start to have the arrangement; and (b) the arrangement is a * qualifying security; and (c) you have not made an election under subsection 230 ‑ 455(7). (3) An * election to rely on financial reports does not apply to a * financial arrangement if: (a) the election is made by the * head company of a * consolidated group or * MEC group; and (b) the election specifies that the election is not to apply to financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and (c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group. (4) An * election to rely on financial reports does not apply to a * financial arrangement if the arrangement is associated with a business of a kind specified in regulations made for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-420", "Provision_Key": "s230-420", "Heading": "Effect of election to rely on financial reports", "Text": "(1) If an * election to rely on financial reports applies to a * financial arrangement, the gain or loss you make from the arrangement for an income year is: (a) the gain or loss that the principles or standards referred to in paragraph 230 ‑ 395(2)(a) require you to recognise in profit or loss from that arrangement for that income year; or (b) if subsection 230 ‑ 410(3) applies to the arrangement—the gain or loss that the principles or standards referred to in paragraph 230 ‑ 395(2)(a) would have required you to recognise in profit or loss from that arrangement for that income year if the arrangement had not been an intra ‑ group transaction for the purposes of the standard referred to in paragraph 230 ‑ 410(3)(b); or (c) if subsection 230 ‑ 410(8) applies to the arrangement—the gain or loss that the principles or standards referred to in paragraph 230 ‑ 410(1)(d) would have required you to recognise in profit or loss for the year from the asset or liability mentioned in paragraph 230 ‑ 410(1)(d) if the arrangement had been between 2 separate entities. Note: Subsection 230 ‑ 40(7) provides that this Subdivision does not apply to a gain or loss from a financial arrangement to the extent to which Subdivision 230 ‑ E (hedging financial arrangements method) applies to the arrangement. (2) Subsection (3) applies if: (a) a * head company of a * consolidated group or * MEC group has a * financial arrangement; and (b) an * election to rely on financial reports applies to the arrangement; and (c) a subsidiary member of the group ceases to be a member of the group at a particular time (the leaving time ); and (d) immediately after the leaving time, the subsidiary member has the arrangement. (3) The gain or loss the group makes from the * financial arrangement for the income year in which the leaving time occurs is taken to be the gain or loss that the principles or standards referred to in paragraph 230 ‑ 395(2)(a) would require the group to recognise in profit or loss from the arrangement for that income year if: (a) the circumstances that existed in relation to the arrangement (including its value) immediately before the leaving time had continued to exist until the end of the income year; and (b) any circumstances that arise in relation to the arrangement after the leaving time were disregarded.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-425", "Provision_Key": "s230-425", "Heading": "When election ceases to apply", "Text": "(1) An election under subsection 230 ‑ 395(1) ceases to have effect from the start of an income year if you cease to be eligible to make an * election to rely on financial reports for that income year. (2) Subsection (1) does not prevent you from making a new election under subsection 230 ‑ 395(1) at a later time if you become, at that later time, eligible to make an * election to rely on financial reports for an income year. Note: The new election will only apply to financial arrangements you start to have after the start of the income year in which the new election is made. (3) An election under subsection 230 ‑ 395(1) ceases to apply to a * financial arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 230 ‑ 410(1)(c), (d), (e) or (f) during that income year. (4) If the election ceases to apply to a particular * financial arrangement under subsection (3), the election cannot subsequently apply to that arrangement (even if the requirements of paragraphs 230 ‑ 410(1)(c), (d), (e) and (f) are satisfied once more in relation to the arrangement).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-425"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-430", "Provision_Key": "s230-430", "Heading": "Balancing adjustment if election ceases to apply", "Text": "(1) You must make balancing adjustments under subsection (2) if an election under subsection 230 ‑ 395(1) ceases to have effect under subsection 230 ‑ 425(1). (2) The balancing adjustments under this subsection are the balancing adjustments you would make under Subdivision 230 ‑ G in relation to each of the * financial arrangements to which the election applied if you disposed of the arrangement for its fair value when the election ceases to have effect. (3) You must make balancing adjustments under subsection (5) if an election under subsection 230 ‑ 395(1) ceases to apply to a particular * financial arrangement under subsection 230 ‑ 425(3). (4) Subsection (3) does not apply to a * financial arrangement if: (a) the arrangement is not one that you are required (whether or not as a result of a choice you make) by the principles or standards referred to in paragraph 230 ‑ 395(2)(a) to classify or designate, in your financial reports, as at fair value through profit or loss; and (b) the election under subsection 230 ‑ 395(1) ceases to apply to the arrangement because the arrangement fails to satisfy the requirements of paragraph 230 ‑ 410(1)(e) or (f); and (c) the arrangement ceases to satisfy the requirements of that paragraph because the arrangement becomes impaired for the purposes of those principles or standards. (5) The balancing adjustment under this subsection is the balancing adjustment you would make under Subdivision 230 ‑ G if you disposed of the * financial arrangement for its fair value when the election ceases to apply to the arrangement. (6) If a balancing adjustment is made under subsection (2) or (5) in relation to a * financial arrangement, you are taken, for the purposes of this Division, to have reacquired the arrangement at its fair value immediately after the election ceased to have effect or ceased to apply to the arrangement.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-435", "Provision_Key": "s230-435", "Heading": "When balancing adjustment made", "Text": "When balancing adjustment made (1) A balancing adjustment is made under this Subdivision if: (a) you transfer to another entity all of your rights and/or obligations under a * financial arrangement; or (b) all of your rights and/or obligations under a financial arrangement otherwise cease; or (c) you transfer to another entity: (i) a proportionate share of all of your rights and/or obligations under a financial arrangement; or (ii) a right or obligation that you have under a financial arrangement to a specifically identified * financial benefit; or (iii) a proportionate share of a right or obligation that you have under a financial arrangement to a specifically identified financial benefit; or (d) an * arrangement that is a * Division 230 financial arrangement ceases to be a financial arrangement. (2) Paragraphs (1)(a), (b) and (c) do not apply to a right or obligation under a * financial arrangement unless that right or obligation is one of the rights or obligations that constitute the financial arrangement. Note: See subsections 230 ‑ 45(1) and 230 ‑ 50(1) and (2) for the rights and/or obligations that constitute a financial arrangement. Modifications for arrangements that are assets (3) If the * financial arrangement is an asset of yours at the time the event referred to in subsection (1) occurs, paragraphs (1)(a) and (c) do not apply unless the effect of the transfer is to transfer to the other entity substantially all the risks and rewards of ownership of the interest transferred. (4) If a * financial arrangement is an asset of yours, for the purposes of applying this Subdivision to the arrangement, you are treated as transferring a right under the arrangement to another entity if: (a) you retain the right but assume a new obligation; and (b) your assumption of the new obligation has the same effect, in substance, as transferring the right to another entity; and (c) the new obligation arises only to the extent to which the right to * financial benefits under the arrangement is satisfied; and (d) you cannot sell or pledge the right (other than as security in relation to the new obligation); and (e) you must, under the new obligation, provide financial benefits you receive in relation to the right to the entity to which you owe the new obligation without delay. Historic rate rollover of derivative financial arrangement (5) For the purposes of paragraph (1)(b), all of your rights and/or obligations under a * financial arrangement that is a * derivative financial arrangement are taken to cease if there is an historic rate rollover of the arrangement.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-440", "Provision_Key": "s230-440", "Heading": "Exceptions", "Text": "Equity interests etc. (1) A balancing adjustment is not made under this Subdivision in relation to a * financial arrangement at a time if: (a) the arrangement is a financial arrangement under section 230 ‑ 50 (equity interests etc.); and (b) neither Subdivision 230 ‑ C nor Subdivision 230 ‑ F apply to the arrangement immediately before that time. Financial arrangements to which hedging financial arrangement elections apply (2) Balancing adjustments are not made under this Subdivision in relation to a * financial arrangement in relation to which a * hedging financial arrangement election applies. Bad debts, margining and conversion into, or exchange for, ordinary shares (3) A balancing adjustment is not made under this Subdivision in relation to the following events: (a) a * financial arrangement being written off in whole or part as a bad debt; (b) a financial arrangement that is a * derivative financial arrangement being settled or closed out for margining purposes; (c) the ceasing of obligations or rights under a financial arrangement that is a * traditional security if: (i) the ceasing occurs because the traditional security is converted into ordinary shares in, or transferred to, a company that is the issuer of the traditional security or a * connected entity; and (ii) the traditional security was issued on the basis that it will or may convert into ordinary shares in, or be transferred to, the issuer of the traditional security or the connected entity; (d) the ceasing of obligations or rights under a financial arrangement that is a traditional security if: (i) the ceasing occurs because the traditional security is exchanged for ordinary shares in a company that is neither the issuer of the traditional security nor a connected entity; and (ii) if the ceasing of the obligations or rights occurs because of a disposal—the disposal is to the issuer of the traditional security or a connected entity; and (iii) the traditional security was issued on the basis that it will or may be exchanged for ordinary shares in the company. Note: Paragraph (a)—for the treatment of bad debts, see paragraph 230 ‑ 190(3)(c). Subsidiary member leaving consolidated group or MEC group (4) A balancing adjustment is not made under this Subdivision in relation to a subsidiary member of a * consolidated group or * MEC group that has a * financial arrangement ceasing to be a member of the group.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-445", "Provision_Key": "s230-445", "Heading": "Balancing adjustment", "Text": "Complete cessation or transfer (1) Use the following method statement to make the balancing adjustment if paragraph 230 ‑ 435(1)(a), (b) or (d) applies: Method statement for balancing adjustment Step 1. Add up the following: (a) the total of all the * financial benefits you have received under the * financial arrangement; Note: This would include financial benefits you receive in relation to the transfer or cessation (see paragraph 230 ‑ 60(2)(c)). (b) the total of the amounts that have been allowed to you as deductions, because of circumstances that have occurred before the transfer or cessation, for losses from the arrangement; (c) the total of the other amounts that would have been allowed to you as deductions, because of circumstances that have occurred before the transfer or cessation, for losses from the arrangement if all your losses from the arrangement were allowable as deductions; Note: The losses from the arrangement here include losses made in gaining or producing exempt income or non ‑ assessable non ‑ exempt income. (d) the total of the amounts that will be allowed to you as deductions after the transfer or cessation because of a balancing adjustment under subitems 104(12) to (18) of the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 to the extent to which those amounts are attributable to the arrangement; (e) the total of the amounts that will be allowed to you as deductions after the transfer or cessation because of sections 230 ‑ 160 and 230 ‑ 165 to the extent to which those amounts are attributable to the arrangement. Step 2. Add up the following: (a) the total of all the * financial benefits you have provided under the * financial arrangement; Note: This would include financial benefits you provide in relation to the transfer or cessation (see paragraph 230 ‑ 60(1)(c)). (b) the total of the amounts that have been included in your assessable income, because of circumstances that have occurred before the transfer or cessation, as gains from the arrangement; (c) the total of the other amounts that would have been included in your assessable income, because of circumstances that have occurred before the transfer or cessation, as gains from the arrangement if all your gains from the arrangement were assessable; Note: The gains from the arrangement here include amounts of exempt income or non ‑ assessable non ‑ exempt income. (d) the total of the amounts that will be included in your assessable income after the transfer or cessation because of a balancing adjustment under subitems 104(12) to (18) of the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 to the extent to which those amounts are attributable to the arrangement. (e) the total of the amounts that will be included in your assessable income after the transfer or cessation because of sections 230 ‑ 160 and 230 ‑ 165 to the extent to which those amounts are attributable to the arrangement. Step 3. Compare the amount obtained under step 1 (the step 1 amount ) with the amount obtained under step 2 (the step 2 amount ). If the step 1 amount exceeds the step 2 amount, an amount equal to the excess is taken, as a balancing adjustment, to be a gain you make from the * financial arrangement for the purposes of this Division. If the step 2 amount exceeds the step 1 amount, an amount equal to the excess is taken, as a balancing adjustment, to be a loss that you make from the arrangement. If the step 1 amount and the step 2 amount are equal, no balancing adjustment is made. Proportionate transfer of all rights and/or obligations under financial arrangement (2) If subparagraph 230 ‑ 435(1)(c)(i) applies, you make the balancing adjustment by applying the method statement in subsection (1) but reduce: (a) the amounts referred to in step 1; and (b) the amounts referred to in step 2; by applying the proportion referred to in subparagraph 230 ‑ 435(1)(c)(i) to them. Transfer of specifically identified right or obligation under financial arrangement (3) If subparagraph 230 ‑ 435(1)(c)(ii) applies, you make the balancing adjustment by applying the method statement in subsection (1) as if the references to: (a) the amounts referred to in step 1; and (b) the amounts referred to in step 2; were references to those amounts to the extent to which they are reasonably attributable to the right or obligation referred to in subparagraph 230 ‑ 435(1)(c)(ii). Proportionate transfer of specifically identified right or obligation under financial arrangement (4) If subparagraph 230 ‑ 435(1)(c)(iii) applies, you make the balancing adjustment by applying the method statement: (a) as if the references to: (i) the amounts referred to in step 1; and (ii) the amounts referred to in step 2; were references to those amounts to the extent to which they are reasonably attributable to the right or obligation referred to in subparagraph 230 ‑ 435(1)(c)(iii); and (b) by reducing those amounts by applying the proportion referred to in subparagraph 230 ‑ 435(1)(c)(iii) to them. Attribution must reflect appropriate and commercially accepted valuation principles (5) Any attribution made under subsection (3) or paragraph (4)(a) must reflect appropriate and commercially accepted valuation principles that properly take into account: (a) the nature of the rights and obligations under the * financial arrangement; and (b) the risks associated with each * financial benefit, right and obligation under the arrangement; and (c) the time value of money. Income year for which gain or loss is made (6) The gain or loss you are taken to make under subsection (1), (2), (3) or (4) is a gain or loss for the income year in which the event referred to in subsection 230 ‑ 435(1) occurs. Treatment of bad debts in relation to financial arrangements (7) For the purposes of applying paragraph (b) of step 1 of the method statement in subsection (1) to a * financial arrangement, a bad debt deduction in relation to the arrangement to which subsection 230 ‑ 25(3) applies is taken to be a deduction for a loss from the arrangement.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-445"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-450", "Provision_Key": "s230-450", "Heading": "Short ‑ term arrangements where non ‑ money amount involved", "Text": "This Division does not apply in relation to your gains and losses from a * financial arrangement if: (a) the arrangement is a financial arrangement under section 230 ‑ 45; and (b) either: (i) you acquired goods or other property (other than goods that are, or property that is, money or a * money equivalent) or services (other than services that are a money equivalent) from another entity and the * financial benefits you are to provide under the arrangement are consideration for those goods, that property or those services; or (ii) you provided goods or other property (other than goods that are, or other property that is, money or a money equivalent) or services (other than services that are a money equivalent) to another entity and the financial benefits you are to receive under the arrangement are consideration for those goods, that property or those services; and (c) the period between the following is not more than 12 months: (i) the time when you are to provide or receive the consideration (or a substantial proportion of it); (ii) the time when you acquired or provided the property, goods or services (or a substantial proportion of them); and (d) the arrangement is not a * derivative financial arrangement for any income year; and (e) a * fair value election does not apply to the arrangement.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-455", "Provision_Key": "s230-455", "Heading": "Certain taxpayers where no significant deferral", "Text": "(1) This Division does not apply in relation to your gains or losses from a * financial arrangement for any income year if: (a) you are: (i) an individual; or (ii) a superannuation entity (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 ), a * superannuation fund that is not such an entity, a managed investment scheme (within the meaning of the Corporations Act 2001 ) or an entity with a similar status to such a scheme under a * foreign law relating to corporate regulation; or (iii) an * ADI, a * securitisation vehicle, an entity that is required to register under the Financial Sector (Collection of Data) Act 2001 or an entity that would be required to register under that Act if it were a corporation; or (iv) an entity other than an entity of a kind mentioned in subparagraph (i), (ii) or (iii); and (b) where subparagraph (a)(ii) applies—you satisfy subsection (2) for the income year in which you start to have the arrangement; and (c) where subparagraph (a)(iii) applies—you satisfy subsection (3) for the income year in which you start to have the arrangement; and (d) where subparagraph (a)(iv) applies—you satisfy subsection (4) for the income year in which you start to have the arrangement; and (e) either: (i) the arrangement is to end not more than 12 months after you start to have it; or (ii) the arrangement is not a * qualifying security. (2) An entity satisfies this subsection for an income year if: (a) the value of the entity’s assets (see subsection (5)) for the income year (worked out at the end of the income year) is less than $100 million if the income year is the one in which the entity comes into existence; or (b) the value of the entity’s assets for the immediately preceding income year (worked out at the end of that immediately preceding income year) is less than $100 million if the income year is an income year after the one in which the entity comes into existence. (3) An entity satisfies this subsection for an income year if: (a) the entity’s * aggregated turnover for the income year (worked out at the end of the income year) is less than $20 million if the income year is the one in which the entity comes into existence; or (b) the entity’s aggregated turnover for the immediately preceding income year (worked out at the end of that immediately preceding income year) is less than $20 million if the income year is an income year after the one in which the entity comes into existence. (4) An entity satisfies this subsection for an income year if: (a) either: (i) the entity’s * aggregated turnover for the income year (worked out at the end of the income year) is less than $100 million if the income year is the one in which the entity comes into existence; or (ii) the entity’s aggregated turnover for the immediately preceding income year (worked out at the end of that immediately preceding income year) is less than $100 million if the income year is an income year after the one in which the entity comes into existence; and (b) either: (i) the value of the entity’s financial assets (see subsection (5)) for the income year (worked out at the end of the income year) is less than $100 million if the income year is the one in which the entity comes into existence; or (ii) the value of the entity’s financial assets for the immediately preceding income year (worked out at the end of that immediately preceding income year) is less than $100 million if the income year is an income year after the one in which the entity comes into existence; and (c) either: (i) the value of the entity’s assets (see subsection (5)) for the income year (worked out at the end of the income year) is less than $300 million if the income year is the one in which the entity comes into existence; or (ii) the value of the entity’s assets for the immediately preceding income year (worked out at the end of that immediately preceding income year) is less than $300 million if the income year is an income year after the one in which the entity comes into existence. (5) For the purposes of subsections (2) and (4), the value of the entity’s assets or financial assets is to be determined in accordance with: (a) if the entity applies * accounting standard AAS 25 in preparation of its financial reports—that accounting standard or another accounting standard prescribed by the regulations for the purposes of this paragraph; or (b) if paragraph (a) does not apply and the entity prepares its financial reports in accordance with the * accounting principles—the entity’s financial reports; or (c) if paragraphs (a) and (b) do not apply and the entity prepares its financial reports in accordance with an accounting standard comparable to accounting standard AAS 25 under a * foreign law—that comparable standard; or (d) if paragraphs (a), (b) and (c) do not apply—commercially accepted valuation principles. (6) Subsection (1) does not apply to your gains or losses from a * financial arrangement for an income year if: (a) you have made an election under subsection (7) in that income year or an earlier income year; and (b) you start to have the arrangement after the beginning of the income year in which you make the election. (7) An election under this subsection is an election to have this Division apply to all of the * financial arrangements that you start to have in the income year in which the election is made or a later income year. (8) An election under subsection (7) is irrevocable. (9) This section does not apply in relation to your gains or losses from a * financial arrangement that you start to have after a time if you are not an individual and you failed to satisfy subsection (2), (3) or (4) (as the case may be) for an income year ending before that time.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 15 of 2009 | No 136 of 2010 | No 85 of 2013", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-460", "Provision_Key": "s230-460", "Heading": "Various rights and/or obligations", "Text": "Rights and/or obligations subject to an exception (1) This Division does not apply to your gains and losses from a * financial arrangement for any income year to the extent that your rights and/or obligations under the arrangement are the subject of an exception under any of the following subsections. Note: Further exceptions are also provided for in section 230 ‑ 475. Leasing or property arrangement (2) A right or obligation arising under: (a) an * arrangement to which Division 242 (about luxury car leases) applies; or (b) an arrangement to which Division 240 (about arrangements treated as a sale and loan) applies; or (c) an arrangement that relates to an asset to which Division 250 (about assets put to tax preferred use) applies; or (d) an arrangement that, in substance or effect, depends on the use of a specific asset that is: (i) real property; or (ii) goods or a personal chattel (other than money or a * money equivalent); or (iii) intellectual property; and gives a right to control the use of the asset; or (e) an arrangement that is a licence to use: (i) real property; or (ii) goods or a personal chattel (other than money or a money equivalent); or (iii) intellectual property; is the subject of an exception. Interest in partnership or trust (3) A right carried by an interest in a partnership or a trust, or an obligation that corresponds to such a right, is the subject of an exception if: (a) there is only one class of interest in the partnership or trust; or (b) the interest is an * equity interest in the partnership or trust; or (c) for a right or obligation relating to a trust—the trust is managed by a funds manager or custodian, or a responsible entity (as defined in the Corporations Act 2001 ) of a registered scheme (as so defined). (4) Subsection (3) does not apply if, assuming that the * financial arrangement were a * Division 230 financial arrangement, a * fair value election, or an * election to rely on financial reports, would apply to it. Certain insurance policies (5) A right or obligation under a * life insurance policy is the subject of an exception unless: (a) you are not a * life insurance company that is the insurer under the policy; and (b) the policy is an annuity that is a * qualifying security. (6) A right or obligation under a * general insurance policy is the subject of an exception unless: (a) you are not a * general insurance company; and (b) the policy is a * derivative financial arrangement. Certain workers’ compensation arrangements (7) A right or obligation in relation to a liability for workers’ compensation claims to which Subdivision 321 ‑ C applies is the subject of an exception. Certain guarantees and indemnities (8) A right or obligation under a guarantee or indemnity is the subject of an exception unless: (a) assuming that the * financial arrangement were a * Division 230 financial arrangement, it would be the subject of a * fair value election or an * election to rely on financial reports; or (b) the financial arrangement is a * derivative financial arrangement; or (c) the guarantee or indemnity is given in relation to a financial arrangement. Personal arrangements and personal injury (9) The following rights and obligations are the subject of an exception: (a) a right to receive, or an obligation to provide, consideration for providing personal services; (b) a right, or obligation, arising from the administration of a deceased person’s estate; (c) a right to receive, or an obligation to provide, a gift under a deed; (d) a right to receive, or an obligation to provide, a * financial benefit by way of maintenance: (i) to an individual who is or has been the * spouse of the person liable to provide the benefit; or (ii) to or for the benefit of an individual who is or has been a child of the person liable to provide the benefit; or (iii) to or for the benefit of an individual who is or has been a child of an individual who is or has been a spouse of the person liable to provide the benefit; (e) a right to receive, or an obligation to provide, a financial benefit in relation to personal injury to an individual; (f) a right to receive, or an obligation to provide, a financial benefit in relation to an injury to an individual’s reputation. (10) Without limiting paragraph (9)(e), that paragraph applies: (a) even if the person to whom the * financial benefit is to be provided is not the individual who was injured; and (b) even if the personal injury to the individual takes the form of: (i) a wrong to the individual; or (ii) illness of the individual. Note: The person referred to in paragraph (a) may, for example, be a relative of the individual who was injured. Superannuation and pension benefits (11) A right to receive, or an obligation to provide, * financial benefits is the subject of an exception if the right or obligation arises from a person’s membership of a superannuation or pension scheme, including: (a) a right of a dependant of a member to receive financial benefits or an obligation to provide financial benefits to a dependant of a member; and (b) a right or obligation arising from an interest in: (i) a * complying superannuation entity; or (ii) a * non ‑ complying superannuation fund or * non ‑ complying approved deposit fund; or (iii) an * RSA. Interest in controlled foreign companies (12) A right or obligation that arises under a * direct participation interest of an * attributable taxpayer in a * controlled foreign company is the subject of an exception. Proceeds from certain business sales (13) A right to receive, or an obligation to provide, * financial benefits arising from the sale of: (a) a business; or (b) shares in a company that operates a business; or (c) interests in a trust that operates a business; is the subject of an exception if the amounts, or the values, of those benefits are only * contingent on aspects of the economic performance of the business after the sale. Farm management deposits (15) A right to receive, or an obligation to provide, * financial benefits is the subject of an exception if: (a) the right or obligation is the right or obligation of an * owner of a * farm management deposit; and (b) the right or obligation relates to the deposit. Rights and obligations to which section 121EK of the Income Tax Assessment Act 1936 applies (16) A right or obligation that arises because of a payment of an amount to which section 121EK of the Income Tax Assessment Act 1936 applies is the subject of an exception. Forestry managed investment scheme interests (17) A right or obligation under a * forestry interest in a * forestry managed investment scheme in relation to which you can claim deductions under Division 394 is the subject of an exception. Exploration benefits (17A) A right or obligation that arises because of the provision of an * exploration benefit under a * farm ‑ in farm ‑ out arrangement is the subject of an exception. Regulations may provide for exceptions (18) A right or obligation of a kind specified in the regulations for the purposes of this subsection is the subject of an exception.", "Amendment_Count": 9, "First_Amended": "No 15 of 2009", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 15 of 2009 | No 79 of 2010 | No 114 of 2010 | No 136 of 2010 | No 41 of 2011 | No 130 of 2015 | No 10 of 2016 | No 4 of 2018 | No 64 of 2020", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-465", "Provision_Key": "s230-465", "Heading": "Ceasing to have a financial arrangement in certain circumstances", "Text": "(1) This section applies if: (a) you cease to have a * financial arrangement (or part of a financial arrangement); and (b) you make a loss from ceasing to have the arrangement (or that part of the arrangement); and (c) if the arrangement is a marketable security (within the meaning of section 70B of the Income Tax Assessment Act 1936 ): (i) you did not acquire the arrangement in the ordinary course of trading on a securities market (within the meaning of that section); and (ii) at the time you acquired the arrangement, it was not open to you to acquire an identical financial arrangement in the ordinary course of trading on a securities market; and (d) if the arrangement is a marketable security—you did not dispose of the arrangement in the course of trading on a securities market; and (e) it would be concluded that you ceased to have the arrangement wholly or partly because there was an apprehension or belief that the other party or other parties to the arrangement were, or would be likely to be, unable or unwilling to discharge all their liabilities to pay amounts under the arrangement. (2) The amount of the loss is reduced by so much of that amount as is a loss of capital or a loss of a capital nature. Note: However, the amount by which the loss is reduced is a capital loss. (3) In applying paragraph (1)(e), you must have regard to: (a) the financial position of the other party or parties to the * financial arrangement; and (b) the perceptions of the financial position of the other party or parties to the arrangement; and (c) other relevant matters.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-470", "Provision_Key": "s230-470", "Heading": "Forgiveness of commercial debts", "Text": "If a gain that you make from a * financial arrangement arises from the * forgiveness of a debt to which Subdivisions 245 ‑ C to 245 ‑ G apply, the gain is reduced by: (a) if section 245 ‑ 90 (about agreements to forgo capital losses or deductions) applies—the debt’s provisional net forgiven amount mentioned in that section; or (b) if that section does not apply—the debt’s * net forgiven amount. Note: Section 51AAA (about a net capital gains limit) of the Income Tax Assessment Act 1936 also has the effect of preventing you from deducting losses.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 15 of 2009 | No 79 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-470"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-475", "Provision_Key": "s230-475", "Heading": "Clarifying exceptions", "Text": "Exceptions (1) To avoid doubt, this Division does not apply to your gains and losses from a * financial arrangement for any income year to the extent that your rights and/or obligations are the subject of an exception under any of the following subsections. (2) This section is not intended to limit, expand or otherwise affect the operation of sections 230 ‑ 45 to 230 ‑ 55 (which tell you what is covered by the concept of financial arrangement ) in relation to rights and/or obligations other than those dealt with in this section. Retirement village and residential or specialist care arrangements (3) The following rights and obligations are the subject of an exception: (a) a right or obligation arising under a * retirement village residence contract; (b) a right or obligation arising under a * retirement village services contract; (c) a right or obligation arising under an * arrangement under which * funded aged care services are provided at an * approved residential care home or under a * specialist aged care program. (4) For the purposes of subsection (3): (a) a retirement village residence contract is a contract that gives rise to a right to occupy * residential premises in a * retirement village; and (b) a retirement village services contract is a contract under which a resident of a retirement village is provided with general or personal services in the retirement village.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 45 of 2025", "Amending_Acts": "No 15 of 2009 | No 45 of 2025", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 45 of 2025, effective sch 3 (items 217 ‑ 223): 1 Nov 2025 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-475"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-480", "Provision_Key": "s230-480", "Heading": "Treatment of gains in form of franked distribution etc.", "Text": "(1) This section applies if a gain you make from a * financial arrangement is in the form of: (a) a * franked distribution (including a franked distribution that * flows indirectly to you); or (b) a right to receive a franked distribution (including a franked distribution that will flow indirectly to you). (2) This Division does not apply to the gain to the extent that the * franked distribution has a * franked part.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-480"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-481", "Provision_Key": "s230-481", "Heading": "Registered emissions units", "Text": "A * registered emissions unit is exempt from this Division.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-481"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-485", "Provision_Key": "s230-485", "Heading": "Effect of change of residence—rules for particular methods", "Text": "(1) The object of this section is to deal with your gains and losses for an income year in which you change residence by: (a) allocating the gains and losses to your periods of Australian and foreign residence in that income year; and (b) determining the assessability of the gains and the deductibility of the losses according to: (i) your residency in each period; and (ii) the sources of the gains and the connection of the losses with your assessable income. (2) This section applies if: (a) you are a foreign resident for part of an income year (the foreign residency period ) and an Australian resident for the other part of the income year (the Australian residency period ); and (b) section 230 ‑ 490 does not apply in respect of the change of residence. Note: See section 230 ‑ 490 if you change residence, and after the change the gains and losses you make from the arrangement are not assessable or deductible under this Division. Realisation method (3) Subsection (4) applies if: (a) you have a * financial arrangement at the time (the residence change time ): (i) you cease to be an Australian resident; or (ii) you become an Australian resident; and (b) you apply the realisation method to determine the amount of a gain or loss you make from the arrangement. (4) You are taken for the purposes of this Division: (a) to have disposed of the arrangement just before the residence change time for its fair value just before that time; and (b) to have acquired the arrangement again at the residence change time for its fair value at that time. Accruals and hedging financial arrangement methods (5) Subsection (6) applies if: (a) assuming that you disregarded this section and subsection 230 ‑ 40(2), you would apply the accruals or hedging financial arrangement method to determine the amount of: (i) a gain included in your assessable income under section 230 ‑ 15 for the income year; or (ii) a loss you can deduct under section 230 ‑ 15 for the income year; and (b) subsection (4) does not apply in relation to any gain or loss under the arrangement. (6) Apply that method by apportioning the gain or loss on a reasonable basis between those periods so as to work out: (a) a gain or loss from the arrangement for the foreign residency period; and (b) a gain or loss from the arrangement for the Australian residency period. Fair value, foreign exchange retranslation and financial reports methods (7) Subsection (8) applies if: (a) assuming that you disregarded this section and subsection 230 ‑ 40(2), you would apply the fair value or foreign exchange retranslation method or the method of relying on your financial reports to determine the amount of: (i) a gain included in your assessable income under section 230 ‑ 15 for the income year; or (ii) a loss you can deduct under section 230 ‑ 15 for the income year; and (b) subsection (4) does not apply in relation to any gain or loss under the arrangement. (8) Apply that method to work out: (a) a gain or loss from the arrangement for the foreign residency period; and (b) a gain or loss from the arrangement for the Australian residency period.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-485"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-490", "Provision_Key": "s230-490", "Heading": "Effect of change of residence—disposal and reacquisition etc. after ceasing to be Australian resident where no further recognised gains or losses from arrangement", "Text": "(1) This section applies if: (a) you cease to be an Australian resident at a particular time (the residence change time ); and (b) you have a * financial arrangement at the residence change time; and (c) at the residence change time you expect that any gains and losses you make from the arrangement after that time will not be assessable or deductible under this Division. (2) You are taken for the purposes of this Division: (a) to have disposed of the arrangement just before that time for its fair value just before that time; and (b) to have acquired the arrangement again at the residence change time for its fair value at that time.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-490"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-495", "Provision_Key": "s230-495", "Heading": "Effect of change of accounting principles or standards", "Text": "(1) This section applies if: (a) one of these methods apply to take account of a gain or loss you make from a * financial arrangement: (i) the fair value method provided for in Subdivision 230 ‑ C; or (ii) the foreign exchange retranslation method provided for in Subdivision 230 ‑ D; or (iii) the method of relying on your financial reports provided for in Subdivision 230 ‑ F; and (b) there is a change in, or in the application of, the relevant principles or standards (as mentioned in section 230 ‑ 230 (fair value method), 230 ‑ 280 (foreign exchange retranslation method) or 230 ‑ 420 (method of relying on financial reports)) that apply in relation to the arrangement; and (c) that change applies to a particular income year and later years; and (d) as a result of the change, those principles or standards require you to recognise in your statement of financial position an amount (the equity amount ), in order to avoid the need to increase or decrease gains or losses recognised in profit or loss from the financial arrangement in respect of previous income years. (2) If the equity amount is positive, include in your assessable income for the particular income year mentioned in paragraph (1)(c) so much of it as relates to the * financial arrangement mentioned in paragraph (1)(a). (3) If the equity amount is negative, you are entitled to a deduction for the particular income year mentioned in paragraph (1)(c) equal to so much of it as relates to the * financial arrangement mentioned in paragraph (1)(a).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-495"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-500", "Provision_Key": "s230-500", "Heading": "Comparable foreign accounting and auditing standards", "Text": "The regulations may: (a) specify that particular standards that apply under a * foreign law are to be taken for the purposes of this Division to be comparable to the * accounting principles; and (b) specify that particular standards that apply under a foreign law are to be taken for the purposes of this Division to be comparable to the * auditing principles.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-505", "Provision_Key": "s230-505", "Heading": "Financial arrangement as consideration for provision or acquisition of a thing", "Text": "(1) This section applies if you start or cease to have a * Division 230 financial arrangement as consideration for the provision or acquisition of a thing. (2) Work out the * market value of the thing at the time at which you (in fact) provide or acquire it. For the purposes of applying this Act to you, treat the amount: (a) you obtain for providing the thing; or (b) you provide for acquiring the thing; as being that market value. Note 1: The amount may be relevant, for example, for the purposes of applying the provisions of this Act dealing with capital gains, capital allowances or trading stock to the thing. Note 2: This subsection does not affect the financial benefits received or provided under the financial arrangement from you starting or ceasing to have it (except in the circumstances described in Note 3). However: (a) the market value of the thing will be, or form part of, those financial benefits for the purposes of section 230 ‑ 445; and (b) in the case of a non arm’s length transaction, the amount of those financial benefits may be affected by section 230 ‑ 510. Note 3: If the thing is itself a Division 230 financial arrangement and subsection (3) does not apply, this subsection will determine the financial benefits received or provided under the financial arrangement from you starting or ceasing to have it. (3) Subsection (2) does not apply if: (a) you start or cease to have the * financial arrangement as mentioned in subsection (1) under an arrangement (the starting or ceasing arrangement ); and (b) the thing is itself a * Division 230 financial arrangement; and (c) the starting or ceasing arrangement is not itself a Division 230 financial arrangement. Example: An arrangement for exchanging a share subject to Subdivision 230 ‑ C for another share subject to Subdivision 230 ‑ C, where the arrangement itself is not a Division 230 financial arrangement. (4) For the purposes of this section: (a) treat yourself as providing a thing to another entity if: (i) you have provided, or are to provide, the thing to the other entity; or (ii) you cease to have, have ceased to have or are to cease to have, the thing; or (iii) the other entity starts to have, has started having or is to start to have, the thing; and (b) treat yourself as acquiring a thing if: (i) another entity has provided, or is to provide, the thing to you; or (ii) another entity ceases to have, has ceased to have or is to cease to have, the thing; or (iii) you start to have, have started to have or are to start to have, the thing. (5) For the purposes of this section, treat part of a * Division 230 financial arrangement as a Division 230 financial arrangement. (6) Without limiting subsection (1), the thing provided, or the thing acquired, need not be a tangible thing and may take the form of services, conferring a right, incurring an obligation or extinguishing or varying a right or obligation. (7) To avoid doubt, this section applies even if your starting or ceasing to have the * financial arrangement mentioned in subsection (1) is only part of the consideration for the provision or acquisition of the thing. (8) For the purposes of this section, treat your starting or ceasing to have the * financial arrangement mentioned in subsection (1) as consideration for the provision or acquisition of the thing if that starting or ceasing is, in substance or effect, done for the provision or acquisition of the thing. Example: Starting to have a financial arrangement in satisfaction of an obligation, where the obligation itself was incurred as consideration for the thing.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-510", "Provision_Key": "s230-510", "Heading": "Non ‑ arm’s length dealings in relation to financial arrangement", "Text": "(1) This section applies if: (a) a balancing adjustment is made under Subdivision 230 ‑ G in relation to a * Division 230 financial arrangement you have; and (b) if the balancing adjustment was made because of paragraph 230 ‑ 435(1)(b) or (d) (cessations without transfer)—the arrangement is not a * debt interest or loan. Non ‑ arm’s length transaction resulting in you starting to have the arrangement (2) Subsection (3) applies if the parties to the dealing that resulted in you starting to have the arrangement were not dealing at * arm’s length in relation to the dealing. (3) For the purposes of this Division: (a) disregard the amount of the * financial benefit (if any) that you provided or received in relation to you starting to have the arrangement; and (b) instead, treat yourself as having provided or received a financial benefit in relation to you starting to have the arrangement that is equal to the amount of the financial benefit that you would have provided or received if the parties to the dealing mentioned in subsection (2) were dealing at * arm’s length in relation to the dealing. Non ‑ arm’s length transaction resulting in change of an amount of a financial benefit that you provided or received under the financial arrangement (4) Subsection (5) applies if the parties to a dealing that resulted in a change of an amount of a * financial benefit that you provide or receive under the * financial arrangement were not dealing at * arm’s length in relation to the dealing. (5) For the purposes of this Division: (a) disregard the amount of the * financial benefit (if any) that you provide or receive under the * financial arrangement as a result of the dealing; and (b) instead, treat yourself as providing or receiving a financial benefit under the financial arrangement as a result of the dealing that is equal to the amount of the financial benefit that you would have provided or received if the parties to the dealing were dealing at * arm’s length in relation to the dealing. Non ‑ arm’s length transaction resulting in balancing adjustment (6) Subsection (7) applies if the parties to the dealing that resulted in the balancing adjustment mentioned in subsection (1) being made were not dealing at * arm’s length in relation to the dealing. (7) For the purposes of this Division: (a) disregard the amount of the * financial benefit (if any) that you provide or receive in relation to the balancing adjustment; and (b) instead, treat yourself as providing or receiving a financial benefit in relation to the balancing adjustment that is equal to the amount of the financial benefit that you would have provided or received if the parties to the dealing mentioned in subsection (6) were dealing at * arm’s length in relation to the dealing.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-515", "Provision_Key": "s230-515", "Heading": "Arm’s length dealings in relation to financial arrangement—adjustment to gain or loss in certain situations", "Text": "(1) This section applies if: (a) disregarding this Division, a provision mentioned in subsection (2) makes an adjustment to an amount (including a nil amount) (the relevant amount ); and (b) the relevant amount is relevant in determining the amount of a gain or loss you make from a * Division 230 financial arrangement. (2) The provisions are as follows: (a) section 52A of the Income Tax Assessment Act 1936 ; (c) Division 16J of Part III of the Income Tax Assessment Act 1936 ; (d) Division 16K of Part III of the Income Tax Assessment Act 1936 ; (e) item 3 of the table in subsection 245 ‑ 65(1) of this Act; (f) section 775 ‑ 40 of this Act. (3) In determining the amount of the gain or loss, treat the relevant amount as having been adjusted by the provision mentioned in subsection (2). (4) However, if the circumstances that give rise to the adjustment result in section 230 ‑ 510 having the effect of altering the amount of the gain or loss, do not treat the relevant amount as having been adjusted under subsection (3) to the extent of that alteration.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 15 of 2009 | No 79 of 2010 | No 93 of 2011", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-520", "Provision_Key": "s230-520", "Heading": "Disregard gains or losses covered by value shifting regime", "Text": "(1) Disregard a gain or loss under this Division from a * financial arrangement to the extent that it is attributable to: (a) a shifting of value that has consequences under Division 723; or (b) a * direct value shift that has consequences under Division 725; or (c) an * indirect value shift that has consequences under Division 727; or (d) a shifting of value that has consequences analogous to those under Division 725 or 727 under a repealed provision of this Act or of the Income Tax Assessment Act 1936 . (2) Determine whether a shifting of value has the consequences mentioned in paragraph (1)(a) on the assumption that a * realisation event in respect of all or part of the * financial arrangement happens in the income year for the gain or loss.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-522", "Provision_Key": "s230-522", "Heading": "Adjusting a gain or loss that gives rise to a hybrid mismatch", "Text": "(1) This section applies if a provision of Division 832 would, apart from section 832 ‑ 785, apply to make not allowable an amount (the relevant amount ) that is all or a part of the deduction for: (a) a loss from a * Division 230 financial arrangement; or (b) an amount treated under section 832 ‑ 790 as a separate loss from a Division 230 financial arrangement. (2) The following have effect: (a) if (disregarding section 832 ‑ 790) you made a loss from the * financial arrangement, and the relevant amount does not exceed the amount of the loss—the amount of the loss you made is reduced by the relevant amount; (b) if (disregarding section 832 ‑ 790) you made a loss from the financial arrangement, and the relevant amount exceeds the amount of the loss: (i) you do not make a loss from the financial arrangement; and (ii) instead, you make a gain from the financial arrangement equal to the amount of the excess; (c) if (disregarding section 832 ‑ 790) you made a gain from the financial arrangement—the amount of the gain is increased by the relevant amount. (3) The effect of subsection (2) is to be disregarded for the purposes of paragraph (c) of step 1 and paragraph (c) of step 2 of subsection 230 ‑ 445(1) (about balancing adjustments).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-522"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-525", "Provision_Key": "s230-525", "Heading": "Consolidated financial reports", "Text": "For the purposes of this Division, treat a financial report prepared by another entity as being prepared by you if: (a) the other entity is a * connected entity of yours; and (b) the report is a consolidated financial report that deals with both your affairs and the affairs of the connected entity; and (c) the report properly reflects your affairs.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-527", "Provision_Key": "s230-527", "Heading": "Elections—reporting documents of foreign ADIs", "Text": "(1) So much of a Statement of Financial Performance and a Statement of Financial Position, given to * APRA by a foreign ADI (within the meaning of the Banking Act 1959 ) as required under section 13 of the Financial Sector (Collection of Data) Act 2001 , as: (a) cover the activities of an * Australian permanent establishment of the foreign ADI for the year; and (b) are prepared in accordance with the recognition and measurement standards under the * accounting principles; and (c) are audited in accordance with the * auditing principles; are treated, for the purposes of the provisions mentioned in subsection (2), as being a financial report for a year: (d) prepared by the foreign ADI in accordance with the accounting principles; and (e) audited in accordance with the auditing principles. (2) The provisions are as follows: (a) sections 230 ‑ 150 to 230 ‑ 165 (election for portfolio treatment of fees); (b) sections 230 ‑ 210 to 230 ‑ 220 (fair value election); (c) sections 230 ‑ 255 to 230 ‑ 265 (foreign exchange retranslation election); (d) sections 230 ‑ 315 to 230 ‑ 335 (hedging financial arrangement election); (e) sections 230 ‑ 395, 230 ‑ 400, 230 ‑ 410 and 230 ‑ 430 (election to rely on financial reports).", "Amendment_Count": 1, "First_Amended": "No 85 of 2013", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 85 of 2013", "History_Notes": "Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-527"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 230-530", "Provision_Key": "s230-530", "Heading": "Additional operation of Division", "Text": "Foreign currency (1) This Division also applies to * foreign currency as if the currency were a right that constituted a * financial arrangement. Non ‑ equity shares (2) This Division also applies to a * non ‑ equity share in a company as if the share were a right that constituted a * financial arrangement. Commodities held by traders (3) This Division also applies to a commodity that you hold as if the commodity were a right that constituted a * financial arrangement if: (a) you are an entity that trades or deals both in: (i) that commodity; and (ii) financial arrangements whose values change in response to changes in the price or value of that commodity; and (b) you hold that commodity for the purposes of dealing in the commodity; and (c) a * fair value election or an * election to rely on financial reports applies to financial arrangements that you start to have when you start to have the commodity; and (d) the commodity is an asset that you are required (whether or not as a result of a choice you make) by: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting that apply to the preparation of the financial report under a * foreign law; to classify or designate, in your financial reports, as at fair value through profit or loss. Offsetting commodity contracts held by traders (4) This Division also applies to a contract to which you are a party as if the contract were a * financial arrangement if: (a) you have a right to receive or an obligation to provide a commodity under the contract; and (b) you have a practice of dealing in the commodity through the performance of offsetting contracts to receive and provide the commodity; and (c) you do not have, as your sole or dominant purpose for entering into the contract, the purpose of receiving or delivering the commodity as part of your expected purchase, sale or usage requirements; and (d) a * fair value election or an * election to rely on financial reports applies to financial arrangements that you start to have when you enter into the contract; and (e) the contract is an asset or liability that you are required (whether or not as a result of a choice you make) by: (i) the * accounting principles; or (ii) if the accounting principles do not apply to the preparation of the financial report—comparable standards for accounting that apply to the preparation of the financial report under a * foreign law; to classify or designate, in your financial reports, as at fair value through profit or loss.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s230-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-1", "Provision_Key": "s235-1", "Heading": "What this Division is about", "Text": "This Division is about the tax treatment of particular kinds of financial transactions.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-805", "Provision_Key": "s235-805", "Heading": "What this Subdivision is about", "Text": "An entity that invests in an asset through an instalment warrant, instalment receipt, or other similar arrangement, is treated for most income tax purposes as if it had invested in the asset directly. A regulated superannuation fund that invests in an asset through a limited recourse borrowing is treated in the same way. Table of sections Operative provisions 235 ‑ 810 Object of this Subdivision 235 ‑ 815 Application of Subdivision 235 ‑ 820 Look ‑ through treatment for instalment trusts 235 ‑ 825 Meaning of instalment trust and instalment trust asset 235 ‑ 830 What trusts are covered—instalment trust arrangements 235 ‑ 835 Requirement for underlying investments to be listed or widely held 235 ‑ 840 What trusts are covered—limited recourse borrowings by regulated superannuation funds 235 ‑ 845 Interactions with other provisions", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-805"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-810", "Provision_Key": "s235-810", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to ensure that, for most income tax purposes, the consequences of ownership of an * instalment trust asset flow to the entity that has the beneficial interest in the asset, instead of to the trustee.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-810"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-815", "Provision_Key": "s235-815", "Heading": "Application of Subdivision", "Text": "(1) This Subdivision applies to: (a) the entity that has the beneficial interest in an * instalment trust asset as the beneficiary of an * instalment trust; and (b) the trustee of the instalment trust. (2) This Subdivision applies for the purposes of this Act, apart from: (a) Part VA of the Income Tax Assessment Act 1936 (which is about tax file numbers); and (b) Subdivisions 12 ‑ E, 12 ‑ F and 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 (which are about PAYG withholding). Joint investments (3) This Subdivision applies in relation to 2 or more entities that hold an interest in a trust as joint tenants, or as tenants in common, in the same way it applies in relation to a single entity that holds such an interest. Note: Each investor that is treated by this Subdivision as jointly owning an instalment trust asset is treated for CGT purposes as owning a separate asset: see section 108 ‑ 7.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-815"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-820", "Provision_Key": "s235-820", "Heading": "Look ‑ through treatment for instalment trusts", "Text": "(1) If an entity (the investor ) has a beneficial interest in an * instalment trust asset under an * instalment trust, the asset is treated as being the investor’s asset (instead of being an asset of the trust). Example: A dividend in respect of the asset is paid to the trustee. It is treated (but not for the purposes of the PAYG withholding provisions mentioned in paragraph 235 ‑ 815(2)(b)) as if it had been paid directly to the investor. (2) An act done in relation to an * instalment trust asset of an * instalment trust by the trustee of the trust is treated as if the act had been done by the investor (instead of by the trustee). Example: A trustee disposes of the asset. Any capital gain or loss is made by the investor, not by the trustee. (3) The investor is treated as having the * instalment trust asset in the same circumstances as the investor actually has the interest in the * instalment trust. (4) Without limiting subsection (3), the circumstances include: (a) whether the interest is held on capital account or on revenue account; and (b) whether the interest is held as a joint tenant or tenant in common. (5) Any consequence arising under the * GST Act for the trustee of the * instalment trust, as a result of anything done in relation to the * instalment trust asset, is treated as if it had arisen for the investor (instead of for the trustee), even if that consequence would not have arisen had the thing been done by or to the investor. Example: If the trustee has a net input tax credit under the GST Act, the investor must apply the credit to reduce the investor’s cost base for the instalment trust asset (even if the investor is not registered or required to be registered for GST purposes): see section 103 ‑ 30.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-820"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-825", "Provision_Key": "s235-825", "Heading": "Meaning of instalment trust and instalment trust asset", "Text": "(1) A trust is an instalment trust if: (a) the trust is covered by section 235 ‑ 830 (about instalment trust arrangements) and satisfies the requirements in section 235 ‑ 835 (about requirements for underlying investments to be listed or widely held); or (b) the trust is covered by section 235 ‑ 840 (about limited recourse borrowings by * regulated superannuation funds). (2) An instalment trust asset is an asset that is, or is part of, the underlying investment of an * instalment trust (as mentioned in section 235 ‑ 830 or 235 ‑ 840, as the case requires).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-825"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-830", "Provision_Key": "s235-830", "Heading": "What trusts are covered—instalment trust arrangements", "Text": "(1) This section covers a trust if, under an * arrangement: (a) an entity (the investor ) makes a * borrowing, or is provided with credit; and (b) to secure the borrowing or provision of credit, the trustee of the trust acquires an asset or assets (the underlying investment ); and (c) the investor has a beneficial interest in the underlying investment as the sole beneficiary of the trust; and (d) for a provision of credit—the credit was provided to the investor to acquire the asset, or one of the assets, that comprises the underlying investment; and (e) the investor is entitled to the benefit of all income from the underlying investment; and (f) the investor is entitled to acquire legal ownership of the underlying investment on discharging its obligations relating to the borrowing or provision of credit. Note: For paragraph (c), the sole beneficiary of the trust may be 2 or more entities that have an interest in the trust as joint tenants or tenants in common: see subsection 235 ‑ 815(3). (2) However, this section does not cover a trust if the investor is a trustee of a * regulated superannuation fund and the * arrangement includes a * borrowing. (3) This section does not cover a trust if the underlying investment is subject to any charge, security or other encumbrance (apart from any charge securing the obligations relating to the * borrowing or provision of credit).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-830"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-835", "Provision_Key": "s235-835", "Heading": "Requirement for underlying investments to be listed or widely held", "Text": "(1) A trust satisfies the requirements in this section if: (a) each asset that is, or is part of, the underlying investment is: (i) a * share, a unit in a unit trust or a stapled security; or (ii) an interest in an entity that holds an interest in a share, a unit in a unit trust or a stapled security either directly, or indirectly through one or more interposed entities; and (b) each such share, unit or stapled security: (i) is listed for quotation in the official list of an * approved stock exchange; or (ii) meets the widely held requirement set out in the applicable item of the following table. Widely held requirements Item Column 1 Type of asset Column 2 Widely held requirement 1 A * share in a company The company is a * widely held company 2 A unit in a unit trust The unit trust is a widely held unit trust as defined in section 272 ‑ 105 in Schedule 2F to the Income Tax Assessment Act 1936 3 A stapled security All companies involved are * widely held companies and all trusts involved are such widely held unit trusts (2) A * share, unit in a unit trust or a stapled security that fails the widely held requirement set out in the table in subsection (1) is treated as satisfying that requirement if the failure: (a) is of a temporary nature only; and (b) is caused by circumstances outside the investor’s control. (3) In applying subsection (1), disregard an asset, or the cash proceeds from disposing of an asset, if: (a) the trustee became entitled to the asset in respect of a * share, unit or stapled security that was, or was part of, the underlying investment just before the entitlement arose; and (b) the asset is not a * share, unit in a unit trust, or stapled security; and (c) if the asset is an interest in an entity, or a right, option or similar interest that gives the holder an entitlement to acquire an interest in an entity: (i) an interest in the entity is listed for quotation in the official list of an * approved stock exchange; or (ii) the entity meets a widely held requirement set out in column 2 of item 1 or 2 of the table in subsection (1); and (d) the underlying investment comprises one or more other assets that are not disregarded under this subsection. Example: Examples of the types of assets disregarded by this subsection are: (a) assets that represent distributions and capital payments in respect of the underlying investment; and (b) bonus rights issued in respect of the underlying investment. (4) Despite subsections (1) to (3), the underlying investment does not satisfy the requirement in this section if an asset that is, or is part of, the underlying investment is an * ESS interest to which Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-835"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-840", "Provision_Key": "s235-840", "Heading": "What trusts are covered—limited recourse borrowings by regulated superannuation funds", "Text": "This section covers a trust if: (a) under an * arrangement, an asset or assets (the underlying investment ) is acquired by the trustee of the trust for the benefit of a trustee of a * regulated superannuation fund to secure a * borrowing; and (b) until the borrowing is repaid, the arrangement is covered by: (i) the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); or (ii) the exception in former subsection 67(4A) of that Act (which was about instalment warrants).", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-840"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 235-845", "Provision_Key": "s235-845", "Heading": "Interactions with other provisions", "Text": "(1) Section 106 ‑ 50 (about absolutely entitled beneficiaries) does not apply to an * instalment trust asset. (2) Section 106 ‑ 60 (about securities, charges and encumbrances) does not apply to an * instalment trust asset. (3) Nothing in this Subdivision limits Division 247 (which is about capital protected borrowings). Note: Division 247 may apply to an arrangement to which this Subdivision applies.", "Amendment_Count": 1, "First_Amended": "No 130 of 2015", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 130 of 2015", "History_Notes": "Inserted by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s235-845"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-1", "Provision_Key": "s240-1", "Heading": "What this Division is about", "Text": "For income tax purposes, some arrangements (such as hire purchase agreements) are recharacterised as a sale of property, combined with a loan, by the notional seller to the notional buyer, to finance the purchase price.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-3", "Provision_Key": "s240-3", "Heading": "How the recharacterisation affects the notional seller", "Text": "Effect of notional sale (1) The consideration for the notional sale is either the price stated as the cost or value of the property or its arm’s length value. If the notional seller is disposing of the property as trading stock, the normal consequences of disposing of trading stock follow. In particular, the notional seller will be assessed on the sale price. (2) Where the property is not trading stock the notional seller’s assessable income will include any profit made by the notional seller on the notional sale or on the sale of the property after a notional re ‑ acquisition. Effect of notional loan (3) The notional seller’s assessable income will include notional interest over the period of the loan. Other effects (4) These effects displace the income tax consequences that would otherwise arise from the arrangement. For example, the actual payments to the notional seller are not included in its assessable income. Also, the notional seller loses the right to deduct amounts under Division 40 (about capital allowances).", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 72 of 2001 | No 77 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-7", "Provision_Key": "s240-7", "Heading": "How the recharacterisation affects the notional buyer", "Text": "Effect of notional purchase (1) The cost of the acquisition is either the price stated as the cost or value of the property or its arm’s length value. If the notional buyer is acquiring the property as trading stock, the normal consequences of acquiring trading stock follow. In particular, the notional buyer can usually deduct the purchase price. (2) If the property is not trading stock, the notional buyer may be able to deduct amounts for the expenditure under Division 40 (about capital allowances). Effect of notional loan (3) The notional buyer may be able to deduct notional interest payments over the period of the loan. Other effects (4) These effects displace the income tax consequences that would otherwise arise from the arrangement. For example, the notional buyer cannot deduct the actual payments to the notional seller.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 72 of 2001 | No 77 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-10", "Provision_Key": "s240-10", "Heading": "Application of this Division", "Text": "An * arrangement is treated as a notional sale and notional loan if: (a) the arrangement is listed in the table below; and (b) the arrangement relates to the kind of property listed in the table; and (c) any conditions listed in the table are satisfied. Special provisions that apply to particular arrangements are also listed in the table. This Division applies to: * Arrangements of this kind: That relate to this kind of property: If these conditions are satisfied: Special provisions: 1 * Hire purchase agreement Any goods None See Subdivision 240 ‑ I", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-15", "Provision_Key": "s240-15", "Heading": "Scope of Division", "Text": "This Division has effect for the purposes of this Act and for the purposes of the Income Tax Assessment Act 1936 other than: (a) Parts 3 ‑ 1 and 3 ‑ 3 of this Act (capital gains tax); and (b) Division 11A of Part III of the Income Tax Assessment Act 1936 (certain payments to non ‑ residents etc.).", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 72 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-17", "Provision_Key": "s240-17", "Heading": "Who is the notional seller and the notional buyer?", "Text": "(1) An entity is the notional seller if it is a party to the * arrangement and: (a) actually owns the property; or (b) is the owner of the property because of a previous operation of this Division. (2) An entity is the notional buyer if it is a party to the * arrangement and, under the arrangement, has the * right to use the property. Example: If the arrangement is a hire purchase agreement, the finance provider will be the notional seller and the hirer will be the notional buyer.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-20", "Provision_Key": "s240-20", "Heading": "Notional sale of property by notional seller and notional acquisition of property by notional buyer", "Text": "(1) The * notional seller is taken to have disposed of the property by way of sale to the * notional buyer, and the notional buyer is taken to have acquired it, at the start of the * arrangement. (2) The * notional buyer is taken to own the property until: (a) the * arrangement ends; or (b) the notional buyer becomes the * notional seller under a later arrangement to which this Division applies.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 72 of 2001 | No 97 of 2008", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-25", "Provision_Key": "s240-25", "Heading": "Notional loan by notional seller to notional buyer", "Text": "(1) On entering into the * arrangement, the * notional seller is taken to have made a loan (the notional loan ) to the * notional buyer. (2) The notional loan is for a period: (a) starting at the start of the * arrangement; and (b) ending on the day on which the arrangement is to cease to have effect or, if the arrangement is of indefinite duration, on the day on which it would be reasonable to conclude, having regard to the terms and conditions of the arrangement, that the arrangement will cease to have effect. (3) The notional loan is of an amount (the notional loan principal ) equal to the consideration for the sale of the property less any amount paid, or credited by the * notional seller as having been paid, by the * notional buyer to the notional seller, at or before the start of the * arrangement, for the cost of the property. Note: Section 240 ‑ 80 affects the amount of the notional loan principal where the arrangement is an extension or renewal of another arrangement. (4) The notional loan is subject to payment of interest. (5) The consideration for the sale of the property by the * notional seller, and the cost of the acquisition of the property by the * notional buyer, are each taken to have been: (a) if an amount is stated to be the cost or value of the property for the purposes of the * arrangement and the notional seller and the notional buyer were dealing with each other at * arm’s length in connection with the arrangement—the amount so stated; or (b) otherwise—the amount that could reasonably have been expected to have been paid by the notional buyer for the purchase of the property if: (i) the notional seller had actually sold the property to the notional buyer at the start of the arrangement; and (ii) the notional seller and the notional buyer were dealing with each other at arm’s length in connection with the sale. (6) The notional loan principal is taken to be repaid, and the interest is taken to be paid, by the making of the payments under the * arrangement.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-30", "Provision_Key": "s240-30", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for the inclusion in the notional seller’s assessable income of: (a) amounts (notional interest) on account of the interest for the notional loan that the notional seller is taken to have made to the notional buyer; and (b) any profit made by the notional seller: (i) on the notional sale of the property to the notional buyer; or (ii) on a sale of the property after any notional re ‑ acquisition of the property by the notional seller. Table of sections Operative provisions 240 ‑ 35 Amounts to be included in notional seller’s assessable income 240 ‑ 40 Arrangement payments not to be included in notional seller’s assessable income", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-35", "Provision_Key": "s240-35", "Heading": "Amounts to be included in notional seller’s assessable income", "Text": "Notional interest (1) The * notional seller’s assessable income of an income year includes the * notional interest for * arrangement payment periods, and parts of arrangement payment periods, in the income year. Profit on notional sale (2) If the property is not * trading stock of the * notional seller and the consideration for the notional sale of the property exceeds the cost of the acquisition of the property by the notional seller, the excess is included in the notional seller’s assessable income of the income year of the notional sale. Profit on actual sale after notional re ‑ acquisition (3) If: (a) the * notional seller is taken under this Division to have re ‑ acquired the property from the * notional buyer; and (b) the notional seller afterwards sells the property; and (c) the consideration for the sale exceeds the cost of the re ‑ acquisition; the excess is included in the notional seller’s assessable income of the income year in which the sale occurred.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-40", "Provision_Key": "s240-40", "Heading": "Arrangement payments not to be included in notional seller’s assessable income", "Text": "(1) The * arrangement payments that the * notional seller receives, or is entitled to receive, under the * arrangement: (a) are not to be included in the * notional seller’s assessable income of any income year; but (b) are not taken to be * exempt income of the notional seller. (2) However, those * arrangement payments are taken into account in calculating * notional interest that is included in the * notional seller’s assessable income under section 240 ‑ 35. (3) A loss or outgoing incurred by the * notional seller in deriving any such * arrangement payments is not taken to be a loss or outgoing incurred by the notional seller in relation to gaining or producing * exempt income.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-45", "Provision_Key": "s240-45", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides that the notional buyer may, in certain circumstances, be entitled to deductions for the notional interest for the notional loan that the notional seller is taken to have made to the notional buyer. Table of sections Operative provisions 240 ‑ 50 Extent to which deductions are allowable to notional buyer 240 ‑ 55 Arrangement payments not to be deductions", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-50", "Provision_Key": "s240-50", "Heading": "Extent to which deductions are allowable to notional buyer", "Text": "(1) The * notional buyer is only entitled to deduct * notional interest for an income year to the extent that the notional buyer would, apart from this Division, have been entitled to deduct * arrangement payments for that income year if no part of those payments were capital in nature. (2) The * notional buyer is entitled to deduct * notional interest for * arrangement payment periods, and parts of arrangement payment periods, in the income year.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-55", "Provision_Key": "s240-55", "Heading": "Arrangement payments not to be deductions", "Text": "The * notional buyer is not entitled to deduct * arrangement payments that the * notional buyer makes under the * arrangement, but those payments are taken into account in calculating * notional interest that may be deducted under section 240 ‑ 50.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 72 of 2001 | No 14 of 2009", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-60", "Provision_Key": "s240-60", "Heading": "Notional interest", "Text": "(1) The * notional interest for an * arrangement payment period is worked out as follows: Calculating * notional interest Step 1. Add the * notional interest from previous * arrangement payment periods to the notional loan principal. Step 2. Subtract any * arrangement payments that have already been made or that are due but that have not been made. The result is the outstanding notional loan principal as at the start of the * arrangement payment period. Step 3. Work out the implicit interest rate for the * arrangement payment period, taking into account the * arrangement payments payable by the * notional buyer under the * arrangement and any * termination amounts. Step 4. Multiply the outstanding notional loan principal by the implicit interest rate. The result is the notional interest for the * arrangement payment period. (2) If only part of an * arrangement payment period occurs during an income year, the * notional interest for that part of the arrangement payment period is so much of the notional interest for that arrangement payment period as may appropriately be related to that income year in accordance with generally accepted accounting principles. (3) In calculating the implicit interest rate, if any of the relevant amounts are not known at the start of the * arrangement, a reasonable estimate of the amount is to be made and is to be used for the purposes of calculating the implicit interest rate for each income year of the * notional seller. (4) If a reasonable estimate cannot be made at that time, an estimate of the amount is to be made at the end of each income year of the * notional seller for the purposes of calculating the implicit interest rate for each income year of the notional seller.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-65", "Provision_Key": "s240-65", "Heading": "Arrangement payments", "Text": "An arrangement payment is an amount that the * notional buyer is required to pay under the * arrangement but does not include: (a) an amount in the nature of a penalty payable for failure to make a payment on time; or (b) a * termination amount.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-70", "Provision_Key": "s240-70", "Heading": "Arrangement payment periods", "Text": "(1) An * arrangement payment period is a period for which a payment under the * arrangement is allocated or expressed to be payable. (2) However, if a period exceeds 6 months, the period is not an * arrangement payment period but each of the following parts of the period is a separate arrangement payment period: (a) the part of the period beginning at the start of that period and ending 6 months later; (b) each part of the period: (i) beginning immediately after a part of the period that is an arrangement payment period under paragraph (a) or under a previous application of this paragraph; and (ii) ending 6 months after the start of that later part or at the end of the period, whichever first occurs.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-75", "Provision_Key": "s240-75", "Heading": "When is the end of the arrangement?", "Text": "(1) If the * arrangement is stated to cease to have effect at a particular time, it is taken for the purposes of this Division to end (even if it is extended or renewed) at the earlier of: (a) that time; or (b) the time at which the arrangement ceases to have effect (whether because the arrangement is terminated or for any other reason). Note: Section 240 ‑ 80 deals with extensions and renewals. (2) An * arrangement is taken to have ended if it is extended or renewed. (3) If the * arrangement is of indefinite duration, it ends at the time at which the arrangement ceases to have effect even if the * arrangement is renewed. Note: Section 240 ‑ 80 deals with extensions and renewals. (4) An * arrangement is taken to have ended if it is reasonable to conclude, having regard to the terms and conditions of the * arrangement, that the arrangement has ceased to have effect. (5) An * arrangement is also taken to have ended if the property has been lost or destroyed.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-80", "Provision_Key": "s240-80", "Heading": "What happens if the arrangement is extended or renewed", "Text": "(1) This section sets out what happens if, after the end of the * arrangement, the * notional buyer and * notional seller extend or renew the * arrangement. (2) This Division applies as if the original * arrangement has ended and the extended arrangement or renewed arrangement is a separate arrangement (the new arrangement ). (3) There is not, however, taken to be any disposal or acquisition as a result of the original arrangement ending or of the new arrangement starting and the * notional buyer does not cease to own the property. (4) Also, the notional loan principal for the new loan is: (a) if the * arrangement as extended or renewed states an amount as the cost or value of the property for the purposes of the extension or renewal and the * notional seller and the * notional buyer were dealing with each other at * arm’s length in connection with the extension or renewal—the amount so stated; or (b) otherwise—the amount that could reasonably have been expected to have been paid by the notional buyer for the purchase of the property if: (i) the notional seller had actually sold the property to the notional buyer when the arrangement was extended or renewed; and (ii) the notional seller and notional buyer were dealing with each other at arm’s length in connection with the sale. (5) Subdivision 240 ‑ G applies to the notional loan for the original arrangement. For that purpose, the notional loan principal for the new arrangement is taken to be a * termination amount paid to the * notional seller under the original arrangement.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-85", "Provision_Key": "s240-85", "Heading": "What happens if an amount is paid by or on behalf of the notional buyer to acquire the property", "Text": "If, at or after the end of the * arrangement, an amount is paid to the * notional seller by, or on behalf of, the * notional buyer to acquire the property, the following provisions have effect: (a) the amount paid is not included in the notional seller’s assessable income; (b) the notional buyer cannot deduct the payment; (c) the notional buyer is taken to continue to own the property; (d) the transfer to the notional buyer of legal title to the property is not taken to be a disposal of the property by the notional seller.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-90", "Provision_Key": "s240-90", "Heading": "What happens if the notional buyer ceases to have the right to use the property", "Text": "(1) This section applies if, at the end of the * arrangement: (a) the arrangement is not extended or renewed in the way mentioned in subsection 240 ‑ 80(1); and (b) no amount is paid to the * notional seller by, or on behalf of, the * notional buyer to acquire the property; and (c) the property is not lost or destroyed. (2) The property is taken to have been disposed of by the * notional buyer by way of sale back to the * notional seller, and to have been acquired by the * notional seller, at the end of the * arrangement. (3) The consideration for the sale of the property by the * notional buyer, and the cost of the acquisition of the property by the * notional seller, are each taken to be equal to the * market value of the property at the end of the * arrangement. (4) Subsection (5) applies where the property is a * car and if it: (a) had been bought from the * notional seller, when this Division first applied to an * arrangement in respect of the car, by the * notional buyer for a price equal to the notional loan principal; and (b) had been first used by the notional buyer for any purpose in the * financial year in which that time occurred; the cost of the car, for the purpose of working out its decline in value for that person under Division 40, would have been limited by section 40 ‑ 230. (5) Where an associate of the * notional buyer acquires the * car, the * cost of the car for the purposes of the application of Division 40 to the associate is taken to be whichever is the lesser of: (a) the sum of: (i) the amount that would have been the * adjustable value of the car at that time for the purposes of the application of that Division to the notional buyer if the notional buyer were not taken under this Division to have disposed of the car; and (ii) any amount that is included in the notional buyer’s assessable income under section 40 ‑ 285 because the notional buyer is taken to have disposed of the car; or (b) the cost of the acquisition of the car by the associate.", "Amendment_Count": 4, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 77 of 2001 | No 58 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-100", "Provision_Key": "s240-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for adjustments if the sum of the amounts included in the notional seller’s assessable income are greater or less than the interest, worked out at the end of the arrangement, for the notional loan. Table of sections Operative provisions 240 ‑ 105 Adjustments for notional seller 240 ‑ 110 Adjustments for notional buyer", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-105", "Provision_Key": "s240-105", "Heading": "Adjustments for notional seller", "Text": "(1) This section applies at the end of the * arrangement. (2) If the sum of: (a) all amounts (other than * termination amounts) that were paid or payable to the * notional seller under the * arrangement; and (b) any termination amounts paid or payable to the notional seller; exceeds the amount worked out using the formula in subsection (4), the excess is included in the notional seller’s assessable income of the income year in which the arrangement ends. Note: Subsection 240 ‑ 80(5) provides that the amount of a notional loan that is taken to be made by an extended or renewed arrangement is a termination amount paid under the previous arrangement. (3) If the amount worked out using the formula in subsection (4) exceeds: (a) all amounts (other than * termination amounts) that were paid or payable to the * notional seller under the * arrangement; and (b) any termination amounts paid or payable to the notional seller; the notional seller is entitled to deduct the excess in the income year in which the arrangement ends. Note: Subsection 240 ‑ 80(5) provides that the amount of a notional loan that is taken to be made by an extended or renewed arrangement is a termination amount paid under the previous arrangement. (4) The formula for the purposes of subsections (2) and (3) is: where: assessed notional interest means the * notional interest that has been or is to be included in the * notional seller’s assessable income of any income year.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-110", "Provision_Key": "s240-110", "Heading": "Adjustments for notional buyer", "Text": "(1) If: (a) an amount is included in the * notional seller’s assessable income of an income year under subsection 240 ‑ 105(2); or (b) an amount would have been so included if the notional seller had been subject to tax on assessable income; the * notional buyer is entitled to deduct a corresponding amount in the notional buyer’s income year. (2) If: (a) the * notional seller is entitled to deduct an amount for an income year under subsection 240 ‑ 105(3); or (b) the notional seller would have been so entitled if the * notional seller had been subject to tax on assessable income; a corresponding amount is included in the notional buyer’s assessable income for the notional buyer’s income year. (3) The * notional buyer is entitled to a deduction, and is required to include an amount in his or her assessable income only to the extent (if any) that the notional buyer would, apart from this Division, have been entitled to deduct * arrangement payments if no part of those payments were capital in nature.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-112", "Provision_Key": "s240-112", "Heading": "Division 16E applies to certain arrangements", "Text": "(1) Division 16E of Part III of the Income Tax Assessment Act 1936 applies in relation to an arrangement (the assignment arrangement ) between the notional seller and another person (the holder ) to transfer the right to payments (the Division 240 payments ) under an arrangement that is treated as a sale and loan by this Division (the sale and loan arrangement ). (2) In applying Division 16E, the following assumptions are to be made: (a) the assignment arrangement is the qualifying security; (b) the notional seller is the issuer; (c) the qualifying security is issued when the assignment arrangement is entered into; (d) the issue price is consideration provided to the notional seller under the assignment arrangement; (e) the Division 240 payments are payments made by the notional seller under the assignment arrangement; (f) no part of the payments represent periodic interest. (3) This Subdivision does not apply if the assignment arrangement gives rise to a termination of the sale and loan arrangement for the purposes of this Division. (4) To avoid doubt, Division 6A of Part III of the Income Tax Assessment Act 1936 does not apply to an assignment arrangement to which this Subdivision applies.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-112"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 240-115", "Provision_Key": "s240-115", "Heading": "Another person, or no person taken to own property in certain cases", "Text": "(1) This section sets out special modifications of the effect of this Division that apply in relation to a * hire purchase agreement unless: (a) the notional buyer would have been the owner or the * quasi ‑ owner of the property if the * arrangement had been a sale of the property; and (b) it is reasonably likely that the right, obligation or contingent obligation to acquire the property will be exercised by, or in respect of, the notional buyer. Note: An example of a contingent obligation is a put option. (2) The modifications also apply if the * notional buyer: (a) disposes of his or her interest in the property; or (b) enters into a lease covered by Division 242 (about luxury car leases) under which he or she leases the property to another person. Modifications (3) For the purpose of the * capital allowance provisions, if, apart from the operation of this Division, an entity other than the * notional seller would own the property that is the subject of an agreement covered by this section, that entity is taken to be the owner of the property. (4) For the purpose of the * capital allowance provisions, if, apart from the operation of this Division, the * notional seller would own the property that is the subject of an agreement covered by this section, no entity is taken to be the owner of the property.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s240-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-1", "Provision_Key": "s242-1", "Heading": "What this Division is about", "Text": "A luxury car is one whose market value exceeds the car limit set for a car’s capital allowance deductions by section 40 ‑ 230. If the lessor of a luxury car is tax exempt, or taxed at a lower rate than the lessee, the lease could be structured to give both parties a better after ‑ tax outcome than if the lessee had bought the car. The lessee could fully deduct the lease payments, thereby avoiding the capital allowance limit for luxury cars, and the lessor would receive higher lease payments. This Division removes the tax benefit for the lessee by putting both parties in the same position as if the lessor had sold the car to the lessee and lent the lessee the purchase price.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-5", "Provision_Key": "s242-5", "Heading": "What this Subdivision is about", "Text": "A leased luxury car is treated for income tax purposes as if it had been sold by the lessor to the lessee for the car’s market value. The lessor is treated as having lent the lessee the money to buy the car, and the lease payments are treated as payments of the principal and interest on that notional loan. Table of sections Operative provisions 242 ‑ 10 Application 242 ‑ 15 Notional sale and acquisition 242 ‑ 20 Consideration for notional sale, and cost, of car 242 ‑ 25 Notional loan by lessor to lessee", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-10", "Provision_Key": "s242-10", "Heading": "Application", "Text": "(1) This Division applies to a * car that: (a) is leased (but not under a * short ‑ term hire agreement or a * hire purchase agreement) for consideration; and (b) was a * luxury car when the lessor first leased it; and (c) is not * trading stock of the lessee; and (d) is not a car covered by subsection 40 ‑ 230(2) (about cars modified to carry individuals with a disability). (2) The provisions of this Division do not have effect for the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936 (about withholding tax on dividends, interest and royalties). Note: This subsection prevents interest on the notional loan that this Division creates being subject to withholding tax under Division 11A. (3) For the purposes of paragraph (1)(a), the question whether an agreement is a * short ‑ term hire agreement is determined on the basis that an employee or employer of an entity is an * associate of the entity. Note: Under the definition of short ‑ term hire agreement in subsection 995 ‑ 1(1), successive agreements for the hire of the same asset to an entity or its associates are not short ‑ term hire agreements if they result in substantial continuity of hiring.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-15", "Provision_Key": "s242-15", "Heading": "Notional sale and acquisition", "Text": "(1) This Act has effect as if: (a) the * car had been disposed of (the notional sale ) by the lessor to the lessee; and (b) the car had been acquired by the lessee; at the start of the term of the lease. Note: This Act will apply as it would have if the lessor had actually disposed of the car to the lessee. For example, if the lessor had been deducting an amount for the car’s decline in value, the notional disposal will activate the balancing adjustment rules in Subdivision 40 ‑ D because the lessor would be treated as no longer holding the car. (2) This Act also has effect as if the lessee owns the * car until: (a) the lease (not including any extension or renewal of the lease) ends; or (b) the lessee enters into a sublease of the car and this Division applies to the car in relation to the sublease. Note 1: This means that the lessee (and not the lessor) may be able to deduct amounts for the decline in value of the car under Division 40. Note 2: The lessee will be treated as continuing to own the car until the end of any extension or renewal: see section 242 ‑ 80.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-20", "Provision_Key": "s242-20", "Heading": "Consideration for notional sale, and cost, of car", "Text": "(1) The consideration for the notional sale by the lessor, and the first element of the * cost of the * car for the lessee, are the car’s * market value at the start of the term of the lease. (2) If: (a) the lease is a sublease; and (b) the lessee is one or more of the following: (i) an * associate of the lessor; (ii) an employer of the lessor; (iii) an employee of the lessor; the first element of the * cost of the * car to the lessee is the sum of: (c) the amount that would have been the car’s * adjustable value at the start of the term of the lease for the purposes of applying this Act to the lessor if the lessor were not taken under this Division to have disposed of the car; and (d) any amount that is included in the lessor’s assessable income under section 40 ‑ 285 as a balancing adjustment because the lessor is treated as having disposed of the car. Note: Section 242 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 extends paragraph (2)(d) to cover amounts included in assessable income under former provisions corresponding to section 40 ‑ 285.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-25", "Provision_Key": "s242-25", "Heading": "Notional loan by lessor to lessee", "Text": "(1) This Act has effect as if, on the grant of the lease, the lessor had made a loan (the notional loan ) to the lessee: (a) for a period equal to the term of the lease (not including the term of any extension or renewal); and (b) of an amount (the notional loan principal ) equal to the consideration for the notional sale of the * car less any amount paid, or credited by the lessor as having been paid, by the lessee to the lessor, at or before the start of the term of the lease, for the first element of the * cost of the car to the lessee; and (c) subject to payment of interest. Note: There is a further notional loan if the lease is extended or renewed: see section 242 ‑ 80. (2) This Act has effect as if the notional loan principal were repaid, and the interest were paid, by the making of the * luxury car lease payments.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-30", "Provision_Key": "s242-30", "Heading": "What this Subdivision is about", "Text": "The lessor’s assessable income includes the interest on the notional loan. The lease payments to the lessor are non ‑ assessable non ‑ exempt income. Note: If the consideration for a notional sale of a car exceeds the adjustable value of the car to the lessor, the excess will be included in the lessor’s assessable income under section 40 ‑ 285. There would be a similar result if the lessor is treated as having reacquired the car and then sells the car for more than the cost of reacquisition. Table of sections Operative provisions 242 ‑ 35 Amount to be included in lessor’s assessable income 242 ‑ 40 Treatment of lease payments", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-35", "Provision_Key": "s242-35", "Heading": "Amount to be included in lessor’s assessable income", "Text": "Accrual amounts (1) The lessor’s assessable income for an income year includes: (a) if a * luxury car lease payment period for the lease of a * car occurs wholly during that income year—the amount (an accrual amount ) worked out under subsection (2) for that luxury car lease payment period; and (b) if part of a luxury car lease payment period for the lease of a car occurs during that income year—so much of the amount (also an accrual amount ) worked out under subsection (2) for that luxury car lease payment period as may appropriately be related to that income year in accordance with generally accepted accounting principles. (2) The amount is: where: implicit interest rate is the implicit interest rate under the lease for the * luxury car lease payment period, taking into account the payments to be made by the lessee under the lease and any * termination amounts. outstanding notional loan principal at the start of the lease payment period is: (a) the sum of the notional loan principal and the accrual amounts for earlier * luxury car lease payment periods; less (b) the sum of the * luxury car lease payments that the lessee was required to make before the start of the relevant luxury car lease payment period. Excessive periods (3) If, apart from this subsection, a * luxury car lease payment period for the lease of a * car would exceed 6 months, this Division applies as if each of the following were a separate luxury car lease payment period: (a) the first 6 months of the original luxury car lease payment period; (b) if the original luxury car lease payment period was not longer than 12 months—the remaining part of the original luxury car lease payment period; (c) if the original luxury car lease payment period was longer than 12 months—each successive 6 month period in the original luxury car lease payment period; (d) the period (if any) after the end of the last of the periods to which paragraph (c) applies.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-40", "Provision_Key": "s242-40", "Heading": "Treatment of lease payments", "Text": "(1) The * luxury car lease payments under the lease are not assessable income and are not * exempt income of the lessor. Note: Those lease payments are instead taken into account in calculating accrual amounts that are included in the lessor’s assessable income under section 242 ‑ 35. (2) In working out the amounts the lessor can deduct for any income year, ignore the fact that subsection (1) makes the * luxury car lease payments * non ‑ assessable non ‑ exempt income. Note: This allows the lessor to continue to deduct amounts related to earning the lease payments (such as interest on an amount the lessor borrowed to acquire the car), just as if the amounts related to earning interest on the notional loan to the lessee.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-45", "Provision_Key": "s242-45", "Heading": "What this Subdivision is about", "Text": "The lessee is entitled to deduct the interest on the notional loan to the same extent that the lessee would have been able to deduct the lease payments apart from this Division. Table of sections Operative provisions 242 ‑ 50 Extent to which deductions are allowable to lessee 242 ‑ 55 Lease payments not deductible", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-50", "Provision_Key": "s242-50", "Heading": "Extent to which deductions are allowable to lessee", "Text": "(1) If a * luxury car lease payment period for the lease of a * car occurs wholly during an income year of the lessee, the lessee can deduct the accrual amount for that period for that income year. Note 1: If a luxury car lease payment period would otherwise be longer than 6 months, subsection 242 ‑ 35(3) divides the original period into periods of no longer than 6 months. Note 2: For accrual amount , see subsection 242 ‑ 35(1). (2) If part of a * luxury car lease payment period for the lease of a * car occurs during an income year of the lessee, the lessee can deduct so much of the accrual amount for that period as may appropriately be related to that income year in accordance with generally accepted accounting principles. (3) The lessee can deduct an accrual amount, or part of an accrual amount, for a * luxury car lease payment period under subsection (1) or (2) for an income year only to the extent that the lessee could deduct the luxury car lease payments made for that year apart from this Division.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-55", "Provision_Key": "s242-55", "Heading": "Lease payments not deductible", "Text": "The lessee cannot deduct the * luxury car lease payments that the lessee makes under the lease for any income year. Note: Those payments are instead taken into account in calculating accrual amounts that are deductible under section 242 ‑ 50.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-60", "Provision_Key": "s242-60", "Heading": "What this Subdivision is about", "Text": "When a luxury car lease is extended, renewed or ends, the overall nominal gain to the lessor is compared to the nominal interest so far paid under the lease. If the overall nominal gain is greater, the difference is assessable income of the lessor, and the lessee may be able to deduct it. If the overall nominal gain is less, the lessor can deduct the difference, which may also be assessable income of the lessee. This process ensures that the right amount has been taxed over the term of the lease. Table of sections Operative provisions 242 ‑ 65 Adjustments for lessor 242 ‑ 70 Adjustments for lessee", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-65", "Provision_Key": "s242-65", "Heading": "Adjustments for lessor", "Text": "(1) This section applies at the following times: (a) if the term of the lease is extended—when the extension takes effect; (b) if the lease is renewed—when the renewal takes effect; (c) when the lease (including any extension or renewal of the lease) ends. (2) If the sum of all amounts (whether * luxury car lease payments, a * termination amount or any other payments) that were paid or payable to the lessor under the lease exceeds the amount worked out under subsection (4), the excess is included in the lessor’s assessable income for the income year in which the relevant time occurs. Note: Subsection 242 ‑ 80(8) treats the amount of a notional loan that is taken to be made by an extended or renewed lease to be a termination amount paid under the previous lease. (3) If the sum of all amounts (whether * luxury car lease payments, a * termination amount or any other payments) that were paid or payable to the lessor under the lease is less than the amount worked out under subsection (4), the lessor can deduct the difference for the income year in which the relevant time occurs. (4) The amount for the purposes of subsections (2) and (3) is the sum of: (a) the notional loan principal; and (b) the sum of the accrual amounts that have been or are to be included in the lessor’s assessable income of any income year. Note: For accrual amount , see subsection 242 ‑ 35(1).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-70", "Provision_Key": "s242-70", "Heading": "Adjustments for lessee", "Text": "(1) If: (a) an amount is included in the lessor’s assessable income for an income year under subsection 242 ‑ 65(2); or (b) an amount would have been so included if the lessor had been subject to tax on assessable income; the lessee can deduct a corresponding amount for the same income year. (2) If: (a) the lessor can deduct an amount for an income year under subsection 242 ‑ 65(3); or (b) the lessor could have deducted an amount under that subsection if the lessor had been subject to tax on assessable income; a corresponding amount is included in the lessee’s assessable income for the same income year. (3) The lessee cannot deduct an amount for any income year under subsection (1), and an amount is not included in the lessee’s assessable income of any income year under subsection (2), except to the extent (if any) that the lessee could deduct the * luxury car lease payments made apart from this Division.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-75", "Provision_Key": "s242-75", "Heading": "What this Subdivision is about", "Text": "When a luxury car lease ends (whether it expires or is terminated before its expiry date), one of 3 things will happen: (a) if the lease is extended or renewed—the original notional loan is treated as having been repaid and the lessor is treated as having made a new loan to the lessee; or (b) if the lessee acquires the car from the lessor—the lessee continues to own the car for tax purposes, and the actual transfer and the termination payment to acquire the car are ignored for tax purposes; or (c) if the lessee’s right to use the car ends—the lessee is treated as having sold the car back to the lessor. In each case, there may be adjustments under Subdivision 242 ‑ D to ensure that the right amount has been taxed over the term of the lease. Table of sections Operative provisions 242 ‑ 80 What happens if the term of the lease is extended or the lease is renewed 242 ‑ 85 What happens if an amount is paid by the lessee to acquire the car 242 ‑ 90 What happens if the lessee stops having the right to use the car", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-80", "Provision_Key": "s242-80", "Heading": "What happens if the term of the lease is extended or the lease is renewed", "Text": "(1) The rules in this section have effect if, after the end of the lease (or the end of any extension of the lease term or renewal of the lease), the lessee continues to have the * right to use the * car because the term of the lease is extended (or further extended) or the lease is renewed (or further renewed). (2) This Act has effect as if the lessee continued to be the owner of the * car until the end of the lease as extended or renewed. (3) However, this Act has effect as if the lessee stopped being the owner of the * car if: (a) the lessee enters into a sublease in respect of the car; and (b) this Division applies to the car in respect of that sublease. (4) This Act has effect as if the notional loan that arose because of the grant of the lease, or because of the previous extension or renewal, had been repaid. Note: Also, Subdivision 242 ‑ D (about balancing adjustments) will apply to the ending, extension or renewal. (5) This Act has effect as if, on the grant of the extension or renewal, the lessor had made a new loan (the notional loan ) to the lessee: (a) for the period of the extension of the term of the lease or the period of the renewed lease, as the case may be; and (b) of an amount (the notional loan principal ) equal to the * car’s * market value when the extension or renewal is granted; and (c) subject to the payment of interest. (6) This Act has effect as if the notional loan principal were repaid, and the interest were paid, by the making of the * luxury car lease payments under the lease as extended or renewed (or further extended or renewed). (7) In determining whether subsection (1) applies to the lessee, disregard any period after the end of the lease (or the end of any extension of the lease term or renewal of the lease) and before the extension or renewal (or further extension or renewal) is granted and during which the lessee did not have the * right to use the * car if the extension or renewal (or further extension or renewal): (a) has effect from the time immediately after the end of that term, extension or renewal; or (b) otherwise results in substantial continuity of the leasing of the car to the lessee. (8) The amount of the notional loan is treated, for the purposes of section 242 ‑ 65 (about the lessor’s balancing adjustments), as a * termination amount paid to the lessor under the lease or under the previous extension or renewal.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-85", "Provision_Key": "s242-85", "Heading": "What happens if an amount is paid by the lessee to acquire the car", "Text": "If, at the end of the lease or, if it is extended or renewed, at the end of any extension or renewal (the end time ), an amount is paid to the lessor by, or on behalf of, the lessee to acquire the * car, the following provisions have effect: (a) the amount paid is not included in the lessor’s assessable income; (b) the lessee cannot deduct the payment; (c) this Act has effect as if: (i) the lessee continued to be the owner of the car until the lessee disposes of it; and (ii) the transfer to the lessee of legal title to the car were not a disposal of the car by the lessor.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 242-90", "Provision_Key": "s242-90", "Heading": "What happens if the lessee stops having the right to use the car", "Text": "(1) If, at the end time: (a) the lessee stops having the * right to use the * car; and (b) no amount is paid to the lessor by, or on behalf of, the lessee to acquire the car; the following provisions have effect. Note: For end time , see section 242 ‑ 85. (2) This Act has effect as if the * car: (a) were sold by the lessee to the lessor; and (b) were acquired by the lessor; at the end time. (3) The consideration for the sale of the * car by the lessee, and the first element of the * cost of the car to the lessor, are the * market value of the car at the end time. (4) If the * car is afterwards acquired by an * associate of the lessee or an employer or employee of the lessee, this Act has effect as if the first element of the * cost of the car as a * depreciating asset were the lesser of: (a) the sum of: (i) the amount that would have been the * adjustable value of the car at that time for the purposes of applying this Act to the lessee if the lessee were not treated under this Division as having disposed of the car; and (ii) any amount that is included in the lessee’s assessable income under section 40 ‑ 285 as a balancing adjustment because the lessee is treated as having disposed of the car; and (b) the cost of the acquisition of the car by the associate, employer or employee. Note: Section 242 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 extends subparagraph (a)(ii) to cover amounts included in assessable income under former provisions corresponding to section 40 ‑ 285. (5) For the purposes of paragraph (1)(a), the lessee is not treated as having stopped to have the * right to use the * car if: (a) the term of the lease is extended (or further extended), or the lease is renewed (or further renewed), at a time after, but not immediately after, the end of that term, extension or renewal with effect from the time immediately after that end; or (b) the extension or renewal (or further extension or renewal) otherwise results in substantial continuity of the leasing of the car to the lessee.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s242-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-10", "Provision_Key": "s243-10", "Heading": "What this Division is about", "Text": "This Division tells you when you must include an additional amount in your assessable income at the termination of a limited recourse debt arrangement. It also tells you what the additional amount is. Basically, the Division applies where the capital allowance deductions that have been obtained for expenditure that is funded by the debt and the deductions are excessive having regard to the amount of the debt that was repaid. The reason for the adjustment is to ensure that, where you have not been fully at risk in relation to an amount of expenditure, you do not get a net deduction if you fail to pay that amount.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-15", "Provision_Key": "s243-15", "Heading": "When does this Division apply?", "Text": "(1) This Division applies if: (a) * limited recourse debt has been used to wholly or partly finance or refinance expenditure; and (b) at the time that the debt * arrangement is terminated, the debt has not been paid in full by the debtor; and (c) the debtor can deduct an amount as a * capital allowance for the income year in which the termination occurs, or has deducted or can deduct an amount for an earlier income year, in respect of the expenditure or the * financed property. Note: This Division does not apply to certain limited recourse debts that are used to refinance limited recourse debt to which this Division has applied (see subsection 243 ‑ 50(4)). (2) However, unless the net * capital allowance deductions have been excessive having regard to the amount of the debt that remains unpaid (see section 243 ‑ 35), no amount is included in the debtor’s assessable income under this Division although future deductions may be reduced. (3) In working out if the debt has been paid in full, and in working out the unpaid amount of the debt, the following amounts are to be treated as if they were not payments in respect of the debt: (a) any reduction in the debt as a result of the * financed property being surrendered or returned to the creditor at the termination of the debt; (b) any payment to reduce the debt that is funded directly or indirectly by * non ‑ arm’s length limited recourse debt or by proceeds from the disposal of the debtor’s interest in the financed property. However, any amounts accrued that are interest, * notional interest or in the nature of interest are taken not to be unpaid. (4) In working out if the debt has been paid in full, and in working out the unpaid amount of the debt, payments are to be attributed first to the payment of any accrued amounts that are interest, * notional interest or in the nature of interest. (5) A notional loan arising because of Division 240 (about arrangements treated as a sale and loan) is taken to be a debt that has been used to wholly or partly finance or refinance expenditure.", "Amendment_Count": 3, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 101 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-20", "Provision_Key": "s243-20", "Heading": "What is limited recourse debt?", "Text": "(1) A limited recourse debt is an obligation imposed by law on an entity (the debtor ) to pay an amount to another entity (the creditor ) where the rights of the creditor as against the debtor in the event of default in payment of the debt or of interest are limited wholly or predominantly to any or all of the following: (a) rights (including the right to money payable) in relation to any or all of the following: (i) the * debt property or the use of the debt property; (ii) goods produced, supplied, carried, transmitted or delivered, or services provided, by means of the debt property; (iii) the loss or disposal of the whole or a part of the debt property or of the debtor’s interest in the debt property; (b) rights in respect of a mortgage or other security over the debt property or other property; (c) rights that arise out of any * arrangement relating to the financial obligations of an end ‑ user of the * financed property towards the debtor, and are financial obligations in relation to the financed property. (2) An obligation imposed by law on an entity (the debtor ) to pay an amount to another entity (the creditor ) is also a limited recourse debt if it is reasonable to conclude that the rights of the creditor as against the debtor in the event of default in payment of the debt or of interest: (a) are capable of being limited in the way mentioned in subsection (1); or (b) are in substance or effect limited wholly or predominantly to rights (including the right to money payable) in relation to any or all of the following: (i) the * debt property or the use of the debt property; (ii) goods produced, supplied, carried, transmitted or delivered, or services provided, by means of the debt property; (iii) the loss or disposal of the whole or a part of the debt property or of the debtor’s interest in the debt property. Note: Paragraph (b) could apply to a special purpose entity. For example, an entity’s only significant asset is one that it financed by way of a bank loan. The bank’s rights to recover the debt (if the entity defaults) are not contractually limited, however they are in effect limited to rights in relation to the asset. (3) An obligation imposed by law on an entity (the debtor ) to pay an amount to another entity (the creditor ) is also a limited recourse debt if there is no * debt property and it is reasonable to conclude that the rights of the creditor as against the debtor in the event of default in payment of the debt or of interest are capable of being limited. (3A) In reaching a conclusion for the purposes of subsection (2) or (3), have regard to the following: (a) the debtor’s assets (other than assets that are indemnities or guarantees provided in relation to the debt); (b) any * arrangement to which the debtor is a party; (c) except for the purposes of paragraph (2)(b)—whether all of the debtor’s assets would be available for the purpose of discharging the debt (other than assets that are security for other debts of the debtor or any other entity); (d) whether the debtor and creditor are dealing at * arm’s length in relation to the debt. (4) A notional loan arising because of Division 240 (about arrangements treated as a sale and loan) under a * hire purchase agreement is also a limited recourse debt . (5) However, an obligation that is covered by subsection (1) is not a limited recourse debt if the creditor’s recourse is not in practice limited due to the creditor’s rights in respect of a mortgage or other security over property of the debtor (other than the financed property) the value of which exceeds, or is likely to exceed, the amount of the debt. (6) Also, an obligation that is covered by subsection (1), (2) or (3) is not a limited recourse debt if, having regard to all relevant circumstances, it would be unreasonable for the obligation to be treated as limited recourse debt. (7) A * limited recourse debt is a non ‑ arm’s length limited recourse debt if the debtor and creditor do not deal with each other at * arm’s length in relation to the debt.", "Amendment_Count": 4, "First_Amended": "No 72 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 72 of 2001 | No 79 of 2010 | No 84 of 2013 | No 88 of 2013", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-25", "Provision_Key": "s243-25", "Heading": "When is a debt arrangement terminated?", "Text": "(1) A debt arrangement is taken to have terminated if: (a) it is actually terminated; or (b) the debtor’s obligation to repay the debt is waived, novated or otherwise varied so as to reduce, transfer or extinguish the debt; or (c) an agreement is entered into to waive, novate or otherwise vary the debtor’s obligation to repay the debt so as to reduce, transfer or extinguish the debt; or (d) the creditor ceases to have an entitlement to recover the debt from the debtor (other than as a result of an * arm’s length assignment of some or all of the creditor’s rights under the debt arrangement); or (e) the debtor ceases to be the owner or the * quasi ‑ owner of some or all of the * debt property because that property is surrendered to the creditor because of the debtor’s failure to pay the whole or a part of the debt; or (f) the debtor ceases to be the owner of a beneficial interest in some or all of the debt property because the interest is surrendered to the creditor because of the debtor’s failure to pay the whole or a part of the debt; or (g) the debt becomes a bad debt. (2) However, a debt arrangement that is a notional loan arising because of Division 240 (about arrangements treated as a sale and loan) is not taken to have terminated merely because it has been renewed or extended. Note: Under Division 240, notional loans are taken to have ended if the relevant arrangement is renewed or extended. (3) Where a debt is terminated under paragraph (1)(b) or (c) as a result of the debt being reduced, the remaining debt is taken to be a new debt to which section 243 ‑ 15 applies.", "Amendment_Count": 3, "First_Amended": "No 72 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 72 of 2001 | No 79 of 2010 | No 88 of 2013", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-30", "Provision_Key": "s243-30", "Heading": "What is the financed property and the debt property?", "Text": "(1) Property is the financed property if the expenditure referred to in paragraph 243 ‑ 15(1)(a) is on the property, is on the acquisition of the property, results in the creation of the property or is otherwise connected with the property. (2) If the debt agreement is a notional loan arising under Division 240 (about arrangements treated as a sale and loan), the property that is the subject of the agreement is the financed property . (3) Property is the debt property if: (a) it is the * financed property; or (b) the property is provided as security for the debt.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-35", "Provision_Key": "s243-35", "Heading": "Working out the excessive deductions", "Text": "(1) The * capital allowance deductions have been excessive having regard to the amount of the debt that remains unpaid if the amount worked out under subsection (2) exceeds the amount worked out under subsection (4). (2) This is how to work out the total net * capital allowance deductions: Working out the total net capital allowance deductions Step 1. Add up all of the debtor’s * capital allowance deductions in respect of the expenditure or the * financed property (including deductions because of balancing adjustments) for the income year in which the termination occurs or an earlier income year. Note: The amount of a capital allowance deduction may be reduced under section 707 ‑ 415. Step 2. Deduct from that any amount that is included in the assessable income of the debtor of any income year by virtue of a provision of this Act (other than this Division) as a result of the disposal of the * financed property the effect of which is to reverse a deduction covered by Step 1. Step 3. Deduct from the result an amount equal to the sum of any amounts included in the entity’s assessable income as a result of an earlier application of this Division to the debt. Step 4. Add to the result an amount equal to the sum of any deductions to which the entity is entitled under section 243 ‑ 45 (repayments of the original debt after termination) or 243 ‑ 50 (repayments of the replacement debt) because of payments in respect of the debt. (3) The reference in step 2 of the method statement in subsection (2) to an amount that is included in the assessable income of a taxpayer as a result of the disposal of the * financed property includes a reference to an amount that is included under section 26AG of the Income Tax Assessment Act 1936 as a result of the disposal of the financed property. Note: Division 20 deals with amounts included to reverse the effect of past deductions. (4) This is how to work out the total net capital allowance deductions that would otherwise be allowable taking into account the amount of the debt that is unpaid: Working out the total net capital allowance deductions that would otherwise be allowable Work out the amount that would be worked out under subsection (2) if the deductions and the amounts included in assessable income had been calculated using the following assumptions: (1) The original expenditure in respect of which deductions were calculated was reduced by the amount of the debt that was unpaid by the debtor when the debt was terminated. (In calculating the amount unpaid the following are to be disregarded: (a) any reduction in the amount as a result of the * financed property being surrendered or returned to the creditor at the termination of the debt; (b) any reduction in the amount to the extent that it is funded directly or indirectly by * non ‑ arm’s length limited recourse debt or by the consideration for the disposal of the debtor’s interest in the financed property.) (2) Deductions for income years after the income year in which the termination occurred were also taken into account. (3) The original expenditure in respect of which deductions were calculated was increased by any amount that is paid by the debtor as consideration for another person assuming a liability under the debt. (This assumption does not apply to the extent that the consideration is funded directly or indirectly by * non ‑ arm’s length limited recourse debt or by the consideration for the disposal of the debtor’s interest in the * financed property.) (4) Step 2 were omitted from subsection (2).", "Amendment_Count": 4, "First_Amended": "No 72 of 2001", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 72 of 2001 | No 77 of 2001 | No 101 of 2006 | No 88 of 2009", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Inserted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-40", "Provision_Key": "s243-40", "Heading": "Amount included in debtor’s assessable income", "Text": "The debtor’s assessable income for the income year in which the termination occurs is to include the excess referred to in subsection 243 ‑ 35(1). Note: Section 243 ‑ 60 applies in relation to certain partnership debts.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-45", "Provision_Key": "s243-45", "Heading": "Deduction for later payments in respect of debt", "Text": "(1) This section applies if: (a) an amount was included in the debtor’s assessable income under section 243 ‑ 40 or a deduction was reduced under section 243 ‑ 55; and (b) the debtor makes a payment to the creditor, after the termination of the debt arrangement, in respect of the debt (other than an amount to the extent to which it is a payment of interest, of * notional interest or in the nature of interest). (2) This is how to work out the amount of the deduction: Working out the amount of the deduction Step 1. Work out the amount that would be worked out under subsection 243 ‑ 35(2) if the debt were terminated immediately before the payment. Step 2. Work out the amount that would have been worked out under subsection 243 ‑ 35(4) at that time if the payment had been taken into account. Step 3. The amount of the deduction is the amount (if any) by which the amount worked out under Step 2 exceeds the amount worked out under Step 1. (3) The amount can be deducted for the income year in which the payment is made. Limit on deductions (4) The total amounts deducted under this section in respect of a debt, and under section 243 ‑ 50 in respect of a replacement debt, cannot exceed the sum of: (a) any amounts included in the debtor’s assessable income under this Division in respect of the original debt; and (b) any amount by which deductions in respect of the original debt were reduced under section 243 ‑ 55.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-50", "Provision_Key": "s243-50", "Heading": "Deduction for payments for replacement debt", "Text": "Payments where debt refinanced (1) This section applies if: (a) an amount was included in the debtor’s assessable income under section 243 ‑ 40 or a deduction was reduced under section 243 ‑ 55; and (b) an amount funded by a * non ‑ arm’s length limited recourse debt (the replacement debt ) was disregarded in calculations under subsection 243 ‑ 35(4); and (c) the debtor makes a payment, after the termination of the original debt arrangement, in respect of the replacement debt (other than to the extent to which it is a payment of interest, of * notional interest or in the nature of interest). (2) This is how to work out the amount of the deduction: Working out the amount of the deduction Step 1. Work out the amount that would be worked out under subsection 243 ‑ 35(2) if the replacement debt were terminated immediately before the payment. Step 2. Work out the amount that would have been worked out under subsection 243 ‑ 35(4) at that time if the payment had been made in respect of the original debt and it had been taken into account. Step 3. The amount of the deduction is the amount (if any) by which the amount worked out under Step 2 exceeds the amount worked out under Step 1. (3) The amount can be deducted for the income year in which the payment is made. Division not to apply to termination of replacement debt (4) This Division does not apply to termination of the replacement debt referred to in paragraph (1)(b). Limit on deductions (5) The total amounts deducted under section 243 ‑ 45 in respect of the original debt, or under this section in respect of the replacement debt, cannot exceed the sum of: (a) any amounts included in the debtor’s assessable income under this Division in respect of the original debt; and (b) any amount by which deductions in respect of the original debt were reduced under section 243 ‑ 55.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-55", "Provision_Key": "s243-55", "Heading": "Effect of Division on later capital allowance deductions", "Text": "(1) This section applies where this Division (other than section 243 ‑ 65) has applied in relation to a debt and the debtor is entitled to a * capital allowance deduction in respect of the expenditure or the * financed property in relation to a time or period after the termination of the debt. (2) The * capital allowance deduction is reduced if the amount that would have been worked out under subsection 243 ‑ 35(2) would have exceeded the amount worked out under subsection 243 ‑ 35(4) if the following assumptions were applied in both subsections: Assumptions to be applied (1) That the debt was terminated at the time, or at the end of the period, referred to in subsection (1) of this section. (2) That the amount unpaid at the time, or at the end of the period, is reduced by any amounts paid under a replacement debt. (3) The debtor’s * capital allowance deductions in respect of the expenditure or the * financed property were increased by the amount of the capital allowance deduction referred to in subsection (1) of this section. (3) The deduction is to be reduced by the amount of the excess.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 72 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-57", "Provision_Key": "s243-57", "Heading": "Effect of Division on later capital allowance balancing adjustments", "Text": "(1) This section applies where this Division (other than section 243 ‑ 65) has applied in relation to a debt and an amount is later included in the assessable income of an entity by virtue of a provision of this Act (other than this Division) as a result of the disposal of the * financed property the effect of which is to reverse a deduction covered by Step 1 in subsection 243 ‑ 35(2). (2) Any amount that would be included in the debtor’s assessable income is reduced if the amount that would have been worked out under subsection 243 ‑ 35(4) would have exceeded the amount worked out under subsection 243 ‑ 35(2) if the following assumptions were applied in both subsections: Assumptions to be applied (1) That the debt was terminated at the time of the disposal of the * financed property, referred to in subsection (1) of this section. (2) The amount in Step 2 in subsection 243 ‑ 35(2) were increased by the amount that would otherwise be included in the debtor’s assessable income. (3) The amount worked out under subsection 243 ‑ 35(4) were reduced by any amount by which: (a) the amount arising as a result of the disposal that is taken into account for the purposes of the provision mentioned in subsection (1); exceeds: (b) the unpaid amount of the debt immediately before the time of the disposal of the * financed property, referred to in subsection (1). (3) The amount is to be reduced by the amount of the excess.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-57"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-58", "Provision_Key": "s243-58", "Heading": "Adjustment where debt only partially used for expenditure", "Text": "If the debt is only partially used to finance the expenditure, or the property, in respect of which the * capital allowance deductions referred to in Step 1 in subsection 243 ‑ 35(2) are allowed, the amount of any deduction, any reduction in a deduction or any amount included in assessable income is to be so much as is reasonable taking into account the proportion of the debt that is used for that purpose.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-58"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-60", "Provision_Key": "s243-60", "Heading": "Application of Division to partnerships", "Text": "This Division applies to a partnership in respect of the partnership’s debts and in respect of debts of a partner, and references to a debtor include a reference to a partnership.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-65", "Provision_Key": "s243-65", "Heading": "Application where partner reduces liability", "Text": "(1) This section applies to a debt in relation to a partner in a partnership if: (a) in connection with an * arrangement, the partner’s liability to pay the debt is reduced or eliminated and the partner’s interest in the partnership ceases or is varied or transferred; and (b) an excess would have been worked out under subsection 243 ‑ 35(1) if, at the time when the debt is reduced or eliminated, the debt had been terminated and remained unpaid and this section had not applied. (2) If this section applies to a debt in relation to a partner in a partnership, an amount is to be included in his or her assessable income. (3) This is how to work out the amount to be included: Working out the amount included Step 1. Work out which income years the partner was a member of the partnership and the partnership was entitled to a * capital allowance deduction in respect of the expenditure or the * financed property (including deductions because of balancing adjustments). Step 2. For each of those income years, work out the proportion of net income of the partnership or the partnership loss (as the case requires) that was included in the assessable income of the partner or which the partner could deduct. Step 3. For each of those income years, multiply the * capital allowance deductions in respect of the expenditure or the * financed property (including deductions because of balancing adjustments) of the partnership by the corresponding proportion worked out under Step 2. Sum all of the amounts. Step 4. Divide the sum by the total of the * capital allowance deductions in respect of the expenditure or the * financed property (including deductions because of balancing adjustments) of the partnership for all of those income years. Step 5. Work out the amount that would have been included in the partnership’s assessable income under section 243 ‑ 40 if the debt had been terminated and remained unpaid and this section had not applied. Step 6. Multiply the amount worked out in Step 5 by the factor worked out in Step 4. The result is the amount to be included in the partner’s assessable income.", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 72 of 2001 | No 101 of 2006", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-70", "Provision_Key": "s243-70", "Heading": "Application of Division to companies ceasing to be 100% subsidiary", "Text": "(1) This section applies to a company if: (a) the company ceases to be a * 100% subsidiary in relation to at least one other company; and (b) at that time, the company is the debtor for a * limited recourse debt that has not been paid in full by the company; and (c) the creditor’s rights under the debt are transferred or assigned to another entity. (2) If this section applies, this Division applies as if the debt were terminated, and refinanced with * non ‑ arm’s length limited recourse debt, at the time the company ceased to be a * 100% subsidiary of that other company.", "Amendment_Count": 1, "First_Amended": "No 72 of 2001", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 72 of 2001", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 243-75", "Provision_Key": "s243-75", "Heading": "Application of Division where debt forgiveness rules also apply", "Text": "(1) This section is to remove doubt about how this Division and Division 245 apply where both apply to the same debt. (2) Where both apply: (a) this Division is to be applied first and is to be applied disregarding any operation of Division 245; and (b) any amounts included in assessable income under this Division are taken into account under paragraph 245 ‑ 85(1)(a).", "Amendment_Count": 2, "First_Amended": "No 72 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 72 of 2001 | No 79 of 2010", "History_Notes": "Inserted by No 72 of 2001, effective 30 June 2001 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s243-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-1", "Provision_Key": "s245-1", "Heading": "What this Division is about", "Text": "When a creditor forgives a commercial debt you owe, you make a gain. This is usually not included in your assessable income. Instead, this Division offsets the forgiven amount against amounts that could otherwise reduce your taxable income in the same or a later income year. Those amounts are: (a) your tax losses and net capital losses; and (b) capital allowances and some similar deductions; and (c) the cost bases of your CGT assets.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-2", "Provision_Key": "s245-2", "Heading": "Simplified outline of this Division", "Text": "(1) This Division applies to any commercial debt (or part of a commercial debt) you owe that is forgiven. Note: This Division does not apply if: (a) the debt is waived and the waiver constitutes a fringe benefit; or (b) the amount of the debt has been, or will be, included in your assessable income in any income year; or (c) the debt is forgiven under an Act relating to bankruptcy; or (d) the debt is forgiven by will; or (e) the debt is forgiven for reasons of natural love and affection; or (f) the debt is a tax ‑ related liability. (2) The net forgiven amount of a debt is worked out by reducing the value of your forgiven debt by: (a) any consideration you provided for the forgiveness; and (b) any amounts that this Act already brings to account because of the forgiveness. (3) The net forgiven amounts of all your forgiven debts in an income year are added up. This total net forgiven amount is applied to reduce the following amounts (in the following order): (a) your tax losses from previous income years; (b) your net capital losses from previous income years; (c) the deductions you would otherwise get in the income year, or in a later year, because of expenditure from a previous year (e.g. the capital allowance deductions you would get for the cost of a depreciating asset); (d) the cost bases of your CGT assets. (4) Any unapplied total net forgiven amount is disregarded. (5) Special rules apply to debts of partnerships.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-5", "Provision_Key": "s245-5", "Heading": "What this Subdivision is about", "Text": "This Division applies to a debt if you can deduct interest payable on the debt. Table of sections Application of Division 245 ‑ 10 Commercial debts 245 ‑ 15 Non ‑ equity shares 245 ‑ 20 Parts of debts", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-10", "Provision_Key": "s245-10", "Heading": "Commercial debts", "Text": "Subdivisions 245 ‑ C to 245 ‑ G apply to a debt of yours if: (a) the whole or any part of interest, or of an amount in the nature of interest, paid or payable by you in respect of the debt has been deducted, or can be deducted, by you; or (b) interest, or an amount in the nature of interest, is not payable by you in respect of the debt but, had interest or such an amount been payable, the whole or any part of the interest or amount could have been deducted by you; or (c) interest or an amount mentioned in paragraph (a) or (b) could have been deducted by you apart from the operation of a provision of this Act (other than paragraphs 8 ‑ 1(2)(a), (b) and (c)) that has the effect of preventing a deduction. Note: Paragraphs 8 ‑ 1(2)(a), (b) and (c) prevent deductions for capital, private or domestic outgoings and for outgoings relating to exempt income or non ‑ assessable non ‑ exempt income.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-15", "Provision_Key": "s245-15", "Heading": "Non ‑ equity shares", "Text": "This Division applies to a * non ‑ equity share issued by a company as if it were a debt to which section 245 ‑ 10 applies that is owed by the company to the relevant shareholder.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-20", "Provision_Key": "s245-20", "Heading": "Parts of debts", "Text": "This Division applies to part of a debt in the same way as it applies to a whole debt. Note: This Division treats interest, or an amount in the nature of interest, payable on a debt as being a separate debt if the interest or amount has accrued but has not been paid.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-30", "Provision_Key": "s245-30", "Heading": "What this Subdivision is about", "Text": "A debt is forgiven if you no longer have to pay it. However, this Division does not apply to some cases of forgiveness, such as bankruptcy. Table of sections Operative provisions 245 ‑ 35 What constitutes forgiveness of a debt 245 ‑ 36 What constitutes forgiveness of a debt if the debt is assigned 245 ‑ 37 What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt 245 ‑ 40 Forgivenesses to which operative rules do not apply 245 ‑ 45 Application of operative rules if forgiveness involves an arrangement", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-35", "Provision_Key": "s245-35", "Heading": "What constitutes forgiveness of a debt", "Text": "A debt is forgiven if and when: (a) the debtor’s obligation to pay the debt is released or waived, or is otherwise extinguished other than by repaying the debt in full; or (b) the period within which the creditor is entitled to sue for the recovery of the debt ends, because of the operation of a statute of limitations, without the debt having been paid.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-36", "Provision_Key": "s245-36", "Heading": "What constitutes forgiveness of a debt if the debt is assigned", "Text": "A debt is forgiven if and when the creditor assigns the right to receive payment of the debt to another entity (the new creditor ) and the following conditions are met: (a) either the new creditor is the debtor’s * associate or the assignment occurred under an * arrangement to which the new creditor and debtor were parties; (b) the right to receive payment of the debt was not acquired by the new creditor in the ordinary course of * trading on a market, exchange or other place on which, or facility by means of which, offers to sell, buy or exchange securities (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 ) are made or accepted. Note 1: Division 16E of Part III of the Income Tax Assessment Act 1936 brings to account gains and losses on some securities on an accruals basis. Note 2: This Division also applies if an assigned debt is subsequently forgiven by the new creditor. Section 245 ‑ 61 tells you how to work out the value of the debt in that case.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-36"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-37", "Provision_Key": "s245-37", "Heading": "What constitutes forgiveness of a debt if a subscription for shares enables payment of the debt", "Text": "If an entity subscribes for * shares in a company to enable the company to make a payment in or towards discharge of a debt it owes to the entity, the debt is forgiven when, and to the extent that, the company applies any of the money subscribed in or towards payment of the debt.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-40", "Provision_Key": "s245-40", "Heading": "Forgivenesses to which operative rules do not apply", "Text": "Subdivisions 245 ‑ C to 245 ‑ G do not apply to a * forgiveness of a debt if: (a) the debt is waived and the waiver constitutes a * fringe benefit; or Note: The waiver by an employer of a debt owed by an employee is usually a fringe benefit: see section 14 of the Fringe Benefits Tax Assessment Act 1986 . (b) the amount of the debt has been, or will be, included in the assessable income of the debtor in any income year; or (c) the forgiveness is effected under an Act relating to bankruptcy; or (d) the forgiveness is effected by will; or (e) the forgiveness is for reasons of natural love and affection; or (f) the debt is a * tax ‑ related liability or a civil penalty under Division 290 in Schedule 1 to the Taxation Administration Act 1953 (about penalties for promoters and implementers of tax avoidance schemes). Note: If the forgiveness of your debt involved an arrangement which was entered into before 28 June 1996, see section 245 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-45", "Provision_Key": "s245-45", "Heading": "Application of operative rules if forgiveness involves an arrangement", "Text": "(1) If: (a) the debtor and the creditor in relation to a debt enter into an * arrangement; and (b) under the arrangement, the debtor’s obligation to pay the debt is to cease at a particular future time; and (c) the cessation of the obligation is to occur without the debtor incurring any financial or other obligation (other than an obligation that, having regard to the debtor’s circumstances, is of a nominal or insignificant amount or kind); Subdivisions 245 ‑ C to 245 ‑ G apply as if the debt were * forgiven when the arrangement is entered into. (2) If, after the arrangement is entered into, the debt is forgiven, the later forgiveness is disregarded for the purposes of those Subdivisions.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-48", "Provision_Key": "s245-48", "Heading": "What this Subdivision is about", "Text": "The amount of forgiveness (called the gross forgiven amount) for the debtor reflects the loss that the creditor makes for tax purposes. It is worked out in 2 steps: (a) the value of the debt when it was forgiven is worked out on the basis that you were solvent both then and when you incurred the debt; and (b) the value of the debt is then offset by any consideration given for the forgiveness of the debt. The difference between the value of the debt and the amount offset is the gross forgiven amount. If the debt was owed by several debtors, the gross forgiven amount is divided between them equally . Table of sections Working out the value of a debt 245 ‑ 50 Extent of forgiveness if consideration is given 245 ‑ 55 General rule for working out the value of a debt 245 ‑ 60 Special rule for working out the value of a non ‑ recourse debt 245 ‑ 61 Special rule for working out the value of a previously assigned debt Working out if an amount is offset against the value of the debt 245 ‑ 65 Amount offset against amount of debt Working out the gross forgiven amount 245 ‑ 75 Gross forgiven amount of a debt 245 ‑ 77 Gross forgiven amount shared between debtors", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-48"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-50", "Provision_Key": "s245-50", "Heading": "Extent of forgiveness if consideration is given", "Text": "If any consideration is paid or given in respect of the * forgiveness of a debt, the debt that is forgiven is: (a) the obligation that existed before the forgiveness to pay so much of the debt as is expressed, or is taken, to be forgiven; and (b) the obligation that existed before the forgiveness to pay any part of the debt to which paragraph (a) does not apply but which ceases to be payable as a result of the payment or giving of the consideration. Example: Daniel owes Samara $100. Samara agrees to accept $60 in full payment of the debt. If their agreement specifies that Samara forgives the whole debt in return for $60, paragraph (a) provides that the forgiven debt is $100. If their agreement instead requires Daniel to repay $60 and specifies that Samara forgives the remaining $40, paragraph (a) would deal with the $40 and paragraph (b) would add the remaining $60, again producing a forgiven amount of $100. In either case, the $60 Daniel pays is offset against the forgiven amount of $100 in working out the gross forgiven amount of the debt: see sections 245 ‑ 65 and 245 ‑ 75.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-55", "Provision_Key": "s245-55", "Heading": "General rule for working out the value of a debt", "Text": "(1) The value of your debt at the time (the forgiveness time ) when it is * forgiven is the amount that would have been its * market value (considered as an asset of the creditor) at the forgiveness time, assuming that: (a) when you incurred the debt, you were able to pay all your debts (including that one) as and when they fell due; and (b) your capacity to pay the debt is the same at the forgiveness time as when you incurred it. (2) However, the value of the debt at the forgiveness time is the sum of the following amounts, if that sum is less than the amount applicable under subsection (1): (a) what would have been the amount applicable under subsection (1) if there had been no change, from the time the debt was incurred until the forgiveness time, in any rate of interest, or rate of exchange between currencies, that affects the * market value of the debt; (b) each amount: (i) that you have deducted or can deduct as a result of the * forgiveness of the debt; and (ii) that is attributable to such a change. (3) Paragraph (1)(a) does not apply to the debt if: (a) either: (i) the creditor was an Australian resident at the forgiveness time; or (ii) the * forgiveness of the debt was a * CGT event involving a * CGT asset that was * taxable Australian property; and (b) you and the creditor were not dealing with each other at * arm’s length in respect of you incurring the debt; and (c) the debt was not a * moneylending debt. Note: This subsection reduces your gross forgiven amount to reflect the reduction in the creditor’s loss on the forgiven debt under the capital gains tax regime. (4) This section has effect subject to sections 245 ‑ 60 and 245 ‑ 61 (about non ‑ recourse and assigned debts).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-60", "Provision_Key": "s245-60", "Heading": "Special rule for working out the value of a non ‑ recourse debt", "Text": "(1) The value of a debt when it is * forgiven is the lesser of: (a) the amount of the debt outstanding at that time; and (b) the * market value at that time of the creditor’s rights mentioned in paragraph (2)(b). (2) Subsection (1) applies to a debt if: (a) you incurred the debt directly in respect of financing: (i) the acquisition of property by you; or (ii) the construction or development of property by you; (but not including the manufacture of goods); and (b) the creditor’s rights against you in the event of default in the payment of the debt or interest were, just before the debt was forgiven, limited to all or any of the following: (i) rights (including the right to money payable) in relation to all or any of the matters mentioned in subsection (3); (ii) rights in respect of a mortgage or other security over the property; (iii) rights arising out of any * arrangement relating to the financial obligations, in relation to the property, of the * end user of the property to you. (3) For the purposes of subparagraph (2)(b)(i), the matters are as follows: (a) the property or the use of the property; (b) goods produced, supplied, carried, transmitted or delivered by means of the property; (c) services provided by means of the property; (d) the loss or * disposal of the whole or a part of the property or of your interest in the property.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-61", "Provision_Key": "s245-61", "Heading": "Special rule for working out the value of a previously assigned debt", "Text": "If your debt has been assigned as mentioned in section 245 ‑ 36 and is later * forgiven by the new creditor, the value of that debt when it is later forgiven is: (a) if the debt was not a * moneylending debt and the creditor and the new creditor were not dealing with each other at * arm’s length in connection with the assignment—the * market value of the debt at the time of the assignment; or (b) in any other case—the sum of: (i) the amount or market value of the consideration (if any) you paid or gave, or are required to pay or give, to the creditor in respect of the assignment; and (ii) the amount or market value of the consideration (if any) the new creditor paid or gave in respect of the assignment.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-61"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-65", "Provision_Key": "s245-65", "Heading": "Amount offset against amount of debt", "Text": "(1) The table explains how to work out the amount (if any) that is offset against the value of a debt when it is forgiven (calculated under section 245 ‑ 55, 245 ‑ 60 or 245 ‑ 61) in working out the * gross forgiven amount of the debt. Amount offset against value of debt Item Column 1 In this case: Column 2 the amount offset is: 1 the debt is a * moneylending debt, and neither of items 4 and 6 applies the sum of: (a) each amount that the debtor has paid; and (b) the * market value, at the time of the * forgiveness, of each item of property (other than money) that the debtor has given; and (c) the market value, at that time, of each obligation of the debtor to pay an amount, or to give such an item of property; as a result of, or in respect of, the forgiveness of the debt. 2 the debt is not a * moneylending debt, and none of items 3, 4, 5 and 6 applies the sum of: (a) each amount that the debtor has paid, or is required to pay; and (b) the * market value, at the time of the * forgiveness, of each item of property (other than money) that the debtor has given, or is required to give; as a result of, or in respect of, the forgiveness of the debt. 3 the debt is not a * moneylending debt, the conditions in subsection (2) are met and none of items 4, 5 and 6 applies the * market value of the debt at the time of the * forgiveness. 4 the debt is assigned as mentioned in section 245 ‑ 36, and item 5 does not apply the sum of: (a) the amount or * market value of the consideration (if any) that the debtor has paid or given, or is required to pay or give, in respect of the assignment; and (b) the amount or market value of the consideration (if any) paid or given by the new creditor in respect of the assignment. 5 the debt is assigned as mentioned in section 245 ‑ 36, and: (a) the debt is not a * moneylending debt; and (b) the creditor and the new creditor were not dealing with each other at * arm’s length in connection with the assignment the * market value of the debt at the time of the assignment. 6 the debt is * forgiven by subscribing for * shares in a company as mentioned in section 245 ‑ 37 the amount worked out using the formula in subsection (3). (2) The conditions for the purposes of item 3 of the table in subsection (1) are: (a) at least one of the following is satisfied: (i) at the time when the debt was * forgiven, the creditor was an Australian resident; (ii) the forgiveness of the debt was a * CGT event involving a * CGT asset that was * taxable Australian property; and (b) at least one of the following is satisfied: (i) there is no amount, and no property, covered by column 2 of item 2 of the table; (ii) the amount worked out under item 2 of the table is greater or less than the * market value of the debt at the time of the forgiveness and the debtor and creditor did not deal with each other at * arm’s length in connection with the forgiveness. (3) The formula for the purposes of item 6 of the table in subsection (1) is: where: amount applied means the amount applied by the company as mentioned in section 245 ‑ 37. amount subscribed means the amount subscribed as mentioned in section 245 ‑ 37. market value of shares subscribed for means the * market value of all the shares in the company that were subscribed for as mentioned in section 245 ‑ 37, immediately after those shares were issued.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-75", "Provision_Key": "s245-75", "Heading": "Gross forgiven amount of a debt", "Text": "(1) The gross forgiven amount of a debt is: (a) if section 245 ‑ 65 does not apply to the debt—the value of the debt when it was * forgiven (worked out under section 245 ‑ 55, 245 ‑ 60 or 245 ‑ 61); or (b) if the value of the debt when it was forgiven exceeds the amount offset under section 245 ‑ 65 in relation to the debt—the excess. (2) If the value of the debt when it was * forgiven is equal to or less than the amount offset: (a) there is no gross forgiven amount in respect of the debt; and (b) Subdivisions 245 ‑ D to 245 ‑ F (about how to work out the net forgiven amount of a debt and how to treat it) do not apply in respect of the debt.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-77", "Provision_Key": "s245-77", "Heading": "Gross forgiven amount shared between debtors", "Text": "If 2 or more entities were liable (except as partners in a partnership) to pay a debt, whether their liability was joint or several, or joint and several, this Subdivision applies as if each entity had a * gross forgiven amount worked out using the formula:", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-77"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-80", "Provision_Key": "s245-80", "Heading": "What this Subdivision is about", "Text": "The net forgiven amount of a debt is worked out by subtracting, from the gross forgiven amount of the debt, any amount that this Act already takes into account for the debtor because the debt was forgiven (for example, if some part of the forgiven amount is treated as the debtor’s ordinary income). If the debtor and creditor were companies under common ownership, they may agree to transfer some of the net forgiven amount from the debtor to the creditor. The creditor must apply that amount to reduce the capital loss or deduction it has because of the forgiveness. Table of sections Operative provisions 245 ‑ 85 Reduction of gross forgiven amount 245 ‑ 90 Agreement between companies under common ownership for creditor to forgo capital loss or deduction", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-85", "Provision_Key": "s245-85", "Heading": "Reduction of gross forgiven amount", "Text": "(1) The * gross forgiven amount of your debt is reduced by the sum of the following amounts: (a) any amount that, under a provision of this Act other than this Division, has been, or will be, included in your assessable income for any income year as a result of the * forgiveness of the debt; (b) any amount by which, under a provision of this Act other than this Division, an amount you could otherwise have deducted for any income year has been, or will be, reduced as a result of the forgiveness of the debt (except a reduction under Division 727 (about indirect value shifting)); (c) any amount by which the * cost base of any of your * CGT assets has been, or will be, reduced under Part 3 ‑ 1 or 3 ‑ 3 as a result of the forgiveness of the debt. Note: Paragraph (1)(c) does not cover a reduction under Division 727 (indirect value shifting) because that Division is not in Part 3 ‑ 1 or 3 ‑ 3. (2) Subject to section 245 ‑ 90, the amount remaining after reducing the * gross forgiven amount under subsection (1) is the net forgiven amount of the debt.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-90", "Provision_Key": "s245-90", "Heading": "Agreement between companies under common ownership for creditor to forgo capital loss or deduction", "Text": "(1) This section applies if: (a) a debt owed by a company to another company is * forgiven; and (b) from the time when the debt was incurred until the time when the debt is forgiven, the companies were * under common ownership. (2) If, apart from this subsection, the creditor would have made a * capital loss as a result of the * forgiveness of the debt: (a) the debtor and creditor may agree that the creditor is to forgo so much of the loss as is stated in the agreement and does not exceed the amount that would be the net forgiven amount of the debt apart from this section (the provisional net forgiven amount of the debt); and (b) if such an agreement is made: (i) the creditor’s capital loss is reduced by the agreed amount; and (ii) the provisional net forgiven amount of the debt is also reduced by the agreed amount; and (iii) the amount remaining after the reduction of the provisional net forgiven amount of the debt under subparagraph (ii) is the net forgiven amount of the debt. (3) If, apart from this subsection, the creditor could deduct an amount in respect of the debt under section 8 ‑ 1 (about general deductions) or section 25 ‑ 35 (about bad debts) for the * forgiveness income year: (a) the debtor and creditor may agree that the creditor is to forgo so much of the deduction as is stated in the agreement and does not exceed the amount that would be the net forgiven amount of the debt apart from this section (the provisional net forgiven amount of the debt); and (b) if such an agreement is made: (i) the amount the creditor can deduct is reduced by the agreed amount; and (ii) the provisional net forgiven amount of the debt is also reduced by the agreed amount; and (iii) the amount remaining after the reduction of the provisional net forgiven amount of the debt under subparagraph (ii) is the net forgiven amount of the debt. (4) Neither subsection (2) nor (3) applies in relation to an agreement unless the agreement: (a) is in writing and signed by the public officer of each company; and (b) is made before: (i) the first of those companies lodges its * income tax return for the * forgiveness income year; or (ii) any later day that the Commissioner determines in writing. (5) A determination made under subparagraph (4)(b)(ii) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-95", "Provision_Key": "s245-95", "Heading": "What this Subdivision is about", "Text": "The total of the net forgiven amounts of all your debts forgiven in an income year is applied to reduce 4 classes of amounts that could otherwise reduce your taxable income in the same or a later income year. It is applied in the following order: (a) to your tax losses from previous income years; (b) to your net capital losses from previous income years; (c) to the deductions you would otherwise get in the income year, or in a later income year, because of expenditure from a previous year (for example, the capital allowance deductions you would get for expenditure on acquiring a depreciating asset); (d) to the cost bases of your CGT assets. You can choose the order in which the net forgiven amounts reduce the amounts within each class. If all the amounts in the 4 classes are reduced to nil, any remaining net forgiven amounts are disregarded. Table of sections General operative provisions 245 ‑ 100 Subdivision not to apply to calculation of attributable income 245 ‑ 105 How total net forgiven amount is applied Reduction of tax losses 245 ‑ 115 Total net forgiven amount is applied in reduction of tax losses 245 ‑ 120 Allocation of total net forgiven amount in respect of tax losses Reduction of net capital losses 245 ‑ 130 Remaining total net forgiven amount is applied in reduction of net capital losses 245 ‑ 135 Allocation of remaining total net forgiven amount in respect of net capital losses Reduction of expenditure 245 ‑ 145 Remaining total net forgiven amount is applied in reduction of expenditure 245 ‑ 150 Allocation of remaining total net forgiven amount in respect of expenditures 245 ‑ 155 How expenditure is reduced—straight line deductions 245 ‑ 157 How expenditure is reduced—diminishing balance deductions 245 ‑ 160 Amount applied in reduction of expenditure included in assessable income in certain circumstances Reduction of cost bases of assets 245 ‑ 175 Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets 245 ‑ 180 Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets 245 ‑ 185 Relevant cost bases of investments in associated entities are reduced last 245 ‑ 190 Reduction of the relevant cost bases of a CGT asset Unapplied total net forgiven amount 245 ‑ 195 No further consequences if there is any remaining unapplied total net forgiven amount", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-100", "Provision_Key": "s245-100", "Heading": "Subdivision not to apply to calculation of attributable income", "Text": "This Subdivision does not apply to the calculation of: (a) attributable income of a non ‑ resident trust estate within the meaning of section 102AAB of the Income Tax Assessment Act 1936 ; or (b) * attributable income of a * CFC.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-105", "Provision_Key": "s245-105", "Heading": "How total net forgiven amount is applied", "Text": "(1) Your total net forgiven amount for the * forgiveness income year is the total of the * net forgiven amounts of all your debts that are * forgiven in that year. Note 1: The total net forgiven amount may be reduced under section 707 ‑ 415. Note 2: The total net forgiven amount of a partner in a partnership is affected by section 245 ‑ 215. (2) Your * total net forgiven amount is applied, in accordance with sections 245 ‑ 115 to 245 ‑ 195, for the * forgiveness income year.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-115", "Provision_Key": "s245-115", "Heading": "Total net forgiven amount is applied in reduction of tax losses", "Text": "The * total net forgiven amount is applied first, to the maximum extent possible, in reduction, in accordance with section 245 ‑ 120, of your * tax losses (if any) for any income years, if the tax losses could, if you had enough assessable income, be deducted in: (a) the * forgiveness income year; or (b) a later income year.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-120", "Provision_Key": "s245-120", "Heading": "Allocation of total net forgiven amount in respect of tax losses", "Text": "(1) You may choose: (a) the order in which your * tax losses are reduced; and (b) the amount applied to reduce each of those losses; so long as the * total net forgiven amount is applied, to the maximum extent possible, in reduction of those losses. (2) If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-130", "Provision_Key": "s245-130", "Heading": "Remaining total net forgiven amount is applied in reduction of net capital losses", "Text": "(1) The * total net forgiven amount (if any) remaining after being applied under section 245 ‑ 115 is applied, to the maximum extent possible, in reduction, in accordance with section 245 ‑ 135, of your * net capital losses (if any) specified in subsection (2). (2) Those * net capital losses are your net capital losses for income years before the * forgiveness income year that you could apply in working out your * net capital gain for the forgiveness income year if you had enough capital gains.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-135", "Provision_Key": "s245-135", "Heading": "Allocation of remaining total net forgiven amount in respect of net capital losses", "Text": "(1) You may choose: (a) the order in which your * net capital losses are reduced; and (b) the amount applied in reduction of each of those losses; so long as the * total net forgiven amount remaining is applied, to the maximum extent possible, in reduction of those losses. (2) If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-145", "Provision_Key": "s245-145", "Heading": "Remaining total net forgiven amount is applied in reduction of expenditure", "Text": "(1) The * total net forgiven amount (if any) remaining after being applied under sections 245 ‑ 115 and 245 ‑ 130 is applied, to the maximum extent possible, in reduction, in accordance with sections 245 ‑ 150, 245 ‑ 155 and 245 ‑ 157, of your expenditure that: (a) is mentioned in the following table (other than expenditure covered by subsection (2)) and was incurred by you before the * forgiveness income year; and (b) apart from this Subdivision, could be deducted by you for the forgiveness income year or a later income year if no event or circumstance (other than a * recoupment of the expenditure by you in the forgiveness income year) occurred that would affect its deductibility. Table of expenditure Item Column 1 General description of expenditure Column 2 Provision under which a deduction is available for the expenditure 1 Expenditure deductible under Division 40 (Capital allowances) Division 40 of this Act 2 Expenditure incurred in * borrowing money to produce assessable income Section 25 ‑ 25 of this Act 3 Expenditure on scientific research Subsection 73A(2) of the Income Tax Assessment Act 1936 4 Expenditure deductible under Division 355 (R&D) Division 355 of this Act 5 Advance revenue expenditure Subdivision H of Division 3 of Part III of the Income Tax Assessment Act 1936 6 Expenditure on acquiring a unit of industrial property to produce assessable income Subsection 124M(1) of the Income Tax Assessment Act 1936 7 Expenditure on Australian films Section 124ZAFA of the Income Tax Assessment Act 1936 8 Expenditure on assessable income ‑ producing buildings and other capital works Section 43 ‑ 10 of this Act Note: If the asset to which the expenditure relates was disposed of, lost or destroyed before 28 June 1996 or the expenditure was recouped before 28 June 1996, see section 245 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 . (2) Expenditure is covered by this subsection if: (a) it was incurred in respect of an asset you * disposed of to an entity that you dealt with at * arm’s length in respect of the disposal; and (b) the disposal occurred during the * forgiveness income year before the * forgiveness of any debt owed by you, and the forgiveness resulted in a * net forgiven amount; and (c) no provision of this Act includes an amount in your assessable income, or allows you a deduction, as a result of the disposal.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 79 of 2010 | No 93 of 2011", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-150", "Provision_Key": "s245-150", "Heading": "Allocation of remaining total net forgiven amount in respect of expenditures", "Text": "(1) You may choose: (a) the order in which your expenditures are reduced; and (b) the amount applied in reduction of each of those expenditures; so long as that the * total net forgiven amount remaining is applied, to the maximum extent possible, in reduction of your expenditures. (2) If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-155", "Provision_Key": "s245-155", "Heading": "How expenditure is reduced—straight line deductions", "Text": "(1) This section applies in respect of the reduction under section 245 ‑ 145 of an expenditure of yours, if: (a) the amount that you could deduct, apart from this Subdivision, in respect of the expenditure is a percentage, fraction or proportion of an amount (the base amount ); and (b) the base amount is worked out without regard to any amount or amounts you previously deducted in respect of that expenditure. (2) The amount of the reduction of the expenditure must not exceed: (a) the base amount; less (b) the amount of that part of the expenditure in respect of which you have deducted (disregarding subsection (4)), or can deduct, an amount for any income year before the * forgiveness income year. (3) For the purpose of working out your deductions for the * forgiveness income year and later income years, any amount that is applied in reduction of your expenditure is taken to reduce the base amount. (4) You are taken to have deducted the amount of the reduction in respect of the expenditure: (a) before the * forgiveness income year; and (b) for the purposes of any provision of this Act that includes an amount in your assessable income or allows you a deduction: (i) because of the * disposal, loss or destruction of the asset in respect of which the expenditure was incurred; or (ii) because of the * recoupment of any of the expenditure; or (iii) because use of the asset for a particular purpose has been otherwise terminated; or (iv) because a * balancing adjustment event occurs for that asset. (5) The amount of that part of the expenditure in respect of which you have deducted (disregarding subsection (4), or can deduct, an amount for all income years (including income years before the * forgiveness income year) must not exceed the base amount as reduced under subsection (3).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-157", "Provision_Key": "s245-157", "Heading": "How expenditure is reduced—diminishing balance deductions", "Text": "Any amount applied in reduction under section 245 ‑ 145 of an expenditure of yours is taken to have been deducted by you in respect of the expenditure before the * forgiveness income year, if the amount you could deduct, apart from this Subdivision, in respect of the expenditure is a percentage, fraction or proportion of an amount that is worked out after taking into account any amount previously deducted by you in respect of the expenditure.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-157"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-160", "Provision_Key": "s245-160", "Heading": "Amount applied in reduction of expenditure included in assessable income in certain circumstances", "Text": "If: (a) after the * forgiveness income year you * recoup an amount of expenditure that is subject to reduction under section 245 ‑ 145; and (b) as a result of the recoupment, this Act applies to disallow any amount you have deducted in respect of the expenditure; an amount equal to the amount, or the sum of the amounts, applied under this Subdivision in reduction of the expenditure is included in your assessable income in the income year in which the expenditure is recouped.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-175", "Provision_Key": "s245-175", "Heading": "Remaining total net forgiven amount is applied in reduction of cost bases of CGT assets", "Text": "(1) The * total net forgiven amount (if any) remaining after being applied under sections 245 ‑ 115, 245 ‑ 130 and 245 ‑ 145 is applied, to the maximum extent possible, in reduction, in accordance with sections 245 ‑ 180 to 245 ‑ 190, of the * cost base and * reduced cost base of your * CGT assets. (2) Subsection (1) does not apply to the following * CGT assets: (a) a * pre ‑ CGT asset; (b) a CGT asset you * acquire after the start of the * forgiveness income year; (c) a * personal use asset; (d) a * dwelling that was your main residence at any time before the forgiveness income year; (e) goodwill; (f) a right of yours covered by section 118 ‑ 305 (which exempts from CGT certain rights relating to a superannuation fund or approved deposit fund); (g) a CGT asset that, throughout the period before the forgiveness income year when it was owned by you, was your * trading stock; (h) a CGT asset if: (i) expenditure by you (of a kind which is subject to reduction under section 245 ‑ 145) relates to the asset; and (ii) a * CGT event in relation to the asset would result in an amount being included in your assessable income, or in you being able to deduct an amount; (i) if you are a foreign resident at the beginning of the forgiveness income year—an asset of yours that is not * taxable Australian property.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-180", "Provision_Key": "s245-180", "Heading": "Allocation of remaining total net forgiven amount among relevant cost bases of CGT assets", "Text": "(1) Subject to section 245 ‑ 185, you may choose: (a) your * CGT assets whose * cost base and * reduced cost base are subject to reduction under section 245 ‑ 175; and (b) the amount applied in reduction of the cost base and reduced cost base of each of those assets; so long as the * total net forgiven amount remaining is applied, to the maximum extent possible, in reduction of the cost base and reduced cost base of such assets. (2) If you do not make a choice for the purposes of subsection (1), the Commissioner may make the choice on your behalf in a reasonable way.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-185", "Provision_Key": "s245-185", "Heading": "Relevant cost bases of investments in associated entities are reduced last", "Text": "If your * CGT assets that are subject to reduction under section 245 ‑ 175 include investments in, or in relation to, an * associate of yours (including * membership interests, or * debt interests, in your associate), the: (a) * cost base; and (b) * reduced cost base; of those assets are not subject to reduction under section 245 ‑ 175 until the * total net forgiven amount (if any) remaining has been applied, to the maximum extent possible, in reduction of the cost bases of your other CGT assets.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-190", "Provision_Key": "s245-190", "Heading": "Reduction of the relevant cost bases of a CGT asset", "Text": "(1) Subject to subsection (3), if you choose to apply an amount in reduction of the * cost base and * reduced cost base of a particular * CGT asset, the cost base and reduced cost base of the asset, as at any time on or after the beginning of the * forgiveness income year, are reduced by that amount. (2) The reduction by a particular amount of the * cost base and * reduced cost base of a particular * CGT asset is, for the purpose of working out the amount by which the * total net forgiven amount remaining is applied, taken to be a reduction by the particular amount (and not by the sum of the amounts by which those cost bases are reduced). (3) The maximum amount by which the * cost base and * reduced cost base of a * CGT asset may be reduced is the amount that, apart from sections 245 ‑ 175 to 245 ‑ 185, would be the reduced cost base of the asset calculated as if a * CGT event had happened to the asset: (a) subject to paragraph (b), on the first day of the * forgiveness income year; or (b) if, after the beginning of that income year, an event occurred that would cause the reduced cost base of the asset to be reduced—on the day on which the event occurred; and the asset had been * disposed of at its * market value on the day concerned.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-195", "Provision_Key": "s245-195", "Heading": "No further consequences if there is any remaining unapplied total net forgiven amount", "Text": "(1) If any part of the * total net forgiven amount remains after the application of that amount in making reductions under the preceding provisions of this Subdivision, the remaining part is disregarded. (2) This section has effect subject to section 245 ‑ 215 (about partnerships and transferring the remaining part to the partners).", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-200", "Provision_Key": "s245-200", "Heading": "What this Subdivision is about", "Text": "Any part of a partnership’s total net forgiven amount left over after applying it under Subdivision 245 ‑ E is divided between the partners. Each partner treats the partner’s share as a net forgiven amount the partner has for the income year. Table of sections Operative provisions 245 ‑ 215 Unapplied total net forgiven amount of a partnership is transferred to partners", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-215", "Provision_Key": "s245-215", "Heading": "Unapplied total net forgiven amount of a partnership is transferred to partners", "Text": "(1) This section applies if any part (the residual amount ) of the * total net forgiven amount in relation to a partnership in respect of the * forgiveness income year remains after the total net forgiven amount has been applied in accordance with Subdivision 245 ‑ E. (2) If there is a * net income in relation to the partnership in respect of the * forgiveness income year: (a) each partner is taken to have had a debt * forgiven during the forgiveness income year; and (b) there is taken to be, in respect of the debt of each partner, a * net forgiven amount worked out in accordance with the following formula: where: partner’s share of net income means the part of the net income of the partnership for the forgiveness income year that is included in the partner’s assessable income. (3) If there is a * partnership loss in relation to the partnership in respect of the * forgiveness income year: (a) each partner is taken to have had a debt * forgiven during the forgiveness income year; and (b) there is taken to be, in respect of the debt of each partner, a * net forgiven amount worked out in accordance with the following formula: where: partner’s share of partnership loss means the part of the partnership loss that the partner has deducted or can deduct. (4) The * total net forgiven amount of a partner for the * forgiveness income year as worked out under subsection 245 ‑ 105(1) includes the * net forgiven amount worked out in relation to the partner under this section. (5) This section has effect in relation to a partnership irrespective of any agreement between the partners as to the operation of this section.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 245-265", "Provision_Key": "s245-265", "Heading": "Keeping and retaining records", "Text": "(1) If you incur a debt, you must keep any records that are necessary to enable the following matters to be readily found out: (a) the date on which you incurred the debt; (b) the identity of the creditor; (c) the amount of the debt; (d) the terms of repayment of the debt; (e) if the debt is not a * moneylending debt and you and the creditor were not dealing with each other at * arm’s length in respect of the incurring of the debt—your capacity at the time when the debt was incurred to pay the debt when it falls due; (f) if your debt is * forgiven—the date of the forgiveness and the amount offset under section 245 ‑ 65 (if any) in respect of the debt. Note: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . (2) If a company and another company that are * under common ownership cease to be under common ownership, each company must keep any records that are necessary to enable the following matters to be readily found out: (a) the date on which the companies ceased to be under common ownership; (b) the identity of each entity that was a * controller (for CGT purposes) of the company immediately before the companies ceased to be under common ownership; (c) the identity of each entity that was a controller (for CGT purposes) of the company immediately after the companies ceased to be under common ownership. (3) You must keep the records required by subsection (1) or (2) in writing in the English language or so as to enable them to be readily accessible and convertible into writing in the English language. (4) Subject to subsection (5), you must keep the records required by subsection (1) until: (a) if paragraph (b) does not apply—the end of 5 years after the debt was * forgiven; or (b) if the period within which the Commissioner may, under section 170 of the Income Tax Assessment Act 1936 , amend your assessment for the income year to which the records relate, or in which a transaction or act to which the records relate was completed, is extended under subsection 170(7) of that Act—the later of: (i) the end of the assessment period as so extended; and (ii) the end of the period of 5 years mentioned in paragraph (a). (5) Subsection (4) does not require you to keep records after the debt is paid. (6) Subject to subsection (7), each company that keeps any records required by subsection (2) must retain the records until the end of the second income year after the income year in which the companies ceased to be * under common ownership. (7) If a debt of one of the companies mentioned in subsection (2) was * forgiven at any time after the companies ceased to be * under common ownership and before the end of the second income year after the income year in which the cessation occurred, each company that keeps records required by that subsection must retain the records until the time specified in subsection (4). (8) You commit an offence if you fail to comply with a provision of this section. Penalty: 30 penalty units. (9) An offence against subsection (8) is an offence of strict liability. Note: For strict liability, see section 6.1 of the Criminal Code . (10) This section does not limit the application of any other provision of this Act relating to the keeping or retention of records.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s245-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-1", "Provision_Key": "s247-1", "Heading": "What this Division is about", "Text": "Capital protection provided under a relevant capital protected borrowing to the extent that it is not provided by an explicit put option is treated (for the borrower) as if it were a put option. An amount attributable to capital protection under any relevant capital protected borrowing is treated (for the borrower) as a payment for a put option. Table of sections Operative provisions 247 ‑ 5 Object of Division 247 ‑ 10 What capital protected borrowing and capital protection are 247 ‑ 15 Application of this Division 247 ‑ 20 Treating capital protection as a put option 247 ‑ 25 Number of put options 247 ‑ 30 Exercise or expiry of option", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-5", "Provision_Key": "s247-5", "Heading": "Object of Division", "Text": "The object of this Division is to ensure that amounts for * capital protection under all relevant * capital protected borrowings are treated (for the borrower) under this Act as a payment for a put option.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-10", "Provision_Key": "s247-10", "Heading": "What capital protected borrowing and capital protection are", "Text": "(1) An * arrangement under which a * borrowing is made, or credit is provided, is a capital protected borrowing if the borrower is wholly or partly protected against a fall in the * market value of a thing (the protected thing ) to the extent that: (a) the borrower uses the amount borrowed or credit provided to acquire the protected thing; or (b) the borrower uses the protected thing as security for the borrowing or provision of credit. (2) That protection is called capital protection .", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-15", "Provision_Key": "s247-15", "Heading": "Application of this Division", "Text": "(1) This Division applies to a * capital protected borrowing only if the protected thing is a beneficial interest in: (a) a * share, a unit in a unit trust or a stapled security; or (b) an entity that holds a beneficial interest in a share, unit in a unit trust or stapled security either directly, or indirectly through one or more interposed entities. (2) This Division applies only to borrowers under * capital protected borrowings. (3) This Division does not apply to a * capital protected borrowing if: (a) an * ESS interest is acquired under the borrowing; and (b) Subdivision 83A ‑ B or 83A ‑ C (about employee share schemes) applies to the ESS interest. (4) This Division does not apply to a * capital protected borrowing entered into before 1 July 2007 (except to the extent that it is extended on or after that day) unless the * share, unit in a unit trust or stapled security is listed for quotation in the official list of an * approved stock exchange. (5) This Division does not apply to a * capital protected borrowing entered into on or after 1 July 2007 if: (a) the protected thing is a beneficial interest in: (i) a * share, unit or stapled security that is not listed for quotation in the official list of an * approved stock exchange; or (ii) an entity that holds a beneficial interest in a share, unit in a unit trust or stapled security either directly, or indirectly through one or more interposed entities, that is not so listed; and (b) one of these conditions is satisfied: (i) for a non ‑ listed share—the company is not a * widely held company; (ii) for a non ‑ listed unit—the trust is not a widely held unit trust as defined in section 272 ‑ 105 in Schedule 2F to the Income Tax Assessment Act 1936 ; (iii) for a non ‑ listed stapled security—any company involved is not a widely held company and any trust involved is not such a widely held unit trust.", "Amendment_Count": 2, "First_Amended": "No 55 of 2007", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 55 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-20", "Provision_Key": "s247-20", "Heading": "Treating capital protection as a put option", "Text": "(1) This section applies to a borrower if: (aa) the borrower has an excess using the method statement in subsection (3) for: (i) a * capital protected borrowing entered into after 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 2008 (the 2008 Budget time ); or (ii) an extension of the capital protected borrowing; or (a) the borrower has an amount that is reasonably attributable to the * capital protection as mentioned in subsection (2) for a capital protected borrowing entered into or extended on or after 1 July 2007 and at or before the 2008 Budget time; or (b) the borrower has an amount that is reasonably attributable to the capital protection as mentioned in subsection (2) for a capital protected borrowing entered into or extended at or after 9.30 am, by legal time in the Australian Capital Territory, on 16 April 2003 and before 1 July 2007. Note: If a capital protected borrowing covered by paragraph (1)(a) or (b) is extended or otherwise changed after the 2008 Budget time, section 247 ‑ 85 of the Income Tax (Transitional Provisions) Act 1997 applies to the capital protected borrowing. (2) For paragraphs (1)(a) and (b), the amount that is reasonably attributable to the * capital protection is worked out under Division 247 of the Income Tax (Transitional Provisions) Act 1997 . (3) This is the method statement. Method statement Step 1. Work out the total amount incurred by the borrower under or in respect of the * capital protected borrowing for the income year, ignoring amounts that are not in substance for * capital protection or interest. Step 2. Work out the total interest that would have been incurred for the income year on a * borrowing or provision of credit of the same amount as under the * capital protected borrowing at the rate applicable under either or both of subsections (4) and (5A). Step 3. If the step 1 amount exceeds the step 2 amount, the excess is reasonably attributable to the * capital protection for the income year. Example: Amounts that would be ignored under step 1 include amounts that are in substance the repayment of a loan or credit, the payment of an application fee or brokerage commission and the payment of stamp duty or other tax. (4) If: (a) the * capital protected borrowing is at a fixed rate for all or part of the term of the capital protected borrowing; and (b) that fixed rate is applicable to the capital protected borrowing for all or part of the income year; use the rate worked out under subsection (5) at the first time an amount covered by step 1 of the method statement in subsection (3) was incurred, in any income year, during the term of the capital protected borrowing or that part of the term. (5) The rate (the adjusted loan rate ), at a particular time, is the sum of: (a) the Reserve Bank of Australia’s Indicator Lending Rate for Standard Variable Housing Loans at that time; and (b) 100 basis points. (5A) If: (a) the * capital protected borrowing is at a variable rate for all or part of the term of the capital protected borrowing; and (b) a variable rate is applicable to the capital protected borrowing for all or part of the income year; use the average of the adjusted loan rates applicable during those parts of the income year when the capital protected borrowing is at a variable rate. (6) If this section applies to a borrower, this Act applies as if: (a) the borrower’s excess from the method statement in subsection (3); or (b) the amount that is reasonably attributable to * capital protection as mentioned in paragraph (1)(a) or (b); (reduced by any amount the borrower incurred under or in respect of the * capital protected borrowing for an explicit put option) were incurred only for a put option granted by the lender or by another entity under the * arrangement.", "Amendment_Count": 2, "First_Amended": "No 55 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 55 of 2007 | No 61 of 2011", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007 | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-25", "Provision_Key": "s247-25", "Heading": "Number of put options", "Text": "(1) If a * capital protected borrowing specifies more than one occasion on which the * capital protection can be invoked, this Act applies as if there were a separate put option for each of those occasions. So much of the amount to which subsection 247 ‑ 20(6) applies as is reasonably attributable to each option is taken to have been incurred for that option. (2) However, if a borrower may invoke the * capital protection under a * capital protected borrowing at any time up to the end of a period, or only at the end of a period, for which there is capital protection, this Act applies as if there were a single put option for that period.", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 247-30", "Provision_Key": "s247-30", "Heading": "Exercise or expiry of option", "Text": "(1) If the * capital protection under a * capital protected borrowing is invoked: (a) the borrower is taken to have exercised the put option; and (b) any interest in a * share, unit in a unit trust or stapled security that is acquired by the lender or another entity under the * arrangement as a result of that capital protection being invoked is taken to have been disposed of by the borrower as a result of the exercise of the option. (2) If the * capital protection under a * capital protected borrowing is not invoked on or before the last occasion on which it could have been, the put option is taken to have expired. Note: If a borrower under a capital protected borrowing holds the protected things on capital account, the exercise or expiry of the put option may give rise to a capital gain or capital loss: see sections 104 ‑ 25 (CGT event C2) and 134 ‑ 1 (exercise of options).", "Amendment_Count": 1, "First_Amended": "No 55 of 2007", "Last_Amended": "No 55 of 2007", "Amending_Acts": "No 55 of 2007", "History_Notes": "Inserted by No 55 of 2007, effective 12 Apr 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s247-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-1", "Provision_Key": "s250-1", "Heading": "What this Division is about", "Text": "This Division denies or reduces certain capital allowance deductions that would otherwise be available to you in relation to an asset if the asset is put to a tax preferred use in certain circumstances. If the capital allowance deductions are denied or reduced, certain financial benefits in relation to the tax preferred use of the asset are assessed only to the extent of a notional gain component. This component is worked out on the basis of treating the arrangements under which the asset is put to a tax preferred use, and financial benefits are provided in relation to that tax preferred use, as a loan. Subdivision 250 ‑ E then applies to determine the amounts that are to be assessed.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-5", "Provision_Key": "s250-5", "Heading": "Main objects", "Text": "The main objects of this Division are: (a) to deny or reduce your * capital allowance deductions in respect of an asset if the asset is put to a * tax preferred use and you have insufficient economic interest in the asset; and (b) if your capital allowance deductions are denied or reduced, to treat the * arrangement for the tax preferred use of the asset as a loan that is taxed as a financial arrangement (on a compounding accruals basis).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-10", "Provision_Key": "s250-10", "Heading": "When this Division applies to you and an asset", "Text": "This Division applies to you and an asset at a particular time if: (a) the general test in section 250 ‑ 15 is satisfied in relation to you and the asset; and (b) none of the exclusions in sections 250 ‑ 20, 250 ‑ 25, 250 ‑ 30, 250 ‑ 40 and 250 ‑ 45 apply.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-15", "Provision_Key": "s250-15", "Heading": "General test", "Text": "This Division applies to you and an asset at a particular time if: (a) the asset is being * put to a tax preferred use; and (b) the * arrangement period for the * tax preferred use of the asset is greater than 12 months; and (c) * financial benefits in relation to the tax preferred use of the asset have been, will be or can reasonably be expected to be, * provided to you (or a * connected entity) by: (i) a * tax preferred end user (or a connected entity); or (ii) any * tax preferred entity (or a connected entity); or (iii) any entity that is a foreign resident; and (d) disregarding this Division, you would be entitled to a * capital allowance in relation to: (i) a decline in the value of the asset; or (ii) expenditure in relation to the asset; and (e) you lack a * predominant economic interest in the asset at that time.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 164 of 2007 | No 97 of 2008", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-20", "Provision_Key": "s250-20", "Heading": "First exclusion—small business entities", "Text": "This Division does not apply to you and an asset if: (a) you are a * small business entity for the income year in which the * arrangement period for the * tax preferred use of the asset starts; and (b) you choose to deduct amounts under Subdivision 328 ‑ D for the asset for that income year.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-25", "Provision_Key": "s250-25", "Heading": "Second exclusion—financial benefits under minimum value limit", "Text": "(1) This Division does not apply to you and an asset that is being * put to a tax preferred use under a particular * arrangement if, at the start of the * arrangement period, the total of the nominal values of all the * financial benefits that have been, or will be or can reasonably be expected to be, provided to you (or a * connected entity): (a) by * members of the tax preferred sector; and (b) in relation to the * tax preferred use of the asset or any other asset that is being, or is to be, put to a tax preferred use under the arrangement; does not exceed $5 million. (2) The amount referred to in subsection (1) is indexed annually. Note: Subdivision 960 ‑ M shows you how to index amounts.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-30", "Provision_Key": "s250-30", "Heading": "Third exclusion—certain short term or low value arrangements", "Text": "Certain short term or low value arrangements generally excluded (1) This Division does not apply to you and an asset that is being * put to a tax preferred use under a particular * arrangement if: (a) the * arrangement period for the * tax preferred use of the asset does not exceed: (i) 5 years if the asset is real property and the tax preferred use of the asset is a lease; or (ii) 3 years in any other case; or (b) at the start of the arrangement period, the total of the nominal values of all the * financial benefits that have been, will be or can reasonably be expected to be, provided to you (or a * connected entity): (i) by * members of the tax preferred sector; and (ii) in relation to the tax preferred use of the asset or any other asset that is being, or is to be, put to a tax preferred use under the arrangement; does not exceed: (iii) $50 million if the asset is real property and the tax preferred use of the asset is a lease; or (iv) $30 million in any other case; or (c) at the start of the arrangement period, the total of the values of all the assets that are put to a tax preferred use under the arrangement does not exceed: (i) $40 million if the asset is real property and the tax preferred use of the asset is a lease; or (ii) $20 million in any other case. This subsection has effect subject to section 250 ‑ 35. (2) The amounts referred to in paragraphs (1)(b) and (c) are indexed annually. Note: Subdivision 960 ‑ M shows you how to index amounts.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-35", "Provision_Key": "s250-35", "Heading": "Exceptions to section 250 ‑ 30", "Text": "Debt interests (1) Section 250 ‑ 30 does not apply if the * arrangement (either alone or together with any arrangement in relation to the * tax preferred use of the asset or the provision of * financial benefits in relation to the tax preferred use of the asset) is a * debt interest. (2) In applying subsection (1), disregard subsection 974 ‑ 130(4). Member of tax preferred sector having certain rights in relation to the asset (3) Section 250 ‑ 30 does not apply if: (a) a * member of the tax preferred sector has: (i) a right, obligation or contingent obligation to purchase or acquire the asset or a legal or equitable interest in the asset; or (ii) a right to require the transfer of the asset or a legal or equitable interest in the asset; or (iii) a residual or reversionary interest in the asset that will arise or become exercisable at or after the end of the * arrangement period; and (b) the consideration for the purchase, acquisition or transfer of the right, obligation or interest is not fixed as the * market value of the asset at the time of the purchase, acquisition or transfer. To avoid doubt, this subsection does not apply to the asset merely because your interest in the asset is one that ceases to exist after the passage of a particular period of time. Member of tax preferred sector providing financing (4) Section 250 ‑ 30 does not apply if a * member of the tax preferred sector provides financing, or support for financing, in relation to your interest in the asset (including by way of a loan, a guarantee, an indemnity, a security, hedging or undertaking to provide * financial benefits in the event of the termination of an * arrangement). Finance leases, non ‑ cancellable operating leases, service concessions and similar arrangements (5) Section 250 ‑ 30 does not apply if an * arrangement in relation to the * tax preferred use of the asset, or the provision of * financial benefits in relation to the tax preferred use of the asset, is or involves: (a) a finance lease; or (b) a non ‑ cancellable operating lease; or (c) a service concession or similar arrangement; that generally accepted accounting principles, as in force at the start of the * arrangement period, require to be included as an asset or a liability in your balance sheet. Financial benefits irregular, not based on comparable market ‑ based rates or not reflecting value of tax preferred use of asset (6) Section 250 ‑ 30 does not apply if the * financial benefits that have been, or are to be provided, to you (or a * connected entity) by * members of the tax preferred sector in relation to the * tax preferred use of the asset: (a) are not provided on a regular periodic basis (and at least annually); or (b) are not based on comparable market ‑ based rates; or (c) do not reflect the value of the tax preferred use of the asset. Special rules if tax preferred use is a lease or hire of the asset (7) If the * tax preferred use of the asset is a lease or hire of the asset (or the use of the asset under a lease or hire arrangement), section 250 ‑ 30 does not apply if: (a) the asset is so specialised that the * end user could not carry out one or more of its functions effectively without the asset; and (b) you would be unlikely to be able to re ‑ lease, re ‑ hire or resell the asset to another person who is not a * member of the tax preferred end user group. Note: For particular arrangements that are treated as leases, see section 250 ‑ 80. Special rules if tax preferred use is not a lease or hire of the asset (8) If the * tax preferred use of the asset is not the lease or hire of the asset (or the use of the asset under a lease or hire arrangement), section 250 ‑ 30 does not apply if: (a) a * member of the tax preferred sector has a right, if particular circumstances occur, to manage, or to assume control over, the asset (other than temporarily for the purpose of ensuring public health or safety, protecting the environment or continuing the supply of an essential service); or (b) the asset is so specialised that it is unlikely that it could effectively be put to any use other than the tax preferred use; or (c) neither you (nor a * connected entity) has effective day to day control and physical possession of the asset. Note: For particular arrangements that are treated as leases, see section 250 ‑ 80.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-40", "Provision_Key": "s250-40", "Heading": "Fourth exclusion—sum of present values of financial benefits less than amount otherwise assessable", "Text": "(1) This Division does not apply to you and an asset that is being * put to a tax preferred use under a particular * arrangement if, when that * tax preferred use of the asset starts, the Division 250 assessable amount is less than the alternative assessable amount. (2) For the purposes of subsection (1), the Division 250 assessable amount is the sum of the present values of all the amounts that would be likely to be included in your assessable income under this Division in relation to the * tax preferred use of the asset if this Division applied to you and the asset. (3) This is how to work out the alternative assessable amount for the purposes of subsection (1): Method statement Step 1. Add up the present values of the amounts that would be included in your assessable income in relation to the * financial benefits * provided in relation to the tax preferred use of the asset during the * arrangement period if this Division did not apply to you and the asset. Step 2. Add up the present values of the amounts that you would be able to deduct in relation to the asset, or expenditure in relation to the asset, under Division 40 or Division 43 in relation to the * arrangement period if this Division did not apply to you and the asset. Step 3. Deduct the amount obtained in Step 2 from the amount obtained in Step 1. The result is the alternative assessable amount . (4) To avoid doubt, the amounts referred to in subsections (2) and (3) are all the amounts that would be likely to be included in your assessable income, or deducted, for all the income years during the whole, or a part, of which the asset is * put to the tax preferred use. (5) The point in time to be used in determining, for the purposes of this section: (a) the present value of an amount that is included in your assessable income for an income year; or (b) the present value of an amount that you would be able to deduct for an income year; is the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-45", "Provision_Key": "s250-45", "Heading": "Fifth exclusion—Commissioner determination", "Text": "This Division does not apply to you and an asset at a particular time if: (a) you request the Commissioner to make a determination under this subsection; and (b) the Commissioner determines that it is unreasonable that the Division should apply to you and the asset at that time, having regard to: (i) the circumstances because of which this Division would apply to you and the asset; and (ii) any other relevant circumstances.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-50", "Provision_Key": "s250-50", "Heading": "End user of an asset", "Text": "(1) An entity (other than you) is an end user of an asset if the entity (or a * connected entity): (a) uses, or effectively controls the use of, the asset; or (b) will use, or effectively control the use of, the asset; or (c) is able to use, or effectively control the use of, the asset; or (d) will be able to use, or effectively control the use of, the asset. (2) The control referred to in subsection (1) may be direct or indirect. (3) For the purposes of subsection (1), disregard any temporary control of the asset that is for the purpose of ensuring public health or safety, protecting the environment or continuing the supply of an essential service. (4) To avoid doubt, an entity is taken to be an end user of an asset if the entity (or a * connected entity) holds rights as a lessee under a lease of the asset. Note: For particular arrangements that are treated as leases, see section 250 ‑ 80.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-55", "Provision_Key": "s250-55", "Heading": "Tax preferred end user", "Text": "An * end user of an asset is a tax preferred end user if: (a) the end user (or a * connected entity) is a * tax preferred entity; or (b) the end user is: (i) an entity that is a foreign resident; or (ii) an entity that is an Australian resident, to the extent that the entity carries on * business in a foreign country at or through a * permanent establishment of the entity in that country.", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 164 of 2007 | No 97 of 2008 | No 88 of 2013", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-60", "Provision_Key": "s250-60", "Heading": "Tax preferred use of an asset", "Text": "(1) An asset is put to a tax preferred use at a particular time if: (a) an * end user (or a * connected entity) holds, at that time, rights as lessee under a lease of the asset; and (b) either or both of the following subparagraphs is satisfied at that time: (i) the asset is, or is to be, used by or on behalf of an end user who is a * tax preferred end user because of paragraph 250 ‑ 55(a) (tax preferred entity); (ii) the asset is, or is to be, used wholly or principally outside Australia and an end user of the asset is a tax preferred end user because of paragraph 250 ‑ 55(b) (foreign resident or business). If this subsection applies, the tax preferred use of the asset is the lease referred to in paragraph (a). Note: For particular arrangements that are treated as leases, see section 250 ‑ 80. (2) An asset is also put to a tax preferred use at a particular time if: (a) at that time the asset is, or is to be, used (whether or not by you) wholly or partly in connection with: (i) the production, supply, carriage, transmission or delivery of goods; or (ii) the provision of services or facilities; and (b) either or both of the following subparagraphs is satisfied at that time: (i) some or all of the goods, services or facilities are, or are to be, produced for or supplied, carried, transmitted or delivered to or for an * end user who is a * tax preferred end user because of paragraph 250 ‑ 55(a) (tax preferred entity) but is not an * exempt foreign government agency; (ii) the asset is, or is to be, used wholly or principally outside Australia and an end user of the asset is a tax preferred end user because of paragraph 250 ‑ 55(b) (foreign resident or business). If this subsection applies, the tax preferred use of the asset is the production, supply, carriage, transmission, delivery or provision referred to in paragraph (a). (3) To avoid doubt, the facilities referred to in subsection (2) include: (a) hospital or medical facilities; or (b) prison facilities; or (c) educational facilities; or (e) transport facilities; or (f) the supply of water, gas or electricity; or (g) housing or accommodation; or (h) premises from which to operate a * business or other undertaking. (4) If the asset is being * put to a tax preferred use: (a) the members of the tax preferred end user group are: (i) the * tax preferred end user; and (ii) the * connected entities of the tax preferred end user; and (b) the members of the tax preferred sector are: (i) the tax preferred end user (and connected entities); and (ii) any * tax preferred entity (or a connected entity); and (iii) any entity that is a foreign resident.", "Amendment_Count": 4, "First_Amended": "No 164 of 2007", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 164 of 2007 | No 97 of 2008 | No 41 of 2011 | No 88 of 2013", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-65", "Provision_Key": "s250-65", "Heading": "Arrangement period for tax preferred use", "Text": "Start of the arrangement period (1) The arrangement period for a particular * tax preferred use of an asset starts when that tax preferred use of the asset starts. End of the arrangement period (2) Subject to subsection (3), the arrangement period for a particular * tax preferred use of an asset is taken to end on the day that is the date on which the tax preferred use of the asset may reasonably be expected, or is likely, to end. (3) The arrangement period for the * tax preferred use of the asset ends when this Division ceases to apply to you and the asset if that happens before the day referred to in subsection (2). (4) In determining when a particular * tax preferred use of an asset is likely to end: (a) regard must be had to: (i) the terms of, and any other circumstances relating to, any * arrangement dealing with that tax preferred use of the asset; and (ii) the terms of, and any other circumstances relating to, any arrangement dealing with the * provision of * financial benefits in relation to that tax preferred use of the asset; and (b) it must be assumed that any right that an entity has to renew or extend such an arrangement will not be exercised (unless it is reasonable to assume that the right will be exercised because of the commercial consequences for the entity (or a * connected entity) of not exercising the right). Tax preferred uses of asset by entity and connected entity (5) For the purposes of this section: (a) the * tax preferred use of an asset by an entity; and (b) the tax preferred use of the asset by a * connected entity of that entity; are taken to constitute a single tax preferred use of the asset.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-70", "Provision_Key": "s250-70", "Heading": "New tax preferred use at end of arrangement period if tax preferred use continues", "Text": "If: (a) this Division applies to you and an asset because the asset is * put to a tax preferred use; and (b) the * arrangement period for the * tax preferred use of the asset ends on a particular date (the termination date ); and (c) the asset continues to be put to the tax preferred use after the termination date; the tax preferred use of the asset after the termination date is taken to be a separate and distinct tax preferred use of the asset from the tax preferred use of the asset before the termination date. Note: This means, among other things, that there is a new arrangement period for the tax preferred use after the termination date and that the arrangement is retested under section 250 ‑ 15 against circumstances as they stand immediately after the termination date.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-75", "Provision_Key": "s250-75", "Heading": "What constitutes a separate asset for the purposes of this Division", "Text": "(1) This Division applies to: (a) an improvement to land; or (b) a fixture on land; whether the improvement or fixture is removable or not, as if it were an asset separate from the land. (2) Whether a particular composite item is itself an asset or whether its components are separate assets is a question of fact and degree which can only be determined in the light of all the circumstances of the particular case. Example 1: A car is made up of many separate components, but usually the car is an asset rather than each component. Example 2: A floating restaurant consists of many separate components (like the ship itself, stoves, fridges, furniture, crockery and cutlery), but usually these components are treated as separate assets. (3) This Division applies to a renewal or extension of an asset that is a right as if the renewal or extension were a continuation of the original right. (4) This Division applies to an asset (the underlying asset ) in which: (a) you have an interest; and (b) one or more other entities also have an interest; as if your interest in the underlying asset were itself the underlying asset.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-80", "Provision_Key": "s250-80", "Heading": "Treatment of particular arrangements in the same way as leases", "Text": "This Division applies to an * arrangement that: (a) in substance or effect, depends on the use of a specific asset that is: (i) real property; or (ii) goods or a personal chattel (other than money or a money equivalent); and (b) gives a right to control the use of the asset (other than temporarily for the purpose of ensuring public health or safety, protecting the environment or continuing the supply of an essential service); and (c) is not a lease; in the same way as it applies to a lease. Note: Even if this section applies to treat an arrangement in relation to an asset as a lease, the requirements in section 250 ‑ 50 still need to be satisfied before an entity can be an end user of the asset.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-85", "Provision_Key": "s250-85", "Heading": "Financial benefits in relation to tax preferred use of an asset", "Text": "(1) For the purposes of this Division, the * financial benefits provided in relation to a tax preferred use of an asset include (but are not limited to): (a) a financial benefit provided in relation to: (i) bringing the asset into a state, condition or location in which it can be * put to the tax preferred use; or (ii) the start of the * tax preferred use of the asset; and (b) a financial benefit provided in relation to the end of the tax preferred use of the asset; and (c) a financial benefit provided in relation to the termination or expiration of an * arrangement that deals with: (i) the tax preferred use of the asset; or (ii) the provision of financial benefits in relation to the tax preferred use of the asset; and (d) a financial benefit provided in relation to the purchase or acquisition of the asset by, or transfer of the asset to, the * tax preferred end user (or a * connected entity). (2) Without limiting paragraph (1)(b), if the asset has a * guaranteed residual value: (a) the amount of the guaranteed residual value is taken to be a * financial benefit provided in relation to the tax preferred use of the asset ; and (b) that financial benefit is taken to be provided when the relevant payment is made in relation to the guaranteed residual value. (3) The asset has a guaranteed residual value if there is an * arrangement that provides to the effect that if: (a) on or after the end of the * arrangement period, you (or a * connected entity) sell or otherwise dispose of the asset to any person; and (b) you (or a connected entity) receives in respect of the sale or disposal: (i) no consideration; or (ii) consideration that is less than an amount (the guaranteed amount ) specified in, or ascertainable under, the provision; a * member of the tax preferred sector will pay to you (or a connected entity), or to someone else for your benefit (or for the benefit of a connected entity), an amount equal to: (c) the guaranteed amount if subparagraph (b)(i) applies; or (d) the amount by which the guaranteed amount exceeds the consideration if subparagraph (b)(ii) applies. The amount of the guaranteed residual value is taken to be the guaranteed amount. (4) If: (a) an asset is * put to a tax preferred use; and (b) an entity is an * end user of the asset because the entity manages the asset or the use to which the asset is put; any * financial benefit that the entity (or a * connected entity) provides that is calculated by reference to the receipts, revenue or income generated by the use of the asset is also taken to be a financial benefit provided in relation to the tax preferred use of the asset . (5) For the purposes of this Division (other than this subsection), a * financial benefit provided by a * member of the tax preferred sector is taken not to be provided in relation to the tax preferred use of an asset to the extent to which the financial benefit merely passes on, or represents: (a) financial benefits provided in relation to the use of the asset; or (b) something derived from the use of the asset; by someone who is not a member of the tax preferred sector. (6) For the purposes of this Division, disregard a * financial benefit * provided in relation to the tax preferred use of the asset to the extent to which it consists solely of routine maintenance of the asset. (7) For the purposes of this Division, if a * financial benefit is provided in relation to the use of a number of assets, a separate financial benefit of an amount or value that is reasonably attributable to each asset is taken to be provided in relation to each asset. (8) To avoid doubt, a * financial benefit may be provided in relation to a tax preferred use of an asset even though it is provided before the * tax preferred use of the asset starts. (9) For the purposes of this Division: (a) a * financial benefit that is not an amount: (i) is taken to become due and payable when the entity providing the financial benefit becomes liable to provide the financial benefit; and (ii) is taken to be paid when it is provided; and (b) a financial benefit that is paid without becoming due and payable is taken to have become due and payable on the day on which it was paid.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-90", "Provision_Key": "s250-90", "Heading": "Financial benefit provided directly or indirectly", "Text": "For the purposes of this Division, a person (the provider ) is taken to provide a * financial benefit to a person (the recipient ) in relation to a * tax preferred use of an asset whether the financial benefit is provided to the recipient: (a) directly; or (b) indirectly (including indirectly through an entity that is not a * connected entity of the recipient and is not a connected entity of the provider).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-95", "Provision_Key": "s250-95", "Heading": "Expected financial benefits in relation to an asset put to tax preferred use", "Text": "For the purposes this Division, the expected financial benefits at a particular time in relation to an asset that is * put to a tax preferred use are the * financial benefits that, at that time: (a) have been; or (b) will, assuming normal operating conditions, be; or (c) can, assuming normal operating conditions, reasonably be expected to be; * provided in relation to the tax preferred use of the asset by a * member of the tax preferred sector to someone who is not a member of the tax preferred sector. Note: Paragraphs 250 ‑ 85(1)(b), (c) and (d) provide for certain benefits provided in relation to the end of the tax preferred use of the asset or in relation to the purchase, disposal or transfer of the asset to be treated as financial benefits provided in relation to the tax preferred use of the asset.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-100", "Provision_Key": "s250-100", "Heading": "Present value of financial benefit that has already been provided", "Text": "For the purposes of this Division, the present value of a * financial benefit at a particular time is the nominal amount or value of the financial benefit if the financial benefit has been provided before that time.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-105", "Provision_Key": "s250-105", "Heading": "Discount rate to be used in working out present values", "Text": "(1) For the purposes of section 250 ‑ 40, the discount rate to be used in working out the present value of a future amount is the * long term bond rate for the * financial year in which the relevant * arrangement period starts. (2) For the purposes of section 250 ‑ 135 and Subdivisions 250 ‑ C and 250 ‑ D, the discount rate to be used in working out the present value of a future amount is a rate that reflects a constant periodic rate of return (worked out on a compounding basis) on the investment in: (a) the asset referred to in subparagraph 250 ‑ 15(d)(i) if that subparagraph applies; or (b) the expenditure referred to in paragraph 250 ‑ 15(d)(ii) if that subparagraph applies; that is implicit in the * arrangements under which the asset is * put to a tax preferred use and * financial benefits are * provided in relation to that tax preferred use.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 14 of 2012", "Amending_Acts": "No 164 of 2007 | No 14 of 2012", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-110", "Provision_Key": "s250-110", "Heading": "Predominant economic interest", "Text": "You lack a predominant economic interest in an asset at a particular time only if one or more of the following sections apply to you and the asset at that time: (a) section 250 ‑ 115 (limited recourse debt test); (b) section 250 ‑ 120 (right to acquire asset test); (c) section 250 ‑ 125 (effectively non ‑ cancellable, long term arrangement test); (d) section 250 ‑ 135 (level of expected financial benefits test).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-115", "Provision_Key": "s250-115", "Heading": "Limited recourse debt test", "Text": "(1) You lack a predominant economic interest in an asset at a particular time if more than the allowable percentage of the cost of your acquiring or constructing the asset is financed (directly or indirectly) by a * limited recourse debt or debts. (2) For the purposes of subsection (1): (a) the amount of a * limited recourse debt is to be reduced by the value of any * debt property (other than the * financed property) that is provided as security for the debt; and (b) if the limited recourse debt finances the acquisition or construction of 2 or more assets, only the amount of the debt that is reasonably attributable to the asset referred to in subsection (1) is to be taken into account. (3) For the purposes of subsection (1), the allowable percentage is: (a) 80% if the asset is taken to be * put to a tax preferred use because of subparagraph 250 ‑ 60(1)(b)(i) or (2)(b)(i) (end use by * tax preferred entities); or (b) 55% if the asset is taken to be put to a tax preferred use because of subparagraph 250 ‑ 60(1)(b)(ii) or (2)(b)(ii) (end use by foreign residents or businesses). (4) This section does not apply to the asset if: (a) you are a * corporate tax entity; and (b) the * tax preferred use of the asset is not the lease or hire of the asset (and is not the use of the asset under a lease or hire arrangement); and (c) the asset is * put to the tax preferred use wholly or principally in Australia; and (d) no * member of the tax preferred sector provides financing, or support for financing, in relation to your interest in the asset (including by way of a loan, a guarantee, an indemnity, a security, hedging or undertaking to provide * financial benefits in the event of the termination of an * arrangement). (5) Paragraph (4)(b) does not apply if: (a) the asset is real property (or an interest in real property); and (b) the * tax preferred use of the asset is a lease; and (c) the space within the property that is occupied by tenants who are * members of the tax preferred sector is less than half of the total space within the property that is either occupied by tenants or available to be occupied by tenants. (6) This section also does not apply to the asset if: (a) you hold the asset as a trustee; and (b) the asset is real property (or an interest in real property); and (c) the * tax preferred use of the asset is a lease; and (d) the space within the property that is occupied by tenants who are * members of the tax preferred sector is less than half of the total space within the property that is either occupied by tenants or available to be occupied by tenants; and (e) the asset is * put to the tax preferred use wholly or principally in Australia; and (f) no member of the tax preferred sector provides financing, or support for financing, in relation to your interest in the asset (including by way of a loan, a guarantee, an indemnity, a security, hedging or undertaking to provide * financial benefits in the event of the termination of an * arrangement).", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 164 of 2007 | No 97 of 2008 | No 88 of 2013", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-120", "Provision_Key": "s250-120", "Heading": "Right to acquire asset test", "Text": "(1) You lack a predominant economic interest in an asset at a particular time if, at that time: (a) the asset is to be transferred to a * member of the tax preferred sector after the end of the * arrangement period; and (b) the consideration for the transfer is not fixed as the * market value of the asset at the time of the transfer. (2) You also lack a predominant economic interest in an asset at a particular time if, at that time: (a) a * member of the tax preferred end user group has, or will have: (i) a right, obligation or contingent obligation to purchase or acquire the asset or a legal or equitable interest in the asset; or (ii) a right to require the transfer of the asset or a legal or equitable interest in the asset; and (b) the consideration for the purchase, acquisition or transfer is not fixed as the * market value of the asset at the time of the purchase, acquisition or transfer. To avoid doubt, this section does not apply to the asset merely because your interest in the asset is one that ceases to exist after the passage of a particular period of time.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-125", "Provision_Key": "s250-125", "Heading": "Effectively non ‑ cancellable, long term arrangement test", "Text": "(1) You lack a predominant economic interest in an asset at a particular time if: (a) any * arrangement that relates to: (i) the * tax preferred use of the asset; or (ii) the * financial benefits to be * provided by the * members of the tax preferred sector in relation to the tax preferred use of the asset; is * effectively non ‑ cancellable (see section 250 ‑ 130); and (b) the * arrangement period for the tax preferred use of the asset is: (i) greater than 30 years; or (ii) if the arrangement period is less than or equal to 30 years—75% or more of that part of the asset’s * effective life that remains when the tax preferred use of the asset starts. (2) Disregard section 40 ‑ 102 in working out the asset’s * effective life for the purposes of subparagraph (1)(b)(ii).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-130", "Provision_Key": "s250-130", "Heading": "Meaning of effectively non ‑ cancellable arrangement", "Text": "(1) An * arrangement that relates to * financial benefits to be * provided by a * member of the tax preferred sector in relation to the tax preferred use of an asset is effectively non ‑ cancellable if: (a) the arrangement can be cancelled only with: (i) your permission; or (ii) the permission of a * connected entity of yours; or (iii) an agent or entity acting on your behalf (or on behalf of a connected entity of yours); or (b) the arrangement can be cancelled without the permission of an entity referred to in paragraph (a) but, if the arrangement were cancelled, the member of the tax preferred sector or another member of the tax preferred sector: (i) would be required to enter into a new arrangement for the * provision of financial benefits in relation to the tax preferred use of the asset; or (ii) would incur a penalty and the magnitude of the penalty would be such as to discourage cancellation. (2) For these purposes, if a * member of the tax preferred sector defaults under an * arrangement and the arrangement is cancelled, the arrangement is to be taken to have been cancelled without the permission of an entity referred to in paragraph (1)(a).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-135", "Provision_Key": "s250-135", "Heading": "Level of expected financial benefits test", "Text": "Effective guarantee or indemnity for value of asset (1) You lack a predominant economic interest in an asset at a particular time if the asset has a * guaranteed residual value at that time. Likely financial benefits exceeding 70% limit (2) You also lack a predominant economic interest in an asset at a particular time if, at that time: (a) the * arrangement under which the asset is * put to the tax preferred use (either alone or together with any other arrangement in relation to the * tax preferred use of the asset or the * provision of * financial benefits in relation to the tax preferred use of the asset) is a * debt interest; or (b) the sum of the present values of the * expected financial benefits that * members of the tax preferred sector have provided, or are or are reasonably likely to provide, to you (or a * connected entity) in relation to the tax preferred use of the asset exceeds 70% of: (i) the * market value of the asset if subparagraph 250 ‑ 15(d)(i) applies; or (ii) so much of the market value of the asset as is attributable to the expenditure referred to subparagraph 250 ‑ 15(d)(ii) if that subparagraph applies.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-140", "Provision_Key": "s250-140", "Heading": "When to retest predominant economic interest under section 250 ‑ 135", "Text": "Purpose for applying section (1) This section applies for the purposes of working out whether this Division applies to you and to an asset that is * put to a tax preferred use. No need to keep retesting if section 250 ‑ 135 does not apply at start of tax preferred use of asset (2) If section 250 ‑ 135 does not apply to you and the asset at the time when the * tax preferred use of the asset starts, that section is taken, subject to subsection (4), to continue not to apply to you and the asset. Note: This subsection means that if section 250 ‑ 135 does not apply to the arrangement when the tax preferred use of the asset starts, the arrangement does not need to be retested against section 250 ‑ 135 until a change of the kind referred to in subsection (4) occurs. No need to keep retesting if section 250 ‑ 135 does not apply when you do something to increase value of expected financial benefits (3) If: (a) you (or a * connected entity), or a * member of the tax preferred sector, do something, or omit to do something, at a particular time that increases the value of the * expected financial benefits in relation to the * tax preferred use of the asset; and (b) section 250 ‑ 135 does not apply to the asset at that time; that section is taken, subject to subsection (4), to continue not to apply to you and the asset. Note: This subsection means that if the arrangement is retested against section 250 ‑ 135 at a particular time and section 250 ‑ 135 does not apply to the arrangement on that retesting, the arrangement does not need to be again retested against section 250 ‑ 135 until a change of the kind referred to in subsection (4) occurs. Retesting when you do something to increase the value of expected financial benefits (4) Subsection (2) or (3) ceases to apply to you and the asset if you (or a * connected entity), or a * member of the tax preferred sector, do something, or omit to do something, that increases the value of the * expected financial benefits in relation to the * tax preferred use of the asset. Certain financial benefits ignored when retesting (5) For the purposes of reapplying section 250 ‑ 135 to the asset, disregard * financial benefits provided before subsection (2) or (3) of this section ceased to apply to the asset. Note: If: (a) subsection (2) or (3) ceases to apply to the asset at a particular time under this subsection; and (b) the asset is retested at that time against section 250 ‑ 135; and (c) on the retesting, that section is found to apply to the asset at that time; subsection (3) will start to apply to the asset again from that time because paragraph (3)(b) will have been satisfied. Clarification that retesting only required if you do something to increase value of expected benefits (6) To avoid doubt, subsection (2) or (3) does not cease to apply merely because the value of the * expected financial benefits in relation to the asset increase because of something other than action taken, or an omission made, by you (or a * connected entity) or a * member of the tax preferred sector. Note: This subsection means that retesting under subsection (4) is not triggered by an increase in the value of expected financial benefits that happens because of external circumstances (circumstances external to activities and omissions of yours, your connected entities and members of the tax preferred sector).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-145", "Provision_Key": "s250-145", "Heading": "Denial of capital allowance deductions", "Text": "(1) If this Division applies to you and an asset at a particular time, any condition that needs to be satisfied for you to be able to deduct an amount under a * capital allowance provision in relation to: (a) a decline in the value of the asset; or (b) expenditure in relation to the asset; is taken not to be satisfied at that time. (2) This section has effect subject to section 250 ‑ 150.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-150", "Provision_Key": "s250-150", "Heading": "Apportionment rule", "Text": "(1) This section applies if: (a) this Division applies to you and an asset that is * put to a tax preferred use; and (b) it is reasonable to expect that, during the * arrangement period for the * tax preferred use of the asset, particular * financial benefits will be provided to you (or a * connected entity); and (c) it is reasonable to expect that those financial benefits: (i) will be provided in relation to a use of the asset that is not that tax preferred use and is not a private use; or (ii) will be * provided in relation to that tax preferred use of the asset but will not be attributable, directly or indirectly, to financial benefits that are provided by * members of the tax preferred sector; and (d) the amount or value of those financial benefits is known or can reasonably be estimated; and (e) you choose to have this section apply to the asset. In applying paragraph (c), disregard financial benefits that are provided under an * arrangement that is a * debt interest. (2) A choice under paragraph (1)(e) in relation to an asset: (a) must be made before the due date for you to lodge your * income tax return for the income year in which the * arrangement period for the * tax preferred use of the asset starts; and (b) must be made for the whole of the arrangement period for the tax preferred use of the asset; and (c) must extend to all assets that are, or are to be, * put to a tax preferred use under the * arrangement under which the asset is put to that use; and (d) is irrevocable. The choice may extend to an asset referred to in paragraph (c) even if it is likely that paragraphs (1)(b) and (c) will not apply to that asset. (3) If this section applies, section 250 ‑ 145 applies to you and the asset only to the extent of the * disallowed capital allowance percentage. (4) Subject to subsection (6), the disallowed capital allowance percentage is the following ratio (expressed as a percentage): (5) The Commissioner may, before the due date for you to lodge your * income tax return for the income year to which the * arrangement period for the * tax preferred use of the asset starts, approve an alternative method for working out the * disallowed capital allowance percentage for you and the asset. (6) If the Commissioner approves an alternative method under subsection (5), the disallowed capital allowance percentage is the percentage worked out in accordance with that alternative method.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-155", "Provision_Key": "s250-155", "Heading": "Arrangement treated as loan", "Text": "Loan with characteristics provided for in this section taken to exist (1) If this Division applies to you and an asset at a particular time in an income year, a * financial arrangement in the form of a loan (with the characteristics provided for in this section) is taken to exist at that time for the purposes of working out your taxable income for that income year. Note: See Subdivision 250 ‑ E for the taxation treatment of the financial arrangement. Lender (2) You are taken to be the lender in relation to the loan. Amount lent and unpaid at the start of the arrangement period (3) The amount worked out under subsection (4) is taken to be the amount that you have lent, and that the borrower has not repaid, at the start of the * arrangement period. (4) The amount is worked out by taking: (a) the amount that, at the start of the * arrangement period, is: (i) the * adjustable value of the asset if subparagraph 250 ‑ 15(d)(i) applies; or (ii) the amount worked out under subsection (5) if subparagraph 250 ‑ 15(d)(ii) applies; or (b) if section 250 ‑ 150 applies—the amount that, at the start of the arrangement period, is the * disallowed capital allowance percentage of: (i) the adjustable value of the asset if subparagraph 250 ‑ 15(d)(i) applies; or (ii) the amount worked out under subsection (5) if subparagraph 250 ‑ 15(d)(ii) applies; and deducting the sum of all * financial benefits that are * subject to deemed loan treatment and that have become due and payable before the start of the arrangement period. (5) If subparagraph 250 ‑ 15(d)(ii) applies, the amount worked out under this subsection for the purposes of subsection (4) is: Item If the expenditure referred to in that subparagraph is ... the amount is ... 1 capital expenditure under Division 40 the amount of the capital expenditure in respect of which a deduction has not been allowed (disregarding this Division) under the relevant Subdivision of Division 40 2 capital expenditure under Division 43 the * undeducted construction expenditure in relation to the capital expenditure Amounts paid to you by borrower under the loan (6) Any * financial benefit that: (a) a person provides; and (b) is * subject to deemed loan treatment; is taken to be an amount that the borrower pays you under the loan. Note 1: Section 250 ‑ 160 tells you which financial benefits are subject to the deemed loan treatment. Note 2: These benefits may be ones that are provided either to you or to a connected entity. Period of the loan (7) The * arrangement period is taken to be the period of the loan. Applying Subdivision 250 ‑ E to the loan (8) For the purposes of applying Subdivision 250 ‑ E to the loan: (a) you are taken to have an overall gain from the loan and that overall gain is taken to be sufficiently certain at the time when you start to have the loan; and (b) the amount of that overall gain is taken to be the sum of the * financial benefits that are * subject to the deemed loan treatment less the amount worked out under subsection (4); and (c) you are taken: (i) to start to have the loan at the start of the * arrangement period; and (ii) to cease to have the loan at the end of the arrangement period; and (d) any right that you (or a connected entity) have to a financial benefit that is subject to deemed loan treatment is taken to be a right that you have under the loan; and (e) if a * connected entity transfers to another person a right to a financial benefit subject to deemed loan treatment: (i) you are taken to transfer the right to that other person; and (ii) any consideration that the connected entity receives in relation to the transfer is taken to be consideration that you receive in relation to the transfer; and (f) if a right that a connected entity has to a financial benefit subject to deemed loan treatment ceases and the connected entity receives consideration in relation to that cessation—you are taken to receive that consideration in relation to the cessation; and (g) you are taken to start to have the loan, or to cease to have the loan, as consideration for something if you start to have the rights to the financial benefits that are subject to deemed loan treatment, or cease to have those rights, as consideration for that thing; and (h) in applying sections 250 ‑ 265 to 250 ‑ 275: (i) the amount that you are taken, under subsections (3), (4) and (5), to have lent are the only financial benefits that you provide under the loan; and (ii) the financial benefits you have received under the loan are taken to include financial benefits that are subject to deemed loan treatment that a person is, at the end of the arrangement period, liable to provide to you. (9) If, under subsection 250 ‑ 160(2), a particular percentage of a reasonable estimate of the * end value of the asset was taken to be a * financial benefit that is * subject to the deemed loan treatment, subsection 250 ‑ 275(1) applies to the loan at the end of the * arrangement period as if you had received under the loan a financial benefit equal to the relevant percentage of the end value of the asset.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-160", "Provision_Key": "s250-160", "Heading": "Financial benefits that are subject to deemed loan treatment", "Text": "General rule (1) Subject to subsections (3) and (4), a * financial benefit is subject to deemed loan treatment if: (a) the financial benefit: (i) has been; or (ii) will, assuming normal operating conditions, be; or (iii) can, assuming normal operating conditions, reasonably be expected to be; provided to you (or a * connected entity); and (b) the financial benefit has been, will be or can reasonably be expected to be * provided directly or indirectly by a * member of the tax preferred sector in relation to the * tax preferred use of the asset; and (c) the right to receive, or the obligation to provide, the financial benefit is * cash settlable; and (d) the financial benefit has not been, will not be or can be expected not to be provided by one of your connected entities. Note: Paragraph (d) stops a financial benefit passing between you and any of your connected entities from being counted twice. End value also taken to be financial benefit subject to deemed loan treatment (2) The relevant percentage of a reasonable estimate of the * end value of the asset is also taken to be a * financial benefit that is subject to deemed loan treatment if: (a) the asset is not to be purchased or acquired by, or transferred to, a * member of the tax preferred sector at the end of the * arrangement period under a legally enforceable * arrangement; or (b) the asset: (i) is, or is to become, a * privatised asset; or (ii) would be, or would become, a privatised asset if it were a * depreciating asset; or (iii) would be a privatised asset if the asset were a depreciating asset and paragraphs 58 ‑ 5(2)(a) and 58 ‑ 5(4)(a) were not limited to acquisitions of depreciating assets that occurred on or after 1 July 2001. The relevant percentage is the * disallowed capital allowance percentage if section 250 ‑ 150 applies. Otherwise it is 100%. Note: See section 250 ‑ 180 for how to work out the end value of the asset. Financial benefits only subject to deemed loan treatment to the extent to which they represent a return on investment (3) The * financial benefit is subject to deemed loan treatment only to the extent to which it reasonably represents a return of, or on, an investment in the asset (as distinct, for example, from representing consideration for the provision of services or the recovery of production costs), having regard to: (a) the * market value of the asset; and (b) the discount rate applicable under subsection 250 ‑ 105(2); and (c) your costs in relation to funding your interest in the asset; and (d) any other relevant matter. The regulations may provide rules to be applied in determining the extent to which a financial benefit reasonably represents a return of or on an investment in the asset. Only financial benefits provided after Division starts applying to you and the asset (4) If the * tax preferred use of the asset starts before this Division starts applying to you and the asset, only * financial benefits provided after this Division starts applying to you and the asset are subject to deemed loan treatment .", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-180", "Provision_Key": "s250-180", "Heading": "End value of asset", "Text": "(1) The end value of an asset is worked out in accordance with this section. (2) If the asset has a * guaranteed residual value, the end value of the asset is: (a) the amount of the guaranteed residual amount if subparagraph 250 ‑ 15(d)(i) applies; or (b) so much of the amount referred to in paragraph (a) as is attributable to the expenditure referred to in subparagraph 250 ‑ 15(d)(ii) if that subparagraph applies. (3) If the asset does not have a * guaranteed residual value and is a * depreciating asset, the end value of the asset is: (a) if subparagraph 250 ‑ 15(d)(i) applies—the amount that would have been the * adjustable value of the asset at the end of the * arrangement period if: (i) this Division had not applied to you and the asset; and (ii) the decline in the asset’s value were worked out on the basis of the asset’s * effective life and using the * prime cost method; or (b) if subparagraph 250 ‑ 15(d)(ii) applies—so much of the amount referred to in paragraph (a) as is attributable to the expenditure referred to in that subparagraph. (4) Disregard section 40 ‑ 102 in working out the asset’s * effective life for the purposes of subparagraph (3)(a)(ii). (5) If neither subsection (2) nor subsection (3) applies and an estimate of the value of the asset is recognised for accounting purposes, the end value of the asset is: (a) the value of the relevant asset at the end of the * arrangement period that would be recognised for accounting purposes if subparagraph 250 ‑ 15(d)(i) applies; or (b) so much of the value of referred to in paragraph (a) as is attributable to the expenditure referred to subparagraph 250 ‑ 15(d)(ii) if that subparagraph applies. The end value must not, however, exceed the amount worked out under subsections 250 ‑ 155(4) and (5) (amount taken to have been lent). (6) If none of subsections (2), (3) and (5) apply to the asset, the end value of the asset is: (a) a reasonable estimate of the * market value of the asset at the end of the * arrangement period if subparagraph 250 ‑ 15(d)(i) applies; or (b) so much of the estimate referred to in paragraph (a) as is attributable to the expenditure referred to in subparagraph 250 ‑ 15(d)(ii) if that subparagraph applies. The end value must not, however, exceed the amount worked out under subsections 250 ‑ 155(4) and (5) (amount taken to have been lent).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-185", "Provision_Key": "s250-185", "Heading": "Financial benefits subject to deemed loan treatment not assessed", "Text": "A * financial benefit is not included in your assessable income if the financial benefit: (a) is * provided to you in relation to the tax preferred use of the asset; and (b) is provided directly or indirectly by a * member of the tax preferred sector; and (c) is * subject to deemed loan treatment. The financial benefit is not assessable income and is not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-190", "Provision_Key": "s250-190", "Heading": "What this Subdivision is about", "Text": "This Subdivision is about the tax treatment of gains and losses from the financial arrangement that you are taken to have under section 250 ‑ 155. You recognise gains and losses from the financial arrangement, as appropriate, over the life of the financial arrangement and ignore distinctions between income and capital. You use a compounding accruals method to recognise the gain or loss. A change in circumstances may cause a re ‑ estimation of gains and losses that the accruals method is being applied to. A balancing adjustment is made if you transfer particular rights or obligations or particular rights or obligations cease.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-195", "Provision_Key": "s250-195", "Heading": "Application of Subdivision", "Text": "This Subdivision applies for the purposes of working out the amount of the gain or loss that is to be included in your assessable income or allowed as a deduction in relation to the * financial arrangement that is taken to exist under section 250 ‑ 155.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-200", "Provision_Key": "s250-200", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are: (a) to properly recognise gains and losses from the * financial arrangement by allocating them to appropriate periods of time; and (b) to minimise tax deferral.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-205", "Provision_Key": "s250-205", "Heading": "Gains are assessable and losses deductible", "Text": "Gains (1) Your assessable income includes a gain you make from the * financial arrangement. Losses (2) You can deduct a loss you make from the * financial arrangement, but only to the extent that: (a) you make it in gaining or producing your assessable income; or (b) you necessarily make it in carrying on a * business for the purpose of gaining or producing your assessable income.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-210", "Provision_Key": "s250-210", "Heading": "Gain or loss to be taken into account only once under this Act", "Text": "Purpose of this section (1) The purpose of this section is to ensure that your gains that are assessable under this Subdivision, and your losses that are deductible under this Subdivision, are taken into account only once under this Act in working out your taxable income. Gain or loss (2) If a gain or loss is, or is to be, included in your assessable income or allowable as a deduction to you for an income year under this Subdivision, the gain or loss is not to be (to any extent): (a) included in your assessable income; or (b) allowable as a deduction to you; under any other provisions of this Act for the same or any other income year. Associated financial benefits (3) If the amount or value of a * financial benefit is taken into account in working out whether you make, or the amount of, a gain or loss that is, or is to be, included in your assessable income or allowable as a deduction for you for an income year under this Subdivision, the benefit is not to be (to any extent): (a) included in your assessable income; or (b) allowable as a deduction to you; under any other provision of this Act for the same or any other income year.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-215", "Provision_Key": "s250-215", "Heading": "Methods for taking gain or loss into account", "Text": "The methods that can be applied to take account of a gain or loss you make from the * financial arrangement you have are: (a) the accruals method provided for in sections 250 ‑ 235 to 250 ‑ 255; or (b) a balancing adjustment provided for in sections 250 ‑ 265 to 250 ‑ 275. A gain or loss is not taken into account under the method referred to in paragraph (a) to the extent to which the gain or loss is taken into account under sections 250 ‑ 265 to 250 ‑ 275.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-220", "Provision_Key": "s250-220", "Heading": "Consistency in working out gains or losses (integrity measure)", "Text": "Object of section (1) The object of this section is to stop you obtaining an inappropriate tax benefit from not working out your gains and losses in a consistent manner. Consistent treatment for particular financial arrangement (2) If: (a) this Subdivision provides that a particular method applies to gains or losses you make from the * financial arrangement; and (b) that method allows you to choose the particular manner in which you apply that method; you must use that manner consistently for the arrangement for all income years. Consistent treatment for financial arrangements of essentially the same nature (3) If: (a) this Subdivision provides that a particular method applies to gains or losses you make from 2 or more * financial arrangements; and (b) that method allows you to choose the particular manner in which you apply that method; you must use that same manner consistently for all of those financial arrangements that are essentially of the same nature.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-225", "Provision_Key": "s250-225", "Heading": "Rights and obligations include contingent rights and obligations", "Text": "To avoid doubt: (a) a right is treated as a right for the purposes of this Division even it is subject to a contingency; and (b) an obligation is treated as an obligation for the purpose of this Division even if it is subject to a contingency.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-230", "Provision_Key": "s250-230", "Heading": "Application of accruals method", "Text": "The accruals method provided for in sections 250 ‑ 235 to 250 ‑ 255 applies to a gain or loss you make from the * financial arrangement if: (a) the gain or loss is an overall gain or loss from the arrangement; and (b) the gain or loss is sufficiently certain at the time when you start to have the arrangement.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-235", "Provision_Key": "s250-235", "Heading": "Overview of the accruals method", "Text": "If the accruals method applies to a gain or loss you make from the * financial arrangement: (a) you use section 250 ‑ 240 to work out the period over which the gain or loss is to be spread; and (b) you use section 250 ‑ 245 to work out how to allocate the gain or loss to particular intervals within the period over which the gain or loss is to be spread; and (c) if an interval to which part of the gain or loss is allocated straddles 2 income years, you use section 250 ‑ 250 to work out how to allocate that part of the gain or loss allocated between those 2 income years.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-240", "Provision_Key": "s250-240", "Heading": "Applying accruals method to work out period over which gain or loss is to be spread", "Text": "If you have a sufficiently certain overall gain or loss from the * financial arrangement, the period over which the gain or loss is to be spread is the period that: (a) starts when you start to have the arrangement; and (b) ends when you will cease to have the arrangement. In applying paragraph (b), you must assume that you will continue to have the arrangement for the rest of its life.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-245", "Provision_Key": "s250-245", "Heading": "How gain or loss is spread", "Text": "How to spread gain or loss (1) This section tells you how to spread a gain or loss to which the accruals method applies. Compounding accruals or approximation (2) The gain or loss is to be spread using: (a) compounding accruals (with the intervals to which parts of the gain or loss are allocated complying with subsection (3)); or (b) a method whose results approximate those obtained using the method referred to in paragraph (a) (having regard to the length of the period over which the gain or loss is to be spread). Intervals to which parts of gain or loss allocated (3) The intervals to which parts of the gain or loss are allocated must: (a) not exceed 12 months; and (b) all be of the same length. Paragraph (b) does not apply to the first and last intervals. These may be shorter than the other intervals. Assumption of continuing hold arrangement for the rest of its life (4) The gain or loss is to be spread assuming that you will continue to have the * financial arrangement for the rest of its life.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-250", "Provision_Key": "s250-250", "Heading": "Allocating gain or loss to income years", "Text": "(1) You are taken, for the purposes of section 250 ‑ 205, to make, for an income year, a gain or loss equal to a part of a gain or loss if: (a) that part of the gain or loss is allocated to an interval under section 250 ‑ 245; and (b) that interval falls wholly within that income year. (2) If: (a) a part of a gain or loss is allocated to an interval under section 250 ‑ 245; and (b) that interval straddles 2 income years; you are taken, for purposes of section 250 ‑ 205, to make a gain or loss equal to so much of that part of the gain or loss as is allocated between those income years on a reasonable basis. (3) If: (a) a * consolidated group or * MEC group has a * financial arrangement; and (b) a subsidiary member of the group ceases to be a member of the group at a particular time (the exit time ); and (c) immediately after the exit time, the subsidiary member has the financial arrangement; an income year of the group is taken, for the purposes of applying this section to the group and the financial arrangement, to end at the exit time.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-255", "Provision_Key": "s250-255", "Heading": "When to re ‑ estimate", "Text": "When re ‑ estimation necessary (1) You re ‑ estimate a gain or loss from the * financial arrangement under subsection (4) if circumstances arise that materially affect: (a) the amount or value; or (b) the timing; of * financial benefits that were taken into account in working out the amount of the gain or loss. You must re ‑ estimate the gain or loss as soon as reasonably practicable after you become aware of the circumstances referred to in paragraph (b). (2) Without limiting subsection (1), the following are circumstances of the kind referred to in paragraph (1)(b): (a) a material change in market conditions that are relevant to the amount or value of the * financial benefits to be received or provided under the * financial arrangement; (b) cash flows that were previously estimated becoming known and the difference between the cash flows that become known and the cash flows that were previously estimated is not insignificant; (c) a right to, or a part of a right to, a financial benefit under the arrangement is written off as a bad debt. (3) You do not re ‑ estimate a gain or loss from a * financial arrangement under subsection (4) merely because of any one or more of the following: (a) a change in the credit rating, or the creditworthiness, of a party or parties to the financial arrangement; (b) the impairment (within the meaning of the * accounting standards) of the arrangement or a debt that forms part of the arrangement. Nature of re ‑ estimation (4) Making a re ‑ estimation in relation to a gain or loss under this subsection involves: (a) a fresh determination of the amount of the gain or loss; and (b) a reapplication of the accruals method to the redetermined gain or loss to make a fresh allocation of the part of the redetermined gain or loss that has not already been allocated to intervals ending before the re ‑ estimation is made to intervals ending after the re ‑ estimation is made. Basis for re ‑ estimation (5) You may make the fresh allocation of the gain or loss under subsection (4) on either of the following bases: (a) by maintaining the rate of return being used and adjusting the amount to which you apply the rate of return to the present value of the estimated future cash flows discounted at the maintained rate of return; (b) adjusting the rate of return and maintaining the amount to which you apply the rate of return. The object to be achieved by both bases is allow you to bring the remainder of the gain or loss based on the new estimates properly to account over the remainder of the period over which you spread the gain or loss. (6) If you adopt a particular basis under subsection (5) for a gain or loss from the * financial arrangement, you must use the same basis for all the re ‑ estimations you make under this section in relation to your gains and losses from all your financial arrangements. Balancing adjustment if rate of return maintained (7) If you make a fresh allocation of the gain or loss on the basis referred to in paragraph (5)(a), you must make the following balancing adjustment: (a) if you re ‑ estimate a gain and the amount to which you apply the rate of return increases—you make a gain from the * financial arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the increase; (b) if you re ‑ estimate a gain and the amount to which you apply the rate of return decreases—you make a loss from the arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the decrease; (c) if you re ‑ estimate a loss and the amount to which you apply the rate of return increases—you make a loss from the arrangement, for the income year in which you make the re ‑ estimation, equal to the amount of the increase; (d) if you re ‑ estimate a loss and the amount to which you apply the rate of return decreases—you make a gain from the arrangement, the income year in which you make the re ‑ estimation, equal to the amount of the decrease.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-260", "Provision_Key": "s250-260", "Heading": "Re ‑ estimation if balancing adjustment on partial disposal", "Text": "Re ‑ estimation if balancing adjustment on partial disposal (1) You also re ‑ estimate a gain or loss from a * financial arrangement under subsection (2) if a balancing adjustment is made in relation to the financial arrangement under sections 250 ‑ 265 to 250 ‑ 275 because you transfer to another person: (a) a proportionate share of all of your rights and/or obligations under a * financial arrangement; or (b) a right or obligation that you have under a financial arrangement to a specifically identified * financial benefit; or (c) a proportionate share of a right or obligation that you have under a financial arrangement to a specifically identified financial benefit. You must re ‑ estimate the gain or loss as soon as reasonably practicable after the transfer occurs. Nature of re ‑ estimation (2) Making a re ‑ estimation in relation to a gain or loss under this subsection involves: (a) a fresh determination of the amount of the gain or loss disregarding: (i) * financial benefits; and (ii) amounts of the gain or loss that have already been allocated to intervals ending before the re ‑ estimation is made; to the extent to which they are reasonably attributable to the proportionate share, or the right or obligation, referred to in paragraph (1)(b); and (b) a reapplication of the accruals method to the redetermined gain or loss to make a fresh allocation of the part of that gain or loss that has not already been allocated to intervals ending before the re ‑ estimation is made to intervals ending after the re ‑ estimation is made. Basis for re ‑ estimation (3) You make the fresh allocation of the gain or loss under subsection (2) by maintaining the rate of return being used and adjusting the amount to which you apply the rate of return to the present value of the estimated future cash flows discounted at the maintained rate of return. The object to be achieved by the fresh allocation is allow you to bring the remainder of the redetermined gain or loss properly to account over the remainder of the period over which you spread the gain or loss.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-265", "Provision_Key": "s250-265", "Heading": "When balancing adjustment made", "Text": "When balancing adjustment made (1) A balancing adjustment is made under section 250 ‑ 275 if: (a) you transfer to another person all of your rights and/or obligations under the * financial arrangement; or (b) all of your rights and/or obligations under the financial arrangement otherwise substantially cease; or (c) you transfer to another person: (i) a proportionate share of all of your rights and/or obligations under the financial arrangement; or (ii) a right or obligation that you have under the financial arrangement to a specifically identified * financial benefit; or (iii) a proportionate share of a right or obligation that you have under the financial arrangement to a specifically identified financial benefit. Modifications for arrangements that are assets (2) The following modifications are made if the * financial arrangement is an asset of yours at the time the event referred to in subsection (1) occurs: (a) paragraphs (1)(a) and (c) do not apply unless the effect of the transfer is to transfer to the other person substantially all the risks and rewards of ownership of the interest transferred; (b) for the purposes of applying section 250 ‑ 275 to the arrangement, you are treated as transferring a right under the arrangement to another person if: (i) you retain the right but assume a new obligation; and (ii) your assumption of the new obligation has the same effect, in substance, as transferring the right to another person; and (iii) the new obligation arises only to the extent to which the right to * financial benefits under the financial arrangement is satisfied; and (iv) you cannot sell or pledge the right (other than as security in relation to the new obligation); and (v) you must, under the new obligation, provide financial benefits you receive in relation to the right to the person to whom you owe the new obligation without delay.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-270", "Provision_Key": "s250-270", "Heading": "Exception for subsidiary member leaving consolidated group", "Text": "A balancing adjustment is not made under section 250 ‑ 275 in relation to a subsidiary member of a * consolidated group or a * MEC group that has the * financial arrangement ceasing to be a member of the group.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-275", "Provision_Key": "s250-275", "Heading": "Balancing adjustment", "Text": "Complete cessation or transfer (1) Use the following method statement to make the balancing adjustment if paragraph 250 ‑ 265(1)(a) or (b) applies: Method statement for balancing adjustment Step 1. Add up the following: (a) the total of all the * financial benefits provided to you under the * financial arrangement; (b) the amount or value of any other consideration you receive in relation to the transfer or cessation referred to in subsection 250 ‑ 265(1); (c) the total of the amounts that have been allowed to you as deductions, because of circumstances that have occurred before the transfer or cessation, for losses from the arrangement; (d) the total of the other amounts that would have been allowed to you as deductions, because of circumstances that have occurred before the transfer or cessation, for losses from the arrangement if all your losses from the arrangement were allowable as deductions. Step 2. Add up the following: (a) the total of all the * financial benefits you have provided under the * financial arrangement; (b) the amount or value of any other consideration you provide in relation to the transfer or cessation referred to in subsection 250 ‑ 265(1); (c) the total of the amounts that have been included in your assessable income, because of circumstances that have occurred before the transfer or cessation, as gains from the arrangement; (d) the total of the other amounts that would have been included in your assessable income, because of circumstances that have occurred before the transfer or cessation, as gains from the arrangement if all your gains from the arrangement were assessable. Step 3. Compare the amount obtained under Step 1 (the Step 1 amount ) with the amount obtained under Step 2 (the Step 2 amount ). If the Step 1 amount exceeds the Step 2 amount, an amount equal to the excess is taken, as a balancing adjustment, to be a gain you make from the * financial arrangement for the purposes of this Subdivision. If the Step 2 amount exceeds the Step 1 amount, an amount equal to the excess is taken, as a balancing adjustment, to be a loss that you make from the arrangement. If the Step 1 amount and the Step 2 amount are equal, no balancing adjustment is made. Proportionate transfer of all rights and/or obligations under financial arrangement (2) If subparagraph 250 ‑ 265(1)(c)(i) applies, you make the balancing adjustment by applying the method statement in subsection (1) but reduce: (a) the amounts referred to in paragraphs (a), (c) and (d) in step 1; and (b) the amounts referred to in paragraphs (a), (c) and (d) in step 2; by applying the proportion referred to in subparagraph 250 ‑ 265(1)(c)(i) to them. Transfer of specifically identified right or obligation under financial arrangement (3) If subparagraph 250 ‑ 265(1)(c)(ii) applies, you make the balancing adjustment by applying the method statement in subsection (1) as if the references to: (a) the amounts referred to in paragraphs (a), (c) and (d) in step 1; and (b) the amounts referred to in paragraphs (a), (c) and (d) in step 2; were references to those amounts to the extent to which they are reasonably attributable to the right or obligation referred to in subparagraph 250 ‑ 265(1)(c)(ii). Proportionate transfer of specifically identified right or obligation under financial arrangement (4) If subparagraph 250 ‑ 265(1)(c)(iii) applies, you make the balancing adjustment by applying the method statement: (a) as if the references to: (i) the amounts referred to in paragraphs (a), (c) and (d) in step 1; and (ii) the amounts referred to in paragraphs (a), (c) and (d) in step 2; were references to those amounts to the extent to which they are reasonably attributable to the right or obligation referred to in subparagraph 250 ‑ 265(1)(c)(iii); and (b) by reducing those amounts by applying the proportion referred to in subparagraph 250 ‑ 265(1)(c)(iii) to them. Attribution must reflect appropriate and commercially accepted valuation principles (5) Any attribution made under subsection (3) or paragraph (4)(a) must reflect appropriate and commercially accepted valuation principles that properly take into account: (a) the nature of the rights and obligations under the * financial arrangement; and (b) the risks associated with each * financial benefit, right and obligation under the arrangement; and (c) the time value of money. Income year for which gain or loss is made (6) The gain or loss you are taken to make under subsection (1), (2), (3) or (4) is a gain or loss for the income year in which the event referred to in subsection 250 ‑ 265(1) occurs.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-280", "Provision_Key": "s250-280", "Heading": "Financial arrangement received or provided as consideration", "Text": "(1) If: (a) this Subdivision applies in relation to your gains and losses from the * financial arrangement; and (b) you start to have the financial arrangement (or a part of the financial arrangement) as consideration (or as part of the consideration) for: (i) something (the thing provided ) that you provided, or are to provide, to someone else; or (ii) something (the thing acquired ) that someone else has provided, or is to provide, to you; and (c) the thing provided or the thing acquired is not money; the amount of the benefit (or that part of the benefit) that you obtained for the thing provided, or gave for the thing acquired, is taken, for the purposes of applying this Act to you, to be the * market value of the financial arrangement (or that part of the financial arrangement) at the time when you start to have the financial arrangement. Note 1: This amount may be relevant, for example, for the purposes of applying the provisions of this Act dealing with capital gains, capital allowances or trading stock to the thing provided or the thing acquired. Note 2: The market value is to be used instead of the nominal value of the financial benefits to be provided under the financial arrangement. (2) If subsection (1) applies, you are taken to have received, or provided, as consideration for starting to have the * financial arrangement (or the part of the financial arrangement), * financial benefits whose value is equal to the market value of the financial arrangement (or that part of the financial arrangement) at the time when you started to have the financial arrangement. (3) If, but for this subsection: (a) subsection (2) would apply to your starting to have a * financial arrangement; and (b) subsection (1) or (4) would also apply to your starting to have the financial arrangement; subsection (2) applies to your starting to have the financial arrangement and subsection (1) or (4) does not. (4) If: (a) this Subdivision applies in relation to your gains and losses from the * financial arrangement; and (b) you cease to have the financial arrangement (or a part of the financial arrangement) as consideration (or as part of the consideration) for: (i) something (the thing acquired ) that someone else provides, or is to provide, to you; or (ii) something (the thing provided ) that you provided, or are to provide, to someone else; and (c) the thing acquired or the thing provided is not money; the amount of the benefit (or that part of the benefit) that you provided for the thing acquired, or obtained for the thing provided, is taken, for the purposes of applying this Act to you, to be the * market value of the financial arrangement (or that part of the financial arrangement) at the time when you cease to have the financial arrangement (or that part of the financial arrangement). Note 1: This amount may be relevant, for example, for the purposes of applying the provisions of this Act dealing with capital gains, capital allowances or trading stock to the thing acquired or the thing provided. Note 2: The market value is to be used instead of the nominal value of the financial benefits to be provided under the financial arrangement. (5) If subsection (4) applies, you are taken to have provided, or received, as consideration for ceasing to have the * financial arrangement (or the part of the financial arrangement), * financial benefits whose value is equal to the market value of the financial arrangement (or that part of the financial arrangement) at the time when you ceased to have the financial arrangement. (6) If, but for this subsection: (a) subsection (5) would apply to your ceasing to have a * financial arrangement; and (b) subsection (1) or (4) would also apply to your ceasing to have the financial arrangement; subsection (5) applies to your ceasing to have the financial arrangement and subsection (1) or (4) does not. (7) Without limiting subsections (1) and (4), the thing provided, or the thing acquired, need not be a tangible thing and may take the form of services, conferring a right, incurring an obligation or extinguishing or varying a right or obligation.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-285", "Provision_Key": "s250-285", "Heading": "Treatment of asset after Division ceases to apply to the asset", "Text": "(1) For the purposes of Division 40, if: (a) this Division applies to you and an asset; and (b) the * arrangement period for the * tax preferred use of the asset ends at a particular time; and (c) the asset would have had an * adjustable value at that time, for the purposes of Division 40, if this Division had never applied to the asset; the adjustable value of the asset, immediately after the end of the arrangement period, is taken to be equal to the amount worked out using the following method statement: Method statement Step 1. Work out whether section 250 ‑ 150 applies. Step 2. If section 250 ‑ 150 does not apply, the amount is the * end value of the asset at the end of the arrangement period. Step 3. If section 250 ‑ 150 does apply, the amount is worked out by: (a) multiplying the * end value of the asset at the end of the * arrangement period by the * disallowed capital percentage; and (b) then multiplying the adjustable value of the asset at the end of the arrangement period (worked out under section 40 ‑ 85) by 100% minus the disallowed capital percentage); and (c) then adding the amount obtained under paragraph (a) and the amount obtained under paragraph (b). (2) If: (a) this Division applies to you and an asset; and (b) the * arrangement period for the * tax preferred use of the asset ends; and (c) a net amount is included in your assessable income in relation to the * financial benefits that are * subject to the deemed loan treatment (taking into account the adjustments under Subdivision 250 ‑ E in relation to the financial benefits that are subject to the deemed loan treatment); the * cost base, and the * reduced cost base, of the asset are each taken to be reduced at the end of the arrangement period by an amount equal to the difference between: (d) the total amounts or values of the financial benefits that were subject to deemed loan treatment; and (e) the net amount referred to in paragraph (c). Note: See subsection (6) in relation to the application of paragraph (d). (3) If: (a) this Division applies to you and an asset; and (b) the * arrangement period for the * tax preferred use of the asset ends; and (c) a net amount is allowed to you as a deduction in relation to the * financial benefits that are * subject to the deemed loan treatment (taking into account the adjustments under Subdivision 250 ‑ E in relation to the financial benefits that are subject to the deemed loan treatment); the * cost base, and the * reduced cost base, of the asset are each taken to be reduced at the end of the arrangement period by an amount equal to the sum of: (d) the total amounts or values of the financial benefits that were subject to deemed loan treatment; and (e) the net amount referred to in paragraph (c). Note: See subsection (6) in relation to the application of paragraph (d). (4) If: (a) this Division applies to you and an asset; and (b) the * arrangement period for the * tax preferred use of the asset ends; and (c) a net amount is included in your assessable income in relation to the * financial benefits that are * subject to the deemed loan treatment (taking into account the adjustments under Subdivision 250 ‑ E in relation to the financial benefits that are subject to the deemed loan treatment); then, in determining the profit or loss on the sale of the asset, a deduction equal to the difference between the following is taken to have been allowed for expenditure by you in connection with the asset: (d) the total amounts or values of the financial benefits that were subject to deemed loan treatment; and (e) the net amount referred to in paragraph (c). Note: See subsection (6) in relation to the application of paragraph (d). (5) If: (a) this Division applies to you and an asset; and (b) the * arrangement period for the * tax preferred use of the asset ends; and (c) a net amount is allowed to you as a deduction in relation to the * financial benefits that are * subject to the deemed loan treatment (taking into account the adjustments under Subdivision 250 ‑ E in relation to the financial benefits that are subject to the deemed loan treatment); then, in determining the profit or loss on the sale of the asset, a deduction equal to the sum of the following is taken to have been allowed for expenditure by you in connection with the asset: (d) the total amounts or values of the financial benefits that were subject to deemed loan treatment; and (e) the net amount referred to in paragraph (c). Note: See subsection (6) in relation to the application of paragraph (d). (6) In applying paragraphs (2)(d), (3)(d), (4)(d) and (5)(d), disregard subsection 250 ‑ 160(2) (reasonable estimate of end value treated as financial benefit subject to deemed loan treatment).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-290", "Provision_Key": "s250-290", "Heading": "Balancing adjustment under Subdivision 40 ‑ D in some circumstances", "Text": "(1) This section applies if: (a) this Division applies to you and an asset; and (b) the * arrangement period for the * tax preferred use of the asset ends because a particular event happens; and (c) the event would have been a * balancing adjustment event for the asset for the purposes of Subdivision 40 ‑ D if this Division had not applied to you and the asset when the event happened. (2) A balancing adjustment is made under Subdivision 40 ‑ D as if: (a) the event were a * balancing adjustment event for the asset; and (b) the * adjustable value of the asset, just before the event happened, were the adjustable value worked out under subsection 250 ‑ 285(1); and (c) sections 40 ‑ 290, 40 ‑ 291, 40 ‑ 292 and 40 ‑ 293 did not apply.", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 164 of 2007 | No 93 of 2011 | No 126 of 2017", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 250-295", "Provision_Key": "s250-295", "Heading": "Objections against determinations and decisions by the Commissioner", "Text": "(1) This section applies to a determination by the Commissioner under section 250 ‑ 45. (2) This section also applies to a decision by the Commissioner under subsection 250 ‑ 150(5). (3) A person who is dissatisfied with a determination or decision to which this section applies may object against the determination or decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s250-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 253-1", "Provision_Key": "s253-1", "Heading": "What this Subdivision is about", "Text": "This Act applies to a payment of an entitlement under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 as if the payment were made by the ADI under the agreement for the account concerned. Special rules prevent the arising and payment of such an entitlement from creating inappropriate capital gains or losses affecting assessable income. Table of sections Operative provisions 253 ‑ 5 Payment of entitlement under financial claims scheme treated as payment from ADI 253 ‑ 10 Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects 253 ‑ 15 Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s253-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 253-5", "Provision_Key": "s253-5", "Heading": "Payment of entitlement under financial claims scheme treated as payment from ADI", "Text": "(1) This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 connected with an account with an * ADI had been paid to you by the ADI under the terms and conditions of the agreement for keeping the account. Note: This section has effect subject to more detailed provisions about: (a) entitlements relating to retirement savings accounts (see section 306 ‑ 25); and (b) entitlements relating to farm management deposits (see Subdivision 393 ‑ C). (2) To avoid doubt, subsection (1) does not affect the operation of Part 2 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Note: Division 21 in Schedule 1 to the Taxation Administration Act 1953 contains special provisions about how Part 2 ‑ 5 in that Schedule operates in relation to the meeting of entitlements under Division 2AA of Part II of the Banking Act 1959 .", "Amendment_Count": 2, "First_Amended": "No 42 of 2009", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 42 of 2009 | No 79 of 2010", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s253-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 253-10", "Provision_Key": "s253-10", "Heading": "Disposal of rights against ADI to APRA and meeting of financial claims scheme entitlement have no CGT effects", "Text": "Disregard a * capital gain or * capital loss you make: (a) because of the operation of section 16AI of the Banking Act 1959 ; or (b) because your entitlement under Subdivision C of Division 2AA of Part II of that Act is met. Note: Section 16AI of the Banking Act 1959 reduces the right of an account ‑ holder who has a protected account with a declared ADI to be paid an amount by the ADI, by the account ‑ holder’s entitlement under Subdivision C of Division 2AA of Part II of that Act to be paid an amount by APRA in connection with the account.", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s253-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 253-15", "Provision_Key": "s253-15", "Heading": "Cost base of financial claims scheme entitlement and any remaining part of account that gave rise to entitlement", "Text": "(1) This section applies if an entitlement arises under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 in connection with an account ‑ holder’s account with an * ADI. (2) The * cost base and * reduced cost base of the * CGT asset consisting of the entitlement are each the amount of the entitlement. (3) The * cost base of the * CGT asset representing the part (if any) of the account ‑ holder’s right to be paid an amount by the * ADI in connection with the account that remains after the reduction of that right by section 16AI of the Banking Act 1959 (by the amount of the entitlement) is the difference (if any) between: (a) the cost base of the right as it was immediately before the reduction; and (b) the amount of the entitlement. The * reduced cost base is worked out similarly. (4) This section has effect despite: (a) Division 110 (Cost base and reduced cost base); and (b) subsections 112 ‑ 30(2), (3), (4) and (5) (which are about apportioning a * cost base if a * CGT event happens to only part of a * CGT asset). Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s253-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-1", "Provision_Key": "s275-1", "Heading": "What this Division is about", "Text": "The trustee of certain Australian managed investment trusts may make a choice that certain assets of the trust be dealt with under CGT rules. If the trustee does not make such a choice, those assets will be treated as revenue assets (see Subdivision 275 ‑ B). Gains and profits from carried interests held in entities that are or were Australian managed investment trusts (or certain other trusts) are included in the assessable income of the holder of the interests. The holder is entitled to a deduction from losses from such interests (see Subdivision 275 ‑ C).", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 56 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-5", "Provision_Key": "s275-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the requirements for a trust to be a managed investment trust in relation to an income year. Table of sections Operative provisions 275 ‑ 10 Meaning of managed investment trust 275 ‑ 15 Trusts with wholesale membership 275 ‑ 20 Widely ‑ held requirements—ordinary case 275 ‑ 25 Widely ‑ held requirements for registered MIT—special case for entities covered by subsection 275 ‑ 20(4) 275 ‑ 30 Closely ‑ held restrictions 275 ‑ 35 Licensing requirements for unregistered MIS 275 ‑ 40 MIT participation interest 275 ‑ 45 Meaning of managed investment trust —every member of trust is a managed investment trust etc. 275 ‑ 50 Extended definition of managed investment trust —no fund payment made in relation to the income year 275 ‑ 55 Extended definition of managed investment trust —temporary circumstances outside the control of the trustee", "Amendment_Count": 2, "First_Amended": "No 90 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 90 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-10", "Provision_Key": "s275-10", "Heading": "Meaning of managed investment trust", "Text": "(1) A trust is a managed investment trust in relation to an income year if any of the following requirements are met: (a) the trust is covered under subsection (3) of this section in relation to the income year (ordinary case); (b) the trust is covered under section 275 ‑ 45 in relation to the income year (only members of trust are managed investment trusts etc.). (2) A trust is also a managed investment trust in relation to an income year if any of the following requirements are met: (a) the trust is covered under section 275 ‑ 50 in relation to the income year (no fund payment made in relation to the income year); (b) the trust is covered under section 275 ‑ 55 in relation to the income year (temporary circumstances outside the control of the trustee). (3) A trust is covered under this subsection in relation to an income year if: (a) at the time the trustee of the trust makes the first * fund payment in relation to the income year, or at an earlier time in the income year: (i) the trustee of the trust was an Australian resident; or (ii) the central management and control of the trust was in Australia; and (b) the trust is not a trust covered by subsection (4) (trading trust etc.) in relation to the income year; and (c) at the time the payment is made, the trust is a managed investment scheme (within the meaning of section 9 of the Corporations Act 2001 ); and (d) at the time the payment is made: (i) the trust is covered by section 275 ‑ 15 (trusts with wholesale membership); or (ii) if the trust is not covered by section 275 ‑ 15—the trust is registered under section 601EB of the Corporations Act 2001 ; and (e) the trust satisfies, in relation to the income year: (i) if, at the time the payment is made, the trust is registered under section 601EB of the Corporations Act 2001 and is covered by section 275 ‑ 15—either or both of the widely ‑ held requirements in subsections 275 ‑ 20(1) and 275 ‑ 25(1); or (ii) if, at the time the payment is made, the trust is so registered and is not covered by section 275 ‑ 15—either or both of the widely ‑ held requirements in subsections 275 ‑ 20(2) and 275 ‑ 25(1); or (iii) if, at the time the payment is made, the trust is not so registered and is covered by section 275 ‑ 15—the widely ‑ held requirements in subsection 275 ‑ 20(1); and (f) the trust satisfies the closely ‑ held restrictions in subsection 275 ‑ 30(1) in relation to the income year; and (g) if the trust is covered by section 275 ‑ 15 at the time the payment is made—it satisfies the licensing requirements in section 275 ‑ 35 in relation to the income year. Trading unit trust or other trust carrying on trading business etc. cannot be managed investment trust (4) A trust is covered by this subsection in relation to an income year if: (a) in the case of a unit trust—the trust is a trading trust for the purposes of Division 6C of Part III of the Income Tax Assessment Act 1936 in relation to the income year; or (b) in any other case—the trust at any time in the income year: (i) carried on a trading business (within the meaning of that Division); or (ii) controlled, or was able to control, directly or indirectly, the affairs or operations of another person in respect of the carrying on by that other person of a trading business (within the meaning of that Division). (4A) In determining whether a trust is covered by subsection (4), disregard any interest that the trust has in an * AFOF, an * ESVCLP or a * VCLP unless: (a) the trust is a * general partner of the AFOF, ESVCLP or VCLP; or (b) the trust has * committed capital in the partnership that, taken together with the sum of the amounts of committed capital in the partnership of any of that partner’s * associates (other than associates to whom subsection (4B) applies), exceeds 30% of the partnership’s committed capital. (4B) This subsection applies to: (a) an * ADI; or (b) a * life insurance company; or (c) a public authority: (i) that is constituted by a law of a State or internal Territory; and (ii) that carries on life insurance business within the meaning of section 11 of the Life Insurance Act 1995 ; or (d) a widely ‑ held complying superannuation fund within the meaning of section 4A of the Pooled Development Funds Act 1992 ; or (e) a * widely held foreign venture capital fund of funds. Crown entities etc. (5) For the purposes of paragraphs (3)(d) and (e), treat an entity as registered under section 601EB of the Corporations Act 2001 at the time the payment is made if at that time the trust is operated by: (a) an entity that would, but for subsection 5A(4) of that Act (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of that Act) whose licence would cover operating such a managed investment scheme; or (b) an entity that: (i) is a * wholly ‑ owned subsidiary of an entity of a kind mentioned in paragraph (a); and (ii) would, but for any instrument issued by ASIC under that Act that has effect in relation to the entity and operation of the scheme mentioned in paragraph (3)(c), be required under that Act to be a financial services licensee (within the meaning of that Act) whose licence would cover operating such a managed investment scheme. Start ‑ up and wind ‑ down phases (6) Treat the requirements in paragraphs (3)(e) and (f) as being satisfied if: (a) the trust is created during the period: (i) starting 12 months before the start of the income year; and (ii) ending at the end of the income year; or (b) the trust ceases to exist during the income year, and was a * managed investment trust (disregarding paragraph (a) of this section) in relation to the previous income year.", "Amendment_Count": 5, "First_Amended": "No 90 of 2010", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 90 of 2010 | No 53 of 2016 | No 54 of 2016 | No 8 of 2020 | No 76 of 2023", "History_Notes": "Inserted by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-15", "Provision_Key": "s275-15", "Heading": "Trusts with wholesale membership", "Text": "A trust is covered by this section at a time if, at that time: (a) the trust is not required to be registered in accordance with section 601ED of the Corporations Act 2001 (whether or not it is actually so registered) because of subsection 601ED(2) of that Act (no product disclosure statement required) or because it is operated or managed by an entity covered by subsection 275 ‑ 35(2) (Crown entities); and (b) the total number of entities that had become a * member of the trust because a financial product or a financial service was provided to, or acquired by, the entity as a retail client (within the meaning of the Corporations Act 2001 ) is no more than 20; and (c) the entities mentioned in paragraph (b) have a total * MIT participation interest in the trust of no more than 10%.", "Amendment_Count": 4, "First_Amended": "No 56 of 2010", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 56 of 2010 | No 90 of 2010 | No 53 of 2016 | No 76 of 2023", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-20", "Provision_Key": "s275-20", "Heading": "Widely ‑ held requirements—ordinary case", "Text": "(1) The trust satisfies the requirements in this subsection in relation to the income year if, at the time the payment mentioned in paragraph 275 ‑ 10(3)(a) is made, the trust has at least 25 * members. (2) The trust satisfies the requirements in this subsection in relation to the income year if, at the time the payment mentioned in paragraph 275 ‑ 10(3)(a) is made: (a) units in the trust are listed for quotation in the official list of an * approved stock exchange in Australia; or (b) the trust has at least 50 * members (ignoring objects of a trust). (3) For the purposes of subsection (1) and paragraph (2)(b), determine the number of * members of the trust as follows: (a) first, by applying the rules in subsection (5), identify: (i) the members of the trust that are not entities covered by subsection (4); and (ii) the members of the trust that are entities covered by subsection (4); (b) next, work out the number of members mentioned in subparagraph (a)(i); (c) next: (i) work out the * MIT participation interest in the trust of each entity mentioned in subparagraph (a)(ii); and (ii) for each of those entities, multiply the total of its MIT participation interest in the trust by 50 and round the result upwards to the nearest whole number; and (iii) work out the total of the results of subparagraph (ii) for all of those entities; (d) next, work out the total of the results of paragraphs (b) and (c). (4) This subsection covers the following kinds of entity: (a) a * life insurance company; (b) a * foreign life insurance company that is regulated under a * foreign law; (c) a * complying superannuation fund, a * complying approved deposit fund or a * foreign superannuation fund, being a fund that has at least 50 * members; (d) a * pooled superannuation trust that has at least one member that is a complying superannuation fund that has at least 50 members; (e) a * managed investment trust in relation to the income year; (f) an entity: (i) that is recognised under a foreign law as being used for collective investment by pooling the contributions of its members as consideration to acquire rights to benefits produced by the entity; and (ii) that has at least 50 members; and (iii) the contributing members of which do not have day ‑ to ‑ day control over the entity’s operation; (g) an entity, the principal purpose of which is to fund pensions (including disability and similar benefits) for the citizens or other contributors of a foreign country, if: (i) the entity is a fund established by an * exempt foreign government agency; or (ii) the entity is established under a foreign law for an exempt foreign government agency; or (iii) the entity is a * wholly ‑ owned subsidiary of an entity mentioned in subparagraph (i) or (ii); (h) an investment entity that satisfies all of these requirements: (i) the entity is wholly ‑ owned by one or more * foreign government agencies, or is a wholly ‑ owned subsidiary of one or more foreign government agencies; (ii) the entity is established using only the public money or public property of the foreign government concerned; (iii) all economic benefits obtained by the entity have passed, or are expected to pass, to the foreign government concerned; (i) an entity established and wholly ‑ owned by an * Australian government agency, if the capital of the entity, and returns from the investment of that capital, are used for the primary purpose of meeting statutory government liabilities or obligations (such as superannuation liabilities and liabilities arising from compensation or workcover claims); (ia) the * Future Fund Board; (j) a * limited partnership, if, throughout the income year: (i) at least 95% of the * membership interests in the limited partnership are owned by entities mentioned in the preceding paragraphs of this subsection, or by entities that are wholly ‑ owned by entities so mentioned; and (ii) the remaining membership interests (if any) in the limited partnership are owned by a * general partner of the limited partnership that habitually exercises the management power of the limited partnership; (k) an entity, all the membership interests in which are owned by any of the following: (i) entities mentioned in the preceding paragraphs of this subsection; (ii) entities that are wholly ‑ owned by entities mentioned in the preceding paragraphs of this subsection; (iii) entities that are covered under this subsection because of a previous operation of this paragraph; (l) an entity of a kind similar to an entity mentioned in the preceding paragraphs of this subsection as specified in the regulations. (4A) Any financial assets (within the meaning of the Future Fund Act 2006 ) held by the * Future Fund Board are taken, for the purposes of subparagraph (4)(k)(ii), to be held by the Future Fund Board in its own right. (5) The rules are as follows: (a) if an entity that is not a trust holds interests in the trust indirectly, through a * chain of trusts: (i) treat the entity as a member of the trust; and (ii) do not treat a trust in the chain of trusts as a member of the trust; (b) do not treat an object of the trust as a member of the trust; (c) if the trust is mentioned in subparagraph 275 ‑ 10(3)(d)(i) (trusts with wholesale membership)—do not treat an individual as a member of the trust (other than an individual who became a member of the trust because a financial product or a financial service was provided to, or acquired by, the individual as a wholesale client (within the meaning of the Corporations Act 2001 )); (d) the rules in subsection (7). (6) For the purposes of paragraph (5)(a), treat an entity covered by subsection (4) as an entity that is not a trust. (7) The rules are as follows: (a) treat the following entities as together being one entity: (i) an individual; (ii) each of his or her * relatives; (iii) each entity acting in the capacity of nominee of an individual mentioned in subparagraph (i) or (ii); (b) treat the following entities as together being one entity (the notional entity ): (i) an entity that is not an individual; (ii) each entity acting in the capacity of nominee of the entity mentioned in subparagraph (i). (8) For the purposes of subsection (5), if the entity mentioned in subparagraph (7)(b)(i) is an entity covered by subsection (4), treat the notional entity as an entity covered by subsection (4).", "Amendment_Count": 4, "First_Amended": "No 56 of 2010", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 56 of 2010 | No 53 of 2016 | No 15 of 2019 | No 76 of 2023", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-25", "Provision_Key": "s275-25", "Heading": "Widely ‑ held requirements for registered MIT—special case for entities covered by subsection 275 ‑ 20(4)", "Text": "(1) The trust satisfies the requirements in this subsection in relation to the income year if: (a) one or more entities covered by subsection 275 ‑ 20(4) have a total * MIT participation interest in the trust of more than 25% at the time the payment mentioned in paragraph 275 ‑ 10(3)(a) is made; and (b) at no time in the income year does an entity (other than an entity covered by subsection 275 ‑ 20(4)) have a MIT participation interest in the trust of more than 60%. (2) For the purposes of paragraphs (1)(a) and (b): (a) if: (i) an entity covered by subsection 275 ‑ 20(4) has a * MIT participation interest (the first interest ) in the trust; and (ii) another entity covered by subsection 275 ‑ 20(4) also has a MIT participation interest (the second interest ) in the trust; disregard the second interest to the extent that it arises through the existence of the first interest; and (b) if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a * chain of trusts—do not treat a trust in the chain of trusts as having a MIT participation interest in the trust. (3) For the purposes of paragraph (2)(b), treat an entity covered by subsection 275 ‑ 20(4) as an entity that is not a trust. (4) For the purposes of paragraphs (1)(a) and (b), apply the rules in subsection 275 ‑ 20(7).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-30", "Provision_Key": "s275-30", "Heading": "Closely ‑ held restrictions", "Text": "(1) The trust satisfies the requirements in this subsection in relation to the income year unless, at any time in the income year, any of the following situations exist: (a) for a trust mentioned in subparagraph 275 ‑ 10(3)(d)(i) (trusts with wholesale membership)—10 or fewer persons have a total * MIT participation interest in the trust of 75% or more; (b) if paragraph (a) does not apply—20 or fewer persons have a total MIT participation interest in the trust of 75% or more; (c) a foreign resident individual has a MIT participation interest in the trust of 10% or more. (2) For the purposes of paragraphs (1)(a) and (b): (a) if an entity covered by subsection 275 ‑ 20(4) has a * MIT participation interest in the trust—treat that entity as not having a MIT participation interest in the trust; and (b) if an entity that is not a trust has a MIT participation interest in the trust because it holds interests in the trust indirectly, through a * chain of trusts: (i) if the entity is covered by subsection 275 ‑ 20(4)—do not treat it as having a MIT participation interest in the trust; and (ii) do not treat a trust in the chain of trusts as having a MIT participation interest in the trust. (3) For the purposes of paragraph (2)(b), treat an entity covered by subsection 275 ‑ 20(4) as an entity that is not a trust. (4) For the purposes of paragraphs (1)(a) and (b), apply the rules in subsection 275 ‑ 20(7).", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 56 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-35", "Provision_Key": "s275-35", "Heading": "Licensing requirements for unregistered MIS", "Text": "(1) The trust satisfies the requirements in this section in relation to the income year if, at the time the payment mentioned in paragraph 275 ‑ 10(3)(a) is made (the time of the first fund payment for the income year): (a) the trust is operated or managed by: (i) a financial services licensee (within the meaning of the Corporations Act 2001 ) holding an Australian financial services licence whose licence covers it providing financial services (within the meaning of that Act) to wholesale clients (within the meaning of that Act); or (ii) an authorised representative (within the meaning of that Act) of such a financial services licensee; or (b) the trust is operated or managed by an entity covered by subsection (2); or (c) the trust is operated or managed by an entity that: (i) is a * wholly ‑ owned subsidiary of an entity covered by subsection (2); and (ii) is an entity covered by subsection (3). (2) An entity is covered by this subsection if it would, but for subsection 5A(4) of the Corporations Act 2001 (about the Crown not being bound by Chapter 6CA or 7 of that Act), be required under that Act to be a financial services licensee (within the meaning of that Act). (3) An entity is covered by this subsection if it would, but for any instrument issued by ASIC under the Corporations Act 2001 that has effect in relation to the entity and the operation of the scheme mentioned in paragraph 275 ‑ 10(3)(c), be required under that Act to be a financial services licensee (within the meaning of that Act).", "Amendment_Count": 3, "First_Amended": "No 56 of 2010", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 56 of 2010 | No 53 of 2016 | No 76 of 2023", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-40", "Provision_Key": "s275-40", "Heading": "MIT participation interest", "Text": "(1) An entity has a MIT participation interest in a trust if the entity, directly or indirectly: (a) holds, or has the right to * acquire, interests representing a percentage of the value of the interests in the trust; or (b) has the control of, or the ability to control, a percentage of the rights attaching to * membership interests in the trust; or (c) has the right to receive a percentage of any distribution of income that the trust may make. (2) The MIT participation interest of the entity in the trust is the greatest of the percentages mentioned in paragraphs (1)(a), (b) and (c).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-45", "Provision_Key": "s275-45", "Heading": "Meaning of managed investment trust —every member of trust is a managed investment trust etc.", "Text": "(1) A trust is covered under this section in relation to an income year if: (a) the condition in paragraph 275 ‑ 10(3)(a) is satisfied; and (b) the condition in paragraph 275 ‑ 10(3)(b) is satisfied; and (c) either: (i) the only * members of the trust are entities that are covered by subsection 275 ‑ 20(4) (other than entities mentioned in paragraph 275 ‑ 20(4)(f)); or (ii) the only members of the trust are entities that are * managed investment trusts in relation to the income year because of subsection 275 ‑ 10(2); and (d) the trust satisfies the licensing requirements in section 275 ‑ 35 in relation to the income year. (2) A requirement in paragraph (1)(a) is satisfied if, and only if, it is satisfied: (a) at the time the trustee of the trust makes the first * fund payment in relation to the income year; or (b) if the trustee does not make such a payment in relation to the income year—at both the start and the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-50", "Provision_Key": "s275-50", "Heading": "Extended definition of managed investment trust —no fund payment made in relation to the income year", "Text": "A trust is covered under this section in relation to an income year if: (a) the trustee of the trust does not make a * fund payment in relation to the income year; and (b) the trust would be a * managed investment trust in relation to the income year if the trustee of the trust had made the first fund payment in relation to the income year on the first day of the income year when it was in existence; and (c) the trust would be a managed investment trust in relation to the income year if the trustee of the trust had made the first fund payment in relation to the income year on the last day of the income year on which it was in existence.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-55", "Provision_Key": "s275-55", "Heading": "Extended definition of managed investment trust —temporary circumstances outside the control of the trustee", "Text": "A trust is covered under this section in relation to an income year if: (a) apart from a particular circumstance, the trust would be a * managed investment trust in relation to the income year; and (b) the circumstance is temporary; and (c) the circumstance arose outside the control of the trustee of the trust; and (d) it is fair and reasonable to treat the trust as a managed investment trust in relation to the income year, having regard to the following matters: (i) the matters in paragraphs (a) and (b); (ii) the nature of the circumstance; (iii) the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken; (iv) the extent to which treating the trust as a managed investment trust in relation to the income year would increase or reduce the amount of tax otherwise payable by the trustee, the * members of the trust or any other entity; (v) any other relevant matter.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-100", "Provision_Key": "s275-100", "Heading": "Consequences of making choice—CGT to be primary code for calculating MIT gains or losses", "Text": "(1) The modifications in subsection (2) apply if: (a) a * CGT event happens at a time involving a * CGT asset; and (b) the CGT asset is owned at that time by an entity that is a * managed investment trust in relation to the income year in which the time occurs; and (c) the CGT event happens because the managed investment trust * disposes of, ceases to own or otherwise realises the asset; and (d) the asset is covered by section 275 ‑ 105; and (e) the entity meets the requirement in section 275 ‑ 110 at the time; and (f) a choice under section 275 ‑ 115 covering the entity is in force for the income year in which the time occurs. (1A) Without limiting paragraph (1)(b), if: (a) a * VCLP or an * ESVCLP owns a * CGT asset at the time referred to in that paragraph; and (b) at that time, the * managed investment trust has an interest in the asset as a * limited partner of the VCLP or ESVCLP; for the purposes of that paragraph, the managed investment trust is taken to own the asset to the extent of that interest. (2) These provisions do not apply to the * CGT event: (a) sections 6 ‑ 5 (about * ordinary income), 8 ‑ 1 (about amounts you can deduct), and 15 ‑ 15 and 25 ‑ 40 (about profit ‑ making undertakings or plans); (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit ‑ making undertakings or schemes); (c) section 118 ‑ 20 (about reducing capital gains if amount otherwise assessable); (d) Division 70 and section 118 ‑ 25 (about trading stock). General exceptions (3) The provisions referred to in subsection (2) can apply to the * CGT event if a * capital gain or * capital loss from the event is disregarded because of one of the provisions in this table: Where gain or loss disregarded because of CGT provision Item Provision Brief description 1 Paragraph 104 ‑ 15(4)(a) Title in a CGT asset does not pass when a hire purchase or similar agreement ends 2 Section 118 ‑ 13 Shares in a PDF 3 Section 118 ‑ 60 Certain gifts Trading stock and profit ‑ making undertakings or plans involving land etc. (4) The provisions referred to in subsection (2) can also apply to the * CGT event if: (a) where the * CGT asset is land (including an interest in land), or a right or option to * acquire or * dispose of land (including an interest in land): (i) the CGT asset is * trading stock; or (ii) the circumstances existing at the time of the event would, disregarding this Subdivision, give rise to an amount being included in the assessable income of the entity under section 15 ‑ 15 or to a deduction for the entity under section 25 ‑ 40 (about profit ‑ making undertakings or plans); or (b) where paragraph (a) does not apply: (i) the * managed investment trust acquired the CGT asset in an income year for which the choice mentioned in paragraph (1)(f) was not in force; and (ii) the CGT asset was treated as trading stock in the managed investment trust’s financial report for the most recent income year ending before the start of the income year in which that choice first came into force; and (iii) the CGT asset was treated as trading stock in the * income tax return for the managed investment trust for the most recent income year ending before the start of the income year in which that choice first came into force; and (iv) the CGT asset was treated as trading stock in the managed investment trust’s financial report for the most recent income year ending before the time of the event; and (v) the CGT asset was treated as trading stock in the income tax return for the managed investment trust for the most recent income year ending before the time of the event. Treatment of outgoings to acquire trading stock (5) The modifications in subsection (6) apply if: (a) an entity that is a * managed investment trust in relation to the income year * acquires a * CGT asset at a time in that income year; and (b) the CGT asset is an item of * trading stock; and (c) the CGT asset is not land (including an interest in land), or a right or option to acquire or * dispose of land (including an interest in land); and (d) the entity incurs an outgoing in connection with acquiring the asset; and (e) the asset is covered by section 275 ‑ 105; and (f) the entity meets the requirement in section 275 ‑ 110 at the time; and (g) a choice under section 275 ‑ 115 covering the entity is in force for the income year in which the time occurs. (6) The modifications are as follows: (a) section 8 ‑ 1 (about amounts you can deduct) does not apply to the * acquisition; (b) Division 70 (about trading stock) does not apply in relation to the asset in respect of: (i) the income year in which the time occurs; and (ii) any later income year in relation to which the entity is a * managed investment trust and throughout which the entity meets the requirement in section 275 ‑ 110.", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 56 of 2010 | No 54 of 2016", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-105", "Provision_Key": "s275-105", "Heading": "Covered assets", "Text": "(1) An asset is covered by this section if it is any of the following: (a) a * share in a company (including a share in a * foreign hybrid company); (b) a * non ‑ share equity interest in a company; (c) a unit in a unit trust; (d) land (including an interest in land); (e) a right or option to * acquire or * dispose of an asset of a kind mentioned in paragraph (a), (b), (c) or (d). (2) However, the asset is not covered by this section if it is any of the following: (a) a * Division 230 financial arrangement; (b) a * debt interest.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-110", "Provision_Key": "s275-110", "Heading": "MIT not to be trading trust", "Text": "(1) An entity that is a trust meets the requirement in this section at a time if the entity is not, at that time, a trading trust for the purposes of Division 6C of Part III of the Income Tax Assessment Act 1936 in relation to that income year. (2) If, apart from a particular circumstance, a trust would meet the requirement in subsection (1) at a time, the trust also meets the requirement in this section at a time if: (a) the circumstance is temporary; and (b) the circumstance arose outside the control of the trustee of the trust; and (c) the trustee of the trust is not liable to pay income tax on the net income of the trust under section 102S of the Income Tax Assessment Act 1936 for the income year in which the time occurs; and (d) it is fair and reasonable to treat the trust as meeting the requirement in this section at that time, having regard to the following matters: (i) the matters in paragraphs (a), (b) and (c); (ii) the nature of the circumstance; (iii) the actions (if any) taken by the trustee of the trust to address or remove the circumstance, and the speed with which such actions are taken; (iv) the extent to which treating the trust as meeting the requirement in this section at that time would increase or reduce the amount of tax otherwise payable by the trustee, the beneficiaries of the trust or any other entity; (v) any other relevant matter.", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 56 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-115", "Provision_Key": "s275-115", "Heading": "MIT CGT choices", "Text": "(1) The trustee of an entity that is a * managed investment trust may make a choice under this section that covers the managed investment trust. (2) The choice must be made in the * approved form. (3) The choice can be made only: (a) if the entity became a * managed investment trust in the 2009 ‑ 10 income year or a later income year (whether or not the entity existed before it became a managed investment trust)—on or before the latest of the following days: (i) the day it is required to lodge its * income tax return for the income year in which it became a managed investment trust; (ii) if the Commissioner allows a later day for the managed investment trust—that later day; or (b) otherwise—on or before the latest of the following days: (i) the last day in the 3 month period starting on the day on which this section commences; (ii) the last day of the 2009 ‑ 10 income year; (iii) if the Commissioner allows a later day for the managed investment trust—that later day. (4) The choice, once made, cannot be revoked. (5) The choice is in force: (a) in the circumstances mentioned in paragraph (3)(a)—for the income year in which the entity became a * managed investment trust (whether or not the entity existed before it became a managed investment trust) and later income years; or (b) in the circumstances mentioned in paragraph (3)(b)—for the 2008 ‑ 09 income year and later income years.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-120", "Provision_Key": "s275-120", "Heading": "Consequences of not making choice—revenue account treatment", "Text": "(1) This section applies if: (a) the requirements in subsection 275 ‑ 100(1) are met in relation to a * CGT asset held by a * managed investment trust, apart from the requirement in paragraph 275 ‑ 100(1)(f); and (b) the CGT asset is not: (i) land (including an interest in land); or (ii) a right or option to * acquire or * dispose of land (including an interest in land); and (c) the managed investment trust disposes of, ceases to own or otherwise realises the asset; and (d) disregarding this section: (i) the net proceeds (if any) from the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3 ‑ 1 or 3 ‑ 3); and (ii) the gain or profit (if any) on the disposal, cessation or realisation would not be reflected in an amount being included in the assessable income of the managed investment trust (other than under Part 3 ‑ 1 or 3 ‑ 3); and (iii) the loss (if any) on the disposal, cessation or realisation would not be reflected in an amount being deductible by the managed investment trust. (2) For the purposes of this Act, treat the disposal, cessation of ownership of or realisation of the asset in the same way as the disposal, cessation of ownership of or realisation of a * revenue asset.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-200", "Provision_Key": "s275-200", "Heading": "Gains and losses etc. from carried interests in managed investment trusts reflected in assessable income or deduction", "Text": "(1) This section applies if: (a) you hold a * CGT asset in an income year that carries an entitlement to a distribution from an entity; and (b) the entitlement to such a distribution is contingent upon the attainment of profits by the entity; and (c) the entity satisfies any of these requirements: (i) it is a * managed investment trust in relation to the income year; (ii) it was a managed investment trust in relation to a previous income year; and (d) you acquired the asset because of services you or your * associate provided, or will provide, to the entity; and (e) you or your associate provided, or will provide, those services: (i) as a manager of the entity; or (ii) as an associate of a manager of the entity; or (iii) as an employee of a manager of the entity; or (iv) as an associate of an employee of a manager of the entity; and (f) any of the following apply: (i) you become entitled in the income year to such a distribution (regardless of whether the distribution is made immediately, or is to be made in the future); (ii) a * CGT event happens in relation to the asset in the income year. (1A) For the purposes of paragraph (1)(c), in determining whether the entity satisfies any of the requirements mentioned in that paragraph: (a) disregard paragraph 275 ‑ 10(3)(b) (requirement of not being a trading trust etc.); and (b) disregard subsection 102T(16) of the Income Tax Assessment Act 1936 (exclusion of public trading trust etc.). (2) Include in your assessable income for the income year: (a) the amount of the distribution (except to the extent that it represents a return of capital that you or your associate contributed in order for you to * acquire the asset); or (b) the amount of your gain or profit (if any) on the * CGT event. (3) Subsection (2) does not apply to the extent that the amount is included in your assessable income as: (a) * ordinary income under section 6 ‑ 5; or (b) * statutory income under a section of this Act, other than a provision in Part 3 ‑ 1 or 3 ‑ 3. (4) An amount to which subsection (2) applies is taken, for the purposes of the * income tax laws, to have a source in Australia. For the purposes of this subsection, disregard subsection (3). (5) You are entitled to a deduction for the income year for the amount of your loss (if any) on the * CGT event. (6) Subsection (5) does not apply to the extent that you can deduct the amount under another provision of this Act. (7) Subdivision 115 ‑ C does not apply to the amount of a distribution mentioned in subparagraph (1)(f)(i) if: (a) that amount is included in your assessable income under subsection (2); or (b) an amount referable to that amount is included in your assessable income under Division 6 of Part III of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 56 of 2010 | No 53 of 2016", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-600", "Provision_Key": "s275-600", "Heading": "What this Subdivision is about", "Text": "The trustee of a managed investment trust in relation to an income year is taxed on amounts related to the managed investment trust’s non ‑ arm’s length income for the income year. Table of sections Operative provisions 275 ‑ 605 Trustee taxed on amount of non ‑ arm’s length income of managed investment trust 275 ‑ 610 Non ‑ arm’s length income 275 ‑ 615 Commissioner’s determination in relation to amount of non ‑ arm’s length income", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-600"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-605", "Provision_Key": "s275-605", "Heading": "Trustee taxed on amount of non ‑ arm’s length income of managed investment trust", "Text": "(1) Subsections (2), (3) and (4) apply if the Commissioner has made a determination under section 275 ‑ 615 that specifies an amount of * non ‑ arm’s length income for a specified * managed investment trust in relation to a specified income year. Excess amount to be taxed (2) The trustee of the * managed investment trust is liable to pay income tax at the rate declared by the Parliament on the amount mentioned in subsection (5). Note: The rate is set out in subsection 12(10) of the Income Tax Rates Act 1986 . Excess amount to be adjusted (3) If the trust is an * AMIT for the income year: (a) if paragraph (b) does not apply—treat the trust as having an * over in the income year in which the determination is made, for the specified income year, of a character relating to * ordinary income, or * statutory income, from an * Australian source, equal to the amount mentioned in subsection (5); or (b) if the trust already has such an over in the income year in which the determination is made, for the specified income year—increase the amount of that over by the amount mentioned in subsection (5). (4) If the trust is not an * AMIT for the income year, reduce the trust’s * net income for the income year in which the determination is made by the amount mentioned in subsection (5), to the extent that the net income is attributable to that amount. Excess amount (5) The amount is the excess mentioned in paragraph 275 ‑ 610(1)(b) in respect of the * non ‑ arm’s length income, reduced by deductions (if any) that: (a) are reflected in: (i) if the trust is an * AMIT for the income year—the amounts of its * trust components for the income year (disregarding subsection (3)); or (ii) otherwise—its * net income for the income year (disregarding subsection (4)); and (b) are attributable only to the amount of non ‑ arm’s length income.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-605"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-610", "Provision_Key": "s275-610", "Heading": "Non ‑ arm’s length income", "Text": "(1) An amount of * ordinary income or * statutory income is non ‑ arm’s length income of a * managed investment trust if: (a) it is derived from a * scheme the parties to which were not dealing with each other at * arm’s length in relation to the scheme; and (b) that amount exceeds the amount that the entity might have been expected to derive if those parties had been dealing with each other at arm’s length in relation to the scheme; and (c) the amount is none of the following: (i) a distribution from a * corporate tax entity; (ii) a distribution from a trust that is not a party to the scheme mentioned in paragraph (a); (iii) a * return covered by subsection (2). (1A) Disregard subparagraph (1)(c)(ii) if the amount of * ordinary income or * statutory income is * excepted MIT CSA income. (2) This subsection covers a * return that an entity pays or provides on a * debt interest, if the rate (expressed on an annual basis) of the return does not exceed the greater of: (a) the * benchmark rate of return for the interest; and (b) the * base interest rate for the day on which the return is paid or provided, plus 3 percentage points. (3) Subsection (4) applies if: (a) an amount would be * non ‑ arm’s length income of the * managed investment trust (disregarding that subsection); and (b) the amount is a distribution from a trust, or a share of the * net income of a trust, if the trust is a party to the scheme mentioned in paragraph (1)(a). (4) The amount is * non ‑ arm’s length income of the * managed investment trust only to the extent that the distribution or share of * net income is attributable to non ‑ arm’s length income of the trust mentioned in paragraph (3)(b) (on that assumption that the trust were a managed investment trust) because of another operation of this section. (5) Subsection (6) applies if: (a) an amount (the first amount ) of * ordinary income or * statutory income of the * managed investment trust that would be * non ‑ arm’s length income of the managed investment trust (disregarding that subsection) is: (i) a distribution from a trust that is a party to the scheme mentioned in paragraph (1)(a); or (ii) a share of the * net income of a trust that is a party to that scheme; and (b) another amount (the second amount ) of ordinary income or statutory income of the managed investment trust is: (i) a distribution from another trust (whether or not the other trust is a party to that scheme); or (ii) a share of the net income of another trust (whether or not the other trust is a party to that scheme); and (c) it is reasonable to conclude that the second amount would have been higher but for the first amount. (6) The first amount is not * non ‑ arm’s length income of the * managed investment trust to the extent that the second amount would have been higher as mentioned in paragraph (5)(c).", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 53 of 2016 | No 34 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-610"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 275-615", "Provision_Key": "s275-615", "Heading": "Commissioner’s determination in relation to amount of non ‑ arm’s length income", "Text": "(1) The Commissioner may make a determination in writing that specifies an amount of * non ‑ arm’s length income for a specified * managed investment trust in relation to a specified income year if the Commissioner is satisfied that: (a) the amount of non ‑ arm’s length income for the managed investment trust in relation to the income year is reflected in: (i) if the trust is an * AMIT for the income year—one or more of its * trust components for the income year; or (ii) otherwise—its * net income for the income year; and (b) the managed investment trust is a party to the * scheme mentioned in paragraph 275 ‑ 610(1)(a) at a time in the income year in which the amount is derived; and (c) at least one of the parties to that scheme is not a managed investment trust in relation to the income year. (1A) Disregard paragraphs (1)(b) and (c) if the amount of * non ‑ arm’s length income is * excepted MIT CSA income. Determination does not form part of assessment (2) A determination under subsection (1) does not form part of an assessment. Notice by Commissioner of determination (3) If the Commissioner makes a determination under subsection (1), the Commissioner must give a copy of the determination to the * managed investment trust concerned. Evidence of determination (4) The production of: (a) a notice of a determination; or (b) a document signed by the Commissioner, a Second Commissioner or a Deputy Commissioner purporting to be a copy of a determination; is: (c) conclusive evidence of the due making of the determination; and (d) conclusive evidence that the determination is correct (except in proceedings under Part IVC of the Taxation Administration Act 1953 on an appeal or review relating to the determination). Objections (5) If an entity to whom a determination relates is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 53 of 2016", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 53 of 2016 | No 81 of 2016 | No 34 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s275-615"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-1", "Provision_Key": "s276-1", "Heading": "What this Division is about", "Text": "A managed investment trust in relation to an income year is an attribution managed investment trust (or AMIT) for the income year if certain criteria are satisfied. In particular, for the trust to be an AMIT, the interests of the members of the trust need to be clearly defined at all times during which the trust is in existence in the income year (see Subdivision 276 ‑ A). An AMIT for an income year is treated as a fixed trust. A member of the AMIT in respect of the income year is treated as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year (see Subdivision 276 ‑ B). Amounts related to income and tax offsets of an AMIT, determined by the trustee to be of a particular tax character, are attributed to members, generally retaining that tax character (see Subdivision 276 ‑ C). Underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is done on a character ‑ by ‑ character basis. An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character. Unders and overs arise, and are dealt with, in the income year in which they are discovered (see Subdivision 276 ‑ F). The trustee of an AMIT is liable to pay income tax on certain amounts reflecting under ‑ attribution of income or over ‑ attribution of tax offsets (see Subdivision 276 ‑ G). Special rules apply to a trust that ceases to be an AMIT (see Subdivision 276 ‑ K).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-5", "Provision_Key": "s276-5", "Heading": "What this Subdivision is about", "Text": "A managed investment trust in relation to an income year is an attribution managed investment trust (or AMIT ) for the income year if certain criteria are satisfied. In particular: (a) the interests of the members of the trust need to be clearly defined at all times when the trust is in existence in the income year; and (b) the trustee of the trust needs to have made a choice for the trust to be an AMIT in respect of that income year or an earlier income year. Table of sections Operative provisions 276 ‑ 10 Meaning of attribution managed investment trust (or AMIT ) 276 ‑ 15 Clearly defined interests 276 ‑ 20 Trust with classes of membership interests—each class treated as separate AMIT", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-10", "Provision_Key": "s276-10", "Heading": "Meaning of attribution managed investment trust (or AMIT )", "Text": "(1) A trust is an attribution managed investment trust (or AMIT ) for an income year if: (a) the trust is a * managed investment trust in relation to the income year; and (b) the rights to income and capital arising from each of the * membership interests in the trust are clearly defined (see section 276 ‑ 15) at all times when the trust is in existence in the income year; and (d) if the regulations specify criteria for the purposes of this paragraph—those criteria are satisfied in relation to the trust; and (e) either: (i) the trustee of the trust has made a choice for the purposes of this subparagraph in respect of that income year; or (ii) the trust was an AMIT for an earlier income year. (2) A choice for the purposes of subparagraph (1)(e)(i) cannot be revoked.", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-15", "Provision_Key": "s276-15", "Heading": "Clearly defined interests", "Text": "(1) Without limiting the circumstances in which the rights to income and capital arising from the * membership interests in a trust are clearly defined for the purposes of paragraph 276 ‑ 10(1)(b), treat such rights as being clearly defined at a particular time for those purposes if any of the following conditions are satisfied at that time: (a) the trust is registered under section 601EB of the Corporations Act 2001 ; (b) the rights to income and capital arising from each of the membership interests in the trust are the same. (2) For the purposes of working out whether the condition in paragraph (1)(b) is satisfied, disregard the following: (a) fees or charges imposed by the trustee on the * members of the trust; (b) issue and redemption prices of * membership interests in the trust; (c) exposure of the membership interests in the trust to foreign exchange gains and losses.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-20", "Provision_Key": "s276-20", "Heading": "Trust with classes of membership interests—each class treated as separate AMIT", "Text": "(1) Subsections (2) and (3) apply if: (a) the * membership interests in an * AMIT for an income year are divided into classes; and (b) the rights arising from each of those membership interests in a particular class are the same as the rights arising from every other of those membership interests in that class; and (c) each of those membership interests in a particular class is distinct from each of those membership interests in another class; and (d) the trustee of the AMIT has made a choice for the purposes of this paragraph that applies to the income year. (2) For the purposes of this Division (other than this Subdivision), treat each class of those * membership interests in the * AMIT as being a separate AMIT for that income year. (3) For the purposes of this Division, allocate assessable income, * exempt income, * non ‑ assessable non ‑ exempt income, * tax losses, * net capital losses and other similar amounts in respect of the * AMIT between each of the separate classes mentioned in subsection (1) on a fair and reasonable basis. Making of choice by trustee (4) A choice for the purposes of paragraph (1)(d) applies to the income year for which it is made and every subsequent income year. (5) A choice for the purposes of paragraph (1)(d) cannot be revoked.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-50", "Provision_Key": "s276-50", "Heading": "What this Subdivision is about", "Text": "An AMIT for an income year is treated as a fixed trust. A member of the AMIT in respect of the income year is treated as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year. Table of sections Operative provisions 276 ‑ 55 AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-55", "Provision_Key": "s276-55", "Heading": "AMIT taken to be fixed trust and member taken to have vested and indefeasible interest in income and capital", "Text": "For the purposes of this Act: (a) treat an * AMIT for an income year as a * fixed trust; and (b) treat an entity that is a * member of the AMIT in respect of the income year as having a vested and indefeasible interest in a share of the income and capital of the AMIT throughout the income year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-75", "Provision_Key": "s276-75", "Heading": "What this Subdivision is about", "Text": "Amounts related to income and tax offsets of an AMIT, of a particular tax character, are attributed to members of the AMIT on the basis of their determined member components of that tax character. This attribution does not apply to the extent that amounts have been withheld etc. in relation to those components under Subdivision 12 ‑ F, 12 ‑ H or 12A ‑ C in Schedule 1 to the Taxation Administration Act 1953 . The trustee of an AMIT that is not a withholding MIT may be liable to pay income tax in respect of a determined member component of a foreign resident member (including where that member is acting in the capacity of a trustee). As a result, the member may be entitled to a tax offset. Table of sections Taxation etc. of member on determined member components 276 ‑ 80 Member’s assessable income or tax offsets for determined member components—general rules 276 ‑ 85 Member’s assessable income or tax offsets for determined member components—specific rules 276 ‑ 90 Commissioner’s determination as to status of member as qualified person 276 ‑ 95 Relationship between section 276 ‑ 80 and withholding rules 276 ‑ 100 Relationship between section 276 ‑ 80 and other charging provisions in this Act Foreign resident members—taxation of trustee and corresponding tax offset for members 276 ‑ 105 Trustee taxed on foreign resident’s determined member components 276 ‑ 110 Refundable tax offset for foreign resident member—member that is not a trustee Special rule for interposed custodian 276 ‑ 115 Custodian interposed between AMIT and member", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-80", "Provision_Key": "s276-80", "Heading": "Member’s assessable income or tax offsets for determined member components—general rules", "Text": "Components of income character (1) Subsection (2) applies if a * member of an * AMIT in respect of an income year has, for the income year, a * determined member component of: (a) a character relating to assessable income; or (b) a character relating to * exempt income; or (c) a character relating to * non ‑ assessable non ‑ exempt income. (2) For the purpose of working out the effects mentioned in subsection (3) for the * member, treat the member as having derived, received or made the amount reflected in the * determined member component: (a) in the member’s own right (rather than as a member of a trust); and (b) in the same circumstances as the * AMIT derived, received or made that amount, to the extent that those circumstances gave rise to the particular character of that component. (3) The effects are as follows: (a) including an amount in the assessable income of the * member; (b) including an amount in the * exempt income of the member; (c) including an amount in the * non ‑ assessable non ‑ exempt income of the member; (d) determining whether the member has made a * capital gain from a * CGT event; (e) determining the extent to which the member’s * net capital loss has been * utilised. Components of tax offset character (4) Subsection (5) applies if a * member of an * AMIT in respect of an income year has, for the income year, a * determined member component of a character relating to a * tax offset. (5) For the purpose of working out the effects mentioned in subsection (6) for the * member, treat the member as having paid or received the amount reflected in the * determined member component: (a) in the member’s own right (rather than as a member of a trust); and (b) in the same circumstances as the * AMIT paid or received that amount. (6) The effects are as follows: (a) entitling the member to a * tax offset; (b) entitling the member to a credit under Division 18 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-85", "Provision_Key": "s276-85", "Heading": "Member’s assessable income or tax offsets for determined member components—specific rules", "Text": "(1) This section makes clarifications and modifications of the operation of section 276 ‑ 80 in respect of a * member of an * AMIT in respect of an income year. (2) For the purposes of this Act, if an amount is included in the * member’s assessable income because of the operation of this section, treat that amount as being so included because of the operation of subsection 276 ‑ 80(2). Discount capital gains (3) Subsection (4) applies if the * member has, for the income year, a * determined member component of the character of: (a) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (b) a discount capital gain from a CGT asset that is not taxable Australian property. (4) For the purposes of section 276 ‑ 80 and this section, treat the amount of the component as being double what it would be apart from this subsection. Franking credit gross ‑ up (5) Subsection (6) applies if the * member has, for the income year, a * determined member component (the franking credit gross ‑ up component ) of the character of assessable income under subsection 207 ‑ 20(1) (franking credit gross ‑ up). (6) For the purposes of subsection 207 ‑ 20(1) (franking credit gross ‑ up), treat the reference in that subsection to the amount of the * franking credit on the distribution as instead being a reference to the amount of the franking credit gross ‑ up component. Limitation on circumstances in paragraph 276 ‑ 80(2)(b) (7) The circumstances mentioned in paragraph 276 ‑ 80(2)(b) or (5)(b) do not include the following: (a) the residence of the trustee of the * AMIT; (b) the place of the central management and control of the AMIT.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-90", "Provision_Key": "s276-90", "Heading": "Commissioner’s determination as to status of member as qualified person", "Text": "(1) Subsection (2) applies to a * member of an * AMIT in respect of an income year if: (a) the AMIT is specified in a determination under subsection (3); and (b) the income year is specified in the determination; and (c) the member: (i) is specified in the determination; or (ii) is included in a class of members specified in the determination. (2) Treat the * member as not being a qualified person in relation to a distribution in relation to the * AMIT for the income year, for the purposes of Division 1A of former Part IIIAA of the Income Tax Assessment Act 1936 . (3) For the purposes of this section, the Commissioner may make a determination in writing that identifies any of the following: (a) a specified * member of a specified * AMIT; (b) a specified class of members of a specified AMIT. (4) The determination may specify one or more income years. (5) In deciding whether to make a determination under subsection (3), the Commissioner may have regard to any of the following: (a) arrangements (if any) entered into by the * member that directly or indirectly reduce the economic exposure of the member to changes in the value of the * membership interests held by the member in the * AMIT; (b) the lack of such arrangements; (c) the length of time that the member has been a member of the AMIT; (d) any other matter that the Commissioner considers relevant. (6) A determination under subsection (3) is not a legislative instrument. (7) If an entity to whom a determination relates is dissatisfied with the determination, the entity may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-95", "Provision_Key": "s276-95", "Heading": "Relationship between section 276 ‑ 80 and withholding rules", "Text": "(1) Subsection 276 ‑ 80(2) does not apply to the extent that the * determined member component is reflected in an * AMIT DIR payment or a * fund payment, if an amount in respect of the payment: (a) has been withheld from the payment under Subdivision 12 ‑ F or 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 ; or (b) would be so withheld apart from an exemption from a requirement to withhold under Subdivision 12 ‑ F in that Schedule; or (c) has been paid under Division 12A in that Schedule; or (d) would be so paid apart from an exemption from a requirement to withhold under Subdivision 12 ‑ F in that Schedule. (2) However, if the * determined member component is reflected in a * fund payment, subsection (1) applies only to the extent to which an amount attributable to the fund payment is treated under section 840 ‑ 815 as not assessable income and not * exempt income. (3) Subsection 276 ‑ 80(2) does not affect the operation of the following: (a) Division 11A of Part III of the Income Tax Assessment Act 1936 ; (b) Subdivision 840 ‑ M of this Act; (c) Division 12 in Schedule 1 to the Taxation Administration Act 1953 . Note: See Division 12A in Schedule 1 to the Taxation Administration Act 1953 for provisions about withholding tax that apply specifically to AMITs.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-100", "Provision_Key": "s276-100", "Heading": "Relationship between section 276 ‑ 80 and other charging provisions in this Act", "Text": "(1) This section applies if: (a) an amount is included in the assessable income of a * member of an * AMIT in respect of an income year in respect of the member’s interest in the AMIT; and (b) that amount is so included otherwise than because of the operation of subsection 276 ‑ 80(2). (2) Reduce the amount included in the assessable income of the * member as mentioned in subsection (1) to the extent (if any) that a corresponding amount is included in the assessable income of the member in respect of the member’s interest in the * AMIT because of the operation of subsection 276 ‑ 80(2). (3) To avoid doubt, this section is subject to section 230 ‑ 20 (financial arrangements).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-105", "Provision_Key": "s276-105", "Heading": "Trustee taxed on foreign resident’s determined member components", "Text": "(1) This section applies if: (a) a * member of an * AMIT in respect of an income year has, for the income year, a * determined member component of a character relating to assessable income in respect of the AMIT; and (b) either: (i) unless subparagraph (ii) applies—the member is a foreign resident at the end of the income year; or (ii) if the member is, in respect of that determined member component, a beneficiary in the capacity of a trustee of another trust—a trustee of the other trust is a foreign resident at the end of the income year; and (c) the AMIT is not a * withholding MIT. (2) The trustee of the * AMIT is to be assessed and is liable to pay income tax: (a) if subparagraph (1)(b)(i) applies and the * member is not a company—in respect of the amount mentioned in subsection (3) as if it were the income of an individual and were not subject to any deduction; or (b) if subparagraph (1)(b)(i) applies and the member is a company—in respect of the amount mentioned in subsection (3) at the rate declared by the Parliament for the purposes of this paragraph; or (c) if subparagraph (1)(b)(ii) applies—in respect of the amount mentioned in subsection (4) or (5) at the rate declared by the Parliament for the purposes of this paragraph. Note: The rates are set out in the following provisions: (a) for paragraph (a)—subsection 12(6A) of the Income Tax Rates Act 1986 and Schedule 10A to that Act; (b) for paragraph (b)—paragraph 28A(a) of that Act; (c) for paragraph (c)—paragraph 28A(b) of that Act. (3) The amount is the * determined member component, to the extent that the component: (a) is attributable to a period when the * member was an Australian resident; or (b) is attributable to a period when the member was not an Australian resident and is attributable to sources in Australia. (4) The amount is the * determined member component, to the extent that the component is attributable to sources in Australia. (5) For the purposes of subsection (4), treat the entire amount of the * determined member component as not being attributable to sources in Australia if it is of the character of: (a) a * discount capital gain from a * CGT asset that is not * taxable Australian property; or (b) a * capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property. Exception for component reflected in AMIT DIR payment or fund payment (6) Subsection (2) does not apply to the extent that the * determined member component is reflected in an * AMIT DIR payment or a * fund payment, if an amount in respect of the payment: (a) has been withheld from the payment under Subdivision 12 ‑ F or 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 ; or (b) would be so withheld apart from an exemption from a requirement to withhold under Subdivision 12 ‑ F in that Schedule; or (c) has been paid under Division 12A in that Schedule; or (d) would be so paid apart from an exemption from a requirement to withhold under Subdivision 12 ‑ F in that Schedule. Gross ‑ up for discount capital gain (7) Subsection (8) applies if a * determined member component is of the character of: (a) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (b) a discount capital gain from a CGT asset that is not taxable Australian property. (8) For the purposes of this section, treat the amount of the component as being double what it would be apart from this subsection.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-110", "Provision_Key": "s276-110", "Heading": "Refundable tax offset for foreign resident member—member that is not a trustee", "Text": "(1) This section applies if a trustee is assessed and liable to pay income tax under section 276 ‑ 105 in respect of a * member because of paragraph 276 ‑ 105(2)(a) or (b). (2) The * member is entitled to a * tax offset for the income year equal to the tax paid by the trustee in accordance with subsection 276 ‑ 105(2). Note: The tax offset is subject to the refundable tax offset rules: see section 67 ‑ 23.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-115", "Provision_Key": "s276-115", "Heading": "Custodian interposed between AMIT and member", "Text": "(1) This section applies if: (a) a trust that is a * custodian is a * member of an * AMIT in respect of an income year; and (b) the custodian has, for the income year, a * determined member component of a particular character for the AMIT; and (c) the custodian is interposed between the AMIT and another entity (the subsequent recipient ); and (d) the subsequent recipient: (i) starts to have, at a time in the income year, an entitlement to an amount that is reasonably attributable to all or part of the determined member component; or (ii) would start to have, at a time in the income year, such an entitlement if the determined member component were an actual payment of an amount. (2) For the purposes of this Subdivision, reduce the * custodian’s * determined member component by the amount of the entitlement mentioned in subparagraph (1)(d)(i) or (ii). Note: This subsection may operate to reduce the amount of the determined member component multiple times if there is more than one subsequent recipient in respect of which the requirements in paragraphs (1)(c) and (d) are satisfied. (3) For the purposes of this Subdivision: (a) treat the subsequent recipient as being a * member of the * AMIT in respect of the income year; and (b) treat the subsequent recipient as having, for the income year, a * determined member component for the AMIT that: (i) is of the character mentioned in paragraph (1)(b); and (ii) is equal to the amount of the entitlement mentioned in subparagraph (1)(d)(i) or (ii).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-200", "Provision_Key": "s276-200", "Heading": "What this Subdivision is about", "Text": "A member’s member component of a particular character is so much of an AMIT’s determined trust component of that character (see Subdivision 276 ‑ E) as is attributable to membership interests held by the member, worked out in accordance with certain requirements. A member’s determined member component of a particular character is the amount stated to be the member’s member component of that character in an AMMA statement (see Subdivision 276 ‑ H). Table of sections Member ‑ level concepts 276 ‑ 205 Meaning of determined member component 276 ‑ 210 Meaning of member component", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-205", "Provision_Key": "s276-205", "Heading": "Meaning of determined member component", "Text": "(1) The determined member component of a particular character for an income year of a * member of an * AMIT in respect of the income year is the amount of the member’s * member component of that character as reflected in the AMIT’s latest * AMMA statement for the member for the income year. (2) Subsection (3) applies if: (a) the * member makes a choice for the purposes of this paragraph that complies with subsection (5); and (b) the member gives a copy of the choice to the Commissioner within 4 months after: (i) unless subparagraph (ii) applies—the end of the member’s income year; or (ii) if the * AMIT gives the member a revised * AMMA statement for the income year at a time after the end of that income year—that time; and (c) the member gives a notice of the choice, in accordance with subsection (7), to the trustee of the AMIT within those 4 months. (3) Despite subsection (1), if the * determined member component of that character for the income year (disregarding this subsection) does not accord with subsections 276 ‑ 210(2), (3) and (4), that determined member component is instead the member’s * member component of that character for the income year. (4) For the purposes of subsection (3), in working out the member’s * member component of that character for the income year, if the * trust component of that character differs from the * determined trust component of that character, treat the references in section 276 ‑ 210 to determined trust component as instead being references to trust component. Example: The determined trust component exceeds the trust component because of an unintentional mistake by the trustee of the AMIT. As a result, a member’s corresponding determined member component under subsection (1) exceeds what it would have been if the trustee had not made the mistake. If the member makes a choice under subsection (2), the amount of the determined member component will be determined according to the amount of the trust component. (5) The choice must: (a) be in writing; and (b) state the following matters: (i) the income year to which the choice relates; (ii) what the * member considers to be the member’s * member component of that character for the income year; (iii) the reason why the member considers that the * determined member component of that character for the income year does not accord with subsections 276 ‑ 210(2), (3) and (4). (6) The way the * member’s * income tax return is prepared is sufficient evidence of the making of the choice. (7) The notice must: (a) be in writing; and (b) state the matters mentioned in paragraph (5)(b).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-210", "Provision_Key": "s276-210", "Heading": "Meaning of member component", "Text": "(1) This section applies to a * member of an * AMIT in respect of an income year and sets out how to work out the member’s * member components for the year. Meaning of member component (2) The * member’s member component of a character is so much of the * AMIT’s * determined trust component of that character as is attributable to the * membership interests in the AMIT held by the member, worked out in accordance with the requirements in subsections (3) and (4). Attribution must be fair and reasonable and accord with constituent documents (3) The attribution must be worked out on a fair and reasonable basis, in accordance with the constituent documents of the * AMIT. This requirement is subject to the requirement in subsection (4). Attribution must not involve streaming of character amounts (4) The attribution must not attribute any part of a * determined trust component of a particular character to a * member’s * membership interests because of the tax characteristics of the member. Safe harbour rules (5) Without limiting the scope of the requirements in subsection (3) and (4), an amount does not fail to be worked out in accordance with those requirements as mentioned in subsection (2) merely because the amount reflects the fact that: (a) the constituent documents of the * AMIT give the trustee of the AMIT the power to direct an amount arising from the sale of an asset to a particular * member, if: (i) the member redeems one or more * membership interests in the AMIT; and (ii) the direction of the amount is made to fund the redemption; and (b) the trustee exercises that power. (6) Without limiting the scope of the requirements in subsection (3) and (4), an amount does not fail to be worked out in accordance with those requirements as mentioned in subsection (2) merely because the amount reflects the fact that: (a) either: (i) an amount of an * under, relating to a base year (as mentioned in subsection 276 ‑ 345(1)) increases a * trust component of the * AMIT for a later income year under section 276 ‑ 305; or (ii) an amount of an * over, relating to a base year (as mentioned in subsection 276 ‑ 345(1)) decreases a trust component of the AMIT for a later income year under section 276 ‑ 305; and (b) an entity is a * member of the AMIT at a time in the later income year, but was not a member of the AMIT in respect of the base year. (7) Without limiting the scope of the requirements in subsection (3) and (4), an amount does not fail to be worked out in accordance with those requirements as mentioned in subsection (2) merely because the amount reflects the fact that: (a) the trustee made a * capital gain or * capital loss in an income year (for the purposes of working out the amount of a * trust component of the * AMIT for an income year in accordance with the rules in section 276 ‑ 265); and (b) an entity was a * member of the AMIT in respect of the income year, but was not a member of the AMIT at the time the capital gain or capital loss was made.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-250", "Provision_Key": "s276-250", "Heading": "What this Subdivision is about", "Text": "An AMIT’s trust component of a particular character is worked out on the basis of the AMIT’s assessable income, exempt income, non ‑ assessable non ‑ exempt income and tax offsets (on the assumption that the AMIT were an Australian resident liable to pay tax). An AMIT’s determined trust component of a particular character is the amount stated to be its trust component of that character in a document that meets certain requirements. Table of sections Trust ‑ level concepts 276 ‑ 255 Meaning of determined trust component 276 ‑ 260 Meaning of trust component 276 ‑ 265 Rules for working out trust components—general rules 276 ‑ 270 Rules for working out trust components—allocation of deductions", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-255", "Provision_Key": "s276-255", "Heading": "Meaning of determined trust component", "Text": "(1) An * AMIT’s determined trust component of a particular character for an income year is the amount stated to be its * trust component of that character in a document that meets the requirements in subsection (2). (2) The requirements are as follows: (a) the document was created by the * AMIT; (b) the document states expressly the amount of the * trust component; (c) at a time after the document was created, the AMIT sent * AMMA statements for the income year to entities that were * members of the AMIT in respect of the income year; (d) the amount of the trust component stated in the document reflects the amount of the * determined member components reflected in those AMMA statements. (3) If, apart from this subsection, there are 2 or more documents that meet the requirements in subsection (2), treat the most recently created of those documents as being the only document that meets those requirements. Example: The income year for the AMIT ends on 30 June. The trustee creates a document stating the amount for the income year on 1 July. It sends all AMMA statements on 10 July. The trustee creates another document stating a different amount for the income year on 1 September. It sends revised AMMA statements reflecting that amount on 10 September. The document created on 1 September is the only document that meets the requirements in this section in respect of the amount for the income year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-260", "Provision_Key": "s276-260", "Heading": "Meaning of trust component", "Text": "(1) The object of this section is to ensure that an * AMIT’s amounts of assessable income, * exempt income, * non ‑ assessable non ‑ exempt income and * tax offsets for an income year are allocated, according to their character, into separate components for the purposes of this Act. (2) An * AMIT’s trust component for an income year: (a) of a character relating to assessable income; or (b) of a character relating to * exempt income; or (c) of a character relating to * non ‑ assessable non ‑ exempt income; or (d) of a character relating to a * tax offset; is the amount of that character for the income year worked out for the AMIT in accordance with the rules in sections 276 ‑ 265 and 276 ‑ 270. (3) This section is subject to Subdivision 276 ‑ F (which deals with the effect of * unders and * overs). (4) The rules in sections 276 ‑ 265 and 276 ‑ 270 apply only for the purposes of determining the amounts of * trust components.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-265", "Provision_Key": "s276-265", "Heading": "Rules for working out trust components—general rules", "Text": "General taxability and residence assumptions to be made (1) Work out the amount of the * trust component of each character in relation to the * AMIT assuming that the AMIT’s trustee: (a) was liable to pay * tax; and (b) was an Australian resident. Trust components of assessable income character are net of deductions (2) The sum of all of the * trust components of a character relating to assessable income of the * AMIT for the income year equals the total assessable income of the AMIT for the income year, reduced by all deductions of the AMIT for the year. To avoid doubt, for the purposes of this subsection, apply subsection (1). (3) However, if that total assessable income does not exceed those deductions, the amount of each * trust component of a character relating to assessable income of the * AMIT for the income year is nil.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-270", "Provision_Key": "s276-270", "Heading": "Rules for working out trust components—allocation of deductions", "Text": "(1) An amount of a deduction that relates directly only to one or more amounts of assessable income can be deducted only against that amount or those amounts of assessable income. If there are 2 or more such amounts of assessable income, the amount of the deduction is allocated against those amounts on a reasonable basis. (2) If an amount of a deduction remains after applying the rules in subsection (1), the remainder can be deducted against other amounts of assessable income. The amount of the remainder is allocated against those amounts on a reasonable basis. (3) For the purposes of this section, determine whether a deduction relates directly to an amount of assessable income on a reasonable basis.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-300", "Provision_Key": "s276-300", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out how underestimates and overestimates of amounts at the trust level are carried forward and dealt with in later years. This is generally done on a character ‑ by ‑ character basis. An underestimate in an income year of a particular character results in an under of that character. An overestimate results in an over of that character. Unders and overs arise, and are dealt with, in the income year in which they are discovered. Table of sections Adjustment of trust component for unders and overs etc. 276 ‑ 305 Adjustment of trust component for unders and overs 276 ‑ 310 Rounding adjustment deficit increases trust component 276 ‑ 315 Rounding adjustment surplus decreases trust component 276 ‑ 320 Meaning of trust component deficit 276 ‑ 325 Trust component of character relating to assessable income—adjustment for cross ‑ character allocation amount, carry ‑ forward trust component deficit and FITO allocation amount 276 ‑ 330 Meaning of cross ‑ character allocation amount and carry ‑ forward trust component deficit 276 ‑ 335 Meaning of FITO allocation amount 276 ‑ 340 Trust component character relating to tax offset—taxation of trust component deficit Unders and overs 276 ‑ 345 Meaning of under and over of a character 276 ‑ 350 Limited discovery period for unders and overs", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-305", "Provision_Key": "s276-305", "Heading": "Adjustment of trust component for unders and overs", "Text": "Object (1) The object of this section is to adjust an * AMIT’s * trust component of a particular character for an income year to take account of any * unders or * overs of that character that the AMIT has in the income year. Unders increase trust component (2) If the * AMIT has an * under of that character in the income year (relating to any earlier income year), increase the amount of the * trust component by that under. Note: Those earlier income years are referred to in section 276 ‑ 345 as base years. Overs decrease trust component (3) If the * AMIT has an * over of that character in the income year (relating to any earlier income year), decrease the amount of the * trust component by that over. Note: Those earlier income years are referred to in section 276 ‑ 345 as base years.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-310", "Provision_Key": "s276-310", "Heading": "Rounding adjustment deficit increases trust component", "Text": "(1) If the * AMIT has a * rounding adjustment deficit of that character for the income year, increase the amount of the * trust component by the amount of that rounding adjustment deficit. (2) The * AMIT has a rounding adjustment deficit of a particular character for an income year if: (a) the AMIT has a shortfall for the previous income year under subsection 276 ‑ 415(1); and (b) the shortfall results wholly or partly from the trustee of the AMIT rounding down amounts in working out * determined member components for the previous income year. The amount of the rounding adjustment deficit is the amount of the shortfall, to the extent that it results from that rounding down.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-315", "Provision_Key": "s276-315", "Heading": "Rounding adjustment surplus decreases trust component", "Text": "(1) If the * AMIT has a * rounding adjustment surplus of that character for the income year, decrease the amount of the * trust component by the amount of that rounding adjustment surplus. (2) The * AMIT has a rounding adjustment surplus of a particular character for an income year if: (a) the AMIT has an excess for the previous income year under subsection (3); and (b) the excess results wholly or partly from the trustee of the AMIT rounding up amounts in working out * determined member components for the previous income year. The amount of the rounding adjustment surplus is the amount of the excess, to the extent that it results from that rounding up. (3) The * AMIT has an excess under this subsection for an income year equal to the amount (if any) by which: (a) the sum of all the * determined member components of all the * members of the AMIT of a particular character relating to assessable income, * exempt income or * non ‑ assessable non ‑ exempt income for the income year; exceeds: (b) the * determined trust component of that character of the AMIT for the income year.", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-320", "Provision_Key": "s276-320", "Heading": "Meaning of trust component deficit", "Text": "If the amount of the * trust component, worked out after applying sections 276 ‑ 305, 276 ‑ 310 and 276 ‑ 315 (and, if applicable, section 276 ‑ 325), falls short of nil: (a) despite those provisions, the * trust component of that character is nil; and (b) the shortfall is the * AMIT’s trust component deficit of that character for the income year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-325", "Provision_Key": "s276-325", "Heading": "Trust component of character relating to assessable income—adjustment for cross ‑ character allocation amount, carry ‑ forward trust component deficit and FITO allocation amount", "Text": "Section applies to trust component of assessable income character (1) This section applies if the * trust component is of a character relating to assessable income. Cross ‑ character allocation amount decreases trust component (2) If the * AMIT has a * cross ‑ character allocation amount of that character for the income year, decrease the amount of the * trust component by that amount. Note: A cross ‑ character allocation amount of a character for the income year is allocated from a trust component deficit of another character for the income year in accordance with subsections 276 ‑ 330(2), (3) and (4). Carry ‑ forward trust component deficit decreases trust component (3) If the * AMIT has a * carry ‑ forward trust component deficit of that character for the income year, decrease the amount of the * trust component by the amount of that deficit. Note: A carry ‑ forward trust component deficit for the income year is worked out in respect of the previous income year under subsection 276 ‑ 330(5). FITO allocation amount increases trust component with the character of foreign source income (4) If: (a) the character of the * trust component is a character relating to * ordinary income, or * statutory income, from a source other than an * Australian source; and (b) the * AMIT has a * FITO allocation amount for the income year; increase the amount of the trust component by that FITO allocation amount. Note: A FITO allocation amount for the income year is worked out in accordance with section 276 ‑ 335.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-330", "Provision_Key": "s276-330", "Heading": "Meaning of cross ‑ character allocation amount and carry ‑ forward trust component deficit", "Text": "Section applies to trust component of assessable income character (1) This section applies if the * trust component is of a character relating to assessable income. Cross ‑ character allocation amount (2) The trustee may, in accordance with subsection (3), allocate a * trust component deficit (if any) of that character for the income year against the * AMIT’s other trust components for that income year that are also of a character relating to assessable income. (3) For the trustee to make an allocation under subsection (2) the trustee: (a) must allocate that * trust component deficit between those other * trust components on a reasonable basis; and (b) cannot allocate more to a trust component than the amount of that trust component. (4) If the trustee allocates an amount under subsection (2) to a * trust component of a character for that income year, the amount allocated is a cross ‑ character allocation amount of that character for that income year. Carry ‑ forward trust component deficit (5) If there is an amount of that * trust component deficit remaining after allocating it in accordance with subsection (2), the remaining amount is the * AMIT’s carry ‑ forward trust component deficit of the character mentioned in subsection (1) for the next income year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-335", "Provision_Key": "s276-335", "Heading": "Meaning of FITO allocation amount", "Text": "(1) This section applies if: (a) the * AMIT has a * trust component of the character of * foreign income tax paid that counts towards a * tax offset under Division 770; and (b) the AMIT has a * trust component deficit for the income year of that character. (2) The * AMIT has a FITO allocation amount for the income year equal to the sum of: (a) that * trust component deficit; and (b) the product of: (i) that trust component deficit; and (ii) the * corporate tax gross ‑ up rate.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-340", "Provision_Key": "s276-340", "Heading": "Trust component character relating to tax offset—taxation of trust component deficit", "Text": "(1) This section applies if: (a) the * AMIT has a * trust component of a character relating to a * tax offset; and (b) the character of the trust component is not the character of * foreign income tax paid that counts towards a tax offset under Division 770; and (c) the AMIT has a * trust component deficit for the income year of that character. Offset trust component deficit (other than FITO character) taxed (2) The trustee of the * AMIT is liable to pay tax at the rate declared by the Parliament on the amount of the * trust component deficit. Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-345", "Provision_Key": "s276-345", "Heading": "Meaning of under and over of a character", "Text": "(1) This section sets out how to work out the amount (if any) of an * AMIT’s * under or * over of a particular character for an income year (the base year ) in a later income year (the discovery year ). (2) The time (the discovery time ) at which this is worked out for the discovery year is just before the trustee works out the * determined trust component of that character for the discovery year. Note: This allows unders and overs to be included in the determined trust component for the discovery year: see section 276 ‑ 305. (3) Compare the following amounts: (a) the * AMIT’s * trust component of that character for the base year, worked out on the basis of the trustee’s knowledge at the discovery time (the discovery year amount ); (b) this amount (the base year running balance ): (i) if the discovery year is the first income year after the base year—the AMIT’s * determined trust component of that character for the base year; or (ii) otherwise—the discovery year amount worked out under a previous operation of this section for the most recent income year before the discovery year. A shortfall is an under (4) If the base year running balance falls short of the discovery year amount, the amount of the shortfall is an under of that character, for the base year, that the * AMIT has in the discovery year. An excess is an over (5) If the base year running balance exceeds the discovery year amount, the amount of the excess is an over of that character, for the base year, that the * AMIT has in the discovery year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-350", "Provision_Key": "s276-350", "Heading": "Limited discovery period for unders and overs", "Text": "Despite section 276 ‑ 345, an * AMIT does not have an * under or an * over of a particular character for an income year (the base year ) if: (a) assuming the Commissioner made an assessment of the * trust component of that character on the day on which the document stating the AMIT’s * determined trust component of that character for the base year was created; and (b) assuming the assessment had not been amended at the discovery time mentioned in subsection 276 ‑ 345(2) for the under or over; section 170 of the Income Tax Assessment Act 1936 would prevent the assessment from being amended to take account of the under or over. Note: Section 170 of the Income Tax Assessment Act 1936 specifies the usual period within which assessments may be amended.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-400", "Provision_Key": "s276-400", "Heading": "What this Subdivision is about", "Text": "The trustee of an AMIT is liable to pay income tax on certain amounts reflecting under ‑ attribution of income or over ‑ attribution of tax offsets. Table of sections Ensuring determined trust components are properly taxed 276 ‑ 405 Trustee taxed on shortfall in determined member component (character relating to assessable income) 276 ‑ 410 Trustee taxed on excess in determined member component (character relating to tax offset) 276 ‑ 415 Trustee taxed on amounts of determined trust component that are not reflected in determined member components Ensuring unders and overs are properly taxed 276 ‑ 420 Trustee taxed on amounts of under of character relating to assessable income not properly carried forward 276 ‑ 425 Trustee taxed on amounts of over of character relating to tax offset not properly carried forward Commissioner may remit tax under this Subdivision 276 ‑ 430 Commissioner may remit tax under this Subdivision", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-405", "Provision_Key": "s276-405", "Heading": "Trustee taxed on shortfall in determined member component (character relating to assessable income)", "Text": "Income character shortfall (1) An * AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which: (a) the * determined member component of a * member of the AMIT of a character relating to assessable income for the income year; falls short of: (b) the * member component of the member of that character for the income year. Liability to tax (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection (1) for the income year. Note: The rate is set out in subsection 12(11) of the Income Tax Rates Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-410", "Provision_Key": "s276-410", "Heading": "Trustee taxed on excess in determined member component (character relating to tax offset)", "Text": "(1) An * AMIT has an excess under this subsection for an income year equal to the amount (if any) by which: (a) the * determined member component of a * member of the AMIT of a character relating to a * tax offset for the income year; exceeds: (b) the * member component of the member of that character for the income year. Liability to tax (2) The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each excess of the * AMIT under subsection (1) for the income year. Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-415", "Provision_Key": "s276-415", "Heading": "Trustee taxed on amounts of determined trust component that are not reflected in determined member components", "Text": "(1) An * AMIT has a shortfall under this subsection for an income year equal to the amount (if any) by which: (a) the sum of all the * determined member components of all the * members of the AMIT of a particular character relating to assessable income, * exempt income or * non ‑ assessable non ‑ exempt income for the income year; falls short of: (b) the * determined trust component of that character of the AMIT for the income year. Liability to tax (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount worked out as follows: (a) first, work out the sum of each shortfall of the * AMIT under subsection (1) for the income year; (b) next, work out the extent (if any) to which each of those shortfalls gives rise to a * rounding adjustment deficit (see subsection 276 ‑ 310(2)); (c) next, subtract the result of paragraph (b) from the result of paragraph (a); (d) next, work out the extent (if any) to which the result of paragraph (c) is referable to one or more shortfalls under subsection 276 ‑ 405(1); (e) next, subtract the result of paragraph (d) from the result of paragraph (c). Note: The rate is set out in subsection 12(12) of the Income Tax Rates Act 1986 . Gross ‑ up for discount capital gain (3) Subsection (4) applies if a * determined member component is of the character of: (a) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (b) a discount capital gain from a CGT asset that is not taxable Australian property. (4) For the purposes of subsection (2), treat the amount of the shortfall under subsection (1) relating to the component as being double what it would be apart from this subsection.", "Amendment_Count": 2, "First_Amended": "No 53 of 2016", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 53 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-420", "Provision_Key": "s276-420", "Heading": "Trustee taxed on amounts of under of character relating to assessable income not properly carried forward", "Text": "(1) An * AMIT for an income year has a shortfall under this subsection for the income year equal to the amount (if any) by which: (a) an * under of the AMIT of a character relating to assessable income in the income year for an earlier income year (the base year ) (as worked out by the trustee on the basis of the trustee’s knowledge at the discovery time mentioned in subsection 276 ‑ 345(2)); falls short of: (b) what the under would have been if it had been worked out on the basis of what the trustee should have known at that time. Liability to tax (2) The trustee is liable to pay income tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection (1) for the income year. Note: The rate is set out in subsection 12(13) of the Income Tax Rates Act 1986 . Adjustment for later unders relating to the same base year (3) If there is a shortfall under subsection (1) for a particular character for an income year, for the purposes of applying paragraph 276 ‑ 345(3)(b) (base year running balance) to a later income year, increase the amount mentioned in subparagraph 276 ‑ 345(3)(b)(ii) (previous discovery year amount) for that character by the amount of the shortfall. (4) Subsection (5) applies if: (a) there is a shortfall under subsection (1) for a particular character for an income year; and (b) the * AMIT has an * under of that character in a later income year for the base year mentioned in subsection (1); and (c) the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the under. (5) Reduce the shortfall by the extent to which the * under in the later income year reflects the amount mentioned in paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-425", "Provision_Key": "s276-425", "Heading": "Trustee taxed on amounts of over of character relating to tax offset not properly carried forward", "Text": "(1) An * AMIT for an income year has a shortfall under this subsection for the income year equal to the amount (if any) by which: (a) an * over of the AMIT of a character relating to a * tax offset in the income year relating to an earlier income year (the base year ) (as worked out by the trustee on the basis of the trustee’s knowledge at the discovery time mentioned in subsection 276 ‑ 345(2)); falls short of: (b) what the over would have been if it had been worked out on the basis of what the trustee should have known at that time. Liability to tax (2) The trustee is liable to pay tax at the rate declared by the Parliament on the amount that is the sum of each shortfall of the * AMIT under subsection (1) for the income year. Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act. Adjustment for later overs relating to the same base year (3) If there is a shortfall under subsection (1) for a particular character for an income year, for the purposes of applying paragraph 276 ‑ 345(3)(b) (base year running balance) to a later income year, decrease the amount mentioned in subparagraph 276 ‑ 345(3)(b)(ii) (previous discovery year amount) for that character by the amount of the shortfall. (4) Subsection (5) applies if: (a) there is a shortfall under subsection (1) of a particular character relating to a * tax offset for an income year; and (b) the * AMIT has an * over of that character in a later income year relating to the base year mentioned in subsection (1); and (c) the amount mentioned in paragraph (1)(b) is reflected (in whole or in part) in the amount of the over. (5) Reduce the shortfall by the extent to which the * over in the later income year reflects the amount mentioned in paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-425"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-430", "Provision_Key": "s276-430", "Heading": "Commissioner may remit tax under this Subdivision", "Text": "The Commissioner may remit the whole or any part of income tax for which a liability arises under this Subdivision if the Commissioner is satisfied that doing so does not result in a detriment to the revenue.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-450", "Provision_Key": "s276-450", "Heading": "What this Subdivision is about", "Text": "An AMIT for an income year must give each member of the AMIT in respect of the income year an AMIT member annual statement (or AMMA statement) for the income year. Table of sections Operative provisions 276 ‑ 455 Obligation to give an AMMA statement 276 ‑ 460 AMIT member annual statement (or AMMA statement )", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-455", "Provision_Key": "s276-455", "Heading": "Obligation to give an AMMA statement", "Text": "(1) An * AMIT for an income year must give each * member of the AMIT in respect of the income year an * AMMA statement for the income year. Note: Section 286 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 provides an administrative penalty for breach of this subsection. (2) The statement must be given no later than 3 months after the end of the income year. (3) However, the * AMIT need not give an * AMMA statement under subsection (1) to a * member if: (a) all of the member’s * determined member components for the AMIT for the income year are nil; and (b) all of the member’s * membership interests in the AMIT have an * AMIT cost base net amount for the income year of nil. (4) To avoid doubt, the * AMIT does not fail to comply with subsection (1) merely because: (a) the AMIT gives * AMMA statements for the income year to * members in accordance with subsection (1) by the time required under subsection (2); and (b) after that time, the AMIT gives those members further AMMA statements for the income year that replace the AMMA statements mentioned in paragraph (a).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-460", "Provision_Key": "s276-460", "Heading": "AMIT member annual statement (or AMMA statement )", "Text": "(1) An AMIT member annual statement (or AMMA statement ) is a statement made by an * AMIT for an income year in accordance with this section. (2) The statement must: (a) include information that reflects the amount and character of each * member component of the * member for the income year; and (b) state what the trustee reasonably estimates to be the amount of the excess or shortfall mentioned in section 104 ‑ 107C (AMIT cost base net amount) for the income year in respect of the * CGT asset that is the member’s unit or interest in the * AMIT. (3) The statement is not an AMMA statement if the * AMIT fails to give it to the * member to whom it is addressed within 4 years after the end of the income year. Note: The AMIT must give each member an AMMA statement for the income year no later than 3 months after the end of the income year (see section 276 ‑ 455).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-500", "Provision_Key": "s276-500", "Heading": "What this Subdivision is about", "Text": "A debt ‑ like trust instrument in an AMIT is treated as a debt interest in the AMIT. A distribution in relation to the instrument is treated as interest for the purposes of provisions relating to interest withholding tax, and may be treated as a deduction in working out the trust components of the AMIT. Table of sections Operative provisions 276 ‑ 505 Meaning of debt ‑ like trust instrument 276 ‑ 510 Debt ‑ like trust instruments treated as debt interests etc. 276 ‑ 515 Distribution on debt ‑ like trust instrument could be deductible in working out trust components", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-505", "Provision_Key": "s276-505", "Heading": "Meaning of debt ‑ like trust instrument", "Text": "(1) An instrument that gives rise to an interest in a trust is a debt ‑ like trust instrument in relation to the trust if: (a) the amount of any distribution relating to the interest is fixed, at the time the interest is created, by reference to the amount subscribed for the interest; and (b) any distribution relating to the interest is made solely at the discretion of the trustee of the trust; and (c) rights to distributions of capital or profits arising from all interests in the trust that are in the same * class as the interest, rank above all such rights arising from other interests in the trust (other than those covered under subsection (2)) if: (i) the trust ceases to exist; or (ii) where the trust is a * managed investment scheme—the scheme is under administration or is being wound up; and (d) in a case where, in relation to a particular period, the trustee of the trust does not make a distribution relating to the interest—making a distribution of any of the following kinds, in relation to that period, is prohibited by the constituent documents of the trust: (i) a distribution relating to any membership interest in the trust; (ii) a distribution relating to a membership interest in another entity, if that interest is stapled together with a membership interest in the trust. (2) This subsection covers an interest in the trust that: (a) is not a * membership interest in the trust; or (b) satisfies the requirements in paragraphs (1)(a) and (b).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-510", "Provision_Key": "s276-510", "Heading": "Debt ‑ like trust instruments treated as debt interests etc.", "Text": "(1) For the purposes of this Act: (a) treat a * debt ‑ like trust instrument in relation to an * AMIT as a * debt interest in the AMIT; and (b) treat a distribution on a debt ‑ like trust instrument in relation to an AMIT as a cost incurred by the AMIT in relation to a debt interest issued by the AMIT. (2) If a trust is an * AMIT for an income year (disregarding this subsection), paragraph (1)(a) applies for the purposes of: (a) determining whether the trust is a * managed investment trust in relation to the income year; and (b) determining whether the trust is an AMIT for the income year. (3) For the purposes of Division 11A of Part III of the Income Tax Assessment Act 1936 , if an entity is the holder of a * debt ‑ like trust instrument in an * AMIT, treat a distribution to the entity in accordance with the instrument as interest.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-515", "Provision_Key": "s276-515", "Heading": "Distribution on debt ‑ like trust instrument could be deductible in working out trust components", "Text": "(1) If an entity is the holder of a * debt ‑ like trust instrument in relation to an * AMIT, for the purposes of sections 276 ‑ 265 and 276 ‑ 270, treat a distribution to the entity in accordance with the instrument as a * return that the AMIT pays or provides on a * debt interest. (2) For the purposes of subsection (1), disregard the distribution to the extent (if any) that it is referable to any of the following: (a) * exempt income of the * AMIT; (b) * non ‑ assessable non ‑ exempt income of the AMIT.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-800", "Provision_Key": "s276-800", "Heading": "What this Subdivision is about", "Text": "If a trust ceases to be an AMIT, and discovers an under or over from an income year when it was an AMIT, the under or over will have taxation consequences for the trust in the discovery year. Table of sections Operative provisions 276 ‑ 805 Application of Subdivision to former AMIT 276 ‑ 810 Continue to work out trust components, unders, overs etc. 276 ‑ 815 Effect of increase 276 ‑ 820 Effect of decrease", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-800"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-805", "Provision_Key": "s276-805", "Heading": "Application of Subdivision to former AMIT", "Text": "This Subdivision applies if: (a) a trust was an * AMIT for an income year; and (b) the trust is not an AMIT for a later income year (the discovery year ).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-805"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-810", "Provision_Key": "s276-810", "Heading": "Continue to work out trust components, unders, overs etc.", "Text": "(1) For the purposes of this section, assume that the trust is an * AMIT for the discovery year. (2) If the trust has an * under or * over of a character in the discovery year for an earlier income year when the trust was an * AMIT, work out the extent to which the under or over: (a) increases the amount of the AMIT’s * trust component of that character for the discovery year; or (b) decreases the amount of the AMIT’s trust component of that character for the discovery year.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-810"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-815", "Provision_Key": "s276-815", "Heading": "Effect of increase", "Text": "(1) This section applies if there is an increase as mentioned in paragraph 276 ‑ 810(2)(a). (2) If the character mentioned in subsection 276 ‑ 810(2) relates to assessable income, treat the amount of the increase as assessable income of the trust for the discovery year. (3) Subsection (4) applies if the character mentioned in subsection 276 ‑ 810(2) is the character of: (a) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (b) a discount capital gain from a CGT asset that is not taxable Australian property. (4) For the purposes of subsection (2), treat the amount of the increase as being double what it would be apart from this subsection. (5) If that character relates to * exempt income, treat the amount of the increase as exempt income of the trust for the discovery year. (6) If that character relates to * non ‑ assessable non ‑ exempt income, treat the amount of the increase as non ‑ assessable non ‑ exempt income of the trust for the discovery year. (7) If that character relates to a * tax offset, treat the amount of the increase as a tax offset of the trust for the discovery year of a kind corresponding to that character (in addition to any other tax offsets of that kind that the trust may have for the discovery year).", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-815"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 276-820", "Provision_Key": "s276-820", "Heading": "Effect of decrease", "Text": "(1) This section applies if there is a decrease as mentioned in paragraph 276 ‑ 810(2)(b). (2) If the character mentioned in subsection 276 ‑ 810(2) relates to assessable income: (a) in the case of a character of: (i) a * discount capital gain from a * CGT asset that is * taxable Australian property; or (ii) a discount capital gain from a CGT asset that is not taxable Australian property; treat half the amount of the decrease as a * capital loss of the trust for the discovery year; or (b) in the case of a character of: (i) a * capital gain (other than a discount capital gain) from a CGT asset that is taxable Australian property; or (ii) a capital gain (other than a discount capital gain) from a CGT asset that is not taxable Australian property; treat the amount of the decrease as a capital loss of the trust for the discovery year; or (c) in any other case—treat the amount of the decrease as a deduction of the trust for the discovery year. (3) If that character relates to * exempt income, treat the amount of the decrease as reducing the exempt income of the trust for the discovery year. (4) If that character relates to * non ‑ assessable non ‑ exempt income, treat the amount of the decrease as reducing the non ‑ assessable non ‑ exempt income of the trust for the discovery year. (5) If that character relates to a * tax offset, treat the amount of the decrease as reducing the tax offset or offsets (the existing offset or offsets ) of the trust for the discovery year of a kind corresponding to that character. (6) If that character relates to a * tax offset and exceeds the total of the existing offset or offsets (before the reduction under subsection (5)): (a) unless paragraph (b) applies—the trustee is liable to pay tax at the rate declared by the Parliament on the excess; or Note: The tax is imposed by the Income Tax (Attribution Managed Investment Trusts—Offsets) Act 2016 and the rate of the tax is set out in that Act. (b) if that character is the character of * foreign income tax paid that counts towards a tax offset under Division 770—subsection (7) applies. (7) Increase the trust’s assessable income for the discovery year by the sum of: (a) the excess mentioned in subsection (6); and (b) the product of: (i) that excess; and (ii) the * corporate tax gross ‑ up rate. Treat the amount of that increase as assessable income from a source other than an * Australian source.", "Amendment_Count": 1, "First_Amended": "No 53 of 2016", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 53 of 2016", "History_Notes": "Inserted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s276-820"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-1", "Provision_Key": "s280-1", "Heading": "Effect of this Division", "Text": "(1) This Division is a * Guide. (2) Tax concessions in this Part are intended to encourage Australians to save in order to make provision for their retirement, recognising that superannuation investments, and the income from them, are quarantined for retirement.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-5", "Provision_Key": "s280-5", "Heading": "Overview", "Text": "(1) There are 3 phases in the tax treatment of superannuation, as follows: (a) the contributions phase; (b) the investment phase; (c) the benefits phase. (2) In the contributions phase, contributions are made to a superannuation plan in respect of a member of the plan. (3) In the investment phase, these contributions are invested by the superannuation provider. (4) In the benefits phase, these contributions, plus earnings from investing them, are usually paid as benefits to the member when he or she retires after reaching preservation age. In the event of death, the benefits are usually paid to the member’s dependants. (5) There is also a regulatory scheme outside this Act that is relevant to the taxation treatment of superannuation. For example, other Acts set out prudential and operating standards for superannuation providers.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-10", "Provision_Key": "s280-10", "Heading": "Contributions phase—deductibility", "Text": "Contributions that can be deducted (1) Employers can usually deduct contributions they make in respect of their employees. Individuals can usually deduct contributions they make in respect of themselves to most complying superannuation funds. Other contributions cannot be deducted (2) Other contributions cannot be deducted. These include contributions made by others in respect of individuals (such as contributions by a spouse or family member, or Government co ‑ contributions).", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-15", "Provision_Key": "s280-15", "Heading": "Contributions phase—limits on superannuation tax concessions", "Text": "(1) There is a limit to contributions that can be made in respect of an individual in a year that receive favourable tax treatment. (2) If concessional contributions exceed an indexed cap, the excess is included in the individual’s assessable income and gives rise to a tax offset. The individual can release the excess concessional contributions from his or her superannuation interests. Unused cap can be carried forward for 5 years. (3) If non ‑ concessional contributions exceed an indexed cap, the individual can request the release of either: (a) nothing; or (b) an amount equal to the sum of that excess and 85% of the associated earnings on that excess; from the individual’s superannuation interests. Whether or not such a request is made, an amount relating to those associated earnings may be included in the individual’s assessable income and may give rise to a tax offset. (4) In the absence of such a request, the Commissioner may require the relevant superannuation fund to release the amount described in paragraph (3)(b). Note: This can be done under subsection 131 ‑ 15(2) in Schedule 1 to the Taxation Administration Act 1953 . (5) The individual is taxed: (a) on any shortfall between the amount released as described in subsection (3) or (4) and the excess referred to in subsection (3); or (b) on that excess, if the individual requested that nothing be released from the individual’s superannuation interests. (6) The Commissioner may require the release of an amount equal to this tax liability from the individual’s superannuation interests. Note: This can be done under subsection 131 ‑ 15(3) in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-20", "Provision_Key": "s280-20", "Heading": "Investment phase", "Text": "(1) Contributions that can be deducted are assessable income of the superannuation provider. Contributions that cannot be deducted are not assessable income of the superannuation provider. (There are some exceptions.) (2) Earnings on the investment of amounts in a superannuation plan are assessable income of the superannuation provider. (3) The superannuation provider’s taxable income is generally taxed at the concessional rate of 15%. (4) However, superannuation providers pay no tax on earnings from the assets that support the payment of benefits in the form of income streams, once the income streams have commenced.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-25", "Provision_Key": "s280-25", "Heading": "Benefits phase—different types of superannuation benefit", "Text": "Superannuation benefits can be drawn down as lump sums, income streams (such as pensions or annuities), or combinations of both. Different tax treatment may apply depending on whether a lump sum or income stream is paid.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-30", "Provision_Key": "s280-30", "Heading": "Benefits phase—taxation varies with age of recipient and type of benefit", "Text": "(1) The taxation of superannuation benefits depends primarily on the age of the member. (2) If the member is aged 60 or over, superannuation benefits (both lump sums and income streams) are tax free if the benefits have already been subject to tax in the fund (that is, where the benefits comprise a taxed element). This covers the great majority of superannuation members. (3) Where a superannuation benefit contains an amount that has not been subject to tax in the fund (an untaxed element), this element is subject to tax for those aged 60 or over, though at concessional rates. This is relevant generally to those people (for example, public servants), who are members of a superannuation fund established by the Australian Government or a state government. (4) If the member is less than 60, superannuation benefits may receive concessional taxation treatment, though the treatment is less concessional than for those aged 60 and over. (5) Superannuation benefits may also include a “tax free component”; this component of the benefit is always paid tax free. (6) Additional tax concessions may apply when superannuation benefits are paid after a member’s death.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-35", "Provision_Key": "s280-35", "Heading": "Benefits phase—roll ‑ overs", "Text": "A member can “roll over” their superannuation benefits from one complying superannuation plan to another, or between different interests in the same plan. This is usually done to keep the benefits invested in the superannuation system, or to convert a lump sum to a superannuation income stream. No tax is generally payable until the benefits are finally drawn down.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 280-40", "Provision_Key": "s280-40", "Heading": "Other relevant legislative schemes", "Text": "(1) The Superannuation Industry (Supervision) Act 1993 and the Retirement Savings Accounts Act 1997 regulate the prudential and operating standards for superannuation providers. Concessional tax treatment is generally available only if providers comply with these standards. (2) Other legislative schemes relevant to superannuation include the following: (a) the Superannuation Guarantee (Administration) Act 1992 , which requires that employers provide a minimum level of superannuation contributions for each of their eligible employees; (b) the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 , which provides for Government co ‑ contributions to low income earners’ superannuation; (c) the Small Superannuation Accounts Act 1995 , which provides a facility to accept payments of superannuation guarantee shortfalls; (d) the Superannuation (Unclaimed Money and Lost Members) Act 1999 , which provides for the payment of unclaimed superannuation money, and the maintenance of a register of lost members.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s280-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 285-5", "Provision_Key": "s285-5", "Heading": "Transfers of property", "Text": "(1) Any of the following payments covered by this Part can be or include a transfer of property: (a) a contribution; (b) a * superannuation lump sum. (2) The amount of the payment is or includes the * market value of the property. (3) The * market value is reduced by the value of any consideration given for the transfer of the property.", "Amendment_Count": 1, "First_Amended": "No 15 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 15 of 2007", "History_Notes": "Inserted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s285-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-1", "Provision_Key": "s290-1", "Heading": "What this Division is about", "Text": "This Division sets out the rules for deductions and tax offsets for superannuation contributions.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-5", "Provision_Key": "s290-5", "Heading": "Non ‑ application to roll ‑ over superannuation benefits etc.", "Text": "This Division does not apply to a contribution that is any of the following: (a) a * roll ‑ over superannuation benefit; (b) a * superannuation lump sum that is paid from a * foreign superannuation fund; (c) an amount transferred to a * complying superannuation fund or an * RSA from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that: (i) is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and (ii) was not established in Australia; and (iii) is not centrally managed or controlled in Australia.", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 45 of 2008 | No 92 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-10", "Provision_Key": "s290-10", "Heading": "No deductions other than under this Division", "Text": "(1) You cannot deduct under this Act an amount you pay as a contribution to a * complying superannuation fund or * RSA, except as provided by this Division. (2) You cannot deduct under this Act an amount you pay as a contribution to a * non ‑ complying superannuation fund, except as provided by this Division. Note: Under Subdivision 290 ‑ B (Deduction of employer contributions and other employment ‑ connected contributions), you may be able to deduct contributions you make to a non ‑ complying fund that you believe to be a complying fund.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-60", "Provision_Key": "s290-60", "Heading": "Employer contributions deductible", "Text": "(1) You can deduct a contribution you make to a * superannuation fund, or an * RSA, for the purpose of providing * superannuation benefits for another person who is your employee when the contribution is made (regardless whether the benefits are payable to a * SIS dependant of the employee if the employee dies before or after becoming entitled to receive the benefits). Note: Other provisions of this Act and the Income Tax Assessment Act 1936 may reduce, increase or deny the deduction in certain circumstances. For example, see sections 85 ‑ 25 and 86 ‑ 75 of this Act. (2) However, the conditions in sections 290 ‑ 70, 290 ‑ 75 and 290 ‑ 80 must also be satisfied for you to deduct the contribution. (3) You can deduct the contribution only for the income year in which you made the contribution. (4) You cannot deduct the contribution if it is an amount paid by you, as mentioned in regulations under the Family Law Act 1975 , to a * regulated superannuation fund, or to an * RSA, to be held for the benefit of your * non ‑ member spouse in satisfaction of his or her entitlement in respect of the * superannuation interest concerned.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 130 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-65", "Provision_Key": "s290-65", "Heading": "Application to employees etc.", "Text": "(1) At a time when an individual is an employee of an entity within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 , this Subdivision applies as if the individual were an employee of the entity. (2) For the purposes of this Subdivision: (a) in relation to a contribution by a partnership in respect of an employee of the partnership—treat the employee as an employee of the partnership; and (b) in relation to a contribution by a partner in a partnership in respect of an employee of the partnership—treat the employee as an employee of the partner.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-70", "Provision_Key": "s290-70", "Heading": "Employment activity conditions", "Text": "To deduct the contribution, the employee must be: (aa) your employee (within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 ); or (a) engaged in producing your assessable income; or (b) an Australian resident who is engaged in your business.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 9 of 2007 | No 143 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-75", "Provision_Key": "s290-75", "Heading": "Complying fund conditions", "Text": "(1) If the contribution was made to a * superannuation fund, at least one of these conditions must be satisfied: (a) the fund was a * complying superannuation fund for the income year of the fund in which you made the contribution; (b) at the time you made the contribution, you had reasonable grounds to believe that the fund was a complying superannuation fund for that income year; (c) at or before the time you made the contribution, you obtained a written statement (given by or on behalf of the trustee of the fund) that the fund: (i) was a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); and (ii) was not subject to a direction under section 63 of that Act (which prevents a fund from accepting employer contributions). (2) However, the condition in paragraph (1)(b) or (c) cannot be satisfied if, when the contribution was made: (a) you were: (i) the trustee or the manager of the fund; or (ii) an * associate of the trustee or the manager of the fund; and (b) you had reasonable grounds to believe that: (i) the fund was not a resident regulated superannuation fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); or (ii) the fund was operating in contravention of a regulatory provision (within the meaning of section 38A of that Act). (3) For the purposes of subparagraph (2)(b)(ii), a contravention of the Superannuation Industry (Supervision) Act 1993 or regulations made under it is to be ignored unless the contravention is: (a) an offence; or (b) a contravention of a civil penalty provision of that Act or those regulations. (4) For the purposes of subparagraph (2)(b)(ii), it is sufficient if a contravention is established on the balance of probabilities.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-80", "Provision_Key": "s290-80", "Heading": "Age related conditions", "Text": "(1) To deduct the contribution: (a) you must have made the contribution on or before the day that is 28 days after the end of the month in which the employee turns 75; or (b) you must have been required to make the contribution by an industrial award, determination or notional agreement preserving State awards (within the meaning of the Fair Work (Transitional Provisions and Consequential Amendments) Act 2009 ) that is in force under an * Australian law; or (c) the contribution must result in you having a lower * individual final superannuation guarantee shortfall for the employee and one or more * QE days than what you would have otherwise. (2) If only paragraph (1)(b) applies, you can deduct only the amount of the contribution that is required by the industrial award, determination or notional agreement preserving State awards. Note: An industrial agreement, such as an enterprise agreement within the meaning of the Fair Work Act 2009 , or a similar agreement made under a State law, is not an award or determination. (2A) If only paragraph (1)(c) applies, you can deduct only the amount of the contribution that causes the result described in that paragraph. (2B) If both paragraphs (1)(b) and (c) apply and paragraph (1)(a) does not apply, you can deduct only the greater of the following amounts (or only one of them if they are equal): (a) the amount of the contribution that is required by the industrial award, determination or notional agreement preserving State awards; (b) the amount of the contribution that causes the result described in paragraph (1)(c). Note: If paragraph (1)(a) applies, you can deduct the whole of the contribution (whether or not paragraph (1)(b) or (1)(c) also applies). (3) For the purposes of this section, a reference to a determination does not include a reference to a workplace determination made under the Fair Work Act 2009 or the Workplace Relations Act 1996 .", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 9 of 2007 | No 8 of 2008 | No 54 of 2009 | No 23 of 2012 | No 57 of 2025", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 8 of 2008, effective Sch 1 (item 271): 28 Mar 2008 (s 2(1) item 2) | Amended by No 54 of 2009, effective Sch 18 (items 6–9): 1 July 2009 (s 2(1) item 41) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-85", "Provision_Key": "s290-85", "Heading": "Contributions for former employees etc.", "Text": "(1) Section 290 ‑ 60 applies as modified by this section if a contribution you make in respect of another person: (a) results in you having a lower * individual final superannuation guarantee shortfall for the other person and one or more * QE days than what you would have otherwise because of section 15B of the Superannuation Guarantee (Administration) Act 1992 ; or (b) is a one ‑ off payment in lieu of qualifying earnings (within the meaning of that Act) that relate to a period of service during which the other person was your employee. (1AA) Section 290 ‑ 60 also applies as modified by this section if: (a) a contribution you make in respect of another person relates to a period of service during which the other person was your employee; and (b) you make the contribution within 4 months after the person stops being your employee; and (c) you would have been entitled to a deduction in relation to the contribution if: (i) you had made it at a time when the other person was your employee; and (ii) the law that applied to your entitlement to the deduction at that time had been the same as it was at the time you actually made the contribution. (1AB) Section 290 ‑ 60 also applies as modified by this section if: (a) a contribution you make in respect of another person relates to a period of service during which the other person was your employee; and (b) the contribution relates to a * defined benefit interest of the other person; and (c) you are at * arm’s length with the other person in relation to the contribution; and (d) you obtain an * actuary’s certificate that: (i) complies with the requirements (if any) specified by the regulations for the purposes of this paragraph; and (ii) is to the effect that the contribution does not exceed the amount required by the relevant * superannuation fund to meet the fund’s liabilities in connection with defined benefit interests; and (e) you would have been entitled to a deduction in relation to the contribution if: (i) you had made it at a time when the other person was your employee; and (ii) the law that applied to your entitlement to the deduction at that time had been the same as it was at the time you actually made the contribution. (1A) Section 290 ‑ 60 also applies as modified by this section if: (a) you make a contribution in respect of another person at a time; and (b) the other person had been employed by a company or other entity before that time; and (c) section 290 ‑ 90 would apply in relation to the contribution if the other person were employed by the company or entity at that time; and (d) the contribution: (i) results in the company or entity having a lower * individual final superannuation guarantee shortfall for the other person and one or more * QE days than what it would have otherwise because of section 15B of the Superannuation Guarantee (Administration) Act 1992 ; or (ii) is a one ‑ off payment in lieu of salary or wages that relate to a period of service during which the other person was the company’s or entity’s employee; or (iii) if subsection (1B) or (1C) applies—relates to a period of service during which the other person was the company’s or entity’s employee. (1B) This subsection applies if: (a) you make the contribution within 4 months after the person stops being the company’s or entity’s employee; and (b) you would have been entitled to a deduction in relation to the contribution if you had made it while the other person was the company’s or entity’s employee. (1C) This subsection applies if: (a) the contribution relates to a * defined benefit interest of the other person; and (b) you and the company are at * arm’s length with the other person in relation to the contribution; and (c) you obtain an * actuary’s certificate that: (i) complies with the requirements (if any) specified by the regulations for the purposes of this paragraph; and (ii) is to the effect that the contribution does not exceed the amount required by the relevant * superannuation fund or * RSA to meet the fund’s or RSA’s liabilities in connection with defined benefit interests; and (d) you would have been entitled to a deduction in respect of the contribution if you had made it while the other person was the company’s or entity’s employee. (2) Treat the other person as your employee for the purposes of subsection 290 ‑ 60(1). (3) Despite subsection 290 ‑ 60(2): (a) if subsection (1) or (1AA) applies—the condition in section 290 ‑ 70 must be satisfied at the most recent time when the other person was your employee (apart from subsection (2) of this section); or (b) if subsection (1A) applies: (i) the condition in section 290 ‑ 70 need not be satisfied; and (ii) instead, the condition in subsection 290 ‑ 90(4) must be satisfied at the most recent time when the other person was the company’s or entity’s employee.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 117 of 2010 | No 57 of 2025", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-90", "Provision_Key": "s290-90", "Heading": "Controlling interest deductions", "Text": "(1) Section 290 ‑ 60 applies as modified by this section if you make a contribution in respect of another person at a time, and at that time: (a) the other person is an employee of a company in which you have a controlling interest; or (b) you are connected to the other person in the circumstances set out in subsection (5); or (c) you are a company connected to the other person in the circumstances described in subsection (6). (2) Treat the other person as your employee at that time for the purposes of subsection 290 ‑ 60(1). Note 1: A deduction may be denied by section 85 ‑ 25 if the employee is your associate. Note 2: Section 86 ‑ 60 (read together with section 86 ‑ 75) limits the extent to which superannuation contributions by personal service entities are deductions. (3) Despite subsection 290 ‑ 60(2), for you to deduct the contribution the condition in subsection (4) needs to be satisfied instead of the condition in section 290 ‑ 70. (4) The other person must be: (aa) an employee (within the expanded meaning of employee given by section 12 of the Superannuation Guarantee (Administration) Act 1992 ) of the other person’s employer; or (a) engaged in producing the assessable income of the other person’s employer; or (b) an Australian resident engaged in the business of the other person’s employer. (5) For the purposes of paragraph (1)(b), the circumstances are: (a) you are the beneficial owner of shares in a company of which the other person is an employee, but you do not have a controlling interest in the company; and (b) you are at * arm’s length with the other person in relation to the contribution; and (c) neither the other person, nor a * relative of the other person: (i) has set apart an amount as a fund, or has made a contribution to a fund, for the purpose of providing * superannuation benefits for you or a relative of yours; or (ii) has made an * arrangement under which the other person or relative will or may do so. Company controlling interest deductions (6) For the purposes of paragraph (1)(c), the circumstances are: (a) the other person is an employee of an entity that has a controlling interest in the company; or (b) an entity that has a controlling interest in the company also has a controlling interest in a company of which the other person is an employee.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 9 of 2007 | No 143 of 2007 | No 14 of 2009", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-100", "Provision_Key": "s290-100", "Heading": "Returned contributions assessable", "Text": "(1) Your assessable income includes a payment, or the value of a benefit, you receive in the income year so far as it reasonably represents the direct or indirect return of: (a) a contribution for which you or another entity have deducted or can deduct an amount for any income year; or (b) earnings on a contribution of that kind. Note: An example of an indirect return of a contribution is if the fund to which it was made transfers to another fund assets that include the contribution, and the other fund returns the contribution to the person who made it. (2) Subsection (1) does not apply if you receive the payment, or the value of the benefit, as a * superannuation benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-150", "Provision_Key": "s290-150", "Heading": "Personal contributions deductible", "Text": "(1) You can deduct a contribution you make to a * superannuation fund, or an * RSA, for the purpose of providing * superannuation benefits for yourself (regardless whether the benefits are payable to your * SIS dependants if you die before or after becoming entitled to receive the benefits). Note: Other provisions of this Act and the Income Tax Assessment Act 1936 may reduce, increase or deny the deduction in certain circumstances. For example, see section 26 ‑ 55 of this Act. (2) However, the conditions in sections 290 ‑ 155, 290 ‑ 165, 290 ‑ 167, 290 ‑ 168, 290 ‑ 169 and 290 ‑ 170 must also be satisfied for you to deduct the contribution. (3) You can deduct the contribution only for the income year in which you made the contribution. (4) If the contribution is attributable in whole or part to a * capital gain from a * CGT event: (a) if you disregarded all or part of the capital gain from the CGT event under subsection 152 ‑ 305(1) and you were under 55 just before you made the choice mentioned in that subsection—you cannot deduct the contribution to the extent that it is attributable to the capital gain; or (b) if a company or trust disregarded all or part of the capital gain from the CGT event under subsection 152 ‑ 305(2) and you were under 55 just before the contribution was made—you cannot deduct the contribution to the extent that it is attributable to the capital gain.", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 81 of 2016 | No 132 of 2017 | No 45 of 2021", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-155", "Provision_Key": "s290-155", "Heading": "Complying superannuation fund condition", "Text": "(1) If the contribution is made to a * superannuation fund: (a) the fund must be a * complying superannuation fund, for the income year of the fund in which you made the contribution, that is not: (i) a * Commonwealth public sector superannuation scheme in which you have a * defined benefit interest; or (ii) a superannuation fund that would not include the contribution in its assessable income under section 295 ‑ 190; or (iii) a superannuation fund of a kind prescribed by the regulations for the purposes of this subparagraph; and (b) the contribution must not be a contribution of a kind prescribed by the regulations that is made to a superannuation fund of a kind prescribed by the regulations for the purposes of this paragraph. (2) In determining for the purposes of subparagraph (1)(a)(ii) whether section 295 ‑ 190 would apply in relation to a contribution, disregard Subdivision 295 ‑ D. (3) The Commissioner may publish, in such manner as the Commissioner thinks fit, lists of: (a) the * superannuation funds to which subparagraph (1)(a)(i), (ii) or (iii) applies for an income year; and (b) the kinds of contributions to which paragraph (1)(b) applies for an income year, and the superannuation funds to which those contributions have been or would be made.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-165", "Provision_Key": "s290-165", "Heading": "Age ‑ related conditions", "Text": "Condition if you are under 18 (1) If you were under the age of 18 at the end of the income year in which you made the contribution, you must have * derived income in the income year: (a) from the carrying on of a * business; or (b) attributable to activities, or circumstances, that result in you being treated as an employee for the purposes of the Superannuation Guarantee (Administration) Act 1992 (assuming that subsection 12(11) of that Act had not been enacted). Work test condition for ages 67 to 75 (1A) If you made the contribution during the period starting on the day you turn 67 and ending on the day that is 28 days after the end of the month in which you turn 75: (a) you must have been * gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year in which the contribution was made; or (b) if you do not satisfy paragraph (a)—you must satisfy the following requirements: (i) you were gainfully employed for at least 40 hours in any period of 30 consecutive days during the income year (the previous income year ) ending before the income year in which the contribution was made; (ii) you had a * total superannuation balance of less than $300,000 at the end of the previous income year; (iii) you have not deducted a contribution in the previous income year or any earlier income years on the basis of satisfying the requirements in this paragraph; (iv) no contribution made by you, or in respect of you, in the previous income year or any earlier income years, was accepted by a * superannuation fund or an * RSA under a prescribed provision of regulations made for the purposes of the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 . Maximum age condition (2) You cannot deduct the contribution if it is made after the day that is 28 days after the end of the month in which you turn 75.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 9 of 2007 | No 81 of 2016 | No 10 of 2022", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-167", "Provision_Key": "s290-167", "Heading": "Contribution must not be a downsizer contribution", "Text": "You cannot deduct the contribution if it is a contribution that is covered under section 292 ‑ 102 (about downsizer contributions).", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-167"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-168", "Provision_Key": "s290-168", "Heading": "Contribution must not be a re ‑ contribution under the first home super saver scheme", "Text": "You cannot deduct the contribution if you notified the Commissioner about the contribution under section 313 ‑ 50 (about contributing amounts to superannuation that were previously released under the * first home super saver scheme).", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-168"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-169", "Provision_Key": "s290-169", "Heading": "Contribution must not be a COVID ‑ 19 re ‑ contribution", "Text": "You cannot deduct the contribution if it is a contribution that is covered under section 292 ‑ 103 (about COVID ‑ 19 re ‑ contributions).", "Amendment_Count": 1, "First_Amended": "No 45 of 2021", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 45 of 2021", "History_Notes": "Inserted by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-169"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-170", "Provision_Key": "s290-170", "Heading": "Notice of intent to deduct conditions", "Text": "Deductibility of contributions (1) To deduct the contribution, or a part of the contribution: (a) you must give to the trustee of the fund or the * RSA provider a valid notice, in the * approved form, of your intention to claim the deduction; and (b) the notice must be given before: (i) if you have lodged your * income tax return for the income year in which the contribution was made on a day before the end of the next income year—the end of that day; or (ii) otherwise—the end of the next income year; and (c) the trustee or provider must have given you an acknowledgment of receipt of the notice. Validity of notices (2) The notice is not valid if at least one of these conditions is satisfied: (a) the notice is not in respect of the contribution; (b) the notice includes all or a part of an amount covered by a previous notice; (c) when you gave the notice: (i) you were not a member of the fund or the holder of the * RSA; or (ii) the trustee or * RSA provider no longer holds the contribution; or (iii) the trustee or RSA provider has begun to pay a * superannuation income stream based in whole or part on the contribution; (d) before you gave the notice: (i) you had made a contributions ‑ splitting application (within the meaning given by the regulations) in relation to the contribution; and (ii) the trustee or RSA provider to which you made the application had not rejected the application; (e) if the contribution is made to a * superannuation fund—the condition in section 290 ‑ 155 is not satisfied in relation to the fund and the contribution. Acknowledgment of notice (3) The trustee or provider must, without delay, give you an acknowledgment of a valid notice, subject to subsection (4). (4) The trustee or provider may refuse to give you an acknowledgment of receipt of a valid notice if the * value of the * superannuation interest to which the notice relates, at the end of the day on which the trustee or * RSA provider received the notice, is less than the tax that would be payable in respect of your contribution (or part of the contribution) if the trustee or provider were to acknowledge receipt of the notice. Application to successor funds (5) Subsections (1) to (4) and section 290 ‑ 180 apply as if: (a) references in those provisions to the fund or * RSA were references to a * successor fund; and (b) references in those provisions to the trustee or * RSA provider were references to the trustee or RSA provider of the successor fund; if: (c) after making your contribution, all of the * superannuation interest to which the notice relates is transferred to the successor fund; and (d) you have not previously given a valid notice under this section to any * superannuation provider in relation to the contribution.", "Amendment_Count": 6, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 19 of 2010 | No 117 of 2010 | No 89 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-175", "Provision_Key": "s290-175", "Heading": "Deduction limited by amount specified in notice", "Text": "You cannot deduct more for the contribution (or a part of the contribution) than the amount stated in the notice.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-180", "Provision_Key": "s290-180", "Heading": "Notice may be varied but not revoked or withdrawn", "Text": "(1) You cannot revoke or withdraw a valid notice in relation to the contribution (or a part of the contribution). (2) You can vary a valid notice, but only so as to reduce the amount stated in relation to the contribution (including to nil). You do so by giving notice to the trustee or the * RSA provider in the * approved form. (3) However, you cannot vary a valid notice after: (a) if you have lodged your * income tax return for the income year in which the contribution was made on a day before the end of the next income year—the end of that day; or (b) otherwise—the end of the next income year. (3A) The variation is not effective if, when you make it: (a) you were not a member of the fund or the holder of the * RSA; or (b) the trustee or * RSA provider no longer holds the contribution; or (c) the trustee or RSA provider has begun to pay a * superannuation income stream based in whole or part on the contribution. (4) Subsection (3) does not apply to a variation if: (a) you claimed a deduction for the contribution (or a part of the contribution); and (b) the deduction is not allowable (in whole or in part); and (c) the variation reduces the amount stated in relation to the contribution by the amount not allowable as a deduction. Application to successor funds (5) Subsections (2) and (3A) apply as if: (a) the reference in subsection (3A) to the fund or * RSA were a reference to a * successor fund; and (b) references in those subsections to the trustee or * RSA provider were references to the trustee or RSA provider of the successor fund; if, after a valid notice is given under section 290 ‑ 170 in relation to the contribution, all of the * superannuation interest to which the notice relates is transferred to the successor fund.", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 89 of 2013", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 19 of 2010 | No 117 of 2010 | No 89 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-230", "Provision_Key": "s290-230", "Heading": "Offset for spouse contribution", "Text": "(1) You are entitled to a * tax offset for an income year for a contribution you make in the income year to a * superannuation fund, or an * RSA, for the purpose of providing * superannuation benefits for your * spouse (regardless whether the benefits are payable to your spouse’s * SIS dependants if your spouse dies before or after becoming entitled to receive the benefits). (2) You are entitled to the * tax offset only if: (a) he or she was your * spouse when you made the contribution; and (b) both you and your spouse were Australian residents when you made the contribution; and (c) the total of your spouse’s: (i) assessable income, disregarding your spouse’s * assessable FHSS released amount for the income year; and (ii) * reportable fringe benefits total; and (iii) * reportable employer superannuation contributions; for the income year is less than $40,000; and (d) you have not deducted and cannot deduct an amount for the contribution under section 290 ‑ 60 (employer contributions); and (e) if the contribution is made to a * superannuation fund—it is a * complying superannuation fund for the income year of the fund in which you make the contribution. (3) You are not entitled to the * tax offset if, when you make the contribution, you are living separately and apart from your * spouse on a permanent basis. (4) You are not entitled to the * tax offset for an amount paid by you, as mentioned in regulations under the Family Law Act 1975 , to a * regulated superannuation fund, or to an * RSA, to be held for the benefit of your * non ‑ member spouse in satisfaction of his or her entitlement in respect of the * superannuation interest concerned. (4A) You are not entitled to the * tax offset for an income year if: (a) your * spouse’s * non ‑ concessional contributions for the * financial year corresponding to the income year exceed your spouse’s * non ‑ concessional contributions cap for the financial year; or (b) immediately before the start of the financial year, your spouse’s * total superannuation balance equals or exceeds the * general transfer balance cap for the financial year. (5) For the purposes of subparagraph (2)(c)(iii), reduce (but not below zero) the * reportable employer superannuation contributions by the amount of any * excess concessional contributions your * spouse has for the * financial year corresponding to the income year.", "Amendment_Count": 7, "First_Amended": "No 9 of 2007", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 9 of 2007 | No 27 of 2009 | No 75 of 2012 | No 118 of 2013 | No 130 of 2015 | No 81 of 2016 | No 132 of 2017", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-235", "Provision_Key": "s290-235", "Heading": "Limit on amount of tax offsets", "Text": "(1) The total of the amounts of * tax offset to which you are entitled for contributions you make for an income year cannot exceed 18% of the lesser of the following: (a) $3,000 reduced by the amount (if any) by which the total mentioned in paragraph 290 ‑ 230(2)(c) for the income year exceeds $37,000; (b) the sum of the * spouse contributions you make in the income year. (2) The maximum * tax offset to which you are entitled for an income year is $540, even if you are entitled to a tax offset for more than 1 * spouse.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 290-240", "Provision_Key": "s290-240", "Heading": "Tax file number", "Text": "If you are entitled to the * tax offset for the contribution, you may, with your * spouse’s consent, quote your spouse’s * tax file number to the trustee (or * RSA provider) of the * superannuation fund (or * RSA) to which the contribution is made.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s290-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-1", "Provision_Key": "s291-1", "Heading": "What this Division is about", "Text": "There is a cap on the amount of superannuation contributions that may receive concessional tax treatment for an individual in a financial year. You can carry forward unused concessional contributions cap from the previous 5 financial years and use it to increase your cap in a later financial year (unless your total superannuation balance equals or exceeds $500,000). Superannuation contributions that exceed your concessional contributions cap are included in your assessable income for the corresponding income year. A tax offset compensates for the tax that generally applies to the contributions in the superannuation fund. Note: Part 2 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 contains rules about releasing the excess concessional contributions from superannuation.", "Amendment_Count": 4, "First_Amended": "No 118 of 2013", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 118 of 2013 | No 81 of 2016 | No 55 of 2017 | No 45 of 2021", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-5", "Provision_Key": "s291-5", "Heading": "Object of this Division", "Text": "The object of this Division is to ensure, in relation to concessional contributions to superannuation, that the amount of concessionally taxed * superannuation benefits that an individual receives results from contributions that have been made gradually over the course of the individual’s life. Note: Division 292 has the same object, in relation to non ‑ concessional contributions.", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-10", "Provision_Key": "s291-10", "Heading": "What this Subdivision is about", "Text": "This Subdivision includes excess concessional contributions in your assessable income and provides a tax offset. Table of sections Operative provisions 291 ‑ 15 Excess concessional contributions—assessable income, 15% tax offset 291 ‑ 20 Your excess concessional contributions for a financial year 291 ‑ 25 Your concessional contributions for a financial year", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-15", "Provision_Key": "s291-15", "Heading": "Excess concessional contributions—assessable income, 15% tax offset", "Text": "If you have * excess concessional contributions for a * financial year: (a) an amount equal to the excess concessional contributions is included in your assessable income for your corresponding income year; and (b) you are entitled to a * tax offset for that income year equal to 15% of the excess concessional contributions. Note 1: This offset cannot be refunded, transferred or carried forward: see item 20 of the table in subsection 63 ‑ 10(1). Note 3: You can request the release of excess concessional contributions from superannuation: see Division 131 in that Schedule.", "Amendment_Count": 3, "First_Amended": "No 118 of 2013", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 118 of 2013 | No 81 of 2016 | No 45 of 2021", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-20", "Provision_Key": "s291-20", "Heading": "Your excess concessional contributions for a financial year", "Text": "(1) You have excess concessional contributions for a * financial year if the amount of your * concessional contributions for the year exceeds your * concessional contributions cap for the year. The amount of the excess concessional contributions is the amount of the excess. (2) Your concessional contributions cap is: (a) for the 2017 ‑ 2018 financial year—$25,000; or (b) for the 2018 ‑ 2019 financial year or a later financial year—the amount worked out by indexing annually the amount mentioned in paragraph (a). Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960 ‑ 285. Five year carry forward of unused concessional contributions cap (3) However, your concessional contributions cap for the * financial year is increased in accordance with subsection (4) if: (a) your * concessional contributions for the year would otherwise exceed your concessional contributions cap for the year; and (b) your * total superannuation balance just before the start of the financial year is less than $500,000; and (c) you have previously unapplied * unused concessional contributions cap for one or more of the previous 5 financial years. (4) Apply your unapplied * unused concessional contributions cap for each of the previous 5 * financial years to increase your * concessional contributions cap (but not by more than the excess from paragraph (3)(a)). (5) For the purposes of increasing your * concessional contributions cap under subsection (4), apply amounts of * unused concessional contributions cap for previous * financial years in order from the earliest year to the most recent year. Your unused concessional contributions cap (6) You have unused concessional contributions cap for a * financial year if the amount of your * concessional contributions for the year falls short of your * concessional contributions cap for the year. The amount of the unused concessional contributions cap is the amount of the shortfall. (7) However, you do not have unused concessional contributions cap for a * financial year earlier than the 2018 ‑ 2019 financial year.", "Amendment_Count": 3, "First_Amended": "No 118 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-25", "Provision_Key": "s291-25", "Heading": "Your concessional contributions for a financial year", "Text": "(1) The amount of your concessional contributions for a * financial year is the sum of: (a) each contribution covered under subsection (2); and (b) each amount covered under subsection (3). Note: For rules about defined benefit interests, see Subdivision 291 ‑ C. (2) A contribution is covered under this subsection if: (a) it is made in the * financial year to a * complying superannuation plan in respect of you; and (b) it is included in the assessable income of the * superannuation provider in relation to the plan, or, by way of a * roll ‑ over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290 ‑ 170(5) (about successor funds); and (c) it is not an amount mentioned in subsection 295 ‑ 200(2); and (d) it is not an amount mentioned in item 2 of the table in subsection 295 ‑ 190(1); and (e) it is not an amount mentioned in subsection 99G(6) of the Superannuation Industry (Supervision) Act 1993 that is refunded in accordance with that subsection. (3) An amount in a * complying superannuation plan is covered under this subsection if it is allocated by the * superannuation provider in relation to the plan for you for the year in accordance with conditions specified in the regulations. (4) For the purposes of paragraph (2)(b), disregard: (a) table item 5.3 in section 50 ‑ 25 (about income tax exemption for constitutionally protected funds); and (b) Subdivision 295 ‑ D (about excluded contributions).", "Amendment_Count": 5, "First_Amended": "No 89 of 2013", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 89 of 2013 | No 118 of 2013 | No 81 of 2016 | No 127 of 2021", "History_Notes": "Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-155", "Provision_Key": "s291-155", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies the meaning of concessional contributions relating to defined benefits interests. Table of sections Operative provisions 291 ‑ 160 Application 291 ‑ 165 Concessional contributions—special rules for defined benefit interests 291 ‑ 170 Notional taxed contributions 291 ‑ 175 Defined benefit interest", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-160", "Provision_Key": "s291-160", "Heading": "Application", "Text": "This Subdivision applies if, in a * financial year, you have: (a) a * superannuation interest that is or includes a * defined benefit interest; or (b) more than one superannuation interest that is or includes a defined benefit interest.", "Amendment_Count": 2, "First_Amended": "No 118 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-165", "Provision_Key": "s291-165", "Heading": "Concessional contributions—special rules for defined benefit interests", "Text": "(1) Despite section 291 ‑ 25, the amount of your concessional contributions for the * financial year is the sum of: (a) the contributions covered by subsection 291 ‑ 25(2), and the amounts covered by subsection 291 ‑ 25(3), to the extent to which they do not relate to the * defined benefit interest or interests; and (b) your * notional taxed contributions for the financial year in respect of the defined benefit interest or interests; and (c) the amount (if any) by which your * defined benefit contributions for the financial year in respect of the defined benefit interest or interests exceed those notional taxed contributions. Note: Section 291 ‑ 370 prevents some contributions from causing your concessional contributions for a financial year to exceed the concessional contributions cap. (2) In working out your * defined benefit contributions for the * financial year for the purposes of paragraph (1)(c): (a) if Subdivision 293 ‑ E applies to you for the income year corresponding to the financial year—disregard subsection 293 ‑ 150(3); and (b) if Subdivision 293 ‑ F applies to you—disregard subsection 293 ‑ 195(2). Note: Section 291 ‑ 370 prevents some contributions from causing your concessional contributions for a financial year to exceed the concessional contributions cap.", "Amendment_Count": 2, "First_Amended": "No 118 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-170", "Provision_Key": "s291-170", "Heading": "Notional taxed contributions", "Text": "(1) Your notional taxed contributions for a * financial year in respect of a * defined benefit interest has the meaning given by the regulations. Note: For transitional provisions about notional taxed contributions that were previously in former subsections 292 ‑ 170(6) to (9), see Subdivision 291 ‑ C of the Income Tax (Transitional Provisions) Act 1997 . (2) Regulations made for the purposes of subsection (1) may provide for a method of determining the amount of the notional taxed contributions . (3) Regulations made for the purposes of subsection (1) may define the * notional taxed contributions, and the amount of notional taxed contributions, in different ways depending on any of the following matters: (a) the individual who has the * superannuation interest that is or includes the * defined benefit interest; (b) the * superannuation plan in which the superannuation interest exists; (c) the * superannuation provider in relation to the superannuation plan; (d) any other matter. (4) Regulations made for the purposes of subsection (1) may specify circumstances in which the amount of * notional taxed contributions for a * financial year is nil. (5) Subsections (2), (3) and (4) do not limit the regulations that may be made for the purposes of this section.", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-175", "Provision_Key": "s291-175", "Heading": "Defined benefit interest", "Text": "(1) An individual’s * superannuation interest is a defined benefit interest to the extent that it defines the individual’s entitlement to * superannuation benefits payable from the interest by reference to one or more of the following matters: (a) the individual’s salary, or allowance in the nature of salary, at a particular date or averaged over a period; (b) another individual’s salary, or allowance in the nature of salary, at a particular date or averaged over a period; (c) a specified amount; (d) specified conversion factors. (2) However, an individual’s * superannuation interest is not a defined benefit interest if it defines that entitlement solely by reference to one or more of the following: (a) * disability superannuation benefits; (b) * superannuation death benefits; (c) payments of amounts mentioned in paragraph 307 ‑ 10(a) (temporary disability payments).", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-365", "Provision_Key": "s291-365", "Heading": "What this Subdivision is about", "Text": "Some contributions and other amounts are treated as always being within your concessional contributions cap, and therefore cannot be excess concessional contributions. Table of sections Operative provisions 291 ‑ 370 Contributions that do not result in excess contributions", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-370", "Provision_Key": "s291-370", "Heading": "Contributions that do not result in excess contributions", "Text": "(1) In working out your * concessional contributions for a * financial year, treat the sum of the following as an amount equal to your * concessional contributions cap under subsection 291 ‑ 20(2) for the financial year: (a) contributions made in respect of you for the financial year to a * constitutionally protected fund that would (disregarding this section) be concessional contributions; (b) if any of your * notional taxed contributions for the financial year: (i) are worked out under section 291 ‑ 170 of the Income Tax (Transitional Provisions) Act 1997 ; or (ii) are not worked out under that section, but only because those notional taxed contributions did not meet the requirements of paragraph 291 ‑ 170(2)(b) or (4)(b) of that Act; the amount of those notional taxed contributions; (c) if your * defined benefit contributions for the financial year (worked out excluding contributions and amounts covered by paragraph (a)) exceed your notional taxed contributions for the financial year (also worked out excluding contributions and amounts covered by paragraph (a))—the amount of that excess; if that sum would otherwise exceed your concessional contributions cap under subsection 291 ‑ 20(2) for the financial year. Note: This subsection does not take into account any increase in your concessional contributions cap under subsection 291 ‑ 20(4). (2) For the purposes of paragraph (1)(a), treat any amounts covered by subsection 291 ‑ 25(3) or paragraph 291 ‑ 165(1)(b) or (c) for the * financial year that relate to a * superannuation interest of yours in the fund as if they were contributions made in respect of you for the financial year to the fund. (3) This section has effect despite sections 291 ‑ 25 and 291 ‑ 165 of this Act and section 291 ‑ 170 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-460", "Provision_Key": "s291-460", "Heading": "What this Subdivision is about", "Text": "The Commissioner has a discretion to disregard concessional contributions or allocate them to a different financial year. Table of sections Operative provisions 291 ‑ 465 Commissioner’s discretion to disregard contributions etc. in relation to a financial year", "Amendment_Count": 1, "First_Amended": "No 118 of 2013", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 118 of 2013", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 291-465", "Provision_Key": "s291-465", "Heading": "Commissioner’s discretion to disregard contributions etc. in relation to a financial year", "Text": "(1) The Commissioner may make a written determination that, for the purposes of working out the amount of your * excess concessional contributions for a * financial year, all or part of your * concessional contributions for a financial year is to be: (a) disregarded; or (b) allocated instead for the purposes of another financial year specified in the determination. Conditions for making of determination (2) The Commissioner may make the determination only if: (a) you apply for the determination in accordance with this section; and (b) the Commissioner considers that: (i) there are special circumstances; and (ii) making the determination is consistent with the object of this Division and Division 292. (2A) Paragraph (2)(a) does not apply if: (a) the determination relates to a contribution that is an amount the Commissioner pays for your benefit under Part 8 of the Superannuation Guarantee (Administration) Act 1992 ; and (b) the amount represents an amount of a charge payment (within the meaning of section 63A of that Act) paid as a result of a disclosure to which paragraph 74(1)(a) of that Act applies; and (c) the entity making the disclosure qualified, under section 74 of that Act, for an amnesty in relation to the * superannuation guarantee shortfall to which the charge payment relates. Matters to which regard may be had (3) In making the determination the Commissioner may have regard to the following: (a) whether a contribution made in the relevant * financial year would more appropriately be allocated towards another financial year instead; (b) whether it was reasonably foreseeable, when a relevant contribution was made, that you would have * excess concessional contributions or * excess non ‑ concessional contributions for the relevant financial year, and in particular: (i) if the relevant contribution is made in respect of you by another individual—the terms of any agreement or arrangement between you and that individual as to the amount and timing of the contribution; and (ii) the extent to which you had control over the making of the contribution; (c) any other relevant matters. Requirements for application (4) The application: (a) must be in the * approved form; and (b) can only be made after all of the contributions sought to be disregarded or reallocated have been made; and (c) if you receive an * excess concessional contributions determination for the * financial year—must be given to the Commissioner within: (i) 60 days after receiving the determination; or (ii) a further period allowed by the Commissioner. Notification (5) The Commissioner must give you: (a) a copy of the determination; or (b) if the Commissioner decides not to make a determination—notice of that decision. Review (7) If you are dissatisfied with: (a) a determination made under this section in relation to you; or (b) a decision the Commissioner makes not to make such a determination; you may object against the determination, or the decision, as the case requires, in the manner set out in Part IVC of the Taxation Administration Act 1953 . (8) To avoid doubt: (a) subject to subsection 14ZVB(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a determination or decision, relating to all or part of your * concessional contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 against an * excess concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a determination under this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.", "Amendment_Count": 3, "First_Amended": "No 118 of 2013", "Last_Amended": "No 21 of 2020", "Amending_Acts": "No 118 of 2013 | No 81 of 2016 | No 21 of 2020", "History_Notes": "Inserted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 21 of 2020, effective Sch 1 (items 1–9): 1 Apr 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s291-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-1", "Provision_Key": "s292-1", "Heading": "What this Division is about", "Text": "This Division limits the superannuation contributions made in a financial year that receive concessional tax treatment. You become liable for tax if: (a) your non ‑ concessional contributions exceed an indexed cap; and (b) a corresponding amount is not released from your superannuation interests. An amount may be included in your assessable income, and you may become entitled to a tax offset, if your non ‑ concessional contributions exceed that indexed cap.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-5", "Provision_Key": "s292-5", "Heading": "Object of this Division", "Text": "The object of this Division is to ensure, in relation to non ‑ concessional contributions to superannuation, that the amount of concessionally taxed * superannuation benefits that an individual receives results from contributions that have been made gradually over the course of the individual’s life. Note: Division 291 has the same object, in relation to concessional contributions.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-15", "Provision_Key": "s292-15", "Heading": "What this Subdivision is about", "Text": "An amount is included in your assessable income, and you are entitled to a tax offset, if: (a) your non ‑ concessional contributions exceed an indexed cap; and (b) you are not liable to pay excess non ‑ concessional contributions tax for the financial year on the full amount of the excess. This amount included in your assessable income relates to: (a) your associated earnings on those excess contributions; and (b) any amounts that have been released from your superannuation interests. Table of sections 292 ‑ 20 Amount in assessable income, and tax offset, relating to your non ‑ concessional contributions 292 ‑ 25 Amount included in assessable income 292 ‑ 30 Amount of the tax offset", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-20", "Provision_Key": "s292-20", "Heading": "Amount in assessable income, and tax offset, relating to your non ‑ concessional contributions", "Text": "Your assessable income for an income year includes an amount, and you are entitled to a * tax offset for the income year, if: (a) you receive one or more * excess non ‑ concessional contributions determinations for a * financial year that corresponds to the income year; and (b) you are not liable to pay * excess non ‑ concessional contributions tax for the financial year on the full amount of the excess stated in the most recent of those determinations.", "Amendment_Count": 8, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 97 of 2008 | No 62 of 2009 | No 75 of 2012 | No 82 of 2013 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 62 of 2009, effective Schedule 3 (items 1–10): Royal Assent | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-25", "Provision_Key": "s292-25", "Heading": "Amount included in assessable income", "Text": "(1) The amount included in your assessable income for the income year is equal to the amount of associated earnings stated in the most recent of those determinations. (2) However, if: (a) the sum of any amounts paid in response to release authorities issued in relation to those determinations (the total amount ) is less than the amount of the excess stated in the most recent of those determinations; and (b) section 292 ‑ 467 does not apply to you for the * financial year; the amount included in your assessable income for the income year is equal to the amount of associated earnings that would have been stated in that most recent determination if the total amount had been the amount of the excess stated in that determination. Note 1: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 . Note 2: Any amounts paid in response to the release authorities are non ‑ assessable non ‑ exempt income (see section 303 ‑ 15 or former sections 303 ‑ 15 and 303 ‑ 17).", "Amendment_Count": 7, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 117 of 2010 | No 89 of 2013 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-30", "Provision_Key": "s292-30", "Heading": "Amount of the tax offset", "Text": "The * tax offset is equal to 15% of the amount included in your assessable income for the income year under section 292 ‑ 25. Note 1: This tax offset compensates for any tax liability of the superannuation provider on earnings from investments made with the contributions making up the excess amount stated in the most recent determination. Note 2: This offset cannot be refunded, transferred or carried forward (see item 20 of the table in subsection 63 ‑ 10(1)).", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-75", "Provision_Key": "s292-75", "Heading": "What this Subdivision is about", "Text": "This Subdivision defines non ‑ concessional contributions and excess non ‑ concessional contributions , and sets liability to pay excess non ‑ concessional contributions tax. Table of sections Operative provisions 292 ‑ 80 Liability for excess non ‑ concessional contributions tax 292 ‑ 85 Your excess non ‑ concessional contributions for a financial year 292 ‑ 90 Your non ‑ concessional contributions for a financial year 292 ‑ 95 Contributions arising from structured settlements or orders for personal injuries 292 ‑ 100 Contribution relating to some CGT small business concessions 292 ‑ 102 Downsizer contributions", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-103", "Provision_Key": "s292-103", "Heading": "COVID ‑ 19 re ‑ contributions", "Text": "(1) A contribution is covered by this section if: (a) the contribution is made by you to a * complying superannuation plan in respect of you in a * financial year; and (b) the contribution is made in the financial year beginning on 1 July 2021, or a later financial year ending on or before 30 June 2030; and (c) one or more amounts (the COVID ‑ 19 early release amounts ) have been paid to you from a complying superannuation plan, in either or both of the financial years beginning on 1 July 2019 or 1 July 2020, because you satisfied: (i) a condition of release specified in item 107A or 207AA of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 ; or (ii) a condition of release specified in item 109AA of the table in Schedule 2 to the Retirement Savings Accounts Regulations 1997 ; and (d) the amount of the contribution is not more than the total of your COVID ‑ 19 early release amounts; and (e) if you made one or more previous contributions covered by this section—the sum of: (i) the amount of the contribution; and (ii) the amounts of those previous contributions; is not more than the total of your COVID ‑ 19 early release amounts; and (f) you choose, in accordance with subsection (2), to apply this section to the contribution. (2) To make a choice for the purposes of paragraph (1)(f), you must: (a) make the choice in the * approved form; and (b) give it to the * superannuation provider in relation to the * complying superannuation plan on or before the time when the contribution is made.", "Amendment_Count": 1, "First_Amended": "No 45 of 2021", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 45 of 2021", "History_Notes": "Inserted by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-103"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-80", "Provision_Key": "s292-80", "Heading": "Liability for excess non ‑ concessional contributions tax", "Text": "You are liable to pay * excess non ‑ concessional contributions tax imposed by the Superannuation (Excess Non ‑ concessional Contributions Tax) Act 2007 if you have * excess non ‑ concessional contributions for a * financial year. Note: The amount of the tax is set out in that Act.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-85", "Provision_Key": "s292-85", "Heading": "Your excess non ‑ concessional contributions for a financial year", "Text": "Your excess non ‑ concessional contributions (1) You have excess non ‑ concessional contributions for a * financial year if: (a) you receive one or more * excess non ‑ concessional contributions determinations for the financial year; and (b) the excess amount stated in the most recent of those determinations exceeds the sum of any amounts paid in response to release authorities issued in relation to those determinations; and (c) section 292 ‑ 467 of this Act does not apply to you for the financial year. Note: The release authorities are issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 . (1A) The amount of your excess non ‑ concessional contributions is: (a) if no amounts were paid as described in paragraph (1)(b)—the excess amount stated in that most recent determination; or (b) otherwise—the amount of the excess worked out under paragraph (1)(b). Note: Any excess non ‑ concessional contributions determination you receive after the first one for a financial year is an amended determination. Your non ‑ concessional contributions cap—general rule (2) Your non ‑ concessional contributions cap for a * financial year is: (a) unless paragraph (b) applies—the amount (the general non ‑ concessional contributions cap for the year) that is 4 times your * concessional contributions cap under subsection 291 ‑ 20(2) for the year; or (b) if, immediately before the start of the year, your * total superannuation balance equals or exceeds the * general transfer balance cap for the year—nil. Note: This subsection does not take into account any increase in your concessional contributions cap under subsection 291 ‑ 20(4). When you can bring forward your non ‑ concessional contributions cap (3) Despite subsection (2), work out your non ‑ concessional contributions cap for a * financial year (the first year ) under subsection (5), and your non ‑ concessional contributions caps for the following 2 financial years (the second year and third year ) under subsections (6) and (7), if: (a) your * non ‑ concessional contributions for the first year exceed the general non ‑ concessional contributions cap for that year; and (b) paragraph (2)(b) does not apply to you in relation to the first year; and (c) you are under 75 years at any time in the first year; and (d) a previous operation of subsection (6) or (7) does not determine your non ‑ concessional contributions cap for the first year; and (e) the difference (the first year cap space ) between the * general transfer balance cap for the first year and your * total superannuation balance immediately before the start of the first year exceeds the general non ‑ concessional contributions cap for the first year. (4) However, do not work out your * non ‑ concessional contributions cap for the third year under subsection (7) if the first year cap space does not exceed an amount equal to twice the general non ‑ concessional contributions cap for the first year. Note: If this subsection applies, your non ‑ concessional contributions cap for the third year will be worked out under subsection (2) (unless the third year becomes a new first year under a further application of subsection (3)). First year of bring forward (5) Your non ‑ concessional contributions cap for the first year is an amount equal to: (a) if the first year cap space does not exceed an amount equal to twice the general non ‑ concessional contributions cap for the first year—twice the general non ‑ concessional contributions cap for the first year; or (b) otherwise—3 times the general non ‑ concessional contributions cap for the first year. Second year of bring forward (6) Your non ‑ concessional contributions cap for the second year is: (a) if: (i) your * total superannuation balance immediately before the start of the second year is less than the * general transfer balance cap for the second year; and (ii) your * non ‑ concessional contributions for the first year fall short of your cap for the first year (worked out under subsection (5)); that shortfall; or (b) otherwise—nil. Third year of bring forward (7) Your non ‑ concessional contributions cap for the third year is: (a) if: (i) your * total superannuation balance immediately before the start of the third year is less than the * general transfer balance cap for the third year; and (ii) your * non ‑ concessional contributions for the second year fall short of your cap for the second year (worked out under subsection (6)); that shortfall; or (b) if: (i) your total superannuation balance immediately before the start of the third year is less than the general transfer balance cap for the third year; and (ii) your cap for the second year is nil; and (iii) your non ‑ concessional contributions for the first year fall short of your cap for the first year (worked out under subsection (5)); that shortfall; or (c) otherwise—nil.", "Amendment_Count": 6, "First_Amended": "No 9 of 2007", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 9 of 2007 | No 62 of 2009 | No 21 of 2015 | No 81 of 2016 | No 45 of 2021 | No 10 of 2022", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 62 of 2009, effective Schedule 3 (items 1–10): Royal Assent | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-90", "Provision_Key": "s292-90", "Heading": "Your non ‑ concessional contributions for a financial year", "Text": "(1) The amount of your non ‑ concessional contributions for a * financial year is the sum of: (a) each contribution covered under subsection (2); and (aa) each amount covered under subsection (4); and (b) the amount of your * excess concessional contributions (if any) for the financial year. Modification for released excess concessional contributions (1A) However, if: (a) you make a valid request under section 131 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 in relation to * excess concessional contributions you have for the * financial year; and (b) a * superannuation provider pays an amount in relation to the release authority issued under section 131 ‑ 15 in that Schedule in relation to that request; the amount paid is first increased, by dividing it by 85%, and the increased amount is applied to reduce the amount of excess concessional contributions mentioned in paragraph (1)(b) of this section. Non ‑ concessional contributions and amounts (2) A contribution is covered under this subsection if: (a) it is made in the * financial year to a * complying superannuation plan in respect of you; and (b) it is not included in the assessable income of the * superannuation provider in relation to the * superannuation plan, or, by way of a * roll ‑ over superannuation benefit, in the assessable income of any * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290 ‑ 170(5) (about successor funds); and (c) it is not any of the following: (i) a Government co ‑ contribution made under the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 ; (ii) a contribution covered under section 292 ‑ 95 (payments that relate to structured settlements or orders for personal injuries); (iii) a contribution covered under section 292 ‑ 100 (certain CGT ‑ related payments), to the extent that it does not exceed your * CGT cap amount when it is made; (iiia) a contribution covered under section 292 ‑ 102 (downsizer contributions); (iiib) a contribution covered by section 292 ‑ 103 (COVID ‑ 19 re ‑ contributions); (iv) a contribution made to a * constitutionally protected fund (other than a contribution included in the * contributions segment of your * superannuation interest in the fund); (v) contributions not included in the assessable income of the superannuation provider in relation to the superannuation plan because of a choice made under section 295 ‑ 180; (vi) a contribution that is a * roll ‑ over superannuation benefit. (3) Disregard Subdivision 295 ‑ D for the purposes of paragraph (2)(b). (4) An amount is covered under this subsection if it is any of the following: (a) an amount in a * complying superannuation plan that is allocated by the * superannuation provider in relation to that plan for you for the year in accordance with conditions specified in the regulations; (b) the amount of any contribution made to that plan in respect of you in the year that is covered by a valid and acknowledged notice under section 290 ‑ 170, to the extent that it is not allowable as a deduction for the person making the contribution; (c) the sum of each contribution made to that plan in respect of you at a time on or after 10 May 2006 when that plan was not a complying superannuation plan (other than a contribution covered under this paragraph in relation to a previous financial year).", "Amendment_Count": 8, "First_Amended": "No 9 of 2007", "Last_Amended": "No 45 of 2021", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 117 of 2010 | No 89 of 2013 | No 118 of 2013 | No 81 of 2016 | No 132 of 2017 | No 45 of 2021", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-95", "Provision_Key": "s292-95", "Heading": "Contributions arising from structured settlements or orders for personal injuries", "Text": "(1) A contribution is covered under this section if: (a) the contribution arises from: (i) the settlement of a claim that satisfies the conditions in subsection (3); or (ii) the settlement of a claim in relation to a personal injury suffered by you under a law of the Commonwealth or of a State or Territory relating to workers compensation; or (iii) the order of a court that satisfies the conditions in subsection (4); and (b) the contribution is made within 90 days, or such longer period as the Commissioner allows, after the later of the following: (i) the day of receipt of the payment from which the contribution is made; or (ii) in relation to subparagraph (a)(i) or (iii)—the day mentioned in subsection (2); and (c) 2 legally qualified medical practitioners have certified that, because of the personal injury, it is unlikely that you can ever be * gainfully employed in a capacity for which you are reasonably qualified because of education, experience or training; and (d) no later than the time the contribution is made to a * superannuation plan, you or your * legal personal representative notify the * superannuation provider in relation to the plan, in the * approved form, that this section is to apply to the contribution. (2) For the purposes of subparagraph (1)(b)(ii), the day is: (a) for a settlement mentioned in subparagraph (a)(i): (i) the day on which the agreement mentioned in paragraph (3)(c) was entered into; or (ii) if that agreement depends, for its effectiveness, on being approved (however described) by an order of a court, or on being embodied in a consent order made by a court—the day on which that order was made; or (b) for an order mentioned in subparagraph (1)(a)(iii)—the day on which the order was made. (3) For the purposes of subparagraph (1)(a)(i), the conditions are as follows: (a) the claim: (i) is for compensation or damages for, or in respect of, personal injury suffered by you; and (ii) is made by you or your * legal personal representative; (b) the claim is based on the commission of a wrong, or on a right created by statute; (c) the settlement takes the form of a written agreement between the parties to the claim (whether or not that agreement is approved by an order of a court, or is embodied in a consent order made by a court). (4) For the purposes of subparagraph (1)(a)(iii), the conditions are as follows: (a) the order is made in respect of a claim that: (i) is for compensation or damages for, or in respect of, personal injury suffered by you; and (ii) is made by you or your * legal personal representative; (b) the claim is based on the commission of a wrong, or on a right created by statute; (c) the order is not an order approving or endorsing an agreement as mentioned in paragraph (3)(c). (5) If a claim is both: (a) for compensation or damages for personal injury suffered by you; and (b) for some other remedy (for example, compensation or damages for loss of, or damage to, property); subsections (3) and (4) apply to the claim, but only to the extent that it relates to the compensation or damages referred to in paragraph (a), and only to amounts that, in the settlement agreement, or in the order, are identified as being solely in payment of that compensation or those damages. (6) If: (a) you requested the Commissioner to allow a longer period under paragraph (1)(b); and (b) you are dissatisfied with: (i) a decision under that paragraph allowing a longer period; or (ii) a decision the Commissioner makes not to allow a longer period; you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (7) To avoid doubt: (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a decision, relating to all or part of your contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 against an * excess non ‑ concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a decision under paragraph (1)(b) of this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-100", "Provision_Key": "s292-100", "Heading": "Contribution relating to some CGT small business concessions", "Text": "(1) A contribution is covered under this section if: (a) the contribution is made by you to a * complying superannuation plan in respect of you in a * financial year; and (b) the requirement in subsection (2), (4), (7) or (8) is met; and (c) you choose, in accordance with subsection (9), to apply this section to an amount that is all or part of the contribution. (2) The requirement in this subsection is met if: (a) the contribution is equal to all or part of the * capital proceeds from a * CGT event for which you can disregard any * capital gain under section 152 ‑ 105 (or would be able to do so, assuming that a capital gain arose from the event); and (b) the contribution is made on or before the later of the following days: (i) the day you are required to lodge your * income tax return for the income year in which the CGT event happened; (ii) 30 days after the day you receive the capital proceeds. (3) For the purposes of paragraph (2)(a), ignore the requirement in paragraph 152 ‑ 105(b) if you are permanently incapacitated at the time of the * CGT event but were not permanently incapacitated at the time the relevant * CGT asset was acquired. (4) The requirement in this subsection is met if: (a) just before a * CGT event, you were a * CGT concession stakeholder of an entity that could, under section 152 ‑ 110, disregard any * capital gain arising from the CGT event (or would be able to do so, assuming that a capital gain arose from the event); and (b) the entity makes a payment to you before the later of: (i) 2 years after the CGT event; and (ii) if the CGT event happened because the entity * disposed of the relevant * CGT asset—6 months after the latest time a possible * financial benefit becomes or could become due under a * look ‑ through earnout right relating to that CGT asset and the disposal; and (c) the contribution is equal to all or part of your stakeholder’s participation percentage (within the meaning of subsection 152 ‑ 125(2)) of the * capital proceeds from the CGT event (but not exceeding the amount of the payment mentioned in paragraph (b)); and (d) the contribution is made within 30 days after the payment mentioned in paragraph (b). (5) In determining whether the conditions in subsection (2) or (4) are satisfied for a * CGT event in relation to a * pre ‑ CGT asset, treat the asset as a * post ‑ CGT asset. (6) For the purposes of paragraph (4)(a), ignore the requirement in paragraph 152 ‑ 110(1)(b) if a * significant individual was permanently incapacitated at the time of the * CGT event but was not permanently incapacitated when the relevant * CGT asset was acquired. (7) The requirement in this subsection is met if: (a) the contribution is equal to all or part of the * capital gain from a * CGT event that you disregarded under subsection 152 ‑ 305(1); and (b) the contribution is made on or before the later of the following days: (i) the day you are required to lodge your * income tax return for the income year in which the CGT event happened; (ii) 30 days after the day you receive the * capital proceeds from the CGT event. (8) The requirement in this subsection is met if: (a) just before a * CGT event, you were a * CGT concession stakeholder of an entity that could, under subsection 152 ‑ 305(2), disregard all or part of a * capital gain arising from the CGT event; and (b) the entity makes a payment to you that satisfies the conditions in section 152 ‑ 325; and (c) the contribution is equal to all or part of the capital gain arising from the CGT event (but not exceeding the amount of the payment mentioned in paragraph (b)); and (d) the contribution is made within 30 days after the payment mentioned in paragraph (b). (9) To make a choice for the purposes of paragraph (1)(c), you must: (a) make the choice in the * approved form; and (b) give it to the * superannuation provider in relation to the * complying superannuation plan on or before the time when the contribution is made.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 97 of 2008 | No 10 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-102", "Provision_Key": "s292-102", "Heading": "Downsizer contributions", "Text": "Criteria for a downsizer contribution (1) A contribution is covered under this section if: (a) the contribution is made to a * complying superannuation plan in respect of you when you are aged 55 years or over; and (b) the contribution is an amount equal to all or part of the * capital proceeds received from the * disposal of an * ownership interest (the old interest ) in a * dwelling; and (c) you or your * spouse held the old interest just before the disposal; and (d) any * capital gain or * capital loss from the disposal of the old interest: (i) for the case where you held it just before the disposal—is wholly or partially disregarded under Subdivision 118 ‑ B (or would have been if you had * acquired it on or after 20 September 1985); or (ii) otherwise—would have been wholly or partially disregarded under Subdivision 118 ‑ B had you * acquired the old interest on or after 20 September 1985 and held it for a period before the disposal; and (e) the condition in subsection (2) is met for the disposal; and (f) the dwelling is located in * Australia, and is not a caravan, houseboat or other mobile home; and (g) the contribution is made within 90 days, or such longer period as the Commissioner allows, after the time the change of ownership occurs as a result of the disposal; and (h) you choose, in accordance with subsection (8), to apply this section to the contribution; and (i) there is not already a contribution covered under this section, and made to a complying superannuation plan in respect of you, from an earlier choice you made in relation to the disposal of: (i) another ownership interest in the dwelling that was not a related spousal interest to the old interest; or (ii) an ownership interest in another dwelling. Note 1: Subparagraph (i)(i) does not prevent another contribution, made for you from the capital proceeds from the disposal of the same interest, from also being a contribution covered under this section. Note 2: That subparagraph also does not prevent another contribution, made for you from the capital proceeds from the disposal of a related spousal interest, from being a contribution covered under this section. 10 ‑ year ownership condition (2) The condition in this subsection is met for the * disposal of the old interest if either or both of the following paragraphs applies: (a) at all times during the 10 years ending just before the disposal: (i) the old interest was held by you, your * spouse or your former spouse; or (ii) an * ownership interest in the land on which the * dwelling is situated was held by you, your spouse or your former spouse; (b) if subsection 118 ‑ 147(1): (i) applies because the old interest was a substitute property interest (within the meaning of that subsection) for an old dwelling referred to in paragraph 118 ‑ 147(1)(a); or (ii) would have applied as described in subparagraph (i) if paragraph 118 ‑ 147(1)(a) were modified to refer to a dwelling (the old dwelling ) that was your main residence; you, your spouse or your former spouse * acquired an ownership interest in that old dwelling at least 10 years before the disposal. Note: Section 118 ‑ 147 deals with a dwelling replacing an earlier dwelling that was compulsorily acquired or destroyed etc. Cap on the amount of a downsizer contribution (3) Despite subsection (1), the contribution is covered under this section only to the extent that it does not exceed the lesser of: (a) $300,000, less any other contribution that is already covered under this section and made to a * complying superannuation plan in respect of you; and (b) the sum of the * capital proceeds from the disposals of: (i) the old interest; and (ii) any * related spousal interest to the old interest; less the sum of all other contributions that are already covered under this section, in relation to the disposal of the old interest or any related spousal interest to the old interest, and made to complying superannuation plans in respect of you or your * spouse. Market value substitution rule (3A) In working out * capital proceeds for the purposes of paragraph (1)(b) or (3)(b), disregard section 116 ‑ 30 to the extent that it has the effect of increasing those capital proceeds. Meaning of related spousal interest (4) A related spousal interest , to an * ownership interest in a * dwelling, is another ownership interest in the dwelling if: (a) both ownership interests are * disposed of under the same contract; and (b) just before the disposal, you * held one of the ownership interests and your * spouse held the other. When interest held by trustee of deceased estate (5) For the purposes of determining whether an individual held an interest at a particular time, if the interest was held at the particular time by the trustee of the deceased estate of an individual who was your * spouse when the individual died, the interest is taken to be held at the particular time by that individual. Review of the period for making the contribution (6) If: (a) you requested the Commissioner to allow a longer period under paragraph (1)(g); and (b) you are dissatisfied with: (i) a decision under that paragraph allowing a longer period; or (ii) a decision the Commissioner makes not to allow a longer period; you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (7) To avoid doubt: (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a decision, relating to all or part of your contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 against an * excess non ‑ concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a decision under paragraph (1)(g) of this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act. Requirements for choices (8) To make a choice for the purposes of paragraph (1)(h), you must: (a) make the choice in the * approved form; and (b) give it to the * superannuation provider in relation to the * complying superannuation plan at or before the time when the contribution is made. Commissioner to notify providers if contributions are not downsizer contributions (9) The Commissioner must, in writing, notify a * superannuation provider that all, or a specified part, of a contribution is not covered under this section if: (a) the Commissioner is aware that a choice referred to in subsection (8) has been given to the superannuation provider for the contribution; and (b) the Commissioner is satisfied that the contribution, or that part of the contribution, (as applicable) is not covered under this section. The Commissioner may give a copy of the notification to * APRA.", "Amendment_Count": 4, "First_Amended": "No 132 of 2017", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 132 of 2017 | No 64 of 2020 | No 10 of 2022 | No 84 of 2022", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3) | Amended by No 84 of 2022, effective sch 1 (item 16), sch 3 (items 28-33), sch 5: 1 Jan 2023 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-105", "Provision_Key": "s292-105", "Heading": "CGT cap amount", "Text": "(1) Your CGT cap amount at the start of the 2007 ‑ 2008 * financial year is $1,000,000. Note: For transitional rules about contributions made in the period from 10 May 2006 to 30 June 2007, see section 292 ‑ 80 of the Income Tax (Transitional Provisions) Act 1997 . Reductions and increases (2) If a contribution covered by section 292 ‑ 100 is made in respect of you at a time, reduce your CGT cap amount just after that time: (a) if the contribution falls short of your * CGT cap amount at that time—by the amount of the contribution; or (b) otherwise—to nil. (3) At the start of each * financial year after the 2007 ‑ 2008 financial year, increase your CGT cap amount by the amount (if any) by which the index amount for that financial year exceeds the index amount for the previous financial year. (4) For the purposes of subsection (3), the index amount for the 2007 ‑ 2008 * financial year is $1,000,000. The index amount is then indexed annually. Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960 ‑ 285.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-225", "Provision_Key": "s292-225", "Heading": "What this Subdivision is about", "Text": "The Commissioner may make an assessment of a person’s liability to pay excess non ‑ concessional contributions tax, and the excess non ‑ concessional contributions on which that liability is based. Table of sections Operative provisions 292 ‑ 230 Commissioner must make an excess non ‑ concessional contributions tax assessment 292 ‑ 240 Validity of assessment 292 ‑ 245 Objections", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-230", "Provision_Key": "s292-230", "Heading": "Commissioner must make an excess non ‑ concessional contributions tax assessment", "Text": "(1) The Commissioner must make an assessment (an excess non ‑ concessional contributions tax assessment ) of: (a) if a person has * excess non ‑ concessional contributions for a * financial year—the amount of the excess non ‑ concessional contributions; and (b) the amount (if any) of * excess non ‑ concessional contributions tax which the person is liable to pay in relation to the financial year. (2) The Commissioner must give the person notice in writing of an * excess non ‑ concessional contributions tax assessment as soon as practicable after making the assessment.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-240", "Provision_Key": "s292-240", "Heading": "Validity of assessment", "Text": "The validity of an * excess non ‑ concessional contributions tax assessment is not affected because any of the provisions of this Act have not been complied with.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-245", "Provision_Key": "s292-245", "Heading": "Objections", "Text": "If a person is dissatisfied with an * excess non ‑ concessional contributions tax assessment made in relation to the person, the person may object against the assessment in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-300", "Provision_Key": "s292-300", "Heading": "What this Subdivision is about", "Text": "The Commissioner may amend excess non ‑ concessional contributions tax assessments within certain time limits. Table of sections Operative provisions 292 ‑ 305 Amendments within 4 years of the original assessment 292 ‑ 310 Amended assessments are treated as excess non ‑ concessional contributions tax assessments 292 ‑ 315 Later amendments—on request 292 ‑ 320 Later amendments—fraud or evasion 292 ‑ 325 Further amendment of an amended particular 292 ‑ 330 Amendment on review etc.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-305", "Provision_Key": "s292-305", "Heading": "Amendments within 4 years of the original assessment", "Text": "(1) The Commissioner may amend an * excess non ‑ concessional contributions tax assessment for a person for a * financial year at any time during the period of 4 years after the * original excess non ‑ concessional contributions tax assessment day for the person for that year. (2) The original excess non ‑ concessional contributions tax assessment day for a person for a * financial year is the day on which the Commissioner gives the first * excess non ‑ concessional contributions tax assessment to the person for the financial year.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-310", "Provision_Key": "s292-310", "Heading": "Amended assessments are treated as excess non ‑ concessional contributions tax assessments", "Text": "(1) Once an amended * excess non ‑ concessional contributions tax assessment for a person for a * financial year is made, it is taken to be an excess non ‑ concessional contributions tax assessment for the person for the year. (2) If the Commissioner amends a person’s * excess non ‑ concessional contributions tax assessment, the Commissioner must give the person notice in writing of the amendment as soon as practicable after making the amendment.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-315", "Provision_Key": "s292-315", "Heading": "Later amendments—on request", "Text": "The Commissioner may amend an * excess non ‑ concessional contributions tax assessment for a person for a * financial year after the end of the period of 4 years after the * original excess non ‑ concessional contributions tax assessment day for the person for the year if, within that 4 year period: (a) the person applies for the amendment in the * approved form; and (b) the person gives the Commissioner all the information necessary for making the amendment.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-320", "Provision_Key": "s292-320", "Heading": "Later amendments—fraud or evasion", "Text": "(1) If: (a) a person (or a * superannuation provider covered under subsection (2)) does not make a full and true disclosure to the Commissioner of the information necessary for an * excess non ‑ concessional contributions tax assessment for the person for a * financial year; and (b) in making the assessment, the Commissioner makes an under ‑ assessment; and (c) the Commissioner is of the opinion that the under ‑ assessment is due to fraud or evasion; the Commissioner may amend the assessment at any time. (2) A * superannuation provider is covered under this subsection if any of the following conditions are satisfied: (a) contributions have been made to a * superannuation plan of the provider on behalf of the person in the * financial year; (b) an amount is included in the person’s * concessional contributions for the financial year under subsection 291 ‑ 25(3) because the superannuation provider allocated it to the person; (c) * notional taxed contributions are included in the person’s concessional contributions for the financial year under section 291 ‑ 165 because of the person’s * defined benefit interest in a superannuation plan of the provider.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-325", "Provision_Key": "s292-325", "Heading": "Further amendment of an amended particular", "Text": "If: (a) an * excess non ‑ concessional contributions tax assessment has been amended (the earlier amendment ) in any particular; and (b) the Commissioner is of the opinion that it would be just to further amend the assessment in that particular; the Commissioner may do so within a period of 4 years after the earlier amendment.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-330", "Provision_Key": "s292-330", "Heading": "Amendment on review etc.", "Text": "Nothing in this Subdivision prevents the amendment of an * excess non ‑ concessional contributions tax assessment: (a) to give effect to a decision on a review or appeal; or (b) as a result of an objection or pending an appeal or review. Note: If a person is dissatisfied with a statement given to the Commissioner by a superannuation provider under section 390 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 , the person may make a complaint under the AFCA scheme (within the meaning of the Corporations Act 2001 ).", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 118 of 2013 | No 13 of 2018 | No 76 of 2023", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 13 of 2018, effective s 4: 5 Mar 2018 (s 2(1) item 1) Sch 1 (items 15, 31, 46, 58): 6 Mar 2018 (s 2(1) items 2, 6) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-380", "Provision_Key": "s292-380", "Heading": "What this Subdivision is about", "Text": "Excess non ‑ concessional contributions tax is due and payable at the end of 21 days after notice of assessment and the general interest charge applies to unpaid amounts. Money may be released from a superannuation plan to pay the tax. Table of sections Operative provisions 292 ‑ 385 Due date for payment of excess non ‑ concessional contributions tax 292 ‑ 390 General interest charge 292 ‑ 395 Refunds of amounts overpaid", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-380"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-385", "Provision_Key": "s292-385", "Heading": "Due date for payment of excess non ‑ concessional contributions tax", "Text": "* Excess non ‑ concessional contributions tax assessed for a person for a * financial year is due and payable at the end of 21 days after the Commissioner gives the person notice of the * excess non ‑ concessional contributions tax assessment.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-385"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-390", "Provision_Key": "s292-390", "Heading": "General interest charge", "Text": "If * excess non ‑ concessional contributions tax or * shortfall interest charge payable by a person remains unpaid after the time by which it is due and payable, the person is liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day on which the excess non ‑ concessional contributions tax or shortfall interest charge was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the excess non ‑ concessional contributions tax or shortfall interest charge; (ii) general interest charge on any of the excess non ‑ concessional contributions tax or shortfall interest charge. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-390"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-395", "Provision_Key": "s292-395", "Heading": "Refunds of amounts overpaid", "Text": "Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Part as if references in that section to tax included references to * excess non ‑ concessional contributions tax.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 9 of 2007 | No 118 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-395"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-465", "Provision_Key": "s292-465", "Heading": "Commissioner’s discretion to disregard contributions etc. in relation to a financial year", "Text": "(1) If you make an application in accordance with subsection (2), the Commissioner may make a written determination that, for the purposes of this Division and Subdivision 97 ‑ B in Schedule 1 to the Taxation Administration Act 1953 , all or part of your * non ‑ concessional contributions for a * financial year is to be: (a) disregarded; or (b) allocated instead for the purposes of another financial year specified in the determination. (2) You may apply to the Commissioner in the * approved form for a determination under subsection (1). The application can only be made: (a) after all of the contributions sought to be disregarded or reallocated have been made; and (b) if you receive one or more * excess non ‑ concessional contributions determinations for the * financial year—before the end of: (i) the period of 60 days starting on the day you receive the most recent of those determinations; or (ii) a longer period allowed by the Commissioner. (3) The Commissioner may make a determination under subsection (1) only if he or she considers that: (a) there are special circumstances; and (b) making the determination is consistent with the object of this Division. (4) In making a determination under subsection (1) the Commissioner may have regard to the matters in subsections (5) and (6) and any other relevant matters. (5) The Commissioner may have regard to whether a contribution made in the relevant * financial year would more appropriately be allocated towards another financial year instead. (6) The Commissioner may have regard to whether it was reasonably foreseeable, when a relevant contribution was made, that you would have * excess concessional contributions or * excess non ‑ concessional contributions for the relevant * financial year, and in particular: (a) if the relevant contribution is made in respect of you by another person—the terms of any agreement or arrangement between you and that person as to the amount and timing of the contribution; and (b) the extent to which you had control over the making of the contribution. (7) The Commissioner must give you a copy of a determination made under subsection (1). Review (9) If you are dissatisfied with: (a) a determination made under this section in relation to you; or (b) a decision the Commissioner makes not to make such a determination; you may object against the determination, or the decision, as the case requires, in the manner set out in Part IVC of the Taxation Administration Act 1953 . (10) To avoid doubt: (a) subject to subsection 14ZVC(3) of the Taxation Administration Act 1953 , you may also object, on the ground that you are dissatisfied with such a determination or decision, relating to all or part of your * non ‑ concessional contributions for a * financial year: (i) under section 175A of the Income Tax Assessment Act 1936 against an assessment made in relation to you for the corresponding income year; or (ii) under section 97 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 against an * excess non ‑ concessional contributions determination made in relation to you for the financial year; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a determination under this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act.", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 117 of 2010 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 292-467", "Provision_Key": "s292-467", "Heading": "Direction that the value of superannuation interests is nil", "Text": "(1) The Commissioner must, by writing, direct that this section applies to you for a * financial year if: (a) you receive one or more * excess non ‑ concessional contributions determinations for the financial year; and (c) the sum of any amounts paid in response to release authorities issued in relation to those determinations is less than the excess amount stated in the most recent of those determinations; and (d) the Commissioner is satisfied that the * value of all of your remaining * superannuation interests is nil. Note 1: The direction means you have no excess non ‑ concessional contributions for the financial year (see paragraph 292 ‑ 85(1)(c)), even though not all of the excess amount has been released in response to release authorities issued under Division 131, or former Division 96, in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The direction does not prevent an amount from being included in your assessable income (see Subdivision 292 ‑ B). Note 3: Any excess non ‑ concessional contributions determination you receive after the first one for a financial year is an amended determination. (2) The Commissioner must give you a copy of the direction. (4) To avoid doubt: (a) you may object under section 292 ‑ 245 against an * excess non ‑ concessional contributions tax assessment made in relation to you on the ground that a direction was not made under this section; and (b) for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , not making a direction under this section is a decision forming part of the process of making an assessment of tax under this Act.", "Amendment_Count": 4, "First_Amended": "No 75 of 2012", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 75 of 2012 | No 118 of 2013 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Repealed by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s292-467"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-1", "Provision_Key": "s293-1", "Heading": "What this Division is about", "Text": "This Division reduces the concessional tax treatment of certain superannuation contributions made for high income individuals. The high income threshold is $250,000. There are special rules for defined benefit interests, constitutionally protected State higher level office holders, certain Commonwealth justices and temporary residents who depart Australia. Note: Part 3 ‑ 20 in Schedule 1 to the Taxation Administration Act 1953 contains rules about the administration of the Division 293 tax.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-5", "Provision_Key": "s293-5", "Heading": "Object of this Division", "Text": "The object of this Division is to reduce the concessional tax treatment of superannuation contributions for high income individuals.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-10", "Provision_Key": "s293-10", "Heading": "What this Subdivision is about", "Text": "This Subdivision reduces the superannuation tax concession for high income earners. An individual’s income is added to certain superannuation contributions and compared to the high income threshold of $250,000. A tax is payable on the excess, or on the superannuation contributions (whichever is less). The tax is not payable in respect of excess concessional contributions. Table of sections Liability for tax 293 ‑ 15 Liability for tax 293 ‑ 20 Your taxable contributions Low tax contributions 293 ‑ 25 Your low tax contributions 293 ‑ 30 Low tax contributed amounts", "Amendment_Count": 3, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 118 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-15", "Provision_Key": "s293-15", "Heading": "Liability for tax", "Text": "You are liable to pay * Division 293 tax if you have * taxable contributions for an income year. Note: The amount of the tax is set out in the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-20", "Provision_Key": "s293-20", "Heading": "Your taxable contributions", "Text": "(1) If the sum of: (a) your * income for surcharge purposes for an income year (disregarding your * reportable superannuation contributions); and (b) your * low tax contributions for the corresponding * financial year; exceeds $250,000, you have taxable contributions for the income year equal to the lesser of the low tax contributions and the amount of the excess. (2) However, you do not have taxable contributions for an income year if the amount of your * low tax contributions is nil.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-25", "Provision_Key": "s293-25", "Heading": "Your low tax contributions", "Text": "The amount of your low tax contributions for a * financial year is: (a) the low tax contributed amounts covered by section 293 ‑ 30 for the financial year; less (b) your * excess concessional contributions for the financial year (if any). Note 1: Low tax contributions are modified for defined benefit interests (see Subdivision 293 ‑ D). Note 2: Modifications in Subdivision 293 ‑ E (about constitutionally protected State higher level office holders) and Subdivision 293 ‑ F (about Commonwealth justices) affect the amount of low tax contributions.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-30", "Provision_Key": "s293-30", "Heading": "Low tax contributed amounts", "Text": "(1) The low tax contributed amounts covered by this section for a * financial year are the sum of the contributions covered by subsection (2) and the amounts covered by subsection (5) for the financial year. Note: Low tax contributed amounts covered by this section are modified for State higher level office holders (see Subdivision 293 ‑ E). Contributions to complying superannuation plans (2) A contribution is covered under this section for a * financial year if: (a) it is made in the financial year to a * complying superannuation plan in respect of you; and (b) it is included: (i) in the assessable income of the * superannuation provider in relation to the plan; or (ii) by way of a * roll ‑ over superannuation benefit, in the assessable income of a * complying superannuation fund or * RSA provider in the circumstances mentioned in subsection 290 ‑ 170(5) (about successor funds). (3) For the purposes of paragraph (2)(b), disregard: (a) table item 5.3 in section 50 ‑ 25 (about income tax exemption for constitutionally protected funds); and (b) Subdivision 295 ‑ D (about excluded contributions). Exceptions (4) Despite subsection (2), a contribution is not covered under this section if it is any of the following: (a) an amount mentioned in subsection 295 ‑ 200(2) (about amounts transferred from foreign superannuation funds); (b) an amount mentioned in item 2 of the table in subsection 295 ‑ 190(1) (about certain roll ‑ over superannuation benefits); (c) an amount that the Commissioner pays for your benefit under Part 8 of the Superannuation Guarantee (Administration) Act 1992 , if: (i) the amount represents an amount of a charge payment (within the meaning of section 63A of that Act) paid as a result of a disclosure to which paragraph 74(1)(a) of that Act applies; and (ii) the entity making the disclosure qualified, under section 74 of that Act, for an amnesty in relation to the * superannuation guarantee shortfall to which the charge payment relates. Amounts allocated in relation to a complying superannuation plan (5) An amount in a * complying superannuation plan is covered under this section if it is allocated by the * superannuation provider in relation to the plan for you for the * financial year in accordance with conditions specified by a regulation made for the purposes of subsection 291 ‑ 25(3).", "Amendment_Count": 5, "First_Amended": "No 82 of 2013", "Last_Amended": "No 57 of 2025", "Amending_Acts": "No 82 of 2013 | No 89 of 2013 | No 118 of 2013 | No 21 of 2020 | No 57 of 2025", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 21 of 2020, effective Sch 1 (items 1–9): 1 Apr 2020 (s 2(1) item 2) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-60", "Provision_Key": "s293-60", "Heading": "What this Subdivision is about", "Text": "This Subdivision has rules about payment of Division 293 tax. Table of sections Operative provisions 293 ‑ 65 When tax is payable—original assessments 293 ‑ 70 When tax is payable—amended assessments 293 ‑ 75 General interest charge", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-65", "Provision_Key": "s293-65", "Heading": "When tax is payable—original assessments", "Text": "(1) Your * assessed Division 293 tax for an income year is due and payable at the end of 21 days after the Commissioner gives you notice of the assessment of the amount of the * Division 293 tax. Exception for tax deferred to a debt account (2) However, subsection (1) does not apply to an amount of * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest. Note 1: For assessments of Division 293 tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For deferred to a debt account , see Division 133 in that Schedule. Note 3: For release of money from a superannuation plan to pay these amounts, see Division 131 in that Schedule.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 82 of 2013 | No 8 of 2026", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-70", "Provision_Key": "s293-70", "Heading": "When tax is payable—amended assessments", "Text": "(1) If the Commissioner amends your assessment, any extra * assessed Division 293 tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment. Exception for tax deferred to a debt account (2) However, subsection (1) does not apply to an amount of extra * assessed Division 293 tax that is * deferred to a debt account for a * superannuation interest. Note 1: For deferred to a debt account , see Division 133 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For release of money from a superannuation plan to pay these amounts, see Division 131 in that Schedule.", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-75", "Provision_Key": "s293-75", "Heading": "General interest charge", "Text": "If an amount of * assessed Division 293 tax or * shortfall interest charge on assessed Division 293 tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the amount was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the assessed Division 293 tax or the shortfall interest charge; (ii) general interest charge on any of the assessed Division 293 tax or the shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . Note 2: Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act. Note 3: See section 5 ‑ 10 of this Act for when the amount of shortfall interest charge becomes due and payable.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-100", "Provision_Key": "s293-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies the meaning of low tax contributions for individuals who have a defined benefit interest or interests in a financial year. Table of sections Operative provisions 293 ‑ 105 Low tax contributions— modification for defined benefit interests 293 ‑ 115 Defined benefit contributions", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-105", "Provision_Key": "s293-105", "Heading": "Low tax contributions— modification for defined benefit interests", "Text": "Despite section 293 ‑ 25, if you have a * defined benefit interest or interests in a * financial year, the amount of your low tax contributions for the financial year is worked out as follows: Method statement Step 1. Start with the low tax contributed amounts covered by section 293 ‑ 30 for the * financial year, to the extent to which they do not relate to the * defined benefit interest or interests. Step 2. Subtract your * excess concessional contributions for the * financial year (if any). Note: The result of step 2 could be nil, or a negative amount. Step 3. Add your * defined benefit contributions for the * financial year in respect of the * defined benefit interest or interests. The result (but not less than nil) is the amount of your low tax contributions for the financial year. Note: Modifications in Subdivision 293 ‑ E (about constitutionally protected State higher level office holders) and Subdivision 293 ‑ F (about Commonwealth justices) affect the amount of low tax contributions.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-115", "Provision_Key": "s293-115", "Heading": "Defined benefit contributions", "Text": "(1) Your defined benefit contributions , for a * financial year in respect of a * defined benefit interest, has the meaning given by regulation. Note: There are modifications in sections 293 ‑ 150 (about constitutionally protected State higher level office holders) and 293 ‑ 195 (about Commonwealth justices). (2) A regulation made for the purposes of subsection (1) may provide for a method of determining the amount of the defined benefit contributions . (3) A regulation made for the purposes of subsection (1) may define the * defined benefit contributions, and the amount of defined benefit contributions, in different ways depending on any of the following matters: (a) the person who has the * superannuation interest that is or includes the * defined benefit interest; (b) the * superannuation plan in which the superannuation interest exists; (c) the * superannuation provider in relation to the superannuation plan; (d) any other matter. (4) A regulation made for the purposes of subsection (1) may specify circumstances in which the amount of * defined benefit contributions for a * financial year is nil. (5) Subsections (2), (3) and (4) do not limit a regulation that may be made for the purposes of this section.", "Amendment_Count": 4, "First_Amended": "No 82 of 2013", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 82 of 2013 | No 126 of 2015 | No 78 of 2018 | No 127 of 2021", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 126 of 2015, effective Sch 1 (items 299–301): 5 Mar 2016 (s 2(1) item 2) | Amended by No 78 of 2018, effective Sch 2 (item 16): 25 Aug 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-140", "Provision_Key": "s293-140", "Heading": "What this Subdivision is about", "Text": "Constitutionally protected State higher level office holders do not pay Division 293 tax in respect of contributions to constitutionally protected funds, unless the contributions are made as part of a salary package. Table of sections Operative provisions 293 ‑ 145 Who this Subdivision applies to 293 ‑ 150 Low tax contributions— modification for CPFs 293 ‑ 155 High income threshold—effect of modification 293 ‑ 160 Salary packaged contributions", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-145", "Provision_Key": "s293-145", "Heading": "Who this Subdivision applies to", "Text": "(1) This Subdivision applies to an individual for an income year if: (a) the individual has a * superannuation interest in a * constitutionally protected fund in the corresponding * financial year; and (b) at any time in the income year, the individual is declared by regulation to be an individual to whom this Subdivision applies. (3) Nothing in this Subdivision limits section 6 of the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 . Note: Section 6 of the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 provides that Division 293 tax is not imposed in relation to a person if the imposition would exceed the legislative power of the Commonwealth.", "Amendment_Count": 4, "First_Amended": "No 82 of 2013", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 82 of 2013 | No 126 of 2015 | No 78 of 2018 | No 127 of 2021", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 126 of 2015, effective Sch 1 (items 299–301): 5 Mar 2016 (s 2(1) item 2) | Amended by No 78 of 2018, effective Sch 2 (item 16): 25 Aug 2018 (s 2(1) item 5) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-150", "Provision_Key": "s293-150", "Heading": "Low tax contributions — modification for CPFs", "Text": "(1) This section applies for the purpose of working out under section 293 ‑ 25 or 293 ‑ 105 the amount of the individual’s * low tax contributions for the * financial year corresponding to the income year. Modified low tax contributed amounts in CPFs (2) Despite section 293 ‑ 30, the low tax contributed amounts covered by that section for the * financial year do not include any contributions to a * constitutionally protected fund, other than contributions covered by section 293 ‑ 160 (about salary packaged contributions). Modified defined benefit contributions in CPFs (3) Despite section 293 ‑ 115, the individual’s defined benefit contributions for the * financial year in respect of a * defined benefit interest in a * constitutionally protected fund are equal to: (a) unless paragraph (b) applies—nil; or (b) if, having regard to subsection (2) of this section, the low tax contributed amounts covered by section 293 ‑ 30 for the year include contributions in respect of the defined benefit interest—the amount of those contributions.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-155", "Provision_Key": "s293-155", "Heading": "High income threshold—effect of modification", "Text": "(1) For the purpose of working out the extent (if any) to which the sum mentioned in subsection 293 ‑ 20(1) for the individual exceeds the $250,000 threshold mentioned in that subsection, disregard section 293 ‑ 150. (2) To avoid doubt, the effect of subsection (1) is that the amount of the individual’s * taxable contributions for an income year is the lesser of: (a) the excess (if any) mentioned in subsection 293 ‑ 20(1) (worked out disregarding section 293 ‑ 150) for the income year; and (b) the individual’s * low tax contributions for the corresponding * financial year (worked out having regard to section 293 ‑ 150).", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-160", "Provision_Key": "s293-160", "Heading": "Salary packaged contributions", "Text": "(1) A contribution made to a * complying superannuation plan in respect of an individual is covered by this section if it is made because the individual agreed with an entity, or an * associate of an entity: (a) for the contribution to be made; and (b) in return, for the * withholding payments covered by subsection (2) that are to be made to the individual by the entity to be reduced (including to nil). (2) This subsection covers a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 35 Payment to employee 2 Section 12 ‑ 40 Payment to company director 3 Section 12 ‑ 45 Payment to office holder 4 Section 12 ‑ 55 Voluntary agreement to withhold 5 Section 12 ‑ 60 Payment under labour hire arrangement, or specified by regulations", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-185", "Provision_Key": "s293-185", "Heading": "What this Subdivision is about", "Text": "Division 293 tax is not payable by Commonwealth justices and judges in respect of contributions to a defined benefit interest established under the Judges’ Pensions Act 1968 . Table of sections Operative provisions 293 ‑ 190 Who this Subdivision applies to 293 ‑ 195 Defined benefit contributions — modified treatment of contributions under the Judges’ Pensions Act 1968 293 ‑ 200 High income threshold—effect of modification", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-190", "Provision_Key": "s293-190", "Heading": "Who this Subdivision applies to", "Text": "(1) This Subdivision applies to an individual if the individual is a Justice of the High Court, or a justice or judge of a court created by the Parliament, at any time on or after the start of the individual’s 2012 ‑ 13 income year. (2) Nothing in this Subdivision limits section 6 of the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 . Note: Section 6 of the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 provides that Division 293 tax is not imposed in relation to a person if the imposition would exceed the legislative power of the Commonwealth.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-195", "Provision_Key": "s293-195", "Heading": "Defined benefit contributions— modified treatment of contributions under the Judges’ Pensions Act 1968", "Text": "(1) This section applies for the purpose of working out under section 293 ‑ 105 the amount of the individual’s * low tax contributions for any * financial year. (2) Despite section 293 ‑ 115 and subsection 293 ‑ 150(3), the individual’s defined benefit contributions for a * financial year for a * defined benefit interest in a * superannuation fund established under the Judges’ Pensions Act 1968 are nil.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-200", "Provision_Key": "s293-200", "Heading": "High income threshold—effect of modification", "Text": "(1) For the purpose of working out the extent (if any) to which the sum mentioned in subsection 293 ‑ 20(1) for the individual exceeds the $250,000 threshold mentioned in that subsection, disregard section 293 ‑ 195. (2) To avoid doubt, the effect of subsection (1) is that the amount of the individual’s * taxable contributions for an income year is the lesser of: (a) the excess (if any) mentioned in subsection 293 ‑ 20(1) (worked out disregarding section 293 ‑ 195) for the income year; and (b) the individual’s * low tax contributions for the corresponding * financial year (worked out having regard to section 293 ‑ 195).", "Amendment_Count": 2, "First_Amended": "No 82 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 82 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-225", "Provision_Key": "s293-225", "Heading": "What this Subdivision is about", "Text": "If you receive a departing Australia superannuation payment, you are entitled to a refund of any Division 293 tax you have paid. Table of sections Operative provisions 293 ‑ 230 Who is entitled to a refund 293 ‑ 235 Amount of the refund 293 ‑ 240 Entitlement to refund stops all Division 293 tax liabilities", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-230", "Provision_Key": "s293-230", "Heading": "Who is entitled to a refund", "Text": "You are entitled to a refund if: (a) you have made payments of any of the following: (i) * assessed Division 293 tax; (ii) a voluntary payment made under section 133 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 for the purpose of reducing the amount by which a debt account for a * superannuation interest is in debit; (iii) * debt account discharge liability; and (b) you receive a * departing Australia superannuation payment; and (c) you apply to the Commissioner in the * approved form for the refund. Note: How the refund is applied is set out in Part IIB of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-235", "Provision_Key": "s293-235", "Heading": "Amount of the refund", "Text": "(1) The amount of the refund to which you are entitled is the sum of the payments mentioned in paragraph 293 ‑ 230(a) that you have made. (2) However, the amount of the refund is reduced by the amount of any refunds to which you are entitled under a previous application of this Subdivision. Exception—Division 293 tax attributable to period when you are an Australian resident (3) Despite subsection (1), if: (a) at any time in your 2012 ‑ 13 income year, or a later income year, you are an Australian resident (but not a * temporary resident); and (b) a payment mentioned in paragraph 293 ‑ 230(a) that you have made relates, or is reasonably attributable, to that income year; the payment is to be disregarded in working out under subsection (1) of this section the amount of the refund to which you are entitled.", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-240", "Provision_Key": "s293-240", "Heading": "Entitlement to refund stops all Division 293 tax liabilities", "Text": "(1) The Commissioner may decide to release you from any existing or future liability to pay * Division 293 tax or * debt account discharge liability if: (a) you become entitled to a refund under section 293 ‑ 230; or (b) you would become entitled to such a refund, if you were to pay the liability and paragraph 293 ‑ 230(c) were disregarded. (2) The Commissioner may take such action as is necessary to give effect to a decision under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 82 of 2013", "Last_Amended": "No 82 of 2013", "Amending_Acts": "No 82 of 2013", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-245", "Provision_Key": "s293-245", "Heading": "What this Subdivision is about", "Text": "This Division has effect despite subsection 73(3A) of the Australian Capital Territory (Self ‑ Government) Act 1988 . Table of sections Operative provisions 293 ‑ 250 Interaction with the Australian Capital Territory (Self ‑ Government) Act 1988", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 293-250", "Provision_Key": "s293-250", "Heading": "Interaction with the Australian Capital Territory (Self ‑ Government) Act 1988", "Text": "This Division has effect despite subsection 73(3A) of the Australian Capital Territory (Self ‑ Government) Act 1988 . Note: That subsection relates to the remuneration of judges and magistrates of the Australian Capital Territory.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s293-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-1", "Provision_Key": "s294-1", "Heading": "What this Division is about", "Text": "There is a cap on the total amount you can transfer into the retirement phase of superannuation (where earnings are exempt from taxation). Credits are added to a transfer balance account when you transfer amounts. If the balance in your account exceeds the cap, you will be required to remove the excess from the retirement phase, and you will be liable to pay excess transfer balance tax. Note: Division 136 in Schedule 1 to the Taxation Administration Act 1953 contains rules about excess transfer balance determinations and commutation authorities.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-5", "Provision_Key": "s294-5", "Heading": "Object of this Division", "Text": "The object of this Division is to limit the total amount of an individual’s * superannuation income streams that receive an earnings tax exemption.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-10", "Provision_Key": "s294-10", "Heading": "What this Subdivision is about", "Text": "This Subdivision creates a transfer balance account for you, and credits it, if you have a superannuation income stream in the retirement phase. It also provides for a transfer balance cap and identifies when you have excess transfer balance. Table of sections Operative provisions 294 ‑ 15 When you have a transfer balance account 294 ‑ 20 Meaning of retirement phase recipient 294 ‑ 25 Transfer balance credits 294 ‑ 30 Excess transfer balance 294 ‑ 35 Your transfer balance cap 294 ‑ 40 Proportionally indexed transfer balance cap 294 ‑ 45 Transfer balance account ends 294 ‑ 50 Assumptions about income streams 294 ‑ 55 Repayment of limited recourse borrowing arrangement", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-15", "Provision_Key": "s294-15", "Heading": "When you have a transfer balance account", "Text": "(1) You have a transfer balance account if you are, or have at any time been, the * retirement phase recipient of a * superannuation income stream. (2) You start to have the * transfer balance account on the later of: (a) 1 July 2017; and (b) the day you first start to be a * retirement phase recipient of a * superannuation income stream.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-20", "Provision_Key": "s294-20", "Heading": "Meaning of retirement phase recipient", "Text": "(1) You are the retirement phase recipient of a * superannuation income stream at a time if: (a) the superannuation income stream is in the * retirement phase at that time; and (b) a * superannuation income stream benefit from the superannuation income stream is payable to you at that time. (2) You are also the retirement phase recipient of a * superannuation income stream at a time if: (a) the superannuation income stream is in the * retirement phase at that time; and (b) the superannuation income stream is a * deferred superannuation income stream; and (c) a * superannuation income stream benefit from the superannuation income stream will be payable to you after that time.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-25", "Provision_Key": "s294-25", "Heading": "Transfer balance credits", "Text": "(1) The following table sets out when a credit arises in your * transfer balance account and the amount of the credit. The credit is called a transfer balance credit . Credits in the transfer balance account Item If: A credit of: Arises: 1 just before 1 July 2017, you are the * retirement phase recipient of a * superannuation income stream the * value, just before 1 July 2017, of the * superannuation interest that supports the superannuation income stream on the later of: (a) 1 July 2017; and (b) if you are a reversionary beneficiary—the last day of the period of 12 months beginning on the day a * superannuation income stream benefit first becomes payable from the income stream 2 on a day (the starting day ) on or after 1 July 2017, you start to be the * retirement phase recipient of a * superannuation income stream the * value on the starting day of the * superannuation interest that supports the superannuation income stream (a) on the starting day, unless paragraph (b) applies; or (b) if you are a reversionary beneficiary—at the end of the period of 12 months beginning on the starting day 3 you have * excess transfer balance at the end of a day your * excess transfer balance earnings for that day at the start of the next day 4 a * transfer balance credit arises under section 294 ‑ 55 because of a repayment of a limited recourse borrowing arrangement the amount of the credit specified in section 294 ‑ 55 at the time provided by section 294 ‑ 55 5 a * transfer balance credit arises under regulations made for the purposes of this item the amount of the credit worked out in accordance with the regulations at the time specified in the regulations Note 1: The amount of the transfer balance credit is modified for certain capped defined benefit income streams: see Subdivision 294 ‑ D. Note 2: For the meaning of excess transfer balance earnings , see section 294 ‑ 235. Note 3: If a payment split applies to payments from the superannuation income stream, a debit arises under section 294 ‑ 90. No crediting of earnings if determination issued (2) Despite item 3 of the table in subsection (1), no credit arises in your * transfer balance account under that item because of * excess transfer balance at the end of a day if the day is in the period: (a) starting on the day the Commissioner makes an * excess transfer balance determination in respect of you; and (b) ending on: (i) unless subparagraph (ii) applies—the first day on which the sum of all * transfer balance debits arising in your * transfer balance account since the determination was issued equals or exceeds the * crystallised reduction amount; or (ii) if a * transfer balance credit arises in your transfer balance account before the day mentioned in subparagraph (i)—the day on which that credit arises. Note: For provisions about excess transfer balance determinations, see Division 136 in Schedule 1 to the Taxation Administration Act 1953. Regulations may provide for exceptions (3) The regulations may provide that an item of the table in subsection (1) does not apply to a class of * superannuation income streams specified in the regulations.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-30", "Provision_Key": "s294-30", "Heading": "Excess transfer balance", "Text": "(1) You have excess transfer balance at a particular time if, at that time, the * transfer balance in your * transfer balance account exceeds your * transfer balance cap at that time. The amount of the excess transfer balance is the amount of the excess. Note: There is a modification for certain capped defined benefit income streams: see Subdivision 294 ‑ D. (2) The transfer balance in your * transfer balance account at a time equals: (a) the sum of the * transfer balance credits in the account at that time; less (b) the sum of the * transfer balance debits (if any) in the account at that time. Note 1: For transfer balance debits , see Subdivision 294 ‑ C. Note 2: There is no consequence for having a negative transfer balance.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-35", "Provision_Key": "s294-35", "Heading": "Your transfer balance cap", "Text": "(1) Your transfer balance cap for the * financial year in which you first start to have a * transfer balance account is equal to the * general transfer balance cap for that financial year. Note: The amount of the transfer balance cap is modified for child recipients: see Subdivision 294 ‑ E. (2) Your transfer balance cap for a later * financial year is equal to your transfer balance cap for the previous year, subject to section 294 ‑ 40 (which is about proportional indexation). (3) The general transfer balance cap is: (a) for the 2017 ‑ 2018 * financial year—$1,600,000; or (b) for the 2018 ‑ 2019 financial year or a later financial year—the amount worked out by indexing annually the amount mentioned in paragraph (a). Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the cap: see section 960 ‑ 285.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-40", "Provision_Key": "s294-40", "Heading": "Proportionally indexed transfer balance cap", "Text": "(1) This section applies to increase your transfer balance cap for a * financial year (other than the financial year in which you first start to have a * transfer balance account) if: (a) the * general transfer balance cap is increased as a result of indexation for the financial year; and (b) at no time before the start of that financial year has the * transfer balance in your transfer balance account at the end of a day exceeded your transfer balance cap. (2) Your transfer balance cap is increased for the * financial year by the amount worked out using the following formula: where: indexation increase means the amount by which the * general transfer balance cap for the * financial year increased as a result of indexation. unused cap percentage is worked out by: (a) identifying the highest * transfer balance in your * transfer balance account at the end of any day up to the end of the previous * financial year; and (b) identifying the day on which the transfer balance account had that transfer balance at the end of the day, or, if your transfer balance account had that transfer balance at the end of more than one day, the earliest of those days; and (c) expressing the transfer balance identified in paragraph (a) as a percentage (rounded down to the nearest whole number) of your * transfer balance cap on the day identified in paragraph (b); and (d) subtracting the result of paragraph (c) from 100%. (3) However, if the highest * transfer balance mentioned in paragraph (a) of the definition of unused cap percentage in subsection (2) is less than nil, that unused cap percentage is taken to be 100%.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-45", "Provision_Key": "s294-45", "Heading": "Transfer balance account ends", "Text": "The * transfer balance account ceases when the * retirement phase recipient dies.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-50", "Provision_Key": "s294-50", "Heading": "Assumptions about income streams", "Text": "(1) Subsections (2) and (3) apply for the purposes of working out the following matters at a time: (a) whether you have a * transfer balance account; (b) the * transfer balance in your transfer balance account. (2) In working out whether there is a superannuation income stream at a time: (a) have regard only to facts and circumstances that exist at that time; and (b) assume a requirement will be met, to the extent (if any) that: (i) the requirement arises under a provision of the * taxation law or under any rules or standards under which a benefit is, or is purported to be, provided; and (ii) meeting the requirement is a condition for there to be a superannuation income stream at that time; and (iii) it is not possible to determine, having regard only to facts and circumstances that exist at that time, whether or not the requirement has been met. (3) In working out whether a * superannuation income stream is in the retirement phase at a time, disregard the operation of subsection 307 ‑ 80(4), if the time is before the end of the 60 ‑ day period mentioned in paragraph (c) of that subsection.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Repealed and substituted by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-55", "Provision_Key": "s294-55", "Heading": "Repayment of limited recourse borrowing arrangement", "Text": "(1) A * transfer balance credit arises in your * transfer balance account if: (a) a * superannuation provider makes a payment in respect of a * borrowing under an * arrangement that is covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (b) as a result, there is an increase in the * value of a * superannuation interest that supports a * superannuation income stream of which you are the * retirement phase recipient; and (c) the superannuation interest is in a * small superannuation fund at the time of the payment. (2) The amount of the credit is the amount of the increase in * value. (3) The credit arises at the time of the payment.", "Amendment_Count": 2, "First_Amended": "No 55 of 2017", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 55 of 2017 | No 47 of 2021", "History_Notes": "Inserted by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7) | Amended by No 47 of 2021, effective Sch 1 (items 4–9): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-75", "Provision_Key": "s294-75", "Heading": "What this Subdivision is about", "Text": "A debit arises in your transfer balance account when superannuation income streams that were previously credited (because they receive the earnings tax exemption) are reduced (other than by draw ‑ downs or investment losses) or lose the earnings tax exemption. A debit also arises in your transfer balance account when you make a contribution relating to a structured settlement or personal injury, or where certain events occur that result in you having reduced superannuation. Table of sections Operative provisions 294 ‑ 80 Transfer balance debits 294 ‑ 85 Certain events that result in reduced superannuation 294 ‑ 90 Payment splits 294 ‑ 95 Payment splits—no double debiting", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-80", "Provision_Key": "s294-80", "Heading": "Transfer balance debits", "Text": "(1) The following table sets out when a debit arises in your * transfer balance account and the amount of the debit. The debit is called a transfer balance debit . Debits in the transfer balance account Item If: A debit of: Arises: 1 you receive a * superannuation lump sum because a * superannuation income stream of which you are a * retirement phase recipient is commuted, in full or in part the amount of the superannuation lump sum at the time you receive the superannuation lump sum 2 a * structured settlement contribution is made in respect of you the amount of the contribution at the later of: (a) the time the contribution is made; and (b) the start of the day you first start to have a * transfer balance account 3 a * transfer balance debit arises under section 294 ‑ 85 because of an event that results in reduced superannuation the amount of the debit specified in section 294 ‑ 85 at the time provided by section 294 ‑ 85 4 a * transfer balance debit arises under section 294 ‑ 90 because of a * payment split the amount of the debit specified in section 294 ‑ 90 at the time provided by section 294 ‑ 90 5 a * superannuation income stream of which you are a * retirement phase recipient stops being in the * retirement phase under subsection 307 ‑ 80(4) the * value of the * superannuation interest that supports the superannuation income stream at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with at the end of the period within which the commutation authority mentioned in that subsection was required to be complied with 6 a * superannuation income stream of which you were a * retirement phase recipient stops being a superannuation income stream that is in the * retirement phase at a time (the stop time ), but items 1 and 5 do not apply the * value of the * superannuation interest that supported the superannuation income stream just before the stop time at the stop time 7 the Commissioner gives you a notice under section 136 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 (about non ‑ commutable excess transfer balance) the amount of the * excess transfer balance stated in the notice at the time the Commissioner issues the notice 8 a * transfer balance debit arises under regulations made for the purposes of this item the amount of the debit worked out in accordance with the regulations at the time specified in the regulations Structured settlement contributions (2) Each of the following is a structured settlement contribution in respect of you: (a) a contribution to a * complying superannuation plan in respect of you that is covered under section 292 ‑ 95 (about structured settlements or orders for personal injuries); (b) a contribution to a complying superannuation plan in respect of you that would be covered under section 292 ‑ 95 if: (i) the section applied to contributions made before 10 May 2006; and (ii) paragraphs 292 ‑ 95(1)(b) and (d) were disregarded. Regulations may provide for exceptions (3) The regulations may provide that an item of the table in subsection (1) does not apply to a class of * superannuation income streams specified in the regulations.", "Amendment_Count": 3, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 55 of 2017 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-85", "Provision_Key": "s294-85", "Heading": "Certain events that result in reduced superannuation", "Text": "(1) A * transfer balance debit arises in your * transfer balance account if: (a) subsection (2) or (5) provides that the debit arises; and (b) you notify the Commissioner in the * approved form that the debit has arisen. Fraud or dishonesty (2) A debit arises if: (a) a loss is suffered by a * superannuation income stream provider; and (b) as a result, the * value of the * superannuation interest that supports a * superannuation income stream of which you are the * retirement phase recipient is reduced; and (c) the loss is a result of fraud or dishonesty; and (d) an individual has been convicted of an offence involving that fraud or dishonesty. (3) The amount of the debit equals the amount by which the * value of the * superannuation interest is reduced as a result of the loss . (4) The debit arises at the time of the loss. Payments under section 139ZQ of the Bankruptcy Act 1966 (5) A debit arises if: (a) an amount is paid in compliance with a notice given under section 139ZQ of the Bankruptcy Act 1966 ; and (b) as a result, the * value of a * superannuation interest that supports a * superannuation income stream of which you are the * retirement phase recipient is reduced. (6) The amount of the debit is the amount paid to the trustee in bankruptcy. (7) The debit arises at the time of the payment.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-90", "Provision_Key": "s294-90", "Heading": "Payment splits", "Text": "(1) A * transfer balance debit arises in your * transfer balance account if: (a) subsection (2) provides that the debit arises; and (b) the Commissioner is notified in the * approved form that the debit has arisen. Payment splits (2) A debit arises if: (a) a * superannuation interest is subject to a * payment split but remains an interest of the * member spouse; and (b) the superannuation interest supports a * superannuation income stream that is in the * retirement phase; and (c) as a result of the payment split, a proportion of all * superannuation income stream benefits from the income stream is to be paid to a * non ‑ member spouse; and (d) as a result, the member spouse and the non ‑ member spouse are both * retirement phase recipients of the superannuation income stream. (3) The amount of the debit is: (a) if you are the * member spouse—the proportion mentioned in paragraph (2)(c); and (b) if you are the * non ‑ member spouse—the remaining proportion; of the * value, on the day the debit arises, of the * superannuation interest that supports the * superannuation income stream affected by the * payment split. (4) The debit arises at the later of: (a) the operative time (within the meaning of Part VIIIB or VIIIC (as the case may be) of the Family Law Act 1975 ) for the * payment split; and (b) at the start of the day you first start to have a * transfer balance account.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 112 of 2020", "Amending_Acts": "No 81 of 2016 | No 112 of 2020", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 112 of 2020, effective Sch 3 (items 39–47): 28 Sept 2022 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-95", "Provision_Key": "s294-95", "Heading": "Payment splits—no double debiting", "Text": "If a * transfer balance debit, worked out by reference to a particular proportion, arises in your * transfer balance account because a * superannuation interest is subject to a * payment split, each of the following debits arising in your account at a later time in respect of the same interest is to be reduced by the same proportion: (a) a debit that arises under item 1 of the table in subsection 294 ‑ 80(1) (about commutations), but only if the commuted income stream is a * capped defined benefit income stream; (b) a debit that arises under item 3 of that table (about events that result in reduced superannuation); (c) a debit that arises under item 5 or 6 of that table (about income streams that stop being in the retirement phase).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-120", "Provision_Key": "s294-120", "Heading": "What this Subdivision is about", "Text": "Certain defined benefit lifetime pensions that are subject to commutation restrictions cannot result in excess transfer balance (instead, Subdivision 303 ‑ A applies to the superannuation income stream benefits). Certain commutation ‑ restricted income streams started before 1 July 2017 are covered by the same modification. Table of sections Operative provisions 294 ‑ 125 When this Subdivision applies 294 ‑ 130 Meaning of capped defined benefit income stream 294 ‑ 135 Transfer balance credit—special rule for capped defined benefit income streams 294 ‑ 140 Excess transfer balance—special rule for capped defined benefit income streams 294 ‑ 145 Transfer balance debits—special rules for capped defined benefit income streams", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-125", "Provision_Key": "s294-125", "Heading": "When this Subdivision applies", "Text": "This Subdivision applies to you if you are the * retirement phase recipient of a * capped defined benefit income stream.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-130", "Provision_Key": "s294-130", "Heading": "Meaning of capped defined benefit income stream", "Text": "(1) A * superannuation income stream is a capped defined benefit income stream if it is: (a) covered by an item of the following table; and (b) if it is covered by any of items 2 to 7 of that table—it is in the * retirement phase just before 1 July 2017. Capped defined benefit income streams Item Topic A superannuation income stream is covered if: 1 Lifetime pension it is a pension for the purposes of the Superannuation Industry (Supervision) Act 1993 (the SIS Act ) that is provided under rules that meet the standards of subregulation 1.06(2) of the Superannuation Industry (Supervision) Regulations 1994 (the SIS Regulations ) 2 Lifetime annuity it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(2) of the SIS Regulations 3 Life expectancy pension it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(7) of the SIS Regulations 4 Life expectancy annuity it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(9) of the SIS Regulations 5 Market linked pension it is a pension for the purposes of the SIS Act that is provided under rules that meet the standards of subregulation 1.06(8) of the SIS Regulations 6 Market linked annuity it is an annuity for the purposes of the SIS Act that is provided under a contract that meets the standards of subregulation 1.05(10) of the SIS Regulations 7 Market linked pension (RSA) it is a pension for the purposes of the Retirement Savings Accounts Act 1997 that is provided under terms and conditions that meet the standards of subregulation 1.07(3A) of the Retirement Savings Accounts Regulations 1997 (2) A * superannuation income stream is also a capped defined benefit income stream if the income stream is prescribed by the regulations for the purposes of this subsection.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-135", "Provision_Key": "s294-135", "Heading": "Transfer balance credit—special rule for capped defined benefit income streams", "Text": "(1) Section 294 ‑ 25 applies in relation to a * capped defined benefit income stream as if a reference in that section to the * value of a * superannuation interest were a reference to the * special value of the superannuation interest. Meaning of special value—lifetime products (2) The special value , at a particular time, of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream covered by item 1 or 2 of the table in subsection 294 ‑ 130(1), is the amount worked out using the formula: where: annual entitlement is worked out by: (a) dividing the amount of the first * superannuation income stream benefit you are entitled to receive from the income stream just after that time by the number of whole days to which that benefit relates; and (b) multiplying the result by 365. Meaning of special value—life expectancy and market linked products (3) The special value , at a particular time, of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294 ‑ 130(1), is the amount worked out using the formula: where: annual entitlement has the same meaning as in subsection (2) of this section. remaining term means the number of years remaining at that time in the period throughout which * superannuation income stream benefits are payable under the income stream, rounded up to the next whole number. Regulations (4) The regulations may specify a method for determining the special value of a * superannuation interest that supports a * superannuation income stream prescribed by regulations made for the purposes of subsection 294 ‑ 130(2).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-140", "Provision_Key": "s294-140", "Heading": "Excess transfer balance—special rule for capped defined benefit income streams", "Text": "(1) Despite section 294 ‑ 30, you have excess transfer balance at a particular time if, at that time, the * transfer balance in your * transfer balance account: (a) exceeds your * transfer balance cap at that time; and (b) exceeds your capped defined benefit balance from subsection (3) of this section at that time. (2) The amount of the excess transfer balance is the lesser of the 2 excesses. Note: For modifications of the tax treatment of benefits paid from capped defined benefit income streams, see Subdivision 303 ‑ A. Your capped defined benefit balance (3) You have an amount under this subsection (a capped defined benefit balance ) at a time equal to: (a) the sum of the * transfer balance credits in your * transfer balance account at that time in respect of * capped defined benefit income streams; less (b) the sum of the * transfer balance debits (if any) in your transfer balance account at that time in respect of capped defined benefit income streams.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-145", "Provision_Key": "s294-145", "Heading": "Transfer balance debits—special rules for capped defined benefit income streams", "Text": "Debit for commutation (1) Item 1 of the table in subsection 294 ‑ 80(1) applies in relation to a * capped defined benefit income stream as if the reference in column 2 of that item to the amount of the * superannuation lump sum were a reference to: (a) in a case where the commutation mentioned in column 1 of that item is a commutation in full—the * debit value, just before the commutation takes place, of the * superannuation interest that supports the capped defined benefit income stream; or (b) in a case where that commutation is a commutation in part: (i) if the capped defined benefit income stream is, or was at any time, covered by item 1 or 2 of the table in subsection 294 ‑ 130(1)—the debit value mentioned in paragraph (a), multiplied by the fraction mentioned in subsection (1A); or (ii) if the capped defined benefit income stream is, or was at any time, covered by any of items 3 to 7 of the table in subsection 294 ‑ 130(1)—the amount mentioned in subsection (1B). (1A) For the purposes of subparagraph (1)(b)(i), the fraction is: where: SV just after commutation means the * special value, just after the commutation takes place, of the * superannuation interest that supports the * capped defined benefit income stream. SV just before commutation means the * special value, just before the commutation takes place, of the * superannuation interest that supports the * capped defined benefit income stream. (1B) For the purposes of subparagraph (1)(b)(ii), the amount is the lesser of the following: (a) the * debit value mentioned in paragraph (1)(a); (b) the amount (disregarding this section) of the * superannuation lump sum you received because of the commutation (as mentioned in item 1 of the table in subsection 294 ‑ 80(1)). Debit for events that result in reduced superannuation (2) Item 3 of the table in subsection 294 ‑ 80(1) (about events that result in reduced superannuation) applies in relation to a * capped defined benefit income stream as if the amount of the debit provided for in section 294 ‑ 85 was the * debit value, just before the loss or payment reduces the * value of the * superannuation interest that supports the capped defined benefit income stream, multiplied by the amount worked out using the following formula: where: SV just after event means the * special value, worked out just after the loss or payment reduces the * value of the * superannuation interest that supports the * capped defined benefit income stream. SV just before event means the * special value, worked out just before the loss or payment reduces the * value of the * superannuation interest that supports the * capped defined benefit income stream. Debit for payment split (3) Item 4 of the table in subsection 294 ‑ 80(1) (about a debit for a payment split) applies in relation to a * capped defined benefit income stream as if the reference in section 294 ‑ 90 to the * value of the * superannuation interest were a reference to the * debit value of the superannuation interest. Debits for loss of earnings exemption (4) Items 5 and 6 of the table in subsection 294 ‑ 80(1) apply in relation to an income stream that is, or was, a * capped defined benefit income stream as if the reference in the item to the * value of a * superannuation interest were a reference to the * debit value of the superannuation interest. Meaning of debit value (5) The debit value , at a particular time, of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream covered by item 1 or 2 of the table in subsection 294 ‑ 130(1), is: (a) the amount of the * transfer balance credit that arose in your * transfer balance account in respect of the income stream; less (b) the amount of any * transfer balance debits (apart from debits arising under item 4 of the table in subsection 294 ‑ 80(1)) that have arisen in your transfer balance account in respect of the income stream before that time. (6) The debit value , at a particular time, of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream covered by any of items 3 to 7 of the table in subsection 294 ‑ 130(1) is: (a) the amount of the * transfer balance credit that arose in your * transfer balance account in respect of the income stream; less (b) the sum of the following: (i) the amount of any * transfer balance debits (apart from debits arising under item 4 of the table in subsection 294 ‑ 80(1)) that have arisen in your transfer balance account in respect of the income stream before that time; (ii) if item 1 of the table in subsection 294 ‑ 80(1) applies in relation to the income stream because the income stream is commuted—the amount worked out under subsection (6A). (6A) The amount is the sum of the following: (a) the total amount of * superannuation income stream benefits that you were entitled to receive from the income stream before the start of the financial year in which the commutation takes place; (b) if regulation 1.07B of the Superannuation Industry (Supervision) Regulations 1994 applies to the income stream—the greater of the following: (i) the minimum amount under subregulation 1.07B(4) of those regulations for the income stream for that financial year; (ii) the total amount of superannuation income stream benefits that you received from the income stream in that financial year (other than superannuation income stream benefits that you were entitled to receive from the income stream before the start of that financial year); (c) if regulation 1.07C of the Superannuation Industry (Supervision) Regulations 1994 applies to the income stream—the greater of the following: (i) the minimum amount under subregulation 1.07C(3) of those regulations for the income stream for that financial year; (ii) the total amount of superannuation income stream benefits that you received from the income stream in that financial year (other than superannuation income stream benefits that you were entitled to receive from the income stream before the start of that financial year); (d) if regulation 1.08 of the Retirement Savings Accounts Regulations 1997 applies to the income stream—the greater of the following: (i) the minimum amount under regulation 1.08 of those regulations for the income stream for that financial year; (ii) the total amount of superannuation income stream benefits that you received from the income stream in that financial year (other than superannuation income stream benefits that you were entitled to receive from the income stream before the start of that financial year). Regulations (7) The regulations may specify a method for determining the debit value of a * superannuation interest that supports a * superannuation income stream prescribed by regulations made for the purposes of subsection 294 ‑ 130(2).", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 81 of 2016 | No 64 of 2020", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-170", "Provision_Key": "s294-170", "Heading": "What this Subdivision is about", "Text": "If you are a death benefits dependant, and a child, you are not required to use your retirement transfer balance cap to receive a death benefits income stream. However, there is a cap on the total amount of your death benefits income streams that receives the earnings tax exemption. This cap is based on the deceased’s superannuation interests in the retirement phase, or, if the deceased did not have any superannuation interests in the retirement phase, on the transfer balance cap. Table of sections Operative provisions 294 ‑ 175 When this Subdivision applies 294 ‑ 180 Transfer balance account ends 294 ‑ 185 Transfer balance cap—special rule for child recipient 294 ‑ 190 Cap increment—child recipient just before 1 July 2017 294 ‑ 195 Cap increment—child recipient on or after 1 July 2017, deceased had no transfer balance account 294 ‑ 200 Cap increment—child recipient on or after 1 July 2017, deceased had transfer balance account", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-175", "Provision_Key": "s294-175", "Heading": "When this Subdivision applies", "Text": "(1) This Subdivision applies to you if you are a * child recipient of a * superannuation income stream. (2) You are a child recipient of a * superannuation income stream if: (a) because of the death of a person, you are a * retirement phase recipient of the superannuation income stream; and (b) you are a * child, and a * death benefits dependant, of the deceased; and (c) you are covered by paragraph 6.21(2A)(b) of the Superannuation Industry (Supervision) Regulations 1994 or paragraph 4.24(3A)(b) of the Retirement Savings Accounts Regulations 1997 (which are about children who are under age 18, or under age 25 and financially dependent or who have a disability).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-180", "Provision_Key": "s294-180", "Heading": "Transfer balance account ends", "Text": "(1) Despite sections 294 ‑ 15 and 294 ‑ 45, your * transfer balance account ceases at a time if: (a) just before that time, you were a * child recipient of one or more * superannuation income streams; and (b) just after that time, you are no longer a child recipient of any superannuation income stream; and (c) no * transfer balance credits arose in the transfer balance account in respect of a superannuation income stream of which you were a * retirement phase recipient, but not a child recipient. (2) If you again start to have a * transfer balance account at a later time, this Division applies in relation to that later transfer balance account as if it were the only transfer balance account you have had.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-185", "Provision_Key": "s294-185", "Heading": "Transfer balance cap—special rule for child recipient", "Text": "(1) Despite section 294 ‑ 35, your transfer balance cap on a day is the sum of the cap increments that have arisen under this Subdivision on and before that day. Note: Your transfer balance cap is not worked out on a financial year basis and it is not indexed. (2) However, if there are one or more * superannuation income streams of which you are, on that day, a * retirement phase recipient but not a * child recipient, your transfer balance cap on that day is the sum of: (a) the sum of the cap increments that have arisen under this Subdivision on and before that day; and (b) your transfer balance cap for the * financial year in which the day falls, worked out disregarding: (i) any cap increments that arise under this Subdivision; and (ii) any * transfer balance credits or * transfer balance debits that have arisen in your * transfer balance account in respect of superannuation income streams of which you are a child recipient. Note: Paragraph (b) is the transfer balance cap you would have if you were not a child recipient of any income stream. Disregarding credits, debits and cap increments allows this cap to be indexed appropriately under section 294 ‑ 40 (which is about proportional indexation).", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-190", "Provision_Key": "s294-190", "Heading": "Cap increment—child recipient just before 1 July 2017", "Text": "(1) A cap increment arises if, just before 1 July 2017, you are the * child recipient of a * superannuation income stream. (2) The amount of the cap increment is the * general transfer balance cap. (3) The cap increment arises on 1 July 2017.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-195", "Provision_Key": "s294-195", "Heading": "Cap increment—child recipient on or after 1 July 2017, deceased had no transfer balance account", "Text": "(1) A cap increment arises if: (a) on a day (the starting day ) on or after 1 July 2017, you start to be the * child recipient of a * superannuation income stream; and (b) the deceased did not have a * transfer balance account just before death. (2) The amount of the cap increment is: (a) the * general transfer balance cap, unless paragraph (b) applies; or (b) if you are not the only person to receive a * superannuation death benefit because of the death of the person—the proportion of the general transfer balance cap that corresponds to your share of the deceased’s * superannuation interests. (3) The cap increment arises on the starting day.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-200", "Provision_Key": "s294-200", "Heading": "Cap increment—child recipient on or after 1 July 2017, deceased had transfer balance account", "Text": "(1) A cap increment arises if: (a) on a day (the starting day ) on or after 1 July 2017, you start to be the * child recipient of a * superannuation income stream; and (b) the deceased had a * transfer balance account just before death. Income stream fully funded by deceased’s retirement phase interests (2) If the * superannuation interest that supports the * superannuation income stream is wholly attributable to one or more superannuation interests of the deceased that were in the * retirement phase, the amount of the cap increment equals the amount of the * transfer balance credit that arises in your * transfer balance account in respect of the * superannuation income stream. Income stream fully funded by deceased’s accumulation phase interests (3) If the * superannuation interest that supports the * superannuation income stream is wholly attributable to one or more superannuation interests of the deceased that were not in the * retirement phase, the amount of the cap increment is nil. Note: A superannuation income stream covered by this subsection will generally result in excess transfer balance. The exceptions are: where you have additional cap increments under section 294 ‑ 190 or 294 ‑ 195, or where you have a higher cap under subsection 294 ‑ 185(2) because you also receive a non ‑ death benefit income stream. Income stream partly funded by deceased’s accumulation interests (4) If the * superannuation interest that supports the * superannuation income stream is: (a) in part (the retirement phase part ) attributable to a superannuation interest of the deceased that was in the * retirement phase; and (b) in part attributable to a superannuation interest of the deceased that was not in the retirement phase; the amount of the cap increment is so much of the * transfer balance credit that arises in your * transfer balance account in respect of the superannuation income stream as represents the retirement phase part. Note: A superannuation income stream covered by this subsection will generally result in excess transfer balance. The exceptions are: where you have additional cap increments under section 294 ‑ 190 or 294 ‑ 195, or where you have a higher cap under subsection 294 ‑ 185(2) because you also receive a non ‑ death benefit income stream. Reduced increment for excess transfer balance (5) Despite subsections (2) and (4), the cap increment is reduced if there was * excess transfer balance in the deceased’s * transfer balance account just before death. The amount of the reduction is: (a) the proportion of the excess transfer balance that corresponds to your share of the deceased’s * superannuation interests that were in the * retirement phase; less (b) the amount of any * superannuation lump sum paid to you, because of the death of the person from a superannuation interest of the deceased that was in the retirement phase. When cap increment arises (6) The cap increment arises: (a) on the starting day, unless paragraph (b) applies; or (b) if you are a reversionary beneficiary—at the end of the period of 12 months beginning on the starting day. Treatment of investment earnings after death (7) For the purposes of working out under this section the extent to which a * superannuation interest is attributable to another superannuation interest, if: (a) a superannuation interest of the deceased was in the * retirement phase; and (b) on or after the death of the deceased, an amount of investment earnings is added to the superannuation interest; the superannuation interest is taken to include that amount of investment earnings, except to the extent that the amount of investment earnings includes an amount paid under a policy of insurance on the life of the deceased or an amount arising from self ‑ insurance.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-225", "Provision_Key": "s294-225", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises the earnings tax exemption on retirement phase income streams that result in excess transfer balance. Table of sections Operative provisions 294 ‑ 230 Excess transfer balance tax 294 ‑ 235 Your excess transfer balance earnings 294 ‑ 240 When tax is payable—original assessments 294 ‑ 245 When tax is payable—amended assessments 294 ‑ 250 General interest charge", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-230", "Provision_Key": "s294-230", "Heading": "Excess transfer balance tax", "Text": "(1) If there is an * excess transfer balance period for your * transfer balance account, you are liable to pay * excess transfer balance tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 for the period. Note: The amount of the tax is set out in the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 . (2) An excess transfer balance period for a * transfer balance account is a continuous period of one or more days during which, at the end of each day, there is * excess transfer balance in the account. (3) Your * excess transfer balance tax is worked out by reference to the sum of: (a) your * excess transfer balance earnings for each day in the * excess transfer balance period; and (b) for each day in the excess transfer balance period that is also a day in the period mentioned in subsection 294 ‑ 25(2) (the determination period )—the amount worked out by multiplying the rate mentioned in subsection 294 ‑ 235(2) for the day by the sum of your excess transfer balance earnings for each previous day in the determination period.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-235", "Provision_Key": "s294-235", "Heading": "Your excess transfer balance earnings", "Text": "(1) Your excess transfer balance earnings for a day is worked out by multiplying the rate mentioned in subsection (2) for that day by the amount of your * excess transfer balance at the end of that day. (2) The rate is the lower of: (a) the rate worked out under subsection 8AAD(1) of the Taxation Administration Act 1953 for the day; and (b) a rate determined under subsection (3) for the day. (3) The Minister may, by legislative instrument, determine a rate for a day.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-240", "Provision_Key": "s294-240", "Heading": "When tax is payable—original assessments", "Text": "Your * assessed excess transfer balance tax is due and payable at the end of 21 days after the Commissioner gives you notice of the assessment of the amount of the * excess transfer balance tax. Note: For assessments of excess transfer balance tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-245", "Provision_Key": "s294-245", "Heading": "When tax is payable—amended assessments", "Text": "If the Commissioner amends your assessment, any extra * assessed excess transfer balance tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 294-250", "Provision_Key": "s294-250", "Heading": "General interest charge", "Text": "If an amount of * assessed excess transfer balance tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the amount was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the assessed excess transfer balance tax; (ii) general interest charge on any of the assessed excess transfer balance tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s294-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-1", "Provision_Key": "s295-1", "Heading": "What this Division is about", "Text": "This Division sets out special rules about the taxation of superannuation entities. It sets out how to calculate the taxable income of those entities and to identify the components of that taxable income for the purpose of applying the appropriate tax rate. It sets out how to calculate the no ‑ TFN contributions income of relevant entities for an income year for the purpose of applying the appropriate tax rate.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-5", "Provision_Key": "s295-5", "Heading": "Entities to which Division applies", "Text": "(1) This Division applies to these entities: (a) a * complying superannuation fund; (b) a * non ‑ complying superannuation fund; (c) a * complying approved deposit fund; (d) a * non ‑ complying approved deposit fund; (e) a * pooled superannuation trust; whether they are established by an * Australian law, by a public authority constituted by or under such a law or in some other way. (2) The * superannuation provider in relation to an entity referred to in paragraph (1)(a) to (d) is liable to pay tax on the taxable income of the entity. Note: A superannuation provider in relation to an entity referred to in paragraphs (1)(a) and (b) or in relation to an RSA is liable to pay tax on the no ‑ TFN contributions income of the entity: see section 295 ‑ 605. (3) The trustee of a * pooled superannuation trust is liable to pay tax on the taxable income of the trust. (4) This Division also applies to an * RSA provider that is not a * life insurance company. Note 1: Division 320 deals with RSA providers that are life insurance companies. Note 2: However, Subdivisions 295 ‑ I and 295 ‑ J apply to RSA providers that are life insurance companies: see section 320 ‑ 155.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-10", "Provision_Key": "s295-10", "Heading": "How to work out the tax payable by superannuation entities", "Text": "(1) Use this method for * superannuation funds, * approved deposit funds and * pooled superannuation trusts: Method statement Step 1. For a * superannuation fund, work out the * no ‑ TFN contributions income. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to that income. Step 2. Work out the entity’s assessable income and deductions taking account of the special rules in this Division. The special rules modify some provisions of this Act. They also include amounts in assessable income, allow deductions and exempt amounts from income tax. Step 3. Work out the entity’s taxable income as if its trustee: (a) were an Australian resident (except where paragraph (b) applies); or (b) for a * non ‑ complying superannuation fund that is a * foreign superannuation fund for the income year—were not an Australian resident. Step 4. For a * complying superannuation entity, work out the * low tax component and * non ‑ arm’s length component of the entity’s taxable income. Step 5. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to: (a) if step 4 applies to the entity—the components worked out under that step; or (b) otherwise—the entity’s taxable income. Step 6. Subtract the entity’s * tax offsets from the step 5 amount or, for a * superannuation fund, from the sum of the fund’s step 1 and step 5 amounts. (2) Use this method for * RSA providers: Method statement Step 1. Work out the entity’s * no ‑ TFN contributions income. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to that income. Step 2. Work out the entity’s assessable income and deductions taking account of the special rules in this Division. Step 3. Work out the * RSA component and * standard component of the entity’s taxable income. Step 5. Apply the applicable rates as set out in the Income Tax Rates Act 1986 to the components. The * RSA component is taxed at a concessional rate. Step 6. Subtract the entity’s * tax offsets from the sum of the entity’s step 1 and step 5 amounts.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 45 of 2008 | No 70 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-15", "Provision_Key": "s295-15", "Heading": "Division does not impose a tax on property of a State", "Text": "This Division does not impose a tax on property of any kind belonging to a State (within the meaning of section 114 of the Constitution).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-20", "Provision_Key": "s295-20", "Heading": "Exempting laws ineffective", "Text": "A * Commonwealth law (other than this Act) does not have the effect of exempting the trustee of an entity to which this Division applies from the liability to pay tax unless it does so expressly.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-25", "Provision_Key": "s295-25", "Heading": "Assessments on basis of anticipated SIS Act notice", "Text": "(1) The Commissioner may make an assessment for a fund or trust that is not a * complying superannuation entity for the income year as if it were such an entity if the Commissioner considers it likely that a notice will be given under section 40 of the Superannuation Industry (Supervision) Act 1993 having the effect that it will become such an entity. (2) However, the grounds for making an assessment under subsection (1) are taken never to have existed if: (a) the Commissioner becomes satisfied that the notice will not be given; or (b) * APRA does not receive the documents referred to in subsection 36(1) of the Superannuation Industry (Supervision) Act 1993 about the fund or trust before the end of 12 months after the assessment is made.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-30", "Provision_Key": "s295-30", "Heading": "Effect of revocation etc. of SIS Act notices", "Text": "This Division has effect as if a notice given under section 342 of the Superannuation Industry (Supervision) Act 1993 (about pre ‑ 1 July 88 funding credits) or under regulations made for the purposes of that section had never been given if: (a) the notice is revoked; or (b) the decision to give the notice is set aside.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-35", "Provision_Key": "s295-35", "Heading": "Acronyms used in tables", "Text": "In tables in this Division, these acronyms are used for these entities: Acronyms used in tables Item Entity Acronym 1 * Complying superannuation fund CSF 2 * Non ‑ complying superannuation fund N ‑ CSF 3 * Complying approved deposit fund CADF 4 * Non ‑ complying approved deposit fund N ‑ CADF 5 * Pooled superannuation trust PST", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-85", "Provision_Key": "s295-85", "Heading": "CGT to be primary code for calculating gains or losses", "Text": "(1) The modifications in subsection (2) apply if a * CGT event happens involving a * CGT asset that was owned by a * complying superannuation entity just before the time of the event. (2) These provisions do not apply to the * CGT event: (a) sections 6 ‑ 5 (about * ordinary income), 8 ‑ 1 (about amounts you can deduct), and 15 ‑ 15 and 25 ‑ 40 (about profit ‑ making undertakings or plans); (aa) section 230 ‑ 15 (about financial arrangements); (b) sections 25A and 52 of the Income Tax Assessment Act 1936 (about profit ‑ making undertakings or schemes). Exceptions (3) The provisions referred to in subsection (2) can apply to the * CGT event if: (a) any * capital gain or * capital loss from the event is attributable to currency exchange rate fluctuations; or (b) the * CGT asset is one of these: (i) debenture stock, a bond, * debenture, certificate of entitlement, bill of exchange, promissory note or other security; (ii) a deposit with a bank, building society or other financial institution; (iii) a loan (secured or not); (iv) some other contract under which an entity is liable to pay an amount (whether the liability is secured or not). (4) The provisions referred to in subsection (2) can also apply to the * CGT event if a * capital gain or * capital loss from the event is disregarded because of one of the provisions in this table: Where gain or loss disregarded because of CGT provision Item Provision Brief description 1 Paragraph 104 ‑ 15(4)(a) Title in a CGT asset does not pass when a hire purchase or similar agreement ends 2 Section 118 ‑ 5 Cars, motor cycles and valour decorations 3 Section 118 ‑ 10 Collectables and personal use assets 4 Section 118 ‑ 13 Shares in a PDF 5 Section 118 ‑ 25 Trading stock 6 Section 118 ‑ 30 Film copyright 7 Section 118 ‑ 35 R&D 8 Section 118 ‑ 55 Foreign currency hedging gains and losses 9 Section 118 ‑ 60 Certain gifts 10 Subsection 118 ‑ 300(1), for general insurance policies covered by table item 2 in that subsection General insurance policies for property 11 Section 118 ‑ 305 Superannuation 12 Section 118 ‑ 310 CGT event happens to right to, or part of, RSA Note: For item 5, certain assets (particularly shares, units in a unit trust, and land) are not trading stock when owned by the entity (see paragraph 70 ‑ 10(2)(b)).", "Amendment_Count": 6, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 15 of 2009 | No 93 of 2011 | No 71 of 2012 | No 21 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-90", "Provision_Key": "s295-90", "Heading": "CGT rules for pre ‑ 30 June 1988 assets", "Text": "(1) This section applies to the trustee of a * complying superannuation entity. (2) Parts 3 ‑ 1 and 3 ‑ 3 (about capital gains and losses) apply to a * CGT asset that: (a) the trustee or a former trustee owned at the end of 30 June 1988; and (b) the trustee owned at the commencement of this section; as if the trustee had * acquired the asset on 30 June 1988. (3) Subsection (2) does not affect how to work out the asset’s * cost base or * reduced cost base. Note: See Subdivision 295 ‑ B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base. (4) Subsection 104 ‑ 30(5) applies to an option granted by the trustee as if the reference in that subsection to 20 September 1985 were a reference to 1 July 1988.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-95", "Provision_Key": "s295-95", "Heading": "Deductions related to contributions", "Text": "(1) Provisions of this Act about deducting amounts apply to these entities as if all contributions made to them were included in their assessable income: (a) * complying superannuation funds; (b) * non ‑ complying superannuation funds that are * Australian superannuation funds; (c) * complying approved deposit funds; (d) * non ‑ complying approved deposit funds; (e) * RSA providers. Note 1: This means that the entities can deduct amounts incurred in obtaining the contributions. Note 2: Examples of contributions that are not assessable are: • contributions which the contributor cannot deduct; • contributions excluded from assessable income under Subdivision 295 ‑ D. (2) A * superannuation fund is an Australian superannuation fund at a time, and for the income year in which that time occurs, if: (a) the fund was established in Australia, or any asset of the fund is situated in Australia at that time; and (b) at that time, the central management and control of the fund is ordinarily in Australia; and (c) at that time either the fund had no member covered by subsection (3) (an active member ) or at least 50% of: (i) the total * market value of the fund’s assets attributable to * superannuation interests held by active members; or (ii) the sum of the amounts that would be payable to or in respect of active members if they voluntarily ceased to be members; is attributable to superannuation interests held by active members who are Australian residents. (3) A member is covered by this subsection at a time if the member is: (a) a contributor to the fund at that time; or (b) an individual on whose behalf contributions have been made, other than an individual: (i) who is a foreign resident; and (ii) who is not a contributor at that time; and (iii) for whom contributions made to the fund on the individual’s behalf after the individual became a foreign resident are only payments in respect of a time when the individual was an Australian resident. (4) To avoid doubt, the central management and control of a * superannuation fund is ordinarily in Australia at a time even if that central management and control is temporarily outside Australia for a period of not more than 2 years.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-100", "Provision_Key": "s295-100", "Heading": "Deductions for investing in PSTs and life policies", "Text": "(1) Provisions of this Act about deducting amounts apply to * complying superannuation funds and * complying approved deposit funds as if * ordinary income and * statutory income received from these investments were included in their assessable income: (a) units in a * pooled superannuation trust; (b) * life insurance policies issued by a * life insurance company; (c) an interest in a trust whose assets consist only of life insurance policies issued by a life insurance company. Note: Income from these investments is not assessable: see for example sections 295 ‑ 105 and 118 ‑ 350. (2) A * complying superannuation fund cannot deduct an amount (otherwise than under section 295 ‑ 465) for fees or charges incurred for: (a) * complying superannuation life insurance policies; or (b) * exempt life insurance policies; or (c) units in a * pooled superannuation trust that are * segregated current pension assets of the fund.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 9 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-105", "Provision_Key": "s295-105", "Heading": "Distributions to PST unitholders", "Text": "The assessable income of a * complying superannuation entity does not include amounts * derived by the entity because it holds units in a * pooled superannuation trust. Note: The entity will not be subject to any tax liability when it disposes of the units: see subsection 295 ‑ 85(2) and section 118 ‑ 350.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-155", "Provision_Key": "s295-155", "Heading": "What this Subdivision is about", "Text": "There are basically 3 types of assessable contributions: (a) those made by a contributor (for example, an employer) on behalf of someone else (for example, an employee); and (b) those made on the contributor’s own behalf for which the contributor is entitled to a deduction; and (c) those transferred from a foreign superannuation fund to an Australian superannuation fund. There are some additions and exceptions. Table of sections Contributions and payments 295 ‑ 160 Contributions and payments 295 ‑ 165 Exception—spouse contributions 295 ‑ 170 Exception—Government co ‑ contributions and contributions for a child 295 ‑ 173 Exception—trustee contributions 295 ‑ 175 Exception—payments by a member spouse 295 ‑ 180 Exception—choice to exclude certain contributions 295 ‑ 185 Exception—temporary residents Personal contributions and roll ‑ over amounts 295 ‑ 190 Personal contributions and roll ‑ over amounts 295 ‑ 195 Exclusion of personal contributions—contributions 295 ‑ 197 Exclusion of personal contributions—successor funds Transfers from foreign funds 295 ‑ 200 Transfers from foreign superannuation funds Application of tables to RSA providers 295 ‑ 205 Application of tables to RSA providers Former constitutionally protected funds 295 ‑ 210 Former constitutionally protected funds", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-160", "Provision_Key": "s295-160", "Heading": "Contributions and payments", "Text": "The assessable income of an entity includes contributions or payments as set out in this table for the income year in which the contributions or payments are received. Note: For an explanation of the acronyms used, see section 295 ‑ 35. Contributions and payments included in assessable income Item Assessable income of this entity: Includes: 1 CSF N ‑ CSF that is an * Australian superannuation fund for the income year * RSA provider Contribution to provide * superannuation benefits for someone else (except a contribution that is a * roll ‑ over superannuation benefit) 2 N ‑ CSF that is a * foreign superannuation fund for the income year Contribution to provide * superannuation benefits for someone else to the extent that it relates to a period when that person was: (a) an Australian resident; or (b) a foreign resident who * derives * withholding payments covered by subsection 900 ‑ 12(3) (except a contribution that is a * roll ‑ over superannuation benefit) 3 CSF CADF * RSA provider Payment under section 65 of the Superannuation Guarantee (Administration) Act 1992 4 CSF * RSA provider Payment under section 61 or 61A of the Small Superannuation Accounts Act 1995", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-165", "Provision_Key": "s295-165", "Heading": "Exception—spouse contributions", "Text": "(1) Item 1 of the table in section 295 ‑ 160 does not include in assessable income a contribution made by an individual to a * complying superannuation fund or an * RSA: (a) to provide * superannuation benefits for the individual’s * spouse (regardless whether the benefits are payable to the individual’s spouse’s * SIS dependants if the individual’s spouse dies before or after becoming entitled to receive the benefits); and (b) that the individual cannot deduct under Subdivision 290 ‑ B. (2) Paragraph (1)(a) does not apply to * superannuation benefits for a * spouse living permanently separately and apart from the individual.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-170", "Provision_Key": "s295-170", "Heading": "Exception—Government co ‑ contributions and contributions for a child", "Text": "(1) Item 1 of the table in section 295 ‑ 160 does not include in assessable income a contribution: (a) that is a Government co ‑ contribution made under the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 ; or (b) for the benefit of a person under 18 that is not made by or on behalf of the person’s employer. (2) Item 4 of the table in section 295 ‑ 160 does not include in assessable income a payment to the extent to which it represents a Government co ‑ contribution or co ‑ contributions made under the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-173", "Provision_Key": "s295-173", "Heading": "Exception—trustee contributions", "Text": "Item 1 of the table in section 295 ‑ 160 does not include in assessable income: (a) a contribution made by an entity that was, when the contribution was made, the trustee of a * complying superannuation entity; or (b) a contribution made out of the * complying superannuation assets, or out of the * segregated exempt assets, of a * life insurance company.", "Amendment_Count": 4, "First_Amended": "No 15 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 15 of 2007 | No 75 of 2010 | No 53 of 2016 | No 64 of 2020", "History_Notes": "Inserted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Repealed and substituted by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-173"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-175", "Provision_Key": "s295-175", "Heading": "Exception—payments by a member spouse", "Text": "Contributions are not included in assessable income under section 295 ‑ 160 if they are an amount paid by a member spouse, as mentioned in regulations under the Family Law Act 1975 , to a * regulated superannuation fund, or to an * RSA provider, to be held for the benefit of the * non ‑ member spouse in satisfaction of the non ‑ member spouse’s entitlement in respect of the * superannuation interest concerned.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 9 of 2007 | No 130 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-180", "Provision_Key": "s295-180", "Heading": "Exception—choice to exclude certain contributions", "Text": "(1) Item 1 of the table in section 295 ‑ 160 does not include an amount in the assessable income of a * public sector superannuation scheme for an income year to the extent that the trustee chooses that it not be included. (2) The entity that made the contributions must consent to the choice. Note: Making this choice effectively shifts the liability for tax on the contributions to the recipient of the benefit. The benefit is treated as an element untaxed in the fund: see Subdivision 301 ‑ C. (3) However, the choice cannot be made for an income year for an amount that exceeds the sum of amounts covered by notices given by the trustee under section 307 ‑ 285 for * superannuation benefits paid in the income year. (4) A choice under this section cannot be revoked or withdrawn. (5) A choice under this section cannot be made in relation to a * public sector superannuation scheme that comes into operation after 5 September 2006.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-185", "Provision_Key": "s295-185", "Heading": "Exception—temporary residents", "Text": "Item 2 of the table in section 295 ‑ 160 does not include a contribution in the assessable income of an entity if the individual (for whom it was made) is a * temporary resident at the end of the income year to which the contribution relates.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-190", "Provision_Key": "s295-190", "Heading": "Personal contributions and roll ‑ over amounts", "Text": "(1) The assessable income of an entity includes amounts as set out in this table. Note: For an explanation of the acronyms used, see section 295 ‑ 35. Personal contributions and roll ‑ over amounts included in assessable income Item Assessable income of this entity: Includes: 1 CSF * RSA provider A contribution: (a) made to the CSF or * RSA; and (b) covered by a valid and acknowledged notice given to the * superannuation provider of the CSF or RSA under section 290 ‑ 170 2 CSF CADF N ‑ CADF * RSA provider A * roll ‑ over superannuation benefit that an individual is taken to receive under section 307 ‑ 15 to the extent that: (a) it consists of an * element untaxed in the fund (other than an element untaxed in the fund under subsection 307 ‑ 290(4)); and (b) is not an * excess untaxed roll ‑ over amount for that individual 2A CSF * RSA provider A * roll ‑ over superannuation benefit that an individual is taken to receive under section 307 ‑ 15 to the extent that: (a) the CSF or * RSA is a * successor fund; and (b) the benefit relates to a contribution that, before it was transferred to the successor fund, was not covered by a valid and acknowledged notice given to any * superannuation provider under section 290 ‑ 170; and (c) while the benefit is held in the successor fund, the contribution becomes covered by a valid and acknowledged notice given to the superannuation provider of the successor fund under that section 3 CSF CADF * RSA provider The * taxable component of a directed termination payment (within the meaning of section 82 ‑ 10F of the Income Tax (Transitional Provisions) Act 1997 ) (1A) Items 2 and 2A of the table in subsection (1) do not apply to a * roll ‑ over superannuation benefit that is a * departing Australia superannuation payment made under subsection 20H(2), (2AA) or (2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . Income years in which amounts are included in assessable income (2) A contribution referred to in item 1 is included in the income year in which it is received if the notice is received by the * superannuation provider by the day the provider lodges its * income tax return for that income year. (3) Otherwise it is included in the income year in which the notice is received. (4) A payment referred to in item 2 or 3 is included in the income year in which it is received by the * superannuation provider. (5) A benefit referred to in item 2A is included in the income year in which it is received if the notice is received by the * superannuation provider by the day the provider lodges its * income tax return for that income year. (6) Otherwise it is included in the income year in which the notice is received.", "Amendment_Count": 6, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 151 of 2008 | No 117 of 2010 | No 88 of 2013 | No 89 of 2013 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-195", "Provision_Key": "s295-195", "Heading": "Exclusion of personal contributions—contributions", "Text": "Variation notice received before return lodged (1) A contribution is not included in the assessable income of a * complying superannuation fund or * RSA provider under item 1 of the table in subsection 295 ‑ 190(1) to the extent that it has been reduced by a notice under section 290 ‑ 180 if the notice is received by the * superannuation provider before it has lodged its * income tax return for the income year in which the contribution was made. Variation notice received after return lodged (2) A contribution is not included in the assessable income of a * complying superannuation fund or * RSA provider under item 1 of the table in subsection 295 ‑ 190(1) for the income year in which the contribution was made to the extent that it has been reduced by a notice under section 290 ‑ 180 if: (a) the notice is received by the * superannuation provider after it has lodged its * income tax return for the income year; and (b) the provider exercises the option mentioned in subsection (3). (3) An amount referred to in subsection (2) may, at the option of the provider, be excluded from the assessable income of the fund or * RSA provider for the income year referred to in subsection (2) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item 2 of the table in subsection 295 ‑ 490(1). Note: The exclusion is an alternative to the fund deducting the amount under item 2 of the table in subsection 295 ‑ 490(1).", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 9 of 2007 | No 117 of 2010", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-197", "Provision_Key": "s295-197", "Heading": "Exclusion of personal contributions—successor funds", "Text": "Scope (1) This section applies to the * superannuation provider (the successor provider ) of a * complying superannuation fund or * RSA if, apart from this section, a * roll ‑ over superannuation benefit would be included in the assessable income of the fund or * RSA provider under item 2A of the table in subsection 295 ‑ 190(1). Variation notice received before return lodged (2) The benefit is not so included, to the extent that the relevant contribution has been reduced by a notice under section 290 ‑ 180, if the notice is received by the successor provider before the successor provider has lodged its * income tax return for the income year in which the benefit was transferred. Variation notice received after return lodged (3) The benefit is not so included in the assessable income for the income year in which the benefit was transferred, to the extent that the relevant contribution has been reduced by a notice under section 290 ‑ 180, if: (a) the notice is received by the successor provider after the successor provider has lodged its * income tax return for the income year; and (b) the successor provider exercises the option mentioned in subsection (4). (4) An amount referred to in subsection (3) may, at the option of the successor provider, be excluded from the assessable income of the fund or * RSA provider for the income year referred to in subsection (3) if excluding it would result in a greater reduction in tax for that year than the reduction that would occur for the income year in which the notice is received if a deduction were allowed under item 2B of the table in subsection 295 ‑ 490(1). Note: The exclusion is an alternative to the fund deducting the amount under item 2B of the table in subsection 295 ‑ 490(1).", "Amendment_Count": 1, "First_Amended": "No 117 of 2010", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 117 of 2010", "History_Notes": "Inserted by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-197"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-200", "Provision_Key": "s295-200", "Heading": "Transfers from foreign superannuation funds", "Text": "(1) The assessable income of a fund that is an * Australian superannuation fund for the income year includes an amount transferred to the fund from a fund that was a * foreign superannuation fund for the income year in relation to a member of the foreign fund to the extent that the amount transferred exceeds amounts vested in the member at the time of the transfer. (2) The assessable income of a fund that is a * complying superannuation fund for the income year includes so much of an amount transferred to the fund from a fund that was a * foreign superannuation fund for the income year as is specified in a choice made by a former member of the foreign fund under section 305 ‑ 80. (3) The amount is included in the income year in which the transfer happens. (4) This section also applies to an amount transferred from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that: (a) is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and (b) was not established in Australia; and (c) is not centrally managed or controlled in Australia.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-205", "Provision_Key": "s295-205", "Heading": "Application of tables to RSA providers", "Text": "The tables in this Subdivision apply to * RSA providers only to the extent that amounts are paid to * RSAs they provide.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-210", "Provision_Key": "s295-210", "Heading": "Former constitutionally protected funds", "Text": "(1) This section applies to a * complying superannuation fund for an income year if the fund ceased to be a * constitutionally protected fund during the year or at the end of the previous year. (2) The assessable income of the fund for the income year includes the sum of the * roll ‑ over superannuation benefits to the extent that they consist of the * element untaxed in the fund of the * taxable component that would be included in that assessable income if all contributions and earnings accumulated in the fund when the fund ceased to be a * constitutionally protected fund: (a) had been paid out of the fund immediately before it ceased to be a constitutionally protected fund; and (b) were paid to the fund as roll ‑ over superannuation benefits immediately after that time.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-260", "Provision_Key": "s295-260", "Heading": "Transfer of liability to investment vehicle", "Text": "(1) The * superannuation provider in relation to a * complying superannuation fund or a * complying approved deposit fund (the transferor ) may reduce the amount that would otherwise be included in the fund’s assessable income for an income year under Subdivision 295 ‑ C by agreement with another entity (the transferee ) in which it holds investments. What the transferee must be (2) The transferee must be a * life insurance company or a * pooled superannuation trust. Note: Amounts transferred are included in the transferee’s assessable income: see section 295 ‑ 320 (for PSTs) and paragraph 320 ‑ 15(1)(i) (for life insurance companies). Agreement requirements (3) The transferor may make one agreement only for an income year with a particular transferee. (4) An agreement: (a) must be in writing, and must be signed by or for the transferor and transferee; and (b) must be made by the day the transferor lodges its * income tax return for its income year to which the agreement relates; and (c) cannot be revoked. Limits on transfer (5) The total amount covered by the agreements cannot exceed the amount that would otherwise be included in the transferor’s assessable income under Subdivision 295 ‑ C for that income year. (6) The amount covered by an agreement with a particular transferee cannot exceed this amount: where: greatest equity value is the greatest of these amounts during the transferor’s income year: (a) if the transferee is a * pooled superannuation trust—the * market value of the transferor’s investment in units in the trust; (b) if not—the market value of the transferor’s investment in: (i) * life insurance policies issued by the transferee; or (ii) a trust whose assets consist only of life insurance policies issued by the transferee. transferor’s low tax component tax rate is the rate of tax imposed on the * low tax component of the fund’s taxable income for the income year.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-265", "Provision_Key": "s295-265", "Heading": "Application of pre ‑ 1 July 88 funding credits", "Text": "Choice to reduce contributions included in assessable income (1) The * superannuation provider in relation to a * complying superannuation fund can choose to reduce the amount of contributions that would otherwise be included in the fund’s assessable income for an income year under item 1 of the table in section 295 ‑ 160 if it has pre ‑ 1 July 88 funding credits available for the income year. When funding credits are available (2) Use this method to work out whether a fund has pre ‑ 1 July 88 funding credits available for an income year: Method statement Step 1. Identify the amount of pre ‑ 1 July 88 funding credits unused at the end of the previous income year. Step 2. Index that amount. Note: Subdivision 960 ‑ M shows you how to index amounts. Step 3. Add any pre ‑ 1 July 88 funding credits transferred to the fund in the income year under regulations made for the purposes of subsection 342(7) of the Superannuation Industry (Supervision) Act 1993 . Step 4. Deduct from the step 3 amount: (a) pre ‑ 1 July 88 funding credits transferred from the fund in the income year under regulations made for the purposes of subsection 342(7) of that Act; and (b) amounts specified in a notice given to the * superannuation provider in relation to the fund under subsection 342(6) of that Act for the income year. Step 5. The result is the pre ‑ 1 July 88 funding credits available to the fund for the income year. That amount, reduced by any amount specified in a choice made under subsection (1) for the income year, is the amount of pre ‑ 1 July 88 funding credits unused at the end of the income year. Note 1: Regulations under subsection 342(7) of the SIS Act allow APRA to approve transfers of pre ‑ 1 July 88 funding credits between funds. Note 2: Subsection 342(6) of that Act covers the situation where the fund’s rules are changed to produce a reduction in pre ‑ 1 July 88 funding credits and the trustee notifies APRA of the change. (3) If a notice is given to the * superannuation provider in relation to the fund under subsection 342(2) of the Superannuation Industry (Supervision) Act 1993 granting the trustee a pre ‑ 1 July 88 funding credit, this section applies as if the pre ‑ 1 July 88 funding credit had arisen at the beginning of the income year in which 1 July 1988 occurred. (4) However, if a notice is given to the * superannuation provider in relation to the fund under subsection 342(4) of the Superannuation Industry (Supervision) Act 1993 for the income year, the fund has no pre ‑ 1 July 88 funding credits. Note: Subsection 342(4) of that Act covers the situation where the fund’s rules are changed to produce a reduction in pre ‑ 1 July 88 funding credits and the provider fails to notify APRA of the change. Limit on choice (5) The total amount covered by the choice cannot exceed the pre ‑ 1 July 88 funding credits available to the fund for the income year. (6) The total amount covered by the choice also cannot exceed the amount of contributions that would otherwise be included in the fund’s assessable income for the income year under item 1 of the table in section 295 ‑ 160 that are used to fund liabilities that accrued before 1 July 1988. (7) The regulations may prescribe either or both of the following: (a) the manner in which the * superannuation provider in relation to a * superannuation fund is to work out the amount applicable to the fund under subsection (6) for an income year; (b) methods (other than the method specified in subsection (6)) of working out how the provider of a superannuation fund can apply pre ‑ 1 July 88 funding credits. (8) Methods prescribed under paragraph (7)(b) may be applicable to particular * superannuation funds or to a class or classes of superannuation funds.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-270", "Provision_Key": "s295-270", "Heading": "Anticipated funding credits", "Text": "(1) Subsection (2) has effect if the * superannuation provider in relation to a * complying superannuation fund expects a notice to be given under subsection 342(2) of the Superannuation Industry (Supervision) Act 1993 or under regulations made for the purposes of subsection 342(7) of that Act to the effect that pre ‑ 1 July 88 funding credits of a particular amount will be available to the fund for the income year. (2) Section 295 ‑ 265 applies to the fund as if pre ‑ 1 July 88 funding credits of the anticipated amount were available to the fund for the income year (in addition to any other pre ‑ 1 July 88 funding credits available to the fund for the year). (3) However, section 295 ‑ 265 applies to the fund for the income year as if pre ‑ 1 July 88 funding credits of the anticipated amount were not available to the fund for the income year if: (a) it becomes clear that the expected notice will not be given or that the specified amount of pre ‑ 1 July 88 funding credits will not be available; or (b) * APRA does not receive the things referred to in subsection 342(3) of the Superannuation Industry (Supervision) Act 1993 (for a notice expected under subsection 342(2) of that Act) or the things required to be given under regulations made for the purposes of subsection 342(7) of that Act (for a notice under those regulations) before the earlier of: (i) the end of 12 months after the fund’s assessment is made for the income year; and (ii) the time the things are required to be given by the regulations.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-320", "Provision_Key": "s295-320", "Heading": "Other amounts included in assessable income", "Text": "The assessable income of an entity includes the amounts as set out in this table. Note: For an explanation of the acronyms used, see section 295 ‑ 35. Amounts included in assessable income Item Assessable income of this entity: Includes: For the income year: 1 PST Amount transferred to it by a CSF or CADF under section 295 ‑ 260 Of the PST that includes the last day of the transferor’s income year to which the agreement relates 2 N ‑ CSF that was a CSF for the previous income year * Ordinary income and * statutory income from previous years worked out under section 295 ‑ 325 Following the income year in which it was a CSF 3 CSF; or N ‑ CSF that is an * Australian superannuation fund for the income year and that was a * foreign superannuation fund for the previous income year * Ordinary income and * statutory income from previous years worked out under section 295 ‑ 330 Following the income year in which it was a foreign superannuation fund 4 CSF The part of a rebate or refund of an insurance premium that is attributable to an amount deducted under an item of the table in subsection 295 ‑ 465(1) In which the rebate or refund is received 5 * RSA provider The part of a rebate or refund of an insurance premium that is attributable to an amount deducted under section 295 ‑ 475 In which the rebate or refund is received", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-325", "Provision_Key": "s295-325", "Heading": "Previously complying funds", "Text": "The amount of * ordinary income and * statutory income from previous years included in the assessable income of a fund in an income year under item 2 of the table in section 295 ‑ 320 is:", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-330", "Provision_Key": "s295-330", "Heading": "Previously foreign funds", "Text": "The amount of * ordinary income and * statutory income from previous years included in the assessable income of a fund in an income year under item 3 of the table in section 295 ‑ 320 is:", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-335", "Provision_Key": "s295-335", "Heading": "Amounts excluded from assessable income", "Text": "The assessable income of an entity does not include the amounts set out in this table. Note: For an explanation of the acronyms used, see section 295 ‑ 35. Amounts excluded from assessable income Item This entity: Does not include this in assessable income: 1 CSF CADF PST A bonus on a * life insurance policy (except a reversionary bonus) 2 PST Amount attributable to amounts received from a * constitutionally protected fund 3 * RSA provider A bonus on a * life insurance policy that is an * RSA (except a reversionary bonus)", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-385", "Provision_Key": "s295-385", "Heading": "Income from assets set aside to meet current pension liabilities", "Text": "(1) The * ordinary income and * statutory income of a * complying superannuation fund for an income year is exempt from income tax to the extent that: (a) it would otherwise be assessable income; and (b) it is from * segregated current pension assets. Exception (2) Subsection (1) does not apply to: (a) * non ‑ arm’s length income; or (b) amounts included in assessable income under Subdivision 295 ‑ C. Meaning of segregated current pension assets (3) Assets of a * complying superannuation fund are segregated current pension assets at a time if: (a) the assets are invested, held in reserve or otherwise dealt with at that time solely to enable the fund to discharge all or part of its liabilities (contingent or not) in respect of * RP superannuation income stream benefits of the fund at that time; and (b) the trustee of the fund obtains an * actuary’s certificate before the date for lodgment of the fund’s * income tax return for the income year to the effect that the assets and the earnings that the actuary expects will be made from them would provide the amount required to discharge in full those liabilities, or that part of those liabilities, as they fall due. (4) Assets of a * complying superannuation fund are also segregated current pension assets of the fund at a time if the assets are invested, held in reserve or otherwise being dealt with at that time for the sole purpose of enabling the fund to discharge all or part of its liabilities (contingent or not), as they become due, in respect of * superannuation income stream benefits: (a) that are * RP superannuation income stream benefits of the fund at that time; and (b) prescribed by the regulations for the purposes of this section. (5) Subsection (4) does not apply unless, at all times during the income year, the liabilities of the fund (contingent or not) to pay * RP superannuation income stream benefits of the fund were liabilities in respect of superannuation income stream benefits that are prescribed by the regulations for the purposes of this section. (6) However, assets of a * complying superannuation fund that are supporting a * superannuation income stream benefit that is prescribed by the regulations for the purposes of this section are not segregated current pension assets to the extent that the * market value of the assets exceeds the account balance supporting the benefit. (7) Also, * disregarded small fund assets are not segregated current pension assets. Meaning of segregated current pension assets —trustee choice (8) Despite subsections (3) to (6), none of the assets of a * complying superannuation fund are segregated current pension assets of the fund at any time in an income year if the trustee of the fund chooses under subsection (9) to treat all of the assets as not being segregated current pension assets for the year. (9) The trustee of a * complying superannuation fund may choose to treat all of the assets of the fund as not being * segregated current pension assets of the fund for an income year if, at one or more times in the year, all * superannuation interests in the fund are in the * retirement phase. (10) Subsections (8) and (9) do not apply if: (a) at all times in the year, all * superannuation interests in the fund are in the * retirement phase; or (b) the assets of the fund are * disregarded small fund assets at all times in the year.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 10 of 2022", "Amending_Acts": "No 9 of 2007 | No 143 of 2007 | No 81 of 2016 | No 10 of 2022", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 10 of 2022, effective sch 3-5: 1 Apr 2022 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-385"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-387", "Provision_Key": "s295-387", "Heading": "Disregarded small fund assets", "Text": "(1) The assets of a * complying superannuation fund are disregarded small fund assets at all times in an income year if the fund is covered by subsection (2) for the income year. (2) A * complying superannuation fund is covered by this subsection for an income year if: (a) the fund is a * small superannuation fund at a time during the income year; and (b) at a time during the income year, there is at least one * superannuation interest in the fund that is in the * retirement phase; and (c) just before the start of the income year: (i) a person has a * total superannuation balance that exceeds $1.6 million; and (ii) the person is the * retirement phase recipient of a * superannuation income stream (whether or not the fund is the * superannuation income stream provider for the superannuation income stream); and (d) at a time during the income year, the person has a superannuation interest in the fund (whether or not the superannuation interest is the superannuation interest mentioned in paragraph (b)). (3) However, the fund is not covered by subsection (2) for an income year if, at all times during the income year, all of the assets of the superannuation fund would, apart from subsection 295 ‑ 385(7), be * segregated current pension assets.", "Amendment_Count": 3, "First_Amended": "No 81 of 2016", "Last_Amended": "No 111 of 2021", "Amending_Acts": "No 81 of 2016 | No 47 of 2021 | No 111 of 2021", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 47 of 2021, effective Sch 1 (items 4–9): 1 July 2021 (s 2(1) item 1) | Amended by No 111 of 2021, effective Sch 1 and 3: 1 Oct 2021 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-387"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-390", "Provision_Key": "s295-390", "Heading": "Income from other assets used to meet current pension liabilities", "Text": "(1) A proportion of the * ordinary income and * statutory income of a * complying superannuation fund that would otherwise be assessable income is exempt from income tax under this section. The proportion is worked out under subsection (3). Exception (2) Subsection (1) does not apply to: (a) * non ‑ arm’s length income; or (b) amounts included in assessable income under Subdivision 295 ‑ C; or (c) income * derived from * segregated non ‑ current assets; or (d) income that is exempt from income tax under section 295 ‑ 385. Formula (3) The proportion is: where: average value of current pension liabilities is the average value for the income year of the fund’s current liabilities (contingent or not) in respect of * RP superannuation income stream benefits of the fund at any time in that year. This does not include liabilities for which * segregated current pension assets are held. average value of superannuation liabilities is the average value for the income year of the fund’s current and future liabilities (contingent or not) in respect of * superannuation benefits in respect of which contributions have, or were liable to have, been made. This does not include liabilities for which * segregated current pension assets or * segregated non ‑ current assets are held. Actuary’s certificate (4) The value of particular liabilities of the fund at a particular time is the amount of the fund’s assets, together with future contributions in respect of the benefits concerned and expected earnings on the assets and contributions after that time, that would provide the amount required to discharge those liabilities as they fall due. This must be specified in an * actuary’s certificate obtained by the trustee of the fund before the date for lodgment of the fund’s * income tax return for the income year. (5) The expected earnings are worked out at the rate the actuary expects will be the rate of the fund’s earnings on its assets (except * segregated current pension assets or * segregated non ‑ current assets). Superannuation liabilities where no current certificate (6) The superannuation liabilities do not have to be valued by an actuary for the income year if the fund has no * segregated current pension assets or * segregated non ‑ current assets for the income year. Instead, the value can be worked out using this formula: where: current value of assets is the value of all of the fund’s assets at a time in the income year, as specified in an * actuary’s certificate obtained by the trustee of the fund before the date for lodgment of the fund’s * income tax return for the income year. last value of assets is the most recent value of all of the fund’s assets specified in an * actuary’s certificate. last value of superannuation liabilities is the value, at the time of that most recent valuation, of the fund’s superannuation liabilities specified in an * actuary’s certificate. Note: This allows a fund to avoid the expense of an actuarial valuation of its superannuation liabilities, except in those years that a valuation is required by the SIS Act in order for the fund to continue to be complying. (7) Subsections (4), (5) and (6) do not apply in working out the amounts to be used in the formula in subsection (3) if, at all times during the income year, the liabilities of the fund in respect of * RP superannuation income stream benefits of the fund at those times were liabilities in respect of superannuation income stream benefits that are prescribed by the regulations for the purposes of this subsection.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 143 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-390"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-395", "Provision_Key": "s295-395", "Heading": "Meaning of segregated non ‑ current assets", "Text": "(1) Assets of a * complying superannuation fund are segregated non ‑ current assets at a time in an income year if: (a) the assets are invested, held in reserve or otherwise dealt with at that time solely to enable the fund to discharge all or part of its current and future liabilities (contingent or not) to pay benefits in respect of which contributions have, or were liable to have, been made; and (b) the trustee of the fund obtains an * actuary’s certificate before the date for lodgment of the fund’s * income tax return for the income year to the effect that the amount of the assets, together with any future contributions, and the earnings that the actuary expects will be made from them will provide the amount required to discharge in full those liabilities, or that part of those liabilities, as they fall due. (2) The liabilities referred to in paragraph (1)(a) do not include liabilities (contingent or not) in respect of * RP superannuation income stream benefits of the fund at that time. (3) However, * disregarded small fund assets are not segregated non ‑ current assets.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-395"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-400", "Provision_Key": "s295-400", "Heading": "Income of a PST attributable to current pension liabilities", "Text": "(1) This proportion of the * ordinary income and * statutory income that would otherwise be assessable income of a * pooled superannuation trust is * exempt income: Exceptions (2) Subsection (1) does not apply to: (a) * non ‑ arm’s length income; or (b) amounts included in assessable income under item 1 of the table in section 295 ‑ 320. Alternative exemption (3) However, the trustee of the * pooled superannuation trust can choose that a different amount be * exempt income of the trust under this section if a percentage of the assessable income of the trust would have been exempt income under section 295 ‑ 385 or 295 ‑ 390 if it had been * derived instead by the unitholders in the trust in proportion to their holdings. (4) That percentage of the trust’s * ordinary income and * statutory income is then * exempt income.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-405", "Provision_Key": "s295-405", "Heading": "Other exempt income", "Text": "The * ordinary income or * statutory income of an entity is exempt from income tax as set out in this table. Note: For an explanation of the acronyms used, see section 295 ‑ 35. Exempt income Item For this entity: This is exempt: 1 CSF N ‑ CSF CADF N ‑ CADF A grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 2 * RSA provider Amount credited to the * RSA where a * superannuation income stream covered by section 295 ‑ 407 was paid from the RSA for all of the period in the income year that the RSA existed 3 * RSA provider Part of an amount credited to the * RSA (worked out under section 295 ‑ 410) where a * superannuation income stream covered by section 295 ‑ 407 was paid from the RSA for part of the period in the income year that the RSA existed", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-407", "Provision_Key": "s295-407", "Heading": "Covered superannuation income streams—RSAs", "Text": "A * superannuation income stream is covered by this section if: (a) it is a pension (within the meaning of the Retirement Savings Accounts Act 1997 ); and (b) it is in the * retirement phase.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-407"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-410", "Provision_Key": "s295-410", "Heading": "Amount credited to RSA", "Text": "For item 3 of the table in section 295 ‑ 405, the part of the amount credited to the * RSA that is * exempt income is worked out by: (a) multiplying the amount by the number of days in the income year for which the pension covered by section 295 ‑ 407 was paid; and (b) dividing the result by the number of days in the income year that the RSA existed.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-460", "Provision_Key": "s295-460", "Heading": "Benefits for which deductions are available", "Text": "Sections 295 ‑ 465 (about deductions for complying funds for insurance premiums), 295 ‑ 470 (about deductions for complying funds for future liability to pay benefits) and 295 ‑ 475 (about deductions for * RSA providers for insurance premiums) apply to these benefits: (a) a * superannuation death benefit; (aa) a benefit consisting of an amount payable to an individual because a * terminal medical condition exists in relation to the individual; (b) a * disability superannuation benefit; (c) a benefit consisting of an amount payable to an individual under an income stream because of the individual’s temporary inability to engage in * gainful employment, that is payable for no longer than: (i) 2 years; or (ii) if an approval under section 62 of the Superannuation Industry (Supervision) Act 1993 is in force for benefits of that kind and the approval specifies a longer maximum period—that longer period; or (iii) if there is no such approval in force—a longer period allowed by the Commissioner. Note 1: The fund can deduct amounts in relation to these benefits under either section 295 ‑ 465 or 295 ‑ 470, but not both. Note 2: The taxable component of the superannuation lump sums will contain an element untaxed in the fund: see section 307 ‑ 290.", "Amendment_Count": 5, "First_Amended": "No 9 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 117 of 2010 | No 43 of 2011 | No 61 of 2011", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 43 of 2011, effective s. 4, Schedule 2 (items 4–6) and Schedule 3 (items 1–9): Royal Assent | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-465", "Provision_Key": "s295-465", "Heading": "Complying funds—deductions for insurance premiums", "Text": "Deductions for insurance premiums (1) A * complying superannuation fund can deduct the proportions specified in this table of premiums it pays for insurance policies that are (wholly or partly) for current or contingent liabilities of the fund to provide benefits referred to in section 295 ‑ 460 for its members. It can deduct the amounts for the income year in which the premiums are paid. Deductions of * complying superannuation funds Item The fund can deduct this amount: 1 30% of the premium for a * whole of life policy if all individuals whose lives are insured are members of the fund 2 10% of the premium for an * endowment policy if all individuals whose lives are insured are members of the fund 3 30% of the part of an insurance policy premium (for a policy that is not a * whole of life policy or an * endowment policy) that is specified in the policy as being for a distinct part of the policy, if that part would have been a whole of life policy had it been a separate policy 4 10% of the part of an insurance policy premium (for a policy that is not a * whole of life policy or an * endowment policy) that is specified in the policy as being for a distinct part of the policy, if that part would have been an endowment policy had it been a separate policy 5 The part of a premium that is specified in the policy as being wholly for the liability to provide certain benefits, if those benefits are benefits referred to in section 295 ‑ 460 6 So much of other insurance policy premiums as are attributable to the liability to provide benefits referred to in section 295 ‑ 460 Note: If the fund receives a rebate or refund of an insurance premium, the amount may be included in its assessable income: see table item 4 in section 295 ‑ 320. (1A) If item 5 of the table applies to part, but not all, of an insurance policy premium, item 6 of the table applies to the rest of the premium as if item 5 did not apply to the premium. (1B) For the purposes of item 6 of the table, the regulations may provide that a specified proportion of a specified insurance policy premium may be treated as being attributable to the * complying superannuation fund’s liability to provide benefits referred to in section 295 ‑ 460. Note: The fund may deduct a proportion other than that specified in the regulations for the premium, but must obtain an actuary’s certificate in accordance with subsection (3) in order to do so. The same applies if the insurance policy premium is not specified in the regulations. Deductions for self ‑ insurance (2) A * complying superannuation fund can also deduct the amount it could reasonably be expected to pay in an * arm’s length transaction to obtain an insurance policy to cover it for that part of its current or contingent liabilities to provide benefits referred to in section 295 ‑ 460 for which it does not have insurance coverage. It can deduct the amount for the income year when it has the liability. (2A) For the purposes of subsection (2), the regulations may provide that a specified proportion of an amount mentioned in subsection (2B) may be treated as being the amount the fund could reasonably be expected to pay in an * arm’s length transaction to obtain an insurance policy to cover it for its current or contingent liabilities to provide benefits referred to in section 295 ‑ 460. Example: If: (a) an actuary certifies the amount a fund could reasonably be expected to pay in an arm’s length transaction to obtain an insurance policy; and (b) the insurance policy covers liabilities of the fund to provide a class of total and permanent disability benefits broader than that covered by section 295 ‑ 460; and (c) the insurance policy is specified in the regulations; and (d) the fund does not have insurance coverage for the liabilities; the fund may deduct, under subsection (2), so much of that certified amount as is specified in the regulations. (2B) The amount is the amount a * complying superannuation fund could reasonably be expected to pay in an * arm’s length transaction to obtain an insurance policy specified in the regulations. Actuary’s certificate (3) The trustee must obtain an * actuary’s certificate before the date for lodgment of the fund’s * income tax return for the income year in order to deduct an amount referred to in item 6 of the table or in subsection (2). (3A) Subsection (3) does not apply to an amount referred to in item 6 of the table in relation to an insurance policy premium, if the trustee deducts, under that item, only the proportion (if any) of the premium specified in the regulations made for the purposes of subsection (1B). Choice not to deduct amounts under this section (4) The trustee may choose not to deduct amounts under this section for an income year and to deduct instead (under section 295 ‑ 470) amounts based on the fund’s future liability to pay the benefits. (5) The choice applies also to future income years unless the Commissioner decides that it should not.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 43 of 2011", "Amending_Acts": "No 9 of 2007 | No 117 of 2010 | No 43 of 2011", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 43 of 2011, effective s. 4, Schedule 2 (items 4–6) and Schedule 3 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-470", "Provision_Key": "s295-470", "Heading": "Complying funds—deductions for future liability to pay benefits", "Text": "(1) A * complying superannuation fund can deduct an amount under this section for an income year if: (a) the trustee of the fund makes a choice under subsection 295 ‑ 465(4) and the choice applies to the income year; and (b) the trustee pays: (i) a benefit referred to in paragraph 295 ‑ 460(a), (aa) or (b) for the income year in consequence of the termination of a member’s employment; or (ii) a benefit referred to in paragraph 295 ‑ 460(c). (2) The amount the fund can deduct is: where: benefit amount is: (a) for a benefit that is a * superannuation lump sum—the amount of the lump sum; or (b) for a benefit that is a * superannuation income stream—the * value of the * superannuation interest supporting the income stream; or (c) for a benefit referred to in paragraph 295 ‑ 460(c)—the total of the amounts paid during the income year. future service days is the number of days in the period starting when: (a) the termination happened; or (b) for a benefit referred to in paragraph 295 ‑ 460(c)—the member became unable to engage in * gainful employment; and ending on the member’s * last retirement day. total service days is the sum of future service days and the number of days in: (a) for a benefit that is a * superannuation lump sum—the * service period for the superannuation lump sum; or (b) for another benefit—the period ending on the first day of the period to which the first payment of the benefit relates and starting on the earliest of: (i) the day on which the member joined the relevant * superannuation fund; and (ii) the first day of the period of employment to which the benefit relates (including a qualifying period before the member could join the fund and any period when the member was not a member of the fund); and (iii) the day applicable under subsection (3). (3) The applicable day is the first day of the * service period for a * superannuation lump sum that is a * roll ‑ over superannuation benefit if all or part of the * value of the other benefit is attributable to the roll ‑ over superannuation benefit.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 61 of 2011", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-470"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-475", "Provision_Key": "s295-475", "Heading": "RSA providers—deductions for insurance premiums", "Text": "An * RSA provider can deduct premiums it pays for insurance policies that are wholly for its liability to provide benefits referred to in section 295 ‑ 460 for its * RSA holders. It can deduct the amounts for the income year in which the premiums are paid. Note: If the RSA provider receives a rebate or refund of an insurance premium, the amount may be included in its assessable income: see table item 5 in section 295 ‑ 320.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-475"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-480", "Provision_Key": "s295-480", "Heading": "Meaning of whole of life policy and endowment policy", "Text": "(1) A whole of life policy is an insurance policy: (a) that includes an investment component; and (b) the premiums for which are not dissected; and (c) where the sum insured (and any bonuses) are payable on: (i) the death of the individual insured; or (ii) the earlier of the death of the individual insured and the individual attaining the age specified in the policy (being at least the age of 85). (2) An endowment policy is an insurance policy: (a) that includes an investment component; and (b) the premiums for which are not dissected; and (c) where the sum insured (and any bonuses) are payable on: (i) a day specified in, or worked out under, the policy; or (ii) the death of the individual insured if that happens before that day; but does not include a * whole of life policy.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-480"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-490", "Provision_Key": "s295-490", "Heading": "Other deductions", "Text": "(1) An entity can deduct amounts as set out in this table. Note: For an explanation of the acronyms used, see section 295 ‑ 35. Other deductions Item This entity: Can deduct: For the income year in which: 1 CSF N ‑ CSF CADF N ‑ CADF PST An amount included in the entity’s assessable income under Subdivision 295 ‑ C that is a * fringe benefit The contribution is included in assessable income 2 CSF * RSA provider Contributions made to the CSF or * RSA to the extent they have been reduced by a notice under section 290 ‑ 180 received by the * superannuation provider of the CSF or RSA after it lodged its * income tax return for the income year in which the contributions were made, but only if the provider has not exercised the option mentioned in subsection 295 ‑ 195(3) The notice is received 2A CSF * RSA provider A * roll ‑ over superannuation benefit, to the extent that: (a) the CSF or * RSA is a * successor fund; and (b) the benefit relates to a contribution that, before it was transferred to the successor fund, was covered by a valid and acknowledged notice given to any * superannuation provider under section 290 ‑ 170; and (c) the contribution is reduced by a notice under section 290 ‑ 180 received by the superannuation provider of the successor fund (whether or not the contribution has previously been reduced by a notice given to any superannuation provider under that section) The notice mentioned in paragraph (c) is received 2B CSF * RSA provider A * roll ‑ over superannuation benefit, to the extent that: (a) the benefit is included in the assessable income of the CSF or RSA provider under item 2A of the table in subsection 295 ‑ 190(1); and (b) the relevant contribution has been reduced by a notice under section 290 ‑ 180 received by the * superannuation provider of the CSF or * RSA after it lodged its * income tax return for the income year in which the transfer occurred; and (c) the provider has not exercised the option mentioned in subsection 295 ‑ 197(4) The notice mentioned in paragraph (b) is received 3 CSF N ‑ CSF CADF N ‑ CADF A levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 The levy is incurred 4 Entity that is a N ‑ CSF and has been since 1 July 1988, or since it came into existence if that was later An amount paid to an entity who includes it in assessable income under section 290 ‑ 100 It is included in the entity’s assessable income 5 CSF N ‑ CSF An amount paid by the * superannuation provider of the CSF or N ‑ CSF to the extent: (a) the amount is for a cost incurred because of the provision of personal advice (within the meaning of the Corporations Act 2001 ) to a member of the fund about the member’s interest in the fund (regardless of whether that cost was incurred by the provider, the member or another entity); and (b) the amount is paid at the request, or with the consent, of the member; and (c) the provider has a copy of the written request or consent; and (d) the amount is not incurred in relation to gaining or producing the fund’s * exempt income or * non ‑ assessable non ‑ exempt income The superannuation provider paid the amount (2) A fund cannot deduct an amount under item 3 of the table for a levy imposed by regulations under section 6 of the Superannuation (Financial Assistance Funding) Levy Act 1993 to the extent that: (a) the levy is remitted; or (b) there is a refund or other application of an overpayment of the levy. (3) No other provision of this Act affects a fund’s * income tax liability in relation to the levy.", "Amendment_Count": 6, "First_Amended": "No 9 of 2007", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 9 of 2007 | No 117 of 2010 | No 89 of 2013 | No 21 of 2015 | No 92 of 2020 | No 67 of 2024", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-490"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-495", "Provision_Key": "s295-495", "Heading": "Amounts that cannot be deducted", "Text": "These entities cannot deduct anything for these amounts: Note: For an explanation of the acronyms used, see section 295 ‑ 35. Amounts that cannot be deducted Item This entity Cannot deduct anything for: 1 CSF * Superannuation benefits 2 N ‑ CSF * Superannuation benefits (except amounts paid as mentioned in item 4 of the table in section 295 ‑ 490) 3 * RSA provider * Superannuation benefits paid from, or amounts withdrawn from, * RSAs 4 * RSA provider Amounts credited to * RSAs 5 CSF N ‑ CSF CADF N ‑ CADF A repayment of a grant of financial assistance under Part 23 of the Superannuation Industry (Supervision) Act 1993 6 CSF N ‑ CSF * RSA provider An amount payable to a person under an income stream because of the person’s temporary inability to engage in * gainful employment", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 9 of 2007 | No 92 of 2008 | No 70 of 2015 | No 141 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-495"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-545", "Provision_Key": "s295-545", "Heading": "Components of taxable income—complying superannuation funds, complying ADFs and PSTs", "Text": "(1) The taxable income of a * complying superannuation entity is split into a * non ‑ arm’s length component and a * low tax component. Note: A concessional rate applies to the low tax component, while the non ‑ arm’s length component is taxed at the highest marginal rate. The rates are set out in the Income Tax Rates Act 1986 . (2) If an entity is not of a kind referred to in paragraph 295 ‑ 550(8)(a) (about certain small entities), the non ‑ arm’s length component for an income year is the entity’s * non ‑ arm’s length income for that year less any deductions to the extent that they are attributable to that income. (2A) If the entity is of a kind referred to in paragraph 295 ‑ 550(8)(a) (about certain small entities), the non ‑ arm’s length component for an income year is the lesser of: (a) the sum of: (i) each amount of the entity’s * non ‑ arm’s length income under subsection 295 ‑ 550(1), (2), (4) or (5) for that year less any deductions to the extent that they are attributable to that income; and (ii) each amount of the entity’s non ‑ arm’s length income under subsection 295 ‑ 550(8) or (9) for that year; and (b) the entity’s taxable income for the income year: (i) less the contributions that are included in the entity’s assessable income under Subdivision 295 ‑ C for the income year; and (ii) plus any deductions to the extent that they are attributable to those contributions. (3) The low tax component is any remaining part of the entity’s taxable income for the income year.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 9 of 2007 | No 64 of 2020 | No 52 of 2024", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-545"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-550", "Provision_Key": "s295-550", "Heading": "Meaning of non ‑ arm’s length income", "Text": "(1) An amount of * ordinary income or * statutory income is non ‑ arm’s length income of a * complying superannuation entity if, as a result of a * scheme the parties to which were not dealing with each other at * arm’s length in relation to the scheme, one or more of the following applies: (a) the amount of the income is more than the amount that the entity might have been expected to derive if those parties had been dealing with each other at arm’s length in relation to the scheme; (b) if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities): (i) in gaining or producing the income, the entity incurs a loss, outgoing or expenditure of an amount that is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; and (ii) subsection (8) does not apply to the loss, outgoing or expenditure; (c) if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities): (i) in gaining or producing the income, the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; and (ii) subsection (9) does not apply to the loss, outgoing or expenditure that the entity might have been expected to incur. This subsection does not apply to an amount to which subsection (2) applies or an amount * derived by the entity in the capacity of beneficiary of a trust. (2) An amount of * ordinary income or * statutory income is also non ‑ arm’s length income of the entity if it is: (a) a * dividend paid to the entity by a * private company; or (b) ordinary income or statutory income that is reasonably attributable to such a dividend; unless the amount is consistent with an * arm’s length dealing. (3) In deciding whether an amount is consistent with an * arm’s length dealing under subsection (2), have regard to: (a) the value of * shares in the company that are assets of the entity; and (b) the cost to the entity of the shares on which the * dividend was paid; and (c) the rate of that dividend; and (d) whether the company has paid a dividend on other shares in the company and, if so, the rate of that dividend; and (e) whether the company has issued any shares to the entity in satisfaction of a dividend paid by the company (or part of it) and, if so, the circumstances of the issue; and (f) any other relevant matters. (4) Income * derived by the entity as a beneficiary of a trust, other than because of holding a fixed entitlement to the income, is non ‑ arm’s length income of the entity. (5) Other income * derived by the entity as a beneficiary of a trust through holding a fixed entitlement to the income of the trust is non ‑ arm’s length income of the entity if, as a result of a * scheme the parties to which were not dealing with each other at * arm’s length in relation to the scheme, one or more of the following applies: (a) the amount of the income is more than the amount that the entity might have been expected to derive if those parties had been dealing with each other at arm’s length in relation to the scheme; (b) if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities)—in acquiring the entitlement or in gaining or producing the income, the entity incurs a loss, outgoing or expenditure of an amount that is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; (c) if the entity is of a kind referred to in paragraph (8)(a) (about certain small entities)—in acquiring the entitlement or in gaining or producing the income, the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme. (6) This section: (a) applies to a * non ‑ share equity interest in the same way as it applies to a * share; and (b) applies to an * equity holder in a company in the same way as it applies to a shareholder in the company; and (c) applies to a * non ‑ share dividend in the same way as it applies to a * dividend. (7) Paragraphs (1)(b) and (c) and (5)(b) and (c) apply to a loss, outgoing or expenditure whether or not it is of capital or of a capital nature. Certain small entities—general expenses (8) If: (a) a * complying superannuation entity is: (i) a * regulated superannuation fund with no more than 6 members; or (ii) a * self managed superannuation fund; and (b) as a result of a * scheme the parties to which were not dealing with each other at * arm’s length in relation to the scheme: (i) in gaining or producing the * ordinary income and * statutory income of the entity (but not in gaining or producing income in relation to any particular asset or assets of the entity), the entity incurs a loss, outgoing or expenditure of an amount; and (ii) the amount is less than the amount of a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; an amount of the entity’s ordinary income and statutory income equal to twice the difference between the amount that the entity did incur and the amount that the entity might have been expected to incur is non ‑ arm’s length income of the entity. (9) If: (a) a * complying superannuation entity is of a kind referred to in paragraph (8)(a) (about certain small entities); and (b) as a result of a * scheme the parties to which were not dealing with each other at * arm’s length in relation to the scheme, in gaining or producing the * ordinary income and * statutory income of the entity (but not in gaining or producing income in relation to any particular asset or assets of the entity), the entity does not incur a loss, outgoing or expenditure that the entity might have been expected to incur if those parties had been dealing with each other at arm’s length in relation to the scheme; an amount of the entity’s ordinary income and statutory income equal to twice the amount that the entity might have been expected to incur is non ‑ arm’s length income of the entity.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 9 of 2007 | No 78 of 2019 | No 64 of 2020 | No 52 of 2024", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 78 of 2019, effective Sch 2 and Sch 3 (items 1, 2): 1 Jan 2020 (s 2(1) item 3) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-555", "Provision_Key": "s295-555", "Heading": "Components of taxable income—RSA providers", "Text": "(1) The taxable income of an * RSA provider is split into: (a) an * RSA component; and (c) a * standard component. Note: The RSA component is taxed at the same concessional rate that applies to the low tax component of complying superannuation entities (see section 23 of the Income Tax Rates Act 1986 ). The standard component is taxed at the standard company rate. (2) The RSA component for an income year is worked out in this way: Method statement Step 1. Add these amounts included in the provider’s assessable income for the income year: (a) amounts included under Subdivision 295 ‑ C; and (b) other amounts credited during the year to * RSAs that it provides. Step 2. Subtract from the step 1 amount amounts paid from those * RSAs (except benefits for the RSA holders or tax). Step 3. The result is the RSA component . (3) However, if the * RSA component is more than the * RSA provider’s taxable income: (a) the provider’s taxable income is equal to that sum; and (b) this Act applies to the provider as if it had a * tax loss for the income year of an amount that would have been that loss if the RSA component were not * ordinary income or * statutory income. (4) The standard component is the remaining part (if any) of the * RSA provider’s taxable income for the income year after subtracting the * RSA component.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 9 of 2007 | No 45 of 2008 | No 70 of 2015 | No 64 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-605", "Provision_Key": "s295-605", "Heading": "Liability for tax on no ‑ TFN contributions income", "Text": "(1) A * superannuation provider in relation to a * complying superannuation fund is liable to pay tax on the * no ‑ TFN contributions income of the fund for an income year. (2) A * superannuation provider in relation to a * non ‑ complying superannuation fund is liable to pay tax on the * no ‑ TFN contributions income of the fund for an income year. (3) An * RSA provider is liable to pay tax on its * no ‑ TFN contributions income for an income year. Note 1: The tax is imposed by the Income Tax Act 1986 . Note 2: The no ‑ TFN contributions income is subject to a special rate of tax under the Income Tax Rates Act 1986. Note 3: The Commissioner may make an assessment of the amount of income tax on the no ‑ TFN contributions income: see section 169 of the Income Tax Assessment Act 1936.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-605"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-610", "Provision_Key": "s295-610", "Heading": "No ‑ TFN contributions income", "Text": "(1) An amount included by Subdivision 295 ‑ C in the assessable income of a * complying superannuation fund, a * non ‑ complying superannuation fund or an * RSA provider for an income year is no ‑ TFN contributions income for the year if: (a) it is included by that Subdivision in the assessable income of the income year of the fund or RSA provider in which 1 July 2007 occurs, or a later income year; and (b) it is a contribution made to the fund or * RSA on or after 1 July 2007 to provide * superannuation benefits for an individual; and (c) by the end of the income year, the individual has not * quoted (for superannuation purposes) his or her * tax file number to the * superannuation provider. Exception (2) However, an amount is not no ‑ TFN contributions income if: (a) the contribution was made in relation to a * superannuation interest or an * RSA of the individual that existed prior to 1 July 2007; and (b) the total contributions made in relation to the superannuation interest or RSA for the income year that are included in assessable income under Subdivision 295 ‑ C did not exceed $1,000.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-610"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-615", "Provision_Key": "s295-615", "Heading": "Meaning of quoted (for superannuation purposes)", "Text": "(1) An individual has quoted (for superannuation purposes) a * tax file number to an entity at a time if the individual: (a) quotes his or her tax file number to the entity at that time; or (b) is taken by the Superannuation Industry (Supervision) Act 1993 , the Retirement Savings Accounts Act 1997 or this Act to quote his or her tax file number to the entity at that time; in connection with the operation or the possible future operation of one or more of the following Acts: (c) the Superannuation Acts (within the meaning of Part 25A of the Superannuation Industry (Supervision) Act 1993 ); (d) the Retirement Savings Accounts Act 1997 . (2) An individual is taken to have quoted (for superannuation purposes) a * tax file number to an entity at a time if the Commissioner gives notice of the individual’s tax file number to the entity at that time.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 9 of 2007 | No 143 of 2007 | No 92 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 92 of 2008, effective Schedule 1 (items 10–22, 26): 1 Oct 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-615"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-620", "Provision_Key": "s295-620", "Heading": "No reduction under Subdivision 295 ‑ D", "Text": "There is no reduction of the amount of * no ‑ TFN contributions income by Subdivision 295 ‑ D. Note: Subdivision 295 ‑ D can reduce an amount that would otherwise be included in assessable income. It does not reduce the amount of no ‑ TFN contributions income. An amount is still no ‑ TFN contributions income even if, because of Subdivision 295 ‑ D, the amount (or part of it) is not included in assessable income.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-620"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-625", "Provision_Key": "s295-625", "Heading": "Assessments", "Text": "(2) If the conditions in subsection (3) are met, the Commissioner is taken to have made an assessment of a kind set out in subsection (4). (3) The conditions are: (a) one of the following gives the Commissioner an * income tax return for an income year on a particular day (the return day ): (i) a * superannuation provider in relation to a * complying superannuation fund; (ii) a superannuation provider in relation to a * non ‑ complying superannuation fund; (iii) an * RSA provider; and (b) the return is the first income tax return given by the provider for the year; and (c) the Commissioner has not already made an assessment of a kind set out in subsection (4) for the provider for the year. (4) The assessment is taken to have been made for the provider for the income year on the return day, and to be an assessment, in accordance with the information stated in the return, of the amount of income tax payable on the * no ‑ TFN contributions income (if any) of the provider (or to be an assessment that no tax is payable). (5) The return is taken to be notice of the assessment signed by the Commissioner and given to the provider on the return day. Note: The return may also be taken to be a notice of another assessment: see section 166A of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-625"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-675", "Provision_Key": "s295-675", "Heading": "Entitlement to a tax offset", "Text": "(1) A * superannuation provider in relation to a * superannuation fund or an * RSA provider is entitled to a * tax offset for an income year of the provider (the current year ) commencing on or after 1 July 2007 for amounts of tax that count towards the offset for the provider for the current year. Note: In certain circumstances the superannuation provider or RSA provider can get a refund of the tax offset under Division 67. (2) An amount of tax counts towards the offset for the provider for the current year if subsection (3), (4) or (5) applies for the provider and the tax. Superannuation providers and RSA providers—main case (3) This subsection applies for the provider and the tax if: (a) the tax was payable by the provider in one of the most recent 3 income years of the provider ending before the current year; and (b) the tax was payable on an amount of * no ‑ TFN contributions income of the fund or * RSA provider; and (c) the amount of no ‑ TFN contributions income was a contribution made to the fund or provider to provide * superannuation benefits for an individual who, in the current year, has * quoted (for superannuation purposes) the individual’s * tax file number to the provider for the first time. Superannuation providers of successor funds (4) This subsection applies for the provider (the current provider ) and the tax if: (a) the tax was payable on an amount of * no ‑ TFN contributions income that: (i) was no ‑ TFN contributions income of another * superannuation fund (the previous fund ); and (ii) was a contribution made to the previous fund to provide * superannuation benefits for an individual; and (b) the tax was so payable by the * superannuation provider (the previous provider ) of the previous fund; and (c) the tax was so payable in: (i) one of the most recent 3 income years of the previous provider ending before the current year; or (ii) an income year of the previous provider ending or starting in the current year; and (d) the current provider is the superannuation provider of a * successor fund in relation to the individual and the previous fund; and (e) the individual: (i) never * quoted (for superannuation purposes) the individual’s * tax file number to the previous provider; but (ii) has, in the current year, done so to the current provider for the first time. RSA providers of successor funds (5) This subsection applies for the provider (the current provider ) and the tax if: (a) the tax was payable on an amount of * no ‑ TFN contributions income that: (i) was no ‑ TFN contributions income of another * RSA provider (the previous provider ); and (ii) was a contribution made to the previous provider to provide * superannuation benefits for an individual; and (b) the tax was so payable by the previous provider; and (c) the tax was so payable in: (i) one of the most recent 3 income years of the previous provider ending before the current year; or (ii) an income year of the previous provider ending or starting in the current year; and (d) the current provider is the * superannuation provider of a * successor fund in relation to the individual and an * RSA of the previous provider; and (e) the individual: (i) never * quoted (for superannuation purposes) the individual’s * tax file number to the previous provider but (ii) has, in the current year, done so to the current provider for the first time.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 9 of 2007 | No 141 of 2020", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-675"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 295-680", "Provision_Key": "s295-680", "Heading": "Amount of the tax offset", "Text": "The amount of the * tax offset is the sum of each amount of tax that counts towards the offset for the provider for the current year.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s295-680"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-1", "Provision_Key": "s296-1", "Heading": "What this Division is about", "Text": "This Division reduces the concessional tax treatment of superannuation earnings for individuals with total superannuation balances that, just before the start of an income year or at the end of the year, are greater than the large superannuation balance threshold for the year. There are special rules for foreign superannuation funds, constitutionally protected State higher level office holders, certain justices of the Commonwealth, the Australian Capital Territory and the Northern Territory, non ‑ complying superannuation plans and temporary residents who depart Australia. Note: Part 3 ‑ 20 in Schedule 1 to the Taxation Administration Act 1953 contains rules about the administration of the Division 296 tax.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-5", "Provision_Key": "s296-5", "Heading": "Object of this Division", "Text": "The object of this Division is to reduce the concessional tax treatment of superannuation earnings for individuals with * total superannuation balances that, just before the start of an income year or at the end of the year, are greater than the * large superannuation balance threshold for the year.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-10", "Provision_Key": "s296-10", "Heading": "What this Subdivision is about", "Text": "Subject to certain exceptions, a tax is payable on a proportion of your earnings in relation to superannuation interests if your total superannuation balance just before the start of the year or at the end of the year exceeds the large superannuation balance threshold for the year. A higher amount of tax is payable to the extent that the total superannuation balance exceeds the very large superannuation balance threshold for the year. Table of sections Liability for tax 296 ‑ 15 Liability for tax 296 ‑ 20 Exception—child recipients of superannuation income streams 296 ‑ 25 Exception—structured settlement contributions Large superannuation balance threshold and very large superannuation balance threshold 296 ‑ 30 Large superannuation balance threshold 296 ‑ 35 Very large superannuation balance threshold Taxable superannuation earnings and related concepts 296 ‑ 40 Your taxable superannuation earnings 296 ‑ 45 Your very large superannuation balance earnings component 296 ‑ 50 Total superannuation balance taken to be nil after death 296 ‑ 55 Your total superannuation earnings 296 ‑ 60 Division 296 fund earnings 296 ‑ 65 Your relevant superannuation earnings for a superannuation interest—general rule 296 ‑ 70 Your relevant superannuation earnings for a superannuation interest—certain defined benefit and other interests 296 ‑ 75 Modifications", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-15", "Provision_Key": "s296-15", "Heading": "Liability for tax", "Text": "Subject to sections 296 ‑ 20 and 296 ‑ 25, you are liable to pay * Division 296 tax for an income year if you have * taxable superannuation earnings for the year. Note: The amount of the tax is set out in the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 .", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-20", "Provision_Key": "s296-20", "Heading": "Exception—child recipients of superannuation income streams", "Text": "You are not liable to pay * Division 296 tax for an income year if you are a * child recipient of a * superannuation income stream at any time in the year.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-25", "Provision_Key": "s296-25", "Heading": "Exception—structured settlement contributions", "Text": "You are not liable to pay * Division 296 tax for an income year if a * structured settlement contribution is made in respect of you in that year or in any earlier income year.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-30", "Provision_Key": "s296-30", "Heading": "Large superannuation balance threshold", "Text": "The large superannuation balance threshold is: (a) for the 2026 ‑ 27 income year—$3,000,000; or (b) for the 2027 ‑ 28 income year or a later income year—the amount worked out by indexing annually the amount mentioned in paragraph (a). Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the threshold: see section 960 ‑ 285.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-35", "Provision_Key": "s296-35", "Heading": "Very large superannuation balance threshold", "Text": "The very large superannuation balance threshold is: (a) for the 2026 ‑ 27 income year—$10,000,000; or (b) for the 2027 ‑ 28 income year or a later income year—the amount worked out by indexing annually the amount mentioned in paragraph (a). Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the amount of the threshold: see section 960 ‑ 285.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-40", "Provision_Key": "s296-40", "Heading": "Your taxable superannuation earnings", "Text": "(1) You have taxable superannuation earnings for an income year of the amount worked out using the following formula if: (a) your * total superannuation balance just before the start of the year, or at the end of the year, is greater than the * large superannuation balance threshold for the year; and (b) the amount of your * total superannuation earnings for the year is greater than nil: (2) For the purposes of the formula in subsection (1), the percentage is the amount (expressed as a percentage) worked out using the following formula: where: your total superannuation balance reference amount is the greater of: (a) your * total superannuation balance (if any) just before the start of the year; and (b) your total superannuation balance (if any) at the end of the year. (3) The result of the formula in subsection (2) must be rounded to 2 decimal places (rounding up if the third decimal place is 5 or more).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-45", "Provision_Key": "s296-45", "Heading": "Your very large superannuation balance earnings component", "Text": "(1) You have a very large superannuation balance earnings component for an income year of the amount worked out using the following formula if your * total superannuation balance just before the start of the year, or at the end of the year, is greater than the * very large superannuation balance threshold for the year: (2) For the purposes of the formula in subsection (1), the percentage is the amount (expressed as a percentage) worked out using the following formula: where: your total superannuation balance reference amount is the greater of: (a) your * total superannuation balance (if any) just before the start of the year; and (b) your total superannuation balance (if any) at the end of the year. (3) The result of the formula in subsection (2) must be rounded to 2 decimal places (rounding up if the third decimal place is 5 or more).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-50", "Provision_Key": "s296-50", "Heading": "Total superannuation balance taken to be nil after death", "Text": "For the purposes of sections 296 ‑ 40 and 296 ‑ 45, your * total superannuation balance at a particular time is taken to be nil if, as at that time, you have died.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-55", "Provision_Key": "s296-55", "Heading": "Your total superannuation earnings", "Text": "(1) The amount of your total superannuation earnings for an income year is the total of your * relevant superannuation earnings for the year for: (a) each * superannuation interest of yours that you have at any time in the year; and (b) each superannuation interest that supports a * superannuation income stream of which you are a * retirement phase recipient at any time in the year because of the death of another person. (2) For the purposes of working out that total, the following are taken to be nil: (a) your * relevant superannuation earnings for a * superannuation interest in a * superannuation plan that is a * foreign superannuation fund for the year; (b) your relevant superannuation earnings for a superannuation interest that is a * Division 296 excluded interest in relation to the year; (c) an amount prescribed by the regulations for the purposes of this paragraph. (3) A * superannuation interest mentioned in paragraph (1)(a) or (b) is a Division 296 excluded interest in relation to the year if : (a) column 1 of an item of the following table applies to you for the year; and (b) the interest is specified in column 2 of the item. Excluded superannuation interests Item Column 1 Individual to which item applies for a year Column 2 Superannuation interest 1 at any time in the year, you are declared by the regulations to be an individual to whom this item applies a * superannuation interest in a * constitutionally protected fund 2 at any time before or in the year, you were or are: (a) a Justice of the High Court; or (b) a justice or judge of a court created by the Parliament a * superannuation interest in the * superannuation fund established under the Judges’ Pensions Act 1968 3 at any time before or in the year, you were or are the Chief Justice or a Judge of the Supreme Court of the Australian Capital Territory a * superannuation interest in the * superannuation fund established under the Judges’ Pensions Act 1968 , as it applies under the Supreme Court Act 1933 (ACT) 4 at any time before or in the year, you were or are the Chief Justice or a Judge of the Supreme Court of the Northern Territory a * superannuation interest in the * superannuation fund established under the Supreme Court (Judges Pensions) Act 1980 (NT) 5 both: (a) at any time in the year, you are a * retirement phase recipient of a * superannuation income stream because of the death of another person; and (b) item 1, 2, 3 or 4 applies to that other person for the year, or would have applied to that other person for the year but for the person’s death a * superannuation interest that: (a) supports the income stream; and (b) is of a kind specified in column 2 of that item 6 both: (a) at any time in the year: (i) you have a * superannuation interest in a * superannuation plan; or (ii) you are a * retirement phase recipient of a * superannuation income stream, supported by a superannuation interest in a superannuation plan, because of the death of another person; and (b) the superannuation plan: (i) is not a * complying superannuation plan for the year; and (ii) is not a * foreign superannuation fund for the year the superannuation interest (4) Nothing in subsection (2) or (3) limits section 6 of the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 . Note: Section 6 of the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 provides that Division 296 tax is not imposed in relation to a person if the imposition would exceed the legislative power of the Commonwealth.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-60", "Provision_Key": "s296-60", "Heading": "Division 296 fund earnings", "Text": "Superannuation entities (not including RSA providers or pooled superannuation trusts) (1) The Division 296 fund earnings for an income year for an entity to which Division 295 (about taxation of superannuation entities) applies is the amount worked out using the following formula: where: assessable contributions is the total of the contributions that are included in the entity’s assessable income under Subdivision 295 ‑ C for the year. net exempt current pension income is the result of: (a) working out the total amount of the entity’s * exempt income under sections 295 ‑ 385 and 295 ‑ 390 for the year; and (b) subtracting the total deductions the entity could make if the exempt income were assessable income, to the extent attributable to the exempt income. Note 1: Sections 295 ‑ 385 and 295 ‑ 390 are about income from assets set aside or otherwise used to meet current pension liabilities. Note 2: Sections 296 ‑ 50, 296 ‑ 60 and 296 ‑ 65 of the Income Tax (Transitional Provisions) Act 1997 , which provide for certain adjustments relating to CGT for the purposes of working out Division 296 fund earnings, may be relevant to working out net exempt current pension income under this subsection in some circumstances. pooled superannuation trust component is the total of any amounts for the year the entity has under subsection (2). relevant taxable income or loss is: (a) the entity’s taxable income for the year; or (b) for an income year that is a * loss year—the amount of the entity’s * tax loss for the year, expressed as a negative amount. Note 1: Adjustments may apply in relation to the cost base or reduced cost base of a CGT asset that is an asset of a small superannuation fund at the end of 30 June 2026: see section 296 ‑ 50 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: Adjustments apply in relation to net capital gains of complying superannuation funds if relevant to working out a person’s relevant superannuation earnings for a superannuation interest for the 2026 ‑ 27 income year to the 2029 ‑ 30 income year: see section 296 ‑ 60 of the Income Tax (Transitional Provisions) Act 1997 . Note 3: Deferred notional gains are disregarded for the purposes of working out the entity’s relevant taxable income or loss under this subsection: see subsection 296 ‑ 65(1) of the Income Tax (Transitional Provisions) Act 1997 . Note 4: Certain matters are to be disregarded in working out the entity’s relevant taxable income or loss: see subsection (3) of this section. (2) For the purposes of the definition of pooled superannuation trust component in subsection (1), the entity has an amount under this subsection equal to the amount worked out using the following formula if it holds any units in a * pooled superannuation trust at any time during the trust’s income year (the relevant year ): (a) that is the same period as the entity’s income year mentioned in subsection (1); or (b) that, of the trust’s income years, covers the most of the entity’s income year: where: entity’s average units is the average number of units in the trust during the relevant year as attributable to the holdings of the entity. total average units is the average number of units in the trust during the relevant year. (3) In working out the entity’s relevant taxable income or loss in relation to an income year for the purposes of subsection (1): (a) disregard paragraph 295 ‑ 100(2)(c); and (b) disregard paragraph 70B(2A)(b) of the Income Tax Assessment Act 1936 ; and (c) in determining any * net capital gain or * net capital loss for the year, or any deductions to the extent they are attributable to a net capital gain for the year, disregard the following (except in determining any previously unapplied net capital losses from earlier income years): (i) section 118 ‑ 12 (about assets used to produce exempt income or non ‑ assessable non ‑ exempt income) of this Act, to the extent it applies to a * capital gain or * capital loss that a * complying superannuation entity makes from a * segregated current pension asset; (ii) section 118 ‑ 320 (about segregated current pension assets of a complying superannuation entity). Note 1: Paragraph 295 ‑ 100(2)(c) is about deductions for fees and charges for units in a pooled superannuation trust that are segregated current pension assets. Note 2: Paragraph 70B(2A)(b) of the Income Tax Assessment Act 1936 is about deductions for a loss on the disposal or redemption of certain securities that are segregated current pension assets. Note 3: The provisions mentioned in paragraph (c) of this subsection still apply for the purposes of working out the entity’s net exempt current pension income under subsection (1) of this section. Pooled superannuation trusts (4) Despite subsection (1), the Division 296 fund earnings for an income year for a * pooled superannuation trust is the amount worked out using the following formula: where: assessable transferred contributions is the total of the amounts included in the assessable income of the trust under item 1 of the table in section 295 ‑ 320 (about certain amounts included in assessable income) for the year. net exempt current pension income is the result of: (a) working out the total amount of the trust’s * exempt income under section 295 ‑ 400 for the year; and (b) subtracting the total deductions the entity could make if the exempt income were assessable income, to the extent attributable to the exempt income. Note 1: Section 295 ‑ 400 is about income of a pooled superannuation trust attributable to current pension liabilities. Note 2: Sections 296 ‑ 50, 296 ‑ 60 and 296 ‑ 65 of the Income Tax (Transitional Provisions) Act 1997 , which provide for certain adjustments relating to CGT for the purposes of working out Division 296 fund earnings, may be relevant to working out net exempt current pension income under this subsection in some circumstances. relevant taxable income or loss is: (a) the trust’s taxable income for the year; or (b) for an income year that is a * loss year—the amount of the trust’s * tax loss for the year, expressed as a negative amount. Note 1: A person will not have relevant superannuation earnings in relation to a pooled superannuation trust. However, Division 296 fund earnings of pooled superannuation trusts are included in the Division 296 fund earnings of certain entities under subsection (1) of this section. Note 2: Adjustments apply in relation to net capital gains of pooled superannuation trusts if relevant to working out a person’s relevant superannuation earnings for a superannuation interest for the 2026 ‑ 27 income year to the 2029 ‑ 30 income year: see section 296 ‑ 60 of the Income Tax (Transitional Provisions) Act 1997 . Note 3: Deferred notional gains are disregarded for the purposes of working out the trust’s relevant taxable income or loss under this subsection: see subsection 296 ‑ 65(2) of the Income Tax (Transitional Provisions) Act 1997 . RSA providers that are not life insurance companies (5) Despite subsection (1) of this section, the Division 296 fund earnings for an income year for an * RSA provider that is not a * life insurance company is the amount worked out using the following formula: where: assessable contributions is the total of the contributions that are included in the * RSA provider’s assessable income under Subdivision 295 ‑ C for the year. relevant exempt income is the total amount of the * RSA provider’s * exempt income under items 2 and 3 of the table in section 295 ‑ 405 (about other exempt income) for the year. RSA providers that are life insurance companies (6) The Division 296 fund earnings for an income year for an * RSA provider that is a * life insurance company is the amount worked out using the following formula: where: relevant annuity income is the total of the amounts of the * RSA provider’s assessable income mentioned in paragraphs 320 ‑ 137(3)(d) and (e) (about amounts credited to * RSAs from which * annuities are paid) for the year. relevant taxable income is the total of the amounts included in the assessable income of the * RSA provider under paragraph 320 ‑ 137(2)(f) (about amounts credited and debited to * RSAs) for the year. Other matters (7) The Division 296 fund earnings for an income year for an entity is nil if, apart from this subsection, it would be negative.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-65", "Provision_Key": "s296-65", "Heading": "Your relevant superannuation earnings for a superannuation interest—general rule", "Text": "(1) Your relevant superannuation earnings for an income year ( your year ) for a * superannuation interest is the amount attributable to the interest under this section, of the * Division 296 fund earnings for: (a) the entity that is: (i) for an interest in a * superannuation fund—the superannuation fund; or (ii) for an interest in an * approved deposit fund—the approved deposit fund; or (iii) for an * RSA—the * RSA provider; and (b) the income year of that entity that is the same period as your year (or that, of the income years of the entity, covers the most of your year). (2) Subsection (1) does not apply in relation to: (a) a * superannuation interest that, at any time in your year: (i) is or includes a * defined benefit interest; and (ii) is not in the * retirement phase; or (b) a superannuation interest that is prescribed by the regulations for the purposes of this paragraph. Note: See section 296 ‑ 70 in relation to superannuation interests mentioned in paragraphs (a) and (b) of this subsection. General attribution requirement (3) The amount attributable to the * superannuation interest must be determined on a fair and reasonable basis, having regard to the matters prescribed by the regulations for the purposes of this subsection. Specific requirements for interests in small superannuation funds and prescribed interests (4) Subsection (3) does not apply if the * superannuation interest is: (a) a superannuation interest in a * small superannuation fund; or (b) a superannuation interest prescribed by the regulations for the purposes of this paragraph. (5) The amount attributable to such a * superannuation interest must instead be determined in accordance with the regulations. (6) Regulations made for the purposes of subsection (5): (a) may provide for the amount attributable to the interest to be determined wholly or partly by reference to an * actuary’s certificate; and (b) may specify circumstances in which a nil amount is attributable to the interest.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-70", "Provision_Key": "s296-70", "Heading": "Your relevant superannuation earnings for a superannuation interest—certain defined benefit and other interests", "Text": "(1) Your relevant superannuation earnings for an income year for a * superannuation interest mentioned in subsection 296 ‑ 65(2) is the amount worked out using the following formula: where: prescribed factor is the value prescribed by the regulations for the purposes of this definition. your contributions total is the amount (which may be a nil amount) determined in accordance with regulations made for the purposes of this definition. your withdrawals total is the amount (which may be a nil amount) determined in accordance with regulations made for the purposes of this definition. (2) For the purposes of subsection (1), if the interest does not exist at the end of the year, or just before the start of the year, the * total superannuation balance value of the interest at that time is taken to be nil.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-75", "Provision_Key": "s296-75", "Heading": "Modifications", "Text": "(1) Section 296 ‑ 65 or 296 ‑ 70 has effect in relation to an individual subject to any modifications prescribed by the regulations for the purposes of this subsection. (2) Without limiting subsection (1), regulations made for the purposes of that subsection may modify section 296 ‑ 65 or 296 ‑ 70 in relation to an individual in different ways depending on any of the following matters: (a) the individual to whom the modification relates; (b) whether a * superannuation interest of the individual is in the * retirement phase; (c) whether a superannuation interest of the individual is or includes a * defined benefit interest; (d) a * superannuation income stream (if any) of which the individual is a * retirement phase recipient; (e) the rules of a * superannuation fund or * approved deposit fund, or the terms and conditions of an * RSA, of which the individual is a member; (f) the * superannuation provider in relation to a * superannuation plan of which the individual is a member; (g) whether a superannuation interest of the individual is subject to a * payment split; (h) whether the individual is treated as having a superannuation interest under subsection 307 ‑ 230(3); (i) whether the individual dies during an income year; (j) any other matter. (3) Without limiting subsection (1), in modifying section 296 ‑ 65 or 296 ‑ 70 in relation to an individual’s * relevant superannuation earnings for an income year, the regulations may deal with income or other amounts relating to that income year or to any earlier or later period.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-125", "Provision_Key": "s296-125", "Heading": "What this Subdivision is about", "Text": "This Subdivision has rules about payment of Division 296 tax. Table of sections Operative provisions 296 ‑ 130 When tax is payable—original assessments 296 ‑ 135 When tax is payable—amended assessments 296 ‑ 140 General interest charge", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-130", "Provision_Key": "s296-130", "Heading": "When tax is payable—original assessments", "Text": "(1) Your * assessed Division 296 tax for an income year is due and payable at the end of 84 days after the Commissioner gives you notice of the assessment of the amount of the * Division 296 tax. Exception for tax deferred to a Division 296 debt account (2) However, subsection (1) does not apply to an amount of * assessed Division 296 tax that is * deferred to a Division 296 debt account for a * superannuation interest. Note 1: For assessments of Division 296 tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For deferred to a Division 296 debt account , see Division 134 in that Schedule. Note 3: For release of money from a superannuation plan to pay these amounts, see Division 131 in that Schedule.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-135", "Provision_Key": "s296-135", "Heading": "When tax is payable—amended assessments", "Text": "(1) If the Commissioner amends your assessment, any extra * assessed Division 296 tax resulting from the amendment is due and payable 84 days after the day the Commissioner gives you notice of the amended assessment. Exception for tax deferred to a Division 296 debt account (2) However, subsection (1) does not apply to an amount of extra * assessed Division 296 tax that is * deferred to a Division 296 debt account for a * superannuation interest. Note 1: For deferred to a Division 296 debt account , see Division 134 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: For release of money from a superannuation plan to pay these amounts, see Division 131 in that Schedule.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-140", "Provision_Key": "s296-140", "Heading": "General interest charge", "Text": "If an amount of * assessed Division 296 tax or * shortfall interest charge on assessed Division 296 tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the amount was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the assessed Division 296 tax or the shortfall interest charge; (ii) general interest charge on any of the assessed Division 296 tax or the shortfall interest charge. Note 1: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . For the rate of general interest charge payable under this section, see subsection 8AAC(2A) of that Act. Note 2: Shortfall interest charge is worked out under Division 280 in Schedule 1 to that Act. Note 3: See section 5 ‑ 10 of this Act for when the amount of shortfall interest charge becomes due and payable.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-190", "Provision_Key": "s296-190", "Heading": "What this Subdivision is about", "Text": "If you receive a departing Australia superannuation payment, you are entitled to a refund of any Division 296 tax you have paid. Table of sections Operative provisions 296 ‑ 195 Who is entitled to a refund 296 ‑ 200 Amount of the refund 296 ‑ 205 Entitlement to refund stops all Division 296 tax liabilities", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-195", "Provision_Key": "s296-195", "Heading": "Who is entitled to a refund", "Text": "You are entitled to a refund if: (a) you have made payments of any of the following: (i) * assessed Division 296 tax; (ii) a voluntary payment made under section 134 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 for the purpose of reducing the amount by which a * Division 296 debt account for a * superannuation interest is in debit; (iii) * Division 296 debt account discharge liability; and (b) you receive a * departing Australia superannuation payment; and (c) you apply to the Commissioner in the * approved form for the refund. Note: How the refund is applied is set out in Part IIB of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-200", "Provision_Key": "s296-200", "Heading": "Amount of the refund", "Text": "(1) The amount of the refund to which you are entitled is the sum of the payments mentioned in paragraph 296 ‑ 195(a) that you have made. (2) However, the amount of the refund is reduced by the amount of any refunds to which you are entitled under a previous application of this Subdivision. Exception—Division 296 tax attributable to period when you are an Australian resident (3) Despite subsection (1), if: (a) at any time in your 2026 ‑ 27 income year, or a later income year, you are an Australian resident (but not a * temporary resident); and (b) a payment mentioned in paragraph 296 ‑ 195(a) that you have made relates, or is reasonably attributable, to that income year; the payment is to be disregarded in working out under subsection (1) of this section the amount of the refund to which you are entitled.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-205", "Provision_Key": "s296-205", "Heading": "Entitlement to refund stops all Division 296 tax liabilities", "Text": "(1) The Commissioner may decide to release you from any existing or future liability to pay * Division 296 tax or * Division 296 debt account discharge liability if: (a) you become entitled to a refund under section 296 ‑ 195; or (b) you would become entitled to such a refund, if you were to pay the liability and paragraph 296 ‑ 195(c) were disregarded. (2) The Commissioner may take such action as is necessary to give effect to a decision under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-255", "Provision_Key": "s296-255", "Heading": "What this Subdivision is about", "Text": "Disregard LRBA amounts in working out your total superannuation balance for the purposes of this Division. This Division has effect despite subsection 73(3A) of the Australian Capital Territory (Self ‑ Government) Act 1988 . Table of sections Operative provisions 296 ‑ 260 Disregard LRBA amounts in working out total superannuation balance 296 ‑ 265 Interaction with the Australian Capital Territory (Self ‑ Government) Act 1988", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-260", "Provision_Key": "s296-260", "Heading": "Disregard LRBA amounts in working out total superannuation balance", "Text": "For the purposes of this Division, disregard paragraph 307 ‑ 230(1)(d). Note: If you have an LRBA amount under section 307 ‑ 231 (about limited recourse borrowing arrangements), paragraph 307 ‑ 230(1)(d) includes the amount in your total superannuation balance.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 296-265", "Provision_Key": "s296-265", "Heading": "Interaction with the Australian Capital Territory (Self ‑ Government) Act 1988", "Text": "This Division has effect despite subsection 73(3A) of the Australian Capital Territory (Self ‑ Government) Act 1988 . Note: That subsection relates to the remuneration of judges and magistrates of the Australian Capital Territory.", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s296-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-1", "Provision_Key": "s301-1", "Heading": "What this Division is about", "Text": "This Division sets out the tax treatment of superannuation benefits received by members of complying plans etc. This treatment varies depending on the age of the member when they receive the benefit. This Division also sets out the tax treatment of departing Australia superannuation payments and certain payments less than $200.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-5", "Provision_Key": "s301-5", "Heading": "Division applies to superannuation member benefits paid from complying plans etc.", "Text": "This Division applies to: (a) * superannuation member benefits that are paid from a * complying superannuation plan; and (b) * superannuation guarantee payments; and (c) * small superannuation account payments; and (d) * unclaimed money payments; and (e) * superannuation co ‑ contribution benefit payments; and (f) * superannuation annuity payments. Note: For the tax treatment of superannuation death benefits paid from complying plans, see Division 302. Superannuation benefits paid from superannuation plans that are not complying superannuation plans are dealt with in Division 305.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-10", "Provision_Key": "s301-10", "Heading": "All superannuation benefits are tax free", "Text": "If you are 60 years or over when you receive a * superannuation benefit, the benefit is not assessable income and is not * exempt income. Note 1: Your superannuation benefit may be a superannuation lump sum or a superannuation income stream benefit: see sections 307 ‑ 65 and 307 ‑ 70. Note 2: If your superannuation benefit includes an element untaxed in the fund, see Subdivision 301 ‑ C. Note 3: If your superannuation benefit is a superannuation income stream benefit that is defined benefit income, see Subdivision 303 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-15", "Provision_Key": "s301-15", "Heading": "Tax free status of tax free component", "Text": "If you are under 60 years but have reached your * preservation age when you receive a * superannuation benefit, the * tax free component of the benefit is not assessable income and is not * exempt income. Note 1: Your superannuation benefit may be a superannuation lump sum or a superannuation income stream benefit: see sections 307 ‑ 65 and 307 ‑ 70). Note 2: For tax free component , see Subdivision 307 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-20", "Provision_Key": "s301-20", "Heading": "Superannuation lump sum—taxable component taxed at 0% up to low rate cap amount, 15% on remainder", "Text": "(1) If you are under 60 years but have reached your * preservation age when you receive a * superannuation lump sum, the * taxable component of the lump sum is assessable income. Note 1: For taxable component , see Subdivision 307 ‑ C. Note 2: If your lump sum includes an element untaxed in the fund, see Subdivision 301 ‑ C. (2) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 0%. (3) The amount is so much of the total of the * taxable components included in your assessable income for the income year under subsection (1) as does not exceed your * low rate cap amount (see section 307 ‑ 345) for the income year. (4) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (5) does not exceed 15%. (5) The amount is so much of the total of the * taxable components included in your assessable income for an income year under subsection (1) as exceeds your * low rate cap amount for the income year. Note: This amount will be nil if the total of the taxable components falls short of your low rate cap amount for the income year.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-25", "Provision_Key": "s301-25", "Heading": "Superannuation income stream—taxable component attracts 15% offset", "Text": "(1) If you are under 60 years but have reached your * preservation age when you receive a * superannuation income stream benefit, the * taxable component of the benefit is assessable income. (2) You are entitled to a * tax offset equal to 15% of the * taxable component of the benefit. Note 1: For taxable component , see Subdivision 307 ‑ C. Note 2: If your superannuation income stream benefit includes an element untaxed in the fund, see Subdivision 301 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-30", "Provision_Key": "s301-30", "Heading": "Tax free status of tax free component", "Text": "If you are under your * preservation age when you receive a * superannuation benefit, the * tax free component of the benefit is not assessable income and is not * exempt income. Note 1: Your superannuation benefit may be a superannuation lump sum or a superannuation income stream benefit: see sections 307 ‑ 65 and 307 ‑ 70. Note 2: For tax free component , see Subdivision 307 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-35", "Provision_Key": "s301-35", "Heading": "Superannuation lump sum—taxable component taxed at 20%", "Text": "(1) If you are under your * preservation age when you receive a * superannuation lump sum, the * taxable component of the lump sum is assessable income. Note: For taxable component , see Subdivision 307 ‑ C. (2) You are entitled to a * tax offset that ensures that the rate of income tax on the * taxable component of the lump sum does not exceed 20%. Note: If your lump sum includes an element untaxed in the fund, see Subdivision 301 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-40", "Provision_Key": "s301-40", "Heading": "Superannuation income stream—taxable component is assessable income, 15% offset for disability benefit", "Text": "(1) If you are under your * preservation age when you receive a * superannuation income stream benefit, the * taxable component of the benefit is assessable income. Note: For taxable component , see Subdivision 307 ‑ C. Offset for disability benefit (2) If the benefit is a * superannuation income stream benefit and a * disability superannuation benefit, you are entitled to a * tax offset equal to 15% of the * taxable component of the benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-90", "Provision_Key": "s301-90", "Heading": "Tax free component and element taxed in fund dealt with under Subdivision 301 ‑ B, but element untaxed in the fund dealt with under this Subdivision", "Text": "If you receive a * superannuation benefit that includes an * element untaxed in the fund: (a) the * tax free component (if any) of the benefit is treated in the same way as the tax free component of a superannuation benefit under Subdivision 301 ‑ B; and (b) the * element taxed in the fund (if any) included in the benefit is treated in the same way as the taxable component of a superannuation benefit under Subdivision 301 ‑ B; and (c) the element untaxed in the fund is treated in accordance with this Subdivision. Note: If your superannuation benefit is a superannuation income stream benefit that is defined benefit income, see Subdivision 303 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-95", "Provision_Key": "s301-95", "Heading": "Superannuation lump sum—element untaxed in fund taxed at 15% up to untaxed plan cap amount, top rate on remainder", "Text": "(1) If you are 60 years or over when you receive a * superannuation lump sum from a * superannuation plan, the * element untaxed in the fund of the lump sum is assessable income. (2) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 15%. Note: The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (3) The amount is so much of the * element untaxed in the fund as does not exceed your * untaxed plan cap amount for the * superannuation plan at the time you receive the benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-100", "Provision_Key": "s301-100", "Heading": "Superannuation income stream—element untaxed in fund attracts 10% offset", "Text": "(1) If you are 60 years or over when you receive a * superannuation income stream benefit, the * element untaxed in the fund of the benefit is assessable income. (2) You are entitled to a * tax offset equal to 10% of the * element untaxed in the fund of the benefit. Note: If your superannuation income stream benefit is defined benefit income, see Subdivision 303 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-105", "Provision_Key": "s301-105", "Heading": "Superannuation lump sum—element untaxed in fund taxed at 15% up to low rate cap amount, 30% up to untaxed plan cap amount, top rate on remainder", "Text": "(1) If you are under 60 years but have reached your * preservation age when you receive a * superannuation lump sum from a * superannuation plan, the * element untaxed in the fund of the lump sum is assessable income. (2) You are entitled to a * tax offset that ensures that the rate of income tax on the amount worked out under subsection (3) does not exceed 30%. (3) The amount is so much of the * element untaxed in the fund as does not exceed your * untaxed plan cap amount for the * superannuation plan at the time you receive the benefit. Note: To the extent that the element untaxed in the fund exceeds the amount worked out under this subsection, it is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (4) If you are entitled to one or more * tax offsets under subsection (2) for * superannuation benefits that you receive in an income year, you are entitled to a tax offset that ensures that the rate of income tax on the amount worked out under subsection (5) does not exceed 15%. (5) The amount is so much of the total of the one or more amounts worked out under subsection (3) as does not exceed your * low rate cap amount for the income year. (6) If you are also entitled to a * tax offset under subsection 301 ‑ 20(2) for the income year, reduce your * low rate cap amount for the purposes of subsection (5) of this section for the income year by the amount mentioned in subsection 301 ‑ 20(3).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-110", "Provision_Key": "s301-110", "Heading": "Superannuation income stream—element untaxed in fund is assessable income", "Text": "If you are under 60 years but have reached your * preservation age when you receive a * superannuation income stream benefit, the * element untaxed in the fund of the benefit is assessable income.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-115", "Provision_Key": "s301-115", "Heading": "Superannuation lump sum—element untaxed in fund taxed at 30% up to untaxed plan cap amount, top rate on remainder", "Text": "(1) If you are under your * preservation age when you receive a * superannuation lump sum from a * superannuation plan, the * element untaxed in the fund of the lump sum is assessable income. (2) You are entitled to a * tax offset that ensures that the rate of income tax on the amount mentioned in subsection (3) does not exceed 30%. Note: The remainder of the element untaxed in the fund is taxed at the top marginal rate in accordance with the Income Tax Rates Act 1986 . (3) The amount is so much of the * element untaxed in the fund as does not exceed your * untaxed plan cap amount for the * superannuation plan at the time you receive the benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-120", "Provision_Key": "s301-120", "Heading": "Superannuation income stream—element untaxed in fund is assessable income", "Text": "If you are under your * preservation age when you receive a * superannuation income stream benefit, the * element untaxed in the fund of the benefit is assessable income.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-125", "Provision_Key": "s301-125", "Heading": "Unclaimed money payments by the Commissioner", "Text": "For the purposes of this Subdivision, treat a * superannuation lump sum paid by the Commissioner under subsection 17(2), 20H(2), (2AA), (2A) or (3), 20QF(2), 21E(2), 22B(2) or 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 as if it were paid from a * superannuation plan.", "Amendment_Count": 5, "First_Amended": "No 27 of 2009", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 27 of 2009 | No 133 of 2009 | No 88 of 2013 | No 16 of 2019 | No 24 of 2021", "History_Notes": "Inserted by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-170", "Provision_Key": "s301-170", "Heading": "Departing Australia superannuation payments", "Text": "(1) A * superannuation lump sum is a departing Australia superannuation payment if it: (a) is paid to a person who has departed Australia; and (b) is paid: (i) in accordance with regulations under the Superannuation Industry (Supervision) Act 1993 or the Retirement Savings Accounts Act 1997 that are specified in regulations made for the purposes of this definition; or (ii) in accordance with section 67A of the Small Superannuation Accounts Act 1995 ; or (iii) by an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 ) and is made in accordance with rules of the fund that are substantially similar to the regulations specified as mentioned in subparagraph (i). (2) Also, a * superannuation lump sum is a departing Australia superannuation payment if it is paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . (3) Despite subsection (2), a * superannuation lump sum paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 because a person has been identified in a notice under section 20C of that Act is not a departing Australia superannuation payment if, when it is paid, the Commissioner is satisfied that: (a) the person has not been, under the Migration Act 1958 , the holder of a temporary visa that ceased to be in effect at least 6 months ago; or (b) the person has been the holder of such a visa but has not left Australia (within the meaning of that Act) at least 6 months ago but after starting to be the holder of the visa. (4) Despite subsection (2), a * superannuation lump sum that is paid under subsection 20H(2), (2AA), (2A) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 and is prescribed by the regulations for the purposes of this subsection is not a departing Australia superannuation payment .", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 9 of 2007 | No 151 of 2008 | No 88 of 2013", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-175", "Provision_Key": "s301-175", "Heading": "Treatment of departing Australia superannuation benefits", "Text": "(1) Despite anything else in this Division, if you receive a * superannuation benefit that is a * departing Australia superannuation payment, the benefit is not assessable income and is not * exempt income. (2) However, you are liable to pay income tax on that payment at the rate declared by the Parliament in respect of * departing Australia superannuation payments. Note 1: The tax is imposed in the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 and the amount of the tax is set out in that Act. Note 2: See the Taxation Administration Act 1953 for provisions dealing with the payment of the tax.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-225", "Provision_Key": "s301-225", "Heading": "Superannuation lump sum member benefits less than $200 are tax free", "Text": "(1) Despite anything else in this Division (apart from Subdivision 301 ‑ D), a * superannuation member benefit that you receive is not assessable income and is not * exempt income if: (a) the benefit is a * superannuation lump sum; and (b) the amount of the benefit is less than $200; and (c) the * value of the * superannuation interest from which the benefit is paid is nil just after the benefit is paid; and (d) the requirements (if any) specified in the regulations in relation to the benefit are satisfied. (2) Despite anything else in this Division (apart from Subdivision 301 ‑ D), a * superannuation member benefit that you receive is not assessable income and is not * exempt income if: (a) the benefit is a * superannuation lump sum; and (b) the benefit is paid to you: (i) under subsection 20QF(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in a case covered by paragraph (d) of that subsection; or (ia) under subsection 21E(2) of that Act in a case covered by paragraph (d) of that subsection; or (ib) under subsection 22B(2) of that Act in a case covered by paragraph (d) of that subsection; or (ii) under subsection 24G(2) of that Act in a case covered by paragraph (d) of that subsection; and (c) the amount of the benefit is less than $200.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 9 of 2007 | No 133 of 2009 | No 16 of 2019 | No 24 of 2021", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 301-275", "Provision_Key": "s301-275", "Heading": "Veterans’ superannuation (invalidity pension) tax offset", "Text": "(1) You are entitled to a * tax offset for an income year if: (a) you are an individual; and (b) during the income year, you receive one or more * superannuation lump sums that are payments of: (i) invalidity pay within the meaning of the Defence Force Retirement and Death Benefits Act 1973 ; or (ii) an invalidity pension under the superannuation scheme established under the Military Superannuation and Benefits Act 1991 ; or (iii) a pension mentioned in a paragraph of subsection 307 ‑ 70.02(1A) of the Income Tax Assessment (1997 Act) Regulations 2021 . (2) The amount of your * tax offset is worked out as follows: (a) first, work out the amount by which your basic income tax liability exceeds the total of the amount of your tax offsets (if any) for the income year under: (i) this Division (other than this Subdivision); and (ii) Subdivision AB of Division 17 of Part III of the Income Tax Assessment Act 1936 ; (b) next, work out the total of: (i) the amount worked out under paragraph (a); and (ii) the amounts (if any) of * Medicare levy and * Medicare levy (fringe benefits) surcharge you are liable to pay for the income year; (c) next, work out the total of: (i) the amount worked out under paragraph (a); and (ii) the amounts (if any) of Medicare levy and Medicare levy (fringe benefits) surcharge you are liable to pay for the income year; on the assumptions mentioned in subsection (3); (d) next, work out the amount (if any) by which the total worked out under paragraph (b) exceeds the total worked out under paragraph (c). (3) For the purposes of paragraph (2)(c), the assumptions are that: (a) each * superannuation lump sum mentioned in paragraph (1)(b) were a * superannuation income stream benefit; and (b) for the purposes of section 307 ‑ 125 (proportioning rule), the invalidity pay, invalidity pension or pension mentioned in paragraph (1)(b) of this section were a * superannuation income stream.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s301-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-1", "Provision_Key": "s302-1", "Heading": "What this Division is about", "Text": "This Division sets out the tax treatment of superannuation death benefits received by members of complying plans etc. This treatment varies depending on the age of the deceased when they died (and in some cases on the age of the recipient of the benefit).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-5", "Provision_Key": "s302-5", "Heading": "Division applies to superannuation death benefits paid from complying plans etc.", "Text": "This Division applies to * superannuation death benefits that: (a) are paid from a * complying superannuation plan; or (b) are * superannuation guarantee payments, * small superannuation account payments, * unclaimed money payments, * superannuation co ‑ contribution benefit payments or * superannuation annuity payments. Note: For the tax treatment of superannuation member benefits paid from complying plans, see Division 301. Superannuation benefits paid from superannuation plans that are not complying superannuation plans are dealt with in Division 305.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-10", "Provision_Key": "s302-10", "Heading": "Superannuation death benefits paid to trustee of deceased estate", "Text": "(1) This section applies to you if: (a) you are the trustee of a deceased estate; and (b) you receive a * superannuation death benefit in your capacity as trustee. (2) To the extent that 1 or more beneficiaries of the estate who were * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the * superannuation death benefit: (a) the benefit is treated as if it had been paid to you as a person who was a death benefits dependant of the deceased; and (b) the benefit is taken to be income to which no beneficiary is presently entitled. (3) To the extent that 1 or more beneficiaries of the estate who were not * death benefits dependants of the deceased have benefited, or may be expected to benefit, from the * superannuation death benefit: (a) the benefit is treated as if it had been paid to you as a person who was not a death benefits dependant of the deceased; and (b) the benefit is taken to be income to which no beneficiary is presently entitled.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-60", "Provision_Key": "s302-60", "Heading": "All of superannuation lump sum is tax free", "Text": "A * superannuation lump sum that you receive because of the death of a person of whom you are a * death benefits dependant is not assessable income and is not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-65", "Provision_Key": "s302-65", "Heading": "Superannuation income stream benefits are tax free", "Text": "A * superannuation income stream benefit that you receive because of the death of a person of whom you are a * death benefits dependant is not assessable income and is not * exempt income in either or both of the following cases: (a) you are 60 years or over when you receive the benefit; (b) the deceased died aged 60 or over. Note 1: If your superannuation income stream benefit includes an element untaxed in the fund, see section 302 ‑ 85. Note 2: If your superannuation income stream benefit is defined benefit income, see Subdivision 303 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-70", "Provision_Key": "s302-70", "Heading": "Superannuation income stream—tax free status of tax free component", "Text": "The * tax free component of a * superannuation income stream benefit that you receive because of the death of a person of whom you are a * death benefits dependant is not assessable income and is not * exempt income if: (a) you are under 60 when you receive the benefit; and (b) the deceased died aged under 60. Note: For tax free component , see Subdivision 307 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-75", "Provision_Key": "s302-75", "Heading": "Superannuation income stream—taxable component attracts 15% offset", "Text": "(1) The * taxable component of a * superannuation income stream benefit that you receive because of the death of a person of whom you are a * death benefits dependant is assessable income if: (a) you are under 60 when you receive the benefit; and (b) the deceased died aged under 60. Note: For taxable component , see Subdivision 307 ‑ C. (2) You are entitled to a * tax offset equal to 15% of the * taxable component of the benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-80", "Provision_Key": "s302-80", "Heading": "Treatment of element untaxed in the fund of superannuation income stream death benefit to dependant", "Text": "If a * superannuation income stream benefit that you receive because of the death of a person of whom you are a * death benefits dependant includes an * element untaxed in the fund: (a) the * tax free component (if any) of the benefit is treated in the same way as the tax free component of a superannuation income stream benefit under section 302 ‑ 65 or 302 ‑ 70; and (b) the * element taxed in the fund (if any) of the benefit is treated in the same way as the * taxable component of a superannuation income stream benefit under section 302 ‑ 65 or 302 ‑ 75; and (c) the element untaxed in the fund is treated in accordance with section 302 ‑ 85 or 302 ‑ 90. Note: If your superannuation income stream benefit is defined benefit income, see Subdivision 303 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-85", "Provision_Key": "s302-85", "Heading": "Deceased died aged 60 or above or dependant aged 60 years or above—superannuation income stream: element untaxed in fund attracts 10% offset", "Text": "(1) The * element untaxed in the fund of a * superannuation income stream benefit that you receive because of the death of a person of whom you are a * death benefits dependant is assessable income in either or both of the following cases: (a) you are 60 years or over when you receive the benefit; (b) the deceased died aged 60 or above. (2) You are entitled to a * tax offset equal to 10% of the * element untaxed in the fund of the benefit. Note: If your superannuation income stream benefit is defined benefit income, see Subdivision 303 ‑ A.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-90", "Provision_Key": "s302-90", "Heading": "Deceased died aged under 60 and dependant aged under 60—superannuation income stream: element untaxed in fund is assessable income", "Text": "The * element untaxed in the fund of a * superannuation income stream benefit that you receive because of the death of a person of whom you are a * death benefits dependant is assessable income if: (a) you are aged under 60 when you receive the benefit; and (b) the deceased died aged under 60.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-140", "Provision_Key": "s302-140", "Heading": "Superannuation lump sum—tax free status of tax free component", "Text": "The * tax free component of a * superannuation lump sum that you receive because of the death of a person of whom you are not a * death benefits dependant is not assessable income and is not * exempt income. Note: For tax free component , see Subdivision 307 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-145", "Provision_Key": "s302-145", "Heading": "Superannuation lump sum—element taxed in the fund taxed at 15%, element untaxed in the fund taxed at 30%", "Text": "(1) If you receive a * superannuation lump sum because of the death of a person of whom you are not a * death benefits dependant, the * taxable component of the lump sum is assessable income. Note: For taxable component , see Subdivision 307 ‑ C. (2) You are entitled to a * tax offset that ensures that the rate of income tax on the * element taxed in the fund of the lump sum does not exceed 15%. (3) You are entitled to a * tax offset that ensures that the rate of income tax on the * element untaxed in the fund of the lump sum does not exceed 30%.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-195", "Provision_Key": "s302-195", "Heading": "Meaning of death benefits dependant", "Text": "(1) A death benefits dependant , of a person who has died, is: (a) the deceased person’s * spouse or former spouse; or (b) the deceased person’s * child, aged less than 18; or (c) any other person with whom the deceased person had an interdependency relationship under section 302 ‑ 200 just before he or she died; or (d) any other person who was a dependant of the deceased person just before he or she died. (2) For the purposes of this Division, treat an individual who receives a * superannuation lump sum because of the death of another person as a death benefits dependant of the deceased person in relation to the lump sum if the deceased person * died in the line of duty (see subsection (3)) as: (a) a member of the Defence Force; or (b) a member of the Australian Federal Police or the police force of a State or Territory; or (c) a protective service officer (within the meaning of the Australian Federal Police Act 1979 ). (3) For the purposes of subsection (2), a person died in the line of duty if the person died in the circumstances specified in the regulations.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 9 of 2007 | No 79 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 302-200", "Provision_Key": "s302-200", "Heading": "What is an interdependency relationship ?", "Text": "(1) Two persons (whether or not related by family) have an interdependency relationship under this section if: (a) they have a close personal relationship; and (b) they live together; and (c) one or each of them provides the other with financial support; and (d) one or each of them provides the other with domestic support and personal care. (2) In addition, 2 persons (whether or not related by family) also have an interdependency relationship under this section if: (a) they have a close personal relationship; and (b) they do not satisfy one or more of the requirements of an interdependency relationship mentioned in paragraphs (1)(b), (c) and (d); and (c) the reason they do not satisfy those requirements is that either or both of them suffer from a physical, intellectual or psychiatric disability. (3) The regulations may specify: (a) matters that are, or are not, to be taken into account in determining under subsection (1) or (2) whether 2 persons have an interdependency relationship under this section; and (b) circumstances in which 2 persons have, or do not have, an interdependency relationship under this section.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s302-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-1", "Provision_Key": "s303-1", "Heading": "What this Division is about", "Text": "Under Subdivision 303 ‑ A, the tax treatment of superannuation income stream benefits that are defined benefit income can be less favourable to you if that income exceeds your defined benefit income cap. Subdivision 303 ‑ B sets out special circumstances in which superannuation benefits are neither assessable income nor exempt income.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-2", "Provision_Key": "s303-2", "Heading": "Effect of exceeding defined benefit income cap on assessable income", "Text": "(1) Despite sections 301 ‑ 10 and 302 ‑ 65, if: (a) during a * financial year, you receive one or more * superannuation income stream benefits: (i) that are * defined benefit income; and (ii) to which either section 301 ‑ 10 or 302 ‑ 65 applies; and (b) the sum of all of those benefits (other than any * elements untaxed in the fund of those benefits) exceeds your * defined benefit income cap for the financial year; 50% of that excess is assessable income. (2) Defined benefit income is a * superannuation income stream benefit that is paid from a * capped defined benefit income stream.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-3", "Provision_Key": "s303-3", "Heading": "Effect of exceeding defined benefit income cap on tax offsets", "Text": "Despite sections 301 ‑ 100 and 302 ‑ 85, if: (a) during a * financial year, you receive one or more * superannuation income stream benefits: (i) that are * defined benefit income; and (ii) in relation to which you are entitled, or apart from this section you would be entitled, to one or more * tax offsets under section 301 ‑ 100 or 302 ‑ 85; and (b) the sum of all of the superannuation income stream benefits you receive during the financial year: (i) that are defined benefit income; and (ii) to which section 301 ‑ 10, 301 ‑ 100, 302 ‑ 65 or 302 ‑ 85 applies; exceeds your * defined benefit income cap for the financial year; the sum of those tax offsets is reduced (but not below zero) by an amount equal to 10% of that excess.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-3"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-4", "Provision_Key": "s303-4", "Heading": "Meaning of defined benefit income cap", "Text": "(1) Your defined benefit income cap for a * financial year is the following amount (rounded up to the nearest dollar): (2) Despite subsection (1) of this section, if a particular day in a * financial year is the first day in relation to which section 301 ‑ 10, 301 ‑ 100, 302 ‑ 65 or 302 ‑ 85: (a) applies to you in respect of an amount of * defined benefit income; or (b) would apart from this Subdivision apply to you in respect of an amount of defined benefit income; your defined benefit income cap for the financial year is the following amount (rounded up to the nearest dollar): (3) Despite subsections (1) and (2) of this section, if: (a) in a case where subsection (1) applies—during the * financial year, you receive any amounts of * defined benefit income to which none of sections 301 ‑ 10, 301 ‑ 100, 302 ‑ 65 and 302 ‑ 85 apply; or (b) in a case where subsection (2) applies—during the financial year, you receive after the day mentioned in that subsection any amounts of defined benefit income to which none of sections 301 ‑ 10, 301 ‑ 100, 302 ‑ 65 and 302 ‑ 85 apply; your defined benefit income cap for the financial year under subsection (1) or (2) (as the case requires) is reduced by the sum of those amounts.", "Amendment_Count": 2, "First_Amended": "No 81 of 2016", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 81 of 2016 | No 55 of 2017", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-4"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-5", "Provision_Key": "s303-5", "Heading": "Commutation of income stream if you are under 25 etc.", "Text": "(1) A * superannuation lump sum that you receive from a * complying superannuation plan is not assessable income and is not * exempt income if: (a) the superannuation lump sum arises from the commutation of a * superannuation income stream; and (b) any of these conditions are satisfied: (i) you are under 25 when you receive the superannuation lump sum; (ii) the commutation takes place because you turn 25; (iii) you are permanently disabled when you receive the superannuation lump sum; and (c) you had received one or more * superannuation income stream benefits from the superannuation income stream before the commutation because of the death of a person of whom you are a * death benefits dependant. (2) Subsection (1) applies despite Divisions 301 and 302.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-10", "Provision_Key": "s303-10", "Heading": "Superannuation lump sum member benefit paid to member having a terminal medical condition", "Text": "(1) This section applies to a * superannuation member benefit that: (a) is a * superannuation lump sum; and (b) is: (i) paid from a * complying superannuation plan; or (ii) a * superannuation guarantee payment, a * small superannuation account payment, an * unclaimed money payment, a * superannuation co ‑ contribution benefit payment or a * superannuation annuity payment. (2) The lump sum is not assessable income and is not * exempt income if a * terminal medical condition exists in relation to you when you receive the lump sum or within 90 days after you receive it. Note: For a lump sum you receive in the 2007 ‑ 08 financial year, the period of 90 days may be extended until 30 June 2008: see section 303 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 38 of 2008", "Last_Amended": "No 38 of 2008", "Amending_Acts": "No 38 of 2008", "History_Notes": "Inserted by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-15", "Provision_Key": "s303-15", "Heading": "Payments from release authorities—general", "Text": "A * superannuation benefit that you receive (or are taken to receive) is not assessable income and is not * exempt income if it is paid in response to a release authority issued under section 131 ‑ 15 or 139 ‑ 115 in Schedule 1 to the Taxation Administration Act 1953 in relation to you. Note: In some cases, a related amount may still be included in your assessable income (see Subdivision 292 ‑ B and sections 304 ‑ 20 and 313 ‑ 20).", "Amendment_Count": 5, "First_Amended": "No 75 of 2012", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 75 of 2012 | No 118 of 2013 | No 81 of 2016 | No 132 of 2017 | No 47 of 2026", "History_Notes": "Inserted by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Repealed and substituted by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 47 of 2026, effective sch 1 (items 6-11): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 303-20", "Provision_Key": "s303-20", "Heading": "Payments from release authorities—paying debt account discharge liability or Division 296 debt account discharge liability", "Text": "A * superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a * release entitlement you have, is not assessable income and is not * exempt income. Note: However, payments that exceed the release entitlement are assessable: see section 304 ‑ 20.", "Amendment_Count": 3, "First_Amended": "No 82 of 2013", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 82 of 2013 | No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s303-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 304-1", "Provision_Key": "s304-1", "Heading": "What this Division is about", "Text": "This Division overrides the tax treatment in Divisions 301 and 302 if payments from complying superannuation plans etc. are in breach of payment and other rules. Table of sections Operative provisions 304 ‑ 5 Application 304 ‑ 10 Superannuation benefits in breach of legislative requirements etc. 304 ‑ 20 Excess payments from release authorities—paying debt account discharge liability or Division 296 debt account discharge liability", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s304-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 304-5", "Provision_Key": "s304-5", "Heading": "Application", "Text": "This Division applies despite Divisions 301, 302 and 303.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s304-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 304-10", "Provision_Key": "s304-10", "Heading": "Superannuation benefits in breach of legislative requirements etc.", "Text": "(1) Include in your assessable income the amount of a * superannuation benefit if: (a) any of the following applies: (i) you received the benefit from a * complying superannuation fund or from a * superannuation fund that was previously a complying superannuation fund; (ii) the benefit is attributable to the assets of a complying superannuation fund or from a superannuation fund that was previously a complying superannuation fund; and (b) any of the following applies: (i) the fund was not (when you received the benefit) maintained as required by section 62 of the Superannuation Industry (Supervision) Act 1993 ; (ii) you received the benefit otherwise than in accordance with payment standards prescribed under subsection 31(1) of the Superannuation Industry (Supervision) Act 1993 . (2) Include in your assessable income the amount of a * superannuation benefit if: (a) any of the following applies: (i) you received the benefit from a * complying approved deposit fund or from an * approved deposit fund that was previously a complying approved deposit fund; (ii) the benefit is attributable to the assets of a complying approved deposit fund or from an approved deposit fund that was previously a complying approved deposit fund; and (b) you received the benefit otherwise than in accordance with payment standards prescribed under subsection 32(1) of the Superannuation Industry (Supervision) Act 1993 . (3) Include in your assessable income the amount of a * superannuation benefit you receive from an * RSA in breach of the Retirement Savings Accounts Act 1997 , regulations under that Act or payment standards prescribed under subsection 38(2) of that Act. (4) However, you do not have to include the amount in your assessable income to the extent that the Commissioner is satisfied that it is unreasonable that it be included having regard to: (a) for subsection (1) or (2)—the nature of the fund; and (b) any other matters that the Commissioner considers relevant. (5) For the purposes of this section, treat your receipt of a benefit (other than a * superannuation benefit) out of, or attributable to, the assets of a * superannuation plan as your receipt of a superannuation benefit.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s304-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 304-20", "Provision_Key": "s304-20", "Heading": "Excess payments from release authorities—paying debt account discharge liability or Division 296 debt account discharge liability", "Text": "(1) Despite section 303 ‑ 20, a * superannuation benefit that you receive (or are taken to receive), paid in relation to a release authority issued to you in respect of a * release entitlement you have, is assessable income to the extent (if any) that it exceeds the amount mentioned in subsection (2). Note: Section 303 ‑ 20 makes superannuation benefits received under a release authority non ‑ assessable non ‑ exempt income. (2) The amount is the amount of the * release entitlement, reduced (but not below zero) by the amount of any * superannuation benefit that was not assessable income and not * exempt income under a previous operation of section 303 ‑ 20 of this Act in relation to that release entitlement.", "Amendment_Count": 3, "First_Amended": "No 82 of 2013", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 82 of 2013 | No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s304-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-1", "Provision_Key": "s305-1", "Heading": "What this Division is about", "Text": "This Division sets out the tax treatment of superannuation benefits received by members of non ‑ complying plans (including foreign superannuation funds).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-5", "Provision_Key": "s305-5", "Heading": "Tax treatment of superannuation benefits from certain Australian non ‑ complying superannuation funds", "Text": "A * superannuation benefit that you receive from a * non ‑ complying superannuation fund that is an * Australian superannuation fund (for the income year in which the benefit is paid) is * exempt income if: (a) the fund: (i) has never been a * complying superannuation fund; or (ii) last stopped being a complying superannuation fund for the income year in which 1 July 1995 occurred or a later income year; and (b) the fund: (i) has never been a * foreign superannuation fund; or (ii) last stopped being a foreign superannuation fund for the income year in which 1 July 1995 occurred or a later income year.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-55", "Provision_Key": "s305-55", "Heading": "Restriction to lump sums received from certain foreign superannuation funds", "Text": "(1) This Subdivision applies if: (a) you receive a * superannuation lump sum from a * foreign superannuation fund; and (b) the fund is an entity mentioned in item 4 of the table in subsection 295 ‑ 490(1) (which deals with deductions for superannuation entities). (2) This Subdivision also applies if you receive a payment, other than a pension payment, from a scheme for the payment of benefits in the nature of superannuation upon retirement or death that: (a) is not, and never has been, an * Australian superannuation fund or a * foreign superannuation fund; and (b) was not established in Australia; and (c) is not centrally managed or controlled in Australia. (3) This Subdivision applies to a payment mentioned in subsection (2) from a scheme mentioned in that subsection in the same way as it applies to a * superannuation lump sum from a * foreign superannuation fund.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-60", "Provision_Key": "s305-60", "Heading": "Lump sums tax free—foreign resident period", "Text": "A * superannuation lump sum you receive from a * foreign superannuation fund is not assessable income and is not * exempt income if: (a) you receive it within 6 months after you become an Australian resident; and (b) it relates only to a period: (i) when you were not an Australian resident; or (ii) starting after you became an Australian resident and ending before you receive the payment; and (c) it does not exceed the amount in the fund that was vested in you when you received the payment. Note: If you received the lump sum after that period of 6 months, or the lump sum exceeds the vested amount, the payment will fall within section 305 ‑ 70.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-65", "Provision_Key": "s305-65", "Heading": "Lump sums tax free—Australian resident period", "Text": "(1) A * superannuation lump sum you receive is not assessable income and is not * exempt income if: (a) you receive it in consequence of: (i) the termination of your employment as an employee, or as the holder of an office, in a foreign country; or (ii) the termination of your engagement on qualifying service on an approved project (within the meaning of section 23AF of the Income Tax Assessment Act 1936 ), in relation to a foreign country; and (b) it relates only to the period of that employment, holding of office, or engagement; and (c) you were an Australian resident during the period of the employment, holding of office or engagement; and (d) you receive the lump sum within 6 months after the termination; and (e) the lump sum is not exempt from taxation under the law of the foreign country; and (f) for a period of employment or holding an office—your foreign earnings from the employment or office are exempt from income tax under section 23AG of the Income Tax Assessment Act 1936 ; and (g) for a period of engagement on qualifying service on an approved project—your eligible foreign remuneration from the service is exempt from income tax under section 23AF of that Act. Note: If you received the lump sum after that period of 6 months, the lump sum will fall within section 305 ‑ 70. (2) For the purposes of subsection (1), treat the termination of employment, holding of office, or engagement as including: (a) retirement from the employment, office or engagement; and (b) cessation of the employment, office or engagement because of death.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-70", "Provision_Key": "s305-70", "Heading": "Lump sums received more than 6 months after Australian residency or termination of foreign employment etc.", "Text": "Superannuation lump sums to which section applies (1) This section applies to a * superannuation lump sum you receive from a * foreign superannuation fund if: (a) you are an Australian resident when you receive the lump sum; and (b) sections 305 ‑ 60 and 305 ‑ 65 do not apply to the lump sum. Assessable part (2) Include in your assessable income so much of the lump sum (excluding any amount mentioned in subsection (4)) as equals: (a) your * applicable fund earnings (worked out under section 305 ‑ 75); or (b) if you have made a choice under section 305 ‑ 80—your applicable fund earnings, less the amount covered by the choice. Note: Under section 305 ‑ 80, if your lump sum is paid into a complying superannuation plan, you can choose to have some or all of the applicable fund earnings excluded from your assessable income. The amount you choose is included in the assessable income of the plan: see section 295 ‑ 200. Non ‑ assessable, non ‑ exempt part (3) The remainder of the lump sum is not assessable income and is not * exempt income. Amount paid into another foreign superannuation fund (4) Any part of the lump sum that is paid into another * foreign superannuation fund is not assessable income and is not * exempt income. Note: However, your applicable fund earnings under section 305 ‑ 75 in relation to a later lump sum payment out of the other foreign superannuation fund may include an amount ( previously exempt fund earnings ) attributable to the lump sum.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-75", "Provision_Key": "s305-75", "Heading": "Lump sums— applicable fund earnings", "Text": "(1) This section applies if you need to work out an amount (your applicable fund earnings ) in relation to a * superannuation lump sum to which section 305 ‑ 70 applies that you receive from a * foreign superannuation fund. If you were an Australian resident at all times (2) If you were an Australian resident at all times during the period to which the lump sum relates, the amount of your applicable fund earnings is the amount (not less than zero) worked out as follows: (a) work out the total of the following amounts: (i) the part of the lump sum that is attributable to contributions made by or in respect of you on or after the day when you became a member of the fund (the start day ); (ii) the part of the lump sum (if any) that is attributable to amounts transferred into the fund from any other * foreign superannuation fund during the period; (b) subtract that total amount from the amount in the fund that was vested in you when the lump sum was paid (before any deduction for * foreign income tax); (c) add the total of all your previously exempt fund earnings (if any) covered by subsections (5) and (6). If you were not an Australian resident at all times (3) If you become an Australian resident after the start of the period to which the lump sum relates (but before you received it) the amount of your applicable fund earnings is the amount (not less than zero) worked out as follows: (a) work out the total of the following amounts: (i) the amount in the fund that was vested in you just before the day (the start day ) you first became an Australian resident during the period; (ii) the part of the payment that is attributable to contributions to the fund made by or in respect of you during the remainder of the period; (iii) the part of the payment (if any) that is attributable to amounts transferred into the fund from any other * foreign superannuation fund during the remainder of the period; (b) subtract that total amount from the amount in the fund that was vested in you when the lump sum was paid (before any deduction for * foreign income tax); (c) multiply the resulting amount by the proportion of the total days during the period when you were an Australian resident; (d) add the total of all previously exempt fund earnings (if any) covered by subsections (5) and (6). Previous lump sums from the fund (4) If the lump sum is not the first lump sum from the fund you have received to which this section applies, for subsections (2) and (3) the start day is the day after you received the most recent such lump sum. Previously exempt fund earnings (5) You have an amount of previously exempt fund earnings in respect of the lump sum if: (a) part or all of the amount in the fund that was vested in you when the lump sum was paid (before any deduction for * foreign income tax) is attributable to the amount; and (b) the amount is attributable to a payment received from a * foreign superannuation fund; and (c) the amount would have been included in your assessable income under subsection 305 ‑ 70(2) by the application of this section, but for the payment having been received by another foreign superannuation fund. (6) The amount of your previously exempt fund earnings is the amount mentioned in paragraph (5)(c) (disregarding the addition of previously exempt fund earnings under subsection (2) or (3) of this section).", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 9 of 2007 | No 143 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 305-80", "Provision_Key": "s305-80", "Heading": "Lump sums paid into complying superannuation plans—choice", "Text": "(1) This section applies if: (a) section 305 ‑ 70 applies to a * superannuation lump sum that is paid from a * foreign superannuation fund; and (b) you are taken to receive the lump sum under section 307 ‑ 15; and (c) all of the lump sum is paid into a * complying superannuation fund; and (d) immediately after the lump sum is paid into the complying superannuation fund, you no longer have a * superannuation interest in the foreign superannuation fund. (2) You may choose for all or part of your * applicable fund earnings worked out under section 305 ‑ 75 (but not exceeding the amount of the lump sum) to be included in the assessable income of the * complying superannuation plan. Note: Section 295 ‑ 200 provides for the amount specified in the choice to be included in the assessable income of the complying superannuation plan. (3) Your choice: (a) must be in writing; and (b) must comply with the requirements (if any) specified in the regulations.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s305-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-1", "Provision_Key": "s306-1", "Heading": "What this Division is about", "Text": "This Division sets out the tax treatment of payments made from one superannuation plan to another superannuation plan, and of similar payments. Table of sections Operative provisions 306 ‑ 5 Effect of a roll ‑ over superannuation benefit 306 ‑ 10 Roll ‑ over superannuation benefit 306 ‑ 12 Involuntary roll ‑ over superannuation benefit 306 ‑ 15 Tax on excess untaxed roll ‑ over amounts 306 ‑ 20 Effect of payment to government of unclaimed superannuation money 306 ‑ 25 Payments connected with financial claims scheme to RSAs", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-5", "Provision_Key": "s306-5", "Heading": "Effect of a roll ‑ over superannuation benefit", "Text": "A * roll ‑ over superannuation benefit that you are taken to receive under section 307 ‑ 15 is not assessable income and is not * exempt income. Note: Roll ‑ over superannuation benefits are paid into a complying superannuation plan or are used to purchase a superannuation annuity on your behalf. However, you are taken to receive the benefit under subsection 307 ‑ 15(1).", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-10", "Provision_Key": "s306-10", "Heading": "Roll ‑ over superannuation benefit", "Text": "A * superannuation benefit is a roll ‑ over superannuation benefit if: (a) the benefit is a * superannuation lump sum and a * superannuation benefit; and (b) the benefit is not a superannuation benefit of a kind specified in the regulations; and (c) the benefit satisfies any of the following conditions: (i) it is paid from a * complying superannuation plan; (ii) it is an * unclaimed money payment; (iii) it arises from the commutation of a * superannuation annuity; (iv) it is a payment under subsection 131 ‑ 80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 ; and (d) the benefit satisfies any of the following conditions: (i) it is paid to a complying superannuation plan; (ii) it is paid to an entity to purchase a superannuation annuity from the entity. Note 1: A superannuation benefit may be paid from one superannuation plan of a superannuation provider to another superannuation plan of the same provider. Note 2: For the treatment of amounts transferred within a superannuation plan, see subsection 307 ‑ 5(8). Note 3: Subparagraph (c)(iv) relates to payments when an entitlement to a credit ceases for a release authority relating to an FHSS determination.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 9 of 2007 | No 81 of 2016 | No 75 of 2023", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-12", "Provision_Key": "s306-12", "Heading": "Involuntary roll ‑ over superannuation benefit", "Text": "A * roll ‑ over superannuation benefit is an involuntary roll ‑ over superannuation benefit if it is: (a) a payment transferring a * superannuation interest of: (i) a member of a * superannuation fund; or (ii) a depositor with an * approved deposit fund; or (iii) a holder of an * RSA; to a * successor fund (other than a * self managed superannuation fund) without the consent of the member, depositor or holder; or (b) a payment transferring an * accrued default amount of a member (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) of a * complying superannuation fund to another complying superannuation fund: (i) as a result of an election under paragraph 29SAA(1)(b) of that Act; or (ii) under section 388 of that Act; if: (iii) that member becomes a member (within the meaning of that Act) of the other fund immediately after the transfer; and (iv) the transfer happens during the period beginning on 1 July 2015 and ending on 1 July 2017; or (c) a payment of consideration for the issue to a person of a beneficial interest in an eligible rollover fund (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) in accordance with an application on behalf of that person under section 243 of that Act.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-15", "Provision_Key": "s306-15", "Heading": "Tax on excess untaxed roll ‑ over amounts", "Text": "(1) This section applies to a * superannuation benefit if: (a) it is a * roll ‑ over superannuation benefit that is paid into a * superannuation plan; and (b) you are taken to receive the benefit under section 307 ‑ 15; and (c) the benefit consists of, or includes, an amount that is an * element untaxed in the fund; and (d) the amount mentioned in paragraph (c) exceeds your * untaxed plan cap amount (see section 307 ‑ 350), for the superannuation plan from which the benefit is paid, just before you are taken to receive the benefit. Note: To work out your untaxed plan cap amount in relation to an unclaimed money payment from the Commissioner, see subsection 307 ‑ 350(2B). (1A) However, this section does not apply to a * roll ‑ over superannuation benefit that is transferred from one * superannuation interest in a * superannuation plan to another superannuation interest in the same plan. Note 1: A superannuation benefit may be paid from one superannuation plan of a superannuation provider to another superannuation plan of the same provider. Such a benefit may be a roll ‑ over superannuation benefit: see section 306 ‑ 10. Note 2: For the treatment of amounts transferred within the same superannuation plan, see subsection 307 ‑ 5(8). (2) The excess untaxed roll ‑ over amount is the amount of the excess mentioned in paragraph (1)(d). (3) You are liable to pay income tax on the * excess untaxed roll ‑ over amount at the rate declared by the Parliament in respect of such amounts. Note 1: The tax is imposed in the Superannuation (Excess Untaxed Roll ‑ over Amounts Tax) Act 2007 , and the amount of tax is set out in that Act. Note 2: See the Taxation Administration Act 1953 for provisions dealing with the payment of the tax.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 27 of 2009", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-20", "Provision_Key": "s306-20", "Heading": "Effect of payment to government of unclaimed superannuation money", "Text": "An * unclaimed money payment that you are taken to receive under section 307 ‑ 15 because it is paid in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or because it is paid as mentioned in subsection 18(4) of that Act, to the Commissioner or a State or Territory authority (within the meaning of that Act) is not assessable income and is not * exempt income.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 9 of 2007 | No 117 of 2010", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 306-25", "Provision_Key": "s306-25", "Heading": "Payments connected with financial claims scheme to RSAs", "Text": "(1) This section applies if: (a) a person is the holder of an * RSA (the old RSA ) of which an * ADI is the * RSA provider; and (b) an entitlement of the person arises under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 in connection with the old RSA; and (c) either: (i) the entitlement, so far as it relates to the old RSA, is met wholly or partly by the making of a payment to another RSA (the new RSA ) that the person is the holder of (whether or not the new RSA was established under section 16AH of the Banking Act 1959 ); or (ii) a liquidator of the ADI pays a distribution from the liquidation of the ADI, so far as the distribution is attributable to the old RSA, to another RSA (also the new RSA ) that the person is the holder of (whether or not the new RSA was established under section 16AR of the Banking Act 1959 ). (2) This Part (except this section), and the other provisions of this Act (except this section) so far as they relate to this Part, apply in relation to the payment to the new RSA as if: (a) the payment were made from the old RSA to the new RSA; and (b) the entity that made the payment (rather than the * ADI) were the * RSA provider of the old RSA. Note: The effects of this include: (a) the payment is a superannuation member benefit of the person (because of sections 307 ‑ 5 and 307 ‑ 15); and (b) the payment is a superannuation lump sum under Subdivision 307 ‑ B (unless regulations prevent this); and (c) the payment is a roll ‑ over superannuation benefit under section 306 ‑ 10 (unless regulations prevent this); and (d) reporting obligations (such as those in section 390 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 ) apply to the entity that made the payment as if it were the RSA provider of the old RSA. (3) However, for the purposes of section 307 ‑ 125, determine the * value of the * superannuation interest, and the amount of each of the * tax free component and the * taxable component of the interest: (a) when the entitlement arose; or (b) if a * superannuation income stream benefit had been paid from the old RSA before that time—at the time the relevant * superannuation income stream commenced. (4) Subsection (3) has effect despite: (a) subsection 307 ‑ 125(3) (as it applies because of subsection (2) of this section); and (b) paragraph 307 ‑ 125(3)(a) of the Income Tax (Transitional Provisions) Act 1997 . (5) This section has effect despite: (a) Division 253; and (b) Division 21 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s306-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-1", "Provision_Key": "s307-1", "Heading": "What this Division is about", "Text": "This Division defines concepts used in Divisions 301 to 306, such as superannuation benefit , and the tax free component and taxable component of such benefits. To work out those components, it is often necessary to work out the corresponding components of the superannuation interest from which the benefit is paid (see Subdivision 307 ‑ D). This Division also defines the element taxed in the fund and the element untaxed in the fund of superannuation benefits, which are relevant to superannuation benefits paid from untaxed funds etc. (see Subdivision 307 ‑ D). Subdivision 307 ‑ F defines the concessional limits used in Division 301 known as the low rate cap amount and untaxed plan cap amount.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-5", "Provision_Key": "s307-5", "Heading": "What is a superannuation benefit ?", "Text": "(1) A superannuation benefit is a payment described in the table or in subsection (1A). Types of superannuation benefits Item Column 1 Superannuation benefit type Column 2 Superannuation member benefit Column 3 Superannuation death benefit 1 superannuation fund payment A payment to you from a * superannuation fund because you are a fund member. A payment to you from a superannuation fund, after another person’s death, because the other person was a fund member. 2 RSA payment A payment to you from an * RSA because you are the holder of the RSA. A payment to you from an RSA, after another person’s death, because the other person was the holder of the RSA. 3 approved deposit fund payment A payment to you from an * approved deposit fund because you are a depositor with the fund. A payment to you from an approved deposit fund after another person’s death, because the other person was a depositor with the fund. 4 small superannuation account payment A payment to you under section 63, 64, 65, 65A, 66, 67 or 67A, or subsection 76(6), of the Small Superannuation Accounts Act 1995 . (These provisions authorise payment of money held under the Act.) A payment to you under section 68 or subsection 76(7) of the Small Superannuation Accounts Act 1995 . (These provisions authorise payment of money held under the Act to the legal personal representative of the deceased.) 5 unclaimed money payment A payment to you: (a) under subsection 17(1), (2) or (2AB), 20F(1) or 20H(2), (2AA) or (2A), section 20QD or subsection 20QF(2) or (5), section 21C or subsection 21E(2) or (5), section 22 or subsection 22B(2) or (5), section 24E or subsection 24G(2) or (3A) or 24NA(2), (3) or (4) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) as mentioned in subsection 18(4) or (5) of that Act; otherwise than because of another person’s death . A payment to you: (a) under subsection 17(1), (2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3), 20QF(2), (5) or (6), 21E(2), (5) or (6), 22B(2), (5) or (6) or 24G(2), (3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) as mentioned in subsection 18(4) or (5) of that Act; because of another person’s death. 6 superannuation co ‑ contribution benefit payment A payment to you under paragraph 15(1)(c) of the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 . A payment to you under paragraph 15(1)(d) of the Superannuation (Government Co ‑ contribution for Low Income Earners) Act 2003 . 7 superannuation guarantee payment A payment to you under section 65A, 66 or 66A of the Superannuation Guarantee (Administration) Act 1992 . (This provides for money collected under the Act to be paid to a person who retires because of incapacity or invalidity, or who has a terminal medical condition.) A payment to you under section 67 of the Superannuation Guarantee (Administration) Act 1992 . (This provides for money collected under the Act to be paid to the legal personal representative of the deceased.) 8 superannuation annuity payment A payment to you: (a) from a * superannuation annuity; or (b) arising from the commutation of a superannuation annuity; because you are the annuitant. A payment to you: (a) from a superannuation annuity; or (b) arising from the commutation of a superannuation annuity; because of the death of the annuitant. 9 repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination A payment relating to you under subsection 131 ‑ 80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 . (1A) A payment (a PPL superannuation contribution payment ) to you under paragraph 115F(1)(c) or paragraph 115K(4)(c) of the Paid Parental Leave Act 2010 . (1B) For the purposes of subsection (1A), disregard any amount recovered in relation to the payment under item 3 of the table in subsection 115P(3) of the Paid Parental Leave Act 2010 . (2) A superannuation member benefit is a payment described in column 2 of the table. (4) A superannuation death benefit is a payment described in column 3 of the table or in subsection (1A). (5) Subsection (6) applies if a * contributions ‑ splitting superannuation benefit or a * family law superannuation payment is paid to you because another person is a member of a * superannuation fund, holder of an * RSA or depositor with an * approved deposit fund, or the annuitant under a * superannuation annuity. (6) For the purposes of this section (and despite section 307 ‑ 15): (a) treat yourself as a member of the fund, holder of the * RSA, depositor with the fund or annuitant under the * superannuation annuity; and (b) do not treat the other person as a member of the fund, holder of the RSA, depositor with the fund or annuitant under the superannuation annuity. Note: This means that the benefit is a superannuation benefit for you but not for the other person. (7) A family law superannuation payment is a payment that: (a) is a payment of any of the following kinds: (i) a payment in accordance with Part VIIIB or VIIIC of the Family Law Act 1975 ; (ii) a payment in accordance with prescribed regulations made under the Family Law Act 1975 ; (iii) a payment in accordance with Part 7A of the Superannuation Industry (Supervision) Regulations 1994 ; (iv) a payment in accordance with Part 4A of the Retirement Savings Accounts Regulations 1997 ; (v) a payment specified in the regulations; and (b) satisfies the requirements (if any) specified in the regulations. Treatment of amounts transferred within a superannuation plan (8) If an amount is transferred from one * superannuation interest in a * superannuation plan to another superannuation interest in the same plan, treat the transfer as a payment in determining whether the transfer of the amount is a superannuation benefit or a roll ‑ over superannuation benefit.", "Amendment_Count": 16, "First_Amended": "No 9 of 2007", "Last_Amended": "No 90 of 2024", "Amending_Acts": "No 9 of 2007 | No 143 of 2007 | No 151 of 2008 | No 27 of 2009 | No 133 of 2009 | No 117 of 2010 | No 88 of 2013 | No 81 of 2016 | No 23 of 2018 | No 16 of 2019 | No 18 of 2020 | No 112 of 2020 | No 141 of 2020 | No 24 of 2021 | No 75 of 2023 | No 90 of 2024", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 18 of 2020, effective Sch 1 (items 24–26): 6 Sept 2020 (s 2(1) item 1) | Amended by No 112 of 2020, effective Sch 3 (items 39–47): 28 Sept 2022 (s 2(1) item 1) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3) | Amended by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11) | Amended by No 90 of 2024, effective sch 2 (items 2 ‑ 6): 2 Oct 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-10", "Provision_Key": "s307-10", "Heading": "Payments that are not superannuation benefits", "Text": "A payment of any of the following kinds is not a superannuation benefit : (a) an amount payable to a person under an income stream because of the person’s temporary inability to engage in * gainful employment; (aa) a benefit to which subsection 26AF(1) or 26AFA(1) of the Income Tax Assessment Act 1936 applies; (ab) an amount required by the Bankruptcy Act 1966 to be paid to a trustee; (b) an amount: (i) received by you, or to which you are entitled, as the result of the commutation of a pension payable from a * constitutionally protected fund; and (ii) wholly applied in paying any superannuation contributions surcharge (as defined in section 38 of the Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 ); (c) an amount: (i) received by you, or to which you are entitled, as the result of the commutation of a pension payable by a superannuation provider (within the meaning of the Superannuation Contributions Tax (Assessment and Collection) Act 1997 ); and (ii) wholly applied in paying any superannuation contributions surcharge (as defined in section 43 of that Act); (d) a payment of a pension or an * annuity from a * foreign superannuation fund; (e) a payment that: (i) is paid by the * superannuation provider of a * superannuation fund at your direction or request; and (ii) relates directly to personal advice (within the meaning of the Corporations Act 2001 ) provided to you in relation to your interest in the fund.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 67 of 2024", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-15", "Provision_Key": "s307-15", "Heading": "Payments for your benefit or at your direction or request", "Text": "(1) This section applies for the purposes of: (a) determining whether a payment is a superannuation benefit ; and (b) determining whether a * superannuation benefit is made to you, or received by you. (2) A payment is treated as being made to you, or received by you, if it is made: (a) for your benefit; or (b) to another person or to an entity at your direction or request. Note 1: Paragraph (a) would cover, for example, the reduction of a debt you have. Note 2: Paragraph (b) would cover, for example, a direction by you that a payment be rolled over from your original superannuation fund into another superannuation fund.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 47 of 2026", "Amending_Acts": "No 9 of 2007 | No 47 of 2026", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 47 of 2026, effective sch 1 (items 6-11): 21 May 2026 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-65", "Provision_Key": "s307-65", "Heading": "Meaning of superannuation lump sum", "Text": "(1) A superannuation lump sum is a * superannuation benefit that is not a * superannuation income stream benefit (see section 307 ‑ 70). (2) Treat a lump sum payment arising from a partial commutation of a * superannuation income stream as a superannuation lump sum for the purposes of this Act (other than Subdivision 295 ‑ F).", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-70", "Provision_Key": "s307-70", "Heading": "Meaning of superannuation income stream and superannuation income stream benefit", "Text": "(1) A superannuation income stream benefit is a * superannuation benefit specified in the regulations that is paid from a * superannuation income stream. (2) A superannuation income stream has the meaning given by the regulations. Note: For the purposes of the transfer balance cap, the meaning of superannuation income stream is affected by subsection 294 ‑ 50(2).", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 55 of 2017", "Amending_Acts": "No 9 of 2007 | No 55 of 2017", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-75", "Provision_Key": "s307-75", "Heading": "Meaning of retirement phase superannuation income stream benefit", "Text": "(1) A * superannuation income stream benefit is a retirement phase superannuation income stream benefit (or RP superannuation income stream benefit ) of a * superannuation fund at a time if it is payable by the fund at that time from a * superannuation income stream that is in the * retirement phase at that time. (2) A * superannuation income stream benefit is also a retirement phase superannuation income stream benefit (or RP superannuation income stream benefit ) of a * superannuation fund at a time if it is payable by the fund after that time from a * superannuation income stream that: (a) is a * deferred superannuation income stream; and (b) is in the * retirement phase at that time.", "Amendment_Count": 1, "First_Amended": "No 81 of 2016", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 81 of 2016", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-80", "Provision_Key": "s307-80", "Heading": "When a superannuation income stream is in the retirement phase", "Text": "(1) A * superannuation income stream is in the retirement phase at a time if a * superannuation income stream benefit is payable from it at that time. (2) A * superannuation income stream is also in the retirement phase at a time if: (a) it is a * deferred superannuation income stream; and (b) a * superannuation income stream benefit will be payable from it to a person after that time; and (c) the person has satisfied (whether at or before that time) a condition of release specified in any of the following items of the table in Schedule 1 to the Superannuation Industry (Supervision) Regulations 1994 : (i) 101 (retirement); (ii) 102A (terminal medical condition); (iii) 103 (permanent incapacity); (iv) 106 (attaining age 65). (3) However, a * superannuation income stream from which a * superannuation income stream benefit is payable is not in the retirement phase at a time if: (a) the superannuation income stream is any of the following: (i) a transition to retirement income stream (within the meaning of Part 6 of the Superannuation Industry (Supervision) Regulations 1994 ); (ii) a non ‑ commutable allocated annuity (within the meaning of those regulations); (iii) a non ‑ commutable allocated pension (within the meaning of those regulations); (iv) a transition to retirement pension (within the meaning of Part 4 of the Retirement Savings Accounts Regulations 1997 ); (v) a non ‑ commutable allocated pension (within the meaning of those regulations); and (aa) the person to whom the benefit is payable is not a reversionary beneficiary; and (b) at or before that time, the person to whom the benefit is payable: (i) has not satisfied a condition of release specified in paragraph (2)(c); or (ii) has satisfied a condition of release specified in subparagraph (2)(c)(i), (ii) or (iii), but has not notified the * superannuation income stream provider for the superannuation income stream of that fact. (4) A * superannuation income stream is also not in the retirement phase in an income year if: (a) the superannuation income stream is specified in a commutation authority issued by the Commissioner under Subdivision 136 ‑ B in Schedule 1 to the Taxation Administration Act 1953 to a * superannuation income stream provider; and (b) the superannuation income stream provider is required by section 136 ‑ 80 in that Schedule to pay a * superannuation lump sum but fails to do so within the 60 ‑ day period mentioned in that section; and (c) the income year is the income year in which the 60 ‑ day period ended, or a later income year. Note: The operation of this subsection in relation to the part of the income year before the end of the 60 ‑ day period is modified for the purposes of the transfer balance cap: see section 294 ‑ 50.", "Amendment_Count": 3, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 81 of 2016 | No 55 of 2017 | No 8 of 2019", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-120", "Provision_Key": "s307-120", "Heading": "Components of superannuation benefit", "Text": "(1) Work out the following components of a * superannuation benefit under this Subdivision: (a) the tax free component ; (b) the taxable component . (2) Work out those components under: (a) if the benefit is not mentioned in paragraph (b), (c), (d), (e) or (f)—section 307 ‑ 125; or (b) if the benefit is a * superannuation guarantee payment—section 307 ‑ 130; or (c) if the benefit is a * superannuation co ‑ contribution benefit payment—section 307 ‑ 135; or (d) if the benefit is a * contributions ‑ splitting superannuation benefit—section 307 ‑ 140; or (e) if the benefit is a payment under subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3), 20QF(2), (5) or (6), 21E(2), (5) or (6), 22B(2), (5) or (6), 24G(2), (3A) or (3B) or 24NA(2), (3) or (4) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 —section 307 ‑ 142; or (f) if the benefit is a payment by the Commissioner under subsection 131 ‑ 80(1) or (3) in Schedule 1 to the Taxation Administration Act 1953 —section 307 ‑ 143. (3) Those components may be modified under sections 307 ‑ 145 (which deals with certain disability benefits) and 307 ‑ 150 (which deals with certain * elements untaxed in fund).", "Amendment_Count": 9, "First_Amended": "No 9 of 2007", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 9 of 2007 | No 151 of 2008 | No 27 of 2009 | No 133 of 2009 | No 88 of 2013 | No 16 of 2019 | No 141 of 2020 | No 24 of 2021 | No 75 of 2023", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3) | Amended by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-125", "Provision_Key": "s307-125", "Heading": "Proportioning rule", "Text": "(1) The object of this section is to ensure that the * tax free component and * taxable component of a * superannuation benefit are calculated by: (a) first, determining the proportions of the * value of the * superannuation interest that those components represent; and (b) next, applying those proportions to the benefit. (2) The * superannuation benefit is taken to be paid in a way such that each of those components of the benefit bears the same proportion to the amount of the benefit that the corresponding component of the * superannuation interest bears to the * value of the superannuation interest. Example: The amount of a superannuation lump sum is $100. Just before the benefit is paid, the value of the superannuation interest was $1000 (of which $200 was the tax free component and $800 was the taxable component). For the lump sum, the tax free component is $20 and the taxable component is $80. (3) For the purposes of subsection (2), determine the * value of the * superannuation interest, and the amount of each of those components of the interest, at whichever of the following times is applicable: (a) if the * superannuation benefit is a * superannuation income stream benefit—when the relevant * superannuation income stream commenced; (b) if the superannuation benefit is a * superannuation lump sum—just before the benefit is paid; (c) despite paragraphs (a) and (b), if the superannuation benefit arises from the commutation of a superannuation income stream: (i) if subparagraph (ii) does not apply—when the relevant superannuation income stream commenced; or (ii) if the superannuation income stream is a * deferred superannuation income stream that had not commenced before the time the commutation happened—just before the time the commutation happened; (d) despite paragraphs (a) and (b), if: (i) the superannuation benefit is an * involuntary roll ‑ over superannuation benefit paid from a superannuation interest; and (ii) that interest was supporting a superannuation income stream immediately before that benefit was paid; when that superannuation income stream commenced. (4) Subsection (2) does not apply to a * superannuation benefit if any of the following applies: (a) the regulations specify an alternative method for determining those components of the benefit; (b) a determination under subsection (5) specifies an alternative method for determining those components of the benefit; (c) the Commissioner consents in writing to the use of another method for determining those components of the benefit. If so, use that method to determine those components of the benefit. (5) For the purposes of paragraph (4)(b), the Commissioner may determine, by legislative instrument, one or more alternative methods for determining those components of a * superannuation benefit. (6) If the * superannuation benefit is an * unclaimed money payment or a * small superannuation account payment, for the purposes of this section: (a) treat the benefit as a superannuation benefit paid from a * superannuation interest; and (b) treat the amount of the benefit as the * value of that superannuation interest just before the time the benefit is paid.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 9 of 2007 | No 21 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-130", "Provision_Key": "s307-130", "Heading": "Superannuation guarantee payment consists entirely of taxable component", "Text": "The components of a * superannuation benefit that is a * superannuation guarantee payment are as follows: (a) the * tax free component is nil; (b) the * taxable component is the amount of the benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-133", "Provision_Key": "s307-133", "Heading": "PPL superannuation contribution payment", "Text": "The components of a * superannuation benefit that is a * PPL superannuation contribution payment are as follows: (a) the * tax free component is nil; (b) the * taxable component is the amount of the benefit.", "Amendment_Count": 1, "First_Amended": "No 90 of 2024", "Last_Amended": "No 90 of 2024", "Amending_Acts": "No 90 of 2024", "History_Notes": "Inserted by No 90 of 2024, effective sch 2 (items 2 ‑ 6): 2 Oct 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-133"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-135", "Provision_Key": "s307-135", "Heading": "Superannuation co ‑ contribution benefit payment consists entirely of tax free component", "Text": "The components of a * superannuation benefit that is a * superannuation co ‑ contribution benefit payment are as follows: (a) the * tax free component is the amount of the benefit; (b) the * taxable component is nil.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-140", "Provision_Key": "s307-140", "Heading": "Contributions ‑ splitting superannuation benefit consists entirely of taxable component", "Text": "The components of a * superannuation benefit that is a * contributions ‑ splitting superannuation benefit are as follows: (a) the * tax free component is nil; (b) the * taxable component is the amount of the benefit.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-142", "Provision_Key": "s307-142", "Heading": "Components of certain unclaimed money payments", "Text": "Preliminary (1) This section explains how to work out the * tax free component, and the * taxable component, of a * superannuation benefit that is a payment by the Commissioner under subsection 17(2), (2AB) or (2AC), 20H(2), (2AA), (2A) or (3), 20QF(2), (5) or (6), 21E(2), (5) or (6), 22B(2), (5) or (6), 24G(2), (3A) or (3B) or 24NA(2), (3) or (4) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or by a State or Territory authority as mentioned in subsection 18(5) of that Act, in respect of a person. Tax free component (2) Work out the * tax free component as follows (unless subsection (3B) or (3C) applies): Method statement Step 1. Work out the amount (the unclaimed amount ) (or amounts), set out in column 1 of the table in subsection (3), to which the * superannuation benefit is attributable. Note: A payment made under subsection 17(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is attributable to a single unclaimed amount set out in item 1 or 2 of the table. A payment under subsection 20H(2) or (3) of that Act may be attributable to more than one unclaimed amount. A payment under subsection 20QF(2) of that Act is attributable to a single unclaimed amount set out in item 3A of the table. A payment under subsection 21E(2) of that Act is attributable to a single unclaimed amount set out in item 3B of the table. A payment under subsection 22B(2) of that Act is attributable to a single unclaimed amount set out in item 3C of the table. A payment made under subsection 24G(2) of that Act is attributable to a single unclaimed amount set out in item 4 of the table. A payment under subsection 24NA(2) or (3) of that Act may be attributable to more than one unclaimed amount. Step 2. Assume that the unclaimed amount (or each unclaimed amount), instead of being paid to the Commissioner, had been paid to the person as the payment (the claimed equivalent ) set out in column 2 of the table. Step 3. The * tax free component of the * superannuation benefit consists of so much of the superannuation benefit as is attributable to the amount set out in column 3 of the table for the claimed equivalent (or as is attributable to the amounts set out in that column for the claimed equivalents). (3) This is the table mentioned in subsection (2): Tax free component Item Column 1 Unclaimed amount Column 2 Claimed equivalent Column 3 Tax free component of claimed equivalent 1 an amount paid, on or after 1 July 2007, to: (a) the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) a State or Territory authority, as mentioned in subsection 18(4) of that Act; in respect of the person a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit 2 an amount paid, before 1 July 2007, to: (a) the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ; or (b) a State or Territory authority, as mentioned in subsection 18(4) of that Act; in respect of the person an eligible termination payment (within the meaning of subsection 27A(1) of the Income Tax Assessment Act 1936 , as in force just before 1 July 2007) the total of the components, of that eligible termination payment, referred to in subsection 307 ‑ 225(2) of this Act 3 an amount paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person (other than an amount referred to in section 65AA of the Superannuation Guarantee (Administration) Act 199 2) a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit 3A an amount paid to the Commissioner under section 20QD of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit 3B an amount paid to the Commissioner under section 21C of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit 3C an amount paid to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit 4 an amount paid to the Commissioner under section 24E of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * tax free component of that superannuation benefit Note 1: Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . The effect of excluding such shortfall components from item 3 of the table in this subsection is that the taxable component includes so much of the superannuation benefit as is attributable to such a shortfall component. Note 2: The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . The effect of this is that the taxable component includes so much of the superannuation benefit as is attributable to such interest. (3A) Treat the amount set out in column 3 of an item of the table in subsection (3) as being nil, if: (a) the unclaimed amount set out in column 1 of the item is an amount paid to the Commissioner by a State or Territory authority (within the meaning of the Superannuation (Unclaimed Money and Lost Members) Act 1999 ) in the circumstances mentioned in section 18AA, 20JA, 20QH or 24HA of that Act; and (b) the Commissioner does not have sufficient information to work out the amount set out in column 3 of the item. (3B) The * tax free component is the amount of the benefit, if the * superannuation benefit is paid under subsection 17(2AB) or (2AC), 20H(2AA), 20QF(5) or (6), 21E(5) or (6), 22B(5) or (6), 24G(3A) or (3B) or 24NA(4) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest). (3C) Despite subsection (3B), the * tax free component is nil, if the * superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest) in respect of a person who: (a) is a former temporary resident (within the meaning of that Act) when the payment is made; or (b) if the person died before the payment is made—was a former temporary resident just before dying. Taxable component (4) The * taxable component is so much (if any) of the * superannuation benefit as is not the * tax free component.", "Amendment_Count": 8, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 133 of 2009 | No 117 of 2010 | No 88 of 2013 | No 16 of 2019 | No 141 of 2020 | No 24 of 2021", "History_Notes": "Inserted by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Repealed and substituted by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-142"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-143", "Provision_Key": "s307-143", "Heading": "Components of a superannuation benefit that is a repayment when an entitlement to a credit ceases for a release authority relating to an FHSS determination", "Text": "Preliminary (1) This section explains how to work out the * tax free component, and the * taxable component, of your * superannuation benefit that: (a) is a repayment by the Commissioner under subsection 131 ‑ 80(1) in Schedule 1 to the Taxation Administration Act 1953 of an amount (the released amount ) paid to the Commissioner in relation to you; or (b) is a payment by the Commissioner under subsection 131 ‑ 80(3) in Schedule 1 to the Taxation Administration Act 1953 of an equivalent amount to an amount (the released amount ) paid to the Commissioner in relation to you. Tax free component (2) The * tax free component of your * superannuation benefit is equal to the total amount that the released amount reduced the tax free components of your * superannuation interests. Taxable component (3) The * taxable component of your * superannuation benefit is equal to the total amount that the released amount reduced the taxable components of your * superannuation interests.", "Amendment_Count": 1, "First_Amended": "No 75 of 2023", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 75 of 2023", "History_Notes": "Inserted by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-143"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-145", "Provision_Key": "s307-145", "Heading": "Modification for disability benefits", "Text": "(1) Work out the tax free component of the * superannuation benefit under subsection (2) if the benefit is a * superannuation lump sum and a * disability superannuation benefit. Note: This section does not apply to an unclaimed money payment. (2) The tax free component is the sum of: (a) the * tax free component of the benefit worked out apart from this section; and (b) the amount worked out under subsection (3). However, the tax free component cannot exceed the amount of the benefit. (3) Work out the amount by applying the following formula: where: days to retirement is the number of days from the day on which the person stopped being capable of being * gainfully employed to his or her * last retirement day. service days is the number of days in the * service period for the lump sum. (4) The balance of the * superannuation benefit is the taxable component of the benefit.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 27 of 2009", "Amending_Acts": "No 9 of 2007 | No 27 of 2009", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-150", "Provision_Key": "s307-150", "Heading": "Modification in respect of superannuation lump sum with element untaxed in fund", "Text": "(1) This section applies to a * superannuation lump sum if: (a) it is not a * roll ‑ over superannuation benefit; or (b) it is a roll ‑ over superannuation benefit that includes an * element untaxed in the fund, all or part of which will be included in the assessable income of the * superannuation provider in relation to the * superannuation fund into which the benefit is paid. (2) However, this section applies to the * superannuation lump sum only to the extent that it is attributable to a * superannuation interest that existed just before 1 July 2007. (3) If the * superannuation lump sum includes an * element untaxed in the fund: (a) increase the * tax free component of the benefit by the amount that is the lesser of these amounts: (i) the amount worked out under subsection (4); and (ii) the amount of the element untaxed in the fund (apart from this section); and (b) reduce the element untaxed in the fund by the lesser of those amounts. (4) Work out the amount by applying the following formula: where: original tax free component and untaxed element is the sum of: (a) the * tax free component of the * superannuation benefit (apart from this section); and (b) the * element untaxed in the fund of the superannuation benefit (apart from this section). (5) If the benefit is in part attributable to a * crystallised pre ‑ July 83 amount, in working out the * tax free component of the * superannuation benefit (apart from this section) for the purposes of subsection (4), disregard the amount of the benefit that is attributable to the * crystallised segment of the * superannuation interest from which the benefit is paid.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-230A", "Provision_Key": "s307-230a", "Heading": "Total superannuation balance value", "Text": "(1) The total superannuation balance value , at a particular time, of a * superannuation interest is: (a) if the regulations specify a value, or a method for determining a value, for the purposes of this paragraph—the specified value, or the value determined in accordance with the specified method; or (b) otherwise—the total amount of the * superannuation benefits that would become payable if: (i) the individual to whom the superannuation interest relates had the right to cause the superannuation interest to cease at that time; and (ii) the individual voluntarily caused the superannuation interest to cease at that time. (2) Regulations made for the purposes of paragraph (1)(a) may specify a value or method in different ways depending on any of the following matters: (a) the individual to whom the * superannuation interest relates; (b) whether the superannuation interest is in the * retirement phase; (c) whether the superannuation interest is or includes a * defined benefit interest; (d) the * superannuation income stream (if any) supported by the superannuation interest; (e) if the superannuation interest is an interest in a * superannuation fund or * approved deposit fund—the rules of the fund; (f) if the superannuation interest is an interest in an * RSA—the terms and conditions of the RSA; (g) the * superannuation provider in relation to the * superannuation plan in which the individual holds the superannuation interest; (h) whether the superannuation interest is subject to a * payment split; (i) whether the individual is treated as having the superannuation interest under subsection 307 ‑ 230(3); (j) the death of the individual; (k) any other matter. (3) Regulations made for the purposes of paragraph (1)(a) may provide for a value to be determined wholly or partly by reference to: (a) methods or factors that are approved by legislative instrument by a Minister: (i) for the purposes of the regulations; or (ii) for the purposes of another Act or legislative instrument; or (b) an * actuary’s certificate. (4) Regulations made for the purposes of paragraph (1)(a) may specify circumstances in which a * total superannuation balance value is nil. (5) Subsections (2), (3) and (4) do not limit the regulations that may be made for the purposes of paragraph (1)(a).", "Amendment_Count": 1, "First_Amended": "No 8 of 2026", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 8 of 2026", "History_Notes": "Inserted by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-230A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-200", "Provision_Key": "s307-200", "Heading": "Regulations relating to meaning of superannuation interests", "Text": "(1) In the circumstances specified in the regulations, treat a superannuation interest as two or more superannuation interests in the way specified in the regulations. (2) In the circumstances specified in the regulations, treat 2 or more superannuation interests as one superannuation interest in the way specified in the regulations. (3) Regulations for the purposes of this section may specify a way of treating a * superannuation interest in relation to one or more of the following aspects of the interest: (a) the * tax free component (and the * contributions segment and * crystallised segment relating to that component); (b) the * taxable component; (c) the * element taxed in the fund of the taxable component; (d) the * element untaxed in the fund of the taxable component. (4) Regulations for the purposes of subsection (1) may specify a way of allocating an amount relating to a * superannuation interest treated as two or more superannuation interests in accordance with those regulations to those interests. (5) Subsections (3) and (4) do not limit the regulations that may be made for the purposes of this section.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-205", "Provision_Key": "s307-205", "Heading": "Value of superannuation interest", "Text": "The value of a * superannuation interest at a particular time is: (a) if the regulations specify a method for determining the value of the superannuation interest—that value; or (b) otherwise—the total amount of all the * superannuation lump sums that could be payable from the interest at that time.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 9 of 2007 | No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-210", "Provision_Key": "s307-210", "Heading": "Tax free component of superannuation interest", "Text": "(1) The tax free component of a * superannuation interest is so much of the * value of the interest as consists of: (a) the * contributions segment of the interest; and (b) the * crystallised segment of the interest. Tax free component reduces if a benefit is paid (2) If a * superannuation benefit is paid from the * superannuation interest: (a) the * crystallised segment of the interest is reduced (but not below zero) by an amount equal to the * tax free component of the benefit; and (b) if any of that amount remains, the * contributions segment of the interest is reduced (but not below zero) by that remaining amount. Note: This has the effect of reducing the interest’s tax free component by the amount of the benefit’s tax free component.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 9 of 2007 | No 21 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-215", "Provision_Key": "s307-215", "Heading": "Taxable component of superannuation interest", "Text": "The taxable component of a * superannuation interest is the * value of the interest less the * tax free component of the interest.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-220", "Provision_Key": "s307-220", "Heading": "What is the contributions segment ?", "Text": "(1) The contributions segment of a * superannuation interest is the total amount of the contributions to the interest: (a) that were made after 30 June 2007; and (b) to the extent that they have not been and will not be included in the assessable income of the * superannuation provider in relation to the * superannuation plan in which the interest is held. This section has effect subject to subsection 307 ‑ 210(2). Note: This segment may be reduced if a superannuation benefit is paid from the superannuation interest: see subsection 307 ‑ 210(2). (2) For the purposes of this section: (a) in determining whether contributions are included in the contributions segment under subsection (1): (i) disregard the * taxable component of a * roll ‑ over superannuation benefit paid into the interest; and (ia) disregard the * tax free component of an * involuntary roll ‑ over superannuation benefit paid into the interest from another superannuation interest (the earlier interest ) (other than an earlier interest that was supporting a * superannuation income stream immediately before that benefit was paid); and (ib) if subparagraph (ia) applies—include as a contribution an amount equal to the amount referred to in subsection (5); and (ii) for a * superannuation plan that is a * constitutionally protected fund—treat the superannuation plan as if it were not a constitutionally protected fund; and (b) disregard section 295 ‑ 180 and Subdivision 295 ‑ D. (3) For the purposes of subparagraph (2)(a)(i), treat the * excess untaxed roll ‑ over amount (if any) of the * roll ‑ over superannuation benefit as part of the * tax free component of the benefit instead of the * taxable component of the benefit. (4) Subparagraph (2)(a)(i) does not apply to a * roll ‑ over superannuation benefit that is a * departing Australia superannuation payment made under subsection 20H(2), (2AA) or (2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . Note 1: The whole departing Australia superannuation payment is included in the contributions segment of the superannuation interest, as none of the payment has been or will be included in the superannuation provider’s assessable income. Note 2: Including the whole payment in that segment, and thus the tax free component, of the superannuation interest ensures that the amount of the payment, which is taxed by the Superannuation (Departing Australia Superannuation Payments Tax) Act 2007 , does not attract more tax when paid as a superannuation benefit from the interest. (5) For the purposes of subparagraph (2)(a)(ib), the amount is: (a) if the * involuntary roll ‑ over superannuation benefit is covered by paragraph 306 ‑ 12(a) or (c)—the sum of the contributions segment, and crystallised segment, of the earlier interest immediately before the benefit was paid; or (b) if the benefit is covered by paragraph 306 ‑ 12(b)—the proportion of that sum that the benefit was to the * value of the earlier interest immediately before the benefit was paid.", "Amendment_Count": 4, "First_Amended": "No 9 of 2007", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 9 of 2007 | No 151 of 2008 | No 88 of 2013 | No 21 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-225", "Provision_Key": "s307-225", "Heading": "What is the crystallised segment ?", "Text": "(1) To work out the crystallised segment of a * superannuation interest, first assume that: (a) an eligible termination payment had been made in respect of the holder of the interest just before 1 July 2007; and (b) the amount of the eligible termination payment had been equal to the * value of the interest at that time. (2) The crystallised segment of the * superannuation interest is the total amount of the following components of the eligible termination payment: (a) the concessional component; (b) the post ‑ June 1994 invalidity component; (c) the undeducted contributions; (d) the CGT exempt component; (e) the pre ‑ July 83 component. This section has effect subject to subsection 307 ‑ 210(2). Note: This segment may be reduced if a superannuation benefit is paid from the superannuation interest: see subsection 307 ‑ 210(2). (3) For the purposes of paragraph (2)(e), disregard the * value of the interest just before 1 July 2007 to the extent that it would consist, apart from this subsection, of the * element untaxed in the fund of the * taxable component of a * superannuation benefit constituted by the eligible termination payment. (4) In this section, the following terms have the same meaning as in subsection 27A(1) of the Income Tax Assessment Act 1936 (as in force just before 1 July 2007): (a) concessional component ; (b) post ‑ June 1994 invalidity component ; (c) undeducted contributions ; (d) CGT exempt component ; (e) pre ‑ July 83 component ; (f) eligible termination payment .", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 9 of 2007 | No 21 of 2015", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-230", "Provision_Key": "s307-230", "Heading": "Total superannuation balance", "Text": "(1) Your total superannuation balance , at a particular time, is the sum of the following: (a) the * total superannuation balance value, at that time, of each of the following * superannuation interests (other than an interest in a * superannuation plan that, at that time, is a * foreign superannuation fund): (i) a superannuation interest of yours; (ii) a superannuation interest that supports a * superannuation income stream of which you are a * retirement phase recipient because of the death of another person; (c) the amount of each * roll ‑ over superannuation benefit: (i) paid at or before that time; and (ii) received by the * complying superannuation plan, or the entity from which the * superannuation annuity is being purchased, after that time; and (iii) not reflected in the value in paragraph (a); (d) if you have an LRBA amount under section 307 ‑ 231 (about limited recourse borrowing arrangements) in relation to one or more * regulated superannuation funds—the LRBA amounts for each such regulated superannuation fund. Modification for structured settlement contributions (2) However, if a * structured settlement contribution is made at or before a time in respect of you, your total superannuation balance at that time is modified by reducing the sum worked out under subsection (1) by the sum of any such structured settlement contributions. Family law splits (3) For the purposes of the provisions mentioned in subsection (5), you are treated as having a * superannuation interest in a * superannuation plan if: (a) you are a * non ‑ member spouse in relation to a superannuation interest that: (i) is an interest in that superannuation plan; and (ii) is subject to a * payment split but remains an interest of the * member spouse; and (b) circumstances prescribed by the regulations for the purposes of this paragraph exist. (4) For the purposes of the provisions mentioned in subsection (5), the regulations must specify whether the * superannuation interest that you are treated as having is to be treated as being a * defined benefit interest. Note: Regulations made for the purposes of paragraph 307 ‑ 230A(1)(a) may specify the total superannuation balance value of the interest. (5) The provisions are the following: (a) subsection (1) of this section; (b) section 307 ‑ 230A; (c) the * Division 296 tax law.", "Amendment_Count": 3, "First_Amended": "No 81 of 2016", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 81 of 2016 | No 78 of 2019 | No 8 of 2026", "History_Notes": "Inserted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 78 of 2019, effective Sch 2 and Sch 3 (items 1, 2): 1 Jan 2020 (s 2(1) item 3) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-231", "Provision_Key": "s307-231", "Heading": "Limited recourse borrowing arrangements", "Text": "(1) You have an amount under this section (an LRBA amount ), in relation to a * regulated superannuation fund in which you have one or more * superannuation interests, if: (a) the * superannuation provider in relation to the fund has a * borrowing under an * arrangement that is covered by the exception in subsection 67A(1) of the Superannuation Industry (Supervision) Act 1993 (which is about limited recourse borrowing arrangements); and (b) the borrowing has not been repaid at the time of working out your * total superannuation balance; and (c) at that time, the asset or assets that secure the borrowing support, to an extent, a superannuation interest of yours; and (d) the fund is a * small superannuation fund at that time; and (e) either: (i) you have satisfied (whether at or before that time) a condition of release specified in paragraph 307 ‑ 80(2)(c); or (ii) the lender is an * associate of the superannuation provider. Note: Subsection 318(3) of the Income Tax Assessment Act 1936 sets out when an entity is an associate of a trustee. (2) The amount of your LRBA amount in relation to the * regulated superannuation fund is the sum of the amounts worked out under subsection (3) for: (a) if subparagraph (1)(e)(i) applies—each * borrowing that satisfies paragraphs (1)(a), (b) and (c); or (b) if subparagraph (1)(e)(i) does not apply—each borrowing that satisfies paragraphs (1)(a), (b) and (c) and subparagraph (1)(e)(ii). (3) The amount under this subsection, in respect of a * borrowing, is worked out using the following formula: where: outstanding balance means the outstanding balance on the * borrowing at the time of working out your * total superannuation balance. value of all supported super interests means the sum of the * values at that time of all * superannuation interests in the * regulated superannuation fund that are supported by the asset or assets that secure the * borrowing. value of your supported super interests means the sum of the * values at that time of each * superannuation interest of yours that is supported by the asset or assets that secure the * borrowing.", "Amendment_Count": 2, "First_Amended": "No 78 of 2019", "Last_Amended": "No 47 of 2021", "Amending_Acts": "No 78 of 2019 | No 47 of 2021", "History_Notes": "Inserted by No 78 of 2019, effective Sch 2 and Sch 3 (items 1, 2): 1 Jan 2020 (s 2(1) item 3) | Amended by No 47 of 2021, effective Sch 1 (items 4–9): 1 July 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-231"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-275", "Provision_Key": "s307-275", "Heading": "Element taxed in the fund and element untaxed in the fund of superannuation benefits", "Text": "(1) The * taxable component of a * superannuation benefit consists of an element taxed in the fund or an element untaxed in the fund , or both. (2) The * taxable component of a * superannuation benefit consists wholly of an element taxed in the fund except as provided in a later section of this Subdivision. (3) Despite subsection (2), the * taxable component of any of the following kinds of * superannuation benefit consists wholly of an element untaxed in the fund : (a) a * small superannuation account payment; (b) a * superannuation guarantee payment.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-280", "Provision_Key": "s307-280", "Heading": "Superannuation benefits from constitutionally protected funds etc.", "Text": "(1) The * taxable component of a * superannuation benefit paid from a * superannuation fund that is a * constitutionally protected fund consists wholly of an element untaxed in the fund . (2) Despite subsection (1), if: (a) the benefit is a * superannuation lump sum; and (b) the benefit is attributable to one or more * roll ‑ over superannuation benefits that consisted of, or included, an * element taxed in the fund; the * taxable component of the benefit has an element taxed in the fund equal to the total of those elements taxed in the fund. (3) The * taxable component of a * superannuation income stream benefit consists wholly of an element untaxed in the fund if it is paid from a * superannuation fund that was a * constitutionally protected fund on the first day of the period to which the * superannuation income stream relates.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-285", "Provision_Key": "s307-285", "Heading": "Trustee can choose to convert element taxed in the fund to element untaxed in the fund", "Text": "(1) If: (a) you receive a * superannuation benefit from a * public sector superannuation scheme; and (b) the trustee of the scheme gives you written notice specifying an amount as the * element untaxed in the fund of the * taxable component of the benefit; and (c) the notice is given within the time and in the manner approved by the Commissioner in writing; and (d) the scheme came into operation on or before 5 September 2006; the taxable component consists of an element untaxed in the fund equal to the specified amount. (2) The trustee of the scheme can give only one notice under subsection (1) in relation to a particular * superannuation lump sum.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-290", "Provision_Key": "s307-290", "Heading": "Taxed and untaxed elements of death benefit superannuation lump sums", "Text": "(1) This section applies to a * superannuation death benefit that is a * superannuation lump sum, in relation to which a deduction has been, or is to be, claimed under section 295 ‑ 465 or 295 ‑ 470. Note 1: Those sections allow deductions for insurance premiums that have been paid, and for liability for future benefits. Note 2: Deductions made under former section 279 or 279B of the Income Tax Assessment Act 1936 are treated for the purposes of this section as having been made under section 295 ‑ 465 or 295 ‑ 470 (see section 307 ‑ 290 of the Income Tax (Transitional Provisions) Act 1997 ). (2) The * taxable component of the * superannuation lump sum includes an element taxed in the fund worked out as follows: (a) first, work out the amount under the formula in subsection (3); (b) next, reduce that amount (but not below zero) by the * tax free component (if any) of the superannuation lump sum. (3) For the purposes of paragraph (2)(a), the formula is: where: days to retirement is the number of days from the day on which the deceased died to the deceased’s * last retirement day. service days is the number of days in the * service period for the lump sum. (4) The element untaxed in the fund of the * taxable component is the balance of the taxable component.", "Amendment_Count": 3, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 9 of 2007 | No 143 of 2007 | No 15 of 2017", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-295", "Provision_Key": "s307-295", "Heading": "Superannuation benefits from public sector superannuation schemes may include untaxed element", "Text": "(1) This section applies to a * superannuation benefit that is paid from a * public sector superannuation scheme that is not a * constitutionally protected fund. (2) If the * superannuation benefit paid is not sourced to any extent from contributions made into a * superannuation fund or earnings on such contributions, the * taxable component of the superannuation benefit consists wholly of an element untaxed in the fund . (3) If the benefit is a * superannuation lump sum that is partly sourced from contributions made into a * superannuation fund or earnings on such contributions, the element taxed in the fund and the element untaxed in the fund of the * taxable component of the benefit are worked out as follows: Method statement Step 1. Subdivide the * taxable component of the * superannuation lump sum (the original benefit ) into 2 notional superannuation lump sums as follows: (a) the amount sourced from contributions made into a * superannuation fund or earnings on such contributions (the fund benefit ); (b) the remainder of the taxable component of the lump sum (the non ‑ fund benefit ). Step 2. The fund benefit consists of an element taxed in the fund , an element untaxed in the fund , or both, as worked out under this Subdivision. Step 3. The non ‑ fund benefit consists wholly of an element untaxed in the fund . Step 4. The element taxed in the fund of the original benefit equals the element taxed in the fund of the fund benefit. Step 5. The element untaxed in the fund of the original benefit is the sum of the elements untaxed in the fund worked out under steps 2 and 3.", "Amendment_Count": 2, "First_Amended": "No 9 of 2007", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 9 of 2007 | No 15 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-297", "Provision_Key": "s307-297", "Heading": "Public sector superannuation schemes—elements set by regulations", "Text": "(1) This section applies to a * superannuation benefit that is paid from a * public sector superannuation scheme that is not a * constitutionally protected fund. (2) Despite any other provision of this Subdivision, the * taxable component of the * superannuation benefit consists of an element untaxed in the fund equal to the amount (if any) specified by the regulations in relation to the benefit for the purposes of this section. (3) The amount specified must not be less than the amount that would be the * element untaxed in the fund under the other provisions of this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 117 of 2010", "Last_Amended": "No 117 of 2010", "Amending_Acts": "No 117 of 2010", "History_Notes": "Inserted by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-297"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-300", "Provision_Key": "s307-300", "Heading": "Certain unclaimed money payments", "Text": "Preliminary (1) This section explains how to work out the * element taxed in the fund, and the * element untaxed in the fund, of the * taxable component of a * superannuation benefit that is a payment by the Commissioner under subsection 17(2), 20H(2), (2AA), (2A) or (3), 20QF(2), 21E(2), 22B(2), 24G(2) or 24NA(2) or (3) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . Element taxed in the fund (2) Work out the element taxed in the fund as follows (unless subsection (3A) applies): Method statement Step 1. Work out the amount (the unclaimed amount ) (or amounts), set out in column 1 of the table in subsection (3), to which the * taxable component is attributable. Note: A payment made under subsection 17(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 is attributable to a single unclaimed amount set out in item 1 or 2 of the table. A payment under subsection 20H(2) or (3) of that Act may be attributable to more than one unclaimed amount. A payment under subsection 20QF(2) of that Act is attributable to a single unclaimed amount set out in item 3A of the table. A payment under subsection 21E(2) of that Act is attributable to a single unclaimed amount set out in item 3B of the table. A payment under subsection 22B(2) of that Act is attributable to a single unclaimed amount set out in item 3C of the table. A payment made under subsection 24G(2) of that Act is attributable to a single unclaimed amount set out in item 4 of the table. A payment under subsection 24NA(2) or (3) of that Act may be attributable to more than one unclaimed amount. Step 2. Assume that the unclaimed amount (or each unclaimed amount), instead of being paid to the Commissioner, had been paid to the person as the payment (the claimed equivalent ) set out in column 2 of the table. Step 3. The element taxed in the fund of the * taxable component consists of so much of the taxable component as is attributable to the amount set out in column 3 of the table for the claimed equivalent (or as is attributable to the amounts set out in that column for the claimed equivalents). (3) This is the table mentioned in subsection (2): Element taxed in the fund Item Column 1 Unclaimed amount Column 2 Claimed equivalent Column 3 Taxed element of claimed equivalent 1 an amount paid, on or after 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit 2 an amount paid, before 1 July 2007, to the Commissioner under subsection 17(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person an eligible termination payment (within the meaning of subsection 27A(1) of the Income Tax Assessment Act 1936 , as in force just before 1 July 2007) the taxed element of the post ‑ June 83 component of that eligible termination payment under Subdivision AA of Division 2 of Part III of the Income Tax Assessment Act 1936 , as in force just before 1 July 2007 3 an amount paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person (other than an amount referred to in section 65AA of the Superannuation Guarantee (Administration) Act 199 2) a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit 3A an amount paid to the Commissioner under section 20QD of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit 3B an amount paid to the Commissioner under section 21C of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit 3C an amount paid to the Commissioner under section 22 of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit 4 an amount paid to the Commissioner under section 24E of the Superannuation (Unclaimed Money and Lost Members) Act 1999 in respect of the person a * superannuation benefit paid from a * superannuation plan the * element taxed in the fund of the * taxable component of that superannuation benefit Note 1: Section 65AA of the Superannuation Guarantee (Administration) Act 1992 requires certain shortfall components to be treated as amounts paid to the Commissioner under subsection 20F(1) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . The effect of excluding such shortfall components from item 3 of the table in this subsection is that the element untaxed in the fund includes so much of the superannuation benefit as is attributable to such a shortfall component. Note 2: The table in this subsection does not cover interest paid by the Commissioner under subsection 20H(2A) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 . The effect of this is that the element untaxed in the fund of the taxable component includes so much of the superannuation benefit as is attributable to such interest. (3A) The element taxed in the fund is nil, if the * superannuation benefit is paid under subsection 20H(2AA) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 (interest). Note: The taxable component of a superannuation benefit paid by the Commissioner under subsection 17(2AB) or (2AC), 20QF(5) or (6), 21E(5) or (6), 22B(5) or (6) or 24G(3A) or (3B) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , or under subsection 20H(2AA) in respect of a person who is not a former temporary resident, is nil: see subsections 307 ‑ 142(3B) and (4) of this Act. Element untaxed in the fund (4) The element untaxed in the fund of the * taxable component is so much (if any) of the taxable component as is not the element taxed in the fund.", "Amendment_Count": 7, "First_Amended": "No 151 of 2008", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 151 of 2008 | No 27 of 2009 | No 133 of 2009 | No 88 of 2013 | No 16 of 2019 | No 141 of 2020 | No 24 of 2021", "History_Notes": "Inserted by No 151 of 2008, effective Sch 1 (items 27–37): 18 Dec 2008 (s 2(1) item 2) | Repealed and substituted by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-345", "Provision_Key": "s307-345", "Heading": "Low rate cap amount", "Text": "Starting amount (1) Your low rate cap amount for the 2007 ‑ 2008 income year is $140,000. Note: However, if you became entitled to a rebate under the corresponding provision of the Income Tax Assessment Act 1936 , see section 307 ‑ 345 of the Income Tax (Transitional Provisions) Act 1997 . Reductions and increases (2) If you receive one or more * superannuation member benefits that are * superannuation lump sums in an income year, reduce your low rate cap amount for the next income year (but not below zero) by the total of the amounts that: (a) are included in your assessable income for the first year in respect of those lump sums; and (b) are counted towards your entitlement to a * tax offset under subsection 301 ‑ 20(2) or 301 ‑ 105(4) for the first year. (3) At the start of each income year after the 2007 ‑ 2008 income year, increase your low rate cap amount by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year. (4) For the purposes of subsection (3), the index amount for the 2007 ‑ 2008 income year is $140,000. The index amount is then indexed annually. Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960 ‑ 285.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-350", "Provision_Key": "s307-350", "Heading": "Untaxed plan cap amount", "Text": "(1) Your untaxed plan cap amount for a * superannuation plan at the start of the 2007 ‑ 2008 income year is $1,000,000. Reductions and increases (1A) Subsection (2) applies if: (a) you receive one or more * superannuation member benefits from a * superannuation plan at a time; and (b) the benefit, or one or more of the benefits: (i) is a * superannuation lump sum; and (ii) includes an * element untaxed in the fund. (2) Reduce your untaxed plan cap amount just after that time: (a) if the total of the * elements untaxed in the fund of the * superannuation member benefits to which paragraph (1A)(b) applies falls short of your untaxed plan cap amount at that time—by that total; or (b) otherwise—to nil. (2A) For the purposes of subsections (1A) and (2), disregard subsection 307 ‑ 5(8). (2B) For the purposes of the application of this section in relation to * superannuation lump sums paid by the Commissioner under subsections 17(2), 20H(2), (2AA), (2A) and (3), 20QF(2), 21E(2), 22B(2) and 24G(2) of the Superannuation (Unclaimed Money and Lost Members) Act 1999 , treat all such lump sums as if they were paid from a single * superannuation plan. (3) At the start of each income year after the 2007 ‑ 2008 income year, increase your untaxed plan cap amount for the * superannuation plan by the amount (if any) by which the index amount for that income year exceeds the index amount for the previous income year. (4) For the purposes of subsection (3), the index amount for the 2007 ‑ 2008 income year is $1,000,000. The index amount is then indexed annually. Note: Subdivision 960 ‑ M shows how to index amounts. However, annual indexation does not necessarily increase the index amount: see section 960 ‑ 285.", "Amendment_Count": 8, "First_Amended": "No 9 of 2007", "Last_Amended": "No 24 of 2021", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 27 of 2009 | No 133 of 2009 | No 12 of 2012 | No 88 of 2013 | No 16 of 2019 | No 24 of 2021", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 16 of 2019, effective Sch 3 (items 1–15, 38): 13 Mar 2019 (s 2(1) item 2) | Amended by No 24 of 2021, effective Sch 1 (items 1–14): 23 Mar 2021 (s 2(1) item 2) Sch 2 (items 1–14): 29 Mar 2021 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 307-400", "Provision_Key": "s307-400", "Heading": "Meaning of service period for a superannuation lump sum", "Text": "(1) The service period for a * superannuation lump sum consists of each day that is in the period worked out under the table or a period covered by subsection (2). Service period for superannuation lump sum types Item For this superannuation lump sum type: The service period includes: 1 * Superannuation fund payment The following: (a) if some or all of the * superannuation lump sum accrued while you were, or the deceased was, a member of the * superannuation fund—the period of membership; (b) if some or all of the superannuation lump sum accrued while you were, or the deceased was, employed (or you or the deceased held office)—each period of employment (or of holding office) to which the lump sum relates. 2 * approved deposit fund payment The period starting when you or the deceased first made a deposit to the * approved deposit fund and ending when the payment is made. 3 * RSA payment The following: (a) if some or all of the * superannuation lump sum accrued while you were, or the deceased was, the holder of the * RSA—the period during which you were, or the deceased was, the holder of the RSA; (b) if some or all of the superannuation lump sum accrued while you were, or the deceased was, employed (or you or the deceased held office)—each period of employment (or of holding office) to which the lump sum relates. (2) The service period for the * superannuation lump sum (the later lump sum ) also includes each day that is in the * service period for an earlier superannuation lump sum if some or all of the later lump sum is attributable, directly or indirectly, to some or all of the earlier lump sum through the payment of one or more * roll ‑ over superannuation benefits.", "Amendment_Count": 1, "First_Amended": "No 9 of 2007", "Last_Amended": "No 9 of 2007", "Amending_Acts": "No 9 of 2007", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s307-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-1", "Provision_Key": "s310-1", "Heading": "What this Division is about", "Text": "This Division sets out special rules for certain merging superannuation funds. These rules relate to the transfer of losses, the treatment of CGT events related to the merger and the treatment of assets related to the merger. Note: This Division applies to mergers happening between 24 December 2008 and 30 June 2011 (or, in certain cases, 30 September 2011), or mergers happening on or after 1 October 2011 (see Part 3 of Schedule 2 to the Tax Laws Amendment (2009 Measures No. 6) Act 2010 ).", "Amendment_Count": 5, "First_Amended": "No 19 of 2010", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 19 of 2010 | No 147 of 2011 | No 158 of 2012 | No 23 of 2018 | No 49 of 2020", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-5", "Provision_Key": "s310-5", "Heading": "Object", "Text": "The main object of this Division is to facilitate the consolidation of the superannuation industry by allowing certain merging * superannuation funds to retain the value, for income tax purposes, of certain losses that might otherwise cease to be able to be utilised as a result of the merger.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-10", "Provision_Key": "s310-10", "Heading": "Original fund’s assets extend beyond life insurance policies and units in pooled superannuation trusts", "Text": "(1) A trustee of: (a) a * complying superannuation fund (other than a * self managed superannuation fund) (the transferring entity or the original fund ); or (b) a * complying approved deposit fund (the transferring entity or the original fund ); can choose to transfer losses if an * arrangement is made for which the conditions in this section are satisfied. Transferring entity’s assets include other assets (2) The first condition is satisfied if, just before the * arrangement was made, the transferring entity’s assets included assets other than: (a) a * complying superannuation life insurance policy; or (b) units in a * pooled superannuation trust. Note: Other entities may also choose under this Subdivision to transfer losses, for the same arrangement, if the transferring entity holds a complying superannuation life insurance policy or units in a pooled superannuation trust. Original fund’s members transfer to a continuing fund (3) The second condition is satisfied if, under the * arrangement: (a) the transferring entity ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) at a particular time (the completion time ); and (b) the individuals who cease to be members (within the meaning of that Act) of the transferring entity become members (within the meaning of that Act) of one or more * complying superannuation funds (the continuing funds ). Continuing funds will usually not be able to be small funds (4) The third condition is satisfied if either: (a) none of the continuing funds was a * small superannuation fund, and all existed, just before the * arrangement was made; or (b) the following subparagraphs apply: (i) only one of the continuing funds either was a small superannuation fund, or did not exist, just before the arrangement was made; (ii) under the arrangement, a * complying superannuation fund or * complying approved deposit fund, other than the original fund, ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); (iii) under the arrangement, the individuals who cease to be members (within the meaning of that Act) of that other fund become members (within the meaning of that Act) of the continuing fund; (iv) either the other fund or the original fund was not a small superannuation fund just before the arrangement was made; (v) the continuing fund is not a small superannuation fund just after the earliest time when both the other fund and the original fund cease to have any members (within the meaning of that Act). Ignore members who cannot transfer to a continuing fund (5) For the purposes of subsections (3) and (4), ignore an individual who remains a member of a * complying superannuation fund or * complying approved deposit fund because of circumstances beyond the control of the trustee of that fund.", "Amendment_Count": 3, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 158 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-15", "Provision_Key": "s310-15", "Heading": "Original fund’s assets include a complying superannuation life insurance policy", "Text": "(1) A * life insurance company (the transferring entity ) can choose to transfer losses if an * arrangement is made for which the conditions in this section are satisfied. Original fund holds a complying superannuation life insurance policy (2) The first condition is satisfied if, just before the * arrangement was made, a * complying superannuation life insurance policy issued by the transferring entity was held by: (a) a * complying superannuation fund (the original fund ); or (b) a * complying approved deposit fund (the original fund ). Note: Other entities may also choose under this Subdivision to transfer losses, for the same arrangement, if the original fund holds other assets. Original fund’s members transfer to a continuing fund (3) The second condition is satisfied if, under the * arrangement: (a) the original fund ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) at a particular time (the completion time ); and (b) the individuals who cease to be members (within the meaning of that Act) of the original fund become members (within the meaning of that Act) of one or more * complying superannuation funds (the continuing funds ). Continuing funds will usually not be able to be small funds (4) The third condition is satisfied if either: (a) none of the continuing funds was a * small superannuation fund, and all existed, just before the * arrangement was made; or (b) the following subparagraphs apply: (i) only one of the continuing funds either was a small superannuation fund, or did not exist, just before the arrangement was made; (ii) under the arrangement, a * complying superannuation fund or * complying approved deposit fund, other than the original fund, ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); (iii) under the arrangement, the individuals who cease to be members (within the meaning of that Act) of that other fund become members (within the meaning of that Act) of the continuing fund; (iv) either the other fund or the original fund was not a small superannuation fund just before the arrangement was made; (v) the continuing fund is not a small superannuation fund just after the earliest time when both the other fund and the original fund cease to have any members (within the meaning of that Act). Ignore members who cannot transfer to a continuing fund (5) For the purposes of subsections (3) and (4), ignore an individual who remains a member of a * complying superannuation fund or * complying approved deposit fund because of circumstances beyond the control of the trustee of that fund.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-20", "Provision_Key": "s310-20", "Heading": "Original fund’s assets include units in a pooled superannuation trust", "Text": "(1) A trustee of a * pooled superannuation trust (the transferring entity ) can choose to transfer losses if an * arrangement is made for which the conditions in this section are satisfied. Units in the trust were held by the original fund (2) The first condition is satisfied if, just before the * arrangement was made, units in the transferring entity were held by: (a) a * complying superannuation fund (the original fund ); or (b) a * complying approved deposit fund (the original fund ). Note: Other entities may also choose under this Subdivision to transfer losses, for the same arrangement, if the original fund holds other assets. Original fund’s members transfer to a continuing fund (3) The second condition is satisfied if, under the * arrangement: (a) the original fund ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) at a particular time (the completion time ); and (b) the individuals who cease to be members (within the meaning of that Act) of the original fund become members (within the meaning of that Act) of one or more * complying superannuation funds (the continuing funds ). Continuing funds will usually not be able to be small funds (4) The third condition is satisfied if either: (a) none of the continuing funds was a * small superannuation fund, and all existed, just before the * arrangement was made; or (b) the following subparagraphs apply: (i) only one of the continuing funds either was a small superannuation fund, or did not exist, just before the arrangement was made; (ii) under the arrangement, a * complying superannuation fund or * complying approved deposit fund, other than the original fund, ceases to have any members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ); (iii) under the arrangement, the individuals who cease to be members (within the meaning of that Act) of that other fund become members (within the meaning of that Act) of the continuing fund; (iv) either the other fund or the original fund was not a small superannuation fund just before the arrangement was made; (v) the continuing fund is not a small superannuation fund just after the earliest time when both the other fund and the original fund cease to have any members (within the meaning of that Act). Ignore members who cannot transfer to a continuing fund (5) For the purposes of subsections (3) and (4), ignore an individual who remains a member of a * complying superannuation fund or * complying approved deposit fund because of circumstances beyond the control of the trustee of that fund.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-25", "Provision_Key": "s310-25", "Heading": "Who losses can be transferred to", "Text": "An entity choosing under Subdivision 310 ‑ B to transfer losses can choose to transfer any or all of the transferring entity’s losses set out in section 310 ‑ 30, in whole or in part, to one or more of the following entities (a receiving entity ): (a) a continuing fund for the choice; (b) a * pooled superannuation trust in which units are held by a continuing fund for the choice just after the completion time; (c) a * life insurance company with which a * complying superannuation life insurance policy is held by a continuing fund for the choice just after the completion time.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-30", "Provision_Key": "s310-30", "Heading": "Losses that can be transferred", "Text": "(1) The transferring entity’s losses that can be transferred are: (a) any of its * net capital losses for income years earlier than the income year for the transferring entity that includes the completion time (the transfer year ), to the extent that it was not * utilised before the completion time (an earlier year net capital loss ); and (b) any net capital loss it would have made for the transfer year were the transfer year to have ended at the completion time (a transfer year net capital loss ); and (c) any of its * tax losses for income years earlier than the transfer year, to the extent that it was not utilised before the completion time (an earlier year tax loss ); and (d) any tax loss it would have incurred for the transfer year were the transfer year to have ended at the completion time (a transfer year tax loss ); worked out subject to the modifications set out in this section. Note: If the entity choosing to transfer losses also chooses an asset roll ‑ over under Subdivision 310 ‑ D for the same arrangement, none of the transfer events for the roll ‑ over will contribute towards a loss transferred under this Subdivision (see subsections 310 ‑ 55(1), 310 ‑ 60(3), 310 ‑ 65(1) and 310 ‑ 70(1)). (2) For a choice under section 310 ‑ 15 (life insurance companies), work out those losses by only considering the following to the extent that they relate to assets reasonably attributable to a * complying superannuation life insurance policy issued by the transferring entity and held by the original fund: (a) * capital gains from * complying superannuation assets; (b) * capital losses from complying superannuation assets; (c) assessable income covered by subsection 320 ‑ 137(2) (about complying superannuation assets); (d) deductions covered by subsection 320 ‑ 137(4) (about complying superannuation assets). (3) For a choice under section 310 ‑ 20 (pooled superannuation trusts), work out those losses by only considering * capital gains, * capital losses, assessable income and deductions to the extent that they relate to assets reasonably attributable to units in the transferring entity held by the original fund.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-35", "Provision_Key": "s310-35", "Heading": "Effect of transferring a net capital loss", "Text": "(1) To the extent that an earlier year net capital loss is transferred to a receiving entity: (a) the transferring entity is taken not to have made the loss for that earlier income year; and (b) an amount equal to the transferred amount is taken to be: (i) if the receiving entity is a * life insurance company—a * capital loss from * complying superannuation assets made by the receiving entity for the transfer year; and (ii) otherwise—a capital loss made by the receiving entity for the transfer year. (2) To the extent that a transfer year net capital loss is transferred to a receiving entity: (a) if the transferring entity is a * life insurance company—the sum of the transferring entity’s * capital losses from * complying superannuation assets for the transfer year is reduced by an amount equal to the transferred amount; and (b) if the transferring entity is not a life insurance company—the sum of the transferring entity’s capital losses for the transfer year is reduced by an amount equal to the transferred amount; and (c) if the receiving entity is a life insurance company—an amount equal to the transferred amount is taken to be a capital loss from complying superannuation assets made by the receiving entity for the transfer year; and (d) if the receiving entity is not a life insurance company—an amount equal to the transferred amount is taken to be a capital loss made by the receiving entity for the transfer year.", "Amendment_Count": 3, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 158 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-40", "Provision_Key": "s310-40", "Heading": "Effect of transferring a tax loss", "Text": "(1) To the extent that an earlier year tax loss is transferred to a receiving entity: (a) the transferring entity is taken not to have incurred the loss for that earlier income year; and (b) for the purposes of section 36 ‑ 15, an amount equal to the transferred amount is taken to be: (i) if the receiving entity is a * life insurance company—a * tax loss of the * complying superannuation class incurred by the receiving entity for the income year immediately prior to the transfer year; and (ii) otherwise—a tax loss incurred by the receiving entity for the income year immediately prior to the transfer year; and (c) for all other purposes of this Act, an amount equal to the transferred amount is taken to be: (i) if the receiving entity is a life insurance company—a tax loss of the complying superannuation class incurred by the receiving entity for the transfer year; and (ii) otherwise—a tax loss incurred by the receiving entity for the transfer year. (2) To the extent that a transfer year tax loss is transferred to a receiving entity: (a) if the transferring entity is a * life insurance company—the sum of the transferring entity’s deductions covered by subsection 320 ‑ 137(4) (about complying superannuation assets) for the transfer year is reduced by an amount equal to the transferred amount; and (b) if the transferring entity is not a life insurance company—the sum of the transferring entity’s deductions for the transfer year is reduced by an amount equal to the transferred amount; and (c) if the receiving entity is a life insurance company—an amount equal to the transferred amount is taken to be a * tax loss of the * complying superannuation class incurred by the receiving entity for the transfer year; and (d) if the receiving entity is not a life insurance company—an amount equal to the transferred amount is taken to be a tax loss incurred by the receiving entity for the transfer year.", "Amendment_Count": 3, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 158 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-45", "Provision_Key": "s310-45", "Heading": "Choosing the assets roll ‑ over", "Text": "(1) An entity can choose a roll ‑ over under this Subdivision if: (a) the entity makes or could make a choice under Subdivision 310 ‑ B (the losses choice ) to transfer the losses of an entity (the transferring entity ); and (b) the conditions in this section are satisfied for the * arrangement to which the losses choice relates. (2) The first condition is that, under the * arrangement, one or more * CGT events (the transfer events ) happen in relation to the following assets (the original assets ) of the transferring entity with the result that it ceases to own those assets: (a) for a losses choice under section 310 ‑ 10 (original funds)—all of its * CGT assets; (b) for a losses choice under section 310 ‑ 15 (life insurance companies)—all of its CGT assets reasonably attributable to the * complying superannuation life insurance policy held by the original fund for the losses choice just before the arrangement was made; (c) for a losses choice under section 310 ‑ 20 (pooled superannuation trusts)—all of its CGT assets reasonably attributable to the units in that entity held by the original fund for the losses choice just before the arrangement was made. (3) The second condition is that the transfer events all happen in the income year (the transfer year ) for the transferring entity that includes the completion time for the losses choice. (4) The third condition is that, for each transfer event, an asset (the received asset ) becomes an asset of one of the following (the receiving entity ) as a result of the event: (a) a continuing fund for the losses choice; (b) a * pooled superannuation trust in which units are held by a continuing fund for the losses choice just after the completion time; (c) a * life insurance company with which a * complying superannuation life insurance policy is held by a continuing fund for the losses choice just after the completion time. (5) For the purposes of subsection (2), ignore any * CGT assets retained by the transferring entity: (a) to pay its existing or expected debts relating to the * arrangement; or (b) to meet its liabilities relating to individuals who have remained members (within the meaning of the Superannuation Industry (Supervision) Act 1993 ) of the original fund because of circumstances beyond the control of the trustee of that fund.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-50", "Provision_Key": "s310-50", "Heading": "Choosing the form of the assets roll ‑ over", "Text": "(1) An entity that chooses a roll ‑ over under this Subdivision must choose the form of the roll ‑ over that applies to each of the following: (a) the original assets that are not * revenue assets; (b) the original assets that are revenue assets. (2) In respect of original assets that are not * revenue assets, the entity choosing the roll ‑ over must choose either section 310 ‑ 55 (global asset approach) or 310 ‑ 60 (individual asset approach) to apply to the original assets and the corresponding received assets. (3) In respect of original assets that are * revenue assets, the entity choosing the roll ‑ over must choose either section 310 ‑ 65 (global asset approach) or 310 ‑ 70 (individual asset approach) to apply to the original assets and the corresponding received assets. Note: The entity choosing the form of the roll ‑ over may choose different forms of roll ‑ over for its CGT assets and revenue assets.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 19 of 2010 | No 158 of 2012", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Repealed and substituted by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-55", "Provision_Key": "s310-55", "Heading": "CGT assets—if global asset approach chosen", "Text": "Consequences for transferring entity (1) For each of the original assets to which this section applies, the transferring entity’s * capital proceeds from the relevant transfer event are taken to be an amount equal to: (a) if, apart from this subsection, the event would result in a * capital gain—the asset’s * cost base just before the event; or (b) if, apart from this subsection, the event would result in a * capital loss—the asset’s * reduced cost base just before the event. Note: This section only applies if it is chosen to apply under subsection 310 ‑ 50(2). Consequences for receiving entity (2) For each of the received assets to which this section applies, the first element of the * cost base of the asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the corresponding original asset just before the relevant transfer event. (3) For each of the received assets to which this section applies, the first element of the * reduced cost base of the asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the corresponding original asset just before the relevant transfer event.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 19 of 2010 | No 158 of 2012", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-60", "Provision_Key": "s310-60", "Heading": "CGT assets—individual asset approach", "Text": "Consequences for transferring entity (1) The transferring entity may disregard any * capital gain or * capital loss for a transfer event relating to an original asset to which this section applies. Note: This section only applies if it is chosen to apply under subsection 310 ‑ 50(2). (2) Subsections (3), (4) and (5) apply if under subsection (1) the transferring entity disregards a * capital gain or * capital loss for a transfer event relating to an original asset. (3) The transferring entity’s * capital proceeds from the transfer event are taken to be an amount equal to: (a) if, apart from this subsection, the event would result in a * capital gain—the asset’s * cost base just before the event; or (b) if, apart from this subsection, the event would result in a * capital loss—the asset’s * reduced cost base just before the event. Consequences for receiving entity (4) The first element of the * cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the cost base of the original asset just before the event. (5) The first element of the * reduced cost base of the corresponding received asset (in the hands of the receiving entity) is taken to be an amount equal to the reduced cost base of the original asset just before the event.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 19 of 2010 | No 158 of 2012", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-65", "Provision_Key": "s310-65", "Heading": "Revenue assets—if global asset approach chosen", "Text": "Consequences for transferring entity (1) For each of the original assets to which this section applies, the transferring entity’s gross proceeds for the relevant transfer event are taken to be the amount (the deemed proceeds ) the transferring entity would need to have received in order to have a nil profit and nil loss for the event. Note: This section only applies if it is chosen to apply under subsection 310 ‑ 50(3). Consequences for receiving entity (2) For each of the received assets to which this section applies, the receiving entity is taken, for the purposes of this Act, to have paid an amount for that asset at the time of the transfer event that is equal to the deemed proceeds for the corresponding original asset.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 19 of 2010 | No 158 of 2012", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-70", "Provision_Key": "s310-70", "Heading": "Revenue assets—individual asset approach", "Text": "Consequences for transferring entity (1) If the transferring entity derives assessable income (other than a * capital gain) or incurs a * tax loss for a transfer event relating to an original asset to which this section applies, the entity choosing the roll ‑ over can choose for the transferring entity’s gross proceeds for the event to be taken to be the amount (the deemed proceeds ) the transferring entity would need to have received in order to have a nil profit and nil loss for the event. Note: This section only applies if it is chosen to apply under subsection 310 ‑ 50(3). Consequences for receiving entity (2) If a choice is made under subsection (1), the receiving entity is taken to have paid an amount for the corresponding received asset at the time of the transfer event that is equal to the deemed proceeds for the event.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 158 of 2012", "Amending_Acts": "No 19 of 2010 | No 158 of 2012", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 158 of 2012, effective Sch 1 (items 1, 2, 19): 28 Nov 2012 (s 2(1) items 2, 4) Sch 1 (items 5–18): 1 Oct 2011 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-75", "Provision_Key": "s310-75", "Heading": "Further consequences for roll ‑ overs involving life insurance companies", "Text": "(1) Section 320 ‑ 200 (about consequences of transferring assets to or from a complying superannuation asset pool) does not apply for a transfer event for the roll ‑ over if either the transferring entity or the receiving entity is a * life insurance company. (2) If the receiving entity for the roll ‑ over is a * life insurance company, each received asset of that entity is taken: (a) to be a * complying superannuation asset of that entity; and (b) not to be, in whole or in part, a * life insurance premium.", "Amendment_Count": 2, "First_Amended": "No 19 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 19 of 2010 | No 70 of 2015", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 310-85", "Provision_Key": "s310-85", "Heading": "Choices", "Text": "(1) A choice under this Division must be made: (a) by the day the transferring entity’s * income tax return is lodged for the transfer year for the entity; or (b) within a further time allowed by the Commissioner. (2) The way the transferring entity’s * income tax return is prepared is sufficient evidence of the making of the choice.", "Amendment_Count": 1, "First_Amended": "No 19 of 2010", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 19 of 2010", "History_Notes": "Inserted by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s310-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 312-1", "Provision_Key": "s312-1", "Heading": "What this Division is about", "Text": "This Division deals with amounts transferred between KiwiSaver schemes and complying superannuation funds. This Division also deals with amounts paid by the Commissioner to KiwiSaver schemes.", "Amendment_Count": 2, "First_Amended": "No 181 of 2012", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 181 of 2012 | No 118 of 2020", "History_Notes": "Inserted by No 181 of 2012, effective Sch 1 (items 1–8, 12): 1 July 2013 (s 2(1) item 2) | Amended by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s312-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 312-5", "Provision_Key": "s312-5", "Heading": "Division implements Arrangement with New Zealand", "Text": "This Division, together with the Superannuation (Unclaimed Money and Lost Members) Act 1999 and regulations made under the Superannuation Industry (Supervision) Act 1993 , implement the Arrangement between the Government of Australia and the Government of New Zealand on Trans ‑ Tasman Retirement Savings Portability, signed at Brisbane on 16 July 2009.", "Amendment_Count": 2, "First_Amended": "No 181 of 2012", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 181 of 2012 | No 118 of 2020", "History_Notes": "Inserted by No 181 of 2012, effective Sch 1 (items 1–8, 12): 1 July 2013 (s 2(1) item 2) | Amended by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s312-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 312-10", "Provision_Key": "s312-10", "Heading": "Amounts contributed to complying superannuation funds from KiwiSaver schemes", "Text": "Treat amount as a contribution (1) An amount transferred from a * KiwiSaver scheme to a * complying superannuation fund in relation to you is treated as being a contribution you made to the complying superannuation fund for the purpose of providing * superannuation benefits for yourself. Note 1: The contribution will not be included in the assessable income of the trustee of the complying superannuation fund: see Division 295. Note 2: The contribution is not included in your concessional contributions: see section 291 ‑ 25. Some of the contribution may be included in your non ‑ concessional contributions: see subsection (3) of this section. (2) Division 290 (Contributions to superannuation funds), section 295 ‑ 200 (Transfers from foreign superannuation funds) and Subdivision 305 ‑ B (Superannuation benefits from foreign superannuation funds) do not apply to the contribution. Australian ‑ sourced amount and returning New Zealand ‑ sourced amount not non ‑ concessional (3) For the purposes of Subdivision 292 ‑ C (Excess non ‑ concessional contributions tax), disregard so much of the contribution as you or the * KiwiSaver scheme provider informs, in accordance with the regulations mentioned in section 312 ‑ 5, the trustee of the * complying superannuation fund is: (a) an * Australian ‑ sourced amount; or (b) a * returning New Zealand ‑ sourced amount. Note: The effect of subsection (3) is that the amounts mentioned in paragraphs (3)(a) and (b) are not included in your non ‑ concessional contributions. The rest of the contribution is included in your non ‑ concessional contributions: see subsection 292 ‑ 90(2). Assessable income and capital gains (4) The contribution is not assessable income of yours and is not * exempt income of yours. (5) Section 118 ‑ 305 (capital gain or capital loss disregarded) applies in relation to the amount transferred as if the * KiwiSaver scheme were a * superannuation fund. Tax free and taxable components of superannuation interest (6) Section 307 ‑ 220 (Contributions segment) only applies to so much (if any) of the contribution as you or the * KiwiSaver scheme provider inform, in accordance with the regulations mentioned in section 312 ‑ 5, the trustee of the * complying superannuation fund is: (a) a * New Zealand ‑ sourced amount; or (b) the * tax free component of an * Australian ‑ sourced amount. Note: So much of the value of an interest in the fund as consists of the amounts mentioned in paragraphs (6)(a) and (b) is included in the contributions segment and tax free component of the interest. So much of the value of that interest as consists of the rest of the contribution is not included in the contributions segment of the interest and is included in the taxable component of the interest. (The value of the interest may also consist of amounts other than the contribution.)", "Amendment_Count": 2, "First_Amended": "No 181 of 2012", "Last_Amended": "No 118 of 2013", "Amending_Acts": "No 181 of 2012 | No 118 of 2013", "History_Notes": "Inserted by No 181 of 2012, effective Sch 1 (items 1–8, 12): 1 July 2013 (s 2(1) item 2) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s312-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 312-15", "Provision_Key": "s312-15", "Heading": "Superannuation benefits paid from complying superannuation funds to KiwiSaver schemes", "Text": "A * superannuation benefit paid to a * KiwiSaver scheme provider by the trustee of a * complying superannuation fund in respect of you is not assessable income of yours and is not * exempt income of yours.", "Amendment_Count": 2, "First_Amended": "No 181 of 2012", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 181 of 2012 | No 118 of 2020", "History_Notes": "Inserted by No 181 of 2012, effective Sch 1 (items 1–8, 12): 1 July 2013 (s 2(1) item 2) | Amended by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s312-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 312-20", "Provision_Key": "s312-20", "Heading": "Superannuation benefits paid by Commissioner to KiwiSaver schemes", "Text": "An * unclaimed money payment that you are taken to receive under section 307 ‑ 15 because it is paid to a KiwiSaver scheme provider by the Commissioner in accordance with the Superannuation (Unclaimed Money and Lost Members) Act 1999 is not assessable income and is not * exempt income.", "Amendment_Count": 1, "First_Amended": "No 118 of 2020", "Last_Amended": "No 118 of 2020", "Amending_Acts": "No 118 of 2020", "History_Notes": "Inserted by No 118 of 2020, effective Sch 1: 12 Dec 2020 (s 2(1) item 2) Sch 2 (items 1–6): 11 Dec 2021 (s 2(1) item 3) Sch 3: 1 Jan 2021 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s312-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-1", "Provision_Key": "s313-1", "Heading": "What this Division is about", "Text": "If an amount is released from your superannuation interests under the first home super saver scheme, an amount may be included in your assessable income and you may become entitled to a tax offset. You also have a limited period within which to enter into a contract to purchase or construct a residential premises or re ‑ contribute an amount to your superannuation. If you do not notify the Commissioner that you have done one of those things, you become liable for tax.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-5", "Provision_Key": "s313-5", "Heading": "Object of this Division", "Text": "The object of this Division is to provide an individual with concessional tax treatment for amounts released from superannuation for the purposes of purchasing or constructing the individual’s first home.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-10", "Provision_Key": "s313-10", "Heading": "Application of this Division", "Text": "This Division applies to you for one or more amounts (the FHSS released amounts ) if: (a) those amounts are paid in response to a release authority issued under Division 131 in Schedule 1 to the Taxation Administration Act 1953 in relation to a * first home super saver determination made in relation to you; and (b) your entitlements under section 131 ‑ 65 in that Schedule to credits relating to those amounts have not ceased under subsection 131 ‑ 30(4) or 138 ‑ 13(3) in that Schedule.", "Amendment_Count": 2, "First_Amended": "No 132 of 2017", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 132 of 2017 | No 75 of 2023", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Repealed and substituted by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-15", "Provision_Key": "s313-15", "Heading": "What this Subdivision is about", "Text": "An amount is included in your assessable income, and you are entitled to a tax offset, if: (a) an amount is paid in response to a release authority issued in respect of you; and (b) your entitlement to a credit relating to that amount has not ceased. The amount included in your assessable income relates to the concessional contributions and total associated earnings that are stated in the relevant first home super saver determination. Table of sections Operative provisions 313 ‑ 20 Amount included in assessable income 313 ‑ 25 Amount of the tax offset", "Amendment_Count": 2, "First_Amended": "No 132 of 2017", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 132 of 2017 | No 75 of 2023", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-20", "Provision_Key": "s313-20", "Heading": "Amount included in assessable income", "Text": "(1) Your assessable income, for the income year that corresponds to the * financial year for which you requested the release authority, includes an amount that is equal to the sum of the following amounts stated in the * first home super saver determination: (a) your * concessional contributions; (b) your associated earnings. (2) However, if the sum of the * FHSS released amounts is less than the * FHSS maximum release amount stated in the determination, the amount included in your assessable income for the income year is: (a) the amount worked out under subsection (1); less (b) the difference between the FHSS maximum release amount and the sum of the FHSS released amounts. (3) If the amount worked out under subsection (2) is negative, the amount included in your assessable income for the income year is nil. Note 1: The release authorities are issued under Division 131 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: Any amounts paid in response to the release authorities are non ‑ assessable non ‑ exempt income (see section 303 ‑ 15).", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-25", "Provision_Key": "s313-25", "Heading": "Amount of the tax offset", "Text": "You are entitled, for the income year mentioned in section 313 ‑ 20, to a * tax offset that is equal to 30% of your * assessable FHSS released amount for the income year. Note: This offset cannot be refunded, transferred or carried forward (see item 20 of the table in subsection 63 ‑ 10(1)).", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-30", "Provision_Key": "s313-30", "Heading": "What this Subdivision is about", "Text": "If an amount is released from your superannuation interests under the first home super saver scheme, and you enter into a contract within a particular period to purchase or construct a residential premises, you must notify the Commissioner of that contract. Table of sections Operative provisions 313 ‑ 35 Purchasing or constructing a residential premises 313 ‑ 40 Notifying Commissioner", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-35", "Provision_Key": "s313-35", "Heading": "Purchasing or constructing a residential premises", "Text": "(1) Section 313 ‑ 40 applies to you if: (a) a * first home super saver determination is made in relation to you; and (b) you make a valid request (the current request ) under section 131 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 for a release authority in relation to that determination; and (ba) that current request is your first such request, or one of the following subparagraphs applies for each of your previous valid requests for such a release authority: (i) you have withdrawn the request; (ii) the Commissioner has revoked the release authority issued in relation to the request (whether or not the release authority had previously been varied); (iii) after one or more amendments of the request, you have withdrawn the latest of those amended requests; (iv) the Commissioner has revoked the release authority issued in relation to the latest of one or more amendments of the request (whether or not the release authority had previously been varied); and (c) you enter into a contract to purchase or construct a * CGT asset that is a * residential premises in Australia within the period: (i) beginning 90 days before the day you make the first of the valid requests referred to in paragraph (ba); and (ii) ending 12 months (or if extended under subsection (2), that longer period) after the day you make the current request; and (d) the price for the purchase or construction of the premises is at least equal to the total amount to be released that is stated in the current request; and (e) you have occupied the premises, or intend to occupy the premises as soon as practicable; and (f) you intend to occupy the premises for at least 6 months of the first 12 months after it is practicable to occupy the premises. (2) The Commissioner may extend the period for entering into a contract by up to 12 months. Note: If you request an extension of the period, you may object against a decision of the Commissioner under this section (see section 313 ‑ 85).", "Amendment_Count": 3, "First_Amended": "No 132 of 2017", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 132 of 2017 | No 49 of 2019 | No 75 of 2023", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-40", "Provision_Key": "s313-40", "Heading": "Notifying Commissioner", "Text": "(1) You must notify the Commissioner in the * approved form of the matters set out in paragraphs 313 ‑ 35(1)(a) to (f). (2) The notification must be made within the 90 ‑ day period, or such longer period as the Commissioner allows, after the day you enter into the contract to purchase or construct the * residential premises. Note: If you request an extension of the period, you may object against a decision of the Commissioner under this subsection (see section 313 ‑ 85). (3) Subsection (1) does not limit the information that the * approved form may require the notification to contain.", "Amendment_Count": 3, "First_Amended": "No 132 of 2017", "Last_Amended": "No 75 of 2023", "Amending_Acts": "No 132 of 2017 | No 49 of 2019 | No 75 of 2023", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 75 of 2023, effective sch 4 (items 1-13, 28, 30): 15 Sept 2024 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-45", "Provision_Key": "s313-45", "Heading": "What this Subdivision is about", "Text": "If an amount is released from your superannuation interests under the first home super saver scheme, and you do not enter into a contract within a particular period to purchase or construct a residential premises, you may make one or more non ‑ concessional contributions. If you do not notify the Commissioner that you have made the contributions, you may be liable for tax under Subdivision 313 ‑ E. Table of sections Operative provisions 313 ‑ 50 Contributing amounts to superannuation", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-50", "Provision_Key": "s313-50", "Heading": "Contributing amounts to superannuation", "Text": "(1) This section applies to you if: (a) you do not notify the Commissioner in accordance with section 313 ‑ 40 (about purchasing or constructing a * residential premises); and (b) you make one or more * non ‑ concessional contributions the sum of which is at least equal to: (i) your * assessable FHSS released amount for an income year; less (ii) the amount withheld by the Commissioner from your * FHSS released amounts under section 12 ‑ 460 in Schedule 1 to the Taxation Administration Act 1953 ; and (c) you make the contributions within the period mentioned in paragraph 313 ‑ 35(1)(c). Note: Paragraph 313 ‑ 35(1)(c) sets out the period in which you must have entered into a contract to purchase or construct a residential premises. (2) You may notify the Commissioner in the * approved form that you have made the contributions mentioned in paragraph (1)(b). Note 1: If you notify the Commissioner, you cannot deduct the contribution (see section 290 ‑ 168). Note 2: If you do not notify the Commissioner, you may be liable for tax (see Subdivision 313 ‑ E). (3) The notification must be made within the period mentioned in paragraph 313 ‑ 35(1)(c) or such longer period as the Commissioner allows under this subsection. Note: If you request an extension of the period, you may object against a decision of the Commissioner under this subsection (see section 313 ‑ 85). (4) Subsection (2) does not limit the information that the * approved form may require the notification to contain.", "Amendment_Count": 2, "First_Amended": "No 132 of 2017", "Last_Amended": "No 49 of 2019", "Amending_Acts": "No 132 of 2017 | No 49 of 2019", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-55", "Provision_Key": "s313-55", "Heading": "What this Subdivision is about", "Text": "If an amount is released from your superannuation interests under the first home super saver scheme, you are liable for tax if you do not, within a particular period, do either of the following: (a) enter into a contract to purchase or construct a residential premises, and notify the Commissioner of that contract; (b) make one or more non ‑ concessional contributions, and notify the Commissioner of the contributions. Table of sections Operative provisions 313 ‑ 60 First home super saver tax 313 ‑ 65 When tax is payable—original assessments 313 ‑ 70 When tax is payable—amended assessments 313 ‑ 75 General interest charge", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-60", "Provision_Key": "s313-60", "Heading": "First home super saver tax", "Text": "You are liable to pay * first home super saver tax if: (a) neither of section 313 ‑ 40 or 313 ‑ 50 applies to you; or (b) section 313 ‑ 40 applies to you and you do not notify the Commissioner in accordance with that section; or (c) section 313 ‑ 50 applies to you and you do not notify the Commissioner in accordance with that section. Note 1: The amount of the tax is set out in the First Home Super Saver Tax Act 2017 . Note 2: Section 313 ‑ 40 is about purchasing or constructing a residential premises. Section 313 ‑ 50 is about making one or more non ‑ concessional contributions.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-65", "Provision_Key": "s313-65", "Heading": "When tax is payable—original assessments", "Text": "Your * assessed first home super saver tax is due and payable at the end of 21 days after the Commissioner gives you notice of the assessment of the amount of the * first home super saver tax. Note: For assessments of first home super saver tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-70", "Provision_Key": "s313-70", "Heading": "When tax is payable—amended assessments", "Text": "If the Commissioner amends your assessment, any extra * assessed first home super saver tax resulting from the amendment is due and payable 21 days after the day the Commissioner gives you notice of the amended assessment.", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-75", "Provision_Key": "s313-75", "Heading": "General interest charge", "Text": "If an amount of * assessed first home super saver tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) begins on the day on which the amount was due to be paid; and (b) ends on the last day on which, at the end of the day, any of the following remains unpaid: (i) the assessed first home super saver tax; (ii) general interest charge on any of the assessed first home super saver tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-80", "Provision_Key": "s313-80", "Heading": "What this Subdivision is about", "Text": "You may object against particular decisions made under this Division. Table of sections Operative provisions 313 ‑ 85 Review rights for decisions made under this Division", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 313-85", "Provision_Key": "s313-85", "Heading": "Review rights for decisions made under this Division", "Text": "(1) If: (a) you requested the Commissioner to allow a longer period under: (i) subsection 313 ‑ 35(2) (for entering into a contract to purchase or construct a * residential premises); or (ii) subsection 313 ‑ 40(2) or 313 ‑ 50(3) (for notifying the Commissioner of matters); and (b) you are dissatisfied with: (i) a decision under that subsection allowing a longer period; or (ii) a decision the Commissioner makes not to allow a longer period; you may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (2) To avoid doubt, for the purposes of paragraph (e) of Schedule 1 to the Administrative Decisions (Judicial Review) Act 1977 , the making of a decision under a subsection mentioned in paragraph (1)(a) of this section is a decision forming part of the process of making an assessment of tax, and making a calculation of charge, under this Act. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 132 of 2017", "Last_Amended": "No 132 of 2017", "Amending_Acts": "No 132 of 2017", "History_Notes": "Inserted by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s313-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-1", "Provision_Key": "s315-1", "Heading": "What this Division is about", "Text": "This Division sets out the taxation consequences of the demutualisation of private health insurers. Policy holders, demutualising health insurers and certain other entities can disregard capital gains and losses arising under a demutualisation (see Subdivision 315 ‑ A). Shares and rights issued under the demutualisation are given a cost base based on the market value of the demutualising health insurer at the time of issue (see Subdivisions 315 ‑ B and 315 ‑ D). Assets held by a lost policy holders trust are given roll ‑ over relief if transferred to the lost policy holder, or if the lost policy holder becomes absolutely entitled to them. Otherwise the trustee of the lost policy holders trust is taxed on any capital gains (see Subdivision 315 ‑ C). A legal personal representative can disregard capital gains and losses made when passing an asset to a beneficiary of a policy holder’s estate (see Subdivision 315 ‑ E). Shares, rights or cash received under a demutualisation are not assessable income and not exempt income (see Subdivision 315 ‑ F).", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-5", "Provision_Key": "s315-5", "Heading": "Policy holders to disregard capital gains and losses related to demutualisation of private health insurer", "Text": "Disregard a * capital gain or * capital loss of an individual from a * CGT event that happens in relation to a * CGT asset if: (a) the CGT event happens under a demutualisation to which this Division applies; and (b) the individual is, or has been, a policy holder (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or another person insured through, the demutualising entity (the demutualising health insurer ); and (c) the CGT asset is covered by section 315 ‑ 20.", "Amendment_Count": 2, "First_Amended": "No 97 of 2008", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 97 of 2008 | No 87 of 2015", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-10", "Provision_Key": "s315-10", "Heading": "Effect on the legal personal representative or beneficiary", "Text": "Disregard a * capital gain or * capital loss of an entity from a * CGT event that happens in relation to a * CGT asset if: (a) the CGT asset forms part of the estate of a deceased individual who is mentioned in paragraph 315 ‑ 5(b); and (b) the entity is the deceased individual’s * legal personal representative or a beneficiary in the deceased individual’s estate; and (c) the CGT asset devolves to the entity or * passes to the entity; and (d) the CGT event happens under a demutualisation to which this Division applies; and (e) the CGT asset is covered by section 315 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-15", "Provision_Key": "s315-15", "Heading": "Demutualisations to which this Division applies", "Text": "This Division applies to a demutualisation of an entity if: (a) the entity: (i) is an entity to which item 6.3 of the table in section 50 ‑ 30 applies; and (ii) is not registered under Part 3 of the Life Insurance Act 1995 ; and (iia) is not an entity to whose demutualisation Division 316 applies; and (iii) does not have capital divided into shares; and Note: Item 6.3 of the table in section 50 ‑ 30 applies to a private health insurer within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 that is not carried on for the profit or gain of its individual members. (b) an application by the entity to convert to being registered as a for profit insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) is approved under subsection 20(5) of that Act; and (c) consistently with the conversion scheme mentioned in paragraph 20(2)(a) of that Act, the entity becomes registered as a for profit insurer (within the meaning of that Act).", "Amendment_Count": 3, "First_Amended": "No 97 of 2008", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 97 of 2008 | No 88 of 2009 | No 87 of 2015", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-20", "Provision_Key": "s315-20", "Heading": "What assets are covered", "Text": "These * CGT assets are covered: (a) an interest in the demutualising health insurer as a policy holder; (b) a membership interest in the demutualising health insurer; (c) a right or interest of another kind in the demutualising health insurer; (d) a right or interest of another kind that arises under the demutualisation.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-25", "Provision_Key": "s315-25", "Heading": "Demutualising health insurers to disregard capital gains and losses related to demutualisation", "Text": "Disregard a * capital gain or * capital loss of an entity from a * CGT event if: (a) the CGT event happened under a demutualisation to which this Division applies; and (b) the entity is the demutualising health insurer.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-30", "Provision_Key": "s315-30", "Heading": "Other entities to disregard capital gains and losses related to demutualisation", "Text": "Disregard a * capital gain or * capital loss of an entity from a * CGT event if: (a) the entity is established solely for the purpose of participating in a demutualisation to which this Division applies; and (b) the entity is not a trust covered by Subdivision 315 ‑ C (about lost policy holders); and (c) the CGT event: (i) happened under a demutualisation to which this Division applies; and (ii) happened before or at the same time as the allocation or distribution (in the form of shares or cash) of the accumulated surplus of the demutualising health insurer; and (iii) was connected to that allocation or distribution. Note: The allocation or distribution of the accumulated surplus could happen through an arrangement involving more than one transaction.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-80", "Provision_Key": "s315-80", "Heading": "Cost base and acquisition time of demutualisation assets", "Text": "Cost base adjustment (1) The first element of the * cost base and * reduced cost base of a * CGT asset is its * market value on the day it is issued if: (a) the asset is covered by section 315 ‑ 85 (a demutualisation asset ); and (b) the asset is issued to an entity (a participating policy holder ) covered by section 315 ‑ 90. Note: There is an exception to this rule in Subdivision 315 ‑ D where the asset is a share or right in a holding company with other assets. Acquisition rule (2) The participating policy holder is taken to have * acquired the demutualisation asset at the time it is issued.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-85", "Provision_Key": "s315-85", "Heading": "Demutualisation asset", "Text": "(1) This section covers an asset if: (a) the asset is: (i) a share in the demutualising health insurer; or (ii) a right to * acquire a share in the demutualising health insurer; or (iii) a share in an entity that owns all of the shares in the demutualising health insurer; or (iv) a right to acquire a share in an entity mentioned in subparagraph (iii); and (b) the share or right is issued under a demutualisation to which this Division applies; and (c) the share or right is issued in connection with: (i) the variation or abrogation of rights attaching to or consisting of a * CGT asset covered by section 315 ‑ 20; or (ii) the conversion, cancellation, extinguishment or redemption of such a CGT asset. Exclusion for rights with an exercise price (2) Despite subsection (1), this section does not cover a right to * acquire a share in an entity if the holder of the right must pay an amount to exercise the right. Exclusion where assets not issued simultaneously (3) Despite subsection (1), an asset is not covered by this section unless all of the assets covered by subsection (1) for the demutualisation in question are issued: (a) at the same time; and (b) to an entity that is either: (i) a participating policy holder (see section 315 ‑ 90); or (ii) the trustee of a trust covered by Subdivision 315 ‑ C (about the lost policy holders trust).", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-90", "Provision_Key": "s315-90", "Heading": "Participating policy holders", "Text": "(1) This section covers an individual who: (a) is, or has been, a policy holder (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or another person insured through, the demutualising health insurer; and (b) is entitled, under the demutualisation, to an allocation of demutualisation assets. (2) This section also covers an entity who became entitled to an allocation of demutualisation assets because of the death of an individual mentioned in subsection (1).", "Amendment_Count": 2, "First_Amended": "No 97 of 2008", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 97 of 2008 | No 87 of 2015", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-140", "Provision_Key": "s315-140", "Heading": "Lost policy holders trust", "Text": "This Subdivision covers a trust (a lost policy holders trust ) in relation to a demutualisation to which this Division applies if: (a) the conversion scheme mentioned in paragraph 20(2)(a) of the Private Health Insurance (Prudential Supervision) Act 2015 for the demutualisation provides for the trust; and (b) under the demutualisation, demutualisation assets (see section 315 ‑ 85) are issued to the trustee of the trust; and (c) the trust exists solely for the purpose of holding shares or rights to * acquire shares on behalf of: (i) individuals ( lost policy holders ) who are, or have been, policy holders (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or other persons insured through, the demutualising health insurer; or (ii) if the lost policy holder has died—the * legal personal representative of the lost policy holder or a beneficiary in the estate of the lost policy holder. Example: An example of an individual on whose behalf the trust might hold assets would be an individual who has not completed a formal step required for them to be issued with demutualisation assets directly. Another example might be an individual living overseas.", "Amendment_Count": 2, "First_Amended": "No 97 of 2008", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 97 of 2008 | No 87 of 2015", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-145", "Provision_Key": "s315-145", "Heading": "CGT treatment of demutualisation assets in lost policy holders trust", "Text": "Cost base adjustment (1) The first element of the * cost base and * reduced cost base of a demutualisation asset issued to the trustee of a lost policy holders trust is its * market value on the day it is issued. Note: There is an exception to this rule in Subdivision 315 ‑ D where the asset is a share or right in a holding company with other assets. Acquisition rule (2) The trustee is taken to have * acquired the demutualisation asset at the time it is issued.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-150", "Provision_Key": "s315-150", "Heading": "Roll ‑ over where assets transferred to lost policy holder", "Text": "(1) This section applies in relation to a * CGT event if: (a) the CGT event happens in relation to an asset held by the trustee of a lost policy holders trust on behalf of a lost policy holder; and (b) the CGT event happens because the lost policy holder (or, if the lost policy holder has died, the * legal personal representative of the lost policy holder or a beneficiary in the estate of the lost policy holder) either: (i) is transferred the asset by the trustee; or (ii) becomes absolutely entitled to the asset. Note: The asset may be a demutualisation asset, or some other asset. Consequence for trustee (2) Disregard a * capital gain or * capital loss the trustee makes from the * CGT event. Consequence for lost policy holder (3) The * cost base of the asset in the hands of the trustee of the lost policy holders trust just before the * CGT event becomes the first element of the cost base and * reduced cost base of the asset in the hands of the lost policy holder, * legal personal representative or beneficiary. (4) The lost policy holder, * legal personal representative or beneficiary is taken to have * acquired the asset when the trustee of the lost policy holders trust acquired it.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-155", "Provision_Key": "s315-155", "Heading": "Trustee assessed if assets dealt with not for benefit of lost policy holder", "Text": "(1) This section applies in relation to a * capital gain from a * CGT event if: (a) the CGT event happens in relation to an asset held by the trustee of a lost policy holders trust; and (b) section 315 ‑ 150 does not apply to the CGT event. (2) If this section applies: (a) sections 115 ‑ 215 and 115 ‑ 220 do not apply in relation to the * capital gain; and (b) for the purposes of this Act, the trustee is taken to be * specifically entitled to all of the capital gain.", "Amendment_Count": 2, "First_Amended": "No 97 of 2008", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 97 of 2008 | No 62 of 2011", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-160", "Provision_Key": "s315-160", "Heading": "Subdivision 126 ‑ E does not apply to lost policy holders trust", "Text": "Subdivision 126 ‑ E does not apply in relation to a demutualisation to which this Division applies.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-210", "Provision_Key": "s315-210", "Heading": "Cost base for shares and rights in certain holding companies", "Text": "(1) This section applies in relation to a * CGT asset that is a demutualisation asset if: (a) the demutualisation asset is: (i) a share in an entity mentioned in subparagraph 315 ‑ 85(1)(a)(iii); or (ii) a right to * acquire a share in an entity mentioned in that subparagraph; and (b) the entity owns other assets in addition to the shares in the demutualising health insurer; and (c) the share or right is issued to a participating policy holder or the trustee of a lost policy holders trust. This section applies despite sections 315 ‑ 80 and 315 ‑ 145. Cost base adjustment (2) The first element of the * cost base and * reduced cost base of the * CGT asset is worked out under the method statement. Method statement Step 1. Start with the * market value of the demutualising health insurer on the day the asset is issued. Step 2. Divide the result of step 1 by the sum of: (a) the number of shares in the entity that are issued under the demutualisation; and (b) the number of shares in the entity that can be * acquired under rights that are demutualisation assets issued under the demutualisation. Step 3. The result of step 2 is the first element of the * cost base and * reduced cost base of the asset, unless the asset is a right. Step 4. If the asset is a right, multiply the result of step 2 by the number of shares that can be * acquired under the right. The result is the first element of the * cost base and * reduced cost base of the asset. Example: Wellbeing Health demutualises on 1 April 2008 and has a market value of $400 million on that day. It distributes its accumulated mutual surplus in the form of rights to acquire shares in its holding company Healthiness Insurance Ltd (Healthiness). The rights do not have an exercise price. A total of 800 million shares can be acquired in Healthiness under rights issued under the demutualisation. Each right allows the holder to acquire 50 shares. No shares in Healthiness are issued. Under the method statement, the first element of the cost base and reduced cost base of each right is worked out by dividing the market value of Wellbeing Health (step 1) by the number of shares in Healthiness that can be acquired under the demutualisation (step 2) and multiplying the result by the number of shares that can be acquired under the right (step 4): Acquisition rule (3) The participating policy holder or trustee is taken to have * acquired the * CGT asset at the time it is issued.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-260", "Provision_Key": "s315-260", "Heading": "Special CGT rule for legal personal representatives and beneficiaries", "Text": "(1) This section sets out what happens if a * CGT asset: (a) is a demutualisation asset; and (b) forms part of the estate of a participating policy holder mentioned in subsection 315 ‑ 90(1) who has died, but was not owned by the policy holder just before dying; and (c) * passes to a beneficiary in the policy holder’s estate because the asset is transferred to the beneficiary by the policy holder’s * legal personal representative. Note: Division 128 deals with the effect of death in relation to CGT assets a person owns just before dying. (2) Disregard a * capital gain or * capital loss the * legal personal representative makes if the asset * passes to a beneficiary in the policy holder’s estate. Consequence for beneficiary (3) The * cost base and * reduced cost base of the asset in the hands of the * legal personal representative just before the asset * passes to the beneficiary becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary. (4) The beneficiary is taken to have * acquired the asset when the * legal personal representative acquired it.", "Amendment_Count": 1, "First_Amended": "No 97 of 2008", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 97 of 2008", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 315-310", "Provision_Key": "s315-310", "Heading": "General taxation consequences of issue of demutualisation assets etc.", "Text": "(1) An amount of * ordinary income or * statutory income of an entity to which subsection (2) applies is not assessable and not * exempt income if: (a) the amount would otherwise be included in the ordinary income or statutory income of the entity only because a demutualisation asset was issued to the entity; or (b) the amount is a payment made to the entity, under a demutualisation to which this Division applies, in connection with: (i) the variation or abrogation of rights attaching to or consisting of a * CGT asset covered by section 315 ‑ 20; or (ii) the conversion, cancellation, extinguishment or redemption of such a CGT asset. (2) This subsection applies to an entity that: (a) is, or has been, a policy holder (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) of, or another person insured through, the demutualising health insurer; or (b) is issued with the demutualisation asset, or receives the payment, because of the death of a policy holder mentioned in paragraph (a).", "Amendment_Count": 2, "First_Amended": "No 97 of 2008", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 97 of 2008 | No 87 of 2015", "History_Notes": "Inserted by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s315-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-1", "Provision_Key": "s316-1", "Heading": "What this Division is about", "Text": "Special tax consequences follow the demutualisation of a friendly society that provides health insurance or life insurance, or has a wholly ‑ owned subsidiary that does.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-5", "Provision_Key": "s316-5", "Heading": "Application of this Division", "Text": "This Division applies in relation to a demutualisation of a * friendly society if: (a) the society is, or has a * wholly ‑ owned subsidiary (a health/life insurance subsidiary ) that is: (i) a private health insurer as defined in the Private Health Insurance (Prudential Supervision) Act 2015 ; or (ii) a company registered under section 21 of the Life Insurance Act 1995 ; and (b) the society does not have capital divided into * shares held by its * members; and (c) after the demutualisation the society is to be carried on for the object of securing a profit or pecuniary gain for its * members.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 88 of 2009 | No 87 of 2015", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-50", "Provision_Key": "s316-50", "Heading": "What this Subdivision is about", "Text": "Disregard capital gains and losses made by any entity from a CGT event happening under the demutualisation, unless the entity: (a) is or has been a member of the friendly society or insured through the society or any of its wholly ‑ owned subsidiaries; and (b) receives money for the event. Table of sections Gains and losses of members, insured entities and successors 316 ‑ 55 Disregarding capital gains and losses, except some involving receipt of money 316 ‑ 60 Taking account of some capital gains and losses involving receipt of money 316 ‑ 65 Valuation factor for sections 316 ‑ 60, 316 ‑ 105 and 316 ‑ 165 316 ‑ 70 Value of the friendly society Friendly society’s gains and losses 316 ‑ 75 Disregarding friendly society’s capital gains and losses Other entities’ gains and losses 316 ‑ 80 Disregarding other entities’ capital gains and losses", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-55", "Provision_Key": "s316-55", "Heading": "Disregarding capital gains and losses, except some involving receipt of money", "Text": "(1) Disregard an entity’s * capital gain or * capital loss from a * CGT event that happens under the demutualisation to a * CGT asset if: (a) the entity: (i) is or has been a * member of the * friendly society; or (ii) is or has been insured through the friendly society or a health/life insurance subsidiary of the friendly society; and (b) the CGT asset is one of these (an interest affected by demutualisation ): (i) an interest in the friendly society as the owner or holder of a policy of insurance with the friendly society or health/life insurance subsidiary; (ii) a * membership interest in the friendly society; (iii) a right or interest of another kind in the friendly society; (iv) a right or interest of another kind that arises under the demutualisation, except an interest in a lost policy holders trust (see section 316 ‑ 155). Note: Subdivision 316 ‑ D deals with the effects of CGT events happening to interests in lost policy holders trusts. (2) Disregard a * capital gain or * capital loss of an entity (the successor ) from a * CGT event that happens under the demutualisation to a * CGT asset if: (a) the successor is the * legal personal representative, or beneficiary in the estate, of a deceased individual who was: (i) a * member of the * friendly society; or (ii) insured through the friendly society or a health/life insurance subsidiary of the friendly society; and (b) the CGT asset: (i) forms part of the deceased individual’s estate; and (ii) devolves or * passes to the successor; and (iii) is an interest affected by demutualisation (see paragraph (1)(b)).", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-60", "Provision_Key": "s316-60", "Heading": "Taking account of some capital gains and losses involving receipt of money", "Text": "(1) This section applies if: (a) a * CGT event happens under the demutualisation to an entity’s interest affected by demutualisation (see section 316 ‑ 55); and (b) the event involves: (i) the variation or abrogation of rights attaching to or consisting of the interest; or (ii) the conversion, cancellation, extinguishment or redemption of the interest; and (c) either: (i) the entity is one described in paragraph 316 ‑ 55(1)(a); or (ii) the entity is one described in paragraph 316 ‑ 55(2)(a) and the interest is a * CGT asset described in paragraph 316 ‑ 55(2)(b); and (d) the * capital proceeds from the event include or consist of money received by the entity. (2) Work out whether the entity makes a * capital gain or * capital loss from the * CGT event, and the amount of the gain or loss, assuming that: (a) the * capital proceeds from the CGT event were the amount they would be if they did not include any * market value of property other than money; and (b) the * cost base and * reduced cost base for the interest were the amount worked out using the formula: Example: Assume the entity receives $50 in money and 10 shares with a market value of $4 each in respect of CGT event C2 happening, and that the valuation factor worked out under section 316 ‑ 65 is 0.9. The entity makes a capital gain from the event of $5, worked out as follows: This ignores the market value of the shares because they are property other than money. Note: Division 114 (Indexation of cost base) is not relevant, because this section provides exhaustively for working out the amount of the cost base. (3) The * capital gain or * capital loss is not to be disregarded, despite: (a) section 316 ‑ 55; and (b) any provision of this Act for disregarding the * capital gain or * capital loss because the interest affected by demutualisation was * acquired before 20 September 1985. Note: The capital gain is not a discount capital gain: see section 115 ‑ 55.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-65", "Provision_Key": "s316-65", "Heading": "Valuation factor for sections 316 ‑ 60, 316 ‑ 105 and 316 ‑ 165", "Text": "(1) For the purposes of sections 316 ‑ 60, 316 ‑ 105 and 316 ‑ 165, the valuation factor is the amount worked out using the formula: where: embedded value of the friendly society’s other business (if any) means the amount that would be the value of the * friendly society worked out under section 316 ‑ 70 assuming that neither the friendly society, nor any health/life insurance subsidiary of it, carried on any health insurance business within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 . market value of the friendly society’s health insurance business (if any) means the total * market value of every health insurance business, within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 , carried on by either or both of the * friendly society and its health/life insurance subsidiaries (if any), taking account of any consideration paid to the society or subsidiary for disposal or control of that business. (2) Disregard paragraph 316 ‑ 60(2)(a) for the purposes of the formula in subsection (1) of this section.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 87 of 2015", "Amending_Acts": "No 88 of 2009 | No 70 of 2015 | No 87 of 2015", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 87 of 2015, effective Sch 1 (items 23–33): 1 July 2015 (s 2(1) item 2) Sch 2: 27 June 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-70", "Provision_Key": "s316-70", "Heading": "Value of the friendly society", "Text": "(1) The value of the * friendly society is the sum, worked out in accordance with this section, of the friendly society’s existing business value and its adjusted net worth on the day (the applicable accounting day ) identified under subsection (3). Eligible actuary and Australian actuarial practice (2) The sum is to be worked out, according to Australian actuarial practice, by an * actuary who is not an employee of: (a) the * friendly society; or (b) a health/life insurance subsidiary of the friendly society; or (c) an entity of which the friendly society is to become a * wholly ‑ owned subsidiary under the demutualisation. Applicable accounting day (3) The applicable accounting day is: (a) if an accounting period of the * friendly society ends on the day (the demutualisation resolution day ) identified under subsection (4)—that day; or (b) in any other case—the last day of the most recent accounting period of the friendly society ending before the demutualisation resolution day. Demutualisation resolution day (4) The demutualisation resolution day is: (a) the day on which the resolution to proceed with the demutualisation is passed; or (b) if, under the demutualisation, the whole of the * life insurance business of the * friendly society or of a health/life insurance subsidiary of the friendly society is transferred to another company under a scheme confirmed by the Federal Court of Australia—the day (or the last day) on which the transfer takes place. Adjustment for changes after applicable accounting day (5) In a case covered by paragraph (3)(b), if any significant change in the amount of the existing business value or adjusted net worth occurs between the applicable accounting day and the demutualisation resolution day, the amount is to be adjusted to take account of the change. Continued business assumption (6) In working out the existing business value or the adjusted net worth, assume: (a) that after the applicable accounting day the * friendly society, and any health/life insurance subsidiary of the friendly society, will continue to conduct * business and any other activity in the same way as before that day, and will not conduct any different business or other activity; and (b) that the demutualisation will not occur; and (c) that any health/life insurance subsidiary of the friendly society will continue to be a * wholly ‑ owned subsidiary of the friendly society. Expenditure assumption (7) In working out the existing business value, assume that expenditure that the * friendly society and any of its health/life insurance subsidiaries will incur, in conducting * business, on recurring items after the demutualisation resolution day will be of the same kinds and amounts (increased to take account of any inflation) as it incurred in the accounting period, or part of an accounting period, ending on the demutualisation resolution day.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-75", "Provision_Key": "s316-75", "Heading": "Disregarding friendly society’s capital gains and losses", "Text": "Disregard the * friendly society’s * capital gain or * capital loss from a * CGT event that happens under the demutualisation.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-80", "Provision_Key": "s316-80", "Heading": "Disregarding other entities’ capital gains and losses", "Text": "Disregard an entity’s * capital gain or * capital loss from a * CGT event that happens under the demutualisation if: (a) the entity is established solely for the purpose of participating in the demutualisation and is not a lost policy holders trust (see section 316 ‑ 155); and (b) the CGT event: (i) happens before or at the same time as the allocation or distribution of the accumulated surplus of the * friendly society; and (ii) is connected to that allocation or distribution. Note: The allocation or distribution of the accumulated surplus could happen through an arrangement involving more than one transaction.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-100", "Provision_Key": "s316-100", "Heading": "What this Subdivision is about", "Text": "The value of the friendly society and its business affects cost bases of shares and certain rights issued under the demutualisation to: (a) entities that are or were members of the friendly society; or (b) entities insured through the society or its subsidiaries; or (c) successors of such entities; or (d) the trustee of the lost policy holders trust. Table of sections 316 ‑ 105 Cost base and time of acquisition of shares and certain rights issued under demutualisation 316 ‑ 110 Demutualisation assets 316 ‑ 115 Entities to which section 316 ‑ 105 applies", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-105", "Provision_Key": "s316-105", "Heading": "Cost base and time of acquisition of shares and certain rights issued under demutualisation", "Text": "First element of cost base (1) The first element of the * cost base and * reduced cost base of a * CGT asset is the amount worked out using the formula in subsection (2) if: (a) the asset is a CGT asset (a demutualisation asset ) covered by section 316 ‑ 110; and (b) the asset is issued to an entity covered by section 316 ‑ 115. (2) The formula is: Time of acquisition (3) The entity is taken to have * acquired the * CGT asset at the time it is issued.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-110", "Provision_Key": "s316-110", "Heading": "Demutualisation assets", "Text": "(1) This section covers a * CGT asset that: (a) is: (i) a * share in the * friendly society; or (ii) a right to * acquire a share in the friendly society; or (iii) a share in an entity that owns all of the shares in the friendly society; or (iv) a right to acquire a share in an entity mentioned in subparagraph (iii); and (b) is issued under the demutualisation; and (c) is issued in connection with: (i) the variation or abrogation of rights attaching to or consisting of an interest affected by demutualisation (see paragraph 316 ‑ 55(1)(b)); or (ii) the conversion, cancellation, extinguishment or redemption of an interest affected by demutualisation. Exclusion for rights with an exercise price (2) Despite subsection (1), this section does not cover a right to * acquire a * share in an entity if the holder of the right must pay an amount to exercise the right. Exclusion where assets not issued simultaneously (3) Despite subsection (1), a * CGT asset is not covered by this section unless all of the CGT assets covered by subsection (1) for the demutualisation are issued: (a) at the same time; and (b) to entities that are covered by section 316 ‑ 115.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-115", "Provision_Key": "s316-115", "Heading": "Entities to which section 316 ‑ 105 applies", "Text": "(1) This section covers an entity that: (a) either: (i) is or has been a * member of the * friendly society; or (ii) is or has been insured through the friendly society or a health/life insurance subsidiary of the friendly society; and (b) is entitled under the demutualisation to an allocation of demutualisation assets. (2) This section also covers an entity that has become entitled to an allocation of demutualisation assets because of the death of an individual who was an entity described in subsection (1). (3) This section also covers the trustee of a lost policy holders trust (see section 316 ‑ 155).", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-150", "Provision_Key": "s316-150", "Heading": "What this Subdivision is about", "Text": "If the demutualisation creates a trust just to hold shares, rights to acquire shares or money for entities that were members of the friendly society or insured through the society or its subsidiary, or are successors of such entities, then: (a) capital gains or losses from CGT events happening to beneficiaries’ interests in the trust are disregarded, except where the capital proceeds include money; and (b) when a CGT event happens involving the transfer of the shares or rights to a beneficiary, or a beneficiary’s absolute entitlement to them, the trustee’s capital gain or loss is disregarded and the beneficiary has the same cost base and time of acquisition as the trustee; and (c) the trustee is assessed on any capital gains from other CGT events happening to the shares or rights. Table of sections Application 316 ‑ 155 Lost policy holders trust Effects of CGT events happening to interests and assets in trust 316 ‑ 160 Disregarding beneficiaries’ capital gains and losses, except some involving receipt of money 316 ‑ 165 Taking account of some capital gains and losses involving receipt of money by beneficiaries 316 ‑ 170 Roll ‑ over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust 316 ‑ 175 Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust 316 ‑ 180 Subdivision 126 ‑ E does not apply", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-155", "Provision_Key": "s316-155", "Heading": "Lost policy holders trust", "Text": "(1) This Subdivision applies if the conditions in subsections (2) and (5) are met. First condition (2) The first condition is that, under the demutualisation, a trust (the lost policy holders trust ) exists solely for one or both of the purposes that are described in subsection (3) in relation to persons ( beneficiaries of the lost policy holders trust ) covered by subsection (4). (3) The purposes are as follows: (a) holding demutualisation assets (see section 316 ‑ 110) that are * shares or rights to * acquire shares, or proceeds from disposal of those assets, on behalf of one or more beneficiaries of the lost policy holders trust and transferring those assets or proceeds to those beneficiaries; (b) holding on behalf of one or more beneficiaries of the lost policy holders trust, and paying to them, money payable to them for: (i) the variation or abrogation of rights attaching to or consisting of the beneficiaries’ interests affected by demutualisation (see paragraph 316 ‑ 55(1)(b)); or (ii) the conversion, cancellation, extinguishment or redemption of those interests. (4) This subsection covers: (a) a person who is or has been a * member of the friendly society or is or has been insured through the * friendly society or a health/life insurance subsidiary of the friendly society; and (b) a * legal personal representative, or beneficiary in the estate, of such a person who has died. Second condition (5) The second condition is that, under the demutualisation, the trustee of the lost policy holders trust is: (a) issued with demutualisation assets that are * shares, or rights to * acquire shares; or (b) paid money described in paragraph (3)(b) to hold and pay to beneficiaries of the lost policy holders trust.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 88 of 2009 | No 12 of 2012", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-160", "Provision_Key": "s316-160", "Heading": "Disregarding beneficiaries’ capital gains and losses, except some involving receipt of money", "Text": "Disregard a * capital gain or * capital loss of a beneficiary of the lost policy holders trust from a * CGT event that happens to the beneficiary’s interest in the trust.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-165", "Provision_Key": "s316-165", "Heading": "Taking account of some capital gains and losses involving receipt of money by beneficiaries", "Text": "(1) This section applies if: (a) a * CGT event happens to an interest of a beneficiary of the lost policy holders trust in that trust; and (b) the * capital proceeds from the event include or consist of money received by the beneficiary. (2) Work out whether the beneficiary makes a * capital gain or * capital loss from the * CGT event, and the amount of the gain or loss, assuming that: (a) the * capital proceeds from the CGT event were the amount they would be if they did not include any * market value of property other than money; and (b) the * cost base and * reduced cost base for the interest were the amount worked out using the formula: Example: Assume that the beneficiary of the lost policy holders trust is paid $50 in money by the trustee to satisfy the beneficiary’s interest in the trust so that a CGT event happens, and that the valuation factor worked out under section 316 ‑ 65 is 0.9. The beneficiary makes a capital gain from the event of $5, worked out as follows: Note: Division 114 (Indexation of cost base) is not relevant, because this section provides exhaustively for working out the amount of the cost base. (3) The * capital gain or * capital loss is not to be disregarded, despite sections 316 ‑ 55 and 316 ‑ 160. Note: The capital gain is not a discount capital gain: see section 115 ‑ 55.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-170", "Provision_Key": "s316-170", "Heading": "Roll ‑ over where shares or rights to acquire shares transferred to beneficiary of lost policy holders trust", "Text": "(1) This section applies in relation to a * CGT event if: (a) the CGT event happens in relation to an asset that: (i) is a * share or a right to * acquire one or more shares; and (ii) is held by the trustee of the lost policy holders trust on behalf of a beneficiary of the lost policy holders trust; and (b) the CGT event happens because the beneficiary of the lost policy holders trust either: (i) is transferred the asset by the trustee; or (ii) becomes absolutely entitled to the asset. Consequence for trustee (2) Disregard a * capital gain or * capital loss the trustee makes from the * CGT event. Consequences for beneficiary (3) The * cost base and * reduced cost base of the asset in the hands of the trustee of the lost policy holders trust just before the * CGT event becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary of the lost policy holders trust. Note: Section 316 ‑ 105 affects the cost base of the asset in the hands of the trustee of the lost policy holders trust if the asset is covered by section 316 ‑ 110. (4) The beneficiary of the lost policy holders trust is taken to have * acquired the asset when the trustee acquired it.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-175", "Provision_Key": "s316-175", "Heading": "Trustee assessed if shares or rights dealt with not for benefit of beneficiary of lost policy holders trust", "Text": "(1) This section applies in relation to a * capital gain from a * CGT event if: (a) the CGT event happens in relation to a demutualisation asset that: (i) is a * share or a right to * acquire a share; and (ii) is held by the trustee of a lost policy holders trust; and (b) section 316 ‑ 170 does not apply to the CGT event. (2) If this section applies: (a) sections 115 ‑ 215 and 115 ‑ 220 do not apply in relation to the * capital gain; and (b) for the purposes of this Act, the trustee is taken to be * specifically entitled to all of the capital gain.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 88 of 2009 | No 62 of 2011", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-180", "Provision_Key": "s316-180", "Heading": "Subdivision 126 ‑ E does not apply", "Text": "Subdivision 126 ‑ E does not apply in relation to the demutualisation. Note: Subdivision 126 ‑ E is about an entitlement to shares after demutualisation and scrip for scrip roll ‑ over.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-200", "Provision_Key": "s316-200", "Heading": "Demutualisation assets not owned by deceased but passing to beneficiary in deceased estate", "Text": "(1) This section sets out what happens if a * CGT asset: (a) is a demutualisation asset (see section 316 ‑ 110); and (b) forms part of the estate of an individual who is an entity described in subsection 316 ‑ 115(1) and has died; and (c) was not owned by the individual just before dying; and (d) * passes to a beneficiary in the individual’s estate because the asset is transferred to the beneficiary by the individual’s * legal personal representative. Note: Division 128 deals with the effect of death in relation to CGT assets a person owns just before dying. Consequence for legal personal representative (2) Disregard a * capital gain or * capital loss the * legal personal representative makes because the asset * passes to the beneficiary. Consequence for beneficiary (3) The * cost base and * reduced cost base of the asset in the hands of the * legal personal representative just before the asset * passes to the beneficiary becomes the first element of the cost base and reduced cost base of the asset in the hands of the beneficiary. (4) The beneficiary is taken to have * acquired the asset when the * legal personal representative acquired it.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-205", "Provision_Key": "s316-205", "Heading": "Interest in lost policy holders trust not owned by deceased but passing to beneficiary in deceased estate", "Text": "(1) This section sets out what happens if a * CGT asset: (a) is an interest in a lost policy holders trust (see section 316 ‑ 155); and (b) forms part of the estate of an individual who is an entity described in subsection 316 ‑ 115(1) and has died; and (c) was not owned by the individual just before dying; and (d) * passes to a beneficiary in the individual’s estate because the asset is transferred to the beneficiary by the individual’s * legal personal representative. Note: Division 128 deals with the effect of death in relation to CGT assets a person owns just before dying. Consequence for legal personal representative (2) Disregard a * capital gain or * capital loss the * legal personal representative makes because the asset * passes to the beneficiary.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-250", "Provision_Key": "s316-250", "Heading": "What this Subdivision is about", "Text": "In many cases, income from demutualisation is assessed through the CGT provisions rather than as ordinary income or other statutory income. Franking debits arise for the friendly society and its subsidiaries to ensure they do not enjoy a franking surplus. Franking debits and credits arise to negate credits and debits from things attributable to the time before demutualisation. Table of sections 316 ‑ 255 General taxation consequences of issue of demutualisation assets etc. 316 ‑ 260 Franking debits to stop the friendly society and its subsidiaries having franking surpluses 316 ‑ 265 Franking debits to negate franking credits from some distributions to friendly society and subsidiaries 316 ‑ 270 Franking debits to negate franking credits from post ‑ demutualisation payments of pre ‑ demutualisation tax 316 ‑ 275 Franking credits to negate franking debits from refunds of tax paid before demutualisation", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-255", "Provision_Key": "s316-255", "Heading": "General taxation consequences of issue of demutualisation assets etc.", "Text": "(1) An amount of * ordinary income or * statutory income (other than a * net capital gain) of an entity covered by subsection (2) is not assessable income and is not * exempt income if: (a) the amount would otherwise be included in the ordinary income or statutory income of the entity only because a demutualisation asset (see section 316 ‑ 110) was issued to the entity; or (b) the amount is a payment made to the entity, under the demutualisation, in connection with: (i) the variation or abrogation of rights attaching to or consisting of an interest affected by demutualisation (see paragraph 316 ‑ 55(1)(b)); or (ii) the conversion, cancellation, extinguishment or redemption of an interest affected by demutualisation; or (c) the amount would otherwise be included in the ordinary income or statutory income of the entity only because a * share or a right to * acquire one or more shares was transferred to the entity by the trustee of a lost policy holders trust (see section 316 ‑ 155); or (d) the amount is a payment made to the entity from a lost policy holders trust in connection with: (i) the variation or abrogation of rights attaching to or consisting of an interest affected by demutualisation; or (ii) the conversion, cancellation, extinguishment or redemption of an interest affected by demutualisation. (2) This subsection covers an entity that: (a) is or has been a * member of the * friendly society; or (b) is or has been insured through the friendly society or a health/life insurance subsidiary of the friendly society; or (c) is issued with the demutualisation asset, or receives the payment, because of the death of a person covered by paragraph (a) or (b); or (d) is a beneficiary of a lost policy holders trust (see section 316 ‑ 155).", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-260", "Provision_Key": "s316-260", "Heading": "Franking debits to stop the friendly society and its subsidiaries having franking surpluses", "Text": "(1) A * franking debit arises in the * franking account of the * friendly society or a * wholly ‑ owned subsidiary of the society if the account is in * surplus immediately before the demutualisation resolution day identified under subsection 316 ‑ 70(4). (2) The amount of the * franking debit equals the * surplus. (3) The * franking debit arises at the start of that day.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-265", "Provision_Key": "s316-265", "Heading": "Franking debits to negate franking credits from some distributions to friendly society and subsidiaries", "Text": "(1) This section applies if a * franking credit arises in the * franking account of the * friendly society or a * wholly ‑ owned subsidiary of the society because a * distribution declared before the demutualisation resolution day identified under subsection 316 ‑ 70(4) is made to the society or subsidiary on or after that day. (2) A * franking debit arises in that account. (3) The amount of the * franking debit equals the amount of the * franking credit. (4) The * franking debit arises at the same time as the * franking credit arises.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-270", "Provision_Key": "s316-270", "Heading": "Franking debits to negate franking credits from post ‑ demutualisation payments of pre ‑ demutualisation tax", "Text": "(1) This section applies if a * franking credit arises in the * franking account of the * friendly society or a * wholly ‑ owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316 ‑ 70(4), the society or subsidiary * pays a PAYG instalment, or * pays income tax, that is wholly or partly attributable to a period before that day. (2) A * franking debit arises in that account. (3) The amount of the * franking debit is so much of the * franking credit as is attributable to the period before that day. (4) The * franking debit arises at the same time as the * franking credit arises.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 316-275", "Provision_Key": "s316-275", "Heading": "Franking credits to negate franking debits from refunds of tax paid before demutualisation", "Text": "(1) This section applies if a * franking debit arises in the * franking account of the * friendly society or a * wholly ‑ owned subsidiary of the society because, on or after the demutualisation resolution day identified under subsection 316 ‑ 70(4), the society or subsidiary * receives a refund of income tax that is wholly or partly attributable to a period before that day. (2) A * franking credit arises in that account. (3) The amount of the * franking credit is so much of the * franking debit as is attributable to the period before that day. (4) The * franking credit arises at the same time as the * franking debit arises.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s316-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-1", "Provision_Key": "s320-1", "Heading": "What this Division is about", "Text": "This Division provides for the taxation of life insurance companies in a broadly comparable way to other entities that derive similar kinds of income. Because of the nature of the business of life insurance companies, the Division contains special rules for working out their taxable income. Those rules: • include certain amounts in assessable income; • identify certain amounts of exempt income and non ‑ assessable non ‑ exempt income; • identify specific deductions. Life insurance companies can have one or both of these taxable incomes for any income year for the purposes of working out their income tax for that year: • a taxable income of the complying superannuation class, which consists of taxable income that relates to complying superannuation business, and is taxed at the rate of tax that applies to complying superannuation funds; • a taxable income of the ordinary class, which consists of taxable income that relates to other businesses and is taxed at the corporate tax rate. Life insurance companies can also have tax losses that correspond to those 2 classes. The Division provides that tax losses of a particular class can be deducted only from incomes in respect of that class. The Division ensures that the income tax worked out on the basis of these taxable incomes and tax losses is a single amount of income tax on one taxable income. The Division also contains rules for segregating the assets of life insurance companies into: • assets that relate to complying superannuation business; • assets that relate to immediate annuity and other exempt business. This Division also ensures that life insurance companies that are RSA providers are liable to pay tax on no ‑ TFN contributions income.", "Amendment_Count": 6, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 66 of 2003 | No 83 of 2004 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-5", "Provision_Key": "s320-5", "Heading": "Object of Division", "Text": "(1) The object of this Division is to provide for the taxation of * life insurance companies in a broadly comparable way to other entities that * derive similar kinds of income. (2) To achieve this object, the Division: (a) identifies certain amounts that are included in the assessable income, or are * exempt income or * non ‑ assessable non ‑ exempt income, of a * life insurance company; and (b) identifies certain amounts that a life insurance company can deduct; and (c) enables a life insurance company to have taxable incomes and * tax losses of the following classes for the purposes of working out its income tax for an income year: (i) the * complying superannuation class; (ii) the * ordinary class; and (d) contains other provisions necessary to enable the income tax on the taxable income of a life insurance company to be worked out. Note: Section 320 ‑ 5 of the Income Tax (Transitional Provisions) Act 1997 provides that the tax consequences of certain transfers of assets of a life insurance company that is a friendly society to a complying superannuation fund are to be disregarded.", "Amendment_Count": 6, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 66 of 2003 | No 83 of 2004 | No 58 of 2006 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-10", "Provision_Key": "s320-10", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for certain amounts to be included in a life insurance company’s assessable income and for certain other amounts to be exempt income or non ‑ assessable non ‑ exempt income. Table of sections Operative provisions 320 ‑ 15 Assessable income—various amounts 320 ‑ 30 Assessable income—special provision for certain income years 320 ‑ 35 Exempt income 320 ‑ 37 Non ‑ assessable non ‑ exempt income 320 ‑ 45 Tax treatment of gains or losses from CGT events in relation to complying superannuation assets", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 89 of 2000 | No 66 of 2003", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-15", "Provision_Key": "s320-15", "Heading": "Assessable income—various amounts", "Text": "(1) A * life insurance company’s assessable income includes: (a) the total amount of the * life insurance premiums paid to the company in the income year; and (b) amounts received or recovered under * contracts of reinsurance (except amounts that relate to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies) to the extent to which they relate to the * risk components of claims paid under * life insurance policies; and (c) any amount received or recovered that is a refund, or in the nature of a refund, of the life insurance premium paid under a contract of reinsurance (except any amount that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies); and (ca) any reinsurance commission received or recovered by the company in respect of a contract of reinsurance (except any commission that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies); and (d) any amount received under a profit ‑ sharing arrangement contained in, or entered into in relation to, a contract of reinsurance; and (da) the * transfer values of assets transferred by the company from a * complying superannuation asset pool under subsection 320 ‑ 180(1) or 320 ‑ 195(3); and (db) the transfer values of assets transferred by the company to a complying superannuation asset pool under subsection 320 ‑ 180(3) or 320 ‑ 185(1); and (e) if an asset (other than money) is transferred from or to a complying superannuation asset pool under subsection 320 ‑ 180(1) or (3), to a complying superannuation asset pool under section 320 ‑ 185 or from a complying superannuation asset pool under subsection 320 ‑ 195(2) or (3)—the amount (if any) that is included in the company’s assessable income of the income year in which the asset was transferred because of section 320 ‑ 200; and (f) the transfer values of assets transferred by the company from the company’s * segregated exempt assets under subsection 320 ‑ 235(1) or 320 ‑ 250(2); and (g) if an asset (other than money) is transferred to the company’s segregated exempt assets under subsection 320 ‑ 235(3) or section 320 ‑ 240—the amount (if any) that is included in the company’s assessable income because of section 320 ‑ 255; and (h) subject to subsection (2), if the * value, at the end of the income year, of the company’s liabilities under the * net risk components of life insurance policies is less than the value, at the end of the previous income year, of those liabilities—an amount equal to the difference; and Note: Where the value at the end of the income year exceeds the value at the end of the previous income year, the excess can be deducted: see section 320 ‑ 85. (i) amounts specified in agreements under section 295 ‑ 260; and (j) * specified roll ‑ over amounts paid to the company; and (ja) amounts imposed by the company in respect of risk riders for * ordinary investment policies in an income year in which the company did not receive any life insurance premiums for those policies; and (k) fees and charges (not otherwise included in, or taken into account in working out, the company’s assessable income) imposed by the company in respect of life insurance policies; and (l) if the company is an * RSA provider—contributions made to * RSAs provided by the company that would be included in the company’s assessable income under Subdivision 295 ‑ C if that Subdivision applied to the company. (2) Paragraph (1)(h) does not cover any liabilities under: (a) a * life insurance policy that provides for * participating benefits or * discretionary benefits; or (b) an * exempt life insurance policy; or (c) a * funeral policy. (3) An amount included in assessable income under paragraph (1)(i) is included for the income year of the * life insurance company that includes the last day of the transferor’s income year to which the agreement referred to in section 295 ‑ 260 relates.", "Amendment_Count": 6, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 9 of 2007 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-30", "Provision_Key": "s320-30", "Heading": "Assessable income—special provision for certain income years", "Text": "(1) This section applies to a * life insurance company for each of the following income years (each a relevant income year ): (a) the income year in which 1 July 2000 occurs; (b) the 4 following income years. Note: The effect of this section is modified when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320 ‑ 340. (2) If: (a) the * value of the company’s liabilities at the end of 30 June 2000 under its * continuous disability policies (being the value used by the company for the purposes of its * income tax return); exceeds (b) the value of the company’s liabilities at the end of 30 June 2000 under the * net risk components of its continuous disability policies as calculated under subsection 320 ‑ 85(4); the company’s assessable income for each relevant income year includes an amount equal to one ‑ fifth of the excess. (3) However, if a * life insurance company ceases in a relevant income year to carry on * life insurance business or to have any liabilities under the * net risk components of * continuous disability policies, subsection (2) does not apply for that income year or any future income years but the company’s assessable income for that income year includes so much of the excess referred to in subsection (2) as has not been included in the company’s assessable income for any previous relevant income years.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 89 of 2000 | No 23 of 2005 | No 97 of 2008", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-35", "Provision_Key": "s320-35", "Heading": "Exempt income", "Text": "These amounts * derived by a * life insurance company are exempt from income tax: (a) amounts of * ordinary income and * statutory income accrued before 1 July 1988 that were derived from assets that have become * complying superannuation assets; (b) if the company is an * RSA provider—any amounts that are disregarded because of paragraph 320 ‑ 137(3)(d) or (e) in working out the company’s taxable income of the * complying superannuation class.", "Amendment_Count": 8, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 57 of 2002 | No 12 of 2003 | No 66 of 2003 | No 83 of 2004 | No 58 of 2006 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Repealed and substituted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-37", "Provision_Key": "s320-37", "Heading": "Non ‑ assessable non ‑ exempt income", "Text": "(1) These amounts * derived by a * life insurance company are not assessable income and are not * exempt income: (a) amounts of ordinary income and statutory income derived from * segregated exempt assets, being income that relates to the period during which the assets were segregated exempt assets; (b) amounts of ordinary income and statutory income derived from the * disposal of units in a * pooled superannuation trust; (c) if an * Australian/overseas fund or an * overseas fund established by the company derived foreign establishment amounts—the foreign resident proportion of the foreign establishment amounts; (d) if the company is a * friendly society: (i) amounts derived before 1 July 2001 that are exempt from income tax under section 50 ‑ 1; and (ii) amounts derived on or after 1 July 2001 but before 1 January 2003, that are attributable to * income bonds, * funeral policies or * sickness policies; and (iii) amounts derived on or after 1 July 2001 but before 1 January 2003, that are attributable to * scholarship plans and would have been exempt from income tax under section 50 ‑ 1 if they had been received before 1 July 2001; and (iv) amounts derived on or after 1 January 2003 that are attributable to income bonds, funeral policies or * sickness policies, that were issued before 1 January 2003; and (v) amounts derived on or after 1 January 2003 that are attributable to scholarship plans issued before 1 January 2003 and that would have been exempt from income tax if they had been received before 1 July 2001. Note: The effect of this section is modified when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320 ‑ 325. (1A) For the purposes of paragraph (1)(c), foreign establishment amounts for the * life insurance company means the total amount of assessable income that was * derived in the income year: (a) in the course of the carrying on by the company of a business in a foreign country at or through a * permanent establishment of the company in that country; and (b) from sources in that or any other foreign country; and (c) from assets that: (i) are attributable to the permanent establishment; and (ii) are held to meet the liabilities under the * life insurance policies issued by the company at or through the permanent establishment. (2) For the purposes of paragraph (1)(c), the foreign resident proportion of the * foreign establishment amounts is the amount worked out using the formula: where: all foreign establishment policy liabilities means the average value for the income year (as calculated by an * actuary) of the policy liabilities (as defined in the * Valuation Standard) for all * life insurance policies that: (a) were included in the class of * life insurance business to which the company’s * Australian/overseas fund or * overseas fund relates; and (b) were issued by the company at or through the * permanent establishment to which the foreign establishment amounts relate. foreign resident foreign establishment policy liabilities means the average value for the income year (as calculated by an * actuary) of the policy liabilities (as defined in the * Valuation Standard) for all * life insurance policies that: (a) are * foreign resident life insurance policies; and (b) were issued by the company at or through the * permanent establishment to which the foreign establishment amounts relate.", "Amendment_Count": 5, "First_Amended": "No 66 of 2003", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 66 of 2003 | No 83 of 2004 | No 23 of 2005 | No 41 of 2005 | No 58 of 2006", "History_Notes": "Inserted by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-45", "Provision_Key": "s320-45", "Heading": "Tax treatment of gains or losses from CGT events in relation to complying superannuation assets", "Text": "(1) If a * CGT event happens in respect of a * CGT asset that is a * complying superannuation asset of a * life insurance company, section 295 ‑ 85 and 295 ‑ 90 applies for the purpose of working out the amount of any * capital gain or * capital loss that arises from the event. Note: See Subdivision 295 ‑ B of the Income Tax (Transitional Provisions) Act 1997 for rules about cost base for assets owned by superannuation entities at the end of 30 June 1988. (2) Subsection (1) has effect despite anything in Division 230.", "Amendment_Count": 5, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 15 of 2007 | No 45 of 2008 | No 15 of 2009 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-50", "Provision_Key": "s320-50", "Heading": "What this Subdivision is about", "Text": "This Subdivision specifies particular deductions that are available to a life insurance company, specifies particular amounts that a life insurance company cannot deduct and contains provisions relating to a life insurance company’s capital losses. Table of sections Operative provisions 320 ‑ 55 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets 320 ‑ 60 Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets 320 ‑ 65 Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits 320 ‑ 70 No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability 320 ‑ 75 Deduction for ordinary investment policies 320 ‑ 80 Deduction for certain claims paid under life insurance policies 320 ‑ 85 Deduction for increase in value of liabilities under net risk components of life insurance policies 320 ‑ 87 Deduction for assets transferred from or to complying superannuation asset pool 320 ‑ 100 Deduction for life insurance premiums paid under certain contracts of reinsurance 320 ‑ 105 Deduction for assets transferred to segregated exempt assets 320 ‑ 110 Deduction for interest credited to income bonds 320 ‑ 111 Deduction for funeral policy payout 320 ‑ 112 Deduction for scholarship plan payout 320 ‑ 115 No deduction for amounts credited to RSAs 320 ‑ 120 Capital losses from assets other than complying superannuation assets or segregated exempt assets 320 ‑ 125 Capital losses from complying superannuation assets", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-55", "Provision_Key": "s320-55", "Heading": "Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from complying superannuation assets", "Text": "(1) This section applies to a * life insurance company in respect of * life insurance policies where the company’s liabilities under the policies are to be discharged out of * complying superannuation assets. (2) The company can deduct: (a) the amounts of the * life insurance premiums received in respect of the policies that are transferred to its * complying superannuation assets in the income year; less: (b) so much of those amounts as relate to the company’s liability to pay amounts on the death or disability of a person. (3) For the purposes of subsection (2) only, the amount of a * life insurance premium that relates to the company’s liability to pay amounts on the death or disability of a person is: (a) if the policy provides for * participating benefits or * discretionary benefits—nil; or (b) if paragraph (a) does not apply and the policy states that the whole or a specified part of the premium is payable in respect of such a liability—the whole or that part of the premium, as appropriate; or (c) if neither paragraph (a) nor (b) applies: (i) if the policy is an * endowment policy—10% of the premium; or (ii) if the policy is a * whole of life policy—30% of the premium; or (iii) otherwise—so much of the premium as an * actuary determines to be attributable to such a liability.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-60", "Provision_Key": "s320-60", "Heading": "Deduction for life insurance premiums where liabilities under life insurance policies are to be discharged from segregated exempt assets", "Text": "A * life insurance company can deduct the amounts of * life insurance premiums transferred in the income year to its * segregated exempt assets under subsection 320 ‑ 240(3).", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-65", "Provision_Key": "s320-65", "Heading": "Deduction for life insurance premiums in respect of life insurance policies that provide for participating or discretionary benefits", "Text": "A * life insurance company can deduct the amounts of * net premiums received in respect of * life insurance policies (other than * complying superannuation life insurance policies or * exempt life insurance policies) that provide for * participating benefits or * discretionary benefits.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-70", "Provision_Key": "s320-70", "Heading": "No deduction for life insurance premiums in respect of certain life insurance policies payable only on death or disability", "Text": "(1) A * life insurance company cannot deduct any part of the amounts of * life insurance premiums received in respect of * life insurance policies under which amounts are to be paid only on the death or disability of a person. (2) This section does not apply to: (a) * life insurance policies that provide for * participating benefits or * discretionary benefits; or (b) funeral policies.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-75", "Provision_Key": "s320-75", "Heading": "Deduction for ordinary investment policies", "Text": "(1) This section applies to a * life insurance company in respect of * ordinary investment policies issued by the company. (2) The company can deduct, in respect of * life insurance premiums received in the income year for those policies: (a) the sum of the * net premiums; less: (b) so much of the net premiums as an * actuary determines to be attributable to fees and charges charged in that income year. (3) In making a determination under subsection (2), an * actuary is to have regard to: (a) the changes over the income year in the sum of the * net current termination values of the policies; and (b) the movements in those values during the income year. (4) In addition, if an * actuary determines that: (a) there has been a reduction in the income year (the current year ) of exit fees that were imposed in respect of those policies in a previous income year; and (b) the reduction (or a part of it) has not been taken into account in a determination under subsection (2) for the current year; the company can deduct so much of that reduction as has not been so taken into account.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 57 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-80", "Provision_Key": "s320-80", "Heading": "Deduction for certain claims paid under life insurance policies", "Text": "(1) A * life insurance company can deduct the amounts paid in respect of the * risk components of claims paid under * life insurance policies during the income year. (2) The risk component of a claim paid under a * life insurance policy is: (a) if: (i) the policy does not provide for * participating benefits or * discretionary benefits; and (ii) the policy is neither an * exempt life insurance policy nor a * funeral policy; and (iii) an amount is payable under the policy only on the death or disability of the insured person; the amount paid under the policy as a result of the occurrence of that event; or (b) if the policy provides for participating benefits or discretionary benefits or is an exempt life insurance policy or a funeral policy—nil; or (c) otherwise—the amount paid under the policy as a result of the death or disability of the insured person less the * current termination value of the policy (calculated by an * actuary) immediately before the death, or the occurrence of the disability, of the person. (3) Except as provided by subsection (1), a * life insurance company cannot deduct amounts paid in respect of claims under * life insurance policies.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-85", "Provision_Key": "s320-85", "Heading": "Deduction for increase in value of liabilities under net risk components of life insurance policies", "Text": "(1) A * life insurance company can deduct the amount (if any) by which the * value, at the end of the income year, of its liabilities under the * net risk components of * life insurance policies exceeds the value, at the end of the previous income year, of those liabilities. Note 1: Where the value at the end of the income year is less than the value at the end of the previous income year, the difference is included in assessable income: see paragraph 320 ‑ 15(1)(h). Note 2: Section 320 ‑ 85 of the Income Tax (Transitional Provisions) Act 1997 makes special provision in respect of the calculation of the value of a life insurance company’s liabilities under the net risk components of life insurance policies at the end of the income year immediately preceding the income year in which 1 July 2000 occurs. (2) Subsection (1) does not cover any liabilities under: (a) a * life insurance policy that provides for * participating benefits or * discretionary benefits; or (b) an * exempt life insurance policy; or (c) a * funeral policy. (3) If a * life insurance policy is a * disability policy (other than a * continuous disability policy), the value at a particular time of the liabilities of the * life insurance company under the * net risk component of the policy is the * current termination value of the component at that time (calculated by an * actuary). (4) In the case of * life insurance policies other than policies to which subsection (3) applies, the value at a particular time of the liabilities of the * life insurance company under the * net risk components of the policies is the amount calculated by an * actuary to be: (a) the sum of the policy liabilities (as defined in the * Valuation Standard) in respect of the net risk components of the policies at that time; less (b) the sum of any cumulative losses (as defined in the Valuation Standard) for the net risk components of the policies at that time.", "Amendment_Count": 5, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 143 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-87", "Provision_Key": "s320-87", "Heading": "Deduction for assets transferred from or to complying superannuation asset pool", "Text": "(1) A * life insurance company can deduct the * transfer values of assets that are transferred by the company in the income year from a * complying superannuation asset pool under subsection 320 ‑ 180(1) or 320 ‑ 195(3). (2) A * life insurance company can deduct the * transfer values of assets that are transferred by the company in the income year to a * complying superannuation asset pool under subsection 320 ‑ 180(3) or 320 ‑ 185(1). (3) If an asset (other than money) is transferred by a * life insurance company: (a) from a * complying superannuation asset pool under subsection 320 ‑ 180(1) or 320 ‑ 195(2) or (3); or (b) to a complying superannuation asset pool under subsection 320 ‑ 180(3) or section 320 ‑ 185; the company can deduct the amount (if any) that it can deduct because of section 320 ‑ 200.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-87"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-100", "Provision_Key": "s320-100", "Heading": "Deduction for life insurance premiums paid under certain contracts of reinsurance", "Text": "A * life insurance company can deduct amounts that: (a) were paid by the company in the income year as * life insurance premiums under * contracts of reinsurance; and (b) do not relate to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-105", "Provision_Key": "s320-105", "Heading": "Deduction for assets transferred to segregated exempt assets", "Text": "(1) A * life insurance company can deduct the * transfer values of assets transferred in the income year to the company’s * segregated exempt assets under subsection 320 ‑ 235(3) or 320 ‑ 240(1). (2) If an asset (other than money) is transferred to a * life insurance company’s * segregated exempt assets under subsection 320 ‑ 235(3) or section 320 ‑ 240, the company can deduct the amount (if any) that it can deduct because of section 320 ‑ 255.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-110", "Provision_Key": "s320-110", "Heading": "Deduction for interest credited to income bonds", "Text": "(1) A * life insurance company that is a * friendly society can deduct interest credited in the income year to the holders of * income bonds issued after 31 December 2002 where the interest accrued on or after 1 January 2003. (2) This section has effect despite subsection 320 ‑ 80(3).", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 12 of 2003", "Amending_Acts": "No 89 of 2000 | No 57 of 2002 | No 12 of 2003", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-111", "Provision_Key": "s320-111", "Heading": "Deduction for funeral policy payout", "Text": "(1) A * life insurance company that is a * friendly society can deduct the amount of a benefit provided in the income year by the company under a * funeral policy issued after 31 December 2002, reduced by so much of the sum of the amounts deducted or deductible by the company under section 320 ‑ 75 for any income year as is reasonably related to the benefit. (2) This section has effect despite subsection 320 ‑ 80(3).", "Amendment_Count": 1, "First_Amended": "No 12 of 2003", "Last_Amended": "No 12 of 2003", "Amending_Acts": "No 12 of 2003", "History_Notes": "Inserted by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-111"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-112", "Provision_Key": "s320-112", "Heading": "Deduction for scholarship plan payout", "Text": "(1) A * life insurance company that is a * friendly society can deduct the amount of a benefit it provides in the income year and on or after 1 January 2003: (a) under a * scholarship plan covered by subsection (2) or (3); and (b) to, or on behalf of, a person nominated in the plan as a beneficiary whose education is to be helped by the benefit; reduced by so much of the sum of the amounts deducted or deductible by the company under section 320 ‑ 75 for any income year as is reasonably related to the benefit. (2) This subsection covers a * scholarship plan issued by the * life insurance company after 31 December 2002. (3) This subsection covers a * scholarship plan if: (a) the plan was issued by the * life insurance company before 1 January 2003; and (b) no amount received by the company on or after 1 January 2003 and attributable to the plan is * non ‑ assessable non ‑ exempt income of the company under paragraph 320 ‑ 37(1)(d). (4) This section has effect despite subsection 320 ‑ 80(3).", "Amendment_Count": 2, "First_Amended": "No 12 of 2003", "Last_Amended": "No 66 of 2003", "Amending_Acts": "No 12 of 2003 | No 66 of 2003", "History_Notes": "Inserted by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-112"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-115", "Provision_Key": "s320-115", "Heading": "No deduction for amounts credited to RSAs", "Text": "A * life insurance company that is an * RSA provider cannot deduct amounts credited to * RSAs.", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-120", "Provision_Key": "s320-120", "Heading": "Capital losses from assets other than complying superannuation assets or segregated exempt assets", "Text": "(1) This section applies to assets ( ordinary assets ) of a * life insurance company other than: (a) * complying superannuation assets; or (b) * segregated exempt assets. (2) In working out a * life insurance company’s * net capital gain or * net capital loss for the income year, * capital losses from ordinary assets can be used only to reduce * capital gains from ordinary assets. (3) If some or all of a * capital loss from an ordinary asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company’s * capital gains from ordinary assets exceed the company’s capital losses (if any) from ordinary assets. (4) If the company has 2 or more unapplied * net capital losses from ordinary assets, the company must apply them in the order in which they were made. Note: This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the ordinary class: see sections 320 ‑ 139 and 320 ‑ 143.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-125", "Provision_Key": "s320-125", "Heading": "Capital losses from complying superannuation assets", "Text": "(1) In working out a * life insurance company’s * net capital gain or * net capital loss for the income year, * capital losses from * complying superannuation assets can be used only to reduce * capital gains from complying superannuation assets. (2) If some or all of a * capital loss from a * complying superannuation asset cannot be applied in an income year, the unapplied amount can be applied in the next income year in which the company’s * capital gains from * complying superannuation assets exceed the company’s capital losses (if any) from complying superannuation assets. (3) If the company has 2 or more unapplied * net capital losses from * complying superannuation assets, the company must apply them in the order in which they were made. Note: This section affects the amount of assessable income that is to be taken into account in working out a taxable income or tax loss of the complying superannuation class: see sections 320 ‑ 137 and 320 ‑ 141.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-130", "Provision_Key": "s320-130", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains how a life insurance company’s income tax is worked out. For that purpose, this Subdivision enables a life insurance company to have taxable incomes and tax losses of the following classes: • the complying superannuation class; • the ordinary class.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-131", "Provision_Key": "s320-131", "Heading": "Overview of Subdivision", "Text": "Working out the income tax (1) In any income year, a life insurance company can have: (a) a taxable income of the complying superannuation class and/or a taxable income of the ordinary class; or (b) a tax loss of the complying superannuation class and/or a tax loss of the ordinary class; or (c) a taxable income of one class and a tax loss of the other class. Note: The taxable incomes mentioned in paragraph (a) are taxed at different rates: see section 23A of the Income Tax Rates Act 1986 . (2) Taxable incomes and tax losses of both classes are taken into account in working out the amount of income tax that the company has to pay for the income year (see section 320 ‑ 134). That amount is then taken to be the income tax on the company’s taxable income for that income year. Working out taxable income and tax loss of each class (3) In general, the rules in this Act about working out a company’s taxable income or tax loss, or deducting a company’s tax loss, apply to a life insurance company in relation to: (a) working out a taxable income or tax loss of a particular class; or (b) deducting a tax loss of a particular class. (4) However, that general rule is subject to the following: (a) sections 320 ‑ 137 to 320 ‑ 143, which allocate amounts of incomes and deductions for the purposes of working out a taxable income or tax loss of a particular class; (b) subsections 320 ‑ 141(2) and 320 ‑ 143(2), which provide that tax losses of a particular class can be deducted only from incomes in respect of that class; (c) section 320 ‑ 149, which sets out the provisions in this Act that have effect only in relation to a taxable income or tax loss of the ordinary class. Table of sections General rules 320 ‑ 133 Object of Subdivision 320 ‑ 134 Income tax of a life insurance company 320 ‑ 135 Taxable income and tax loss of each of the 2 classes Taxable income and tax loss of life insurance companies 320 ‑ 137 Taxable income—complying superannuation class 320 ‑ 139 Taxable income—ordinary class 320 ‑ 141 Tax loss—complying superannuation class 320 ‑ 143 Tax loss—ordinary class 320 ‑ 149 Provisions that apply only in relation to the ordinary class", "Amendment_Count": 3, "First_Amended": "No 83 of 2004", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-131"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-133", "Provision_Key": "s320-133", "Heading": "Object of Subdivision", "Text": "(1) The object of this Subdivision is to ensure that: (a) for the purposes of working out the amount of a * life insurance company’s income tax for an income year: (i) the company’s taxable income or * tax loss of one * class is worked out separately from its taxable income or tax loss of the other class; and (ii) the company’s tax losses of a particular class can be deducted only from its incomes in respect of that class; and (b) for the purposes of this Act, that amount of income tax is treated as the company’s income tax on its taxable income for that income year. (2) In subsection (1), a class means the * complying superannuation class or the * ordinary class.", "Amendment_Count": 3, "First_Amended": "No 83 of 2004", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-133"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-134", "Provision_Key": "s320-134", "Heading": "Income tax of a life insurance company", "Text": "Working out the income tax (1) Work out a * life insurance company’s income tax for an income year under section 4 ‑ 10 as follows: (a) apply steps 1 and 2 of the method statement in subsection 4 ‑ 10(3) to work out separately the amount that would be the company’s basic income tax liability for its taxable income of each * class for that year; (b) treat the sum of these amounts as the company’s basic income tax liability for that year and apply step 4 of the method statement to subtract its * tax offsets from that sum. (2) For the purposes of this Act: (a) the income tax worked out in accordance with subsection (1) is taken to be the company’s income tax on its taxable income for the income year; and (b) except as provided by subsection (1) of this section and sections 320 ‑ 135 to 320 ‑ 149, the company’s taxable income for that year is taken to be equal to the sum of the company’s taxable incomes of the 2 * classes for that year. Note: This means that there is only one assessment in respect of the company’s taxable income for the income year and that the income tax constitutes only one debt to the Commonwealth. Working out the income tax on certain assumptions (3) Subsection (1) also has effect in relation to working out an amount that would be the company’s income tax if certain assumptions were made. It has that effect in the same way as it has effect in relation to working out the company’s income tax under section 4 ‑ 10 (except in regard to those assumptions). Note: This means, for example, subsection (1) also has effect in relation to working out the amount of a life insurance company’s income tax on the basis of the tax offset priority rules in Division 63.", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 83 of 2004 | No 58 of 2006", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-134"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-135", "Provision_Key": "s320-135", "Heading": "Taxable income and tax loss of each of the 2 classes", "Text": "(1) Subject to the other provisions in this Subdivision: (a) this Act has effect for a * life insurance company in relation to working out a taxable income of a particular * class in the same way as it has effect in relation to working out a taxable income of any other company; and (b) this Act has effect for a life insurance company in relation to working out or deducting a * tax loss of a particular class in the same way as it has effect in relation to working out or deducting a tax loss of any other company. (2) Sections 320 ‑ 137 to 320 ‑ 143 have effect in addition to other provisions in this Act that relate to working out a taxable income or * tax loss, or deducting a tax loss (as appropriate). (3) Nothing in this Subdivision prevents a * life insurance company from: (a) having taxable incomes, or * tax losses, of both * classes for the same income year; or (b) having a taxable income of one class and a tax loss of the other class for the same income year. Note: In certain circumstances, a life insurance company can have a taxable income and a tax loss of the same class in an income year (see Subdivision 165 ‑ B as it has effect under this Subdivision).", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-137", "Provision_Key": "s320-137", "Heading": "Taxable income—complying superannuation class", "Text": "(1) A * life insurance company’s taxable income of the complying superannuation class is a taxable income worked out under this Act on the basis of only: (a) assessable income of the company that is covered by subsection (2); and (b) deductions of the company that are covered by subsection (4); and (c) * tax losses of the company that are of the * complying superannuation class. Note: For the usual way of working out a taxable income: see subsection 4 ‑ 15(1). For other ways of working out a taxable income: see subsection 4 ‑ 15(2). Relevant assessable income (2) This subsection covers the following assessable income of a * life insurance company: (a) assessable income * derived by the company from the investment of its * complying superannuation assets in relation to the period during which those assets were complying superannuation assets; (b) so much of the amount that is included in the company’s assessable income because of paragraph 320 ‑ 15(1)(a) as is equal to the total * transfer value of assets transferred in the income year by the company to a * complying superannuation asset pool under subsection 320 ‑ 185(3); (c) if an asset (other than money) is transferred by the company from a complying superannuation asset pool under subsection 320 ‑ 180(1) or 320 ‑ 195(2) or (3)—amounts that are included in the company’s assessable income because of section 320 ‑ 200; (d) amounts that are included in the company’s assessable income because of paragraph 320 ‑ 15(1)(db), (i) or (j); (e) amounts that are included in the company’s assessable income under subsection 115 ‑ 280(4); (f) subject to subsection (3), so much of the company’s assessable income for the income year as is: (i) the total amount credited during that year to the * RSAs provided by the company; less (ii) the total amount debited during that year from the RSAs. Amounts disregarded for RSAs (3) In working out the amount mentioned in paragraph (2)(f), disregard the following amounts: (a) contributions credited to the * RSAs that would not be included in the company’s assessable income under Subdivision 295 ‑ C if that Subdivision applied to the company; (b) amounts debited from the RSAs that are benefits paid to, or in respect of, the holders of the RSAs; (c) income tax debited from the RSAs; (d) if an * annuity covered by subsection (3A) was paid from an RSA in respect of the whole of the income year, or the whole of the part of the income year in which the RSA existed, the total amount credited to the RSA during the income year; (e) if an annuity covered by subsection (3A) was paid from an RSA in respect of a part, but not the whole, of the portion of the income year in which the RSA existed, so much of the total amount credited to the RSA during the income year as is equal to the amount worked out using the following formula: (3A) An * annuity is covered by this subsection if it is a * superannuation income stream that is in the * retirement phase. Relevant deductions (4) This subsection covers the following deductions of a * life insurance company: (a) amounts that the company can deduct under section 320 ‑ 55; (b) amounts that the company can deduct (other than any * tax losses) in respect of the investment of the company’s * complying superannuation assets in relation to the period during which those assets were complying superannuation assets; (c) amounts that the company can deduct under section 320 ‑ 87 because of subsection (1) or paragraph (3)(a) of that section; (d) amounts that the company can deduct under subsection 115 ‑ 280(1).", "Amendment_Count": 7, "First_Amended": "No 83 of 2004", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 83 of 2004 | No 58 of 2006 | No 15 of 2007 | No 45 of 2008 | No 62 of 2011 | No 70 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-137"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-139", "Provision_Key": "s320-139", "Heading": "Taxable income—ordinary class", "Text": "A * life insurance company’s taxable income of the ordinary class is a taxable income worked out under this Act on the basis of only: (a) assessable income of the company that is not covered by subsection 320 ‑ 137(2); and (b) amounts (other than * tax losses) that the company can deduct and are not covered by subsection 320 ‑ 137(4); and (c) tax losses of the company that are of the * ordinary class. Note: For the usual way of working out a taxable income: see subsection 4 ‑ 15(1). For other ways of working out a taxable income: see subsection 4 ‑ 15(2).", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-139"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-141", "Provision_Key": "s320-141", "Heading": "Tax loss—complying superannuation class", "Text": "Working out a tax loss of the complying superannuation class (1) A * life insurance company’s * tax loss of the complying superannuation class is a tax loss worked out under this Act on the basis of only: (a) assessable income of the company that is covered by subsection 320 ‑ 137(2); and (b) deductions of the company that are covered by subsection 320 ‑ 137(4); and (c) * net exempt income of the company that is attributable to * exempt income * derived: (i) from the company’s * complying superannuation assets; and (ii) in relation to the period during which those assets were complying superannuation assets. Note: For the usual way of working out a tax loss: see section 36 ‑ 10. For other ways of working out a tax loss: see section 36 ‑ 25. Deducting a tax loss of the complying superannuation class (2) A * life insurance company’s * tax loss of the complying superannuation class can be deducted under this Act only from: (a) * net exempt income of the company that is attributable to * exempt income * derived: (i) from the company’s * complying superannuation assets; and (ii) in relation to the period during which those assets were complying superannuation assets; and (b) assessable income of the company that is covered by subsection 320 ‑ 137(2), reduced by deductions of the company that are covered by subsection 320 ‑ 137(4). Note: For the usual way of deducting a tax loss: see section 36 ‑ 17. For other ways of deducting a tax loss: see section 36 ‑ 25.", "Amendment_Count": 6, "First_Amended": "No 83 of 2004", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 83 of 2004 | No 58 of 2006 | No 45 of 2008 | No 41 of 2011 | No 70 of 2015", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-141"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-143", "Provision_Key": "s320-143", "Heading": "Tax loss—ordinary class", "Text": "Working out a tax loss of the ordinary class (1) A * life insurance company’s * tax loss of the ordinary class is a tax loss worked out under this Act on the basis of only: (a) assessable income of the company that is not covered by subsection 320 ‑ 137(2); and (b) amounts (other than tax losses) that the company can deduct and are not covered by subsection 320 ‑ 137(4); and (c) * net exempt income of the company that is not attributable to * exempt income * derived: (i) from the company’s * complying superannuation assets; and (ii) in relation to the period during which those assets were complying superannuation assets. Note: For the usual way of working out a tax loss: see section 36 ‑ 10. For other ways of working out a tax loss: see section 36 ‑ 25. Deducting a tax loss of the ordinary class (2) A * life insurance company’s * tax loss of the ordinary class can be deducted under this Act only from: (a) * net exempt income of the company that is not attributable to * exempt income * derived: (i) from the company’s * complying superannuation assets; and (ii) in relation to the period during which those assets were complying superannuation assets; and (b) assessable income of the company that is not covered by subsection 320 ‑ 137(2), reduced by amounts (other than tax losses) that the company can deduct and are not covered by subsection 320 ‑ 137(4). Note: For the usual way of deducting a tax loss: see section 36 ‑ 17. For other ways of deducting a tax loss: see section 36 ‑ 25.", "Amendment_Count": 5, "First_Amended": "No 83 of 2004", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 83 of 2004 | No 58 of 2006 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-143"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-149", "Provision_Key": "s320-149", "Heading": "Provisions that apply only in relation to the ordinary class", "Text": "(1) The provisions covered by subsection (2): (a) have effect as provided by section 320 ‑ 135 in relation to a * life insurance company’s taxable income, or * tax loss, of the * ordinary class; but (b) have no effect in relation to the company’s taxable income, or tax loss, of the * complying superannuation class. (2) This subsection covers these provisions: (a) section 36 ‑ 55; (aa) Division 160 (Corporate loss carry back tax offset for 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 for businesses with turnover under $5 billion); (b) Division 165 (except Subdivision 165 ‑ CD). Example 1: A life insurance company that has an amount of excess franking offsets will need to recalculate its tax loss of the ordinary class under section 36 ‑ 55. But its tax loss of the complying superannuation class is unaffected by that section. Example 2: A life insurance company that fails to meet the relevant tests of Division 165 will need to recalculate the ordinary class of its taxable income and tax loss under Subdivision 165 ‑ B. But the complying superannuation class of its taxable income and tax loss are unaffected by that Subdivision.", "Amendment_Count": 7, "First_Amended": "No 83 of 2004", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 83 of 2004 | No 45 of 2008 | No 88 of 2013 | No 96 of 2014 | No 70 of 2015 | No 92 of 2020 | No 8 of 2022", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-149"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-150", "Provision_Key": "s320-150", "Heading": "What this Subdivision is about", "Text": "This Subdivision makes Subdivisions 295 ‑ I and 295 ‑ J apply to life insurance companies that are RSA providers. The consequence is that those life insurance companies are liable to pay tax on no ‑ TFN contributions income under Subdivision 295 ‑ I. They may also be entitled to a tax offset under Subdivision 295 ‑ J. Table of sections Operative provisions 320 ‑ 155 Subdivisions 295 ‑ I and 295 ‑ J apply to companies that are RSA providers", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 15 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Inserted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-155", "Provision_Key": "s320-155", "Heading": "Subdivisions 295 ‑ I and 295 ‑ J apply to companies that are RSA providers", "Text": "(1) Despite subsection 295 ‑ 5(4), Subdivisions 295 ‑ I and 295 ‑ J apply to a * life insurance company that is an * RSA provider. (2) For the purposes of the application of those Subdivisions to a * life insurance company, a contribution included in the assessable income of the company under paragraph 320 ‑ 15(1)(l) is taken to have been included under Subdivision 295 ‑ C.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 15 of 2007", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Inserted by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-165", "Provision_Key": "s320-165", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains how a life insurance company can segregate assets (to be known as a complying superannuation asset pool ) to be used for the sole purpose of discharging its complying superannuation liabilities. Table of sections Operative provisions 320 ‑ 170 Establishment of complying superannuation asset pool 320 ‑ 175 Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time 320 ‑ 180 Consequences of a valuation under section 320 ‑ 175 320 ‑ 185 Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320 ‑ 175 320 ‑ 190 Complying superannuation liabilities 320 ‑ 195 Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320 ‑ 175 320 ‑ 200 Consequences of transfer of assets to or from complying superannuation asset pool", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-170", "Provision_Key": "s320-170", "Heading": "Establishment of complying superannuation asset pool", "Text": "(1) A * life insurance company may, on or after 1 July 2000, segregate in accordance with subsections (2) and (3) any of its assets for the sole purpose of discharging its * complying superannuation liabilities out of those assets. (1A) Except as provided by section 320 ‑ 170 of the Income Tax (Transitional Provisions) Act 1997 , an asset is taken not to be included in the * complying superannuation assets unless the whole of the asset is included among those assets. (2) The assets segregated must, at the time of the segregation, be a representative sample of all the company’s assets that support its * complying superannuation liabilities immediately before the segregation. (3) The assets segregated must have, as at the time of the segregation, a total * transfer value that does not exceed the sum of: (a) the company’s * complying superannuation liabilities as at that time; and (b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of the assets segregated. (4) A * life insurance company that segregates assets as mentioned in subsections (1) to (3) at a time after 1 July 2000 but before 1 October 2000 is taken to have segregated those assets in accordance with those subsections on 1 July 2000. (5) If a segregation of assets is made in accordance with the above subsections, the company must use the segregated assets, and any other assets afterwards included among the segregated assets, only for the purpose of discharging its * complying superannuation liabilities. (6) The assets from time to time segregated are together to be known as the complying superannuation asset pool and each asset from time to time included among those assets is to be known as a complying superannuation asset . (7) In this Subdivision: (a) a reference to the transfer of an asset to, or from, the * complying superannuation asset pool: (i) is a reference to the inclusion of the asset among the segregated assets, or the exclusion of an asset from the segregated assets, as the case may be; and (ii) includes a reference to the transfer of money to, or from, the complying superannuation asset pool, as the case may be; and (b) if an asset transferred to or from the complying superannuation asset pool is money, a reference to the * transfer value of the asset transferred is a reference to the amount of the money.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-175", "Provision_Key": "s320-175", "Heading": "Valuations of complying superannuation assets and complying superannuation liabilities for each valuation time", "Text": "(1) A * life insurance company that has established a * complying superannuation asset pool must cause the following amounts to be calculated within the period of 60 days starting immediately after each * valuation time: (a) the total * transfer value of the company’s * complying superannuation assets as at the valuation time; (b) the company’s * complying superannuation liabilities as at the valuation time. Note: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713 ‑ 525. (2) These are the valuation times : (a) the end of the income year in which the * complying superannuation asset pool was established; (b) the end of each later income year. Note 1: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713 ‑ 525 and 713 ‑ 585. Note 2: A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 6, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 16 of 2003 | No 83 of 2004 | No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-180", "Provision_Key": "s320-180", "Heading": "Consequences of a valuation under section 320 ‑ 175", "Text": "Transfer from the complying superannuation asset pool (1) If the total * transfer value of the company’s * complying superannuation assets as at a * valuation time exceeds the sum of: (a) the company’s * complying superannuation liabilities as at that time; and (b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets; the company must transfer, from the * complying superannuation asset pool, assets of any kind having a total transfer value equal to the excess. (2) A transfer under subsection (1) must be made within the period of 30 days starting immediately after: (a) the day on which the total * transfer value and the * complying superannuation liabilities (as at the * valuation time) were calculated; or (b) if those amounts were calculated on different days—the later of those days. The transfer, once made, is taken to have been made at the valuation time (whether or not the transfer is made within those 30 days). Note: A life insurance company that fails to comply with subsections (1) and (2) is liable to an administrative penalty: see section 288 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . Transfer to the complying superannuation asset pool (3) If the total * transfer value of the company’s * complying superannuation assets as at a * valuation time is less than the sum of: (a) the company’s * complying superannuation liabilities as at that time; and (b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets; the company can transfer, to the * complying superannuation asset pool, assets of any kind having a total transfer value not exceeding the difference. (4) A transfer under subsection (3) is taken to have been made at the * valuation time if it is made within the period of 30 days starting immediately after: (a) the day on which the total * transfer value and the * complying superannuation liabilities (as at the valuation time) were calculated; or (b) if those amounts were calculated on different days—the later of those days.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-185", "Provision_Key": "s320-185", "Heading": "Transfer of assets to complying superannuation asset pool otherwise than as a result of a valuation under section 320 ‑ 175", "Text": "(1) If a * life insurance company determines, at a time other than a * valuation time, that the total * transfer value of the company’s * complying superannuation assets as at that time is less than the sum of: (a) the company’s * complying superannuation liabilities as at that time; and (b) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets; the company can transfer, to the * complying superannuation asset pool, assets of any kind having a total transfer value not exceeding the difference. (2) A * life insurance company can at any time transfer an asset of any kind to a * complying superannuation asset pool in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer. (3) A * life insurance company can transfer to a * complying superannuation asset pool in an income year assets of any kind having a total * transfer value not exceeding the total amount of the * life insurance premiums paid to the company in that income year for the purchase of * complying superannuation life insurance policies. (4) Except as provided by this section and subsections 320 ‑ 180(3) and 320 ‑ 250(1A), a * life insurance company cannot transfer an asset to a * complying superannuation asset pool.", "Amendment_Count": 5, "First_Amended": "No 89 of 2000", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015 | No 81 of 2016", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-190", "Provision_Key": "s320-190", "Heading": "Complying superannuation liabilities", "Text": "(1) The amount of the * complying superannuation liabilities of a * life insurance company is to be worked out in accordance with subsection (2) in respect only of * life insurance policies issued by the company: (a) that are * complying superannuation life insurance policies; and (b) the liabilities under which are to be discharged out of the company’s * complying superannuation assets. (2) The amount of the complying superannuation liabilities of a * life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an * actuary: (a) for policies providing for * participating benefits or * discretionary benefits: (i) the values of supporting assets, as defined in the * Valuation Standard; and (ii) the * policy owners’ retained profits; (b) for other policies—the * current termination values.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-195", "Provision_Key": "s320-195", "Heading": "Transfer of assets and payment of amounts from a complying superannuation asset pool otherwise than as a result of a valuation under section 320 ‑ 175", "Text": "(1) If: (a) a * life insurance policy issued by a * life insurance company becomes an * exempt life insurance policy; and (b) immediately before the policy became an exempt life insurance policy, the policy was a policy referred to in subsection 320 ‑ 190(1); the company can transfer from a * complying superannuation asset pool, to its * segregated exempt assets, assets of any kind whose total * transfer value does not exceed the company’s liabilities in respect of the policy. (2) A * life insurance company can at any time transfer an asset from a * complying superannuation asset pool in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer. (3) If a * life insurance company: (a) imposes any fees or charges in respect of * complying superannuation assets; or (b) imposes any fees or charges in respect of * complying superannuation life insurance policies other than policies: (i) that provide * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295 ‑ 460(c), that are * participating benefits; and (ii) the liabilities under which are to be discharged out of the company’s * complying superannuation asset pool; or (c) determines, at a time other than a * valuation time, that the total * transfer value of the company’s complying superannuation assets as at that time exceeds the sum of: (i) the company’s * complying superannuation liabilities at that time; and (ii) any reasonable provision made by the company at that time in its accounts for liability for income tax in respect of those assets; the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer, from the * complying superannuation asset pool, assets having a total transfer value equal to the fees, charges or excess, as the case may be. (4) If: (a) any liabilities arise for the discharge of which a * life insurance company’s * complying superannuation asset pool is established; or (b) any expenses are incurred by a life insurance company directly in respect of * complying superannuation assets in relation to a period during which the assets are complying superannuation assets; or (c) any liabilities to pay * PAYG instalments, or income tax, that are attributable to the company’s * complying superannuation assets; the life insurance company must pay, from the complying superannuation asset pool, any amounts required to discharge the liabilities, or amounts equal to the expenses (as appropriate).", "Amendment_Count": 6, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 41 of 2005 | No 15 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-200", "Provision_Key": "s320-200", "Heading": "Consequences of transfer of assets to or from complying superannuation asset pool", "Text": "(1) This section applies if: (a) an asset (other than money) is transferred from a * complying superannuation asset pool under subsection 320 ‑ 180(1) or 320 ‑ 195(2) or (3); or (b) an asset (other than money) is transferred to a complying superannuation asset pool under subsection 320 ‑ 180(3) or section 320 ‑ 185. (2) In determining: (a) for the purposes of this Act (other than Parts 3 ‑ 1 and 3 ‑ 3) whether an amount is included in, or can be deducted from, the assessable income of a * life insurance company in respect of the transfer of the asset; or (b) for the purposes of Parts 3 ‑ 1 and 3 ‑ 3: (i) whether the company made a * capital gain in respect of the transfer of the asset; or (ii) whether the company made a * capital loss in respect of the transfer of the asset; the company is taken: (c) to have sold, immediately before the transfer, the asset transferred for a consideration equal to its * market value; and (d) to have purchased the asset again at the time of the transfer for a consideration equal to its market value. (2A) Without limiting subsection (2), where the asset transferred is a * depreciating asset, Division 40 has effect for the company as if: (a) in relation to the sale of the asset that is taken to have occurred under paragraph (2)(c): (i) the sale were a * balancing adjustment event; and (ii) the * termination value of the asset for that event were equal to the consideration for the sale under that paragraph; and (iii) the company had stopped * holding the asset at the time of the sale; and (b) in relation to the purchase of the asset that is taken to have occurred under paragraph (2)(d): (i) the company had only begun to hold the asset after the purchase; and (ii) the first element of the asset’s * cost were equal to the consideration for the purchase under that paragraph; and (iii) the company had acquired the asset from an * associate of the company. Note: This means that, amongst other things, as a result of the transfer: the asset’s cost for the purposes of working out a deduction under Division 40 is reset; and the company’s assessable income might be adjusted under section 40 ‑ 285. (3) If, apart from this subsection and section 320 ‑ 55, a * life insurance company could deduct an amount or make a * capital loss as a result of a transfer of an asset to or from its * complying superannuation asset pool, the deduction or capital loss is disregarded until: (a) the asset ceases to exist; or (b) the asset, or a greater than 50% interest in it, is * acquired by an entity other than an entity that is an * associate of the company immediately after the transfer. (4) Subsection (3) does not apply in relation to an amount that the company can deduct under a provision in Division 40.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-220", "Provision_Key": "s320-220", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains how a life insurance company can segregate assets to be used for the sole purpose of discharging its liabilities under life insurance policies where the income derived by the company from those policies is exempt from income tax. Table of sections Operative provisions 320 ‑ 225 Segregation of assets for purpose of discharging exempt life insurance policy liabilities 320 ‑ 230 Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time 320 ‑ 235 Consequences of a valuation under section 320 ‑ 230 320 ‑ 240 Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320 ‑ 230 320 ‑ 245 Exempt life insurance policy liabilities 320 ‑ 246 Exempt life insurance policy 320 ‑ 247 Policy split into an exempt life insurance policy and another life insurance policy 320 ‑ 250 Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320 ‑ 230 320 ‑ 255 Consequences of transfer of assets to or from segregated exempt assets", "Amendment_Count": 1, "First_Amended": "No 89 of 2000", "Last_Amended": "No 89 of 2000", "Amending_Acts": "No 89 of 2000", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-225", "Provision_Key": "s320-225", "Heading": "Segregation of assets for purpose of discharging exempt life insurance policy liabilities", "Text": "(1) A * life insurance company may, on or after 1 July 2000, segregate in accordance with subsections (2) and (3) any of its assets for the sole purpose of discharging its * exempt life insurance policy liabilities out of those assets. Note: Section 320 ‑ 225 of the Income Tax (Transitional Provisions) Act 1997 provides that a life insurance company may transfer a part of an asset to its segregated exempt assets before 1 October 2000. (1A) Except as provided by section 320 ‑ 225 of the Income Tax (Transitional Provisions) Act 1997 , an asset is taken not to be included in the segregated assets under this Subdivision unless the whole of the asset is included among the segregated assets. (2) The assets segregated must, at the time of the segregation, be a representative sample of all the company’s assets that support its * exempt life insurance policy liabilities immediately before the segregation. (3) The assets segregated must have, as at the time of the segregation, a total * transfer value that does not exceed the amount of the company’s * exempt life insurance policy liabilities as at that time. (4) A * life insurance company that segregates assets as mentioned in subsections (1) to (3) at a time after 1 July 2000 but before 1 October 2000 is taken to have segregated those assets in accordance with those subsections on 1 July 2000. (5) If a segregation of assets is made in accordance with the above subsections, the company must use the * segregated exempt assets, and any other assets afterwards included among the segregated assets, only for the purpose of discharging its * exempt life insurance policy liabilities. (6) In this Subdivision: (a) a reference to the transfer of an asset to, or from, a * life insurance company’s * segregated exempt assets: (i) is a reference to the inclusion of an asset among the segregated exempt assets, or the exclusion of an asset from the segregated exempt assets, as the case may be; and (ii) includes a reference to the transfer of money to, or from, those assets, as the case may be; and (b) if an asset transferred to or from those assets is money, a reference to the * transfer value of the asset transferred is a reference to the amount of the money.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-230", "Provision_Key": "s320-230", "Heading": "Valuations of segregated exempt assets and exempt life insurance policy liabilities for each valuation time", "Text": "(1) A * life insurance company that has segregated any of its assets in accordance with section 320 ‑ 225 must cause the following amounts to be calculated within the period of 60 days starting immediately after each * valuation time: (a) the total * transfer value of the company’s * segregated exempt assets as at the valuation time; (b) the amount of the company’s * exempt life insurance policy liabilities as at the valuation time. Note: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see section 713 ‑ 525. (2) These are the valuation times : (a) the end of the income year in which the segregation occurred; (b) the end of each later income year. Note 1: The time when a life insurance company joins or leaves a consolidated group is also a valuation time: see sections 713 ‑ 525 and 713 ‑ 585. Note 2: A life insurance company that fails to comply with this section is liable to an administrative penalty: see section 288 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 89 of 2000 | No 16 of 2003 | No 83 of 2004 | No 41 of 2005", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-235", "Provision_Key": "s320-235", "Heading": "Consequences of a valuation under section 320 ‑ 230", "Text": "Transfer from the segregated exempt assets (1) If: (a) the total * transfer value of the company’s * segregated exempt assets as at a * valuation time; exceeds (b) the amount of the company’s * exempt life insurance policy liabilities as at that time; the company must transfer, from the segregated exempt assets, assets of any kind having a total transfer value equal to the excess. (2) A transfer under subsection (1) must be made within the period of 30 days starting immediately after: (a) the day on which the total * transfer value and the * exempt life insurance policy liabilities (as at the * valuation time) were calculated; or (b) if those amounts were calculated on different days—the later of those days. The transfer, once made, is taken to have been made at the valuation time (whether or not the transfer is made within those 30 days). Note: A life insurance company that fails to comply with subsections (1) and (2) is liable to an administrative penalty: see section 288 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . Transfer to the segregated exempt assets (3) If: (a) the total * transfer value of the company’s * segregated exempt assets as at a * valuation time; is less than (b) the amount of the company’s * exempt life insurance policy liabilities as at that time; the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference. (4) A transfer under subsection (3) is taken to have been made at the * valuation time if it is made within the period of 30 days starting immediately after: (a) the day on which the total * transfer value and the * exempt life insurance policy liabilities (as at the valuation time) were calculated; or (b) if those amounts were calculated on different days—the later of those days.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-240", "Provision_Key": "s320-240", "Heading": "Transfer of assets to segregated exempt assets otherwise than as a result of a valuation under section 320 ‑ 230", "Text": "(1) If a * life insurance company determines, at a time other than a * valuation time, that: (a) the total * transfer value of the company’s * segregated exempt assets as at that time; is less than (b) the company’s * exempt life insurance policy liabilities as at that time; the company can transfer, to the segregated exempt assets, assets of any kind having a total transfer value not exceeding the difference. (2) A * life insurance company can at any time transfer an asset of any kind to its * segregated exempt assets in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer. (3) A * life insurance company can transfer, to its * segregated exempt assets in an income year, assets of any kind having a total * transfer value not exceeding the total amount of the * life insurance premiums paid to the company in that income year for the purchase of * exempt life insurance policies. (4) Except as provided by this section and subsections 320 ‑ 195(1) and 320 ‑ 235(3), a * life insurance company cannot transfer an asset to its * segregated exempt assets.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-245", "Provision_Key": "s320-245", "Heading": "Exempt life insurance policy liabilities", "Text": "(1) The amount of the * exempt life insurance policy liabilities of a * life insurance company is to be worked out in accordance with subsection (2) in respect only of * life insurance policies issued by the company: (a) that are * exempt life insurance policies; and (b) the liabilities under which are to be discharged out of the company’s * segregated exempt assets. (2) The amount of the exempt life insurance policy liabilities of a * life insurance company at a particular time is the sum of the following amounts at that time, as calculated by an * actuary: (a) for policies providing for allocated benefits (other than * participating benefits or * discretionary benefits)—the * current termination values; (b) for policies providing for participating benefits or discretionary benefits: (i) the values of supporting assets, as defined in the * Valuation Standard; and (ii) the * policy owner’s retained profits; (c) for other policies—the policy liabilities, as defined in the Valuation Standard. (3) An * exempt life insurance policy provides for allocated benefits if: (a) the policy: (i) is held by the trustee of a * complying superannuation fund; and (iii) provides for an * allocated pension; or (b) the policy: (i) is held by a * life insurance company other than the life insurance company that issued the policy; and (ii) is a * segregated exempt asset of the life insurance company that issued the policy; and (iii) provides for an allocated pension; or (c) the policy provides for an * allocated annuity.", "Amendment_Count": 2, "First_Amended": "No 89 of 2000", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 89 of 2000 | No 83 of 2004", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-246", "Provision_Key": "s320-246", "Heading": "Exempt life insurance policy", "Text": "(1) An exempt life insurance policy is a * life insurance policy (other than an * RSA): (a) that is held by the trustee of a * complying superannuation fund and provides solely for the discharge of the fund’s liabilities (contingent or not) in respect of * superannuation income stream benefits that are currently * RP superannuation income stream benefits of the fund; or (b) that is held by the trustee of a * pooled superannuation trust, where: (i) the policy provides solely for the discharge of the liabilities (contingent or not) in respect of * superannuation income stream benefits that are currently * RP superannuation income stream benefits of complying superannuation funds; and (ii) the funds are unit holders of the trust; or (c) that is held by another * life insurance company and is a * segregated exempt asset of that other company; or (d) that is held by the trustee of a * constitutionally protected fund; or (e) that provides for an * immediate annuity that: (i) was purchased on or before 9 December 1987; or (ii) is a * superannuation income stream that is in the * retirement phase; or (iii) satisfies whichever of the conditions in subsection (3) are applicable; or (ea) that provides for an * annuity that: (i) is not an * immediate annuity; and (ii) is a superannuation income stream that is in the retirement phase; or (f) that provides for either or both of the following: (i) a * personal injury annuity, payments of which are exempt from income tax under Division 54; (ii) a * personal injury lump sum, payment of which is exempt from income tax under Division 54. Note: A part of a life insurance policy may be taken to be an exempt life insurance policy under section 320 ‑ 247. (3) The following table sets out the conditions mentioned in subparagraph (1)(e)(iii): Annuity conditions Item Column 1 The condition in column 2 applies in the following circumstances ... Column 2 The condition is that ... 1 there is a residual capital value (within the meaning of section 27H of the Income Tax Assessment Act 1936 ) in relation to the * immediate annuity. the contract under which the annuity is payable does not permit the residual capital value to exceed the annuity’s purchase price (within the meaning of that section). 2 the contract under which the * immediate annuity is payable provides that the annuity is payable until the end of a term of years certain. the contract does not permit the total of the amounts paid for the annuity’s commutation (whether in whole or in part) to exceed the annuity’s purchase price (within the meaning of that section), reduced by the sum of the deductible amounts excluded from assessable income under that section. 3 the contract under which the * immediate annuity is payable: (a) provides that the annuity is payable until the later of: (i) the death of a person (or the death of the last of 2 or more persons to die); or (ii) the end of a term of years certain; and (b) permits one or more amounts ( commutation payments ) to become payable before the end of the term of years certain for the annuity’s commutation (whether in whole or in part). the contract does not permit the total of the commutation payments that may become payable before the end of the term of years certain to exceed the annuity’s purchase price (within the meaning of that section), reduced by the sum of the deductible amounts excluded from assessable income under that section. 4 all circumstances. there is no unreasonable deferral of the payments of the * immediate annuity, having regard to: (a) to the extent to which the payments depend on the returns of the investment of the assets of the * life insurance company paying the annuity—when the payments are made and when those returns are * derived; and (b) to the extent to which the payments do not depend on those returns—the relative sizes of the annual totals of the payments from year to year; and (c) any other relevant factors.", "Amendment_Count": 5, "First_Amended": "No 83 of 2004", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 83 of 2004 | No 15 of 2007 | No 19 of 2010 | No 81 of 2016", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-246"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-247", "Provision_Key": "s320-247", "Heading": "Policy split into an exempt life insurance policy and another life insurance policy", "Text": "When is a part of a policy taken to be an exempt life insurance policy? (1) A part of a * life insurance policy (the original policy ) is taken to be an * exempt life insurance policy for the purposes of this Act if: (a) the part provides solely for the discharge of the liabilities (contingent or not) in respect of * superannuation income stream benefits that are currently * RP superannuation income stream benefits of a * complying superannuation fund; and (b) the trustee of the fund holds the original policy. (2) A part of a * life insurance policy (the original policy ) is taken to be an * exempt life insurance policy for the purposes of this Act if: (a) the part provides solely for the discharge of liabilities that are attributable to the liabilities (contingent or not) in respect of * superannuation income stream benefits that are currently * RP superannuation income stream benefits of * complying superannuation funds; and (b) the trustee of a * pooled superannuation trust holds the original policy; and (c) the funds are unit holders of the trust. What happens to the rest of the policy? (3) If a part of a policy (the original policy ) is taken to be an * exempt life insurance policy under subsection (1) or (2), the rest of the original policy is taken to be another * life insurance policy for the purposes of this Act.", "Amendment_Count": 3, "First_Amended": "No 83 of 2004", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 83 of 2004 | No 15 of 2007 | No 81 of 2016", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-247"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-250", "Provision_Key": "s320-250", "Heading": "Transfer of assets and payment of amounts from segregated exempt assets otherwise than as a result of a valuation under section 320 ‑ 230", "Text": "(1A) If: (a) a * life insurance policy issued by a * life insurance company becomes a policy referred to in subsection 320 ‑ 190(1); and (b) immediately before the policy became a policy referred to in subsection 320 ‑ 190(1), the policy was an * exempt life insurance policy; the company can transfer from its * segregated exempt assets, to a * complying superannuation asset pool, assets of any kind whose total * transfer value does not exceed the company’s liabilities in respect of the policy. (1) A * life insurance company can at any time transfer an asset from its * segregated exempt assets in exchange for an amount of money equal to the * transfer value of the asset at the time of the transfer. (2) If a * life insurance company: (a) imposes any fees or charges in respect of * segregated exempt assets; or (b) imposes any fees or charges in respect of * exempt life insurance policies where the liabilities under the policies are to be discharged out of the company’s segregated exempt assets; or (c) determines, at a time other than a * valuation time, that the total * transfer value of the company’s segregated exempt assets as at that time exceeds the amount of the company’s * exempt life insurance policy liabilities as at that time; the company must, when the fees or charges are imposed or the excess is determined, as the case may be, transfer from the segregated exempt assets, assets having a total transfer value equal to the fees, charges or excess, as the case may be. (3) If: (a) any liabilities arise for the discharge of which a * life insurance company has * segregated exempt assets; or (b) any expenses are incurred by a life insurance company directly in respect of segregated exempt assets in relation to a period during which the assets are segregated exempt assets; the life insurance company must pay from the segregated exempt assets any amounts required to discharge the liabilities or amounts equal to the expenses, as the case may be.", "Amendment_Count": 3, "First_Amended": "No 89 of 2000", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 89 of 2000 | No 83 of 2004 | No 81 of 2016", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-255", "Provision_Key": "s320-255", "Heading": "Consequences of transfer of assets to or from segregated exempt assets", "Text": "(1) This section applies if: (a) an asset (other than money) is transferred from the company’s * segregated exempt assets under subsection 320 ‑ 235(1) or 320 ‑ 250(1A), (1) or (2); or (b) an asset (other than money) is transferred to the company’s * segregated exempt assets under subsection 320 ‑ 235(3) or section 320 ‑ 240. (2) In determining: (a) for the purposes of this Act (other than Division 40 and Parts 3 ‑ 1 and 3 ‑ 3) whether an amount is included in, or can be deducted from, the assessable income of a * life insurance company in respect of the transfer of the asset; or (b) for the purposes of Parts 3 ‑ 1 and 3 ‑ 3: (i) whether the company made a * capital gain in respect of the transfer; or (ii) whether the company made a * capital loss in respect of the transfer; the company is taken: (c) to have sold, immediately before the transfer, the asset transferred for a consideration equal to its * market value; and (d) to have purchased the asset again at the time of the transfer for a consideration equal to its market value. (3) If, apart from this subsection, section 320 ‑ 60 and subsection 320 ‑ 105(1), a * life insurance company could deduct an amount or apply a * capital loss as a result of the transfer of an asset to its * segregated exempt assets, the deduction or capital loss is disregarded until: (a) the asset ceases to exist; or (b) the asset, or a greater than 50% interest in it, is * acquired by an entity other than an entity that is an * associate of the company, immediately after the acquisition. (3A) Subsection (3) does not apply in relation to an amount that the company can deduct under a provision in Division 40. (4) A * life insurance company cannot deduct an amount or apply a * capital loss as a result of the transfer of an asset from its * segregated exempt assets. (6) If a * depreciating asset is transferred to the * segregated exempt assets of a * life insurance company, then, in determining for the purposes of Division 40 whether an amount is included in, or can be deducted from, the company’s assessable income as a result of the transfer, the company is taken: (a) to have, at the time immediately before the transfer, sold the asset for a consideration equal to its * market value at that time; and (b) to have, at the time of the transfer, purchased the asset again for a consideration equal to its market value at that time. (7) If a * depreciating asset that has been included in the * segregated exempt assets of a * life insurance company since the asset was acquired by the company or the initial segregation of those assets took place is transferred from those assets, then the company must assume for the purposes of Division 40 that: (a) if the asset’s * market value at the time of the transfer is greater than its * adjustable value at that time, the company: (i) had, at the time immediately before the transfer, sold the asset for a consideration equal to its adjustable value at that time; and (ii) had, at the time of the transfer, purchased the asset again for a consideration equal to its adjustable value at that time; or (b) if the asset’s market value at the time of the transfer is equal to or less than its adjustable value at that time, the company: (i) had, at the time immediately before the transfer, sold the asset for a consideration equal to its market value at that time; and (ii) had, at the time of the transfer, purchased the asset again for a consideration equal to its market value at that time. (8) If a * depreciating asset that was previously transferred to the * segregated exempt assets of a * life insurance company is transferred from those assets, then, the company must assume, for the purposes of Division 40 that: (a) if the asset’s * market value at the time of its transfer from those assets is greater than its market value at the time when it was transferred to those assets, the company: (i) had, at the time immediately before the transfer from those assets, sold the asset for a consideration equal to its market value at the time when it was transferred to those assets; and (ii) had, at the time of the transfer from those assets, purchased the asset again for a consideration equal to its market value at the time when it was transferred to those assets; or (b) if the asset’s market value at the time of its transfer from those assets is equal to or less than its market value at the time when it was transferred to those assets, the company: (i) had, at the time immediately before the transfer from those assets, sold the asset for a consideration equal to its market value at that time; and (ii) had, at the time of the transfer from those assets, purchased the asset again for a consideration equal to its market value at that time. (9) Division 40 has effect in relation to an asset covered by subsection (6), (7) or (8) as if: (a) in relation to the sale of the asset that is taken to have occurred under that subsection: (i) the sale were a * balancing adjustment event; and (ii) the * termination value of the asset for that event were equal to the consideration for the sale under that subsection; and (iii) the company had stopped * holding the asset at the time of the sale; and (b) in relation to the purchase of the asset that is taken to have occurred under that subsection: (i) the company had only begun to hold the asset after the purchase; and (ii) the first element of the asset’s * cost were equal to the consideration for the purchase under that subsection; and (iii) the company had acquired the asset from an * associate of the company. Note: This means that, amongst other things, as a result of the transfer: the asset’s cost for the purposes of working out a deduction under Division 40 is reset; and the company’s assessable income might be adjusted under section 40 ‑ 285 if the transfer is a transfer to the company’s segregated exempt assets.", "Amendment_Count": 4, "First_Amended": "No 89 of 2000", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 89 of 2000 | No 77 of 2001 | No 83 of 2004 | No 81 of 2016", "History_Notes": "Inserted by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-300", "Provision_Key": "s320-300", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains special rules that apply when all or part of the life insurance business of a life insurance company is transferred to another life insurance company under the Life Insurance Act 1995 or the Financial Sector (Transfer and Restructure) Act 1999 . Table of sections Operative provisions 320 ‑ 305 When this Subdivision applies 320 ‑ 310 Special deductions and amounts of assessable income 320 ‑ 315 Complying superannuation asset pool and segregated exempt assets 320 ‑ 320 Certain amounts treated as life insurance premiums 320 ‑ 325 Friendly societies 320 ‑ 330 Immediate annuities 320 ‑ 335 Parts of assets treated as separate assets 320 ‑ 340 Continuous disability policies 320 ‑ 345 Exemption of management fees", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 10 of 2018", "Amending_Acts": "No 23 of 2005 | No 117 of 2007 | No 10 of 2018", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 10 of 2018, effective Sch 7 (items 4–11): 5 Mar 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-305", "Provision_Key": "s320-305", "Heading": "When this Subdivision applies", "Text": "The rules in this Subdivision have effect if all or part of the * life insurance business of a * life insurance company (the originating company ) is transferred to another life insurance company (the recipient company ): (a) in accordance with a scheme confirmed by the Federal Court of Australia under Part 9 of the Life Insurance Act 1995 ; or (b) under the Financial Sector (Transfer and Restructure) Act 1999 .", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 10 of 2018", "Amending_Acts": "No 23 of 2005 | No 117 of 2007 | No 10 of 2018", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 10 of 2018, effective Sch 7 (items 4–11): 5 Mar 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-310", "Provision_Key": "s320-310", "Heading": "Special deductions and amounts of assessable income", "Text": "Deduction for originating company (1) If the originating company pays an amount to the recipient company in respect of liabilities under the * net risk components of * life insurance policies transferred to the recipient company, the originating company can deduct that amount for the income year in which the transfer took place. Amount included in originating company’s assessable income (2) If the originating company receives an amount from the recipient company in respect of liabilities under the * net risk components of * life insurance policies transferred to the recipient company, that amount is included in the assessable income of the originating company for the income year in which the transfer took place. Deduction for recipient company (3) If the recipient company pays an amount to the originating company in respect of liabilities under the * net risk components of * life insurance policies transferred to the recipient company, the recipient company can deduct that amount for the income year in which the transfer took place.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-315", "Provision_Key": "s320-315", "Heading": "Complying superannuation asset pool and segregated exempt assets", "Text": "(1) Assets that were * complying superannuation assets of the originating company just before the transfer took place and that are transferred to the recipient company become complying superannuation assets of the recipient company. (2) Assets that were * segregated exempt assets of the originating company just before the transfer took place and that are transferred to the recipient company become segregated exempt assets of the recipient company.", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 23 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-320", "Provision_Key": "s320-320", "Heading": "Certain amounts treated as life insurance premiums", "Text": "(1) This Division applies to the recipient company as if the amount or value of any consideration received by the recipient company in respect of liabilities under * life insurance policies transferred to the company were * life insurance premiums paid to the company at the time the transfer took place. (2) However, subsection (1) does not apply to consideration: (a) that relates to liabilities that, just before the transfer took place, were discharged out of the originating company’s * complying superannuation assets or * segregated exempt assets; or (b) that relates to the part of a * life insurance policy that has been reinsured under a * contract of reinsurance (except consideration that relates to a risk, or part of a risk, in relation to which subsection 148(1) of the Income Tax Assessment Act 1936 applies).", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 23 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-325", "Provision_Key": "s320-325", "Heading": "Friendly societies", "Text": "(1) This section has effect if the originating company and the recipient company were * friendly societies just before the transfer took place. (2) For the purposes of paragraph 320 ‑ 37(1)(d), an * income bond, * funeral policy, * sickness policy or * scholarship plan issued by the recipient company in substitution for an income bond, funeral policy, sickness policy or scholarship plan (the original policy ) transferred from the originating company is taken to have been issued at the time the original policy was issued if the terms of the substituted policy are not materially different from those of the original policy.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-330", "Provision_Key": "s320-330", "Heading": "Immediate annuities", "Text": "For the purposes of section 320 ‑ 246, a * life insurance policy that provides for an * immediate annuity issued by the recipient company in substitution for a policy (also the original policy ) transferred from the originating company is taken to have been issued at the time the original policy was issued if the terms of the substituted policy are not materially different from those of the original policy.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-335", "Provision_Key": "s320-335", "Heading": "Parts of assets treated as separate assets", "Text": "If: (a) an asset is transferred to the recipient company from the originating company; and (b) parts of that asset were, under section 320 ‑ 170 or 320 ‑ 225 of the Income Tax (Transitional Provisions) Act 1997 , treated as separate assets of the originating company just before the transfer took place; those parts of that asset are also treated as separate assets of the recipient company.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-340", "Provision_Key": "s320-340", "Heading": "Continuous disability policies", "Text": "(1) This section has effect if: (a) the originating company and the recipient company were members of the same * wholly ‑ owned group just before the transfer took place; and (b) all of the liabilities under the * continuous disability policies of the originating company are transferred to the recipient company; and (c) the transfer took place before the income year in which 1 July 2005 occurs; and (d) an amount (the section 320 ‑ 30 amount ) would have been included in the assessable income of the originating company under section 320 ‑ 30 for the income year in which the transfer took place if the transfer had not taken place. (2) Section 320 ‑ 30 does not apply to the originating company for the income year in which the transfer took place or a later income year. (3) The amount worked out using this formula is included in the assessable income of the originating company for the income year in which the transfer took place: where: continuous disability policy days means the number of days during the income year in which the transfer took place that the originating company held * continuous disability policies. (4) The section 320 ‑ 30 amount, reduced by the amount included in the assessable income of the originating company under subsection (3), is included in the assessable income of the recipient company for the income year in which the transfer took place. (5) For each income year after the year in which the transfer took place and that is a relevant income year for the purposes of section 320 ‑ 30, the recipient company’s assessable income includes the amount that would have been included in the originating company’s assessable income under that section for that year if the transfer had not taken place.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 320-345", "Provision_Key": "s320-345", "Heading": "Exemption of management fees", "Text": "(1) This section has effect if: (a) the originating company and the recipient company were members of the same * wholly ‑ owned group just before the transfer took place; and (b) a * life insurance policy (also the original policy ): (i) is constituted by a contract made with the originating company before 1 July 2000; and (ii) is transferred to the recipient company before 1 July 2005. (2) For the purposes of section 320 ‑ 40, a * life insurance policy issued by the recipient company in substitution for the original policy is taken to have been constituted by a contract made with the recipient company before 1 July 2000 if the terms of the substituted policy are not materially different from those of the original policy. (3) Subsection 320 ‑ 40(4) applies to so much of the sum of the amounts applicable in respect of the substituted policy under subsections 320 ‑ 40(5), (6) and (7) as does not exceed any fees or charges made by the recipient company that the originating company would have been entitled to make under the terms of the original policy as applying just before 1 July 2000.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s320-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-10", "Provision_Key": "s321-10", "Heading": "Assessable income to include amount for reduction in adjusted liability for incurred claims", "Text": "A * general insurance company’s assessable income for the * current year includes an amount equal to the amount (if any) by which: (a) the value, at the end of the previous income year, of the company’s adjusted * liability for incurred claims under * general insurance policies; exceeds (b) the value, at the end of the current year, of that liability. Note: Those values are worked out under section 321 ‑ 20.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-15", "Provision_Key": "s321-15", "Heading": "Deduction for increase in adjusted liability for incurred claims", "Text": "A * general insurance company can deduct for the * current year an amount equal to the amount (if any) by which: (a) the value, at the end of the current year, of the company’s adjusted * liability for incurred claims under * general insurance policies; exceeds (b) the value, at the end of the previous income year, of that liability. Note: Those values are worked out under section 321 ‑ 20.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-20", "Provision_Key": "s321-20", "Heading": "How the value of adjusted liability for incurred claims is worked out", "Text": "Work out the value, at the end of an income year, of a * general insurance company’s adjusted * liability for incurred claims under * general insurance policies in this way: Method statement Step 1. Use the * applicable insurance contracts accounting standard to measure, at the end of the income year, the company’s * liability for incurred claims under * general insurance policies, but when doing so disregard any claims handling costs that are neither attached to, nor directly attributable to, a particular claim. Step 2. Using that standard, reduce the result from step 1 by so much of that result as the company expects at the end of the income year to recover under a reinsurance contract: (a) within the meaning of that standard; but (b) that is not one to which subsection 148(1) of the Income Tax Assessment Act 1936 (about reinsurance with non ‑ residents) applies.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Repealed and substituted by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-25", "Provision_Key": "s321-25", "Heading": "Deduction for claims paid during current year", "Text": "A * general insurance company can deduct for the * current year amounts paid during that year in respect of claims under * general insurance policies.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-45", "Provision_Key": "s321-45", "Heading": "Assessable income to include gross premiums", "Text": "A * general insurance company’s assessable income for the * current year includes the gross premiums received by the company during the current year in respect of * general insurance policies.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-50", "Provision_Key": "s321-50", "Heading": "Assessable income to include amount for reduction in adjusted liability for remaining coverage", "Text": "A * general insurance company’s assessable income for the * current year includes an amount equal to the amount (if any) by which: (a) the value, at the end of the previous income year, of the company’s adjusted * liability for remaining coverage under * general insurance policies; exceeds (b) the value, at the end of the current year, of that liability. Note: Those values are worked out under section 321 ‑ 60.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-55", "Provision_Key": "s321-55", "Heading": "Deduction for increase in adjusted liability for remaining coverage", "Text": "A * general insurance company can deduct for the * current year an amount equal to the amount (if any) by which: (a) the value, at the end of the current year, of the company’s adjusted * liability for remaining coverage under * general insurance policies; exceeds (b) the value, at the end of the previous income year, of that liability. Note: Those values are worked out under section 321 ‑ 60.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-60", "Provision_Key": "s321-60", "Heading": "How the value of adjusted liability for remaining coverage is worked out", "Text": "Work out the value, at the end of an income year, of a * general insurance company’s adjusted * liability for remaining coverage under * general insurance policies in this way: Method statement Step 1. Use the * applicable insurance contracts accounting standard to measure, at the end of the income year, the company’s * liability for remaining coverage under * general insurance policies, but when doing so disregard that standard’s treatment of loss components and loss ‑ recovery components of onerous contracts (within the meaning of that standard). Step 2. Using that standard, reduce the result from step 1 by any * asset for insurance acquisition cash flows. Step 3. Using that standard, reduce the result from step 2 by any premiums paid or payable by the company, in that or an earlier income year, for the reinsurance of risks covered by those * general insurance policies in respect of later income years, except: (a) reinsurance premiums that the company cannot deduct because of subsection 148(1) of the Income Tax Assessment Act 1936 (about reinsurance with non ‑ residents); and (b) reinsurance premiums that were paid or payable in respect of a particular class of * insurance business if, under the reinsurance contract (within the meaning of that standard), the reinsurer agreed to pay, in respect of a loss incurred by the company that is covered by the relevant policy, some or all of the excess over an agreed amount. Step 4. Using that standard, add to the result from step 3 any reinsurance commissions received or receivable by the company that relate to reinsurance premiums counted under step 3.", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Repealed and substituted by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-80", "Provision_Key": "s321-80", "Heading": "Assessable income to include amount for reduction in outstanding claims liability", "Text": "The assessable income for the * current year of a company that is not required by law to insure, and does not insure, against liability for workers’ compensation claims includes an amount equal to the amount (if any) by which: (a) the value, at the end of the previous income year, of the company’s liability for such claims that: (i) arose from events that occurred in that or an earlier income year; and (ii) were not paid in full before the end of the previous income year; exceeds (b) the value, at the end of the current year, of that liability. Note: Those values are worked out under section 321 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-85", "Provision_Key": "s321-85", "Heading": "Deduction for outstanding claims liability", "Text": "A company that is not required by law to insure, and does not insure, against liability for workers’ compensation claims can deduct for the * current year an amount equal to the amount (if any) by which: (a) the value, at the end of the current year, of the company’s liability for such claims that: (i) arose from events that occurred in the current or an earlier income year; and (ii) were not paid in full before the end of the current year; exceeds (b) the value, at the end of the previous income year, of that liability. Note: Those values are worked out under section 321 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-90", "Provision_Key": "s321-90", "Heading": "How value of outstanding claims liability is worked out", "Text": "Work out the value, at the end of an income year, of a company’s liability for claims covered by section 321 ‑ 80 or 321 ‑ 85 by adding up the amounts that, at the end of that income year, the company determines, based on proper and reasonable estimates, to be appropriate to set aside and invest in order to meet: (a) liabilities for those claims; and (b) direct settlement costs associated with those claims.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 321-95", "Provision_Key": "s321-95", "Heading": "Deductions for claims paid during current year", "Text": "A company that is not required by law to insure, and does not insure, against liability for workers’ compensation claims can deduct for the * current year amounts paid during that year in respect of such claims.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s321-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-1", "Provision_Key": "s322-1", "Heading": "What this Division is about", "Text": "This Division sets out special measures to assist in the rescue package provided in response to the collapse of the HIH group and deals with the tax treatment of entitlements under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 . Table of sections 322 ‑ 5 Rescue payments treated as insurance payments by HIH 322 ‑ 10 HIH Trust exempt from tax 322 ‑ 15 Certain capital gains and capital losses disregarded", "Amendment_Count": 2, "First_Amended": "No 169 of 2001", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 169 of 2001 | No 42 of 2009", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-5", "Provision_Key": "s322-5", "Heading": "Rescue payments treated as insurance payments by HIH", "Text": "(1) This Act applies to you as if a payment you receive from the Commonwealth, the * HIH Trust or a prescribed entity for assignment of your rights under or in relation to a * general insurance policy you held with an * HIH company: (a) had been made by the HIH company; and (b) had been made under the terms and conditions of the general insurance policy you held with the HIH company. (2) The HIH Trust is the HIH Claims Support Trust (established on 6 July 2001). (3) An HIH company is: (a) CIC Insurance Limited; or (b) FAI General Insurance Company Limited; or (c) FAI Reinsurances Pty Limited; or (d) FAI Traders Insurance Company Pty Limited; or (e) HIH Casualty and General Insurance Limited; or (f) HIH Underwriting and Insurance (Australia) Pty Limited; or (g) World Marine and General Insurances Pty Limited; or (h) another related company specified in writing by the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-10", "Provision_Key": "s322-10", "Heading": "HIH Trust exempt from tax", "Text": "The total * ordinary income and * statutory income of: (a) the HIH Trust; and (b) an entity prescribed for the purposes of this Division; is exempt from income tax.", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-15", "Provision_Key": "s322-15", "Heading": "Certain capital gains and capital losses disregarded", "Text": "A * capital gain or * capital loss you make because you assign a right under or in relation to a * general insurance policy you held with an * HIH company to the Commonwealth, the trustee of the * HIH Trust or a prescribed entity is disregarded.", "Amendment_Count": 1, "First_Amended": "No 169 of 2001", "Last_Amended": "No 169 of 2001", "Amending_Acts": "No 169 of 2001", "History_Notes": "Inserted by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-20", "Provision_Key": "s322-20", "Heading": "What this Subdivision is about", "Text": "This Act applies to a payment of an entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 as if the payment were made by the insurer under the insurance policy concerned. Disregard a capital gain or loss from: (a) the disposal to APRA under that Part of rights against the insurer under an insurance policy; or (b) the payment of an entitlement under that Part. Table of sections Operative provisions 322 ‑ 25 Payment of entitlement under financial claims scheme treated as payment from insurer 322 ‑ 30 Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-25", "Provision_Key": "s322-25", "Heading": "Payment of entitlement under financial claims scheme treated as payment from insurer", "Text": "(1) This Act applies to you as if an amount paid to you, or applied for your benefit, to meet your entitlement under Part VC (Financial claims scheme for policyholders with insolvent general insurers) of the Insurance Act 1973 relating to a * general insurance policy issued by a * general insurance company had been paid to you by the company under the terms and conditions of the policy. (2) To avoid doubt, subsection (1) does not affect the operation of Part 2 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Note: Division 21 in Schedule 1 to the Taxation Administration Act 1953 contains special provisions about how Part 2 ‑ 5 in that Schedule operates in relation to the meeting of entitlements under Part VC of the Insurance Act 1973 .", "Amendment_Count": 1, "First_Amended": "No 42 of 2009", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 42 of 2009", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 322-30", "Provision_Key": "s322-30", "Heading": "Disposal of rights against insurer to APRA and meeting of financial claims scheme entitlement have no CGT effects", "Text": "Disregard a * capital gain or * capital loss you make because: (a) under section 62ZZL of the Insurance Act 1973 , you * dispose of a * CGT asset consisting of your rights against a * general insurance company to * APRA; or (b) your entitlement under section 62ZZF, 62ZZFA, 62ZZG or 62ZZGA of that Act is met. Note 1: Section 62ZZL of the Insurance Act 1973 causes you to cease to be the owner, and APRA to become the owner, of rights against a general insurance company relating to a general insurance policy when your entitlement arises under Part VC of that Act in relation to the policy. Note 2: Sections 62ZZF, 62ZZFA, 62ZZG and 62ZZGA of the Insurance Act 1973 entitle persons with valid claims based on general insurance policies issued by certain general insurance companies that have since become insolvent to be paid the amount of those claims by APRA.", "Amendment_Count": 2, "First_Amended": "No 42 of 2009", "Last_Amended": "No 10 of 2018", "Amending_Acts": "No 42 of 2009 | No 10 of 2018", "History_Notes": "Inserted by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 10 of 2018, effective Sch 7 (items 4–11): 5 Mar 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s322-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-5", "Provision_Key": "s328-5", "Heading": "What this Division is about", "Text": "This Division explains the meaning of the terms small business entity , annual turnover , aggregated turnover and related concepts (Subdivision 328 ‑ C). If you are a small business entity, this Division allows you to change the way the income tax law applies to you in these ways: (a) you can choose to put your depreciating assets into a general pool and treat the pool as a single asset (Subdivision 328 ‑ D); (b) you can choose not to account for annual changes in trading stock value that are not more than $5,000 (Subdivision 328 ‑ E). In usual circumstances, these changes will simplify the working out of your taxable income, and so reduce your compliance costs. You may be entitled to a tax offset for any small business income included in your assessable income, if you are an individual (Subdivision 328 ‑ F). Table of sections 328 ‑ 10 Concessions available to small business entities", "Amendment_Count": 5, "First_Amended": "No 78 of 2001", "Last_Amended": "No 114 of 2015", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012 | No 114 of 2015", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-10", "Provision_Key": "s328-10", "Heading": "Concessions available to small business entities", "Text": "(1) If you are a small business entity for an income year, you can choose to take advantage of the concessions set out in the following table. Some of the concessions have additional, specific conditions that must also be satisfied. Item Concession Provision 1A Immediate deductibility for small business start ‑ up expenses Subsection 40 ‑ 880(2A) of this Act 1 CGT 15 ‑ year asset exemption Subdivision 152 ‑ B of this Act 2 CGT 50% active asset reduction Subdivision 152 ‑ C of this Act 3 CGT retirement exemption Subdivision 152 ‑ D of this Act 4 CGT roll ‑ over Subdivision 152 ‑ E of this Act 5 Simpler depreciation rules Subdivision 328 ‑ D of this Act 6 Simplified trading stock rules Subdivision 328 ‑ E of this Act 6A Small business income tax offset Subdivision 328 ‑ F of this Act 6B Restructures of small businesses Subdivision 328 ‑ G of this Act 7 Deducting certain prepaid business expenses immediately Sections 82KZM and 82KZMD of the Income Tax Assessment Act 1936 8 Accounting for GST on a cash basis Section 29 ‑ 40 of the GST Act 9 Annual apportionment of input tax credits for acquisitions and importations that are partly creditable Section 131 ‑ 5 of the GST Act 10 Paying GST by quarterly instalments Section 162 ‑ 5 of the GST Act 11 FBT car parking exemption Section 58GA of the Fringe Benefits Tax Assessment Act 1986 12 PAYG instalments based on GDP ‑ adjusted notional tax Section 45 ‑ 130 in Schedule 1 to the Taxation Administration Act 1953 Note 1: The CGT concessions mentioned in items 1, 2, 3 and 4 of the table apply only if you are a CGT small business entity (see section 152 ‑ 10). Note 2: The small business income tax offset mentioned in item 6A of the table applies only if you are a small business entity as defined for the purposes of Subdivision 328 ‑ F (see section 328 ‑ 357). Note 3: Some of these concessions are also available to medium businesses (for example, see subsection 328 ‑ 285(2)). (2) Also, if you are a small business entity for an income year, the standard 2 ‑ year period for amending your assessment applies to you (section 170 of the Income Tax Assessment Act 1936 ).", "Amendment_Count": 9, "First_Amended": "No 78 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 41 of 2011 | No 23 of 2012 | No 114 of 2015 | No 18 of 2016 | No 41 of 2017 | No 92 of 2020", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-50", "Provision_Key": "s328-50", "Heading": "Objects of this Division", "Text": "(1) The main object of this Division is to offer eligible small businesses the choice of a new platform to deal with their tax. The platform is designed to benefit those businesses in one or more of these ways: • reducing their tax; • providing simpler rules for determining their income and deductions; • providing simpler capital allowances and trading stock requirements; • reducing their compliance costs. (2) This Division also provides rules that are intended to prevent other businesses from taking advantage of those benefits.", "Amendment_Count": 1, "First_Amended": "No 78 of 2001", "Last_Amended": "No 78 of 2001", "Amending_Acts": "No 78 of 2001", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-105", "Provision_Key": "s328-105", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains the meaning of the terms small business entity , annual turnover , aggregated turnover and related concepts. Table of sections Operative provisions 328 ‑ 110 Meaning of small business entity 328 ‑ 115 Meaning of aggregated turnover 328 ‑ 120 Meaning of annual turnover 328 ‑ 125 Meaning of connected with an entity 328 ‑ 130 Meaning of affiliate", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-110", "Provision_Key": "s328-110", "Heading": "Meaning of small business entity", "Text": "General rule: based on aggregated turnover worked out as at the beginning of the current income year (1) You are a small business entity for an income year (the current year ) if: (a) you carry on a * business in the current year; and (b) one or both of the following applies: (i) you carried on a business in the income year (the previous year ) before the current year and your * aggregated turnover for the previous year was less than $10 million; (ii) your aggregated turnover for the current year is likely to be less than $10 million. Note 1: The $10 million thresholds in this subsection and in subsections (3) and (4) have been increased to $50 million for certain concessions (for example, see subsection 328 ‑ 285(2)). Note 2: If you are or would (if the $10 million thresholds in this subsection and subsection (3) were increased to $50 million) be a small business entity for an income year, you may apply for permission: (a) under section 61C of the Excise Act 1901 to deliver goods for home consumption (without entering them for that purpose) in respect of a calendar month or a quarter; or (b) under section 69 of the Customs Act 1901 to deliver like customable goods or excise ‑ equivalent goods into home consumption (without entering them for that purpose) in respect of a calendar month or, for excise ‑ equivalent goods, a quarter. (2) You work out your * aggregated turnover for the current year for the purposes of subparagraph (1)(b)(ii): (a) as at the first day of the current year; or (b) if you start to carry on a * business during the current year—as at the day you start to carry on the business. Note: Subsection 328 ‑ 120(5) provides for how to work out your annual turnover (which is relevant to working out your aggregated turnover) if you do not carry on a business for the whole of an income year. Exception: aggregated turnover for 2 previous income years was $10 million or more (3) However, you are not a small business entity for an income year (the current year ) because of subparagraph (1)(b)(ii) if: (a) you carried on a * business in each of the 2 income years before the current year; and (b) your * aggregated turnover for each of those income years was $10 million or more. Note: Section 328 ‑ 110 of the Income Tax (Transitional Provisions) Act 1997 affects the operation of this subsection in relation to the 2007 ‑ 08 and 2008 ‑ 09 income years. Additional rule: based on aggregated turnover worked out as at the end of the current income year (4) You are also a small business entity for an income year (the current year ) if: (a) you carry on a * business in the current year; and (b) your * aggregated turnover for the current year, worked out as at the end of that year, is less than $10 million. Note: If you are a small business entity only because of subsection (4), you cannot choose any of the following concessions: (a) paying PAYG instalments based on GDP ‑ adjusted notional tax: see section 45 ‑ 130 in Schedule 1 to the Taxation Administration Act 1953 ; (b) accounting for GST on a cash basis: see section 29 ‑ 40 of the GST Act; (c) making an annual apportionment of input tax credits for acquisitions and importations that are partly creditable: see section 131 ‑ 5 of the GST Act; (d) paying GST by quarterly instalments: see section 162 ‑ 5 of the GST Act; (e) applying for permission under the Excise Act 1901 to deliver goods for home consumption (without entering them for that purpose) in respect of a calendar month or a quarter: see section 61C of that Act; (f) applying for permission under the Customs Act 1901 to deliver like customable goods or excise ‑ equivalent goods for home consumption (without entering them for that purpose) in respect of a calendar month or, for excise ‑ equivalent goods, a quarter: see section 69 of that Act. Winding up a business previously carried on (5) This Subdivision applies to you as if you carried on a * business in an income year if: (a) in that year you were winding up a business you previously carried on; and (b) you were a * small business entity for the income year in which you stopped carrying on that business. Note 1: Subsection 328 ‑ 120(5) provides for how to work out your annual turnover (which is relevant to working out your aggregated turnover) if you do not carry on a business for the whole of an income year. Note 2: A special rule applies if you were an STS taxpayer under this Division (as in force immediately before the commencement of this section) in the income year in which you stopped carrying on the business: see section 328 ‑ 111 of the Income Tax (Transitional Provisions) Act 1997 . Partners in a partnership (6) A person who is a partner in a partnership in an income year is not, in his or her capacity as a partner, a small business entity for the income year.", "Amendment_Count": 10, "First_Amended": "No 78 of 2001", "Last_Amended": "No 40 of 2023", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 42 of 2009 | No 41 of 2011 | No 36 of 2012 | No 37 of 2012 | No 41 of 2017 | No 92 of 2020 | No 40 of 2023", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 36 of 2012, effective Schedule 1 (items 26, 27): Royal Assent | Amended by No 37 of 2012, effective Sch 1 (items 11, 12): 15 Apr 2012 (s 2(1) item 3) Sch 1 (items 13, 14): 15 Apr 2012 (s 2(1) item 4) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-115", "Provision_Key": "s328-115", "Heading": "Meaning of aggregated turnover", "Text": "(1) Your aggregated turnover for an income year is the sum of the relevant annual turnovers (see subsection (2)) excluding any amounts covered by subsection (3). Note: For small business CGT relief purposes, additional entities may be treated as being connected with you or your affiliate under sections 152 ‑ 48 and 152 ‑ 78. (2) The relevant annual turnovers are: (a) your * annual turnover for the income year; and (b) the annual turnover for the income year of any entity (a relevant entity ) that is * connected with you at any time during the income year; and (c) the annual turnover for the income year of any entity (a relevant entity ) that is an * affiliate of yours at any time during the income year. (3) Your aggregated turnover for an income year does not include the following amounts: (a) amounts * derived in the income year by you or a relevant entity from dealings between you and the relevant entity while the relevant entity is * connected with you or is your * affiliate; (b) amounts derived in the income year by a relevant entity from dealings between the relevant entity and another relevant entity while each relevant entity is connected with you or is your affiliate; (c) amounts derived in the income year by a relevant entity while the relevant entity is not connected with you and is not your affiliate.", "Amendment_Count": 5, "First_Amended": "No 78 of 2001", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 42 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-120", "Provision_Key": "s328-120", "Heading": "Meaning of annual turnover", "Text": "General rule (1) An entity’s annual turnover for an income year is the total * ordinary income that the entity * derives in the income year in the ordinary course of carrying on a * business. Exclusion of amounts relating to GST (2) In working out an entity’s * annual turnover for an income year, do not include any amount that is * non ‑ assessable non ‑ exempt income under section 17 ‑ 5 (which is about GST). Exclusion of amounts derived from sales of retail fuel (3) In working out an entity’s * annual turnover for an income year, do not include any amounts of * ordinary income the entity * derives from sales of * retail fuel. Amounts derived from dealings with associates (4) In working out an entity’s * annual turnover for an income year, the amount of * ordinary income the entity * derives from any dealing with an * associate of the entity is the amount of ordinary income the entity would derive from the dealing if it were at * arm’s length. Note: Amounts derived in an income year from any dealings between an entity and an associate that is a relevant entity within the meaning of section 328 ‑ 115 are not included in the entity’s aggregated turnover for that year: see subsection 328 ‑ 115(3). Business carried on for part of income year only (5) If an entity does not carry on a * business for the whole of an income year, the entity’s * annual turnover for the income year must be worked out using a reasonable estimate of what the entity’s annual turnover for the income year would be if the entity carried on a business for the whole of the income year. Regulations may provide for different calculation of annual turnover (6) The regulations may provide that an entity’s * annual turnover for an income year is to be calculated in a different way, but only so that it would be less than the amount worked out under this section.", "Amendment_Count": 1, "First_Amended": "No 80 of 2007", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 80 of 2007", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-125", "Provision_Key": "s328-125", "Heading": "Meaning of connected with an entity", "Text": "(1) An entity is connected with another entity if: (a) either entity controls the other entity in a way described in this section; or (b) both entities are controlled in a way described in this section by the same third entity. Note 1: See Subdivision 106 ‑ B if a CGT asset of yours is vested in a trustee in bankruptcy or a liquidator. Note 2: See Subdivision 106 ‑ C if you are absolutely entitled to a CGT asset as against the trustee of a trust. Note 3: See Subdivision 106 ‑ D if you provided security over an asset to another entity. Direct control of an entity other than a discretionary trust (2) An entity (the first entity ) controls another entity if the first entity, its * affiliates, or the first entity together with its affiliates: (a) except if the other entity is a discretionary trust—own, or have the right to acquire the ownership of, interests in the other entity that carry between them the right to receive a percentage (the control percentage ) that is at least 40% of: (i) any distribution of income by the other entity; or (ii) if the other entity is a partnership—the net income of the partnership; or (iii) any distribution of capital by the other entity; or (b) if the other entity is a company—own, or have the right to acquire the ownership of, * equity interests in the company that carry between them the right to exercise, or control the exercise of, a percentage (the control percentage ) that is at least 40% of the voting power in the company. Direct control of a discretionary trust (3) An entity (the first entity ) controls a discretionary trust if a trustee of the trust acts, or could reasonably be expected to act, in accordance with the directions or wishes of the first entity, its * affiliates, or the first entity together with its affiliates. (4) An entity (the first entity ) controls a discretionary trust for an income year if, for any of the 4 income years before that year: (a) the trustee of the trust paid to, or applied for the benefit of: (i) the first entity; or (ii) any of the first entity’s * affiliates; or (iii) the first entity and any of its affiliates; any of the income or capital of the trust; and (b) the percentage (the control percentage ) of the income or capital paid or applied is at least 40% of the total amount of income or capital paid or applied by the trustee for that year. Note: Section 328 ‑ 112 of the Income Tax (Transitional Provisions) Act 1997 affects the operation of this subsection in relation to the 2007 ‑ 08, 2008 ‑ 09, 2009 ‑ 10 and 2010 ‑ 11 income years. (5) An entity does not control a discretionary trust because of subsection (4) if the entity is: (a) an * exempt entity; or (b) a * deductible gift recipient. Commissioner may determine that an entity does not control another entity (6) If the control percentage referred to in subsection (2) or (4) is at least 40%, but less than 50%, the Commissioner may determine that the first entity does not control the other entity if the Commissioner thinks that the other entity is controlled by an entity other than, or by entities that do not include, the first entity or any of its * affiliates. Indirect control of an entity (7) This section applies to an entity (the first entity ) that directly controls another entity (the second entity ) as if the first entity also controlled any other entity that is directly, or indirectly by any other application or applications of this section, controlled by the second entity. (8) However, subsection (7) does not apply if the second entity is an entity of any of the following kinds: (a) a company * shares in which (except shares that carry the right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange; (b) a * publicly traded unit trust; (c) a * mutual insurance company; (d) a * mutual affiliate company; (e) a company (other than one covered by paragraph (a)) all the shares in which are owned by one or more of the following: (i) a company covered by paragraph (a); (ii) a publicly traded unit trust; (iii) a mutual insurance company; (iv) a mutual affiliate company.", "Amendment_Count": 2, "First_Amended": "No 80 of 2007", "Last_Amended": "No 119 of 2013", "Amending_Acts": "No 80 of 2007 | No 119 of 2013", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 119 of 2013, effective Sch 1: 30 June 2013 (s 2(1) item 2) Remainder: 29 June 2013(s 2(1) items 1, 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-130", "Provision_Key": "s328-130", "Heading": "Meaning of affiliate", "Text": "(1) An individual or a company is an affiliate of yours if the individual or company acts, or could reasonably be expected to act, in accordance with your directions or wishes, or in concert with you, in relation to the affairs of the * business of the individual or company. (2) However, an individual or a company is not your affiliate merely because of the nature of the business relationship you and the individual or company share. Note: For small business relief purposes, a spouse or a child under 18 years may also be an affiliate under section 152 ‑ 47. Example: A partner in a partnership would not be an affiliate of another partner merely because the first partner acts, or could reasonably be expected to act, in accordance with the directions or wishes of the second partner, or in concert with the second partner, in relation to the affairs of the partnership. Directors of the same company, or the company and a director of that company, would be in a similar position.", "Amendment_Count": 3, "First_Amended": "No 80 of 2007", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 80 of 2007 | No 42 of 2009 | No 84 of 2013", "History_Notes": "Inserted by No 80 of 2007, effective 21 June 2007 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-170", "Provision_Key": "s328-170", "Heading": "What this Subdivision is about", "Text": "If you are a small business entity, you can choose to deduct amounts for most of your depreciating assets on a diminishing value basis using a pool that is treated as a single depreciating asset. Broadly, the pool is made up of the costs of the depreciating assets that are allocated to it or, in some cases, a proportion of those costs. The pool rate is 30%. There is a deduction for assets whose cost is less than $1,000 in the income year in which you start to use the asset or have it installed ready for use. This Subdivision sets out how to calculate the pool deductions, and also sets out the consequences of: (a) disposal of depreciating assets; and (b) not choosing to use this Subdivision for an income year after having chosen to do so for an earlier income year; and (c) changing the business use of depreciating assets. Table of sections Operative provisions 328 ‑ 175 Calculations for depreciating assets 328 ‑ 180 Assets costing less than $1,000 328 ‑ 185 Pooling 328 ‑ 190 Calculation 328 ‑ 195 Opening pool balance 328 ‑ 200 Closing pool balance 328 ‑ 205 Estimate of taxable use 328 ‑ 210 Low pool value 328 ‑ 215 Disposal etc. of depreciating assets 328 ‑ 220 What happens if you are not a small business entity or do not choose to use this Subdivision for an income year 328 ‑ 225 Change in business use 328 ‑ 230 Estimate where deduction denied 328 ‑ 235 Interaction with Divisions 85 and 86 Special rules about roll ‑ overs 328 ‑ 243 Roll ‑ over relief 328 ‑ 245 Consequences of roll ‑ over 328 ‑ 247 Pool deductions 328 ‑ 250 Deductions for assets first used in BAE year 328 ‑ 253 Deductions for cost addition amounts 328 ‑ 255 Closing pool balance etc. below zero 328 ‑ 257 Taxable use", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 23 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-175", "Provision_Key": "s328-175", "Heading": "Calculations for depreciating assets", "Text": "(1) You can choose to calculate your deductions and some amounts of assessable income under this Subdivision instead of under Division 40 for an income year for all the * depreciating assets that you * hold if: (a) you are a * small business entity for the income year; and (b) you started to use the assets or have them * installed ready for use, for a * taxable purpose during or before that income year. This subsection has effect subject to subsections (2) to (10). Note: If you choose to use this Subdivision for an income year, you continue to use this Subdivision for your general small business pool for a later income year even if you are not a small business entity, or do not choose to use this Subdivision, for the later year: see section 328 ‑ 220. Exception: assets to which Division 40 does not apply (2) This Subdivision does not apply to a * depreciating asset to which Division 40 does not apply because of section 40 ‑ 45. Exception: primary production (3) If you are a * small business entity for the income year, for each * depreciating asset you use to carry on a * primary production business and for which you could deduct amounts under Subdivision 40 ‑ F (about primary production depreciating assets) or Subdivision 40 ‑ G (about capital expenditure of primary producers and other landholders) apart from subsection (1), you can choose: (a) to deduct amounts for it under Subdivision 40 ‑ F or 40 ‑ G; or (b) to calculate your deductions for it under this Subdivision. Note: A choice made by a transferor under this subsection for an asset applies also to the transferee if roll ‑ over relief under subsection 40 ‑ 340(1) or (3) is chosen: see section 328 ‑ 245. (4) You must make the choice under subsection (3) for each * depreciating asset of the kind referred to in that subsection for the later of: (a) the first income year for which you are, or last were, a * small business entity; or (b) the income year in which you started to use the asset, or have it * installed ready for use, for a * taxable purpose. Once you have made the choice for an asset, you cannot change it. Exception: horticultural plants (5) You cannot deduct amounts for * horticultural plants (including grapevines) under this Subdivision. Exception: asset let on depreciating asset lease (6) You cannot deduct amounts for a * depreciating asset under this Subdivision if the asset is being or might reasonably be expected to be let predominantly on a * depreciating asset lease. Exception: assets in a low ‑ value or software development pool (7) You cannot deduct amounts for a * depreciating asset under this Subdivision if: (a) the asset was allocated to your low ‑ value pool under Subdivision 40 ‑ E, or to your pool under the former Subdivision 42 ‑ L, during an income year for which you were not a * small business entity or had not chosen to use this Subdivision; or (b) the asset is * in ‑ house software and expenditure on the asset is allocated to a software development pool under that Subdivision. Note: You will have to continue deducting amounts for these assets under Division 40. (8) A * depreciating asset referred to in subsection (7) is not allocated to your * general small business pool under this Subdivision and does not qualify for a deduction under section 328 ‑ 180. Exception: assets for which previously entitled to a tax offset under the R&D provisions (9) You cannot deduct amounts for a * depreciating asset for any period under this Subdivision if you are entitled under section 355 ‑ 100 to a * tax offset for a deduction under section 355 ‑ 305 for the asset for the same or an earlier period. Exception: second ‑ hand assets used in residential property (9A) You cannot deduct amounts for a * depreciating asset under this Subdivision to the extent that section 40 ‑ 27 prevents you from deducting amounts under subsection 40 ‑ 25(1) for the asset. Exception: restriction on choosing to use this Subdivision (10) If: (a) you choose to use this Subdivision to deduct amounts for your * depreciating assets for an income year; and (b) you do not choose to use this Subdivision for a later income year for which you satisfy the conditions to make this choice (see subsection (1)); you cannot choose to use this Subdivision until at least 5 years after the first later income year for which you satisfied the conditions to make this choice but did not do so. Note 1: Your ability to choose to use this Subdivision may also be restricted by section 328 ‑ 440 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: If you choose to use this Subdivision for an income year, you continue to use it for assets that have been allocated to your general small business pool for a later income year even if you are not a small business entity, or do not choose to use this Subdivision, for the later year: see section 328 ‑ 220. Note 3: Subsections 328 ‑ 180(2) and (3) of the Income Tax (Transitional Provisions) Act 1997 affect the operation of this subsection in relation to income years ending on or after 12 May 2015.", "Amendment_Count": 10, "First_Amended": "No 78 of 2001", "Last_Amended": "No 126 of 2017", "Amending_Acts": "No 78 of 2001 | No 170 of 2001 | No 119 of 2002 | No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 93 of 2011 | No 23 of 2012 | No 67 of 2015 | No 126 of 2017", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 170 of 2001, effective Sch 2 (items 28–44, 51): 12 pm (A.C.T.) 29 Jan 2001 (s 2(2)) Sch 2 (items 69–84, 92): 30 June 2001 (s 2(3)) Sch 3 (items 11–13, 19(1)): 1 Oct 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-180", "Provision_Key": "s328-180", "Heading": "Assets costing less than $1,000", "Text": "(1) You deduct the * taxable purpose proportion of the * adjustable value of a * depreciating asset for the income year in which you start to use the asset, or have it * installed ready for use, for a * taxable purpose if: (a) you were a * small business entity for that year and the year in which you started to * hold it; and (ab) you chose to use this Subdivision for each of those years; and (b) the asset is a depreciating asset whose * cost as at the end of the income year in which you start to use it, or have it installed ready for use, for a taxable purpose is less than $1,000. Note: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . (2) You can also deduct, for an income year for which you are a * small business entity and you choose to use this Subdivision, the * taxable purpose proportion of an amount included in the second element of the * cost of an asset for which you have deducted an amount under subsection (1) if: (a) the amount so included is less than $1,000; and Note: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . (b) you started to use the asset, or have it * installed ready for use, for a * taxable purpose during an earlier income year. Note: Paragraph (b) may not apply for costs included after 31 December 2020 for assets you first acquire between 12 May 2015 and 31 December 2020: see subsection 328 ‑ 180(5A) of the Income Tax (Transitional Provisions) Act 1997 . (3) An asset for which you have deducted an amount under this section is allocated to your * general small business pool if: (a) an amount of $1,000 or more is included in the second element of the asset’s * cost; or Note: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . (b) any amount is included in the second element of the asset’s cost and you have deducted or can deduct an amount under subsection (2) for an amount previously included in the second element of the asset’s cost. (4) This Division applies to the asset as if its * adjustable value were the amount included in the second element of its * cost as mentioned in subsection (3). (5) Subsection (3) applies even if the amount is included in the second element of the asset’s * cost during an income year for which you are not a * small business entity or do not choose to use this Subdivision.", "Amendment_Count": 12, "First_Amended": "No 78 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 78 of 2001 | No 119 of 2002 | No 80 of 2007 | No 23 of 2012 | No 96 of 2014 | No 67 of 2015 | No 56 of 2017 | No 109 of 2018 | No 51 of 2019 | No 22 of 2020 | No 61 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 56 of 2017, effective Sch 1 (items 1–7): 1 July 2017 (s 2(1) item 2) | Amended by No 109 of 2018, effective Sch 1 (items 1–7): 1 Oct 2018 (s 2(1) item 2) | Amended by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-185", "Provision_Key": "s328-185", "Heading": "Pooling", "Text": "(1) If you are a * small business entity for an income year and you have chosen to use this Subdivision for that year, you deduct amounts for your * depreciating assets (except assets for which you have deducted or can deduct an amount under section 328 ‑ 180) through a pool, which allows you to deduct amounts for them as if they were a single asset, thereby simplifying your calculations. You use one rate for the pool. (2) There is a general small business pool to which * depreciating assets are allocated. Allocating assets to a pool (3) A * depreciating asset: (a) that you * hold just before, and at the start of, the first income year for which you are, or last were, a * small business entity; and (b) for which you calculate your deductions under this Subdivision instead of under Division 40; and (c) that has not previously been allocated to your * general small business pool; and (d) that you have started to use, or have * installed ready for use, for a * taxable purpose; is automatically allocated to your general small business pool. (4) A * depreciating asset that you start to use, or have * installed ready for use, for a * taxable purpose during an income year for which you are a * small business entity and you choose to use this Subdivision is allocated to the * general small business pool at the end of that year. Note: The allocation happens even if you no longer hold the asset at the end of that income year. Exception for assets used or installed before 1 July 2001 (5) You can choose not to have a * depreciating asset allocated to the * general small business pool if you started to use it, or have it * installed ready for use, for a * taxable purpose before 1 July 2001. Note: If you make this choice, you would continue to deduct amounts for the asset under Division 40. (6) You must make that choice for the first income year for which you are a * small business entity and you choose to use this Subdivision. Once you have made the choice for an asset, you cannot change it. No re ‑ allocation (7) Once a * depreciating asset is allocated to your * general small business pool, it is not re ‑ allocated, even if you are not a * small business entity for a later income year or you do not choose to use this Subdivision for that later year. Note: If you chose to use this Subdivision for an income year, you continue to use it for your general small business pool for a later income year even if you are not a small business entity, or do not choose to use this Subdivision, for the later year: see section 328 ‑ 220.", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-190", "Provision_Key": "s328-190", "Heading": "Calculation", "Text": "(1) You calculate your deduction for your * general small business pool for an income year using this formula: Note: You use section 328 ‑ 210 instead if the pool has a low pool value. (2) Your deduction for each * depreciating asset that you start to use, or have * installed ready for use, for a * taxable purpose during an income year for which you are a * small business entity and choose to use this Subdivision is 15% of the * taxable purpose proportion of its * adjustable value. (3) You can also deduct for an income year for which you are a * small business entity and choose to use this Subdivision the amount worked out under subsection (4) for an amount (the cost addition amount ) included in the second element of the * cost of a * depreciating asset for that year if you started to use the asset, or have it * installed ready for use, for a * taxable purpose during an earlier income year. Note: The second element of cost is worked out under section 40 ‑ 190. (4) The amount you can deduct is 15% of the * taxable purpose proportion of the cost addition amount. Note: The amounts that a transferor and transferee can deduct under this section are modified if roll ‑ over relief under section 40 ‑ 340 is chosen: see sections 328 ‑ 243 and 328 ‑ 247.", "Amendment_Count": 6, "First_Amended": "No 78 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 78 of 2001 | No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-195", "Provision_Key": "s328-195", "Heading": "Opening pool balance", "Text": "(1) For the first income year for which you are a * small business entity and choose to use this Subdivision, the opening pool balance of your * general small business pool is the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets allocated to the pool under subsection 328 ‑ 185(3). (2) For a later income year, the opening pool balance of your * general small business pool is that pool’s * closing pool balance for the previous income year, reduced or increased by any adjustment required under section 328 ‑ 225 (about change in the business use of an asset). Note: You continue to deduct amounts using your general small business pool even if you are not a small business entity, or do not choose to use this Subdivision, for a later income year: see section 328 ‑ 220. (3) However, if: (a) you are not a * small business entity for an income year or you do not choose to use this Subdivision for that year; but (b) you are a small business entity for a later income year and you choose to use this Subdivision for the later year; the opening pool balance of your * general small business pool includes the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets allocated to the pool under subsection 328 ‑ 185(3) for that year.", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-200", "Provision_Key": "s328-200", "Heading": "Closing pool balance", "Text": "You work out the closing pool balance of your * general small business pool for an income year in this way: Method statement Step 1. Add to the * opening pool balance of the pool for the income year: (a) the sum of the * taxable purpose proportions of the * adjustable values of * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that are allocated to the pool; and (b) the taxable purpose proportion of any cost addition amounts (see subsection 328 ‑ 190(3)) for the income year for assets allocated to the pool. Step 2. Subtract from the step 1 amount: (a) the * taxable purpose proportions of the * termination values of * depreciating assets allocated to the pool and for which a * balancing adjustment event occurred during the income year; and (b) your deduction under subsection 328 ‑ 190(1) for the pool for the income year; and (c) your deductions under subsection 328 ‑ 190(2) for * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that are allocated to the pool; and (d) your deductions under subsection 328 ‑ 190(3) for the income year for cost addition amounts for assets allocated to the pool. Step 3. The result is the closing pool balance of the pool for the income year. Note: A transferor does not subtract anything for certain balancing adjustment events under paragraph (a) of step 2 if roll ‑ over relief under section 40 ‑ 340 is chosen: see sections 328 ‑ 243 and 328 ‑ 245.", "Amendment_Count": 6, "First_Amended": "No 78 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 78 of 2001 | No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-205", "Provision_Key": "s328-205", "Heading": "Estimate of taxable use", "Text": "(1) You must, for the first income year for which you are, or last were, a * small business entity, make a reasonable estimate for that year of the proportion you will use, or have * installed ready for use, each * depreciating asset that you * held just before, and at the start of, that year for a * taxable purpose if: (a) the asset has not previously been allocated to your * general small business pool; and (b) you have started to use it, or have it installed ready for use, for a taxable purpose; and (c) you have chosen to calculate your deductions for it under this Subdivision. Note 1: That proportion will be 100% for an asset that you expect to use, or have installed ready for use, solely for a taxable purpose. Note 2: Your estimate will be zero for an income year if another provision of this Act denies a deduction for that year: see section 328 ‑ 230. Note 3: This subsection does not apply to a transferee for certain assets if roll ‑ over relief under section 40 ‑ 340 is chosen: see sections 328 ‑ 243 and 328 ‑ 257. (2) You must also make this estimate for each * depreciating asset that you * hold and start to use, or have * installed ready for use, for a * taxable purpose during an income year for which you are a * small business entity and you choose to use this Subdivision. You must make the estimate for the income year in which you start to use it, or have it installed ready for use, for such a purpose. (3) The taxable purpose proportion of a * depreciating asset’s * adjustable value, or of an amount included in the second element of its * cost, is that part of that amount that represents: (a) the proportion you estimated under subsection (1) or (2); or (b) if you have had to make an adjustment under section 328 ‑ 225 for the asset—the proportion most recently applicable to the asset under that section. Note: An amount included in the second element of the cost of a depreciating asset is referred to in this Division as a cost addition amount: see subsection 328 ‑ 190(3). (4) The taxable purpose proportion of a * depreciating asset’s * termination value is that part of that amount that represents: (a) if you have not had to make an adjustment under section 328 ‑ 225 for the asset—the proportion you estimated under subsection (1) or (2); or (b) if you have had to make at least one such adjustment—the average of: (i) the proportion you estimated under subsection (1) or (2); and (ii) the proportion applicable to the asset for each of the 3 income years you * held the asset after the one in which the asset was allocated to the pool. Example: When Bria’s computer was allocated to her general small business pool for the 2012 ‑ 13 income year, she estimated that it would be used 50% for her florist business. Due to increasing business, Bria estimates the computer’s use to be 70% for the 2013 ‑ 14 year, and 90% for the 2014 ‑ 15 year. She makes an adjustment under section 328 ‑ 225 for both those years. Bria sells the computer for $1,000 at the start of the 2016 ‑ 17 income year. She must now average the business use estimates for the computer for the year it was allocated to the pool and the next 3 years to work out the taxable purpose proportion of its termination value. The average is worked out as follows: 50% (original estimate); plus 70% (2013 ‑ 14 estimate); plus 90% (2014 ‑ 15 estimate); plus 90% (no change on previous year); =300% ÷ 4 = 75% The taxable purpose proportion of the computer’s termination value is, therefore: 75% of $1,000 = $750", "Amendment_Count": 5, "First_Amended": "No 78 of 2001", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 78 of 2001 | No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-210", "Provision_Key": "s328-210", "Heading": "Low pool value", "Text": "(1) Your deduction for a * general small business pool for an income year is the amount worked out under subsection (2) (instead of an amount calculated under section 328 ‑ 190) if that amount is less than $1,000 but more than zero. Note 1: See section 328 ‑ 215 for the result when the amount is less than zero. Note 2: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . (2) The amount is the sum of: (a) the pool’s * opening pool balance for the income year; and (b) the * taxable purpose proportion of the * adjustable value of each * depreciating asset you started to use, or have * installed ready for use, for a * taxable purpose during the income year and that is allocated to the pool; and (c) the taxable purpose proportion of any cost addition amounts (see subsection 328 ‑ 190(3)) for the income year for assets allocated to the pool; less the sum of the taxable purpose proportion of the * termination values of depreciating assets allocated to the pool and for which a * balancing adjustment event occurred during the income year. (3) In that case, the * closing pool balance of the pool for that income year then becomes zero. Example: Amanda’s Graphics is a small business entity for the 2014 ‑ 15 income year and chooses to use this Subdivision for that year. The business has an opening pool balance of $8,500 for its general small business pool for that year. During that year, Amanda acquired a new computer for $2,000. The taxable purpose proportion of its adjustable value is: $2,000 x 80% business use estimate = $1,600 Amanda also sold her business car for $9,600 during that year. The car was used 100% in the business. To work out whether she can deduct an amount under this section, Amanda uses this calculation: $8,500 + $1,600 ‑ $9,600 = $500 Because the result is less than $1,000, Amanda can deduct the $500 for the income year. The pool’s closing balance for the year is zero.", "Amendment_Count": 11, "First_Amended": "No 78 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 23 of 2012 | No 96 of 2014 | No 67 of 2015 | No 56 of 2017 | No 109 of 2018 | No 51 of 2019 | No 22 of 2020 | No 61 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 56 of 2017, effective Sch 1 (items 1–7): 1 July 2017 (s 2(1) item 2) | Amended by No 109 of 2018, effective Sch 1 (items 1–7): 1 Oct 2018 (s 2(1) item 2) | Amended by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-215", "Provision_Key": "s328-215", "Heading": "Disposal etc. of depreciating assets", "Text": "(1) This section sets out adjustments you may have to make if a * balancing adjustment event occurs for a * depreciating asset for which you calculate your deductions under this Subdivision. (2) If the asset is allocated to your * general small business pool and: (a) the * closing pool balance of the pool for the income year in which the event occurred is less than zero; or (b) the amount worked out under subsection 328 ‑ 210(2) for that income year is less than zero; the amount by which that balance or amount is less than zero is included in your assessable income for that year. (3) In that case, the * closing pool balance of the pool for that income year then becomes zero. (4) If the asset was one for which you deducted an amount under section 328 ‑ 180 (about assets costing less than $1,000), you include the * taxable purpose proportion of the asset’s * termination value in your assessable income.", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 78 of 2001 | No 23 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-220", "Provision_Key": "s328-220", "Heading": "What happens if you are not a small business entity or do not choose to use this Subdivision for an income year", "Text": "(1) If you are not a * small business entity for an income year or you do not choose to use this Subdivision for that year, this Subdivision continues to apply to your * general small business pool for that year and later income years. (2) However, * depreciating assets you started to use, or have * installed ready for use, for a * taxable purpose during an income year for which you are not a * small business entity or do not choose to use this Subdivision cannot be allocated to your * general small business pool under this Subdivision until an income year for which you are a small business entity and you choose to use this Subdivision. (3) This section applies to a transferee referred to in subsection 328 ‑ 243(1) or (1A) who: (a) was not a * small business entity for the income year in which the relevant * balancing adjustment events occurred; or (b) did not choose to use this Subdivision for that year; as if the transferee had been a small business entity for an earlier income year and had chosen to use this Subdivision for the earlier year. This rule applies even if roll ‑ over relief is not chosen.", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-225", "Provision_Key": "s328-225", "Heading": "Change in business use", "Text": "(1) You must, for each income year (the present year ) after the year in which a * depreciating asset is allocated to a pool, make a reasonable estimate of the proportion you use the asset, or have it * installed ready for use, for a * taxable purpose in that year. Note: This section is modified in its application to a transferee for certain assets if roll ‑ over relief under section 40 ‑ 340 is chosen: see sections 328 ‑ 243 and 328 ‑ 257. (1A) You must make an adjustment for the present year if your estimate for that year under subsection (1) is different by more than 10 percentage points from: (a) your original estimate (see section 328 ‑ 205); or (b) if you have made an adjustment under this section—the most recent estimate you made under subsection (1) that resulted in an adjustment under this section. (2) The adjustment is made to the * opening pool balance of the * general small business pool to which the asset was allocated, and it must be made before you calculate your deduction under this Subdivision for the present year. Note: The opening pool balance will be reduced if the adjustment worked out under subsection (3) is a negative amount. It will be increased if the adjustment is positive. (3) The adjustment is: where: asset value is: (a) for a * depreciating asset you started to use, or have * installed ready for use, for a * taxable purpose during an income year for which you were a * small business entity and chose to use this Subdivision—the asset’s * adjustable value at that time; or (b) for an asset you started to use, or have installed ready for use, for a taxable purpose during an income year for which you were not a * small business entity or did not choose to use this Subdivision—its adjustable value at the start of the income year for which it was allocated to a * general small business pool; increased by any amounts included in the second element of the asset’s * cost from the time mentioned in paragraph (a) or (b) until the beginning of the income year for which you are making the adjustment. last estimate is: (a) your original estimate of the proportion you use, or have * installed ready for use, a * depreciating asset for a * taxable purpose (see section 328 ‑ 205); or (b) if you have made an adjustment under this section—the latest estimate taken into account under this section. present year estimate is your reasonable estimate of the proportion you use the asset, or have it * installed ready for use, for a * taxable purpose during the present year. reduction factor is the number worked out under subsection (4). (4) The reduction factor in the formula in subsection (3) is: (a) for a * depreciating asset you started to use, or have * installed ready for use, for a * taxable purpose during an income year for which you were a * small business entity and chose to use this Subdivision: (b) for an asset you started to use, or have * installed ready for use, for a taxable purpose during an income year for which you were not a * small business entity or did not choose to use this Subdivision: where: n is the number of income years (counting part of an income year as a whole year) before the present year for which you have deducted or can deduct an amount for the * depreciating asset under this Subdivision. rate is the rate applicable to the pool to which the asset is allocated. Note: The reduction factor for a depreciating asset in your general small business pool which you started to use, or have installed ready for use, for a taxable purpose during an income year for which you were not a small business entity or did not choose to use this Subdivision is: 0.7 for the income year after it is allocated to the pool; and 0.49 for the income year after that; and 0.343 for the income year after that. The reduction factor for a depreciating asset in your general small business pool which you started to use, or have installed ready for use, for a taxable purpose during an income year for which you were a small business entity and chose to use this Subdivision is: 0.85 for the income year after it is allocated to the pool; and 0.595 for the income year after that; and 0.417 for the income year after that. Exceptions (5) However: (a) you do not need to make an estimate or an adjustment under this section for a * depreciating asset for an income year that is at least 3 income years after the income year in which the asset was allocated; and (b) you cannot make an adjustment for a depreciating asset if your reasonable estimate of the proportion you use a depreciating asset, or have it * installed ready for use, for a * taxable purpose changes in a later income year by the 10 percentage points mentioned in subsection (1) or less.", "Amendment_Count": 7, "First_Amended": "No 78 of 2001", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 78 of 2001 | No 119 of 2002 | No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 8 of 2010 | No 23 of 2012", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 8 of 2010, effective Sch 1 (item 33) and Sch 5 (item 137(a)): 1 Mar 2010 (s 2(1) items 4, 38) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-230", "Provision_Key": "s328-230", "Heading": "Estimate where deduction denied", "Text": "This Subdivision applies to you as if you had estimated that you will not use, or have * installed ready for use, a * depreciating asset at all for a * taxable purpose during an income year if a provision of this Act outside this Division denies a deduction for the asset for that year.", "Amendment_Count": 1, "First_Amended": "No 78 of 2001", "Last_Amended": "No 78 of 2001", "Amending_Acts": "No 78 of 2001", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-235", "Provision_Key": "s328-235", "Heading": "Interaction with Divisions 85 and 86", "Text": "(1) Despite sections 85 ‑ 10 and 86 ‑ 60, if you are a * small business entity for an income year you can deduct amounts for * depreciating assets under this Subdivision. (2) However, you cannot deduct an amount for a * car under this Subdivision if, had you not been a * small business entity and chosen to use this Subdivision, sections 86 ‑ 60 and 86 ‑ 70 would have prevented you deducting an amount for it.", "Amendment_Count": 2, "First_Amended": "No 78 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 78 of 2001 | No 80 of 2007", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-243", "Provision_Key": "s328-243", "Heading": "Roll ‑ over relief", "Text": "(1A) There is roll ‑ over relief under subsection 40 ‑ 340(1) (as affected by subsection 40 ‑ 340(2)) if: (a) * balancing adjustment events occur for * depreciating assets on a day (the BAE day ) because an entity (the transferor ) disposes of the assets in an income year to another entity (the transferee ); and (b) the disposal involves a * CGT event; and (c) the conditions in item 1, 2, 3 or 8 of the table in subsection 40 ‑ 340(1) are satisfied; and (d) deductions for the assets are calculated under this Subdivision; and (e) the transferor and the transferee jointly choose the roll ‑ over relief; and (f) the condition in subsection (2) is met. (1) Roll ‑ over relief can be chosen under subsection 40 ‑ 340(3) if: (a) * balancing adjustment events occur for * depreciating assets on a day (the BAE day ) because of subsection 40 ‑ 295(2); and (b) deductions for the assets are calculated under this Subdivision; and (c) the entity or entities that had an interest in the assets just before the balancing adjustment events occurred (the transferor ) and the entity or entities that have an interest in the assets just after the events occurred (the transferee ) jointly choose the roll ‑ over relief; and (d) the condition in subsection (2) is met. (2) All of the * depreciating assets that, just before the * balancing adjustment events occurred, were: (a) * held by the transferor; and (b) allocated to the transferor’s * general small business pool; must be held by the transferee just after those events occurred.", "Amendment_Count": 5, "First_Amended": "No 20 of 2004", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012 | No 18 of 2016", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-243"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-245", "Provision_Key": "s328-245", "Heading": "Consequences of roll ‑ over", "Text": "(1) The transferor does not subtract anything for the * balancing adjustment events under: (a) paragraph (a) of step 2 in the method statement in section 328 ‑ 200; or (b) subsection 328 ‑ 210(2). (2) Subsection 328 ‑ 215(4) does not apply to the * balancing adjustment events for the transferor. (3) A choice made by the transferor for a * depreciating asset under subsection 328 ‑ 175(3) (about primary production assets) applies to the transferee as if it had been made by the transferee. (4) Sections 328 ‑ 247 to 328 ‑ 257 have effect.", "Amendment_Count": 1, "First_Amended": "No 20 of 2004", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 20 of 2004", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-247", "Provision_Key": "s328-247", "Heading": "Pool deductions", "Text": "(1) The amount that can be deducted for the transferor’s * general small business pool for the income year (the BAE year ) in which the * balancing adjustment events occurred under subsection 328 ‑ 190(1) or section 328 ‑ 210 for the BAE year is split equally between: (a) the transferor and the transferee; or (b) if there are 2 or more occurrences of balancing adjustment events for relevant entities for the BAE year and a roll ‑ over is chosen for each occurrence—the entities concerned. Example: John and Dave operate a dry cleaning business in partnership (the transferor). The transferor is a small business entity for the relevant income year and has chosen to use this Subdivision for that year. On the 90th day of an income year, Jonathan joins the partnership. The new partnership (the transferee) is a small business entity for the income year and chooses to use this Subdivision for that year. Had there been no partnership change, a deduction of $6,600 would have been available for the transferor’s general small business pool. The transferor and transferee jointly choose the roll ‑ over. The deduction available to the transferor and the transferee for the pool under section 328 ‑ 210 is $3,300 each. (2) The transferor cannot deduct any amount for the transferor’s * general small business pool for an income year after the BAE year.", "Amendment_Count": 4, "First_Amended": "No 20 of 2004", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-247"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-250", "Provision_Key": "s328-250", "Heading": "Deductions for assets first used in BAE year", "Text": "(1) This section applies in working out the amount that the transferor or transferee can deduct for the BAE year under subsection 328 ‑ 180(1) (assets costing less than $1,000) or subsection 328 ‑ 190(2) (assets that will be pooled) for a * depreciating asset that the transferor or transferee started to use, or have * installed ready for use, for a * taxable purpose during the BAE year. Note: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . Asset first used by transferor (2) If the asset was first used or * installed ready for use by the transferor, the amount that can be deducted under subsection 328 ‑ 180(1) or 328 ‑ 190(2) for the asset for the BAE year is split equally between: (a) the transferor and the transferee; or (b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll ‑ over is chosen for each occurrence—the entities concerned. Asset first used by transferee (3) If the asset was first used or * installed ready for use by the transferee: (a) the transferor cannot deduct anything for the asset for the BAE year; and (b) the amount that can be deducted under subsection 328 ‑ 180(1) or 328 ‑ 190(2) for the asset for the BAE year is: (i) deductible by the transferee; or (ii) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll ‑ over is chosen for each occurrence—split equally between the entities concerned (except ones that did not use the asset or have it installed ready for use). Example: To continue the example from section 328 ‑ 247, the transferee buys an asset on the 150th day of the BAE year for $800. On the 250th day of the year, Evan joins the transferee partnership. The new transferee partnership is a small business entity for the BAE year, and chooses to use this Subdivision for that year, and a further roll ‑ over is chosen. The original transferor cannot deduct anything for the asset. The original transferee (now a transferor) and the new transferee can deduct $400 each. Special rule for assets costing less than $1,000 (4) Subsection (5) applies if: (a) the transferor started to use, or have * installed ready for use, an asset of a kind mentioned in paragraph 328 ‑ 180(1)(b) during the BAE year; and (b) a * balancing adjustment event occurs for that asset before the BAE day. Note: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . (5) The transferee cannot deduct anything for the asset for the BAE year, and subsection 328 ‑ 215(4) does not apply to the transferee in relation to the asset.", "Amendment_Count": 12, "First_Amended": "No 20 of 2004", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012 | No 96 of 2014 | No 67 of 2015 | No 56 of 2017 | No 109 of 2018 | No 51 of 2019 | No 22 of 2020 | No 61 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 56 of 2017, effective Sch 1 (items 1–7): 1 July 2017 (s 2(1) item 2) | Amended by No 109 of 2018, effective Sch 1 (items 1–7): 1 Oct 2018 (s 2(1) item 2) | Amended by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-253", "Provision_Key": "s328-253", "Heading": "Deductions for cost addition amounts", "Text": "(1) This section applies in working out the amount that the transferor or transferee can deduct for the BAE year under subsection 328 ‑ 180(2) or 328 ‑ 190(3) for expenditure incurred by the transferor or transferee during the BAE year that is included in the second element of the * cost of a depreciating asset. Expenditure incurred by transferor (2) If the expenditure was incurred by the transferor, the amount that can be deducted under subsection 328 ‑ 180(2) or 328 ‑ 190(3) for the BAE year is split equally between: (a) the transferor and the transferee; or (b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll ‑ over is chosen for each occurrence—the entities concerned. Expenditure incurred by transferee (3) If the expenditure was incurred by the transferee: (a) the transferor cannot deduct anything for the expenditure for the BAE year; and (b) the amount that can be deducted under subsection 328 ‑ 180(2) or 328 ‑ 190(3) for the expenditure for the BAE year is: (i) deductible by the transferee; or (ii) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll ‑ over is chosen for each occurrence—split equally between the entities concerned. Special rule for expenditure on assets costing less than $1,000 (4) Subsection (5) applies if: (a) the transferor incurred the expenditure in relation to an asset of a kind mentioned in paragraph 328 ‑ 180(1)(b); and (b) a * balancing adjustment event occurs for that asset before the BAE day. Note: This threshold may be affected by section 328 ‑ 180 (about temporary increased access to accelerated depreciation) or 328 ‑ 181 (about temporary full expensing) of the Income Tax (Transitional Provisions) Act 1997 . (5) The transferee cannot deduct anything for the expenditure for the BAE year, and subsection 328 ‑ 215(4) does not apply to the transferee in relation to the asset.", "Amendment_Count": 11, "First_Amended": "No 20 of 2004", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 20 of 2004 | No 41 of 2005 | No 23 of 2012 | No 96 of 2014 | No 67 of 2015 | No 56 of 2017 | No 109 of 2018 | No 51 of 2019 | No 22 of 2020 | No 61 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 56 of 2017, effective Sch 1 (items 1–7): 1 July 2017 (s 2(1) item 2) | Amended by No 109 of 2018, effective Sch 1 (items 1–7): 1 Oct 2018 (s 2(1) item 2) | Amended by No 51 of 2019, effective Sch 1 (items 1–7) and Sch 2: 1 July 2019 (s 2(1) item 1) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 61 of 2020, effective Sch 2: 1 July 2020 (s 2(1) item 5) Sch 4 (items 1–17): 20 June 2020 (s 2(1) item 6) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-253"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-255", "Provision_Key": "s328-255", "Heading": "Closing pool balance etc. below zero", "Text": "(1) This section applies if: (a) the * closing pool balance of the transferor’s * general small business pool for the BAE year is less than zero; or (b) the amount worked out under subsection 328 ‑ 210(2) for the pool for the BAE year is less than zero; because a * balancing adjustment event occurred for an asset allocated to that pool during that year. (2) The amount included in assessable income under subsection 328 ‑ 215(2) is split equally between: (a) the transferor and transferee; or (b) if there are 2 or more occurrences of * balancing adjustment events for relevant entities for the BAE year and a roll ‑ over is chosen for each occurrence—the entities concerned.", "Amendment_Count": 4, "First_Amended": "No 20 of 2004", "Last_Amended": "No 23 of 2012", "Amending_Acts": "No 20 of 2004 | No 41 of 2005 | No 80 of 2007 | No 23 of 2012", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-257", "Provision_Key": "s328-257", "Heading": "Taxable use", "Text": "(1) This section applies to * depreciating assets (the previously held assets ) that were * held by the transferor just before the * balancing adjustment events occurred. (2) Subsection 328 ‑ 205(1) (about estimates of taxable use) does not apply to previously held assets in the hands of the transferee for the BAE year. Instead, the transferee uses for the BAE year: (a) the estimate made by the transferor under that subsection for the asset; or (b) if the transferor had made one or more estimates for the asset under subsection 328 ‑ 225(1) that resulted in an adjustment under section 328 ‑ 225 (about change in business use)—that estimate or the most recent of those estimates. (3) Section 328 ‑ 225 applies to the transferee for each previously held asset for income years after the BAE year as if: (a) the transferee had * held the asset during the period that the transferor held it; and (b) estimates applicable to the transferor for the asset under that section were also applicable to the transferee.", "Amendment_Count": 1, "First_Amended": "No 20 of 2004", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 20 of 2004", "History_Notes": "Inserted by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-257"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-280", "Provision_Key": "s328-280", "Heading": "What this Subdivision is about", "Text": "Small and medium business entities can choose not to account for their trading stock in some circumstances. This Subdivision modifies the rules in Division 70 about trading stock for those entities. Table of sections Operative provisions 328 ‑ 285 Trading stock for small and medium business entities 328 ‑ 295 Value of trading stock on hand", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 92 of 2020", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-285", "Provision_Key": "s328-285", "Heading": "Trading stock for small and medium business entities", "Text": "(1) You can choose not to account for changes in the * value of your * trading stock for an income year if: (a) you are a * small business entity, or an entity covered by subsection (2), for that year; and (b) the difference between the value of all your trading stock on hand at the start of that year and the value you reasonably estimate of all your trading stock on hand at the end of that year is not more than $5,000. Note 1: As a result, sections 70 ‑ 35 and 70 ‑ 45 (about comparing the value of each item of trading stock on hand at the start and end of an income year) will not apply to you for the income year. Note 2: When making a reasonable estimate of the value of trading stock on hand: (a) special valuation rules may be used, for example, obsolete stock, natural increase of live stock, horse breeding stock; and (b) the estimated value disregards an amount equal to the amount of input tax credits (if any) to which you would be entitled for an item if the acquisition of the item had been solely for a creditable purpose: see subsection 70 ‑ 45(1A). Note 3: If you choose to account for changes in the value of your trading stock for an income year, you will have to do a stocktake and account for the change in the value of all your trading stock: see Subdivision 70 ‑ C. (2) An entity is covered by this subsection for an income year if: (a) the entity is not a * small business entity for the income year; and (b) the entity would be a small business entity for the income year if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) to a small business entity were instead a reference to an entity covered by this subsection.", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 15 of 2017 | No 92 of 2020", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-295", "Provision_Key": "s328-295", "Heading": "Value of trading stock on hand", "Text": "(1) If you make a choice under section 328 ‑ 285 for an income year, the * value of all your * trading stock on hand at the start of the income year is: (a) the same amount as was taken into account under this Act at the end of the previous income year; or (b) zero if no item of trading stock was taken into account under this Act at the end of the previous income year. Note: The amount taken into account at the end of the previous income year is worked out under either section 70 ‑ 45 or subsection (2) of this section. (2) If you make a choice under section 328 ‑ 285 for an income year, this Act applies to you as if the * value of all your * trading stock on hand at the end of the year were equal to the value of all your trading stock on hand at the start of the year. Note: If you do not make a choice under section 328 ‑ 285, the value of trading stock on hand at the end of the year is worked out using section 70 ‑ 45. Example: Angela operates a riding school, and also sells riding gear. Her business is a small business entity for the 2008 ‑ 09 income year and makes a choice under section 328 ‑ 285 for that year. At the start of the 2008 ‑ 09 income year, the opening value of Angela’s trading stock is $30,000. Using her reliable inventory system, she estimates the closing value to be $34,000. The closing value for the 2008 ‑ 09 income year, and the opening value for the 2009 ‑ 10 income year, will be $30,000.", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 78 of 2001 | No 119 of 2002 | No 101 of 2006 | No 80 of 2007", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-350", "Provision_Key": "s328-350", "Heading": "What this Subdivision is about", "Text": "You may be entitled to a tax offset if you are an individual: (a) who is a small business entity; or (b) whose assessable income includes a share of the net small business income of an unincorporated small business entity; or (c) whose assessable income includes an amount because you are a partner in a partnership, or a beneficiary in a trust, that is a small business entity. In working out whether you are or another entity is a small business entity, a special $5 million turnover threshold applies (see section 328 ‑ 357). Table of sections Operative provisions 328 ‑ 355 Entitlement to the small business income tax offset 328 ‑ 357 Special meaning of small business entity for the purposes of this Subdivision—$5 million turnover threshold 328 ‑ 360 Amount of your tax offset 328 ‑ 365 Net small business income 328 ‑ 370 Relevant attributable deductions 328 ‑ 375 Modification if you are under 18 years old", "Amendment_Count": 3, "First_Amended": "No 114 of 2015", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 114 of 2015 | No 52 of 2016 | No 41 of 2017", "History_Notes": "Inserted by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1) | Repealed and substituted by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-355", "Provision_Key": "s328-355", "Heading": "Entitlement to the small business income tax offset", "Text": "You are entitled to a * tax offset for an income year if you are an individual: (a) who is a * small business entity for the income year; or (b) whose assessable income for the income year includes an amount that is a share of the * net small business income, for the income year, of a small business entity that is not a * corporate tax entity; or (c) whose assessable income for the income year includes an amount that: (i) would not have been so included if you had not been a partner in a partnership, or a beneficiary in a trust, that is a small business entity for the income year; and (ii) is not included in the partnership’s or trust’s assessable income for an income year; and (iii) would have formed part of the partnership’s or trust’s net small business income for an income year if the amount were included in the partnership’s or trust’s assessable income for an income year. Note: This section does not apply to an individual in his or her capacity as the trustee of a trust (see subsection 960 ‑ 100(4)).", "Amendment_Count": 2, "First_Amended": "No 114 of 2015", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 114 of 2015 | No 52 of 2016", "History_Notes": "Inserted by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-355"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-357", "Provision_Key": "s328-357", "Heading": "Special meaning of small business entity for the purposes of this Subdivision—$5 million turnover threshold", "Text": "For the purposes of this Subdivision, in working out whether you are a * small business entity for an income year, assume that each reference in section 328 ‑ 110 to $10 million were a reference to $5 million.", "Amendment_Count": 1, "First_Amended": "No 41 of 2017", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 41 of 2017", "History_Notes": "Inserted by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-357"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-360", "Provision_Key": "s328-360", "Heading": "Amount of your tax offset", "Text": "(1) The amount of your * tax offset is equal to 16% of the following: where: your total net small business income for the income year means so much of the sum of the following as does not exceed your taxable income for the income year: (a) your * net small business income for the income year, if you are a * small business entity for the income year; (b) an amount referred to in paragraph 328 ‑ 355(b) or (c) that is included in your assessable income for the income year, reduced (but not below zero) by your deductions to the extent that they are attributable to that amount and covered by section 328 ‑ 370. Note: If you are under 18 years old, your total net small business income will probably be worked out under section 328 ‑ 375. (2) However, the amount of your * tax offset is $1,000 if the amount worked out under subsection (1) exceeds $1,000. Note: Your tax offset is capped at $1,000 regardless of the number of small business entities that cause you to be entitled to the tax offset for the income year.", "Amendment_Count": 5, "First_Amended": "No 78 of 2001", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 114 of 2015 | No 52 of 2016 | No 41 of 2017", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-360"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-365", "Provision_Key": "s328-365", "Heading": "Net small business income", "Text": "(1) A * small business entity’s net small business income for an income year is the result of: (a) working out the entity’s assessable income for the income year to the extent that it relates to the entity carrying on a * business, but disregarding: (i) any * net capital gain; and (ii) any * personal services income not produced from conducting a * personal services business; and (b) subtracting the entity’s deductions to the extent that they are attributable to that assessable income and covered by section 328 ‑ 370. (2) However, the entity’s net small business income for the income year is zero if that result is less than zero.", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 114 of 2015", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 114 of 2015", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-370", "Provision_Key": "s328-370", "Heading": "Relevant attributable deductions", "Text": "For the purposes of this Subdivision, this section covers all attributable deductions other than any under: (a) section 25 ‑ 5 (about tax ‑ related expenses); or (b) Division 30 (about gifts or contributions); or (c) Subdivision 290 ‑ C (about personal superannuation contributions).", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 114 of 2015", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 114 of 2015", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-375", "Provision_Key": "s328-375", "Heading": "Modification if you are under 18 years old", "Text": "(1) Despite subsection 328 ‑ 360(1), your total net small business income for the income year is worked out under this section if you are a prescribed person (within the meaning of section 102AC of the Income Tax Assessment Act 1936 ) for the income year. (2) Your total net small business income for the income year is the result of: (a) working out your business income (within the meaning of subsection 102AE(5) of that Act) for the income year to the extent that it relates to you carrying on: (i) a * business as a * small business entity for the income year; or (ii) a business as a partner in a partnership, if the partnership is a small business entity for the income year; and (b) subtracting your deductions, and each partnership’s deductions, to the extent that they are attributable to that business income and covered by section 328 ‑ 370. (3) However, your total net small business income for the income year is: (a) zero if that result is less than zero; or (b) equal to your taxable income for the income year if that result exceeds that taxable income.", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 114 of 2015", "Amending_Acts": "No 78 of 2001 | No 41 of 2005 | No 80 of 2007 | No 114 of 2015", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-420", "Provision_Key": "s328-420", "Heading": "What this Subdivision is about", "Text": "There are tax ‑ neutral consequences for a small business entity that restructures the ownership of the assets of the business, without changing the ultimate economic ownership of the assets. Table of sections Object of this Subdivision 328 ‑ 425 Object of this Subdivision Requirements for a roll ‑ over under this Subdivision 328 ‑ 430 When a roll ‑ over is available 328 ‑ 435 Genuine restructures—safe harbour rule 328 ‑ 440 Ultimate economic ownership—discretionary trusts 328 ‑ 445 Residency requirement Consequences of a roll ‑ over under this Subdivision 328 ‑ 450 Small business transfers not to affect income tax positions 328 ‑ 455 Effect of small business restructures on transferred cost of assets 328 ‑ 460 Effect of small business restructures on acquisition times of pre ‑ CGT assets 328 ‑ 465 New membership interests as consideration for transfer of assets 328 ‑ 470 Membership interests affected by transfers of assets 328 ‑ 475 Small business restructures involving assets already subject to small business roll ‑ over", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-425", "Provision_Key": "s328-425", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to facilitate flexibility for owners of small business entities to restructure their businesses, and the way their business assets are held, while disregarding tax gains and losses that would otherwise arise.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-425"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-430", "Provision_Key": "s328-430", "Heading": "When a roll ‑ over is available", "Text": "(1) A roll ‑ over under this Subdivision is available in relation to an asset that, under a transaction, an entity (the transferor ) transfers to one or more other entities ( transferees ) if: (a) the transaction is, or is a part of, a genuine restructure of an ongoing * business; and (b) each party to the transfer is an entity to which any one or more of the following applies: (i) it is a * small business entity for the income year during which the transfer occurred; (ii) it has an * affiliate that is a small business entity for that income year; (iii) it is * connected with an entity that is a small business entity for that income year; (iv) it is a partner in a partnership that is a small business entity for that income year; and (c) the transaction does not have the effect of materially changing: (i) which individual has, or which individuals have, the ultimate economic ownership of the asset; and (ii) if there is more than one such individual—each such individual’s share of that ultimate economic ownership; and (d) the asset is a * CGT asset (other than a * depreciating asset) that is, at the time the transfer takes effect: (i) if subparagraph (b)(i) applies—an * active asset; or (ii) if subparagraph (b)(ii) or (iii) applies—an active asset in relation to which subsection 152 ‑ 10(1A) is satisfied in that income year, or would be satisfied in that income year if paragraph 152 ‑ 10(1AA)(b) were disregarded; or (iii) if subparagraph (b)(iv) applies—an active asset and an interest in an asset of the partnership referred to in that subparagraph; and (e) the transferor and each transferee meet the residency requirement in section 328 ‑ 445 for an entity; and (f) the transferor and each transferee choose to apply a roll ‑ over under this Subdivision in relation to the assets transferred under the transaction. Note: The roll ‑ over of a depreciating asset transferred in the restructuring of a small business is addressed in item 8 of the table in subsection 40 ‑ 340(1). (2) However, a roll ‑ over under this Subdivision is not available if the transferor, or any transferee, is either an * exempt entity or a * complying superannuation entity.", "Amendment_Count": 4, "First_Amended": "No 78 of 2001", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 18 of 2016 | No 64 of 2020", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-435", "Provision_Key": "s328-435", "Heading": "Genuine restructures—safe harbour rule", "Text": "For the purposes of paragraph 328 ‑ 430(1)(a) (but without limiting that paragraph), a transaction is, or is a part of, a genuine restructure of an ongoing * business if, in the 3 year period after the transaction takes effect: (a) there is no change in ultimate economic ownership of any of the significant assets of the business (other than * trading stock) that were transferred under the transaction; and (b) those significant assets continue to be * active assets; and (c) there is no significant or material use of those significant assets for private purposes.", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 18 of 2016", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-440", "Provision_Key": "s328-440", "Heading": "Ultimate economic ownership—discretionary trusts", "Text": "For the purposes of paragraph 328 ‑ 430(1)(c), a transaction does not have the effect of changing the ultimate economic ownership of an asset, or any individual’s share of that ultimate economic ownership, if: (a) either or both of the following applies: (i) just before the transaction took effect, the asset was included in the property of a * non ‑ fixed trust that was a * family trust; (ii) just after the transaction takes effect, the asset is included in the property of a non ‑ fixed trust that is a family trust; and (b) every individual who, just before the transfer took effect, had the ultimate economic ownership of the asset was a member of the family group (within the meaning of Schedule 2F to the Income Tax Assessment Act 1936 ) relating to the trust or trusts referred to in paragraph (a); and (c) every individual who, just after the transfer takes effect, has the ultimate economic ownership of the asset is a member of that family group.", "Amendment_Count": 3, "First_Amended": "No 78 of 2001", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 78 of 2001 | No 80 of 2007 | No 18 of 2016", "History_Notes": "Inserted by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Repealed by No 80 of 2007, effective 21 June 2007 | Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-445", "Provision_Key": "s328-445", "Heading": "Residency requirement", "Text": "For the purposes of paragraph 328 ‑ 430(1)(e), the residency requirement for an entity is that: (a) if the entity is an individual or a company—the entity is an Australian resident; or (b) if the entity is a trust—it is a * resident trust for CGT purposes; or (c) if the entity is a partnership (other than a * corporate limited partnership)—at least one of the partners is an Australian resident; or (d) if the entity is a corporate limited partnership—it is, under section 94T of the Income Tax Assessment Act 1936 , a resident for the purposes of the * income tax law.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-445"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-450", "Provision_Key": "s328-450", "Heading": "Small business transfers not to affect income tax positions", "Text": "(1) Except as provided by this Subdivision, a transfer of an asset has no direct consequences under the * income tax law if: (a) the transfer occurs under a transaction in relation to which section 328 ‑ 430 applies; and (b) a roll ‑ over under this Subdivision is available under that section in relation to the asset. Example: If the transfer were a transfer of the asset from a company to a shareholder, it would not be treated as a payment of a dividend under Division 7A of Part III of the Income Tax Assessment Act 1936 . (2) To avoid doubt, this section does not affect the application of the * income tax law in relation to: (a) anything that happens in relation to the asset that does not directly relate to the transfer; or (b) the ownership of the asset at any time.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-455", "Provision_Key": "s328-455", "Heading": "Effect of small business restructures on transferred cost of assets", "Text": "(1) The * income tax law applies to an entity in relation to the transfer of an asset by the entity, or to the entity, as if the transfer takes place for the asset’s * roll ‑ over cost if: (a) the transfer occurs under a transaction in relation to which section 328 ‑ 430 applies; and (b) a roll ‑ over under this Subdivision is available under that section in relation to the asset. (2) The asset’s roll ‑ over cost is whichever of the following amounts is applicable in relation to the transfer: (a) in relation to the application of subsection (1) to the asset as a * CGT asset (other than * trading stock, a * revenue asset or a * depreciating asset)—the transferor’s * cost base for the asset just before the transfer takes effect; (b) in relation to the application of subsection (1) to the asset as trading stock—the amount equal to: (i) the * cost of the item for the transferor; or (ii) if the transferor held the item as trading stock at the start of the income year—the * value of the item for the transferor then; (c) in relation to the application of subsection (1) to the asset as a revenue asset—the amount that would give rise to the transferor not making a profit or a loss on the transfer.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-460", "Provision_Key": "s328-460", "Heading": "Effect of small business restructures on acquisition times of pre ‑ CGT assets", "Text": "For the purposes of applying subsection 328 ‑ 455(1) to the asset as a * CGT asset (other than a * revenue asset) that is a * pre ‑ CGT asset, a transferee is taken to have * acquired the asset before 20 September 1985.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-465", "Provision_Key": "s328-465", "Heading": "New membership interests as consideration for transfer of assets", "Text": "(1) If: (a) section 328 ‑ 455 applies in relation to the transfer of an asset under a transaction; and (b) the transaction provides for * membership interests to be issued; and (c) the membership interests constitute all or part of the consideration provided for the transfer of assets ( transferred assets ) under the transaction; then: (d) the first element of the membership interests’ * cost base is the sum of: (i) the * roll ‑ over costs of the transferred assets that are neither * depreciating assets nor * pre ‑ CGT assets; and (ii) the * adjustable values of the transferred assets that are depreciating assets; (less any liabilities that a transferee of any of the transferred assets undertakes to discharge in respect of the transferred assets) divided by the number of membership interests; and (e) the first element of the membership interests’ * reduced cost base is worked out similarly. (2) However, if the * membership interests constituted only a part of the total consideration provided for the transfer of the transferred assets, reduce accordingly the amounts worked out under paragraphs (1)(d) and (e).", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-470", "Provision_Key": "s328-470", "Heading": "Membership interests affected by transfers of assets", "Text": "If: (a) section 328 ‑ 455 applies in relation to the transfer of an asset under a transaction; and (b) an entity holds, either directly or indirectly: (i) a * membership interest in the transferor or a transferee; or (ii) a membership interest that was issued as provided for by the transaction; disregard a * capital loss from a * CGT event that arises in relation to the membership interest after the transaction takes effect, except to the extent that the entity can demonstrate that the loss is attributable to a matter other than the transaction.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-470"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 328-475", "Provision_Key": "s328-475", "Heading": "Small business restructures involving assets already subject to small business roll ‑ over", "Text": "If: (a) section 328 ‑ 455 applies in relation to the transfer of an asset (the transferred asset ) of the transferor’s business to one or more transferees; and (b) the transferor has previously chosen a small business roll ‑ over under Subdivision 152 ‑ E for a * CGT event that happened in relation to a * CGT asset for which the transferred asset is a replacement asset (within the meaning of sections 104 ‑ 185, 104 ‑ 190, 104 ‑ 197 and 104 ‑ 198); sections 104 ‑ 185, 104 ‑ 190, 104 ‑ 197 and 104 ‑ 198 apply to each transferee (to the extent of the transferee’s interest in the asset) as if the transferee, and not the transferor, made that choice. Note: Sections 104 ‑ 185, 104 ‑ 190, 104 ‑ 197 and 104 ‑ 198 provide for capital gains to arise under CGT events J2, J5 and J6, after the choice of a small business roll ‑ over under Subdivision 152 ‑ E has deferred the making of a capital gain.", "Amendment_Count": 1, "First_Amended": "No 18 of 2016", "Last_Amended": "No 18 of 2016", "Amending_Acts": "No 18 of 2016", "History_Notes": "Inserted by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s328-475"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-1", "Provision_Key": "s355-1", "Heading": "What this Division is about", "Text": "An R&D entity may be entitled to a tax offset for R&D activities. The tax offset may be a refundable tax offset if the R&D entity’s aggregated turnover is less than $20 million. To be entitled to the tax offset, the R&D entity needs one or more notional deductions under this Division. There are 2 main kinds of notional deductions. One is for expenditure on R&D activities. The other is for the decline in value of tangible depreciating assets used for R&D activities. Note: All of these notional deductions require the R&D entity to be registered for the R&D activities under Part III of the Industry Research and Development Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-5", "Provision_Key": "s355-5", "Heading": "Object", "Text": "(1) The object of this Division is to encourage industry to conduct research and development activities that might otherwise not be conducted because of an uncertain return from the activities, in cases where the knowledge gained is likely to benefit the wider Australian economy. (2) This object is to be achieved by providing a tax incentive for industry to conduct, in a scientific way, experimental activities for the purpose of generating new knowledge or information in either a general or applied form (including new knowledge in the form of new or improved materials, products, devices, processes or services).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-20", "Provision_Key": "s355-20", "Heading": "R&D activities", "Text": "R&D activities are * core R&D activities or * supporting R&D activities.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-25", "Provision_Key": "s355-25", "Heading": "Core R&D activities", "Text": "Core R&D activities (1) Core R&D activities are experimental activities: (a) whose outcome cannot be known or determined in advance on the basis of current knowledge, information or experience, but can only be determined by applying a systematic progression of work that: (i) is based on principles of established science; and (ii) proceeds from hypothesis to experiment, observation and evaluation, and leads to logical conclusions; and (b) that are conducted for the purpose of generating new knowledge (including new knowledge in the form of new or improved materials, products, devices, processes or services). Activities that are not core R&D activities (2) However, none of the following activities are core R&D activities : (a) market research, market testing or market development, or sales promotion (including consumer surveys); (b) prospecting, exploring or drilling for minerals or * petroleum for the purposes of one or more of the following: (i) discovering deposits; (ii) determining more precisely the location of deposits; (iii) determining the size or quality of deposits; (c) management studies or efficiency surveys; (d) research in social sciences, arts or humanities; (e) commercial, legal and administrative aspects of patenting, licensing or other activities; (f) activities associated with complying with statutory requirements or standards, including one or more of the following: (i) maintaining national standards; (ii) calibrating secondary standards; (iii) routine testing and analysis of materials, components, products, processes, soils, atmospheres and other things; (g) any activity related to the reproduction of a commercial product or process: (i) by a physical examination of an existing system; or (ii) from plans, blueprints, detailed specifications or publicly available information; (h) developing, modifying or customising computer software for the dominant purpose of use by any of the following entities for their internal administration (including the internal administration of their business functions): (i) the entity (the developer ) for which the software is developed, modified or customised; (ii) an entity * connected with the developer; (iii) an * affiliate of the developer, or an entity of which the developer is an affiliate; (i) an activity that relates to any of the following, unless the activity is covered by subsection (3) (harm minimisation purpose): (i) a gambling service (within the meaning of the Interactive Gambling Act 2001 ); (ii) gambling; (iii) a gambling ‑ like practice; (j) an activity that relates to any of the following, unless the activity is covered by subsection (4) (harm minimisation purpose): (i) tobacco (see subsections (5) and (6)); (ii) a tobacco product (as defined in section 9 of the Public Health (Tobacco and Other Products) Act 2023 ); (iii) a tobacco product accessory (as defined in section 10 of the Public Health (Tobacco and Other Products) Act 2023 ); (iv) a vaping good (as defined in section 41P of the Therapeutic Goods Act 1989 ); (v) tobacco extract; (vi) goods where tobacco or tobacco extract is used or added during the manufacturing or processing of the goods (whether or not tobacco or tobacco extract remains in the goods); (vii) goods containing nicotine that are intended for use or consumption by humans , other than food in which the only nicotine is naturally occurring. Harm minimisation purpose (3) An activity is covered by this subsection if the activity is conducted solely for the purpose of generating new knowledge about minimising harm from gambling services (within the meaning of the Interactive Gambling Act 2001 ), gambling or gambling ‑ like practices, in relation to a person or the Australian community. (4) An activity is covered by this subsection if the activity is conducted solely for the purpose of: (a) generating new knowledge about the therapeutic use (within the meaning of the Therapeutic Goods Act 1989 ) of therapeutic goods (within the meaning of that Act) for minimising harm from a thing mentioned in any of subparagraphs (2)(j)(i) to (vii); or (b) generating new knowledge about ceasing the ingestion or transfer of nicotine into the human body. Things treated as tobacco (5) For the purposes of this section, treat as tobacco any thing (including moisture) added to the tobacco leaf during manufacturing or processing. (6) To avoid doubt, for the purposes of this section: (a) treat tobacco seed, tobacco plant (whether or not in the ground) and tobacco leaf as tobacco; and (b) treat cigars, cigarettes and snuff as tobacco.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 58 of 2026", "Amending_Acts": "No 93 of 2011 | No 58 of 2026", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 58 of 2026, effective sch 1, 4: 1 July 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-30", "Provision_Key": "s355-30", "Heading": "Supporting R&D activities", "Text": "(1) Supporting R&D activities are activities directly related to * core R&D activities. (2) However, if an activity: (a) is an activity referred to in subsection 355 ‑ 25(2); or (b) produces goods or services; or (c) is directly related to producing goods or services; the activity is a supporting R&D activity only if it is undertaken for the dominant purpose of supporting * core R&D activities. Gambling and tobacco related activities etc. (3) If an activity relates to a matter or thing referred to in any of subparagraphs 355 ‑ 25(2)(i)(i) to (iii) (which deal with gambling etc.): (a) subsection (2) does not apply to the activity; and (b) despite subsection (1), the activity is a supporting R&D activity only if it is covered by subsection 355 ‑ 25(3) (harm minimisation purpose). (4) If an activity relates to a thing referred to in any of subparagraphs 355 ‑ 25(2)(j)(i) to (vii) (which deal with tobacco and vaping goods etc.): (a) subsection (2) does not apply to the activity; and (b) despite subsection (1), the activity is a supporting R&D activity only if it is covered by subsection 355 ‑ 25(4) (harm minimisation purpose).", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 58 of 2026", "Amending_Acts": "No 93 of 2011 | No 58 of 2026", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 58 of 2026, effective sch 1, 4: 1 July 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-35", "Provision_Key": "s355-35", "Heading": "R&D entities", "Text": "(1) Each of the following is an R&D entity : (a) a body corporate incorporated under an * Australian law; (b) a body corporate incorporated under a * foreign law that is an Australian resident. Note: Each of the above paragraphs extends to a body corporate acting in its capacity as trustee of a public trading trust (see subsection 102T(9) of the Income Tax Assessment Act 1936 ). (2) A body corporate incorporated under a * foreign law that: (a) is a resident of a foreign country for the purposes of an agreement in force between that country and Australia that: (i) is a double tax agreement (as defined in Part X of the Income Tax Assessment Act 1936 ); and (ii) includes a definition of permanent establishment ; and (b) carries on business in Australia through a permanent establishment (within the meaning of that definition) of the body corporate in Australia; is an R&D entity to the extent that it carries on business through that permanent establishment. (3) However, an * exempt entity cannot be an R&D entity .", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-100", "Provision_Key": "s355-100", "Heading": "Entitlement to tax offset", "Text": "If notional deductions are between $20,000 and $150 million (1) An * R&D entity is entitled to a * tax offset for an income year equal to the percentage, set out in the table, of the total of the amounts (if any) that the entity can deduct for the income year under any or all of the following provisions: (a) section 355 ‑ 205 (R&D expenditure); (b) section 355 ‑ 305 (decline in value of R&D assets); (d) section 355 ‑ 480 (earlier year associate R&D expenditure); (e) section 355 ‑ 520 (decline in value of R&D partnership assets); (g) section 355 ‑ 580 (CRC contributions). Rate of R&D tax offset Item In this case: The percentage is: 1 the * R&D entity’s * aggregated turnover for the income year is less than $20 million (and item 2 of this table does not apply) the R&D entity’s * corporate tax rate for the income year, plus 18.5 percentage points 2 at any time during the income year an * exempt entity, or combination of exempt entities, would control the * R&D entity in a way described in section 328 ‑ 125 (connected entities) if: (a) references in section 328 ‑ 125 to 40% were references to 50%; and (b) subsection 328 ‑ 125(6) were ignored the R&D entity’s * corporate tax rate for the income year 3 any other case the R&D entity’s * corporate tax rate for the income year Note 1: The tax offset will be a refundable tax offset if item 1 of the table applies (see section 67 ‑ 30). Note 2: The tax offset is increased under subsection (1A) of this section if item 2 or 3 of the table applies. R&D premium (1A) If item 2 or 3 of the table in subsection (1) applies to the * R&D entity, the amount of the * tax offset for the income year is increased by the sum of the amounts (if any) worked out for each item of the following table for that entity: Tiered offset rates Item Work out the part of the total amount mentioned in subsection 355 ‑ 100(1) that: Multiply that part by this percentage: 1 exceeds nil but does not exceed 2% of the * R&D entity’s total expenses for the income year worked out under section 355 ‑ 115 8.5% 2 exceeds 2% of the * R&D entity’s total expenses for the income year worked out under section 355 ‑ 115 16.5% If notional deductions are less than $20,000 (2) However, if the total amount mentioned in subsection (1) is less than $20,000, the * R&D entity is instead entitled to a * tax offset for the income year, worked out in accordance with subsections (1) and (1A), as if that amount were instead the total of the following kinds of expenditure (if any): Expenditure not subject to $20,000 threshold Item Kind of expenditure 1 Expenditure: (a) that the * R&D entity can deduct under section 355 ‑ 205 (R&D expenditure) for the income year; and (b) that was incurred to a research service provider (within the meaning of the Industry Research and Development Act 1986 ) that is not an * associate of the R&D entity or of the relevant * R&D partnership (as appropriate); and (c) that was for the provider to provide services, within a research field for which the provider is registered under Division 4 of Part III of that Act, applicable to one or more of the * R&D activities to which the deduction relates 2 Expenditure that the * R&D entity can deduct under section 355 ‑ 580 (CRC contributions) for the income year If notional deductions exceed $150 million (3) Despite subsections (1) and (1A), if the total amount mentioned in subsection (1) exceeds $150 million, the * R&D entity is instead entitled to a * tax offset for the income year equal to the sum of: (a) the amount worked out in accordance with those subsections as if that amount were $150 million; and (b) the product of the excess and the R&D entity’s * corporate tax rate for the income year.", "Amendment_Count": 5, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 124 of 2013 | No 13 of 2015 | No 55 of 2016 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 13 of 2015, effective Sch 1 (items 1–6, 9): 5 Mar 2015 (s 2(1) item 2) Sch 1 (items 10–14, 17): repealed before commencing (s 2(1) item 3) | Amended by No 55 of 2016, effective Sch 3 (items 16–19): 1 July 2017 (s 2(1) item 4) Sch 4 (items 9–13): 1 Jan 2017 (s 2(1) item 5) Sch 22 and Sch 23 (items 2, 3, 22–24): 1 Oct 2016 (s 2(1) item 25) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-105", "Provision_Key": "s355-105", "Heading": "Deductions under this Division are notional only", "Text": "(1) An amount (the notional amount ) that an * R&D entity can deduct under this Division is disregarded except for the purposes of: (a) working out whether the R&D entity is entitled under section 355 ‑ 100 to a * tax offset; and (b) a provision (of this Act or any other Act) that refers to an entitlement of the R&D entity under section 355 ‑ 100 to a tax offset; and (c) a provision (of this Act or any other Act) that: (i) prevents some or all of the notional amount from being deducted; or (ii) changes the income year for which some or all of the notional amount can be deducted; and Note: Examples are Divisions 26 and 27 of this Act, Subdivision H of Division 3 of Part III of the Income Tax Assessment Act 1936 and Part IVA of that Act. (d) a provision (of this Act or any other Act) that includes an amount in assessable income wholly or partly because of the notional amount; and Note: An example is Subdivision 20 ‑ A, which may include in assessable income a recoupment of a loss or outgoing if the entity can deduct an amount for the loss or outgoing. (e) a provision (of this Act or any other Act) that excludes expenditure from: (i) the * cost base or * reduced cost base of a * CGT asset; or (ii) an element of that cost base or reduced cost base. Note: An example is section 110 ‑ 45, which may exclude deductible expenditure from elements of the cost base of an asset. (2) Subsection (1) does not apply to amounts that the * R&D entity can deduct under the following: (a) subsection 355 ‑ 315(2); (b) subsection 355 ‑ 475(1); (c) subsection 355 ‑ 525(2).", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-110", "Provision_Key": "s355-110", "Heading": "Notional deductions include prepaid expenditure", "Text": "For the purposes of this Division, if: (a) apart from Subdivision H (prepaid expenditure) of Division 3 of Part III of the Income Tax Assessment Act 1936 , an * R&D entity can deduct an amount under section 355 ‑ 205 or 355 ‑ 480 for an income year (the present year ) or an earlier income year; and (b) that Subdivision applies to the calculation of that amount; and (c) the entity can deduct an amount, as a result of that application of that Subdivision, for the present year; the entity is taken to be able to deduct under section 355 ‑ 205 or 355 ‑ 480 (as appropriate) the amount referred to in paragraph (c) for the present year. Note: Section 355 ‑ 205 is about deductions for R&D expenditure. Section 355 ‑ 480 is about deductions for earlier year associate R&D expenditure.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-115", "Provision_Key": "s355-115", "Heading": "Working out an R&D entity’s total expenses", "Text": "(1) For the purposes of subsection 355 ‑ 100(1A), an * R&D entity’s total expenses for an income year is the sum of the amounts covered by subsection (2). (2) The following amounts are covered by this subsection: (a) the * R&D entity’s total expenses for the income year worked out in accordance with: (i) the * accounting principles; or (ii) if accounting principles do not apply in relation to the R&D entity—commercially accepted principles relating to accounting; (b) any amount the R&D entity can deduct for the income year as mentioned in subsection 355 ‑ 100(1), to the extent the amount is not covered by paragraph (a) for the income year. Amounts counted once only (3) For the purposes of subsection (2): (a) disregard an amount to which paragraph (2)(a) otherwise applies if paragraph (2)(b) has previously applied in relation to the amount; and (b) disregard an amount to which paragraph (2)(b) otherwise applies if paragraph (2)(a) has previously applied in relation to the amount.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-200", "Provision_Key": "s355-200", "Heading": "What this Subdivision is about", "Text": "An R&D entity can notionally deduct its expenditure on registered R&D activities for which certain conditions are met. There are special conditions for R&D activities conducted for foreign residents.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-205", "Provision_Key": "s355-205", "Heading": "When notional deductions for R&D expenditure arise", "Text": "(1) An * R&D entity can deduct for an income year (the present year ) expenditure it incurs during that year to the extent that the expenditure: (a) is incurred on one or more * R&D activities: (i) for which the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for an income year; and (ii) that are activities to which section 355 ‑ 210 (conditions for R&D activities) applies; and (b) if the expenditure is incurred to the R&D entity’s * associate—is paid to that associate during the present year. Note 1: If the matters in subparagraphs (a)(i) and (ii) are not satisfied until a later income year, the R&D entity will need to wait until then before it can deduct the expenditure for the present year. Note 2: The R&D activities will need to be conducted during the income year the R&D entity is registered for those activities (see sections 27A and 27J of the Industry Research and Development Act 1986 ). Note 3: The entity may also be able to deduct expenditure incurred to an associate in an earlier income year (see section 355 ‑ 480). Note 4: Expenditure incurred in income years starting on or after 1 July 2011 may be deductible for activities registered for income years starting before 1 July 2011 (see section 355 ‑ 200 of the Income Tax (Transitional Provisions) Act 1997 ). (2) This section has effect subject to section 355 ‑ 225 (excluded expenditure), Subdivision 355 ‑ F (integrity rules) and subsection 355 ‑ 580(3) (CRC contributions).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-210", "Provision_Key": "s355-210", "Heading": "Conditions for R&D activities", "Text": "(1) An * R&D activity covered by one or more of the following paragraphs is an activity to which this section applies: (a) the R&D activity is conducted for the * R&D entity solely within Australia; (b) if the R&D entity is a body corporate carrying on business through a permanent establishment (as described in subsection 355 ‑ 35(2))—the R&D activity is conducted: (i) for the body corporate; but (ii) not for the purposes of that permanent establishment; and the conditions in section 355 ‑ 215 (activities conducted for a body corporate by its permanent establishment) are met for the R&D activity; (c) the R&D activity is conducted for one or more foreign residents who are each: (i) incorporated under a * foreign law; and (ii) a resident of a foreign country for the purposes of an agreement of a kind described in subsection 355 ‑ 35(2); and the conditions in section 355 ‑ 220 (activities conducted for a foreign entity) are met for the R&D activity; (d) the R&D activity is: (i) conducted for the R&D entity solely outside Australia; and (ii) covered by a finding in force under paragraph 28C(1)(a) of the Industry Research and Development Act 1986 ; (e) the R&D activity consists of several parts, with: (i) some parts being conducted for the R&D entity solely within Australia; and (ii) the other parts being conducted for the R&D entity outside Australia while covered by a finding in force under paragraph 28C(1)(a) of the Industry Research and Development Act 1986 . Note: An activity can be covered by a finding under paragraph 28C(1)(a) of the Industry Research and Development Act 1986 if the activity cannot be conducted in Australia. (2) However, an * R&D activity is not an activity to which this section applies if the activity is conducted, to a significant extent, for one or more other entities not covered by any paragraph of subsection (1). Note: An entity would not be covered by, for example, paragraph (1)(c) if the conditions in section 355 ‑ 220 were not met for the R&D activity in relation to that entity.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 93 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-215", "Provision_Key": "s355-215", "Heading": "R&D activities conducted by a permanent establishment for other parts of the body corporate", "Text": "For the purposes of paragraph 355 ‑ 210(1)(b), the conditions for an * R&D activity are as follows: (a) the R&D activity is conducted solely within Australia; (b) if the R&D activity is a * supporting R&D activity, each corresponding * core R&D activity must be: (i) an activity conducted, or to be conducted, solely within Australia; and (ii) an activity for which the * R&D entity is or has been registered under section 27A of the Industry Research and Development Act 1986 , or could be registered for an income year if that core R&D activity were conducted during the income year; (c) there is written evidence that the R&D activity is conducted for the body corporate but not for the purposes of that permanent establishment. Note: The body corporate is the R&D entity to the extent that it carries on business through that permanent establishment (see subsection 355 ‑ 35(2)).", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 93 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-220", "Provision_Key": "s355-220", "Heading": "R&D activities conducted for a foreign entity", "Text": "(1) For the purposes of paragraph 355 ‑ 210(1)(c), the conditions for an * R&D activity conducted for one or more foreign residents are as follows: (a) the R&D activity is conducted solely within Australia; (b) if the R&D activity is a * supporting R&D activity, each corresponding * core R&D activity must be: (i) an activity conducted, or to be conducted, solely within Australia; and (ii) an activity for which the * R&D entity is or has been registered under section 27A of the Industry Research and Development Act 1986 , or could be registered for an income year if that core R&D activity were conducted during the income year; (c) when the R&D activity is conducted: (i) each foreign resident is * connected with the R&D entity; or (ii) for each foreign resident—either the foreign resident is an * affiliate of the R&D entity or the R&D entity is an affiliate of the foreign resident; (d) the R&D activity is conducted: (i) in accordance with a written agreement binding on only the R&D entity and each foreign resident; and (ii) either directly by the R&D entity, or indirectly by another entity under an agreement binding on the R&D entity; (e) the R&D activity is not conducted in connection with an agreement covered by subsection (2). Note: An example of conducting an R&D activity indirectly under a contract is conducting the R&D activity under a subcontract, or one of a chain of subcontracts, under the contract. (2) An agreement is covered by this subsection if: (a) the agreement is binding on the R&D entity (the first entity ) and an R&D entity that: (i) is * connected with the first entity; or (ii) has the first entity as an * affiliate, or is an affiliate of the first entity; while the * R&D activity is conducted; and (b) the R&D activity is to be conducted under the agreement by the first entity or by an entity: (i) who is not bound by the agreement; and (ii) who is to conduct the R&D activity directly or indirectly under another agreement to which the first entity is, or will become, bound. Note: One effect of this subsection is that, even if the R&D entity has an agreement with the foreign resident for conducting the R&D activity, the R&D entity cannot deduct expenditure incurred: (a) for conducting the R&D activity as a subcontractor under a subcontract with an affiliated R&D entity; or (b) if the R&D entity is a subcontractor to an affiliated R&D entity—for further subcontracting the conducting of the R&D activity.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 93 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-225", "Provision_Key": "s355-225", "Heading": "Expenditure that cannot be notionally deducted", "Text": "Expenditure on buildings, certain assets and interest (1) Sections 355 ‑ 205 (deductions for R&D expenditure) and 355 ‑ 480 (deductions for earlier year associate R&D expenditure) do not apply to the following expenditure: (a) expenditure incurred to acquire or construct: (i) a building or a part of a building; or (ii) an extension, alteration or improvement to a building; (b) expenditure included in the * cost of a tangible * depreciating asset for the purposes of Division 40 (as that Division applies as described in section 355 ‑ 310 or otherwise); (c) expenditure incurred for interest (within the meaning of Division 11A of Part III of the Income Tax Assessment Act 1936 ) payable to an entity. Note 1: Expenditure covered by paragraph (a) may be deductible under Division 43 (capital works). Note 2: The decline in value of an asset covered by paragraph (b) may be notionally deductible under section 355 ‑ 305. Note 3: Expenditure covered by paragraph (c) may be deductible under section 8 ‑ 1. Expenditure on core technology (2) Sections 355 ‑ 205 (deductions for R&D expenditure) and 355 ‑ 480 (deductions for earlier year associate R&D expenditure) do not apply to expenditure incurred in acquiring, or in acquiring the right to use, technology wholly or partly for the purposes of one or more * R&D activities if: (a) a purpose of the R&D activities was or is: (i) to obtain new knowledge based on that technology; or (ii) to create new or improved materials, products, devices, processes, techniques or services to be based on that technology; or (b) the R&D activities were or are an extension, continuation, development or completion of the activities that produced that technology.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-300", "Provision_Key": "s355-300", "Heading": "What this Subdivision is about", "Text": "An R&D entity can notionally deduct the decline in value of a tangible depreciating asset used for R&D activities. If a balancing adjustment event later happens for the asset, the R&D entity may be able to actually deduct a further amount. Alternatively, an amount may be included in the R&D entity’s assessable income.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-305", "Provision_Key": "s355-305", "Heading": "When notional deductions for decline in value arise", "Text": "(1) If: (a) an * R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for an income year (the present year ) for one or more * R&D activities that are activities to which section 355 ‑ 210 (conditions for R&D activities) applies; and (b) while a tangible * depreciating asset is * held by the R&D entity during the present year, the asset is used for the purpose of conducting one or more of those R&D activities; and (c) the R&D entity could deduct an amount under section 40 ‑ 25 for the asset for the present year if Division 40 applied with the changes described in section 355 ‑ 310; and (d) the R&D entity cannot deduct an amount for the asset for: (i) an earlier income year under Subdivision 328 ‑ D (capital allowances for small business entities); or (ii) an earlier income year under Division 40 (as that Division applies apart from this Division), in a case where section 40 ‑ 440 (low ‑ value pools) applied; the R&D entity can deduct the amount referred to in paragraph (c) for the present year. (2) This section has effect subject to subsection 355 ‑ 580(4) (CRC contributions).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-310", "Provision_Key": "s355-310", "Heading": "Notional application of Division 40", "Text": "(1) In addition to its application apart from this section, Division 40 also applies with the changes set out in this section for the purposes of: (a) paragraph 355 ‑ 225(1)(b) (excluded expenditure); and (b) paragraph 355 ‑ 305(1)(c); and (c) section 355 ‑ 315 (balancing adjustments). (2) Firstly, substitute the following for references to a * taxable purpose in Subdivisions 40 ‑ A to 40 ‑ D (other than for the purposes of sections 40 ‑ 100, 40 ‑ 105 and 40 ‑ 110): Replacing references to a taxable purpose Item If this application of Division 40 is for the purposes of: Substitute a reference to: 1 paragraph 355 ‑ 225(1)(b) or 355 ‑ 305(1)(c) the purpose of conducting one or more of the * R&D activities covered by paragraph 355 ‑ 305(1)(b) 2 section 355 ‑ 315 the purpose of conducting one or more of the * R&D activities to which the R&D deductions (within the meaning of that section) relate Note: Sections 40 ‑ 100, 40 ‑ 105 and 40 ‑ 110 are about working out an asset’s effective life. Those sections already refer to the use of the asset for R&D activities. (3) Secondly, assume that Division 40 does not apply to a building, nor to an extension, alteration or improvement to a building, (the building works ) for which the * R&D entity: (a) can deduct amounts under Division 43 (capital works); or (b) could deduct amounts under Division 43: (i) apart from expenditure being incurred, or the building works being started, before a particular day; or (ii) had the R&D entity used the building works for a purpose relevant to those building works under section 43 ‑ 140 (using an area in a deductible way). (4) Finally, assume that the following provisions had not been enacted: (a) subsection 40 ‑ 25(7) (meaning of taxable purpose); (b) subsection 40 ‑ 45(2) (assets to which Division 40 does not apply); (c) section 40 ‑ 425 (low ‑ value pools); (d) Subdivision 328 ‑ D (capital allowances for small business entities). Note: Subsection (3) and paragraph (4)(b) mean that deductions under section 355 ‑ 305 may be available for capital works other than building works.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-315", "Provision_Key": "s355-315", "Heading": "Balancing adjustments—assets only used for R&D activities", "Text": "(1) This section applies to an * R&D entity if: (a) a * balancing adjustment event happens in an income year (the event year ) for an asset * held by the R&D entity; and (b) the R&D entity cannot deduct an amount under section 40 ‑ 25, as that section applies apart from: (i) this Division; and (ii) former section 73BC of the Income Tax Assessment Act 1936 ; for the asset for an income year; and (c) the R&D entity is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions (the R&D deductions ) under section 355 ‑ 305 for the asset; and (d) the entity is registered under section 27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the event year; and (e) if Division 40 applied with the changes described in section 355 ‑ 310: (i) the entity could deduct for the event year an amount under subsection 40 ‑ 285(2) for the asset and the balancing adjustment event; or (ii) an amount would be included in the entity’s assessable income for the event year under subsection 40 ‑ 285(1) for the asset and the balancing adjustment event. Note 1: This section applies in a modified way if the entity also has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355 ‑ 320 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: Section 40 ‑ 292 applies if the entity can deduct an amount under section 40 ‑ 25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 . (2) If the * R&D entity could deduct for the event year an amount under subsection 40 ‑ 285(2) for the asset and the event if Division 40 applied as described in paragraph (1)(e), the R&D entity can deduct that amount for the event year. Note 1: A deduction under this subsection is not a notional deduction (see subsection 355 ‑ 105(2)). Note 2: A deduction under this subsection results in a catch up amount for the R&D entity (see section 355 ‑ 465). (3) If an amount would be included in the * R&D entity’s assessable income for the event year under subsection 40 ‑ 285(1) for the asset and the event if Division 40 applied as described in paragraph (1)(e), that amount is included in the R&D entity’s assessable income for the event year. Note: Some or all of the amount included in the R&D entity’s assessable income may result in a clawback amount for the R&D entity (see section 355 ‑ 446).", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-400", "Provision_Key": "s355-400", "Heading": "Expenditure incurred while not at arm’s length", "Text": "If: (a) an * R&D entity incurs expenditure to another entity on all or part of an * R&D activity; and (b) either: (i) when the R&D entity incurs the expenditure, the R&D entity and the other entity do not deal with each other at * arm’s length; or (ii) the other entity is the R&D entity’s * associate; and (c) the expenditure exceeds the * market value of the relevant R&D activity or part (as appropriate); for the purposes of this Division, the R&D entity is treated as if the amount of expenditure it incurred on the relevant R&D activity or part (as appropriate) were equal to that market value. Note: For the purposes of a deduction under section 355 ‑ 305 or 355 ‑ 520 for an asset’s decline in value, the arm’s length rules in Division 40 apply as part of the notional application of that Division under that section.", "Amendment_Count": 3, "First_Amended": "No 93 of 2011", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 93 of 2011 | No 101 of 2013 | No 110 of 2014", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-405", "Provision_Key": "s355-405", "Heading": "Expenditure not at risk", "Text": "(1) An * R&D entity cannot deduct expenditure under section 355 ‑ 205 or 355 ‑ 480 if: (a) when it incurs the expenditure, the R&D entity or its * associate had received, or could reasonably be expected to receive, consideration: (i) as a direct or indirect result of the expenditure being incurred; and (ii) regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is equal to or greater than the expenditure. Note: Section 355 ‑ 205 is about deductions for R&D expenditure. Section 355 ‑ 480 is about deductions for earlier year associate R&D expenditure. (2) If: (a) when an * R&D entity incurs expenditure, the R&D entity or its * associate had received, or could reasonably be expected to receive, consideration: (i) as a direct or indirect result of the expenditure being incurred; and (ii) regardless of the results of the activities on which the expenditure is incurred; and (b) that consideration is less than the expenditure; the R&D entity cannot deduct under section 355 ‑ 205 or 355 ‑ 480 so much of the expenditure as is equal to the consideration. (3) For the purposes of paragraphs (1)(a) and (2)(a), have regard to: (a) anything that happened or existed before or at the time the expenditure is incurred; and (b) anything that is likely to happen or exist after that time. (4) This section does not apply to expenditure incurred on * R&D activities covered by paragraph 355 ‑ 210(1)(b) or (c). Note: Those paragraphs cover R&D activities conducted for foreign residents.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-410", "Provision_Key": "s355-410", "Heading": "Disposal of R&D results", "Text": "(1) This section applies to an * R&D entity if: (a) the R&D entity is entitled under section 355 ‑ 100 to a * tax offset because it can: (i) deduct under section 355 ‑ 205 or 355 ‑ 480 expenditure incurred on * R&D activities; or (ii) deduct under section 355 ‑ 305 or 355 ‑ 520 an amount for an asset (the R&D asset ) used for the purpose of conducting one or more R&D activities; and (b) the R&D entity receives or becomes entitled to receive one or more of the following amounts (the results amounts ) in an income year (the results year ): (i) an amount for the results of any of the R&D activities; (ii) an amount from granting access to, or the right to use, any of those results; (iii) an amount attributable to the R&D entity having incurred the expenditure, including an amount it is entitled to receive regardless of the results of the R&D activities; (iv) an amount attributable to the R&D asset being used for the purpose mentioned in subparagraph (a)(ii), including an amount the R&D entity is entitled to receive regardless of the results of the R&D activities; (v) an amount from * disposing of a * CGT asset, or from granting a right to occupy or use a CGT asset, where the disposal or grant resulted in another person acquiring a right to access or use any of those results. Note: This section also applies with changes to the partners of an R&D partnership (see section 355 ‑ 535). (2) For each results amount, the following amount is included in the * R&D entity’s assessable income for the results year: (a) if the results amount is only a results amount because of subparagraph (1)(b)(v), and the asset referred to in that subparagraph is a * depreciating asset—an amount equal to the extent (if any) that the results amount exceeds the asset’s * cost just before the disposal or grant; (b) if the results amount is only a results amount because of subparagraph (1)(b)(v), and the asset referred to in that subparagraph is not a depreciating asset—an amount equal to the extent (if any) that the results amount exceeds the asset’s * cost base just before the disposal or grant; (c) otherwise—the results amount. (3) For the purposes of paragraph (2)(a), assume that subsection 40 ‑ 45(2) did not, except in the case of buildings and extensions, alterations and improvements to buildings, prevent Division 40 from applying to certain capital works.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-415", "Provision_Key": "s355-415", "Heading": "Reducing deductions to reflect mark ‑ ups within groups", "Text": "(1) This section applies to an * R&D entity if: (a) the R&D entity can deduct an amount under section 355 ‑ 205 or 355 ‑ 480 for an income year for one or more * R&D activities; and (b) one or more other entities (the grouped entities ) incurred expenditure during the income year, or an earlier income year, on one or more of those * R&D activities; and (c) when each grouped entity incurred the expenditure: (i) the grouped entity was * connected with the R&D entity; or (ii) the grouped entity was an * affiliate of the R&D entity or the R&D entity was an affiliate of the grouped entity. Note: Section 355 ‑ 205 is about deductions for R&D expenditure. Section 355 ‑ 480 is about deductions for earlier year associate R&D expenditure. Reducing deductions by group mark ‑ ups (2) The amount the * R&D entity can deduct, apart from this section, under section 355 ‑ 205 or 355 ‑ 480 for the income year is reduced by the amount (the reduction amount ) worked out as follows: Method statement Step 1. For each grouped entity, work out the sum of the amounts derived during the income year, or an earlier income year, by the grouped entity for goods or services relating to one or more of the * R&D activities while: (a) the grouped entity was * connected with the * R&D entity; or (b) the grouped entity was an * affiliate of the R&D entity or the R&D entity was an affiliate of the grouped entity. Step 2. From the sum of those amounts, subtract the actual cost to each grouped entity of providing the goods or services that correspond to those amounts. If R&D entity has deductions for both R&D expenditure and earlier year associate R&D expenditure (3) However, if the * R&D entity can deduct amounts under both sections 355 ‑ 205 and 355 ‑ 480 for the income year, those amounts are reduced as follows: (a) apply the reduction amount to reduce the amount otherwise deductible under section 355 ‑ 205 (but not below zero); and (b) then apply any remainder of the reduction amount to reduce the amount otherwise deductible under section 355 ‑ 480 (but not below zero). Disregard mark ‑ ups already taken into account (4) For the purposes of step 1 of the method statement in subsection (2), disregard any of the amounts from that step that have already been taken into account under this section for the * R&D entity and the * R&D activities for an earlier income year.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-430", "Provision_Key": "s355-430", "Heading": "What this Subdivision is about", "Text": "An amount is included in an R&D entity’s assessable income if: (a) the R&D entity receives a recoupment from government of expenditure on R&D activities for which it has obtained tax offsets under this Division; or (b) the R&D entity can deduct under this Division expenditure on goods, materials or energy used during R&D activities to produce marketable products or products applied to the R&D entity’s own use; or (c) a balancing adjustment event happens for an asset held by the R&D entity (or an R&D partnership in which the R&D entity is a partner) for which tax offsets have been obtained under this Division and for which an amount is otherwise included in the R&D entity’s (or R&D partnership’s) assessable income. Table of sections Operative provisions 355 ‑ 435 When this Subdivision applies 355 ‑ 440 R&D recoupments 355 ‑ 445 Feedstock adjustments 355 ‑ 446 Balancing adjustments for assets only used for R&D activities 355 ‑ 447 Balancing adjustments for assets partially used for R&D activities 355 ‑ 448 Balancing adjustments for R&D partnership assets only used for R&D activities 355 ‑ 449 Balancing adjustments for R&D partnership assets partially used for R&D activities 355 ‑ 450 Amount to be included in assessable income", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-435", "Provision_Key": "s355-435", "Heading": "When this Subdivision applies", "Text": "This Subdivision applies to an * R&D entity for an income year (the present year ) if: (a) the R&D entity has an amount (a clawback amount ) under section 355 ‑ 440, 355 ‑ 445, 355 ‑ 446, 355 ‑ 447, 355 ‑ 448 or 355 ‑ 449 for the present year; and (b) the R&D entity has received, or is entitled to receive, a * tax offset under section 355 ‑ 100 for one or more income years (each an offset year ) in relation to that clawback amount.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-440", "Provision_Key": "s355-440", "Heading": "R&D recoupments", "Text": "(1) The * R&D entity has an amount under this section if: (a) the entity, or another entity mentioned in subsection (5), receives or becomes entitled to receive a * recoupment from either of the following (otherwise than under the * CRC program): (i) an * Australian government agency; (ii) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936 ); and (b) the recoupment is received, or the entitlement to receive the recoupment arises, during the present year; and (c) either: (i) the recoupment is of expenditure incurred on or in relation to certain activities; or (ii) the recoupment requires expenditure (the project expenditure ) to have been incurred, or to be incurred, on certain activities. Note: Paragraph (c) includes expenditure incurred in purchasing a tangible depreciating asset to be used when conducting R&D activities. (2) The amount is equal to the sum of: (a) so much of the expenditure referred to in subsection (1) that is deducted under this Division; and (b) for each asset (if any) for which expenditure referred to in subsection (1) is included in the asset’s * cost—each amount (if any) equal to the asset’s decline in value that is deducted under this Division; that is taken into account in working out * tax offsets under section 355 ‑ 100 obtained by the * R&D entity for one or more income years. Note: Paragraphs (a) and (b) of this subsection refer to amounts notionally deducted under this Division (see section 355 ‑ 105). Amount is reduced by any repayments of the recoupment (3) For the purposes of subsection (2), reduce the expenditure referred to in subparagraph (1)(c)(i) by any repayments of the * recoupment during an income year. Cap on extra income tax if recoupment relates to a project (4) Despite subsection (2), if the * recoupment is covered by subparagraph (1)(c)(ii), the amount mentioned in subsection (2) for the present year cannot exceed the amount worked out using the following formula: where: net amount of the recoupment means the total amount of the * recoupment, less any repayments of the recoupment during an income year. R&D expenditure means the amount mentioned in subsection (2), disregarding subsection (3). Related entities (5) The other entities for the purposes of paragraph (1)(a) are as follows: (a) an entity * connected with the * R&D entity; (b) an * affiliate of the R&D entity or an entity of which the R&D entity is an affiliate.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-445", "Provision_Key": "s355-445", "Heading": "Feedstock adjustments", "Text": "(1) The * R&D entity has an amount under this section if: (a) it incurs expenditure in one or more income years in acquiring or producing goods, or materials, (the feedstock inputs ) transformed or processed during * R&D activities in producing one or more tangible products (the feedstock outputs ); and (b) it obtains under section 355 ‑ 100 * tax offsets for one or more income years (each an offset year ) for deductions under this Division: (i) for the expenditure; or (ii) for expenditure it incurs on any energy input directly into the transformation or processing; or (iii) for the decline in value of assets used in acquiring or producing the feedstock inputs; and (c) during the present year, a feedstock output, or a transformed feedstock output, (the marketable product ), is: (i) * supplied by the R&D entity to another entity; or (ii) applied by the R&D entity to the R&D entity’s own use, other than use for the purpose of transforming that product for supply. (2) The amount is equal to the lesser of: (a) the * feedstock revenue for the feedstock output; and (b) so much of the total of the amounts deducted as described in paragraph (1)(b) as is reasonably attributable to the production of the feedstock output. (3) Subsection (2) does not apply to the feedstock output if: (a) it becomes, or is transformed into, a feedstock input; or (b) that subsection already applies to the feedstock output because of the application of paragraph (1)(c) to: (i) an earlier time during the present year; or (ii) an earlier income year. (4) The feedstock revenue , for the feedstock output, is worked out using the following formula: where: market value of the marketable product means the marketable product’s * market value at the time it is: (a) * supplied by the * R&D entity to the other entity; or (b) first applied by the R&D entity to the R&D entity’s own use, other than use for the purpose of transforming that product for supply. (5) This section applies to a * supply or use of the marketable product by: (a) an entity * connected with the * R&D entity; or (b) an * affiliate of the R&D entity or an entity of which the R&D entity is an affiliate; as if it were by the R&D entity.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-445"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-446", "Provision_Key": "s355-446", "Heading": "Balancing adjustments for assets only used for R&D activities", "Text": "(1) The * R&D entity has an amount under this section if: (a) a * balancing adjustment event happens in the present year for an asset * held by the R&D entity; and (b) the R&D entity cannot deduct, for the asset for an income year, an amount under section 40 ‑ 25 as that section applies apart from: (i) this Division; and (ii) former section 73BC of the Income Tax Assessment Act 1936 ; and (c) the R&D entity is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions under section 355 ‑ 305 for the asset; and (d) the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the present year; and (e) an amount (the section 40 ‑ 285 amount ) is included in the R&D entity’s assessable income for the present year under subsection 355 ‑ 315(3) for the asset and the balancing adjustment event. Note 1: This section applies in a modified way if the entity also has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355 ‑ 320 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: Section 40 ‑ 292 applies if the entity can deduct an amount under section 40 ‑ 25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 . (2) The amount is so much of an amount equal to the section 40 ‑ 285 amount as does not exceed the difference between: (a) the asset’s * cost; and (b) the asset’s * adjustable value, worked out under Division 40 as if that Division applied with the changes described in section 355 ‑ 310.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-446"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-447", "Provision_Key": "s355-447", "Heading": "Balancing adjustments for assets partially used for R&D activities", "Text": "(1) The * R&D entity has an amount under this section if: (a) a * balancing adjustment event happens in the present year for an asset * held by the R&D entity and for which: (i) the R&D entity can deduct, for an income year, an amount under section 40 ‑ 25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or (ii) the R&D entity could have deducted, for an income year, an amount as described in subparagraph (i) if the R&D entity had used the asset; and (b) the R&D entity is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions (the R&D deductions ) under section 355 ‑ 305 for the asset; and (c) an amount (the section 40 ‑ 285 amount ) is included in the R&D entity’s assessable income for the asset under section 40 ‑ 285 (after applying subsection 40 ‑ 292(2)) for the present year . Note: This section applies in a modified way if you have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40 ‑ 292 of the Income Tax (Transitional Provisions) Act 1997 ). (2) The amount is worked out as follows: where: adjusted section 40 ‑ 285 amount means so much of an amount equal to the section 40 ‑ 285 amount as does not exceed the total decline in value. total decline in value means the * cost of the asset less its * adjustable value.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-447"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-448", "Provision_Key": "s355-448", "Heading": "Balancing adjustments for R&D partnership assets only used for R&D activities", "Text": "(1) The * R&D entity (the partner ) has an amount under this section if: (a) the partner is a partner in an * R&D partnership; and (b) a * balancing adjustment event happens in the present year for an asset * held by the R&D partnership; and (c) the R&D partnership cannot deduct, for the asset for an income year, an amount under section 40 ‑ 25, as that section applies apart from: (i) this Division; and (ii) former section 73BC of the Income Tax Assessment Act 1936 ; and (d) the partner is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions under section 355 ‑ 520 for the asset; and (e) the partner is registered under section 27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the present year; and (f) an amount (the section 40 ‑ 285 amount ) would, as mentioned in subsection 355 ‑ 525(3), be included in the R&D partnership’s assessable income for the present year for the asset and the balancing adjustment event. Note 1: This section applies in a modified way if the partner has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355 ‑ 325 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: Section 40 ‑ 293 applies if the R&D partnership can deduct an amount under section 40 ‑ 25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 . (2) The amount is the partner’s proportion of the amount that is so much of an amount equal to the section 40 ‑ 285 amount as does not exceed the difference between: (a) the asset’s * cost; and (b) the asset’s * adjustable value, worked out under Division 40 as if that Division applied with the changes described in section 355 ‑ 310.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-448"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-449", "Provision_Key": "s355-449", "Heading": "Balancing adjustments for R&D partnership assets partially used for R&D activities", "Text": "(1) The * R&D entity (the partner ) has an amount under this section if: (a) the partner is a partner in an * R&D partnership; and (b) a * balancing adjustment event happens in the present year for a * depreciating asset * held by the R&D partnership and for which: (i) the R&D partnership can deduct, for an income year, an amount under section 40 ‑ 25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or (ii) the R&D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and (c) one or more partners (including the partner) in the R&D partnership are entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions under section 355 ‑ 520 for the asset; and (d) an amount (the section 40 ‑ 285 amount ) is included in the R&D partnership’s assessable income for the asset under section 40 ‑ 285 (after applying subsection 40 ‑ 293(2)) for the present year. (2) The amount is the partner’s proportion of the amount worked out as follows: where: adjusted section 40 ‑ 285 amount means so much of an amount equal to the section 40 ‑ 285 amount as does not exceed the total decline in value. total decline in value means the * cost of the asset less its * adjustable value. total R&D deductions means the sum of each partner’s deductions mentioned in paragraph (1)(c) of this section.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-449"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-450", "Provision_Key": "s355-450", "Heading": "Amount to be included in assessable income", "Text": "(1) The * R&D entity must include, in the entity’s assessable income for the present year, the sum of the following amounts for each offset year relating to the clawback amount: where: adjusted offset means the * tax offset the R&D entity would have received under section 355 ‑ 100 for the offset year if the total amount mentioned in subsection 355 ‑ 100(1) for that tax offset were reduced by the portion of the clawback amount that is attributable to the offset year. deduction amount means the portion of the clawback amount that is attributable to the offset year, multiplied by the R&D entity’s * corporate tax rate for the offset year. starting offset means the amount of the * tax offset the R&D entity has received, or is entitled to receive, under section 355 ‑ 100 for the offset year. (2) However, if this section, or section 355 ‑ 475, has previously applied (whether in the present year or an earlier income year) in relation to another clawback amount, or catch up amount, the * R&D entity has that relates to the offset year, subsection (1) of this section applies as if: (a) the starting offset were the * tax offset the R&D entity would have received under section 355 ‑ 100 for the offset year if the total amount mentioned in subsection 355 ‑ 100(1) were: (i) decreased by the sum of the portions of any such other clawback amounts that are attributable to the offset year; and (ii) increased by the sum of the portions of any such other catch up amounts that are attributable to the offset year; and (b) the reference to the “total amount” in the definition of adjusted offset were a reference to that amount as so adjusted.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-455", "Provision_Key": "s355-455", "Heading": "What this Subdivision is about", "Text": "An R&D entity can deduct an amount under this Subdivision if: (a) a balancing adjustment event happens for an asset held by the R&D entity (or an R&D partnership in which the R&D entity is a partner); and (b) tax offsets have been obtained under this Division for deductions for the asset; and (c) the R&D entity (or the R&D partnership) can otherwise deduct an amount for the asset and the balancing adjustment event. Table of sections Operative provisions 355 ‑ 460 When this Subdivision applies 355 ‑ 465 Assets only used for R&D activities 355 ‑ 466 Assets partially used for R&D activities 355 ‑ 467 R&D partnership assets only used for R&D activities 355 ‑ 468 R&D partnership assets partially used for R&D activities 355 ‑ 475 Amount that can be deducted", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-460", "Provision_Key": "s355-460", "Heading": "When this Subdivision applies", "Text": "This Subdivision applies to an * R&D entity for an income year (the present year ) if: (a) the R&D entity has an amount (a catch up amount ) under section 355 ‑ 465, 355 ‑ 466, 355 ‑ 467 or 355 ‑ 468 for an asset for the present year; and (b) the R&D entity has received, or is entitled to receive, a * tax offset under section 355 ‑ 100 for one or more income years (each an offset year ) in relation to the asset.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-465", "Provision_Key": "s355-465", "Heading": "Assets only used for R&D activities", "Text": "(1) The * R&D entity has an amount under this section if: (a) a * balancing adjustment event happens in the present year for an asset * held by the R&D entity; and (b) the R&D entity cannot deduct, for the asset for an income year, an amount under section 40 ‑ 25 as that section applies apart from: (i) this Division; and (ii) former section 73BC of the Income Tax Assessment Act 1936 ; and (c) the R&D entity is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions under section 355 ‑ 305 for the asset; and (d) the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the present year; and (e) the R&D entity can deduct, for the present year, an amount under subsection 355 ‑ 315(2) for the asset and the balancing adjustment event. Note 1: This section applies in a modified way if the entity also has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355 ‑ 320 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: Section 40 ‑ 292 applies if the entity can deduct an amount under section 40 ‑ 25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 . (2) The amount is an amount equal to the amount mentioned in paragraph (1)(e).", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-466", "Provision_Key": "s355-466", "Heading": "Assets partially used for R&D activities", "Text": "(1) The * R&D entity has an amount under this section if: (a) a * balancing adjustment event happens in the present year for an asset * held by the R&D entity for which: (i) the R&D entity can deduct, for an income year, an amount under section 40 ‑ 25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or (ii) the R&D entity could have deducted, for an income year, an amount as described in subparagraph (i) if the R&D entity had used the asset; and (b) the R&D entity is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions (the R&D deductions ) under section 355 ‑ 305 for the asset; and (c) the R&D entity can deduct an amount (the section 40 ‑ 285 amount ) for the asset under section 40 ‑ 285 (after applying subsection 40 ‑ 292(2)) for the present year. Note: This section applies in a modified way if you have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40 ‑ 292 of the Income Tax (Transitional Provisions) Act 1997 ). (2) The amount is worked out as follows: where: total decline in value means the * cost of the asset less its * adjustable value.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-466"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-467", "Provision_Key": "s355-467", "Heading": "R&D partnership assets only used for R&D activities", "Text": "(1) The * R&D entity (the partner ) has an amount under this section if: (a) the partner is a partner in an * R&D partnership; and (b) a * balancing adjustment event happens in the present year for an asset * held by the * R&D partnership; and (c) the R&D partnership cannot deduct, for the asset for an income year, an amount under section 40 ‑ 25, as that section applies apart from: (i) this Division; and (ii) former section 73BC of the Income Tax Assessment Act 1936 ; and (d) the partner is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions under section 355 ‑ 520 for the asset; and (e) the partner is registered under section 27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the present year; and (f) the partner can deduct an amount under subsection 355 ‑ 525(2) for the present year for the asset and the balancing adjustment event. (2) The amount is an amount equal to the amount mentioned in paragraph (1)(f).", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-467"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-468", "Provision_Key": "s355-468", "Heading": "R&D partnership assets partially used for R&D activities", "Text": "(1) The * R&D entity (the partner ) has an amount under this section if: (a) the partner is a partner in an * R&D partnership; and (b) a * balancing adjustment event happens in the present year for a * depreciating asset * held by the R&D partnership and for which: (i) the R&D partnership can deduct, for an income year, an amount under section 40 ‑ 25, as that section applies apart from Division 355 and former section 73BC of the Income Tax Assessment Act 1936 ; or (ii) the R&D partnership could have deducted, for an income year, an amount as described in subparagraph (i) if it had used the asset; and (c) one or more partners (including the partner) in the R&D partnership are entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions under section 355 ‑ 520 for the asset; and (d) the R&D partnership can deduct an amount (the section 40 ‑ 285 amount ) for the asset under section 40 ‑ 285 (after applying subsection 40 ‑ 293(2)) for the present year. Note: This section applies in a modified way if the partners have deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 40 ‑ 293 of the Income Tax (Transitional Provisions) Act 1997 ). (2) The amount is the partner’s proportion of the amount worked out as follows: where: total decline in value means the * cost of the asset less its * adjustable value. total R&D deductions means the sum of each partner’s deductions mentioned in paragraph (1)(c) of this section.", "Amendment_Count": 1, "First_Amended": "No 92 of 2020", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 92 of 2020", "History_Notes": "Inserted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-468"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-475", "Provision_Key": "s355-475", "Heading": "Amount that can be deducted", "Text": "(1) The * R&D entity can deduct, for the present year, the sum of the following amounts for each offset year relating to the catch up amount: where: adjusted offset means the * tax offset the R&D entity would have received under section 355 ‑ 100 for the offset year if the total amount mentioned in subsection 355 ‑ 100(1) for that tax offset were increased by the portion of the catch up amount that is attributable to the offset year. deduction amount means the portion of the catch up amount that is attributable to the offset year, multiplied by the R&D entity’s * corporate tax rate for the offset year. starting offset means the amount of the * tax offset the R&D entity has received, or is entitled to receive, under section 355 ‑ 100 for the offset year. Note: A deduction under this subsection is not a notional deduction: see subsection 355 ‑ 105(2). (2) However, if this section, or section 355 ‑ 450, has previously applied (whether in the present year or an earlier income year) in relation to another catch up amount, or clawback amount, the * R&D entity has that relates to the offset year, subsection (1) of this section applies as if: (a) the starting offset were the * tax offset the R&D entity would have received under section 355 ‑ 100 for the offset year if the total amount mentioned in subsection 355 ‑ 100(1) were: (i) increased by the sum of the portions of any such other catch up amounts that are attributable to the offset year; and (ii) decreased by the sum of the portions of any such other clawback amounts that are attributable to the offset year; and (b) the reference to the “total amount” in the definition of adjusted offset were a reference to that amount as so adjusted.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Repealed and substituted by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-475"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-480", "Provision_Key": "s355-480", "Heading": "Notional deductions for expenditure incurred to associate in earlier income years", "Text": "Notional deductions for earlier year associate expenditure (1) An * R&D entity can deduct for an income year (the present year ) expenditure it incurred to its * associate during an earlier income year to the extent that: (a) the expenditure was incurred on one or more * R&D activities: (i) for which the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for an income year; and (ii) that are activities to which section 355 ‑ 210 (conditions for R&D activities) applies; and (b) the expenditure is paid to that associate during the present year; and (c) subsection (2) applies to the expenditure. Note 1: This section applies in a modified way to R&D partnership expenditure (see sections 355 ‑ 510 and 355 ‑ 515). Note 2: Expenditure paid in income years starting on or after 1 July 2011 may be deductible for activities registered for income years starting before 1 July 2011 (see section 355 ‑ 200 of the Income Tax (Transitional Provisions) Act 1997 ). Expenditure cannot have been otherwise deducted etc. (2) This subsection applies to the expenditure if: (a) the * R&D entity can deduct the expenditure, or is entitled to a * tax offset for the expenditure, under any other Division of this Act for an earlier income year; and (b) by the time of lodging its * income tax return for the most recent income year before the present year, the R&D entity had neither: (i) deducted the expenditure; nor (ii) obtained a tax offset for the expenditure; as described in paragraph (a). (3) The entitlement to the deduction, or * tax offset, described in paragraph (2)(a) ceases to the extent that subsection (2) applies to the expenditure. Example: If, by the time mentioned in paragraph (2)(b), an R&D entity chose to deduct only a third of the expenditure it could have deducted under another Division, then the remaining 2 thirds of that expenditure: (a) can be deducted under this section; but (b) can no longer be deducted under the other Division. Notional deduction is subject to integrity rules etc. (4) This section has effect subject to section 355 ‑ 225 (excluded expenditure), Subdivision 355 ‑ F (integrity rules) and subsection 355 ‑ 580(3) (CRC contributions).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-480"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-500", "Provision_Key": "s355-500", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies the rules in this Division for partners of R&D partnerships. In particular, the rules about deducting R&D expenditure are modified to allow a partner to deduct the partner’s proportion of the R&D partnership’s expenditure on R&D activities. A partner of an R&D partnership may also be able to deduct under this Subdivision the decline in value of partnership assets used for R&D activities.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-505", "Provision_Key": "s355-505", "Heading": "Meaning of R&D partnership and partner’s proportion", "Text": "(1) A partnership is an R&D partnership at a particular time if, at that time, each of the partners is an * R&D entity. (2) For an amount attributable to an * R&D partnership for an income year, each partner of the R&D partnership is taken to bear or be entitled to (as appropriate) this proportion (the partner’s proportion ) of the amount: (a) the proportion the partners agreed the partner should bear or be entitled to (as appropriate); or (b) if there is no such agreement—the proportion of the partner’s interest in the * net income or * partnership loss of the R&D partnership for the income year.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-510", "Provision_Key": "s355-510", "Heading": "R&D partnership expenditure on R&D activities", "Text": "If an * R&D partnership incurs expenditure on one or more R&D activities during an income year, this Division applies in relation to each * R&D entity that is a partner of the R&D partnership at some time during the income year as if: (a) the partner incurred the partner’s proportion of that expenditure when the R&D partnership incurred that expenditure; and (b) neither the R&D partnership, nor any other partner of the R&D partnership, incurred expenditure during the income year on the R&D activities; and (c) such other changes were made to this Division as are appropriate having regard to that partner’s proportion of amounts attributable to the R&D partnership. Note: This section and section 355 ‑ 515 may result in: (a) the partner being able to deduct the partner’s proportion of the partnership expenditure under section 355 ‑ 205 (R&D expenditure) or 355 ‑ 480 (earlier year associate R&D expenditure) for the R&D activities; and (b) the partner being affected by the integrity rules in Subdivisions 355 ‑ F, 355 ‑ G and 355 ‑ H.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-515", "Provision_Key": "s355-515", "Heading": "R&D activities conducted by or for an R&D partnership", "Text": "If one or more * R&D activities are conducted by or for an * R&D partnership during an income year, this Division applies in relation to each * R&D entity that is a partner of the R&D partnership at some time during the income year as if: (a) the R&D activities were conducted by or for the partner in a corresponding way to the way the R&D activities were conducted by or for the R&D partnership; and (b) the partner had relationships with other entities in relation to the R&D activities that corresponded to the relationships the R&D partnership had with those other entities in relation to the R&D activities; and (c) a thing done by, or in relation to, the R&D partnership in relation to the R&D activities were a thing done by, or in relation to, the partner; and (d) the R&D activities were neither: (i) conducted by or for the R&D partnership; nor (ii) conducted by or for any other partner of the R&D partnership; and (e) such other changes were made to this Division as are appropriate having regard to that partner’s proportion of amounts attributable to the R&D partnership. Note 1: For the purposes of this Division, entities that are associates or affiliates of, or connected with, the R&D partnership are taken to be associates or affiliates of, or connected with, the partner (see paragraph (b)). Note 2: For the purposes of this Division, payments and agreements made by the R&D partnership for the R&D activities are taken to be made by the partner (see paragraph (c)).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-520", "Provision_Key": "s355-520", "Heading": "When notional deductions arise for decline in value of depreciating assets of R&D partnerships", "Text": "When notional deductions arise (1) If: (a) an * R&D entity is a partner of an * R&D partnership at some time during an income year (the present year ); and (b) the partner is registered under section 27A of the Industry Research and Development Act 1986 for the present year for one or more * R&D activities that are activities to which section 355 ‑ 210 (conditions for R&D activities) applies; and Note: Section 355 ‑ 210 applies with changes for this paragraph (see section 355 ‑ 515). (c) while a tangible * depreciating asset is * held by the R&D partnership during the present year, the asset is used for the purpose of conducting one or more of those R&D activities; and (d) the R&D partnership could deduct an amount under section 40 ‑ 25 for the asset for the present year if Division 40 applied with the changes described in section 355 ‑ 310; and Note: Section 355 ‑ 310 applies with changes for this paragraph (see subsection (2) of this section). (e) the R&D partnership cannot deduct an amount for the asset for: (i) an earlier income year under Subdivision 328 ‑ D (capital allowances for small business entities); or (ii) an earlier income year under Division 40 (as that Division applies apart from this Division), in a case where section 40 ‑ 440 (low ‑ value pools) applied; the partner can deduct the partner’s proportion of the amount referred to in paragraph (d) for the present year. Changed application of Division 40 for this Subdivision (2) For the purposes of this Subdivision, section 355 ‑ 310 applies as if the following changes were made: Changes to be made Item For a reference in section 355 ‑ 310 to... substitute a reference to... 1 paragraph 355 ‑ 305(1)(c) paragraph 355 ‑ 520(1)(d) 2 section 355 ‑ 315 section 355 ‑ 525 3 paragraph 355 ‑ 305(1)(b) paragraph 355 ‑ 520(1)(c) 4 * R&D entity * R&D partnership Disregard certain assets held because of CRC contributions (3) This section has effect subject to subsection 355 ‑ 580(4) (CRC contributions).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-525", "Provision_Key": "s355-525", "Heading": "Balancing adjustments for R&D partnership assets only used for R&D activities", "Text": "(1) This section applies to an * R&D entity (the partner ) if: (a) a * balancing adjustment event happens in an income year (the event year ) for an asset * held by an * R&D partnership; and (b) the R&D partnership cannot deduct an amount under section 40 ‑ 25, as that section applies apart from: (i) this Division; and (ii) former section 73BC of the Income Tax Assessment Act 1936 ; for the asset for an income year; and (c) the partner is entitled under section 355 ‑ 100 to * tax offsets for one or more income years for deductions (the R&D deductions ) under section 355 ‑ 520 for the asset; and (d) the partner is registered under section 27A of the Industry Research and Development Act 1986 for one or more * R&D activities for the event year; and (e) if Division 40 applied with the changes described in section 355 ‑ 310 (as affected by subsection 355 ‑ 520(2)): (i) the R&D partnership could deduct for the event year an amount under subsection 40 ‑ 285(2) for the asset and the balancing adjustment event; or (ii) an amount would be included in the R&D partnership’s assessable income for the event year under subsection 40 ‑ 285(1) for the asset and the balancing adjustment event. Note 1: This section applies in a modified way if the partner has deductions for the asset under former section 73BA or 73BH of the Income Tax Assessment Act 1936 (see section 355 ‑ 325 of the Income Tax (Transitional Provisions) Act 1997 ). Note 2: Section 40 ‑ 293 applies if the R&D partnership can deduct an amount under section 40 ‑ 25, as that section applies apart from this Division and former section 73BC of the Income Tax Assessment Act 1936 . (2) If the * R&D partnership could deduct for the event year an amount under subsection 40 ‑ 285(2) for the asset and the event if Division 40 applied as described in paragraph (1)(e), the partner can deduct the partner’s proportion of that amount for the event year. Note 1: A deduction under this subsection is not a notional deduction (see subsection 355 ‑ 105(2)). Note 2: A deduction under this subsection will result in a catch up amount for the partner (see section 355 ‑ 467). (3) If an amount would be included in the * R&D partnership’s assessable income for the event year under subsection 40 ‑ 285(1) for the asset and the event if Division 40 applied as described in paragraph (1)(e), the partner’s proportion of that amount is included in the partner’s assessable income for the event year. Note: Some or all of the amount included in the partner’s assessable income may result in a clawback amount for the partner (see section 355 ‑ 448).", "Amendment_Count": 3, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 13 of 2015 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 13 of 2015, effective Sch 1 (items 1–6, 9): 5 Mar 2015 (s 2(1) item 2) Sch 1 (items 10–14, 17): repealed before commencing (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-530", "Provision_Key": "s355-530", "Heading": "Implications for partner’s aggregated turnover", "Text": "For the purposes of section 355 ‑ 100 (tax offsets for R&D), if: (a) an * R&D entity is a partner of an * R&D partnership at some time during an income year; and (b) the partner’s * aggregated turnover for the income year does not include the R&D partnership’s * annual turnover for the income year; the partner’s aggregated turnover for the income year includes the * partner’s proportion of the R&D partnership’s annual turnover for the income year.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-535", "Provision_Key": "s355-535", "Heading": "Disposal of R&D results for R&D partnerships", "Text": "In addition to its application apart from this section, section 355 ‑ 410 (disposal of R&D results) also applies to each partner of an * R&D partnership with such changes as are appropriate having regard to: (a) amounts (the results amounts ) of a kind set out in subparagraphs 355 ‑ 410(1)(b)(i) to (v) that the R&D partnership receives or becomes entitled to receive in an income year; and (b) the principle that any amount to be included in the partner’s assessable income for the income year for a results amount should be the partner’s proportion of the amount arising under subsection 355 ‑ 410(2) for the results amount. Note: The ordinary application of section 355 ‑ 410 will apply to any of the partner’s deductions under this Division that do not relate to the R&D partnership.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-540", "Provision_Key": "s355-540", "Heading": "Application of recoupment rules", "Text": "(1) If: (a) an * R&D partnership incurs expenditure (the partnership expenditure ) on * R&D activities; and (b) an * R&D entity (the partner ) is entitled under section 355 ‑ 100 to a * tax offset because it can, under section 355 ‑ 205 or 355 ‑ 480, deduct some or all of that expenditure; and (c) the R&D partnership receives an amount as a * recoupment of any or all of the partnership expenditure; the partner is taken, for the purposes of Subdivisions 20 ‑ A and 355 ‑ G: (d) to have incurred the partner’s proportion of the partnership expenditure when the R&D partnership incurred that expenditure; and (e) to have received the partner’s proportion of the recoupment when the R&D partnership received the recoupment. (2) If: (a) an * R&D entity (the partner ) is entitled under section 355 ‑ 100 to a * tax offset because it can, under section 355 ‑ 520, deduct an amount for an income year for an asset; and (b) the applicable * R&D partnership receives an amount as a * recoupment of any or all of the R&D partnership’s expenditure included in the * cost of the asset for the purposes of the application of Division 40 as described in paragraph 355 ‑ 520(1)(d); the partner is taken, for the purposes of Subdivisions 20 ‑ A and 355 ‑ G: (c) to have incurred the partner’s proportion of that expenditure when the R&D partnership incurred that expenditure; and (d) to have received the partner’s proportion of the recoupment when the R&D partnership received the recoupment.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-540"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-545", "Provision_Key": "s355-545", "Heading": "Relevance for net income, and losses, of the R&D partnership", "Text": "For an * R&D entity that is a partner of an * R&D partnership, none of the following: (a) any expenditure the R&D entity is taken to have incurred because of this Subdivision; (b) any amount the R&D entity can deduct under this Subdivision; (c) any * recoupment the R&D entity is taken to have received because of this Subdivision; are to be taken into account in determining the * net income of the R&D partnership, or any * partnership loss of the R&D partnership, for an income year.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-545"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-580", "Provision_Key": "s355-580", "Heading": "When notional deductions for CRC contributions arise", "Text": "Monetary contributions are deductible (1) An * R&D entity can deduct for an income year expenditure it incurs during that year to the extent that: (a) the expenditure is in the form of monetary contributions under the * CRC program; and (b) the contributions have been or will be spent under the CRC program on one or more * R&D activities for which the R&D entity is registered under section 27A of the Industry Research and Development Act 1986 for an income year. Note 1: The R&D activities will need to be conducted during the income year the R&D entity is registered for those activities (see sections 27A and 27J of the Industry Research and Development Act 1986 ). Note 2: Expenditure incurred in income years starting on or after 1 July 2011 may be deductible for activities registered for income years starting before 1 July 2011 (see section 355 ‑ 200 of the Income Tax (Transitional Provisions) Act 1997 ). (2) Subsection (1) does not apply to expenditure to the extent that it is incurred out of Commonwealth funding. No other deductions arise for monetary contributions etc. (3) Neither: (a) a contribution an * R&D entity can deduct under subsection (1); nor (b) expenditure incurred under the * CRC program, to the extent that the expenditure is incurred out of: (i) a contribution an R&D entity can deduct under subsection (1); or (ii) Commonwealth funding; can be deducted by any R&D entity under any other provision of this Division for any income year. (4) If an asset’s * cost includes expenditure incurred under the * CRC program out of: (a) a contribution an * R&D entity can deduct under subsection (1); or (b) Commonwealth funding; an amount equal to the asset’s decline in value cannot be deducted under this Division by any R&D entity for any income year.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-580"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-705", "Provision_Key": "s355-705", "Heading": "Effect of findings by Industry Innovation and Science Australia", "Text": "Findings about registration or core technology (1) If: (a) a certificate given to the Commissioner under the Industry Research and Development Act 1986 sets out: (i) a finding under section 27B of that Act about an * R&D entity’s application for registration under section 27A of that Act for an income year; or (ii) a finding under section 27J of that Act about an R&D entity’s registration under section 27A of that Act for an income year; or (iii) a finding under section 28E of that Act about an R&D entity and one or more * R&D activities conducted or to be conducted during one or more income years; and (b) the finding was made within 4 years after the end of the income year or the last of the income years (as appropriate); the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year or years (as appropriate). Note: Section 28E of the Industry Research and Development Act 1986 deals with findings that technology is core technology for particular R&D activities. Expenditure incurred in acquiring such technology is not deductible under this Division (see subsection 355 ‑ 225(2)). Advance findings about activities yet to be completed (2) If: (a) an activity is being conducted, or is yet to be conducted, in an income year; and (b) an * R&D entity applies in the income year for a finding under section 28A of the Industry Research and Development Act 1986 about the activity; and (c) Industry Innovation and Science Australia makes the finding and gives the Commissioner a certificate under that Act setting out the finding; the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year and the next 2 income years. Advance findings about completed activities (3) However, if: (a) an activity is completed during an income year; and (b) an * R&D entity applies in the income year for a finding under section 28A of the Industry Research and Development Act 1986 about the activity; and (c) Industry Innovation and Science Australia makes the finding and gives the Commissioner a certificate under that Act setting out the finding; the finding binds the Commissioner for the purposes of assessments of the R&D entity for the income year.", "Amendment_Count": 3, "First_Amended": "No 93 of 2011", "Last_Amended": "No 101 of 2021", "Amending_Acts": "No 93 of 2011 | No 63 of 2016 | No 101 of 2021", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 63 of 2016, effective Sch 1 (item 40): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-710", "Provision_Key": "s355-710", "Heading": "Amendment of assessments", "Text": "Dealing with findings of Industry Innovation and Science Australia (1) If: (a) a certificate given to the Commissioner under the Industry Research and Development Act 1986 sets out: (i) a finding under section 27B of that Act about an * R&D entity’s application for registration under section 27A of that Act for an income year; or (ii) a finding under section 27J of that Act about an R&D entity’s registration under section 27A of that Act for an income year; or (iii) a finding under section 28A or 28C of that Act made on application by an R&D entity during an income year; or (iv) a finding under section 28E of that Act about an R&D entity and one or more R&D activities conducted or to be conducted during one or more income years; and (b) the finding was made within 4 years after the end of the income year or the last of the income years (as appropriate); despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend the R&D entity’s assessment for an income year affected by the finding at any time for the purposes of giving effect to the finding. (2) However, the Commissioner may only do so within 2 years after the Commissioner is given the certificate if giving effect to the finding would increase the R&D entity’s liability. Dealing with key decisions of Industry Innovation and Science Australia and others (3) If: (a) an internal review decision (the key decision ) under subsection 30D(2) of the Industry Research and Development Act 1986 relates to an * R&D entity; or (b) a decision (also the key decision ) under the Administrative Review Tribunal Act 2024 : (i) varies a decision covered by paragraph (a); or (ii) sets aside a decision covered by paragraph (a), whether or not that key decision also includes a decision made in substitution for the decision covered by paragraph (a); or (c) a decision (also the key decision ) of a court is about: (i) a decision under Part III of the Industry Research and Development Act 1986 relating to an R&D entity; or (ii) a decision covered by paragraph (b); despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend the R&D entity’s assessment for an income year affected by the key decision at any time for the purposes of giving effect to that decision. (4) For the purposes of subsection (3), paragraph (3)(b) applies as if a reference to a decision under the Administrative Review Tribunal Act 2024 that varies or sets aside a decision covered by paragraph (3)(a) included a reference to a decision of that kind made under the Administrative Appeals Tribunal Act 1975 .", "Amendment_Count": 4, "First_Amended": "No 93 of 2011", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 93 of 2011 | No 63 of 2016 | No 101 of 2021 | No 38 of 2024", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 63 of 2016, effective Sch 1 (item 40): 20 Oct 2016 (s 2(1) item 1) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-710"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 355-715", "Provision_Key": "s355-715", "Heading": "Implications for other deductions and tax offsets", "Text": "(1) If an * R&D entity is entitled under section 355 ‑ 100 to a * tax offset for an income year for expenditure it can deduct under section 355 ‑ 205, 355 ‑ 480 or 355 ‑ 580, that expenditure: (a) cannot be taken into account by any entity in working out a deduction under any other Division of this Act for any income year; and (b) cannot be taken into account by any entity in working out a tax offset under any other Division of this Act for any income year. Note: Section 355 ‑ 205 is about R&D expenditure, section 355 ‑ 480 is about earlier year associate R&D expenditure, and section 355 ‑ 580 is about CRC contributions. (2) If an * R&D entity is entitled under section 355 ‑ 100 to a * tax offset for an income year for a deduction under section 355 ‑ 305 or 355 ‑ 520 of an amount equal to the decline in value of an asset, that decline in value: (a) cannot be taken into account by any entity in working out a deduction under any other Division of this Act (other than section 40 ‑ 292 or 40 ‑ 293) for any income year; and (b) cannot be taken into account by any entity in working out a tax offset under any other Division of this Act for any income year; to the extent that the decline in value is attributable to the use of the asset for the purpose of conducting one or more of the * R&D activities to which the deduction relates. Note 1: A deduction may be available under section 40 ‑ 25 to the extent that the asset’s decline in value is attributable to another purpose. If so, that deduction under section 40 ‑ 25 will not take into account the asset’s decline in value to the extent that it is attributable to the R&D activities (see also subsection 40 ‑ 25(2)). Note 2: Section 355 ‑ 305 is about the decline in value of R&D assets and section 355 ‑ 520 is about the decline in value of R&D partnership assets. Note 3: Sections 40 ‑ 292 and 40 ‑ 293 deal with balancing adjustments when deductions have been available for the asset’s decline in value both under this Division and section 40 ‑ 25.", "Amendment_Count": 2, "First_Amended": "No 93 of 2011", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 93 of 2011 | No 92 of 2020", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s355-715"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-5", "Provision_Key": "s360-5", "Heading": "What this Subdivision is about", "Text": "You may be entitled to a tax offset if you are, or a trust or partnership of which you are a member is, issued with certain kinds of equity interests in a small Australian company with high ‑ growth potential that is engaging in innovative activities. A modified CGT treatment may also apply to those equity interests. Table of sections Operative provisions 360 ‑ 10 Object of this Subdivision 360 ‑ 15 Entitlement to the tax offset 360 ‑ 20 Limited entitlement for certain kinds of investors 360 ‑ 25 Amount of the tax offset—general case 360 ‑ 30 Amount of the tax offset—members of trusts or partnerships 360 ‑ 35 Amount of the tax offset—trustees 360 ‑ 40 Early stage innovation companies 360 ‑ 45 100 point innovation test 360 ‑ 50 Modified CGT treatment 360 ‑ 55 Modified CGT treatment—partnerships 360 ‑ 60 Modified CGT treatment—not affected by certain roll ‑ overs 360 ‑ 65 Separate modified CGT treatment for roll ‑ overs about wholly ‑ owned companies or scrip for scrip roll ‑ overs", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-10", "Provision_Key": "s360-10", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to encourage new investment in small Australian innovation companies with high ‑ growth potential by providing qualifying investors with a tax offset and a modified CGT treatment.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-15", "Provision_Key": "s360-15", "Heading": "Entitlement to the tax offset", "Text": "General case (1) You are entitled to a * tax offset for an income year if: (a) you are none of the following: (i) a trust or a partnership; (ia) an * ESVCLP; (ii) a * widely held company or a * 100% subsidiary of a widely held company; and (b) at a particular time during the income year, a company issues you with * equity interests that are * shares in the company; and (c) subsection 360 ‑ 40(1) (about early stage innovation companies) applies to the company immediately after that time; and (d) neither you nor the company is an * affiliate of each other at that time; and (e) the issue of those shares is not an * acquisition of * ESS interests under an * employee share scheme; and (f) immediately after the issue of those shares, you do not hold equity interests in the company, or in an entity * connected with the company, that carry the right to: (i) receive more than 30% of any distribution of income by the company or the entity; or (ii) receive more than 30% of any distribution of capital by the company or the entity; or (iii) exercise, or control the exercise of, more than 30% of the total voting power in the company or the entity. Members of trusts or partnerships (2) A * member of a trust or partnership (other than a partnership that is an * ESVCLP) at the end of an income year is entitled to a * tax offset for the income year if: (a) the trust or partnership would be entitled to a tax offset, under this section, for the income year if the trust or partnership were an individual; and (b) the member is not a * widely held company or a * 100% subsidiary of a widely held company. Trustees (3) A trustee of a trust is entitled to a * tax offset for an income year if: (a) the trustee would be entitled to a tax offset, under subsection (1), for the income year if the trustee were an individual; and (b) the trustee is liable to be assessed or has been assessed, and is liable to pay * tax, on a share of, or all or a part of, the trust’s * net income under section 98, 99 or 99A of the Income Tax Assessment Act 1936 for the income year.", "Amendment_Count": 2, "First_Amended": "No 54 of 2016", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-20", "Provision_Key": "s360-20", "Heading": "Limited entitlement for certain kinds of investors", "Text": "(1) You do not satisfy paragraph 360 ‑ 15(1)(b) if: (a) for each offer resulting in * equity interests that are * shares in the company being issued to you during the income year, none of subsections 708(8), (10) or (11) of the Corporations Act 2001 removed the need for a disclosure document; and (b) a total of more than $50,000 was paid for the issue to you of the shares resulting from all of those offers. (2) For the purposes of this section, assume that Chapter 6D of the Corporations Act 2001 applies to those offers.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-25", "Provision_Key": "s360-25", "Heading": "Amount of the tax offset—general case", "Text": "(1) If subsection 360 ‑ 15(1) applies, the amount of your * tax offset is 20% of the sum of the following: (a) an amount equal to any money received, or entitled to be received, by the company referred to in paragraph 360 ‑ 15(1)(b) for the issue to you of the * shares as described in that paragraph; (b) an amount equal to the * market value of any * non ‑ cash benefit received, or entitled to be received, by the company referred to in paragraph 360 ‑ 15(1)(b) for the issue to you of the shares as described in that paragraph, as at the time the shares were issued to you. (2) However, reduce this amount to the extent necessary to ensure that the sum of the following does not exceed $200,000: (a) the sum of the * tax offsets under this Subdivision for the income year for which you and your * affiliates (if any) are entitled; (b) the sum of the tax offsets under this Subdivision that you and your affiliates (if any) carry forward to the income year.", "Amendment_Count": 2, "First_Amended": "No 54 of 2016", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-30", "Provision_Key": "s360-30", "Heading": "Amount of the tax offset—members of trusts or partnerships", "Text": "(1) If subsection 360 ‑ 15(2) applies, the amount of the * member’s * tax offset for the income year is as follows: where: determined share of notional tax offset is the percentage determined under subsection (2) for the * member. notional tax offset amount is what would, under section 360 ‑ 25, have been the amount of the trust’s or partnership’s * tax offset (the notional tax offset ) if the trust or partnership had been an individual. (1A) However, reduce the amount worked out under subsection (1) to the extent necessary to ensure that the sum of the following does not exceed $200,000: (a) the sum of the * tax offsets under this Subdivision for the income year for which the member and the member’s * affiliates (if any) are entitled; (b) the sum of the tax offsets under this Subdivision that the member and the member’s affiliates (if any) carry forward to the income year. (2) The trustee or partnership may determine the percentage of the notional tax offset that is the * member’s share of the notional tax offset. (3) If, under the terms and conditions under which the trust or partnership operates, the * member would be entitled to a fixed proportion of any * capital gain from a * disposal: (a) relating to the trust or partnership; and (b) of the * shares that gave rise to the notional tax offset; and (c) happening at the end of the income year to which the notional tax offset relates; the percentage determined under subsection (2) must be equivalent to that fixed proportion, and a determination of any other percentage has no effect. (4) The trustee or partnership must give the * member written notice of the determination. The notice: (a) must enable the member to work out the amount of the member’s * tax offset by including enough information to enable the member to work out the member’s share of the notional tax offset; and (b) must be given to the member within 3 months after the end of the income year, or within such further time as the Commissioner allows. (5) The sum of all the percentages determined under subsection (2) in relation to the * members of the trust or partnership must not exceed 100%.", "Amendment_Count": 2, "First_Amended": "No 54 of 2016", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-35", "Provision_Key": "s360-35", "Heading": "Amount of the tax offset—trustees", "Text": "If subsection 360 ‑ 15(3) applies, the amount of the * tax offset is the difference between: (a) what would, under section 360 ‑ 25, have been the amount of the tax offset to which the trustee would have been entitled if the trustee had been an individual; and (b) if * members of the trust are entitled to tax offsets under subsection 360 ‑ 15(2) arising from the same * shares to which the trustee’s entitlement arises under subsection 360 ‑ 15(3)—the sum of the amounts worked out under section 360 ‑ 30 (disregarding any reductions under subsection 360 ‑ 30(1A)) for those tax offsets.", "Amendment_Count": 2, "First_Amended": "No 54 of 2016", "Last_Amended": "No 8 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-40", "Provision_Key": "s360-40", "Heading": "Early stage innovation companies", "Text": "(1) This subsection applies to a company at a particular time (the test time ) in an income year (the current year ) if: (a) the company was: (i) incorporated in Australia within the last 3 income years (the latest being the current year); or (ii) incorporated in Australia within the last 6 income years (the latest being the current year), and across the last 3 of those income years before the current year it and its * 100% subsidiaries (if any) incurred total expenses of $1 million or less; or (iii) registered in the * Australian Business Register within the last 3 income years (the latest being the current year); and (b) the company and its 100% subsidiaries (if any) incurred total expenses of $1 million or less in the income year before the current year; and (c) the company and its 100% subsidiaries (if any) had a total assessable income of $200,000 or less in the income year before the current year; and (d) at the test time, none of the company’s * equity interests are listed for quotation in the official list of any stock exchange in Australia or a foreign country; and (e) at the test time, the company has at least 100 points under section 360 ‑ 45, or: (i) the company is genuinely focussed on developing for commercialisation one or more new, or significantly improved, products, processes, services or marketing or organisational methods; and (ii) the business relating to those products, processes, services or methods has a high growth potential; and (iii) the company can demonstrate that it has the potential to be able to successfully scale that business; and (iv) the company can demonstrate that it has the potential to be able to address a broader than local market, including global markets, through that business; and (v) the company can demonstrate that it has the potential to be able to have competitive advantages for that business; and (f) at the test time, the company is not a foreign company (within the meaning of the Corporations Act 2001 ). Note: For the purposes of paragraph (e), one way a company can demonstrate something is by engaging the services of another entity. (2) For the purposes of paragraph (1)(c), disregard any of the following: (a) an Accelerating Commercialisation Grant under the program administered by the Commonwealth known as the Entrepreneurs’ Programme; (b) an amount required to be included in the company’s assessable income under subsection 355 ‑ 450(1). (3) Subparagraphs (1)(e)(i) to (v) cannot be satisfied for: (a) a product, process, service or method; or (b) an improvement to a product, process, service or method; that is of a kind prescribed by regulations made for the purposes of this subsection. (4) Subsection (1) does not apply to a company if, before the test time, the company engaged in an activity of a kind prescribed by regulations made for the purposes of this subsection.", "Amendment_Count": 3, "First_Amended": "No 54 of 2016", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 54 of 2016 | No 8 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 8 of 2020, effective Sch 2 (items 1–17): 1 Apr 2020 (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-45", "Provision_Key": "s360-45", "Heading": "100 point innovation test", "Text": "(1) At a particular time (the test time ) in an income year (the current year ), a company has the points mentioned in an item of the following table if that item applies to the company at that time. Innovation points potentially available at that time in the current year Column 1 Column 2 Item Points Innovation criteria 1 75 At least 50% of the company’s total expenses for the previous income year is expenditure that the company can notionally deduct for that income year under section 355 ‑ 205 (about R&D expenditure). 2 75 The company has received an Accelerating Commercialisation Grant under the program administered by the Commonwealth known as the Entrepreneurs’ Programme. 3 50 At least 15%, but less than 50%, of the company’s total expenses for the previous income year is expenditure that the company can notionally deduct for that income year under section 355 ‑ 205 (about R&D expenditure). 4 50 (a) the company has completed or is undertaking an accelerator program that: (i) provides time ‑ limited support for entrepreneurs with start ‑ up businesses; and (ii) is provided to entrepreneurs that are selected in an open, independent and competitive manner; and (b) the entity providing that program has been providing that, or other accelerator programs for entrepreneurs, for at least 6 months; and (c) such programs have been completed by at least one cohort of entrepreneurs. 5 50 (a) a total of at least $50,000 has been paid for * equity interests that are * shares in the company; and (b) the company issued those shares to one or more entities that: (i) were not * associates of the company immediately before the issue of those shares; and (ii) did not * acquire those shares primarily to assist another entity become entitled to a * tax offset (or a modified CGT treatment) under this Subdivision; and (c) the company issued those shares at least one day before the test time. 6 50 (a) the company has rights (including equitable rights) under a * Commonwealth law as: (i) the patentee, or a licensee, of a standard patent; or (ii) the owner, or a licensee, of a plant breeder’s right; granted in Australia within the last 5 years (ending at the test time); or (b) the company has equivalent rights under a * foreign law. 7 25 Unless item 6 applies to the company at the test time: (a) the company has rights (including equitable rights) under a * Commonwealth law as: (i) the patentee, or a licensee, of an innovation patent granted and certified in Australia; or (ii) the owner, or a licensee, of a registered design registered in Australia; within the last 5 years (ending at the test time); or (b) the company has equivalent rights under a * foreign law. 8 25 The company has a written agreement with: (a) an institution or body listed in Schedule 1 to the Higher Education Funding Act 1988 (about institutions or bodies eligible for special research assistance); or (b) an entity registered under section 29A of the Industry Research and Development Act 1986 (about research service providers); to co ‑ develop and commercialise a new, or significantly improved, product, process, service or marketing or organisational method. (2) At the test time, the company also has the points prescribed by regulations made for the purposes of this subsection if the prescribed innovation criteria for those points apply to the company at that time.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-50", "Provision_Key": "s360-50", "Heading": "Modified CGT treatment", "Text": "(1) This section applies if the issuing of a * share to an entity gives rise to an entitlement to a * tax offset under this Subdivision. Note: This section applies to any share that gives rise to the entitlement, regardless of whether subsection 360 ‑ 25(2) reduces the amount of the tax offset. (2) The entity is taken to hold the * share on capital account. (3) The entity must disregard any * capital loss it makes from any * CGT event happening in relation to the * share if: (a) the entity has continuously held the share since its issue; and (b) the CGT event happens before the tenth anniversary of the issue of the share. (4) The entity may disregard any * capital gain it makes from any * CGT event happening in relation to the * share if: (a) the entity has continuously held the share since its issue; and (b) the CGT event happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share. (5) If the entity has continuously held the * share since its issue, the * first element of its * cost base and * reduced cost base becomes, on the tenth anniversary of its issue, its * market value on that anniversary.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-55", "Provision_Key": "s360-55", "Heading": "Modified CGT treatment—partnerships", "Text": "(1) The purpose of this section is to ensure that the modifications made by section 360 ‑ 50 apply to each partner in a partnership in a case where the partnership is the entity that is issued with the * share mentioned in subsection 360 ‑ 50(1). (2) In such a case, subsections 360 ‑ 50(2) to (4) apply as if: (a) the first reference in those subsections to the entity were a reference to each partner in the partnership; and (b) the first reference in those subsections to the * share were a reference to the partner’s interest in the share. Note: The references to the entity and the share in the paragraphs of subsections 360 ‑ 50(3) and (4) continue to apply unchanged. (3) In such a case, treat subsection 360 ‑ 50(5) as if it read as follows: “If the partnership has continuously held the * share since its issue, on the tenth anniversary of its issue: (a) the * first element of the * cost base for a partner’s interest in the share becomes so much of the share’s * market value on that anniversary as is calculated by reference to the partnership agreement, or partnership law if there is no agreement; and (b) the * first element of the * reduced cost base is worked out similarly.”.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-60", "Provision_Key": "s360-60", "Heading": "Modified CGT treatment—not affected by certain roll ‑ overs", "Text": "(1) The purpose of this section is to ensure that the modifications made by section 360 ‑ 50 are not affected merely because of one or more * same ‑ asset roll ‑ overs or * replacement ‑ asset roll ‑ overs (other than roll ‑ overs under Division 122 or Subdivision 124 ‑ M). (2) If, apart from those roll ‑ overs, the entity (the original entity ) mentioned in subsection 360 ‑ 50(1) would continue to hold the * share (the original share ) mentioned in that subsection, then subsections 360 ‑ 50(2) to (5) apply as if: (a) the following asset were the original share: (i) if the last roll ‑ over is a * same ‑ asset roll ‑ over—the asset for the roll ‑ over; (ii) if the last roll ‑ over is a * replacement ‑ asset roll ‑ over—the replacement asset for the roll ‑ over; and Note: The asset for subparagraph (i) will be the original share unless a replacement ‑ asset roll ‑ over happened beforehand. (b) that asset was issued when the original share was issued; and (c) the entity that * acquired that asset for the roll ‑ over had continuously held that asset since the original share was issued; and (d) that entity were the original entity; and (e) in a case where that entity is a partnership—paragraphs (a) to (d) modify subsections 360 ‑ 50(2) to (5) as they apply with the modifications in section 360 ‑ 55; and (f) in a case where that entity is not a partnership but the entity that owned the original asset for the roll ‑ over is—paragraphs (a) to (d) modify subsections 360 ‑ 50(2) to (5) as they apply without the modifications in section 360 ‑ 55. Note: A roll ‑ over under Division 122 (about wholly ‑ owned companies) or Subdivision 124 ‑ M (about scrip for scrip roll ‑ overs) will stop the modified CGT treatment under section 360 ‑ 50 from continuing to apply.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 360-65", "Provision_Key": "s360-65", "Heading": "Separate modified CGT treatment for roll ‑ overs about wholly ‑ owned companies or scrip for scrip roll ‑ overs", "Text": "(1) If: (a) a * share mentioned in subsection 360 ‑ 50(1) has been continuously held by the entity mentioned in that subsection; and (b) then: (i) the share, or interests in the share, are * disposed of in a way that gives rise to a trigger event (see section 122 ‑ 15 or 122 ‑ 125) for a roll ‑ over under Division 122; or (ii) the share becomes the original interest (see paragraph 124 ‑ 780(1)(a)) for a roll ‑ over under Subdivision 124 ‑ M; and (c) the roll ‑ over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the share; the * first element of the * cost base and * reduced cost base of the share just before the roll ‑ over is taken to be its * market value at that time. Note: This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section 360 ‑ 50. (2) If: (a) an asset mentioned in paragraph 360 ‑ 60(2)(a) for a roll ‑ over has been continuously held by the entity that * acquired that asset for that roll ‑ over; and (b) then: (i) that asset, or interests in that asset, are * disposed of in a way that gives rise to a trigger event (see section 122 ‑ 15 or 122 ‑ 125) for a roll ‑ over under Division 122; or (ii) that asset becomes the original interest (see paragraph 124 ‑ 780(1)(a)) for a roll ‑ over under Subdivision 124 ‑ M; and (c) the later roll ‑ over happens on or after the first anniversary, but before the tenth anniversary, of the issue of the original share (see subsection 360 ‑ 60(2) for the earlier roll ‑ over; the * first element of the * cost base and * reduced cost base of that asset just before the later roll ‑ over is taken to be its * market value at that time. Note: This subsection is a separate modified CGT treatment, and not a continuation of the modifications made by section 360 ‑ 50.", "Amendment_Count": 1, "First_Amended": "No 54 of 2016", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 54 of 2016", "History_Notes": "Inserted by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s360-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-1", "Provision_Key": "s376-1", "Heading": "What this Division is about", "Text": "Companies may be entitled to 1 of 3 refundable tax offsets in relation to Australian expenditure incurred in making films. The offsets are designed to support and develop the Australian screen industry by providing concessional tax treatment for Australian expenditure. Table of sections 376 ‑ 2 Key features of the tax offsets for Australian production expenditure on films 376 ‑ 5 Structure of this Division", "Amendment_Count": 3, "First_Amended": "No 27 of 2002", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 67 of 2024", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-2", "Provision_Key": "s376-2", "Heading": "Key features of the tax offsets for Australian production expenditure on films", "Text": "(1) The 3 tax offsets are: (a) a refundable tax offset for Australian expenditure in making an Australian film (the producer offset); and (b) a refundable tax offset for Australian expenditure in making any film (the location offset); and (c) a refundable tax offset for Australian expenditure on post, digital and visual effects production for any film (the PDV offset). (2) A company is only entitled to one of these offsets in relation to a film. (3) The amount of the offset is determined as a percentage of certain Australian expenditure incurred by a company in producing the film: (a) the amount of the producer offset is: (i) if the film is a feature film that was produced for commercial exhibition to the public in cinemas—40% of the company’s qualifying Australian production expenditure on the film; and (ii) otherwise—30% of the company’s qualifying Australian production expenditure on the film; and (b) the amount of the location offset is 30% of the company’s qualifying Australian production expenditure on the film; and (c) the amount of the PDV offset is 30% of the company’s qualifying Australian production expenditure on the film that relates to post, digital and visual effects production for the film. (4) One of the requirements for entitlement to these offsets is that a company must be issued with a certificate for the film. The certificate will state the amount of Australian expenditure on which the offset will be determined. (5) The offset is claimed by a company in its income tax return.", "Amendment_Count": 5, "First_Amended": "No 27 of 2002", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 147 of 2011 | No 127 of 2021 | No 67 of 2024", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-5", "Provision_Key": "s376-5", "Heading": "Structure of this Division", "Text": "(1) Subdivision 376 ‑ B tells you about the different tax offsets available for films, who can get each offset and what conditions must be met to get each offset. It also tells you how to work out the amount of each offset. (2) Subdivision 376 ‑ C explains what is meant by: (a) production expenditure on a film; and (b) qualifying Australian production expenditure on a film. It also contains some rules for quantifying expenditure. (3) Subdivision 376 ‑ D deals with a number of administrative matters: (a) applying for a certificate for a film; and (b) the issue and revocation of a certificate for a film; and (c) the making of rules by the Arts Minister (including rules for the establishment of the Film Certification Advisory Board) and the film authority; and (d) review of decisions of the Arts Minister and the film authority; and (e) amendment of assessments following the revocation of a certificate for a film.", "Amendment_Count": 3, "First_Amended": "No 27 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 27 of 2002 | No 41 of 2005 | No 164 of 2007", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-10", "Provision_Key": "s376-10", "Heading": "Film production company entitled to refundable tax offset for Australian expenditure in making a film (location offset)", "Text": "(1) A company is entitled to a * tax offset under this section (the location offset ) for an income year in respect of a * film if: (b) the company’s * qualifying Australian production expenditure on the film ceased being incurred in the income year; and (c) the Arts Minister has issued a certificate to the company for the film under section 376 ‑ 20 (certificate for the location offset); and (d) the company claims the offset in its * income tax return for the income year; and (e) the company: (i) is an Australian resident; or (ii) is a foreign resident but does have a * permanent establishment in Australia and does have an * ABN; when the company lodges the income tax return and when the tax offset is due to be credited to the company. The claim referred to in paragraph (d) is irrevocable. Note: The location offset is a refundable tax offset: see section 67 ‑ 23. (2) The company is not entitled to the location offset if: (a) the company or someone else claims a deduction in relation to a unit of industrial property that relates to copyright in the * film under former Division 10B of Part III of the Income Tax Assessment Act 1936 ; or (b) a final certificate for the film has been issued at any time under former Division 10BA of Part III of the Income Tax Assessment Act 1936 (whether or not the certificate is still in force); or (c) a certificate for the film has been issued at any time under section 376 ‑ 45 (certificate for the PDV offset) (whether or not the certificate is still in force); or (d) a certificate for the film has been issued at any time under section376 ‑ 65 (certificate for the producer offset) (whether or not the certificate is still in force).", "Amendment_Count": 6, "First_Amended": "No 27 of 2002", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 42 of 2009 | No 88 of 2009 | No 61 of 2011", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-15", "Provision_Key": "s376-15", "Heading": "Amount of the location offset", "Text": "The amount of the location offset is 30% of the total of the company’s * qualifying Australian production expenditure on the * film (as determined by the * Arts Minister under section 376 ‑ 30).", "Amendment_Count": 6, "First_Amended": "No 27 of 2002", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 27 of 2002 | No 41 of 2005 | No 162 of 2005 | No 164 of 2007 | No 147 of 2011 | No 67 of 2024", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-20", "Provision_Key": "s376-20", "Heading": "Minister must issue certificate for a film for the location offset", "Text": "(1) The * Arts Minister must issue a certificate to a company for a * film in relation to the location offset if the Minister is satisfied that the conditions in subsections (2), (3), (5), (7) and (8) are met. Note: The Minister may require the company to provide information to the Minister before issuing the certificate: see section 376 ‑ 32. Type of film (2) The conditions in this subsection are that: (a) the * film was produced for: (i) exhibition to the public in cinemas or by way of television broadcasting (including broadcasting by way of the delivery of a television program by a broadcasting service within the meaning of the Broadcasting Services Act 1992 ); or (ii) distribution to the public as a video recording (whether on video tapes, digital video disks or otherwise); and (b) the film is: (i) a * feature film or a film of a like nature; or (ii) a mini ‑ series of television drama; or (iii) a television series that is not covered by subparagraph (i) or (ii); and (c) the film is not, or is not to a substantial extent: (i) if the film is covered by subparagraph (b)(i) or (ii)—a * documentary; or (ii) a film for exhibition as an advertising program or a commercial; or (iii) a film for exhibition as a discussion program, a quiz program, game show, a panel program, a variety program or a program of a like nature; or (iv) a film of a public event; or (v) if the film is covered by subparagraph (b)(i) or (ii)—a film forming part of a drama program series that is, or is intended to be, of a continuing nature; or (vi) a training film; or (vii) a computer game (within the meaning of the Classification (Publications, Films and Computer Games) Act 1995 ). Television series (3) The conditions in this subsection are that: (a) if the * film is a television series that is not covered by subparagraph (2)(b)(i) or (ii), it is made up of 2 or more episodes that: (i) are produced wholly or principally for exhibition to the public on television under a single title; and (ii) contain a common theme or themes; and (iii) contain dramatic elements that form a narrative structure; and (iv) are produced wholly or principally for exhibition together, for a national market or national markets; and Note: A documentary can be a television series. (b) if the film is a television series that is not covered by subparagraph (2)(b)(i) or (ii): (i) for a television series that is predominantly a digital animation or other animation—the * making of the television series (other than a pilot episode, if any, or activities mentioned in paragraph 376 ‑ 125(3)(a)) takes place within a period of not longer than 36 months; or (ii) otherwise—all principal photography for the television series (other than a pilot episode, if any) takes place within a period of not longer than 12 months; and (c) if the film is a television series that is not covered by subparagraph (2)(b)(i) or (ii)—the amount worked out for the film under subsection (6) is at least $1.5 million. (4) To avoid doubt, and without limiting subparagraph (3)(a)(iii), a * film satisfies the requirement in that subparagraph if: (a) the sole or dominant purpose of the film is to depict actual events, people or situations; and (b) the film depicts those events, people or situations in a dramatic or entertaining way, with a heavy emphasis on dramatic impact or entertainment value. Conditions relating to expenditure thresholds (5) The conditions in this subsection are that: (a) the total of the company’s * qualifying Australian production expenditure on the * film (as determined by the * Arts Minister under section 376 ‑ 30) is at least $20 million; and (c) the company either carried out, or made the arrangements for the carrying out of, all the activities in Australia that were necessary for the making of the film. Note: The operation of paragraph (c) is affected by paragraph 376 ‑ 180(1)(d) (which deals with the situation where one company takes over the making of a film from another company). (6) For the purposes of paragraph (3)(c), the amount for a * film is worked out by using the formula: where: duration of film in hours means the total length of the * film, measured in hours. total QAPE means the total of the company’s * qualifying Australian production expenditure on the * film (as determined by the * Arts Minister under section 376 ‑ 30). Use of resident entities for post, digital and visual effects production (7) The condition in this subsection is that: (a) the company has entered into a contract for the provision of some or all of the * post, digital and visual effects production for the * film with an entity that: (i) is an Australian resident; or (ii) is a foreign resident but does have a * permanent establishment in Australia and does have an * ABN; and (b) all or part of the post, digital and visual effects production (the contracted post, digital and visual effects production ) to which that contract relates has, under the contract, been provided by the entity to the company; and (c) if the entity is a foreign resident—all or part of the contracted post, digital and visual effects production that has been provided by the entity to the company was provided at or through the entity’s permanent establishment in Australia; and (d) all or part of the company’s expenditure on the contracted post, digital and visual effects production is * qualifying Australian production expenditure of the company on the film. Minimum training expenditure requirement (8) The condition in this subsection is that the company: (a) satisfies the minimum training expenditure requirement for the * film under subsection 376 ‑ 27(1); or (b) is exempt from that requirement for the film under: (i) section 376 ‑ 28 (the permanent film infrastructure exemption); or (ii) section 376 ‑ 29 (the training programs exemption).", "Amendment_Count": 5, "First_Amended": "No 27 of 2002", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 61 of 2011 | No 85 of 2013 | No 67 of 2024", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-25", "Provision_Key": "s376-25", "Heading": "Meaning of documentary", "Text": "Meaning of documentary (1) A * film is a documentary if the film is a creative treatment of actuality, having regard to: (a) the extent and purpose of any contrived situation featured in the film; and (b) the extent to which the film explores an idea or a theme; and (c) the extent to which the film has an overall narrative structure; and (d) any other relevant matters. Exclusion of infotainment or lifestyle programs and magazine programs (2) However, a * film is not a documentary if it is: (a) an infotainment or lifestyle program (within the meaning of Schedule 6 to the Broadcasting Services Act 1992 ); or (b) a film that: (i) presents factual information; and (ii) has 2 or more discrete parts, each dealing with a different subject or a different aspect of the same subject; and (iii) does not contain an over ‑ arching narrative structure or thesis.", "Amendment_Count": 5, "First_Amended": "No 27 of 2002", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 27 of 2002 | No 162 of 2005 | No 164 of 2007 | No 61 of 2011 | No 85 of 2013", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Repealed by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Inserted by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-27", "Provision_Key": "s376-27", "Heading": "Minimum training expenditure requirement", "Text": "(1) A company satisfies the minimum training expenditure requirement for a * film under this subsection if the company incurs expenditure (the training expenditure ) that satisfies the conditions in subsections (2), (3) and (5). (2) The amount of the training expenditure must be at least the * minimum training expenditure amount for the * film. (3) Each part of the training expenditure must be: (a) expenditure that is both: (i) * qualifying Australian production expenditure of the company on the * film; and (ii) incurred for, or reasonably attributable to, eligible training that is provided to an individual that has worked on, or is working on, the * making of the film; or (b) expenditure that consists of payments made (for any purpose) to an eligible provider (other than an eligible provider that is an * associate of the company): (i) after the production commencement day for the film; and (ii) before either the making of the film ceases or the company’s qualifying Australian production expenditure on the film ceases being incurred (whichever is earlier). (4) To avoid doubt, the expenditure referred to in paragraph (3)(b) need not be * qualifying Australian production expenditure of the company on the * film. (5) The amount of the training expenditure that is * qualifying Australian production expenditure of the company on the * film must be at least 50% of the * minimum training expenditure amount for the film. Meaning of minimum training expenditure amount (6) The minimum training expenditure amount is: (a) for a * film with a production commencement day that is on or after 1 July 2024 but before 1 July 2025—either: (i) unless subparagraph (ii) applies—the lesser of $250,000 and 0.5% of the company’s total QAPE on the film; or (ii) if regulations have been made for the purposes of subsection (7)—the lesser of the prescribed monetary amount and the prescribed percentage of the company’s total QAPE on the film; or (b) for a film with a production commencement day that is on or after 1 July 2025—either: (i) unless subparagraph (ii) applies—the lesser of $500,000 and 1% of the company’s total QAPE on the film; or (ii) if regulations have been made for the purposes of subsection (7)—the lesser of the prescribed monetary amount and the prescribed percentage of the company’s total QAPE on the film. Prescribed amount and prescribed percentage (7) Subject to subsection (8), regulations made for the purposes of this subsection may prescribe: (a) a monetary amount (the prescribed monetary amount ) not exceeding $750,000; and (b) a percentage (the prescribed percentage ) not exceeding 1%. (8) If the regulations prescribe a monetary amount or a percentage, the regulations must prescribe both a monetary amount and a percentage. Definitions (9) In this section: eligible provider means an entity that either: (a) offers * tertiary courses; or (b) is an NVR registered training organisation (within the meaning of the National Vocational Education and Training Regulator Act 2011 ) that offers VET accredited courses (within the meaning of that Act); provided that one or more of those courses include eligible training. eligible training means training or education provided in Australia that contributes to the knowledge, skills or experience of an individual in relation to the * making of * films. prescribed monetary amount : see paragraph (7)(a). prescribed percentage : see paragraph (7)(b). production commencement day , for a * film, means the day that the following commenced: (a) for a film that is predominantly a digital animation or other animation—the * making of the film; (b) otherwise—the principal photography for the film. total QAPE , of a company on a * film, means the total of the company’s * qualifying Australian production expenditure on the film (as determined by the * Arts Minister under section 376 ‑ 30).", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-28", "Provision_Key": "s376-28", "Heading": "Minimum training expenditure exemption—permanent film infrastructure", "Text": "(1) A company is exempt under this section from the minimum training expenditure requirement (see subsection 376 ‑ 20(8) and section 376 ‑ 27) for a * film if: (a) the company has materially contributed to the establishment or upgrading of a piece of film infrastructure in Australia (whether or not the establishment or upgrading is complete); and (b) the film infrastructure is or will be, or the upgrades are or will be: (i) permanent; and (ii) reasonable in scale and cost, having regard to the scale and cost of the film; and (iii) reasonably located, having regard to the needs of the Australian screen industry; and (c) the establishment or upgrading of the film infrastructure occurs wholly or partly after the commencement of: (i) for a film that is predominantly a digital animation or other animation—the * making of the film; or (ii) otherwise—the principal photography for the film; and (d) if the establishment or upgrading of the film infrastructure is not complete—the establishment or upgrading will be completed within a reasonable period of time; and (e) the film infrastructure has, or the upgrades have, materially contributed to alleviating capacity constraints in the Australian screen industry. (2) In this section, film infrastructure means buildings or other physical structures that can be used in the * making of * films.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-28"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-29", "Provision_Key": "s376-29", "Heading": "Minimum training expenditure exemption—training programs", "Text": "(1) A company is exempt under this section from the minimum training expenditure requirement (see subsection 376 ‑ 20(8) and section 376 ‑ 27) for a * film (the relevant film ) if: (a) an individual (the trainee ) that has worked on the * making of the relevant film has undertaken training under a training program; and (b) all or part of that training was undertaken by the trainee during the period when the trainee worked on the making of the relevant film; and (c) the company or an * associate of the company has incurred expenditure that is for, or that is reasonably attributable to, the training undertaken by the trainee; and (d) the training program has materially contributed to the making of the relevant film; and (e) the training program has materially contributed, or will materially contribute, to the making of at least 2 films, each of which satisfies or will satisfy subsection (2) (and one of which may be the relevant film); and (f) the training program has materially contributed to alleviating capacity constraints in the Australian screen industry. (2) A * film satisfies this subsection if a substantial proportion of the activities involved in the * making of the film take place in Australia. (3) In determining whether a training program has contributed to a thing mentioned in paragraph (1)(f), the matters to which consideration may be given include, but are not limited to, the following: (a) mentoring, industry partnerships and work experience placements facilitated by the training program; (b) skills shortages in the Australian screen industry that are addressed by the training program; (c) activities connected with the training program that contribute to improving health and safety, and diversity and inclusion, in the Australian screen industry; (d) any matters specified in rules made under subsection (4). (4) Subject to subsection (5), the * Arts Minister may, by legislative instrument, make rules specifying matters for the purposes of paragraph (3)(d), including matters of a kind referred to in any of paragraphs (3)(a) to (c). (5) Before making rules under subsection (4), the * Arts Minister must consult the Minister.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-29"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-30", "Provision_Key": "s376-30", "Heading": "Minister to determine a company’s qualifying Australian production expenditure for the location offset", "Text": "(1) If a company applies to the * Arts Minister for the issue of a certificate to the company for a * film under section 376 ‑ 20 (certificate for the location offset), the Arts Minister must, as soon as practicable after receiving the application, determine in writing the total of the company’s * qualifying Australian production expenditure on the film for the purposes of the location offset. (2) In making a determination under subsection (1), the * Arts Minister must have regard to the matters in Subdivision 376 ‑ C. (3) The * Arts Minister must give the company written notice of the determination. (4) A determination made under subsection (1) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 27 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 27 of 2002 | No 164 of 2007", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-32", "Provision_Key": "s376-32", "Heading": "Minister may require information", "Text": "(1) Either: (a) before determining a company’s * qualifying Australian production expenditure on a * film under subsection 376 ‑ 30(1) for the purposes of the location offset; or (b) before issuing a certificate to the company for the film under section 376 ‑ 20 (certificate for the location offset); the * Arts Minister may, by written notice given to the company, require that the company provide to the Arts Minister information specified in the notice. (2) The information specified in the notice must be information that the * Arts Minister considers relevant to: (a) determining the company’s * qualifying Australian production expenditure or issuing the certificate to the company; or (b) assessing the benefit of the film to the Australian screen industry. (3) The notice must specify the time by which the information is to be provided (which must be at least 30 business days after the notice is given). (4) The * Arts Minister may, on request by the company, extend the time by written notice given to the company. (5) If the information is not provided by the specified time (including any extensions), the * Arts Minister may refuse to determine the company’s * qualifying Australian production expenditure or issue the certificate to the company.", "Amendment_Count": 1, "First_Amended": "No 67 of 2024", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 67 of 2024", "History_Notes": "Inserted by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-35", "Provision_Key": "s376-35", "Heading": "Film production company entitled to refundable tax offset for post, digital and visual effects production for a film (PDV offset)", "Text": "(1) A company is entitled to a * tax offset under this section (the PDV offset ) for an income year in respect of a * film if: (a) the company’s * qualifying Australian production expenditure on the film, to the extent that it relates to * post, digital and visual effects production for the film, ceased being incurred in the income year; and (b) the * Arts Minister has issued a certificate to the company for the post, digital and visual effects production for the film under section 376 ‑ 45 (certificate for the PDV offset); and (c) the company claims the offset in its * income tax return for the income year; and (d) the company: (i) is an Australian resident; or (ii) is a foreign resident but does have a * permanent establishment in Australia and does have an * ABN; when the company lodges the income tax return and when the tax offset is due to be credited to the company. The claim referred to in paragraph (c) is irrevocable. Note: The PDV offset is a refundable tax offset: see section 67 ‑ 23. (2) Post, digital and visual effects production for a * film means: (a) the creation of audio or visual elements (other than principal photography, pick ups or the creation of physical elements such as sets, props or costumes) for the film; and (b) the manipulation of audio or visual elements (other than pick ups or physical elements such as sets, props or costumes) for the film; and (c) activities that are necessarily related to the activities mentioned in paragraph (a) or (b). Note: 3D animation, digital compositing and music composition and recording are examples of post, digital and visual effects production. (3) The company is not entitled to the PDV offset if: (a) the company or someone else claims a deduction in relation to a unit of industrial property that relates to copyright in the * film under former Division 10B of Part III of the Income Tax Assessment Act 1936 ; or (b) a final certificate for the film has been issued at any time under former Division 10BA of Part III of the Income Tax Assessment Act 1936 (whether or not the certificate is still in force); or (c) a certificate for the film has been issued at any time under section 376 ‑ 20 (certificate for the location offset) (whether or not the certificate is still in force); or (d) a certificate for the film has been issued at any time under section 376 ‑ 65 (certificate for the producer offset) (whether or not the certificate is still in force).", "Amendment_Count": 5, "First_Amended": "No 27 of 2002", "Last_Amended": "No 42 of 2009", "Amending_Acts": "No 27 of 2002 | No 162 of 2005 | No 164 of 2007 | No 42 of 2009", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-40", "Provision_Key": "s376-40", "Heading": "Amount of the PDV offset", "Text": "The amount of the PDV offset is 30% of the total of the company’s * qualifying Australian production expenditure (as determined by the * Arts Minister under section 376 ‑ 50) on a * film, to the extent that it relates to * post, digital and visual effects production for the film.", "Amendment_Count": 3, "First_Amended": "No 27 of 2002", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 147 of 2011", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-45", "Provision_Key": "s376-45", "Heading": "Minister must issue certificate for a film for the PDV offset", "Text": "(1) The * Arts Minister must issue a certificate to a company for the * post, digital and visual effects production for a * film in relation to the PDV offset if the Minister is satisfied that the conditions in subsections (2), (3) and (5) are met. Type of film (2) The conditions in this subsection are that: (a) the * film was produced for: (i) exhibition to the public in cinemas or by way of television broadcasting (including broadcasting by way of the delivery of a television program by a broadcasting service within the meaning of the Broadcasting Services Act 1992 ); or (ii) distribution to the public as a video recording (whether on video tapes, digital video disks or otherwise); and (b) the film is: (i) a * feature film or a film of a like nature; or (ii) a mini ‑ series of television drama; or (iii) a television series that is not covered by subparagraph (i) or (ii); and (c) the film is not, or is not to a substantial extent: (i) if the film is covered by subparagraph (b)(i) or (ii)—a * documentary; or (ii) a film for exhibition as an advertising program or a commercial; or (iii) a film for exhibition as a discussion program, a quiz program, game show, a panel program, a variety program or a program of a like nature; or (iv) a film of a public event; or (v) if the film is covered by subparagraph (b)(i) or (ii)—a film forming part of a drama program series that is, or is intended to be, of a continuing nature; or (vi) a training film; or (vii) a computer game (within the meaning of the Classification (Publications, Films and Computer Games) Act 1995 ). Television series (3) The condition in this subsection is that, if the * film is a television series that is not covered by subparagraph (2)(b)(i) or (ii), it is made up of 2 or more episodes that: (a) are produced wholly or principally for exhibition to the public on television under a single title; and (b) contain a common theme or themes; and (c) contain dramatic elements that form a narrative structure; and (d) are produced wholly or principally for exhibition together, for a national market or national markets. Note: A documentary can be a television series. (4) To avoid doubt, and without limiting paragraph (3)(c), a * film satisfies the requirement in that paragraph if: (a) the sole or dominant purpose of the film is to depict actual events, people or situations; and (b) the film depicts those events, people or situations in a dramatic or entertaining way, with a heavy emphasis on dramatic impact or entertainment value. Conditions relating to expenditure thresholds (5) The conditions of this subsection are that: (a) the total of the company’s * qualifying Australian production expenditure on the * film (as determined by the * Arts Minister under section 376 ‑ 50), to the extent that it relates to * post, digital and visual effects production for the film, is at least $500,000; and (b) the company either carried out, or made the arrangements for the carrying out of, all the activities in Australia that were necessary for the post, digital and visual effects production for the film. Note: The operation of paragraph (b) is affected by paragraph 376 ‑ 180(1)(d) (which deals with the situation where one company takes over the making of a film from another company).", "Amendment_Count": 4, "First_Amended": "No 27 of 2002", "Last_Amended": "No 85 of 2013", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 61 of 2011 | No 85 of 2013", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-50", "Provision_Key": "s376-50", "Heading": "Minister to determine a company’s qualifying Australian production expenditure for the PDV offset", "Text": "(1) If a company applies to the * Arts Minister for the issue of a certificate to the company for the * post, digital and visual effects production for a * film under section 376 ‑ 45 (certificate for the PDV offset), the Arts Minister must, as soon as practicable after receiving the application, determine in writing the total of the company’s * qualifying Australian production expenditure, to the extent that it relates to post, digital and visual effects production for the film, for the purposes of the PDV offset. (2) In making a determination under subsection (1), the * Arts Minister must have regard to the matters in Subdivision 376 ‑ C. (3) The * Arts Minister must give the company written notice of the determination. (4) A determination made under subsection (1) is not a legislative instrument.", "Amendment_Count": 3, "First_Amended": "No 27 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 27 of 2002 | No 41 of 2005 | No 164 of 2007", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-55", "Provision_Key": "s376-55", "Heading": "Film production company entitled to refundable tax offset for Australian expenditure in making an Australian film (producer offset)", "Text": "(1) A company is entitled to a * tax offset under this section (the producer offset ) for an income year in respect of a * film if: (a) the film was * completed in the income year; and (b) the * film authority has issued a certificate to the company under section 376 ‑ 65 (certificate for the producer offset) for the film; and (c) the company claims the offset in its * income tax return for the income year; and (d) the company: (i) is an Australian resident; or (ii) is a foreign resident but does have a * permanent establishment in Australia and does have an * ABN; when the company lodges the income tax return and when the tax offset is due to be credited to the company. The claim referred to in paragraph (c) is irrevocable. Note: The producer offset is a refundable tax offset: see section 67 ‑ 23. (2) A * film is completed : (a) for a film that is not covered by paragraph (b) or (c)—when it is first in a state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public; or (b) for a series other than a drama series—at the earlier of: (i) the time when the episode in which the 65th commercial hour is reached is first in a state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public; and (ii) the time when the series is first in such a state; and (c) for a season of a series other than a drama series—at the earlier of: (i) the time when the episode in which the 65th commercial hour is reached is first in a state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public; and (ii) the time when the season is first in such a state. (3) Film authority means Screen Australia. (4) The company is not entitled to the producer offset if: (a) the company or someone else claims a deduction in relation to a unit of industrial property that relates to copyright in the * film under former Division 10B of Part III of the Income Tax Assessment Act 1936 ; or (b) a final certificate for the film has been issued at any time under former Division 10BA of Part III of the Income Tax Assessment Act 1936 (whether or not the certificate is still in force); or (c) a certificate for the film has been issued at any time under section 376 ‑ 20 (certificate for the location offset) (whether or not the certificate is still in force); or (d) a certificate for the film has been issued at any time under section 376 ‑ 45 (certificate for the PDV offset) (whether or not the certificate is still in force); or (f) production assistance (other than * development assistance) for the film has been received by the company or anyone else before 1 July 2007 from any of the following bodies: (i) the Film Finance Corporation Australia Limited; (ii) Film Australia Limited; (iii) the Australian Film Commission; (iv) the Australian Film, Television and Radio School; or (g) the * film authority’s Producer Equity Program has provided financial assistance to the company or anyone else for the making of the film. (5) Development assistance for a * film means financial assistance provided to assist with meeting the development costs for the film, and includes assistance to the extent to which it is provided in relation to any of the following: (a) location surveys and other activities undertaken to assess locations for possible use in the film; (b) storyboarding for the film; (c) scriptwriting for the film; (d) research for the film; (e) casting actors for the film; (f) developing a budget for the film; (g) developing a shooting schedule for the film.", "Amendment_Count": 8, "First_Amended": "No 27 of 2002", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 13 of 2008 | No 42 of 2009 | No 147 of 2011 | No 136 of 2012 | No 127 of 2021", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 13 of 2008, effective Sch 1 (items 3, 4): 1 July 2008 (s 2(1) item 2) | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 136 of 2012, effective Sch 7 (items 7–9): 22 Sept 2012 (s 2(1) item 37) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-60", "Provision_Key": "s376-60", "Heading": "Amount of the producer offset", "Text": "The amount of the producer offset is: (a) if the * film is a * feature film that was produced for commercial exhibition to the public in cinemas—40%; or (b) otherwise—30%; of the total of the company’s * qualifying Australian production expenditure on the film (as determined by the * film authority under section 376 ‑ 75).", "Amendment_Count": 4, "First_Amended": "No 27 of 2002", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 27 of 2002 | No 133 of 2003 | No 164 of 2007 | No 127 of 2021", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed by No 133 of 2003, effective 17 Dec 2003 | Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-65", "Provision_Key": "s376-65", "Heading": "Film authority must issue certificate for an Australian film for the producer offset", "Text": "(1) The * film authority must issue a certificate to a company for a * film in relation to the producer offset if the film authority is satisfied that: (a) the company either carried out, or made the arrangements for the carrying out of, all the activities that were necessary for the * making of the film; and (b) the conditions in subsections (2) to (6) are met. Note: The operation of paragraph (a) is affected by paragraph 376 ‑ 180(1)(d) (which deals with the situation where one company takes over the making of a film from another company). Type of film (2) The conditions in this subsection are that: (a) the * film: (i) has a significant Australian content (see section 376 ‑ 70); or (ii) has been made under an * arrangement entered into between the Commonwealth or an authority of the Commonwealth and a foreign country or an authority of the foreign country; and (b) the film was produced for: (i) exhibition to the public in cinemas or by way of television broadcasting (including broadcasting by way of the delivery of a television program by a broadcasting service within the meaning of the Broadcasting Services Act 1992 ); or (ii) distribution to the public as a video recording (whether on video tapes, digital video disks or otherwise); and (c) the film is: (i) a * feature film; or (ii) a single episode program; or (iii) a series; or (iv) a season of a series; or (v) a short form animated film that is not covered by subparagraph (i), (ii), (iii) or (iv); and (d) the film is not, or is not to a substantial extent: (i) a film for exhibition as an advertising program or a commercial; or (ii) a film for exhibition as a discussion program, a quiz program, game show, a panel program, a variety program or a program of a like nature; or (iii) a film of a public event (other than a * documentary); or (iv) a training film; or (v) a computer game (within the meaning of the Classification (Publications, Films and Computer Games) Act 1995 ); or (vi) a news or current affairs program; or (vii) a reality program (other than a documentary). Single episode programs (3) The conditions in this subsection are that, if the * film is a single episode program, it: (a) is of a like nature to a * feature film; and (b) is produced for: (i) exhibition to the public by way of television broadcasting (including broadcasting by way of the delivery of a television program by a broadcasting service within the meaning of the Broadcasting Services Act 1992 ); or (ii) distribution to the public as a video recording (whether on video tapes, digital video disks or otherwise); and (c) if the program is a * documentary—is of at least one half of a commercial hour in duration; and (d) if the program is not a documentary—is of at least one commercial hour in duration. Short form animated film (4) The conditions in this subsection are that, if the * film is a short form animated film, it: (a) is a program comprising one or more episodes which are produced wholly or principally for exhibition together, for a national market or national markets under a single title; and (b) is predominantly made using cell, stop motion, digital or other animation; and (c) contains a common theme or themes; and (d) is of at least one quarter of a commercial hour in duration. Series and seasons of series (5) The conditions in this subsection are that: (a) if the application for the certificate is for a * film that is a series and not for a film that is a season of that series: (i) the series is made up of at least 2 episodes; and (ii) each episode of the series is at least one half of a commercial hour in duration, except where the film is predominantly made using cell, stop motion, digital or other animation, in which case each episode is at least one quarter of a commercial hour in duration; and (iii) in the case of a series other than a drama series—the series has a new creative concept (see section 376 ‑ 70); and (b) if the application for the certificate is for a film that is a season of a series: (i) the season is made up of at least 2 episodes; and (ii) each episode of the series is at least one half of a commercial hour in duration, except where the film is predominantly made using cell, stop motion, digital or other animation, in which case each episode is at least one quarter of a commercial hour in duration; and (iii) in the case of a series other than a drama series—the series has a new creative concept (see section 376 ‑ 70). Expenditure thresholds (6) Subject to subsection (6A), the conditions in this subsection are as set out in the table. Expenditure thresholds Item For this type of film ... The total of the company’s qualifying Australian production expenditure on the film (as determined by the film authority under section 376 ‑ 75) is at least ... and the amount for the film worked out under subsection (7) is at least ... 1 A * feature film $500,000 not applicable 2 A single episode program other than a * documentary $500,000 not applicable 3 A single episode program that is a * documentary $500,000 $250,000 4 A short form animated film that is not a * feature film, a single episode program, a series or a season of a series $250,000 $1,000,000 5 A * film where the application for the certificate is for a series and not for a season of that series, and the series is not a * documentary $1 million $500,000 6 A * film where the application for the certificate is for a series and not for a season of that series, and the series is a * documentary $500,000 $250,000 7 A * film where the application for the certificate is for a season of a series, and the series is not a * documentary $1 million $500,000 7A A * film where: (a) the application for the certificate is for a season of a series; and (b) the series is a drama series; and (c) the series is not a * documentary; and (d) the season meets the conditions in subsection (6B) $35 million not applicable 8 A * film where the application for the certificate is for a season of a series, and the series is a * documentary $500,000 $250,000 (6A) A * film that is both of the type referred to in item 7, and of the type referred to in item 7A, of the table in subsection (6) meets the conditions in that subsection if the film meets the conditions set out in one or both of those items. (6B) The conditions in this subsection are that: (a) the season is made up of 2 or more episodes that are produced wholly or principally for exhibition together under a single title; and (b) the season is produced for: (i) exhibition to the public by way of television broadcasting (including broadcasting by way of the delivery of a television program by a broadcasting service within the meaning of the Broadcasting Services Act 1992 ); or (ii) distribution to the public as a video recording (whether on video tapes, digital video disks or otherwise); and (c) either: (i) for a season that is predominantly a digital animation or other animation—the * making of the season (other than a pilot episode, if any) takes place within a period of not longer than 36 months; or (ii) otherwise—all principal photography for the season (other than a pilot episode, if any) takes place within a period of not longer than 12 months. (7) The amount worked out for a * film under this subsection is the amount worked out using the formula: where: duration of film in hours means the total length of the * film, measured in hours. total QAPE means the total of the company’s * qualifying Australian production expenditure on the * film (as determined by the * film authority under section 376 ‑ 75).", "Amendment_Count": 6, "First_Amended": "No 27 of 2002", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 27 of 2002 | No 164 of 2007 | No 147 of 2011 | No 85 of 2013 | No 127 of 2021 | No 67 of 2024", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-70", "Provision_Key": "s376-70", "Heading": "Determination of content of film", "Text": "(1) In determining for the purposes of section 376 ‑ 65 (certificate for the producer offset) whether a * film has a significant Australian content, the * film authority must have regard to the following: (a) the subject matter of the film; (b) the place where the film was made; (c) the nationalities and places of residence of the persons who took part in the * making of the film; (d) the details of the * production expenditure incurred in respect of the film; (e) any other matters that the film authority considers to be relevant. (2) In determining for the purposes of section 376 ‑ 65 (certificate for the producer offset) whether a * film that is a series has a new creative concept, the * film authority must have regard to the following: (a) the title of the series; (b) whether the series has substantially different characters, settings, production locations and individuals involved in the * making of the series than any other series; (c) any other matters that the film authority considers to be relevant.", "Amendment_Count": 2, "First_Amended": "No 27 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 27 of 2002 | No 164 of 2007", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-75", "Provision_Key": "s376-75", "Heading": "Film authority to determine a company’s qualifying Australian production expenditure for the producer offset", "Text": "(1) If a company applies to the * film authority for the issue of a certificate to the company for a * film under section 376 ‑ 65 (certificate for the producer offset), the film authority must, as soon as practicable after receiving the application, determine in writing the total of the company’s * qualifying Australian production expenditure on the film for the purposes of the producer offset. (2) In making a determination under subsection (1), the * film authority must have regard to the matters in Subdivision 376 ‑ C. (3) The * film authority must give the company written notice of the determination. (4) A determination made under subsection (1) is not a legislative instrument.", "Amendment_Count": 2, "First_Amended": "No 27 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 27 of 2002 | No 164 of 2007", "History_Notes": "Inserted by No 27 of 2002, effective 4 Apr 2002 | Repealed and substituted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-125", "Provision_Key": "s376-125", "Heading": "Production expenditure—general test", "Text": "(1) A company’s production expenditure on a * film is expenditure that the company incurs to the extent to which it: (a) is incurred in, or in relation to, the * making of the film; or (b) is reasonably attributable to: (i) the use of equipment or other facilities for; or (ii) activities undertaken in; the making of the film. (2) The making of a * film means the doing of the things necessary for the production of the first copy of the film. (3) The making of a * film includes: (a) pre ‑ production activities in relation to the film; and (b) post ‑ production activities in relation to the film; and (c) any other activities undertaken to bring the film up to the state where it could reasonably be regarded as ready to be distributed, broadcast or exhibited to the general public. (4) The making of a * film does not include: (a) developing the proposal for the * making of the film; or (b) arranging or obtaining finance for the film; or (c) distributing the film (other than the activities listed in paragraphs (a) to (e) of item 7 of the table in subsection 376 ‑ 170(2)); or (d) promoting the film. (5) Without limiting subsection (1), a company’s production expenditure on a * film: (a) may be expenditure that is incurred in the income year for which the * tax offset is sought or in an earlier income year; and (b) may be expenditure of either a capital or a revenue nature; and (c) may be expenditure that gives rise to a deduction. Paragraph (c) has effect subject to item 10 of the table in section 376 ‑ 135 (which deals with capital allowances). (6) If: (a) a company: (i) * holds a * depreciating asset; and (ii) uses the asset, while held, in the * making of a * film; and (b) deductions in relation to the asset are available under Division 40 (which deals with capital allowances); the production expenditure of the company on the film includes an amount equal to the decline in the value of the asset to the extent to which that decline is reasonably attributable to the use of the asset in the making of the film (the film proportion ). The decline in value of the asset is to be worked out using Division 40. Note: Under item 10 of the table in section 376 ‑ 135, expenditure that sets or increases the cost of the asset does not count as production expenditure. (7) If a * balancing adjustment event occurs for the asset before the film is * completed: (a) if the asset’s * termination value is more than its * adjustable value just before the event occurred—the production expenditure of the company on the film is reduced by the film proportion of the difference; or (b) if the asset’s termination value is less than its adjustable value just before the event occurred—the production expenditure of the company on the film includes the film proportion of the difference.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 164 of 2007 | No 147 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-130", "Provision_Key": "s376-130", "Heading": "Production expenditure—special qualifying Australian production expenditure", "Text": "Expenditure of a company is also production expenditure of the company on a * film if it is * qualifying Australian production expenditure of the company on the film under section 376 ‑ 150 or 376 ‑ 165. Note: This means that the special qualifying Australian production expenditure in sections 376 ‑ 150 and 376 ‑ 165 is taken into account both in working out the total amount of the company’s qualifying Australian production expenditure and in working out the total amount of all the company’s production expenditure on the film.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 164 of 2007 | No 61 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-135", "Provision_Key": "s376-135", "Heading": "Production expenditure—specific exclusions", "Text": "Despite sections 376 ‑ 125 and 376 ‑ 130, the following expenditure of a company is not production expenditure of the company on a * film, except to the extent, if any, as mentioned in column 3 of the table: Expenditure that does not count as production expenditure on a film Item This kind of expenditure by the company is not production expenditure ... except to the extent to which the expenditure is ... 1 Financing expenditure expenditure incurred by way of, or in relation to, the financing of the * film (including returns payable on amounts invested in the film and expenditure in relation to raising and servicing finance for the film) * qualifying Australian production expenditure under item 6 of the table in subsection 376 ‑ 150(1) and paragraph (a) of item 5 of the table in subsection 376 ‑ 170(2) 2 Development expenditure * development expenditure on the * film * qualifying Australian production expenditure under item 1 of the table in subsection 376 ‑ 150(1) 3 Copyright acquisition expenditure expenditure incurred in acquiring copyright, or a licence in relation to copyright, in a pre ‑ existing work for use in the * film * qualifying Australian production expenditure under item 2 of the table in subsection 376 ‑ 150(1) 4 General business overheads expenditure incurred to meet the general business overheads of the company that: (a) are not incurred in, or in relation to, the * making of the * film; and (b) are not reasonably attributable to: (i) the use of equipment or other facilities for; or (ii) activities undertaken in; the making of the film * qualifying Australian production expenditure under item 1 of the table in subsection 376 ‑ 165(1) or item 1 of the table in subsection 376 ‑ 170(2) 5 Publicity and promotion expenditure expenditure incurred in publicising or otherwise promoting the * film (including press expenses, still photography, videotapes, public relations and other similar expenses) * qualifying Australian production expenditure under item 3 or 4 of the table in subsection 376 ‑ 150(1) or item 6 of the table in subsection 376 ‑ 170(2) 6 Deferments amounts that are payable only out of the receipts, earnings or profits from the * film 7 Profit participation amounts that: (a) depend on the receipts, earnings or profits from the * film; or (b) are otherwise dependent on the commercial performance of the film 8 Residuals amounts payable in satisfaction of the residual rights of a person who is a member of the cast paid out by the company before the * film is * completed 9 Advances amounts paid by way of advance on a payment to which item 6, 7 or 8 applies to the extent to which it may become repayable by the person to whom it is paid 10 Acquisition of depreciating asset expenditure to the extent to which it sets, or increases, the * cost of a * depreciating asset This item has effect subject to subsections 376 ‑ 125(6) and (7). * qualifying Australian production expenditure under item 2 of the table in subsection 376 ‑ 150(1) 11 Regulations expenditure specified in regulations", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 164 of 2007 | No 147 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-140", "Provision_Key": "s376-140", "Heading": "Production expenditure—special rules for the location offset", "Text": "Despite sections 376 ‑ 125 and 376 ‑ 130, the expenditure of a company is not production expenditure of the company on a * film in relation to the location offset if: (a) the film is a television series that is not a * feature film or a mini ‑ series of television drama; and (b) the expenditure is reasonably attributable to the production of a pilot episode to the television series; and (c) the expenditure, apart from this subsection, would be production expenditure that was not * qualifying Australian production expenditure.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 164 of 2007 | No 61 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-145", "Provision_Key": "s376-145", "Heading": "Qualifying Australian production expenditure—general test", "Text": "A company’s qualifying Australian production expenditure on a * film is the company’s * production expenditure on the film to the extent to which it is incurred for, or is reasonably attributable to: (a) goods and services provided in Australia; or (b) the use of land located in Australia; or (c) the use of goods that are located in Australia at the time they are used in the * making of the film.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-150", "Provision_Key": "s376-150", "Heading": "Qualifying Australian production expenditure—specific inclusions", "Text": "(1) The following expenditure of a company is also qualifying Australian production expenditure of the company on a * film: Special Australian expenditure Item Type of expenditure 1 Australian development expenditure * development expenditure on the * film to the extent to which it is incurred for, or is reasonably attributable to: (a) goods and services provided in Australia; or (b) the use of land located in Australia; or (c) the use of goods that are located in Australia at the time they are used in the * making of the film [see subsection (2)] 2 Expenditure incurred in acquiring Australian copyright expenditure incurred to acquire copyright, or a licence in relation to copyright, in a pre ‑ existing work for use in the * film if the copyright is held by an individual or a company that is an Australian resident 3 Expenditure incurred in producing Australian copyrighted promotional material expenditure incurred in producing material for use in publicising or otherwise promoting the * film if the copyright in the material is held by an individual or a company that is an Australian resident 4 Expenditure incurred in producing additional content expenditure incurred in producing audio or visual content for the * film otherwise than for use in the first copy of the film, to the extent that the expenditure is incurred in Australia prior to the * completion of the film 5 Regulations expenditure prescribed by the regulations 6 Certain financing expenditure expenditure incurred in Australia prior to the end of the income year in which * completion of the * film occurs in respect of any of the following: (a) insurance related to making the film; (b) fees for audit services and legal services provided in Australia in relation to raising and servicing the financing of the film which are incurred by the company that makes, or is responsible for making, the film; (c) fees for incorporation and liquidation of the company that makes or is responsible for making the film. (2) Legal costs are covered by item 1 of the table in subsection (1) only if they relate to: (a) writers’ contracts; or (b) chain of title and other copyright issues.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 164 of 2007 | No 147 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-155", "Provision_Key": "s376-155", "Heading": "Qualifying Australian production expenditure—specific exclusions", "Text": "Despite sections 376 ‑ 145, 376 ‑ 150, 376 ‑ 165 and 376 ‑ 170, the following expenditure of a company is not qualifying Australian production expenditure of a company on a * film: (a) expenditure that is incurred when: (i) the company is a foreign resident; and (ii) the company does not have both a * permanent establishment in Australia and an * ABN; (b) expenditure in relation to: (i) remuneration and other benefits provided to an individual for the individual’s services in relation to the * making of the film; or (ii) travel and other costs associated with the services an individual provides in relation to the making of the film; if the individual: (iii) is not a member of the cast; and (iv) enters Australia to work on the film for less than 2 consecutive calendar weeks; (c) expenditure prescribed by the regulations.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-160", "Provision_Key": "s376-160", "Heading": "Qualifying Australian production expenditure—treatment of services embodied in goods", "Text": "If: (a) a company incurs expenditure for the provision of what is essentially a service; and (b) the results of the service are provided to the company by being embodied in goods that are delivered to the company; and (c) the service that is embodied in the goods was predominantly performed outside Australia; the service is not provided to the company in Australia merely because the goods are delivered to the company in Australia. Note: Paragraph (b)—a document, for example, might set out legal or other professional advice or a computer disk might contain a program that has been made or data that has been compiled.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-165", "Provision_Key": "s376-165", "Heading": "Qualifying Australian production expenditure—special rules for the location offset and the PDV offset", "Text": "(1) For the purposes of the location offset and the PDV offset, the following expenditure of a company is also qualifying Australian production expenditure of the company on a * film: Special Australian expenditure—location offset and PDV offset Item Type of expenditure 1 Australian business overheads general business overheads of the company that: (a) are not incurred in, or in relation to, the * making of the * film; and (b) are not reasonably attributable to: (i) the use of equipment or other facilities for; or (ii) activities undertaken in; the making of the film; to the extent to which they: (c) are incurred for, or are reasonably attributable to: (i) goods and services provided in Australia; or (ii) the use of land located in Australia; or (iii) the use of goods that are located in Australia at the time they are used in the making of the film; and (d) represent a reasonable apportionment of those overheads between the making of the film and the other activities undertaken by the company This item has effect subject to subsection (2). 2 Travel to Australia expenditure of the company in relation to an individual’s travel to Australia to undertake activities in Australia in relation to the * making of the * film, if the remuneration paid to the individual for those activities is * qualifying Australian production expenditure of the company 3 Expenditure incurred in freighting goods to Australia expenditure incurred in freighting goods to Australia, to the extent that the goods will be used in the * making of the * film (2) General business overheads of the company are covered by item 1 of the table in subsection (1) only to the extent to which they do not exceed the lesser of: (a) 2% of the total of all the company’s * production expenditure on the * film; and (b) $500,000.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-170", "Provision_Key": "s376-170", "Heading": "Qualifying Australian production expenditure—special rules for the producer offset", "Text": "Expenditure that is qualifying Australian production expenditure (1) For the purposes of subsections 376 ‑ 65(6) and (7), expenditure on a * film incurred in a foreign country is qualifying Australian production expenditure of a company on the film if: (a) the expenditure is incurred by the company claiming the offset, or by another entity that is involved in the * making of the film; and (b) the expenditure would be qualifying Australian production expenditure if it had been incurred for, or reasonably attributable to: (i) goods and services provided in Australia; or (ii) the use of land located in Australia; or (iii) the use of goods that are located in Australia at the time they are used in the * making of the film; and (c) the film is made under an * arrangement entered into between the Commonwealth or an authority of the Commonwealth and the foreign country or an authority of the foreign country. Note: This means that such expenditure is taken into account for the purposes of determining whether to issue a certificate for the producer offset to the company under section 376 ‑ 65. It is not taken into account in working out the amount of the producer offset to which the company is entitled. (2) For the purposes of the producer offset, the following expenditure of a company is also qualifying Australian production expenditure of the company on a * film: Special Australian expenditure—producer offset Item Type of expenditure 1 Australian business overheads general business overheads of the company that: (a) are not incurred in, or in relation to, the * making of the * film; and (b) are not reasonably attributable to: (i) the use of equipment or other facilities for; or (ii) activities undertaken in; the making of the film; to the extent to which they: (c) are incurred for, or are reasonably attributable to: (i) goods and services provided in Australia; or (ii) the use of land located in Australia; or (iii) the use of goods that are located in Australia at the time they are used in the making of the film; and (d) represent a reasonable apportionment of those overheads between the making of the film and the other activities undertaken by the company This item has effect subject to subsection (3). 2 Travel to Australia and other countries expenditure of the company in relation to an individual’s travel: (a) to Australia, to undertake activities in relation to the * making of the * film; and (b) to or within any other country, to undertake activities in relation to the making of the film, if the remuneration paid to the individual for those activities would be * qualifying Australian production expenditure of the company under item 4 of this table. 3 Expenditure incurred in freighting goods within and between countries expenditure incurred in freighting goods within and between countries, to the extent that the goods will be used in the * making of the * film. 4 Expenditure incurred in other countries expenditure incurred outside Australia: (a) for the remuneration of an Australian resident, or the purchase of goods or services from companies or * permanent establishments that have an * ABN; and (b) during the period in which principal photography for the film takes place outside Australia if the subject matter of the film reasonably requires the location in which the expenditure is incurred to be used for principal photography. 5 Other expenditure expenditure incurred in Australia in respect of any of the following: (a) obtaining an independent opinion of the amount of a film’s * qualifying Australian production expenditure required for use in relation to the financing of the film; (b) offset carbon emissions created during the making of the film. 6 Expenditure incurred in producing Australian copyright promotional material expenditure incurred in Australia in the income year of the * completion of the * film or an earlier year in respect of any of the following: (a) producing material for publicising or otherwise promoting the film where the copyright in the material is held or partially held by a company that is an Australian resident; (b) unit publicist fees. 7 Expenditure incurred in delivering or distributing the film expenditure incurred by the applicant company in delivering or distributing the film prior to the end of the income year in which the * film is complete to the extent to which it is incurred for, or reasonably attributable to, any of the following: (a) acquiring Australian classification certificates; (b) sound mix mastering licenses; (c) re ‑ versioning the film in Australia; (d) freight services provided by a company in Australia for delivery of contracted deliverables in relation to the film; (e) storing the film in a film vault in Australia. (3) General business overheads of the company are covered by item 1 of the table in subsection (2) only to the extent to which they do not exceed the lesser of: (a) 5% of the total of all the company’s * total film expenditure on the * film; and (b) $500,000. (3A) Expenditure incurred for the purchase of services is not covered by item 4 of the table in subsection (2) if the services are, to any extent, performed by an individual who is not an Australian resident. Expenditure that is not qualifying Australian production expenditure (4) For the purposes of the producer offset, the following expenditure of a company is not qualifying Australian production expenditure of a company on a * film: (a) expenditure on the film that is paid for with * development assistance received from any of the following bodies: (ii) Film Australia Limited; (iii) the Australian Film Commission; (iv) the Australian Film, Television and Radio School; (v) Screen Australia; unless the amount or value of the assistance has been repaid; (b) subject to subsection (4A), the following expenditure: (i) * development expenditure on the film; (ii) remuneration provided to the principal director, producers and principal cast associated with the film; to the extent that such expenditure comprises greater than 20% of the company’s * total film expenditure on the film; (c) for a series other than a drama series, or a season of a series other than a drama series—expenditure on an episode beyond the episode in which the 65th commercial hour of the series is reached. (4A) Paragraph (4)(b) does not apply to a * film that is a * documentary. (5) In applying paragraph (4)(c), episodes completed before 1 July 2011 count towards the limit in that paragraph. (6) Total film expenditure on a film means: (a) expenditure covered by sections 376 ‑ 125, 376 ‑ 130, 376 ‑ 150 and 376 ‑ 170; and (b) expenditure mentioned in column 2 of the table in section 376 ‑ 135, to the extent that it is not covered by paragraph (a).", "Amendment_Count": 7, "First_Amended": "No 164 of 2007", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 164 of 2007 | No 13 of 2008 | No 41 of 2011 | No 147 of 2011 | No 85 of 2013 | No 84 of 2018 | No 127 of 2021", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 13 of 2008, effective Sch 1 (items 3, 4): 1 July 2008 (s 2(1) item 2) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-175", "Provision_Key": "s376-175", "Heading": "Expenditure to be worked out on an arm’s length basis", "Text": "For the purposes of this Division, if any 2 or more parties to: (a) an * arrangement under which a company incurs expenditure in relation to a * film; or (b) any act or transaction directly or indirectly connected with expenditure that a company incurs in relation to a film; do not deal with each other at * arm’s length in relation to the arrangement, or in relation to the act or transaction, the expenditure is taken to be only so much (if any) of the expenditure as would have been incurred if they had been dealing with each other at arm’s length in relation to the arrangement, or in relation to the act or transaction.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-180", "Provision_Key": "s376-180", "Heading": "Expenditure incurred by prior production companies", "Text": "(1) For the purposes of this Division, if a company (the incoming company ) takes over the * making of a * film from another company (the outgoing company ): (a) expenditure incurred in relation to the film by the outgoing company is taken to have been incurred in relation to the film by the incoming company; and (b) for the purposes of determining the extent to which that expenditure is * qualifying Australian production expenditure of the incoming company, the incoming company is taken: (i) to have been an Australian resident at any time when the outgoing company was an Australian resident; and (ii) to have had a * permanent establishment in Australia at any time when the outgoing company had a permanent establishment in Australia; and (iii) to have had an * ABN at any time when the outgoing company had an ABN; and (c) expenditure that the incoming company incurs in order to be able to take over the making of the film is to be disregarded for the purposes of this Division; and (d) any activities carried out, and arrangements made, by the outgoing company in relation to the film are taken, for the purposes of paragraphs 376 ‑ 20(5)(c), 376 ‑ 45(5)(b) and 376 ‑ 65(1)(a), to have been carried out or made by the incoming company in relation to the film. (2) For the purposes of subsection (1): (a) expenditure incurred on the * film by the outgoing company includes expenditure that the outgoing company is itself taken to have incurred on the film because of the operation of subsection (1); and (b) the outgoing company is taken: (i) to have been an Australian resident at any time when the outgoing company is taken to have been an Australian resident because of the operation of subsection (1); and (ii) to have had a * permanent establishment in Australia at any time when the outgoing company is taken to have had a permanent establishment in Australia because of the operation of subsection (1); and (iii) to have had an * ABN at any time when the outgoing company is taken to have had an ABN because of the operation of subsection (1); and (c) activities carried out by the outgoing company in relation to the film include activities that the outgoing company is taken to have carried out in relation to the film because of the operation of subsection (1); and (d) arrangements made by the outgoing company for the carrying out of activities in relation to the film include arrangements that the outgoing company is taken to have made because of the operation of subsection (1). Example: If Uncle Carty Ltd starts out making a film and then Mr Grouble Ltd takes over the making of the film, Mr Grouble Ltd is taken to have incurred the expenditure that Uncle Carty Ltd incurred on the film. If Lousie Ltd subsequently takes over the making of the film from Mr Grouble Ltd, Lousie Ltd is taken to have incurred the expenditure that Mr Grouble Ltd incurred on the film (including the expenditure of Uncle Carty Ltd that is attributed to Mr Grouble Ltd).", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 164 of 2007 | No 61 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-185", "Provision_Key": "s376-185", "Heading": "Expenditure to be worked out excluding GST", "Text": "In determining an amount of expenditure for the purpose of this Division, the expenditure is taken to exclude * GST.", "Amendment_Count": 1, "First_Amended": "No 147 of 2011", "Last_Amended": "No 147 of 2011", "Amending_Acts": "No 147 of 2011", "History_Notes": "Inserted by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-230", "Provision_Key": "s376-230", "Heading": "Production company may apply for certificate", "Text": "(1) A company may apply to the * Arts Minister for the issue of a certificate to the company for a * film under section 376 ‑ 20 (certificate for the location offset) when all of the company’s * qualifying Australian production expenditure for the film has been incurred. Application for PDV offset certificate (2) Once all of a company’s * qualifying Australian production expenditure on a * film, to the extent that it relates to * post, digital and visual effects production for the film, has been incurred, the company may apply to the * Arts Minister for the issue of a certificate to the company for the film under section 376 ‑ 45 (certificate for the PDV offset). Application for producer offset certificate (3) Once a * film is * completed, a company may apply to the * film authority for the issue of a certificate to the company for the film under section 376 ‑ 65 (certificate for the producer offset). Form of application (4) An application under subsection (1) or (2) must be made in accordance with the rules determined by the * Arts Minister under section 376 ‑ 260 so far as they relate to the requirements for applications. (5) An application under subsection (3) must be made in accordance with the rules determined by the * film authority under section 376 ‑ 265 so far as they relate to the requirements for applications.", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 61 of 2011", "Amending_Acts": "No 164 of 2007 | No 88 of 2009 | No 61 of 2011", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-235", "Provision_Key": "s376-235", "Heading": "Notice of refusal to issue certificate", "Text": "(1) If the * Arts Minister decides not to issue a certificate under section 376 ‑ 20 (certificate for the location offset) or 376 ‑ 45 (certificate for the PDV offset) for a * film, the Minister must give the applicant written notice of the decision (including reasons for the decision). (2) If the * film authority decides not to issue a certificate under section 376 ‑ 65 (certificate for the producer offset) for a * film, the authority must give the applicant written notice of the decision (including reasons for the decision).", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-240", "Provision_Key": "s376-240", "Heading": "Issue of certificate", "Text": "(1) A certificate issued to a company under section 376 ‑ 20 (certificate for the location offset), 376 ‑ 45 (certificate for the PDV offset) or 376 ‑ 65 (certificate for the producer offset) must: (a) be in writing; and (b) specify the company’s * ABN; and (c) specify the date of issue of the certificate; and (d) if the certificate is issued under section 376 ‑ 20—specify the total of the company’s * qualifying Australian production expenditure on the * film, as determined by the * Arts Minister under section 376 ‑ 30; and (e) if the certificate is issued under section 376 ‑ 45—specify the total of the company’s qualifying Australian production expenditure on the film, to the extent that it relates to * post, digital and visual effects production for the film, as determined by the Arts Minister under section 376 ‑ 50; and (f) if the certificate is issued under section 376 ‑ 65—specify the total of the company’s qualifying Australian production expenditure on the film, as determined by the * film authority under section 376 ‑ 75. (2) If the certificate is issued under section 376 ‑ 20 (certificate for the location offset) or 376 ‑ 45 (certificate for the PDV offset), the * Arts Minister must give the Commissioner notice of the issue of a certificate for a * film within 30 days after issuing the certificate. (3) The notice under subsection (2) must specify: (a) the company’s name; and (b) the company’s address; and (c) the total of the company’s * qualifying Australian production expenditure on the * film, as determined by the * Arts Minister under section 376 ‑ 30 or 376 ‑ 50, as the case may be; and (d) other matters agreed to between the Arts Minister and the Commissioner. The notice must be accompanied by a copy of the certificate. (4) If the certificate is issued under section 376 ‑ 65 (certificate for the producer offset), the * film authority must give the Commissioner notice of the issue of a certificate for a * film within 30 days after issuing the certificate. (5) The notice under subsection (4) must specify: (a) the company’s name; and (b) the company’s address; and (c) the total of the company’s * qualifying Australian production expenditure on the * film, as determined by the * film authority under section 376 ‑ 75; and (d) other matters agreed to between the film authority and the Commissioner. The notice must be accompanied by a copy of the certificate.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 164 of 2007 | No 88 of 2009", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-245", "Provision_Key": "s376-245", "Heading": "Revocation of certificate", "Text": "(1) The * Arts Minister may revoke a certificate issued to a company for a * film under section 376 ‑ 20 (certificate for the location offset) or 376 ‑ 45 (certificate for the PDV offset) if: (a) the Minister is satisfied that the issue of the certificate was obtained by fraud or serious misrepresentation; or (b) the company does not provide a copy of the film to the Minister within 30 days of when the film is * completed. (2) If the * Arts Minister revokes a certificate under subsection (1), the Minister must give the company to whom the certificate was issued written notice of the revocation (including reasons for the decision to revoke the certificate). (3) The * film authority may revoke a certificate issued to a company for a * film under section 376 ‑ 65 (certificate for the producer offset) if the authority is satisfied that the issue of the certificate was obtained by fraud or serious misrepresentation. (4) If the * film authority revokes a certificate under subsection (3), the authority must give the company to whom the certificate was issued written notice of the revocation (including reasons for the decision to revoke the certificate). (5) If a certificate is revoked under subsection (1) or (3), it is taken, for the purposes of this Division, never to have been issued. Note: This means that if an assessment of a company’s income tax is issued on the basis that the company is entitled to a tax offset for a film and the certificate for the film is then revoked, the assessment will be amended to take account of the fact that the company was never entitled to the tax offset: see section 376 ‑ 270. (6) Subsection (5) does not apply for the purposes of: (a) the operation of this section or section 376 ‑ 250; or (b) a review by a court or the * ART of the decision to revoke the certificate.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 164 of 2007 | No 38 of 2024", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-247", "Provision_Key": "s376-247", "Heading": "Delegation by Arts Minister", "Text": "(1) The * Arts Minister may, in writing, delegate all or any of the Arts Minister’s powers under the provisions mentioned in subsection (2) to: (a) the * Arts Secretary; or (b) an SES employee, or acting SES employee, in the Department administered by the Arts Minister. (2) For the purposes of subsection (1), the provisions are as follows: (a) section 376 ‑ 20 (issue of certificate for location offset); (b) section 376 ‑ 30 (determination of qualifying Australian production expenditure for location offset); (ba) section 376 ‑ 32 (power to require information for the purposes of the location offset); (c) section 376 ‑ 45 (issue of certificate for PDV offset); (d) section 376 ‑ 50 (determination of qualifying Australian production expenditure for PDV offset); (e) section 376 ‑ 235 (notice of refusal to issue certificate for location offset or PDV offset); (f) section 376 ‑ 245 (revocation of certificate for location offset or PDV offset). (3) In exercising powers under a delegation, the delegate must comply with any directions of the Arts Minister.", "Amendment_Count": 2, "First_Amended": "No 141 of 2020", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 141 of 2020 | No 67 of 2024", "History_Notes": "Inserted by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-247"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-250", "Provision_Key": "s376-250", "Heading": "Notice of decision or determination", "Text": "(1) This section applies to a notice of a decision given under section 376 ‑ 235 (refusal to issue a certificate) or 376 ‑ 245 (revocation of a certificate), and to a notice of a determination given under section 376 ‑ 30 (determination of qualifying Australian production expenditure for location offset), 376 ‑ 50 (determination of qualifying Australian production expenditure for PDV offset) or 376 ‑ 75 (determination of qualifying Australian production expenditure for producer offset). (2) The notice of the decision or determination is to include the statements set out in subsections (3) and (4). (3) There must be a statement to the effect that, subject to the Administrative Review Tribunal Act 2024 , an application may be made to the * ART, by (or on behalf of) any entity whose interests are affected by the decision or determination, for review of the decision or determination. (4) There must also be a statement to the effect that a request may be made under section 268 of that Act by (or on behalf of) such an entity for a statement of reasons. (5) If the * Arts Minister or the * film authority fails to comply with subsection (3) or (4), that failure does not affect the validity of the decision or determination.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 164 of 2007 | No 38 of 2024", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-255", "Provision_Key": "s376-255", "Heading": "Review of decisions by the Administrative Review Tribunal", "Text": "Applications may be made to the * ART for review of: (a) a decision made by the * Arts Minister to refuse an application for a certificate under section 376 ‑ 20 (certificate for the location offset) or 376 ‑ 45 (certificate for the PDV offset); or (b) a decision made by the Arts Minister under section 376 ‑ 245 to revoke a certificate; or (c) a decision made by the * film authority to refuse an application for a certificate under section 376 ‑ 65 (certificate for the producer offset); or (d) a decision made by the film authority under section 376 ‑ 245 to revoke a certificate; or (e) a determination by the Arts Minister in relation to the total of a company’s * qualifying Australian production expenditure under section 376 ‑ 30 or 376 ‑ 50; or (f) a determination by the film authority in relation to the total of a company’s * qualifying Australian production expenditure under section 376 ‑ 75.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 164 of 2007 | No 38 of 2024", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-260", "Provision_Key": "s376-260", "Heading": "Minister may make rules about the location offset and the PDV offset", "Text": "Rules establishing the Film Certification Advisory Board (1) The * Arts Minister may, by legislative instrument, make rules: (a) establishing a Film Certification Advisory Board to: (i) consider applications under subsection 376 ‑ 230(1) (application for a certificate for the location offset) or (2) (application for a certificate for the PDV offset) and advise the Minister on whether to issue certificates under section 376 ‑ 20 (certificate for the location offset) or 376 ‑ 45 (certificate for the PDV offset); and (ii) perform such other functions in relation to the operation of this Division as are specified in the rules; and (b) specifying the membership of the Board and the terms and conditions of appointment to the Board; and (c) specifying procedures to be followed by the Board in performing its functions. Rules providing for provisional certificates in relation to location offset and the PDV offset (2) The * Arts Minister may, by legislative instrument, make rules providing for the issue of provisional certificates in relation to the location offset or the PDV offset. Rules about applications for certificates in relation to the location offset and the PDV offset (3) The * Arts Minister may, by legislative instrument, make rules specifying how applications for certificates (including provisional certificates) in relation to the location offset or the PDV offset are to be made, including: (a) the form in which applications are to be made; and (b) the information to be provided in applications; and (c) methods for verifying such information; and (d) procedures for providing, at the Minister’s request, additional information in support of an application. (4) Rules under paragraph (3)(c) can include rules requiring reports by auditors or independent line producers.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-265", "Provision_Key": "s376-265", "Heading": "Film authority may make rules about the producer offset", "Text": "Rules providing for provisional certificates in relation to the producer offset (1) The * film authority may, by legislative instrument, make rules providing for the issue of provisional certificates in relation to the producer offset. Rules about applications for certificates in relation to the producer offset (2) The * film authority may, by legislative instrument, make rules specifying how applications for certificates (including provisional certificates) in relation to the producer offset are to be made, including: (a) the form in which applications are to be made; and (b) the information to be provided in applications; and (c) methods for verifying such information; and (d) procedures for providing, at the authority’s request, additional information in support of an application. (3) Rules under paragraph (2)(c) can include rules requiring reports by auditors or independent line producers.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-270", "Provision_Key": "s376-270", "Heading": "Amendment of assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purposes of giving effect to this Division for an income year if: (a) a certificate issued to a company for a * film is revoked under section 376 ‑ 245 after the time the company lodged its * income tax return for an income year; and (b) the amendment is made at any time during the period of 4 years starting immediately after the revocation of the certificate. Note: Section 170 of that Act specifies the periods within which assessments may be amended.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 376-275", "Provision_Key": "s376-275", "Heading": "Review in relation to certain production levels", "Text": "The Minister must, before the end of 12 months after the commencement of this Division, initiate a review of the effect of this Division in relation to levels of production by the Australian independent production sector compared to levels of production by Australian television broadcasters.", "Amendment_Count": 1, "First_Amended": "No 164 of 2007", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 164 of 2007", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s376-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-1", "Provision_Key": "s378-1", "Heading": "What this Division is about", "Text": "Companies may be entitled to a refundable tax offset in relation to qualifying Australian development expenditure incurred in completing or porting a digital game, or carrying on ongoing development of digital games in an income year. This offset is designed to support the growth of the digital games industry in Australia by providing concessional tax treatment for Australian expenditure. One of the requirements for entitlement to the digital games tax offset is that the company must be issued with a certificate in respect of the completion, porting or ongoing development of a digital game. The certificate specifies the amount of qualifying Australian development expenditure determined by the Arts Minister in respect of the completion, porting or ongoing development of the digital game. The amount of the refundable tax offset for an income year for a company is up to 30% of the sum of the determined totals of qualifying Australian development expenditure specified in certificates issued to the company for the income year.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-10", "Provision_Key": "s378-10", "Heading": "Company entitled to refundable tax offset for Australian expenditure incurred in developing digital games", "Text": "(1) A company is entitled to a * tax offset under this section (the digital games tax offset ) for an income year if: (a) the * Arts Minister has issued one or more certificates to the company for the income year under section 378 ‑ 25 (certificate for the digital games tax offset); and (b) the company claims the offset in its * income tax return for the income year; and (c) the company: (i) is an Australian resident that has an * ABN; or (ii) is a foreign resident that has a * permanent establishment in Australia and an ABN; when the company lodges the income tax return and when the tax offset is due to be credited to the company. Note: The digital games tax offset is a refundable tax offset: see section 67 ‑ 23. (2) The claim referred to in paragraph (1)(b) may be varied to take account of a variation under subsection 378 ‑ 15(5) of a notice given under subsection 378 ‑ 15(3) by the company in relation to the income year. Otherwise, the claim is irrevocable.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-15", "Provision_Key": "s378-15", "Heading": "Amount of digital games tax offset", "Text": "(1) Subject to subsection (2), the amount of the digital games tax offset for a company for an income year is the lower of: (a) 30% of the sum of all the amounts determined by the * Arts Minister under section 378 ‑ 30 that are specified in certificates issued to the company for the income year under section 378 ‑ 25; and (b) $20,000,000. (2) If the sum of the amounts of the digital games tax offset for an income year worked out under subsection (1) for: (a) the company; and (b) each other company (each of which is a related company ) that is * connected with or is an * affiliate of the company; is greater than $20,000,000, the amount of the digital games tax offset for the company is: (c) if the requirements of subsections (3) and (4) are satisfied—the amount specified in the notice given by the company under subsection (3); or (d) otherwise—nil. (3) The requirements of this subsection are: (a) the company gives the Commissioner a notice in the * approved form specifying an amount that is not more than 30% of the sum of all the amounts determined by the * Arts Minister under section 378 ‑ 25 that are specified in certificates issued to the company for the income year under section 378 ‑ 30; and (b) one or more of the related companies also give the Commissioner a notice in the approved form specifying an amount that is not more than 30% of the sum of all the amounts determined by the Arts Minister under section 378 ‑ 25 that are specified in certificates issued to the related company for the income year under section 378 ‑ 30; and (c) the sum of all the amounts specified in the notices given by the company and those related companies does not exceed $20,000,000. Example: Bilby Co is primarily responsible for developing a digital game. Wombat Co, a company connected with Bilby Co, is also primarily responsible for developing a digital game. The amount worked out under subsection (1) is $15,000,000 for the income year for each company. Since the sum of these amounts exceeds $20,000,000, the companies must coordinate with one another to ensure that the amount collectively claimed stays under the $20,000,000 cap. Bilby Co and Wombat Co agree that for the income year, they will each give the Commissioner a notice specifying $10,000,000 in notices. If they both do so, each will receive an offset of $10,000,000 for the income year. (4) A notice given under subsection (3) by a company in relation to an income year must be given at the same time as the company claims the digital games * tax offset in its * income tax return for the income year. (5) A company may vary the amount specified in a notice given under subsection (3) in relation to an income year if: (a) in specifying the amount in the notice: (i) the company made an inadvertent error in determining whether another company is a related company; and (ii) as a result the company did not take account of the amount of the digital games tax offset for the other company for the income year; and (b) the company gives the Commissioner a notice in the * approved form specifying the varied amount. Otherwise, the notice is irrevocable.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-20", "Provision_Key": "s378-20", "Heading": "Meaning of digital game", "Text": "(1) A digital game is a game in electronic form that is capable of generating a display on: (a) a portable electronic device; or (b) a computer monitor, television screen, liquid crystal display or similar medium; that allows for the playing of an interactive game. (2) A component of a * digital game is taken to be a digital game if: (a) a company that: (i) is a foreign resident that does not have a * permanent establishment in Australia; and (ii) owns or controls the rights to develop the digital game; engages another company (the Australian developer ) to develop the component of the digital game; and (b) the Australian developer: (i) is an Australian resident that has an * ABN, or is a foreign resident that has a * permanent establishment in Australia and an ABN; and (ii) is primarily responsible for undertaking activities necessary for the development of the digital game in Australia.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-25", "Provision_Key": "s378-25", "Heading": "Arts Minister must issue certificate for the digital games tax offset", "Text": "Completion certificate (1) The * Arts Minister must issue a certificate (a completion certificate ) to a company for an income year in relation to a * digital game if: (a) the game is * completed in the income year; and (b) the company has made an application for a completion certificate in relation to the game; and (c) the total of the company’s * qualifying Australian development expenditure on the game incurred in completing the game is at least $500,000; and (d) the Arts Minister is satisfied that the conditions in subsection (7) (about the type of game) are met for the game; and (e) the Arts Minister is satisfied that the company: (i) has developed the game as an original game; and (ii) is primarily responsible for undertaking activities necessary for the development of the game in Australia. Note: The operation of paragraph (e) is affected by paragraph 378 ‑ 45(1)(d) (which deals with the situation where one company takes over the development of a digital game from another company). (2) A * digital game is completed on the earlier of: (a) when the game is first released to the general public (other than for testing purposes); or (b) if the game is developed by a company under a contract entered into at * arm’s length with another entity—when the company first provides a version of the game to the entity in a state where it could reasonably be regarded as ready to be released to the general public. Porting certificate (3) The * Arts Minister must issue a certificate (a porting certificate ) to a company for an income year in relation to a * digital game if: (a) the game is * ported in the income year; and (b) the company has made an application for a porting certificate in relation to the game; and (c) the total of the company’s * qualifying Australian development expenditure on the game incurred in porting the game is at least $500,000; and (d) the Arts Minister is satisfied that the conditions in subsection (7) (about the type of game) are met for the game; and (e) the Arts Minister is satisfied that the company: (i) either owns or controls the rights to develop the game or has been engaged to develop the game by the entity who owns or controls the rights to develop the game; and (ii) is primarily responsible for undertaking activities necessary for the development of the game in Australia. Note: The operation of subparagraph (e)(ii) is affected by paragraph 378 ‑ 45(1)(d) (which deals with the situation where one company takes over the development of a digital game from another company). (4) A * digital game that has been * completed is ported on the earlier of: (a) when the game is first made available to the general public (other than for testing purposes) on a new platform; or (b) if the company developed the game under a contract entered into at * arm’s length with another entity—when the company first provides a version of the game to the entity in a state where it could reasonably be regarded as ready to be made available to the general public on a new platform. Ongoing development certificate (5) The * Arts Minister must issue a certificate (an ongoing development certificate ) to a company for an income year in relation to one or more * digital games if: (a) * ongoing development on the games occurs in the income year; and (b) the company has made an application for the ongoing development certificate; and (c) the total of the company’s * qualifying Australian development expenditure on the games incurred in the income year on the ongoing development of the games in the income year is at least $500,000; and (d) the Arts Minister is satisfied that the conditions in subsection (7) (about the type of game) are met for each of the games; and (e) the Arts Minister is satisfied that the company: (i) either owns or controls the rights to develop each of the games or has been engaged to develop the games by the entities who own or control the rights to develop the games; and (ii) is primarily responsible for undertaking activities necessary for the development of each of the games in Australia. Note: The operation of subparagraph (e)(ii) is affected by paragraph 378 ‑ 45(1)(d) (which deals with the situation where one company takes over the development of a digital game from another company). (6) Ongoing development on a * digital game means activities undertaken to update, improve or maintain the game after it has been * completed. Type of digital game (7) The conditions in this subsection that must be met for a * digital game are: (a) the game is primarily developed to be made available to the general public for entertainment or educational purposes; and (b) any of the following apply to the game: (i) the game is made available for use over the internet; (ii) the game is primarily played through the internet; (iii) the game operates only when a player is connected to the internet; and (c) the game is not any of the following: (i) a game that is a gambling service (within the meaning of the Interactive Gambling Act 2001 ), or is substantially comprised of gambling or gambling ‑ like practices; (ii) a game that contains material likely to lead to the game being refused classification under the Classification (Publications, Films and Computer Games) Act 1995 ; (iii) a game that is primarily developed for industrial, corporate or institutional purposes; (iv) a game that is primarily developed to advertise or promote a product, entity or service. Example 1: A slot machine simulator game would fail to satisfy the condition that the digital game must not be a gambling service or substantially comprise of gambling or gambling ‑ like practices, even if the game did not involve any real money or money equivalent. However, an adventure game in which a player may advance to a higher level by winning a game of poker could still meet this condition. Example 2: An interactive corporate training program would fail to satisfy the condition that the digital game must not be primarily developed for corporate purposes.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-30", "Provision_Key": "s378-30", "Heading": "Arts Minister to determine a company’s qualifying Australian development expenditure for the digital games tax offset", "Text": "(1) The * Arts Minister must, as soon as practicable after deciding to issue a certificate under section 378 ‑ 25 to a company, determine for the purposes of the digital games tax offset: (a) if the certificate is to be issued under subsection 378 ‑ 25(1) (completion certificate) to the company for an income year in relation to a * digital game—the total of the company’s * qualifying Australian development expenditure on the game incurred in * completing the game, whether incurred in that income year or in an earlier income year; or (b) if the certificate is to be issued under subsection 378 ‑ 25(3) (porting certificate) to the company for an income year in relation to a digital game—the total of the company’s qualifying Australian development expenditure on the game incurred in * porting the game, whether incurred in that income year or in an earlier income year; or (c) if the certificate is to be issued under subsection 378 ‑ 25(5) (ongoing development certificate) to the company for an income year in relation to one or more digital games—the total of the company’s qualifying Australian development expenditure on the games incurred in the income year on the * ongoing development of the games in the income year. (2) The determination must be in writing, but is not a legislative instrument. (3) In making the determination, the * Arts Minister must have regard to the matters in Subdivision 378 ‑ B. (4) The * Arts Minister must give the company written notice of the determination (including reasons for the determination).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-35", "Provision_Key": "s378-35", "Heading": "Development expenditure", "Text": "(1) A company’s development expenditure on a * digital game is expenditure that the company incurs in, or in relation to, the development of the game. Specific inclusions (2) Without limiting subsection (1), the following expenditure of the company in relation to the * digital game is development expenditure on the game: (a) remuneration provided to persons (including independent contractors but excluding persons of a kind referred to in subsection (5)) who perform work or services directly for the company that are attributable to the development of the game, including the following: (i) project managers and artistic, creative and design directors; (ii) game designers; (iii) software developers and programmers; (iv) engineers (including for audio, graphics, physics and software); (v) user experience designers and testers; (vi) behaviour analysts; (vii) quality assurance testers; (viii) writers; (ix) artists, animators and performers (for music, voice and motion capture); (x) songwriters, composers, musicians and sound designers; (xi) persons performing roles that are broadly similar to those described in subparagraphs (i) to (x); (b) expenditure on research for the game; (c) expenditure on prototyping for the game; (d) expenditure on underlying game infrastructure (for example, game engines and anti ‑ cheating controls); (e) expenditure on user testing, debugging and collecting user data for the game; (f) expenditure on updating the game; (g) expenditure on obtaining or maintaining a classification under the Classification (Publications, Films and Computer Games) Act 1995 ; (h) expenditure on adapting the game for use on particular platforms. Specific exclusions (3) Despite subsections (1) and (2), the following expenditure of the company in relation to the * digital game is not development expenditure on the game: (a) the company’s general business overheads including, for example: (i) expenditure incurred in relation to insurance, audit services, accounting services, human resources, recruitment services and legal services; and (ii) expenditure on travel, accommodation, catering, entertaining or hospitality; and (iii) expenditure on visas or work permits; and (iv) expenditure incurred by way of, or in relation to, the financing of the game or company; (b) expenditure on, or in connection with, the following persons: (i) employees and independent contractors whose roles are not related to, or are incidental and not directly attributable to, the development of the game (including for example, administrative employees, social media managers, sales and marketing professionals, community managers and forum administrators and moderators); (ii) employees and independent contractors who were not Australian residents at the time the expenditure was incurred; (c) expenditure on the use of land or premises; (d) expenditure on computer hardware or servers, or the rights to access computer hardware or servers; (e) expenditure on acquiring or licensing software; (f) expenditure on marketing, advertising, publicity or promotion for the game or company; (g) expenditure on activities that are incidental to, but not directly attributable to, the development of the game (including, for example, expenditure on externally provided training, conferences, hiring equipment, release events and trade show demonstrations); (h) expenditure incurred to acquire copyright or a trade mark, or a licence in relation to copyright or a trade mark (other than in relation to acquiring a licence for employees or contractors); (i) expenditure on obtaining permission to use the image, likeness or name of a person or entity, or obtaining an endorsement by a person or entity; (j) expenditure on distributing the game; (k) expenditure on acquiring users for the game; (l) any expenditure claimed for the purposes of another * tax offset, including for the purposes of section 355 ‑ 100 (tax offsets for R&D); (m) expenditure that gives rise to notional deductions for the purposes of section 355 ‑ 205 (deductions for R&D expenditure); (n) expenditure funded directly or indirectly by: (i) a Commonwealth grant or subsidy to which Australian businesses are generally eligible; or (ii) a State or Territory grant or subsidy to which Australian business in that State or Territory are generally eligible. Expenditure incurred in relation to another entity (4) Despite subsections (1) and (2), the following expenditure of the company in relation to the * digital game is not development expenditure on the game: (a) expenditure on contracting another entity (the first contractor ) to perform work or services for the company where the first contractor contracts for another entity (the second contractor ) to perform the work or services and either: (i) the second contractor is not a natural person (including an independent contractor); or (ii) the second contractor contracts for another entity to perform the work or services; (b) expenditure incurred in relation to an entity that is an * associate of the company, other than an associate of a kind referred to in subsection (5); (c) expenditure incurred in connection with a transaction in which the company and another party to the transaction did not deal with each other at * arm’s length. Remuneration of influential employees (5) If a natural person (an influential employee ): (a) is an * associate of the company because of subparagraph 318(2)(d)(i) or (ii) of the Income Tax Assessment Act 1936 ; and (b) performs work or services directly for the company that are attributable to the development of the * digital game in an income year; then, despite subsection (1), only the first $65,000 of remuneration provided by the company to the influential employee for the income year is development expenditure on the digital game. Note: A minor voting interest is not sufficient for a person to be an associate of the company. Decline in value not development expenditure (6) To avoid doubt, the decline in the value of a * depreciating asset is not development expenditure on a * digital game.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-40", "Provision_Key": "s378-40", "Heading": "Qualifying Australian development expenditure", "Text": "(1) A company’s qualifying Australian development expenditure on a * digital game is the company’s * development expenditure on the game to the extent to which the expenditure: (a) satisfies subsection (2); and (b) is incurred for, or is reasonably attributable to, goods and services provided or acquired in Australia. The relevance test (2) An item of a company’s * development expenditure on a * digital game: (a) if the item of expenditure is substantially attributable to developing the game—satisfies this subsection in full; and (b) if the item of expenditure is not substantially attributable to developing the game—satisfies this subsection to the extent that the expenditure is attributable to developing the game. Expenditure that does not qualify (3) For the purposes of a * digital game in respect of which a company applies for a certificate under subsection 378 ‑ 25(1) (completion certificate), an item of the company’s * development expenditure on the game is not qualifying Australian development expenditure to the extent it is incurred after the earliest of the following: (a) the day on which the game is * completed; (b) the day on which the company applies for the certificate; (c) the day on which the game has been available to the general public for the purposes of conducting testing for one year. (4) For the purposes of a * digital game in respect of which a company applies for a certificate under subsection 378 ‑ 25(3) (porting certificate), an item of the company’s * development expenditure on the game is not qualifying Australian development expenditure to the extent it is incurred after the earlier of the following: (a) the day on which the game is * ported; (b) the day on which the company applies for the certificate. (5) You cannot count the same expenditure as * qualifying Australian development expenditure for the purposes of more than one certificate under section 378 ‑ 25. Example: Expenditure on porting a digital game that is claimed as qualifying Australian development expenditure for the purposes of a certificate under subsection 378 ‑ 25(3) (porting certificate) cannot be claimed for the purposes of a certificate under subsection 378 ‑ 25(5) (ongoing development certificate).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-45", "Provision_Key": "s378-45", "Heading": "Expenditure incurred by prior companies in completing or porting a digital game", "Text": "Expenditure incurred by outgoing company attributed to incoming company (1) For the purposes of this Division, if a company (the incoming company ) takes over the development of a * digital game from another company (the outgoing company ): (a) expenditure incurred by the outgoing company in relation to * completing or * porting the game is taken to have been incurred by the incoming company; and (b) for the purposes of determining the extent to which that expenditure is * qualifying Australian development expenditure of the incoming company, the incoming company is taken: (i) to have been an Australian resident at any time when the outgoing company was an Australian resident; and (ii) to have been a foreign resident at any time when the outgoing company was a foreign resident; and (iii) to have had a * permanent establishment in Australia at any time when the outgoing company had a permanent establishment in Australia; and (iv) to have had an * ABN at any time when the outgoing company had an ABN; and (c) expenditure that the incoming company incurs in order to be able to take over the development of the game is to be disregarded for the purposes of this Division; and (d) any activities carried out by the outgoing company in relation to the game are taken, for the purposes of paragraph 378 ‑ 25(1)(e) and subparagraphs 378 ‑ 25(3)(e)(ii) and (5)(e)(ii), to have been carried out by the incoming company in relation to the game. Expenditure previously attributed to outgoing company attributed to incoming company (2) For the purposes of subsection (1): (a) expenditure incurred by the outgoing company in relation to * completing or * porting the * digital game includes expenditure that the outgoing company is itself taken to have incurred on the digital game because of the operation of subsection (1) or a previous operation of that subsection; and (b) the outgoing company is taken: (i) to have been an Australian resident at any time when the outgoing company is taken to have been an Australian resident because of the operation of subsection (1) or a previous operation of that subsection; and (ii) to have been a foreign resident at any time when the outgoing company was a foreign resident because of the operation of subsection (1) or a previous operation of that subsection; and (iii) to have had a * permanent establishment in Australia at any time when the outgoing company is taken to have had a permanent establishment in Australia because of the operation of subsection (1) or a previous operation of that subsection; and (iv) to have had an * ABN at any time when the outgoing company is taken to have had an ABN because of the operation of subsection (1) or a previous operation of that subsection; and (c) activities carried out by the outgoing company in relation to the digital game include activities that the outgoing company is taken to have carried out in relation to the digital game because of the operation of subsection (1) or a previous operation of that subsection. Example: If Uncle Carty Ltd starts out developing a digital game and then Mr Grouble Ltd takes over the development of the digital game, Mr Grouble Ltd is taken to have incurred the expenditure that Uncle Carty Ltd incurred on the digital game. If Lousie Ltd subsequently takes over the development of the digital game from Mr Grouble Ltd, Lousie Ltd is taken to have incurred the expenditure that Mr Grouble Ltd incurred on the digital game (including the expenditure of Uncle Carty Ltd that is attributed to Mr Grouble Ltd).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-50", "Provision_Key": "s378-50", "Heading": "Expenditure to be worked out excluding GST", "Text": "In determining an amount of expenditure for the purpose of this Division, the expenditure is taken to exclude * GST.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-55", "Provision_Key": "s378-55", "Heading": "Single company or head company may apply for certificate", "Text": "(1) A company or, if the company is a * member of a * consolidated group or a * MEC group, the * head company of the consolidated group or MEC group may: (a) if all the company’s * qualifying Australian development expenditure on a * digital game has been incurred in * completing the game—apply to the * Arts Minister for the issue of a certificate under subsection 378 ‑ 25(1) (completion certificate) in relation to the game; or (b) if all the company’s qualifying Australian development expenditure on a digital game has been incurred in * porting the game—apply to the Arts Minister for the issue of a certificate under subsection 378 ‑ 25(3) (porting certificate) in relation to the game; or (c) if all the company’s qualifying Australian development expenditure on a digital game or games has been incurred in an income year on the * ongoing development of the games in the income year—apply to the Arts Minister for the issue of a certificate under subsection 378 ‑ 25(5) (ongoing development certificate) in relation to the games for the income year. (2) The application must: (a) specify which certificate is sought; and (b) specify the company’s * ABN; and (c) specify whether the company is an Australian resident or a foreign resident with a * permanent establishment in Australia; and (d) contain sufficient detail to enable the * Arts Minister to determine whether an item of expenditure incurred by the company is * qualifying Australian development expenditure on the game or on the games in the income year; and (e) be made in accordance with the rules made under section 378 ‑ 100 by the Arts Minister, so far as they relate to the requirements for applications.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-60", "Provision_Key": "s378-60", "Heading": "Notice of refusal to issue certificate", "Text": "If: (a) an application is made under subsection 378 ‑ 55(1) for the issue of a certificate; and (b) the * Arts Minister decides under section 378 ‑ 25 not to issue the certificate; the Arts Minister must give the applicant written notice of the decision (including reasons for the decision).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-65", "Provision_Key": "s378-65", "Heading": "Issue of certificate", "Text": "(1) A certificate issued to a company under section 378 ‑ 25 must: (a) be in writing; and (b) specify the company’s * ABN; and (c) specify the date of issue of the certificate; and (d) specify the total of the company’s * qualifying Australian development expenditure on the relevant * digital game or games, as determined by the * Arts Minister under section 378 ‑ 30; and (e) if the certificate is issued under subsection 378 ‑ 25(1) (completion certificate) or (3) (porting certificate)—specify: (i) the name of the digital game to which the certificate relates; and (ii) the income year in which the digital game was * completed or * ported (as applicable); and (f) if the certificate is issued under subsection 378 ‑ 25(5) (ongoing development certificate)—specify: (i) the name of the digital game, or digital games, to which the certificate relates; and (ii) the income year for which the digital games tax offset is being sought. (2) The * Arts Minister must give the Commissioner notice of the issue of the certificate within 30 days after issuing the certificate. (3) The notice under subsection (2) must specify: (a) the company’s name; and (b) the company’s address; and (c) the amount specified under paragraph (1)(d) in the certificate; and (d) other matters agreed to between the Arts Minister and the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-70", "Provision_Key": "s378-70", "Heading": "Revocation of certificate", "Text": "(1) The * Arts Minister may revoke a certificate issued under section 378 ‑ 25 if the Arts Minister is satisfied that: (a) the issue of the certificate was based on inaccurate information; or (b) the certificate was obtained by fraud or serious misrepresentation; or (c) if the certificate is issued under subsection 378 ‑ 25(1) (completion certificate) to a company for an income year in relation to a * digital game—the total of the company’s * qualifying Australian development expenditure on the game incurred in * completing the game is less than $500,000; or (d) if the certificate is issued under subsection 378 ‑ 25(3) (porting certificate) to a company for an income year in relation to a digital game—the total of the company’s qualifying Australian development expenditure on the game incurred in * porting the game is less than $500,000; or (e) if the certificate is issued under subsection 378 ‑ 25(5) (ongoing development certificate) to a company for an income year in relation to one or more digital games—the total of the company’s qualifying Australian development expenditure on the games incurred in the income year on the * ongoing development of the games in the income year is less than $500,000. (2) If the * Arts Minister revokes a certificate under subsection (1), the Arts Minister must, within 30 days after the date of revocation, give written notice of the revocation to: (a) the company to whom the certificate was issued, including reasons for the decision to revoke the certificate; and (b) the Commissioner. (3) If a certificate is revoked under subsection (1), it is taken, for the purposes of this Division, never to have been issued. Note: This means that if an assessment of a company’s income tax is issued on the basis that the company is entitled to the digital games tax offset and a certificate on which the entitlement is based is then revoked, the assessment will be amended to take account of the fact that the company was never entitled to the offset or was entitled to the offset to a lesser amount: see section 378 ‑ 80. (4) Subsection (3) does not apply for the purposes of: (a) the operation of this section or section 378 ‑ 85; or (b) a review by a court or the * ART of the decision to revoke the certificate.", "Amendment_Count": 2, "First_Amended": "No 29 of 2023", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 29 of 2023 | No 38 of 2024", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-75", "Provision_Key": "s378-75", "Heading": "Amendment of certificate", "Text": "(1) The * Arts Minister may amend a certificate issued under section 378 ‑ 25 at any time during the period of 4 years starting immediately after the certificate is issued if: (a) the company to whom the certificate is issued requests, in writing, an amendment to the certificate; or (b) the Arts Minister decides to amend the certificate on the Arts Minister’s own initiative. (2) In deciding whether to amend a certificate under subsection (1), the * Arts Minister: (a) must have regard to the matters prescribed by the regulations; and (b) may have regard to any other matter that the Arts Minister considers relevant. (3) If the * Arts Minister amends a certificate under subsection (1), the Arts Minister must, within 30 days after the date of amendment, give written notice of the amendment (including reasons for the decision) to: (a) the company to whom the certificate was issued; and (b) the Commissioner . (4) If the * Arts Minister refuses to amend a certificate upon a request by a company under paragraph (1)(a), the Arts Minister must give the company written notice of the decision (including reasons for the decision ).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-80", "Provision_Key": "s378-80", "Heading": "Amendment of assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment given to a company for the purposes of giving effect to this Division for an income year if: (a) after the Commissioner gave notice of the assessment to the company, a certificate issued under section 378 ‑ 25 of this Act to the company is either: (i) amended under section 378 ‑ 75 of this Act; or (ii) revoked under section 378 ‑ 70 of this Act; and (b) the amendment of the assessment is made at any time during the period of 4 years starting immediately after the amendment or revocation of the certificate. Note: Section 170 of the Income Tax Assessment Act 1936 specifies the periods within which assessments may be amended.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-85", "Provision_Key": "s378-85", "Heading": "Notice of decision or determination", "Text": "(1) This section applies to: (a) a notice given under section 378 ‑ 60 (refusal to issue a certificate); and (b) a notice of a determination given under section 378 ‑ 30 (determination of qualifying Australian development expenditure); and (c) a notice given under section 378 ‑ 70 (revocation of a certificate); and (d) a notice given under section 378 ‑ 75 (amendment or refusal to amend a certificate). (2) The notice of the decision or determination is to include the statements set out in subsections (3) and (4). (3) There must be a statement to the effect that, subject to the Administrative Review Tribunal Act 2024 , an application may be made to the * ART, by (or on behalf of) any entity whose interests are affected by the decision or determination, for review of the decision or determination. (4) There must also be a statement to the effect that a request may be made under section 268 of that Act by (or on behalf of) such an entity for a statement of reasons. (5) If the * Arts Minister fails to comply with subsection (3) or (4), that failure does not affect the validity of the decision or determination.", "Amendment_Count": 2, "First_Amended": "No 29 of 2023", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 29 of 2023 | No 38 of 2024", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-90", "Provision_Key": "s378-90", "Heading": "Review of decisions by the Administrative Review Tribunal", "Text": "Applications may be made to the * ART for review of: (a) a decision made by the * Arts Minister under section 378 ‑ 25 to refuse an application for a certificate; or (b) a determination made by the Arts Minister under section 378 ‑ 30 (total of a company’s * qualifying Australian development expenditure); or (c) a decision made by the Arts Minister under section 378 ‑ 70 to revoke a certificate; or (d) a decision made by the Arts Minister under section 378 ‑ 75 to amend or refuse to amend a certificate.", "Amendment_Count": 2, "First_Amended": "No 29 of 2023", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 29 of 2023 | No 38 of 2024", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-95", "Provision_Key": "s378-95", "Heading": "Copy of digital game to be made available to the National Film and Sound Archive of Australia", "Text": "The company to whom a certificate is issued under section 378 ‑ 25 must make available to the National Film and Sound Archive of Australia: (a) a copy of each * digital game named in the certificate; and (b) a copy of any materials provided to the general public in connection with each of those games.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-100", "Provision_Key": "s378-100", "Heading": "Arts Minister may make rules about the digital games tax offset", "Text": "The * Arts Minister may, by legislative instrument, make rules: (a) specifying how applications for certificates in relation to the digital games tax offset are to be made, including: (i) the form in which applications are to be made; and (ii) the information to be provided in applications; and (iii) methods for verifying such information; and (iv) procedures for providing, at the Arts Minister’s request, additional information in support of an application; and (b) specifying the form and contents of certificates in relation to the digital games tax offset; and (c) specifying how amendments of certificates in relation to the digital games tax offset are to be made, including: (i) the form in which the request for an amendment may be made; and (ii) circumstances in which an amendment may be requested, or made on the Arts Minister’s own initiative; and (iii) the information to be provided in a request for an amendment; and (iv) methods for verifying such information; and (v) procedures for providing, at the Arts Minister’s request, additional information in support of a request for an amendment; and (d) providing for provisional certificates (including in relation to a matter referred to in paragraph (a), (b) or (c)).", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-105", "Provision_Key": "s378-105", "Heading": "Arts Minister may make rules establishing a Digital Games Tax Offset Advisory Board", "Text": "The * Arts Minister may, by legislative instrument, make rules: (a) establishing a Digital Games Tax Offset Advisory Board to: (i) consider applications under subsection 378 ‑ 55(1) for certificates under section 378 ‑ 25; and (ii) advise the Arts Minister on whether to issue certificates under section 378 ‑ 25; and (iii) perform other functions in relation to the operation of this Division (including the operation of rules made under section 378 ‑ 100) as are specified in rules made under this section; and (b) specifying the membership of the Board and the terms and conditions of appointment to the Board; and (c) specifying procedures to be followed by the Board in performing its functions.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-110", "Provision_Key": "s378-110", "Heading": "Delegation by Arts Minister", "Text": "(1) The * Arts Minister may, in writing, delegate all or any of the Arts Minister’s powers under this Division, other than under section 378 ‑ 100 or section 378 ‑ 105, to: (a) the * Arts Secretary; or (b) an SES employee, or acting SES employee, in the Department administered by the Arts Minister. (2) In exercising powers under a delegation, the delegate must comply with any directions of the * Arts Minister.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 378-115", "Provision_Key": "s378-115", "Heading": "Review of operation of this Division", "Text": "(1) The * Arts Minister must cause a review of the operation of this Division to be undertaken as soon as possible after the end of 5 years after the commencement of this Division. (2) The review must include: (a) the effectiveness of this Division in supporting the growth of the digital games industry in Australia; and (b) the fiscal sustainability of the concessional tax treatment provided by this Division. (3) A written report of the review must be given to the * Arts Minister. The report must not include information that is commercially sensitive. (4) The * Arts Minister must cause a copy of the report of the review to be tabled in each House of the Parliament within 15 sitting days of that House after the report is given to the Arts Minister.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s378-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-1", "Provision_Key": "s380-1", "Heading": "What this Division is about", "Text": "This Division provides a tax offset to certain entities as a result of certificates issued under the National Rental Affordability Scheme Act 2008 . It also ensures that payments made, and non ‑ cash benefits provided, by a State or Territory governmental body in relation to the National Rental Affordability Scheme are not assessable income and not exempt income.", "Amendment_Count": 1, "First_Amended": "No 130 of 2008", "Last_Amended": "No 130 of 2008", "Amending_Acts": "No 130 of 2008", "History_Notes": "Inserted by No 130 of 2008, effective 1 July 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-5", "Provision_Key": "s380-5", "Heading": "Claims by individuals, corporate tax entities and superannuation funds", "Text": "Entitlement (1) An entity is entitled to a * tax offset for an income year if: (a) the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to the entity (other than in the entity’s capacity (if any) as the * NRAS approved participant of an * NRAS consortium); and (b) the income year begins in the NRAS year; and (c) the entity is an individual, a * corporate tax entity or a * superannuation fund. Amount (2) The amount of the entity’s * tax offset is the amount stated in the * NRAS certificate.", "Amendment_Count": 4, "First_Amended": "No 54 of 1999", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008 | No 62 of 2011", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008 | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-10", "Provision_Key": "s380-10", "Heading": "Members of NRAS consortiums—individuals, corporate tax entities and superannuation funds", "Text": "Entitlement (1) A * member of an * NRAS consortium is entitled to a * tax offset for an income year if: (a) the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to the * NRAS approved participant of the NRAS consortium; and (b) the income year commences in the NRAS year; and (c) the member is an individual, a * corporate tax entity or a * superannuation fund. Amount (2) The amount of the * tax offset is the total of the amounts worked out using the following formula for each * NRAS dwelling: (a) covered by the * NRAS certificate; and (b) from which the * member * derives * NRAS rent during the * NRAS year: (3) Treat the references in subsection (2) to the * NRAS year as being references to a period that occurs during the NRAS year, if the * NRAS certificate is apportioned for the period.", "Amendment_Count": 4, "First_Amended": "No 54 of 1999", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008 | No 62 of 2011", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008 | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-11", "Provision_Key": "s380-11", "Heading": "Elections by NRAS approved participants", "Text": "Scope (1) This section and sections 380 ‑ 12 and 380 ‑ 13 apply if: (a) a * member (the electing member ) of an * NRAS consortium would, apart from subsection 380 ‑ 12(3), be entitled to a * tax offset under section 380 ‑ 10 for an income year because of: (i) an * NRAS certificate in relation to an * NRAS year; and (ii) an * NRAS dwelling covered by the NRAS certificate; and (b) the electing member was the * NRAS approved participant of the NRAS consortium at any time during the NRAS year; and (c) the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year. Requirements for an election (2) The election must be made: (a) in the * approved form; and (b) within 30 days after the day the * Housing Secretary issues the * NRAS certificate. (3) The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph (2)(b): (a) to the Commissioner; or (b) to each * member of the * NRAS consortium who may be entitled to a * tax offset under section 380 ‑ 12 as a result of the election; or (c) both to the Commissioner and to each such member. (4) The election may not be revoked.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-11"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-12", "Provision_Key": "s380-12", "Heading": "Elections by NRAS approved participants—tax offsets", "Text": "Entitlement to tax offset (1) A * member of the * NRAS consortium (other than the electing member) is entitled to a * tax offset for the income year if the member is an individual, a * corporate tax entity or a * superannuation fund. Amount of tax offset (2) The amount of the * tax offset is the amount worked out using the following formula: where: member’s rent means: (a) if * NRAS rent was payable for the * NRAS dwelling in relation to the whole of the * NRAS year—the rent * derived by the * member from the NRAS dwelling during the NRAS year; or (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived by the member from the NRAS dwelling during that part of the NRAS year. total rent means: (a) if * NRAS rent was payable for the * NRAS dwelling in relation to the whole of the * NRAS year—the rent * derived from the NRAS dwelling during the NRAS year; or (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived from the NRAS dwelling during that part of the NRAS year. (3) The * tax offset to which the electing member would otherwise be entitled under section 380 ‑ 10 for the income year because of the * NRAS certificate and the * NRAS dwelling is reduced by the same amount. (4) Treat the references in subsection (2) to the * NRAS year as being references to a period that occurs during the NRAS year, if the * NRAS certificate is apportioned for the period. Amount of tax offset—rent that passes through NRAS approved participant (5) For the purposes of the references in the definitions in subsection (2) to rent * derived from the * NRAS dwelling during the * NRAS year, disregard * NRAS rent derived by a * member of the * NRAS consortium from the NRAS dwelling during a period in the NRAS year, to the extent that another member derives rent from the NRAS dwelling during the period because: (a) the first member is the * NRAS approved participant of the NRAS consortium throughout the period; and (b) the first member, in accordance with the contractual * arrangements that established the NRAS consortium, passes the NRAS rent on to the other member. Note: There may be more than one NRAS approved participant during an NRAS year. The electing member may be the NRAS approved participant for only part of the NRAS year. (6) For the purposes of paragraph (5)(b), treat any * NRAS rent retained by the first * member under the * arrangements as management fees or commission as having been passed on to the other member.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-13", "Provision_Key": "s380-13", "Heading": "Elections by NRAS approved participants—special rule for partnerships and trustees", "Text": "For the purposes of sections 380 ‑ 14 to 380 ‑ 30 (which apply if a partnership or the trustee of a trust derives NRAS rent), for each * NRAS dwelling: (a) from which the electing member * derived * NRAS rent during the * NRAS year; and (b) that is covered by the * NRAS certificate; and (c) from which a partnership, or the trustee of a trust, that is a * member of the * NRAS consortium derived rent during the NRAS year; treat the following proportion of the NRAS rent as being NRAS rent derived during the NRAS year by the member mentioned in paragraph (c): where: member’s rent has the same meaning as in subsection 380 ‑ 12(2). total rent has the same meaning as in subsection 380 ‑ 12(2).", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-13"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-14", "Provision_Key": "s380-14", "Heading": "Members of NRAS consortiums—partnerships and trustees", "Text": "(1) This section applies if: (a) the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to the * NRAS approved participant of an * NRAS consortium; and (b) the NRAS certificate covers one or more * NRAS dwellings; and (c) a * member of the NRAS consortium, other than the NRAS approved participant, * derives * NRAS rent during the NRAS year from any of those NRAS dwellings; and (d) the member is a partnership or a trustee of a trust. (2) For the purposes of sections 380 ‑ 15 to 380 ‑ 20, assume that: (a) the * member has been issued with an * NRAS certificate in relation to the * NRAS year; and (b) the NRAS certificate covers each * NRAS dwelling: (i) covered by the NRAS certificate mentioned in paragraph (1)(b) of this section; and (ii) from which the member * derives * NRAS rent during the NRAS year; and (c) the amount stated in the NRAS certificate for each of those NRAS dwellings is the amount worked out using the formula in subsection 380 ‑ 10(2) in relation to the NRAS dwelling for the NRAS year for the member.", "Amendment_Count": 2, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-14"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-15", "Provision_Key": "s380-15", "Heading": "Entities to whom NRAS rent flows indirectly", "Text": "(1) An entity is entitled to a * tax offset for an income year (the offset year ) if: (a) the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to a partnership or a trustee of a trust; and (b) * NRAS rent * derived: (i) from any of the * NRAS dwellings covered by the NRAS certificate; and (ii) during the NRAS year; * flows indirectly to the entity in any income year; and (c) the offset year of the partnership or trustee begins in the NRAS year; and (d) the entity is: (i) an individual; or (ii) a * corporate tax entity when the NRAS rent flows indirectly to it; or (iii) the trustee of a trust that is liable to be assessed on a share of, or all or a part of, the trust’s * net income under section 98, 99 or 99A of the Income Tax Assessment Act 1936 for the offset year; or (v) a * superannuation fund, an * approved deposit fund or a * pooled superannuation trust. Note: The entities covered by this section are the ultimate recipients of the NRAS rent because the NRAS rent does not flow indirectly through them to other entities. (2) The amount of the * tax offset is the sum of the amounts worked out using the following formula for each * NRAS dwelling from which there is * NRAS rent covered by paragraph (1)(b): (3) Treat the references in subsection (2) to the * NRAS year as being references to a period that occurs during the NRAS year, if the * NRAS certificate is apportioned for the period.", "Amendment_Count": 5, "First_Amended": "No 54 of 1999", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008 | No 62 of 2011 | No 70 of 2015", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008 | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-16", "Provision_Key": "s380-16", "Heading": "Elections by NRAS approved participants that are partnerships or trustees", "Text": "Scope (1) This section and sections 380 ‑ 17 and 380 ‑ 18 apply if: (a) an entity (the indirect entity ) is entitled to a * tax offset under section 380 ‑ 15 or 380 ‑ 20 for an income year because * NRAS rent * derived: (i) from any of the * NRAS dwellings covered by an * NRAS certificate issued by the * Housing Secretary in relation to an * NRAS year to a * member (the electing member ) of an * NRAS consortium; and (ii) during the NRAS year; * flows indirectly to the indirect entity in any income year (or would otherwise flow indirectly to the indirect entity, as mentioned in paragraph 380 ‑ 20(1)(d)); and (b) the electing member was the * NRAS approved participant of the NRAS consortium at any time during the NRAS year; and (c) the electing member elects to have this section apply to the NRAS certificate and NRAS dwelling for the income year. Requirements for an election (2) The election must be made: (a) in the * approved form; and (b) within 30 days after the day the * Housing Secretary issues the * NRAS certificate. (3) The Commissioner may require a copy or copies of the election to be given, within the 30 day period mentioned in paragraph (2)(b): (a) to the Commissioner; or (b) to each * member of the * NRAS consortium who may be entitled to a * tax offset under section 380 ‑ 17 as a result of the election; or (c) both to the Commissioner and to each such member. (4) The election may not be revoked.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-16"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-17", "Provision_Key": "s380-17", "Heading": "Elections by NRAS approved participants that are partnerships or trustees—tax offsets", "Text": "Entitlement to tax offset (1) A * member of the * NRAS consortium (other than the electing member) is entitled to a * tax offset for the income year if the member is an individual, a * corporate tax entity or a * superannuation fund. Amount of tax offset (2) The amount of the * tax offset is the amount worked out using the following formula: where: member’s rent means: (a) if * NRAS rent was payable for the * NRAS dwelling in relation to the whole of the * NRAS year—the rent * derived by the * member from the NRAS dwelling during the NRAS year; or (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived by the member from the NRAS dwelling during that part of the NRAS year. total rent means: (a) if * NRAS rent was payable for the * NRAS dwelling in relation to the whole of the * NRAS year—the rent * derived from the NRAS dwelling during the NRAS year; or (b) if NRAS rent was payable for the NRAS dwelling in relation to only part of the NRAS year—the rent derived from the NRAS dwelling during that part of the NRAS year. total tax offsets means the total of the * tax offsets to which entities would be entitled under section 380 ‑ 15 or 380 ‑ 20 because of * NRAS rent * derived: (a) from any of the * NRAS dwellings covered by the * NRAS certificate; and (b) during the * NRAS year; that * flows indirectly to them from the electing member (or would otherwise flow indirectly to them from the electing member, as mentioned in paragraph 380 ‑ 20(1)(d)). (3) The * tax offset to which the indirect entity would otherwise be entitled under section 380 ‑ 15 for the income year because of the * NRAS certificate and the * NRAS dwelling is reduced by the amount worked out using the following formula: where: total tax offsets has the same meaning as in subsection (2). (4) Treat the references in subsection (2) to the * NRAS year as being references to a period that occurs during the NRAS year, if the * NRAS certificate is apportioned for the period. Amount of tax offset—rent that passes through NRAS approved participant (5) For the purposes of the references in the definitions in subsection (2) to rent * derived from the * NRAS dwelling during the * NRAS year, disregard * NRAS rent derived by a * member of the * NRAS consortium from the NRAS dwelling during a period in the NRAS year, to the extent that another member derives rent from the NRAS dwelling during the period because: (a) the first member is the * NRAS approved participant of the NRAS consortium throughout the period; and (b) the first member, in accordance with the contractual * arrangements that established the NRAS consortium, passes the NRAS rent on to the other member. Note: There may be more than one NRAS approved participant during an NRAS year. The electing member may be the NRAS approved participant for only part of the NRAS year. (6) For the purposes of paragraph (5)(b), treat any * NRAS rent retained by the first * member under the * arrangements as management fees or commission as having been passed on to the other member.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-18", "Provision_Key": "s380-18", "Heading": "Elections by NRAS approved participants that are partnerships or trustees—special rule for partnerships and trustees", "Text": "For the purposes of sections 380 ‑ 15 and 380 ‑ 20 to 380 ‑ 30 (which apply if a partnership or the trustee of a trust derives NRAS rent), for each * NRAS dwelling: (a) from which the electing member * derived * NRAS rent during the * NRAS year; and (b) that is covered by the * NRAS certificate; and (c) from which a partnership or trust that is a * member of the * NRAS consortium derived rent during the NRAS year; treat the following proportion of the NRAS rent as being NRAS rent derived during the NRAS year by the member mentioned in paragraph (c): where: member’s rent has the same meaning as in subsection 380 ‑ 14B(2). total rent has the same meaning as in subsection 380 ‑ 14B(2).", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-18"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-20", "Provision_Key": "s380-20", "Heading": "Trustee of a trust that does not have net income for an income year", "Text": "(1) An entity is entitled to a * tax offset for an income year (the offset year ) if: (a) the * Housing Secretary issues an * NRAS certificate in relation to an * NRAS year to a partnership or a trustee of a trust; and (b) the entity is a trustee of a trust; and (c) the trust mentioned in paragraph (b) does not have a * net income for an income year; and (d) * NRAS rent * derived during the NRAS year from an * NRAS dwelling covered by the NRAS certificate would otherwise * flow indirectly to the entity in the income year mentioned in paragraph (c) as if: (i) the trust did have a net income for the income year; and (ii) for the purposes of paragraph 380 ‑ 25(4)(b), the entity has a share amount, being the net income referred to in subparagraph (i) of this paragraph; and (iii) the entity’s * share of the NRAS rent under section 380 ‑ 30 was a positive amount; and (e) the offset year of the partnership or trustee begins in the NRAS year. (2) The amount of the * tax offset is the amount worked out in accordance with subsection 380 ‑ 15(2), as if the reference in the formula to the * NRAS certificate were a reference to the NRAS certificate mentioned in paragraph (1)(a) of this section. (3) For the purposes of working out the entity’s * share of * NRAS rent for an * NRAS dwelling, assume subparagraphs (1)(d)(i), (ii) and (iii) of this section apply. (4) If the trustee of a trust is entitled to a * tax offset under this section: (a) a beneficiary of the trust; or (b) a subsequent entity to whom * NRAS rent for an * NRAS dwelling mentioned in paragraph (1)(d) * flows indirectly; is not entitled to a tax offset under this Subdivision in relation to the NRAS rent * derived during the * NRAS year from for the NRAS dwelling.", "Amendment_Count": 4, "First_Amended": "No 54 of 1999", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008 | No 62 of 2011", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008 | Repealed and substituted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-25", "Provision_Key": "s380-25", "Heading": "When NRAS rent flows indirectly to or through an entity", "Text": "(1) This section sets out the circumstances in which * NRAS rent: (a) flows indirectly to an entity (subsection (2), (3) or (4)); or (b) flows indirectly through an entity (subsection (5)). Partners (2) * NRAS rent flows indirectly to a partner in a partnership in an income year if, and only if: (a) during that income year, the NRAS rent is * derived by the partnership, or * flows indirectly to the partnership as a beneficiary because of a previous application of subsection (3); and (b) the partner has an individual interest: (i) in the partnership’s * net income for that income year that is covered by paragraph 92(1)(a) or (b) of the Income Tax Assessment Act 1936 ; or (ii) in a * partnership loss of the partnership for that income year that is covered by paragraph 92(2)(a) or (b) of that Act; (whether or not that individual interest becomes assessable income in the hands of the partner); and (c) the partner’s * share of the NRAS rent under section 380 ‑ 30 is a positive amount (whether or not the partner actually receives any of that share). Beneficiaries (3) * NRAS rent flows indirectly to a beneficiary of a trust in an income year if, and only if: (a) during that income year, the NRAS rent is * derived by the trustee of the trust, or * flows indirectly to the trustee as a partner or beneficiary because of a previous application of subsection (2) or this subsection; and (b) the beneficiary has this amount for that income year (the share amount ): (i) a share of the trust’s * net income for that income year that is covered by paragraph 97(1)(a) of the Income Tax Assessment Act 1936 ; or (ii) an individual interest in the trust’s net income for that income year that is covered by section 98A or 100 of that Act; (whether or not the share amount becomes assessable income in the hands of the beneficiary); and (c) the beneficiary’s * share of the NRAS rent under section 380 ‑ 30 is a positive amount (whether or not the beneficiary actually receives any of that share). Trustees (4) * NRAS rent flows indirectly to the trustee of a trust in an income year if, and only if: (a) during that income year, the NRAS rent is * derived by the trustee, or * flows indirectly to the trustee as a partner or beneficiary because of a previous application of subsection (2) or (3); and (b) the trustee is liable or, but for another provision in this Act, would be liable, to be assessed in respect of an amount (the share amount ) that is: (i) a share of the trust’s * net income for that income year under section 98 of the Income Tax Assessment Act 1936 ; or (ii) all or a part of the trust’s net income for that income year under section 99 or 99A of that Act; (whether or not the share amount becomes assessable income in the hands of the trustee); and (c) the trustee’s * share of the NRAS rent under section 380 ‑ 30 is a positive amount (whether or not the trustee actually receives any of that share). Note: A trustee to whom NRAS rent flows indirectly under this subsection is entitled to a tax offset under section 380 ‑ 15 and the NRAS rent does not flow indirectly through the trustee to another entity. (5) * NRAS rent flows indirectly through an entity (the first entity ) to another entity if, and only if: (a) the other entity is the focal entity in an item of the table in section 380 ‑ 30 in relation to the NRAS rent; and (b) that focal entity’s * share of the NRAS rent is based on the first entity’s share of the NRAS rent as an intermediary entity in that or another item of the table.", "Amendment_Count": 3, "First_Amended": "No 54 of 1999", "Last_Amended": "No 130 of 2008", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-30", "Provision_Key": "s380-30", "Heading": "Share of NRAS rent", "Text": "Object of section (1) The object of this section is to ensure that: (a) * NRAS rent derived by a partnership or the trustee of a trust is allocated notionally amongst entities who * derive benefits from that NRAS rent; and (b) that allocation corresponds with the way in which those benefits were derived. (2) An entity’s share of * NRAS rent is an amount notionally allocated to the entity as its share of the NRAS rent, whether or not the entity actually receives any of that NRAS rent. (3) That amount is equal to the entity’s share of the * NRAS rent as the focal entity in column 3 of an item of the table. Note: An entity’s share of the NRAS rent is based on the share of the NRAS rent of each preceding intermediary entity through which the NRAS rent flows, starting from the intermediary entity to whom the NRAS rent is paid. This means that in some cases (see items 2 and 4 of the table), more than one item of the table will need to be applied to work out the share of the NRAS rent of an ultimate recipient of the NRAS rent. Share of NRAS rent Item Column 1 For this intermediary entity and this focal entity : Column 2 The intermediary entity’s share of the NRAS rent is: Column 3 The focal entity’s share of the NRAS rent is: 1 a partnership is the intermediary entity and a partner in that partnership is the focal entity if: (a) * NRAS rent is * derived by the partnership; and (b) the partner has, in respect of the partnership, an individual interest mentioned in subsection 380 ‑ 25(2) the NRAS rent so much of the NRAS rent as is taken into account in working out the amount of that individual interest 2 a partnership is the intermediary entity and a partner in that partnership is the focal entity if: (a) * NRAS rent * flows indirectly to the partnership as a beneficiary of a trust; and (b) the partner has, in respect of the partnership, an individual interest mentioned in subsection 380 ‑ 25(2) the amount worked out under column 3 of item 3 or 4 of this table where the partnership, as a beneficiary, is the focal entity in that item so much of the amount worked out under column 2 of this item as is attributable to the partner, having regard to the partnership agreement and any other relevant circumstances 3 the trustee of a trust is the intermediary entity and the trustee or a beneficiary of the trust is the focal entity if: (a) * NRAS rent is * derived by the trustee; and (b) the trustee or beneficiary has, in respect of the trust, a share amount mentioned in subsection 380 ‑ 25(3) or (4) (a) if the trust has a positive amount of * net income for that year—the NRAS rent; or (b) otherwise—nil so much of the amount worked out under column 2 of this item as is taken into account in working out that share amount 4 the trustee of a trust is the intermediary entity and the trustee or a beneficiary of the trust is the focal entity if: (a) * NRAS rent * flows indirectly to the trustee as a partner in a partnership or as a beneficiary of another trust; and (b) the trustee or beneficiary has, in respect of the trust, a share amount mentioned in subsection 380 ‑ 25(3) or (4) the amount worked out under column 3 of: (a) item 1 or 2 of this table where the trustee, as a partner, is the focal entity in that item; or (b) item 3 or a previous application of this item where the trustee, as a beneficiary, is the focal entity in that item so much of the amount worked out under column 2 of this item as is attributable to the focal entity in this item, having regard to the trust deed and any other relevant circumstances Note: In item 3 or 4 of the table, the trustee of a trust can be both the intermediary entity and the focal entity in the same item.", "Amendment_Count": 3, "First_Amended": "No 54 of 1999", "Last_Amended": "No 130 of 2008", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-32", "Provision_Key": "s380-32", "Heading": "Amended certificates", "Text": "A reference in this Subdivision to an * NRAS certificate in relation to an * NRAS year is to be treated as a reference to an amended NRAS certificate in relation to the NRAS year, if the * Housing Secretary issues such an amended certificate.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 380-35", "Provision_Key": "s380-35", "Heading": "Payments made and non ‑ cash benefits provided in relation to the National Rental Affordability Scheme", "Text": "A payment made to you, or a * non ‑ cash benefit provided to you, (whether directly or indirectly, such as through an * NRAS consortium of which you are a * member) by: (a) a Department of a State or Territory; or (b) a body (whether incorporated or not) established for a public purpose by or under a law of a State or Territory; in relation to your participation in the * National Rental Affordability Scheme is not assessable income and is not * exempt income.", "Amendment_Count": 4, "First_Amended": "No 54 of 1999", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 54 of 1999 | No 77 of 2001 | No 130 of 2008 | No 62 of 2011", "History_Notes": "Inserted by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Repealed by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Inserted by No 130 of 2008, effective 1 July 2008 | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s380-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-1", "Provision_Key": "s385-1", "Heading": "What this Division is about", "Text": "This Division contains rules that are specific to primary producers. Table of sections 385 ‑ 5 Where to find some other rules relevant to primary producers", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-5", "Provision_Key": "s385-5", "Heading": "Where to find some other rules relevant to primary producers", "Text": "Rules relevant to primary producers Item For rules about this topic: See: 1 The rules about assessable income arising from disposals of trading stock apply to live stock, because live stock is trading stock. Subdivision 70 ‑ D 2 The rules about assessable income arising from disposals of trading stock apply to: (a) standing or growing crops; and (b) crop ‑ stools; and (c) trees planted and tended for sale. Subdivision 70 ‑ D 3 There are some capital allowances for primary producers and some other land ‑ holders. Subdivisions 40 ‑ F and 40 ‑ G 4 Long ‑ term averaging of some primary producers’ tax liability (by tax offsets and extra income tax) Division 392", "Amendment_Count": 4, "First_Amended": "No 121 of 1997", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 121 of 1997 | No 46 of 1998 | No 54 of 1999 | No 77 of 2001", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-90", "Provision_Key": "s385-90", "Heading": "What this Subdivision is about", "Text": "You can elect to exclude from your assessable income the profit on a forced disposal or death of live stock that you held as assets of a primary production business you carry on in Australia. The excluded profit is then brought into your assessable income over a 5 year period in one of 2 ways. Table of sections 385 ‑ 95 Basic principles for elections under this Subdivision Operative provisions 385 ‑ 100 Cases where you can make an election 385 ‑ 105 Election to spread tax profit over 5 years 385 ‑ 110 Alternative election to defer tax profit and reduce cost of replacement live stock 385 ‑ 115 Your assessable income includes an amount for replacement live stock you breed 385 ‑ 120 Purchase price of replacement live stock is reduced 385 ‑ 125 Alternative election because of bovine tuberculosis has effect over 10 years not 5", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-95", "Provision_Key": "s385-95", "Heading": "Basic principles for elections under this Subdivision", "Text": "(1) You can elect:  to spread the profit on the disposal or death over the income year of the disposal or death and the next 4 income years ( election to spread ); or  to defer including the profit in your assessable income, if you will use the proceeds of the disposal or death mainly to replace the live stock ( election to defer ). (2) If you make an election to defer, the profit is “used” over the next 5 income years:  by reducing the amount for which you are taken to have bought replacement stock (as a result, your tax profit on the disposal of the replacement stock is increased); and  by including in your assessable income amounts for replacement stock that you breed. Any unused part of the profit is included in your assessable income for the fifth income year.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-100", "Provision_Key": "s385-100", "Heading": "Cases where you can make an election", "Text": "(1) You can make an election if: (a) you dispose of * live stock, or they die, because: (i) land is compulsorily acquired or resumed under an Act; or (ii) a State or Territory leases land for a cattle tick eradication campaign; or (iii) pasture or fodder is destroyed by fire, drought or flood and you will use the * proceeds of the disposal or death mainly to buy replacement stock or to maintain breeding stock for the purpose of replacing the live stock; or (iv) they are compulsorily destroyed under an * Australian law for the control of a * disease or they die of such a * disease; or (v) you receive an official notification under an * Australian law dealing with contamination of property; and (b) you held the live stock as assets of a * primary production business you carry on in Australia; and (c) apart from this Subdivision, your assessable income for any income year would include the * proceeds of the disposal or death. (2) The proceeds of the disposal or death are: (a) if you dispose of the * live stock or their carcases in the ordinary course of * business—the total of: (i) any amount you receive as payment for the live stock or carcases; and (ii) any compensation you receive for the death or destruction, or a reduction in * market value, of the live stock or their carcases from an * Australian government agency; or (b) if you dispose of the * live stock or their carcases outside the ordinary course of * business—the total of: (i) the market value of the live stock or their carcases, at the time of disposal; and (ii) any compensation you receive for the death or destruction, or a reduction in market value, of the live stock or their carcases from an * Australian government agency; or (c) if the * live stock die, and you do not dispose of their carcases to someone else—any compensation you receive for their death or destruction from an * Australian government agency.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-105", "Provision_Key": "s385-105", "Heading": "Election to spread tax profit over 5 years", "Text": "(1) You can elect: (a) to include in your assessable income for the * disposal year the * proceeds of the disposal or death, reduced by the * tax profit on the disposal or death; and (b) to include 20% of the tax profit on the disposal or death in your assessable income for the disposal year; and (c) to include 20% of the tax profit on the disposal or death in your assessable income for each of the next 4 income years. For rules about the making and effect of an election, see Subdivision 385 ‑ H. (2) The disposal year is the income year in which you dispose of the * live stock, or they die, as mentioned in subsection 385 ‑ 100(1). (3) The tax profit on the disposal or death is any amount remaining after subtracting from the * proceeds of the disposal or death the sum of: (a) the amount paid or payable for the purchase of as many of the * live stock as you purchased during the income year; and (b) the * value of the rest of the live stock as * trading stock on hand at the start of the income year.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-110", "Provision_Key": "s385-110", "Heading": "Alternative election to defer tax profit and reduce cost of replacement live stock", "Text": "(1) Alternatively, you can elect: (a) to include in your assessable income for the * disposal year the * proceeds of the disposal or death, reduced by the * tax profit on the disposal or death; and (b) to reduce the cost of replacement * live stock you buy in the disposal year (or any of the next 5 income years) by amounts totalling not more than the tax profit on the disposal or death; and (c) to include in your assessable income for the last of the 5 income years following the disposal year any * unused tax profit on the disposal or death on the last day of that year. Note: If the election is made because of bovine tuberculosis, it has effect over 10 income years instead of 5: see section 385 ‑ 125. For rules about the making and effect of an election, see Subdivision 385 ‑ H (2) However, you can only make this election if you will use the * proceeds of the disposal or death mainly to buy replacement * live stock, or to maintain breeding stock for the purpose of replacing the live stock that were disposed of or died. (3) The unused tax profit on the disposal or death is the * tax profit on the disposal or death less the total of: (a) the amounts included in your assessable income under section 385 ‑ 115 for replacement animals you breed; and (b) the amounts by which the amount paid or payable for the purchase of replacement animals is reduced under section 385 ‑ 120.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-115", "Provision_Key": "s385-115", "Heading": "Your assessable income includes an amount for replacement live stock you breed", "Text": "If you make the election in section 385 ‑ 110, then for the * disposal year and each of the next 5 income years, your assessable income includes any amount you choose for each replacement animal you breed during that income year. (However, you can choose not to include an amount.)", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-120", "Provision_Key": "s385-120", "Heading": "Purchase price of replacement live stock is reduced", "Text": "(1) If you make the election in section 385 ‑ 110, then the amount paid or payable for the purchase of each replacement animal you buy in the * disposal year, or in the next 5 income years, is treated as if it were reduced by the * reduction amount. Meaning of reduction amount (2) The reduction amount is:  so much of the * tax profit on the disposal or death as is attributable to live stock of the species you are replacing; divided by:  the number of animals of that species that you disposed of or that died. (3) However, if: (a) you purchase a replacement animal of a different species from the * live stock it replaces; and (b) you pay substantially more for it than you could have paid for a replacement animal of the same species; the reduction amount for the animal is any reasonable amount at least equal to the amount worked out under subsection (2). Exception to avoid reducing unused tax profit to less than nil (4) However, if applying subsection (1) to a particular purchase would reduce the * unused tax profit on the disposal or death to less than nil, instead reduce the amount paid or payable for the purchase of each replacement animal in that purchase by:  the * unused tax profit on the disposal or death; divided by:  the number of animals in the purchase.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 176 of 1999", "Amending_Acts": "No 121 of 1997 | No 176 of 1999", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-125", "Provision_Key": "s385-125", "Heading": "Alternative election because of bovine tuberculosis has effect over 10 years not 5", "Text": "If you can make an election under this Subdivision because: (a) * live stock are compulsorily destroyed under an * Australian law for the control of bovine tuberculosis; or (b) * live stock die of that * disease; sections 385 ‑ 110 to 385 ‑ 120 apply as if they referred to 10 income years instead of 5 years.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-130", "Provision_Key": "s385-130", "Heading": "Insurance for loss of live stock or trees", "Text": "If your assessable income for an income year would otherwise include an insurance recovery for a loss of * live stock, or for a loss by fire of trees, that you hold as assets of a * primary production business you carry on in Australia, you can elect: (a) to include only 20% of the insurance recovery in your assessable income for that income year; and (b) to include 20% of the insurance recovery in your assessable income for each of the next 4 income years. For rules about the making and effect of an election, see Subdivision 385 ‑ H.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-135", "Provision_Key": "s385-135", "Heading": "Election to defer including profit on second wool clip", "Text": "(1) If your assessable income for an income year would otherwise include the * proceeds of the sale of 2 wool clips because fire, drought or flood causes you to shear your sheep earlier than normal, you can elect to include in your assessable income for the next income year the * profit on the sale of the earlier than normal wool clip. For rules about the making and effect of an election, see Subdivision 385 ‑ H. (2) However, at the time the wool was shorn, the sheep must have been assets of a * primary production business you carried on in Australia. Also, the fire, drought or flood must have been in an area of Australia where you carried on that business at that time. (3) The proceeds of the sale of 2 wool clips are: (a) the proceeds of the sale of the earlier than normal wool clip; and (b) an amount covered by one or more of the following: (i) proceeds of the sale of another wool clip in the income year; (ii) proceeds of the sale of wool shorn in the previous income year that you hold at the start of the income year and that you took into account at cost in working out the * value of your * trading stock under Division 60 at the end of the previous income year; (iii) an amount for wool shorn in the previous income year that is included in your assessable income of the income year because of a previous election under this section. (4) The profit on the sale of the earlier than normal wool clip is the proceeds of the sale of the wool clip that would otherwise be included in your assessable income for the income year, less the expenses you incur in the income year that are directly attributable to the earlier shearing and sale.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 121 of 1997 | No 12 of 2012", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-145", "Provision_Key": "s385-145", "Heading": "Partnerships and trusts", "Text": "If a partnership or trustee carries on a * primary production business, only the partnership or trustee can make an election under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-150", "Provision_Key": "s385-150", "Heading": "Time for making election", "Text": "You can only make an election under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G before you lodge your * income tax return for the last income year for which your assessable income would (apart from the election) include any of: (a) the * proceeds of the disposal or death of * live stock; or (b) the insurance recovery for the loss of * live stock or trees; or (c) the * proceeds of the sale of the 2 wool clips. The Commissioner may allow you further time to make the election.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-155", "Provision_Key": "s385-155", "Heading": "Amounts are assessable income from carrying on the primary production business", "Text": "The following are taken to be assessable income from carrying on a * primary production business in Australia: (a) an amount included in your assessable income because of an election under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G; or (b) an amount included in your assessable income because of section 385 ‑ 160 (Effect of certain events on election).", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-160", "Provision_Key": "s385-160", "Heading": "Effect of certain events on election", "Text": "(1) You cannot make an election under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G after a * disentitling event happens. (2) If a * disentitling event happens after you make an election under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G, your assessable income for the income year in which the event happens includes: (a) the * proceeds of the disposal or death of * live stock; or (b) the insurance recovery for the loss of * live stock or trees; or (c) the * proceeds of the sale of 2 wool clips; reduced by each amount that, because of the election, is included in your assessable income for that or an earlier income year. (3) However, if a * disentitling event happens after you make an election under section 385 ‑ 110 (Alternative election to defer tax profit and reduce cost of replacement live stock), your assessable income for the income year in which the event happens includes any * unused tax profit on the disposal or death on the last day of that income year.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-163", "Provision_Key": "s385-163", "Heading": "Disentitling events", "Text": "(1) A disentitling event happens when: (a) you die; or (b) you become bankrupt, insolvent, commence to be wound up, apply to take the benefit of a law for the relief of bankrupt or insolvent debtors, compound with creditors, or make an assignment of any property for the benefit of creditors; or (c) you leave Australia permanently, or it appears to the Commissioner that you are about to do so; or (d) you cease to carry on the * primary production business to which the election relates. (2) In the case of a partnership, a disentitling event happens when: (a) a partner in the partnership becomes bankrupt, insolvent, commences to be wound up, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with creditors, or makes an assignment of any property for the benefit of creditors; or (b) a partner leaves Australia permanently, or it appears to the Commissioner that a partner is about to do so; or (c) the partnership ceases to carry on the * primary production business to which the election relates; or (d) there is a variation in the constitution of the partnership or the interests of the partners. (3) In the case of a trust, a disentitling event happens when: (b) an order for the administration of the trust estate is made under a law relating to bankruptcy; or (c) a beneficiary becomes bankrupt, insolvent, commences to be wound up, applies to take the benefit of a law for the relief of bankrupt or insolvent debtors, compounds with creditors, or makes an assignment of any property for the benefit of creditors; or (d) the trustee or a beneficiary leaves Australia permanently, or it appears to the Commissioner that the trustee or a beneficiary is about to do so; or (e) the trustee ceases to carry on the * primary production business to which the election relates. (4) However, in the case of a trust, a disentitling event does not happen if: (a) either: (i) the disentitling event is covered by paragraph 3(c); or (ii) the disentitling event is covered by paragraph 3(d) and a beneficiary leaves Australia permanently, or it appears to the Commissioner that a beneficiary is about to do so; and (b) the Commissioner makes a determination under subsection (5). (5) The Commissioner may make a determination for the purpose of subsection (4) if it is fair and reasonable to do so having regard to: (a) the nature of the * disentitling event to which subsection (3) applies; and (b) any relevant circumstances relating to the beneficiary mentioned in paragraph (3)(c) or (d); and (c) any other relevant circumstances relating to the trust; and (d) any other matters the Commissioner considers relevant. (6) A determination made under subsection (5) must be made in writing. (7) The Commissioner must give the trustee of the trust a copy of the determination.", "Amendment_Count": 2, "First_Amended": "No 121 of 1997", "Last_Amended": "No 136 of 2011", "Amending_Acts": "No 121 of 1997 | No 136 of 2011", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 136 of 2011, effective s. 4 and Schedule 1: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-163"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-165", "Provision_Key": "s385-165", "Heading": "New partnership can elect to be treated as same entity as old partnership", "Text": "(1) Under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G a new partnership can elect to be treated as a continuation of an old partnership that would otherwise cease to exist if: (a) it immediately takes over the relevant * primary production business of the old partnership; and (b) partners, together entitled to at least 25% of the income of the new partnership, were also partners in the old partnership. (2) The new partnership must make this election before it lodges its * income tax return for the income year in which it takes over the * business.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 385-170", "Provision_Key": "s385-170", "Heading": "New partnership can elect to take advantage of election made by former owner of the business", "Text": "(1) If an entity (except a partnership): (a) has made an election under Subdivision 385 ‑ E, 385 ‑ F or 385 ‑ G; and (b) transfers the relevant * primary production business to a partnership; and (c) is entitled to at least 25% of the income of that partnership; the partnership may elect to apply the Subdivision under which the entity made the election to all future events as if it were that entity. (2) The partnership must make this election before it lodges its * income tax return for the income year in which the * business is transferred to it.", "Amendment_Count": 1, "First_Amended": "No 121 of 1997", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 121 of 1997", "History_Notes": "Inserted by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s385-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-1", "Provision_Key": "s392-1", "Heading": "What this Division is about", "Text": "If you are a primary producer for 2 or more years in a row, this Division evens out your income tax liability from year to year. (It does so by reducing the effect that fluctuations in your taxable income have on the marginal rates of tax that apply to you from year to year.) Table of sections 392 ‑ 5 Overview of averaging process", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-5", "Provision_Key": "s392-5", "Heading": "Overview of averaging process", "Text": "How averaging adjustments work (1) This Division reduces or increases your income tax liability to bring it closer to what it would have been if worked out using a special rate of income tax. That rate (the comparison rate) is based on the income tax that you would pay for the current year on the average of your taxable income for up to the last 5 income years. Example: The graph shows how averaging taxable income reduces the effect of variations in taxable income (giving a fairly steady comparison rate from year to year). Tax offset as averaging adjustment (2) You may be entitled to a tax offset if the income tax you would pay on your basic taxable income for the current year at the comparison rate is less than the income tax you would pay on that income (apart from this Division and certain other provisions). See the examples of years 5, 6, 7 and 9 in the graph in subsection (4). Extra income tax as averaging adjustment (3) You may be liable to extra income tax on some or all of your basic taxable income for the current year if the income tax you would pay on your basic taxable income for the current year at the comparison rate is more than the income tax on that income (apart from this Division and certain other provisions). See the examples of years 8 and 10 in the graph in subsection (4). Example of the effect of averaging (4) The graph shows an example of the effect of averaging, using the same income figures as the graph in the example in subsection (1). Note: The example assumes that all the basic taxable income was from a primary production business. Effect of non ‑ primary production income on averaging adjustment (5) Your income from sources other than your primary production business may affect the adjustment of your income tax. If more than $5,000 of your basic taxable income is attributable to those sources, your averaging adjustment will be reduced to reflect the proportion of your basic taxable income attributable to primary production. (There are special shading ‑ out arrangements if your taxable income from other sources is between $5,000 and $10,000.) No adjustment in certain cases (6) Your income tax will not be adjusted under this Division in certain cases. In particular, you can choose not to have your income tax adjusted under this Division for 10 income years.", "Amendment_Count": 4, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 46 of 1998 | No 83 of 1999 | No 94 of 1999 | No 15 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-10", "Provision_Key": "s392-10", "Heading": "Individuals who carry on a primary production business", "Text": "(1) This Division applies to your assessment for the * current year if: (a) you are an individual; and (b) you have carried on a * primary production business in Australia for 2 or more income years in a row (the last of which is the current year); and (c) for at least one of those income years your * basic taxable income is less than or equal to your basic taxable income for the next of those income years. Note 1: It follows that this Division does not apply if your basic taxable income has decreased every income year since you started carrying on a primary production business. Note 2: In working out whether this Division applies to your assessment for an income year, you may need to take account of income years before the 1998 ‑ 99 income year: see section 392 ‑ 1 of the Income Tax (Transitional Provisions) Act 1997 . Continued application of this Division after you stop carrying on a primary production business (2) This Division also applies to your assessment for the * current year if: (a) this Division applied to your assessment for an earlier income year during which you carried on a * primary production business in Australia; and (b) you do not carry on that business during the current year; and (c) at least one of the following conditions is met for each income year (including the current year) after the income year in which you stopped carrying on that business: (i) your assessable income for the income year included assessable income that was * derived from, or resulted from, your having carried on that business; (ii) you carried on a * primary production business in Australia during the income year. Note: In working out whether this Division applies to your assessment for an income year, you may need to take account of income years before the 1998 ‑ 99 income year. See section 392 ‑ 1 of the Income Tax (Transitional Provisions) Act 1997 . (3) This section applies as if you did not carry on a * primary production business during a particular income year if, because you made a choice under section 392 ‑ 25, this Division did not apply to your assessment for that income year. Note: A choice that you make under section 392 ‑ 25 has the effect that this Division does not apply to your assessments for 10 income years. None of these income years can be taken into account in applying this section after the 10 year opt ‑ out period.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 46 of 1998 | No 15 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-15", "Provision_Key": "s392-15", "Heading": "Meaning of basic taxable income", "Text": "(1) Work out your basic taxable income for an income year as follows: Method statement Step 1. Work out what would have been your taxable income for the income year if your assessable income for the income year: (a) had not included any amount under section 82 ‑ 65, 82 ‑ 70 or 302 ‑ 145 of the Income Tax Assessment Act 1997 (certain superannuation benefits and employment termination payments); and Note: This means that certain deductions will also be excluded. (b) had not included any * net capital gain for the income year. Step 2. Subtract from the Step 1 amount any * above ‑ average special professional income included in your taxable income for the income year under Division 405. (2) However, your basic taxable income for an income year is nil if: (a) you do not have a taxable income for the income year; or (b) the amount worked out under subsection (1) for the income year is less than nil.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 46 of 1998 | No 15 of 2007", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-20", "Provision_Key": "s392-20", "Heading": "Trust beneficiaries taken to be carrying on primary production business", "Text": "(1) You are taken to carry on a * primary production business carried on by a trust during an income year if you satisfy the requirements in subsection (2), (3) or (4). Primary production business carried on by a trust with beneficiary presently entitled to income of the trust (2) You satisfy the requirements in this subsection if: (a) you are a beneficiary of the trust referred to in subsection (1); and (b) you are presently entitled to a share of the income of the trust for the income year; and (c) if you are presently entitled to less than $1,040 of the income of the trust for the income year—the Commissioner is satisfied that your interest in the trust was not acquired or granted wholly or primarily to enable your income tax to be adjusted under this Division. Primary production business carried on by a fixed trust with no income of the trust (3) You satisfy the requirements in this subsection if: (a) you are a beneficiary of the trust referred to in subsection (1); and (b) at all times during the income year, the manner or extent to which each beneficiary of the trust can benefit from the trust is not capable of being significantly affected by the exercise, or non ‑ exercise, of a power; and (c) the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled; and (d) if the trust had income of the trust for the income year, you would have been presently entitled to a share of the income of the trust. Primary production business carried on by a non ‑ fixed trust with no income of the trust (4) You satisfy the requirements in this subsection if you do not satisfy the requirements in subsection (3) and you are a chosen beneficiary of the trust referred to in subsection (1) for the purposes of section 392 ‑ 22 for the income year. Public trading trusts (5) You are not taken to carry on a * primary production business carried on by the trustee of a public trading trust (as defined in section 102R of the Income Tax Assessment Act 1936 , which deals with public trading trusts).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 46 of 1998 | No 62 of 2011 | No 53 of 2016", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-22", "Provision_Key": "s392-22", "Heading": "Trustee may choose that a beneficiary is a chosen beneficiary of the trust", "Text": "(1) The trustee of a trust may choose that a beneficiary of the trust is a chosen beneficiary of the trust for an income year if the trust does not have income of the trust for the income year to which a beneficiary of the trust could be presently entitled. (2) The maximum number of choices that the trustee may make in respect of the trust for an income year is the higher of: (a) the number of individuals that were taken to be carrying on a * primary production business carried on by the trust under subsection 392 ‑ 20(1) in the income year immediately before the current income year; and (b) 12. (3) A choice made under subsection (1) must be: (a) in writing; and (b) signed by the trustee and the person chosen. (4) The trustee can make the choice no later than the time it lodges the trust’s * income tax return for the income year to which the choice relates. However, the Commissioner can allow the trustee to make a choice at a later time. (5) A choice cannot be revoked or varied.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-22"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-25", "Provision_Key": "s392-25", "Heading": "Choosing not to have your income tax averaged", "Text": "(1) You can choose that this Division (except this section) not apply to your assessment for an income year. If you make this choice, this Division (except this section) does not apply to your assessment for the income year or any of the next 9 income years. (1A) Your choice must not cover any income year that a previous choice of yours has already covered. (2) You must make your choice in writing and give it to the Commissioner by the time you lodge your * income tax return for the income year to which your choice relates. However, the Commissioner may allow you to give the choice later. (3) Your choice cannot be revoked after it is given to the Commissioner.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 46 of 1998 | No 15 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-30", "Provision_Key": "s392-30", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains how to work out whether you are entitled to a tax offset for the current year or whether you must pay extra income tax for the current year. Table of sections Tax offset or extra income tax 392 ‑ 35 Will you get a tax offset or have to pay extra income tax? How to work out the comparison rate 392 ‑ 40 Identify income years for averaging your basic taxable income 392 ‑ 45 Work out your average income for those years 392 ‑ 50 Work out the income tax on your average income at basic rates 392 ‑ 55 Work out the comparison rate", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-35", "Provision_Key": "s392-35", "Heading": "Will you get a tax offset or have to pay extra income tax?", "Text": "(1) Compare: (a) the amount (the income tax you would pay at the comparison rate ) worked out using the formula: (b) the amount of income tax that you would pay on your * basic taxable income for the * current year at * basic rates. Note: You must disregard some provisions of this Act in working out amounts of income tax for the purposes of this subsection: see subsection (5). Tax offset (2) You are entitled to a * tax offset equal to the * averaging adjustment worked out under Subdivision 392 ‑ C if the income tax you would pay at the comparison rate is less than the amount of income tax you would pay at * basic rates. Extra income tax (3) You must pay extra income tax on the * averaging component of your * basic taxable income if the income tax you would pay at the comparison rate is more than the amount of income tax you would pay at * basic rates. Note 1: Section 12A of the Income Tax Rates Act 1986 sets the rate at which you must pay extra income tax on the averaging component of your basic taxable income. Note 2: It does so in such a way that, generally, the extra income tax you must pay equals the averaging adjustment worked out under Subdivision 392 ‑ C. Meaning of basic rates (4) The basic rates at which you would pay income tax are: (a) if you are a resident taxpayer as defined in the Income Tax Rates Act 1986 —the rates of income tax in paragraph (1)(b) of Part I of Schedule 7 to that Act, taking into account the way it would apply with any changes to your tax ‑ free threshold under section 20 of that Act; or (b) if you are a non ‑ resident taxpayer as defined in the Income Tax Rates Act 1986 —the rates of income tax in paragraph 1(b) of Part II of Schedule 7 to that Act. Disregard certain provisions in working out amounts (5) Work out the amount of income tax mentioned in paragraph (1)(b) as if: (a) the following provisions did not apply: (i) this Division; (ii) section 94 (Partner not having control and disposal of share in partnership income) of the Income Tax Assessment Act 1936 ; (iii) Division 6AA (Income of certain children) of Part III of the Income Tax Assessment Act 1936 ; (iv) Part VIIB (Medicare levy) of the Income Tax Assessment Act 1936 ; and (b) you were not entitled to any rebate or credit under the Income Tax Assessment Act 1936 or to any * tax offset under this Act. No adjustment (6) This Division does not affect your income tax for the * current year if the income tax you would pay at the * comparison rate equals the amount of income tax you would pay at * basic rates. Note: The 2 amounts will be equal if: your basic taxable income and your average income are both below the tax ‑ free threshold; or your average income equals your basic taxable income for the current year.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 83 of 1999", "Amending_Acts": "No 46 of 1998 | No 83 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-40", "Provision_Key": "s392-40", "Heading": "Identify income years for averaging your basic taxable income", "Text": "The income years over which you must average your * basic taxable income are: (a) if this Division has applied to your assessment for at least 4 income years in a row (including the * current year)—the current year and the 4 previous income years; or (b) if this Division has applied to your assessment for less than 4 income years in a row (including the * current year)—those income years and the last income year before them. Note: You may need to average your basic taxable income for one or more income years before the 1998 ‑ 99 income year. See section 392 ‑ 1 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-45", "Provision_Key": "s392-45", "Heading": "Work out your average income for those years", "Text": "(1) Work out your average income in this way: Method statement Step 1. Add up your * basic taxable income for each of the income years over which you must average your basic taxable income. Step 2. Divide the sum by the number of those income years. Step 3. Round the result down to the nearest whole dollar if the result is not already a number of whole dollars. (2) Your basic assessable income for an income year is your assessable income for the income year, less: (a) any amount included in your assessable income under section 82 ‑ 65, 82 ‑ 70 or 302 ‑ 145 (certain employment termination payments and superannuation benefits); and (b) any * net capital gain included in your assessable income under Division 102.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 46 of 1998 | No 15 of 2007 | No 28 of 2023", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-50", "Provision_Key": "s392-50", "Heading": "Work out the income tax on your average income at basic rates", "Text": "Work out the amount of income tax that you would pay on your * average income for the * current year at * basic rates.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-55", "Provision_Key": "s392-55", "Heading": "Work out the comparison rate", "Text": "Work out the comparison rate using the formula:", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-60", "Provision_Key": "s392-60", "Heading": "What this Subdivision is about", "Text": "This Subdivision explains how to work out the amount of the averaging adjustment of your income tax for the current year (whether it is a tax offset or is used by the Income Tax Rates Act 1986 to set the rate at which you must pay extra income tax). Table of sections 392 ‑ 65 What your averaging adjustment reflects Your gross averaging amount 392 ‑ 70 Working out your gross averaging amount Your averaging adjustment 392 ‑ 75 Working out your averaging adjustment How to work out your averaging component 392 ‑ 80 Work out your taxable primary production income 392 ‑ 85 Work out your taxable non ‑ primary production income 392 ‑ 90 Work out your averaging component", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-65", "Provision_Key": "s392-65", "Heading": "What your averaging adjustment reflects", "Text": "(1) Your averaging adjustment is a proportion of your gross averaging amount, taking account of: (a) your taxable primary production income (the part of your basic taxable income from your primary production business); and (b) your taxable non ‑ primary production income (the part of your basic taxable income from other sources). Your averaging component is the means of taking into account the different parts of your basic taxable income in working out your averaging adjustment. (2) If your taxable non ‑ primary production income is less than or equal to $5,000, your averaging component equals the whole of your basic taxable income. (In other words, your averaging component includes all of your taxable primary production income and all of your taxable non ‑ primary production income.) (3) If your taxable non ‑ primary production income is between $5,000 and $10,000, a shading ‑ out system applies so that your averaging component includes some of your taxable non ‑ primary production income as well as all of your taxable primary production income. (4) If your taxable non ‑ primary production income is $10,000 or more, your averaging component equals your taxable primary production income. Your averaging component does not include any of your taxable non ‑ primary production income. (5) The following diagram shows examples of these relationships. The second and third columns show that as taxable non ‑ primary production income increases above $5,000 (up to a maximum of $10,000), less of it is counted in the averaging component.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-70", "Provision_Key": "s392-70", "Heading": "Working out your gross averaging amount", "Text": "Your gross averaging amount is the amount of the difference between the following amounts worked out under section 392 ‑ 35: (a) the income tax you would pay at the comparison rate; (b) the amount of income tax that you would pay on your * basic taxable income for the * current year at * basic rates.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-75", "Provision_Key": "s392-75", "Heading": "Working out your averaging adjustment", "Text": "Work out your averaging adjustment for the * current year using the formula:", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-80", "Provision_Key": "s392-80", "Heading": "Work out your taxable primary production income", "Text": "(1) Work out your taxable primary production income for the * current year in this way: Method statement Step 1. Compare your * assessable primary production income for the * current year with your * primary production deductions for the current year. Step 2. If your assessable primary production income is larger than your primary production deductions, your taxable primary production income is the difference between them. Step 3. If your primary production deductions are larger than (or equal to) your assessable primary production income, your taxable primary production income is nil. Assessable primary production income (2) Your assessable primary production income for the * current year is the sum of: (a) any amount of your * basic assessable income for the current year that was * derived from, or resulted from, your carrying on a * primary production business; and (b) any amount included in your assessable income under section 420 ‑ 25 for the current year because you cease to * hold a * primary producer registered emissions unit; and (c) any amount of your basic assessable income for the current year to the extent that: (i) you are a beneficiary of a trust that is carrying on a primary production business; and (ii) the amount is your share of the trust’s * net income that is attributable to, or resulted from, an amount being included in the trust’s assessable income under section 420 ‑ 25 because the trust ceases to hold an * Australian carbon credit unit; and (iii) the unit would have been a primary producer registered emissions unit if you had started to hold, held and ceased to hold the unit instead of the trust; and (d) any amount of your basic assessable income for the current year to the extent that: (i) you are a partner in a partnership that is carrying on a primary production business; and (ii) the amount is your share of the partnership’s net income that is attributable to, or resulted from, an amount being included in the partnership’s assessable income under section 420 ‑ 25 because a partner (the holding partner ) in the partnership ceases to hold a primary producer registered emissions unit; and (iii) the unit would still have been a primary producer registered emissions unit if each other partner in the partnership had started to hold, held and ceased to hold the unit instead of the holding partner; and (e) any amount of your basic assessable income for the current year that was derived from, or resulted from, an * arrangement with a * carbon service provider to the extent that: (i) the arrangement relates to the provider starting to hold, holding or ceasing to hold an Australian carbon credit unit; and (ii) the unit would have been a primary producer registered emissions unit if you were starting to hold, holding or ceasing to hold the unit (as applicable) instead of the provider; and (iii) the amount does not relate to you giving the provider a * quasi ‑ ownership right over land. Primary production deductions (3) Your primary production deductions for the * current year are: (a) all amounts you can deduct that relate exclusively to the amount referred to in paragraph (2)(a); and (b) so much of any other amounts you can deduct (other than * apportionable deductions) to the extent that they reasonably relate to the amount referred to in paragraph (2)(a); and (c) so much of any other amounts you can deduct for the current year in relation to expenditure you incur in: (i) starting to * hold a * primary producer registered emissions unit; or (ii) holding such a unit; or (iii) ceasing to hold such a unit; and (d) so much of any other amounts you can deduct for the current year in relation to expenditure you incur under an * arrangement with a * carbon service provider to the extent that: (i) the arrangement relates to the provider starting to hold, holding or ceasing to hold an * Australian carbon credit unit; and (ii) the unit would have been a primary producer registered emissions unit if you were starting to hold, holding or ceasing to hold the unit (as applicable) instead of the provider; and (iii) the expenditure does not relate to you giving the provider a * quasi ‑ ownership right over land. Note 1: For the expenditure covered by subparagraph (c)(i), see subsections 420 ‑ 15(1) and (4) and 420 ‑ 65(4). Note 2: For the expenditure covered by subparagraph (c)(iii), see subsection 420 ‑ 42(1).", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 46 of 1998 | No 79 of 2010 | No 28 of 2023", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-85", "Provision_Key": "s392-85", "Heading": "Work out your taxable non ‑ primary production income", "Text": "(1) Work out your taxable non ‑ primary production income for the * current year in this way: Method statement Step 1. Compare your * assessable non ‑ primary production income for the * current year with your * non ‑ primary production deductions for the current year. Step 2. If your assessable non ‑ primary production income is larger than your non ‑ primary production deductions, your taxable non ‑ primary production income is the difference between them. Step 3. If your non ‑ primary production deductions are larger than (or equal to) your assessable non ‑ primary production income, your taxable non ‑ primary production income is nil. Assessable non ‑ primary production income (2) Your assessable non ‑ primary production income for the * current year is the difference between: (a) your * basic assessable income for the current year; and (b) your * assessable primary production income for the current year. Non ‑ primary production deductions (3) Your non ‑ primary production deductions for the * current year are the difference between: (a) the sum of your deductions for the current year; and (b) your * primary production deductions for the current year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-90", "Provision_Key": "s392-90", "Heading": "Work out your averaging component", "Text": "(1) Work out your averaging component for the * current year using the following table, taking into account: (a) your * taxable primary production income for the current year; and (b) your * taxable non ‑ primary production income for the current year. Averaging component If * taxable The averaging component equals: Item non ‑ primary production income: for * taxable primary production income > 0 for * taxable primary production income = 0 1 is nil * Basic taxable income Nil 2 is more than nil but does not exceed $5,000 * Basic taxable income * Basic taxable income 3 exceeds $5,000 but does not exceed $10,000 * Taxable primary production income plus * non ‑ primary production shade ‑ out amount * Non ‑ primary production shade ‑ out amount 4 is $10,000 or more * Taxable primary production income Nil Note: Subsections (2) and (3) explain how to work out your non ‑ primary production shade ‑ out amount if your taxable non ‑ primary production income is between $5,000 and $10,000. Non ‑ primary production shade ‑ out amount if your taxable primary production income is more than nil (2) If your * taxable primary production income is more than nil, your non ‑ primary production shade ‑ out amount is the amount worked out using the formula: Non ‑ primary production shade ‑ out amount if your taxable primary production income is nil (3) If your * taxable primary production income is nil, your non ‑ primary production shade ‑ out amount is the amount worked out using the formula: However, if that amount is less than nil, your non ‑ primary production shade ‑ out amount is nil. (4) In this section: Assessable PP income means your * assessable primary production income for the * current year. PP deductions means your * primary production deductions for the * current year. Taxable non ‑ PP income your * taxable non ‑ primary production income for the * current year.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 392-95", "Provision_Key": "s392-95", "Heading": "You are treated as if you had not carried on business before", "Text": "Choosing to discontinue and restart averaging (1) You can choose that this Division not affect your * income tax liability for an income year (the reduction year ) if you show the Commissioner that, because of retirement from your occupation or from any other cause, your * basic taxable income for the reduction year is permanently reduced during that year to less than two thirds of your * average income for that year. (1A) You must make the choice by notifying the Commissioner in writing by the day you lodge your * income tax return for the reduction year. However, the Commissioner can allow you to make it later. (1B) If you make a choice under subsection (1), this Division applies to assessments for later income years as if you had never carried on a * primary production business before the reduction year. Working out the extent of the permanent reduction (2) In working out the extent of the permanent reduction, you must work out your * average income for the reduction year on the basis that your * basic assessable income for an income year taken into account in working out your average income did not include any assessable income from sources from which you do not usually receive assessable income. (3) In working out the extent of the permanent reduction, disregard a reduction in * basic taxable income to the extent that it results from a change of assets from which assessable income was * derived into assets from which you derive income that is not assessable income.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 46 of 1998 | No 92 of 2020", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s392-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-1", "Provision_Key": "s393-1", "Heading": "What this Division is about", "Text": "You can deduct a farm management deposit you make, if: (a) you are an individual carrying on a primary production business (including a primary production business you carry on as a partner in a partnership or as a beneficiary of a trust); and (b) you hold the deposit for at least 12 months; and (c) you meet some other tests. The amount of the deposit withdrawn is included in your assessable income in the income year in which it is repaid. Special rules apply if the deposit is repaid in the event of a severe drought or an applicable natural disaster. Farm management deposits allow you to carry over income from years of good cash flow and to draw down on that income in years when you need the cash. This enables you to defer the income tax on your taxable primary production income from the income year in which you make the deposit until the income year in which the deposit is repaid. Note: An FMD provider must, every calendar month, give certain information to the Agriculture Secretary about farm management deposits: see section 398 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 79 of 2010 | No 147 of 2011 | No 52 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-5", "Provision_Key": "s393-5", "Heading": "Deduction for making farm management deposit", "Text": "Entitlement to deduction (1) You can deduct the amount of a * farm management deposit for an income year if: (a) you are the * owner of the deposit; and (b) the deposit is made at a time during the year when you are an individual carrying on a * primary production business in Australia; and (c) if during the year, at a time after the deposit was made, you stopped carrying on a primary production business in Australia—you started carrying on such a business again within 120 days (whether or not during the year); and (d) your * taxable non ‑ primary production income for the year is not more than $100,000; and (e) you do not die or become bankrupt during the year. Note 1: This section does not apply if a deposit is reinvested, the term of a deposit is extended, or a deposit is transferred at the depositor’s request: see sections 393 ‑ 15 and 393 ‑ 16. Note 2: This Division applies to certain partners and beneficiaries as if they were individuals who carried on a primary production business: see subsections 393 ‑ 25(2), (3), (4), (5) and (6). Sum of deductions not to exceed taxable primary production income (2) The sum of the deductions that you would otherwise be entitled to under this section for * farm management deposits made in the income year must not exceed your * taxable primary production income for the income year. Amounts to be deducted in order of deposits (3) If you are entitled to deduct amounts in respect of 2 or more deposits, deduct the amounts in the order in which the deposits were made (until you reach the limit imposed by subsection (2)).", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 79 of 2010 | No 62 of 2011 | No 34 of 2014", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 34 of 2014, effective Sch 1 (items 3–11, 13(1)): 30 May 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-10", "Provision_Key": "s393-10", "Heading": "Assessability on repayment of deposit", "Text": "Amount assessable (1) Your assessable income for an income year includes the amount worked out using the following formula, if: (a) you are the * owner of a * farm management deposit; and (b) the deposit is repaid in full or in part in the year; and (c) the amount worked out using the formula is greater than nil: Note 1: This subsection does not apply if the deposit is reinvested, the term of the deposit is extended, or the deposit is transferred at the depositor’s request: see sections 393 ‑ 15 and 393 ‑ 16. Note 2: In a case where not all of the deposit is deductible under section 393 ‑ 5, repayment of the non ‑ deductible amount can take place without the amount being assessable. Once that amount is repaid, the remainder is assessable when it is repaid, so that the deduction is recouped. Example: Matt makes a farm management deposit of $120,000 on 1 April 2011. His taxable primary production income for the 2010—11 income year is $50,000; therefore, the deposit is only partly deductible in the year because it exceeds his taxable primary production income. Matt makes the following withdrawals from the deposit: $45,000 on 1 May 2013, $40,000 on 1 March 2014 and $35,000 on 1 September 2015. The unrecouped FMD deduction immediately before the first repayment of $45,000 is $50,000. No amount is included in his assessable income for the 2012 ‑ 2013 income year because the difference between the unrecouped FMD deduction ($50,000) and the amount of the deposit remaining after the repayment ($75,000) is less than nil. The unrecouped FMD deduction immediately before the second repayment of $40,000 is $50,000. $15,000 is included in Matt’s assessable income for the 2013 ‑ 2014 income year because the difference between the unrecouped FMD deduction ($50,000) and the amount of the deposit remaining after the second repayment ($35,000) is $15,000, which is greater than nil. The unrecouped FMD deduction immediately before the third repayment of $35,000 is $35,000; that is, $50,000 less $15,000. $35,000 is included in Matt’s assessable income for the 2015 ‑ 2016 income year; that is, the difference between the unrecouped FMD deduction ($35,000) and the amount of the deposit remaining after the third repayment ($0). Unrecouped FMD deduction (2) The unrecouped FMD deduction in respect of a * farm management deposit at a particular time is: (a) if no part of the deposit has been repaid before that time—the amount of the deduction under section 393 ‑ 5 for making the deposit; or (b) if one or more parts of the deposit have been repaid before that time—the unrecouped FMD deduction in respect of the deposit just before the most recent such repayment, reduced by any amount included in the * owner’s assessable income under this section as a result of that repayment. Example: Mia makes a deposit of $3,000, all of which is deductible. The deposit’s unrecouped FMD deduction just before a first repayment of $1,000 is the amount of the deduction (that is, $3,000—see paragraph (2)(a)). The deposit’s unrecouped FMD deduction just before a second repayment is $2,000 (that is, according to paragraph (2)(b), the unrecouped FMD deduction immediately before the first repayment ($3,000) reduced by the $1,000 included in Mia’s assessable income as a result of the first repayment). Note 1: If the deposit was originally an income equalisation deposit, see section 393 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 . Note 1A: Subsection 393 ‑ 16(3) affects the unrecouped FMD deduction of a consolidated farm management deposit. Note 2: Section 393 ‑ 55 affects the unrecouped FMD deduction of a new deposit linked to an old deposit affected by Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 . Application of Division to transfer, reinvestment or other dealing (3) This Division applies to a transfer, reinvestment or other dealing with a * farm management deposit as if it were a repayment of the deposit, if: (a) you are the depositor; and (b) the transfer, reinvestment or other dealing is on your behalf or at your request. Note: Section 393 ‑ 15 modifies the application of the deduction, assessment and 12 month rules to certain transfers, reinvestments and other dealings. Deemed repayment because of death, bankruptcy etc. (4) This section applies as if a * farm management deposit had been repaid when it became repayable, rather than when it is actually repaid, if the deposit became repayable because of the requirement contained in the relevant agreement as set out in item 11 of the table in section 393 ‑ 35 (death, bankruptcy etc.). Note 1: This means that the amount of the deposit is included in your assessable income for the income year when the death, bankruptcy etc. occurs, rather than for any later year in which the deposit might be repaid. Note 2: This also means that, under subsection 45 ‑ 120(5) in Schedule 1 to the Taxation Administration Act 1953 (about Pay as you go (PAYG) instalments), the amount of the deposit is included in your instalment income for the period in which the death, bankruptcy etc. occurs. However, under section 12 ‑ 140 in that Schedule, an amount may also be required to be withheld from the actual payment if you do not quote your tax file number or ABN to the relevant FMD provider. Note 3: Section 393 ‑ 60 of this Act may limit the operation of subsection (4) if the farm management deposit is with an ADI that becomes a declared ADI under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 .", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 79 of 2010 | No 34 of 2014", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 34 of 2014, effective Sch 1 (items 3–11, 13(1)): 30 May 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-15", "Provision_Key": "s393-15", "Heading": "Transactions to which the deduction, assessment and 12 month rules have modified application", "Text": "(1) The provisions mentioned in subsection (2) do not apply in relation to the following transactions: (a) the immediate reinvestment of a * farm management deposit as a farm management deposit with the same * FMD provider; (b) the extension of the term of a farm management deposit (even if other terms such as those relating to interest payable are also varied); (c) the transfer of a farm management deposit in accordance with a requirement of the relevant agreement as set out in item 13 of the table in section 393 ‑ 35 (which allows for transfers of deposits at the request of the depositor). Note: This means that these transactions: (a) will not result in assessable income for the owner; and (b) will not give rise to a deduction; and (c) will not, if the transaction occurs within 12 months after the end of the day the deposit is made, result in the deposit losing its status as a farm management deposit. (2) The provisions are: (a) section 393 ‑ 5 (about deductions for making a farm management deposit); and (b) subsection 393 ‑ 10(1) (about assessability of the repayment of a farm management deposit); and (c) subsections 393 ‑ 40(1) and (2) (about repayment of a farm management deposit within the first 12 months); and (ca) subsection 393 ‑ 40(3) (about repayment of a farm management deposit in the event of severe drought); and (d) subsections 393 ‑ 40(3A) and (4) (about repayment of a farm management deposit in the event of an applicable natural disaster). (3) For the purposes of working out the * unrecouped FMD deduction for a deposit that is subject to a transaction mentioned in subsection (1), the transaction does not cause the deposit to be a different deposit. Note: This ensures that the unrecouped FMD deduction (which affects how much income tax is assessed in the event of a repayment) equals the deduction for the original deposit, less any amount included in your assessable income because of a previous repayment of the deposit.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 79 of 2010 | No 147 of 2011 | No 13 of 2014 | No 52 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-16", "Provision_Key": "s393-16", "Heading": "Consolidation of farm management deposits", "Text": "(1) The provisions mentioned in subsection (2) do not apply in relation to the immediate reinvestment of 2 or more * farm management deposits ( original deposits ) if: (a) just before the reinvestment occurs the balance of each of the original deposits is equal to the * unrecouped FMD deduction for the deposit; and (b) the original deposits are immediately reinvested as a single farm management deposit with the same * FMD provider, or with a different FMD provider; and (c) just before the reinvestment occurs the original deposits have each been held for a period of at least 12 months. Note: This means that the reinvestment: (a) will not result in assessable income for the owner; and (b) will not give rise to a deduction. (2) The provisions are: (a) section 393 ‑ 5 (about deductions for making a farm management deposit); and (b) subsection 393 ‑ 10(1) (about assessability of the repayment of a farm management deposit). (3) Despite paragraph 393 ‑ 10(2)(a), the unrecouped FMD deduction in respect of the * farm management deposit at a time before any part of the deposit has been repaid is the sum of the unrecouped FMD deductions in respect of each of the original deposits just before the reinvestment occurred. (4) Section 393 ‑ 40 (about the repayment of farm management deposits within 12 months) applies as if the new * farm management deposit was made on the same day that the most recent of the original deposits was made.", "Amendment_Count": 1, "First_Amended": "No 34 of 2014", "Last_Amended": "No 34 of 2014", "Amending_Acts": "No 34 of 2014", "History_Notes": "Inserted by No 34 of 2014, effective Sch 1 (items 3–11, 13(1)): 30 May 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-16"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-17", "Provision_Key": "s393-17", "Heading": "Tax consequences of liabilities reducing because of farm management deposits", "Text": "(1) To avoid doubt, if amounts of interest payable by the * owner of a * farm management deposit, or by a partnership of which the owner is a partner, to the * FMD provider in respect of loans or other debts of the owner or partnership fall short of what they otherwise would be because the owner holds the farm management deposit, then: (a) any income of the owner or partnership comprising the shortfall is neither assessable income nor * exempt income of the owner or partnership; and (b) any amount that any person: (i) is not liable to pay because of the shortfall; and (ii) could have, apart from this section, deducted under this Act; is not deductible. (2) However, this section applies only to the extent that the loans or other debts relate to a * primary production business that the * owner or partnership carries on.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-20", "Provision_Key": "s393-20", "Heading": "Farm management deposits", "Text": "Meaning of farm management deposit (1) A deposit with an * FMD provider is a farm management deposit if: (a) the depositor applies to make the deposit in accordance with subsection (2); and (b) the deposit is made under an agreement between the FMD provider and the depositor that: (i) describes the deposit as a farm management deposit; and (ii) at all times while the deposit is with the FMD provider, contains requirements to the effect set out in the table in section 393 ‑ 35. The agreement may also contain additional requirements that are not inconsistent with those set out in that table. Depositor to provide information in application form (2) For the purposes of paragraph (1)(a), the depositor must apply to the * FMD provider to make the deposit by completing and signing a form that: (a) permits the depositor to state the * owner’s * tax file number in the form; and (b) requires the depositor to provide any other information required by regulations for the purposes of this paragraph; and (c) contains any statements, required by regulations for the purposes of this paragraph, that are to be read by the depositor when completing the form. Note 1: A depositor who makes a false or misleading statement in such a form commits an offence against section 8K or 8N of the Taxation Administration Act 1953 . Note 2: If the owner does not quote his or her tax file number or ABN to the FMD provider, the Pay as you go (PAYG) withholding required under section 12 ‑ 140 in Schedule 1 to the Taxation Administration Act 1953 from a repayment of the deposit is at the highest marginal tax rate. Note 3: Division 4A of Part VA of the Income Tax Assessment Act 1936 sets out rules for quoting tax file numbers in connection with farm management deposits. Meaning of FMD provider (3) In this Act: FMD provider means an entity that: (a) is an * ADI; or (b) carries on in Australia the * business of banking, so long as the Commonwealth, a State or a Territory guarantees the repayment of any deposit taken in the course of that business; or (c) carries on in Australia a business that consists of or includes taking money on deposit, so long as the Commonwealth, a State or a Territory guarantees the repayment of any deposit taken in the course of that business.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-25", "Provision_Key": "s393-25", "Heading": "Owners of farm management deposits", "Text": "Meaning of owner (1) The owner of a * farm management deposit is: (a) if paragraph (b) does not apply—the individual who made or is making the deposit; or (b) in the case of a deposit made or being made by the trustee of a trust on behalf of a beneficiary who is an individual—the beneficiary. Primary production business carried on by a partnership (2) This Division applies to you as if you were an individual who is carrying on a * primary production business that is actually carried on by a partnership, if you are an individual who is a partner in the partnership. Primary production business carried on by a trust (3) This Division (other than subsection 393 ‑ 17(2) and paragraph 393 ‑ 37(b)), and section 97A of the Income Tax Assessment Act 1936 (about beneficiaries who are owners of farm management deposits), apply to you as if you were an individual who is carrying on a * primary production business that is actually carried on by a trust, if you satisfy the requirements in subsection (4), (5) or (6). Primary production business carried on by a trust with beneficiary presently entitled to income of the trust (4) You satisfy the requirements in this subsection if: (a) you are an individual and a beneficiary of the trust referred to in subsection (3); and (b) you are presently entitled to a share of the income of the trust for the income year. Primary production business carried on by a fixed trust with no income of the trust (5) You satisfy the requirements in this subsection if: (a) you are an individual and a beneficiary of the trust referred to in subsection (3); and (b) at all times during the income year, the manner or extent to which each beneficiary of the trust can benefit from the trust is not capable of being significantly affected by the exercise, or non ‑ exercise, of a power; and (c) the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled; and (d) if the trust had income of the trust for the income year, you would have been presently entitled to a share of the income of the trust. Primary production business carried on by a non ‑ fixed trust with no income of the trust (6) You satisfy the requirements in this subsection if you do not satisfy the requirements in subsection (5) and you are an individual and a chosen beneficiary of the trust referred to in subsection (3) for the purposes of section 393 ‑ 27 for the income year.", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 79 of 2010 | No 62 of 2011 | No 52 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-27", "Provision_Key": "s393-27", "Heading": "Trustee may choose that a beneficiary is a chosen beneficiary of the trust", "Text": "(1) The trustee of a trust may choose that a beneficiary of the trust is a chosen beneficiary of the trust for an income year if the trust does not have any income of the trust for the income year to which a beneficiary of the trust could be presently entitled. (2) The maximum number of choices that the trustee may make in respect of the trust for an income year is the higher of: (a) the number of individuals to which subsection 393 ‑ 25(3) applied in the income year immediately before the current income year; and (b) 12. (3) A choice made under subsection (1) must be: (a) in writing; and (b) signed by the trustee and the person chosen. (4) The trustee can make the choice no later than the time it lodges the trust’s * income tax return for the income year to which the choice relates. However, the Commissioner can allow the trustee to make a choice at a later time. (5) A choice cannot be revoked or varied.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-28", "Provision_Key": "s393-28", "Heading": "Application of Division to beneficiary no longer under legal disability", "Text": "If: (a) a * farm management deposit was made by a trustee on behalf of a beneficiary of a trust; and (b) the beneficiary was under a legal disability when the deposit was made; and (c) the beneficiary is no longer under a legal disability; then this Division, and Division 4A of Part VA of the Income Tax Assessment Act 1936 , apply as if the beneficiary had made the deposit. Note: Division 4A of Part VA of the Income Tax Assessment Act 1936 is about quotation of tax file numbers in connection with farm management deposits.", "Amendment_Count": 1, "First_Amended": "No 62 of 2011", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 62 of 2011", "History_Notes": "Inserted by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-28"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-30", "Provision_Key": "s393-30", "Heading": "Effect of contravening requirements", "Text": "(1) A deposit is not a farm management deposit if, when the deposit was accepted, a requirement contained in the relevant agreement as set out in items 1 to 6 of the table in section 393 ‑ 35 was contravened. (2) A deposit is not, and is taken never to have been, a farm management deposit if a requirement contained in the relevant agreement as set out in items 7 and 9 of the table in section 393 ‑ 35 is contravened at any time in relation to the deposit. (3) So much of a deposit as causes a requirement contained in the relevant agreement as set out in item 10 of the table in section 393 ‑ 35 to be contravened is not a farm management deposit . Note: There is an administrative penalty if a requirement contained in the relevant agreement as set out in item 8 of the table in section 393 ‑ 35 is contravened: see section 288 ‑ 120 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 79 of 2010 | No 52 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-35", "Provision_Key": "s393-35", "Heading": "Requirements of agreement for a farm management deposit", "Text": "An agreement mentioned in paragraph 393 ‑ 20(1)(b) must contain requirements to the effect of those set out in the following table: Requirements of agreement for a farm management deposit Item Requirement 1 The * owner must be an individual who is carrying on a * primary production business in Australia when the deposit is made. Note: This Division applies to certain partners and beneficiaries as if they were individuals who carried on a primary production business: see subsections 393 ‑ 25(2), (3), (4), (5) and (6). 2 The deposit: (a) must not be made by 2 or more individuals jointly; and (b) must not be made on behalf of 2 or more individuals. 3 The deposit must not be made by a trustee on behalf of a beneficiary unless the beneficiary is: (a) under a legal disability; and (b) presently entitled to a share of the income of the trust. 4 The deposit must be $1,000 or more when it is made, unless the deposit is: (a) the immediate reinvestment of a * farm management deposit as a farm management deposit with the same * FMD provider; or (b) the extension of the term of a farm management deposit (even if other terms such as those relating to interest payable are also varied). 6 Rights of the depositor in respect of the deposit must not be transferable to another entity. 7 The deposit must not be the subject of a charge or other encumbrance to secure any amount. 8 The fact that the * owner is the owner of the deposit must not be the reason why, or one of the reasons why, amounts of interest that are or will be payable to the * FMD provider in respect of loans or other debts of the owner, or of a partnership of which the owner is a partner, are or will be less than they would otherwise be. 9 Interest or other earnings on the deposit must not be invested as a * farm management deposit with the * FMD provider without having first been paid to the depositor. 10 The deposit must not be more than $800,000, and the sum of the balances from time to time of the deposit and all other * farm management deposits of the * owner with * FMD providers must not be more than $800,000. 11 The deposit must be repaid if: (a) the * owner dies or becomes bankrupt; or (b) the owner ceases to carry on a * primary production business in Australia and does not start carrying on such a business again within 120 days. 12 The amount of any repayment of the deposit must be $1,000 or more, except if the entire amount of the deposit is repaid. 13 The * FMD provider must transfer the deposit by electronic means to another FMD provider that agrees to accept the deposit as a * farm management deposit, if the first FMD provider is: (a) requested in writing by the depositor to do so; and (b) given any information or other assistance from the depositor necessary for the purpose. 14 The * FMD provider must not deduct from the deposit (whether at the time it is made, while it is with the FMD provider or at the time of its repayment) any administration fee or other amount required by the FMD provider to be paid in respect of the deposit or otherwise.", "Amendment_Count": 4, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 79 of 2010 | No 62 of 2011 | No 147 of 2011 | No 52 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-37", "Provision_Key": "s393-37", "Heading": "Agreements for a farm management deposit may allow for some offsets of a depositor’s liabilities", "Text": "An agreement mentioned in paragraph 393 ‑ 20(1)(b) does not contravene the requirements of item 8 of the table in section 393 ‑ 35 to the extent that: (a) it provides for amounts of interest to be payable to the * FMD provider in respect of a loan or other debt of the * owner of the * farm management deposit, or of a partnership of which the owner is a partner, to be reduced; and (b) that loan or other debt relates to a * primary production business that the owner or partnership carries on.", "Amendment_Count": 1, "First_Amended": "No 52 of 2016", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 52 of 2016", "History_Notes": "Inserted by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-40", "Provision_Key": "s393-40", "Heading": "Repayment of deposit within first 12 months", "Text": "Partial repayment within first 12 months (1) Any part of a deposit repaid before the last day of the 12 months after the day the deposit is made is not, and is taken never to have been, part of a farm management deposit . Note 1: A repayment covered by subsection (3), (3A) or (5) is disregarded in applying this subsection. The normal rules in sections 393 ‑ 5 (about deductions for making a farm management deposit) and 393 ‑ 10 (about assessability of the repayment of a farm management deposit) apply instead. Note 2: This subsection does not apply if a deposit is reinvested, the term of a deposit is extended, or a deposit is transferred at the depositor’s request: see section 393 ‑ 15. Deposit not to be reduced to less than $1,000 within first 12 months (2) A deposit is not, and is taken never to have been, a farm management deposit if the amount of the deposit is reduced to less than $1,000 because of one or more repayments before the last day of the 12 months after the day the deposit is made. Note 1: A repayment covered by subsection (3), (3A) or (5) is disregarded in applying this subsection. Note 2: This subsection does not apply if a deposit is reinvested, the term of a deposit is extended, or a deposit is transferred at the depositor’s request: see section 393 ‑ 15. Repayment in the event of severe drought (3) Subsections (1) and (2) do not apply to a repayment of the whole or a part of a * farm management deposit if: (a) the * owner of the deposit carries on a * primary production business that satisfies one or more of paragraphs (a), (b), (c) and (f) of the definition of primary production business in subsection 995 ‑ 1(1); and (b) any of the land on which the owner of the deposit carries on any primary production business that satisfies one or more of those paragraphs has, for the period specified in subsection (3AA), had rainfall that: (i) is deficient to an extent prescribed by the regulations; or (ii) if there are no such regulations—is within the lowest 5% of rainfall for that land according to records held by the Commonwealth Bureau of Meteorology; and (c) for the period specified in subsection (3AA): (i) the owner of the deposit has carried on, on that land, a primary production business that satisfies one or more of those paragraphs; and (ii) the amount of the repayment has been held in that farm management deposit. (3AA) For the purposes of paragraphs (3)(b) and (c), the period is: (a) a period prescribed by the regulations; or (b) if there are no such regulations—the most recent period of 6 consecutive months: (i) that precede the repayment; and (ii) for which rainfall records held by the Commonwealth Bureau of Meteorology are publicly available at the time of the repayment. Repayment in the event of an applicable natural disaster (3A) Subsections (1) and (2) do not apply to a repayment of the whole or a part of a * farm management deposit if: (a) natural disaster relief and recovery arrangements made by or on behalf of the Commonwealth apply, in a way specified in regulations made for the purposes of this subsection, to a * primary production business of the * owner of the deposit; and (b) all of the other circumstances specified in those regulations are satisfied. Any later deposit not a farm management deposit (4) If subsection (3) or (3A) applies to an * owner and a repayment, any later deposit that is made by, or on behalf of, the owner in the income year in which the repayment is made is not, and is taken never to have been, a farm management deposit . Repayment in the case of death, bankruptcy or ceasing to carry on a primary production business (5) Subsections (1) and (2) do not apply to a repayment of a * farm management deposit because of the requirement contained in the relevant agreement as set out in item 11 of the table in section 393 ‑ 35 (death, bankruptcy etc.). Certain transactions do not affect the day the deposit was made (6) Subsections (1) to (4) apply as if a * farm management deposit that: (a) is made as a result of a transaction mentioned in subsection 393 ‑ 15(1) (about reinvesting a deposit, extending the term of a deposit and transferring a deposit at the depositor’s request); or (b) is affected by such a transaction; were made on the day on which the original deposit was made. Example: A farm management deposit is made on 1 July 2010 for a term of 6 months, but is extended in December 2010 for another 6 months. For the purposes of subsections (1) to (4), the day the extended deposit was made remains as 1 July 2010. Note: Section 393 ‑ 40 of the Income Tax (Transitional Provisions) Act 1997 provides for a special rule for deposits transferred under the repealed Loan (Income Equalization Deposits) Act 1976 .", "Amendment_Count": 5, "First_Amended": "No 79 of 2010", "Last_Amended": "No 52 of 2016", "Amending_Acts": "No 79 of 2010 | No 147 of 2011 | No 84 of 2013 | No 13 of 2014 | No 52 of 2016", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 52 of 2016, effective Sch 3 (items 1–13, 15–22): 1 July 2016 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-45", "Provision_Key": "s393-45", "Heading": "Partly repaid farm management deposits", "Text": "A reference to a farm management deposit is a reference to so much of the deposit as has not been repaid.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-50", "Provision_Key": "s393-50", "Heading": "What this Subdivision is about", "Text": "A deposit (the new deposit ) arising from: (a) an entitlement under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 relating to a farm management deposit (the old deposit ); or (b) a distribution from liquidation of an ADI that is attributable to a farm management deposit (also the old deposit ); is treated as a transfer of the old deposit and does not give rise to new assessable income or deductions. Table of sections Operative provisions 393 ‑ 55 Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme 393 ‑ 60 Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-55", "Provision_Key": "s393-55", "Heading": "Farm management deposits arising from farm management deposits with ADIs subject to financial claims scheme", "Text": "Application (1) This section applies if an entitlement arises under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 in connection with an account containing a * farm management deposit (the old deposit ) with an * ADI (the old ADI ) and either: (a) an amount (the new deposit ) is deposited into either of the following to meet, in whole or part, so much of the entitlement as relates to the old deposit: (i) an existing account for a farm management deposit; (ii) an account established under section 16AH of that Act for the purposes of meeting (in whole or part) the entitlement; or (b) an amount (also the new deposit ) is deposited by a liquidator of the old ADI into either of the following as so much of a distribution from the liquidation of the old ADI as relates to the old deposit: (i) an existing account for a farm management deposit; (ii) an account established under section 16AR of that Act for the payment of the distribution. Note: If an amount is deposited in connection with an account with the old ADI containing 2 or more old deposits, the amount is to be apportioned between each old deposit, so that so much of the amount as is attributable to a particular old deposit is regarded as a distinct new deposit relating to that old deposit. New deposit is a farm management deposit (2) This Division (except this section) applies to the new deposit as if the new deposit were a transfer of the old deposit in accordance with a requirement contained in the relevant agreement for the old deposit as set out in item 13 of the table in section 393 ‑ 35 (which allows for transfers of deposits at the request of the depositor). To avoid doubt, this Division applies in that way as if the amount transferred were the amount of the new deposit, even if that is more or less than the amount of the old deposit. Note 1: The effects of this include the following: (a) section 393 ‑ 5 (about deductions for making a farm management deposit) does not apply in relation to the making of the new deposit (see paragraphs 393 ‑ 15(1)(c) and (2)(a)); (b) subsection 393 ‑ 10(1) (about assessability of the repayment of a farm management deposit) can only apply to the extent of any difference between the amount transferred and the amount of the old deposit (see paragraphs 393 ‑ 15(1)(c) and (2)(b)); (c) subsections 393 ‑ 40(1), (2) and (4) (about repayment of a farm management deposit within the first 12 months) can only apply to the extent of any difference between the amount transferred and the amount of the old deposit (see paragraphs 393 ‑ 15(1)(c) and (2)(c) and (d)); (d) the day the old deposit was made, for the purposes of subsections 393 ‑ 40(1) and (2) (about repayment of a farm management deposit within the first 12 months) and (3A) and (4) (about repayment in the event of an applicable natural disaster), is maintained for the new deposit (see subsection 393 ‑ 40(6)). Note 2: Also, the unrecouped FMD deduction in respect of the new deposit is the same as the unrecouped FMD deduction in respect of the old deposit (see subsection 393 ‑ 15(3)), unless subsection (6) or (7) of this section applies because the new deposit is less than the old deposit. (3) In determining whether either of the following is a * farm management deposit, disregard a requirement contained in an agreement as set out in item 4 of the table in section 393 ‑ 35 (requiring the deposit to be $1,000 or more): (a) the new deposit; (b) a deposit made later directly by the transfer of the new deposit in accordance with a requirement of the relevant agreement for the new deposit as mentioned in item 13 of that table. Unrecouped FMD deduction for new deposit less than old deposit (6) Despite subsection (2) and subsection 393 ‑ 15(3), if the new deposit is less than the old deposit at the time (the declaration time ) the old ADI became a declared ADI under the Banking Act 1959 , the unrecouped FMD deduction in respect of the new deposit is the amount worked out using the following formula: Note: The new deposit could be less than the old deposit if the entitlement is paid in instalments (each of which will be a separate new deposit). (7) However, if the amount worked out under subsection (6) is more than the difference (if any) between: (a) the * unrecouped FMD deduction in respect of the old deposit just before the declaration time; and (b) the total of the amounts worked out under all previous applications of subsection (6) in relation to that old deposit; the unrecouped FMD deduction in respect of the new deposit is equal to the difference (if any). Note: This ensures that when new deposits linked to the old deposit are repaid, the total amount included in assessable income will not exceed the unrecouped FMD deduction in respect of the old deposit. Relationship with other provisions (8) This section has effect despite Division 253 (about tax treatment of entitlements under the financial claims scheme for insolvent ADIs).", "Amendment_Count": 3, "First_Amended": "No 79 of 2010", "Last_Amended": "No 13 of 2014", "Amending_Acts": "No 79 of 2010 | No 147 of 2011 | No 13 of 2014", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 393-60", "Provision_Key": "s393-60", "Heading": "Repayment if owner of farm management deposit with insolvent ADI dies, is bankrupt or ceases to be a primary producer", "Text": "Subsection 393 ‑ 10(4) does not apply in relation to so much of a * farm management deposit with an * ADI as is equal to the sum of the amounts described in subparagraphs (d)(i) and (ii) of this section if: (a) you are the * owner of the deposit; and (b) the deposit becomes repayable during an income year because of the requirement contained in the relevant agreement as set out in item 11 of the table in section 393 ‑ 35 (death, bankruptcy etc.); and (c) during the income year, the ADI becomes a declared ADI under Division 2AA (Financial claims scheme for account ‑ holders with insolvent ADIs) of Part II of the Banking Act 1959 ; and (d) at the end of the income year, you have either or both of the following: (i) an unmet entitlement under that Division connected with the account for the farm management deposit; (ii) an unmet claim against the ADI, or an unpaid debt owed to you by the ADI, in the winding up of the ADI connected with the account for the deposit. Note: Subsection 393 ‑ 10(4) makes the repayment of a farm management deposit assessable in the income year when the death, bankruptcy etc. occurs, rather than in any later year in which it might be repaid.", "Amendment_Count": 1, "First_Amended": "No 79 of 2010", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 79 of 2010", "History_Notes": "Inserted by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s393-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-1", "Provision_Key": "s394-1", "Heading": "What this Division is about", "Text": "This Division sets out rules about deductions for contributions to forestry managed investment schemes. It also sets out the tax treatment of proceeds from the sale of interests in such schemes, and of proceeds from harvesting trees under such schemes. Table of sections 394 ‑ 5 Object of this Division 394 ‑ 10 Deduction for amounts paid under forestry managed investment schemes 394 ‑ 15 Forestry managed investment schemes and related concepts 394 ‑ 20 Payments on behalf of participant in forestry managed investment scheme 394 ‑ 25 CGT event in relation to forestry interest in forestry managed investment scheme—initial participant 394 ‑ 30 CGT event in relation to forestry interest in forestry managed investment scheme—subsequent participant 394 ‑ 35 70% DFE rule 394 ‑ 40 Payments under forestry managed investment scheme 394 ‑ 45 Direct forestry expenditure", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-5", "Provision_Key": "s394-5", "Heading": "Object of this Division", "Text": "The object of this Division is to encourage the expansion of commercial plantation forestry in Australia through the establishment and tending of new plantations for felling. This is achieved by: (a) permitting investors to deduct amounts paid under a forestry scheme in the year of payment, if certain conditions are met (for example, that it is reasonable to expect that the manager of the scheme will spend at least 70% of investors’ contributions, on a market value basis, on activities that establish, tend, fell and harvest trees); and (b) allowing secondary market trading of interests in such schemes, while minimising tax arbitrage and providing tax certainty for investors.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-10", "Provision_Key": "s394-10", "Heading": "Deduction for amounts paid under forestry managed investment schemes", "Text": "(1) You can deduct an amount if: (a) you hold a * forestry interest in a * forestry managed investment scheme; and (b) you pay the amount under the scheme; and (c) the scheme satisfies the * 70% DFE rule (see section 394 ‑ 35) on 30 June in the income year in which a * participant in the scheme first pays an amount under the scheme; and (d) you do not have day to day control over the operation of the scheme (whether or not you have the right to be consulted or give directions); and (e) at least one of these conditions is satisfied: (i) there is more than one participant in the scheme; (ii) the * forestry manager of the scheme, or an * associate of the forestry manager, manages, arranges or promotes similar schemes; and (f) the condition in subsection (4) is satisfied. (2) You deduct the amount for the income year in which you pay it. (3) For the purposes of this Division, do not treat an amount as being paid under a * forestry managed investment scheme if: (a) you pay the amount in connection with a * CGT event in relation to a * forestry interest in the scheme; and (b) as a result of the CGT event: (i) another * participant in the scheme no longer holds the forestry interest; and (ii) you start to hold the forestry interest. (4) For the purposes of paragraph (1)(f), the condition in this subsection is satisfied unless: (a) 18 months have elapsed since the end of the income year in which an amount is first paid under the * forestry managed investment scheme by a * participant in the scheme; and (b) the trees intended to be established in accordance with the scheme have not all been established before the end of those 18 months. (5) You cannot deduct an amount under subsection (1) if: (a) you hold the * forestry interest mentioned in paragraph (1)(a) as an * initial participant; and (b) a * CGT event happens in relation to the forestry interest within 4 years after the end of the income year in which you first pay an amount under the scheme. If you have already deducted it, your assessment may be amended to disallow the deduction. (5A) Paragraph (5)(b) does not apply to a * CGT event if: (a) the CGT event happens because of circumstances outside your control; and Example: The forestry interest is compulsorily acquired. (b) when you acquired the * forestry interest, you could not reasonably have foreseen the CGT event happening. (6) Despite section 170 of the Income Tax Assessment Act 1936 , the Commissioner may amend your assessment at any time within 2 years after the * CGT event, for the purpose of giving effect to subsection (5). (7) Sections 82KZMD and 82KZMF of the Income Tax Assessment Act 1936 do not affect the timing of a deduction under this section.", "Amendment_Count": 2, "First_Amended": "No 79 of 2007", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 79 of 2007 | No 56 of 2010", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-15", "Provision_Key": "s394-15", "Heading": "Forestry managed investment schemes and related concepts", "Text": "(1) A * scheme is a forestry managed investment scheme if the purpose of the scheme is for establishing and tending trees for felling in Australia. (2) The entity that manages, arranges or promotes a * forestry managed investment scheme is the forestry manager of the scheme. (3) A forestry interest in a * forestry managed investment scheme is a right to benefits produced by the scheme (whether the right is actual, prospective or contingent and whether it is enforceable or not). (4) An entity that holds a * forestry interest in a * forestry managed investment scheme (other than the * forestry manager of the scheme) is a participant in the scheme. (5) A * participant in a * forestry managed investment scheme holds a * forestry interest in the scheme as an initial participant if: (a) the participant obtains the forestry interest from the * forestry manager of the scheme; and (b) the payment by the participant to obtain the forestry interest results in the establishment of trees.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-20", "Provision_Key": "s394-20", "Heading": "Payments on behalf of participant in forestry managed investment scheme", "Text": "For the purposes of this Division, treat a payment to the * forestry manager of a * forestry managed investment on behalf of a * participant in the scheme as a payment by the participant to the forestry manager.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-25", "Provision_Key": "s394-25", "Heading": "CGT event in relation to forestry interest in forestry managed investment scheme—initial participant", "Text": "(1) This section applies if: (a) you hold a * forestry interest in a * forestry managed investment scheme as an * initial participant in the scheme; and (b) at least one of these conditions is satisfied: (i) you can deduct or have deducted an amount for an income year under section 394 ‑ 10 in relation to the forestry interest; (ii) the condition in subparagraph (i) would be satisfied if subsection 394 ‑ 10(5) were disregarded; and (c) a * CGT event happens in relation to the forestry interest, other than a CGT event that happens in respect of thinning. (2) Your assessable income for the income year in which the * CGT event happens includes: (a) if, as a result of the CGT event, you no longer hold the * forestry interest—the * market value of the forestry interest (worked out as at the time of the event); or (b) otherwise—the decrease (if any) in the market value of the forestry interest as a result of the CGT event. (3) Any amount that you actually receive because of the * CGT event is not included in your assessable income (nor is it * exempt income).", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-30", "Provision_Key": "s394-30", "Heading": "CGT event in relation to forestry interest in forestry managed investment scheme—subsequent participant", "Text": "(1) This section applies if: (a) you hold a * forestry interest in a * forestry managed investment scheme otherwise than as an * initial participant in the scheme; and (b) at least one of these conditions is satisfied: (i) you can deduct or have deducted an amount for an income year under section 394 ‑ 10 in relation to the forestry interest; (ii) you could deduct an amount for an income year under section 394 ‑ 10 if you had paid the amount under the scheme in that year; and (c) a * CGT event happens in relation to the forestry interest, other than a CGT event that happens in respect of thinning. (2) Your assessable income for the income year in which the * CGT event happens includes the lesser of the following: (a) the * market value of the forestry interest (worked out as at the time of the event); (b) the amount (if any) by which the * total forestry scheme deductions in relation to the forestry interest exceeds the * incidental forestry scheme receipts in relation to the forestry interest. (3) The total forestry scheme deductions in relation to the * forestry interest is the total of each amount that you can deduct or have deducted under section 394 ‑ 10 for each income year in relation to the forestry interest. (4) The incidental forestry scheme receipts in relation to the * forestry interest is the total of each amount that you have received under the scheme in each income year in relation to the forestry interest for a reason otherwise than because of the * CGT event. (5) However, if you still hold the forestry interest despite the * CGT event, work out the amount included in your assessable income under subsection (2) using this formula (instead of using the amount worked out under subsection (2)): (6) If this section has operated previously in relation to the * forestry interest, disregard an amount for the purposes of subsections (3) and (4) to the extent that it has already been reflected in your assessable income under that previous operation in relation to the forestry interest. (7) These provisions do not apply to the * CGT event: (a) section 6 ‑ 5 (about * ordinary income); (b) any other provision that includes an amount in assessable income, other than the following: (i) a provision in Part 3 ‑ 1 or 3 ‑ 3; (ii) subsection (2) of this section; (c) section 8 ‑ 1 (about amounts you can deduct); (d) any other provision that allows you to deduct an amount from your assessable income; (e) section 118 ‑ 20. (8) However, the provisions referred to in subsection (7) can apply to the * CGT event if a * capital gain or * capital loss from the event is disregarded because of section 118 ‑ 25. (9) Just before the * CGT event, increase the * cost base and * reduced cost base of the * forestry interest by the amount included in your assessable income under subsection (2).", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-35", "Provision_Key": "s394-35", "Heading": "70% DFE rule", "Text": "(1) A * forestry managed investment scheme satisfies the 70% DFE rule on 30 June in an income year if it is reasonable to expect on that 30 June that the amount of DFE under the scheme (see subsection (2)) is no less than 70% of the amount of the payments under the scheme (see subsection (3)). (2) The amount of DFE under the scheme is the amount of the net present value (on that 30 June) of all * direct forestry expenditure under the scheme that the * forestry manager of the scheme has paid or will pay under the scheme. (3) The amount of payments under the scheme is the amount of the net present value (on that 30 June) of all amounts that all current and future * participants in the scheme have paid or will pay under the scheme. (4) In working out the net present value of an amount paid before that 30 June: (a) unless paragraph (b) applies—treat the amount as having been paid on that 30 June; or (b) if the amount was paid in an income year ending before that 30 June—treat the amount as having been paid on the 30 June in that income year. (5) In working out the net present value of an amount expected to be paid after that 30 June, treat the amount as having been paid on 1 January in the income year in which it is expected to be paid. (6) Reduce an amount worked out under subsection (2) or (3) to the extent (if any) to which that amount can reasonably be expected to be recouped. (7) In working out the net present value of an amount for the purposes of this section, use the yield on Australian Government Treasury Bonds with the maturity closest to 10 years (as published by the Reserve Bank of Australia). (8) For the purposes of subsection (2), if: (a) the * forestry manager of the scheme has paid or will pay an amount under the scheme in a transaction; and (b) the forestry manager and at least one other party to the transaction did not or will not deal at * arm’s length in relation to the transaction; and (c) the amount is or will be more or less than the * market value of what it is for; treat the amount as that market value.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-40", "Provision_Key": "s394-40", "Heading": "Payments under forestry managed investment scheme", "Text": "For the purposes of this Division, do not treat the following payments as payments under a * forestry managed investment scheme by a * participant in the scheme: (a) payments for * borrowing money; (b) payments of interest and payments in the nature of interest; (c) payments of stamp duty; (d) payments of * GST; (e) payments that relate to one or more of the matters mentioned in paragraphs 394 ‑ 45(4)(a), (b) or (c).", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 394-45", "Provision_Key": "s394-45", "Heading": "Direct forestry expenditure", "Text": "(1) Direct forestry expenditure under a * forestry managed investment scheme means: (a) an amount paid under the scheme that is attributable to establishing, tending, felling and harvesting trees; and (b) notional amounts reflecting the * market value of goods, services or the use of land, provided by the * forestry manager of the scheme, for establishing, tending, felling and harvesting trees. Example 1: Notional amounts reflecting the value of the use of land owned by the forestry manager that is provided for establishing, tending, felling and harvesting trees. Example 2: Notional amounts reflecting the value of tree felling services provided by the forestry manager. (2) Treat * direct forestry expenditure covered by paragraph (1)(b) as paid annually for each income year of the * forestry manager of the scheme based on the * market value of the goods, services, or the use of the land. Treat the day on which it is paid as: (a) unless paragraph (b) or (c) applies—1 January in the income year; or (b) if the first time an amount is paid under the scheme is later than the first day of the income year—the last day of the income year; or (c) if the scheme comes to an end on a day before the end of the income year—that day. Exclusions—general (3) However, direct forestry expenditure under the scheme does not include amounts paid under the scheme to the extent that they relate to any of the following: (a) marketing of the scheme; Example: Advertising, sales, sponsorship and entertainment. (b) insurance, contingency funds or provisions (other than provisions for employee entitlements); (c) financing; (d) lobbying; (e) general business overheads (but not overheads directly related to forestry); (f) subscriptions to industry bodies; (g) commissions for financial planners or financial advisers; (h) compliance with requirements related to the structure and operations of the * forestry manager of the scheme; Example: Product design and preparation of product disclosure statements. (i) supervision and auditing of contracts, other than direct supervision of direct forestry activities (such as establishing trees for felling); (j) legal fees relating to any matter mentioned in this subsection. Exclusions—expenditure after harvest etc. (4) Also, direct forestry expenditure under the scheme does not include amounts paid under the scheme to the extent that they relate to any of the following: (a) transportation and handling of felled trees that happens after the earliest of the following: (i) sale of the trees; (ii) arrival of the trees at the mill door; (iii) arrival of the trees at the port; (iv) arrival of the trees at the place of processing (other than where processing happens in ‑ field); (b) processing; (c) stockpiling (other than in ‑ field stockpiling); (d) marketing and sale of forestry produce.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s394-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-1", "Provision_Key": "s405-1", "Heading": "What this Division is about", "Text": "Significant fluctuations can occur in the professional incomes of authors, inventors, performing artists, production associates and sportspersons. To lessen the impact of these fluctuations on your marginal tax rates, special tax rates apply if your professional income is above your average. This Division explains how the scheme works and sets out the rules for working out your above ‑ average special professional income. Table of sections 405 ‑ 5 Special rate of income tax on your above ‑ average special professional income 405 ‑ 10 Overview of the Division", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-5", "Provision_Key": "s405-5", "Heading": "Special rate of income tax on your above ‑ average special professional income", "Text": "(1) If you have above ‑ average special professional income, the Income Tax Rates Act 1986 generally sets a special rate so that the amount of income tax you pay on the top 4 / 5 of your above ‑ average special professional income is effectively 4 times what you would pay on the bottom 1 / 5 of that income at basic rates. Note : Your overall income tax will be less only if 2 marginal rates of income tax would apply to your above ‑ average special professional income if it were treated as the top slice of your taxable income. (2) The following diagram illustrates how the special rate works.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 83 of 1999 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 83 of 1999, effective Sch 10 (items 24–54, 68(1), 69): 1 July 2000 (s 2(2)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-10", "Provision_Key": "s405-10", "Heading": "Overview of the Division", "Text": "For which income years do you have above ‑ average special professional income? (1) The first income year for which you have above ‑ average special professional income is the first income year (professional year 1): (a) for which your taxable professional income is more than $2,500; and (b) during all or part of which you are an Australian resident. (2) After professional year 1, you have above ‑ average special professional income for any income year for all or part of which you are an Australian resident. Note: You need not have been an Australian resident for every income year since professional year 1. What is above ‑ average special professional income? (3) Your above ‑ average special professional income for the current year is the amount (if any) by which your taxable professional income exceeds your average taxable professional income. See Subdivision 405 ‑ A. What is taxable professional income? (4) Your taxable professional income depends on your assessable professional income. See section 405 ‑ 45. (5) Your assessable professional income is assessable income from your work as an author, inventor, performing artist, production associate or sportsperson. See Subdivision 405 ‑ B. How do you work out your average taxable professional income? (6) Generally, your average taxable professional income for the current year is the average of your taxable professional income for the last 4 income years. See section 405 ‑ 50. (7) However, special phasing ‑ in arrangements apply to work out your average taxable professional income for an income year that is less than 4 income years after professional year 1. These arrangements favour people who were Australian residents for at least part of the income year before professional year 1. See section 405 ‑ 50.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 94 of 1999", "Amending_Acts": "No 46 of 1998 | No 94 of 1999", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-15", "Provision_Key": "s405-15", "Heading": "When do you have above ‑ average special professional income?", "Text": "(1) Your taxable income for the * current year includes above ‑ average special professional income if and only if: (a) you are an individual; and (b) you have been an Australian resident for all or part of the current year; and (c) your * taxable professional income for the current year exceeds your * average taxable professional income for the current year; and (d) either: (i) your * taxable professional income for the current year is more than $2,500; or (ii) your * taxable professional income for an earlier income year was more than $2,500 and you were an Australian resident for all or part of that income year. How much above ‑ average special professional income do you have? (2) The amount of * above ‑ average special professional income in your taxable income for the * current year is the difference between: (a) your * taxable professional income for the current year; and (b) your * average taxable professional income for the current year.", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-20", "Provision_Key": "s405-20", "Heading": "What you count as assessable professional income", "Text": "(1) Work out your assessable professional income for an income year by adding up all your assessable income for the income year that you count under this Subdivision. Note 1: Section 405 ‑ 30 may stop you counting an amount. Note 2: Subsection 405 ‑ 35(1) stops you counting an amount more than once, even if it is described in more than one subsection of this section. Note 3: Subsection 405 ‑ 35(2) may affect the amount you count. Assessable income from professional services (2) You count any assessable income that you * derive as a reward for providing services relating to your activities as a * special professional. Assessable income from prizes (3) You also count any assessable income that you * derive as a prize for your activities as a * special professional. Assessable income from promotions and commentary (4) You also count any assessable income that you * derive, because you are or were a * special professional, for: (a) endorsing or promoting goods or services; or (b) appearing or participating in an advertisement; or (c) appearing or participating in an interview; or (d) providing services as a commentator; or (e) providing similar services. Assessable income from assigning copyright or granting a licence (5) You also count any assessable income that you * derive: (a) as consideration for: (i) assigning all or part of the copyright in a literary, dramatic, musical or artistic work of which you are the author; or (ii) granting an interest in the copyright in such a work by granting a licence; or (b) as an advance on account of royalties relating to such a copyright. Assessable income from assigning or granting patent rights (6) You also count any assessable income that you * derive: (a) as consideration for: (i) assigning all or part of the patent for an invention that you invented; or (ii) granting an interest in the patent for such an invention by granting a licence; or (iii) assigning the right to apply for a patent for such an invention; or (b) as an advance on account of royalties relating to such a patent. Other assessable income from works or inventions (7) You also count any assessable income that you * derive (as * royalties or otherwise): (a) for a literary, dramatic, musical or artistic work of which you are the author; or (b) in relation to copyright in such a work; or (c) for an invention that you invented; or (d) in relation to a patent for such an invention.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-25", "Provision_Key": "s405-25", "Heading": "Meaning of special professional , performing artist , production associate , sportsperson and sporting competition", "Text": "Special professional (1) You are a special professional if you are: (a) the author of a literary, dramatic, musical or artistic work; or Note: The expression “author” is a technical term from copyright law. In general, the “author” of a musical work is its composer and the “author” of an artistic work is the artist, sculptor or photographer who created it. (b) the inventor of an invention; or (c) a * performing artist; or (d) a * production associate; or (e) a * sportsperson. Performing artist (2) You are a performing artist if you exercise intellectual, artistic, musical, physical or other personal skills in the presence of an audience by performing or presenting: (a) music; or (b) a play; or (c) dance; or (d) an entertainment; or (e) an address; or (f) a display; or (g) a promotional activity; or (h) an exhibition; or (i) any similar activity. (3) You are also a performing artist if you perform or appear in or on a * film, tape, disc or television or radio broadcast. Production associate (4) You are a production associate if you provide * artistic support for: (a) an activity described in subsection (2); or (b) the activity of making a * film, tape, disc or television or radio broadcast. (5) You provide artistic support for an activity if: (a) you provide services relating to the activity as: (i) an art director; or (ii) a choreographer; or (iii) a costume designer; or (iv) a director; or (v) a director of photography; or (vi) a film editor; or (vii) a lighting designer; or (viii) a musical director; or (ix) a producer; or (x) a production designer; or (xi) a set designer; or (b) you provide similar services relating to the activity. Sportsperson (6) You are a sportsperson if you compete in a * sporting competition. (7) A sporting competition is a sporting activity to the extent that: (a) human beings are the only competitors in it, or it is one in which human beings: (i) compete by riding animals or exercising other skills in relation to animals; or (ii) compete by driving, piloting or crewing * motor vehicles, boats, aircraft or other forms of transport; or (iii) compete with natural obstacles or natural forces, or by overcoming them; and (b) participation in it by human competitors involves primarily their exercising physical prowess, physical strength or physical stamina. (8) However, the participation: (a) of a navigator in the activity of car rallying; or (b) of a coxswain in the activity of rowing; or (c) of a competitor in a similar role in some other activity; need not involve primarily exercising physical prowess, physical strength or physical stamina for the activity to be a sporting competition .", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 46 of 1998 | No 58 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-30", "Provision_Key": "s405-30", "Heading": "What you cannot count as assessable professional income", "Text": "Assessable income from continuous service as author or inventor (1) You cannot count as * assessable professional income any assessable income you * derive for meeting your obligations under a * scheme to provide services to another person by engaging in activities as the author of a literary, dramatic, musical or artistic work, or as the inventor of an invention, unless: (a) the scheme was entered into solely to require you to provide services by: (i) making one or more specified literary, dramatic, musical or artistic works; or (ii) inventing one or more specified inventions; and (b) you have not been providing services, and may not reasonably be expected to provide services, to that person or his or her * associates under successive * schemes that result in substantial continuity of your providing services. Assessable income from certain activities (2) You cannot count as * assessable professional income any assessable income that you * derive for: (a) coaching or training * sportspersons; or (b) umpiring or refereeing a * sporting competition; or (c) administering a * sporting competition; or (d) being a member of the pit crew in motor sport; or (e) being a theatrical or sports entrepreneur; or (f) owning or training animals. Payments at end of employment, and capital gains (3) You cannot count as * assessable professional income: (a) a * superannuation lump sum or an * employment termination payment; or (b) an * unused annual leave payment or an * unused long service leave payment; or (c) a * net capital gain. This section prevails over section 405 ‑ 20 (4) You cannot count particular assessable income as * assessable professional income if this section says you cannot, even if section 405 ‑ 20 says you count it.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 46 of 1998 | No 101 of 2006 | No 15 of 2007", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-35", "Provision_Key": "s405-35", "Heading": "Limits on counting amounts as assessable professional income", "Text": "No double ‑ counting (1) You cannot count the same amount as * assessable professional income more than once, even if it is described in more than one subsection of section 405 ‑ 20. Amounts that are partly assessable professional income (2) If: (a) you * derive assessable income under or as a result of a * scheme; and (b) the assessable income consists of a part that is counted as * assessable professional income and another part that cannot be; and (c) one component is unreasonably large and the other component is unreasonably small, for reasons that are directly or indirectly related to one another; you must work out your * assessable professional income as if the unreasonably large component were reduced by a reasonable amount and the unreasonably small component were increased by the same amount. (3) Subsection (2) affects your * assessable professional income: (a) whether you * derived the assessable income directly or indirectly under or as a result of the * scheme; and (b) whether or not a reason mentioned in paragraph (2)(c) is the only reason why a component is unreasonably large or small.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-40", "Provision_Key": "s405-40", "Heading": "Joint author or inventor treated as sole author or inventor", "Text": "(1) If you are a joint author of a literary, dramatic, musical or artistic work, work out your * assessable professional income as if you were the author of that work. Note: This section means that you are treated as a special professional, even if you have never been the sole author of a work. (2) If you are a joint inventor of an invention, work out your * assessable professional income as if you were the inventor of that invention. Note: This section means that you are treated as a special professional, even if you have never been the sole inventor of an invention.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-45", "Provision_Key": "s405-45", "Heading": "Working out your taxable professional income", "Text": "Your taxable professional income for an income year is the amount (if any) by which your * assessable professional income for that year exceeds the amount of your deductions for that year worked out as follows: Method statement Step 1. Add up any amounts you can deduct for that year (except * apportionable deductions), so far as they reasonably relate to your * assessable professional income for the year. Step 2. Work out the amount using the formula: Note: The result may be greater than the apportionable deductions. Also, it may be negative. Step 3. Add the sum from Step 1 to the result from Step 2. If the result is more than nil, it is the amount of your deductions to be subtracted from your * assessable professional income.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 46 of 1998 | No 101 of 2006 | No 12 of 2012", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 405-50", "Provision_Key": "s405-50", "Heading": "Working out your average taxable professional income", "Text": "It is generally a 4 ‑ year average (1) Work out your average taxable professional income for the * current year by: (a) adding up your * taxable professional income for each of the last 4 income years before the current year; and (b) dividing the total by 4. Phasing ‑ in arrangements for new professionals (2) However, if the * current year is less than 4 income years after * professional year 1, work out your average taxable professional income using the table in subsection (5). (3) Professional year 1 is the first income year: (a) during which you were an Australian resident (for all or part of the income year); and (b) for which your * taxable professional income was more than $2,500. (4) Professional year 2 , professional year 3 and professional year 4 are respectively the next 3 income years after * professional year 1. (5) The table is as follows: Average taxable professional income during phase ‑ in period Item Current year Average taxable professional income if you were an Australian resident for all or part of the income year immediately before professional year 1 Average taxable professional income if you were a foreign resident for any of the income year immediately before professional year 1 1 Professional year 1 Nil Your * taxable professional income for * professional year 1 2 Professional year 2 1 / 3 of your * taxable professional income for * professional year 1 Your * taxable professional income for * professional year 1 3 Professional year 3 1 / 4 of the sum of your * taxable professional income for each of * professional years 1 and 2 1 / 2 of the sum of your * taxable professional income for each of * professional years 1 and 2 4 Professional year 4 1 / 4 of the sum of your * taxable professional income for each of * professional years 1, 2 and 3 1 / 3 of the sum of your * taxable professional income for each of * professional years 1, 2 and 3 Note: If you were a foreign resident for any part of the income year immediately before professional year 1, the effect of item 1 of the table is that your taxable income for professional year 1 will not include above ‑ average special professional income.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 46 of 1998 | No 41 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s405-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 410-1", "Provision_Key": "s410-1", "Heading": "What this Division is about", "Text": "This Division sets out rules that apply whenever: (a) a copyright collecting society to which section 51 ‑ 43 applies makes a payment to a member of the society; or (b) the resale royalty collecting society pays a resale royalty.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Repealed and substituted by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s410-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 410-5", "Provision_Key": "s410-5", "Heading": "Copyright collecting society must give notice to member of society", "Text": "(1) A * copyright collecting society must give a * member of the society notice of any payment it makes to the member, if section 51 ‑ 43 applies to the society. (2) The society must give the notice at the time of the payment. (3) The notice must be in the * approved form. Note: Under section 288 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 a society is liable to an administrative penalty for failing to give a notice required under this section.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 23 of 2005 | No 126 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Repealed and substituted by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s410-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 410-50", "Provision_Key": "s410-50", "Heading": "Resale royalty collecting society must give notice to holder of resale royalty right", "Text": "(1) The * resale royalty collecting society must give an entity notice of any payment it makes to the entity under section 26 of the Resale Royalty Right for Visual Artists Act 2009 , if section 51 ‑ 45 of this Act applies to the society. (2) The society must give the notice at the time of the payment. (3) The notice must be in the * approved form. Note: Under section 288 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 the society is liable to an administrative penalty for failing to give a notice required under this section.", "Amendment_Count": 1, "First_Amended": "No 126 of 2009", "Last_Amended": "No 126 of 2009", "Amending_Acts": "No 126 of 2009", "History_Notes": "Inserted by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s410-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-1", "Provision_Key": "s415-1", "Heading": "What this Division is about", "Text": "This Division provides for special treatment for tax losses and bad debts for certain entities (called “designated infrastructure project entities”) that carry on infrastructure projects that the Infrastructure CEO designates under Subdivision 415 ‑ C.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-5", "Provision_Key": "s415-5", "Heading": "Object of this Division", "Text": "The object of this Division is to reduce the disincentives for private expenditure on nationally significant infrastructure that result from the long lead times between incurring deductions for, and earning assessable income from, such expenditure.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-10", "Provision_Key": "s415-10", "Heading": "What this Subdivision is about", "Text": "The unutilised amounts of a designated infrastructure project entity’s tax losses are increased each year by the long term bond rate. A designated infrastructure project entity is a fixed trust or company that: (a) carries on an infrastructure project designated under Subdivision 415 ‑ C; and (b) only engages, and has only ever engaged, in activities for the purposes of carrying on that designated infrastructure project. The tests that apply in relation to tax losses and bad debts if there is a change of ownership of an entity are modified so that periods during which the entity is a designated infrastructure project entity are not tested. The loss utilisation rules in Subdivision 707 ‑ C do not apply if the head company of a consolidated group is a designated infrastructure project entity after another designated infrastructure project entity joins the group. Note: The transfer rules in subsection 707 ‑ 120(1A) do not apply if a designated infrastructure project entity joins a consolidated group: see subsection 707 ‑ 120(5). Table of sections Uplift of tax losses 415 ‑ 15 Uplift of tax losses of designated infrastructure project entities 415 ‑ 20 Designated infrastructure project entity Change of ownership of trusts and companies 415 ‑ 25 Tax losses of trusts 415 ‑ 30 Bad debts written off etc. by trusts 415 ‑ 35 Tax losses of companies 415 ‑ 40 Bad debts written off by companies Consolidated groups 415 ‑ 45 Losses transferred to head companies of consolidated groups", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-15", "Provision_Key": "s415-15", "Heading": "Uplift of tax losses of designated infrastructure project entities", "Text": "(1) The amount of a * tax loss of a * loss year of an entity is increased, at the end of each later income year (and before any * utilisation of the tax loss by the entity in the later income year), by the amount worked out using the following formula: where: eligible portion of the later income year means the amount worked out using the following formula: (2) This subsection applies to the entity on a day in the later income year if: (a) the entity is a * designated infrastructure project entity on that day; and (b) on the day mentioned in subsection (3), the entity has notified the Commissioner (whether before, during or after the later income year) in the * approved form that the entity was, at any time, a designated infrastructure project entity. (3) For the purposes of paragraph (2)(b), the day is the day after the latest of the following days: (a) the day before which the entity: (i) is required to lodge its * income tax return for the later income year with the Commissioner; or (ii) if the entity is not required to lodge an income tax return for the later income year—would be required to lodge its income tax return for the later income year were the entity required to lodge such a return; (b) the 28th day after the first day the entity carries on the infrastructure project mentioned in paragraph 415 ‑ 20(1)(b); (c) the 28th day after the day the * Infrastructure CEO designates the infrastructure project under section 415 ‑ 70; (d) a later day allowed by the Commissioner. Note: The increase under this section can occur at the end of an income year even if, at the end of the year, the entity does not know the entity is a designated infrastructure project entity (e.g. because the Infrastructure CEO has not yet designated the infrastructure project that the entity carries on, but the Infrastructure CEO does so later). Consolidated groups (4) Disregard paragraph 701 ‑ 30(3)(a) for the purposes of the denominator in the formula in the definition of eligible portion of the later income year in subsection (1) of this section. Note: Paragraph 701 ‑ 30(3)(a) applies if the entity becomes a subsidiary member of a consolidated group during the later income year. (5) For the purposes of applying this section to a * tax loss the * head company of a * consolidated group makes as mentioned in subsection 707 ‑ 140(1): (a) the head company is treated as having made the loss in the income year before the income year in which the transfer mentioned in that subsection occurs; and (b) subsection (2) of this section is treated as not applying to the head company on or before the day the transfer occurs; unless the transferred loss was a non ‑ membership period loss (within the meaning of subsection 701 ‑ 30(3)) in relation to the group. Note: Subsection 707 ‑ 140(1) treats the head company of a consolidated group as having made a loss in an income year in which a loss is transferred to the head company from an entity that joins the group.", "Amendment_Count": 4, "First_Amended": "No 124 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 124 of 2013 | No 77 of 2014 | No 70 of 2015", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-20", "Provision_Key": "s415-20", "Heading": "Designated infrastructure project entity", "Text": "Designated infrastructure project entity (1) An entity is a designated infrastructure project entity at a time (the relevant time ) if: (a) at the relevant time, the entity is a * fixed trust or a company; and (b) at or after the relevant time, the entity carries on a single * designated infrastructure project; and (c) the entity does not, at or before the relevant time, carry on any other designated infrastructure project; and (d) the only activities in which the entity engages at the relevant time, or engaged before the relevant time, are or were for the purposes of the entity carrying on the single designated infrastructure project. (2) For the purposes of this section: (a) an * enterprise that becomes a * designated infrastructure project at a time is treated as having been a designated infrastructure project at all earlier times; and (b) if the entity carries on (whether or not at the same time) one or more parts, but not the whole, of a single designated infrastructure project—the parts are treated as being a single designated infrastructure project; and (c) in any case—the following are treated as being a single designated infrastructure project: (i) a single designated infrastructure project (the listed infrastructure project ) that is included on an Infrastructure Priority List; (ii) any designated infrastructure projects that the entity carries on (whether or not at the same time) and that are part of the listed infrastructure project; and Note: For Infrastructure Priority Lists, see paragraph 5(b) of the Infrastructure Australia Act 2008 . (d) in any case—any designated infrastructure projects that the entity carries on (whether or not at the same time) and that are part of a single infrastructure project that: (i) is included on an Infrastructure Priority List; and (ii) is not a designated infrastructure project; are treated as being a single designated infrastructure project. Partnerships (3) Subsection (4) applies to an entity if: (a) the entity is a * fixed trust or a company; and (b) the person that is the trustee of the trust, or the person that is the company, is a partner in a partnership. (4) For the purposes of subsections (1) and (2), the entity: (a) is treated as carrying on any * designated infrastructure project carried on by the partnership; and (b) is treated as engaging in any activity engaged in by the partnership; and (c) if the partnership engages in an activity for the purpose of the partnership carrying on a designated infrastructure project—is treated as engaging in that activity for the purpose of the entity carrying on that designated infrastructure project. Consolidated groups (5) For the purposes of working out whether the * head company of a * consolidated group was a * designated infrastructure project entity at a time (whether before or after the group consolidates), section 701 ‑ 5 (Entry history rule) is treated as not applying to the head company in relation to an entity that was not a * member of the consolidated group at that time. (6) For the purposes of working out whether an entity is a * designated infrastructure project entity at a time after the entity ceases to be a * subsidiary member of a * consolidated group, section 701 ‑ 40 (Exit history rule) is treated as not applying to the entity in relation to the group.", "Amendment_Count": 3, "First_Amended": "No 124 of 2013", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 124 of 2013 | No 77 of 2014 | No 70 of 2015", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-25", "Provision_Key": "s415-25", "Heading": "Tax losses of trusts", "Text": "Scope (1) This section applies to a * tax loss of a * trust if the trust is a * designated infrastructure project entity at a time (the status time ) in the * loss year. Modifications of Schedule 2F to the Income Tax Assessment Act 1936 (2) Despite paragraph 266 ‑ 25(1)(b), 266 ‑ 30(a), 266 ‑ 75(1)(b) or (2)(b), 266 ‑ 80(1)(a) or (2)(a), 266 ‑ 110(1)(b), 266 ‑ 115(a), 266 ‑ 150(2)(a), 266 ‑ 155(2)(a), 267 ‑ 20(1)(b) or 267 ‑ 60(a) in Schedule 2F to the Income Tax Assessment Act 1936 , for the purposes of sections 266 ‑ 40 and 266 ‑ 45, section 266 ‑ 90, subsections 266 ‑ 125(1) and (2), subsections 266 ‑ 165(1) and (2), sections 267 ‑ 40 and 267 ‑ 45 or sections 267 ‑ 70 and 267 ‑ 75 in that Schedule (whichever are applicable), the test period starts at the first time: (a) that occurs after the status time; and (b) at which the trust is not a * designated infrastructure project entity; if, apart from this subsection, the test period would start earlier. (3) For the purposes of section 267 ‑ 30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity. (4) For the purposes of working out, under subsection 268 ‑ 10(3), 268 ‑ 15(3) or 268 ‑ 20(3) in that Schedule, the end of the first period, disregard any part of the income year mentioned in that subsection during which the trust is a * designated infrastructure project entity. Note: A trust does not calculate its net income and tax loss under Division 268 in that Schedule if the trust was a designated infrastructure project entity during the whole of the income year: see paragraphs 266 ‑ 30(c), 266 ‑ 80(1)(d) and (2)(c), 266 ‑ 115(b), 266 ‑ 155(2)(b), 267 ‑ 60(b) and 272 ‑ 100(f) in that Schedule. (5) For the purposes paragraph 268 ‑ 20(4)(b) in that Schedule, disregard any part of the first of the successive periods during which the trust is a * designated infrastructure project entity.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-30", "Provision_Key": "s415-30", "Heading": "Bad debts written off etc. by trusts", "Text": "Scope (1) This section applies to a debt to which paragraph 266 ‑ 35(1)(a), 266 ‑ 85(1)(a) or (2)(a), 266 ‑ 120(1)(a), 266 ‑ 160(1)(a) or (b), 267 ‑ 25(1)(a) or 267 ‑ 65(1)(a) in Schedule 2F to the Income Tax Assessment Act 1936 applies, if the trust is a * designated infrastructure project entity at a time (the status time ) in the income year in which the debt was incurred. Modifications of Schedule 2F to the Income Tax Assessment Act 1936 (2) Despite paragraph 266 ‑ 35(1)(b), 266 ‑ 85(1)(b) or (2)(b), 266 ‑ 120(1)(b), 266 ‑ 160(2)(a), 267 ‑ 25(1)(b) or 267 ‑ 65(1)(a) in that Schedule, for the purposes of sections 266 ‑ 40 and 266 ‑ 45, section 266 ‑ 90, subsections 266 ‑ 125(1) and (2), subsections 266 ‑ 165(1) and (2), sections 267 ‑ 40 and 267 ‑ 45 or sections 267 ‑ 70 and 267 ‑ 75 in that Schedule (whichever are applicable), the test period starts at the first time: (a) that occurs after the status time; and (b) at which the trust is not a * designated infrastructure project entity. (3) For the purposes of section 267 ‑ 30 in that Schedule, disregard any part of an income year during which the trust is a * designated infrastructure project entity.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-35", "Provision_Key": "s415-35", "Heading": "Tax losses of companies", "Text": "Scope (1) This section applies to a * tax loss of a company if the company is a * designated infrastructure project entity at a time (the status time ) in the * loss year. Modifications of Divisions 165 and 166 (2) Despite subsection 165 ‑ 12(1), 166 ‑ 5(2) or 166 ‑ 20(1), the * ownership test period or * test period under that subsection starts at the earlier of: (a) the first time: (i) that occurs after the status time; and (ii) at which the company is not a * designated infrastructure project entity; and (b) the end of the income year referred to in that subsection as the income year. (3) In a case to which paragraph (2)(b) applies, the company is treated as meeting the conditions in section 165 ‑ 12. (4) Despite subsection 165 ‑ 13(2), 166 ‑ 5(5), 165 ‑ 15(2) or 166 ‑ 20(4), the * business continuity test period under that subsection starts at the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the business continuity test period would start earlier. (5) Despite subsection 165 ‑ 13(2), 165 ‑ 15(3), 166 ‑ 5(6) or 166 ‑ 20(4), the * test time under that subsection occurs just after the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the test time would occur earlier. (6) A reference in subsection 165 ‑ 15(1) to the * loss year is treated as being a reference to the period: (a) starting at the start of the * ownership test period; and (b) ending at the end of the income year in which the ownership test period starts. (7) For the purposes of working out, under paragraph 165 ‑ 45(3)(a) or (b) or subsection 165 ‑ 45(4), the end of the first period, disregard any part of the income year mentioned in section 165 ‑ 45 during which the company is a * designated infrastructure project entity. Note: A company does not calculate its taxable income and tax loss under Subdivision 165 ‑ B if the company was a designated infrastructure project entity during the whole of the income year: see paragraph 165 ‑ 35(c). Exceptions (8) Disregard this section for the purposes of Subdivisions 165 ‑ CA and 165 ‑ CB (about net capital losses) and 175 ‑ A and 175 ‑ CA (about tax benefits).", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-40", "Provision_Key": "s415-40", "Heading": "Bad debts written off by companies", "Text": "Scope (1) This section applies to a debt that a company writes off as bad, if the company is a * designated infrastructure project entity at a time (the status time ) in the income year in which the debt was incurred. Modifications of Divisions 165 and 166 (2) Despite subsection 165 ‑ 123(1) or 166 ‑ 40(2), the * ownership test period or * test period under that subsection starts at the earlier of: (a) the first time that occurs after the status time and on or after: (i) in the case of subsection 165 ‑ 123(1)—the start of the * first continuity period; or (ii) in the case of subsection 166 ‑ 40(2)—the time the company chooses under that subsection; and at which the company is not a * designated infrastructure project entity; and (b) the end of the * second continuity period. (3) In a case to which paragraph (2)(b) applies, the company is treated as meeting the conditions in section 165 ‑ 123. (4) Despite subsection 165 ‑ 126(2), 165 ‑ 129(2), 165 ‑ 132(1) or 166 ‑ 40(5), the * business continuity test period under that subsection starts at the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the business continuity test period would start earlier. (5) Despite subsection 165 ‑ 126(2), 165 ‑ 129(3) or 166 ‑ 40(6), the * test time under that subsection occurs just after the start of the * ownership test period or * test period (whichever is applicable) if, apart from this subsection, the test time would occur earlier. (6) A reference in subsection 165 ‑ 129(1) to the * first continuity period is treated as being a reference to the period: (a) starting at the start of the * ownership test period; and (b) ending at the end of the income year in which the ownership test period starts. Exception (7) Disregard this section for the purposes of Subdivision 175 ‑ C (about tax benefits).", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-45", "Provision_Key": "s415-45", "Heading": "Losses transferred to head companies of consolidated groups", "Text": "Subdivision 707 ‑ C (Amount of transferred losses that can be utilised) does not apply to a loss transferred under Subdivision 707 ‑ A (Transfer of previously unutilised losses to head company), if: (a) just before the transfer, the transferor of the loss was a * designated infrastructure project entity; and (b) just after the transfer, the transferee of the loss is a designated infrastructure project entity.", "Amendment_Count": 1, "First_Amended": "No 124 of 2013", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 124 of 2013", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-50", "Provision_Key": "s415-50", "Heading": "What this Subdivision is about", "Text": "To receive the special treatment for tax losses and bad debts under Subdivision 415 ‑ B, an entity must only engage in activities for the purposes of carrying on an infrastructure project designated by the Infrastructure CEO under this Subdivision. Designation is dependent on: (a) criteria prescribed by the Minister; and (b) a cap on the total estimated private capital expenditure that would be incurred for all provisionally designated and designated infrastructure projects. Table of sections Designating infrastructure projects 415 ‑ 55 Applications for designation 415 ‑ 60 Dealing with applications 415 ‑ 65 Provisional designation 415 ‑ 70 Designation Infrastructure project capital expenditure cap 415 ‑ 75 Infrastructure project capital expenditure cap 415 ‑ 80 Acceptance of estimates of infrastructure project capital expenditure Miscellaneous 415 ‑ 85 Review of decisions 415 ‑ 90 Information to be made public 415 ‑ 95 Delegation 415 ‑ 100 Infrastructure project designation rules", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-55", "Provision_Key": "s415-55", "Heading": "Applications for designation", "Text": "(1) An entity may apply to the * Infrastructure CEO to have the Infrastructure CEO designate an * enterprise (the infrastructure project ) that is a proposed investment in, or enhancement to, infrastructure as being an infrastructure project in relation to which Subdivision 415 ‑ B applies. Note: The Infrastructure CEO holds office under the Infrastructure Australia Act 2008 . (2) The application must include an estimate of the * infrastructure project capital expenditure that would be incurred for the purpose of the infrastructure project. (3) Subsection (2) does not apply to * infrastructure project capital expenditure to the extent that the infrastructure project capital expenditure would be: (a) incurred by an * Australian government agency; or (b) funded by a grant from an Australian government agency. (4) The application must: (a) be in a form (if any) approved by the * Infrastructure CEO; and (b) be accompanied by the fee (if any) prescribed by the * infrastructure project designation rules. (5) A fee prescribed as mentioned in paragraph (4)(b) is payable to the * Infrastructure CEO, on behalf of the Commonwealth.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-60", "Provision_Key": "s415-60", "Heading": "Dealing with applications", "Text": "Dealing with applications (1) The * Infrastructure CEO must deal with applications made under this Division: (a) in accordance with the requirements prescribed by the * infrastructure project designation rules; or (b) if the infrastructure project designation rules do not prescribe any requirements—in the order in which the applications are made. (2) Without limiting paragraph (1)(a), the requirements the * infrastructure project designation rules may prescribe for the purposes of that paragraph include: (a) requirements relating to the time at which or by which the * Infrastructure CEO must deal with an application; and (b) requirements relating to applications that, in the opinion of the Infrastructure CEO, are incomplete or do not contain sufficient information for the Infrastructure CEO to deal with the applications. (3) For the purposes of subsection (1), the * Infrastructure CEO deals with an application by: (a) designating the infrastructure project provisionally under section 415 ‑ 65, or deciding not to designate the infrastructure project provisionally under that section; or (b) designating the infrastructure project under section 415 ‑ 70 or deciding not to designate the infrastructure project under that section (whether or not the Infrastructure CEO has previously dealt with the application by designating the infrastructure project provisionally under section 415 ‑ 65). (4) Paragraph (1)(b) does not apply to the * Infrastructure CEO deciding whether to designate a * provisionally designated infrastructure project under section 415 ‑ 70. No designation after 30 June 2017 or later prescribed day (5) Despite anything else in this Subdivision, the * Infrastructure CEO must not provisionally designate the infrastructure project under section 415 ‑ 65, or designate the infrastructure project under section 415 ‑ 70, after: (a) 30 June 2017; or (b) a later day (if any) prescribed by the * infrastructure project designation rules.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-65", "Provision_Key": "s415-65", "Heading": "Provisional designation", "Text": "Provisional designation (1) The * Infrastructure CEO must, by instrument in writing, designate the infrastructure project provisionally for the purposes of this Division if: (a) the entity applies to have the Infrastructure CEO designate the infrastructure project in accordance with section 415 ‑ 55; and (b) the Infrastructure CEO accepts the estimate of the * infrastructure project capital expenditure under section 415 ‑ 80; and (c) the provisional designation would not breach the infrastructure project capital expenditure cap under section 415 ‑ 75; and (d) the following conditions are satisfied: (i) the conditions prescribed by the * infrastructure project designation rules; (ii) if the infrastructure project designation rules do not prescribe any conditions—in the opinion of the Infrastructure CEO, the infrastructure is nationally significant infrastructure (within the meaning of the Infrastructure Australia Act 2008 ); and (e) the infrastructure project is not a * designated infrastructure project. (2) The instrument of provisional designation must contain any details prescribed by the * infrastructure project designation rules. Amendment of instruments of provisional designation (3) The * Infrastructure CEO must, by instrument in writing, amend the instrument of provisional designation in accordance with any requirements prescribed by the * infrastructure project designation rules. The Infrastructure CEO must not amend the instrument in any other circumstances. (4) Without limiting subsection (3), the requirements the * infrastructure project designation rules may prescribe for the purposes of that subsection include requirements relating to when an amendment must take effect, which may be a time before the amendment is made. Revocation of instruments of provisional designation (5) The * Infrastructure CEO must, by instrument in writing, revoke the instrument of provisional designation: (a) if the Infrastructure CEO has designated the project under section 415 ‑ 70, or decides not to designate the project; or (b) if the Infrastructure CEO has revoked the instrument of acceptance of the estimate under section 415 ‑ 80; or (c) in the circumstances (if any) prescribed by the * infrastructure project designation rules. The Infrastructure CEO must not revoke the instrument in any other circumstances. (6) Without limiting paragraph (5)(c), the circumstances the * infrastructure project designation rules may prescribe for the purposes of that paragraph include: (a) circumstances involving a failure by a prescribed entity to give prescribed information to the * Infrastructure CEO; and (b) circumstances involving a breach of conditions set by the Infrastructure CEO for the * provisionally designated infrastructure project to remain provisionally designated. (7) The * infrastructure project designation rules must prescribe matters to which the * Infrastructure CEO must have regard in setting conditions for a * provisionally designated infrastructure project to remain provisionally designated, if the infrastructure project designation rules provide for the Infrastructure CEO to set such conditions, as mentioned in paragraph (6)(b).", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-70", "Provision_Key": "s415-70", "Heading": "Designation", "Text": "Designation (1) The * Infrastructure CEO must, by instrument in writing, designate the infrastructure project for the purposes of this Division if: (a) the entity applies to have the Infrastructure CEO designate the infrastructure project in accordance with section 415 ‑ 55; and (b) the Infrastructure CEO accepts the estimate of the * infrastructure project capital expenditure under section 415 ‑ 80; and (c) the designation would not breach the infrastructure project capital expenditure cap under section 415 ‑ 75; and (d) the following conditions are satisfied: (i) the conditions prescribed by the * infrastructure project designation rules; (ii) if the infrastructure project designation rules do not prescribe any conditions—the conditions mentioned in subsection (2); (whether or not the infrastructure project is a * provisionally designated infrastructure project). (2) For the purposes of subparagraph (1)(d)(ii), the following are the conditions: (a) in the opinion of the * Infrastructure CEO, the infrastructure is nationally significant infrastructure (within the meaning of the Infrastructure Australia Act 2008 ); (b) in the opinion of the Infrastructure CEO, financial close on the infrastructure project has occurred or is imminent. (3) The instrument of designation must contain any details prescribed by the * infrastructure project designation rules. Amendment of instruments of designation (4) The * Infrastructure CEO must, by instrument in writing, amend the instrument of designation in accordance with any requirements prescribed by the * infrastructure project designation rules. The Infrastructure CEO must not amend the instrument in any other circumstances. (5) Without limiting subsection (4), the requirements the * infrastructure project designation rules may prescribe for the purposes of that subsection include requirements relating to when an amendment must take effect, which may be a time before the amendment is made. Revocation of instruments of designation (6) The * Infrastructure CEO must, by instrument in writing, revoke the instrument of designation in the circumstances prescribed by the * infrastructure project designation rules. The Infrastructure CEO must not revoke the instrument in any other circumstances. (7) Without limiting subsection (6), the circumstances the * infrastructure project designation rules may prescribe for the purposes of that subsection include: (a) circumstances involving a failure by a prescribed entity to give prescribed information to the * Infrastructure CEO; and (b) circumstances involving a breach of conditions set by the Infrastructure CEO for the * designated infrastructure project to remain designated. (8) The * infrastructure project designation rules must prescribe matters to which the * Infrastructure CEO must have regard in setting conditions for a * designated infrastructure project to remain designated, if the infrastructure project designation rules provide for the Infrastructure CEO to set such conditions, as mentioned in paragraph (7)(b). Infrastructure CEO must notify Commissioner (9) The * Infrastructure CEO must notify the Commissioner of a decision made by the Infrastructure CEO: (a) to designate the infrastructure project; or (b) to amend or to revoke the instrument of designation; within 28 days after making the decision.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-75", "Provision_Key": "s415-75", "Heading": "Infrastructure project capital expenditure cap", "Text": "(1) Provisional designation, or designation, of the infrastructure project would breach the * infrastructure project capital expenditure cap under this section if, were the provisional designation or designation to occur, the total of the estimates accepted under section 415 ‑ 80 for each infrastructure project that, just after the provisional designation or designation, would be: (a) a * provisionally designated infrastructure project; or (b) a * designated infrastructure project; would exceed the amount mentioned in subsection (2). (2) The amount is: (a) $25 billion; or (b) if the * infrastructure project designation rules prescribe a greater amount—that prescribed amount. (3) For the purposes of subsection (1), disregard so much of the amount of an estimate for an infrastructure project (the listed infrastructure project ) as relates to a part of the listed infrastructure project, if: (a) that part of the listed project is (or would be, were the provisional designation or designation mentioned in that subsection to occur): (i) a * provisionally designated infrastructure project; or (ii) a * designated infrastructure project; and (b) the listed infrastructure project is included on an Infrastructure Priority List. Note: For Infrastructure Priority Lists, see paragraph 5(b) of the Infrastructure Australia Act 2008 . (4) In this Act: infrastructure project capital expenditure : (a) has the meaning given by the * infrastructure project designation rules; or (b) if the infrastructure project designation rules do not give infrastructure project capital expenditure a meaning—means capital expenditure.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-80", "Provision_Key": "s415-80", "Heading": "Acceptance of estimates of infrastructure project capital expenditure", "Text": "Acceptance of estimates (1) The * Infrastructure CEO must, by instrument in writing, accept the estimate of * infrastructure project capital expenditure if the following conditions are satisfied: (a) the conditions prescribed by the * infrastructure project designation rules; (b) if the infrastructure project designation rules do not prescribe any conditions—in the opinion of the Infrastructure CEO, the estimate is acceptable. Revocation of instruments of acceptance (2) The * Infrastructure CEO must not revoke the instrument of acceptance if the infrastructure project is a * designated infrastructure project. (3) Subject to subsection (2), the * Infrastructure CEO must, by instrument in writing, revoke the instrument of acceptance in the circumstances prescribed by the * infrastructure project designation rules. The Infrastructure CEO must not revoke the instrument in any other circumstances. (4) Without limiting subsection (3), the circumstances the * infrastructure project designation rules may prescribe for the purposes of that subsection include: (a) circumstances involving a failure by a prescribed entity to give prescribed information to the * Infrastructure CEO; and (b) circumstances involving a failure by the applicant to amend the estimate in accordance with a request made by the Infrastructure CEO. (5) The * infrastructure project designation rules must prescribe matters to which the * Infrastructure CEO must have regard in requesting the applicant to amend the estimate, if the infrastructure project designation rules provide for the Infrastructure CEO to make such requests as mentioned in paragraph (4)(b). (6) If: (a) the * infrastructure project designation rules provide for the * Infrastructure CEO to request the applicant to amend the estimate; and (b) the applicant amends the estimate in accordance with such a request; the acceptance is treated, from the time the amendment is made, as being an acceptance of the amended estimate.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-85", "Provision_Key": "s415-85", "Heading": "Review of decisions", "Text": "Applications may be made to the * ART for review of the following decisions of the * Infrastructure CEO: (a) a decision not to designate the infrastructure project provisionally under section 415 ‑ 65; (b) a decision to amend or revoke the instrument of provisional designation under section 415 ‑ 65; (c) a decision not to designate the infrastructure project under section 415 ‑ 70; (d) a decision to amend or revoke the instrument of designation under section 415 ‑ 70.", "Amendment_Count": 3, "First_Amended": "No 124 of 2013", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 124 of 2013 | No 77 of 2014 | No 38 of 2024", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-90", "Provision_Key": "s415-90", "Heading": "Information to be made public", "Text": "The * Infrastructure CEO must comply with any requirements prescribed by the * infrastructure project designation rules in relation to the publication of information about: (a) * provisionally designated infrastructure projects and * designated infrastructure projects; and (b) the * infrastructure project capital expenditure cap under section 415 ‑ 75.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 77 of 2014", "Amending_Acts": "No 124 of 2013 | No 77 of 2014", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-95", "Provision_Key": "s415-95", "Heading": "Delegation", "Text": "The * Infrastructure CEO may, by instrument in writing, delegate any of the Infrastructure CEO’s powers or functions under this Subdivision to an SES employee, or acting SES employee, referred to in paragraph 39(1)(a) or 39A(1)(a) of the Infrastructure Australia Act 2008 .", "Amendment_Count": 3, "First_Amended": "No 124 of 2013", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 124 of 2013 | No 77 of 2014 | No 21 of 2015", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 415-100", "Provision_Key": "s415-100", "Heading": "Infrastructure project designation rules", "Text": "(1) The Minister may, by legislative instrument, make rules (the infrastructure project designation rules ) prescribing matters: (a) required or permitted by this Subdivision to be prescribed by the rules; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Subdivision. (2) Despite subsection 14(2) of the Legislation Act 2003 , the * infrastructure project designation rules may make provision in relation to a matter by applying, adopting or incorporating any matter contained in an instrument, or other writing, made by Infrastructure Australia as in force or existing from time to time.", "Amendment_Count": 2, "First_Amended": "No 124 of 2013", "Last_Amended": "No 126 of 2015", "Amending_Acts": "No 124 of 2013 | No 126 of 2015", "History_Notes": "Inserted by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 126 of 2015, effective Sch 1 (items 299–301): 5 Mar 2016 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s415-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-1", "Provision_Key": "s417-1", "Heading": "What this Division is about", "Text": "This Division alters the operation of this Act on several topics (outlined in the table of Subdivisions above) to address how the Timor Sea Maritime Boundaries Treaty could affect the tax treatment, under Australian income tax law, of entities that undertake petroleum activities in the affected area.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-5", "Provision_Key": "s417-5", "Heading": "Object", "Text": "The object of this Division is to give effect to Australia’s obligations under the * Timor Sea Maritime Boundaries Treaty to provide, in relation to * transitioned petroleum activities, equivalent tax treatment to the tax treatment previously applying in relation to those activities.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-10", "Provision_Key": "s417-10", "Heading": "Meaning of transitioned petroleum activities", "Text": "(1) Transitioned petroleum activities are petroleum activities (within the meaning of the * Timor Sea Maritime Boundaries Treaty) that are undertaken: (a) pursuant to the terms of any of the following * production sharing contracts: (i) Production Sharing Contract JPDA 03 ‑ 12; (ii) Production Sharing Contract JPDA 03 ‑ 13; (iii) Production Sharing Contract JPDA 06 ‑ 105; (iv) Production Sharing Contract JPDA 11 ‑ 106; or (b) pursuant to the terms of a production sharing contract that: (i) comes into force after, or when, that treaty entered into force; and (ii) has the effect of replacing, and relates to the same area as, a production sharing contract mentioned in paragraph (a); or (c) in a part of the * Petroleum Exploration Permit WA ‑ 523 ‑ P permit area that, as a result of that treaty entering into force, ceased to be within the continental shelf of Australia. Note: This part of the Petroleum Exploration Permit WA ‑ 523 ‑ P permit area includes the Buffalo Oil Field. (2) The Petroleum Exploration Permit WA ‑ 523 ‑ P permit area is the area that, just before the * Timor Sea Maritime Boundaries Treaty entered into force, was the subject of Petroleum Exploration Permit WA ‑ 523 ‑ P, granted under Part 2.2 of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 on 27 May 2016.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-25", "Provision_Key": "s417-25", "Heading": "Deducting amounts for depreciating assets", "Text": "(1) If: (a) you use a * depreciating asset, or you have it * installed ready for use, for a purpose of undertaking * transitioned petroleum activities; and (b) before the * Timor Sea Maritime Boundaries Treaty entered into force, you or another entity used the asset, or you or another entity had it installed ready for use, for a purpose of undertaking transitioned petroleum activities; to the extent that you use the asset, or you have it installed ready for use, for that purpose, you are taken to use the asset, or to have it installed ready for use, entirely for a * taxable purpose. (2) For the purposes of subsection 40 ‑ 25(2), if: (a) you can deduct an amount for a decline in value of the asset; and (b) apart from subsection (1), you would not be able to deduct an amount, or would only be able to deduct a lesser amount, for that decline in value; and (c) the * transitioned petroleum activities are wholly or partly undertaken, or to be undertaken, in relation to the * JPDA; to the extent that the activities are so undertaken, or so to be undertaken, the part of the asset’s decline in value that is attributable to your use of the asset, or your having it * installed ready for use, for a * taxable purpose is reduced to 10% of what it would be apart from this subsection. (3) For the purposes of Subdivision 40 ‑ C, if: (a) you can deduct an amount for a decline in value of the asset; and (b) apart from subsection (1), you would not be able to deduct an amount, or would only be able to deduct a lesser amount, for that decline in value; in working out the second element of the * cost of the asset, disregard any amount that you pay, and any expenditure that you incur, on or after the day on which the * Timor Sea Maritime Boundaries Treaty entered into force.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-30", "Provision_Key": "s417-30", "Heading": "Balancing adjustments", "Text": "(1) If: (a) before the * Timor Sea Maritime Boundaries Treaty entered into force, you * held a * depreciating asset that you used, or had * installed ready for use, for a purpose of undertaking * transitioned petroleum activities; and (b) you stopped holding the asset when that treaty entered into force, because the asset ceased to exist at that time; and (c) the cessation occurred in connection with the entry into force of that treaty; the cessation is taken, for the purposes of this Act, not to be a * balancing adjustment event. (2) Section 40 ‑ 285 does not apply in relation to a * depreciating asset you * held if: (a) before the * Timor Sea Maritime Boundaries Treaty entered into force, you or another entity used the asset, or you or another entity had it * installed ready for use, for a purpose of undertaking * transitioned petroleum activities; and (b) on or after the day on which that treaty entered into force, a * balancing adjustment event occurs for the asset. Note: The effect of this subsection is to prevent an amount being included in your assessable income, or a deduction arising, because of a balancing adjustment event. The balancing adjustment event still occurs, so the operation of a section such as section 118 ‑ 24 is unaffected. (3) It does not matter, for the purposes of paragraph (2)(a), whether the asset is also used, or * installed ready for use, for a purpose other than the purpose of undertaking * transitioned petroleum activities. (4) If, as a result of the * balancing adjustment event mentioned in paragraph (2)(b), another entity * holds the asset, the * cost of the asset to the other entity is taken to be the asset’s * adjustable value to you just before the balancing adjustment event occurs.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-35", "Provision_Key": "s417-35", "Heading": "Allocating assets to a project pool", "Text": "(1) You may choose to allocate to a project pool all the * depreciating assets (the pooled assets ) that: (a) you * held when the * Timor Sea Maritime Boundaries Treaty entered into force; and (b) before that treaty entered into force, you used, or had * installed ready for use, for a purpose of undertaking * transitioned petroleum activities. (2) You must choose by the day you lodge your * income tax return for the income year (the initial income year ) in which that treaty entered into force. (3) The choice is irrevocable. (4) If you make the choice, for the purposes of Division 40 and section 417 ‑ 30: (a) the pooled assets are taken to be a single * depreciating asset that you * hold; and (b) the single asset is taken to be used, or * installed ready for use, for the same purpose as the purpose for which the pooled assets were used, or installed ready for use, when the * Timor Sea Maritime Boundaries Treaty entered into force; and (c) the * cost of the single asset is taken to be an amount equal to the sum of the * adjustable values of all of the pooled assets when that treaty entered into force; and (d) the decline in value of the single asset is taken to be: (i) for the initial income year—40% of its cost; and (ii) for the next income year—40% of its cost; and (iii) for the income year after that next income year—20% of its cost; and (e) a * balancing adjustment event cannot occur for the single asset; and (f) a * CGT event cannot occur for the single asset; and (g) amounts are not deductible, by you or any other entity, for declines in value of any of the assets allocated to the pool for: (i) the part of the initial income year occurring on or after the entry into force of that treaty; or (ii) any subsequent income year. (5) The transfer of a pooled asset to another entity does not affect the operation of subsection (4) in relation to the single asset.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-40", "Provision_Key": "s417-40", "Heading": "Deduction for expenditure on mining site rehabilitation", "Text": "(1) You can deduct, for an income year, 10% of expenditure on * mining site rehabilitation that you incur in that year if the rehabilitation relates to the undertaking (by you or another entity) of * transitioned petroleum activities in relation to the * JPDA. (2) However, expenditure on these things is not deductible under this section: (a) acquiring land or an interest in land or a right, power or privilege to do with land; (b) a bond or security, however described, for performing * mining site rehabilitation; (c) * housing and welfare.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-45", "Provision_Key": "s417-45", "Heading": "Capital expenditure", "Text": "(1) For the purposes of section 40 ‑ 835, if: (a) a * project amount was allocated to a project pool before the * Timor Sea Maritime Boundaries Treaty entered into force; and (b) the project amount was expenditure for a purpose of undertaking * transitioned petroleum activities in relation to the * JPDA; to the extent that the operation of the project in an income year relates to that expenditure, 10% of the project is taken to operate, in the year, for a * taxable purpose. (2) For the purposes of section 40 ‑ 835, if: (a) a * project amount was allocated to a project pool before the * Timor Sea Maritime Boundaries Treaty entered into force; and (b) the project amount was expenditure for a purpose of undertaking * transitioned petroleum activities otherwise than in relation to the * JPDA; to the extent that the operation of the project in an income year relates to that expenditure, the project is taken to operate, in the year, for a * taxable purpose. (3) If subsection (1) or (2) applies to one or more * project amounts allocated to a project pool, for the income year (the initial income year ) in which the * Timor Sea Maritime Boundaries Treaty entered into force or a later income year, calculate your deduction under section 40 ‑ 830 or 40 ‑ 832 for the project pool as follows: (a) calculate the amount of the deduction as if none of those project amounts had been allocated to the project pool; (b) add to that amount the following: (i) for the initial income year—40% of the sum of those project amounts; (ii) for the next income year—40% of that sum; (iii) for the income year after that next income year—20% of that sum.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-50", "Provision_Key": "s417-50", "Heading": "Transferring entitlement to deductions relating to a project pool", "Text": "(1) You may choose to transfer, to a * corporate tax entity, either or both of the following: (a) all or part of your entitlement to deductions under Division 40 in relation to the declines in value of the single asset mentioned in subsection 417 ‑ 35(4) (including future declines in value but not including declines in value that have already been deducted under that Division); (b) all or part of so much of your entitlement to deductions under section 40 ‑ 830 or 40 ‑ 832 as arises because of the operation of section 417 ‑ 45. (2) The choice: (a) must be in the * approved form; and (b) must be made no later than the day you lodge your * income tax return for the first income year for which all or part of your entitlement is to be transferred. (3) The choice cannot be revoked. (4) Only one choice can be made under this section in relation to the same part of the entitlement. (5) If you choose under this section to transfer to another entity all or part of your entitlement: (a) the other entity can make deductions arising from that entitlement or part; and (b) at the time of the choice, a * franking credit arises in the * franking account of the other entity; and (c) you can no longer make deductions arising from that entitlement or part. (6) The amount of the * franking credit under paragraph (5)(b) is an amount equal to the amount of the deduction transferred multiplied by the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ).", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-65", "Provision_Key": "s417-65", "Heading": "CGT events not created by Timor Sea Maritime Boundaries Treaty entering into force", "Text": "If: (a) before the * Timor Sea Maritime Boundaries Treaty entered into force, you owned an intangible * CGT asset connected with undertaking * transitioned petroleum activities; and (b) your ownership of the asset ended when that treaty entered into force; and (c) the ending of your ownership occurred in connection with the entry into force of that treaty; the ending of your ownership is not a * CGT event.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-70", "Provision_Key": "s417-70", "Heading": "Tax treatment of consideration for transferred entitlement to deductions or tax loss", "Text": "(1) If: (a) you choose to transfer to another entity: (i) under section 417 ‑ 50, an entitlement to deductions; or (ii) under Subdivision 417 ‑ D, an amount of a * tax loss for an income year; and (b) you receive any consideration from the other entity for the entitlement to deductions or for the amount of the tax loss; then: (c) so much of the consideration as is given for the entitlement to deductions or for the amount of the tax loss is not included in your assessable income or your exempt income; and (d) a * capital gain does not accrue to you because of the receipt of the consideration. (2) If: (a) you choose to transfer to another entity: (i) under section 417 ‑ 50, an entitlement to deductions; or (ii) under Subdivision 417 ‑ D, an amount of a * tax loss for an income year; and (b) the other entity gives you any consideration for the entitlement to deductions or for the amount of the tax loss; then: (c) the other entity cannot deduct the amount or value of the consideration; and (d) the other entity does not incur a * capital loss because of the giving of the consideration.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-75", "Provision_Key": "s417-75", "Heading": "Membership interests affected by transfer of entitlement to deductions or tax loss", "Text": "If: (a) an entity chooses to transfer: (i) under section 417 ‑ 50, an entitlement to deductions; or (ii) under Subdivision 417 ‑ D, an amount of a * tax loss for an income year; and (b) another entity * holds, either directly or indirectly, a * membership interest in that entity; disregard a * capital loss from a * CGT event that arises in relation to the membership interest after the transfer takes effect, except to the extent that the entity can demonstrate that the loss is attributable to a matter other than the transfer.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-90", "Provision_Key": "s417-90", "Heading": "Tax losses from transitioned petroleum activities", "Text": "Transferring tax losses attributable to activities undertaken before the Timor Sea Maritime Boundaries Treaty entered into force (1) If: (a) you have a * tax loss for the income year in which the * Timor Sea Maritime Boundaries Treaty entered into force, or for an earlier income year; and (b) some or all of the tax loss is attributable to you undertaking * transitioned petroleum activities before that treaty entered into force; you may, for that income year or a later income year, choose to transfer all or any part of the amount of the tax loss that is so attributable to a * corporate tax entity (the transferee ) that is your * associate and either is an Australian resident or has a * permanent establishment in Australia. Transferring or applying other tax losses (2) If: (a) you have a * tax loss for an income year (the loss year ); and (b) some or all of the tax loss is attributable to you undertaking * transitioned petroleum activities; and (c) paragraph (1)(b) does not apply to those activities; you may, for that income year or a later income year: (d) choose to transfer all or any part of the amount of the tax loss that is so attributable to a * corporate tax entity (the transferee ) that either is an Australian resident or has a * permanent establishment in Australia; or (e) choose to apply all or any part of the amount of the tax loss that is so attributable as a deduction from your assessable income for any of the 4 income years preceding the income year for which you make the choice. (3) However: (a) the total amount chosen to be transferred or applied under subsection (2) for an income year must not exceed 10% of the total amount: (i) on which your liability for * foreign income tax under the law of Timor ‑ Leste is required to be worked out; and (ii) that relates to undertaking those * transitioned petroleum activities during that year; and (b) you cannot make a choice under paragraph (2)(e) for an income year if you do not have a * franking surplus at the end of that year; and (c) the total amount chosen to be applied under paragraph (2)(e) for an income year must not exceed the sum of: (i) the amount of your franking surplus at the end of that year; and (ii) the product of the amount of that surplus and the * corporate tax gross ‑ up rate. (4) In working out for the purposes of paragraph (3)(a) the total amount chosen to be transferred or applied under subsection (2) for an income year, disregard: (a) any part of the * tax loss attributable to deductions for assets allocated to a project pool under section 417 ‑ 35; and (b) any part of the * tax loss attributable to deductions for assets allocated to a project pool under Subdivision 40 ‑ I, to the extent that the deductions relate to * project amounts to which subsection 417 ‑ 45(1) or (2) applies. (5) In working out for the purposes of paragraph (3)(a) the total amount on which your liability for * foreign income tax under the law of Timor ‑ Leste is required to be worked out, disregard the amounts of any deductions for tax paid under the law of Timor ‑ Leste. (6) Paragraphs (3)(b) and (c) do not apply if you were a foreign resident (other than a * NZ franking company) for more than half of the income year for which the choice was made.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-95", "Provision_Key": "s417-95", "Heading": "How choices are made", "Text": "(1) A choice under section 417 ‑ 90: (a) must be in the * approved form; and (b) must be made no later than: (i) the day you lodge your * income tax return for the income year for which the choice is made; or (ii) a later time allowed by the Commissioner; and (c) must be given to the Commissioner within 30 days after you make the choice. (2) The choice cannot be revoked. (3) Only one choice can be made under this Subdivision in relation to the same part of a * tax loss.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-100", "Provision_Key": "s417-100", "Heading": "The effect of choosing to transfer losses", "Text": "(1) If you choose under this Subdivision to transfer an amount of a * tax loss for an income year (the loss year ): (a) the amount is taken to be a tax loss incurred by the transferee in the loss year; and (b) the transferee can deduct the amount in accordance with section 36 ‑ 17 (which is about how to deduct a tax loss); and (c) at the time of the choice, a * franking credit arises in the * franking account of the transferee; and (d) you can no longer * utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount. (2) Despite paragraph (1)(a), if the loss year is the same as the income year of the transfer, the transferee is taken to have incurred the * tax loss in the income year before the loss year. Note: This rule is needed because Division 36 allows a tax loss to be deducted only if it was incurred in an earlier income year. (3) The amount of the * franking credit under paragraph (1)(c) is an amount equal to the amount of the * tax loss transferred multiplied by the standard corporate tax rate (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ). (4) Paragraph (1)(c) does not apply if you are not, and have never been, a * corporate tax entity.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-105", "Provision_Key": "s417-105", "Heading": "The effect of choosing to apply losses to earlier income years", "Text": "If you choose under this Subdivision to apply an amount of a * tax loss for an income year as a deduction from your assessable income for an earlier income year: (a) you can deduct the amount from your assessable income for the earlier income year; and (b) you can no longer * utilise the amount, and you are taken not to have incurred the tax loss to the extent of the amount.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-110", "Provision_Key": "s417-110", "Heading": "Continuity of ownership and business continuity tests", "Text": "Section 165 ‑ 10 does not apply to a * tax loss that meets the requirements of: (a) paragraphs 417 ‑ 90(1)(a) and (b); or (b) paragraphs 417 ‑ 90(2)(a) and (b).", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-125", "Provision_Key": "s417-125", "Heading": "Foreign income tax offset", "Text": "(1) If: (a) you are entitled to a * tax offset under Subdivision 770 ‑ A for an income year for * foreign income tax; and (b) the foreign income tax is payable on income you earned as an employee in relation to * transitioned petroleum activities undertaken, or to be undertaken, in relation to the * JPDA; the amount of the offset is to be worked out in accordance with the Taxation Code in Annex G under Article 13(b) of the Treaty (within the meaning of that Act), as if that Taxation Code applied in relation to the income. (2) Subdivision 770 ‑ B does not apply in relation to the amount of the offset.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 417-140", "Provision_Key": "s417-140", "Heading": "Transfer pricing benefits relating to transitioned petroleum activities", "Text": "Acquisitions of Timor Sea petroleum (1) An entity is taken, for the purposes of Division 815, not to get a * transfer pricing benefit from conditions that operate between the entity and another entity in connection with their commercial or financial relations just because the entity acquires petroleum (within the meaning of the * Timor Sea Maritime Boundaries Treaty) from the other entity if: (a) the petroleum was produced by undertaking * transitioned petroleum activities in the Bayu ‑ Undan Gas Field (within the meaning of that treaty); and (b) the price for the acquisition is the price that is used by, or agreed with, a * foreign government agency of Timor ‑ Leste in relation to the acquisition for the purposes of administering the law of Timor ‑ Leste relating to taxation. Supplies of goods and services (2) An entity is taken, for the purposes of Division 815, not to get a * transfer pricing benefit from conditions that operate between the entity and another entity in connection with their commercial or financial relations just because the entity supplies goods or services to the other entity if: (a) the supply occurred pursuant to the terms of an * arrangement, connected with undertaking * transitioned petroleum activities, that: (i) was in force just before the * Timor Sea Maritime Boundaries Treaty was made; or (ii) is substantially similar to an arrangement that was in force just before that time; and (b) the price for the supply is the price that is used by, or agreed with, a * foreign government agency of Timor ‑ Leste in relation to the supply for the purposes of administering the law of Timor ‑ Leste relating to taxation.", "Amendment_Count": 1, "First_Amended": "No 59 of 2019", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 59 of 2019", "History_Notes": "Inserted by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s417-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-1", "Provision_Key": "s418-1", "Heading": "What this Division is about", "Text": "Generally, you are entitled to a tax offset for an income year for exploration credits issued to you for the income year. A greenfields minerals explorer can create exploration credits for an income year. Before creating exploration credits, the explorer must obtain an allocation of exploration credits from the Commissioner for the year. Exploration credits cannot be created for the 2025 ‑ 26 income year or later income years. The exploration credits created for an income year cannot exceed an amount based on the explorer’s greenfields minerals expenditure or tax loss for the year. If the explorer’s exploration credits allocation for the year is smaller than that amount, the amount of exploration credits that the explorer can create will be reduced to sit within the allocation. However, any unused allocation of exploration credits from the preceding year generally would be carried over and so would increase the amount of exploration credits that the explorer can create. An exploration credit created by a greenfields minerals explorer can be issued to you if you have invested in the explorer. While the tax offset you receive for the exploration credit issued to you for an income year will apply to that income year generally, the investment that gives rise to that offset may have been made in that or the preceding income year. There are rules to ensure that exploration credits are not streamed to some investors rather than others. There are also rules to ensure that the total of the exploration credits you receive because of an investment (whether those credits are issued to you for the year in which you invest or the subsequent year) do not exceed the corporate tax that might be paid by the greenfields minerals explorer on that investment. The explorer is liable to pay excess exploration credit tax if the explorer issues exploration credits in breach of these rules. There is a cap on total allocations made by the Commissioner for each income year, but if part of the cap from the preceding year is unallocated it generally will be carried over. Allocations are made in the order in which applications for an allocation are made. If an exploration credit is issued to a corporate tax entity, it will give rise to a franking credit (rather than a tax offset). Note: Excess exploration credit tax is imposed by the Excess Exploration Credit Tax Act 2015 , and the amount of the tax is set out in that Act.", "Amendment_Count": 3, "First_Amended": "No 21 of 2015", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 21 of 2015 | No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-5", "Provision_Key": "s418-5", "Heading": "Object of this Division", "Text": "The object of this Division is to encourage investment in minerals exploration in Australia by allowing the benefit of losses from minerals exploration to flow to shareholders who share in the risk of the exploration.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-10", "Provision_Key": "s418-10", "Heading": "Who is entitled to the tax offset—ordinary case", "Text": "You are entitled to a * tax offset for an income year if: (a) an * exploration credit is issued to you under Subdivision 418 ‑ E for the income year; and (b) you are not: (i) a * corporate tax entity; or (ii) a trust (other than a trust in relation to which some or all of the liability of the trustee to tax is provided under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936 ); or (iii) a partnership; or (iv) an * exempt entity (other than an * exempt institution that is eligible for a refund); and (c) you are an Australian resident during the whole of that income year.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-15", "Provision_Key": "s418-15", "Heading": "Who is entitled to the tax offset—life insurance company", "Text": "(1) An entity is entitled to a * tax offset for an income year if: (a) the entity is a * life insurance company; and (b) an * exploration credit is issued to the entity under Subdivision 418 ‑ E for the income year; and (c) the entity is an Australian resident during the whole of that income year; and (d) were the exploration credit to be a * franked distribution made: (i) by the same entity that issued the credit; and (ii) in the same circumstances in which the credit was issued; the exploration credit would give rise to a * tax offset for the entity that would be subject to the refundable tax offset rules because of paragraph 67 ‑ 25(1C)(b) or (1D)(b). (2) If: (a) an * exploration credit is issued to a * life insurance company; and (b) paragraph (1)(d) applies in relation to only part of the exploration credit; this Division applies as if that part of the exploration credit, and the part of the exploration credit in relation to which that paragraph does not apply, were 2 separate exploration credits issued to the life insurance company.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 21 of 2015 | No 15 of 2017", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-20", "Provision_Key": "s418-20", "Heading": "Entitlement of member of a trust or partnership to a share of exploration credits", "Text": "Members taken to be issued with exploration credits (1) If: (a) you are a * member of a trust or partnership during the income year; and (b) an * exploration credit is issued to the trust or partnership under Subdivision 418 ‑ E for the income year; and (c) the trust or partnership is not a * corporate tax entity; and (d) the trustee of the trust, or the partnership, determines that you are entitled to a share of the exploration credits issued to the trust or partnership for the income year; and (e) the trustee of the trust, or the partnership, gives you a statement, in accordance with subsection (4), informing you of that entitlement; you are taken, for the purposes of this Subdivision, to have been issued with an exploration credit under Subdivision 418 ‑ E, for the income year, of an amount equal to your share of the exploration credits issued to the trust or partnership for the income year. Effect of restrictions on distributions (2) Despite subsection (1), you are not taken, under that subsection, to have been issued with an * exploration credit under Subdivision 418 ‑ E to the extent that, if the exploration credit referred to in paragraph (1)(b) were a * franked distribution of the same amount made: (a) at the time of the determination referred to in paragraph (1)(d); and (b) in relation to the interest, held by the trust or partnership, in relation to which the exploration credit referred to in paragraph (1)(b) is issued to the trust or partnership during the income year; the terms and conditions under which the trust or partnership operates would not permit you to be paid the amount, or the proportion, of the franked distribution that would reflect your entitlement referred to in paragraph (1)(d). Anti ‑ avoidance (3) Despite subsection (1), you are not taken, under that subsection, to have been issued with an * exploration credit under Subdivision 418 ‑ E to the extent that, if the exploration credit were a distribution to you, from the trust or partnership, of a * franked distribution that: (a) was of the same amount as the amount of your share, referred to in paragraph (1)(d), of the exploration credit referred to in paragraph (1)(b); and (b) was made: (i) by the same entity that issued that exploration credit; and (ii) in relation to the same interest in that entity; and (iii) in the same circumstances in which that exploration credit was issued; and (c) * flowed indirectly through one or more trusts or partnerships that were the same as the one or more trusts or partnerships that, apart from subparagraphs 418 ‑ 10(b)(ii) and (iii), would have been entitled to a * tax offset under this Subdivision in relation to: (i) that exploration credit; or (ii) another exploration credit from which that exploration credit is directly or indirectly derived; you would not be entitled to a tax offset under Division 207 in relation to the franked distribution. Statements to members (4) A statement referred to in paragraph (1)(e) must: (a) be in the * approved form; and (b) be given to you on or before the due date: (i) if the trust or partnership is an * investment body for * Part VA investments—for giving to the Commissioner an * annual investment income report in respect of the * financial year corresponding to the income year; or (ii) otherwise—for the trust or partnership to lodge its * income tax return for the income year. Reports to the Commissioner (5) A trust or partnership that has given one or more statements under paragraph (1)(e) relating to * exploration credits for an income year must give to the Commissioner, on or before the due date referred to in paragraph (4)(b) in relation to that income year, a report that: (a) relates to all the statements that the trust or partnership has given under paragraph (1)(e) relating to exploration credits for that income year; and (b) is in the * approved form.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-25", "Provision_Key": "s418-25", "Heading": "The amount of the tax offset", "Text": "The amount of your * tax offset under this Subdivision for an income year is the sum of: (a) all the * exploration credits issued to you under Subdivision 418 ‑ E; and (b) all the exploration credits taken under section 418 ‑ 20 to have been issued to you; for the income year.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-30", "Provision_Key": "s418-30", "Heading": "Reduced amount of the tax offset for certain trusts", "Text": "(1) If an entity is a trust in relation to which some, but not all, of the liability of the trustee to tax is provided under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936 , the amount of the entity’s * tax offset under this Subdivision for an income year is: where: income taxed under subsection 98(1) or (2) or 99(2) or (3) is the amount of the * net income of the trust, for the income year, in relation to which the trustee is liable to tax under subsection 98(1) or (2) or 99(2) or (3) of the Income Tax Assessment Act 1936 . (2) If: (a) an entity is a trust; and (b) one or more * members of the trust are taken under section 418 ‑ 20 to have been issued with one or more * exploration credits for an income year; the amount of the entity’s * tax offset, under section 418 ‑ 25 or subsection (1) of this section, for the income year is reduced by the sum of amounts of the exploration credits taken to be issued to those members.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-50", "Provision_Key": "s418-50", "Heading": "Junior minerals exploration incentive franking credit—ordinary case", "Text": "(1) A * franking credit arises in the * franking account of a * corporate tax entity (other than a * life insurance company) if: (a) an * exploration credit is issued to the entity under Subdivision 418 ‑ E during an income year; and (b) if the entity were not a corporate tax entity, the entity would be entitled to a * tax offset under Subdivision 418 ‑ B in relation to the exploration credit. (2) The amount of the * franking credit is the amount of the * tax offset to which the entity would be entitled under Subdivision 418 ‑ B if: (a) the entity were not a * corporate tax entity; and (b) no other * exploration credits were issued to the entity during the income year. (3) The * franking credit arises at the same time the * exploration credit is issued.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-55", "Provision_Key": "s418-55", "Heading": "Junior minerals exploration incentive franking credit—life insurance company", "Text": "(1) A * franking credit arises in the * franking account of a * life insurance company if: (a) an * exploration credit is issued to the life insurance company under Subdivision 418 ‑ E during an income year; and (b) paragraph 418 ‑ 15(1)(d) does not apply in relation to the exploration credit; and (c) if that paragraph were to apply in relation to the credit, the life insurance company would be entitled to a * tax offset under Subdivision 418 ‑ B in relation to the exploration credit. (2) The amount of the * franking credit is the amount of the * tax offset to which the * life insurance company would be entitled under Subdivision 418 ‑ B if no other * exploration credits were issued to the life insurance company during the income year. (3) The * franking credit arises at the same time the * exploration credit is issued.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-70", "Provision_Key": "s418-70", "Heading": "Entities that may create exploration credits", "Text": "(1) An entity may create exploration credits for an income year if: (a) the entity was a * greenfields minerals explorer in the income year; and (b) the entity has an * exploration credits allocation for the income year or an * unused allocation of exploration credits from the immediately preceding income year. Note: The entity cannot have an unused allocation of exploration credits from the 2020 ‑ 21 income year: see subsection 418 ‑ 82(3A). (2) The entity cannot create * exploration credits for an income year before income tax is assessed for the entity for the year. (3) The entity cannot create * exploration credits for the 2025 ‑ 26 income year or a later income year. (4) A failure to comply with subsection (1) or (2) does not invalidate the creation of an * exploration credit. (5) An * exploration credit is to be expressed as an amount. (6) The entity cannot make more than one decision to create * exploration credits for an income year, and the decision is final and irrevocable.", "Amendment_Count": 4, "First_Amended": "No 21 of 2015", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 21 of 2015 | No 93 of 2017 | No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 93 of 2017, effective Sch 2 (items 10–12): 20 Sept 2017 (s 2(1) item 4) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-75", "Provision_Key": "s418-75", "Heading": "Meaning of greenfields minerals explorer", "Text": "(1) An entity is a greenfields minerals explorer in an income year if: (a) the entity has * greenfields minerals expenditure for the income year; and (b) during the income year, the entity is a disclosing entity (within the meaning of section 111AC of the Corporations Act 2001 ); and (c) during the income year, the entity is a * constitutional corporation; and (d) during the income year, and during the immediately preceding income year, neither: (i) the entity; nor (ii) any other entity that is * connected with or is an * affiliate of the entity; carried on any mining operations on a mining property for extracting * minerals (except * petroleum) from their natural site, for the * purpose of producing assessable income. (2) However, an entity is not a greenfields minerals explorer in an income year in which either or both of the following happens, or in any subsequent income year: (a) the entity fails to comply with a request of the Commissioner under subsection 418 ‑ 80(5); (b) a determination under section 418 ‑ 185 has effect. Note 1: Under subsection 418 ‑ 80(5), the Commissioner may request a report on an area in relation to which an entity has greenfields minerals expenditure. Note 2: Under section 418 ‑ 185, the Commissioner may determine that an entity that is, or has been, liable to excess exploration credit tax is not to be treated as a greenfields minerals explorer.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-80", "Provision_Key": "s418-80", "Heading": "Meaning of greenfields minerals expenditure", "Text": "(1) An entity’s greenfields minerals expenditure for an income year is the sum of: (a) the amounts of any deductions to which the entity is entitled under section 40 ‑ 25 for that income year in relation to declines in value that: (i) are declines in value of * depreciating assets used for * exploration or prospecting for * minerals in an area to which subsection (3) of this section applies; and (ii) are worked out under subsection 40 ‑ 80(1); and (b) the amounts of any deductions for that income year to which the entity is entitled in relation to expenditure: (i) that is of a kind referred to in subsection 40 ‑ 730(1); and (ii) in relation to which the entity satisfies one or more of paragraphs 40 ‑ 730(1)(a) to (c); and (iii) that is expenditure on exploration or prospecting for minerals in an area to which subsection (3) of this section applies. (2) For the purposes of subsection (1), disregard a deduction to the extent that it relates to: (a) matters other than: (i) declines in value of * depreciating assets used for; or (ii) expenditure on; * exploration or prospecting for * minerals in an area to which subsection (3) of this section applies; or (b) exploration or prospecting for * petroleum or oil shale; or (c) activities (such as feasibility studies) undertaken to identify the viability of a mineral resource rather than its existence. (3) This subsection applies to an area: (a) that is in Australia; and (b) in relation to which the entity * holds a * mining, quarrying or prospecting right at the time of incurring the expenditure, or is the transferee under a * farm ‑ in farm ‑ out arrangement; and (c) that has not been identified as containing a mineral resource that is at least inferred in a report prepared in accordance with the requirements of: (i) unless subparagraph (ii) applies—the document that is known as the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves and that took effect on 20 December 2012; or Note: This document is commonly referred to as the JORC Code (2012 Edition). (ii) such other document as the regulations prescribe; and (d) that is not, and is not in, any of the following: (i) the coastal sea of Australia (within the meaning of subsection 15B(4) of the Acts Interpretation Act 1901 ); (ii) an area referred to in subsection 960 ‑ 505(2). (4) For the purposes of paragraph (3)(c), disregard any mineral resource, identified in a report of a kind referred to in that paragraph, that does not include * minerals the * exploration or prospecting for which involved: (a) use of assets referred to in paragraph (1)(a); or (b) expenditure referred to in paragraph (1)(b). (5) The Commissioner may request an entity that is a * greenfields minerals explorer in an income year to prepare, within the period specified in the request, a report that: (a) is of the kind referred to in paragraph (3)(c); and (b) relates to an area in relation to which the entity has * greenfields minerals expenditure for the income year. The request may specify the manner in which, and the form in which, the report is to be prepared.", "Amendment_Count": 5, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2017 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-81", "Provision_Key": "s418-81", "Heading": "Meaning of exploration credits allocation for an income year", "Text": "(1) An entity has an exploration credits allocation for an income year if the Commissioner makes a determination under section 418 ‑ 101 allocating the entity * exploration credits for the income year. (2) The amount of the entity’s exploration credits allocation for the income year is the amount of * exploration credits allocated to the entity under the determination. (2A) However, if no * exploration investment is made in the entity in the income year, the amount of the entity’s exploration credits allocation for the income year is nil. Note: The entity must notify the Commissioner if no exploration investment is made in the entity in the income year: see section 418 ‑ 135. (3) If no determination is made allocating * exploration credits to the entity for the income year, the amount of the entity’s exploration credits allocation for the year is nil.", "Amendment_Count": 2, "First_Amended": "No 15 of 2018", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-81"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-82", "Provision_Key": "s418-82", "Heading": "When does an entity have an unused allocation of exploration credits from an income year", "Text": "(1) An entity has an unused allocation of exploration credits from an income year if each of the following: (a) the entity’s * exploration credits allocation for the income year; (b) the total credits issue for investment in the entity for the income year; exceeds the total amount of all * exploration credits created by the entity for the income year. (2) The amount of the unused allocation of exploration credits from the income year is the lesser of: (a) the amount by which the amount mentioned in paragraph (1)(a) exceeds the total amount of all * exploration credits created by the entity for the income year; and (b) the amount by which the amount mentioned in paragraph (1)(b) exceeds the total amount of all * exploration credits created by the entity for the income year. (3) If neither the amount mentioned in paragraph (1)(a) nor (1)(b) exceeds the total amount of all * exploration credits created by the entity for the income year, there is no unused allocation of exploration credits from the income year, and the amount of any unused allocation of exploration credits from the income year is nil. (3A) Despite subsections (1) and (2), the entity cannot have an unused allocation of exploration credits from the 2020 ‑ 21 income year. (4) In this section: total credits issue for investment in the entity (the minerals explorer ) for an income year means the total of all * exploration credits that may be issued by the minerals explorer to all other entities in relation to * exploration investment made by those other entities in the minerals explorer in the income year if section 418 ‑ 120 is complied with.", "Amendment_Count": 2, "First_Amended": "No 15 of 2018", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-82"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-85", "Provision_Key": "s418-85", "Heading": "Exploration credits must not exceed maximum exploration credit amount", "Text": "(1) An entity must not create * exploration credits for an income year of a total amount that exceeds the entity’s * maximum exploration credit amount for the income year. (2) An entity’s maximum exploration credit amount for an income year (the credit year ) is the smallest of the following amounts: (a) the entity’s * greenfields minerals expenditure for the credit year multiplied by the entity’s * corporate tax rate for the credit year; (b) the entity’s * tax loss for the credit year multiplied by the entity’s corporate tax rate for the credit year; (c) the sum of: (i) the entity’s * exploration credits allocation for the credit year; and (ii) the entity’s * unused allocation of exploration credits from the income year immediately preceding the credit year. Note: The entity cannot have an unused allocation of exploration credits from the 2020 ‑ 21 income year: see subsection 418 ‑ 82(3A). (3) In working out the entity’s * greenfields minerals expenditure for the credit year for the purposes of paragraph (2)(a), reduce that greenfields minerals expenditure by the sum of: (a) all * recoupments that the entity receives in relation to the entity’s greenfields minerals expenditure for the credit year; and (b) if: (i) an amount has been included in the entity’s assessable income because a * balancing adjustment event occurs for a * depreciating asset; and (ii) all or part of the amount of the deduction to which the entity is entitled under section 40 ‑ 25 for the credit year in relation to the decline in value of the asset is included in the entity’s greenfields minerals expenditure for that year; so much of the amount of that deduction as was included in that greenfields minerals expenditure. (4) In working out the entity’s * tax loss for the credit year for the purposes of paragraph (2)(b), reduce that tax loss by the sum of: (a) all * recoupments that the entity receives in relation to the entity’s * greenfields minerals expenditure for the credit year; and (b) any part of the entity’s tax loss for the credit year that would not be deductible in the income year immediately following the credit year; and (c) if: (i) an amount has been included in the entity’s assessable income because a * balancing adjustment event occurs for a * depreciating asset; and (ii) all or part of the amount of the deduction to which the entity is entitled under section 40 ‑ 25 for the credit year in relation to the decline in value of the asset is included in the entity’s greenfields minerals expenditure for that year; so much of the amount of that deduction as was included in that greenfields minerals expenditure. (5) For the purposes of paragraph (4)(b), assume that the entity’s assessable income for the income year immediately following the credit year is sufficient to allow the entity to utilise the whole of that * tax loss in relation to the credit year. (6) A failure to comply with this section does not invalidate the creation of an * exploration credit.", "Amendment_Count": 3, "First_Amended": "No 21 of 2015", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 21 of 2015 | No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-95", "Provision_Key": "s418-95", "Heading": "Effect on tax losses of creating exploration credits", "Text": "(1) If an entity creates any * exploration credits for a * loss year, the amount of the entity’s * tax loss for the loss year is reduced by the amount worked out as follows: (2) However, if the amount worked out under subsection (1) equals or exceeds what would (apart from this section) be the entity’s * tax loss for the * loss year, that tax loss is taken to be nil.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-100", "Provision_Key": "s418-100", "Heading": "Applying for an exploration credits allocation", "Text": "(1) An entity may apply to the Commissioner for a determination under section 418 ‑ 101 allocating * exploration credits to the entity for an income year. (2) The application must be made within 1 month before the start of the * financial year corresponding to the income year for which the allocation is sought. (3) The application must: (a) be * lodged electronically; and (b) be in the * approved form; and (c) include an estimate of: (i) the entity’s * greenfields minerals expenditure for the income year; and (ii) the entity’s * tax loss for the income year; and (iii) the entity’s * corporate tax rate for the income year. (4) The Commissioner must give the entity: (a) if the Commissioner makes a determination under section 418 ‑ 101—a copy of the determination; or (b) if the Commissioner decides to refuse the application—notice of that decision.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-101", "Provision_Key": "s418-101", "Heading": "Determination by the Commissioner", "Text": "Determination allocating exploration credits (1) The Commissioner may make a written determination allocating * exploration credits of an amount specified in the determination to an entity for an income year. Circumstances in which the Commissioner must not make a determination (2) The Commissioner must not make a determination allocating * exploration credits to an entity for an income year if the Commissioner is not satisfied that: (a) there is a reasonable possibility that the entity will have: (i) * greenfields minerals expenditure of the amount estimated by the entity in the application, or greater; and (ii) a * tax loss of the amount estimated by the entity in the application, or greater; and (iii) the * corporate tax rate estimated by the entity in the application; and (b) the entity meets any other requirement prescribed under the regulations. Amount of the exploration credits allocated (3) The amount of the * exploration credits specified in the determination must be the smallest of the following amounts: (a) the entity’s estimated * greenfields minerals expenditure for the income year multiplied by the entity’s estimated * corporate tax rate for the income year; (b) the entity’s estimated * tax loss for the income year multiplied by the entity’s estimated corporate tax rate for the income year; (c) either: (i) 5% of an amount equal to the * annual exploration cap for the income year; or (ii) if another amount, or a method for working out another amount, is prescribed—the other amount. Determination not a legislative instrument (4) A determination made under subsection (1) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-101"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-102", "Provision_Key": "s418-102", "Heading": "General allocation rules", "Text": "(1) The total amount of * exploration credits allocated to entities for an income year by the Commissioner must not exceed the * annual exploration cap for the year. (2) The Commissioner must consider applications for * exploration credits from entities for an income year in the order in which the Commissioner receives the applications. (3) If the Commissioner receives more than one application at the same time, the Commissioner may decide the order in which the Commissioner considers the applications. (4) If the Commissioner would contravene this section by allocating * exploration credits to an entity for an income year of an amount worked out under subsection 418 ‑ 101(3) then, despite that subsection, the amount of exploration credits allocated to that entity for the income year is to be the difference between the * annual exploration cap for the year and the total amount of exploration credits already allocated to other entities for the year.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-103", "Provision_Key": "s418-103", "Heading": "Meaning of annual exploration cap", "Text": "(1) The annual exploration cap for an income year is the following amount: (a) for the 2017 ‑ 18 income year—$15 million; (b) for the 2018 ‑ 19 income year—$25 million, plus the * exploration credits remainder for the immediately preceding income year; (c) for the 2019 ‑ 20 income year—$30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph; (d) for the 2020 ‑ 21 income year—$30 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph; (e) for the 2021 ‑ 22 income year—$25 million; (f) for the 2022 ‑ 23 income year—$25 million, plus the exploration credits remainder for the immediately preceding income year; (g) for the 2023 ‑ 24 income year—$25 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph; (h) for the 2024 ‑ 25 income year—$25 million, plus the exploration credits remainder for the immediately preceding income year and any other amount prescribed for the purposes of this paragraph. (2) If the total amount of * exploration credits allocated by the Commissioner for an income year is less than the * annual exploration cap for the year, the difference is the exploration credits remainder for the income year.", "Amendment_Count": 2, "First_Amended": "No 15 of 2018", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 15 of 2018 | No 72 of 2021", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-103"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-104", "Provision_Key": "s418-104", "Heading": "Failure to comply with this Subdivision does not affect allocation", "Text": "A failure by the Commissioner to comply with this Subdivision does not invalidate a determination allocating * exploration credits to an entity for an income year.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-104"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-135", "Provision_Key": "s418-135", "Heading": "Notifying the Commissioner if no exploration investment in income year for which credits allocated", "Text": "(1) An entity must notify the Commissioner if: (a) the Commissioner has made a determination under section 418 ‑ 101 allocating the entity * exploration credits for an income year; and (b) no * exploration investment is made in the entity in the income year. (2) The notice must: (a) be in the * approved form; and (b) be given to the Commissioner within 30 days after the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-110", "Provision_Key": "s418-110", "Heading": "Issuing exploration credits", "Text": "(1) An entity that has created * exploration credits for an income year (the minerals explorer ) may issue an exploration credit for that income year to another entity (the investor ). (2) The * exploration credit issued to the investor for the income year may relate to: (a) * exploration investment made by the investor in the minerals explorer in the income year; or (b) exploration investment made by the investor in the minerals explorer in the immediately preceding income year. However, this rule is subject to the limitations imposed under sections 418 ‑ 115, 418 ‑ 116 and 418 ‑ 120. (3) An * exploration credit is issued to an entity by giving the entity a statement in the * approved form.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-111", "Provision_Key": "s418-111", "Heading": "Working out whether an exploration investment has been made in an income year", "Text": "(1) An entity (the investor ) makes an exploration investment in another entity (the minerals explorer ) in an income year if: (a) * shares in the minerals explorer are issued to the investor by the minerals explorer: (i) on or after the day on which the Commissioner makes a determination under section 418 ‑ 101 allocating * exploration credits to the minerals explorer for the income year; and (ii) before the end of the income year; and (b) those shares are * equity interests. (2) The amount of the exploration investment made by the investor in the minerals explorer in the income year is equal to the total amount paid up by the investor on the shares during the period mentioned in paragraph (1)(a).", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-111"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-115", "Provision_Key": "s418-115", "Heading": "Who may receive an exploration credit and what is the pool from which the credit may be issued", "Text": "(1) If * exploration credits are to be issued by an entity (the minerals explorer ) for an income year (the credit year ), work out each of the following by identifying whether scenario 1, 2 or 3 applies, and applying the rules for that scenario: (a) whether the minerals explorer can issue an exploration credit to another entity in relation to * exploration investment made by the other entity in the minerals explorer in the credit year; (b) whether the minerals explorer can issue an exploration credit to another entity in relation to exploration investment made by the other entity in the minerals explorer in the income year immediately preceding the credit year (the preceding year ); (c) the pool of exploration credits from which an exploration credit may be issued to another entity in relation to exploration investment made by the other entity in the minerals explorer in the credit year (this is called the issue pool for exploration investment made in the minerals explorer in the credit year); (d) the pool of exploration credits from which an exploration credit may be issued to another entity in relation to exploration investment made by the other entity in the minerals explorer in the preceding year (this is called the issue pool for exploration investment made in the minerals explorer in the preceding year). Scenario 1—no unused allocation of exploration credits from the preceding year (2) If there is no * unused allocation of exploration credits from the preceding year: (a) * exploration credits can be issued to another entity in relation to * exploration investment made by the other entity in the minerals explorer in the credit year; and (b) no exploration credits can be issued to another entity in relation to exploration investment made by the other entity in the minerals explorer in the preceding year. (3) In this scenario: (a) the issue pool for * exploration investment made in the minerals explorer in the credit year is equal to the total amount of * exploration credits created by the minerals explorer for the credit year; and (b) the issue pool for exploration investment made in the minerals explorer in the preceding year is nil. Scenario 2—exploration credits for the credit year exceed unused allocation of exploration credits from the preceding year (4) If the amount of the * exploration credits created by the minerals explorer for the credit year is more than the * unused allocation of exploration credits from the preceding year: (a) exploration credits can be issued to another entity in relation to * exploration investment made by the other entity in the minerals explorer in the credit year; and (b) exploration credits can be issued to another entity in relation to exploration investment made by the other entity in the minerals explorer in the preceding year. (5) In this scenario: (a) the issue pool for * exploration investment made in the minerals explorer in the credit year is equal to the difference between the * unused allocation of exploration credits from the preceding year and the total amount of * exploration credits created by the minerals explorer for the credit year; and (b) the issue pool for exploration investment made in the minerals explorer in the preceding year is equal to the unused allocation of exploration credits from the preceding year. (6) However, no * exploration credit can be issued to another entity in relation to * exploration investment made by the entity in the minerals explorer in the credit year unless the * issue pool for exploration investment in the preceding year is exhausted. Scenario 3—exploration credits for the credit year are equal to or less than the unused allocation of exploration credits from the preceding year (7) If the amount of the * exploration credits created by the minerals explorer for the credit year is equal to or less than the * unused allocation of exploration credits from the preceding year: (a) no exploration credits can be issued to another entity in relation to * exploration investment made by the entity in the minerals explorer in the credit year; and (b) exploration credits can be issued to another entity in relation to exploration investment made by the other entity in the minerals explorer in the preceding year. (8) In this scenario: (a) the issue pool for * exploration investment made in the minerals explorer in the credit year is nil; and (b) the issue pool for exploration investment made in the minerals explorer in the preceding year is equal to the total amount of * exploration credits created by the minerals explorer for the credit year.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-116", "Provision_Key": "s418-116", "Heading": "Exploration credits issued must be in proportion to exploration investment", "Text": "If an * exploration credit is issued by an entity (the minerals explorer ) for an income year to another entity (the investor ) in relation to * exploration investment made by the investor in the minerals explorer in an income year (the investment year ): (a) the proportion of the * issue pool for exploration investment made in the minerals explorer in the investment year that is issued to the investor as an exploration credit must be the same as the proportion of the total exploration investment in the minerals explorer in the investment year that is represented by the investor’s exploration investment in the minerals explorer in the investment year; and (b) the minerals explorer must issue an exploration credit to every entity who made an exploration investment in the minerals explorer in the investment year.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-116"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-120", "Provision_Key": "s418-120", "Heading": "The total of all exploration credits issued in relation to exploration investment", "Text": "The total amount of all * exploration credits issued by an entity (the minerals explorer ) to another entity (the investor ) in relation to * exploration investment made by the investor in the minerals explorer in an income year (the investment year ) must not exceed the amount worked out using the following formula:", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-125", "Provision_Key": "s418-125", "Heading": "Expiry of exploration credits", "Text": "An * exploration credit created by an entity for an income year (the credit year ) expires if the entity does not issue the credit under this Subdivision on or before 30 June in the financial year that corresponds to the income year that immediately follows the credit year.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-130", "Provision_Key": "s418-130", "Heading": "Notifying the Commissioner of issuing or expiry of exploration credits", "Text": "(1) An entity that has created * exploration credits for an income year (the credit year ) must notify the Commissioner of the issuing or expiry of the credits. (2) The notice must: (a) be in the * approved form; and (b) be given to the Commissioner on or before the due date: (i) if the entity is an * investment body for * Part VA investments—for giving to the Commissioner an * annual investment income report in respect of the * financial year corresponding to the year immediately following the credit year; or (ii) otherwise—for the entity to lodge its * income tax return for the income year that immediately follows the credit year.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-150", "Provision_Key": "s418-150", "Heading": "Excess exploration credit tax", "Text": "An entity is liable to pay * excess exploration credit tax for an income year if the sum of the * exploration credits it issues for the income year exceeds the amount worked out under section 418 ‑ 151 for the income year (the complying exploration credit amount ). Note: The tax is imposed by the Excess Exploration Credit Tax Act 2014 , and the amount of the tax is set out in that Act.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-151", "Provision_Key": "s418-151", "Heading": "Complying exploration credit amount", "Text": "(1) The complying exploration credit amount (which may be nil) for an income year is worked out by: (a) starting with the sum of the * exploration credits the entity issues for the income year; and (b) subtracting from the result of paragraph (a) the sum of any of those exploration credits covered by subsection (2); and (c) if the result of paragraph (b) exceeds the entity’s * maximum exploration credit amount for the income year—subtracting from that result the amount of the excess. Note: The complying exploration credit amount is the sum of issued exploration credits that were issued (and created) in compliance with this Division. A liability arises under section 418 ‑ 150 if the sum of all issued exploration credits exceeds this amount. (2) This subsection covers an * exploration credit to the extent to which either or both of the following apply to the credit: (a) the credit was issued in contravention of a requirement in this Division; (b) the credit was created in contravention of a requirement in Subdivision 418 ‑ D (other than section 418 ‑ 85). Note: Because the maximum exploration credit amount from section 418 ‑ 85 is taken into account in paragraph (1)(c) of this section, it is disregarded here.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-151"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-155", "Provision_Key": "s418-155", "Heading": "Due date for payment of excess exploration credit tax", "Text": "An entity’s * excess exploration credit tax for an income year, as assessed under Schedule 1 to the Taxation Administration Act 1953 , is due and payable at the end of the day by which the entity is required under section 418 ‑ 160 to give the return relating to the income year. Note: For assessments of excess exploration credit tax, see Division 155 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-160", "Provision_Key": "s418-160", "Heading": "Returns", "Text": "An entity that is liable to pay * excess exploration credit tax for an income year (the credit year ) must give the Commissioner a return relating to excess exploration credit tax, in the * approved form, within 21 days after the end of the * financial year corresponding to the income year that immediately follows the credit year.", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Repealed and substituted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-165", "Provision_Key": "s418-165", "Heading": "When shortfall interest charge is payable", "Text": "An amount of * shortfall interest charge that an entity is liable to pay is due and payable 21 days after the day on which the Commissioner gives the entity notice of the charge. Note: Shortfall interest charge is imposed if the Commissioner amends an assessment and the amended assessment results in an increase in some tax payable. For provisions about liability for shortfall interest charge, see Division 280 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-170", "Provision_Key": "s418-170", "Heading": "General interest charge", "Text": "If: (a) * excess exploration credit tax or * shortfall interest charge payable by an entity remains unpaid after the time by which it is due and payable; and (b) the Commissioner has not allocated the unpaid amount to an * RBA; the entity is liable to pay the * general interest charge on the unpaid amount for each day in the period that: (c) starts at the beginning of the day on which the excess exploration credit tax or shortfall interest charge was due to be paid; and (d) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the excess exploration credit tax or shortfall interest charge; (ii) general interest charge on any of the excess exploration credit tax or shortfall interest charge. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-175", "Provision_Key": "s418-175", "Heading": "Refunds of amounts overpaid", "Text": "Section 172 of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if references in that section to tax included references to * excess exploration credit tax.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-180", "Provision_Key": "s418-180", "Heading": "Record keeping", "Text": "Section 262A of the Income Tax Assessment Act 1936 applies for the purposes of this Division as if: (a) the reference in that section to a person carrying on a business were a reference to a * corporate tax entity; and (b) the reference in paragraph (2)(a) of that section to the person’s income and expenditure were a reference to the entity’s liability to pay * excess exploration credit tax; and (c) paragraph (5)(a) of that section were omitted.", "Amendment_Count": 1, "First_Amended": "No 21 of 2015", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 21 of 2015", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-185", "Provision_Key": "s418-185", "Heading": "Determining an entity not to be a greenfields minerals explorer", "Text": "(1) The Commissioner may determine, by written notice given to an entity that is, or has been, liable to pay * excess exploration credit tax for an income year, that the entity is no longer to be treated as a * greenfields minerals explorer. (2) The determination takes effect from: (a) if, at the time the notice is given, the entity has not issued any * exploration credits for the income year (the credit year ) immediately preceding the income year in which the notice is given—the credit year; or (b) otherwise—the next income year. (3) If the entity or a * member of the entity is dissatisfied with a determination under subsection (1), the entity or member may object to it in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 21 of 2015", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 21 of 2015 | No 15 of 2018", "History_Notes": "Inserted by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 418-190", "Provision_Key": "s418-190", "Heading": "Annual impact assessments of this Division", "Text": "(1) As soon as practicable after the end of each income year referred to in subsection (2), the Minister must cause to be conducted an impact assessment of the operation of this Division during that income year. The objective of the impact assessment should be to measure the additional * exploration or prospecting attributable to the Division. (2) The income years are as follows: (a) the 2017 ‑ 2018 income year; (b) the 2018 ‑ 2019 income year; (c) the 2019 ‑ 2020 income year; (d) the 2020 ‑ 2021 income year. (3) Each impact assessment must make provision for public consultation, including consultation with the industry. (4) The Minister must cause to be prepared a report of each impact assessment. The report must include any information made publicly available by the Commissioner under section 3F of the Taxation Administration Act 1953 in relation to * exploration credits allocated for the income year. (5) The Minister must cause a copy of a report of an impact assessment to be published on the Australian Taxation Office website as soon as practicable after the completion of the preparation of the report.", "Amendment_Count": 1, "First_Amended": "No 15 of 2018", "Last_Amended": "No 15 of 2018", "Amending_Acts": "No 15 of 2018", "History_Notes": "Inserted by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s418-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-1", "Provision_Key": "s419-1", "Heading": "What this Division is about", "Text": "Companies may be entitled to a refundable tax offset for expenditure incurred in carrying on processing activities at facilities in Australia that substantially transform feedstock containing critical minerals into purer or more refined forms of the critical minerals that are chemically distinct from the feedstock. This offset is designed to support the growth of these processing activities in Australia. One of the requirements for entitlement to the tax offset is for a company to hold a registration certificate for these processing activities and for the Australian facilities where the activities are to be carried on. The Industry Secretary will decide whether to issue the certificates. A registration can be in force for 10 income years during the period starting on 1 July 2027 and ending on 30 June 2040. The amount of the tax offset is 10% of the company’s expenditure on these processing activities.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-5", "Provision_Key": "s419-5", "Heading": "Company entitled to refundable tax offset for expenditure incurred in producing critical minerals in Australia", "Text": "Entitlement to the tax offset (1) A company is entitled to a * tax offset under this section (the CMPTI tax offset ) for an income year if: (a) the company is a * constitutional corporation; and (b) the income year: (i) starts on or after 1 July 2027; and (ii) ends on or before 30 June 2040; and (c) there are one or more * registered CMPTI processing activities for the company and the income year; and (d) the company incurs * CMPTI expenditure for the income year in carrying on any of those activities; and (e) the company is not an * exempt entity; and (f) if * CMPTI community benefit rules under paragraph 419 ‑ 145(1)(a) apply to the company for the income year—the company meets the conditions specified in those rules; and (g) the company satisfies the residency requirements in subsection (2) for the income year. Note: The CMPTI tax offset is a refundable tax offset (see section 67 ‑ 23). Residency requirements (2) The company satisfies the residency requirements in this subsection for the income year if, at all times during the income year in which any of the activities covered by paragraph (1)(c) are carried on: (a) the company: (i) is an Australian resident and has an * ABN; and (ii) is carrying on the activity; or (b) the company: (i) is a foreign resident that has a * permanent establishment in Australia and has an ABN; and (ii) is carrying on the activity through that permanent establishment.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-10", "Provision_Key": "s419-10", "Heading": "Amount of CMPTI tax offset", "Text": "(1) The amount of the * CMPTI tax offset for the income year is equal to 10% of the company’s total * CMPTI expenditure referred to in paragraph 419 ‑ 5(1)(d). (2) However, if: (a) * CMPTI community benefit rules under paragraph 419 ‑ 145(1)(b) apply to the company for the income year; and (b) circumstances specified in those rules exist for the company; the amount of the * CMPTI tax offset is reduced by the proportion specified in those rules for those circumstances.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-15", "Provision_Key": "s419-15", "Heading": "Meaning of critical mineral", "Text": "(1) Each of the following is a critical mineral : (a) antimony; (b) arsenic; (c) beryllium; (d) bismuth; (e) chromium; (f) cobalt; (g) fluorine; (h) gallium; (i) germanium; (j) graphite; (k) hafnium; (l) high purity alumina; (m) indium; (n) lithium; (o) magnesium; (p) manganese; (q) molybdenum; (r) nickel; (s) niobium; (t) each of the following platinum ‑ group elements: (i) iridium; (ii) osmium; (iii) palladium; (iv) platinum; (v) rhodium; (vi) ruthenium; (u) each of the following rare ‑ earth elements: (i) cerium; (ii) dysprosium; (iii) erbium; (iv) europium; (v) gadolinium; (vi) holmium; (vii) lanthanum; (viii) lutetium; (ix) neodymium; (x) praseodymium; (xi) promethium; (xii) samarium; (xiii) terbium; (xiv) thulium; (xv) ytterbium; (xvi) yttrium; (v) rhenium; (w) scandium; (x) selenium; (y) silicon; (z) tantalum; (za) tellurium; (zb) titanium; (zc) tungsten; (zd) vanadium; (ze) zirconium; (zf) a thing prescribed by the regulations. (2) The regulations must not prescribe uranium for the purposes of paragraph (1)(zf).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-20", "Provision_Key": "s419-20", "Heading": "Meaning of CMPTI processing activity", "Text": "(1) A CMPTI processing activity is a processing activity carried on at one or more facilities in Australia that: (a) involves substantially transforming a feedstock containing a * critical mineral through extractive metallurgical processing into a purer or more refined form of the critical mineral that is chemically distinct from the feedstock; or (b) is a processing activity that: (i) relates to one or more critical minerals; and (ii) is of a kind prescribed by the regulations; and (iii) produces an outcome of a kind prescribed by the regulations; if a substantial purpose for carrying on the activity is to achieve the transformation mentioned in paragraph (a) or the outcome mentioned in paragraph (b) (as applicable). Note: To be relevant for the tax offset, the activity will need to be: (a) registered (see paragraph 419 ‑ 5(1)(c)); and (b) carried on at one or more of the facilities specified in the certificate of registration for the activity (see paragraph 419 ‑ 25(1)(a)). (2) However, none of the following activities is a CMPTI processing activity : (a) mining; (b) beneficiation (including the grinding, crushing, floating and other mechanical processing of ores), except to the extent that such an activity is prescribed for the purposes of paragraph (1)(b); (c) manufacturing, except to the extent that such an activity is prescribed for the purposes of paragraph (1)(b); (d) an activity that is contrary to an * Australian law; (e) an activity of a kind prescribed by the regulations. Note: Since subsection (1) is subject to this subsection, an activity that could be covered by both paragraphs (1)(b) and (2)(e) will not be a CMPTI processing activity.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-25", "Provision_Key": "s419-25", "Heading": "Meaning of CMPTI expenditure", "Text": "(1) CMPTI expenditure , of a company for an income year, is expenditure the company incurs during the income year to the extent that: (a) the expenditure is incurred in carrying on one or more of the company’s * registered CMPTI processing activities for the income year at facilities specified in the certificates of registration for those activities; and (b) the expenditure is paid during the income year, if at the time the expenditure is incurred: (i) the company, and the entity to which the expenditure is incurred, are not dealing with each other at * arm’s length; or (ii) the entity to which the expenditure is incurred is the company’s * associate. Excluded expenditure (2) Despite subsection (1), CMPTI expenditure does not include any expenditure the company incurs to the extent that the expenditure: (a) is capital, or is of a capital nature; or (b) is taken into account when calculating the decline in value of an asset for the purposes of a * taxation law; or (c) is incurred by way of, or in relation to, the financing of * registered CMPTI processing activities; or (d) is on feedstock, whether raw materials (such as ores or mineral concentrates) or intermediate outputs from a previous processing step; or (e) would result in more than 10% of the company’s CMPTI expenditure for the income year being incurred on or in relation to * intellectual property; or (f) is of a kind prescribed by the regulations. Note: Similarly, subsection (1) means CMPTI expenditure does not include expenditure to the extent that the expenditure is incurred in carrying on: (a) a registered CMPTI processing activity at a facility not specified in the certificate of registration for the activity; or (b) an activity that is not a registered CMPTI processing activity. (3) Despite subsection (1), if carrying on one or more of the company’s * registered CMPTI processing activities results in an output that: (a) would, if the output were the only output of the activities, mean the activities are not * CMPTI processing activities; and (b) is disposed of, or is used to produce another output that is disposed of, in a way that: (i) is for value; or (ii) involves the company and another entity not dealing with each other at * arm’s length; or (iii) is to an * associate of the company; CMPTI expenditure does not include so much of the company’s expenditure incurred in carrying on those activities as is reasonably attributable to the first ‑ mentioned output.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-30", "Provision_Key": "s419-30", "Heading": "Expenditure to be worked out excluding GST", "Text": "In determining an amount of expenditure for the purpose of this Division, the expenditure is taken to exclude * GST.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-35", "Provision_Key": "s419-35", "Heading": "Meaning of registered CMPTI processing activity", "Text": "(1) A company has a registered CMPTI processing activity for an income year if: (a) the activity is registered for the company under subsection (2); or (b) a registration of the activity is transferred to the company under subsection 419 ‑ 55(2); and the registration is in force for the company and the income year. Note: For when the registration is in force, see section 419 ‑ 50. The registration will not be in force if: (a) it has already expired (see section 419 ‑ 50); or (b) it is suspended or has been revoked (see section 419 ‑ 65 or 419 ‑ 70). Initial registration (2) The * Industry Secretary must register an activity for a company if: (a) the company applies to the Industry Secretary for the activity to be registered under this subsection; and (b) the application identifies: (i) the activity and each facility where the activity is to be carried on; and (ii) the basis on which the company considers it will satisfy the requirements to be entitled to a * CMPTI tax offset in relation to the activity; and (c) the application states that the company is the legal entity that is or will be carrying on the activity at those facilities; and (d) the application is in a form approved under subsection 419 ‑ 150(1); and (e) the Industry Secretary is satisfied that the activity is a * CMPTI processing activity; and (f) the Industry Secretary has no reason to believe that: (i) the information provided by the company is not true, correct and complete; or (ii) the company will not satisfy the requirements to be entitled to a CMPTI tax offset in relation to the activity; and (g) the company has paid the application fee (if any) prescribed by the regulations. Note: Any revocation of the registration does not prevent the company from applying under this subsection to re ‑ register the activity. Any re ‑ registration will not re ‑ start the maximum 10 ‑ year period that the activity can be registered (see subsections 419 ‑ 50(4) and (5)).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-40", "Provision_Key": "s419-40", "Heading": "Notice of decision about an application for registration", "Text": "(1) The * Industry Secretary must give written notice of a decision under subsection 419 ‑ 35(2) about an application (of a company) to the company and the Commissioner. Certificates of registration (2) If the decision is to register an activity for the company, the notice must include a certificate of registration that includes the following: (a) the company’s name and * ABN; (b) the day the certificate is issued; (c) a description of the activity; (d) a description of each facility where the activity is to be carried on; (e) the matters (if any) prescribed by the regulations.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-45", "Provision_Key": "s419-45", "Heading": "Annual report about a registered CMPTI processing activity", "Text": "Content of the annual report (1) A company that has a * registered CMPTI processing activity for an income year must prepare a written report that is in a form approved under subsection 419 ‑ 150(1). (2) Without limiting subsection 419 ‑ 150(1), an instrument under that subsection may require the report to contain information about: (a) the outputs for the activity for the income year; and (b) the expected outputs for the activity for the next income year; and (c) any significant events that arose during the income year, or that are expected for the next income year, that could affect the company’s: (i) entitlement to the * CMPTI tax offset; or (ii) registration of the activity. (3) Despite subsection 419 ‑ 150(1), an instrument under that subsection must require the report to contain information about any matters prescribed by the regulations. Giving the annual report (4) The company must give the report to the * Industry Secretary within the period determined under subsection (5) that starts at the end of the income year. (5) The * Industry Secretary may, by legislative instrument, determine a period of at least 30 days for giving reports under this section that starts at the end of each income year. (6) The * Industry Secretary must give the Commissioner a copy of each report given under this section.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-50", "Provision_Key": "s419-50", "Heading": "A registration is in force for up to 10 income years", "Text": "Usual case (1) The registration of a company’s * registered CMPTI processing activity is in force for the 10 ‑ year period starting at the start of the income year chosen under subsection (2). (2) The company may choose: (a) the income year in which the * Industry Secretary receives the company’s application for registration of the activity under subsection 419 ‑ 35(2); or (b) a later income year. The way the company prepares its * income tax returns is sufficient evidence of the making of the choice. (3) A choice under subsection (2) is irrevocable. If the registration is a transfer or re ‑ registration (4) Despite subsection (1), if the registration of a company’s * registered CMPTI processing activity: (a) results from a transfer under subsection 419 ‑ 55(2) of a registration that has already come into force; or (b) will not be the first registration of the activity under subsection 419 ‑ 35(2) that has come into force for any company; the registration of the company’s registered CMPTI processing activity comes into force at the start of the income year that includes the day the * Industry Secretary receives the application that results in that registration. (5) The registration ceases to be in force at the same time that the first registration of the activity: (a) under subsection 419 ‑ 35(2); and (b) that came into force for any company; would have ceased to be in force if that first registration had continued in force for its full 10 ‑ year period. If the activity is similar to another registered activity (6) Despite subsections (1), (4) and (5), if the * Industry Secretary decides that: (a) the company’s * registered CMPTI processing activity (the current activity ) is similar to another activity that is or was a registered CMPTI processing activity of any company; and (b) the registration of the other activity is the first to have come into force; then: (c) unless paragraph (d) applies—the registration of the current activity ceases to be in force at the same time that the registration of the other activity ceases to be in force; or (d) if the registration of the other activity has already ceased to be in force—the current activity is taken, for the purposes of this Division, never to have been registered for the company and any income year. (7) The * Industry Secretary must take the following into account in deciding under subsection (6) whether an activity is similar to another activity: (a) the extent to which the assets and facilities used in carrying on one activity are used in carrying on the other activity; (b) the extent to which the processes and operations undertaken as part of one activity are the same as those undertaken as part of the other activity; (c) the extent of similarity between the inputs to and outputs of the activities; (d) if the activities are carried on by different companies, the nature of any arrangements between those companies in respect of the activities; (e) it is irrelevant if the other activity is no longer being carried on; (f) any other criteria prescribed by the regulations. The 10 ‑ year registration period is subject to revocation (8) Nothing in this section prevents a company’s registration from being revoked under section 419 ‑ 70.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-55", "Provision_Key": "s419-55", "Heading": "Transferring a registration", "Text": "(1) This section applies if a * constitutional corporation (the acquirer ): (a) acquires one or more of the facilities used in carrying on an activity that is a * registered CMPTI processing activity for another company (the disposer ); and (b) the acquirer commences carrying on the activity at those facilities at or after: (i) the time the disposer ceases carrying on the activity at those facilities; and (ii) the time the disposer’s registration of the activity comes into force (see section 419 ‑ 50); and (c) the acquirer seeks a transfer of the registration of the activity after the day of the acquisition. Note 1: Transferring the registration will not re ‑ start the maximum 10 ‑ year period that the activity can be registered (see subsections 419 ‑ 50(4) and (5)). Note 2: If the disposer’s registration of the activity has not come into force (for example, by the disposer not having made a choice under subsection 419 ‑ 50(2)), the acquirer should instead apply to register the activity under subsection 419 ‑ 35(2). (2) The * Industry Secretary must transfer the registration of the activity to the acquirer if: (a) the acquirer requests the transfer by applying to the Industry Secretary before the end of the period determined under subsection (3) that starts on the day of the acquisition; and (b) the application identifies: (i) the activity and each facility where the activity is to be carried on; and (ii) the basis on which the acquirer considers it will satisfy the requirements to be entitled to a * CMPTI tax offset in relation to the activity; and (c) the application states: (i) that the acquirer is the legal entity that is or will be carrying on the activity at those facilities (after the disposer ceases to do so); and (ii) the time the acquirer is to commence carrying on the activity at those facilities, and the time the disposer is to cease to do so; and (d) the application is in a form approved under subsection 419 ‑ 150(1); and (e) the Industry Secretary has no reason to believe that: (i) the information provided by the acquirer is not true, correct and complete; or (ii) the acquirer will not satisfy the requirements to be entitled to a CMPTI tax offset in relation to the activity; and (f) the acquirer has paid the application fee (if any) prescribed by the regulations. (3) The * Industry Secretary may, by legislative instrument, determine a period of at least 30 days for requesting transfers under this section. For each such request, the period starts on the day of the relevant acquisition. (4) The * Industry Secretary must give written notice of a decision under subsection (2) to the acquirer, the disposer and the Commissioner. (5) If the decision is to transfer the registration, the notice must include a certificate of registration that reflects the transfer.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-60", "Provision_Key": "s419-60", "Heading": "Varying a registration", "Text": "Variations on application (1) The * Industry Secretary must decide whether to vary the registration of a * registered CMPTI processing activity of a company if: (a) the company applies to the Industry Secretary for a variation of the registration; and (b) the application is in a form approved under subsection 419 ‑ 150(1); and (c) the company has paid the application fee (if any) prescribed by the regulations. Variations on the Industry Secretary’s own initiative (2) The * Industry Secretary may, on the Industry Secretary’s own initiative, vary the registration of a * registered CMPTI processing activity of a company. Matters relevant to such a decision (3) In deciding under subsection (1) or (2) whether to vary the registration of an activity, the * Industry Secretary: (a) in the case of an application under subsection (1)—must consider if there is any reason to believe that the information provided by the company is not true, correct and complete; and (b) in every case: (i) must have regard to any proposed changes relating to the activity; and (ii) must have regard to the matters prescribed by the regulations; and (iii) may have regard to any other matter that the Industry Secretary considers relevant. Notice of such a decision (4) The * Industry Secretary must give written notice of a decision under subsection (1) or (2) to: (a) the company to whom the certificate of registration was issued; and (b) the Commissioner. (5) If the decision is to vary the registration, the notice must include the varied certificate of registration.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-65", "Provision_Key": "s419-65", "Heading": "Automatic suspension of a registration for failing to give an annual report or requested further information", "Text": "(1) The registration of a * registered CMPTI processing activity of a company is suspended if (and while) the company fails to: (a) give a report under section 419 ‑ 45 during an income year about the activity; or (b) comply with a request, given under subsection 419 ‑ 80(2) during an income year, for further information about the registration. Note 1: The registration may be automatically revoked if the report or requested information is not given before the end of an extended period (see subsections 419 ‑ 70(1) to (3)). Note 2: Suspending the registration will not suspend the maximum 10 ‑ year period that the registration of the activity can be in force (see section 419 ‑ 50). (2) For the purposes of this Division (other than this section), the activity is taken: (a) during the period of the suspension, never to have been registered for the company and the income year mentioned in paragraph (1)(a) or (b); but (b) if that period ends, to have been registered during that period for the company and the income year. Paragraph (b) of this subsection is subject to the registration being revoked under section 419 ‑ 70. Note: This means that if an assessment of a company’s income tax for the income year is made on the basis that the company is entitled to the CMPTI tax offset for the activity, during the suspension the assessment may be amended to take account of the fact that the company was never entitled to the offset for the activity (see section 419 ‑ 90).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-70", "Provision_Key": "s419-70", "Heading": "Revoking a registration", "Text": "Automatic revocation if annual report or requested information is not given before the end of an extended period (1) The registration of a * registered CMPTI processing activity of a company is revoked at the start of an income year if the company: (a) is required during the income year to give a report under section 419 ‑ 45 about the activity (for the previous income year); and (b) fails to do so before the end of the income year. (2) The registration of a * registered CMPTI processing activity of a company is revoked at the start of an income year if the company: (a) is required to comply with a request, given under subsection 419 ‑ 80(2) during the income year, for further information about the registration; and (b) fails to do so before the end of the 60 ‑ day period starting at the end of the period mentioned in that subsection for complying with the request. (3) However, subsection (1) or (2) is taken never to have applied for a failure mentioned in that subsection if: (a) the company eventually gives the * Industry Secretary: (i) for subsection (1)—a report about the activity for the previous income year that complies with subsections 419 ‑ 45(1) to (3); or (ii) for subsection (2)—the requested further information in a way that complies with subsection 419 ‑ 80(4); and (b) the company applies to the Industry Secretary for the late report or information (the late material ) to be accepted; and (c) the application is in a form approved under subsection 419 ‑ 150(1); and (d) the Industry Secretary decides to accept the late material because the Industry Secretary is satisfied that the delay in giving the late material was due to exceptional circumstances beyond the company’s control; and (e) the company has paid the application fee (if any) prescribed by the regulations. Revocation on other grounds (4) The * Industry Secretary may decide to revoke all registrations of a * registered CMPTI processing activity if the Industry Secretary: (a) is satisfied that the first registration of the activity under subsection 419 ‑ 35(2) for any company: (i) was based on untrue, incorrect or incomplete information; or (ii) was obtained by fraud or serious misrepresentation; or (b) is satisfied that no company ever satisfied the requirements to be entitled to a * CMPTI tax offset in relation to the activity. Note: This subsection can apply to a registration a company used to hold before it was transferred to the current holder. (5) The * Industry Secretary may decide to revoke the registration of a * registered CMPTI processing activity of a company if the Industry Secretary: (a) becomes satisfied that information provided by the company to the Industry Secretary during an income year in relation to the registration involved fraud or serious misrepresentation by or on behalf of the company; or (b) reasonably believes: (i) that, for an income year, the registration is not based on true, correct and complete information; or (ii) that the company does not satisfy the requirements to be entitled to a * CMPTI tax offset in relation to the activity and an income year. Notice of decisions (6) The Industry Secretary must, within 30 days after making a decision under paragraph (3)(d) or subsection (4) or (5), give written notice of the decision to: (a) the company, or each company, that holds or held a registration affected by the decision; and (b) the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-75", "Provision_Key": "s419-75", "Heading": "Effect of revocations", "Text": "(1) If the registration of a * registered CMPTI processing activity of a company is revoked under subsection 419 ‑ 70(4), the activity is taken, for the purposes of this Division, never to have been registered for the company and any income year. Note: This means that if an assessment of a company’s income tax for an income year is made on the basis that the company is entitled to the CMPTI tax offset for the activity, the assessment will be amended to take account of the fact that the company was never entitled to the offset for the activity (see section 419 ‑ 90). (2) If the registration of a * registered CMPTI processing activity of a company is revoked under subsection 419 ‑ 70(1), (2) or (5), the revocation applies in relation to the income year referred to in that subsection and each later income year. (3) Subsection (1), or subsection (2) to the extent that it relates to a revocation under subsection 419 ‑ 70(5), does not apply for the purposes of: (a) the operation of section 419 ‑ 70, this section or Subdivision 419 ‑ E; or (b) a review by a court or the * ART of the decision to revoke the registration.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-80", "Provision_Key": "s419-80", "Heading": "Industry Secretary may request further information", "Text": "(1) The * Industry Secretary may request an applicant under: (a) subsection 419 ‑ 35(2) (about registrations); or (b) subsection 419 ‑ 55(2) (about transfers); or (c) subsection 419 ‑ 60(1) (about variations); or (d) subsection 419 ‑ 70(3) (about late material); to give specified information, or specified kinds of information, to the Industry Secretary about the application. (2) The * Industry Secretary may request a company that has a * registered CMPTI processing activity to give specified information, or specified kinds of information, to the Industry Secretary about the registration within: (a) the 30 ‑ day period starting when the request is given; or (b) such longer period as the Industry Secretary allows. The request must mention that the registration will be suspended and then revoked if the request is not complied with. (3) The * Industry Secretary need not consider an application while waiting for information requested under subsection (1) about the application. (4) A request under subsection (1) or (2) may be for the information or kinds of information to be given in a form approved under subsection 419 ‑ 150(1).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-85", "Provision_Key": "s419-85", "Heading": "Advising the Commissioner about a registration", "Text": "Based on all information the * Industry Secretary has about a company’s registration of a * registered CMPTI processing activity for an income year, the Industry Secretary must advise the Commissioner: (a) whether the activity is being carried on in accordance with the registration; and (b) whether the company is carrying on any * CMPTI processing activities during the income year that are not registered CMPTI processing activities; and (c) whether the company is carrying on any other activities during the income year that the Industry Secretary believes may be relevant to the Commissioner’s administration of this Division. Note: Such advice could be based on information from sources including: (a) applications under sections 419 ‑ 35, 419 ‑ 55 and 419 ‑ 60; and (b) annual reports given under section 419 ‑ 45; and (c) requests made under section 419 ‑ 80.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-90", "Provision_Key": "s419-90", "Heading": "Amendment of assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment given to a company for the purposes of giving effect to this Division for an income year if the registration of a * registered CMPTI processing activity for the company is transferred, varied, suspended or revoked. Note: Section 170 of the Income Tax Assessment Act 1936 specifies the periods within which assessments may be amended.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-95", "Provision_Key": "s419-95", "Heading": "Expenditure incurred while not at arm’s length", "Text": "If: (a) a company incurs * CMPTI expenditure to another entity in carrying on all or part of a * registered CMPTI processing activity; and (b) either: (i) when the company incurs the expenditure, the company and the other entity do not deal with each other at * arm’s length; or (ii) the other entity is the company’s * associate; and (c) the expenditure exceeds the * market value of the relevant activity or part (as appropriate); for the purposes of this Division (other than this section), the company is treated as if the amount of expenditure it incurred in carrying on the relevant activity or part (as appropriate) were equal to that market value.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-100", "Provision_Key": "s419-100", "Heading": "Reducing a company’s CMPTI expenditure to reflect mark ‑ ups within the company’s group", "Text": "(1) This section applies to a company if: (a) the company is entitled to a * CMPTI tax offset for * CMPTI expenditure in carrying on one or more of the company’s * registered CMPTI processing activities; and (b) some or all of that expenditure (the group expenditure ) is incurred to another entity (the group entity ) for goods or services provided in relation to those activities when: (i) the group entity is * connected with the company; or (ii) the group entity is an * affiliate of the company or the company is an affiliate of the group entity. Reducing the company’s CMPTI expenditure by group mark ‑ ups (2) For the purposes of this Division (other than this section), disregard so much of the company’s group expenditure as exceeds the actual cost to the group entity of providing those goods or services. Note: This section can apply more than once if the company incurs CMPTI expenditure to more than one group entity.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-105", "Provision_Key": "s419-105", "Heading": "Disregarding registration of an activity that a company is paid to carry on", "Text": "If: (a) a company is or will be paid by another entity for carrying on an activity during an income year that is a * registered CMPTI processing activity for the company and the income year; and (b) the activity is or could be a registered CMPTI processing activity for any of the following for the income year: (i) the other entity; (ii) a * constitutional corporation * connected with the other entity; (iii) a constitutional corporation that is an * affiliate of the other entity; (iv) a constitutional corporation of which the other entity is an affiliate; for the purposes of section 419 ‑ 5 (about entitlement to the * CMPTI tax offset), disregard that registration of the activity for the company and the income year.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-110", "Provision_Key": "s419-110", "Heading": "Reviewable decisions", "Text": "Each of the following decisions of the * Industry Secretary is reviewable under this Subdivision (a reviewable decision ): (a) a decision under subsection 419 ‑ 35(2) (about registering an activity); (b) a decision under subsection 419 ‑ 50(6) (about whether an activity is similar to another activity); (c) a decision under subsection 419 ‑ 55(2) (about transferring the registration of an activity); (d) a decision under subsection 419 ‑ 60(1) or (2) (about varying the registration of an activity); (e) a decision under paragraph 419 ‑ 70(3)(d) (about refusing to accept late material); (f) a decision under subsection 419 ‑ 70(4) or (5) (about revoking the registration of an activity); (g) a decision under subsection 419 ‑ 120(3) (about refusing to allow a further period to apply for review).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-115", "Provision_Key": "s419-115", "Heading": "Notice of reviewable decision and internal review rights, and requesting statement of reasons", "Text": "(1) When making a reviewable decision affecting a company, the * Industry Secretary must give written notice to the company of the following things: (a) the making of the decision; (b) the company’s right to have the decision reviewed under this Subdivision. (2) If written notice of either of these things is given to the company under another provision of this Division, notice of the thing does not have to be given twice. (3) The company or the Commissioner may request, in writing, the * Industry Secretary to give a statement of reasons for the decision. The Industry Secretary must comply with the request. (4) A failure to comply with this section does not affect the validity of the decision.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-120", "Provision_Key": "s419-120", "Heading": "Applications for internal review of reviewable decisions", "Text": "Applications by affected companies (1) An application for review of a reviewable decision affecting a company may be made by or on behalf of the company. (2) The application must be in a form approved under subsection 419 ‑ 150(1). (3) The application must be made within: (a) 28 days after the company is notified of the decision under this Division; or (b) such further period as the * Industry Secretary allows. Applications by Commissioner (4) The Commissioner may, at any time, apply to the * Industry Secretary for review of a reviewable decision.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-125", "Provision_Key": "s419-125", "Heading": "Internal review of reviewable decisions", "Text": "(1) After receiving an application for review of a reviewable decision, the * Industry Secretary must review the decision. (2) The * Industry Secretary may request the applicant to give specified information, or specified kinds of information, to the Industry Secretary about the application. Making internal review decisions (3) After reviewing the reviewable decision, the * Industry Secretary must make a decision (an internal review decision ): (a) confirming the reviewable decision; or (b) varying the reviewable decision; or (c) setting aside the reviewable decision and substituting a new decision. Note: An internal review decision is reviewable by the ART (see section 419 ‑ 135). Under the Administrative Review Tribunal Act 2024 , notice of the internal review decision must be given to any person whose interests are affected by the decision. Deemed internal review decisions (4) If the * Industry Secretary does not make a decision under subsection (3) before the end of the 60 ‑ day period that: (a) starts on the day the Industry Secretary receives the application for review; and (b) pauses while the Industry Secretary waits for any information requested under subsection (2) about the application for review; the Industry Secretary is taken, at the end of that period, to have made a decision (also an internal review decision ) confirming the reviewable decision. (5) However, an internal review decision (the deemed decision ) is taken not to have been made under subsection (4) if: (a) after the end of the period referred to in that subsection, the * Industry Secretary makes a decision under subsection (3) about the applicable reviewable decision; and (b) an application has yet to be made under section 419 ‑ 135 to the * ART for review of the deemed decision.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-130", "Provision_Key": "s419-130", "Heading": "Matters relevant to internal review decisions", "Text": "(1) For the purposes of this Act, an internal review decision takes effect on the day the relevant reviewable decision took effect. (2) The * Industry Secretary must give the Commissioner written notice of the making of an internal review decision. (3) The applicant or the Commissioner may request, in writing, the * Industry Secretary to give a statement of reasons for the internal review decision. The Industry Secretary must comply with the request. (4) A failure to comply with this section does not affect the validity of the internal review decision.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-135", "Provision_Key": "s419-135", "Heading": "External review by ART of internal review decisions", "Text": "(1) An application may be made to the * ART for review of an internal review decision of the * Industry Secretary. (2) Subsections 108(2) and (4) of the Administrative Review Tribunal Act 2024 have effect for the purposes of this Act for: (a) an internal review decision as varied by the * ART under section 105 of the Administrative Review Tribunal Act 2024 ; or (b) a decision made by the ART under that section in substitution for an internal review decision. Note: This means that the varied or substituted decision takes effect from the day on which the reviewable decision took effect (see subsection 419 ‑ 130(1) of this Act).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-140", "Provision_Key": "s419-140", "Heading": "Information sharing", "Text": "(1) Each of the following regulators: (a) the * Industry Secretary; (b) the Commissioner; may request the other regulator to provide them with information held by the other regulator that is reasonably necessary or convenient for the requesting regulator’s administration of this Division. (2) The other regulator must comply with the request. Note 1: The request could be an ad hoc or standing request, and the information requested could be general or specific. Note 2: A disclosure enabling the Commissioner to comply with such a request is within an exception to the confidentiality provisions in Schedule 1 to the Taxation Administration Act 1953 (see section 355 ‑ 50 in that Schedule).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-145", "Provision_Key": "s419-145", "Heading": "CMPTI community benefit rules", "Text": "(1) The Minister may, by legislative instrument, make the following rules (the CMPTI community benefit rules ): (a) rules that: (i) apply to companies within a specified class for an income year; and (ii) specify conditions that must be met for such a company to be entitled to a * CMPTI tax offset for the income year; (b) rules that: (i) apply to companies within a specified class for an income year; and (ii) specify circumstances that, if they exist for such a company, will reduce the amount of the company’s CMPTI tax offset for the income year by a specified proportion. Note: For subparagraph (b)(ii), different proportions may be specified for different circumstances (see subsection 33(3A) of the Acts Interpretation Act 1901 ). (2) In making the CMPTI community benefit rules, the Minister must have regard to the community benefit principles (within the meaning of subsection 10(3) of the Future Made in Australia Act 2024 ). (3) When doing so, the Minister is to treat this Division as if it were Future Made in Australia support (within the meaning of that Act). (4) This section does not apply if the Future Made in Australia Act 2024 has not commenced.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-150", "Provision_Key": "s419-150", "Heading": "Forms approved by the Industry Secretary", "Text": "(1) The * Industry Secretary may, by notifiable instrument, approve a form for the purposes of a specified provision of this Division. Note: An instrument may approve different forms for the purposes of different provisions of this Division (see subsection 33(3A) of the Acts Interpretation Act 1901 ). (2) Without limiting subsection (1), the instrument may require the form to be accompanied by specified kinds of information, documents or other materials.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 419-155", "Provision_Key": "s419-155", "Heading": "Delegation by the Industry Secretary", "Text": "(1) The * Industry Secretary may, in writing, delegate all or any of the Industry Secretary’s powers under this Division to an SES employee, or acting SES employee, in the * Industry Department. (2) In exercising powers under a delegation, the delegate must comply with any directions of the * Industry Secretary.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s419-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-1", "Provision_Key": "s420-1", "Heading": "What this Division is about", "Text": "This Division deals with amounts you can deduct, and amounts included in your assessable income, because of these situations: • you acquire a registered emissions unit; • you hold a registered emissions unit at the start or the end of the income year; • you dispose of a registered emissions unit. Table of sections 420 ‑ 5 The 4 key features of tax accounting for registered emissions units", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-5", "Provision_Key": "s420-5", "Heading": "The 4 key features of tax accounting for registered emissions units", "Text": "The purpose of income tax accounting for registered emissions units is to produce the same tax treatment, irrespective of your purpose in acquiring or holding the registered emissions units. There are 4 key features: (1) You bring your gross expenditure and gross proceeds to account, not your net profits and losses on disposal of a registered emissions unit. (2) The gross expenditure is deductible. (3) The gross proceeds are assessable income. (4) You must bring to account any difference between the value of your registered emissions units held at the start and at the end of the income year. This is done in such a way that: (a) any increase in value is included in assessable income; and (b) any decrease in value is a deduction.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-10", "Provision_Key": "s420-10", "Heading": "Meaning of registered emissions unit", "Text": "A registered emissions unit is: (b) a * Kyoto unit; or (d) an * Australian carbon credit unit; or (e) a * safeguard mechanism credit unit; for which there is an entry in a Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ).", "Amendment_Count": 3, "First_Amended": "No 132 of 2011", "Last_Amended": "No 14 of 2023", "Amending_Acts": "No 132 of 2011 | No 83 of 2014 | No 14 of 2023", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 14 of 2023, effective sch 1 (items 64-66): 12 Apr 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-12", "Provision_Key": "s420-12", "Heading": "Meaning of hold a registered emissions unit", "Text": "(1) You hold a * registered emissions unit if you are the entity in whose Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) there is an entry for the unit. (2) However, if the entity (the nominee entity ) in whose Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) there is an entry for a * registered emissions unit holds the unit as nominee for another entity: (a) the other entity is taken to hold the unit; and (b) the nominee entity is taken not to hold the unit.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-13", "Provision_Key": "s420-13", "Heading": "Meaning of primary producer registered emissions unit", "Text": "A * registered emissions unit you start to * hold, hold or cease to hold is a primary producer registered emissions unit if: (a) the unit is an * Australian carbon credit unit; and (b) you are an individual; and (c) your holding of the unit starts on or after 1 July 2022 because the unit: (i) is issued to you under the Carbon Credits (Carbon Farming Initiative) Act 2011 in relation to an eligible offsets project (within the meaning of that Act); or (ii) is transferred to you by a * carbon service provider that was holding the unit because the unit was issued to the provider on or after 1 July 2022 under that Act in relation to such a project; and (d) at all times while the project is carried on, a * primary production business is carried on: (i) in the same area as the project; or (ii) in an area connected to an area in which the project is carried on; and (e) at all times while the project is carried on, you are: (i) carrying on a primary production business covered by paragraph (d); or (ii) a beneficiary of a trust that is carrying on a primary production business covered by paragraph (d); or (iii) a partner in a partnership that is carrying on a primary production business covered by paragraph (d). Note 1: If you cease to hold the registered emissions unit, the unit is not a primary producer registered emissions unit for any new holder of the unit (see paragraph (c)). Note 2: A consequence of paragraph (c) is that the unit will not be a primary producer registered emissions unit for you for a subsequent holding of it. That is, if after disposing of the unit you later reacquire it. Note 3: Different subparagraphs of paragraph (e) may apply to you at different times.", "Amendment_Count": 1, "First_Amended": "No 28 of 2023", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 28 of 2023", "History_Notes": "Inserted by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-13"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-15", "Provision_Key": "s420-15", "Heading": "What you can deduct", "Text": "(1) You can deduct expenditure to the extent that you incur it in becoming the * holder of a * registered emissions unit. Timing (2) You deduct the expenditure in the income year in which you start to * hold the * registered emissions unit. Australian carbon credit units (4) You cannot deduct under this section expenditure you incur in becoming the * holder of an * Australian carbon credit unit issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 unless you incur the expenditure in preparing or lodging: (a) an application for a certificate of entitlement (within the meaning of that Act); or (b) an offsets report (within the meaning of that Act). No deduction if sale proceeds would not be assessable (5) You cannot deduct under this section expenditure you incur in becoming the * holder of a * registered emissions unit if, assuming that you had sold the unit to someone else immediately after you started to * hold the unit, the proceeds of the sale would not have been included in your assessable income under section 420 ‑ 25. Note: Under the International Tax Agreements Act 1953 , for some foreign residents, the proceeds of the sale of a registered emissions unit are not assessable income in Australia.", "Amendment_Count": 2, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-20", "Provision_Key": "s420-20", "Heading": "Non ‑ arm’s length transactions and transactions with associates", "Text": "(1) If: (a) an entity becomes the * holder of a * registered emissions unit; and (b) either: (i) the entity and the previous holder of the unit did not deal with each other at * arm’s length; or (ii) the previous holder is the entity’s * associate; and (c) the entity did not pay or give consideration equal to the * market value of the unit for becoming the holder of the unit; the entity is treated as if: (d) the entity had incurred expenditure in becoming the holder of the unit; and (e) the amount of the expenditure were equal to that market value. (2) This section does not apply if a * registered emissions unit * held by an individual just before the individual’s death: (a) devolves to the individual’s * legal personal representative; or (b) * passes to a beneficiary in the individual’s estate. (3) This section does not apply to the issue of an * Australian carbon credit unit under the Carbon Credits (Carbon Farming Initiative) Act 2011 .", "Amendment_Count": 4, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 88 of 2013 | No 101 of 2013 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-21", "Provision_Key": "s420-21", "Heading": "Incoming international transfers of emissions units", "Text": "Unit held as trading stock or as a revenue asset (1) If: (a) any of the following conditions is satisfied: (iii) a * Kyoto unit is transferred from your foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee’s Registry account (within the meaning of that Act); (iv) a Kyoto unit is transferred from your nominee’s foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee’s Registry account (within the meaning of that Act); (v) an * Australian carbon credit unit is transferred from your foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); (vi) an Australian carbon credit unit is transferred from your nominee’s foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); and (b) as a result of the transfer, you start to * hold the unit as a * registered emissions unit; and (c) just before the transfer, the unit was your * trading stock or * revenue asset; you are treated as if: (d) just before the transfer, you had sold the unit to someone else for its * cost; and (e) you had, immediately after the sale, bought it back as a registered emissions unit for the same amount. Example: An Australian resident company carries on a business of trading in emissions units. The units are trading stock. The company owns 10,000 emission reduction units (a type of Kyoto unit) that are registered in New Zealand. 5,000 of those emission reduction units are transferred from the company’s New Zealand registry account to the company’s Australian registry account. The company is treated as having sold each unit to someone else at its cost just before it became a registered emissions unit. As the unit was previously held as trading stock, the unit ceases to be trading stock (section 70 ‑ 12). The cost of the unit just before it became a registered emissions unit is included in the company’s assessable income. The company is also treated as having bought 5,000 registered emissions units for the same amount. The company is entitled to a deduction for that amount (section 420 ‑ 15). Unit held otherwise than as trading stock or as a revenue asset (2) If: (a) any of the following conditions is satisfied: (iii) a * Kyoto unit is transferred from your foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee’s Registry account (within the meaning of that Act); (iv) a Kyoto unit is transferred from your nominee’s foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) to your Registry account (within the meaning of that Act) or your nominee’s Registry account (within the meaning of that Act); (v) an * Australian carbon credit unit is transferred from your foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); (vi) an Australian carbon credit unit is transferred from your nominee’s foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) to your Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); and (b) as a result of the transfer, you start to * hold the unit as a * registered emissions unit; and (c) just before the transfer, the unit was neither your * trading stock nor your * revenue asset; you are treated as if: (d) just before the transfer, you had sold the unit to someone else for its * market value just before the transfer; and (e) you had, immediately after the sale, bought it back as a registered emissions unit for the same amount.", "Amendment_Count": 2, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-21"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-22", "Provision_Key": "s420-22", "Heading": "Becoming taxable in Australia on the proceeds of sale of registered emissions units", "Text": "If: (a) you start to * hold a * registered emissions unit at a particular time; and (b) assuming that you had sold the unit to someone else immediately after you started to hold the unit, the proceeds of the sale would not have been included in your assessable income under section 420 ‑ 25; and (c) you hold the unit until a later time (the taxable status commencement time ), where the following conditions are satisfied: (i) assuming that you had sold the unit to someone else immediately before the taxable status commencement time, the proceeds of the sale would not have been included in your assessable income under section 420 ‑ 25; (ii) assuming that you had sold the unit to someone else at the taxable status commencement time, the proceeds of the sale would have been included in your assessable income under section 420 ‑ 25; you are treated as if: (d) immediately after the taxable status commencement time, you had bought the unit from someone else for its * market value; and (e) you had started to hold the unit immediately after the taxable status commencement time instead of at the time mentioned in paragraph (a). Note: Under the International Tax Agreements Act 1953 , for some foreign residents, the proceeds of the sale of a registered emissions unit are not assessable income in Australia.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-22"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-25", "Provision_Key": "s420-25", "Heading": "Assessable income on disposal of registered emissions units", "Text": "(1) Your assessable income includes an amount that you are entitled to receive because you cease to * hold a * registered emissions unit. Timing (2) The amount is included in your assessable income for the income year in which you cease to * hold the unit. Source (3) An amount included in your assessable income under subsection (1) is taken, for the purposes of the * income tax laws, to have a source in Australia.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-30", "Provision_Key": "s420-30", "Heading": "Non ‑ arm’s length transactions and transactions with associates", "Text": "If: (a) an entity (the transferor ) ceases to * hold a * registered emissions unit; and (b) the cessation is because of the transfer of the unit to: (i) a Registry account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or (ii) a foreign account (within the meaning of that Act); kept by another entity (the transferee ); and (c) either: (i) the transferor and the transferee did not deal with each other at * arm’s length; or (ii) the transferee is the transferor’s * associate; and (d) the transferee did not pay or give consideration equal to the * market value of the unit for the transfer of the unit; the transferor is treated as if the transferor were entitled to receive an amount equal to that market value because the transferor ceased to be the holder of the unit.", "Amendment_Count": 3, "First_Amended": "No 132 of 2011", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 132 of 2011 | No 88 of 2013 | No 101 of 2013", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-35", "Provision_Key": "s420-35", "Heading": "Outgoing international transfers of emissions units", "Text": "If: (a) you stop * holding a * registered emissions unit; and (b) you do so as a result of the transfer of the unit to: (ii) if the unit is a * Kyoto unit—your foreign account (within the meaning of the Australian National Registry of Emissions Units Act 2011 ) or your nominee’s foreign account (within the meaning of that Act); or (iii) if the unit is an * Australian carbon credit unit—your foreign account (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ) or your nominee’s foreign account (within the meaning of that Act); you are treated as if: (c) just before the transfer, you had sold the unit to someone else for its * market value just before the transfer; and (d) you had, immediately after the sale, bought it back for the same amount. Example: An Australian resident company carries on a business of trading in emission units. The company owns 10,000 emission reduction units (a type of Kyoto unit) that are registered in Australia. 5,000 of those units are transferred from the company’s Australian registry account to the company’s New Zealand registry account. The company is treated as having sold each unit to someone else at its market value just before it stopped being a registered emissions unit. As the unit was a registered emissions unit, the market value is included in the company’s assessable income (section 420 ‑ 25). The company is also treated as having bought 5,000 emission reduction units for the same amount. As those units are trading stock, the company may be able to deduct that amount under section 8 ‑ 1.", "Amendment_Count": 2, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-40", "Provision_Key": "s420-40", "Heading": "Disposal of registered emissions units for a purpose other than gaining assessable income", "Text": "(1) If: (a) an entity (the first entity ) incurs expenditure in: (i) becoming the * holder of a * registered emissions unit; or (ii) ceasing to hold a registered emissions unit; and (b) the first entity has deducted or can deduct the expenditure under section 420 ‑ 15 or 420 ‑ 42; and (c) the first entity ceases to hold the unit in a particular income year; and (d) the cessation is neither: (i) in gaining or producing the first entity’s assessable income; nor (ii) in carrying on a * business for the purpose of gaining or producing the first entity’s assessable income; and (e) section 420 ‑ 30 (non ‑ arm’s length transactions and transactions with associates) did not apply to the first entity ceasing to hold the unit; the first entity’s assessable income for that income year includes an amount equal to the amount the first entity has deducted or can deduct. Death (2) If: (a) the first entity is an individual; and (b) the cessation is because of the first entity’s death; and (c) the * registered emissions unit devolves to the first entity’s * legal personal representative; then: (d) the first entity’s legal personal representative is treated as having bought the unit for the amount included in the first entity’s assessable income under subsection (1); and (e) if the unit * passes to a beneficiary in the first entity’s estate: (i) the first entity’s legal personal representative is treated as having disposed of the unit for the amount included in the first entity’s assessable income under subsection (1); and (ii) the beneficiary is treated as having bought the unit for the amount included in the first entity’s assessable income under subsection (1). (3) If: (a) the first entity is an individual; and (b) the cessation is because of the first entity’s death; and (c) the * registered emissions unit * passes to a beneficiary in the first entity’s estate without devolving to the first entity’s * legal personal representative; the beneficiary is treated as having bought the unit for the amount included in the first entity’s assessable income under subsection (1). Transfer—treatment of acquirer (4) If: (a) the cessation is because of the transfer of the unit to another entity; and (b) neither subsection (2) nor (3) applies; the other entity is treated as having bought the unit for the amount included in the first entity’s assessable income under subsection (1). (5) If subsection (4) applies to the transfer of the unit to another entity: (a) the first entity must inform the other entity that, as a result of subsection (4) applying, the other entity is treated as having bought the unit for a particular amount; and (b) the first entity must do so: (i) at, or as soon as practicable after, the time of the transfer; or (ii) by a later time allowed by the Commissioner. Source (6) An amount included in the first entity’s assessable income under subsection (1) is taken, for the purposes of the * income tax laws, to have a source in Australia.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-41", "Provision_Key": "s420-41", "Heading": "Ceasing to be taxable in Australia on the proceeds of sale of registered emissions units", "Text": "If: (a) you start to * hold a * registered emissions unit; and (b) assuming that you had sold the unit to someone else immediately after you started to hold the unit, the proceeds of sale would have been included in your assessable income under section 420 ‑ 25; and (c) you hold the unit until a later time (the taxable status cessation time ), where the following conditions are satisfied: (i) assuming that you had sold the unit to someone else immediately before the taxable status cessation time, the proceeds of the sale would have been included in your assessable income under section 420 ‑ 25; (ii) assuming that you had sold the unit to someone else at the taxable status cessation time, the proceeds of sale would not have been included in your assessable income under section 420 ‑ 25; you are treated as if: (d) just before the taxable status cessation time, you had sold the unit to someone else for its * market value; and (e) you had, at the taxable status cessation time, bought it back for the same amount. Note: Under the International Tax Agreements Act 1953 , for some foreign residents, the proceeds of the sale of a registered emissions unit are not assessable income in Australia.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-41"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-42", "Provision_Key": "s420-42", "Heading": "Deduction for expenses incurred in ceasing to hold a registered emissions unit", "Text": "(1) You can deduct expenditure to the extent that you incur it in ceasing to * hold a * registered emissions unit. Timing (2) You deduct the expenditure in the income year in which you cease to * hold the * registered emissions unit.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-42"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-45", "Provision_Key": "s420-45", "Heading": "You include the value of your registered emissions units in working out your assessable income and deductions", "Text": "(1) You compare: (a) the * value of all * registered emissions units you * held at the start of the income year; and (b) the value of all registered emissions units you held at the end of the income year. Increase in value is included in assessable income (2) Your assessable income includes any excess of the * value at the end of the income year over the value at the start of the income year. Decrease in value is a deduction (3) On the other hand, you can deduct any excess of the * value at the start of the income year over the value at the end of the income year. Source (4) An amount included in your assessable income under subsection (2) is taken, for the purposes of the * income tax laws, to have a source in Australia. Disregard value of unit if sale proceeds would not be assessable (5) For the purposes of this Subdivision, disregard the * value of a * registered emissions unit you * held at the end of the income year if, assuming that you had sold the unit to someone else immediately after you started to hold the unit, the proceeds of the sale would not have been included in your assessable income under section 420 ‑ 25. Note: Under the International Tax Agreements Act 1953 , for some foreign residents, the proceeds of the sale of a registered emissions unit are not assessable income in Australia.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-50", "Provision_Key": "s420-50", "Heading": "Value of registered emissions units at start of income year", "Text": "(1) The value of a * registered emissions unit you * held at the start of an income year is the same amount at which it was taken into account under this Subdivision at the end of the last income year. (2) The value of the unit is a nil amount if the unit was not taken into account under this Subdivision at the end of the last income year.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-51", "Provision_Key": "s420-51", "Heading": "Valuation methods", "Text": "The value of a * registered emissions unit you * held at the end of an income year is worked out using one of the following methods: (a) the * FIFO cost method; (b) the * actual cost method; (c) the * market value method. Sections 420 ‑ 55 and 420 ‑ 57 tell you which method applies.", "Amendment_Count": 2, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-51"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-52", "Provision_Key": "s420-52", "Heading": "FIFO cost method of working out the value of units", "Text": "The FIFO cost method for working out the * value of the * registered emissions units you * held at the end of an income year means that the value of the units is the * cost of the registered emissions units, and, for the purposes of the application of this Subdivision to you for the income year: (a) if any of the registered emissions units are: (ii) eligible international emissions units (within the meaning of the Australian National Registry of Emissions Units Act 2011 ); or (iii) * Australian carbon credit units; or (iv) * safeguard mechanism credit units; you must account for those units on a first ‑ in first ‑ out basis; and (c) if any of the registered emissions units are * Kyoto units that are not eligible international emissions units (within the meaning of the Australian National Registry of Emissions Units Act 2011 )—you must account for those units on a first ‑ in first ‑ out basis.", "Amendment_Count": 3, "First_Amended": "No 132 of 2011", "Last_Amended": "No 14 of 2023", "Amending_Acts": "No 132 of 2011 | No 83 of 2014 | No 14 of 2023", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 14 of 2023, effective sch 1 (items 64-66): 12 Apr 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-52"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-53", "Provision_Key": "s420-53", "Heading": "Actual cost method of working out the value of units", "Text": "The actual cost method for working out the value of the * registered emissions units you * held at the end of the income year means that the value of the units is the * cost of the units, and, for the purposes of the application of this Subdivision to you for the income year, you must not account for any of those units on a first ‑ in first ‑ out basis.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-53"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-54", "Provision_Key": "s420-54", "Heading": "Market value method of working out the value of units", "Text": "The market value method for working out the value of the * registered emissions units you * held at the end of the income year means that the value of the units is the * market value of the units at the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 132 of 2011", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 132 of 2011", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-54"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-55", "Provision_Key": "s420-55", "Heading": "Valuation method for first income year at the end of which you held registered emissions units", "Text": "Scope (1) This section applies if: (a) you * held one or more * registered emissions units at the end of an income year; and (b) the income year is the first income year at the end of which you held one or more registered emissions units. Choice of method (2) You may choose one of the following methods: (a) the * FIFO cost method; (b) the * actual cost method; (c) the * market value method; for working out the value of the * registered emissions units you * held at the end of the income year. FIFO cost method applies if no choice made (3) If you do not make a choice under subsection (2) for the income year, the value of the * registered emissions units you * held at the end of the income year is worked out using the * FIFO cost method. Time for making choice (4) You must make a choice under subsection (2) before you lodge your * income tax return for the income year for which you make the choice. No revocation of choice (5) A choice made under subsection (2) cannot be revoked.", "Amendment_Count": 2, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-57", "Provision_Key": "s420-57", "Heading": "Valuation method for later income years at the end of which you held registered emissions units", "Text": "Scope (1) This section applies if: (a) you * held one or more * registered emissions units at the end of an income year (the current income year ); and (b) the current income year is not the first income year at the end of which you held one or more registered emissions units. Choice of method (2) You may choose one of the following methods: (a) the * FIFO cost method; (b) the * actual cost method; (c) the * market value method; for working out the value of the * registered emissions units you * held at the end of the current income year. Previous method applies if no choice made (3) If you do not make a choice under subsection (2) for the current income year, the value of the * registered emissions units you * held at the end of the current income year is worked out using the method that applied to the most recent income year at the end of which you held one or more registered emissions units. Limitation on choice—before 2015 ‑ 16 income year (4) If the current income year is before the 2015 ‑ 16 income year, you must not make a choice under subsection (2) for the current income year if you have previously made a choice under that subsection for an earlier income year. Limitation on choice—2015 ‑ 16 income year or a later income year (5) If the current income year is: (a) the 2015 ‑ 16 income year; or (b) a later income year; you must not make a choice under subsection (2) for the current income year unless: (c) the same method applied for each of the 4 most recent income years at the end of which you * held one or more * registered emissions units; and (d) the method mentioned in paragraph (c) is different from the method to which your choice for the current income year relates. Limitation on choice—change from FIFO cost method to actual cost method (6) You must not choose under subsection (2) the * actual cost method for the current income year if the * FIFO cost method applied for the most recent income year at the end of which you * held one or more * registered emissions units. Time for making choice (7) You must make a choice under subsection (2) before you lodge your * income tax return for the income year for which you make the choice. No revocation of choice (8) A choice made under subsection (2) cannot be revoked.", "Amendment_Count": 2, "First_Amended": "No 132 of 2011", "Last_Amended": "No 83 of 2014", "Amending_Acts": "No 132 of 2011 | No 83 of 2014", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-57"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-60", "Provision_Key": "s420-60", "Heading": "Cost of registered emissions units", "Text": "Australian carbon credit units (3) If an * Australian carbon credit unit was issued to you under the Carbon Credits (Carbon Farming Initiative) Act 2011 , the cost of the unit is its * market value immediately after you began to * hold the unit. Other registered emissions units (4) The cost of a * registered emissions unit (other than an * Australian carbon credit unit to which subsection (3) applies) is the total of the expenditure that you: (a) incurred in becoming the * holder of the unit; and (b) can deduct under section 420 ‑ 15.", "Amendment_Count": 3, "First_Amended": "No 132 of 2011", "Last_Amended": "No 21 of 2015", "Amending_Acts": "No 132 of 2011 | No 83 of 2014 | No 21 of 2015", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-62", "Provision_Key": "s420-62", "Heading": "Primary producer registered emissions units", "Text": "This Subdivision (other than section 420 ‑ 60) does not apply to you in relation to a * primary producer registered emissions unit.", "Amendment_Count": 1, "First_Amended": "No 28 of 2023", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 28 of 2023", "History_Notes": "Inserted by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-62"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-65", "Provision_Key": "s420-65", "Heading": "Exclusivity of deductions etc.", "Text": "Expenditure incurred in becoming the holder of a registered emissions unit (1) You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in becoming the * holder of a * registered emissions unit. (2) To the extent you incur expenditure in becoming the * holder of a * registered emissions unit, the expenditure is not to be taken into account in working out: (a) an amount you can deduct; or (b) an amount included in your assessable income; under any provision of this Act outside this Division. Australian carbon credit units (4) Subsections (1) and (2) do not affect the application of a provision of this Act outside this Division to expenditure you incur in becoming the * holder of an * Australian carbon credit unit issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 if you do not incur the expenditure in preparing or lodging: (a) an application for a certificate of entitlement (within the meaning of that Act); or (b) an offsets report (within the meaning of that Act). (5) Subsections (1) and (2) do not affect the operation of Division 30 (deductions for gifts and contributions). Note: If you make a gift or contribution, Division 30 applies in the normal way to determine whether you can deduct the amount of the gift or contribution. Expenditure incurred in ceasing to hold a registered emissions unit (6) You cannot deduct under any provision of this Act outside this Division any expenditure to the extent that you incur it in ceasing to * hold a * registered emissions unit. Primary producer registered emissions units (7) Subsections (1), (2) and (6) do not affect the application of: (a) Division 392 (long ‑ term averaging of primary producers’ tax liability); or (b) Division 393 (farm management deposits); to expenditure to the extent that you incur it in becoming the * holder of, or ceasing to hold, a * primary producer registered emissions unit.", "Amendment_Count": 3, "First_Amended": "No 132 of 2011", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 132 of 2011 | No 83 of 2014 | No 28 of 2023", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 420-70", "Provision_Key": "s420-70", "Heading": "Exclusivity of assessable income etc.", "Text": "(1) An amount that you are entitled to receive because you ceased to * hold a * registered emissions unit is not to be: (a) included in your assessable income; or (b) taken into account in working out your assessable income; or (c) taken into account in working out an amount you can deduct; under any provision of this Act outside this Division. (2) Subsection (1) does not affect the operation of Division 6 so far as that Division provides for the significance of residence or source for the assessability of ordinary and statutory income. Note: An amount included in your assessable income under this Division may be ordinary or statutory income for the purposes of Division 6. (3) Subsections (1) and (4) do not affect the application of: (a) Division 392 (long ‑ term averaging of primary producers’ tax liability); or (b) Division 393 (farm management deposits); to an amount that you are entitled to receive because you ceased to * hold a * primary producer registered emissions unit. Australian carbon credit units (4) An amount is not to be included in your assessable income under any provision of this Act outside this Division because an * Australian carbon credit unit was issued to you in accordance with the Carbon Credits (Carbon Farming Initiative) Act 2011 . Note 1: A capital gain or capital loss you make from a registered emissions unit is disregarded (subsection 118 ‑ 15(1)). Note 2: A capital gain or capital loss you make from a right to receive an Australian carbon credit unit is disregarded (subsection 118 ‑ 15(3)).", "Amendment_Count": 3, "First_Amended": "No 132 of 2011", "Last_Amended": "No 28 of 2023", "Amending_Acts": "No 132 of 2011 | No 83 of 2014 | No 28 of 2023", "History_Notes": "Inserted by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s420-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-1", "Provision_Key": "s421-1", "Heading": "What this Division is about", "Text": "A company may be entitled to a refundable tax offset in respect of hydrogen produced in Australia between the start of 1 July 2027 and the end of 30 June 2040. One requirement for entitlement to the offset is that the company must have created a certificate (called a PGO certificate) that relates to the hydrogen. The certificate is created under the Future Made in Australia (Guarantee of Origin) Act 2024 and it must be registered under that Act. Another requirement is that the facility at which the hydrogen is produced, and the production pathway for the hydrogen, must be specified in a production profile that is certified by the Clean Energy Regulator under this Division. The hydrogen must also have been produced during a particular period (which is called an offset period, and which cannot be longer than 10 years) that is associated with production at the facility in accordance with the production pathway. The amount of the tax offset is $2 per whole kilogram of hydrogen (though this may be reduced in certain circumstances).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-5", "Provision_Key": "s421-5", "Heading": "Company entitled to refundable tax offset for hydrogen produced in Australia", "Text": "(1) A company is entitled to a * tax offset under this section (the hydrogen production tax offset ) for an income year in respect of a kilogram of hydrogen produced in Australia during the income year if: (a) the income year: (i) starts on or after 1 July 2027; and (ii) ends before 1 July 2040; and (b) there is a * registered PGO certificate that relates to the kilogram of hydrogen and which states: (i) that the kilogram of hydrogen was produced at a particular facility that is specified in a * production profile, in accordance with a particular * production pathway that is specified in that production profile; and (ii) that the kilogram of hydrogen has a * production emissions intensity that is less than or equal to 0.6 kilograms of carbon dioxide per 1 kilogram of hydrogen (see section 421 ‑ 20); and (iii) if the facility is connected to an electricity grid—that the electricity (if any) that the facility obtained from the grid and used to produce the kilogram of hydrogen satisfies the * grid matching requirements (see section 421 ‑ 25); and (c) at the time when the kilogram of hydrogen was produced, the production profile mentioned in subparagraph (b)(i) of this subsection was certified in relation to the facility and the production pathway under Subdivision 421 ‑ B; and (d) the kilogram of hydrogen was produced during the * offset period for the facility and the production pathway (see section 421 ‑ 30); and (e) the * initial reconciliation period for the PGO certificate has ended (see section 421 ‑ 35); and (f) no * correction notice for the PGO certificate is in force (see section 421 ‑ 40); and (g) the company satisfies the requirements in subsection (2) of this section. Note 1: For paragraph (c), when a production profile is certified, or a certification of a production profile is revoked, under Subdivision 421 ‑ B, the certification or revocation may have retrospective effect. Note 2: The hydrogen production tax offset is a refundable tax offset (see section 67 ‑ 23). (2) The company satisfies the requirements in this subsection if: (a) the company is a * constitutional corporation; and (b) the company was the person who created the * registered PGO certificate under the Future Made in Australia (Guarantee of Origin) Act 2024 ; and (c) the company created the PGO certificate in the course of carrying on an enterprise in the indirect tax zone; and (d) at each time when the company carries on that enterprise in the indirect tax zone during the income year, either: (i) the company is an Australian resident and has an * ABN; or (ii) the company is a foreign resident and has a * permanent establishment in Australia and an ABN; and (e) the company is not an * exempt entity; and (f) if * HPTO community benefit rules under paragraph 421 ‑ 45(1)(a) of this Act apply to the company for the income year—the company meets the conditions specified in those rules. (3) In subsection (2), carried on in the indirect tax zone and indirect tax zone have the same meaning as in the * GST Act.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-10", "Provision_Key": "s421-10", "Heading": "Amount of hydrogen production tax offset", "Text": "(1) If a company is entitled to the * hydrogen production tax offset for an income year in respect of one or more kilograms of hydrogen, the amount of the offset for the income year is $2 in respect of each whole kilogram of hydrogen. (2) However, if: (a) * HPTO community benefit rules under paragraph 421 ‑ 45(1)(b) apply to the company for the income year; and (b) circumstances specified in those rules exist for the company; then the amount of the * hydrogen production tax offset is reduced by the proportion specified in those rules for those circumstances.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-15", "Provision_Key": "s421-15", "Heading": "When hydrogen is produced", "Text": "(1) For the purposes of this Division, a kilogram of hydrogen is taken to be produced at a facility at the time when the last part of the batch of hydrogen that contains the kilogram leaves the production gate (within the meaning of the Future Made in Australia (Guarantee of Origin) Act 2024 ) for hydrogen at the facility. (2) However, if: (a) the production of the batch of hydrogen commenced before 1 July 2027; and (b) the last part of the batch of hydrogen leaves the production gate for hydrogen at the facility on or after 1 July 2027; then, for the purposes of this Division, each kilogram of hydrogen contained in the batch is taken to be produced at the facility before 1 July 2027. Note: A company is not entitled to the hydrogen production tax offset in respect of hydrogen produced before 1 July 2027: see paragraph 421 ‑ 5(1)(a).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-20", "Provision_Key": "s421-20", "Heading": "Production emissions intensity", "Text": "(1) This section applies if there is a * registered PGO certificate that: (a) relates to a particular quantity of hydrogen (for example, a particular kilogram of hydrogen); and (b) states that the quantity of hydrogen was produced at a particular facility in accordance with a particular * production pathway. (2) The production emissions intensity of the quantity of hydrogen is the emissions intensity of that quantity of hydrogen taking into account all, and only, greenhouse gases emitted in relation to that quantity of hydrogen from production emissions sources for the * production pathway. (3) In subsection (2), emissions intensity , greenhouse gas and production emissions source have the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-25", "Provision_Key": "s421-25", "Heading": "Grid matching requirements", "Text": "The grid matching requirements are the requirements prescribed by the Minister by legislative instrument for the purposes of this section.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-30", "Provision_Key": "s421-30", "Heading": "Offset period", "Text": "Notice of offset start date (1) The * holder of a * registered production profile may, by notice given to the Commissioner in the * approved form, specify for the purposes of this section a date (the offset start date ) in relation to the production of hydrogen: (a) at a particular facility specified in the profile; and (b) in accordance with a particular * production pathway specified in the profile. (2) The offset start date specified in the notice: (a) must be the first day of an income year for the * holder of the * registered production profile; and (b) must not be earlier than the first day of the income year for the holder of the registered production profile in which the notice is given; and (c) must be: (i) on or after 1 July 2027; and (ii) before 1 July 2040. (3) A notice given under subsection (1) cannot be varied or revoked. (4) If a notice has been given under subsection (1) in relation to a facility and a * production pathway, then no further notice may be given under that subsection in relation to the facility and the production pathway. Offset period (5) If a notice has been given under subsection (1) in relation to a facility and a * production pathway, the offset period for the facility and the production pathway is the period that: (a) starts at the beginning of the offset start date specified in the notice; and (b) ends at the earlier of the following: (i) the end of the period of 10 years starting on the offset start date; (ii) the end of 30 June 2040. Exception—where production pathways at same facility are not substantially different (6) However, if: (a) two or more notices are given under subsection (1) in relation to the same facility (whether the notices are given at the same time or at different times); and (b) the Clean Energy Regulator determines under subsection (7) that a group consisting of 2 or more of those notices should be treated together for the purposes of subsection (5); then subsection (5) applies in relation to each notice in the group as if the offset start date specified in the notice was the earliest of the offset start dates specified in any of the notices in the group. Note: If this subsection applies, the effect is that there will be a single, common offset period for the facility and each of the production pathways specified in the notices in the group. Determination by Clean Energy Regulator (7) If 2 or more notices are given as mentioned in paragraph (6)(a), the Clean Energy Regulator may, in writing, determine that a group consisting of 2 or more of those notices should be treated together for the purposes of subsection (5). (8) The Clean Energy Regulator may do so only if it is satisfied that production at the facility in accordance with the * production pathway specified in any one of the notices in the group is not substantially different from production at the facility in accordance with a production pathway specified in any other notice in the group. (9) In deciding whether to make a determination under subsection (7), the Clean Energy Regulator may have regard to any matters that the Clean Energy Regulator considers relevant, including: (a) the nature of the facility; and (b) the nature of the * production pathways specified in the notices; and (c) if some of the notices are given at different times—the nature of any changes to the facility made between those times.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-35", "Provision_Key": "s421-35", "Heading": "Initial reconciliation period for registered PGO certificate", "Text": "(1) The initial reconciliation period for a * registered PGO certificate is the period that: (a) starts immediately after the end of the financial year (the registration year for the certificate) in which the certificate was registered; and (b) ends at the time specified by subsection (2) or (3), whichever is later. (2) If: (a) a person is given a statement under section 60 of the Future Made in Australia (Guarantee of Origin Act) 2024 ; and (b) the statement relates to PGO certificate activity (within the meaning of that Act) in connection with the * registered PGO certificate in the registration year for the certificate; then the time specified by this subsection is the latest time by which such person is required, under section 61 of that Act, to give the Clean Energy Regulator a declaration in relation to such a statement. Note: If more than one person is given such a statement, different people may be required to give the Clean Energy Regulator declarations by different times. The time specified by this subsection is the latest of those times. (3) If: (a) a person is given a statement under section 60 of the Future Made in Australia (Guarantee of Origin Act) 2024 (the Guarantee of Origin Act ); and (b) the statement relates to PGO certificate activity (within the meaning of the Guarantee of Origin Act) in connection with the * registered PGO certificate in the registration year for the certificate; and (c) after the end of the registration year, and at or before the time specified by subsection (2) of this section, the person gives the Clean Energy Regulator declarations and information of the kind mentioned in paragraph 61(b) of the Guarantee of Origin Act; and (d) the declarations include a declaration that particular information stated in the registered PGO certificate is not accurate or complete; then the time specified by this subsection is the latest time at which the Clean Energy Regulator may decide, under section 62 of the Guarantee of the Origin Act, to correct the registered PGO certificate in response to declarations and information given by a person as mentioned in paragraphs (c) and (d) of this subsection. Note: If more than one person gives the Clean Energy Regulator declarations and information as mentioned in paragraphs (c) and (d) of this subsection then, for each such set of declarations and information, there will be a last time at which the Clean Energy Regulator may correct the PGO certificate in response to that set of declarations and information. The time specified by this subsection is the latest of those last times.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-40", "Provision_Key": "s421-40", "Heading": "Correction notice for registered PGO certificate", "Text": "(1) The Clean Energy Regulator must issue a notice (a correction notice ) for a * registered PGO certificate that relates to a kilogram of hydrogen if: (a) the * initial reconciliation period for the PGO certificate has ended; and (b) the PGO certificate states: (i) that the kilogram of hydrogen has a * production emissions intensity that is less than or equal to 0.6 kilograms of carbon dioxide per 1 kilogram of hydrogen; and (ii) if the facility that produced the hydrogen is connected to an electricity grid—that the electricity (if any) that the facility obtained from the grid and used to produce the kilogram of hydrogen satisfies the * grid matching requirements; and (c) the Clean Energy Regulator is satisfied that one or both of the conditions in subparagraphs (b)(i) and (ii) are not met. (2) The * correction notice must state that the Clean Energy Regulator is satisfied that one or both of the conditions in subparagraphs (1)(b)(i) and (ii) are not met. (3) The * correction notice is in force until it is revoked under subsection (4). Revocation of correction notice (4) The Clean Energy Regulator may, in writing, revoke a * correction notice for a * registered PGO certificate that relates to a kilogram of hydrogen if the Clean Energy Regulator is satisfied that: (a) the * initial reconciliation period for the PGO certificate had not ended at the time when the correction notice was issued, and that period has still not ended; or (b) the PGO certificate does not state that the conditions in subparagraphs (1)(b)(i) and (ii) are met in relation to the kilogram of hydrogen; or (c) the conditions in subparagraphs (1)(b)(i) and (ii) are met in relation to the kilogram of hydrogen. Copies of correction notice and revocation (5) If the Clean Energy Regulator: (a) issues a * correction notice under subsection (1) for a * registered PGO certificate that relates to a kilogram of hydrogen; or (b) revokes such a correction notice under subsection (4); then the Clean Energy Regulator must give copies of the correction notice or the revocation to the following: (c) each person who is, at the time the correction notice is issued or revoked, the * holder of a * registered production profile that specifies the facility at which the hydrogen was produced; (d) the Commissioner. Other matters (6) Subsection (1) and paragraph (4)(c) do not impose a duty on the Clean Energy Regulator to: (a) seek information about whether the conditions in subparagraphs (1)(b)(i) and (ii) are met; or (b) consider whether the Clean Energy Regulator is satisfied that those conditions are, or are not, met. (7) The issuing of a * correction notice for a * registered PGO certificate does not have any effect on the content or status of the PGO certificate under the Future Made in Australia (Guarantee of Origin Act) 2024 .", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-45", "Provision_Key": "s421-45", "Heading": "HPTO community benefit rules", "Text": "(1) The Minister may, by legislative instrument, make the following rules (the HPTO community benefit rules ): (a) rules that: (i) apply to companies within a specified class for an income year; and (ii) specify conditions that must be met for such a company to be entitled to a * hydrogen production tax offset for the income year; (b) rules that: (i) apply to companies within a specified class for an income year; and (ii) specify circumstances that, if they exist for such a company, will reduce the amount of the company’s hydrogen production tax offset for the income year by a specified proportion. Note: For subparagraph (b)(ii), different proportions may be specified for different circumstances (see subsection 33(3A) of the Acts Interpretation Act 1901 ). (2) In making the * HPTO community benefit rules, the Minister must have regard to the community benefit principles (within the meaning of subsection 10(3) of the Future Made in Australia Act 2024 ). (3) When having regard to those principles, the Minister is to treat the * hydrogen production tax offset as if it were Future Made in Australia support (within the meaning of the Future Made in Australia Act 2024 ). (4) This section does not apply if the Future Made in Australia Act 2024 has not commenced.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-50", "Provision_Key": "s421-50", "Heading": "Application for certification", "Text": "(1) The * holder of a * registered production profile for hydrogen may apply to the Clean Energy Regulator for the profile to be certified: (a) in relation to a particular facility, and a particular * production pathway, specified in the profile; and (b) from a particular time. (2) The time specified in the application, as mentioned in paragraph (1)(b), must not be later than the start of the day when the application is made (and may be any time before the start of that day). (3) The application is taken not to be made unless: (a) it is in a form (if any) prescribed under subsection (5); and (b) it is accompanied by any information, documents or other materials prescribed under subsection (5); and (c) without limiting paragraphs (a) and (b) of this subsection—it is accompanied by an eligibility statement for the * registered production profile that relates to the facility and the * production pathway. (4) For the purposes of paragraph (3)(c), an eligibility statement for the * registered production profile that relates to the facility and the * production pathway is a statement by the * holder of the profile to the effect that there are reasonable grounds to believe that, if the profile is certified, a company will be entitled to the * hydrogen production tax offset for an income year in respect of one or more kilograms of hydrogen produced at the facility in accordance with the production pathway. (5) The Clean Energy Regulator may, by notifiable instrument, do any of the following: (a) prescribe a form for the purposes of paragraph (3)(a); (b) prescribe information, documents or other materials for the purposes of paragraph (3)(b).", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-55", "Provision_Key": "s421-55", "Heading": "Certification of production profile", "Text": "Certification (1) If: (a) the Clean Energy Regulator receives an application for a * registered production profile to be certified in relation to a facility and a * production pathway from a particular time (the start time ); and (b) the Clean Energy Regulator is satisfied that: (i) the condition in subsection (3) was met at the start time, and has continued to be met since that time; and (ii) the conditions in subsections (5) (if applicable) and (7) are met; then: (c) Clean Energy Regulator must, in writing, certify the registered production profile in relation to the facility and the production pathway; and (d) the instrument of certification must state that the certification has effect from the start time. Exception—failure to provide information etc. (2) However, the Clean Energy Regulator may refuse to certify a * registered production profile under subsection (1) if: (a) the Clean Energy Regulator has given the * holder of the production profile a notice under section 421 ‑ 70(1) that relates to the application for certification, requesting that the holder give the Clean Energy Regulator specified information, documents or other materials before a specified time; and (b) the holder of the production profile does not comply with the request before the specified time. Condition relating to facility and production pathway (3) The condition in this subsection is that: (a) the facility is located on a single site in Australia; and (b) the facility has a capacity to produce hydrogen, in accordance with the * production pathway, that is at least equal to that of an electrolyser with a nameplate capacity of 10 megawatts; and (c) the production pathway does not involve producing hydrogen using any of the following: (i) coal gasification; (ii) steam reformation of natural gas (within the meaning of the National Greenhouse and Energy Reporting Act 2007 ); (iii) a process prescribed by the regulations for the purposes of this subparagraph. Note: The Clean Energy Regulator may prescribe circumstances in which a facility is taken to have the capacity mentioned in paragraph (b) (see section 421 ‑ 60). Condition relating to early investment (4) Subsection (5) applies if the start time for the certification (see subsection (1)) is on or after 1 July 2030. (5) The condition in this subsection is that a final investment decision was made before 1 July 2030 to: (a) construct the facility with a capacity to produce hydrogen, in accordance with the * production pathway, that is at least equal to the nominal capacity of the facility to produce hydrogen in accordance with the production pathway; or (b) upgrade the facility so that it has a capacity to produce hydrogen, in accordance with the production pathway, that is at least equal to that nominal capacity. (6) For the purposes of subsection (5), the nominal capacity of the facility to produce hydrogen in accordance with the * production pathway is the capacity of the facility, at the start time, to produce hydrogen in accordance with the production pathway. Note: The Clean Energy Regulator may prescribe how the capacity of a facility to produce hydrogen is to be determined (see section 421 ‑ 60). Condition relating to eligibility statement (7) The condition in this subsection is that, on the basis of information that the Clean Energy Regulator possesses at the time when the instrument of certification is made, it would not be reasonable for the Clean Energy Regulator to believe that the eligibility statement for the * registered production profile that accompanied the application for certification (see paragraph 421 ‑ 50(3)(c)) is incorrect. Note: The Clean Energy Regulator does not have a duty to seek information about whether the eligibility statement is correct (see subsection (9)). Notification of certification (8) If the Clean Energy Regulator certifies a * registered production profile with effect from a particular time (the start time ), the Clean Energy Regulator must notify the following of the certification: (a) the person who applied under section 421 ‑ 50 for the certification; (b) the person who was the * holder of the production profile at the start time; (c) each person who was a holder of the production profile at any time between: (i) the start time; and (ii) the time when the instrument of certification is made; (d) the Commissioner. No duty to seek information about eligibility statement (9) This section does not impose a duty on the Clean Energy Regulator to seek information relevant to assessing whether the eligibility statement for the * registered production profile is incorrect that goes beyond: (a) information possessed by the Clean Energy Regulator at the time when the Clean Energy Regulator received the application for certification of the registered production profile; and (b) information that was contained in, or that accompanied, that application.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-60", "Provision_Key": "s421-60", "Heading": "Capacity of facility to produce hydrogen", "Text": "The Clean Energy Regulator may, by legislative instrument, prescribe any of the following: (a) how the capacity of a facility to produce hydrogen is to be expressed for the purposes of section 421 ‑ 55; (b) how the capacity of a facility to produce hydrogen is to be determined for the purposes of section 421 ‑ 55; (c) without limiting paragraph (a) or (b) of this section—circumstances in which a facility is taken, for the purposes of subsection 421 ‑ 55(3), to have a capacity to produce hydrogen that is at least equal to that of an electrolyser with a nameplate capacity of 10 megawatts.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-65", "Provision_Key": "s421-65", "Heading": "Revocation of certification", "Text": "(1) This section applies if a * production profile has been certified in relation to a facility and a * production pathway with effect from a particular time (the original start time ). Revocation—substantive grounds (2) The Clean Energy Regulator may, in writing, revoke the certification if: (a) on or after the original start time, the registration of the * production profile is suspended, cancelled or surrendered under the Future Made in Australia (Guarantee of Origin) Act 2024 ; or (b) there is a time, on or after the original start time, when the condition in subsection 421 ‑ 55(3) of this Act (condition relating to facility and production pathway) is not met in relation to the facility and the * production pathway; or (c) at the time when the instrument of revocation made, the Clean Energy Regulator reasonably believes that the eligibility statement for the production profile that accompanied the application for certification (see paragraph 421 ‑ 50(3)(c)) is incorrect. (3) A revocation under subsection (2) has effect from the time (the new end time for the certification) specified in the instrument of revocation, which must be: (a) if the certification is revoked under paragraph (2)(a)—the time when the registration of the * production profile was suspended, cancelled or surrendered; or (b) if the certification is revoked under paragraph (2)(b)—the earliest time, on or after the original start time, when the condition in subsection 421 ‑ 55(3) is not met in relation to the facility and the * production pathway; or (c) if the certification is revoked under paragraph (2)(c)—no earlier than the time when the instrument of revocation is made. Note: If the certification is revoked under paragraph (2)(a) or (b), the revocation will have retrospective effect. Revocation—failure to provide information etc. (4) In addition, the Clean Energy Regulator may, in writing, revoke the certification if: (a) the Clean Energy Regulator has given the * holder of the * production profile a notice under section 421 ‑ 70(2) that relates to the certification, requesting that the holder give the Clean Energy Regulator specified information, documents or other materials before a specified time; and (b) the holder of the production profile does not comply with the request before the specified time. (5) A revocation under subsection (4) has effect from the time (also the new end time for the certification) specified in the instrument of revocation, which must not be before the time specified in the notice mentioned in paragraph (4)(a). Note: A revocation under subsection (4) may be given retrospective effect. Consequences of revocation (6) If the new end time for the certification is the same as the original start time, then the certification is taken never to have been in effect. (7) If the new end time for the certification is later than the original start time, then: (a) the certification is taken to have been in effect for the period that: (i) begins at the original start time; and (ii) ends at the new end time; and (b) the certification is taken not to have been in effect after the new end time. Note: The operation of subsections (6) and (7) may affect whether paragraph 421 ‑ 5(1)(c) (which sets out a condition for entitlement to the hydrogen production tax offset) is satisfied in a particular case. (8) If a certification of a * production profile that relates to a particular facility and * production pathway is revoked, that does not prevent: (a) an application later being made for a new certification of the production profile, including a certification that relates to the same facility and production pathway; or (b) the Clean Energy Regulator subsequently issuing such a new certification of the production profile. Notification of revocation (9) If the Clean Energy Regulator revokes a certification of a * production profile, the Clean Energy Regulator must notify the following of the revocation: (a) the person who was the * holder of the production profile at the original start time for the certification; (b) each person who was a holder of the production profile at any time between: (i) the original start time for the certification; and (ii) the time when the instrument of revocation is made; (c) the Commissioner.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-70", "Provision_Key": "s421-70", "Heading": "Requests for further information etc.", "Text": "Request before certification (1) If the Clean Energy Regulator has received an application for a * registered production profile to be certified, the Clean Energy Regulator may, before making a decision about whether to certify the profile under section 421 ‑ 55, give a written notice to the * holder of the profile: (a) requesting that the holder give the Clean Energy Regulator, before a specified time, specified information, documents or other materials that are relevant to making that decision; and (b) stating that, if the request is not complied with before the specified time, the Clean Energy Regulator may refuse to certify the production profile. Request after certification (2) If the Clean Energy Regulator has certified a * registered production profile under section 421 ‑ 55, the Clean Energy Regulator may give a written notice to the * holder of the profile: (a) requesting that the holder give the Clean Energy Regulator, before a specified time, specified information, documents or other materials that are relevant to deciding whether to revoke the certification under subsection 421 ‑ 65(2) (revocation on substantive grounds); and (b) stating that, if the request is not complied with before the specified time, the Clean Energy Regulator may revoke the certification.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-75", "Provision_Key": "s421-75", "Heading": "Review of decisions by the Administrative Review Tribunal", "Text": "Applications may be made to the * ART for review of the following decisions made by the Clean Energy Regulator: (a) a decision under subsection 421 ‑ 30(7) to make a determination; (b) a decision under subsection 421 ‑ 40(1) to issue a * correction notice; (c) a decision under subsection 421 ‑ 40(4) to revoke a correction notice; (d) a decision under section 421 ‑ 55 to certify a * registered production profile; (e) a decision under section 421 ‑ 55 not to certify a registered production profile (after an application to certify the profile has been made under section 421 ‑ 50); (f) a decision under section 421 ‑ 65 to revoke a certification of a * production profile.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-80", "Provision_Key": "s421-80", "Heading": "Information sharing", "Text": "(1) Each of the following regulators: (a) the Clean Energy Regulator; (b) the Commissioner; may request the other regulator to provide them with information held by the other regulator that is reasonably necessary or convenient for the requesting regulator’s administration of this Division. (2) The other regulator must comply with the request. Note: The request could be an ad hoc or standing request, and the information requested could be general or specific.", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 421-85", "Provision_Key": "s421-85", "Heading": "Period for amending assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an entity’s assessment for the purposes of giving effect to this Division for an income year if: (a) the Clean Energy Regulator: (i) issues, or revokes, a * correction notice under section 421 ‑ 40; or (ii) makes an instrument under section 421 ‑ 65 revoking a certification of a * production profile, with effect from a specified time (which may be different from the time when the instrument is made); and (b) as a result, there is a change to: (i) whether the entity is entitled to a * hydrogen production tax offset for the income year; or (ii) the amount of hydrogen production tax offset that the entity is entitled to for the income year; and (c) the amendment of the entity’s assessment is made during the period of 4 years starting on the day when the Clean Energy Regulator issues or revokes the correction notice, or makes the instrument revoking the certification of the production profile (whichever applies). Note: Section 170 of the Income Tax Assessment Act 1936 specifies the periods within which assessments may be amended. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 9 of 2025", "Last_Amended": "No 9 of 2025", "Amending_Acts": "No 9 of 2025", "History_Notes": "Inserted by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s421-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-1", "Provision_Key": "s615-1", "Heading": "What this Division is about", "Text": "You can choose for transactions under a scheme to restructure a company’s or unit trust’s business to be tax neutral if, under the scheme: (a) you cease to own shares in the company or units in the trust; and (b) in exchange, you become the owner of new shares in another company.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-5", "Provision_Key": "s615-5", "Heading": "Disposing of interests in one entity for shares in a company", "Text": "(1) You can choose to obtain a roll ‑ over if: (a) you are a * member of a company or a unit trust (the original entity ); and (b) you and at least one other entity (the exchanging members ) own all the * shares or units in it; and (c) under a * scheme for reorganising its affairs, the exchanging members * dispose of all their shares or units in it to a company (the interposed company ) in exchange for shares in the interposed company (and nothing else); and (d) the requirements in Subdivision 615 ‑ B are satisfied. Note 1: For paragraph (c), see section 124 ‑ 20 if an exchanging member uses a share sale facility. Note 2: After the completion of the scheme, later dealings between the interposed company and the original entity may be subject to the rules for consolidated groups (see Part 3 ‑ 90). (2) You are taken to have chosen to obtain the roll ‑ over if: (a) immediately before the completion time (see section 615 ‑ 15), the original entity is the * head company of a * consolidated group; and (b) immediately after the completion time, the interposed company is the head company of the group. Note: The consolidated group continues in existence because of section 703 ‑ 70.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-10", "Provision_Key": "s615-10", "Heading": "Redeeming or cancelling interests in one entity for shares in a company", "Text": "(1) You can choose to obtain a roll ‑ over if you are a * member of a company or a unit trust (the original entity ), and under a * scheme for reorganising its affairs: (a) a company (the interposed company ) * acquires one or more, but not all, of the * shares or units in the original entity; and (b) these are the first shares or units that the interposed company acquires in the original entity; and (c) you and at least one other entity (the exchanging members ) own all the remaining shares or units in the original entity; and (d) those remaining shares or units are redeemed or cancelled; and (e) each exchanging member receives shares (and nothing else) in the interposed company in return for their shares or units in the original entity being redeemed or cancelled; and the requirements in Subdivision 615 ‑ B are satisfied. Note: For paragraph (e), see section 124 ‑ 20 if an exchanging member uses a share sale facility. (2) You are taken to have chosen to obtain the roll ‑ over if: (a) immediately before the completion time (see section 615 ‑ 15), the original entity is the * head company of a * consolidated group; and (b) immediately after the completion time, the interposed company is the head company of the group. Note: The consolidated group continues in existence because of section 703 ‑ 70. (3) The original entity, or its trustee if it is a unit trust, can issue other * shares or units to the interposed company as part of the * scheme. Note: Some of the interposed company’s shares or units in the original entity may be taken to be acquired before 20 September 1985: see section 615 ‑ 65.", "Amendment_Count": 2, "First_Amended": "No 133 of 2014", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 133 of 2014 | No 15 of 2017", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-15", "Provision_Key": "s615-15", "Heading": "Interposed company must own all the original interests", "Text": "The interposed company must own all the * shares or units in the original entity immediately after the time (the completion time ) all the exchanging members have had their shares or units in the original entity disposed of, redeemed or cancelled under the * scheme.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-20", "Provision_Key": "s615-20", "Heading": "Requirements relating to your interests in the original entity", "Text": "(1) Immediately after the completion time, each exchanging member must own: (a) a whole number of * shares in the interposed company; and (b) a percentage of the shares in the interposed company that were issued to all the exchanging members that is equal to the percentage of the shares or units in the original entity that were: (i) owned by the member; and (ii) disposed of, redeemed or cancelled under the * scheme. (2) The following ratios must be equal: (a) the ratio of: (i) the * market value of each exchanging member’s * shares in the interposed company; to (ii) the market value of the shares in the interposed company issued to all the exchanging members (worked out immediately after the completion time); (b) the ratio of: (i) the market value of that member’s shares or units in the original entity that were disposed of, redeemed or cancelled under the * scheme; to (ii) the market value of all the shares or units in the original entity that were disposed of, redeemed or cancelled under the scheme (worked out immediately before the first disposal, redemption or cancellation). Example 1: There are 100 shares in A Pty Ltd (the original entity), all having the same rights. B Pty Ltd (the interposed company) acquires all the shares in A by issuing each shareholder in A 10 shares in itself for each share they have in A. All shares in B have the same rights. Bill owned 15 shares in A and received 150 shares in B in exchange. Example 2: There are 1,000 units in the A unit trust (the original entity), all having the same rights. 2 new units in A are issued to B Pty Ltd (the interposed company), and all other units in A are cancelled. Each unitholder in A is issued 10 shares in B for each 100 units they have in A. All shares in B have the same rights. Alison owned 200 units in A and received 20 shares in B in exchange. (3) Either: (a) you are an Australian resident at the time your * shares or units in the original entity are disposed of, redeemed or cancelled under the * scheme; or (b) if you are a foreign resident at that time: (i) your shares or units in the original entity were * taxable Australian property immediately before that time; and (ii) your shares in the interposed company are taxable Australian property immediately after the completion time.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-25", "Provision_Key": "s615-25", "Heading": "Requirements relating to the interposed company", "Text": "(1) The * shares issued in the interposed company must not be * redeemable shares. (2) Each exchanging member who is issued * shares in the interposed company must own the shares from the time they are issued until at least the completion time. (3) Immediately after the completion time: (a) the exchanging members must own all the * shares in the interposed company; or (b) entities other than those members must own no more than 5 shares in the interposed company, and the * market value of those shares expressed as a percentage of the market value of all the shares in the interposed company must be such that it is reasonable to treat the exchanging members as owning all the shares.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-30", "Provision_Key": "s615-30", "Heading": "Interposed company must make a particular choice", "Text": "(1) Unless subsection (2) applies, the interposed company must choose that section 615 ‑ 65 applies. (2) The interposed company must choose that a * consolidated group continues in existence at and after the completion time with the interposed company as its * head company, if: (a) immediately before the completion time, the consolidated group consisted of the original entity as head company and one or more other members (the other group members ); and (b) immediately after the completion time, the interposed company is the head company of a * consolidatable group consisting only of itself and the other group members. Note: Sections 703 ‑ 65 to 703 ‑ 80 deal with the effects of the choice for the consolidated group. (3) A choice under subsection (1) or (2) must be made: (a) within 2 months after the completion time, if the choice is under subsection (1); or (b) within 28 days after the completion time, if the choice is under subsection (2); or (c) within such further time as the Commissioner allows. The choice cannot be revoked. (4) The way the interposed company prepares its * income tax returns is sufficient evidence of the making of the choice.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-35", "Provision_Key": "s615-35", "Heading": "ADI restructures—disregard certain preference shares", "Text": "For the purposes of this Division, disregard any * shares in the original entity that can be disregarded under subsection 703 ‑ 37(4) if: (a) the interposed company is a non ‑ operating holding company within the meaning of the Financial Sector (Transfer and Restructure) Act 1999 ; and (b) a restructure instrument under Part 4A of that Act is in force in relation to the interposed company; and (c) because of the restructure to which the instrument relates, an * ADI becomes a subsidiary (within the meaning of that Act) of the interposed company; and (d) the original entity is: (i) the ADI; or (ii) part of an extended licensed entity (within the meaning of the * prudential standards) that includes the ADI.", "Amendment_Count": 2, "First_Amended": "No 133 of 2014", "Last_Amended": "No 10 of 2018", "Amending_Acts": "No 133 of 2014 | No 10 of 2018", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2) | Amended by No 10 of 2018, effective Sch 7 (items 4–11): 5 Mar 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-40", "Provision_Key": "s615-40", "Heading": "CGT consequences", "Text": "The consequences set out in Subdivision 124 ‑ A also apply to a roll ‑ over under this Division as if that roll ‑ over were a roll ‑ over covered by Division 124 (about replacement ‑ asset roll ‑ overs). Note: Those consequences generally involve: (a) disregarding a capital gain or capital loss you make from the disposal, redemption or cancellation of your shares or units in the original entity; and (b) working out the first element of the cost base of each of your new shares in the interposed entity by reference to the cost bases of your shares or units in the original entity.", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-45", "Provision_Key": "s615-45", "Heading": "Additional consequences—deferral of profit or loss", "Text": "The additional consequences in sections 615 ‑ 50 and 615 ‑ 55 apply if: (a) under this Division: (i) you are taken to have chosen to obtain the roll ‑ over; or (ii) you otherwise choose to obtain the roll ‑ over; and (b) if subparagraph (a)(ii) applies to you, you choose for these additional consequences to apply; and (c) some or all of your * shares or units in the original entity at the time immediately before they were: (i) disposed of as described in paragraph 615 ‑ 5(1)(c); or (ii) redeemed or cancelled as described in paragraph 615 ‑ 10(1)(d); had the character of being your * trading stock or * revenue assets; and (d) the shares in the interposed company that you acquired in return for those shares or units have the same character. Note 1: Apply this section separately for assets of each character. Note 2: The CGT exemption for trading stock does not prevent you obtaining the roll ‑ over (see section 615 ‑ 60).", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-50", "Provision_Key": "s615-50", "Heading": "Trading stock", "Text": "(1) The amount included in your assessable income because of the disposal, redemption or cancellation of each of your * shares or units described in paragraph 615 ‑ 45(c) that was your * trading stock at the time mentioned in that paragraph is equal to: (a) if the share or unit had been your trading stock ever since the start of the income year that included that time—the total of: (i) its * value as trading stock at the start of the income year; and (ii) the amount (if any) by which its cost had increased since the start of the income year; or (b) otherwise—its cost at that time. (2) For each of the * shares that you acquired as described in paragraph 615 ‑ 45(d) that is your * trading stock, you are taken to have paid: (3) For the purposes of Division 70 (about trading stock), you, the original entity and the interposed company are taken to have dealt with each other in the ordinary course of * business and at * arm’s length for each of the transactions referred to in paragraph 615 ‑ 5(1)(c) or 615 ‑ 10(1)(d) or (e).", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-55", "Provision_Key": "s615-55", "Heading": "Revenue assets", "Text": "(1) For each of your * shares or units that: (a) is described in paragraph 615 ‑ 45(c); and (b) was a * revenue asset immediately before its disposal, redemption or cancellation; your gross proceeds for that disposal, redemption or cancellation are taken to be the amount you would have needed to have received in order to have a nil profit and nil loss for that disposal, redemption or cancellation. (2) For the purpose of calculating any profit or loss on a future disposal, cessation of ownership, or other realisation of a * share that: (a) you acquired as described in paragraph 615 ‑ 45(d); and (b) is a * revenue asset; you are taken to have paid the following for your acquisition of that share:", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-60", "Provision_Key": "s615-60", "Heading": "Disregard CGT exemption for trading stock", "Text": "For the purposes of this Division, disregard section 118 ‑ 25 (which gives a CGT exemption for trading stock).", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 615-65", "Provision_Key": "s615-65", "Heading": "Consequences for the interposed company", "Text": "(1) This section applies if the interposed company so chooses under subsection 615 ‑ 30(1). (2) A number of the * shares or units that the interposed company owns in the original entity (immediately after the completion time) are taken to have been * acquired before 20 September 1985 if any of the original entity’s assets as at the completion time were acquired by it before that day. Note: Generally, a capital gain or capital loss you make from a CGT asset that you acquired before 20 September 1985 can be disregarded: see Division 104. (3) That number (worked out as at the completion time) is the greatest possible whole number that (when expressed as a percentage of all the * shares or units) does not exceed: (a) the * market value of the original entity’s assets that it * acquired before 20 September 1985; less (b) its liabilities (if any) in respect of those assets; expressed as a percentage of the market value of all the original entity’s assets less all of its liabilities. (4) The first element of the * cost base of the interposed company’s * shares or units in the original entity that are not taken to have been * acquired before 20 September 1985 is: (a) the total of the cost bases (as at the completion time) of the original entity’s assets that it acquired on or after that day; less (b) its liabilities (if any) in respect of those assets. The first element of the * reduced cost base of those shares or units is worked out similarly. (5) A liability of the original entity that is not a liability in respect of a specific asset or assets of the original entity is taken to be a liability in respect of all the assets of the original entity. Note: An example is a bank overdraft. (6) If a liability is in respect of 2 or more assets, the proportion of the liability that is in respect of any one of those assets is equal to:", "Amendment_Count": 1, "First_Amended": "No 133 of 2014", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 133 of 2014", "History_Notes": "Inserted by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s615-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-5", "Provision_Key": "s620-5", "Heading": "What this Subdivision is about", "Text": "There are tax ‑ neutral consequences of a body, that is incorporated under one law and ceases to exist, disposing of an asset to a company incorporated under another law, if the ownership of the company is not significantly different from the ownership of the body. Table of sections Application and object of this Subdivision 620 ‑ 10 Application 620 ‑ 15 Object CGT consequences 620 ‑ 20 Disregard body’s capital gains and losses from CGT assets 620 ‑ 25 Cost base and pre ‑ CGT status of CGT asset for company Consequences for depreciating assets 620 ‑ 30 Roll ‑ over relief for balancing adjustment events Consequences for trading stock 620 ‑ 40 Body taken to have sold trading stock to company Consequences for revenue assets 620 ‑ 50 Body taken to have sold revenue assets to company", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-10", "Provision_Key": "s620-10", "Heading": "Application", "Text": "This Subdivision applies to a body that is incorporated under one law and ceases to exist, and to a company incorporated under another law, if section 124 ‑ 525 applies in relation to the body and the company. Note: That section applies if the ownership of the company is not significantly different from the ownership of the body and rights relating to the body.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-15", "Provision_Key": "s620-15", "Heading": "Object", "Text": "The object of this Subdivision is to ensure tax ‑ neutral consequences when the body ceases to hold an asset and also if the asset becomes held by the company.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-20", "Provision_Key": "s620-20", "Heading": "Disregard body’s capital gains and losses from CGT assets", "Text": "(1) This section applies if: (a) the body * disposes of a * CGT asset to the company because the body ceases to exist; or (b) another * CGT event happens to a CGT asset of the body because the body ceases to exist. (2) A * capital gain or a * capital loss the body makes from the * CGT asset is disregarded.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-25", "Provision_Key": "s620-25", "Heading": "Cost base and pre ‑ CGT status of CGT asset for company", "Text": "(1) This section applies to a * CGT asset if the body * disposes of it to the company because the body ceases to exist. (2) The first element of the * CGT asset’s * cost base for the company is equal to the asset’s cost base for the body in connection with the * disposal. (3) The first element of the * CGT asset’s * reduced cost base for the company is worked out similarly. (4) If the body * acquired the * CGT asset before 20 September 1985, the company is taken to have acquired the CGT asset before that day.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-30", "Provision_Key": "s620-30", "Heading": "Roll ‑ over relief for balancing adjustment events", "Text": "(1) This section applies if: (a) there is a * balancing adjustment event because the body disposes of a * depreciating asset in an income year to the company because the body ceases to exist; and (b) the disposal involves a * CGT event. (2) This Act applies as if: (a) there were roll ‑ over relief under subsection 40 ‑ 340(1) for the * balancing adjustment event; and (b) the body were the transferor mentioned in that subsection and subsection 328 ‑ 243(1A); and (c) the company were the transferee mentioned in that subsection and subsection 328 ‑ 243(1A). Note: Some effects of this are as follows: (a) the balancing adjustment event does not affect the body’s assessable income or deductions (see subsection 40 ‑ 345(1)); (b) the company can deduct for the decline in value of the asset on the same basis as the body did (see subsection 40 ‑ 345(2)); (c) Division 45 (Disposal of leases and leased plant) applies to the company as if it had done the things the body did (see subsection 40 ‑ 350(1)). (3) Disregard paragraph 328 ‑ 243(1A)(c) in determining whether subsection 328 ‑ 243(1A) applies.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-40", "Provision_Key": "s620-40", "Heading": "Body taken to have sold trading stock to company", "Text": "(1) This subsection applies to each item of * trading stock that the body disposes of to the company because the body ceases to exist. (2) The body is taken to have sold, and the company is taken to have bought, the item (in the ordinary course of * business and dealing with each other at * arm’s length), at the time of the disposal (or just before that time if the disposal occurred when the body ceased to exist), for: (a) the * cost of the item for the body; or (b) if the body held the item as * trading stock at the start of the income year, the * value of the item for the body then. (3) The company is taken to have held the item as * trading stock when it bought the item.", "Amendment_Count": 2, "First_Amended": "No 12 of 2012", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 12 of 2012 | No 88 of 2013", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 620-50", "Provision_Key": "s620-50", "Heading": "Body taken to have sold revenue assets to company", "Text": "Disposal (1) Subsections (2) and (3) apply to a * CGT asset: (a) that the body * disposes of to the company because the body ceases to exist; and (b) that is a * revenue asset of the body just before the disposal. Note: Trading stock and depreciating assets are not revenue assets. See section 977 ‑ 50. (2) The body is taken to have disposed of the * revenue asset to the company for an amount such that the body would not make a profit or a loss on the disposal. (3) For the purpose of calculating any profit or loss on a future disposal of, cessation of owning, or other realisation of, the * revenue asset, the company is taken to have paid the body that amount for the disposal of the revenue asset to the company. Ceasing to own or other realising (4) Subsection (5) applies to a * CGT asset: (a) that the body ceases to own, or otherwise realises, because the body ceases to exist; and (b) that is a * revenue asset of the body just before the cessation or realisation. Note: Trading stock and depreciating assets are not revenue assets. See section 977 ‑ 50. (5) The body is taken to have disposed of the * revenue asset for an amount such that the body would not make a profit or a loss on the disposal.", "Amendment_Count": 1, "First_Amended": "No 12 of 2012", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 12 of 2012", "History_Notes": "Inserted by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s620-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 700-1", "Provision_Key": "s700-1", "Heading": "What this Part is about", "Text": "This Part allows certain groups of entities to be treated as single entities for income tax purposes. Following a choice to consolidate, subsidiary members are treated as part of the head company of the group rather than as separate income tax identities. The head company inherits their income tax history when they become subsidiary members of the group. On ceasing to be subsidiary members, they take with them an income tax history that recognises that they are different from when they became subsidiary members. This is supported by rules that: (a) set the cost for income tax purposes of assets that subsidiary members bring into the group; and (b) determine the income tax history that is taken into account when entities become, or cease to be, subsidiary members of the group; and (c) deal with the transfer of tax attributes such as losses and franking credits to the head company when entities become subsidiary members of the group.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s700-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 700-5", "Provision_Key": "s700-5", "Heading": "Overview of this Part", "Text": "(1) The single entity rule determines how the income tax liability of a consolidated group will be ascertained. The basic principle is contained in the Core Rules in Division 701. (2) Essentially, a consolidated group consists of an Australian resident head company and all of its Australian resident wholly ‑ owned subsidiaries (which may be companies, trusts or partnerships). Special rules apply to foreign ‑ owned groups with no single Australian resident head company. (3) An eligible wholly ‑ owned group becomes a consolidated group after notice of a choice to consolidate is given to the Commissioner. (4) This Part also contains rules which set the cost for income tax purposes of assets of entities when they become subsidiary members of a consolidated group and of membership interests in those entities when they cease to be subsidiary members of the group. (5) Certain tax attributes (such as losses and franking credits) of entities that become subsidiary members of a consolidated group are transferred under this Part to the head company of the group. These tax attributes remain with the group after an entity ceases to be a subsidiary member.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s700-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 700-10", "Provision_Key": "s700-10", "Heading": "Objects of this Part", "Text": "The objects of this Part are: (a) to prevent double taxation of the same economic gain realised by a consolidated group; and (b) to prevent a double tax benefit being obtained from an economic loss realised by a consolidated group; and (c) to provide a systematic solution to the prevention of such double taxation and double tax benefits that will: (i) reduce the cost of complying with this Act; and (ii) improve business efficiency by removing complexities and promoting simplicity in the taxation of wholly ‑ owned groups.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s700-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-1", "Provision_Key": "s701-1", "Heading": "Single entity rule", "Text": "(1) If an entity is a * subsidiary member of a * consolidated group for any period, it and any other subsidiary member of the group are taken for the purposes covered by subsections (2) and (3) to be parts of the * head company of the group, rather than separate entities, during that period. Head company core purposes (2) The purposes covered by this subsection (the head company core purposes ) are: (a) working out the amount of the * head company’s liability (if any) for income tax calculated by reference to any income year in which any of the period occurs or any later income year; and (b) working out the amount of the head company’s loss (if any) of a particular * sort for any such income year. Note: The single entity rule would affect the head company’s income tax liability calculated by reference to income years after the entity ceased to be a member of the group if, for example, assets that the entity held when it became a subsidiary member remained with the head company after the entity ceased to be a subsidiary member. Entity core purposes (3) The purposes covered by this subsection (the entity core purposes ) are: (a) working out the amount of the entity’s liability (if any) for income tax calculated by reference to any income year in which any of the period occurs or any later income year; and (b) working out the amount of the entity’s loss (if any) of a particular * sort for any such income year. Note: An assessment of the entity’s liability calculated by reference to income tax for a period when it was not a subsidiary member of the group may be made, and that tax recovered from it, even while it is a subsidiary member. What is a sort of loss? (4) Each of these paragraphs identifies a sort of loss: (a) * tax loss; (b) * film loss; (c) * net capital loss. This subsection lists all the sorts of loss.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 68 of 2002 | No 143 of 2007", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-5", "Provision_Key": "s701-5", "Heading": "Entry history rule", "Text": "For the head company core purposes in relation to the period after the entity becomes a * subsidiary member of the group, everything that happened in relation to it before it became a subsidiary member is taken to have happened in relation to the * head company. Note 1: Other provisions of this Part may affect the tax history that is inherited (e.g. asset cost base history is affected by section 701 ‑ 10 and tax loss history is affected by Division 707). Note 3: Section 165 ‑ 212E overrides this rule for the purposes of the business continuity test.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 147 of 2005 | No 93 of 2011 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-10", "Provision_Key": "s701-10", "Heading": "Cost to head company of assets of joining entity", "Text": "(1) This section has effect for the head company core purposes when the entity becomes a * subsidiary member of the group. Assets to which section applies (2) This section applies in relation to each asset that would be an asset of the entity at the time it becomes a * subsidiary member of the group, assuming that subsection 701 ‑ 1(1) (the single entity rule) did not apply. Note: See subsection 705 ‑ 35(3) for the treatment of a goodwill asset resulting from the head company’s ownership and control of the joining entity. Object (3) The object of this section (and Division 705 which relates to it) is to recognise the cost to the * head company of such assets as an amount reflecting the group’s cost of acquiring the entity. Setting tax cost of assets (4) Each asset’s * tax cost is set at the time the entity becomes a * subsidiary member of the group at the asset’s * tax cost setting amount. Multiple setting of tax cost for same trading stock or registered emissions unit (5) However, if: (a) the asset is * trading stock or a * registered emissions unit; and (b) the asset’s * tax cost is set by this section at more than one time (each of which is a setting time ) for the same income year; then, except where subsection (6) applies, only the amount at which the tax cost is set at the last of the setting times is to be taken into account. (6) If: (a) the * head company’s * terminating value for the asset; or (b) the * value of the asset at the start of the income year; is required to be worked out for one or more occasions when an entity (whether or not the same entity) ceases to be a * subsidiary member of the group in the income year, then the amount at which the asset’s * tax cost is set by this section at a particular setting time is only taken into account in working out the head company’s terminating value for a particular occasion if: (c) the setting time occurs before the occasion; and (d) there is no intervening setting time or occasion.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 68 of 2002 | No 83 of 2004 | No 58 of 2006 | No 132 of 2011 | No 99 of 2012", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-15", "Provision_Key": "s701-15", "Heading": "Cost to head company of membership interests in entity that leaves group", "Text": "(1) If the entity ceases to be a * subsidiary member of the group, this section has effect for the head company core purposes, so far as they relate to the income year in which the entity ceases to be a subsidiary member or any later income year. Note: This section could have effect, for example, if an entity ceases to be a subsidiary member of the group because: (a) it ceases to satisfy the requirements to be a subsidiary member; or (b) the head company ceases to satisfy the requirements to be a head company (thereby bringing the group to an end). Object (2) The object of this section is to preserve the alignment of the * head company’s costs for * membership interests in each entity and its assets by recognising, when an entity ceases to be a * subsidiary member of the group, the cost of those interests as an amount equal to the cost of the entity’s assets at that time reduced by the amount of its liabilities. Note: The head company’s costs for membership interests in entities was aligned with the costs of their assets when the entities became subsidiary members of the group. Setting tax cost of membership interests (3) For each * membership interest that the * head company of the group holds in an entity that ceases to be a * subsidiary member, the interest’s * tax cost is set just before the entity ceases to be a subsidiary member at the interest’s * tax cost setting amount. Note 1: The membership interests would include those that are actually held by subsidiary members of the group, but which are treated as those of the head company under the single entity rule. Note 2: If the entity is a partnership, Subdivision 713 ‑ E sets the tax cost of interests in partnership assets, rather than membership interests in the partnership.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-20", "Provision_Key": "s701-20", "Heading": "Cost to head company of assets consisting of certain liabilities owed by entity that leaves group", "Text": "(1) If the entity ceases to be a * subsidiary member of the group, this section has effect for the head company core purposes, so far as they relate to the income year in which the entity ceases to be a subsidiary member or any later income year. Assets to which section applies (2) This section applies in relation to each asset, consisting of a liability owed by the entity, that becomes an asset of the * head company because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the entity when it ceases to be a * subsidiary member. This is a liability that, ignoring that subsection, is owed to a * member of the group. Object (3) The object of this section is to set a cost for the asset to enable income tax consequences for the * head company in respect of the asset to be determined. Setting tax cost of assets (4) The asset’s * tax cost is set at the time the entity ceases to be a * subsidiary member of the group at the asset’s * tax cost setting amount. Note: If the entity is a partnership, Subdivision 713 ‑ E sets the tax cost of assets consisting of a partner’s share of a liability owed by the partnership to a member of the group.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 68 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-25", "Provision_Key": "s701-25", "Heading": "Tax ‑ neutral consequence for head company of ceasing to hold assets when entity leaves group", "Text": "(1) If the entity ceases to be a * subsidiary member of the group, this section has effect for the head company core purposes, so far as they relate to the income year in which the entity ceases to be a subsidiary member or any later income year. Assets to which section applies (2) This section applies in relation to an asset if: (a) either: (i) the asset is * trading stock of the * head company; or (ii) the asset is a * registered emissions unit and an asset of the head company; and (b) the asset becomes an asset of the entity because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the entity when it ceases to be a * subsidiary member of the group; and (c) the asset is not again an asset of the head company at or before the end of the income year. Object (3) The object of this section is to ensure that there is no income tax consequence for the * head company in respect of the asset. Note: In the case of assets other than trading stock or registered emissions units, the fact that the head company ceases to hold them when the single entity rules ceases to apply to them would not constitute a disposal or other event having tax consequences for the head company. Setting value of trading stock at tax ‑ neutral amount (4) If subparagraph (2)(a)(i) applies, the asset is taken to be * trading stock of the * head company at the end of the income year (but not at the start of the next income year) and its * value at that time is taken to be equal to: (a) if the asset was trading stock of the head company at the start of the income year (including as a result of its * tax cost being set)—the asset’s value at that time; or (b) if paragraph (a) does not apply and the asset is * live stock that was acquired by natural increase—the * cost of the asset; or (c) in any other case—the amount of the outgoing incurred by the head company in connection with the acquisition of the asset; increased by the amount of any outgoing forming part of the cost of the asset that was incurred by the head company during its current holding of the asset. Note: As a consequence of fixing the trading stock’s value at the end of the income year under this subsection, no election would be available under section 70 ‑ 45 to value the trading stock at that time. Setting value of registered emissions unit at tax ‑ neutral amount (5) If subparagraph (2)(a)(ii) applies, the asset is taken to be an asset of the * head company at the end of the income year (but not at the start of the next income year) and the head company’s * value for the asset at that time is taken to be equal to: (a) if the asset was * held by the head company at the start of the income year—the value of the asset at the start of the income year; or (b) otherwise—the expenditure incurred by the head company in becoming the holder of the asset.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 132 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-30", "Provision_Key": "s701-30", "Heading": "Where entity not subsidiary member for whole of income year", "Text": "Object (1) The object of this section is to provide for a method of working out how the entity core rules apply to the entity for periods in the income year when the entity is not part of the group. The method involves treating each period separately with no netting off between them. When section has effect (2) This section has effect for the entity core purposes if: (a) the entity is a * subsidiary member of the group for some but not all of an income year; and (b) there are one or more periods in the income year (each of which is a non ‑ membership period ) during which the entity is not a subsidiary member of any * consolidated group. Tax position of each non ‑ membership period to be worked out (3) For every non ‑ membership period, work out the entity’s taxable income (if any) for the period, the income tax (if any) payable on that taxable income and the entity’s loss (if any) (a non ‑ membership period loss ) of each * sort for the period. Work them out: (a) as if the start and end of the period were the start and end of the income year; and (b) ignoring the operation of this section in relation to each other non ‑ membership period (if any); and (c) so that each relevant item is either: (i) allocated to only one of the non ‑ membership periods or to a period that is all or part of the rest of the income year; or (ii) apportioned among such periods (for example, by Subdivision 716 ‑ A (see note to this subsection)). Note: Other provisions of this Part are to be applied in working out the taxable income or loss, for example: • section 701 ‑ 40 (Exit history rule); and • Subdivision 716 ‑ A (about assessable income and deductions spread over several membership or non ‑ membership periods); and • section 716 ‑ 850 (about grossing up threshold amounts for periods of less than 365 days). Subdivision 716 also affects the tax position of the head company of a group of which the entity has been a subsidiary member for some but not all of the income year. (3A) For the purposes of working out the entity’s taxable income (if any) for the non ‑ membership period, determine: (a) whether the entity can * utilise a loss of any * sort transferred to the entity in the period; and (b) if the period started at the start of the income year—whether the entity can utilise a loss of any sort: (i) made by the entity, without a transfer, for an earlier income year; or (ii) transferred to the entity in an earlier income year; as if the time just after the end of the period were the end of the income year and the entity carried on at that time the same business that it carried on just before that time. Paragraph (3)(a) has effect subject to this subsection. Note: This means that things that happen in relation to the entity at the time it becomes a subsidiary member of the group are taken into account in determining whether the entity can utilise such a loss to affect its taxable income for the non ‑ membership period. Income tax for the financial year (4) The entity’s income tax (if any) for the * financial year concerned is the total of every amount of income tax worked out for the entity under subsection (3). Taxable income for the income year (5) The entity’s taxable income for the income year is the total of every amount of taxable income worked out for the entity under subsection (3). (6) The entity’s income tax worked out under subsection (4) is taken to be payable on the entity’s taxable income for the income year worked out under subsection (5), even if the amount of the tax differs from the amount that would be worked out by reference to that taxable income apart from subsection (5). Loss for the income year (7) The entity has a loss of a particular * sort for the income year if and only if it has a non ‑ membership period loss of that sort for the non ‑ membership period (if any) ending at the end of the income year. The amount of the loss for the income year is the amount of the non ‑ membership period loss. Utilisation and transfer of non ‑ membership period loss (8) However, the provisions of this Act relating to transfer or * utilisation of a loss of any * sort have effect in relation to a non ‑ membership period loss of that sort for any non ‑ membership period as if the non ‑ membership period loss were the entity’s loss for an income year that: (a) started at the start of the period; and (b) ended at the end of the period. (9) Subsection (8) has effect not only for the entity core purposes, but also (despite subsection (2)) for other purposes. Excess franking deficit tax offset for the income year (10) For the purposes of applying section 205 ‑ 70 in relation to an income year after the income year (the current income year ) to which this section applies, the entity has an excess mentioned in paragraph 205 ‑ 70(1)(c) (about excess franking deficit tax offsets) for the current income year only if it has such an excess for the non ‑ membership period (if any) ending at the end of the current income year. The amount of the excess for the current income year is the amount of the excess for the non ‑ membership period.", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 16 of 2003 | No 107 of 2003 | No 147 of 2005 | No 164 of 2007", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-35", "Provision_Key": "s701-35", "Heading": "Tax ‑ neutral consequence for entity of ceasing to hold assets when it joins group", "Text": "(1) When the entity becomes a * subsidiary member of the group, this section has effect for the entity core purposes. Assets to which section applies (2) This section applies in relation to an asset if: (a) the asset is * trading stock of the entity just before it becomes a * subsidiary member of the group; or (b) the asset is: (i) a * registered emissions unit; and (ii) an asset of the entity; just before it becomes a subsidiary member of the group. Object (3) The object of this section is to ensure that there is no income tax consequence for the entity in respect of the asset. Note: In the case of assets other than trading stock or registered emissions units, the fact that the entity ceases to hold them when the single entity rule begins to apply to them would not constitute a disposal or other event having tax consequences for the entity. Setting value of trading stock at tax ‑ neutral amount (4) If paragraph (2)(a) applies, the * value of the * trading stock at the end of the income year that ends, or, if section 701 ‑ 30 applies, of the income year that is taken by subsection (3) of that section to end, when the entity becomes a * subsidiary member is taken to be equal to: (a) if the asset was trading stock of the entity at the start of the income year—the asset’s value at that time; or (b) if paragraph (a) does not apply and the asset is * live stock that was acquired by natural increase—the * cost of the asset; or (c) in any other case—the amount of the outgoing incurred by the entity in connection with the acquisition of the asset; increased by the amount of any outgoing forming part of the cost of the asset that was incurred by the entity during its current holding of the asset. Note: As a consequence of fixing the trading stock’s value at the end of the income year under this subsection, no election would be available under section 70 ‑ 45 to value the trading stock at that time. Setting value of registered emissions unit at tax ‑ neutral amount (5) If paragraph (2)(b) applies, the * value of the * registered emissions unit at the end of the income year that ends, or, if section 701 ‑ 30 applies, of the income year that is taken by subsection (3) of that section to end, when the entity becomes a * subsidiary member is taken to be equal to: (a) if the unit was * held by the joining entity at the start of the income year—the value of the unit at the start of the income year; or (b) otherwise—the expenditure incurred by the joining entity in becoming the holder of the unit. Note: See also section 701A ‑ 7 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 132 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-40", "Provision_Key": "s701-40", "Heading": "Exit history rule", "Text": "(1) If the entity ceases to be a * subsidiary member of the group, this section has effect for the entity core purposes, so far as they relate to any thing covered by subsection (2) (an eligible asset etc. ) after it becomes that of the entity because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the entity. Assets, liabilities and businesses covered (2) This subsection covers the following: (a) any asset; (b) any liability or other thing that, in accordance with * accounting principles, is a liability; (c) any business; that becomes that of the entity because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the entity when it ceases to be a * subsidiary member of the group. Head company history inherited (3) Everything that happened in relation to any eligible asset etc. while it was that of the * head company, including because of any application of section 701 ‑ 5 (the entry history rule), is taken to have happened in relation to it as if it had been an eligible asset etc. of the entity. Note 1: If the eligible asset etc. was brought into the group when an entity became a subsidiary member, section 701 ‑ 5 (the entry history rule) would have had the effect that things happening to the eligible asset etc. while it was that of the entity would be taken to have happened as if it was that of the head company. Such things will in turn be taken by this subsection to have happened in relation to the eligible asset etc. as if it were that of the entity that takes the asset out of the group. Note 2: Other provisions of this Part may affect the tax history that is inherited (e.g. asset cost base history is affected by section 701 ‑ 45).", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010 | No 93 of 2011", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-45", "Provision_Key": "s701-45", "Heading": "Cost of assets consisting of liabilities owed to entity by members of the group", "Text": "(1) If the entity ceases to be a * subsidiary member of the group, this section has effect for the entity core purposes, so far as they relate to the income year in which the entity ceases to be a subsidiary member or any later income year. Assets to which section applies (2) This section applies in relation to an asset if: (a) it becomes an asset of the entity because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the entity when it ceases to be a * subsidiary member of the group; and (b) the asset consists of a liability owed to the entity by a * member of the group. Object (3) The object of this section is to set the cost of the asset to enable income tax consequences for the entity in respect of the asset to be determined. Note: In the case of other assets, the fact that the entity inherits their history under section 701 ‑ 40 when the entity ceases to be a subsidiary member of the group means that the assets would be treated as having the same cost as they would for the head company at that time. However, assets consisting of liabilities do not have such a history because they are only recognised when the entity ceases to be a subsidiary member and the single entity rule ceases to apply. Setting the asset’s tax cost (4) The asset’s * tax cost is set at the time the entity ceases to be a * subsidiary member of the group at the asset’s * tax cost setting amount. Note 1: If section 701 ‑ 30 (Where entity not subsidiary member for whole of income year) applies, the time the entity ceases to be a subsidiary member will be treated as the start of an income year. Note 2: If the entity is a partnership, Subdivision 713 ‑ E sets the tax cost of a partner’s interest in an asset consisting of a liability that a member of the group owes to the partnership.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-50", "Provision_Key": "s701-50", "Heading": "Cost of certain membership interests of which entity becomes holder on leaving group", "Text": "(1) If: (a) the entity and one or more other entities cease to be * subsidiary members of the group at the same time because of an event happening in relation to one of them; and (b) when the entity ceases to be a subsidiary member, it holds an asset consisting of a * membership interest in any of the other entities; this section has effect for the entity core purposes. Object (2) The cost of any * membership interest that one of the entities holds in another is to be treated in the same way as membership interests held by the * head company. In both cases the object is to preserve the alignment of costs for membership interests and assets (that was established when each entity became a * subsidiary member) by recognising the cost of those interests, when it ceases to be a subsidiary member, as an amount equal to the cost of the entity’s assets at that time reduced by the amount of its liabilities. Setting tax cost of membership interests (3) The asset’s * tax cost is set just before the entity ceases to be a * subsidiary member of the group at the asset’s * tax cost setting amount. Note: If the asset consists of a membership interest in a partnership, Subdivision 713 ‑ E sets the tax cost of interests in partnership assets, rather than membership interests in the partnership.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 68 of 2002 | No 83 of 2004", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-55", "Provision_Key": "s701-55", "Heading": "Setting the tax cost of an asset", "Text": "(1) This section states the meaning of the expression an asset’s tax cost is set at a particular time at the asset’s * tax cost setting amount. Depreciating asset provisions (2) If any of Subdivisions 40 ‑ A to 40 ‑ D, sections 40 ‑ 425 to 40 ‑ 445 and Subdivisions 328 ‑ D and 355 ‑ E is to apply in relation to the asset, the expression means that the provisions apply as if: (a) the asset were * acquired at the particular time for a payment equal to its * tax cost setting amount; and (b) at that time the same method of working out the decline in value were chosen for the asset as applied to it just before that time; and (c) where just before that time the prime cost method applied for working out the asset’s decline in value and the asset’s tax cost setting amount does not exceed the joining entity’s * terminating value for the asset—at that time an * effective life were chosen for the asset equal to the remainder of the effective life of the asset just before that time; and (d) where just before that time the prime cost method applied for working out the asset’s decline in value and the asset’s * tax cost setting amount exceeds the joining entity’s terminating value for the asset—either: (i) the * head company were required to choose at that time an effective life for the asset in accordance with subsections 40 ‑ 95(1) and (3), and any choice of an effective life determined by the Commissioner were limited to one in force at that time; or (ii) an effective life for the asset were worked out under subsection 40 ‑ 95(7), (8), (9) or (10) at that time; and (e) where neither paragraph (c) nor (d) applies—at that time an effective life were chosen for the asset equal to the asset’s effective life just before that time. Trading stock provisions (3) If Division 70 (other than Subdivision 70 ‑ E) is to apply in relation to the asset, the expression means that the Division applies as if the asset were * trading stock at the start of the income year in which the particular time occurs and its * value at that time were equal to its * tax cost setting amount. Registered emissions unit provisions (3A) If Division 420 is to apply in relation to the asset, the expression means that the Division applies as if the asset were a * registered emissions unit at the start of the income year in which the particular time occurs, and its * value at that time were equal to the asset’s * tax cost setting amount. Qualifying security provisions (4) If Division 16E of Part III of the Income Tax Assessment Act 1936 is to apply in relation to the asset, the expression means that the Division applies as if the asset were acquired at the particular time for a payment equal to the asset’s * tax cost setting amount. Capital gain and loss provisions (5) If Part 3 ‑ 1 or 3 ‑ 3 is to apply in relation to the asset, the expression means that the Part applies as if the asset’s * cost base or * reduced cost base were increased or reduced so that the cost base or reduced cost base at the particular time equals the asset’s * tax cost setting amount. Division 230 (financial arrangements) (5A) If Division 230 is to apply in relation to the asset, the expression means that the Division applies as if the asset were acquired at the particular time for a payment equal to: (a) unless paragraph (b) applies—the asset’s * tax cost setting amount; or (b) if the asset’s tax cost is set because an entity becomes a * subsidiary member of a * consolidated group, and Subdivision 230 ‑ C (fair value method), Subdivision 230 ‑ D (foreign exchange retranslation method) or Subdivision 230 ‑ F (reliance on financial reports method) is to apply in relation to the asset—the asset’s * Division 230 starting value at the particular time. (5B) To avoid doubt, for the purposes of paragraph (5A)(b), determine the asset’s * Division 230 starting value by reference to the relevant standards (as mentioned in section 230 ‑ 230, 230 ‑ 280 or 230 ‑ 420) that apply in relation to the * head company’s financial report for the income year in which the entity becomes a subsidiary member of the group. WIP amount assets (5C) If: (a) the asset’s tax cost is set because an entity becomes a * subsidiary member of a * consolidated group at the particular time; and (b) the asset is a * WIP amount asset; the expression means that section 25 ‑ 95 applies as if the * head company had paid a * work in progress amount for the income year in which the particular time occurs equal to the * tax cost setting amount of the asset. Consumable stores (5D) If: (a) the asset’s tax cost is set because an entity becomes a * subsidiary member of a * consolidated group at the particular time; and (b) the asset is consumable stores; the expression means that, for the purposes of section 8 ‑ 1, the * head company of the group is taken to have incurred an outgoing at the particular time in acquiring the asset equal to the asset’s * tax cost setting amount. Other provisions (6) If any provision of this Act that is not mentioned above is to apply in relation to the asset by including an amount in assessable income, or by allowing an amount as a deduction, in a way that brings into account (directly or indirectly) any of the following amounts: (a) the cost of the asset; (b) outgoings incurred, or amounts paid, in respect of the asset; (c) expenditure in respect of the asset; (d) an amount of a similar kind in respect of the asset; the expression means that the provision applies, for the purpose of determining the amount included in assessable income or the amount of the deduction, as if the cost, outgoing, expenditure or other amount had been incurred or paid to acquire the asset at the particular time for an amount equal to its * tax cost setting amount. Note 2: For specific clarifications of the operation of this subsection in relation to bad debts, see Subdivision 716 ‑ S.", "Amendment_Count": 11, "First_Amended": "No 68 of 2002", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 107 of 2003 | No 58 of 2006 | No 15 of 2009 | No 56 of 2010 | No 93 of 2011 | No 132 of 2011 | No 99 of 2012 | No 110 of 2014", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-56", "Provision_Key": "s701-56", "Heading": "Application of subsection 701 ‑ 55(6)", "Text": "(1) Subsection (2) applies in relation to each asset that would be an asset of an entity at the time (the joining time ) it becomes a * subsidiary member of a * consolidated group, assuming that subsection 701 ‑ 1(1) (the single entity rule) did not apply. (1A) Subsection (2) applies only to the extent necessary for the purposes of subsection 701 ‑ 55(6) to determine whether a provision of this Act is to apply in relation to each of those assets on and after the joining time. (1B) Subsection (2) applies despite section 701 ‑ 5 (the entry history rule). (2) Treat the * head company as having acquired each of those assets at the joining time as part of acquiring the business of the joining entity as a going concern. Certain depreciating assets etc. (3) Subsection 701 ‑ 55(6) does not apply in relation to an asset if any of the following provisions are to apply in relation to the asset: (a) Subdivision 40 ‑ F (Primary production depreciating assets); (b) Subdivision 40 ‑ G (Capital expenditure of primary producers and other landholders); (c) Subdivision 40 ‑ H (Capital expenditure that is immediately deductible); (d) Subdivision 40 ‑ I (Capital expenditure that is deductible over time); (e) Subdivision 40 ‑ J (Capital expenditure for the establishment of trees in carbon sink forests); (f) Division 41 (Additional deduction for certain new business investment); (g) Division 43 (Deductions for capital works).", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 56 of 2010 | No 99 of 2012", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-56"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-58", "Provision_Key": "s701-58", "Heading": "Effect of setting the tax cost of an asset that the head company does not hold under the single entity rule", "Text": "(1) This section applies if: (a) the * tax cost of an asset was set at the time (the joining time ) an entity became a * subsidiary member of a * consolidated group, at the asset’s * tax cost setting amount; and (b) ignoring the operation of subsection 701 ‑ 1(1) (the single entity rule), the entity held the asset at the joining time; and (c) taking into account the operation of subsection 701 ‑ 1(1) (the single entity rule), the * head company of the group did not hold the asset at the joining time. Example: A debt owed by a member of the group to the joining entity at the joining time. (2) To avoid doubt, the asset’s * tax cost setting amount mentioned in paragraph (1)(a) is not to be taken into account in applying the provisions mentioned in subsections 701 ‑ 55(2), (3) (3A),, (4), (5), (5A), (5C), (5D) and (6) in relation to the asset at and after the joining time.", "Amendment_Count": 5, "First_Amended": "No 83 of 2004", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 83 of 2004 | No 15 of 2009 | No 56 of 2010 | No 132 of 2011 | No 99 of 2012", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-58"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-60", "Provision_Key": "s701-60", "Heading": "Tax cost setting amount", "Text": "The asset’s tax cost setting amount is worked out using this table. Tax cost setting amount Item If the asset’s tax cost is set by: The asset’s tax cost setting amount is: 1 section 701 ‑ 10 (Cost to head company of assets of joining entity) the amount worked out in accordance with Division 705 2 section 701 ‑ 15 (Cost to head company of membership interests in entity that leaves group) the amount worked out in accordance with section 711 ‑ 15 or 711 ‑ 55 3 section 701 ‑ 20 (Cost to head company of assets consisting of certain liabilities owed by entity that leaves group) the * market value of the asset 3A section 701 ‑ 45 (Cost of assets consisting of liabilities owed to entity by members of the group) the amount worked out in accordance with section 701 ‑ 60A 4 section 701 ‑ 50 (Cost of certain membership interests of which entity becomes holder on leaving group) the amount worked out in accordance with section 711 ‑ 55 Note 1: The tax cost setting amount of certain interests in partnership assets is worked out under Subdivision 713 ‑ E. Note 2: The tax cost setting amount of certain assets of a life insurance company is worked out under Subdivision 713 ‑ L.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 83 of 2004 | No 14 of 2018", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-60A", "Provision_Key": "s701-60a", "Heading": "Tax cost setting amount for asset emerging when entity leaves group", "Text": "(1) This section applies for the purpose of working out the * tax cost setting amount of an asset if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group (the old group ) at a time (the leaving time ); and (b) the asset’s tax cost is set under section 701 ‑ 45 because it consists of a liability (the corresponding liability ) owed to the leaving entity. (2) The * tax cost setting amount is: (a) unless subsection (3) or (4) applies—the * market value of the asset at the leaving time; or (b) if subsection (3) applies—nil; or (c) if subsection (4) applies—the least of the following amounts: (i) the tax cost setting amount mentioned in paragraph (4)(c); (ii) if the * head company of the old group was entitled to a deduction in respect of the asset for an income year ending on or before the leaving time—the tax cost setting amount mentioned in paragraph (4)(c) reduced by the amount of the deduction; (iii) the market value of the asset at the leaving time. (3) This subsection applies if: (a) the corresponding liability is not a debt; and (b) either: (i) at the time the corresponding liability arose, the entity to whom the corresponding liability was owed and the entity owing the corresponding liability were both * members of the old group; or (ii) if subparagraph (i) does not apply—after the time the corresponding liability arose, a member of the old group * acquired the asset or started to have the corresponding liability. (4) This subsection applies if: (a) the corresponding liability is not a debt; and (b) at the time the corresponding liability arose, the entity to whom the corresponding liability was owed and the entity owing the corresponding liability were not both members of the old group; and (c) the * tax cost of the asset was set under section 701 ‑ 10 at the time an entity became a * subsidiary member of the old group, at the asset’s * tax cost setting amount (whether or not section 701 ‑ 58 applied in relation to the setting of that tax cost).", "Amendment_Count": 1, "First_Amended": "No 14 of 2018", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 14 of 2018", "History_Notes": "Inserted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-60A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-61", "Provision_Key": "s701-61", "Heading": "Assets in relation to Division 230 financial arrangement—head company’s assessable income or deduction", "Text": "(1) This section applies if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group; and (b) paragraph 701 ‑ 55(5A)(b) applies in relation to one or more assets of the joining entity. (2) Work out if the total of the * Division 230 starting values for those assets exceeds or falls short of the total of their * tax cost setting amounts. (3) If there is an excess, an amount equal to 25% of that excess is included in the * head company’s assessable income for: (a) the income year in which the particular time mentioned in subsection 701 ‑ 55(5A) occurs; and (b) each of the 3 subsequent income years. (4) If there is a shortfall, the * head company is entitled to a deduction equal to 25% of that shortfall for: (a) the income year in which the particular time mentioned in subsection 701 ‑ 55(5A) occurs; and (b) each of the 3 subsequent income years.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-61"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-63", "Provision_Key": "s701-63", "Heading": "Right to future income and WIP amount asset", "Text": "(5) A right to future income is a valuable right (including a contingent right) to receive an amount if: (a) the valuable right forms part of a contract or agreement; and (b) the * market value of the valuable right (taking into account all the obligations and conditions relating to the right) is greater than nil; and (c) the valuable right is neither a * Division 230 financial arrangement nor a part of a Division 230 financial arrangement; and (d) it is reasonable to expect that an amount attributable to the right will be included in the assessable income of any entity at a later time. (6) WIP amount asset means an asset that is in respect of work (but not goods) that has been partially performed by a recipient mentioned in paragraph 25 ‑ 95(3)(b) for a third entity but not yet completed to the stage where a recoverable debt has arisen in respect of the completion or partial completion of the work.", "Amendment_Count": 2, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Repealed and substituted by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-63"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-65", "Provision_Key": "s701-65", "Heading": "Net income and losses for trusts and partnerships", "Text": "Net income of partnerships and trusts (1) If: (a) another provision of this Division applies for the purpose of: (i) working out the amount of the entity’s liability (if any) for income tax calculated by reference to an income year; or (ii) working out the amount of the entity’s taxable income for an income year; and (b) the entity is a trust or partnership; the provision instead applies in a corresponding way for the purpose of working out the amount of the entity’s net income, as defined in the Income Tax Assessment Act 1936 , (if any) for the income year. Note: Subsection 701 ‑ 30(3) requires non ‑ membership periods mentioned in that subsection to be treated as the start and end of an income year. This section would therefore also apply to those periods. Partnership losses (2) If: (a) another provision of this Division applies for the purpose of working out the amount of the entity’s loss (if any) of a particular * sort for an income year; and (b) the entity is a partnership; the provision instead applies in a corresponding way for the purpose of working out the amount of an entity’s partnership loss, as defined in section 90 of the Income Tax Assessment Act 1936 , (if any) for the income year. Note: The provision applies normally to a trust, as it can have a loss of any sort worked out in the same way as a loss of the same sort for an entity of another kind.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-67", "Provision_Key": "s701-67", "Heading": "Assets in this Part are CGT assets, etc.", "Text": "This Part applies to an asset only if the asset is one or more of the following: (a) a * CGT asset; (b) a * revenue asset; (c) a * depreciating asset; (d) * trading stock; (e) a thing that is or is part of a * Division 230 financial arrangement.", "Amendment_Count": 1, "First_Amended": "No 99 of 2012", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 99 of 2012", "History_Notes": "Inserted by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-67"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-70", "Provision_Key": "s701-70", "Heading": "Adjustments to taxable income where identities of parties to arrangement merge on joining group", "Text": "Section applies to certain arrangements (1) This section applies for the head company core purposes and the entity core purposes if, just before the time (the joining time ) when the entity becomes a * subsidiary member of the group, an * arrangement is in force under which: (a) expenditure is to be, or has been, incurred in return for the doing of some thing; and (b) the persons incurring the expenditure and * deriving the corresponding amount (each of which is a combining entity ) are the entity and either: (i) another entity that became a subsidiary member at the same time; or (ii) the * head company. Note 1: If expenditure incurred under an arrangement consists of a payment of loan interest or a payment of a similar kind, the expenditure would be incurred in return for the making available or continued making available of the loan principal, or other amount of a similar kind, under the arrangement. Note 2: If expenditure incurred under an arrangement consists of a payment of rent, a lease payment or a payment of a similar kind, the expenditure would be incurred in return for the making available or continued making available of the thing rented or leased, or other thing of a similar kind, under the arrangement. Note 3: If expenditure incurred under an arrangement consists of a payment of an insurance premium or a payment of a similar kind, the expenditure would be incurred in return for the provision or continued provision of insurance against the risk concerned, or of a thing of a similar kind, under the arrangement. Object (2) The object of this section is to align the income tax position of the combining entities at the joining time, because after that time they lose their separate tax identities under the single entity rule in subsection 701 ‑ 1(1) and this would preserve any imbalance. Adjustment for disproportionate deductibility (3) If the total of a combining entity’s deductions that are allowable for: (a) the following income year (the joining adjustment year ): (i) if the combining entity is the * head company and the joining time occurs at the start of an income year—the income year before that income year; (ii) if the combining entity is the head company and subparagraph (i) does not apply—the income year in which the joining time occurs; (iii) in any other case—the income year that ends, or, if section 701 ‑ 30 applies, the income year that is taken by subsection (3) of that section to end, at the joining time; and (b) all earlier income years; is not equal to the amount worked out under subsection (4), then: (c) if the total is less—the entity is entitled to deduct the difference for the joining adjustment year; and (d) if it is more—the entity’s assessable income for the joining adjustment year includes the difference. Pre ‑ joining time proportion of total arrangement deductions (4) The amount is worked out using the formula: where: pre ‑ joining time services proportion means the proportion of all things to be done under the arrangement in return for the incurring of the expenditure represented by those things that were done before the joining time. total arrangement deductions means the total of the deductions that, ignoring this Part (other than subsection (7) of this section), would be allowable for expenditure incurred by the combining entity under the arrangement for all income years. Adjustment for disproportionate assessability (5) If the total of the amounts included in a combining entity’s assessable income in respect of amounts * derived under the arrangement for the joining adjustment year and all earlier income years is not equal to the amount worked out under subsection (6): (a) if the total is less—the entity’s assessable income for the joining adjustment year includes the difference; and (b) if it is more—the entity is entitled to deduct the difference for the joining adjustment year. Pre ‑ joining time proportion of total arrangement assessable income (6) The amount is worked out using the formula: where: pre ‑ joining time services proportion has the same meaning as in subsection (4). total arrangement assessable income means the total of the amounts that, ignoring this Part (other than subsection (7) of this section), would be included in the combining entity’s assessable income for amounts * derived by it under the arrangement for all income years. Modified application of section if combining entities previously members of same group (7) If the combining entities were * members of the same * consolidated group (whether or not the group to which this section applies) on one or more previous occasions, this section applies in relation to the entities as if: (a) the only things to be done under the arrangement in return for the incurring of the expenditure were those things to be done after the entities ceased to be members of the same group on the previous occasion or the last of the previous occasions; and (b) the only deductions allowable to an entity for expenditure incurred by it under the arrangement, and the only amounts included in an entity’s assessable income in respect of amounts * derived under the arrangement, were: (i) if the entity was the * head company of the consolidated group of which the combining entities were members on the previous occasion or last of the previous occasions—those for the income year, in which the previous occasion or the last of the previous occasions occurred, that are attributable to the period after that occasion and those for all later income years; and (ii) in any other case—those for the income year that started, or, if section 701 ‑ 30 applies, the income year that is taken by subsection (3) of that section to have started, when the entity ceased to be a * subsidiary member of the group on the previous occasion or the last of the previous occasions and those for all later income years.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-75", "Provision_Key": "s701-75", "Heading": "Adjustments to taxable income where identities of parties to arrangement re ‑ emerge on leaving group", "Text": "Section applies to certain arrangements (1) This section applies for the head company core purposes and the entity core purposes if the entity ceases to be a * subsidiary member of the group and, just before the time (the leaving time ) when it does so, an * arrangement is in force under which: (a) expenditure is to be, or has been, incurred in return for the doing of some thing; and (b) the persons incurring the expenditure and * deriving the corresponding amount (each of which is a separating entity ) are the entity and either: (i) another entity that ceases to be a subsidiary member at the same time; or (ii) the * head company. Note: The notes to subsection 701 ‑ 70(1) on the application of that subsection to expenditure under certain kinds of arrangements are equally applicable for the purposes of this subsection. Object (2) The object of this section is to align the income tax position of the separating entities at the leaving time, because from that time they have separate tax identities as a result of the single entity rule in subsection 701 ‑ 1(1) ceasing to apply, and this may create an imbalance. Adjustment for disproportionate deductibility (3) If the total of the deductions that are or will be allowable for expenditure incurred by the separating entity under the arrangement for: (a) the following income year (the leaving adjustment year ): (i) if the separating entity is the * head company—the income year in which the leaving time occurs; (ii) in any other case—the income year that starts, or, if section 701 ‑ 30 applies, the income year that is taken by subsection (3) of that section to start, at the leaving time; and (b) all later income years; is not equal to the amount worked out under subsection (4), the deductions are adjusted so that they do equal the amount. Post ‑ leaving time proportion of total arrangement deductions (4) The amount is worked out using the formula: where: post ‑ leaving time services proportion means the proportion of all things to be done under the arrangement in return for the incurring of the expenditure represented by those things that are to be done after the leaving time. total arrangement deductions means the total of the deductions that, ignoring this Part, would be allowable for expenditure incurred by the separating entity under the arrangement for all income years. Adjustment for disproportionate assessability (5) If the total of the amounts that are or will be included in its assessable income in respect of amounts * derived under the arrangement for the leaving adjustment year and all later income years is not equal to the amount worked out under subsection (6), the amounts that are or will be included in its assessable income are adjusted so that they do equal the amount worked out under subsection (6). Post ‑ leaving time proportion of total arrangement assessable income (6) The amount is worked out using the formula: where: post ‑ leaving time services proportion has the same meaning as in subsection (4). total arrangement assessable income means the total of the amounts that, ignoring this Part, would be included in the separating entity’s assessable income for amounts * derived by it under the arrangement for all income years.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-80", "Provision_Key": "s701-80", "Heading": "Accelerated depreciation", "Text": "(1) This section has effect for the head company core purposes when the entity becomes a * subsidiary member of the group. Object (2) The object of this section is to preserve any entitlement to accelerated depreciation for assets that become those of the * head company because subsection 701 ‑ 1(1) (the single entity rule) applies when the entity becomes a * subsidiary member of the group. This is only to apply where the asset’s * tax cost setting amount is not more than the entity’s * terminating value for the asset. Section applies to certain depreciating assets (3) This section applies if: (a) a * depreciating asset to which Division 40 applies becomes that of the * head company because subsection 701 ‑ 1(1) (the single entity rule) applies when the entity becomes a * subsidiary member of the group; and (b) just before the entity became a subsidiary member, subsection 40 ‑ 10(3) or 40 ‑ 12(3) of the Income Tax (Transitional Provisions) Act 1997 applied for the purpose of the entity working out the asset’s decline in value under Division 40; and Note: The effect of those subsections was to preserve an entitlement to accelerated depreciation. (c) the * tax cost setting amount that applies in relation to the asset for the purposes of section 701 ‑ 10 when it becomes an asset of the head company is not more than the entity’s * terminating value for the asset. Preservation of accelerated depreciation (4) While the asset is held by the * head company under subsection 701 ‑ 1(1) (the single entity rule), the decline in its value under Division 40 is worked out by replacing the component in the formula in subsection 40 ‑ 70(1) or 40 ‑ 75(1) that includes the asset’s * effective life with the rate that would apply under subsection 42 ‑ 160(1) or 42 ‑ 165(1) of this Act if it had not been amended by the New Business Tax System (Capital Allowances) Act 2001 .", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 107 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 701-85", "Provision_Key": "s701-85", "Heading": "Other exceptions etc. to the rules", "Text": "The operation of each provision of this Division is subject to any provision of this Act that so requires, either expressly or impliedly. Note: An example of such a provision is Division 707 (about the transfer of certain losses to the head company of a consolidated group). That Division modifies the effect that the inheritance of history rule in section 701 ‑ 5 would otherwise have.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s701-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-1", "Provision_Key": "s703-1", "Heading": "What this Division is about", "Text": "A consolidated group and a consolidatable group each consists of a head company and all the companies, trusts and partnerships that: (a) are resident in Australia; and (b) are wholly ‑ owned subsidiaries of the head company (either directly or through other companies, trusts and partnerships). A consolidatable group becomes consolidated at a time chosen by the company that was the head company at the time. Table of sections Basic concepts 703 ‑ 5 What is a consolidated group ? 703 ‑ 10 What is a consolidatable group ? 703 ‑ 15 Members of a consolidated group or consolidatable group 703 ‑ 20 Certain entities that cannot be members of a consolidated group or consolidatable group 703 ‑ 25 Australian residence requirements for trusts 703 ‑ 30 When is one entity a wholly ‑ owned subsidiary of another? 703 ‑ 33 Transfer time for sale of shares in company 703 ‑ 35 Treating entities as wholly ‑ owned subsidiaries by disregarding employee shares 703 ‑ 37 Disregarding certain preference shares following an ADI restructure 703 ‑ 40 Treating entities held through non ‑ fixed trusts as wholly ‑ owned subsidiaries 703 ‑ 45 Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group Choice to consolidate a consolidatable group 703 ‑ 50 Choice to consolidate a consolidatable group Consolidated group created when MEC group ceases to exist 703 ‑ 55 Creating consolidated groups from certain MEC groups Notice of events affecting consolidated group 703 ‑ 58 Notice of choice to consolidate 703 ‑ 60 Notice of events affecting consolidated group Effects of choice to continue group after shelf company becomes new head company 703 ‑ 65 Application 703 ‑ 70 Consolidated group continues in existence with interposed company as head company and original entity as a subsidiary member 703 ‑ 75 Interposed company treated as substituted for original entity at all times before the completion time 703 ‑ 80 Effects on the original entity’s tax position", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-5", "Provision_Key": "s703-5", "Heading": "What is a consolidated group ?", "Text": "(1) A consolidated group comes into existence: (a) on the day specified in a choice by a company under section 703 ‑ 50 as the day on and after which a * consolidatable group is taken to be consolidated; or (b) as described in section 703 ‑ 55 (about creating a consolidated group from a * MEC group). Note: The day specified in a choice under section 703 ‑ 50 as the day on and after which a consolidatable group is taken to be consolidated may be a day before the choice is made. (2) The consolidated group continues to exist until the * head company of the group: (a) ceases to be a head company; or (b) becomes a member of a * MEC group. The consolidated group ceases to exist when one of those events happens to the head company. Note: The group does not cease to exist in some cases where a shelf company is interposed between the head company and its former members: see subsection 615 ‑ 30(2) and section 703 ‑ 70. (3) At any time while it is in existence, the consolidated group consists of the * head company and all of the * subsidiary members (if any) of the group at the time. Note: A consolidated group continues to exist despite one or more entities ceasing to be subsidiary members of the group or becoming subsidiaries of the group, as long as the events described in subsection (2) do not happen to the head company. Thus a consolidated group may come to consist of a head company alone at various times.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 133 of 2014", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-10", "Provision_Key": "s703-10", "Heading": "What is a consolidatable group ?", "Text": "(1) A consolidatable group consists of: (a) a single * head company; and (b) all the * subsidiary members of the group. (2) To avoid doubt, a consolidatable group cannot consist of a * head company alone.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-15", "Provision_Key": "s703-15", "Heading": "Members of a consolidated group or consolidatable group", "Text": "(1) An entity is a member of a * consolidated group or * consolidatable group while the entity is: (a) the * head company of the group; or (b) a * subsidiary member of the group. (2) At a particular time in an income year, an entity is: (a) a head company if all the requirements in item 1 of the table are met in relation to the entity; or (b) a subsidiary member of a * consolidated group or * consolidatable group if all the requirements in item 2 of the table are met in relation to the entity: Head companies and subsidiary members of groups Column 1 Entity’s role in relation to group Column 2 Income tax treatment requirements Column 3 Australian residence requirements Column 4 Ownership requirements 1 Head company The entity must be a company (but not one covered by section 703 ‑ 20) that has all or some of its taxable income (if any) taxed at a rate that is or equals the * corporate tax rate The entity must be an Australian resident (but not a * prescribed dual resident) The entity must not be a * wholly ‑ owned subsidiary of another entity that meets the requirements in columns 2 and 3 of this item or, if it is, it must not be a subsidiary member of a * consolidatable group or * consolidated group 2 Subsidiary member The requirements are that: (a) the entity must be a company, trust or partnership (but not one covered by section 703 ‑ 20); and (b) if the entity is a company—all or some of its taxable income (if any) must be taxable apart from this Part at a rate that is or equals the * corporate tax rate; and (c) the entity must not be a non ‑ profit company (as defined in the Income Tax Rates Act 1986 ) The entity must: (a) be an Australian resident (but not a * prescribed dual resident), if it is a company; or (b) comply with section 703 ‑ 25, if it is a trust; or (c) be a partnership The entity must be a * wholly ‑ owned subsidiary of the head company of the group and, if there are interposed between them any entities, the set of requirements in section 703 ‑ 45, section 701C ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C ‑ 15 of that Act must be met", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 97 of 2008", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-20", "Provision_Key": "s703-20", "Heading": "Certain entities that cannot be members of a consolidated group or consolidatable group", "Text": "(1) The object of this section is to specify certain entities that cannot be * members of a * consolidated group because of the way their income is treated for income tax purposes. (2) An entity of a kind specified in an item of the table cannot be a * member of a * consolidated group or a * consolidatable group at a time in an income year if the conditions specified in the item exist: Certain entities that cannot be members of a consolidated or consolidatable group Item An entity of this kind: Cannot be a member of a consolidated group or consolidatable group if: 1 An entity of any kind At the time, the total * ordinary income and * statutory income of the entity is exempt from income tax under Division 50 2 A company The company is a recognised medium credit union (as defined in section 6H of the Income Tax Assessment Act 1936 ) for the income year 3 A company The company: (a) is an approved credit union for the income year for the purposes of section 23G of the Income Tax Assessment Act 1936 ; and (b) is not a recognised medium credit union (as defined in section 6H of that Act) or a recognised large credit union (as defined in that section) for the income year 4 A company The company is a * CCIV at any time during the income year 5 A company The company is a * PDF at the end of the income year 7 A trust The trust is: (a) a * complying superannuation entity for the income year; or (b) a * non ‑ complying approved deposit fund or a * non ‑ complying superannuation fund for the income year 8 A trust The trust is a * CCIV sub ‑ fund trust Note: A subsidiary of a life insurance company cannot be a member of a consolidated group or consolidatable group in certain circumstances: see section 713 ‑ 510. (3) Item 8 of the table in subsection (2) of this section has effect despite section 713 ‑ 130 (which enables a public trading trust to form a consolidated group).", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 8 of 2022", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 9 of 2007 | No 136 of 2012 | No 8 of 2022", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 136 of 2012, effective Sch 7 (items 7–9): 22 Sept 2012 (s 2(1) item 37) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-25", "Provision_Key": "s703-25", "Heading": "Australian residence requirements for trusts", "Text": "A trust described in an item of the table must meet the requirements specified in the item to be able to be a * subsidiary member of a * consolidated group or a * consolidatable group at a time in an income year: Australian residence requirements for trusts Item A trust of this kind: Can be a member of a consolidated group or consolidatable group only if these requirements are met: 1 A trust (except a unit trust) The trust must be a resident trust estate for the income year for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 2 A unit trust (except a * public trading trust for the income year) The trust must be: (a) a resident trust estate for the income year for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 ; and (b) a * resident trust for CGT purposes for the income year 3 A * public trading trust for the income year The trust must be a * resident unit trust for the income year", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 68 of 2002 | No 41 of 2005 | No 53 of 2016", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-30", "Provision_Key": "s703-30", "Heading": "When is one entity a wholly ‑ owned subsidiary of another?", "Text": "(1) One entity (the subsidiary entity ) is a wholly ‑ owned subsidiary of another entity (the holding entity ) if all the * membership interests in the subsidiary entity are beneficially owned by: (a) the holding entity; or (b) one or more wholly ‑ owned subsidiaries of the holding entity; or (c) the holding entity and one or more wholly ‑ owned subsidiaries of the holding entity. (2) An entity (other than the subsidiary entity) is a wholly ‑ owned subsidiary of the holding entity if, and only if: (a) it is a wholly ‑ owned subsidiary of the holding entity; or (b) it is a wholly ‑ owned subsidiary of a wholly ‑ owned subsidiary of the holding entity; because of any other application or applications of this section. Note: This Part also operates in some cases as if an entity were a wholly ‑ owned subsidiary of another entity, even though the entity is not covered by the definition in this section because of: (a) ownership of shares under certain arrangements for employee shareholding (see section 703 ‑ 35); or (aa) ownership of certain preference shares following an ADI restructure (see section 703 ‑ 37); or (b) interposed trusts that are not fixed trusts (see section 703 ‑ 40). (3) For the purposes of this section, one entity is not prevented from being the beneficial owner of a * membership interest in another entity merely because the first entity is or becomes: (a) a Chapter 5 body corporate within the meaning of the Corporations Act 2001 ; or (b) an entity with a status under a * foreign law similar to the status of a Chapter 5 body corporate under the Corporations Act 2001 .", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 11 of 2016", "Amending_Acts": "No 68 of 2002 | No 23 of 2005 | No 117 of 2007 | No 11 of 2016", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 11 of 2016, effective Sch 2 (items 274–277): 1 Mar 2017 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-33", "Provision_Key": "s703-33", "Heading": "Transfer time for sale of shares in company", "Text": "(1) This section applies if: (a) under a contract: (i) a person (the seller ) stops being entitled to be registered as the holder of a * share in a company at a time (the transfer time ); and (ii) another person (the buyer ) becomes entitled to be registered as the holder of the share in the company at the transfer time; and (b) as a result of the contract, the seller stops being the beneficial owner of the share, and the buyer becomes the beneficial owner of the share; and (c) the seller and the buyer dealt with each other at * arm’s length in relation to the contract; and (d) the seller and the buyer were not * associates of one another at any time during the period: (i) starting when the contract was entered into; and (ii) ending at the transfer time. (2) For the purposes of subsection 703 ‑ 30(1): (a) the seller is taken to have stopped being the beneficial owner of the share at the transfer time; and (b) the buyer is taken to have become the beneficial owner of the share at the transfer time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-33"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-35", "Provision_Key": "s703-35", "Heading": "Treating entities as wholly ‑ owned subsidiaries by disregarding employee shares", "Text": "(1) The object of this section is to ensure that an entity (the first entity ) is not prevented from being a * subsidiary member of a * consolidated group or * consolidatable group just because there are minor holdings of * membership interests in an entity (the employee share scheme entity ) issued under * arrangements for employee shareholdings. (It does not matter whether the employee share scheme entity is the first entity or is interposed between the first entity and a * member of the group.) Note: A company that is prevented from being a subsidiary member of a consolidated group may be a head company (so there could be 2 consolidated or consolidatable groups, instead of the one that this section ensures exists). (2) This Part (except Division 719) operates as if an entity that meets the requirement of subsection (3) at a particular time were a * wholly ‑ owned subsidiary of an entity (the holding entity ) at the time. (3) The entity must be one that would be a * wholly ‑ owned subsidiary of the holding entity at the time if the * membership interests in the entity that are to be disregarded under subsection (4) did not exist. (4) Disregard: (a) each of the * shares described in subsection (5) if the total number of those shares is not more than 1% of the number of ordinary shares in the company; and (b) each of the * membership interests in an entity described in subsection (5) if the total number of those membership interests is not more than 1% of the number of membership interests of that kind in the entity. (5) A * share or * membership interest in a company may be disregarded under subsection (4) if: (a) the entity who holds the beneficial interest in the share or membership interest acquired that beneficial interest: (i) under an * employee share scheme; or (ii) by exercising a right, a beneficial interest in which was acquired under an employee share scheme; and (b) paragraphs 83A ‑ 105(1)(a) and (b) and subsection 83A ‑ 105(2) apply to the beneficial interest acquired under the scheme; and (c) in the case of a membership interest—the interest is part of a stapled security.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 68 of 2002 | No 56 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-37", "Provision_Key": "s703-37", "Heading": "Disregarding certain preference shares following an ADI restructure", "Text": "(1) The object of this section is to ensure that, following an * ADI restructure to which Part 4A of the Financial Sector (Transfer and Restructure) Act 1999 applies, a body corporate is not prevented from being a * subsidiary member of a * consolidated group or * consolidatable group just because the body (or another body corporate) has issued, or issues, certain preference * shares. (2) This Part (except Division 719) operates as if a body corporate that meets the requirement of subsection (3) at a particular time were a * wholly ‑ owned subsidiary of another body corporate (the holding body ) at the time. (3) The body corporate (the preference ‑ share issuing body ) must be one that would be a * wholly ‑ owned subsidiary of the holding body at the time if the * shares in the preference share ‑ issuing body that are to be disregarded under subsection (4) did not exist. (4) Disregard a * share in the preference ‑ share issuing body if: (a) a restructure instrument under Part 4A of the Financial Sector (Transfer and Restructure) Act 1999 is in force in relation to a non ‑ operating holding company within the meaning of that Act; and (b) because of the restructure to which the instrument relates, an * ADI becomes a subsidiary (within the meaning of that Act) of the non ‑ operating holding company; and (c) the preference share ‑ issuing body is: (i) the ADI; or (ii) part of an extended licensed entity (within the meaning of the * prudential standards) that includes the ADI; and (d) the shares are covered by subsection (5). (5) A * share is covered by this subsection if: (a) the share is a preference share; and (b) any * return on the share is fixed at the time of issue by reference to the amount subscribed; and (c) the share is not a * voting share; and (d) either: (i) the share is Tier 1 capital (within the meaning of the * prudential standards); or (ii) the share would be Tier 1 capital (within the meaning of the prudential standards) were it not for a limit, imposed by those standards, on the proportion of Tier 1 capital that can be made up of such shares. (6) Paragraph (5)(a) covers a preference share if it is issued: (a) by itself; or (b) in combination with one or more * schemes that are * related schemes in relation to a scheme under which a preference share is issued. (7) If subsection (5) has covered a * share, but would (apart from this subsection) stop covering the share from a particular time, then for a period of 180 days after that time the subsection is taken to continue to cover the share.", "Amendment_Count": 2, "First_Amended": "No 117 of 2007", "Last_Amended": "No 10 of 2018", "Amending_Acts": "No 117 of 2007 | No 10 of 2018", "History_Notes": "Inserted by No 117 of 2007, effective 28 June 2007 | Amended by No 10 of 2018, effective Sch 7 (items 4–11): 5 Mar 2018 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-40", "Provision_Key": "s703-40", "Heading": "Treating entities held through non ‑ fixed trusts as wholly ‑ owned subsidiaries", "Text": "(1) This section operates to ensure that an entity (the test entity ) is not prevented from being a * subsidiary member of a * consolidated group or * consolidatable group just because there is a trust that is not a * fixed trust interposed between the test entity and the * head company of the group. (2) This Part (except Division 719) operates as if the test entity were a * wholly ‑ owned subsidiary of the * head company if the test entity would have been a wholly ‑ owned subsidiary of the head company had the interposed trust been a * fixed trust and all its objects been beneficiaries.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-45", "Provision_Key": "s703-45", "Heading": "Subsidiary members or nominees interposed between the head company and a subsidiary member of a consolidated group or a consolidatable group", "Text": "(1) This section describes, for the purposes of item 2, column 4 of the table in subsection 703 ‑ 15(2), a set of requirements that must be met for an entity (the test entity ) to be a * subsidiary member of a * consolidated group or a * consolidatable group at a particular time (the test time ). (2) At the test time, each of the interposed entities must either: (a) be a * subsidiary member of the group; or (b) hold * membership interests in: (i) the test entity; or (ii) a subsidiary member of the group interposed between the * head company of the group and the test entity; only as a nominee of one or more entities each of which is a * member of the group.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-50", "Provision_Key": "s703-50", "Heading": "Choice to consolidate a consolidatable group", "Text": "(1) A company may make a choice in writing that a * consolidatable group is taken to be consolidated on and after a day that is specified in the choice and is after 30 June 2002, if the company was the * head company of the group on the day specified. Note: The head company of the group must give the Commissioner a notice in the approved form containing information about the group (see sections 703 ‑ 58 and 703 ‑ 60). Choice is irrevocable (2) The choice cannot be revoked, and the specification of the day cannot be amended, after the choice is made under subsection (1). (3) The choice can be made no later than: (a) if the company is required to give the Commissioner its * income tax return for the income year during which the specified day mentioned in subsection (1) occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return. Choice has no effect after consolidated group ceases to exist (4) The choice does not have effect after the * consolidated group that came into existence because of the choice ceases to exist. To avoid doubt, this subsection does not prevent the choice from: (a) being made by the company at a time when it is not a head company; or (b) having effect in relation to a time before the consolidated group ceased to exist, even if that time is before the choice is made. Choice does not have effect if company is a member of a MEC group (7) The choice does not have effect (and is taken not to have had effect) if, on the day specified, the company was a member of a * MEC group.", "Amendment_Count": 7, "First_Amended": "No 68 of 2002", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 56 of 2010 | No 14 of 2012 | No 18 of 2012 | No 96 of 2014 | No 43 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 18 of 2012, effective Sch 5 (items 2–5) and Sch 6 (item 8): 1 July 2012 (s 2(1) items 11, 14) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 43 of 2019, effective Sch 2 (items 79–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-55", "Provision_Key": "s703-55", "Heading": "Creating consolidated groups from certain MEC groups", "Text": "(1) A * consolidated group comes into existence at the time a * MEC group ceases to exist if: (a) the MEC group included only one * eligible tier ‑ 1 company just before the time; and (b) the MEC group ceases to exist only because the company ceases to be an eligible tier ‑ 1 company; and (c) the company is a * head company as defined in section 703 ‑ 15 at the time. (2) To avoid doubt, the * consolidated group consists at the time of: (a) the company (as the * head company of the consolidated group); and (b) every entity (if any) that was a * subsidiary member of the * MEC group just before that time (as a subsidiary member of the consolidated group).", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-58", "Provision_Key": "s703-58", "Heading": "Notice of choice to consolidate", "Text": "(1) If a * consolidated group comes into existence on the day specified in a choice under section 703 ‑ 50, the * head company of the group must give the Commissioner a notice in the * approved form containing the following information: (a) the identity of the head company; (b) the day specified in the choice on which the * consolidatable group is taken to be consolidated; (c) the identity of each * subsidiary member of the group on that day; (d) the identity of each entity that was a subsidiary member of the group on that day but was not such a subsidiary member when the notice is given; (e) the identity of each entity that was not a subsidiary member of the group on that day but was such a subsidiary member when the notice is given; (f) the identity of each entity that became a subsidiary member of the group after that day but was not such a subsidiary member when the notice is given. (2) The notice must be given no later than: (a) if the * head company is required to give the Commissioner its * income tax return for the income year during which that day occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-58"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-60", "Provision_Key": "s703-60", "Heading": "Notice of events affecting consolidated group", "Text": "(1) Within 28 days of an event described in an item of the table, the entity described in column 3 of the item must give the Commissioner notice in the * approved form of the event. Notice of events Column 1 Item Column 2 If this event happens: Column 3 Notice must be given by: 1 An entity becomes a * member of a * consolidated group The * head company of the consolidated group 2 An entity ceases to be a * subsidiary member of a * consolidated group The * head company of the group, or the person who was its public officer just before it ceased to exist if the former subsidiary member ceases to be a * member of the group because the head company ceases to exist 3 A * consolidated group ceases to exist The company that was the * head company of the group, or the person who was its public officer just before it ceased to exist if it ceases to be the head company of the group because it ceases to exist (2) Despite subsection (1), if: (a) an event described in subsection (1) happens in relation to a * consolidated group that comes into existence on the day specified in a choice under section 703 ‑ 50; and (b) the event happens before the relevant notice is given to the Commissioner under section 703 ‑ 58 (notice of choice to consolidate); the * head company of the consolidated group must give the Commissioner notice in the * approved form of the event. (2A) The notice must be given no later than: (a) if the * head company is required to give the Commissioner its * income tax return for the income year during which that day occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return. (3) Despite subsection (1), if: (a) an event described in subsection (1) happens in relation to a * consolidated group that comes into existence at a time under subsection 703 ‑ 55(1) because a * MEC group ceased to exist at that time; and (b) the * MEC group came into existence under paragraph 719 ‑ 5(1)(a) because a choice under section 719 ‑ 50 is made after that time; and (c) the event happens before the relevant notice is given to the Commissioner under section 719 ‑ 76 (notice of choice to consolidate); the * head company of the consolidated group must give the Commissioner notice in the * approved form of the event. (4) The notice must be given no later than: (a) if the * head company is required to give the Commissioner its * income tax return for the income year during which that day occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 83 of 2004 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-65", "Provision_Key": "s703-65", "Heading": "Application", "Text": "Sections 703 ‑ 70 to 703 ‑ 80 set out the effects if a company (the interposed company ) chooses under subsection 615 ‑ 30(2) that a * consolidated group is to continue in existence at and after the time referred to in that subsection as the completion time. Note: The choice is one of the conditions for a compulsory roll ‑ over under Division 615 on an exchange of shares in the head company of a consolidated group for shares in the interposed company.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 117 of 2002 | No 133 of 2014", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-70", "Provision_Key": "s703-70", "Heading": "Consolidated group continues in existence with interposed company as head company and original entity as a subsidiary member", "Text": "(1) The * consolidated group is taken not to have ceased to exist under subsection 703 ‑ 5(2) because the company referred to in subsection 615 ‑ 30(2) as the original entity ceases to be the * head company of the group. (2) To avoid doubt, the interposed company is taken to have become the * head company of the * consolidated group at the completion time, and the original entity is taken to have ceased to be the head company at that time. Note: A further result is that the original entity is taken to have become a subsidiary member of the group at that time. Section 703 ‑ 80 deals with the original entity’s tax position for the income year that includes the completion time. (3) A provision of this Part that applies on an entity becoming a * subsidiary member of a * consolidated group does not apply to an entity being taken to have become such a member as a result of this section, unless the provision is expressed to apply despite this subsection. Note: An example of the effect of this subsection is that there is no resetting under section 701 ‑ 10 of the tax cost of assets of the original entity that become assets of the interposed company because of subsection 701 ‑ 1(1) (the single entity rule). (4) To avoid doubt, subsection (3) does not affect the application of subsection 701 ‑ 1(1) (the single entity rule).", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 117 of 2002 | No 133 of 2014", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-75", "Provision_Key": "s703-75", "Heading": "Interposed company treated as substituted for original entity at all times before the completion time", "Text": "(1) Everything that happened in relation to the original entity before the completion time: (a) is taken to have happened in relation to the interposed company instead of in relation to the original entity; and (b) is taken to have happened in relation to the interposed company instead of what would (apart from this section) be taken to have happened in relation to the interposed company before that time; just as if, at all times before the completion time: (c) the interposed company had been the original entity; and (d) the original entity had been the interposed company. Note: This section treats the original entity and the interposed company as having in effect exchanged identities throughout the period before the completion time, but without affecting any of the original entity’s other attributes. (2) To avoid doubt, subsection (1) also covers everything that, immediately before the completion time, was taken, because of: (a) section 701 ‑ 1 (Single entity rule); or (b) section 701 ‑ 5 (Entry history rule); or (c) one or more previous applications of this section; or (d) section 719 ‑ 90 (about the effects of a change of head company of a MEC group); or (e) section 719 ‑ 125 (about the effects of a group conversion involving a MEC group); to have happened in relation to the original entity. (3) Subsections (1) and (2) have effect: (a) for the head company core purposes in relation to an income year ending after the completion time; and (b) for the entity core purposes in relation to an income year ending after the completion time; and (c) for the purposes of determining the respective balances of the * franking accounts of the original entity and the interposed company at and after the completion time. (4) Subsections (1) and (2) have effect subject to: (a) section 701 ‑ 40 (Exit history rule); and (b) a provision of this Act to which section 701 ‑ 40 is subject because of section 701 ‑ 85 (about exceptions to the core rules in Division 701). Note: An example of provisions covered by paragraph (b) of this subsection is Subdivision 717 ‑ E (about transferring to a company leaving a consolidated group various surpluses under the CFC rules in Part X of the Income Tax Assessment Act 1936 ).", "Amendment_Count": 6, "First_Amended": "No 117 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 117 of 2002 | No 16 of 2003 | No 147 of 2005 | No 56 of 2010 | No 114 of 2010 | No 133 of 2014", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 703-80", "Provision_Key": "s703-80", "Heading": "Effects on the original entity’s tax position", "Text": "In applying section 701 ‑ 30 to the original entity for the income year that includes the completion time, disregard a non ‑ membership period that starts before the completion time. Note 1: Section 701 ‑ 30 is about working out an entity’s tax position for a period when it is not a subsidiary member of any consolidated group. Its application can also affect the entity’s tax position in later income years. Note 2: Under section 703 ‑ 75 the interposed company inherits the original entity’s tax position for the part of the income year that ends before the completion time, with the consequence that the original entity’s taxable income, income tax payable, and losses of any sort, for that part are each nil. Because of section 703 ‑ 75 and this section, the only tax payable by the original entity for the income year arises because of the application of section 701 ‑ 30 to non ‑ membership periods in the income year after the completion time.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 133 of 2014", "Amending_Acts": "No 117 of 2002 | No 133 of 2014", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s703-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-1", "Provision_Key": "s705-1", "Heading": "What this Division is about", "Text": "When an entity becomes a subsidiary member of a consolidated group, the tax cost of its assets is set at a tax cost setting amount that is worked out in accordance with this Division. Table of Subdivisions 705 ‑ A Basic case: a single entity joining an existing consolidated group 705 ‑ B Case of group formation 705 ‑ C Case where a consolidated group is acquired by another 705 ‑ D Where multiple entities are linked by membership interests 705 ‑ E Adjustments for errors etc.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-5", "Provision_Key": "s705-5", "Heading": "What this Subdivision is about", "Text": "When an entity becomes a subsidiary member of an existing consolidated group, the tax cost setting amount for its assets reflects the cost to the group of acquiring the entity. Table of sections Application and object 705 ‑ 10 Application and object of this Subdivision 705 ‑ 15 Cases where this Subdivision does not have effect Tax cost setting amount for assets that joining entity brings into joined group 705 ‑ 20 Tax cost setting amount worked out under this Subdivision 705 ‑ 25 Tax cost setting amount for retained cost base assets 705 ‑ 27 Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets 705 ‑ 30 What is the joining entity’s terminating value for an asset? 705 ‑ 35 Tax cost setting amount for reset cost base assets 705 ‑ 40 Tax cost setting amount for reset cost base assets held on revenue account etc. 705 ‑ 45 Reduction in tax cost setting amount for accelerated depreciation assets 705 ‑ 47 Reduction in tax cost setting amount for some privatised assets 705 ‑ 55 Order of application of sections 705 ‑ 40, 705 ‑ 45 and 705 ‑ 47 705 ‑ 56 Modification for tax cost setting in relation to leases 705 ‑ 57 Adjustment to tax cost setting amount where loss of pre ‑ CGT status of membership interests in joining entity 705 ‑ 58 Assets and liabilities not set off against each other 705 ‑ 59 Exception: treatment of linked assets and liabilities How to work out the allocable cost amount 705 ‑ 60 What is the joined group’s allocable cost amount for the joining entity? 705 ‑ 62 No double counting of amounts in allocable cost amount 705 ‑ 65 Cost of membership interests in the joining entity—step 1 in working out allocable cost amount 705 ‑ 70 Liabilities of the joining entity—step 2 in working out allocable cost amount 705 ‑ 75 Liabilities of the joining entity—reductions for purposes of step 2 in working out allocable cost amount 705 ‑ 76 Liability arising from transfer or assignment of securitised assets 705 ‑ 80 Liabilities of the joining entity—reductions/increases for purposes of step 2 in working out allocable cost amount 705 ‑ 85 Liabilities of the joining entity—increases for purposes of step 2 in working out allocable cost amount 705 ‑ 90 Undistributed, taxed profits accruing to joined group before joining time—step 3 in working out allocable cost amount 705 ‑ 93 If pre ‑ joining time roll ‑ over from foreign resident company or head company—step 3A in working out allocable cost amount 705 ‑ 95 Pre ‑ joining time distributions out of certain profits—step 4 in working out allocable cost amount 705 ‑ 100 Losses accruing to joined group before joining time—step 5 in working out allocable cost amount 705 ‑ 102 FRT disallowed amounts accruing to joined group before joining time—step 5A in working out allocable cost amount 705 ‑ 105 Continuity of holding membership interests—steps 3 to 5A in working out allocable cost amount 705 ‑ 110 If joining entity transfers a loss to the head company—step 6 in working out allocable cost amount 705 ‑ 112 If joining entity transfers a FRT disallowed amount to the head company—step 6A in working out allocable cost amount 705 ‑ 115 If head company becomes entitled to certain deductions—step 7 in working out allocable cost amount How to work out a pre ‑ CGT factor for assets of joining entity 705 ‑ 125 Pre ‑ CGT proportion for joining entity", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-10", "Provision_Key": "s705-10", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision has effect, subject to section 705 ‑ 15, for the head company core purposes set out in subsection 701 ‑ 1(2) if an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group (the joined group ) at a particular time (the joining time ). Object (2) The object of this Subdivision is to recognise the * head company’s cost of becoming the holder of the joining entity’s assets as an amount reflecting the group’s cost of acquiring the entity. That amount consists of the cost of the group’s * membership interests in the joining entity, increased by the joining entity’s liabilities and adjusted to take account of the joining entity’s retained profits, distributions of profits, deductions and losses. (3) The reason for recognising the * head company’s cost in this way is to align the costs of assets with the costs of * membership interests, and to allow for the preservation of this alignment until the entity ceases to be a * subsidiary member, in order to: (a) prevent double taxation of gains and duplication of losses; and (b) remove the need to adjust costs of membership interests in response to transactions that shift value between them, as the required adjustments occur automatically. Note: Under Division 711, the alignment is preserved by recognising the head company’s cost of membership interests in the entity if it ceases to be a subsidiary member of the group as the cost of its assets reduced by its liabilities.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-15", "Provision_Key": "s705-15", "Heading": "Cases where this Subdivision does not have effect", "Text": "This Subdivision does not have effect if any of the following exceptions applies: (a) the first exception is where the joining entity becomes a * member of the joined group because it is a member of that group at the time it comes into existence as a * consolidated group; Note: See Subdivision 705 ‑ B for rules about the treatment of assets if entities become members in circumstances covered by this exception. (b) the second exception is where all of the members of another consolidated group become members of the joined group as a result of the * acquisition of * membership interests in the * head company of the joining group; Note: See Subdivision 705 ‑ C for rules about the treatment of assets if entities become members in circumstances covered by this exception. (c) the third exception is where: (i) the joining entity and one or more other entities become members of the joined group at the same time as a result of an event that happens in relation to one of them; and (ii) the case is not covered by the second exception; Note: See Subdivision 705 ‑ D for rules about the treatment of assets if entities become members in circumstances covered by this exception.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-20", "Provision_Key": "s705-20", "Heading": "Tax cost setting amount worked out under this Subdivision", "Text": "If this Subdivision has effect, for the purposes of item 1 in the table in section 701 ‑ 60 (Tax cost setting amount) the * tax cost setting amount for an asset whose * tax cost is set at the time the joining entity becomes a * subsidiary member of the joined group is worked out under this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-25", "Provision_Key": "s705-25", "Heading": "Tax cost setting amount for retained cost base assets", "Text": "(1) This section states what the * tax cost setting amount is for a * retained cost base asset. Australian currency (2) If the * retained cost base asset is covered by paragraph (a), (b) or (ba) of the definition of that expression and is not covered by another subsection of this section, its * tax cost setting amount is equal to the amount of the Australian currency concerned. Qualifying securities (3) If the * retained cost base asset is a qualifying security (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 ), the * tax cost setting amount for the qualifying security is instead equal to the joining entity’s * terminating value for the asset. Entitlements to pre ‑ paid services etc. (4) If the * retained cost base asset is covered by paragraph (c) of the definition of that expression, its * tax cost setting amount is equal to the amount of the deductions to which the * head company is entitled under section 701 ‑ 5 (the entry history rule) in respect of the expenditure that gave rise to the entitlement. Note: If the total amount to be treated as tax cost setting amounts for retained cost base assets exceeds the joined group’s allocable cost amount for the joining entity, the head company makes a capital gain equal to the excess: see CGT event L3. Financial arrangements to which Subdivision 250 ‑ E applies (4A) The * tax cost setting amount is instead equal to the joining entity’s * terminating value for the * retained cost base asset if the asset is a * financial arrangement to which Subdivision 250 ‑ E applies immediately before the joining time. Rights to payments in respect of uncompleted work etc. (4B) If the * retained cost base asset is covered by paragraph (d) or (e) of the definition of that expression, its * tax cost setting amount is equal to the joining entity’s * terminating value for the asset. Retained cost base asset (5) A retained cost base asset is: (a) Australian currency, other than * trading stock or * collectables of the joining entity; or (b) a right to receive a specified amount of such Australian currency, other than a right that is a marketable security within the meaning of section 70B of the Income Tax Assessment Act 1936 ; or Example: A debt or a bank deposit. (ba) a unit in a * cash management trust, if: (i) the redemption value of the unit is expressed in Australian dollars; and (ii) the redemption value of the unit cannot increase; or (c) a right to have something done under an * arrangement under which: (i) expenditure has been incurred in return for the doing of the thing; and (ii) the thing is required or permitted to be done, or to cease being done, after the expenditure is incurred; or (d) a * right to future income (other than a * WIP amount asset); or (e) a * depreciating asset that the joining entity * holds as a result of a * balancing adjustment event mentioned in paragraph 417 ‑ 30(2)(b). Note 1: There are some additional retained cost base assets for a joining entity that is a life insurance company: see Subdivision 713 ‑ L. The tax cost setting amount for those assets is worked out under that Subdivision. Note 2: The joining entity’s right to receive lease payments under a lease is treated as a retained cost base asset in some circumstances (see paragraph 705 ‑ 56(3)(b)).", "Amendment_Count": 9, "First_Amended": "No 68 of 2002", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 23 of 2005 | No 164 of 2007 | No 56 of 2010 | No 41 of 2011 | No 99 of 2012 | No 59 of 2019 | No 127 of 2021", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Amended by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-27", "Provision_Key": "s705-27", "Heading": "Reduction in tax cost setting amount that exceeds market value of certain retained cost base assets", "Text": "(1) If: (a) a * retained cost base asset of the joining entity is a right to receive a specified amount of such Australian currency, covered by paragraph 705 ‑ 25(5)(b); and (b) the * market value of the asset is less than the * tax cost setting amount of the asset; and (c) the head company makes a * capital gain under * CGT event L3 (disregarding this subsection) as a result of the joining entity becoming a * subsidiary member of the group; reduce the tax cost setting amount of the asset by the amount of the gain (but not below zero). Note: Reducing the tax cost setting amount of the asset will also reduce the amount of the capital gain (see paragraph 104 ‑ 510(1)(b)). The amount of the capital gain might be reduced to nil. (2) If: (a) the requirements in subsection 701 ‑ 58(1) (intra ‑ group assets) are satisfied in relation to the asset; and (b) the joining entity has been entitled to a deduction for an income year ending on or before the joining time because of the * market value of the asset being less than the specified amount mentioned in paragraph (1)(a); and (c) the accounting liability that corresponds to the asset has not been reduced under subsection 705 ‑ 75(2); reduce the amount of the reduction under subsection (1) by the amount of the deduction (but not below zero). (3) If the * tax cost setting amount of 2 or more of the joining entity’s assets could be reduced in accordance with subsections (1) and (2): (a) subsections (1) and (2) apply sequentially to each of those assets; and (b) the * head company may choose the sequence of assets to which subsections (1) and (2) apply; and (c) if the head company does not make such a choice—subsections (1) and (2) apply sequentially to each of those assets according to the time at which they were created, from earliest to latest. Note: Once the amount of the capital gain is reduced to nil as a result of the application of subsections (1) and (2), no further reductions of tax cost setting amount can be made under those subsections. (4) A choice the * head company can make under paragraph (3)(b) must be made: (a) by the day the head company lodges its * income tax return for the income year in which the * CGT event happened; or (b) within a further time allowed by the Commissioner. (5) The way the * head company prepares its * income tax return is sufficient evidence of the making of the choice.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-30", "Provision_Key": "s705-30", "Heading": "What is the joining entity’s terminating value for an asset?", "Text": "Trading stock (1) If an asset of the joining entity is * trading stock, the joining entity’s terminating value for the asset is: (a) if the asset was on hand at the start of the income year in which the joining time occurs (including because of the operation of Division 701)—its * value at that time; or (b) if paragraph (a) does not apply and the asset is * live stock that was acquired by natural increase—the * cost of the asset; or (c) in any other case—the amount of the outgoing incurred by the joining entity in connection with the acquisition of the asset; increased by the amount of any outgoing forming part of the cost of the asset that is incurred by the joining entity during its current holding of the asset. Registered emissions units (1A) If an asset of the joining entity is a * registered emissions unit, the joining entity’s terminating value for the unit is equal to: (a) if the unit was * held by the joining entity at the start of the income year—the * value of the unit at the start of the income year; or (b) otherwise—the expenditure incurred by the joining entity in becoming the holder of the unit. Qualifying securities (2) If an asset of the joining entity is a qualifying security (within the meaning of Division 16E of Part III of the Income Tax Assessment Act 1936 ) that is not * trading stock, the joining entity’s terminating value for the asset is equal to the amount of consideration that the joining entity would need to receive, if it were to dispose of the asset just before the joining time, without an amount being assessable income of, or deductible to, the joining entity under section 159GS of the Income Tax Assessment Act 1936 . Depreciating assets (3) If an asset of the joining entity is a * depreciating asset to which Division 40 applies, the joining entity’s terminating value for the asset is equal to the asset’s * adjustable value just before the joining time. Financial arrangements to which Subdivision 250 ‑ E applies (3A) If an asset of the joining entity is a * financial arrangement to which Subdivision 250 ‑ E applies, the joining entity’s terminating value for the asset is equal to the amount of consideration that the joining entity would need to receive, if it were to dispose of the asset just before the joining time, without an amount being assessable income of, or deductible to, the joining entity under Subdivision 250 ‑ E. Division 230 financial arrangements (3B) If an asset of the joining entity is or is part of a * Division 230 financial arrangement, the joining entity’s terminating value for the asset is equal to the amount of consideration that the joining entity would need to receive, if it were to dispose of the asset just before the joining time, without an amount being assessable income of, or deductible to, the joining entity under Division 230. Other CGT assets (4) If an asset of the joining entity is a * CGT asset that is not covered by any of the above subsections, the joining entity’s terminating value for the asset is equal to the asset’s * cost base just before the joining time. Other assets (5) The joining entity’s terminating value for any other asset that it holds is the amount that would be the asset’s * cost base just before the joining time if it were an asset covered by subsection (4).", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 15 of 2017", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 164 of 2007 | No 15 of 2009 | No 132 of 2011 | No 15 of 2017", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-35", "Provision_Key": "s705-35", "Heading": "Tax cost setting amount for reset cost base assets", "Text": "(1) For each asset of the joining entity (a reset cost base asset ) that is not a * retained cost base asset, the asset’s * tax cost setting amount is worked out by: (a) first working out the joined group’s * allocable cost amount for the joining entity in accordance with section 705 ‑ 60; and (b) then reducing that amount by the total of the * tax cost setting amounts for each retained cost base asset (but not below zero); and (c) finally, allocating the result to each of the joining entity’s reset cost base assets in proportion to their * market values. Note 1: For an asset consisting of an entitlement to receive an amount that will be included in assessable income, the market value of the asset would take into account the tax payable on the amount. Note 1A: If a set of linked assets and liabilities includes one or more reset cost base assets, section 705 ‑ 59 may affect how this section applies. In particular, that section may exclude the application of paragraph 705 ‑ 35(1)(b) to retained cost base assets in the set; this in turn may affect the application of CGT event L3. Note 2: If there are no reset cost base assets, the result is instead treated as a capital loss of the head company: see CGT event L4. Goodwill resulting from ownership and control of the joining entity (3) If, just after the joining time, the * head company has, because of its ownership and control of the joining entity, a goodwill asset associated with assets or businesses of the joined group: (a) for the head company core purposes, the asset’s * tax cost is set at the joining time at its * tax cost setting amount; and (b) for the purpose of doing so: (i) the asset is taken to be an asset of the joining entity that becomes an asset of the head company because subsection 701 ‑ 1(1) (the single entity rule) applies; and (ii) it is taken to have a * market value just before the joining time of an amount equal to its market value just after the joining time.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 67 of 2003 | No 56 of 2010 | No 99 of 2012", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-40", "Provision_Key": "s705-40", "Heading": "Tax cost setting amount for reset cost base assets held on revenue account etc.", "Text": "(1) The * tax cost setting amount for a reset cost base asset that is * trading stock, a * depreciating asset, a * registered emissions unit or a * revenue asset must not exceed the greater of: (a) the asset’s * market value; and (b) the joining entity’s * terminating value for the asset. (2) If subsection (1) reduces the asset’s * tax cost setting amount, the amount of the reduction is allocated among the other reset cost base assets (including other * trading stock, * depreciating assets, * registered emissions units and * revenue assets), so as to increase their tax cost setting amounts, in accordance with the principles set out in subsection (3). Note: If any of the amount of the reduction cannot be allocated, it is instead treated as a capital loss of the head company: see CGT event L8. (3) These are the principles: (a) the allocation is to be in proportion to the * market values of the assets; (b) the amount allocated to an item of * trading stock, to a * depreciating asset, to a * registered emissions unit or to a * revenue asset must not cause its * tax cost setting amount to contravene subsection (1); (c) any of the amount that cannot be allocated is to be reallocated, to the maximum extent possible, among the remaining reset cost base assets by applying this subsection a further one or more times.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 99 of 2012", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 107 of 2003 | No 132 of 2011 | No 99 of 2012", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-45", "Provision_Key": "s705-45", "Heading": "Reduction in tax cost setting amount for accelerated depreciation assets", "Text": "(1) If: (a) an asset of the joining entity is a * depreciating asset to which Division 40 applies; and (aa) just before the entity became a subsidiary member, subsection 40 ‑ 10(3) or 40 ‑ 12(3) of the Income Tax (Transitional Provisions) Act 1997 applied for the purposes of the joining entity working out the asset’s decline in value under Division 40; and Note: The effect of those subsections was to preserve an entitlement to accelerated depreciation. (b) the asset’s * tax cost setting amount would be greater than the joining entity’s * terminating value for the asset; and (c) the * head company chooses to apply this section to the asset; the asset’s tax cost setting amount is reduced so that it equals the terminating value. Note 1: A consequence of the choice is that accelerated depreciation will apply to the asset: see section 701 ‑ 80. Note 2: Unlike the position with a reduction in tax cost setting amount under section 705 ‑ 40, the amount of the reduction is not re ‑ allocated among other assets. (2) If: (a) an asset of the joining entity is a * depreciating asset to which Division 40 applies; and (b) any of the following has applied before the joining entity became a * subsidiary member for the purposes of working out the asset’s decline in value under Division 40: (i) section 40 ‑ 82; (ii) Subdivision 40 ‑ BA of the Income Tax (Transitional Provisions) Act 1997 ; (iii) Subdivision 40 ‑ BB of that Act; and (c) the asset’s * tax cost setting amount would be greater than the joining entity’s * terminating value for the asset; the asset’s tax cost setting amount is reduced so that it equals the terminating value. Note 1: The provisions referred to in paragraph (b) provide for an accelerated decline in value of certain assets. Note 2: Unlike the position with a reduction in tax cost setting amount under section 705 ‑ 40, the amount of the reduction is not re ‑ allocated among other assets.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 107 of 2003 | No 22 of 2020 | No 92 of 2020", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 22 of 2020, effective Sch 1 (items 1–14), Sch 2 (items 1–6) and Sch 4 (items 12–22): 25 Mar 2020 (s 2(1) items 2, 4) Sch 3 (items 1, 2): 24 Mar 2020 (s 2(1) item 3) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-47", "Provision_Key": "s705-47", "Heading": "Reduction in tax cost setting amount for some privatised assets", "Text": "Object (1) The object of this section is to limit appropriately the amount the * head company of the joined group can deduct for a * depreciating asset it starts to * hold because the joining entity becomes a * subsidiary member of the group, by reference to the direct or indirect effect of the following provisions on the amount the joining entity could deduct for the asset: (a) former section 61A of the Income Tax Assessment Act 1936 (about depreciation deductions for tax ‑ exempt entities that become taxable); (b) former Subdivision 57 ‑ I, and Subdivision 57 ‑ J, in Schedule 2D to the Income Tax Assessment Act 1936 (about depreciation and capital allowance deductions); (c) Division 58 of this Act (as that Division applies to a transition time or acquisition time mentioned in that Division before, on or after 1 July 2001). Reduction of tax cost setting amount (2) The * tax cost setting amount for a * depreciating asset is reduced to the joining entity’s * terminating value for the asset if: (a) at a time before the joining entity became a * subsidiary member of the joined group, the asset was * held by an entity (whether the joining entity or another entity) that, at that time, was: (i) an * exempt Australian government agency; or (ii) another entity whose * ordinary income and * statutory income were exempt from income tax; and (b) any of the following provisions directly or indirectly affected the amount the joining entity could deduct for the asset: (i) former section 61A of the Income Tax Assessment Act 1936 (about depreciation deductions for tax ‑ exempt entities that become taxable); (ii) former Subdivision 57 ‑ I, and Subdivision 57 ‑ J, in Schedule 2D to the Income Tax Assessment Act 1936 (about depreciation and * capital allowance deductions); (iii) Division 58 of this Act (as that Division applies to a transition time or acquisition time mentioned in that Division before, on or after 1 July 2001); and (c) apart from this section, the tax cost setting amount for the asset would exceed the joining entity’s terminating value for the asset. Note 1: Unlike the position with a reduction in tax cost setting amount under section 705 ‑ 40, the amount of the reduction is not re ‑ allocated among other assets. Note 2: Former section 61A of, or former Subdivision 57 ‑ I or Subdivision 57 ‑ J in Schedule 2D to, the Income Tax Assessment Act 1936 or Division 58 of this Act may, for example, have indirectly affected the amount the joining entity could deduct for the asset because: (a) that section, Subdivision or Division affected the amount that could be deducted by an entity that held the asset before the joining entity and that effect extended to the joining entity because of a previous application of this subsection, roll ‑ over relief or section 701 ‑ 40 (the exit history rule); or (b) this subsection affected the amount the joining entity could deduct for the asset (either directly or because of section 701 ‑ 40). Note 3: Subsection (2) has effect even if, just before the joining time, the joining entity was: (a) an exempt Australian government agency; or (b) another entity whose ordinary income and statutory income were exempt from income tax. This is because section 715 ‑ 900 causes Division 58 to apply as if, just before the joining time, the joining entity’s ordinary income or statutory income had become assessable income to some extent. Exception to reduction of tax cost setting amount (3) Subsection (2) does not apply if: (a) just before the joining time, the joining entity was neither an * exempt Australian government agency nor another entity whose * ordinary income and * statutory income were exempt from income tax; and (b) a condition in subsection (4) or (5) is met in relation to the period (the pre ‑ joining taxable period ) between the last time for which the condition in paragraph (2)(a) is met and the joining time. (4) One condition for subsection (2) not to apply is that an amount was included in an entity’s assessable income, or an entity could deduct an amount, because of a * balancing adjustment event that occurred for the asset during the pre ‑ joining taxable period. (5) Another condition for subsection (2) not to apply is that: (a) for at least some of the pre ‑ joining taxable period, the asset was * held by the * head company of a * consolidated group (the earlier group ) for the period (the earlier group period ): (i) starting when (and because) an entity that had previously held the asset became a * subsidiary member of the earlier group or when the asset started to be held by that company because of an asset sale situation described in subsection 58 ‑ 5(4) involving a * member of the earlier group as the purchaser mentioned in that subsection; and (ii) ending when (and because) an entity ceased to be a subsidiary member of the earlier group or when the earlier group ceased to exist; and (b) the company that was the head company of the earlier group just before the end of the earlier group period was not : (i) an * associate of the head company of the joined group just before the joining time; or (ii) the same company as the head company of the joined group; and (c) the earlier group period was at least 24 months.", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 83 of 2004 | No 101 of 2006", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-55", "Provision_Key": "s705-55", "Heading": "Order of application of sections 705 ‑ 40, 705 ‑ 45 and 705 ‑ 47", "Text": "If more than one of sections 705 ‑ 40, 705 ‑ 45 and 705 ‑ 47 apply: (a) the * head company may choose the order in which the sections are to apply; and (b) if it does not, the order is as follows: (i) first, section 705 ‑ 40; (ii) second, section 705 ‑ 45; (iii) third, section 705 ‑ 47.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 68 of 2002 | No 83 of 2004 | No 56 of 2010 | No 64 of 2020", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-56", "Provision_Key": "s705-56", "Heading": "Modification for tax cost setting in relation to leases", "Text": "Application of this section (1) This section applies if, just before the joining time, the joining entity is the lessor or lessee under a lease of a * depreciating asset (the underlying asset ) to which Division 40 applies. Joining entity is lessor (2) If the joining entity is the lessor under the lease and * holds the underlying asset just before the joining time, subsection (5) applies, in relation to the joining entity, to the asset that is the joining entity’s right to receive lease payments. Note: In this situation, the underlying asset will have its tax cost set at the joining time because it would be an asset of the joining entity at that time if the single entity rule did not apply (see section 701 ‑ 10). (3) If the joining entity is the lessor under the lease and does not * hold the underlying asset just before the joining time: (a) subsection (5) applies to the underlying asset in relation to the joining entity; and (b) for the purposes of this Division: (i) the joining entity’s right to receive lease payments is taken to be a * retained cost base asset; and (ii) the * tax cost setting amount of that retained cost base asset is taken to be equal to its * market value just before the joining time. Note: In this situation, the asset that is the joining entity’s right to receive lease payments will have its tax cost set at the joining time because it would be an asset of the joining entity at that time if the single entity rule did not apply (see section 701 ‑ 10). Joining entity is lessee (4) If the joining entity is the lessee under the lease and does not * hold the underlying asset just before the joining time: (a) subsection (5) applies to the underlying asset in relation to the joining entity; and (b) the liability that is the lessee’s obligation to make lease payments is not taken into account under subsection 705 ‑ 70(1). Note: If the joining entity is the lessee under the lease and holds the underlying asset just before the joining time: (a) the underlying asset will have its tax cost set at the joining time because it would be an asset of the joining entity at that time if the single entity rule did not apply (see section 701 ‑ 10); and (b) the liability that is the lessee’s obligation to make lease payments is taken into account under subsection 705 ‑ 70(1). Tax cost of certain assets set at nil (5) If this subsection applies to an asset, in relation to the joining entity: (a) the asset is not taken into account under paragraph 705 ‑ 35(1)(b) or (c); and (b) the asset’s * tax cost setting amount is taken to be nil.", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 23 of 2005 | No 56 of 2010 | No 127 of 2021", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-56"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-57", "Provision_Key": "s705-57", "Heading": "Adjustment to tax cost setting amount where loss of pre ‑ CGT status of membership interests in joining entity", "Text": "Object (1) The object of this section is to ensure that provisions that cause * membership interests in the joining entity to stop being * pre ‑ CGT assets, with a resultant increase in their * cost base and * reduced cost base, do not increase * tax cost setting amounts for * trading stock, * depreciating assets, * registered emissions units or * revenue assets of the joining entity, where those amounts are above the joining entity’s * terminating values for the assets. When section applies (2) This section applies if: (a) a * membership interest that a * member of the joined group holds in the joining entity at the joining time had previously stopped being a * pre ‑ CGT asset in the circumstances covered by any of subsections (3) to (5); and (b) the * cost base or * reduced cost base of the membership interest just after it stopped being a pre ‑ CGT asset exceeded (the excess being the loss of pre ‑ CGT status adjustment amount ) its cost base or reduced cost base just before it stopped being a pre ‑ CGT asset; and (c) an asset (a revenue etc. asset ) that is * trading stock, a * depreciating asset, a * registered emissions unit or a * revenue asset becomes that of the * head company of the joined group because subsection 701 ‑ 1(1) (the single entity rule) applies when the joining entity becomes a * subsidiary member of the group; and (d) the revenue etc. asset’s * tax cost setting amount (after any application of section 705 ‑ 40, 705 ‑ 45 or 705 ‑ 47) exceeds the joining entity’s * terminating value for the asset. Loss of pre ‑ CGT status because Division 149 etc. applied while interest held by member (3) The first circumstance for the purpose of paragraph (2)(a) is where Division 149 of this Act, former subsection 160ZZS(1) of the Income Tax Assessment Act 1936 or Subdivision C of Division 20 of former Part IIIA of that Act applied to cause the * membership interest to stop being a * pre ‑ CGT asset while the * member held the membership interest. Loss of pre ‑ CGT status because Division 149 etc. applied before current holding by member (4) The second circumstance for the purpose of paragraph (2)(a) is where: (a) either: (i) the * member * acquired the * membership interest directly from another entity; or (ii) the member acquired the membership interest indirectly from another entity or from itself as a result of 2 or more acquisitions; and (b) Division 149 of this Act, former subsection 160ZZS(1) of the Income Tax Assessment Act 1936 or Subdivision C of Division 20 of former Part IIIA of that Act applied to cause the membership interest to stop being a * pre ‑ CGT asset while the other entity held the membership interest or while the member held the membership interest on the previous occasion; and (c) if subparagraph (a)(i) applies—at the time of the acquisition, the member * controlled (for value shifting purposes) the other entity, or vice versa, or a third entity controlled (for value shifting purposes) the member and the other entity; and (d) if subparagraph (a)(ii) applies—the same entity: (i) was a party to each acquisition and at the time of the acquisition controlled (for value shifting purposes) the other party; or (ii) was a party to each acquisition and at the time of the acquisition was controlled (for value shifting purposes) by the other party; or (iii) was not a party to each acquisition but, at the time of the acquisition, controlled (for value shifting purposes) the parties to the acquisition; or any combination of subparagraphs (i) to (iii) occurred in relation to different acquisitions. Loss of pre ‑ CGT status because of acquisition from another entity (5) The third circumstance for the purpose of paragraph (2)(a) is where: (a) either: (i) the * member acquired the * membership interest after 16 May 2002 directly from another entity; or (ii) the member acquired the membership interest indirectly from another entity or from itself as a result of 2 or more acquisitions, all of which took place after 16 May 2002; and (b) the membership interest stopped being a * pre ‑ CGT asset because of the acquisition from the other entity or from the member while the member held the membership interest on a previous occasion; and (c) if subparagraph (a)(i) applies—at the time of the acquisition, the member * controlled (for value shifting purposes) the other entity, or vice versa, or a third entity controlled (for value shifting purposes) the member and the other entity; and (d) if subparagraph (a)(ii) applies—the same entity: (i) was a party to each acquisition and at the time of the acquisition controlled (for value shifting purposes) the other parties; or (ii) was a party to each acquisition and at the time of the acquisition was controlled (for value shifting purposes) by the other party; or (iii) was not a party to each acquisition but, at the time of the acquisition, controlled (for value shifting purposes) the parties to the acquisition; or any combination of subparagraphs (i) to (iii) occurred in relation to different acquisitions. Reduction in revenue etc. asset’s tax cost setting amount (6) The revenue etc. asset’s * tax cost setting amount (after any application of section 705 ‑ 40, 705 ‑ 45 or 705 ‑ 47) is instead the amount that would apply if, in working out the step 1 amount in the table in section 705 ‑ 60, the * cost base and * reduced cost base of the * membership interest were reduced by the sum of the loss of pre ‑ CGT status adjustment amounts for the membership interest and all other membership interests that have loss of pre ‑ CGT status adjustment amounts. Limit on reduction (7) However, the reduction only takes place to the extent that it does not result in the asset’s * tax cost setting amount being less than the joining entity’s * terminating value for the asset. Note: The reduction under this section is converted into a capital loss available over a period of 5 income years starting with the income year in which the joining time occurs: see CGT event L1.", "Amendment_Count": 5, "First_Amended": "No 117 of 2002", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 117 of 2002 | No 83 of 2004 | No 101 of 2006 | No 56 of 2010 | No 132 of 2011", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-57"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-58", "Provision_Key": "s705-58", "Heading": "Assets and liabilities not set off against each other", "Text": "(1) This Part applies separately to each asset and liability even if, in accordance with * accounting principles, they are required to be set off against each other. (2) This section has effect subject to section 705 ‑ 59.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 67 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-58"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-59", "Provision_Key": "s705-59", "Heading": "Exception: treatment of linked assets and liabilities", "Text": "(1) This section applies to each set of * linked assets and liabilities that the joining entity has immediately before the joining time. (2) One or more assets, and one or more liabilities, that an entity has constitute a set of linked assets and liabilities of the entity if, and only if, in accordance with the entity’s * accounting principles for tax cost setting: (a) the total of the one or more assets is to be set off against the total of the one or more liabilities in preparing statements of the entity’s financial position; and (b) the net amount after the set ‑ off is to be recognised in those statements. (3) If the set consists only of one reset cost base asset for the purposes of section 705 ‑ 35, and one or more liabilities: (a) first, work out the total (the available amount ) that, apart from this section and the accounting requirement referred to in subsection (2) of this section, would be taken into account under subsection 705 ‑ 70(1) (about step 2 in working out the allocable cost amount) for the one or more liabilities; and (b) next, work out the consequences under this table. Treatment of linked assets and liabilities: single reset cost base asset case Item If the asset’s * market value at the joining time: This is the result for the asset: This is the result for the one or more liabilities: 1 is less than or equal to the available amount its * tax cost setting amount is that market value (and the asset is not taken into account under paragraph 705 ‑ 35(1)(c)) only the difference (if any) is taken into account under subsection 705 ‑ 70(1) for the one or more liabilities 2 is greater than the available amount its * tax cost setting amount is: (a) the available amount; plus (b) the amount worked out for the asset under section 705 ‑ 35 on the basis that the asset’s * market value is reduced by the available amount the one or more liabilities are not taken into account under subsection 705 ‑ 70(1) Note: Paragraph 705 ‑ 35(1)(c) allocates the allocable cost amount (as reduced by the tax cost setting amounts of retained cost base assets) among the joining entity’s reset cost base assets. (4) If the set consists only of one or more * retained cost base assets and one or more liabilities, this section does not affect their treatment. Note: This is because the tax cost setting amount for a retained cost base asset is worked out without regard to the allocable cost amount. (5) In any other case: (a) first, work out the available amount under paragraph (3)(a); and (b) next, work out the consequences under this table. Treatment of linked assets and liabilities: all other cases Item In this case: This is the result for the one or more assets in the set: This is the result for the one or more liabilities in the set: 1 there is no * retained cost base asset in the set, and the total of the respective * market values (at the joining time) of the assets in the set is less than or equal to the available amount the * tax cost setting amount of each of the assets is that asset’s market value at the joining time (and none of them is taken into account under paragraph 705 ‑ 35(1)(c)) only the difference (if any) is taken into account under subsection 705 ‑ 70(1) 2 there is no * retained cost base asset in the set, and the total of the respective * market values (at the joining time) of the assets in the set is greater than the available amount the * tax cost setting amount of each of the assets is the sum of: (a) a share of the available amount that is proportionate to that asset’s market value at the joining time; and (b) the amount worked out for the asset under section 705 ‑ 35 on the basis that the asset’s market value at the joining time is reduced by the share referred to in paragraph (a) none is taken into account under subsection 705 ‑ 70(1) 3 there are one or more * retained cost base assets in the set, and the total of their respective * tax cost setting amounts is greater than or equal to the available amount this section does not affect the treatment of the one or more assets in the set this section does not affect the treatment of the one or more liabilities in the set 4 there are one or more * retained cost base assets in the set, and the total (the retained cost base total ) of their respective * tax cost setting amounts is less than the available amount the one or more retained cost base assets are not taken into account under paragraph 705 ‑ 35(1)(b); the * tax cost setting amount of each remaining asset in the set is worked out by applying item 1 or 2, as appropriate, of this table on the basis that: (a) the available amount is reduced by the retained cost base total; and (b) the one or more retained cost base assets are otherwise ignored the available amount is reduced by the retained cost base total Note 1: Paragraph 705 ‑ 35(1)(b) reduces the allocable cost amount by the tax cost setting amounts of retained cost base assets. Item 4 of the table in this subsection excludes the application of paragraph 705 ‑ 35(1)(b) to retained cost base assets in the set; this in turn may affect the application of CGT event L3. Note 2: Paragraph 705 ‑ 35(1)(c) then allocates the reduced allocable cost amount among the joining entity’s reset cost base assets. (6) In applying subsections (3), (4) and (5) of this section, disregard an asset covered by subsection 705 ‑ 35(2) (assets that do not have a tax cost setting amount). (7) This section does not affect the application of sections 705 ‑ 40, 705 ‑ 45 and 705 ‑ 47 (which adjust the tax cost setting amount for a reset cost base asset).", "Amendment_Count": 3, "First_Amended": "No 67 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 67 of 2003 | No 83 of 2004 | No 56 of 2010", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-59"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-60", "Provision_Key": "s705-60", "Heading": "What is the joined group’s allocable cost amount for the joining entity?", "Text": "Work out the joined group’s allocable cost amount for the joining entity in this way: Working out the joined group’s allocable cost amount for the joining entity Step What the step requires Purpose of the step 1 Start with the step 1 amount worked out under section 705 ‑ 65, which is about the cost of * membership interests in the joining entity held by * members of the joined group To ensure that the allocable cost amount includes the cost of * acquiring the membership interests 2 Add to the result of step 1 the step 2 amount worked out under section 705 ‑ 70, which is about the value of the joining entity’s liabilities To ensure that the joining entity’s liabilities at the joining time, which are part of the joined group’s cost of acquiring the joining entity, are reflected in the allocable cost amount 3 Add to the result of step 2 the step 3 amount worked out under: (a) section 705 ‑ 90, which is about undistributed, taxed profits accruing to the joined group before the joining time; or (b) if the joining entity is a trust (and not a * corporate tax entity)—section 713 ‑ 25, which is about undistributed, realised profits accruing to the joined group before the joining time that could be distributed tax free To increase the allocable cost amount: (a) to reflect the undistributed, taxed profits and so prevent double taxation; or (b) if the joining entity is a trust—to reflect the undistributed, realised profits that could be distributed tax free 3A For each step 3A amount (if any) under section 705 ‑ 93 (which is about pre ‑ joining time roll ‑ overs): (a) if the step 3A amount is a * deferred roll ‑ over loss—add to the result of step 3 (as affected by any previous application of this step) the step 3A amount; or (b) if the step 3A amount is a * deferred roll ‑ over gain—subtract from the result of step 3 (as affected by any previous application of this step) the step 3A amount To adjust for certain roll ‑ overs before the joining time affecting deferred gains and losses 4 Subtract from the result of step 3A the step 4 amount worked out under section 705 ‑ 95, which is about pre ‑ joining time distributions out of certain profits To prevent the allocable cost amount reflecting return of part of the amount paid to * acquire the * membership interests in the joining entity 5 Subtract from the result of step 4 the step 5 amount worked out under section 705 ‑ 100, which is about certain losses accruing to the joined group before the joining time To prevent: (a) a double benefit arising from the losses; and (b) losses that cannot be transferred to the * head company, or are cancelled by the head company, under Subdivision 707 ‑ A being reinstated in an unrealised form or reducing unrealised gains. 5A Subtract from the result of step 5 the step 5A amount worked out under section 705 ‑ 102, which is about certain * FRT disallowed amounts accruing to the joined group before the joining time To prevent a double benefit arising from the FRT disallowed amounts 6 Subtract from the result of step 5A the step 6 amount worked out under section 705 ‑ 110, which is about losses that the joining entity transferred to the * head company under Subdivision 707 ‑ A To stop the joined group getting benefits both through higher * tax cost setting amounts for the joining entity’s assets and through losses transferred to the head company 6A Subtract from the result of step 6 the step 6A amount worked out under section 705 ‑ 112, which is about * FRT disallowed amounts that the joining entity transferred to the * head company under section 820 ‑ 590 To stop the joined group getting benefits both through higher * tax cost setting amounts for the joining entity’s assets and through FRT disallowed amounts transferred to the head company 7 Subtract from the result of step 6A the step 7 amount worked out under section 705 ‑ 115, which is about certain deductions to which the * head company is entitled To stop the joined group getting benefits both through the * tax cost of the joining entity’s assets being set and through certain tax deductions of the joining entity being inherited by the head company 8 If the remaining amount is positive, it is the joined group’s allocable cost amount. Otherwise the joined group’s allocable cost amount is nil. Note: The head company may be taken to have made a capital gain, depending on the amount remaining after applying step 3A: see CGT event L2.", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 16 of 2003 | No 23 of 2005 | No 56 of 2010 | No 23 of 2024", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-62", "Provision_Key": "s705-62", "Heading": "No double counting of amounts in allocable cost amount", "Text": "(1) The object of this section is to prevent a particular amount from being taken into account more than once in calculating the * allocable cost amount for the joining entity, in order to promote the object of this Subdivision set out in section 705 ‑ 10. (2) Subsection (3) applies if, apart from this section, 2 or more provisions of this Act operate with the result of altering: (a) the * allocable cost amount for the joining entity; or (b) the allocable cost amount for another entity that becomes a * subsidiary member of the group at the joining time; because of a particular economic attribute of the joining entity (see subsection (6)). (3) Only one of those alterations is to be made, as follows: (a) if the * head company of the group makes a choice in accordance with subsections (4) and (5)—the alteration specified in the choice is to be made; (b) otherwise—the alteration that is most appropriate (in the light of the object of this Subdivision) is to be made. (4) A choice mentioned in paragraph (3)(a) must be made: (a) by the day the * head company of the group lodges its * income tax return for the income year in which the joining time occurs; or (b) within a further time allowed by the Commissioner. (5) A choice mentioned in paragraph (3)(a) must be made in writing. (6) The economic attributes of the joining entity mentioned in subsection (2) include the following: (a) the joining entity’s retained profits; (b) the joining entity’s distributions of profits to other entities; (c) the joining entity’s realised and unrealised losses; (d) the joining entity’s deductions; (e) the joining entity’s accounting liabilities (within the meaning of subsection 705 ‑ 70(1)); (f) consideration received by the joining entity for issuing * membership interests in itself.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-62"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-65", "Provision_Key": "s705-65", "Heading": "Cost of membership interests in the joining entity—step 1 in working out allocable cost amount", "Text": "(1) For the purposes of step 1 in the table in section 705 ‑ 60, the step 1 amount is the sum of the following amounts for each * membership interest that * members of the joined group hold in the joining entity at the joining time: Note: If the joining entity is a trust, the step 1 amount may be increased by section 713 ‑ 20 for settled capital that could be distributed tax free in respect of discretionary interests in the trust. Working out the step 1 amount Item If the market value of the membership interest is... The amount is... 1 equal to or greater than its * cost base its cost base 2 less than its * cost base but greater than its * reduced cost base its * market value 3 less than or equal to its * reduced cost base its reduced cost base Note: Under section 716 ‑ 855, if membership interests are pre ‑ CGT assets that have been subject to certain roll ‑ overs, the cost base and reduced cost base are worked out in the same way as if they were post ‑ CGT assets. No indexation of cost base of pre ‑ CGT membership interests (2) If the * membership interest is a * pre ‑ CGT asset, in working out its * cost base for the purposes of subsection (1) no element is indexed. Adjustment if value shifting or loss transfer provision could apply (3) If, on the assumption that a * CGT event had happened just before the joining time in relation to the * membership interest, the * cost base or the * reduced cost base of the membership interest would have been changed by a provision of this Act, then the cost base or reduced cost base of the membership interest that is to be used in subsection (1) of this section is instead: (a) the cost base as it would have been so changed; or (b) the reduced cost base, as it would have been so changed, but ignoring the amount of any reduction resulting from the application of former subsection 160ZK(5) of the Income Tax Assessment Act 1936 . Note: For example, a change in the cost base or reduced cost base may be required under provisions that apply where a loss transfer or value shift involving the joining entity has occurred. (3AA) If, on the assumption that: (a) the * members of the joined group had, just before the joining time, * disposed of their * membership interest in the joining entity; and (b) the consideration received by the members for the disposal were equal to the * market value of the membership interest at that time; they would have made a * capital loss that section 727 ‑ 615 would have reduced (because of an indirect value shift), then the * reduced cost base of the membership interest that is to be used in subsection (1) of this section is reduced by the amount of that reduction. Reduction if section 165 ‑ 115ZD could apply (3A) If, on the assumption that: (a) the * members of the joined group had, just before the joining time, * disposed of their * membership interest in the joining entity; and (b) the consideration received by the members for the disposal were equal to the * market value of the membership interest at that time; the * reduced cost base of the membership interest would have been reduced as a result of the operation of section 165 ‑ 115ZD of this Act or the Income Tax (Transitional Provisions) Act 1997 , then the reduced cost base of the membership interest that is to be used in subsection (1) of this section is reduced by the amount of that reduction. Certain provisions not to apply after joining time (4) Also, if a provision mentioned in subsection (3), (3AA) or (3A) would, because of events that happened before the joining time, apply to a * CGT event or a * realisation event that happens after the joining time in relation to the * members’ * membership interests in the joining entity, the provision does not so apply. Reduction in cost base under subsection 110 ‑ 55(7) to be added back (5) If, in working out the * reduced cost base of the * membership interest for the purposes of subsection (1), a reduction has taken place under subsection 110 ‑ 55(7) (about certain distributions of pre ‑ acquisition profits), the reduced cost base is increased by the amount of that reduction. Reduction in reduced cost base under subsection 165 ‑ 115ZA(3) to be added back (5A) If: (a) in working out the * reduced cost base of the * membership interest for the purposes of subsection (1), a reduction has taken place under subsection 165 ‑ 115ZA(3) (about alterations in ownership or control of loss companies); and (b) the reduction is to some extent attributable to so much of an amount that was taken into account both in working out the amount of the reduction and in working out: (i) the step 5 amount under section 705 ‑ 100; or (ia) the step 5A amount under section 705 ‑ 102; or (ii) the step 6 amount under section 705 ‑ 110; or (iii) the step 6A amount under section 705 ‑ 112; the reduced cost base is, to the extent mentioned in paragraph (b), increased by: (c) if subparagraph (b)(i) or (ia) applies—the amount of that reduction; or (d) if subparagraph (b)(ii) or (iii) applies—the amount of that reduction multiplied by the * corporate tax rate. (5B) For the purposes of working out the * cost base or * reduced cost base of a * membership interest under subsection (1), if: (a) either or both of the following things happen after the joining time: (i) money is paid, or becomes required to be paid, in respect of * acquiring the membership interest; (ii) property is given, or becomes required to be given, in respect of acquiring the membership interest; and (b) because the thing happened after the joining time, it was not taken into account in working out the first element of the cost base or reduced cost base of the membership interest; Note: This would be the case if the money was only to be paid etc. if a contingency happened after the joining time. the thing is nevertheless so taken into account, and taken always to have been so taken into account. Non ‑ membership equity interests (6) For the purposes of this section, if at the joining time a * member of the joined group holds a * non ‑ membership equity interest in the joining entity, that non ‑ membership equity interest is treated as if it were a * membership interest in the joining entity.", "Amendment_Count": 10, "First_Amended": "No 68 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 117 of 2002 | No 16 of 2003 | No 107 of 2003 | No 83 of 2004 | No 101 of 2006 | No 97 of 2008 | No 56 of 2010 | No 23 of 2024", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-70", "Provision_Key": "s705-70", "Heading": "Liabilities of the joining entity—step 2 in working out allocable cost amount", "Text": "(1) For the purposes of step 2 in the table in section 705 ‑ 60, the step 2 amount is worked out by adding up the amounts of each thing (an accounting liability ) that, in accordance with the joining entity’s * accounting principles for tax cost setting, is a liability of the joining entity at the joining time. Note: Certain liabilities of a life insurance company are worked out under Subdivision 713 ‑ L: see section 713 ‑ 520. Exclusion for deferred tax liability (1B) An amount is not to be added for an accounting liability that is an amount recorded in a deferred tax liability account in accordance with the joining entity’s * accounting principles for tax cost setting. (1C) Subsection (1B) does not apply to an accounting liability that relates to an asset mentioned in paragraph 713 ‑ 515(1)(a) or (b) (certain assets of life insurance company). Exclusion for deductible liability (1AA) Subsection (1AB) applies if: (a) the accounting liability is covered by subsection (1AC); and (b) assuming that the * head company had made a payment to discharge the accounting liability to the extent that it is covered under that subsection just after the joining time, that payment would result in an amount equal to all or part of the accounting liability being a deduction to the head company of the group. (1AB) An amount is not to be added for the accounting liability under subsection (1) to the extent of that deduction. (1AC) A liability is covered by this subsection except to the extent that: (a) any of the following provisions apply in relation to the liability: (i) section 713 ‑ 520 (certain liabilities etc. of life insurance company that joins a consolidated group); (ii) section 715 ‑ 375 (accounting liabilities that are, or are part of, a Division 230 financial arrangement held by an entity that joins a consolidated group); or (b) section 713 ‑ 515 (certain assets taken to be retained cost base assets where life insurance company joins a consolidated group) applies in relation to an asset to which the liability relates; or (c) the liability is either of the following: (i) the * liability for incurred claims of a * general insurance company or of a private health insurer (within the meaning of the Private Health Insurance (Prudential Supervision) Act 2015 ) under * general insurance policies; (ii) the * liability for remaining coverage of a general insurance company or of a private health insurer (within the meaning of that Act) under general insurance policies; or (d) the liability arises under any of the following: (i) a * retirement village residence contract; (ii) a * retirement village services contract. (1AD) To avoid doubt, for the purposes of paragraph (1AC)(c), section 713 ‑ 710 (certain liabilities, reserves, costs etc. of general insurance company that joins or leaves a consolidated group) does not affect the amount of the liability. Exclusion where transfer of accounting liability (2) An amount is not to be added for an accounting liability that arises because of the joining entity’s ownership of an asset if, on * disposal of the asset, the accounting liability will transfer to the new owner. Example: A liability to rehabilitate a mine site, where, under legislation or a licence, the liability will be transferred to the new owner on disposal of the mine. Note: Adjustments reducing or increasing the amount under this section are made by sections 705 ‑ 75 to 705 ‑ 85. Joining entity’s accounting principles for tax cost setting (3) The joining entity’s accounting principles for tax cost setting are the * accounting principles that the entity would use if it were to prepare its financial statements just before the joining time. Exclusion of amounts for certain securitisation liabilities (4) An amount is not to be added for an accounting liability of the joining entity under subsection (1) if the accounting liability is covered under section 705 ‑ 76 (securitisation liabilities).", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 56 of 2010 | No 14 of 2018 | No 52 of 2024", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-75", "Provision_Key": "s705-75", "Heading": "Liabilities of the joining entity—reductions for purposes of step 2 in working out allocable cost amount", "Text": "Reduction for future deduction (1A) Subsection (1) applies to an accounting liability to the extent that it is a liability of a kind described in: (a) paragraph 705 ‑ 70(1AC)(c); or (b) paragraph 705 ‑ 70(1AC)(d). (1) If some or all of an accounting liability will result in a deduction to the * head company, the amount to be added for the accounting liability under subsection 705 ‑ 70(1) is reduced by the following amount: where: double ‑ counting adjustment means the amount of any reduction that has already occurred in the accounting liability under subsection 705 ‑ 70(1) to take account of the future availability of the deduction. Reduction for intra ‑ group liabilities (2) If the amount of an accounting liability of the joining entity that is owed to a * member of the joined group is more than the amount applicable under the following table, the amount to be added for the accounting liability under subsection 705 ‑ 70(1) instead equals the amount applicable under the table. Amount applicable Item If the market value of the member’s asset constituted by the accounting liability is... The amount applicable is... 1 equal to or greater than the asset’s * cost base the asset’s cost base 2 less than the asset’s * cost base but greater than its * reduced cost base the asset’s * market value 3 less than or equal to the asset’s * reduced cost base the asset’s reduced cost base Application of subsections 705 ‑ 65(2), (3), (3AA) and (3A) (3) Subsections 705 ‑ 65(2), (3), (3AA) and (3A) apply in relation to references in subsection (2) of this section to an asset’s * cost base or * reduced cost base in a corresponding way to that in which they apply in relation to references in the table in subsection 705 ‑ 65(1) to a * membership interest’s cost base or reduced cost base. Application of subsection 705 ‑ 65(4) (4) Subsection 705 ‑ 65(4) applies in relation to assets mentioned in subsection (2) of this section in a corresponding way to that in which it applies in relation to members’ * membership interests. Reduction in reduced cost base under subsection 165 ‑ 115ZA(3) to be added back (5) If: (a) in working out the * reduced cost base of a * member’s asset for the purposes of subsection (2), a reduction has taken place under subsection 165 ‑ 115ZA(3) (about alterations in ownership or control of loss companies); and (b) the reduction is to some extent attributable to so much of an amount that was taken into account both in working out the amount of the reduction and in working out: (i) the step 5 amount under section 705 ‑ 100; or (ii) the step 5A amount under section 705 ‑ 102; or (iii) the step 6 amount under section 705 ‑ 110; or (iv) the step 6A amount under section 705 ‑ 112; the reduced cost base is, to the extent mentioned in paragraph (b), increased by: (c) if subparagraph (b)(i) applies—the amount of that reduction; or (d) if subparagraph (b)(ii) applies—the amount of that reduction multiplied by the * corporate tax rate.", "Amendment_Count": 7, "First_Amended": "No 68 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 97 of 2008 | No 14 of 2018 | No 64 of 2020 | No 23 of 2024", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-76", "Provision_Key": "s705-76", "Heading": "Liability arising from transfer or assignment of securitised assets", "Text": "This section covers an accounting liability (the securitisation liability ) if the following circumstances exist: (b) in working out the step 2 amount mentioned in subsection 705 ‑ 70(1) in relation to the joining entity, an amount would be added under that subsection for the securitisation liability (disregarding subsection 705 ‑ 70(4)); (c) the joining entity transferred or equitably assigned one or more assets (the underlying securitised assets ) to another entity before the joining time; (d) the securitisation liability: (i) arose from the transfer or equitable assignment of the underlying securitised assets; and (ii) is a liability of the joining entity at the joining time (according to the joining entity’s * accounting principles for tax cost setting); (e) the other entity was established for the purpose of securitising assets; (f) the underlying securitised assets were securitised in accordance with that purpose before the joining time; (g) at the joining time the * market value of the joining entity’s interest in the underlying securitised assets is nil, or is substantially less than the amount of the securitisation liability.", "Amendment_Count": 2, "First_Amended": "No 14 of 2018", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 14 of 2018", "History_Notes": "Inserted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-76"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-80", "Provision_Key": "s705-80", "Heading": "Liabilities of the joining entity—reductions/increases for purposes of step 2 in working out allocable cost amount", "Text": "Application (1A) This section applies to an accounting liability to the extent that it is a liability of a kind described in: (a) paragraph 705 ‑ 70(1AC)(c); or (b) paragraph 705 ‑ 70(1AC)(d). Adjustment for unrealised gains and losses (1) If: (a) for income tax purposes, an accounting liability, or a change in the amount of an accounting liability, (other than one owed to a * member of the joined group) is taken into account at a later time than is the case in accordance with the joining entity’s * accounting principles for tax cost setting; and (b) assuming that, for income tax purposes the accounting liability or change were taken into account at the same time as is the case in accordance with those standards or statements, the joined group’s allocable cost amount would be different; Note: The difference would arise because subsection 705 ‑ 70(1) includes income tax liabilities and steps 3 and 5 of the table in section 705 ‑ 60 are affected by the time at which changes in liabilities are taken into account for income tax purposes. then the amount to be added under subsection 705 ‑ 70(1) for the accounting liability is: (c) if the difference is an increase—increased by the amount of the increase; and (d) if the difference is a decrease—decreased by the amount of the decrease. Use of reliable estimate (2) In working out for the purposes of subsection (1) an amount at a particular time or in respect of a particular period, use the most reliable basis for estimation that is available. Example: The amount of a change in liability for employee leave entitlements over a period.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 68 of 2002 | No 56 of 2010 | No 14 of 2018", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-85", "Provision_Key": "s705-85", "Heading": "Liabilities of the joining entity—increases for purposes of step 2 in working out allocable cost amount", "Text": "Increase in step 2 amount for employee share interests (1) If any * membership interest (an employee share interest ) in the joining entity needed to be disregarded under section 703 ‑ 35 in order for the joining entity to be a * wholly ‑ owned subsidiary of the * head company at the joining time, the step 2 amount worked out under section 705 ‑ 70 is increased by the sum of the * market values of those interests, reduced in each case by the reduction amount (if any) worked out under subsection (2) of this section. Reduction amount (2) There is a reduction amount if the * market value of the employee share interest at the time it was * acquired by the employee is more than the consideration paid or given for its acquisition. The reduction amount is worked out by multiplying the market value of the employee share interest at that time by the factor worked out using the formula: where: market value of all membership interests means the * market value of all * membership interests in the joining entity just before the employee share interest was * acquired. market value of head company’s membership interests means the * market value, just before the employee share interest was * acquired, of any * membership interests that the * head company held, directly or indirectly in the joining entity, continuously from that time until the joining time. Increase to cover certain non ‑ membership equity interests and certain equity interests (3) The step 2 amount worked out under section 705 ‑ 70 is increased by: (a) the amount that would be the balance of the joining entity’s * non ‑ share capital account, assuming that: (i) if the joining entity is not a company—the joining entity were a company; and (ii) each * non ‑ membership equity interest (if any) in the joining entity held at the joining time by a person other than a * member of the joined group were a * non ‑ share equity interest in the joining entity; and (iii) the non ‑ share equity interests (if any) mentioned in subparagraph (ii) were the only non ‑ share equity interests in the joining entity; and (b) the * market value of each thing that, in accordance with the joining entity’s * accounting principles for tax cost setting, is equity in the joining entity at the joining time, where the thing is also a * debt interest. Increase to cover ADI restructure preference share interests (4) If any * share in the joining entity needed to be disregarded under section 703 ‑ 37 in order for the joining entity to be a * wholly ‑ owned subsidiary of the * head company at the joining time, the step 2 amount worked out under section 705 ‑ 70 is increased by the sum of the * market values of those shares.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 117 of 2007 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-90", "Provision_Key": "s705-90", "Heading": "Undistributed, taxed profits accruing to joined group before joining time—step 3 in working out allocable cost amount", "Text": "(1) For the purposes of step 3 in the table in section 705 ‑ 60, the step 3 amount is worked out in accordance with this section unless the joining entity is a trust that is not a * corporate tax entity at the joining time. Note: If the joining entity is such a trust, the step 3 amount is instead worked out in accordance with section 713 ‑ 25. Undistributed profits (2) First work out the undistributed profits of the joining entity at the joining time. These are the amounts that, in accordance with the joining entity’s * accounting principles for tax cost setting, are retained profits of the joining entity. (2A) However, if a loss that did not accrue to the joined group before the joining time (subsection (8) states what it means for a loss to accrue to the joined group before the joining time) would be taken into account in working out the undistributed profits, the loss is not so taken into account. (2B) Also, if an amount is not added under subsection 705 ‑ 70(1) for an accounting liability to an extent because of subsection 705 ‑ 70(1AB), the accounting liability is not to be taken into account, to that extent, in working out the undistributed profits. Extent to which tax paid on undistributed profits (3) Then work out how much of the undistributed profits does not exceed the amount worked out using the following formula as at the joining time: where: applicable gross ‑ up rate means the joining entity’s * corporate tax gross ‑ up rate for the income year that ends, or, if section 701 ‑ 30 applies, for the income year that is taken by subsection (3) of that section to end, at the joining time. Assumptions for purposes of subsection (3) (4) The assumptions are that the joining entity’s franking account balance at the end of the income year that ends, or, if section 701 ‑ 30 applies, of the income year that is taken by subsection (3) of that section to end, at the joining time had been adjusted to take account of franking credits or franking debits that would arise if the following were paid just before the joining time: (a) the income tax, or refund of income tax, on the joining entity’s taxable income for that income year; and (b) any income tax, or refund of income tax, that has not yet been paid (regardless of whether it has become payable or due for payment) on the joining entity’s taxable income for any earlier income year, other than one excluded by subsection (5). Exclusion of certain income years where previous membership of a consolidated group (5) If the joining entity was previously a * subsidiary member of a * consolidated group, any income year earlier than the one that started, or, if section 701 ‑ 30 applies, the one that is taken by subsection (3) of that section to have started, when the joining entity ceased to be a subsidiary member of that group is excluded for the purposes of paragraph (4)(b) of this section. Undistributed profits must have accrued to joined group (6) Next, work out the extent to which the undistributed profits that satisfy the requirements of subsection (3) accrued to the joined group before the joining time (subsection (7) states what it means for a profit to accrue to the joined group before the joining time). The result is the step 3 amount. Profit accruing to the joined group before the joining time (7) A profit accrued to the joined group before the joining time if, on the following assumptions: (a) that it was distributed to holders of * membership interests as it accrued; and (b) that entities interposed between the * head company and the joining entity successively distributed any of it immediately after receiving it; it would have been received by the entity that is the head company at the joining time, in respect of membership interests that it held continuously until that time either directly or indirectly through interposed entities. Note: If an entity interposed between the head company and the joining entity is a non ‑ fixed trust, this subsection may involve determining how a power of appointment would have been exercised. Section 713 ‑ 50 lists matters to have regard to in determining this. Loss accruing to the joined group before the joining time (8) A loss accrued to the joined group before the joining time if and to the extent that, assuming that as it arose it were instead a profit that was accruing, a distribution of that profit would have been a distribution made to the joined group out of profits that accrued to the joined group before the joining time. Use of reliable estimates (9) In working out: (a) for the purposes of subsection (4), the amount of income tax, or refund of income tax, on the joining entity’s taxable income for a particular income year and the extent to which it has not yet been paid; or (b) for the purposes of subsection (7), the amount of a profit that accrued to the joined group during a particular period; or (c) for the purposes of subsection (8), the amount of a loss that accrued to the joined group during a particular period; use the most reliable basis for estimation that is available. (10) Without limiting paragraph (9)(b), a way in which, for the purposes of subsection (7), the amount of a profit that accrued to the joined group during a particular period may be worked out is by: (a) assuming that profits of income years were distributed in order from the most recent to the earliest; and (b) assuming that, for any income year for which distributions were paid out of profits in accordance with paragraph (a), they were, to the extent they were not * franked distributions, paid out of profits of that income year that were not subject to income tax before they were paid out of such profits that were subject to income tax.", "Amendment_Count": 10, "First_Amended": "No 68 of 2002", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 117 of 2002 | No 16 of 2003 | No 23 of 2005 | No 41 of 2005 | No 56 of 2010 | No 66 of 2015 | No 41 of 2017 | No 14 of 2018", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-93", "Provision_Key": "s705-93", "Heading": "If pre ‑ joining time roll ‑ over from foreign resident company or head company—step 3A in working out allocable cost amount", "Text": "When there is a step 3A amount (1) For the purposes of step 3A in the table in section 705 ‑ 60, there is a step 3A amount if: (a) before the joining time: (i) there was a roll ‑ over under Subdivision 126 ‑ B (a Subdivision 126 ‑ B roll ‑ over ) in relation to a * CGT event that happened in relation to an asset (the roll ‑ over asset ); or (ii) former section 160ZZO of the Income Tax Assessment Act 1936 applied in relation to a disposal (a section 160ZZO roll ‑ over ) of an asset (also the roll ‑ over asset ); and (aa) at the joining time, as a result of the Subdivision 126 ‑ B roll ‑ over or the section 160ZZO roll ‑ over, the roll ‑ over asset has: (i) a * deferred roll ‑ over gain; or (ii) a * deferred roll ‑ over loss; and (b) the originating company in relation to the Subdivision 126 ‑ B roll ‑ over, or the transferor in relation to the section 160ZZO roll ‑ over: (i) was a foreign resident; or (ii) is the * head company in relation to the joined group; and (c) the recipient company in relation to the Subdivision 126 ‑ B roll ‑ over, or the transferee in relation to the section 160ZZO roll ‑ over: (i) was an Australian resident; and (ii) is a * spread entity in relation to the joined group; and (d) if the recipient company was previously a * subsidiary member of another consolidated group—the conditions in section 104 ‑ 182 were not satisfied at any time in relation to the other group between the Subdivision 126 ‑ B roll ‑ over, or the section 160ZZO roll ‑ over, and the joining time; and (e) the roll ‑ over asset is not a * pre ‑ CGT asset at the joining time; and (f) the roll ‑ over asset becomes that of the head company of the joined group because subsection 701 ‑ 1(1) (the single entity rule) applies when the joining entity becomes a * subsidiary member of the group. (2) The step 3A amount is the amount of the * deferred roll ‑ over gain or the * deferred roll ‑ over loss mentioned in paragraph (1)(aa).", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 101 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-93"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-95", "Provision_Key": "s705-95", "Heading": "Pre ‑ joining time distributions out of certain profits—step 4 in working out allocable cost amount", "Text": "For the purposes of step 4 in the table in section 705 ‑ 60, the step 4 amount is the sum of all distributions made by the joining entity before the joining time that: (a) the * head company receives directly, or would receive indirectly if entities interposed between the head company and the joining entity successively distributed any distribution they received immediately after receiving it; and (b) were made out of profits: (i) that did not accrue to the joined group before the joining time (see subsection 705 ‑ 90(7)); or (ii) that accrued to the joined group before the joining time and recouped losses of any * sort that accrued to the joined group before that time (see subsection 705 ‑ 90(8)). Note: As well as subsection 705 ‑ 90(7), paragraph 705 ‑ 90(9)(b) and subsection 705 ‑ 90(10) are relevant to working out whether or not profits accrued to the joined group before the joining time.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 23 of 2005", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-100", "Provision_Key": "s705-100", "Heading": "Losses accruing to joined group before joining time—step 5 in working out allocable cost amount", "Text": "(1) For the purposes of step 5 in the table in section 705 ‑ 60, the step 5 amount is the sum of all losses of any * sort of the joining entity that: (a) had not been * utilised by the joining entity for the income year in which the joining time occurred or any earlier income year; and (b) accrued to the joined group before the joining time (see subsection 705 ‑ 90(8)). (2) However, a loss is not to be taken into account under subsection (1) to the extent that it reduced the undistributed profits comprising the step 3 amount in the table in section 705 ‑ 60.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 68 of 2002 | No 90 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-102", "Provision_Key": "s705-102", "Heading": "FRT disallowed amounts accruing to joined group before joining time—step 5A in working out allocable cost amount", "Text": "(1) For the purposes of step 5A in the table in section 705 ‑ 60, the step 5A amount is the sum of all * FRT disallowed amounts of the joining entity that: (a) had not been applied by the joining entity under paragraph 820 ‑ 56(2)(b) for the income year in which the joining time occurred or any earlier income year; and (b) accrued to the joined group before the joining time (see subsection (2) of this section). (2) For the purposes of subsection (1), a * FRT disallowed amount accrued to the joined group before the joining time if and to the extent that, assuming that as it arose it were instead a profit that was accruing, a distribution of that profit would have been a distribution made to the joined group out of profits that accrued to the joined group before the joining time. (3) However, a * FRT disallowed amount is not to be taken into account under subsection (1) to the extent that it reduced the undistributed profits comprising the step 3 amount in the table in section 705 ‑ 60.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-102"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-105", "Provision_Key": "s705-105", "Heading": "Continuity of holding membership interests—steps 3 to 5A in working out allocable cost amount", "Text": "If: (a) a * membership interest that a * member of the joined group held in the joining entity at the joining time was taken under this Act to have been * acquired by the member for its * market value at a particular time (the market value time ); or (b) the * cost base and * reduced cost base of a membership interest that a member of the joined group held in the joining entity at the joining time were, before that time, changed on one or more occasions by this Act so that they equalled the market value of the membership interest at a particular time (the last of which times is also the market value time ); then, for the purpose of sections 705 ‑ 90, 705 ‑ 95, 705 ‑ 100, 705 ‑ 102 and 713 ‑ 25, the * head company is taken not to have held that membership interest, either directly or indirectly, before the market value time.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 23 of 2024", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-110", "Provision_Key": "s705-110", "Heading": "If joining entity transfers a loss to the head company—step 6 in working out allocable cost amount", "Text": "(1) For the purposes of step 6 in the table in section 705 ‑ 60, the step 6 amount is worked out by multiplying the sum of the losses mentioned in subsection (2) by the * corporate tax rate. (2) The losses are the joining entity’s losses of any * sort that: (a) were not * utilised by the joining entity for the income year in which the joining time occurred or any earlier income year; and (b) did not accrue to the joined group before the joining time (see subsection 705 ‑ 90(8)); and (c) are transferred to the * head company under Subdivision 707 ‑ A; and (d) are not cancelled under section 707 ‑ 145.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-112", "Provision_Key": "s705-112", "Heading": "If joining entity transfers a FRT disallowed amount to the head company—step 6A in working out allocable cost amount", "Text": "(1) For the purposes of step 6A in the table in section 705 ‑ 60, the step 6A amount is worked out by multiplying the sum of the * FRT disallowed amounts mentioned in subsection (2) by the * corporate tax rate. (2) The * FRT disallowed amounts are the joining entity’s FRT disallowed amounts that: (a) did not accrue to the joined group before the joining time (see subsection (3)); and (b) are transferred to the * head company under section 820 ‑ 590; and (c) are not cancelled under section 820 ‑ 592; to the extent that they were not applied by the joining entity under paragraph 820 ‑ 56(2)(b) in respect of the income year in which the joining time occurred or any earlier income year. (3) For the purposes of subsection (2), a * FRT disallowed amount accrued to the joined group before the joining time if and to the extent that, assuming that as it arose it were instead a profit that was accruing, a distribution of that profit would have been a distribution made to the joined group out of profits that accrued to the joined group before the joining time.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-112"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-115", "Provision_Key": "s705-115", "Heading": "If head company becomes entitled to certain deductions—step 7 in working out allocable cost amount", "Text": "(1) For the purposes of step 7 in the table in section 705 ‑ 60, the step 7 amount is worked out using the following formula: where: acquired deductions means all deductions covered by subsection (2) that are not owned deductions. owned deductions means the sum of all deductions for which the following requirements are satisfied: (a) the deduction is covered by subsection (2); (b) assuming the expenditure that gave rise to the deduction were instead a profit that accrued at the time the expenditure was incurred, a distribution of that profit would have been a distribution made to the joined group out of profits that accrued to the joined group before the joining time (see subsection 705 ‑ 90(7)). (2) This subsection covers any deduction to which the * head company becomes entitled under section 701 ‑ 5 as a result of the joining entity becoming a * subsidiary member of the joined group, other than a deduction for expenditure: (a) that is, forms part of or reduces, the cost of an asset of the joining entity that becomes an asset of the head company because subsection 701 ‑ 1(1) (the single entity rule) applies; or (b) to which section 110 ‑ 40 (about expenditure on assets acquired before 7.30 pm on 13 May 1997) applies; or (c) to the extent that the expenditure reduced the undistributed profits comprising the step 3 amount in the table in section 705 ‑ 60. (3) Subsection (2) does not cover a deduction under section 43 ‑ 15 (which relates to * undeducted construction expenditure) if the joining entity * acquired the asset to which the deduction relates at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 56 of 2010 | No 12 of 2012", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-125", "Provision_Key": "s705-125", "Heading": "Pre ‑ CGT proportion for joining entity", "Text": "Object (1) Because intra ‑ group * membership interests in the joining entity are disregarded under subsection 701 ‑ 1(1) (the single entity rule), the object of this section is to provide a mechanism to ensure that the benefit of the pre ‑ CGT status of those interests is not lost. That mechanism involves: (a) working out the proportion (measured by market value) of the membership interests in the joining entity that have pre ‑ CGT status; and (b) if the joining entity later ceases being a member of the group, attaching pre ‑ CGT status to that proportion of membership interests in it (see section 711 ‑ 65), subject to integrity rules (see section 711 ‑ 70). How to work out pre ‑ CGT proportion (2) The pre ‑ CGT proportion is the amount worked out by dividing: (a) the sum of the * market value of each * membership interest in the joining entity that is: (i) held by a * member of the group at the joining time; and (ii) is a * pre ‑ CGT asset; by: (b) the sum of the market value of each membership interest in the joining entity that is held by a member of the group at the joining time. Modification if joining entity is a trust (4) If the joining entity is a trust, a * membership interest in it is not taken into account under subsection (2) unless the membership interest is either a unit or an interest in the trust.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-130", "Provision_Key": "s705-130", "Heading": "What this Subdivision is about", "Text": "When a consolidated group comes into existence, the tax cost setting amount for the assets of each entity that becomes a subsidiary member is worked out by modifying the rules in Subdivision 705 ‑ A, so that the amount reflects the cost to the group of acquiring the entity. Table of sections Application and object 705 ‑ 135 Application and object of this Subdivision Modified application of Subdivision 705 ‑ A 705 ‑ 140 Subdivision 705 ‑ A has effect with modifications 705 ‑ 145 Order in which tax cost setting amounts are to be worked out where subsidiary members have membership interests in other subsidiary members 705 ‑ 147 Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by subsidiary members in other such members 705 ‑ 155 Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests 705 ‑ 160 Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain entities that become subsidiary members 705 ‑ 163 Modified application of section 705 ‑ 57", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-135", "Provision_Key": "s705-135", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision has effect for the head company core purposes set out in subsection 701 ‑ 1(2) if one or more entities become * subsidiary members of a * consolidated group at the time (the formation time ) it comes into existence as a consolidated group. Note: This is the first exception to Subdivision 705 ‑ A: see paragraph 705 ‑ 15(a). Object (2) The object of this Subdivision is to modify the rules in Subdivision 705 ‑ A (which basically determine the tax cost setting amount for assets of an entity joining an existing * consolidated group) so that they have effect, and take account of different circumstances that apply, when a consolidated group comes into existence. Note: The main circumstance is where one of the entities has membership interests in another. In such a case, the order in which the rules in Subdivision 705 ‑ A are applied will affect the tax cost setting amounts for the assets of the entities.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-140", "Provision_Key": "s705-140", "Heading": "Subdivision 705 ‑ A has effect with modifications", "Text": "(1) Subdivision 705 ‑ A has effect in relation to each entity becoming a * subsidiary member of the * consolidated group at the formation time in the same way as that Subdivision has effect in relation to an entity becoming a subsidiary member of a consolidated group in circumstances covered by that Subdivision. (2) However, that effect of Subdivision 705 ‑ A is subject to modifications set out in this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-145", "Provision_Key": "s705-145", "Heading": "Order in which tax cost setting amounts are to be worked out where subsidiary members have membership interests in other subsidiary members", "Text": "Object (1) The object of this section is to ensure that where, on becoming * subsidiary members, entities hold assets consisting of * membership interests in other subsidiary members, the * head company’s cost of becoming the holder of the assets of all of the entities that become subsidiary members correctly reflects the group’s cost of acquiring the entities. Tax cost setting amounts to be worked out from top down (2) If, on becoming * subsidiary members, entities hold * membership interests in any other entities that become subsidiary members, the * tax cost setting amounts for the assets of entities holding membership interests must be worked out before the tax cost setting amounts for the assets of the entities in which the membership interests are held. Note: The tax cost setting amount in respect of assets of any subsidiary member in which the head company, but no other subsidiary member, holds membership interests can be worked out in any order in relation to the calculations for other subsidiary members. Tax cost setting amount for higher entity’s membership interests to be used in working out lower entity’s tax cost setting amount (3) The tax cost setting amount worked out for assets of an entity mentioned in subsection (2) consisting of * membership interests in another such entity is to be used as the amount for those interests under subsection 705 ‑ 65(1) (step 1 of allocable cost amount) in working out the tax cost setting amount for assets of that other entity. Note 1: Subsection 705 ‑ 65(1) adds together amounts worked out in accordance with section 705 ‑ 65 representing the cost of the membership interests that each member of the group holds in the entity. If any of those membership interests is held by another subsidiary member, subsection (3) above will replace the amount otherwise applicable with the tax cost setting amount that will have been worked out for the interests in accordance with subsection (2) above. Note 2: The tax cost setting amount worked out for the membership interests has no relevance other than for the purpose mentioned in subsection (3). This is because, under the single entity principle, intra group membership interests are ignored while entities are members of the group. If an entity ceases to be a member, section 701 ‑ 15 and Division 711 set the tax cost of membership interests in the entity at that time. Value shifting etc. provisions not to apply to later CGT events involving membership interests (4) However, despite subsection (3), subsection 705 ‑ 65(4) (which prevents the later operation of value shifting etc. provisions) still applies to the * membership interests. Non ‑ membership equity interests (5) For the purposes of this section, if, on becoming a * subsidiary member, an entity holds a * non ‑ membership equity interest in another entity that becomes a subsidiary member at the same time, that non ‑ membership equity interest is treated as if it were a * membership interest in that other entity.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 90 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-147", "Provision_Key": "s705-147", "Heading": "Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by subsidiary members in other such members", "Text": "Object (1) The object of this section is to modify the effect that section 705 ‑ 93 (step 3A of allocable cost amount) has in accordance with this Subdivision so that it takes account of * membership interests that entities that become * subsidiary members hold in other such entities. Apportionment of step 3A amount among first level interposed entities (2) If: (a) under section 705 ‑ 93, in its application in accordance with this Subdivision, there is a step 3A amount for the purpose of working out the group’s * allocable cost amount for an entity (the subject entity ) that becomes a * subsidiary member of the group at the formation time; and (b) at that time one or more entities (the first level entities ), that become subsidiary members of the group and in which the * head company holds * membership interests, are interposed between the head company and the subject entity; then the step 3A amount is apportioned among the first level entities and the subject entity on the following basis: (c) each first level entity has the following proportion of the step 3A amount: where: market value of all membership interests in subject entity means the * market value, at the formation time, of all * membership interests in the subject entity that are held by entities that become * members of the group at that time. market value of first level entity’s direct and indirect membership interests in subject entity means so much of the * market value of all membership interests in the subject entity (as defined above) as is attributable to * membership interests that the first level entity holds directly, or indirectly through other interposed entities that become * subsidiary members of the group at the formation time; and (d) the subject entity has the remainder of the step 3A amount. Membership interests in subsidiary members of group (3) In applying section 705 ‑ 93 for the purposes of this Subdivision, disregard paragraph 705 ‑ 93(1)(f) if: (a) the rollover asset mentioned in that section is a * membership interest in an entity that becomes a * subsidiary member at the formation time; and (b) the rollover asset is not held at that time by the entity that becomes the * head company of the group. Note: The step 3A amount is worked out under section 705 ‑ 93.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 58 of 2006 | No 101 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-147"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-155", "Provision_Key": "s705-155", "Heading": "Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests", "Text": "Object (1) The object of this section is to ensure that, in working out the group’s * allocable cost amount for entities that become * subsidiary members of the group at the formation time, the reduction under step 4 in the table in section 705 ‑ 60 (about pre ‑ formation time distributions out of certain profits) is made only for profits that have been effectively distributed to the * head company in respect of its direct * membership interests in the entities. This ensures consistency with the ordering rule in section 705 ‑ 145. When section applies (2) This section applies to a distribution (the subject distribution ) to the extent that the following conditions are satisfied: (a) the distribution is made by an entity (the subject entity ) that becomes a * subsidiary member of the group at the formation time; (b) in working out the group’s * allocable cost amount for the subject entity there would, apart from this section, be a reduction under step 4 in the table in section 705 ‑ 60 for the distribution. Step 4 reduction only if subject distribution is made to head company etc. (3) There is no reduction as mentioned in paragraph (2)(b) for the subject distribution unless: (a) the subject distribution is made to the * head company of the group; or (b) the reduction is in accordance with subsection (5). Step 4 reduction for effective distribution to head company (4) If: (a) at the formation time, the * head company of the group has a direct * membership interest in the subject entity; and (b) the head company acquired the membership interest directly from another entity, or indirectly as a result of one or more acquisitions from other entities, where: (i) former section 160ZZ0 of the Income Tax Assessment Act 1936 applied to each acquisition; or (ii) there was a roll ‑ over under Subdivision 126 ‑ B for each acquisition; or a combination of these happened; and (c) while it held the membership interest, the entity, or one of the entities, mentioned in paragraph (b) (the recipient of the further distribution ) received a distribution (the further distribution ) of some of the subject distribution from the subject entity; the consequences in subsections (5) and (6) apply. Reduction for further distribution that remains with recipient (5) If: (a) the following happen: (i) by the formation time, any of the further distribution (the eligible reduction amount ) had not again been distributed by the recipient of the further distribution; (ii) the recipient of the further distribution does not become a * subsidiary member of the group at the formation time; or (b) the following happen: (i) by the formation time, any of the further distribution (the eligible reduction amount ) had been distributed by the recipient of the further distribution to another entity directly, or indirectly though successive distributions by interposed entities; (ii) that other entity does not become a subsidiary member of the group at the formation time; or (c) both of the above paragraphs apply; then, in working out the group’s * allocable cost amount for the subject entity, the reduction under step 4 in the table in section 705 ‑ 60 for the subject distribution only takes place to the extent that it equals the sum of all eligible reduction amounts. Step 1 reduced cost base adjustment to reverse effect of reduction for further distribution (6) Also, if former subsection 160ZK(5) of the Income Tax Assessment Act 1936 or subsection 110 ‑ 55(7) of this Act applied to the further distribution, then for the purposes of step 1 in the table in section 705 ‑ 60 in working out the group’s * allocable cost amount for the subject entity: (a) the reference in subsection 705 ‑ 65(3) to a reduction resulting from the application of former subsection 160ZK(5) of the Income Tax Assessment Act 1936 ; and (b) the reference in subsection 705 ‑ 65(5) to a reduction that has taken place under subsection 110 ‑ 55(7); include a reference to the reduction in the * reduced cost base of the membership interest in the subject entity resulting from the application of former subsection 160ZK(5) of the Income Tax Assessment Act 1936 , or subsection 110 ‑ 55(7) of this Act, to the further distribution.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-160", "Provision_Key": "s705-160", "Heading": "Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain entities that become subsidiary members", "Text": "Object (1) The object of this section is to prevent a distortion under section 705 ‑ 35 in the allocation of * allocable cost amount to an entity that becomes a * subsidiary member of the group where that entity has direct or indirect * membership interests in another entity that has certain profits or tax losses when it becomes a subsidiary member. Adjustment to allocation of allocable cost amount where direct interest in entity with profits/losses (2) If: (a) an entity becomes a * subsidiary member of the group at the formation time; and (b) the entity has * membership interests in a second entity that becomes a subsidiary member of the group at that time; and (c) in working out the group’s * allocable cost amount for the second entity: (i) an amount is required to be added (the second entity’s profit/loss adjustment amount ) under step 3 in the table in section 705 ‑ 60 (about profits accruing before becoming a subsidiary member of the group); or (ii) an amount is required to be subtracted (also the second entity’s profit/loss adjustment amount ) under step 5 in the table in section 705 ‑ 60 (about losses accruing before becoming a subsidiary member of the group); or (iii) an amount is required to be subtracted (also the second entity’s profit/loss adjustment amount ) under step 5A in the table in section 705 ‑ 60 (about * FRT disallowed amounts accruing to a joined group before the joining time); then, for the purposes of working out under section 705 ‑ 35 the * tax cost setting amount for the assets of the first entity, the * market value of the first entity’s membership interests in the second entity is reduced (in a subparagraph (c)(i) case) or increased (in a subparagraph (c)(ii) or (iii) case) by the first entity’s interest in the second entity’s profit/loss adjustment amount (see subsection (3)). First entity’s interest in second entity’s profit/loss adjustment amount (3) The first entity’s interest in the second entity’s profit/loss adjustment amount is worked out using the formula: Adjustment to allocation of allocable cost amount for indirect interest in entity with profits/losses (4) If: (a) an entity becomes a * subsidiary member of the group at the formation time; and (b) the entity has * membership interests in a second entity that becomes a subsidiary member of the group at that time; and (c) the second entity has, directly or indirectly through one or more interposed entities that become subsidiary members of the group at the formation time, membership interests in a third entity that becomes a subsidiary member of the group at that time; and (d) in working out the group’s * allocable cost amount for the third entity: (i) an amount is required to be added (the third entity’s profit/loss adjustment amount ) under step 3 in the table in section 705 ‑ 60 (about profits accruing before becoming a subsidiary member of the group); or (ii) an amount is required to be subtracted (also the third entity’s profit/loss adjustment amount ) under step 5 in the table in section 705 ‑ 60 (about losses accruing before becoming a subsidiary member of the group); or (iii) an amount is required to be subtracted (also the third entity’s profit/loss adjustment amount ) under step 5A in the table in section 705 ‑ 60 (about * FRT disallowed amounts accruing to a joined group before the joining time); then, for the purposes of working out under section 705 ‑ 35 the * tax cost setting amount for the assets of the first entity, the * market value of the first entity’s membership interests in the second entity is reduced (in a subparagraph (d)(i) case) or increased (in a subparagraph (d)(ii) or (iii) case) by the first entity’s interest in the third entity’s profit/loss adjustment amount (see subsection (5)). First entity’s interest in third entity’s profit/loss adjustment amount (5) The first entity’s interest in the third entity’s profit/loss adjustment amount is worked out using the formula: where: market value of first entity’s membership interests in third entity held through second entity means the * market value of all * membership interests in the third entity that the first entity holds indirectly through the second entity (including through that entity and one or more other entities that become * subsidiary members of the group and are interposed between the second entity and the third entity).", "Amendment_Count": 4, "First_Amended": "No 90 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 58 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-163", "Provision_Key": "s705-163", "Heading": "Modified application of section 705 ‑ 57", "Text": "Object (1) The object of this section is to ensure that, in working out * tax cost setting amounts for * trading stock, * depreciating assets, * registered emissions units or * revenue assets of entities that become * subsidiary members of the group at the formation time, section 705 ‑ 57 (about loss of pre ‑ CGT status of certain * membership interests) only applies if the * membership interests held directly by the * head company of the group are affected. Modified application of section 705 ‑ 57—basic modification (2) For the purposes of applying section 705 ‑ 57 in accordance with this Subdivision, a reference in that section to a * membership interest that a * member of the joined group holds in the joining entity at the joining time is taken to be a reference to a * membership interest that the * head company of the * consolidated group holds directly in an entity becoming a * subsidiary member at the formation time. Modified application of section 705 ‑ 57—additional modifications where section 705 ‑ 145 applies (3) Also, if an entity (the first entity ) that becomes a * subsidiary member holds a * membership interest (the subject membership interest ) in another entity (the second entity ) that becomes a subsidiary member, section 705 ‑ 57 (as modified in accordance with subsection (2)) is to be applied in relation to the subject membership interest as follows. (4) First work out whether there would be a reduction under that section in the * tax cost setting amount for the subject membership interest that is used as mentioned in subsection 705 ‑ 145(3) (the subsection 705 ‑ 145(3) tax cost setting amount ) if: (a) the subject membership interest, if it is not a revenue etc. asset of the first entity, were taken to be such an asset; and (b) paragraphs 705 ‑ 57(2)(c) and (d) and subsection 705 ‑ 57(7) did not apply to the subject membership interest. (5) Next, if there would be such a reduction (whose amount is the notional section 705 ‑ 57 reduction amount ): (a) apply section 705 ‑ 57 to reduce the * tax cost setting amount for any revenue etc. asset of the second entity; and (b) if the second entity holds a * membership interest in another entity that becomes a * subsidiary member—apply section 705 ‑ 57 in relation to that interest in accordance with subsection (3) of this section; and for those purposes: (c) the subject membership interest is taken to be a membership interest that the * head company of the group holds directly in the second entity at the formation time; and (d) the requirements of paragraphs 705 ‑ 57(2)(a) and (b) are taken to be satisfied in relation to the subject membership interest; and (e) the subject membership interest is taken to have a * cost base and * reduced cost base equal to the subsection 705 ‑ 145(3) tax cost setting amount; and (f) the subject membership interest is taken to have a loss of pre ‑ CGT status adjustment amount equal to the notional section 705 ‑ 57 reduction amount. Note: If the head company actually held any membership interests in the second entity, or if other entities becoming subsidiary members held membership interests in the second entity to which this subsection also applied, those membership interests would also be taken into account in working out the reduction under paragraph (a) and in applying paragraph (b). Section 705 ‑ 57 not to apply where membership interests effectively acquired on normal market basis (6) If: (a) apart from this subsection, subsection 705 ‑ 57(6) would apply in accordance with this Subdivision to the revenue etc. assets of an entity (the subject entity ) that becomes a * subsidiary member of the group at the formation time; and (b) at the formation time, the * head company of the group holds all of the * membership interests in the subject entity; and (c) subsection 705 ‑ 57(6) would apply because a circumstance covered by subsection 705 ‑ 57(4) (about loss of pre ‑ CGT status because Division 149 etc. applied) existed; and (d) the application of Division 149 of this Act, or the provision of the Income Tax Assessment Act 1936 , as mentioned in paragraph 705 ‑ 57(4)(b) of this Act happened because the entity that became the * head company of the group (the potential head entity ) * acquired all of the * membership interests in the other entity mentioned in that paragraph directly or indirectly from another entity (the vendor ); and (e) at the time of the acquisition, the potential head entity did not control (for value shifting purposes) the vendor, and vice ‑ versa, and another entity did not control (for value shifting purposes) the potential head entity and the vendor; and (f) the acquisition, or each of the acquisitions, mentioned in subsection 705 ‑ 57(4) was a * same asset roll ‑ over or was one to which any of former sections 160ZZN to 160ZZOC, 160ZZPA and 160ZZPJ of the Income Tax Assessment Act 1936 applied; then subsection 705 ‑ 57(6) does not apply as mentioned in paragraph (a) of this subsection.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 117 of 2002 | No 101 of 2006 | No 132 of 2011", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-163"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-170", "Provision_Key": "s705-170", "Heading": "What this Subdivision is about", "Text": "When a consolidated group is acquired by another consolidated group, modifications are made to the operation of Division 701 (the core rules) and Subdivision 705 ‑ A (tax cost setting amount where a single entity joins a consolidated group) basically to ensure that the tax cost setting amount for assets of the acquired group that become those of the acquiring group reflects the cost to the latter group of acquiring the former. Table of sections Application and object 705 ‑ 175 Application and object of this Subdivision Modified application of Division 701 in relation to acquired group etc. 705 ‑ 180 Modifications of Division 701 Modified application of Subdivision 705 ‑ A in relation to acquiring group 705 ‑ 185 Subdivision 705 ‑ A has effect with modifications Modifications of Subdivision 705 ‑ A for the purposes of this Subdivision 705 ‑ 195 Modified application of subsection 705 ‑ 65(6) 705 ‑ 200 Modified application of section 705 ‑ 85", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-175", "Provision_Key": "s705-175", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision applies if all of the * members of a * consolidated group (the acquired group ) become members of another consolidated group (the acquiring group ) at a particular time (the acquisition time ) as a result of the * acquisition of * membership interests in the * head company of the acquired group. Object (2) The object of this Subdivision is: (a) to modify the rules in Division 701 (the core rules) to complement the treatment of the acquired group as a single entity that applied before the acquisition time; and (b) to modify Subdivision 705 ‑ A (which basically determines the tax cost setting amount for assets of an entity joining a consolidated group) to ensure that the * tax cost setting amount for assets of the acquired group that become those of the acquiring group reflects the cost to the latter group of acquiring the former.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-180", "Provision_Key": "s705-180", "Heading": "Modifications of Division 701", "Text": "Certain provisions of Division 701 not to apply (1) If, because an entity ceases to be a * subsidiary member of the acquired group when this Subdivision applies, a provision of Division 701 (other than section 701 ‑ 25) would otherwise apply, in relation to the acquired group for the head company core purposes set out in subsection 701 ‑ 1(2) or for the entity core purposes set out in subsection 701 ‑ 1(3), the provision does not so apply. Modified application of section 701 ‑ 5 (2) Section 701 ‑ 5 (the entry history rule) applies in relation to the acquiring group for the head company core purposes set out in subsection 701 ‑ 1(2) as if entities that are or have been the * subsidiary members of the acquired group were or had been parts of the * head company of the acquired group. Modified application of section 701 ‑ 25 (3) The application of section 701 ‑ 25 (which ensures tax ‑ neutral consequences for a head company ceasing to hold assets when an entity leaves a group), in relation to the acquired group for the head company core purposes set out in subsection 701 ‑ 1(2) and for the entity core purposes set out in subsection 701 ‑ 1(3), is modified as follows: (a) the reference in subsection (4) of that section to the end of the income year is taken to be a reference to the end of the income year that ends or, if subsection 701 ‑ 30(3) as modified by subsection (4) of this section applies, of the income year that is taken to end, when the entity ceases to be a * subsidiary member of the acquired group; (b) the section applies (as modified by paragraph (a) of this subsection) to the entity that is the * head company of the acquired group ceasing to be a * member of that group in the same way as it applies to an entity that is a subsidiary member of that group ceasing to be a subsidiary member. Modified application of section 701 ‑ 30 (4) If the acquired group only exists for part of the income year, section 701 ‑ 30 (about an entity not being a subsidiary member of a group for a whole income year) applies in relation to the acquired group for the head company core purposes in the same way as it applies to work out the taxable income, tax payable on that taxable income and loss of each * sort for an entity for a non ‑ membership period.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-185", "Provision_Key": "s705-185", "Heading": "Subdivision 705 ‑ A has effect with modifications", "Text": "(1) Subdivision 705 ‑ A has effect in relation to the acquiring group for the head company core purposes set out in subsection 701 ‑ 1(2) as if: (a) the only * member of the acquired group that is a joining entity of the acquiring group were the entity that, just before the acquisition time, was the * head company of the acquired group; and (b) the operation of this Part for the head company core purposes in relation to the head company and the entities that were * subsidiary members of the acquired group continued to have effect for the purposes of Subdivision 705 ‑ A. Note 1: This means that for Subdivision 705 ‑ A purposes the subsidiary members of the acquired group are treated as part of the head company of that group, and as a result their assets (other than e.g. internal membership interests) have their tax costs set at the acquisition time. Note 2: It also means e.g. that for Subdivision 705 ‑ A purposes the terminating values of the assets of those subsidiary members are worked out as if the assets were those of the head company at the acquisition time, and hence will be based (if applicable) on the tax cost setting amounts for assets that were set at the time entities became subsidiary members of the acquired group. (2) However, that effect of Subdivision 705 ‑ A is subject to modifications set out in this Subdivision. Note: The modifications of Subdivision 705 ‑ A made in this Subdivision constitute the second exception to Subdivision 705 ‑ A: see paragraph 705 ‑ 15(b).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-195", "Provision_Key": "s705-195", "Heading": "Modified application of subsection 705 ‑ 65(6)", "Text": "Object (1) The object of this section is to ensure that certain * non ‑ membership equity interests held by * members of the acquiring group that are part of the cost of acquiring the acquired group are taken into account in working out the acquiring group’s * allocable cost amount for the acquired group. Non ‑ membership equity interests (2) Subsection 705 ‑ 65(6) has effect as if it also treated as a * membership interest in the * head company of the acquired group a * non ‑ membership equity interest in a * subsidiary member of the acquired group, where that interest was held at the acquisition time by a * member of the acquiring group.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-200", "Provision_Key": "s705-200", "Heading": "Modified application of section 705 ‑ 85", "Text": "Object (1) The object of this section is to ensure that if any of the following are not held by * members of either group: (a) certain employee share interests in * subsidiary members of the acquired group; (b) certain * non ‑ membership equity interests in subsidiary members of the acquired group; (c) certain preference share interests in subsidiary members of the acquired group; and are therefore part of the cost of acquiring the acquired group, they increase the acquiring group’s * allocable cost amount for the acquired group. Increase for certain membership interests in subsidiary members of acquired group (2) Subsections 705 ‑ 85(1), (2) and (4) have effect as if a * membership interest in a * subsidiary member of the acquired group were a membership interest in the * head company of that group. Non ‑ membership equity interests (3) Paragraph 705 ‑ 85(3)(a) has effect as if it also increased the step 2 amount worked out under section 705 ‑ 70 by the amount that would be the sum of the balances of the * non ‑ share capital accounts of the * subsidiary members of the acquired group, assuming that: (a) for a subsidiary member that is not a company—the subsidiary member were a company; and (b) each * non ‑ membership equity interest (if any) in a subsidiary member held at the acquisition time by a person other than a * member of the acquiring group or acquired group were a * non ‑ share equity interest in the subsidiary member; and (c) the non ‑ share equity interests (if any) mentioned in paragraph (b) were the only non ‑ share equity interests in the subsidiary member.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 117 of 2002 | No 117 of 2007 | No 56 of 2010", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-210", "Provision_Key": "s705-210", "Heading": "What this Subdivision is about", "Text": "When entities that are linked by membership interests join a consolidated group, the tax cost setting amount for the assets of each entity that becomes a subsidiary member is worked out by modifying the rules in Subdivision 705 ‑ A, so that the amount reflects the cost to the group of acquiring the entities. Table of sections Application and object 705 ‑ 215 Application and object of this Subdivision Modified application of Subdivision 705 ‑ A 705 ‑ 220 Subdivision 705 ‑ A has effect with modifications 705 ‑ 225 Order in which tax cost setting amounts are to be worked out where linked entities have membership interests in other linked entities 705 ‑ 227 Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by linked entities in other linked entities 705 ‑ 230 Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests 705 ‑ 235 Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain linked entities 705 ‑ 240 Modified application of section 705 ‑ 57", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-215", "Provision_Key": "s705-215", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision has effect for the head company core purposes set out in subsection 701 ‑ 1(2) if: (a) 2 or more entities (each of which is a linked entity ) become members of a * consolidated group at the same time as a result of an event that happens in relation to one of them; and (b) the case is not covered by Subdivision 705 ‑ C. Note: This is the third exception to Subdivision 705 ‑ A: see paragraph 705 ‑ 15(c). In order for this Subdivision to have effect, one of the entities would need to hold directly or indirectly, just before the joining time, membership interests in all of the other entities. Example: Entities A and B are not members of a consolidated group, but members of such a group, together with entity A, jointly hold all the membership interests in entity B. Members of the group then acquire all the membership interests in entity A and as a result of this event both entities, which are linked by the membership interests that one holds in the other, become members of the group. Object (2) The object of this Subdivision is to modify the rules in Subdivision 705 ‑ A (which basically determine the tax cost setting amount for assets of an entity joining an existing consolidated group) so that they take account of the different circumstances that apply where linked entities join.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-220", "Provision_Key": "s705-220", "Heading": "Subdivision 705 ‑ A has effect with modifications", "Text": "(1) Subdivision 705 ‑ A has effect in relation to each linked entity becoming a * subsidiary member of the * consolidated group in the same way as that Subdivision operates in relation to an entity becoming a subsidiary member of a consolidated group in circumstances covered by that Subdivision. (2) However, that effect of Subdivision 705 ‑ A is subject to modifications set out in this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-225", "Provision_Key": "s705-225", "Heading": "Order in which tax cost setting amounts are to be worked out where linked entities have membership interests in other linked entities", "Text": "Object (1) The object of this section is to ensure that where, on becoming * subsidiary members, linked entities hold assets consisting of * membership interests in other linked entities, the * head company’s cost of becoming the holder of the assets of all of the linked entities correctly reflects the group’s cost of acquiring the linked entities. Tax cost setting amounts to be worked out from top down (2) The * tax cost setting amounts for the assets of linked entities holding * membership interests must be worked out before the tax cost setting amounts for the assets of the linked entities in which the membership interests are held. Note: The tax cost setting amount in respect of assets of any linked entity in which members of the group, but no linked entity, hold membership interests can be worked out in any order in relation to the calculations for other linked entities. Tax cost setting amount for higher linked entity’s membership interests to be used in working out lower linked entity’s tax cost setting amount (3) The * tax cost setting amount worked out for assets of a linked entity mentioned in subsection (2) consisting of * membership interests in another such entity is to be used as the amount for those interests under subsection 705 ‑ 65(1) (step 1 of allocable cost amount) in working out the tax cost setting amount for assets of that other linked entity. Note 1: Subsection 705 ‑ 65(1) adds together amounts worked out in accordance with section 705 ‑ 65 representing the cost of the membership interests that each member of the group holds in the linked entity. If any of those membership interests is held by another linked entity, subsection (3) of this section will replace the amount otherwise applicable with the tax cost setting amount that will have been worked out for the interests in accordance with subsection (2) of this section. Note 2: The tax cost setting amount worked out for the membership interests has no relevance other than for the purpose mentioned in subsection (3) of this subsection. This is because, under the single entity principle, intra group membership interests are ignored while entities are members of the group. If an entity ceases to be a member, section 701 ‑ 15 and Division 711 set the tax cost of membership interests in the entity at that time. Value shifting etc. provisions not to apply to later CGT events involving membership interests (4) However, despite subsection (3), subsection 705 ‑ 65(4) (which prevents the later operation of value shifting etc. provisions) still applies to the * membership interests. Non ‑ membership equity interests (5) For the purposes of this section, if, on becoming a * subsidiary member, a linked entity holds a * non ‑ membership equity interest in another linked entity, that interest is treated as if it were a * membership interest in that other linked entity.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-227", "Provision_Key": "s705-227", "Heading": "Adjustment in working out step 3A of allocable cost amount to take account of membership interests held by linked entities in other linked entities", "Text": "Object (1) The object of this section is to modify the effect that section 705 ‑ 93 (step 3A of allocable cost amount) has in accordance with this Subdivision so that it takes account of * membership interests that linked entities hold in other linked entities at the time (the linked entity joining time ) when the linked entities become * subsidiary members of the group. Apportionment of step 3A amount among first level interposed entities (2) If: (a) under section 705 ‑ 93, in its application in accordance with this Subdivision, there is a step 3A amount for the purpose of working out the group’s * allocable cost amount for a particular linked entity (the subject entity ); and (b) at the linked entity joining time, one or more of the linked entities (the first level entities ) in which the * head company holds * membership interests are interposed between the head company and the subject entity; then the step 3A amount is apportioned among the first level entities and the subject entity on the following basis: (c) each first level entity has the following proportion of the step 3A amount: where: market value of all membership interests in subject entity means the * market value, at the linked entity joining time, of all * membership interests in the subject entity that are held by entities that become * members of the group at that time. market value of first level entity’s direct and indirect membership interests in subject entity means so much of the * market value of all membership interests in the subject entity (as defined above) as is attributable to * membership interests that the first level entity holds directly, or indirectly through other linked entities; and (d) the subject entity has the remainder of the step 3A amount. Membership interests in subsidiary members of group (3) In applying section 705 ‑ 93 for the purposes of this Subdivision, disregard paragraph 705 ‑ 93(1)(f) if: (a) the rollover asset mentioned in that section is a * membership interest in an entity that becomes a * subsidiary member at the linked entity joining time; and (b) the rollover asset is not held at that time by the entity that becomes the * head company of the group. Note: The step 3A amount is worked out under section 705 ‑ 93.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 58 of 2006 | No 101 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-227"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-230", "Provision_Key": "s705-230", "Heading": "Adjustments to restrict step 4 reduction of allocable cost amount to effective distributions to head company in respect of direct membership interests", "Text": "Object (1) The object of this section is to ensure that, in working out the group’s * allocable cost amount for the linked entities, the reduction under step 4 in the table in section 705 ‑ 60 (about pre ‑ formation time distributions out of certain profits) is made only for profits that have been effectively distributed to the * head company in respect of its direct * membership interests in the entities. This ensures consistency with the ordering rule in section 705 ‑ 225. When section applies (2) This section applies to a distribution to the extent that the following conditions are satisfied: (a) the distribution is made by a linked entity; (b) in working out the group’s * allocable cost amount for the linked entity there would, apart from this section, be a reduction under step 4 in the table in section 705 ‑ 60 for the distribution. Step 4 reduction only if subject distribution is made to head company (3) There is no reduction as mentioned in subsection (2) for the distribution unless it is made to the * head company of the group.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 117 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-235", "Provision_Key": "s705-235", "Heading": "Adjustment to allocation of allocable cost amount to take account of owned profits or losses of certain linked entities", "Text": "Object (1) The object of this section is to prevent a distortion under section 705 ‑ 35 in the allocation of * allocable cost amount to a linked entity where that entity has direct or indirect * membership interests in another linked entity that has certain profits or tax losses. Adjustment to allocation of allocable cost amount where direct interest in linked entity with profits/losses (2) If: (a) a linked entity has * membership interests in a second linked entity; and (b) in working out the group’s * allocable cost amount for the second linked entity: (i) an amount is required to be added (the second linked entity’s profit/loss adjustment amount ) under step 3 in the table in section 705 ‑ 60 (about profits accruing before becoming a subsidiary member of the group); or (ii) an amount is required to be subtracted (also the second linked entity’s profit/loss adjustment amount ) under step 5 in the table in section 705 ‑ 60 (about losses accruing before becoming a subsidiary member of the group); or (iii) an amount is required to be subtracted (also the second linked entity’s profit/loss adjustment amount ) under step 5A in the table in section 705 ‑ 60 (about * FRT disallowed amounts accruing to a joined group before the joining time); then, for the purposes of working out under section 705 ‑ 35 the * tax cost setting amount for the assets of the first linked entity, the * market value of the first linked entity’s membership interests in the second linked entity is reduced (in a subparagraph (b)(i) case) or increased (in a subparagraph (b)(ii) or (iii) case) by the first linked entity’s interest in the second linked entity’s profit/loss adjustment amount (see subsection (3)). First linked entity’s interest in second linked entity’s profit/loss adjustment amount (3) The first linked entity’s interest in the second linked entity’s profit/loss adjustment amount is worked out using the formula: Adjustment to allocation of allocable cost amount for indirect interest in linked entity with profits/losses (4) If: (a) a linked entity has * membership interests in a second linked entity; and (b) the second linked entity has, directly or indirectly through one or more interposed linked entities, membership interests in a third linked entity; and (c) in working out the group’s * allocable cost amount for the third linked entity: (i) an amount is required to be added (the third linked entity’s profit/loss adjustment amount ) under step 3 in the table in section 705 ‑ 60 (about profits accruing before becoming a subsidiary member of the group); or (ii) an amount is required to be subtracted (also the third linked entity’s profit/loss adjustment amount ) under step 5 in the table in section 705 ‑ 60 (about losses accruing before becoming a subsidiary member of the group); or (iii) an amount is required to be subtracted (also the third linked entity’s profit/loss adjustment amount ) under step 5A in the table in section 705 ‑ 60 (about * FRT disallowed amounts accruing to a joined group before the joining time); then, for the purposes of working out under section 705 ‑ 35 the * tax cost setting amount for the assets of the first linked entity, the * market value of the first linked entity’s membership interests in the second linked entity is reduced (in a subparagraph (c)(i) case) or increased (in a subparagraph (c)(ii) or (iii) case) by the first linked entity’s interest in the third linked entity’s profit/loss adjustment amount (see subsection (5)). First linked entity’s interest in third linked entity’s profit/loss adjustment amount (5) The first linked entity’s interest in the third linked entity’s profit/loss adjustment amount is worked out using the formula: where: market value of first linked entity’s membership interests in third linked entity held through second linked entity means the * market value of all * membership interests in the third linked entity that the first linked entity holds indirectly through the second linked entity (including through that entity and one or more other linked entities that are interposed between the second linked entity and the third linked entity).", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 117 of 2002 | No 16 of 2003 | No 58 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-240", "Provision_Key": "s705-240", "Heading": "Modified application of section 705 ‑ 57", "Text": "Object (1) The object of this section is to ensure that, in working out * tax cost setting amounts for * trading stock, * depreciating assets, * registered emissions units or * revenue assets of the linked entities, section 705 ‑ 57 (about loss of pre ‑ CGT status of certain membership interests) only applies if the * membership interests held directly by the * head company of the group are affected. Modified application of section 705 ‑ 57—basic modification (2) For the purposes of applying section 705 ‑ 57 in accordance with this Subdivision, a reference in that section to a * membership interest that a * member of the joined group holds in the joining entity at the joining time is taken to be a reference to a membership interest that the * head company of the * consolidated group holds directly in a linked entity at the time the linked entity becomes a * subsidiary member. Modified application of section 705 ‑ 57—additional modifications where section 705 ‑ 225 applies (3) Also, if a linked entity (the first linked entity ) holds a * membership interest (the subject membership interest ) in another linked entity (the second linked entity ), section 705 ‑ 57 (as modified in accordance with subsection (2)) is to be applied in relation to the subject membership interest as follows. (4) First work out whether there would be a reduction under that section in the * tax cost setting amount for the subject membership interest that is used as mentioned in subsection 705 ‑ 225(3) (the subsection 705 ‑ 225(3) tax cost setting amount ) if: (a) the subject membership interest, if it is not a revenue etc. asset of the first linked entity, were taken to be such an asset; and (b) paragraphs 705 ‑ 57(2)(c) and (d) and subsection 705 ‑ 57(7) did not apply to the subject membership interest. (5) Next, if there would be such a reduction (whose amount is the notional section 705 ‑ 57 reduction amount ): (a) apply section 705 ‑ 57 to reduce the * tax cost setting amount for any revenue etc. asset of the second linked entity; and (b) if the second linked entity holds a * membership interest in another linked entity—apply section 705 ‑ 57 in relation to that interest in accordance with subsection (3) of this section; and for those purposes: (c) the subject membership interest is taken to be a membership interest that the * head company of the group holds directly in the second linked entity; and (d) the requirements of paragraphs 705 ‑ 57(2)(a) and (b) are taken to be satisfied in relation to the subject membership interest; and (e) the subject membership interest is taken to have a * cost base and * reduced cost base equal to the subsection 705 ‑ 225(3) tax cost setting amount; and (f) the subject membership interest is taken to have a loss of pre ‑ CGT status adjustment amount equal to the notional section 705 ‑ 57 reduction amount. Note: If the head company actually held any membership interests in the second linked entity, or if other linked entities held membership interests in the second linked entity to which this subsection also applied, those membership interests would also be taken into account in working out the reduction under paragraph (a) and in applying paragraph (b).", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 117 of 2002 | No 132 of 2011", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-300", "Provision_Key": "s705-300", "Heading": "What this Subdivision is about", "Text": "Errors in making tax cost setting amount calculations are reversed by means of an immediate capital gain or loss if it would be unreasonable to require the calculations to be re ‑ done. Table of sections Operative provisions 705 ‑ 305 Object of this Subdivision 705 ‑ 310 Operation of Part IVA of the Income Tax Assessment Act 1936 705 ‑ 315 Errors that attract special adjustment action 705 ‑ 320 Tax cost setting amounts taken to be correct", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-305", "Provision_Key": "s705-305", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to avoid the time and expense involved in correcting errors affecting * tax cost setting amount calculations. This is done by providing for * capital gains or * capital losses to reverse the errors.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-310", "Provision_Key": "s705-310", "Heading": "Operation of Part IVA of the Income Tax Assessment Act 1936", "Text": "To avoid doubt, this Subdivision does not limit the operation of Part IVA of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-315", "Provision_Key": "s705-315", "Heading": "Errors that attract special adjustment action", "Text": "(1) Section 705 ‑ 320 (about later adjustments to correct * tax cost setting amount calculation errors) applies if the conditions in this section are satisfied. Tax cost setting amount taken into account (2) The first condition is that the * head company of a * consolidated group worked out a * tax cost setting amount, in purported compliance with this Division, for an asset of an entity that becomes a * subsidiary member of the group that is an asset of a kind referred to in section 705 ‑ 35 as a reset cost base asset. Error in calculation (3) The second condition is that: (a) the * head company made one or more errors in working out the * tax cost setting amount; and (b) those errors caused the tax cost setting amount to differ from its correct amount. If the errors caused the tax cost setting amount to be more, the difference is an overstated amount . If the errors caused the tax cost setting amount to be less, the difference is an understated amount . Unreasonable to require recalculation (4) The third condition is that, having regard to the following factors: (a) the net size of the errors compared to the size of the * allocable cost amount for the joining entity; (b) the number of * tax cost setting amounts that would have to be recalculated, and the difficulty of making the recalculations; (c) the number of adjustments, in assessments that could be amended and in future * income tax returns, that would be necessary to correct the errors; (d) the difficulty in obtaining any necessary information; it is not reasonable to require a recalculation of the amounts involved. Exception where error due to fraud or evasion (5) However, the conditions in this section are not satisfied if the errors were to any extent due to fraud or evasion. Requirement to notify (6) The * head company of the * consolidated group must, as soon as practicable after becoming aware that it made one or more errors in working out the * tax cost setting amount, notify the Commissioner in the * approved form: (a) that it had made the errors; and (b) of the amount of the overstated amount or understated amount.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 705-320", "Provision_Key": "s705-320", "Heading": "Tax cost setting amounts taken to be correct", "Text": "(1) For the purposes of this Act (other than this Subdivision) and for the purposes of the Taxation Administration Act 1953 , any * tax cost setting amounts that were worked out by the * head company, so far as they were due to the errors, are taken to have been correct if the conditions in section 705 ‑ 315 are satisfied. Note 1: If the conditions in section 705 ‑ 315 are satisfied, CGT event L6 happens (see section 104 ‑ 525). Note 2: Subsection (1) means that the Commissioner cannot amend any assessments necessary to correct the errors, and that (except as mentioned in subsection (2)) no offences or administrative penalties arise in respect of the errors. (2) Subsection (1) does not apply for the purposes of determining whether there is an offence against section 8N of the Taxation Administration Act 1953 , or an administrative penalty under section 284 ‑ 75 or 284 ‑ 145 in Schedule 1 to that Act, in relation to statements made before the Commissioner became aware of the errors. Note 1: Section 8N of the Taxation Administration Act 1953 deals with false or misleading statements. Sections 284 ‑ 75 and 284 ‑ 145 in Schedule 1 to that Act set out the circumstances in which an entity is liable for an administrative penalty. Note 2: The offence and administrative penalty provisions however apply on a modified basis—see subsection 8W(1C) of the Taxation Administration Act 1953 , and subsections 284 ‑ 80(2) and 284 ‑ 150(2) in Schedule 1 to that Act.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s705-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-100", "Provision_Key": "s707-100", "Heading": "What this Subdivision is about", "Text": "A loss made by an entity before the time it becomes a member of a consolidated group is transferred to the head company of the group at that time if the entity could have utilised the loss had the entity not become a member of the group. Table of sections 707 ‑ 105 Who can utilise the loss? Objects 707 ‑ 110 Objects of this Subdivision Application 707 ‑ 115 What losses this Subdivision applies to Transfer of loss from joining entity to head company 707 ‑ 120 Transfer of loss from joining entity to head company 707 ‑ 125 Modified business continuity test for companies’ post ‑ 1999 losses 707 ‑ 130 Modified pattern of distributions test 707 ‑ 135 Transferring loss transferred to joining entity because business continuity test was satisfied Effect of transfer of loss 707 ‑ 140 Effect of transfer of loss Cancelling the transfer of the loss 707 ‑ 145 Cancelling the transfer of the loss What happens if the loss is not transferred? 707 ‑ 150 Loss cannot be utilised for income year ending after the joining time", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 68 of 2002 | No 88 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-105", "Provision_Key": "s707-105", "Heading": "Who can utilise the loss?", "Text": "(1) If the loss is transferred, the head company is treated for income years ending after the transfer as having made the loss, so the head company can utilise the loss for those income years to the extent permitted by: (a) the general rules (outside this Part) about an entity utilising a loss it has made; and (b) the special rules about transferred losses in the other Subdivisions of this Division that supplement and modify those general rules. Note: If the entity from which the loss was transferred became a subsidiary member of the consolidated group, the entity cannot utilise the loss for those income years because of section 701 ‑ 1 (single entity rule) and section 707 ‑ 140. (2) If the loss is not transferred, then, for an income year ending after the time the entity became a member of the consolidated group, the loss cannot be utilised by any entity. Note: The loss will not be transferred if the entity would not have been able to utilise it or if the transfer is cancelled under section 707 ‑ 145.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-110", "Provision_Key": "s707-110", "Heading": "Objects of this Subdivision", "Text": "The main objects of this Subdivision are: (a) to provide for the transfer of a loss from an entity (the joining entity ) becoming a * member of a * consolidated group to the * head company of the group (so the head company may be able to * utilise it), if the joining entity could have utilised the loss if it had not become a member of the group; and (b) to prevent the utilisation by any entity of a loss made by the joining entity, if the joining entity could not have utilised the loss if it had not become a member of the group.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 68 of 2002 | No 143 of 2007 | No 88 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-115", "Provision_Key": "s707-115", "Heading": "What losses this Subdivision applies to", "Text": "This Subdivision applies to a loss of any * sort if: (a) an entity (the joining entity ) becomes a * member of a * consolidated group (the joined group ) at a time (the joining time ) in an income year (the joining year ); and (b) the loss was made by the joining entity for an income year ending before the joining time. Note 1: If the joining entity had a loss transferred to it by a previous operation of this Subdivision (when the entity was the head company of a consolidated group), this Subdivision operates later as if the joining entity had made the loss. See section 707 ‑ 140. Note 2: Section 707 ‑ 405 may affect the income year for which the joining entity is treated as having made the loss, if the joining entity made the loss and the loss is referable to part of an income year.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 68 of 2002 | No 88 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-120", "Provision_Key": "s707-120", "Heading": "Transfer of loss from joining entity to head company", "Text": "Transfer of loss from joining entity to head company (1) Subject to subsection (1A), the loss is transferred at the joining time from the joining entity to the * head company of the joined group (even if they are the same entity). (1A) The loss is transferred under subsection (1) only to the extent (if any) that the loss could have been * utilised by the joining entity for an income year consisting of the * trial year if: (a) at the joining time, the joining entity had not become a * member of the joined group (but had been a * wholly ‑ owned subsidiary of the * head company if the joining entity is not the head company); and (b) the amount of the loss that could be utilised for the trial year were not limited by the joining entity’s income or gains for the trial year. What is the trial year ? (2) The trial year is the period: (a) starting at the latest of these times: (i) the time 12 months before the joining time; (ii) the time the joining entity came into existence; (iii) the time the joining entity last ceased to be a * subsidiary member of a * consolidated group, if the joining entity had been a member of a consolidated group before the joining time but was not a * member of a consolidated group just before the joining time; and (b) ending just after the joining time. Business continuity test involving trial year (3) When working out whether the joining entity carried on, throughout the * trial year (or a period including the trial year): (a) the same business as the business it carried on at a particular time; or (b) a similar business to the business it carried on at that time; assume that the entity carried on at and just after the joining time the same business that it carried on just before the joining time. Transfer of loss for income year overlapping trial year (4) If the loss was made by the joining entity for an income year all or part of which occurs in the * trial year, the transfer of the loss under subsection (1) is not prevented by the fact that the loss was made for that income year. Designated infrastructure project entities (5) Despite subsection (1A), the loss is transferred under subsection (1) to the full extent if: (a) the loss is a * tax loss; and (b) the joining entity is a * designated infrastructure project entity: (i) at a time in the * loss year; and (ii) just before the joining time.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 147 of 2005 | No 164 of 2007 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-125", "Provision_Key": "s707-125", "Heading": "Modified business continuity test for companies’ post ‑ 1999 losses", "Text": "(1) This section operates if: (a) the joining entity made the loss for an income year starting after 30 June 1999; and (b) section 165 ‑ 13 or subsection 165 ‑ 15(2) or (3) or 166 ‑ 5(5) or (6) is relevant to working out (under section 707 ‑ 120) whether the loss is transferred from the joining entity. (2) Work out whether the loss is transferred on the basis that section 165 ‑ 13 required the joining entity to satisfy the * business continuity test for: (a) the period (the business continuity test period ) consisting of: (i) the * trial year; and (ii) the income year that included the * test time worked out for section 165 ‑ 13 for the joining entity (disregarding paragraph (b) of this subsection), if that income year started before the trial year; and (b) the time (the test time ) just before the end of the income year for which the loss was made by the joining entity. (3) Work out whether the loss is transferred on the basis that: (a) subsection 165 ‑ 15(2) specified that the period (the business continuity test period ) for the * business continuity test consisted of: (i) the * trial year; and (ii) the income year in which the person began to control, or became able to control, the voting power in the company, if that income year started before the trial year; and (b) subsection 165 ‑ 15(3) required the business continuity test to be applied to the company’s business immediately before the time (the test time ) just before the end of the income year for which the loss was made by the joining entity. (4) If Subdivision 166 ‑ A would apply to the joining entity for an income year consisting of the * trial year, work out whether the loss is transferred on the basis that: (a) subsection 166 ‑ 5(5) treated the joining entity as having satisfied the condition in section 165 ‑ 13 if the joining entity satisfied the * business continuity test for the period (the business continuity test period ) consisting of: (i) the trial year; and (ii) the income year described in subsection (5) of this section, if that income year started before the trial year; and (b) subsection 166 ‑ 5(6) required the business continuity test to be applied to the * business that the joining entity carried on at the time (the test time ) just before the end of the income year for which the loss was made by the joining entity. Note: Subdivision 166 ‑ A applies to widely held companies and eligible Division 166 companies unless they choose that Subdivision 165 ‑ A apply to them without the modifications made by Subdivision 166 ‑ A. (5) For the purposes of subparagraph (4)(a)(ii), the income year is: (a) the income year in which occurred the first time mentioned in subsection 166 ‑ 5(6); or (b) the income year of the joining entity containing the time at which the joining entity is taken under subsection 707 ‑ 210(5) to fail to meet the condition in section 165 ‑ 12, if that subsection is relevant to working out whether the joining entity can * utilise the loss. Note 1: Section 707 ‑ 205 affects the start of the test period if the joining entity made the loss under a previous operation of this Subdivision. Note 2: Section 707 ‑ 210 is about whether a company can utilise certain losses transferred to it under this Subdivision from a company. (6) Subsection (4) of this section has effect despite subsection 707 ‑ 210(6). Note: Subsection 707 ‑ 210(6) modifies section 166 ‑ 5 for working out whether a company can utilise certain losses transferred to it under this Subdivision from a company.", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 124 of 2013 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-130", "Provision_Key": "s707-130", "Heading": "Modified pattern of distributions test", "Text": "(1) This section operates for the purpose of working out (under section 707 ‑ 120) whether the loss is transferred from the joining entity, if section 267 ‑ 20 in Schedule 2F to the Income Tax Assessment Act 1936 is relevant for that purpose. Note 1: That section is relevant if the joining entity has been a non ‑ fixed trust at any time in the period from the start of the income year in which the entity made the loss until the time it became a subsidiary member of the joined group (and was not an excepted trust at all times in the period). Note 2: That section prevents an entity from utilising a tax loss unless the entity meets the conditions in subsection 267 ‑ 30(2) (if applicable) and section 267 ‑ 35 in that Schedule by passing the pattern of distributions test for certain income years. (2) Section 267 ‑ 30 in that Schedule has effect as if the income year mentioned in that section were the joining year, and not the * trial year. Note: Section 267 ‑ 30 in that Schedule requires the joining entity to pass the pattern of distributions test for the income year mentioned in that section if that entity distributed income or capital in that income year or within 2 months after the end of that income year. (3) Section 267 ‑ 35 in that Schedule has effect as if the reference in that section to an earlier income year were to an income year earlier than the joining year. (4) Disregard each distribution (if any) of income or capital (within the meaning of that Schedule) made by the joining entity after the joining time, so far as it was made from an amount of the entity’s income or capital attributable to a time after the joining time, in working out: (a) whether section 267 ‑ 30 in that Schedule requires the joining entity to pass the pattern of distributions test (as defined in that Schedule); and (b) whether the joining entity passes that test as required by section 267 ‑ 30 or 267 ‑ 35 in that Schedule. Note: Disregarding that percentage of a distribution may affect a test year distribution of income or a test year distribution of capital, as those terms are defined in section 269 ‑ 65 in that Schedule, and thus affect whether the joining entity passes the pattern of distributions test under section 269 ‑ 60 in that Schedule.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 68 of 2002 | No 143 of 2007 | No 41 of 2011 | No 124 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-135", "Provision_Key": "s707-135", "Heading": "Transferring loss transferred to joining entity because business continuity test was satisfied", "Text": "(1) This section operates if the loss had been transferred to the joining entity (by a previous operation of this Subdivision) because the entity from which the loss was transferred carried on during a particular period: (a) the same business as it carried on at a particular time; or (b) if section 165 ‑ 211 applies in relation to the loss—a business similar to the business it carried on at a particular time. Note: Section 165 ‑ 211 enables an entity to satisfy the business continuity test by carrying on a similar business. (2) The loss is not transferred from the joining entity to the * head company of the joined group (despite section 707 ‑ 120), unless the joining entity satisfies the * business continuity test for: (a) the * trial year (the business continuity test period ); and (b) the time (the test time ) just before the end of the income year in which the loss was transferred to the joining entity.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-140", "Provision_Key": "s707-140", "Heading": "Effect of transfer of loss", "Text": "(1) To the extent that the loss is transferred under section 707 ‑ 120 from the joining entity to the * head company of the joined group, this Act operates (except so far as the contrary intention appears) for the purposes of income years ending after the transfer as if: (a) the head company had made the loss for the income year in which the transfer occurs; and (b) the joining entity had not made the loss for the income year for which the joining entity actually made the loss. (1A) However, subsection (1) does not affect the operation of paragraph 165 ‑ 211(1)(a) or (c). Note: This subsection ensures that the head company can only apply the version of the business continuity test in section 165 ‑ 211 if the loss of the joining entity was incurred on or after 1 July 2015. Head company may utilise loss for income year of transfer (2) The * head company is not prevented from * utilising the loss for the income year in which the transfer occurs merely because this Act operates as if the head company had made the loss (to the extent of the transfer) for that year. Debt forgiveness in income year for which loss is made (3) If a debt of the * head company of the joined group is * forgiven in the income year in which the transfer occurs, sections 245 ‑ 115 and 245 ‑ 130 operate as if the head company had made the loss for an earlier income year. Note: This subsection has the effect that the loss may be reduced in accordance with one of those subsections by applying the total net forgiven amount for the income year in which the transfer occurs.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 79 of 2010 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-145", "Provision_Key": "s707-145", "Heading": "Cancelling the transfer of the loss", "Text": "(1) The * head company of the joined group may choose to cancel the transfer of the loss. (2) If the * head company of the joined group does so, this Act (except this section) operates for all income years ending after the transfer as if it had not occurred under section 707 ‑ 120. (3) The choice cannot be revoked.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-150", "Provision_Key": "s707-150", "Heading": "Loss cannot be utilised for income year ending after the joining time", "Text": "To the extent that the loss is not transferred under section 707 ‑ 120 from the joining entity to the * head company of the joined group, the loss cannot be * utilised by any entity for an income year ending after the joining time.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-200", "Provision_Key": "s707-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies rules about a company maintaining the same ownership to be able to utilise a loss transferred to it under Subdivision 707 ‑ A, and specifies what things happening before the transfer are to be taken into account in working out whether the company can utilise the loss. Table of sections Operative provisions 707 ‑ 205 Modified period for test for maintaining same ownership 707 ‑ 210 Utilisation of certain losses transferred from a company depends on company that made the losses earlier", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-205", "Provision_Key": "s707-205", "Heading": "Modified period for test for maintaining same ownership", "Text": "(1) This section modifies Divisions 165, 166 and 167 for the purposes of working out whether a company can * utilise a loss of any * sort that it made because of a transfer under Subdivision 707 ‑ A. (2) Subdivision 165 ‑ A and Divisions 166 and 167 operate for those purposes as if the * loss year started at the time of the transfer. Note 1: This means that the ownership test period defined by subsection 165 ‑ 12(1) and the test period defined by subsection 166 ‑ 5(2) start at the time of the transfer. Note 2: Without this section, those periods would start at the start of the income year in which the transfer occurred, so events occurring before the transfer (such as changes in holdings of voting power, rights to dividends or rights to capital) could affect whether the company could utilise the tax loss or net capital loss.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 68 of 2002 | No 83 of 2004 | No 147 of 2005 | No 130 of 2015", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-210", "Provision_Key": "s707-210", "Heading": "Utilisation of certain losses transferred from a company depends on company that made the losses earlier", "Text": "(1) This section has effect for the purposes of working out whether a company (the latest transferee ) can * utilise for an income year a loss it made because of a * COT transfer from a company (the latest transferor ). (1A) A transfer of a loss under Subdivision 707 ‑ A from a company to a company is a COT transfer of the loss if the transfer occurs because: (a) the transferor meets the conditions in section 165 ‑ 12; and (b) the conditions in one or more of paragraphs 165 ‑ 15(1)(a), (b) and (c) do not exist in relation to the transferor. Meeting conditions in section 165 ‑ 12 (2) The latest transferee is taken to meet the conditions in section 165 ‑ 12 for the income year in relation to the loss if and only if the company (the test company ) described in subsection (3) would have met those conditions for the income year had the circumstances described in subsection (4) existed. Note 1: The latest transferee and the test company may be the same company. Note 2: Section 707 ‑ 405 may affect the income year for which the test company is treated as having made the loss, if the loss is referable to part of an income year. (3) The test company is the first company to make the loss. However, if: (a) the loss was made by the latest transferor because of one or more earlier transfers of the loss under Subdivision 707 ‑ A from a company to a company; and (b) one or more of those earlier transfers was not a * COT transfer; the test company is the company to which the loss was transferred in the most recent transfer described in paragraph (b). (4) The circumstances are that: (a) the test company was not treated by Subdivision 707 ‑ A for the income year as not having made the loss; and (b) if the test company made the loss apart from that Subdivision and transferred the loss to itself under that Subdivision—the test company was not treated by that Subdivision for the income year as having made the loss for the income year in which the transfer occurred; and (c) nothing happened, after the time the loss was transferred from the test company to the * head company of a * consolidated group, to * membership interests or voting power: (i) in an entity that was at that time a * subsidiary member of the group; or (ii) in an entity that was at that time interposed between the test company and the head company; that would affect whether the test company would meet the conditions in section 165 ‑ 12 for the income year; and (d) if the loss has later been transferred under that Subdivision to the head company of another consolidated group—nothing happened, after the time of the later transfer, to membership interests or voting power: (i) in the later transferor; or (ii) in an entity that was at that time interposed between the later transferor and the head company; that would affect whether the test company would meet the conditions in section 165 ‑ 12 for the income year. Failing to meet conditions in section 165 ‑ 12 (5) The latest transferee is taken to fail to meet a condition in section 165 ‑ 12 only at: (a) the first time the test company would have failed to meet the condition had the circumstances described in subsection (4) existed; or (b) the test time described in subsection 166 ‑ 5(6) for the test company, if Division 166 is relevant to working out whether the test company could have * utilised the loss had the circumstances described in subsection (4) existed. Business continuity test applying to latest transferee under Division 166 (6) If subsection 166 ‑ 5(5) affects whether the latest transferee can * utilise the loss for the income year because the latest transferee is a * widely held company or an * eligible Division 166 company, or both, during the year, subsection 166 ‑ 5(6) operates as if it required the * business continuity test to be applied to the * business the latest transferee carried on just before the time described in subsection (5) of this section. If the test company made the loss because of a transfer (7) If the test company made the loss because of a transfer under Subdivision 707 ‑ A from another entity, Divisions 165 and 166 operate in relation to the test company for the purposes of subsection (2) as if the test company’s * loss year started at the time of the transfer.", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-300", "Provision_Key": "s707-300", "Heading": "What this Subdivision is about", "Text": "Losses transferred to the head company of a consolidated group under Subdivision 707 ‑ A can be utilised for an income year only against a fraction of the income or gains remaining after the company has utilised other losses and deductions. Note: This Subdivision does not apply if the joining entity is a designated infrastructure project entity just before the transfer and the head company is a designated infrastructure project entity just after the transfer: see section 415 ‑ 45. Table of sections Object 707 ‑ 305 Object of this Subdivision How much of a transferred loss can be utilised? 707 ‑ 310 How much of a transferred loss can be utilised? 707 ‑ 315 What is a bundle of losses? 707 ‑ 320 What is the available fraction for a bundle of losses? 707 ‑ 325 Modified market value of an entity becoming a member of a consolidated group 707 ‑ 330 Losses transferred from former head company 707 ‑ 335 Limit on utilising transferred losses if circumstances change during income year 707 ‑ 340 Utilising transferred losses while exempt income remains 707 ‑ 345 Other provisions are subject to this Subdivision", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 68 of 2002 | No 124 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-305", "Provision_Key": "s707-305", "Heading": "Object of this Subdivision", "Text": "(1) The main object of this Subdivision is to limit, in a way that gives effect to the principles in subsections (2) and (3), the amount of losses transferred under Subdivision 707 ‑ A that can be * utilised for an income year by the transferee. (2) One principle is that the transferee is to * utilise the transferred losses for an income year only to the extent to which it has income or gains for the income year remaining after reduction by its other losses and deductions. (3) The other principle is that the amount of a transferred loss that the transferee can * utilise is to reflect the amount of the loss that the transferor could have * utilised for the income year if the transferor of the loss (whether the original maker of the loss or not) had not become a * member of a * consolidated group at the time of the transfer. (4) To give effect to those principles, this Subdivision operates on the assumption that, if each transferor of a loss to the transferee had not become a * member of a * consolidated group at the time of the transfer: (a) all the transferors of transferred losses to the transferee would have made income or gains for the year whose total did not exceed the transferee’s income or gains for the year remaining after reduction by its other losses and deductions; and (b) a particular transferor’s income or gains for the year would have equalled a fraction of the transferee’s income or gains for the year remaining after reduction by its other losses and deductions. (5) The fraction is worked out by reference to the transferor’s * market value at the time of the transfer (on the assumption that market value reflects capacity to generate income or gains in future).", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 68 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-310", "Provision_Key": "s707-310", "Heading": "How much of a transferred loss can be utilised?", "Text": "(1) This section limits the amount of losses in a particular * bundle of losses transferred under Subdivision 707 ‑ A that can be * utilised by the transferee. The limit is set by reference to the * available fraction for the bundle. Note: Section 707 ‑ 335 of this Act and section 707 ‑ 350 of the Income Tax (Transitional Provisions) Act 1997 set different limits on utilising losses in a bundle of losses in certain circumstances. Basic rule (2) The transferee cannot * utilise more of the losses in the * bundle than the transferee would have been able to utilise (apart from this section) under the conditions in subsections (3), (4) and (5). (3) The first condition is that the only amount of the transferee’s * ordinary income, * statutory income or gains (if any) of a kind described in column 1 of an item of the table for the income year is the * available fraction of the amount worked out as described in column 2 of the item having regard to: (a) the transferee’s * ordinary income, * statutory income or gains for the income year apart from this section; and (b) the transferee’s deductions for the income year and losses, except losses transferred to the transferee under Subdivision 707 ‑ A. Income and gains Column 1 The transferee’s ordinary income, statutory income or gains of this kind: Column 2 Are worked out by reference to this amount: 1 * Capital gains The result of: (a) step 2 of the method statement in subsection 102 ‑ 5(1); or (b) step 3 of the method statement in section 165 ‑ 111; (as appropriate) for the transferee and the income year 3 * Exempt film income The transferee’s * net exempt film income for the income year remaining after deduction of the transferee’s * film losses (if any) 4 * Assessable film income The transferee’s * net assessable film income for the income year remaining after deduction of the transferee’s * film losses (if any) 5 * Exempt income other than * exempt film income The amount of the transferee’s * net exempt income for the income year that would have remained after deducting from it the transferee’s * tax losses (if any), assuming the amount of that income were what it would have been had the transferee not had * exempt film income for the year 6 Assessable income that is not attributable to * capital gains and is not * assessable film income The amount (if any) that would have been the transferee’s taxable income (if any) for the income year if the transferee had not had for the income year: (a) any * net capital gain; or (b) any * net assessable film income; reduced by the amount (the transferee’s grossed ‑ up franking offset amount ) worked out in accordance with paragraph (3A)(c) (3A) For the purposes of subsection (3): (a) the transferee’s * tax losses to which paragraph (b) of, or the table in, that subsection applies are to be worked out on the assumption that the transferee chooses to deduct under subsection 36 ‑ 17(2) all of the tax losses and that subsection 36 ‑ 17(5) does not apply to that choice; and (b) except as mentioned in paragraph (a) of this subsection, amounts worked out as described in column 2 of an item of the table in subsection (3) are to be worked out making the same choices as the transferee actually makes in working out its taxable income as stated in its * income tax return for the income year; and (c) the transferee’s grossed ‑ up franking offset amount mentioned in column 2 of item 6 in the table is the amount worked out using the formula: where: franking offsets means the total amount of * tax offsets to which the transferee is entitled for the income year under Division 207 and Subdivision 210 ‑ H (except those that are subject to the refundable tax offset rules because of section 67 ‑ 25). (4) The second condition is that once the amounts of the transferee’s income or gains have been worked out under subsection (3) they are not reduced by: (a) deductions, or losses, other than losses in the * bundle; or (b) taxes or expenses described in subsection 375 ‑ 805(4) (which is about * net exempt film income). Note: One of the effects of subsection (4) is that, for working out how much of a film loss in the bundle can be deducted from the transferee’s net exempt film income or net assessable film income: (a) the transferee’s net exempt film income will be the same as its exempt film income worked out under subsection (3); and (b) the transferee’s net assessable film income will be the same as its assessable film income worked out under subsection (3). (5) The third condition is that once the amounts of the transferee’s * exempt income have been worked out under subsection (3), assume that the transferee had no losses, outgoings or taxes described in subsection 36 ‑ 20(1) (which is about * net exempt income), in working out how much of a * tax loss in the * bundle can be deducted from the transferee’s net exempt income.", "Amendment_Count": 7, "First_Amended": "No 68 of 2002", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 68 of 2002 | No 142 of 2003 | No 143 of 2007 | No 97 of 2008 | No 14 of 2009 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-315", "Provision_Key": "s707-315", "Heading": "What is a bundle of losses?", "Text": "(1) A bundle of losses comes into existence at the time (the initial transfer time ) a loss of any * sort that has not previously been transferred under Subdivision 707 ‑ A is transferred under that Subdivision from an entity (the real loss ‑ maker ) to the * head company of a * consolidated group (the joined group ). (2) At the initial transfer time, the bundle consists of every loss (regardless of its * sort) that: (a) is transferred at that time under that Subdivision from the real loss ‑ maker to the * head company of the joined group; and (b) has not been transferred under that Subdivision before that time. Note: For certain purposes, section 707 ‑ 327 of the Income Tax (Transitional Provisions) Act 1997 treats the bundle as including certain other losses too. (3) The bundle still exists at a later time if it includes at that later time at least one loss of any * sort that could be * utilised or otherwise reduced by an entity for an income year ending after that time (even if one or more losses have ceased to be included in the bundle before that later time). Note: A bundle continues to exist even if the losses in it are transferred again under Subdivision 707 ‑ A after the initial transfer time. (4) A loss ceases to be included in a * bundle at the first time for which it is true that the loss cannot be * utilised or otherwise reduced by any entity for an income year ending after that time. (5) If, had a loss been made by a company as assumed under a provision of Division 170, the loss would have been transferred under Subdivision 707 ‑ A, this Subdivision and other provisions that relate to or may affect the * available fractions for one or more * bundles of losses (including sections 707 ‑ 140 and 719 ‑ 325) operate as if the transfer had occurred. Note: Section 707 ‑ 140 provides for a choice to cancel a transfer under Subdivision 707 ‑ A. Section 719 ‑ 325 provides for a choice to cancel all losses in certain bundles of losses. A choice under one of those sections may result in a bundle not coming into existence, or not being in existence after a certain time. (6) To avoid doubt, a choice under section 707 ‑ 145 or 719 ‑ 325, as it operates because of subsection (5) of this section, relating to the loss does not affect or prevent: (a) a transfer of the loss that would have occurred under Subdivision 707 ‑ A as described in another application of that subsection involving a different company; or (b) * utilisation of the loss by the company that actually made the loss and is different from the company assumed under Division 170 to have made the loss. Note: Therefore a choice under section 707 ‑ 145 or 719 ‑ 325, as operating because of subsection (5) of this section, will be able to cause only one bundle not to exist, and will not affect the existence of other bundles that are treated as existing because of other operations of that subsection.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 68 of 2002 | No 117 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-320", "Provision_Key": "s707-320", "Heading": "What is the available fraction for a bundle of losses?", "Text": "(1) The available fraction for a * bundle of losses at a time is: where: transferee’s adjusted market value at the initial transfer time means the amount that would be the * market value, at the initial transfer time, of the transferee to which the losses in the * bundle were transferred at that time if: (a) the transferee did not have a loss of any * sort for an income year ending before that time; and (b) the balance of the transferee’s * franking account were nil at that time. Note: The value for the transferee will be worked out on the basis that subsidiary members of the consolidated group headed by the transferee are part of the transferee, because of section 701 ‑ 1 (the single entity rule). (2) However, if an event described in an item of the table happens, the available fraction for the * bundle is reduced or maintained just after the event by multiplying it by the factor identified in the item: Factors affecting the available fraction Item Event Factor 1 One or more losses in the * bundle are transferred for the second or subsequent time The lesser of 1 and this fraction: 2 At the same time as the losses in the * bundle were most recently transferred, losses in one or more other bundles were transferred from the same transferor to the same transferee, and the losses in the bundle or one of the other bundles had not been transferred before The result of dividing the lesser of: (a) the available fraction (apart from this subsection) for the bundle of losses that had not been transferred before; and (b) 1; by the sum of the available fractions for all the bundles (apart from this item applying to transfers at the time) 3 The company to which the losses in the * bundle were most recently transferred has transferred to it at a later time losses in one or more other bundles 4 There is an increase in the * market value of the company to which the losses in the * bundle were most recently transferred, because of an event described in subsection 707 ‑ 325(4) (but not covered by subsection 707 ‑ 325(5)) 5 The available fractions (apart from this item) for all the * bundles of losses most recently made by the company that most recently made the losses in the bundle total more than 1.000 (3) If the transfer under Subdivision 707 ‑ A of one or more losses in a * bundle causes events described in 2 or more items of the table in subsection (2) to happen and require calculations of the available fraction for that bundle and for one or more other bundles: (a) make the calculations required by those items in the order in which the items appear in the table; and (b) take account of the results of a calculation under an earlier item in making a calculation under a later item. (4) For a * bundle of losses: (a) subject to paragraph (b)—the available fraction is worked out to 3 decimal places, rounding up if the fourth decimal place is 5 or more; or (b) if the available fraction worked out under paragraph (a) is 0.000 and, if it were worked out to more decimal places, it would include one or more non ‑ zero digits—the available fraction is worked out to the number of decimal places that includes the first or only such digit, rounding up if the next decimal place is 5 or more. Examples: For 0.000328, the available fraction is 0.0003. For 0.000086, the available fraction is 0.00009. (4A) Subsections (1) and (2) have effect subject to subsection (4). (5) If, apart from this subsection, the available fraction for a * bundle of losses would need to be worked out by dividing a number by 0, work out the available fraction by dividing the number by 1. (6) The available fraction for a * bundle of losses is 0 if, apart from this subsection, it would be negative.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 68 of 2002 | No 13 of 2006 | No 58 of 2006", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 13 of 2006, effective 29 Mar 2006 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-325", "Provision_Key": "s707-325", "Heading": "Modified market value of an entity becoming a member of a consolidated group", "Text": "Basic rule (1) The modified market value of an entity that becomes a * member of a * consolidated group at a particular time is the amount that would be the * market value of the entity at that time if: (a) the entity had no loss of any * sort for any income year, and the balance of its * franking account at that time were nil; and (b) the * subsidiary members of the group at that time were separate entities and not just parts of the * head company of the group; and (c) the entity’s market value did not include an amount attributable (directly or indirectly) to a * membership interest in a member of the group (other than the entity): (i) that is a * corporate tax entity; or (ii) that transferred a loss under Subdivision 707 ‑ A to the head company of the group at or before that time; and (d) the contribution to the entity’s market value made by a trust (other than one that is a member described in paragraph (c)) were limited to the amount attributable to the entity’s * fixed entitlements (if any) at that time to income or capital of the trust that is not attributable (directly or indirectly) to a membership interest in such a member. Note 1: Section 707 ‑ 330 affects the modified market value of an entity that becomes a subsidiary member of the consolidated group, if the entity was the head company of another consolidated group just beforehand. Note 2: Section 707 ‑ 325 of the Income Tax (Transitional Provisions) Act 1997 provides for an entity’s modified market value to be increased in certain circumstances for the purposes of working out the available fraction for a bundle of losses transferred from the entity. Rule to prevent inflation of modified market value (2) However, if: (a) one or more of the events described in subsection (4) occurred in the 4 years before the time; and (b) the amount worked out under subsection (1) exceeds what it would have been if none of those events had occurred; the modified market value of the entity at the time is the amount worked out under subsection (1), reduced by the amount worked out under subsection (3). (3) The amount of the reduction is the lesser of: (a) the excess described in paragraph (2)(b); and (b) the total increase in the * market value of the entity that occurred immediately after each event mentioned in paragraph (2)(a) because of the event. (4) These are the events: (a) an injection of capital into the entity or an entity that was an * associate of the entity (or of the trustee of the entity, if the entity is a trust) at the time of the injection; (b) a transaction that: (i) did not take place at * arm’s length; and (ii) involved the entity or an entity that was an associate of the entity (or of the trustee of the entity, if the entity is a trust) at the time of the transaction. (5) For the purposes of paragraph (2)(a), disregard an injection of capital if, and only if, it is made: (a) into a * listed public company through a * dividend reinvestment * scheme involving the issue of a * share in the company to an entity that held a share in the company before the injection; or (b) in association with the acquisition of a * share in a company in relation to which the conditions in subsection 703 ‑ 35(5) are met; or (c) in association with the acquisition of a * share, in a body corporate, in relation to which the conditions in subsection 703 ‑ 37(4) are met. Note 1: Section 703 ‑ 35 of this Act deals with shares acquired under arrangements for employee shareholdings. Note 2: Section 703 ‑ 37 of this Act deals with certain preference shares following an ADI restructure.", "Amendment_Count": 5, "First_Amended": "No 68 of 2002", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 68 of 2002 | No 58 of 2006 | No 117 of 2007 | No 133 of 2009 | No 88 of 2013", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-330", "Provision_Key": "s707-330", "Heading": "Losses transferred from former head company", "Text": "(1) This section has effect for working out the * available fraction for a * bundle of losses if: (a) an entity (the ex ‑ head company ) becomes a * subsidiary member of a * consolidated group (the bigger group ) at a time (the joining time ); and (b) just before the joining time the ex ‑ head company was the * head company of another consolidated group (the old group ); and (c) at the joining time the losses are transferred under Subdivision 707 ‑ A from the ex ‑ head company to the head company of the bigger group. (2) Work out the ex ‑ head company’s * modified market value or * market value as if each * member of the bigger group that had been a * subsidiary member of the old group just before the joining time were a part of the ex ‑ head company, and not a separate member of the bigger group, when the transfer occurred. (3) Also, work out the ex ‑ head company’s * modified market value as if each * subsidiary member of the old group had been a part of the ex ‑ head company while it was a subsidiary member of the old group.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 68 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-335", "Provision_Key": "s707-335", "Heading": "Limit on utilising transferred losses if circumstances change during income year", "Text": "(1) This section limits the amount of losses in a particular * bundle of losses transferred under Subdivision 707 ‑ A that can be * utilised by the transferee for an income year if: (a) the losses in the bundle are transferred to the transferee after the start of the income year; or (b) the value of the * available fraction for the bundle changes at a time within the period (the transferee’s loss ‑ holding period ) described in subsection (2). (2) The transferee’s loss ‑ holding period: (a) starts at the start of the income year or, if the losses in the * bundle were transferred to the transferee from another entity during the income year, at the time of the transfer; and (b) ends when one of these events occurs: (i) the income year ends; (ii) the transferee becomes a * subsidiary member of a * consolidated group. (3) The transferee cannot * utilise for the income year more of the losses than is reasonable having regard to: (a) the method in section 707 ‑ 310 for working out the maximum amount of the losses the transferee could utilise for the income year (apart from this section); and (b) the number of days in the transferee’s loss ‑ holding period; and (c) the value or values of the * available fraction for the * bundle during the transferee’s loss ‑ holding period; and (d) the number of days in the transferee’s loss ‑ holding period for which the available fraction for the bundle has a particular value; and (e) the principle that, if the transferee transferred the losses to itself under Subdivision 707 ‑ A after the start of the income year, the amount of the losses it can utilise for the income year should be worked out as if: (i) the losses had been included in the bundle from the start of the income year; and (ii) the available fraction for the bundle had been 1 from the start of the income year until the time of the transfer; and (f) any other relevant matters. (4) Section 707 ‑ 310 has effect subject to this section.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 68 of 2002 | No 117 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-340", "Provision_Key": "s707-340", "Heading": "Utilising transferred losses while exempt income remains", "Text": "Transferred film losses and net exempt film income (1) If: (a) the transferee of * film losses in a * bundle of losses has deducted from its * net exempt film income for an income year an amount of those losses that: (i) is equal to the amount of * exempt film income worked out under subsection 707 ‑ 310(3) for the transferee and the bundle; or (ii) if section 707 ‑ 335 affects the transferee’s utilisation of losses in the bundle—is reasonable, having regard to that section; and (b) the transferee still has net exempt film income for the year and film losses remaining in the bundle; the fact the transferee still has net exempt film income does not stop it deducting film losses remaining in the bundle from its * net assessable film income for the year. Transferred tax losses and net exempt income (2) If: (a) the transferee of * tax losses (other than * film losses) in a * bundle of losses has deducted from its * net exempt income for an income year an amount of its tax losses (other than film losses) in the bundle that: (i) is equal to the amount of * exempt income worked out under subsection 707 ‑ 310(3) for the transferee and the bundle; or (ii) if section 707 ‑ 335 affects the transferee’s utilisation of losses in the bundle—is reasonable, having regard to that section; and (b) the transferee still has net exempt income for the year and tax losses (other than film losses) remaining in the bundle; the fact the transferee still has net exempt income does not stop it deducting tax losses (other than film losses) remaining in the bundle from its assessable income for the year. Limit on deduction (3) This section does not allow the deduction for an income year of an amount of losses in a * bundle so as to exceed the limit set by section 707 ‑ 310 or 707 ‑ 335 on * utilisation for the year of losses of that * sort in the bundle.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-345", "Provision_Key": "s707-345", "Heading": "Other provisions are subject to this Subdivision", "Text": "The rules in this Subdivision are additional to the provisions of this Act about * utilising losses that are outside this Subdivision. Those provisions have effect subject to this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-400", "Provision_Key": "s707-400", "Heading": "Head company’s business before and after consolidation not compared", "Text": "(1) If: (a) the * business continuity test applies to a company that becomes a * head company of a * consolidated group at a time; and (b) apart from this section, the business continuity test period would start before that time and end after it; the business continuity test period starts at that time (and ends when it would end apart from this section), for the purposes of that application of the business continuity test. (2) Subsection (1) does not apply for the purposes of working out whether the company can transfer to itself a loss under section 707 ‑ 120.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 68 of 2002 | No 7 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-410", "Provision_Key": "s707-410", "Heading": "Exit history rule does not treat entity as having made a loss", "Text": "(1) To avoid doubt, if the * head company of a * consolidated group makes a loss of a particular * sort and an entity ceases to be a * subsidiary member of the group, the entity is not taken because of section 701 ‑ 40 (the exit history rule): (a) to have made the loss; or (b) to have made another loss of the same sort because of the circumstances that caused the head company to make the loss. (2) It does not matter whether the * head company makes the loss because of a transfer under Subdivision 707 ‑ A (whether from the entity or another entity) or because of another provision.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 707-415", "Provision_Key": "s707-415", "Heading": "Application of losses with nil available fraction for certain purposes", "Text": "(1) Subsection (2) applies if: (a) an entity (the joining entity ) becomes a * member of a * consolidated group at a time (the joining time ); and (b) a * tax loss or a * net capital loss was transferred from the joining entity to the * head company of the group at the joining time under Subdivision 707 ‑ A; and (c) that loss is included in a * bundle of losses for which the * available fraction is 0. (2) The * head company can choose to apply the loss as shown in the table: Item If ... the head company can choose to apply the loss in reduction of ... for the purposes of ... 1 (a) the joining entity owed a debt just before the joining time to an entity that was not a * member of the group at the joining time; and (b) the loss is wholly or partly attributable to the debt; and (c) Subdivision 245 ‑ E (about applying the total net forgiven amount to reduce other amounts) applies in relation to the debt (or another debt that is reasonably connected to the debt) because the debt is * forgiven after the joining time the * total net forgiven amount applying that total net forgiven amount in accordance with sections 245 ‑ 115, 245 ‑ 130, 245 ‑ 145 and 245 ‑ 175 2 (a) the joining entity owed a * limited recourse debt just before the joining time to an entity that was not a * member of the group at the joining time; and (b) Division 243 applies in relation to the debt; and (c) the loss is wholly or partly attributable to a deduction mentioned in paragraph 243 ‑ 15(1)(c) for an income year ending before the joining time the deduction working out the excess referred to in subsection 243 ‑ 35(1). 3 (a) the joining entity ceases to be a * subsidiary member of the group at a time (the leaving time ) after the joining time; and (b) the entity’s liabilities at the leaving time are the same as, or are reasonably connected to, the liabilities that it had at the joining time the amount remaining mentioned in paragraph 104 ‑ 520(1)(b) working out whether * CGT event L5 happens at the leaving time, and if so, the amount of any * capital gain under subsection 104 ‑ 520(3). Limits on application of loss (3) The loss can be applied under subsection (2) in relation to an income year only to the extent that it could be * utilised by the * head company for the income year, on the assumption that the * available fraction for the * bundle of losses was 1. (4) The amount of the loss that may be applied in accordance with item 1 of the table in subsection (2) cannot exceed the * gross forgiven amount of the debt to which the loss is attributable. (5) The amount of the loss that may be applied in accordance with item 2 of the table in subsection (2) cannot exceed the amount of the loss that is attributable to the deduction mentioned in that item. (6) For the purposes of item 3 of the table in subsection (2), if: (a) assuming that the joining entity ceased to be a * subsidiary member of the * consolidated group just after the joining time, the * head company of the group would make a * capital gain because of * CGT event L5; and (b) the sum of the losses in the * bundle of losses mentioned in paragraph (1)(c) exceeds the amount of the capital gain; the total amount of those losses that may be applied in accordance with that item cannot exceed the amount of the capital gain. (7) To avoid doubt, a loss can be applied under this section only to the extent that it has not already been applied.", "Amendment_Count": 2, "First_Amended": "No 88 of 2009", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 88 of 2009 | No 79 of 2010", "History_Notes": "Inserted by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s707-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-50", "Provision_Key": "s709-50", "Heading": "What this Subdivision is about", "Text": "Only the head company of a consolidated group has an operating franking account. The subsidiary members’ franking accounts do not operate while they are subsidiary members. Debits or credits that would otherwise arise in subsidiary members’ franking accounts arise instead in the head company’s franking account. Table of sections Object 709 ‑ 55 Object of this Subdivision Treatment of franking accounts at joining time 709 ‑ 60 Nil balance franking account for joining entity Treatment of subsidiary member’s franking account 709 ‑ 65 Subsidiary member’s franking account does not operate Treatment of head company’s franking account 709 ‑ 70 Credits arising in head company’s franking account 709 ‑ 75 Debits arising in head company’s franking account Franking distributions by subsidiary member 709 ‑ 80 Subsidiary member’s distributions on employee shares and certain preference shares taken to be distributions by the head company 709 ‑ 85 Non ‑ share distributions by subsidiary members taken to be distributions by head company 709 ‑ 90 Subsidiary member’s distributions to foreign resident taken to be distributions by head company Payment of group liability by former subsidiary member 709 ‑ 95 Payment of group liability by former subsidiary member 709 ‑ 100 Refund of income tax to former subsidiary member", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-55", "Provision_Key": "s709-55", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is for each * consolidated group to operate what is in substance a single * franking account, by ensuring that: (a) there is a nil balance in the franking accounts of entities becoming * subsidiary members of the group; and (b) the franking accounts of those subsidiary members do not operate while they are subsidiary members; and (c) debits or credits that would otherwise arise in the franking accounts of the subsidiary members arise instead in the franking account of the * head company of the group; and (d) the head company is the only * member of the group that can frank distributions.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-60", "Provision_Key": "s709-60", "Heading": "Nil balance franking account for joining entity", "Text": "(1) This section operates if an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ). (2) If the joining entity’s * franking account is in surplus just before the joining time: (a) a debit equal to the * franking surplus arises at the joining time in the joining entity’s franking account; and (b) a credit equal to the franking surplus arises at the joining time in the franking account of the * head company of the group. (3) If the joining entity’s * franking account is in deficit just before the joining time: (a) a credit equal to the * franking deficit arises at the joining time in the joining entity’s franking account; and (b) the joining entity is liable to pay * franking deficit tax as if the joining entity’s income year had ended just before the joining time; and (c) despite item 5 of the table in section 205 ‑ 15, a credit does not arise under that item in the joining entity’s franking account because of that liability.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 68 of 2002 | No 90 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-65", "Provision_Key": "s709-65", "Heading": "Subsidiary member’s franking account does not operate", "Text": "The * franking account of an entity that is a * subsidiary member of a * consolidated group does not operate during the period: (a) beginning just after the entity becomes a subsidiary member of the group; and (b) ending when the entity ceases to be a subsidiary member of the group.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-70", "Provision_Key": "s709-70", "Heading": "Credits arising in head company’s franking account", "Text": "(1) This section operates if a credit would arise in the * franking account of a * subsidiary member of a * consolidated group at a time (the crediting time ) apart from section 709 ‑ 65. (2) A credit arises in the * franking account of the * head company of the group at the crediting time. Note: A credit can also arise in the head company’s franking account at any time under section 205 ‑ 15. (3) The amount of the credit is the same as the amount of the credit that would arise in the * franking account of the * subsidiary member. (4) This section does not apply to a credit arising in the * subsidiary member’s * franking account under paragraph 709 ‑ 60(3)(a). Note: Such a credit arises if the entity that became the subsidiary member had a deficit in its franking account just before the time it became the subsidiary member. The credit equals the deficit, creating a nil balance in the account from that time.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 68 of 2002 | No 90 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-75", "Provision_Key": "s709-75", "Heading": "Debits arising in head company’s franking account", "Text": "(1) This section operates if a debit would arise in the * franking account of a * subsidiary member of a * consolidated group at a time (the debiting time ) apart from section 709 ‑ 65. (2) A debit arises in the * franking account of the * head company of the group at the debiting time. Note: A debit can also arise in the head company’s franking account at any time under section 205 ‑ 30. (3) The amount of the debit is the same as the amount of the debit that would arise in the * franking account of the * subsidiary member. (4) This section does not apply to a debit arising in the * subsidiary member’s * franking account under paragraph 709 ‑ 60(2)(a). Note: Such a debit arises if the entity that became the subsidiary member had a surplus in its franking account just before the time it became the subsidiary member. The debit equals the surplus, creating a nil balance in the account from that time.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 68 of 2002 | No 90 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-80", "Provision_Key": "s709-80", "Heading": "Subsidiary member’s distributions on employee shares and certain preference shares taken to be distributions by the head company", "Text": "(1) This section operates if: (a) a * subsidiary member of a * consolidated group makes a * frankable distribution; and (b) the distribution is made because an entity (the shareholder ) owns a * share in the subsidiary member; and (c) the share must be disregarded under subsection 703 ‑ 35(4) or 703 ‑ 37(4); and (d) the distribution is made to the shareholder, or to another entity because the shareholder owns the share; and (e) the entity to which the distribution is made is not a * member of the group. Note 1: Subsection 703 ‑ 35(4) requires certain shares acquired under employee share schemes to be disregarded. Note 2: Subsection 703 ‑ 37(4) requires certain preference shares to be disregarded following an ADI restructure. (2) Part 3 ‑ 6 operates as if the * distribution were a * frankable distribution made by the * head company of the group to a * member of the head company. Note: Part 3 ‑ 6 deals with imputation.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 68 of 2002 | No 117 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-85", "Provision_Key": "s709-85", "Heading": "Non ‑ share distributions by subsidiary members taken to be distributions by head company", "Text": "(1) This section operates if: (a) an entity holds a * non ‑ share equity interest in a * subsidiary member of a * consolidated group; and (b) the subsidiary member makes a * non ‑ share distribution to the entity as holder of the interest; and (c) the distribution is a * frankable distribution; and (d) the entity to which the distribution is made is not a * member of the group. (2) Part 3 ‑ 6 operates as if the * distribution were a * frankable distribution made by the * head company of the group to a * member of the head company. Note: Part 3 ‑ 6 deals with imputation.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-90", "Provision_Key": "s709-90", "Heading": "Subsidiary member’s distributions to foreign resident taken to be distributions by head company", "Text": "Part 3 ‑ 6 operates as if a * frankable distribution made by a * subsidiary member of a * consolidated group (the foreign ‑ held subsidiary ) were a frankable distribution made by the * head company of the group to a * member of the head company if: (a) the foreign ‑ held subsidiary meets the set of requirements in section 703 ‑ 45, section 701C ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C ‑ 15 of that Act; and (b) the frankable distribution is made to a foreign resident. Note: Part 3 ‑ 6 deals with imputation.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-95", "Provision_Key": "s709-95", "Heading": "Payment of group liability by former subsidiary member", "Text": "(1) This section operates if: (a) an entity (the former subsidiary ) ceases to be a * subsidiary member of a * consolidated group (the old group ) at a particular time (the leaving time ); and (b) at or after the leaving time, the former subsidiary: (i) * pays a PAYG instalment for which it was jointly and severally liable under subsection 721 ‑ 15(1) because it was a subsidiary member of the old group; or (ii) * pays income tax for which it was jointly and severally liable under that subsection because it was a subsidiary member of the old group; and (c) apart from this section, a * franking credit would arise under section 205 ‑ 15 in the * franking account of the former subsidiary at a time (the crediting time ) because of that payment. (2) The credit: (a) does not arise at the crediting time in the * franking account of the former subsidiary; and (b) instead, arises at the crediting time in the franking account of the entity that was the * head company of the old group at the leaving time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-100", "Provision_Key": "s709-100", "Heading": "Refund of income tax to former subsidiary member", "Text": "(1) This section operates if: (a) an entity (the former subsidiary ) ceases to be a * subsidiary member of a * consolidated group (the old group ) at a particular time (the leaving time ); and (b) at or after the leaving time, the former subsidiary * receives a refund of income tax or * receives a refund of diverted profits tax, for which it was jointly and severally liable under subsection 721 ‑ 15(1) because it was a subsidiary member of the old group; and (c) apart from this section, a * franking debit would arise under section 205 ‑ 30 in the * franking account of the former subsidiary at a time (the debiting time ) because of that payment. (2) The debit: (a) does not arise at the debiting time in the * franking account of the former subsidiary; and (b) instead, arises at the debiting time in the franking account of the entity that was the * head company of the old group at the leaving time.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 27 of 2017", "Amending_Acts": "No 16 of 2003 | No 27 of 2017", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-150", "Provision_Key": "s709-150", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies the way Division 208 (exempting entities and former exempting entities) operates in relation to consolidated groups. Table of sections Operative provisions 709 ‑ 155 Testing consolidated groups 709 ‑ 160 Subsidiary member is exempting entity 709 ‑ 165 Subsidiary member is former exempting entity 709 ‑ 170 Head company and subsidiary are exempting entities 709 ‑ 175 Head company is former exempting entity", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-155", "Provision_Key": "s709-155", "Heading": "Testing consolidated groups", "Text": "(1) To determine whether a * consolidated group is an * exempting entity or * former exempting entity, the tests in Division 208 are applied to the * head company of the group. (2) However, there are some additional rules that can alter the way that Division 208 applies to a * consolidated group. These are set out in sections 709 ‑ 160 to 709 ‑ 175. (3) In applying those rules to an entity that is a * member of a * consolidated group: (a) Division 208 is to be applied before those rules; and (b) that Division is to be applied just after the entity became a member of the group but, for a * subsidiary member, it is to be applied on the assumption that the subsidiary was not a member of the group at that time. (4) Except as mentioned in paragraph (3)(b), Division 208 has no application to a * subsidiary member of a * consolidated group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-160", "Provision_Key": "s709-160", "Heading": "Subsidiary member is exempting entity", "Text": "(1) This section operates if: (a) the * head company of a * consolidated group is neither an exempting entity nor a * former exempting entity; and (b) a * corporate tax entity becomes a * subsidiary member of the group at a time (the joining time ); and (c) the entity is an * exempting entity at the joining time. (2) These rules apply to the * consolidated group. Rules applying to * consolidated group Item Rule 1 The * head company becomes a * former exempting entity at the joining time 2 The * head company has both a * franking account and an * exempting account 3 If the * subsidiary member’s * franking account has a * franking surplus at the joining time: (a) a debit equal to that surplus arises in that account at the joining time; and (b) a credit equal to that surplus arises in the * exempting account of the * head company at the joining time 4 Subsection 709 ‑ 60(2) (about franking surplus) does not apply to the * subsidiary member 5 Item 1 of the table in section 208 ‑ 115 does not apply to the * head company 6 Item 1 of the table in section 208 ‑ 120 does not apply to the * head company 7 Item 1 of the table in section 208 ‑ 130 does not apply to the * head company 8 Item 1 of the table in section 208 ‑ 145 does not apply to the * head company Note 1: If the subsidiary’s franking account is in deficit, it will be liable for franking deficit tax: see subsection 709 ‑ 60(3). Note 2: The subsidiary’s franking account does not operate while it is a member of the group: see section 709 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-165", "Provision_Key": "s709-165", "Heading": "Subsidiary member is former exempting entity", "Text": "(1) This section operates if: (a) the * head company of a * consolidated group is neither an exempting entity nor a * former exempting entity; and (b) a * corporate tax entity becomes a * subsidiary member of the group at a time (also the joining time ); and (c) the entity is a * former exempting entity at the joining time. (2) These rules apply to the * consolidated group. Rules applying to * consolidated group Item Rule 1 The * head company becomes a * former exempting entity at the joining time 2 The * head company has both a * franking account and an * exempting account 3 If the * subsidiary member’s * exempting account has an * exempting surplus at the joining time: (a) a debit equal to that surplus arises in that account at the joining time; and (b) a credit equal to that surplus arises in the exempting account of the * head company at the joining time 4 If the * subsidiary member’s * exempting account has an * exempting deficit at the joining time: (a) a credit equal to that deficit arises in that account at the joining time; and (b) a debit equal to that deficit arises in the subsidiary’s * franking account just before the joining time 5 The * subsidiary member’s * exempting account does not operate during the period: (a) starting just after the joining time; and (b) ending when the entity ceases to be a subsidiary member of the group 6 Item 1 of the table in section 208 ‑ 115 does not apply to the * head company 7 Item 1 of the table in section 208 ‑ 120 does not apply to the * head company 8 Item 1 of the table in section 208 ‑ 130 does not apply to the * head company 9 Item 1 of the table in section 208 ‑ 145 does not apply to the * head company Note 1: Any surplus in the subsidiary’s franking account will be transferred to the head company’s franking account: see subsection 709 ‑ 60(2). Note 2: If the subsidiary’s franking account is in deficit, it will be liable for franking deficit tax: see subsection 709 ‑ 60(3). This deficit may be increased by item 4 in the table in subsection (2). Note 3: The subsidiary’s franking account does not operate while it is a member of the group: see section 709 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-170", "Provision_Key": "s709-170", "Heading": "Head company and subsidiary are exempting entities", "Text": "There is no change to the status of the * head company of a * consolidated group if: (a) the head company is an * exempting entity; and (b) a * corporate tax entity becomes a * subsidiary member of the group at a time (also the joining time ); and (c) the entity is an exempting entity at the joining time. Note 1: If the subsidiary’s franking account is in surplus, that surplus will be transferred to the head company’s franking account: see subsection 709 ‑ 60(2). Note 2: If the subsidiary’s franking account is in deficit, it will be liable for franking deficit tax: see subsection 709 ‑ 60(3). Note 3: The subsidiary’s franking account does not operate while it is a member of the group: see section 709 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-175", "Provision_Key": "s709-175", "Heading": "Head company is former exempting entity", "Text": "(1) Subsection (2) operates if: (a) the * head company of a * consolidated group is a * former exempting entity; and (b) a * corporate tax entity becomes a * subsidiary member of the group at a time (also the joining time ); and (c) the entity is an * exempting entity at the joining time. (2) These rules apply to the * consolidated group. Rules applying to * consolidated group Item Rule 1 There is no change to the status of the * head company 2 If the subsidiary member’s * franking account has a * franking surplus at the joining time: (a) a debit equal to that surplus arises in that account at the joining time; and (b) a credit equal to that surplus arises in the * exempting account of the * head company at the joining time 3 Subsection 709 ‑ 60(2) (about franking surplus) does not apply to the * subsidiary member Note 1: If the subsidiary’s franking account is in deficit, it will be liable for franking deficit tax: see subsection 709 ‑ 60(3). Note 2: The subsidiary’s franking account does not operate while it is a member of the group: see section 709 ‑ 65. (3) Subsection (4) operates if: (a) the * head company of a * consolidated group is a * former exempting entity; and (b) a * corporate tax entity becomes a * subsidiary member of the group at a time (also the joining time ); and (c) the entity is a * former exempting entity at the joining time. (4) These rules apply to the * consolidated group. Rules applying to * consolidated group Item Rule 1 There is no change to the status of the * head company 2 If the * subsidiary member’s * exempting account has an * exempting surplus at the joining time: (a) a debit equal to that surplus arises in that account at the joining time; and (b) a credit equal to that surplus arises in the exempting account of the * head company at the joining time 3 If the * subsidiary member’s * exempting account has an * exempting deficit at the joining time: (a) a credit equal to that deficit arises in that account at the joining time; and (b) a debit equal to that deficit arises in the subsidiary’s * franking account just before the joining time 4 The * subsidiary member’s * exempting account does not operate during the period: (a) starting just after the joining time; and (b) ending when the entity ceases to be a subsidiary member of the group Note 1: If the subsidiary’s franking account is in deficit, it will be liable for franking deficit tax: see subsection 709 ‑ 60(3). This deficit may be increased by item 3 in the table in subsection (4). Note 2: The subsidiary’s franking account does not operate while it is a member of the group: see section 709 ‑ 65. (5) There is no change to the status of the * head company of a * consolidated group if: (a) the head company is a * former exempting entity; and (b) a * corporate tax entity becomes a * subsidiary member of the group; and (c) the entity is neither an * exempting entity nor a former exempting entity at the joining time. Note 1: If the subsidiary’s franking account is in surplus, that surplus will be transferred to the head company’s franking account: see subsection 709 ‑ 60(2). Note 2: If the subsidiary’s franking account is in deficit, it will be liable for franking deficit tax: see subsection 709 ‑ 60(3). Note 3: The subsidiary’s franking account does not operate while it is a member of the group: see section 709 ‑ 65.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-180", "Provision_Key": "s709-180", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides that any excess in the tax offset arising from a franking deficit tax liability of an entity that becomes a subsidiary member of a consolidated group is transferred to the head company of the group. Table of sections 709 ‑ 185 Joining entity’s excess franking deficit tax offsets transferred to head company 709 ‑ 190 Exit history rule not to treat leaving entity as having a franking deficit tax offset excess", "Amendment_Count": 1, "First_Amended": "No 107 of 2003", "Last_Amended": "No 107 of 2003", "Amending_Acts": "No 107 of 2003", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-185", "Provision_Key": "s709-185", "Heading": "Joining entity’s excess franking deficit tax offsets transferred to head company", "Text": "(1) This section operates if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) the joining entity is entitled to a * tax offset under section 205 ‑ 70 for the income year that ends or, if subsection 701 ‑ 30(3) applies, that is taken by subsection (3) of that section to end, at the joining time; and (c) an amount (the joining entity’s excess ) of the offset remains after applying section 63 ‑ 10 (about the tax offset priority rules) to the joining entity’s basic income tax liability for that income year. Transfer of excess to head company (2) For the purpose of applying subsection 205 ‑ 70(1) to the * head company of the * consolidated group for the income year in which the joining time occurs: (a) if, as described in paragraph 205 ‑ 70(1)(c), an amount of a * tax offset remains after applying section 63 ‑ 10—that amount is taken to be increased by the amount of the joining entity’s excess; or (b) otherwise: (i) paragraph 205 ‑ 70(1)(c) is taken to apply to the head company; and (ii) the remaining amount of a tax offset covered by that paragraph is taken to be the amount of the joining entity’s excess. Note: Paragraph 205 ‑ 70(1)(c) refers to tax offsets under section 205 ‑ 70. (2A) In working out whether paragraph (2)(a) applies, take into account any application of this section to any other entity that became a * subsidiary member of the group before the joining time. Joining entity prevented from utilising excess in later income years (3) For the purpose of applying subsection 205 ‑ 70(1) to the joining entity for any income year after that in which the joining time occurs, the joining entity’s excess is disregarded.", "Amendment_Count": 2, "First_Amended": "No 107 of 2003", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 107 of 2003 | No 110 of 2014", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-190", "Provision_Key": "s709-190", "Heading": "Exit history rule not to treat leaving entity as having a franking deficit tax offset excess", "Text": "To avoid doubt, if: (a) the * head company of a * consolidated group is entitled to a * tax offset under section 205 ‑ 70 for an income year; and (b) an amount (the excess ) of the offset remains after applying section 63 ‑ 10 (about the tax offset priority rules) to the head company’s basic income tax liability for that income year; and (c) an entity ceases to be a * subsidiary member of the group in the income year; the entity is not taken because of section 701 ‑ 40 (the exit history rule): (d) to have the excess; or (e) to have another excess of that kind because of the circumstances that caused the head company to have the excess.", "Amendment_Count": 2, "First_Amended": "No 107 of 2003", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 107 of 2003 | No 110 of 2014", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-200", "Provision_Key": "s709-200", "Heading": "What this Subdivision is about", "Text": "An entity can deduct a bad debt that: (a) has for a period been owed to a member of a consolidated group; and (b) has for another period been owed to an entity that was not a member of that group; only if each entity that has been owed the debt for such a period could have deducted the debt had it been written off as bad at the end of the period. This applies even if the debt is owed to the same entity for different periods. Table of sections Application and object 709 ‑ 205 Application of this Subdivision 709 ‑ 210 Object of this Subdivision Limit on deduction of bad debt 709 ‑ 215 Limit on deduction of bad debt Extension of Subdivision to debt/equity swap loss 709 ‑ 220 Limit on deduction of swap loss", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-205", "Provision_Key": "s709-205", "Heading": "Application of this Subdivision", "Text": "(1) This Subdivision affects whether an entity (the claimant ) that is or has been a * member of a * consolidated group and writes off a debt, or part of a debt, as bad may deduct the debt or part if the conditions in subsection (2) exist. Note: This Subdivision affects similarly whether an entity that is or has been a member of a consolidated group and extinguishes a debt as part of a debt/equity swap may deduct a loss resulting from the swap. See section 709 ‑ 220. (2) The conditions are that, in the time starting when the debt was incurred (whether to the claimant or another entity) and ending when the claimant wrote off the debt or part: (a) the debt was owed to an entity (whether the claimant or another entity) for a period (a debt test period ) when the entity was a * member of a * consolidated group; and (b) the debt was owed to an entity (whether the claimant or another entity) for a period (also a debt test period ) when the entity was a not a member of that group. Note 1: The debt must have been owed to the claimant for at least one of the debt test periods for the claimant to have been able to write it off. Note 2: One effect of section 701 ‑ 1 (Single entity rule) is that a debt is taken to be owed to the head company of a consolidated group while the debt is owed to a subsidiary member of the group. (3) Ignore section 701 ‑ 5 (Entry history rule) and section 701 ‑ 40 (Exit history rule) in identifying a debt test period. Note: Subsection (3) does not affect sections 701 ‑ 5 and 701 ‑ 40 so far as they operate to treat the debt, or part of the debt, as having been included in the claimant’s assessable income. That inclusion is generally a condition under section 25 ‑ 35 for the claimant to be able to deduct the debt. (4) This Subdivision does not apply in relation to a debt merely because it is assigned: (a) from an entity that is a * member of a * consolidated group to an entity that is not a member of that group; or (b) from an entity that is not a member of a consolidated group to an entity that is a member of a consolidated group; or (c) from an entity that is a member of a consolidated group to an entity that is a member of another consolidated group. This subsection has effect despite subsections (1) and (2). Note: There is not an assignment of a debt from one entity to another merely because section 701 ‑ 1 (Single entity rule) starts or ceases to apply in relation to the entities so that the debt ceases to be a debt owed to one entity and becomes a debt owed to the other entity.", "Amendment_Count": 2, "First_Amended": "No 41 of 2005", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 41 of 2005 | No 162 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-210", "Provision_Key": "s709-210", "Heading": "Object of this Subdivision", "Text": "The main object of this Subdivision is to ensure that the claimant can deduct the debt, or part of it, only if each entity that was owed the debt for a debt test period could have deducted the debt if it had been written off as bad at the end of the period.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-215", "Provision_Key": "s709-215", "Heading": "Limit on deduction of bad debt", "Text": "(1) The claimant can deduct the debt, or part of the debt, if, and only if: (a) section 8 ‑ 1 or 25 ‑ 35 permits the deduction (ignoring subsection 25 ‑ 35(5) and the provisions mentioned in that subsection); and (b) the condition in subsection (2) is met for each debt test period. (2) The condition is that the entity that was owed the debt for the debt test period could have deducted the debt for an income year (the debt test income year ) starting and ending at the times identified in subsection (3) if: (a) the entity had written off the debt as bad at the end of the period; and (b) these provisions (the modified provisions ) had effect as described in this section: (i) sections 165 ‑ 123 and 165 ‑ 126 (which are about conditions that must be met for a company to be able to deduct a bad debt); (ii) sections 266 ‑ 35, 266 ‑ 85, 266 ‑ 120, 266 ‑ 160 and 267 ‑ 25 in Schedule 2F to the Income Tax Assessment Act 1936 (which are about conditions that must be met for certain kinds of trusts to be able to deduct a bad debt); (iii) other provisions of this Act so far as they relate to a section listed in subparagraph (i) or (ii); and (c) these provisions did not apply: (i) subsections 165 ‑ 120(2) and (3); (ii) section 63G of the Income Tax Assessment Act 1936 ; (iii) section 267 ‑ 65 in Schedule 2F to that Act. Note 1: Some of the other provisions of this Act that relate to a section listed in subparagraph (2)(b)(i) are sections 165 ‑ 120, 165 ‑ 129 and 165 ‑ 132 and Subdivision 166 ‑ C. Note 2: Some of the other provisions of this Act that relate to a section listed in subparagraph (2)(b)(ii) are sections 266 ‑ 40, 266 ‑ 45, 266 ‑ 90, 266 ‑ 125, 266 ‑ 165, 267 ‑ 30, 267 ‑ 35, 267 ‑ 40 and 267 ‑ 45 in Schedule 2F to the Income Tax Assessment Act 1936 . Debt test income year (3) The table shows when the debt test income year starts and ends. Start and end of debt test income year If: The start of the debt test income year is: The end of the debt test income year is: 1 Both these conditions are met: (a) the entity that is owed the debt for the debt test period is the claimant; (b) the period ends at the time (the write ‑ off time ) the claimant actually writes off the debt or part of the debt The later of these times (or either of them if they are the same): (a) the start of the income year in which the write ‑ off time occurs; (b) the start of the debt test period The end of the income year in which the write ‑ off time occurs 2 Either: (a) the entity that is owed the debt for the debt test period is not the claimant; or (b) that entity is the claimant but that period ends before the claimant actually writes off the debt or part of the debt The later of these times (or either of them if they are the same): (a) 12 months before the end of the debt test period; (b) the start of the debt test period The end of the debt test period Continuity periods, ownership test periods and test periods (4) For the purposes of subsection (2), the modified provisions have effect as if: (a) the * first continuity period started at the start time shown in the table and ended at the start of the debt test income year; and (b) the * second continuity period were the debt test income year or, for the purposes of section 165 ‑ 123 and Subdivision 166 ‑ C defining periods by reference to the second continuity period, the period: (i) starting at the start of the debt test income year; and (ii) ending at the end time shown in the table; and (c) each section listed in subparagraph (2)(b)(ii) specified that the test period identified in the section: (i) started at the start time shown in the table; and (ii) ended at the end time shown in the table. Start time and end time If: The start time is: The end time is: 1 All these conditions are met: (a) the entity that is owed the debt for the debt test period is the claimant; (b) the period ends at the time (the write ‑ off time ) the claimant actually writes off the debt or part of the debt; (c) the claimant is the * head company of a * consolidated group at the write ‑ off time The start of the debt test period The end of the income year in which the write ‑ off time occurs 2 All these conditions are met: (a) the entity that is owed the debt for the debt test period is the claimant; (b) the period ends at the time (the write ‑ off time ) the claimant actually writes off the debt or part of the debt; (c) the claimant is not the * head company of a * consolidated group at the write ‑ off time Just before the start of the debt test period The end of the income year in which the write ‑ off time occurs 3 The debt test period: (a) starts at a time other than a time when the entity that is owed the debt for the period ceases to be a * member of a * consolidated group; and (b) ends when the entity becomes a member of such a group; (whether or not the entity was the * head company of another such group during the period) The start of the debt test period Just after the end of the debt test period 4 Both these conditions are met: (a) the entity that is owed the debt for the debt test period is the * head company of a * consolidated group; (b) the period ends when: (i) a * subsidiary member of the group becomes a * member of another consolidated group; or (ii) the entity ceases to be the head company of the group without becoming a member of another consolidated group The start of the debt test period The end of the debt test period 4A Both these conditions are met: (a) the entity that is owed the debt for the debt test period is the * head company of a * consolidated group; (b) the period ends when a * subsidiary member of the group ceases to be a * member of the group without becoming a member of another consolidated group The start of the debt test period The end of the debt test period 5 The debt test period: (a) starts when the entity that is owed the debt for the period ceases to be a * member of a * consolidated group; and (b) ends later when the entity becomes a member of a consolidated group Just before the start of the debt test period Just after the end of the debt test period (5) For the purposes of subsection (2), the modified provisions have effect as if section 267 ‑ 25 in Schedule 2F to the Income Tax Assessment Act 1936 applied in relation to debts whether they were incurred in the income year or an earlier income year. Test time for business continuity test under section 165 ‑ 126 (6) For the purposes of subsection (2), the modified provisions have effect as if subsection 165 ‑ 126(2) specified that the test time were the later of these times (or either of them if they are the same): (a) the first time at which it is not practicable to show that the company will meet the conditions in section 165 ‑ 123 (as modified by this section); (b) the time just after the start of the debt test period. Business at and just after the end of the debt test period (7) If: (a) the debt test period ends when the entity that was owed the debt for the period becomes a * member of a * consolidated group; and (b) under the modified provisions, the * business that the entity carried on at or just after the end of the period is relevant to the question whether the entity could have deducted the debt as described in subsection (2); those provisions have effect for the purposes of that subsection as if the entity carried on at those times the business it carried on just before the end of the period.", "Amendment_Count": 4, "First_Amended": "No 41 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 41 of 2005 | No 162 of 2005 | No 110 of 2014 | No 7 of 2019", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 709-220", "Provision_Key": "s709-220", "Heading": "Limit on deduction of swap loss", "Text": "Object (1) The object of this section is to limit the circumstances in which an entity can deduct a swap loss (as defined in section 63E of the Income Tax Assessment Act 1936 ) resulting from a debt/equity swap (as defined in that section) to circumstances similar to those in which this Subdivision lets an entity deduct a debt it writes off as bad. Modified operation of sections 709 ‑ 205, 709 ‑ 210 and 709 ‑ 215 (2) Sections 709 ‑ 205, 709 ‑ 210 and 709 ‑ 215 (except subsection 709 ‑ 215(2)) apply in relation to the extinction (however described) of a debt as part of a debt/equity swap in the same way as they apply in relation to the writing off of a debt as bad. (3) Subsection 709 ‑ 215(1): (a) applies in relation to a swap loss from a debt/equity swap in the same way as it applies in relation to a debt, or part of a debt; and (b) applies as if paragraph 709 ‑ 215(1)(a) referred to subsection 63E(3) of the Income Tax Assessment Act 1936 instead of sections 8 ‑ 1 and 25 ‑ 35. (4) This section has effect despite subsection 63E(5) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 162 of 2005", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 162 of 2005", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s709-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-1", "Provision_Key": "s711-1", "Heading": "What this Division is about", "Text": "If an entity ceases to be a subsidiary member of a consolidated group, the tax cost setting amount for the group’s membership interests in the entity reflects the group’s cost for the entity’s net assets. Table of sections Application and object of this Division 711 ‑ 5 Application and object of this Division Tax cost setting amount for membership interests etc. 711 ‑ 10 Tax cost setting amount worked out under this Division 711 ‑ 15 Tax cost setting amount where no multiple exit 711 ‑ 20 What is the old group’s allocable cost amount for the leaving entity? 711 ‑ 25 Terminating values of the leaving entity’s assets—step 1 in working out allocable cost amount 711 ‑ 30 What is the head company’s terminating value for an asset? 711 ‑ 35 If head company becomes entitled to certain deductions—step 2 in working out allocable cost amount 711 ‑ 40 Liabilities owed to the leaving entity by members of the old group—step 3 in working out allocable cost amount 711 ‑ 45 Liabilities etc. owed by the leaving entity—step 4 in working out allocable cost amount 711 ‑ 46 Liability arising from transfer or assignment of securitised assets 711 ‑ 55 Tax cost setting amount for membership interests where multiple exit 711 ‑ 65 Membership interests treated as having been acquired before 20 September 1985 711 ‑ 70 Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711 ‑ 65—application of Division 149 to head company 711 ‑ 75 Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711 ‑ 65—application of CGT event K6", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-5", "Provision_Key": "s711-5", "Heading": "Application and object of this Division", "Text": "Application (1) This Division has effect: (a) for the head company core purposes set out in subsection 701 ‑ 1(2); and (b) for the entity core purposes set out in subsection 701 ‑ 1(3); if an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group (the old group ) at a particular time (the leaving time ). Object (2) The object of this Division is, when entities cease to be * subsidiary members, to preserve the alignment of the * head company’s costs for * membership interests in entities and their assets that is established when entities become subsidiary members. Note: The reasons for preserving this alignment are set out in subsection 705 ‑ 10(3). (3) This is achieved by recognising the * head company’s cost for those interests, just before the leaving time, as an amount equal to the cost of the leaving entity’s assets at the leaving time reduced by the amount of its liabilities. (4) If multiple entities cease to be * subsidiary members at the same time, the cost of any * membership interests that one holds in another is treated in a similar way.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 68 of 2002 | No 117 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-10", "Provision_Key": "s711-10", "Heading": "Tax cost setting amount worked out under this Division", "Text": "If this Division applies, the amount of the following is worked out under the Division: (a) the * tax cost setting amount for the purposes of item 2 in the table in section 701 ‑ 60 for each * membership interest in the leaving entity that * members of the old group held; and (b) if 2 or more entities cease to be * subsidiary members of the group at the same time because of an event happening in relation to one of them—the tax cost setting amount for the purposes of item 4 in the table in that section for each membership interest that the leaving entity holds in any of the other entities.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-15", "Provision_Key": "s711-15", "Heading": "Tax cost setting amount where no multiple exit", "Text": "(1) The * tax cost setting amount for each * membership interest in the leaving entity that * members of the old group held, where paragraph 711 ‑ 10(b) does not apply, is worked out by: (a) first, working out the old group’s * allocable cost amount for the leaving entity in accordance with section 711 ‑ 20; and (b) next, if there is more than one class of membership interests in the leaving entity—allocating the allocable cost amount to each class in proportion to the * market value of all of the membership interests in the class; and (c) next, allocating the result under paragraph (a) or (b) to each of the membership interests, or membership interests in the class, by dividing the result by the number of those membership interests; and (d) finally, if the leaving entity is a trust—for each membership interest in the trust that satisfies these conditions: (i) it is neither a unit nor an interest in the trust; (ii) the member of the old group that held it began to hold it only because money or property was settled on the trust; (iii) it either had no * cost base or it had a cost base of nil; reducing the result under paragraph (c) to nil. Note: Compare the treatment of such interests when an entity joins a group: see section 713 ‑ 20. Non ‑ membership equity interests (2) For the purposes of this section, if at the leaving time a * member of the old group holds a * non ‑ membership equity interest in the leaving entity, that non ‑ membership equity interest is treated as if: (a) it were a * membership interest in the leaving entity; and (b) it were of a different class than any other membership interest in the leaving entity.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-20", "Provision_Key": "s711-20", "Heading": "What is the old group’s allocable cost amount for the leaving entity?", "Text": "(1) Work out the old group’s allocable cost amount for the leaving entity in this way: Working out the old group’s allocable cost amount for the leaving entity Step What the step requires Purpose of the step 1 Start with the step 1 amount worked out under section 711 ‑ 25, which is about the * terminating values of the leaving entity’s assets just before the leaving time. To ensure that the allocable cost amount includes the cost of the assets. 2 Add to the result of step 1 the step 2 amount worked out under section 711 ‑ 35, which is about the value of deductions inherited by the leaving entity that are not reflected in the * terminating value of the leaving entity’s assets just before the leaving time. To ensure that the value of the deductions is reflected in the allocable cost amount. 3 Add to the result of step 2 the step 3 amount worked out under section 711 ‑ 40, which is about liabilities owed by * members of the old group to the leaving entity at the leaving time. To ensure that the liabilities, which are not recognised while the leaving entity is taken to be part of the * head company by subsection 701 ‑ 1(1), are reflected in the allocable cost amount. 4 Subtract from the result of step 3 the step 4 amount worked out under section 711 ‑ 45, which is about: (a) the leaving entity’s liabilities just before the leaving time; and (b) * membership interests in the leaving entity that are not held by * members of the old group. To ensure that the allocable cost amount is reduced to reflect the liabilities and the value of the membership interests. 5 If the amount remaining after step 4 is positive, it is the old group’s allocable cost amount for the leaving entity. Otherwise the old group’s allocable cost amount is nil. Note: If the amount remaining after step 4 is negative, the head company is taken to have made a capital gain equal to the amount: see CGT event L5. Recalculation in order to work out amount of capital loss (2) If it is necessary to work out whether the * head company makes a capital loss for a * CGT event that happens at or after the leaving time in relation to any of the * membership interests, the old group’s allocable cost amount for the leaving entity is instead worked out as if the head company’s * terminating value for any asset covered by subsection 705 ‑ 30(4) (as it applies for the purposes of section 711 ‑ 30) were instead equal to the asset’s * reduced cost base just before the leaving time.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-25", "Provision_Key": "s711-25", "Heading": "Terminating values of the leaving entity’s assets—step 1 in working out allocable cost amount", "Text": "(1) For the purposes of step 1 in the table in subsection 711 ‑ 20(1), the step 1 amount is worked out by adding up the * head company’s * terminating values of all the assets that the head company holds at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) (the single entity rule) to be a part of the head company. Goodwill (2) If loss of control and ownership of the leaving entity by the * head company would decrease the * market value of the goodwill associated with assets or businesses of the old group (other than those of the leaving entity), the head company’s * cost base of the asset consisting of goodwill that it holds at the leaving time because of its control and ownership of the leaving entity is added to the step 1 amount. Note: If the asset arose because the head company acquired control and ownership of a joining entity, subsection 705 ‑ 35(3) would have applied in relation to the joining entity. The asset could also have arisen e.g. because the head company acquired a business from an entity without acquiring the entity. Increase in step 1 amount for certain former privatised assets (3) If: (a) the * head company of the old group * holds a * depreciating asset at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) (the single entity rule) to be a part of the head company; and (b) the asset’s * tax cost was set at the * tax cost setting amount when an entity (whether the leaving entity or another entity) became a * subsidiary member of the old group; and (c) the tax cost setting amount for the asset was reduced because of section 705 ‑ 47 (which is about certain assets that were * privatised assets); the amount of the reduction is added to the step 1 amount. Increase in step 1 amount for certain privatised assets (4) If: (a) the * head company of the old group * holds a * depreciating asset at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) (the single entity rule) to be a part of the head company; and (b) the first element of the * cost of the asset was worked out by reference to subsection 58 ‑ 70(5) because a * member of the old group acquired the asset as described in subsection 58 ‑ 5(4) on or after 1 July 2002; and (c) the amount of the first element of the cost of the asset is less than the amount it would have been apart from item 11 of the table in subsection 40 ‑ 180(2) (which makes subsection 58 ‑ 70(5) relevant to working out that element); the difference between the amounts is added to the step 1 amount.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 83 of 2004 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-30", "Provision_Key": "s711-30", "Heading": "What is the head company’s terminating value for an asset?", "Text": "(1) The * head company’s terminating value for an asset that it holds at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) to be a part of the head company is worked out as follows. (2) The amount is worked out by applying section 705 ‑ 30 in a corresponding way to the way that section applies to work out the * terminating value for an asset that a joining entity holds at the joining time. (3) However, that amount is the asset’s * market value at the leaving time if: (a) the asset is a right to receive lease payments under a lease; and (b) the asset’s * tax cost was set when an entity (whether the leaving entity or another entity) became a * subsidiary member of the old group; and (c) the asset was taken to be a * retained cost base asset for the purposes of Division 705 when its tax cost was set, because of paragraph 705 ‑ 56(3)(b).", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 68 of 2002 | No 23 of 2005 | No 14 of 2009", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-35", "Provision_Key": "s711-35", "Heading": "If head company becomes entitled to certain deductions—step 2 in working out allocable cost amount", "Text": "(1) Work out the step 2 amount for the purposes of the table in subsection 711 ‑ 20(1) by multiplying all deductions covered by subsection (2) by the * corporate tax rate. (2) This subsection covers any deduction to which the leaving entity becomes entitled under section 701 ‑ 40 as a result of the leaving entity ceasing to be a * subsidiary member of the old group, other than a deduction for expenditure: (a) that is, forms part of or reduces, the cost of an asset that becomes an asset of the leaving entity because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply; or (b) to which section 110 ‑ 40 (about expenditure on assets acquired before 7.30 pm on 13 May 1997) applies. (3) Subsection (2) does not cover a deduction under section 43 ‑ 15 (which relates to * undeducted construction expenditure) if, because of section 701 ‑ 40 (the exit history rule), the leaving entity is taken to have * acquired the asset to which the deduction relates at or before 7.30 pm, by legal time in the Australian Capital Territory, on 13 May 1997.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 56 of 2010 | No 12 of 2012", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-40", "Provision_Key": "s711-40", "Heading": "Liabilities owed to the leaving entity by members of the old group—step 3 in working out allocable cost amount", "Text": "For the purposes of step 3 in the table in subsection 711 ‑ 20(1), the step 3 amount is the total, for all liabilities owed by * members of the old group to the leaving entity at the leaving time, of the * tax cost setting amounts of the corresponding assets of the leaving entity. Note: The tax cost of a corresponding asset of the leaving entity is set under section 701 ‑ 45. The tax cost setting amount of the corresponding asset is determined under section 701 ‑ 60A.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 68 of 2002 | No 14 of 2018", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-45", "Provision_Key": "s711-45", "Heading": "Liabilities etc. owed by the leaving entity—step 4 in working out allocable cost amount", "Text": "(1) For the purposes of step 4 in the table in subsection 711 ‑ 20(1), the step 4 amount is worked out by adding up the amounts of each thing (an accounting liability ) that, in accordance with the leaving entity’s * accounting principles for tax cost setting, is a liability of the leaving entity just before the leaving time. Leaving entity’s accounting principles for tax cost setting (1A) The leaving entity’s accounting principles for tax cost setting are the * accounting principles that the group would use if it were to prepare its financial statements just before the leaving time (disregarding subsection 701 ‑ 1(1) (the single entity rule)). Exclusion for deferred tax liability (1B) An amount is not to be added for an accounting liability that is an amount recorded in a deferred tax liability account in accordance with the leaving entity’s * accounting principles for tax cost setting. (1C) Subsection (1B) does not apply to an accounting liability that relates to an asset mentioned in paragraph 713 ‑ 575(2)(a) or (b) (certain assets of life insurance company). Exclusion where transfer of accounting liability (2) An amount is not to be added for an accounting liability that arises because of the leaving entity’s ownership of an asset if, on * disposal of the asset, the accounting liability will transfer to the new owner. Example: A liability to rehabilitate a mine site, where, under legislation or a licence, the liability will be transferred to the new owner on disposal of the mine. Exclusion where liability is obligation to make lease payments (2A) An amount is not to be added for an accounting liability that is the leaving entity’s obligation as lessee to make lease payments under a lease, if: (a) subsection 705 ‑ 56(4) applied in relation to the liability, at a time when an entity (whether the leaving entity or another entity) became a * subsidiary member of the old group; and (b) the liability was not taken into account under subsection 705 ‑ 70(1) at that time, because of paragraph 705 ‑ 56(4)(b). Reduction for future deduction (3) If some or all of an accounting liability will result in a deduction to the leaving entity, the amount to be added for the accounting liability is reduced by the following amount: where: double ‑ counting adjustment means the amount of any reduction that has already occurred in the accounting liability under subsection (1) to take account of the future availability of the deduction. Amount for intra ‑ group liabilities (4) If an accounting liability of the leaving entity is owed to a * member of the old group, the amount to be added for the liability is the * tax cost setting amount of the corresponding asset of the member. Adjustment for unrealised gains and losses (5) If, for income tax purposes, an accounting liability, or a change in the amount of an accounting liability, (other than one owed to a * member of the old group) is taken into account at a later time than is the case in accordance with the leaving entity’s * accounting principles for tax cost setting, the amount to be added for the accounting liability is equal to the payment that would be necessary to discharge the liability just before the leaving time without an amount being included in the assessable income of, or allowable as a deduction to, the * head company. Note: An example is accrued employee leave entitlements or foreign exchange gains and losses. Increase in step 4 amount for employee share interests (6) If any * membership interest (an employee share interest ) in the leaving entity needed to be disregarded under section 703 ‑ 35 in order for the leaving entity to be a * wholly ‑ owned subsidiary of the * head company at the leaving time, the step 4 amount is increased by the sum of the * market values of those interests. Increase to cover ADI restructure preference share interests (6A) If any * share in the leaving entity needed to be disregarded under section 703 ‑ 37 in order for the leaving entity to be a * wholly ‑ owned subsidiary of the * head company at the leaving time, the step 4 amount is increased by the sum of the * market values of those shares. Increase for non ‑ share capital account balance (6B) The step 4 amount is increased by the amount that would be the balance of the leaving entity’s * non ‑ share capital account, assuming that: (a) if the leaving entity is not a company—the leaving entity were a company; and (b) each * non ‑ membership equity interest (if any) in the leaving entity held at just before the leaving time by a person other than a * member of the old group were a * non ‑ share equity interest in the leaving entity; and (c) the non ‑ share equity interests (if any) mentioned in paragraph (b) were the only non ‑ share equity interests in the leaving entity. Increase to cover certain equity interests (7) The step 4 amount is increased by the * market value of each thing that, in accordance with the leaving entity’s * accounting principles for tax cost setting, is equity in the leaving entity at the leaving time, where the thing is also a * debt interest. Adjustment where amount of liability differed for purpose of calculating allocable cost amount on entry (8) Subsection (10) applies if: (a) either: (i) an amount (the exit liability amount ) was added for a particular liability under subsection (5); or (ii) a particular liability is covered by subsection (5), but no amount was added for it under that subsection (in which case the exit liability amount is zero); and (b) the liability was taken into account in working out the * allocable cost amount (the original entry ACA ) for a * subsidiary member (whether or not the leaving entity) of the old group in accordance with Division 705; and (c) the exit liability amount is not the same as the amount (the entry liability amount ) of the liability that was taken into account in working out the original entry ACA, after any adjustments made under: (i) section 705 ‑ 70, 705 ‑ 75 or 705 ‑ 80; and (ii) subsection (9) of this section; and (d) if the liability is a provision for annual leave or long service leave, or a provision for a liability contingent on a future event: (i) in the case of a liability that was, in accordance with the * accounting principles that the entity would have used if it had prepared its financial statements just before the time it became a subsidiary member of the group, a current liability of the entity at that time—the leaving time occurs less than 1 year after that time; or (ii) otherwise—the leaving time occurs less than 4 years after that time. (9) Make these adjustments to the entry liability amount if, at a time when the leaving entity was a * subsidiary member of the old group, the * head company of the group paid an amount that reduced the liability: (a) reduce the entry liability amount by the amount of the reduction; and (b) if the payment gave rise to an amount being included in the assessable income of the head company—after making the reduction in paragraph (a), further reduce the entry liability amount by the product of: (i) the amount included in assessable income; and (ii) the * corporate tax rate; and (c) if the payment gave rise to a deduction for the head company—after making the reduction in paragraph (a), increase the entry liability amount by the product of: (i) the amount deducted; and (ii) the corporate tax rate. (10) The step 4 amount is altered by: (a) if the entry liability amount exceeds the exit liability amount—increasing the step 4 amount by the excess; or (b) if the entry liability amount falls short of the exit liability amount—decreasing the step 4 amount by the shortfall. Exclusion of amounts for certain securitisation liabilities (11) An amount is not to be added for an accounting liability of the leaving entity if the accounting liability is covered under section 711 ‑ 46 (securitisation liabilities).", "Amendment_Count": 10, "First_Amended": "No 68 of 2002", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 68 of 2002 | No 90 of 2002 | No 23 of 2005 | No 41 of 2005 | No 117 of 2007 | No 56 of 2010 | No 41 of 2011 | No 12 of 2012 | No 14 of 2018 | No 127 of 2021", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 117 of 2007, effective 28 June 2007 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-46", "Provision_Key": "s711-46", "Heading": "Liability arising from transfer or assignment of securitised assets", "Text": "This section covers an accounting liability (the securitisation liability ) if the following circumstances exist: (b) in working out the step 4 amount mentioned in subsection 711 ‑ 45(1) in relation to the leaving entity, an amount would be added under that subsection for the securitisation liability (disregarding subsection 711 ‑ 45(11)); (c) a member of the old group transferred or equitably assigned one or more assets (the underlying securitised assets ) to another entity before the leaving time; (d) the securitisation liability: (i) arose from the transfer or equitable assignment of the underlying securitised assets; and (ii) is a liability of the leaving entity at the leaving time (according to the leaving entity’s * accounting principles for tax cost setting); (e) the other entity was established for the purpose of securitising assets; (f) the underlying securitised assets were securitised in accordance with that purpose before the leaving time; (g) at the leaving time the * market value of the leaving entity’s interest in the underlying securitised assets is nil, or is substantially less than the amount of the securitisation liability.", "Amendment_Count": 2, "First_Amended": "No 14 of 2018", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 14 of 2018", "History_Notes": "Inserted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-46"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-55", "Provision_Key": "s711-55", "Heading": "Tax cost setting amount for membership interests where multiple exit", "Text": "(1) If 2 or more entities cease to be * subsidiary members of the old group at the same time because of an event happening in relation to one of them, the * tax cost setting amount for each * membership interest mentioned in paragraphs 711 ‑ 10(a) and (b) is worked out in accordance with this section. Object (2) The object of this section is to ensure that the * tax cost setting amount for * membership interests that each entity holds in another entity reflects a proportion of the other entity’s cost for its net assets. Tax cost setting amounts to be worked out for certain membership interests in all of the entities (3) A * tax cost setting amount must be worked out for each * membership interest (the subject interest ) that one of the entities holds in another of the entities just before the leaving time, and this must be done: (a) by applying section 711 ‑ 15 to the subject interest as if: (i) a reference in that section, or any provision of this Division that relates to it, to any membership interest that * members of the old group hold in the leaving entity were a reference to the subject interest; and (ii) a reference in that section, or any provision of this Division that relates to it, to liabilities owed by members of the old group included a reference to liabilities owed by any of the entities that cease to be * subsidiary members of the old group at the leaving time; and (b) by working out the tax cost setting amount for membership interests in entities that are held by other entities before working out the tax cost setting amount for membership interests in those other entities. Tax cost setting amount for membership interests acquired by head company (4) Then work out the * tax cost setting amount mentioned in paragraph 711 ‑ 10(a) for the * membership interests held by the * head company in the same way as under section 711 ‑ 15. Note: In doing so, tax cost setting amounts worked out under subsection (3) of this section for membership interests held by the leaving entity in other entities will be taken into account in working out the allocable cost amount for the leaving entity. Those tax cost setting amounts will in turn have been affected by any other tax cost setting amounts worked out under subsection (3) for membership interests in other entities. Tax cost setting amount for membership interests acquired by leaving entity (5) The * tax cost setting amount mentioned in paragraph 711 ‑ 10(b) for * membership interests of which the leaving entity becomes the holder will be one of the tax cost setting amounts worked out under subsection (3) of this section. Example: Companies A, B, C, D and E are all subsidiary members that leave the old group at the same time. Just before the leaving time, company A owned shares in company B and company C, and company B owned shares in companies D and E. First, work out company A’s tax cost setting amount for membership interests in company C and company B’s tax cost setting amount for membership interests in companies D and E by applying section 711 ‑ 15 in accordance with paragraph (3)(a) above. Next, work out company A’s tax cost setting amount for membership interests in company B under that section as so applied, taking into account the tax cost setting amount just worked out for company B’s assets consisting of shares in companies D and E. Finally, work out the head company’s tax cost setting amount for membership interests in company A under section 711 ‑ 15 in accordance with subsection (4) above, taking into account the tax cost setting amounts worked out for companies B and C.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-65", "Provision_Key": "s711-65", "Heading": "Membership interests treated as having been acquired before 20 September 1985", "Text": "When this section applies (1) This section applies unless: (a) Subdivision 705 ‑ C (about one group joining another consolidated group) applies in relation to the old group; and (b) the leaving entity is a * subsidiary member of the old group. (1A) To avoid doubt, this section applies regardless of whether the leaving entity ceases to be a * subsidiary member of the old group at the leaving time because another entity also ceases to be a subsidiary member of the old group at the leaving time. Interests treated as if purchased before 20 September 1985 (2) If this section applies, a number of the * membership interests in the leaving entity that * members of the old group hold are taken to have been acquired before 20 September 1985. Number of pre ‑ CGT membership interests (3) The number is the result of the formula in subsection (4), rounded down to: (a) the nearest whole number if the result is not already a whole number; or (b) zero if the result is a number more than zero but less than one. Formula (4) The formula is: where: leaving entity’s pre ‑ CGT proportion is the amount worked out under section 705 ‑ 125. Dealing with classes of membership interests (6) If there are 2 or more classes of * membership interests in the leaving entity, this section operates separately in relation to each class as if the interests in that class were all the interests in the entity. Allocation of the number to particular membership interests (7) The * head company must choose which particular * membership interests comprise the number worked out under subsection (2). Modification if leaving entity is a trust (8) If the leaving entity is a trust, a * membership interest in it is not taken into account under this section unless the membership interest is either a unit or an interest in the trust.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-70", "Provision_Key": "s711-70", "Heading": "Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711 ‑ 65—application of Division 149 to head company", "Text": "(1) This section applies if: (a) the leaving entity held assets at the time it became a * subsidiary member of the old group (disregarding subsection 701 ‑ 1(1) (the single entity rule)); and (b) some or all of the assets: (i) stopped being * pre ‑ CGT assets under Division 149 at a time (the Division 149 time ) when the * head company of the group held them under subsection 701 ‑ 1(1) (the single entity rule); or (ii) would have stopped being pre ‑ CGT assets under Division 149 at a time (also the Division 149 time ) when the head company of the group held them under subsection 701 ‑ 1(1) (the single entity rule) if they had been pre ‑ CGT assets just before that time; and (c) the leaving entity was a subsidiary member of the group at that time. (2) The * pre ‑ CGT proportion of the leaving entity at the leaving time is taken to be nil. (3) Adjust the old group’s * allocable cost amount for the leaving entity as follows: (a) if the amount under subsection (4) exceeds the amount under subsection (6)—increase the allocable cost amount by the excess; (b) if the amount under subsection (4) falls short of the amount under subsection (6)—reduce the allocable cost amount by the shortfall. (4) Subject to subsection (5), the amount under this subsection is: (a) if Subdivision 705 ‑ A applied in relation to the leaving entity at the time it became a * subsidiary member of the old group—the total of the amounts that were taken into account under subsection 705 ‑ 65(1) for * membership interests in the leaving entity at that time; or (b) otherwise—assuming that Subdivision 705 ‑ A had applied in relation to the leaving entity at the time it became a subsidiary member of the old group, the total of the amounts that would have been taken into account under subsection 705 ‑ 65(1) for membership interests in the leaving entity at that time. (5) For the purposes of subsection (4), if a * membership interest in the leaving entity was covered under paragraph 705 ‑ 125(2)(a) (pre ‑ CGT interests) when it became a * subsidiary member of the old group, treat the amount that was taken into account for the membership interest under subsection 705 ‑ 65(1) as the interest’s * market value just after the Division 149 time. (6) The amount under this subsection is the old group’s * allocable cost amount for the leaving entity, worked out on the assumption that the leaving entity ceased to be a * subsidiary member of the old group just after the Division 149 time.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 711-75", "Provision_Key": "s711-75", "Heading": "Additional integrity rule if membership interests treated as having been acquired before 20 September 1985 under section 711 ‑ 65—application of CGT event K6", "Text": "(1) This section applies if the leaving entity ceases to be a * subsidiary member of the old group because of a situation giving rise to * CGT event A1, C2, E1, E2 or E8 in relation to one or more * membership interests in the leaving entity. (2) For the purposes of applying subsections 104 ‑ 230(2) and (8) in relation to those * membership interests: (a) disregard subsection 701 ‑ 1(1) (the single entity rule) in working out the * net value of the leaving entity; and (b) treat the reference in subsection 104 ‑ 230(2) to “Just before the other event happened” as a reference to “Just before the leaving time”. Note 1: The single entity rule will continue to apply in determining whether the property mentioned in subsection 104 ‑ 230(2) for the leaving entity was acquired on or after 20 September 1985. Note 2: However, in a case of multiple exit from a consolidated group (see section 711 ‑ 55), the property mentioned in subsection 104 ‑ 230(2) for the leaving entity may include membership interests in another entity leaving the group at the leaving time. To determine which of those membership interests were acquired on or after 20 September 1985 for the purposes of applying subsection 104 ‑ 230(2) to the leaving entity, see section 711 ‑ 65. (3) In determining the sum of the * cost bases of the property mentioned in subsection 104 ‑ 230(6), treat the cost base of an asset that is included in that property as: (a) if the asset has its * tax cost set at the leaving time under section 701 ‑ 50—its * tax cost setting amount; or (b) if the * terminating value of the asset is taken into account in working out the step 1 amount under section 711 ‑ 25 for the leaving entity—that terminating value; or (c) if the asset is taken into account in working out the step 3 amount under section 711 ‑ 40 for the leaving entity—the value of the asset that is so taken into account.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s711-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-20", "Provision_Key": "s713-20", "Heading": "Increasing the step 1 amount for settled capital that could be distributed tax free in respect of discretionary interests", "Text": "(1) The object of this section is to increase the step 1 amount worked out under section 705 ‑ 65 (for the purpose of working out the joined group’s allocable cost amount) if: (a) the joining entity is a trust; and (b) some or all of the * membership interests in the trust are neither units nor interests in the trust; and (c) some or all of the trust capital is settled capital that could be distributed tax free at the joining time. The increase in the step 1 amount takes account of the settled capital that could be distributed tax free. Note 1: As a result, the settled capital that could be distributed tax free is treated in a way that is analogous to the group’s cost of acquiring the trust: see subsection 705 ‑ 10(2). Note 2: Paragraph (1)(b) reflects the position that a distribution in respect of a unit or interest in the trust is generally covered by CGT event E4 and so is not tax ‑ free: see section 104 ‑ 70. (2) The step 1 amount worked out under section 705 ‑ 65 is increased by the amount worked out under the following method statement if, at the joining time, there are * membership interests (the discretionary interests ) in the trust each of which satisfies these conditions: (a) it is neither a unit nor an interest in the trust; (b) the entity that owned it at the joining time began to own it only because money or property was settled on the trust; (c) it either has no * cost base or it has a cost base of nil. Note: If a membership interest has a cost base greater than nil, the cost base is already taken into account in working out the step 1 amount under section 705 ‑ 65. Method statement Step 1. Add up: (a) each amount settled on the trust before or at the joining time; and (b) the * market value of each item of property settled on the trust before or at the joining time, worked out as at when the item was settled; except to the extent that that amount or market value forms part of the * cost base of a * membership interest in the trust that was taken into account in working out the step 1 amount under section 705 ‑ 65. Step 2. Work out how much of the step 1 amount would have been paid in respect of the discretionary interests if, at the joining time: (a) the entire trust capital and trust income had been realised and distributed; and (b) the trust had ended. Note: This may involve determining how a power of appointment would have been exercised. Section 713 ‑ 50 lists matters to have regard to in determining this. Step 3. Reduce the step 2 amount by so much of it as: (a) would have been included in the assessable income of any * member of the trust who owned any of the discretionary interests at the joining time; or (b) would have been taken into account in working out a * capital gain or * capital loss made by such a member. Step 4. Work out how much of the step 1 amount consists of one or more of these: (a) an amount settled on the trust directly by the * head company of the * consolidated group (whether or not the group was in existence when the amount or item was settled on the trust); (b) an amount settled on the trust directly by any other entity not excluded by subsection (3) (which covers entities that are not independent and unconnected donors to the trust); (c) the * market value of an item of property settled on the trust directly by the head company; (d) the market value of an item of property settled on the trust directly by any other entity not excluded by subsection (3). Step 5. The step 1 amount worked out under section 705 ‑ 65 is increased by the lesser of: (a) the step 3 amount worked out under this method statement; and (b) the step 4 amount worked out under this method statement. (3) This subsection excludes these entities for the purposes of step 4 of the method statement in subsection (2): Entities that are not independent and unconnected donors to the trust Item This entity is excluded: 1 An entity that is a * member of the * consolidated group at the joining time 2 An entity that has been a * member of the * consolidated group at any time before the joining time, even if it was not such a member when it settled the amount or item of property on the joining entity 3 An entity that, because of a * scheme, will or may become a * member of the * consolidated group at some time after the joining time 4 An entity that, when the amount or item of property was settled on the joining entity, was an * associate of an entity covered by item 1, 2 or 3 5 An entity that, in settling the amount or item of property on the joining entity, acted in accordance with the directions, instructions or wishes of one or more entities, at least one of which is covered by item 1, 2, 3 or 4 (whether those directions, instructions or wishes were communicated directly or indirectly, including through interposed entities) 6 A company or trust that an entity covered by item 1, 2 or 3 would be taken to * control (for value shifting purposes) when the company or trust settled the amount or item of property on the joining entity, if each entity covered by item 1, 2, 3 or 4 had been at that time an * associate of every other entity covered by item 1, 2, 3 or 4 7 A partnership if, when the partnership settled the amount or item of property on the joining entity, a * member of the partnership was an entity covered by item 1, 2, 3, 4 or 6", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-25", "Provision_Key": "s713-25", "Heading": "Undistributed, realised profits that accrue to joined group before joining time and could be distributed tax free—step 3 in working out allocable cost amount", "Text": "(1) For the purposes of step 3 in the table in section 705 ‑ 60, if the joining entity is a trust, the step 3 amount is the sum of the trust’s realised profits, to the extent that: (a) they accrued to the joined group before the joining time (as defined in subsection 705 ‑ 90(7)); and (b) as at the joining time, they have not been distributed to * members of the trust; and (c) if each of them were distributed as mentioned in paragraphs 705 ‑ 90(7)(a) and (b): (i) they would be distributed otherwise than in respect of a unit or an interest in the trust; or (ii) their non ‑ assessable parts for the purposes of section 104 ‑ 70 would be disregarded in working out whether or not a * capital gain had been made because of CGT event E4; except to the extent that they recouped losses of any * sort that accrued to the joined group before the joining time (as defined in subsection 705 ‑ 90(8)). Note: If the joining entity, or an entity interposed between the head company and the joining entity, is a non ‑ fixed trust, this section may involve determining how a power of appointment would have been exercised. Section 713 ‑ 50 lists matters to have regard to in determining this. Trusts not covered (2) Subsection (1) does not apply to a trust that is a * corporate tax entity at the joining time. Note: This excludes corporate unit trusts and public trading trusts, which are covered by the imputation system.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 117 of 2002 | No 23 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-50", "Provision_Key": "s713-50", "Heading": "Factors to consider", "Text": "In working out, for the purposes of this Part, how much of something a * non ‑ fixed trust would have distributed to an entity, or in respect of a * membership interest in the trust, have regard to all relevant factors, including: (a) the pattern of any previous distributions by the trust; and (b) by whom the trust has from time to time been * controlled (for value shifting purposes).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-120", "Provision_Key": "s713-120", "Heading": "What this Subdivision is about", "Text": "A public trading trust can sometimes choose to form a consolidated group and be treated like a company and head company of the group. The treatment affects the trust, the trustee and other entities connected with the trust (such as members of the trust and entities the trustee holds membership interests in). Table of sections Object of this Subdivision 713 ‑ 125 Object of this Subdivision Choice to form a consolidated group 713 ‑ 130 Choosing to form a consolidated group Effects of choice 713 ‑ 135 Effects of choice 713 ‑ 140 Modifications of the applied law", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 83 of 2004 | No 53 of 2016", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-125", "Provision_Key": "s713-125", "Heading": "Object of this Subdivision", "Text": "(1) The main object of this Subdivision is to provide, by the means described in subsections (2) and (3), for certain unit trusts to be treated like companies, and therefore like * head companies of * consolidated groups, with consequent effects on other entities including: (a) the trustees; and (b) * members of the trusts; and (c) entities the trustees hold * membership interests in. (2) The first means is letting a * public trading trust, that could become the * head company of a * consolidated group if the trust were a company, choose to form such a group (with other entities as * subsidiary members). (3) The second means is changing the way in which the law relating to income tax applies on and after the time the choice takes effect, so that law (with some modifications) applies in relation to the trust or the trustee (as appropriate) in a way corresponding to the way in which that law applies in relation to a company. Note: The law relating to income tax includes legislation relating to associated imposts (such as those connected with the imputation system).", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 83 of 2004 | No 53 of 2016", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-130", "Provision_Key": "s713-130", "Heading": "Choosing to form a consolidated group", "Text": "A trust may make a choice under section 703 ‑ 50 (Choice to consolidate a consolidatable group), as if the trust were a company (the assumed company ), but only if: (a) the assumed company could make the choice, if it beneficially owned the * membership interests in other entities that are legally owned by the trustee; and (b) the day specified in the choice is the first day of an income year for which the trust is a * public trading trust. Note: Assuming that a trust is a company also involves assuming: (a) that the company has characteristics of the trust, such as the location of the central management and control (which is relevant to residence), the business of the trust, not being incorporated etc.; and (b) that membership interests in the trust are membership interests in the company (owned by the same persons and in the same way as membership interests in the trust are owned); and (c) that the company’s taxable income is taxed at the same rate as the trust’s net income.", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 83 of 2004 | No 53 of 2016", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-135", "Provision_Key": "s713-135", "Heading": "Effects of choice", "Text": "(1) If the trust makes the choice, the law (the applied law ) described in subsection (2) applies in relation to the trust in a way corresponding to the way in which that law applies to a company. The applied law applies in that way in relation to the trust or trustee (as appropriate): (a) with the appropriate modifications (including those described in section 713 ‑ 140, so far as they are appropriate); and (b) in relation to all times at or after the start of the day specified in the choice; and (c) so far as it is relevant to the operation of the applied law in relation to the trust and a time at or after the start of that day—in relation to a time when the trust existed before the start of that day. Note 1: The application of the applied law in this way affects not only the trust and the trustee but also other entities connected with the trust, such as members of the trust and entities in which the trustee holds membership interests. Some examples of that effect are that: (a) a consolidated group comes into existence on the day specified in the choice; and (b) there may be a scrip for scrip roll ‑ over for an entity exchanging its shares in a company for membership interests in the trust. Note 2: The application of the applied law in this way involves treatment of characteristics, things and persons relating to the trust corresponding to the treatment by the applied law of analogous characteristics, things and persons relating to a company (as envisaged in the note to section 713 ‑ 130). These are some examples of analogous things and analogous persons: (a) units in the trust and shares in a company; (b) unitholders in the trust and shareholders in a company; (c) trust voting interests and voting shares in a company. (2) The applied law is: (a) this Act (other than this Subdivision); and (b) an Act that imposes any impost payable under this Act; and (c) the Income Tax Rates Act 1986 ; and (d) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a), (b) or (c); and (e) any other Act, so far as it relates to an Act covered by paragraph (a), (b), (c) or (d); and (f) regulations and other legislative instruments under an Act covered by any of the preceding paragraphs. (3) Subsection (1) does not make an entity liable to a criminal, civil or administrative penalty. Note: An entity is liable to such a penalty under the applied law only if that law, as it applies apart from subsection (1), makes the entity liable.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-140", "Provision_Key": "s713-140", "Heading": "Modifications of the applied law", "Text": "Overview (1) This section describes modifications of the applied law in its application in relation to a trust or trustee under section 713 ‑ 135, but does not limit the modifications of that law that are appropriate for the purposes of that section. General modifications (2) A reference in the applied law to a thing or person described in column 2 of an item of the table includes a reference to a thing or person described in column 3 of the item. General modifications Column 1 Item Column 2 A reference in the applied law to: Column 3 Includes a reference to: 1 A body corporate The trust or trustee (as appropriate) 2 A dividend A distribution from the trust, so far as the distribution is from profits 3 A share capital account The amount of the trust estate that is not attributable to profits 4 A director (of a company, body corporate or corporation) The trustee or, if the trustee is a body corporate, a director of the trustee (as appropriate) Note: An expression in column 2 of an item of the table has the meaning that the expression has in the provision of the applied law containing the reference. (3) The trust is not covered by a reference in the applied law to a trust. Note: Subsections (3) and (4) of this section do not affect an entity’s liability for criminal, civil and administrative penalties under the applied law, as those subsections modify (so far as appropriate) the applied law as it applies because of subsection 713 ‑ 135(1), and that subsection does not affect liability for such penalties (see subsection 713 ‑ 135(3)). (4) The trustee is not covered by a reference in the applied law to a trustee (except a reference in section 254 of the Income Tax Assessment Act 1936 ). Note: Section 254 of the Income Tax Assessment Act 1936 deals with obligations and liabilities of trustees. Modifications of specific provisions (5) A provision of an Act identified in an item of the table is modified as set out in the item. Modifications of specific provisions Item Act(s) Provision Modification 3 Income Tax Assessment Act 1997 Division 83A The Division does not apply in relation to an * ESS interest acquired under an * employee share scheme before the day specified in the choice if the Division did not apply in relation to the interest before that day. 4 Income Tax Assessment Act 1997 and Income Tax (Transitional Provisions) Act 1997 Part 3 ‑ 90 (of each Act) The Part has effect as if an entity were a * wholly ‑ owned subsidiary of the trust if the entity would have been one had the trustee owned beneficially * membership interests in the entity that the trustee owned legally.", "Amendment_Count": 3, "First_Amended": "No 83 of 2004", "Last_Amended": "No 23 of 2018", "Amending_Acts": "No 83 of 2004 | No 133 of 2009 | No 23 of 2018", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-200", "Provision_Key": "s713-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies tax cost setting rules in Divisions 701, 705 and 711 so that they take account of the special characteristics of partnerships. The modifications apply in these situations: (a) an entity that is a partner in a partnership becomes a subsidiary member of a consolidated group; (b) a partnership becomes, or ceases to be, a subsidiary member of a consolidated group. Table of sections Objects 713 ‑ 205 Objects of this Subdivision Partnership cost setting interests etc. 713 ‑ 210 Partnership cost setting interests 713 ‑ 215 Terminating value for partnership cost setting interest Setting tax cost of partnership cost setting interests 713 ‑ 220 Set tax cost of partnership cost setting interests if partner joins consolidated group 713 ‑ 225 Tax cost setting amount for partnership cost setting interest Special rules where partnership joins consolidated group 713 ‑ 235 Partnership joins group—set tax cost of partnership assets 713 ‑ 240 Partnership joins group—tax cost setting amount for partnership asset Special rules where partnership leaves consolidated group 713 ‑ 250 Partnership leaves group—standard provisions modified 713 ‑ 255 Partnership leaves group—tax cost setting amount for partnership cost setting interests 713 ‑ 260 Partnership leaves group—tax cost setting amount for assets consisting of being owed certain liabilities 713 ‑ 265 Partnership leaves group—adjustments to allocable cost amount of partner who also leaves group", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-205", "Provision_Key": "s713-205", "Heading": "Objects of this Subdivision", "Text": "(1) The first object of this Subdivision is to ensure that if: (a) an entity that is a partner in a partnership becomes a * subsidiary member of a * consolidated group; and (b) the partnership does not become a * subsidiary member of the group; the provisions mentioned in subsection (3) operate as if the * partnership cost setting interests of the entity in the partnership were the entity’s only assets relating to the partnership. Note: In general, the head company of the consolidated group is treated as a partner in the partnership, in accordance with section 701 ‑ 1 (the single entity rule). (2) The second object of this Subdivision is to ensure that where a partnership becomes a * subsidiary member of a * consolidated group, the provisions mentioned in subsection (3) operate: (a) as if the group became the holder of the assets of the partnership; and (b) to set the * tax cost of the assets of the partnership at an appropriate amount, taking into account the taxation treatment of partnerships. Note: While the partnership is a subsidiary member of the group, it loses its separate tax identity (under the single entity rule in subsection 701 ‑ 1(1)). Therefore, in general, the assets of the partnership are treated as assets of the head company of the group and partnership cost setting interests in the partnership are ignored. (3) The provisions are: (a) section 701 ‑ 10 (about setting the tax cost of assets of an entity joining a group); and (b) Subdivision 705 ‑ A; and (c) any other provision of this Act giving Subdivision 705 ‑ A a modified effect in circumstances other than those covered by that Subdivision. Note: An example of provisions covered by paragraph (c) are the provisions of Subdivision 705 ‑ B giving Subdivision 705 ‑ A a modified effect when a consolidated group is formed. (4) The third object of this Subdivision is to ensure that, where a partnership ceases to be a * subsidiary member of a * consolidated group, the provisions mentioned in subsection (5) operate: (a) as if the group’s * partnership cost setting interests were the group’s only assets relating to the partnership; and (b) to set the * tax cost of those interests at an appropriate amount, taking into account the fact that the group ceases to be the holder of the assets of the partnership. (5) The provisions are: (a) sections 701 ‑ 15 and 701 ‑ 50 (about setting the tax cost of membership interests in an entity that leaves the group); and (b) sections 701 ‑ 20 and 701 ‑ 45 (about the cost of assets consisting of certain liabilities owed by or to an entity that leaves the group); and (c) Division 711.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-210", "Provision_Key": "s713-210", "Heading": "Partnership cost setting interests", "Text": "A partnership cost setting interest in a partnership is the asset that is comprised of: (a) an interest in an asset of the partnership; or (b) an interest in the partnership that is not covered by paragraph (a); but does not include an asset that is comprised of a * membership interest in the partnership. Note 1: A partner may have more than one partnership cost setting interest that relates to an asset of the partnership (see section 106 ‑ 5). Note 2: A partnership cost setting interest may relate to an asset of the partnership, but the asset of the partnership is not a partnership cost setting interest in the partnership.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-215", "Provision_Key": "s713-215", "Heading": "Terminating value for partnership cost setting interest", "Text": "(1) This section modifies the way in which the * terminating value of a * partnership cost setting interest in a partnership is worked out under section 705 ‑ 30. (2) For the purposes of this Subdivision, the * terminating value of the * partnership cost setting interest at a time is: (a) if the interest relates to an asset of the partnership—the interest’s individual share of the terminating value of that asset (worked out in accordance with subsection (3)) at that time; or (b) otherwise—the terminating value of the interest at that time worked out under section 705 ‑ 30. (3) To work out the amount of the * terminating value of the asset of the partnership mentioned in paragraph (2)(a), apply section 705 ‑ 30 as if: (a) the time mentioned in subsection (2) were the joining time mentioned in that section; and (b) the partnership were, at the time mentioned in subsection (2), the joining entity mentioned in that section.", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-220", "Provision_Key": "s713-220", "Heading": "Set tax cost of partnership cost setting interests if partner joins consolidated group", "Text": "(1) This section applies if an entity (the joining entity ) that is a partner in a partnership becomes a * subsidiary member of a * consolidated group at a time (the joining time ). Note: If the partnership becomes a subsidiary member of the group at the joining time, the application of this section is affected by section 713 ‑ 235. (2) In applying the provisions mentioned in subsection 713 ‑ 205(3) in relation to the joining entity: (a) work out the * tax cost setting amount for each * partnership cost setting interest in the partnership that the joining entity holds at the joining time, in accordance with section 713 ‑ 225; and (b) except for the purposes of section 713 ‑ 235 (which applies only if the partnership joins the group), do not work out tax cost setting amounts for the assets of the partnership; and (c) do not work out tax cost setting amounts for the * membership interests in the partnership held by the joining entity. Note 1: Because of paragraphs (b) and (c), no amount of allocable cost amount for the joining entity is allocated to the assets of the partnership, or to membership interests in the partnership held by the joining entity. Note 2: If assets of the partnership are held on revenue account, the related partnership cost setting interests held by the joining entity have their tax cost set at the joining time. However, that tax cost does not alter calculations of the net income or exempt income of the partnership, or of a partnership loss, for the purposes of section 92 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-225", "Provision_Key": "s713-225", "Heading": "Tax cost setting amount for partnership cost setting interest", "Text": "(1) This section modifies the way in which the * tax cost setting amounts are worked out under Division 705 for the * partnership cost setting interests mentioned in paragraph 713 ‑ 220(2)(a). Partnership cost setting interest takes character of partnership asset—general (2) Work out the * tax cost setting amounts for those * partnership cost setting interests as if any partnership cost setting interest that relates to an asset (the underlying partnership asset ) of the partnership were an asset of the same kind as the underlying partnership asset. Note: The kinds of assets mentioned in subsection (2) include the following: (a) retained cost base assets; (b) reset cost base assets that are held on revenue account (however, if such assets are trading stock or depreciating assets, the special rule in subsection (4) will apply) or on capital account; (c) excluded assets (see subsection (3)); (d) current assets (within the meaning of subsection 705 ‑ 125(2)). Example: The partnership has an asset that is Australian currency (which is a retained cost base asset). A partnership cost setting interest of the joining entity in that asset is treated as a retained cost base asset for the purpose of working out the tax cost setting amounts for the joining entity’s partnership cost setting interests in the partnership. Partnership cost setting interest takes character of partnership asset—excluded assets (3) If: (a) tax cost setting amounts were to be worked out for the assets of the partnership under Division 705; and (b) in working out those amounts, the underlying partnership asset mentioned in subsection (2) would be an excluded asset for the purposes of section 705 ‑ 35; then subsection (2) operates so that the * tax cost setting amounts for those * partnership cost setting interests are worked out as if any partnership cost setting interest that relates to the underlying partnership asset were an excluded asset for the purposes of section 705 ‑ 35. Special character of partnership cost setting interest in partnership asset that is trading stock, a depreciating asset or a registered emissions unit (4) Despite subsection (2), if an asset of the partnership is * trading stock, a * depreciating asset or a * registered emissions unit, work out the * tax cost setting amounts for those * partnership cost setting interests as if: (a) a partnership cost setting interest relating to that asset were a * retained cost base asset; and (b) the tax cost setting amount for that partnership cost setting interest were equal to its * terminating value (worked out in accordance with section 713 ‑ 215). Partnership liabilities—working out allocable cost amount (6) If: (a) in accordance with the * accounting principles that the partnership would use if it were to prepare its financial statements just before the joining time, a thing (the partnership liability ) is a liability of the partnership at the joining time; and (b) for that reason, the partnership liability is not an accounting liability of the joining entity at the joining time for the purposes of section 705 ‑ 70; then sections 705 ‑ 70, 705 ‑ 75 and 705 ‑ 80 operate as if the partnership liability were an accounting liability of the joining entity at the joining time, to the extent of the joining entity’s individual share of the partnership liability. Partnership deductions—working out allocable cost amount (7) Section 705 ‑ 115 operates as if: (a) a deduction to which the partnership is entitled (the partnership deduction ) were a deduction to which the joining entity was entitled, to the extent of the joining entity’s individual share of the partnership deduction; and (b) the deduction to which the joining entity was entitled were of the same kind as the partnership deduction. Note: These kinds of deductions include acquired deductions and owned deductions (within the meaning of section 705 ‑ 115).", "Amendment_Count": 5, "First_Amended": "No 67 of 2003", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 67 of 2003 | No 83 of 2004 | No 143 of 2007 | No 56 of 2010 | No 132 of 2011", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-235", "Provision_Key": "s713-235", "Heading": "Partnership joins group—set tax cost of partnership assets", "Text": "(1) This section applies if a partnership becomes a * subsidiary member of a * consolidated group at a time (the joining time ). (2) In applying the provisions mentioned in subsection 713 ‑ 205(3) in relation to the partnership: (a) do not work out an allocable cost amount for the partnership; and (b) work out the * tax cost setting amount for each asset of the partnership covered by subsection (3), in accordance with section 713 ‑ 240. Note: If a partner in the partnership becomes a subsidiary member of the group at the joining time, tax cost setting amounts are worked out for the assets of the partner (including partnership cost setting interests) before tax cost setting amounts are worked out for the assets of the partnership. (3) An asset of the partnership at the joining time is covered by this subsection, unless it would be an excluded asset for the purposes of section 705 ‑ 35 on the assumption that tax cost setting amounts were worked out for the assets of the partnership under Division 705 (instead of section 713 ‑ 240).", "Amendment_Count": 1, "First_Amended": "No 67 of 2003", "Last_Amended": "No 67 of 2003", "Amending_Acts": "No 67 of 2003", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-240", "Provision_Key": "s713-240", "Heading": "Partnership joins group—tax cost setting amount for partnership asset", "Text": "(1) Work out the * tax cost setting amounts for the assets covered by subsection 713 ‑ 235(3) as follows: (a) firstly, add up the subsection (2) amounts for all the partnership cost setting interests in the partnership at the joining time (the result is the partnership cost pool ); Note 1: Partnership cost setting interests held by a partner that becomes a subsidiary member of the group at the joining time are included in the calculation in paragraph (a). The operation of the cost setting rules in relation to that partner at the joining time may affect the subsection (2) amounts for those interests. Note 2: Partnership cost setting interests are included in the calculation in paragraph (a), even if the cost setting rules have not applied in relation to the interests (for example, if the interests were acquired directly by the head company). (b) secondly, work out the tax cost setting amounts for the assets covered by subsection 713 ‑ 235(3) that are * retained cost base assets, in accordance with section 705 ‑ 25; (c) thirdly, work out the tax cost setting amounts for the rest of the assets covered by subsection 713 ‑ 235(3), in accordance with subsection (3). Subsection (2) amount for a partnership cost setting interest (2) For the purposes of paragraph (1)(a), the subsection (2) amount for a * partnership cost setting interest is the amount specified in the following table: Working out the subsection (2) amount Item If the market value of the partnership cost setting interest is ... the subsection (2) amount for the partnership cost setting interest is ... 1 equal to or greater than its * cost base its cost base 2 less than its * cost base but greater than its * reduced cost base its * market value 3 less than or equal to its * reduced cost base its reduced cost base Allocating partnership cost pool to partnership assets that are not retained cost base assets (3) Work out the * tax cost setting amounts for the assets mentioned in paragraph (1)(c) by applying sections 705 ‑ 35 , 705 ‑ 40, 705 ‑ 45 and 705 ‑ 47 to those assets, as if: (a) the partnership were, at the joining time, the joining entity mentioned in those sections; and (b) the assets of the partnership were the assets covered by subsection 713 ‑ 235(3); and (c) the allocable cost amount mentioned in paragraph 705 ‑ 35(1)(a) were the partnership cost pool. (4) For the purposes of this section, section 104 ‑ 510 (CGT event L3) applies as if the group’s allocable cost amount for the entity mentioned in that section were the partnership cost pool.", "Amendment_Count": 2, "First_Amended": "No 67 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 67 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-250", "Provision_Key": "s713-250", "Heading": "Partnership leaves group—standard provisions modified", "Text": "(1) This section applies if a partnership ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ). Note: The section applies whether or not any partner that is a subsidiary member of the group also ceases to be a subsidiary member at the leaving time. (2) Apply the provisions mentioned in subsection 713 ‑ 205(5) subject to the modifications in the provisions that follow under this * group heading.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-255", "Provision_Key": "s713-255", "Heading": "Partnership leaves group—tax cost setting amount for partnership cost setting interests", "Text": "Overview (1) Instead of working out * tax cost setting amounts for * membership interests in the partnership, a special rule requires * partnership cost setting interests in the partnership to be worked out. Where other entities cease to be * subsidiary members at the same time, the normal tax cost setting amount rules are applied for membership interests in the other entities, but the special rule is applied for partnership cost setting interests in the partnership. Tax cost setting amounts for membership interests in partnership not to be worked out (2) Do not work out * tax cost setting amounts for * membership interests in the partnership. Partnership is only entity that exits—tax cost setting amount for partnership cost setting interests (3) Except where the partnership ceases to be a * subsidiary member in circumstances covered by subsection (5), work out in accordance with subsection (4) the * tax cost setting amount just before the leaving time for each * partnership cost setting interest in the partnership held by a partner that is a * member of the group just before the leaving time. Tax cost setting amount (4) The * tax cost setting amount is equal to the partner’s individual share of the * terminating value of the partnership asset to which the * partnership cost setting interest relates. Note: For income tax purposes there is no disposal by the head company of any assets of the partnership when it ceases to be a subsidiary member of the group. Multiple exit case—tax cost setting amounts for both partnership cost setting interests in partnership and membership interests in other entities (5) If the partnership is one of 2 or more entities that cease to be * subsidiary members of the old group at the same time because of an event happening in relation to one of them, apply section 711 ‑ 55 as if: (a) except in paragraph 711 ‑ 55(3)(a), a reference to * membership interests in an entity, or to the * tax cost setting amount for such interests, where the entity is the partnership, were a reference to * partnership cost setting interests in the partnership, or to the tax cost setting amount for such interests; and (b) paragraph 711 ‑ 55(3)(a) were replaced by a requirement that, where the entity in which the membership interests mentioned in subsection 711 ‑ 55(3) are held is the partnership, subsection (4) of this section is to be applied in working out the tax cost setting amount of the partnership cost setting interests in the partnership.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-260", "Provision_Key": "s713-260", "Heading": "Partnership leaves group—tax cost setting amount for assets consisting of being owed certain liabilities", "Text": "(1) This section applies if: (a) when the partnership ceases to be a * subsidiary member of the group, a partner remains a * member of the group; and (b) an asset becomes an asset of the * head company because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the partnership when it ceases to be a subsidiary member; and (c) the asset is, ignoring that subsection: (i) the partner’s interest in an asset of the partnership consisting of a liability of a member of the group owed to the partnership; or (ii) the partner’s share of a liability of the partnership owed to a member of the group. (2) The asset’s * tax cost is set at the leaving time at a * tax cost setting amount equal to the * market value of the asset.", "Amendment_Count": 1, "First_Amended": "No 83 of 2004", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 83 of 2004", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-265", "Provision_Key": "s713-265", "Heading": "Partnership leaves group—adjustments to allocable cost amount of partner who also leaves group", "Text": "(1) This section has effect in working out the group’s * allocable cost amount for a partner in the partnership, if the partner ceases to be a * subsidiary member of the group at the leaving time. (2) Section 711 ‑ 35 operates as if: (a) a deduction to which the partnership becomes entitled (the partnership deduction ) were a deduction to which the partner becomes entitled, to the extent of the partner’s individual share of the partnership deduction; and (b) the deduction to which the partner becomes entitled were of the same kind as the partnership deduction. Note: These kinds of deductions include acquired deductions and owned deductions (within the meaning of section 711 ‑ 35). (3) Section 711 ‑ 40 operates as if a liability owed by * members of the group to the partnership at the leaving time were a liability owed by members of the group to the partner at that time, to the extent of the partner’s individual share of the liability. (4) If: (a) in accordance with the * accounting principles that the partnership would use if it were to prepare its financial statements just before the leaving time (disregarding subsection 701 ‑ 1(1) (the single entity rule)), a thing (the partnership liability ) is a liability of the partnership just before the leaving time; and (b) for that reason, the partnership liability is not an accounting liability of the partner just before the leaving time for the purposes of section 711 ‑ 45; then section 711 ‑ 45 operates as if the partnership liability were an accounting liability of the partner just before the leaving time, to the extent of the partner’s individual share of the partnership liability.", "Amendment_Count": 3, "First_Amended": "No 83 of 2004", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 83 of 2004 | No 56 of 2010 | No 12 of 2012", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-500", "Provision_Key": "s713-500", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out special rules for: (a) a life insurance company that becomes, or ceases to be, a member of a consolidated group; and (b) the head company of a consolidated group where a life insurance company is a subsidiary member of the group. Table of sections General modifications for life insurance companies 713 ‑ 505 Head company treated as a life insurance company 713 ‑ 510 Certain subsidiaries of life insurance companies cannot be members of consolidated group 713 ‑ 510A Disregard single entity rule in working out certain amounts in respect of life insurance company Life insurance companies’ liabilities on joining consolidated group 713 ‑ 511 Treatment of certain liabilities for income year when life insurance company joins consolidated group Tax cost setting rules for life insurance companies joining consolidated group 713 ‑ 515 Certain assets taken to be retained cost base assets where life insurance company joins group 713 ‑ 520 Valuing certain liabilities where life insurance company joins group 713 ‑ 525 Obligation to value certain assets and liabilities at joining time Losses of life insurance companies joining consolidated group 713 ‑ 530 Treatment of certain losses of life insurance company Losses of life insurance companies’ subsidiaries joining consolidated group 713 ‑ 535 Losses of entities whose membership interests are complying superannuation assets of life insurance company 713 ‑ 540 Losses of entities whose membership interests are segregated exempt assets of life insurance company Imputation rules for life insurance companies joining consolidated group 713 ‑ 545 Treatment of franking surplus in franking account of life insurance subsidiary joining group 713 ‑ 550 Treatment of head company’s franking account after joining Liabilities for life insurance companies leaving consolidated group 713 ‑ 565 Treatment of certain liabilities for income year when life insurance company leaves consolidated group Losses for life insurance companies leaving consolidated group 713 ‑ 570 Certain losses transferred to leaving company Tax cost setting rules for life insurance companies leaving consolidated group 713 ‑ 575 Terminating value of certain assets where life insurance company leaves group 713 ‑ 580 Valuing certain liabilities where life insurance company leaves group 713 ‑ 585 Obligation to value certain assets and liabilities at leaving time", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-505", "Provision_Key": "s713-505", "Heading": "Head company treated as a life insurance company", "Text": "This Act, and the Income Tax Rates Act 1986 , apply to the * head company of a * consolidated group as if it were a * life insurance company for an income year if one or more life insurance companies are * subsidiary members of the group at any time during that year.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-510", "Provision_Key": "s713-510", "Heading": "Certain subsidiaries of life insurance companies cannot be members of consolidated group", "Text": "(1) An entity cannot be a * subsidiary member of a * consolidated group or * consolidatable group of which a * life insurance company is a * member if: (a) the life insurance company owns, either directly or indirectly through one or more interposed entities, all the * membership interests in the entity and either: (i) some, but not all, of the membership interests described in subsection (3) (the key interests ) are * complying superannuation assets of the life insurance company; or (ii) some, but not all, of the key interests are * segregated exempt assets of the life insurance company; or (b) the life insurance company owns, either directly or indirectly through one or more interposed entities, only some of the membership interests in the entity and any of the key interests are complying superannuation assets or segregated exempt assets of the life insurance company. Note: The entity could, however, be a member of another consolidated group or consolidatable group. (2) An entity cannot continue to be a * subsidiary member of a * consolidated group of which a * life insurance company is a * member if: (a) the life insurance company owns, either directly or indirectly through one or more interposed entities, all the * membership interests in the entity and, had the entity not been a subsidiary member of the group, either: (i) some, but not all, of the membership interests described in subsection (3) (the key interests ) would be * complying superannuation assets of the life insurance company; or (ii) some, but not all, of the key interests would be * segregated exempt assets of the life insurance company; or (b) the life insurance company owns, either directly or indirectly through one or more interposed entities, only some of the membership interests in the entity and, had the entity not been a subsidiary member of the group, any of the key interests would be complying superannuation assets or segregated exempt assets of the life insurance company. (3) The key interests are the * membership interests the * life insurance company owns directly in: (a) the entity; or (b) an interposed entity.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 16 of 2003 | No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-510A", "Provision_Key": "s713-510a", "Heading": "Disregard single entity rule in working out certain amounts in respect of life insurance company", "Text": "(1) This section applies if a * life insurance company is a * member of a * consolidated group. (2) However, if the * life insurance company is a * subsidiary member of the group, this section does not apply: (a) for the purposes of working out the * tax cost setting amount of an asset of the life insurance company when it becomes a subsidiary member of the group; and (b) for the purposes of working out the tax cost setting amount of a * membership interest in the life insurance company if it ceases to be a subsidiary member of the group. (3) Disregard section 701 ‑ 1 (the single entity rule) in working out any of the following for the purposes of Division 320 in relation to the * life insurance company: (a) amounts of the * head company’s ordinary income and statutory income derived from * segregated exempt assets that are not assessable income and are not * exempt income under paragraph 320 ‑ 37(1)(a); (b) the head company’s taxable income of the * complying superannuation class (see section 320 ‑ 137); (c) the head company’s * tax loss of the complying superannuation class (see section 320 ‑ 141); (d) the total * transfer value of the head company’s * complying superannuation assets (see paragraph 320 ‑ 175(1)(a)); (e) the amount of the head company’s * complying superannuation liabilities (see paragraph 320 ‑ 175(1)(b)); (f) the total transfer value of the head company’s segregated exempt assets (see paragraph 320 ‑ 230(1)(a)); (g) the amount of the head company’s * exempt life insurance policy liabilities (see paragraph 320 ‑ 230(1)(b)).", "Amendment_Count": 4, "First_Amended": "No 56 of 2010", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 56 of 2010 | No 41 of 2011 | No 70 of 2015", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-510A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-511", "Provision_Key": "s713-511", "Heading": "Treatment of certain liabilities for income year when life insurance company joins consolidated group", "Text": "(1) This section affects how paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 apply if: (a) a * life insurance company becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) just before the joining time, the life insurance company had one or more liabilities under the * net risk components of life insurance policies. Note: Paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 both operate on the basis of a comparison of the value of the company’s liabilities under the net risk components of life insurance policies at the end of the current year with the value of those liabilities at the end of the previous year, so that: (a) that paragraph includes an amount in the company’s assessable income for the current year if the value at the end of the current year is less than the value at the end of the previous income year; and (b) that section allows a deduction for the current year if the value at the end of the current year is more than the value at the end of the previous income year. (2) The object of this section is to ensure that the * head company of the * consolidated group bears the income tax consequences relating to a change in * value of the liabilities only after the joining time. Note: The life insurance company bears the income tax consequences relating to a change in value of the liabilities before the joining time, because section 701 ‑ 30 ensures that paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 apply in relation to a part of the income year before that time when the company was not a subsidiary member of a consolidated group as if that part were an income year. (3) Paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 apply for the head company core purposes set out in section 701 ‑ 1 (Single entity rule) as if the * value of the liabilities at the end of the last income year ending before the joining time were the value of the liabilities (for the * life insurance company) just before the joining time.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-511"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-515", "Provision_Key": "s713-515", "Heading": "Certain assets taken to be retained cost base assets where life insurance company joins group", "Text": "(1) If an entity that becomes a * subsidiary member of a * consolidated group at a time (the joining time ) is a * life insurance company, these assets are retained cost base assets : (a) a * complying superannuation asset, or a * segregated exempt asset, of the company; and (b) another asset of the company that is held by the company for the purpose of discharging its liabilities under the * net investment component of ordinary life insurance policies (except policies that provide for * participating benefits or * discretionary benefits under * life insurance business carried on in Australia); and (c) for a life insurance company that has demutualised under Division 9AA of Part III of the Income Tax Assessment Act 1936 where, in the period starting just after the company demutualises and ending at the joining time, all of the * membership interests in the company were owned by the same group—a goodwill asset of the company. (2) If the * retained cost base asset is covered by paragraph (1)(a) or (b), its * tax cost setting amount is: (a) for the purposes of working out the tax cost setting amounts for reset cost base assets (see section 705 ‑ 35)—the asset’s * transfer value just before the joining time; and (b) for all other purposes—the asset’s * terminating value. (3) If the * retained cost base asset is covered by paragraph (1)(c), its * tax cost setting amount is the embedded value (see subsection 121AM(1) of the Income Tax Assessment Act 1936 ) on the applicable accounting day (see subsection 121AM(3) of that Act) of the * life insurance company concerned reduced by the net value of shareholders’ assets held by the company on that day. (4) The net investment component of ordinary life insurance policies is the component of * life insurance policies (except * exempt life insurance policies and * complying superannuation life insurance policies) that: (a) is the component in respect of the part of those policies that has not been reinsured under a * contract of reinsurance; and (b) is not the * net risk component of those policies.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 16 of 2003 | No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-520", "Provision_Key": "s713-520", "Heading": "Valuing certain liabilities where life insurance company joins group", "Text": "(1) Despite section 705 ‑ 70, if the joining entity mentioned in step 2 in the table in section 705 ‑ 60 is a * life insurance company, the joining entity’s liabilities mentioned in this section are to be valued as mentioned in this section. (2) The value of the joining entity’s * complying superannuation liabilities (if any) is the amount worked out under section 320 ‑ 190 at the joining time. (3) The value of the joining entity’s * exempt life insurance policy liabilities (if any) is the amount worked out under section 320 ‑ 245 at the joining time. (4) Subsection (5) applies to a liability of the joining entity if: (a) the liability is under the * net risk component of a * life insurance policy; and (b) the joining entity could deduct under section 320 ‑ 80 an amount for the * risk component of claims paid under the policy had it not become a * member of the * consolidated group. (5) The value of that liability is the * current termination value of the * net risk component of the * life insurance policy at the joining time (calculated by an * actuary). (6) The value of the joining entity’s liabilities under the * net investment component of ordinary life insurance policies is the amount worked out for those liabilities under subsection 320 ‑ 190(2) as if those liabilities were * complying superannuation liabilities.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 16 of 2003 | No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-525", "Provision_Key": "s713-525", "Heading": "Obligation to value certain assets and liabilities at joining time", "Text": "Division 320 has effect as if the time when a * life insurance company becomes a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320 ‑ 175 and 320 ‑ 230. Note: This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section 320 ‑ 175 (with the consequences set out in section 320 ‑ 180), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320 ‑ 230 (with the consequences set out in section 320 ‑ 235), as at that time.", "Amendment_Count": 5, "First_Amended": "No 16 of 2003", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 16 of 2003 | No 83 of 2004 | No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Repealed and substituted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Repealed and substituted by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-530", "Provision_Key": "s713-530", "Heading": "Treatment of certain losses of life insurance company", "Text": "(1) This section applies if: (a) a * life insurance company becomes a * member of a * consolidated group at a time (the joining time ); and (b) just before the joining time, the life insurance company had either: (i) a * tax loss of the * complying superannuation class; or (ii) a * net capital loss from * complying superannuation assets. (2) This Act operates (except so far as the contrary intention appears) for the purposes of income years ending after the joining time as if: (a) the * head company of the * consolidated group had made the loss for the income year in which the joining time occurs; and (b) the * life insurance company had not made the loss for the income year for which it made the loss. (3) The * head company is not prevented from * utilising the loss for the income year in which the joining time occurs merely because this Act operates as if the head company had made the loss for that year. (4) Division 707 does not apply in relation to the * net capital loss or the * tax loss at the joining time.", "Amendment_Count": 5, "First_Amended": "No 16 of 2003", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 16 of 2003 | No 83 of 2004 | No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Repealed and substituted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-535", "Provision_Key": "s713-535", "Heading": "Losses of entities whose membership interests are complying superannuation assets of life insurance company", "Text": "(1) This section applies if: (a) a * life insurance company becomes a * member of a * consolidated group at a time (the joining time ); and (b) at the joining time, the life insurance company owns, either directly or indirectly through one or more interposed entities, all the * membership interests in yet another entity (the life insurance subsidiary ) that becomes a * subsidiary member of the group at that time; and (c) all the following membership interests are * complying superannuation assets of the life insurance company: (i) the membership interests (if any) that the life insurance company owns directly in the life insurance subsidiary; (ii) the membership interests (if any) that the life insurance company owns directly in the interposed entities; and (d) the * head company of the group makes a * tax loss or * net capital loss under Subdivision 707 ‑ A because of a transfer from the life insurance subsidiary. (2) This Act operates for the purposes of income years ending after the transfer as if: (a) the * tax loss were of the * complying superannuation class; or (b) the * net capital loss were from * complying superannuation assets. (3) Subdivisions 707 ‑ B, 707 ‑ C and 707 ‑ D do not affect the * utilisation of the loss by the * head company of the * consolidated group.", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-540", "Provision_Key": "s713-540", "Heading": "Losses of entities whose membership interests are segregated exempt assets of life insurance company", "Text": "(1) This section applies if: (a) a * life insurance company becomes a * member of a * consolidated group at a time (the joining time ); and (b) at the joining time, the life insurance company owns, either directly or indirectly through one or more interposed entities, all the * membership interests in yet another entity (the life insurance subsidiary ) that becomes a * subsidiary member of the group at that time; and (c) all the following membership interests are * segregated exempt assets of the life insurance company: (i) the membership interests (if any) that the life insurance company owns directly in the life insurance subsidiary; (ii) the membership interests (if any) that the life insurance company owns directly in the interposed entities. (2) A * tax loss or * net capital loss of the life insurance subsidiary for an income year ending before the joining time cannot be * utilised by the life insurance subsidiary for an income year ending after that time. Note: This prevents the loss from being transferred to the head company of the consolidated group under Subdivision 707 ‑ A (because it means the life insurance subsidiary could not have utilised the loss for the trial year). As a result, section 707 ‑ 150 prevents any other entity from utilising the loss for an income year ending after the joining time.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-540"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-545", "Provision_Key": "s713-545", "Heading": "Treatment of franking surplus in franking account of life insurance subsidiary joining group", "Text": "(1) This section applies if: (a) a * life insurance company becomes a * member of a * consolidated group at a time (the joining time ); and (b) at the joining time, the life insurance company owns, either directly or indirectly through one or more interposed entities, * membership interests in yet another entity (the life insurance subsidiary ) that becomes a * subsidiary member of the group at that time; and (c) the life insurance subsidiary’s * franking account is in surplus just before the joining time. (2) Paragraph 709 ‑ 60(2)(b) does not apply in relation to the life insurance subsidiary. (3) A * franking credit arises at the joining time in the * franking account of the * head company of the group. The amount of the credit is the amount worked out under subsection (4). (4) The amount is equal to the amount of the * franking credit that would arise in the * life insurance company’s * franking account just before the joining time under item 5 of the table in subsection 219 ‑ 15(2) if: (a) the life insurance subsidiary made a * franked distribution to the life insurance company just before the joining time; and (b) the amount of the franking credit on the distribution were equal to the surplus mentioned in paragraph (1)(c). (5) The * head company of the group is entitled to a * tax offset for the income year in which the joining time occurs. The amount of the tax offset is: (a) if all the * membership interests (if any) that the * life insurance company owns directly in the life insurance subsidiary, and all the membership interests (if any) that the life insurance company owns directly in interposed entities, are * segregated exempt assets of the life insurance company—the surplus mentioned in paragraph (1)(c), reduced by the amount worked out under subsection (4); or (b) if all the membership interests (if any) that the life insurance company owns directly in the life insurance subsidiary, and all the membership interests (if any) that the life insurance company owns directly in interposed entities, are * complying superannuation assets of the life insurance company—the amount worked out under subsection (6); or (c) otherwise—nil. (6) The amount is worked out using the following formula (or is nil if it would otherwise be negative): where: complying superannuation class tax rate means the rate of tax in respect of the * complying superannuation class of the taxable income of a * life insurance company for the income year in which the joining time occurs (see paragraph 23A(b) of the Income Tax Rates Act 1986 ). ordinary class tax rate means the rate of tax in respect of the * ordinary class of the taxable income of a life insurance company for the income year in which the joining time occurs (see paragraph 23A(a) of the Income Tax Rates Act 1986 ).", "Amendment_Count": 4, "First_Amended": "No 41 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 41 of 2005 | No 143 of 2007 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-545"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-550", "Provision_Key": "s713-550", "Heading": "Treatment of head company’s franking account after joining", "Text": "Sections 709 ‑ 70 and 709 ‑ 75 do not apply in relation to a * subsidiary member of a * consolidated group if: (a) the subsidiary member is a * life insurance company; or (b) a life insurance company that is a * member of the group owns * membership interests, either directly or indirectly through one or more interposed entities, in the subsidiary member.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-565", "Provision_Key": "s713-565", "Heading": "Treatment of certain liabilities for income year when life insurance company leaves consolidated group", "Text": "(1) This section affects how paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 apply if: (a) a * life insurance company ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) at the leaving time, the * life insurance company has one or more liabilities under the * net risk components of life insurance policies. Note: Paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 both operate on the basis of a comparison of the value of a life insurance company’s liabilities under the net risk components of life insurance policies at the end of the current year with the value of those liabilities at the end of the previous year, so that: (a) that paragraph includes an amount in the company’s assessable income for the current year if the value at the end of the current year is less than the value at the end of the previous income year; and (b) that section allows a deduction for the current year if the value at the end of the current year is more than the value at the end of the previous income year. (2) The object of this section is to ensure that: (a) the * head company of the * consolidated group bears the income tax consequences relating to a change in * value of the liabilities before the leaving time; and (b) the * life insurance company bears the income tax consequences relating to a change in value of the liabilities after the leaving time. Head company’s income or deduction from liabilities (3) For the head company core purposes set out in section 701 ‑ 1 (Single entity rule) relating to the income year in which the leaving time occurs (but not later income years), paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 have effect as if: (a) the * head company of the * consolidated group had the liabilities at the end of that income year; and (b) the * value of the liabilities at the end of that income year had been the amount that was actually the value of the liabilities (for the * life insurance company) at the leaving time. Life insurance company’s income or deduction from liabilities (4) For the entity core purposes set out in section 701 ‑ 1 (Single entity rule) relating to the * life insurance company and the income year in which the leaving time occurs, paragraph 320 ‑ 15(1)(h) and section 320 ‑ 85 have effect as if the * value of the liabilities at the end of the previous income year had been the amount that was actually the value of the liabilities (for the life insurance company) at the leaving time.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-565"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-570", "Provision_Key": "s713-570", "Heading": "Certain losses transferred to leaving company", "Text": "(1) This section applies if: (a) a * life insurance company ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) ignoring section 713 ‑ 505, at the leaving time, no other * member of the group is a life insurance company that has a * complying superannuation asset pool; and (c) at the leaving time, the * head company has either: (i) a * tax loss of the * complying superannuation class; or (ii) a * net capital loss from * complying superannuation assets. (2) This Act operates (except so far as the contrary intention appears) for the purposes of income years ending after the leaving time as if: (a) the * life insurance company had made the loss for the income year in which the leaving time occurs; and (b) the * head company had not made the loss for the income year for which it made the loss. Note: Section 707 ‑ 410 (Exit history rule does not treat entity as having made a loss) does not prevent the life insurance company from having the loss under this section, because that section merely states that the company is not taken under section 701 ‑ 40 (Exit history rule) to have made a loss. (3) The * life insurance company is not prevented from * utilising the loss for the income year in which the leaving time occurs merely because this Act operates as if the life insurance company had made the loss for that year.", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-570"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-575", "Provision_Key": "s713-575", "Heading": "Terminating value of certain assets where life insurance company leaves group", "Text": "(1) This section applies if a * life insurance company (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ). (2) For the purposes of applying section 711 ‑ 25 in relation to the leaving entity, the * head company’s terminating value for an asset that it holds at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) to be a part of the head company is the * transfer value of the asset at the leaving time, if the asset is: (a) a * complying superannuation asset, or a * segregated exempt asset, of the head company; or (b) held by the head company for the purpose of discharging its liabilities under the * net investment component of ordinary life insurance policies (except policies that provide for * participating benefits or * discretionary benefits under * life insurance business carried on in Australia).", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-575"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-580", "Provision_Key": "s713-580", "Heading": "Valuing certain liabilities where life insurance company leaves group", "Text": "(1) Despite section 711 ‑ 45, if the leaving entity mentioned in step 4 in the table in section 711 ‑ 20 is a * life insurance company, the leaving entity’s liabilities mentioned in this section are to be valued as mentioned in this section. (2) To avoid doubt, those liabilities are the liabilities that become those of the leaving entity because section 701 ‑ 1 (Single entity rule) ceases to apply to the leaving entity when it ceases to be a * subsidiary member of the group. (3) The value of the leaving entity’s * complying superannuation liabilities (if any) is the amount worked out under section 320 ‑ 190 at the leaving time. (4) The value of the leaving entity’s * exempt life insurance policy liabilities (if any) is the amount worked out under section 320 ‑ 245 at the leaving time. (5) Subsection (6) applies to a liability of the leaving entity if: (a) the liability is under the * net risk component of a * life insurance policy; and (b) the leaving entity could deduct under section 320 ‑ 80 an amount for the * risk component of claims paid under the policy on or after the time it ceased to be a * member of the * consolidated group. (6) The value of that liability is the * current termination value of the * net risk component of the * life insurance policy at the leaving time (calculated by an * actuary). (7) The value of the leaving entity’s liabilities under the * net investment component of ordinary life insurance policies is the amount worked out for those liabilities under subsection 320 ‑ 190(2) as if those liabilities were * complying superannuation liabilities.", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-580"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-585", "Provision_Key": "s713-585", "Heading": "Obligation to value certain assets and liabilities at leaving time", "Text": "Division 320 has effect as if the time when a * life insurance company ceases to be a * subsidiary member of a * consolidated group were a * valuation time for the purposes of sections 320 ‑ 175 and 320 ‑ 230. Note: This means that there must be a valuation of the complying superannuation assets and complying superannuation liabilities under section 320 ‑ 175 (with the consequences set out in section 320 ‑ 180), and a valuation of the segregated exempt assets and exempt life insurance policy liabilities under section 320 ‑ 230 (with the consequences set out in section 320 ‑ 235), as at that time.", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 41 of 2005 | No 45 of 2008 | No 70 of 2015", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-585"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-700", "Provision_Key": "s713-700", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out special rules for a general insurance company becoming or ceasing to be a subsidiary member of a consolidated group. Table of sections Tax cost setting rules for general insurance companies joining consolidated group 713 ‑ 705 Certain assets taken to be retained cost base assets where general insurance company joins group Liabilities and reserves of general insurance companies joining and leaving consolidated groups 713 ‑ 710 Treatment of liabilities and reserves for income year when general insurance company joins or leaves group 713 ‑ 715 If general insurance company joins consolidated group 713 ‑ 720 If general insurance company leaves consolidated group 713 ‑ 725 Treatment of certain assets and liabilities of general insurance companies", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-705", "Provision_Key": "s713-705", "Heading": "Certain assets taken to be retained cost base assets where general insurance company joins group", "Text": "(1) This section applies if: (a) a * general insurance company becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) that company has demutualised under Division 9AA of Part III of the Income Tax Assessment Act 1936 ; and (c) in the period starting just after the company demutualises and ending at the joining time, all of the * membership interests in the company were owned by the same group. (2) A goodwill asset of the company just before the joining time is a retained cost base asset . (3) The goodwill asset’s * tax cost setting amount is its amount (worked out in accordance with subsection 121AN(2) of the Income Tax Assessment Act 1936 ) on the applicable accounting day (see subsection 121AN(4) of that Act).", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-710", "Provision_Key": "s713-710", "Heading": "Treatment of liabilities and reserves for income year when general insurance company joins or leaves group", "Text": "Sections 713 ‑ 715 and 713 ‑ 720 affect how sections 321 ‑ 10, 321 ‑ 15, 321 ‑ 50 and 321 ‑ 55 (the affected sections ) apply in relation to these values (the affected values ): (a) the value of a * general insurance company’s adjusted * liability for incurred claims under * general insurance policies that is worked out under section 321 ‑ 20; (b) the value of a general insurance company’s adjusted * liability for remaining coverage under general insurance policies that is worked out under section 321 ‑ 60. Note 1: Sections 321 ‑ 10 and 321 ‑ 15 both operate on the basis of a comparison of the value of a general insurance company’s adjusted liability for incurred claims at the end of the current year with the value of that liability at the end of the previous income year, so that: (a) section 321 ‑ 10 includes an amount in the company’s assessable income for the current year if the value at the end of the current year is less than the value at the end of the previous income year; and (b) section 321 ‑ 15 allows a deduction for the current year if the value at the end of the current year is more than the value at the end of the previous income year. Note 2: Sections 321 ‑ 50 and 321 ‑ 55 both operate on the basis of a comparison of the value of a general insurance company’s adjusted liability for remaining coverage at the end of the current year with the value of that reserve at the end of the previous income year, so that: (a) section 321 ‑ 50 includes an amount in the company’s assessable income for the current year if the value at the end of the current year is less than the value at the end of the previous income year; and (b) section 321 ‑ 55 allows a deduction for the current year if the value at the end of the current year is more than the value at the end of the previous income year.", "Amendment_Count": 3, "First_Amended": "No 41 of 2005", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 41 of 2005 | No 79 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-710"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-715", "Provision_Key": "s713-715", "Heading": "If general insurance company joins consolidated group", "Text": "(1) This section applies if a * general insurance company becomes a * subsidiary member of a * consolidated group at a time (the joining time ). (2) The object of this section is to ensure that the * head company of the * consolidated group bears the income tax consequences relating to changes after the joining time in the affected values. Note: The general insurance company bears the income tax consequences relating to a change in the affected values before the joining time, because section 701 ‑ 30 ensures that the affected sections apply in relation to a part of the income year before that time when the company was not a subsidiary member of a consolidated group as if that part were an income year. (3) The affected sections apply for the head company core purposes set out in section 701 ‑ 1 (Single entity rule) as if each of the affected values at the end of the last income year ending before the joining time were the amount that would have been that value had that income year ended just before the joining time.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-715"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-720", "Provision_Key": "s713-720", "Heading": "If general insurance company leaves consolidated group", "Text": "(1) This section applies if a * general insurance company ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ) in an income year (the leaving year ). (2) The object of this section is to ensure that: (a) the * head company of the * consolidated group bears the income tax consequences relating to changes before the leaving time in the affected values; and (b) the * general insurance company bears the income tax consequences relating to changes after the leaving time in the affected values. Head company’s income or deduction (3) For the head company core purposes set out in section 701 ‑ 1 (Single entity rule) relating to the leaving year (but not later income years), the affected sections have effect as if each of the affected values at the end of the leaving year for the * head company of the * consolidated group were increased by the relevant value for the * general insurance company at the end of the previous income year worked out under subsection (5). General insurance company’s income or deduction (4) For the entity core purposes set out in section 701 ‑ 1 (Single entity rule) relating to the * general insurance company and the leaving year, the affected sections have effect as if each of the affected values for the general insurance company at the end of the previous income year were worked out under subsection (5). Working out affected values at the end of the previous income year (5) Work out each of the affected values for the * general insurance company at the end of the previous income year as if it had ended at the leaving time.", "Amendment_Count": 1, "First_Amended": "No 41 of 2005", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 41 of 2005", "History_Notes": "Inserted by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-720"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 713-725", "Provision_Key": "s713-725", "Heading": "Treatment of certain assets and liabilities of general insurance companies", "Text": "(1) This section applies if a * general insurance company becomes or ceases to be a * subsidiary member of a * consolidated group. (2) If the * general insurance company becomes a * subsidiary member of the group: (a) in working out the step 2 amount for the purposes of the table in section 705 ‑ 60, reduce that amount by the sum of the amount of each thing mentioned in subsection (4); and (b) in working out the * tax cost setting amount of a thing mentioned in subsection (4) for the purposes of section 705 ‑ 35, treat the * market value of the thing as zero. (3) If the * general insurance company ceases to be a * subsidiary member of the group: (a) in working out the step 4 amount for the purposes of the table in section 711 ‑ 20, reduce that amount by the sum of the amount of each thing mentioned in subsection (4); and (b) for the purposes of section 711 ‑ 25, treat the * terminating value of a thing mentioned in subsection (4) as zero. (4) The things are the * general insurance company’s: (a) * assets for insurance acquisition cash flows to the extent that they are used to measure the company’s adjusted * liability for remaining coverage; and (b) deferred reinsurance expenses to the extent that they are used to measure the company’s adjusted liability for remaining coverage; and (c) recoveries receivable, or potential recoveries, measured under the * applicable insurance contracts standard to the extent that they relate to insurance contracts or reinsurance contracts; and (d) claims handling costs that are neither attached to, nor directly attributable to, a particular claim, to the extent that these costs are used to measure the company’s adjusted * liability for incurred claims; and (e) loss components and loss ‑ recovery components of onerous contracts to the extent that they are used to measure the company’s adjusted liability for remaining coverage.", "Amendment_Count": 2, "First_Amended": "No 56 of 2010", "Last_Amended": "No 52 of 2024", "Amending_Acts": "No 56 of 2010 | No 52 of 2024", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s713-725"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-15", "Provision_Key": "s715-15", "Heading": "Object of this Subdivision", "Text": "(1) The object of this Subdivision is to give effect to the purposes of Subdivision 165 ‑ CC (about change of ownership or control of a company that has an unrealised net loss) in these cases: (a) on formation of a * consolidated group, a * CGT asset held directly by the * head company is affected by that Subdivision, and the * business continuity test is failed; (b) on an entity becoming a * subsidiary member of a consolidated group, an asset consisting of: (i) a * membership interest that a * member of the group (including a chosen transitional entity under Division 701 of the Income Tax (Transitional Provisions) Act 1997 ) holds in the entity; or (ii) a liability that the entity owes to such a member; is affected by that Subdivision, and the business continuity test is failed; (c) on a company becoming a subsidiary member: (i) a CGT asset of the company that becomes an asset of the head company is affected by that Subdivision; and (ii) because the company is a chosen transitional entity, the asset does not have its tax cost reset; and (iii) the business continuity test is failed; (d) on an entity ceasing to be a subsidiary member, a CGT asset of the head company that becomes an asset of the entity is affected by that Subdivision, and the business continuity test is failed. Note: Subdivision 165 ‑ CC also affects an entity that has deferred losses under Subdivision 170 ‑ D on assets that it formerly owned. Subdivision 715 ‑ D gives effect to the purposes of Subdivision 165 ‑ CC if such an entity becomes a member of a consolidated group. (2) This Subdivision achieves its object by supplementing and modifying the application of Subdivision 165 ‑ CC to take account of how the rest of this Part treats * members of a * consolidated group (in particular the provisions about entities becoming or ceasing to be members).", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-25", "Provision_Key": "s715-25", "Heading": "Subdivision 165 ‑ CC stops applying to earlier changeover time", "Text": "(1) At and after the time (the membership time ) when a company becomes a * member of a * consolidated group, Subdivision 165 ‑ CC does not apply to the company in relation to a * changeover time that happened before the membership time, except for the purposes of section 715 ‑ 30 (which defines 165 ‑ CC tagged asset ). Note 1: Subdivision 165 ‑ CC is about change of ownership or control of a company that has an unrealised net loss. Note 2: If the company has 165 ‑ CC tagged assets at the membership time, there are further consequences under this Subdivision and Subdivision 715 ‑ D. Also, Subdivision 165 ‑ CC can apply to the head company of the group in relation to a changeover time that happens for it at or after the membership time. See section 715 ‑ 75. (2) Subsection (1) continues to have effect even if the company later stops being a * member of the group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-30", "Provision_Key": "s715-30", "Heading": "Meaning of 165 ‑ CC tagged asset", "Text": "A * CGT asset is a 165 ‑ CC tagged asset of a company at a particular time if, and only if: (a) that time is at or after the most recent * changeover time (if any) for the company; and (b) at that changeover time, the company had an unrealised net loss under section 165 ‑ 115E; and (c) the asset is covered by subsection 165 ‑ 115A(1A) as applying to that changeover time; and (d) the company would not, at that changeover time, satisfy the maximum net asset value test under section 152 ‑ 15; and (e) if the company has chosen under subsection 165 ‑ 115A(1B) in relation to that changeover time—the company * acquired the asset for $10,000 or more.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-35", "Provision_Key": "s715-35", "Heading": "Meaning of final RUNL", "Text": "A company’s final RUNL at a particular time (the test time ) is the amount that would have been the company’s * residual unrealised net loss at the time of: (a) if no event that subsection 165 ‑ 115BB(2) refers to as a relevant event actually happens at the test time—a notional event of that kind happening at the test time; or (b) otherwise—a notional event of that kind that happens at the test time, and that the company determines under paragraph 165 ‑ 115BB(1)(b) to have happened later than each event that actually happened at that time. Note: This Subdivision reduces a company’s final RUNL as amounts of it are applied for various purposes.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-50", "Provision_Key": "s715-50", "Heading": "Step 1 amount is reduced if membership interest in subsidiary member is 165 ‑ CC tagged asset and business continuity test is failed", "Text": "(1) The amount taken into account under subsection 705 ‑ 65(1) (about the cost of membership interests in the joining entity) for a * membership interest that a * member of the joined group holds in the joining entity at the joining time is reduced if: (a) apart from this section, the amount would be the membership interest’s * reduced cost base (if appropriate, as modified by a later provision of section 705 ‑ 65); and (b) the membership interest is at that time a * 165 ‑ CC tagged asset of that member, and that member owned it at the * changeover time for that member; and (c) that member’s * final RUNL just before the joining time was greater than nil; and (d) that member does not satisfy the * business continuity test for: (i) the period (the business continuity test period ) consisting of the * head company’s * trial year; and (ii) the time (the test time ) just before the * changeover time. (2) If at the joining time that * member holds: (a) 2 or * more membership interests in the joining entity; or (b) at least one membership interest in the joining entity, and at least one membership interest in another member of the joined group; this section applies to each such membership interest in whichever order that member determines. Amount of reduction (3) The amount taken into account under subsection 705 ‑ 65(1) is reduced to the * membership interest’s * market value at the joining time. (4) However, if that member’s * final RUNL (as reduced by any previous reductions under this section) is less than the difference between: (a) the * reduced cost base referred to in paragraph (1)(a); and (b) the * market value referred to in subsection (3); the amount taken into account under subsection 705 ‑ 65(1) is instead reduced by that final RUNL. (5) That * final RUNL is reduced by the amount of the reduction under subsection (3) or (4). Non ‑ membership equity interests (6) Subsection 705 ‑ 65(6) (which treats * non ‑ membership equity interests as * membership interests) also applies for the purposes of this section.", "Amendment_Count": 5, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 56 of 2010 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-55", "Provision_Key": "s715-55", "Heading": "Step 2 amount is affected if liability of subsidiary member is 165 ‑ CC tagged asset of another group member and business continuity test is failed", "Text": "(1) The amount (the comparison amount ) applicable under the table in subsection 705 ‑ 75(2) (about reduction of the step 2 amount) for an accounting liability of the joining entity that is owed to a * member of the joined group at the joining time is reduced if: (a) apart from this section, the comparison amount would be the * reduced cost base (if appropriate, as modified by a later provision of section 705 ‑ 75) of the asset of that member that is constituted by the accounting liability; and (b) the asset is at that time a * 165 ‑ CC tagged asset of that member, and that member owned it at the * changeover time; and (c) that member’s * final RUNL just before the joining time (as reduced by any reductions under section 715 ‑ 50) was greater than nil; and (d) that member does not satisfy the * business continuity test for: (i) the period (the business continuity test period ) consisting of the * head company’s * trial year; and (ii) the time (the test time ) just before the * changeover time. Note: Paragraph (1)(c) has the effect that if both this section and section 715 ‑ 50 apply to the same member of the joined group, section 715 ‑ 50 is applied before this section. (2) If at the joining time that * member holds: (a) 2 or * more assets constituted by accounting liabilities of the joining entity; or (b) at least one asset constituted by an accounting liability of the joining entity, and at least one asset constituted by an accounting liability of another member of the group; this section applies to each such asset in whichever order that member determines. Amount of reduction (3) The comparison amount is reduced to the asset’s * market value at the joining time. (4) However, if that member’s * final RUNL (as reduced by any previous reductions under section 715 ‑ 50 or this section) is less than the difference between: (a) the * reduced cost base referred to in paragraph (1)(a); and (b) the asset’s * market value at the joining time; the comparison amount is instead reduced by that final RUNL. (5) That * final RUNL is reduced by the amount of the reduction under subsection (3) or (4).", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-60", "Provision_Key": "s715-60", "Heading": "Assets that the head company already owns", "Text": "(1) At the time (the formation time ) when a * consolidated group comes into existence under paragraph 703 ‑ 5(1)(a), a loss denial pool of the * head company is created if: (a) the formation time is not a * changeover time for the head company; and (b) at the formation time, the head company owns a * CGT asset: (i) that is a * 165 ‑ CC tagged asset of the head company at that time; and (ii) that it owned at the * changeover time; and (iii) that is not a * membership interest in a * member of the group; and (iv) that is not a right or option (including a contingent right or option), created or issued by a member of the group, to acquire such a membership interest; and (v) that is not constituted by a liability owed to the head company by a member of the group; or 2 or more such assets; and (c) the head company’s * final RUNL just before the formation time (as reduced by any reductions under section 715 ‑ 50 or 715 ‑ 55) was greater than nil; and (d) the head company does not satisfy the * business continuity test for: (i) the period (the business continuity test period ) consisting of the head company’s * trial year; and (ii) the time (the test time ) just before the * changeover time. Note: Paragraph (1)(c) has the effect that if the head company has 165 ‑ CC tagged assets that are affected by section 715 ‑ 50 or 715 ‑ 55 (because they are membership interests in, or accounting liabilities owed by, another group member), those sections are applied before this section. (2) When it is created, the pool consists of the one or more * CGT assets referred to in paragraph (1)(b), and its loss denial balance is equal to the * final RUNL referred to in paragraph (1)(c). Note 1: The pool is distinct from any other loss denial pool of the head company, for example, one created at the formation time under section 715 ‑ 70. Note 2: 170 ‑ D deferred losses on 165 ‑ CC tagged assets of the head company may be added to the pool by subsection 715 ‑ 355(1).", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-70", "Provision_Key": "s715-70", "Heading": "Assets of subsidiary member that become those of head company", "Text": "(1) At the time (the formation time ) when an entity becomes a * subsidiary member of a * consolidated group, a loss denial pool of the * head company of the group is created if: (a) the formation time is not a * changeover time for the head company; and (b) the entity is a chosen transitional entity under Division 701 of the Income Tax (Transitional Provisions) Act 1997 ; and (c) subsection (2) or (4) of this section is satisfied. Note 1: If the entity is a chosen transitional entity, section 701 ‑ 15 of the Income Tax (Transitional Provisions) Act 1997 prevents: • section 701 ‑ 10 (cost to head company of assets of joining entity); and • subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount); of this Act from applying to the entity’s assets in relation to the formation time. Note 2: The pool is distinct from any other loss denial pool of the head company, for example, one created under this section because another entity becomes a subsidiary member of the group at the formation time. Joining entity has 165 ‑ CC tagged assets (2) This subsection is satisfied if: (a) a * CGT asset of the entity, or each of 2 or more CGT assets of the entity: (i) is a * 165 ‑ CC tagged asset of the entity at the formation time; and (ii) was owned by the entity at the * changeover time; and (iii) is not a * membership interest in a * member of the group; and (iv) is not a right or option (including a contingent right or option), created or issued by a member of the group, to acquire such a membership interest; and (v) is not constituted by a liability owed to the entity by a member of the group at the formation time; and (b) the entity’s * final RUNL just before the formation time (as reduced by any reductions under section 715 ‑ 50 or 715 ‑ 55) was greater than nil; and (c) the entity does not satisfy the * business continuity test for: (i) the period (the business continuity test period ) consisting of the entity’s * trial year; and (ii) the time (the test time ) just before the * changeover time. Note: Paragraph (2)(b) has the effect that if the entity has 165 ‑ CC tagged assets that are affected by section 715 ‑ 50 or 715 ‑ 55 (because they are membership interests in, or accounting liabilities owed by, another group member), those sections are applied before this section. (3) When it is created because of subsection (2), the pool consists of the one or more * CGT assets referred to in paragraph (2)(a), and its loss denial balance is equal to the * final RUNL referred to in paragraph (2)(b). Note: 170 ‑ D deferred losses on 165 ‑ CC tagged assets of the head company may be added to the pool by subsection 715 ‑ 355(2). Entity has loss denial pool (4) This subsection is satisfied if, just before the formation time, the entity had a * loss denial pool. (5) When it is created because of subsection (4), the * head company’s loss denial pool: (a) consists of the one or more * CGT assets of which the entity’s loss * denial pool consisted; and (b) has a loss denial balance equal to the * loss denial balance of the entity’s loss denial pool; just before the formation time.", "Amendment_Count": 5, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 83 of 2004 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-75", "Provision_Key": "s715-75", "Heading": "Extension of single entity rule and entry history rule", "Text": "(1) Subsection 701 ‑ 1(1) (Single entity rule) and section 701 ‑ 5 (Entry history rule) also have effect for all the purposes of Subdivision 165 ‑ CC (about change of ownership or control of a company that has an unrealised net loss). Note: One consequence of this is that the head company is the only member of a consolidated group that can have a changeover time and be subject to consequences under Subdivision 165 ‑ CC. The head company is treated as owning all CGT assets owned by group members, and as making relevant losses. (2) This section is not intended to limit the effect that subsection 701 ‑ 1(1) and section 701 ‑ 5 have apart from this section.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-80", "Provision_Key": "s715-80", "Heading": "Application of sections 715 ‑ 85 to 715 ‑ 110", "Text": "Sections 715 ‑ 85 to 715 ‑ 110 apply if, at a particular time (the leaving time ), an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group. Note 1: If a changeover time happened to the head company at or after the group came into existence and before the leaving time, Subdivision 165 ‑ CC does not apply to the head company at and after the leaving time, in respect of assets that leave with the leaving entity, in relation to the changeover time. This is because the head company can no longer make a capital loss, or become entitled to a deduction, in respect of a CGT event happening to any of those assets. Note 2: If, just before the leaving time, the head company had a loss denial pool, see section 715 ‑ 120.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-85", "Provision_Key": "s715-85", "Heading": "First changeover time for leaving company at or after leaving time", "Text": "If the leaving entity is a company, its first * changeover time at or after the leaving time is determined: (a) on the basis that the reference time under subsection 165 ‑ 115A(2A) is the one that would be used in determining whether the leaving time was a changeover time for the head company ; and (b) making the additional assumptions in section 715 ‑ 290. Note: If the leaving entity is a trust, it cannot have a changeover time (because Subdivision 165 ‑ CC applies only to companies), so section 715 ‑ 95 applies to it instead: see subsection 715 ‑ 95(2).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-90", "Provision_Key": "s715-90", "Heading": "How business continuity test applies if leaving time is changeover time for leaving company", "Text": "(1) This section applies if: (a) the leaving entity is a company; and (b) the leaving time is a * changeover time for the leaving entity. (2) In applying to the leaving entity for the * changeover time that is the leaving time, subsection 165 ‑ 115B(3) and paragraph 165 ‑ 115BA(5)(c) have effect as if they provided that the time just after the changeover time were the test time for applying section 165 ‑ 13 to the company. Note: This ensures that the business continuity test is applied to the business that the leaving entity carries on at the leaving time.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 142 of 2003 | No 12 of 2012 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-95", "Provision_Key": "s715-95", "Heading": "If ownership and control of leaving entity have not changed since head company’s last changeover time", "Text": "(1) This section applies if: (a) the leaving entity is a company; and (b) the leaving time is not a * changeover time for the leaving entity; and (c) just before the leaving time, the * head company owned at least one * CGT asset: (i) that was a * 165 ‑ CC tagged asset just before the leaving time; and (ii) that it owned at the latest changeover time for the head company at or after the group came into existence and before the leaving time; and (d) at least one asset covered by paragraph (c) is an asset (a leaving asset ) that becomes an asset of the leaving entity at the leaving time because subsection 701 ‑ 1(1) (Single entity rule) ceases to apply to the entity; and (e) the head company’s * final RUNL at the leaving time is greater than nil. (2) This section also applies if the leaving entity is a trust. (3) If the * head company does not satisfy the * business continuity test for: (a) the period (the business continuity test period ) starting at the earlier of: (i) the time 12 months before the leaving time; and (ii) when the head company came into existence; and ending just before the leaving time; and (b) the time (the test time ) just before the * changeover time; the head company must make one of the choices for which sections 715 ‑ 100, 715 ‑ 105 and 715 ‑ 110 provide. Note: For provisions about making one of these choices, see sections 715 ‑ 175 to 715 ‑ 185.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-100", "Provision_Key": "s715-100", "Heading": "First choice: adjustable values of leaving assets reduced to nil", "Text": "The first choice is to reduce the * adjustable value of each leaving asset to nil. The choice has effect accordingly, just before the leaving time. The * head company’s * final RUNL is not reduced because of it. Note: The consequences of the choice are worked out under section 715 ‑ 145.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-105", "Provision_Key": "s715-105", "Heading": "Second choice: head company’s final RUNL applied in reducing adjustable values of leaving assets that are loss assets", "Text": "(1) The second choice is to reduce under this section the * adjustable value of each leaving asset (a loss asset ) for which the * head company would have had a notional capital loss, or notional revenue loss, under section 165 ‑ 115F at the time (the test time ) just before the leaving time if the test time had been a * changeover time for the head company. The choice has effect accordingly. Note: The consequences of the choice are worked out under this section and section 715 ‑ 145. (2) If: (a) 2 or more entities cease to be * subsidiary members of the * consolidated group at the leaving time; and (b) 2 or more of them make the second choice; the choices have effect in whichever order the * head company determines. (3) This section applies to each of the loss assets in order, according to their respective * adjustable values (apart from this section) at the test time: from largest to smallest. (If an asset has more than one such adjustable value, use the greater or greatest of them.) (4) At the test time, the * adjustable value of the loss asset is reduced to the asset’s * market value at that time. (5) However, if the * head company’s * final RUNL at the leaving time (as reduced by any previous reductions under this section) is less than the difference between: (a) the * adjustable value of the loss asset (apart from this section) at the test time; and (b) the asset’s * market value at the test time; the adjustable value is instead reduced at the test time by that final RUNL. (6) That * final RUNL is reduced by the amount of the reduction under subsection (4) or (5). If 2 or more such reductions are made for the same asset (because it has 2 or more different characters), that final RUNL is reduced by the greater or greatest of the reductions.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-110", "Provision_Key": "s715-110", "Heading": "Third choice: loss denial pool of leaving entity created", "Text": "(1) The third choice can be made only if every asset covered by paragraph 715 ‑ 95(1)(c) is a leaving asset. The choice is to have a loss denial pool of the leaving entity created at the leaving time, consisting of every leaving asset. (To avoid doubt, the choice can be made even if the leaving entity is not a company.) (2) A choice under this section has effect accordingly. The pool is distinct from any other loss denial pool of the leaving entity. (3) When the pool is created, its loss denial balance is equal to the * head company’s * final RUNL at the leaving time. Note: If the head company makes this choice, the leaving entity can choose to cancel the loss denial pool by reducing reduced cost bases of assets in the pool: see section 715 ‑ 185.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-120", "Provision_Key": "s715-120", "Heading": "What happens", "Text": "(1) This section applies if: (a) at a particular time (the leaving time ), an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group; and (b) just before the leaving time, the * head company had a * loss denial pool; and (c) at the leaving time, at least one * CGT asset (a leaving asset ) that was in the pool just before that time becomes a CGT asset of the leaving entity because subsection 701 ‑ 1(1) (Single entity rule) ceases to apply to the entity; (2) Each leaving asset leaves the * loss denial pool at the leaving time. (3) If: (a) the leaving entity is a company and the leaving time is not a * changeover time for the leaving entity; or (b) the leaving entity is a trust; the * head company must make one of the choices for which sections 715 ‑ 125, 715 ‑ 130 and 715 ‑ 135 provide. For provisions about making one of these choices, see sections 715 ‑ 175 to 715 ‑ 185.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-125", "Provision_Key": "s715-125", "Heading": "First choice: adjustable values of leaving assets reduced to nil", "Text": "The first choice is to reduce the * adjustable value of each leaving asset to nil. The choice has effect accordingly, just before the leaving time. The * loss denial balance of the * head company’s * loss denial pool is not reduced because of it. Note: The consequences of the choice are worked out under section 715 ‑ 145.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-130", "Provision_Key": "s715-130", "Heading": "Second choice: pool’s loss denial balance applied in reducing adjustable values of leaving assets that are loss assets", "Text": "(1) The second choice is to reduce under this section the * adjustable value of each leaving asset (a loss asset ) for which the * head company would have had a notional capital loss, or notional revenue loss, under section 165 ‑ 115F at the time (the test time ) just before the leaving time if the test time had been a * changeover time for the head company. The choice has effect accordingly. Note: The consequences of the choice are worked out under this section and section 715 ‑ 145. (2) If: (a) 2 or more entities cease to be * subsidiary members of the * consolidated group; and (b) 2 or more of them make the second choice; the choices have effect in the same order as the entities cease being subsidiary members. If 2 or more of the entities ceased at the same time, their choices have effect in whichever order the * head company determines. (3) This section applies to each of the loss assets in order, according to their respective * adjustable values (apart from this section) at the test time: from largest to smallest. (If an asset has more than one such adjustable value, use the greater or greatest of them.) (4) At the test time, the * adjustable value of the loss asset is reduced to the asset’s * market value at that time. (5) However, if the * loss denial balance (as reduced by any previous reductions under this section or section 715 ‑ 160) of the * head company’s * loss denial pool is less than the difference between: (a) the * adjustable value of the loss asset (apart from this section) at the test time; and (b) the asset’s * market value at the test time; the adjustable value is instead reduced at the test time by that loss denial balance. (6) That * loss denial balance is reduced at the leaving time by the amount of the reduction under subsection (3) or (4). If 2 or more such reductions are made for the same asset (because it has 2 or more different characters), that loss denial balance is reduced by the greater or greatest of the reductions.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-135", "Provision_Key": "s715-135", "Heading": "Third choice: loss denial pool of leaving entity created", "Text": "(1) The third choice can be made only if every asset that was in the * loss denial pool just before the leaving time is a leaving asset. The choice is to have a loss denial pool of the leaving entity created at the leaving time, consisting of every leaving asset. (To avoid doubt, the choice can be made even if the leaving entity is not a company.) (2) A choice under this section has effect accordingly. The pool is distinct from any other loss denial pool of the leaving entity. (3) When the leaving entity’s loss denial pool is created, its loss denial balance equals the loss denial balance of the head company’s loss denial pool (as reduced by any previous reductions under section 715 ‑ 130 or 715 ‑ 160). Note: If the head company makes this choice, the leaving entity can choose to cancel the loss denial pool by reducing reduced cost bases of assets in the pool: see section 715 ‑ 185. (4) The head company’s * loss denial pool ceases to exist when the leaving entity’s loss denial pool is created.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-145", "Provision_Key": "s715-145", "Heading": "Effect of choice on adjustable value of leaving asset", "Text": "(1) This section has effect for the purposes of determining the consequences of a choice under any of sections 715 ‑ 100, 715 ‑ 105, 715 ‑ 125, 715 ‑ 130 and 715 ‑ 185 (the choice provisions ) for a leaving asset. (2) The asset’s adjustable value at the time (the test time ) just before the leaving time is worked out under this table. (If the asset is covered by 2 or more items, there are consequences for it under the choice provisions and this section in respect of each of the items.) Adjustable value at the test time Item If: Its adjustable value is: 1 the asset is a * CGT asset its * reduced cost base 2 the asset is an item of * trading stock of the * head company at the test time, and became part of the * head company’s trading stock in the income year (the test year ) in which the test time occurs its * cost 3 the asset is an item of * trading stock of the * head company at the test time, item 2 does not apply, and at the end of the last income year before the test year, the item was * valued at its * cost its * cost 4 the asset is an item of * trading stock of the * head company at the test time and neither of items 2 and 3 applies its * value as trading stock of the head company on hand at the start of the income year in which the test time occurs 5 the asset is a * depreciating asset worked out under section 40 ‑ 85 6 the asset is a * revenue asset the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the asset by the head company (3) If any of the choice provisions reduces at the test time the asset’s * adjustable value, the thing identified for the asset under the table in subsection (2) of this section is reduced by the same amount. (4) Subsection (3) has effect for the purposes of working out under section 711 ‑ 30 the * head company’s * terminating value for the asset at the leaving time.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 16 of 2003 | No 12 of 2012", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-155", "Provision_Key": "s715-155", "Heading": "When asset leaves pool", "Text": "A * CGT asset leaves a * loss denial pool: (a) just after a * realisation event happens to the asset, unless the realisation event is the ending of an income year (in the case of an item of * trading stock); or (b) as mentioned in subsection 715 ‑ 120(2) (when it becomes an asset of the leaving entity).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-160", "Provision_Key": "s715-160", "Heading": "How loss denial balance is applied to losses realised on assets in pool", "Text": "(1) If, apart from this section, a loss would be * realised for income tax purposes by a * realisation event that happens to a * CGT asset when it is in a * loss denial pool of an entity, the loss is reduced by the lesser of: (a) the amount of the loss; and (b) the pool’s * loss denial balance (as reduced by any previous reductions under section 715 ‑ 130 or this subsection); and the loss denial balance is reduced by the same amount. (2) Subsection (1) applies to * realisation events in the order in which they happen. If 2 or more happen at the same time, it applies to them in whichever order the entity determines. (3) Subsection (1) reduces a * loss denial balance after section 715 ‑ 130 does, unless the * realisation event happens before the leaving time referred to in that section.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-165", "Provision_Key": "s715-165", "Heading": "When pool ceases to exist", "Text": "(1) A * loss denial pool of a company ceases to exist when there is a * changeover time for the company. Note: The CGT assets in the pool then become subject to the application of Subdivision 165 ‑ CC (about change of ownership or control of a company that has an unrealised net loss). (2) A * loss denial pool of any entity ceases to exist: (a) when there are no * CGT assets, and no * 170 ‑ D deferred losses, in the pool; or (b) just after the * loss denial balance becomes nil; or (c) when the entity becomes a * subsidiary member of a * consolidated group; or (d) as mentioned in subsection 715 ‑ 135(4).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-175", "Provision_Key": "s715-175", "Heading": "When choice must be made", "Text": "(1) A choice under section 715 ‑ 95 or 715 ‑ 120 must be made within 6 months after the leaving time, or within a further period allowed by the Commissioner. (2) After that 6 months, or that further period, the head company is taken to have made the first choice under section 715 ‑ 100 or 715 ‑ 125 unless it is established that the head company made a different choice within that 6 months or further period.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-180", "Provision_Key": "s715-180", "Heading": "Head company to notify leaving entity of choice", "Text": "(1) Within one month after making a choice under section 715 ‑ 95 or 715 ‑ 120, or within a further period allowed by the Commissioner, the head company must give the leaving entity written notice of the choice. (2) If the choice is to have a * loss denial pool of the leaving entity created at the leaving time, the notice must also specify the pool’s * loss denial balance at that time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-185", "Provision_Key": "s715-185", "Heading": "Leaving entity may choose to cancel loss denial pool by reducing adjustable values of assets in the pool", "Text": "(1) Within 6 months after a * loss denial pool is created under section 715 ‑ 110 or 715 ‑ 135, or within a further period allowed by the Commissioner, the leaving entity may choose to be treated as if the * head company had instead made: (a) the first choice under section 715 ‑ 100 or 715 ‑ 125; or (b) the second choice under section 715 ‑ 105 or 715 ‑ 130; as specified by the leaving entity in its choice. (2) If the leaving entity makes a choice under subsection (1): (a) the * loss denial pool ceases to exist just after the leaving time; and (b) at the leaving time, the * adjustable value of each * CGT asset in the pool is reduced to what it would have been at that time if the head company had instead made the choice specified by the leaving entity in its choice. (3) The choice by the leaving entity does not affect how subsection 715 ‑ 135(4) applies to the * head company. Note: This means that the head company’s loss denial pool still ceases to exist.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-215", "Provision_Key": "s715-215", "Heading": "Extension of single entity rule and entry history rule", "Text": "(1) Subsection 701 ‑ 1(1) (Single entity rule) and section 701 ‑ 5 (Entry history rule) also have effect for all the purposes of Subdivision 165 ‑ CD (about reductions after alterations in ownership or control of loss company). Note: One consequence of this is that the head company is the only member of a consolidated group that can have an alteration time and be subject to reductions or other consequences under Subdivision 165 ‑ CD. The head company is treated as owning all CGT assets owned by group members, and as making relevant losses. Another consequence is for working out who has a relevant equity interest or relevant debt interest in a company that has an alteration time at which it is a loss company but not a member of a consolidated group. Interests in the loss company that are owned by subsidiary members of the group are treated as being owned by the head company. (2) This section is not intended to limit the effect that subsection 701 ‑ 1(1) and section 701 ‑ 5 have apart from this section.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-225", "Provision_Key": "s715-225", "Heading": "Working out adjusted unrealised loss using individual asset method", "Text": "(1) For the purposes of: (a) using the * individual asset method to work out whether the * head company of a * consolidated group has an adjusted unrealised loss under section 165 ‑ 115U at an * alteration time; or (b) working out under section 165 ‑ 115W whether the head company of a consolidated group has a trading stock decrease at an alteration time; step 1 of the method statement in subsection 165 ‑ 115U(1), or step 2 of the method statement in subsection 165 ‑ 115W(1), does not apply to an amount that was counted in respect of a * CGT asset at an earlier time if: (c) at the time (the joining time ) when an entity became a * subsidiary member of the group, the asset became an asset of the head company because of subsection 701 ‑ 1(1) (Single entity rule); and (d) the earlier time is an * alteration time that happened in respect of the entity before the joining time; unless the entity is a chosen transitional entity under Division 701 of the Income Tax (Transitional Provisions) Act 1997 . Note: If the joining entity is a chosen transitional entity, section 701 ‑ 15 of the Income Tax (Transitional Provisions) Act 1997 prevents: • section 701 ‑ 10 (cost to head company of assets of joining entity); and • subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount); of this Act from applying to the assets of the joining entity in relation to the joining time. If the joining entity is not a chosen transitional entity, it is assumed that the process of resetting the tax costs of its assets will bring their tax costs into closer alignment to their market values, and so remove the need to consider unrealised losses on those assets that existed before the joining time. (2) This section has effect despite section 701 ‑ 5 (Entry history rule).", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 16 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-230", "Provision_Key": "s715-230", "Heading": "No reductions or other consequences for interests subject to loss cancellation under Subdivision 715 ‑ H", "Text": "If section 715 ‑ 610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an interest in, or a debt owed by, a company, sections 165 ‑ 115ZA and 165 ‑ 115ZB do not apply (and are taken never to have applied) to the interest or debt, in relation to an * alteration time that happened for the company during the ownership period referred to in subsection 715 ‑ 610(2). Note 1: Section 715 ‑ 610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group. Note 2: Sections 165 ‑ 115ZA and 165 ‑ 115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-240", "Provision_Key": "s715-240", "Heading": "Application of sections 715 ‑ 245 to 715 ‑ 260", "Text": "Sections 715 ‑ 245 to 715 ‑ 260 affect how Subdivision 165 ‑ CD (about reductions after alterations in ownership or control of loss company) applies to a company (the leaving entity ) at and after the time (the leaving time ) when it ceases to be a * subsidiary member of a * consolidated group that came into existence at a particular time (the formation time ). Note: If a trust ceases to be a subsidiary member of a consolidated group: see section 715 ‑ 270.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-245", "Provision_Key": "s715-245", "Heading": "If ownership or control of leaving entity has altered since head company’s last alteration time or formation of group", "Text": "(1) This section applies if the leaving time would be an * alteration time for the leaving entity if: (a) the reference time under subsection 165 ‑ 115L(2) or 165 ‑ 115M(2) were: (i) if at least one alteration time has occurred in relation to the * head company of the * consolidated group since the formation time and before the leaving time—the time just after the most recent such alteration time; or (ii) otherwise—the formation time; and (b) the additional assumptions in section 715 ‑ 290 were made. (2) The leaving time is an alteration time for the leaving entity. Note: One consequence of this is that the reference time for working out the leaving entity’s next alteration time is the time just after the leaving time. (3) The leaving entity is a loss company at that * alteration time if, and only if, it has an * adjusted unrealised loss at that time. If so, that adjusted unrealised loss is the leaving entity’s overall loss at that time. Note 1: Subsection (4) affects how the leaving entity works out its adjusted unrealised loss at the leaving time in some cases. Note 2: If the leaving entity is a loss company at the leaving time, section 715 ‑ 255 provides for the consequences. (4) If the leaving entity uses the * individual asset method of working out its * adjusted unrealised loss at that * alteration time, then for the purposes of: (a) step 1 of the method statement in subsection 165 ‑ 115U(1); and (b) the method statement in subsection 165 ‑ 115W(1); the leaving entity is taken to have had no earlier alteration time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-250", "Provision_Key": "s715-250", "Heading": "If head company has had an alteration time but ownership and control of leaving entity have not altered since", "Text": "(1) This section applies if: (a) at least one * alteration time has occurred in relation to the * head company of the * consolidated group since the formation time and before the leaving time; and (b) the leaving time is not an * alteration time for the leaving entity under subsection 715 ‑ 245(2). (2) The leaving time is an alteration time for the leaving entity. (3) However, for the purposes of determining when the leaving entity’s next * alteration time happens, the reference time under subsection 165 ‑ 115L(2) or 165 ‑ 115M(2) is the time just after the most recent alteration time for the * head company before the leaving time. (4) The leaving entity is a loss company at the leaving time if, and only if, the * head company would have had an * adjusted unrealised loss at the most recent * alteration time (the head company alteration time ) for the head company before the leaving time if that adjusted unrealised loss (if any) were worked out on the basis that: (a) the head company chooses whether the * individual asset method or the * global method is used; and (b) a * CGT asset is taken into account only if: (i) the head company owned it at the head company alteration time; and (ii) it becomes a CGT asset of the leaving entity at the leaving time because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the entity; and (c) if the individual asset method is used, then for the purposes of: (i) step 1 of the method statement in subsection 165 ‑ 115U(1); and (ii) the method statement in subsection 165 ‑ 115W(1); the head company had no earlier alteration time. (5) If the leaving entity is a * loss company at the leaving time, its overall loss at that time is the * adjusted unrealised loss worked out under subsection (4).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-255", "Provision_Key": "s715-255", "Heading": "Consequences if leaving entity is a loss company at the leaving time", "Text": "(1) If: (a) section 715 ‑ 245 or 715 ‑ 250 applies; and (b) the leaving entity is a * loss company at the leaving time; and (ba) the * head company has a relevant equity interest under section 165 ‑ 115X in the leaving entity at the leaving time; the head company must choose whether subsection (2) or (3) of this section has effect for the purposes of applying, to each * membership interest in the leaving entity, in relation to the time just before the leaving time, whichever of these provisions is appropriate: (c) subsection 701 ‑ 55(3) (about trading stock); (d) subsection 701 ‑ 55(5), but only so far as it relates to working out the * reduced cost base of a * membership interest that was * acquired on or after 20 September 1985; (e) subsection 701 ‑ 55(6) (about revenue assets). Note: Section 701 ‑ 55 is about setting the tax cost of an asset. (1A) For the purposes of paragraph (1)(ba), in determining whether the * head company has the relevant equity interest, disregard the operation of subsection 701 ‑ 1(1) (the single entity rule) in applying subsections 165 ‑ 115X(2C) and 165 ‑ 115X(4). (2) If the * head company chooses this subsection, the interest’s * tax cost setting amount (apart from this section) just before the leaving time is reduced to nil. (3) If the * head company chooses this subsection, the interest’s * tax cost setting amount (apart from this section) just before the leaving time is reduced by the adjustment amount under section 165 ‑ 115ZB, which is calculated on the basis that: (a) just before the leaving time, all the * membership interests in the leaving entity constituted a single relevant equity interest under section 165 ‑ 115X that the head company had in the leaving entity; and (b) the adjustment amount is worked out and applied in accordance with subsection 165 ‑ 115ZB(6), but disregarding the paragraphs of that subsection except paragraphs 165 ‑ 115ZB(6)(a) and (d). (4) The * head company’s choice must be made within 6 months after the leaving time, or within a further period allowed by the Commissioner. (5) After that 6 months, or that further period, the head company is taken to have chosen subsection (2) unless it is established that the head company made a different choice within that 6 months or further period. Non ‑ membership equity interests (6) Subsection 711 ‑ 15(2) (which treats * non ‑ membership equity interests as * membership interests) also applies for the purposes of this section, on the basis that the * consolidated group referred to in section 715 ‑ 240 is the old group referred to in that subsection.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-260", "Provision_Key": "s715-260", "Heading": "If neither of sections 715 ‑ 245 and 715 ‑ 250 applies", "Text": "(1) This section applies if: (a) no * alteration time has occurred in relation to the * head company of the * consolidated group since the formation time and before the leaving time; and (b) the leaving time is not an * alteration time for the leaving entity under subsection 715 ‑ 245(2). (2) The leaving entity’s first * alteration time after the leaving time is determined: (a) on the basis that the reference time under subsection 165 ‑ 115L(2) or 165 ‑ 115M(2) is the time just after the formation time; and (b) making the additional assumptions in section 715 ‑ 290. (3) If the leaving entity uses the * individual asset method of working out its * adjusted unrealised loss at that first * alteration time, then for the purposes of: (a) step 1 of the method statement in subsection 165 ‑ 115U(1); and (b) the method statement in subsection 165 ‑ 115W(1); the leaving entity is taken to have had no earlier alteration time.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-265", "Provision_Key": "s715-265", "Heading": "Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest", "Text": "(1) For the purposes of Subdivision 165 ‑ CD, treat the * head company of a * consolidated group as not having a relevant equity interest in a * loss company at a particular time if: (a) the head company is an * eligible tier ‑ 1 company of a * top company at that time; and (b) the top company is a * widely held company at that time; and (c) because of subsections 165 ‑ 115X(2A), (2B) and (2C), the top company does not have a relevant equity interest under section 165 ‑ 115X in the loss company at that time. (2) For the purposes of paragraph (1)(c), disregard the operation of subsection 701 ‑ 1(1) (the single entity rule) in determining whether subsection 165 ‑ 115X(2C) has the effect that the * top company has the relevant equity interest mentioned in that paragraph. (3) For the purposes of Subdivision 165 ‑ CD, treat the * head company of a * consolidated group as not having a relevant debt interest in a * loss company at a particular time if: (a) the head company is an * eligible tier ‑ 1 company of a * top company at that time; and (b) the top company is a * widely held company at that time; and (c) because of subsections 165 ‑ 115Y(3A), (3B) and (3C), the top company does not have a relevant debt interest under section 165 ‑ 115Y in the loss company at that time.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-270", "Provision_Key": "s715-270", "Heading": "Subdivision 165 ‑ CD applies", "Text": "(1) At and after the time (the leaving time ) when a trust ceases to be a * subsidiary member of a * consolidated group, Subdivision 165 ‑ CD (about reductions after alterations in ownership or control of loss company) applies to the trust on the basis set out in this section. (2) The trust is taken to be a company. (3) The leaving time is the only alteration time in respect of the trust. (4) The trust is a loss company at that time if, and only if, it has an * adjusted unrealised loss at that time. If so, that adjusted unrealised loss is its overall loss at that time. (5) If the trust is a * loss company at the leaving time and the * head company has a relevant equity interest under section 165 ‑ 115X in the leaving entity at the leaving time, the head company must choose whether subsection (6) or (7) of this section has effect for the purposes of applying, to each * membership interest in the trust, in relation to the time just before the leaving time, whichever of these provisions is appropriate: (a) subsection 701 ‑ 55(3) (about trading stock); (b) subsection 701 ‑ 55(5), but only so far as it relates to working out the * reduced cost base of a * membership interest that was * acquired on or after 20 September 1985; (c) subsection 701 ‑ 55(6) (about revenue assets). Note: Section 701 ‑ 55 is about setting the tax cost of an asset. (5A) For the purposes of subsection (5), in determining whether the * head company has the relevant equity interest, disregard the operation of subsection 701 ‑ 1(1) (the single entity rule) in applying subsections 165 ‑ 115X(2C) and 165 ‑ 115X(4). (6) If the * head company chooses this subsection, the interest’s * tax cost setting amount (apart from this section) just before the leaving time is reduced to nil. (7) If the * head company chooses this subsection, the interest’s * tax cost setting amount (apart from this section) just before the leaving time is reduced by the adjustment amount under section 165 ‑ 115ZB, which is calculated on the basis that: (a) just before the leaving time: (i) all the * membership interests in the leaving entity constituted a single relevant equity interest under section 165 ‑ 115X that the * head company had in the leaving entity; and (ii) each of those interests was an equity under section 165 ‑ 115X that the * head company had in the leaving entity; and (b) the adjustment amount is worked out and applied in accordance with subsection 165 ‑ 115ZB(6), but disregarding the paragraphs of that subsection except paragraphs 165 ‑ 115ZB(6)(a) and (d). (8) The * head company’s choice must be made within 6 months after the leaving time, or within a further period allowed by the Commissioner. (9) After that 6 months, or that further period, the head company is taken to have chosen subsection (6) unless it is established that the head company made a different choice within that 6 months or further period. Non ‑ membership equity interests (10) Subsection 711 ‑ 15(2) (which treats * non ‑ membership equity interests as * membership interests) also applies for the purposes of this section, on the basis that the * consolidated group is the old group referred to in that subsection.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 58 of 2006 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-290", "Provision_Key": "s715-290", "Heading": "Additional assumptions to be made when using reference time", "Text": "The additional assumptions to be made are that, throughout the period starting at the reference time and ending just before the leaving time: (a) the leaving entity was in existence; and (b) the * head company held and beneficially owned all the * membership interests in the leaving entity (instead of whoever actually did); and (c) those membership interests remained the same; and (d) the head company directly controlled the voting power in the leaving entity.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-310", "Provision_Key": "s715-310", "Heading": "What is a 170 ‑ D deferred loss , and when it revives", "Text": "(1) A * capital loss, deduction, or partner’s share of a deduction, that section 170 ‑ 270 (about transactions within linked groups) requires to be disregarded is a 170 ‑ D deferred loss made: (a) by the company that paragraph 170 ‑ 255(1)(a) refers to as the originating company; and (b) at the time of the event that paragraph refers to as the deferral event; and (c) on the * CGT asset * acquired by the other entity referred to in that paragraph. (2) The * 170 ‑ D deferred loss revives at the time when section 170 ‑ 275 (as applying in relation to the deferral event) treats the originating company as having made a * capital loss, or having become entitled to a deduction, in respect of that asset.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-355", "Provision_Key": "s715-355", "Heading": "Head company’s own deferred losses at formation time", "Text": "(1) This section applies if, at the time (the formation time ) when a * consolidated group comes into existence, the * head company has (otherwise than because of section 701 ‑ 5 (Entry history rule)) a * 170 ‑ D deferred loss that: (a) it made on a * CGT asset that is a * 165 ‑ CC tagged asset of the head company because of paragraph 165 ‑ 115A(1A)(b) (which covers CGT assets on which it has 170 ‑ D deferred losses); and (b) has not * revived. (2) If a * loss denial pool of the * head company is created under section 715 ‑ 60 at the formation time, each * 170 ‑ D deferred loss of that kind that the head company has at that time is added to the loss denial pool at that time. (3) Otherwise, a loss denial pool of the * head company is created at the formation time if: (a) the formation time is not a * changeover time for the head company; and (b) the head company’s * final RUNL just before the formation time (as reduced by any reductions under section 715 ‑ 50 or 715 ‑ 55) was greater than nil; and (c) the head company does not satisfy the * business continuity test for: (i) the period (the business continuity test period ) consisting of the head company’s * trial year; and (ii) the time (the test time ) just before the * changeover time. Note: Paragraph (3)(b) has the effect that if the head company has 165 ‑ CC tagged assets that are affected by section 715 ‑ 50 or 715 ‑ 55 (because they are membership interests in, or accounting liabilities owed by, another group member), those sections are applied before this section. (4) When it is created because of subsection (3), the pool consists of each * 170 ‑ D deferred loss covered by subsection (2), and its loss denial balance is equal to the * final RUNL referred to in paragraph (3)(b). Note: The pool is distinct from any other loss denial pool of the head company, for example, one created at the formation time under section 715 ‑ 360.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-355"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-360", "Provision_Key": "s715-360", "Heading": "Deferred losses brought in by subsidiary member", "Text": "(1) This section applies if, just before the time (the membership time ) when a company (the deferred loss company ) becomes a * subsidiary member of a * consolidated group, it had a * 170 ‑ D deferred loss that: (a) it made on a * CGT asset that is a * 165 ‑ CC tagged asset of the company at the membership time because of paragraph 165 ‑ 115A(1A)(b) (which covers CGT assets on which it has 170 ‑ D deferred losses); and (b) as at the membership time has not * revived. (2) If a * loss denial pool of the * head company is created under subsection 715 ‑ 70(2) because of the deferred loss company becoming a * subsidiary member of the group, each * 170 ‑ D deferred loss of that kind that the deferred loss company had just before the membership time is added to the loss denial pool at that time. (3) Otherwise, a loss denial pool of the * head company is created at the membership time if: (a) the membership time is not a * changeover time for the head company; and (b) the deferred loss company’s * final RUNL just before the membership time (as reduced by any reductions under section 715 ‑ 50 or 715 ‑ 55) was greater than nil; and (c) the deferred loss company does not satisfy the * business continuity test for: (i) the period (the business continuity test period ) consisting of the deferred loss company’s * trial year; and (ii) the time (the test time ) just before the * changeover time. Note 1: The 170 ‑ D deferred losses become those of the head company at the formation time because of section 701 ‑ 5 (Entry history rule). Note 2: Paragraph (3)(b) has the effect that if the deferred loss company has other 165 ‑ CC tagged assets affected by section 715 ‑ 50 or 715 ‑ 55 (because the membership time is when the group comes into existence, and the other 165 ‑ CC tagged assets are membership interests in, or accounting liabilities owed by, another group member), those sections are applied before this section. (4) When it is created because of subsection (3), the pool consists of each 170 ‑ D deferred loss covered by subsection (2), and its loss denial balance is equal to the * final RUNL referred to in paragraph (3)(b). Note: The pool is distinct from any other loss denial pool of the head company, for example, one created under this section because another entity becomes a subsidiary member of the group at the membership time.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-360"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-365", "Provision_Key": "s715-365", "Heading": "How loss denial balance is applied when 170 ‑ D deferred loss revives", "Text": "(1) If a * 170 ‑ D deferred loss on a * CGT asset is in a * loss denial pool of an entity when the loss * revives, the * capital loss or deduction that section 170 ‑ 275 would, apart from this section, treat the entity as having made or become entitled to at that time in respect of the asset is reduced by the lesser of: (a) the amount of the capital loss or deduction; and (b) the pool’s * loss denial balance (as reduced by any previous reductions under section 715 ‑ 130, subsection 715 ‑ 160(1) or this subsection); and the loss denial balance is reduced by the same amount. (2) Subsection (1) applies to * 170 ‑ D deferred losses in the order in which they * revive. If 2 or more revive at the same time, it applies to them in whichever order the entity determines. (3) Subsection (1) reduces a * loss denial balance before section 715 ‑ 130 does, unless the * realisation event happens after the leaving time referred to in that section.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-370", "Provision_Key": "s715-370", "Heading": "Cost setting—reference time for determining currency exchange rate effect", "Text": "(1) This section applies if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) taking into account the operation of subsection 701 ‑ 1(1) (the single entity rule), the * head company of the group held an asset at the joining time because the joining entity became a subsidiary member of the group; and (c) the asset is a reset cost base asset at the joining time (within the meaning of section 705 ‑ 35); and (d) in working out the asset’s * tax cost setting amount, the currency exchange rate of a particular * foreign currency is taken into account in determining the * market value of the asset. (2) For the purposes of Division 775, determine the extent of any * currency exchange rate effect after the joining time in relation to the asset, by reference to the currency exchange rate for the * foreign currency at the joining time.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-375", "Provision_Key": "s715-375", "Heading": "Cost setting on joining—amount of liability that is Division 230 financial arrangement", "Text": "(1) Subsection (2) applies if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) a thing (the accounting liability ) is, in accordance with * accounting standards, or statements of accounting concepts made by the Australian Accounting Standards Board, a liability of the joining entity at the joining time (disregarding subsection 701 ‑ 1(1) (the single entity rule)) that can or must be recognised in the entity’s statement of financial position; and (c) the accounting liability is or is part of a * Division 230 financial arrangement of the head company at the joining time (because of subsection 701 ‑ 1(1) (the single entity rule)). (2) For the purposes of Division 230 and Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 , treat the * head company of the group as starting to have the accounting liability at the joining time for receiving a payment equal to: (a) if the liability is or is part of a * Division 230 financial arrangement of the head company at the joining time (because of subsection 701 ‑ 1(1) (the single entity rule)): (i) to which Subdivision 230 ‑ B (accruals method or realisation method) applies; or (ii) to which Subdivision 230 ‑ E (hedging financial arrangements method) applies; the amount of the liability, as determined in accordance with: (iii) the joining entity’s * accounting principles for tax cost setting; or (iv) if the amount of the liability cannot be determined in accordance with the joining entity’s accounting principles for tax cost setting—comparable standards for accounting made under a * foreign law; or (b) otherwise—the liability’s * Division 230 starting value at the joining time.", "Amendment_Count": 3, "First_Amended": "No 15 of 2009", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 15 of 2009 | No 99 of 2012 | No 14 of 2018", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-378", "Provision_Key": "s715-378", "Heading": "Cost setting on joining—head company’s right to receive or obligation to provide payment", "Text": "(1) This section applies in relation to an asset or a liability if: (a) an entity (the joining entity ) becomes a subsidiary member of a consolidated group at a time (the joining time ); and (b) the asset or liability becomes that of the head company of the group because subsection 701 ‑ 1(1) (the single entity rule) applies at the joining time; and (c) in the case of an asset—subsection 701 ‑ 55(5A) applies in relation to the asset at the joining time; and (d) in the case of a liability—subsection 715 ‑ 375(2) applies in relation to the liability at the joining time. (2) In the case of an asset, for the purposes of section 230 ‑ 60, assume that the * head company of the group acquired the asset at the joining time (as mentioned in subsection 701 ‑ 55(5A)) in return for the head company starting to have an obligation to provide the payment mentioned in that subsection. (3) In the case of a liability, for the purposes of section 230 ‑ 60, assume that the * head company of the group started to have the liability at the joining time (as mentioned in subsection 715 ‑ 375(2)) in return for the head company starting to have a right to receive the payment mentioned in that subsection.", "Amendment_Count": 2, "First_Amended": "No 99 of 2012", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 99 of 2012 | No 14 of 2018", "History_Notes": "Inserted by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Amended by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-378"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-379", "Provision_Key": "s715-379", "Heading": "Cost setting on leaving—amount of intragroup liability that is Division 230 financial arrangement", "Text": "(1) Subsection (2) applies if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) a thing (the accounting liability ) is, in accordance with * accounting standards, or statements of accounting concepts made by the Australian Accounting Standards Board: (i) a liability of the leaving entity at the leaving time that can or must be recognised in the entity’s statement of financial position; or (ii) a liability of the * head company of the group at the leaving time that can or must be recognised in the head company’s statement of financial position; and (c) because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the leaving entity at the leaving time: (i) if subparagraph (b)(i) applies—the accounting liability becomes a liability of the leaving entity, and an asset (the corresponding asset ) that consists of the liability becomes an asset of the head company; or (ii) if subparagraph (b)(ii) applies—the accounting liability becomes a liability of the head company, and an asset (the corresponding asset ) that consists of the liability becomes an asset of the leaving entity; and (d) the corresponding asset’s * tax cost is set at the leaving time under: (i) if subparagraph (b)(i) applies—section 701 ‑ 20; or (ii) if subparagraph (b)(ii) applies—section 701 ‑ 45; and (e) the accounting liability is or is part of a * Division 230 financial arrangement. (2) For the purposes of Division 230 of this Act and Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 : (a) if subparagraph (1)(b)(i) applies—treat the leaving entity as starting to have the accounting liability at the leaving time for receiving a payment equal to the * tax cost setting amount of the corresponding asset; or (b) if subparagraph (1)(b)(ii) applies—treat the * head company as starting to have the accounting liability at the leaving time for receiving a payment equal to the tax cost setting amount of the corresponding asset. Note: The tax cost setting amount of the corresponding asset is determined under sections 701 ‑ 60 and 701 ‑ 60A.", "Amendment_Count": 1, "First_Amended": "No 14 of 2018", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 14 of 2018", "History_Notes": "Inserted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-379"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-379A", "Provision_Key": "s715-379a", "Heading": "Cost setting on leaving—head company’s or leaving entity’s right to receive or obligation to provide payment", "Text": "(1) This section applies in relation to an asset or a liability if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) because subsection 701 ‑ 1(1) (the single entity rule) ceases to apply to the leaving entity at the leaving time, the asset or liability becomes the asset or liability of: (i) the leaving entity; or (ii) the * head company of the group; and (c) if subparagraph (b)(i) applies: (i) in the case of an asset—subsection 701 ‑ 55(5A) applies in relation to the asset at the leaving time because of section 701 ‑ 45; or (ii) in the case of a liability—subsection 715 ‑ 379(2) applies in relation to the liability at the leaving time; and (d) if subparagraph (b)(ii) applies: (i) in the case of an asset—subsection 701 ‑ 55(5A) applies in relation to the asset at the leaving time because of section 701 ‑ 20; and (ii) in the case of a liability—subsection 715 ‑ 379(2) applies in relation to the liability at the leaving time; and (e) the asset or liability is or is part of a * Division 230 financial arrangement. (2) If subparagraph (1)(b)(i) applies: (a) in the case of an asset—for the purposes of section 230 ‑ 60, assume that the leaving entity acquired the asset (as mentioned in subsection 701 ‑ 55(5A)) at the leaving time in return for the leaving entity starting to have an obligation to provide the payment mentioned in that subsection; and (b) in the case of a liability—for the purposes of section 230 ‑ 60, assume that the leaving entity started to have the liability at the leaving time in return for the leaving entity starting to have a right to receive the payment mentioned in subsection 715 ‑ 379(2). (3) If subparagraph (1)(b)(ii) applies: (a) in the case of an asset—for the purposes of section 230 ‑ 60, assume that the head company acquired the asset (as mentioned in subsection 701 ‑ 55(5A)) at the leaving time in return for the head company starting to have an obligation to provide the payment mentioned in that subsection; and (b) in the case of a liability—for the purposes of section 230 ‑ 60, assume that the head company started to have the liability at the leaving time in return for the head company starting to have a right to receive the payment mentioned in subsection 715 ‑ 379(2).", "Amendment_Count": 1, "First_Amended": "No 14 of 2018", "Last_Amended": "No 14 of 2018", "Amending_Acts": "No 14 of 2018", "History_Notes": "Inserted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-379A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-380", "Provision_Key": "s715-380", "Heading": "Exit history rule not to affect certain matters related to Division 230 financial arrangements", "Text": "Spreading fees gain or loss (1) Subsection (2) applies if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) but for the cessation of membership and section 701 ‑ 40 (the exit history rule), the * head company of the group would spread a fees gain or loss mentioned in section 230 ‑ 160 over a period that ended after the leaving time. (2) Despite section 701 ‑ 40 (the exit history rule), the * head company of the * consolidated group continues to spread the fees gain or loss over that period, in accordance with section 230 ‑ 160. Assessable income and deductions under section 701 ‑ 61 (3) Subsection (4) applies if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) but for the cessation of membership and section 701 ‑ 40 (the exit history rule): (i) an amount would be included in the assessable income of the * head company of the group under section 701 ‑ 61 for an income year ending after the leaving time; or (ii) the head company of the group would be entitled to a deduction under section 701 ‑ 61 for an income year ending after the leaving time. (4) Despite section 701 ‑ 40 (the exit history rule), the amount is included in the assessable income of the * head company for the income year, or the head company is entitled to the deduction for the income year.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-380"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-385", "Provision_Key": "s715-385", "Heading": "Exit history rule and elective methods applying to Division 230 financial arrangements", "Text": "(1) Subsection (2) applies if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) the * head company of the group has a * Division 230 financial arrangement at the leaving time because the leaving entity is taken by subsection 701 ‑ 1(1) (the single entity rule) to be a part of the head company; and (c) after the leaving time, the leaving entity makes an election of a kind mentioned in section 230 ‑ 220 (fair value method), 230 ‑ 265 (foreign exchange retranslation method), 230 ‑ 325 (hedging method) or 230 ‑ 410 (reliance on financial reports method). (2) For the purposes of determining whether the election applies to the financial arrangement, disregard paragraphs 230 ‑ 220(1)(d), 230 ‑ 265(1)(d), 230 ‑ 325(a) and 230 ‑ 410(1)(b)).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-385"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-410", "Provision_Key": "s715-410", "Heading": "Extension of single entity rule and entry history rule", "Text": "(1) Subsection 701 ‑ 1(1) (Single entity rule) and section 701 ‑ 5 (Entry history rule) also have effect for all the purposes of Part 3 ‑ 95 (Value shifting). Note: One consequence of this for the operation of Division 727 (about indirect value shifting affecting interests in companies and trusts, and arising from non ‑ arm’s length dealings) is that economic benefits provided by or to a subsidiary member of a consolidated group are treated as provided by or to the head company of the group. As a result: • the head company is the only group member that can be a losing entity or gaining entity for an indirect value shift; and • economic benefits provided by one group member to another are treated as provided by the head company to itself, and so have no relevance to Division 727. Another consequence is that the head company is treated as owning all interests owned by group members in a losing entity or gaining entity that is not a group member. (2) This section is not intended to limit the effect that subsection 701 ‑ 1(1) and section 701 ‑ 5 have apart from this section.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-450", "Provision_Key": "s715-450", "Heading": "No reductions or other consequences for interests subject to loss cancellation under Subdivision 715 ‑ H", "Text": "If section 715 ‑ 610 reduces a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an * equity or loan interest in an entity: (a) the loss is not subject to reduction under Division 723 (Direct value shifting by creating right over non ‑ depreciating asset) or 727 (Indirect value shifting); and (b) the interest’s * adjustable value is not, and is taken never to have been, reduced under Division 725 because of a * direct value shift during the ownership period referred to in subsection 715 ‑ 610(2); and (c) the interest’s * adjustable value is not, and is taken never to have been, reduced under Division 727 because of an * indirect value shift during that period. Note: Section 715 ‑ 610 is about cancelling a loss on a realisation event for certain kinds of interests in a member of a consolidated group.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-610", "Provision_Key": "s715-610", "Heading": "Cancellation of loss", "Text": "(1) This section reduces to nil a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an * equity or loan interest (the realised interest ) in an entity (the first entity ) when it is owned by another entity (the owner ), if the conditions in subsections (2) and (4) are met. (2) The first condition is that, at some time during the period (the ownership period ) when the owner owned the realised interest: (a) the first entity was a * subsidiary member of a * consolidated group, and the owner was not a * member of the group; or (b) the realised interest was an * external indirect equity or loan interest in a subsidiary member of a consolidated group; or (c) the realised interest was an * equity or loan interest in an entity that, at that time: (i) owned an equity or loan interest in a subsidiary member of a consolidated group; and (ii) was not a member of the group; or (d) the realised interest was an * equity or loan interest in an entity that owned at that time an external indirect equity or loan interest in a subsidiary member of a consolidated group; or (e) all of these conditions are satisfied at that time: (i) the realised interest was an equity or loan interest, an * indirect equity or loan interest or an external indirect equity or loan interest, in the * head company of a consolidated group; (ii) the owner was not a member of the group; (iii) the head company was an * eligible tier ‑ 1 company of a * top company. (3) An * equity or loan interest in an entity (the test entity ) is an external indirect equity or loan interest in a member of a * consolidated group if, and only if, neither the owner of the interest nor the test entity is a member of the group and: (a) the test entity owns an equity or loan interest in the member; or (b) the test entity owns an equity or loan interest that is an external indirect equity or loan interest in the member because of one or more other applications of this subsection. (4) The second condition is that, at the same or a different time during the ownership period: (a) the owner was, or * controlled (for value shifting purposes), the * head company of a * consolidated group because of which the first condition is satisfied; or (b) the owner was an * associate of an entity that, at the same or a different time during the ownership period, was, or controlled (for value shifting purposes), the head company of such a consolidated group.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 16 of 2003 | No 56 of 2010", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-610"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-615", "Provision_Key": "s715-615", "Heading": "Exception for interests in entity leaving consolidated group", "Text": "Membership interests in leaving entity (1) If: (a) the realised interest is a * membership interest; and (b) during the ownership period the first entity ceased to be a * subsidiary member of a * consolidated group; the first condition in section 715 ‑ 610 cannot be satisfied, because of that consolidated group, at a time when the first entity was a member of the group, unless the interest needed to be disregarded under section 703 ‑ 35 (about employee shares), or section 703 ‑ 37 (about ADI restructures), in order for the first entity to be a member of the group at that time. Liabilities owed by leaving entity (2) If the realised interest: (a) consists of a liability owed by the first entity to the owner; and (b) became an asset of the owner because subsection 701 ‑ 1(1) (the single entity rule) ceased to apply to the first entity when it ceased to be a * subsidiary member of a * consolidated group; the first condition in section 715 ‑ 610 cannot be satisfied, because of that consolidated group, at a time when the first entity was a member of the group.", "Amendment_Count": 2, "First_Amended": "No 16 of 2003", "Last_Amended": "No 117 of 2007", "Amending_Acts": "No 16 of 2003 | No 117 of 2007", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 117 of 2007, effective 28 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-615"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-620", "Provision_Key": "s715-620", "Heading": "Exception if loss attributable to certain matters", "Text": "(1) The loss is not reduced if all of it can be shown to be attributable to things other than these: (a) something that would be reflected in what would, apart from this Part, be an overall loss under section 165 ‑ 115R or 165 ‑ 115S, of a * member of a * consolidated group (an excluded group ) because of which the first condition in section 715 ‑ 610 is satisfied, at an * alteration time for that member; (b) an * indirect value shift for which, apart from this Part, a member of an excluded group would be the * losing entity or the * gaining entity. (2) If only part of the loss can be shown to be attributable to things other than the ones listed in subsection (1), the loss is reduced to the amount of that part.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-620"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-660", "Provision_Key": "s715-660", "Heading": "Head company’s choice overriding entry history rule", "Text": "Application (1) This section has effect if an entity becomes a * subsidiary member of a * consolidated group at a time (the joining time ) and either: (a) the question whether the entity had made a choice (however described) under a provision (the choice provision ) listed in the table was relevant to working out the entity’s liability (if any) for income tax, or the entity’s loss (if any) of a particular * sort, calculated by reference to an income year starting before the joining time; or (b) before the joining time, the entity made a choice that: (i) is described in paragraph (a); and (ii) would, if the entity had not become a subsidiary member of a consolidated group, have started to have effect for working out the entity’s liability (if any) for income tax, or the entity’s loss (if any) of a particular * sort, calculated by reference to the first income year starting after the joining time. List Item Provision Subject of provision 1 A provision of Part X of the Income Tax Assessment Act 1936 for an irrevocable declaration, election, choice or selection Attribution of income in respect of controlled foreign companies 2 A provision of Subdivision 420 ‑ D that provides for a choice Valuing * registered emissions units 3 Item 1 of the table in subsection 960 ‑ 60(1) Choosing to use an * applicable functional currency 3A section 230 ‑ 210, 230 ‑ 255, 230 ‑ 315 or 230 ‑ 395 Choice about treatment of gains and losses from * Division 230 financial arrangement 4 A provision that: (a) provides for a choice (however described); and (b) is a provision of regulations made for the purposes of this Act, other than this item; and (c) is prescribed by regulations made for the purposes of this item Choice about a matter described in the regulations Note: Declarations, elections and selections made under the choice provision by the entity are all examples of choices under that provision (even though the provision does not call them choices), because the entity has chosen to make them. Objects (2) The main objects of this section are: (a) to override section 701 ‑ 5 (Entry history rule) in relation to a choice (however described) by the entity under the choice provision or the absence of such a choice; and (b) to extend, in some cases, the time for the * head company of the * consolidated group to make a choice (however described) under the choice provision after the joining time; and (c) to modify, in some cases, the time at which such a choice by the head company starts to have effect. Overriding the entry history rule (3) For the head company core purposes set out in section 701 ‑ 1 (Single entity rule), ignore a choice (however described) made by the entity under the choice provision or the absence of such a choice. Extension of time for head company to make choice (4) If: (a) because of: (i) the fact that the entity became a * subsidiary member of the * consolidated group; and (ii) section 701 ‑ 1 (Single entity rule); the question whether the * head company of the group has made a choice (however described) under the choice provision becomes relevant for the head company core purposes set out in that section; and (b) there is a limit (outside this section) on the period within which the head company may make such a choice; the head company has until the later of these times to make such a choice: (c) the last time the head company may make the choice (apart from this subsection); (d) the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a * member of the group or, if the Commissioner allows a later time for the purposes of this paragraph, that later time. When head company’s choice starts to have effect (5) If the * head company of the * consolidated group makes a choice (however described) under the choice provision as a result of becoming able to make the choice because the entity became a * subsidiary member of the group at the joining time, the choice starts to have effect: (a) at the joining time; or (b) if the choice relates (explicitly or implicitly) to one or more whole income years—for the income year in which the joining time occurs. Note: Subsection (5) has effect whether or not subsection (4) contributed to the head company becoming able to make the choice. Relationship with other provisions (6) Section 701 ‑ 5 (Entry history rule) and the choice provision have effect subject to this section.", "Amendment_Count": 4, "First_Amended": "No 23 of 2005", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 23 of 2005 | No 15 of 2009 | No 114 of 2010 | No 132 of 2011", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-660"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-665", "Provision_Key": "s715-665", "Heading": "Head company’s choice to override inconsistency", "Text": "Application (1) This section has effect if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) for each of the following entities, the question whether the entity had made a choice (however described) under a provision (the choice provision ) listed in the table was relevant to working out the entity’s liability (if any) for income tax, or the entity’s loss (if any) of a particular * sort, calculated by reference to an income year starting before the joining time: (i) the joining entity; (ii) another entity that was a * member of the group at the joining time; and (c) there was an inconsistency because, just before the joining time, such a choice had effect for one of the entities but not for the other. List Item Provision Subject of provision 1 Section 148 of the Income Tax Assessment Act 1936 Reinsurance with non ‑ residents 1A section 230 ‑ 210, 230 ‑ 255, 230 ‑ 315 or 230 ‑ 395 Choice about treatment of gains and losses from * Division 230 financial arrangement 2 Section 775 ‑ 80 Choosing not to have sections 775 ‑ 70 and 775 ‑ 75 apply to deal with * forex realisation gains and * forex realisation losses 3 A provision that: (a) provides for a choice (however described); and (b) is a provision of regulations made for the purposes of this Act, other than this item; and (c) is prescribed by regulations made for the purposes of this item Choice about a matter described in the regulations Note 1: The other entity mentioned in subparagraph (1)(b)(ii) may have become a member of the group either before or at the joining time. That other entity may be either another subsidiary member of the group or the head company of the group. Note 2: An election by an entity under section 148 of the Income Tax Assessment Act 1936 is an example of a choice under that provision (even though that section does not call the election a choice) because the entity has chosen to make the election. Object (2) The main objects of this section are: (a) to override the inconsistency; and (b) to displace section 701 ‑ 5 (Entry history rule), so far as it relates to the inconsistency; and (c) to allow the * head company of the * consolidated group to make a choice (however described) under the choice provision. Overriding the inconsistency (3) Neither of these things relating to an entity that becomes a * member of the * consolidated group at the joining time has effect for the head company core purposes set out in section 701 ‑ 1 (Single entity rule): (a) a choice (however described) by the entity having effect under the choice provision before that time; (b) the absence of such a choice. Note: This affects all entities that become members of the consolidated group at the joining time, including the head company if the joining time is the time at which the group comes into existence. (4) However, if the choice provision is section 148 of the Income Tax Assessment Act 1936 (Reinsurance with non ‑ residents): (a) subsection (3) of this section does not apply in relation to reinsurance under contracts made before the joining time (but does apply in relation to reinsurance under contracts made at or after that time); and (b) that section applies for the head company core purposes in relation to reinsurance under a contract made before the joining time by an entity (the contracting party ) that became a * member of the * consolidated group at or before the joining time: (i) as if the * head company of the consolidated group had made an election under that section, if the contracting party had made such an election that was relevant to working out the party’s liability (if any) for income tax, or the party’s * tax loss (if any), for an income year in connection with the contract; or (ii) as if the head company had not made such an election, if the contracting party had not made such an election that was relevant to working out the party’s liability (if any) for income tax, or the party’s tax loss (if any), for an income year in connection with the contract. Choice replacing inconsistency (5) If: (a) the question whether the * head company of the * consolidated group has made a choice (however described) under the choice provision is relevant for the head company core purposes set out in section 701 ‑ 1 (Single entity rule); and (b) there is a limit (outside this section) on the period within which the head company may make such a choice; the head company has until the later of these times to make such a choice: (c) the last time the head company may make the choice (apart from this subsection); (d) the end of 90 days after the Commissioner is given notice under Division 703 that the joining entity has become a * member of the group or, if the Commissioner allows a later time for the purposes of this paragraph, that later time. Note: If the joining time is when the consolidated group is formed, the Commissioner should be given notice under Division 703 that the joining entity has become a member of the group when the approved form of the choice to form the group is given to the Commissioner. When head company’s choice starts to have effect (6) If the * head company of the * consolidated group makes a choice (however described) under the choice provision as a result of becoming able to make the choice because the joining entity became a * member of the group, the choice starts to have effect: (a) at the joining time; or (b) if the choice relates (explicitly or implicitly) to one or more whole income years—for the income year in which the joining time occurs. (7) However, if: (a) the * head company of the * consolidated group makes a choice as described in subsection (6); and (b) the choice is an election under section 148 of the Income Tax Assessment Act 1936 (Reinsurance with non ‑ residents); the election has effect only for the purposes of that section applying in relation to reinsurance under contracts made after the joining time and in an income year for which the election applies under that section. Note: Subsection (4) explains how section 148 of the Income Tax Assessment Act 1936 applies in relation to reinsurance under contracts made before the joining time. Relationship with other provisions (8) Section 701 ‑ 5 (Entry history rule) and the choice provision have effect subject to this section.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 23 of 2005 | No 15 of 2009", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-665"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-670", "Provision_Key": "s715-670", "Heading": "Ongoing effect of choices made by entities before joining group", "Text": "(1) This section has effect if the question whether the * head company of a * consolidated group has made a choice (however described) under a provision listed in the table is relevant for the head company core purposes set out in section 701 ‑ 1 (Single entity rule) because of something happening in relation to a thing: (a) that is an asset, right, liability or obligation of the head company; and (b) that the head company started to have, at the time (the joining time ) an entity (the joining entity ) became a * subsidiary member of the group, because of that section and the fact that (ignoring that section) the entity had the thing at the joining time. List Item Provision Subject of provision 1 Section 775 ‑ 150 Choice to apply rules about disregarding certain * forex realisation gains and * forex realisation losses (2) The * head company is taken to have made such a choice if the joining entity had one in effect before the joining time. (3) The * head company is taken not to have made the choice if the joining entity did not have one in effect before the joining time.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-670"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-675", "Provision_Key": "s715-675", "Heading": "Head company adopting choice with ongoing effect", "Text": "(1) This section has effect, despite section 715 ‑ 670, if: (a) an entity that becomes a * member of a * consolidated group had a choice (however described) in effect under a provision (the choice provision ) listed in that section before becoming a member of the group; and (b) the time at which the entity becomes a member of the group is the first time at which an entity that had a choice (however described) in effect under the choice provision before becoming a member of the group became a member of the group; and (c) the * head company of the group chooses in writing, before: (i) the end of 90 days after the Commissioner is given notice under Division 703 that the entity has become a member of the group; or (ii) a later time allowed by the Commissioner; to be treated as if the head company had made a choice under the choice provision. (2) The * head company is taken to have made a choice under the choice provision for these purposes: (a) the head company core purposes set out in section 701 ‑ 1 (Single entity rule); (b) the purposes of the application of section 715 ‑ 670 and paragraph (1)(a) in relation to another * consolidated group of which the company later becomes a * subsidiary member.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-675"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-700", "Provision_Key": "s715-700", "Heading": "Choices leaving entity can make ignoring exit history rule", "Text": "Application (1) This section has effect if: (a) an entity ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) the question whether the * head company of the group had made a choice (however described) under a provision (the choice provision ) listed in the table in subsection 715 ‑ 660(1) was relevant to working out that company’s liability (if any) for income tax, or the entity’s loss (if any) of a particular * sort, calculated by reference to an income year starting before the leaving time. Note: Declarations, elections and selections made under the choice provision at the option of a company are all examples of choices under that provision (even though it does not call them choices) because the company has chosen to make them. Objects (2) The main objects of this section are: (a) to override section 701 ‑ 40 (Exit history rule) and let the entity make a choice (however described) under the choice provision with effect after the leaving time; and (b) to extend, in some cases, the time for the entity to make such a choice after the leaving time; and (c) to modify, in some cases, the rules about when such a choice by the entity starts to have effect. Overriding the exit history rule (3) For the entity core purposes set out in section 701 ‑ 1 (Single entity rule) relating to income years ending after the leaving time, ignore a choice (however described) made by the * head company of the * consolidated group under the choice provision or the absence of such a choice. Fresh choice by the entity (4) The entity may make a choice (however described) under the provision if the question whether the entity has made such a choice is relevant to working out the entity’s liability (if any) for income tax, or loss (if any) of a particular * sort, calculated by reference to an income year ending after the leaving time. Extension of time for fresh choice by the entity (5) If there is a time limit (apart from this subsection) on the entity making such a choice, the entity has until the later of these times to make the choice: (a) the last time it may make the choice under the provision (apart from this section); (b) the end of 90 days after the leaving time or, if the Commissioner allows a later time for the purposes of this paragraph, that later time. Start of effect of choice (6) If the entity makes a choice because of this section, the choice starts to have effect: (a) at the leaving time; or (b) if the choice relates (explicitly or implicitly) to one or more whole income years—for the income year in which the leaving time occurs. Relationship with other provisions (7) Section 701 ‑ 40 (Exit history rule) and the choice provision have effect subject to this section.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-705", "Provision_Key": "s715-705", "Heading": "Choices leaving entity can make ignoring exit history rule to overcome inconsistencies", "Text": "Application (1) This section has effect if an entity ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ) and there is an inconsistency because either: (a) both of these conditions are met: (i) a choice (however described) under a provision (the choice provision ) listed in the table in subsection 715 ‑ 665(1) by the entity had effect just before the entity became a * member of the group; (ii) there was not such a choice by the * head company of the group having effect just before the leaving time; or (b) both of these conditions are met: (i) there was not a choice (however described) under the choice provision by the entity having effect just before the entity became a member of the group; (ii) such a choice by the head company had effect just before the leaving time. Note: An election by the entity or head company under the choice provision is an example of a choice under that provision (even though the provision does not call the election a choice) because the entity or company has chosen to make the election. Object (2) The main objects of this section are: (a) to displace section 701 ‑ 40 (Exit history rule), so far as it relates to the inconsistency; and (b) to allow the entity to make a choice (however described) under the choice provision with effect after the leaving time. Displacing the exit history rule (3) For the entity core purposes set out in section 701 ‑ 1 (Single entity rule) relating to income years ending after the leaving time, ignore a choice (however described) made by the * head company of the * consolidated group under the choice provision or the absence of such a choice. (4) However, if the choice provision is section 148 of the Income Tax Assessment Act 1936 (Reinsurance with non ‑ residents): (a) subsection (3) of this section does not apply in relation to reinsurance under contracts made before the leaving time (but does apply in relation to reinsurance under contracts made at or after that time); and (b) that section applies, for the entity core purposes relating to income years ending after the leaving time, in relation to reinsurance under a contract made before the leaving time: (i) as if the entity had made an election under that section, if the * head company of the * consolidated group made, or was treated as having made, such an election that was relevant to working out that company’s liability (if any) for income tax, or that company’s * tax loss (if any), for an income year in connection with the contract; or (ii) as if the entity had not made such an election, if the head company had not made, and was not treated as having made, such an election that was relevant to working out that company’s liability (if any) for income tax, or that company’s tax loss (if any), for an income year in connection with the contract. Note: In some cases, subsection 715 ‑ 665(4) treats the head company of a consolidated group as having made an election under section 148 of the Income Tax Assessment Act 1936 in relation to reinsurance under contracts made before an entity becomes a member of the group. Fresh choice by the entity (5) The entity may make a choice (however described) under the choice provision if the question whether the entity has made such a choice is relevant to working out the entity’s liability (if any) for income tax, or loss (if any) of a particular * sort, calculated by reference to an income year ending after the leaving time. Extension of time for fresh choice by the entity (6) If there is a time limit (apart from this subsection) on the entity making such a choice, the entity has until the later of these times to make the choice: (a) the last time it may make the choice under the choice provision (apart from this section); (b) the end of 90 days after the leaving time or, if the Commissioner allows a later time for the purposes of this paragraph, that later time. Start of effect of choice (7) If the entity makes a choice because of this section, the choice starts to have effect: (a) at the leaving time; or (b) if the choice relates (explicitly or implicitly) to one or more whole income years—for the income year in which the leaving time occurs. (8) However, if: (a) the entity makes a choice because of this section; and (b) the choice is an election under section 148 of the Income Tax Assessment Act 1936 (Reinsurance with non ‑ residents); the election has effect only for the purposes of that section applying in relation to reinsurance under contracts made at or after the leaving time and in an income year for which the election applies under that section. Note: Subsection (4) explains how section 148 of the Income Tax Assessment Act 1936 applies in relation to reinsurance under contracts made before the joining time. Relationship with other provisions (9) Section 701 ‑ 40 (Exit history rule) and the choice provision have effect subject to this section.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-875", "Provision_Key": "s715-875", "Heading": "Extension of single entity rule and entry history rule", "Text": "(1) Subsection 701 ‑ 1(1) (Single entity rule) and section 701 ‑ 5 (Entry history rule) also have effect for all the purposes of Subdivision 802 ‑ A (about conduit foreign income). (2) This section is not intended to limit the effect that subsection 701 ‑ 1(1) and section 701 ‑ 5 have apart from this section.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-875"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-880", "Provision_Key": "s715-880", "Heading": "No CFI for leaving entity", "Text": "Despite section 701 ‑ 40 (the exit history rule), an entity that ceases to be a * subsidiary member of a * consolidated group at a time has no * conduit foreign income at that time.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-880"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-900", "Provision_Key": "s715-900", "Heading": "Transition time taken to be just before joining time", "Text": "(1) This section has effect if: (a) an entity becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) the entity’s * ordinary income and * statutory income were not (to any extent) assessable income just before the joining time. (2) Division 57 in Schedule 2D to the Income Tax Assessment Act 1936 and Division 58 of this Act have effect as if the entity’s * ordinary income or * statutory income had become to some extent assessable income just before the joining time. Note 1: Those Divisions deal with entities whose ordinary income and statutory income were previously exempt from income tax. Note 2: The operation of Division 58 just before the joining time can affect the basis on which the tax cost is set for a depreciating asset that becomes an asset of the head company of the consolidated group at the joining time because of section 701 ‑ 1 (the single entity rule). That Division provides the basis for working out under Division 40 the asset’s adjustable value. This is the entity’s terminating value for the asset, which in turn can affect the tax cost setting amount for the asset under sections 705 ‑ 40, 705 ‑ 45 and 705 ‑ 47.", "Amendment_Count": 2, "First_Amended": "No 83 of 2004", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 83 of 2004 | No 56 of 2010", "History_Notes": "Inserted by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-900"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-910", "Provision_Key": "s715-910", "Heading": "Effect on restructures—original entity becomes a subsidiary member", "Text": "(1) This section applies if: (a) as a result of an * arrangement to which section 124 ‑ 784A applies, an original entity (within the meaning of that section) becomes a * subsidiary member of a * consolidated group; and (b) section 715 ‑ 920 does not apply. Note 1: Section 715 ‑ 920 applies if the original entity was the head company of another consolidated group before the arrangement was completed. Note 2: Sections 124 ‑ 784A and 124 ‑ 784B apply to arrangements for restructures. (2) For the purposes of section 124 ‑ 784B: (a) the completion time (within the meaning of that section) for the * arrangement is taken to be the time the original entity becomes a member of the group; and (b) disregard Division 701 (Core rules) in relation to the original entity becoming a member of the group. (3) The * head company of the group may choose for: (a) section 701 ‑ 10 (cost to head company of assets of joining entity); and (b) subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount); and (c) subsection 701 ‑ 35(5) (setting value of registered emissions unit at tax ‑ neutral amount); not to apply to the original entity’s assets in respect of the original entity becoming a * subsidiary member of the group. Note: This subsection does not affect the application of subsection 701 ‑ 1(1) (the single entity rule).", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 14 of 2009 | No 132 of 2011", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-910"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-915", "Provision_Key": "s715-915", "Heading": "Effect on restructures—original entity is a head company", "Text": "If: (a) section 124 ‑ 784A applies in relation to an * arrangement; and (b) the original entity (within the meaning of that section) for the arrangement is the * head company of a * consolidated group just before the arrangement was completed; and (c) section 715 ‑ 920 does not apply; then, for the purposes of section 124 ‑ 784B, subsection 701 ‑ 1(1) (the single entity rule) and section 701 ‑ 5 (the entry history rule) apply in respect of the group. Note 1: This section does not otherwise affect the application of subsection 701 ‑ 1(1) or section 701 ‑ 5. Note 2: Sections 124 ‑ 784A and 124 ‑ 784B apply to arrangements for restructures.", "Amendment_Count": 1, "First_Amended": "No 14 of 2009", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 14 of 2009", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-915"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-920", "Provision_Key": "s715-920", "Heading": "Effect on restructures—original entity is a head company that becomes a subsidiary member of another group", "Text": "(1) This section applies if: (a) section 124 ‑ 784A applies in relation to an * arrangement; and (b) the original entity (within the meaning of that section) for the arrangement is the * head company of a * consolidated group (the acquired group ) just before the arrangement was completed; and (c) as a result of the arrangement: (i) the original entity; and (ii) the * subsidiary members of the acquired group just before the arrangement was completed; become subsidiary members of another consolidated group. Note: Sections 124 ‑ 784A and 124 ‑ 784B apply to arrangements for restructures. (2) For the purposes of section 124 ‑ 784B: (a) the original entity is taken to be the * head company of the acquired group at the completion time (within the meaning of that section) for the * arrangement; and (b) the operation of this Part for the head company core purposes (mentioned in subsection 701 ‑ 1(2)) in relation to: (i) the original entity; and (ii) the entities that were * subsidiary members of the acquired group just before the arrangement was completed; continue to have effect at the completion time for the arrangement; and (c) the completion time for the arrangement is taken to be the time the original entity becomes a member of the other group; and (d) disregard Division 701 (Core rules) in relation to the original entity becoming a member of the other group. Note: Paragraph (b) means that, for the purposes of section 124 ‑ 784B, the subsidiary members of the acquired group are treated as part of the original entity. (3) The * head company of the other group may choose for: (a) section 701 ‑ 10 (cost to head company of assets of joining entity); and (b) subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount); and (c) subsection 701 ‑ 35(5) (setting value of registered emissions unit at tax ‑ neutral amount); not to apply to the original entity’s assets in respect of the original entity becoming a * subsidiary member of the other group. Note: This subsection does not affect the application of subsection 701 ‑ 1(1) (the single entity rule).", "Amendment_Count": 2, "First_Amended": "No 14 of 2009", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 14 of 2009 | No 132 of 2011", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-920"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 715-925", "Provision_Key": "s715-925", "Heading": "Effect on restructures—original entity ceases being a subsidiary member", "Text": "If, as a result of an * arrangement to which section 124 ‑ 784A applies, an original entity (within the meaning of that section): (a) ceases to be a * subsidiary member of a * consolidated group after the completion time (within the meaning of that section) for the arrangement; and (b) does not become a member of another consolidated group; then, for the purposes of section 124 ‑ 784B, the completion time for the arrangement is taken to happen at the time of the cessation. Note: Sections 124 ‑ 784A and 124 ‑ 784B apply to arrangements for restructures.", "Amendment_Count": 1, "First_Amended": "No 14 of 2009", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 14 of 2009", "History_Notes": "Inserted by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s715-925"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-1", "Provision_Key": "s716-1", "Heading": "What this Division is about", "Text": "Some items of assessable income, and some deductions, are in effect spread over 2 or more income years. This Division apportions the assessable income or deduction for each of those income years among periods within the income year when an entity is, or is not, a subsidiary member of a consolidated group. This Division also apportions in a similar way some items of assessable income, and some deductions, for a single income year. Table of sections Operative provisions 716 ‑ 15 Assessable income spread over 2 or more income years 716 ‑ 25 Deductions spread over 2 or more income years 716 ‑ 70 Capital expenditure that is fully deductible in one income year Assessable income and deductions arising from share of net income of a partnership or trust, or from share of partnership loss 716 ‑ 75 Application 716 ‑ 80 Head company’s assessable income and deductions 716 ‑ 85 Entity’s assessable income and deductions for a non ‑ membership period 716 ‑ 90 Entity’s share of assessable income or deductions of partnership or trust 716 ‑ 95 Special rule if not all partnership or trust’s assessable income or deductions taken into account in working out amount 716 ‑ 100 Spreading period", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-15", "Provision_Key": "s716-15", "Heading": "Assessable income spread over 2 or more income years", "Text": "(1) This section applies if, apart from this Part, a provision of this Act would spread an amount (the original amount ) over 2 or more income years (whether or not because of a choice) by including part of the original amount in the same entity’s assessable income for each of those income years. Head company’s assessable income (2) If: (a) for some but not all of an income year, an entity is a * subsidiary member of a * consolidated group; and (b) a part of the original amount: (i) would have been included in the assessable income of the * head company of the group for that income year if the entity had been a subsidiary member of the group throughout that income year; but (ii) would have been included in the entity’s assessable income for that income year if throughout that income year the entity had not been a subsidiary member of any * consolidated group; the head company’s assessable income for that income year includes a proportion of that part. Note 1: Examples of when paragraph (2)(b) could be satisfied are: • the head company is the entity referred to in subsection (1), but its connection with the original amount passes to the entity when the entity ceases to be a subsidiary member of the group (see section 701 ‑ 40 (Exit history rule)); • the entity is the entity referred to in subsection (1) but joins a consolidated group part way through the income year, so that its connection with the original amount passes to the head company of the group (see section 701 ‑ 5 (Entry history rule)). Note 2: If the entity is a subsidiary member of the group throughout the income year, the part of the original amount will be included in the head company’s assessable income for the income year, either: • because the head company is the entity referred to in subsection (1); or • because of section 701 ‑ 1 (Single entity rule); or • because of section 701 ‑ 5 (Entry history rule). (3) The proportion is worked out by multiplying that part of the original amount by: • the number of days that are in both the income year and the * spreading period, and on which the entity was a * subsidiary member of the group; divided by: • the number of days that are in both the income year and the spreading period. Entity’s assessable income for a non ‑ membership period (4) If: (a) for some but not all of an income year, an entity is a * subsidiary member of a * consolidated group; and (b) a part of the original amount would have been included in the entity’s assessable income for that income year if throughout that income year the entity had not been a subsidiary member of any * consolidated group; the assessable income of the entity for a part of the income year that is a non ‑ membership period for the purposes of section 701 ‑ 30 includes a proportion of that part. Note 1: Section 701 ‑ 30 is about working out an entity’s tax position for a period when it is not a subsidiary member of any consolidated group. Note 2: If throughout the income year the entity is not a subsidiary member of any consolidated group, this section does not affect the part of the original amount that is assessable income of the entity for the income year either: • because the entity is the entity referred to in subsection (1); or • because of section 701 ‑ 40 (Exit history rule). (5) The proportion is worked out by multiplying that part of the original amount by: • the number of days that are in both the non ‑ membership period and the * spreading period; divided by: • the number of days that are in both the income year and the spreading period. Spreading period (6) The spreading period for the original amount is the period by reference to which the respective parts of the original amount that, apart from this Part, would be included in an entity’s assessable income for the 2 or more income years are worked out.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-25", "Provision_Key": "s716-25", "Heading": "Deductions spread over 2 or more income years", "Text": "(1) This section applies if, apart from this Part, a provision of this Act would spread an amount (the original amount ) over 2 or more income years (whether or not because of a choice) by entitling the same entity to deduct part of the original amount for each of those income years. (2) However, this section does not apply if the deductions would be for the decline in value of a * depreciating asset. Note: Such deductions arise under Division 40 (Capital allowances) and Division 328 (Small business entities). Head company’s deduction (3) If for some but not all of an income year an entity is a * subsidiary member of a * consolidated group, and: (a) the * head company of the group could have deducted for that income year a part of the original amount if the entity had been a subsidiary member of the group throughout that income year; but (b) the entity could have deducted that part for that income year if throughout that income year the entity had not been a subsidiary member of any * consolidated group; the head company can deduct for that income year a proportion of that part. Note 1: Examples of when paragraphs (3)(a) and (b) could be satisfied are set out in note 1 to subsection 716 ‑ 15(2). Note 2: If the entity is a subsidiary member of the group throughout the income year, the head company can deduct that part for the income year, either: • because the head company is the entity referred to in subsection (1) of this section; or • because of section 701 ‑ 1 (Single entity rule); or • because of section 701 ‑ 5 (Entry history rule). (4) The proportion is worked out by multiplying that part of the original amount by: • the number of days that are in both the income year and the * spreading period, and on which the entity was a * subsidiary member of the group; divided by: • the number of days that are in both the income year and the spreading period. Entity’s deduction for a non ‑ membership period (5) If: (a) for some but not all of an income year, an entity is a * subsidiary member of a * consolidated group; and (b) the entity could have deducted for that income year a part of the original amount if throughout that income year the entity had not been a subsidiary member of any * consolidated group; the entity can deduct a proportion of that part for a part of the income year that is a non ‑ membership period for the purposes of section 701 ‑ 30. Note 1: Section 701 ‑ 30 is about working out an entity’s tax position for a period when it is not a subsidiary member of any consolidated group. Note 2: If throughout the income year the entity is not a subsidiary member of any consolidated group or MEC group, this section does not affect the part of the original amount that the entity can deduct for the income year either: • because the entity is the entity referred to in subsection (1); or • because of section 701 ‑ 40 (Exit history rule). (6) The proportion is worked out by multiplying that part of the original amount by: • the number of days that are in both the non ‑ membership period and the * spreading period; divided by: • the number of days that are in both the income year and the spreading period. Spreading period (7) The spreading period for the original amount is the period by reference to which the respective parts of the original amount that, apart from this Part, an entity could deduct for the 2 or more income years are worked out. Note: For example, under section 82KZMD of the Income Tax Assessment Act 1936 an item of expenditure on something is spread over the period over which that thing is to be provided, which is called the eligible service period. Deductions for the item for a sequence of income years are worked out by reference to how much of that period falls within each of those income years.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 117 of 2002 | No 80 of 2007", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-70", "Provision_Key": "s716-70", "Heading": "Capital expenditure that is fully deductible in one income year", "Text": "(1) This section applies if, apart from this Part, an entity could deduct for a single income year the whole of an amount (the original amount ) of capital expenditure by the entity. (2) If for some but not all of an income year an entity is a * subsidiary member of a * consolidated group or * MEC group, and: (a) the * head company of the group could have deducted the original amount for that income year if the entity had been a subsidiary member of the group throughout that income year; but (b) the entity could have deducted the original amount for that income year if throughout that income year the entity had not been a subsidiary member of any consolidated group or MEC group; the head company can deduct for that income year a proportion of the original amount. Note 1: Examples of when paragraphs (2)(a) and (b) could be satisfied are set out in note 1 to subsection 716 ‑ 15(2). Note 2: If the entity is a subsidiary member of the group throughout the income year, the head company can deduct the original amount for the income year, either: • because the head company is the entity referred to in subsection (1) of this section; or • because of section 701 ‑ 1 (Single entity rule); or • because of section 701 ‑ 5 (Entry history rule). (3) The proportion is worked out by multiplying the original amount by: • the number of days that are in the * spreading period, and on which the entity was a * subsidiary member of the group; divided by: • the number of days that are in the spreading period. Entity’s deduction for a non ‑ membership period (4) If: (a) for some but not all of an income year, an entity is a * subsidiary member of a * consolidated group or * MEC group; and (b) the entity could have deducted the original amount for that income year if throughout that income year the entity had not been a subsidiary member of any consolidated group or MEC group; the entity can deduct a proportion of the original amount for a part of the income year that is a non ‑ membership period for the purposes of section 701 ‑ 30. Note 1: Section 701 ‑ 30 is about working out an entity’s tax position for a period when it is not a subsidiary member of any consolidated group. Note 2: If throughout the income year the entity is not a subsidiary member of any consolidated group or MEC group, this section does not affect the entity’s ability to deduct the original amount for the income year either: • because the entity is the entity referred to in subsection (1); or • because of section 701 ‑ 40 (Exit history rule). (5) The proportion is worked out by multiplying the original amount by: • the number of days that are in both the non ‑ membership period and the * spreading period; divided by: • the number of days that are in the spreading period. Spreading period (6) The spreading period for the original amount: (a) starts when, apart from this Part, an entity would become entitled to deduct the amount for an income year; and (b) ends at the end of the income year.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-75", "Provision_Key": "s716-75", "Heading": "Application", "Text": "Sections 716 ‑ 80 to 716 ‑ 100 apply if, apart from this Part: (a) an amount would be included in an entity’s assessable income for an income year under section 92 (about income and deductions of partner) of the Income Tax Assessment Act 1936 in respect of a partnership; or (b) an entity could deduct an amount for an income year under section 92 of that Act in respect of a partnership; or (c) an amount would be included in an entity’s assessable income for an income year under section 97 (Beneficiary of a trust estate who is not under a legal disability) of that Act in respect of a trust; or (d) an amount would be included in an entity’s assessable income for an income year under section 98A (Non ‑ resident beneficiaries assessable in respect of certain income) of that Act in respect of a trust.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-80", "Provision_Key": "s716-80", "Heading": "Head company’s assessable income and deductions", "Text": "(1) If for some but not all of the income year the entity is a * subsidiary member of a * consolidated group or * MEC group: (a) the assessable income for that income year of the head company of the group includes the entity’s share (worked out under section 716 ‑ 90) of each of these: (i) the total assessable income of the partnership or trust for the income year so far as it is reasonably attributable to a period, during the income year, throughout which the entity was a * subsidiary member of the group but the partnership or trust was not ; (ii) a proportion (worked under subsection (2) of this section) of the total assessable income of the partnership or trust for the income year so far as it is not reasonably attributable to a particular period within the income year; and (b) the head company of the group can deduct for that income year the entity’s share (worked out under section 716 ‑ 90) of each of these: (i) the total deductions of the partnership or trust for the income year so far as they are reasonably attributable to a period covered by subparagraph (a)(i) of this subsection; (ii) a proportion (worked under subsection (2) of this section) of the total deductions of the partnership or trust for the income year so far as they are not reasonably attributable to a particular period within the income year. Note 1: If the entity is a subsidiary member of the group throughout the income year, the amount referred to in section 716 ‑ 75 will be included in the head company’s assessable income, or the head company can deduct that amount, for the income year because of section 701 ‑ 1 (Single entity rule). Note 2: While the entity, and the partnership or trust, are both subsidiary members of the group, section 701 ‑ 1 (Single entity rule) attributes to the head company all assessable income and deductions giving rise to the amount referred to in section 716 ‑ 75. (2) The proportion is worked out by multiplying the amount concerned by: • the number of days that are in the * spreading period, and on which the entity was a * subsidiary member of the group but the partnership or trust was not ; divided by: • the number of days that are in the spreading period.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-85", "Provision_Key": "s716-85", "Heading": "Entity’s assessable income and deductions for a non ‑ membership period", "Text": "(1) The assessable income of the entity for a part of the income year that is a non ‑ membership period for the purposes of section 701 ‑ 30 includes the entity’s share (worked out under section 716 ‑ 90) of each of these: (a) the total assessable income of the partnership or trust for the income year so far as it is reasonably attributable to the non ‑ membership period; (b) a proportion (worked under subsection (3) of this section) of the total assessable income of the partnership or trust for the income year so far as it is not reasonably attributable to a particular period within the income year. Note 1: Section 701 ‑ 30 is about working out an entity’s tax position for a period when it is not a subsidiary member of any consolidated group. Note 2: If throughout the income year the entity is not a subsidiary member of any consolidated group or MEC group, this section does not affect the amount referred to in section 716 ‑ 75 being assessable income of the entity for the income year. (2) For a part of the income year that is a non ‑ membership period for the purposes of section 701 ‑ 30, the entity can deduct the entity’s share (worked out under section 716 ‑ 90) of each of these: (a) the total deductions of the partnership or trust for the income year so far as they are reasonably attributable to the non ‑ membership period; (b) a proportion (worked under subsection (3) of this section) of the total deductions of the partnership or trust for the income year so far as they are not reasonably attributable to a particular period within the income year. Note: If throughout the income year the entity is not a subsidiary member of any consolidated group or MEC group, this section does not affect the entity’s ability to deduct for the income year the amount referred to in section 716 ‑ 75. (3) The proportion is worked out by multiplying the amount concerned by: • the number of days that are in both the non ‑ membership period and the * spreading period; divided by: • the number of days that are in the spreading period.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-90", "Provision_Key": "s716-90", "Heading": "Entity’s share of assessable income or deductions of partnership or trust", "Text": "(1) If paragraph 716 ‑ 75(a) or (b) applies, the entity’s share is worked out by dividing: • the entity’s individual interest as a partner in the net income of the partnership or in the partnership loss; by: • the amount of that net income or partnership loss; and expressing the result as a percentage. (2) If paragraph 716 ‑ 75(c) or (d) applies, the entity’s share is worked out by dividing: • the share of the income of the trust to which the entity is presently entitled; by: • the amount of that income; and expressing the result as a percentage.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-95", "Provision_Key": "s716-95", "Heading": "Special rule if not all partnership or trust’s assessable income or deductions taken into account in working out amount", "Text": "(1) To the extent that the assessable income of the partnership or trust for the income year was not taken into account in working out the amount referred to in section 716 ‑ 75, it is disregarded in applying paragraph 716 ‑ 80(1)(a) or subsection 716 ‑ 85(1). Note: For example, if a trust’s net income for an income year must be worked out under section 268 ‑ 45 in Schedule 2F to the Income Tax Assessment Act 1936 , the trust’s assessable income attributed to a period (in the income year) for which it has a notional loss under section 268 ‑ 30 of that Act is not taken into account. (2) To the extent that the deductions of the partnership or trust for the income year were not taken into account in working out the amount referred to in section 716 ‑ 75, they are disregarded in applying paragraph 716 ‑ 80(1)(b) or subsection 716 ‑ 85(2). Note: For example, in the case described in the note to subsection (1) of this section, the trust’s deductions attributed to that period are not taken into account in working out the trust’s net income for the income year.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-100", "Provision_Key": "s716-100", "Heading": "Spreading period", "Text": "The spreading period for the amount referred to in section 716 ‑ 75 is made up of each period: (a) that is all or part of the income year; and (b) throughout which the entity is a partner in the partnership or a beneficiary of the trust, as appropriate.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-300", "Provision_Key": "s716-300", "Heading": "Prime cost method of working out decline in value", "Text": "(1) This section has effect if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) because of subsection 40 ‑ 80(1), the joining entity could (or did) deduct for a period before the joining time the * cost of a * depreciating asset that became an asset of the * head company of the group at the joining time because section 701 ‑ 1 (Single entity rule) applied to the joining entity; and (c) the joining entity could not deduct an amount under Subdivision 40 ‑ B (except because of subsection 40 ‑ 80(1)) for the income year that includes the joining time for that cost. Note: Subdivision 40 ‑ B allows deductions for the decline in value of depreciating assets. Subsection 40 ‑ 80(1), which is in that Subdivision, provides that the decline in value of certain assets used for exploration and prospecting equals their cost. (2) Subsection 701 ‑ 55(2) has effect as if the * prime cost method for working out the decline in value of the * depreciating asset applied just before the joining time. Note: This may affect both the method of working out the decline in value of the asset and the asset’s effective life.", "Amendment_Count": 3, "First_Amended": "No 23 of 2005", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 23 of 2005 | No 84 of 2013 | No 96 of 2014", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-330", "Provision_Key": "s716-330", "Heading": "Head company’s deductions for decline in value of assets in joining entity’s low ‑ value pool", "Text": "(1) This section modifies the operation of sections 40 ‑ 430, 40 ‑ 435, 40 ‑ 440, 40 ‑ 445, 701 ‑ 10 and 701 ‑ 60 and Division 705 for the head company core purposes mentioned in section 701 ‑ 1 if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) there are one or more * depreciating assets (the previous pool assets ) that: (i) were allocated to the joining entity’s low ‑ value pool; and (ii) become assets of the * head company of the group at the joining time because section 701 ‑ 1 applies to the joining entity; and (c) none of the previous pool assets was an asset to which Division 58 applied to affect the joining entity’s deductions relating to the asset. Note 1: Sections 40 ‑ 430, 40 ‑ 435 and 40 ‑ 440 are relevant to allocating depreciating assets to a low ‑ value pool and to working out the decline in value of assets allocated to a low ‑ value pool. Section 40 ‑ 445 affects the closing pool balance, and may give rise to assessable income, if a balancing adjustment event happens to such an asset. Note 2: Section 701 ‑ 10 provides that, for each asset the joining entity has at the joining time, the asset’s tax cost is set at the joining time at the asset’s tax cost setting amount, which is defined by section 701 ‑ 60 as the amount worked out under Division 705. Note 3: Division 58 is about capital allowances for depreciating assets previously owned by an exempt entity. Objects (2) The main objects of this section are: (a) to clarify how sections 40 ‑ 430, 40 ‑ 435 and 40 ‑ 440 operate in relation to the previous pool assets; and (b) to reduce compliance costs by providing that the * tax cost is set for all the previous pool assets in one operation, rather than individually for each such asset. Time of allocation of assets to head company’s low ‑ value pool (3) Sections 40 ‑ 430, 40 ‑ 435, 40 ‑ 440 and 40 ‑ 445 operate as if the * head company of the * consolidated group allocated the previous pool assets to a low ‑ value pool for the income year that includes the joining time. Section 701 ‑ 5 has effect subject to this subsection. Note 1: Under section 40 ‑ 435, the head company must make a reasonable estimate of the taxable use percentage for each asset. Note 2: This subsection affects the percentages and amounts to be taken into account for working out under section 40 ‑ 440 the decline in value of assets in the pool and the closing pool balance. Allocating other low ‑ cost assets to head company’s low ‑ value pool (4) Subsection 40 ‑ 430(1) operates as if the previous pool assets were * low ‑ cost assets. Note: This has the effect that the head company must allocate to the low ‑ value pool each low ‑ cost asset it starts to hold in the income year that includes the joining time or a later income year, whether or not the head company starts to hold the asset because of section 701 ‑ 1. If joining time was in first day of joining entity’s income year (5) If the joining time was in the first day of the joining entity’s income year, section 40 ‑ 440 operates as if: (a) all the previous pool assets were * low ‑ value assets; and (b) the sum of the previous pool assets’ * opening adjustable values for the income year that includes the joining time equalled the * tax cost setting amount for the hypothetical asset worked out on the basis described in subsections (7), (8) and (9) of this section. If joining time was not in first day of joining entity’s income year (6) If the joining time was not in the first day of the joining entity’s income year, section 40 ‑ 440 operates as if: (a) all the previous pool assets were * low ‑ cost assets; and (b) the sum of the previous pool assets’ * costs equalled the total of: (i) the * tax cost setting amount for the hypothetical asset worked out on the basis described in subsections (7), (8) and (9) of this section; and (ii) the expenditure (if any) that was incurred after the joining time (but in the income year that includes that time) and included in the second element of the costs (ignoring this paragraph) of the previous pool assets. Tax cost is set for assets collectively not individually (7) Sections 701 ‑ 10 and 701 ‑ 60 and Division 705 operate as if all the previous pool assets formed a single * depreciating asset (the hypothetical asset ), and were not separate assets. Modified operation of Division 705 for hypothetical asset (8) Sections 705 ‑ 40 and 705 ‑ 57 operate as if the joining entity’s * terminating value for the hypothetical asset were the amount worked out using the table: Modification of basis on which sections 705 ‑ 40 and 705 ‑ 57 operate If the joining time is: Sections 705 ‑ 40 and 705 ‑ 57 operate as if the joining entity’s terminating value for the hypothetical asset were: 1 In the first day of an income year of the joining entity The * closing pool balance for the joining entity’s low ‑ value pool for the previous income year 2 In another day The * closing pool balance for the joining entity’s low ‑ value pool for the non ‑ membership period described in section 701 ‑ 30 that ends just before the joining time Note: Sections 705 ‑ 40 and 705 ‑ 57 are about reduction of an asset’s tax cost setting amount to an amount that may be affected by the joining entity’s terminating value for the asset.", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 23 of 2005 | No 56 of 2010", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-335", "Provision_Key": "s716-335", "Heading": "Entity leaving group with asset allocated to head company’s low ‑ value pool", "Text": "(1) This section sets out rules affecting the * head company of a * consolidated group and an entity (the leaving entity ) that ceases to be a * subsidiary member of the group at a time (the leaving time ) in an income year (the leaving year ), if: (a) a * depreciating asset becomes an asset of the leaving entity at the leaving time because section 701 ‑ 1 (Single entity rule) ceases to apply to the leaving entity; and (b) the asset was in the head company’s low ‑ value pool. Note: Section 701 ‑ 40 (Exit history rule) treats the asset as having been allocated to the leaving entity’s low ‑ value pool, with the taxable use percentage estimated by the head company, for the income year for which the head company allocated the asset to the head company’s low ‑ value pool. Objects (2) The main objects of this section are: (a) to ensure that the decline in value of assets in the * head company’s low ‑ value pool and the decline in value of assets in the leaving entity’s low ‑ value pool are worked out so that: (i) for the leaving year, the * depreciating asset is taken into account in working out the decline in value of assets in the head company’s low ‑ value pool only; and (ii) for later income years, the depreciating asset is taken into account in working out the decline in value of assets in the leaving entity’s low ‑ value pool only; and (b) to specify the * adjustable value of the depreciating asset just before and at the leaving time. Reduced decline in value for leaving entity for leaving year (3) The decline in value worked out for the leaving year under subsection 40 ‑ 440(1) for assets in the leaving entity’s low ‑ value pool is reduced by such amount as is reasonable to prevent duplication of deductions for the leaving year in respect of the * depreciating asset by the * head company and the leaving entity. Reduced closing pool balance for head company’s pool for leaving year (4) The * closing pool balance of the * head company’s low ‑ value pool for the leaving year is reduced by so much of the balance as reasonably relates to the * depreciating asset. Cost of head company’s membership interests in leaving entity etc. (5) Sections 701 ‑ 15, 701 ‑ 40 and 701 ‑ 60 and Division 711 have effect as if the * adjustable value of the * depreciating asset for the * head company just before and at the leaving time were such amount as is reasonable, having regard to: (a) the reduction described in subsection (4) of this section; and (b) the taxable use percentage estimated for the depreciating asset by the head company under section 40 ‑ 435. Note 1: Section 701 ‑ 15 provides that, for each membership interest the head company holds in the leaving entity, the interest’s tax cost is set just before the leaving time at the interest’s tax cost setting amount, which is defined by section 701 ‑ 60 as the amount worked out under certain sections of Division 711. Note 2: Division 711 sets the interest’s tax cost setting amount by reference to the head company’s terminating value of the asset, which is to be worked out under section 711 ‑ 30 by reference to the adjustable value of the asset for the head company just before the leaving time. Note 3: Section 701 ‑ 40 has the effect that the adjustable value of the asset for the leaving entity at the leaving time is the same as the adjustable value of the asset for the head company then.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-340", "Provision_Key": "s716-340", "Heading": "Depreciating assets arising from expenditure in joining entity’s software development pool", "Text": "(1) This section modifies the basis on which Subdivision 40 ‑ B and sections 40 ‑ 455, 701 ‑ 10, 701 ‑ 55 and 701 ‑ 60 and Division 705 operate if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) the joining entity had incurred before the joining time expenditure that it allocated to a software development pool; and (c) some or all of the expenditure is reasonably related to * in ‑ house software that: (i) is a * depreciating asset; and (ii) became an asset of the * head company of the consolidated group at the joining time because section 701 ‑ 1 (Single entity rule) applied to the joining entity. Note 1: Subdivision 40 ‑ B allows deductions for the decline in value of a depreciating asset, but only if expenditure on the asset has not been allocated to a software development pool. Section 40 ‑ 455 provides for deduction of expenditure allocated to such a pool. Section 701 ‑ 5 (Entry history rule) treats the head company as having incurred the expenditure that was allocated to the pool. Note 2: Section 701 ‑ 10 provides that, for each asset the joining entity has at the joining time, the asset’s tax cost is set at the joining time at the asset’s tax cost setting amount, which is defined by section 701 ‑ 60 as the amount worked out under Division 705, which in turn depends on the adjustable value of the asset worked out under section 40 ‑ 85. Note 3: Section 701 ‑ 55 affects matters relevant to working out the head company’s deductions for the decline in value of depreciating assets that became assets of the head company at the joining time because section 701 ‑ 1 (Single entity rule) applied to the joining entity. Note 4: This section operates whether or not the joining entity’s deductions under section 40 ‑ 455 for the period before the joining time for expenditure allocated to the pool total 100% of the expenditure allocated to the pool. Object (2) The main object of this section is to ensure that: (a) the * head company’s deductions for the * in ‑ house software: (i) are not worked out under section 40 ‑ 455 on the basis of section 701 ‑ 5 (Entry history rule) treating the expenditure relating to the software as being the head company’s expenditure; and (ii) are instead worked out under Subdivision 40 ‑ B, using the * prime cost method with the * effective life given by subsection 40 ‑ 95(7) and taking account of the * tax cost setting amount for the software; and (b) the tax cost setting amount is worked out in a way that takes account of deductions for the period before the joining time for the expenditure reasonably related to the in ‑ house software. Joining entity taken not to have incurred certain expenditure (3) Subdivision 40 ‑ B and section 40 ‑ 455 operate for the head company core purposes mentioned in section 701 ‑ 1 (Single entity rule) as if the expenditure reasonably related to the * in ‑ house software had not been incurred by the joining entity. Note 1: This has the effects that: (a) subsection 40 ‑ 50(2) does not apply because of section 701 ‑ 5 (Entry history rule) to deny the head company deductions under Subdivision 40 ‑ B for the decline in value of the software; and (b) the head company cannot deduct the expenditure under section 40 ‑ 455 as it operates because of section 701 ‑ 5. Note 2: This does not prevent the head company from deducting under section 40 ‑ 455 expenditure that is not reasonably related to the in ‑ house software and that the head company is treated by section 701 ‑ 5 as having incurred and allocated to a software development pool because the joining entity did. Prime cost method of working out decline in value of software (4) Subsection 701 ‑ 55(2) operates as if the * prime cost method of working out the decline in value of the * in ‑ house software applied just before the joining time. Note: This affects the method of working out the decline in value of the software for the head company of the consolidated group. Effective life of software (5) Subdivision 40 ‑ B operates as if the * effective life of the * in ‑ house software were the period specified for in ‑ house software in subsection 40 ‑ 95(7). Subsection 701 ‑ 55(2) is subject to this subsection. Cost of in ‑ house software (6) Sections 701 ‑ 10 and 701 ‑ 60 and Division 705 (and section 40 ‑ 85, so far as it affects that Division) operate as if the * cost of the * in ‑ house software were the total amount of the joining entity’s expenditure that reasonably related to the software and was allocated to a software development pool. Earlier decline in value of the in ‑ house software (7) Sections 701 ‑ 10 and 701 ‑ 60 and Division 705 (and section 40 ‑ 85, so far as it affects that Division) operate as if the decline in value, and deductions for the decline in value, of the * in ‑ house software for a period before the joining time were the amount worked out under subsection (8). (8) Work out the amount by: (a) working out, for each software development pool to which expenditure relating to the * in ‑ house software was allocated, the amount of the joining entity’s deductions under section 40 ‑ 455 that reasonably relates to the software; and (b) adding up each of those amounts if there are 2 or more such pools. Note: Subsections (6), (7) and (8) can affect the working out of the tax cost setting amount for the in ‑ house software, by affecting the joining entity’s terminating value for the software, which section 705 ‑ 30 defines as being the adjustable value of the software just before the joining time, and which is relevant to sections 705 ‑ 40 and 705 ‑ 57 (which may reduce the tax cost setting amount for the software).", "Amendment_Count": 2, "First_Amended": "No 23 of 2005", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 23 of 2005 | No 56 of 2010", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-345", "Provision_Key": "s716-345", "Heading": "Head company taken not to have incurred expenditure", "Text": "(1) This section has effect if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a time in an income year (the leaving year ); and (b) under section 701 ‑ 40 (Exit history rule), expenditure is taken to have been allocated by the leaving entity to a software development pool. Note: Section 701 ‑ 40 treats expenditure incurred by the head company of the consolidated group and allocated by that company to a software development pool as having been incurred by the leaving entity and allocated by it to a software development pool. (2) Work out deductions of the * head company of the * consolidated group for income years after the leaving year as if the head company had not incurred the expenditure. (3) The leaving entity cannot deduct an amount for the leaving year for the expenditure it is taken to have allocated to the software development pool.", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-345"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-400", "Provision_Key": "s716-400", "Heading": "Tax cost setting and bad debts", "Text": "(1) The object of this section is to clarify the effect of section 701 ‑ 5 (entry history rule) and subsection 701 ‑ 55(6) in relation to an asset that may give rise to a bad debt. It achieves this object by clarifying that certain things are taken to have happened in relation to the asset through the operation of section 701 ‑ 5 and subsection 701 ‑ 55(6). (2) This section applies if: (a) the tax cost of an asset was set at the time (the joining time ) an entity (the joining entity ) became a subsidiary member of a * consolidated group at the asset’s tax cost setting amount; and (b) the asset is a debt; and (c) any of the following apply: (i) the debt was included in the joining entity’s assessable income before the joining time; (ii) the debt was in respect of money that the joining entity lent before the joining time in the ordinary course of a business of lending money; (iii) the joining entity bought the debt before the joining time in the ordinary course of a business of lending money; and (d) the requirements in subsection 701 ‑ 58(1) (intra ‑ group assets) are not satisfied in relation to the asset. (3) To avoid doubt, in determining the extent to which the * head company of the group can deduct an amount under section 25 ‑ 35 (bad debts) in relation to the asset, section 701 ‑ 5 (entry history rule) and subsection 701 ‑ 55(6) have the effect that, before the joining time: (a) in a case covered by subparagraph (2)(c)(i)—the head company included an amount equal to the tax cost setting amount in its assessable income in respect of the debt; or (b) in a case covered by subparagraph (2)(c)(ii)—the head company lent an amount of money in respect of the debt equal to the tax cost setting amount in the ordinary course of a business of lending money; or (c) in a case covered by subparagraph (2)(c)(iii)—the head company incurred expenditure equal to the tax cost setting amount in buying the debt in the ordinary course of a business of lending money.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-440", "Provision_Key": "s716-440", "Heading": "Membership interests in joining entity not subject to CGT under Division 855—foreign entity ceasing to hold interests", "Text": "(1) Subsection (3) applies if: (a) an entity (the joining entity ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) another entity (the disposing entity ) ceased to hold * membership interests in the joining entity during the period that: (i) started 12 months before the joining time; and (ii) ended immediately after the joining time; and (c) a * CGT event happened because the disposing entity ceased to hold the membership interests; and (d) either: (i) a * capital gain or * capital loss of the disposing entity from the CGT event was disregarded because of the operation of Division 855; or (ii) if there had been a capital gain or capital loss of the disposing entity from the CGT event, the capital gain or capital loss would have been disregarded because of the operation of Division 855; and (e) section 701 ‑ 10 (cost to head company of assets of joining entity) applies to the joining entity’s assets in respect of the joining entity becoming a subsidiary member of the group (disregarding subsection (3) of this section); and (f) it is reasonable to conclude that, throughout the period mentioned in paragraph (b), the sum of the * total participation interests held by an entity (the control entity ) and its * associates in the joining entity was 50% or more; and (g) in a case where the control entity is not the disposing entity—it is reasonable to conclude that the sum of the total participation interests held by the control entity and its associates in the disposing entity was 50% or more at the time the CGT event happened. (2) For the purposes of paragraphs (1)(f) and (g), in working out the sum of the * total participation interests held by the control entity and its * associates in another entity, take into account: (a) a particular * direct participation interest; or (b) a particular * indirect participation interest; held in the other entity only once if it would otherwise be counted more than once because the entity holding it is an associate of the control entity. (3) The following provisions do not apply to the joining entity’s assets in respect of the joining entity becoming a * subsidiary member of the group: (a) section 701 ‑ 10 (cost to head company of assets of joining entity); (b) subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount); (c) subsection 701 ‑ 35(5) (setting value of registered emissions unit at tax ‑ neutral amount). Note: This subsection does not affect the application of subsection 701 ‑ 1(1) (the single entity rule). (4) Subsection (5) applies if: (a) an entity (the higher level entity ) holds * membership interests in the joining entity (whether directly or through one or more interposed entities) at a time during the period mentioned in paragraph (1)(b); and (b) the higher level entity becomes a * subsidiary member of the * consolidated group at the joining time; and (c) the requirement in paragraph (1)(b) is not satisfied (disregarding subsection (5)); and (d) the requirement in paragraph (1)(b) would be satisfied if the reference in paragraph (1)(b) to membership interests in the joining entity included a reference to membership interests in the higher level entity. (5) Treat the reference in paragraph (1)(b) to * membership interests in the joining entity as including a reference to membership interests in the higher level entity.", "Amendment_Count": 2, "First_Amended": "No 14 of 2018", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 14 of 2018 | No 64 of 2020", "History_Notes": "Inserted by No 14 of 2018, effective Sch 1: 1 Apr 2018 (s 2(1) items 2–4) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-500", "Provision_Key": "s716-500", "Heading": "Head company bound by agreements binding on subsidiary members", "Text": "Section 355 ‑ 220 (about R&D activities conducted for a foreign entity) applies to the * head company of a * consolidated group as if the head company were bound by an agreement during any period that a * subsidiary member of the group is bound by the agreement.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-505", "Provision_Key": "s716-505", "Heading": "History for entitlement to tax offset: joining entity", "Text": "If: (a) a company becomes a * subsidiary member of a * consolidated group; and (b) apart from this section, things happening in relation to the company before it became a subsidiary member would, because of section 701 ‑ 5 (the entry history rule), be taken into account as things happening in relation to the * head company for working out the head company’s * aggregated turnover for the purposes of section 355 ‑ 100 (tax offsets for R&D); the things happening are not to be taken into account as mentioned in paragraph (b).", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-510", "Provision_Key": "s716-510", "Heading": "History for entitlement to tax offset: leaving entity", "Text": "If: (a) a company ceases to be a * subsidiary member of a * consolidated group; and (b) while the company was a subsidiary member, things happened in relation to an entity which, if section 701 ‑ 1 (the single entity rule) were disregarded: (i) would be * connected with the company; or (ii) would be an * affiliate of the company; or (iii) would have the company as an affiliate; and (c) those things would, if section 701 ‑ 1 were disregarded, have been taken into account in working out the company’s * aggregated turnover for the purposes of section 355 ‑ 100 (tax offsets for R&D); and (d) the things are not also things that, because of section 701 ‑ 40 (the exit history rule), are taken into account as things happening in relation to an eligible asset etc. (within the meaning of that section) of the company in working out for the entity core purposes the company’s aggregated turnover for the purposes of section 355 ‑ 100; the things are to be taken into account in working out the company’s aggregated turnover for the purposes of section 355 ‑ 100.", "Amendment_Count": 1, "First_Amended": "No 93 of 2011", "Last_Amended": "No 93 of 2011", "Amending_Acts": "No 93 of 2011", "History_Notes": "Inserted by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-800", "Provision_Key": "s716-800", "Heading": "Allocating amounts to periods if head company and subsidiary member have different income years", "Text": "(1) The principles in this section apply if: (a) an entity becomes, or stops being, a * subsidiary member of a * consolidated group; and (b) the entity has an income year that starts and ends at a different time from when the income year of the * head company of the group starts and ends. (2) Items are to be allocated to, or apportioned among, periods (whether consisting of all or part of an income year of the entity or * head company): (a) in the most appropriate way having regard to the objects of this Part, and of particular provisions of this Part; and (b) in particular, so as to ensure that what is in substance the same item is recognised only once for what is in substance the same purpose.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-800"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-850", "Provision_Key": "s716-850", "Heading": "Grossing up threshold amounts for periods of less than 365 days", "Text": "(1) Under some provisions of this Act, something that is relevant to working out: (a) an entity’s taxable income (if any); or (b) the income tax (if any) payable on an entity’s taxable income; or (c) an entity’s loss (if any) of a particular * sort; is determined on the basis of a comparison between an amount worked out for an income year, or an amount * derived from 2 or more such amounts, and another amount. Note: The other amount assumes an income year of 365 days. (2) This section affects how such a provision (the threshold provision ) operates for the purposes of subsection 701 ‑ 30(3), which requires each thing covered by paragraph (1)(a), (b) or (c) of this section to be worked out for an entity for a non ‑ membership period (under section 701 ‑ 30) during an income year. Note: A non ‑ membership period is a period (of less than an income year) when the entity is not a subsidiary member of any consolidated group. (3) An amount that would otherwise be worked out for the non ‑ membership period, for the purposes of the comparison under the threshold provision, is instead: (a) to be worked out by reference to the period (the reference period ) starting at the start of the income year and ending at the end of the non ‑ membership period; and (b) then to be grossed up by multiplying it by this fraction:", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 164 of 2007", "Amending_Acts": "No 117 of 2002 | No 147 of 2005 | No 58 of 2006 | No 164 of 2007", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-850"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-855", "Provision_Key": "s716-855", "Heading": "Working out the cost base or reduced cost base of a pre ‑ CGT asset after certain roll ‑ overs", "Text": "If: (a) it is necessary for the purposes of this Part to work out the * cost base or * reduced cost base of a * pre ‑ CGT asset owned at a particular time; and (b) before that time: (i) the owner was the recipient company involved in a roll ‑ over under Subdivision 126 ‑ B in relation to a * CGT event that happened in relation to the CGT asset; or (ii) the owner was the transferee in relation to a disposal of the CGT asset to which former section 160ZZO of the Income Tax Assessment Act 1936 applied; the cost base or reduced cost base is worked out as if, in applying Subdivision 126 ‑ B or former section 160ZZO in relation to the CGT event or the disposal, the provisions of that Subdivision or section applying to CGT assets * acquired on or after 20 September 1985 replaced those that applied to CGT assets acquired on or before that date. Note: The effect is that the owner’s cost base or reduced cost base will be the same as that of the originating company or transferor, as is the case with post ‑ CGT assets.", "Amendment_Count": 2, "First_Amended": "No 107 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 107 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-855"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 716-860", "Provision_Key": "s716-860", "Heading": "CGT event straddling joining or leaving time", "Text": "(1) This section applies if: (a) an entity (the joining entity ) becomes a subsidiary member of a * consolidated group at a particular time (the joining time ); and (b) disregarding the operation of subsection 701 ‑ 1(1) (the single entity rule), the joining entity held a * CGT asset at the joining time; and (c) taking into account the operation of subsection 701 ‑ 1(1) (the single entity rule), the * head company of the group held the CGT asset at the joining time; and (d) a * CGT event happened in relation to the asset at a time before the joining time (disregarding this section), but the circumstances that gave rise to the CGT event first existed at a time on or after the joining time. (2) This section also applies if: (a) an entity (the leaving entity ) ceases to be a * subsidiary member of a * consolidated group at a particular time (the leaving time ); and (b) taking into account the operation of subsection 701 ‑ 1(1) (the single entity rule), the * head company of the group held a * CGT asset at the leaving time; and (c) disregarding the operation of subsection 701 ‑ 1(1) (the single entity rule), the leaving entity held the CGT asset at the leaving time; and (d) a * CGT event happened in relation to the asset at a time before the leaving time (disregarding this section), but the circumstances that gave rise to the CGT event first existed at a time on or after the leaving time. (3) For the purposes of this Act, treat the * CGT event as happening at the time when the circumstances that gave rise to the CGT event first existed.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s716-860"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-1", "Provision_Key": "s717-1", "Heading": "What this Subdivision is about", "Text": "If an entity becomes a subsidiary member of a consolidated group, the head company receives any tax offsets under section 770 ‑ 10 that arise because the entity pays foreign income tax while it is a subsidiary member of the group. Table of sections Object 717 ‑ 5 Object of this Subdivision Foreign income tax on amounts in head company’s assessable income 717 ‑ 10 Head company taken to be liable for subsidiary member’s foreign income tax", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 90 of 2002 | No 143 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-5", "Provision_Key": "s717-5", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to allow the * head company of a * consolidated group to get the benefit of * foreign income tax paid in respect of amounts included in the head company’s assessable income because another entity is or was a * subsidiary member of the group.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 90 of 2002 | No 143 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-10", "Provision_Key": "s717-10", "Heading": "Head company taken to be liable for subsidiary member’s foreign income tax", "Text": "(1) This section operates if: (a) an entity was a * subsidiary member of a * consolidated group for all or part of an income year; and (b) an amount was included in the * ordinary income or * statutory income of the * head company of the group for that income year; and (c) the entity paid * foreign income tax (except * credit absorption tax, * unitary tax, * foreign IIR tax or * foreign UTPR tax) in respect of the amount. (2) Division 770 operates as if: (a) the * head company had paid the * foreign income tax; and (b) the entity had not paid the foreign income tax. Note: Division 770 provides a tax offset for foreign income tax paid. (3) This section does not limit the operation of Division 770.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 90 of 2002 | No 143 of 2007 | No 134 of 2024", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-200", "Provision_Key": "s717-200", "Heading": "What this Subdivision is about", "Text": "Each attribution surplus and post FIF abolition surplus relating to a company that becomes a subsidiary member of a consolidated group is transferred to the head company of the group. Table of sections Object 717 ‑ 205 Object of this Subdivision Transfers 717 ‑ 210 Attribution surpluses 717 ‑ 220 FIF surpluses 717 ‑ 227 Deferred attribution credits", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 90 of 2002 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-205", "Provision_Key": "s717-205", "Heading": "Object of this Subdivision", "Text": "The main object of this Subdivision is to avoid double taxation by transferring from a company (the joining company ) that becomes a * subsidiary member of a * consolidated group at a time (the joining time ) to the * head company of the group the benefit of each of these: (a) the attribution surplus (if any) for an attribution account entity (within the meaning of Part X of the Income Tax Assessment Act 1936 ) in relation to the joining company just before the joining time; (b) the post FIF abolition surplus (if any) (within the meaning of the Income Tax Assessment Act 1936 ) for a FIF attribution account entity (within the meaning of former Part XI of that Act) in relation to the joining company just before the joining time.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 90 of 2002 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-210", "Provision_Key": "s717-210", "Heading": "Attribution surpluses", "Text": "(1) This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if: (a) a company (the joining company ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) just before the joining time there was an attribution surplus for an attribution account entity in relation to the joining company for the purposes of that Part; and (c) just before the joining time the joining company’s attribution account percentage in relation to the attribution account entity for the purposes of that Part was more than nil. Credit in relation to the head company (2) An attribution credit arises at the joining time for the attribution account entity in relation to the * head company of the group. The credit is equal to the attribution surplus. Debit in relation to the joining company (3) An attribution debit arises at the joining time for the attribution account entity in relation to the joining company. The debit is equal to the attribution surplus.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-220", "Provision_Key": "s717-220", "Heading": "FIF surpluses", "Text": "(1) This section operates for the purposes of sections 23AK and 23B of the Income Tax Assessment Act 1936 if: (a) a company (the joining company ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) just before the joining time there was a post FIF abolition surplus for a FIF attribution account entity in relation to the joining company for the purposes of those sections; and (c) just before the joining time, the joining company’s FIF attribution account percentage in relation to the FIF attribution account entity for the purposes of those sections was more than nil. Credit in relation to the head company (2) A post FIF abolition credit arises at the joining time for the FIF attribution account entity in relation to the * head company of the group. The credit is equal to the post FIF abolition surplus. Debit in relation to the joining company (3) A post FIF abolition debit arises at the joining time for the FIF attribution account entity in relation to the joining company. The debit is equal to the post FIF abolition surplus. Definitions (4) In this section: FIF attribution account entity has the same meaning as in former Part XI of the Income Tax Assessment Act 1936 . FIF attribution account percentage has the same meaning as in former Part XI of the Income Tax Assessment Act 1936 . post FIF abolition credit has the same meaning as in the Income Tax Assessment Act 1936 . post FIF abolition debit has the same meaning as in the Income Tax Assessment Act 1936 . post FIF abolition surplus has the same meaning as in the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 90 of 2002 | No 114 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-227", "Provision_Key": "s717-227", "Heading": "Deferred attribution credits", "Text": "(1) This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if: (a) a company (the joining company ) becomes a * subsidiary member of a * consolidated group at a time (the joining time ); and (b) assuming the joining company had not done so, an attribution credit would have arisen under subsection 371(8) of that Act at a later time for an attribution account entity in relation to the joining company for the purposes of that Part. Credit in relation to the head company (2) The attribution credit arises instead at the later time for the attribution account entity in relation to the * head company of the group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-227"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-235", "Provision_Key": "s717-235", "Heading": "What this Subdivision is about", "Text": "Each attribution surplus and post FIF abolition surplus relating to a company that ceases to be a subsidiary member of a consolidated group is transferred to that company from the head company of the group. Table of sections Object 717 ‑ 240 Object of this Subdivision Transfers 717 ‑ 245 Attribution surpluses 717 ‑ 255 FIF surpluses 717 ‑ 262 Deferred attribution credits", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 90 of 2002 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-240", "Provision_Key": "s717-240", "Heading": "Object of this Subdivision", "Text": "The main object of this Subdivision is to avoid double taxation by transferring from the * head company of a * consolidated group to a company (the leaving company ) that ceases to be a * subsidiary member of the group at a time (the leaving time ) the benefit of each of these surpluses (to the extent that each surplus can be attributed to the leaving company): (a) the attribution surplus (if any) for an attribution account entity (within the meaning of Part X of the Income Tax Assessment Act 1936 ) in relation to the head company just before the leaving time; (b) the post FIF abolition surplus (if any) (within the meaning of the Income Tax Assessment Act 1936 ) for a FIF attribution account entity (within the meaning of former Part XI of that Act) in relation to the head company just before the leaving time.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 90 of 2002 | No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-245", "Provision_Key": "s717-245", "Heading": "Attribution surpluses", "Text": "(1) This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if: (a) a company (the leaving company ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) just before the leaving time there was, for the purposes of that Part, an attribution surplus for an attribution account entity in relation to the * head company of the group; and (c) at the leaving time the leaving company’s attribution account percentage in relation to the attribution account entity for the purposes of that Part is more than nil. Credit in relation to leaving company (2) An attribution credit arises at the leaving time for the attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (4). Debit in relation to head company (3) An attribution debit arises at the leaving time for the attribution account entity in relation to the company that was the * head company of the group just before the leaving time. The debit is the amount worked out under subsection (4). Amount of credit and debit (4) The amount of the credit and debit is worked out using the formula:", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-255", "Provision_Key": "s717-255", "Heading": "FIF surpluses", "Text": "(1) This section operates for the purposes of sections 23AK and 23B of the Income Tax Assessment Act 1936 (the 1936 Act ) if: (a) a company (the leaving company ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) just before the leaving time, there was a post FIF abolition surplus for a FIF attribution account entity in relation to the * head company of the group for the purposes of those sections; and (c) at the leaving time, the leaving company’s FIF attribution account percentage in relation to the FIF attribution account entity for the purposes of those sections is more than nil. Credit in relation to the leaving company (2) A post FIF abolition credit arises at the leaving time for the FIF attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (4). Debit in relation to head company (3) A post FIF abolition debit arises at the leaving time for the FIF attribution account entity in relation to the company that was the * head company of the group just before the leaving time. The debit is the amount worked out under subsection (4). Amount of credit and debit (4) The amount of the credit and debit is worked out using the formula: Definitions (5) In this section: FIF attribution account entity has the same meaning as in former Part XI of the Income Tax Assessment Act 1936 . FIF attribution account percentage has the same meaning as in former Part XI of the Income Tax Assessment Act 1936 . post FIF abolition credit has the same meaning as in the Income Tax Assessment Act 1936 . post FIF abolition debit has the same meaning as in the Income Tax Assessment Act 1936 . post FIF abolition surplus has the same meaning as in the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 90 of 2002 | No 114 of 2010", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-262", "Provision_Key": "s717-262", "Heading": "Deferred attribution credits", "Text": "(1) This section operates for the purposes of Part X of the Income Tax Assessment Act 1936 if: (a) a company (the leaving company ) ceases to be a * subsidiary member of a * consolidated group at a time (the leaving time ); and (b) disregarding this section, an attribution credit (the original credit ) will arise under subsection 371(8) of that Act at a later time for an attribution account entity in relation to the * head company of the group (including because of the operation of section 717 ‑ 227) for the purposes of that Part; and (c) at the leaving time the leaving company’s attribution account percentage in relation to the attribution account entity for the purposes of that Part is more than nil. Credit in relation to the leaving company (2) An attribution credit arises at the later time for the attribution account entity in relation to the leaving company. The credit is the amount worked out under subsection (3). Amount of credit (3) The amount of the credit is worked out using the formula: Reduction in credit in relation to the head company (4) The attribution credit that arises at the later time for the attribution account entity in relation to the * head company is reduced by the amount of the attribution credit that arises under subsection (2) in relation to the leaving company.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-262"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-700", "Provision_Key": "s717-700", "Heading": "What this Subdivision is about", "Text": "The head company of a consolidated group is treated for certain purposes as an offshore banking unit at a time when a subsidiary member of the group is an offshore banking unit. Table of sections 717 ‑ 705 Object of this Subdivision 717 ‑ 710 Head company treated as OBU", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-705", "Provision_Key": "s717-705", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to ensure that certain rules in the Income Tax Assessment Act 1936 relating to offshore banking units interact properly with the consolidation regime in this Part.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 717-710", "Provision_Key": "s717-710", "Heading": "Head company treated as OBU", "Text": "(1) Division 9A of Part III of the Income Tax Assessment Act 1936 applies to the * head company of a * consolidated group as if the head company were an OBU (within the meaning of that Division) at a time when a * subsidiary member of the group is an OBU (within the meaning of that Division). (2) Subsection (1) operates for the head company core purposes mentioned in subsection 701 ‑ 1(2) .", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s717-710"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-2", "Provision_Key": "s719-2", "Heading": "Modified application of Part 3 ‑ 90 to MEC groups", "Text": "(1) This Part (other than Division 703 and this Division) has effect in relation to a * MEC group in the same way in which it has effect in relation to a * consolidated group. Note: A provision in this Part (other than in Division 703 or in this Division) mentioning 2 separate consolidated groups will, under subsection (1), have an additional operation when the groups are both MEC groups or when one is a MEC group and the other is a consolidated group. (2) However, that effect is subject to the modifications set out in this Division. (3) For the purposes of subsection (1), a reference in this Part (other than in Division 703 or this Division) to a provision in Division 703 applies as if it referred instead to that provision or the corresponding provision in Subdivision 719 ‑ B (as appropriate).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-2"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-4", "Provision_Key": "s719-4", "Heading": "What this Subdivision is about", "Text": "A MEC group and a potential MEC group each consist of certain Australian ‑ resident entities that are wholly ‑ owned subsidiaries of a foreign top company. A company that is a first ‑ tier subsidiary of the top company is a tier ‑ 1 company. A MEC group cannot be formed unless there are at least 2 tier ‑ 1 companies of the top company that are eligible to be members of the group. A MEC group becomes consolidated at a time chosen by the eligible tier ‑ 1 companies. One of the eligible tier ‑ 1 companies becomes the head company of the group. The remaining members of the group are the subsidiary members. Table of sections Basic concepts 719 ‑ 5 What is a MEC group ? 719 ‑ 10 What is a potential MEC group? 719 ‑ 15 What is an eligible tier ‑ 1 company ? 719 ‑ 20 What is a top company and a tier ‑ 1 company ? 719 ‑ 25 Head company, subsidiary members and members of a MEC group 719 ‑ 30 Treating entities as wholly ‑ owned subsidiaries by disregarding employee shares 719 ‑ 35 Treating entities held through non ‑ fixed trusts as wholly ‑ owned subsidiaries 719 ‑ 40 Special conversion event—potential MEC group 719 ‑ 45 Application of sections 703 ‑ 20 and 703 ‑ 25 Choice to consolidate a potential MEC group 719 ‑ 50 Eligible tier ‑ 1 companies may choose to consolidate a potential MEC group 719 ‑ 55 When choice starts to have effect Provisional head company 719 ‑ 60 Appointment of provisional head company 719 ‑ 65 Qualifications for the provisional head company of a MEC group 719 ‑ 70 Income year of new provisional head company to be the same as that of former provisional head company Head company 719 ‑ 75 Head company Notice of events affecting group 719 ‑ 76 Notice of choice to consolidate 719 ‑ 77 Notice in relation to new eligible tier ‑ 1 members etc. 719 ‑ 78 Notice of special conversion event 719 ‑ 79 Notice of appointment of provisional head company after formation of group 719 ‑ 80 Notice of events affecting MEC group Effects of change of head company 719 ‑ 85 Application 719 ‑ 90 New head company treated as substituted for old head company at all times before the transition time 719 ‑ 95 No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 68 of 2002 | No 117 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-4"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-5", "Provision_Key": "s719-5", "Heading": "What is a MEC group ?", "Text": "When MEC group comes into existence (1) A MEC (multiple entry consolidated) group comes into existence when: (a) a choice, by 2 or more * eligible tier ‑ 1 companies of a * top company, that the * potential MEC group derived from those companies be consolidated starts to have effect under section 719 ‑ 55; or (b) a * special conversion event happens to a potential MEC group derived from an eligible tier ‑ 1 company of a top company. Original members of a MEC group that results from a choice (2) A MEC group that results from a choice by 2 or more companies under section 719 ‑ 50 consists of the potential MEC group derived from time to time from whichever one or more of those companies continue to be eligible tier ‑ 1 companies of the top company. This subsection has effect subject to subsection (4) (which deals with new eligible tier ‑ 1 members). Original members of a MEC group that results from a special conversion event (3) A MEC group that results from a special conversion event consists of the potential MEC group derived from time to time from whichever one or more of the following companies continue to be eligible tier ‑ 1 companies of the top company: (a) the company mentioned in paragraph 719 ‑ 40(1)(b); (b) the companies specified in the notice under paragraph 719 ‑ 40(1)(e). This subsection has effect subject to subsection (4) (which deals with new eligible tier ‑ 1 members). New eligible tier ‑ 1 members of a MEC group (4) If: (a) a MEC group consists of the members of a potential MEC group derived from one or more eligible tier ‑ 1 companies of a top company; and (b) at a particular time after the MEC group came into existence, one or more other companies become eligible tier ‑ 1 companies of the top company; and (c) the * provisional head company of the MEC group makes a choice in writing no later than the day mentioned in subsection (6): (i) specifying one or more of the companies mentioned in paragraph (b); and (ii) stating that the specified companies are to become members of the MEC group with effect from that time; and (d) if: (i) a company specified in the choice was a member of another MEC group immediately before that time; and (ii) all of the eligible tier ‑ 1 companies in that other MEC group became eligible tier ‑ 1 companies of the top company at that time; each eligible tier ‑ 1 company in that other MEC group is specified in the choice; then, with effect from that time, the MEC group mentioned in paragraph (a) is taken to consist of the potential MEC group derived from time to time from whichever one or more of the following companies continue to be eligible tier ‑ 1 companies of the top company: (e) the companies mentioned in paragraph (a); (f) the companies specified in the choice. Note: The provisional head company of the group must give the Commissioner a notice in the approved form containing information about each entity that becomes a subsidiary member of the group on that day because of the choice (see sections 719 ‑ 77 and 719 ‑ 80). (5) To avoid doubt, paragraph (4)(a) applies to a MEC group even if the composition of the group has been worked out because of one or more previous applications of subsection (4). (6) The day mentioned in paragraph (4)(c) is: (a) if the company mentioned in subsection (6A) is required to give the Commissioner its * income tax return for the income year during which the time mentioned in paragraph (4)(b) occurs—the day on which that company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which that company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return. (6A) The company is: (a) in a case where subsection 719 ‑ 75(1) or (2) applies—the company that will be the * head company of the group as at the end of the income year; and (b) in a case where subsection 719 ‑ 75(3) applies—the company that will be the head company of the group immediately before the group ceased to exist. Continued existence of MEC group (7) If a MEC group (the first MEC group ) consists of the members of a potential MEC group derived from one or more eligible tier ‑ 1 companies of a top company, the first MEC group continues to exist until: (a) the potential MEC group ceases to exist; or (b) there is a change in the identity of the top company, and the eligible tier ‑ 1 companies that were members of the first MEC group immediately before the change become members of another MEC group immediately after the change; or (c) there ceases to be a provisional head company of the first MEC group. The first MEC group ceases to exist when one of those events happens. Note: Subsection 719 ‑ 10(7) sets out the circumstances in which the potential MEC group ceases to exist.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-10", "Provision_Key": "s719-10", "Heading": "What is a potential MEC group?", "Text": "(1) A potential MEC group derived from one or more * eligible tier ‑ 1 companies of a * top company consists of the following members: (a) those eligible tier ‑ 1 companies; (b) all of the other entities (if any) which: (i) meet the requirements of the table; or (ii) are entities for which the requirements in section 701C ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 are met; or (iii) are entities for which the requirements in section 701C ‑ 15 of the Income Tax (Transitional Provisions) Act 1997 are met. Requirements for other entities Column 1 Income tax treatment requirements Column 2 Australian residence requirements Column 3 Ownership requirements The entity must be a company, trust or partnership and, if it is a company, all or some of its taxable income (if any) must have been taxable at a rate that is or equals the * corporate tax rate apart from this Part The entity must not be covered by an item in the table in section 703 ‑ 20 The entity must not be a non ‑ profit company (as defined in the Income Tax Rates Act 1986 ) The entity must: (a) be an Australian resident (but not a * prescribed dual resident), if it is a company; or (b) meet the conditions in item 1, 2 or 3 of the table in section 703 ‑ 25, if it is a trust; or (c) be a partnership The entity must be: (a) a * wholly ‑ owned subsidiary of any of those * eligible tier ‑ 1 companies; or (b) an entity that would be covered by paragraph (a), if it were assumed that all of the membership interests that are beneficially owned by any of those eligible tier ‑ 1 companies were owned by a single one of those eligible tier ‑ 1 companies (2) For the purposes of column 3 of the table, if there are one or more entities interposed between an entity (the test entity ) and an eligible tier ‑ 1 company, the test entity can be a wholly ‑ owned subsidiary of the eligible tier ‑ 1 company only if each of the interposed entities: (a) meets the conditions in columns 1 and 2 of the table; or (b) holds membership interests only as a nominee of one or more entities each of which is: (i) an eligible tier ‑ 1 company of the top company; or (ii) a wholly ‑ owned subsidiary of an eligible tier ‑ 1 company of the top company, being a subsidiary that meets the conditions in columns 1 and 2 of the table. (3) For the purposes of subparagraph (2)(b)(ii), in determining whether an entity is a wholly ‑ owned subsidiary of an eligible * tier ‑ 1 company of the * top company, assume that all of the * membership interests that are beneficially owned by eligible tier ‑ 1 companies of the top company were owned by a single eligible tier ‑ 1 company of the top company. Only one eligible tier ‑ 1 company in a potential MEC group (6) To avoid doubt, if: (a) there is only one * eligible tier ‑ 1 company of a * top company; and (b) there are no entities which meet the requirements of the table in subsection (1); and (c) there are no entities for which the requirements mentioned in subparagraph (1)(b)(ii) are met; and (d) there are no entities for which the requirements mentioned in subparagraph (1)(b)(iii) are met; the * potential MEC group derived from the eligible tier ‑ 1 company consists of the eligible tier ‑ 1 company alone. When potential MEC group ceases to exist (7) If a * potential MEC group is derived from one or more * eligible tier ‑ 1 companies of a * top company, the potential MEC group ceases to exist when: (a) none of those companies are eligible tier ‑ 1 companies of the top company; or (b) there is a change in the identity of the top company, and the eligible tier ‑ 1 companies that were members of the group immediately before the change are not the same as the eligible tier ‑ 1 companies that are members of the group immediately after the change. Continuity of potential MEC group (8) If: (a) a * potential MEC group is derived from one or more * eligible tier ‑ 1 companies of a * top company; and (b) there is a change in the identity of the top company in relation to the potential MEC group; and (c) the eligible tier ‑ 1 companies that were members of the group immediately before the change are the same as the eligible tier ‑ 1 companies that are members of the group immediately after the change; the change does not affect the continuity of: (d) the group; or (e) the status of any of those companies as eligible tier ‑ 1 companies of the top company.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 68 of 2002 | No 67 of 2003 | No 97 of 2008", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-15", "Provision_Key": "s719-15", "Heading": "What is an eligible tier ‑ 1 company ?", "Text": "(1) A * tier ‑ 1 company of a * top company is an eligible tier ‑ 1 company if subsection (2) does not apply to the tier ‑ 1 company. (2) This subsection applies to a * tier ‑ 1 company if: (a) there are one or more entities interposed between the tier ‑ 1 company and the * top company; and (b) the conditions in subsection (3) are satisfied in relation to at least one of those interposed entities. (3) For the purposes of paragraph (2)(b), the conditions are as follows: (a) the interposed entity must be one of the following: (i) a company that is a foreign resident; (ii) a * prescribed dual resident; (iii) a trust that does not meet the conditions in item 1, 2 or 3 of the table in section 703 ‑ 25; (iv) a trust that meets the conditions in item 1, 2 or 3 of the table in section 703 ‑ 25 and is not a * wholly ‑ owned subsidiary of another * tier ‑ 1 company of the * top company; (v) an entity covered by an item in the table in section 703 ‑ 20; (vi) a company that is an Australian resident, where no part of its taxable income (if any) would be taxable at a rate that is or equals the * general company rate; (vii) a non ‑ profit company (as defined in the Income Tax Rates Act 1986 ) that is a wholly ‑ owned subsidiary of another tier ‑ 1 company of the top company; (b) the interposed entity must not hold * membership interests only as nominee of one or more entities each of which is: (i) another tier ‑ 1 company of the top company; or (ii) an entity that is a wholly ‑ owned subsidiary of another tier ‑ 1 company of the top company; (c) at least one of the following entities must hold a membership interest in the interposed entity: (i) another tier ‑ 1 company of the top company; (ii) a wholly ‑ owned subsidiary of another tier ‑ 1 company of the top company; (iii) an entity that holds membership interests only as a nominee of one or more entities each of which is mentioned in subparagraph (i) or (ii). (4) For the purposes of subparagraphs (3)(a)(iv) and (vii) and paragraphs (3)(b) and (c), in determining whether an entity is a wholly ‑ owned subsidiary of another * tier ‑ 1 company of the * top company, assume that all of the * membership interests that are beneficially owned by tier ‑ 1 companies of the top company were owned by a single tier ‑ 1 company of the top company.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-20", "Provision_Key": "s719-20", "Heading": "What is a top company and a tier ‑ 1 company ?", "Text": "(1) At a particular time, a company is: (a) a top company if the requirements in item 1 of the table are met; or (b) a tier ‑ 1 company of the top company if the requirements in item 2 of the table are met. Top companies and tier ‑ 1 companies Column 1 Kind of entity Column 2 Income tax treatment requirements Column 3 Residence requirements Column 4 Ownership requirements 1 Top company No specific requirements The company must be a foreign resident The company must not be a * wholly ‑ owned subsidiary of another company (other than a company that is a * prescribed dual resident, or a company that is an Australian resident that fails to meet a condition in column 2 of item 2) 2 Tier ‑ 1 company The company must have all or some of its taxable income (if any) taxed at a rate that is or equals the * corporate tax rate apart from this Part The company must not be covered by an item in the table in section 703 ‑ 20 The company must be an Australian resident (but not a * prescribed dual resident) The company: (a) must be a * wholly ‑ owned subsidiary of the * top company; and (b) must not be a wholly ‑ owned subsidiary of a company that is an Australian resident (other than a company that fails to meet a condition in column 2 or 3) (2) For the purposes of paragraph (b) of column 4 of item 2 of the table, in determining whether a company (the test company) is a * tier ‑ 1 company, if 2 or more other companies beneficially own all of the * membership interests in the test company, and each of those other companies: (a) is a * wholly ‑ owned subsidiary of the * top company; and (b) meets the conditions in columns 2 and 3 of item 2 of the table; the test company is taken to be a wholly ‑ owned subsidiary of one of those other companies.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 68 of 2002 | No 97 of 2008", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-25", "Provision_Key": "s719-25", "Heading": "Head company, subsidiary members and members of a MEC group", "Text": "(1) The head company of a * MEC group is worked out under section 719 ‑ 75. (2) The remaining members of the group are the subsidiary members of the group. (3) The members of a * MEC group are the * head company of the group and the * subsidiary members of the group.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-30", "Provision_Key": "s719-30", "Heading": "Treating entities as wholly ‑ owned subsidiaries by disregarding employee shares", "Text": "(1) The object of this section is to ensure that an entity is not prevented from being a * wholly ‑ owned subsidiary of another entity, just because there are minor holdings of * membership interests in an entity issued under * arrangements for employee shareholdings. (2) For the purposes of this Division, in determining whether an entity is a * wholly ‑ owned subsidiary of another entity, disregard: (a) particular * shares in a company if the shares are covered by subsection (3) and the total number of those shares is not more than 1% of the number of ordinary shares in the company; and (b) particular * membership interests in an entity if the membership interests are covered by subsection (5) and the total number of those membership interests is not more than 1% of the number of membership interests of that kind in the entity. (3) A * share or * membership interest in a company is covered by this subsection if: (a) the entity who holds the beneficial interest in the share or membership interest acquired that beneficial interest: (i) under an * employee share scheme; or (ii) by exercising a right, a beneficial interest in which was acquired under an employee share scheme; and (b) paragraphs 83A ‑ 105(1)(a) and (b) and subsection 83A ‑ 105(2) apply to the beneficial interest acquired under the scheme; and (c) in the case of a membership interest—the interest is part of a stapled security.", "Amendment_Count": 3, "First_Amended": "No 68 of 2002", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 68 of 2002 | No 56 of 2007 | No 133 of 2009", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-35", "Provision_Key": "s719-35", "Heading": "Treating entities held through non ‑ fixed trusts as wholly ‑ owned subsidiaries", "Text": "(1) This section operates to ensure that an entity (the test entity ) is not prevented from being a * wholly ‑ owned subsidiary of a company, just because there is a trust that is not a * fixed trust interposed between the test entity and the company. (2) For the purposes of this Division, in determining whether the test entity is a * wholly ‑ owned subsidiary of the company, assume that the interposed trust is a * fixed trust and all its objects are beneficiaries.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-40", "Provision_Key": "s719-40", "Heading": "Special conversion event—potential MEC group", "Text": "(1) A special conversion event happens at a particular time to a * potential MEC group derived from an * eligible tier ‑ 1 company of a * top company if: (a) at that time, the group is not a * MEC group as a result of a choice under section 719 ‑ 50; and (b) immediately before that time, a company is: (i) that eligible tier ‑ 1 company; and (ii) the * head company of a * consolidated group; and (c) at that time, one or more other companies become eligible tier ‑ 1 companies of the top company; and (d) immediately after that time, no * membership interests in the company mentioned in paragraph (b) are beneficially owned by another member of the potential MEC group derived from: (i) the company mentioned in paragraph (b); and (ii) the companies mentioned in paragraph (c); and (e) the company mentioned in paragraph (b) makes a choice in writing no later than the day mentioned in subsection (2): (i) specifying one or more of the companies mentioned in paragraph (c); and (ii) stating that a MEC group is to come into existence at that time as a result of the specified companies becoming eligible tier ‑ 1 companies of the top company; and (f) if: (i) a company specified in the choice was a member of another MEC group immediately before that time; and (ii) all of the eligible tier ‑ 1 companies in that other MEC group became eligible tier ‑ 1 companies of the top company at that time; each eligible tier ‑ 1 company in that other MEC group is specified in the choice. Note: The company mentioned in paragraph (b) must give the Commissioner a notice in the approved form containing information about the special conversion event (see sections 719 ‑ 78 and 719 ‑ 80). (2) The day mentioned in paragraph (1)(e) is: (a) if the company is required to give the Commissioner its * income tax return for the income year during which that time occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 68 of 2002 | No 117 of 2002 | No 56 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-45", "Provision_Key": "s719-45", "Heading": "Application of sections 703 ‑ 20 and 703 ‑ 25", "Text": "(1) For the purposes of this Division, if an item in section 703 ‑ 20 refers to an income year, an entity is covered by that item at a particular time if, and only if, that time is in that income year. (2) For the purposes of this Division, if a condition in item 1, 2 or 3 of the table in section 703 ‑ 25 refers to an income year, an entity meets that condition at a particular time if, and only if, that time is in that income year.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-50", "Provision_Key": "s719-50", "Heading": "Eligible tier ‑ 1 companies may choose to consolidate a potential MEC group", "Text": "Making a choice to consolidate (1) If: (a) a * potential MEC group (the first group ) derived from 2 or more * eligible tier ‑ 1 companies of a * top company is in existence at the start of a particular day; and (b) that day is after 30 June 2002; and (c) none of those eligible tier ‑ 1 companies is already a member of a * MEC group or a * consolidated group; those eligible tier ‑ 1 companies, jointly, may make a choice in writing that the first group be consolidated on and after that day. If they do so, the choice must specify that day. Note: The provisional head company must give the Commissioner a notice in the approved form containing information about the group (see sections 719 ‑ 76 and 719 ‑ 80). Choice cannot be revoked or specified day amended (2) A choice cannot be revoked and the specification of the day cannot be amended. (3) A choice can be made no later than: (a) if the company mentioned in subsection (3A) is required to give the Commissioner its * income tax return for the income year during which that day occurs—the day on which that company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which that company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return. (3A) The company is: (a) in a case where subsection 719 ‑ 75(1) or (2) applies—the company that will be the * head company of the group as at the end of the income year; and (b) in a case where subsection 719 ‑ 75(3) applies—the company that will be the head company of the group immediately before the group ceased to exist. Company ceases to be an eligible tier ‑ 1 company before choice is given to the Commissioner (4) If: (a) as a result of a choice: (i) subsection 719 ‑ 75(1), (2) or (3) would apply to the * MEC group concerned in relation to the * income year of a company in which the specified day occurred; and (ii) in a case where subsection 719 ‑ 75(1) or (2) applies—the company will be the * head company of the group as at the end of the income year; and (iii) in a case where subsection 719 ‑ 75(3) applies—the company will be the * head company of the group immediately before the group ceased to exist; and (b) another company (the other company ) that was an eligible tier ‑ 1 company at the start of the specified day ceased to exist at a time before: (i) the day on which the company mentioned in paragraph (a) gives the Commissioner its * income tax return for the income year during which the day specified in the choice occurs; or (ii) the last day in the period within which the company mentioned in paragraph (a) would be required to give the Commissioner such a return if it were required to give the Commissioner such a return; and (c) having regard to all relevant circumstances, it would be reasonable to conclude that the other company would have been a party to the choice if the other company had continued to exist; the other company is taken to have authorised the company that will be the head company as mentioned in subparagraph (a)(ii) or (iii): (d) to make the choice on behalf of the other company; and (e) to do, on behalf of the other company, anything else under: (i) subsection (1) of this section; or (ii) subsection 719 ‑ 60(1) or (3).", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 68 of 2002 | No 56 of 2010 | No 14 of 2012 | No 18 of 2012 | No 96 of 2014 | No 43 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 18 of 2012, effective Sch 5 (items 2–5) and Sch 6 (item 8): 1 July 2012 (s 2(1) items 11, 14) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 43 of 2019, effective Sch 2 (items 79–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-55", "Provision_Key": "s719-55", "Heading": "When choice starts to have effect", "Text": "A choice under section 719 ‑ 50 is taken to have started to have effect on the day specified in the choice.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Repealed and substituted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-60", "Provision_Key": "s719-60", "Heading": "Appointment of provisional head company", "Text": "Appointment on formation of group—choice (1) If companies make a choice under section 719 ‑ 50, the choice must include an appointment, made jointly by the companies, of one of those companies to be the provisional head company of the * MEC group concerned. The appointment comes, or is taken to have come, into force at the time when the choice starts or started to have effect. Appointment on formation of group—special conversion event (2) If a * special conversion event happens to a * potential MEC group, the * eligible tier ‑ 1 companies that were the members of the MEC group that resulted from the event are taken to have appointed the company mentioned in paragraph 719 ‑ 40(1)(b) as the provisional head company of the * MEC group. The appointment is taken to have come into force when the event happened. Appointment after formation of group (3) If a * cessation event happens to the * provisional head company of a * MEC group, the * eligible tier ‑ 1 companies that are or were members of the MEC group immediately after the cessation event may make a choice in writing, jointly appointing one of those companies to be the provisional head company of the group. The appointment is taken to have come into force immediately after the cessation event. Qualifications for provisional head company (4) An appointment of a company under subsection (1) or (3) as the * provisional head company of a * MEC group has no effect unless, at the time the appointment comes into force, the company is qualified to be the * provisional head company of the MEC group under section 719 ‑ 65. Appointment remains in force until cessation event (5) The appointment of a company as the * provisional head company of a * MEC group remains in force until a * cessation event happens to the company. What is a cessation event? (6) A cessation event happens to a * provisional head company of a * MEC group if: (a) the company ceases to be qualified to be the * provisional head company of the group under section 719 ‑ 65; or (b) the company ceases to exist.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-65", "Provision_Key": "s719-65", "Heading": "Qualifications for the provisional head company of a MEC group", "Text": "Qualifications for the provisional head company (1) A company is qualified to be the * provisional head company of a * MEC group if: (a) the company is an * eligible tier ‑ 1 company of the * top company; and (b) no * membership interests in the company are beneficially owned by another member of the group. (2) Subsection (1) has effect subject to subsection (3). Period during which new provisional head company must have been a member of the group (3) If: (a) a company (the new company ) is to be appointed as the * provisional head company of a * MEC group under subsection 719 ‑ 60(3); and (b) the appointment will come into force immediately after a * cessation event happens to the former provisional head company of the group; and (c) a company (the original company ) (which may be the former provisional head company) was appointed as the provisional head company of the group under subsection 719 ‑ 60(1) or (2); the new company is not qualified to be the provisional head company of the group unless the new company has been a member of the group at all times during the period: (d) beginning at whichever of the following times is applicable: (i) if the cessation event happened in the income year of the original company in which the group came into existence—the time when the group came into existence; (ii) in any other case—the start of the income year of the former provisional head company in which the cessation event happened; and (e) ending when the cessation event happened.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-70", "Provision_Key": "s719-70", "Heading": "Income year of new provisional head company to be the same as that of former provisional head company", "Text": "If: (a) a company (the new company ) is appointed as the * provisional head company of a * MEC group under subsection 719 ‑ 60(3); and (b) the appointment comes into force immediately after a * cessation event happens to the former provisional head company of the group; then: (c) if, for the income year in which the cessation event happened, the former provisional head company had not adopted an accounting period in place of the financial year concerned—the new company is taken not to have adopted an accounting period in place of that financial year; or (d) if, for the income year in which the cessation event happened, the former provisional head company had adopted an accounting period in place of the financial year concerned—the new company is taken to have adopted an accounting period in place of that financial year that is the same as the accounting period adopted by the former provisional head company.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-75", "Provision_Key": "s719-75", "Heading": "Head company", "Text": "Group in existence throughout income year (1) If: (a) a company is the * provisional head company of a * MEC group at the end of the income year of the company; and (b) the group was in existence throughout the income year; the company is the head company of the group at all times during the income year. Group comes into existence in income year (2) If: (a) a company is the * provisional head company of a * MEC group at the end of the income year of the company; and (b) the group is in existence at the end of the income year; and (c) the group came into existence in the income year; that company is the head company of the group at all times during the period: (d) beginning when the group came into existence; and (e) ending at the end of the income year. Group ceases to exist in income year (3) If: (a) a * MEC group ceases to exist in an income year of a company; and (b) the company was the * provisional head company of the group immediately before the group ceased to exist; that company is the head company of the group at all times during the period: (c) beginning at whichever is the later of: (i) the start of the income year; and (ii) the time the group came into existence; and (d) ending at the time when the group ceased to exist.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-76", "Provision_Key": "s719-76", "Heading": "Notice of choice to consolidate", "Text": "(1) This section applies if: (a) a * MEC group comes into existence on the day specified in a choice under section 719 ‑ 50; and (b) subsection 719 ‑ 75(1), (2) or (3) would apply to the MEC group in relation to the * income year of a company in which the specified day occurred; and (c) in a case where subsection 719 ‑ 75(1) or (2) applies—the company will be the * head company of the group as at the end of the income year; and (d) in a case where subsection 719 ‑ 75(3) applies—the company will be the head company of the group immediately before the group ceased to exist. (2) The company must give the Commissioner a notice in the * approved form containing the following information: (a) the identity of the company; (b) the day specified in the choice on which the * MEC group comes into existence; (c) the identity of each * eligible tier ‑ 1 company of the * top company in relation to the MEC group on that day; (d) the identity of each * subsidiary member of the group on that day; (e) the identity of each entity that was a subsidiary member of the group on that day but was not such a subsidiary member when the notice is given; (f) the identity of each entity that was not a subsidiary member of the group on that day but was such a subsidiary member when the notice is given; (g) the identity of each entity that became a subsidiary member of the group after that day but was not such a subsidiary member when the notice is given. (3) The notice must be given no later than: (a) if the company is required to give the Commissioner its * income tax return for the income year during which that day occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-76"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-77", "Provision_Key": "s719-77", "Heading": "Notice in relation to new eligible tier ‑ 1 members etc.", "Text": "(1) This section applies if: (a) a * MEC group consists of the members of a * potential MEC group derived from one or more * eligible tier ‑ 1 companies of a * top company; and (b) one or more other companies become eligible tier ‑ 1 companies of the top company at a time because of a choice under subsection 719 ‑ 5(4). (2) The * head company of the * MEC group must give the Commissioner a notice in the * approved form containing the following information: (a) the identity of the head company; (b) the time mentioned in paragraph (1)(b); (c) the identity of each entity that became an * eligible tier ‑ 1 company of the * top company in relation to the MEC group at that time because of the choice; (d) the identity of each entity that became a * subsidiary member of the group at that time because of the choice; (e) the identity of each entity that was a subsidiary member of the group at that time but was not such a subsidiary member when the notice is given. (3) The notice must be given no later than: (a) if the * head company is required to give the Commissioner its * income tax return for the income year during which that time occurs—the day on which the head company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the head company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-77"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-78", "Provision_Key": "s719-78", "Heading": "Notice of special conversion event", "Text": "(1) This section applies if a * MEC group comes into existence at the time because of a choice under paragraph 719 ‑ 40(e). (2) The company mentioned in paragraph 719 ‑ 40(b) must give the Commissioner a notice in the * approved form containing the following information: (a) the identity of the company; (b) the time at which the * MEC group comes into existence; (c) the identity of each * eligible tier ‑ 1 company of the * top company in relation to the MEC group on that day; (d) the identity of each * subsidiary member of the group at that time; (e) the identity of each entity that was a subsidiary member of the group at that time but was not such a subsidiary member when the notice is given; (f) the identity of each entity that was not a subsidiary member of the group at that time but was such a subsidiary member when the notice is given; (g) the identity of each entity that became a subsidiary member of the group after that time but was not such a subsidiary member when the notice is given. (3) The notice must be given no later than: (a) if the company is required to give the Commissioner its * income tax return for the income year during which that time occurs—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the company would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-78"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-79", "Provision_Key": "s719-79", "Heading": "Notice of appointment of provisional head company after formation of group", "Text": "(1) This section applies if an entity is appointed to be the * provisional head company of a * MEC group because of a choice under subsection 719 ‑ 60(3). (2) The * provisional head company must give the Commissioner a notice in the * approved form containing the following information: (a) the identity of the provisional head company; (b) the day on which the choice was made; (c) the day on which the * cessation event mentioned in subsection 719 ‑ 60(3) occurs. (3) The notice must be given no later than: (a) if: (i) the group came into existence because of a choice under section 719 ‑ 50; and (ii) the event happens more than 28 days before a notice under section 719 ‑ 76 in relation to the choice is given; the day on which the notice mentioned in subparagraph (ii) is given; or (b) in any other case—28 days after the * cessation event.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-79"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-80", "Provision_Key": "s719-80", "Heading": "Notice of events affecting MEC group", "Text": "(1) If an event (the notifiable event ) described in column 2 of an item of the table happens in relation to a * MEC group, the entity described in column 3 of the item must give the Commissioner notice in the * approved form of the notifiable event. Notice of events Column 1 Item Column 2 If this event happens: Column 3 Notice must be given by: 1. An entity becomes a member of a * MEC group The * provisional head company of the group 2. An entity ceases to be a member of a MEC group The provisional head company of the group 3. A * cessation event happens to the * provisional head company of a MEC group The company, or the person (if any) who was its public officer just before it ceased to exist if the company ceased to be the provisional head company because it ceases to exist (2) The entity described in column 3 of the relevant item must give notice of the notifiable event: (a) if: (i) the group came into existence because of a choice under section 719 ‑ 50; and (ii) the notifiable event happens before the relevant notice is given to the Commissioner under section 719 ‑ 76 (notice of choice to consolidate); no later than the day mentioned in subsection (3); or (b) if: (i) the group results from a * special conversion event; and (ii) a choice under section 703 ‑ 50 is made in relation to the * consolidated group mentioned in paragraph 719 ‑ 40(1)(b); and (iii) the notifiable event happens before the relevant notice is given to the Commissioner under section 703 ‑ 58 (notice of choice to consolidate); no later than the day mentioned in subsection (3); or (c) in any other case—within 28 days after the notifiable event. (3) The day is: (a) if the entity is required to give the Commissioner its * income tax return for the income year during which the notifiable event happens—the day on which the company gives the Commissioner that income tax return; or (b) otherwise—the last day in the period within which the entity would be required to give the Commissioner such a return if it were required to give the Commissioner such a return.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 68 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-85", "Provision_Key": "s719-85", "Heading": "Application", "Text": "Sections 719 ‑ 90 to 719 ‑ 95 set out the effects if: (a) a company (the old head company ) is the * head company of a * MEC group at the end of an income year; and (b) a different company (the new head company ) is the head company of the group at the start of the next income year (the transition time ). Note: This case can arise from the operation of section 719 ‑ 75, which treats an entity that is the provisional head company of the group at a certain time in the income year as being the group’s head company at all times in the income year when the group is in existence. The old head company is also taken to become a subsidiary member of the group at the transition time, and the new head company is taken to cease being a subsidiary member at that time. Section 719 ‑ 95 ensures that these results do not change the tax position of the group.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-90", "Provision_Key": "s719-90", "Heading": "New head company treated as substituted for old head company at all times before the transition time", "Text": "(1) Everything that happened in relation to the old head company before the transition time is taken to have happened in relation to the new head company instead, just as if the new head company had been the old head company at all times before the transition time. Note: This section treats the new head company as having in effect assumed the identity of the old head company throughout the period before the transition time, but without affecting any of the other attributes of the old head company. (2) To avoid doubt, subsection (1) also covers everything that, immediately before the transition time, was taken, because of: (a) section 701 ‑ 1 (Single entity rule); or (b) section 701 ‑ 5 (Entry history rule); or (c) section 703 ‑ 75 (about the effects of choice to continue consolidated group after shelf company becomes new head company); or (ca) section 719 ‑ 125 (about the effects of a group conversion involving a MEC group); or (d) one or more previous applications of this section; to have happened in relation to the old head company. (3) Subsections (1) and (2) have effect: (a) for the head company core purposes in relation to an income year ending after the transition time; and (b) for the entity core purposes in relation to an income year ending after the transition time. (4) Subsections (1) and (2) have effect subject to: (a) section 701 ‑ 40 (Exit history rule); and (b) a provision of this Act to which section 701 ‑ 40 is subject because of section 701 ‑ 85 (about exceptions to the core rules in Division 701). Note: An example of provisions covered by paragraph (b) of this subsection is section 707 ‑ 410, which ensures that section 701 ‑ 40 (Exit history rule) does not result in a leaving entity inheriting a loss of any sort.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 117 of 2002 | No 56 of 2010", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-95", "Provision_Key": "s719-95", "Heading": "No consequences of old head company becoming, and new head company ceasing to be, subsidiary member of the group", "Text": "(1) A provision of this Part that applies on an entity becoming a * subsidiary member of a * MEC group does not apply to an entity being taken to have become such a member because the entity stopped being the * head company of the group as mentioned in section 719 ‑ 85, unless the provision is expressed to apply despite this subsection. Note: An example of the effect of this subsection is that section 701 ‑ 5 (Entry history rule) does not apply. See instead section 719 ‑ 90. (2) To avoid doubt, subsection (1) does not affect the application of subsection 701 ‑ 1(1) (the single entity rule). (3) A provision of this Part that applies on an entity ceasing to be a * subsidiary member of a * MEC group does not apply to an entity being taken to cease being such a member because the entity became the * head company of the group as mentioned in section 719 ‑ 85, unless the provision is expressed to apply despite this subsection. Note: An example of the effect of this subsection is that section 701 ‑ 40 (Exit history rule) does not apply. See instead section 719 ‑ 90.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-120", "Provision_Key": "s719-120", "Heading": "Application", "Text": "(1) This Subdivision applies if, at a particular time (the conversion time ): (a) a * consolidated group (the new group ) is * created from a * MEC group (the old group ); or (b) a MEC group (the new group ) is created from a consolidated group (the old group ). (2) However, sections 719 ‑ 130 and 719 ‑ 135 apply only in relation to entities that: (a) were * members of the old group just before the conversion time; and (b) are members of the new group at that time.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-125", "Provision_Key": "s719-125", "Heading": "Head company of new group retains history of head company of old group", "Text": "(1) Everything that happened in relation to the * head company of the old group before the conversion time is taken instead to have happened in relation to: (a) if the head company of the old group is the same entity as the head company of the new group—that entity in its role as head company of the new group; or (b) otherwise—the head company of the new group (just as if the head company of the new group had been the head company of the old group at all times before the conversion time). (2) To avoid doubt, subsection (1) also covers everything that, immediately before the conversion time, was taken to have happened in relation to the * head company of the old group because of: (a) section 701 ‑ 1 (the single entity rule); or (b) section 701 ‑ 5 (the entry history rule); or (c) section 703 ‑ 75 (about the effects of choice to continue * consolidated group after shelf company becomes new head company); or (d) section 719 ‑ 90 (about the effects of a change of head company of a * MEC group); or (e) one or more previous applications of this Division. (3) Subsections (1) and (2) have effect: (a) for the * head company core purposes in relation to an income year ending after the conversion time; and (b) for the entity core purposes in relation to an income year ending after the conversion time; and (c) for the purposes of determining the balance of the * franking account of the head company of the new group at and after the conversion time. (4) Subsections (1) and (2) have effect subject to: (a) section 701 ‑ 40 (Exit history rule); and (b) a provision of this Act to which section 701 ‑ 40 is subject because of section 701 ‑ 85 (about exceptions to the core rules in Division 701). Note: An example of provisions covered by paragraph (b) of this subsection is Subdivision 717 ‑ E (about transferring to a company leaving a consolidated group various surpluses under the CFC rules in Part X of the Income Tax Assessment Act 1936 ).", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-130", "Provision_Key": "s719-130", "Heading": "Provisions of this Part not to apply to conversion", "Text": "(1) A provision mentioned in subsection (5) that applies on an entity becoming a * member of a * consolidated group or * MEC group does not apply to an entity becoming such a member because of a situation described in subsection 719 ‑ 120(1), unless the provision is expressed to apply despite this subsection. Note 1: An example of the effect of this subsection is that section 701 ‑ 5 (entry history rule) does not apply. See instead section 719 ‑ 125. Note 2: Further examples of the effect of this subsection are that Division 705 (cost setting on entry) and Division 707 (losses) do not apply. (2) Subsection (1) does not affect the application of subsection 701 ‑ 1(1) (the single entity rule). (3) A provision mentioned in subsection (5) that applies on an entity ceasing to be a * member of a * consolidated group or * MEC group does not apply to an entity ceasing being such a member because of a situation described in subsection 719 ‑ 120(1), unless the provision is expressed to apply despite this subsection. Note 1: An example of the effect of this subsection is that section 701 ‑ 40 (Exit history rule) does not apply. See instead section 719 ‑ 125. Note 2: Another example of the effect of this subsection is that Division 711 (cost setting on exit) does not apply. (4) Subsection (3) does not apply if: (a) the old group mentioned in subsection 719 ‑ 120(1) is a * consolidated group; and (b) the new group mentioned in subsection 719 ‑ 120(1) is a * MEC group; and (c) the entity ceasing to be a * member of the old group becomes an * eligible tier ‑ 1 company in respect of the new group. (5) The provisions are as follows: (a) Subdivision 104 ‑ L; (b) section 165 ‑ 212E; (c) this Part (other than this Subdivision); (d) Part 3 ‑ 90 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-135", "Provision_Key": "s719-135", "Heading": "Provisions of this Part applying to conversion despite section 719 ‑ 130", "Text": "(1) This section applies despite subsections 719 ‑ 130(1) and (3). (2) If the new group is a * consolidated group, the following provisions may apply on an entity ceasing to be a * member of the old group: (a) Subdivision 719 ‑ K; (b) any other provision of this Part, to the extent that the application of the provision is necessary for the application of Subdivision 719 ‑ K.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-140", "Provision_Key": "s719-140", "Heading": "Other provisions of this Part not applying to conversion", "Text": "If the new group is a * consolidated group, the following provisions do not apply merely because the old group ceases to exist at the conversion time (or merely because the * potential MEC group of which the old group consisted ceases to exist at that time): (a) section 719 ‑ 280; (b) section 719 ‑ 465; (c) section 719 ‑ 705; (d) section 719 ‑ 725; (e) any other provision of this Part, to the extent that the application of the provision is necessary for the application of any of those sections.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-150", "Provision_Key": "s719-150", "Heading": "What this Subdivision is about", "Text": "When an entity (other than an eligible tier ‑ 1 company) becomes a subsidiary member of a MEC group, the tax cost of its assets is set at a tax cost setting amount that is worked out in accordance with Divisions 701 and 705 as modified by this Subdivision. Assets of eligible tier ‑ 1 companies becoming members of a MEC group do not have their tax cost set. Table of sections Application and object 719 ‑ 155 Object of this Subdivision Modified application of tax cost setting rules for joining 719 ‑ 160 Tax cost setting rules for joining have effect with modifications 719 ‑ 165 Trading stock value and registered emissions unit value not set for assets of eligible tier ‑ 1 companies 719 ‑ 170 Modified effect of subsections 705 ‑ 175(1) and 705 ‑ 185(1)", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-155", "Provision_Key": "s719-155", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to modify the tax cost setting rules in Divisions 701 and 705 so that they take account of the special characteristics of * MEC groups.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 117 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-160", "Provision_Key": "s719-160", "Heading": "Tax cost setting rules for joining have effect with modifications", "Text": "(1A) This section applies if an entity (the MEC joining entity ) becomes a * subsidiary member of a * MEC group at a time (the MEC joining time ). (1) This section has effect for the head company core purposes set out in subsection 701 ‑ 1(2). General modifying rule (2) The provisions mentioned in subsection (3) operate, for the purposes of setting the * tax cost of an asset of the MEC joining entity, as if each * subsidiary member of the group (including the MEC joining entity) that is an * eligible tier ‑ 1 company at the MEC joining time were a part of the * head company of the group, rather than a separate entity. Note 1: This subsection means that references in those provisions to matters internal to the group operate as if eligible tier ‑ 1 companies in the group were parts of the head company of the group. For example: (a) provisions operating if the head company holds (whether directly or indirectly) membership interests in another entity operate even if an eligible tier ‑ 1 company actually holds those interests; and (b) provisions operating if the head company owns or controls another entity operate even if one or more eligible tier ‑ 1 companies actually own or control that other entity; and (c) provisions operating if an entity is interposed between the head company and another entity operate even if the first entity is actually interposed between an eligible tier ‑ 1 company and the other entity. Note 2: If the MEC joining entity is an eligible tier ‑ 1 company, this subsection means the assets of the entity do not have their tax cost reset at the MEC joining time. This is because Subdivision 705 ‑ A (and related provisions) reset the tax cost of assets of subsidiary members of a group, but not assets of the head company. (3) The provisions are: (a) section 701 ‑ 10 (about setting the tax cost of assets of an entity joining a group); and (b) Subdivision 705 ‑ A; and (c) any other provision of this Act giving Subdivision 705 ‑ A a modified effect in circumstances other than those covered by that Subdivision. Note: An example of provisions covered by paragraph (c) are the provisions of Subdivision 705 ‑ B giving Subdivision 705 ‑ A a modified effect when a consolidated group is formed.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 117 of 2002 | No 16 of 2003 | No 83 of 2004", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-165", "Provision_Key": "s719-165", "Heading": "Trading stock value and registered emissions unit value not set for assets of eligible tier ‑ 1 companies", "Text": "(1) This section applies if an entity (the MEC joining entity ) becomes a * subsidiary member of a * MEC group at a time (the MEC joining time ). (2) Subsection 701 ‑ 35(4) (setting value of trading stock at tax ‑ neutral amount) does not apply to the assets of the MEC joining entity if it is an * eligible tier ‑ 1 company at the MEC joining time. (3) Subsection 701 ‑ 35(5) (setting value of registered emissions unit at tax ‑ neutral amount) does not apply to the assets of the MEC joining entity if it is an * eligible tier ‑ 1 company at the MEC joining time.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 132 of 2011", "Amending_Acts": "No 117 of 2002 | No 16 of 2003 | No 132 of 2011", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-170", "Provision_Key": "s719-170", "Heading": "Modified effect of subsections 705 ‑ 175(1) and 705 ‑ 185(1)", "Text": "(1) This section applies if all of the * members of a * MEC group (the acquired group ) become members of another MEC group, or of a * consolidated group, at a particular time (the acquisition time ) as a result of the * acquisition of * membership interests in: (a) the * head company of the acquired group; and (b) other entities that were * eligible tier ‑ 1 companies of the acquired group just before the acquisition time. (2) Subsections 705 ‑ 175(1) and 705 ‑ 185(1) have effect as if a * membership interest in an entity mentioned in paragraph (1)(b) of this section were a membership interest in the * head company of the acquired group. Note 1: If the acquiring group is a MEC group, and the head company of the acquired group becomes an eligible tier ‑ 1 company of the acquiring group, the assets of the members of the acquired group do not have their tax cost reset at the acquisition time. This is because: (a) section 719 ‑ 160 treats an entity becoming an eligible tier ‑ 1 company of the acquiring group as if it were a part of the head company of that group; and (b) section 705 ‑ 185 treats the subsidiary members of the acquired group as part of the head company of the acquired group. Note 2: If: (a) the acquiring group is a MEC group, but the head company of the acquired group does not become an eligible tier ‑ 1 company of the acquiring group; or (b) the acquiring group is a consolidated group and the acquired group is a MEC group; the assets of the members of the acquired group have their tax cost reset at the acquisition time (section 719 ‑ 160 does not preclude tax cost resetting in these cases). For the purposes of resetting the tax cost of those assets, section 705 ‑ 185 treats the subsidiary members of the acquired group as part of the head company of the acquired group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-250", "Provision_Key": "s719-250", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies the rules about transferring and utilising losses so the rules operate appropriately in relation to MEC groups, taking account of the special characteristics of those groups. The modifications mainly affect: (a) rules about maintaining the same ownership to be able to utilise a loss; and (b) rules for working out how much of a loss can be utilised by reference to bundles of losses and their available fractions. Table of sections Maintaining the same ownership to be able to utilise loss 719 ‑ 255 Special rules 719 ‑ 260 Special test for utilising a loss because a company maintains the same owners 719 ‑ 265 What is the test company? 719 ‑ 270 Assumptions about the test company having made the loss for an income year 719 ‑ 275 Assumptions about nothing happening to affect direct and indirect ownership of the test company 719 ‑ 280 Assumptions about the test company failing to meet the conditions in section 165 ‑ 12 Business continuity test and change of head company 719 ‑ 285 Business continuity test and change of head company Bundles of losses and their available fractions 719 ‑ 300 Application 719 ‑ 305 Subdivision 707 ‑ C affects utilisation of losses made by ongoing head company while it was head company 719 ‑ 310 Adjustment of available fractions for bundles of losses previously transferred to ongoing head company 719 ‑ 315 Further adjustment of available fractions for all bundles 719 ‑ 320 Limit on utilising losses other than the prior group losses 719 ‑ 325 Cancellation of all losses in a bundle", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-255", "Provision_Key": "s719-255", "Heading": "Special rules", "Text": "(1) This section and section 719 ‑ 260 have effect for the purposes of working out whether a loss can be * utilised for an income year (the claim year ) by a company (the focal company ) that made the loss if: (a) section 165 ‑ 12 is relevant to the question whether the focal company can utilise the loss; and (b) the focal company is the * head company of a * MEC group at any time in its * ownership test period for the loss (as affected by section 707 ‑ 205, if relevant). Note: If the focal company made the loss because of a transfer under Subdivision 707 ‑ A, section 707 ‑ 205 has the effect that the ownership test period starts for the focal company at the time of the transfer. Section 707 ‑ 210 does not have effect (2) Section 707 ‑ 210 does not have effect for the purposes of working out whether the focal company can * utilise the loss for the claim year. Note: Section 707 ‑ 210 is about whether a company can utilise a loss it made because the loss was transferred to it under Subdivision 707 ‑ A because the transferor met the conditions in section 165 ‑ 12.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-260", "Provision_Key": "s719-260", "Heading": "Special test for utilising a loss because a company maintains the same owners", "Text": "Meeting the conditions in section 165 ‑ 12 (1) The focal company is taken to meet the conditions in section 165 ‑ 12 for the claim year and the loss if and only if the company (the test company ) identified in relation to the focal company in accordance with section 719 ‑ 265 would have met those conditions for that year on the relevant assumptions in: (a) section 719 ‑ 270 (which is about assuming the test company made the loss for a particular income year); and (b) section 719 ‑ 275 (which is about assuming that nothing happened in relation to certain things that would affect whether the test company would meet those conditions); and (c) section 719 ‑ 280 (which is about assuming that the test company would have failed to meet those conditions in certain circumstances). Focal company’s failure to meet conditions in section 165 ‑ 12 (2) The focal company is taken to fail to meet a condition in section 165 ‑ 12 only at: (a) the first time the test company would have failed to meet the condition on the relevant assumptions mentioned in subsection (1); or (b) the * test time described in subsection 166 ‑ 5(6) for the test company, if: (i) Division 166 is relevant to working out whether the test company could have * utilised the loss for the claim year on the relevant assumptions mentioned in paragraphs (1)(a) and (b); and (ii) the test company is not assumed under section 719 ‑ 280 to fail to meet the condition before the test time. Note: If the focal company is taken to fail to meet a condition in section 165 ‑ 12, the focal company will not be able to utilise the loss for the claim year unless the focal company meets the condition in section 165 ‑ 13 by satisfying the business continuity test. That test applies to the focal company (and not the test company). Business continuity test for focal company under Division 166 (3) If subsection 166 ‑ 5(5) affects whether the focal company can * utilise the loss for the claim year because the focal company is a * widely held company or an * eligible Division 166 company, or both, during the year, subsection 166 ‑ 5(6) operates as if it required the * business continuity test to be applied to the * business the focal company carried on just before the time described in subsection (2) of this section. Business continuity test for focal company to transfer loss (4) If subsection 707 ‑ 125(4) is relevant to working out whether the focal company can transfer the loss to a company under Subdivision 707 ‑ A, that subsection: (a) has effect as if subsection 707 ‑ 125(5) described the focal company’s income year containing the time at which the focal company is taken under subsection (2) of this section to fail to meet a condition in section 165 ‑ 12; and (b) has effect despite subsection (3) of this section. Note: For working out whether certain losses can be transferred under Subdivision 707 ‑ A, subsection 707 ‑ 125(4) modifies the operation of subsection 166 ‑ 5(6) by extending the business continuity test period to include the income year described in subsection 707 ‑ 125(5).", "Amendment_Count": 5, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 142 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-265", "Provision_Key": "s719-265", "Heading": "What is the test company?", "Text": "(1) To identify for the purposes of section 719 ‑ 260 the company that is the test company for the focal company for the loss: (a) first, identify the test company for the focal company by applying whichever one of subsections (2), (3), (3A), (4) and (6) is relevant; and (b) then, if the condition in column 1 of an item of the table is met, apply this section again to identify the test company as if the company described in column 2 of the item were the focal company, taking account only of things that happened before the event described in column 3 of the item. Repeated application of this section Column 1 If the test company for the focal company is identified: Column 2 Apply this section again as if this company were the focal company: Column 3 Take account only of things that happened before this event: 1 Under subsection (2) as the company that is the test company for the transferor The transferor mentioned in subsection (2) The transfer mentioned in subsection (2) 2 Under subsection (6) as the company that is the test company for the first head company The first head company mentioned in subsection (6) The first head company ceasing to be the * head company of the * MEC group mentioned in subsection (6) Note: More than 2 applications of this section may be needed to identify the test company for the focal company. COT transfer of loss to focal company (2) The test company for the focal company is the company described in column 2 of the relevant item of the table if the focal company made the loss because of a * COT transfer to the focal company. Test company for the focal company Column 1 If: Column 2 The test company for the focal company is: 1 The focal company and the transferor are the same company The focal company 2 The focal company and the transferor are different companies The company that is the test company for the transferor Loss transferred because business continuity test satisfied (3) The test company for the focal company is the company described in column 2 of the relevant item of the table if the focal company made the loss because the loss was transferred under Subdivision 707 ‑ A to the focal company from a company because it satisfied the * business continuity test for: (a) the * business continuity test period; and (b) the * test time specified in Division 165 or 166 or section 707 ‑ 125. Test company for the focal company Column 1 If: Column 2 The test company for the focal company is: 1 The focal company was the * head company of a * MEC group at the time of the transfer The company that was the * top company for the MEC group at the time of the transfer 2 The focal company was not the * head company of a * MEC group at the time of the transfer The focal company Transfer of tax loss from designated infrastructure project entity (3A) If: (a) the focal company made the loss because the loss was transferred under Subdivision 707 ‑ A to the focal company as the * head company of a * MEC group; and (b) subsection 707 ‑ 120(5) (about designated infrastructure project entities joining consolidated groups) applies to the transfer; the test company for the focal company is the company that was the * top company for the MEC group at the time of a transfer. Loss not transferred from a company (4) The test company for the focal company is the company described in column 2 of the relevant item of the table if the focal company made the loss apart from a transfer of the loss under Subdivision 707 ‑ A from a company. Test company for the focal company Column 1 If: Column 2 The test company for the focal company is: 1 The focal company made the loss apart from Subdivision 707 ‑ A and was the * head company of a * MEC group at the start of the income year for which it made the loss The company that was the * top company for the MEC group at the start of the income year 2 The focal company made the loss because it was transferred under Subdivision 707 ‑ A to the focal company as the * head company of a * MEC group from an entity other than a company The company that was the * top company for the MEC group at the time of the transfer 3 Neither item 1 nor item 2 applies The focal company Relationship between subsections (2), (3) and (4) (5) Subsection (2) or (3), and not subsection (4), is relevant for identifying the test company for the focal company if the focal company made the loss apart from a transfer under Subdivision 707 ‑ A, and later transferred the loss to itself under that Subdivision. Change of head company (6) If, under section 719 ‑ 90, the focal company is taken to have made the loss because: (a) a company (the first head company ) other than the focal company made the loss apart from that section and either: (i) was the * head company of a * MEC group at any time during the income year for which it made the loss; or (ii) became the head company of a MEC group after that income year (without having been a * subsidiary member of the group before becoming the head company); and (b) the focal company was later the head company of the MEC group; the test company for the focal company is the company that is the test company for the first head company. Note: Section 719 ‑ 90 applies if there is a change in the head company of a MEC group, treating the later head company as if what had happened to the earlier head company had happened to the later head company. (7) Subsections (2), (3), (3A) and (4) and section 719 ‑ 90 have effect subject to subsection (6) of this section.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 124 of 2013 | No 21 of 2015 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-270", "Provision_Key": "s719-270", "Heading": "Assumptions about the test company having made the loss for an income year", "Text": "If test company was top company for focal company’s MEC group (1) If the test company was the * top company for a * MEC group and the focal company is or was the * head company of that MEC group, assume that the test company made the loss for an income year starting at the relevant time shown in the table. Start of income year for which test company is assumed to have made loss If: The relevant time is: 1 The focal company made the loss apart from Subdivision 707 ‑ A The start of the income year for which the focal company made the loss 2 The focal company made the loss because it was transferred to the focal company under Subdivision 707 ‑ A The time of the transfer Note: Subsection (1) applies even if the test company is still the top company for the MEC group at the end of the claim year. If test company is focal company or first head company (2) If the test company is: (a) the focal company; or (b) the first head company identified in subsection 719 ‑ 265(6) by reference to the focal company; assume that the test company made the loss for an income year starting at the relevant time shown in the table. Start of income year for which test company is assumed to have made loss If: The relevant time is: 1 The test company made the loss apart from Subdivision 707 ‑ A (even if the test company later transferred the loss to itself in a * COT transfer) The start of the income year for which the test company made the loss 2 The test company made the loss because it was transferred to the test company under Subdivision 707 ‑ A in a transfer other than a * COT transfer (even if the test company first made the loss apart from that Subdivision) The time of the transfer (3) If the test company is the first head company, disregard section 719 ‑ 90 for the purposes of working out the relevant time using the table in subsection (2) of this section. Note: This ensures that section 719 ‑ 90 does not make the items in the table inapplicable by treating the test company as if another company had made the loss instead of the test company. If subsections (1) and (2) do not apply (4) If neither subsection (1) nor subsection (2) applies, assume that the test company made the loss for an income year starting at the relevant time shown in the table. Start of income year for which test company is assumed to have made loss If: The relevant time is: 1 The test company made the loss apart from Subdivision 707 ‑ A (even if the test company later transferred the loss to itself in a * COT transfer) The start of the income year for which the test company made the loss 2 The test company made the loss because it was transferred to the test company under Subdivision 707 ‑ A in a transfer other than a * COT transfer (even if the test company first made the loss apart from that Subdivision) The time of the transfer 3 The test company is the test company for the focal company for the loss because the test company was the * top company for a * MEC group whose * head company made the loss before it was transferred to the focal company under Subdivision 707 ‑ A The time that was the relevant time under subsection (1) for the test company as the test company for the first company for which the test company was the test company for the loss Note: Subsection (4) applies if the focal company made the loss because of a COT transfer of the loss to the focal company from another company. (5) Disregard section 719 ‑ 90 for the purposes of items 1 and 2 of the table in subsection (4) of this section if the test company was identified using subsection 719 ‑ 265(6). Note: This ensures that section 719 ‑ 90 does not make those items inapplicable by treating the test company as if another company had made the loss instead of the test company. Other events do not override assumption (6) If the test company transferred the loss to itself or another company under Subdivision 707 ‑ A, assume that the transfer did not affect, for income years ending after the transfer: (a) the fact that the test company made the loss; or (b) the income year for which the test company is assumed (under subsection (1), (2) or (4)) to have made the loss.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-275", "Provision_Key": "s719-275", "Heading": "Assumptions about nothing happening to affect direct and indirect ownership of the test company", "Text": "(1) This section sets out an assumption that must be made whenever an event described in subsection (2) occurs: (a) after the time assumed under section 719 ‑ 270 to be the start of the income year for which the test company made the loss; and (b) before the end of the claim year; (whether or not the test company or the focal company is one of the companies mentioned in the description of the event). (2) Assume that, after an event described in an item of the table, nothing happens in relation to * membership interests or voting power in an entity described in the item that would affect whether the test company would meet the conditions in section 165 ‑ 12 for the claim year and the loss. Assumption about nothing happening to membership interests or voting power If this event occurs: Assume that nothing happens in relation to membership interests or voting power in: 1 There is a * COT transfer of the loss to the * head company of a * MEC group (but not from a company that was the head company of another MEC group just before the transfer) The transferor or an entity that was at the time of the transfer interposed between the transferor and the * top company for the MEC group 2 There is a * COT transfer of the loss to the * head company of a * MEC group from a company that was the head company of another MEC group just before the transfer The company that was just before the transfer the * top company for the other MEC group, or an entity that was at the time of the transfer interposed between that company and the top company of the MEC group to whose head company the loss was transferred 3 There is a change in the identity of the * top company for a * MEC group whose * head company has made the loss The company that ceased to be the top company for the MEC group as part of the change or an entity that was at the time of the change interposed between that company and the company that became the top company for the MEC group as part of the change 4 A company that has made the loss becomes at a time the * head company of a * MEC group (as the first company to be the head company of the group) and has not before that time transferred the loss to another company under Subdivision 707 ‑ A The company or an entity that was at the time interposed between the company and the * top company for the MEC group 5 There is a * COT transfer of the loss to the * head company of a * consolidated group from another company The other company or an entity that was at the time of the transfer interposed between the other company and the head company (3) For the purposes of this section, a company is taken to make a loss: (a) at the start of the income year for which the company makes the loss, if it makes the loss apart from a transfer under Subdivision 707 ‑ A (even if the company later transfers the loss to itself under that Subdivision); or (b) at the time the loss is transferred to the company under that Subdivision, if the company makes the loss because of that transfer. (4) Disregard section 719 ‑ 90 for the purposes of making an assumption on the basis of item 1 of the table in subsection (2) of this section if (apart from that section): (a) the * COT transfer mentioned in that item was from the * head company of the * MEC group to itself; and (b) for an income year starting after the transfer, another company was the head company of the group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-280", "Provision_Key": "s719-280", "Heading": "Assumptions about the test company failing to meet the conditions in section 165 ‑ 12", "Text": "(1) Assume that the test company fails to meet the conditions in section 165 ‑ 12 at the time an event described in subsection (2), (3) or (4) happens after the start of the * ownership test period for the focal company in relation to: (a) the * MEC group whose * head company was the focal company; or (b) the * potential MEC group whose membership was the same as the membership of that MEC group. Note: If the test company is assumed to fail to meet the conditions in section 165 ‑ 12 for the claim year and the loss, the focal company is taken (under section 719 ‑ 260) to have failed to meet those conditions. (2) One event is the * potential MEC group ceasing to exist. (3) Another event is something happening that meets these conditions: (a) the thing happens at a time in relation to * membership interests in one or more of these entities: (i) a company that was just before that time a * member of the * MEC group and an * eligible tier ‑ 1 company of the * top company for the MEC group; (ii) an entity interposed between a company described in subparagraph (i) and the company that was the top company for the group just before that time; (b) the thing does not cause the * potential MEC group to cease to exist but does cause a change in the identity of the top company for the potential MEC group. (4) Another event is the * MEC group ceasing to exist because there ceases to be a * provisional head company of the group. Other causes of failure to meet conditions in section 165 ‑ 12 (5) To avoid doubt, this section does not limit the circumstances in which the test company would have failed to meet the conditions in section 165 ‑ 12 on the relevant assumptions set out in sections 719 ‑ 270 and 719 ‑ 275.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-285", "Provision_Key": "s719-285", "Heading": "Business continuity test and change of head company", "Text": "In working out whether the * business continuity test is satisfied by a company that, after the * test time, became the * head company of a * MEC group that existed before that time, disregard what happened in relation to the company before it became a * member of the group. Section 719 ‑ 90 has effect subject to this section. Note 1: The business continuity test is to be applied on the basis that the company’s business at the test time was the business that section 719 ‑ 90 treats the company as having carried on at that time, except to the extent that section 719 ‑ 90 attributes to the company its actual history before it became a member of the MEC group. Note 2: Section 719 ‑ 90 applies if there is a change in the head company of a MEC group, treating the later head company as if what had happened to the earlier head company had happened to the later head company.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 16 of 2003 | No 147 of 2005 | No 164 of 2007 | No 7 of 2019", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-300", "Provision_Key": "s719-300", "Heading": "Application", "Text": "(1) Sections 719 ‑ 305, 719 ‑ 310, 719 ‑ 315, 719 ‑ 320 and 719 ‑ 325 operate only if: (a) a company (the ongoing head company ) is the * head company of a * MEC group for an income year or a period in an income year; and (b) an event (the application event ) described in subsection (2) or (3) happens at a time in the income year in relation to the group. (2) One application event is that another company (the new tier ‑ 1 member ) becomes both a * member of the * MEC group and an * eligible tier ‑ 1 company of the * top company for the group. (3) The other application event is that the * MEC group comes into existence as a result of a * special conversion event happening to the * potential MEC group derived from the ongoing head company. Note: This application event happens only if the ongoing head company was the head company of a consolidated group just before the special conversion event. Exceptions for events involving subsidiary members of group (4) Those sections do not operate because of the event described in subsection (2) if the new tier ‑ 1 member was a * subsidiary member of the * MEC group immediately before the event. (5) Those sections do not operate because of the event described in subsection (3) if all the other companies that are described in paragraph 719 ‑ 40(1)(c) and are involved in the * special conversion event were * subsidiary members of the * consolidated group just before the event. (6) Subsections (4) and (5) have effect despite subsection (1).", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-305", "Provision_Key": "s719-305", "Heading": "Subdivision 707 ‑ C affects utilisation of losses made by ongoing head company while it was head company", "Text": "(1) For income years ending after the application event happened, Subdivision 707 ‑ C affects the * utilisation of all losses (the prior group losses ) of any * sort that the ongoing head company made (apart from Subdivision 707 ‑ A) for an income year that: (a) was an income year during which the * MEC group was in existence (or, if the application event involved the MEC group coming into existence because of a * special conversion event involving a * consolidated group, the consolidated group was in existence); and (b) was before the income year in which the event happened. Prior group losses taken to have been transferred at time of event (2) The ongoing head company is taken to have transferred the prior group losses to itself under Subdivision 707 ‑ A at the time of the application event, for the purposes of: (a) the application of Subdivision 707 ‑ C in relation to the * utilisation of the prior group losses and other losses; and (b) future applications of this section and section 719 ‑ 310. Available fraction for bundle of losses (3) For the purpose of working out the * available fraction for the * bundle of the prior group losses at the time of the transfer, work out the ongoing head company’s * modified market value at the time of the application event as if: (a) the ongoing head company had become a * member of a * consolidated group at the time; and (b) each * subsidiary member of the MEC group or consolidated group of which the ongoing head company was the * head company just before the event were a part of the ongoing head company (and not a separate entity) at the time of the event; and (c) each subsidiary member of that group at an earlier time had been a part of the ongoing head company (and not a separate entity) at the earlier time. Deemed transfer does not affect year of loss (4) Subdivision 707 ‑ C affects the * utilisation as if each of the prior group losses had been made by the ongoing head company for the income year for which the company actually made the loss (and not the income year in which the application event happened). Subsection (2) has effect subject to this subsection.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-310", "Provision_Key": "s719-310", "Heading": "Adjustment of available fractions for bundles of losses previously transferred to ongoing head company", "Text": "(1) This section affects the * available fraction for each * bundle of losses that were transferred to the ongoing head company under Subdivision 707 ‑ A before the application event. (2) The available fraction for the * bundle is reduced or maintained just after the event by multiplying it by this fraction: Note: The market value of the ongoing head company at the time just before or just after the application event will be worked out on the basis that subsidiary members of the MEC group or consolidated group headed by the ongoing head company at that time are part of the ongoing head company, because of section 701 ‑ 1 (the single entity rule). (3) Item 3 of the table in subsection 707 ‑ 320(2) does not apply to affect the * available fraction for the * bundle because of: (a) the transfer mentioned in section 719 ‑ 305; or (b) the transfer (if any) to the ongoing head company of a loss of any * sort under Subdivision 707 ‑ A at the time of the application event from an entity that became a * subsidiary member of the * MEC group as a result of the event.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 117 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-315", "Provision_Key": "s719-315", "Heading": "Further adjustment of available fractions for all bundles", "Text": "(1) If, because of the application event: (a) there is under section 719 ‑ 305 an * available fraction for the * bundle of prior group losses; and (b) section 719 ‑ 310 affects the available fraction for one or more other bundles of losses; this section affects the available fraction for every one of those bundles. (2) The available fraction (as affected by section 719 ‑ 305 or 719 ‑ 310) is reduced by multiplying it by this fraction: (3) For the purposes of working out the fraction in subsection (2), use the value of an * available fraction for a * bundle of losses apart from: (a) this section; and (b) if item 5 of the table in subsection 707 ‑ 320(2) would apply as a result of the calculation of the available fraction in accordance with section 719 ‑ 305 or 719 ‑ 310—that item.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-320", "Provision_Key": "s719-320", "Heading": "Limit on utilising losses other than the prior group losses", "Text": "(1) This section has effect for the purposes of working out how much of the losses, other than prior group losses, in a * bundle the ongoing head company can * utilise for the income year in which the application event happens. (2) For the purposes of subsection 707 ‑ 310(3), the prior group losses are to be treated as if they had not been transferred under Subdivision 707 ‑ A, to the extent to which the ongoing head company can * utilise them for the income year because they are treated as being included in a * bundle whose available fraction was 1 from the start of the income year until the time of the application event. (3) This section is a matter that is relevant for the purposes of paragraph 707 ‑ 335(3)(f), if section 707 ‑ 335 applies to the ongoing head company’s * utilisation of the losses in the * bundle for the income year. Note: That section applies to a company’s utilisation for an income year of losses in a bundle if the losses are transferred under Subdivision 707 ‑ A after the start of the year or if the value of the available fraction for the bundle changes during the year while the company is treated as having made the losses because of that Subdivision. (4) Section 719 ‑ 305 has effect subject to this section.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-325", "Provision_Key": "s719-325", "Heading": "Cancellation of all losses in a bundle", "Text": "(1) The ongoing head company: (a) may choose to cancel all the losses in the * bundle of prior group losses; and (b) may choose to cancel all the losses in a * bundle of losses to which section 719 ‑ 310 applies. (2) If the ongoing head company chooses to cancel all the losses in a * bundle, subsections (3), (4), (5), (6) and (7) operate. (3) The ongoing head company cannot * utilise for the income year in which the application event happened more of the losses than it would have been able to utilise under Subdivision 707 ‑ C assuming: (a) if the losses are prior group losses: (i) the losses were in a * bundle for the income year; and (ii) the * available fraction for the bundle were 1 for the period from the start of the income year until the event happened; and (b) in any case—the available fraction for the bundle including the losses were 0 from the time of the event until the end of the income year. Note: Section 707 ‑ 335 is relevant to working out how much of the losses could be utilised, because the value of the available fraction for the bundle changes during the period described in that section. (4) The ongoing head company cannot: (a) transfer the losses to another company under Division 170 for an income year ending after the application event; or (b) transfer the losses to another company under Subdivision 707 ‑ A after the application event. This subsection has effect despite subsection (3). (5) Disregard the existence of the * bundle at and after the time of the application event for the purposes of working out the * available fraction for another * bundle of losses. (6) The losses cannot be * utilised by any entity for an income year starting after the application event. (7) The choice cannot be revoked.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-425", "Provision_Key": "s719-425", "Heading": "Guide to Subdivision 719 ‑ H", "Text": "This Subdivision deals with some imputation issues in relation to MEC groups. Table of sections Operative provisions 719 ‑ 430 Transfer of franking account balance on cessation event 719 ‑ 435 Distributions by subsidiary members of MEC group taken to be distributions by head company", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-425"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-430", "Provision_Key": "s719-430", "Heading": "Transfer of franking account balance on cessation event", "Text": "(1) This section operates if: (a) a * cessation event happens to the * provisional head company of a * MEC group (the former head company ); and (b) another company (the new head company ) is appointed as the provisional head company of the group under subsection 719 ‑ 60(3). (2) When the new head company is appointed: (a) the * franking account of the former head company ceases to operate; and (b) the new head company has a franking account; and (c) any * franking surplus or * franking deficit in the franking account of the former head company just before the * cessation event happened becomes that of the new head company.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-435", "Provision_Key": "s719-435", "Heading": "Distributions by subsidiary members of MEC group taken to be distributions by head company", "Text": "(1) Part 3 ‑ 6 operates as if a * frankable distribution made by an * eligible tier ‑ 1 company that: (a) is a member of a * MEC group; and (b) is not the * provisional head company of the group; had been made by the provisional head company of the group to a * member of the provisional head company. Note: Part 3 ‑ 6 deals with imputation. (2) Part 3 ‑ 6 operates as if a * frankable distribution made by a * subsidiary member of a * MEC group (the foreign ‑ held subsidiary ) that is not an * eligible tier ‑ 1 company were a frankable distribution made by the * head company of the group to a * member of the head company if: (a) the foreign ‑ held subsidiary meets the set of requirements in section 703 ‑ 45, section 701C ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 or section 701C ‑ 15 of that Act; and (b) the frankable distribution is made to a foreign resident.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-450", "Provision_Key": "s719-450", "Heading": "What this Subdivision is about", "Text": "The head company of a MEC group is taken to meet the conditions in section 165 ‑ 123 (about maintaining the same ownership in an ownership test period to be able to deduct a bad debt) if and only if the top company for the group at the start of the period meets those conditions for the period. Table of sections Maintaining the same ownership to be able to deduct bad debt 719 ‑ 455 Special test for deducting a bad debt because a company maintains the same owners 719 ‑ 460 Assumptions about nothing happening to affect direct and indirect ownership of the test company 719 ‑ 465 Assumptions about the test company failing to meet the conditions in section 165 ‑ 123", "Amendment_Count": 1, "First_Amended": "No 162 of 2005", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 162 of 2005", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-455", "Provision_Key": "s719-455", "Heading": "Special test for deducting a bad debt because a company maintains the same owners", "Text": "(1) This section has effect for the purposes of working out whether the * head company of a * MEC group: (a) can deduct a debt it writes off as bad; or (b) could have deducted a debt as described in subsection 709 ‑ 215(2). Note: Whether the head company of the MEC group could have deducted a debt as described in subsection 709 ‑ 215(2) is relevant under Subdivision 709 ‑ D to: (a) the question whether the head company can deduct the debt it writes off as bad, or the swap loss it makes in extinguishing the debt as part of a debt/equity swap, after the debt was owed to an entity while the entity was not a member of the MEC group; and (b) the question whether an entity that was owed the debt after it was owed to the head company can deduct the amount of the debt the entity writes off as bad or the swap loss the entity makes in extinguishing the debt as part of a debt/equity swap. (2) The * head company is taken to meet the conditions in section 165 ‑ 123 (about the company maintaining the same owners) for the * ownership test period if and only if the company (the test company ) that was the * top company for the * MEC group at the start of the same period would have met those conditions for that period on the assumptions in the following sections (if applicable): (a) section 719 ‑ 460 (which is about assuming that nothing happened in relation to certain things that would affect whether the test company would meet those conditions); (b) section 719 ‑ 465 (which is about assuming that the test company would have failed to meet those conditions in certain circumstances). Note 1: Even though subsection (2) of this section raises the issue whether the test company meets the conditions in section 165 ‑ 123, that is determined by reference to: (a) the ownership test period for the head company of the MEC group; and (b) the debt owed to the head company. Note 2: If this section is applying for the purposes of working out whether the head company could have deducted a debt as described in subsection 709 ‑ 215(2), section 709 ‑ 215 affects what is the ownership test period for the purposes of section 165 ‑ 123 as it applies for those purposes. Head company’s failure to meet conditions in section 165 ‑ 123 (3) The * head company is taken to fail to meet a condition in section 165 ‑ 123 only at: (a) the first time the test company would have failed to meet the condition on the relevant assumptions mentioned in subsection (2); or (b) the * test time described in section 166 ‑ 40 for the test company, if: (i) Division 166 is relevant to working out whether the test company met the conditions in section 165 ‑ 123 on the relevant assumption mentioned in paragraph (2)(a); and (ii) the test company is not assumed under section 719 ‑ 465 to fail to meet the condition before the test time. Note 1: If the head company is taken to fail to meet a condition in section 165 ‑ 123, the head company will not be able to deduct the debt unless that company meets the condition in section 165 ‑ 126 by satisfying the business continuity test. That test applies to the head company (and not the test company). Note 2: Section 719 ‑ 285 may affect whether the head company satisfies the business continuity test if there has been a change in the identity of the head company of the group during the ownership test period. Business continuity test for head company under Division 166 (4) If section 166 ‑ 40 directly affects whether the * head company can deduct the debt, the subsection of that section that requires the * business continuity test to be applied to a particular * business operates as if it required that test to be applied to the business the head company carried on just before the time described in subsection (3) of this section. Note: Section 166 ‑ 40 has an indirect effect on whether the head company can deduct the debt so far as that section affects whether the test company meets the conditions in section 165 ‑ 123 and therefore whether the head company is taken to meet those conditions.", "Amendment_Count": 2, "First_Amended": "No 162 of 2005", "Last_Amended": "No 7 of 2019", "Amending_Acts": "No 162 of 2005 | No 7 of 2019", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-460", "Provision_Key": "s719-460", "Heading": "Assumptions about nothing happening to affect direct and indirect ownership of the test company", "Text": "(1) This section sets out an assumption that must be made whenever there is a change in the identity of the * top company for the * MEC group during the * ownership test period. (2) Assume that after the change nothing happens in relation to * membership interests or voting power in the following entities that would affect whether the test company would meet the conditions in section 165 ‑ 123: (a) the company that was the * top company for the * MEC group before the change; (b) an entity (if any) that at the time of the change was interposed between: (i) the company that was the top company for the MEC group before the change; and (ii) the company that became the top company for the MEC group as part of the change.", "Amendment_Count": 1, "First_Amended": "No 162 of 2005", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 162 of 2005", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-465", "Provision_Key": "s719-465", "Heading": "Assumptions about the test company failing to meet the conditions in section 165 ‑ 123", "Text": "(1) Assume that the test company fails to meet the conditions in section 165 ‑ 123 at the time an event described in subsection (2), (3) or (4) happens after the start of the * ownership test period in relation to: (a) the * MEC group; or (b) the * potential MEC group whose membership was the same as the membership of the MEC group. Note: If the test company is assumed to fail to meet the conditions in section 165 ‑ 123, the head company of the MEC group is taken (under section 719 ‑ 455) to have failed to meet those conditions. (2) One event is the * potential MEC group ceasing to exist. (3) Another event is something happening that meets these conditions: (a) the thing happens at a time in relation to * membership interests in one or more of these entities: (i) a company that was just before that time a * member of the * MEC group and an * eligible tier ‑ 1 company of the * top company for the MEC group; (ii) an entity interposed between a company described in subparagraph (i) and the company that was the top company for the group just before that time; (b) the thing does not cause the * potential MEC group to cease to exist but does cause a change in the identity of the top company for the potential MEC group. (4) Another event is the * MEC group ceasing to exist because there ceases to be a * provisional head company of the group. Other causes of failure to meet conditions in section 165 ‑ 123 (5) To avoid doubt, this section does not limit the circumstances in which the test company would have failed to meet the conditions in section 165 ‑ 123.", "Amendment_Count": 1, "First_Amended": "No 162 of 2005", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 162 of 2005", "History_Notes": "Inserted by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-500", "Provision_Key": "s719-500", "Heading": "What this Subdivision is about", "Text": "When an entity ceases to be a subsidiary member of a MEC group, the tax cost setting amount for the group’s membership interests in the entity is worked out in accordance with Division 711 as modified by this Division. Table of sections 719 ‑ 505 Application and object of this Subdivision 719 ‑ 510 Modified operation of paragraphs 711 ‑ 15(1)(b) and (c)", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-505", "Provision_Key": "s719-505", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision applies if the old group mentioned in subsection 711 ‑ 5(1) is a * MEC group. Object (2) The object of this Subdivision is to modify the rules in Division 711 so that they take account of the special characteristics of * MEC groups.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-510", "Provision_Key": "s719-510", "Heading": "Modified operation of paragraphs 711 ‑ 15(1)(b) and (c)", "Text": "(1) This section applies if the leaving entity mentioned in subsection 711 ‑ 15(1) is a * subsidiary member of the old group that is an * eligible tier ‑ 1 company. (2) Paragraphs 711 ‑ 15(1)(b) and (c) apply as if the membership interests mentioned in those paragraphs included * pooled interests in the * eligible tier ‑ 1 company. Note: This subsection means that, in working out tax cost setting amounts for internal interests in the eligible tier ‑ 1 company, section 711 ‑ 15 will allocate part of the old group’s allocable cost amount for the eligible tier ‑ 1 company to the pooled interests in the company. However, the tax cost of the pooled interests is not set according to section 711 ‑ 15. Subdivision 719 ‑ K contains rules that set the cost of the pooled interests.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-550", "Provision_Key": "s719-550", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains cost setting rules for membership interests in eligible tier ‑ 1 companies that are members of a MEC group, where those interests are not held by members of the group. Table of sections 719 ‑ 555 Application and object of this Subdivision 719 ‑ 560 Pooled interests 719 ‑ 565 Setting cost of reset interests 719 ‑ 570 Cost setting amount", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-555", "Provision_Key": "s719-555", "Heading": "Application and object of this Subdivision", "Text": "Application (1) This Subdivision applies if: (a) one or more entities hold * pooled interests (the reset interests ) in * eligible tier ‑ 1 companies that are members of a * MEC group, just before a particular time (the trigger time ); and (b) at the trigger time, either or both of these things happen to one or more of those eligible tier ‑ 1 companies (the trigger companies ): (i) the company ceases to be a member of the group; (ii) a * CGT event happens in relation to one or more reset interests in the company; and (c) the * market value of the reset interests as a whole (including the market value of synergies arising from the combination of those interests) just before the trigger time is more than nil. Object (2) The object of this Subdivision is to set the cost of all reset interests: (a) first, by allocating to each reset interest held in a trigger company so much of the total cost of all reset interests held in members of the group that the * market value of the interest bears to the group’s market value; and (b) then, by allocating the remainder of that total cost to all reset interests held in other * eligible tier ‑ 1 companies, by dividing that remainder by the number of those interests.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-560", "Provision_Key": "s719-560", "Heading": "Pooled interests", "Text": "(1) A pooled interest in an * eligible tier ‑ 1 company that is a member of a * MEC group is a * membership interest in the eligible tier ‑ 1 company that is held by an entity that is not a member of the group. Note: A membership interest in the head company of a MEC group can be a pooled interest. (2) Despite subsection (1), a * membership interest is not a pooled interest if it is: (a) a * share that is disregarded under subsection 719 ‑ 30(2); or (b) held by an entity only as a nominee of one or more other entities each of which is a member of the group.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-560"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-565", "Provision_Key": "s719-565", "Heading": "Setting cost of reset interests", "Text": "CGT provisions—cost base (1) If Part 3.1 or 3.3 is to apply in relation to a reset interest, the Part applies as if the interest’s * cost base were increased or reduced so that the cost base just before the trigger time equals the cost setting amount worked out under section 719 ‑ 570. CGT provisions—reduced cost base (2) If Part 3.1 or 3.3 is to apply in relation to a reset interest, the Part applies as if the interest’s * reduced cost base were increased or reduced so that the reduced cost base just before the trigger time equals the cost setting amount worked out under section 719 ‑ 570. Other provisions (3) If a provision of this Act (other than Part 3.1 or 3.3) is to apply in relation to a reset interest, the provision applies as if the interest’s cost just before the trigger time were equal to the cost setting amount worked out under section 719 ‑ 570.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-565"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-570", "Provision_Key": "s719-570", "Heading": "Cost setting amount", "Text": "Reset interests held in trigger companies—cost setting amount for cost base etc. (1) Work out the cost setting amount for the purposes of subsections 719 ‑ 565(1) and (3) for a reset interest in a trigger company using the formula: where: market value of the group is: (a) if every * eligible tier ‑ 1 company that is a member of the group just before the trigger time is a trigger company—the sum of the * market value (just before the trigger time) of all reset interests in each of those companies; or (b) otherwise—the amount mentioned in paragraph 719 ‑ 555(1)(c). market value of the reset interest is the * market value (just before the trigger time) of all reset interests in that trigger company, in the same class as the interest, divided by the number of reset interests in that company in that class. pooled cost amount is the sum of the * cost bases (just before the trigger time) of all reset interests. Reset interests held in other eligible tier ‑ 1 companies—cost setting amount for cost base etc. (2) Work out the cost setting amount for the purposes of subsections 719 ‑ 565(1) and (3) for a reset interest that is not in a trigger company, using the formula: where: amount allocated to trigger company interests is the sum of all cost setting amounts worked out under subsection (1) for the reset interests covered by that subsection. number of non ‑ trigger company interests is the number of reset interests, other than those covered by subsection (1). pooled cost amount has the same meaning as in subsection (1). Cost setting amount for reduced cost base (3) Work out the cost setting amount for the purposes of subsection 719 ‑ 565(2) for a reset interest by applying subsections (1) and (2) of this section in relation to the interest, as if every reference in those subsections to * cost base were a reference to * reduced cost base.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 117 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-570"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-700", "Provision_Key": "s719-700", "Heading": "Changeover times under section 165 ‑ 115C or 165 ‑ 115D", "Text": "(1) This section has effect for the purposes of determining whether a time (the test time ) is a * changeover time under section 165 ‑ 115C (about changes in ownership) or 165 ‑ 115D (about changes in control) in respect of the * head company of a * MEC group. Modified meaning of reference time (2) The reference time is: (a) if no * changeover time has occurred in respect of the head company since the group came into existence and before the test time—when the group came into existence; or (b) otherwise—the time just after the last such changeover time. (3) Subsection (2) of this section has effect despite subsection 165 ‑ 115A(2A). Assumptions to make (4) Assume that, while the * MEC group exists: (a) the * top company for the group holds and beneficially owns all the * membership interests in the * head company (instead of whoever actually does); and (b) those membership interests remain the same; and (c) the top company directly controls the voting power in the head company.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-705", "Provision_Key": "s719-705", "Heading": "Additional changeover times for head company of MEC group", "Text": "(1) The time when a * potential MEC group ceases to exist is a changeover time in respect of the * head company of a * MEC group if, just before that time, the potential MEC group’s membership was the same as the membership of the MEC group. Note: The changeover times in subsections (1), (2) and (3) are based on the events described in subsections 719 ‑ 280(2), (3) and (4), each of which causes the test company referred to in section 719 ‑ 280 to be assumed to fail the continuity of ownership test in section 165 ‑ 12. (2) If something: (a) happens at a time in relation to * membership interests in one or more of these entities: (i) a company that was just before that time a * member of a * MEC group and an * eligible tier ‑ 1 company of the * top company for the MEC group; (ii) an entity interposed between a company described in subparagraph (i) and the company that was the top company for the group just before that time; and (b) does not cause the * potential MEC group whose membership is the same as the membership of the MEC group to cease to exist, but does cause a change in the identity of the top company for the potential MEC group; that time is a changeover time in respect of the * head company of the * MEC group. (3) The time when a * MEC group ceases to exist because there ceases to be a * provisional head company of the group is a changeover time in respect of the * head company of the * MEC group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-720", "Provision_Key": "s719-720", "Heading": "Alteration times under section 165 ‑ 115L or 165 ‑ 115M", "Text": "(1) This section has effect for the purposes of determining whether a time (the test time ) is an * alteration time under section 165 ‑ 115L (about alterations in ownership) or 165 ‑ 115M (about alterations in control) in respect of the * head company of a * MEC group. Modified meaning of reference time (2) The reference time is: (a) if no * alteration time has occurred in respect of the head company since the group came into existence and before the test time—when the group came into existence; or (b) otherwise—the time just after the last such alteration time. (3) In applying subsection (2), disregard an * alteration time arising under subsection 719 ‑ 725(4). (4) Subsection (2) of this section has effect despite subsections 165 ‑ 115L(2) and 165 ‑ 115M(2). Assumptions to make (5) Assume that, while the * MEC group exists: (a) the * top company for the group holds and beneficially owns all the * membership interests in the * head company (instead of whoever actually does); and (b) those membership interests remain the same; and (c) the top company directly controls the voting power in the head company.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-720"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-725", "Provision_Key": "s719-725", "Heading": "Additional alteration times for head company of MEC group", "Text": "Additional alteration times based on section 719 ‑ 280 (1) The time when a * potential MEC group ceases to exist is an alteration time in respect of the * head company of a * MEC group if, just before that time, the potential MEC group’s membership was the same as the membership of the MEC group. Note: The alteration times in subsections (1), (2) and (3) are based on the events described in subsections 719 ‑ 280(2), (3) and (4), each of which causes the test company referred to in section 719 ‑ 280 to be assumed to fail the continuity of ownership test in section 165 ‑ 12. (2) If something: (a) happens at a time in relation to * membership interests in one or more of these entities: (i) a company that was just before that time a * member of a * MEC group and an * eligible tier ‑ 1 company of the * top company for the MEC group; (ii) an entity interposed between a company described in subparagraph (i) and the company that was the top company for the group just before that time; and (b) does not cause the * potential MEC group whose membership is the same as the membership of the MEC group to cease to exist, but does cause a change in the identity of the top company for the potential MEC group; that time is an alteration time in respect of the * head company of the * MEC group. (3) The time when a * MEC group ceases to exist because there ceases to be a * provisional head company of the group is an alteration time in respect of the * head company of the * MEC group. Additional alteration times based on Subdivision 719 ‑ K (4) If Subdivision 719 ‑ K (MEC group cost setting rules: pooling cases) applies, the time just before the trigger time referred to in paragraph 719 ‑ 555(1)(a) is an alteration time in respect of the * head company of the * MEC group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-725"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-730", "Provision_Key": "s719-730", "Heading": "Some alteration times only affect interests in top company", "Text": "(1) This section applies if an * alteration time (except one arising under subsection 719 ‑ 725(4)) happens for the * head company of a * MEC group. (2) Sections 165 ‑ 115ZA and 165 ‑ 115ZB apply, in relation to the alteration time, to an interest or debt that is, or is part of, a relevant equity interest or relevant debt interest that an entity has in the * head company just before the * alteration time, only if the interest or debt is: (a) an * equity or loan interest in the * top company for the MEC group; or (b) an * indirect equity or loan interest in the top company. Note: Sections 165 ‑ 115ZA and 165 ‑ 115ZB are about the consequences that an alteration time for a loss company has for relevant equity interests and relevant debt interests in the company. (3) In determining what is a relevant equity interest or relevant debt interest that an entity has in the * head company just before the * alteration time, make the assumptions in subsection 719 ‑ 720(5).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-730"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-735", "Provision_Key": "s719-735", "Heading": "Some alteration times affect only pooled interests", "Text": "(1) Sections 165 ‑ 115ZA and 165 ‑ 115ZB do not apply in relation to an * alteration time that happens for the * head company of a * MEC group because of subsection 719 ‑ 725(4) (trigger time for MEC group cost setting rules: pooling cases). (2) Instead, Subdivision 719 ‑ K applies to the * MEC group, in relation to the trigger time, on the basis that: (a) what would, apart from this section, be the pooled cost amount for the purposes of the formulas in subsections 719 ‑ 570(1) and (2) is reduced by the amount of the * head company’s overall loss under section 165 ‑ 115R or 165 ‑ 115S at that alteration time; but (b) paragraph (a) of this subsection only affects the application of those formulas because of subsection 719 ‑ 570(3) (to work out the * reduced cost base of a * membership interest).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-735"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-740", "Provision_Key": "s719-740", "Heading": "Head company does not have relevant equity or debt interest in a loss company if widely held top company does not have such an interest", "Text": "(1) For the purposes of Subdivision 165 ‑ CD, treat the * head company of a * MEC group as not having a relevant equity interest in a * loss company at a particular time if: (a) the * top company of the group is a * widely held company at that time; and (b) because of subsections 165 ‑ 115X(2A), (2B) and (2C), the top company does not have a relevant equity interest under section 165 ‑ 115X in the loss company at that time. (2) For the purposes of paragraph (1)(b), disregard the operation of subsection 701 ‑ 1(1) (the single entity rule) in determining whether subsection 165 ‑ 115X(2C) has the effect that the * top company has the relevant equity interest mentioned in that paragraph. (3) For the purposes of Subdivision 165 ‑ CD, treat the * head company of a * MEC group as not having a relevant debt interest in a * loss company at a particular time if: (a) the * top company of the group is a * widely held company at that time; and (b) because of subsections 165 ‑ 115Y(3A), (3B) and (3C), the top company does not have a relevant debt interest under section 165 ‑ 115Y in the loss company at that time.", "Amendment_Count": 1, "First_Amended": "No 56 of 2010", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 56 of 2010", "History_Notes": "Inserted by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-740"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-755", "Provision_Key": "s719-755", "Heading": "Effect on MEC group cost setting rules if head company is losing entity or gaining entity for indirect value shift", "Text": "(1) This section has effect for the purposes of working out the consequences (if any) of an * indirect value shift if the * losing entity or * gaining entity is the * head company of a * MEC group. (Subsection (3) has effect in addition to section 727 ‑ 455.) (2) An * equity or loan interest can be an * affected interest in the * head company only if it is: (a) an * equity or loan interest in the * top company for the MEC group; or (b) an * indirect equity or loan interest in the top company. (3) Subdivision 719 ‑ K (MEC group cost setting rules: pooling cases) applies to the * MEC group, in relation to the first time referred to in that Subdivision as a trigger time that happens at or after the * IVS time, on the basis that: (a) what would, apart from this section, be the pooled cost amount for the purposes of the formulas in subsections 719 ‑ 570(1) and (2) is: (i) if the * head company is the * losing entity—reduced; or (ii) if the head company is the gaining entity—increased; by the amount of the indirect value shift; and (b) paragraph (a) of this subsection also affects the application of those formulas because of subsection 719 ‑ 570(3) (to work out the * reduced cost base of a * membership interest).", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-755"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-775", "Provision_Key": "s719-775", "Heading": "Cancellation of loss", "Text": "(1) This section reduces to nil a loss that would otherwise be * realised for income tax purposes by a * realisation event that happens to an * equity or loan interest (the realised interest ) in an entity (the first entity ) when it is owned by another entity (the owner ), if the conditions in subsections (2) and (4) are met. (2) The first condition is that, at some time during the period (the ownership period ) when the owner owned the realised interest: (a) the first entity was a * subsidiary member of a * MEC group (except an * eligible tier ‑ 1 company), and the owner was not a * member of the group; or (b) the realised interest was an * external indirect equity or loan interest in a subsidiary member of a MEC group (except an eligible tier ‑ 1 company); or (c) the realised interest was an * equity or loan interest in an entity that, at that time: (i) owned an equity or loan interest in a subsidiary member of a MEC group (except an eligible tier ‑ 1 company); and (ii) was not a member of the group; or (d) the realised interest was an equity or loan interest in an entity that owned at that time an external indirect equity or loan interest in a subsidiary member of a MEC group (except an eligible tier ‑ 1 company); or (e) the realised interest was an equity or loan interest, or an * indirect equity or loan interest, in an eligible tier ‑ 1 company that was a member of a MEC group at that time. (3) An * equity or loan interest in an entity (the test entity ) is an external indirect equity or loan interest in a * subsidiary member of a * MEC group if, and only if, neither the owner of the interest nor the test entity is a member of the group and: (a) the test entity owns an equity or loan interest in the subsidiary member; or (b) the test entity owns an equity or loan interest that is an external indirect equity or loan interest in the subsidiary member because of one or more other applications of this subsection. (4) The second condition is that, at the same or a different time during the ownership period: (a) the owner was, or * controlled (for value shifting purposes), the * head company of a * MEC group because of which the first condition is satisfied; or (b) the owner was an * associate of an entity that, at the same or a different time during the ownership period, was, or controlled (for value shifting purposes), the head company of such a MEC group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-775"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-780", "Provision_Key": "s719-780", "Heading": "Exception for pooled interests in eligible tier ‑ 1 companies", "Text": "The first condition in section 719 ‑ 775 cannot be satisfied, because of a * MEC group, at a time when the realised interest was a * pooled interest in an * eligible tier ‑ 1 company that is a member of the group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-780"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-785", "Provision_Key": "s719-785", "Heading": "Exception for interests in top company", "Text": "The first condition in section 719 ‑ 775 cannot be satisfied, because of a * MEC group, at a time when: (a) the first entity was the * top company for the MEC group; or (b) the realised interest was an * indirect equity or loan interest in the top company for the MEC group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-785"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-790", "Provision_Key": "s719-790", "Heading": "Exception for interests in entity leaving MEC group", "Text": "Membership interests in leaving entity (1) If: (a) the realised interest is a * membership interest; and (b) during the ownership period the first entity ceased to be a * subsidiary member of a * MEC group; the first condition in section 719 ‑ 775 cannot be satisfied, because of that MEC group, at a time when the first entity was a member of the group, unless the interest needed to be disregarded under section 719 ‑ 30 (about employee shares) in order for the first entity to be a member of the group at that time. Liabilities owed by leaving entity (2) If the realised interest: (a) consists of a liability owed by the first entity to the owner; and (b) became an asset of the owner because subsection 701 ‑ 1(1) (the single entity rule) ceased to apply to the first entity when it ceased to be a * subsidiary member of a * MEC group; the first condition in section 719 ‑ 775 cannot be satisfied, because of that MEC group, at a time when the first entity was a member of the group.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-790"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 719-795", "Provision_Key": "s719-795", "Heading": "Exception if loss attributable to certain matters", "Text": "(1) The loss is not reduced if all of it can be shown to be attributable to things other than these: (a) something that would be reflected in what would, apart from this Part, be an overall loss under section 165 ‑ 115R or 165 ‑ 115S, of a * member of a * MEC group (an excluded group ) because of which the first condition in section 719 ‑ 775 is satisfied, at an * alteration time for that member; (b) an * indirect value shift for which, apart from this Part, a member of an excluded group would be the * losing entity or the * gaining entity. (2) If only part of the loss can be shown to be attributable to things other than the ones listed in subsection (1), the loss is reduced to the amount of that part.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s719-795"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-1", "Provision_Key": "s721-1", "Heading": "What this Division is about", "Text": "If the head company of a consolidated group fails to meet an income tax related liability by the time it becomes due and payable, entities that were subsidiary members of the group during the period to which the liability relates can also be responsible for all or part of the liability. Table of sections Object 721 ‑ 5 Object of this Division When this Division operates 721 ‑ 10 When this Division operates Joint and several liability of contributing member 721 ‑ 15 Head company and contributing members jointly and severally liable to pay group liability 721 ‑ 17 Notice of joint and several liability for general interest charge 721 ‑ 20 Limit on liability where group first comes into existence Tax sharing agreements 721 ‑ 25 When a group liability is covered by a tax sharing agreement 721 ‑ 30 TSA contributing members liable for contribution amounts 721 ‑ 32 Notice of general interest charge liability under TSA 721 ‑ 35 When a TSA contributing member has left the group clear of the group liability 721 ‑ 40 TSA liability and group liability are linked", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-5", "Provision_Key": "s721-5", "Heading": "Object of this Division", "Text": "The object of this Division is to secure the payment of certain tax liabilities of the * head company of a * consolidated group where the head company fails to meet all of those liabilities by the time they become due and payable. Accordingly: (a) if a relevant liability is not covered by a tax sharing agreement—this Division provides for a process to make certain entities that were * subsidiary members of the group for at least part of the period to which each tax liability relates jointly and severally liable with the head company for those liabilities; or (b) if a relevant liability is covered by a tax sharing agreement—this Division: (i) provides for a process to make each of those entities liable for the amount determined under the agreement in relation to the liability; but (ii) exempts an entity from a liability determined under the agreement if it leaves the group in certain circumstances.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-10", "Provision_Key": "s721-10", "Heading": "When this Division operates", "Text": "(1) This Division operates if: (a) a * tax ‑ related liability mentioned in subsection (2) (a group liability ) of the * head company of a * consolidated group was not paid or otherwise discharged in full by the time the liability became due and payable (the head company’s due time ); and (b) one or more entities (the contributing members ) were * subsidiary members of the group for at least part of the period to which the group liability relates. Note: This Division operates even if some or all of the contributing members were no longer members of the group at the head company’s due time. (2) The following table lists the * tax ‑ related liabilities for the purposes of paragraph (1)(a) and the periods to which each of those liabilities relate: Tax ‑ related liabilities of the head company and the periods to which they relate Item The tax ‑ related liability of the head company that becomes due and payable as specified in this provision ... ... relates to this period 3 section 5 ‑ 5 of the Income Tax Assessment Act 1997 (income tax, and other amounts treated in the same way as income tax under that section) the * financial year to which the income tax etc. relates 5 section 197 ‑ 70 of the Income Tax Assessment Act 1997 (untainting tax) the * franking period of the * head company in which the * untainting tax became due and payable 10 subsection 214 ‑ 150(1) of the Income Tax Assessment Act 1997 (franking tax) the income year to which the * franking tax relates 15 subsection 214 ‑ 150(2) of the Income Tax Assessment Act 1997 (franking tax—part year assessment) the particular period mentioned in subsection 214 ‑ 70(1) to which the * franking tax relates 20 subsection 214 ‑ 150(3) of the Income Tax Assessment Act 1997 (franking tax—amended assessments otherwise than because of deficit deferral) the income year (or particular period mentioned in subsection 214 ‑ 70(1)) to which the * franking tax relates 22 subsection 214 ‑ 150(4) of the Income Tax Assessment Act 1997 (franking tax—deficit deferral) the income year (or particular period mentioned in subsection 214 ‑ 70(1)) to which the * franking deficit tax relates 30 section 45 ‑ 61 in Schedule 1 to the Taxation Administration Act 1953 (quarterly * PAYG instalment) the * instalment quarter to which the * instalment relates 32 section 45 ‑ 67 in Schedule 1 to the Taxation Administration Act 1953 (monthly * PAYG instalment) the * instalment month to which the * instalment relates 35 section 45 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 (annual * PAYG instalment) the income year to which the * instalment relates 40 section 8AAE of the Taxation Administration Act 1953 (general interest charge) the period provided for in this table for the * tax ‑ related liability to which the general interest charge relates 45 subsection 45 ‑ 230(4) in Schedule 1 to the Taxation Administration Act 1953 (general interest charge on shortfall in instalment worked out on basis of varied rate) the * instalment quarter or * instalment month to which the general interest charge relates 50 subsection 45 ‑ 232(5) in Schedule 1 to the Taxation Administration Act 1953 (general interest charge on shortfall in quarterly instalment worked out on basis of estimated benchmark tax) the * instalment quarter to which the general interest charge relates 55 subsection 45 ‑ 235(5) in Schedule 1 to the Taxation Administration Act 1953 (general interest charge on shortfall in annual instalment) the income year to which the general interest charge relates 60 subsection 45 ‑ 875(2) in Schedule 1 to the Taxation Administration Act 1953 (head company’s liability to GIC on shortfall in instalment) the * instalment quarter or * instalment month to which the general interest charge relates 65 if an administrative penalty of a kind mentioned in section 284 ‑ 75, 284 ‑ 145, 286 ‑ 75 or 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 relates only to another * tax ‑ related liability mentioned in this table—section 298 ‑ 15 in that Schedule the period provided for in this table for the * tax ‑ related liability to which the penalty relates 70 Division 280 in Schedule 1 to the Taxation Administration Act 1953 (shortfall interest charge) the period provided for in this table for the * tax ‑ related liability to which the shortfall interest charge relates 115 Subsection 177P(3) of the Income Tax Assessment Act 1936 (diverted profits tax) the income year to which the diverted profits tax relates Note: The other amounts referred to in item 3 of the table are interest payable under section 102AAM of the Income Tax Assessment Act 1936 (distributions from certain non ‑ resident trust estates). (3) Item 30 of the table in subsection (2) is taken not to include a * PAYG instalment of the * head company if the Commissioner gave the head company its * initial head company instalment rate after the end of the * instalment quarter of the head company to which the PAYG instalment relates. (3A) Item 32 of the table in subsection (2) is taken not to include a * PAYG instalment of the * head company if the Commissioner gave the head company its * initial head company instalment rate on or after the start of the * instalment month of the head company to which the PAYG instalment relates.", "Amendment_Count": 14, "First_Amended": "No 68 of 2002", "Last_Amended": "No 43 of 2019", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 83 of 2004 | No 75 of 2005 | No 80 of 2006 | No 79 of 2010 | No 14 of 2012 | No 18 of 2012 | No 88 of 2013 | No 124 of 2013 | No 96 of 2014 | No 27 of 2017 | No 4 of 2018 | No 43 of 2019", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 18 of 2012, effective Sch 5 (items 2–5) and Sch 6 (item 8): 1 July 2012 (s 2(1) items 11, 14) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 4 of 2018, effective Sch 6 (items 9–20, 27): 21 Feb 2018 (s 2(1) item 1) | Amended by No 43 of 2019, effective Sch 2 (items 79–92): 1 July 2019 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-15", "Provision_Key": "s721-15", "Heading": "Head company and contributing members jointly and severally liable to pay group liability", "Text": "(1) The following are jointly and severally liable to pay the group liability: (a) the * head company; and (b) each contributing member (other than a contributing member excluded by subsection (2)). Note: A group liability is a tax ‑ related liability in relation to the head company and each contributing member. For rights of contribution in respect of such a liability, see subsection 265 ‑ 45(2) in Schedule 1 to the Taxation Administration Act 1953 . (2) For the purposes of paragraph (1)(b), a contributing member is excluded by this subsection if it is, at the head company’s due time, prohibited according to the effect of an * Australian law from entering into any arrangement under which the entity becomes subject to a liability referred to in subsection (1). (3) Subsection (1) does not operate if the group liability is covered by a tax sharing agreement (see section 721 ‑ 25). (3A) Subsection (1) is taken never to have made a particular contributing member jointly and severally liable to pay the group liability if: (a) the group liability was taken never to have been covered by the tax sharing agreement because of subsection 721 ‑ 25(3); and Note: Subsection 721 ‑ 25(3) provides for this to happen if the Commissioner did not receive a copy of the tax sharing agreement within 14 days after the Commissioner gave the head company the notice under that subsection. (b) the Commissioner gave the contributing member written notice of the group liability under subsection (5); and (c) apart from the operation of subsection 721 ‑ 25(3), the contributing member left the group clear of the group liability in accordance with section 721 ‑ 35; and (d) the contributing member gave the Commissioner a copy of the tax sharing agreement (that is, the relevant agreement mentioned in paragraph 721 ‑ 25(1)(a)) in the * approved form; and (e) if the Commissioner gave the contributing member written notice of the group liability under subsection (5) (ignoring subsection 721 ‑ 17(2))—the contributing member gave that copy of the agreement to the Commissioner within 14 days after that notice was given. (4) The joint and several liability of the contributing members under subsection (1) arises just after the * head company’s due time. (5) The joint and several liability of a particular contributing member under subsection (1) becomes due and payable by the member 14 days after the Commissioner gives the member written notice under this subsection of the liability. Note 1: If the Commissioner gives this notice to one contributing member, and gives this notice to another contributing member on another day, the 2 contributing members will have different due and payable dates for the same liability. Note 2: This section does not affect the time at which the group liability arose for, or became due and payable by, the head company. (5A) Despite subsection (5), if the group liability is * general interest charge for a day, the joint and several liability of a particular contributing member under subsection (1) becomes due and payable by the member at the end of the day on which the Commissioner gives the member written notice of the liability under subsection (5). (6) To the extent that the contributing members’ liability under subsection (1) is not a liability for income tax, that liability is to be treated as a liability for income tax for the purposes of section 254 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 4, "First_Amended": "No 68 of 2002", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 68 of 2002 | No 16 of 2003 | No 83 of 2004 | No 41 of 2005", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-17", "Provision_Key": "s721-17", "Heading": "Notice of joint and several liability for general interest charge", "Text": "(1) This section operates if: (a) the group liability is * general interest charge for a day in relation to another liability (the primary liability ); and (b) the Commissioner gives a particular contributing member written notice under subsection 721 ‑ 15(5) of the group liability; and (c) general interest charge arises for a subsequent day in relation to the primary liability; and (d) the general interest charge for the subsequent day has not been paid or otherwise discharged in full by the time it became due and payable. (2) The Commissioner is taken to have given the contributing member written notice under subsection 721 ‑ 15(5) of the * general interest charge for the subsequent day. The notice is taken to have been given on that day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-20", "Provision_Key": "s721-20", "Heading": "Limit on liability where group first comes into existence", "Text": "(1) This section operates if the group came into existence during the period to which a group liability relates. (2) The contributing members’ liability under subsection 721 ‑ 15(1) to pay the group liability is limited to the proportion of the group liability that is reasonably attributable to the period: (a) beginning at the time the group came into existence; and (b) ending at the time when the period to which the group liability relates ends.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-25", "Provision_Key": "s721-25", "Heading": "When a group liability is covered by a tax sharing agreement", "Text": "(1) For the purposes of this Division, a group liability is covered by a tax sharing agreement if, just before the head company’s due time: (a) an agreement existed between the * head company of the group and one or more of the contributing members (the TSA contributing members ); and (b) a particular amount (the contribution amount ) could be determined under the agreement for each TSA contributing member in relation to the group liability; and (c) the contribution amounts for each of the TSA contributing members in relation to the group liability, as determined under the agreement, represented a reasonable allocation of the total amount of the group liability among the head company and the TSA contributing members; and (d) the agreement complied with the requirements (if any) set out in the regulations. (1A) The requirement in paragraph (1)(c) is taken to be satisfied if: (a) the group liability is a * tax ‑ related liability mentioned in item 3 of the table in subsection 721 ‑ 10(2) in relation to an income year; and (b) before, at or after the head company’s due time, the * head company of the group became entitled to either or both of the following: (i) a credit under section 45 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 for that income year; (ii) a credit under section 45 ‑ 865 in Schedule 1 to that Act for that income year; and (c) just before the head company’s due time, the contribution amounts for each of the TSA contributing members in relation to the group liability, as determined under the agreement, represented a reasonable allocation among the head company and the TSA contributing members of the difference between: (i) the total amount of the group liability; and (ii) the amount of the credit, or the sum of the credits, mentioned in paragraph (b). (1B) Despite subsections (1)and (1A), the group liability is not covered by a tax sharing agreement for the purposes of this Division if, apart from this subsection, the requirements in those subsections in relation to the group liability would be satisfied in relation to 2 or more agreements. (2) Despite subsections (1)and (1A), the group liability is not covered by a tax sharing agreement for the purposes of this Division if: (a) the agreement mentioned in paragraph (1)(a) was entered into as part of an arrangement; and (b) a purpose of the arrangement was to prejudice the recovery by the Commissioner of some or all of the amount of the group liability or liabilities of that kind. (3) Despite subsections (1)and (1A), the group liability is taken never to have been covered by a tax sharing agreement for the purposes of this Division if: (a) the Commissioner gives the * head company of the group written notice under this subsection (whether before, at or after the head company’s due time) in relation to the group liability; and (b) the notice requires the head company to give the Commissioner a copy of the agreement mentioned in paragraph (1)(a) in the * approved form within 14 days after the notice is given; and (c) the Commissioner does not receive a copy of the agreement by the time required. Note: If this subsection operates, joint and several liability can arise under section 721 ‑ 15 in relation to the group liability.", "Amendment_Count": 6, "First_Amended": "No 68 of 2002", "Last_Amended": "No 96 of 2014", "Amending_Acts": "No 68 of 2002 | No 20 of 2004 | No 83 of 2004 | No 12 of 2012 | No 14 of 2012 | No 96 of 2014", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 20 of 2004, effective Schedule 6: 1 July 2000 Remainder: Royal Assent | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-30", "Provision_Key": "s721-30", "Heading": "TSA contributing members liable for contribution amounts", "Text": "(1) This section operates if a group liability is covered by a tax sharing agreement. (2) Each TSA contributing member is liable to pay to the Commonwealth an amount equal to the contribution amount for that member in relation to the group liability. (3) Despite subsection (2), a TSA contributing member is not liable under that subsection if the member left the group clear of the group liability (see section 721 ‑ 35). (4) The liability of a TSA contributing member under subsection (2) arises just after the * head company’s due time. (5) The liability of a TSA contributing member under subsection (2) becomes due and payable by the member 14 days after the Commissioner gives the member written notice under this subsection of the liability. Note: This section does not affect the time at which the group liability arose for, or became due and payable by, the head company. (5A) Despite subsection (5), if the group liability is * general interest charge for a day, the liability of a TSA contributing member under subsection (2) becomes due and payable by the member at the end of the day on which the Commissioner gives the member written notice of the liability under subsection (5). (6) The liability of a TSA contributing member under subsection (2) is to be treated as a liability for income tax for the purposes of section 254 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 68 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-32", "Provision_Key": "s721-32", "Heading": "Notice of general interest charge liability under TSA", "Text": "(1) This section operates if: (a) the group liability is * general interest charge for a day in relation to another liability (the primary liability ); and (b) the Commissioner gives a particular TSA contributing member written notice under subsection 721 ‑ 30(5) of its liability under subsection 721 ‑ 30(2) in relation to the general interest charge for that day; and (c) general interest charge arises for a subsequent day in relation to the primary liability; and (d) the TSA contributing member is liable under subsection 721 ‑ 30(2) for an amount in relation to the general interest charge for the subsequent day. (2) The Commissioner is taken to have given the TSA contributing member written notice under subsection 721 ‑ 30(5) of the amount in relation to the * general interest charge for the subsequent day. The notice is taken to have been given on that day.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-35", "Provision_Key": "s721-35", "Heading": "When a TSA contributing member has left the group clear of the group liability", "Text": "For the purposes of subsection 721 ‑ 30(3), a TSA contributing member left the group clear of the group liability if: (a) the TSA contributing member ceased to be a member of the group at a time (the leaving time ) before the * head company’s due time; and (b) the cessation of membership was not part of an arrangement, a purpose of which was to prejudice the recovery by the Commissioner of some or all of the amount of the group liability or liabilities of that kind; and (c) before the leaving time, the TSA contributing member had paid to the head company: (i) if the contribution amount for that member in relation to the group liability could be determined before the leaving time—an amount equal and attributable to that amount; or (ii) otherwise—an amount that is a reasonable estimate of, and attributable to, that amount.", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 721-40", "Provision_Key": "s721-40", "Heading": "TSA liability and group liability are linked", "Text": "(1) The liability of a TSA contributing member under subsection 721 ‑ 30(2) (the TSA liability ) is separate and distinct for all purposes from the group liability to which it relates (the linked group liability ). For example, the Commissioner may take proceedings to recover the unpaid amount of the TSA liability, proceedings to recover the unpaid amount of the linked group liability, or both. Note: The TSA contributing member will not be jointly and severally liable for the linked group liability under section 721 ‑ 15 (see subsection 721 ‑ 15(3)). However, the head company of the group remains liable for the linked group liability. Payment or discharge of TSA liability (2) If an amount is paid or applied at a particular time towards discharging the TSA liability, the linked group liability is discharged at that time to the extent of the same amount. Payment or discharge of linked group liability (3) If: (a) an amount is paid or applied at a particular time towards discharging the linked group liability; and (b) as a result, the amount unpaid on the TSA liability at that time (apart from this section) exceeds the amount unpaid on the linked group liability at that time; the TSA liability is discharged at that time to the extent of the excess. (4) Subsections (2) and (3) operate in relation to a liability under a judgment (the judgment liability ): (a) if the judgment liability is for the entire amount unpaid on the TSA liability—as if the judgment liability were the TSA liability; and (b) if the judgment liability is for the entire amount unpaid on the linked group liability—as if the judgment liability were the linked group liability. (5) This section does not discharge a liability to a greater extent than the amount of the liability. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s721-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-1", "Provision_Key": "s723-1", "Heading": "Object", "Text": "The purpose of this Division is to reduce a loss that would otherwise be * realised for income tax purposes by a * realisation event happening to an asset (except a * depreciating asset), to the extent that: (a) value has been shifted out of the asset by the owner creating in an associate a right over the asset; and (b) the value shifted was not brought to tax when the right was created and has not since been brought to tax on a realisation of the right.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-10", "Provision_Key": "s723-10", "Heading": "Reduction in loss from realising non ‑ depreciating asset over which right has been created", "Text": "(1) A loss that would, apart from this Division, be * realised for income tax purposes by a * realisation event is reduced by the amount worked out under subsections (3) and (4) if: (a) the event happens to a * CGT asset (the underlying asset ) you own that, at the time of the event (the realisation time ): (i) is not a * depreciating asset; or (ii) is an item of your * trading stock; or (iii) is a * revenue asset of yours; and (b) before the realisation time: (i) you created in an * associate of yours; or (ii) an entity covered by subsection (2) (about previous owners of the underlying asset) created in an associate of the entity; a right in respect of the underlying asset; and (c) immediately before the realisation time, the right is still in existence and is owned by an associate of yours; and (d) a decrease in the underlying asset’s * market value is reasonably attributable to the creating of the right; and (e) creating the right involved a * CGT event: (i) whose * capital proceeds are less than the market value of the right when created (the difference between those capital proceeds and that market value is called the shortfall on creating the right ); and (ii) that is not a CGT event that happens to some part of the underlying asset but not to the remainder of it; and (f) the shortfall on creating the right is more than $50,000; and (g) the market value of the underlying asset at the realisation time is less than it would have been if the right no longer existed at that time (the difference is called the deficit on realisation ). Note: If subparagraph (1)(e)(ii) applies, the cost base and reduced cost base of the underlying asset is apportioned under section 112 ‑ 30, so there is no need for this section to apply to the right. (2) This subsection covers an entity if: (a) the entity * acquired the underlying asset before you did; and (b) there has been a roll ‑ over for each * CGT event (if any) as a result of which an entity (including you) acquired the asset after the first entity acquired it, and before the realisation time; and (c) for each such CGT event (if any), the entity (including you) that acquired the underlying asset as a result of the event was, immediately after the event, an * associate of the entity that last acquired the asset before the event. (3) The amount by which this section reduces the loss is the lesser of: (a) the shortfall on creating the right; and (b) the deficit on realisation. However, that amount is reduced by each gain that: (c) is * realised for income tax purposes by a * realisation event that happens to the right: (i) before or at the realisation time for the underlying asset; and (ii) at a time when the right is owned by an entity that is your * associate immediately before the realisation time for the underlying asset; and (d) is not disregarded. Note: To work out a gain realised for income tax purposes by a realisation event that happens to the right, see sections 977 ‑ 15, 977 ‑ 35, 977 ‑ 40 and 977 ‑ 55. If more than one of those sections applies to the right, see section 723 ‑ 50. (4) For each gain that: (a) is * realised for income tax purposes by a * realisation event that happens to the right: (i) within 4 years after the realisation time for the underlying asset; and (ii) at a time when the right is owned by an entity that is your * associate immediately before the realisation time for the underlying asset; and (b) is not disregarded; the amount worked out under subsection (3) is taken to have been reduced by the amount of that gain. Note: This subsection may result in amendment of an assessment for the income year in which the realisation time happens.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-15", "Provision_Key": "s723-15", "Heading": "Reduction in loss from realising non ‑ depreciating asset at the same time as right is created over it", "Text": "(1) A loss that would, apart from this Division, be * realised for income tax purposes by a * realisation event is reduced by the amount worked out under subsections (2) and (3) if: (a) the event happens to a * CGT asset (the underlying asset ) you own that, at the time of the event (the realisation time ): (i) is not a * depreciating asset; or (ii) is an item of your * trading stock; (iii) is a * revenue asset of yours; and (b) at the realisation time, you create in an * associate of yours a right in respect of the underlying asset; and (c) creating the right involves a * CGT event: (i) whose * capital proceeds are less than the * market value of the right when created (the difference between those capital proceeds and that market value is called the shortfall on creating the right ); and (ii) that is not a CGT event that happens to some part of the underlying asset but not to the remainder of it; and (d) the shortfall on creating the right is more than $50,000; and (e) the market value of the underlying asset at the realisation time is less than it would have been if the right had not been created (the difference is called the deficit on realisation ). Note: If subparagraph (1)(c)(ii) applies, the cost base and reduced cost base of the underlying asset is apportioned under section 112 ‑ 30, so there is no need for this section to apply to the right. (2) The amount by which this section reduces the loss is the lesser of: (a) the shortfall on creating the right; and (b) the deficit on realisation. (3) For each gain that: (a) is * realised for income tax purposes by a * realisation event that happens to the right: (i) within 4 years after the realisation time for the underlying asset; and (ii) at a time when the right is owned by an entity that is your * associate immediately before the realisation time for the underlying asset; and (b) is not disregarded; the amount worked out under subsection (2) is taken to have been reduced by the amount of that gain. Note 1: To work out a gain realised for income tax purposes by a realisation event that happens to the right, see sections 977 ‑ 15, 977 ‑ 35, 977 ‑ 40 and 977 ‑ 55. If more than one of those sections applies to the right, see section 723 ‑ 50. Note 2: This subsection may require amendment of an assessment for the income year in which the realisation time happens.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-20", "Provision_Key": "s723-20", "Heading": "Exceptions", "Text": "Conservation covenant over land (1) Section 723 ‑ 10 or 723 ‑ 15 does not reduce a loss if: (a) the underlying asset is land; and (b) the right referred to in paragraph 723 ‑ 10(1)(b) or 723 ‑ 15(1)(b) is a * conservation covenant over the land. Right created on death of owner (2) Section 723 ‑ 10 or 723 ‑ 15 does not reduce a loss if the right referred to in paragraph 723 ‑ 10(1)(b) or 723 ‑ 15(1)(b) is created by: (a) a will or codicil; or (b) an order of a court varying or modifying a will or codicil; or (c) a total or partial intestacy; or (d) an order of a court varying or modifying the application of the law about distributing the estate of someone who dies intestate.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-25", "Provision_Key": "s723-25", "Heading": "Realisation event that is only a partial realisation", "Text": "(1) Section 723 ‑ 10 or 723 ‑ 15 applies differently if: (a) a * realisation event happens to some part of a * CGT asset (the underlying asset ) you own that, at the time of the event: (i) is not a * depreciating asset; or (ii) is an item of your * trading stock; or (iii) is a * revenue asset of yours; but not to the remainder of the underlying asset; or (b) a realisation event consists of creating an interest in a CGT asset (also the underlying asset ) you own that, at the time of the event, is covered by subparagraph (a)(i), (ii) or (iii). (2) The section applies on the basis that: (a) the * realisation event happens to the underlying asset; and (b) the shortfall on creating the right referred to in paragraph 723 ‑ 10(1)(e) or 723 ‑ 15(1)(c); and (c) the deficit on realisation referred to in paragraph 723 ‑ 10(1)(g) or 723 ‑ 15(1)(e); are each reduced by multiplying its amount by this fraction: (3) For the purposes of the formula in subsection (2): market value of part means the * market value, at the time of the * realisation event, of the part referred to in paragraph (1)(a) or the interest referred to in paragraph (1)(b), as appropriate. market value of underlying asset means the * market value, immediately before the * realisation event, of the underlying asset.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-35", "Provision_Key": "s723-35", "Heading": "Multiple rights created to take advantage of the $50,000 threshold", "Text": "(1) Sections 723 ‑ 10 and 723 ‑ 15 apply differently if, having regard to all relevant circumstances, it is reasonable to conclude that the sole or main reason why a right was created as a different right from one or more other rights created in respect of the same thing was so that paragraph 723 ‑ 10(1)(f) or 723 ‑ 15(1)(d) would not be satisfied for one or more of the rights mentioned in this subsection. (2) Those sections: (a) apply to that thing, in relation to each of the rights mentioned in subsection (1) of this section, as if paragraphs 723 ‑ 10(1)(f) and 723 ‑ 15(1)(d) were omitted; and (b) are taken always to have so applied.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-40", "Provision_Key": "s723-40", "Heading": "Application to CGT asset that is also trading stock or revenue asset", "Text": "If a * CGT asset you own is also an item of your * trading stock or a * revenue asset, this Division applies to the asset once in its character as a CGT asset and again in its character as trading stock or a revenue asset.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-50", "Provision_Key": "s723-50", "Heading": "Effects if right created over underlying asset is also trading stock or a revenue asset", "Text": "(1) Subsection 723 ‑ 10(3) or (4) or 723 ‑ 15(3) applies differently if the right created in respect of the underlying asset is also * trading stock or a * revenue asset at the time of a * realisation event that happens to the right. (2) The gain that is taken into account for the purposes of that subsection is: (a) if the right is also * trading stock—worked out under section 977 ‑ 35 or 977 ‑ 40 (about realisation events for trading stock); or (b) if the right is also a * revenue asset—the greater of: (i) the gain worked out under section 977 ‑ 15 (about realisation events for CGT assets); and (ii) the gain worked out under section 977 ‑ 55 (about realisation events for revenue assets).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-105", "Provision_Key": "s723-105", "Heading": "Reduced cost base of interest reduced when interest realised at a loss", "Text": "(1) The * reduced cost base of a * primary equity interest, * secondary equity interest, or * indirect primary equity interest, in a company or trust is reduced just before a * realisation event that is a * CGT event happens to the interest if: (a) apart from this Division, a loss would be * realised for income tax purposes by the CGT event; and (b) apart from this Division, a loss would have been * realised for income tax purposes by a realisation event if the event had happened, just before the CGT event, to a * CGT asset (the underlying asset ) that the company or trust then owned and that: (i) was not then a * depreciating asset; or (ii) was then an item of * trading stock of the company or trust; or (iii) was then a * revenue asset of the company or trust; and (c) the loss referred to in paragraph (b) would have been reduced under Subdivision 723 ‑ A by an amount (the underlying asset loss reduction ); and (d) for the entity (the transferor ) that owned the interest just before the CGT event, the interest was a * direct roll ‑ over replacement or * indirect roll ‑ over replacement for the underlying asset. (2) If the interest was a * direct roll ‑ over replacement, its * reduced cost base is reduced by the amount worked out using this formula, unless that amount does not appropriately reflect the matters referred to in subsection (4): (3) For the purposes of the formula in subsection (2): RCB of interest means the interest’s * reduced cost base when the transferor * acquired it. total of RCBs of direct roll ‑ over replacements means the total of the * reduced cost bases of all * direct roll ‑ over replacements for the underlying asset when the transferor * acquired them. (4) If: (a) the interest was an * indirect roll ‑ over replacement; or (b) the amount worked out under subsection (2) does not appropriately reflect the matters referred to in this subsection; the interest’s * reduced cost base is reduced by an amount that is appropriate having regard to these matters: (c) the underlying asset loss reduction; and (d) the quantum of the interest relative to all * direct roll ‑ over replacements and indirect roll ‑ over replacements that the transferor owns or has previously owned.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 723-110", "Provision_Key": "s723-110", "Heading": "Direct and indirect roll ‑ over replacement for underlying asset", "Text": "(1) For an entity (the transferor ) that owns a * CGT asset, the CGT asset is a direct roll ‑ over replacement for something (the underlying asset ) that another entity owns if, and only if: (a) a * CGT event happened to the underlying asset while the transferor owned it; and (b) the other entity * acquired the underlying asset as a result of that CGT event; and (c) there was a * replacement ‑ asset roll ‑ over for the CGT event; and (d) the transferor received the CGT asset (or CGT assets including it) in respect of the CGT event as the replacement asset (or the replacement assets). (2) For an entity (the transferor ) that owns a * CGT asset, the CGT asset is an indirect roll ‑ over replacement for something (the underlying asset ) that another entity owns if, and only if: (a) a * CGT event happened to another CGT asset at a time when the transferor owned it and the other entity already owned the underlying asset; and (b) for the transferor, the other CGT asset was at that time: (i) a * direct roll ‑ over replacement for the underlying asset; or (ii) an indirect roll ‑ over replacement for the underlying asset because of any other application or applications of this subsection; and (c) there was a * replacement ‑ asset roll ‑ over for the CGT event; and (d) the transferor received the first CGT asset (or CGT assets including it) in respect of the CGT event as the replacement asset (or the replacement assets).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s723-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-1", "Provision_Key": "s725-1", "Heading": "What this Division is about", "Text": "If, under a scheme, value is shifted from equity or loan interests in a company or trust to other equity or loan interests in the same company or trust (including interests issued at a discount), this Division: (a) adjusts the value of those interests for income tax purposes to take account of material changes in market value that are attributable to the value shift; and (b) treats the value shift as a partial realisation to the extent that value is shifted between interests held by different owners, and in some other cases. However, it does so only for interests that are owned by entities involved in the value shift.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-45", "Provision_Key": "s725-45", "Heading": "Main object", "Text": "(1) The main object of this Division is: (a) to prevent inappropriate losses from arising on the realisation of * equity or loan interests from which value has been shifted to other equity or loan interests in the same entity; and (b) to prevent inappropriate gains from arising on the realisation of equity or loan interests in the same entity to which the value has been shifted; so far as those interests are owned by entities involved in the value shift. (2) This is done by: (a) adjusting the value of those interests for income tax purposes to take account of changes in * market value that are attributable to the value shift; and (b) treating the value shift as a partial realisation to the extent that value is shifted: (i) between interests held by different owners; or (ii) in the case of interests in their character as CGT assets—from post ‑ CGT assets to pre ‑ CGT assets; or (iii) between interests of different characters.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-50", "Provision_Key": "s725-50", "Heading": "When a direct value shift has consequences under this Division", "Text": "A * direct value shift under a * scheme involving * equity or loan interests in an entity (the target entity ) has consequences for you under this Division if, and only if: (a) the target entity is a company or trust at some time during the * scheme period; and (b) section 725 ‑ 55 (Controlling entity test) is satisfied; and (c) section 725 ‑ 65 (Cause of the value shift) is satisfied; and (d) you are an * affected owner of a * down interest, or an * affected owner of an * up interest, or both; and (e) neither of sections 725 ‑ 90 and 725 ‑ 95 (about direct value shifts that are reversed) applies. Note: For a down interest of which you are an affected owner, the direct value shift has consequences under this Division only if section 725 ‑ 70 (about material decrease in market value) is satisfied.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-55", "Provision_Key": "s725-55", "Heading": "Controlling entity test", "Text": "An entity (the controller ) must * control (for value shifting purposes) the target entity at some time during the period starting when the * scheme is entered into and ending when it has been carried out. (That period is the scheme period .) For the concept of control (for value shifting purposes) , see sections 727 ‑ 355 to 727 ‑ 375.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-65", "Provision_Key": "s725-65", "Heading": "Cause of the value shift", "Text": "(1) It must be the case that one or more of the following: (a) the target entity; (b) the controller; (c) an entity that was an * associate of the controller at some time during or after the * scheme period; (d) an * active participant in the * scheme; (either alone or together with one or more other entities) did under the scheme the one or more things: (e) to which the decrease in the * market value of the * down interests is reasonably attributable; and (f) to which the increase in the market value of the * up interests, or the issue of up interests at a * discount, is reasonably attributable, or that is or include the issue of up interests at a * discount. Active participants (if target entity is closely held) (2) An entity (the first entity ) is an active participant in the * scheme if, and only if: (a) at some time during the * scheme period, the target entity has fewer than 300 members (in the case of a company) or fewer than 300 beneficiaries (in the case of a trust); and (b) the first entity has actively participated in, or directly facilitated, the entering into or carrying out of the * scheme (whether or not it did so at the direction of some other entity); and (c) the first entity: (i) owns a * down interest at the * decrease time; or (ii) owns an * up interest at the * increase time or has an up interest issued to it at a * discount because of the * direct value shift. When an entity has 300 or more members or beneficiaries (3) Section 124 ‑ 810 (under which certain companies and trusts are not regarded as having 300 or more members or beneficiaries) also applies for the purposes of this Division. (4) In addition, this Division applies to a * non ‑ fixed trust as if it did not have 300 or more beneficiaries.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-70", "Provision_Key": "s725-70", "Heading": "Consequences for down interest only if there is a material decrease in its market value", "Text": "(1) For a * down interest of which you are an * affected owner, the * direct value shift has consequences under this Division only if the sum of the decreases in the * market value of all down interests because of direct value shifts under the same * scheme as the direct value shift is at least $150,000. Note: In working out the sum of the decreases in market value of all down interests, it will be necessary to include decreases not only in your down interests, but also in those of other affected owners and of entities that are not affected owners. (2) However, if, having regard to all relevant circumstances, it is reasonable to conclude that the sole or main reason why a * direct value shift happened under a different scheme from one or more other direct value shifts was so that subsection (1) would not be satisfied for one or more of the direct value shifts mentioned in this subsection, subsection (1) does not apply (and is taken never to have applied) to any of the direct value shifts.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-80", "Provision_Key": "s725-80", "Heading": "Who is an affected owner of a down interest?", "Text": "An entity is an affected owner of a * down interest if, and only if, the entity owns the down interest at the * decrease time and at least one of these paragraphs is satisfied: (a) the entity is the controller; (b) the entity was an * associate of the controller at some time during or after the * scheme period; (c) the entity is an * active participant in the * scheme.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-85", "Provision_Key": "s725-85", "Heading": "Who is an affected owner of an up interest?", "Text": "An entity is an affected owner of an * up interest if, and only if: (a) there is at least one * affected owner of * down interests; and (b) the entity owns the up interest at the * increase time, or the interest is an up interest because it was issued to the entity at a * discount; and at least one of these paragraphs is satisfied: (c) the entity is the controller; (d) the entity was an * associate of the controller at some time during or after the * scheme period; (e) at some time during or after the scheme period, the entity was an associate of an entity that is an affected owner of down interests because it was an associate of the controller at some time during or after that period; (f) the entity is an * active participant in the * scheme.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-90", "Provision_Key": "s725-90", "Heading": "Direct value shift that will be reversed", "Text": "(1) The * direct value shift does not have consequences for you under this Division if: (a) the one or more things referred to in paragraph 725 ‑ 145(1)(b) brought about a state of affairs, but for which the direct value shift would not have happened; and (b) as at the time referred to in that paragraph, it is more likely than not that, because of the * scheme, that state of affairs will cease to exist within 4 years after that time. Example: Under a scheme, the voting rights attached to a class of shares in a company are changed. As a result, the market value of shares in that class decreases, and the market value of other classes of shares in the company increases. The company’s constitution provides that the change is to last for only 3 years. (2) However, this section stops applying if the state of affairs referred to in paragraph (1)(a) still exists: (a) at the end of those 4 years; or (b) when a * realisation event happens to * down interests or * up interests of which you are, or any other entity is, an * affected owner; whichever happens sooner. (3) If this section stops applying, it is taken never to have applied to the * direct value shift. Note: This may result in an assessment for an earlier income year having to be amended to give effect to the consequences that the direct value shift would have had for you under this Division if this section hadn’t applied.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-95", "Provision_Key": "s725-95", "Heading": "Direct value shift resulting from reversal", "Text": "(1) A * direct value shift does not have consequences for any entity under this Division if: (a) section 725 ‑ 90 applies, and the state of affairs referred to in paragraph 725 ‑ 90(1)(a) ceases to exist; and (b) the direct value shift would not have happened but for that state of affairs ceasing to exist. (2) However, if section 725 ‑ 90 stops applying, this section is taken never to have applied to the later direct value shift.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-145", "Provision_Key": "s725-145", "Heading": "When there is a direct value shift", "Text": "(1) There is a direct value shift under a * scheme involving * equity or loan interests in an entity (the target entity ) if: (a) there is a decrease in the * market value of one or more equity or loan interests in the target entity; and (b) the decrease is reasonably attributable to one or more things done under the scheme, and occurs at or after the time when that thing, or the first of those things, is done; and (c) either or both of subsections (2) and (3) are satisfied. Examples of something done under a scheme are issuing new shares at a * discount, buying back shares or changing the voting rights attached to shares. (2) One or more * equity or loan interests in the target entity must be issued at a * discount. The issue must be, or must be reasonably attributable to, the thing, or one or more of the things, referred to in paragraph (1)(b). It must also occur at or after the time referred to in that paragraph. Example: A company runs a family business. There are 2 shares originally issued for $2 each. They are owned by husband and wife. The market value of the shares is much greater (represented by the value of the assets of the company less its liabilities). The company issues one more share for $2 to their son. Caution is needed in such a situation. The example would result in a large CGT liability for the husband and wife under this Division, because they have shifted 1/3 of the value of their own shares to their son. No such liability would arise if the share had been issued for its market value. (3) Or, there must be an increase in the * market value of one or more * equity or loan interests in the target entity. The increase must be reasonably attributable to the thing, or to one or more of the things, referred to in paragraph (1)(b). It must also occur at or after the time referred to in that paragraph.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-150", "Provision_Key": "s725-150", "Heading": "Issue of equity or loan interests at a discount", "Text": "(1) An * equity or loan interest is issued at a discount if, and only if, the * market value of the interest when issued exceeds the amount of the payment that the issuing entity receives. The excess is the amount of the discount . (2) The payment that the issuing entity receives can include property. If it does, use the * market value of the property in working out the amount of the payment. Amounts for which bonus equities are treated as being issued (3) If: (a) a * primary equity interest is issued as mentioned in subsection 130 ‑ 20(1) (about bonus equities issued in relation to original equities); and (b) subsection 130 ‑ 20(3) does not apply (about bonus equities that are a dividend or otherwise assessable income); subsection (1) of this section applies to the interest as if the amount of the payment that the issuing entity receives were equal to the * cost base of the interest when issued (as worked out under section 130 ‑ 20). (4) If: (a) a * primary equity interest is issued as mentioned in subsection 6BA(1) of the Income Tax Assessment Act 1936 (about bonus shares issued in relation to original shares); and (b) subsection 6BA(2) of that Act applies (about bonus shares that are a dividend); subsection (1) of this section applies to the interest as if the amount of the payment that the issuing entity receives were equal to the consideration worked out under subsection 6BA(2) of that Act. (5) If both of subsections (3) and (4) apply to the issue of the same * primary equity interest, subsection (1) of this section applies to the interest as if the amount of the payment that the issuing entity receives were equal to the greater of the amounts worked out under subsections (3) and (4). Application of subsections (3), (4) and (5) (6) Subsection (3) does not apply if, for the income year in which the interest is issued, the issuing entity is a public trading trust within the meaning of section 102R of the Income Tax Assessment Act 1936 . (7) Subsections (3), (4) and (5) have effect only for the purposes of working out whether a * direct value shift has happened and, if so, its consequences (if any) under this Division.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 90 of 2002 | No 58 of 2006 | No 53 of 2016", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-155", "Provision_Key": "s725-155", "Heading": "Meaning of down interests , decrease time , up interests and increase time", "Text": "(1) An * equity or loan interest in the target entity is a down interest if a decrease in its * market value is reasonably attributable to the one or more things referred to in paragraph 725 ‑ 145(1)(b), and occurs at or after the time referred to in that paragraph. The time when the decrease happens is called the decrease time for that interest. (2) An * equity or loan interest in the target entity is an up interest if subsection 725 ‑ 145(2) or (3) is satisfied for the interest. The time when the interest is issued at a * discount, or the increase in * market value happens, is called the increase time for that interest.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-160", "Provision_Key": "s725-160", "Heading": "What is the nature of a direct value shift?", "Text": "(1) The * direct value shift has 2 aspects. (2) Overall, it consists of: (a) the decreases in * market value of the down interests; and (b) the issue at a * discount of the up interests covered by subsection 725 ‑ 145(2); and (c) the increases in market value of the up interests covered by subsection 725 ‑ 145(3). (3) This Division also proceeds on the basis that the * direct value shift is from each of the * down interests to each of the * up interests.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-165", "Provision_Key": "s725-165", "Heading": "If market value decrease or increase is only partly attributable to the scheme", "Text": "If it is reasonable to conclude that an increase or decrease in * market value, or the issuing of an * equity or loan interest at a * discount, is only partly caused by the doing of the one or more things under the * scheme, this Division applies to the increase, decrease, or issue at a discount, to that extent only.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-205", "Provision_Key": "s725-205", "Heading": "Consequences depend on character of down interests and up interests", "Text": "(1) The consequences for you of the * direct value shift depend on the character of the * down interests and * up interests of which you are an * affected owner. (2) There are consequences for all your * down interests and * up interests in their character as * CGT assets. However, some of them may also be * trading stock or * revenue assets. There are additional consequences for those interests in their character as trading stock or revenue assets. Note: For example, you may own a down interest that is a CGT asset and a revenue asset. Sections 725 ‑ 240 to 725 ‑ 255 set out the consequences for you of a shift in value from that interest in its character as a CGT asset. The cost base of the asset will be decreased, which will affect the calculation of a capital gain when a CGT event happens to the interest. Section 725 ‑ 320 sets out the consequences for you of a shift in value from that interest in its character as a revenue asset. The adjustment made under that section will affect the calculation of any profit on the sale of the interest. Any overlap between the capital gain and the profit realised on the sale of the interest is then dealt with under section 118 ‑ 20. In some instances, the direct value shift may result in a taxing event generating a gain for you in the income year in which the shift happens. That gain will be both a capital gain (because the down interest can be characterised as a CGT asset) and an increase in your assessable income (because the down interest can be characterised as a revenue asset). Again, any overlap is dealt with under section 118 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-210", "Provision_Key": "s725-210", "Heading": "Consequences for down interests depend on pre ‑ shift gains and losses", "Text": "(1) The consequences for a * down interest also depend on whether it has a * pre ‑ shift gain or a * pre ‑ shift loss. (2) It has a pre ‑ shift gain if, immediately before the * decrease time, its * market value was greater than its * adjustable value. (3) It has a pre ‑ shift loss if, immediately before the * decrease time, its * market value was equal to or less than its * adjustable value.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-220", "Provision_Key": "s725-220", "Heading": "Neutral direct value shifts", "Text": "(1) The consequences are different if the total decrease in * market value of your * down interests is equal to the sum of: (a) the total increase in market value of your * up interests; and (b) the total * discounts given to you on the issue of your up interests. (2) In that case, this Subdivision and Subdivisions 725 ‑ D to 725 ‑ F apply to you as if the * direct value shift: (a) consisted only of: (i) the decreases in * market value of your * down interests; and (ii) the issue at a * discount of your * up interests covered by subsection 725 ‑ 145(2); and (iii) the increases in market value of your up interests covered by subsection 725 ‑ 145(3); and (b) were from each of your down interests to each of your up interests. (3) This section has effect despite section 725 ‑ 160.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-225", "Provision_Key": "s725-225", "Heading": "Issue of bonus shares or units", "Text": "(1) The consequences are different if you are an * affected owner of * up interests (the bonus interests ) that the target entity issues to you, at a * discount, under the * scheme, in relation to * down interests (the original interests ) of which you are an affected owner. Effect of treatment under subsection 130 ‑ 20(3) (2) To the extent that the * direct value shift is to the bonus interests from original interests in relation to which the target entity issued bonus interests to which: (a) subsection 130 ‑ 20(3) applies (because none of them is a dividend or otherwise assessable income); and (b) item 1 of the table in that subsection applies (because the original interests are post ‑ CGT assets); these paragraphs apply: (c) the respective * cost bases and * reduced cost bases of those original interests are not reduced; (d) the bonus interests referred to in subsection (1) do not give rise to a * taxing event generating a gain for you under the table in section 725 ‑ 245 on any of those original interests. (3) To the extent that the * direct value shift is from the original interests to bonus interests to which subsection 130 ‑ 20(3) applies (because none of them is a dividend or otherwise assessable income) and: (a) item 1 of the table in that subsection applies (because the original interests are post ‑ CGT assets); or (b) item 2 of that table applies (because the original interests are pre ‑ CGT assets and an amount has been paid for the bonus interests that you were required to pay); the respective * cost bases and * reduced cost bases of those bonus interests are not uplifted. Effect of treatment under subsection 6BA(3) of the Income Tax Assessment Act 1936 (4) To the extent that the * direct value shift is to the bonus interests from original interests in relation to which the target entity issued bonus interests to which subsection 6BA(3) of the Income Tax Assessment Act 1936 applies (either because they are shares issued for no consideration and none of them is a dividend or because they qualify for the intercorporate dividend rebate): (a) the respective * adjustable values of those original interests, in their character as * trading stock or * revenue assets, are not reduced; and (b) the bonus interests referred to in subsection (1) do not give rise to a * taxing event generating a gain for you under the table in section 725 ‑ 335 on any of those original interests. (5) To the extent that the * direct value shift is from the original interests to bonus interests to which subsection 6BA(3) of the Income Tax Assessment Act 1936 applies, the respective * adjustable values of those bonus interests of which you are an affected owner, in their character as * trading stock or * revenue assets, are not uplifted.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-230", "Provision_Key": "s725-230", "Heading": "Off ‑ market buy ‑ backs", "Text": "(1) The consequences are different if: (a) a decrease in the * market value of a * down interest of which you are an * affected owner is reasonably attributable to the target entity proposing to buy back that interest for less than its market value; and (b) the target entity does buy back that down interest; and (c) subsection 159GZZZQ(2) of the Income Tax Assessment Act 1936 treats you as having received the down interest’s market value worked out as if the buy ‑ back had not occurred and was never proposed to occur. (2) The * adjustable value of the * down interest is not reduced, and there is no * taxing event generating a gain. Note: The down interest is not dealt with here because it is already dealt with in Division 16K of Part III of the Income Tax Assessment Act 1936 . (3) Also, to the extent that the * direct value shift is from the * down interest to * up interests of which you are an * affected owner, uplifts in the * adjustable value of the up interests are worked out under either or both of: (a) item 8 of the table in subsection 725 ‑ 250(2); and (b) item 9 of the table in subsection 725 ‑ 335(3); as if the down interest were one owned by another affected owner.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-240", "Provision_Key": "s725-240", "Heading": "CGT consequences; meaning of adjustable value", "Text": "(1) The CGT consequences for you of a * direct value shift are of one or more of these 3 kinds: (a) there are one or more * taxing events generating a gain for * down interests of which you are an affected owner (see subsection (2)); (b) the * cost base and * reduced cost base of down interests of which you are an * affected owner are reduced (see subsection (3)); (c) the cost base and reduced cost base of * up interests of which you are an affected owner are uplifted (see subsection (4)). Note: If there is a taxing event generating a gain, CGT event K8 happens. See section 104 ‑ 250. Taxing event generating a gain (2) To work out: (a) whether under the table in section 725 ‑ 245 there is a * taxing event generating a gain for you on a * down interest; and (b) if so, the amount of the gain; assume that the adjustable value from time to time of that or any other * equity or loan interest in the * target entity is its * cost base. Note: For example, for that purpose the question whether the interest has a pre ‑ shift gain or a pre ‑ shift loss is determined on the basis that the interest’s adjustable value is its cost base. Reduction or uplift of cost base and reduced cost base (3) The * cost base and the * reduced cost base of a * down interest are reduced at the * decrease time to the extent that section 725 ‑ 250 provides for the * adjustable value of the interest to be reduced. (4) The * cost base and the * reduced cost base of an * up interest are uplifted at the * increase time to the extent that section 725 ‑ 250 provides for the * adjustable value of the interest to be uplifted. (5) However, the * cost base or * reduced cost base is uplifted only to the extent that the amount of the uplift is still reflected in the * market value of the interest when a later * CGT event happens to the interest. (6) To work out: (a) whether the * cost base or * reduced cost base of the interest is reduced or uplifted; and (b) if so, by how much; assume that: (c) the adjustable value from time to time of that or any other * equity or loan interest in the * target entity is its cost base or reduced cost base, as appropriate; and (d) if the interest is an * up interest because it was issued at a * discount—the adjustable value of the interest immediately before it was issued was its cost base or reduced cost base, as appropriate, when it was issued. Note: For example, for that purpose the question whether the interest has a pre ‑ shift gain or a pre ‑ shift loss is determined on the basis that the interest’s adjustable value is its cost base or reduced cost base, as appropriate. Reductions and uplifts also apply to pre ‑ CGT assets (7) A reduction or uplift occurs regardless of whether the entity that owns the interest * acquired it before, on or after 20 September 1985.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-245", "Provision_Key": "s725-245", "Heading": "Table of taxing events generating a gain for interests as CGT assets", "Text": "To the extent that the * direct value shift is from * down interests of which you are an * affected owner, and that are specified in an item in the table, to * up interests specified in that item, those up interests give rise to a taxing event generating a gain for you on each of those down interests. The gain is worked out under section 725 ‑ 365. Taxing events generating a gain for down interests as CGT assets Item Down interests: Up interests: 1 * down interests that: (a) are owned by you ; and (b) are neither your * revenue assets nor your * trading stock ; and (c) have * pre ‑ shift gains ; and (d) are * post ‑ CGT assets * up interests owned by you that: (a) are neither your revenue assets nor your trading stock ; and (b) are * pre ‑ CGT assets 2 * down interests that: (a) are owned by you ; and (b) are neither your * revenue assets nor your * trading stock ; and (c) have * pre ‑ shift gains * up interests owned by you that are your trading stock or revenue assets 3 * down interests owned by you that: (a) are of the one kind (either your * trading stock or your * revenue assets ); and (b) have * pre ‑ shift gains * up interests owned by you that: (a) are of the other kind (either your revenue assets or your trading stock ); or (b) are neither your * revenue assets nor your * trading stock 4 * down interests owned by you that have * pre ‑ shift gains up interests owned by other * affected owners Note: If there is a taxing event generating a gain on a down interest, CGT event K8 happens: see section 104 ‑ 250. However, a capital gain you make under CGT event K8 is disregarded if the down interest: • is your trading stock (see section 118 ‑ 25); or • is a pre ‑ CGT asset (see subsection 104 ‑ 250(5)).", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-250", "Provision_Key": "s725-250", "Heading": "Table of consequences for adjustable values of interests as CGT assets", "Text": "(1) The table in subsection (2) sets out consequences of the * direct value shift for the * adjustable values of * down interests and * up interests of which you are an * affected owner, in their character as * CGT assets. (2) To the extent that the * direct value shift is from * down interests specified in an item in the table to * up interests specified in that item: (a) the * adjustable value of each of those down interests is decreased by the amount worked out under the section (if any) specified for the down interests in the last column of that item; and (b) the adjustable value of each of those * up interests is uplifted by the amount worked out under the section (if any) specified for the up interests in that column. Consequences of the direct value shift for adjustable values of CGT assets Item To the extent that the direct value shift is from: To: The decrease or uplift is worked out under: 1 * down interests that: (a) are owned by you ; and (b) have * pre ‑ shift gains ; and (c) are * post ‑ CGT assets * up interests owned by you that do not give rise to a * taxing event generating a gain for you on those down interests under section 725 ‑ 245 for the down interests: section 725 ‑ 365; and for the up interests: section 725 ‑ 370 2 * down interests that: (a) are owned by you ; and (b) have * pre ‑ shift gains ; and (c) are * pre ‑ CGT assets * up interests owned by you that are * pre ‑ CGT assets for the down interests: section 725 ‑ 365; and for the up interests: section 725 ‑ 370 3 * down interests that: (a) are owned by you ; and (b) have * pre ‑ shift gains ; and (c) are * pre ‑ CGT assets * up interests owned by you that are * post ‑ CGT assets for the down interests: section 725 ‑ 365; and for the up interests: section 725 ‑ 375 4 * down interests owned by you that have * pre ‑ shift gains * up interests owned by you that give rise to a * taxing event generating a gain on those down interests under section 725 ‑ 245 for the down interests: section 725 ‑ 365; and for the up interests: section 725 ‑ 375 5 * down interests owned by you that have * pre ‑ shift losses * up interests owned by you for the down interests: section 725 ‑ 380; and for the up interests: section 725 ‑ 375 6 * down interests owned by you that have * pre ‑ shift gains * up interests owned by other * affected owners for the down interests: section 725 ‑ 365 7 * down interests owned by you that have * pre ‑ shift losses * up interests owned by other * affected owners for the down interests: section 725 ‑ 380 8 * down interests owned by other * affected owners * up interests owned by you for the up interests: section 725 ‑ 375 9 * down interests owned by you * up interests owned by entities that are not * affected owners (there are no decreases or uplifts) 10 * down interests owned by entities that are not * affected owners * up interests owned by you (there are no decreases or uplifts) Reducing uplift to prevent double increase in cost base etc. (3) However, if, apart from paragraph (2)(b), an amount is included in the * cost base or * reduced cost base of an * up interest as a result of the * scheme under which the * direct value shift happens, the uplift in the * adjustable value of the interest under that paragraph is reduced by that amount.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 90 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-255", "Provision_Key": "s725-255", "Heading": "Multiple CGT consequences for the same down interest or up interest", "Text": "(1) A * down interest or * up interest of which you are an * affected owner may be covered by 2 or more items in the table in subsection 725 ‑ 250(2). (2) If the * cost base or * reduced cost base of the same * down interest or * up interest is decreased or uplifted under 2 or more items, it is decreased or uplifted by the total of the amounts worked out under those items. Note: If subsection 725 ‑ 250(3) is relevant, it will affect all the uplifts worked out under all those items. (3) If for a particular * down interest there is a * taxing event generating a gain under an item in the table in section 725 ‑ 245, that taxing event is in addition to: (a) each taxing event generating a gain for that interest under any other item in that table; and (b) each decrease in the * cost base or * reduced cost base of the interest under an item in the table in subsection 725 ‑ 250(2).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 90 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-310", "Provision_Key": "s725-310", "Heading": "Consequences for down interest or up interest as trading stock", "Text": "(1) The consequences of the * direct value shift for your * trading stock are of one or more of these 3 kinds: (a) the * adjustable values of * down interests of which you are an * affected owner are reduced (see subsection (2)); (b) the adjustable values of * up interests of which you are an affected owner are uplifted (see subsection (3)); (c) there are one or more * taxing events generating a gain for down interests of which you are an affected owner (see subsection (5)). Effect of reduction or uplift of adjustable value (2) If the * adjustable value of a * down interest that is your * trading stock is reduced under section 725 ‑ 335, you are treated as if: (a) * immediately before the * decrease time, you had sold the interest to someone else (at * arm’s length and in the ordinary course of business) for its * adjustable value immediately before the decrease time; and (b) immediately after the decrease time, you had bought the interest back for the reduced adjustable value. (3) If the * adjustable value of an * up interest that is your * trading stock is uplifted under section 725 ‑ 335, you are treated as if: (a) * immediately before the * increase time, you had sold the interest to someone else (at * arm’s length and in the ordinary course of business) for its * adjustable value immediately before the increase time; and (b) immediately after the increase time, you had bought the interest back for the uplifted adjustable value. (4) However, the increase in the cost of an * up interest because of paragraph (3)(b) is taken into account from time to time only to the extent that the amount of the increase is still reflected in the * market value of the interest. Note: The situations where the increase in cost would be taken into account include: • in working out your deductions for the cost of trading stock acquired during the income year in which the increase time happens; and • the end of an income year if the interest’s closing value as trading stock is worked out on the basis of its cost; and • the start of the income year in which the interest is disposed of, if that happens in a later income year and the interest’s closing value as trading stock at the end of the previous income year was worked out on the basis of its cost. If the interest stops being trading stock, section 70 ‑ 110 treats you as having disposed of it. Taxing event generating a gain (5) For each * taxing event generating a gain under an item in the table in subsection 725 ‑ 335(3), the gain is included in your assessable income for the income year in which the * decrease time happens.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 58 of 2006 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-315", "Provision_Key": "s725-315", "Heading": "Adjustable value of trading stock", "Text": "If a * down interest or * up interest is your * trading stock, its adjustable value at a particular time is: (a) if the interest has been trading stock of yours ever since the start of the income year in which that time occurs—its * value as trading stock at the start of the income year; or (b) otherwise—its cost. Note 1: If an interest has been affected by an earlier direct value shift during the same income year, it will be treated as having already been sold and repurchased (because of an earlier application of section 725 ‑ 310). As a result, the cost on repurchase becomes its adjustable value immediately before the decrease time or increase time for the later direct value shift. Note 2: The adjustable value of an interest that is an up interest because it was issued at a discount is worked out under paragraph (b).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-320", "Provision_Key": "s725-320", "Heading": "Consequences for down interest or up interest as a revenue asset", "Text": "(1) The consequences of the * direct value shift for your * revenue assets are of one or more of these 3 kinds: (a) the * adjustable values of * down interests of which you are an * affected owner are reduced (see subsection (2)); (b) the adjustable values of * up interests of which you are an affected owner are uplifted (see subsection (3)); (c) one or more * taxing events generating a gain for down interests of which you are an affected owner (see subsection (5)). Effect of reduction or uplift of adjustable value (2) If the * adjustable value of a * down interest that is your * revenue asset is decreased under section 725 ‑ 335, you are treated as if: (a) * immediately before the * decrease time, you had sold the interest to someone else for its * adjustable value immediately before the decrease time; and (b) immediately afterwards, you had bought the interest back for the reduced adjustable value; and (c) from the time when you bought it back, the interest continued to be a revenue asset, for the same reasons as it was a revenue asset before you sold it. (3) If the * adjustable value of an * up interest that is your * revenue asset is uplifted under section 725 ‑ 335, you are treated as if: (a) * immediately before the * increase time, you had sold the interest to someone else for its * adjustable value immediately before the increase time; and (b) immediately afterwards, you had bought the interest back for the uplifted adjustable value; and (c) from the time when you bought it back, the interest continued to be a revenue asset, for the same reasons as it was a revenue asset before you sold it. (4) However, the uplift in * adjustable value is taken into account only to the extent that the amount of the uplift is still reflected in the * market value of the interest when it is disposed of or otherwise realised. Taxing event generating a gain (5) For each * taxing event generating a gain under an item in the table in subsection 725 ‑ 335(3), the gain is included in your assessable income for the income year in which the * decrease time happens.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-325", "Provision_Key": "s725-325", "Heading": "Adjustable value of revenue asset", "Text": "(1) If a * down interest is your * revenue asset, its adjustable value immediately before the * decrease time is the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the interest if you disposed of it immediately before the decrease time. (2) If an * up interest is your * revenue asset and it increases in * market value because of the * direct value shift, its adjustable value immediately before the * increase time is the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the interest if you disposed of it immediately before the increase time. (3) If an * up interest is your * revenue asset and it is issued at a * discount, it is taken to have an adjustable value immediately before it is issued equal to the consideration paid or given by you for the interest. Note: If an interest has been affected by an earlier direct value shift during the same income year, it will be treated as having already been sold and repurchased (because of an earlier application of section 725 ‑ 320). As a result, the cost on repurchase becomes its adjustable value immediately before the decrease time or increase time for the later direct value shift.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-335", "Provision_Key": "s725-335", "Heading": "How to work out those consequences", "Text": "(1) This section sets out the consequences of the * direct value shift for a * down interest or * up interest as * trading stock or a * revenue asset. (2) If you have both * trading stock and * revenue assets, items 1 and 2 of the table in subsection (3) can apply once to the trading stock and again to the revenue assets. The other items apply (if at all) to the trading stock and revenue assets together. Decreases and uplifts in adjustable value (3) To the extent that the * direct value shift is from * down interests specified in an item in the table to * up interests specified in that item: (a) the * adjustable value of each of those down interests is decreased by the amount worked out under the section (if any) specified for the down interests in the last column of that item; and (b) the adjustable value of each of those * up interests is uplifted by the amount worked out under the section (if any) specified for the up interests in that column. Consequences for down interest or up interest as trading stock or revenue asset Item To the extent that the direct value shift is from: To: The decrease or uplift is worked out under: 1 * down interests owned by you that: (a) are of the one kind (either your * trading stock or your * revenue assets ); and (b) have * pre ‑ shift gains * up interests owned by you that are of that same kind for the down interests: section 725 ‑ 365; and for the up interests: section 725 ‑ 370 2 * down interests owned by you that: (a) are of the one kind (either your * trading stock or your * revenue assets ); and (b) have * pre ‑ shift gains * up interests owned by you that are of the other kind (either your revenue assets or your trading stock ) for the down interests: section 725 ‑ 365; and for the up interests: section 725 ‑ 375 3 * down interests owned by you that: (a) are your * trading stock or * revenue assets ; and (b) have * pre ‑ shift losses * up interests owned by you that are of that same kind or of the other kind for the down interests: section 725 ‑ 380; and for the up interests: section 725 ‑ 375 4 * down interests owned by you that: (a) are your * trading stock or * revenue assets ; and (b) have * pre ‑ shift gains * up interests owned by you that are neither your revenue assets nor your trading stock for the down interests: section 725 ‑ 365 5 * down interests owned by you that: (a) are your * trading stock or * revenue assets ; and (b) have * pre ‑ shift losses * up interests owned by you that are neither your revenue assets nor your trading stock for the down interests: section 725 ‑ 380 6 * down interests owned by you that are neither your * revenue assets nor your * trading stock * up interests owned by you that are your trading stock or revenue assets for the up interests: section 725 ‑ 375 7 * down interests owned by you that: (a) are your * trading stock or * revenue assets ; and (b) have * pre ‑ shift gains up interests owned by other * affected owners for the down interests: section 725 ‑ 365 8 * down interests owned by you that: (a) are your * trading stock or * revenue assets ; and (b) have * pre ‑ shift losses * up interests owned by other * affected owners for the down interests: section 725 ‑ 380 9 * down interests owned by other * affected owners * up interests owned by you that are your * trading stock or * revenue assets for the up interests: section 725 ‑ 375 10 * down interests owned by you that are your * trading stock or * revenue assets * up interests owned by entities that are not * affected owners (there are no decreases or uplifts) 11 * down interests owned by entities that are not * affected owners * up interests owned by you that are your * trading stock or * revenue assets (there are no decreases or uplifts) Reducing uplift to prevent double increase in adjustable value (3A) However, if, apart from paragraph (3)(b), an amount is included, as a result of the * scheme under which the * direct value shift happens, in the * adjustable value of an * up interest that is your * trading stock or * revenue asset, the uplift in the adjustable value of the interest under that paragraph is reduced by that amount. Taxing events generating a gain (4) To the extent that the * direct value shift is from * down interests: (a) of which you are an * affected owner; and (b) that are specified in item 2, 4 or 7 in the table in subsection (3); to * up interests specified in that item, those up interests give rise to a taxing event generating a gain for you under that item on each of those down interests. The gain is worked out under section 725 ‑ 365.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 41 of 2011 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-340", "Provision_Key": "s725-340", "Heading": "Multiple trading stock or revenue asset consequences for the same down interest or up interest", "Text": "(1) A * down interest or * up interest of which you are an * affected owner may be covered by 2 or more items in the table in subsection 725 ‑ 335(3). (2) If the * adjustable value of the same * down interest or * up interest is decreased or uplifted under 2 or more items, it is decreased or uplifted by the total of the amounts worked out under those items. Note: If subsection 725 ‑ 335(3A) is relevant, it will affect all the uplifts worked out under all those items. (3) If for a particular * down interest there is a * taxing event generating a gain under an item, that taxing event is in addition to: (a) each taxing event generating a gain for that interest under any other item in the table; and (b) each decrease in the * adjustable value of the interest under that or any other item in the table.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 90 of 2002 | No 41 of 2011", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-340"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-365", "Provision_Key": "s725-365", "Heading": "Decreases in adjustable values of down interests (with pre ‑ shift gains), and taxing events generating a gain", "Text": "Use the following method statement: (a) to work out the amount of the gain for a * taxing event generating a gain under: (i) section 725 ‑ 245; or (ii) item 2, 4 or 7 of the table in subsection 725 ‑ 335(3); and (b) to work out the decrease in * adjustable value of a * down interest under: (i) item 1, 2, 3, 4 or 6 of the table in subsection 725 ‑ 250(2); or (ii) item 1, 2, 4 or 7 of the table in subsection 725 ‑ 335(3). Method statement Step 1. Group together all * down interests that: (a) are of the kind referred to in the relevant item; and (b) immediately before the * decrease time, had the same * adjustable value as the down interest; and (c) immediately before that time had the same * market value as the down interest; and (d) sustained the same decrease in market value as the down interest because of the * direct value shift. Step 2. Work out the value shifted from that group of * down interests to the * up interests referred to in the relevant item using the following formula: Step 3. Work out the notional adjustable value of the value shifted from that group of * down interests to those * up interests using the formula: Step 4. The decrease in the * adjustable value of the * down interest under the relevant item is equal to: Step 5. For a * taxing event generating a gain under the relevant item, the amount of the gain is equal to:", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-370", "Provision_Key": "s725-370", "Heading": "Uplifts in adjustable values of up interests under certain table items", "Text": "Use the following method statement to work out the uplift in * adjustable value of an * up interest under: (a) item 1 or 2 of the table in subsection 725 ‑ 250(2); or (b) item 1 of the table in subsection 725 ‑ 335(3). Method statement Step 1. If the * market value of the * up interest increases because of the * direct value shift, group together all up interests of the kind referred to in the relevant item that: (a) immediately before the * increase time, had the same * adjustable value as the up interest; and (b) sustained the same increase in market value as the up interest because of the * direct value shift. If the * up interest is issued at a * discount, group together all * up interests of the kind referred to in the relevant item that: (c) immediately before the * increase time, had the same * adjustable value as the up interest; and (d) because of the direct value shift, are issued at the same discount as the up interest. Step 2. The notional adjustable value of the value shifted from the * down interests referred to in the relevant item to all the * up interests referred to in that item has already been worked out under one or more applications of step 3 of the method statement in section 725 ‑ 365. Step 3. Use the following formula to work out how much of that notional adjustable value is attributable to the value shifted to the group of * up interests referred to in step 1 of this method statement: Step 4. The uplift in the * adjustable value of the * up interest under the relevant item is equal to:", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-375", "Provision_Key": "s725-375", "Heading": "Uplifts in adjustable values of up interests under other table items", "Text": "Use the following method statement to work out the uplift in * adjustable value of an * up interest under: (a) item 3, 4, 5 or 8 of the table in subsection 725 ‑ 250(2); or (b) item 2, 3, 6 or 9 of the table in subsection 725 ‑ 335(3). Method statement Step 1. If the * market value of the * up interest increases because of the direct value shift, group together all * up interests of the kind referred to in the relevant item that sustained the same increase in market value as the up interest because of the direct value shift. If the up interest is issued at a discount, group together all up interests of the kind referred to in the relevant item that are issued at a discount of the same amount as the up interest because of the direct value shift. Step 2. The value shifted to that group of * up interests from the * down interests referred to in the relevant item is the amount worked out using the formula: where: sum of the group increases or discounts means (as appropriate): (a) the sum of the increases in * market value of all * up interests in the group because of the * direct value shift; or (b) the sum of the * discounts at which all * up interests in the group were issued because of the * direct value shift. total value of the direct value shift means: (a) if the sum of the decreases in * market value of all * down interests because of the * direct value shift is equal to or greater than the sum of the increases in market value of all * up interests and all * discounts given because of the shift—the sum of the decreases; or (b) if the sum of the decreases in market value of all down interests because of the direct value shift is less than the sum of the increases in market value of all up interests and all discounts given because of the shift—the sum of the increases and discounts. Step 3. The uplift in the * adjustable value of the * up interest under the relevant item is equal to:", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 725-380", "Provision_Key": "s725-380", "Heading": "Decreases in adjustable value of down interests (with pre ‑ shift losses)", "Text": "Use the following method statement to work out the decrease in * adjustable value of a * down interest under: (a) item 5 or 7 of the table in subsection 725 ‑ 250(2); or (b) item 3, 5 or 8 of the table in subsection 725 ‑ 335(3). Method statement Step 1. Group together all * down interests of the kind referred to in the relevant item that: (a) immediately before the * decrease time, had the same * adjustable value as the down interest; and (b) immediately before that time had the same * market value as the down interest; and (c) sustained the same decrease in market value as the down interest because of the * direct value shift. Step 2. Work out the value shifted from that group of * down interests to the * up interests referred to in the relevant item using the formula: Step 3. The decrease in * adjustable value of the * down interest under the relevant item is equal to:", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s725-380"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-1", "Provision_Key": "s727-1", "Heading": "What this Division is about", "Text": "If there is a net shift of value between 2 related entities because of a non ‑ arm’s length dealing, this Division: (a) prevents losses from arising, because of the value shift, on realisation of direct or indirect equity or loan interests in the losing entity; and (b) within limits, prevents gains from arising, because of the value shift, on realisation of direct or indirect equity or loan interests in the gaining entity. However, it does so only for interests that are owned by entities involved in the value shift. Table of sections 727 ‑ 5 What is an indirect value shift? 727 ‑ 10 How does this Division deal with indirect value shifts? 727 ‑ 15 When does an indirect value shift have consequences under this Division? 727 ‑ 25 Effect of this Division on realisations at a loss that occur before the nature or extent of an indirect value shift can be fully determined", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-5", "Provision_Key": "s727-5", "Heading": "What is an indirect value shift?", "Text": "(1) An indirect value shift arises when there is a net shift of value from one entity to another. Example: Company A transfers property to company B in return for a cash payment. If the market value of the property is $180 million but the cash payment is only $50 million, there is a net shift of value from company A to company B of $130 million. (2) It is called indirect because the transaction will have the indirect effect of shifting value from equity or loan interests in the losing entity to equity or loan interests in the gaining entity. This is because the net shift in value between the entities will usually decrease the market value of interests in the losing entity and increase the market value of interests in the gaining entity. Example: Assume that company C owns all the shares in company A and company D owns all the shares in company B. The net shift of value from company A to company B will reduce the value of company C’s shares in company A and increase the value of company D’s shares in company B. (3) It will also produce corresponding effects further up a chain of entities. Example: Assume that company E owns all the shares in company C and company D. The net shift of value from company A to company B will also reduce the value of company E’s shares in company C and increase the value of its shares in company D. (4) This Division is not concerned with the tax treatment of the net shift in value between the entities at the bottom of the chains. Instead, it deals with the effects on the market value of interests (both direct and indirect) in those entities. (5) An indirect value shift distorts the relationship between the market value of an equity or loan interest and its value for income tax purposes. When the interest is realised, this can produce an inappropriate loss for income tax purposes, or an inappropriate gain. Example: If company E sold its shares in company C, the indirect value shift could (apart from this Division) result in a loss for income tax purposes. Company E could defer the corresponding gain on its shares in company D by not selling these.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-10", "Provision_Key": "s727-10", "Heading": "How does this Division deal with indirect value shifts?", "Text": "(1) To prevent an inappropriate loss or gain from arising on realisation of an interest, this Division reduces the amount of the loss or gain (realisation time method). However, a choice can be made to adjust the interest’s value for income tax purposes in a way that takes account of the indirect value shift (adjustable value method). (2) This Division does not create taxing events giving rise to gains or losses.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-15", "Provision_Key": "s727-15", "Heading": "When does an indirect value shift have consequences under this Division?", "Text": "(1) Indirect value shift is defined very broadly, but the application of this Division is limited in various ways. (2) The losing entity must be a company or trust (except a superannuation entity). However, the gaining entity can be any kind of entity, including an individual. (3) This Division does not apply if entities deal with each other at arm’s length, or provide economic benefits in return for full market value. (4) The losing entity and the gaining entity must be connected by having had the same ultimate controller . In the case of closely held entities, they may instead be connected by having had a high level of common ownership . (5) The only interests affected are those owned by entities involved in the indirect value shift or by their associates. (6) There are a range of exclusions, such as: (a) exclusions for minor indirect value shifts; and (b) a series of rules designed to provide safe harbour treatment for common transactions relating to services; and (c) anti ‑ overlap provisions to prevent double ‑ counting. (7) Rules of thumb are included to make it easier to determine the market value of some kinds of economic benefits. (8) To reduce compliance costs for: (a) * small business entities; and (b) entities that meet the CGT small business net asset threshold ($6 million); interests owned by those entities are not affected by this Division.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 90 of 2002 | No 80 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-25", "Provision_Key": "s727-25", "Heading": "Effect of this Division on realisations at a loss that occur before the nature or extent of an indirect value shift can be fully determined", "Text": "(1) To determine whether a scheme gives rise to an indirect value shift, it must be possible to identify all the economic benefits under the scheme, and the providers and recipients of those benefits. (2) Before then, interests that might be affected by the scheme may be realised at a loss. Subdivision 727 ‑ K contains special rules that apply if that happens.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-95", "Provision_Key": "s727-95", "Heading": "Main object", "Text": "The main object of this Division is: (a) to prevent inappropriate losses from arising on the realisation of direct or indirect equity or loan interests in an entity from which there has been a net shift of value because of a dealing that is not at * arm’s length; and (b) to prevent inappropriate gains from arising on the realisation of * direct equity interests or * indirect equity interests in the entity to which that value has been shifted; in cases where the 2 entities are related as set out in this Division.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 90 of 2002 | No 143 of 2007 | No 88 of 2013", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-100", "Provision_Key": "s727-100", "Heading": "When an indirect value shift has consequences under this Division", "Text": "An * indirect value shift (see Subdivision 727 ‑ B) has consequences under this Division if, and only if: (a) the * losing entity is at the time of the indirect value shift a company or trust (except one listed in section 727 ‑ 125 (about superannuation entities)); and (b) in relation to either or both of the following: (i) the losing entity * providing one or more economic benefits to the gaining entity * in connection with the * scheme from which the indirect value shift results; (ii) the gaining entity providing one or more economic benefits to the losing entity in connection with the scheme; the 2 entities are not dealing with each other at * arm’s length; and (c) either or both of sections 727 ‑ 105 and 727 ‑ 110 are satisfied; and (d) no exclusion in Subdivision 727 ‑ C applies. Note 1: The consequences for direct and indirect interests in the losing entity or in the gaining entity are set out in Subdivision 727 ‑ F. If those consequences are to be worked out using the realisation time method (under Subdivision 727 ‑ G), there are further exclusions for certain 95% services indirect value shifts: see section 727 ‑ 700. Note 2: An indirect value shift does not have consequences for interests in the losing entity or gaining entity owned immediately before the IVS time by an entity that: • is a small business entity for each income year that includes any of the IVS period; or • would satisfy the maximum net asset value test in section 152 ‑ 15 throughout the IVS period. See subsection 727 ‑ 470(2).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 90 of 2002 | No 80 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-105", "Provision_Key": "s727-105", "Heading": "Ultimate controller test", "Text": "It must be the case that, at some time during the * IVS period: (a) the * losing entity and the * gaining entity have the same * ultimate controller; or (b) the ultimate controller of the losing entity is the same entity that was the ultimate controller of the gaining entity at a different time during that period; or (c) the gaining entity is the ultimate controller of the losing entity; or (d) the losing entity is the ultimate controller of the gaining entity. For the concept of IVS period , see section 727 ‑ 150. For the concept of ultimate controller , see section 727 ‑ 350.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-110", "Provision_Key": "s727-110", "Heading": "Common ‑ ownership nexus test (if both losing and gaining entities are closely held)", "Text": "(1) Or, it must be the case that: (a) at some time during the * IVS period, neither the * losing entity nor the * gaining entity has 300 or more members (in the case of a company) or 300 or more beneficiaries (in the case of a trust); and (b) the losing entity and the gaining entity have a * common ‑ ownership nexus within the IVS period. For the concept of IVS period , see section 727 ‑ 150. For the concept of common ‑ ownership nexus , see section 727 ‑ 400. (2) Section 124 ‑ 810 (under which certain companies and trusts are not regarded as having 300 or more members or beneficiaries) also applies for the purposes of this Division. (3) In addition, this Division applies to a * non ‑ fixed trust as if it did not have 300 or more beneficiaries.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-125", "Provision_Key": "s727-125", "Heading": "No consequences if losing entity is a complying superannuation entity etc.", "Text": "An * indirect value shift has no consequences under this Division if the * losing entity is one of the following in relation to the income year in which the indirect value shift happens: (a) a * complying superannuation entity; (b) a * non ‑ complying superannuation fund; (c) a * non ‑ complying approved deposit fund.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 90 of 2002 | No 64 of 2020", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Repealed and substituted by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-150", "Provision_Key": "s727-150", "Heading": "How to determine whether a scheme results in an indirect value shift", "Text": "(1) A * scheme can result in one or more * indirect value shifts only if one or more economic benefits have been, are being, or are to be, * provided * in connection with the scheme. (2) The question whether the * scheme has that result must be determined by reference to the facts and circumstances that exist at the earliest time (either when the scheme is entered into or later) when it is reasonable to conclude that: (a) all the economic benefits that have been, are being, or are to be, * provided * in connection with the scheme can be identified; and (b) for each of those economic benefits: (i) the entity that has provided, is providing, or is to provide, the economic benefit can be identified; and (ii) the entity to which the economic benefit has been, is being, or is to be, provided can be identified; and (iii) if the economic benefit is to be provided—those entities are in existence, and the providing of the economic benefit is not contingent; and (c) there are no other economic benefits that are to be provided in connection with the scheme if some contingency is met. That time is called the IVS time for the scheme. Note: In most cases, the IVS time will be at or soon after the scheme is entered into. However, if: • direct or indirect interests in a company or trust are realised at a loss when the IVS time for the scheme has not yet happened (even if it never happens); and • the company or trust has provided, is providing, is to provide, or might provide, economic benefits in connection with the scheme; there may be consequences for those interests similar to those of an indirect value shift resulting from the scheme. See Subdivision 727 ‑ K. (3) The * scheme results in an indirect value shift from one entity (the losing entity ) to another entity (the gaining entity ) if the total * market value of the one or more economic benefits (the greater benefits ) that the losing entity has * provided, is providing, or is to provide, to the gaining entity * in connection with the scheme exceeds: (a) the total market value of the one or more economic benefits ( lesser benefits ) that the gaining entity has provided, is providing, or is to provide, to the losing entity in connection with the scheme; or (b) if there are no economic benefits covered by paragraph (a)—nil. That excess is the amount of the indirect value shift. (4) The * market value of an economic benefit is to be determined as at the earliest time when it is reasonable to conclude that: (a) the economic benefit can be identified; and (b) paragraph (2)(b) is satisfied for that benefit. For more rules affecting how the market value of an economic benefit is determined, see Subdivision 727 ‑ D. (5) Neither the * losing entity nor the * gaining entity needs to be a party to the * scheme. A benefit can be provided by act or omission. (6) The indirect value shift happens at the * IVS time. (7) The IVS period for a * scheme starts immediately before the scheme is entered into and ends at the * IVS time. (8) A contingency that is artificial, or is virtually certain to be met, is treated under this Division as if it had been met.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-155", "Provision_Key": "s727-155", "Heading": "Providing economic benefits", "Text": "Examples (1) These are some examples of an entity providing an economic benefit to another entity: (a) the first entity pays an amount to the other entity (in this case the * market value of the benefit is the amount of the payment); (b) the first entity provides an asset or services to the other entity; (c) the first entity does something that creates an asset in the hands of the other entity (for example, a company issues shares to its members); (d) the first entity incurs a liability to the other entity, or increases a liability it already owes to the other entity; (e) the first entity terminates all or part of a liability owed by the other entity; (f) the first entity does something that increases the market value of an asset that the other entity holds. (2) These examples are not intended to limit the meaning of providing an economic benefit. Things treated as economic benefits (3) This Division applies as if the ending of: (a) a * primary equity interest or * secondary equity interest in an entity; or (b) a right that the owner of a * primary equity interest or * secondary equity interest in an entity has because of owning the interest; were an economic benefit that the owner of the interest provides to that entity.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-160", "Provision_Key": "s727-160", "Heading": "When an economic benefit is provided in connection with a scheme", "Text": "(1) An economic benefit has been, is being, is to be, or might be, * provided by an entity to another entity in connection with a * scheme if, and only if: (a) the benefit has been, is being, is to be, or might be, provided under the scheme; or (b) the providing of the benefit is reasonably attributable to: (i) something that has been, is being, is to be, or might be, done or omitted under the scheme (whether before, at the time of, or after, the providing of the benefit) by an entity that is either of those entities or a third entity; or (ii) 2 or more such things. (2) An entity referred to in paragraph (1)(b) need not be a party to the * scheme. A benefit can be provided by act or omission.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-165", "Provision_Key": "s727-165", "Heading": "Preventing double ‑ counting of economic benefits", "Text": "Rights to have economic benefits provided (1) If an economic benefit that has been, is being, is to be, or might be, * provided as mentioned in subsection 727 ‑ 150(3) or 727 ‑ 855(1) consists of a right to have economic benefits provided, that subsection applies to the right but does not also apply to those economic benefits. Example: Acme Ltd enters into an agreement with Paragon Pty Ltd under which Acme is to provide services to Paragon over a 5 year period in return for payments. Paragon’s rights under the agreement are economic benefits that Acme provides to Paragon when the agreement is made. The services are economic benefits that Acme is to provide to Paragon. Because of this subsection, the market value of the rights is taken into account in working out whether there has been an indirect value shift, but the market value of the services is not. Effect of an economic benefit on interests in the entity to which it is provided (2) If an economic benefit has been, is being, or is to be, * provided to an entity, then, for the purposes of subsection 727 ‑ 150(3) or 727 ‑ 855(1), disregard an economic benefit to the extent that: (a) it consists of an increase in the * market value of: (i) an * equity or loan interest in the entity; or (ii) an * indirect equity or loan interest in the entity; and (b) the increase is reasonably attributable to the first ‑ mentioned benefit.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-200", "Provision_Key": "s727-200", "Heading": "What this Subdivision is about", "Text": "Some indirect value shifts do not have consequences under this Division. Note 1: If the consequences of an indirect value shift are to be worked out using the realisation time method (under Subdivision 727 ‑ G), there are further exclusions for certain 95% services indirect value shifts: see section 727 ‑ 700. Note 2: For cases where there may be both a direct value shift and an indirect value shift, see Subdivision 727 ‑ L. Table of sections General 727 ‑ 215 Amount does not exceed $50,000 727 ‑ 220 Disposal of asset at cost, or at undervalue if full value is not reflected in adjustable values of equity or loan interests in the losing entity Indirect value shifts involving services 727 ‑ 230 Services provided by losing entity to gaining entity for at least their direct cost 727 ‑ 235 Services provided by gaining entity to losing entity for no more than a commercially realistic price 727 ‑ 240 What services certain provisions apply to 727 ‑ 245 How to work out certain amounts for the purposes of sections 727 ‑ 230 and 727 ‑ 235 Anti ‑ overlap provisions 727 ‑ 250 Distribution by an entity to a member or beneficiary Miscellaneous 727 ‑ 260 Shift down a wholly ‑ owned chain of entities", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-215", "Provision_Key": "s727-215", "Heading": "Amount does not exceed $50,000", "Text": "(1) An * indirect value shift does not have consequences under this Division if the amount of it does not exceed $50,000. (2) However, subsection (1) does not apply to an * indirect value shift (and is taken never to have applied to it) if: (a) before, at the same time as, or after it, another indirect value shift happens for which the same entity is the losing entity as for the first indirect value shift; and (b) having regard to all relevant circumstances, it is reasonable to conclude that the sole or main reason why one of the indirect value shifts happened under a different * scheme from the other was so that its amount would not exceed $50,000.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-220", "Provision_Key": "s727-220", "Heading": "Disposal of asset at cost, or at undervalue if full value is not reflected in adjustable values of equity or loan interests in the losing entity", "Text": "(1) An * indirect value shift does not have consequences under this Division if the conditions in this section are met. (2) The * greater benefits must consist entirely of: (a) the * losing entity transferring a * CGT asset to the * gaining entity; or (b) a right to have the losing entity transfer an asset to the gaining entity. (3) There must be * lesser benefits and, as at the * IVS time, the total * market value of the lesser benefits must not be less than the greatest of these amounts: (a) the asset’s * cost base at that time; (b) the asset’s cost; (c) the asset’s market value immediately before the most recent time (if any), since the * losing entity * acquired the asset, when an * affected owner has acquired: (i) a * primary equity interest in the losing entity; or (ii) an * indirect primary equity interest in the losing entity. (4) A * primary equity interest in an entity is an indirect primary equity interest in another entity if, and only if: (a) the first entity owns a primary equity interest in the other entity; or (b) the first entity owns a primary equity interest that is an indirect primary equity interest in the other entity because of one or more other applications of this subsection.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-230", "Provision_Key": "s727-230", "Heading": "Services provided by losing entity to gaining entity for at least their direct cost", "Text": "An * indirect value shift does not have consequences under this Division if: (a) to the extent of at least 95% of their total * market value, the * greater benefits consist entirely of: (i) a right to have services that are covered by section 727 ‑ 240 provided directly by the losing entity to the gaining entity; or (ii) services that are covered by section 727 ‑ 240 and have been, are being, or are to be, so provided; or both; and (b) there are * lesser benefits and, as at the * IVS time, the total market value of the lesser benefits is not less than the total of: (i) the present value of the direct cost to the losing entity of providing the services; and (ii) the present value of a reasonable allocation of the total direct cost to the losing entity of providing services that include the first ‑ mentioned services (so far as it is not already covered by subparagraph (i)). To work out the costs and present values referred to in paragraph (b), see section 727 ‑ 245.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-235", "Provision_Key": "s727-235", "Heading": "Services provided by gaining entity to losing entity for no more than a commercially realistic price", "Text": "(1) An * indirect value shift does not have consequences under this Division if: (a) there are * lesser benefits and, to the extent of at least 95% of their total * market value, the lesser benefits consist entirely of: (i) a right to have services that are covered by section 727 ‑ 240 provided directly by the gaining entity to the losing entity; or (ii) services that are covered by section 727 ‑ 240 and have been, are being, or are to be, so provided; or both; and (b) as at the * IVS time, the total market value of the greater benefits is not more than the total of: (i) the present value of the direct cost to the gaining entity of providing the services; and (ii) the present value of a reasonable allocation of the total direct cost to the gaining entity of providing services that include the first ‑ mentioned services (so far as it is not already covered by subparagraph (i)); and (iii) the present value of a reasonable allocation of the indirect cost to the gaining entity of providing the first ‑ mentioned services; and (iv) the mark ‑ up worked out under subsection (2) or (3) of this section. To work out the costs and present values referred to in paragraph (1)(b), see section 727 ‑ 245. (2) If it is reasonable to estimate that an entity providing the same quantity of services of the same kind in the same market would charge for them on the basis of a particular percentage mark ‑ up, or on the basis of a percentage mark ‑ up within a particular range, the mark ‑ up for the purposes of subparagraph (1)(b)(iv) is: • the total of the respective present values of the costs mentioned in subparagraphs (1)(b)(i), (ii) and (iii); multiplied by: • that percentage mark ‑ up, or the highest percentage in that range. (3) Otherwise, the mark ‑ up for the purposes of subparagraph (1)(b)(iv) is 10% of the total of the respective present values of the costs mentioned in subparagraphs (1)(b)(i), (ii) and (iii).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-240", "Provision_Key": "s727-240", "Heading": "What services certain provisions apply to", "Text": "(1) Sections 727 ‑ 230, 727 ‑ 235, 727 ‑ 700 and 727 ‑ 725 apply only to services consisting of: (a) doing work (including professional work and giving professional advice or any other kind of advice); or Note: Examples include accounting or legal services; advertising services and financial management services. (b) providing (including allowing use of) facilities for entertainment, recreation or instruction; or (c) leasing, renting, hiring, or allowing the use of, any asset; or (d) packaging, transporting or storing any property; or (e) providing insurance; or (f) services provided, by a banker to a customer, in the course of the banker carrying on the business of banking; or (g) lending money or providing any other form of financial accommodation. (2) It does not matter whether services covered by paragraph (1)(a) also involve supplying property.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-245", "Provision_Key": "s727-245", "Heading": "How to work out certain amounts for the purposes of sections 727 ‑ 230 and 727 ‑ 235", "Text": "(1) The costs mentioned in paragraph 727 ‑ 230(b) or 727 ‑ 235(1)(b) are to be worked out: (a) in accordance with generally accepted accounting practices; and (b) to the extent that the services are to be provided in the future, on the basis of a reasonable estimate of those costs. (2) To avoid doubt, the direct cost or indirect cost mentioned in paragraph 727 ‑ 230(b) or 727 ‑ 235(1)(b) does not include: (a) to the extent that the services consist of or include lending money or providing any other form of financial accommodation—the amount of the loan or other accommodation; or (b) to the extent that the services consist of or include leasing, renting, hiring, or allowing the use of, any asset: (i) the cost of acquiring the asset; or (ii) the cost of acquiring an interest in, or right in respect of, the asset in order to provide the services. Example: Acme Ltd is the holding company of Group Financier Pty Ltd. Group Financier Pty Ltd borrows $20 million at 7% per annum, and on lends it to other subsidiaries of Acme Ltd at 8% per annum. The $20 million does not form part of Group Financier Pty Ltd’s direct cost of the services it provides to the other subsidiaries in the form of the on lending. However, the 7% interest that Group Financier Pty Ltd pays on the $20 million does form part of that direct cost. (3) The present values mentioned in paragraph 727 ‑ 230(b) or 727 ‑ 235(1)(b) are to be worked out using a discount rate equal to the rate that, for the purposes of section 109N of Income Tax Assessment Act 1936 , is the benchmark interest rate for the income year in which the * IVS time occurs. Note: That section is about distributions to entities connected with a private company.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-250", "Provision_Key": "s727-250", "Heading": "Distribution by an entity to a member or beneficiary", "Text": "(1) An * indirect value shift does not have consequences under this Division if: (a) the * greater benefits consist entirely of: (i) a distribution of income or capital that the * losing entity makes to the * gaining entity; or (ii) a right to a distribution of income or capital that the losing entity is to make to the gaining entity; because the gaining entity holds * primary equity interests in the losing entity; and (b) either: (i) an amount covered by one or more of subsections (2), (3) and (4); or (ii) the total of 2 or more such amounts; equals or exceeds the amount of the distribution. Conditions (2) This subsection covers an amount that the assessable income, * exempt income or * non ‑ assessable non ‑ exempt income of the gaining entity for any income year includes because of the distribution or right. (3) This subsection covers an amount by which the * cost base or * reduced cost base (or both) of some or all of the * primary equity interests referred to in subsection (1) changes because of the distribution or right. (4) This subsection covers an amount that, because of the distribution or right, is taken into account: (a) under section 116 ‑ 20 in working out the * capital proceeds of a * CGT event that happens during any income year to some or all of the * primary equity interests referred to in subsection (1); or (b) in working out a * capital gain that an entity makes from CGT event E4 or G1 happening during any income year to some or all of those primary equity interests; or (c) in working out whether a loss or gain is * realised for income tax purposes by a * realisation event that happens to some or all of those primary equity interests (in their character as * trading stock or * revenue assets). Application of section to deemed dividend (5) If a * corporate tax entity makes a * distribution that is not otherwise a distribution of income or capital, this section applies as if the distribution were a distribution of income or capital the entity made. Note: Subsection (5) extends this section to cover something that is taken to be a dividend paid by a company. Compare item 1 of the table in subsection 960 ‑ 120(1).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 90 of 2002 | No 67 of 2024", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-260", "Provision_Key": "s727-260", "Heading": "Shift down a wholly ‑ owned chain of entities", "Text": "(1) An * indirect value shift does not have consequences under this Division if the * gaining entity is a * wholly ‑ owned subsidiary of the * losing entity throughout the * IVS period. Exception: impact on market value of primary loan interest (2) However, subsection (1) does not apply if the * indirect value shift has produced a * disaggregated attributable decrease, in the * market value of an * affected interest in the * losing entity that is also a * primary loan interest in an entity covered by subsection (3), for the owner of the interest. (3) This subsection covers: (a) the * losing entity; and (b) an entity that owns * primary equity interests in an entity that this subsection covers because of one or more previous applications of it.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-300", "Provision_Key": "s727-300", "Heading": "What the rules in this Subdivision are for", "Text": "This Subdivision is used in determining whether there has been an * indirect value shift and, if so: (a) whether it has consequences under this Division; and (b) if it does, the amount of it.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-315", "Provision_Key": "s727-315", "Heading": "Transfer, for its adjustable value, of depreciating asset acquired for less than $1,500,000", "Text": "(1) This Division applies to an economic benefit consisting of: (a) an entity transferring to another entity a * depreciating asset (except a building or structure) for which the transferring entity has deducted or can deduct an amount under Division 40; or (b) a right to have an entity transfer such a depreciating asset to another entity; as if the economic benefit’s * market value were equal to the greater (the residual value ) of: (c) the asset’s * adjustable value at the time when the economic benefit was or is * provided; and (d) the value assigned to the asset at that time in the transferring entity’s books; but only if: (e) as at that time, the * cost of the unit to the transferring entity is less than $1,500,000; and (f) it is reasonable for the transferring entity to conclude that the unit’s actual market value at that time was, is, or will be, not less than 80%, and not more than 120%, of the residual value; and (g) both the transferring entity and the other entity choose to have the market value of that economic benefit treated as being equal to the residual value. (2) If: (a) each of 2 or more economic benefits of the kind mentioned in subsection (1) has been, is being, is to be, or might be, provided by the same transferring entity, to the same other entity, * in connection with the same * scheme; and (b) it is reasonable for the transferring entity to conclude that the total of the * depreciating assets’ actual * market values at the respective times when the economic benefits were or are * provided was, is, or will be, not less than 80%, and not more than 120%, of the total of their respective residual values under subsection (1); paragraph (1)(f) is taken to be satisfied for each of the economic benefits.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-350", "Provision_Key": "s727-350", "Heading": "Ultimate controller", "Text": "An entity is an ultimate controller of another entity if, and only if: (a) the first entity * controls (for value shifting purposes) the other entity; and (b) there is no entity that controls (for value shifting purposes) both the first entity and the other entity.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-355", "Provision_Key": "s727-355", "Heading": "Control (for value shifting purposes) of a company", "Text": "50% stake test (1) An entity controls (for value shifting purposes) a company if the entity, or the entity and its * associates between them: (a) can exercise, or can control the exercise of, at least 50% of the voting power in the company (either directly, or indirectly through one or more interposed entities); or (b) have the right to receive (either directly, or indirectly through one or more interposed entities) at least 50% of any dividends that the company may pay; or (c) have the right to receive (either directly, or indirectly through one or more interposed entities) at least 50% of any distribution of capital of the company. 40% stake test (2) An entity also controls (for value shifting purposes) a company if the entity, or the entity and its * associates between them: (a) can exercise, or can control the exercise of, at least 40% of the voting power in the company (either directly, or indirectly through one or more interposed entities); or (b) have the right to receive (either directly, or indirectly through one or more interposed entities) at least 40% of any dividends that the company may pay; or (c) have the right to receive (either directly, or indirectly through one or more interposed entities) at least 40% of any distribution of capital of the company; unless an entity (other than the first entity and its associates) either alone or together with its associates in fact controls the company. Actual control test (3) An entity also controls (for value shifting purposes) a company if the entity, either alone or together with its * associates, in fact controls the company.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 90 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-355"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-360", "Provision_Key": "s727-360", "Heading": "Control (for value shifting purposes) of a fixed trust", "Text": "40% stake test (1) An entity controls (for value shifting purposes) a * fixed trust if the entity, or the entity and its * associates between them, have the right to receive (either directly, or indirectly through one or more interposed entities) at least 40% of any distribution of trust income, or trust capital, to beneficiaries of the trust. Other tests (2) An entity also controls (for value shifting purposes) a * fixed trust if: (a) the entity, or an * associate of the entity, whether alone or with other associates (the relevant entity ), has the power to obtain the beneficial enjoyment of the trust’s capital or income (whether or not by exercising its power of appointment or revocation, and whether with or without another entity’s consent); or (b) the relevant entity is able to control the application of the trust’s capital or income in any manner (whether directly or indirectly); or (c) the relevant entity is able to do a thing mentioned in paragraph (a) or (b) under a * scheme; or (d) a trustee of the trust is accustomed or is under an obligation (whether formally or informally), or might reasonably be expected, to act in accordance with the relevant entity’s directions, instructions or wishes; or (e) the relevant entity is able to remove or appoint a trustee of the trust.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-360"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-365", "Provision_Key": "s727-365", "Heading": "Control (for value shifting purposes) of a non ‑ fixed trust", "Text": "Trustee tests (1) An entity controls (for value shifting purposes) a * non ‑ fixed trust if: (a) the entity or an * associate of the entity is a trustee of the trust; or (b) the entity, or the entity and its * associates between them, can remove or appoint the trustee, or one or more of the trustees, of the trust; or (c) a trustee of the trust is accustomed to act, is under an obligation (whether formally or informally) to act, or might reasonably be expected to act, in accordance with the directions, instructions or wishes of: (i) the entity or an * associate of the entity; or (ii) 2 or more entities, at least one of which is the entity or an associate of the entity. Tests based on control of the trust income or capital (2) An entity also controls (for value shifting purposes) a * non ‑ fixed trust if the entity, or the entity and its * associates between them: (a) have the power to obtain the beneficial enjoyment of trust income or capital; or (b) can control in any way at all, whether directly or indirectly, the application of trust income or capital; or (c) can, under a * scheme, gain the enjoyment or control referred to in paragraph (a) or (b). (3) An entity also controls (for value shifting purposes) a * non ‑ fixed trust if: (a) the entity, or any of its * associates, can benefit under the trust otherwise than because of a * fixed entitlement to a share of the income or capital of the trust; or (b) if the entity, or the entity and its * associates between them, have the right to receive (either directly, or indirectly through one or more interposed entities) at least 40% of any distribution of trust income, or trust capital.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-370", "Provision_Key": "s727-370", "Heading": "Preventing double counting for percentage stake tests", "Text": "If an interest giving an entity, or an entity and its * associates: (a) the ability to exercise, or control the exercise of, any of the voting power in a company; or (b) the right to receive dividends that a company may pay; or (c) the right to receive a distribution of capital of a company; or (d) the right to receive a distribution of trust income or trust capital; is both direct and indirect, and (apart from this section) would be counted more than once in applying subsection 727 ‑ 355(1) or (2) or section 727 ‑ 360, only the direct interest is to be counted.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-375", "Provision_Key": "s727-375", "Heading": "Tests in this Subdivision are exhaustive", "Text": "An entity does not control (for value shifting purposes) a company or trust except as provided in this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-400", "Provision_Key": "s727-400", "Heading": "When 2 entities have a common ‑ ownership nexus within a period", "Text": "(1) 2 entities have a common ‑ ownership nexus within a period if, and only if, they satisfy the test in any of the one or more items in the table applicable to them. Common ‑ ownership nexus within a period Item If the entities are: This is the test: 1 both companies There must be 2 or more * ultimate owners who: (a) at some time during that period, because of the same test in section 727 ‑ 405, have * ultimate stakes, of percentages totalling at least 80%, in one of the companies; and (b) at that or a different time during that period, because of that same test, have * ultimate stakes, of percentages totalling at least 80%, in the other company Also, subsection (2) of this section must be satisfied 2 both * fixed trusts There must be 2 or more * ultimate owners who: (a) at some time during that period, because of the same test in section 727 ‑ 410, have * ultimate stakes, of percentages totalling at least 80%, in one of the trusts; and (b) at that or a different time during that period, because of that same test, have * ultimate stakes, of percentages totalling at least 80%, in the other trust Also, subsection (2) of this section must be satisfied 3 a company and a * fixed trust There must be 2 or more * ultimate owners who: (a) at some time during that period, because of the same test in section 727 ‑ 405, have * ultimate stakes, of percentages totalling at least 80%, in the company; and (b) at that or a different time during that period, because of the same test in section 727 ‑ 410, have * ultimate stakes, of percentages totalling at least 80%, in the trust Also, subsection (2) of this section must be satisfied 4 a company and a * non ‑ fixed trust There must be 2 or more * ultimate owners: (a) each of whom * controls (for value shifting purposes) the non ‑ fixed trust because of section 727 ‑ 365 at the same time during that period; and (b) who, at that or a different time during that period, have * ultimate stakes, of percentages totalling at least 80%, in the company because of the same test in section 727 ‑ 405 5 a * fixed trust and a * non ‑ fixed trust There must be 2 or more * ultimate owners: (a) each of whom * controls (for value shifting purposes) the non ‑ fixed trust because of section 727 ‑ 365 at the same time during that period; and (b) who, at that or a different time during that period, have * ultimate stakes, of percentages totalling at least 80%, in the fixed trust because of the same test in section 727 ‑ 410 Additional condition about profile of percentage ultimate stakes held by 2 or more ultimate owners (2) In order to satisfy the test in item 1, 2 or 3 in the table in subsection (1), at least one of subsections (3), (4) and (5) must be satisfied. (3) For at least one of the * ultimate owners referred to in that item, the percentage of the * ultimate stake that owner has as mentioned in paragraph (a) in the last column of that item must be at least 40%, and so must the percentage of the ultimate stake that owner has as mentioned in paragraph (b) in the last column of that item. (4) Alternatively, for each of those * ultimate owners, the percentage of the * ultimate stake that owner has as mentioned in that paragraph (a) must be the same as the percentage of the ultimate stake that owner has as mentioned in that paragraph (b). (5) Alternatively, the number of those * ultimate owners must not exceed 16.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-405", "Provision_Key": "s727-405", "Heading": "Ultimate stake of a particular percentage in a company", "Text": "(1) This section sets out 3 tests of whether an entity has an ultimate stake of a particular percentage (the test percentage ) in a company. Note: In applying the tests, follow the rules in section 727 ‑ 415. Voting power (2) The first test is that, after tracing, to the * ultimate owners who ultimately hold it, the direct and indirect ownership of all * shares in the company that carry the right to exercise voting power in the company, that ownership is held by the entity to the extent of the test percentage of that voting power. Dividends (3) The second test is that, after tracing, to the * ultimate owners who ultimately hold it, the direct and indirect ownership of all * shares in the company that carry the right to receive any dividends that the company may pay, that ownership is held by the entity to the extent of the test percentage of those dividends. Capital distributions (4) The third test is that, after tracing, to the * ultimate owners who ultimately hold it, the direct and indirect ownership of all * shares in the company that carry the right to receive any distribution of capital of the company, that ownership is held by the entity to the extent of the test percentage of the distribution. Certain shares ignored (5) In tracing the ownership of * shares in a company, ignore * shares whose * dividends can reasonably be regarded as being equivalent to the payment of interest on a loan having regard to: (a) how the dividends are calculated; and (b) the conditions applying to the payment of the dividends; and (c) any other relevant matters.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-410", "Provision_Key": "s727-410", "Heading": "Ultimate stake of a particular percentage in a fixed trust", "Text": "(1) This section sets out 2 tests of whether an entity has an ultimate stake of a particular percentage (the test percentage ) in a * fixed trust. Note: In applying the tests, follow the rules in section 727 ‑ 415. Income distributions (2) The first test is that, after tracing, to the * ultimate owners who ultimately hold them, the direct and indirect rights to receive distributions of trust income, those rights are held by the entity to the extent of the test percentage of each such distribution. Capital distributions (3) The second test is that, after tracing, to the * ultimate owners who ultimately hold them, the direct and indirect rights to receive distributions of trust capital, those rights are held by the entity to the extent of the test percentage of each such distribution.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-415", "Provision_Key": "s727-415", "Heading": "Rules for tracing", "Text": "(1) In applying sections 727 ‑ 400, 727 ‑ 405 and 727 ‑ 410, follow the rules in this section. Interposed entities (2) Tracing is to be done through any interposed entities. Ownership or rights held jointly (3) If some of the ownership or rights of a particular kind in relation to a company or trust are held by 2 or more entities jointly or in common, each of the entities is treated as holding a proportion of the ownership or rights so held. The proportion is to be worked out on a reasonable basis, so that the total of the proportions equals the total of the ownership or rights so held. Ownership or rights held by associate (4) If, at a particular time: (a) an * ultimate owner is an * associate of another ultimate owner; and (b) the associate ultimately holds some of the ownership or rights of a particular kind in relation to a company or trust; then, in determining whether the other ultimate owner is one of 2 or more ultimate owners because of whom the conditions in an item in the table in section 727 ‑ 400 are satisfied, the ownership or rights of that kind in relation to the company or trust held by the associate at that time: (c) to the extent of a particular percentage, may be treated as being instead held by the other ultimate owner; and (d) to the extent so treated, cannot be treated as being instead held by any other ultimate owner of whom the first ultimate owner is an associate. (5) If one or more applications of subsection (4) are necessary to establish that an * ultimate owner is one of 2 or more ultimate owners because of whom the conditions in an item in the table in section 727 ‑ 400 are satisfied, that subsection must be applied accordingly.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-450", "Provision_Key": "s727-450", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: • which method to use to work out the consequences of an indirect value shift for equity or loan interests, and indirect equity or loan interests, in the losing entity and in the gaining entity; and • which interests, and which owners, are affected. Table of sections Operative provisions 727 ‑ 455 Consequences of the indirect value shift Affected interests 727 ‑ 460 Affected interests in the losing entity 727 ‑ 465 Affected interests in the gaining entity 727 ‑ 470 Exceptions 727 ‑ 520 Equity or loan interest and related terms 727 ‑ 525 Indirect equity or loan interest Affected owners 727 ‑ 530 Who are the affected owners Choices about method to be used 727 ‑ 550 Choosing the adjustable value method 727 ‑ 555 Giving other affected owners information about the choice", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-455", "Provision_Key": "s727-455", "Heading": "Consequences of the indirect value shift", "Text": "The consequences (if any) of an * indirect value shift must be worked out using the * realisation time method unless the * adjustable value method is chosen in accordance with section 727 ‑ 550. Note: Later provisions of this Subdivision set out the interests to which those consequences apply (see sections 727 ‑ 460 to 727 ‑ 525), which are in turn determined by who are the affected owners (see section 727 ‑ 530).", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-460", "Provision_Key": "s727-460", "Heading": "Affected interests in the losing entity", "Text": "These are the affected interests in the * losing entity: (a) each * equity or loan interest that an * affected owner owns in the losing entity immediately before the * IVS time; and (b) each equity or loan interest that: (i) an affected owner owns in another affected owner immediately before the IVS time; and (ii) is an * indirect equity or loan interest in the losing entity; (except one covered by an exception in section 727 ‑ 470).", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-465", "Provision_Key": "s727-465", "Heading": "Affected interests in the gaining entity", "Text": "If immediately before the * IVS time the * gaining entity is a company or trust (except one listed in section 727 ‑ 125 (about superannuation entities)), these are the affected interests in the gaining entity: (a) each * equity or loan interest that an * affected owner owns in the gaining entity immediately before the * IVS time; and (b) each equity or loan interest that: (i) an affected owner owns in another affected owner immediately before the IVS time; and (ii) is an * indirect equity or loan interest in the gaining entity; (except one covered by an exception in section 727 ‑ 470).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-470", "Provision_Key": "s727-470", "Heading": "Exceptions", "Text": "Mere active participants (1) An * equity or loan interest that an * active participant in the * scheme owns in another active participant immediately before the * IVS time is not an * affected interest in the * losing entity or in the * gaining entity unless one of the active participants is also covered by 1, 2, 3 or 4 in the table in subsection 727 ‑ 530(1) (about who is an affected owner). Entity that is a small business entity, or satisfies the maximum net asset value test for small business relief (2) An * equity or loan interest that an entity (the owner ) owns immediately before the * IVS time is not an * affected interest in the * losing entity or in the * gaining entity if the owner: (a) is a * small business entity for each income year that includes any of the * IVS period; or (b) would satisfy the maximum net asset value test in section 152 ‑ 15 throughout the * IVS period. (3) If the owner is not in existence for part of the * IVS period, disregard that part in applying subsection (2). Interests in superannuation entities not covered (4) An * equity or loan interest in an * affected owner is not an * affected interest in the * losing entity or in the * gaining entity if the affected owner is an entity listed in section 727 ‑ 125 (about superannuation entities) in relation to the income year in which the * IVS time happens.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 80 of 2007", "Amending_Acts": "No 90 of 2002 | No 80 of 2007", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 80 of 2007, effective 21 June 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-470"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-520", "Provision_Key": "s727-520", "Heading": "Equity or loan interest and related terms", "Text": "(1) An equity or loan interest in an entity is a * primary interest, or a * secondary interest, in the entity. (2) A primary interest in an entity is a * primary equity interest, or a * primary loan interest, in the entity. (3) The meaning of primary equity interest in an entity is set out in the table. Primary equity interests Item In the case of this kind of entity: Primary equity interest means: 1 a company a * share in the company; or an interest as joint owner (including as tenant in common) of a * share in the company 2 a trust any of these: (a) an interest in the trust income or trust capital; or (b) any other interest in the trust; or (c) an interest as joint owner (including as tenant in common) of an interest covered by paragraph (a) or (b) (4) A primary loan interest in an entity is: (a) a loan to the entity; or (b) an interest as joint owner (including as tenant in common) of a loan to the entity. (5) A secondary interest in an entity is a * secondary equity interest, or a * secondary loan interest, in the entity. (6) A secondary equity interest in an entity is a right or option: (a) to * acquire an existing * primary equity interest in the entity; or (b) to have the entity issue a new primary equity interest. (7) A secondary loan interest in an entity is a right or option: (a) to * acquire an existing * primary loan interest in the entity; or (b) to have the entity issue a new primary loan interest.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 90 of 2002 | No 16 of 2003", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-525", "Provision_Key": "s727-525", "Heading": "Indirect equity or loan interest", "Text": "An * equity or loan interest in an entity is an indirect equity or loan interest in another entity if, and only if: (a) the first entity owns an equity or loan interest in the other entity; or (b) the first entity owns an equity or loan interest that is an indirect equity or loan interest in the other entity because of one or more other applications of this section.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-530", "Provision_Key": "s727-530", "Heading": "Who are the affected owners", "Text": "(1) The table sets out the affected owners for the * indirect value shift. Affected owners Item In this case: The affected owners include: 1 At least one condition in section 727 ‑ 105 (ultimate controller test) is satisfied each * ultimate controller because of which a condition in that section is satisfied; and each entity that, at a time during the * IVS period when such an ultimate controller * controlled (for value shifting purposes) the losing entity, was an * intermediate controller of the losing entity; and each entity that, at a time during the IVS period when such an ultimate controller controlled (for value shifting purposes) the gaining entity, was an intermediate controller of the gaining entity 2 The conditions in section 727 ‑ 110 (common ‑ ownership nexus test) are satisfied in respect of: (a) one or more times; or (b) one or more sets of 2 times each * ultimate owner who is one of 2 or more ultimate owners because of whom the condition in the applicable item of that table is satisfied in respect of any of those times; and each entity through which ownership or rights are traced to such an ultimate owner in applying the applicable item of that table in respect of any of those times 3 Any case the * losing entity and the * gaining entity 4 Any case each entity that, at any time after the * scheme was entered into, is an * associate of an entity that is an affected owner because of item 1, 2 or 3 of this table 5 Any case each * active participant in the * scheme (2) An entity is an intermediate controller of another entity if, and only if: (a) the first entity * controls (for value shifting purposes) the other entity; and (b) the first entity is * controlled (for value shifting purposes) by an * ultimate controller of the other entity. Active participants (if both losing and gaining entities are closely held) (3) An entity (the first entity ) is an active participant in the * scheme if: (a) at some time during the * IVS period, neither the losing entity nor the gaining entity has 300 or more members (in the case of a company) or 300 or more beneficiaries (in the case of a trust); and (b) the first entity: (i) actively participated in, or directly facilitated, the entering into of the * scheme; or (ii) at some time during the * IVS period actively participated in, or directly facilitated, the carrying out of the scheme; (whether or not it did so at the direction of some other entity); and (c) at some time during the * IVS period, the first entity owned: (i) an * equity or loan interest in the losing entity or in the gaining entity; or (ii) an * indirect equity or loan interest in the losing entity or in the gaining entity; and (d) the first entity is neither the losing entity nor the gaining entity. Note: Subsections 727 ‑ 110(2) and (3) contain rules about when an entity is treated as having or not having 300 or more members or beneficiaries.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-550", "Provision_Key": "s727-550", "Heading": "Choosing the adjustable value method", "Text": "(1) This section sets out rules for: (a) choosing to use the * adjustable value method to work out the consequences of an * indirect value shift; or (b) choosing (when using the adjustable value method) not to work out on a * loss ‑ focussed basis the reductions in the * adjustable values of * affected interests. Who makes the choice (2) The choice must be made in accordance with the table. Who makes the choice Item In this case: The choice must be made by: 1 If the conditions in section 727 ‑ 110 (common ‑ ownership nexus test) are satisfied jointly by the * ultimate owners because of whom the condition in the applicable item of the table in section 727 ‑ 400 is satisfied 2 Item 1 does not apply, and there is an entity: (a) who is the sole * ultimate controller because of whom the conditions in section 727 ‑ 105 (ultimate controller test) are satisfied; or (b) who would be that sole ultimate controller if sections 727 ‑ 355 to 727 ‑ 375 were applied ignoring that entity’s * associates that entity 3 Neither of items 1 and 2 applies jointly by the 2 or more * ultimate controllers because of whom the conditions in section 727 ‑ 105 (ultimate controller test) are satisfied When choice must be made (3) The choice must be made within 2 years after the first * realisation event that happens to an * affected interest at or after the IVS time. Choice binds all affected owners (4) The choice binds all * affected owners for the * indirect value shift.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-555", "Provision_Key": "s727-555", "Heading": "Giving other affected owners information about the choice", "Text": "(1) An entity that makes a choice under section 727 ‑ 550 (including a choice made jointly with one or more other entities) must inform all entities that it knows to be * affected owners for the * indirect value shift about the content of the choice. The entity must do so in writing within one month after making the choice. Penalty: 30 penalty units. (2) If: (a) a choice under section 727 ‑ 550 is made jointly by 2 or more entities; and (b) one of the entities complies with subsection (1); no other entity need comply with that subsection in relation to that choice. (3) If an * affected owner for an * indirect value shift has reason to believe that an entity may have made a choice under section 727 ‑ 550 (including a choice made jointly with one or more other entities), the affected owner may give the entity a written notice asking whether the entity has made such a choice. (4) Within one month after receiving a notice under subsection (3), an entity must inform the * affected owner in writing whether the entity has made a choice under section 727 ‑ 550 and, if so, about the content of the choice. Penalty: 30 penalty units. (5) The Commissioner may extend the period for complying with a provision of this section.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-600", "Provision_Key": "s727-600", "Heading": "What this Subdivision is about", "Text": "Under the realisation time method: • losses on realisation of affected interests in the losing entity are reduced; and • gains on realisation of affected interests in the gaining entity are reduced, within limits worked out by reference to the reductions in losses on affected interests in the losing entity; and • certain 95% services indirect value shifts are disregarded. This Subdivision also explains how its reduction of a loss or gain affects CGT assets, trading stock and revenue assets. Table of sections Operative provisions 727 ‑ 610 Consequences of indirect value shift 727 ‑ 615 Reduction of loss on realisation event for affected interest in losing entity 727 ‑ 620 Reduction of gain on realisation event for affected interest in gaining entity 727 ‑ 625 Total gain reductions not to exceed total loss reductions 727 ‑ 630 How cap in section 727 ‑ 625 applies if affected interest is also trading stock or a revenue asset 727 ‑ 635 Splitting an equity or loan interest 727 ‑ 640 Merging equity or loan interests 727 ‑ 645 Effect of CGT roll ‑ over Further exclusion for certain 95% services indirect value shifts if realisation time method must be used 727 ‑ 700 When 95% services indirect value shift is excluded 95% services indirect value shifts that are not excluded 727 ‑ 705 Another provision of the income tax law affects amount related to services by at least $100,000 727 ‑ 710 Ongoing or recent service arrangement reduces value of losing entity by at least $100,000 727 ‑ 715 Service arrangements reduce value of losing entity that is a group service provider by at least $500,000 727 ‑ 720 Abnormal service arrangement reduces value of losing entity that is not a group service provider by at least $500,000 727 ‑ 725 Meaning of predominantly ‑ services indirect value shift", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-600"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-610", "Provision_Key": "s727-610", "Heading": "Consequences of indirect value shift", "Text": "(1) This Subdivision sets out the realisation time method of working out the consequences (if any) of an * indirect value shift. (2) If those consequences are to be worked out using that method, this Subdivision applies to each * realisation event: (a) by which a loss would, apart from this Division, be * realised for income tax purposes; and (b) that happens to an * affected interest in the * losing entity; and (c) that is the first realisation event that happens to that interest at or after the * IVS time; and (d) that happens: (i) if the amount of the indirect value shift is $500,000 or more—at any time after the IVS time; or (ii) otherwise—within 4 years after the IVS time. (3) If: (a) those consequences are to be worked out using that method; and (b) the * gaining entity is a company or trust (except one listed in section 727 ‑ 125 (about superannuation entities)) immediately before the * IVS time; this Subdivision applies to each * realisation event: (c) by which a gain would, apart from this Division, be * realised for income tax purposes; and (d) that happens to an * affected interest in the * gaining entity; and (e) that is the first realisation event that happens to that interest at or after the IVS time. (4) The consequences for the * affected interest depend on its character. There are consequences for the interest in its character as a * CGT asset. However, if the interest is also * trading stock or a * revenue asset, there are additional consequences for it in that character. (5) In working out the consequences for an * affected interest in the * losing entity or * gaining entity, in the interest’s character as * trading stock, a * realisation event is disregarded for the purposes of identifying under paragraph (2)(c) or (3)(e) the first realisation event that happens to that interest at or after the * IVS time, if: (a) the realisation event consists of the ending of an income year; and (b) the * value of the interest as trading stock on hand of an entity at the end of the income year is the interest’s * cost; and (c) the interest became part of the entity’s trading stock on hand during that income year, or the value of the interest as trading stock of the entity on hand at the start of the income year was also the interest’s cost.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-610"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-615", "Provision_Key": "s727-615", "Heading": "Reduction of loss on realisation event for affected interest in losing entity", "Text": "If this Subdivision applies to a * realisation event that happens to an * affected interest in the * losing entity, a loss that would, apart from this Division, be * realised for income tax purposes by the event is reduced by an amount that is reasonable having regard to: (a) a reasonable estimate of the amount (if any) by which the * indirect value shift has reduced the interest’s * market value; and (b) if the interest is also an affected interest in the * gaining entity—a reasonable estimate of the extent (if any) to which the interest’s market value at the time of the realisation event still reflects the effect of the indirect value shift on the market value of * equity or loan interests in the gaining entity.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-615"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-620", "Provision_Key": "s727-620", "Heading": "Reduction of gain on realisation event for affected interest in gaining entity", "Text": "If this Subdivision applies to a * realisation event that happens to an * affected interest in the * gaining entity, a gain that would, apart from this Division, be * realised for income tax purposes by the event is reduced by an amount that is reasonable having regard to: (a) a reasonable estimate of the amount (if any) by which the * indirect value shift has increased the interest’s * market value; and (b) a reasonable estimate of the extent (if any) to which the interest’s market value at the time of the realisation event still reflects the effect of the indirect value shift on the market value of * equity or loan interests in the gaining entity.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-620"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-625", "Provision_Key": "s727-625", "Heading": "Total gain reductions not to exceed total loss reductions", "Text": "(1) This section ensures that the total ( total gain reductions ) of the amounts by which section 727 ‑ 620 reduces gains * realised for income tax purposes by * realisation events happening at the same time does not exceed the total ( total loss reductions ) of: (a) the amounts by which section 727 ‑ 615 reduces losses that: (i) would, apart from this Division, be * realised for income tax purposes by * realisation events happening before or at that time; and (ii) have not already been taken into account in a previous application of this section; and (b) the amounts by which section 727 ‑ 850 (as applying to the * scheme from which the * indirect value shift results) reduces losses that: (i) would, apart from this Division, be realised for income tax purposes by realisation events happening before the * IVS time to * equity or loan interests, or * indirect equity or loan interests, in the * losing entity; and (ii) have not already been taken into account in a previous application of this section. (2) If, apart from this section, the total gain reductions would exceed the total loss reductions, the amount by which section 727 ‑ 620 reduces each of the gains is itself reduced by the amount worked out using this formula: (3) For the purposes of the formula: number of interests means the number of * affected interests in the * gaining entity to which * realisation events happened at that time.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-625"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-630", "Provision_Key": "s727-630", "Heading": "How cap in section 727 ‑ 625 applies if affected interest is also trading stock or a revenue asset", "Text": "(1) This section affects how to work out the total gain reductions and the total loss reductions for the purposes of section 727 ‑ 625 if: (a) a * realisation event covered by that section happens to an * equity or loan interest, or to an * indirect equity or loan interest, in the * losing entity or in the * gaining entity; and (b) the interest is also * trading stock or a * revenue asset at the time of the event. Trading stock (2) In the case of an * equity or loan interest, or an * indirect equity or loan interest, in the * losing entity that is * trading stock at that time: (a) the amount (if any) by which section 727 ‑ 615 or 727 ‑ 850 reduces a loss worked out under section 977 ‑ 25 or 977 ‑ 30 (about realisation events for trading stock) that would, apart from this Division, be * realised for income tax purposes by the event is taken into account; and (b) the amount (if any) by which section 727 ‑ 615 or 727 ‑ 850 reduces a loss worked out under section 977 ‑ 10 (about realisation events for CGT assets) that would, apart from this Division, be * realised for income tax purposes by the event is not taken into account; in working out the total loss reductions. (3) In the case of an * affected interest in the * gaining entity that is * trading stock at that time: (a) the amount (if any) by which section 727 ‑ 620 reduces a gain worked out under section 977 ‑ 35 or 977 ‑ 40 (about realisation events for trading stock) that would, apart from this Division, be * realised for income tax purposes by the event is taken into account; and (b) the amount (if any) by which section 727 ‑ 620 reduces a gain worked out under section 977 ‑ 15 (about realisation events for CGT assets) that would, apart from this Division, be * realised for income tax purposes by the event is not taken into account; in working out the total gain reductions. Revenue asset (4) In the case of an * equity or loan interest, or an * indirect equity or loan interest, in the * losing entity that is a * revenue asset at that time, the greater of the following is taken into account in working out the total loss reductions: (a) the amount (if any) by which section 727 ‑ 615 or 727 ‑ 850 reduces a loss worked out under section 977 ‑ 55 (about realisation events for revenue assets) that would, apart from this Division, be * realised for income tax purposes by the event; (b) the amount (if any) by which section 727 ‑ 615 or 727 ‑ 850 reduces a loss worked out under section 977 ‑ 10 (about realisation events for CGT assets) that would, apart from this Division, be * realised for income tax purposes by the event. (5) In the case of an * affected interest in the * gaining entity that is a * revenue asset at that time, the greater of the following amounts is taken into account in working out the total gain reductions: (a) the amount (if any) by which section 727 ‑ 620 reduces a gain worked out under section 977 ‑ 55 (about realisation events for revenue assets) that would, apart from this Division, be * realised for income tax purposes by the event; (b) the amount (if any) by which section 727 ‑ 620 reduces a gain worked out under section 977 ‑ 15 (about realisation events for CGT assets) that would, apart from this Division, be * realised for income tax purposes by the event.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-630"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-635", "Provision_Key": "s727-635", "Heading": "Splitting an equity or loan interest", "Text": "If an * equity or loan interest in the * losing entity or in the * gaining entity is split into 2 or more equity or loan interests at or after the * IVS time: (a) each of the 2 or more interests inherits whatever characteristics would have been relevant to applying this Subdivision to the first interest if the split had not happened; and (b) those characteristics include characteristics the first interest has inherited because of any other application or applications of this section or section 727 ‑ 640; and (c) if a characteristic of the first interest involves an amount or quantity, the amount or quantity for that characteristic as inherited by each of the 2 or more interests is a reasonable proportion of the amount or quantity for that characteristic of the first interest.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-635"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-640", "Provision_Key": "s727-640", "Heading": "Merging equity or loan interests", "Text": "If 2 or more * equity or loan interests (the original interests ) in the * losing entity or in the * gaining entity are merged into 1 or more * equity or loan interests (the new interests ) at or after the * IVS time: (a) each of the new interests inherits whatever characteristics would have been relevant to applying this Subdivision to the original interests if the merging had not happened; and (b) those characteristics include characteristics inherited by any of the original interests because of any other application or applications of this section or section 727 ‑ 635; and (c) if a characteristic of any of the original interests involves an amount or quantity, the amount or quantity for that characteristic as inherited by any of the new interests is a reasonable proportion of the amount or quantity for that characteristic of the original interest.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-640"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-645", "Provision_Key": "s727-645", "Heading": "Effect of CGT roll ‑ over", "Text": "(1) If: (a) this Subdivision applies to a * realisation event that is a * CGT event that happens to an * affected interest in the * losing entity; and (b) section 727 ‑ 615 reduces a loss that would, apart from this Division, be * realised for income tax purposes by the CGT event; and (c) there is a roll ‑ over for the CGT event; the interest’s * reduced cost base at the time of the CGT event is taken to have been reduced by the amount by which section 727 ‑ 615 reduces that loss, but is so taken only for the purposes of working out: (d) the interest’s reduced cost base, from time to time after the roll ‑ over, for the entity that * acquired the interest because of the CGT event; and (e) in the case of a * replacement ‑ asset roll ‑ over—the reduced cost base of the replacement CGT asset, from time to time after the roll ‑ over, for the entity that * disposed of the interest. Note: Because of the roll ‑ over, the loss reduction under section 727 ‑ 615 will have no tax effect. This subsection ensures that the loss reduction is passed on, through the reduction in reduced cost base, to prevent or reduce a loss arising on a later CGT event. (2) If: (a) this Subdivision applies to a * realisation event that is a * CGT event that happens to an * affected interest in the * gaining entity; and (b) section 727 ‑ 620 reduces a gain that would, apart from this Division, be * realised for income tax purposes by the CGT event; and (c) there is a roll ‑ over for the CGT event; the interest’s * cost base at the time of the CGT event is taken to have been uplifted by the amount by which section 727 ‑ 620 reduces that gain, but is so taken only for the purposes of working out: (d) the interest’s cost base, from time to time after the roll ‑ over, for the entity that * acquired the interest because of the CGT event; and (e) in the case of a * replacement ‑ asset roll ‑ over—the cost base of the replacement CGT asset, from time to time after the roll ‑ over, for the entity that * disposed of the interest. Note: Because of the roll ‑ over, the gain reduction under section 727 ‑ 620 will have no tax effect. This subsection ensures that the gain reduction is passed on, through the uplift in cost base, to prevent or reduce a gain arising on a later CGT event.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-645"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-700", "Provision_Key": "s727-700", "Heading": "When 95% services indirect value shift is excluded", "Text": "(1) If the * indirect value shift is a * 95% services indirect value shift, this Subdivision does not apply to a * realisation event that: (a) happens to an * affected interest in the * losing entity that is owned by an entity (the owner ); and (b) is covered by subsection 727 ‑ 610(2); unless: (c) the conditions in section 727 ‑ 705 are met for the indirect value shift; or (d) the conditions in section 727 ‑ 710, 727 ‑ 715 or 727 ‑ 720 are met for the indirect value shift and for that realisation event. (2) An * indirect value shift is a 95% services indirect value shift if, and only if, to the extent of at least 95% of their total * market value, the * greater benefits consist entirely of: (a) a right to have services that are covered by section 727 ‑ 240 provided directly by the * losing entity to the * gaining entity; or (b) services that are covered by section 727 ‑ 240 and have been, are being, or are to be, so provided; or both. (3) This section does not limit any other exclusion in this Subdivision or in Subdivision 727 ‑ C.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-700"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-705", "Provision_Key": "s727-705", "Heading": "Another provision of the income tax law affects amount related to services by at least $100,000", "Text": "The conditions in this section are met if: (a) the * losing entity or the * gaining entity lodges an * income tax return for an income year during some or all of which the owner owned the interest; and (b) a provision of this Act: (i) reduces or excludes an amount that is included in the return; or (ii) increases an amount that is so included; or (iii) includes an amount not included in the return; for the purposes of working out the taxable income, a * tax loss, or a * net capital loss, of that entity for that income year; and (c) the amount is related to the right mentioned in paragraph 727 ‑ 700(2)(a), or to some or all of the services mentioned in paragraph 727 ‑ 700(2)(a) or (b), from the point of view of the losing entity providing the services or of the gaining entity receiving them; and (d) if the amount is so reduced or increased—the reduction or increase is at least $100,000; and (e) if the amount is so excluded or included—the amount is at least $100,000; and (f) at some time after the return is lodged, the entity that lodged it is aware, or ought reasonably to be aware, of the reduction, exclusion, increase or inclusion. Example: If the Commissioner has notified an entity affected by a determination under Part IVA of the Income Tax Assessment Act 1936 , the entity ought reasonably to be aware of the effect of the determination.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-705"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-710", "Provision_Key": "s727-710", "Heading": "Ongoing or recent service arrangement reduces value of losing entity by at least $100,000", "Text": "(1) Either or both of these must be true: (a) when the * realisation event mentioned in subsection 727 ‑ 700(1) happens, some or all of the services mentioned in paragraph 727 ‑ 700(2)(a) or (b) have not yet been provided; or (b) some or all of those services have been provided in the income year (of the * losing entity) in which the realisation event happens, or in the previous income year. (2) It must be reasonable to conclude that the total (the total market value ) of the * market values, immediately before the * realisation event, of * primary interests in the * losing entity then owned by * affected owners is less than it would have been if none of the following had happened: (a) the * 95% services indirect value shift; and (b) all other * predominantly ‑ services indirect value shifts that satisfy subsection (1) (or that would satisfy it if they were * 95% services indirect value shifts). (3) It must also be reasonable to conclude that the total * market value is less than it would have been by at least: (a) $100,000, if the total of the * adjustable values, immediately before the * realisation event, of the * primary interests referred to in subsection (2) is less than or equal to $2,000,000; or (b) 5% of the total of those * adjustable values, if that total is greater than $2,000,000 and less than or equal to $10,000,000; or (c) $500,000, if that total is greater than $10,000,000. (4) For the purposes of subsections (2) and (3), disregard an * indirect value shift referred to in paragraph (2)(a) or (b) if services are provided directly by the * losing entity to the * gaining entity under the * scheme before the income year (of the losing entity) before the one in which the * realisation event happened.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-710"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-715", "Provision_Key": "s727-715", "Heading": "Service arrangements reduce value of losing entity that is a group service provider by at least $500,000", "Text": "(1) At some time during the period (the ownership period ) when the owner owned the interest, the sole or dominant activity of the * losing entity must consist of providing services directly to one or more entities (the group entities ) each of which is covered by one or more of the following paragraphs: (a) the * gaining entity; (b) an * affected owner; (c) an entity that has at that time the same * ultimate controller as the losing entity or the gaining entity; (d) if the conditions in section 727 ‑ 110 (common ‑ ownership nexus test) are satisfied for the * indirect value shift—an entity that has with the losing entity or with the gaining entity a * common ‑ ownership nexus within that period. (2) It must be reasonable to conclude that the total (the total market value ) of the * market values, immediately before the * realisation event, of * primary interests in the * losing entity then owned by * affected owners is less than it would have been if none of the following had happened: (a) the * 95% services indirect value shift; and (b) each * predominantly ‑ services indirect value shift for which the same entity is the losing entity as for the 95% services indirect value shift, and that happened: (i) if the amount of the * indirect value shift is $500,000 or more—at any time during the ownership period; or (ii) otherwise—during the ownership period but within 4 years before the realisation event, or at the same time as the realisation event. Thresholds for reduction of the total market value (3) It must also be reasonable to conclude that the total * market value is less than it would have been by at least $500,000, and by at least the lesser of: (a) 5% of the total of the * adjustable values of * primary interests in the * losing entity owned by * affected owners at: (i) if subsection (4) applies—the time determined under that subsection; or (ii) otherwise—the start of the income year in which the * realisation event happens; and (b) the amount worked out under the table. Alternative threshold for reduction of the total market value Item In this case: The amount is: 1 The ownership period is 4 years or less worked out using this formula: 2 The ownership period is more than 4 years $25,000,000 (3A) If at the time referred to in subsection (3) a * primary interest covered by that subsection was * trading stock or a * revenue asset, its * adjustable value taken into account under that subsection is the greater of its adjustable value as a * CGT asset and its adjustable value as trading stock or a revenue asset. (4) If the owner of the interest is an * affected owner because of item 1, 2, 3 or 4 in the table in subsection 727 ‑ 530(1) (about who is an affected owner), the time for the purposes of subparagraph (3)(a)(i) of this section is the latest of: (a) the start of the income year in which the * realisation event happens; and (b) the start of the most recent period (if any): (i) that ended before or at the time of the * realisation event; and (ii) throughout which at least one of the group entities had the same * ultimate controller as the losing entity or the gaining entity; and (c) the start of the most recent period (if any): (i) that ended before or at the time of the realisation event; and (ii) within which at least one of the group entities has with the losing entity or with the gaining entity a * common ‑ ownership nexus.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-715"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-720", "Provision_Key": "s727-720", "Heading": "Abnormal service arrangement reduces value of losing entity that is not a group service provider by at least $500,000", "Text": "(1) It must be the case that at no time during the period when the owner owned the interest did the sole or dominant activity of the * losing entity consist of providing services as mentioned in subsection 727 ‑ 715(1). (2) It must be reasonable to conclude that the total (the total market value ) of the * market values, immediately before the * realisation event, of * primary interests in the * losing entity then owned by * affected owners is less than it would have been if none of the following had happened: (a) the * 95% services indirect value shift; (b) each * predominantly ‑ services indirect value shift that meets either of these conditions: (i) its amount was less than $500,000 and it happened within 4 years before the realisation event, or at the same time as the realisation event; (ii) its amount was $500,000 or more and it happened at any time before the realisation event, or at the same time as the realisation event; and that meets all of these conditions: (iii) the same entity is the losing entity for it as for the 95% services indirect value shift; (iv) it happened under a different * scheme from the 95% services indirect value shift; and (v) having regard to all relevant circumstances, it is reasonable to conclude that the sole or main reason why it happened under a different scheme was to prevent the conditions in section 727 ‑ 705, 727 ‑ 710, 727 ‑ 715 or this section from being met. (3) It must also be reasonable to conclude that the total * market value is less than it would have been by at least: (a) $500,000, if the total of the * adjustable values, immediately before the * realisation event, of the * primary interests referred to in subsection (2) is less than or equal to $10,000,000; or (b) 5% of the total of those * adjustable values, if that total is greater than $10,000,000 and less than or equal to $100,000,000; or (c) $5,000,000, if that total is greater than $100,000,000. (4) The providing of the services mentioned in paragraph 727 ‑ 700(2)(a) or (b) by the losing entity must not be in the ordinary course of its business.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-720"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-725", "Provision_Key": "s727-725", "Heading": "Meaning of predominantly ‑ services indirect value shift", "Text": "An * indirect value shift is a predominantly ‑ services indirect value shift if, and only if, the * greater benefits consist entirely or predominantly of: (a) a right to have services that are covered by section 727 ‑ 240 provided directly by the * losing entity to the * gaining entity; or (b) services that are covered by section 727 ‑ 240 and have been, are being, or are to be, so provided; or both.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-725"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-750", "Provision_Key": "s727-750", "Heading": "What this Subdivision is about", "Text": "Under the adjustable value method: • the adjustable values of affected interests in the losing entity are reduced; and • the adjustable values of affected interests in the gaining entity are uplifted, within limits worked out by references to the reductions in the adjustable values of affected interests in the losing entity. The consequences of that are: • the cost base and reduced cost base of the interests are reduced or uplifted (or both); and • if the interests are also trading stock or revenue assets, there are further consequences for them in their character as such. Table of sections 727 ‑ 755 Consequences of indirect value shift Reductions of adjustable value 727 ‑ 770 Reduction under the adjustable value method 727 ‑ 775 Has there been a disaggregated attributable decrease? 727 ‑ 780 Working out the reduction on a loss ‑ focussed basis Uplifts of adjustable value 727 ‑ 800 Uplift under the attributable increase method 727 ‑ 805 Has there been a disaggregated attributable increase? 727 ‑ 810 Scaling ‑ down formula Consequences of the method for various kinds of assets 727 ‑ 830 CGT assets 727 ‑ 835 Trading stock 727 ‑ 840 Revenue assets", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-750"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-755", "Provision_Key": "s727-755", "Heading": "Consequences of indirect value shift", "Text": "(1) This Subdivision sets out the adjustable value method of working out the consequences (if any) of an * indirect value shift. (2) If those consequences are to be worked out using that method: (a) the * adjustable value of each * affected interest in the * losing entity is reduced as provided in this Subdivision; and (b) if the * gaining entity is a company or trust (except one listed in section 727 ‑ 125 (about superannuation entities)) immediately before the * IVS time, the * adjustable value of each * affected interest in the * gaining entity is uplifted as provided in this Subdivision. (3) The consequences for the * affected interest depend on its character. There are consequences for the interest in its character as a * CGT asset. However, if the interest is also * trading stock or a * revenue asset, there are additional consequences for it in that character.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-755"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-770", "Provision_Key": "s727-770", "Heading": "Reduction under the adjustable value method", "Text": "(1) This section sets out how to work out the amount (if any) by which the * adjustable value of an * affected interest in the * losing entity is reduced. (2) First, work out under section 727 ‑ 775 whether the * indirect value shift has produced for the owner of the interest a * disaggregated attributable decrease in the * market value of the interest. (3) If it has not, the interest’s * adjustable value is not reduced because of the * indirect value shift. (4) If it has, the amount (if any) by which the interest’s * adjustable value is reduced is worked out on a * loss ‑ focussed basis under section 727 ‑ 780. (5) However, if a choice is made in accordance with section 727 ‑ 550 for the reduction not to be worked out on a * loss ‑ focussed basis, the reduction is equal to the * disaggregated attributable decrease. Reduction not to exceed reasonable amount (6) If the reduction worked out as provided in subsection (4) or (5) is not reasonable in the circumstances, having regard to the objects of this Division, the interest’s * adjustable value is instead reduced by so much of that reduction as is reasonable in the circumstances, having regard to those objects. Note: The main object of this Division is set out in section 727 ‑ 95.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-770"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-775", "Provision_Key": "s727-775", "Heading": "Has there been a disaggregated attributable decrease?", "Text": "(1) This section sets out how to determine whether an * indirect value shift has produced, for the owner of an * equity or loan interest, a disaggregated attributable decrease in the * market value of the interest and, if so, the amount of it. (2) Work out the * market value of the interest at the * IVS time, but disregarding: (a) all effects on the market value of the interest during the * IVS period, except effects that are reasonably attributable to the * indirect value shift; and (b) the effects (if any) of the indirect value shift on the market value of * equity or loan interests, or * indirect equity or loan interests, in the gaining entity. (This result is called the notional resulting market value .) Note: Paragraph (2)(b) is necessary because the market value of the interest may also have been affected by the increase in the market value of interests in the gaining entity, because the entity in which the interest is held had direct or indirect interests in both the losing entity and the gaining entity. In such a case, the reduction in adjustable value under this Division will usually be offset by an uplift under this Division. (3) If the notional resulting * market value is less than the market value (the old market value ) of the interest: (a) at the start of the * IVS period; or (b) if the owner last began to own the interest during that period—when the owner last began to own the interest; the difference is the disaggregated attributable decrease . (4) The * indirect value shift has not produced a disaggregated attributable decrease for the owner of the interest if the notional resulting * market value is greater than or equal to the old market value. (5) The * market value of the interest at a particular time may be worked out under subsection (2) or (3) by making a reasonable estimate of that market value.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-775"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-780", "Provision_Key": "s727-780", "Heading": "Working out the reduction on a loss ‑ focussed basis", "Text": "(1) Use the table in subsection (2) of this section to work out on a loss ‑ focussed basis the amount (if any) by which the interest’s * adjustable value is reduced. (2) This involves comparing the old * market value, and the notional resulting market value, with the interest’s * adjustable value (the old adjustable value ) immediately before the * IVS time. Reduction under the attributable decrease method Item If the old market value: And the notional resulting market value: This is the result: 1 is greater than or equal to the old adjustable value is less than the old adjustable value the * adjustable value is reduced to the notional resulting market value 2 is greater than or equal to the old adjustable value is greater than or equal to the old adjustable value the * adjustable value is not reduced because of the * indirect value shift 3 is less than the old adjustable value is less than the old adjustable value the * adjustable value is reduced by the amount of the * disaggregated attributable decrease Note 1: Because of item 1, the indirect value shift cannot cause a loss to arise on disposal of the interest. Note 2: Because of item 3 the loss already embedded in the interest is preserved, but the indirect value shift does not increase it.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-780"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-800", "Provision_Key": "s727-800", "Heading": "Uplift under the attributable increase method", "Text": "(1) This section sets out how to work out the amount (if any) by which the * adjustable value of an * affected interest in the * gaining entity is uplifted. (2) First, work out under section 727 ‑ 805 whether the * indirect value shift has produced for the owner of the interest a * disaggregated attributable increase in the * market value of the interest. (3) If it has not, the interest’s * adjustable value is not uplifted because of the * indirect value shift. (4) If it has, the * adjustable value is uplifted by the amount worked out using the scaling ‑ down formula in section 727 ‑ 810, subject to the rest of this section. Note: The uplift will be less than or equal to the disaggregated attributable increase. Cap if interest has both a disaggregated attributable increase and a disaggregated attributable decrease (5) If the * indirect value shift has also produced for the owner of the interest a * disaggregated attributable decrease in the * market value of the interest, the interest’s * adjustable value: (a) is not uplifted if it is not also reduced under this Division because of the indirect value shift; and (b) if it is also reduced under this Division because of the indirect value shift—is not uplifted by more than the reduction. Cap based on notional distribution by gaining entity of dividends or capital equal to total reductions in adjustable value of affected interests in losing entity (6) However, the interest’s * adjustable value is not uplifted by more than the greater of these amounts: (a) the amount (if any) that the * affected owner of the interest would receive (directly, or indirectly through one or more interposed entities) in respect of the interest if: (i) the * gaining entity were to pay as * dividends, at the time (the payment time ) immediately before the * IVS time, an amount (the total reduction amount ) equal to the total of the amounts by which the * adjustable values of * equity or loan interests in the * losing entity are reduced under this Subdivision because of the * indirect value shift; and (ii) those dividends were successively paid or distributed at the payment time by each entity interposed between the gaining entity and that affected owner; and (b) the amount (if any) that the * affected owner of the interest would receive (directly, or indirectly through one or more interposed entities) in respect of the interest if: (i) the gaining entity were to pay the total reduction amount at the payment time as a distribution of capital; and (ii) that capital was successively paid or distributed at the payment time by each entity interposed between the gaining entity and that affected owner. (6A) The reduction of * adjustable value that is to be taken into account under subparagraph (6)(a)(i) for an * equity or loan interest in the * losing entity is: (a) if the interest is * trading stock immediately before the * IVS time—the one worked out on the basis of the interest’s adjustable value under subsection 727 ‑ 835(2); or (b) otherwise—the greater or greatest of these: (i) the reduction of the interest’s * cost base; (ii) the reduction of the interest’s * reduced cost base; (iii) the reduction (if any) worked out on the basis of the interest’s adjustable value under subsection 727 ‑ 840(2) (about revenue assets). Uplift not to exceed reasonable amount (7) If the uplift worked out as provided in subsections (4), (5) and (6) is not reasonable in the circumstances, having regard to the objects of this Division, the interest’s * adjustable value is instead uplifted by an amount that is reasonable in the circumstances, having regard to those objects. Note: The main object of this Division is set out in section 727 ‑ 95.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 16 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-800"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-805", "Provision_Key": "s727-805", "Heading": "Has there been a disaggregated attributable increase?", "Text": "(1) This section sets out how to determine whether an * indirect value shift has produced, for the owner of an * equity or loan interest, a disaggregated attributable increase in the * market value of the interest and, if so, the amount of it. (2) Make a reasonable estimate of the * market value of the interest at the * IVS time, but disregarding: (a) all effects on the market value of the interest during the * IVS period, except effects that are reasonably attributable to the * indirect value shift; and (b) the effects (if any) of the indirect value shift on the market value of * equity or loan interests, or * indirect equity or loan interests, in the losing entity. (This result is called the notional resulting market value .) Note: Paragraph (2)(b) is necessary because the market value of the interest may also have been affected by the decrease in the market value of interests in the losing entity, because the entity in which the interest is held had direct or indirect interests in both the losing entity and the gaining entity. In such a case, the increase in adjustable value under this Division will usually be offset by a reduction under this Division. (3) If the notional resulting market value is greater than a reasonable estimate of the * market value (the old market value ) of the interest: (a) at the start of the * IVS period; or (b) if the owner last began to own the interest during that period—when the owner last began to own the interest; the difference is the disaggregated attributable increase . (4) The * indirect value shift has not produced a disaggregated attributable increase for the owner of the interest if the notional resulting market value is less than or equal to the old market value.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-805"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-810", "Provision_Key": "s727-810", "Heading": "Scaling ‑ down formula", "Text": "(1) The scaling ‑ down formula for the purposes of section 727 ‑ 800 is: Note: The numerator in the fraction can never exceed the denominator. This means that the fraction can never exceed 1, so the uplift will never exceed the disaggregated attributable increase. (2) For the purposes of the formula: total disaggregated attributable decreases means the total of: (a) all * disaggregated attributable decreases that the * indirect value shift has produced, in the * market values of * affected interests in the * losing entity, for the entities that owned those interests immediately before the * IVS time; and (b) if: (i) section 727 ‑ 850 (as applying to the * scheme from which the indirect value shift results) reduces losses that are * realised for income tax purposes by * realisation events happening before the * IVS time to * equity or loan interests, or to * indirect equity or loan interests, in the losing entity; and (ii) the indirect value shift is the only indirect value shift, or is the greater or greatest of 2 or more indirect value shifts, that results from the scheme and for which the losing entity is the losing entity; for each of those realisation events, the amounts that would, if: (iii) the * presumed indirect value shift were an indirect value shift; and (iv) the IVS time for the presumed indirect value shift were the time of that realisation event; be the disaggregated attributable decreases that the presumed indirect value shift has produced, in the market value of the equity or loan interests to which that realisation event happened, for the entities that owned those interests immediately before the time of that realisation event. total reductions for affected interests means the total of: (a) all reductions under this Division, because of the indirect value shift, of * adjustable values of affected interests in the losing entity; and (b) if paragraph (b) of the definition of total disaggregated attributable decreases applies—the amounts by which section 727 ‑ 850 reduces the losses (if any) referred to in that paragraph.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-810"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-830", "Provision_Key": "s727-830", "Heading": "CGT assets", "Text": "(1) The * cost base of an * equity or loan interest is reduced or uplifted immediately before the * IVS time to the extent that this Division provides for the * adjustable value of the interest to be reduced or uplifted. (2) The * reduced cost base of an * equity or loan interest is reduced or uplifted immediately before the * IVS time to the extent that this Division provides for the * adjustable value of the interest to be reduced or uplifted. (3) However, the * cost base or * reduced cost base is uplifted only to the extent that the amount of the uplift is still reflected in the * market value of the interest when a later * CGT event happens to the interest. (4) To work out: (a) whether the * cost base or * reduced cost base of the interest is reduced or uplifted; and (b) if so, by how much; assume that the adjustable value from time to time of that or any other * equity or loan interest is its cost base or reduced cost base, as appropriate. (5) If this Division provides for the * adjustable value of an * equity or loan interest to be both reduced and uplifted: (a) the reduction and uplift for which subsection (1) or (2) of this section provides offset each other to the extent of whichever of them is the lesser; but (b) if subsection (3) of this section cancels or reduces the uplift, this subsection is taken always to have applied on that basis. Reductions and uplifts also apply to pre ‑ CGT assets (6) A reduction or uplift occurs regardless of whether the entity that owns the interest * acquired it before, on or after 20 September 1985.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-830"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-835", "Provision_Key": "s727-835", "Heading": "Trading stock", "Text": "(1) This section deals with: (a) how this Division applies to an * equity or loan interest that is * trading stock of an entity at the time (the adjustment time ) immediately before the * IVS time; and (b) the income tax consequences of this Division reducing or uplifting the * adjustable value of the interest. (2) The interest’s adjustable value at a particular time is: (a) if the interest has been * trading stock of the entity ever since the start of the income year of the entity in which that time occurs—its * value as trading stock at the start of the income year; or (b) otherwise—its cost. (3) If this Division reduces or uplifts the interest’s * adjustable value, the entity is treated as if: (a) immediately before the adjustment time, the entity had sold the interest to someone else (at * arm’s length and in the ordinary course of business) for its * adjustable value immediately before that time; and (b) immediately after the adjustment time, the entity had bought the interest back for the reduced or uplifted adjustable value. Note: The notional sale and repurchase are separated in time. As a result, if this section is applied to another indirect value shift that happens later in the same income year, the interest’s adjustable value will be the cost on the notional repurchase: see paragraph (2)(b). (4) However, the increase in the cost of an interest because of paragraph (3)(b) is taken into account from time to time only to the extent that the amount of the increase is still reflected in the * market value of the interest. Note: The situations where the increase in cost would be taken into account include: • in working out your deductions for the cost of trading stock acquired during the income year in which the increase happens; and • the end of an income year if the interest’s closing value as trading stock is worked out on the basis of its cost; and • the start of the income year in which the interest is disposed of, if that happens in a later income year and the interest’s closing value as trading stock at the end of the previous income year was worked out on the basis of its cost. (5) If this Division provides for the * adjustable value of the interest to be both reduced and uplifted: (a) the reduction and uplift offset each other to the extent of whichever of them is the lesser, and subsection (3) of this section applies accordingly; but (b) to the extent that the amount of the uplift is no longer reflected in the * market value of the interest, this section is taken always to have applied on the basis that the amount of the uplift was reduced to the same extent.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-835"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-840", "Provision_Key": "s727-840", "Heading": "Revenue assets", "Text": "(1) This section deals with: (a) how this Division applies to an * equity or loan interest that is a * revenue asset of an entity at the time (the adjustment time ) immediately before the * IVS time; and (b) the income tax consequences of this Division reducing or uplifting the * adjustable value of the interest. (2) The interest’s adjustable value at a particular time is the total of the amounts that would be subtracted from the gross disposal proceeds in calculating any profit or loss on disposal of the interest if the entity disposed of it at that time. (3) If this Division reduces or uplifts the interest’s * adjustable value, the entity is treated as if: (a) immediately before the adjustment time, the entity had sold the interest to someone else (at * arm’s length and in the ordinary course of business) for its adjustable value immediately before that time; and (b) immediately after the adjustment time, the entity had bought the interest back for the reduced or uplifted adjustable value. Note: The notional sale and repurchase are separated in time. As a result, if this section is applied to another indirect value shift that happens later in the same income year, the interest’s adjustable value will be based on the cost on the notional repurchase: see subsection (2). (4) However, an uplift in the * adjustable value of the interest is taken into account only to the extent that the amount of the uplift is still reflected in the * market value of the interest when it is disposed of or otherwise realised. (5) If this Division provides for the * adjustable value of the interest to be both reduced and uplifted: (a) the reduction and uplift offset each other to the extent of whichever of them is the lesser, and subsection (3) of this section applies accordingly; but (b) to the extent that the amount of the uplift is no longer reflected in the * market value of the interest, this section is taken always to have applied on the basis that the amount of the uplift was reduced to the same extent.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-840"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-850", "Provision_Key": "s727-850", "Heading": "Consequences of scheme under this Subdivision", "Text": "(1) If: (a) as at the time when a * scheme is entered into, or a later time, an entity (the prospective losing entity ) has * provided, is providing, is to provide, or might provide, one or more economic benefits * in connection with the scheme; and (b) the prospective losing entity is a company or trust (except one listed in section 727 ‑ 125 (about superannuation entities)); and (c) a * realisation event happens to an * equity or loan interest, or to an * indirect equity or loan interest, in the prospective losing entity at a time when no * IVS time for the scheme has yet happened (whether or not one happens later); and (d) apart from this Division, a loss would be * realised for income tax purposes by the realisation event; and (e) because of section 727 ‑ 855, the scheme results in a * presumed indirect value shift affecting the realisation event; and (f) section 727 ‑ 860 (about prospective gaining entities) is satisfied; and (g) no exclusion in Subdivision 727 ‑ C applies to the presumed indirect value shift because of section 727 ‑ 865; and (h) on the assumptions set out in subsection 727 ‑ 865(3), the interest would be an * affected interest in the prospective losing entity; the loss is reduced by an amount that is reasonable having regard to a reasonable estimate of the amount (if any) by which the scheme has reduced the interest’s * market value during the period that ends at the time of the realisation event and started at the later of: (i) when the scheme was entered into; and (j) the time of the last realisation event that happened to the interest. Note 1: This Subdivision does not reduce gains from realisation events, but loss reductions under this Subdivision are taken into account in working out: • gain reductions under Subdivision 727 ‑ G for interests in a gaining entity that are realised after the IVS time for the scheme (see section 727 ‑ 625); or • uplifts under Subdivision 727 ‑ H in the adjustable values of interests in a gaining entity (see section 727 ‑ 810). Note 2: Section 727 ‑ 865 provides for how other provisions of this Division apply for the purposes of this Subdivision. Further exclusion for certain 95% services indirect value shifts (2) The loss is not reduced if the * presumed indirect value shift is a * 95% services indirect value shift because of subsection 727 ‑ 865(2), unless: (a) the conditions in section 727 ‑ 705 (as applying because of that subsection) are met for the presumed indirect value shift; or (b) the conditions in section 727 ‑ 710, 727 ‑ 715 or 727 ‑ 720 (as applying because of that subsection) are met for the presumed indirect value shift and for the realisation event.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-850"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-855", "Provision_Key": "s727-855", "Heading": "Presumed indirect value shift", "Text": "(1) The * scheme results in a presumed indirect value shift affecting the * realisation event if, and only if, as at the time of the realisation event, it is reasonable to conclude that the total * market value of the economic benefits (the greater benefits ) that: (a) the * prospective losing entity has * provided, is providing, is to provide, or might provide, * in connection with the * scheme, to another entity, or to each of 2 or more other entities; and (b) can be identified (even if the other entity or entities cannot be identified or are not all in existence, or the provision of some or all of the economic benefits is contingent); exceeds: (c) the total market value of the economic benefits (the lesser benefits ) that: (i) have been, are being, are to be, or might be, provided to the prospective losing entity in connection with the scheme; and (ii) can be identified (even if the entity or entities providing the benefits cannot be identified or are not all in existence, or the provision of some or all of the economic benefits is contingent); or (d) if there are no economic benefits covered by paragraph (c)—nil. That excess is the amount of the presumed indirect value shift, which happens at the time of the realisation event. (2) The * market value of an economic benefit is to be determined as at the earliest time when it is reasonable to conclude that: (a) the economic benefit can be identified; and (b) paragraph 727 ‑ 150(2)(b) is satisfied for that benefit; if that time is before the * realisation event. (3) Otherwise, the * market value of the economic benefit is to be determined as at the time immediately before the * realisation event, taking account of any contingency to which provision of the benefit is subject at that time. For more rules affecting how the market value of an economic benefit is determined, see Subdivision 727 ‑ D (as applying because of subsection 727 ‑ 865(1)). (4) An entity referred to in paragraph (1)(a) need not be a party to the * scheme. A benefit can be provided by act or omission.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-855"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-860", "Provision_Key": "s727-860", "Heading": "Conditions about the prospective gaining entity", "Text": "(1) By the deadline set out in subsection (5), the conditions in subsections (2) and (3) must be satisfied for at least one of these entities: (a) the entity or entities referred to in paragraph 727 ‑ 855(1)(a); (b) if at the time of the * realisation event it is reasonable to conclude that the entity, or at least one of the entities, referred to in paragraph 727 ‑ 855(1)(a) will be one of 2 or more entities, but it cannot be determined which—those 2 or more entities. (2) Enough must be known about the identity of an entity covered by subsection (1) for it to be reasonable to conclude that, if: (a) the * presumed indirect value shift were an * indirect value shift resulting from the * scheme; and (b) the * IVS period for the scheme ended at the time of the * realisation event; and (c) that entity were the * gaining entity for the indirect value shift; (d) the * prospective losing entity were the * losing entity for the indirect value shift; and either or both of these would be satisfied for the indirect value shift: (e) section 727 ‑ 105 (Ultimate controller test); and (f) section 727 ‑ 110 (Common ‑ ownership nexus test). (3) Enough must be known about the identity of the entity referred to in subsection (2) for it also to be reasonable to conclude that, in relation to either or both of the following: (a) the * prospective losing entity * providing one or more economic benefits to that entity * in connection with the * scheme; or (b) that entity providing one or more economic benefits to the prospective losing entity in connection with the scheme; that entity and the prospective losing entity were not, are not, will not be, or would not be, dealing with each other at * arm’s length. (4) Each entity that is covered by subsection (1), and for which subsections (2) and (3) are satisfied, is called a prospective gaining entity for the * scheme. (5) The deadline is: (a) if the entity that owned the * equity or loan interest immediately before the * realisation event must lodge an * income tax return for the income year in which the event happens—the time by which the return must be lodged; or (b) otherwise—the end of the 6 months immediately after that income year.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-860"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-865", "Provision_Key": "s727-865", "Heading": "How other provisions of this Division apply to support this Subdivision", "Text": "(1) To avoid doubt, these provisions apply for the purposes of working out whether there has been a * presumed indirect value shift and, if so, the amount of it: (a) sections 727 ‑ 155, 727 ‑ 160 and 727 ‑ 165 (about economic benefits); (b) section 727 ‑ 315 (Transfer, for its adjustable value, of depreciating asset acquired for less than $1,500,000). (2) For the purposes of section 727 ‑ 850, these provisions: (a) Subdivision 727 ‑ C (Exclusions), except section 727 ‑ 260 (about a shift down a wholly ‑ owned chain of entities); (b) sections 727 ‑ 700 to 727 ‑ 725 (about 95% services indirect value shifts), except subsection 727 ‑ 700(1); apply to the * presumed indirect value shift on the assumptions set out in subsection (3). (3) The assumptions are: (a) the * presumed indirect value shift is an * indirect value shift resulting from the * scheme; and (b) the * prospective losing entity for the scheme is the * losing entity for that indirect value shift; and (c) each * prospective gaining entity for the scheme is the * gaining entity for that indirect value shift; and (d) the * greater benefits under the presumed indirect value shift are the greater benefits under that indirect value shift; and (e) the * lesser benefits (if any) under the presumed indirect value shift are the lesser benefits under that indirect value shift; and (f) the time of the realisation event mentioned in paragraph 727 ‑ 850(1)(c) is the * IVS time for the scheme; and (g) the * IVS period for the scheme ends at the time of the realisation event; and (h) section 727 ‑ 105 (Ultimate controller test) is satisfied for that indirect value shift according to what it is reasonable to conclude under subsection 727 ‑ 860(2) as applying to the presumed indirect value shift; and (i) section 727 ‑ 110 (Common ‑ ownership nexus test) is satisfied for that indirect value shift according to what it is reasonable to conclude under subsection 727 ‑ 860(2) as applying to the presumed indirect value shift; and (j) a reference to the realisation event mentioned in subsection 727 ‑ 700(1) were a reference to the realisation event mentioned in paragraph 727 ‑ 850(1)(c); and (k) the interest to which the realisation event mentioned in paragraph 727 ‑ 850(1)(c) happens were the interest referred to in paragraph 727 ‑ 700(1)(a); and (l) a reference in any of sections 727 ‑ 700 to 727 ‑ 725 (about 95% services indirect value shifts), except subsection 727 ‑ 700(1), to the owner were a reference to the entity that, at the time of the realisation event mentioned in paragraph 727 ‑ 850(1)(c), owns the interest to which the event happens. (4) Sections 727 ‑ 635 and 727 ‑ 640 affect how this Subdivision applies to * equity or loan interests, and * indirect equity or loan interests, in the * prospective losing entity that are split or merged during the period: (a) starting when the * scheme is entered into; and (b) ending at the time of the * realisation event mentioned in paragraph 727 ‑ 850(1)(c); in the same way as those sections affect how Subdivision 727 ‑ G would apply to those interests on the assumptions set out in subsection (3) of this section. (5) The application of a provision because of this section is additional to, and is not intended to limit, any other application of the provision.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-865"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-870", "Provision_Key": "s727-870", "Heading": "Effect of CGT roll ‑ over", "Text": "(1) If: (a) the * realisation event mentioned in paragraph 727 ‑ 850(1)(c) is a * CGT event; and (b) section 727 ‑ 850 reduces a loss that would, apart from this Division, be * realised for income tax purposes by the CGT event; and (c) there is a roll ‑ over for the CGT event; the interest’s * reduced cost base at the time of the CGT event is taken to have been reduced by the amount by which section 727 ‑ 850 reduces that loss, but is so taken only for the purposes of working out: (d) the interest’s reduced cost base, from time to time after the roll ‑ over, for the entity that * acquired the interest because of the CGT event; and (e) in the case of a * replacement ‑ asset roll ‑ over—the reduced cost base of the replacement CGT asset, from time to time after the roll ‑ over, for the entity that * disposed of the interest. Note: Because of the roll ‑ over, the loss reduction under section 727 ‑ 850 will have no tax effect. This subsection ensures that the loss reduction is passed on, through the reduction in reduced cost base, to prevent or reduce a loss arising on a later CGT event.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-870"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-875", "Provision_Key": "s727-875", "Heading": "Application to CGT asset that is also trading stock or revenue asset", "Text": "If an * equity or loan interest is also an item of * trading stock or a * revenue asset, this Subdivision applies to the interest once in its character as a CGT asset and again in its character as trading stock or a revenue asset.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-875"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-905", "Provision_Key": "s727-905", "Heading": "How this Subdivision affects the rest of this Division", "Text": "(1) This Subdivision affects how the rest of this Division applies to a * scheme (the IVS scheme ) that is or includes a scheme (the DVS scheme ) under which there is a * direct value shift. (2) If the * direct value shift: (a) has consequences under Division 725 for an entity as an * affected owner of * down interests (or would do so apart from section 725 ‑ 90 (about direct value shifts that will be reversed)); and (b) also has consequences under that Division for another entity as an affected owner of * up interests (or would do so apart from section 725 ‑ 90); the rest of this Subdivision has effect, for the purposes of Subdivisions 727 ‑ A to 727 ‑ K, in order to determine: (c) whether the IVS scheme results in an * indirect value shift, from the first entity to the other entity, that has consequences under this Division; and (d) whether the IVS scheme has consequences under Subdivision 727 ‑ K because it results in a * presumed indirect value shift affecting a * realisation event happening to * equity or loan interests, or to * indirect equity or loan interests, in the first entity; and (e) those consequences. Note: Section 725 ‑ 50 sets out when a direct value shift has consequences under Division 725. (3) If: (a) the IVS scheme is the DVS scheme; and (b) subsection 725 ‑ 145(2) is satisfied for the * direct value shift (because one or more equity or loan interests in the target entity are issued at a discount); but (c) subsection 725 ‑ 145(3) (about an increase in the market value of one or more equity or loan interests in the target entity) is not satisfied for the direct value shift; Subdivisions 727 ‑ A to 727 ‑ K apply to the IVS scheme only as provided in this section. (4) Otherwise, those Subdivisions apply to the IVS scheme as provided in this section in addition to any other application they have to the scheme.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-905"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 727-910", "Provision_Key": "s727-910", "Heading": "Treatment of value shifted under the direct value shift", "Text": "(1) The first entity is treated as * providing economic benefits to the other entity, * in connection with the IVS scheme, at the time of a decrease (or future decrease) in the * market value of any of the * down interests, to the extent that the decrease is (or will be) covered by subsection 725 ‑ 155(1). (2) Despite subsections 727 ‑ 150(4) and 727 ‑ 855(2) and (3), the * market value of all economic benefits that subsection (1) of this section treats the first entity as providing to the other entity: (a) is to be determined as at the time immediately before the * IVS time, or immediately before the * realisation event, as appropriate; and (b) is equal to the total value shifted from the * down interests to the * up interests, as worked out under one or more applications of step 2 of the method statement in section 725 ‑ 365 or 725 ‑ 380. (3) The 2 entities are treated as not dealing with each other at * arm’s length in relation to the providing of those benefits. (4) None of those benefits is treated as consisting of, or including, services provided or a right to have services provided. Note: This means that the exclusions in Subdivisions 727 ‑ C and 727 ‑ G for indirect value shifts involving services will not apply. (5) Except as provided in this section, none of the following is treated as the * providing of economic benefits * in connection with the IVS scheme: (a) a decrease (or future decrease) in the * market value of * down interests owned by the first entity or the other entity, to the extent that the decrease is (or will be) covered by subsection 725 ‑ 155(1); (b) an increase (or future increase) in the market value of * up interests owned by the first entity or the other entity, to the extent that the increase is (or will be) covered by subsection 725 ‑ 145(3); (c) an issue of * up interests at a * discount to the first entity or the other entity, to the extent that the issue is (or will be) covered by subsection 725 ‑ 145(2). Note: Value shifted from down interests owned by the other entity to up interests owned by the first entity are dealt with by a separate application of this Subdivision to those interests (because of paragraphs 727 ‑ 905(2)(a) and (b).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 90 of 2002 | No 58 of 2006", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s727-910"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 764-1", "Provision_Key": "s764-1", "Heading": "What this Division is about", "Text": "This Division contains a source rule for certain international tax agreements.", "Amendment_Count": 1, "First_Amended": "No 107 of 2019", "Last_Amended": "No 107 of 2019", "Amending_Acts": "No 107 of 2019", "History_Notes": "Inserted by No 107 of 2019, effective Sch 2 (items 1, 2): 1 Jan 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s764-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 764-5", "Provision_Key": "s764-5", "Heading": "Source rule for international tax agreements", "Text": "(1) For the purposes of this Act, income, profits or gains have a source in Australia if: (a) for the purposes of an * international tax agreement, the income, profits or gains are those of a person who is a resident of a foreign country or foreign territory; and (b) the effect of the agreement is that the income, profits or gains may be taxed in Australia. (2) Subsection (1) applies in relation to * international tax agreements made on or after 28 March 2019. Note: An international tax agreement not covered by this section may be subject to specific source rules contained in the International Tax Agreements Act 1953 or in the international tax agreement itself. (3) This section has effect despite any other provision of this Act (other than Part IVA of the Income Tax Assessment Act 1936 ).", "Amendment_Count": 1, "First_Amended": "No 107 of 2019", "Last_Amended": "No 107 of 2019", "Amending_Acts": "No 107 of 2019", "History_Notes": "Inserted by No 107 of 2019, effective Sch 2 (items 1, 2): 1 Jan 2020 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s764-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-1", "Provision_Key": "s768-1", "Heading": "What this Subdivision is about", "Text": "If: (a) an Australian corporate tax entity receives a foreign equity distribution from a foreign company, either directly or indirectly through one or more interposed trusts or partnerships; and (b) the Australian corporate tax entity holds a participation interest of at least 10% in the foreign company; the distribution is non ‑ assessable non ‑ exempt income for the Australian corporate tax entity. Table of sections Foreign equity distributions on participation interests 768 ‑ 5 Foreign equity distributions on participation interests 768 ‑ 7 Foreign equity distributions entitled to a foreign income tax deduction 768 ‑ 10 Meaning of foreign equity distribution 768 ‑ 15 Participation test—minimum 10% participation", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 178 of 1999 | No 110 of 2014", "History_Notes": "Repealed by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-5", "Provision_Key": "s768-5", "Heading": "Foreign equity distributions on participation interests", "Text": "Foreign equity distributions received directly (1) A * foreign equity distribution is not assessable income, and is not * exempt income, of the entity to which it is made if: (a) the entity is an Australian resident and a * corporate tax entity; and (b) at the time the distribution is made, the entity satisfies the participation test in section 768 ‑ 15 in relation to the company that made the distribution; and (c) the entity: (i) does not receive the distribution in the capacity of a trustee; or (ii) receives the distribution in the capacity of a trustee of a * public trading trust; and (d) the distribution is not one to which section 768 ‑ 7 (which is about foreign income tax deductions) applies. Foreign equity distributions received through interposed trusts and partnerships (2) An amount is not assessable income, and is not * exempt income, of an entity if: (a) the entity is a beneficiary of a trust or a partner in a partnership, an Australian resident and a * corporate tax entity; and (b) the amount is all or part of the * net income of the trust or partnership that would, apart from this subsection, be included in the entity’s assessable income because of: (i) Division 276; or (ii) Division 5 or 6 of Part III of the Income Tax Assessment Act 1936 ; and (c) the amount can be attributed (either directly or indirectly through one or more interposed trusts or partnerships that are not * corporate tax entities) to a * foreign equity distribution; and (d) at the time the distribution is made, the entity satisfies the participation test in section 768 ‑ 15 in relation to the company that made the distribution; and (e) the entity: (i) does not receive the distribution in the capacity of a trustee; or (ii) receives the distribution in the capacity of a trustee of a * public trading trust; and (f) the distribution is not one to which section 768 ‑ 7 (which is about foreign income tax deductions) applies. (3) An amount that is * non ‑ assessable non ‑ exempt income under subsection (2) is taken, for the purpose of section 25 ‑ 90 (about deductions relating to foreign non ‑ assessable non ‑ exempt income) to be derived from the same source as the * foreign equity distribution.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 178 of 1999 | No 110 of 2014 | No 53 of 2016 | No 84 of 2018", "History_Notes": "Repealed by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-7", "Provision_Key": "s768-7", "Heading": "Foreign equity distributions entitled to a foreign income tax deduction", "Text": "(1) This section applies to a * foreign equity distribution if: (a) all or part of the distribution gives rise to a * foreign income tax deduction; and (b) the exception in subsection (2) does not apply to the distribution. Exception for foreign corporate collective investment vehicles (2) This subsection applies to a * foreign equity distribution if: (a) the * foreign income tax deduction arises because the company that made the distribution is recognised under the law of the foreign country in which the deduction arises as being used for collective investment; and (b) * foreign income tax or a withholding ‑ type tax was payable in respect of the distribution.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-7"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-10", "Provision_Key": "s768-10", "Heading": "Meaning of foreign equity distribution", "Text": "A foreign equity distribution is a * distribution or * non ‑ share dividend made by a company that is not a Part X Australian resident (within the meaning of Part X of the Income Tax Assessment Act 1936 ) in respect of an * equity interest in the company.", "Amendment_Count": 2, "First_Amended": "No 110 of 2014", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 110 of 2014 | No 64 of 2020", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-15", "Provision_Key": "s768-15", "Heading": "Participation test—minimum 10% participation", "Text": "An entity satisfies the participation test in this section in relation to another entity at a time if, at that time, the sum of the following is at least 10%: (a) the * direct participation interest the entity would have in the other entity if rights on winding ‑ up were disregarded; (b) the * indirect participation interest the entity would have in the other entity if: (i) rights on winding ‑ up were disregarded; and (ii) section 960 ‑ 185 only applied to intermediate entities that are not * corporate tax entities.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-100", "Provision_Key": "s768-100", "Heading": "Foreign government officials in Australia", "Text": "(1) The amounts of * ordinary income and * statutory income covered by the table are exempt from income tax. In some cases, the exemption is subject to exceptions or special conditions, or both. Note 1: Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6 ‑ 20. The note to subsection 6 ‑ 15(2) describes some of the other consequences of it being exempt income. Note 2: Even if an exempt payment is made to you, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936 . Exempt amounts Item If you are: the following amounts are exempt from income tax: subject to these exceptions and special conditions: 1 (a) a representative in Australia of the government of a foreign country; or (b) a member of the official staff of such a representative; and you are neither an Australian citizen nor ordinarily resident in Australia (a) your official salary; and (b) your * ordinary income, and your * statutory income, from a source outside Australia (a) no Convention listed in subsection (2) applies to the representative; and (b) the country concerned grants in relation to Australia exemptions from taxes on income that correspond with the exemption in this item 2 (a) an officer of the government of a * Commonwealth of Nations country; and (b) temporarily in Australia to render service on behalf of that country, or an * Australian government agency, in accordance with an * arrangement between the governments of that country and of the Commonwealth or of a State or Territory (a) your official salary; and (b) your * ordinary income, and your * statutory income, from a source outside Australia that country exempts from income tax the salaries of officers of the government of the Commonwealth temporarily in that country for similar purposes in accordance with a similar arrangement (2) The Conventions are: (a) the Vienna Convention on Diplomatic Relations, as having the force of law because of the Diplomatic Privileges and Immunities Act 1967 ; (b) the Vienna Convention on Consular Relations, as having the force of law because of the Consular Privileges and Immunities Act 1972 . Note: Those Conventions have the force of law in Australia because of those Acts and achieve substantially the same effect as item 1 of the table: see Article 34 of the Vienna Convention on Diplomatic Relations and Article 49 of the Vienna Convention on Consular Relations.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-105", "Provision_Key": "s768-105", "Heading": "Compensation arising out of Second World War", "Text": "(1) A payment to you is exempt from income tax if: (a) you are an Australian resident at the time when it would otherwise be included in your assessable income; and (b) the payment is from a source in a foreign country; and (c) the payment is in connection with: (i) any wrong or injury; or (ii) any loss of, or damage to, property; or (iii) any other detriment; suffered by you or another individual as a result of: (iv) persecution by the National Socialist regime of Germany during the National Socialist period; or (v) persecution during the Second World War by any other enemy of the Commonwealth or by a regime covered by subsection (3); or (vi) flight from persecution mentioned in subparagraph (iv) or (v); or (vii) participation in a resistance movement during the Second World War against forces of the National Socialist regime of Germany or against forces of any other enemy of the Commonwealth; and (d) the payment is not directly or indirectly from any of your * associates. Note: An example of a detriment covered by subparagraph (c)(iii) is if you lost the opportunity to qualify for a pension because your period of contribution was cut short because you had to flee persecution by the National Socialist regime. Duration of Second World War (2) Subsection (1) applies to: (a) the period immediately before the Second World War; and (b) the period immediately after the Second World War; in the same way as it applies to the period of the Second World War. Regimes associated with an enemy of the Commonwealth (3) This subsection covers a regime that was: (a) in alliance with; or (b) occupied by; or (c) effectively controlled by; or (d) under duress from; or (e) surrounded by; either or both of the following: (f) the National Socialist regime of Germany; (g) any other enemy of the Commonwealth. Legal personal representative (4) Subsection (1) applies to a payment to: (a) your * legal personal representative; or (b) a trust established by your will; in a corresponding way to the way in which it would have applied if: (c) the payment had been to you; and (d) if the payment is made after your death—you were still alive.", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-110", "Provision_Key": "s768-110", "Heading": "Foreign residents deriving income from certain activities in Australia’s exclusive economic zone or on or above Australia’s continental shelf", "Text": "(1) The object of this section is to ensure Australia’s compliance with certain provisions of the * United Nations Convention on the Law of the Sea. Note: The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ([1994] ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). (2) If you are a foreign resident, your * ordinary income and * statutory income is neither assessable income, nor * exempt income, to the extent that: (a) the income is from an activity carried on in an area that is: (i) part of Australia’s exclusive economic zone; or (ii) part of, or above, Australia’s continental shelf; and (b) the activity is specified by regulation to be a prescribed activity for the purpose of this section.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-500", "Provision_Key": "s768-500", "Heading": "What this Subdivision is about", "Text": "If: (a) a company has a capital gain or capital loss arising from a CGT event that happens in relation to a share in a foreign company; and (b) the company holds a direct voting percentage of 10% or more in the foreign company for a certain period before the CGT event happens; the gain or loss is reduced by a percentage that reflects the degree to which the assets of the foreign company are used in an active business. Table of sections Operative provisions 768 ‑ 505 Reducing a capital gain or loss from certain CGT events in relation to certain voting interests Active foreign business asset percentage 768 ‑ 510 Active foreign business asset percentage 768 ‑ 515 Choices to apply market value method or book value method 768 ‑ 520 Market value method—choice made under subsection 768 ‑ 515(1) 768 ‑ 525 Book value method—choice made under subsection 768 ‑ 515(2) 768 ‑ 530 Active foreign business asset percentage—modifications for foreign life insurance companies and foreign general insurance companies 768 ‑ 533 Foreign company that is a FIF using CFC calculation method—treatment as AFI subsidiary under this Subdivision 768 ‑ 535 Modified rules for foreign wholly ‑ owned groups Types of assets of a foreign company 768 ‑ 540 Active foreign business assets of a foreign company 768 ‑ 545 Assets included in the total assets of a foreign company Voting percentages in a company 768 ‑ 550 Direct voting percentage in a company 768 ‑ 555 Indirect voting percentage in a company 768 ‑ 560 Total voting percentage in a company", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-505", "Provision_Key": "s768-505", "Heading": "Reducing a capital gain or loss from certain CGT events in relation to certain voting interests", "Text": "(1) The * capital gain or * capital loss a company (the holding company ) that is an Australian resident makes from a * CGT event that happened at a particular time (the time of the CGT event ) to a * share in a company (the foreign disposal company ) that is a foreign resident is reduced if: (a) the holding company held a * direct voting percentage of 10% or more in the foreign disposal company throughout a 12 month period that: (i) began no earlier than 24 months before the time of the CGT event; and (ii) ended no later than that time; and (b) the share is not : (i) an eligible finance share (within the meaning of Part X of the Income Tax Assessment Act 1936 ); or (ii) a widely distributed finance share (within the meaning of that Part); and (c) the CGT event is CGT event A1, B1, C2, E1, E2, G3, J1, K4, K6, K10 or K11. (2) The gain or loss is reduced by the * active foreign business asset percentage (see sections 768 ‑ 510, 768 ‑ 530 and 768 ‑ 535) of the foreign disposal company in relation to the holding company at the time of the CGT event.", "Amendment_Count": 2, "First_Amended": "No 96 of 2004", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 96 of 2004 | No 168 of 2006", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-510", "Provision_Key": "s768-510", "Heading": "Active foreign business asset percentage", "Text": "(1) The active foreign business asset percentage of a company (the foreign company ) that is a foreign resident, in relation to the holding company mentioned in section 768 ‑ 505, at the time of the CGT event mentioned in that section, is worked out in accordance with this section. Market value method (2) Work out that percentage under section 768 ‑ 520 if: (a) the holding company has made a choice under subsection 768 ‑ 515(1) in relation to the foreign company for that time; and (b) there is sufficient evidence of the * market value at that time of: (i) all * assets included in the total assets of the foreign company at that time; and (ii) all * active foreign business assets of the foreign company at that time. Book value method (3) Work out that percentage under section 768 ‑ 525 if: (a) the holding company has made a choice under subsection 768 ‑ 515(2) in relation to the foreign company for that time; and (b) there are * recognised company accounts of the foreign company for a period that ends no later than that time, but no more than 12 months before that time; and (c) if the foreign company was in existence before the start of the period mentioned in paragraph (b)—there are recognised company accounts of the foreign company for a period that ends at least 6 months, but no more than 18 months, before the end of the period mentioned in paragraph (b). Default method (4) Otherwise, that percentage is: (a) 100% (if this section is being applied for the purposes of section 768 ‑ 505 to reduce a * capital loss of the holding company); or (b) zero (in any other case).", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-510"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-515", "Provision_Key": "s768-515", "Heading": "Choices to apply market value method or book value method", "Text": "Choice for market value method (1) The holding company may choose to work out the * active foreign business asset percentage of the foreign company for the time of the CGT event under section 768 ‑ 520. Choice for book value method (2) The holding company may choose to work out the * active foreign business asset percentage of the foreign company for the time of the CGT event under section 768 ‑ 525. Method of making choice (3) The way an entity making a choice under subsection (1) or (2) prepares its * income tax return is sufficient evidence of the making of the choice. Note: If an entity does not make a choice under subsection (1) or (2), it will work out the active foreign business asset percentage of the foreign company in accordance with the default method in subsection 768 ‑ 510(4).", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-515"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-520", "Provision_Key": "s768-520", "Heading": "Market value method—choice made under subsection 768 ‑ 515(1)", "Text": "(1) The active foreign business asset percentage of the foreign company in relation to the holding company, at the time of the CGT event, is worked out under this section in this way. Method statement Step 1. Work out the * market value at that time of all * assets included in the total assets of the foreign company at that time. Step 2. Work out the * market value (see subsection (2)) at that time of all * active foreign business assets of the foreign company at that time. Step 3. Divide the result of step 2 by the result of step 1. Step 4. Express the result of step 3 as a percentage, and round that percentage to the nearest whole percentage point (rounding a number ending in .5 upwards). Step 5. The active foreign business asset percentage is: (a) if the result of step 4 is less than 10%—zero; or (b) if the result of step 4 is 10% or more, but less than 90%—that result; or (c) if the result of step 4 is 90% or more—100%. Note 1: If the foreign company is a foreign life insurance company or a foreign general insurance company, the result of step 2 is modified under section 768 ‑ 530. Note 2: If the foreign company is a member of a wholly ‑ owned group, section 768 ‑ 535 may modify the way in which this section operates. (2) If, at the time of the CGT event: (a) an * active foreign business asset of the foreign company is a * share in another company (the subsidiary company ); and (b) the subsidiary company is a foreign resident; then, in working out the * market value of all * active foreign business assets of the foreign company at that time for the purposes of step 2 of the method statement in subsection (1), treat the * market value of the share at that time according to the following table. Market value of a share in subsidiary company Item If: treat the market value of the share as: 1 (a) the foreign company has a * direct voting percentage of 10% or more in the subsidiary company at that time; and (b) the holding company has a * total voting percentage of 10% or more in the subsidiary company at that time the * share’s * market value at that time, multiplied by the * active foreign business asset percentage of the subsidiary company in relation to the holding company at that time 2 item 1 does not apply zero Note: For the purposes of item 1 of the table, it is necessary to work out the active foreign business asset percentage of the subsidiary company before working out the active foreign business asset percentage of the foreign company.", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-520"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-525", "Provision_Key": "s768-525", "Heading": "Book value method—choice made under subsection 768 ‑ 515(2)", "Text": "(1) The active foreign business asset percentage of the foreign company in relation to the holding company, at the time of the CGT event, is worked out under this section in this way. Method statement Step 1. Work out the foreign company’s average value of total assets at that time under subsection (2). Step 2. Work out the foreign company’s average value of active foreign business assets at that time under subsection (3). Step 3. Divide the result of step 2 by the result of step 1. Step 4. Express the result of step 3 as a percentage, and round that percentage to the nearest whole percentage point (rounding a number ending in .5 upwards). Step 5. The active foreign business asset percentage is: (a) if the result of step 4 is less than 10%—zero; or (b) if the result of step 4 is 10% or more, but less than 90%—that result; or (c) if the result of step 4 is 90% or more—100%. Note: If the foreign company is a member of a wholly ‑ owned group, section 768 ‑ 535 may modify the way in which this section operates. (2) The foreign company’s average value of total assets at the time of the CGT event is worked out in this way. Method statement Step 1. Work out the sum of the values (see subsection (5)) of every * asset included in the total assets of the foreign company at the end of the most recent period: (a) that ends no later than that time, but no more than 12 months before that time; and (b) for which the foreign company has * recognised company accounts. Step 2. Work out the sum of the values (see subsection (5)) of every * asset included in the total assets of the foreign company at the end of the most recent period: (a) that ends at least 6 months, but no more than 18 months, before the end of the period mentioned in step 1; and (b) for which the foreign company has * recognised company accounts. Note: See subsection (6) if the foreign company does not have recognised company accounts for a period mentioned in this step. Step 3. Work out the sum of the results of steps 1 and 2, and divide that sum by 2. (3) The foreign company’s average value of active foreign business assets at that time is worked out in this way. Method statement Step 1. Work out the sum of the values (see subsections (4) and (5)) of every * active foreign business asset of the foreign company at the end of the most recent period: (a) that ends no later than that time, but no more than 12 months before that time; and (b) for which the foreign company has * recognised company accounts. Step 2. Work out the sum of the values (see subsections (4) and (5)) of every * active foreign business asset of the foreign company at the end of the most recent period: (a) that ends at least 6 months, but no more than 18 months, before the end of the period mentioned in step 1; and (b) for which the foreign company has * recognised company accounts. Note: See subsection (6) if the foreign company does not have recognised company accounts for a period mentioned in this step. Step 3. Work out the sum of the results of steps 1 and 2, and divide that sum by 2. Note: If the foreign company is a foreign life insurance company or a foreign general insurance company, the results of steps 1 and 2 are modified under section 768 ‑ 530. (4) If an * active foreign business asset of the foreign company is a * share in another company (the subsidiary company ) that is a foreign resident, then, for the purposes of steps 1 and 2 of the method statement in subsection (3), treat the value of the share at a particular time according to the following table. Value of a share in subsidiary company Item If: treat the value of the share as: 1 (a) the foreign company has a * direct voting percentage of 10% or more in the subsidiary company at that time; and (b) the holding company has a * total voting percentage of 10% or more in the subsidiary company at that time the * share’s value (see subsection (5)) at that time, multiplied by the * active foreign business asset percentage of the subsidiary company in relation to the holding company at that time 2 item 1 does not apply zero Note: For the purposes of item 1 of the table, it is necessary to work out the active foreign business asset percentage of the subsidiary company before working out the active foreign business asset percentage of the foreign company. (5) For the purposes of this section, the value of an asset of a foreign company at the end of a period is taken to be: (a) the value of the asset as shown in the * recognised company accounts of the foreign company for that period; or (b) if the value of the asset is not shown in the recognised company accounts of the foreign company for that period—zero. (6) The result of: (a) step 2 of the method statement in subsection (2); and (b) step 2 of the method statement in subsection (3); is taken to be zero if the foreign company does not have * recognised company accounts for a period mentioned in those steps. Note: This will only be the case if the foreign company was not in existence before the start of the period mentioned in step 1 of those method statements (see paragraph 768 ‑ 510(3)(c)).", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-530", "Provision_Key": "s768-530", "Heading": "Active foreign business asset percentage—modifications for foreign life insurance companies and foreign general insurance companies", "Text": "(1) If the foreign company is a * foreign life insurance company or a * foreign general insurance company, work out its * active foreign business asset percentage according to section 768 ‑ 510, but with the modifications set out in subsections (2) and (3). (2) Treat a reference in the following provisions to a period as a reference to a * statutory accounting period of the foreign company: (a) paragraphs 768 ‑ 510(3)(b) and (c); (b) section 768 ‑ 525. (3) Apply the modifications set out in the following table. Modifications for foreign life insurance companies and foreign general insurance companies Item The result of this step: is increased by the amount applicable under subsection (4) for this statutory accounting period: 1 step 2 of the method statement in subsection 768 ‑ 520(1) the most recent * statutory accounting period of the foreign company ending at or before the time mentioned in that step 2 step 1 of the method statement in subsection 768 ‑ 525(3) the * statutory accounting period mentioned in that step (as modified by subsection (2) of this section) 3 step 2 of the method statement in subsection 768 ‑ 525(3) the * statutory accounting period mentioned in that step (as modified by subsection (2) of this section) (4) The amount applicable under this subsection for a * statutory accounting period of the foreign company is worked out using the following formula: where: active insurance amount means : (a) if the foreign company is a * foreign life insurance company—the untainted policy liabilities (within the meaning of subsection 446(2) of the Income Tax Assessment Act 1936 ) of the foreign company for the statutory accounting period; or (b) if the foreign company is a * foreign general insurance company—the active general insurance amount worked out under subsection (5) for the statutory accounting period. total insurance assets means: (a) if the foreign company is a * foreign life insurance company—the total assets (within the meaning of subsection 446(2) of the Income Tax Assessment Act 1936 ) of the foreign company for the statutory accounting period; or (b) if the foreign company is a * foreign general insurance company—the total assets (within the meaning of subsection 446(4) of that Act) of the foreign company for the statutory accounting period. value of non ‑ active foreign business assets means: (a) for the purposes of item 1 of the table in subsection (3)—the difference between: (i) the result of step 1 of the method statement in subsection 768 ‑ 520(1); and (ii) the result of step 2 of that method statement (apart from this section); or (b) for the purposes of item 2 of the table in subsection (3)—the difference between: (i) the result of step 1 of the method statement in subsection 768 ‑ 525(2); and (ii) the result of step 1 of the method statement in subsection 768 ‑ 525(3) (apart from this section); or (c) for the purposes of item 3 of the table in subsection (3)—the difference between: (i) the result of step 2 of the method statement in subsection 768 ‑ 525(2); and (ii) the result of step 2 of the method statement in subsection 768 ‑ 525(3) (apart from this section). Active insurance amount for foreign general insurance company (5) The active general insurance amount under this subsection for a * statutory accounting period of the foreign company is worked out using the following formula: where: net assets means the net assets (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936 ) of the foreign company for the statutory accounting period. solvency amount means the solvency amount (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936 ) of the foreign company for the statutory accounting period. tainted outstanding claims means the tainted outstanding claims (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936 ) of the foreign company for the statutory accounting period. total general insurance assets means the total assets (within the meaning of subsection 446(4) of the Income Tax Assessment Act 1936 ) of the foreign company for the statutory accounting period.", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-533", "Provision_Key": "s768-533", "Heading": "Foreign company that is a FIF using CFC calculation method—treatment as AFI subsidiary under this Subdivision", "Text": "(1) This section applies if: (a) the foreign company is a FIF (within the meaning of former section 481 of the Income Tax Assessment Act 1936 ); and (b) the holding company has made a choice under former subsection 559A(1) of the Income Tax Assessment Act 1936 in relation to the foreign company in respect of a notional accounting period (within the meaning of former section 486 of that Act) of the foreign company that ends in the 2009 ‑ 10 income year; and (c) because of the choice, the foreign company has been treated under former paragraph 559A(3)(c) of that Act as an AFI subsidiary (within the meaning of that Act) in relation to that holding company; and (d) the holding company makes a choice under subsection (1A) in relation to the foreign company; and (e) the holding company has not failed to make a choice under that subsection for the 2010 ‑ 11 income year or any later income year. (1A) A holding company may make a choice under this subsection in relation to a foreign company if the holding company could have made a choice in relation to the foreign company under former section 559A of the Income Tax Assessment Act 1936 if it had not been repealed by item 37 of Schedule 1 to the Tax Laws Amendment (Foreign Source Income Deferral) Act (No. 1) 2010 . (2) For the purposes of this Subdivision, treat the foreign company as an AFI subsidiary in relation to that holding company at that time.", "Amendment_Count": 2, "First_Amended": "No 143 of 2007", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 143 of 2007 | No 114 of 2010", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-533"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-535", "Provision_Key": "s768-535", "Heading": "Modified rules for foreign wholly ‑ owned groups", "Text": "(1) This section applies if: (a) for the purposes of section 768 ‑ 505, it is necessary to work out the * active foreign business asset percentage of a company (the top foreign company ) in relation to the holding company mentioned in that section, at the time of the CGT event mentioned in that section; and (b) the top foreign company is not : (i) an AFI subsidiary (within the meaning of Part X of the Income Tax Assessment Act 1936 ); or (ii) a * foreign life insurance company; or (iii) a * foreign general insurance company; and (c) for the purposes of section 768 ‑ 505, it is also necessary (apart from this section) to work out the active foreign business asset percentage at that time of 1 or more other companies in relation to the holding company, at that time, where: (i) the top foreign company and 1 or more of those other companies (the subsidiary foreign companies ) are members of a * wholly ‑ owned group; and (ii) each of the subsidiary foreign companies is a * 100% subsidiary of the top foreign company. (2) The holding company may choose to work out the * active foreign business asset percentage of the top foreign company in accordance with subsections (4) and (6). (3) The way an entity making a choice under subsection (2) prepares its * income tax return is sufficient evidence of the making of the choice. (4) If the holding company has made a choice under subsection (2), the provisions mentioned in subsection (5) operate, for the purposes of section 768 ‑ 505, as if each subsidiary foreign company were a part of the top foreign company, rather than a separate entity. Note 1: This subsection means that certain assets are not treated as active foreign business assets, or as assets included in the total assets, of any of the subsidiary foreign companies or of the top foreign company. For example: (a) a share owned by one of those companies in another of those companies; and (b) a debt owed by one of those companies to another of those companies. Note 2: If an asset (other than an asset mentioned in Note 1) is actually an active foreign business asset, or an asset included in the total assets, of a subsidiary foreign company, it is treated under this subsection as an active foreign business asset, or as an asset included in the total assets, of the top foreign company. (5) For the purposes of subsection (4), the provisions are: (a) section 768 ‑ 540 (active foreign business assets of a foreign company); and (b) section 768 ‑ 545 (assets included in the total assets of a foreign company). (6) If the holding company has made a choice under subsection (2), then for the purposes of sections 768 ‑ 510 and 768 ‑ 525, treat the * recognised consolidated accounts of the top foreign company and all of the subsidiary foreign companies as the * recognised company accounts of the top foreign company.", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-540", "Provision_Key": "s768-540", "Heading": "Active foreign business assets of a foreign company", "Text": "(1) An asset is, at a particular time, an active foreign business asset of a company (the foreign company ) that is a foreign resident if, at that time: (a) the asset is an * asset included in the total assets of the company; and (b) the asset satisfies any of these conditions: (i) the asset is used, or held ready for use, by the company in the course of carrying on a * business; (ii) the asset is goodwill; (iii) the asset is a * share; and (c) the asset is not any of the following: (i) * taxable Australian property; (ii) a * membership interest in a company that is an Australian resident; (iii) a membership interest in a * resident trust for CGT purposes; (iv) an option or right to acquire a membership interest mentioned in subparagraph (ii) or (iii); and (d) the asset is not covered by subsection (2); and (e) if the foreign company is an AFI subsidiary (within the meaning of Part X of the Income Tax Assessment Act 1936 ) whose sole or principal business is financial intermediary business—the asset is not covered under subsection (4). (2) An asset is covered by this subsection if it is: (a) a financial instrument (other than a * share or a trade debt); or (b) either: (i) an eligible finance share (within the meaning of Part X of the Income Tax Assessment Act 1936 ); or (ii) a widely distributed finance share (within the meaning of that Part); or (c) an interest in a trust or * partnership; or (d) a * life insurance policy; or (e) a right or option in respect of: (i) a financial instrument; or (ii) an interest in a company, trust or partnership; or (iii) a life insurance policy; or (f) cash or cash equivalent; or (g) an asset whose main use in the course of carrying on the * business mentioned in subparagraph (1)(b)(i) is to * derive interest, an * annuity, rent, * royalties or foreign exchange gains unless: (i) the asset is an intangible asset and has been substantially developed, altered or improved by the foreign company so that its * market value has been substantially enhanced; or (ii) its main use for deriving rent was only temporary. (3) If, at the time mentioned in subsection (1), the foreign company is an AFI subsidiary (within the meaning of Part X of the Income Tax Assessment Act 1936 ) whose sole or principal business is financial intermediary business (within the meaning of that Part), subsection (2) operates as if: (a) paragraphs (2)(a) and (f) were omitted; and (b) paragraph (2)(g) did not contain a reference to interest, an * annuity or foreign exchange gains; and (c) subparagraph (2)(e)(i) were omitted and the following subparagraph were substituted: (i) a financial instrument, other than an asset mentioned in paragraph 450(1)(b) of the Income Tax Assessment Act 1936 ; or (4) The asset is covered under this subsection if: (a) all of these conditions are satisfied: (i) the asset is an asset mentioned in subparagraph 450(4)(b)(i) or (ii) of the Income Tax Assessment Act 1936 ; (ii) the asset was acquired from another entity; (iii) either of the conditions mentioned in subparagraph 450(6)(c)(i) and (ii) of the Income Tax Assessment Act 1936 were satisfied in relation to the other entity at the time of the acquisition; or (b) both of these conditions are satisfied: (i) the asset relates to a debt to which factoring income (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of the foreign company relates; (ii) the condition in paragraph 450(8)(b) of the Income Tax Assessment Act 1936 is satisfied in relation to the debt.", "Amendment_Count": 2, "First_Amended": "No 96 of 2004", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 96 of 2004 | No 168 of 2006", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-540"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-545", "Provision_Key": "s768-545", "Heading": "Assets included in the total assets of a foreign company", "Text": "(1) At a particular time, an asset is an asset included in the total assets of a company (the foreign company ) that is a foreign resident if: (a) the asset is a * CGT asset at that time; and (b) the foreign company owns the asset at that time; and (c) if at that time the foreign company is not an AFI subsidiary (within the meaning of Part X of the Income Tax Assessment Act 1936 ) whose sole or principal business is financial intermediary business (within the meaning of that Part)—the asset is not a foreign company derivative asset covered by subsection (2). (2) An asset is a foreign company derivative asset covered by this subsection if: (a) the asset is an * arrangement covered by subsection (3), unless the regulations declare the asset not to be a foreign company derivative asset covered by this subsection; or (b) the regulations declare the asset to be a foreign company derivative asset covered by this subsection. (3) An * arrangement is covered by this subsection if: (a) under the arrangement, a party to the arrangement must, or may be required to, provide at some future time consideration of a particular kind or kinds to someone; and (b) that future time is not less than the number of days, prescribed by regulations made for the purposes of paragraph 761D(1)(b) of the Corporations Act 2001 , after the day on which the arrangement is entered into; and (c) the amount of the consideration, or the value of the arrangement, is ultimately determined, * derived from or varies by reference to (wholly or in part) the value or amount of something else (of any nature whatsoever and whether or not deliverable), including, for example, one or more of the following: (i) an asset; (ii) a rate (including an interest rate or exchange rate); (iii) an index; (iv) a commodity; and (d) subsection (4) does not apply in relation to the arrangement. (4) An * arrangement under which one person has an obligation to buy, and another person has an obligation to sell, property is not an arrangement covered by subsection (3) merely because the arrangement provides for the consideration to be varied by reference to a general inflation index such as the Consumer Price Index.", "Amendment_Count": 2, "First_Amended": "No 96 of 2004", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 96 of 2004 | No 58 of 2006", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-545"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-550", "Provision_Key": "s768-550", "Heading": "Direct voting percentage in a company", "Text": "(1) An entity’s direct voting percentage at a particular time in a company is: (a) if the entity has a voting interest (within the meaning of section 334A of the Income Tax Assessment Act 1936 ) in the foreign company at that time amounting to a percentage of the voting power of the company—that percentage; or (b) otherwise—zero. (2) In applying section 334A of the Income Tax Assessment Act 1936 for the purposes of subsection (1) of this section, assume that: (a) the entity is a company; and (b) the entity is not the beneficial owner of a * share in the company if a trust or partnership is interposed between the entity and the company.", "Amendment_Count": 3, "First_Amended": "No 96 of 2004", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 96 of 2004 | No 58 of 2006 | No 143 of 2007", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-555", "Provision_Key": "s768-555", "Heading": "Indirect voting percentage in a company", "Text": "(1) An entity’s indirect voting percentage at a particular time in a company (the subsidiary company ) is worked out by multiplying: (a) the entity’s * direct voting percentage (if any) in another company (the intermediate company ) at that time; by: (b) the sum of: (i) the intermediate company’s direct voting percentage (if any) in the subsidiary company at that time; and (ii) the intermediate company’s indirect voting percentage (if any) in the subsidiary company at that time (as worked out under one or more other applications of this section). (2) If there is more than one intermediate company to which subsection (1) applies at that time, the entity’s indirect voting percentage is the sum of the percentages worked out under subsection (1) in relation to each of those intermediate companies.", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-560", "Provision_Key": "s768-560", "Heading": "Total voting percentage in a company", "Text": "An entity’s total voting percentage at a particular time in a company is the sum of: (a) the entity’s * direct voting percentage in the company at that time; and (b) the entity’s * indirect voting percentage in the company at that time.", "Amendment_Count": 1, "First_Amended": "No 96 of 2004", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 96 of 2004", "History_Notes": "Inserted by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-560"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-900", "Provision_Key": "s768-900", "Heading": "What this Subdivision is about", "Text": "This Subdivision modifies the general tax rules for people in Australia who are temporary residents, whether Australian residents or foreign residents. Generally foreign income derived by temporary residents is non ‑ assessable non ‑ exempt income and capital gains and losses they make are also disregarded for CGT purposes. There are some exceptions for employment ‑ related income and capital gains on shares and rights acquired under employee share schemes. Temporary residents are also partly relieved of record ‑ keeping obligations in relation to the controlled foreign company rules. Interest paid by temporary residents is not subject to withholding tax and may be non ‑ assessable non ‑ exempt income for a foreign resident. Table of sections Operative provisions 768 ‑ 905 Objects 768 ‑ 910 Income derived by temporary resident 768 ‑ 915 Certain capital gains and capital losses of temporary resident to be disregarded 768 ‑ 950 Individual becoming an Australian resident 768 ‑ 955 Temporary resident who ceases to be temporary resident but remains an Australian resident 768 ‑ 960 Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules 768 ‑ 970 Modification of rules for accruals system of taxation of certain non ‑ resident trust estates 768 ‑ 980 Interest paid by temporary resident", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 114 of 2010", "Amending_Acts": "No 32 of 2006 | No 114 of 2010", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-900"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-905", "Provision_Key": "s768-905", "Heading": "Objects", "Text": "The objects of this Subdivision are to: (a) provide * temporary residents with tax relief on most foreign source income and capital gains; and (b) relieve the burdens associated with complying with certain record ‑ keeping obligations and interest withholding tax obligations.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-905"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-910", "Provision_Key": "s768-910", "Heading": "Income derived by temporary resident", "Text": "(1) The following are * non ‑ assessable non ‑ exempt income: (a) the * ordinary income you * derive directly or indirectly from a source other than an * Australian source if you are a * temporary resident when you derive it; (b) your * statutory income (other than a * net capital gain) from a source other than an Australian source if you are a temporary resident when you derive it. This subsection has effect subject to subsections (3) and (5). Note: A capital gain or loss you make may be disregarded under section 768 ‑ 915. (2) For the purposes of paragraph (1)(b): (a) if you have statutory income because a particular circumstance occurs, you derive the statutory income at the time when the circumstance occurs; and (b) if you have statutory income because a number of circumstances occur, you derive the statutory income at the time when the last of those circumstances occurs. Exception to subsection (1) (3) However, the following are not * non ‑ assessable non ‑ exempt income under subsection (1): (a) the * ordinary income you * derive directly or indirectly from a source other than an * Australian source to the extent that it is remuneration, for employment undertaken, or services provided, while you are a * temporary resident; (b) your * statutory income (other than a * net capital gain) from a source other than an Australian source to the extent that it relates to employment undertaken, or services provided, while you are a temporary resident; (c) an amount included in your assessable income under Division 86. Note: This subsection only makes an amount not non ‑ assessable non ‑ exempt income under subsection (1). It does not prevent that amount from being non ‑ assessable non ‑ exempt income under some other provision of this Act or the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 32 of 2006 | No 133 of 2009", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-910"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-915", "Provision_Key": "s768-915", "Heading": "Certain capital gains and capital losses of temporary resident to be disregarded", "Text": "(1) A * capital gain or * capital loss you make from a * CGT event is disregarded if: (a) you are a * temporary resident when, or immediately before, the CGT event happens; and (b) you would not make a capital gain or loss from the CGT event, or the capital gain or loss from the CGT event would have been disregarded under Division 855, if you were a foreign resident when, or immediately before, the CGT event happens. (2) Subsection (1) does not apply in relation to * CGT event I1 if: (a) the CGT event happens in relation to an * ESS interest that is a beneficial interest in a right (or to a * share acquired by exercising such a right); and (b) the provisions referred to in paragraphs 83A ‑ 33(1)(a) to (c) (about start ups) apply to the ESS interest.", "Amendment_Count": 3, "First_Amended": "No 32 of 2006", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 32 of 2006 | No 168 of 2006 | No 105 of 2015", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-915"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-950", "Provision_Key": "s768-950", "Heading": "Individual becoming an Australian resident", "Text": "Section 855 ‑ 45 does not apply to your becoming an Australian resident if you are a * temporary resident immediately after you become an Australian resident.", "Amendment_Count": 2, "First_Amended": "No 32 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 32 of 2006 | No 168 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-950"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-955", "Provision_Key": "s768-955", "Heading": "Temporary resident who ceases to be temporary resident but remains an Australian resident", "Text": "(1) If you are a * temporary resident and you then cease to be a temporary resident (but remain, at that time, an Australian resident), there are rules relevant to each * CGT asset that: (a) you owned just before you ceased to be a temporary resident; and (b) is not * taxable Australian property; and (c) you * acquired on or after 20 September 1985. (2) The first element of the * cost base and * reduced cost base of the asset (at the time you cease to be a * temporary resident) is its * market value at that time. (3) Also, Parts 3 ‑ 1 and 3 ‑ 3 apply to the asset as if you had * acquired it at the time you ceased to be a * temporary resident. (4) This section does not apply to an * ESS interest if: (a) Subdivision 83A ‑ C (about employee share schemes) applies to the interest, and the * ESS deferred taxing point for the interest has not yet occurred; or (b) the provisions referred to in paragraphs 83A ‑ 33(1)(a) to (c) (about start ups) apply to the ESS interest.", "Amendment_Count": 4, "First_Amended": "No 32 of 2006", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 32 of 2006 | No 168 of 2006 | No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-955"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-960", "Provision_Key": "s768-960", "Heading": "Temporary resident not attributable taxpayer for purposes of controlled foreign companies rules", "Text": "For the purposes of Part X of the Income Tax Assessment Act 1936 (which deals with the attribution of income in respect of controlled foreign companies), you are taken not to be an * attributable taxpayer in relation to a * CFC or * CFT at any time you are a * temporary resident.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-960"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-970", "Provision_Key": "s768-970", "Heading": "Modification of rules for accruals system of taxation of certain non ‑ resident trust estates", "Text": "At any time when you are a * temporary resident, you are taken not to be a resident for the purposes of section 102AAZD of the Income Tax Assessment Act 1936.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-970"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 768-980", "Provision_Key": "s768-980", "Heading": "Interest paid by temporary resident", "Text": "Interest that is paid by a * temporary resident: (a) is an amount to which section 128B (liability to withholding tax) of the Income Tax Assessment Act 1936 does not apply; and (b) is * non ‑ assessable non ‑ exempt income if the interest is: (i) * derived by a foreign resident; and (ii) is not derived from carrying on * business in Australia at or through a * permanent establishment in Australia.", "Amendment_Count": 1, "First_Amended": "No 32 of 2006", "Last_Amended": "No 32 of 2006", "Amending_Acts": "No 32 of 2006", "History_Notes": "Inserted by No 32 of 2006, effective 6 Apr 2006", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s768-980"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-1", "Provision_Key": "s770-1", "Heading": "What this Division is about", "Text": "You may get a non ‑ refundable tax offset for foreign income tax paid on your assessable income. There is a limit on the amount of the tax offset. A resident of a foreign country does not get the offset for some foreign income taxes. You may also get the offset for foreign income tax paid on some amounts that are not taxed in Australia.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-5", "Provision_Key": "s770-5", "Heading": "Object", "Text": "(1) The object of this Division is to relieve double taxation where: (a) you have paid foreign income tax on amounts included in your assessable income; and (b) you would, apart from this Division, pay Australian income tax on the same amounts. (2) To achieve this object, this Division gives you a tax offset to reduce or eliminate Australian income tax otherwise payable on those amounts. Note 1: This Division applies in relation to Medicare levy and Medicare levy (fringe benefits) surcharge in the same way as it applies to Australian income tax. See section 90 ‑ 1 in Schedule 1 to the Taxation Administration Act 1953 . Note 2: The tax offset under this Division can be applied against your Medicare levy and Medicare levy (fringe benefits) surcharge liability for the year, if an amount of it remains after you apply it against your basic income tax liability. See item 22 of the table in subsection 63 ‑ 10(1).", "Amendment_Count": 2, "First_Amended": "No 143 of 2007", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 143 of 2007 | No 12 of 2012", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-10", "Provision_Key": "s770-10", "Heading": "Entitlement to foreign income tax offset", "Text": "(1) You are entitled to a * tax offset for an income year for * foreign income tax. An amount of foreign income tax counts towards the tax offset for the year if you paid it in respect of an amount that is all or part of an amount included in your assessable income for the year. Note 1: The offset is for the income year in which your assessable income included an amount in respect of which you paid foreign income tax—even if you paid the foreign income tax in another income year. Note 2: If the foreign income tax has been paid on an amount that is part non ‑ assessable non ‑ exempt income and part assessable income for you for the income year, only a proportionate share of the foreign income tax (the share that corresponds to the part that is assessable income) will count towards the tax offset (excluding the operation of subsection (2)). Taxes paid on section 23AI or 23AK amounts (2) An amount of * foreign income tax counts towards the * tax offset for you for the year if you paid it in respect of an amount that is your * non ‑ assessable non ‑ exempt income under either section 23AI or 23AK of the Income Tax Assessment Act 1936 for the year. Note 1: Sections 23AI and 23AK of the Income Tax Assessment Act 1936 provide that amounts paid out of income previously attributed from a controlled foreign company or a foreign investment fund are non ‑ assessable non ‑ exempt income. Note 2: Foreign income taxes covered by this subsection are direct taxes (for example, a withholding tax on a dividend payment) and not underlying taxes, only some of which are covered by section 770 ‑ 135. Exception for certain residence ‑ based foreign income taxes (3) An amount of * foreign income tax you paid does not count towards the * tax offset for the year if you paid it: (a) to a foreign country because you are a resident of that country for the purposes of a law relating to the foreign income tax; and (b) in respect of an amount derived from a source outside that country. Exception for previously complying funds and previously foreign funds (4) An amount of * foreign income tax paid by a * superannuation provider in relation to a * superannuation fund does not count towards the * tax offset for the year if: (a) the tax was paid in respect of an amount included in the fund’s assessable income under table item 2 or 3 in section 295 ‑ 320; and (b) the provider paid the tax before the start of the income year. Note: Table items 2 and 3 in section 295 ‑ 320 include additional amounts in the assessable income of superannuation funds that change their status from complying to non ‑ complying or from foreign to Australian. Exception for credit absorption tax and unitary tax (5) An amount of * credit absorption tax or * unitary tax you paid does not count towards the * tax offset for the year. Exception for foreign GloBE taxes (6) An amount you paid of any of the following does not count towards the * tax offset for the year: (a) * foreign IIR tax; (b) * foreign UTPR tax. Note: For rules relating to foreign DMT tax, see section 770 ‑ 145.", "Amendment_Count": 3, "First_Amended": "No 143 of 2007", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 143 of 2007 | No 110 of 2021 | No 134 of 2024", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 110 of 2021, effective Sch 1 and Sch 2 (items 8–13): 1 Oct 2021 (s 2(1) item 2) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-15", "Provision_Key": "s770-15", "Heading": "Meaning of foreign income tax , credit absorption tax and unitary tax", "Text": "(1) Foreign income tax means tax that: (a) is imposed by a law other than an * Australian law; and (b) is: (i) tax on income; or (ii) tax on profits or gains, whether of an income or capital nature; or (iii) any other tax, being a tax that is subject to an agreement having the force of law under the International Tax Agreements Act 1953 . Note: Foreign income tax includes only that which has been correctly imposed in accordance with the relevant foreign law or, where the foreign jurisdiction has a tax treaty with Australia (having the force of law under the International Tax Agreements Act 1953 ), has been correctly imposed in accordance with that tax treaty. (2) Credit absorption tax means a tax imposed by a law of a foreign country, or of any part of, or place in, a foreign country to the extent that the tax would not have been payable if the entity concerned or another entity had not been entitled to an offset in respect of the tax under this Division. (3) Unitary tax means a tax imposed by a law of a foreign country, or of any part of, or place in, a foreign country, being a law which, for the purposes of taxing income, profits or gains of a company derived from sources within that country, takes into account, or is entitled to take into account, income, losses, outgoings or assets of the company (or of a company that for the purposes of that law is treated as being associated with the company) derived, incurred or situated outside that country, but does not include tax imposed by that law if that law only takes those matters into account: (a) if such an associated company is a resident of the foreign country for the purposes of the law of the foreign country; or (b) for the purposes of granting any form of relief in relation to tax imposed on dividends received by one company from another company.", "Amendment_Count": 2, "First_Amended": "No 143 of 2007", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 143 of 2007 | No 97 of 2008", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-65", "Provision_Key": "s770-65", "Heading": "What this Subdivision is about", "Text": "The amount of your tax offset is based on the amount of foreign income tax you have paid. However, there is a limit on the maximum amount of your offset. The limit is the greater of $1,000 and an amount worked out under this Subdivision. This amount is based on a comparison between your tax liability and the tax liability you would have if certain foreign ‑ taxed and foreign ‑ sourced income and related deductions were disregarded. You may choose to use the limit of $1,000 and not work out this amount. There is an increase in the limit to ensure foreign income tax paid on some amounts that are not taxed always forms part of the offset. Table of sections Operative provisions 770 ‑ 70 Amount of foreign income tax offset 770 ‑ 75 Foreign income tax offset limit 770 ‑ 80 Increase in offset limit for tax paid on amounts to which section 23AI or 23AK of the Income Tax Assessment Act 1936 apply", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-70", "Provision_Key": "s770-70", "Heading": "Amount of foreign income tax offset", "Text": "The amount of your * tax offset for the year is the sum of the * foreign income tax you paid that counts towards the offset for the year. Note 1: The amount of foreign income tax you paid may be affected by Subdivision 770 ‑ C. Note 2: The amount of the offset might be increased under section 770 ‑ 230 of the Income Tax (Transitional Provisions) Act 1997 , if you have pre ‑ commencement excess foreign income tax.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-75", "Provision_Key": "s770-75", "Heading": "Foreign income tax offset limit", "Text": "(1) There is a limit (the offset limit ) on the amount of your * tax offset for a year. If your tax offset exceeds the offset limit, reduce the offset by the amount of the excess. (2) Your offset limit is the greater of: (a) $1,000; and (b) this amount: (i) the amount of income tax payable by you for the income year; less (ii) the amount of income tax that would be payable by you for the income year if the assumptions in subsection (4) were made. Note 1: If you do not intend to claim a foreign income tax offset of more than $1,000 for the year, you do not need to work out the amount under paragraph (b). Note 2: The amount of the offset limit might be increased under section 770 ‑ 80. (3) For the purposes of paragraph (2)(b), work out the amount of income tax payable by you, or that would be payable by you, disregarding any * tax offsets. (4) Assume that: (a) your assessable income did not include: (i) so much of any amount included in your assessable income as represents an amount in respect of which you paid * foreign income tax that counts towards the * tax offset for the year; and (ii) any other amounts of * ordinary income or * statutory income from a source other than an * Australian source; and (b) you were not entitled to any deductions that: (i) are * debt deductions that are attributable to an * overseas permanent establishment of yours; or (ii) are deductions (other than debt deductions) that are reasonably related to amounts covered by paragraph (a) for that year. Note: You must also assume you were not entitled to any deductions for certain converted foreign losses: see section 770 ‑ 35 of the Income Tax (Transitional Provisions) Act 1997 . Example: If an entity has paid foreign income tax on a capital gain that comprises part of its net capital gain, only that capital gain on which foreign income tax has been paid is disregarded.", "Amendment_Count": 2, "First_Amended": "No 143 of 2007", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 143 of 2007 | No 97 of 2008", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-80", "Provision_Key": "s770-80", "Heading": "Increase in offset limit for tax paid on amounts to which section 23AI or 23AK of the Income Tax Assessment Act 1936 apply", "Text": "Your offset limit under subsection 770 ‑ 75(2) is increased by any amounts of * foreign income tax that count towards the * tax offset for you for the year because of subsection 770 ‑ 10(2).", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-130", "Provision_Key": "s770-130", "Heading": "When foreign income tax is considered paid—taxes paid by someone else", "Text": "(1) This Act applies to you as if you had paid an amount of * foreign income tax in respect of an amount (a taxed amount ) that is all or part of an amount included in your * ordinary income or * statutory income if you are covered by subsection (2) or (3) for an amount of foreign income tax paid in respect of the taxed amount. (2) You are covered by this subsection for an amount of * foreign income tax paid in respect of a taxed amount if that foreign income tax has been paid in respect of the taxed amount by another entity under an * arrangement with you or under the law relating to the foreign income tax. Example: You are a partner in a partnership and the partnership pays foreign income tax on the partnership income. (3) You are covered by this subsection for an amount of * foreign income tax paid in respect of the taxed amount to the extent that: (a) the taxed amount is taken, because of section 6B of the Income Tax Assessment Act 1936 (the 1936 Act ), to be attributable to another amount of income of a particular kind or source; and (b) foreign income tax has been paid in respect of the other amount of income; and (c) the taxed amount is less than it would have been if that tax had not been paid. Example: Aust Co (an Australian resident) is the sole beneficiary of an Australian resident trust H and is presently entitled to all the income of trust H. Trust H owns shares in For Co (a foreign company). For Co pays a dividend to trust H and the dividend is subject to withholding tax in For Co’s country of residence. Trust H allocates to Aust Co, the dividend, as well as other Australian source income trust H earned in the year (none of which was subject to foreign income tax). Aust Co is treated as having paid the foreign income tax paid by For Co under subsection 770 ‑ 130(3). The foreign income tax is treated as paid in respect of the amount included in Aust Co’s assessable income that is attributable to the dividend.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-135", "Provision_Key": "s770-135", "Heading": "Foreign income tax paid by CFCs on attributed amounts", "Text": "(1) This Division applies to an entity (other than a * CFC) as if it had paid an amount of * foreign income tax worked out under subsection (7) in respect of an amount included in its assessable income if: (a) the amount is included in its assessable income as described in subsection (2); and (b) the conditions in subsections (3) and (5) are satisfied. (2) An amount is included in an entity’s assessable income as described in this subsection if the entity is a company and the amount is included under: (a) section 456 (a section 456 case ) of the 1936 Act in relation to a * CFC and a statutory accounting period; or (b) section 457 (a section 457 case ) of that Act in relation to a CFC. Note: Section 456 of the 1936 Act includes, in the assessable income of certain Australian shareholders, amounts that are attributable to the profits of an Australian ‑ controlled foreign company. Section 457 does likewise when a controlled foreign company changes residence from an unlisted to a listed country or to Australia. Tax paid condition (3) An amount of * foreign income tax, income tax or * withholding tax (the tax amount ) must have been paid: (a) for a section 456 case—by the * CFC in respect of an amount included in the notional assessable income of the CFC for the statutory accounting period; or (b) for a section 457 case—by the CFC. Note: Section 770 ‑ 130 deems foreign income tax to have been paid in certain circumstances. (3A) For the purposes of paragraphs (3)(a) and (b), the tax amount does not include an amount of * foreign IIR tax or * foreign UTPR tax that is treated as not being foreign tax under subsection 393(2) of the 1936 Act. (4) For the purposes of paragraphs (3)(a) and (b), the tax amount includes an amount that is taken to have been paid by the * CFC under subsection 393(4) of the 1936 Act (about tax paid on reinsurance premiums). Association condition (5) If the entity is a company, it must have an * attribution percentage of 10% or more: (a) for a section 456 case—in relation to the * CFC at the end of the statutory accounting period; or (b) for a section 457 case—in relation to the CFC at the residence ‑ change time (within the meaning of section 457 of the 1936 Act). Amount of foreign income tax (7) The amount worked out under this subsection is: (a) for a section 456 case—the sum of all the tax amounts for the statutory accounting period multiplied by the company’s * attribution percentage in relation to the * CFC at the time mentioned in paragraph (5)(a); or (b) for a section 457 case—the sum of all the tax amounts to the extent they are attributable to the amount included in the company’s assessable income under section 457 of the 1936 Act. Grossing ‑ up of attributed amount (8) For the purposes of this Act except this section and section 371 of the 1936 Act (for a section 456 case or a section 457 case), the amount included in the entity’s assessable income as described in subsection (2) is taken to be increased by the amount of tax worked out under subsection (7). Note: Section 371 of the 1936 Act records an amount in an attribution account when the amount is included in the assessable income of an attributable taxpayer in relation to a CFC.", "Amendment_Count": 5, "First_Amended": "No 143 of 2007", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 143 of 2007 | No 88 of 2009 | No 114 of 2010 | No 15 of 2017 | No 134 of 2024", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-140", "Provision_Key": "s770-140", "Heading": "When foreign income tax is considered not paid—anti ‑ avoidance rule", "Text": "Despite anything else in this Division, this Act applies to you as if you had not paid an amount of * foreign income tax to the extent that you or any other entity become entitled to: (a) a refund of the foreign income tax; or (b) any other benefit worked out by reference to the amount of the foreign income tax (other than a reduction in the amount of the foreign income tax).", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-145", "Provision_Key": "s770-145", "Heading": "When foreign income tax is considered not paid—foreign DMT tax reduced by amount of benefit", "Text": "(1) This section applies if: (a) an entity is: (i) a * Group Entity of an * Applicable MNE Group; or (ii) a * GloBE Joint Venture of an Applicable MNE Group; or (iii) a * GloBE JV Subsidiary of a GloBE Joint Venture of an Applicable MNE Group; and (b) the entity pays an amount of * foreign income tax imposed by a tax law of a foreign country; and (c) the foreign income tax is * foreign DMT tax; and (d) the entity, or another entity of a kind mentioned in subparagraph (a)(i), (ii) or (iii), is entitled to an amount of any of the following benefits in respect of the entity: (i) a refundable tax credit (whether by way of cash or cash equivalent, or through an offset of unrelated, existing liabilities), to the extent that the tax credit is computed as an excess over the entity’s income tax liability; (ii) consideration received for the transfer of a transferable tax credit to which the entity was entitled in respect of foreign income tax of the foreign country; (iii) cash or cash equivalent amounts recognised as government grants under * accounting standard AASB 120 (or, if that standard does not apply to the entity, a comparable accounting standard that applies to the entity under a * foreign law); (iv) if the foreign country is specified in a determination under subsection (3)—a benefit of a kind specified in the determination in respect of the foreign country; and (e) both of the following are in relation to the same * foreign tax period in relation to the entity: (i) the foreign income tax; (ii) the benefits. (2) Despite anything else in this Division, this Act applies to the entity as if the amount of * foreign DMT tax were reduced by the amount of the benefit (but not below zero). (3) The Minister may, by legislative instrument, make a determination specifying a benefit in respect of a specified foreign country. (4) In making the determination, the Minister must have regard to the following: (a) the extent (if any) to which the benefit has been designed to be available to * Applicable MNE Groups; (b) the extent (if any) to which the benefit could increase the amount of * foreign DMT tax payable in the foreign country; (c) the extent (if any) to which the benefit could increase the amount of a * tax offset under this Division; (d) the nature of any other benefit specified in the determination. (5) A reference in this section to a * Group Entity does not include a reference to a * GloBE Excluded Entity.", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-150", "Provision_Key": "s770-150", "Heading": "Meaning of foreign DMT tax", "Text": "(1) A tax is a foreign DMT tax if it is any of the following: (a) tax that is payable under a * foreign law and is a * Qualified Domestic Minimum Top ‑ up Tax; (b) tax that is payable under a foreign law and would be a Qualified Domestic Minimum Top ‑ up Tax if paragraph (c) of the definition of Qualified Domestic Minimum Top ‑ up Tax in the * GloBE Rules were disregarded; (c) tax that is payable under a foreign law specified by regulations made for the purposes of this paragraph. (2) If regulations made for the purposes of this subsection specify a provision of this Act and a tax that is payable under a foreign law, for the purposes of that provision, that tax is also a foreign DMT tax .", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 770-190", "Provision_Key": "s770-190", "Heading": "Amendment of assessments", "Text": "(1) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment for the purpose of giving effect to this Division for an income year if: (a) an event described in subsection (2) (an amendment event ) happens after the time you lodged your * income tax return for that year; and (b) the amendment is made at any time during the period of 4 years starting immediately after the amendment event. Note: Section 170 of that Act specifies the periods within which assessments may be amended. (2) The following are amendment events: (a) you pay an amount of * foreign income tax that counts towards your * tax offset for the year; (b) there is an increase in an amount of foreign income tax you paid that counts towards your offset for the year; (c) there is a reduction in an amount of foreign income tax you paid that counts towards your offset for the year.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Inserted by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s770-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-5", "Provision_Key": "s775-5", "Heading": "What this Division is about", "Text": "Your assessable income includes a forex realisation gain you make as a result of a forex realisation event. You can deduct a forex realisation loss that you make as a result of a forex realisation event. There are 5 main types of forex realisation events: (a) forex realisation event 1 happens if you dispose of foreign currency, or a right to receive foreign currency, to another entity; (b) forex realisation event 2 happens if you cease to have a right to receive foreign currency (otherwise than because you disposed of the right to another entity); (c) forex realisation event 3 happens if you cease to have an obligation to receive foreign currency; (d) forex realisation event 4 happens if you cease to have an obligation to pay foreign currency; (e) forex realisation event 5 happens if you cease to have a right to pay foreign currency. There are special rules for certain short ‑ term forex realisation gains and losses. You may choose roll ‑ over relief for certain facility agreements. You may elect to receive concessional tax treatment for a qualifying forex account that passes the limited balance test. You may choose retranslation for a qualifying forex account.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-10", "Provision_Key": "s775-10", "Heading": "Objects of this Division", "Text": "The objects of this Division are as follows: (a) to recognise * foreign currency gains and losses for income tax purposes; (b) to quantify those gains and losses by reference to the change in the Australian dollar value of rights and obligations; (c) to treat certain foreign currency denominated financing facilities that are the economic equivalent of a loan as if the relevant facility were a loan; (d) to reduce compliance costs by not requiring the recognition of certain low ‑ value foreign currency gains and losses that involve substantial calculations.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-15", "Provision_Key": "s775-15", "Heading": "Forex realisation gains are assessable", "Text": "Basic rule (1) Your assessable income for an income year includes a * forex realisation gain you make as a result of a * forex realisation event that happens during that year. Exceptions (2) However, your assessable income does not include a * forex realisation gain to the extent that it: (a) is a gain of a private or domestic nature; and (b) is not covered by an item of the table: Forex realisation gains to which this subsection does not apply Item You make the forex realisation gain as a result of this event... happening to... and the following condition is satisfied... 1 forex realisation event 1 or 2 * foreign currency or a right, or a part of a right, to receive foreign currency a gain that would result from the occurrence of a * realisation event in relation to the foreign currency, or to the right, or the part of the right, would, apart from this Division, be taken into account under Part 3 ‑ 1 or 3 ‑ 3 2 forex realisation event 2 a right, or a part of a right, created or acquired in return for the occurrence of a * realisation event in relation to a * CGT asset you own, where subparagraph 775 ‑ 45(1)(b)(iv) applies a gain or loss that would result from the occurrence of the realisation event in relation to the CGT asset would be taken into account for the purposes of Part 3 ‑ 1 or 3 ‑ 3 3 forex realisation event 4 an obligation, or a part of an obligation, you incurred in return for the acquisition of a * CGT asset a gain or loss that would result from the occurrence of a * realisation event in relation to the CGT asset would be taken into account for the purposes of Part 3 ‑ 1 or 3 ‑ 3 Note: Parts 3 ‑ 1 and 3 ‑ 3 deal with capital gains and losses. (3) Section 775 ‑ 70 provides for additional exceptions. Note: Section 775 ‑ 70 is about the tax consequences of certain short ‑ term forex realisation gains. No double taxation (4) To the extent that a * forex realisation gain would be included in your assessable income under this section and another provision of this Act, the gain is only included in your assessable income under this section. Note: Under section 230 ‑ 20, foreign exchange gains from a Division 230 financial arrangement are dealt with under Division 230 and not under this Division.", "Amendment_Count": 3, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-20", "Provision_Key": "s775-20", "Heading": "Certain forex realisation gains are exempt income", "Text": "A * forex realisation gain you make is * exempt income to the extent that, if it had been a * forex realisation loss, it would have been made in gaining or producing exempt income.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-25", "Provision_Key": "s775-25", "Heading": "Certain forex realisation gains are non ‑ assessable non ‑ exempt income", "Text": "A * forex realisation gain you make is * non ‑ assessable non ‑ exempt income to the extent that, if it had been a * forex realisation loss, it would have been made in gaining or producing non ‑ assessable non ‑ exempt income.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-27", "Provision_Key": "s775-27", "Heading": "Certain forex realisation gains are non ‑ assessable non ‑ exempt income", "Text": "Sections 775 ‑ 20 and 775 ‑ 25 apply to a * forex realisation gain only if, had it been a * forex realisation loss, it would have been disregarded under section 775 ‑ 35.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-27"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-30", "Provision_Key": "s775-30", "Heading": "Forex realisation losses are deductible", "Text": "Basic rule (1) You can deduct from your assessable income for an income year a * forex realisation loss that you make as a result of a * forex realisation event that happens during that year. Exceptions (2) However, you cannot deduct a * forex realisation loss under this section to the extent that it: (a) is a loss of a private or domestic nature; and (b) is not covered by an item of the table: Forex realisation losses to which this subsection does not apply Item You make the forex realisation loss as a result of this event... happening to... and the following condition is satisfied... 1 forex realisation event 2 a right, or a part of a right, created or acquired in return for the occurrence of a * realisation event in relation to a * CGT asset you own, where subparagraph 775 ‑ 45(1)(b)(iv) applies a gain or loss that would result from the occurrence of the realisation event in relation to the CGT asset would be taken into account for the purposes of Part 3 ‑ 1 or 3 ‑ 3 2 forex realisation event 4 an obligation, or a part of an obligation, you incurred in return for the acquisition of a * CGT asset a gain or loss that would result from the occurrence of a * realisation event in relation to the CGT asset would be taken into account for the purposes of Part 3 ‑ 1 or 3 ‑ 3 Note: Parts 3 ‑ 1 and 3 ‑ 3 deal with capital gains and losses. (3) Section 775 ‑ 75 provides for additional exceptions. Note: Section 775 ‑ 75 is about the tax consequences of certain short ‑ term forex realisation losses. No double deductions (4) To the extent that this section and another provision of this Act would allow you a deduction for a * forex realisation loss, you can only deduct the loss under this section. Note: Under section 230 ‑ 20, foreign exchange losses from a Division 230 financial arrangement are dealt with under Division 230 and not under this Division.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-35", "Provision_Key": "s775-35", "Heading": "Certain forex realisation losses are disregarded", "Text": "(1) A * forex realisation loss you make as a result of forex realisation event 1, 2 or 5 is disregarded to the extent that it is made in gaining or producing * exempt income or * non ‑ assessable non ‑ exempt income. (2) A * forex realisation loss you make as a result of forex realisation event 3, 4 or 6 is disregarded to the extent that: (a) it is made in gaining or producing * exempt income or * non ‑ assessable non ‑ exempt income; and (b) the obligation, or the part of the obligation, does not give rise to a deduction.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-40", "Provision_Key": "s775-40", "Heading": "Disposal of foreign currency or right to receive foreign currency—forex realisation event 1", "Text": "Forex realisation event 1 (1) Forex realisation event 1 is * CGT event A1 that happens if you dispose of: (a) * foreign currency; or (b) a right, or a part of a right, to receive foreign currency. Note: For extended meaning of right to receive foreign currency , see section 775 ‑ 135. Disposal (2) For the purposes of this section, use subsection 104 ‑ 10(2) to work out whether you have disposed of: (a) * foreign currency; or (b) a right, or a part of a right, to receive foreign currency. Note: Under subsection 104 ‑ 10(2), a disposal requires a change of ownership. Time of event (3) For the purposes of this section, subsection 104 ‑ 10(3) is modified so that the time of the event is when: (a) the * foreign currency is disposed of; or (b) the right, or the part of the right, is disposed of. Forex realisation gain (4) You make a forex realisation gain if: (a) you make a * capital gain from the event; and (b) some or all of the capital gain is attributable to a * currency exchange rate effect. The amount of the forex realisation gain is so much of the capital gain as is attributable to a currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105. (5) For the purposes of paragraph (4)(a), Part 3 ‑ 1 is modified so that section 118 ‑ 20 is disregarded in working out the * capital gain. Note: Section 118 ‑ 20 deals with reducing capital gains if an amount is otherwise assessable. Forex realisation loss (6) You make a forex realisation loss if: (a) you make a * capital loss from the event; and (b) some or all of the capital loss is attributable to a * currency exchange rate effect. The amount of the forex realisation loss is so much of the capital loss as is attributable to a currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105. No indexation of cost base (7) For the purposes of this section, disregard Division 114. Note: Division 114 deals with indexation of the cost base. Foreign currency hedging gains and losses (8) For the purposes of this section, disregard section 118 ‑ 55. Note: Section 118 ‑ 55 deals with foreign currency hedging gains and losses. Capital proceeds (9) For the purposes of this section, if the * capital proceeds from the event are more or less than the * market value of: (a) the * foreign currency; or (b) the right, or the part of the right; the capital proceeds from the event are taken to be the market value. (The market value is worked out as at the time of the event.)", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-45", "Provision_Key": "s775-45", "Heading": "Ceasing to have a right to receive foreign currency—forex realisation event 2", "Text": "Forex realisation event 2 (1) Forex realisation event 2 happens if: (a) you cease to have a right, or a part of a right, to receive * foreign currency; and (b) the right, or the part of the right, is one of the following: (i) a right, or a part of a right, to receive, or that represents, * ordinary income or * statutory income (other than statutory income that is assessable under this Division or Division 102); (ii) a right, or a part of a right, created or acquired in return for your ceasing to * hold a * depreciating asset; (iii) a right, or a part of a right, created or acquired in return for your paying, or agreeing to pay, an amount of Australian currency or foreign currency; (iv) a right, or a part of a right, created or acquired in return for the occurrence of a * realisation event in relation to a * CGT asset you own, and none of subparagraphs (i), (ii) and (iii) applies; and (c) you did not cease to have the right, or the part of the right, because you disposed of the right or the part of the right (within the meaning of section 775 ‑ 40). Note 1: Disposals are dealt with by section 775 ‑ 40 (forex realisation event 1). Note 2: For extended meaning of right to receive foreign currency , see section 775 ‑ 135. Time of event (2) The time of the event is when you cease to have the right or the part of the right. Forex realisation gain (3) You make a forex realisation gain if: (a) the amount you receive in respect of the event happening exceeds the * forex cost base of the right or the part of the right (the forex cost base is worked out as at the tax recognition time); and (b) some or all of the excess is attributable to a * currency exchange rate effect. The amount of the forex realisation gain is so much of the excess as is attributable to a currency exchange rate effect. Note 1: For forex cost base , see section 775 ‑ 85. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. Forex realisation loss (4) You make a forex realisation loss if: (a) the amount you receive in respect of the event happening falls short of the * forex cost base of the right or the part of the right (the forex cost base is worked out as at the tax recognition time); and (b) some or all of the shortfall is attributable to a * currency exchange rate effect. The amount of the forex realisation loss is so much of the shortfall as is attributable to a currency exchange rate effect. Note 1: For forex cost base , see section 775 ‑ 85. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. (5) You make a forex realisation loss if: (a) the event happens because an option to buy * foreign currency expires without having been exercised, or is cancelled, released or abandoned; and (b) you were capable of exercising the option immediately before the event happened. The amount of the forex realisation loss is the amount you paid in return for the grant or acquisition of the option. Non ‑ cash benefit (6) The amount you receive in respect of the event happening can include a * non ‑ cash benefit. Use the * market value of the benefit to work out the amount you receive. Tax recognition time (7) For the purposes of this section, the tax recognition time is worked out using the table: Tax recognition time Item If the right, or part of the right, is... the tax recognition time is... 1 a right, or a part of a right, to receive, or that represents, * ordinary income or * statutory income (other than statutory income that is assessable under this Division or Division 102) (a) in the case of ordinary income—when the ordinary income is * derived; or (b) in the case of statutory income—when the requirement first arose to include the statutory income in your assessable income. 2 a right, or a part of a right, created or acquired in return for your ceasing to * hold a * depreciating asset when you stop holding the asset. 3 a right, or a part of a right, referred to in subsection 775 ‑ 165(3) (which deals with extensions of loans) the extension time referred to in that subsection. 4 a right, or a part of a right, created or acquired in return for your paying, or agreeing to pay, an amount of Australian currency, where item 3 does not apply when the amount is paid. 5 a right, or a part of a right, created or acquired in return for your paying, or agreeing to pay, an amount of * foreign currency, where item 3 does not apply when the amount is paid. 6 a right, or a part of a right, created in return for the occurrence of a * realisation event in relation to a * CGT asset you own, and none of the above items apply when the realisation event occurs. Note: Subsection 775 ‑ 260(1) modifies the tax recognition time if forex realisation event 2 happens in relation to a qualifying forex account that has ceased to pass the limited balance test.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 133 of 2003 | No 58 of 2006", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-50", "Provision_Key": "s775-50", "Heading": "Ceasing to have an obligation to receive foreign currency—forex realisation event 3", "Text": "Forex realisation event 3 (1) Forex realisation event 3 happens if: (a) you cease to have an obligation, or a part of an obligation, to receive * foreign currency; and (b) the obligation, or the part of the obligation, is one of the following: (i) an obligation, or a part of the obligation, incurred in return for the creation or acquisition of a right to pay foreign currency; (ii) an obligation, or a part of the obligation, incurred in return for the creation or acquisition of a right to pay Australian currency; (iii) an obligation, or a part of an obligation, under an option to sell foreign currency. Note 1: For extended meaning of obligation to receive foreign currency , see section 775 ‑ 140. Note 2: For extended meaning of right to pay foreign currency , see section 775 ‑ 135. Time of event (2) The time of the event is when you cease to have the obligation or the part of the obligation. Forex realisation gain (3) You make a forex realisation gain if: (a) the amount you receive in respect of the event happening exceeds the net costs of assuming the obligation or the part of the obligation (the net costs are worked out as at the tax recognition time); and (b) some or all of the excess is attributable to a * currency exchange rate effect. The amount of the forex realisation gain is so much of the excess as is attributable to a currency exchange rate effect. Note 1: For net costs of assuming the obligation , see section 775 ‑ 100. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. (4) You make a forex realisation gain if: (a) the event happens because an option to sell * foreign currency expires without having been exercised, or is cancelled, released or abandoned; and (b) if the option had been exercised immediately before the event, you would have been obliged to buy the foreign currency. The amount of the forex realisation gain is the amount you received in return for granting or assuming obligations under the option. Forex realisation loss (5) You make a forex realisation loss if: (a) the amount you receive in respect of the event happening falls short of the net costs of assuming the obligation or the part of the obligation (the net costs are worked out as at the tax recognition time); and (b) some or all of the shortfall is attributable to a * currency exchange rate effect. The amount of the forex realisation loss is so much of the shortfall as is attributable to a currency exchange rate effect. Note 1: For net costs of assuming the obligation , see section 775 ‑ 100. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. Non ‑ cash benefit (6) The amount you receive in respect of the event happening can include a * non ‑ cash benefit. Use the * market value of the benefit to work out the amount you receive. Tax recognition time (7) For the purposes of this section, the tax recognition time is the time when you received an amount in respect of the event happening. Right to pay Australian currency (8) To avoid doubt, for the purposes of this section, a right to pay Australian currency includes a right to pay Australian currency, where the right is subject to a contingency.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-55", "Provision_Key": "s775-55", "Heading": "Ceasing to have an obligation to pay foreign currency—forex realisation event 4", "Text": "Forex realisation event 4 (1) Forex realisation event 4 happens if: (a) you cease to have an obligation, or a part of an obligation, to pay * foreign currency; and (b) any of the following applies: (i) the obligation, or the part of the obligation, is an expense or outgoing that you deduct; (ii) the obligation, or the part of the obligation, is an element in the calculation of a net amount included in your assessable income (other than under this Division or Division 102 of this Act or Division 5 or 6 of Part III of the Income Tax Assessment Act 1936 ); (iii) the obligation, or the part of the obligation, is an element in the calculation of a net amount that is deductible (other than under Division 5 of Part III of the Income Tax Assessment Act 1936 ); (iv) you incurred the obligation, or the part of the obligation, in return for the acquisition of a * CGT asset; (v) you incurred the obligation, or the part of the obligation, as the second, third, fourth or fifth element of the * cost base of a CGT asset; (vi) you incurred the obligation, or the part of the obligation, in return for your starting to hold a * depreciating asset, and you deduct an amount under Division 40 or 328 for the depreciating asset; (vii) you incurred the obligation, or the part of the obligation, as the second element of the * cost of a depreciating asset, and you deduct an amount under Division 40 or 328 for the depreciating asset; (viii) you incurred the obligation, or the part of the obligation, as a * project amount; (ix) you incurred the obligation, or the part of the obligation, in return for receiving an amount of Australian currency or foreign currency; (x) you incurred the obligation, or the part of the obligation, in return for the creation or acquisition of a right to receive an amount of Australian currency or foreign currency; (xi) the obligation, or the part of the obligation, is under an option to buy foreign currency. Note: For extended meaning of obligation to pay foreign currency , see section 775 ‑ 140. Time of event (2) The time of the event is when you cease to have the obligation or the part of the obligation. Forex realisation gain (3) You make a forex realisation gain if: (a) the amount you paid in respect of the event happening falls short of the proceeds of assuming the obligation or the part of the obligation (the proceeds are worked out as at the tax recognition time); and (b) some or all of the shortfall is attributable to a * currency exchange rate effect. The amount of the forex realisation gain is so much of the shortfall as is attributable to a currency exchange rate effect. Note 1: For proceeds of assuming the obligation , see section 775 ‑ 95. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. (4) You make a forex realisation gain if: (a) the event happens because an option to buy * foreign currency expires without having been exercised, or is cancelled, released or abandoned; and (b) if the option had been exercised immediately before the event, you would have been obliged to sell the foreign currency. The amount of the forex realisation gain is the amount you received in return for granting or assuming obligations under the option. Forex realisation loss (5) You make a forex realisation loss if: (a) the amount you paid in respect of the event happening exceeds the proceeds of assuming the obligation or the part of the obligation (the proceeds are worked out as at the tax recognition time); and (b) some or all of the excess is attributable to a * currency exchange rate effect. The amount of the forex realisation loss is so much of the excess as is attributable to a currency exchange rate effect. Note 1: For proceeds of assuming the obligation , see section 775 ‑ 95. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. Non ‑ cash benefit (6) The amount you paid in respect of the event happening can include a * non ‑ cash benefit. Use the * market value of the benefit to work out the amount you paid. Tax recognition time (7) For the purposes of this section, the tax recognition time is worked out using the table: Tax recognition time Item In this case... the tax recognition time is... 1 (a) the obligation, or the part of the obligation, is an expense or outgoing that you deduct; and (b) the obligation, or the part of the obligation, was not incurred: (i) in return for the acquisition of an item of * trading stock; or (ii) in return for your starting to hold a * depreciating asset; and (c) the obligation, or the part of the obligation, was not incurred as the second element of the cost of a depreciating asset the time when the expense or outgoing became deductible. 2 (a) the obligation, or the part of the obligation, is an expense or outgoing that you deduct; and (b) the obligation, or the part of the obligation, was incurred in return for the acquisition of an item of * trading stock the time when the item becomes part of your trading stock on hand. 3 the obligation, or the part of the obligation, is an element in the calculation of a net amount included in your assessable income (other than under this Division or Division 102 of this Act or Division 5 or 6 of Part III of the Income Tax Assessment Act 1936 ) the time of the determination of the exchange rate used to translate the element for the purpose of calculating the net amount. 4 the obligation, or the part of the obligation, is an element in the calculation of a net amount that is deductible (other than under Division 5 of Part III of the Income Tax Assessment Act 1936 ) the time of the determination of the exchange rate used to translate the element for the purpose of calculating the net amount. 5 (a) you incurred the obligation, or the part of the obligation: (i) in return for your starting to hold a * depreciating asset; or (ii) as the second element of the cost of a depreciating asset; and (b) you deduct an amount under Division 40 or 328 for the depreciating asset (a) in the case of the acquisition of a depreciating asset—when you began to hold the depreciating asset (worked out under Division 40); or (b) in the case of the second element of the cost of a depreciating asset—when you incurred the relevant expenditure. 6 you incurred the obligation, or the part of the obligation, as a * project amount the first time when any part of the amount became deductible. 7 the obligation, or the part of the obligation, is referred to in subsection 775 ‑ 165(5) (which deals with extension of loans) the extension time referred to in that subsection. 8 you incurred the obligation, or the part of the obligation, in return for: (a) receiving Australian currency or * foreign currency; or (b) the creation or acquisition of a right to receive an amount of Australian currency or foreign currency; where item 7 does not apply the time when you received the currency. 9 (a) you incurred the obligation, or the part of the obligation, in return for the acquisition of a * CGT asset; and (b) none of the above items apply the time when you acquired the CGT asset (worked out under Division 109). 10 (a) you incurred the obligation, or the part of the obligation, as the second, third, fourth or fifth element of the * cost base of a CGT asset; and (b) none of the above items apply the time of the transaction under which you incurred the obligation. Note 1: Foreign currency is a CGT asset. If you acquire foreign currency as the borrower under a loan, item 8 will apply to your obligation to repay the foreign currency borrowed under the loan. Note 2: If you have made a choice for roll ‑ over relief for a facility agreement, and forex realisation event 7 (material variation of a facility agreement) happens, subsection 775 ‑ 220(6) modifies the tax recognition time for an obligation under a security that was in existence under the agreement at the time of that event. Note 3: Subsection 775 ‑ 260(2) modifies the tax recognition time if forex realisation event 4 happens in relation to a qualifying forex account that has ceased to pass the limited balance test. Note 4: If you have made a choice for roll ‑ over relief for a facility agreement, a forex realisation gain or forex realisation loss you make under the agreement as a result of forex realisation event 4 is disregarded—see section 775 ‑ 200.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-60", "Provision_Key": "s775-60", "Heading": "Ceasing to have a right to pay foreign currency—forex realisation event 5", "Text": "Forex realisation event 5 (1) Forex realisation event 5 happens if: (a) you cease to have a right, or a part of a right, to pay * foreign currency; and (b) the right, or the part of the right, is one of the following: (i) a right, or a part of a right, created or acquired in return for the assumption of an obligation to pay foreign currency; (ii) a right, or a part of a right, created or acquired in return for the assumption of an obligation to pay Australian currency; (iii) a right, or a part of a right, under an option to sell foreign currency. Note 1: For extended meaning of right to pay foreign currency , see section 775 ‑ 135. Note 2: For extended meaning of obligation to pay foreign currency , see section 775 ‑ 140. Time of event (2) The time of the event is when you cease to have the right or the part of the right. Forex realisation gain (3) You make a forex realisation gain if: (a) the amount you pay in respect of the event happening falls short of the * forex entitlement base of the right or the part of the right (the forex entitlement base is worked out as at the tax recognition time); and (b) some or all of the shortfall is attributable to a * currency exchange rate effect. The amount of the forex realisation gain is so much of the shortfall as is attributable to a currency exchange rate effect. Note 1: For forex entitlement base , see section 775 ‑ 90. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. Forex realisation loss (4) You make a forex realisation loss if: (a) the amount you pay in respect of the event happening exceeds the * forex entitlement base of the right or the part of the right (the forex entitlement base is worked out as at the tax recognition time); and (b) some or all of the excess is attributable to a * currency exchange rate effect. The amount of the forex realisation loss is so much of the excess as is attributable to a currency exchange rate effect. Note 1: For forex entitlement base , see section 775 ‑ 90. Note 2: For tax recognition time , see subsection (7). Note 3: For currency exchange rate effect , see section 775 ‑ 105. (5) You make a forex realisation loss if: (a) the event happens because an option to sell * foreign currency expires without having been exercised, or is cancelled, released or abandoned; and (b) you were capable of exercising the option immediately before the event happened. The amount of the forex realisation loss is the amount you paid in return for the grant or acquisition of the option. Non ‑ cash benefit (6) The amount you pay in respect of the event happening can include a * non ‑ cash benefit. Use the * market value of the benefit to work out the amount you pay. Tax recognition time (7) For the purposes of this section, the tax recognition time is the time when you pay an amount in respect of the event happening. Obligation to pay Australian currency (8) To avoid doubt, for the purposes of this section, an obligation to pay Australian currency includes an obligation to pay Australian currency, where the obligation is subject to a contingency.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 133 of 2003 | No 136 of 2010", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-65", "Provision_Key": "s775-65", "Heading": "Only one forex realisation event to be counted", "Text": "Option to buy foreign currency (1) The following table applies to an option to buy a particular * foreign currency if the exercise price is payable in another foreign currency: Option to buy foreign currency Item If you are... and both of these events happen when the option is exercised... this is the result... 1 the entity who is capable of exercising the option (a) forex realisation event 1; (b) forex realisation event 4 ignore forex realisation event 4. 2 the entity who is capable of exercising the option (a) forex realisation event 2; (b) forex realisation event 4 ignore forex realisation event 4. 3 the entity who granted the option (a) forex realisation event 3; (b) forex realisation event 4 ignore forex realisation event 3. Option to sell foreign currency (2) The following table applies to an option to sell a particular * foreign currency if the exercise price is payable in another foreign currency: Option to sell foreign currency Item If you are... and both of these events happen when the option is exercised... this is the result... 1 the entity who is capable of exercising the option (a) forex realisation event 3; (b) forex realisation event 5 ignore forex realisation event 3. 2 the entity who granted the option (a) forex realisation event 3; (b) forex realisation event 4 ignore forex realisation event 3. Forward contracts (3) The following table applies to a contract to buy a particular * foreign currency in return for another foreign currency: Forward contracts Item If both of these events happen when the contract is carried out... this is the result... 1 (a) forex realisation event 1; (b) forex realisation event 4 ignore forex realisation event 4. 2 (a) forex realisation event 2; (b) forex realisation event 4 ignore forex realisation event 4. Residual rule (4) If: (a) 2 or more of forex realisation events 1, 2, 3, 4 and 5 happen to you at the same time in relation to the same rights and/or obligations; and (b) none of the above subsections applies; apply the forex realisation event that is most appropriate, and ignore the remaining event or events.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-70", "Provision_Key": "s775-70", "Heading": "Tax consequences of certain short ‑ term forex realisation gains", "Text": "(1) The following table has effect unless you have made a choice under section 775 ‑ 80: Tax consequences of certain short ‑ term forex realisation gains Item In this case... this is the result... 1 you make a * forex realisation gain as a result of forex realisation event 2, and: (a) the right to receive * foreign currency was created in return for the occurrence of a * realisation event in relation to a * CGT asset you own; and (b) item 6 of the table in subsection 775 ‑ 45(7) applies; and (c) the foreign currency became due for payment within 12 months after the occurrence of the realisation event (a) the forex realisation gain is not included in your assessable income under section 775 ‑ 15; and (b) CGT event K10 happens. 2 you make a * forex realisation gain as a result of forex realisation event 4, and: (a) the obligation to pay * foreign currency was incurred: (i) in return for the acquisition of a * CGT asset; or (ii) as the second, third, fourth or fifth element of the * cost base of a CGT asset; and (b) item 9 of the table in subsection 775 ‑ 55(7) applies; and (c) the foreign currency became due for payment within 12 months after the time when: (i) if subparagraph (a)(i) applies—you acquired the CGT asset (worked out under Division 109); or (ii) if subparagraph (a)(ii) applies—you incurred the relevant expenditure (a) the forex realisation gain is not included in your assessable income under section 775 ‑ 15; and (b) both the * cost base and the * reduced cost base of the CGT asset are reduced by an amount equal to the forex realisation gain. 3 you make a * forex realisation gain as a result of forex realisation event 4, and: (a) the obligation to pay * foreign currency was incurred: (i) in return for your starting to hold a * depreciating asset; or (ii) as the second element of the cost of a depreciating asset; and (b) if subparagraph (a)(i) applies—the foreign currency became due for payment within the 24 ‑ month period that began 12 months before the time when you began to hold the depreciating asset (worked out under Division 40); and (c) if subparagraph (a)(ii) applies—the foreign currency became due for payment within 12 months after the time when you incurred the relevant expenditure (a) the forex realisation gain is not included in your assessable income under section 775 ‑ 15; and (b) if: (i) the forex realisation event happens in the income year in which the asset’s * start time occurs; and (ii) the asset is not allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; the asset’s * cost is reduced (but not below zero) by an amount equal to the forex realisation gain; and (c) if: (i) the forex realisation event happens in an income year that is later than the one in which the asset’s * start time occurs; and (ii) the asset is not allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; the depreciating asset’s * opening adjustable value for the income year in which the forex realisation event happens is reduced (but not below zero) by an amount equal to the forex realisation gain; and (d) if the asset is allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D—the opening pool balance of the pool for the income year in which the forex realisation event happens is reduced (but not below zero) by an amount equal to the forex realisation gain. 4 you make a * forex realisation gain as a result of forex realisation event 4, and: (a) the obligation to pay * foreign currency was incurred as a project amount; and (b) the foreign currency became due for payment within 12 months after the time when you incurred the project amount; and (c) the project amount is allocated to a project pool (a) the forex realisation gain is not included in your assessable income under section 775 ‑ 15; and (b) the pool value of the project pool for the income year in which you incurred the project amount is reduced (but not below zero) by an amount equal to the forex realisation gain. Additional result where forex realisation gain exceeds cost etc. (2) The following table has effect: Additional result where forex realisation gain exceeds cost etc. Item If... and the following conditions are satisfied... this is the result... 1 item 3 of the table in subsection (1) applies in relation to a * depreciating asset (a) the forex realisation event happens in the income year in which the asset’s * start time occurs; and (b) the asset is not allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; and (c) the forex realisation gain exceeds the asset’s * cost the excess is included in your assessable income. 2 item 3 of the table in subsection (1) applies in relation to a * depreciating asset (a) the forex realisation event happens in an income year that is later than the one in which the asset’s * start time occurs; and (b) the asset is not allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; and (c) the forex realisation gain exceeds the asset’s * opening adjustable value for the income year in which the forex realisation event happens the excess is included in your assessable income. 3 item 3 of the table in subsection (1) applies in relation to a * depreciating asset (a) the asset is allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; and (b) the forex realisation gain exceeds the opening pool balance of the pool for the income year in which the forex realisation event happens the excess is included in your assessable income. 4 item 4 of the table in subsection (1) applies in relation to a project amount the forex realisation gain exceeds the pool value of the project pool for the income year in which you incurred the project amount the excess is included in your assessable income. (3) To the extent that a * forex realisation gain: (a) would have been included in your assessable income under section 775 ‑ 15 if this section had not been enacted; and (b) would, apart from this subsection, be included in your assessable income under another provision of this Act; the gain is not included in your assessable income under that other provision.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-75", "Provision_Key": "s775-75", "Heading": "Tax consequences of certain short ‑ term forex realisation losses", "Text": "(1) The following table has effect unless you have made a choice under section 775 ‑ 80: Tax consequences of certain short ‑ term forex realisation losses Item In this case... this is the result... 1 you make a * forex realisation loss as a result of forex realisation event 2, and: (a) the right to receive * foreign currency was created in return for the occurrence of a * realisation event in relation to a * CGT asset you own; and (b) item 6 of the table in subsection 775 ‑ 45(7) applies; and (c) the foreign currency became due for payment within 12 months after the occurrence of the realisation event (a) the forex realisation loss is not deductible under section 775 ‑ 30; and (b) CGT event K11 happens. 2 you make a * forex realisation loss as a result of forex realisation event 4, and: (a) the obligation to pay * foreign currency was incurred: (i) in return for the acquisition of a * CGT asset; or (ii) as the second, third, fourth or fifth element of the * cost base of a CGT asset; and (b) item 9 of the table in subsection 775 ‑ 55(7) applies; and (c) the foreign currency became due for payment within 12 months after the time when: (i) if subparagraph (a)(i) applies—you acquired the CGT asset (worked out under Division 109); or (ii) if subparagraph (a)(ii) applies—you incurred the relevant expenditure (a) the forex realisation loss is not deductible under section 775 ‑ 30; and (b) both the * cost base and the * reduced cost base of the CGT asset are increased by an amount equal to the * forex realisation loss. 3 you make a * forex realisation loss as a result of forex realisation event 4, and: (a) the obligation to pay * foreign currency was incurred: (i) in return for your starting to hold a * depreciating asset; or (ii) as the second element of the cost of a depreciating asset; and (b) if subparagraph (a)(i) applies—the foreign currency became due for payment within the 24 ‑ month period that began 12 months before the time when you began to hold the depreciating asset (worked out under Division 40); and (c) if subparagraph (a)(ii) applies—the foreign currency became due for payment within 12 months after the time when you incurred the relevant expenditure (a) the forex realisation loss is not deductible under section 775 ‑ 30; and (b) if: (i) the forex realisation event happens in the income year in which the asset’s * start time occurs; and (ii) the asset is not allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; the asset’s * cost is increased by an amount equal to the forex realisation loss; and (c) if: (i) the forex realisation event happens in an income year that is later than the one in which the asset’s * start time occurs; and (ii) the asset is not allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D; the depreciating asset’s * opening adjustable value for the income year in which the forex realisation event happens is increased by an amount equal to the forex realisation loss; and (d) if the asset is allocated to a pool under Subdivision 40 ‑ E or 328 ‑ D—the opening pool balance of the pool for the income year in which the forex realisation event happens is increased by an amount equal to the forex realisation loss. 4 you make a * forex realisation loss as a result of forex realisation event 4, and: (a) the obligation to pay * foreign currency was incurred as a project amount; and (b) the foreign currency became due for payment within 12 months after the time when you incurred the project amount (a) the forex realisation loss is not deductible under section 775 ‑ 30; and (b) the pool value of the project pool for the income year in which you incurred the project amount is increased by an amount equal to the forex realisation loss. (2) To the extent that: (a) section 775 ‑ 30 would have allowed you a deduction for a * forex realisation loss if this section had not been enacted; and (b) apart from this subsection, another provision of this Act would allow you a deduction for the loss; you cannot deduct the loss under that other provision.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-80", "Provision_Key": "s775-80", "Heading": "You may choose not to have sections 775 ‑ 70 and 775 ‑ 75 apply to you", "Text": "(1) You may choose not to have sections 775 ‑ 70 and 775 ‑ 75 apply to you. (2) A choice must be in writing. (3) A choice must be made: (a) if you were in existence at the start of the applicable commencement date: (i) within 90 days after the applicable commencement date; or (ii) within 30 days after the commencement of this subsection; or (b) if you came into existence within 90 days after the start of the applicable commencement date: (i) within 90 days after you came into existence; or (ii) within 30 days after the commencement of this subsection; or (c) if the Commissioner allows a longer period—within that longer period. Note: For applicable commencement date , see section 775 ‑ 155. (4) A choice has effect from the start of the applicable commencement date. (5) A choice may not be revoked.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-85", "Provision_Key": "s775-85", "Heading": "Forex cost base of a right to receive foreign currency", "Text": "The forex cost base of a right, or a part of a right, to receive * foreign currency is the total of: (a) the money you: (i) paid; or (ii) are required to pay; or (iii) would be required to pay in the event of the exercise of an option; in respect of acquiring the right or part of the right; and (b) the * market value of any * non ‑ cash benefit you: (i) provided; or (ii) are required to provide; or (iii) would be required to provide in the event of the exercise of an option; in respect of acquiring the right or part of the right; reduced by any amounts that are deductible under a provision of this Act other than this Division.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-90", "Provision_Key": "s775-90", "Heading": "Forex entitlement base of a right to pay foreign currency", "Text": "The forex entitlement base of a right, or a part of a right, to pay * foreign currency is the total of: (a) the money you: (i) are entitled to receive; or (ii) would be entitled to receive in the event of the exercise of an option; in respect of the discharge or satisfaction of the right or the part of the right; and (b) the * market value of any * non ‑ cash benefit you: (i) are entitled to acquire or obtain; or (ii) would be entitled to acquire or obtain in the event of the exercise of an option; in respect of the discharge or satisfaction of the right or the part of the right; reduced by: (c) any amounts that you paid to acquire the right or the part of the right, where the amounts are not deductible under a provision of this Act other than this Division; and (d) the market value of any non ‑ cash benefit that you provided to acquire the right or the part of the right, where the market value is not deductible under a provision of this Act other than this Division.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-95", "Provision_Key": "s775-95", "Heading": "Proceeds of assuming an obligation to pay foreign currency", "Text": "For the purposes of this Division, the proceeds of assuming an obligation, or a part of an obligation, to pay * foreign currency are the total of: (a) the money you: (i) received; or (ii) are entitled to receive; or (iii) would be entitled to receive in the event of the exercise of an option; in return for incurring the obligation or the part of the obligation; and (b) the * market value of any * non ‑ cash benefit you: (i) acquired or obtained; or (ii) are entitled to acquire or obtain; or (iii) would be entitled to acquire or obtain in the event of the exercise of an option; in return for incurring the obligation or the part of the obligation; reduced by any amounts that are included in assessable income under a provision of this Act other than this Division.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-100", "Provision_Key": "s775-100", "Heading": "Net costs of assuming an obligation to receive foreign currency", "Text": "(1) For the purposes of this Division, the net costs of assuming an obligation, or a part of an obligation, to receive * foreign currency are the total of: (a) the money you: (i) are required to pay; or (ii) would be required to pay in the event of the exercise of an option; in respect of the fulfilment of the obligation or the part of the obligation; and (b) the * market value of any * non ‑ cash benefit you: (i) are required to provide; or (ii) would be required to provide in the event of the exercise of an option; in respect of the fulfilment of the obligation or the part of the obligation; reduced by the amount worked out under subsection (2). (2) The amount worked out under this subsection is the total of: (a) the money you: (i) received; or (ii) are entitled to receive; because you incurred the obligation or the part of the obligation; and (b) the * market value of any * non ‑ cash benefit you: (i) received or obtained; or (ii) are entitled to receive or obtain; because you incurred the obligation or the part of the obligation; reduced by any amounts that are included in assessable income under a provision of this Act other than this Division. (3) To avoid doubt, paragraphs (2)(a) and (b) do not apply to money or a * non ‑ cash benefit that you: (a) received or obtained; or (b) are entitled to receive or obtain; because of the fulfilment of the obligation or the part of the obligation.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-105", "Provision_Key": "s775-105", "Heading": "Currency exchange rate effect", "Text": "(1) A currency exchange rate effect is: (a) any currency exchange rate fluctuations; or (b) a difference between: (i) an expressly or implicitly agreed currency exchange rate for a future date or time; and (ii) the applicable currency exchange rate at that date or time. (2) To work out whether there is a currency exchange rate effect and (if so), the extent of that effect, use whichever of the following translation rules is applicable to you: (a) the translation rules in section 960 ‑ 50 (the standard rules); (b) the translation rules in section 960 ‑ 80 (the functional currency rules).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-110", "Provision_Key": "s775-110", "Heading": "Constructive receipts and payments", "Text": "For the purposes of this Subdivision, if an entity (the payer ) did not actually pay an amount to another entity (the recipient ), but the amount was applied or dealt with in any way on the recipient’s behalf or as the recipient directs (including by discharging all or a part of an obligation owed by the recipient), then: (a) the payer is taken to have paid the amount as soon as it is applied or dealt with; and (b) the recipient is taken to have received the amount as soon as it is applied or dealt with. Note: The set ‑ off of an obligation to pay an amount against a right to receive an amount is an example of how this section would operate.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-115", "Provision_Key": "s775-115", "Heading": "Economic set ‑ off to be treated as legal set ‑ off", "Text": "If the economic effect of an * arrangement is to provide for the set ‑ off, in whole or in part, of one or more amounts against one or more other amounts, this Subdivision applies as if: (a) the parties to the arrangement had the respective rights and obligations that they would have had if the provision for economic set ‑ off were structured as a provision for legal set ‑ off of rights and obligations; and (b) if the economic set ‑ off happens—the parties were taken, under section 775 ‑ 110, to have paid and received the respective amounts that they would have paid and received if the economic set ‑ off were structured as a legal set ‑ off of rights and obligations.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-120", "Provision_Key": "s775-120", "Heading": "Non ‑ arm’s length transactions", "Text": "If: (a) you and another entity did not deal with each other at * arm’s length in connection with a transaction that is relevant to working out: (i) whether you make a * forex realisation gain or a * forex realisation loss; or (ii) the amount of any * forex realisation gain or a * forex realisation loss made by you; and (b) apart from this section, a particular amount is more or less than it would have been if you and the other entity had been dealing with each other at arm’s length; this Subdivision applies to you as if that amount were the amount it would have been if you and the other entity had been dealing with each other at arm’s length.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 133 of 2003 | No 88 of 2013", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-125", "Provision_Key": "s775-125", "Heading": "CGT consequences of the acquisition of foreign currency as a result of forex realisation event 2 or 3", "Text": "If you acquire * foreign currency as a result of forex realisation event 2 or 3: (a) the first element of the foreign currency’s * cost base is replaced by the foreign currency’s * market value at the time you received the foreign currency; and (b) the first element of the foreign currency’s * reduced cost base is replaced by the foreign currency’s market value at the time you received the foreign currency.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-130", "Provision_Key": "s775-130", "Heading": "Certain deductions not allowable", "Text": "If: (a) an amount is included in your assessable income under this Division; and (b) if this Division had not been enacted, the amount would not have been included in your assessable income under any other provision of this Act (other than Division 102); and (c) if this section had not been enacted, a deduction would be allowable to you under a provision listed in the table in subsection 51AAA(2) of the Income Tax Assessment Act 1936 ; and (d) if the amount had not been included in your assessable income under this Division, the deduction would not be allowable; the deduction is not allowable.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-135", "Provision_Key": "s775-135", "Heading": "Right to receive or pay foreign currency", "Text": "Extended meaning of right to receive foreign currency (1) For the purposes of this Division, a right to receive foreign currency includes a right to receive an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency. (2) To avoid doubt, for the purposes of this Division, a right to receive foreign currency includes a right to receive * foreign currency, where the right is subject to a contingency. Extended meaning of right to pay foreign currency (3) For the purposes of this Division, a right to pay foreign currency includes a right to pay an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency. (4) To avoid doubt, for the purposes of this Division, a right to pay foreign currency includes a right to pay * foreign currency, where the right is subject to a contingency.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-140", "Provision_Key": "s775-140", "Heading": "Obligation to pay or receive foreign currency", "Text": "Extended meaning of obligation to pay foreign currency (1) For the purposes of this Division, an obligation to pay foreign currency includes an obligation to pay an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency. (2) To avoid doubt, for the purposes of this Division, an obligation to pay foreign currency includes an obligation to pay * foreign currency, where the obligation is subject to a contingency. Extended meaning of obligation to receive foreign currency (3) For the purposes of this Division, an obligation to receive foreign currency includes an obligation to receive an amount calculated by reference to a currency exchange rate effect, even if that amount is not an amount of * foreign currency. (4) To avoid doubt, for the purposes of this Division, an obligation to receive foreign currency includes an obligation to receive * foreign currency, where the obligation is subject to a contingency.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-145", "Provision_Key": "s775-145", "Heading": "Application of forex realisation events to currency and fungible rights and obligations", "Text": "(1) Forex realisation event 1, 2 or 4 applies in relation to: (a) * foreign currency; or (b) a fungible right, or a part of a fungible right, to receive foreign currency; or (c) a fungible obligation, or a part of a fungible obligation, to pay foreign currency; on a first ‑ in first ‑ out basis. (2) The regulations may provide that any or all of forex realisation events 1, 2 and 4 apply, or apply in specified circumstances, to: (a) * foreign currency; or (b) a fungible right, or a part of a fungible right, to receive foreign currency; or (c) a fungible obligation, or a part of a fungible obligation, to pay foreign currency; on a weighted average basis (despite subsection (1)). (3) The circumstances that may be specified for the purposes of subsection (2) include the circumstance that you have made an election to use a weighted average basis. (4) Subsection (3) does not limit subsection (2).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-150", "Provision_Key": "s775-150", "Heading": "Transitional election", "Text": "(1) You may elect to have this section apply to you. Note: For the consequences of an election, see sections 775 ‑ 160 and 775 ‑ 165. (2) An election must be in writing. (3) An election must be made: (a) within 60 days after the applicable commencement date; or (b) within 30 days after the commencement of this subsection. Note: For applicable commencement date , see section 775 ‑ 155. (4) An election may not be revoked.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-155", "Provision_Key": "s775-155", "Heading": "Applicable commencement date", "Text": "For the purposes of this Division, your applicable commencement date is: (a) the first day of the 2003 ‑ 04 income year; or (b) if that day is earlier than 1 July 2003—the first day of the 2004 ‑ 05 income year.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-160", "Provision_Key": "s775-160", "Heading": "Exception—event happens before the applicable commencement date", "Text": "(1) A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 1, 2, 3, 4 or 5 is disregarded if the event happened before the applicable commencement date. Note: For applicable commencement date , see section 775 ‑ 155. (2) Subsection (1) does not apply if: (a) you have made an election under section 775 ‑ 150; and (b) the Commissioner is satisfied that the event happened under, or as a result of, an * arrangement that was entered into or carried out for the purpose, or for purposes that included the purpose, of obtaining the benefit of the operation of subsection (1).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-165", "Provision_Key": "s775-165", "Heading": "Exception—currency or right acquired, or obligation incurred, before the applicable commencement date", "Text": "Exception—foreign currency acquired before the applicable commencement date (1) A * forex realisation gain or * forex realisation loss you make on the disposal of * foreign currency as a result of forex realisation event 1 is disregarded if: (a) the foreign currency was acquired before the applicable commencement date; and (b) you have not made an election under section 775 ‑ 150. For the purposes of paragraph (a), the time of acquisition is worked out under Division 109. Note: For applicable commencement date , see section 775 ‑ 155. Exception—right acquired before the applicable commencement date (2) A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 1, 2 or 5 happening to a right or a part of a right is disregarded if: (a) the right, or the part of the right; (i) was acquired before the applicable commencement date; or (ii) arose under an eligible contract (within the meaning of the former Division 3B of Part III of the Income Tax Assessment Act 1936 ) that was entered into before the applicable commencement date; and (b) you have not made an election under section 775 ‑ 150. For the purposes of subparagraph (a)(i), the time of acquisition is worked out under Division 109. Note: For applicable commencement date , see section 775 ‑ 155. (3) If: (a) at a particular time (the extension time ) on or after the applicable commencement date and under a contract that was entered into before the applicable commencement date, the period for which money has been lent is extended; and (b) either: (i) the contract is separate from the original loan contract; or (ii) the extension amounts to a variation of the original loan contract; subparagraph (2)(a)(ii) does not apply to a right, or a part of a right, that arises after the extension time and relates to the loan. Note: For applicable commencement date , see section 775 ‑ 155. Exception—obligation incurred before the applicable commencement date (4) A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 3 or 4 happening to an obligation or a part of an obligation is disregarded if: (a) either: (i) you incurred the obligation, or the part of the obligation, before the applicable commencement date; or (ii) the obligation, or the part of the obligation, arose under an eligible contract (within the meaning of the former Division 3B of Part III of the Income Tax Assessment Act 1936 ) that was entered into before the applicable commencement date; and (b) you have not made an election under section 775 ‑ 150. Note: For applicable commencement date , see section 775 ‑ 155. (5) If: (a) at a particular time (the extension time ) on or after the applicable commencement date and under a contract that was entered into before the applicable commencement date, the period for which money has been lent is extended; and (b) either: (i) the contract is separate from the original loan contract; or (ii) the extension amounts to a variation of the original loan contract; subparagraph (4)(a)(ii) does not apply to an obligation, or a part of an obligation, that arises after the extension time and relates to the loan. Note: For applicable commencement date , see section 775 ‑ 155.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-168", "Provision_Key": "s775-168", "Heading": "Exception—disposal or redemption of traditional securities", "Text": "A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 2 is disregarded if the event happened because of a disposal or redemption covered by: (a) subsection 26BB(4) or (5) of the Income Tax Assessment Act 1936 ; or (b) subsection 70B(2B) or (2C) of that Act.", "Amendment_Count": 1, "First_Amended": "No 136 of 2010", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 136 of 2010", "History_Notes": "Inserted by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-168"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-175", "Provision_Key": "s775-175", "Heading": "Application to things happening before commencement", "Text": "The use of the present tense in a provision of this Division does not imply that the provision does not apply to things happening before the commencement of this Division.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-180", "Provision_Key": "s775-180", "Heading": "What this Subdivision is about", "Text": "A facility agreement is an agreement where: (a) you have a right to issue eligible securities and another entity or entities must acquire the securities; and (b) the economic effect of the agreement is to enable you to obtain finance in a particular foreign currency. If you choose roll ‑ over relief for a facility agreement: (a) a forex realisation gain or a forex realisation loss you make as a result of forex realisation event 4 is disregarded if the event happens because you discharge your obligation under an eligible security issued by you under the agreement; and (b) if you issue an eligible security under the agreement otherwise than as a result of a roll ‑ over—you are taken to have been given a loan (the notional loan ); and (c) if an eligible security is rolled ‑ over under the agreement—the period of the notional loan is extended by the term of the new security; and (d) forex realisation event 6 happens if you discharge your obligation under the notional loan; and (e) forex realisation event 7 happens if a material variation is made to the agreement. Table of sections Operative provisions 775 ‑ 185 What is a facility agreement ? 775 ‑ 190 What is an eligible security ? 775 ‑ 195 You may choose roll ‑ over relief for a facility agreement 775 ‑ 200 Forex realisation event 4 does not apply 775 ‑ 205 What is a roll ‑ over ? 775 ‑ 210 Notional loan 775 ‑ 215 Discharge of obligation to pay the principal amount of a notional loan under a facility agreement—forex realisation event 6 775 ‑ 220 Material variation of a facility agreement—forex realisation event 7", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-185", "Provision_Key": "s775-185", "Heading": "What is a facility agreement ?", "Text": "A facility agreement is an agreement between an entity (the first entity ) and another entity or entities under which: (a) the first entity has a right to issue * eligible securities; and (b) an entity or entities must acquire the securities; where the economic effect of the agreement is to enable the first entity to obtain finance in a particular * foreign currency: (c) up to the foreign currency amount specified in the agreement; and (d) during the term of the agreement.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-190", "Provision_Key": "s775-190", "Heading": "What is an eligible security ?", "Text": "An eligible security is: (a) a bill of exchange, or a promissory note, that is: (i) non ‑ interest bearing; and (ii) issued at a discount to face value; and (iii) denominated in a particular * foreign currency; and (iv) for a fixed term; or (b) a security that is: (i) specified in the regulations; and (ii) denominated in a foreign currency; and (iii) for a fixed term.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-195", "Provision_Key": "s775-195", "Heading": "You may choose roll ‑ over relief for a facility agreement", "Text": "(1) You may choose roll ‑ over relief for a * facility agreement if: (a) you have entered into the agreement; and (b) you have a right to issue * eligible securities under the agreement; and (c) the economic effect of the agreement is to enable you to obtain finance in a particular * foreign currency: (i) up to the foreign currency amount specified in the agreement; and (ii) during the term of the agreement. (2) A choice must be made: (a) within 90 days after the first time you issue an * eligible security under the * facility agreement; or (b) within 90 days after the applicable commencement date; or (c) within 30 days after the commencement of this subsection. Note: For applicable commencement date , see section 775 ‑ 155. (3) If you make a choice within 90 days after the first time you issue an * eligible security under the * facility agreement, the choice is taken to have been in effect throughout the period that began immediately before the first time you issued an eligible security under the facility agreement. (4) If: (a) you make a choice: (i) within 90 days after the applicable commencement date; or (ii) within 30 days after the commencement of this subsection; and (b) subsection (3) does not apply; the choice is taken to have been in effect throughout the period that began at whichever is the later of the following times: (c) the start of the applicable commencement date; (d) the first time you issued an * eligible security under the * facility agreement. Note: For applicable commencement date , see section 775 ‑ 155. (5) A choice must be in writing. (6) A choice continues to apply until the * facility agreement ends. Note: If forex realisation event 7 happens (material variation of facility agreement), subsection 775 ‑ 220(5) terminates your choice. (7) A choice may not be revoked.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-200", "Provision_Key": "s775-200", "Heading": "Forex realisation event 4 does not apply", "Text": "A * forex realisation gain or a * forex realisation loss you make as a result of forex realisation event 4 or 9 is disregarded to the extent to which the event happens because: (a) you discharge your obligation under an * eligible security issued by you under a * facility agreement; and (b) you have made a choice for roll ‑ over relief for the facility agreement, and that choice is in effect.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-205", "Provision_Key": "s775-205", "Heading": "What is a roll ‑ over ?", "Text": "A roll ‑ over happens under a * facility agreement if: (a) you discharge your obligation under an * eligible security issued by you under the agreement (the rolled ‑ over security ); and (b) at the same time, you issue a new eligible security (the new security ) under the agreement; and (c) the issue of the new security is related to the discharge of your obligation under the rolled ‑ over security in one of the following ways: (i) your obligation under the rolled ‑ over security is wholly or partly set off against your right to receive the * foreign currency issue price of the new security; (ii) your obligation under the rolled ‑ over security is wholly or partly satisfied by the issue of the new security; and (d) you have made a choice for roll ‑ over relief for the agreement, and that choice is in effect; and (e) the new security is issued on or after the applicable commencement date; and (f) if you have not made an election under section 775 ‑ 150—the rolled ‑ over security is issued on or after the applicable commencement date. Note: For applicable commencement date , see section 775 ‑ 155.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 133 of 2003 | No 12 of 2012", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-210", "Provision_Key": "s775-210", "Heading": "Notional loan", "Text": "(1) The rules in this section have effect only for the purposes of this Subdivision. Notional loan (2) If you issue an * eligible security under a * facility agreement otherwise than as a result of a roll ‑ over, you are taken to have been given a loan (the notional loan ): (a) of a * foreign currency principal amount equal to the foreign currency face value of the security; and (b) for a period equal to the term of the security; and (c) that is taken to be attached to the security; and (d) the start time of which is the time when you issued the security. Note 1: The period of the notional loan may be extended as the result of a later roll ‑ over—see subsection (3). Note 2: The notional loan may become attached to a later security as the result of a roll ‑ over—see subsection (3). Note 3: The foreign currency principal amount of the notional loan may remain the same, or may fall (but not rise), as a result of a later roll ‑ over—see subsection (3). Note 4: If, at a later time, the security is rolled ‑ over, and the foreign currency face value of the new security exceeds the foreign currency face value of the rolled ‑ over security, you are taken to have been given an additional notional loan of a foreign currency principal amount equal to the excess—see subsection (3). Effect of roll ‑ over (3) The table has effect if an * eligible security is rolled ‑ over under a * facility agreement: Roll ‑ over of eligible security Item If the foreign currency face value of the new security... this is the result... 1 equals the * foreign currency face value of the rolled ‑ over security (a) the period of each notional loan attached to the rolled ‑ over security is extended by the term of the new security; and (b) each notional loan attached to the rolled ‑ over security is taken to be attached to the new security. 2 exceeds the * foreign currency face value of the rolled ‑ over security (a) you are taken to have been given an additional notional loan: (i) of a foreign currency principal amount equal to the excess; and (ii) for a period equal to the term of the new security; and (iii) that is taken to be attached to the new security; and (iv) the start time of which is the time when you issued the new security; and (b) the period of each notional loan attached to the rolled ‑ over security is extended by the term of the new security; and (c) each notional loan attached to the rolled ‑ over security is taken to be attached to the new security. 3 falls short of the * foreign currency face value of the rolled ‑ over security, and there is only one notional loan attached to the rolled ‑ over security (a) you are taken to have paid a foreign currency amount equal to the shortfall in order to discharge so much of your obligation to pay the foreign currency principal amount of the notional loan as equals the shortfall; and (b) the period of the notional loan is extended by the term of the new security; and (c) the notional loan is taken to be attached to the new security. 4 falls short of the * foreign currency face value of the rolled ‑ over security, and there are 2 or more notional loans attached to the rolled ‑ over security (a) you are taken to have paid a foreign currency amount equal to the shortfall in order to discharge your obligation to pay so much of the total foreign currency principal amounts of the notional loans as equals the shortfall, and to have done so on a first ‑ in first ‑ out basis, that is to say: (i) first, by fully or partly discharging (as the case requires) your obligation to pay the foreign currency principal amount of the notional loan with the earliest start date; and (ii) second, if your obligation to pay the foreign currency principal amount of the notional loan with the earliest start date is fully discharged—by fully or partly discharging (as the case requires) your obligation to pay the foreign currency principal amount of the notional loan with the next start date, and so on; and (b) the period of each notional loan attached to the rolled ‑ over security that is not fully discharged is extended by the term of the new security; and (c) each notional loan attached to the rolled ‑ over security that is not fully discharged is taken to be attached to the new security. Consequences if security is not rolled ‑ over (4) If: (a) you discharge your obligation under an * eligible security issued under a * facility agreement; and (b) the security is not rolled ‑ over at the time of discharge; and (c) you have made a choice for roll ‑ over relief for the facility agreement, and that choice is in effect; then, for each notional loan attached to the security, you are taken to have paid a * foreign currency amount equal to the foreign currency principal amount of the notional loan in order to discharge your obligation to pay the foreign currency principal amount of the notional loan. Foreign currency (5) For the purposes of the application of this section to a particular * facility agreement that provides for the issue of * eligible securities, foreign currency is the * foreign currency in which the securities are denominated. Note: Section 960 ‑ 50 (Australian currency translation rule) does not affect the operation of this section—see subsection 960 ‑ 50(10). You translate to Australian currency when you apply section 775 ‑ 215 (forex realisation event 6).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-215", "Provision_Key": "s775-215", "Heading": "Discharge of obligation to pay the principal amount of a notional loan under a facility agreement—forex realisation event 6", "Text": "Forex realisation event 6 (1) Forex realisation event 6 happens if: (a) you discharge an obligation, or a part of an obligation, to pay the * foreign currency principal amount of a notional loan attached to an * eligible security issued by you under a * facility agreement; and (b) you have made a choice for roll ‑ over relief for the agreement, and that choice is in effect. Time of event (2) The time of the event is when you discharge the obligation or the part of the obligation. Forex realisation gain (3) You make a forex realisation gain if: (a) the amount of the obligation, or the part of the obligation, at the start time of the notional loan, exceeds the amount you paid in order to discharge the obligation or the part of the obligation; and (b) some or all of the excess is attributable to a * currency exchange rate effect. The amount of the forex realisation gain is so much of the excess as is attributable to a currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105. Forex realisation loss (4) You make a forex realisation loss if: (a) the amount of the obligation, or the part of the obligation, at the start time of the notional loan, falls short of the amount you paid in order to discharge the obligation or the part of the obligation; and (b) some or all of the shortfall is attributable to a * currency exchange rate effect. The amount of the forex realisation loss is so much of the shortfall as is attributable to a currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105. Exempt income etc. (5) For the purposes of the application of sections 775 ‑ 20, 775 ‑ 25 and 775 ‑ 35 to the event, assume that the notional loan had been an actual loan.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-220", "Provision_Key": "s775-220", "Heading": "Material variation of a facility agreement—forex realisation event 7", "Text": "Forex realisation event 7 (1) Forex realisation event 7 happens if: (a) a material variation is made to the terms or conditions of a * facility agreement; or (b) a material variation is made to the effect of a facility agreement; or (c) a material variation is made to the type or types of security that can be issued under a facility agreement; so long as you have made a choice for roll ‑ over relief for the facility agreement, and that choice is in effect. Note: See also subsections (7) and (8). Time of the event (2) The time of the event is when the material variation happens. Forex realisation gain (3) You make a forex realisation gain if: (a) the total of the forex realisation gains that you would have made as a result of forex realisation event 6 if you had, at the time of forex realisation event 7: (i) discharged your liabilities under each of the notional loans to which the agreement relates; and (ii) not rolled ‑ over any * eligible security; exceeds: (b) the total of the forex realisation losses that you would have made as a result of forex realisation event 6 if you had, at the time of forex realisation event 7: (i) discharged your liabilities under each of the notional loans to which the agreement relates; and (ii) not rolled ‑ over any eligible security. The amount of the forex realisation gain is the amount of the excess. Note: See also subsection (9). Forex realisation loss (4) You make a forex realisation loss if: (a) the total of the forex realisation losses that you would have made as a result of forex realisation event 6 if you had, at the time of forex realisation event 7: (i) discharged your liabilities under each of the notional loans to which the agreement relates; and (ii) not rolled ‑ over any * eligible security; exceeds: (b) the total of the forex realisation gains that you would have made as a result of forex realisation event 6 if you had, at the time of forex realisation event 7: (i) discharged your liabilities under each of the notional loans to which the agreement relates; and (ii) not rolled ‑ over any eligible security. The amount of the forex realisation loss is the amount of the excess. Note: See also subsection (9). Termination of choice (5) If forex realisation event 7 happens in relation to a * facility agreement: (a) your choice for roll ‑ over relief for the facility agreement ceases to have effect immediately after the event; and (b) you are not entitled to make a fresh choice for roll ‑ over relief for the facility agreement. Modification of tax recognition time (6) If: (a) forex realisation event 7 happens in relation to a * facility agreement; and (b) an * eligible security issued by you under the facility agreement was in existence at the time of that event; and (c) at a later time, forex realisation event 4 happens because you cease to have an obligation, or a part of an obligation, to pay * foreign currency under the security; section 775 ‑ 55 applies to you as if the tax recognition time for the obligation, or the part of the obligation, were the time of forex realisation event 7 (despite subsection 775 ‑ 55(7)). Material variation (7) To avoid doubt, if a variation to: (a) the terms or conditions of a facility agreement; or (b) the effect of a facility agreement; results in the agreement ceasing to be a facility agreement, the variation is taken to be a material variation for the purposes of subsection (1). (8) The regulations may provide that a specified kind of variation is taken to be a material variation for the purposes of subsection (1). Total amount (9) To avoid doubt, the total amount referred to in paragraph (3)(b) or (4)(b) may be zero.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-225", "Provision_Key": "s775-225", "Heading": "What this Subdivision is about", "Text": "You may elect to have this Subdivision apply to one or more qualifying forex accounts held by you. If you elect to have this Subdivision apply to an account, a forex realisation gain or a forex realisation loss you make in relation to the account as a result of forex realisation event 2 or 4 is disregarded if the account passes the limited balance test. For an account to pass the limited balance test, the combined balance of all the accounts covered by your election must not be more than the foreign currency equivalent of $250,000. The limited balance test includes a buffer provision which allows the combined balance to be more than the foreign currency equivalent of $250,000, but not more than the foreign currency equivalent of $500,000, for not more than 2 15 ‑ day periods in any income year. Table of sections Operative provisions 775 ‑ 230 Election to have this Subdivision apply to one or more qualifying forex accounts 775 ‑ 235 Variation of election 775 ‑ 240 Withdrawal of election 775 ‑ 245 When does a qualifying forex account pass the limited balance test ? 775 ‑ 250 Tax consequences of passing the limited balance test 775 ‑ 255 Notional realisation when qualifying forex account starts to pass the limited balance test 775 ‑ 260 Modification of tax recognition time", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-230", "Provision_Key": "s775-230", "Heading": "Election to have this Subdivision apply to one or more qualifying forex accounts", "Text": "(1) You may elect to have this Subdivision apply to one or more * qualifying forex accounts held by you. (2) An election must be in writing. (2A) If: (a) you make an election within 30 days after the commencement of this subsection; and (b) the election is expressed to have come into effect on a specified day; and (c) the specified day is included in the period: (i) beginning on 1 July 2003; and (ii) ending on the day on which the election is made; the election is taken to have come into effect on the specified day. (3) An election continues in effect, in relation to a particular account, until: (a) you cease to hold the account; or (b) the account ceases to be a * qualifying forex account; or (c) the election is varied by removing the account; or (d) a withdrawal of the election takes effect; whichever happens first. Note 1: For variation of election, see section 775 ‑ 235. Note 2: For withdrawal of election, see section 775 ‑ 240. (4) If an election made by you under this section is in effect, you are not entitled to make another election under this section. (5) An * ADI or a * non ‑ ADI financial institution is not entitled to make an election under this section.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-235", "Provision_Key": "s775-235", "Heading": "Variation of election", "Text": "(1) If you have made an election under section 775 ‑ 230, you may vary your election by: (a) adding one or more * qualifying forex accounts; or (b) removing one or more qualifying forex accounts. (2) A variation must be in writing. (3) Removing an account does not prevent you from adding the account in a future variation.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-240", "Provision_Key": "s775-240", "Heading": "Withdrawal of election", "Text": "(1) If you have made an election under section 775 ‑ 230, you may withdraw your election. (2) A withdrawal must be in writing. (3) Withdrawing an election does not prevent you from making a fresh election under section 775 ‑ 230 in relation to any or all of the same accounts.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-245", "Provision_Key": "s775-245", "Heading": "When does a qualifying forex account pass the limited balance test ?", "Text": "Basic rule (1) For the purposes of this Subdivision, a * qualifying forex account that you hold passes the limited balance test at a particular time if, at that time: (a) an election made by you under section 775 ‑ 230 has effect in relation to: (i) the account; or (ii) the account and one or more other * qualifying forex accounts; and (b) the total of the credit balances of the account and each of those other accounts (if any) is not more than the * foreign currency equivalent of $250,000; and (c) the total of the debit balances of the account and each of those other accounts (if any) is not more than the foreign currency equivalent of $250,000. Note: For buffering during an increased balance period, see subsections (2) and (3). Buffering during first and second increased balance period (2) For the purposes of this section, an increased balance period is a continuous period consisting of: (a) an income year; or (b) a particular part of an income year; where, at each time during the period, either or both of the following conditions is satisfied: (c) the total of the credit balances of the account or accounts covered by your section 775 ‑ 230 election is more than the * foreign currency equivalent of $250,000, but not more than the foreign currency equivalent of $500,000; (d) the total of the debit balances of the account or accounts covered by your section 775 ‑ 230 election is more than the foreign currency equivalent of $250,000, but not more than the foreign currency equivalent of $500,000. (3) The table has effect: Increased balance period Item In this case... this is the result... 1 (a) an increased balance period is the first or only increased balance period that occurs in a particular income year; and (b) the duration of the period is 15 days or less; and (c) it is not the case that: (i) the period began at the start of the income year; and (ii) another increased balance period ended at the end of the previous income year paragraphs (1)(b) and (c) do not apply during the first ‑ mentioned increased balance period. 2 (a) an increased balance period is the first or only increased balance period that occurs in a particular income year; and (b) both: (i) the period began at the start of the income year; and (ii) another increased balance period ended at the end of the previous income year; and (c) the total duration of those increased balance periods is 15 days or less paragraphs (1)(b) and (c) do not apply during those increased balance periods. 3 (a) an increased balance period is the first or only increased balance period that occurs in a particular income year; and (b) the duration of the period is more than 15 days; and (c) it is not the case that: (i) the period began at the start of the income year; and (ii) another increased balance period ended at the end of the previous income year paragraphs (1)(b) and (c) do not apply during the first 15 days of the first ‑ mentioned increased balance period. 4 (a) an increased balance period is the first or only increased balance period that occurs in a particular income year; and (b) both: (i) the period began at the start of the income year; and (ii) another increased balance period ended at the end of the previous income year; and (c) the total duration of those increased balance periods is more than 15 days paragraphs (1)(b) and (c) do not apply during the first 15 days of the period that consists of those increased balance periods. 5 (a) an increased balance period is the second increased balance period that occurs in a particular income year; and (b) the duration of the period is 15 days or less; and (c) item 1 or 2 applies to the first increased balance period that occurred in the income year paragraphs (1)(b) and (c) do not apply during the first ‑ mentioned increased balance period. 6 (a) an increased balance period is the second increased balance period that occurs in a particular income year; and (b) the duration of the period is more than 15 days; and (c) item 1 or 2 applies to the first increased balance period that occurred in the income year paragraphs (1)(b) and (c) do not apply during the first 15 days of the first ‑ mentioned increased balance period. Translation of foreign currency (4) For the purposes of the application of section 960 ‑ 50 to this section, work out the * foreign currency equivalent of an amount of Australian currency as at a particular time in an income year by translating the foreign currency to Australian currency at the average exchange rate for the third month that preceded the income year. Debit balances (5) For the purposes of this section, a debit balance is to be expressed as a positive amount. Note: For example, if you owe $1,100 on a credit card account, the debit balance of that account is $1,100.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-250", "Provision_Key": "s775-250", "Heading": "Tax consequences of passing the limited balance test", "Text": "(1) A * forex realisation gain or a * forex realisation loss you make as a result of forex realisation event 2 or 4 is disregarded if the event happens in relation to a * qualifying forex account that: (a) you hold at the time of the event; and (b) passes the limited balance test at the time of the event. (2) If CGT event C1 or C2 happens in relation to a * qualifying forex account that: (a) you hold at the time of the event; and (b) passes the limited balance test at the time of the event; disregard so much of any * capital gain or * capital loss you make as a result of the event as is attributable to a * currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-255", "Provision_Key": "s775-255", "Heading": "Notional realisation when qualifying forex account starts to pass the limited balance test", "Text": "Credit balance (1) For the purposes of this Division, if: (a) you hold a * qualifying forex account; and (b) at a particular time: (i) the account starts to pass the limited balance test; and (ii) the account has a credit balance; and (iii) you have one or more rights to receive a total amount of * foreign currency represented by the credit balance of the account; you are treated as: (c) having ceased to have those rights at that time; and (d) having re ‑ acquired those rights immediately after that time. Note: This means that forex realisation event 2 will happen when the account starts to pass the limited balance test. Debit balance (2) For the purposes of this Division, if: (a) you hold a * qualifying forex account; and (b) at a particular time: (i) the account starts to pass the limited balance test; and (ii) the account has a debit balance; and (iii) you have one or more obligations to pay a total amount of * foreign currency represented by the debit balance of the account; you are treated as: (c) having ceased to have those obligations at that time; and (d) having started to again owe those obligations immediately after that time. Note: This means that forex realisation event 4 will happen when the account starts to pass the limited balance test.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-260", "Provision_Key": "s775-260", "Heading": "Modification of tax recognition time", "Text": "Forex realisation event 2 (1) If: (a) forex realisation event 2 happens in relation to a * qualifying forex account that: (i) you hold at the time of the event; and (ii) does not pass the limited balance test at the time of the event; and (b) apart from this subsection, the tax recognition time, worked out using the table in subsection 775 ‑ 45(7), happened at a time when the account passed the limited balance test; section 775 ‑ 45 applies to you as if the tax recognition time were the most recent time before the forex realisation event when the account ceased to pass the limited balance test (despite subsection 775 ‑ 45(7)). Forex realisation event 4 (2) If: (a) forex realisation event 4 happens in relation to a * qualifying forex account that: (i) you hold at the time of the event; and (ii) does not pass the limited balance test at the time of the event; and (b) apart from this subsection, the tax recognition time, worked out using the table in subsection 775 ‑ 55(7), happened at a time when the account passed the limited balance test; section 775 ‑ 55 applies to you as if the tax recognition time were the most recent time before the forex realisation event when the account ceased to pass the limited balance test (despite subsection 775 ‑ 55(7)).", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-265", "Provision_Key": "s775-265", "Heading": "What this Subdivision is about", "Text": "If you choose retranslation for a qualifying forex account: (a) a forex realisation gain or a forex realisation loss you make in relation to the account as a result of forex realisation event 2 or 4 is disregarded; and (b) forex realisation event 8 enables any gains or losses to be worked out on a retranslation basis. Table of sections Operative provisions 775 ‑ 270 You may choose retranslation for a qualifying forex account 775 ‑ 275 Withdrawal of choice 775 ‑ 280 Tax consequences of choosing retranslation for an account 775 ‑ 285 Retranslation of gains and losses relating to a qualifying forex account—forex realisation event 8", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-270", "Provision_Key": "s775-270", "Heading": "You may choose retranslation for a qualifying forex account", "Text": "(1) You may choose retranslation for a * qualifying forex account held by you. (1A) A choice under subsection (1) does not apply to a * qualifying forex account held by you if a * foreign exchange retranslation election by you is in effect in relation to the account under Subdivision 230 ‑ D. (2) A choice must be in writing. (2A) If: (a) either: (i) you make a choice within 30 days after the commencement of the New Business Tax System (Taxation of Financial Arrangements) Act (No. 1) 2003 ; or (ii) you make a choice within 90 days after the commencement of Part 1 of Schedule 1 to the Tax Laws Amendment (Taxation of Financial Arrangements) Act 2009 ; and (b) the choice is expressed to have come into effect on a specified day; and (c) the specified day is included in the period: (i) beginning on 1 July 2003; and (ii) ending on the day on which the choice is made; the choice is taken to have come into effect on the specified day. (3) A choice continues in effect until: (a) you cease to hold the account; or (b) the account ceases to be a * qualifying forex account; or (c) a withdrawal of the choice takes effect; whichever happens first. Note: For withdrawal of choice, see section 775 ‑ 275.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-275", "Provision_Key": "s775-275", "Heading": "Withdrawal of choice", "Text": "(1) If you have made a choice for retranslation for a * qualifying forex account held by you, you may withdraw your choice. (2) A withdrawal must be in writing. (3) Withdrawing a choice does not prevent you from making a fresh choice under section 775 ‑ 270.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-280", "Provision_Key": "s775-280", "Heading": "Tax consequences of choosing retranslation for an account", "Text": "(1) A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 2 or 4 is disregarded if: (a) the event happens in relation to a * qualifying forex account that you hold; and (b) you have made a choice for retranslation for the account; and (c) the choice is in effect when the event happens. (2) If: (a) CGT event C1 or C2 happens in relation to a * qualifying forex account that you hold at the time of the event; and (b) you have made a choice for retranslation for the account; and (c) the choice is in effect when the event happens; disregard so much of any * capital gain or * capital loss you make as a result of the event as is attributable to a * currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-285", "Provision_Key": "s775-285", "Heading": "Retranslation of gains and losses relating to a qualifying forex account—forex realisation event 8", "Text": "Forex realisation event 8 (1) Forex realisation event 8 happens if: (a) you have made a choice for retranslation for a * qualifying forex account held by you; and (b) that choice was in effect throughout a continuous period (the retranslation period ) consisting of: (i) an income year; or (ii) a particular part of an income year; and (c) either: (i) there is a positive retranslation amount for the account for the retranslation period (worked out under subsection (2)); or (ii) there is a negative retranslation amount for the account for the retranslation period (worked out under subsection (3)). Retranslation amount (2) If the amount worked out using the formula in subsection (4) is a positive amount, that amount is a positive retranslation amount for the account for the retranslation period. (3) If the amount worked out using the formula in subsection (4) is a negative amount, that amount is a negative retranslation amount for the account for the retranslation period. (4) Work out an amount for the account for the retranslation period using the formula: (5) For the purposes of subsection (4), a debit balance is to be expressed as a negative amount (for example, a debit balance of $50,000 is to be expressed as $50,000). Forex realisation gain (6) You make a forex realisation gain if there is a positive retranslation amount for the account for the retranslation period. The amount of the forex realisation gain is the positive retranslation amount. Forex realisation loss (7) You make a forex realisation loss if there is a negative retranslation amount for the account for the retranslation period. The amount of the forex realisation loss is the negative retranslation amount. (8) For the purposes of subsection (7), reverse a negative amount (for example, a negative retranslation amount of $50,000 will become a forex realisation loss of $50,000). Translation of foreign currency (9) For the purposes of the application of section 960 ‑ 50 to this section: (a) if a retranslation period for an account did not begin immediately after the end of another retranslation period for the account—the opening balance of the account for the first ‑ mentioned retranslation period is to be translated to Australian currency at the exchange rate applicable at the start of the first ‑ mentioned retranslation period; and (b) if a retranslation period for an account began immediately after the end of another retranslation period for the account—the opening balance of the account for the first ‑ mentioned retranslation period is to be translated to Australian currency at the exchange rate applicable at the end of the other retranslation period; and (c) the closing balance of an account for a retranslation period is to be translated to Australian currency at the exchange rate applicable at the end of the retranslation period; and (d) each deposit is to be translated to Australian currency at the exchange rate applicable at the time of the deposit; and (e) each withdrawal is to be translated to Australian currency at the exchange rate applicable at the time of the withdrawal. Deposits (10) For the purposes of this section, a deposit includes any amount paid or transferred into the account. Withdrawals (11) For the purposes of this section, a withdrawal includes any amount paid, advanced, drawn or transferred out of the account.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-290", "Provision_Key": "s775-290", "Heading": "What this Subdivision is about", "Text": "If you have made a foreign exchange retranslation election under Subdivision 230 ‑ D: (a) a forex realisation gain or a forex realisation loss you make in relation to an arrangement that is not a Division 230 financial arrangement as a result of forex realisation event 1 to 5 or 8 is disregarded; and (b) forex realisation event 9 enables any gains or losses to be worked out on a retranslation basis. Table of sections 775 ‑ 295 When this Subdivision applies 775 ‑ 300 Tax consequences of choosing retranslation for arrangement 775 ‑ 305 Retranslation of gains and losses relating to arrangement to which foreign exchange retranslation election applies—forex realisation event 9 775 ‑ 310 When election ceases to apply to arrangement 775 ‑ 315 Balancing adjustment when election ceases to apply to arrangement", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-295", "Provision_Key": "s775-295", "Heading": "When this Subdivision applies", "Text": "(1) A * foreign exchange retranslation election applies to an * arrangement for the purposes of this Subdivision if: (a) you start to have the arrangement after the start of the income year in which the election is made; and (b) the arrangement is recognised in financial reports of a kind referred to in paragraph 230 ‑ 255(2)(a) that are audited, or required to be audited, as referred to in paragraph 230 ‑ 255(2)(b); and (c) the arrangement is one in relation to which you are required by: (i) * accounting standard AASB 121 (or another accounting standard prescribed for the purposes of paragraph 230 ‑ 265(1)(c)); or (ii) if that standard does not apply to the preparation of the financial report—a comparable accounting standard that applies to the preparation of the financial report under a * foreign law; to recognise, in the financial reports referred to in paragraph 230 ‑ 255(2)(a), amounts in profit or loss (if any) that are attributable to changes in currency exchange rates. (2) The * foreign exchange retranslation election does not apply to an * arrangement for the purposes of this Subdivision if: (a) the election is made by the * head company of a * consolidated group or * MEC group; and (b) the election specifies that the election is not to apply to * financial arrangements in relation to * life insurance business carried on by a member of the consolidated group or MEC group; and (c) the arrangement is one that relates to the life insurance business carried on by a member of the consolidated group or MEC group. (3) The * foreign exchange retranslation election does not apply to an * arrangement for the purposes of this Subdivision if the arrangement is associated with a business of a kind specified in regulations made for the purposes of subsection 230 ‑ 270(4).", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-300", "Provision_Key": "s775-300", "Heading": "Tax consequences of choosing retranslation for arrangement", "Text": "(1) A * forex realisation gain or * forex realisation loss you make as a result of forex realisation event 1, 2, 3, 4, 5 or 8 is disregarded if: (a) the event happens in relation to an * arrangement that you hold; and (b) you have made a * foreign exchange retranslation election that applies to the arrangement; and (c) the election is in effect when the event happens. (2) If: (a) CGT event C1 or C2 happens in relation to an * arrangement that you hold at the time of the event; and (b) you have made a * foreign exchange retranslation election that applies to the arrangement; and (c) the election is in effect when the event happens; disregard so much of any * capital gain or * capital loss you make as a result of the event as is attributable to a * currency exchange rate effect. Note: For currency exchange rate effect , see section 775 ‑ 105.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-305", "Provision_Key": "s775-305", "Heading": "Retranslation of gains and losses relating to arrangement to which foreign exchange retranslation election applies—forex realisation event 9", "Text": "Forex realisation event 9 (1) Forex realisation event 9 happens in relation to an * arrangement during an income year if: (a) you have made a * foreign exchange retranslation election that applies to the arrangement; and (b) you are required by: (i) * accounting standard AASB 121 (or another accounting standard prescribed for the purposes of paragraph 230 ‑ 265(1)(c)); or (ii) if that standard does not apply to the preparation of the financial report—a comparable accounting standard that applies to the preparation of the financial report under a * foreign law; to recognise, in the financial report referred to in paragraph 230 ‑ 255(2)(a) for that income year, amounts in profit or loss (if any) in relation to the arrangement that are attributable to changes in currency exchange rates. The forex realisation event 9 is taken to have happened in the income year. Forex realisation gain (2) You make a forex realisation gain if the standard referred to in paragraph (1)(b) requires you to recognise an amount of gain in profit or loss in relation to the * arrangement. That amount of the forex realisation gain is the amount the standard requires you to recognise. Forex realisation loss (3) You make a forex realisation loss if the * accounting standard referred to in paragraph (1)(b) requires you to recognise an amount of loss in profit or loss in relation to the * arrangement. That amount of the forex realisation loss is the amount that the accounting standard requires you to recognise. Section does not apply to amounts previously recognised in equity (4) Subsections (1), (2) and (3) do not apply to amounts that have previously been required by the standards referred to in paragraph 230 ‑ 255(2)(a) to be recognised in equity.", "Amendment_Count": 2, "First_Amended": "No 15 of 2009", "Last_Amended": "No 136 of 2010", "Amending_Acts": "No 15 of 2009 | No 136 of 2010", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-310", "Provision_Key": "s775-310", "Heading": "When election ceases to apply to arrangement", "Text": "(1) For the purposes of this Division, a * foreign exchange retranslation election under subsection 230 ‑ 255(1) ceases to apply to an * arrangement from the start of an income year if the arrangement ceases to satisfy a requirement of paragraph 775 ‑ 295(1)(b) or (c) during that income year. (2) If the election ceases to apply to an * arrangement under subsection (1), the election cannot subsequently reapply to that arrangement (even if the requirements of paragraphs 775 ‑ 295(1)(b) and (c) are satisfied once more in relation to the arrangement).", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 775-315", "Provision_Key": "s775-315", "Heading": "Balancing adjustment when election ceases to apply to arrangement", "Text": "(1) This section applies if: (a) you make a * foreign exchange retranslation election; and (b) the election ceases to have effect or ceases to apply to an * arrangement. (2) You are taken, for the purposes of this Division, to have: (a) disposed of the * arrangement for its fair value immediately before the election ceases to have effect or ceases to apply to the arrangement; and (b) reacquired the arrangement at its fair value immediately after the election ceases to have effect or ceases to apply to the arrangement. Note: Paragraph (a) means that there would be a forex realisation event 9 in relation to the arrangement.", "Amendment_Count": 1, "First_Amended": "No 15 of 2009", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 15 of 2009", "History_Notes": "Inserted by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s775-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-5", "Provision_Key": "s802-5", "Heading": "What this Subdivision is about", "Text": "A distribution that an Australian corporate tax entity makes to a foreign resident is not subject to dividend withholding tax, and is not assessable income, to the extent that the entity declares it to be conduit foreign income. An Australian corporate tax entity has an amount that is non ‑ assessable non ‑ exempt income if it receives a distribution including conduit foreign income from another such entity and it makes a distribution including conduit foreign income. This Subdivision sets out the method of working out an entity’s conduit foreign income. It also discourages streaming of distributions to entities that can take advantage of the receipt of conduit foreign income. Table of sections Operative provisions 802 ‑ 10 Objects 802 ‑ 15 Foreign residents—exempting CFI from Australian tax 802 ‑ 17 Trust estates and foreign resident beneficiaries—exempting CFI from Australian tax 802 ‑ 20 Distributions between Australian corporate tax entities—non ‑ assessable non ‑ exempt income 802 ‑ 25 Conduit foreign income of an Australian corporate tax entity 802 ‑ 30 Foreign source income amounts 802 ‑ 35 Capital gains and losses 802 ‑ 40 Effect of foreign income tax offset on conduit foreign income 802 ‑ 45 Previous declarations of conduit foreign income 802 ‑ 50 Receipt of an unfranked distribution from another Australian corporate tax entity 802 ‑ 55 No double benefits 802 ‑ 60 No streaming of distributions", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-10", "Provision_Key": "s802-10", "Heading": "Objects", "Text": "The objects of this Subdivision are: (a) to encourage the establishment in Australia of regional holding companies for foreign groups; and (b) to improve Australia’s attractiveness as a continuing base for its multinational companies; by providing relief from tax on * distributions by * Australian corporate tax entities to * members who are foreign residents or other Australian corporate tax entities if those distributions relate to * conduit foreign income.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-15", "Provision_Key": "s802-15", "Heading": "Foreign residents—exempting CFI from Australian tax", "Text": "(1) So much of the * unfranked part of a * frankable distribution made by an * Australian corporate tax entity that the entity declares, in its * distribution statement, to be * conduit foreign income: (a) is not assessable income and is not * exempt income of a foreign resident; and (b) is an amount to which section 128B (Liability to withholding tax) of the Income Tax Assessment Act 1936 does not apply. (2) The declaration must be made on or before the day on which the * distribution is made. Note: For a private company, this rule may bring forward the time at which the company is required to make its distribution statement: see section 202 ‑ 75.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-17", "Provision_Key": "s802-17", "Heading": "Trust estates and foreign resident beneficiaries—exempting CFI from Australian tax", "Text": "Foreign resident beneficiaries (1) So much of a share of the net income of a trust as is reasonably attributable to the whole or a part of the * unfranked part of a * frankable distribution made by an * Australian corporate tax entity that the entity declares, in its * distribution statement, to be * conduit foreign income: (a) is not assessable income and is not * exempt income of a beneficiary of the trust who: (i) is a foreign resident; and (ii) is presently entitled to the share of the income of the trust; and (b) is an amount to which section 128B (Liability to withholding tax) of the Income Tax Assessment Act 1936 does not apply. Note: A frankable distribution to which a part of the net income of a trust is reasonably attributable may be made by the Australian corporate tax entity to the trust directly, or to the trust indirectly through one or more interposed trusts. (2) The declaration must be made on or before the day on which the * distribution is made. Note: For a private company, this rule may bring forward the time at which the company is required to make its distribution statement: see section 202 ‑ 75. Trusts (3) The trustee of a trust is not to be assessed (and pay tax) under section 98, 99 or 99A of the Income Tax Assessment Act 1936 in respect of so much of the net income of the trust as is * non ‑ assessable non ‑ exempt income of a beneficiary of the trust under subsection (1).", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Inserted by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-20", "Provision_Key": "s802-20", "Heading": "Distributions between Australian corporate tax entities—non ‑ assessable non ‑ exempt income", "Text": "(1) An * Australian corporate tax entity (the receiving entity ) has an amount that is not assessable income and is not * exempt income for an income year if: (a) it receives from another Australian corporate tax entity a * frankable distribution that has an * unfranked part; and (b) the * distribution statement for the * distribution declares an amount (a received CFI amount ) of the unfranked part to be * conduit foreign income; and (c) the receiving entity, after the start of the income year but before the due day for lodging its * income tax return for that income year: (i) makes a frankable distribution that has an unfranked part; and (ii) declares an amount (a declared CFI amount ) of the unfranked part to be conduit foreign income. (2) The amount that is not assessable income and is not * exempt income is the lesser of: (a) the sum of the received CFI amounts that the receiving entity receives during the income year (the total received CFI amounts ); and (b) the amount worked out using this formula: where: related expenses means the receiving entity’s expenses that are reasonably related to the total received CFI amounts. total declared CFI amounts means the sum of the declared CFI amounts in distributions made by the receiving entity before the due day for lodging its * income tax return for the income year. Example: AusCo 1 and AusCo 2 are both Australian corporate tax entities. AusCo 1 pays an unfranked dividend of $80 to AusCo 2. AusCo 1 declares all of the $80 to be its conduit foreign income (so the $80 is a received CFI amount). AusCo 2 has $5 of deductible expenses relating to the $80 dividend. AusCo 2 pays an unfranked dividend of $30. AusCo 2 declares $15 of the $30 to be conduit foreign income (so the $15 is a declared CFI amount). The amount that is not assessable income and is not exempt income for AusCo 2 (assuming there are no other received CFI amounts or declared CFI amounts) is: The remaining $64 is included in AusCo 2’s assessable income and it can deduct $4 (the part of the expenses related to the $64). (3) If the receiving entity’s expenses that are reasonably related to the total received CFI amounts equal or exceed the total received CFI amounts for an income year, the total received CFI amounts is not assessable income and is not * exempt income of the receiving entity for the income year. (4) If a declared CFI amount is taken into account in working out an amount of * non ‑ assessable non ‑ exempt income of an entity for an income year, that amount cannot be taken into account for the entity for a later income year. (5) Work out how much * conduit foreign income in a * frankable distribution flows through a trust or a partnership in the same way that you work out the * share of a * franking credit on a * franked distribution that flows through a trust or a partnership. That amount is treated as a received CFI amount under this section. Note: See sections 207 ‑ 50, 207 ‑ 55 and 207 ‑ 57 for the share of a franking credit on a franked distribution that flows through a trust or a partnership.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-25", "Provision_Key": "s802-25", "Heading": "Conduit foreign income of an Australian corporate tax entity", "Text": "An * Australian corporate tax entity’s conduit foreign income at a particular time (the relevant time ) is worked out by applying sections 802 ‑ 30 to 802 ‑ 55. Note: Subdivision 715 ‑ U modifies the single entity and the entry history rule for the purposes of working out conduit foreign income for consolidated groups and MEC groups.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-30", "Provision_Key": "s802-30", "Heading": "Foreign source income amounts", "Text": "(1) Work out the amount of the entity’s * ordinary income and * statutory income derived by the entity that has been, is or will be included in an income statement or similar statement of the entity or of another entity and that would not be included in the entity’s assessable income if the entity: (a) for a company or a * corporate limited partnership—were a foreign resident at the relevant time; or (b) for a * public trading trust—were not a * resident unit trust for the income year in which the relevant time occurs. Note: Income statements are prepared under the Framework for the Preparation and Presentation of Financial Statements (which is referred to in the Australian Accounting Standards). (2) Reduce the subsection (1) amount by any part of that amount that is or will be included in the entity’s assessable income (apart from section 802 ‑ 20). (3) Add to the amount remaining after subsection (2) these amounts: (a) if the entity receives from another * Australian corporate tax entity a * frankable distribution that has an * unfranked part—any amount declared in the * distribution statement for that * distribution to be * conduit foreign income; (b) an amount that is treated as a received CFI amount for the purposes of section 802 ‑ 20 because of subsection 802 ‑ 20(5); (c) an amount that is * non ‑ assessable non ‑ exempt income under section 768 ‑ 5 and that would be not be included under subsection (1). (4) Reduce the amount remaining after subsection (3) by these amounts: (a) an amount that is * non ‑ assessable non ‑ exempt income under section 23AI or 23AK of the Income Tax Assessment Act 1936 ; (b) an amount that is not included in the entity’s assessable income because of the operation of paragraph 99B(2)(e) of that Act; (c) the amount worked out using the formula: where: available franking credit means any part of the amount remaining after subsection (3) to the extent to which a * franking credit arises or will arise for the entity. (5) Reduce the amount remaining after subsection (4) by any of the entity’s expenses that are reasonably related to that amount, except expenses the entity has deducted or can deduct under this Act. In applying this subsection to an amount covered by paragraph (3)(a), assume that amount is * non ‑ assessable non ‑ exempt income. (6) The result is an amount included in the entity’s conduit foreign income . (7) This section applies to an entity as if it had derived an amount if the amount has been applied for its benefit (including by discharging all or part of a debt it owes) or as it directs.", "Amendment_Count": 4, "First_Amended": "No 147 of 2005", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 147 of 2005 | No 97 of 2008 | No 110 of 2014 | No 53 of 2016", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-35", "Provision_Key": "s802-35", "Heading": "Capital gains and losses", "Text": "Capital gains (1) The entity’s conduit foreign income includes these amounts: (a) the amount by which a * capital gain of the entity is reduced because of the operation of section 768 ‑ 505; (b) a capital gain that is disregarded because of the operation of subsection 23AH(3) of the Income Tax Assessment Act 1936 ; (c) the amount of a capital gain that is disregarded as a result of the operation of an * international tax sharing treaty. Capital losses (2) The entity’s conduit foreign income is reduced by these amounts: (a) the amount by which a * capital loss of the entity is reduced because of the operation of section 768 ‑ 505; (b) a capital loss that is disregarded because of the operation of subsection 23AH(4) of the Income Tax Assessment Act 1936 ; (c) the amount of a capital loss that is disregarded as a result of the operation of an * international tax sharing treaty. Timing rule (3) The adjustments are made under this section at the end of the income year in which the * CGT event occurred.", "Amendment_Count": 2, "First_Amended": "No 147 of 2005", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 147 of 2005 | No 101 of 2013", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-40", "Provision_Key": "s802-40", "Heading": "Effect of foreign income tax offset on conduit foreign income", "Text": "The entity’s conduit foreign income includes an amount if a tax offset arose for the entity under Division 770 for the income year immediately before the one in which the relevant time occurs. The amount is worked out using the formula:", "Amendment_Count": 3, "First_Amended": "No 147 of 2005", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 147 of 2005 | No 143 of 2007 | No 97 of 2008", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-45", "Provision_Key": "s802-45", "Heading": "Previous declarations of conduit foreign income", "Text": "The entity’s conduit foreign income is reduced if: (a) the entity makes a * frankable distribution that has an * unfranked part; and (b) the entity declares an amount of the unfranked part to be conduit foreign income. The amount of the reduction is the amount so declared. Note: If the amount declared is less than the amount available for declaration, the difference is available for a later declaration.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-50", "Provision_Key": "s802-50", "Heading": "Receipt of an unfranked distribution from another Australian corporate tax entity", "Text": "(1) The entity’s conduit foreign income is reduced if: (a) the entity (the receiving entity ) receives from another * Australian corporate tax entity a * frankable distribution that has an * unfranked part; and (b) the * distribution statement for the * distribution declares an amount (the declared amount ) of the unfranked part to be conduit foreign income; and (c) some or all of the declared amount is not * non ‑ assessable non ‑ exempt income under section 802 ‑ 20. (2) The amount of the reduction is the amount that is not * non ‑ assessable non ‑ exempt income under section 802 ‑ 20 less any expenses reasonably related to that amount.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-55", "Provision_Key": "s802-55", "Heading": "No double benefits", "Text": "An amount cannot be both: (a) an unfranked non ‑ portfolio dividend credit for an entity under section 46FB of the Income Tax Assessment Act 1936 ; and (b) counted towards: (i) the entity’s * conduit foreign income; and (ii) the entity’s * non ‑ assessable non ‑ exempt income under section 802 ‑ 20.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 802-60", "Provision_Key": "s802-60", "Heading": "No streaming of distributions", "Text": "(1) Subsection (2) has effect if: (a) an * Australian corporate tax entity makes one or more * frankable distributions in a * franking period; and (b) at least one of the * distributions has an * unfranked part; and (c) the entity declares an amount of the unfranked part to be * conduit foreign income. (2) If the entity does not, for that * franking period, declare the same proportion of * conduit foreign income for all * membership interests and * non ‑ share equity interests then, instead of the amount that it declared to be conduit foreign income on those * distributions, it is taken to have declared under section 802 ‑ 45 the greater amount that it would have declared had it declared that same proportion on all those distributions. Note: Breaching subsection (2) may make the entity subject to a penalty under section 288 ‑ 80 in Schedule 1 to the Taxation Administration Act 1953 (about over declaring conduit foreign income). Example: There are 10,000 membership interests in AusCo Limited, 7,500 held by foreign residents and 2,500 held by Australian residents. It has $1,800 of conduit foreign income. AusCo makes an unfranked distribution of 50 cents per membership interest to all of its members. It declares $1,500 of the distribution to be conduit foreign income for its 7,500 foreign membership interests (20 cents per membership interest or 40% of each distribution) and none for its Australian membership interests. AusCo is taken to have declared the same proportion (40% of each distribution) of conduit foreign income for its Australian membership interests (which amounts to $500 of conduit foreign income). It is therefore taken to have declared $2,000 of conduit foreign income. This is an over ‑ declaration of $200 and a penalty under section 288 ‑ 80 in Schedule 1 to the Taxation Administration Act 1953 will apply. (3) For the purposes of subsection (2), ignore * membership interests and * non ‑ share equity interests that do not carry a right to receive * distributions (other than distributions on winding up). (4) Despite subsection (2), an entity that receives a * frankable distribution that has an * unfranked part is entitled to rely on the * distribution statement made by the entity that made the distribution.", "Amendment_Count": 1, "First_Amended": "No 147 of 2005", "Last_Amended": "No 147 of 2005", "Amending_Acts": "No 147 of 2005", "History_Notes": "Inserted by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s802-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-1", "Provision_Key": "s815-1", "Heading": "What this Subdivision is about", "Text": "The cross ‑ border transfer pricing rules in this Subdivision are equivalent to, but independent of, the transfer pricing rules in Australia’s double tax agreements. Table of sections Operative provisions 815 ‑ 5 Object 815 ‑ 10 Transfer pricing benefit may be negated 815 ‑ 15 When an entity gets a transfer pricing benefit 815 ‑ 20 Cross ‑ border transfer pricing guidance 815 ‑ 25 Modified transfer pricing benefit for thin capitalisation 815 ‑ 30 Determinations negating transfer pricing benefit 815 ‑ 35 Consequential adjustments 815 ‑ 40 No double taxation", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-5", "Provision_Key": "s815-5", "Heading": "Object", "Text": "The object of this Subdivision is to ensure the following amounts are appropriately brought to tax in Australia, consistent with the arm’s length principle: (a) profits which would have accrued to an Australian entity if it had been dealing at * arm’s length, but, by reason of non ‑ arm’s length conditions operating between the entity and its foreign associated entities, have not so accrued; (b) profits which an Australian permanent establishment (within the meaning of the relevant * international tax agreement) of a foreign entity might have been expected to make if it were a distinct and separate entity engaged in the same or similar activities under the same or similar conditions, but dealing wholly independently.", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-10", "Provision_Key": "s815-10", "Heading": "Transfer pricing benefit may be negated", "Text": "(1) The Commissioner may make a determination mentioned in subsection 815 ‑ 30(1), in writing, for the purpose of negating a * transfer pricing benefit an entity gets. Treaty requirement (2) However, this section only applies to an entity if: (a) the entity gets the * transfer pricing benefit under subsection 815 ‑ 15(1) at a time when an * international tax agreement containing an * associated enterprises article applies to the entity; or (b) the entity gets the transfer pricing benefit under subsection 815 ‑ 15(2) at a time when an international tax agreement containing a * business profits article applies to the entity. Note: This Subdivision does not apply to income years to which Subdivisions 815 ‑ B and 815 ‑ C apply: see section 815 ‑ 1 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 115 of 2012", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 115 of 2012 | No 101 of 2013", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-15", "Provision_Key": "s815-15", "Heading": "When an entity gets a transfer pricing benefit", "Text": "Transfer pricing benefit—associated enterprises (1) An entity gets a transfer pricing benefit if: (a) the entity is an Australian resident; and (b) the requirements in the * associated enterprises article for the application of that article to the entity are met; and (c) an amount of profits which, but for the conditions mentioned in the article, might have been expected to accrue to the entity, has, by reason of those conditions, not so accrued; and (d) had that amount of profits so accrued to the entity: (i) the amount of the taxable income of the entity for an income year would be greater than its actual amount; or (ii) the amount of a tax loss of the entity for an income year would be less than its actual amount; or (iii) the amount of a * net capital loss of the entity for an income year would be less than its actual amount. The amount of the transfer pricing benefit is the difference between the amounts mentioned in subparagraph (d)(i), (ii) or (iii) (as the case requires). Transfer pricing benefit—business profits (2) A foreign resident entity gets a transfer pricing benefit if: (a) the entity has a permanent establishment (within the meaning of the * international tax agreement) in Australia; and (b) the amount of profits attributed to the permanent establishment falls short of the amount of profits the permanent establishment might be expected to make if it were a distinct and separate entity engaged, and dealing, in the manner mentioned in the * business profits article; and (c) had the profits attributed to the permanent establishment included that shortfall: (i) the amount of the taxable income of the entity for an income year would be greater than its actual amount; or (ii) the amount of a tax loss of the entity for an income year would be less than its actual amount; or (iii) the amount of a * net capital loss of the entity for an income year would be less than its actual amount. The amount of the transfer pricing benefit is the difference between the amounts mentioned in subparagraph (c)(i), (ii) or (iii) (as the case requires). Nil amounts (3) For the purposes of working out whether an entity gets a * transfer pricing benefit, and of negating that benefit under subsection 815 ‑ 30(1): (a) treat an entity that has no taxable income for an income year as having a taxable income for the year of a nil amount; and (b) treat an entity that has no tax loss for an income year as having a tax loss for the year of a nil amount; and (c) treat an entity that has no * net capital loss for an income year as having a net capital loss for the year of a nil amount. Multiple transfer pricing benefits (4) To avoid doubt, an entity may get 2 or more * transfer pricing benefits, in one or more income years, in relation to one amount of profits, or one shortfall of profits. Meaning of associated enterprises article (5) An associated enterprises article is: (a) Article 9 of the United Kingdom convention (within the meaning of the International Tax Agreements Act 1953 ); or (b) a corresponding provision of another * international tax agreement. Meaning of business profits article (6) A business profits article is: (a) Article 7 of the United Kingdom convention (within the meaning of the International Tax Agreements Act 1953 ); or (b) a corresponding provision of another * international tax agreement.", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-20", "Provision_Key": "s815-20", "Heading": "Cross ‑ border transfer pricing guidance", "Text": "(1) For the purpose of determining the effect this Subdivision has in relation to an entity: (a) work out whether an entity gets a * transfer pricing benefit consistently with the documents covered by this section, to the extent the documents are relevant; and (b) interpret a provision of an * international tax agreement consistently with those documents, to the extent they are relevant. (2) The documents covered by this section are as follows: (a) the Model Tax Convention on Income and on Capital, and its Commentaries, as adopted by the Council of the Organisation for Economic Cooperation and Development and last amended on 22 July 2010; (b) the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, as approved by that Council and last amended on 22 July 2010; (c) a document, or part of a document, prescribed by the regulations for the purposes of this paragraph. (3) However, a document, or a part of a document, mentioned in paragraph (2)(a) or (b) is not covered by this section if the regulations so prescribe. (4) Regulations made for the purposes of paragraph (2)(c) or subsection (3) may prescribe different documents or parts of documents for different circumstances.", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-25", "Provision_Key": "s815-25", "Heading": "Modified transfer pricing benefit for thin capitalisation", "Text": "(1) This section modifies the * transfer pricing benefit an entity gets, or apart from this section would get, in an income year if: (a) Division 820 (about thin capitalisation) applies to the entity for the income year; and (b) the transfer pricing benefit relates to profits, or a shortfall of profits, referable to costs that are * debt deductions of the entity for the income year. (2) If working out what those costs might have been, or might be expected to be, involves applying a rate to a * debt interest: (a) work out the rate by applying section 815 ‑ 15, having regard to section 815 ‑ 20; but (b) apply the rate to the debt interest the entity actually issued. Note: Division 820 may apply to further reduce debt deductions.", "Amendment_Count": 1, "First_Amended": "No 115 of 2012", "Last_Amended": "No 115 of 2012", "Amending_Acts": "No 115 of 2012", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-30", "Provision_Key": "s815-30", "Heading": "Determinations negating transfer pricing benefit", "Text": "(1) The determinations the Commissioner may make are as follows: (a) a determination of an amount by which the taxable income of the entity for an income year is increased; (b) a determination of an amount by which the tax loss of the entity for an income year is decreased; (c) a determination of an amount by which the * net capital loss of the entity for an income year is decreased. (2) If the Commissioner makes a determination under subsection (1), the determination is taken to be attributable, to the relevant extent, to such of the following as the Commissioner may determine: (a) an increase of a particular amount in assessable income of the entity for an income year under a particular provision of this Act; (b) a decrease of a particular amount in particular deductions of the entity for an income year; (c) an increase of a particular amount in particular capital gains of the entity for an income year; (d) a decrease of a particular amount in particular capital losses of the entity for an income year. (3) If the Commissioner makes a determination under subsection (1), the Commissioner must make a determination under subsection (2), unless it is not possible or practicable for the Commissioner to do so. Example: If section 815 ‑ 25 is relevant in working out the transfer pricing benefit an entity gets, this subsection requires the Commissioner to make a determination relating to the debt deductions of the entity. (4) Nothing done under subsection (2) affects the validity of a determination made under subsection (1). (5) The Commissioner may take such action as the Commissioner considers necessary to give effect to a determination under this section. (6) The Commissioner must give a copy of a determination under this section to the entity. (7) A failure to comply with subsection (6) does not affect the validity of the determination.", "Amendment_Count": 2, "First_Amended": "No 115 of 2012", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 115 of 2012 | No 81 of 2016", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-35", "Provision_Key": "s815-35", "Heading": "Consequential adjustments", "Text": "Consequential adjustment—associated enterprises (1) The Commissioner may make a determination under subsection (4) in relation to an entity (the disadvantaged entity ) if: (a) the Commissioner makes a determination under subsection 815 ‑ 30(1) in relation to a * transfer pricing benefit an entity gets under subsection 815 ‑ 15(1); and (b) the Commissioner considers that, but for the conditions mentioned in the * associated enterprises article: (i) the amount of the taxable income of the disadvantaged entity for an income year might have been expected to be less than its actual amount; or (ii) the amount of a * tax loss of the disadvantaged entity for an income year might have been expected to be greater than its actual amount; or (iii) the amount of a * net capital loss of the disadvantaged entity for an income year might have been expected to be greater than its actual amount; or (iv) an amount of * withholding tax payable in respect of interest or royalties by the disadvantaged entity might have been expected to be less than its actual amount; and (c) the Commissioner considers that it is fair and reasonable that the actual amount mentioned in subparagraph (b)(i), (ii), (iii) or (iv) (as the case requires) be adjusted accordingly. Consequential adjustment—business profits (2) The Commissioner may make a determination under subsection (4) in relation to an entity (the disadvantaged entity ) if: (a) the Commissioner makes a determination under subsection 815 ‑ 30(1) in relation to a * transfer pricing benefit an entity gets under subsection 815 ‑ 15(2); and (b) the Commissioner considers that, if the permanent establishment were a distinct and separate entity engaged, and dealing, in the manner mentioned in the * business profits article: (i) the amount of the taxable income of the disadvantaged entity for an income year might have been expected to be less than its actual amount; or (ii) the amount of a * tax loss of the disadvantaged entity for an income year might have been expected to be greater than its actual amount; or (iii) the amount of a * net capital loss of the disadvantaged entity for an income year might have been expected to be greater than its actual amount; or (iv) an amount of * withholding tax payable in respect of interest or royalties by the disadvantaged entity might have been expected to be less than its actual amount; and (c) the Commissioner considers that it is fair and reasonable that the actual amount mentioned in subparagraph (b)(i), (ii), (iii) or (iv) (as the case requires) be adjusted accordingly. Nil amounts (3) For the purposes of this section: (a) treat an entity that has no taxable income for an income year as having a taxable income for the year of a nil amount; and (b) treat an entity that has no tax loss for an income year as having a tax loss for the year of a nil amount; and (c) treat an entity that has no * net capital loss for an income year as having a net capital loss for the year of a nil amount. Consequential adjustment—determinations (4) The Commissioner may make one or more of the following determinations, in writing, for the purpose of adjusting an amount as mentioned in paragraph (1)(c) or (2)(c): (a) a determination of an amount by which the taxable income of the disadvantaged entity for an income year is decreased; (b) a determination of an amount by which the tax loss of the disadvantaged entity for an income year is increased; (c) a determination of an amount by which the * net capital loss of the disadvantaged entity for an income year is increased; (d) a determination of an amount by which the * withholding tax payable by the disadvantaged entity in respect of interest or royalties is decreased. (5) The Commissioner may take such action as the Commissioner considers necessary to give effect to a determination under this section. (6) The Commissioner must give a copy of a determination under this section to the disadvantaged entity. (7) A failure to comply with subsection (6) does not affect the validity of the determination. (9) An entity may give the Commissioner a written request to make a determination under this section relating to the entity. The Commissioner must decide whether or not to grant the request, and give the entity notice of the Commissioner’s decision. (10) If the entity is dissatisfied with the Commissioner’s decision, the entity may object, in the manner set out in Part IVC of the Taxation Administration Act 1953 , against that decision.", "Amendment_Count": 3, "First_Amended": "No 115 of 2012", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 115 of 2012 | No 101 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-40", "Provision_Key": "s815-40", "Heading": "No double taxation", "Text": "(1) The amount of a * transfer pricing benefit that is negated under this Subdivision for an entity is not to be taken into account again under another provision of this Act to increase the entity’s assessable income, reduce the entity’s deductions or reduce a * net capital loss of the entity. (2) Subsection (1) has effect despite former section 136AB of the Income Tax Assessment Act 1936 . (3) Nothing in this Subdivision limits Division 820 (about thin capitalisation) in its application to further reduce * debt deductions of an entity.", "Amendment_Count": 2, "First_Amended": "No 115 of 2012", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 115 of 2012 | No 101 of 2013", "History_Notes": "Inserted by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-101", "Provision_Key": "s815-101", "Heading": "What this Subdivision is about", "Text": "This Subdivision applies if an entity would otherwise get a tax advantage in Australia from cross ‑ border conditions that are inconsistent with the internationally accepted arm’s length principle. The entity is treated for income tax and withholding tax purposes as if arm’s length conditions had operated. Table of sections Operative provisions 815 ‑ 105 Object 815 ‑ 110 Operation of Subdivision 815 ‑ 115 Substitution of arm’s length conditions 815 ‑ 120 When an entity gets a transfer pricing benefit 815 ‑ 125 Meaning of arm’s length conditions 815 ‑ 130 Relevance of actual commercial or financial relations 815 ‑ 135 Guidance 815 ‑ 140 Modification for thin capitalisation 815 ‑ 145 Consequential adjustments 815 ‑ 150 Amendment of assessments", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-101"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-105", "Provision_Key": "s815-105", "Heading": "Object", "Text": "(1) The object of this Subdivision is to ensure that the amount brought to tax in Australia from cross ‑ border conditions between entities is not less than it would be if those conditions reflected: (a) the arm’s length contribution made by Australian operations through functions performed, assets used and risks assumed; and (b) the conditions that might be expected to operate between entities dealing at * arm’s length. (2) The Subdivision does this by specifying that, where an entity would otherwise get a tax advantage from actual conditions that differ from * arm’s length conditions, the arm’s length conditions are taken to operate for income tax and withholding tax purposes.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-110", "Provision_Key": "s815-110", "Heading": "Operation of Subdivision", "Text": "(1) Nothing in the provisions of this Act other than this Subdivision limits the operation of this Subdivision. (2) Nothing in this Subdivision limits Division 820 (about thin capitalisation) in its application to reduce, or further reduce, * debt deductions of an entity.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-115", "Provision_Key": "s815-115", "Heading": "Substitution of arm’s length conditions", "Text": "(1) For the purposes covered by subsection (2), if an entity gets a * transfer pricing benefit from conditions that operate between the entity and another entity in connection with their commercial or financial relations: (a) those conditions are taken not to operate; and (b) instead, the * arm’s length conditions are taken to operate. Note 1: The conditions that operate include, but are not limited to, such things as price, gross margin, net profit, and the division of profit between the entities. Note 2: There are special rules about documentation that affect when an entity has a reasonably arguable position about the application (or non ‑ application) of this Subdivision: see Subdivision 284 ‑ E in Schedule 1 to the Taxation Administration Act 1953 . (2) The purposes covered by this subsection are: (a) if the * transfer pricing benefit arises under subparagraph 815 ‑ 120(1)(c)(i)—working out the amount (if any) of the entity’s taxable income for the income year; and (b) if the transfer pricing benefit arises under subparagraph 815 ‑ 120(1)(c)(ii)—working out the amount (if any) of the entity’s loss of a particular * sort for the income year; and (c) if the transfer pricing benefit arises under subparagraph 815 ‑ 120(1)(c)(iii)—working out the amount (if any) of the entity’s * tax offsets for the income year; and (d) if the transfer pricing benefit arises under subparagraph 815 ‑ 120(1)(c)(iv)—working out the amount (if any) of * withholding tax payable by the entity in respect of interest or royalties.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-120", "Provision_Key": "s815-120", "Heading": "When an entity gets a transfer pricing benefit", "Text": "(1) An entity gets a transfer pricing benefit from conditions that operate between the entity and another entity in connection with their commercial or financial relations if: (a) those conditions (the actual conditions ) differ from the * arm’s length conditions; and (b) the actual conditions satisfy the cross ‑ border test in subsection (3) for the entity; and (c) had the arm’s length conditions operated, instead of the actual conditions, one or more of the following would, apart from this Subdivision, apply: (i) the amount of the entity’s taxable income for an income year would be greater ; (ii) the amount of the entity’s loss of a particular * sort for an income year would be less ; (iii) the amount of the entity’s * tax offsets for an income year would be less ; (iv) an amount of * withholding tax payable in respect of interest or royalties by the entity would be greater . Absence of condition (2) For the purposes of subsection (1), there is taken to be a difference between the actual conditions and the * arm’s length conditions if: (a) an actual condition exists that is not one of the arm’s length conditions; or (b) a condition does not exist in the actual conditions but is one of the arm’s length conditions. Cross ‑ border test (3) Conditions that operate between an entity and another entity in connection with their commercial or financial relations satisfy the cross ‑ border test if: (a) the conditions meet the overseas requirement in the following table for either or both of the entities; or (b) the conditions operate in connection with a * business that the entity carries on in an * area covered by an international tax sharing treaty. Overseas requirement Item Column 1 The conditions meet the overseas requirement for this type of entity: Column 2 if: 1 any of the following: (a) an Australian resident; (b) a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 ; (c) a partnership in which all of the partners are, directly or indirectly through one or more interposed partnerships, Australian residents or resident trust estates the conditions operate at or through an * overseas permanent establishment of the entity. 2 an entity not covered by column 1 of item 1 the conditions do not operate solely at or through an * Australian permanent establishment of the entity. (4) For the purposes of the table in subsection (3), treat any entity that is an Australian resident as not being an Australian resident if: (a) the entity is also a resident in a country that has entered into an * international tax agreement with Australia containing a * residence article; and (b) under that residence article, the entity is taken, for the purposes of the agreement, to be a resident only of that other country. Nil amounts (5) For the purposes of this section and section 815 ‑ 145: (a) treat an entity that has no taxable income for an income year as having a taxable income for the year of a nil amount; and (b) treat an entity that has no loss of a particular * sort for an income year as having a loss of that sort for the year of a nil amount; and (c) treat an entity that has no * tax offsets for an income year as having tax offsets for the year of a nil amount. Meaning of residence article (6) A residence article is: (a) Article 4 of the United Kingdom convention (within the meaning of the International Tax Agreements Act 1953 ); or (b) a corresponding provision of another * international tax agreement.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-125", "Provision_Key": "s815-125", "Heading": "Meaning of arm’s length conditions", "Text": "(1) The arm’s length conditions , in relation to conditions that operate between an entity and another entity, are the conditions that might be expected to operate between independent entities dealing wholly independently with one another in comparable circumstances. Most appropriate and reliable method to be used (2) In identifying the * arm’s length conditions, use the method, or the combination of methods, that is the most appropriate and reliable, having regard to all relevant factors, including the following: (a) the respective strengths and weaknesses of the possible methods in their application to the actual conditions; (b) the circumstances, including the functions performed, assets used and risks borne by the entities; (c) the availability of reliable information required to apply a particular method; (d) the degree of comparability between the actual circumstances and the comparable circumstances, including the reliability of any adjustments to eliminate the effect of material differences between those circumstances. Note: The possible methods include the methods set out in the documents mentioned in section 815 ‑ 135 (about relevant guidance material). Comparability of circumstances (3) In identifying comparable circumstances for the purpose of this section, regard must be had to all relevant factors, including the following: (a) the functions performed, assets used and risks borne by the entities; (b) the characteristics of any property or services transferred; (c) the terms of any relevant contracts between the entities; (d) the economic circumstances; (e) the business strategies of the entities. (4) For the purposes of this section, circumstances are comparable to actual circumstances if, to the extent (if any) that the circumstances differ from the actual circumstances: (a) the difference does not materially affect a condition that is relevant to the method; or (b) a reasonably accurate adjustment can be made to eliminate the effect of the difference on a condition that is relevant to the method.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-130", "Provision_Key": "s815-130", "Heading": "Relevance of actual commercial or financial relations", "Text": "Basic rule (1) The identification of the * arm’s length conditions must: (a) be based on the commercial or financial relations in connection with which the actual conditions operate; and (b) have regard to both the form and substance of those relations. Exceptions (2) Despite paragraph (1)(b), disregard the form of the actual commercial or financial relations to the extent (if any) that it is inconsistent with the substance of those relations. (3) Despite subsection (1), if: (a) independent entities dealing wholly independently with one another in comparable circumstances would not have entered into the actual commercial or financial relations; and (b) independent entities dealing wholly independently with one another in comparable circumstances would have entered into other commercial or financial relations; and (c) those other commercial or financial relations differ in substance from the actual commercial or financial relations; the identification of the * arm’s length conditions must be based on those other commercial or financial relations. (4) Despite subsection (1), if independent entities dealing wholly independently with one another in comparable circumstances would not have entered into commercial or financial relations, the identification of the * arm’s length conditions is to be based on that absence of commercial or financial relations. (5) Subsections 815 ‑ 125(3) and (4) (about comparability of circumstances) apply for the purposes of this section.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-135", "Provision_Key": "s815-135", "Heading": "Guidance", "Text": "(1) For the purpose of determining the effect this Subdivision has in relation to an entity, identify * arm’s length conditions so as best to achieve consistency with the documents covered by this section. (2) The documents covered by this section are as follows: (a) the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations, as approved by the Council of the Organisation for Economic Cooperation and Development and last amended on 20 January 2022; (b) a document, or part of a document, prescribed by the regulations for the purposes of this paragraph. (3) However, the document mentioned in paragraph (2)(a) is not covered by this section if the regulations so prescribe. (4) Regulations made for the purposes of paragraph (2)(b) or subsection (3) may prescribe different documents or parts of documents for different circumstances.", "Amendment_Count": 4, "First_Amended": "No 101 of 2013", "Last_Amended": "No 67 of 2024", "Amending_Acts": "No 101 of 2013 | No 27 of 2017 | No 64 of 2020 | No 67 of 2024", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-140", "Provision_Key": "s815-140", "Heading": "Modification for thin capitalisation", "Text": "(1) This section modifies the way an entity to which section 815 ‑ 115 applies works out its taxable income, or its loss of a particular * sort, for an income year, if: (a) Division 820 (about thin capitalisation) applies to the entity for the income year; and (aa) the entity: (i) is not a * general class investor in relation to the income year; and (ii) has not made a choice under subsection 820 ‑ 85(2C) or 820 ‑ 185(2C) in relation to the income year; and (b) the * arm’s length conditions affect costs that are * debt deductions of the entity for the income year. (2) If working out what those costs would be if the * arm’s length conditions had operated involves applying a rate to a * debt interest: (a) work out the rate as if the arm’s length conditions had operated; but (b) apply the rate to the debt interest the entity actually issued. Note: Division 820 may apply to reduce or further reduce debt deductions.", "Amendment_Count": 2, "First_Amended": "No 101 of 2013", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 101 of 2013 | No 23 of 2024", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-145", "Provision_Key": "s815-145", "Heading": "Consequential adjustments", "Text": "(1) The Commissioner may make a determination under subsection (2) in relation to an entity (the disadvantaged entity ) if: (a) * arm’s length conditions are taken by section 815 ‑ 115 to operate; and (b) the Commissioner considers that, if the arm’s length conditions, instead of the actual conditions, had operated: (i) the amount of the disadvantaged entity’s taxable income for an income year might have been expected to be less than its actual amount; or (ii) the amount of the disadvantaged entity’s loss of a particular * sort for an income year might have been expected to be greater than its actual amount; or (iii) the amount of the disadvantaged entity’s * tax offsets for an income year might have been expected to be greater than their actual amount; or (iv) an amount of * withholding tax payable in respect of interest or royalties by the disadvantaged entity might have been expected to be less than its actual amount; and (c) the Commissioner considers that it is fair and reasonable that the actual amount mentioned in subparagraph (b)(i), (ii), (iii) or (iv) (as the case requires) be adjusted accordingly. (2) For the purpose of adjusting an amount as mentioned in paragraph (1)(c), the Commissioner may make a determination stating the amount that is (and has been at all times) the amount of the disadvantaged entity’s: (a) taxable income for the income year; or (b) loss of a particular * sort for the income year; or (c) * tax offsets, or tax offset of a particular kind, for the income year; or (d) * withholding tax payable in respect of interest or royalties. (3) The Commissioner may take such action as the Commissioner considers necessary to give effect to a determination under this section. (4) The Commissioner must give a copy of a determination under this section to the disadvantaged entity. (5) A failure to comply with subsection (4) does not affect the validity of the determination. (7) An entity may give the Commissioner a written request to make a determination under this section relating to the entity. The Commissioner must decide whether or not to grant the request, and give the entity notice of the Commissioner’s decision. (8) If the entity is dissatisfied with the Commissioner’s decision, the entity may object, in the manner set out in Part IVC of the Taxation Administration Act 1953 , against that decision.", "Amendment_Count": 2, "First_Amended": "No 101 of 2013", "Last_Amended": "No 81 of 2016", "Amending_Acts": "No 101 of 2013 | No 81 of 2016", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-150", "Provision_Key": "s815-150", "Heading": "Amendment of assessments", "Text": "(1) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment of an entity for an income year if: (a) the amendment is made within 7 years after the day on which the Commissioner gives notice of the assessment to the entity; and (b) the amendment is made for the purpose of giving effect to section 815 ‑ 115. (2) Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment at any time for the purpose of giving effect to section 815 ‑ 145.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-201", "Provision_Key": "s815-201", "Heading": "What this Subdivision is about", "Text": "This Subdivision applies the internationally accepted arm’s length principle in the context of permanent establishments (PEs). Table of sections Operative provisions 815 ‑ 205 Object 815 ‑ 210 Operation of Subdivision 815 ‑ 215 Substitution of arm’s length profits 815 ‑ 220 When an entity gets a transfer pricing benefit 815 ‑ 225 Meaning of arm’s length profits 815 ‑ 230 Source rules for certain arm’s length profits 815 ‑ 235 Guidance 815 ‑ 240 Amendment of assessments", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-201"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-205", "Provision_Key": "s815-205", "Heading": "Object", "Text": "The object of this Subdivision is to ensure that the amount brought to tax in Australia by entities operating * permanent establishments is not less than it would be if the permanent establishment were a distinct and separate entity engaged in the same or comparable activities under the same or comparable circumstances, but dealing wholly independently with the other part of the entity.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-210", "Provision_Key": "s815-210", "Heading": "Operation of Subdivision", "Text": "(1) Nothing in the provisions of this Act other than this Subdivision limits the operation of this Subdivision. (2) Nothing in this Subdivision limits Division 820 (about thin capitalisation) in its application to reduce, or further reduce, * debt deductions of an entity. (3) For the purposes of this Subdivision, a branch to which subsection 160ZZW(2) of the Income Tax Assessment Act 1936 (about certain Australian branches of foreign banks) applies is taken not to be, and not to have been at any time since its establishment, a * permanent establishment in Australia of the bank.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-215", "Provision_Key": "s815-215", "Heading": "Substitution of arm’s length profits", "Text": "(1) For the purposes covered by subsection (2), if an entity gets a * transfer pricing benefit from the attribution of profits to a * PE of the entity: (a) the amount of profits actually attributed to the PE is taken not to have been so attributed; and (b) instead, the * arm’s length profits are taken to have been attributed to the PE. Note: There are special rules about documentation that affect when an entity has a reasonably arguable position about the application (or non ‑ application) of this Subdivision: see Subdivision 284 ‑ E in Schedule 1 to the Taxation Administration Act 1953 . (2) The purposes covered by this subsection are: (a) if the * transfer pricing benefit arises under subparagraph 815 ‑ 220(1)(b)(i)—working out the amount (if any) of the entity’s taxable income for the income year; and (b) if the transfer pricing benefit arises under subparagraph 815 ‑ 220(1)(b)(ii)—working out the amount (if any) of a loss of a particular * sort for the income year; and (c) if the transfer pricing benefit arises under subparagraph 815 ‑ 220(1)(b)(iii)—working out the amount (if any) of the entity’s * tax offsets for the income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-220", "Provision_Key": "s815-220", "Heading": "When an entity gets a transfer pricing benefit", "Text": "(1) An entity gets a transfer pricing benefit from the attribution of profits to a * PE of the entity if: (a) the amount of profits (the actual profits ) attributed to the PE differs from the * arm’s length profits for the PE; and (b) had the arm’s length profits, instead of the actual profits, been attributed to the PE, one or more of the following would, apart from this Subdivision, apply: (i) the amount of the entity’s taxable income for an income year would be greater ; (ii) the amount of the entity’s loss of a particular * sort for an income year would be less ; (iii) the amount of the entity’s * tax offsets for an income year would be less . Nil amounts (2) For the purposes of this section: (a) treat an entity that has no taxable income for an income year as having a taxable income for the year of a nil amount; and (b) treat an entity that has no loss of a particular * sort for an income year as having a loss of that sort for the year of a nil amount; and (c) treat an entity that has no * tax offsets for an income year as having tax offsets for the year of a nil amount.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-225", "Provision_Key": "s815-225", "Heading": "Meaning of arm’s length profits", "Text": "(1) The arm’s length profits for a * PE of an entity are worked out by allocating the actual expenditure and income of the entity between the PE and the entity so that the profits attributed to the PE equal the profits the PE might be expected to make if: (a) the PE were a distinct and separate entity; and (b) the activities and circumstances of the PE, including the functions performed, assets used and risks borne by the PE, were those of that separate entity; and (c) the conditions that operated between that separate entity and the entity of which it is a PE were the * arm’s length conditions. (2) The conditions to which the * arm’s length conditions mentioned in paragraph (1)(c) relate are the conditions that would operate between the separate entity and the entity of which it is a * PE if the assumptions in paragraphs (1)(a) and (b) were made. (3) For the purposes of subsection (1): (a) the actual expenditure of an entity is taken to include losses and outgoings; and (b) the actual income of an entity is taken to include any amount that is, or is to be, included in the entity’s assessable income.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-230", "Provision_Key": "s815-230", "Heading": "Source rules for certain arm’s length profits", "Text": "(1) The * arm’s length profits for a * PE in Australia are taken, for the purposes of this Act, to be attributable to sources in Australia. (2) The * arm’s length profits for a * PE in an * area covered by an international tax sharing treaty are taken, for the purposes of this Act, to be attributable to sources in that area.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-235", "Provision_Key": "s815-235", "Heading": "Guidance", "Text": "(1) For the purpose of determining the effect this Subdivision has in relation to an entity, work out * arm’s length profits, and identify * arm’s length conditions, so as best to achieve consistency with: (a) the documents covered by this section; and (b) subject to paragraph (a), the documents covered by section 815 ‑ 135. (2) The documents covered by this section are as follows: (a) the Model Tax Convention on Income and on Capital, and its Commentaries, as adopted by the Council of the Organisation for Economic Cooperation and Development and last amended on 22 July 2010, to the extent that document extracts the text of Article 7 and its Commentary as they read before 22 July 2010; (b) a document, or part of a document, prescribed by the regulations for the purposes of this paragraph. (3) However, the document mentioned in paragraph (2)(a) is not covered by this section if the regulations so prescribe. (4) A document covered by section 815 ‑ 135 is to be disregarded for the purposes of this section if the regulations so prescribe. (5) Regulations made for the purposes of paragraph (2)(b), subsection (3) or subsection (4) may prescribe different documents or parts of documents for different circumstances.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-240", "Provision_Key": "s815-240", "Heading": "Amendment of assessments", "Text": "Section 170 of the Income Tax Assessment Act 1936 does not prevent the amendment of an assessment of an entity for an income year if: (a) the amendment is made within 7 years after the day on which the Commissioner gives notice of the assessment to the entity; and (b) the amendment is made for the purpose of giving effect to section 815 ‑ 215.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-301", "Provision_Key": "s815-301", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides special rules about the way Subdivisions 815 ‑ B and 815 ‑ C apply to trusts and partnerships. Table of sections Operative provisions 815 ‑ 305 Special rule for trusts 815 ‑ 310 Special rules for partnerships", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-301"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-305", "Provision_Key": "s815-305", "Heading": "Special rule for trusts", "Text": "Subdivisions 815 ‑ B and 815 ‑ C apply in relation to the * net income of a trust in the same way those Subdivisions apply in relation to the taxable income of an entity other than a trust.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-310", "Provision_Key": "s815-310", "Heading": "Special rules for partnerships", "Text": "(1) Subdivisions 815 ‑ B and 815 ‑ C apply in relation to the * net income of a partnership in the same way those Subdivisions apply in relation to the taxable income of an entity other than a partnership. (2) Subdivisions 815 ‑ B and 815 ‑ C apply in relation to a * partnership loss of a partnership in the same way those Subdivisions apply in relation to a * tax loss of an entity other than a partnership.", "Amendment_Count": 1, "First_Amended": "No 101 of 2013", "Last_Amended": "No 101 of 2013", "Amending_Acts": "No 101 of 2013", "History_Notes": "Inserted by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-350", "Provision_Key": "s815-350", "Heading": "What this Subdivision is about", "Text": "CBC reporting entities must give the Commissioner statements under this Subdivision. Note: This Subdivision enables the implementation of measures issued by the Organisation for Economic Cooperation and Development relating to transfer pricing documentation and country ‑ by ‑ country reporting (including Action 13 of the Action Plan on Base Erosion and Profit Shifting of the G20 and the Organisation for Economic Cooperation and Development) Table of sections Operative provisions 815 ‑ 355 Requirement to give statements 815 ‑ 360 Replacement reporting periods 815 ‑ 365 Exemptions 815 ‑ 370 Meaning of country by country reporting entity (or CBC reporting entity ) 815 ‑ 375 Meaning of country by country reporting parent (or CBC reporting parent ) 815 ‑ 380 Meaning of country by country reporting group (or CBC reporting group )", "Amendment_Count": 2, "First_Amended": "No 170 of 2015", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 170 of 2015 | No 49 of 2020", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-350"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-355", "Provision_Key": "s815-355", "Heading": "Requirement to give statements", "Text": "(1) You must give to the Commissioner a statement of each of the kinds referred to in subsection (3), in the * approved form, in relation to an income year if: (a) you were a * CBC reporting entity for a period that includes the whole or a part of the income year that preceded that income year; and (b) you are, during that income year, any of the following: (i) an Australian resident; (ii) a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 ; (iii) a partnership that has at least one partner who is an Australian resident; (iv) a foreign resident who operates an Australian permanent establishment (within the meaning of Part IVA of the Income Tax Assessment Act 1936 ); (v) a non ‑ resident trust estate (within the meaning of section 102AAB of the Income Tax Assessment Act 1936 ) that operates an Australian permanent establishment (within the meaning of Part IVA of that Act); (vi) a partnership that operates an Australian permanent establishment (within the meaning of that Part); and (c) you are not exempted under section 815 ‑ 365 from giving the statement; and (d) you are not included in a class of entities prescribed by the regulations. Note: Under section 815 ‑ 360, the Commissioner may allow you to give statements in relation to a 12 month period other than an income year. (2) You must give the statement within 12 months after the end of the period to which it relates. Note: Section 388 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 allows the Commissioner to defer the time for giving the statement. (3) The statements are to be of the following kinds: (a) a statement relating to the global operations and activities, and the pricing policies relevant to transfer pricing, of: (i) you; and (ii) if you are a * member of a * CBC reporting group during the income year—the other members of that group; (b) a statement relating to your operations, activities, dealings and transactions; (c) a statement relating to the allocation between countries of the income and activities of, and taxes paid by: (i) you; and (ii) if subparagraph (a)(ii) applies—the other members of that group. Note: These statements correspond to the following in Annexes I, II and III to Chapter V set out in the Guidance on Transfer Pricing Documentation and Country ‑ by ‑ country Reporting of the Organisation for Economic Cooperation and Development and the G20: (a) a statement under paragraph (a) corresponds to the master file (see Annexe I); (b) a statement under paragraph (b) corresponds to the local file (see Annexe II); (c) a statement under paragraph (c) corresponds to the country ‑ by ‑ country report (see Annexe III).", "Amendment_Count": 3, "First_Amended": "No 170 of 2015", "Last_Amended": "No 127 of 2021", "Amending_Acts": "No 170 of 2015 | No 49 of 2020 | No 127 of 2021", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-355"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-360", "Provision_Key": "s815-360", "Heading": "Replacement reporting periods", "Text": "(1) The Commissioner may, by notice in writing, allow you to give all statements, or specified kinds of statements, under section 815 ‑ 355 in relation to a 12 month period other than an income year. (2) A notice under subsection (1) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 170 of 2015", "Last_Amended": "No 170 of 2015", "Amending_Acts": "No 170 of 2015", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-360"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-365", "Provision_Key": "s815-365", "Heading": "Exemptions", "Text": "Exemptions for particular entities (1) The Commissioner may, by notice in writing, exempt an entity from: (a) giving statements under section 815 ‑ 355; or (b) giving statements of a particular kind under that section. (2) A notice under subsection (1) is not a legislative instrument. General exemptions (3) The Commissioner may, by legislative instrument, determine that section 815 ‑ 355 does not apply to a specified class of entity.", "Amendment_Count": 1, "First_Amended": "No 170 of 2015", "Last_Amended": "No 170 of 2015", "Amending_Acts": "No 170 of 2015", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-365"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-370", "Provision_Key": "s815-370", "Heading": "Meaning of country by country reporting entity (or CBC reporting entity )", "Text": "An entity is a country by country reporting entity (or CBC reporting entity ) for a period if: (a) the entity is a * CBC reporting parent for the period; or (b) the entity is a * member of a * CBC reporting group during the period and another member of that group is a CBC reporting parent for the period.", "Amendment_Count": 1, "First_Amended": "No 49 of 2020", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 49 of 2020", "History_Notes": "Inserted by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-370"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-375", "Provision_Key": "s815-375", "Heading": "Meaning of country by country reporting parent (or CBC reporting parent )", "Text": "(1) An entity is a country by country reporting parent (or CBC reporting parent ) for a period if: (a) the entity is not an individual; and (b) if the entity is a * member of a * CBC reporting group at the end of the period—it is an entity that, according to: (i) * accounting principles; or (ii) if accounting principles do not apply in relation to the entity—commercially accepted principles related to accounting; is not controlled by any other member of the CBC reporting group at the end of the period; and (c) the entity’s * annual global income for the period is $1 billion or more. (2) For the purposes of paragraph (1)(c), in working out the entity’s * annual global income for the period, treat the reference in paragraph 960 ‑ 565(1)(aa) to * notional listed company group as instead being a reference to * CBC reporting group.", "Amendment_Count": 1, "First_Amended": "No 49 of 2020", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 49 of 2020", "History_Notes": "Inserted by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 815-380", "Provision_Key": "s815-380", "Heading": "Meaning of country by country reporting group (or CBC reporting group )", "Text": "(1) A group of entities is a country by country reporting group (or CBC reporting group ) if: (a) none of the entities is an individual; and (b) any of the following requirements are satisfied: (i) the group is consolidated for accounting purposes as a single group; (ii) the group is a * notional listed company group. (2) Each entity in the group is a member of the * CBC reporting group. (3) Subsection (5) applies if: (a) all the members of a group that is consolidated for accounting purposes as a single group (the smaller group ) are members of: (i) another such group; or (ii) a * notional listed company group; and (b) at least one entity is a member of the group mentioned in subparagraph (a)(i) or (ii) but is not a member of the smaller group. (4) Subsection (5) also applies if: (a) all the * members of a notional listed company group (the smaller group ) are members of: (i) another such group; or (ii) a group that is consolidated for accounting purposes as a single group; and (b) at least one entity is a member of the group mentioned in subparagraph (a)(i) or (ii) but is not a member of the smaller group. (5) For the purposes of subsection (1), treat the smaller group as not being any of the following: (a) a group that is consolidated for accounting purposes as a single group; (b) a * notional listed company group. (6) For the purposes of this section, assume that paragraph 960 ‑ 575(4)(a) were disregarded: (a) in determining whether a * notional listed company group exists; and (b) in identifying the * members of a notional listed company group. Note: The effect of that assumption is that certain exceptions in accounting or other principles to requirements to consolidate for accounting purposes are taken into account in working out the membership of the country by country reporting group. Where such exceptions apply, a country by country reporting group may have fewer members than the equivalent notional listed company group.", "Amendment_Count": 1, "First_Amended": "No 49 of 2020", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 49 of 2020", "History_Notes": "Inserted by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s815-380"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-1", "Provision_Key": "s820-1", "Heading": "What this Division is about", "Text": "This Division applies to foreign controlled Australian entities, Australian entities that operate internationally and foreign entities that operate in Australia. Financing expenses that an entity can otherwise deduct from its assessable income may be disallowed under this Division where the entity is “thinly capitalised”. Table of sections 820 ‑ 10 Map of Division", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-10", "Provision_Key": "s820-10", "Heading": "Map of Division", "Text": "The following table sets out a map of this Division. Map of Division Item This Subdivision: sets out: 1A Subdivision 820 ‑ AA (a) how all or a part of the debt deductions claimed by an entity covered by the Subdivision may be disallowed under one of three tests (the fixed ratio test, the group ratio test or the third party debt test); and (b) how the entity can choose to apply which one of these tests applies; and (c) where the fixed ratio test applies, whether the entity can claim a special deduction in respect of amounts previously disallowed under the fixed ratio test. 1 Subdivision 820 ‑ B or 820 ‑ C (a) the meaning of maximum allowable debt for the Subdivision; and (b) how an entity covered by the Subdivision would have all or a part of its debt deductions disallowed if the maximum allowable debt is exceeded; and (c) the application of these rules in relation to a part of an income year. 2 Subdivision 820 ‑ D or 820 ‑ E (a) the meaning of minimum capital amount for the Subdivision; and (b) how an entity covered by the Subdivision would have all or a part of its debt deductions disallowed if the minimum capital amount is not reached; and (c) the application of these rules in relation to a part of an income year. 2A Subdivision 820 ‑ EAA how all or a part of the debt deductions claimed by an entity covered by Subdivision 820 ‑ AA, 820 ‑ B or 820 ‑ C may be disallowed in relation to: (a) debt deductions in relation to the acquisition of CGT assets, or legal or equitable obligations, from associate pairs of the acquirer; or (b) debt deductions in relation to a financial arrangement that is entered into by an entity to fund etc. certain payments or distributions to one or more associate pairs of the entity. 2B Subdivision 820 ‑ EAB (a) concepts concerning third party debt; and (b) concepts that are relevant to entities that choose to apply the third party debt test. 3A Subdivision 820 ‑ FA how this Division applies to a consolidated group or MEC group. 3B Subdivision 820 ‑ FB special rules for grouping foreign bank branches with a consolidated group, MEC group or single Australian resident company. 4 Subdivision 820 ‑ G the methods of calculating the average value of a matter for the purposes of this Division. 5 Subdivision 820 ‑ H the rules for determining: (a) whether or not an Australian entity controls a foreign entity (for the purposes of determining whether or not Subdivision 820 ‑ B or 820 ‑ D applies to that Australian entity); and (b) whether or not an Australian entity is controlled by a foreign entity (for the purposes of determining whether or not Subdivision 820 ‑ C applies to that Australian entity). 5A Subdivision 820 ‑ HA the meaning of controlled foreign entity debt and controlled foreign entity equity for the purposes of this Division. 6 Subdivision 820 ‑ I the meaning of various concepts about associate entity for the purposes of this Division. 7 Subdivision 820 ‑ J the meaning of equity interests in trusts and partnerships for the purposes of this Division. 7A Subdivision 820 ‑ JA worldwide debt and equity concepts. 8 Subdivision 820 ‑ K the meaning of zero ‑ capital amount for the purposes of this Division. 8A Subdivision 820 ‑ KA the meaning of cost ‑ free debt capital, and excluded equity interest, for the purposes of this Division. 9 Subdivision 820 ‑ L special record keeping requirements for the purposes of this Division.", "Amendment_Count": 7, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 117 of 2002 | No 142 of 2003 | No 101 of 2006 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-31", "Provision_Key": "s820-31", "Heading": "Order of application of Subdivisions", "Text": "(1) First, work out if a * debt deduction of an entity for an income year is disallowed under Subdivision 820 ‑ EAA (debt deduction limitation rules for debt deduction creation). (2) To the extent that all or part of a debt deduction is disallowed under that Subdivision, disregard the debt deduction in applying the following provisions in relation to the entity for the income year: (a) Subdivision 820 ‑ AA; (b) Subdivision 820 ‑ B; (c) Subdivision 820 ‑ C. Note: The provisions mentioned in paragraphs (2)(a) to (c) may further disallow debt deductions of the entity.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-31"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-30", "Provision_Key": "s820-30", "Heading": "Object of Division", "Text": "The Object of this Division is to ensure that the following entities do not reduce their tax liabilities by using an excessive amount of * debt deductions, in financing their Australian operations: (a) * Australian entities that operate internationally; (b) Australian entities that are foreign controlled; (c) * foreign entities that operate in Australia. Note: This Division applies in relation to debt deductions of an entity as reduced, if required, in accordance with Division 815 (about cross ‑ border transfer pricing).", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 115 of 2012 | No 101 of 2013 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-32", "Provision_Key": "s820-32", "Heading": "Exemption for private or domestic assets and non ‑ debt liabilities", "Text": "(1) This Division does not apply to: (a) an asset that is used (or held for use) wholly or principally for private or domestic purposes; or (b) a * non ‑ debt liability that is wholly or principally of a private or domestic nature. (2) Subsection (1) does not apply in relation to the following: (a) Subdivision 820 ‑ EAA; (b) any other provision in this Division, to the extent that it relates to that Subdivision.", "Amendment_Count": 2, "First_Amended": "No 53 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 53 of 2002 | No 23 of 2024", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-35", "Provision_Key": "s820-35", "Heading": "Application—$2 million threshold", "Text": "Subdivision 820 ‑ AA, 820 ‑ B, 820 ‑ C, 820 ‑ D, 820 ‑ E or 820 ‑ EAA does not apply to disallow any * debt deduction of an entity for an income year if the total debt deductions of that entity and all its * associate entities for that year are $2 million or less.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Repealed and substituted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-37", "Provision_Key": "s820-37", "Heading": "Application—assets threshold", "Text": "(1) Subdivision 820 ‑ AA, 820 ‑ B, 820 ‑ C, 820 ‑ D or 820 ‑ E does not apply to disallow any * debt deduction of an entity for an income year if: (a) either: (i) the entity is an * outward investing financial entity (non ‑ ADI) or an * outward investing entity (ADI) for a period that is all or any part of that year (and is not a * general class investor for that year); or (ii) assuming that the entity were a * financial entity for all of that year, it would be, for all of that year, an outward investing financial entity (non ‑ ADI) and not an inward investing financial entity (non ‑ ADI); and (b) the entity is not also an * inward investing financial entity (non ‑ ADI) or an * inward investing entity (ADI) for all or any part of that year; and (c) the result of applying the following formula is equal to or greater than 0.9: where: average Australian assets : (a) of an * Australian entity—is the average value, for that year, of all the assets of the entity, other than: (i) any assets attributable to the entity’s * overseas permanent establishments; or (ii) any * debt interests held by the entity, to the extent to which any value of the interests is all or a part of the * controlled foreign entity debt of the entity; or (iii) any * equity interests or debt interests held by the entity, to the extent to which any value of the interests is all or a part of the * controlled foreign entity equity of the entity; or (iv) any debt interests that are * issued by * associates of the entity, that are * on issue, and that are held by the entity; or (v) any equity interests that the entity holds in associates of the entity; and (b) of a * foreign entity—is the average value, for that year, of all the assets of the entity that are: (i) located in Australia; or (ii) attributable to the entity’s * Australian permanent establishments; or (iii) debt interests held by the entity, to the extent to which the interests are covered by subsection (2); or (iv) equity interests held by the entity, to the extent to which the interests are covered by subsection (3); other than: (v) any debt interests that are issued by associates of the entity, that are on issue, and that are held by the entity; or (vi) any equity interests that the entity holds in associates of the entity. average total assets of an entity is the average value, for that year, of all the assets of the entity, other than: (a) any * debt interests that are * issued by * associates of the entity, that are * on issue, and that are held by the entity; or (b) any * equity interests that the entity holds in associates of the entity. Foreign entity—debt interest issued by an Australian entity (2) If a * foreign entity holds a * debt interest that: (a) was * issued by an * Australian entity; and (b) is * on issue; this subsection covers the interest to the extent to which the interest is not attributable to any * overseas permanent establishments of the Australian entity. Foreign entity—equity interest in an Australian entity (3) If a * foreign entity holds an * equity interest in an * Australian entity, this subsection covers the interest to the extent to which the interest is not attributable to any * overseas permanent establishments of the Australian entity.", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 143 of 2007 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-37"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-39", "Provision_Key": "s820-39", "Heading": "Exemption of certain special purpose entities", "Text": "(1) Subdivision 820 ‑ AA, 820 ‑ B, 820 ‑ C, 820 ‑ D, 820 ‑ E or 820 ‑ EAA does not apply to disallow any * debt deduction of an entity for an income year if the entity meets the conditions in subsection (3) throughout the income year. (2) Subdivision 820 ‑ AA, 820 ‑ B, 820 ‑ C, 820 ‑ D, 820 ‑ E or 820 ‑ EAA does not apply to disallow any * debt deduction of an entity for an income year that is an amount incurred by the entity during a part of that year, if the entity meets the conditions in subsection (3) throughout that part. (3) The conditions are: (a) the entity is one established for the purposes of managing some or all of the economic risk associated with assets, liabilities or investments (whether the entity assumes the risk from another entity or creates the risk itself); and (b) the total value of * debt interests in the entity is at least 50% of the total value of the entity’s assets; and (c) the entity is an insolvency ‑ remote special purpose entity according to criteria of an internationally recognised rating agency that are applicable to the entity’s circumstances. (4) The condition in paragraph (3)(c) can be met without the rating agency determining that the entity meets those criteria. Note 1: While an entity meets the conditions in subsection (3), it is treated for the purposes of this Division as not being a member of a consolidated group or MEC group (see section 820 ‑ 584). Note 2: An entity that does not qualify for the exemption in this section may still be a securitisation vehicle under subsection 820 ‑ 942(2), in which case the value of its securitised assets will count towards its zero ‑ capital amount under Subdivision 820 ‑ K. Multi ‑ tier special purpose entities (5) An entity is taken to meet the conditions in subsection (3) throughout a period that is all or part of an income year, if the entity is one of 2 or more entities that together satisfy the condition that, assuming: (a) each of the entities had been a division or part of the same entity (the notional entity ), rather than a separate entity, throughout that period; and (b) the notional entity had consisted only of those divisions and parts throughout that period; the notional entity would meet the conditions in subsection (3) throughout that period.", "Amendment_Count": 3, "First_Amended": "No 142 of 2003", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 142 of 2003 | No 101 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-39"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-40", "Provision_Key": "s820-40", "Heading": "Meaning of debt deduction", "Text": "(1) Debt deduction , of an entity and for an income year, is a cost incurred by the entity to the extent to which: (a) the cost is: (i) interest, an amount in the nature of interest, or any other amount that is economically equivalent to interest; or (ii) the difference between the * financial benefits received, or to be received, by the entity under a * scheme giving rise to a * debt interest and the financial benefits provided, or to be provided, under that scheme; or (iii) any amount directly incurred in obtaining or maintaining the financial benefits received, or to be received, by the entity under a scheme giving rise to a debt interest; or (iv) any other expense incurred by the entity that is specified in the regulations made for the purposes of this subparagraph; and (b) the entity can, apart from this Division, deduct the cost from its assessable income for that year; (2) A cost covered by paragraph (1)(a) includes, but is not limited to, any of the following: (a) an amount in substitution for interest; (b) a discount in respect of a security; (c) a fee or charge in respect of a debt, including application fees, line fees, service fees, brokerage and stamp duty in respect of document registration or security for a * debt interest; (d) an amount that is taken under an * income tax law to be an amount of interest in respect of a lease, a hire purchase arrangement or any other * arrangement specified in that law; (e) any loss in respect of: (i) a reciprocal purchase agreement (otherwise known as a repurchase agreement); (ii) a sell ‑ buyback arrangement; (iii) a securities loan arrangement; (f) any amount covered by paragraph (1)(a) that has been assigned or is dealt with in any way on behalf of the party who would otherwise be entitled to that amount. (3) To avoid doubt, the following amounts that are incurred by an entity in relation to a * debt interest issued by the entity are not covered by paragraph (1)(a): (b) losses incurred by the entity in relation to which the following apply: (i) the losses would otherwise be a cost covered by subparagraph (1)(a)(ii); but (ii) the benefits mentioned in that subparagraph are measured in a foreign currency or a unit of account other than Australian currency (for example, ounces of gold) and the losses have arisen only because of changes in the rate of converting that foreign currency or that unit of account into Australian currency; (c) salary or wages; (d) rental expenses for a lease if the lease is not a debt interest; (e) an expense specified in the regulations made for the purposes of this paragraph.", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 101 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-45", "Provision_Key": "s820-45", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the thin capitalisation rules that apply to general class investors (that is, entities that are not dealt with in rules set out in Subdivisions 820 ‑ B, 820 ‑ C, 820 ‑ D or 820 ‑ E). These rules deal with the following matters: • how all or a part of the debt deductions claimed by the entity may be disallowed under one of three tests (the fixed ratio test, the group ratio test or the third party debt test); • how the entity can choose to apply which one of these tests applies; • where the fixed ratio test applies, whether the entity can claim a special deduction in respect of amounts previously disallowed under the fixed ratio test. Table of sections Operative provisions 820 ‑ 46 Thin capitalisation rule for general class investors 820 ‑ 47 Choices under subsection 820 ‑ 46(3) or (4) 820 ‑ 48 Where entity is taken to make third party debt test choice 820 ‑ 49 Meaning of obligor group etc. 820 ‑ 50 Amount of debt deduction disallowed 820 ‑ 51 Meaning of fixed ratio earnings limit and group ratio earnings limit 820 ‑ 52 Meaning of tax EBITDA 820 ‑ 53 Meaning of group ratio , GR group , GR group parent and GR group member 820 ‑ 54 Meaning of GR group net third party interest expense , financial statement net third party interest expense and adjusted net third party interest expense 820 ‑ 55 Meaning of entity EBITDA and GR group EBITDA 820 ‑ 56 Special deduction for previously FRT disallowed amounts—fixed ratio test 820 ‑ 57 Meaning of FRT disallowed amount 820 ‑ 58 FRT disallowed amount is treated as zero where subsequent choice means fixed ratio test does not apply 820 ‑ 59 When FRT disallowed amount is treated as zero for companies and trusts 820 ‑ 60 Excess tax EBITDA amount", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-46", "Provision_Key": "s820-46", "Heading": "Thin capitalisation rule for general class investors", "Text": "Thin capitalisation rule (1) This subsection disallows all or part of an entity’s * debt deductions for an income year if, for that year: (a) the entity is a * general class investor (see subsection (2)); and (b) the entity: (i) has not made a choice under subsection (3) or (4) (fixed ratio test applies); or (ii) has made a choice under subsection (3) (group ratio test applies); or (iii) has made a choice under subsection (4) (third party debt test applies). Note 1: This Subdivision does not apply if the total debt deductions of that entity and all its associate entities for that year are $2 million or less, see section 820 ‑ 35. Note 2: To work out the amount to be disallowed, see section 820 ‑ 50. Note 3: A consolidated group or MEC group may be a general class investor to which this Subdivision applies: see Subdivisions 820 ‑ FA and 820 ‑ FB. General class investor (2) The entity is a general class investor for an income year if, and only if: (a) for a period that is all or part of the income year, the entity is not any of the following: (i) an * outward investing financial entity (non ‑ ADI); (ii) an * inward investing financial entity (non ‑ ADI); (iii) an * outward investing entity (ADI); (iv) an * inward investing entity (ADI); and (b) assuming that the entity were a * financial entity for all of the income year, it would be, for the income year, any of the following: (i) an outward investing financial entity (non ‑ ADI); (ii) an inward investing financial entity (non ‑ ADI). (3) An entity that is a * general class investor for an income year may make a choice under this subsection to apply the group ratio test in relation to that income year if: (a) the entity is a * GR group member for the period corresponding to the income year of a * GR group for the period; and (b) the * GR group EBITDA for the period of the GR group is greater than zero. (4) An entity that is a * general class investor for an income year may make a choice under this subsection to apply the third party debt test in relation to that income year. (5) An entity that is a * general class investor for an income year is taken to have made a choice under subsection (4) in relation to that income year if section 820 ‑ 48 applies to the entity in relation to that income year. (6) Subsection (5) applies despite subsection 820 ‑ 47(1).", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-46"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-47", "Provision_Key": "s820-47", "Heading": "Choices under subsection 820 ‑ 46(3) or (4)", "Text": "(1) A choice under subsection 820 ‑ 46(3) or (4) can only be made in the * approved form. (2) A choice under subsection 820 ‑ 46(3) or (4) can only be made: (a) on or before the earlier of the following days: (i) the day the entity lodges its * income tax return for the income year; (ii) the day the entity is required to lodge its income tax return for the income year; or (b) a later day allowed by the Commissioner. (3) Subject to subsections (4) and (4A) of this section, a choice under subsection 820 ‑ 46(3) or (4) cannot be revoked. (4) An entity that makes a choice under subsection 820 ‑ 46(3) or (4) (other than a choice that is taken to have been made under subsection 820 ‑ 46(5)) may revoke the choice if the Commissioner makes a decision to that effect under subsection (6). (4A) If, under subsection 820 ‑ 46(5), an entity is taken to have made a choice to apply the third party debt test in relation to an income year: (a) the entity may not make a choice under subsection 820 ‑ 46(3) (group ratio test applies) in relation to that income year; and (b) any choice previously made under subsection 820 ‑ 46(3) by the entity in relation to that income year is revoked and taken never to have been made. (5) For the purposes of this Division (other than this section), if a choice is revoked under subsection (4) or (4A) of this section , the entity is taken to have never made the choice. (6) The Commissioner can decide, in writing, that a specified entity can revoke a specified choice under subsection 820 ‑ 46(3) or (4) (other than a choice that is taken to have been made under subsection 820 ‑ 46(5)) in relation to an income year, if the Commissioner is satisfied that all of the following conditions are satisfied: (a) the entity made the choice; (c) the entity has applied to the Commissioner, in the * approved form, to revoke the choice before the earlier of the following days: (i) the day that is 4 years after the day the entity lodged its * income tax return for the income year; (ii) the day that is 4 years after the day the entity was required to lodge its income tax return for the income year; (d) it is fair and reasonable, having regard to matters the Commissioner considers relevant, to allow the entity to revoke the choice. (7) If the Commissioner makes a decision under subsection (6), the Commissioner must give a copy of the decision to the entity as soon as practicable.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-47"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-48", "Provision_Key": "s820-48", "Heading": "Where entity is taken to make third party debt test choice", "Text": "(1) For the purposes of subsection 820 ‑ 46(5), this section applies to an entity (the first entity ) in relation to an income year if: (a) the first entity is a * member of an * obligor group in relation to a * debt interest; and (b) the entity that issued the debt interest: (i) has made a choice under subsection 820 ‑ 46(4) in relation to that income year (including a choice that is taken to be made under subsection 820 ‑ 46(5) in relation to a different obligor group); and (ii) is required to lodge an * income tax return for the income year; and (c) the first entity: (i) is an * associate entity of the entity mentioned in paragraph (b) of this subsection; and (ii) is required to lodge an * income tax return for the income year. (2) For the purposes of subparagraph (1)(c)(i), in determining whether an entity is an associate entity of another entity: (aa) disregard the requirement in subsections 820 ‑ 905(1) and (2A) that the entity is an * associate of the other entity, unless only paragraph 820 ‑ 905(1)(b) applies; and (a) treat the references in paragraphs 820 ‑ 905(1)(a) and 820 ‑ 905(2A)(a) to “an * associate interest of 50% or more” as instead being a reference to “a * TC control interest of 20% or more”; and (b) treat subsection 820 ‑ 860(3) as applying for the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection); and (c) treat the purposes mentioned in subparagraphs 820 ‑ 870(1)(b)(i) and (ii) as including the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection). (3) For the purposes of subsection 820 ‑ 46(5), this section also applies to the entity mentioned in that subsection in relation to an income year if: (a) the entity has entered into a * cross staple arrangement with one or more other entities; and (b) one or more of those other entities has made a choice under subsection 820 ‑ 46(4) in relation to that income year (including a choice that is taken to be made under subsection 820 ‑ 46(5)).", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-48"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-49", "Provision_Key": "s820-49", "Heading": "Meaning of obligor group etc.", "Text": "(1) Subsection (2) applies if: (a) an entity (the borrower ) has issued a * debt interest to another entity (the creditor ); and (b) the creditor has recourse for payment of the debt to which the debt interest relates to assets of one or more other entities (each of which is an obligor entity ). (2) Each obligor entity and the borrower is a member of an obligor group in relation to the * debt interest. (3) For the purposes of paragraph (1)(b), disregard assets that are * membership interests in the borrower.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-49"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-50", "Provision_Key": "s820-50", "Heading": "Amount of debt deduction disallowed", "Text": "(1) The amount (the total disallowed amount ) disallowed under subsection 820 ‑ 46(1) of the * debt deductions of an entity for an income year is: (a) if the entity has not made a choice under subsection 820 ‑ 46(3) or (4) in relation to the income year (fixed ratio test applies)—the amount by which the entity’s * net debt deductions for the income year exceed the entity’s * fixed ratio earnings limit for the income year (see section 820 ‑ 51); or (b) if the entity has made a choice under subsection 820 ‑ 46(3) in relation to the income year (group ratio test applies)—the amount by which the entity’s net debt deductions for the income year exceed the entity’s * group ratio earnings limit for the income year (see section 820 ‑ 51); or (c) if the entity has made a choice under subsection 820 ‑ 46(4) in relation to the income year (third party debt test applies)—the amount by which the entity’s debt deductions for the income year exceed the entity’s * third party earnings limit for the income year (see section 820 ‑ 427A). Note 1: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54. Note 2: The entity’s net debt deductions for the income year can be a negative amount. (2) The amount by which a particular * debt deduction is disallowed as a result of subsection (1) is worked out as follows: (a) first, divide the total disallowed amount by the * debt deductions of the entity for the income year; (b) next, multiply the amount of the particular debt deduction by the result of paragraph (a). (3) An entity’s net debt deductions for an income year is worked out as follows: (a) first, work out the sum of the entity’s * debt deductions (disregarding this Division other than Subdivision 820 ‑ EAA) for the income year; (b) next, work out the sum of each amount included in the entity’s assessable income for that year that is: (i) interest, an amount in the nature of interest, or any other amount that is economically equivalent to interest; or (ii) any amount directly incurred by another entity in obtaining or maintaining the financial benefits received, or to be received, by the other entity under a * scheme giving rise to a * debt interest; or (iii) any other expense that is incurred by another entity and that is specified in the regulations made for the purposes of this subparagraph; (c) next, subtract the result of paragraph (b) from the result of paragraph (a). (4) To avoid doubt, an entity’s net debt deductions for an income year can be a negative amount.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-51", "Provision_Key": "s820-51", "Heading": "Meaning of fixed ratio earnings limit and group ratio earnings limit", "Text": "(1) An entity’s fixed ratio earnings limit for an income year is 30% of its * tax EBITDA for the income year. (2) An entity’s group ratio earnings limit for an income year is its * group ratio for the income year multiplied by its * tax EBITDA for the income year.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-51"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-52", "Provision_Key": "s820-52", "Heading": "Meaning of tax EBITDA", "Text": "(1) An entity’s tax EBITDA for an income year is worked out as follows: (a) first, work out the entity’s taxable income or * tax loss for the income year (disregarding the operation of this Division (other than Subdivision 820 ‑ EAA) and treating a tax loss as a negative amount); (b) next, add the entity’s * net debt deductions for the income year; (c) next, add the sum of the entity’s deductions (if any) from its assessable income for the income year that are any of the following: (i) * general deductions that relate to forestry establishment and preparation costs unless those costs relate to the clearing of native forests; (ii) deductions under Divisions 40 and 43 (other than deductions for the entire amount of an expense incurred by the entity); (iii) deductions under section 70 ‑ 120; (ca) next, if the entity is an entity to which subsection 820 ‑ 60(1) applies—add the * excess tax EBITDA amount (if any) worked out under that section for the income year; (d) next, make adjustments to the result of paragraph (c) or (ca), as the case requires, in accordance with regulations (if any) made for the purposes of this paragraph. If the result of paragraph (d) is less than zero, treat it as being zero. Note: The entity’s net debt deductions for the income year can be a negative amount. Tax losses from earlier income years (1A) In working out the taxable income or * tax loss of a * corporate tax entity for an income year for the purposes of subsection (1), assume that: (a) the entity chooses to deduct, under subsection 36 ‑ 17(2) or (3), all of the entity’s tax losses for * loss years occurring before the income year; and (b) subsection 36 ‑ 17(5) does not apply to that choice. Franked distributions (2) For the purposes of this section, disregard Division 207, to the extent that Division results in an amount of, or a * share of, a * franking credit being included in the entity’s assessable income for the income year. Dividends etc. (3) In working out the taxable income or * tax loss of an entity for the purposes of subsection (1), disregard any * dividend or * non ‑ share dividend paid to the entity by an * associate entity and included in the entity’s assessable income under section 44 of the Income Tax Assessment Act 1936 . Trusts other than AMITs (4) If the entity is a trust other than an * AMIT: (a) treat the reference in subsection (1) to the entity’s taxable income as being a reference to the * net income of the entity; and (b) treat the reference in subsection (1) to the entity’s * net debt deductions as being a reference to the entity’s net debt deductions taken into account in working out that net income; and (c) treat the reference in subsection (1) to the entity’s deductions as being a reference to the entity’s deductions taken into account in working out that net income; and (d) treat the references in subsection (1) to the entity’s assessable income as being a reference to the entity’s assessable income taken into account in working out that net income. (5) To avoid doubt, for the purposes of references in subsection (4) to net income, do not make the assumption in subsection 102UX(3) of the Income Tax Assessment Act 1936 . Beneficiaries of trusts other than AMITs (6) In working out the taxable income or * tax loss of an entity for the purposes of subsection (1), if the entity is a beneficiary of a trust other than an * AMIT, and is an * associate entity of the trust: (a) disregard the operation of the following provisions in relation to the trust: (i) Subdivision 115 ‑ C; (ii) Division 6 of Part III of the Income Tax Assessment Act 1936 ; and (b) disregard distributions from the trust to the entity. Attribution managed investment trusts (6A) If the entity is an * AMIT: (a) treat the reference in subsection (1) to the entity’s taxable income as being a reference to the * net income of the entity; and (b) treat the reference in subsection (1) to the entity’s * net debt deductions as being a reference to the entity’s net debt deductions taken into account in working out that net income; and (c) treat the reference in subsection (1) to the entity’s deductions as being a reference to the entity’s deductions taken into account in working out that net income; and (d) treat the references in subsection (1) to the entity’s assessable income as being a reference to the entity’s assessable income taken into account in working out that net income. Members of AMITs (6B) In working out the taxable income or * tax loss of an entity for the purposes of subsection (1), if the entity is a member of an * AMIT, and is an * associate entity of the AMIT: (a) disregard the operation of Division 276 in relation to the AMIT; and (b) disregard distributions from the AMIT to the entity. Partnerships (7) If the entity is a partnership: (a) treat the reference in subsection (1) to the entity’s taxable income as being a reference to the * net income of the entity; and (b) treat the reference in subsection (1) to the entity’s * net debt deductions as being a reference to the entity’s net debt deductions taken into account in working out that net income. (c) treat the reference in subsection (1) to the entity’s deductions as being a reference to the entity’s deductions taken into account in working out that net income; and (d) treat the references in subsection (1) to the entity’s assessable income as being a reference to the entity’s assessable income taken into account in working out that net income. Partners in partnerships (8) In working out the taxable income or * tax loss of an entity for the purposes of subsection (1), if the entity is a partner in a partnership, and is an * associate entity of the partnership, disregard the operation of Division 5 of Part III of the Income Tax Assessment Act 1936 . Associate entity test—TC control interest of 10% or more (9) For the purposes of subsections (3), (6), (6B) and (8), in determining whether an entity is an associate entity of another entity: (aa) disregard the requirement in subsections 820 ‑ 905(1) and (2A) that the entity is an * associate of the other entity, unless only paragraph 820 ‑ 905(1)(b) applies; and (a) treat the references in paragraphs 820 ‑ 905(1)(a) and 820 ‑ 905(2A)(a) to “an * associate interest of 50% or more” as instead being a reference to “a * TC control interest of 10% or more”; and (b) treat subsection 820 ‑ 860(3) as applying for the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection); and (c) treat the purposes mentioned in subparagraphs 820 ‑ 870(1)(b)(i) and (ii) as including the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection). Notional deductions of R&D entities (10) In working out the taxable income or * tax loss of an entity for the purposes of subsection (1), if the entity is an * R&D entity that is entitled to a notional deduction for an income year under Division 355 in relation to * R&D activities of the R&D entity, subtract an amount equivalent to the amount of the notional deduction.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-52"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-53", "Provision_Key": "s820-53", "Heading": "Meaning of group ratio , GR group , GR group parent and GR group member", "Text": "(1) If an entity is a * GR group member for a period of a * GR group for the period, the entity’s group ratio for the income year corresponding to the period is worked out as follows: (a) first, work out the * GR group net third party interest expense, for that period, of the GR group; (b) next, work out the * GR group EBITDA for that period of the GR group; (c) next, divide the result of paragraph (a) by the result of paragraph (b). If the result of paragraph (b) is zero, the entity’s group ratio for the income year is zero. Note: The entity must keep records in accordance with section 820 ‑ 985 if the entity works out a group ratio under this section. (2) A GR group , for a period, is: (a) if * audited consolidated financial statements for the period have been prepared for a worldwide parent entity (as described in subsection 820 ‑ 935(6))—the group comprised of all of the following: (i) the worldwide parent entity; (ii) each other entity that is fully consolidated on a line ‑ by ‑ line basis in those audited consolidated financial statements; or (b) if paragraph (a) does not apply, and * global financial statements have been prepared for the period for a * global parent entity—the group comprised of all of the following: (i) the global parent entity; (ii) each other entity that is fully consolidated on a line ‑ by ‑ line basis in those global financial statements. (3) If paragraph (2)(a) applies: (a) the GR group parent for the period of the * GR group is the worldwide parent entity mentioned in that paragraph; and (b) each of the entities mentioned in that paragraph is a GR group member for the period of the * GR group. (4) If paragraph (2)(b) applies: (a) the GR group parent for the period of the * GR group is the * global parent entity mentioned in that paragraph; and (b) each of the entities mentioned in that paragraph is a GR group member for the period of the * GR group.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-53"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-54", "Provision_Key": "s820-54", "Heading": "Meaning of GR group net third party interest expense , financial statement net third party interest expense and adjusted net third party interest expense", "Text": "(1) The GR group net third party interest expense , for a period, of a * GR group for the period, is the amount that would be the group’s * financial statement net third party interest expense for the period, if: (a) where paragraph 820 ‑ 53(2)(a) applies—the * audited consolidated financial statements for the period for the * GR group parent for the period of the group were prepared on the basis that the following were treated as interest: (i) an amount in the nature of interest; (ii) any other amount that is economically equivalent to interest; or (b) where paragraph 820 ‑ 53(2)(b) applies—the * global financial statements for the period for the GR group parent for the period of the group were prepared on the basis that the following were treated as interest: (i) an amount in the nature of interest; (ii) any other amount that is economically equivalent to interest. (2) The financial statement net third party interest expense , for a period, of a * GR group for the period, is: (a) the amount of the * GR group’s net third party interest expense for the period, as disclosed in the following statements: (i) if paragraph 820 ‑ 53(2)(a) applies—the * audited consolidated financial statements for the * GR group parent for the period for the GR group; (ii) if paragraph 820 ‑ 53(2)(b) applies—the * global financial statements for the GR group parent for the period for the GR group; reduced by the amount of each payment (if any) covered by subsection (3), to the extent that it was a factor in working out that net third party interest expense; or (b) if those statements do not disclose that net third party interest expense—the amount worked out as follows: (i) first, identify the amount of the group’s third party interest expenses for the period disclosed in those statements; (ii) next, reduce the result of subparagraph (i) by the amount of each payment (if any) covered by subsection (3), to the extent that it was a factor in working out those third party interest expenses; (iii) next, reduce the result of subparagraph (ii) by the amount of the group’s third party interest income for the period disclosed in those statements; (iv) next, increase the result of subparagraph (iii) by the amount of each payment (if any) covered by subsection (3), to the extent that it was a factor in working out that third party interest income. (3) For the purposes of subsection (2), this subsection covers a payment if: (a) the payment is made by an entity to an * associate entity of the entity; and (b) either: (i) the entity is a * GR group member for the period of the * GR group and the associate entity is not such a GR group member; or (ii) the entity is not a GR group member for the period of the GR group and the associate entity is such a GR group member. (4) The adjusted net third party interest expense , for a period, of an entity or a * GR group is: (a) for an entity—the amount that would be the entity’s net interest expense for the period if the following payments were disregarded: (i) a payment that is made by the entity to an * associate entity of the entity; (ii) a payment that is made by an associate entity of the entity to the entity; or (b) for a GR group—the amount that would be the GR group’s net interest expense for the period if the following payments were disregarded: (i) a payment that is made by a * GR group member of the GR group to an associate entity of any GR group member of the GR group; (ii) a payment that is made by an associate entity of a GR group member of the GR group to any GR group member of the GR group. (5) For the purposes of subsections (3) and (4), in determining whether an entity is an associate entity of another entity: (aa) disregard the requirement in subsections 820 ‑ 905(1) and (2A) that the entity is an * associate of the other entity, unless only paragraph 820 ‑ 905(1)(b) applies; and (a) treat the references in paragraphs 820 ‑ 905(1)(a) and 820 ‑ 905(2A)(a) to “an * associate interest of 50% or more” as instead being a reference to “a * TC control interest of 20% or more”; and (b) treat subsection 820 ‑ 860(3) as applying for the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection); and (c) treat the purposes mentioned in subparagraphs 820 ‑ 870(1)(b)(i) and (ii) as including the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection).", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-54"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-55", "Provision_Key": "s820-55", "Heading": "Meaning of entity EBITDA and GR group EBITDA", "Text": "(1) The entity EBITDA of an entity, for a period, is the sum of the following for the entity for the period: (a) the entity’s net profit (disregarding tax expenses); (b) the entity’s * adjusted net third party interest expense; (c) the entity’s depreciation and amortisation expenses. (2) The GR group EBITDA , for a period, of a * GR group for the period, is the sum of the following: (a) the GR group’s net profit (disregarding tax expenses); (b) the GR group’s * adjusted net third party interest expense; (c) the GR group’s depreciation and amortisation expenses; as disclosed in: (d) if paragraph 820 ‑ 53(2)(a) applies—the * audited consolidated financial statements for the * GR group parent for the period for the GR group; or (e) if paragraph 820 ‑ 53(2)(b) applies—the * global financial statements for the GR group parent for the period for the GR group. (3) For the purposes of subsection (2), in working out the * GR group’s * GR group EBITDA for the period, if a * GR group member for the period of the GR group has an * entity EBITDA for the period of less than zero, disregard that entity EBITDA. (4) To avoid doubt, for the purposes of this section, an entity’s, or a * GR group’s, net profit (disregarding tax expenses) can be a negative amount.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-56", "Provision_Key": "s820-56", "Heading": "Special deduction for previously FRT disallowed amounts—fixed ratio test", "Text": "(1) An entity can deduct the amount worked out under subsection (2) from its assessable income for the income year if: (a) the entity has not made a choice under subsection 820 ‑ 46(3) or (4) in relation to the income year (fixed ratio test applies); and (b) the entity’s * fixed ratio earnings limit for the income year exceeds the sum of the entity’s * net debt deductions for the income year. Note: The entity’s net debt deductions for the income year can be a negative amount. (2) Work out the amount of the deduction as follows: (a) first, work out the amount of the excess mentioned in paragraph (1)(b); (b) next, apply against that excess each of the entity’s * FRT disallowed amounts for the previous 15 income years (to the extent that they have not already been applied under this paragraph in respect of any of those previous income years). The amount of the deduction is the total amount applied under paragraph (b). (3) For the purposes of paragraph (2)(b): (a) apply * FRT disallowed amounts in sequence, where a FRT disallowed amount for an earlier income year is applied before a FRT disallowed amount from a later income year; and (b) apply FRT disallowed amounts up to, but not beyond, the excess mentioned in paragraph (1)(b). Note: As a result of paragraph (3)(b), part of a FRT disallowed amount may be applied against the excess mentioned in paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-56"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-57", "Provision_Key": "s820-57", "Heading": "Meaning of FRT disallowed amount", "Text": "An entity has a fixed ratio test disallowed amount (or FRT disallowed amount ) for an income year equal to: (a) if * debt deductions of the entity for the income year are disallowed under subsection 820 ‑ 46(1) and the amount disallowed is worked out in accordance with paragraph 820 ‑ 50(1)(a) (fixed ratio test applies)—the amount disallowed; or (b) otherwise—zero.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-57"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-58", "Provision_Key": "s820-58", "Heading": "FRT disallowed amount is treated as zero where subsequent choice means fixed ratio test does not apply", "Text": "(1) Subsection (2) applies if: (a) an entity has not made a choice under subsection 820 ‑ 46(3) or (4) in relation to an income year; and (b) the entity makes a choice under subsection 820 ‑ 46(3) or (4) in relation to a subsequent income year. (2) Despite section 820 ‑ 57, for the purpose of applying section 820 ‑ 56 in respect of that subsequent income year and later income years, treat the entity as having a * FRT disallowed amount of zero for every income year before that subsequent income year.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-58"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-59", "Provision_Key": "s820-59", "Heading": "When FRT disallowed amount is treated as zero for companies and trusts", "Text": "(1) This section applies if an entity is a company or a trust. (2) This section applies for the purposes of applying a * FRT disallowed amount of the entity for an income year (the disallowance year ) under paragraph 820 ‑ 56(2)(b), in order to work out the amount of a deduction from its assessable income for another income year (the deduction year ) under subsection 820 ‑ 56(1). (3) Despite section 820 ‑ 57, treat the * FRT disallowed amount for the disallowance year as being zero unless: (a) if the entity is a company—subsection (4) applies; or (b) if the entity is a trust—subsection (5) applies. Rules for companies (4) This subsection applies if, assuming that: (a) the * FRT disallowed amount were a * tax loss; and (b) the disallowance year were the * loss year; and (c) the following provisions were disregarded: (i) subsection 165 ‑ 115B(3); (ii) subsection 165 ‑ 115BA(5); (iii) section 415 ‑ 35; Divisions 165, 166 and 167 would not prevent the company from deducting the entire amount of that tax loss in the deduction year. Rules for trusts (5) This subsection applies if, assuming that: (a) the * FRT disallowed amount were a tax loss (within the meaning of Schedule 2F to the Income Tax Assessment Act 1936 ); and (b) the disallowance year were a loss year (within the meaning of that Schedule); that Schedule would not prevent the entity from deducting the entire amount of that tax loss in the deduction year.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-59"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-60", "Provision_Key": "s820-60", "Heading": "Excess tax EBITDA amount", "Text": "Scope (1) This section applies to an entity (the controlling entity ) if: (a) the controlling entity is, for a period that is all or part of an income year, one of the following entities: (i) a company that is an * Australian entity; (ii) a unit trust that is a * resident trust for CGT purposes; (iii) a * managed investment trust; (iv) a partnership that is an Australian entity; and (b) the controlling entity is a * general class investor for all or part of the income year; and (c) the controlling entity has not made a choice under subsection 820 ‑ 46(3) or (4) in relation to the income year; and (d) one or more other entities (each of which is a controlled entity ) satisfy the conditions in subsection (2) of this section in relation to the controlling entity for the income year. (2) An entity (the test entity ) satisfies the conditions in this subsection in relation to the controlling entity for an income year if: (a) the controlling entity has a * TC direct control interest of 50% or more in the test entity at any time during the income year; and (b) the test entity is, for a period that is all or part of the income year, one of the following entities: (i) a company that is an * Australian entity; (ii) a unit trust that is a * resident trust for CGT purposes; (iii) a * managed investment trust; (iv) a partnership that is an Australian entity; and (c) the test entity is a * general class investor for all or part of the income year; and (d) the test entity has not made a choice under subsection 820 ‑ 46(3) or (4) in relation to the income year. Excess tax EBITDA amount (3) The controlling entity’s excess tax EBITDA amount for the income year is the amount worked out using the following method statement. Method statement Step 1. For each controlled entity, work out the amount (if any) by which the * fixed ratio earnings limit of the controlled entity for the income year exceeds the sum of the following: (a) the controlled entity’s * net debt deductions for the income year (for the purposes of this paragraph, treat a negative amount of net debt deductions as nil); (b) the total of the controlled entity’s * FRT disallowed amounts for the 15 income years ending immediately before the income year (to the extent those amounts have not been applied under section 820 ‑ 56 ). Step 2. For each controlled entity: (a) work out the controlling entity’s * TC direct control interest for each day in the income year; and (b) for each day on which the amount was 50% or greater, add the amounts; and (c) divide the result of paragraph (b) by the number of days in the income year during which the controlled entity was in existence. Express the result as a percentage. Step 3. For each controlled entity, multiply the result of step 1 by the percentage worked out under step 2. If the amount worked out under step 1 for a controlled entity is nil, the result for that controlled entity under this step will be nil. Step 4. Add up the amounts worked out under step 3. Step 5. Divide the result of step 4 by 0.3. The result of this step is the excess tax EBITDA amount . Modification of TC direct control interest—companies (4) For the purposes of this section, in working out whether the controlling entity holds a * TC direct control interest in a company, apply subsection 820 ‑ 855(2) as if it instead included the modifications of Part X of the Income Tax Assessment Act 1936 set out in the following table. Modifications of provisions in Part X of the Income Tax Assessment Act 1936 Item Provisions Modifications 1 Section 350 (including any other provision in Part X of the Income Tax Assessment Act 1936 that defines a term used in the section) The section applies for the purposes of this section and Subdivision 820 ‑ H rather than only for the purposes of Part X of the Income Tax Assessment Act 1936 2 Subsection 350(1) The reference to “greater or greatest” is taken to be a reference to “lesser or least” 3 Subsection 350(2) The reference to “highest” is taken to be a reference to “lowest” 4 Subsections 350(6) and (7) The subsections do not apply Modification of TC direct control interest—trusts (5) For the purposes of this section, in working out whether the controlling entity holds a * TC direct control interest in a trust, apply subsection 820 ‑ 860(2) as if it also included the modifications of Part X of the Income Tax Assessment Act 1936 set out in the following table. Modifications of provisions in Part X of the Income Tax Assessment Act 1936 Item Provisions Modifications 3 Subsection 351(1) The reference to “greater of those percentages” reads “lesser of those percentages” 4 Subsections 351(2) to (4) The subsections do not apply Modification of TC direct control interest—partnerships (6) For the purposes of this section, in working out whether the controlling entity holds a * TC direct control interest in a partnership, apply section 820 ‑ 865 as if: (a) the reference to “greatest” were a reference to “least”; and (b) paragraph 820 ‑ 865(b) were omitted. Modified meaning of Australian entity (7) For the purposes of this section, in determining whether an entity is an * Australian entity (including for the purposes of determining whether another entity is a * foreign entity) at a particular time: (a) for the purposes of paragraph 336(a) of the Income Tax Assessment Act 1936 , treat a partnership as being an Australian entity if, at that time, a * direct participation interest of 50% or more is held in the partnership by one or more of the following: (i) an Australian resident; (ii) an * Australian trust; and (b) disregard section 337 of that Act.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-65", "Provision_Key": "s820-65", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the thin capitalisation rules that apply to an entity that is an outward investing financial entity (non ‑ ADI) for all of an income year. These rules deal with the following matters: • how to work out the entity’s maximum allowable debt for an income year; • how all or a part of the debt deductions claimed by the entity may be disallowed if the maximum allowable debt is exceeded; • how to apply these rules to a period that is less than an income year. Table of sections Operative provisions 820 ‑ 85 Thin capitalisation rule for outward investing financial entities (non ‑ ADI) 820 ‑ 90 Maximum allowable debt 820 ‑ 100 Safe harbour debt amount—outward investing financial entity (non ‑ ADI) 820 ‑ 110 Worldwide gearing debt amount—outward investor that is not also an inward investment vehicle 820 ‑ 111 Worldwide gearing debt amount—outward investor that is also an inward investment vehicle 820 ‑ 115 Amount of debt deduction disallowed 820 ‑ 120 Application to part year periods", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-85", "Provision_Key": "s820-85", "Heading": "Thin capitalisation rule for outward investing financial entities (non ‑ ADI)", "Text": "Thin capitalisation rule (1A) Subsection (1) applies if: (a) an entity is an * outward investing financial entity (non ‑ ADI) (see subsection (2)) for all of an income year; and (b) either: (i) the entity has made a choice under subsection (2C) in relation to the income year; or (ii) otherwise—the entity’s * adjusted average debt (see subsection (3)) for the income year exceeds its * maximum allowable debt (see section 820 ‑ 90) for the income year. Note: This Subdivision does not apply if the total debt deductions of that entity and all its associate entities for that year are $2 million or less, see section 820 ‑ 35. (1) This subsection disallows: (a) if paragraph (1A)(b)(i) applies—all or part of the entity’s * debt deductions for the income year (to the extent that they are not attributable to an * overseas permanent establishment of the entity); or (b) if paragraph (1A)(b)(ii) applies—all or a part of each debt deduction of the entity for the income year (to the extent that it is not attributable to an overseas permanent establishment of the entity). Note 1: To work out the amount to be disallowed, see section 820 ‑ 115. Note 2: For the rules that apply to an entity that is an outward investing financial entity (non ‑ ADI) for only a part of an income year, see section 820 ‑ 120 in conjunction with subsection (2) of this section. Note 3: A consolidated group or MEC group may be an outward investing financial entity (non ‑ ADI) to which this Subdivision applies: see Subdivisions 820 ‑ FA and 820 ‑ FB. Outward investing financial entity (non ‑ ADI) (2) The entity is an outward investing financial entity (non ‑ ADI) for a period that is all or a part of an income year if, and only if, it is an * outward investor (financial) for that period (according to the items of the following table). Outward investing financial entity (non ‑ ADI) Item If: and: then: 1 the entity (the relevant entity ) is one or both of the following throughout a period that is all or a part of an income year: (a) an * Australian controller of at least one * Australian controlled foreign entity (not necessarily the same Australian controlled foreign entity throughout that period); (b) an Australian entity that carries on a * business at or through at least one * overseas permanent establishment (not necessarily the same permanent establishment throughout that period) the relevant entity is a * financial entity throughout that period the relevant entity is an outward investing financial entity (non ‑ ADI) for that period 2 (a) the entity (the relevant entity ) is an * Australian entity throughout a period that is all or a part of an income year; and (b) throughout that period, the relevant entity is an * associate entity of another Australian entity; and (c) that other Australian entity is an * outward investing financial entity (non ‑ ADI) or an * outward investing entity (ADI) for that period the relevant entity is a * financial entity throughout that period the relevant entity is an outward investing financial entity (non ‑ ADI) for that period Note: To determine whether an entity is an Australian controller of an Australian controlled foreign entity, see Subdivision 820 ‑ H. (2A) However, the entity is not an outward investing financial entity (non ‑ ADI) for a period that is all or a part of an income year if it is a * general class investor for that year. (2B) Subsection (2A) does not apply for the purposes of subsection 820 ‑ 46(2) (definition of general class investor ). (2BA) For the purposes of item 2 of the table in subsection (2) of this section, assume that the other * Australian entity is a * financial entity for all of the income year. (2C) An entity that is an * outward investing financial entity (non ‑ ADI) for a period that is all or part of an income year may make a choice under this subsection to apply the third party debt test in relation to that income year. (2D) Section 820 ‑ 47 applies in relation to a choice under subsection (2C) in the same way that it applies in relation to a choice under subsection 820 ‑ 46(3) or (4). Adjusted average debt (3) The entity’s adjusted average debt for an income year is the result of applying the method statement in this subsection. In applying the method statement, disregard any amount that is attributable to the entity’s * overseas permanent establishments. Method statement Step 1. Work out the average value, for that year (the relevant year ), of all the * debt capital of the entity that gives rise to * debt deductions of the entity for that or any other income year. Step 2. Reduce the result of step 1 by the average value, for the relevant year, of all the * associate entity debt of the entity. Step 3. Reduce the result of step 2 by the average value, for the relevant year, of all the * controlled foreign entity debt of the entity. Step 4. If the entity is a * financial entity throughout the relevant year, add to the result of step 3 the average value, for the relevant year, of the entity’s * borrowed securities amount. Step 5. Add to the result of step 4 the average value, for the relevant year, of the * cost ‑ free debt capital of the entity. The result of this step is the adjusted average debt . Note: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. (4) The entity’s * adjusted average debt does not exceed its * maximum allowable debt if the adjusted average debt is nil or a negative amount.", "Amendment_Count": 7, "First_Amended": "No 162 of 2001", "Last_Amended": "No 136 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 101 of 2006 | No 110 of 2014 | No 23 of 2024 | No 136 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-90", "Provision_Key": "s820-90", "Heading": "Maximum allowable debt", "Text": "Entity is not also an inward investment vehicle (financial) (1) The entity’s maximum allowable debt for an income year is the greatest of the following amounts if the entity is not also an * inward investment vehicle (financial) for all or any part of that year: (a) the * safe harbour debt amount; (c) unless the entity has * worldwide equity of nil or a negative amount—the * worldwide gearing debt amount. Entity is also an inward investment vehicle (financial) (2) The entity’s maximum allowable debt for an income year is the greatest of the following amounts if the entity is also an * inward investment vehicle (financial) for all or any part of that year: (a) the * safe harbour debt amount; (c) unless subsection (3) applies to the entity—the * worldwide gearing debt amount. Inward investment vehicles that are not eligible for the worldwide gearing debt amount (3) This subsection applies to an entity, if: (a) the entity has * statement worldwide equity, or * statement worldwide assets, of nil or a negative amount; or (b) * audited consolidated financial statements for the entity for the income year do not exist; or (c) the result of applying the following formula is greater than 0.5: where: average Australian assets of an entity is the average value, for the statement period mentioned in subsection (4), of all the assets of the entity, other than: (a) any assets attributable to the entity’s * overseas permanent establishments; or (b) any * debt interests held by the entity, to the extent to which any value of the interests is all or a part of the * controlled foreign entity debt of the entity; or (c) any * equity interests or debt interests held by the entity, to the extent to which any value of the interests is all or a part of the * controlled foreign entity equity of the entity. (4) For the purposes of the definition of average Australian assets in subsection (3) the statement period is the period for which the * audited consolidated financial statements for the entity for the income year have been prepared. (5) For the purposes of the formula in paragraph (3)(c), if: (a) an amount is included in * statement worldwide assets in respect of an asset; and (b) the asset was acquired, held or otherwise dealt with by an entity for a purpose (other than an incidental purpose) that included ensuring that subsection (3) does not apply to an entity; and (c) as a result of the acquisition, holding or dealing with of the asset, the amount included in statement worldwide assets exceeds the amount (including nil) that would otherwise be so included; apply the amount of the excess to reduce statement worldwide assets (or statement worldwide assets as reduced by a previous application of this subsection).", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-100", "Provision_Key": "s820-100", "Heading": "Safe harbour debt amount—outward investing financial entity (non ‑ ADI)", "Text": "(1) If the entity is an * outward investing financial entity (non ‑ ADI) for the income year, the safe harbour debt amount is the lesser of the following amounts: (a) the * total debt amount (worked out under subsection (2)); (b) the * adjusted on ‑ lent amount (worked out under subsection (3)). However, if the 2 amounts are equal, it is the total debt amount. Total debt amount (2) The total debt amount is the result of applying the method statement in this subsection. In applying the method statement, disregard any amount that is attributable to the entity’s * overseas permanent establishments. Method statement Step 1. Work out the average value, for the income year, of all the assets of the entity. Step 1A. Reduce the result of step 1 by the average value, for that year, of all the * excluded equity interests in the entity. Step 2. Reduce the result of step 1A by the average value, for that year, of all the * associate entity debt of the entity. Step 3. Reduce the result of step 2 by the average value, for that year, of all the * associate entity equity of the entity. Step 4. Reduce the result of step 3 by the average value, for that year, of all the * controlled foreign entity debt of the entity. Step 5. Reduce the result of step 4 by the average value, for that year, of all the * controlled foreign entity equity of the entity. Step 6. Reduce the result of step 5 by the average value, for that year, of all the * non ‑ debt liabilities of the entity. Step 7. Reduce the result of step 6 by the average value, for that year, of the entity’s * zero ‑ capital amount. If the result of this step is a negative amount, it is taken to be nil. Step 8. Multiply the result of step 7 by 15 / 16 . Step 9. Add to the result of step 8 the average value, for that year, of the entity’s * zero ‑ capital amount. Step 10. Add to the result of step 9 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the total debt amount . Example: GLM Limited, a company that is an Australian entity, has an average value of assets (other than assets attributable to its overseas permanent establishments) of $160 million. The average values of its relevant excluded equity interests, associate entity debt, associate entity equity, controlled foreign entity debt, controlled foreign entity equity, non ‑ debt liabilities and zero ‑ capital amount are $5 million, $5 million, $5 million, $9 million, $6 million, $5 million and $4 million respectively. Deducting these amounts from the result of step 1 (through applying steps 1A to 7) leaves $121 million. Multiplying $121 million by 15 / 16 results in $113.4375 million. Adding the average zero ‑ capital amount of $4 million results in $117.4375 million. As the company does not have any associate entity excess amount, the total debt amount is therefore $117.4375 million. Adjusted on ‑ lent amount (3) The adjusted on ‑ lent amount is the result of applying the method statement in this subsection. In applying the method statement, disregard any amount that is attributable to the entity’s * overseas permanent establishments. Method statement Step 1. Work out the average value, for the income year, of all the assets of the entity. Step 1A. Reduce the result of step 1 by the average value, for that year, of all the * excluded equity interests in the entity. Step 2. Reduce the result of step 1A by the average value, for that year, of all the * associate entity equity of the entity. Step 3. Reduce the result of step 2 by the average value, for that year, of all the * controlled foreign entity debt of the entity. Step 4. Reduce the result of step 3 by the average value, for that year, of all the * controlled foreign entity equity of the entity. Step 5. Reduce the result of step 4 by the average value, for that year, of all the * non ‑ debt liabilities of the entity. Step 6. Reduce the result of step 5 by the amount (the average on ‑ lent amount ) which is the average value, for that year, of the entity’s * on ‑ lent amount (other than * controlled foreign entity debt of the entity). If the result of this step is a negative amount, it is taken to be nil. Step 7. Multiply the result of step 6 by 3 / 5 . Step 8. Add to the result of step 7 the average on ‑ lent amount. Step 9. Reduce the result of step 8 by the average value, for that year, of all the * associate entity debt of the entity. Step 10. Add to the result of step 9 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the adjusted on ‑ lent amount . Example: GLM Limited, a company that is an Australian entity, has an average value of assets (other than assets attributable to its overseas permanent establishments) of $160 million. The average values of its relevant excluded equity interests, associate entity equity, controlled foreign entity debt, controlled foreign entity equity, non ‑ debt liabilities and on ‑ lent amount are $5 million, $5 million, $9 million, $6 million, $5 million and $35 million respectively. Deducting these amounts from the result of step 1 (through applying steps 1A to 6) leaves $95 million. Multiplying $95 million by 3 / 5 results in $57 million. Adding the average on ‑ lent amount of $35 million results in $92 million. Reducing the result of step 8 by the associate entity debt amount of $5 million equals $87 million. As the company does not have any associate entity excess amount, the adjusted on ‑ lent amount is therefore $87 million.", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-110", "Provision_Key": "s820-110", "Heading": "Worldwide gearing debt amount—outward investor that is not also an inward investment vehicle", "Text": "Outward investing financial entity (non ‑ ADI) that is not also an inward investment vehicle (financial) If the entity is an * outward investing financial entity (non ‑ ADI) for that year, and not also an * inward investment vehicle (financial) for all or any part of that year, the worldwide gearing debt amount is the result of applying the method statement in this subsection. Method statement Step 1. Divide the average value of all the entity’s * worldwide debt for the income year by the average value of all the entity’s * worldwide equity for that year. Step 3. Add 1 to the result of step 1. Step 4. Divide the result of step 1 by the result of step 3. Step 5. Multiply the result of step 4 in this method statement by the result of step 7 in the method statement in subsection 820 ‑ 100(2). Step 6. Add to the result of step 5 the average value, for that year, of the entity’s * zero ‑ capital amount (other than any zero ‑ capital amount that is attributable to the entity’s * overseas permanent establishments). Step 7. Add to the result of step 6 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the worldwide gearing debt amount . Example: GLM Limited, a company that is an Australian entity, has an average value of worldwide debt of $120 million and an average value of worldwide equity of $40 million. The result of applying step 1 is therefore 3. Dividing 3 by 4 (through applying steps 3 and 4) and multiplying the result by $121 million (which is the result of step 7 of the method statement in subsection 820 ‑ 100(2)) equals $90.75 million. The average value of zero ‑ capital amount (see step 7 of the method statement in subsection 820 ‑ 100(2)) is $4 million. Adding that amount to $90.75 million results in $94.75 million. As the company does not have any associate entity excess amount, the worldwide gearing debt amount is therefore $94.75 million.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-111", "Provision_Key": "s820-111", "Heading": "Worldwide gearing debt amount—outward investor that is also an inward investment vehicle", "Text": "Outward investing financial entity (non ‑ ADI) If the entity is an * outward investing financial entity (non ‑ ADI) for the income year, and is also an * inward investment vehicle (financial) for all or any part of that year, the worldwide gearing debt amount is the result of applying the method statement in this subsection. Method statement Step 1. Divide the entity’s * statement worldwide debt for the income year by the entity’s * statement worldwide equity for that year. Step 2. Add 1 to the result of step 1. Step 3. Divide the result of step 1 by the result of step 2. Step 4. Multiply the result of step 3 in this method statement by the result of step 7 in the method statement in subsection 820 ‑ 100(2). Step 5. Add to the result of step 4 the average value, for that year, of the entity’s * zero ‑ capital amount (other than any zero ‑ capital amount that is attributable to the entity’s * overseas permanent establishments). Step 6. Add to the result of step 5 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the worldwide gearing debt amount . Example: TRR Limited, a company that is an Australian entity, has a worldwide parent entity in the United States of America. TRR Limited also has permanent establishments in Malaysia. TRR Limited has statement worldwide debt of $90 million and statement worldwide equity of $30 million. The result of applying step 1 is therefore 3. Dividing 3 by 4 (through applying steps 2 and 3) and multiplying the result by $100 million (which is the result of step 7 of the method statement in subsection 820 ‑ 100(2)) equals $75 million. The zero capital amount is $5 million. Adding that amount to $75 million results in $80 million. As the company does not have any associate entity excess amount, the worldwide gearing debt amount is therefore $80 million.", "Amendment_Count": 2, "First_Amended": "No 110 of 2014", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-111"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-115", "Provision_Key": "s820-115", "Heading": "Amount of debt deduction disallowed", "Text": "(1) If subparagraph 820 ‑ 85(1A)(b)(i) applies, the amount (the total disallowed amount ) disallowed under subsection 820 ‑ 85(1) of the * debt deductions of an entity for an income year is the amount by which those debt deductions (to the extent that they are not attributable to an * overseas permanent establishment of the entity) exceed the entity’s * third party earnings limit for the income year (see section 820 ‑ 427A). Note: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54. (2) The amount by which a particular * debt deduction is disallowed as a result of subsection (1) is worked out as follows: (a) first, divide the total disallowed amount by the * debt deductions of the entity for the income year; (b) next, multiply the amount of the particular debt deduction by the result of paragraph (a). (3) If subparagraph 820 ‑ 85(1A)(b)(ii) applies, the amount of a * debt deduction of an entity for an income year disallowed under subsection 820 ‑ 85(1) is worked out using the following formula: where: average debt means the sum of: (a) the average value, for the income year, of the entity’s * debt capital that is covered by step 1 of the method statement in subsection 820 ‑ 85(3); and (b) the average value, for that year, of the entity’s * cost ‑ free debt capital that is covered by step 5 of that method statement; (disregarding any amount that is attributable to the entity’s * overseas permanent establishments in working out the average values). debt deduction means each * debt deduction covered by subsection 820 ‑ 85(1). excess debt means the amount by which the entity’s * adjusted average debt for that year (see subsection 820 ‑ 85(3)) exceeds its * maximum allowable debt for that year. Note: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54.", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-120", "Provision_Key": "s820-120", "Heading": "Application to part year periods", "Text": "(1) This subsection disallows all or a part of each * debt deduction of an entity for an income year that is an amount incurred by the entity during a period that is a part of that year (to the extent that it is not attributable to an * overseas permanent establishment of the entity), if: (a) the entity is an * outward investing financial entity (non ‑ ADI) for that period; and (b) the entity’s * adjusted average debt for that period exceeds the entity’s * maximum allowable debt for that period. Note: To determine whether an entity is an outward investing entity (non ‑ ADI) for that period, see subsection 820 ‑ 85(2). (2) The entity’s adjusted average debt for that period is the result of applying the method statement in this subsection. In applying the method statement, disregard any amount that is attributable to the entity’s * overseas permanent establishments. Method statement Step 1. Work out the average value, for that period, of all the * debt capital of the entity that gives rise to * debt deductions of the entity for that or any other income year. Step 2. Reduce the result of step 1 by the average value, for that period, of all the * associate entity debt of the entity. Step 3. Reduce the result of step 2 by the average value, for that period, of all the * controlled foreign entity debt of the entity. Step 4. If the entity is a * financial entity throughout that period, add to the result of step 3 the average value, for that period, of the entity’s * borrowed securities amount. Step 5. Add to the result of step 4 the average value, for that period, of the * cost ‑ free debt capital of the entity. The result of this step is the adjusted average debt . (3) The entity’s * adjusted average debt does not exceed its * maximum allowable debt if the adjusted average debt is nil or a negative amount. (4) For the purposes of determining: (a) the * maximum allowable debt for the period mentioned in subsection (1); and (b) the amount of each * debt deduction to be disallowed; sections 820 ‑ 90 to 820 ‑ 115 apply in relation to that entity and that period with the modifications set out in the following table: Modifications of sections 820 ‑ 90 to 820 ‑ 115 Item Provisions Modifications 1 Sections 820 ‑ 90 to 820 ‑ 115 A reference to an income year is taken to be a reference to that period 2 Section 820 ‑ 115 A reference to subsection 820 ‑ 85(1) is taken to be a reference to subsection (1) of this section 3 Section 820 ‑ 115 adjusted average debt is taken to have the meaning given by subsection (2) of this section average debt is taken to be the sum of: (a) the average value, for that period, of the entity’s * debt capital that is covered by step 1 of the method statement in subsection (2) of this section; and (b) the average value, for that period, of the entity’s * cost ‑ free debt capital that is covered by step 5 of that method statement; (disregarding any amount that is attributable to the entity’s * overseas permanent establishments in working out the average values).", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 58 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-180", "Provision_Key": "s820-180", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the thin capitalisation rules that apply to an entity that is an inward investing financial entity (non ‑ ADI) for all of an income year (but not an outward investing financial entity (non ‑ ADI) for all or any part of that year). These rules deal with the following matters: • how to work out the entity’s maximum allowable debt for an income year; • how all or a part of the debt deductions claimed by the entity may be disallowed if the maximum allowable debt is exceeded; • how to apply these rules to a period that is less than an income year. Table of sections Operative provisions 820 ‑ 185 Thin capitalisation rule for inward investing financial entities (non ‑ ADI) 820 ‑ 190 Maximum allowable debt 820 ‑ 200 Safe harbour debt amount—inward investment vehicle (financial) 820 ‑ 210 Safe harbour debt amount—inward investor (financial) 820 ‑ 217 Worldwide gearing debt amount—inward investment vehicle (financial) 820 ‑ 219 Worldwide gearing debt amount—inward investor (financial) 820 ‑ 220 Amount of debt deduction disallowed 820 ‑ 225 Application to part year periods", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-185", "Provision_Key": "s820-185", "Heading": "Thin capitalisation rule for inward investing financial entities (non ‑ ADI)", "Text": "Thin capitalisation rule (1A) Subsection (1) applies if: (a) an entity is an * inward investing financial entity (non ‑ ADI) (see subsection (2)) for all of an income year, but is not also an * outward investing financial entity (non ‑ ADI) (see section 820 ‑ 85) for all or any part of that year; and (b) either: (i) the entity has made a choice under subsection (2C) in relation to the income year; or (ii) otherwise—the entity’s * adjusted average debt (see subsection (3)) for the income year exceeds its * maximum allowable debt (see section 820 ‑ 190) for the income year. Note: This Subdivision does not apply if the total debt deductions of that entity and all its associate entities for that year are $2 million or less, see section 820 ‑ 35. (1) This subsection disallows: (a) if paragraph (1A)(b)(i) applies—all or part of the entity’s * debt deductions for the income year; or (b) if paragraph (1A)(b)(ii) applies—all or a part of each debt deduction of the entity for the income year. Note 1: To work out the amount to be disallowed, see section 820 ‑ 220. Note 2: For the rules that apply to an entity that is an outward investing financial entity (non ‑ ADI) as well as an inward investing financial entity (non ‑ ADI), see Subdivision 820 ‑ B. Note 3: For the rules that apply to an entity that is an inward investing financial entity (non ‑ ADI) for only a part of an income year, see section 820 ‑ 225 in conjunction with subsection (2) of this section. Note 4: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. Note 5: A consolidated group or MEC group may be an inward investing financial entity (non ‑ ADI) to which this Subdivision applies: see Subdivisions 820 ‑ FA and 820 ‑ FB. Inward investing financial entity (non ‑ ADI) (2) The entity is an inward investing financial entity (non ‑ ADI) for a period that is all or a part of an income year if, and only if, it is: (b) an * inward investment vehicle (financial) for that period (as set out in item 1 of the following table); or (d) an * inward investor (financial) for that period (as set out in item 2 of that table). Inward investing financial entity (non ‑ ADI) Item If the entity is a: and the entity: the entity is an: 1 * foreign controlled Australian entity throughout a period that is all or a part of an income year is a * financial entity throughout that period inward investment vehicle (financial) for that period 2 * foreign entity throughout a period that is all or a part of an income year is a * financial entity throughout that period inward investor (financial) for that period Note 1: To determine whether an entity is a foreign controlled Australian entity, see Subdivision 820 ‑ H. Note 2: An entity covered by item 2 of the table may be required to keep certain records, see Subdivision 820 ‑ L. (2A) However, the entity is not an inward investing financial entity (non ‑ ADI) for a period that is all or a part of an income year if it is a * general class investor for that year. (2B) Subsection (2A) does not apply for the purposes of subsection 820 ‑ 46(2) (definition of general class investor ). (2C) An entity that is an * inward investing financial entity (non ‑ ADI) for a period that is all or part of an income year may make a choice under this subsection to apply the third party debt test in relation to that income year. (2D) Section 820 ‑ 47 applies in relation to a choice under subsection (2C) in the same way that it applies in relation to a choice under subsection 820 ‑ 46(3) or (4). Adjusted average debt (3) The entity’s adjusted average debt for an income year is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for that year (the relevant year ), of all the * debt capital of the entity that gives rise to * debt deductions of the entity for that or any other income year. Step 2. Reduce the result of step 1 by the average value, for the relevant year, of: (a) if the entity is an * inward investment vehicle (financial) for that year—all the * associate entity debt of the entity; or (b) if the entity is an * inward investor (financial) for that year—all the associate entity debt of the entity, to the extent that it is attributable to the entity’s * Australian permanent establishments. Step 3. If the entity is a * financial entity throughout the relevant year, add to the result of step 2 the average value, for the relevant year, of the entity’s * borrowed securities amount. Step 4. Add to the result of step 3 the average value, for the relevant year, of the * cost ‑ free debt capital of the entity. The result of this step is the adjusted average debt. Note: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. (4) The entity’s * adjusted average debt does not exceed its * maximum allowable debt if the adjusted average debt is nil or a negative amount.", "Amendment_Count": 6, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 101 of 2006 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-190", "Provision_Key": "s820-190", "Heading": "Maximum allowable debt", "Text": "(1) The entity’s maximum allowable debt for an income year is the greatest of the following amounts: (a) the * safe harbour debt amount; (c) unless subsection (2) applies to the entity—the * worldwide gearing debt amount. Entities that are not eligible for the worldwide gearing debt amount (2) This subsection applies to an entity, if: (a) the entity has * statement worldwide equity, or * statement worldwide assets, of nil or a negative amount; or (b) * audited consolidated financial statements for the entity for the income year do not exist; or (c) the result of applying the following formula is greater than 0.5: where: average Australian assets : (a) of an * Australian entity—is the average value, for the statement period mentioned in subsection (3), of all the assets of the entity, other than: (i) any * debt interests held by the entity, to the extent to which any value of the interests is all or a part of the * controlled foreign entity debt of the entity; or (ii) any * equity interests or debt interests held by the entity, to the extent to which any value of the interests is all or a part of the * controlled foreign entity equity of the entity; and (b) of a * foreign entity—is the average value, for the statement period mentioned in subsection (3), of all the assets of the entity that are: (i) located in Australia; or (ii) attributable to the entity’s * Australian permanent establishments; or (iii) debt interests held by the entity, that were * issued by an * Australian entity and are * on issue; (iv) equity interests held by the entity in an * Australian entity. (3) For the purposes of the definition of average Australian assets in subsection (2) the statement period is the period for which the * audited consolidated financial statements for the entity for the income year have been prepared. (4) For the purposes of the formula in paragraph (2)(c), if: (a) an amount is included in * statement worldwide assets in respect of an asset; and (b) the asset was acquired, held or otherwise dealt with by an entity for a purpose (other than an incidental purpose) that included ensuring that subsection (2) does not apply to an entity; and (c) as a result of the acquisition, holding or dealing with of the asset, the amount included in statement worldwide assets exceeds the amount (including nil) that would otherwise be so included; apply the amount of the excess to reduce statement worldwide assets (or statement worldwide assets as reduced by a previous application of this subsection).", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Repealed and substituted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-200", "Provision_Key": "s820-200", "Heading": "Safe harbour debt amount—inward investment vehicle (financial)", "Text": "(1) If the entity is an * inward investment vehicle (financial) for the income year, the safe harbour debt amount is the lesser of the following amounts: (a) the * total debt amount (worked out under subsection (2)); (b) the * adjusted on ‑ lent amount (worked out under subsection (3)). However, if the 2 amounts are equal, it is the total debt amount. Total debt amount (2) The total debt amount is the result of the method statement in this subsection. Method statement Step 1. Work out the average value, for the income year, of all the assets of the entity. Step 1A. Reduce the result of step 1 by the average value, for that year, of all the * excluded equity interests in the entity. Step 2. Reduce the result of step 1A by the average value, for that year, of all the * associate entity debt of the entity. Step 3. Reduce the result of step 2 by the average value, for that year, of all the * associate entity equity of the entity. Step 4. Reduce the result of step 3 by the average value, for that year, of all the * non ‑ debt liabilities of the entity. Step 5. Reduce the result of step 4 by the average value, for that year, of the entity’s * zero ‑ capital amount. If the result of this step is a negative amount, it is taken to be nil. Step 6. Multiply the result of step 5 by 15 / 16 . Step 7. Add to the result of step 6 the average value, for that year, of the entity’s * zero ‑ capital amount. Step 8. Add to the result of step 7 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the total debt amount . Example: KJW Finance Pty Ltd, a company that is an Australian entity, has an average value of assets of $120 million. The average values of its excluded equity interests, associate entity debt, associate entity equity, its non ‑ debt liabilities and its zero ‑ capital amount are $5 million, $5 million, $3 million, $2 million and $5 million respectively. Deducting these amounts from the result of step 1 (through applying steps 1A to 5) leaves $100 million. Multiplying $100 million by 15 / 16 results in $93.75 million. Adding the zero ‑ capital amount of $5 million to $93.75 million results in $98.75 million. As the company does not have any associate entity excess amount, the total debt amount is therefore $98.75 million. Adjusted on ‑ lent amount (3) The adjusted on ‑ lent amount is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for the income year, of all the assets of the entity. Step 1A. Reduce the result of step 1 by the average value, for that year, of all the * excluded equity interests in the entity. Step 2. Reduce the result of step 1A by the average value, for that year, of all the * associate entity equity of the entity. Step 3. Reduce the result of step 2 by the average value, for that year, of all the * non ‑ debt liabilities of the entity. Step 4. Reduce the result of step 3 by the amount (the average on ‑ lent amount ) which is the average value, for that year, of the entity’s * on ‑ lent amount. If the result of this step is a negative amount, it is taken to be nil. Step 5. Multiply the result of step 4 by 3 / 5 . Step 6. Add to the result of step 5 the average on ‑ lent amount. Step 7. Reduce the result of step 6 by the average value, for that year, of all the * associate entity debt of the entity. Step 8. Add to the result of step 7 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the adjusted on ‑ lent amount . Example: KJW Finance Pty Ltd, a company that is an Australian entity, has an average value of assets of $120 million. The average values of its excluded equity interests, associate entity equity, non ‑ debt liabilities and on ‑ lent amount are $5 million, $3 million, $2 million and $35 million respectively. Deducting these amounts from the result of step 1 (through applying steps 1A to 4) leaves $75 million. Multiplying $75 million by 3 / 5 results in $45 million. Adding the average on ‑ lent amount of $35 million results in $80 million. Reducing $80 million by the associate entity debt amount of $5 million results in $75 million. As the company does not have any associate entity excess amount, the adjusted on ‑ lent amount is therefore $75 million.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 110 of 2014", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-210", "Provision_Key": "s820-210", "Heading": "Safe harbour debt amount—inward investor (financial)", "Text": "(1) If the entity is an * inward investor (financial) for that year, the safe harbour debt amount is the lesser of the following amounts: (a) the * total debt amount (worked out under subsection (2)); (b) the * adjusted on ‑ lent amount (worked out under subsection (3)). However, if the 2 amounts are equal, it is the total debt amount. Total debt amount (2) The total debt amount is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for the income year, of all of the following assets of the entity (the Australian investments ): (a) assets that are attributable to the entity’s * Australian permanent establishments; (b) other assets that are held for the purposes of producing the entity’s assessable income. Step 1A. Reduce the result of step 1 by the average value, for that year, of all the * excluded equity interests in the entity. Step 2. Reduce the result of step 1A by the average value, for that year, of all the * associate entity debt of the entity that has arisen because of the Australian investments. Step 3. Reduce the result of step 2 by the average value, for that year, of all the * associate entity equity of the entity that has arisen because of the Australian investments. Step 4. Reduce the result of step 3 by the average value, for that year, of all the * non ‑ debt liabilities of the entity that have arisen because of the Australian investments. Step 5. Reduce the result of step 4 by the average value, for that year, of the entity’s * zero ‑ capital amount that has arisen because of the Australian investments. If the result of this step is a negative amount, it is taken to be nil. Step 6. Multiply the result of step 5 by 15 / 16 . Step 7. Add to the result of step 6 the average value, for that year, of the entity’s * zero ‑ capital amount that has arisen because of the Australian investments. Step 8. Add to the result of step 7 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the total debt amount . Example: FXS Financial SA is a company that is not an Australian entity. The average value of its Australian investments is $120 million. The average value of its relevant excluded equity interests, associate entity debt, associate entity equity, non ‑ debt liabilities and zero ‑ capital amount are $5 million, $5 million, $2 million, $3 million and $5 million respectively. Deducting those amounts from the result of step 1 (through applying steps 1A to 5) leaves $100 million. Multiplying $100 million by 15 / 16 results in $93.75 million. Adding the average zero ‑ capital amount of $5 million results in $98.75 million. As the company does not have any associate entity excess amount, the total debt amount is therefore $98.75 million. Adjusted on ‑ lent amount (3) The adjusted on ‑ lent amount is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for the income year, of all of the following assets of the entity (the Australian investments ): (a) assets that are attributable to the entity’s * Australian permanent establishments; (b) other assets that are held for the purposes of producing the entity’s assessable income. Step 1A. Reduce the result of step 1 by the average value, for that year, of all the * excluded equity interests in the entity. Step 2. Reduce the result of step 1A by the average value, for that year, of all the * associate entity equity of the entity that has arisen because of the Australian investments. Step 3. Reduce the result of step 2 by the average value, for that year, of all the * non ‑ debt liabilities of the entity that has arisen because of the Australian investments. Step 4. Reduce the result of step 3 by the amount (the average on ‑ lent amount ) which is the average value, for that year, of the * on ‑ lent amount of the entity (to the extent that it is the value of all or a part of the Australian investments). If the result of this step is a negative amount, it is taken to be nil. Step 5. Multiply the result of step 4 by 3 / 5 . Step 6. Add to the result of step 5 the average on ‑ lent amount. Step 7. Reduce the result of step 6 by the average value, for that year, of all the * associate entity debt of the entity that has arisen because of the Australian investments. If the result of this step is a negative amount, it is taken to be nil. Step 8. Add to the result of step 7 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the adjusted on ‑ lent amount . Example: FXS Financial SA is a company that is not an Australian entity. The average value of its Australian investments is $120 million. The average value of its relevant excluded equity interests, associate entity equity, non ‑ debt liabilities and on ‑ lent amount are $5 million, $2 million, $3 million and $35 million respectively. Deducting those amounts from the result of step 1 (through applying steps 1A to 4) leaves $75 million. Multiplying $75 million by 3 / 5 results in $45 million. Adding the average on ‑ lent amount of $35 million results in $80 million. Reducing the result of step 6 by the associate entity debt amount of $5 million results in $75 million. As the company does not have any associate entity excess amount, the adjusted on ‑ lent amount is therefore $75 million.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 110 of 2014", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-217", "Provision_Key": "s820-217", "Heading": "Worldwide gearing debt amount—inward investment vehicle (financial)", "Text": "If the entity is an * inward investment vehicle (financial) for the income year, and is not also an * outward investing financial entity (non ‑ ADI) for all or any part of that year, the worldwide gearing debt amount is the result of applying the method statement in this section. Method statement Step 1. Divide the entity’s * statement worldwide debt for the income year by the entity’s * statement worldwide equity for that year. Step 2. Add 1 to the result of step 1. Step 3. Divide the result of step 1 by the result of step 2. Step 4. Multiply the result of step 3 in this method statement by the result of step 5 in the method statement in subsection 820 ‑ 200(2). Step 5. Add to the result of step 4 the average value, for that year, of the entity’s * zero ‑ capital amount. Step 6. Add to the result of step 5 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the worldwide gearing debt amount . Example: RGR Limited, a company that is an Australian entity, has a worldwide parent entity in France. RGR Limited has statement worldwide debt of $90 million and statement worldwide equity of $30 million. The result of applying step 1 is therefore 3. Dividing 3 by 4 (through applying steps 2 and 3) and multiplying the result by $100 million (which is the result of step 5 of the method statement in subsection 820 ‑ 200(2)) equals $75 million. The zero capital amount is $5 million. Adding that amount to $75 million results in $80 million. As the company does not have any associate entity excess amount, the worldwide gearing debt amount is therefore $80 million.", "Amendment_Count": 2, "First_Amended": "No 110 of 2014", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-217"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-219", "Provision_Key": "s820-219", "Heading": "Worldwide gearing debt amount—inward investor (financial)", "Text": "If the entity is an * inward investor (financial) for the income year, the worldwide gearing debt amount is the result of applying the method statement in this section. Method statement Step 1. Divide the entity’s * statement worldwide debt for the income year by the entity’s * statement worldwide equity for that year. Step 2. Add 1 to the result of step 1. Step 3. Divide the result of step 1 by the result of step 2. Step 4. Multiply the result of step 3 in this method statement by the result of step 5 in the method statement in subsection 820 ‑ 210(2). Step 5. Add to the result of step 4 the average value, for that year, of the entity’s * zero ‑ capital amount that has arisen because of the Australian investments mentioned in step 1 of the method statement in subsection 820 ‑ 210(2). Step 6. Add to the result of step 5 the average value, for that year, of the entity’s * associate entity excess amount. The result of this step is the worldwide gearing debt amount . Example: MSR Limited, a company that is not an Australian entity, has investments in Australia. MSR Limited has statement worldwide debt of $90 million and statement worldwide equity of $30 million. The result of applying step 1 is therefore 3. Dividing 3 by 4 (through applying steps 2 and 3) and multiplying the result by $100 million (which is the result of step 5 of the method statement in subsection 820 ‑ 210(2)) equals $75 million. The zero ‑ capital amount is $5 million. Adding that amount to $75 million results in $80 million. As the company does not have any associate entity excess amount, the worldwide gearing debt amount is therefore $80 million.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-219"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-220", "Provision_Key": "s820-220", "Heading": "Amount of debt deduction disallowed", "Text": "(1) If subparagraph 820 ‑ 185(1A)(b)(i) applies, the amount (the total disallowed amount ) disallowed under subsection 820 ‑ 185(1) of the * debt deductions of an entity for an income year is the amount by which those debt deductions exceed the entity’s * third party earnings limit for the income year (see section 820 ‑ 427A). Note: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54. (2) The amount by which a particular * debt deduction is disallowed as a result of subsection (1) is worked out as follows: (a) first, divide the total disallowed amount by the * debt deductions of the entity for the income year; (b) next, multiply the amount of the particular debt deduction by the result of paragraph (a). (3) If subparagraph 820 ‑ 185(1A)(b)(ii) applies, the amount of a * debt deduction of an entity for an income year disallowed under subsection 820 ‑ 185(1) is worked out using the following formula: where: average debt means the sum of: (a) the average value, for the income year, of the entity’s * debt capital that is covered by step 1 of the method statement in subsection 820 ‑ 185(3); and (b) the average value, for that year, of the entity’s * cost ‑ free debt capital that is covered by step 4 of that method statement. debt deduction means each * debt deduction of the entity for that year. excess debt means the amount by which the * adjusted average debt (see subsection 820 ‑ 185(3)) exceeds the entity’s * maximum allowable debt for that year. Note: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54.", "Amendment_Count": 4, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-225", "Provision_Key": "s820-225", "Heading": "Application to part year periods", "Text": "(1) This subsection disallows all or a part of each * debt deduction of an entity for an income year that is an amount incurred by the entity during a period that is a part of that year, if: (a) the entity is an * inward investing financial entity (non ‑ ADI) for that period, but is not also an * outward investing financial entity (non ‑ ADI) for all or any part of that period; and (b) the entity’s * adjusted average debt for that period exceeds the entity’s * maximum allowable debt for that period. Note: To determine whether an entity is an inward investing financial entity (non ‑ ADI) for a period, see subsection 820 ‑ 185(2). (2) The entity’s adjusted average debt for that period is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for that period, of all the * debt capital of the entity that gives rise to * debt deductions of the entity for that or any other income year. Step 2. Reduce the result of step 1 by the average value, for that period, of: (a) if the entity is an * inward investment vehicle (financial) for that period—all the * associate entity debt of the entity; or (b) if the entity is an * inward investor (financial) for that period—all the associate entity debt of the entity, to the extent that it is attributable to the entity’s * Australian permanent establishments. Step 3. If the entity is a * financial entity throughout that period, add to the result of step 2 the average value, for that period, of the entity’s * borrowed securities amount. Step 4. Add to the result of step 3 the average value, for that period, of the * cost ‑ free debt capital of the entity. The result of this step is the adjusted average debt . Note: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. (2A) The entity’s * adjusted average debt does not exceed its * maximum allowable debt if the adjusted average debt is nil or a negative amount. (3) For the purposes of determining: (a) the * maximum allowable debt for the period mentioned in subsection (1); and (b) the amount of each * debt deduction to be disallowed; sections 820 ‑ 190 to 820 ‑ 220 apply in relation to that entity and that period with the modifications set out in the following table: Modifications of sections 820 ‑ 190 to 820 ‑ 220 Item Provisions Modifications 1 Sections 820 ‑ 190 to 820 ‑ 220 A reference to an income year is taken to be a reference to that period 2 Section 820 ‑ 220 A reference to subsection 820 ‑ 185(1) is taken to be a reference to subsection (1) of this section 3 Section 820 ‑ 220 adjusted average debt is taken to have the meaning given by subsection (2) of this section average debt is taken to be the sum of: (a) the average value, for that period, of the entity’s * debt capital that is covered by step 1 of the method statement in subsection (2) of this section; and (b) the average value, for that period, of the entity’s * cost ‑ free debt capital that is covered by step 4 of that method statement.", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 58 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-295", "Provision_Key": "s820-295", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the thin capitalisation rules that apply to an entity that is both an authorised deposit ‑ taking institution (an ADI ) and an Australian entity that has certain types of overseas investments. These rules deal with the following matters: • how to work out the entity’s minimum capital amount for an income year; • how all or a part of the debt deductions claimed by the entity may be disallowed if the minimum capital amount is not reached; • how to apply these rules to a period that is less than an income year. Table of sections Operative provisions 820 ‑ 300 Thin capitalisation rule for outward investing entities (ADI) 820 ‑ 305 Minimum capital amount 820 ‑ 310 Safe harbour capital amount 820 ‑ 315 Arm’s length capital amount 820 ‑ 320 Worldwide capital amount 820 ‑ 325 Amount of debt deduction disallowed 820 ‑ 330 Application to part year periods", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-300", "Provision_Key": "s820-300", "Heading": "Thin capitalisation rule for outward investing entities (ADI)", "Text": "Thin capitalisation rule (1) This subsection disallows all or a part of each * debt deduction of an entity for an income year (to the extent that it is not attributable to an * overseas permanent establishment of the entity) if, for that year: (a) the entity is an * outward investing entity (ADI) (see subsection (2)); and (b) the entity’s * adjusted average equity capital (see subsection (3)) is less than the entity’s * minimum capital amount (see section 820 ‑ 305). Note 1: This Subdivision does not apply if the total debt deductions of that entity and all its associate entities for that year are $2 million or less, see section 820 ‑ 35. Note 2: To work out the amount to be disallowed, see section 820 ‑ 325. Note 3: For the rules that apply to an entity that is an outward investing entity (ADI) for only part of an income year, see section 820 ‑ 330 in conjunction with subsection (2) of this section. Note 4: A consolidated group or MEC group may be an outward investing entity (ADI) to which this Subdivision applies: see Subdivisions 820 ‑ FA and 820 ‑ FB. Outward investing entity (ADI) (2) The entity is an outward investing entity (ADI) for a period that is all or a part of an income year if, and only if, throughout that period, the entity is an * ADI to which at least one of the following paragraphs applies: (a) the entity is an * Australian controller of at least one * Australian controlled foreign entity (not necessarily the same Australian controlled foreign entity throughout that period); (b) the entity is an * Australian entity that carries on a * business at or through at least one * overseas permanent establishment (not necessarily the same permanent establishment throughout that period); (c) the entity is: (i) an Australian entity; and (ii) an * associate entity of another entity (a related investor ) to which subsection (2AA) applies for that period. Note: To determine whether an entity is an Australian controller of an Australian controlled foreign entity, see Subdivision 820 ‑ H. (2AA) This subsection applies to a related investor for a period if at all times during the period: (a) it is an * outward investing financial entity (non ‑ ADI); or (b) it is an * outward investing entity (ADI); or (c) both: (i) it is a * general class investor; and (ii) assuming that it were a * financial entity, it would be an outward investing financial entity (non ‑ ADI). (2A) However, the entity is not an outward investing entity (ADI) for a period that is all or a part of an income year if it is a * general class investor for that year. (2B) Subsection (2A) does not apply for the purposes of subsection 820 ‑ 46(2) (definition of general class investor ). Adjusted average equity capital (3) The entity’s adjusted average equity capital for an income year is: (a) the average value, for that year, of all the * ADI equity capital of the entity (other than ADI equity capital attributable to its * overseas permanent establishments); minus (b) the average value, for that year, of all the * controlled foreign entity equity of the entity (other than controlled foreign entity equity attributable to its overseas permanent establishments). Note: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. (4) For the purposes of paragraph (3)(a), treat treasury shares (within the meaning of * accounting standard AASB 132) in the entity as included in the * ADI equity capital of the entity, to the extent that those shares are part of the entity’s eligible tier 1 capital (within the meaning of the * prudential standards).", "Amendment_Count": 7, "First_Amended": "No 162 of 2001", "Last_Amended": "No 136 of 2024", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 101 of 2006 | No 90 of 2010 | No 110 of 2014 | No 23 of 2024 | No 136 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3) | Amended by No 136 of 2024, effective sch 5, sch 6 (items 12 ‑ 21): 1 Jan 2025 (s 2(1) items 10, 12)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-305", "Provision_Key": "s820-305", "Heading": "Minimum capital amount", "Text": "The entity’s minimum capital amount for an income year is the least of the following amounts: (a) the * safe harbour capital amount; (b) the * arm’s length capital amount; (c) the * worldwide capital amount. Note: The entity cannot use the worldwide capital amount if the entity is also a foreign controlled Australian entity throughout that year, see section 820 ‑ 320.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-310", "Provision_Key": "s820-310", "Heading": "Safe harbour capital amount", "Text": "(1) The safe harbour capital amount is the result of applying the method statement in this section. Method statement Step 1. Work out the average value, for the income year, of all the entity’s: (aa) * risk ‑ weighted assets; and (ab) intangible assets comprising capitalised software expenses; that are attributable to none of the following: (a) the entity’s * overseas permanent establishments; (b) assets comprised by the * controlled foreign entity equity of the entity (other than controlled foreign entity equity attributable to the entity’s overseas permanent establishments); (c) assets for which * prudential capital deductions must be made by the entity (other than prudential capital deductions attributable to the entity’s overseas permanent establishments). Step 2. Multiply the result of step 1 by 6%. Step 3. Add to the result of step 2 the average value, for that year, of all the * tier 1 prudential capital deductions for the entity, to the extent that they are not attributable to: (a) any of the entity’s * overseas permanent establishments; or (b) any * Australian controlled foreign entities of which the entity is an * Australian controller; or (c) any of the entity’s goodwill or intangible assets which relate to the excess mentioned in paragraph 5.3 of * accounting standard AASB 1038, as issued on 17 November 1998, to the extent that the excess is referrable to * VBIF; or Note: Paragraph 5.3 of that accounting standard applies to any excess of the net market values of an interest in a subsidiary over the net amount of that subsidiary’s assets and liabilities. (d) any of the entity’s intangible assets comprising capitalised software expenses. The result of this step is the safe harbour capital amount . Example: The Southern Cross Bank is an Australian bank that carries on its banking business through its overseas permanent establishments and through foreign entities that it controls. For the income year, its average value of risk ‑ weighted assets and intangible assets comprising capitalised software expenses is $150 million (having discounted those assets that are excluded by step 1) and the average value of its relevant tier 1 prudential capital deductions is $2 million. Multiplying $150 million by 6% equals $9 million, which is the result of step 2. Adding $2 million to $9 million equals $11 million, which is the safe harbour capital amount. (2) VBIF is the value of business in force at the time of acquisition of the relevant subsidiary (within the meaning of paragraph 5.3 of * accounting standard AASB 1038, as issued on 17 November 1998) of the entity. (3) * VBIF is taken to be nil at all times unless the value of VBIF at the time of acquisition of the relevant subsidiary was worked out by an * actuary according to Australian actuarial practice.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 162 of 2001 | No 90 of 2010 | No 110 of 2014", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-315", "Provision_Key": "s820-315", "Heading": "Arm’s length capital amount", "Text": "(1) The arm’s length capital amount is a notional amount that, having regard to: (a) the factual assumptions set out in subsection (2); and (b) the relevant factors mentioned in subsection (3); would represent the minimum amount of * equity capital that the entity would reasonably be expected to have in carrying on the Australian business mentioned in subsection (2) throughout the income year if, throughout that year: (c) the part of the entity carrying on that business had operated as if it were a separate entity; and (d) that separate entity had been dealing at * arm’s length with: (i) the other part of the entity; and (ii) all the * Australian controlled foreign entities of which the entity is an * Australian controller. Note: The entity must keep records in accordance with section 820 ‑ 980 if the entity works out an amount under this section. Factual assumptions (2) Irrespective of what actually happened during that year, the following assumptions must be made in working out that minimum amount: (a) the entity’s commercial activities in connection with Australia (the Australian business ) during that year do not include: (i) any * business carried on by the entity at or through its * overseas permanent establishments; or (ii) the holding of any * controlled foreign entity equity; (b) the entity had carried on the Australian business that it actually carried on during that year; (c) the nature of the entity’s assets and liabilities (to the extent that they are attributable to the Australian business) had been as they were during that year; (d) except as mentioned in subsection (1), the entity had carried on the Australian business in the same circumstances as what actually existed during that year. Relevant factors (3) On the basis of the factual assumptions set out in subsection (2), the following factors must be taken into account in determining that minimum amount: (a) the functions performed, the assets used, and the risks assumed, throughout that year, by: (i) the entity; and (ii) the entity in relation to the Australian business; (b) the credit rating of the entity throughout that year, including the effect of that credit rating on all of the following: (i) the entity’s ability to borrow in relation to the Australian business; (ii) the interest rate at which the entity borrowed in relation to that business; (iii) the entity’s gross profit margin in relation to that business; (c) the capital ratios of the following throughout that year: (i) the entity; (ii) the entity in relation to the Australian business; (iii) each of the entity’s * associate entities that engage in commercial activities similar to the Australian business; (d) the purposes for which * schemes for * debt capital and for * equity capital had been actually entered into, throughout that year, by: (i) the entity; and (ii) the entity in relation to the Australian business; (e) the profit (within the meaning of the * accounting standards), and the return on capital, whether during that year or at any other time, of: (i) the entity; and (ii) the entity in relation to the Australian business; (f) the commercial practices adopted by independent parties dealing with each other at * arm’s length in the industry in which the entity carries on the Australian business throughout that year (whether in Australia or in comparable markets elsewhere); (g) the way in which the entity financed its business (other than the Australian business) throughout that year; (h) the general state of the Australian economy throughout that year; (i) any other factors which are specified in the regulations made for the purposes of this section. Commissioner’s power (4) If the Commissioner considers an amount worked out by the entity under this section does not appropriately take into account the factual assumptions and the relevant factors, the Commissioner may substitute another amount that the Commissioner considers better reflects those assumptions and factors.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 162 of 2001 | No 88 of 2013", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-320", "Provision_Key": "s820-320", "Heading": "Worldwide capital amount", "Text": "(1) This section only applies if the entity is not also a * foreign controlled Australian entity throughout the income year. (2) The worldwide capital amount is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for the income year, of all the * risk ‑ weighted assets of the entity, other than risk ‑ weighted assets attributable to any of the following: (a) the entity’s * overseas permanent establishments; (b) assets comprised by the * controlled foreign entity equity of the entity; (c) assets for which * prudential capital deductions must be made by the entity. Step 3. Multiply the result of step 1 by the entity’s worldwide group capital ratio for that year (see subsection (3)). Step 4. Add to the result of step 3 the average value, for that year, of all the * tier 1 prudential capital deductions for the entity (to the extent that they are not attributable to any of the entity’s * overseas permanent establishments or to any * Australian controlled foreign entities of which the entity is an * Australian controller). The result of this step is the worldwide capital amount . Example: Southern Cross Bank has an average value of risk ‑ weighted assets of $150 million (having discounted those risk ‑ weighted assets that are excluded by step 1) and the average value of its relevant tier 1 prudential capital deductions is $2 million. The entity’s worldwide group capital ratio is 0.0875. Multiplying $150 million by 0.0875 equals $13.125 million, which is the result of step 3. Adding that amount to the average value of the relevant tier 1 prudential capital deductions equals $15.125 million, which is the worldwide capital amount. Worldwide group capital ratio (3) The entity’s worldwide group capital ratio for the income year is the result of applying the method statement in this subsection. Method statement Step 1. Work out the average value, for the income year, of the tier 1 capital (within the meaning of the * prudential standards) of the consolidated group of which the entity is a member (within the meaning of those standards) in accordance with those standards. Step 2. Divide the result of step 1 by the average value, for that year, of the * risk ‑ weighted assets of that group in accordance with the * prudential standards. The result is the worldwide group capital ratio . Example: For the Southern Cross Bank, the average value of the tier 1 capital for the relevant consolidated group is $14 million. Dividing $14 million by the group’s risk weighted assets of $160 million equals 0.0875, which is the worldwide group capital ratio.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 162 of 2001 | No 110 of 2014", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-325", "Provision_Key": "s820-325", "Heading": "Amount of debt deduction disallowed", "Text": "The amount of * debt deduction disallowed under subsection 820 ‑ 300(1) is worked out using the following formula: where: average debt means the average value, for the income year, of all the * debt capital of the entity that gives rise to * debt deductions of the entity for that or any other income year (other than any debt capital that is attributable to any of the entity’s * overseas permanent establishments). capital shortfall means the amount by which the * adjusted average equity capital of the entity for that year (see subsection 820 ‑ 300(3)) is less than the entity’s * minimum capital amount for that year. debt deduction means each * debt deduction covered by subsection 820 ‑ 300(1). Note: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 162 of 2001 | No 142 of 2003", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-330", "Provision_Key": "s820-330", "Heading": "Application to part year periods", "Text": "(1) This subsection disallows all or a part of each * debt deduction of an entity for an income year that is an amount incurred by the entity during a period that is a part of that year (to the extent that it is not attributable to an * overseas permanent establishment of the entity) if, for that period: (a) the entity is an * outward investing entity (ADI); and (b) the * adjusted average equity capital of the entity is less than the entity’s * minimum capital amount. Note: To determine whether an entity is an outward investing entity (ADI) for that period, see subsection 820 ‑ 300(2). (2) The entity’s adjusted average equity capital for that period is: (a) the average value, for that period, of all the * ADI equity capital of the entity (other than ADI equity capital attributable to any of its * overseas permanent establishments); minus (b) the average value, for that period, of all the * controlled foreign entity equity of the entity (other than controlled foreign entity equity attributable to any of its overseas permanent establishments). (3) For the purposes of determining: (a) the entity’s * minimum capital amount for that period; and (b) the amount of each * debt deduction to be disallowed; sections 820 ‑ 305 to 820 ‑ 325 apply in relation to that entity and that period with the modifications set out in the following table: Modifications of sections 820 ‑ 305 to 820 ‑ 325 Item Provisions Modifications 1 Sections 820 ‑ 305 to 820 ‑ 325 A reference to an income year is taken to be a reference to that period 2 Section 820 ‑ 325 A reference to subsection 820 ‑ 300(1) is taken to be a reference to subsection (1) of this section 3 Section 820 ‑ 325 adjusted average equity capital has the meaning given by subsection (2) of this section average debt is taken to be the average value, for that period, of all the * debt capital of the entity that gives rise to * debt deductions of the entity for that or any other income year, to the extent that the debt capital is not attributable to any of the entity’s * overseas permanent establishments", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-390", "Provision_Key": "s820-390", "Heading": "What this Subdivision is about", "Text": "This Subdivision applies to a foreign entity that is an authorised deposit ‑ taking institution (an ADI ). These rules deal with the following matters: • how to work out the entity’s minimum capital amount for an income year; • how all or a part of the debt deductions claimed by the entity may be disallowed if the minimum capital amount is not reached; • how to apply these rules to a period that is less than an income year. Table of sections Operative provisions 820 ‑ 395 Thin capitalisation rule for inward investing entities (ADI) 820 ‑ 400 Minimum capital amount 820 ‑ 405 Safe harbour capital amount 820 ‑ 410 Arm’s length capital amount 820 ‑ 415 Amount of debt deduction disallowed 820 ‑ 420 Application to part year periods", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-390"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-395", "Provision_Key": "s820-395", "Heading": "Thin capitalisation rule for inward investing entities (ADI)", "Text": "Thin capitalisation rule (1) This subsection disallows all or a part of each * debt deduction of an entity for an income year if, for that year: (a) the entity is an * inward investing entity (ADI) (see subsection (2)); and (b) the entity’s * average equity capital (see subsection (3)) is less than its * minimum capital amount (see section 820 ‑ 400); to the extent that the debt deduction: (c) is attributable to an * Australian permanent establishment of the entity at or through which it carries on its banking business; and (d) is not an * allowable OB deduction. Note 1: This Subdivision does not apply if the total debt deductions of that entity and all its associate entities for that year are $2 million or less, see section 820 ‑ 35. Note 2: To work out the amount to be disallowed, see section 820 ‑ 415. Note 3: For the rules that apply to an entity that is an inward investing entity (ADI) for part of an income year, see section 820 ‑ 420 in conjunction with subsection (2) of this section. Note 4: A consolidated group or MEC group may be an inward investing entity (ADI) to which this Subdivision applies: see Subdivision 820 ‑ FB. Inward investing entity (ADI) (2) The entity is an inward investing entity (ADI) for a period that is all or a part of an income year if, and only if, throughout that period, the entity is a * foreign bank that carries on its banking business in Australia at or through one or more of its * Australian permanent establishments. Note: The entity is required to keep certain records, see Subdivision 820 ‑ L. (2A) However, the entity is not an inward investing entity (ADI) for a period that is all or a part of an income year if it is a * general class investor for that year. (2B) Subsection (2A) does not apply for the purposes of subsection 820 ‑ 46(2) (definition of general class investor ). Average equity capital (3) The entity’s average equity capital for an income year is the sum of the following: (a) the average value, for that year, of the * ADI equity capital of the entity that: (i) is attributable to the * Australian permanent establishments at or through which it carries on its banking business in Australia; but (ii) has not been allocated to the * OB activities of the Australian permanent establishments; (b) the average value, for that year, of the total amounts that: (i) are made available by the entity to the Australian permanent establishments of the entity as loans to the Australian permanent establishments; and (ii) do not give rise to any * debt deductions of the entity for that or any other income year. Note: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G.", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 101 of 2006 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-395"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-400", "Provision_Key": "s820-400", "Heading": "Minimum capital amount", "Text": "The entity’s minimum capital amount for an income year is the lesser of the following amounts: (a) the * safe harbour capital amount; (b) the * arm’s length capital amount.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-405", "Provision_Key": "s820-405", "Heading": "Safe harbour capital amount", "Text": "The entity’s safe harbour capital amount for the income year is the result of applying the method statement in this section. Method statement Step 1. Work out the average value, for the income year, of that part of the * risk ‑ weighted assets of the entity that: (a) is attributable to the * Australian permanent establishments at or through which it carries on its banking business in Australia; but (b) is not attributable to the * OB activities of the Australian permanent establishments. Step 2. Multiply the result of step 1 by 6%. The result of this step is the safe harbour capital amount . Example: The Global Bank is a foreign bank that carries on its banking business in Australia through a permanent establishment. The average value of its relevant risk ‑ weighted assets is $140 million. Multiplying that amount by 6% results in $8.4 million, which is the safe harbour capital amount.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 162 of 2001 | No 110 of 2014", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-410", "Provision_Key": "s820-410", "Heading": "Arm’s length capital amount", "Text": "(1) The arm’s length capital amount is a notional amount that, having regard to: (a) the factual assumptions set out in subsection (2); and (b) the relevant factors mentioned in subsection (3); would represent the minimum amount of * equity capital that the entity would reasonably be expected to have in carrying on the Australian business mentioned in subsection (2) throughout the income year if, throughout that year: (c) the part of the entity carrying on that business had operated as if it were a separate entity; and (d) that separate entity had been dealing at * arm’s length with the other part of the entity. Note: The entity must keep records in accordance with section 820 ‑ 980 if the entity works out an amount under this section. Factual assumptions (2) Irrespective of what actually happened during that year, the following assumptions must be made in working out that minimum amount: (a) the entity’s commercial activities in connection with Australia (the Australian business ) during that year consist only of banking business attributable to its * Australian permanent establishments (other than its * OB activities); (b) the entity had carried on the Australian business that it actually carried on during that year; (c) the nature of the entity’s assets and liabilities (to the extent that they are attributable to the Australian business) had been as they were during that year; (d) except as mentioned in subsection (1), the entity had carried on the Australian business in the same circumstances as what actually happened during that year. Relevant factors (3) On the basis of the factual assumptions set out in subsection (2), the following factors must be taken into account in determining that minimum amount: (a) the functions performed, the assets used, and the risks assumed, throughout that year, by: (i) the entity; and (ii) the entity in relation to the Australian business; (b) the credit rating of the entity throughout that year, including the effect of that credit rating on all of the following: (i) the entity’s ability to borrow in relation to the Australian business; (ii) the interest rate at which the entity borrowed in relation to that business; (iii) the entity’s gross profit margin in relation to that business; (c) the capital ratios of the following throughout that year: (i) the entity; (ii) the entity in relation to the Australian business; (iii) each of the entity’s * associate entities that engage in commercial activities similar to the Australian business; (d) the purposes for which * schemes for * debt capital and for * equity capital had been actually entered into, throughout that year, by: (i) the entity; and (ii) the entity in relation to the Australian business; (e) the profit (within the meaning of the * accounting standards or any other accounting standards that would otherwise apply to the entity), and the return on capital, whether during that year or at any other time, of: (i) the entity; and (ii) the entity in relation to the Australian business; (f) the commercial practices adopted by independent parties dealing with each other at * arm’s length in the industry in which the entity carries on the Australian business throughout that year (whether in Australia or in comparable markets elsewhere); (g) the general state of the Australian economy throughout that year; (h) any other factors which are specified in the regulations made for the purposes of this section. Commissioner’s power (4) If the Commissioner considers an amount worked out by the entity under this section does not appropriately take into account the factual assumptions and the relevant factors, the Commissioner may substitute another amount that the Commissioner considers better reflects those assumptions and factors.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 162 of 2001 | No 88 of 2013", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-415", "Provision_Key": "s820-415", "Heading": "Amount of debt deduction disallowed", "Text": "The amount of * debt deduction disallowed under subsection 820 ‑ 395(1) is worked out using the following formula: where: average debt means the average value, for the income year, of all the * debt capital of the entity that gives rise to * debt deductions of the entity (other than * allowable OB deductions) for that or any other income year. capital shortfall means the amount by which the entity’s * average equity capital for that year (see subsection 820 ‑ 395(3)) is less than the entity’s * minimum capital amount for that year. debt deduction means each * debt deduction of the entity (other than * allowable OB deduction) for the income year. Note: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 162 of 2001 | No 142 of 2003", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-420", "Provision_Key": "s820-420", "Heading": "Application to part year periods", "Text": "(1) This subsection disallows all or a part of each * debt deduction of an entity for an income year that is an amount incurred by the entity during a period that is a part of that year if, for that period: (a) the entity is an * inward investing entity (ADI); and (b) the entity’s * average equity capital is less than its * minimum capital amount; to the extent that the debt deduction: (c) is attributable to an * Australian permanent establishment of the entity at or through which it carries on its banking business; and (d) is not an * allowable OB deduction. Note: To determine whether an entity is an inward investing entity (ADI) for that period, see subsection 820 ‑ 395(2). (2) The entity’s average equity capital for that period is the sum of the following: (a) the average value, for that period, of the * equity capital of the entity that: (i) is attributable to its * Australian permanent establishments at or through which it carries on its banking business in Australia; but (ii) has not been allocated to the * OB activities of the Australian permanent establishments; (b) the average value, for that period, of the total amounts that: (i) are made available by the entity to the Australian permanent establishments of the entity as loans to the Australian permanent establishments; and (ii) do not give rise to any * debt deductions of the entity for that or any other income year. (3) For the purposes of determining: (a) the entity’s * minimum capital amount for that period; and (b) the amount of each * debt deduction to be disallowed; sections 820 ‑ 400 to 820 ‑ 415 apply in relation to that entity and that period with the modifications set out in the following table: Modifications of sections 820 ‑ 400 to 820 ‑ 415 Item Provisions Modifications 1 Sections 820 ‑ 400 to 820 ‑ 415 A reference to an income year is taken to be a reference to that period 2 Section 820 ‑ 415 The reference to subsection 820 ‑ 395(1) is taken to be a reference to subsection (1) of this section 3 Section 820 ‑ 415 average debt is taken to be the average value, for that period, of all the * debt capital of the entity that gives rise to its * debt deductions (other than * allowable OB deductions) for that year that are amounts incurred by the entity during that period average equity capital has the meaning given by subsection (2) of this section", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-420"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423", "Provision_Key": "s820-423", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out debt deduction limitation rules that apply to entities that are dealt with in rules set out in Subdivisions 820 ‑ AA, 820 ‑ B, 820 ‑ C, 820 ‑ D or 820 ‑ E. These rules deal with: (a) debt deductions in relation to the acquisition of CGT assets, or legal or equitable obligations, from associate pairs of the acquirer; and (b) debt deductions in relation to a financial arrangement that is entered into by an entity to fund etc. certain payments or distributions to one or more associate pairs of the entity. The rules in this Subdivision are applied before the rules set out in Subdivisions 820 ‑ AA, 820 ‑ B and 820 ‑ C. If a debt deduction of an entity is disallowed under this Subdivision, the debt deduction is disregarded for the purpose of applying those other Subdivisions (see section 820 ‑ 31). Table of sections Operative provisions 820 ‑ 423A Debt deduction limitation rule for debt deduction creation (all relevant entities) 820 ‑ 423AA Exceptions for acquisition of certain CGT assets 820 ‑ 423B Amount of debt deduction disallowed 820 ‑ 423C This Subdivision does not limit reduction of debt deductions other provisions 820 ‑ 423D Schemes relating to this Subdivision 820 ‑ 423E Modified meaning of associate pair 820 ‑ 423F Modified meaning of Australian entity", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423A", "Provision_Key": "s820-423a", "Heading": "Debt deduction limitation rule for debt deduction creation (all relevant entities)", "Text": "Debt deduction limitation rule (1) This subsection disallows all or part of a * debt deduction of an entity for an income year if, for that year: (a) the entity is any of the following for that year: (i) a * general class investor; (ii) an * outward investing financial entity (non ‑ ADI); (iii) an * inward investing financial entity (non ‑ ADI); and (aa) the entity is not a * securitisation vehicle; and (b) subsection (2) or (5) applies. Note 1: This Subdivision does not apply if the total debt deductions of that entity and all its associate entities for that year are $2 million or less: see section 820 ‑ 35. Note 1A: This Subdivision does not apply to certain special purpose entities: see section 820 ‑ 39. Note 2: To work out the amount to be disallowed, see section 820 ‑ 423B. Acquisition of CGT asset, or legal or equitable obligation (2) This subsection applies if all of the following conditions are satisfied: (a) an entity (the acquirer ) * acquires a * CGT asset, or a legal or equitable obligation, either directly, or indirectly through one or more interposed entities , from one or more other entities (each of which is a disposer ); (b) one or more of the disposers (each of which is an associate disposer ) is an * associate pair of the acquirer; (c) the entity mentioned in subsection (1) (the relevant entity ) is: (i) the acquirer; or (ii) an associate pair of the acquirer; or (iii) an associate pair of an associate disposer; (d) the relevant entity’s * debt deduction mentioned in subsection (1) is, wholly or partly, in relation to any of the following: (i) the acquisition mentioned in paragraph (a) of this subsection; (ii) the acquirer’s holding of the CGT asset, or legal or equitable obligation; (e) the relevant entity’s debt deduction mentioned in subsection (1) is referable to an amount paid or payable, either directly or indirectly, to any of the following: (i) an associate pair of the relevant entity; (ii) an associate pair of the acquirer; (iii) an associate pair of an associate disposer; (f) the acquisition mentioned in paragraph (a) of this subsection is not covered by section 820 ‑ 423AA (which is about exceptions); (g) the relevant entity has not made a choice under subsection 820 ‑ 46(4) to use the third party debt test for the income year mentioned in subsection (1) of this section. (3) To avoid doubt, subsection (2) may apply more than once in relation to the * acquisition of a * CGT asset, or a legal or equitable obligation. (3A) For the purposes of subsection (2): (a) that subsection may apply in relation to an indirect * acquisition by an entity through one or more interposed entities even if an acquisition in the series is covered by section 820 ‑ 423AA (which is about exceptions); and (b) in determining whether an acquisition occurs indirectly through one or more interposed entities: (i) it is sufficient if acquisitions exist between each entity; and (ii) it is not necessary to demonstrate that each acquisition in a series of acquisitions happened before the next acquisition. Example: Entity A acquires a membership interest in Entity B that is covered by the exception in subsection 820 ‑ 423AA(1). Entity B later acquires, from Entity C, a CGT asset that is not covered by an exception in that section. There may be an indirect acquisition of the CGT asset by Entity A. (4) For the purposes of subsections (2), (3) and (3A), disregard paragraph (b) of the definition of “acquire” in subsection 995 ‑ 1(1). Financial arrangements involving associate pairs (5) This subsection applies if all of the following conditions are satisfied: (a) an entity (the payer ) enters into, or has a * financial arrangement with another entity; (b) the payer uses the financial arrangement to: (i) fund; or (ii) facilitate the funding of; one or more payments or distributions, of which one or more is a payment or distribution that, to an extent: (iii) the payer makes to an entity (an associate recipient ) that is an * associate pair of the payer; and (iv) is covered by subsection (5A) (which is about types of payments or distributions); (c) the entity mentioned in subsection (1) (the relevant entity ) is any of the following: (i) the payer; (ii) an associate pair of the payer; (iii) an associate pair of an associate recipient; (d) the relevant entity’s * debt deduction mentioned in subsection (1) is, wholly or partly, in relation to the financial arrangement mentioned in paragraph (a) of this subsection; (e) the relevant entity’s debt deduction is referable to an amount paid or payable, either directly or indirectly, to any of the following: (i) an associate pair of the relevant entity; (ii) an associate pair of the payer; (iii) an associate pair of an associate recipient; (f) the relevant entity has not made a choice under subsection 820 ‑ 46(4) to use the third party debt test for the income year mentioned in subsection (1) of this section. (5A) This subsection covers the following: (a) a * dividend, * distribution or * non ‑ share distribution; (b) a distribution by a trustee or partnership; (c) a return of capital, including a return of capital made by a distribution or payment made by a trustee or partnership; (d) a payment or distribution in respect of the cancellation or redemption of a * membership interest in an entity; (e) a * royalty, or a similar payment or distribution for the use of, or right to use, an asset; (f) a payment or distribution that is wholly or partly referable to the repayment of principal under a * debt interest if: (i) the debt interest is issued by the payer; and (ii) the debt interest is a * financial arrangement that satisfies paragraphs (5)(a), (b) and (c); (g) a payment or distribution of a kind similar to a payment or distribution mentioned in the preceding paragraphs; (h) a payment or distribution prescribed by the regulations. (6) For the purposes of paragraph (5)(b): (a) the payments or distributions mentioned in that paragraph may be made: (i) directly, or indirectly through one or more interposed entities (see subsection (7)); and (ii) before, at or after the time the payer enters into or has the * financial arrangement mentioned in paragraph (5)(a); and (b) a recipient may be the entity with whom the payer enters into or has the financial arrangement, or another entity. (7) For the purposes of subparagraph (6)(a)(i), in determining whether a payment or distribution is made indirectly through one or more interposed entities: (a) it is sufficient if payments exist between each interposed entity; and (b) it is not necessary to demonstrate that each payment in a series of payments funds the next payment, or is made after the previous payment.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423AA", "Provision_Key": "s820-423aa", "Heading": "Exceptions for acquisition of certain CGT assets", "Text": "Acquisition of new membership interests in entities (1) For the purposes of paragraph 820 ‑ 423A(2)(f), the acquisition of a * CGT asset is covered by this section if: (a) the CGT asset is a * membership interest in: (i) an * Australian entity; or (ii) a * foreign entity that is a company; and (b) the membership interest has not previously been held by any entity. Acquisition of certain new depreciating assets (2) For the purposes of paragraph 820 ‑ 423A(2)(f), the acquisition of a * CGT asset is covered by this section if all of the following conditions are satisfied: (a) the CGT asset is a * depreciating asset other than an intangible asset; (b) an entity (the acquirer ) holds the CGT asset immediately after its acquisition; (c) at the time of the acquisition, it is reasonable to conclude that the acquirer expects to use the CGT asset: (i) for a * taxable purpose; and (ii) within Australia; and (iii) within 12 months; (d) at the time of the acquisition, the CGT asset has not been * installed ready for use, or previously used for a taxable purpose, by any of the following: (i) the acquirer; (ii) an associate disposer of the acquirer; (iii) an * associate pair of the acquirer. Acquisition of certain debt interests (3) For the purposes of paragraph 820 ‑ 423A(2)(f), the acquisition of a * CGT asset is covered by this section if all of the following conditions are satisfied: (a) the CGT asset is a * debt interest; (b) an entity (the acquirer ) holds the debt interest immediately after its acquisition; (c) the debt interest is issued by an * associate pair of the acquirer; (d) the debt interest has not previously been held by any entity.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423AA"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423B", "Provision_Key": "s820-423b", "Heading": "Amount of debt deduction disallowed", "Text": "Acquisition of CGT asset, or legal or equitable obligation (1) If the condition in subsection 820 ‑ 423A(2) is met, the amount of the * debt deduction disallowed under subsection 820 ‑ 423A(1) is the amount of the debt deduction, to the extent that the relevant entity mentioned in subsection 820 ‑ 423A(2) incurred it in relation to any of the following: (a) the acquisition mentioned in subparagraph 820 ‑ 423A(2)(d)(i); (b) the holding mentioned in subparagraph 820 ‑ 423A(2)(d)(ii). Financial arrangements involving associate pairs (2) If the conditions in subsection 820 ‑ 423A(5) are met, then under subsection 820 ‑ 423A(1) the * debt deduction is disallowed to the same extent as the extent to which the payer mentioned in paragraph 820 ‑ 423A(5)(a) uses the * financial arrangement in a manner that satisfies paragraph 820 ‑ 423A(5)(b).", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423C", "Provision_Key": "s820-423c", "Heading": "This Subdivision does not limit reduction of debt deductions under other provisions", "Text": "Nothing in this Subdivision limits other provisions of this Division in their application to reduce, or further reduce, * debt deductions of an entity.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423D", "Provision_Key": "s820-423d", "Heading": "Schemes relating to this Subdivision", "Text": "(1) Subsection (2) applies if the Commissioner is satisfied that: (a) it is reasonable to conclude that one or more entities (each of which is a participant ) entered into or carried out a * scheme for the principal purpose of, or for more than one principal purpose that included the purpose of, achieving any of the following results: (i) subsection 820 ‑ 423A(2) does not apply in relation to a * debt deduction; (ii) subsection 820 ‑ 423A(5) does not apply in relation to a debt deduction; (whether or not the debt deduction is a debt deduction of any of the participants and whether or not any of them carried out the scheme or any part of the scheme); and (b) the scheme has achieved, or apart from this section would achieve, that purpose. (2) The Commissioner may determine that this Act has, and is taken always to have had, effect as if: (a) subsection 820 ‑ 423A(2) applies in relation to the * debt deduction; or (b) subsection 820 ‑ 423A(5) applies in relation to the debt deduction. (3) A determination under subsection (2) has effect accordingly. (4) This section applies whether or not the scheme has been or is entered into or carried out in Australia or outside Australia, or partly in Australia and partly outside Australia. (5) A determination under subsection (2) is not a legislative instrument. (6) An entity who is dissatisfied with a determination under subsection (2) made in relation to the entity may object against the determination in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423D"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423E", "Provision_Key": "s820-423e", "Heading": "Modified meaning of associate pair", "Text": "(1) This section applies for the purposes of determining whether, for the purposes of this Subdivision, an entity that is a unit trust is an associate pair of another entity. Treating certain unit trusts as companies (2) Subsection (3) applies if any of the following * CGT events are capable of applying to all of the units and interests in the trust: (a) * CGT event E4; (b) * CGT event E10. (3) For the purposes of determining, under section 318 of the Income Tax Assessment Act 1936 , whether: (a) the trust is an * associate of another entity; or (b) another entity is an associate of the trust; treat the trust as if it were a company. Application of sufficient influence test (4) In determining whether the trust is sufficiently influenced by another entity for the purposes of subsection 318(2) of the Income Tax Assessment Act 1936 , as applied by subsection (3) of this section: (a) treat the trust as sufficiently influenced by another entity or other entities if the trust is accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of the other entity or other entities (whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed companies, partnerships or trusts); and (b) another entity or other entities are taken to hold a majority voting interest in the trust if either of the following percentages is not less than 50%: (i) the percentage of the income of the trust represented by the share of the income to which the other entity or other entities are entitled, or that the other entity or other entities are entitled to acquire; (ii) the percentage of the corpus of the trust represented by the share of the corpus to which the other entity or other entities are entitled, or that the other entity or other entities are entitled to acquire; and (c) disregard the operation that paragraphs 318(6)(b) and (c) of that Act would otherwise have by reason only of subsection (3) of this section. (5) Subsection (6) applies in determining whether the trust: (a) is sufficiently influenced by another entity for the purposes of section 318 of the Income Tax Assessment Act 1936 ; or (b) sufficiently influences another entity for the purposes of that section. (6) If: (a) there is any breach by any entity of the terms of a * debt interest issued by, or held by, the trust; and (b) there are reasonable grounds to believe that the breach occurred only to protect the interests of secured creditors in relation to the debt interest; sufficient influence is not taken to exist in relation to the trust merely because of the breach.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423E"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-423F", "Provision_Key": "s820-423f", "Heading": "Modified meaning of Australian entity", "Text": "For the purposes of this Subdivision, in determining whether an entity is an * Australian entity (including for the purposes of determining whether another entity is a * foreign entity) at a particular time: (a) for the purposes of paragraph 336(a) of the Income Tax Assessment Act 1936 , treat a partnership as being an Australian entity if, at that time, a * direct participation interest of 50% or more is held in the partnership by one or more of the following: (i) an Australian resident; (ii) an * Australian trust; and (b) disregard section 337 of that Act.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-423F"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-427", "Provision_Key": "s820-427", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out concepts concerning third party debt. These concepts are relevant to entities that choose to apply the third party debt test, that is: (a) general class investors that make a choice, or that are taken to have made a choice, under subsection 820 ‑ 46(4); and (b) outward investing financial entities (non ‑ ADI) that make a choice under subsection 820 ‑ 85(2C) ; and (c) inward investing financial entities (non ‑ ADI) that make a choice under subsection 820 ‑ 185(2C). Table of sections Operative provisions 820 ‑ 427A Meaning of third party earnings limit and third party debt conditions 820 ‑ 427B Modified third party debt conditions for conduit financing 820 ‑ 427C Conduit financing conditions 820 ‑ 427D Modified meaning of associate entity 820 ‑ 427E Modified meaning of Australian entity", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-427"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-427A", "Provision_Key": "s820-427a", "Heading": "Meaning of third party earnings limit and third party debt conditions", "Text": "(1) An entity’s third party earnings limit for an income year is the sum of each * debt deduction of the entity for the income year (disregarding this Division) that is attributable to a * debt interest issued by the entity that satisfies the * third party debt conditions in relation to the income year. (2) For the purposes of subsection (1), treat a * debt deduction of an entity as being attributable to a * debt interest issued by the entity to the extent that: (a) the debt deduction is directly associated with hedging or managing the interest rate risk in respect of the debt interest; and (b) the debt deduction is not referable to an amount paid or payable, directly or indirectly, to an * associate entity (see section 820 ‑ 427D) of the entity. (3) A * debt interest issued by an entity satisfies the third party debt conditions in relation to an income year if the following conditions are satisfied: (a) the entity issued the debt interest to an entity that is not an * associate entity (see section 820 ‑ 427D) of the entity; (b) the debt interest is not held at any time in the income year by an entity that is an associate entity of the entity; (c) disregarding recourse to minor or insignificant assets, the holder of the debt interest has recourse for payment of the debt to which the debt interest relates only to Australian assets that: (i) are covered by subsection (4); and (ii) are not rights covered by subsection (5) (about credit support rights); (d) the entity uses all, or substantially all, of the proceeds of issuing the debt interest to fund its commercial activities in connection with Australia that do not include: (i) any * business carried on by the entity at or through its * overseas permanent establishments; and (ii) the holding by the entity of any * associate entity debt, * controlled foreign entity debt or * controlled foreign entity equity; (e) the entity is an * Australian entity (see section 820 ‑ 427E). (4) This subsection covers Australian assets that: (a) are held by the entity; or (b) are * membership interests in the entity (unless the entity has a legal or equitable interest, whether directly or indirectly, in an asset that is not an Australian asset); or (c) are held by an * Australian entity that is a * member of the * obligor group in relation to the * debt interest. (5) This subsection covers a right under or in relation to a guarantee, security or other form of credit support, other than a right that: (a) is any of the following: (i) a right that provides recourse, directly or indirectly, only to one or more Australian assets covered by subsection (4) that are not rights covered by this subsection; (ii) a right that, assuming that the holder of the right exercised the right, would not reasonably be expected to allow, directly or indirectly, the holder or another entity to have recourse for payment of the debt mentioned in paragraph (3)(c) against an * associate entity (see section 820 ‑ 427D) of the entity that issued that debt interest; (iii) a right that relates wholly to the creation or development of a * CGT asset that is, or is reasonably expected to be, land situated in Australia (including an interest in land, if the land is situated in Australia); (iv) a right that relates wholly to the creation or development of a CGT asset that is, or is reasonably expected to be, moveable property situated, or to be situated, on land of a kind mentioned in subparagraph (iii), where that moveable property is, or is reasonably expected to be, relevant to the income producing use of the land and situated on the land for the majority of its useful life; (v) a right that relates wholly to the creation or development of a CGT asset that is, or is reasonably expected to be, offshore renewable energy infrastructure (within the meaning of the Offshore Electricity Infrastructure Act 2021 ) situated, or to be situated, in a declared area (within the meaning of that Act) for the majority of its useful life; (vi) a right that relates wholly to the creation or development of a CGT asset that is, or is reasonably expected to be, offshore electricity transmission infrastructure (within the meaning of the Offshore Electricity Infrastructure Act 2021 ) that is directly related to offshore renewable energy infrastructure covered by subparagraph (v); and (b) assuming that the holder of the right exercised the right, the right would not reasonably be expected to allow, directly or indirectly, the holder or another entity to have recourse for payment of the debt mentioned in paragraph (3)(c) of this section against a * foreign entity that is an * associate entity of the entity that issued the * debt interest. (6) For the purposes of subparagraphs (5)(a)(iii), (iv), (v) and (vi), in determining whether a right relates wholly to the creation or development of a * CGT asset of a kind mentioned in the relevant subparagraph, disregard the extent (if any) to which the right relates incidentally to another matter.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-427A"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-427B", "Provision_Key": "s820-427b", "Heading": "Modified third party debt conditions for conduit financing", "Text": "(1) If a * debt interest satisfies the conditions in subsection 820 ‑ 427C(1) in relation to an income year, then this section applies in relation to: (a) that debt interest (the relevant debt interest ); and (b) the debt interest that is the ultimate debt interest mentioned in subsection 820 ‑ 427C(1) in relation to the relevant debt interest. Special rules for third party debt conditions—ultimate debt interest and relevant debt interest (2) In applying section 820 ‑ 427A in relation to the income year, in relation to the relevant debt interest and the ultimate debt interest: (a) treat the reference in subparagraph 820 ‑ 427A(3)(d)(ii) to * associate entity debt as being a reference to associate entity debt other than: (i) a debt interest that satisfies the conditions in subsection 820 ‑ 427C(1) in relation to the ultimate debt interest; or (ii) a debt interest issued by an entity that is an * Australian entity and that has made a choice under subsection 820 ‑ 46(4) to use the third party debt test for the income year; and (b) treat references in paragraphs 820 ‑ 427A(4)(a) and (b) to the entity as including the conduit financer mentioned in paragraph 820 ‑ 427C(1)(a) and each entity that issues a debt interest that satisfies the conditions in subsection 820 ‑ 427C(1) in relation to the ultimate debt interest. Special rules for third party debt conditions—relevant debt interest (3) In applying subsection 820 ‑ 427A(3) in relation to the income year, in relation to the relevant debt interest, in addition to applying subsection (2) of this section: (a) treat the conditions in paragraphs 820 ‑ 427A(3)(a) and (b) as being satisfied; and (b) treat subsection 820 ‑ 427A(3) as also including the condition that the ultimate debt interest satisfies the * third party debt conditions (having regard to subsection (2) of this section) in relation to the income year.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-427B"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-427C", "Provision_Key": "s820-427c", "Heading": "Conduit financing conditions", "Text": "(1) If, in relation to an income year: (a) an entity (the conduit financer ) issues a * debt interest (the ultimate debt interest ) to an entity (the ultimate lender ) that is not an * associate entity (see section 820 ‑ 427D) of the conduit financer; and (b) an entity (the borrower ) that is an associate entity of the conduit financer issues another debt interest (the relevant debt interest ) to: (i) the conduit financer; or (ii) another entity (the conduit borrower ) that is an associate entity of the conduit financer and the borrower; and (c) the amount loaned under the relevant debt interest: (i) if subparagraph (b)(i) applies—was financed by the conduit financer only with proceeds from the ultimate debt interest; or (ii) if subparagraph (b)(ii) applies—was financed by the conduit borrower only with proceeds from another debt interest that is also a debt interest that satisfies the conditions in this subsection in relation to the ultimate debt interest because of a previous operation of this subsection; and (d) the terms of the relevant debt interest, to the extent that those terms relate to costs incurred by the borrower in relation to the relevant debt interest, are the same as the terms of the ultimate debt interest, to the extent that those terms relate to such costs incurred by the conduit financer in relation to the ultimate debt interest; and (e) the conduit financer, the borrower and each conduit borrower (if any) are * Australian entities (see section 820 ‑ 427E); and (f) it is not the case that subparagraph 820 ‑ 46(1)(b)(i) or (ii) applies (fixed ratio test or group ratio test applies) to the conduit financer, the borrower or any conduit borrowers; then the relevant debt interest satisfies the conditions in this subsection in relation to the income year. (2) For the purposes of paragraph (1)(d): (a) disregard the terms of a * debt interest that is: (i) a relevant debt interest; or (ii) the ultimate debt interest; to the extent that those terms relate to the amount of the debt to which the debt interest relates; and (b) disregard the terms (if any) of the ultimate debt interest that have the effect of allowing (whether directly, or indirectly through one or more interposed borrowers) the recovery of reasonable administrative costs that relate directly to the ultimate debt interest; and (c) disregard the terms (if any) of a relevant debt interest issued to the conduit financer that have the effect of allowing (whether directly, or indirectly through one or more interposed borrowers) the recovery of reasonable administrative costs of the conduit financer that relate directly to the relevant debt interest; and (d) disregard the terms (if any) of a relevant debt interest, to the extent that those terms have the effect of allowing (whether directly, or indirectly through one or more interposed borrowers) the recovery of costs of the conduit financer that: (i) are a * debt deduction for the income year of the conduit financer; and (ii) are a debt deduction that is treated as being attributable to the ultimate debt interest under subsection 820 ‑ 427A(2) because it is directly associated with hedging or managing the interest rate risk in respect of the ultimate debt interest; and (e) disregard the terms (if any) of a relevant debt interest, to the extent that those terms have the effect of allowing (whether directly, or indirectly through one or more interposed borrowers) the recovery of costs of a borrower that: (i) are a debt deduction for the income year of the borrower; and (ii) are a debt deduction that is treated as being attributable to another debt interest under subsection 820 ‑ 427A(2) because it is directly associated with hedging or managing the interest rate risk in respect of that other debt interest.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-427C"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-427D", "Provision_Key": "s820-427d", "Heading": "Modified meaning of associate entity", "Text": "(1) For the purposes of this Subdivision, in determining whether an entity is an associate entity of another entity: (a) treat the references in paragraphs 820 ‑ 905(1)(a) and 820 ‑ 905(2A)(a) to “an * associate interest of 50% or more” as instead being: (i) for the purposes of paragraph 820 ‑ 427A(5)(b)—a reference to “a * TC control interest of 50% or more”; or (ii) for the purposes of any other provision in this Subdivision—a reference to “a * TC control interest of 20% or more”; and (aa) disregard the requirement in subsections 820 ‑ 905(1) and (2A) that the entity is an * associate of the other entity, unless only paragraph 820 ‑ 905(1)(b) applies; and (b) treat subsection 820 ‑ 860(3) as applying for the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection); and (c) treat the purposes mentioned in subparagraphs 820 ‑ 870(1)(b)(i) and (ii) as including the purposes of determining whether the entity is an associate entity of the other entity (as a result of paragraph (a) of this subsection). (2) For the purposes of this Subdivision: (a) treat an entity (the first entity ) that has entered into a * cross ‑ staple arrangement with another entity as an associate entity of that other entity; and (b) if that other entity is itself an associate entity of a conduit financer mentioned in section 820 ‑ 427C (whether because of another operation of this subsection or otherwise)—treat the first entity as an associate entity of the conduit financer.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-427D"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-427E", "Provision_Key": "s820-427e", "Heading": "Modified meaning of Australian entity", "Text": "For the purposes of this Subdivision, in determining whether an entity is an * Australian entity at a particular time: (a) for the purposes of paragraph 336(a) of the Income Tax Assessment Act 1936 , treat a partnership as being an Australian entity if, at that time, a * direct participation interest of 50% or more is held in the partnership by one or more of the following: (i) an Australian resident; (ii) an * Australian trust; and (b) disregard section 337 of that Act.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-427E"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-430", "Provision_Key": "s820-430", "Heading": "When choice can be made, and what effect it has", "Text": "(1) An entity may choose to be treated, for the purposes of this Division (except this Subdivision), as set out in the table. However, the entity can make the choice only if subsection (5) is satisfied. Choice by financial entity to be treated as an ADI Column 1 Column 2 Item For a period that the choice covers, and for which the entity would, apart from this Subdivision, have been: The entity is treated as if it had instead been: 1 an * outward investing financial entity (non ‑ ADI) an * outward investing entity (ADI) 2 an * inward investor (financial) an * inward investing entity (ADI) 3 an * inward investment vehicle (financial) an * outward investing entity (ADI) (2) The choice: (a) has effect accordingly, except as provided in subsection (4); and (b) ceases to have effect only as provided in this Subdivision; and (c) covers each period: (i) that started on or after a day specified in the choice (or on the day the choice is made if no day is specified); and (ii) that is all or part of an income year. (3) Subdivision 820 ‑ E applies to the entity, in relation to a period for which this section treats it as an * inward investing entity (ADI), as if all the entity’s * business were banking business of the entity. (4) The choice does not have effect for the purposes of determining whether the entity is covered by paragraph 820 ‑ 910(2)(a) (about working out the associate entity debt of another entity). Conditions for making the choice (5) For the income year that is or includes the first period for which the entity would be treated in accordance with the choice, the entity must satisfy: (a) subsection 820 ‑ 435(1); or (b) subsections 820 ‑ 435(2) and (3). Also, the entity must not have made a previous choice under this section that has ceased to have effect. Conditions are retested every 3 years (6) The choice ceases to have effect, or is taken to have ceased to have effect, as appropriate, at the end of an income year covered by subsection (7) of this section, unless the entity: (a) satisfies subsection 820 ‑ 435(1) for that income year; or (b) satisfies subsections 820 ‑ 435(2) and (3) for that income year. (7) This subsection covers every third income year after the one referred to in subsection (5).", "Amendment_Count": 2, "First_Amended": "No 142 of 2003", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 142 of 2003 | No 23 of 2024", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-430"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-435", "Provision_Key": "s820-435", "Heading": "Conditions", "Text": "(1) An entity satisfies this subsection for an income year if the average value, for that income year, of the entity’s * on ‑ lent amount is at least 80% of the average value, for that income year, of all the entity’s assets. (2) An entity satisfies this subsection for an income year if the first period that is all or part of that income year, and for which the entity would be treated in accordance with a choice under section 820 ‑ 430, consists of one or more periods, each of which is either or both of these: (a) a period throughout which the entity is a * financial entity because of paragraph (d) of the definition of financial entity in subsection 995 ‑ 1(1) (which covers licensed (or exempt) dealers in derivatives); (b) a period throughout which: (i) the entity is the * head company of a * consolidated group or * MEC group; and (ii) at least one * member of the group is a financial entity because of that paragraph. (3) An entity satisfies this subsection for an income year if it satisfies subsection (2) and the amount worked out using this formula is greater than or equal to 0.8: where: on ‑ lent amount means the average value, for that income year, of the entity’s * on ‑ lent amount. total assets means the average value, for that income year, of all the entity’s assets. UG on derivatives means the average value, for that income year, of the entity’s assets consisting of unrealised gains on trading derivatives within the meaning of Chapter 7 of the Corporations Act 2001 . UL on derivatives means the lesser of: (a) the average value, for that income year, of the entity’s liabilities consisting of unrealised losses on trading derivatives within the meaning of Chapter 7 of the Corporations Act 2001 ; and (b) the average value, for that income year, of the entity’s assets consisting of unrealised gains on trading derivatives within the meaning of Chapter 7 of that Act. On ‑ lent amount increased for financial entity whose assets include precious metals (4) In working out whether an entity satisfies subsection (1) or (3) for an income year, the average value, for that income year, of the entity’s * on ‑ lent amount is increased by the average value, for that income year, of the entity’s assets that consist of * precious metals, but only if the entity satisfies subsection (5) for that income year. (5) An entity satisfies this subsection for an income year if the first period that is all or part of that income year, and for which the entity would be treated in accordance with a choice under section 820 ‑ 430, consists of one or more periods, each of which is either or both of these: (a) a period throughout which the entity is a * financial entity; (b) a period throughout which: (i) the entity is the * head company of a * consolidated group or * MEC group; and (ii) at least one * member of the group is a financial entity.", "Amendment_Count": 2, "First_Amended": "No 142 of 2003", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 142 of 2003 | No 76 of 2023", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-435"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-440", "Provision_Key": "s820-440", "Heading": "Revocation of choice", "Text": "(1) A choice under section 820 ‑ 430 can be revoked only with the written approval of the Commissioner. The Commissioner may approve a revocation only if satisfied that the entity’s circumstances have changed significantly since the choice was made. (2) If revoked, the choice does not have effect for a period that starts on or after the day on which the Commissioner’s approval is given, unless the revocation is expressed to take effect on an earlier day. In that case, it does not have effect for a period that starts on or after the earlier day.", "Amendment_Count": 1, "First_Amended": "No 142 of 2003", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 142 of 2003", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-440"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-445", "Provision_Key": "s820-445", "Heading": "How this Subdivision interacts with Subdivision 820 ‑ FA", "Text": "A choice under section 820 ‑ 430 does not have effect for so much of a period as happens while the entity is a * subsidiary member of a * consolidated group or * MEC group. Note: If the head company of the group makes a choice under that section, that choice will have effect instead.", "Amendment_Count": 3, "First_Amended": "No 142 of 2003", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 142 of 2003 | No 64 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-445"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-579", "Provision_Key": "s820-579", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you: • how to classify the head company of a consolidated group or MEC group (in terms of which Subdivision of this Division to apply to the head company); and • how to apply this Division to the head company (including how the application is modified). Table of sections Operative provisions 820 ‑ 581 How this Division applies to head company for income year in which group comes into existence or ceases to exist 820 ‑ 583 Classification of head company 820 ‑ 584 Exempt special purpose entities treated as not being member of group 820 ‑ 585 Exemption for consolidated group headed by foreign ‑ controlled Australian ADI or its holding company 820 ‑ 587 Additional application of Subdivision 820 ‑ D to MEC group that includes foreign ‑ controlled Australian ADI 820 ‑ 588 Choice to treat specialist credit card institutions as being financial entities and not ADIs 820 ‑ 589 How Subdivision 820 ‑ D applies to a MEC group 820 ‑ 590 Treatment of FRT disallowed amounts—joining case 820 ‑ 591 Effect of transfer of FRT disallowed amount 820 ‑ 592 Cancelling the transfer of FRT disallowed amount 820 ‑ 593 FRT disallowed amount cannot be applied for income year ending after the joining time 820 ‑ 594 Treatment of FRT disallowed amounts—leaving case", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-579"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-581", "Provision_Key": "s820-581", "Heading": "How this Division applies to head company for income year in which group comes into existence or ceases to exist", "Text": "If a * consolidated group or * MEC group: (a) comes into existence at a time during an income year that is not the start of the income year; or (b) ceases to exist at a time during an income year that is not the end of the income year; then, for each of the following periods during that income year: (c) a period throughout which a company is the * head company of that group; or (d) a period throughout which that company is the head company of a different consolidated group or MEC group; or (e) a period throughout which that company is a * member of no consolidated group or MEC group; this Division (except this section) is to have either: (f) a single application in relation to the whole of the period; or (g) 2 or more applications, each in relation to a part of that period.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 117 of 2002 | No 101 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-581"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-583", "Provision_Key": "s820-583", "Heading": "Classification of head company", "Text": "General class investor (1) The * head company of a * consolidated group or of a * MEC group is a general class investor for a period that is all or part of an income year if: (a) for that period, the head company satisfies the requirement in subsection 820 ‑ 46(2); and (b) no * member of the group is a * financial entity or * ADI at any time during that period. Outward investing financial entity (non ‑ ADI) (3) The * head company of a * consolidated group or of a * MEC group is an outward investing financial entity (non ‑ ADI) for a period that is all or part of an income year if: (a) for that period, the head company satisfies the condition in the second column of item 1 or 2 of the table in subsection 820 ‑ 85(2); and (b) throughout that period, there is at least one * member of the group that is a * financial entity; and (c) no * member of the group is an * ADI at any time during that period. Inward investing financial entity (non ‑ ADI) (4) The * head company of a * consolidated group or of a * MEC group is an inward investing financial entity (non ‑ ADI) for a period that is all or part of an income year if, and only if, it is an * inward investment vehicle (financial) for that period (because of subsection (6)). Inward investment vehicle (financial) (6) The * head company of a * consolidated group or of a * MEC group is an inward investment vehicle (financial) for a period that is all or part of an income year if: (a) throughout that period, the head company is a * foreign controlled Australian entity; and (b) throughout that period, there is at least one * member of the group that is a * financial entity; and (c) no member of the group is an * ADI at any time during that period. Outward investing entity (ADI) (7) The * head company of a * consolidated group or of a * MEC group is an outward investing entity (ADI) for a period that is all or part of an income year if, and only if: (a) apart from Part 3 ‑ 90 (about consolidation of groups) and this Subdivision, at least one * member of the group would be an * outward investing entity (ADI) for that period; or (b) these conditions are met: (i) at least one member of the group would, apart from that Part and this Subdivision, be an * outward investing financial entity (non ‑ ADI) for that period; and (ii) at least one member of the group is an * ADI throughout that period.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 117 of 2002 | No 65 of 2019 | No 23 of 2024", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 65 of 2019, effective Sch 1 (items 4–18): 1 Oct 2019 (s 2(1) item 2) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-583"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-584", "Provision_Key": "s820-584", "Heading": "Exempt special purpose entities treated as not being member of group", "Text": "While an entity meets the conditions in subsection 820 ‑ 39(3) (about insolvency ‑ remote special purpose entities established to manage economic risk), the entity is treated for the purposes of this Division (except this section) as not being a * member of a * consolidated group or * MEC group of which it is a member. Note: This section has the effect that the circumstances of the entity are not taken into account in applying this Division to the head company of the group. The entity itself is exempt from this Division because of section 820 ‑ 39.", "Amendment_Count": 1, "First_Amended": "No 142 of 2003", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 142 of 2003", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-584"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-585", "Provision_Key": "s820-585", "Heading": "Exemption for consolidated group headed by foreign ‑ controlled Australian ADI or its holding company", "Text": "(1) This Division does not disallow any of a * debt deduction for an income year if: (a) the debt deduction is of the * head company of a * consolidated group and the head company satisfies subsection (2) for that income year; or (b) the debt deduction is an amount incurred by the head company of a consolidated group during a period that is part of that income year, and the head company satisfies subsection (2) for that period. (2) The * head company satisfies this subsection for a period that is all or part of an income year if, throughout that period: (a) the head company is both a * foreign controlled Australian company and an * ADI (and would also be an ADI apart from Part 3 ‑ 90 (about consolidation of groups)); or (b) the head company: (i) is a * foreign controlled Australian company; and (ii) beneficially owns all the * membership interests in a * member of the group that is both a * foreign controlled Australian entity and an * ADI throughout that period; and (iii) would, apart from Part 3 ‑ 90 (about consolidation of groups), have no other assets and no * debt capital; unless at least one member of the group would, apart from that Part and this Subdivision, be an * outward investing financial entity (non ‑ ADI) or * outward investing entity (ADI) for all or part of that period. (3) Subsection (1) does not apply if, at each time in the period mentioned in subsection (2), all the * ADIs that are * members of the group then are * specialist credit card institutions.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 117 of 2002 | No 164 of 2007 | No 23 of 2024", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-585"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-587", "Provision_Key": "s820-587", "Heading": "Additional application of Subdivision 820 ‑ D to MEC group that includes foreign ‑ controlled Australian ADI", "Text": "Subdivision 820 ‑ D applies to the * head company of a * MEC group as if it were an * outward investing entity (ADI) for a period that is all or part of an income year if: (a) the head company is not an outward investing entity (ADI) for that period; and (b) throughout that period, at least one * member of the group is both a * foreign controlled Australian entity and an * ADI; and (c) throughout that period, there is at least one * eligible tier ‑ 1 company of the * top company for the group that: (i) is a member of the group; and (ii) is not an ADI; and (iii) has no * wholly ‑ owned subsidiary that is an ADI.", "Amendment_Count": 1, "First_Amended": "No 117 of 2002", "Last_Amended": "No 117 of 2002", "Amending_Acts": "No 117 of 2002", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-587"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-588", "Provision_Key": "s820-588", "Heading": "Choice to treat specialist credit card institutions as being financial entities and not ADIs", "Text": "(1) If the conditions in subsection (2) are met in relation to a * consolidated group or * MEC group and a period that is all or part of an income year, this Division (except this section) has effect as if: (a) none of the * members of the group were an * ADI at any time in the period; and (b) each member of the group that is an ADI (ignoring paragraph (a)) at any time in the period were a financial entity at that time. Note 1: One result of this Division having effect in that way is that Subdivision 820 ‑ D (and related provisions, such as section 820 ‑ 589) will not apply in relation to the head company, because: (a) the head company of the group will not be classified under section 820 ‑ 583 as an outward investing entity (ADI); and (b) section 820 ‑ 587 will not apply that Subdivision. Note 2: Another result of this Division having effect in that way is that Subdivision 820 ‑ B or 820 ‑ C may apply in relation to the head company, because it may be classified under section 820 ‑ 583 as either: (a) an outward investing financial entity (non ‑ ADI); or (b) an inward investing financial entity (non ‑ ADI) and an inward investment vehicle (financial). (2) The conditions are that: (a) at all times in the period at least one * member of the * consolidated group or * MEC group is an * ADI; and (b) each ADI that is a member of the group at any time in the period is a * specialist credit card institution at that time; and (c) the * head company of the group for the period chooses, before lodging its * income tax return for the income year, that this Division should have effect in that way in relation to the group and every period for which the conditions in paragraphs (a) and (b) are met in the income year. (3) An * ADI is a specialist credit card institution at a time if, at that time, the ADI’s authority under section 9 of the Banking Act 1959 to carry on banking business (as defined in that Act) authorises the ADI to carry on only banking business that: (a) is participation in a payment system (as defined in the Payment Systems (Regulation) Act 1998 ) that is a credit card scheme and is designated under section 11 or 11B of that Act; and (b) is either or both of the following: (i) credit card acquiring (as defined in regulations made for the purposes of the Banking Act 1959 ); (ii) credit card issuing (as defined in those regulations). (4) To avoid doubt, a choice for the purposes of paragraph (2)(c) cannot be revoked.", "Amendment_Count": 3, "First_Amended": "No 164 of 2007", "Last_Amended": "No 46 of 2025", "Amending_Acts": "No 164 of 2007 | No 23 of 2024 | No 46 of 2025", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3) | Amended by No 46 of 2025, effective sch 1 (items 128, 129): 19 Dec 2025 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-588"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-589", "Provision_Key": "s820-589", "Heading": "How Subdivision 820 ‑ D applies to a MEC group", "Text": "(1) This section has effect for the purposes of working out the * adjusted average equity capital of the * head company of a * MEC group for a period (the test period ) that is all or part of an income year if Subdivision 820 ‑ D applies to the head company in relation to that period. Note: Section 820 ‑ 587 extends the application of Subdivision 820 ‑ D. (2) The * head company’s * ADI equity capital at a particular time during the test period is to be worked out: (a) taking into account an * equity interest or * debt interest in the head company only if it is held at that time by an entity that is not a member of the group; and (b) on the basis that an equity interest or debt interest in an * eligible tier ‑ 1 company (other than the head company) that is a member of the group at that time is treated as an equity interest or debt interest (as appropriate) in the head company, but only if it is held at that time by an entity that is not a member of the group; and (c) on the basis of the information that would be contained in a set of consolidated accounts: (i) prepared, in accordance with the * accounting standard on consolidated accounts, as at that time; and (ii) covering the members of the group as at that time.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 117 of 2002 | No 142 of 2003", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Repealed and substituted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-589"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-590", "Provision_Key": "s820-590", "Heading": "Treatment of FRT disallowed amounts—joining case", "Text": "(1) This section applies if: (a) an entity (the joining entity ) becomes a * member of a * consolidated group (the joined group ) at a time (the joining time ) in an income year (the joining year ); and (b) the joining entity had a * FRT disallowed amount for an income year ending before the joining time. (2) Subject to subsection (4), the * FRT disallowed amount is transferred at the joining time from the joining entity to the * head company of the joined group (even if they are the same entity). (3) To avoid doubt, the result of the transfer under subsection (2) is that the * head company of the joined group has the * FRT disallowed amount for the income year mentioned in paragraph (1)(b). (4) The * FRT disallowed amount is transferred under subsection (2) only to the extent (if any) that the FRT disallowed amount could have been applied by the joining entity under paragraph 820 ‑ 56(2)(b) in respect of an income year (the trial year ) consisting of the period described in subsection (5) if: (a) at the joining time, the joining entity had not become a * member of the joined group (but had been a * wholly ‑ owned subsidiary of the * head company if the joining entity is not the head company); and (b) the amount applied by the joining entity under paragraph 820 ‑ 56(2)(b) in respect of the trial year were not limited by the joining entity’s excess mentioned in that paragraph in respect of the trial year. (5) For the purposes of subsection (4), the period is the period: (a) starting at the latest of the following times: (i) the time 12 months before the joining time; (ii) the time the joining entity came into existence; (iii) the time the joining entity last ceased to be a * subsidiary member of a * consolidated group, if the joining entity had been a member of a consolidated group before the joining time but was not a * member of a consolidated group just before the joining time; and (b) ending just after the joining time. (6) When working out, for the purposes of subsection (4), whether the joining entity carried on, throughout the * trial year (or a period including the trial year): (a) the same business as the business it carried on at a particular time; or (b) a similar business to the business it carried on at that time; assume that the entity carried on at and just after the joining time the same business that it carried on just before the joining time. (7) If the * FRT disallowed amount was for an income year all or part of which occurs in the trial year, the transfer of the FRT disallowed amount under subsection (2) is not prevented by the fact that the FRT disallowed amount was for that income year. (8) If, apart from this subsection, the * head company of the joined group would have 2 or more * FRT disallowed amounts (the transferred FRT disallowed amounts ) for a particular income year as a result of the operation of subsection (2): (a) treat it as having only one FRT disallowed amount for the income year; and (b) treat that one FRT disallowed amount as being equal to the sum of the transferred FRT disallowed amounts.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-590"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-591", "Provision_Key": "s820-591", "Heading": "Effect of transfer of FRT disallowed amount", "Text": "(1) This section applies if an * FRT disallowed amount is transferred under section 820 ‑ 590 from the joining entity to the * head company of the joined group. (2) For the purposes of subsection 820 ‑ 59(4), this Act operates (except so far as the contrary intention appears) for the purposes of income years ending after the joining time as if the head company had the * FRT disallowed amount for the income year in which the joining time occurs. (3) For the purposes of applying subsection 820 ‑ 59(4) in relation to the * FRT disallowed amount, treat the disallowance year mentioned in paragraph 820 ‑ 59(4)(b) as starting at the time of the transfer.", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 117 of 2002 | No 21 of 2005 | No 101 of 2006 | No 23 of 2024", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 21 of 2005, effective 21 Mar 2005 | Repealed by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-591"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-592", "Provision_Key": "s820-592", "Heading": "Cancelling the transfer of FRT disallowed amount", "Text": "(1) The * head company of the joined group may choose to cancel the transfer of the FRT disallowed amount under section 820 ‑ 590. (2) If the * head company of the joined group does so, this Act (except this section) operates for all income years ending after the transfer as if it had not occurred under section 820 ‑ 590. (3) The choice cannot be revoked.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-592"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-593", "Provision_Key": "s820-593", "Heading": "FRT disallowed amount cannot be applied for income year ending after the joining time", "Text": "To the extent that the * FRT disallowed amount is not transferred under section 820 ‑ 590 from the joining entity to the * head company of the joined group, the FRT disallowed amount cannot be applied under paragraph 820 ‑ 56(2)(b) by any entity in respect of an income year ending after the joining time.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-593"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-594", "Provision_Key": "s820-594", "Heading": "Treatment of FRT disallowed amounts—leaving case", "Text": "To avoid doubt, if the * head company of a * consolidated group has a * FRT disallowed amount and an entity ceases to be a * subsidiary member of the group, the entity is not taken because of section 701 ‑ 40 (the exit history rule) to have the FRT disallowed amount.", "Amendment_Count": 1, "First_Amended": "No 23 of 2024", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 23 of 2024", "History_Notes": "Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-594"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-595", "Provision_Key": "s820-595", "Heading": "What this Subdivision is about", "Text": "If: (a) the head company of a consolidated group or MEC group; or (b) an Australian company that cannot consolidate; is a member of the same wholly ‑ owned group as a foreign bank or foreign financial entity, the company can choose to treat as part of itself the Australian branches of the foreign bank or foreign financial entity, affecting how the rest of this Division applies. Table of sections Choice to group with branches of foreign banks and foreign financial entities 820 ‑ 597 Choice by head company of consolidated group or MEC group 820 ‑ 599 Choice by Australian resident company outside consolidatable group and MEC group Effect of choice 820 ‑ 601 Application 820 ‑ 603 General 820 ‑ 605 Effect on establishment entity if certain debt deductions disallowed 820 ‑ 607 Effect on test periods under this Division 820 ‑ 609 Effect on classification of head company or single company 820 ‑ 610 Choice not to be outward investing entity (ADI) or inward investing entity (ADI) 820 ‑ 611 Values to be based on what would be in consolidated accounts for group 820 ‑ 613 How Subdivision 820 ‑ D applies 820 ‑ 615 How Subdivision 820 ‑ E applies", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 117 of 2002 | No 21 of 2005 | No 64 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 21 of 2005, effective 21 Mar 2005 | Repealed and substituted by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-595"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-597", "Provision_Key": "s820-597", "Heading": "Choice by head company of consolidated group or MEC group", "Text": "(1) This section applies if there is a period (the grouping period ) for which all these conditions are met: (a) the period was all or part of an income year of the * head company of a * consolidated group or * MEC group; (b) the consolidated group or MEC group existed throughout the period; (c) the head company and an entity (the establishment entity ) covered by one of the following subparagraphs are both members of the same * wholly ‑ owned group throughout the period: (i) a * foreign bank that carried on its banking * business in Australia through at least one * Australian permanent establishment at each time in the period; (ii) a * foreign entity that was a * financial entity and had at least one Australian permanent establishment at each time in the period; (d) there is not a longer period in the income year for which the conditions in paragraphs (a), (b) and (c) are met in relation to the head company and the establishment entity. Note: It does not matter whether the income year ended on the same day for the head company and the establishment entity. (2) The * head company may choose to have all of the * Australian permanent establishments of the establishment entity treated as part of the head company for the grouping period for the purposes of this Division. (3) If the conditions in subsection (1) are met in relation to the * head company and more than one other establishment entity, the head company may make a different choice in relation to each of the other establishment entities.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 117 of 2002 | No 64 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-597"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-599", "Provision_Key": "s820-599", "Heading": "Choice by Australian resident company outside consolidatable group and MEC group", "Text": "(1) This section applies if there is a period (also the grouping period ) for which all these conditions are met: (a) the period was all or part of an income year of a company (the single company ); (b) throughout the period the single company: (i) was an * Australian entity; and (ii) was not a * prescribed dual resident; and (iii) was not a * member of a * consolidatable group; and (iv) was not a member of a * consolidated group; and (v) was not a member of a * MEC group; (c) the single company and an entity (the establishment entity ) covered by one of the following subparagraphs are both members of the same * wholly ‑ owned group throughout the period: (i) a * foreign bank that carried on its banking * business in Australia through at least one * Australian permanent establishment at each time in the period; (ii) a * foreign entity that was a * financial entity and had at least one Australian permanent establishment at each time in the period; (d) there is not a longer period in the income year for which the conditions in paragraphs (a), (b) and (c) are met in relation to the single company and the establishment entity. Note: It does not matter whether the income year ended on the same day for the single company and the establishment entity. (2) The single company may choose to have all of the * Australian permanent establishments of the establishment entity treated as part of the single company for the grouping period for the purposes of this Division. (3) If the conditions in subsection (1) are met in relation to the single company and more than one other establishment entity, the single company may make a different choice in relation to each of the other establishment entities.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 117 of 2002 | No 16 of 2003 | No 64 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Repealed and substituted by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-599"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-601", "Provision_Key": "s820-601", "Heading": "Application", "Text": "Sections 820 ‑ 603 to 820 ‑ 615 apply if a choice is made under section 820 ‑ 597 or 820 ‑ 599.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 117 of 2002 | No 101 of 2006", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-601"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-603", "Provision_Key": "s820-603", "Heading": "General", "Text": "(1) The choice cannot be revoked in relation to the grouping period. It binds the * head company or the single company, as appropriate, and the establishment entity. (2) The rest of this section applies: (a) to each * Australian permanent establishment that: (i) was an Australian permanent establishment of the establishment entity; and (ii) if the establishment entity was a * foreign bank—was an Australian permanent establishment through which the entity carried on banking * business in Australia at any time in the grouping period; and (b) in relation to each time (the test time ) that was in the grouping period and was when the Australian permanent establishment: (i) was an Australian permanent establishment of the establishment entity; and (ii) if the establishment entity was a foreign bank—was an Australian permanent establishment through which the entity carried on banking business in Australia. (3) In the case of a choice under section 820 ‑ 597, this Division (except Subdivision 820 ‑ FA, this Subdivision and Subdivision 820 ‑ L) applies as if, at the test time, the * Australian permanent establishment: (a) had been part of the * head company; and (b) had not been part of the establishment entity; and (c) were a * subsidiary member of the * consolidated group or * MEC group. (4) In the case of a choice under section 820 ‑ 599, this Division (except Subdivision 820 ‑ FA, this Subdivision and Subdivision 820 ‑ L) applies as if, at the test time: (a) the * Australian permanent establishment had been part of the single company and had not been part of the establishment entity; and (b) the single company were a * consolidated group of which the single company was the * head company and the Australian permanent establishment was a * subsidiary member. (5) In either case, without limiting subsection (3) or (4), this Division (except Subdivision 820 ‑ FA, this Subdivision and Subdivision 820 ‑ L) applies as if: (a) the * Australian permanent establishment were an entity at that time; and (b) each asset and liability of the establishment entity at the test time that is attributable to the Australian permanent establishment were an asset or liability of the Australian permanent establishment at that time; and (c) without limiting paragraph (b) of this subsection, each cost that: (i) is a * debt deduction of the establishment entity incurred at the test time; and (ii) is attributable to the Australian permanent establishment; were a cost incurred by the Australian permanent establishment at that time; For the effects of disallowing debt deductions, see section 820 ‑ 605. (6) However, the application of this Division because of this section is subject to the modifications set out in sections 820 ‑ 607 to 820 ‑ 615. (7) For the purposes of this Division (as applying because of this Subdivision), this Act (except this Division) applies as if the matters referred to in subsections (3), (4) and (5) of this section were the case. Note: For example, this means that a head company is treated for the purposes of this Division as if it had debt deductions based on the actual costs incurred by an Australian permanent establishment while it is treated as part of the head company because of this section.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 117 of 2002 | No 64 of 2005 | No 101 of 2006", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-603"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-605", "Provision_Key": "s820-605", "Heading": "Effect on establishment entity if certain debt deductions disallowed", "Text": "If: (a) apart from this Division, a * debt deduction would be a deduction of the establishment entity for an income year; and (b) this Division (as applying because of this Subdivision) disallows all or part of the deduction (treated as a deduction of the * head company or single company); this section disallows the deduction of the establishment entity, or that part of it, as appropriate. Note 1A: The disallowed amount also does not form part of the cost base of a CGT asset. See section 110 ‑ 54. Note 1: This Division does not disallow a debt deduction that the establishment entity incurs during the grouping period and that consists of a cost that is: • attributable to an Australian permanent establishment covered by the choice under section 820 ‑ 597 or 820 ‑ 599; and • paid or owed to the head company or single company. The cost is not a debt deduction of the head company or single company for the purposes of this Division as applying because of this Subdivision. This is because subsection 820 ‑ 603(3) or (4) treats the Australian permanent establishment as being part of the head company or single company, so the cost is treated as being paid or owed by the head company or single company to itself. Because subsection 820 ‑ 603(3) or (4) also treats the Australian permanent establishment as not being part of the establishment entity, the cost is not a debt deduction of the establishment entity, so it is not disallowed by this Division as applying to the establishment entity. Note 2: This Division also does not disallow a debt deduction that the head company or single company incurs during the grouping period and that consists of a cost that is: • paid or owed to the establishment entity; and • is attributable to an Australian permanent establishment covered by the choice under section 820 ‑ 597 or 820 ‑ 599. The cost is not a debt deduction of the head company or single company for the purposes of this Division as applying because of this Subdivision. This is because subsection 820 ‑ 603(3) or (4) treats the Australian permanent establishment as being part of the head company or single company, so the cost is treated as being paid or owed by the head company or single company to itself.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 117 of 2002 | No 142 of 2003 | No 64 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-605"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-607", "Provision_Key": "s820-607", "Heading": "Effect on test periods under this Division", "Text": "If, apart from this section, this Division (except this Subdivision) would have a single application to the * head company or single company, or to the establishment entity, in relation to a period (the test period ) that: (a) is all or part of an income year of that entity; and (b) overlaps the grouping period; this Division (except this section) is to have separate applications to that entity as follows: (c) a single application in relation to the period of overlap; and (d) a single application in relation to the part (if any) of the test period that is before the period of overlap; and (e) a single application in relation to the part (if any) of the test period that is after the period of overlap.", "Amendment_Count": 2, "First_Amended": "No 117 of 2002", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 117 of 2002 | No 64 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-607"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-609", "Provision_Key": "s820-609", "Heading": "Effect on classification of head company or single company", "Text": "(1) The * head company or single company is an outward investing entity (ADI) for a period (the trial period ) that is all or part of the grouping period if: (a) apart from this Subdivision, the head company or single company would be an * outward investing entity (ADI) for the trial period; or (b) apart from this Subdivision, the head company or single company: (i) would be an * outward investing financial entity (non ‑ ADI) for the trial period; and (ii) at least one of the * Australian permanent establishments is a * permanent establishment through which a * foreign bank carries on banking * business in Australia. (2) The * head company is also an outward investing entity (ADI) for the trial period if, apart from this Subdivision: (a) section 820 ‑ 585 would prevent the disallowance of a * debt deduction for the income year including the trial period; or (b) section 820 ‑ 587 would apply Subdivision 820 ‑ D to the head company as if it were an * outward investing entity (ADI) for the trial period. (3) The single company is also an outward investing entity (ADI) for the trial period if it is both a * foreign controlled Australian company and an * ADI for that period. (4) The * head company or single company is an inward investing entity (ADI) for the trial period if: (a) apart from this Subdivision, it would be an * inward investment vehicle (financial), and not an * outward investing financial entity (non ‑ ADI), for the trial period; and (b) at least one of the * Australian permanent establishments is a * permanent establishment through which a * foreign bank carries on banking * business in Australia. (5) The * head company or single company is an outward investing financial entity (non ‑ ADI) for the trial period if, apart from this Subdivision: (a) it would be an * outward investing financial entity (non ‑ ADI) for that period; and (b) at least one of the * Australian permanent establishments is a * permanent establishment of a * foreign entity that is a * financial entity; and (c) none of the Australian permanent establishments is a permanent establishment through which a * foreign bank carries on banking * business in Australia. (6) The * head company or single company is an inward investing financial entity (non ‑ ADI) and an inward investment vehicle (financial) for the trial period if, apart from this Subdivision: (a) it would be an * inward investing financial entity (non ‑ ADI) and an * inward investment vehicle (financial) for that period; and (b) it would not be an * outward investing financial entity (non ‑ ADI) for that period; and (c) at least one of the * Australian permanent establishments is a * permanent establishment of a * foreign entity that is a * financial entity; and (d) none of the Australian permanent establishments is a permanent establishment through which a * foreign bank carries on banking * business in Australia. (7) This section has effect despite any other provision of this Division, except Subdivision 820 ‑ EA and section 820 ‑ 610. Note: If the head company or single company is an outward investing financial entity (non ‑ ADI) or inward investment vehicle (financial) under this section and satisfies subsection 820 ‑ 430(5), it may choose under Subdivision 820 ‑ EA to be treated as an outward investing entity (ADI). Section 820 ‑ 603 affects whether the company satisfies that subsection, by treating as part of the company each relevant foreign financial entity’s Australian permanent establishment.", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 117 of 2002 | No 64 of 2005 | No 164 of 2007 | No 23 of 2024", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Repealed and substituted by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-609"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-610", "Provision_Key": "s820-610", "Heading": "Choice not to be outward investing entity (ADI) or inward investing entity (ADI)", "Text": "(1) This section applies if: (a) apart from this section, the * head company or single company would, under section 820 ‑ 609, be an * outward investing entity (ADI) or an * inward investing entity (ADI) for the trial period; and (b) at all times in the trial period, each of the following entities that is an * ADI is a * specialist credit card institution: (i) the head company or single company; (ii) an establishment entity whose * Australian permanent establishments the head company or single company has chosen under section 820 ‑ 597 or 820 ‑ 599 to have treated as part of the company for the period. (2) The * head company or single company is an outward investing financial entity (non ‑ ADI) for the trial period if: (a) apart from this section, the company would, under section 820 ‑ 609, be an * outward investing entity (ADI) for the trial period; and (b) the company chooses, before lodging its * income tax return for the income year including the trial period, to be an outward investing financial entity (non ‑ ADI) for that period. (3) The * head company or single company is an inward investing financial entity (non ‑ ADI) and an inward investment vehicle (financial) for the trial period if: (a) apart from this section, the company would, under section 820 ‑ 609, be an * inward investing entity (ADI) for the trial period; and (b) the company chooses, before lodging its * income tax return for the income year including the trial period, to be an inward investing financial entity (non ‑ ADI) and an inward investment vehicle (financial) for that period. (4) This section has effect despite sections 820 ‑ 85, 820 ‑ 185 and 820 ‑ 609.", "Amendment_Count": 2, "First_Amended": "No 164 of 2007", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 164 of 2007 | No 23 of 2024", "History_Notes": "Inserted by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-610"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-611", "Provision_Key": "s820-611", "Heading": "Values to be based on what would be in consolidated accounts for group", "Text": "(1) For the purposes of this Division as applying because of this Subdivision, the value or amount of a particular matter as at a particular time during the grouping period is to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts: (a) prepared, in accordance with the * accounting standard on consolidated accounts, as at that time; and (b) covering the * consolidated group, * MEC group or single company, as appropriate, and each * Australian permanent establishment that section 820 ‑ 603 treats as part of the * head company or single company at that time. Note: This subsection does not depend on whether such a set of consolidated accounts was prepared, or had to be prepared, for other purposes. (2) To avoid doubt, subsection (1) also applies to working out the value or amount, as at a particular time, of a matter mentioned in any of sections 820 ‑ 613 to 820 ‑ 615.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 117 of 2002 | No 142 of 2003 | No 101 of 2006", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-611"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-613", "Provision_Key": "s820-613", "Heading": "How Subdivision 820 ‑ D applies", "Text": "(1) This section has effect for the purposes of applying Subdivision 820 ‑ D to the * head company or single company in relation to a period (the test period ) that is all or part of the grouping period. Note: Subdivision 820 ‑ D applies to the head company or single company if it is classified as an outward investing entity (ADI) because of section 820 ‑ 609, either alone or in conjunction with a choice made by the company under section 820 ‑ 430. Adjusted average equity capital (2) The * adjusted average equity capital of the * head company or single company for the test period is increased by the average value, for the period, of the amount worked out under subsection (3). Note 1: In the case of a choice under section 820 ‑ 599, paragraph 820 ‑ 603(4)(b) treats the single company and the relevant Australian permanent establishments as a consolidated group. Note 2: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. (3) The amount worked out under this subsection as at a particular day is the total of the amounts worked out under the following paragraphs for each of the establishment entity’s * Australian permanent establishments that section 820 ‑ 603 treats as part of the * head company or single company on that day: (a) so much of the establishment entity’s * ADI equity capital, at the end of the day, as: (i) is attributable to that Australian permanent establishment; and (ii) has not been allocated to the * OB activities of the entity; (b) the amounts that, as at the end of that day: (i) are made available by the establishment entity to the Australian permanent establishment as loans to it; and (ii) do not give rise to any * debt deductions of the entity for the income year or any other income year. Note: The amounts are to be worked out, so far as practicable, on the basis of the information that would be contained in a set of consolidated accounts. See section 820 ‑ 611. Risk ‑ weighted assets (4) For each of the establishment entity’s * Australian permanent establishments that is covered by the choice, the * risk ‑ weighted assets of the * head company or single company include that part of the entity’s risk ‑ weighted assets that: (a) is attributable to that Australian permanent establishment; and (b) is not attributable to the entity’s * OB activities.", "Amendment_Count": 3, "First_Amended": "No 117 of 2002", "Last_Amended": "No 64 of 2005", "Amending_Acts": "No 117 of 2002 | No 142 of 2003 | No 64 of 2005", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-613"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-615", "Provision_Key": "s820-615", "Heading": "How Subdivision 820 ‑ E applies", "Text": "(1) This section has effect for the purposes of applying Subdivision 820 ‑ E to the * head company or single company in relation to a period (the test period ) that is all or part of the grouping period. Note: Subdivision 820 ‑ E applies to the head company or single company if it is classified as an inward investing entity (ADI) because of section 820 ‑ 609. Average equity capital (2) The average equity capital of the * head company or single company for the test period is: (a) the average value, for that period, of all the * ADI equity capital of the company; plus (b) the average value, for that period, of the amount worked out under subsection 820 ‑ 613(3). Note 1: In the case of a choice under section 820 ‑ 599, paragraph 820 ‑ 603(4)(b) treats the single company and the relevant Australian permanent establishments as a consolidated group. Note 2: To calculate an average value for the purposes of this Division, see Subdivision 820 ‑ G. Safe harbour capital amount (3) The safe harbour capital amount of the * head company or single company for the test period is worked out using the following method statement. Method statement Step 1. Work out the average value, for the test period, of the * head company’s or single company’s * risk ‑ weighted assets. Step 2. Multiply the result of step 1 by 6%. The result of this step is the safe harbour capital amount . Risk ‑ weighted assets (4) For each of the establishment entity’s * Australian permanent establishments covered by the choice, the * risk ‑ weighted assets of the * head company or single company include that part of the entity’s risk ‑ weighted assets that: (a) is attributable to that Australian permanent establishment; and (b) is not attributable to the entity’s * OB activities.", "Amendment_Count": 4, "First_Amended": "No 117 of 2002", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 117 of 2002 | No 142 of 2003 | No 64 of 2005 | No 110 of 2014", "History_Notes": "Inserted by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-615"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-625", "Provision_Key": "s820-625", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the methods of calculating the average values for the purposes of this Division. It also includes special rules about values and valuation that are relevant to that calculation. Note: Section 820 ‑ 25 of the Income Tax (Transitional Provisions) Act 1997 provides for a transitional rule that affects the operation of this Subdivision in relation to an income year that begins before 1 July 2002 and ends before 30 June 2003. Table of sections How to calculate the average values 820 ‑ 630 Methods of calculating average values 820 ‑ 635 The opening and closing balances method 820 ‑ 640 The 3 measurement days method 820 ‑ 645 The frequent measurement method Special rules about values and valuation 820 ‑ 675 Amount to be expressed in Australian currency 820 ‑ 680 Valuation of assets, liabilities and equity capital 820 ‑ 682 Recognition of assets and liabilities—modifying application of accounting standards 820 ‑ 685 Valuation of debt capital 820 ‑ 690 Commissioner’s power", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-625"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-630", "Provision_Key": "s820-630", "Heading": "Methods of calculating average values", "Text": "Methods of calculation for entities that are not ADIs (1) An entity to which Subdivision 820 ‑ B or 820 ‑ C applies for a period that is all or a part of an income year must use one of the following methods to calculate the average value of a matter mentioned in that Subdivision for the purposes of that application: (a) the method set out in section 820 ‑ 635 (the opening and closing balances method ); (b) the method set out in section 820 ‑ 640 (the 3 measurement days method ); (c) the method set out in section 820 ‑ 645 (the frequent measurement method ). Note 1: This subsection therefore applies only to an outward investing financial entity (non ‑ ADI) or an inward investing financial entity (non ‑ ADI). Note 2: An entity cannot apply the 3 measurement days method if it is unable to meet the requirements in subsection 820 ‑ 640(1). An entity’s ability to apply that method may therefore be limited. (2) The entity must use the same method to calculate all such average values for that period for the purposes of that application. Commissioner’s power (3) If the entity fails to comply with subsection (2), the Commissioner may, irrespective of the methods used by the entity, recalculate all the average values for the entity and that period by using the opening and closing balances method. Method of calculation for ADIs (4) An entity to which Subdivision 820 ‑ D or 820 ‑ E applies for a period that is all or a part of an income year must use the frequent measurement method to calculate the average value of a matter mentioned in that Subdivision for the purposes of that application. Note: This subsection therefore applies only to an outward investing entity (ADI) or an inward investing entity (ADI).", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-630"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-635", "Provision_Key": "s820-635", "Heading": "The opening and closing balances method", "Text": "An entity that uses the opening and closing balances method for a period must apply the following method statement to calculate the average value of a matter for that period. Method statement Step 1. Work out the value of the particular matter as at the first day of that period . Step 2. Work out the value of the particular matter as at the last day of that period. Step 3. Add the results of steps 1 and 2. Step 4. Divide the result of step 3 by 2. The result of this step is the average value. Example: ALWZ Corporation, a company that is an Australian entity, held assets valued at $95 million on the first day of an income year. It held assets valued at $105 million at the end of that year. Adding those amounts and dividing the result by 2 gives the average value of its assets for that year, which is $100 million.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-635"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-640", "Provision_Key": "s820-640", "Heading": "The 3 measurement days method", "Text": "Application (1) An entity must not use the 3 measurement days method for a period that is a part of an income year unless the following days occur during that period: (a) the last day of the first half of the income year; (b) one or both of the following days: (i) the first day of that year; (ii) the last day of that year. Method statement (2) An entity that uses the 3 measurement days method for a period must apply the following method statement to calculate the average value of a matter for that period. Method statement Step 1. Work out the value of the particular matter as at the first measurement day (see subsection (3)). Step 2. Work out the value of the particular matter as at the second measurement day (see subsection (3)). Step 3. Work out the value of the particular matter as at the third measurement day (see subsection (3)). Step 4. Add the results of steps 1, 2 and 3. Step 5. Divide the result of step 4 by 3. The result of this step is the average value. Example: RJ Corporation held assets valued at $115 million on the first day of an income year. It held assets valued at $105 million on the last day of the first half of that year, and $80 million on the last day of that year. Adding these amounts and dividing the result by 3 gives the average value of its assets for that year, which is $100 million. Measurement days (3) The following are the first , second and third measurement days : (a) the first measurement day is the first day of the income year if it occurs during that period, otherwise it is the first day of that period; (b) the second measurement day is the last day of the first half of that year; (c) the third measurement day is the last day of that year if it occurs during that period, otherwise it is the last day of that period.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-640"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-645", "Provision_Key": "s820-645", "Heading": "The frequent measurement method", "Text": "(1) An entity that uses the frequent measurement method for a period (the measurement period ) must calculate the average value of a matter for that period by applying: (a) the method statement in subsection (2) (generally based on quarterly periods); or (b) the method statement in subsection (4) (generally based on regular intervals). This section does not prevent the entity from applying the method statement in subsection (2) for one matter and the method statement in subsection (4) for another matter in relation to that period. (2) This is the method statement for the purposes of paragraph (1)(a). Method statement Step 1. Work out the value of the particular matter as at each of the following measurement days: (a) the first day of the measurement period; (b) the last day of each quarterly period of that income year (see subsection (3)) that occurs during the measurement period (if any); (c) the last day of the measurement period if it is not a day covered by paragraph (b). Step 2. Add up those values. Step 3. Divide the result of step 2 by the number of measurement days. The result of this step is the average value. Example: KJW Finance Corporation, a company that is an Australian entity, held assets valued at $130 million on the first day of an income year. On the last day of each quarterly period for that year it held assets valued at $140 million, $120 million, $110 million and $100 million respectively. Adding these amounts and dividing the result by 5 gives the average value of its assets for that year, which is $120 million. Quarterly period (3) The quarterly periods of the income year are: (a) the period consisting of the first, second and third months of that year; and (b) each successive period of 3 months that occurs after that period during that year. (4) This is the method statement for the purposes of paragraph (1)(b): Method statement Step 1. Work out the value of the particular matter as at each of the following measurement days: (a) the first day of the measurement period; (b) the last day of each regular interval for the measurement period (see subsection (5)); (c) the last day of the measurement period if it is not a day mentioned in paragraph (b). Step 2. Add up those values. Step 3. Divide the result of step 2 by the number of measurement days. The result of this step is the average value. Example: TW Corporation, a company that is an Australian entity, adopts a weekly interval for the purposes of this subsection. The measurement period is a period of 12 weeks. On the first day of that period it had $70 million of debt capital. Its debt capital was $80 million on the last day of each of the first 7 weeks, and $95 million on the last day of the remaining 5 weeks. Adding these amounts and dividing the result by 13 (the number of measurement days) gives the average value of its debt capital for that period, which is $85 million. Regular intervals (5) The regular intervals for the measurement period are: (a) a period which consists of a fixed number of days or months (not less than one day and not more than 3 months) adopted by the entity and begins at the start of the first day of the measurement period; and (b) each successive period of the same duration that occurs during the measurement period. Note: Examples of a regular interval therefore include a daily, weekly, fortnightly, monthly or quarterly interval. (6) The entity must use the same regular intervals when calculating the average values of different matters under subsection (4) for that period.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-645"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-675", "Provision_Key": "s820-675", "Heading": "Amount to be expressed in Australian currency", "Text": "(1) For the purposes of this Division, an amount (including a value used in a calculation under this Division) is to be expressed in Australian currency. (2) An entity must comply with the * accounting standards in converting an amount into Australian currency. (3) Subsection (2) has effect whether the * accounting standard would otherwise apply to the entity or not.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-675"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-680", "Provision_Key": "s820-680", "Heading": "Valuation of assets, liabilities and equity capital", "Text": "(1) For the purposes of this Division, an entity must comply with the * accounting standards in determining what are its assets and liabilities and in calculating: (a) the value of its assets; and (b) the value of its liabilities (including its * debt capital); and (c) the value of its * equity capital. Note: This requirement to comply with the accounting standards is modified in certain cases (see sections 820 ‑ 310 and 820 ‑ 682). (1A) In particular, for the purposes of this Division, the entity has an asset or liability at a particular time if, and only if, according to the * accounting standards, the asset or liability can or must be recognised at that time. Note: This application of the accounting standards is modified in certain cases (see section 820 ‑ 682). (2) If: (a) an entity is required by an Australian law to prepare financial statements for a period in accordance with the * accounting standards; and (b) a matter mentioned in subsection (1) is determined or calculated in accordance with the accounting standards for the purposes of the financial statements in relation to the period; then, for the purposes of this Division, the matter is to be determined or calculated in relation to the period, or any part of the period, in the same way as it is determined or calculated in the financial statements. (2A) If: (a) a period in relation to which a matter mentioned in subsection (1) is determined or calculated (the current period ) is not the same as a period in relation to which paragraphs (2)(a) and (b) are satisfied; and (b) the current period overlaps with one or more periods in relation to which paragraphs (2)(a) and (b) are satisfied; then, for the purposes of this Division, the matter is to be determined or calculated in relation to the current period in the same way as it is determined or calculated in the financial statements for the most recent of the overlapping periods. Accounting standards need not otherwise apply to the entity (3) Subsection (1) has effect whether the * accounting standard would otherwise apply to the entity or not.", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 145 of 2008 | No 90 of 2010 | No 65 of 2019", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 145 of 2008, effective Schedule 2: Royal Assent | Amended by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Amended by No 65 of 2019, effective Sch 1 (items 4–18): 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-680"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-682", "Provision_Key": "s820-682", "Heading": "Recognition of assets and liabilities—modifying application of accounting standards", "Text": "Deferred tax assets and deferred tax liabilities (1) Despite subsections 820 ‑ 680(1), (1A) and (2), an entity must not recognise: (a) a deferred tax liability (within the meaning of the * accounting standards) as a liability for the purposes of this Division; or (b) a deferred tax asset (within the meaning of the accounting standards) as an asset for the purposes of this Division. Note: Subsections 820 ‑ 680(1) and (1A) require compliance with accounting standards. Surpluses and deficits in defined benefit superannuation plans (2) Despite subsections 820 ‑ 680(1), (1A) and (2), an entity must not recognise an amount relating to a defined benefit plan (within the meaning of the * accounting standards) as: (a) a liability for the purposes of this Division; or (b) an asset for the purposes of this Division. Note: Subsections 820 ‑ 680(1) and (1A) require compliance with accounting standards. Not applicable to ADIs (3) This section does not apply in relation to an entity for a period if, for the period, the entity is an * outward investing entity (ADI) or an * inward investing entity (ADI). Not applicable to records about Australian permanent establishments (4) This section does not apply for the purposes of section 820 ‑ 960.", "Amendment_Count": 2, "First_Amended": "No 145 of 2008", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 145 of 2008 | No 65 of 2019", "History_Notes": "Inserted by No 145 of 2008, effective Schedule 2: Royal Assent | Amended by No 65 of 2019, effective Sch 1 (items 4–18): 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-682"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-685", "Provision_Key": "s820-685", "Heading": "Valuation of debt capital", "Text": "For the purposes of this Division, the regulations may make additional provisions for the valuation of the * debt capital of an entity.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-685"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-690", "Provision_Key": "s820-690", "Heading": "Commissioner’s power", "Text": "If the Commissioner considers that, in relation to a calculation under this Division, an entity has: (a) overvalued its assets; or (b) undervalued its liabilities (including its * debt capital); the Commissioner may, having regard to the * accounting standards and this Subdivision, substitute a value that the Commissioner considers is appropriate.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 162 of 2001 | No 145 of 2008", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 145 of 2008, effective Schedule 2: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-690"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-740", "Provision_Key": "s820-740", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out rules about the following: • the meaning of an Australian controller of a foreign entity (for the purpose of determining whether or not an entity is an outward investing financial entity (non ‑ ADI) or outward investing entity (ADI)); • the meaning of a foreign controlled Australian entity (for the purpose of determining whether or not an entity is an inward investing financial entity (non ‑ ADI)); • the method of working out the extent to which one entity is controlled by another entity for those purposes. Table of sections Australian controller of a foreign entity 820 ‑ 745 What is an Australian controlled foreign entity? 820 ‑ 750 What is an Australian controller of a controlled foreign company? 820 ‑ 755 What is an Australian controller of a controlled foreign trust? 820 ‑ 760 What is an Australian controller of a controlled foreign corporate limited partnership? Foreign controlled Australian entity 820 ‑ 780 What is a foreign controlled Australian entity? 820 ‑ 785 What is a foreign controlled Australian company? 820 ‑ 790 What is a foreign controlled Australian trust? 820 ‑ 795 What is a foreign controlled Australian partnership? Thin capitalisation control interest 820 ‑ 815 General rule about thin capitalisation control interest in a company, trust or partnership 820 ‑ 820 Special rules about calculating TC control interest held by an entity 820 ‑ 825 Special rules about calculating TC control interests held by a group of entities 820 ‑ 830 Special rules about determining percentage of TC control interest 820 ‑ 835 Commissioner’s power TC direct control interest, TC indirect control interest and TC control tracing interest 820 ‑ 855 TC direct control interest in a company 820 ‑ 860 TC direct control interest in a trust 820 ‑ 865 TC direct control interest in a partnership 820 ‑ 870 TC indirect control interest in a company, trust or partnership 820 ‑ 875 TC control tracing interest in a company, trust or partnership", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-740"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-745", "Provision_Key": "s820-745", "Heading": "What is an Australian controlled foreign entity?", "Text": "An Australian controlled foreign entity , in relation to a particular time, is an entity that is any of the following at that time: (a) a * controlled foreign company (except a * corporate limited partnership); (b) a * controlled foreign trust; (c) a * controlled foreign corporate limited partnership.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-745"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-750", "Provision_Key": "s820-750", "Heading": "What is an Australian controller of a controlled foreign company?", "Text": "An entity is an Australian controller of a * controlled foreign company mentioned in paragraph 820 ‑ 745(a) at a particular time if, and only if, at that time: (a) that entity is an * Australian entity holding a * TC control interest in the controlled foreign company that is 10% or more; or (b) all of the following subparagraphs apply: (i) the controlled foreign company is such a company because of paragraph 340(c) of the Income Tax Assessment Act 1936 ; (ii) not more than 5 Australian entities, including that entity, control that controlled foreign company (either alone or together with * associate entities and whether or not any associate entity is also an Australian entity); (iii) that entity holds a * TC control interest in the controlled foreign company that is at least 1%. Note: A corporate limited partnership that is a foreign entity may be a controlled foreign corporate limited partnership, see section 820 ‑ 760.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-750"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-755", "Provision_Key": "s820-755", "Heading": "What is an Australian controller of a controlled foreign trust?", "Text": "An entity is an Australian controller of a * controlled foreign trust at a particular time if, and only if, at that time, the entity is an * Australian entity holding a * TC control interest in the trust that is 10% or more.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-755"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-760", "Provision_Key": "s820-760", "Heading": "What is an Australian controller of a controlled foreign corporate limited partnership?", "Text": "Australian controller of a controlled foreign corporate limited partnership (1) An entity is an Australian controller of a * controlled foreign corporate limited partnership at a particular time if, and only if, at least one of the following paragraphs applies to the entity at that time: (a) the entity is an * Australian entity that is a * general partner of the partnership; (b) the entity is an Australian entity holding a * TC control interest in the partnership that is 10% or more. Controlled foreign corporate limited partnership (2) A * corporate limited partnership is a controlled foreign corporate limited partnership at a particular time if, and only if, at that time: (a) it is not an * Australian entity; and (b) at least one of the following subparagraphs applies to it: (i) at least one * general partner of the partnership is an * Australian entity or an * Australian controlled foreign entity; (ii) not more than 5 Australian entities (each of which holds a * TC control interest in the partnership that is at least 1%) hold a total of TC control interests in the partnership that is 50% or more.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-760"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-780", "Provision_Key": "s820-780", "Heading": "What is a foreign controlled Australian entity?", "Text": "A foreign controlled Australian entity , in relation to a particular time, is an entity that is any of the following at that time: (a) a * foreign controlled Australian company; (b) a * foreign controlled Australian trust; (c) a * foreign controlled Australian partnership.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-780"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-785", "Provision_Key": "s820-785", "Heading": "What is a foreign controlled Australian company?", "Text": "(1) A company (except a * corporate limited partnership) is a foreign controlled Australian company (or an FCAC ) at a particular time if, and only if, at that time, it is an * Australian entity to which at least one of the following paragraphs applies: (a) not more than 5 * foreign entities (each of which holds a * TC control interest in the company that is at least 1%) hold a total of TC control interests in the company that is 50% or more; (b) a foreign entity holds a TC control interest in the company that is 40% or more, and no other entity or entities (except an * associate entity of the foreign entity or entities including the foreign entity or its associate entities) control the company; (c) not more than 5 foreign entities control the company (whether or not with associate entities and whether or not any associate entity is a foreign entity). Note: A corporate limited partnership that is an Australian entity may be a foreign controlled Australian partnership, see section 820 ‑ 795. Exception (2) Despite subsection (1), a company is not an FCAC at a particular time if, at that time: (a) the company would, apart from this subsection, be an FCAC only because of paragraph (1)(a) or (b); but (b) the total of the following interests would be less than 20% if paragraphs 820 ‑ 875(2)(a) and (b) were disregarded: (i) the * TC direct control interest in the company held by the * foreign entity or entities mentioned in paragraph (1)(a) or (b); (ii) the * TC indirect control interest in the company held by the foreign entity or entities; (iii) the TC direct control interests in the company held by any * associate entities of the foreign entity or entities (other than any TC direct control interests that have been taken into account in calculating the interest mentioned in subparagraph (ii)); (iv) the TC indirect control interests in the company held by the entity’s associate entities (other than any TC indirect control interests that have been taken into account in calculating the interest mentioned in subparagraph (ii)). Note: Paragraphs 820 ‑ 875(2)(a) and (b) set out special rules under which an entity is taken to hold a TC control tracing interest in another entity that is equal to 100%, which could then be taken into account in calculating a TC indirect control interest.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-785"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-790", "Provision_Key": "s820-790", "Heading": "What is a foreign controlled Australian trust?", "Text": "(1) A trust is a foreign controlled Australian trust (or an FCAT ) at a particular time if, and only if, at that time, it is an * Australian trust to which at least one of the following paragraphs applies: (a) not more than 5 * foreign entities (each of which holds a * TC control interest in the trust that is at least 1%) hold a total of TC control interests in the trust that is 50% or more; (b) a foreign entity holds a TC control interest in the trust that is 40% or more, and no other entity or entities (except an * associate entity of the foreign entity or entities including the foreign entity or its associate entities) control the trust; (c) all of the following subparagraphs apply to the trust: (i) at least one of the objects or beneficiaries of the trust is a foreign entity; (ii) there has been at least one distribution of income or capital of the trust made to such an object or beneficiary (whether directly or indirectly) during the income year in which that particular time occurs, or during the preceding 2 income years; (iii) the total TC control interests in the trust that are held by all its beneficiaries that are * Australian entities do not exceed 50%; (d) a foreign entity is in a position to control the trust (see subsection (2)). (2) A * foreign entity is in a position to control a trust if, and only if: (a) the entity, or an * associate entity of the entity, whether alone or with other associate entities (the relevant entity ), has the power to obtain the beneficial enjoyment of the trust’s capital or income (whether or not by exercising its power of appointment or revocation, and whether with or without another entity’s consent); or (b) the relevant entity is able to control the application of the trust’s capital or income in any manner (whether directly or indirectly); or (c) the relevant entity is able to do a thing mentioned in paragraph (a) or (b) under a * scheme; or (d) a trustee of the trust is accustomed or is under an obligation (whether formally or informally), or might reasonably be expected, to act in accordance with the relevant entity’s directions, instructions or wishes; or (e) the relevant entity is able to remove or appoint a trustee of the trust. Exception (3) Despite subsection (1), a trust is not an FCAT at a particular time if, at that time: (a) the trust would, apart from this subsection, be an FCAT only because of paragraph (1)(a) or (b); but (b) the total of the following interests would be less than 20% if paragraphs 820 ‑ 875(2)(a) and (b) were disregarded: (i) the * TC direct control interest in the trust held by the * foreign entity or entities mentioned in paragraph (1)(a), (b) or (c); (ii) the * TC indirect control interest in the trust held by the foreign entity or entities; (iii) the TC direct control interests in the trust held by any * associate entities of the foreign entity or entities (other than any TC direct control interests that have been taken into account in calculating the interest mentioned in subparagraph (ii)); (iv) the TC indirect control interests in the trust held by the entity’s associate entities (other than any TC indirect control interests that have been taken into account in calculating the interest mentioned in subparagraph (ii)). Note: Paragraphs 820 ‑ 875(2)(a) and (b) set out special rules under which an entity is taken to hold a TC control tracing interest in another entity that is equal to 100%, which could then be taken into account in calculating a TC indirect control interest.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-790"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-795", "Provision_Key": "s820-795", "Heading": "What is a foreign controlled Australian partnership?", "Text": "Corporate limited partnership (1) A * corporate limited partnership is a foreign controlled Australian partnership (or an FCAP ) at a particular time if, and only if, at that time: (a) it is an * Australian entity; and (b) at least one of the following subparagraphs applies to it: (i) not more than 5 * foreign entities (each of which holds a * TC control interest in the partnership that is at least 1%) hold a total of TC control interests in the partnership that are 50% or more; (ii) at least one * general partner of the partnership is a foreign entity or a * foreign controlled Australian entity. Partnership that is not a corporate limited partnership (2) A partnership other than a * corporate limited partnership is a foreign controlled Australian partnership (or an FCAP ) at a particular time if, and only if, at that time: (a) at least one of the partners is an * Australian entity; and (b) at least one of the following subparagraphs applies to it: (i) not more than 5 * foreign entities (each of which holds a * TC control interest in the partnership that is at least 1%) hold a total of TC control interests in the partnership that is 50% or more; (ii) a foreign entity holds a TC control interest in the partnership that is 40% or more, and no other entity or entities (except an * associate entity of the foreign entity or entities including the foreign entity or its associate entities) control the partnership. Exception (3) Despite subsections (1) and (2), a partnership is not an FCAP at a particular time if, at that time: (a) the partnership would, apart from this subsection, be an FCAP only because of subparagraph (1)(b)(i), (2)(b)(i) or (ii); but (b) the total of the following interests would be less than 20% if paragraphs 820 ‑ 875(2)(a) and (b) were disregarded: (i) the * TC direct control interest in the partnership held by the * foreign entity or entities mentioned in subparagraph (1)(b)(i), (2)(b)(i) or (ii); (ii) the * TC indirect control interest in the partnership held by the foreign entity or entities; (iii) the TC direct control interests in the partnership held by any * associate entities of the foreign entity or entities (other than any TC direct control interests that have been taken into account in calculating the interest mentioned in subparagraph (ii)); (iv) the TC indirect control interests in the partnership held by the entity’s associate entities (other than any TC indirect control interests that have been taken into account in calculating the interest mentioned in subparagraph (ii)). Note: Paragraphs 820 ‑ 875(2)(a) and (b) set out special rules under which an entity is taken to hold a TC control tracing interest in another entity that is equal to 100%, which could then be taken into account in calculating a TC indirect control interest.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 162 of 2001 | No 142 of 2003", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-795"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-815", "Provision_Key": "s820-815", "Heading": "General rule about thin capitalisation control interest in a company, trust or partnership", "Text": "Meaning of TC control interest (1) The thin capitalisation control interest (or TC control interest ) that an entity holds in a company, trust or partnership at a particular time is the total of the following interests: (a) the * TC direct control interest (if any) held by the entity in the company, trust or partnership at that time; (b) the * TC indirect control interest (if any) held by the entity in the company, trust or partnership at that time; (c) the TC direct control interests (if any) held by the entity’s * associate entities in the company, trust or partnership at that time; (d) the TC indirect control interests (if any) held by the entity’s associate entities in the company, trust or partnership at that time. This section has effect subject to sections 820 ‑ 820 to 820 ‑ 835 (which set out special rules to avoid double counting). Note: For the rules about a TC direct control interest, see sections 820 ‑ 855 to 820 ‑ 865. For the rules about a TC indirect control interest, see sections 820 ‑ 870 to 820 ‑ 875. (2) This section does not apply to an * associate entity of the entity if: (a) the associate entity is a * foreign entity and the associate entity is such an associate entity only because of subsection 820 ‑ 905(3A); or (b) the associate entity is such an associate entity only because of subsection 820 ‑ 905(3B).", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 162 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-815"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-820", "Provision_Key": "s820-820", "Heading": "Special rules about calculating TC control interest held by an entity", "Text": "(1) This section applies for the purposes of calculating the * TC control interest that an entity holds in a company, trust or partnership. (2) Disregard a * TC indirect control interest held by the entity to the extent to which it is calculated by reference to: (a) a * TC direct control interest taken into account under paragraph 820 ‑ 815(c); or (b) a TC indirect control interest taken into account under paragraph 820 ‑ 815(d). (3) Disregard a * TC indirect control interest held by an * associate entity of the entity to the extent to which it is calculated by reference to: (a) a * TC direct control interest taken into account under paragraph 820 ‑ 815(a) or (c); or (b) a TC indirect control interest taken into account under paragraph 820 ‑ 815(b) or (d). (3A) Subsection (3) does not apply to an * associate entity of the entity if: (a) the associate entity is a * foreign entity and the associate entity is such an associate entity only because of subsection 820 ‑ 905(3A); or (b) the associate entity is such an associate entity only because of subsection 820 ‑ 905(3B). (4) Take into account only one of the following things if both would otherwise be counted in calculating the * TC control interest: (a) the holding of a * TC direct control interest by the entity or any other entity; (b) an entitlement to acquire that TC direct control interest. (5) The operation of this section in relation to an entity does not prevent the operation of section 820 ‑ 825 in relation to a group of entities that includes that entity.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 162 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-820"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-825", "Provision_Key": "s820-825", "Heading": "Special rules about calculating TC control interests held by a group of entities", "Text": "(1) This section applies for the purposes of calculating the total * TC control interests that a group of entities holds in a company, trust or partnership. (2) Take into account a particular * TC direct control interest or * TC indirect control interest only once if it would otherwise be counted more than once because the entity holding it is an * associate entity of one or more entities in the group. (2A) Subsection (2) does not apply to an * associate entity of one or more entities in the group if: (a) the associate entity is a * foreign entity and the associate entity is such an associate entity only because of subsection 820 ‑ 905(3A); or (b) the associate entity is such an associate entity only because of subsection 820 ‑ 905(3B). (3) Take into account only one of the following things if both of them would otherwise be counted in calculating the total * TC control interests: (a) the holding of a * TC direct control interest by an entity; (b) an entitlement to acquire that TC direct control interest. (4) The operation of this section in relation to a group of entities does not prevent the operation of section 820 ‑ 820 in relation to an entity that is a member of that group.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 162 of 2001 | No 53 of 2002", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-825"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-830", "Provision_Key": "s820-830", "Heading": "Special rules about determining percentage of TC control interest", "Text": "(1) This section applies for the purposes of determining whether an entity, or a group of entities, holds at least a particular percentage of * TC control interests for the purposes of a provision in this Subdivision. (2) If, apart from this subsection, an entity, or each of 2 or more entities, would hold a * TC direct control interest equal to 100%, or a * TC control tracing interest equal to 100%, in another entity (the controlled entity ): (a) only the entity, or one of the 2 or more entities, is to be taken to hold that particular interest in the controlled entity equal to 100%; and (b) another entity is not to be taken to hold that particular interest in the controlled entity (whether or not it would, apart from this subsection, hold that interest in the controlled entity equal to 100%).", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-830"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-835", "Provision_Key": "s820-835", "Heading": "Commissioner’s power", "Text": "For the purposes of this Subdivision, the Commissioner may decide: (a) which one of 2 things is to be taken into account for the purposes of subsection 820 ‑ 820(4) or subsection 820 ‑ 825(3); or (b) which one of 2 or more entities is to be chosen for the purposes of paragraph 820 ‑ 830(2)(a).", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-835"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-855", "Provision_Key": "s820-855", "Heading": "TC direct control interest in a company", "Text": "(1) A thin capitalisation direct control interest (or a TC direct control interest ) that an entity holds in a company (except a * corporate limited partnership) at a particular time is the percentage of the direct control interest (if any) that the entity holds in the company at that time under the provisions applied by subsection (2). Note: For the TC direct control interest that an entity holds in a corporate limited partnership, see section 820 ‑ 865. (2) For the purposes of subsection (1), provisions of Part X of the Income Tax Assessment Act 1936 are applied with the modifications set out in the following table. Modifications of provisions in Part X of the Income Tax Assessment Act 1936 Item Provisions Modifications 1 Section 350 (including any other provision in Part X of the Income Tax Assessment Act 1936 that defines a term used in the section) The section applies for the purposes of this Subdivision rather than only for the purposes of Part X of the Income Tax Assessment Act 1936 2 Subsections 350(6) and (7) If section 350 is used for the purposes of determining whether or not a company is a * foreign controlled Australian company, the subsections apply as if subsection (6) referred to * foreign entities and foreign entity rather than * Australian entities and Australian entity If section 350 is used for the purposes of determining whether or not an entity is an * Australian controller of a * controlled foreign company, the subsections do not apply 3 Section 350 A reference to an * associate is taken to be a reference to an * associate entity", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-855"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-860", "Provision_Key": "s820-860", "Heading": "TC direct control interest in a trust", "Text": "(1) A thin capitalisation direct control interest (or a TC direct control interest ) that an entity holds in a trust at a particular time is the percentage of the direct control interest (if any) that the entity holds in the trust at that time under the provisions applied by subsection (2). (2) For the purposes of subsection (1), provisions of Part X of the Income Tax Assessment Act 1936 are applied with the modifications set out in the following table. Modifications of provisions in Part X of the Income Tax Assessment Act 1936 Item Provisions Modifications 1 Section 351 (including any other provision in Part X of the Income Tax Assessment Act 1936 that defines a term used in the section) The section applies for the purposes of this Subdivision rather than only for the purposes of Part X of the Income Tax Assessment Act 1936 2 Subsections 351(3) and (4) The subsections do not apply (3) In addition, for the purposes of determining whether or not an entity (other than a trust mentioned in paragraph (a) or (b)) is a * foreign controlled Australian entity: (a) if a trust is covered by paragraph 820 ‑ 790(1)(c)—a foreign entity that is an object of the trust at a particular time is taken to hold, at that time, a TC direct control interest in the trust that is equal to 100%; and (b) if a trust is covered by paragraph 820 ‑ 790(1)(d)—a foreign entity that is in a position to control the trust at a particular time is taken to hold, at that time, a * TC direct control interest in the trust that is equal to 100%. Note: The foreign entity therefore holds a TC control tracing interest in the trust (see section 820 ‑ 875). That interest may then be taken into account in calculating any TC indirect control interest that the foreign entity holds in another entity in relation to which the trust is an interposed entity (see section 820 ‑ 870). As a result, that other entity may become a foreign controlled Australian entity.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-860"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-865", "Provision_Key": "s820-865", "Heading": "TC direct control interest in a partnership", "Text": "A thin capitalisation direct control interest (or a TC direct control interest ) that an entity holds in a partnership at a particular time is whichever of the following percentages is applicable, and if there are 2 or more such percentages, the greatest of them: (a) in the case of a * corporate limited partnership—100% if the entity is a * general partner of the partnership; (b) in the case of a partnership that is not a corporate limited partnership—the percentage of the control of voting power in the partnership that the entity has at that time; (c) in any case—the percentage that the entity holds, or is entitled to acquire, at that time, of any of the following: (i) the total amount of assets or capital contributed to the partnership; (ii) the total rights of partners to distributions of capital, assets or profits on the dissolution of the partnership; (iii) the total rights of partners to distributions of capital, assets or profits otherwise than on the dissolution of the partnership.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-865"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-870", "Provision_Key": "s820-870", "Heading": "TC indirect control interest in a company, trust or partnership", "Text": "What is a TC indirect control interest? (1) An entity holds a thin capitalisation indirect control interest (or a TC indirect control interest ) in a company, trust or partnership at a particular time if, and only if: (a) there is an interposed entity, or a continuous series of at least 2 interposed entities, between that entity and the company, trust or partnership; and (b) the interposed entity, or each of the interposed entities, is: (i) a * foreign controlled Australian entity if this section is used for the purposes of determining whether or not an entity is a foreign controlled Australian entity; or (ii) an * Australian controlled foreign entity if this section is used for the purposes of determining whether or not an entity is an Australian controlled foreign entity or an * Australian controller of such an entity. Note: In the case of a continuous series of interposed entities between an entity and a company, trust or partnership, the entity must hold a TC control tracing interest in the first interposed entity (see subsection (2)). In addition, under subsection (2), each interposed entity in the series must hold a TC control tracing interest in the next interposed entity (except in the case of the last one, which holds a TC control tracing interest in the company, trust or partnership). What is an interposed entity? (2) For the purposes of this section, an entity (the middle entity ) is interposed between 2 other entities at a particular time if, and only if, at that time: (a) the first of those 2 entities holds a * TC control tracing interest in the middle entity; and (b) the middle entity holds a TC control tracing interest in the second of those 2 entities. Note: For the rules about a TC control tracing interest, see section 820 ‑ 875. How to calculate a TC indirect control interest (3) The * TC indirect control interest that an entity (the top entity ) holds in a company, trust or partnership at a particular time is calculated in accordance with subsection (4), (5) or (6) (as appropriate). One interposed entity only (4) The * TC indirect control interest is the result of applying the following method statement if there is only one interposed entity between the top entity and the company, trust or partnership at that time. Method statement Step 1. Calculate the * TC control tracing interest that the top entity holds in the interposed entity at that time. Step 2. Multiply the result of step 1 by the * TC control tracing interest that the interposed entity holds in the company, trust or partnership at that time. 2 interposed entities (5) The * TC indirect control interest is the result of applying the following method statement if there are 2 interposed entities between the top entity and the company, trust or partnership at that time. Method statement Step 1. Calculate the * TC control tracing interest that the top entity holds in the first of those interposed entities at that time. Step 2. Multiply the result of step 1 by the * TC control tracing interest that the first interposed entity holds in the next interposed entity (the second interposed entity ) at that time. Step 3. Multiply the result of step 2 by the * TC control tracing interest that the second interposed entity holds in the company, trust or partnership at that time. More than 2 interposed entities (6) The * TC indirect control interest is the result of applying the following method statement if there are more than 2 interposed entities between the top entity and the company, trust or partnership at that time. Method statement Step 1. Calculate the * TC control tracing interest that the top entity holds in the first of those interposed entities at that time. Step 2. Multiply the result of step 1 by the * TC control tracing interest that the first interposed entity holds in the next interposed entity (the second interposed entity ) at that time. Step 3. Multiply the result of step 2 by the * TC control tracing interest that the second interposed entity holds in the next interposed entity at that time. Step 4. Continue this pattern of multiplying the result of the last multiplication by the * TC control tracing interest in the next interposed entity held by the preceding entity, ending with a multiplication by the TC control tracing interest held by the last interposed entity in the company, trust or partnership.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-870"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-875", "Provision_Key": "s820-875", "Heading": "TC control tracing interest in a company, trust or partnership", "Text": "(1) A thin capitalisation control tracing interest (or a TC control tracing interest ) that an entity holds in a company, trust or a partnership at a particular time is equal to the * TC direct control interest in the company, trust or partnership that the entity holds at that time. (2) Despite subsection (1), an entity is taken to hold a * TC control tracing interest in a company, trust or partnership that is equal to 100% at a particular time if, at that time: (a) the entity and its * associate entities hold a total of * TC direct control interests in the company, trust or partnership that is 50% or more; or (b) the following subparagraphs apply: (i) the entity (the controlling entity ) and its associate entities hold a total of TC direct control interests that is 40% or more in the company, trust or partnership; (ii) no other entity or entities (except the controlling entity, its associate entities or entities including the controlling entity or its associate entities) control the company, trust or partnership; or (c) the entity (whether or not together with associate entities) controls the company, trust or partnership. (3) Paragraph (2)(b) does not apply if the * TC direct control interests mentioned in subparagraph (2)(b)(i) are held in a * corporate limited partnership.", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-875"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-880", "Provision_Key": "s820-880", "Heading": "What this Subdivision is about", "Text": "Controlled foreign entity debt and controlled foreign entity equity are concepts used in this Division. This Subdivision sets out the meaning of each of these concepts. Table of sections 820 ‑ 881 Application 820 ‑ 885 What is controlled foreign entity debt ? 820 ‑ 890 What is controlled foreign entity equity ?", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-880"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-881", "Provision_Key": "s820-881", "Heading": "Application", "Text": "This Subdivision applies to: (a) an entity (the relevant entity ) that is a * general class investor, an * outward investing entity (non ‑ ADI), or an * outward investing entity (ADI), for a period (the relevant period ) that is all or a part of an income year; and (b) each entity ( controlled entity of the relevant entity ) that is an * Australian controlled foreign entity of which: (i) the relevant entity is an * Australian controller; or (ii) an * associate entity of the relevant entity is an Australian controller.", "Amendment_Count": 2, "First_Amended": "No 53 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 53 of 2002 | No 23 of 2024", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-881"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-885", "Provision_Key": "s820-885", "Heading": "What is controlled foreign entity debt ?", "Text": "(1) The relevant entity’s controlled foreign entity debt at a particular time during the relevant period is the total value of all the * debt interests held by the relevant entity at that time that satisfy all of the following: (a) the interests are * on issue at that time; (b) each of the interests was * issued by an entity that is a controlled entity of the relevant entity at that time; (c) each of the interests gives rise to a cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a). (2) For the purposes of subsection (1), take into account the value of a * debt interest issued by a controlled entity of the relevant entity only to the extent that the interest is not attributable to any of the following assets that are held by the controlled entity throughout the relevant period: (a) assets attributable to the controlled entity’s * Australian permanent establishments; (b) other assets that are held by the controlled entity for the purposes of producing assessable income of the controlled entity.", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-885"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-890", "Provision_Key": "s820-890", "Heading": "What is controlled foreign entity equity ?", "Text": "(1) The relevant entity’s controlled foreign entity equity at a particular time during the relevant period is the total value of: (a) all the * equity interests that the entity holds, at that time, in entities that are controlled entities of the relevant entity at that time; and (b) all the * debt interests * on issue and held by the entity at that time that satisfy both of the following: (i) the interests were * issued by entities that are controlled entities of the relevant entity at that time; (ii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a). (2) For the purposes of subsection (1), take into account the value of an * equity interest in, or a * debt interest issued by, a controlled entity of the relevant entity only to the extent that the interest is not attributable to any of the following assets that are held by the controlled entity throughout the relevant period: (a) assets attributable to the controlled entity’s * Australian permanent establishments; (b) other assets that are held by the controlled entity for the purposes of producing assessable income of the controlled entity.", "Amendment_Count": 1, "First_Amended": "No 53 of 2002", "Last_Amended": "No 53 of 2002", "Amending_Acts": "No 53 of 2002", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-890"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-900", "Provision_Key": "s820-900", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the meaning of various concepts about associate entities for the purposes of this Division. Table of sections 820 ‑ 905 Associate entity 820 ‑ 910 Associate entity debt 820 ‑ 915 Associate entity equity 820 ‑ 920 Associate entity excess amount", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-900"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-905", "Provision_Key": "s820-905", "Heading": "Associate entity", "Text": "Meaning of associate entity (1) An entity (the first entity ) that is not an individual is an associate entity of another entity at a particular time if, at that time, the first entity is an * associate of that other entity and at least one of the following paragraphs applies: (a) that other entity holds an * associate interest of 50% or more in the first entity (see subsections (4) to (8)); (b) the first entity is accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of that other entity in relation to: (i) the distribution or retention of the first entity’s profits; or (ii) the financial policies relating to the first entity’s assets, * debt capital or * equity capital; whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed entities. However, this subsection does not apply to the first entity in its capacity as the * responsible entity of a * registered scheme (see subsection (2A)). (1A) Subsection (1) does not apply if the other entity is any of the following: (a) a trustee of a * complying superannuation entity (other than a * self managed superannuation fund); (b) * wholly ‑ owned subsidiary of a complying superannuation entity (other than a self managed superannuation fund). (2) An entity (the first entity ) that is an individual is an associate entity of another entity at a particular time if, at that time: (a) the first entity is an * associate of that other entity; and (b) the first entity: (i) is accustomed or under an obligation (whether formal or informal); or (ii) might reasonably be expected; to act in accordance with the directions, instructions or wishes of that other entity in relation to the first entity’s financial affairs, whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed entities. (2A) An entity (the first entity ), in its capacity as the * responsible entity of a * registered scheme at a particular time, is an associate entity of another entity at that time if the first entity, in that capacity, is an * associate of that other entity at that time and at least one of the following paragraphs applies at that time: (a) that other entity holds an * associate interest of 50% or more in the registered scheme (see subsections (4) to (8)); (b) that other entity holds an associate interest of 20% or more in the registered scheme and the first entity, in that capacity, is accustomed or under an obligation (whether formal or informal), or might reasonably be expected, to act in accordance with the directions, instructions or wishes of that other entity in relation to: (i) the distribution or retention of the profits of the registered scheme; or (ii) the financial policies relating to the assets, * debt capital or * equity capital of the registered scheme; whether those directions, instructions or wishes are, or might reasonably be expected to be, communicated directly or through interposed entities. Note: The first entity, in another capacity, may also be an associate entity of an entity under another provision of this section (see also section 960 ‑ 100). (2B) For the purposes of Subdivision 820 ‑ AA, and of sections 820 ‑ 910, 820 ‑ 915 and 820 ‑ 920, if the first entity mentioned in subsection (1) or (2A) is a trust (other than a * public trading trust) or a partnership: (a) treat the reference in paragraph (1)(a) or (2A)(a) to 50% as instead being a reference to 10%; and (b) if subsection (2C) applies—treat the other entity mentioned in subsection (1) or (2A) as holding an * associate interest in the first entity mentioned in that subsection of 10%; and (c) disregard subsection 318(5) of the Income Tax Assessment Act 1936 ; and (d) if subsection (2D) applies—in determining whether an entity is an * associate of another entity, treat the benefiting entity mentioned in that subsection as being a partner in the partnership. (2C) This subsection applies if: (a) the other entity mentioned in subsection (1) or (2A) holds an * associate interest in the first entity mentioned in that subsection of less than 10%; and (b) it is reasonable to conclude that the entity, or one of the entities, who created the circumstance described in paragraph (a) of this subsection did so for the principal purpose of, or for more than one principal purpose that included the purpose of, ensuring that the first entity will not be an * associate entity of the other entity. (2D) This subsection applies if: (a) a trust (other than a * public trading trust) is a partner in a partnership; and (b) another entity (the benefiting entity ) benefits under the trust (as determined in accordance with paragraph 318(6)(a) of the Income Tax Assessment Act 1936 ). (3) Subsection (1) or (2A) also has effect as if the first entity satisfies paragraph (b) of that subsection at a particular time if any of the following is expected to act in the manner mentioned in that paragraph at that time: (a) a director of the first entity if it is a company; (b) a partner of the first entity if it is a partnership; (c) the * general partner of the first entity if it is a * corporate limited partnership; (d) the trustee of the first entity if it is a trust; (e) a member of the first entity’s committee of management if it is an unincorporated association or body. (3A) If: (a) an entity (the first entity ) is an * associate entity of another entity (the head entity ) under subsection (1), (2), (2A) or (3) at a particular time; and (b) a third entity is also an associate entity of the head entity under subsection (1), (2), (2A) or (3) at that time; the first entity is an associate entity of the third entity at that time. (3B) If an entity (the first entity ) is an * associate entity of another entity under subsection (1), (2), (2A), (3) or (3A) at a particular time, that other entity is also an associate entity of the first entity at that time. (3C) However, an entity in its capacity as the * responsible entity of a * registered scheme (the responsible entity ) is not an * associate entity of another entity under subsection (3B) at a particular time if, at that time, the responsible entity: (a) would be an associate entity of that other entity under subsection (3B) (apart from the effect of this subsection); but (b) is not an associate entity of that other entity under subsection (2A). Associate interest in a company (except a corporate limited partnership) (4) An associate interest that an entity holds in a company (except a * corporate limited partnership) at a particular time is the percentage of the direct control interest (if any) that the entity holds in the company at that time under the provisions applied by subsection (5). (5) For the purposes of subsection (4), provisions of Part X of the Income Tax Assessment Act 1936 are applied with the modifications set out in the following table: Modifications of provisions in Part X of the Income Tax Assessment Act 1936 Item Provisions Modifications 1 Section 350 (including any other provision in Part X of the Income Tax Assessment Act 1936 that defines a term used in the section) The section applies for the purposes of this subsection rather than only for the purposes of Part X of the Income Tax Assessment Act 1936 2 Subsections 350(6) and (7) The subsections do not apply Associate interest in a trust (6) An associate interest that an entity holds in a trust at a particular time is the percentage of the direct control interest (if any) that the entity holds in the trust at that time under the provisions applied by subsection (7). (7) For the purposes of subsection (6), provisions of Part X of the Income Tax Assessment Act 1936 are applied with the modifications set out in the following table: Modifications of provisions in Part X of the Income Tax Assessment Act 1936 Item Provisions Modifications 1 Section 351 (including any other provision in Part X of the Income Tax Assessment Act 1936 that defines a term used in the section) The section applies for the purposes of this subsection rather than only for the purposes of Part X of the Income Tax Assessment Act 1936 2 Subsections 351(3) and (4) The subsections do not apply Associate interest in a partnership (8) An associate interest that an entity holds in a partnership at a particular time is whichever of the following percentages is applicable, and if there are 2 or more such percentages, the greatest of them: (a) in the case of a * corporate limited partnership—100% if the entity is a * general partner of the partnership; (b) in the case of a partnership that is not a corporate limited partnership—the percentage of the control of voting power in the partnership that the entity has at that time; (c) in any other case—the percentage that the entity holds, or is entitled to acquire, at that time, of any of the following: (i) the total amount of assets or capital contributed to the partnership; (ii) the total rights of partners to distributions of capital, assets or profits on the dissolution of the partnership; (iii) the total rights of partners to distributions of capital, assets or profits otherwise than on the dissolution of the partnership.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 34 of 2019 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-905"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-910", "Provision_Key": "s820-910", "Heading": "Associate entity debt", "Text": "(1) This section applies to an entity (the relevant entity ) that is a * general class investor, an * outward investing financial entity (non ‑ ADI), or an * inward investing financial entity (non ‑ ADI), for a period (the relevant period ) that is all or a part of an income year. (2) This section also applies, for the relevant entity, to an * associate entity (a relevant associate entity ) of the relevant entity, if: (a) either: (i) the associate entity is an * outward investing financial entity (non ‑ ADI) or an * inward investment vehicle (financial), for the relevant period; or (ii) the associate entity is an * inward investor (financial) for the relevant period, and the condition in subsection (2A) of this section is satisfied; and (b) neither section 820 ‑ 35 ($2 million debt deductions threshold) nor section 820 ‑ 37 (exemption for entity with 90% Australian assets) prevents Subdivision 820 ‑ B, 820 ‑ C, 820 ‑ D or 820 ‑ E from disallowing any * debt deduction of the relevant associate entity for the income year; and (c) for some or all of the relevant period, the relevant associate entity does not meet the conditions in subsection 820 ‑ 39(3) (about exemption of certain special purpose entities); and (d) the relevant associate entity is not an * exempt entity for the income year. (2A) The condition referred to in subparagraph (2)(a)(ii) is that the relevant period consists of one or more periods each of which is either or both of these: (a) a period throughout which the * associate entity carries on its * business in Australia at or through one or more of its * Australian permanent establishments; (b) a period throughout which the associate entity holds any of the following assets: (i) assets that are attributable to the associate entity’s Australian permanent establishments; (ii) other assets that are held for the purposes of producing the associate entity’s assessable income. (3) The relevant entity’s associate entity debt at a particular time during the relevant period is the total value of all the * debt interests held by the relevant entity at that time that satisfy all of the following: (a) the interests are * on issue at that time; (b) each of the interests was * issued by a relevant associate entity; (c) each of the interests gives rise to costs: (i) that are * debt deductions, for an income year, of the relevant associate entity that issued the interest; and (ii) to the extent that the costs are not amounts mentioned in paragraph 820 ‑ 40(2)(c) and are costs ordinarily payable to an entity other than the relevant entity—that are assessable income of the relevant entity for an income year; (d) the terms and conditions for each of the interests are those that would apply if the relevant entity and the relevant associate entity that issued the interest were dealing at * arm’s length with each other. (4) For the purposes of subsection (3), take into account the value of a * debt interest issued by a * foreign entity only to the extent that the interest is attributable to any of the following assets that are held by the foreign entity throughout the relevant period: (a) assets that are attributable to the foreign entity’s * Australian permanent establishments; (b) other assets held by the foreign entity for the purposes of producing the foreign entity’s assessable income.", "Amendment_Count": 6, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 88 of 2013 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Repealed and substituted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-910"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-915", "Provision_Key": "s820-915", "Heading": "Associate entity equity", "Text": "(1) This section applies to an entity (the relevant entity ) that is an * outward investing financial entity (non ‑ ADI) or an * inward investing financial entity (non ‑ ADI) for a period (the relevant period ) that is all or a part of an income year. (2) This section also applies, for the relevant entity, to each entity ( relevant associate entity ) that is an * associate entity of the relevant entity and that is: (a) an * Australian entity; or (b) a * foreign entity that, throughout the relevant period, holds any of the following assets: (i) assets that are attributable to the foreign entity’s * Australian permanent establishments; (ii) other assets that are held for the purposes of producing the foreign entity’s assessable income. (3) The relevant entity’s associate entity equity at a particular time during the relevant period is the total value of: (a) all the * equity interests that the entity holds, at that time, in relevant associate entities; and (b) all the * debt interests * on issue and held by the relevant entity at that time that satisfy all of the following: (i) the interests were * issued by relevant associate entities; (ii) neither the value of each of the interests, nor any part of that value, is all or a part of any * cost ‑ free debt capital of the issuer of the interest at that time; (iii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a); and (c) all the debt interests on issue and held by the relevant entity at that time that satisfy both of the following: (i) the interests were issued by relevant associate entities; (ii) each of the interests gives rise to a cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a), but the cost is not deductible from the assessable income of the issuer of the interest for any income year. (4) For the purposes of subsection (3), take into account the value of an * equity interest in, or a * debt interest issued by, a * foreign entity only to the extent that the interest is attributable to assets covered by subparagraph (2)(b)(i) or (ii) that are held by the foreign entity throughout the relevant period.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Repealed and substituted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-915"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-920", "Provision_Key": "s820-920", "Heading": "Associate entity excess amount", "Text": "(1) This section applies to an entity (the relevant entity ) that is an * outward investing financial entity (non ‑ ADI) or an * inward investing financial entity (non ‑ ADI) for a period that is all or a part of an income year. (2) The relevant entity’s associate entity excess amount at a particular time during that period is the result of applying the method statement in this subsection. Method statement Step 1. Work out the premium excess amount (see subsection (3)), as at that particular time, for an * associate entity of the relevant entity that is the issuer of an * equity interest or a * debt interest any value of which is all or a part of the relevant entity’s * associate entity equity at that time. Step 2. Add to the result of step 1 the attributable safe harbour excess amount (see subsection (4)) for that * associate entity as at that time. Step 3. Apply steps 1 and 2 to all such * associate entities of the relevant entity and add all the results that are positive amounts. The result of this step is the associate entity excess amount . (3) An * associate entity’s premium excess amount at a particular time during that period is the result of applying the method statement in this subsection. In applying the method statement, disregard any amount that is attributable to an entity’s * overseas permanent establishments if it is an * outward investing financial entity (non ‑ ADI) at that time. Method statement Step 1. Work out the value, as at that particular time, of all the * associate entity equity of the relevant entity that is attributable to the * associate entity (disregarding the value of any * debt interest * issued by the associate entity that is held by the relevant entity at that time). Step 2. Work out the value, as at that time, of all the * equity capital of the * associate entity that is attributable to * equity interests that the relevant entity holds in the associate entity at that time (except equity interests whose value is all or a part of the relevant entity’s * controlled foreign entity equity at that time). Step 3. Reduce the result of step 1 by the result of step 2. However, if the result of step 2 is a negative amount, the result of step 2 is taken to be nil for the purpose of this step. Step 4. Multiply the result of step 3 by: (a) 15 / 16 if the * associate entity excess amount is applied for the purpose of working out the * total debt amount of the relevant entity for that period under subsection 820 ‑ 100(2), 820 ‑ 200(2) or 820 ‑ 210(2) ; or (b) 3 / 5 if the associate entity excess amount is applied for the purpose of working out the * adjusted on ‑ lent amount of the relevant entity for that period under subsection 820 ‑ 100(3), 820 ‑ 200(3) or 820 ‑ 210(3); or (d) the result of step 4 of the method statement in subsection 820 ‑ 110(2) if the associate entity excess amount is applied for the purpose of working out the * worldwide gearing debt amount of the relevant entity for that period . The result of this step is the premium excess amount . (4) The * associate entity’s attributable safe harbour excess amount at a particular time during that period is the result of applying the method statement in this subsection. In applying the method statement, disregard any amount that is attributable to an entity’s * overseas permanent establishments if it is an * outward investing financial entity (non ‑ ADI) at that time. Method statement Step 1. Work out the * safe harbour debt amount of the * associate entity for the day during which that particular time occurs, as if the associate entity were an * outward investing financial entity (non ‑ ADI) or * inward investing financial entity (non ‑ ADI), as appropriate, for the period consisting only of that day. Step 2. Reduce the result of step 1 by the value of the * adjusted average debt of the * associate entity for that day as if it had been the kind of entity that it is taken to be under step 1 for that day. If the result of this step is a negative amount, it is taken to be nil. Step 3. Multiply the result of step 2 by the sum of: (a) the value, as at that time, of all the * equity capital of the * associate entity that is attributable to the relevant entity at that time; and (b) the value, as at that time, of all the * debt interests * issued by the associate entity that are covered by subsection (5), and held by the relevant entity, at that time; and (c) the value, as at that time, of all the debt interests issued by the associate entity that are covered by subsection (6), and held by the relevant entity, at that time. Step 4. Divide the result of step 3 by the sum of: (a) the value, as at that time, of all the * equity capital of the * associate entity; and (b) the value, as at that time, of all the * debt interests * issued by the associate entity that are covered by subsection (5) at that time; and (c) the value, as at that time, of all the debt interests issued by the associate entity that are covered by subsection (6) at that time. (5) For the purposes of the method statement in subsection (4), this subsection covers a * debt interest at a particular time if the interest satisfies all of the following: (a) the interest is * on issue at that time; (b) neither the value of the interest, nor any part of that value, is all or a part of any * cost ‑ free debt capital of the issuer of the interest at that time; (c) the interest does not give rise to any cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a). (6) For the purposes of the method statement in subsection (4), this subsection covers a * debt interest at a particular time if the interest satisfies both of the following: (a) the interest is * on issue at that time; (b) the interest gives rise to a cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a), but the cost is not deductible from the assessable income of the issuer of the interest for any income year.", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 142 of 2003 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-920"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-925", "Provision_Key": "s820-925", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for the meanings of an equity interest in a trust or partnership for the purposes of this Division. Table of sections 820 ‑ 930 Equity interest in a trust or partnership", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-925"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-930", "Provision_Key": "s820-930", "Heading": "Equity interest in a trust or partnership", "Text": "Application of provisions (1) For the purposes of this Division and Division 230, an equity interest in an entity that is a trust or partnership has the meaning given by the provisions in Division 974 that are applied with the following modifications: Modifications of Division 974 Item Provisions Modifications 1 Subdivisions 974 ‑ C and 974 ‑ D A reference in those provisions to a company is taken to be a reference to an entity that is a trust or a partnership 2 Subdivisions 974 ‑ C and 974 ‑ D A reference in those provisions to the equity test in subsection 974 ‑ 75(1) is taken to be a reference to the equity test in subsection (2) of this section 3 Section 974 ‑ 75 The section does not apply and subsections (2) to (4) of this section apply instead 4 Section 974 ‑ 80 The example does not apply 5 Section 974 ‑ 95 A reference in those provisions to the table in subsection 974 ‑ 75(1) is taken to be a reference to the table in subsection (2) of this section 6 Subsection 974 ‑ 95(4) The subsection does not apply 7 Subdivision 974 ‑ F The Subdivision applies for the purposes of this section 8 Subdivisions 974 ‑ C, 974 ‑ D and 974 ‑ F A reference in those provisions to the regulations is taken to be a reference to the regulations made under the provisions applied by this subsection Note: An interest that satisfies both the equity test and the debt test set out in Subdivision 974 ‑ B is treated as a debt interest and not an equity interest (see that Subdivision in conjunction with the provisions applied by subsection (1)). Equity tests (2) A * scheme satisfies the equity test in this subsection in relation to an entity that is a trust or partnership if the scheme gives rise to an interest set out in the following table: Equity interests Item Interest 1 In the case of a trust, an interest as a beneficiary of the trust In the case of a partnership, an interest as a partner in the partnership 2 An interest that carries a right to a variable or fixed return from the entity if either the right itself, or the amount of the return, is in substance or effect * contingent on aspects of the economic performance (whether past, current or future) of: (a) the entity; or (b) a part of the entity’s activities; or (c) an * associate of the entity or a part of the activities of an associate of the entity The return may be a return of an amount invested in the interest 3 An interest that carries a right to a variable or fixed return from the entity if either the right itself, or the amount of the return, is at the discretion of: (a) the entity; or (b) an * associate of the entity The return may be a return of an amount invested in the interest 4 An * interest issued by the entity that: (a) gives its holder (or an * associate of the holder) a right to be issued with an * equity interest in the entity or an associate of the entity; or (b) is an interest that will, or may, convert into an equity interest in the entity or an associate of the entity This subsection has effect subject to subsection (3) (requirement for financing arrangement). Note: Section 974 ‑ 90 as applied by subsection (1) allows regulations to be made clarifying when a right or return is taken to be at the discretion of an entity or an associate. Financing arrangement (3) A * scheme that would otherwise give rise to an * equity interest in an entity that is a trust or partnership because of an item in the table in subsection (2) (other than item 1) does not give rise to an equity interest in the entity unless the scheme is a * financing arrangement (see section 974 ‑ 130 as applied by this section) for the trust or partnership. Form interest may take (4) The interest referred to in item 2, 3 or 4 in the table in subsection (2) may take the form of a proprietary right, a chose in action or any other form. Regulations (5) Subject to regulations made under subsection (6), the regulations made under Subdivisions 974 ‑ C, 974 ‑ D and 974 ‑ F are applied for the purposes of this section as if they were regulations made under the provisions applied by subsection (1). (6) Regulations may be made under the provisions applied by subsection (1) specifically in relation to: (a) an * equity interest in a trust; or (b) an equity interest in a partnership.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 162 of 2001 | No 15 of 2009 | No 10 of 2016", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-930"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-931", "Provision_Key": "s820-931", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for the meanings of worldwide debt, worldwide equity, statement worldwide debt, statement worldwide equity and statement worldwide assets. Table of sections Operative provisions 820 ‑ 932 Worldwide debt and worldwide equity 820 ‑ 933 Statement worldwide debt, statement worldwide equity and statement worldwide assets 820 ‑ 935 Meaning of audited consolidated financial statements", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-931"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-932", "Provision_Key": "s820-932", "Heading": "Worldwide debt and worldwide equity", "Text": "Worldwide debt (1) An entity’s worldwide debt at a particular time, means the total of the following amounts: (a) all the * debt interests issued by the entity: (i) to entities other than any * Australian controlled foreign entities (the controlled entities ) of which the entity is an * Australian controller at that time; and (ii) that are still * on issue at that time; (b) all the debt interests issued by the controlled entities: (i) to entities other than the entity or other controlled entities; and (ii) that are still on issue at that time. Worldwide equity (2) An entity’s worldwide equity at a particular time, means the total of the following amounts: (a) all the * equity capital of the entity as at that time, but worked out disregarding * equity interests in the entity held at that time by * Australian controlled foreign entities (the controlled entities ) of which the entity is an * Australian controller at that time; (b) all the equity capital of the controlled entities as at that time, but worked out disregarding equity interests in the controlled entities held at that time by: (i) the entity; or (ii) other controlled entities.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-932"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-933", "Provision_Key": "s820-933", "Heading": "Statement worldwide debt, statement worldwide equity and statement worldwide assets", "Text": "Statement worldwide debt (1) An entity’s statement worldwide debt for a period is the amount (see subsection (4)) of liabilities for the entity for the period, reduced (but not below zero) by the sum of the following amounts (see subsection (4)) for the entity for the period: (a) provisions; (b) liabilities in relation to distributions to equity participants; (c) trade payables; (d) deferred tax liabilities; (e) liabilities relating to employee benefits; (f) current tax liabilities; (g) deferred revenue; (h) liabilities relating to insurance; (i) any other amount specified in a legislative instrument under subsection (5). Statement worldwide equity (2) An entity’s statement worldwide equity for a period means the amount (see subsection (4)) of net assets for the entity for the period. Statement worldwide assets (3) An entity’s statement worldwide assets for a period means the amount (see subsection (4)) of assets for the entity for the period. Amounts from audited consolidated financial statements to be used (4) For the purposes of this section: (a) an amount for an entity for a period is taken to be that amount as shown in the * audited consolidated financial statements for the entity for the period; and (b) sections 820 ‑ 680 and 820 ‑ 682 do not apply. Other amounts (5) The Minister may, by legislative instrument, specify one or more amounts for the purposes of paragraph (1)(i).", "Amendment_Count": 2, "First_Amended": "No 110 of 2014", "Last_Amended": "No 65 of 2019", "Amending_Acts": "No 110 of 2014 | No 65 of 2019", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 65 of 2019, effective Sch 1 (items 4–18): 1 Oct 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-933"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-935", "Provision_Key": "s820-935", "Heading": "Meaning of audited consolidated financial statements", "Text": "(1) Audited consolidated financial statements for an entity for a period are: (a) the financial statements that meet the requirements in subsection (2) for the entity for the period; or (b) if more than one set of financial statements meet the requirements in subsection (2) for the entity for the period—whichever of those sets of financial statements the entity chooses. (2) Financial statements meet the requirements in this subsection for an entity for a period (the relevant period ) if: (a) the statements have been prepared on a consolidated basis in relation to the entity and one or more other entities in accordance with standards covered by subsection (3) or (4) (the recognised overseas accounting standards ); and (b) one of the entities is a worldwide parent entity mentioned in subsection (6); and (c) the statements show the amounts mentioned in subsections 820 ‑ 933(1), (2) and (3) (however described) on that consolidated basis and in accordance with those standards; and (d) the statements have been audited (and the auditor’s report is unqualified) in accordance with a requirement in the law of: (i) a foreign jurisdiction mentioned in subsection (3) of this section; or (ii) another jurisdiction that has adopted the standards mentioned in subsection (4); and (e) the statements are for the most recent period ending: (i) no later than the end of the relevant period; and (ii) no earlier than 12 months before the start of the relevant period. Recognised overseas accounting standards (3) This subsection covers the standards (however described) that apply to the preparation of financial statements and are made, or adopted, by the responsible body in any of the following (a foreign jurisdiction ): (a) the European Union; (aa) the United Kingdom; (b) the United States of America; (c) Canada; (d) Japan; (e) New Zealand; (f) a jurisdiction specified in an instrument under subsection (5). (4) This subsection covers the international financial reporting standards that are made or adopted by the International Accounting Standards Board. (5) The Minister may, by legislative instrument, specify one or more jurisdictions for the purposes of paragraph (3)(f). Worldwide parent entity (6) For the purposes of paragraph (2)(b), an entity in relation to which financial statements have been prepared is a worldwide parent entity if, for the purposes of the standards in accordance with which the statements were prepared, the entity is not controlled by another entity.", "Amendment_Count": 2, "First_Amended": "No 110 of 2014", "Last_Amended": "No 141 of 2020", "Amending_Acts": "No 110 of 2014 | No 141 of 2020", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-935"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-940", "Provision_Key": "s820-940", "Heading": "What this Subdivision is about", "Text": "The zero ‑ capital amount represents the value of certain assets that receive special treatment in working out the maximum allowable debt of a financial entity. This Subdivision sets out the rules about the calculation of this amount. Table of sections 820 ‑ 942 How to work out the zero ‑ capital amount", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-940"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-942", "Provision_Key": "s820-942", "Heading": "How to work out the zero ‑ capital amount", "Text": "(1) An entity’s zero ‑ capital amount at a particular time is the result of the method statement in this subsection. Method statement Step 1. Work out the total value, as at that particular time, of all the assets of the entity that represent * debt interests that: (a) are of a kind commonly dealt in by entities that carry on a * business of dealing in securities; and (b) the entity has sold under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell ‑ buyback arrangement or securities loan arrangement; and (c) the entity has not yet repurchased under the agreement or arrangement. Step 2. Add to the result of step 1 the total value, as at that time, of all the * debt interests issued to the entity to which the following paragraphs apply at that time: (a) the debt interests remain * on issue; (b) each of the debt interests is a loan of money for which no fees, charges or other consideration for the purpose of enhancing the credit rating of the issuer of the interest has been paid or is payable to the entity, any of the entity’s * associates or another entity that is a * foreign entity; (c) each of the entities issuing the interests has the required credit rating for the interests concerned in accordance with subsections (4) and (5). Step 3. Add to the result of step 2 the total value, as at that time, of all the * debt interests that are assets of the entity (whether they are debt interests issued to the entity or not) and to which the following paragraphs apply at that time: (a) the risk weight of each of the debt interests is either 0% or 20% under the * prudential standards; (b) the debt interests do not satisfy all of the paragraphs in step 2. Step 3A . Add to the result of step 3 the total value, as at that time, of all the assets of the entity, to the extent that they: (a) consist of rights to the return of assets covered by subsection (2A); and (b) are covered by none of steps 1, 2 and 3. Step 4. Add to the result of step 3A the total value, as at that time, of all the * securitised assets that the entity has at that time if the entity is a * securitisation vehicle at that time (see subsections (2) and (3)). The result is the zero ‑ capital amount . (2A) This subsection covers an asset that: (a) the entity provided as security for the performance of its obligations in relation to securities it acquired under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell ‑ buyback arrangement or securities loan arrangement; and (b) does not consist of * shares. Securitisation vehicle (2) An entity is a securitisation vehicle if: (a) it is an entity established for the purposes of acquiring, funding and holding * securitised assets (see subsection (3)); and (b) it has acquired the securitised assets from another entity (the originator ); and (c) the acquisition of the securitised assets is wholly funded by the issuing of * debt interests by the entity; and (d) in issuing the debt interests, the entity does not receive any guarantee, security or other form of credit support from any of its * associate entities, the originator or any associate entity of the originator; and (e) the entity has not issued debt interests for any purpose other than for the purpose of funding the acquisition of the securitised assets; and (f) there are no debt interests issued to the entity by any of the entity’s associate entities, the originator or any associate entity of the originator; and (g) any * arrangements the entity has with any of its associate entities, the originator or any associate entity of the originator are those that would reasonably be expected to have been entered into by parties dealing at * arm’s length with each other. Note: An entity that does not qualify as a securitisation vehicle may be exempt from the thin capitalisation rules under section 820 ‑ 39. Securitised assets (3) An asset of an entity is a securitised asset if: (a) the entity is a * securitisation vehicle; and (b) the asset consists of: (i) * debt interests issued by an entity other than the originator in relation to the securitisation vehicle that is mentioned in paragraph (2)(b); or (ii) a lease for the hire of goods that would be a lease covered by paragraph (b) of the definition of on ‑ lent amount if a reference to an entity in that definition were a reference to that originator; or (iii) a * scheme that, apart from the operation of paragraph 974 ‑ 25(1)(b), would have given rise to a debt interest covered by subparagraph (i); and (c) the asset provides security for the issuing of debt interests that funded the acquisition of the asset by the securitisation vehicle (see paragraph (2)(c)). What is the required credit rating? (4) For the purposes of step 2 of the method statement in subsection (1), the required credit rating for an entity issuing a * debt interest is: (a) if the interest is a * subordinated debt interest—a long ‑ term foreign currency corporate credit rating of at least A (or equivalent) given to the entity by an internationally recognised rating agency; or (b) if the interest is a not a subordinated debt interest—a long ‑ term foreign currency corporate credit rating of at least BBB (or equivalent) given to the entity by an internationally recognised rating agency. When must an entity have the required credit rating (5) The entity must have the required credit rating as specified in any of the following paragraphs: (a) the entity had the required credit rating for the * debt interest when the interest was issued; (b) the following subparagraphs apply: (i) the entity did not have any long ‑ term foreign currency corporate credit rating given to it by an internationally recognised rating agency when the debt interest was issued; but (ii) the entity had the required credit rating for that interest at any time during the period of 6 months immediately before the interest was issued; (c) the following subparagraphs apply: (i) when the debt interest was issued, and throughout the period of 6 months immediately before the interest was issued, the entity did not have any long ‑ term foreign currency corporate credit rating given to it by an internationally recognised rating agency; but (ii) the entity has the required credit rating for that interest at any time during the period of 6 months immediately after the interest was issued.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 88 of 2013", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-942"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-945", "Provision_Key": "s820-945", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out the meaning of cost ‑ free debt capital, and excluded equity interest, for the purposes of this Division. Table of sections 820 ‑ 946 Cost ‑ free debt capital and excluded equity interest", "Amendment_Count": 2, "First_Amended": "No 53 of 2002", "Last_Amended": "No 142 of 2003", "Amending_Acts": "No 53 of 2002 | No 142 of 2003", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-945"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-946", "Provision_Key": "s820-946", "Heading": "Cost ‑ free debt capital and excluded equity interest", "Text": "(1) This subsection applies to an entity for a period (the relevant period ) that is all or a part of an income year if the entity satisfies all of the following: (a) the entity is an * outward investing financial entity (non ‑ ADI) or * inward investing financial entity (non ‑ ADI) for that period; (b) if the entity is a * foreign entity—the entity holds any of the following assets throughout that period: (i) assets that are attributable to the entity’s * Australian permanent establishments; (ii) other assets that are held for the purposes of producing the entity’s assessable income; (c) neither section 820 ‑ 35 ($2 million debt deductions threshold) nor section 820 ‑ 37 (exemption for entity with 90% Australian assets) prevents Subdivision 820 ‑ B, 820 ‑ C, 820 ‑ D or 820 ‑ E from disallowing any * debt deduction of the entity for the income year; (da) for some or all of that period, the entity does not meet the conditions in subsection 820 ‑ 39(3) (about exemption of certain special purpose entities); (d) the entity is not an * exempt entity for the income year. Note: Paragraph (c) corresponds to the threshold tests for this Division set out in sections 820 ‑ 35 and 820 ‑ 37. (2) The cost ‑ free debt capital of the entity at a particular time during the relevant period is the total value of all the * debt interests * issued by the entity that satisfy all of the following: (a) the interests are * on issue at that time; (b) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a); (c) each of the interests is covered by subsection (3) or (4) of this section at that time. (2A) An * equity interest in the entity is an excluded equity interest at a particular time during the relevant period if, and only if: (a) if subsection (1) does not apply to the holder of the interest for all or part of the relevant period: (i) the entity is an * associate of the holder; and (ii) at that time, the interest has been * on issue for a period of less than 180 days; or (b) if subsection (1) applies to the holder for all or part of the relevant period: (i) the entity is an associate of the holder; and (ii) at that time, the interest has been on issue for a period of less than 180 days; and (iii) the interest is covered by subsection (3) at that time. However, the interest is taken not to have been an excluded equity interest at the time if the total period for which the interest remains on issue is 180 days or more. (3) This subsection covers a * debt interest or * equity interest held by an entity (the holder ) at the particular time mentioned in subsection (2) or (2A) if: (a) subsection (1) also applies to the holder for a period (the overlapped period ) that is, or includes, all or a part of the relevant period; and (b) for the purposes of applying this Division to both the holder and the issuer of the interest (the issuer ), and in relation to only that part of the overlapped period that falls within the relevant period, either or both of the following apply: (i) the * valuation days used to calculate the average value of the holder’s assets are different from the valuation days used to calculate the issuer’s * adjusted average debt; (ii) the number of valuation days used to calculate the average value of the holder’s assets are different from the number of valuation days used to calculate the issuer’s adjusted average debt. (4) This subsection covers a * debt interest held by an entity (the holder ) at the particular time mentioned in subsection (2) if: (a) subsection (1) does not apply to the holder for a period that is, or includes, all or a part of the relevant period; and (b) at that time, the debt interest has been * on issue for a period of less than 180 days. However, if the total period for which the interest remains on issue is 180 days or more, this subsection is taken not to have covered the interest at that time. (5) For the purposes of subsection (2), take into account the value of a * debt interest issued by a * foreign entity only to the extent that the interest is attributable to assets covered by subparagraph (1)(b)(i) or (ii) that are held by the foreign entity throughout the relevant period.", "Amendment_Count": 6, "First_Amended": "No 53 of 2002", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 53 of 2002 | No 142 of 2003 | No 143 of 2007 | No 164 of 2007 | No 110 of 2014 | No 23 of 2024", "History_Notes": "Inserted by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-946"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-950", "Provision_Key": "s820-950", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out special record keeping requirements and related provisions about the following: (a) an entity that carries on its business at or through its Australian permanent establishments; (b) an arm’s length debt amount or arm’s length capital amount worked out under this Division. Table of sections Records about Australian permanent establishments 820 ‑ 960 Records about Australian permanent establishments 820 ‑ 962 Records about Australian permanent establishments—exemptions from Australian accounting standards 820 ‑ 965 Review of Commissioner’s decision Records about arm’s length amounts 820 ‑ 980 Records about arm’s length capital amount 820 ‑ 985 Records about group ratio Offences committed by certain entities 820 ‑ 990 Offences—treatment of partnerships 820 ‑ 995 Offences—treatment of unincorporated companies", "Amendment_Count": 1, "First_Amended": "No 162 of 2001", "Last_Amended": "No 162 of 2001", "Amending_Acts": "No 162 of 2001", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-950"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-960", "Provision_Key": "s820-960", "Heading": "Records about Australian permanent establishments", "Text": "(1) If an entity: (a) is an * inward investor (financial) or * inward investing entity (ADI), for all or a part of an income year; and (b) carries on its * business at or through one or more of its * Australian permanent establishments throughout that year; and (c) has total revenues attributable to those Australian permanent establishments for that year that are at least $2,000,000; the entity must keep for that year the records for which subsection (1A) or (1B) provides. Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section) . Australian accounting standards (1A) If the entity chooses this subsection, it must keep the following records for the * Australian permanent establishments: (a) a statement of financial position (within the meaning of the * accounting standards); (b) a statement of financial performance (within the meaning of those standards). The statements must: (c) be prepared in accordance with the * accounting standards (in particular, but not limited to, accounting standards AASB 1001, AASB 1018 and AASB 1040); and (d) include all the notes required to accompany them under the standards. Note: For exemptions, see section 820 ‑ 962. Overseas and international accounting standards (1B) If the entity chooses this subsection, it must keep for the * Australian permanent establishments the statements (however described) that, under standards covered by subsection (1C) or (1D) (the overseas or international accounting standards ), correspond to the statements referred to in subsection (1A). The statements must: (a) be prepared in accordance with those standards; and (b) include all the notes required to accompany them under those standards. (1C) This subsection covers the standards (however described) that correspond to the * accounting standards and are made by the responsible body in: (a) the United Kingdom of Great Britain and Northern Ireland; or (b) the United States of America; or (c) Canada; or (d) New Zealand; or (e) Japan; or (f) the French Republic; or (g) the Federal Republic of Germany. (1D) This subsection covers the international accounting standards made or adopted by the International Accounting Standards Board. Requirements for the records under subsection (1A) or (1B) (2) The entity must prepare the records for which subsection (1A) or (1B) provides: (a) before the time by which the entity must lodge its * income tax return for the income year; and (b) as if: (i) the * Australian permanent establishments were an entity (the notional entity ) for which those records would be required to be prepared under the * accounting standards or the overseas or international accounting standards, as appropriate; and (ii) for the purposes of the statement of financial position or the corresponding statement, as appropriate—the assets, liabilities (including * debt capital) and * equity capital that are attributable to the Australian permanent establishments for that income year were assets, liabilities and equity of the notional entity for that year; and (iii) for the purposes of the statement of financial performance or the corresponding statement, as appropriate—the revenues and expenses that are attributable to the Australian permanent establishments for that year were the revenues and expenses of the notional entity for that year; and (iv) the * accounting standards, or the overseas or international accounting standards, as appropriate, referred to income years instead of financial years or the corresponding term in the overseas or international accounting standards. Excluding Australian permanent establishments not covered by applicable double tax treaty (6) An entity need not comply with this section for an income year in relation to an * Australian permanent establishment if: (a) throughout that year, the entity was, for the purposes of a double tax agreement (within the meaning of Part X of the Income Tax Assessment Act 1936 ) in relation to a foreign country, a resident of that foreign country (even if the entity was also an Australian resident or a resident of another foreign country); and (b) throughout the period during that year when the entity was carrying on its * business at or through that Australian permanent establishment, the Australian permanent establishment was not a permanent establishment within the meaning of that double tax agreement.", "Amendment_Count": 5, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 142 of 2003 | No 97 of 2008 | No 64 of 2020 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Repealed and substituted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-960"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-962", "Provision_Key": "s820-962", "Heading": "Records about Australian permanent establishments—exemptions from Australian accounting standards", "Text": "General exemption (1) The Commissioner may, by legislative instrument, exempt, for the purposes of subsection 820 ‑ 960(1A), a specified class of entities from the requirement to comply with all or part of the * accounting standards for one or more income years if the Commissioner is satisfied that it would be unreasonable for the entities in that class be required to so comply. Note: The Commissioner’s power under this subsection does not extend to the overseas or international accounting standards. Application for specific exemption (2) An entity (the applicant ) may apply to the Commissioner, in the * approved form, for an exemption from the requirement to comply with all or part of the * accounting standards for one or more income years for the purposes of subsection 820 ‑ 960(1A). (3) The Commissioner may grant the exemption in whole or in part if the Commissioner is satisfied that it would be unreasonable for the applicant to be required to so comply. Note: The Commissioner’s power under this subsection does not extend to the overseas or international accounting standards. (4) The Commissioner must give the applicant written notice if the Commissioner: (a) grants the exemption; or (b) refuses to grant the exemption. (5) The Commissioner is taken to have refused to grant the exemption if the Commissioner fails to give the applicant a notice under subsection (4) within 60 days after the application is made. (6) A notice under subsection (4) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 64 of 2020", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 64 of 2020", "History_Notes": "Inserted by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-962"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-965", "Provision_Key": "s820-965", "Heading": "Review of Commissioner’s decision", "Text": "A person who is dissatisfied with a decision of the Commissioner under subsection 820 ‑ 962(3) may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 162 of 2001 | No 64 of 2020", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-965"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-980", "Provision_Key": "s820-980", "Heading": "Records about arm’s length capital amount", "Text": "(1) An entity must keep records under this section for an * arm’s length capital amount that the entity worked out for the purposes of this Division. (2) The records must contain particulars about the factual assumptions and relevant factors mentioned in section 820 ‑ 315 or 820 ‑ 410 (as appropriate) that have been taken into account in working out that amount. (3) The entity must prepare the records before the time by which the entity must lodge its * income tax return for the income year in relation to all or a part of which the amount is worked out. Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section) .", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 53 of 2002 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-980"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-985", "Provision_Key": "s820-985", "Heading": "Records about group ratio", "Text": "(1) An entity must keep records under this section for a * group ratio that the entity worked out for the purposes of this Division. (2) The records must: (a) contain particulars that have been taken into account in working out the * group ratio; and (b) be sufficient for a reasonable person to understand how the group ratio has been worked out. (3) The entity must prepare the records before the earlier of the following times: (a) the time by which the entity must lodge its * income tax return for the income year in relation to all or a part of which the amount is worked out; (b) the time at which the entity lodges its * income tax return for that income year. Note: A person must comply with the requirements in section 262A of the Income Tax Assessment Act 1936 about the keeping of these records (see subsections (2AA) and (3) of that section).", "Amendment_Count": 4, "First_Amended": "No 142 of 2003", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 142 of 2003 | No 145 of 2008 | No 65 of 2019 | No 23 of 2024", "History_Notes": "Inserted by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 145 of 2008, effective Schedule 2: Royal Assent | Repealed by No 65 of 2019, effective Sch 1 (items 4–18): 1 Oct 2019 (s 2(1) item 2) | Inserted by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-985"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-990", "Provision_Key": "s820-990", "Heading": "Offences—treatment of partnerships", "Text": "(1) The provisions set out in the following paragraphs (the relevant provisions ) apply, in relation to records required to be kept under this Subdivision, to a partnership as if it were a person, but with the modifications set out in this section: (a) sections 820 ‑ 960, 820 ‑ 962, 820 ‑ 980 and 820 ‑ 985; (b) section 262A of the Income Tax Assessment Act 1936 ; (c) Part III of the Taxation Administration Act 1953 . (2) If the relevant provisions would otherwise require or permit something to be done by the partnership, the thing may be done by one or more of the partners on behalf of the partnership. (3) An obligation that would otherwise be imposed on the partnership by the relevant provisions: (a) is imposed on each partner instead; but (b) may be discharged by any of the partners. (4) The partners are jointly and severally liable to pay an amount that would otherwise be payable by the partnership under the relevant provisions. (5) An offence against any of the relevant provisions that would otherwise be committed by the partnership is taken to have been committed by each partner who: (a) did the relevant act or made the relevant omission; or (b) aided, abetted, counselled or procured the relevant act or omission; or (c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly or whether by any act or omission of the partner). (6) For the purposes of subsection (5): (a) to establish that a partnership engaged in a particular conduct, it is sufficient to show that the conduct was engaged in by a partner: (i) in the ordinary course of the business of the partnership; or (ii) within the scope of the actual or apparent authority of the partner; and (b) to establish that a partnership had a particular state of mind when it engaged in that conduct, it is sufficient to show that the partner had the relevant state of mind. (7) For the purposes of the relevant provisions, a change in the composition of a partnership does not affect the continuity of the partnership.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 64 of 2020 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-990"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 820-995", "Provision_Key": "s820-995", "Heading": "Offences—treatment of unincorporated companies", "Text": "(1) The provisions set out in the following paragraphs (the relevant provisions ) apply, in relation to records required to be kept under this Subdivision, to an unincorporated company as if it were a person, but with the modifications set out in this section: (a) sections 820 ‑ 960, 820 ‑ 962, 820 ‑ 980 and 820 ‑ 985; (b) section 262A of the Income Tax Assessment Act 1936 ; (c) Part III of the Taxation Administration Act 1953 . (2) If the relevant provisions would otherwise require or permit something to be done by the company, the thing may be done by one or more members of the company’s committee of management (the members ) on behalf of the company. (3) An obligation that would otherwise be imposed on the company by the relevant provisions: (a) is imposed on each member instead; but (b) may be discharged by any of the members. (4) The members are jointly and severally liable to pay an amount that would otherwise be payable by the company under the relevant provisions. (5) An offence against any of the relevant provisions that would otherwise be committed by the company is taken to have been committed by each member who: (a) did the relevant act or made the relevant omission; or (b) aided, abetted, counselled or procured the relevant act or omission; or (c) was in any way knowingly concerned in, or party to, the relevant act or omission (whether directly or indirectly or whether by any act or omission of the member). (6) For the purposes of subsection (5), to establish that the company had a particular state of mind when it engaged in a particular conduct, it is sufficient to show that a member had the relevant state of mind.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 23 of 2024", "Amending_Acts": "No 162 of 2001 | No 64 of 2020 | No 23 of 2024", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s820-995"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-1", "Provision_Key": "s830-1", "Heading": "What this Division is about", "Text": "This Division: (a) provides for certain entities (called foreign hybrids) that are treated as partnerships for the purposes of foreign income tax, but as companies for the purposes of tax within the meaning of this Act, to be treated as partnerships for the purposes of this Act; and (b) applies special rules to the entities in addition to those that normally apply to partnerships.", "Amendment_Count": 2, "First_Amended": "No 101 of 2004", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 101 of 2004 | No 143 of 2007", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-5", "Provision_Key": "s830-5", "Heading": "Foreign hybrid", "Text": "The expression foreign hybrid means: (a) a * foreign hybrid limited partnership; or (b) a * foreign hybrid company.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-10", "Provision_Key": "s830-10", "Heading": "Foreign hybrid limited partnership", "Text": "(1) Subject to subsection (2), a * limited partnership is a foreign hybrid limited partnership in relation to an income year if: (a) it was formed in a foreign country; and (b) * foreign income tax is imposed under the law of the foreign country on the partners, not the limited partnership, in respect of the income or profits of the partnership for the income year; and (c) at no time during the income year is the limited partnership, for the purposes of a law of any foreign country that imposes foreign income tax on entities because they are residents of the foreign country, a resident of that country; and (d) disregarding subsection 94D(5) of the Income Tax Assessment Act 1936 , at no time during the income year is it an Australian resident; and (e) disregarding that subsection, in relation to the same income year of another taxpayer: (i) the limited partnership is a * CFC at the end of a * statutory accounting period that ends in the income year; and (ii) at the end of the statutory accounting period, the taxpayer is an * attributable taxpayer in relation to the CFC with an * attribution percentage greater than nil. (2) If a partner is not an * attributable taxpayer in relation to a * limited partnership, then, for the purposes of applying the Income Tax Assessment Act 1936 and this Act in relation to the partner’s interest in the limited partnership, the limited partnership is a foreign hybrid limited partnership in relation to an income year for the partner if, and only if, the partner: (a) has made an election under former subsection 485AA(1) of the Income Tax Assessment Act 1936 ; or (b) makes an election under this paragraph; in relation to the partner’s interest in the partnership. (3) For the purposes of subsection (2), the limited partnership is a foreign hybrid limited partnership in relation to any income year during which an election referred to in paragraph (2)(a) or (2)(b) is in force. (4) An election can only be made under paragraph (2)(b) if: (a) disregarding subsection 94D(6) of the Income Tax Assessment Act 1936 : (i) at the end of the income year in which the election is made, the partner has an interest in a FIF (within the meaning of former Part XI of that Act) that is a * corporate limited partnership; and (ii) the interest consists of a * share in the FIF; and (b) the limited partnership satisfies paragraphs (1)(a) to (d) in relation to the income year in which the election is made. (5) An election under paragraph (2)(b) must be made: (a) on or before the day on which the partner lodges the partner’s income tax return for the income year; or (b) within a further time allowed by the Commissioner. (6) The election: (a) is in force during the income year and all later income years; and (b) is irrevocable.", "Amendment_Count": 5, "First_Amended": "No 101 of 2004", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 101 of 2004 | No 58 of 2006 | No 143 of 2007 | No 114 of 2010 | No 134 of 2024", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-15", "Provision_Key": "s830-15", "Heading": "Foreign hybrid company", "Text": "(1) Subject to subsection (5), a company is a foreign hybrid company in relation to an income year if: (a) at all times during the income year when the company is in existence, the partnership treatment requirements for the income year in subsection (2) or (3) are satisfied; and (b) at no time during the income year is the company, for the purposes of a law of any foreign country that imposes * foreign income tax on entities because they are residents of the foreign country, a resident of that country; and (c) at no time during the income year is the company an Australian resident; and (d) disregarding this Division, in relation to the same income year of another taxpayer: (i) the company is a * CFC at the end of a * statutory accounting period that ends in the income year; and (ii) at the end of the statutory accounting period, the taxpayer is an * attributable taxpayer in relation to the CFC with an * attribution percentage greater than nil. Partnership treatment requirements specific to USA (2) For the purposes of paragraph (1)(a), the partnership treatment requirements are satisfied if: (a) the company was formed in the United States of America; and (b) for the purposes of the law of that country relating to * foreign income tax imposed by that country, the company is a limited liability company that: (i) is treated as a partnership; or (ii) is an eligible entity that is disregarded as an entity separate from its owner. Partnership treatment requirements relating to any foreign country (3) For the purposes of paragraph (1)(a), the partnership treatment requirements are also satisfied if: (a) the company was formed in a foreign country (which may be the United States of America); and (b) for the purposes of the law of that country relating to * foreign income tax imposed by that country, the company is treated as a partnership; and (c) regulations are in force setting out requirements to be satisfied by a company in relation to the income year for the purposes of this paragraph, and the company satisfies those requirements. (4) Regulations for the purposes of paragraph (3)(c) cannot set out requirements in relation to any income year before the one in which the regulations are made. (5) If a shareholder is not an * attributable taxpayer in relation to a company, then, for the purposes of applying the Income Tax Assessment Act 1936 and this Act in relation to the shareholder’s * share or shares in the company, the company is a foreign hybrid company in relation to an income year for the shareholder if, and only if, the shareholder: (a) has made an election under former subsection 485AA(2) of the Income Tax Assessment Act 1936 ; or (b) makes an election under this paragraph; in relation to the shareholder’s share or shares in the company. (6) For the purposes of subsection (5), the company is a foreign hybrid company in relation to any income year during which the election referred to in paragraph (5)(a) or (5)(b) is in force. (7) An election can only be made under paragraph (5)(b) if: (a) in relation to the income year in which the election is made, the company: (i) is a FIF (within the meaning of former Part XI of the Income Tax Assessment Act 1936 ); and (ii) satisfies paragraphs (1)(a) to (c); and (b) at the end of the income year in which the election is made, the shareholder’s interest in the FIF consists of one or more * shares in the FIF. (8) An election under paragraph (5)(b) must be made: (a) on or before the day on which the shareholder lodges the shareholder’s income tax return for the income year; or (b) within a further time allowed by the Commissioner. (9) The election: (a) is in force during the income year and all later income years; and (b) is irrevocable.", "Amendment_Count": 5, "First_Amended": "No 101 of 2004", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 101 of 2004 | No 143 of 2007 | No 114 of 2010 | No 141 of 2020 | No 134 of 2024", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 141 of 2020, effective Sch 1 (item 1) and Sch 4 (items 82–101): 1 Jan 2021 (s 2(1) items 2, 7) Sch 4 (item 146): 18 Dec 2020 (s 2(1) item 16) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-17", "Provision_Key": "s830-17", "Heading": "References to foreign income tax in section 830 ‑ 10 or 830 ‑ 15 do not include certain taxes", "Text": "(1) Treat a reference in section 830 ‑ 10 or 830 ‑ 15 to foreign income tax as not including any of the following: (a) * credit absorption tax; (b) * unitary tax; (c) * foreign GloBE tax or other foreign minimum tax. (2) Foreign minimum tax mentioned in paragraph (1)(c) includes a tax specified in regulations made for the purposes of paragraph 393(2)(c) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 134 of 2024", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 134 of 2024", "History_Notes": "Inserted by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-17"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-20", "Provision_Key": "s830-20", "Heading": "Treatment of company as a partnership", "Text": "If a company is a * foreign hybrid company in relation to an income year, the * foreign hybrid tax provisions apply as if the company were a partnership, and for that purpose the following provisions of this Subdivision have effect.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-25", "Provision_Key": "s830-25", "Heading": "Partners are the shareholders in the company", "Text": "The partners in the partnership are the * shareholders in the company.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-30", "Provision_Key": "s830-30", "Heading": "Individual interest of a partner in net income etc. equals percentage of notional distribution of company’s profits", "Text": "The individual interest of a partner in the * net income or * partnership loss of the partnership of the income year is equal to the percentage that, if the profits of the company for the income year were distributed at the end of the income year to its * shareholders: (a) if paragraph (b) does not apply—as dividends; or (b) if the company’s * constitution or other rules provide for the distribution of profits other than as dividends—in accordance with the constitution or those rules; the partner, as a shareholder, could reasonably be expected to receive of the total distribution.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-35", "Provision_Key": "s830-35", "Heading": "Partner’s interest in assets", "Text": "(1) The interest that each partner has in the assets of the partnership, under the partnership agreement, is equal to the percentage in subsection (2). (2) The percentage is the percentage that, if the capital of the company were distributed to its * shareholders on a winding ‑ up of the company at the end of the income year, the partner, as a shareholder, could reasonably be expected to receive of the total distribution.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-40", "Provision_Key": "s830-40", "Heading": "Control and disposal of share in partnership income", "Text": "(1) This section applies for the purposes of determining under section 94 of the Income Tax Assessment Act 1936 whether the partnership is so constituted or controlled, or its operations are so conducted, that a partner does not have the real and effective control and disposal of the partner’s share, or a part of the partner’s share, in the * net income of the partnership of an income year. (2) The reference to the partner’s share, or a part of the partner’s share, in the * net income is a reference to any rights that the * shareholder has under the * constitution or other rules of the company that were taken into account under section 830 ‑ 30 in working out the individual interest of the partner in the partnership’s net income or * partnership loss of the income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-45", "Provision_Key": "s830-45", "Heading": "Partner’s revenue and net capital losses from foreign hybrid not to exceed partner’s loss exposure amount", "Text": "(1) This section applies to a * limited partner in a * foreign hybrid in relation to an income year if the sum of the following amounts: (a) any amount (a foreign hybrid revenue loss amount ) allowable to the partner as a deduction under subsection 92(2) of the Income Tax Assessment Act 1936 in respect of a * partnership loss of the foreign hybrid for the income year; (b) any * foreign hybrid net capital loss amount of the partner in respect of the foreign hybrid for the income year; exceeds the partner’s * loss exposure amount for the income year. Reduction in foreign hybrid revenue loss amount or foreign hybrid net capital loss amount (2) If this section applies, the amount mentioned in paragraph (1)(a) or (b), or each of the amounts mentioned in those paragraphs, is reduced so that in total they equal the partner’s * loss exposure amount. The partner must choose how much of the reduction is applied to each of the amounts. Effect of reducing foreign hybrid net capital loss amount (3) If the partner’s * foreign hybrid net capital loss amount in respect of the * foreign hybrid for the income year is reduced under subsection (2), the partner’s * net capital gain or * net capital loss for the income year is worked out by assuming that the * capital gains and * capital losses taken into account in working out the partner’s foreign hybrid net capital loss amount were instead a capital loss equal to the foreign hybrid net capital loss amount after the reduction.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-50", "Provision_Key": "s830-50", "Heading": "Deduction etc. where partner’s foreign hybrid revenue loss amount and foreign hybrid net capital loss amount are less than partner’s loss exposure amount", "Text": "(1) This section applies if: (a) the sum of a partner’s * foreign hybrid revenue loss amount and * foreign hybrid net capital loss amount for a * foreign hybrid for an income year does not exceed the partner’s * loss exposure amount for the foreign hybrid for the income year (the difference being the partner’s available loss exposure amount ); and (b) the partner has one or more * outstanding foreign hybrid revenue loss amounts or one or more * outstanding foreign hybrid net capital loss amounts, or both, in respect of the foreign hybrid for the income year. Where sum of outstanding foreign hybrid revenue loss amounts and outstanding foreign hybrid net capital loss amounts does not exceed available loss exposure amount (2) If the sum of the * outstanding foreign hybrid revenue loss amounts and the * outstanding foreign hybrid net capital loss amounts does not exceed the * available loss exposure amount: (a) a deduction is allowable to the partner for the income year equal to the sum of the outstanding foreign hybrid revenue loss amounts; and (b) the partner makes a * capital loss for the income year under section 104 ‑ 270 equal to the sum of the outstanding foreign hybrid net capital loss amounts. Where sum of outstanding foreign hybrid revenue loss amounts and outstanding foreign hybrid net capital loss amounts exceeds available loss exposure amount (3) If the sum of the * outstanding foreign hybrid revenue loss amounts and the * outstanding foreign hybrid net capital loss amounts exceeds the * available loss exposure amount, then either or both of the following apply: (a) a deduction is allowable to the partner for the income year equal to some or all of the outstanding foreign hybrid revenue loss amounts; (b) the partner makes a * capital loss under section 104 ‑ 270 equal to some or all of the outstanding foreign hybrid net capital loss amounts; such that the sum of the deduction and the capital loss equals the available loss exposure amount. Partner to choose how to apply subsection (3) (4) The partner must choose: (a) which of paragraphs (3)(a) and (b) is to apply or whether both are to apply; and (b) the amount of the deduction or * capital loss, or the amounts of both; and (c) the particular outstanding foreign hybrid revenue loss amounts or outstanding foreign hybrid net capital loss amounts, or both, to which they relate.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-55", "Provision_Key": "s830-55", "Heading": "Meaning of foreign hybrid net capital loss amount", "Text": "If: (a) the sum of a partner’s * capital losses from * CGT events happening during an income year in relation to a * foreign hybrid or * CGT assets of a foreign hybrid; exceeds: (b) the sum of the partner’s * capital gains from CGT events happening during the income year in relation to the foreign hybrid or CGT assets of the foreign hybrid; the partner has a foreign hybrid net capital loss amount in respect of the foreign hybrid for the income year equal to the excess.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-60", "Provision_Key": "s830-60", "Heading": "Meaning of loss exposure amount", "Text": "(1) The loss exposure amount of a partner in a * foreign hybrid for an income year is worked out as follows: Method statement Step 1. Work out the sum of the amounts or * market values of the contributions made by the partner to the * foreign hybrid that, as at the end of the income year: (a) have not been repaid or returned to the partner; and (b) have been contributed for at least 180 days, or are intended by the partner to remain contributed for at least 180 days. Step 2. Subtract the sum of the amounts of: (a) all * limited recourse debts owed by the partner at the end of the income year, to the extent that the * borrowings concerned were for the purpose of enabling the partner to make contributions to the * foreign hybrid and the debts were secured by the partner’s interest in the foreign hybrid; and (b) all the partner’s * foreign hybrid revenue loss amounts in respect of the foreign hybrid for previous income years, after any reduction under subsection 830 ‑ 45(2); and (c) all the partner’s * foreign hybrid net capital loss amounts in relation to the partnership for previous income years, after any reduction under subsection 830 ‑ 45(2); and (d) all deductions allowed to the partner under subsection 830 ‑ 50(2) or (3) in respect of the foreign hybrid for previous income years; and (e) all * capital losses that, as a result of subsection 830 ‑ 50(2) or (3), the partner made in respect of * CGT event K12 in respect of the foreign hybrid for previous income years. Contribution in case of foreign hybrid company (2) For the purposes of step 1 in the method statement in subsection (1), if: (a) the * foreign hybrid is a * foreign hybrid company; and (b) the partner * acquired its * shares in the company from another shareholder; and (c) the payment or other consideration for the acquisition of the shares did not constitute the making of a contribution by the partner to the foreign hybrid; the payment or other consideration is taken: (d) to be a contribution by the partner to the foreign hybrid; and (e) to be so contributed for as long as the partner holds the shares; and (f) to have been repaid to the partner to the extent of any payment that: (i) the foreign hybrid makes to the partner in respect of the share; and (ii) the foreign hybrid describes as a return of capital; and (iii) is attributable to the period during which the partner has held the shares.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-65", "Provision_Key": "s830-65", "Heading": "Meaning of outstanding foreign hybrid revenue loss amount", "Text": "(1) This section applies if a * foreign hybrid revenue loss amount of a partner in a * foreign hybrid in relation to an income year (the reduction year ) is reduced under subsection 830 ‑ 45(2). (2) The partner has, for each later income year, an outstanding foreign hybrid revenue loss amount equal to the amount of the reduction, less the sum of any deductions allowable to the partner under subsection 830 ‑ 50(2) or (3) in respect of the outstanding foreign hybrid revenue loss amount for income years between the reduction year and the later income year. Outstanding foreign hybrid revenue loss amount not to form part of tax loss (3) To avoid doubt, a partner’s * outstanding foreign hybrid revenue loss amount for an income year cannot form part of a * tax loss for the purposes of Division 36 or 160.", "Amendment_Count": 4, "First_Amended": "No 101 of 2004", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 101 of 2004 | No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-70", "Provision_Key": "s830-70", "Heading": "Meaning of outstanding foreign hybrid net capital loss amount", "Text": "(1) This section applies if a * foreign hybrid net capital loss amount of a partner in a * foreign hybrid in relation to an income year (the reduction year ) is reduced under subsection 830 ‑ 45(2). (2) The partner has, for each later income year, an outstanding foreign hybrid net capital loss amount equal to the amount of the reduction, less the sum of any * capital losses that, as a result of subsection 830 ‑ 50(2) or (3), the partner makes in respect of * CGT event K12 in respect of the outstanding foreign hybrid net capital loss amount for income years between the reduction year and the later income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-75", "Provision_Key": "s830-75", "Heading": "Extended meaning of subject to foreign tax", "Text": "Where entity becomes a partner (1) If: (a) an entity becomes a partner (the first partner ) in a * foreign hybrid in relation to an income year; and (b) a gain or profit of a capital nature accrues to another partner as a result of the disposal of the whole or part of that other partner’s interest in an asset of the foreign hybrid that happens when the first partner becomes a partner; and (c) apart from this subsection, the gain or profit is not * subject to foreign tax in a * listed country in any * tax accounting period; and (d) if the foreign hybrid had disposed of the whole or an equivalent part of the asset at the time of the disposal of the whole or the part of the interest, any gain or profit of a capital nature that accrued to the foreign hybrid in respect of the disposal would have been subject to foreign tax in a listed country in a tax accounting period; then, for the purposes of Part X of the Income Tax Assessment Act 1936 , the gain or profit mentioned in paragraph (b) is taken to be subject to foreign tax in the listed country, and in the tax accounting period, mentioned in paragraph (d). Where partner increases its interest (2) If: (a) an entity is a partner (the first partner ) that increases its interest in a * foreign hybrid in relation to an income year; and (b) a gain or profit of a capital nature accrues to another partner as a result of the disposal of the whole or part of that other partner’s interest in an asset of the foreign hybrid that happens when the first partner increases its interest in the foreign hybrid; and (c) apart from this subsection, the gain or profit is not * subject to foreign tax in a * listed country in any * tax accounting period; and (d) if the foreign hybrid had disposed of the whole or an equivalent part of the asset at the time of the disposal of the whole or the part of the interest, any gain or profit of a capital nature that accrued to the foreign hybrid in respect of the disposal would have been subject to foreign tax in a listed country in a tax accounting period; then, for the purposes of Part X of the Income Tax Assessment Act 1936 , the gain or profit mentioned in paragraph (b) is taken to be subject to foreign tax in the listed country, and in the tax accounting period, mentioned in paragraph (d). Where entity ceases to be a partner (3) If: (a) an entity ceases to be a partner in a * foreign hybrid in relation to an income year; and (b) a gain or profit of a capital nature accrues to the entity as a result of the disposal of its interest in an asset of the foreign hybrid that happens when the entity ceases to be a partner; and (c) apart from this subsection, the gain or profit is not * subject to foreign tax in a * listed country in any * tax accounting period; and (d) any gain or profit of a capital nature that accrues to the entity as a result of the disposal of its interest in the foreign hybrid that happens when the entity ceases to be a partner is subject to foreign tax in a listed country in a tax accounting period; then, for the purposes of Part X of the Income Tax Assessment Act 1936 , the gain or profit mentioned in paragraph (b) is taken to be subject to foreign tax in the listed country, and in the tax accounting period, mentioned in paragraph (d). Where partner disposes of part of its interest (4) If: (a) an entity is a partner that disposes of part of its interest in a * foreign hybrid in relation to an income year; and (b) a gain or profit of a capital nature accrues to the entity as a result of the disposal of part of its interest in an asset of the foreign hybrid that happens when the entity disposes of the part of its interest in the foreign hybrid; and (c) apart from this subsection, the gain or profit is not * subject to foreign tax in a * listed country in any * tax accounting period; and (d) any gain or profit of a capital nature that accrues to the entity as a result of the disposal of the part of its interest in the foreign hybrid is subject to foreign tax in a listed country in a tax accounting period; then, for the purposes of Part X of the Income Tax Assessment Act 1936 , the gain or profit mentioned in paragraph (b) is taken to be subject to foreign tax in the listed country, and in the tax accounting period, mentioned in paragraph (d).", "Amendment_Count": 3, "First_Amended": "No 101 of 2004", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 101 of 2004 | No 79 of 2010 | No 41 of 2011", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-80", "Provision_Key": "s830-80", "Heading": "Setting the tax cost of partners’ interests in the assets of an entity that becomes a foreign hybrid", "Text": "(1) This section applies if: (a) an entity is a * foreign hybrid in relation to an income year (the hybrid year ); and (b) the entity was in existence at the end of the preceding income year (which may be the income year before this Division first applies to the entity); and (c) the entity was not a foreign hybrid in relation to that preceding income year. (2) For the purposes of applying an * asset ‑ based income tax regime for the hybrid year and each later income year in relation to which the entity continues to be a foreign hybrid, the * tax cost is set at the start of the hybrid year, for each asset of the * foreign hybrid in which each partner has an interest at that time.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-85", "Provision_Key": "s830-85", "Heading": "Setting the tax cost of assets of an entity when it ceases to be a foreign hybrid", "Text": "(1) This section applies if: (a) an entity is a * foreign hybrid in relation to an income year; and (b) the entity is in existence at the start of the next income year; and (c) the entity is not a foreign hybrid in relation to that income year (the post ‑ hybrid year ). (2) For the purposes of applying an * asset ‑ based income tax regime for the post ‑ hybrid year and each later income year in relation to which the entity continues not to be a foreign hybrid, the * tax cost is set at the start of the post ‑ hybrid year, for each asset of the entity at that time.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-90", "Provision_Key": "s830-90", "Heading": "What the expression tax cost is set means", "Text": "The following table explains what the expression tax cost is set at the start of the hybrid year or the post ‑ hybrid year means, in relation to an asset in which a partner has an interest or in relation to an asset of the entity, for the purposes of each * asset ‑ based income tax regime: Tax cost is set Item If the following asset ‑ based income tax regime is to apply: The expression means that: 1 Subdivisions 40 ‑ A to 40 ‑ D, sections 40 ‑ 425 to 40 ‑ 445 and Subdivision 328 ‑ D the * adjustable value of the interest or the asset at the start of the hybrid year or the post ‑ hybrid year is varied so that it equals the partner’s * tax cost setting amount for the interest, or the entity’s tax cost setting amount for the asset, at that time in relation to the * asset ‑ based income tax regime 2 Division 70 the value of the interest or the asset at the start of the hybrid year or the post ‑ hybrid year under Division 70 is varied so that it equals the partner’s * tax cost setting amount for the interest, or the entity’s tax cost setting amount for the asset, at that time in relation to the * asset ‑ based income tax regime 3 Part 3 ‑ 1 or 3 ‑ 3 the * cost base or * reduced cost base of the interest or the asset at the start of the hybrid year or the post ‑ hybrid year is varied so that it equals the partner’s * tax cost setting amount for the interest, or the entity’s tax cost setting amount for the asset, at that time in relation to the * asset ‑ based income tax regime 4 Division 16E of Part III of the Income Tax Assessment Act 1936 the Division applies as if the interest or the asset were * acquired by the partner or the entity at the start of the hybrid year or the post ‑ hybrid year for a payment equal to the partner’s * tax cost setting amount for the interest, or the entity’s tax cost setting amount for the asset, at that time in relation to the * asset ‑ based income tax regime 5 Any other provision of this Act or the Income Tax Assessment Act 1936 the cost of the interest or asset at the start of the hybrid year or the post ‑ hybrid year is varied so that it equals the partner’s * tax cost setting amount for the interest, or the entity’s tax cost setting amount for the asset, at that time in relation to the * asset ‑ based income tax regime", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-95", "Provision_Key": "s830-95", "Heading": "What the expression tax cost setting amount means", "Text": "(1) A partner’s tax cost setting amount for an interest of the partner in an asset at the start of the hybrid year, in relation to an * asset ‑ based income tax regime, is worked out as follows: Method statement Step 1. Work out what would have been the entity’s * tax cost of the asset for the purposes of applying the * asset ‑ based income tax regime as at the start of the hybrid year if it were not a * foreign hybrid in relation to the hybrid year. Step 2. Multiply the result of step 1 by: (a) if the entity is a * foreign hybrid company in relation to the hybrid year—the percentage applicable to the partner under subsection 830 ‑ 35(2); or (b) if the entity is a * foreign hybrid limited partnership in relation to the hybrid year—the individual interest of the partner in the asset, expressed as a percentage of the interests of all of the partners in the asset. Step 3. If the partner paid a premium in respect of the * acquisition of its interest in the asset (see subsection (2)), add the amount of the premium to the result of step 2. If the partner received a discount in respect of the acquisition (see subsection (2)), subtract the amount of the discount from the result of step 2, but not to the extent that this would result in a negative amount. The result of step 3 is the partner’s tax cost setting amount in respect of the asset. (2) Work out whether the partner paid a premium or received a discount for its interest in the asset using the following method statement: Method Statement Step 1. Add up all the amounts paid by the partner before the start of the hybrid year for its * shares in the entity (if the entity was a company), or for its interests in the assets of the entity and in the entity (if the entity was a * limited partnership), that it held at the start of the hybrid year, and subtract all amounts received by the partner in respect of those shares or interests by way of reduction in capital of the entity. Step 2. Work out the amount that, if the capital of the entity had been distributed to its * shareholders on a winding ‑ up or to its partners on a dissolution, at the end of the income year before the hybrid year, the partner could reasonably be expected to have received of the total distribution. Step 3. If the result of step 1 exceeds the result of step 2, the partner paid a premium for its interest in the asset. If the result of step 2 exceeds the result of step 1, the partner received a discount for its interest in the asset. Step 4. Work out the amount of the premium or discount using the formula: (3) The entity’s tax cost setting amount for an asset at the start of the post ‑ hybrid year in relation to an * asset ‑ based income tax regime is equal to the sum of what the partners’ * tax costs for their interests in the asset would be at that time for the purpose of applying the asset ‑ based income tax regime if the entity had continued to be a * foreign hybrid in relation to that income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-100", "Provision_Key": "s830-100", "Heading": "What the expression tax cost means", "Text": "The tax cost of a partner’s interest in an asset or of an asset of the entity for the purposes of applying an * asset ‑ based income tax regime at the start of the post ‑ hybrid year or the hybrid year is worked out using the following table: Tax cost of an asset Item If the asset ‑ based income tax regime is: the tax cost of the interest or the asset is: 1 Subdivisions 40 ‑ A to 40 ‑ D, sections 40 ‑ 425 to 40 ‑ 445 and Subdivision 328 ‑ D the * adjustable value of the interest or the asset at the start of the post ‑ hybrid year or the hybrid year 2 Division 70 the value of the interest or the asset at the start of the post ‑ hybrid year or the hybrid year under Division 70 3 Part 3 ‑ 1 or 3 ‑ 3 the * cost base or * reduced cost base of the interest or the asset at the start of the post ‑ hybrid year or the hybrid year 4 Division 16E of Part III of the Income Tax Assessment Act 1936 the amount that the partner or entity would need to receive if it were to dispose of the interest or asset at the start of the post ‑ hybrid year or the hybrid year without an amount being assessable income of, or deductible to, the partner or entity under section 159GS of the Income Tax Assessment Act 1936 5 Any other provision of this Act or the Income Tax Assessment Act 1936 the cost of the interest or the asset at the start of the post ‑ hybrid year or the hybrid year", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-105", "Provision_Key": "s830-105", "Heading": "What the expression asset ‑ based income tax regime means", "Text": "The provisions listed in the first column in relation to each item in the table in section 830 ‑ 100 are an asset ‑ based income tax regime .", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-110", "Provision_Key": "s830-110", "Heading": "No disposal of assets etc. on entity becoming or ceasing to be a foreign hybrid", "Text": "To avoid doubt, the fact that an entity becomes or ceases to be a * foreign hybrid in relation to an income year does not cause: (a) a * CGT event to happen to any * CGT asset consisting of: (i) any * share or interest in the entity; or (ii) any interest in an asset of the entity; or (b) a disposal or any other event to happen to any other asset consisting of such a share or interest.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-115", "Provision_Key": "s830-115", "Heading": "Tax losses cannot be transferred to a foreign hybrid", "Text": "(1) If an entity is a * foreign hybrid in relation to an income year, it cannot deduct in that income year a * tax loss for a * loss year in relation to which it was not a foreign hybrid. Former foreign hybrid can deduct tax losses for income years before it became a foreign hybrid (2) This section does not prevent an entity that: (a) is not a * foreign hybrid in relation to an income year (the post ‑ hybrid year ); and (b) was a foreign hybrid in relation to a previous income year; and (c) was not a foreign hybrid in relation to an income year (the pre ‑ hybrid year ) before the previous year; from deducting, in the post ‑ hybrid year, a * tax loss for the pre ‑ hybrid year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-120", "Provision_Key": "s830-120", "Heading": "End of CFC’s last statutory accounting period", "Text": "If: (a) a taxpayer is a partner in an entity that becomes a * foreign hybrid in relation to an income year; and (b) the entity was a * CFC at the end of the taxpayer’s preceding income year; and (c) the last * statutory accounting period of the CFC did not end at the end of the taxpayer’s preceding income year; and (d) if it had so ended, the taxpayer would have been an * attributable taxpayer in relation to the CFC; for the purposes of working out the * attributable income of the CFC for the taxpayer in respect of the last statutory accounting period of the CFC, that statutory accounting period ends at the end of the taxpayer’s preceding income year.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 830-125", "Provision_Key": "s830-125", "Heading": "How long interest in asset, or asset, held", "Text": "Partner’s interest in asset when entity becomes a foreign hybrid (1) If an entity becomes a * foreign hybrid company in relation to an income year, the interest that a partner has in an asset as mentioned in section 830 ‑ 35 is taken to have been held by the partner (except for the purposes of having the * tax cost of the interest set) from the later of the following times: (a) when the entity * acquired the asset; (b) when the partner acquired its * shares in the entity. Entity’s asset when it ceases to be a foreign hybrid company (2) If: (a) an entity is not a * foreign hybrid company in relation to an income year (the post ‑ hybrid year ); and (b) the entity was a * foreign hybrid company in relation to the preceding income year; and (c) during: (i) that preceding income year; or (ii) any earlier income year in relation to which the entity was also a foreign hybrid; but not at the start of the first income year in relation to which the entity was a foreign hybrid company, the partners in the foreign hybrid company * acquired an interest in an asset that is an asset of the entity at the start of the post ‑ hybrid year; the asset is taken to have been held by the entity (except for the purposes of having the * tax cost of the asset set) from the time the partners acquired their interests in the asset.", "Amendment_Count": 1, "First_Amended": "No 101 of 2004", "Last_Amended": "No 101 of 2004", "Amending_Acts": "No 101 of 2004", "History_Notes": "Inserted by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s830-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-1", "Provision_Key": "s832-1", "Heading": "What this Division is about", "Text": "A “hybrid mismatch” arises if double non ‑ taxation results from the exploitation of differences in the tax treatment of an entity or financial instrument under the laws of 2 or more countries. There is double non ‑ taxation if a deductible payment is not included in a tax base (this is called a deduction/non ‑ inclusion mismatch), or if a payment gives rise to 2 deductions (this is called a deduction/deduction mismatch). Disallowing a deduction, or including an amount in assessable income, “neutralises” this tax advantage.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-5", "Provision_Key": "s832-5", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out some general rules that apply to the provisions of this Division. Table of sections Operative provisions 832 ‑ 10 Entitlement to receive payment 832 ‑ 15 Entitlement to receive non ‑ cash benefits 832 ‑ 20 Losses that arise from payments or parts of payments 832 ‑ 25 Recipients and payers of a payment 832 ‑ 30 How this Division applies to entities 832 ‑ 35 Single entity rule otherwise not disregarded 832 ‑ 40 Schemes outside Australia 832 ‑ 45 Relationship between this Division and other charging provisions in this Act 832 ‑ 50 Relationship between this Division and Division 820 832 ‑ 55 Division does not affect foreign residence rules 832 ‑ 60 Valuation of trading stock affected by hybrid mismatch rules", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-10", "Provision_Key": "s832-10", "Heading": "Entitlement to receive payment", "Text": "This Division applies as if an entity (the payer ) had made a payment to another entity (the recipient ) if the recipient is entitled to receive the payment from the payer, even if the payment is not required to be made until a later time.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-15", "Provision_Key": "s832-15", "Heading": "Entitlement to receive non ‑ cash benefits", "Text": "This Division applies as if an entity (the payer ) had made a payment to another entity (the recipient ) if the recipient received a * non ‑ cash benefit from the payer.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-20", "Provision_Key": "s832-20", "Heading": "Losses that arise from payments or parts of payments", "Text": "(1) This section applies if: (a) a loss gives rise to: (i) a deduction for an entity (the payer ) for an income year; or (ii) a * foreign income tax deduction for an entity (also the payer ) for a * foreign tax period; and (b) in working out the amount of the loss: (i) all or a part of a payment made, or to be made, to one or more other entities is taken into account; or (ii) 2 or more payments made, or to be made, to one or more other entities are taken into account. Note: This section also applies to losses from Division 230 financial arrangements: see section 832 ‑ 780. Payments made to only one entity (2) If, in working out the amount of the loss, a payment or payments made to only one entity (the recipient ) are taken into account, this Division applies as if: (a) at the end of the income year or * foreign tax period identified in paragraph (1)(a), the payer made a payment to the recipient; and (b) the amount of the payment was equal to the amount of the deduction or * foreign income tax deduction; and (c) the payment gave rise to the deduction or foreign income tax deduction. Payments made to 2 or more entities (3) If, in working out the amount of the loss, a payment or payments made to 2 or more entities (each of which is a recipient ) are taken into account, this Division applies as if: (a) at the end of the income year or * foreign tax period identified in paragraph (1)(a), the payer made a payment to each recipient; and (b) the amount of each payment was equal to so much of the amount of the deduction or * foreign income tax deduction as is reasonable having regard to the amounts of the payments actually made to the recipients; and (c) the payment gave rise to a deduction or foreign income tax deduction equal to the amount of the payment. Working out whether the payment has been subject to tax (4) In working out for the purposes of this Division the extent to which a payment that is taken by this section to have been made is * subject to Australian income tax or * subject to foreign income tax, regard is to be had to the actual payments made to the recipient.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-25", "Provision_Key": "s832-25", "Heading": "Recipients and payers of a payment", "Text": "(1) To the extent this Division applies to a payment only because of section 832 ‑ 10 or 832 ‑ 15 (a payment provision ), it applies as if: (a) the entity that made the payment were the entity identified in the payment provision as the payer; and (b) the recipient of the payment were the entity identified in the payment provision as the recipient. (2) If a payment would, apart from this subsection, be made to 2 or more recipients, then this Division applies as if each part of the payment made to each such recipient were a separate payment.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-30", "Provision_Key": "s832-30", "Heading": "How this Division applies to entities", "Text": "Identifying payments between entities etc. (1) A number of provisions in this Division refer to an entity making a payment to another entity. In determining for the purposes of this Division whether an entity makes or receives a payment, the following are to be disregarded: (a) subsection 701 ‑ 1(1) (the single entity rule); (b) Part IIIB of the Income Tax Assessment Act 1936 ; (c) any law of a foreign country that, for the purposes of a foreign tax, treats a different entity as having made the payment, or disregards the payment. Note 1: The purpose of this subsection is to establish a uniform basis for recognising “payments” between entities across all jurisdictions. (Note that in some countries, a “payment” recognised by this subsection will not have a tax consequence because the payment is disregarded for tax purposes). Note 2: As a consequence of paragraph (1)(a), a subsidiary member of a consolidated group or MEC group may be a hybrid payer under section 832 ‑ 320 or a deducting hybrid under section 832 ‑ 550 (it cannot be a reverse hybrid because of subparagraph 832 ‑ 410(2)(b)(ii)). (2) In addition, in the case of a trust or partnership, the trust or partnership, instead of a trustee or partner, is taken, for the purposes of this Division, to do the following things: (a) make or receive a payment; (b) hold, acquire or dispose of an asset, interest or other property; (c) enter into or carry out a * scheme or a part of a scheme. Identifying income or profits of entities (3) A number of provisions in this Division refer to the income or profits of an entity. For the purposes of this Division, things recognised in accordance with subsection (1) or (2) as being done by an entity are to be taken into account in identifying the income or profits of the entity. Assessable income and deductions (4) A reference in this Division to an amount being included in the assessable income of an entity, or being allowable, or not allowable, as a deduction to an entity, is taken to be a reference to an amount that is so included, or allowable or not allowable, as the case requires, in determining: (a) in the case of an entity that is a trust—the entity’s * net income; or (b) in the case of a partnership—the partnership’s net income or * partnership loss. This section does not affect the interpretation of other provisions (5) Nothing in this section affects whether * tax or * foreign income tax is imposed on an entity. (6) Nothing in this section limits, by implication, any other provision of this Act.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Repealed and substituted by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-35", "Provision_Key": "s832-35", "Heading": "Single entity rule otherwise not disregarded", "Text": "Subject to section 832 ‑ 30, subsection 701 ‑ 1(1) (the single entity rule) is not disregarded in applying this Division.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-40", "Provision_Key": "s832-40", "Heading": "Schemes outside Australia", "Text": "This Division applies in relation to a payment whether or not the * scheme under which the payment is made has been or is entered into or carried out in Australia or outside Australia or partly in Australia and partly outside Australia.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-45", "Provision_Key": "s832-45", "Heading": "Relationship between this Division and other charging provisions in this Act", "Text": "(1) This section applies if an amount is included in the assessable income of an entity under a provision of this Division in relation to a payment. (2) An amount in relation to the payment that is to be included in the assessable income of the entity under a provision (other than a provision of this Division) is to be reduced to the extent (if any) necessary to ensure that the total amount included in the entity’s assessable income in relation to the payment does not exceed the amount of the payment. Relationship with section 230 ‑ 20 (3) This section applies despite section 230 ‑ 20 (about taxation of financial arrangements).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-50", "Provision_Key": "s832-50", "Heading": "Relationship between this Division and Division 820", "Text": "(1) In determining for the purposes of this Division whether a payment gives rise to a deduction, and the amount of the deduction, disregard the effect of Division 820 (about thin capitalisation). (2) Nothing in this Division limits Division 820 (about thin capitalisation) in its application to reduce, or further reduce, * debt deductions of an entity.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-55", "Provision_Key": "s832-55", "Heading": "Division does not affect foreign residence rules", "Text": "Nothing in this Division affects the operation of the provisions of Division 6 that provide for the significance of foreign residence for the assessability of ordinary and statutory income. Note: Amounts included in assessable income under this Division may be ordinary or statutory income for the purposes of Division 6.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-60", "Provision_Key": "s832-60", "Heading": "Valuation of trading stock affected by hybrid mismatch rules", "Text": "If: (a) an amount of a deduction for an outgoing is disallowed under this Division; and (b) the outgoing was incurred in connection with acquiring an item of * trading stock; and (c) the item is on hand at the end of an income year; the amount disallowed is to be disregarded in working out the * cost, market selling value or replacement value of the item at the end of the income year under section 70 ‑ 45.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-100", "Provision_Key": "s832-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out rules about identifying deduction/non ‑ inclusion mismatches and deduction/deduction mismatches. Table of sections Operative provisions 832 ‑ 105 When a payment gives rise to a deduction/non ‑ inclusion mismatch 832 ‑ 110 When a payment gives rise to a deduction/deduction mismatch 832 ‑ 115 Disregard effect of Division in determining deductions 832 ‑ 120 Meaning of foreign income tax deduction 832 ‑ 125 Meaning of subject to Australian income tax 832 ‑ 130 Meaning of subject to foreign income tax 832 ‑ 135 Safe harbour for translation rates", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-105", "Provision_Key": "s832-105", "Heading": "When a payment gives rise to a deduction/non ‑ inclusion mismatch", "Text": "Australian deduction (1) If: (a) a deduction (other than a deduction that is solely attributable to a * currency exchange rate effect) is allowable to an entity in an income year in respect of a payment (including a part or share of the payment); and (b) the amount of the deduction exceeds the sum of the amounts of the payment that are: (i) * subject to foreign income tax in a foreign country in a * foreign tax period that starts no later than 12 months after the end of the income year; or (ii) * subject to Australian income tax for the income year; then the deduction is the deduction component of a deduction/non ‑ inclusion mismatch to which the payment gives rise. Note: A deduction/non ‑ inclusion mismatch might give rise to a hybrid financial instrument mismatch (see Subdivision 832 ‑ C), a hybrid payer mismatch (see Subdivision 832 ‑ D), a reverse hybrid mismatch (see Subdivision 832 ‑ E), or a branch hybrid mismatch (see Subdivision 832 ‑ F). Foreign income tax deduction (2) If: (a) an entity is entitled to a * foreign income tax deduction in a foreign country in a * foreign tax period in respect of a payment (including a part or share of the payment); and (b) the amount of the foreign income tax deduction exceeds the sum of the amounts of the payment that are: (i) * subject to foreign income tax in a foreign country in a foreign tax period that starts no later than 12 months after the end of the foreign tax period in which the foreign income tax deduction arose; or (ii) * subject to Australian income tax for an income year that starts no later than 12 months after the end of the foreign tax period in which the foreign income tax deduction arose; and (c) the foreign income tax deduction is not solely attributable to: (i) any currency exchange rate fluctuations; or (ii) a difference between an expressly or implicitly agreed currency exchange rate for a future date or time and the applicable currency exchange rate at that date or time; then the foreign income tax deduction is the deduction component of a deduction/non ‑ inclusion mismatch to which the payment gives rise. Amount of the deduction/non ‑ inclusion mismatch (3) The amount of the * deduction/non ‑ inclusion mismatch is the amount of the excess worked out under paragraph (1)(b) or (2)(b), as applicable.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-110", "Provision_Key": "s832-110", "Heading": "When a payment gives rise to a deduction/deduction mismatch", "Text": "(1) A payment gives rise to a deduction/deduction mismatch if the payment, or a part or share of the payment: (a) gives rise to a * foreign income tax deduction in a foreign country in a * foreign tax period; and (b) also gives rise to: (i) a deduction in an income year; or (ii) a foreign income tax deduction in a foreign country (other than the country mentioned in paragraph (a)). Note: A deduction/deduction mismatch might give rise to a deducting hybrid mismatch (see Subdivision 832 ‑ G). (2) Each of the following is a deduction component of the * deduction/deduction mismatch: (a) the * foreign income tax deduction mentioned in paragraph (1)(a); (b) the deduction mentioned in subparagraph (1)(b)(i), or the foreign income tax deduction mentioned in subparagraph (1)(b)(ii), as the case requires. Amount of the deduction/deduction mismatch (3) The amount of the * deduction/deduction mismatch is the lesser of: (a) the amount of the * foreign income tax deduction mentioned in paragraph (1)(a); and (b) the sum of the amounts of the deduction, or foreign income tax deduction, mentioned in subparagraph (1)(b)(i) or (ii). Extended operation in relation to non ‑ payment deductions (4) This section applies in relation to the following amounts in the same way as it applies in relation to a payment: (a) an amount representing the decline in value of an asset; (b) an amount representing a share in the net loss of a partnership or other transparent entity. (5) If: (a) an amount representing a share in the net loss of a partnership gives rise to a deduction; and (b) in a foreign country: (i) the same share in the income or profits of the partnership forms part of the tax base of an entity under a law of the foreign country dealing with * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)); but (ii) that share is brought to account in that tax base on an item ‑ by ‑ item basis, instead of on a net basis; the amount is taken for the purposes of subsection (1) to also give rise to a * foreign income tax deduction in the foreign country, for an amount representing the share in the net loss of the partnership, and equal to the amount of the deduction mentioned in paragraph (a). (6) For the purposes of subsection (4), a reference in this Division to the * scheme under which a payment is made is taken to be a reference to: (a) if paragraph (4)(a) applies—the scheme under which the asset is held; or (b) if paragraph (4)(b) applies—the scheme under which the net loss arose.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-115", "Provision_Key": "s832-115", "Heading": "Disregard effect of Division in determining deductions", "Text": "In determining for the purposes of this Division whether a payment gives rise to a deduction, disregard the effect of this Division.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-120", "Provision_Key": "s832-120", "Heading": "Meaning of foreign income tax deduction", "Text": "(1) An amount of a loss or outgoing is a foreign income tax deduction in a foreign country in a * foreign tax period to which an entity is entitled, if the entity is entitled to deduct the amount in working out its tax base for the foreign tax period under a law of the foreign country dealing with * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)). (2) To avoid doubt, an amount of a loss or outgoing may be a foreign income tax deduction in a foreign country in a * foreign tax period even if the relevant entity’s tax base is nil, or a negative amount. Effect of foreign hybrid mismatch rules (3) In determining for the purposes of this section whether an entity is entitled to deduct an amount as mentioned in subsection (1), disregard the effect of the following: (a) any provisions of * foreign hybrid mismatch rules of a foreign country; (b) any provisions of another law of a foreign country relating to * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)) that has substantially the same effect as foreign hybrid mismatch rules.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-125", "Provision_Key": "s832-125", "Heading": "Meaning of subject to Australian income tax", "Text": "(1) An amount of income or profits is subject to Australian income tax in an income year if it is an amount that is included in an entity’s assessable income for the income year. (2) However, if: (a) the entity is a trust or partnership; and (b) the trust or partnership has * net income for the income year; then the amount is only subject to Australian income tax to the extent it reasonably represents amounts: (c) included in the assessable income of another entity for the income year (other than an entity that is a partnership or a trust); or (d) for a trust—on which the trustee is liable to be assessed and to pay * tax. Effect of CFC regimes (3) An amount of income or profits of an entity is subject to Australian income tax if the amount is included under section 456 or 457 of the Income Tax Assessment Act 1936 in the assessable income of another entity. (4) In determining for the purposes of this Division whether an amount of income or profits is * subject to Australian income tax, disregard the effect of this Division, unless the contrary intention appears.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-130", "Provision_Key": "s832-130", "Heading": "Meaning of subject to foreign income tax", "Text": "(1) An amount of income or profits is subject to foreign income tax in a foreign country in a * foreign tax period if * foreign income tax (except a tax covered by subsection (7)) is payable under a law of the foreign country in respect of the amount because the amount is included in the tax base of that law for the foreign tax period. Note: Subdivision 832 ‑ C (Hybrid financial instrument mismatch) has effect as if certain amounts that are subject to a concessional rate of foreign income tax were not subject to foreign income tax: see section 832 ‑ 235. (2) To avoid doubt, an amount of income or profits may be subject to foreign income tax in a foreign country in a * foreign tax period even if the relevant entity’s tax base is nil, or a negative amount. Effect of credits etc. for underlying taxes (3) Despite subsection (1), if: (a) an amount (the pre ‑ credit amount ) of income or profits would, apart from this subsection, be * subject to foreign income tax in a foreign country; and (b) an entity is entitled under the law of the foreign country to a credit, rebate or other tax concession in respect of the amount for foreign tax (other than a withholding ‑ type tax) payable under a tax law of a different country (including Australia); then only so much of the pre ‑ credit amount as reasonably represents an amount not effectively sheltered from * foreign income tax (except a tax covered by subsection (7)) by the credit, rebate or tax concession is subject to foreign income tax . Note: This subsection is disregarded in working out whether an amount of income or profits is dual inclusion income: see subsection 832 ‑ 680(3). Effect of “dividend received deductions” in foreign countries (4) Despite subsection (1), if: (a) an amount (the pre ‑ deduction amount ) of income or profits would, apart from this subsection, be * subject to foreign income tax in a foreign country; and (b) the amount consists of a dividend received by an entity from a company; and (c) the entity is entitled to a * foreign income tax deduction in respect of all or part of the amount of the dividend; then only so much of the pre ‑ deduction amount as reasonably represents an amount not effectively sheltered from * foreign income tax (except a tax covered by subsection (7)) by the foreign income tax deduction is subject to foreign income tax . Effect of CFC regimes (5) An amount of income or profits of an entity is subject to foreign income tax if the amount is included in working out the tax base of another entity under a provision of a law of a foreign country that corresponds to section 456 or 457 of the Income Tax Assessment Act 1936 (including a tax base that is nil, or a negative amount) . Effect of foreign hybrid mismatch rules (6) In determining for the purposes of this section whether a payment is included in a tax base of a law of a foreign country as mentioned in subsection (1), disregard the effect of the following: (a) any provisions of * foreign hybrid mismatch rules of a foreign country; (b) any provisions of another law of a foreign country relating to * foreign income tax (except a tax covered by subsection (7)) that has substantially the same effect as foreign hybrid mismatch rules. Certain foreign taxes disregarded in this Division (7) This subsection covers each of the following: (a) * credit absorption tax; (b) * unitary tax; (c) withholding ‑ type tax; (d) municipal tax; (e) in the case of a federal foreign country—a State tax; (f) * foreign GloBE tax or other foreign minimum tax. Note: The definitions of credit absorption tax and unitary tax are in section 770 ‑ 15. (8) Foreign minimum tax mentioned in paragraph (7)(f) includes a tax specified in regulations made for the purposes of paragraph 393(2)(c) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 3, "First_Amended": "No 84 of 2018", "Last_Amended": "No 134 of 2024", "Amending_Acts": "No 84 of 2018 | No 79 of 2020 | No 134 of 2024", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-135", "Provision_Key": "s832-135", "Heading": "Safe harbour for translation rates", "Text": "If: (a) a payment has any of the following effects: (i) it gives rise to a deduction; (ii) it gives rise to a * foreign income tax deduction; (iii) it is * subject to Australian income tax; (iv) it is * subject to foreign income tax; and (b) for the purposes of this Division, the amount of one or more such effects is to be translated under Subdivision 960 ‑ C into an entity’s * applicable functional currency, or into Australian currency; then it is reasonable for the purposes of item 11A of the table in subsection 960 ‑ 50(6) (as modified by the regulations) to apply an exchange rate to each translation so as best to achieve a consistent measure of the extent to which the payment had each such effect. Note: Item 11A is added to the table in subsection 960 ‑ 50(6) by the regulations.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-175", "Provision_Key": "s832-175", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises a hybrid financial instrument mismatch if it involves a deduction, or non ‑ inclusion, in Australia. A deduction/non ‑ inclusion mismatch is a hybrid financial instrument mismatch if it is attributable to hybridity in the treatment of a financial instrument or an arrangement to transfer a financial instrument, and either the relevant parties are related or the mismatch arose under a structured arrangement. There is also an integrity rule that covers payments that are made in lieu of hybrid payments. This Subdivision has an extended application in relation to payments that are subject to concessional tax rates in a foreign country. A hybrid financial instrument mismatch that is not neutralised by this Subdivision (or by foreign hybrid mismatch rules) is an offshore hybrid mismatch, which might give rise to an imported hybrid mismatch under Subdivision 832 ‑ H. Table of sections Operative provisions 832 ‑ 180 Deduction not allowable—Australian primary response 832 ‑ 185 Inclusion in assessable income—Australian secondary response 832 ‑ 190 Exception where entity not a party to the structured arrangement 832 ‑ 195 When a hybrid financial instrument mismatch is an offshore hybrid mismatch 832 ‑ 200 When a payment gives rise to a hybrid financial instrument mismatch 832 ‑ 205 Meaning of Division 832 control group 832 ‑ 210 Meaning of structured arrangement 832 ‑ 215 Hybrid mismatch 832 ‑ 220 Hybrid requirement—payments under financial instruments 832 ‑ 225 Hybrid requirement—payments under transfers of certain financial instruments 832 ‑ 230 Hybrid mismatch—integrity rule for substitute payments 832 ‑ 235 Extended operation of this Subdivision in relation to concessional foreign taxes 832 ‑ 240 Adjustment if hybrid financial instrument payment is income in a later year", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-180", "Provision_Key": "s832-180", "Heading": "Deduction not allowable—Australian primary response", "Text": "(1) This section applies to an entity if: (a) apart from this section, the entity would be entitled to a deduction in an income year in respect of a payment; and (b) the deduction is the * deduction component of a * hybrid financial instrument mismatch to which the payment gives rise. (2) So much of the deduction as does not exceed the amount of the * hybrid financial instrument mismatch is not allowable as a deduction.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-185", "Provision_Key": "s832-185", "Heading": "Inclusion in assessable income—Australian secondary response", "Text": "(1) This section applies to an entity if: (a) the entity is the recipient of a payment that gives rise to a * hybrid financial instrument mismatch; and (b) the * deduction component of the mismatch is a * foreign income tax deduction; and (c) the secondary response is required (see subsection (2)). (2) For the purposes of paragraph (1)(c), the secondary response is required unless, in the country in which the * foreign income tax deduction arose, the mismatch is covered by * foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision. Inclusion of amount in assessable income (3) An amount equal to the amount of the * hybrid financial instrument mismatch is included in the entity’s assessable income for the income year mentioned in subsection (4). The assessable income is taken to have been derived from the same source as the payment. (4) The income year is: (a) if the * foreign tax period in which the * foreign income tax deduction arises falls wholly within an income year of the entity—that income year; or (b) if the foreign tax period in which the foreign income tax deduction arises straddles 2 income years of the entity—the earlier of those income years.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-190", "Provision_Key": "s832-190", "Heading": "Exception where entity not a party to the structured arrangement", "Text": "Sections 832 ‑ 180 and 832 ‑ 185 do not apply to an entity in respect of a payment if: (a) the payment is made under a * structured arrangement to which the entity is not a * party; and (b) subsection 832 ‑ 200(3) does not apply.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-195", "Provision_Key": "s832-195", "Heading": "When a hybrid financial instrument mismatch is an offshore hybrid mismatch", "Text": "(1) A * hybrid financial instrument mismatch is an offshore hybrid mismatch if: (a) the * deduction component of the mismatch is a * foreign income tax deduction; and (b) no amount becomes * subject to Australian income tax as a result of the application of section 832 ‑ 185 in relation to the mismatch; and (c) the mismatch is not covered by * foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision. Note: An offshore hybrid mismatch might give rise to an imported hybrid mismatch: see Subdivision 832 ‑ H. (2) The amount of the * offshore hybrid mismatch is the amount of the * hybrid financial instrument mismatch.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-200", "Provision_Key": "s832-200", "Heading": "When a payment gives rise to a hybrid financial instrument mismatch", "Text": "(1) A payment gives rise to a hybrid financial instrument mismatch if: (a) the payment gives rise to a * hybrid mismatch under section 832 ‑ 215 or 832 ‑ 230; and (b) subsection (3) or (6) applies. Note: As a result of ordering rules in later Subdivisions, a payment that gives rise to a hybrid financial instrument mismatch does not also give rise to a hybrid mismatch under a later Subdivision of this Division. (2) The deduction component of the * hybrid financial instrument mismatch is the * deduction component of the * deduction/non ‑ inclusion mismatch. (3) This subsection applies if the following entities are related for the purposes of subsection (4): (a) the entity that made the payment; (b) each entity that is a * liable entity in respect of the income or profits of the recipient of the payment. Note: For the definition of liable entity , see section 832 ‑ 325. Related persons (4) Two entities are related for the purposes of this subsection if any of the following apply: (a) the entities are in the same * Division 832 control group; (b) one of the entities holds a * total participation interest of 25% or more in the other entity; (c) a third entity holds a total participation interest of 25% or more in each of the entities. (5) For the purposes of subsection (4), treat the * direct participation interest of an entity (the holding entity ) in another entity (the test entity ) as being the sum of the direct participation interests held by the holding entity and its * associates in the test entity. Structured arrangement (6) This subsection applies if the payment is made under a * structured arrangement.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-205", "Provision_Key": "s832-205", "Heading": "Meaning of Division 832 control group", "Text": "(1) Two or more entities are in the same Division 832 control group if any of the following apply: (a) each of the entities is a member of a group of entities that are consolidated for accounting purposes as a single group; (b) one of the entities holds a * total participation interest of 50% or more in each of the other entities; (c) a third entity holds a total participation interest of 50% or more in each of the entities. (1A) If a trust is in a Division 832 control group as a result of the operation of subsection (1), then the trustee of the trust is in the same Division 832 control group . (2) For the purposes of subsection (1), in determining a * direct participation interest of one entity in another entity, disregard paragraph 350(1)(b) of the Income Tax Assessment Act 1936 (rights of shareholders to vote or participate in certain decision ‑ making).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-210", "Provision_Key": "s832-210", "Heading": "Meaning of structured arrangement", "Text": "(1) A payment that gives rise to a * hybrid mismatch is made under a structured arrangement if: (a) the hybrid mismatch is priced into the terms of a * scheme under which the payment is made; or (b) it is reasonable to conclude that the hybrid mismatch is a design feature of a scheme under which the payment is made. (2) The question whether a * hybrid mismatch is a design feature of a * scheme must be determined by reference to the facts and circumstances that exist in connection with the scheme, including the terms of the scheme. (3) An entity that entered into or carried out the * scheme or any part of the scheme is a party to the * structured arrangement unless: (a) the entity could not reasonably have been expected to be aware that the scheme gave rise to a * hybrid mismatch; and (b) no other entity in the same * Division 832 control group as the entity could reasonably have been expected to be aware that the scheme gave rise to a hybrid mismatch; and (c) the financial position of each entity in the Division 832 control group would reasonably be expected to have been the same if the scheme had not given rise to the hybrid mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-215", "Provision_Key": "s832-215", "Heading": "Hybrid mismatch", "Text": "(1) A payment gives rise to a hybrid mismatch if: (a) the payment is made under any of the following: (i) a * debt interest; (ii) an * equity interest; (iii) a * derivative financial arrangement; (iv) an * arrangement covered by subsection (2); and (b) the payment might reasonably be expected to give rise to a * deduction/non ‑ inclusion mismatch; and (c) the mismatch that might reasonably be expected to arise, or a part of that mismatch, meets a hybrid requirement in section 832 ‑ 220 or 832 ‑ 225. Transfers of financial instruments (2) An * arrangement is covered by this subsection if: (a) the arrangement is any of the following: (i) a reciprocal purchase agreement (otherwise known as a repurchase agreement); (ii) a securities lending arrangement; (iii) a similar arrangement; and (b) an entity acquires any of the following under the arrangement: (i) a * debt interest; (ii) an * equity interest; (iii) a * derivative financial arrangement. Amount of the hybrid mismatch (3) The amount of the * hybrid mismatch is: (a) the amount of the * deduction/non ‑ inclusion mismatch, unless paragraph (b) applies; or (b) if only a part of the deduction/non ‑ inclusion mismatch meets a hybrid requirement mentioned in paragraph (1)(c)—the amount of that part of the deduction/non ‑ inclusion mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-220", "Provision_Key": "s832-220", "Heading": "Hybrid requirement—payments under financial instruments", "Text": "(1) A * deduction/non ‑ inclusion mismatch, or a part of such a mismatch, meets the hybrid requirement in this section if: (a) the payment that gives rise to the mismatch is made under any of the following: (i) a * debt interest; (ii) an * equity interest; (iii) a * derivative financial arrangement; and (b) the mismatch, or the part of the mismatch, is attributable to differences in the treatment of the debt interest, equity interest or derivative financial arrangement, arising from the terms of the interest or arrangement; and (c) the exception in subsection (2) does not apply. Example: Redeemable preferences shares that are treated under this Act as a debt interest, and in a foreign country as an equity interest. Exception for deferrals not exceeding 3 years (2) This exception applies if: (a) the difference in treatment mentioned in paragraph (1)(b) primarily relates to a deferral in the recognition of income or profits under the * debt interest, the * equity interest or the * derivative financial arrangement; and (b) the term of the interest or arrangement is 3 years or less.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-225", "Provision_Key": "s832-225", "Heading": "Hybrid requirement—payments under transfers of certain financial instruments", "Text": "(1) A * deduction/non ‑ inclusion mismatch, or a part of such a mismatch, meets the hybrid requirement in this section if: (a) the payment that gives rise to the mismatch is made under an * arrangement covered by subsection 832 ‑ 215(2); and (b) the mismatch, or the part of the mismatch, is attributable to differences in the treatment of the arrangement; and (c) the exception in subsection (2) of this section does not apply. Exception for deferrals not exceeding 3 years (2) This exception applies if: (a) the difference in treatment mentioned in paragraph (1)(b) primarily relates to a deferral in the recognition of income or profits under the * arrangement; and (b) the term of the arrangement is 3 years or less.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-230", "Provision_Key": "s832-230", "Heading": "Hybrid mismatch—integrity rule for substitute payments", "Text": "(1) A payment also gives rise to a hybrid mismatch if: (a) the payment gives rise to a * deduction/non ‑ inclusion mismatch; and (b) the payment is made under an * arrangement under which any of the following is transferred: (i) a * debt interest; (ii) an * equity interest; (iii) a * derivative financial arrangement; and (c) the payment, or a part of the payment, (the substitute payment ) could reasonably be regarded as having been converted into a form that is in substitution for a * return (however described) on the interest or arrangement; and (d) the return is covered by subsection (2). (2) This subsection covers a * return (however described) on a * debt interest, an * equity interest, or a * derivative financial arrangement, that is transferred if any of the following apply: (a) the return is made to the payer of the substitute payment, and is not * subject to foreign income tax or * subject to Australian income tax; (b) the return is not made to the payer of the substitute payment, but if it had been it would not have been subject to foreign income tax or subject to Australian income tax; (c) if the return were instead made to the payee of the substitute payment: (i) it would be subject to foreign income tax or subject to Australian income tax; or (ii) it would give rise to a * hybrid mismatch under section 832 ‑ 215. Amount of the hybrid mismatch (3) The amount of the * hybrid mismatch is the amount of the * deduction/non ‑ inclusion mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-235", "Provision_Key": "s832-235", "Heading": "Extended operation of this Subdivision in relation to concessional foreign taxes", "Text": "(1) This section applies in working out, for the purposes of this Subdivision, whether an amount is * subject to foreign income tax. (2) An amount of income or profits of an entity is treated as if it were not * subject to foreign income tax if: (a) apart from this section, the amount would be * subject to foreign income tax; and (b) the rate of * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)) (the lower rate ) on the amount under the law of the relevant foreign country is lower than the rate (the ordinary rate ) that would ordinarily be imposed on interest income derived by an entity of that kind in the foreign country. Amount of a deduction/non ‑ inclusion mismatch (3) However, for the purposes of working out the amount of a * deduction/non ‑ inclusion mismatch that is affected by this section, the amount of a payment that is treated by this section as not being * subject to foreign income tax is to be discounted by multiplying it by the following fraction: where: lower rate means the lower rate mentioned in paragraph (2)(b). ordinary rate means the ordinary rate mentioned in paragraph (2)(b).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-240", "Provision_Key": "s832-240", "Heading": "Adjustment if hybrid financial instrument payment is income in a later year", "Text": "(1) There is an adjustment under this section for an entity in an income year (the adjustment year ) if: (a) an amount was not allowable as a deduction for the entity in an earlier income year under section 832 ‑ 180 in respect of a payment that gave rise to a * hybrid financial instrument mismatch; and (b) an amount (the taxed amount ) of the payment is: (i) * subject to foreign income tax in a foreign country in a * foreign tax period that ends within 12 months after the end of the adjustment year; or (ii) * subject to Australian income tax in the adjustment year. (2) The taxed amount is an amount the entity can deduct in the adjustment year. (2A) Subsection (2) does not apply if, on the assumption that subsections 832 ‑ 180(2) and 832 ‑ 725(6) were disregarded, no amount would have been allowable as a deduction in respect of the payment because of subsection 832 ‑ 725(3). (3) The total amounts deducted under this section in respect of a payment must not exceed the amount that was not allowable as a deduction in respect of the payment as mentioned in paragraph (1)(a). No adjustment for concessional taxes (4) This section does not apply if the * hybrid mismatch would not have arisen apart from section 832 ‑ 235.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-280", "Provision_Key": "s832-280", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises a hybrid payer mismatch if it involves a deduction, or non ‑ inclusion, in Australia. A deduction/non ‑ inclusion mismatch is a hybrid payer mismatch if it is made by a hybrid payer, and the mismatch would not have arisen, or would have been less, if the payment had instead been made by an ungrouped entity. It is also a requirement that the relevant parties are in the same control group or the mismatch arose under a structured arrangement. An entity is a hybrid payer if a payment it makes is disregarded for the purposes of the tax law of one country (resulting in non ‑ inclusion), but is deductible for the purposes of the tax law of another country. The neutralising amount for the hybrid payer mismatch is reduced by dual inclusion income. A hybrid payer mismatch that is not neutralised by this Subdivision (or by foreign hybrid mismatch rules) is an offshore hybrid mismatch, which might give rise to an imported hybrid mismatch under Subdivision 832 ‑ H. Table of sections Operative provisions 832 ‑ 285 Deduction not allowable—Australian primary response 832 ‑ 290 Inclusion in assessable income—Australian secondary response 832 ‑ 295 Exception where entity not a party to the structured arrangement 832 ‑ 300 When a hybrid payer mismatch is an offshore hybrid mismatch 832 ‑ 305 When a payment gives rise to a hybrid payer mismatch 832 ‑ 310 Hybrid mismatch 832 ‑ 315 Hybrid requirement—assume payment was made to same recipient but by an ungrouped payer 832 ‑ 320 Hybrid payer 832 ‑ 325 Meaning of liable entity 832 ‑ 330 Neutralising amount 832 ‑ 335 Adjustment if hybrid payer has dual inclusion income in a later year", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-285", "Provision_Key": "s832-285", "Heading": "Deduction not allowable—Australian primary response", "Text": "(1) This section applies to an entity if: (a) apart from this section, the entity would be entitled to a deduction in an income year in respect of a payment; and (b) the deduction is the * deduction component of a * hybrid payer mismatch to which the payment gives rise. (2) So much of the deduction as does not exceed the * neutralising amount for the * hybrid payer mismatch is not allowable as a deduction. Note: The neutralising amount is worked out under section 832 ‑ 330.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-290", "Provision_Key": "s832-290", "Heading": "Inclusion in assessable income—Australian secondary response", "Text": "(1) This section applies to an entity if: (a) the entity is the recipient of a payment that gives rise to a * hybrid payer mismatch; and (b) the * deduction component of the mismatch is a * foreign income tax deduction; and (c) the secondary response is required (see subsection (2)). When secondary response is required (2) For the purposes of paragraph (1)(c), the secondary response is required unless, in the country in which the * foreign income tax deduction arose, the mismatch is covered by * foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision. Inclusion of amount in assessable income (3) An amount equal to the * neutralising amount for the * hybrid payer mismatch is included in the entity’s assessable income for the income year mentioned in subsection (4). The assessable income is taken to have been derived from the same source as the payment. (4) The income year (the inclusion year ) is: (a) if the * foreign tax period in which the * foreign income tax deduction arises falls wholly within an income year of the entity—that income year; or (b) if the foreign tax period in which the foreign income tax deduction arises straddles 2 income years of the entity—the earlier of those income years.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-295", "Provision_Key": "s832-295", "Heading": "Exception where entity not a party to the structured arrangement", "Text": "Sections 832 ‑ 285 and 832 ‑ 290 do not apply to an entity in respect of a payment if: (a) the payment is made under a * structured arrangement to which the entity is not a * party; and (b) subsection 832 ‑ 305(3) does not apply.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-295"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-300", "Provision_Key": "s832-300", "Heading": "When a hybrid payer mismatch is an offshore hybrid mismatch", "Text": "(1) A * hybrid payer mismatch is an offshore hybrid mismatch if: (a) the * deduction component of the mismatch is a * foreign income tax deduction; and (b) no amount becomes * subject to Australian income tax as a result of the application of section 832 ‑ 290 in relation to the mismatch; and (c) the mismatch is not covered by * foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision. Note: An offshore hybrid mismatch might give rise to an imported hybrid mismatch: see Subdivision 832 ‑ H. (2) The amount of the * offshore hybrid mismatch is the * neutralising amount for the * hybrid payer mismatch.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-305", "Provision_Key": "s832-305", "Heading": "When a payment gives rise to a hybrid payer mismatch", "Text": "(1) A payment gives rise to a hybrid payer mismatch if: (a) the payment gives rise to a * hybrid mismatch under section 832 ‑ 310; and (b) subsection (3) or (4) applies. (2) The deduction component of the * hybrid payer mismatch is the * deduction component of the * deduction/non ‑ inclusion mismatch mentioned in section 832 ‑ 310. Control group (3) This subsection applies if the following entities are in the same * Division 832 control group: (a) the * hybrid payer; (b) each entity that is a * liable entity in respect of the income or profits of the hybrid payer. Note: For the meaning of Division 832 control group , see section 832 ‑ 205. Structured arrangement (4) This subsection applies if the payment is made under a * structured arrangement. Note: For the meaning of structured arrangement , see section 832 ‑ 210.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-305"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-310", "Provision_Key": "s832-310", "Heading": "Hybrid mismatch", "Text": "(1) A payment gives rise to a hybrid mismatch if: (a) the payment gives rise to a * deduction/non ‑ inclusion mismatch; and (b) the payment meets the hybrid requirement in section 832 ‑ 315. Amount of the hybrid mismatch (2) The amount of the * hybrid mismatch is the lesser of: (a) the amount of the * deduction/non ‑ inclusion mismatch; and (b) if there is an excess under either subparagraph 832 ‑ 315(2)(b)(i) or 832 ‑ 315(3)(b)(i)—the amount of the excess. Ordering rule (3) However, a payment does not give rise to a hybrid mismatch under this section if it gives rise to a * hybrid financial instrument mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-310"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-315", "Provision_Key": "s832-315", "Heading": "Hybrid requirement—assume payment was made to same recipient but by an ungrouped payer", "Text": "(1) The payment meets the hybrid requirement in this section if: (a) the payment is made by a * hybrid payer; and (b) subsection (2) or (3) applies. Payment would have been taxed in Australia (2) This subsection applies if: (a) the non ‑ including country identified in subsection 832 ‑ 320(3) is Australia; and (b) either: (i) the amount of the * deduction/non ‑ inclusion mismatch exceeds the amount that would be the amount of that mismatch if the amount of the payment that was * subject to Australian income tax for an income year was instead worked out on the assumption in subsection (4); or (ii) on the assumption in subsection (4), the payment would have given rise to a * hybrid financial instrument mismatch. Payment would have been taxed in a foreign country (3) This subsection applies if: (a) the non ‑ including country identified in subsection 832 ‑ 320(3) is a foreign country; and (b) either: (i) the amount of the * deduction/non ‑ inclusion mismatch exceeds the amount that would be the amount of that mismatch if the amount of the payment that was * subject to foreign income tax for a * foreign tax period was instead worked out on the assumption in subsection (4); or (ii) on the assumption in subsection (4), the payment would have given rise to a * hybrid financial instrument mismatch. Assumption—payer was an ungrouped entity (4) For the purposes of subsections (2) and (3), assume that the payment had instead been made: (a) to the same recipient; but (b) by an entity that was a * liable entity in the non ‑ including country identified in subsection 832 ‑ 320(3) only in respect of its own income or profits. Note: For the meaning of liable entity , see section 832 ‑ 325.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-315"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-320", "Provision_Key": "s832-320", "Heading": "Hybrid payer", "Text": "(1) An entity (the test entity ) is a hybrid payer in relation to a payment it makes if: (a) subsection (2) applies to the entity in relation to a country and the payment; and (b) subsection (3) applies to the entity in relation to a different country and the payment. Note: The entity, the payments it makes, and its income or profits are generally identified disregarding tax provisions: see section 832 ‑ 30. Deducting country—entity is not grouped with recipient (2) This subsection applies to a test entity in relation to a country (the deducting country ) and a payment the test entity makes if: (a) the test entity, or another entity, is a * liable entity in the deducting country in respect of income or profits of the test entity (or a part of those income or profits); and (b) that liable entity is not also a liable entity in the deducting country in respect of income or profits of the recipient of the payment. Non ‑ including country—entity is grouped with recipient (3) This subsection applies to a test entity in relation to a country (a non ‑ including country ) and a payment the test entity makes if: (a) the test entity, or another entity, is a * liable entity in the non ‑ including country in respect of income or profits of the test entity (or a part of the income or profits); and (b) that liable entity is also a liable entity in the non ‑ including country in respect of income or profits of the recipient of the payment.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-320"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-325", "Provision_Key": "s832-325", "Heading": "Meaning of liable entity", "Text": "Entity is a taxpayer in respect of its own income or profits (1) An entity is a liable entity , in a country, in respect of its income or profits if: (a) for Australia: (i) * tax is imposed on the entity in respect of all or part of its income or profits for an income year; or (ii) the entity is a * public trading trust (including a trust that makes a choice under section 703 ‑ 50 (Choice to consolidate a consolidatable group)); or (iii) the entity is an entity to which Division 295 (about superannuation entities) applies; and (b) for a foreign country— * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)) is imposed under the law of the foreign country: (i) on the entity in respect of all or part of its income or profits for a * foreign tax period; or (ii) on the income or profits of the entity in a way that corresponds to the way that foreign income tax is imposed under the law of that country on the income or profits of a company (regardless whether the foreign income tax is actually imposed on that entity, or another entity). Note 1: The entity, and its income or profits, are generally identified disregarding tax provisions: see section 832 ‑ 30. Note 2: An example is an entity that is a company (and is not a subsidiary member of a consolidated group or MEC group). In Australia, a company is the liable entity in respect of its income or profits. Entity is a taxpayer in respect of another entity’s income or profits (2) An entity is a liable entity , in a country, in respect of the income or profits of another entity (the test entity ) if: (a) for Australia— * tax is imposed on the entity in respect of all or part of the income or profits of the test entity for an income year; and (b) for a foreign country— * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)) is imposed under the law of the foreign country on the entity in respect of all or part of the income or profits of the test entity for a * foreign tax period. Note 1: The test entity, and its income or profits, are generally identified disregarding tax provisions: see section 832 ‑ 30. Note 2: An example is a test entity that is a partnership. In Australia, each partner in the partnership is a liable entity in respect of the income or profits of the partnership. (2A) However, an entity is not a liable entity in a country in respect of the income or profits of a test entity under subsection (2) if the test entity is the liable entity in that country in respect of the income or profits as a result of the operation of subparagraph (1)(a)(ii), (a)(iii) or (b)(ii). (3) To avoid doubt, the following outcomes may arise under subsection (2) in a country: (a) there may be one or more * liable entities in respect of the income or profits of a test entity; (b) there may be one or more interposed entities between the test entity and an entity that is a liable entity in respect of the income or profits of the test entity. Entity not required to be actually liable to pay tax or foreign income tax (4) To avoid doubt, an entity may be a * liable entity in respect of its own, or another entity’s, income or profits in a country even if any of the following situations exist: (a) there are no actual income or profits; (b) there are income or profits, but no part of the income or profits is: (i) for Australia— * subject to Australian income tax; or (ii) for a foreign country— * subject to foreign income tax in that foreign country; (c) the entity is not actually liable to pay an amount of * tax or * foreign income tax. Note: In determining whether an entity is a liable entity in such a situation, assume that income or profits within the tax base of the country exist. Effect of CFC regimes (5) An entity is not a liable entity in respect of income or profits of another entity (the test entity ) merely because all or part of the income or profits of the test entity are: (a) included under section 456 or 457 of the Income Tax Assessment Act 1936 in the assessable income of the other entity; or (b) included under a corresponding provision of a law of a foreign country in working out the tax base of the other entity (including a tax base of nil, or a negative amount).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-325"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-330", "Provision_Key": "s832-330", "Heading": "Neutralising amount", "Text": "(1) The neutralising amount for a * hybrid payer mismatch is the amount of the * hybrid mismatch from subsection 832 ‑ 310(2), reduced (but not below nil) by the amount of any * dual inclusion income that is available to be applied in working out the neutralising amount. Australian deduction—inclusions must be in Australia and in the non ‑ including country (2) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * hybrid payer mismatch to which section 832 ‑ 285 applies if: (a) the * hybrid payer is eligible to apply the amount (see subsection 832 ‑ 680(7)); and (b) the amount is * subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) in the income year mentioned in subsection 832 ‑ 285(1); and (c) the amount is * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the non ‑ including country identified in subsection 832 ‑ 320(3). Note: Section 832 ‑ 680 modifies the meanings of subject to Australian income tax and subject to foreign income tax for the purpose of working out dual inclusion income. Australian non ‑ inclusion—inclusions must be in Australia and in the deducting country (3) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * hybrid payer mismatch to which section 832 ‑ 290 applies if: (a) the * hybrid payer is eligible to apply the amount (see subsection 832 ‑ 680(7)); and (b) the amount is * subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) in the inclusion year mentioned in subsection 832 ‑ 290(4); and (c) the amount is * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the deducting country mentioned in subsection 832 ‑ 320(2). Offshore hybrid mismatch—inclusions must be in the deducting country and the non ‑ including country (4) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * hybrid payer mismatch that is an * offshore hybrid mismatch if: (a) the * hybrid payer is eligible to apply the amount (see subsection 832 ‑ 680(7)); and (b) in the same * foreign tax period as the period in which the * foreign income tax deduction arose, the amount is * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the deducting country mentioned in subsection 832 ‑ 320(2); and (c) the amount is * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the non ‑ including country identified in subsection 832 ‑ 320(3).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-330"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-335", "Provision_Key": "s832-335", "Heading": "Adjustment if hybrid payer has dual inclusion income in a later year", "Text": "(1) There is an adjustment under this section for an entity in an income year (the adjustment year ) if: (a) in an earlier income year, all or part of a deduction of the entity in respect of a payment that gave rise to a * hybrid payer mismatch was not allowable under section 832 ‑ 285; and (b) an amount of * dual inclusion income is: (i) available to be applied by the * hybrid payer in the adjustment year; and (ii) * subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) in the adjustment year; and (iii) * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the non ‑ including country identified in subsection 832 ‑ 320(3). (2) So much of the amount of * dual inclusion income that satisfies paragraph (1)(b) as does not exceed the amount that was not allowable as a deduction is an amount the entity can deduct in the adjustment year. (3) For the purposes of a later application of this section, treat the amount that was not allowable as a deduction under section 832 ‑ 285 as being reduced by the amount deducted under subsection (2) of this section.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-335"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-375", "Provision_Key": "s832-375", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises a reverse hybrid mismatch if it involves a deduction in Australia. A deduction/non ‑ inclusion mismatch is a reverse hybrid mismatch if it is made directly or indirectly to a reverse hybrid, and the mismatch would not have arisen, or would have been less, if the payment had instead been made directly to an investor in the reverse hybrid. An entity is a reverse hybrid if it is transparent for the purposes of the tax law of the country in which it is formed, but non ‑ transparent for the purposes of the tax law of the country in which investors in it are subject to tax (resulting in non ‑ inclusion). A reverse hybrid mismatch that is not neutralised by this Subdivision (or by foreign hybrid mismatch rules) is an offshore hybrid mismatch, which might give rise to an imported hybrid mismatch under Subdivision 832 ‑ H. Table of sections Operative provisions 832 ‑ 380 Deduction not allowable—Australian primary response 832 ‑ 385 Exception where entity not a party to the structured arrangement 832 ‑ 390 When a reverse hybrid mismatch is an offshore hybrid mismatch 832 ‑ 395 When a payment gives rise to a reverse hybrid mismatch 832 ‑ 400 Hybrid mismatch 832 ‑ 405 Hybrid requirement—assume payment was made to an investor 832 ‑ 410 Reverse hybrid", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-375"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-380", "Provision_Key": "s832-380", "Heading": "Deduction not allowable—Australian primary response", "Text": "(1) This section applies to an entity if: (a) apart from this section, the entity would be entitled to a deduction in an income year in respect of a payment; and (b) the deduction is the * deduction component of a * reverse hybrid mismatch to which the payment gives rise. (2) So much of the deduction as does not exceed the amount of the * reverse hybrid mismatch is not allowable as a deduction.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-380"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-385", "Provision_Key": "s832-385", "Heading": "Exception where entity not a party to the structured arrangement", "Text": "Section 832 ‑ 380 does not apply to an entity in respect of a payment if: (a) the payment is made under a * structured arrangement to which the entity is not a * party; and (b) subsection 832 ‑ 395(3) does not apply.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-385"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-390", "Provision_Key": "s832-390", "Heading": "When a reverse hybrid mismatch is an offshore hybrid mismatch", "Text": "(1) A * reverse hybrid mismatch is an offshore hybrid mismatch if: (a) the * deduction component of the mismatch is a * foreign income tax deduction; and (b) the country in which the foreign income tax deduction arose does not have * foreign hybrid mismatch rules that correspond to this Subdivision. Note: An offshore hybrid mismatch might give rise to an imported hybrid mismatch: see Subdivision 832 ‑ H. (2) The amount of the * offshore hybrid mismatch is the amount of the * reverse hybrid mismatch.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-390"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-395", "Provision_Key": "s832-395", "Heading": "When a payment gives rise to a reverse hybrid mismatch", "Text": "(1) A payment gives rise to a reverse hybrid mismatch if: (a) the payment gives rise to a * hybrid mismatch under section 832 ‑ 400; and (b) subsection (3) or (4) applies. (2) The deduction component of the * reverse hybrid mismatch is the * deduction component of the * deduction/non ‑ inclusion mismatch mentioned in section 832 ‑ 400. Control group (3) This subsection applies if the following entities are in the same * Division 832 control group: (a) the entity that made the payment; (b) the * reverse hybrid; (c) each entity that is an investor identified in paragraph 832 ‑ 410(2)(c) in relation to the reverse hybrid. Note: For the meaning of Division 832 control group , see section 832 ‑ 205. Structured arrangement (4) This subsection applies if the payment is made under a * structured arrangement. Note: For the meaning of structured arrangement , see section 832 ‑ 210.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-395"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-400", "Provision_Key": "s832-400", "Heading": "Hybrid mismatch", "Text": "(1) A payment gives rise to a hybrid mismatch if: (a) the payment gives rise to a * deduction/non ‑ inclusion mismatch; and (b) the payment meets the hybrid requirement in section 832 ‑ 405. Amount of the hybrid mismatch (2) The amount of the * hybrid mismatch is the lesser of: (a) the amount of the * deduction/non ‑ inclusion mismatch; and (b) if there is an excess under either subparagraph 832 ‑ 405(2)(b)(i) or (3)(b)(i)—the amount of the excess. Ordering rule (3) A payment does not give rise to a hybrid mismatch under this section if it gives rise to a * hybrid financial instrument mismatch or a * hybrid payer mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-405", "Provision_Key": "s832-405", "Heading": "Hybrid requirement—assume payment was made to an investor", "Text": "(1) The payment meets the hybrid requirement in this section if: (a) the payment is made directly, or indirectly through one or more interposed entities, to a * reverse hybrid; and (b) subsection (2) or (3) applies. Payment would have been taxed in Australia (2) This subsection applies if: (a) the investor country identified in subsection 832 ‑ 410(3) is Australia; and (b) either: (i) the amount of the * deduction/non ‑ inclusion mismatch exceeds the amount that would be the amount of that mismatch if the amount of the payment that was * subject to Australian income tax for an income year was instead worked out on the assumption in subsection (4); or (ii) on the assumption in subsection (4), the payment would have given rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch or a * reverse hybrid mismatch. Payment would have been taxed in a foreign country (3) This subsection applies if: (a) the investor country identified in subsection 832 ‑ 410(3) is a foreign country; and (b) either: (i) the amount of the * deduction/non ‑ inclusion mismatch exceeds the amount that would be the amount of that mismatch if the amount of the payment that was * subject to foreign income tax for a * foreign tax period was instead worked out on the assumption in subsection (4); or (ii) on the assumption in subsection (4), the payment would have given rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch or a * reverse hybrid mismatch. Assumption—payment was made to the investing taxpayer (4) For the purposes of subsections (2) and (3), assume that the payment had instead been made: (a) by the same entity; but (b) directly to the investing taxpayer identified in paragraph 832 ‑ 410(3)(a) or (b).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-410", "Provision_Key": "s832-410", "Heading": "Reverse hybrid", "Text": "(1) An entity (the test entity ) is a reverse hybrid in relation to a payment made to it if: (a) subsection (2) applies to the entity in relation to a country and the payment; and (b) subsection (3) applies to the entity in relation to a different country and the payment. Note: The entity, the payments it makes, and its income or profits are generally identified disregarding tax provisions: see section 832 ‑ 30. Formation country—entity is transparent and payment is not within the tax base (2) This subsection applies to a test entity in relation to a country (the formation country ) and a payment made to the entity if: (a) the test entity is formed in the formation country; and (b) for the formation country, the test entity is: (i) not a * liable entity; and (ii) for Australia—not a * member of a * consolidated group or * MEC group; and (c) for the formation country, another entity (an investor ) is a liable entity in respect of income or profits of the test entity. Note: For the meaning of liable entity , see section 832 ‑ 325. Investor country—entity is not transparent (3) This subsection applies to a test entity in relation to a country (the investor country ) and a payment made to the entity if, in the investor country: (a) an investor identified in paragraph (2)(c) is a * liable entity (an investing taxpayer ) in respect of its own income or profits, but not in respect of the test entity’s income or profits; or (b) an entity that is a liable entity (also an investing taxpayer ) in respect of the investor’s income or profits is not also a liable entity in respect of the test entity’s income or profits.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-450", "Provision_Key": "s832-450", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises a branch hybrid mismatch if it involves a deduction in Australia (and the non ‑ inclusion was not also in Australia). A deduction/non ‑ inclusion mismatch is a branch hybrid mismatch if it is made directly or indirectly to a branch hybrid, and the mismatch would not have arisen, or would have been less, if the residence country had not recognised the permanent establishment. An entity is a branch hybrid in relation to a payment made to it if, for the purposes of the tax law of the country in which it is a resident, the payment is treated as being allocated to a permanent establishment in another country, but in the other country, the payment is treated as not being allocated to a permanent establishment in that country. A branch hybrid mismatch that is not neutralised by this Subdivision (or by foreign hybrid mismatch rules) is an offshore hybrid mismatch, which might give rise to an imported hybrid mismatch under Subdivision 832 ‑ H. Table of sections Operative provisions 832 ‑ 455 Deduction not allowable 832 ‑ 460 Exception where entity not a party to the structured arrangement 832 ‑ 465 When a branch hybrid mismatch is an offshore hybrid mismatch 832 ‑ 470 Branch hybrid mismatch 832 ‑ 475 Hybrid mismatch 832 ‑ 480 Hybrid requirement—payment made directly or indirectly to a branch hybrid 832 ‑ 485 Branch hybrid", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-450"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-455", "Provision_Key": "s832-455", "Heading": "Deduction not allowable", "Text": "(1) This section applies to an entity if: (a) apart from this section, the entity would be entitled to a deduction in an income year in respect of a payment; and (b) the deduction is the * deduction component of a * branch hybrid mismatch to which the payment gives rise. (2) So much of the deduction as does not exceed the amount of the * branch hybrid mismatch is not allowable as a deduction. (3) However, this section does not apply in relation to the * branch hybrid mismatch if subsection 23AH(2) of the Income Tax Assessment Act 1936 does not apply in relation to the payment because of subsection (4A) of that section.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-455"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-460", "Provision_Key": "s832-460", "Heading": "Exception where entity not a party to the structured arrangement", "Text": "Section 832 ‑ 455 does not apply to an entity in respect of a payment if: (a) the payment is made under a * structured arrangement to which the entity is not a * party; and (b) subsection 832 ‑ 470(3) does not apply.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-460"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-465", "Provision_Key": "s832-465", "Heading": "When a branch hybrid mismatch is an offshore hybrid mismatch", "Text": "(1) A * branch hybrid mismatch is an offshore hybrid mismatch if: (a) the * deduction component of the mismatch is a * foreign income tax deduction; and (b) the country in which the foreign income tax deduction arose does not have * foreign hybrid mismatch rules that correspond to this Subdivision; and (c) subsection 23AH(4A) of the Income Tax Assessment Act 1936 does not apply in relation to the branch hybrid mismatch. Note: An offshore hybrid mismatch might give rise to an imported hybrid mismatch: see Subdivision 832 ‑ H. (2) The amount of the * offshore hybrid mismatch is the amount of the * branch hybrid mismatch.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-465"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-470", "Provision_Key": "s832-470", "Heading": "Branch hybrid mismatch", "Text": "(1) A payment gives rise to a branch hybrid mismatch if: (a) the payment gives rise to a * hybrid mismatch under section 832 ‑ 475; and (b) subsection (3) or (4) applies. (2) The deduction component of the * branch hybrid mismatch is the * deduction component of the * deduction/non ‑ inclusion mismatch mentioned in section 832 ‑ 475. Control group (3) This subsection applies if the following entities are in the same * Division 832 control group: (a) the entity that made the payment; (b) the * branch hybrid. Note: For the meaning of Division 832 control group , see section 832 ‑ 205. Structured arrangement (4) This subsection applies if the payment is made under a * structured arrangement. Note: For the meaning of structured arrangement , see section 832 ‑ 210.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-470"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-475", "Provision_Key": "s832-475", "Heading": "Hybrid mismatch", "Text": "(1) A payment gives rise to a hybrid mismatch if: (a) the payment gives rise to a * deduction/non ‑ inclusion mismatch; and (b) the mismatch, or a part of the mismatch, meets the hybrid requirement in section 832 ‑ 480. Amount of the hybrid mismatch (2) The amount of the * hybrid mismatch is the lesser of: (a) the amount of the * deduction/non ‑ inclusion mismatch; and (b) if there is an excess under either subparagraph 832 ‑ 480(2)(b)(i) or (3)(b)(i)—the amount of the excess. Ordering rule (3) A payment does not give rise to a hybrid mismatch under this section if it gives rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch or a * reverse hybrid mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-475"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-480", "Provision_Key": "s832-480", "Heading": "Hybrid requirement—payment made directly or indirectly to a branch hybrid", "Text": "(1) The payment meets the hybrid requirement in this section if: (a) the payment is made directly, or indirectly through one or more interposed entities, to a * branch hybrid; and (b) subsection (2) or (3) applies. Payment would have been taxed in Australia (2) This subsection applies if: (a) the residence country identified in subsection 832 ‑ 485(2) is Australia; and (b) either: (i) the amount of the * deduction/non ‑ inclusion mismatch exceeds the amount that would be the amount of that mismatch if the amount of the payment that was * subject to Australian income tax for an income year was instead worked out on the assumption in subsection (4); or (ii) on the assumption in subsection (4), the payment would have given rise to a * hybrid financial instrument mismatch or a * hybrid payer mismatch. Payment would have been taxed in a foreign country (3) This subsection applies if: (a) the residence country identified in subsection 832 ‑ 485(2) is a foreign country; and (b) either: (i) the amount of the * deduction/non ‑ inclusion mismatch exceeds the amount that would be the amount of that mismatch if the amount of the payment that was * subject to foreign income tax for a * foreign tax period was instead worked out on the assumption in subsection (4); or (ii) on the assumption in subsection (4), the payment would have given rise to a * hybrid financial instrument mismatch or a * hybrid payer mismatch. Assumption—residence country treated payment as non ‑ branch income (4) For the purposes of subsections (2) and (3), assume that the payment was instead treated as income derived by the * liable entity but not in carrying on a business at or through a * PE in another country for the purposes of: (a) if the residence country is Australia—this Act; or (b) if the residence country is a foreign country—the law of the residence country relating to * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-480"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-485", "Provision_Key": "s832-485", "Heading": "Branch hybrid", "Text": "(1) An entity is a branch hybrid , in relation to a payment made to the entity, if: (a) subsection (2) applies to the entity in relation to a country and a payment; and (b) subsection (4) applies to the entity in relation to the payment. Residence country applies branch profits exemption (2) This subsection applies to an entity in relation to a country (the residence country ) and a payment made to the entity if, for that country: (a) the entity satisfies the residency test in subsection 832 ‑ 555(9) and is a * liable entity in respect of its own income or profits; and (b) the payment is treated as income derived by the liable entity in carrying on a business at or through a * PE in another country; and (c) as a result of an exemption or other tax concession to which that liable entity is entitled in respect of income derived in carrying on a business at or through the PE, the payment is not: (i) if the residence country is Australia— * subject to Australian income tax; or (ii) if the residence country is a foreign country— * subject to foreign income tax in that foreign country. Note: For the meaning of liable entity , see section 832 ‑ 325. (3) In determining whether subparagraph (2)(c)(i) is satisfied, disregard the effect of subsection 23AH(4A) of the Income Tax Assessment Act 1936 . Branch country fails to tax payment (4) This subsection applies to an entity in relation to the other country mentioned in paragraph (2)(b) (the branch country ) and a payment made to the entity if: (a) the payment is treated as not having been derived in carrying on a business at or through a * PE of the entity, or as otherwise not having a sufficient connection to a taxable presence in the branch country, for the purposes of: (i) if the branch country is Australia—this Act; or (ii) if the branch country is a foreign country—the law of the branch country relating to * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)); and (b) as a result, the payment is not: (i) if the branch country is Australia— * subject to Australian income tax; or (ii) if the branch country is a foreign country— * subject to foreign income tax in that foreign country. Modified meaning of permanent establishment (5) Subsection (6) applies if: (a) the residence country has entered into, with the branch country: (i) if either the residence country or the branch country is Australia—an * international tax agreement; or (ii) if subparagraph (i) does not apply—a treaty or other agreement relating to the avoidance of double taxation and the prevention of fiscal evasion with respect to taxes on income and capital; and (b) the agreement or treaty (as the case requires) contains: (i) if either the residence country or the branch country is Australia—a * permanent establishment article; or (ii) if subparagraph (i) does not apply—a provision corresponding to a permanent establishment article. (6) A reference in this section to a * PE in a country is taken to be a reference to a permanent establishment within the meaning of the relevant agreement or treaty in the country.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-485"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-525", "Provision_Key": "s832-525", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises a deducting hybrid mismatch if it involves a deduction in Australia. A deduction/deduction mismatch is generally a deducting hybrid mismatch. An entity is a deducting hybrid if a payment it makes is deductible for the purposes of the tax law of 2 countries. However, unless the deducting hybrid is a dual resident, there are rules identifying which country is the primary response country. If Australia is not the primary response country, this Subdivision will not neutralise the deducting hybrid mismatch unless: (a) the primary response country does not have hybrid mismatch rules; and (b) the relevant parties are in the same control group, or the mismatch arose under a structured arrangement. The neutralising amount for the deducting hybrid mismatch is reduced by dual inclusion income. A deducting hybrid mismatch that is not neutralised by this Subdivision (or by foreign hybrid mismatch rules) is an offshore hybrid mismatch, which might give rise to an imported hybrid mismatch under Subdivision 832 ‑ H. Table of sections Operative provisions 832 ‑ 530 Deduction not allowable 832 ‑ 535 Additional requirements for secondary response 832 ‑ 540 When a deducting hybrid mismatch is an offshore hybrid mismatch 832 ‑ 545 When an amount gives rise to a deducting hybrid mismatch 832 ‑ 550 Deducting hybrid 832 ‑ 555 Identifying a secondary response country 832 ‑ 560 Neutralising amount 832 ‑ 565 Adjustment if deducting hybrid has dual inclusion income in a later year", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-525"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-530", "Provision_Key": "s832-530", "Heading": "Deduction not allowable", "Text": "(1) This section applies to an entity if: (a) apart from this section, the entity would be entitled to a deduction in an income year; and (b) the deduction is a * deduction component of a * deducting hybrid mismatch. (2) So much of the deduction as does not exceed the * neutralising amount for the * deducting hybrid mismatch is not allowable as a deduction. Note: The neutralising amount is worked out under section 832 ‑ 560.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-530"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-535", "Provision_Key": "s832-535", "Heading": "Additional requirements for secondary response", "Text": "(1) However, if there is a secondary response country in relation to the * deducting hybrid mismatch (see section 832 ‑ 555), and that country is Australia, section 832 ‑ 530 does not apply in relation to the * deducting hybrid mismatch unless: (a) the secondary response is required (see subsection (2)); and (b) subsection (3) or (4) applies. When secondary response is required (2) For the purposes of paragraph (1)(a), the secondary response is required unless: (a) a * liable entity in respect of the income or profits of the * deducting hybrid satisfies the residency test in subsection 832 ‑ 555(9) in the primary response country; and (b) in the primary response country, the mismatch is covered by * foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision. Control group (3) This subsection applies if the following entities are in the same * Division 832 control group: (a) the * deducting hybrid; (b) if one or more entities other than the deducting hybrid is a * liable entity in respect of the income or profits of the deducting hybrid in a deducting country—each such liable entity. Note: For the meaning of Division 832 control group , see section 832 ‑ 205. Structured arrangement (4) This subsection applies if the payment is made under a * structured arrangement. Note 1: For the meaning of structured arrangement , see section 832 ‑ 210. Note 2: If the deduction is a non ‑ payment deduction, see also subsection 832 ‑ 110(5).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-535"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-540", "Provision_Key": "s832-540", "Heading": "When a deducting hybrid mismatch is an offshore hybrid mismatch", "Text": "(1) A * deducting hybrid mismatch is an offshore hybrid mismatch if: (a) the only * deduction components of the mismatch are * foreign income tax deductions; and (b) the mismatch is not covered by * foreign hybrid mismatch rules that correspond to this Subdivision, or by a law that has substantially the same effect as foreign hybrid mismatch rules that correspond to this Subdivision, in any country in which a foreign income tax deduction arose. Note: An offshore hybrid mismatch might give rise to an imported hybrid mismatch: see Subdivision 832 ‑ H. (2) The amount of the * offshore hybrid mismatch is the * neutralising amount for the * deducting hybrid mismatch.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-540"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-545", "Provision_Key": "s832-545", "Heading": "When an amount gives rise to a deducting hybrid mismatch", "Text": "(1) A payment or other amount gives rise to a deducting hybrid mismatch if there is a * deducting hybrid in relation to the payment or other amount. (2) Each * deduction component of the * deduction/deduction mismatch mentioned in paragraph 832 ‑ 550(a) is a deduction component of the * deducting hybrid mismatch. (3) A * deducting hybrid mismatch is also a hybrid mismatch . Ordering rule (4) However, a payment does not give rise to a deducting hybrid mismatch if it gives rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch, a * reverse hybrid mismatch or a * branch hybrid mismatch.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-545"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-550", "Provision_Key": "s832-550", "Heading": "Deducting hybrid", "Text": "An entity is a deducting hybrid in relation to a payment or other amount if: (a) the payment or other amount gives rise to a * deduction/deduction mismatch; and (b) the entity is: (i) for a payment—the entity that makes the payment; or (ii) for an amount that represents the decline in value of a depreciating asset (see paragraph 832 ‑ 110(4)(a))—the entity that holds the asset; or (iii) for an amount that represents a share in the net loss of a partnership or other transparent entity (see paragraph 832 ‑ 110(4)(b))—an entity that has an interest in the partnership or other transparent entity; and (c) the entity: (i) is a * liable entity in one deducting country (but not both); or (ii) satisfies the residency test in subsection 832 ‑ 555(9) in both deducting countries, and is also a liable entity in both deducting countries; or (iii) is a * member of a * consolidated group or a * MEC group.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-555", "Provision_Key": "s832-555", "Heading": "Identifying a secondary response country", "Text": "(1) This section applies if an amount gives rise to a * deducting hybrid mismatch, other than a deducting hybrid mismatch covered by subsection (2). Dual residents—no secondary response (2) This subsection covers a * deducting hybrid mismatch if: (a) the only * liable entity in respect of income or profits of the * deducting hybrid is the deducting hybrid; and (b) the liable entity satisfies the residency test in subsection (9) in both deducting countries. Note 1: For the meaning of liable entity , see section 832 ‑ 325. Note 2: If the deducting hybrid is a dual resident, the mismatch may be neutralised by any country. Country is a primary response country unless this section provides otherwise (3) A country in which the amount gives rise to a deduction or * foreign income tax deduction (a deducting country ) is a primary response country in relation to the * deducting hybrid mismatch unless the country is identified as the secondary response country under subsection (4), (5), (6), (7) or (8). Both countries recognise the same liable entity—residence country is secondary response (4) If: (a) the * deducting hybrid is itself the * liable entity in each deducting country; and (b) in one deducting country, the deducting hybrid does not satisfy the residency test in subsection (9); and (c) in the other deducting country, the deducting hybrid does satisfy the residency test; then the country mentioned in paragraph (b) is the secondary response country. (5) If: (a) in both deducting countries, the same entity is the * liable entity in respect of the income or profits of the * deducting hybrid; and (b) in one deducting country, the liable entity does not satisfy the residency test in subsection (9); and (c) in the other deducting country, the liable entity does satisfy the residency test; then the country mentioned in paragraph (b) is the secondary response country. Countries recognise different liable entities—non ‑ parent country is secondary response (6) If: (a) the * liable entity for one deducting country is a different entity to the entity that is the liable entity for the other deducting country; and (b) in one deducting country, the * deducting hybrid is the liable entity; then the country mentioned in paragraph (b) is the secondary response country. (7) If: (a) the * liable entity for one deducting country is a different entity to the entity that is the liable entity for the other deducting country; and (b) the * deducting hybrid is not the liable entity in either country; and (c) in one deducting country, the entity that is a liable entity is also a liable entity in respect of the income or profits of the entity that is the liable entity in the other deducting country; then the country mentioned second in paragraph (c) is the secondary response country. (8) If: (a) the * liable entity for one deducting country is a different entity to the entity that is the liable entity for the other deducting country; and (b) subsections (6) and (7) do not apply; and (c) in one deducting country, the deducting hybrid and the liable entity both satisfy the residency test in subsection (9); then the country mentioned in paragraph (c) is the secondary response country. Residency test (9) An entity satisfies the residency test in this subsection in relation to a country, if: (a) if the country is Australia—the entity is an * Australian entity; or (b) if the country is a foreign country: (i) the entity is a resident of the foreign country for the purposes of the law of the foreign country relating to * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)); or (ii) the tax base of the entity, as it relates to foreign income tax (except a tax covered by subsection 832 ‑ 130(7)), includes income from worldwide sources.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-560", "Provision_Key": "s832-560", "Heading": "Neutralising amount", "Text": "(1) The neutralising amount for a * deducting hybrid mismatch is worked out by: (a) starting with the lesser of the amounts of each deduction or * foreign income tax deduction to which the amount gives rise; and (b) reducing (but not below nil) the result from paragraph (a) by the amount of any * dual inclusion income that is available to be applied in working out the neutralising amount. Australian deduction—inclusions must be in Australia and in the other deducting country (2) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * deducting hybrid mismatch to which section 832 ‑ 530 applies if: (a) the * deducting hybrid is eligible to apply the amount (see subsection 832 ‑ 680(7)); and (b) the amount is * subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) in the income year mentioned in subsection 832 ‑ 530(1); and (c) the amount is * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the foreign country in which the * foreign income tax deduction arose. Note: Section 832 ‑ 680 modifies the meanings of subject to Australian income tax and subject to foreign income tax for the purpose of working out dual inclusion income. Offshore hybrid mismatch—inclusions must be in the deducting countries (3) An amount of * dual inclusion income is available to be applied to reduce the * neutralising amount for a * deducting hybrid mismatch that is an * offshore hybrid mismatch if: (a) the * deducting hybrid is eligible to apply the amount (see subsection 832 ‑ 680(7)); and (b) the amount is * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the foreign country in which one of the * foreign income tax deductions arose, and in the same * foreign tax period; and (c) the amount is also subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the foreign country in which another of the foreign income tax deductions arose.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-560"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-565", "Provision_Key": "s832-565", "Heading": "Adjustment if deducting hybrid has dual inclusion income in a later year", "Text": "(1) There is an adjustment under this section for an entity in an income year (the adjustment year ) if: (a) in an earlier income year, all or part of a deduction of the entity in respect of an amount that gave rise to a * deducting hybrid mismatch was not allowable under section 832 ‑ 530; and (b) an amount of * dual inclusion income is: (i) available to be applied by the * deducting hybrid in the adjustment year; and (ii) * subject to Australian income tax for the purposes of subsection 832 ‑ 680(1) in the adjustment year; and (iii) * subject to foreign income tax for the purposes of subsection 832 ‑ 680(1) in the foreign country in which the * foreign income tax deduction arose. (2) So much of the amount of * dual inclusion income that satisfies paragraph (1)(b) as does not exceed the amount that was not allowable as a deduction is an amount the entity can deduct in the adjustment year. (2A) Subsection (2) does not apply if: (a) the amount that was not allowable as a deduction under section 832 ‑ 530 relates to a payment; and (b) on the assumption that subsection 832 ‑ 530(2) were disregarded, no amount would have been allowable as a deduction in respect of the payment because of subsection 832 ‑ 725(3). (3) For the purposes of a later application of this section, treat the amount that was not allowable as a deduction under section 832 ‑ 530 as being reduced by the amount deducted under subsection (2) of this section.", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-565"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-605", "Provision_Key": "s832-605", "Heading": "What this Subdivision is about", "Text": "This Subdivision neutralises an imported hybrid mismatch. This mismatch is an integrity rule that applies when one or more entities are interposed between a hybrid mismatch and a country that has hybrid mismatch rules. Identifying an imported hybrid mismatch involves testing whether a hybrid mismatch involving 2 foreign countries has been “imported” into Australia by a deduction. If so, there are priority rules that allocate the neutralisation of the mismatch between countries that have hybrid mismatch rules. Table of sections Operative provisions 832 ‑ 610 Deduction not allowable 832 ‑ 615 When a payment gives rise to an imported hybrid mismatch 832 ‑ 620 Hybrid mismatch 832 ‑ 625 Meaning of importing payment 832 ‑ 630 Working out the amount of the imported hybrid mismatch 832 ‑ 635 Carry forward of residual offshore hybrid mismatches", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-605"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-610", "Provision_Key": "s832-610", "Heading": "Deduction not allowable", "Text": "(1) This section applies in relation to an * imported hybrid mismatch if, apart from this section, an entity would be entitled to a deduction in an income year in respect of a payment that gives rise to the imported hybrid mismatch. (2) So much of the deduction as does not exceed the amount of the * imported hybrid mismatch is not allowable as a deduction. Note: The amount of the imported hybrid mismatch is worked out under section 832 ‑ 630.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-610"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-615", "Provision_Key": "s832-615", "Heading": "When a payment gives rise to an imported hybrid mismatch", "Text": "(1) A payment gives rise to an imported hybrid mismatch if: (a) the payment gives rise to a * hybrid mismatch under section 832 ‑ 620; and (b) an item in the table in subsection (2) applies to the importing payment. Note: The amount of the imported hybrid mismatch is worked out under section 832 ‑ 630. Priority rules for importing payments (2) If more than one item in the following table covers an * importing payment in relation to an * offshore hybrid mismatch, apply the first item that covers it. However, an item does not apply to an importing payment if: (a) an item higher in the table applies to one or more other importing payments in relation to the offshore hybrid mismatch; and (b) the offshore hybrid mismatch is, or will be, fully neutralised by the application of this Subdivision, and equivalent provisions of applicable * foreign hybrid mismatch rules, to those other importing payments. Priority table for importing payments Item Topic An * importing payment is covered if: 1 Structured arrangement (a) the * importing payment is made under a * structured arrangement; and (b) the payer of the importing payment, the offshore deducting entity mentioned in paragraph 832 ‑ 625(1)(c), and each interposed entity (if applicable) are all * parties to the structured arrangement 2 Direct payment (a) the * importing payment is made directly to the offshore deducting entity mentioned in paragraph 832 ‑ 625(1)(c); and (b) the payer of the importing payment and the offshore deducting entity are in the same * Division 832 control group 3 Indirect payment (a) the * importing payment is made indirectly through one or more interposed entities to the offshore deducting entity mentioned in paragraph 832 ‑ 625(1)(c); and (b) the payer of the importing payment, the offshore deducting entity, and each interposed entity are in the same * Division 832 control group Note 1: For the meaning of structured arrangement , see section 832 ‑ 210. Note 2: For the meaning of Division 832 control group , see section 832 ‑ 205.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-615"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-620", "Provision_Key": "s832-620", "Heading": "Hybrid mismatch", "Text": "(1) A payment gives rise to a hybrid mismatch if the payment is an * importing payment in relation to an * offshore hybrid mismatch. Note: For the meaning of offshore hybrid mismatch see sections 832 ‑ 195, 832 ‑ 300, 832 ‑ 390, 832 ‑ 465, and 832 ‑ 540. Ordering rule (2) A payment does not give rise to a hybrid mismatch under this section if it gives rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch, a * reverse hybrid mismatch, a * branch hybrid mismatch or a * deducting hybrid mismatch. Note: However, for an imported hybrid mismatch to arise, a different payment must have given rise to an offshore hybrid mismatch that is of one of these kinds.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-620"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-625", "Provision_Key": "s832-625", "Heading": "Meaning of importing payment", "Text": "(1) A payment an entity (the payer ) makes is an importing payment in relation to an * offshore hybrid mismatch if: (a) either: (i) apart from section 832 ‑ 610, the payment, or a part of the payment, gives rise to a deduction in an income year covered by subsection (2); or (ii) the payment, or a part of the payment, gives rise to a * foreign income tax deduction in a foreign country that has * foreign hybrid mismatch rules, in a * foreign tax period covered by subsection (2); and (b) the payment is made directly, or indirectly through one or more interposed entities, to another entity; and (c) the other entity (the offshore deducting entity ) is: (i) the entity that made the payment that gave rise to the offshore hybrid mismatch; or (ii) if the offshore hybrid mismatch is a * deducting hybrid mismatch—the * deducting hybrid. Period within which mismatch may be imported (2) For the purposes of paragraph (1)(a), a * foreign tax period or income year is covered by this subsection if: (a) it ends at or after the end of the foreign tax period in which a * deduction component of the * offshore hybrid mismatch arose; and (b) it has at least one day in common with that period. Indirect importations (3) For the purposes of determining whether a payment is made indirectly through one or more interposed entities to the offshore deducting entity: (a) it is sufficient if payments exist between each interposed entity, and it is not necessary to demonstrate that each payment in a series of payments funds the next payment, or is made after the previous payment; and (b) each payment made by an interposed entity must: (i) give rise to a * foreign income tax deduction in a country that does not have * foreign hybrid mismatch rules; and (ii) not give rise to a * deduction/non ‑ inclusion mismatch. Loss surrender and grouping relief (4) Subsection (5) applies if: (a) a payment is made to an entity (the first entity ); and (b) another entity (the second entity ) makes a payment (the second payment ) to a third entity; and (c) the first entity and the second entity are in the same * Division 832 control group; and (d) under the law of a foreign country relating to * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)): (i) a * foreign income tax deduction arises in respect of the second payment; and (ii) the foreign income tax deduction may, as a result of a concessional feature of that law, be transferred to, shared with, or otherwise applied by, the first entity. Note: For the meaning of Division 832 control group , see section 832 ‑ 205. (5) For the purposes of this section, treat: (a) a payment as having been made by the first entity to the second entity; and (b) the payment as having given rise to a * foreign income tax deduction (but not a * deduction/non ‑ inclusion mismatch) in the foreign country mentioned in paragraph (4)(d).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-625"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-630", "Provision_Key": "s832-630", "Heading": "Working out the amount of the imported hybrid mismatch", "Text": "(1) The amount of the * imported hybrid mismatch is the lesser of: (a) the importing deduction amount worked out under subsection (2) in relation to the deduction; and (b) the amount worked out using the following formula: where: importing deduction means the amount of the importing deduction amount worked out under subsection (2) in relation to the deduction. remaining offshore hybrid mismatch means: (a) unless paragraph (b) applies—the amount of the * offshore hybrid mismatch; or (b) if an item higher in the table in subsection 832 ‑ 615(2) applies to one or more other * importing payments in relation to the offshore hybrid mismatch—the amount of the offshore hybrid mismatch that is not, or will not be, neutralised by the application of this Subdivision, and equivalent provisions of applicable * foreign hybrid mismatch rules, in relation to those other importing payments. total importing deductions of equal priority means the amount worked out by: (a) identifying each * importing payment in relation to the * offshore hybrid mismatch to which the same item in the table in subsection 832 ‑ 615(2) applies; and (b) working out under subsection (2) the importing deduction amount in relation to the deduction or * foreign income tax deduction to which each such importing payment gives rise; and (c) summing the results from paragraph (b) for each such importing payment. (2) The amount (the importing deduction amount ) worked out under this subsection in relation to a deduction or * foreign income tax deduction is: (a) if the * importing payment is made directly to the offshore deducting entity—the amount of the deduction or foreign income tax deduction; or (b) if the importing payment is made indirectly through one or more interposed entities to the offshore deducting entity—the lesser of: (i) the amount of the deduction or foreign income tax deduction; and (ii) the smallest amount of any foreign income tax deduction to which a payment by an interposed entity gave rise.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-630"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-635", "Provision_Key": "s832-635", "Heading": "Carry forward of residual offshore hybrid mismatches", "Text": "(1) Subsection (2) applies if: (a) a payment made in a particular * foreign tax period gave rise to an * offshore hybrid mismatch (the original mismatch ); and (b) the original mismatch is only partly neutralised by the application of this Subdivision and equivalent provisions of applicable * foreign hybrid mismatch rules. (2) This Subdivision applies as if: (a) the offshore deducting entity had made a payment in the next * foreign tax period; and (b) the payment gave rise to an * offshore hybrid mismatch (the residual mismatch ); and (c) the amount of the residual mismatch was the amount of the original mismatch that was not neutralised by the application of this Subdivision and equivalent provisions of applicable * foreign hybrid mismatch rules.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-635"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-675", "Provision_Key": "s832-675", "Heading": "What this Subdivision is about", "Text": "Income that is taxed in 2 countries is dual inclusion income. It can be applied to reduce the neutralising amount for the hybrid payer mismatch and the deducting hybrid mismatch. This Subdivision modifies the concepts of “subject to Australian income tax” and “subject to foreign income tax” for the purposes of calculating dual inclusion income. It also identifies which entities are able to apply dual inclusion income. Table of sections Operative provisions 832 ‑ 680 Dual inclusion income, and when an entity is eligible to apply it", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-675"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-680", "Provision_Key": "s832-680", "Heading": "Dual inclusion income, and when an entity is eligible to apply it", "Text": "(1) An amount of income or profits is dual inclusion income if 2 or more of the following outcomes arise for the amount: (a) it is * subject to Australian income tax in an income year; (b) it is * subject to foreign income tax in a foreign country in a * foreign tax period; (c) it is subject to foreign income tax in a foreign country (other than the country mentioned in paragraph (b)) in a foreign tax period. Note: In certain circumstances, dual inclusion income can be applied to reduce the neutralising amount for a hybrid payer mismatch (see section 832 ‑ 330) or a deducting hybrid mismatch (see section 832 ‑ 560). (1A) In determining for the purposes of subsection (1) whether an amount of income or profits is * subject to Australian income tax, disregard subsection 832 ‑ 125(2) (which is about when an amount included in the assessable income of a trust or partnership is subject to Australian income tax), so far as it applies in relation to assessable income from a foreign source. Effect of Australian foreign income tax offset for underlying taxes (2) For the purposes of subsection (1), if: (a) an amount of assessable income of a * corporate tax entity (the assessable amount ) would, apart from this subsection and subsection (1A), be * subject to Australian income tax; and (b) an amount of * foreign income tax (except a tax covered by subsection 832 ‑ 130(7)) paid in respect of the assessable amount counts towards a * tax offset for an entity under Division 770; then: (c) if the amount of the tax offset equals or exceeds the amount of * tax that would, having regard only to the assessable amount and the rate at which tax is imposed on the entity, be payable on the assessable amount—the assessable amount is treated as if it were not subject to Australian income tax; and (d) if the amount of the tax offset is a proportion of the amount of that tax—then that proportion of the assessable amount is treated as if it were not subject to Australian income tax. Effect of credits etc. for underlying taxes (3) In determining for the purposes of subsection (1) whether an amount of income or profits is * subject to foreign income tax in a * foreign tax period, disregard subsection 832 ‑ 130(3). Extension for certain on ‑ payments through grouped entities (4) Subsection (5) applies, if: (a) an entity is a member of a dual inclusion income group in a country (see subsection (6)); and (b) an amount of income or profits of the entity (the on ‑ payment amount ) is a payment received by the entity from another member of the dual inclusion income group at a time; and (c) it is reasonable to conclude that the payment was funded by an amount of income or profits of the other member (the funding income or profits ); and (d) it is reasonable to conclude that the funding income or profits were: (i) if the country mentioned in paragraph (a) is Australia— * subject to Australian income tax; or (ii) if the country mentioned in paragraph (a) is a foreign country— * subject to foreign income tax in the foreign country; and (e) the funding income or profits were not * dual inclusion income under subsection (1) (disregarding subsection (5)) in the country. (4A) In determining whether paragraph (4)(d) is satisfied, have regard to any previous application of subsection (5). (5) For the purposes of subsection (1), the on ‑ payment amount is treated as if it were: (a) if the country mentioned in paragraph (4)(a) is Australia— * subject to Australian income tax in the income year in which the time mentioned in paragraph (4)(b) occurs; or (b) if the country mentioned in paragraph (4)(a) is a foreign country— * subject to foreign income tax in the foreign country in the * foreign tax period in which the time mentioned in paragraph (4)(b) occurs. (6) Two or more entities (the member entities ) are members of a group (a dual inclusion income group ) in a country for the purposes of this Division if in that country: (a) the same entity or entities are * liable entities in respect of the income or profits of each of the member entities; and (b) no other entity is a liable entity in respect of the income or profits of any of the member entities. Note: For example, entities that are members of a consolidated group or MEC group. When an entity is eligible to apply dual inclusion income (7) An entity is eligible to apply an amount of * dual inclusion income if the amount is income or profits of: (a) the entity; or (b) if paragraph (a) does not apply and the entity is a member of a dual inclusion income group in any country—an entity that is a member of the dual inclusion income group. (8) However, an entity is not eligible to apply the amount if it has already been applied by any entity by a previous application of a provision of this Division. Interaction with other provisions (9) To avoid doubt, if a provision of this section has the effect that an amount is treated for the purposes of subsection (1) as if it were * subject to Australian income tax, or * subject to foreign income tax, then that effect extends to another provision of this Act that refers to an amount that is (as the case requires): (a) subject to Australian income tax for the purposes of subsection (1) of this section; or (b) subject to foreign income tax for the purposes of subsection (1) of this section. Note: For example, an amount that would not be subject to Australian income tax for the purposes of subsection (1) apart from subsection (1A) satisfies paragraphs 832 ‑ 330(2)(b) and (3)(b) and subparagraph 832 ‑ 335(1)(b)(ii).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-680"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-720", "Provision_Key": "s832-720", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains an integrity measure that disallows an Australian deduction for a payment of interest (or a payment of a similar character) made by an entity (the paying entity ) under a scheme to a foreign entity (the interposed foreign entity ). The deduction will be disallowed if certain conditions are satisfied, including that: (a) the paying entity, the interposed foreign entity and another foreign entity (the ultimate parent entity ) are in the same Division 832 control group; and (b) the payment is not subject to Australian income tax; and (c) the highest rate of foreign income tax (the foreign country rate ) on the payment is 10% or less; and (d) it is reasonable to conclude (having regard to certain matters) that the entity, or one of the entities, that entered into or carried out all or part of the scheme did so for a purpose including a purpose of enabling a deduction to be obtained in respect of the payment, and enabling foreign income tax to be imposed on the payment at a rate of 10% or less. However, the deduction will not be disallowed if, assuming that the payment had been made directly to the ultimate parent entity: (a) the rate of foreign income tax on the payment in the country of residence of the ultimate parent entity would be less than or equal to the foreign country rate; and (b) the payment would not give rise to a hybrid mismatch of a particular kind. Table of sections Operative provisions 832 ‑ 725 Payments made to interposed foreign entity (integrity measure)—denial of deduction 832 ‑ 730 Back to back arrangements, etc. 832 ‑ 735 Determination may specify kinds of scheme and circumstances where no denial of deduction", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-720"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-725", "Provision_Key": "s832-725", "Heading": "Payments made to interposed foreign entity (integrity measure)—denial of deduction", "Text": "(1) Subsection (3) applies if: (a) an entity (the paying entity ) makes a payment under a * scheme to a * foreign entity (the interposed foreign entity ), either directly, or indirectly through one or more interposed * Australian trusts or Australian partnerships (within the meaning of Part X of the Income Tax Assessment Act 1936 ); and (b) the paying entity, the interposed foreign entity and another foreign entity (the ultimate parent entity ) are in the same * Division 832 control group; and (c) the ultimate parent entity is not controlled by any other entity (other than an entity that is not a member of the Division 832 control group); and (d) the payment is of: (i) an amount of interest (within the meaning of subsection 128A(1AB) of the Income Tax Assessment Act 1936 ); or (ii) an amount under a * derivative financial arrangement; and (e) an entity is entitled to a deduction in an income year in respect of the payment (disregarding this section); and (f) the payment is not * subject to Australian income tax; and (g) either: (i) the payment is * subject to foreign income tax in one or more foreign countries, and the highest rate (the foreign country rate ) at which the payment is subject to foreign income tax is 10% or less; or (ii) the payment is not subject to foreign income tax; and (h) it is reasonable to conclude (having regard to the matters in subsection (2)) that the entity, or one of the entities, who entered into or carried out the scheme or any part of the scheme did so for a principal purpose of, or for more than one principal purpose that includes a purpose of: (i) enabling a deduction to be obtained in respect of the payment; and (ii) enabling foreign income tax to be imposed on the payment at a rate of 10% or less, or enabling foreign income tax not to be imposed on the payment. (1A) For the purposes of subsection (1), disregard paragraphs 832 ‑ 130(7)(d) and (e) (exclusion of municipal and State taxes in working out what is * subject to foreign income tax). (2) For the purposes of paragraph (1)(h), have regard to the following matters: (a) the facts and circumstances that exist in relation to the * scheme; (b) if the payment is an amount of interest as mentioned in subparagraph (1)(d)(i)—the source of the funds used by the interposed foreign entity to provide the paying entity with the loan or other debt interest in respect of which the payment of interest is made; (c) whether the interposed foreign entity engages in substantial commercial activities in carrying on a banking, financial or other similar business. (3) The entity mentioned in paragraph (1)(e) is not entitled to the deduction mentioned in that paragraph. (4) Subsection (3) does not apply if it is reasonable to conclude that: (a) the following requirements are satisfied: (i) the amount of the payment is taken into account under Part X of the Income Tax Assessment Act 1936 ; (ii) the sum of the * attribution percentages of each * attributable taxpayer in relation to the interposed foreign entity, for the purposes of sections 456 and 457 of that Act in respect of the income year in which the payment is made, is at least 100%; or (b) requirements similar to those in paragraph (a), under the law of a foreign country that has substantially the same effect as Part X of that Act in respect of that foreign country, are satisfied in relation to the interposed foreign entity; or (c) assuming that the payment were treated as being divided into 2 separate payments: (i) the requirements in paragraph (a) would be satisfied in relation to one of those separate payments; and (ii) the requirements in paragraph (b) would be satisfied in relation to the other of those separate payments. (5) Subsection (3) does not apply if it is reasonable to conclude that, assuming that the payment had been made directly to the ultimate parent entity: (a) the payment would: (i) be * subject to foreign income tax at a rate that is the same as, or less than, the foreign country rate; or (ii) not be subject to foreign income tax; and (b) the payment would not give rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch or a * reverse hybrid mismatch. (6) Subsection (3) does not apply if the payment gives rise to a * hybrid financial instrument mismatch, a * hybrid payer mismatch, a * reverse hybrid mismatch, a * branch hybrid mismatch or an * imported hybrid mismatch. (7) Subsection (3) does not apply to the extent that an amount to which the payment relates was not allowable as a deduction under subsection 832 ‑ 530(2).", "Amendment_Count": 2, "First_Amended": "No 84 of 2018", "Last_Amended": "No 79 of 2020", "Amending_Acts": "No 84 of 2018 | No 79 of 2020", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-725"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-730", "Provision_Key": "s832-730", "Heading": "Back to back arrangements, etc.", "Text": "(1) Subsection (2) applies if: (a) an entity (the original paying entity ) makes a payment of a kind mentioned in subparagraph 832 ‑ 725(1)(d)(i) to another entity; and (b) the other entity, or a further entity, pays an amount of that kind to a foreign entity; and (c) the payments mentioned in paragraphs (a) and (b) are made under an arrangement involving back ‑ to ‑ back loans or an arrangement that is economically equivalent and intended to have a similar effect to back ‑ to ‑ back loans. (2) For the purposes of this Subdivision, treat the original paying entity as having made the payment mentioned in paragraph (1)(a) to the foreign entity mentioned in paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-730"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-735", "Provision_Key": "s832-735", "Heading": "Determination may specify kinds of scheme and circumstances where no denial of deduction", "Text": "(1) Subsection 832 ‑ 725(3) does not apply if: (a) where a determination made for the purposes of paragraph (2)(a) specifies a kind of * scheme—the scheme mentioned in subsection 832 ‑ 725(1) is of that kind; or (b) where a determination made for the purposes of paragraph (2)(b) specifies a kind of circumstances in relation to a scheme—circumstances of that kind exist in relation to the scheme mentioned in subsection 832 ‑ 725(1). (2) For the purposes of subsection (1), the Minister may, by legislative instrument, make a determination that: (a) specifies kinds of * schemes; and (b) specifies kinds of circumstances in relation to schemes.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-735"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-775", "Provision_Key": "s832-775", "Heading": "What this Subdivision is about", "Text": "This Subdivision contains modifications applying to gains and losses from financial arrangements. Table of sections Operative provisions 832 ‑ 780 Section 832 ‑ 20 applies to Division 230 losses 832 ‑ 785 Adjusting Division 230 loss 832 ‑ 790 Modifications relating to Division 230 gains and losses", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-775"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-780", "Provision_Key": "s832-780", "Heading": "Section 832 ‑ 20 applies to Division 230 losses", "Text": "To avoid doubt, the reference in paragraph 832 ‑ 20(1)(a) to a loss includes: (a) a loss from a * Division 230 financial arrangement; and (b) an amount treated under section 832 ‑ 790 as a separate loss from a Division 230 financial arrangement.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-780"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-785", "Provision_Key": "s832-785", "Heading": "Adjusting Division 230 loss", "Text": "(1) This section applies if a provision of this Division (a disallowing provision ) would, apart from this section, apply to make not allowable all or a part of a deduction for: (a) a loss from a * Division 230 financial arrangement; or (b) an amount treated under section 832 ‑ 790 as a separate loss from a Division 230 financial arrangement. (2) The disallowing provision does not apply. Note: See instead section 230 ‑ 522. (3) However, the following provisions (about adjustments) apply as if the disallowing provision had applied to make the deduction, or the part of the deduction, not allowable: (a) 832 ‑ 240(1)(a); (b) 832 ‑ 335(1)(a); (c) 832 ‑ 565(1)(a).", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-785"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 832-790", "Provision_Key": "s832-790", "Heading": "Modifications relating to Division 230 gains and losses", "Text": "(1) This section applies to the following: (a) a gain that, apart from this Division, would be included in an entity’s assessable income for an income year under Division 230; (b) a loss that, apart from this Division, would be allowable as a deduction to an entity for an income year under Division 230; (c) a gain or a loss that, apart from this Division, would be dealt with in accordance with subsection 230 ‑ 310(4) in relation to an income year. Separation of currency effects for Division 230 gains and losses (2) For the purposes of this Division, split a gain into 2 separate gains, or a gain and a loss, as follows: (a) to the extent to which the gain represents a * currency exchange rate effect, treat it as a separate gain or loss; (b) to the extent that it does not represent that effect, treat it as a separate gain or loss from the * financial arrangement to which this Division applies. (3) For the purposes of this Division, split a loss into 2 separate losses, or a gain and a loss, as follows: (a) to the extent to which the loss represents a * currency exchange rate effect, treat it as a separate gain or loss; (b) to the extent that it does not represent that effect, treat it as a separate gain or loss from the * financial arrangement to which this Division applies. (4) For the purposes of this Division, assume an amount treated under paragraph (2)(b) or (3)(b) as a separate loss would, apart from this Division, be allowable as a deduction to the entity for the income year. This Division applies to a non ‑ currency component that is a gain (5) If there is an amount treated under paragraph (2)(b) or (3)(b) as a separate gain from a * financial arrangement, the gain is treated as consisting of any actual payments made under the financial arrangement and taken into account in working out the amount of the gain or loss the entity made under the arrangement. (6) For the purposes of this Division, assume the gain is an amount that, subject to Division 6 (about effect of foreign residence), is included in the entity’s assessable income.", "Amendment_Count": 1, "First_Amended": "No 84 of 2018", "Last_Amended": "No 84 of 2018", "Amending_Acts": "No 84 of 2018", "History_Notes": "Inserted by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s832-790"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-1", "Provision_Key": "s840-1", "Heading": "What this Division is about", "Text": "This Division provides the rules to determine if you are liable to pay income tax in respect of certain Australian sourced income paid to you, or which you are entitled to receive. The rules are relevant for foreign residents and certain other entities. The income tax payable is a withholding tax. The associated withholding obligations are in the Taxation Administration Act 1953 . Amounts on which there is a liability to pay withholding tax are non ‑ assessable non ‑ exempt income.", "Amendment_Count": 1, "First_Amended": "No 32 of 2008", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 32 of 2008", "History_Notes": "Inserted by No 32 of 2008, effective 23 June 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-800", "Provision_Key": "s840-800", "Heading": "What this Subdivision is about", "Text": "If you are a foreign resident you may be liable to pay income tax on certain amounts of Australian sourced net income (other than dividends, interest and royalties) of a withholding MIT that are either paid to you or to which you become entitled. A beneficiary (other than a foreign pension fund) of a trust in the capacity of a trustee of another trust will not be liable to income tax on these amounts. Amounts on which there is a liability to pay withholding tax are non ‑ assessable non ‑ exempt income. Table of sections Operative provisions 840 ‑ 805 Liability for managed investment trust withholding tax 840 ‑ 810 When managed investment trust withholding tax is payable 840 ‑ 815 Certain income is non ‑ assessable non ‑ exempt income 840 ‑ 820 Agency rules", "Amendment_Count": 3, "First_Amended": "No 32 of 2008", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 32 of 2008 | No 133 of 2014 | No 53 of 2016", "History_Notes": "Inserted by No 32 of 2008, effective 23 June 2008 | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-800"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-805", "Provision_Key": "s840-805", "Heading": "Liability for managed investment trust withholding tax", "Text": "Liability (1) You are liable to pay income tax at the rate declared by the Parliament on the amount identified in subsection (2), (3) or (4) as the fund payment part if that subsection applies to you. Note 1: The tax, which is called managed investment trust withholding tax, is imposed by the Income Tax (Managed Investment Trust Withholding Tax) Act 2008 and the rate of the tax is set out in that Act. Note 2: See Subdivision 12 ‑ H in Schedule 1 to the Taxation Administration Act 1953 for provisions dealing with withholding from fund payments, and Subdivision 12A ‑ C in that Schedule for provisions dealing with obligations to pay the Commissioner amounts analogous to such withholding in relation to AMITs. Note 3: This subsection does not apply to residents of information exchange countries for the first income year starting on or after the first 1 July after the day on which the Tax Laws Amendment (Election Commitments No. 1) Act 2008 receives the Royal Assent. Subdivision 840 ‑ M of the Income Tax (Transitional Provisions) Act 1997 applies instead. Payments from withholding MITs (2) This subsection applies to you if: (a) you are paid an amount from a trust that is a * withholding MIT in relation to an income year, or an amount is applied or dealt with as you direct by such a trust; and (b) all or part of that amount (the fund payment part ) is represented by a * fund payment in relation to that year; and (c) you are, in respect of the fund payment part, a beneficiary (but not a beneficiary in the capacity of a trustee of another trust); and (d) you are a foreign resident when you are paid the amount or when the amount is applied or dealt with as you direct. Note 1: Because a fund payment can be adjusted to account for earlier fund payments and the expected amounts of later fund payments (see subsection 12A ‑ 110(5) in Schedule 1 to the Taxation Administration Act 1953 ), the amount of a particular fund payment may not reflect the actual amount you are paid for the purposes of this subsection. Note 2: If the withholding MIT is an AMIT, under subsection 12A ‑ 205(2) in Schedule 1 to the Taxation Administration Act 1953 , amounts may be treated, for the purposes of this Subdivision, as having been paid to you from the trustee of the AMIT. Payments from custodians (3) This subsection applies to you if: (a) you are paid an amount from a * custodian, or an amount is applied or dealt with as you direct by a custodian; and (b) all or part of that amount (the fund payment part ) is reasonably attributable to a * fund payment in relation to an income year by a trust that is a * withholding MIT in relation to that year; and (c) you are, in respect of the fund payment part, a beneficiary (but not a beneficiary in the capacity of a trustee of another trust); and (d) you are a foreign resident when you are paid the amount or when the amount is applied or dealt with as you direct; and (e) either: (i) the custodian is not a company; or (ii) if it is a company, it would be acting in the capacity as your * agent apart from section 840 ‑ 820. Note: If the withholding MIT is an AMIT, under subsection 12A ‑ 205(5) in Schedule 1 to the Taxation Administration Act 1953 , amounts may be treated, for the purposes of this Subdivision, as having been paid to you from the custodian. Entitlements to amounts from other entities (4) This subsection applies to you if: (a) you are a beneficiary of a trust (that is not a * withholding MIT or a * custodian) and are presently entitled to a share of the income or capital of the trust; and (b) all or part of that share (also the fund payment part ) is reasonably attributable to a payment that is a * fund payment in relation to an income year made by a trust that is a withholding MIT in relation to that year; and (c) you are not, in respect of that share, a beneficiary in the capacity of a trustee of another trust; and (d) you are a foreign resident at the time (the entitlement time ) when you became presently entitled. Modification—foreign pension funds (4A) For the purposes of subsections (2), (3) and (4), if: (a) the beneficiary, in respect of a fund payment part, is a beneficiary in the capacity of a trustee of another trust; and (b) the beneficiary is a * foreign pension fund; the foreign pension fund is taken, in respect of that fund payment part, to be a beneficiary in its own right, and not a beneficiary in the capacity of the trustee of another trust. (4B) Foreign pension fund means: (a) an entity, the principal purpose of which is to fund pensions (including disability and similar benefits) for the citizens or other contributors of a foreign country, if: (i) the entity is a fund established by an * exempt foreign government agency; or (ii) the entity is established under a * foreign law for an exempt foreign government agency; or (b) a * foreign superannuation fund that has at least 50 * members. (4C) If: (a) a * foreign pension fund is liable to pay income tax on a fund payment part (a taxed part ) because of the operation of subsection (4A); and (b) you are a beneficiary of the foreign pension fund and are presently entitled to a share of the income or capital of the foreign pension fund; then, in working out for the purposes of paragraph (4)(b) whether all or part of that share is reasonably attributable to a payment that is a * fund payment, disregard the taxed part. Modification—AMITs (4D) If the * managed investment trust mentioned in paragraph (2)(a), (3)(b) or (4)(b) is an * AMIT for the income year mentioned in that paragraph: (a) if paragraph (2)(a) applies—disregard the phrase “(but not a beneficiary in the capacity of a trustee of another trust)” in paragraph (2)(c); or (b) if paragraph (3)(b) applies—disregard the phrase “(but not a beneficiary in the capacity of a trustee of another trust)” in paragraph (3)(c); or (c) if paragraph (4)(b) applies—disregard paragraph (4)(c). (4E) If: (a) a trustee of a trust is liable to pay income tax on a fund payment part (a taxed part ) because of the operation of subsection (4D); and (b) you are a beneficiary of the trust and are presently entitled to a share of the income or capital of the trust; then, in working out for the purposes of paragraph (4)(b) whether all or part of that share is reasonably attributable to a payment that is a * fund payment, disregard the taxed part. Entitlement to capital of a trust (5) For the purposes of this section, section 95A of the Income Tax Assessment Act 1936 applies in relation to capital of a trust in the same way as it applies to income of the trust. Exception—Australian permanent establishments (6) This section does not apply to you if: (a) you are paid the fund payment part, or it is applied or dealt with as you direct; or (b) you become presently entitled to it; in the course of a * business you carry on at or through an * Australian permanent establishment. Exception—distributions on carried interests (7) Subsections (2) and (3) do not apply to you to the extent that the fund payment part: (a) is included in your assessable income under subsection 275 ‑ 200(2) (Gains etc. from carried interests) for the income year because you hold or held a * CGT asset that carries an entitlement to a distribution mentioned in subsection 275 ‑ 200(2); or (b) would be so included if subsection 275 ‑ 200(3) were disregarded. (8) Subsection (4) does not apply to you to the extent that the fund payment part: (a) is attributable to an amount included in the net income of the trust mentioned in that subsection because of subsection 275 ‑ 200(2) (Gains etc. from carried interests) for the income year because the trust holds or held a * CGT asset that carries an entitlement to a distribution mentioned in subsection 275 ‑ 200(2); or (b) would be so included if subsection 275 ‑ 200(3) were disregarded. (9) Subsections (2), (3) and (4) do not apply to you to the extent that the fund payment part relates to an amount that is * non ‑ assessable non ‑ exempt income of yours because of: (a) Division 880; or (b) Division 880 of the Income Tax (Transitional Provisions) Act 1997 .", "Amendment_Count": 6, "First_Amended": "No 32 of 2008", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 32 of 2008 | No 56 of 2010 | No 133 of 2014 | No 53 of 2016 | No 15 of 2019 | No 34 of 2019", "History_Notes": "Inserted by No 32 of 2008, effective 23 June 2008 | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-805"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-810", "Provision_Key": "s840-810", "Heading": "When managed investment trust withholding tax is payable", "Text": "(1) * Managed investment trust withholding tax is due and payable by you at the end of 21 days after: (a) if subsection 840 ‑ 805(2) or (3) applies to you—the end of the month in which the fund payment part is paid, applied or dealt with; or (b) if subsection 840 ‑ 805(4) applies to you—the end of the month in which the entitlement time occurs. (2) If any of the * managed investment trust withholding tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day by which the withholding tax was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the withholding tax; (ii) general interest charge on any of the withholding tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . (3) The Commissioner may give you a notice specifying: (a) the amount of any * managed investment trust withholding tax that the Commissioner has ascertained is payable by you; and (b) the day on which that tax became due and payable. (4) The ascertainment of an amount of * managed investment trust withholding tax is not an assessment for the purposes of this Act. (5) The production of a notice given under subsection (3), or of a copy of it certified by or on behalf of the Commissioner, is conclusive evidence that the notice was given and of the particulars in it.", "Amendment_Count": 1, "First_Amended": "No 32 of 2008", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 32 of 2008", "History_Notes": "Inserted by No 32 of 2008, effective 23 June 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-810"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-815", "Provision_Key": "s840-815", "Heading": "Certain income is non ‑ assessable non ‑ exempt income", "Text": "(1) An amount on which * managed investment trust withholding tax is payable is not assessable income and is not * exempt income of an entity. (2) Subsection (1) does not apply to an Australian resident to the extent that: (a) * managed investment trust withholding tax is payable on the amount because of subsection 840 ‑ 805(4D); and (b) the Australian resident is entitled, directly or indirectly, to the amount.", "Amendment_Count": 2, "First_Amended": "No 32 of 2008", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 32 of 2008 | No 53 of 2016", "History_Notes": "Inserted by No 32 of 2008, effective 23 June 2008 | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-815"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-820", "Provision_Key": "s840-820", "Heading": "Agency rules", "Text": "(1) This section applies to: (a) a payment (the first payment ) made to a * custodian in the capacity as * agent for another entity; and (b) another payment made by the custodian to the extent that it is reasonably attributable to the first payment. (2) This Subdivision has effect as if the * custodian were not an * agent in relation to the payments.", "Amendment_Count": 1, "First_Amended": "No 32 of 2008", "Last_Amended": "No 32 of 2008", "Amending_Acts": "No 32 of 2008", "History_Notes": "Inserted by No 32 of 2008, effective 23 June 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-820"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-900", "Provision_Key": "s840-900", "Heading": "What this Subdivision is about", "Text": "If you are a foreign resident who is employed under a labour mobility program, you may be liable to pay income tax on the salary, wages etc. paid to you under that program. Amounts on which there is a liability to pay the tax are non ‑ assessable non ‑ exempt income. Table of sections Operative provisions 840 ‑ 905 Liability for labour mobility program withholding tax 840 ‑ 906 Covered labour mobility programs 840 ‑ 910 When labour mobility program withholding tax is payable 840 ‑ 915 Certain income is non ‑ assessable non ‑ exempt income 840 ‑ 920 Overpayment of labour mobility program withholding tax", "Amendment_Count": 2, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-900"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-905", "Provision_Key": "s840-905", "Heading": "Liability for labour mobility program withholding tax", "Text": "You are liable to pay income tax at the rate declared by the Parliament on income: (a) that is salary, wages, commission, bonuses or allowances paid to you as an employee of an Approved Employer under a program covered by section 840 ‑ 906; and (b) that you * derive at a time when you are a foreign resident and: (i) you hold a Temporary Work (International Relations) Visa (subclass 403); or (ii) you hold a Temporary Activity Visa (subclass 408) having previously held a Temporary Work (International Relations) Visa (subclass 403); or (iii) you hold a visa of a kind prescribed by the regulations for the purposes of this subparagraph. Note 1: The tax, which is called labour mobility program withholding tax, is imposed by the Income Tax (Labour Mobility Program Withholding Tax) Act 2012 and the rate of the tax is set out in that Act. Note 2: See Subdivision 12 ‑ FC in Schedule 1 to the Taxation Administration Act 1953 for provisions dealing with withholding from the salary, wages etc. You are entitled to a credit under section 18 ‑ 33 in that Schedule for amounts withheld from your salary, wages etc. under that Subdivision.", "Amendment_Count": 4, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 8 of 2019 | No 8 of 2022 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-905"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-906", "Provision_Key": "s840-906", "Heading": "C overed labour mobility programs", "Text": "This section covers the following programs: (a) the Seasonal Labour Mobility Program; (b) the Pacific Australia Labour Mobility scheme; (c) each program prescribed by the regulations for the purposes of this paragraph.", "Amendment_Count": 1, "First_Amended": "No 75 of 2022", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 75 of 2022", "History_Notes": "Inserted by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-906"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-910", "Provision_Key": "s840-910", "Heading": "When labour mobility program withholding tax is payable", "Text": "(1) * Labour mobility program withholding tax is due and payable by you at the end of 21 days after the end of the income year in which you * derived the income to which the tax relates. (2) If any of the * labour mobility program withholding tax that you are liable to pay remains unpaid after the time by which it is due to be paid, you are liable to pay the * general interest charge on the unpaid amount for each day in the period that: (a) starts at the beginning of the day by which the withholding tax was due to be paid; and (b) ends at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the withholding tax; (ii) general interest charge on any of the withholding tax. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 . (3) The Commissioner may give you a notice specifying: (a) the amount of any * labour mobility program withholding tax that the Commissioner has ascertained is payable by you; and (b) the day on which that tax became due and payable. (4) The ascertainment of an amount of * labour mobility program withholding tax is not an assessment for the purposes of this Act. (5) The production of a notice given under subsection (3), or of a copy of it certified by or on behalf of the Commissioner, is, except in proceedings under Part IVC of this Act on a review or appeal relating to the notice, conclusive evidence that the notice was given and of the particulars in it. (6) You may object, in the manner set out in Part IVC of the Taxation Administration Act 1953, against a notice given to you under subsection (3) of this section, if you are dissatisfied with the notice.", "Amendment_Count": 2, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-910"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-915", "Provision_Key": "s840-915", "Heading": "Certain income is non ‑ assessable non ‑ exempt income", "Text": "An amount on which * labour mobility program withholding tax is payable is not assessable income and is not * exempt income.", "Amendment_Count": 2, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-915"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 840-920", "Provision_Key": "s840-920", "Heading": "Overpayment of labour mobility program withholding tax", "Text": "If * labour mobility program withholding tax has been overpaid: (a) the Commissioner must refund the amount overpaid; and (b) the employee is not entitled to a credit under section 18 ‑ 33 in Schedule 1 to the Taxation Administration Act 1953 in respect of the amount overpaid.", "Amendment_Count": 2, "First_Amended": "No 58 of 2012", "Last_Amended": "No 75 of 2022", "Amending_Acts": "No 58 of 2012 | No 75 of 2022", "History_Notes": "Inserted by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s840-920"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-100", "Provision_Key": "s842-100", "Heading": "What this Subdivision is about", "Text": "If you are a foreign resident, some of the income you derive while in Australia, or from Australian sources, may be exempt income. Table of sections 842 ‑ 105 Amounts of Australian source ordinary income and statutory income that are exempt", "Amendment_Count": 1, "First_Amended": "No 101 of 2006", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 101 of 2006", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-105", "Provision_Key": "s842-105", "Heading": "Amounts of Australian source ordinary income and statutory income that are exempt", "Text": "The amounts of * ordinary income and * statutory income covered by the table are exempt from income tax. In some cases, the exemption is subject to exceptions or special conditions, or both. Note 1: Ordinary and statutory income that is exempt from income tax is called exempt income: see section 6 ‑ 20. The note to subsection 6 ‑ 15(2) describes some of the other consequences of it being exempt income. Note 2: Even if an exempt payment is made to you, the Commissioner can still require you to lodge an income tax return or information under section 161 of the Income Tax Assessment Act 1936 . Exempt amounts Item If you are: the following amounts are exempt from income tax: subject to these exceptions and special conditions: 1 a foreign resident your remuneration paid by an * Australian government agency the remuneration is paid to you: (a) for expert advice to that agency; or (b) as a member of a Royal Commission 2 a foreign resident who is: (a) the representative of the government of a foreign country, visiting Australia on behalf of that government; or (b) a member of the entourage of such a representative your * ordinary income, and your * statutory income, in your official capacity as such a representative or member none 3 a foreign resident visiting Australia: (a) in the capacity of representative of any society or association established for educational, scientific, religious or philanthropic purposes; and (b) for the purpose of attending an international conference, or for the purpose of carrying on investigation or research for the society or association your * ordinary income, and your * statutory income, in that capacity none 4 a foreign resident visiting Australia: (a) in the capacity of representative of the media outside Australia; and (b) for the purpose of reporting the proceedings relating to any of the matters referred to in items 2 and 3 your * ordinary income, and your * statutory income, in that capacity none 5 a member of the naval, military or air forces of the government of a foreign country pay and allowances you earn in Australia as a member of those forces the pay and allowances are not paid or provided by the Commonwealth 6 a foreign resident visiting Australia your * ordinary income, and your * statutory income, that: (a) is from an occupation you carry on while in Australia; and (b) is not exempt from income tax in the country where you are ordinarily resident in the opinion of the Minister, the visit and occupation are principally directed to assisting in the defence of Australia 7 (a) a foreign resident pursuing in Australia a course of study or training; and (b) in Australia for the sole purpose of pursuing that course your * ordinary income, and your * statutory income, by way of a scholarship, bursary, or other educational allowance, provided by the Commonwealth none", "Amendment_Count": 2, "First_Amended": "No 101 of 2006", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 101 of 2006 | No 110 of 2014", "History_Notes": "Inserted by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-200", "Provision_Key": "s842-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision sets out rules about the taxation of some foreign residents (known as IMR entities) that invest into or through Australia. Income and capital gains from IMR financial arrangements are not subject to Australian income tax. Deductions and capital losses from IMR financial arrangements are disregarded for the purposes of this Act. Table of sections Object of this Subdivision 842 ‑ 205 Object of this Subdivision IMR concessions 842 ‑ 210 IMR concessions apply only to foreign residents etc. 842 ‑ 215 IMR concessions 842 ‑ 220 Meaning of IMR entity 842 ‑ 225 Meaning of IMR financial arrangement IMR widely held entities 842 ‑ 230 Meaning of IMR widely held entity 842 ‑ 235 Rules for determining total participation interests for the purposes of the widely held test 842 ‑ 240 Extended meaning of IMR widely held entity —temporary circumstances outside entity’s control Independent Australian fund managers 842 ‑ 245 Meaning of independent Australian fund manager 842 ‑ 250 Reductions in IMR concessions if independent Australian fund manager entitled to substantial share of IMR entity’s income", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-205", "Provision_Key": "s842-205", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is to encourage particular kinds of investment made into or through Australia by some foreign residents that have wide membership, or that use Australian fund managers.", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-210", "Provision_Key": "s842-210", "Heading": "IMR concessions apply only to foreign residents etc.", "Text": "(1) This Subdivision applies only for the purposes of working out the assessable income of an entity (the foreign entity ) that: (a) is a foreign resident; and (b) is not a trust or partnership. (2) Despite subsection (1), this Subdivision applies in relation to a partnership or trust, to the extent necessary to work out an amount included in the assessable income of the foreign entity. Note 1: This Subdivision applies, for example, in working out the net income of a partnership or trust, to the extent necessary to work out the assessable income, attributable to that partnership or trust, of a partner or beneficiary who is a foreign resident. Note 2: This Subdivision could operate in relation to an entity (if it is a partnership or trust) and/or one or more partnerships or trusts interposed between the entity and the foreign resident.", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-210"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-215", "Provision_Key": "s842-215", "Heading": "IMR concessions", "Text": "Concessions relating to IMR financial arrangements (1) The following consequences apply to an * IMR entity for an income year in relation to an * IMR financial arrangement if the requirements of subsection (3) or (5) are met in relation to the year: (a) what would otherwise be the entity’s assessable income for the year is * non ‑ assessable non ‑ exempt income of the entity, to the extent that it is attributable to a return or gain: (i) from the arrangement (if the arrangement is a * derivative financial arrangement); or (ii) from the entity disposing of, ceasing to own or otherwise realising the arrangement; (b) an amount is not deductible by the entity for the year, to the extent that it is attributable to an outgoing or loss: (i) from the arrangement (if the arrangement is a derivative financial arrangement); or (ii) from the entity disposing of, ceasing to own or otherwise realising the arrangement; (c) disregard a * capital gain or * capital loss that is from a * CGT event that happens in the year in relation to the arrangement. Further concessions relating to permanent establishments (2) Without limiting subsection (1), the following further consequences apply to an * IMR entity for an income year if the requirements of subsection (5) are met in relation to the year: (a) income that relates to or arises under the * IMR financial arrangement, and that would otherwise be the entity’s assessable income for the year, is * non ‑ assessable non ‑ exempt income of the entity, to the extent that the income: (i) if the entity is resident in a country that has entered into an * international tax agreement with Australia containing a * business profits article—is treated as having a source in Australia because it is attributable to a permanent establishment (within the meaning of the relevant international tax agreement) of the entity in Australia; or (ii) if subparagraph (i) does not apply—is treated as having a source in Australia because of subsection 815 ‑ 230(1); (b) an amount is not deductible by the entity for the year, to the extent that it is attributable to gaining income that is non ‑ assessable non ‑ exempt income of the entity because of paragraph (a); (c) disregard a * capital gain or * capital loss that is from a * CGT event that relates to or arises under the IMR financial arrangement, and that happens in the year in relation to a * CGT asset that: (i) is covered by item 3 of the table in section 855 ‑ 15 in relation to the entity; or (ii) is covered by item 4 of the table in section 855 ‑ 15 in relation to the entity because it is an option or right to * acquire a CGT asset covered by item 3 of that table in relation to the entity. Direct investment by IMR widely held entity (3) The requirements of this subsection in relation to the year are that: (a) during the whole of the year, the * IMR entity is an * IMR widely held entity; and (b) during the whole of the year, the interest of the entity in the issuer of, or counterparty to, the * IMR financial arrangement does not pass the * non ‑ portfolio interest test (see section 960 ‑ 195); and (c) none of the returns, gains or losses for the year from the arrangement are attributable to: (i) if the entity is a resident of a country that has entered into an * international tax agreement with Australia containing a * permanent establishment article—a permanent establishment (within the meaning of the relevant international tax agreement) of the entity in Australia; or (ii) otherwise—a * permanent establishment of the entity in Australia; and (d) the IMR entity does not, during the year, carry on in Australia a trading business (within the meaning of section 102M of the Income Tax Assessment Act 1936 ) that relates (directly or indirectly) to the arrangement; and (e) subsection 842 ‑ 225(2) does not apply to the IMR financial arrangement. (4) For the purposes of paragraph (3)(a), disregard any part of the year during which the entity did not exist. Indirect investment through independent Australian fund manager (5) The requirements of this subsection in relation to the year are that: (a) the * IMR financial arrangement was made, on the * IMR entity’s behalf, by an entity that is an * independent Australian fund manager for the IMR entity for the income year (see section 842 ‑ 245); and (b) if the issuer of, or counterparty to: (i) the IMR financial arrangement referred to in paragraph (a), if it is a * financial arrangement; or (ii) otherwise—the IMR financial arrangement to which that arrangement relates; is an Australian resident, or a * resident trust for CGT purposes—during the whole of the year, the interest of the entity in the issuer or counterparty does not pass the * non ‑ portfolio interest test (see section 960 ‑ 195); and (c) the IMR entity does not, during the year, carry on in Australia a trading business (within the meaning of section 102M of the Income Tax Assessment Act 1936 ) that relates (directly or indirectly) to the arrangement. Withholding taxes etc. (6) If what would otherwise be the * IMR entity’s assessable income is * non ‑ assessable non ‑ exempt income of the entity because of subsection (1) or (2), for the purposes of determining an entity’s liability to pay, in relation to that income: (a) * withholding tax; or (b) an amount that must be withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); assume that any * independent Australian fund manager for the IMR entity is not a * permanent establishment of the IMR entity. (7) For the purposes of subparagraphs (2)(a)(i) and (3)(c)(i), an entity is taken to be a resident of a country that has entered into an * international tax agreement with Australia if the entity is such a resident within the meaning of that agreement.", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-215"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-220", "Provision_Key": "s842-220", "Heading": "Meaning of IMR entity", "Text": "An entity is an IMR entity for an income year if the entity: (a) is not an Australian resident at all times during the income year; and (b) is not a * resident trust for CGT purposes for the income year.", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-225", "Provision_Key": "s842-225", "Heading": "Meaning of IMR financial arrangement", "Text": "(1) A * financial arrangement is an IMR financial arrangement unless it is or relates to a * CGT asset that is: (a) * taxable Australian real property (see section 855 ‑ 20); or (b) an * indirect Australian real property interest (see section 855 ‑ 25). (2) Without limiting subsection (1), a sub ‑ underwriting arrangement that is not a * financial arrangement is an IMR financial arrangement if it was entered into by an * IMR entity for the purpose of providing for the entity to invest or trade in a financial arrangement that is an IMR financial arrangement under subsection (1).", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-230", "Provision_Key": "s842-230", "Heading": "Meaning of IMR widely held entity", "Text": "(1) An IMR widely held entity is any of the following: (aa) a * widely held entity; (a) an entity that is covered by paragraph 275 ‑ 20(4)(a), (b), (c), (d), (e), (g), (h), (i) or (ia); (c) an entity of a kind specified in regulations made for the purposes of this paragraph. (2) An entity is a widely held entity if: (a) either: (i) no other entity has a * total participation interest in the entity of 20% or more (see section 842 ‑ 235); or (ii) there are not 5 or fewer other entities the sum of whose total participation interests in the entity is 50% or more (see section 842 ‑ 235); or (b) the entity has never satisfied the requirements of paragraph (a), but investment in the entity is being actively marketed with the intention that the entity satisfies the requirements of that paragraph; or (c) the reason for failing to satisfy the requirements of paragraph (a) relates to the entity’s activities and investments being wound down.", "Amendment_Count": 5, "First_Amended": "No 126 of 2012", "Last_Amended": "No 15 of 2019", "Amending_Acts": "No 126 of 2012 | No 70 of 2015 | No 53 of 2016 | No 54 of 2016 | No 15 of 2019", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-235", "Provision_Key": "s842-235", "Heading": "Rules for determining total participation interests for the purposes of the widely held test", "Text": "(1) For the purposes of subsection 842 ‑ 230(2), apply the rules in this section in determining an entity’s * total participation interest in another entity (the test entity ). (2) If an entity has, through one or more interposed entities, an * indirect participation interest in the test entity, treat each of those interposed entities as having a * total participation interest in the test entity of nil. (3) If the test entity is a trust, do not treat an object of the trust as having a * direct participation interest or * indirect participation interest in the test entity. (4) Treat the following (the affiliated entities ): (a) an entity; (b) each of the entity’s * affiliates; as together being one entity, that has all of the interests and rights of the affiliated entities. Note: Such interests and rights may give rise to a participation interest in the test entity. (5) If an entity (the nominee ) has interests and rights in the capacity of nominee of another entity: (a) treat the nominee as not having those interests and rights; and (b) instead, treat the other entity as having those interests and rights (in addition to the other entity’s interests and rights apart from this subsection). (6) If an entity that has a * direct participation interest or * indirect participation interest in the test entity is an entity covered by: (a) paragraph 842 ‑ 230(1)(a), (b) or (c); or (b) paragraph 275 ‑ 20(4)(f) (foreign collective investment vehicles with a wide membership); treat the entity’s * total participation interest in the test entity as nil. (7) The application of subsection (6) to an entity that has a * direct participation interest or * indirect participation interest in the test entity does not affect the * total participation interest in the test entity of any other entity that has a direct participation interest or indirect participation interest in the test entity. (8) In determining a * direct participation interest of one entity in another entity, disregard paragraph 350(1)(b) of the Income Tax Assessment Act 1936 (rights of shareholders to vote or participate in certain decision ‑ making). (9) If the test entity is an * IMR entity and another entity is an independent fund manager for the test entity, in determining the * total participation interest of the other entity, or any entity * connected with the other entity, in the test entity, disregard any direct or indirect entitlements (including contingent entitlements) of the other entity, or connected entity, to remuneration from the test entity: (a) to the extent that the remuneration is subject to income tax in relation to the income year for which the consequences (if any) under subsection 842 ‑ 215(1) or (2) are being determined in relation to the test entity; and (b) to the extent that the remuneration is subject to taxation in relation to that income year under a * foreign law. Example: Assume that 4 entities have interests in an IMR entity, as follows: (a) a life insurance company has a 55% interest; (b) an endowment fund has a 5% interest; (c) company A has a 25% interest. It has 2 shareholders (who are not affiliated): shareholder Y holds 60% of the shares and shareholder Z holds 40%; (d) company B has a 15% interest. It has several shareholders. The IMR entity is an IMR widely held entity because: (e) under subsection 842 ‑ 235(6), the life insurance company has a total participation interest of nil, as it is covered by paragraph 275 ‑ 20(4)(a); and (f) the endowment fund has a total participation interest below the 20% threshold in subparagraph 842 ‑ 230(2)(a)(i); and (g) under subsection 842 ‑ 235(2), company A’s 25% interest is divided between shareholder Y (15%) and shareholder Z (10%), and company A is treated as having a total participation interest in the IMR entity of nil; and (h) company B’s 15% interest is below the 20% threshold, so none of its shareholders can have a total participation interest above that threshold. (In these circumstances, it is not necessary to determine the total participation interests for each of those shareholders.) (Treating the life insurance company’s 55% interest as a total participation interest of nil ensures that no summing of the other total participation interest can exceed the 50% threshold in subparagraph 842 ‑ 230(2)(a)(ii).)", "Amendment_Count": 4, "First_Amended": "No 126 of 2012", "Last_Amended": "No 54 of 2016", "Amending_Acts": "No 126 of 2012 | No 70 of 2015 | No 53 of 2016 | No 54 of 2016", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-240", "Provision_Key": "s842-240", "Heading": "Extended meaning of IMR widely held entity —temporary circumstances outside entity’s control", "Text": "Without limiting section 842 ‑ 230, an entity is an IMR widely held entity if: (a) apart from a particular circumstance, the entity would be an * IMR widely held entity because of section 842 ‑ 230; and (b) the circumstance is temporary; and (c) the circumstance arose outside the entity’s control; and (d) it is fair and reasonable to treat the entity as an IMR widely held entity, having regard to the following matters: (i) the matters in paragraphs (b) and (c); (ii) the nature of the circumstance; (iii) the actions (if any) taken by the entity to address or remove the circumstance, and the speed with which such actions are taken; (iv) any other relevant matter.", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-245", "Provision_Key": "s842-245", "Heading": "Meaning of independent Australian fund manager", "Text": "(1) An entity (the managing entity ) is an independent Australian fund manager for an * IMR entity for an income year if: (a) the managing entity is an Australian resident; and (b) the managing entity carries out investment management activities for the IMR entity in the ordinary course of * business; and (c) the managing entity’s remuneration for carrying out those activities is what the remuneration would be between parties dealing at * arm’s length; and (d) one or more of the following applies: (i) the IMR entity is an * IMR widely held entity; (ii) 70% or less of the managing entity’s income, for the income year, is income received from the IMR entity or entities * connected with the IMR entity; (iii) if the managing entity has been carrying out investment management activities for 18 months or less—it takes all reasonable steps to ensure that the proportion of its income received from the IMR entity or entities connected with the IMR entity, for the income year in which that 18 month period ends, will be reduced to 70% or less. (2) In applying paragraph (1)(c), have regard to the documents covered by section 815 ‑ 135.", "Amendment_Count": 2, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 842-250", "Provision_Key": "s842-250", "Heading": "Reductions in IMR concessions if independent Australian fund manager entitled to substantial share of IMR entity’s income", "Text": "(1) The application of section 842 ‑ 215 to an * IMR entity for an income year is modified, as provided by subsection (4) of this section, if: (a) an entity is an * independent Australian fund manager for the IMR entity; and (b) that entity, or another entity * connected with the entity, has a direct or indirect right to receive part of the profits of the IMR entity for the year; and (c) the sum of the amounts that the entity, and any other entity connected with the entity, receive for the year in connection with the entity being that independent Australian fund manager exceeds 20% of the amount (the unadjusted concessional amount ) worked out under subsection (3); and (d) the requirements of subsection 842 ‑ 215(3) in relation to the year are not met. (2) However, this section does not apply if: (a) the circumstances giving rise to the requirements of paragraph (1)(c) being met arose outside the control of: (i) the * IMR entity; or (ii) the * independent Australian fund manager or any entity * connected with the independent Australian fund manager; and (b) the independent Australian fund manager, or an entity connected with the independent Australian fund manager, is taking steps to address those circumstances. (3) Work out the unadjusted concessional amount as follows: where: amount not assessable or exempt is the sum of: (a) the amount (the 842 ‑ 215(1)(a) amount ) of the * IMR entity’s income for the income year that is, or would (apart from this section) be, * non ‑ assessable non ‑ exempt income of the IMR entity because of paragraph 842 ‑ 215(1)(a); and (b) the amount (the 842 ‑ 215(2)(a) amount ) of the IMR entity’s income for the income year that is, or would (apart from this section) be, non ‑ assessable non ‑ exempt income of the IMR entity because of paragraph 842 ‑ 215(2)(a), and not because of paragraph 842 ‑ 215(1)(a). amounts not deductible is the amount obtained by adding together: (a) the sum of the amounts that are not deductible by the * IMR entity for the income year because of paragraph 842 ‑ 215(1)(b); and (b) the sum of the amounts that are not deductible by the IMR entity for the income year because of paragraph 842 ‑ 215(2)(b), and not because of paragraph 842 ‑ 215(1)(b); and (c) the sum of the amounts that would otherwise be deductible by the IMR entity for the income year under section 8 ‑ 1 if the income in relation to which they were incurred were not income that is * non ‑ assessable non ‑ exempt income of the IMR entity because of paragraph 842 ‑ 215(1)(a); and (d) the sum of the amounts that would otherwise be deductible by the IMR entity for the income year under section 8 ‑ 1 if the income in relation to which they were incurred were not income that is non ‑ assessable non ‑ exempt income of the IMR entity because of paragraph 842 ‑ 215(2)(a), and not because of paragraph 842 ‑ 215(1)(a). disregarded capital gains is the amount obtained by adding together: (a) the sum (the 842 ‑ 215(1)(c) amount ) of the amounts of the * capital gains that: (i) are from * CGT events that happen in the income year; and (ii) are, or would (apart from this section) be, disregarded in relation to the * IMR entity, because of paragraph 842 ‑ 215(1)(c); and (b) the sum (the 842 ‑ 215(2)(c) amount ) of the amounts of the capital gains that: (i) are from CGT events that happen in the income year; and (ii) are, or would (apart from this section) be, disregarded in relation to the IMR entity because of paragraph 842 ‑ 215(2)(c), and not because of paragraph 842 ‑ 215(1)(c). disregarded capital losses is the amount obtained by adding together: (a) the sum of the amounts of the * capital losses that: (i) are from * CGT events that happen in the income year; and (ii) are disregarded in relation to the * IMR entity because of paragraph 842 ‑ 215(1)(c); and (b) the sum of the amounts of the capital losses that: (i) are from CGT events that happen in the income year; and (ii) are disregarded in relation to the IMR entity because of paragraph 842 ‑ 215(2)(c), and not because of paragraph 842 ‑ 215(1)(c). (4) Apply the sum referred to in paragraph (1)(c) to reduce (including reduce to zero) the following amounts: (a) the 842 ‑ 215(1)(a) amount; (b) the 842 ‑ 215(2)(a) amount; (c) the 842 ‑ 215(1)(c) amount; (d) the 842 ‑ 215(2)(c) amount. Do not apply the sum to reduce an amount referred to in a paragraph (other than paragraph (a)) unless the sum has been applied to reduce to zero the amount referred to in each paragraph preceding that paragraph. (5) If the 842 ‑ 215(1)(c) amount or the 842 ‑ 215(2)(c) amount relates to more than one * capital gain, a reduction of the amount under subsection (4) is taken to reduce each of the capital gains by the following amount: (6) Without limiting the circumstances in which the requirements of paragraph (1)(c) are not met, those requirements are taken not to be met in relation to the * IMR entity for an income year if they are not met in relation to the IMR entity for a period (a qualifying period ) of up to 5 consecutive income years including the income year (but not including any future income years). (7) In ascertaining for the purposes of subsection (6) whether the requirements of paragraph (1)(c) are not met in relation to the * IMR entity for a qualifying period, assume that the qualifying period is the income year referred to in subsection (1). (8) For the purposes of paragraphs (1)(b) and (c) (including paragraph (1)(c) as affected by subsections (6) and (7)), disregard any direct or indirect entitlements (including contingent entitlements) of the * independent Australian fund manager, or any entity * connected with the independent Australian fund manager, to remuneration from the * IMR entity: (a) to the extent that the remuneration is subject to income tax in relation to the income year referred to in subsection (1); and (b) to the extent that the remuneration is subject to taxation in relation to that income year under a * foreign law.", "Amendment_Count": 4, "First_Amended": "No 126 of 2012", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 126 of 2012 | No 101 of 2013 | No 70 of 2015", "History_Notes": "Inserted by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Amended by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Repealed and substituted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s842-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-1", "Provision_Key": "s855-1", "Heading": "What this Division is about", "Text": "A foreign resident can disregard a capital gain or loss unless the relevant CGT asset is a direct or indirect interest in Australian real property, or relates to a business carried on by the foreign resident through a permanent establishment in Australia. Special rules apply for individuals who were Australian residents but have become foreign residents (see also Subdivision 104 ‑ I) and for foreign resident beneficiaries of fixed trusts. There are also rules dealing with what happens when a foreign resident becomes an Australian resident.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-5", "Provision_Key": "s855-5", "Heading": "Objects of this Subdivision", "Text": "(1) The objects of this Subdivision are to improve: (a) Australia’s status as an attractive place for business and investment; and (b) the integrity of Australia’s capital gains tax base. (2) This is achieved by: (a) aligning Australia’s tax laws with international practice; and (b) ensuring interests in an entity remain subject to Australia’s capital gains tax laws if the entity’s underlying value is principally derived from Australian real property.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-10", "Provision_Key": "s855-10", "Heading": "Disregarding a capital gain or loss from CGT events", "Text": "(1) Disregard a * capital gain or * capital loss from a * CGT event if: (a) you are a foreign resident, or the trustee of a * foreign trust for CGT purposes, just before the CGT event happens; and (b) the CGT event happens in relation to a * CGT asset that is not * taxable Australian property. Note: A capital gain or capital loss from a CGT asset you have used at any time in carrying on a business through a permanent establishment in Australia may be reduced under section 855 ‑ 35. (2) The * CGT asset in relation to which a * CGT event happens includes the following: (a) for CGT event D1 (about creating contractual or other rights)—the CGT asset that is the subject of the creation of the contractual or other rights; Example: You grant an easement over land in Australia. The land is the subject of the creation of the rights in the easement. Therefore, the CGT event happens in relation to the land. (b) for CGT event D2 (about granting an option)—the CGT asset that is the subject of the option; (c) for CGT event F1 (about granting a lease)—the CGT asset that is the subject of the lease; (d) for CGT event J1 (about a company ceasing to be a member of wholly ‑ owned group after roll ‑ over)—the roll ‑ over asset.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-15", "Provision_Key": "s855-15", "Heading": "When an asset is taxable Australian property", "Text": "There are 5 categories of * CGT assets that are taxable Australian property . They are set out in this table. CGT assets that are taxable Australian property Item Description 1 * Taxable Australian real property (see section 855 ‑ 20) 2 A * CGT asset that: (a) is an * indirect Australian real property interest (see section 855 ‑ 25); and (b) is not covered by item 5 of this table 3 A * CGT asset that: (a) you have used at any time in carrying on a * business through: (i) if you are a resident in a country that has entered into an * international tax agreement with Australia containing a * permanent establishment article—a permanent establishment (within the meaning of the relevant international tax agreement) in Australia; or (ii) otherwise—a * permanent establishment in Australia; and (b) is not covered by item 1, 2 or 5 of this table 4 An option or right to * acquire a * CGT asset covered by item 1, 2 or 3 of this table 5 A * CGT asset that is covered by subsection 104 ‑ 165(3) (choosing to disregard a gain or loss on ceasing to be an Australian resident) Note 1: An asset is also taxable Australian property if it was acquired by a company after 28 January 1988 and before 26 May 1988 from a foreign resident as a result of a disposal for which there was a roll ‑ over under section 160ZZN or 160ZZO of the Income Tax Assessment Act 1936 : see section 136 ‑ 25 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: Payments may need to be made to the Commissioner for acquisitions of some kinds of taxable Australian property if foreign residents are involved (see Subdivision 14 ‑ D in Schedule 1 to the Taxation Administration Act 1953 ).", "Amendment_Count": 3, "First_Amended": "No 168 of 2006", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 168 of 2006 | No 110 of 2014 | No 10 of 2016", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-16", "Provision_Key": "s855-16", "Heading": "Meaning of permanent establishment article", "Text": "A permanent establishment article is: (a) Article 5 of the United Kingdom convention (within the meaning of the International Tax Agreements Act 1953 ); or (b) a corresponding provision of another * international tax agreement.", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-16"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-20", "Provision_Key": "s855-20", "Heading": "Taxable Australian real property", "Text": "A * CGT asset is taxable Australian real property if it is: (a) real property situated in Australia (including a lease of land, if the land is situated in Australia); or (b) a * mining, quarrying or prospecting right (to the extent that the right is not real property), if the * minerals, * petroleum or quarry materials are situated in Australia.", "Amendment_Count": 3, "First_Amended": "No 168 of 2006", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 168 of 2006 | No 88 of 2009 | No 12 of 2012", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-25", "Provision_Key": "s855-25", "Heading": "Indirect Australian real property interests", "Text": "(1) A * membership interest held by an entity (the holding entity ) in another entity (the test entity ) at a time is an indirect Australian real property interest at that time if: (a) the interest passes the * non ‑ portfolio interest test (see section 960 ‑ 195): (i) at that time; or (ii) throughout a 12 month period that began no earlier than 24 months before that time and ended no later than that time; and (b) the interest passes the principal asset test in section 855 ‑ 30 at that time. (2) For the purposes of subsection (1), in working out whether the interest passes the * non ‑ portfolio interest test and the principal asset test in section 855 ‑ 30: (a) apply section 350 of the Income Tax Assessment Act 1936 as if the words “, or is entitled to acquire,” (wherever occurring) were omitted; and (b) apply section 351 of that Act as if: (i) the words “, or that the beneficiary is entitled to acquire” (wherever occurring) were omitted; and (ii) the words “, or that the entity is entitled to acquire” in paragraph 351(2)(d) were omitted. (3) The first element of the * cost base and * reduced cost base of a * CGT asset on 10 May 2005 is the * market value of the asset on that day if, on that day: (a) the CGT asset was a * membership interest you held in another entity; and (b) you were a foreign resident, or the trustee of a trust that was not a * resident trust for CGT purposes; and (c) the CGT asset was a * post ‑ CGT asset; and (d) the CGT asset did not have the necessary connection with Australia (within the meaning of this Act as in force on that day) disregarding the operation of paragraph (b) of item 5 and paragraph (b) of item 6 of the table in section 136 ‑ 25 (as in force on that day). (4) Also, Parts 3 ‑ 1 and 3 ‑ 3 apply to the asset as if you had * acquired it on that day.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-30", "Provision_Key": "s855-30", "Heading": "Principal asset test", "Text": "(1) The purpose of this section is to define when an entity’s underlying value is principally derived from Australian real property (see paragraph 855 ‑ 5(2)(b)). (2) A * membership interest held by an entity (the holding entity ) in another entity (the test entity ) passes the principal asset test if the sum of the * market values of the test entity’s assets that are * taxable Australian real property exceeds the sum of the * market values of its assets that are not taxable Australian real property. Note: The market value of any of the latter kind of assets that are duplicated within the test entity’s corporate group could be disregarded (see section 855 ‑ 32). (3) For the purposes of subsection (2), treat an asset of an entity (the first entity ) that is a * membership interest in another entity (the other entity ) as if it were instead the following 2 assets: (a) an asset that is * taxable Australian real property (the TARP asset ); (b) an asset that is not taxable Australian real property (the non ‑ TARP asset ). (4) For the purposes of subsection (2), treat the * market value of the TARP asset and the non ‑ TARP asset according to the following table. Market value of the TARP asset and the non ‑ TARP asset Item If: the market value of the TARP asset is: the market value of the non ‑ TARP asset is: 1 the sum of the * total participation interests held by the holding entity and its * associates in the other entity is less than 10% zero the * market value of the * membership interest mentioned in subsection (3) 2 item 1 does not apply the product of: (a) the sum of the * market values of all the assets of the other entity that are * taxable Australian real property; and (b) the first entity’s * direct participation interest in the other entity the product of: (a) the sum of the market values of all the assets of the other entity that are not taxable Australian real property; and (b) the first entity’s direct participation interest in the other entity Note 1: For the purposes of item 2 of the table, it is necessary to work out the market value of any TARP assets and non ‑ TARP assets in relation to any membership interests held by the other entity before working out the value of the TARP asset and non ‑ TARP asset held by the first entity. Note 2: The market value of an asset of the other entity that is not taxable Australian real property, and is duplicated within the other entity’s corporate group, could be disregarded (see section 855 ‑ 32). (4A) For the purposes of working out the * total participation interests held by the holding entity and its * associates under item 1 of the table in subsection (4), take into account: (a) a particular * direct participation interest; or (b) a particular * indirect participation interest; held in the other entity only once if it would otherwise be counted more than once because the entity holding it is an associate of the holding entity. (5) For the purposes of this section, disregard the * market value of any asset acquired by the test entity, or by any other entity, if the * acquisition was done for a purpose (other than an incidental purpose) that included ensuring that a * membership interest in any entity would not pass the principal asset test in this section.", "Amendment_Count": 3, "First_Amended": "No 168 of 2006", "Last_Amended": "No 129 of 2019", "Amending_Acts": "No 168 of 2006 | No 110 of 2014 | No 129 of 2019", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-32", "Provision_Key": "s855-32", "Heading": "Disregard market value of duplicated non ‑ TARP assets", "Text": "(1) The purpose of this section is to prevent double counting of the * market value of the assets of a corporate group that: (a) are not * taxable Australian real property; and (b) are created under * arrangements under which corresponding liabilities are created in other members of the group. (2) For the purposes of subsections 855 ‑ 30(2) and (4), subsection (4) of this section applies to an asset that is not * taxable Australian real property if: (a) the parties to an * arrangement included the 2 entities referred to in subsection (3); and (b) an effect of the arrangement was to create, before the * CGT event happened: (i) the asset as an asset of one of those 2 parties; and (ii) a corresponding liability of the other (the other party ). (3) The 2 entities are either: (a) the first entity and the other entity (see subsection 855 ‑ 30(3)), if table item 2 in subsection 855 ‑ 30(4) applies to those entities; or (b) both: (i) that first entity or that other entity; and (ii) an entity that is a first entity or other entity for the purposes of a related application of subsection 855 ‑ 30(3) and table item 2 in subsection 855 ‑ 30(4). (4) Disregard: (a) if the other party is the test entity (see subsection 855 ‑ 30(2))—the asset’s * market value; or (b) otherwise—the percentage of the asset’s market value equal to the percentage that is the test entity’s * total participation interest in the other party. Example: The test entity loans money to its wholly ‑ owned subsidiary. The market value of the loan asset created as an asset of the test entity is disregarded for the purposes of subsection 855 ‑ 30(2).", "Amendment_Count": 1, "First_Amended": "No 110 of 2014", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 110 of 2014", "History_Notes": "Inserted by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-32"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-35", "Provision_Key": "s855-35", "Heading": "Reducing a capital gain or loss from a business asset—Australian permanent establishments", "Text": "(1) This section applies to a * CGT asset that is * taxable Australian property under item 3 of the table in section 855 ‑ 15 because you have used it at any time in carrying on a * business through a permanent establishment (as mentioned in that item) in Australia. (2) The * capital gain or * capital loss you make from a * CGT event in relation to the asset is reduced if you used it in this way for only part of the period from when you * acquired it to when the CGT event happened. (3) The gain or loss is reduced by this fraction:", "Amendment_Count": 2, "First_Amended": "No 168 of 2006", "Last_Amended": "No 110 of 2014", "Amending_Acts": "No 168 of 2006 | No 110 of 2014", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-40", "Provision_Key": "s855-40", "Heading": "Capital gains and losses of foreign residents through fixed trusts", "Text": "(1) The purpose of this section is to provide comparable taxation treatment as between direct ownership, and indirect ownership through a * fixed trust, by foreign residents of * CGT assets that are not * taxable Australian property. (2) A * capital gain you make in respect of your interest in a * fixed trust is disregarded if: (a) you are a foreign resident when you make the gain; and (b) the gain is attributable to a * CGT event happening to a * CGT asset of a trust (the CGT event trust ) that is: (i) the * fixed trust; or (ii) another fixed trust in which that trust has an interest (directly, or indirectly through a * chain of trusts, each trust in which is a fixed trust); and (c) either: (i) the asset is not * taxable Australian property for the CGT event trust at the time of the CGT event; or (ii) the asset is an interest in a fixed trust and the conditions in subsections (5), (6), (7) and (8) are satisfied. Note: Section 115 ‑ 215 treats a portion of a trust’s capital gain as a capital gain made by a beneficiary, and applies the CGT discount to that portion as if the gain were made directly by the beneficiary. (3) You are not liable to pay tax as a trustee of a * fixed trust in respect of an amount to the extent that the amount gives rise to a * capital gain that is disregarded for a beneficiary under subsection (2). (4) To avoid doubt, subsection (3) does not affect the operation of subsection 98A(1) or (3) of the Income Tax Assessment Act 1936 (about taxing beneficiaries who are foreign residents at the end of an income year). Conditions (5) The conditions in subsections (6), (7) and (8) must be satisfied if the relevant * CGT event happens to an interest in a * fixed trust (the first trust ) and the interest is * taxable Australian property at the time of the CGT event. (6) At least 90% (by * market value) of the * CGT assets of: (a) the first trust; or (b) a * fixed trust in which the first trust has an interest (directly, or indirectly through a * chain of trusts, each trust in which is a fixed trust); must not be * taxable Australian property at the time of the relevant * CGT event. (7) If the condition in subsection (6) is not satisfied for the first trust (but is satisfied for a trust covered by paragraph (6)(b)), the condition in subsection (8) must be satisfied for the first trust, and for each other trust in the * chain of trusts between the first trust and the trust that satisfied the condition in subsection (6). (8) The condition is that, assuming any interest in a * fixed trust in that * chain not to be * taxable Australian property, at least 90% (by * market value) of the * CGT assets of the trust must not be taxable Australian property.", "Amendment_Count": 3, "First_Amended": "No 168 of 2006", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 168 of 2006 | No 79 of 2007 | No 41 of 2011", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-45", "Provision_Key": "s855-45", "Heading": "Individual or company becomes an Australian resident", "Text": "(1) If you become an Australian resident, there are rules relevant to each * CGT asset that you owned just before you became an Australian resident, except an asset: (a) that is * taxable Australian property; or (b) that you * acquired before 20 September 1985. Note: This section has effect subject to section 768 ‑ 950 (individuals who become Australian residents and are temporary residents immediately after they become Australian residents). (2) The first element of the * cost base and * reduced cost base of the asset (at the time you become an Australian resident) is its * market value at that time. (3) Also, Parts 3 ‑ 1 and 3 ‑ 3 apply to the asset as if you had * acquired it at the time you became an Australian resident. (4) This section does not apply to an * ESS interest if: (a) Subdivision 83A ‑ C (about employee share schemes) applies to the interest, and the * ESS deferred taxing point for the interest has not yet occurred; or (b) the provisions referred to in paragraphs 83A ‑ 33(1)(a) to (c) (about start ups) apply to the ESS interest.", "Amendment_Count": 3, "First_Amended": "No 168 of 2006", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 168 of 2006 | No 133 of 2009 | No 105 of 2015", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-50", "Provision_Key": "s855-50", "Heading": "Trust becomes a resident trust", "Text": "(1) If a trust becomes a * resident trust for CGT purposes, there are rules relevant to each * CGT asset that the trustee owned just before the trust became a resident trust for CGT purposes, except one: (a) that is * taxable Australian property; or (b) that the trustee * acquired before 20 September 1985. (2) The first element of the * cost base and * reduced cost base of the asset (at the time the trust becomes a * resident trust for CGT purposes) is its * market value at that time. (3) Also, Parts 3 ‑ 1 and 3 ‑ 3 apply to the asset as if the trustee had * acquired it at the time the trust became a * resident trust for CGT purposes. Exception (4) This section does not apply to a trust if, just before it became a * resident trust for CGT purposes, it was a * CFT because of paragraph 342(a) of the Income Tax Assessment Act 1936 . Note: This section is disregarded in calculating the attributable income of a trust: see section 102AAZB of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 855-55", "Provision_Key": "s855-55", "Heading": "CFC becomes an Australian resident", "Text": "(1) This section applies to a * CFC that stops at a time (the residence change time ) being a resident of a * listed country or an * unlisted country and becomes an Australian resident. (2) Section 855 ‑ 45 does not apply to the * CFC. (3) The modifications of Parts 3 ‑ 1 and 3 ‑ 3 of this Act in sections 411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have, in relation to each * commencing day asset owned by the * CFC at the residence change time, if those modifications were used to work out the taxable income of the CFC rather than its * attributable income. (4) However, if a * capital gain on a * commencing day asset of the * CFC (for a period before the residence change time) was * subject to foreign tax in a * listed country, the modifications of Parts 3 ‑ 1 and 3 ‑ 3 of this Act in sections 411 to 414 of the Income Tax Assessment Act 1936 have the effect they would have in relation to the asset if: (a) those modifications were used to work out the taxable income of the CFC rather than its * attributable income; and (b) the * commencing day of the CFC were the residence change time. Note: This section is disregarded in calculating the attributable income of a CFC: see section 410 of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 168 of 2006", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 168 of 2006 | No 79 of 2010", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s855-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-10", "Provision_Key": "s880-10", "Heading": "What this Subdivision is about", "Text": "This Subdivision defines several terms that are fundamental to the operation of this Division, such as sovereign entity and sovereign entity group . Table of sections Operative provisions 880 ‑ 15 Meaning of sovereign entity 880 ‑ 20 Meaning of sovereign entity group", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-15", "Provision_Key": "s880-15", "Heading": "Meaning of sovereign entity", "Text": "A sovereign entity is any of the following: (a) a body politic of a foreign country, or a part of a foreign country; (b) a * foreign government agency; (c) an entity: (i) in which an entity covered by paragraph (a) or (b) holds a * total participation interest of 100%; and (ii) that is not an Australian resident; and (iii) that is not a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-20", "Provision_Key": "s880-20", "Heading": "Meaning of sovereign entity group", "Text": "(1) Each of the following is part of a sovereign entity group : (a) a body politic of a foreign country (other than a body politic of a part of that foreign country); (b) a * foreign government agency in relation to that foreign country (other than a foreign government agency in relation to a part of that foreign country); (c) an entity: (i) in which an entity covered by paragraph (a) or (b) holds a * total participation interest of 100%; and (ii) that is not an Australian resident; and (iii) that is not a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 . (2) Each of the following is part of a sovereign entity group : (a) a body politic of a part of a foreign country; (b) a * foreign government agency in relation to that part of that foreign country; (c) an entity: (i) in which an entity covered by paragraph (a) or (b) holds a * total participation interest of 100%; and (ii) that is not an Australian resident; and (iii) that is not a resident trust estate for the purposes of Division 6 of Part III of the Income Tax Assessment Act 1936 . (3) Each entity that is part of a * sovereign entity group is a member of the group.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-50", "Provision_Key": "s880-50", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides that a sovereign entity is liable to pay tax. It also provides that a body politic (or a foreign government agency) of a foreign country, or part of a foreign country, is treated as being a person that is not a resident of Australia, but is a resident of the foreign country. Table of sections Operative provisions 880 ‑ 55 Sovereign entity liable to pay tax 880 ‑ 60 Bodies politic of foreign countries and foreign government agencies treated as foreign residents", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-55", "Provision_Key": "s880-55", "Heading": "Sovereign entity liable to pay tax", "Text": "A * sovereign entity is liable to pay * tax. Note: The actual amount of tax payable may be nil.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-60", "Provision_Key": "s880-60", "Heading": "Bodies politic of foreign countries and foreign government agencies treated as foreign residents", "Text": "(1) For the purposes of this Act, treat a body politic of a foreign country, or a part of a foreign country: (a) as being a person that is not a resident of Australia; and (b) as being a resident of the foreign country. (2) For the purposes of this Act, treat a * foreign government agency in relation to a foreign country (including a foreign government agency in relation to a part of a foreign country): (a) as being a person that is not a resident of Australia; and (b) as being a resident of the foreign country.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-100", "Provision_Key": "s880-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides a tax exemption for certain sovereign entities in respect of certain returns on membership interests (etc.) in entities that are Australian resident companies or managed investment trusts. To obtain this exemption, the relevant sovereign entity group can hold only a portfolio interest in the entity, and cannot have relevant influence over the entity. Table of sections Operative provisions 880 ‑ 105 Sovereign entity’s income from membership interest etc. in trust or company—non ‑ assessable non ‑ exempt income 880 ‑ 110 Sovereign entity’s deduction from membership interest etc.—loss not deductible 880 ‑ 115 Sovereign entity’s capital gain from membership interest etc.—gain disregarded 880 ‑ 120 Sovereign entity’s capital loss from membership interest etc. in trust or company—loss disregarded 880 ‑ 125 Covered sovereign entities 880 ‑ 130 Meaning of public non ‑ financial entity and public financial entity", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-105", "Provision_Key": "s880-105", "Heading": "Sovereign entity’s income from membership interest etc. in trust or company—non ‑ assessable non ‑ exempt income", "Text": "(1) An amount of * ordinary income or * statutory income of a * sovereign entity is not assessable income and is not * exempt income if: (a) the sovereign entity is covered by section 880 ‑ 125; and (b) the amount is a return on any of the following kinds of interest that the sovereign entity holds in another entity (the test entity ): (i) a * membership interest; (ii) a * debt interest; (iii) a * non ‑ share equity interest; and (c) the test entity is: (i) a company that is an Australian resident at the time (the income time ) when the amount becomes ordinary or statutory income of the sovereign entity; or (ii) a * managed investment trust in relation to the income year in which the income time occurs; and (d) the * sovereign entity group of which the sovereign entity is a member satisfies the portfolio interest test in subsection (4) in relation to the test entity: (i) at the income time; and (ii) throughout any 12 month period that began no earlier than 24 months before that time and ended no later than that time; and (e) the sovereign entity group of which the sovereign entity is a member does not have influence of a kind described in subsection (6) in relation to the test entity at the income time. (2) For the purposes of paragraph (1)(b), treat an interest that a * sovereign entity holds in another entity as a partner in a * partnership as not being an interest that the sovereign entity holds in the other entity. (3) If the amount is a * fund payment, subsection (1) does not apply to the extent that the amount is attributable to: (a) * non ‑ concessional MIT income (see section 12 ‑ 435 in Schedule 1 to the Taxation Administration Act 1953 ); or (b) an amount that would be non ‑ concessional MIT income if the following provisions were disregarded: (i) subsection 12 ‑ 437(5) in that Schedule; (ii) sections 12 ‑ 440, 12 ‑ 447, 12 ‑ 449 and 12 ‑ 451 in that Schedule. Portfolio interest test (4) A * sovereign entity group satisfies the portfolio interest test in this subsection in relation to the test entity at a time if, at that time, the sum of the * total participation interests that each * member of the group holds in the test entity: (a) is less than 10%; and (b) would be less than 10% if, in working out the * direct participation interest that any entity holds in a company: (i) an * equity holder were treated as a shareholder; and (ii) the total amount contributed to the company in respect of * non ‑ share equity interests were included in the total paid ‑ up share capital of the company. (5) For the purposes of subsection (4), in working out the sum of the * total participation interests held by each * member of the group in the test entity, take into account: (a) a particular * direct participation interest; or (b) a particular * indirect participation interest; held in the entity only once if it would otherwise be counted more than once. Influence test (6) A * sovereign entity group has influence of a kind described in this subsection in relation to the test entity at a time if any of the following requirements are satisfied at that time: (a) a * member of the group: (i) is directly or indirectly able to determine; or (ii) in acting in concert with others, is directly or indirectly able to determine; the identity of at least one of the persons who, individually or together with others, make (or might reasonably be expected to make) the decisions that comprise the control and direction of the test entity’s operations; (b) at least one of those persons is accustomed or obliged to act, or might reasonably be expected to act, in accordance with the directions, instructions or wishes of a member of the group (whether those directions, instructions or wishes are expressed directly or indirectly, or through the member acting in concert with others). (7) However, a * sovereign entity group does not have influence of a kind described in subsection (6) if, disregarding any breach of terms of a * debt interest by any entity, the sovereign entity group would not have influence of that kind. (8) For the purposes of subsection (6), in working out whether an entity is a * member of a * sovereign entity group, treat the references in paragraphs 880 ‑ 20(1)(c) and (2)(c) to 100% as instead being references to more than 50%.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-110", "Provision_Key": "s880-110", "Heading": "Sovereign entity’s deduction from membership interest etc.—loss not deductible", "Text": "A * sovereign entity cannot deduct an amount if: (a) the sovereign entity is covered by section 880 ‑ 125; and (b) the amount is a loss in respect of any of the following kinds of interest that the sovereign entity holds in another entity: (i) a * membership interest; (ii) a * debt interest; (iii) a * non ‑ share equity interest; and (c) the requirements in paragraphs 880 ‑ 105(1)(c), (d) and (e) would be satisfied, on the assumptions that: (i) the amount were * ordinary income or * statutory income; and (ii) the amount became ordinary income or statutory income of the sovereign entity at the time it arose; and (iii) references in those paragraphs to the test entity were references to the other entity mentioned in paragraph (b) of this section.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-115", "Provision_Key": "s880-115", "Heading": "Sovereign entity’s capital gain from membership interest etc.—gain disregarded", "Text": "Disregard a * capital gain of a * sovereign entity from a * CGT event that happens in relation to a * CGT asset if: (a) the sovereign entity is covered by section 880 ‑ 125; and (b) the CGT asset is a * membership interest, * non ‑ share equity interest or * debt interest in another entity; and (c) the requirements in paragraphs 880 ‑ 105(1)(c), (d) and (e) would be satisfied, on the assumptions that: (i) the capital gain were an amount of * ordinary income or * statutory income; and (ii) the amount mentioned in subparagraph (i) became ordinary income or statutory income of the sovereign entity immediately before the time the CGT event happened; and (iii) references in those paragraphs to the test entity were references to the other entity mentioned in paragraph (b) of this section.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-120", "Provision_Key": "s880-120", "Heading": "Sovereign entity’s capital loss from membership interest etc. in trust or company—loss disregarded", "Text": "Disregard a * capital loss of a * sovereign entity from a * CGT event that happens at a time if, on the assumption that the loss were a * capital gain that happened at that time, the capital gain would be disregarded because of section 880 ‑ 115.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-125", "Provision_Key": "s880-125", "Heading": "Covered sovereign entities", "Text": "A * sovereign entity is covered by this section if it satisfies all of the following requirements: (a) the entity is funded solely by public monies; (b) all returns on the entity’s investments are public monies; (c) the entity is not a partnership; (d) the entity is not any of the following: (i) a * public non ‑ financial entity; (ii) a * public financial entity (other than a public financial entity that only carries on central banking activities).", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-130", "Provision_Key": "s880-130", "Heading": "Meaning of public non ‑ financial entity and public financial entity", "Text": "(1) An entity is a public non ‑ financial entity if its principal activity is either or both of the following: (a) producing or trading non ‑ financial goods; (b) providing services that are not financial services. (2) An entity is a public financial entity if any of the following requirements are satisfied: (a) it trades in financial assets and liabilities; (b) it operates commercially in the financial markets; (c) its principal activities include providing any of the following financial services: (i) financial intermediary services, including deposit ‑ taking and insurance services; (ii) financial auxiliary services, including brokerage, foreign exchange and investment management services; (iii) capital financial institution services, including financial services in relation to assets or liabilities that are not available on open financial markets.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-200", "Provision_Key": "s880-200", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides a tax exemption for income of an entity that arises from its consular functions. Table of sections Operative provisions 880 ‑ 205 Income from consular functions—non ‑ assessable non ‑ exempt income", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 880-205", "Provision_Key": "s880-205", "Heading": "Income from consular functions—non ‑ assessable non ‑ exempt income", "Text": "An amount of * ordinary income or * statutory income of an entity is not assessable income and is not * exempt income if the income arises from the entity’s consular functions. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1 ‑ 1 to Chapter 2, Part 2 ‑ 5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2 ‑ 10 to Chapter 2, Part 2 ‑ 20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2 ‑ 25 to Chapter 3, Part 3 ‑ 1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3 ‑ 3 to Chapter 3, Part 3 ‑ 5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3 ‑ 6 to Chapter 3, Part 3 ‑ 10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3 ‑ 25 to Chapter 3, Part 3 ‑ 30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3 ‑ 32 to Chapter 3, Part 3 ‑ 50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3 ‑ 80 to Chapter 3, Part 3 ‑ 90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3 ‑ 95 to Chapter 4, Part 4 ‑ 5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5 ‑ 30 to Chapter 6, Part 6 ‑ 5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s880-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-1", "Provision_Key": "s900-1", "Heading": "What this Division is about", "Text": "This Division sets out the substantiation rules that apply to certain types of losses or outgoings.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-5", "Provision_Key": "s900-5", "Heading": "Application of the requirements of Division 900", "Text": "(1) The requirements of this Division apply to an individual. (2) They also apply to a partnership that includes at least one individual, as if the partnership were an individual. (3) They do not apply to any other entity.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-10", "Provision_Key": "s900-10", "Heading": "Substantiation requirement", "Text": "To deduct certain types of losses or outgoings, you need to substantiate them under this Division. Item For this type of loss or outgoing: see: 1. Work expenses Subdivision 900 ‑ B 2. Car expenses Subdivision 900 ‑ C 3. Business travel expenses Subdivision 900 ‑ D Note: There are exceptions to these requirements: • Subdivision 900 ‑ B has some specific exceptions about work expenses. • Subdivision 900 ‑ H provides for relief from the effects of failing to substantiate.", "Amendment_Count": 1, "First_Amended": "No 49 of 2026", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 49 of 2026", "History_Notes": "Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-12", "Provision_Key": "s900-12", "Heading": "Application to recipients and payers of certain withholding payments", "Text": "Application to recipients (1) If an individual receives, or is entitled to receive, * withholding payments covered by subsection (3), this Division applies to him or her: (a) in the same way as it applies to an employee; and (b) as if an entity that makes (or is liable to make) such payments to him or her were his or her employer; and (c) as if the withholding payments covered by subsection (3) that he or she receives (or is entitled to receive) were salary or wages. Application to payers (2) This Division applies to an entity that makes, or is liable to make, * withholding payments covered by subsection (3): (a) in the same way as it applies to an employer; and (b) as if an individual to whom the entity makes (or is liable to make) such payments were the entity’s employee. Withholding payments covered (3) This subsection covers a * withholding payment covered by any of the provisions in Schedule 1 to the Taxation Administration Act 1953 listed in the table. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 35 Payment to employee 2 Section 12 ‑ 40 Payment to company director 3 Section 12 ‑ 45 Payment to office holder 3A Section 12 ‑ 47 Payment to * religious practitioner 4 Section 12 ‑ 50 Return to work payment 5 Subdivision 12 ‑ C Payments for retirement or because of termination of employment 6 Subdivision 12 ‑ D Benefit and compensation payments", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 178 of 1999 | No 168 of 2001 | No 15 of 2007 | No 56 of 2010", "History_Notes": "Repealed and substituted by No 178 of 1999, effective Schedule 1 (items 6, 8, 70–78): 1 July 2000 Remainder: Royal Assent | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-12"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-15", "Provision_Key": "s900-15", "Heading": "Getting written evidence", "Text": "(1) To deduct a * work expense: (a) it must qualify as a deduction under some provision of this Act outside this Division; and (b) you need to substantiate it by getting written evidence. Subdivision 900 ‑ E tells you about the evidence you need. To find out whether an expense qualifies as a deduction under this Act, see Division 8 (Deductions). (2) If your expense is for fuel or oil, you have a choice of either: (a) getting written evidence of it under Subdivision 900 ‑ E; or (b) keeping odometer records for the period when you owned or leased the * car in the income year. Subdivision 28 ‑ H tells you about odometer records. Note: In certain circumstances (for example, under a hire purchase agreement) the notional buyer of property is taken to be its owner (see subsection 240 ‑ 20(2)).", "Amendment_Count": 2, "First_Amended": "No 174 of 1997", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 174 of 1997 | No 72 of 2001", "History_Notes": "Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-20", "Provision_Key": "s900-20", "Heading": "Keeping travel records", "Text": "You need to keep travel records if your expense is for travel that involves you being away from your ordinary residence for 6 or more nights in a row. The travel may be within or outside Australia. Subdivision 900 ‑ F tells you about travel records. Note: Members of international flight crews may be exempt from keeping travel records for losses or outgoings covered by travel allowances: see section 900 ‑ 65.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-25", "Provision_Key": "s900-25", "Heading": "Retaining the written evidence and travel records", "Text": "(1) Once you have the material required by section 900 ‑ 15 or 900 ‑ 20, you must retain it for 5 years. There is no need to lodge it with your * income tax return. The Commissioner may require you to produce it: see Subdivision 900 ‑ G. The period for which you must retain it is called the retention period . (2) The 5 years start on the due day for lodging your * income tax return for the income year. If you lodge your return later, the 5 years start on the day you lodge it. (3) However, the * retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to the expense. See section 900 ‑ 170. (4) If you do not retain the material for the * retention period, you cannot deduct the expense. If you have already deducted it, your assessment may be amended to disallow the deduction. (5) If you lose any of the material, there are rules that might help you in section 900 ‑ 205.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-30", "Provision_Key": "s900-30", "Heading": "Meaning of work expense", "Text": "General (1) A work expense is a loss or outgoing you incur in producing your salary or wages. Note: This Division also applies to withholding payments that are not salary or wages: see subsection 900 ‑ 12(3). Travel allowance expenses included (2) Travel allowance expenses count as * work expenses. A travel allowance expense is a loss or outgoing you incur for travel that is covered by a * travel allowance. The loss or outgoing must: (a) be for accommodation or for food or drink; or (b) be incidental to the travel. (3) A travel allowance is an allowance your employer pays or is to pay to you to cover losses or outgoings: (a) that you incur for travel away from your ordinary residence that you undertake in the course of your duties as an employee; and (b) that are losses or outgoings for accommodation or for food or drink, or are incidental to the travel. The travel may be within or outside Australia. Note: This Division also applies to individuals who are not employees: see section 900 ‑ 12. Meal allowance expenses included (4) Meal allowance expenses count as * work expenses. A meal allowance expense is a loss or outgoing that you incur for food or drink that is covered by a * meal allowance. (5) A meal allowance is an allowance that your employer pays or is to pay to you as an employee to enable you to buy food or drink. However, an allowance is not a meal allowance if it is a * travel allowance or part of one. Note: This Division also applies to individuals who are not employees: see section 900 ‑ 12. Motor vehicle expenses excluded (6) A loss or outgoing to do with a * motor vehicle is not treated as a * work expense unless it is: (a) a loss or outgoing incurred, or a payment made, in respect of travel outside Australia; or (b) a taxi fare or similar loss or outgoing. However, most losses or outgoings to do with a * motor vehicle are covered by the rules about * car expenses. See Division 28 and Subdivision 900 ‑ C. Other types of losses or outgoings included (7) In addition to losses or outgoings within the general scope of subsection (1), any of the following is a * work expense: (a) the decline in value of property you own and that is used, or is * installed ready for use, by you in order to produce your salary or wages; (b) expenditure you incur that qualifies as a deduction under section 25 ‑ 60 (Parliament election expenses) or section 25 ‑ 65 (about local government election expenses); (c) expenditure you incur that entitles you to a deduction under section 25 ‑ 100 (transport expenses incurred in your travel between workplaces), other than * car expenses; (d) a loss or outgoing you incur in relation to producing your salary or wages that entitles you to a deduction under section 25 ‑ 125 (COVID ‑ 19 tests). Note 1: This Division also applies to payments that are not salary or wages, but are PAYE earnings: see section 900 ‑ 12. Note 2: In certain circumstances (for example, under a hire purchase agreement) the notional buyer of property is taken to be its owner (see subsection 240 ‑ 20(2)). Note 3: See Subdivision 900 ‑ C for car expenses that are also transport expenses incurred in your travel between workplaces.", "Amendment_Count": 8, "First_Amended": "No 121 of 1997", "Last_Amended": "No 14 of 2022", "Amending_Acts": "No 121 of 1997 | No 179 of 1999 | No 72 of 2001 | No 77 of 2001 | No 95 of 2004 | No 58 of 2006 | No 101 of 2006 | No 14 of 2022", "History_Notes": "Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 14 of 2022, effective sch 2, 3, 6, sch 8 (items 1-9): 1 Apr 2022 (s 2(1) items 3, 7, 9)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-50", "Provision_Key": "s900-50", "Heading": "Exception for domestic travel allowance expenses", "Text": "(1) You can deduct a * travel allowance expense for travel within Australia without getting written evidence or keeping travel records if the Commissioner considers reasonable the total of the losses or outgoings you claim for travel covered by the allowance. (2) In deciding whether the total of the losses or outgoings you claim is reasonable, the Commissioner must take into account the total of the losses or outgoings of the following kinds that it would be reasonable for you to incur for the travel: (a) accommodation; (b) food or drink; (c) losses or outgoings incidental to the travel.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-55", "Provision_Key": "s900-55", "Heading": "Exception for overseas travel allowance expenses", "Text": "(1) You can deduct a * travel allowance expense for travel outside Australia without getting written evidence under the same conditions as for domestic * travel allowances, except that you still have to get written evidence for losses or outgoings for accommodation. (2) Consequently, in deciding whether the total of the losses or outgoings you claim is reasonable, the Commissioner must disregard losses or outgoings for accommodation. (3) However, for overseas travel covered by a * travel allowance you must still keep travel records if the travel involves you being away from your ordinary residence for 6 or more nights in a row: Subdivision 900 ‑ F tells you about travel records.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-60", "Provision_Key": "s900-60", "Heading": "Exception for reasonable overtime meal allowance", "Text": "You can deduct a * meal allowance expense without getting written evidence if: (a) the allowance is to enable you to buy food or drink in connection with overtime that you work; and (b) the allowance is paid or payable to you under an * industrial instrument; and (c) the Commissioner considers reasonable the total of the losses or outgoings you claim that are covered by the allowance.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-65", "Provision_Key": "s900-65", "Heading": "Crew members on international flights need not keep travel records", "Text": "You can deduct a * travel allowance expense without keeping travel records if: (a) the allowance covers travel by you as a crew member of an aircraft; and (b) the travel is principally outside Australia; and (c) the total of the losses or outgoings you claim for the travel that are covered by the allowance does not exceed the allowance.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-70", "Provision_Key": "s900-70", "Heading": "Getting written evidence", "Text": "(1) For the “log book” method of deducting a * car expense, you need to substantiate the expense by getting written evidence. Subdivision 900 ‑ E tells you about the evidence you need. Subdivision 28 ‑ F tells you about the “log book” method. (3) If you are using the “log book” method and your expense is for fuel or oil, you do not need to get written evidence of it, because section 28 ‑ 100 already requires you to keep odometer records for the period when you * held the * car in the income year.", "Amendment_Count": 3, "First_Amended": "No 174 of 1997", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 174 of 1997 | No 72 of 2001 | No 162 of 2015", "History_Notes": "Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-75", "Provision_Key": "s900-75", "Heading": "Retaining the written evidence and odometer records", "Text": "(1) Once you have the material required by this Subdivision, you must retain it for 5 years. There is no need to lodge it with your * income tax return. The Commissioner may require you to produce it: see Subdivision 900 ‑ G. The period for which you must retain it is called the retention period . (2) The 5 years start on the due day for lodging your * income tax return for the income year. If you lodge your return later, the 5 years start on the day you lodge it. (3) However, the * retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to the expense. See section 900 ‑ 170. (4) If you do not retain the material for the * retention period, you cannot deduct the expense. If you have already deducted it, your assessment may be amended to disallow the deduction. (5) If you lose any of the material, there are rules that might help you in section 900 ‑ 205.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-80", "Provision_Key": "s900-80", "Heading": "Getting written evidence", "Text": "(1) To deduct a * business travel expense: (a) it must qualify as a deduction under some provision of this Act outside this Division; and (b) you need to substantiate it by getting written evidence. Subdivision 900 ‑ E tells you about the evidence you need. To find out whether an expense qualifies as a deduction under this Act, see Division 8 (Deductions). (2) If your expense is for fuel or oil, you have a choice of either: (a) getting written evidence of it under Subdivision 900 ‑ E; or (b) keeping odometer records for the period when you owned or leased the * car in the income year. Subdivision 28 ‑ H tells you about odometer records. Note: In certain circumstances (for example, under a hire purchase agreement) the notional buyer of property is taken to be its owner (see subsection 240 ‑ 20(2)).", "Amendment_Count": 2, "First_Amended": "No 174 of 1997", "Last_Amended": "No 72 of 2001", "Amending_Acts": "No 174 of 1997 | No 72 of 2001", "History_Notes": "Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 72 of 2001, effective 30 June 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-85", "Provision_Key": "s900-85", "Heading": "Keeping travel records", "Text": "You need to keep travel records if your expense is for travel that involves you being away from your ordinary residence for 6 or more nights in a row. Subdivision 900 ‑ F tells you about travel records.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-90", "Provision_Key": "s900-90", "Heading": "Retaining the written evidence and travel records", "Text": "(1) Once you have the material required by section 900 ‑ 80 or 900 ‑ 85, you must retain it for 5 years. There is no need to lodge it with your * income tax return. The Commissioner may require you to produce it: see Subdivision 900 ‑ G. The period for which you must retain it is called the retention period . (2) The 5 years start on the due day for lodging your * income tax return for the income year. If you lodge your return later, the 5 years start on the day you lodge it. (3) However, the * retention period is extended if, when the 5 years end, you are involved in a dispute with the Commissioner that relates to the expense. See section 900 ‑ 170. (4) If you do not retain the material for the * retention period, you cannot deduct the expense. If you have already deducted it, your assessment may be amended to disallow the deduction. (5) If you lose any of the material, there are rules that might help you in section 900 ‑ 205.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-95", "Provision_Key": "s900-95", "Heading": "Meaning of business travel expense", "Text": "General (1) A business travel expense is a * travel expense, in so far as you incur it in producing your assessable income other than salary or wages. Travel expense (2) A loss or outgoing is a travel expense if you incur it for travel by you that involves you being away from your ordinary residence for at least one night. The travel may be within or outside Australia. Salary and wages travel expenses excluded (3) In so far as you incur * travel expenses in producing your salary or wages, the expenses are not treated as * business travel expenses. Instead, they are dealt with as * work expenses in Subdivision 900 ‑ B. Note: This Division also applies to withholding payments that are not salary or wages: see subsection 900 ‑ 12(3). Travel allowance expenses excluded (4) * Travel allowance expenses are not treated as * business travel expenses. They too are dealt with as * work expenses in Subdivision 900 ‑ B. Motor vehicle expenses excluded (5) A loss or outgoing to do with a * motor vehicle is not treated as a * business travel expense unless it is: (a) a loss or outgoing incurred, or a payment made, in respect of travel outside Australia; or (b) a taxi fare or similar loss or outgoing. However, most * motor vehicle expenses are covered by the rules about * car expenses. See Division 28 and Subdivision 900 ‑ C.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-100", "Provision_Key": "s900-100", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you how you must get written evidence to support a claim for a deduction. Table of sections Operative provisions 900 ‑ 105 Ways of getting written evidence 900 ‑ 110 Time limits 900 ‑ 115 Written evidence from supplier 900 ‑ 120 Written evidence of depreciating asset expense 900 ‑ 125 Evidence of small expenses 900 ‑ 130 Evidence of expenses considered otherwise too hard to substantiate 900 ‑ 135 Evidence on a payment summary", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-105", "Provision_Key": "s900-105", "Heading": "Ways of getting written evidence", "Text": "Each of the following sections has a set of rules for a particular way of getting written evidence to substantiate a deduction. Which ones you can use depends on the type of expense. You only need to use one set of rules to support an expense.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-110", "Provision_Key": "s900-110", "Heading": "Time limits", "Text": "(1) There is no time limit for getting written evidence of an expense (unless you want to record the expense yourself under section 900 ‑ 125 or 900 ‑ 130). But until you get written evidence of it, you are not entitled to a deduction for the expense. (2) If when you lodge your * income tax return for the income year you have good reason to expect to get written evidence of the expense within a reasonable time, you can deduct the expense without actually getting the evidence. But if you don’t get the evidence within a reasonable time, your entitlement to the deduction ceases. If you have already deducted the expense, your assessment may be amended to disallow the deduction. (3) Even if you only get written evidence of the expense after the end of the income year, you deduct the expense for that income year, not the income year in which you get the evidence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-115", "Provision_Key": "s900-115", "Heading": "Written evidence from supplier", "Text": "(1) You may use this set of rules for any type of expense except the decline in value of a * depreciating asset. (2) You must get a document from the supplier of the goods or services the expense is for. The document must set out: (a) the name or business name of the supplier; and (b) the amount of the expense, expressed in the currency in which it was incurred; and (c) the nature of the goods or services; and (d) the day the expense was incurred; and (e) the day it is made out. (3) There are 2 exceptions to these requirements: (a) if the document does not show the day the expense was incurred, you may use a bank statement or other reasonable, independent evidence that shows when it was paid; (b) if the document the supplier gave you does not specify the nature of the goods or services, you may write in the missing details yourself before you lodge your * income tax return for the income year. (4) The document must be in English. However, if the expense was incurred in a country outside Australia, the document can instead be in a language of that country.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-120", "Provision_Key": "s900-120", "Heading": "Written evidence of depreciating asset expense", "Text": "(1) You may use this set of rules only for a * depreciating asset expense. (2) You must get evidence of the original acquisition of the * depreciating asset. It must be a document that you get from the supplier of the asset and that specifies: (a) the name or business name of the supplier; and (b) the cost of the asset to you; and (c) the nature of the asset; and (d) the day you acquired the asset; and (e) the day it is made out. (3) However, if the document the supplier gave you does not specify the nature of the asset, you may write in the missing details yourself before you lodge your * income tax return for the income year in which you first claim a deduction for the decline in value of the asset. (4) If you don’t get the document in time, for example because you only decided to use the asset for income ‑ producing purposes several years after you acquired it, there are rules that might help you in Subdivision 900 ‑ H (Relief from effects of failing to substantiate). (5) The document must be in English. However, if you * imported the asset into Australia, the document can instead be in a language of the country from which the asset was originally exported.", "Amendment_Count": 2, "First_Amended": "No 176 of 1999", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 176 of 1999 | No 77 of 2001", "History_Notes": "Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Repealed and substituted by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-125", "Provision_Key": "s900-125", "Heading": "Evidence of small expenses", "Text": "(1) If your expense is small, and you have a small total of small expenses, you can make a record of the expenses instead of getting a document from the supplier. (2) Each expense must be $10 or less, and the total of all your expenses that: (a) are each $10 or less; and (b) you incurred in the income year and wish to deduct; and (c) you must get written evidence for under this Division; must be $200 or less. These limits can be increased from time to time by regulations made under section 909 ‑ 1. (3) If the expense is not the decline in value of a * depreciating asset, you must get a document with the same information as required by section 900 ‑ 115, except that you may create the document and record all the details yourself. You must do so as soon as possible after incurring the expense. (4) If the expense is the decline in value of a * depreciating asset, you must, as soon as possible after the last day of the income year, record in a document the following: (a) the nature of the property; (b) the amount of the decline in value; (c) who made the record; (d) the day the record is made. (5) A record must be in English.", "Amendment_Count": 1, "First_Amended": "No 77 of 2001", "Last_Amended": "No 77 of 2001", "Amending_Acts": "No 77 of 2001", "History_Notes": "Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-130", "Provision_Key": "s900-130", "Heading": "Evidence of expenses considered otherwise too hard to substantiate", "Text": "(1) If the Commissioner considers it unreasonable to expect you to have got written evidence of an expense in any other way permitted by this Subdivision, you can use the method in section 900 ‑ 125 to get written evidence of your claim. (2) The expense may be more than $10 and does not count towards the $200 limit in section 900 ‑ 125.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-135", "Provision_Key": "s900-135", "Heading": "Evidence on a payment summary", "Text": "(1) If the nature and amount of a * work expense are shown on your copy of a * payment summary given to you by your employer, you can use the copy as written evidence of the expense. Note: This Division also applies to entities that are not employers, but pay (or are liable to pay) withholding payments covered by subsection 900 ‑ 12(3). (2) Expenses of the same nature need not be separately itemised; it is acceptable if they are totalled together on the * payment summary.", "Amendment_Count": 1, "First_Amended": "No 179 of 1999", "Last_Amended": "No 179 of 1999", "Amending_Acts": "No 179 of 1999", "History_Notes": "Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-140", "Provision_Key": "s900-140", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you how to keep travel records. A travel record is a record of activities you undertake during your travel. Table of sections 900 ‑ 145 Purpose of a travel record Operative provisions 900 ‑ 150 Recording activities in travel records 900 ‑ 155 Showing which of your activities were income ‑ producing activities", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-145", "Provision_Key": "s900-145", "Heading": "Purpose of a travel record", "Text": "The purpose of a travel record is to show which of your activities were undertaken in the course of producing your assessable income, so that your losses or outgoings, or portions of them, can be attributed to income ‑ producing purposes.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-150", "Provision_Key": "s900-150", "Heading": "Recording activities in travel records", "Text": "(1) You record an activity by specifying in a diary or similar document: (a) the nature of the activity; (b) the day and approximate time when it began; (c) how long it lasted; (d) where you engaged in it. (2) An activity must be recorded before it ends, or as soon as possible afterwards. Each entry must be in English.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-155", "Provision_Key": "s900-155", "Heading": "Showing which of your activities were income ‑ producing activities", "Text": "(1) You need not record an income ‑ producing activity. But if you don’t, the activity cannot be taken into account in working out the extent to which you can deduct an expense you incur for the travel. Example: If you fly to Los Angeles for the sole purpose of attending a 7 day conference, but you don’t record the conference in your travel record, you cannot deduct the cost of the air fare. This is so even if you have written evidence that you paid the fare (eg a receipt), as required by Subdivision 900 ‑ E. (2) You don’t need to record any other kind of activity, although you may do so.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-160", "Provision_Key": "s900-160", "Heading": "What this Subdivision is about", "Text": "This Subdivision tells you how long you need to retain records of an expense and when you have to produce those records. Table of sections 900 ‑ 165 The retention period Operative provisions 900 ‑ 170 Extending the retention period if an expense is disputed 900 ‑ 175 Commissioner may tell you to produce your records 900 ‑ 180 How to comply with a notice 900 ‑ 185 What happens if you don’t comply", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-165", "Provision_Key": "s900-165", "Heading": "The retention period", "Text": "Whenever you are required to retain records of an expense under this Division or Division 28, you need to retain the records for 5 years.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-170", "Provision_Key": "s900-170", "Heading": "Extending the retention period if an expense is disputed", "Text": "The * retention period is automatically extended if one of the following types of dispute relating to the expense is unresolved when the 5 years end: (a) an objection; (b) a review or appeal arising from an objection; (c) a request for amendment of an assessment. The extension lasts until the dispute is resolved.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-170"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-175", "Provision_Key": "s900-175", "Heading": "Commissioner may tell you to produce your records", "Text": "(1) The Commissioner may give you a written notice telling you to produce records of expenses specified in the notice. The records must be ones that you have to retain for the * retention period: you do not have to produce records if the retention period for those records is over. (2) The notice must give you 28 days or more to comply, starting on the day after the notice is given. The Commissioner may allow you more time to comply with the notice.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-175"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-180", "Provision_Key": "s900-180", "Heading": "How to comply with a notice", "Text": "(1) To comply with the notice, you must produce to the Commissioner, for each of the expenses, the material that this Division or Division 28 requires you to retain during the * retention period. (2) You must also produce a summary that, for each expense for which you produce written evidence (see Subdivision 900 ‑ E): (a) notes the expense; and (b) has a cross ‑ reference to the written evidence of the expense; and (c) summarises the particulars set out in the written evidence; and (d) if the expense was in a foreign currency—shows the amount of the expense in Australian currency. The summary must be in English in a form approved by the Commissioner.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-185", "Provision_Key": "s900-185", "Heading": "What happens if you don’t comply", "Text": "(1) If you do not comply with a notice for a particular expense, you cannot deduct the expense. If you have already deducted it, your assessment may be amended to disallow the deduction. (2) You do not commit an offence merely by not complying with the notice, despite section 8C of the Taxation Administration Act 1953 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-195", "Provision_Key": "s900-195", "Heading": "Commissioner’s discretion to review failure to substantiate", "Text": "Not doing something necessary to follow the rules in this Division does not affect your right to a deduction if the nature and quality of the evidence you have to substantiate your claim satisfies the Commissioner: (a) that you incurred the expense; and (b) that you are entitled to deduct the amount you claim.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-200", "Provision_Key": "s900-200", "Heading": "Reasonable expectation that substantiation would not be required", "Text": "Not doing something necessary to follow the rules in this Division does not affect your right to deduct an amount if the only reason was that you had a reasonable expectation that you would not need to do it in order to be able to deduct that amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-200"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 900-205", "Provision_Key": "s900-205", "Heading": "What if your documents are lost or destroyed?", "Text": "(1) If you have a complete copy of a document that is lost or destroyed during the * retention period, it is treated as the original from the time of the loss or destruction. (2) If you don’t have such a copy, but the Commissioner is satisfied that you took reasonable precautions to prevent the loss or destruction, the rest of this section explains what to do. (3) If the lost or destroyed document was a travel record, log book or other document that is not written evidence of an expense under Subdivision 900 ‑ E, you do not need to replace it; your deduction is not affected by your failing to retain or produce the document. (4) If the lost or destroyed document was written evidence, you must try to get a substitute document that meets all the original requirements (except the time limit for getting the original). (5) If you succeed, your deduction is not affected by your failing to retain or produce the original document. The substitute document is treated as the original from the time of the loss or destruction. (6) If it is not reasonably possible to succeed, your deduction is not affected by your failing to retain or produce the original document. (7) If it is reasonably possible for you to get a substitute document, but you don’t get one, this section does not protect you from the consequences of failing to retain or produce the original.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s900-205"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 905-5", "Provision_Key": "s905-5", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Inserted by No 146 of 2001, effective Sch 4 (items 92–101): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s905-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 909-1", "Provision_Key": "s909-1", "Heading": "Regulations", "Text": "(1) The Governor ‑ General may make regulations prescribing matters that: (a) this Act requires or permits to be prescribed; or (b) are necessary or convenient to prescribe for carrying out or giving effect to this Act. (2) The regulations may prescribe penalties for offences against the regulations. A penalty may not exceed a fine of 5 penalty units. Note: Section 4AA of the Crimes Act 1914 deals with penalty units.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s909-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 950-100", "Provision_Key": "s950-100", "Heading": "What forms part of this Act", "Text": "(1) These all form part of this Act: • the headings of the Chapters, Parts, Divisions and Subdivisions of this Act; • * Guides; • the headings of the sections and subsections of this Act; • the headings for groups of sections of this Act (group headings); • the notes and examples (however described) that follow provisions of this Act. (2) The asterisks used to identify defined terms form part of this Act. However, if a term is not identified by an asterisk, disregard that fact in deciding whether or not to apply to that term a definition or other interpretation provision.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s950-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 950-105", "Provision_Key": "s950-105", "Heading": "What does not form part of this Act", "Text": "These do not form part of this Act:  footnotes and endnotes;  Tables of Subdivisions;  Tables of sections.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s950-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 950-150", "Provision_Key": "s950-150", "Heading": "Guides, and their role in interpreting this Act", "Text": "(1) A Guide consists of: (a) sections under a heading indicating that what follows is a Guide to a particular Subdivision, Division etc.; or (b) a Subdivision, Division or Part that is identified as a Guide by a provision in the Subdivision, Division or Part. (2) Guides form part of this Act, but they are kept separate from the operative provisions. In interpreting an operative provision, a Guide may only be considered: (a) in determining the purpose or object underlying the provision; or (b) to confirm that the provision’s meaning is the ordinary meaning conveyed by its text, taking into account its context in the Act and the purpose or object underlying the provision; or (c) in determining the provision’s meaning if the provision is ambiguous or obscure; or (d) in determining the provision’s meaning if the ordinary meaning conveyed by its text, taking into account its context in the Act and the purpose or object underlying the provision, leads to a result that is manifestly absurd or is unreasonable.", "Amendment_Count": 1, "First_Amended": "No 16 of 1998", "Last_Amended": "No 16 of 1998", "Amending_Acts": "No 16 of 1998", "History_Notes": "Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s950-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-20", "Provision_Key": "s960-20", "Heading": "Utilisation", "Text": "(1) None of the following can be * utilised, to the extent it has already been utilised: (a) a * tax loss; (b) a * net capital loss; (c) * net exempt income. Utilisation of losses (2) A * tax loss is utilised to the extent that: (a) it is deducted from an amount of assessable income or * net exempt income; or (b) it is reduced by applying a * total net forgiven amount; or (c) it is * carried back. (3) A * net capital loss is utilised to the extent that: (a) it is applied to reduce an amount of * capital gains; or (b) it is reduced by applying a * total net forgiven amount. Utilisation of net exempt income (4) * Net exempt income for an income year is utilised to the extent that: (a) it is subtracted: (i) from deductions; or (ii) under subsection 268 ‑ 60(4) in Schedule 2F to the Income Tax Assessment Act 1936 or subsection 165 ‑ 70(4) or 175 ‑ 35(4) of this Act; in determining a * tax loss for the income year; or (b) because of it, the extent to which a tax loss can be deducted in that income year is reduced; or (c) because of it, an amount is reduced under subsection 35 ‑ 15(2) (about deferral of deductions from non ‑ commercial business activities); or (d) because of it, a quarantined amount is reduced under subsection 26 ‑ 47(8); or (e) it is reduced under subsection 65 ‑ 35(3) because of a * tax offset carried forward; or (f) because of it, an amount is reduced under step 2 of the method statement in subsection 160 ‑ 10(2) (which is a step in calculating a loss carry back tax offset component).", "Amendment_Count": 3, "First_Amended": "No 88 of 2013", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 88 of 2013 | No 96 of 2014 | No 92 of 2020", "History_Notes": "Inserted by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-49", "Provision_Key": "s960-49", "Heading": "Objects of this Subdivision", "Text": "The objects of this Subdivision are as follows: (a) to set out a basic rule requiring an amount in a * foreign currency to be translated into an Australian dollar amount (the basic rule is subject to the functional currency rules in Subdivision 960 ‑ D and to certain specific exclusions); (b) to ensure that the rules for identifying the exchange rate for the translation of a foreign currency amount into Australian dollars: (i) reflect an appropriate prevailing exchange rate; and (ii) take into account, as appropriate, commercial practices for the translation of foreign currency amounts into Australian dollars.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-49"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-50", "Provision_Key": "s960-50", "Heading": "Translation of amounts into Australian currency", "Text": "(1) For the purposes of this Act, an amount in a * foreign currency is to be translated into Australian currency. Examples of an amount (2) The following are examples of an amount: (a) an amount of * ordinary income; (b) an amount of an expense; (c) an amount of an obligation; (d) an amount of a liability; (e) an amount of a receipt; (f) an amount of a payment; (g) an amount of consideration; (h) a value. (3) The amounts set out in paragraphs (2)(b) to (h) may be amounts on revenue account, capital account or otherwise. Amounts that are elements in the calculation of other amounts (4) In applying this section: (a) first, translate any amounts that are elements in the calculation of other amounts (except * special accrual amounts); and (b) then, calculate the other amounts. Special accrual amounts (5) In applying this section: (a) calculate a * special accrual amount without translation; and (b) then, translate the special accrual amount. Special translation rules (6) The table has effect: Special translation rules Item In this case... this is the result... 1 forex realisation event 4 happens when you cease to have an obligation, or a part of an obligation, to pay * foreign currency, and neither of subparagraphs 775 ‑ 55(1)(b)(ii) and (iii) applies for the purposes of section 775 ‑ 55, the amount of the obligation, or the part of the obligation, at the tax recognition time (see subsection 775 ‑ 55(7)) is to be translated to Australian currency at the exchange rate applicable at that time. 2 cost of a * depreciating asset (a) if you incur an obligation in return for your starting to hold the asset, and the obligation is not satisfied before you begin to hold the asset (worked out under Division 40)—the cost of the asset is to be translated to Australian currency at the exchange rate applicable when you begin to hold the asset; or (b) if you incur an obligation in return for your starting to hold the asset, and the obligation is satisfied before you begin to hold the asset (worked out under Division 40)—the cost of the asset is to be translated to Australian currency at the exchange rate applicable when the obligation is satisfied. 3 value of an item of * trading stock on hand at the end of an income year, where you have elected to use its * cost the value is to be translated to Australian currency at the exchange rate applicable at the time when the item became on hand. 4 value of an item of * trading stock on hand at the end of an income year, where you have elected to use: (a) its market selling value; or (b) its replacement value the value is to be translated to Australian currency at the exchange rate applicable at the end of the income year. 5 a transaction or event that: (a) involves an amount of money or the * market value of other property; and (b) is relevant for the purposes of Part 3 ‑ 1 or 3 ‑ 3; to the extent to which the amount or value is relevant for the purposes of Part 3 ‑ 1 or 3 ‑ 3 the amount or value is to be translated, for the purposes of Part 3 ‑ 1 or 3 ‑ 3, to Australian currency at the exchange rate applicable at the time of the transaction or event. 6 an amount of * ordinary income (a) if the amount is received at or before the time when it is * derived—the amount is to be translated to Australian currency at the exchange rate applicable at the time of receipt; or (b) in any other case—the amount is to be translated to Australian currency at the exchange rate applicable when it is derived. 7 an amount of * statutory income (other than an amount included in assessable income under Division 102) (a) if the amount is received at or before the time when the requirement first arose to include it in your assessable income—the amount is to be translated to Australian currency at the exchange rate applicable at the time of receipt; or (b) in any other case—the amount is to be translated to Australian currency at the exchange rate applicable at the time when the requirement first arose to include it in your assessable income. 8 an amount that you deduct (other than under Division 40) (a) if the amount is paid at or before the time when it became deductible—the amount is to be translated to Australian currency at the exchange rate applicable at the time of payment; or (b) in any other case—the amount is to be translated to Australian currency at the exchange rate applicable at the time when it became deductible. 9 an amount that is relevant for the purposes of quantifying: (a) the total of all of a company’s * production expenditure on a * film; or (b) the total of the company’s * qualifying Australian production expenditure on a film; or (c) the company’s * total film expenditure on a film; to the extent to which the amount is relevant for the purposes of issuing a certificate under section 376 ‑ 20 or 376 ‑ 65 the amount is to be translated to Australian currency at the exchange rate applicable at the time when principal photography commences or production of the animated image commences. 9A an amount that is relevant for the purposes of quantifying: (a) the total of all of a company’s * production expenditure on a * film; or (b) the total of the company’s * qualifying Australian production expenditure on a film; to the extent to which the amount is relevant for the purposes of issuing a certificate under section 376 ‑ 45 the amount is to be translated to Australian currency at the exchange rate applicable when * post, digital and visual effects production for the film commences. 9B subject to item 9C, an amount that is relevant for the purposes of quantifying: (a) the total of all of a company’s * production expenditure on a * film; or (b) the total of the company’s * qualifying Australian production expenditure on a film; or (c) the company’s * total film expenditure on a film; to the extent to which the amount is relevant for the purposes of calculating an amount of a * tax offset under section 376 ‑ 15, 376 ‑ 40 or 376 ‑ 60 the amount is to be translated to Australian currency at the average of the exchange rates applicable from time to time during the period that qualifying Australian production expenditure is incurred on the film. 9C an amount that is relevant for the purposes of quantifying: (a) the total of all of a company’s * production expenditure on a * film; or (b) the total of the company’s * qualifying Australian production expenditure on a film; or (c) the company’s * total film expenditure on a film; to the extent to which the total of the company’s qualifying Australian production expenditure on a film is less than $15 million and the amount is relevant for the purposes of calculating an amount of a * tax offset under section 376 ‑ 60 the amount is to be translated to Australian currency at the exchange rate applicable at the time when expenditure is incurred on the film 9D an amount that is relevant for the purposes of quantifying a company’s * qualifying Australian development expenditure on a * digital game incurred in * completing the game to the extent to which the amount is relevant for the purposes of: (a) a certificate under subsection 378 ‑ 25(1) (completion certificate) in relation to the game; or (b) a determination under section 378 ‑ 30 in relation to such a certificate the amount is to be translated to Australian currency at the average of the exchange rates applicable from time to time during the period: (a) starting at the earliest time that the company incurred * development expenditure on the game in * completing the game; and (b) ending at the earlier of: (i) the last time the company incurred development expenditure on the game in completing the game; and (ii) the time the company applies for the issue of a certificate under section 378 ‑ 25(1) (completion certificate) in relation to the game. 9E an amount that is relevant for the purposes of quantifying a company’s * qualifying Australian development expenditure on a * digital game incurred in * porting the game to the extent to which the amount is relevant for the purposes of: (a) a certificate under section 378 ‑ 25(3) (porting certificate) in relation to the game; or (b) a determination under section 378 ‑ 30 in relation to such a certificate the amount is to be translated to Australian currency at the average of the exchange rates applicable from time to time during the period: (a) starting at the earliest time that the company incurred * development expenditure on the game in * porting the game; and (b) ending at the earlier of: (i) the last time the company incurred development expenditure on the game in porting the game; and (ii) the time the company applies for the issue of a certificate under subsection 378 ‑ 25(3) (porting certificate) in relation to the game. 9F an amount that is relevant for the purposes of quantifying a company’s * qualifying Australian development expenditure on a * digital game or games incurred in an income year on the * ongoing development of the games in the income year to the extent to which the amount is relevant for the purposes of: (a) a certificate under subsection 378 ‑ 20(5) (ongoing development certificate) in relation to the games for the income year; or (b) a determination under section 378 ‑ 30 in relation to such a certificate the amount is to be translated to Australian currency at the average of the exchange rates applicable from time to time during the period: (a) starting at the earliest time that the company incurred * development expenditure on the games in the income year on the * ongoing development of the games in the income year; and (b) ending at the earlier of: (i) the last time the company incurred development expenditure on the games in the income year on the ongoing development of the games in the income year; and (ii) the time the company applies for the issue of certificate under subsection 378 ‑ 25(5) (ongoing development certificate) in relation to the games for the income year. 10 an amount that Division 12 of Part 2.5 in Schedule 1 to the Taxation Administration Act 1953 requires to be withheld from a payment the amount is to be translated to Australian currency at the exchange rate applicable at the time when the amount is required to be withheld under that Division. 11 an amount of a receipt or a payment, where none of the above items apply the amount is to be translated to Australian currency at the exchange rate applicable at the time of the receipt or payment. (7) Subsection (6) has effect subject to any modifications made by the regulations. (7A) Despite subsections (6) and (7), an amount that is relevant for the purposes of quantifying, for the purposes of section 960 ‑ 565, the * annual global income of an entity as shown in * global financial statements for the entity is to be translated into Australian currency at the average exchange rate applicable for the period for which the statements are prepared. (7B) For the purposes of subsection (7A): (a) the entity must obtain: (i) all of the exchange rates that it will use to work out the average exchange rate; or (ii) an average exchange rate that has been worked out for the period referred to in that subsection; from one or more sources that are not * associates of the entity, and not the entity itself, or from one or more sources specified by the Commissioner in a notice to the entity; and (b) the entity must use the average exchange rate so worked out in translating into Australian currency any amount referred to in that subsection that is relevant to that period. (7C) A notice under paragraph (7B)(a) is not a legislative instrument. Regulations about translation (8) An entity must comply with the regulations (if any) in translating an amount into Australian currency. Note: For example, the regulations could require the use of a particular translation method and require consistency in the use of the translation method. (9) Regulations made for the purposes of subsection (8) may make provision in relation to a matter by applying, adopting or incorporating (with or without modifications) matter contained in any of the * accounting standards: (a) as in force or existing at a particular time; or (b) as in force or existing from time to time. (9A) Regulations made for the purposes of subsection (8) do not apply to translating an amount into Australian currency under subsection (7A), unless they provide otherwise. Operation of certain provisions unaffected (10) This section does not affect the operation of the following provisions: (aa) section 220 ‑ 110 ( * maximum franking credit); (a) section 775 ‑ 210 (notional loans under * facility agreements); (b) Subdivision 960 ‑ D (functional currency); (c) subsection 974 ‑ 35(6) (valuation of financial benefits for the purposes of the debt/equity provisions).", "Amendment_Count": 10, "First_Amended": "No 67 of 2003", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 67 of 2003 | No 133 of 2003 | No 58 of 2006 | No 164 of 2007 | No 114 of 2010 | No 46 of 2011 | No 147 of 2011 | No 170 of 2015 | No 49 of 2020 | No 29 of 2023", "History_Notes": "Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 46 of 2011, effective Schedule 2 (items 693–697) and Schedule 3 (items 10, 11): 27 Dec 2011 | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1) | Amended by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-55", "Provision_Key": "s960-55", "Heading": "Application of translation rules", "Text": "(1) Section 960 ‑ 50 applies to: (a) a transaction, event or thing that: (i) involves an amount in a * foreign currency; and (ii) occurs on or after the applicable commencement date (within the meaning of Division 775); or (b) a transaction, event or thing that: (i) involves an amount in a foreign currency; and (ii) occurs before the applicable commencement date (within the meaning of Division 775); to the extent to which the transaction, event or thing is relevant for the purposes of Division 775; or (c) an amount that Division 12 of Part 2 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 requires to be withheld from a payment, if the time when the amount is required to be withheld occurs on or after 1 July 2003; or (d) a payment that Part 5 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 requires to be reported, if the amount is paid on or after 1 July 2003. Note: For applicable commencement date , see section 775 ‑ 155. Exceptions (2) Despite subsection (1), section 960 ‑ 50 does not apply to a transaction, event or thing that involves: (a) an amount covered by subsection 775 ‑ 165(1); or (b) a right, or a part of a right, covered by subsection 775 ‑ 165(2); or (c) an obligation, or a part of an obligation, covered by subsection 775 ‑ 165(4). Note: Subsections 775 ‑ 165(1), (2) and (4) are transitional provisions relating to forex realisation events.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-56", "Provision_Key": "s960-56", "Heading": "What this Subdivision is about", "Text": "The net income of any of the following entities (or parts of entities) that keeps its accounts solely or predominantly in a particular foreign currency can be worked out in that currency, with the net amount being translated into Australian currency: (a) an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ; (b) a permanent establishment; (c) an offshore banking unit; (d) a controlled foreign company (CFC); (e) a transferor trust. Table of sections Operative provisions 960 ‑ 59 Object of this Subdivision 960 ‑ 60 You may choose a functional currency 960 ‑ 61 Functional currency for calculating capital gains and losses on indirect Australian real property interests 960 ‑ 65 Backdated startup choice 960 ‑ 70 What is the applicable functional currency ? 960 ‑ 75 What is a transferor trust ? 960 ‑ 80 Translation rules 960 ‑ 85 Special rule about translation—events that happened before the current choice took effect 960 ‑ 90 Withdrawal of choice", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-56"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-59", "Provision_Key": "s960-59", "Heading": "Object of this Subdivision", "Text": "The object of this Subdivision is, for the purposes of reducing compliance costs and reflecting commercial practice, to allow certain entities (or parts of entities) whose accounts are kept solely or predominantly in a particular * foreign currency (the functional currency ) to calculate their net incomes by reference to the functional currency.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-59"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-60", "Provision_Key": "s960-60", "Heading": "You may choose a functional currency", "Text": "(1) The table has effect: Choosing to use a functional currency Item If you are: you may choose to use the * applicable functional currency to... with effect from the start of... 1 an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 work out so much of your taxable income or tax loss as is not subject to a choice made by you under any of the other items of this table (a) if the choice you make under this item is a backdated startup choice (see section 960 ‑ 65)—the income year in which you make the choice; or (b) in any other case—the income year following the one in which you make the choice. 2 (a) an Australian resident carrying on an activity or business at or through an * overseas permanent establishment; or (b) a foreign resident carrying on an activity or business at or through an * Australian permanent establishment work out the taxable income or tax loss derived from the activity or business carried on at or through the permanent establishment (a) if the choice you make under this item is a backdated startup choice (see section 960 ‑ 65)—the income year in which you make the choice; or (b) in any other case—the income year following the one in which you make the choice. 3 an * offshore banking unit work out your total assessable OB income (within the meaning of Division 9A of Part III of the Income Act Assessment Act 1936 ) and your total allowable OB deductions (within the meaning of that Division) (a) if the choice you make under this item is a backdated startup choice (see section 960 ‑ 65)—the income year in which you make the choice; or (b) in any other case—the income year following the one in which you make the choice. 4 an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of a * controlled foreign company (CFC) work out the * attributable income of the CFC (a) if the choice you make under this item is a backdated startup choice (see section 960 ‑ 65)—the CFC’s * statutory accounting period in which you make the choice; or (b) in any other case—the CFC’s statutory accounting period following the one in which you make the choice. 5 a * transferor trust work out your attributable income (within the meaning of Division 6AAA of Part III of the Income Tax Assessment Act 1936 ) (a) if the choice you make under this item is a backdated startup choice (see section 960 ‑ 65)—the income year in which you make the choice; or (b) in any other case—the income year following the one in which you make the choice. Note: The attributable income of a controlled foreign company is calculated separately for each attributable taxpayer—see section 381 of the Income Tax Assessment Act 1936 . (2) A choice must be in writing. (3) A choice under item 1 of the table in subsection (1) continues in effect until: (a) a withdrawal of the choice takes effect (see section 960 ‑ 90); or (b) immediately after the end of the income year in which you cease to be subject to a requirement to prepare financial reports under section 292 of the Corporations Act 2001 ; whichever happens first. (4) A choice under item 2, 3, 4 or 5 of the table in subsection (1) continues in effect until a withdrawal of the choice takes effect (see section 960 ‑ 90).", "Amendment_Count": 4, "First_Amended": "No 133 of 2003", "Last_Amended": "No 15 of 2009", "Amending_Acts": "No 133 of 2003 | No 96 of 2004 | No 41 of 2005 | No 15 of 2009", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-61", "Provision_Key": "s960-61", "Heading": "Functional currency for calculating capital gains and losses on indirect Australian real property interests", "Text": "(1) Subsection (2) applies if: (a) you are a foreign resident; and (b) a * CGT event happens in relation to a * CGT asset that is an * indirect Australian real property interest for you; and (c) the sole or predominant currency in which you keep your accounts at the time of the CGT event is a currency other than Australian currency. (2) You must use the * applicable functional currency to work out the amount of your * capital gain or * capital loss (if any).", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-61"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-65", "Provision_Key": "s960-65", "Heading": "Backdated startup choice", "Text": "The table has effect: Backdated startup choice Item In this case: the choice is a backdated startup choice if... 1 you make a choice under item 1 of the table in subsection 960 ‑ 60(1) (a) both: (i) you were in existence at the start of the income year in which you made the choice; and (ii) you make the choice within 90 days after the beginning of that income year or within 30 days after the commencement of this section; or (b) both: (i) you came into existence during the income year in which you made the choice; and (ii) you make the choice within 90 days after you came into existence or within 30 days after the commencement of this section. 2 you make a choice under item 2 of the table in subsection 960 ‑ 60(1) (a) both: (i) the permanent establishment was in existence at the start of the income year in which you made the choice; and (ii) you make the choice within 90 days after the beginning of that income year or within 30 days after the commencement of this section; or (b) both: (i) the permanent establishment came into existence during the income year in which you made the choice; and (ii) you make the choice within 90 days after the permanent establishment came into existence or within 30 days after the commencement of this section. 3 you make a choice under item 3 of the table in subsection 960 ‑ 60(1) (a) both: (i) the * offshore banking unit was in existence at the start of the income year in which you made the choice; and (ii) you make the choice within 90 days after the beginning of that income year or within 30 days after the commencement of this section; or (b) both: (i) the offshore banking unit came into existence during the income year in which you made the choice; and (ii) you make the choice within 90 days after the offshore banking unit came into existence or within 30 days after the commencement of this section. 4 you make a choice under item 4 of the table in subsection 960 ‑ 60(1) (a) both: (i) you are an attributable taxpayer of the CFC at the beginning of the CFC’s * statutory accounting period in which you made the choice; and (ii) you make the choice within 90 days after the beginning of the CFC’s statutory accounting period or within 30 days after the commencement of this section; or (b) both: (i) you became an attributable taxpayer in relation to the CFC during the CFC’s statutory accounting period during which you made the choice; and (ii) you make the choice within 90 days after the beginning of the CFC’s statutory accounting period or within 30 days after the commencement of this section. 5 you make a choice under item 5 of the table in subsection 960 ‑ 60(1) you make the choice within 90 days after the beginning of an income year or within 30 days after the commencement of this section.", "Amendment_Count": 2, "First_Amended": "No 133 of 2003", "Last_Amended": "No 96 of 2004", "Amending_Acts": "No 133 of 2003 | No 96 of 2004", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 96 of 2004, effective 29 June 2004", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-70", "Provision_Key": "s960-70", "Heading": "What is the applicable functional currency ?", "Text": "Australian resident required to prepare financial reports under section 292 of the Corporations Act 2001 (1) If you make a choice under item 1 of the table in subsection 960 ‑ 60(1) with effect from the start of a particular income year, your applicable functional currency for: (a) that income year; and (b) each later income year for which the choice is in effect; is the sole or predominant * foreign currency in which you kept your accounts at the time when you made the choice. Permanent establishment, offshore banking unit or transferor trust (2) If you make a choice under item 2, 3 or 5 of the table in subsection 960 ‑ 60(1) in relation to a * permanent establishment, an * offshore banking unit or a * transferor trust with effect from the start of a particular income year, the applicable functional currency of the establishment, unit or trust for: (a) that income year; and (b) each later income year for which the choice is in effect; is the sole or predominant * foreign currency in which the establishment, unit or trust kept its accounts at the time when you made the choice. Controlled foreign company (3) If you make a choice under item 4 of the table in subsection 960 ‑ 60(1) in relation to a * controlled foreign company (CFC) with effect from the start of a particular * statutory accounting period, the applicable functional currency of the CFC for: (a) that statutory accounting period; and (b) each later statutory accounting period for which the choice is in effect; is the sole or predominant * foreign currency in which the CFC kept its accounts at the time when you made the choice. Note: The attributable income of a controlled foreign company is calculated separately for each attributable taxpayer—see section 381 of the Income Tax Assessment Act 1936 . Calculating capital gains and losses on indirect Australian real property interests (3A) If subsection 960 ‑ 61(2) applies, your applicable functional currency for the purposes of that subsection is the sole or predominant currency in which you keep your accounts at the time of the * CGT event. Accounts (4) For the purposes of this section, accounts means: (a) ledgers; and (b) journals; and (c) statements of financial performance; and (d) profit and loss accounts; and (e) balance ‑ sheets; and (f) statements of financial position; and includes statements, reports and notes attached to, or intended to be read with, any of the foregoing.", "Amendment_Count": 3, "First_Amended": "No 133 of 2003", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 133 of 2003 | No 96 of 2004 | No 168 of 2006", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-75", "Provision_Key": "s960-75", "Heading": "What is a transferor trust ?", "Text": "A transferor trust is a trust where, having regard to all relevant circumstances, it would be reasonable to conclude that another entity is, or is likely to be, an attributable taxpayer in relation to the trust for the purposes of Division 6AAA of Part III of the Income Tax Assessment Act 1936 .", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-80", "Provision_Key": "s960-80", "Heading": "Translation rules", "Text": "(1) The table has effect: Translation rules Item In this case... these rules apply... 1 (a) you are an Australian resident required to prepare financial reports under section 292 of the Corporations Act 2001 ; and (b) you have made a choice under item 1 of the table in subsection 960 ‑ 60(1), and that choice is in effect for an income year (a) first, for the purpose of working out, for the income year, so much of your taxable income or tax loss as is not the subject of a choice made by you under any other item of that table: (i) an amount that is not in the * applicable functional currency is to be translated into the applicable functional currency; and (ii) the definition of foreign currency in subsection 995 ‑ 1(1) does not apply; and (iii) the applicable functional currency is taken not to be a foreign currency; and (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; and (b) second, so much of your taxable income as is not the subject of a choice made by you under any other item of that table is to be translated into Australian currency. 2 (a) you are: (i) an Australian resident carrying on an activity or business at or through an * overseas permanent establishment; or (ii) a foreign resident carrying on an activity or business at or through an * Australian permanent establishment; and (b) you have made a choice under item 2 of the table in subsection 960 ‑ 60(1) in relation to the permanent establishment, and that choice is in effect for an income year (a) first, for the purpose of working out, for the income year, the taxable income or tax loss derived from the activity or business carried on at or through the permanent establishment: (i) an amount that is not in the * applicable functional currency is to be translated into the applicable functional currency; and (ii) the definition of foreign currency in subsection 995 ‑ 1(1) does not apply; and (iii) the applicable functional currency is taken not to be a foreign currency; and (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; and (b) second, the taxable income derived from the activity or business carried on at or through the permanent establishment is to be translated into Australian currency. 3 (a) you are an * offshore banking unit (OBU); and (b) you have made a choice under item 3 of the table in subsection 960 ‑ 60(1) in relation to the OBU, and that choice is in effect for an income year (a) first, for the purpose of working out, for the income year, your total assessable OB income (within the meaning of Division 9A of Part III of the Income Tax Assessment Act 1936 ) and your total OB deductions (within the meaning of that Division): (i) an amount that is not in the * applicable functional currency is to be translated into the applicable functional currency; and (ii) the definition of foreign currency in subsection 995 ‑ 1(1) does not apply; and (iii) the applicable functional currency is taken not to be a foreign currency; and (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; and (b) second, the total assessable OB income and the total allowable OB deductions are to be translated into Australian currency. 4 (a) you are an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of a * controlled foreign company (CFC); and (b) you have made a choice under item 4 of the table in subsection 960 ‑ 60(1) in relation to the CFC, and that choice is in effect for a * statutory accounting period of the CFC (a) first, for the purpose of working out, for the statutory accounting period, the * attributable income of the CFC: (i) an amount that is not in the * applicable functional currency is to be translated into the applicable functional currency; and (ii) the definition of foreign currency in subsection 995 ‑ 1(1) does not apply; and (iii) the applicable functional currency is taken not to be a foreign currency; and (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; and (b) second, the attributable income is to be translated into Australian currency. 5 (a) you are a * transferor trust; and (b) you have made a choice under item 5 of the table in subsection 960 ‑ 60(1) in relation to the trust, and that choice is in effect for an income year (a) first, for the purpose of working out, for the income year, your attributable income (within the meaning of Division 6AAA of Part III of the Income Tax Assessment Act 1936 ): (i) an amount that is not in the * applicable functional currency is to be translated into the applicable functional currency; and (ii) the definition of foreign currency in subsection 995 ‑ 1(1) does not apply; and (iii) the applicable functional currency is taken not to be a foreign currency; and (iv) Australian currency and any other currency (except the applicable functional currency) are taken to be foreign currencies; and (b) second, the attributable income is to be translated into Australian currency. 6 (a) you are a * foreign resident who makes a * capital gain or * capital loss from a * CGT event in relation to an asset that is an * indirect Australian real property interest; and (b) you are required by subsection 960 ‑ 61(2) to work out the amount of your capital gain or capital loss in the * applicable functional currency (a) first, for the purpose of working out, for the income year, the amount of your capital gain or capital loss from the CGT event, an amount that is not in the applicable functional currency is to be translated into the applicable functional currency; and (b) second, the amount of the capital gain or capital loss is to be translated into Australian currency. Note: The attributable income of a controlled foreign company is calculated separately for each attributable taxpayer—see section 381 of the Income Tax Assessment Act 1936 . Examples of an amount (2) The following are examples of an amount: (a) an amount of * ordinary income; (b) an amount of an expense; (c) an amount of an obligation; (d) an amount of a liability; (e) an amount of a receipt; (f) an amount of a payment; (g) an amount of consideration; (h) a value; (i) a monetary limit or other amount set out in this Act or any other law of the Commonwealth. (3) The amounts set out in paragraphs (2)(b) to (i) may be amounts on revenue account, capital account or otherwise. Amounts that are elements in the calculation of other amounts (4) In applying this section: (a) first, translate any amounts that are elements in the calculation of other amounts (except * special accrual amounts); and (b) then, calculate the other amounts. Special accrual amounts (5) In applying this section: (a) calculate a * special accrual amount without translation and without applying the first rule set out in the relevant item of the table in subsection (1); and (b) then, translate the special accrual amount to Australian currency for the purposes of applying the second rule set out in the relevant item of the table in subsection (1). Special translation rules (6) Subsection 960 ‑ 50(6) has effect, in relation to the translation of an amount into the * applicable functional currency, as if each reference in that subsection to Australian currency were a reference to the applicable functional currency. Regulations about translation (7) An entity must comply with the regulations (if any) in translating an amount into: (a) the * applicable functional currency; or (b) Australian currency. Note: For example, the regulations could require the use of a particular translation method and require consistency in the use of the translation method. (8) Regulations made for the purposes of subsection (7) may make provision in relation to a matter by applying, adopting or incorporating (with or without modifications) matter contained in any of the * accounting standards: (a) as in force or existing at a particular time; or (b) as in force or existing from time to time.", "Amendment_Count": 4, "First_Amended": "No 133 of 2003", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 133 of 2003 | No 96 of 2004 | No 41 of 2005 | No 168 of 2006", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-85", "Provision_Key": "s960-85", "Heading": "Special rule about translation—events that happened before the current choice took effect", "Text": "Australian resident required to prepare financial reports under section 292 of the Corporations Act 2001 (1) If: (a) as the result of a choice (the current choice ) made by you under item 1 of the table in subsection 960 ‑ 60(1), subsection 960 ‑ 80(1) requires that an amount be translated to the * applicable functional currency; and (b) the amount is attributable to an event that happened, or a state of affairs that came into existence, at a time (the event time ) before the current choice took effect; the table has effect: Special rule about translation Item In this case... this is the result... 1 at the event time, no previous choice made by you under item 1 of the table in subsection 960 ‑ 60(1) was in effect the amount is to be translated first to Australian currency at the exchange rate applicable at the event time, and then to the * applicable functional currency at the exchange rate applicable when the current choice took effect. 2 at the event time, a previous choice made by you under item 1 of the table in subsection 960 ‑ 60(1) was in effect the amount is to be translated first to the previous * applicable functional currency at the exchange rate applicable at the event time, and then to the current applicable functional currency at the exchange rate applicable when the current choice took effect. Permanent establishment, offshore banking unit, CFC or transferor trust (2) If: (a) as the result of a choice (the current choice ) made by you under item 2, 3, 4 or 5 of the table in subsection 960 ‑ 60(1), subsection 960 ‑ 80(1) requires that an amount be translated to the * applicable functional currency; and (b) the amount is attributable to an event that happened, or a state of affairs that came into existence, at a time (the event time ) before the current choice took effect; the table has effect: Special rule about translation Item In this case... this is the result... 1 at the event time, no previous choice made by you under section 960 ‑ 60 in relation to the establishment, unit, CFC or trust was in effect the amount is to be translated first to Australian currency at the exchange rate applicable at the event time, and then to the * applicable functional currency at the exchange rate applicable when the current choice took effect. 2 at the event time, a previous choice made by you under section 960 ‑ 60 in relation to the establishment, unit, CFC or trust was in effect the amount is to be translated first to the previous * applicable functional currency at the exchange rate applicable at the event time, and then to the current applicable functional currency at the exchange rate applicable when the current choice took effect.", "Amendment_Count": 1, "First_Amended": "No 133 of 2003", "Last_Amended": "No 133 of 2003", "Amending_Acts": "No 133 of 2003", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-90", "Provision_Key": "s960-90", "Heading": "Withdrawal of choice", "Text": "(1) The table has effect if you have made a choice under section 960 ‑ 60: Withdrawal Item In this case: you may withdraw your choice with effect from immediately after the end of... 1 (a) you are an Australian resident who is required to prepare financial reports under section 292 of the Corporations Act 2001 ; and (b) your * applicable functional currency has ceased to be the sole or predominant currency in which you keep your accounts (within the meaning of section 960 ‑ 70) the income year in which you withdraw your choice. 2 (a) you are an Australian resident carrying on an activity or business at or through an * overseas permanent establishment or a foreign resident carrying on an activity or business at or through an * Australian permanent establishment; and (b) the * applicable functional currency of the permanent establishment has ceased to be the sole or predominant currency in which the establishment keeps its accounts (within the meaning of section 960 ‑ 70) the income year in which you withdraw your choice. 3 (a) you are an * offshore banking unit (OBU); and (b) the * applicable functional currency of the OBU has ceased to be the sole or predominant currency in which the OBU keeps its accounts (within the meaning of section 960 ‑ 70) the income year in which you withdraw your choice. 4 (a) you are an attributable taxpayer (within the meaning of Part X of the Income Tax Assessment Act 1936 ) of a * controlled foreign company (CFC); and (b) you have made a choice under item 4 of the table in subsection 960 ‑ 60(1) in relation to the CFC; and (c) the * applicable functional currency of the CFC has ceased to be the sole or predominant currency in which the CFC keeps its accounts (within the meaning of section 960 ‑ 70) the CFC’s * statutory accounting period in which you withdraw your choice. 5 (a) you are a * transferor trust; and (b) the * applicable functional currency of the trust has ceased to be the sole or predominant currency in which the trust keeps its accounts (within the meaning of section 960 ‑ 70) the income year in which you withdraw your choice. (2) A withdrawal must be in writing. (3) Withdrawing a choice does not prevent you from making a fresh choice under section 960 ‑ 60.", "Amendment_Count": 3, "First_Amended": "No 133 of 2003", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 133 of 2003 | No 96 of 2004 | No 41 of 2005", "History_Notes": "Inserted by No 133 of 2003, effective 17 Dec 2003 | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-100", "Provision_Key": "s960-100", "Heading": "Entities", "Text": "(1) Entity means any of the following: (a) an individual; (b) a body corporate; (c) a body politic; (d) a partnership; (e) any other unincorporated association or body of persons; (f) a trust; (g) a * superannuation fund; (h) an * approved deposit fund. Note: The term entity is used in a number of different but related senses. It covers all kinds of legal person. It also covers groups of legal persons, and other things, that in practice are treated as having a separate identity in the same way as a legal person does. (1A) Paragraph (1)(e) does not include a * non ‑ entity joint venture. (2) The trustee of a trust, of a * superannuation fund or of an * approved deposit fund is taken to be an entity consisting of the person who is the trustee, or the persons who are the trustees, at any given time. Note 1: This is because a right or obligation cannot be conferred or imposed on an entity that is not a legal person. Note 2: The entity that is the trustee of a trust or fund does not change merely because of a change in the person who is the trustee of the trust or fund, or persons who are the trustees of the trust or fund. (3) A legal person can have a number of different capacities in which the person does things. In each of those capacities, the person is taken to be a different entity . Example: In addition to his or her personal capacity, an individual may be: • sole trustee of one or more trusts; and • one of a number of trustees of a further trust. In his or her personal capacity, he or she is one entity. As trustee of each trust, he or she is a different entity. The trustees of the further trust are a different entity again, of which the individual is a member. (4) If a provision refers to an entity of a particular kind, it refers to the entity in its capacity as that kind of entity, not to that entity in any other capacity. Example: A provision that refers to a company does not cover a company in a capacity as trustee, unless it also refers to a trustee. Note: Under section 87 ‑ 35, certain parts of Australian governments and authorities are treated as separate entities for the purposes of ascertaining whether another entity is conducting a personal services business.", "Amendment_Count": 5, "First_Amended": "No 86 of 2000", "Last_Amended": "No 19 of 2010", "Amending_Acts": "No 86 of 2000 | No 92 of 2000 | No 58 of 2006 | No 9 of 2007 | No 19 of 2010", "History_Notes": "Amended by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 92 of 2000, effective Sch 7 (items 28–30): 1 July 2000 (s 2(1)) | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-105", "Provision_Key": "s960-105", "Heading": "Certain entities treated as agents", "Text": "(1) This Act applies to an entity as if the entity were an agent of another entity (the principal ) if: (a) the principal is outside Australia; and (b) the entity is in Australia and, on behalf of the principal, holds money of the principal or has control, receipt or disposal of money of the principal. (2) This Act, or a provision of this Act, applies to an entity as if the entity were an agent of another entity if the Commissioner determines in writing that the entity is the agent or sole agent of the other entity for the purposes of this Act or of that provision. (3) A determination under subsection (2) is not a legislative instrument.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-115", "Provision_Key": "s960-115", "Heading": "Meaning of corporate tax entity", "Text": "An entity is a corporate tax entity at a particular time if: (a) the entity is a company at that time; or (b) the entity is a * corporate limited partnership in relation to the income year in which that time occurs; or (d) the entity is a * public trading trust in relation to the income year in which that time occurs.", "Amendment_Count": 2, "First_Amended": "No 162 of 2001", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 162 of 2001 | No 53 of 2016", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-120", "Provision_Key": "s960-120", "Heading": "Meaning of distribution", "Text": "(1) What constitutes a distribution by various * corporate tax entities is set out in the following table: Distribution Item Corporate tax entity Distribution 1 company a dividend, or something that is taken to be a dividend, under this Act 2 * corporate limited partnership (a) a distribution made by the partnership, whether in money or in other property, to a partner in the partnership, other than a distribution, or so much of a distribution, as is attributable to profits or gains arising during an income year in relation to which the partnership was not a corporate limited partnership (b) something that is taken to be a dividend by the partnership under this Act 4 * public trading trust a unit trust dividend, as defined in section 102M of the Income Tax Assessment Act 1936 (2) A * corporate tax entity makes a distribution in the form of a dividend on the day on which the dividend is paid, or taken to have been paid.", "Amendment_Count": 3, "First_Amended": "No 162 of 2001", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 162 of 2001 | No 97 of 2008 | No 53 of 2016", "History_Notes": "Inserted by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-130", "Provision_Key": "s960-130", "Heading": "Members of entities", "Text": "(1) The following table sets out who is a member of various entities. Members Item Entity Member 1 company a member of the company or a stockholder in the company 2 partnership a partner in the partnership 3 trust (except a * public trading trust) a beneficiary, unitholder or object of the trust 5 * public trading trust a unitholder of the trust (2) If 2 or more entities jointly hold interests or rights that give rise to membership of another entity, each of them is a member of the other entity. (3) An entity is not a member of another entity just because the entity holds one or more interests or rights relating to the other entity that are * debt interests. This subsection has effect despite subsections (1) and (2) of this section. Example: An entity is not a member of a company as defined in this section merely because it is a member of the company in the ordinary sense of the term because it holds a finance share in the company, if the finance share is a debt interest. However, if the entity holds other shares in the company that are not debt interests, it will be a member because of those other shares.", "Amendment_Count": 2, "First_Amended": "No 68 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 68 of 2002 | No 53 of 2016", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-135", "Provision_Key": "s960-135", "Heading": "Membership interest in an entity", "Text": "If you are a * member of an entity: (a) each interest, or set of interests, in the entity; or (b) each right, or set of rights, in relation to the entity; by virtue of which you are a member of the entity is a membership interest of yours in the entity. Note: In conjunction with subsection 960 ‑ 130(3), this means that a debt interest is not a membership interest. Example: A member of a company holds a finance share in a company that is a debt interest and some other shares in the company that are not debt interests. Only the other shares are membership interests in the company. The finance share is not, because the member is not a member of the company because of that share (see subsection 960 ‑ 130(3)).", "Amendment_Count": 1, "First_Amended": "No 68 of 2002", "Last_Amended": "No 68 of 2002", "Amending_Acts": "No 68 of 2002", "History_Notes": "Inserted by No 68 of 2002, effective 24 Oct 2002 ( see s. 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-140", "Provision_Key": "s960-140", "Heading": "Ordinary membership interest", "Text": "A * membership interest in a * corporate tax entity is an ordinary membership interest if: (a) in the case of a membership interest in a company—it is an ordinary share; and (b) in the case of a membership interest in a * corporate limited partnership—it is an interest in the income of the partnership; and (c) in the case of a membership interest in a * public trading trust—it is a unit in the trust.", "Amendment_Count": 3, "First_Amended": "No 90 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 90 of 2002 | No 41 of 2005 | No 53 of 2016", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-180", "Provision_Key": "s960-180", "Heading": "Total participation interest", "Text": "An entity’s total participation interest at a particular time in another entity is the sum of: (a) the entity’s * direct participation interest in the other entity at that time; and (b) the entity’s * indirect participation interest in the other entity at that time.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-180"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-185", "Provision_Key": "s960-185", "Heading": "Indirect participation interest", "Text": "(1) Work out the indirect participation interest that an entity (the holding entity ) holds at a particular time in another entity (the test entity ) by multiplying: (a) the holding entity’s * direct participation interest (if any) in another entity (the intermediate entity ) at that time; by: (b) the sum of: (i) the intermediate entity’s direct participation interest (if any) in the test entity at that time; and (ii) the intermediate entity’s indirect participation interest (if any) in the test entity at that time (as worked out under one or more other applications of this section). (2) If there is more than one intermediate entity to which paragraph (1)(a) applies at that time, the holding entity’s indirect participation interest is the sum of the percentages worked out under subsection (1) in relation to each of those intermediate entities.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-185"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-190", "Provision_Key": "s960-190", "Heading": "Direct participation interest", "Text": "(1) Use the following table to work out the direct participation interest that one entity holds in another entity. Direct participation interest If the other entity is this kind of entity: the direct participation interest that the first entity holds in the other entity is: 1 A company (within the meaning of Part X of the Income Tax Assessment Act 1936 ) the direct control interest (within the meaning of section 350 of the Income Tax Assessment Act 1936 ) that the first entity holds in the other entity 2 A trust (within the meaning of Part X of the Income Tax Assessment Act 1936 ) the direct control interest (within the meaning of section 351 of the Income Tax Assessment Act 1936 ) that the first entity holds in the other entity 3 A partnership the direct control interest (within the meaning of section 350 of the Income Tax Assessment Act 1936 ) that the first entity would hold in the other entity, if the assumptions in subsection (3) of this section were made (2) For the purposes of subsection (1): (a) apply sections 350 and 351 of the Income Tax Assessment Act 1936 as if those sections apply for the purposes of this Division rather than only for the purposes of Part X of that Act; and (b) do not apply subsections 350(6) and (7) and 351(3) and (4) of that Act. (3) For the purposes of item 3 of the table in subsection (1), assume that: (a) the * partnership is a company; and (b) the partners in the partnership are shareholders in the company; and (c) the total amount of assets or capital contributed to the partnership is the total paid ‑ up share capital of the company; and (d) a partner’s right of distribution of capital, assets or profits on the dissolution of the partnership is a shareholder’s right to distribution of capital or profits of the company on winding ‑ up; and (e) a partner’s right of distribution of capital, assets or profits otherwise than on the dissolution of the partnership is a shareholder’s right to distribution of capital or profits of the company otherwise than on winding ‑ up.", "Amendment_Count": 2, "First_Amended": "No 168 of 2006", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 168 of 2006 | No 88 of 2009", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-190"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-195", "Provision_Key": "s960-195", "Heading": "Non ‑ portfolio interest test", "Text": "An interest held by an entity (the holding entity ) in another entity (the test entity ) passes the non ‑ portfolio interest test at a time if the sum of the * direct participation interests held by the holding entity and its * associates in the test entity at that time is 10% or more.", "Amendment_Count": 1, "First_Amended": "No 168 of 2006", "Last_Amended": "No 168 of 2006", "Amending_Acts": "No 168 of 2006", "History_Notes": "Inserted by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-195"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-220", "Provision_Key": "s960-220", "Heading": "Meaning of trading", "Text": "Shares in a listed public company (1) There is a trading in * shares in a company if there is an issue, redemption or transfer of those shares, or any other dealing in those shares, but only if it changes the respective proportions in which all the registered holders of shares in the company: (a) can exercise the voting power in the company; or (b) have the right to receive, as registered holders (whether or not for their own benefit) any dividends that the company may pay; or (c) have the right to receive, as registered holders (whether or not for their own benefit) any distribution of capital of the company. Note: A special rule applies in working out whether an asset has stopped being a pre ‑ CGT asset: see section 149 ‑ 10. Units in a unit trust (2) There is a trading in units in a unit trust if there is an issue, redemption or transfer of those units, or any other dealing in those units, but only if it changes the respective proportions in which all the registered holders of units in the trust hold (whether beneficially or not) interests in the trust income or trust capital. Note: A special rule applies in working out whether an asset has stopped being a pre ‑ CGT asset: see section 149 ‑ 10.", "Amendment_Count": 2, "First_Amended": "No 16 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 16 of 1998 | No 46 of 1998", "History_Notes": "Repealed and substituted by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-220"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-225", "Provision_Key": "s960-225", "Heading": "Abnormal trading", "Text": "(1) There is an abnormal trading in * shares in a company, or in units in a unit trust, if a * trading in the shares or units is abnormal having regard to all relevant factors, including these: (a) the timing of the trading, when compared with the normal timing for trading in the company’s shares or in the trust’s units; (b) the number of shares or units traded, when compared with the normal number of the company’s shares, or the trust’s units, traded; (c) any connection between the trading and any other trading in the company’s shares or in the trust’s units; (d) any connection between the trading and a * tax loss or other deduction of the company or trust. (2) There may also be an abnormal trading under any of the following provisions.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-225"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-230", "Provision_Key": "s960-230", "Heading": "Abnormal trading—5% of shares or units in one transaction", "Text": "There is an abnormal trading in * shares in a company, or in units in a unit trust, if 5% or more of the shares or units are * traded in one transaction.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-230"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-235", "Provision_Key": "s960-235", "Heading": "Abnormal trading—suspected 5% of shares or units in a series of transactions", "Text": "(1) There is an abnormal trading in * shares in a company, or in units in a unit trust, if the company or trustee knows or reasonably suspects that an entity (or an entity and one or more of the entity’s * associates) has acquired (or redeemed) 5% or more of the shares or units in 2 or more transactions and would not have done so if the company or trust did not have a * tax loss or other deduction. Time when abnormal trading happens (2) The * abnormal trading happens at the time of the particular transaction that causes the 5% figure to be exceeded.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-235"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-240", "Provision_Key": "s960-240", "Heading": "Abnormal trading—suspected acquisition or merger", "Text": "There is an abnormal trading in * shares in a company, or in units in a unit trust, if a * trading in those shares or units happens which the company or trustee knows or reasonably suspects is part of an acquisition or merger of the company with another company, or of the trust with another trust.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-240"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-245", "Provision_Key": "s960-245", "Heading": "Abnormal trading—20% of shares or units traded over 60 day period", "Text": "(1) There is an abnormal trading in * shares in a company or units in a unit trust if more than 20% of the shares or units are * traded during a 60 day period. Time when abnormal trading happens (2) The * abnormal trading happens at the end of the 60 day period concerned.", "Amendment_Count": 1, "First_Amended": "No 46 of 1998", "Last_Amended": "No 46 of 1998", "Amending_Acts": "No 46 of 1998", "History_Notes": "Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4))", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-245"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-250", "Provision_Key": "s960-250", "Heading": "What this Subdivision is about", "Text": "This Subdivision has 2 principles for defining family relationships. The first principle is to treat an unmarried couple (whether of the same sex or different sexes) in the same way as a married couple if: (a) their relationship is registered under particular State or Territory laws; or (b) they live together on a genuine domestic basis. The second principle is to treat anyone who is defined to be an individual’s child in the same way as the individual’s natural child would be treated. Both principles extend to tracing other family relationships, including beyond couples and children and their parents. Table of sections Operative provisions 960 ‑ 252 Object of this Subdivision 960 ‑ 255 Family relationships", "Amendment_Count": 1, "First_Amended": "No 144 of 2008", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 144 of 2008", "History_Notes": "Inserted by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-250"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-252", "Provision_Key": "s960-252", "Heading": "Object of this Subdivision", "Text": "(1) The first object of this Subdivision is to ensure that the same consequences flow under this Act and the other Acts to which this Subdivision applies from the relationship between 2 people who are an unmarried couple (whether of the same sex or different sexes) as from a marriage, if: (a) the relationship is registered under a * State law or * Territory law (as mentioned in paragraph (a) of the definition of spouse in subsection 995 ‑ 1(1)); or (b) they live together on a genuine domestic basis. (2) The second object of this Subdivision is to ensure that under this Act and the other Acts to which this Subdivision applies, anyone who is defined to be an individual’s * child is treated in the same way as if he or she were the individual’s natural child.", "Amendment_Count": 1, "First_Amended": "No 144 of 2008", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 144 of 2008", "History_Notes": "Inserted by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-252"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-255", "Provision_Key": "s960-255", "Heading": "Family relationships", "Text": "Relationships between couples (1) If one individual is the * spouse of another individual because of the definition of spouse in subsection 995 ‑ 1(1), relationships traced to, from or through the individual, and family groups of which either individual is a member, are to be determined in the same way as if the individual were legally married to the other individual. Example: George and Angelika are not legally married but live together on a genuine domestic basis in a relationship as a couple. This Act treats them as part of each other’s family. Relationships involving children (2) If one individual is the * child of another individual because of the definition of child in subsection 995 ‑ 1(1), relationships traced to, from or through the individual, and family groups of which either individual is a member, are to be determined in the same way as if the individual were the natural child of the other individual. Example: Clare’s stepfather Frank has a sister Angela. This Act applies as if Angela were Clare’s aunt because Clare is defined to be Frank’s child. That is, Clare’s relationship to Angela is determined on the basis that Clare is Frank’s natural child. Application (3) Subsections (1) and (2) apply for the purposes of this Act. They also apply for the purposes of a provision of another Act if one or more of the following applies for the purposes of that provision (or would apply if it were used in the provision): (a) the definition of child in subsection 995 ‑ 1(1); (b) the definition of parent in subsection 995 ‑ 1(1); (c) the definition of relative in subsection 995 ‑ 1(1); (d) the definition of spouse in subsection 995 ‑ 1(1).", "Amendment_Count": 1, "First_Amended": "No 144 of 2008", "Last_Amended": "No 144 of 2008", "Amending_Acts": "No 144 of 2008", "History_Notes": "Inserted by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-255"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-260", "Provision_Key": "s960-260", "Heading": "What this Subdivision is about", "Text": "There are a number of provisions that require amounts to be indexed. This Subdivision shows you: • how to index those amounts; and • how to calculate the indexation factor. Table of sections 960 ‑ 265 The provisions for which indexation is relevant Operative provisions 960 ‑ 270 Indexing amounts 960 ‑ 275 Indexation factor 960 ‑ 280 Index number 960 ‑ 285 Indexation—superannuation and employment termination 960 ‑ 290 Indexation—levy threshold for the major bank levy", "Amendment_Count": 2, "First_Amended": "No 46 of 1998", "Last_Amended": "No 71 of 2012", "Amending_Acts": "No 46 of 1998 | No 71 of 2012", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-260"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-265", "Provision_Key": "s960-265", "Heading": "The provisions for which indexation is relevant", "Text": "This table sets out the provisions for which indexation is relevant. Provisions for which indexation is relevant Item Topic of provision: See: 1 Car limit section 40 ‑ 230 2 Capital gains—cost base Parts 3 ‑ 1 and 3 ‑ 3 3 Capital gains—Improvements as separate assets Subdivision 108 ‑ D 3A Dependant (invalid and carer) tax offset section 61 ‑ 30 5 * Genuine redundancy payments and * early retirement scheme payments—base amount subsection 83 ‑ 170(3) 6 * Genuine redundancy payments and * early retirement scheme payments—service amount subsection 83 ‑ 170(3) 7 Reduction of superannuation contributions—pre ‑ 1 July 88 funding credits (unused amount at end of previous income year) subsection 295 ‑ 265(2) 8 * Employment termination payments— * ETP cap amount section 82 ‑ 160 9 * Excess concessional contributions— * concessional contributions cap subsection 291 ‑ 20(2) 10 * Excess non ‑ concessional contributions tax on superannuation contributions—index amount ( * CGT cap amount) subsection 292 ‑ 105(4) 10A * General transfer balance cap section 294 ‑ 35 10B * Large superannuation balance threshold section 296 ‑ 30 10C * Very large superannuation balance threshold section 296 ‑ 35 11 * Superannuation benefits—index amount ( * low rate cap amount) subsection 307 ‑ 345(4) 12 * Superannuation benefits—index amount ( * untaxed plan cap amount) subsection 307 ‑ 350(4) 13 Thresholds for application of Division 250 sections 250 ‑ 25 and 250 ‑ 30 13A Concessional cross staple rent cap—existing lease with specified rent section 12 ‑ 443 in Schedule 1 to the Taxation Administration Act 1953 14 Levy threshold for the major bank levy subsection 4(3) of the Major Bank Levy Act 2017 Note: There are provisions of the Income Tax Assessment Act 1936 dealing with indexation that have not yet been rewritten.", "Amendment_Count": 18, "First_Amended": "No 46 of 1998", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 46 of 1998 | No 165 of 1999 | No 114 of 2000 | No 77 of 2001 | No 160 of 2005 | No 9 of 2007 | No 164 of 2007 | No 141 of 2008 | No 71 of 2012 | No 85 of 2013 | No 118 of 2013 | No 96 of 2014 | No 109 of 2014 | No 81 of 2016 | No 64 of 2017 | No 34 of 2019 | No 49 of 2019 | No 8 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 141 of 2008, effective Schedule 1 (items 2–5, 10): Royal Assent | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 109 of 2014, effective Sch 10 (items 13–15, 21–48): 17 Oct 2014 (s 2(1) item 8) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-265"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-270", "Provision_Key": "s960-270", "Heading": "Indexing amounts", "Text": "(1) Some provisions of this Act require amounts to be indexed. You index an amount by multiplying it by its * indexation factor. (2) You do not index the amount if its * indexation factor is 1 or less. (3) This section does not apply in relation to amounts mentioned in the provisions listed at items 8 to 12, or at item 14, in section 960 ‑ 265. Note: For the indexation of those amounts, see sections 960 ‑ 285 and 960 ‑ 290.", "Amendment_Count": 3, "First_Amended": "No 46 of 1998", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 46 of 1998 | No 9 of 2007 | No 64 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-270"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-275", "Provision_Key": "s960-275", "Heading": "Indexation factor", "Text": "(1) For indexation of amounts on an annual basis, the indexation factor is: (1A) However, for indexation of the amounts mentioned in the provisions listed at items 5, 6 and 7 in section 960 ‑ 265, the indexation factor is: (1B) For indexation under subsection 110 ‑ 36(1A) of the * cost base of a * CGT asset (except the first element of the cost base of an asset covered by subsection (3)), the indexation factor for expenditure: (a) in an element of the cost base; and (b) incurred on or after 1 July 2027; is: The expenditure can include giving property: see section 103 ‑ 5. Note 1: This includes expenditure taken to have been incurred on 1 July 2027 as mentioned in paragraph 112 ‑ 155(2)(b), 112 ‑ 165(2)(b) or 112 ‑ 175(2)(b). Note 2: There are rules affecting when the expenditure was incurred: see Division 114. (1C) For indexation under subsection 110 ‑ 36(1A) of the first element of the * cost base of a * CGT asset that is a * share in a company, or unit in a unit trust, the indexation factor for an amount in that first element that was paid to the company or trust at a time: (a) after the asset was * acquired; and (b) on or after 1 July 2027; is: The payment can include giving property: see section 103 ‑ 5. Example: Peter acquires shares in a company. The shares are partly ‑ paid, and the company makes a call on the shares. Peter sells the shares to Narina before Peter is liable to pay the call. The amount Narina paid to Peter for the shares is indexed under subsection 960 ‑ 275(1B) from the quarter in which she incurred the expenditure to acquire the shares. The amount Narina later pays for the call on the shares is indexed in accordance with this subsection from the quarter in which she made that later payment. (2) For indexation under subsection 110 ‑ 36(1) of the * cost base of a * CGT asset (except the first element of the cost base of an asset covered by subsection (3)), the indexation factor for expenditure in an element of the cost base is: The expenditure can include giving property: see section 103 ‑ 5. Note 1: This rule does not apply to expenditure incurred after 11.45 am on 21 September 1999 or any expenditure relating to a CGT asset acquired after that time: see section 114 ‑ 1. Note 2: This rule applies even if you do not actually pay some of the expenditure until a later time (for example, under a contract to purchase an asset by instalments). Note 3: There are rules affecting when the expenditure was incurred: see sections 114 ‑ 15 and 114 ‑ 20. (3) For indexation under subsection 110 ‑ 36(1) of the first element of the * cost base of a * CGT asset that is: (a) a * share in a company; or (b) a unit in a unit trust; the indexation factor for an amount in the first element of the * cost base of the asset that was paid to the company or trust at a time after it was * acquired is: The payment can include giving property: see section 103 ‑ 5. Example: Peter acquires shares in a company. The shares are partly ‑ paid, and the company makes a call on the shares. Peter sells the shares to Narina before he is liable to pay the call. The amount Narina paid to Peter for the shares is indexed under subsection 960 ‑ 275(2) from the quarter in which she incurred the expenditure to acquire the shares. The amount Narina later pays for the call on the shares is indexed in accordance with subsection 960 ‑ 275(3) from the quarter in which she made that later payment. Note 1: This subsection does not apply to shares or units you acquired before 16 August 1989: see section 960 ‑ 275 of the Income Tax (Transitional Provisions) Act 1997 . Note 2: This subsection does not apply to an amount paid after 11.45 am on 21 September 1999 or an amount paid in relation to a CGT asset acquired after that time: see section 114 ‑ 1. (4) However, you cannot index expenditure in the third element of the * cost base of a CGT asset (costs of ownership). (5) You work out the * indexation factor to 3 decimal places (rounding up if the fourth decimal place is 5 or more). Example: If the factor is 1.102795, it would be rounded up to 1.103. (6) This section does not apply in relation to amounts mentioned in the provisions listed at items 8 to 12, or at item 14, in section 960 ‑ 265. Note: For the indexation of those amounts, see sections 960 ‑ 285 and 960 ‑ 290.", "Amendment_Count": 11, "First_Amended": "No 46 of 1998", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 46 of 1998 | No 94 of 1999 | No 165 of 1999 | No 169 of 1999 | No 114 of 2000 | No 32 of 2006 | No 9 of 2007 | No 88 of 2013 | No 124 of 2013 | No 64 of 2017 | No 49 of 2026", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-275"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-280", "Provision_Key": "s960-280", "Heading": "Index number", "Text": "(1) In most cases, the index number for a * quarter is the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter. Car limit (2) For calculating the * car limit, the index number for a * quarter is the index number for the motor vehicle purchase sub ‑ group of the Consumer Price Index, being the weighted average of the 8 capital cities, first published by the Australian Statistician for the quarter. (3) If the Australian Statistician changes the index reference period for an * index number, only index numbers published in terms of the new index reference period are to be used after the change. Genuine redundancy, early retirement schemes, pre ‑ 1 July 88 funding credits (4) For calculating the amounts mentioned in the provisions listed at items 5, 6 and 7 in section 960 ‑ 265, the index number for a * quarter is the estimate of full ‑ time adult average weekly ordinary time earnings for the middle month of the quarter first published by the Australian Statistician in respect of that month. (5) Subsection (3) does not apply to the index numbers mentioned in subsection (4). Exceptions (6) This section does not apply in relation to amounts mentioned in the provisions listed at items 8 to 12, or at item 14, in section 960 ‑ 265. Note: For the indexation of those amounts, see sections 960 ‑ 285 and 960 ‑ 290.", "Amendment_Count": 6, "First_Amended": "No 46 of 1998", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 46 of 1998 | No 77 of 2001 | No 9 of 2007 | No 88 of 2013 | No 145 of 2015 | No 64 of 2017", "History_Notes": "Inserted by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 145 of 2015, effective Sch 4 (items 21, 22): 10 Dec 2015 (s 2(1) item 7) | Amended by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-280"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-285", "Provision_Key": "s960-285", "Heading": "Indexation—superannuation and employment termination", "Text": "(1) This section applies in relation to the amounts listed at items 8 to 12 in section 960 ‑ 265. Indexing amounts (2) You index the amount by: (a) first, multiplying its base amount mentioned in subsection (3) by its * indexation factor mentioned in subsection (5); and (b) next, rounding the result in paragraph (a) down to the nearest multiple of its * rounding amount. Example 1: An amount of $140,000 is to be indexed, with a rounding amount of $5,000. If the indexation factor increases this to an indexed amount of $143,000, the indexed amount is rounded back down to $140,000. Example 2: An amount of $140,000 is to be indexed, with a rounding amount of $5,000. If the indexation factor increases this to an indexed amount of $146,000, the indexed amount is rounded down to $145,000. (3) The amount (the base amount ) for an amount to which this section applies is: (a) unless paragraph (b) or (c) applies—the amount for the 2007 ‑ 2008 income year or * financial year; or (b) if the amount is mentioned in item 9 or 10A in section 960 ‑ 265—the amount for the 2017 ‑ 2018 financial year; or (c) if the amount is mentioned in item 10B or 10C in section 960 ‑ 265—the amount for the 2026 ‑ 27 income year. (4) You do not index the amount if the * indexation factor is 1 or less. Indexation factor (5) For indexing an amount, its indexation factor is: where: base quarter means: (a) unless paragraph (b) or (c) applies—the quarter ending on 31 December 2006; or (b) if the amount is mentioned in item 9 or 10A in section 960 ‑ 265—the quarter ending on 31 December 2016; or (c) if the amount is mentioned in item 10B or 10C in section 960 ‑ 265—the quarter ending on 31 December 2025. (6) You work out the * indexation factor mentioned in subsection (5) to 3 decimal places (rounding up if the fourth decimal place is 5 or more). Index number and rounding amount (7) For indexing an amount to which this section applies: (a) the index number for a * quarter is set out in column 2 of the relevant item in the following table; and (b) the rounding amount is set out in column 3 of that item. Concepts for indexing rounded caps Item Column 1 Item in section 960 ‑ 265 Column 2 Index number Column 3 Rounding amount 1 Items 8, 10, 11 and 12 the * index number mentioned in subsection 960 ‑ 280(4) (which is about average weekly ordinary time earnings) $5,000 2 Item 9 (concessional contributions cap) the * index number mentioned in subsection 960 ‑ 280(4) (which is about average weekly ordinary time earnings) $2,500 3 Item 10A (general transfer balance cap) the * index number mentioned in subsection 960 ‑ 280(1) (which is about the CPI) $100,000 4 Item 10B (large superannuation balance threshold) the * index number mentioned in subsection 960 ‑ 280(1) (which is about the CPI) $150,000 5 Item 10C (very large superannuation balance threshold) the * index number mentioned in subsection 960 ‑ 280(1) (which is about the CPI) $500,000", "Amendment_Count": 7, "First_Amended": "No 9 of 2007", "Last_Amended": "No 8 of 2026", "Amending_Acts": "No 9 of 2007 | No 15 of 2007 | No 62 of 2009 | No 75 of 2012 | No 88 of 2013 | No 81 of 2016 | No 8 of 2026", "History_Notes": "Inserted by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 62 of 2009, effective Schedule 3 (items 1–10): Royal Assent | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Repealed and substituted by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-285"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-290", "Provision_Key": "s960-290", "Heading": "Indexation—levy threshold for the major bank levy", "Text": "(1) You index, on a * quarterly basis, the amount mentioned in the provision listed at item 14 in section 960 ‑ 265 by: (a) first, multiplying the amount by its * indexation factor mentioned in subsection (3); and (b) next, rounding the result in paragraph (a) down to the nearest multiple of $1,000,000. (2) You do not index the amount if the * indexation factor is 1 or less. (3) For indexation of the amount, the indexation factor is: where: GDP number for the base quarter is the estimate that is, at the end of the * quarter to which the indexation is to be applied, the estimate of the Gross Domestic Product: Current Prices ‑ Seasonally Adjusted most recently published by the Australian Statistician for the * quarter ending on 30 June 2017. GDP number for the preceding quarter is the estimate of the Gross Domestic Product: Current Prices ‑ Seasonally Adjusted first published by the Australian Statistician for the * quarter preceding the quarter to which the indexation is to be applied. (4) You work out the * indexation factor mentioned in subsection (3) to 3 decimal places (rounding up if the fourth decimal place is 5 or more).", "Amendment_Count": 1, "First_Amended": "No 64 of 2017", "Last_Amended": "No 64 of 2017", "Amending_Acts": "No 64 of 2017", "History_Notes": "Inserted by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-290"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-400", "Provision_Key": "s960-400", "Heading": "What this Subdivision is about", "Text": "The expression “market value” is often used in this Act with its ordinary meaning. However, in some cases that expression has a meaning affected by this Subdivision. The Commissioner may approve methods to use for working out the market value of assets or non ‑ cash benefits. Table of sections Operative provisions 960 ‑ 405 Effect of GST on market value of an asset 960 ‑ 410 Market value of non ‑ cash benefits 960 ‑ 412 Working out market value using an approved method 960 ‑ 415 Amounts that depend on market value", "Amendment_Count": 2, "First_Amended": "No 58 of 2006", "Last_Amended": "No 105 of 2015", "Amending_Acts": "No 58 of 2006 | No 105 of 2015", "History_Notes": "Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-400"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-405", "Provision_Key": "s960-405", "Heading": "Effect of GST on market value of an asset", "Text": "(1) The market value of an asset at a particular time is reduced by the amount of the * input tax credit (if any) to which you would be entitled assuming that: (a) you had * acquired the asset at that time; and (b) the acquisition had been solely for a * creditable purpose. (2) Subsection (1) does not apply: (a) to an asset the * supply of which cannot be a * taxable supply; or (b) in working out the * market value of economic benefits, or of * equity or loan interests, for the purposes of Part 3 ‑ 95 (about value shifting). Note: Some assets, such as shares, cannot be the subject of a taxable supply.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-405"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-410", "Provision_Key": "s960-410", "Heading": "Market value of non ‑ cash benefits", "Text": "In working out the market value of a * non ‑ cash benefit, disregard anything that would prevent or restrict conversion of the benefit to money.", "Amendment_Count": 1, "First_Amended": "No 58 of 2006", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 58 of 2006", "History_Notes": "Inserted by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-410"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-412", "Provision_Key": "s960-412", "Heading": "Working out market value using an approved method", "Text": "(1) The * market value of an asset or * non ‑ cash benefit that you work out using a method approved under subsection (2) for that kind of asset or benefit binds the Commissioner in relation to you. Note: You do not have to use the method. (2) The Commissioner may, by legislative instrument, approve methods for working out the * market value of assets or * non ‑ cash benefits. A method may include conditions. Note 1: Different methods may be approved for different kinds of assets or non ‑ cash benefits (see subsection 13(3) of the Legislation Act 2003 ). Note 2: Any approved method would need to be consistent with the other rules about market value in this Subdivision.", "Amendment_Count": 2, "First_Amended": "No 105 of 2015", "Last_Amended": "No 93 of 2017", "Amending_Acts": "No 105 of 2015 | No 93 of 2017", "History_Notes": "Inserted by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2) | Amended by No 93 of 2017, effective Sch 2 (items 10–12): 20 Sept 2017 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-412"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-415", "Provision_Key": "s960-415", "Heading": "Amounts that depend on market value", "Text": "To avoid doubt, apply the rules in this Subdivision to the * market value component of any calculation that involves market value.", "Amendment_Count": 1, "First_Amended": "No 133 of 2009", "Last_Amended": "No 133 of 2009", "Amending_Acts": "No 133 of 2009", "History_Notes": "Inserted by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-415"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-500", "Provision_Key": "s960-500", "Heading": "What this Subdivision is about", "Text": "This Subdivision includes rules about the meaning of Australia when used in a geographical sense. The ordinary meaning of Australia includes each State and internal Territory of Australia and their internal waters and any islands that are part of those State and Territories. This Subdivision extends the ordinary meaning of Australia to include each external Territory of Australia (other than the Australian Antarctic Territory) and certain offshore areas and certain offshore installations. Table of sections Operative provisions 960 ‑ 505 Meaning of Australia", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-505", "Provision_Key": "s960-505", "Heading": "Meaning of Australia", "Text": "Territories (1) Australia , when used in a geographical sense, includes each of the following: (a) Norfolk Island; (b) the Coral Sea Islands Territory; (c) the Territory of Ashmore and Cartier Islands; (d) the Territory of Christmas Island; (e) the Territory of Cocos (Keeling) Islands; (f) the Territory of Heard Island and the McDonald Islands. Note: Section 15B of the Acts Interpretation Act 1901 provides that an Act is taken to have effect in the coastal sea of Australia as if the coastal sea were part of Australia. Offshore areas (2) Australia , when used in a geographical sense, includes an offshore area for the purposes of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 . Note 1: The offshore area includes all things located in that area, including all installations and structures such as oil and gas rigs. The area also extends to the airspace over, and the sea ‑ bed and subsoil beneath, that area. Note 2: The offshore area includes the exclusive economic zone and the continental shelf of Australia.", "Amendment_Count": 3, "First_Amended": "No 2 of 2015", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 2 of 2015 | No 53 of 2015 | No 59 of 2019", "History_Notes": "Inserted by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4) | Amended by No 53 of 2015, effective Sch 1 (items 9–17, 19): 1 July 2016 (s 2) | Amended by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-550", "Provision_Key": "s960-550", "Heading": "What this Subdivision is about", "Text": "Generally speaking, a significant global entity is: (a) a global parent entity with an annual global income of $1 billion or more; or (b) any member of such a global parent entity’s group. Table of sections Operative provisions 960 ‑ 555 Meaning of significant global entity 960 ‑ 560 Meaning of global parent entity 960 ‑ 565 Meaning of annual global income 960 ‑ 570 Meaning of global financial statements 960 ‑ 575 Meaning of notional listed company group", "Amendment_Count": 1, "First_Amended": "No 170 of 2015", "Last_Amended": "No 170 of 2015", "Amending_Acts": "No 170 of 2015", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-550"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-555", "Provision_Key": "s960-555", "Heading": "Meaning of significant global entity", "Text": "(1) An entity is a significant global entity for a period if the entity is a * global parent entity: (a) whose * annual global income for the period is $1 billion or more; or (b) in relation to whom the Commissioner makes a determination under subsection (3) for the period. (2) An entity is also a significant global entity for a period if: (a) the entity is a member of a group of entities that are consolidated for accounting purposes as a single group; and (b) one of the other members of the group is a * global parent entity: (i) whose * annual global income for the period is $1 billion or more; or (ii) in relation to whom the Commissioner makes a determination under subsection (3) for the period. (2A) An entity is also a significant global entity for a period if: (a) the entity is a * member of a * notional listed company group; and (b) one of the other members of the group is a * global parent entity: (i) whose * annual global income for the period is $1 billion or more; or (ii) in relation to whom the Commissioner makes a determination under subsection (3) for the period. (3) The Commissioner may make a determination under this subsection in relation to a * global parent entity for a period if: (a) * global financial statements have not been prepared for the entity for the period; and (b) on the basis of the information available to the Commissioner, the Commissioner reasonably believes that, if such statements had been prepared for the period, the entity’s * annual global income for the period would have been $1 billion or more. The Commissioner must give a notice of the determination to the global parent entity, or to another entity that becomes a * significant global entity as a result of the determination. (4) An entity who is dissatisfied with a determination made in relation to the entity may object against the determination in the manner set out in Part IVC of the Taxation Administration Act 1953 . (5) However, if: (a) there has been a taxation objection (within the meaning of section 14ZL of the Taxation Administration Act 1953 ) against an * assessment relating to the entity; and (b) the assessment involved the application of section 177DA of the Income Tax Assessment Act 1936 (schemes that limit a taxable presence in Australia) in relation to the entity; the right of objection under subsection (4) of this section is unaffected, but the outcome of that objection has no effect on the assessment or on the outcome of the taxation objection. Note: Section 14ZVA of the Taxation Administration Act 1953 excludes from a taxation objection to an assessment any grounds (or potential grounds) for an objection to a determination under subsection (3) of this section. (6) A determination under subsection (3) is not a legislative instrument. (7) Section 175 of the Income Tax Assessment Act 1936 (validity) applies to a determination under subsection (3) of this section in the same way as it applies to an * assessment.", "Amendment_Count": 2, "First_Amended": "No 170 of 2015", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 170 of 2015 | No 49 of 2020", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-555"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-560", "Provision_Key": "s960-560", "Heading": "Meaning of global parent entity", "Text": "A global parent entity is an entity that, according to: (a) * accounting principles; or (b) if accounting principles do not apply in relation to the entity—commercially accepted principles relating to accounting; is not controlled by another entity. Note: A global parent entity may be a single entity that is not a member of a group of entities.", "Amendment_Count": 1, "First_Amended": "No 170 of 2015", "Last_Amended": "No 170 of 2015", "Amending_Acts": "No 170 of 2015", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-560"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-565", "Provision_Key": "s960-565", "Heading": "Meaning of annual global income", "Text": "(1) The annual global income of an entity for a period is: (aa) if the entity is a * member of a * notional listed company group—the total annual income of all the members of the group (worked out on the assumption that all members of the group were consolidated for accounting purposes as a single group); or (a) if paragraph (aa) does not apply and the entity is a member of a group of entities that are consolidated for accounting purposes as a single group—the total annual income of all the members of the group; or (b) otherwise—the total annual income of the entity; as shown in the latest * global financial statements for the entity for the period. (2) Subsection (3) applies if: (a) * global financial statements have not been prepared for the entity for the period; or (b) global financial statements have not been prepared for the entity for the period that show the total annual income mentioned in subsection (1). (3) Despite subsection (1), the annual global income of the * entity for the period is the amount that would be, on the assumption that such statements had been prepared, the total annual income mentioned in subsection (1) shown in those statements.", "Amendment_Count": 2, "First_Amended": "No 170 of 2015", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 170 of 2015 | No 49 of 2020", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-565"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-570", "Provision_Key": "s960-570", "Heading": "Meaning of global financial statements", "Text": "Global financial statements for an entity for a period (the relevant period ) are the financial statements that: (a) have been prepared and audited in relation to that entity, or that entity and other entities, in accordance with: (i) * accounting principles and * auditing principles; or (ii) if such principles do not apply—commercially accepted principles, relating to accounting and auditing, that ensure the statements give a true and fair view of the financial position and performance of that entity (or that entity and the other entities on a consolidated basis); and (b) are for the most recent period ending: (i) no later than the end of the relevant period; and (ii) no earlier than 12 months before the start of the relevant period.", "Amendment_Count": 2, "First_Amended": "No 170 of 2015", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 170 of 2015 | No 49 of 2020", "History_Notes": "Inserted by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-570"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 960-575", "Provision_Key": "s960-575", "Heading": "Meaning of notional listed company group", "Text": "(1) A notional listed company group is a group of entities that would be required to be consolidated for accounting purposes as a single group, on the assumption that an entity (the test entity ) were a listed company (within the meaning of section 26BC of the Income Tax Assessment Act 1936 ). (2) Each entity in that group is a member of the * notional listed company group. (3) For the purposes of subsection (1), determine whether a group of entities would be required to be consolidated for accounting purposes as a single group according to: (a) * accounting principles; or (b) if accounting principles do not apply in relation to the test entity—commercially accepted principles related to accounting. (4) In applying the * accounting principles or commercially accepted principles referred to in subsection (3): (a) disregard any exceptions in those principles to requirements in those principles for entities to be consolidated as a single group; and (b) without limiting paragraph (a), disregard any rule in those principles providing that one or more entities (the excepted entities ) are not required to be consolidated as a single group with one or more other entities because the effect of such consolidation would be immaterial as a result of: (i) the size of the excepted entities; or (ii) any other matter.", "Amendment_Count": 1, "First_Amended": "No 49 of 2020", "Last_Amended": "No 49 of 2020", "Amending_Acts": "No 49 of 2020", "History_Notes": "Inserted by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s960-575"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-1", "Provision_Key": "s961-1", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for a notional tax offset for an income year if you contribute to the maintenance of a non ‑ student child or a student dependant. The notional tax offset can only be taken into account in working out certain tax offsets under the Income Tax Assessment Act 1936 . Table of sections Entitlement to the notional tax offset 961 ‑ 5 Who is entitled to the notional tax offset Amount of the notional tax offset 961 ‑ 10 Amount of the dependant (non ‑ student child under 21 or student) notional tax offset 961 ‑ 15 Reduced amounts of the dependant (non ‑ student child under 21 or student) notional tax offset 961 ‑ 20 Reductions to take account of the dependant’s income", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-5", "Provision_Key": "s961-5", "Heading": "Who is entitled to the notional tax offset", "Text": "(1) You are entitled to a notional tax offset for an income year if: (a) you are an individual; and (b) you are an Australian resident; and (c) during the year you contribute to the maintenance of another individual (the dependant ) who: (i) is less than 25 years of age, and is a full ‑ time student at a school, college or university; or (ii) if subparagraph (i) does not apply—is less than 21 years of age; and (d) during the year: (i) the dependant is an Australian resident; or (ii) you had a domicile in Australia. (2) You may be entitled to more than one notional tax offset for the year under subsection (1) if you contributed to the maintenance of more than one dependant during the year. Note: The amount of the notional tax offset in relation to each subsequent dependant may only be part of the full amount: see subsection 961 ‑ 15(1). (3) The notional tax offset only affects your * income tax liability as provided for by sections 23AB, 79A and 79B of the Income Tax Assessment Act 1936 . Note: Section 23AB of that Act provides a tax offset for service with an armed force under the control of the United Nations; section 79A provides a tax offset for residents of isolated areas; section 79B provides a tax offset for members of the Defence Force who are serving overseas.", "Amendment_Count": 2, "First_Amended": "No 70 of 2015", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 70 of 2015 | No 92 of 2020", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-10", "Provision_Key": "s961-10", "Heading": "Amount of the dependant (non ‑ student child under 21 or student) notional tax offset", "Text": "(1) The amount of the notional tax offset to which you are entitled in relation to a dependant under section 961 ‑ 5 for an income year is $376. (2) However, if you are entitled to 2 or more such notional tax offsets for the income year in relation to individuals covered by subparagraph 961 ‑ 5(1)(c)(ii), the amount of the notional tax offset under section 961 ‑ 5 is: (a) in relation to the oldest of those individuals—$376; and (b) in relation to each of the others—$282.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-15", "Provision_Key": "s961-15", "Heading": "Reduced amounts of the dependant (non ‑ student child under 21 or student) notional tax offset", "Text": "(1) The amount of the notional tax offset under section 961 ‑ 10 is reduced by the amount in accordance with subsection (2) of this section if one or more of the following applies: (a) paragraph 961 ‑ 5(1)(c) applies during part only of the year; (b) paragraph 961 ‑ 5(1)(d) applies during part only of the year; (c) during the whole or part of the year, 2 or more individuals contribute to the maintenance of the dependant; (d) the dependant only meets the description of the individual covered by subparagraph 961 ‑ 5(1)(c)(i) or (ii) for part of the year. (2) The amount of a notional tax offset is reduced to an amount that, in the Commissioner’s opinion, is a reasonable apportionment in the circumstances, having regard to the applicable matters referred to in paragraphs (1)(a) to (d).", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-20", "Provision_Key": "s961-20", "Heading": "Reductions to take account of the dependant’s income", "Text": "The amount of the notional tax offset under sections 961 ‑ 10 and 961 ‑ 15 in relation to the dependant for the year is reduced by $1 for every $4 by which the following exceeds $282: (a) if you contribute to the maintenance of the dependant for the whole of the year—the dependant’s * adjusted taxable income for offsets for the year; (b) if paragraph (a) does not apply—the dependant’s adjusted taxable income for offsets for that part of the year during which you contribute to the dependant’s maintenance.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-50", "Provision_Key": "s961-50", "Heading": "What this Subdivision is about", "Text": "This Subdivision provides for a notional tax offset for an income year if you are the sole contributor to the maintenance of a non ‑ student child or a student dependant. The notional tax offset can only be taken into account in working out certain tax offsets under the Income Tax Assessment Act 1936 . Table of sections Operative provisions 961 ‑ 55 Who is entitled to the notional tax offset 961 ‑ 60 Amount of the dependant (sole parent of a non ‑ student child under 21 or student) notional tax offset 961 ‑ 65 Reductions to take account of change in circumstances", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-55", "Provision_Key": "s961-55", "Heading": "Who is entitled to the notional tax offset", "Text": "(1) You are entitled to a notional tax offset for an income year if: (a) during the year you have the sole care of another individual (the dependant ) who: (i) is less than 25 years of age, and is a full ‑ time student at a school, college or university; or (ii) if subparagraph (i) does not apply—is less than 21 years of age; and (b) you are entitled to a notional tax offset under Subdivision 961 ‑ A for the dependant; and (c) during the year you did not have a * spouse. (2) Paragraph (1)(c) does not apply if, in the opinion of the Commissioner, because of special circumstances, the paragraph should not apply. (3) The notional tax offset only affects your * income tax liability as provided for by sections 79A and 79B of the Income Tax Assessment Act 1936 . Note: Section 79A of that Act provides a tax offset for residents of isolated areas; section 79B provides a tax offset for members of the Defence Force who are serving overseas.", "Amendment_Count": 2, "First_Amended": "No 70 of 2015", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 70 of 2015 | No 92 of 2020", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-60", "Provision_Key": "s961-60", "Heading": "Amount of the dependant (sole parent of a non ‑ student child under 21 or student) notional tax offset", "Text": "The amount of the notional tax offset to which you are entitled under section 961 ‑ 55 for an income year is $1,607. Note: The amount of the offset under this section applies regardless of whether you have one or more dependants that satisfy section 961 ‑ 55.", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 961-65", "Provision_Key": "s961-65", "Heading": "Reductions to take account of change in circumstances", "Text": "(1) The amount of the notional tax offset under section 961 ‑ 60 is reduced in accordance with subsection (2) if: (a) paragraph 961 ‑ 55(1)(a) applies during only part of the year; or (b) paragraph 961 ‑ 55(1)(c) does not apply because of subsection 961 ‑ 55(2). (2) The amount of the notional tax offset is reduced to an amount that, in the Commissioner’s opinion, is a reasonable apportionment in the circumstances, having regard to the matters referred to in paragraphs (1)(a) and (b).", "Amendment_Count": 1, "First_Amended": "No 70 of 2015", "Last_Amended": "No 70 of 2015", "Amending_Acts": "No 70 of 2015", "History_Notes": "Inserted by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s961-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-1", "Provision_Key": "s974-1", "Heading": "What this Division is about", "Text": "This Division tells you whether an interest is a debt interest, or an equity interest, for tax purposes. An interest that could be characterised as both a debt interest and an equity interest will be treated as a debt interest for tax purposes (except for certain interests that fund returns on equity interests). Whether an interest is a debt interest or an equity interest matters because returns on debt interests are not frankable but may be deductible while returns on equity interests are not deductible but may be frankable. This Division extends beyond shares the range of interests that are recognised as equity in a company. An interest that is an equity interest in a company but is not a share will be treated in the same way as a share for some tax purposes (particularly in relation to the determination of the tax treatment of returns on the interest). This Division also tells you how to work out which distributions made in respect of a non ‑ share equity interest in a company will be non ‑ share dividends and which will be non ‑ share capital returns. Those that are non ‑ share dividends will be treated, for most tax purposes, in the same way as dividends. Table of sections 974 ‑ 5 Overview of Division Operative provisions 974 ‑ 10 Object", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-5", "Provision_Key": "s974-5", "Heading": "Overview of Division", "Text": "Test for distinguishing debt and equity interests (1) The test for distinguishing between debt interests and equity interests focuses on economic substance rather than mere legal form (see subsection 974 ‑ 10(2)). The test is designed to assess the economic substance of an interest in terms of its impact on the issuer’s position. Debt interests (2) Subdivision 974 ‑ B tells you when an interest is a debt interest in an entity. The basic test is in section 974 ‑ 20. Equity interests (3) Subdivision 974 ‑ C tells you when an interest is an equity interest in a company. The basic test is in section 974 ‑ 75. Tie breaker between debt and equity (4) If an interest satisfies both the debt test and the equity test, it is treated as a debt interest and not an equity interest. Distributions in relation to equity interests that are not shares (5) If you have an equity interest in a company that is not a share, Subdivision 974 ‑ E tells you what will count as a non ‑ share distribution, a non ‑ share dividend and a non ‑ share capital return in relation to the interest. Concepts used in the debt and equity tests (6) Subdivision 974 ‑ F defines a number of concepts that are used in the debt and equity tests (financing arrangement, effectively non ‑ contingent obligation, benchmark rate of return and converting interest).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-10", "Provision_Key": "s974-10", "Heading": "Object", "Text": "(1) An object of this Division is to establish a test for determining for particular tax purposes whether a * scheme, or the combined operation of a number of schemes: (a) gives rise to a * debt interest; or (b) gives rise to an * equity interest. Note 1: The test is used, for example, for: (a) identifying distributions that may be frankable and which may be subject to dividend withholding tax; and (b) identifying returns that may be deductible to the company making the return; and (c) resolving uncertainty as to the proper tax treatment for debt/equity hybrid interests (interests that have some debt qualities and some equity qualities); and (d) identifying debt capital for the purposes of Division 820 (thin capitalisation rules). Note 2: Subdivision 167 ‑ A has special rules for working out rights to dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. Those rules include disregarding debt interests. (2) Another object of this Division is that the test referred to in subsection (1) is to operate on the basis of the economic substance of the rights and obligations arising under the * scheme or schemes rather than merely on the basis of the legal form of the scheme or schemes. Note 1: The basic indicator of the economic character of a debt interest is the non ‑ contingent nature of the returns. The basic indicator of the economic character of an equity interest, on the other hand, is the contingent nature of the returns (or convertibility into an interest of that nature). Note 2: The test is intended to operate, for example, to: (a) deny deductibility (but allow franking) for “interest” in relation to a scheme that has the legal form of a loan if the economic substance of the rights and obligations arising under the relevant scheme gives the interest characteristics that are the same as or similar to those of a dividend on an ordinary share (and thereby prevent deductible returns on equity); and (b) allow a deduction (but not franking) for a “dividend” in relation to a scheme that has the legal form of an ordinary share if the economic substance of the rights and obligations arising under the relevant scheme gives the dividend characteristics that are the same as or similar to those of deductible interest on an ordinary loan (and thereby prevent frankable returns on debt). This will not happen if a provision in this Act specifically provides for a different treatment for the interest or dividend. (3) Another object of this Division is that the combined effect of * related schemes be taken into account in appropriate cases: (a) to ensure that the test operates effectively on the basis of the economic substance of the rights and obligations arising under the schemes rather than merely on the basis of the legal form of the schemes; and (b) to prevent the test being circumvented by entities merely entering into a number of separate schemes instead of a single scheme. (4) Another object of this Division is to identify the distributions and credits made in respect of * non ‑ share equity interests in a company that are to be treated as * dividends ( non ‑ share dividends ) and those that are to be treated as returns of capital ( non ‑ share capital returns ). Note: Non ‑ share dividends will generally be included in the recipient’s assessable income and may be frankable. (5) The Commissioner must have regard to the objects stated in subsections (1) to (3) in exercising the power to make a determination under any of the following provisions: (a) subsection 974 ‑ 15(4); (b) subsection 974 ‑ 60(3), (4) or (5); (c) section 974 ‑ 65; (d) subsection 974 ‑ 70(4); (e) subsection 974 ‑ 150(1). Note: An entity can apply to the Commissioner to have a determination made and can object under Part IVC of the Taxation Administration Act 1953 if it is dissatisfied with a determination (see section 974 ‑ 112). (6) Regulations may also be made under the provisions of this Division: (a) to clarify the meaning of certain words and phrases in the light of emerging commercial practices, conditions and products; and (b) to give guidance on the detailed operation of particular provisions. The regulations must be consistent with the objects stated in subsections (1) to (3). (7) Without limiting subsection 13(3) of the Legislation Act 2003 , the regulations made for the purposes of this Division may specify different rules for different classes of circumstances.", "Amendment_Count": 5, "First_Amended": "No 163 of 2001", "Last_Amended": "No 130 of 2015", "Amending_Acts": "No 163 of 2001 | No 58 of 2006 | No 97 of 2008 | No 126 of 2015 | No 130 of 2015", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 126 of 2015, effective Sch 1 (items 299–301): 5 Mar 2016 (s 2(1) item 2) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-15", "Provision_Key": "s974-15", "Heading": "Meaning of debt interest", "Text": "Single scheme giving rise to debt interest (1) A * scheme gives rise to a debt interest in an entity if the scheme, when it comes into existence, satisfies the debt test in subsection 974 ‑ 20(1) in relation to the entity. Note 1: A debt interest can also arise under subsection (2) (related schemes) or section 974 ‑ 65 (Commissioner’s discretion). Note 2: Section 974 ‑ 55 defines various aspects of the debt interest that arises. Related schemes giving rise to debt interest (2) Two or more * related schemes (the constituent schemes ) together give rise to a debt interest in an entity if: (a) the entity enters into, participates in or causes another entity to enter into or participate in the constituent schemes; and (b) a scheme with the combined effect or operation of the constituent schemes (the notional scheme ) would satisfy the debt test in subsection 974 ‑ 20(1) in relation to the entity if the notional scheme came into existence when the last of the constituent schemes came into existence; and (c) it is reasonable to conclude that the entity intended, or knew that a party to the scheme or one of the schemes intended, the combined economic effects of the constituent schemes to be the same as, or similar to, the economic effects of a debt interest. This is so whether or not the constituent schemes come into existence at the same time and even if none of the constituent schemes would individually give rise to that or any other * debt interest. Note: Section 974 ‑ 105 explains the effect, for tax purposes, of actions taken under the schemes. (3) Subsection (2) does not apply if each of the * schemes individually gives rise to a * debt interest in the entity. (4) Two or more * related schemes do not give rise to a debt interest in an entity under subsection (2) if the Commissioner determines that it would be unreasonable to apply that subsection to those schemes. (5) Without limiting subsection 974 ‑ 10(5), the Commissioner must, in exercising the power to make a determination under subsection (4), have regard to the following: (a) the purpose of the * schemes (considered both individually and in combination); (b) the effects of the schemes (considered both individually and in combination); (c) the rights and obligations of the parties to the schemes (considered both individually and in combination); (d) whether the schemes (when considered either individually or in combination) provide the basis for, or underpin, an interest issued to investors with the expectation that the interest can be assigned to other investors; (e) whether the schemes (when considered either individually or in combination) comprise a set of rights and obligations issued to investors with the expectation that it can be assigned to other investors; (f) any other relevant circumstances. (6) If: (a) 2 or more * related schemes give rise to a * debt interest in an entity; and (b) one or more of those schemes (the hedging scheme or schemes ) are schemes for hedging or managing financial risk; and (c) the other scheme or schemes give rise to a debt interest in the entity even if the hedging scheme or schemes are disregarded; the debt interest that arises from the schemes is taken, for the purposes of Division 820 (the thin capitalisation rules), not to include the hedging scheme or schemes. Note: This means that in these circumstances the losses associated with the hedging scheme or schemes are not debt deductions under section 820 ‑ 40.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-20", "Provision_Key": "s974-20", "Heading": "The test for a debt interest", "Text": "Satisfying the debt test (1) A * scheme satisfies the debt test in this subsection in relation to an entity if: (a) the scheme is a * financing arrangement for the entity; and (b) the entity, or a * connected entity of the entity, receives, or will receive, a * financial benefit or benefits under the scheme; and (c) the entity has, or the entity and a connected entity of the entity each has, an * effectively non ‑ contingent obligation under the scheme to provide a financial benefit or benefits to one or more entities after the time when: (i) the financial benefit referred to in paragraph (b) is received if there is only one; or (ii) the first of the financial benefits referred to in paragraph (b) is received if there are more than one; and (d) it is substantially more likely than not that the value provided (worked out under subsection (2)) will be at least equal to the value received (worked out under subsection (3)); and (e) the value provided (worked out under subsection (2)) and the value received (worked out under subsection (3)) are not both nil. The scheme does not need to satisfy paragraph (a) if the entity is a company and the interest arising from the scheme is an interest covered by item 1 of the table in subsection 974 ‑ 75(1) (interest as a member or stockholder of the company). Note: Section 974 ‑ 30 tells you when a financial benefit is taken to be provided to an entity. (2) The value provided is: (a) the value of the * financial benefit to be provided under the * scheme by the entity or a * connected entity if there is only one; or (b) the sum of the values of all the financial benefits provided or to be provided under the scheme by the entity or a connected entity of the entity if there are 2 or more. Note: Section 974 ‑ 35 tells you how to value financial benefits. (3) The value received is: (a) the value of the * financial benefit received, or to be received, under the * scheme by the entity or a * connected entity of the entity if there is only one; or (b) the sum of the values of all the financial benefits received, or to be received, under the scheme by the entity or a connected entity if there are 2 or more. (4) For the purposes of paragraph (1)(b) and subsections (2) and (3): (a) a * financial benefit to be provided under the * scheme by the entity or a * connected entity is taken into account only if it is one that the entity or connected entity has an * effectively non ‑ contingent obligation to provide; and (b) a financial benefit to be received under the scheme by the entity or a connected entity is taken into account only if it is one that another entity has an effectively non ‑ contingent obligation to provide. Multiple financial benefits (5) Paragraphs (1)(b) and (c) apply to 2 or more * financial benefits whether they are provided at the same time or over a period of time. Regulations (6) The regulations: (a) may specify circumstances in which paragraph (1)(d) is satisfied or not satisfied; and (b) may otherwise specify rules to be applied in determining whether or not paragraph (1)(d) is satisfied.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-25", "Provision_Key": "s974-25", "Heading": "Exceptions to the debt test", "Text": "Short term schemes (1) A * scheme does not satisfy the debt test in subsection 974 ‑ 20(1) in relation to an entity if: (a) at least a substantial part of a * financial benefit mentioned in that subsection does not consist of either of the following or a combination of either of the following: (i) a liquid or monetary asset; (ii) an amount of money; and (b) the scheme requires the financial benefit mentioned in paragraph 974 ‑ 20(1)(c) to be provided within a period of no more than 100 days of the receipt of the first financial benefit mentioned in paragraph 974 ‑ 20(1)(b); and (c) the financial benefit mentioned in paragraph 974 ‑ 20(1)(c): (i) is in fact provided within that period; or (ii) is not provided within that period because the entity required to provide the benefit neglects to provide the benefit within that period (although willing to do so); or (iii) is not provided within that period because the entity required to provide the benefit is unable to provide the benefit within that period (although willing to do so); and (d) the scheme is not one of a number of * related schemes that together are taken to give rise to a * debt interest under subsection 974 ‑ 15(2). Regulations (2) The regulations may make provision in relation to the application or operation of subsection (1). Without limiting this, the regulations may: (a) specify what constitutes a substantial part of a * financial benefit for the purposes of paragraph (1)(a); or (b) specify a period to be substituted for the period referred to in paragraph (1)(b).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-30", "Provision_Key": "s974-30", "Heading": "Providing a financial benefit", "Text": "Issue of equity interest (1) The following do not constitute the provision of a * financial benefit by an entity or a * connected entity of the entity: (a) the issue of an * equity interest in the entity or a connected entity of the entity; or (b) an amount that is to be applied in respect of the issue of an equity interest in the entity or a connected entity of the entity. Providing a financial benefit to an entity (2) A * financial benefit is taken to be provided to an entity if it is provided: (a) to the entity; or (b) on the entity’s behalf; or (c) for the entity’s benefit. Obligation to provide future financial benefit (3) For the avoidance of doubt, if you have a present obligation to provide a * financial benefit to an entity at some time in the future: (a) the financial benefit is taken to be a financial benefit to be provided in the future; and (b) the obligation to provide the financial benefit is taken not to be a financial benefit being provided at the present.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-35", "Provision_Key": "s974-35", "Heading": "Valuation of financial benefits—general rules", "Text": "Value in nominal terms or present value terms (1) For the purposes of this Subdivision: (a) the value of a * financial benefit received or provided under a * scheme is its value calculated: (i) in nominal terms if the performance period (see subsection (3)) must end no later than 10 years after the interest arising from the scheme is issued; or (ii) in present value terms (see section 974 ‑ 50) if the performance period must or may end more than 10 years after the interest arising from the scheme is issued; and (b) the regulations may make provisions relating to the valuation of a financial benefit. Assume scheme runs its full term (2) The value of a * financial benefit received or provided under a * scheme is calculated assuming that the interest arising from the scheme will continue to be held for the rest of its life. Note 1: Section 974 ‑ 40 makes specific provision for cases in which there is a right or option to terminate the interest early. Note 2: Section 974 ‑ 45 makes specific provision for cases involving convertible interests. Performance period (3) The performance period is the period within which, under the terms on which the interest is issued, the * effectively non ‑ contingent obligations of the issuer, and any * connected entity of the issuer, to provide a * financial benefit in relation to the interest have to be met. (4) An obligation is treated as having to be met within 10 years after the interest is issued if: (a) the issuer; or (b) the * connected entity of the issuer; has an * effectively non ‑ contingent obligation to terminate the interest within that 10 year period even if the terms on which the interest is issued formally allow the obligation to continue after the end of that 10 year period. Benefit dependent on variable factor (5) If: (a) a * financial benefit received or provided in respect of an interest depends on a factor that may vary over time (such as a variable interest rate); and (b) that factor is one commonly used in commercial arrangements; and (c) it would be unreasonable to expect any of the parties to the * scheme to know, or to anticipate accurately, the future value of that factor; and (d) that factor has a particular value (the starting value ) when the scheme is entered into; the value of the financial benefit is calculated assuming that the factor’s value will retain the starting value for the whole of the life of the scheme. Note: For example, the value of a return based on a floating interest rate is calculated on the basis that the interest rate remains the interest rate that is applicable when the scheme is entered into. Scheme wholly in foreign currency etc. (6) If all the * financial benefits provided and received under a * scheme are denominated in a particular foreign currency or in terms of quantities of a particular commodity or other unit of account, they are not to be converted into Australian currency for the purpose of comparing their relative values for the purposes of this Subdivision.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-40", "Provision_Key": "s974-40", "Heading": "Valuation of financial benefits—rights and options to terminate early", "Text": "(1) This section deals with the situation in which a party to a * scheme has a right or option to terminate the scheme early (whether by discharging an obligation early, converting the interest arising from the scheme into another interest or otherwise). Note 1: An example of terminating a scheme early by discharging an obligation early is terminating a loan by discharging the obligation to repay the principal (and any outstanding interest) early. Note 2: In certain circumstances, conversion of an interest into another interest can terminate its life (see section 974 ‑ 45). (2) The existence of the right or option is to be disregarded in working out the length of the life of the interest arising from the * scheme for the purposes of this Subdivision if the party does not have an * effectively non ‑ contingent obligation to exercise the right or option. (3) If the party does have an * effectively non ‑ contingent obligation to exercise the right or option, the life of the interest ends at the earliest time at which the party will have to exercise the right or option. (4) This section does not limit subsection 974 ‑ 35(2).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-45", "Provision_Key": "s974-45", "Heading": "Valuation of financial benefits—convertible interests", "Text": "(1) This section deals with the situation in which a * scheme gives rise to an * interest that will or may convert into an * equity interest in a company. (2) The life of the interest ends no later than the time when it converts into that * equity interest. (3) The possibility of the conversion is to be disregarded in working out the length of the life of the interest arising from the * scheme for the purposes of section 974 ‑ 35 if it is uncertain: (a) whether the interest will ever convert; or (b) when the interest will convert. Note: Section 974 ‑ 40 deals with the situation in which a party to the scheme may exercise a right or option to convert the interest. (4) This section does not limit subsection 974 ‑ 35(2).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-45"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-50", "Provision_Key": "s974-50", "Heading": "Valuation of financial benefits—value in present value terms", "Text": "(1) Subject to the regulations made for the purposes of subsection (5), the value in present value terms of a * financial benefit to be provided or received in respect of an interest (the test interest ) is calculated under subsection (4). (2) If you need to calculate the values in present value terms of a number of * financial benefits, the value of each financial benefit is to be calculated separately. (3) The value of a * financial benefit is to be calculated assuming that all amounts to be paid by an entity in respect of the test interest are paid at the earliest time when the entity becomes liable to pay them. (4) The value of a * financial benefit in present value terms is: where: adjusted benchmark rate of return is 75% of the * benchmark rate of return on the test interest. n is the number of years in the period starting on the day on which the test interest is issued and ending on the day on which the * financial benefit is to be provided. If the period includes a part of a year, that part is to be expressed as the fraction: year means a period of 12 months. (5) The regulations may provide for the method of calculating the value in present value terms of a * financial benefit. (6) Without limiting subsection (5), the regulations may: (a) provide for an entirely different method of calculating the present value of the * financial benefit; or (b) specify the adjusted * benchmark rate of return; or (c) provide for a different method of determining the adjusted benchmark rate of return; or (d) specify rules for determining whether a * debt interest is an * ordinary debt interest.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 46 of 2011", "Amending_Acts": "No 163 of 2001 | No 46 of 2011", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 46 of 2011, effective Schedule 2 (items 693–697) and Schedule 3 (items 10, 11): 27 Dec 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-55", "Provision_Key": "s974-55", "Heading": "The debt interest and its issue", "Text": "(1) If a * scheme, or 2 or more * related schemes, give rise to a * debt interest in an entity, the debt interest: (a) consists of the interest that carries the right to receive a * financial benefit that the entity or a * connected entity has an * effectively non ‑ contingent obligation to provide under the scheme or any of the schemes; and (b) is taken, subject to section 974 ‑ 60, to be a debt interest in the entity; and (c) is taken to be issued by the entity; and (d) is issued when the entity (or a connected entity of the entity) first receives a * financial benefit under the scheme or any of the schemes; and (e) is on issue while an effectively non ‑ contingent obligation of the entity (or a connected entity of the entity) to provide a financial benefit under the scheme or any of the schemes remains unfulfilled. (2) The interest referred to in paragraph (1)(a) may take the form of a proprietary right, a chose in action or any other form.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-60", "Provision_Key": "s974-60", "Heading": "Debt interest arising out of obligations owed by a number of entities", "Text": "(1) This section deals with the situation in which a * scheme, or a number of * related schemes together, would, apart from this section, give rise to the same * debt interest in 2 or more entities. Note: A scheme may give rise to the same debt interest in 2 or more entities if each of those entities has non ‑ contingent obligations to provide financial benefits under the scheme. (2) The * debt interest: (a) is a debt interest in the entity identified under subsection (3) or (4); and (b) is not a debt interest in the other entity or entities. (3) The * debt interest is a debt interest in the entity identified using the following method statement: Method statement Step 1. Work out, for each of the entities, the total value of the * financial benefits that the entity is under an * effectively non ‑ contingent obligation to provide under the * scheme or schemes: this is the entity’s obligation value . Step 2. The * debt interest is taken to be a debt interest in the entity with the greatest obligation value. Step 3. If it is not possible to determine which entity has the greatest obligation value (whether because of an equality of, or uncertainty as to, obligation values or otherwise), the * debt interest is taken to be a debt interest in the entity agreed on by all the entities. Step 4. If the entities do not agree, the interest is taken to be a * debt interest in the entity determined by the Commissioner. (4) Despite subsection (3), the Commissioner may determine that the * debt interest is a debt interest in the entity specified in the determination. (5) The Commissioner may make the determination only if satisfied, having regard to the economic substance of the relevant transactions, that the * debt interest is properly considered from a commercial point of view to be an interest in the entity specified in the determination.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-60"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-65", "Provision_Key": "s974-65", "Heading": "Commissioner’s power", "Text": "(1) Despite subsection 974 ‑ 20(1) (the debt test), the Commissioner may determine that a * scheme gives rise to a debt interest in an entity if the Commissioner considers that: (a) the scheme would satisfy paragraphs 974 ‑ 20(1)(a), (b), (c) and (e); but (b) instead of satisfying paragraph 974 ‑ 20(1)(d), the scheme would satisfy all the following subparagraphs: (i) it is substantially more likely than not that the value of the * financial benefit to be provided by the entity (or a * connected entity of the entity) under the * effectively non ‑ contingent obligation will be at least equal to the substantial part of the value of the financial benefit received or to be received by the entity (or its connected entity) under the scheme; (ii) it is substantially more likely than not that other financial benefits will be provided by the entity (or its connected entity) to one or more entities under the scheme; (iii) it is substantially more likely than not that the sum of the values of the financial benefits mentioned in subparagraphs (i) and (ii) will be at least equal to the value of the financial benefit received by the entity (or its connected entity) under the scheme. (2) In making the determination, the Commissioner must have regard to the following: (a) the difference between the value of the * financial benefit received and the value of the financial benefit to be provided under the * effectively non ‑ contingent obligation; (b) the degree of likelihood of other financial benefits being provided under the * scheme; (c) the degree of likelihood of the sum of the value of the financial benefits mentioned in subparagraphs (1)(b)(i) and (ii) being equal to or greater than the value of the financial benefit received under the scheme; (d) the particular circumstances surrounding the scheme (including circumstances of the parties to the scheme and their purposes for entering into the scheme). (3) If the Commissioner determines under this section that a * scheme gives rise to a * debt interest, the scheme has that effect for all purposes of this Division.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-65"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-70", "Provision_Key": "s974-70", "Heading": "Meaning of equity interest in a company", "Text": "Scheme giving rise to equity interest (1) A * scheme gives rise to an equity interest in a company if, when the scheme comes into existence: (a) the scheme satisfies the equity test in subsection 974 ‑ 75(1) in relation to the company because of the existence of an interest; and (b) the interest is not characterised as, and does not form part of a larger interest that is characterised as, a * debt interest in the company, or a * connected entity of the company, under Subdivision 974 ‑ B. Note 1: An equity interest can also arise under subsection (2) if a notional scheme with the combined effect of a number of related schemes would give rise to an equity interest under this subsection. To do this, the notional scheme would need to satisfy paragraph (b). This means that the related schemes will not give rise to an equity interest if the notional scheme would be characterised as (or form part of a larger interest that would be characterised as) a debt interest in the company or a connected entity. Note 2: An equity interest can also arise under section 974 ‑ 80 (arrangements for funding return through connected entities). Note 3: Section 974 ‑ 95 defines various aspects of the equity interest that arises. Related schemes giving rise to equity interest (2) Two or more * related schemes (the constituent schemes ) are taken together to give rise to an equity interest in a company if: (a) the company enters into, participates in or causes another entity to enter into or participate in the constituent schemes; and (b) a scheme with the combined effect or operation of the constituent schemes (the notional scheme ) would give rise to an * equity interest in the company under subsection (1) if the notional scheme came into existence when the last of the constituent schemes came into existence; and (c) it is reasonable to conclude that the company intended, or knew that a party to the scheme or one of the schemes intended, the combined economic effects of the constituent schemes to be the same as, or similar to, the economic effects of an equity interest. This is so whether or not the constituent schemes come into existence at the same time and even if none of the constituent schemes would individually give rise to that or any other equity interest. Note: Section 974 ‑ 105 explains the effect, for tax purposes, of actions taken under the schemes. (3) Subsection (2) does not apply if each of the constituent * schemes individually gives rise to an * equity interest in the company. (4) Two or more related * schemes do not give rise to an * equity interest in a company under subsection (2) if the Commissioner determines that it would be unreasonable to apply that subsection to those schemes. (5) Without limiting subsection 974 ‑ 10(5), the Commissioner must, in exercising the power to make a determination under subsection (4), have regard to the following: (a) the purpose of the * schemes (considered both individually and in combination); (b) the effects of the schemes (considered both individually and in combination); (c) the rights and obligations of the parties to the schemes (considered both individually and in combination); (d) whether the schemes (when considered either individually or in combination) provide the basis for, or underpin, an interest issued to investors with the expectation that the interest can be assigned to other investors; (e) whether the schemes (when considered either individually or in combination) comprise a set of rights and obligations issued to investors with the expectation that it can be assigned to other investors; (f) any other relevant circumstances.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-70"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-75", "Provision_Key": "s974-75", "Heading": "The test for an equity interest", "Text": "Basic test for equity interest (1) A * scheme satisfies the equity test in this subsection in relation to a company if it gives rise to an interest set out in the following table: Equity interests Item Interest 1 An interest in the company as a member or stockholder of the company. 2 An interest that carries a right to a variable or fixed return from the company if either the right itself, or the amount of the return, is in substance or effect * contingent on aspects of the economic performance (whether past, current or future) of: (a) the company; or (b) a part of the company’s activities; or (c) a * connected entity of the company or a part of the activities of a connected entity of the company. The return may be a return of an amount invested in the interest. 3 An interest that carries a right to a variable or fixed return from the company if either the right itself, or the amount of the return, is at the discretion of: (a) the company; or (b) a * connected entity of the company. The return may be a return of an amount invested in the interest. 4 An interest issued by the company that: (a) gives its holder (or a * connected entity of the holder) a right to be issued with an * equity interest in the company or a * connected entity of the company; or (b) is an * interest that will, or may, convert into an equity interest in the company or a connected entity of the company. This subsection has effect subject to subsection (2) (requirement for financing arrangement). Note: Section 974 ‑ 90 allows regulations to be made clarifying when a right or return is taken to be at discretion of a company or connected entity. Financing arrangement (2) A * scheme that would otherwise give rise to an * equity interest in a company because of an item in the table in subsection (1) (other than item 1) does not give rise to an equity interest in the company unless the scheme is a * financing arrangement for the company. Form interest may take (3) The interest referred to in item 2, 3 or 4 in the table in subsection (1) may take the form of a proprietary right, a chose in action or any other form. Exception for certain at call loans—until 30 June 2005 (4) If: (a) a * financing arrangement takes the form of a loan to a company by a * connected entity; and (b) the loan does not have a fixed term; and (c) either: (i) the loan is repayable on demand made by the connected entity, and repayment is required immediately on the making of the demand, or is required at the end of a particular period after the demand is made (being a period that is not longer than is reasonably necessary to arrange repayment); or (ii) the loan is repayable on the death of the connected entity (if the connected entity is an individual); and (d) the arrangement was entered into on or before 30 June 2005; the arrangement does not give rise to an equity interest in the company. Instead, the arrangement is taken, despite anything in Subdivision 974 ‑ B, to give rise to a debt interest in the company. This subsection ceases to have effect on 1 July 2005. Note: If this subsection ceases to have effect in relation to an interest that is, according to the other provisions of this Division, an equity interest immediately after the cessation, an adjustment to the company’s non ‑ share capital account will occur at that time (see subsection 164 ‑ 15(2)). (5) If, while subsection (4) applies to a * financing arrangement, a circumstance occurs that would otherwise have attracted the operation of subsection 974 ‑ 110(1) or (2) in relation to the arrangement: (a) that subsection of section 974 ‑ 110 does not apply to change the result that subsection (4) of this section produces in relation to the arrangement; but (b) for the purpose of applying this Division in relation to the arrangement after subsection (4) of this section has ceased to have effect, that subsection of section 974 ‑ 110 is taken to have produced the result that it would have produced if subsection (4) of this section had not applied to the arrangement. Further exception for certain related party at call loans (6) In applying this Division in relation to a particular * scheme and a particular income year (which may be the income year in which the scheme is entered into or a later income year), the scheme is taken not to give rise to an equity interest in a company, and instead to give rise to a debt interest in the company, if: (a) the scheme takes the form of a loan to the company that satisfies paragraphs (4)(a), (b) and (c); and (b) the company’s * GST turnover (worked out at the end of the income year) is less than $20,000,000. Note: If this subsection does not apply in relation to the previous income year or the next income year, and the scheme gives rise to an equity interest according to the other provisions of this Division, an adjustment to the company’s non ‑ share capital account will occur at the end of the previous income year or the start of the next income year (see subsections 164 ‑ 15(2) and 164 ‑ 20(3)). (7) For the purpose of paragraph (6)(b), the question whether a company’s * GST turnover (worked out at the end of an income year) is less than $20,000,000 is to be determined in accordance with subsection 188 ‑ 10(2) of the * GST Act, as if that amount of $20,000,000 were a turnover threshold for the purposes of that subsection of the GST Act.", "Amendment_Count": 5, "First_Amended": "No 163 of 2001", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 163 of 2001 | No 23 of 2005 | No 162 of 2005 | No 80 of 2007 | No 10 of 2016", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 80 of 2007, effective 21 June 2007 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-75"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-80", "Provision_Key": "s974-80", "Heading": "Equity interest arising from arrangement funding return through connected entities", "Text": "(1) This section deals with the situation in which: (a) an interest carries a right to a variable or fixed return from a company; and (b) the interest is held by a * connected entity of the company; and (c) apart from this section, the interest would not be an * equity interest in the company; and (ca) the * scheme that gives rise to the interest is a * financing arrangement for the company; and (d) there is a scheme, or a series of schemes, designed to operate so that the return to the connected entity is to be used to fund (directly or indirectly) a return to another person (the ultimate recipient ). (2) The interest is an equity interest in the company if: (a) the amount of the return to the ultimate recipient is in substance or effect * contingent on aspects of the economic performance (whether past, current or future) of: (i) the company; or (ii) a part of the company’s activities; or (iii) a * connected entity of the company or a part of the activities of a connected entity of the company; or (b) either the right itself, or the amount of the return to the ultimate recipient, is at the discretion of: (i) the company; or (ii) a connected entity of the company; or (c) the interest in respect of which the return to the ultimate recipient is made or another interest that arises from the scheme, or any of the schemes, referred to in paragraph (1)(d): (i) gives the ultimate recipient (or a connected entity of the ultimate recipient) a right to be issued with an * equity interest in the company or a connected entity of the company; or (ii) is an * interest that will, or may, convert into an equity interest in the company or a connected entity of the company; and if the interest does not form part of a larger interest that is characterised as a * debt interest in the entity in which it is held, or a * connected entity, under Subdivision 974 ‑ B. The return may be a return of an amount invested in the interest. Note 1: Section 974 ‑ 90 allows regulations to be made clarifying when a right or return is taken to be at the discretion of a company or connected entity. Note 2: Paragraphs (a), (b) and (c) parallel items 2, 3 and 4 of the table in subsection 974 ‑ 75(1). Example: Company A, Company B1, Company B2 and Company B3 are connected entities. Company B1 operates Trust Fund C. An interest in Trust Fund C is issued to person H and the return on that interest is contingent on aspects of the economic performance of Company A. Trust Fund C lends the money paid by H for the purchase of the interest to Company B1 which lends the money to Company B2 which lends the money to Company B3 which lends the money to Company A. Under the arrangements under which the interest is issued and the loans made, payments of interest by Company A on the loan that Company B3 makes to Company A are intended to pass back through Company B2 and Company B1 to fund the return on H’s interest in Trust Fund C. Under subsection (2), Company B3 will have an equity interest in Company A. If the return to Company B3 were itself contingent on Company A’s performance, Company B3’s interest would be an equity interest in Company A under item 2 of the table in subsection 974 ‑ 75(1) (and not under subsection (2) of this section). Company B2 has an equity interest in Company B3 and Company B1 has an equity interest in Company B2. This is because the returns they get are intended to fund the return on H’s interest in Trust Fund C and that return is contingent on aspects of the economic performance of Company A (which is related to both Company B3 and Company B2). (3) The interest referred to in paragraph (1)(a) or (2)(c) may take the form of a proprietary right, a chose in action or any other form.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 163 of 2001 | No 10 of 2016", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-80"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-85", "Provision_Key": "s974-85", "Heading": "Right or return contingent on aspects of economic performance", "Text": "(1) A right, or the amount of a return, is contingent on aspects of the economic performance of an entity, or a part of the entity’s activities, if the right or return is contingent on the economic performance of that entity, or that part of those activities, but not solely because of one of the following: (a) the ability or willingness of an entity to meet the obligation to satisfy the right to the return; (b) the receipts or turnover of the entity or the turnover generated by those activities. (2) The regulations may specify circumstances in which a right or return is to be taken to be contingent, or not contingent, on aspects of the economic performance of an entity or a part of an entity’s activities. (3) The regulations may provide that paragraph (1)(b) does not apply in the circumstances specified in the regulations. (4) The regulations may provide that an interest that: (a) is covered by item 2 in the table in subsection 974 ‑ 75(1) or paragraph 974 ‑ 80(2)(a); and (b) arises in the circumstances specified in the regulations; is not an equity interest because of: (c) the limited extent to which the right or return that the interest carries is * contingent on aspects of the economic performance of an entity or a part of the entity’s activities; or (d) the practical insignificance of the right or return that the interest carries being contingent on that performance.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 163 of 2001 | No 10 of 2016", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-85"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-90", "Provision_Key": "s974-90", "Heading": "Right or return at discretion of company or connected entity", "Text": "The regulations may specify circumstances in which a right, or the amount of a return, is to be taken to be at the discretion of a company or a * connected entity of the company.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-90"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-95", "Provision_Key": "s974-95", "Heading": "The equity interest", "Text": "(1) If a * scheme gives rise to an * equity interest in a company because of an item of the table in subsection 974 ‑ 75(1), the equity interest consists of the interest referred to in that item. (2) If 2 or more * related schemes give rise to an * equity interest in a company because of an item of the table in subsection 974 ‑ 75(1), the equity interest consists of the combination of interests under the schemes that satisfy the requirements of that item. (3) Subsection 974 ‑ 80(2) also provides that certain interests are * equity interests in a company. (4) If the returns on a * non ‑ share equity interest in a company are payable to 2 or more entities: (a) each entity is taken to be the holder of a non ‑ share equity interest in the company; and (b) each entity’s non ‑ share equity interest consists of the interests that: (i) constitute the non ‑ share equity interest; and (ii) are held by that entity. (5) The company in which an * equity interest exists is taken to be the issuer of the interest.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-95"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-100", "Provision_Key": "s974-100", "Heading": "Treatment of convertible and converting interests", "Text": "(1) If a * debt interest is an * interest that will or may convert into an * equity interest, the conversion is taken, for the purposes of this Division to give rise to a new interest (and is not treated merely as a continuation of the debt interest). (2) If an * equity interest is an * interest that will or may convert into a * debt interest, the conversion is taken, for the purposes of this Division to give rise to a new interest (and is not treated merely as a continuation of the equity interest).", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-100"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-105", "Provision_Key": "s974-105", "Heading": "Effect of action taken in relation to interest arising from related schemes", "Text": "(1) If: (a) a * scheme, or schemes, give rise to a * debt interest in an entity or an * equity interest in a company; and (b) the entity or company pays a return, or undertakes any other transaction, in respect of any of the following (the component element ): (i) the scheme; or (ii) a part of the scheme; or (iii) one of those schemes; or (iv) a part of one of those schemes; then, for the purposes of the provisions that subsection (2) covers, the return is taken to be paid, or the transaction to have been undertaken, in respect of the debt interest or equity interest and not in respect of the component element. Example: Company A issues a convertible note to Company B. Company C, a connected entity of Company B, provides a binding collateral undertaking to Company A that Company B will exercise the option to convert the note into shares in Company A. The convertible note and the undertaking are related schemes that may give rise to an equity interest in Company A if their combined effect satisfies section 974 ‑ 70. If so, the returns on the note are taken to be returns in respect of the equity interest. (2) This subsection covers: (a) the provisions of this Division (other than this section); and (b) any other provision of this Act whose operation depends on an expression whose meaning is given by this Division.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 162 of 2005", "Amending_Acts": "No 163 of 2001 | No 162 of 2005", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-105"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-110", "Provision_Key": "s974-110", "Heading": "Effect of material change", "Text": "Change to existing scheme—general rule (1) If: (a) a * scheme or schemes give rise to a * debt interest (or an * equity interest) in a company; and (b) the scheme, or one or more of the schemes, are subsequently changed, including where one or more (but not all) of the schemes cease to exist; and (c) the scheme or schemes as they exist immediately after the change would give rise to an equity interest (or a debt interest) in the company if they came into existence when the change occurred; and (d) subsection (1A) does not apply to the change; this Division applies after the change as if the scheme or schemes as they exist immediately after the change came into existence when the change occurred. Note 1: This will mean that the characterisation of the interest will change at that time. Note 2: This section can apply to an interest a number of times so that, for example, an interest that is equity when issued may change to debt because of one subsequent change and then back to equity because of a later change. Note 3: There will be an adjustment to the company’s non ‑ share capital account when the change occurs (see subsections 164 ‑ 15(2) and 164 ‑ 20(3)). Change to existing scheme—special rule for changing a related party at call etc. loan to a private company from equity to debt (1A) If: (a) a * scheme takes the form of a loan that satisfies paragraphs 974 ‑ 75(4)(a), (b) and (c); and (b) the scheme gives rise to an * equity interest (disregarding the effect this subsection has on the characterisation of the interest because of the change referred to in paragraph (c) of this subsection); and (c) the scheme is subsequently changed; and (d) the change occurs in the period starting immediately after the end of a particular income year (the year of effect ) and ending at the end of the earlier of the following days: (i) the due date for lodgment of the company’s * income tax return for the year of effect; (ii) the date of lodgment of the company’s income tax return for the year of effect; and (e) the scheme, as it exists immediately after the change, would give rise to a * debt interest in the company if the interest came into existence when the change occurred; and (f) the company is a * private company in relation to the year of effect; and (g) subsection 974 ‑ 75(6) does not apply in relation to the loan and the year of effect; and (h) the company elects that this subsection is to apply to the change; this Division applies as if the scheme, as it exists immediately after the change, had come into existence at the start of the year of effect, and as if no other change of a kind referred to in subsection (1) had occurred in relation to the interest in the period commencing at the start of the year of effect and ending when the first ‑ mentioned change was made. Note 1: This will mean that: (a) the characterisation of the interest will change, with effect back to the start of the year of effect; and (b) that characterisation will not be affected by other changes that occurred after the start of the year of effect and before the change to which this subsection applies. Note 2: This section can apply to an interest a number of times so that, for example, an interest that is an equity interest when issued may change to debt because of one subsequent change and then back to equity because of a later change. Note 3: An adjustment to the company’s non ‑ share capital account will be taken to have occurred at the start of the year of effect (see subsection 164 ‑ 20(3)). (1B) An election for the purposes of paragraph (1A)(h): (a) must be in writing; and (b) can only be made in the period referred to in paragraph (1A)(d); and (c) cannot be revoked. Entering into a new related scheme (2) If: (a) a * scheme or schemes give rise to a * debt interest (or an * equity interest) in a company; and (b) the company subsequently enters into, participates in or causes another entity to enter into or participate in a new * related scheme; and (c) the scheme or schemes, together with: (i) the new related scheme; and (ii) any other related scheme that the entity (or company) enters into, participates in or causes another entity to enter into or participate in before the new related scheme is entered into; would give rise to an equity interest (or a debt interest) in the company if they all came into existence when the new related scheme is entered into; this Division applies after the new related scheme is entered into as if all the schemes referred to in paragraph (c) had come into existence when the new related scheme is entered into. Note 1: This will mean that the characterisation of the interest will change at that time. Note 2: This section can apply to an interest a number of times so that, for example, an interest that is equity when issued may change to debt because of one subsequent change and then back to equity because of a later change. Note 3: There will be an adjustment to the company’s non ‑ share capital account when the change occurs (see subsections 164 ‑ 15(2) and 164 ‑ 20(3)). All prior changes to be taken into account (3) In applying paragraphs (1)(c), (1A)(e) and (2)(c) to the * scheme or schemes, take into account: (a) all changes to the scheme or schemes that occur before the change or before the new related scheme is entered into; and (b) all * related schemes entered into before the change or before the new related scheme is entered into; and (c) all changes to related schemes referred to in paragraph (b) that occur before the change or before the new related scheme is entered into.", "Amendment_Count": 4, "First_Amended": "No 163 of 2001", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 163 of 2001 | No 162 of 2005 | No 97 of 2008 | No 56 of 2010", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-110"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-112", "Provision_Key": "s974-112", "Heading": "Determinations by Commissioner", "Text": "Determinations covered by this section (1) This section covers a determination by the Commissioner under any of the following provisions: (a) subsection 974 ‑ 15(4); (b) subsection 974 ‑ 60(3), (4) or (5); (c) section 974 ‑ 65; (d) subsection 974 ‑ 70(4); (e) subsection 974 ‑ 150(1). Determination on own initiative or on application (2) The Commissioner may make a determination covered by this section: (a) on his or her own initiative; or (b) on an application made under subsection (3). Application for determination (3) An entity may apply to the Commissioner for a determination covered by this section in relation to: (a) an interest of which the entity is the issuer; or (b) an interest of which the entity would be the issuer: (i) if the determination were made; or (ii) if the determination were not made. Note: Paragraph (b) may apply, for example, if the effect of the determination applied for would be to allow, or to prevent, a number of related schemes giving rise to a debt interest or an equity interest. (4) The application: (a) must be in writing; and (b) must set out the grounds on which the applicant thinks the determination should be made; and (c) must set out any information relevant to deciding whether to make the determination. Review of determinations (5) A taxpayer who is dissatisfied with a determination covered by this section may object against the determination in the manner set out in Part IVC of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 97 of 2008", "Amending_Acts": "No 163 of 2001 | No 97 of 2008", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-112"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-115", "Provision_Key": "s974-115", "Heading": "Meaning of non ‑ share distribution", "Text": "A company makes a non ‑ share distribution to you if: (a) you hold a * non ‑ share equity interest in the company; and (b) the company: (i) distributes money to you; or (ii) distributes other property to you; or (iii) credits an amount to you; as the holder of that interest.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-115"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-120", "Provision_Key": "s974-120", "Heading": "Meaning of non ‑ share dividend", "Text": "(1) Subject to subsection (2), all * non ‑ share distributions are non ‑ share dividends . (2) A * non ‑ share distribution is not a non ‑ share dividend to the extent to which the company debits the distribution against: (a) the company’s * non ‑ share capital account; or (b) the company’s * share capital account.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 80 of 2006", "Amending_Acts": "No 163 of 2001 | No 80 of 2006", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-120"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-125", "Provision_Key": "s974-125", "Heading": "Meaning of non ‑ share capital return", "Text": "A non ‑ share capital return is a * non ‑ share distribution to the extent to which it is not a * non ‑ share dividend.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-125"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-130", "Provision_Key": "s974-130", "Heading": "Financing arrangement", "Text": "(1) A * scheme is a financing arrangement for an entity if it is entered into or undertaken: (a) to raise finance for the entity (or a * connected entity of the entity); or (b) to fund another scheme, or a part of another scheme, that is a * financing arrangement under paragraph (a); or (c) to fund a return, or a part of a return, payable under or provided by or under another scheme, or a part of another scheme, that is a financing arrangement under paragraph (a). (2) The following are examples of * schemes that are generally entered into or undertaken to raise finance: (a) a bill of exchange; (b) income securities; (c) a * convertible interest that will convert into an * equity interest. Note: Paragraph (a) is likely to be relevant for debt interests, paragraph (b) for equity interests and paragraph (c) for both. (3) The following are examples of * schemes that are generally not entered into or undertaken to raise finance: (a) a derivative that is used solely for managing financial risk; (b) a contract for personal services entered into in the ordinary course of a business. Note: These may be relevant for both debt interests and equity interests. (4) For the purposes of subsection (1), the following * schemes are taken not to be entered into or undertaken to raise finance: (a) a lease or bailment that satisfies all of the following: (i) the property leased or bailed is not property to which Division 16D of Part III of the Income Tax Assessment Act 1936 (arrangements relating to the use of property) applies; (ii) the lease or bailment is not a relevant agreement for the purposes of section 128AC of that Act (deemed interest in respect of hire ‑ purchase and certain other arrangements); (iii) the lease or bailment is not an * arrangement to which Division 240 of this Act (about arrangements treated as a sale and loan), or Division 242 of this Act (about luxury car leases), applies; (v) the lessee or bailee, or a * connected entity of the lessee or bailee, is not to, and does not have an obligation (whether contingent or not) or a right to, acquire the leased or bailed property; (vi) Division 250 of this Act does not apply to a person and the property leased or bailed; (b) a securities lending arrangement under section 26BC of the Income Tax Assessment Act 1936 ; (c) a life insurance or general insurance contract undertaken as part of the issuer’s ordinary course of business; (d) a scheme for the payment of royalties (within the meaning of the Income Tax Assessment Act 1936 ) other than: (i) a qualifying arrangement for the purposes of Division 16D of Part III of the Income Tax Assessment Act 1936 ; or (ii) a relevant agreement for the purposes of section 128AC of that Act; or (iii) a scheme or arrangement for the payment of royalties in relation to an asset if Division 250 of this Act applies to a person and the asset. (5) The regulations may: (a) specify that particular * schemes are not financing arrangements ; and (b) specify circumstances in which a scheme will not be a financing arrangement .", "Amendment_Count": 3, "First_Amended": "No 163 of 2001", "Last_Amended": "No 79 of 2010", "Amending_Acts": "No 163 of 2001 | No 164 of 2007 | No 79 of 2010", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-130"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-135", "Provision_Key": "s974-135", "Heading": "Effectively non ‑ contingent obligation", "Text": "(1) There is an effectively non ‑ contingent obligation to take an action under a * scheme if, having regard to the pricing, terms and conditions of the scheme, there is in substance or effect a non ‑ contingent obligation (see subsections (3), (4) and (6)) to take that action. (2) Without limiting subsection (1), that subsection applies to: (a) providing a * financial benefit under the * scheme; or (b) terminating the scheme. (3) An obligation is non ‑ contingent if it is not contingent on any event, condition or situation (including the economic performance of the entity having the obligation or a * connected entity of that entity), other than the ability or willingness of that entity or connected entity to meet the obligation. (4) The existence of the right of the holder of an * interest that will or may convert into an * equity interest in a company to convert the interest does not of itself make the issuer’s obligation to repay the investment not non ‑ contingent. (5) An obligation to redeem a preference share is not contingent merely because there is a legislative requirement for the redemption amount to be met out of profits or a fresh issue of * equity interests. (6) In determining whether there is in substance or effect a non ‑ contingent obligation to take the action, have regard to the artificiality, or the contrived nature, of any contingency on which the obligation to take the action depends. Note: The artificiality, or the contrived nature, of a contingency would tend to indicate that there is, in substance or effect, a non ‑ contingent obligation to take that action. (7) An obligation of yours is not effectively non ‑ contingent merely because you will suffer some detrimental practical or commercial consequences if you do not fulfil the obligation. Note: For example, a contingent obligation to make payments in respect of an income security issued by an approved deposit ‑ taking institution (ADI) is not effectively non ‑ contingent merely because of the detrimental effect non ‑ payment would have on the ADI’s business. (8) The regulations may make further provisions relating to the following: (a) what constitutes a non ‑ contingent obligation; (b) what does not constitute a non ‑ contingent obligation; (c) what constitutes an * effectively non ‑ contingent obligation; (d) what does not constitute an effectively non ‑ contingent obligation.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-135"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-140", "Provision_Key": "s974-140", "Heading": "Ordinary debt interest", "Text": "(1) A * debt interest arising from a scheme is an ordinary debt interest if none of the obligations under the scheme is in substance or effect * contingent on aspects of the economic performance of: (a) the issuer of the interest; or (b) a * connected entity; or (c) a part of the operations of the issuer or a connected entity. (2) The regulations may specify rules for determining whether a * debt interest is an * ordinary debt interest.", "Amendment_Count": 2, "First_Amended": "No 163 of 2001", "Last_Amended": "No 10 of 2016", "Amending_Acts": "No 163 of 2001 | No 10 of 2016", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-140"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-145", "Provision_Key": "s974-145", "Heading": "Benchmark rate of return", "Text": "(1) The benchmark rate of return for an interest (the test interest) in an entity is the annually compounded internal rate of return on an * ordinary debt interest that: (a) is issued, immediately before the test interest is issued, by the entity, or an equivalent entity, to an entity that is not a * connected entity; and (b) has a comparable maturity date; and (c) is in the same currency; and (d) is issued in the same market; and (e) has the same credit status; and (f) has the same degree of subordination to debts owed to the ordinary creditors of the issuer. (2) If there is no interest that satisfies subsection (1), the benchmark rate of return for the test interest is the annually compounded internal rate of return on an interest that is closest to the test interest in the respects referred to in that subsection (adjusted appropriately to take account of the differences between that interest and the test interest). (3) The regulations may: (a) specify the meaning to be given to an expression used in this section; or (b) provide for a different method of determining the * benchmark rate of return.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-145"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-150", "Provision_Key": "s974-150", "Heading": "Schemes", "Text": "(1) The Commissioner: (a) may determine that what would otherwise be a single * scheme is to be treated for the purposes of this Division as 2 or more separate schemes; and (b) may determine that the schemes are to be taken for the purposes of this Division to not be * related schemes. (2) Without limiting subsection 974 ‑ 10(5), the Commissioner must, in exercising the power to make a determination under subsection (1), have regard to the following: (a) the purpose of the * scheme (considered both as a whole and in terms of its individual components); (b) the effects of the scheme and each of its components (considered both as a whole and in terms of its individual components); (c) the rights and obligations of the parties to the scheme (considered both as a whole and in relation to its individual components); (d) whether the scheme (when considered as a whole or in terms of its individual components) provides the basis for, or underpins, an interest issued to investors with the expectation that the interest can be assigned to other investors; (e) whether the scheme (when considered as a whole or in terms of its individual components) comprises a set of rights and obligations issued to investors with the expectation that it can be assigned to other investors; (f) any other relevant circumstances. (3) The regulations: (a) may provide that, in the circumstances specified in the regulations, what would otherwise be a single * scheme is to be treated for the purposes of this Division as 2 or more separate schemes; and (b) may provide that the schemes are to be taken for the purposes of this Division to not be * related schemes.", "Amendment_Count": 3, "First_Amended": "No 163 of 2001", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 163 of 2001 | No 97 of 2008 | No 41 of 2011", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-155", "Provision_Key": "s974-155", "Heading": "Related schemes", "Text": "(1) Subject to subsection (3), 2 * schemes are related to one another if they are related to one another in any way. (2) Without limiting subsection (1), 2 * schemes are related to each other if: (a) the schemes are based on stapled instruments; or (b) one of the schemes would, from a commercial point of view, be unlikely to be entered into unless the other scheme was entered into; or (c) one of the schemes depends for its effect on the operation of the other scheme; or (d) one scheme complements or supplements the other; or (e) there is another scheme to which both the schemes are related because of a previous application or applications of this subsection. (3) Two * schemes are not related to one another merely because: (a) one refers to the other; or (b) they have a common party. (4) The regulations may specify circumstances in which 2 * schemes: (a) are taken to be related to one another; or (b) are taken not to be related to one another.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-160", "Provision_Key": "s974-160", "Heading": "Financial benefit", "Text": "(1) In this Act: financial benefit : (a) means anything of economic value; and (b) includes property and services; and (c) includes anything that regulations made for the purposes of subsection (3) provide is a financial benefit; even if the transaction that confers the benefit on an entity also imposes an obligation on the entity. (2) In applying subsection (1), benefits and obligations are to be looked at separately and not set off against each other. (3) The regulations may provide that a thing specified in the regulations is a financial benefit for the purposes of this Act.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 974-165", "Provision_Key": "s974-165", "Heading": "Convertible and converting interests", "Text": "An interest (the first interest ) is an interest that will or may convert into another interest (the second interest ) if: (a) the first interest, or a part of the first interest, must be or may be converted into the second interest; or (b) the first interest, or a part of the first interest, must be or may be redeemed, repaid or satisfied by: (i) the issue or transfer of the second interest (whether to the holder of the first interest or to some other person); or (ii) the acquisition of the second interest (whether by the holder of the first interest or by some other person); or (iii) the application in or towards paying ‑ up (in whole or in part) the balance unpaid on the second interest (whether the second interest is to be issued to the holder of the first interest or to some other person); or (c) the holder of the first interest has, or is to have, a right or option to have allotted or transferred to the holder or to some other person, or for the holder or some other person otherwise to acquire: (i) the second interest; or (ii) a right or option to acquire the second interest.", "Amendment_Count": 1, "First_Amended": "No 163 of 2001", "Last_Amended": "No 163 of 2001", "Amending_Acts": "No 163 of 2001", "History_Notes": "Inserted by No 163 of 2001, effective 1 July 2001", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s974-165"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 975-150", "Provision_Key": "s975-150", "Heading": "Position to affect rights in relation to a company", "Text": "(1) A person is in a position to affect rights of a company in relation to another company if the person has a right, power or option: (a) to acquire those rights from one or other of those companies; or (b) to do something that would prevent one or other of those companies from exercising its rights for its own benefit, or from receiving any benefit arising from having those rights. (2) It does not matter whether the person has the right, power or option because of the * constitution of one or other of those companies, any agreement or otherwise. (3) However, the right, power or option of an owner of * ownership interests in the * head entity of a * demerger group to * acquire, under a * demerger, ownership interests in the * demerged entity is not a right, power or option covered by subsection (1).", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s975-150"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 975-155", "Provision_Key": "s975-155", "Heading": "When is an entity a controller (for CGT purposes) of a company?", "Text": "An entity (the first entity ) is a controller (for CGT purposes ) of a company if: (a) the first entity has an * associate ‑ inclusive control interest in the company of at least 50%; or (b) the first entity has an associate ‑ inclusive control interest in the company of at least 40% and entities other than the first entity or associates of the first entity do not control the company; or (c) the first entity controls the company (alone or with an * associate).", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s975-155"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 975-160", "Provision_Key": "s975-160", "Heading": "When an entity has an associate ‑ inclusive control interest", "Text": "(1) An entity has an associate ‑ inclusive control interest in a company in the circumstances set out in Subdivision A of Division 3 of Part X of the Income Tax Assessment Act 1936 . (2) However, in working out whether an entity has an associate ‑ inclusive control interest of a particular percentage for the purposes of section 975 ‑ 155, there are these modifications to the way Part X of that Act operates: (a) that Part is applied to any company, including one acting as a trustee; and (b) subsection 349(4) applies in all cases in working out which entity holds a direct control interest or a control tracing interest equal to 100%; and (c) subsections 350(6) and (7) and 355(1) are ignored; and (d) despite subsection 352(2), an interposed entity may be taken into account in calculating an indirect control interest if the interposed entity is: (i) a company of which the first entity or an * associate is a controller; or (ii) a partnership or a trust; and (e) section 354 applies as if it referred to partnerships rather than CFP’s; and (f) section 355 applies as if it referred to trusts rather than CFT’s. Note 1: Part X of the Income Tax Assessment Act 1936 defines company to exclude a company in the capacity of a trustee. Note 2: The terms direct control interest and control tracing interest are relevant to working out associate ‑ inclusive control interests in a company: see sections 350, 351, 353, 354 and 355 of that Act. Note 3: Under subsection 349(4) of that Act, if 2 or more entities would have a direct control interest or a control tracing interest in a company or trust equal to 100%, only one of them holds the interest. Note 4: Subsections 350(6) and (7) of that Act deal with direct control interests in a company. They deal with interests held by Australian entities. Under subsection 355(1), certain entities are taken to hold a control tracing interest in a trust equal to 100%. Note 5: Paragraphs (2)(d), (e) and (f) of this section are necessary because Part X of the Income Tax Assessment Act 1936 applies only to CFE’s (which comprise CFC’s, CFP’s and CFT’s).", "Amendment_Count": 1, "First_Amended": "No 23 of 2005", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 23 of 2005", "History_Notes": "Inserted by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s975-160"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 975-300", "Provision_Key": "s975-300", "Heading": "Meaning of share capital account", "Text": "(1) A company’s share capital account is: (a) an account that the company keeps of its share capital; or (b) any other account (whether or not called a share capital account) that satisfies the following conditions: (i) the account was created on or after 1 July 1998; (ii) the first amount credited to the account was an amount of share capital. (2) If a company has more than one account covered by subsection (1), the accounts are taken, for the purposes of this Act, to be a single account. Note: Because the accounts are taken to be a single account (the combined share capital account ), tainting of any of the accounts has the effect of tainting the combined share capital account. (3) However, if a company’s * share capital account is * tainted, that account is taken not to be a share capital account for the purposes this Act, other than: (a) subsection 118 ‑ 20(6); and (b) Division 197; and (ba) paragraph 202 ‑ 45(e); and (c) the definition of paid ‑ up share capital in subsection 6(1) of the Income Tax Assessment Act 1936 ; and (d) subsection 44(1B) of the Income Tax Assessment Act 1936 ; and (f) subsection 159GZZZQ(5) of the Income Tax Assessment Act 1936 .", "Amendment_Count": 2, "First_Amended": "No 80 of 2006", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 80 of 2006 | No 79 of 2007", "History_Notes": "Inserted by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s975-300"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 975-500", "Provision_Key": "s975-500", "Heading": "Wholly ‑ owned groups", "Text": "Two companies are members of the same wholly ‑ owned group if: (a) one of the companies is a * 100% subsidiary of the other company; or (b) each of the companies is a * 100% subsidiary of the same third company.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s975-500"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 975-505", "Provision_Key": "s975-505", "Heading": "What is a 100% subsidiary?", "Text": "(1) A company (the subsidiary company ) is a 100% subsidiary of another company (the holding company ) if all the * shares in the subsidiary company are beneficially owned by: (a) the holding company; or (b) one or more 100% subsidiaries of the holding company; or (c) the holding company and one or more 100% subsidiaries of the holding company. (2) However, the subsidiary company is not a 100% subsidiary of the holding company if a person is * in a position to affect rights, in relation to the subsidiary company, of: (a) the holding company; or (b) a 100% subsidiary of the holding company. (3) The subsidiary company is also not a 100% subsidiary of the holding company if at some future time a person will be * in a position to affect rights as described in subsection (2). (4) A company (other than the subsidiary company) is a 100% subsidiary of the holding company if, and only if: (a) it is a 100% subsidiary of the holding company; or (b) it is a 100% subsidiary of a 100% subsidiary of the holding company; because of any other application or applications of this section.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s975-505"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 976-1", "Provision_Key": "s976-1", "Heading": "Franked part of a distribution", "Text": "The franked part of a * distribution is an amount worked out using the formula: where: applicable gross ‑ up rate means the * corporate tax gross ‑ up rate of the entity making the distribution for the income year in which the distribution is made.", "Amendment_Count": 4, "First_Amended": "No 16 of 2003", "Last_Amended": "No 76 of 2023", "Amending_Acts": "No 16 of 2003 | No 66 of 2015 | No 41 of 2017 | No 76 of 2023", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s976-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 976-5", "Provision_Key": "s976-5", "Heading": "Unfranked part of a distribution", "Text": "The unfranked part of a * distribution is the amount that is left after deducting the * franked part of the distribution from the total distribution.", "Amendment_Count": 1, "First_Amended": "No 16 of 2003", "Last_Amended": "No 16 of 2003", "Amending_Acts": "No 16 of 2003", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s976-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 976-10", "Provision_Key": "s976-10", "Heading": "The part of a distribution that is franked with an exempting credit", "Text": "The part of a distribution that is franked with an exempting credit is worked out using the formula: where: applicable gross ‑ up rate means the * corporate tax gross ‑ up rate of the entity making the distribution for the income year in which the distribution is made.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 16 of 2003 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s976-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 976-15", "Provision_Key": "s976-15", "Heading": "The part of a distribution that is franked with a venture capital credit", "Text": "The part of a distribution that is franked with a venture capital credit is worked out using the formula: where: applicable gross ‑ up rate means the * corporate tax gross ‑ up rate of the entity making the distribution for the income year in which the distribution is made.", "Amendment_Count": 3, "First_Amended": "No 16 of 2003", "Last_Amended": "No 41 of 2017", "Amending_Acts": "No 16 of 2003 | No 66 of 2015 | No 41 of 2017", "History_Notes": "Inserted by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s976-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-5", "Provision_Key": "s977-5", "Heading": "Realisation event", "Text": "For a * CGT asset, a realisation event is a * CGT event (except CGT event E4, CGT event E10 and CGT event G1).", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 53 of 2016", "Amending_Acts": "No 90 of 2002 | No 53 of 2016", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-10", "Provision_Key": "s977-10", "Heading": "Loss realised for income tax purposes", "Text": "(1) A loss is realised for income tax purposes by a * realisation event that happens to a * CGT asset if, and only if, an entity makes a * capital loss from the event. That capital loss is the loss realised by the event. (2) If a provision of this Act reduces the loss that would, apart from that provision, be * realised for income tax purposes by the event, the * capital loss is reduced by the same amount.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-15", "Provision_Key": "s977-15", "Heading": "Gain realised for income tax purposes", "Text": "(1) A gain is realised for income tax purposes by a * realisation event that happens to a * CGT asset if, and only if, an entity makes a * capital gain from the event. That capital gain is the gain that is realised by the event. (2) If a provision of this Act reduces the gain that would, apart from that provision, be * realised for income tax purposes by the event, the * capital gain is reduced by the same amount.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-20", "Provision_Key": "s977-20", "Heading": "Realisation event", "Text": "For an item of * trading stock, a realisation event is a disposal of the item or the ending of an income year.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-20"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-25", "Provision_Key": "s977-25", "Heading": "Disposal of trading stock: loss realised for income tax purposes", "Text": "(1) A loss is realised for income tax purposes by a * realisation event consisting of disposal of an item of * trading stock if, and only if: (a) the item is disposed of, for less than its * cost, in the same income year in which it became part of the trading stock on hand of the entity disposing of it; or (b) the item is disposed of in a later income year for less than its * value as trading stock of the entity on hand at the start of the later income year. (2) The loss that is realised for income tax purposes by the event is the difference between the amount included in the entity’s assessable income because of the disposal and: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as * trading stock on hand at the start of the later income year; as appropriate. (3) If a provision of this Act reduces the loss that would, apart from that provision, be * realised for income tax purposes by the event: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as * trading stock on hand at the start of the later income year; as appropriate, is reduced by the same amount.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-25"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-30", "Provision_Key": "s977-30", "Heading": "Ending of an income year: loss realised for income tax purposes", "Text": "(1) A loss is realised for income tax purposes by a * realisation event that happens to an item of * trading stock and consists of the ending of an income year if, and only if, the * value of the item, as trading stock of an entity on hand at the end of that income year, is less than: (a) its * cost, if it became part of the trading stock on hand of the entity during that income year; or (b) otherwise, its value as trading stock of the entity on hand at the start of that income year. (2) The loss that is realised for income tax purposes by the event is the difference between the * value of the item, as * trading stock of the entity on hand at the end of that income year and: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as trading stock on hand at the start of the income year; as appropriate. (3) If a provision of this Act reduces the loss that would, apart from that provision, be * realised for income tax purposes by the event: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as * trading stock on hand at the start of the income year; as appropriate, is reduced by the same amount.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-30"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-35", "Provision_Key": "s977-35", "Heading": "Disposal of trading stock: gain realised for income tax purposes", "Text": "(1) A gain is realised for income tax purposes by a * realisation event consisting of disposal of an item of * trading stock if, and only if: (a) the item is disposed of, for more than its * cost, in the same income year in which it became part of the trading stock on hand of the entity disposing of it; or (b) the item is disposed of in a later income year for more than its * value as trading stock of the entity on hand at the start of the later income year. (2) The gain that is realised for income tax purposes by the event is the difference between the amount included in the entity’s assessable income because of the disposal and: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as * trading stock on hand at the start of the later income year; as appropriate. (3) If a provision of this Act reduces the gain that would, apart from that provision, be * realised for income tax purposes by the event, the amount that is included in the assessable income of the entity because of the disposal is reduced by the same amount.", "Amendment_Count": 2, "First_Amended": "No 90 of 2002", "Last_Amended": "No 12 of 2012", "Amending_Acts": "No 90 of 2002 | No 12 of 2012", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-35"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-40", "Provision_Key": "s977-40", "Heading": "Ending of an income year: gain realised for income tax purposes", "Text": "(1) A gain is realised for income tax purposes by a * realisation event that happens to an item of * trading stock and consists of the ending of an income year if, and only if, the * value of the item, as trading stock of an entity on hand at the end of that income year, is greater than: (a) its * cost, if it became part of the trading stock on hand of the entity during that income year; or (b) otherwise, its value as trading stock of the entity on hand at the start of that income year. (2) The gain that is realised for income tax purposes by the event is the difference between the * value of the item, as * trading stock of the entity on hand at the end of that income year and: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as trading stock on hand at the start of the income year; as appropriate. (3) If a provision of this Act reduces the gain that would, apart from that provision, be * realised for income tax purposes by the event: (a) the amount that the entity can deduct for the item’s * cost; or (b) the item’s * value as * trading stock on hand at the start of the income year; as appropriate, is increased by the same amount.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-40"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-50", "Provision_Key": "s977-50", "Heading": "Meaning of revenue asset", "Text": "A * CGT asset is a revenue asset if, and only if: (a) the profit or loss on your disposing of the asset, ceasing to own it, or otherwise realising it, would be taken into account, in calculating your assessable income or * tax loss, otherwise than as a * capital gain or * capital loss; and (b) the asset is neither * trading stock nor a * depreciating asset.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-50"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 977-55", "Provision_Key": "s977-55", "Heading": "Loss or gain realised for income tax purposes", "Text": "For a * revenue asset: (a) disposing of, ceasing to own, or otherwise realising, the asset is a realisation event ; and (b) a loss is realised for income tax purposes by the * realisation event if, and only if, there is a loss on the event; and (c) a gain is realised for income tax purposes by the realisation event if, and only if, there is a profit on the event; and (d) the loss or profit on the event is the loss or gain realised for income tax purposes; and (e) if a provision of this Act reduces the loss or gain that would, apart from that provision, be realised for income tax purposes by the event, the loss or profit to be taken into account in calculating your assessable income or * tax loss is reduced by the same amount.", "Amendment_Count": 1, "First_Amended": "No 90 of 2002", "Last_Amended": "No 90 of 2002", "Amending_Acts": "No 90 of 2002", "History_Notes": "Inserted by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s977-55"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 980-1", "Provision_Key": "s980-1", "Heading": "What this Division is about", "Text": "A dwelling is used to provide affordable housing if certain conditions are met, including that the dwelling is tenanted or available to be tenanted, and that tenancies of the dwelling are exclusively managed by a community housing provider.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s980-1"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 980-5", "Provision_Key": "s980-5", "Heading": "Providing affordable housing", "Text": "A * dwelling is used to provide affordable housing on a particular day (the test day ) if: (a) on the test day, the dwelling is * taxable Australian real property and is * residential premises that: (i) are tenanted or available to be tenanted; and (ii) are not * commercial residential premises; and (b) on the test day, the tenancy or prospective tenancy of the dwelling is exclusively managed by an * eligible community housing provider; and (c) the eligible community housing provider has given each entity that holds an * ownership interest in the dwelling a certificate under section 980 ‑ 15 that covers the dwelling for the test day; and (d) no entity is entitled to receive an incentive, under the Scheme prescribed for the purposes of Part 2 of the National Rental Affordability Scheme Act 2008 , for the dwelling for the NRAS year (within the meaning of that Scheme) that includes the test day; and (e) in the case of a * managed investment trust holding an * ownership interest in the dwelling on the test day—none of the tenants or occupants of the dwelling on that day holds an interest in the trust that passes the * non ‑ portfolio interest test at any time during that day.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s980-5"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 980-10", "Provision_Key": "s980-10", "Heading": "Eligible community housing providers", "Text": "(1) An eligible community housing provider is: (a) an entity registered (however described) under an * Australian law as a provider of community housing services; or (b) an entity registered (however described) by an * Australian government agency as a provider of community housing services. (2) However, an entity that ceases to be covered by subsection (1) continues to be an eligible community housing provider for the 90 ‑ day period starting on the day of the cessation.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s980-10"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 980-15", "Provision_Key": "s980-15", "Heading": "Affordable housing certificates", "Text": "For the purposes of paragraph 980 ‑ 5(c), a certificate must: (a) include a declaration that the * eligible community housing provider reasonably believes paragraphs 980 ‑ 5(a) and (b) to be satisfied for the * dwelling for the test day; and (b) be given in the * approved form on or before the 31st day after the end of the income year that contains the test day.", "Amendment_Count": 1, "First_Amended": "No 34 of 2019", "Last_Amended": "No 34 of 2019", "Amending_Acts": "No 34 of 2019", "History_Notes": "Inserted by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s980-15"}
{"Act_Short_Name": "ITAA1997", "Act_Title": "Income Tax Assessment Act 1997", "Act_Year": "1997", "Act_FRL_Id": "C2004A05138", "Provision": "s 995-1", "Provision_Key": "s995-1", "Heading": "Definitions", "Text": "(1) In this Act, except so far as the contrary intention appears: 4% build to rent manner has the meaning given by subsection 43 ‑ 145(2). 4% manner has the meaning given by section 43 ‑ 145. 70% DFE rule has the meaning given by section 394 ‑ 35. 95% services indirect value shift has the meaning given by section 727 ‑ 700. 100% subsidiary has the meaning given by section 975 ‑ 505. 165 ‑ CC tagged asset has the meaning given by section 715 ‑ 30. 170 ‑ D deferred loss has the meaning given by section 715 ‑ 310. ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999 . abnormal trading has the meaning given by Subdivision 960 ‑ H. above ‑ average special professional income has the meaning given by section 405 ‑ 15. acceptable amount of an instalment for an * instalment quarter has the meaning given by section 45 ‑ 232 in Schedule 1 to the Taxation Administration Act 1953 . accountable membership interest has the meaning given by section 208 ‑ 30. accountable partial interest has the meaning given by section 208 ‑ 35. account ‑ based annuity has the meaning given by the Superannuation Industry (Supervision) Regulations 1994 . accounting principles : A matter is in accordance with accounting principles if it is in accordance with: (a) * accounting standards; or (b) if there are no accounting standards applicable to the matter—authoritative pronouncements of the Australian Accounting Standards Board that apply to the preparation of financial statements. accounting principles for tax cost setting has the meaning given by: (a) subsection 705 ‑ 70(3); and (b) subsection 711 ‑ 45(1A). accounting standards has the same meaning as in the Corporations Act 2001 . accrued leave transfer payment has the meaning given by subsection 26 ‑ 10(2). accumulated AASL debt has the meaning given by section 35 of the Australian Apprenticeship Support Loans Act 2014 . accumulated ABSTUDY SSL debt has the meaning given by section 9C of the Student Assistance Act 1973 . accumulated HELP debt has the meaning given by section 140 ‑ 25 of the Higher Education Support Act 2003 . accumulated SSL debt has the meaning given by section 1061ZVEC of the Social Security Act 1991 . accumulated VETSL debt has the same meaning as in the VET Student Loans Act 2016 . ACNC type of entity means an entity that meets the description of a type of entity in column 1 of the table in subsection 25 ‑ 5(5) of the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 . acquire : (a) a * CGT asset: you acquire a CGT asset (in its capacity as a CGT asset) in the circumstances and at the time worked out under Division 109 (including under a provision listed in Subdivision 109 ‑ B); and Note: A CGT asset acquired before 20 September 1985 may be treated as having been acquired on or after that day: see, for example, Division 149. (b) an item of * intellectual property: an entity does not acquire an item of intellectual property merely because a licence relating to a patent, design or copyright is surrendered to the entity. acquisition time has the meaning given by section 58 ‑ 5. acquisition year has the meaning given by section 58 ‑ 5. active asset has the meaning given by section 152 ‑ 40. active build to rent development has the meaning given by subsection 43 ‑ 151(2). active build to rent development area has the meaning given by subsection 43 ‑ 151(1). active build to rent part has the meaning given by section 44 ‑ 25. active foreign business asset of a company that is a foreign resident has the meaning given by section 768 ‑ 540. active foreign business asset percentage of a company has the meaning given by section 768 ‑ 510. active participant : (a) in a * scheme under which there is a * direct value shift, has the meaning given by subsection 725 ‑ 65(2); and (b) in a * scheme under which there is an * indirect value shift, has the meaning given by subsection 727 ‑ 530(3). actual cost method of working out the * value of a * registered emissions unit has the meaning given by section 420 ‑ 53. actuary means a Fellow or Accredited Member of the Institute of Actuaries of Australia. additional investment requirements for ESVCLPs has the meaning given by subsection 118 ‑ 428(1). ADI (authorised deposit ‑ taking institution) means a body corporate that is an ADI for the purposes of the Banking Act 1959 . ADI equity capital of an entity at a particular time means the total of the following: (a) all the entity’s * equity capital at that time; and (b) the total value of all the * debt interests * issued by the entity that satisfy all of the following: (i) at that time, the interests are * on issue and have been on issue for 90 days or more; (ii) none of the interests gives rise to any cost, at any time, that is covered by paragraph 820 ‑ 40(1)(a). A debt interest is treated as having satisfied subparagraph (b)(i) at that time if it was on issue at that time, and the total period for which it remains on issue is 90 days or more. adjacent land has the meaning given by subsection 118 ‑ 120(2). adjacent structure has the meaning given by subsection 118 ‑ 120(6). adjustable value : (a) of a * depreciating asset, has the meaning given by section 40 ‑ 85; and (ba) of an asset, for the purposes of determining the consequences of a choice under any of sections 715 ‑ 100, 715 ‑ 105, 715 ‑ 125, 715 ‑ 130 and 715 ‑ 185, has the meaning given by section 715 ‑ 145; and (b) of an * equity or loan interest: (i) for the purposes of determining the consequences of a * direct value shift—has the meaning given by sections 725 ‑ 240, 725 ‑ 315 and 725 ‑ 325; and (ii) for the purposes of determining the consequences of an * indirect value shift—has the meaning given by sections 727 ‑ 830, 727 ‑ 835 and 727 ‑ 840. adjustable value method means the method (for determining the effect of * indirect value shifts) for which Subdivision 727 ‑ H provides. adjusted assessed tax has the meaning given by section 45 ‑ 375 in Schedule 1 to the Taxation Administration Act 1953 . adjusted assessed taxable income has the meaning given by section 45 ‑ 370 in Schedule 1 to the Taxation Administration Act 1953 . adjusted available frankable profits has the meaning given by subsection 215 ‑ 25(2). adjusted average debt has the meaning given by sections 820 ‑ 85, 820 ‑ 120, 820 ‑ 185 and 820 ‑ 225. adjusted average equity capital has the meaning given by sections 820 ‑ 300, 820 ‑ 330, 820 ‑ 589 and 820 ‑ 613. adjusted Division 6 percentage , in relation to a trust estate, has the same meaning as in Division 6 of Part III of the Income Tax Assessment Act 1936 . adjusted net third party interest expense has the meaning given by section 820 ‑ 54. adjusted on ‑ lent amount has the meaning given by sections 820 ‑ 100, 820 ‑ 200 and 820 ‑ 210. adjusted tax on * adjusted taxable income or on * adjusted withholding income has the meaning given by section 45 ‑ 340 in Schedule 1 to the Taxation Administration Act 1953 . adjusted taxable income has the meaning given by sections 45 ‑ 330 and 45 ‑ 480 in Schedule 1 to the Taxation Administration Act 1953 . adjusted taxable income for offsets means adjusted taxable income for rebates within the meaning of subsection 6(1) of the Income Tax Assessment Act 1936 . adjusted unrealised loss at an * alteration time for a company has the meaning given by section 165 ‑ 115U. adjusted withholding income has the meaning given by sections 45 ‑ 335 and 45 ‑ 485 in Schedule 1 to the Taxation Administration Act 1953 . adopted child of a person means someone the person has adopted: (a) under a * State law or * Territory law about adoption of children; or (b) under a * foreign law about adoption of children, if the adoption would be recognised as valid under a State law or Territory law. affected interest : (a) in the * losing entity for an * indirect value shift, has the meaning given by section 727 ‑ 460; or (b) in the * gaining entity for an indirect value shift, has the meaning given by section 727 ‑ 465. affected owner : (a) of * down interests, has the meaning given by section 725 ‑ 80; and (b) of * up interests, has the meaning given by section 725 ‑ 85; and (c) for an * indirect value shift, has the meaning given by section 727 ‑ 530. affiliate has the meaning given by section 328 ‑ 130. affordable dwelling has the meaning given by subsection 43 ‑ 153(2). AFOF means an * Australian venture capital fund of funds. agent : this Act applies to some entities that are not agents in the same way as it applies to agents: see section 960 ‑ 105. aggregated turnover has the meaning given by section 328 ‑ 115. Agriculture Department means the Department administered by the Minister administering the Farm Household Support Act 2014 . Agriculture Secretary means the Secretary of the * Agriculture Department. alienated personal services payment has the meaning given by section 13 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . All Groups Consumer Price Index number means the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician. allocable cost amount has the meaning given by section 705 ‑ 60 and subsection 711 ‑ 20(1). allocated annuity means an * immediate annuity that satisfies the requirements of subregulation 1.05(4) of the Superannuation Industry (Supervision) Regulations. allocated pension means a * current pension that satisfies the requirements of subregulation 1.06(4) of the Superannuation Industry (Supervision) Regulations. allowable OB deduction has the meaning given by subsection 121EF(2) of the Income Tax Assessment Act 1936 . alteration time : (a) for a company has the meaning given by sections 165 ‑ 115L, 165 ‑ 115M, 165 ‑ 115N, 165 ‑ 115P, 165 ‑ 115Q, 715 ‑ 245, 715 ‑ 250 and 719 ‑ 725; and (b) for a trust, has the meaning given by section 715 ‑ 270. AMIT (short for attribution managed investment trust ) has the meaning given by section 276 ‑ 10. AMIT cost base increase amount has the meaning given by section 104 ‑ 107E. AMIT cost base net amount has the meaning given by section 104 ‑ 107C. AMIT cost base reduction amount has the meaning given by section 104 ‑ 107D. AMIT DIR payment has the meaning given by section 12A ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . AMIT dividend payment has the meaning given by section 12A ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 . AMIT interest payment has the meaning given by section 12A ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . AMIT member annual statement : see AMMA statement . AMIT royalty payment has the meaning given by section 12A ‑ 40 in Schedule 1 to the Taxation Administration Act 1953 . AMMA statement (short for AMIT member annual statement ) has the meaning given by section 276 ‑ 460. amount includes a nil amount. amount required to be withheld by an entity from a * withholding payment means: (a) the amount that the entity must withhold from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or (aaa) the amount that Division 12A in that Schedule requires the entity to pay to the Commissioner in respect of the payment; or (aa) the amount that Division 13 in that Schedule requires the entity to pay to the Commissioner in respect of the * alienated personal services payment to which the withholding payment relates; or (b) the amount that Division 14 in that Schedule requires the entity to pay to the Commissioner in respect of the * non ‑ cash benefit, * capital proceeds or * taxable supply to which the withholding payment relates; or that amount as varied by the Commissioner under section 15 ‑ 15 in the Schedule. amount withheld by an entity from a * withholding payment means: (a) an amount that the entity withheld from the payment under Division 12 in Schedule 1 to the Taxation Administration Act 1953 ; or (aaa) an amount that the entity paid to the Commissioner under Division 12A in that Schedule in respect of the payment; or (aa) an amount that the entity paid to the Commissioner under Division 13 in that Schedule in respect of the * alienated personal services payment to which the withholding payment relates; or (b) an amount that the entity paid to the Commissioner under Division 14 in that Schedule in respect of the * non ‑ cash benefit, * capital proceeds or * taxable supply to which the withholding payment relates. ancillary fund means: (a) a * public ancillary fund; or (b) a * private ancillary fund. ancillary mining activities has the meaning given by section 40 ‑ 740. ancillary or community charity trust fund means: (a) a * public ancillary fund; or (b) a * private ancillary fund; or (c) a * community charity trust. annual exploration cap for an income year has the meaning given by subsection 418 ‑ 103(1). annual global income has the meaning given by section 960 ‑ 565. annual instalment component of your * tax position has the meaning given by section 45 ‑ 610 in Schedule 1 to the Taxation Administration Act 1953 . annual investment income report means a report, relating to * Part VA investments, that an entity is required to give to the Commissioner, in respect of a * financial year, under section 393 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . annual payer means an entity that has become an annual payer under section 45 ‑ 140 in Schedule 1 to the Taxation Administration Act 1953 , and has not since ceased to be an annual payer under section 45 ‑ 150 or 45 ‑ 155 or former section 45 ‑ 180 in that Schedule. annual tax period election has the same meaning as in the * GST Act. annual turnover has the meaning given by section 328 ‑ 120. annuity includes: (a) an annuity, within the meaning of the Superannuation Industry (Supervision) Act 1993 ; or (b) a pension, within the meaning of the Retirement Savings Accounts Act 1997 . annuity instrument means an instrument that secures the grant of an annuity (whether dependent on the life of an individual or not). apartment building has the meaning given by section 43 ‑ 95. applicable functional currency has the meaning given by section 960 ‑ 70. applicable fund earnings has the meaning given by section 305 ‑ 75. applicable insurance contracts accounting standard means: (a) unless paragraph (b) applies— * accounting standard AASB 17, as in force on 31 December 2022; or (b) if the regulations prescribe another accounting standard (which may be AASB 17 as in force at another time)—that accounting standard. Applicable MNE Group , for a * Fiscal Year, has the same meaning as in the * Minimum Tax Act, as affected by section 28 of that Act. applicable trust fund guidelines means: (a) in relation to a * public ancillary fund—the * public ancillary fund guidelines; or (b) in relation to a * private ancillary fund—the * private ancillary fund guidelines; or (c) in relation to a * community charity trust—the * community charity trust guidelines. apportionable deductions are: (a) amounts deducted or deductible under section 25 ‑ 75 (which provides a deduction for rates and land tax); or (b) amounts deducted or deductible under section 30 ‑ 15 because of item 1, 2, 7 or 8 in the table in that section, except amounts deducted or deductible for gifts of * trading stock in cases where: (i) the gifts are covered by section 70 ‑ 90 (which has the effect that the giver’s assessable income includes the market value of the gift); and (ii) no election has been made, or is made, under Subdivision 385 ‑ E (which allows the giver to choose to spread the market value of a gift of live stock over the giver’s assessable income for 5 income years or to reduce the amount included in the giver’s assessable income by the cost of replacement live stock). approved deposit fund has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 . approved deposit fund payment has the meaning given by section 307 ‑ 5. approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . approved investment plan , of an * ESVCLP, has the meaning given by subsection 13 ‑ 15(2) of the Venture Capital Act 2002 . approved management plan for land has the meaning given by section 40 ‑ 640. approved occupational clothing guidelines has the meaning given by subsection 34 ‑ 55(1). approved residential care home has the same meaning as in the Aged Care Act 2024 . approved stock exchange means a stock exchange named in regulations made for the purposes of this definition. APRA means the Australian Prudential Regulation Authority. area covered by an international tax sharing treaty : if, under an * international tax sharing treaty, Australia and another country share tax revenues from activities undertaken in an area identified by or under the treaty, that area is an area covered by an international tax sharing treaty . arm’s length : in determining whether parties deal at arm’s length , consider any connection between them and any other relevant circumstance. arm’s length capital amount : (a) for an * outward investing entity (ADI)—has the meaning given by section 820 ‑ 315; and (b) for an * inward investing entity (ADI)—has the meaning given by section 820 ‑ 410. arm’s length conditions has the meaning given by section 815 ‑ 125. arm’s length profits has the meaning given by section 815 ‑ 225. arrangement means any arrangement, agreement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable (or intended to be enforceable) by legal proceedings. arrangement payment has the meaning given by section 240 ‑ 65. arrangement payment period has the meaning given by section 240 ‑ 70. arrangement period for a * tax preferred use of an asset has the meaning given by section 250 ‑ 65. ART means the Administrative Review Tribunal. artistic support has the meaning given by subsection 405 ‑ 25(5). Arts Minister means the Minister administering the National Gallery Act 1975 . Arts Secretary means the Secretary of the Department administered by the * Arts Minister. artwork means: (a) a painting, sculpture, drawing, engraving or photograph; or (b) a reproduction of such a thing; or (c) property of a similar description or use. ASIC means the Australian Securities and Investments Commission. assessable amount has the meaning given by subsection 155 ‑ 5(2) in Schedule 1 to the Taxation Administration Act 1953 . assessable FHSS released amount , for an income year, means the amount included in a person’s assessable income for the income year under section 313 ‑ 20 in respect of the person’s * FHSS released amounts. assessable film income for an income year is so much of the amount, or the sum of the amounts, to which section 26AG of the Income Tax Assessment Act 1936 applies in relation to you for the income year as is assessable income. assessable income has the meaning given by sections 6 ‑ 5, 6 ‑ 10, 6 ‑ 15, 17 ‑ 10 and 17 ‑ 30. For the effect of GST ‑ related amounts on assessable income, see Division 17. Note: For income years before 1997 ‑ 98, assessable income has the meaning given by section 6 ‑ 3 of the Income Tax (Transitional Provisions) Act 1997 . assessable labour income has the meaning given by subsection 25 ‑ 130(4). assessable non ‑ primary production income has the meaning given by subsection 392 ‑ 85(2). assessable primary production income has the meaning given by subsection 392 ‑ 80(2). assessable professional income has the meaning given by subsection 405 ‑ 20(1). assessable recoupment has the meaning given by section 20 ‑ 20. assessed build to rent development misuse tax means * build to rent development misuse tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 . assessed Division 293 tax means * Division 293 tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 . assessed Division 296 tax means * Division 296 tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 . assessed excess transfer balance tax means * excess transfer balance tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 . assessed first home super saver tax means * first home super saver tax, as assessed under Schedule 1 to the Taxation Administration Act 1953 . assessed GST has the meaning given by the * GST Act. assessed net amount has the meaning given by the * GST Act. assessed net fuel amount has the meaning given by the Fuel Tax Act 2006 . assessment : (a) of an * assessable amount, means an ascertainment of the assessable amount; and (b) in relation to a * tax ‑ related liability not covered by paragraph (a), has the meaning given by a * taxation law that provides for the assessment of the amount of the liability. Note: The table lists provisions of taxation laws that define assessment . Taxation laws that define assessment Item Taxation law Provision 1 Income Tax Assessment Act 1936 subsection 6(1) 5 Fringe Benefits Tax Assessment Act 1986 subsection 136(1) 10 Petroleum Resource Rent Tax Assessment Act 1987 section 2 15 Superannuation Guarantee (Administration) Act 1992 section 6 20 Superannuation Contributions Tax (Assessment and Collection) Act 1997 section 43 25 Superannuation Contributions Tax (Members of Constitutionally Protected Superannuation Funds) Assessment and Collection Act 1997 section 38 assessment day for an income year of a * life insurance company has the meaning given by section 219 ‑ 45. asset , of a * sub ‑ fund of a * CCIV, means any of the assets of the sub ‑ fund, ascertained in accordance with Subdivision B of Division 3 of Part 8B.5 of the Corporations Act 2001 . asset ‑ based income tax regime has the meaning given by section 830 ‑ 105. asset entity has the meaning given by section 12 ‑ 436 in Schedule 1 to the Taxation Administration Act 1953 . asset for insurance acquisition cash flows has the same meaning as in the * applicable insurance contracts accounting standard. asset included in the total assets of a company that is a foreign resident has the meaning given by section 768 ‑ 545. associate has the meaning given by section 318 of the Income Tax Assessment Act 1936 . Note: Under section 87 ‑ 35, Australian government agencies, and certain parts of Australian governments and authorities, are not treated as associates for the purposes of ascertaining whether an entity is conducting a personal services business. associated enterprises article has the meaning given by subsection 815 ‑ 15(5). associated government entity means: (a) for the Commonwealth—each authority of the Commonwealth; or (b) for an authority of the Commonwealth—each other authority of the Commonwealth; or (c) for a State—each authority of the State; or (d) for an authority of a State—each other authority of the State; or (e) for a Territory—each authority of the Territory; or (f) for an authority of a Territory—each other authority of the Territory. associate entity has the meaning given by section 820 ‑ 905. associate entity debt has the meaning given by section 820 ‑ 910. associate entity equity has the meaning given by section 820 ‑ 915. associate entity excess amount has the meaning given by section 820 ‑ 920. associate ‑ inclusive control interest in a company has the meaning given by section 975 ‑ 160. associate interest has the meaning given by section 820 ‑ 905. associate pair : an entity is an associate pair of another entity if any of the following conditions are satisfied: (a) the entity is an associate of the other entity; (b) the other entity is an associate of the entity. at risk has the meaning given by section 118 ‑ 430. attributable income has the meaning given by Division 7 of Part X of the Income Tax Assessment Act 1936 . attributable taxpayer has the meaning given by Part X of the Income Tax Assessment Act 1936 . attribution managed investment trust : see AMIT . attribution percentage , in relation to a * CFC or a * CFT, has the meaning given by Part X of the Income Tax Assessment Act 1936 . audited consolidated financial statements for an entity for a period has the meaning given by section 820 ‑ 935. auditing principles : a matter is in accordance with auditing principles if it is in accordance with: (a) * auditing standards; or (b) if there are no auditing standards applicable to the matter—authoritative pronouncements of the Auditing and Assurance Standards Board that apply to the preparation of financial statements. auditing standard has the same meaning as in the Corporations Act 2001 . Australia has the meaning affected by section 960 ‑ 505. Australian agricultural land for rent has the meaning given by section 12 ‑ 448 in Schedule 1 to the Taxation Administration Act 1953 . Australian Business Register means the Australian Business Register established and maintained under the A New Tax System (Australian Business Number) Act 1999 . Australian Business Registrar means the Registrar of the * Australian Business Register. Australian carbon credit unit has the same meaning as in the Carbon Credits (Carbon Farming Initiative) Act 2011 . Australian controlled foreign entity has the meaning given by section 820 ‑ 745. Australian controller : (a) of a * controlled foreign company mentioned in paragraph 820 ‑ 745(a)—has the meaning given by section 820 ‑ 750; and (b) of a * controlled foreign trust—has the meaning given by section 820 ‑ 755; and (c) of a * controlled foreign corporate limited partnership—has the meaning given by section 820 ‑ 760. Australian corporate tax entity : an entity is an Australian corporate tax entity at a particular time if the entity is: (a) a * corporate tax entity at that time; and (b) for a company or a * corporate limited partnership—an Australian resident at that time; and (c) for a * public trading trust—a * resident unit trust for the income year in which that time occurs. Australian DMT tax means tax payable under section 8 of the * Minimum Tax Act. Note: DMT is short for Domestic Minimum Top ‑ up. Australian DMT tax amount means a Domestic Top ‑ up Tax Amount (within the meaning of the * Minimum Tax Act). Australian DMT tax return has the meaning given by section 127 ‑ 45 in Schedule 1 to the Taxation Administration Act 1953 . Australian entity has the same meaning as in Part X of the Income Tax Assessment Act 1936 . Australian financial market means a financial market (within the meaning of Chapter 7 of the Corporations Act 2001 ) operating under an Australian market licence granted under subsection 795B(1) of that Act. Australian financial services licence has the same meaning as in the Corporations Act 2001 . Australian fund has the meaning given by section 74 of the Life Insurance Act 1995 . Australian GloBE tax means: (a) * Australian DMT tax; and (b) * Australian IIR tax; and (c) * Australian UTPR tax. Australian GloBE tax affairs means affairs relating to: (a) * Australian IIR/UTPR tax; or (b) * Australian DMT tax. Australian government agency means: (a) the Commonwealth, a State or a Territory; or (b) an authority of the Commonwealth or of a State or a Territory. Australian IIR tax means tax payable under section 6 of the * Minimum Tax Act. Note: IIR is short for income inclusion rule. Australian IIR/UTPR tax means: (a) * Australian IIR tax; and (b) * Australian UTPR tax. Australian IIR/UTPR tax amount means: (a) an IIR Top ‑ up Tax Amount (within the meaning of the * Minimum Tax Act); or (b) a UTPR Top ‑ up Tax Amount (within the meaning of that Act). Australian IIR/UTPR tax return has the meaning given by section 127 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . Australian law means a * Commonwealth law, a * State law or a * Territory law. Australian legislature means: (a) the Parliament of the Commonwealth of Australia; or (b) the Parliament of a State; or (c) the Legislative Assembly for the Australian Capital Territory; or (d) the Legislative Assembly of the Northern Territory of Australia. Australian/overseas fund has the meaning given by section 74 of the Life Insurance Act 1995 . Australian permanent establishment , of an entity, means a * permanent establishment of the entity that is in Australia. Australian resident means a person who is a resident of Australia for the purposes of the Income Tax Assessment Act 1936 . Australian source : without limiting when * ordinary income or * statutory income has an Australian source , it has an Australian source if it is * derived from a source in Australia for the purposes of the Income Tax Assessment Act 1936 . Australian ‑ sourced amount has the meaning given by the regulations mentioned in section 312 ‑ 5 (about trans ‑ Tasman portability of retirement savings). Australian superannuation fund has the meaning given by section 295 ‑ 95. Australian trust has the same meaning as in Part X of the Income Tax Assessment Act 1936. Australian UTPR tax means tax payable under section 10 of the * Minimum Tax Act. Note: UTPR is short for undertaxed profits rule. Australian venture capital fund of funds has the meaning given by subsection 118 ‑ 410(3). authorised ASIO officer has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . authorised law enforcement agency officer has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . available expense has the meaning given by section 175 ‑ 30. available fraction for a * bundle of losses has the meaning given by sections 707 ‑ 320, 719 ‑ 310 and 719 ‑ 315. available frankable profits has the meaning given by section 215 ‑ 20 and affected by subsection 215 ‑ 25(1). available income has the meaning given by section 175 ‑ 30. available loss exposure amount has the meaning given by paragraph 830 ‑ 50(1)(a). average equity capital has the meaning given by sections 820 ‑ 395, 820 ‑ 420 and 820 ‑ 615 . average income has the meaning given in subsection 392 ‑ 45(1). average taxable professional income has the meaning given by subsections 405 ‑ 50(1) and (2). averaging adjustment has the meaning given in section 392 ‑ 75. averaging component has the meaning given in subsection 392 ‑ 90(1). balancing adjustment event has the meaning given by section 40 ‑ 295. Note: Subsection 417 ‑ 30(1) provides that certain events (connected with Timor Sea petroleum) are taken not to be balancing adjustment events. BAS amount means any debt or credit that arises directly under the * BAS provisions. Note: BAS stands for Business Activity Statement. base assessment has the meaning given by sections 45 ‑ 320 and 45 ‑ 470 in Schedule 1 to the Taxation Administration Act 1953 . base interest rate has the meaning given by section 8AAD of the Taxation Administration Act 1953 . base penalty amount : the base penalty amount for calculating the amount of an administrative penalty is worked out under the relevant provision in this table: Base penalty amount Item For a penalty for this: See: 1 False or misleading statement Position not reasonably arguable Section 284 ‑ 90 in Schedule 1 to the Taxation Administration Act 1953 2 * Schemes Section 284 ‑ 160 in that Schedule 3 Failure to lodge returns etc. Section 286 ‑ 80 in that Schedule base value , of a * depreciating asset, has the meaning given by subsection 40 ‑ 70(1). base year , in relation to an income year, has the meaning given by sections 45 ‑ 320 and 45 ‑ 470 in Schedule 1 to the Taxation Administration Act 1953 . basic assessable income has the meaning given by subsection 392 ‑ 45(2). basic concessional contributions cap means the concessional contributions cap under subsection 291 ‑ 20(2), disregarding any increase under subsection 291 ‑ 20(3). basic rates has the meaning given by subsection 392 ‑ 35(4). basic taxable income has the meaning given by section 392 ‑ 15. BAS provisions means: (a) Part VII of the Fringe Benefits Tax Assessment Act 1986 ; and (b) the * indirect tax law; and (c) Parts 2 ‑ 5 and 2 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 (which are about the PAYG system); and (d) Division 389 in Schedule 1 to the Taxation Administration Act 1953 ; and (e) the Major Bank Levy Act 2017 . Note: BAS stands for Business Activity Statement. behaviour that is harmful or abusive means one or more of the following: (a) emotional abuse; (b) sexual abuse; (c) physical abuse; (d) suicide; (e) self ‑ harm; (f) substance abuse; (g) harmful gambling. benchmark franking percentage has the meaning given by section 203 ‑ 30. benchmark instalment rate has the meaning given by sections 45 ‑ 360 and 45 ‑ 530 in Schedule 1 to the Taxation Administration Act 1953 . benchmark rate of return for an interest has the meaning given by section 974 ‑ 145. benchmark rule is the rule in section 203 ‑ 25. benchmark tax has the meaning given by sections 45 ‑ 365 and 45 ‑ 535 in Schedule 1 to the Taxation Administration Act 1953 . beneficiary , of a * CCIV sub ‑ fund trust, means a * member of the * sub ‑ fund who is taken because of subsection 195 ‑ 110(1) to be a beneficiary of the trust. bereavement Subdivision has the meaning given by section 52 ‑ 20. bid period has the meaning given by section 9 of the Corporations Act 2001 . borrowed securities amount of an entity at a particular time means the total of the liabilities of the entity, to the extent that they meet these conditions: (a) the value of the liability at that time is worked out by reference to the value at that time of securities that the entity has short sold; (b) as at that time, the entity has settled the sale using securities it acquired under one or more of these * arrangements: (i) a reciprocal purchase agreement (otherwise known as a repurchase agreement); (ii) a sell ‑ buyback arrangement; (iii) a securities loan arrangement. borrowing means any form of borrowing, whether secured or unsecured, and includes the raising of funds by the issue of a bond, debenture, discounted security or other document evidencing indebtedness. branch hybrid has the meaning given by section 832 ‑ 485. branch hybrid mismatch has the meaning given by section 832 ‑ 470. bribe to a foreign public official has the meaning given by section 26 ‑ 52. bribe to a public official has the meaning given by section 26 ‑ 53. build to rent capital works deduction amount has the meaning given by section 44 ‑ 25. build to rent compliance period has the meaning given by subsection 43 ‑ 152(5). build to rent development has the meaning given by subsections 43 ‑ 152(1), (2) and (3). build to rent development misuse tax means tax imposed by the Capital Works (Build to Rent Misuse Tax) Act 2024 . build to rent misuse amount has the meaning given by section 44 ‑ 20. build to rent withholding amount has the meaning given by section 44 ‑ 30. bundle of losses has the meaning given by section 707 ‑ 315. business includes any profession, trade, employment, vocation or calling, but does not include occupation as an employee. business continuity test has the meaning given by Subdivision 165 ‑ E. business continuity test period has the meaning given by sections 165 ‑ 13, 165 ‑ 15, 165 ‑ 35, 165 ‑ 40, 165 ‑ 45, 165 ‑ 126, 165 ‑ 129, 165 ‑ 132, 166 ‑ 5, 166 ‑ 20, 166 ‑ 40, 707 ‑ 125, 707 ‑ 135, 715 ‑ 50, 715 ‑ 55, 715 ‑ 60, 715 ‑ 70, 715 ‑ 95, 715 ‑ 355 and 715 ‑ 360, and affected by sections 415 ‑ 35, 415 ‑ 40 and 707 ‑ 400. business day means a day other than: (a) a Saturday or a Sunday; or (b) a day which is a public holiday for the whole of: (i) any State; or (ii) the Australian Capital Territory; or (iii) the Northern Territory. business kilometres has the meaning given by sections 28 ‑ 25 and 28 ‑ 90. business meeting has the meaning given by subsections 32 ‑ 65(3) and (4). business profits article has the meaning given by subsection 815 ‑ 15(6). business travel expense has the meaning given by section 900 ‑ 95. business use percentage has the meaning given by section 28 ‑ 90. capital allowance means a deduction under: (a) Division 40 (capital allowances) of this Act; or (ab) Division 43 (capital works) of this Act; or (ac) Subdivision 328 ‑ D (capital allowances for small business entities) of this Act; or (d) former Division 10BA of Part III of that Act (Australian films); or (e) former Division 10B of Part III of that Act (copyright in Australian films). capital gain : for each * CGT event a capital gain is worked out in the way described in that event. Note 1: There are some CGT events for which there is no capital gain. Note 2: For income years before 1998 ‑ 99, capital gain has the meaning given by section 102 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 . capital loss : for each * CGT event a capital loss is worked out in the way described in that event. Note 1: There are some CGT events for which there is no capital loss. Note 2: For income years before 1998 ‑ 99, capital loss has the meaning given by section 102 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 . capital proceeds has the meaning given by Division 116. capital protected borrowing has the meaning given by section 247 ‑ 10. capital protection has the meaning given by section 247 ‑ 10. capital stake has the meaning given by section 166 ‑ 235. capped defined benefit income stream has the meaning given by section 294 ‑ 130. capped life of a * depreciating asset has the meaning given by section 40 ‑ 102. car means a * motor vehicle (except a motor cycle or similar vehicle) designed to carry a load of less than 1 tonne and fewer than 9 passengers. carbon sequestration has the meaning given by section 40 ‑ 1015. carbon service provider means an entity that carries on the * business of providing services wholly or mainly relating to offsets projects (within the meaning of the Carbon Credits (Carbon Farming Initiative) Act 2011 ), including services involving the entity carrying out such projects as the project proponent (within the meaning of that Act). car expense has the meaning given by section 28 ‑ 13. car fringe benefit has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 . car limit has the meaning given by section 40 ‑ 230. carried interest : (a) of a * general partner in a * VCLP, an * ESVCLP or an * AFOF—has the meaning given by subsections 104 ‑ 255(4) and (6); and (b) of a * limited partner in a * VCMP—has the meaning given by subsections 104 ‑ 255(5) and (6). carry back : you carry back to an income year so much of a * tax loss for a later income year as you specify, in a * loss carry back choice, to be carried back to the earlier income year. Note: You can make a loss carry back choice only for the 2020 ‑ 21, 2021 ‑ 22 or 2022 ‑ 23 income year. carry ‑ forward trust component deficit , of a particular character, has the meaning given by section 276 ‑ 330. carrying on an * enterprise includes doing anything in the course of the commencement or termination of the enterprise. cash management trust means a trust that satisfies these requirements: (a) the trust is of a kind commonly known as a cash management trust; (b) each unit in the trust carries the same rights as every other unit in the trust. cash settlable has the meaning given by subsection 230 ‑ 45(2). CBC reporting entity : see country by country reporting entity . CBC reporting group : see country by country reporting group . CBC reporting parent : see country by country reporting parent . CCIV : see corporate collective investment vehicle . CCIV sub ‑ fund trust has the meaning given by subsection 195 ‑ 110(2). cease to be an * active build to rent development has the meaning given by subsection 43 ‑ 152(4). cessation event , in relation to a * provisional head company of a * MEC group, has the meaning given by subsection 719 ‑ 60(6). CFC has the meaning given by Part X of the Income Tax Assessment Act 1936 . CFT has the meaning given by section 342 of the Income Tax Assessment Act 1936 . CGT asset has the meaning given by section 108 ‑ 5. CGT cap amount has the meaning given by section 292 ‑ 105. CGT concession stakeholder has the meaning given by subsection 152 ‑ 60. CGT event means any of the CGT events described in Division 104. A CGT event described by number (for example: CGT event A1 ) refers to the relevant event in that Division. CGT exempt amount has the meaning given by section 152 ‑ 315. CGT retirement exemption limit has the meaning given by section 152 ‑ 320. CGT small business entity has the meaning given by subsection 152 ‑ 10(1AA). chain of trusts has the meaning given by section 104 ‑ 71. changeover time for a company has the meaning given by sections 165 ‑ 115C, 165 ‑ 115D and 719 ‑ 705. child : without limiting who is a child of an individual, each of the following is the child of an individual: (a) the individual’s * adopted child, stepchild or exnuptial child; (b) a child of the individual’s * spouse; (c) someone who is a child of the individual within the meaning of the Family Law Act 1975 . child recipient of a * superannuation income stream has the meaning given by section 294 ‑ 175. class of a taxable income or a * tax loss of a * life insurance company has the meaning given by section 320 ‑ 133. class : * membership interests in a company or trust form a class if the interests have the same, or substantially the same, rights. clean building has the meaning given by section 12 ‑ 430 in Schedule 1 to the Taxation Administration Act 1953 . clean building managed investment trust has the meaning given by section 12 ‑ 425 in Schedule 1 to the Taxation Administration Act 1953 . Climate Change Minister means the Minister administering the National Greenhouse and Energy Reporting Act 2007 . Climate Change Secretary means the Secretary of the Department administered by the * Climate Change Minister. closing pool balance has the meaning given by: (a) for a low ‑ value pool—section 40 ‑ 440; or (b) for a * general small business pool—section 328 ‑ 200. closing pool value has the meaning given by section 40 ‑ 830. CMPTI community benefit rules has the meaning given by subsection 419 ‑ 145(1). CMPTI expenditure has the meaning given by section 419 ‑ 25. CMPTI processing activity has the meaning given by section 419 ‑ 20. CMPTI tax offset has the meaning given by subsection 419 ‑ 5(1). collectable has the meaning given by section 108 ‑ 10. commence to be an * active build to rent development has the meaning given by subsections 43 ‑ 152(1) and (2). commencing day of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 . commencing day asset of a * CFC has the meaning given by section 406 of the Income Tax Assessment Act 1936 . commercial horticulture has the meaning given by 40 ‑ 535. commercial residential premises has the same meaning as in the * GST Act. Commissioner means the Commissioner of Taxation. Note: The office of Commissioner of Taxation is created by section 4 of the Taxation Administration Act 1953 . Commissioner’s instalment rate has the meaning given by section 45 ‑ 115 in Schedule 1 to the Taxation Administration Act 1953 . committed capital of a partnership has the meaning given by section 118 ‑ 445. common area , for * dwellings of an * active build to rent development, has the meaning given by subsection 43 ‑ 151(3). common ownership : see under common ownership . common ‑ ownership nexus : see section 727 ‑ 400. common stake has the meaning given by sections 124 ‑ 783 and 124 ‑ 783A. common stakeholder has the meaning given by section 124 ‑ 783. Commonwealth education or training payment has the meaning given by subsection 52 ‑ 145(1). Commonwealth labour market program has the meaning given by subsection 52 ‑ 145(2). Commonwealth law means a law of the Commonwealth. Commonwealth of Nations country means: (a) a foreign country that is a member of the Commonwealth of Nations; or (b) a colony, overseas territory or protectorate of such a member; or (c) a territory for whose international relations such a member is responsible; other than one declared by the regulations not to be a Commonwealth of Nations country. Commonwealth public sector superannuation scheme has the same meaning as in the Superannuation (Unclaimed Money and Lost Members) Act 1999 . community charity corporation has the meaning given by section 426 ‑ 180 in Schedule 1 to the Taxation Administration Act 1953 . community charity corporation guidelines has the meaning given by section 426 ‑ 185 in Schedule 1 to the Taxation Administration Act 1953 . community charity trust has the meaning given by section 426 ‑ 117 in Schedule 1 to the Taxation Administration Act 1953 . community charity trust guidelines has the meaning given by section 426 ‑ 118 in Schedule 1 to the Taxation Administration Act 1953 . community shed means a public institution that satisfies all of the following requirements: (a) the institution’s dominant purposes are advancing mental health and preventing or relieving social isolation; (b) the institution seeks to achieve those purposes principally by providing a physical location where it supports individuals to undertake activities, or work on projects, in the company of others; (c) either: (i) there are no particular criteria for membership of the institution; or (ii) the criteria for membership of the institution relate only to an individual’s gender or Indigenous status (in that membership is, for cultural reasons, open only to * Indigenous persons) or both. company means: (a) a body corporate; or (b) any other unincorporated association or body of persons; but does not include a partnership or a * non ‑ entity joint venture. Note 1: Division 830 treats foreign hybrid companies as partnerships. Note 2: A reference to a company includes a reference to a corporate limited partnership: see section 94J of the Income Tax Assessment Act 1936 . company’s share : (a) of a partnership’s * notional loss or * notional net income—has the meaning given by sections 165 ‑ 80 and 165 ‑ 85; and (b) of a partnership’s * full year deductions—has the meaning given by sections 165 ‑ 90. comparison rate has the meaning given by section 392 ‑ 55. compensable work ‑ related trauma has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 . completed : (a) in relation to a * film, has the meaning given by subsection 376 ‑ 55(2); and (b) in relation to a * digital game, has the meaning given by subsection 378 ‑ 25(2). complying approved deposit fund means a complying approved deposit fund within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 . complying health insurance policy has the meaning given by the Private Health Insurance Act 2007 . complying superannuation asset has the meaning given by subsection 320 ‑ 170(6). complying superannuation asset pool has the meaning given by subsection 320 ‑ 170(6). complying superannuation class : (a) for a taxable income of a * life insurance company—has the meaning given by section 320 ‑ 137; or (b) for a * tax loss of a * life insurance company—has the meaning given by section 320 ‑ 141. complying superannuation entity means: (a) a * complying superannuation fund; or (b) a * complying approved deposit fund; or (c) a * pooled superannuation trust. complying superannuation fund means a complying superannuation fund within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 . complying superannuation liabilities of a * life insurance company means liabilities of the company under * life insurance policies referred to in subsection 320 ‑ 190(1). complying superannuation life insurance policy means a * life insurance policy that: (a) is held by the trustee of a * complying superannuation entity; or (b) is held by an individual and: (i) provides for an * annuity that is not presently payable, if the annuity was purchased out of a * superannuation lump sum or an * employment termination payment; or (ia) provides for an * immediate annuity, if the annuity is a * superannuation income stream that is not in the * retirement phase; or (ii) is so held in the benefit fund of a * friendly society, being a fund that is a * regulated superannuation fund; or (c) is held by another * life insurance company and is a * complying superannuation asset of that company; and is not an * excluded complying superannuation life insurance policy. complying superannuation plan means: (a) a * complying superannuation fund; or (b) a * public sector superannuation scheme that is: (i) a * regulated superannuation fund; or (ii) an exempt public sector superannuation scheme (within the meaning of section 10 of the Superannuation Industry (Supervision) Act 1993 ); or (c) a * complying approved deposit fund; or (d) an * RSA. component of your * tax position has the meaning given by section 45 ‑ 610 in Schedule 1 to the Taxation Administration Act 1953 . concessional contributions has the meaning given by sections 291 ‑ 25 and 291 ‑ 165. concessional contributions cap has the meaning given by section 291 ‑ 20. concessional cross staple rent cap has the meaning given by sections 12 ‑ 443 and 12 ‑ 444 in Schedule 1 to the Taxation Administration Act 1953 . conduit foreign income has the meaning given by Subdivision 802 ‑ A. connected entity of an entity means: (a) an * associate of the entity; or (b) another member of the same * wholly owned group if the entity is a company and is a member of such a group. connected with : an entity is connected with you in the circumstances described in section 328 ‑ 125. Note: This meaning is affected by section 152 ‑ 78. connecting power to land or upgrading the connection has the meaning given by section 40 ‑ 655. conservation covenant has the meaning given by section 31 ‑ 5. consideration , for a * taxable supply, has the same meaning as in the * GST Act. consideration receivable : (a) consideration receivable on the disposal of a leased * car has the meaning given by section 20 ‑ 115; and (b) consideration receivable for * trading stock changing hands has the meaning given by subsection 70 ‑ 100(11). consolidatable group has the meaning given by section 703 ‑ 10. consolidated group has the meaning given by section 703 ‑ 5. Note 1: Part 3 ‑ 90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719 ‑ 2). Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3 ‑ 90) referring only to consolidated groups do not apply to MEC groups. consolidation transitional year for a * member of a * consolidated group or a member of a * MEC group, is an income year for that member that satisfies both of the following conditions: (a) the group is in existence during all or any part of that year; (b) Subdivision 45 ‑ Q in Schedule 1 to the Taxation Administration Act 1953 (including that Subdivision as applied under Subdivision 45 ‑ S in that Schedule): (i) does not apply at all to the * head company or the * provisional head company of the group during that year; or (ii) starts to apply at any time during that year to the head company or the provisional head company of the group because of subsection 45 ‑ 705(2) or subparagraph 45 ‑ 705(3)(c)(ii), (4)(d)(ii) or (iv), or subsection 45 ‑ 915(2) or subparagraph 45 ‑ 915(3)(c)(ii), (4)(b)(ii) or (iv), in that Schedule. Constituent Entity , of an * Applicable MNE Group, has the same meaning as in the * Minimum Tax Act, as affected by section 28 of that Act. constitution of a company means the memorandum and articles of association of the company, or any other rules or document constituting the company or governing its activities. constitutional corporation means: (a) a corporation to which paragraph 51(xx) of the Constitution applies; or (b) a body corporate that is incorporated in a Territory. constitutionally protected fund means a fund that is declared by the regulations to be a constitutionally protected fund. construction expenditure has the meaning given by section 43 ‑ 70. construction expenditure area has the meaning given by section 43 ‑ 75. contingent on aspects of the economic performance has the meaning given by section 974 ‑ 85. continuing shareholders has the meaning given by sections 175 ‑ 10, 175 ‑ 20, 175 ‑ 25, 175 ‑ 45, 175 ‑ 60, 175 ‑ 65 and 175 ‑ 85. continuous disability policy has the meaning given by section 9A of the Life Insurance Act 1995 . contract of reinsurance , in respect of * life insurance policies, does not include a contract of reinsurance in respect of: (a) the parts of * complying superannuation life insurance policies in respect of which the liabilities of the company that issued the policies are to be discharged out of a * complying superannuation asset pool; or (b) policies that are * exempt life insurance policies. contributions segment has the meaning given by section 307 ‑ 220. contributions ‑ splitting superannuation benefit has the meaning given by the regulations. control a non ‑ fixed trust has the meaning given by Subdivision 269 ‑ E in Schedule 2F to the Income Tax Assessment Act 1936 . control (for value shifting purposes) has the meaning given by sections 727 ‑ 355, 727 ‑ 360, 727 ‑ 365 and 727 ‑ 375. controlled foreign company has the same meaning as in Part X of the Income Tax Assessment Act 1936. controlled foreign corporate limited partnership has the meaning given by section 820 ‑ 760 . controlled foreign entity debt has the meaning given by section 820 ‑ 885. controlled foreign entity equity has the meaning given by section 820 ‑ 890. controlled foreign trust has the same meaning as in Part X of the Income Tax Assessment Act 1936. controller (for CGT purposes) : an entity is a controller (for CGT purposes) of a company in the circumstances mentioned in section 975 ‑ 155. controller (for imputation purposes) has the meaning given by subsections 207 ‑ 130(5) and (6). convertible interest means a convertible interest in a company or in a trust or unit trust and: (a) a convertible interest in a company is an interest of the kind referred to in item 4 of the table in subsection 974 ‑ 75(1); and (b) a convertible interest in a trust or unit trust is an interest that has the same or a similar effect in relation to the trust or unit trust. convertible note : (a) a convertible note of a company has the meaning given by section 82L of the Income Tax Assessment Act 1936 ; and (b) a convertible note of a trust or unit trust means a note that has the same or a similar effect in relation to the trust or unit trust. co ‑ operative company has the same meaning as in Division 9 of Part III of the Income Tax Assessment Act 1936 . copyright collecting society means either of the following bodies: (a) a body that satisfies all of the following conditions: (i) a declaration under the Copyright Act 1968 is in force in respect of the body; (ii) the body is a company whose * constitution contains provisions about the distribution of amounts collected or * derived by it, including a requirement that a * member of the society cannot direct the body to pay an amount at a particular time; (iii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met; (b) a company that satisfies all of the following conditions: (i) the company is incorporated under an * Australian law relating to companies; (ii) the company has and maintains the purpose of collective administration of copyrights; (iii) if the company has other purposes—these purposes are incidental to the purpose described in subparagraph (ii) or, if the company is the * resale royalty collecting society, relate to the company’s functions or duties as resale royalty collecting society; (iv) the company collects or derives, and distributes, income of a kind mentioned in paragraph 51 ‑ 43(2)(a) or (b); (v) the company’s constitution allows any copyright owner, or his or her * agent, to be a member of the society, or allows all copyright owners of a particular type to be members; (vi) the company’s constitution prohibits the payment of * dividends; (vii) the company’s constitution contains provisions about the payment, out of amounts collected or derived by it, of the administrative costs of collecting those amounts; (viii) the company’s constitution contains provisions about the distribution of amounts collected or derived by it, including a requirement that an amount must be paid to a member as soon as is reasonably possible after the allocation of the amount to the member, as well as a requirement that a member cannot direct the company to pay an amount at a particular time; (ix) the company’s constitution, or contracts with members, contains such other provisions as are prescribed by the regulations (if any), being provisions necessary to ensure that the interests of members or their agents are protected adequately; (x) the company’s constitution requires the company to hold amounts on trust for copyright owners who are not members, or for members pending the payment of amounts to them; (xi) the company’s constitution, or contracts with members, allows all members to access the company’s records; (xii) other conditions prescribed by the regulations (if any) for the purposes of this subparagraph are met. core R&D activities has the meaning given by section 355 ‑ 25. core shipping activities has the meaning given by section 51 ‑ 110. corporate change has the meaning given by section 166 ‑ 175. corporate collective investment vehicle or CCIV has the same meaning as in the Corporations Act 2001 . corporate limited partnership has the meaning given by section 94D of the Income Tax Assessment Act 1936 . corporate tax entity has the meaning given by section 960 ‑ 115. corporate tax gross ‑ up rate , of an entity for an income year, means the amount worked out using the following formula: corporate tax rate : (a) in relation to a company to which paragraph 23(2)(a) of the Income Tax Rates Act 1986 applies—means the rate of tax in respect of the taxable income of a company covered by that paragraph; or (b) in relation to another entity—means the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(b) of that Act. corporate tax rate for imputation purposes , of an entity for an income year, means: (a) unless paragraph (b) applies—the entity’s * corporate tax rate for the income year, worked out on the assumptions that: (i) the entity’s * aggregated turnover for the income year is equal to its aggregated turnover for the previous income year; and (ii) the entity’s base rate entity passive income (within the meaning of the Income Tax Rates Act 1986 ) for the income year is equal to its base rate entity passive income for the previous income year; and (iii) the entity’s assessable income for the income year is equal to its assessable income for the previous income year; or (b) if the entity did not exist in the previous income year—the rate of tax in respect of the taxable income of a company covered by paragraph 23(2)(a) of the Income Tax Rates Act 1986 . correction notice , in relation to a * registered PGO certificate, has the meaning given by section 421 ‑ 40. cost : (a) cost of a * depreciating asset has the meaning given by Subdivision 40 ‑ C; and (b) cost of an item of * trading stock, in the case of an animal that you acquired by natural increase, has the meaning given by section 70 ‑ 55; and Note: The cost of an animal acquired by natural increase before the 1997 ‑ 98 income year is the cost price of the animal under former section 34 of the Income Tax Assessment Act 1936 . See subsection 70 ‑ 55(2) of the Income Tax (Transitional Provisions) Act 1997 . (c) cost of a * registered emissions unit has the meaning given by section 420 ‑ 60. cost base of a * CGT asset has the meaning given by Subdivision 110 ‑ A. cost ‑ free debt capital has the meaning given by section 820 ‑ 946. COT transfer of a loss has the meaning given by section 707 ‑ 210. country by country reporting entity has the meaning given by section 815 ‑ 370. country by country reporting group has the meaning given by section 815 ‑ 380. country by country reporting parent has the meaning given by section 815 ‑ 375. CRC program means the program administered by the Commonwealth known as the Cooperative Research Centres Program. created : (a) a * consolidated group is created from a * MEC group if the consolidated group comes into existence under section 703 ‑ 55 at the time the MEC group ceases to exist (as mentioned in that section); and (b) a MEC group is created from a consolidated group if: (i) the MEC group comes into existence under section 719 ‑ 40 when a * special conversion event happens to a * potential MEC group derived from an * eligible tier ‑ 1 company of a * top company; and (ii) the eligible tier ‑ 1 company was the * head company of the consolidated group (as mentioned in paragraph 719 ‑ 40(1)(b)). creditable acquisition has the meaning given by section 195 ‑ 1 of the * GST Act. creditable importation has the meaning given by section 195 ‑ 1 of the * GST Act. creditable purpose has the meaning given by section 195 ‑ 1 of the * GST Act. credit absorption tax has the meaning given by section 770 ‑ 15. credit reporting bureau has the meaning given by subsection 355 ‑ 72(7) in Schedule 1 to the Taxation Administration Act 1953 . critical mineral has the meaning given by section 419 ‑ 15. cross ‑ character allocation amount , of a particular character, has the meaning given by section 276 ‑ 330. cross staple arrangement has the meaning given by section 12 ‑ 436 in Schedule 1 to the Taxation Administration Act 1953 . Crown lease has the meaning given by section 124 ‑ 580. CRS (short for Common Reporting Standard) has the meaning given by subsection 396 ‑ 110(1) in Schedule 1 to the Taxation Administration Act 1953 . CRS Commentary has the meaning given by subsection 396 ‑ 110(2) in Schedule 1 to the Taxation Administration Act 1953 . crystallised pre ‑ July 83 amount , in relation to a * superannuation interest, means the amount mentioned in paragraph 307 ‑ 225(2)(e) in relation to the interest. crystallised reduction amount has the meaning given by section 136 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . crystallised segment has the meaning given by section 307 ‑ 225. currency exchange rate effect has the meaning given by section 775 ‑ 105. current GST turnover has the meaning given by section 195 ‑ 1 of the * GST Act. current pension means a pension that has begun to be paid. current termination value of a * life insurance policy, or of the * net risk component of a life insurance policy, has the meaning given in prudential standards made under section 230A of the Life Insurance Act 1995 . current year means the income year for which you are working out your assessable income, deductions and * tax offsets. custodian has the meaning given by section 12 ‑ 390 in Schedule 1 to the Taxation Administration Act 1953 . customs dealing has the meaning given by the * Wine Tax Act. customs duty has the meaning given by the * GST Act. date of the settlement or order , for a * structured settlement or a * structured order, has the meaning given by section 54 ‑ 5. death benefits dependant has the meaning given by section 302 ‑ 195. death benefit termination payment has the meaning given by subsection 82 ‑ 130(3). debenture of a company or unit trust includes debenture stock, bonds, notes and any other securities of the company or trust, whether or not constituting a charge on its assets. debit value , of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream, has the meaning given by section 294 ‑ 145. debt account discharge liability has the meaning given by section 133 ‑ 120 in Schedule 1 to the Taxation Administration Act 1953 . debt capital , of an entity and at a particular time, means any * debt interests issued by the entity that are still * on issue at that time. debt deduction has the meaning given by section 820 ‑ 40. debt interest in an entity has the meaning given by Subdivision 974 ‑ B. debt ‑ like trust instrument has the meaning given by section 276 ‑ 505. debt property has the meaning given by section 243 ‑ 30. decrease time for a * direct value shift has the meaning given by section 725 ‑ 155. decreasing adjustment has the meaning given by section 195 ‑ 1 of the * GST Act. deduct has the meaning given by sections 8 ‑ 1 and 8 ‑ 5. deductible gift recipient has the meaning given by section 30 ‑ 227. deducting hybrid has the meaning given by section 832 ‑ 550. deducting hybrid mismatch has the meaning given by section 832 ‑ 545. deduction means an amount that you can deduct. Note: For income years before 1997 ‑ 98, deduction has the meaning given by section 8 ‑ 3 of the Income Tax (Transitional Provisions) Act 1997 . deduction component : (a) of a * deduction/non ‑ inclusion mismatch—has the meaning given by subsections 832 ‑ 105(1) and 832 ‑ 105(2); and (b) of a * deduction/deduction mismatch—has the meaning given by subsection 832 ‑ 110(2); and (c) of a * hybrid financial instrument mismatch—has the meaning given by subsection 832 ‑ 200(2); and (d) of a * hybrid payer mismatch—has the meaning given by subsection 832 ‑ 305(2); and (e) of a * reverse hybrid mismatch—has the meaning given by subsection 832 ‑ 395(2); and (f) of a * branch hybrid mismatch—has the meaning given by subsection 832 ‑ 470(2); and (g) of a * deducting hybrid mismatch—has the meaning given by subsection 832 ‑ 545(2); and (h) of an * offshore hybrid mismatch—means the * deduction component of the relevant hybrid financial instrument mismatch, hybrid payer mismatch, reverse hybrid mismatch, branch hybrid mismatch or deducting hybrid mismatch. deduction/deduction mismatch has the meaning given by section 832 ‑ 110. deduction/non ‑ inclusion mismatch has the meaning given by section 832 ‑ 105. deduction year has the meaning given by section 170 ‑ 20. default commutation notice has the meaning given by section 136 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Defence Minister means the Minister administering section 1 of the Defence Act 1903 . Defence Secretary means the Secretary of the Department administered by the * Defence Minister. deferral reversal , for a * superannuation interest, has the meaning given by section 133 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . deferred BAS payer , at a particular time, means an entity that has an obligation to notify the Commissioner of a * BAS amount at that time, other than: (a) an entity that has an obligation at that time to give the Commissioner a * GST return for a monthly * tax period; or (b) an entity whose obligation to notify a BAS amount at that time relates only to one or more of the following: (i) an * amount withheld by a * medium withholder or a * large withholder; (ii) the * PAYG instalment of an * annual payer. Note: You are therefore a deferred BAS payer if you have an obligation to give the Commissioner a GST return for a quarterly tax period or if you are a GST instalment payer within the meaning of the GST Act. deferred non ‑ residential capital gain has the meaning given by subsection 102 ‑ 6(3). deferred residential capital gain has the meaning given by subsection 102 ‑ 6(4). deferred roll ‑ over gain : an asset has a deferred roll ‑ over gain at a particular time if: (a) before that time there was a roll ‑ over under a provision or former provision of this Act in relation to a disposal or a * CGT event that happened in relation to the asset; and (b) as a result of the roll ‑ over all or part of a * capital gain from the disposal or CGT event was disregarded. The amount of the deferred roll ‑ over gain is equal to the amount of the capital gain that was disregarded, reduced by the amount (if any) by which the gain has been taken into account in working out a * net capital gain (section 102 ‑ 5) or * net capital loss (section 102 ‑ 10) in relation to the asset between the roll ‑ over time and the particular time. deferred roll ‑ over loss : an asset has a deferred roll ‑ over loss at a particular time if: (a) before that time there was a roll ‑ over under a provision or former provision of this Act in relation to a disposal or a * CGT event that happened in relation to the asset; and (b) as a result of the roll ‑ over all or part of a * capital loss from the disposal or CGT event was disregarded. The amount of the deferred roll ‑ over loss is equal to the amount of the capital loss that was disregarded, reduced by the amount (if any) by which the loss has been taken into account in working out a * net capital gain (section 102 ‑ 5) or * net capital loss (section 102 ‑ 10) in relation to the asset between the roll ‑ over time and the particular time. deferred superannuation income stream has the meaning given by the Superannuation Industry (Supervision) Regulations 1994. deferred to a debt account , for a * superannuation interest, in relation to * assessed Division 293 tax, has the meaning given by section 133 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . deferred to a Division 296 debt account , for a * superannuation interest, in relation to * assessed Division 296 tax, has the meaning given by section 134 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . deficit : (a) section 205 ‑ 40 sets out when a * franking account is in deficit; and (b) section 208 ‑ 125 sets out when an * exempting account is in deficit; and (c) section 210 ‑ 130 sets out when a * venture capital sub ‑ account is in deficit. defined benefit contributions has the meaning given by sections 293 ‑ 115, 293 ‑ 150 and 293 ‑ 195. defined benefit income has the meaning given by section 303 ‑ 2. defined benefit income cap has the meaning given by section 303 ‑ 4. defined benefit interest has the meaning given by section 291 ‑ 175. defined benefit tax has the meaning given by section 133 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . demerged entity has the meaning given by section 125 ‑ 70. demerger has the meaning given by section 125 ‑ 70. demerger dividend has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 . demerger group has the meaning given by section 125 ‑ 65. demerger subsidiary has the meaning given by section 125 ‑ 65. demerging entity has the meaning given by section 125 ‑ 70. demutualise : a mutual entity (within the meaning of the Corporations Act 2001 ) that issues one or more MCIs (within the meaning of that Act) is taken not to demutualise by doing so. Note: MCI is short for mutual capital instrument (see section 167AD of the Corporations Act 2001 ). departing Australia superannuation payment has the meaning given by section 301 ‑ 170. depository entity has the meaning given by section 166 ‑ 260. depreciating asset has the meaning given by section 40 ‑ 30. depreciating asset lease : a depreciating asset lease is an agreement (including a renewal of an agreement) under which the entity that * holds the * depreciating asset grants a * right to use the asset to another entity. However, a depreciating asset lease does not include a * hire purchase agreement or a * short ‑ term hire agreement. Deputy Commissioner means a Deputy Commissioner of Taxation. derivative financial arrangement has the meaning given by subsection 230 ‑ 350(1). derive has a meaning affected by subsection 6 ‑ 5(4). design of a uniform has the meaning given by subsection 34 ‑ 25(2). Designated Filing Entity has the meaning given by section 127 ‑ 25. designated infrastructure project means an infrastructure project designated under section 415 ‑ 70. designated infrastructure project entity has the meaning given by section 415 ‑ 20. Designated Local Entity has the meaning given by section 127 ‑ 15. determined member component has the meaning given by section 276 ‑ 205. determined trust component has the meaning given by section 276 ‑ 255. development assistance for a * film has the meaning given by section 376 ‑ 55. development expenditure : (a) in relation to a * film, means expenditure to the extent to which it is incurred in meeting the development costs for the film and includes expenditure to the extent to which it is incurred on any of the following: (i) location surveys and other activities undertaken to assess locations for possible use in the film; (ii) storyboarding for the film; (iii) scriptwriting for the film; (iv) research for the film; (v) casting actors for the film; (vi) developing a budget for the film; (vii) developing a shooting schedule for the film; and (b) in relation to a * digital game, has the meaning given by section 378 ‑ 35. died in the line of duty has the meaning given by subsection 302 ‑ 195(3). digital currency has the same meaning as in the * GST Act. digital game has the meaning given by section 378 ‑ 20. diminishing value method has the meaning given by sections 40 ‑ 70 and 40 ‑ 72. dining facility has the meaning given by section 32 ‑ 60. direct equity interests in a company are * shares in the company. direct forestry expenditure has the meaning given by section 394 ‑ 45. direct participation interest has the meaning given by section 960 ‑ 190. direct roll ‑ over replacement has the meaning given by section 723 ‑ 110. direct small business participation percentage has the meaning given by section 152 ‑ 70. direct SRWUIP payment has the meaning given by subsection 59 ‑ 67(3). direct value shift has the meaning given by section 725 ‑ 145. direct voting percentage in a company has the meaning given by section 768 ‑ 550. disability policy means a * life insurance policy under which a benefit is payable in the event of: (a) the death, by accident or by some other cause stated in the contract, of the person whose life is insured (the insured ); or (b) injury to, or disability of, the insured as a result of accident or sickness; or (c) the insured being found to have a stated condition or disease; but does not include a contract of consumer credit insurance within the meaning of the Insurance Contracts Act 1984 . disability superannuation benefit means a * superannuation benefit if: (a) the benefit is paid to an individual because he or she suffers from ill ‑ health (whether physical or mental); and (b) 2 legally qualified medical practitioners have certified that, because of the ill ‑ health, it is unlikely that the individual can ever be * gainfully employed in a capacity for which he or she is reasonably qualified because of education, experience or training. disaggregated attributable decrease : section 727 ‑ 775 sets out how to determine whether an * indirect value shift has produced a disaggregated attributable decrease in the * market value of an * equity or loan interest. disaggregated attributable increase : section 727 ‑ 805 sets out how to determine whether an * indirect value shift has produced a disaggregated attributable increase in the * market value of an * equity or loan interest. disallow : (a) a * net capital loss—has the meaning given by section 175 ‑ 40; or (b) a * capital loss—has the meaning given by section 175 ‑ 55. disallowed capital allowance percentage has the meaning given by subsection 250 ‑ 150(4). discount : an * equity or loan interest is issued at a discount as provided in section 725 ‑ 150. discount capital gain has the meaning given by Subdivision 115 ‑ A. discount percentage has the meaning given by Subdivision 115 ‑ B. discretionary benefits means investment account benefits (as defined by section 14 of the Life Insurance Act 1995 ) that are regarded as non ‑ participating benefits for the purposes of that Act solely because of the operation of Prudential Rules No. 22 in force under section 252 of that Act. disease has the meaning given by subsection 34 ‑ 20(3). disentitling event has the meaning given by section 385 ‑ 163. disposal year has the meaning given by subsection 385 ‑ 105(2). dispose of a * CGT asset: you dispose of a CGT asset (in its capacity as a CGT asset) in the circumstances specified in section 104 ‑ 10. disregarded small fund assets has the meaning given by section 295 ‑ 387. distributable profits of a company has the meaning given by section 317 of the Income Tax Assessment Act 1936 . distributing body has the meaning given by section 128U of the Income Tax Assessment Act 1936 . distribution , by a * corporate tax entity, has the meaning given by section 960 ‑ 120. distribution event has the meaning given by subsection 207 ‑ 120(5). distribution statement has the meaning given by section 202 ‑ 80. diverted profits tax means tax imposed by the Diverted Profits Tax Act 2017 . dividend has the meaning given by subsections 6(1) and (4) and 6BA(5) and section 94L of the Income Tax Assessment Act 1936 . dividend stake has the meaning given by section 166 ‑ 235. dividend stripping operation has the meaning given by section 207 ‑ 155. Division 6C land has the meaning given by section 12 ‑ 448 in Schedule 1 to the Taxation Administration Act 1953 . Division 230 financial arrangement : a * financial arrangement is a Division 230 financial arrangement if Division 230 applies in relation to your gains and losses from the arrangement. Division 230 starting value : (a) the Division 230 starting value of an asset or liability that is or is part of a * Division 230 financial arrangement to which Subdivision 230 ‑ C (fair value method) applies is the amount of the asset or the amount of the liability according to the relevant standards mentioned in section 230 ‑ 230 that apply in relation to the arrangement; and (b) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230 ‑ D (foreign exchange retranslation method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230 ‑ 280 that apply in relation to the arrangement; and (c) the Division 230 starting value of an asset or liability that is or is part of a Division 230 financial arrangement to which Subdivision 230 ‑ F (reliance on financial reports method) applies is the value of the asset or the amount of the liability according to the relevant standards mentioned in section 230 ‑ 420 that apply in relation to the arrangement. Division 293 tax means tax imposed by the Superannuation (Sustaining the Superannuation Contribution Concession) Imposition Act 2013 . Division 293 tax law means: (a) the Income Tax Assessment Act 1997 , so far as it relates to the * Division 293 tax; and (b) any Act that imposes Division 293 tax; and (c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b) (or to so much of that Act as is covered); and (d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and (e) regulations and other legislative instruments under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered). Division 296 debt account has the meaning given by section 134 ‑ 60 in Schedule 1 to the Taxation Administration Act 1953 . Division 296 debt account discharge liability has the meaning given by section 134 ‑ 120 in Schedule 1 to the Taxation Administration Act 1953 . Division 296 deferral reversal , for a * superannuation interest, has the meaning given by section 134 ‑ 20 in Schedule 1 to the Taxation Administration Act 1953 . Division 296 end benefit has the meaning given by section 134 ‑ 130 in Schedule 1 to the Taxation Administration Act 1953 . Division 296 excluded interest has the meaning given by subsection 296 ‑ 55(3). Division 296 fund earnings has the meaning given by section 296 ‑ 60. Division 296 tax means tax imposed by the Superannuation (Building a Stronger and Fairer Super System) Imposition Act 2026 . Division 296 tax law means: (a) the Income Tax Assessment Act 1997 , so far as it relates to the * Division 296 tax; and (b) any Act that imposes Division 296 tax; and (c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b) (or to so much of that Act as is covered); and (d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and (e) regulations and other legislative instruments under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered). Division 405 payment has the meaning given by section 405 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Division 405 report has the meaning given by section 405 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Division 410 payment has the meaning given by section 410 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Division 410 report has the meaning given by section 410 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . Division 415 payment has the meaning given by section 415 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Division 417 payment has the meaning given by section 417 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . Division 832 control group has the meaning given by section 832 ‑ 205. documentary has the meaning given by section 376 ‑ 25. down interest has the meaning given by section 725 ‑ 155. DPT assessment has the meaning given by section 145 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . dual inclusion income has the meaning given by section 832 ‑ 680. dual listed company arrangement has the meaning given by section 125 ‑ 60. dual listed company voting share has the meaning given by section 125 ‑ 60. dual resident investment company has the meaning given by section 6F of the Income Tax Assessment Act 1936 . dwelling has the meaning given by section 118 ‑ 115. early retirement scheme has the meaning given by section 83 ‑ 180. early retirement scheme payment has the meaning given by section 83 ‑ 180. early stage venture capital limited partnership has the meaning given by subsection 118 ‑ 407(4). economic infrastructure facility has the meaning given by section 12 ‑ 439 in Schedule 1 to the Taxation Administration Act 1953 . education direction means: (a) a * superannuation guarantee education direction; or (b) a * tax ‑ records education direction. effective life : the effective life of a * depreciating asset is worked out under sections 40 ‑ 95, 40 ‑ 100, 40 ‑ 102, 40 ‑ 103, 40 ‑ 105 and 40 ‑ 110. effectively non ‑ cancellable has the meaning given by section 250 ‑ 130. effectively non ‑ contingent obligation has the meaning given by section 974 ‑ 135. election to rely on financial reports has the meaning given by section 230 ‑ 395. electronic payment means a payment by way of electronic transmission, in an electronic format approved by the Commissioner. electronic sales suppression tool has the meaning given by section 8WAB of the Taxation Administration Act 1953 . electronic signature of an entity means a unique identification of the entity in electronic form that is approved by the Commissioner. element taxed in the fund has the meaning given by section 307 ‑ 275. element untaxed in the fund has the meaning given by section 307 ‑ 275. eligible community housing provider has the meaning given by section 980 ‑ 10. eligible continuing substantial member of a * former exempting entity has the meaning given by section 208 ‑ 155. eligible Division 166 company means a company: (a) that is not a * widely held company; and (b) in which: (i) * voting stakes that carry rights to more than 50% of the voting power in the company; or (ii) * dividend stakes that carry rights to receive more than 50% of any dividends that the company may pay; or (iii) * capital stakes that carry rights to receive more than 50% of any distribution of capital of the company; are beneficially owned (whether directly, or * indirectly through one or more interposed entities) by: (iv) a widely held company; or (v) an entity mentioned in subsection 166 ‑ 245(2) that satisfies the condition in subsection 166 ‑ 245(3); or (vi) a * non ‑ profit company; or (vii) a charity; or (viii) 2 or more entities mentioned in subparagraphs (iv) to (vii). Note: For subparagraphs (b)(i), (ii) and (iii), Division 167 has special rules for working out rights to voting power, dividends and capital distributions in a company whose shares do not all carry the same rights to those matters. eligible for a granny flat interest has the meaning given by subsection 137 ‑ 10(2). eligible security has the meaning given by section 775 ‑ 190. eligible tier ‑ 1 company has the meaning given by section 719 ‑ 15. eligible venture capital investment has the meaning given by sections 118 ‑ 425 and 118 ‑ 427. Note: This meaning is also affected by subsection 118 ‑ 435(2). eligible venture capital investor has the meaning given by subsection 118 ‑ 415(2). eligible venture capital partner has the meaning given by section 118 ‑ 420. employee share scheme has the meaning given by subsection 83A ‑ 10(2). employee share trust has the meaning given by subsection 130 ‑ 85(4). Employment Secretary means the Secretary of the Department responsible for employment policy. employment termination payment has the meaning given by section 82 ‑ 130. end benefit has the meaning given by section 133 ‑ 130 in Schedule 1 to the Taxation Administration Act 1953 . endowment policy has the meaning given by section 295 ‑ 480. ends , in relation to a * corporate change, has the meaning given by section 166 ‑ 175. end user of an asset has the meaning given by section 250 ‑ 50. end value of an asset has the meaning given by section 250 ‑ 180. enterprise has the meaning given by section 9 ‑ 20 of the * GST Act. entertainment has the meaning given by section 32 ‑ 10. entity has the meaning given by section 960 ‑ 100. entity EBITDA has the meaning given by section 820 ‑ 55. entity maintenance deduction has the meaning given by subsection 86 ‑ 65(2). environmental protection activities has the meaning given by section 40 ‑ 755. Environment Minister means the Minister administering the Environment Protection and Biodiversity Conservation Act 1999 . Environment Secretary means the Secretary of the Department administered by the * Environment Minister. equity capital of an entity at a particular time means the total of the following as at that time: (a) the issue price (however described) of each * equity interest in the entity that is still * on issue, reduced by so much (if any) of the issue price as remains unpaid; (b) the entity’s general reserves and asset revaluation reserves; (c) the entity’s retained earnings; (d) the entity’s net earnings (if any) for the current year, reduced by: (i) the * tax the entity expects to pay in respect of those net earnings; and (ii) so much of each distribution to the entity’s * members that has been made or declared as at that time as is attributable to the entity’s earnings for the current year; (e) if the entity is a * corporate tax entity—provisions for * distributions of profit; (f) if paragraph (e) does not apply—provisions for distributions to the entity’s * members; reduced by the total of the following as at that time: (g) the entity’s negative retained earnings (if any); (h) the entity’s net loss (if any) for the current year. equity holder in a company means an entity that holds an * equity interest in the company. equity interest in an entity has the meaning given by: (a) in the case of a company—Subdivision 974 ‑ C; and (b) in the case of a trust or partnership—section 820 ‑ 930. equity or loan interest has the meaning given by section 727 ‑ 520. ESS deferred taxing point , for an * ESS interest, has the meaning given by sections 83A ‑ 115 and 83A ‑ 120. Note 1: ESS is short for employee share scheme. Note 2: For ESS interests acquired before 1 July 2009, see subsection 83A ‑ 5(4) of the Income Tax (Transitional Provisions) Act 1997 . ESS interest , in a company, has the meaning given by subsection 83A ‑ 10(1). Note: ESS is short for employee share scheme. ESVCLP means an * early stage venture capital limited partnership. ETP cap amount has the meaning given by section 82 ‑ 160. excepted MIT CSA income has the meaning given by section 12 ‑ 442 in Schedule 1 to the Taxation Administration Act 1953 . excepted trust has the meaning given by section 272 ‑ 100 in Schedule 2F to the Income Tax Assessment Act 1936 . excess concessional contributions has the meaning given by section 291 ‑ 20. excess concessional contributions determination has the meaning given by section 97 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . excess exploration credit tax means tax imposed by the Excess Exploration Credit Tax Act 2015 . excess franking offsets has the meaning given by section 36 ‑ 55. excess non ‑ concessional contributions has the meaning given by section 292 ‑ 85. excess non ‑ concessional contributions determination has the meaning given by subsection 97 ‑ 25(2) in Schedule 1 to the Taxation Administration Act 1953 . excess non ‑ concessional contributions tax means tax imposed under the Superannuation (Excess Non ‑ concessional Contributions Tax) Act 2007 . excess non ‑ concessional contributions tax assessment has the meaning given by sections 292 ‑ 230 and 292 ‑ 310. excess tax EBITDA amount has the meaning given by section 820 ‑ 60. excess transfer balance has the meaning given by section 294 ‑ 30 and modified by section 294 ‑ 140. excess transfer balance determination has the meaning given by section 136 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . excess transfer balance earnings has the meaning given by section 294 ‑ 235. excess transfer balance period has the meaning given by section 294 ‑ 230. excess transfer balance tax means tax imposed by the Superannuation (Excess Transfer Balance Tax) Imposition Act 2016 . excess untaxed roll ‑ over amount has the meaning given by section 306 ‑ 15. exchangeable interest has the meaning given by section 130 ‑ 100. excisable goods has the meaning given by the * GST Act. Excise Acts has the meaning given by the Excise Act 1901 . excise duty has the meaning given by the * GST Act. excise ‑ equivalent goods has the same meaning as in the Customs Act 1901 . excise law means: (a) the Excise Act 1901 ; and (b) any Act that imposes * excise duty; and (c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and (d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and (e) regulations under any Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered). excluded complying superannuation life insurance policy means a * life insurance policy that: (a) provides only for * superannuation death benefits, * disability superannuation benefits or temporary disability benefits of a kind referred to in paragraph 295 ‑ 460(c), that are not * participating benefits; or (b) is an * exempt life insurance policy. excluded equity interest has the meaning given by section 820 ‑ 946. excluded foreign resident has the meaning given by subsection 118 ‑ 110(4). excluded loss has the meaning given by sections 175 ‑ 5 and 175 ‑ 40. excluded STB has the same meaning as in section 24AT of the Income Tax Assessment Act 1936 . exempt Australian government agency means: (a) the Commonwealth, a State or a Territory; or (b) an authority of the Commonwealth or of a State or a Territory whose * ordinary income and * statutory income is exempt from income tax because of Division 50; or (c) an STB (within the meaning of Division 1AB of Part III of the Income Tax Assessment Act 1936 ) whose * ordinary income and * statutory income is exempt from income tax under that Division of that Part. exempt entity means: (a) an entity all of whose * ordinary income and * statutory income is exempt from income tax because of this Act or because of another * Commonwealth law, no matter what kind of ordinary income or statutory income the entity might have; or (b) an * untaxable Commonwealth entity. Note: See section 11 ‑ 5 for a list of entities of the kind referred to in paragraph (a). exempt film income for an income year is so much of the amount, or the sum of the amounts, to which section 26AG of the Income Tax Assessment Act 1936 applies in relation to you for the income year as is * exempt income. exempt foreign employment income means amounts that are exempt from tax under section 23AF or 23AG of the Income Tax Assessment Act 1936 . exempt foreign government agency means: (a) the government of a foreign country, or of part of a foreign country; or (b) an authority of the government of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency; or (c) an authority of the government of part of a foreign country, if the authority is of a similar nature to an authority that is an * exempt Australian government agency. exempt income has the meaning given by section 6 ‑ 20. Note: For income years before 1997 ‑ 98, exempt income has the meaning given by section 6 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 . exempting account means an account that arises under section 208 ‑ 110. exempting credit has the meaning given by section 208 ‑ 115. exempting debit has the meaning given by section 208 ‑ 120. exempting deficit has the meaning given by subsection 208 ‑ 125(2). exempting entity has the meaning given by section 208 ‑ 20 and affected by section 220 ‑ 500 if relevant. exempting percentage has the meaning given by section 208 ‑ 95. exempting surplus has the meaning given by subsection 208 ‑ 125(1). exempt institution that is eligible for a refund has the meaning given in section 207 ‑ 115. Note: This definition is affected by sections 207 ‑ 119 to 207 ‑ 136. exempt life insurance policy has the meaning given by section 320 ‑ 246. Note: This definition is affected by section 320 ‑ 247. exempt life insurance policy liabilities of a * life insurance company means liabilities of the company under the * life insurance policies referred to in subsection 320 ‑ 245(1). expand , in relation to an * active build to rent development, has the meaning given by subsection 43 ‑ 152(3). expected financial benefits has the meaning given by section 250 ‑ 95. exploration benefit has the meaning given by subsection 40 ‑ 1100(2). exploration credit means an exploration credit created, or to be created under Subdivision 418 ‑ D. exploration credits allocation for an entity for an income year has the meaning given by section 418 ‑ 81. exploration credits remainder for an income year has the meaning given by subsection 418 ‑ 103(2). exploration investment has the meaning given by section 418 ‑ 111. exploration or prospecting has a meaning affected by subsection 40 ‑ 730(4). external indirect equity or loan interest in a * subsidiary member of a * consolidated group or * MEC group has the meaning given by section 715 ‑ 610 or 719 ‑ 775. facility agreement has the meaning given by section 775 ‑ 185. failure to notify penalty means the penalty worked out under Division 2 of Part IIA of the Taxation Administration Act 1953 . fair value election has the meaning given by subsection 230 ‑ 210(1). Families Department means the Department administered by the * Families Minister. Families Minister means the Minister administering the Data ‑ matching Program (Assistance and Tax) Act 1990 . Families Secretary means the Secretary of the * Families Department. family law superannuation payment has the meaning given by section 307 ‑ 5. family trust has the same meaning as in section 272 ‑ 75 in Schedule 2F to the Income Tax Assessment Act 1936 . farm ‑ in farm ‑ out arrangement has the meaning given by subsection 40 ‑ 1100(1). farm management deposit has the meaning given by Subdivision 393 ‑ B. FATCA Agreement has the meaning given by section 396 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . feature film includes a * film that is an animated feature film, but does not include a film that is not * feature ‑ length. feature ‑ length : a * film is feature ‑ length if: (a) if the film is a large format film—the film is at least 45 minutes in duration; and (b) otherwise—the film is more than 60 minutes in duration. feedstock revenue has the meaning given by subsection 355 ‑ 445(4). fencing asset has the meaning given by subsection 40 ‑ 520(4). FHSS eligible concessional contribution for a * financial year means a * concessional contribution for the financial year that is eligible to be released under section 138 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . FHSS eligible non ‑ concessional contribution for a * financial year means a * non ‑ concessional contribution for the financial year that is eligible to be released under section 138 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . FHSS maximum release amount has the meaning given by section 138 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . FHSS releasable contributions amount has the meaning given by subsection 138 ‑ 30(1) in Schedule 1 to the Taxation Administration Act 1953 . FHSS released amounts has the meaning given by section 313 ‑ 10. FIFO cost method of working out the * value of a * registered emissions unit has the meaning given by section 420 ‑ 52. film means an aggregate of images, or of images and sounds, embodied in any material. film authority has the meaning given by section 376 ‑ 55. film component has the meaning given by section 36 ‑ 40. film deductions for an income year are the following: (a) amounts you could deduct for the income year under former section 124ZAFA of the Income Tax Assessment Act 1936 ; (b) amounts that you could deduct for the income year and to which former section 124ZAO of that Act applied in relation to you for the income year. film loss has the meaning given by section 36 ‑ 40. Note: Section 701 ‑ 30 (rules about where an entity is not a subsidiary member for the whole of an income year) may affect a film loss. final RUNL has the meaning given by section 715 ‑ 35. Finance Department means the Department administered by the * Finance Minister. financed property has the meaning given by section 243 ‑ 30. Finance Minister means the Minister administering the Public Governance, Performance and Accountability Act 2013 . Finance Secretary means the Secretary of the * Finance Department. financial arrangement has the meaning given by sections 230 ‑ 45 to 230 ‑ 55. financial benefit has the meaning given by section 974 ‑ 160. financial entity , at a particular time, means an entity other than an * ADI that is any of the following at that time: (a) an entity that: (i) is a registered corporation under the Financial Sector (Collection of Data) Act 2001 ; and (ii) at the particular time, carries on a * business of providing finance, but not predominantly for the purposes of providing finance directly or indirectly to, or on behalf of, the entity’s associates; and (iii) in the income year in which the particular time occurs, derives all, or substantially all, of its profits from that business; (b) a * securitisation vehicle; (c) an entity that: (i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in at least one of the financial products mentioned in paragraphs 764A(1)(a), (b) and (j) of that Act; or (ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in at least one of those financial products; and carries on a business of dealing in securities, but not predominantly for the purposes of dealing in securities with, or on behalf of, the entity’s * associates; Note 1: Paragraphs 764A(1)(a), (b) and (j) of the Corporations Act 2001 deal respectively with securities, managed investment products and government debentures, stocks and bonds. Note 2: Paragraph 911A(2)(h) of that Act exempts financial services provided to wholesale clients by a person who is regulated by an overseas regulatory authority if the provision of the service is covered by an exemption from the Australian Securities and Investments Commission (ASIC). Note 3: Paragraph 911A(2)(l) of that Act empowers ASIC to exempt financial services. (d) an entity that: (i) is a financial services licensee within the meaning of the Corporations Act 2001 whose licence covers dealings in derivatives within the meaning of that Act; or (ii) under paragraph 911A(2)(h) or (l) of the Corporations Act 2001 , is exempt from the requirement to hold an Australian financial services licence for dealings in such derivatives; and carries on a business of dealing in such derivatives, but not predominantly for the purposes of dealing in such derivatives with, or on behalf of, the entity’s associates. financial institution has the meaning given by section 202A of the Income Tax Assessment Act 1936 . financial investment includes the following: (a) a * share in a company; (b) an interest in a managed investment scheme (within the meaning of the Corporations Act 2001 ); (c) a * forestry interest in a * forestry managed investment scheme; (d) a right or option in respect of an investment referred to in paragraph (a), (b) or (c); (e) an investment of a like nature to any of those referred to in paragraphs (a) to (d). financial statement net third party interest expense has the meaning given by section 820 ‑ 54. financial year means a period of 12 months beginning on 1 July. financing arrangement has the meaning given by section 974 ‑ 130. financing cost has the meaning given by section 26 ‑ 80. firearms surrender arrangements means: (a) an * Australian law; or (b) administrative arrangements of a State or Territory; implementing: (c) the agreement arising from the meeting of the Police Ministers held on 10 May 1996 concerning the surrender of prohibited firearms; or (d) the national firearms program (within the meaning of item 2 of Schedule 2 to the Combatting Antisemitism, Hate and Extremism (Firearms and Customs Laws) Act 2026 ). first continuity period has the meaning given by section 165 ‑ 120. first home super saver determination has the meaning given by subsection 138 ‑ 10(1) in Schedule 1 to the Taxation Administration Act 1953 . first home super saver scheme means the scheme set out in: (a) Division 313; and (b) Division 138 in Schedule 1 to the Taxation Administration Act 1953 ; and other provisions as they relate to those Divisions. first home super saver tax means the tax imposed by the First Home Super Saver Tax Act 2017 . first use time has the meaning given by section 41 ‑ 30. Fiscal Year has the same meaning as in the * Minimum Tax Act. FITO allocation amount , of a particular character, has the meaning given by section 276 ‑ 335. fixed entitlement : (a) an entity has a fixed entitlement to a share of the income or capital of a company, partnership or trust if the entity has a fixed entitlement to that share within the meaning of Division 272 in Schedule 2F to the Income Tax Assessment Act 1936 ; and (b) despite paragraph (a) of this definition, a * beneficiary of a * CCIV sub ‑ fund trust is taken to have a fixed entitlement to a share of the income or capital of the trust as provided by section 195 ‑ 120 of this Act. Note: Section 165 ‑ 245 of this Act affects when an entity is taken to have held or had, directly or indirectly, a fixed entitlement to a share of income or capital of a company. fixed ratio earnings limit has the meaning given by section 820 ‑ 51. fixed ratio test disallowed amount has the meaning given by section 820 ‑ 57. fixed trust : a trust is a fixed trust if entities have * fixed entitlements to all of the income and capital of the trust. Note: AMITs are treated as fixed trusts (see section 276 ‑ 55). flows indirectly : (a) subsections 207 ‑ 50(2), (3) and (4) set out the circumstances in which a * franked distribution flows indirectly to an entity; and (b) subsection 207 ‑ 50(5) sets out the circumstances in which a franked distribution flows indirectly through an entity; and (c) section 208 ‑ 175 sets out the circumstances in which a * distribution * franked with an exempting credit flows indirectly to an entity; and (d) section 220 ‑ 405 sets out the circumstances in which a supplementary dividend (as defined in section OB1 of the Income Tax Act 1994 of New Zealand) flows indirectly to an entity; and (e) subsections 380 ‑ 25(2), (3) and (4) set out the circumstances in which * NRAS rent flows indirectly to an entity; and (f) subsection 380 ‑ 25(5) sets out the circumstances in which NRAS rent flows indirectly through an entity. FMD provider (short for farm management deposit provider) has the meaning given by subsection 393 ‑ 20(3). fodder storage asset has the meaning given by subsection 40 ‑ 520(3). Foreign Affairs Minister means the Minister administering the International Development Association Act 1960 . foreign bank means an * ADI that is a * foreign entity. foreign controlled Australian company has the meaning given by section 820 ‑ 785. foreign controlled Australian entity has the meaning given by section 820 ‑ 780. foreign controlled Australian partnership has the meaning given by section 820 ‑ 795. foreign controlled Australian trust has the meaning given by section 820 ‑ 790. foreign currency means a currency other than: (a) Australian currency; or (b) * digital currency; or (c) anything prescribed by the regulations for the purposes of this paragraph. foreign currency hedge has the meaning given by subsection 230 ‑ 350(2). foreign DMT tax has the meaning given by section 770 ‑ 150. foreign entity means an entity that is not an * Australian entity. foreign equity distribution has the meaning given by section 768 ‑ 10. foreign exchange retranslation election has the meaning given by subsections 230 ‑ 255(1) and (3). foreign general insurance company means a company that is a foreign resident, and whose sole or principal business is * insurance business. foreign GloBE tax means: (a) * foreign DMT tax; and (b) * foreign IIR tax; and (c) * foreign UTPR tax. foreign government agency means: (a) the government of a foreign country or of part of a foreign country; or (b) an authority of the government of a foreign country; or (c) an authority of the government of part of a foreign country. foreign hybrid has the meaning given by section 830 ‑ 5. foreign hybrid company has the meaning given by section 830 ‑ 15. foreign hybrid limited partnership has the meaning given by section 830 ‑ 10. foreign hybrid mismatch rules means a * foreign law corresponding to any of Subdivisions 832 ‑ C, 832 ‑ D, 832 ‑ E, 832 ‑ F, 832 ‑ G or 832 ‑ H (which are about hybrid mismatches). foreign hybrid net capital loss amount has the meaning given by section 830 ‑ 55. foreign hybrid revenue loss amount has the meaning given by paragraph 830 ‑ 45(1)(a). foreign hybrid tax provisions means: (a) the Income Tax Assessment Act 1936 (other than Division 5A of Part III); and (b) this Act (other than Subdivision 830 ‑ A and 830 ‑ B); and (c) an Act that imposes any tax payable under the Income Tax Assessment Act 1936 or this Act; and (d) the Income Tax Rates Act 1986 ; and (e) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a), (b) or (c); and (f) any other Act, so far as it relates to an Act covered by paragraph (a), (b), (c), (d) or (e); and (g) regulations under an Act covered by any of the preceding paragraphs. foreign IIR tax means tax that: (a) is payable under a * foreign law; and (b) satisfies the requirements of the IIR (within the meaning of the * GloBE Rules). foreign income tax has the meaning given by section 770 ‑ 15. foreign income tax deduction has the meaning given by section 832 ‑ 120. foreign law means a law of a foreign country. Note: Foreign country is defined in section 2B of the Acts Interpretation Act 1901 . foreign life insurance company means a company that is a foreign resident, and whose sole or principal business is life insurance. foreign pension fund has the meaning given by subsection 840 ‑ 805(4B). foreign public official has the same meaning as in section 70.1 of the Criminal Code . foreign resident means a person who is not a resident of Australia for the purposes of the Income Tax Assessment Act 1936 . Note: Foreign resident is not asterisked in this Act. foreign resident life insurance policy means a * life insurance policy that: (a) was issued by a company in the course of carrying on a * business at or through the * permanent establishment of the company in a foreign country; and (b) is held by an entity that is neither an * associate of the company nor a Part X Australian resident (within the meaning of Part X of the Income Tax Assessment Act 1936 ). foreign revenue claim has the meaning given by section 263 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . foreign service of document request has the meaning given by section 263 ‑ 60 in Schedule 1 to the Taxation Administration Act 1953 . foreign superannuation fund : (a) a * superannuation fund is a foreign superannuation fund at a time if the fund is not an * Australian superannuation fund at that time; and (b) a superannuation fund is a foreign superannuation fund for an income year if the fund is not an Australian superannuation fund for the income year. foreign tax period , in relation to an entity, in relation to a foreign tax imposed by a tax law of a foreign country, means the accounting period used by the entity for the purposes of determining the tax base under that law. foreign trust for CGT purposes means a trust that is not a * resident trust for CGT purposes. foreign UTPR tax means tax that: (a) is payable under a * foreign law; and (b) satisfies the requirements of the UTPR (within the meaning of the * GloBE Rules). foreign venture capital fund of funds has the meaning given by subsections 118 ‑ 420(4) and (5). forestry interest in a * forestry managed investment scheme has the meaning given by subsection 394 ‑ 15(3). forestry managed investment scheme has the meaning given by subsection 394 ‑ 15(1). forestry manager of a * forestry managed investment scheme has the meaning given by subsection 394 ‑ 15(2). forestry road has the meaning given by subsection section 43 ‑ 72. forex cost base has the meaning given by section 775 ‑ 85. forex entitlement base has the meaning given by section 775 ‑ 90. forex realisation event means any of the forex realisation events described in Division 775. forex realisation gain : for each * forex realisation event a forex realisation gain is worked out in the way described in the event. forex realisation loss : for each * forex realisation event a forex realisation loss is worked out in the way described in the event. forgive a debt has the meaning given by sections 245 ‑ 35, 245 ‑ 36 and 245 ‑ 37. Note: Subdivisions 245 ‑ C to 245 ‑ G (about forgiveness of commercial debts) apply to certain arrangements as if the arrangements were forgiveness of debts: see section 245 ‑ 45. forgiveness income year , in relation to a debt that is * forgiven, means the income year in which the debt is forgiven. form approved by Industry Innovation and Science Australia has the same meaning as in section 33 ‑ 5 of the Venture Capital Act 2002 . former exempting entity has the meaning given by section 208 ‑ 50. fourth element expenditure has the meaning given by section 104 ‑ 185. frankable distribution has the meaning given by section 202 ‑ 40. frankable with a venture capital credit has the meaning given by section 210 ‑ 50. franked distribution : a * distribution is franked if an entity * franks it in accordance with section 202 ‑ 5. franked part of a * distribution has the meaning given by section 976 ‑ 1. franking account means an account that arises under section 205 ‑ 10. Note 1: Section 205 ‑ 15 sets out when a credit arises in that account. Note 2: Section 205 ‑ 30 sets out when a debit arises in that account. franking account balance has the meaning given by section 214 ‑ 30. franking assessment has the meaning given by subsection 214 ‑ 60(1) and affected by section 214 ‑ 100. franking credit has the meaning given by section 205 ‑ 15. franking debit has the meaning given by section 205 ‑ 30. franking deficit has the meaning given by subsection 205 ‑ 40(2). franking deficit tax means tax imposed under the New Business Tax System (Franking Deficit Tax) Act 2002 . Note: That Act imposes tax where it is payable under section 205 ‑ 45 of this Act. franking entity has the meaning given by section 202 ‑ 15. franking percentage has the meaning given by section 203 ‑ 35. franking period has the meaning given by sections 203 ‑ 40 and 203 ‑ 45. franking return means a return required under Subdivision 214 ‑ A. franking surplus has the meaning given by subsection 205 ‑ 40(1). franking tax has the meaning given by section 214 ‑ 40. franks with an exempting credit has the meaning given by section 208 ‑ 60. frank with a venture capital credit has the meaning given by section 210 ‑ 30. friendly society means: (a) a body that is a friendly society for the purposes of the Life Insurance Act 1995 ; or (b) a body that is registered or incorporated as a friendly society under a * State law or a * Territory law; or (c) a body that is permitted, by a * State law or a * Territory law, to assume or use the expression friendly society ; or (d) a body that, immediately before the date that is the transfer date for the purposes of the Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 , was registered or incorporated as a friendly society under a * State law or a * Territory law. friendly society dispensary means an approved pharmacist (within the meaning of Part VII of the National Health Act 1953 ) that is: (a) a * friendly society; or (b) a body carrying on * business for the benefit of members of a * friendly society. fringe benefit means: (a) a fringe benefit as defined by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 ; and (b) a benefit that would be a fringe benefit (as defined by subsection 136(1) of that Act) if paragraphs (d) and (e) of the definition of employer in that subsection of that Act were omitted. fringe benefits taxable amount has the meaning given by section 5B of the Fringe Benefits Tax Assessment Act 1986 . fringe benefits tax law means a provision of an Act or regulations under which the extent of liability for tax imposed by the Fringe Benefits Tax Act 1986 is worked out. FRT disallowed amount : see fixed ratio test disallowed amount . FS assessment debt means an FS assessment debt under: (a) subsection 19AB(2) of the Social Security Act 1991 ; or (b) the Student Assistance Act 1973 as in force at a time on or after 1 July 1998. FTB amount for an income year means an amount of family tax benefit (within the meaning of the A New Tax System (Family Assistance) (Administration) Act 1999 ) to which an individual is entitled in respect of the income year. fuel tax credit has the meaning given by section 110 ‑ 5 of the Fuel Tax Act 2006 . fuel tax law has the meaning given by section 110 ‑ 5 of the Fuel Tax Act 2006 . fuel tax return means a return under the Fuel Tax Act 2006 . fuel tax return period has the meaning given by section 61 ‑ 20 of the Fuel Tax Act 2006 . full year amounts has the meaning given by section 165 ‑ 60. full year deductions has the meaning given by subsections 165 ‑ 55(5) and (6). funded aged care service has the same meaning as in the Aged Care Act 2024 . fund payment has the meaning given by sections 12 ‑ 405 and 12A ‑ 110 in Schedule 1 to the Taxation Administration Act 1953 . fund ‑ raising event has the meaning given by section 40 ‑ 165 of the * GST Act, as modified by the omission of subparagraph 40 ‑ 165(1)(b)(i) of that Act. funeral policy means a * life insurance policy issued by a * friendly society for the sole purpose of providing benefits to pay for the funeral of the insured person. Future Fund Board means the Future Fund Board of Guardians established by section 34 of the Future Fund Act 2006 . gainfully employed means employed or self ‑ employed for gain or reward in any business, trade, profession, vocation, calling, occupation or employment. gaining entity for an * indirect value shift has the meaning given by section 727 ‑ 150. GDP ‑ adjusted notional tax has the meaning given by section 45 ‑ 405 in Schedule 1 to the Taxation Administration Act 1953 . GDP amount for a * quarter has the meaning given by section 45 ‑ 405 in Schedule 1 to the Taxation Administration Act 1953 . general class investor has the meaning given by subsections 820 ‑ 46(2) and 820 ‑ 583(1). general deduction has the meaning given by section 8 ‑ 1. general insurance company means a body corporate that carries on * insurance business. general insurance policy means a policy of insurance that is not a * life insurance policy or an * annuity instrument. general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . general partner means a partner of a * limited partnership whose liability in relation to the partnership is not limited. general small business pool has the meaning given by section 328 ‑ 185. general transfer balance cap has the meaning given by section 294 ‑ 35. genuine redundancy payment has the meaning given by section 83 ‑ 175. geothermal energy extraction has the meaning given by subsection 15 ‑ 40(4). geothermal energy resources means matter occurring naturally within the Earth and containing energy as heat. geothermal exploration information has the meaning given by subsection 15 ‑ 40(3). global financial statements has the meaning given by section 960 ‑ 570. global GST amount has the meaning given by section 195 ‑ 1 of the * GST Act. global method : (a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165 ‑ 115E; and (b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165 ‑ 115U. global parent entity has the meaning given by section 960 ‑ 560. GloBE Entity means an Entity (within the meaning of the * Minimum Tax Act). GloBE Excluded Entity means an Excluded Entity (within the meaning of the * Minimum Tax Act). GloBE Implementation Framework : (a) means the GloBE Implementation Framework (within the meaning of the * Minimum Tax Rules); or (b) if the expression GloBE Implementation Framework is not used in the Minimum Tax Rules—has the meaning given by the regulations. GloBE Information Return has the meaning given by section 127 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . GloBE Investment Entity : (a) means an Investment Entity (within the meaning of the * Minimum Tax Rules); or (b) if the expression Investment Entity is not used in the Minimum Tax Rules—has the meaning given by the regulations. GloBE Joint Venture means a Joint Venture (within the meaning of the * Minimum Tax Act). GloBE JV Subsidiary means a JV Subsidiary (within the meaning of the * Minimum Tax Act). GloBE located : a * GloBE Entity or * GloBE Permanent Establishment is GloBE located in a jurisdiction for a * Fiscal Year if the GloBE Entity or GloBE Permanent Establishment is located in that jurisdiction for the Fiscal Year for the purposes of the * Minimum Tax Act. GloBE Main Entity , in respect of a * GloBE Permanent Establishment, means the Main Entity (within the meaning of the * Minimum Tax Act) in respect of the GloBE Permanent Establishment. GloBE partnership has the meaning given by subsection 128 ‑ 20(6) in Schedule 1 to the Taxation Administration Act 1953 . GloBE Permanent Establishment means a Permanent Establishment (within the meaning of the * Minimum Tax Act). GloBE Rules has the same meaning as in the * Minimum Tax Act. GloBE Securitisation Entity means a Securitisation Entity (within the meaning of the * Minimum Tax Act). GloBE Transition Year , of an * Applicable MNE Group: (a) means the Applicable MNE Group’s Transition Year (within the meaning of the * Minimum Tax Rules) for Australia; or (b) if the expression Transition Year is not used in the Minimum Tax Rules—has the meaning given by the regulations. GloBE Ultimate Parent Entity , of an * Applicable MNE Group, means the Ultimate Parent Entity (within the meaning of the * Minimum Tax Act, as affected by section 28 of that Act) of the Applicable MNE Group. goes for at least 4 hours , in relation to a * seminar, has the meaning given by subsection 32 ‑ 65(2). government entity has the meaning given by section 41 of the A New Tax System (Australian Business Number) Act 1999 . granny flat interest has the meaning given by subsection 137 ‑ 10(1). greater benefit from franking credits has a meaning affected by subsections 204 ‑ 30(7) and (8). greater benefits : (a) under an * indirect value shift, has the meaning given by subsection 727 ‑ 150(3); and (b) under a * presumed indirect value shift, has the meaning given by subsection 727 ‑ 855(1). greenfields minerals expenditure has the meaning given by section 418 ‑ 80. greenfields minerals explorer has the meaning given by section 418 ‑ 75. GR group has the meaning given by section 820 ‑ 53. GR group member has the meaning given by section 820 ‑ 53. GR group net third party interest expense has the meaning given by section 820 ‑ 54. GR group parent has the meaning given by section 820 ‑ 53. grid matching requirements has the meaning given by section 421 ‑ 25. gross averaging amount has the meaning given by section 392 ‑ 70. gross forgiven amount has the meaning given by section 245 ‑ 75. gross vehicle mass of a vehicle means: (a) the road weight specified by the manufacturer of the vehicle as the maximum design weight capacity of the vehicle; or (b) in the absence of such a specification, the sum of: (i) the weight of the vehicle; and (ii) the weight of the maximum load for which the vehicle was designed (including the weight of the driver and a full tank of fuel, if applicable). group EBITDA has the meaning given by section 820 ‑ 55. Group Entity , of an * Applicable MNE Group, has the same meaning as in the * Minimum Tax Act. group heading has the meaning given by section 950 ‑ 100. group ratio has the meaning given by section 820 ‑ 53. group ratio earnings limit has the meaning given by section 820 ‑ 51. GST has the meaning given by section 195 ‑ 1 of the * GST Act. GST Act means the A New Tax System (Goods and Services Tax) Act 1999. GST ‑ free has the meaning given by section 195 ‑ 1 of the * GST Act. GST group has the meaning given by section 195 ‑ 1 of the * GST Act. GST inclusive market value has the meaning given by section 195 ‑ 1 of the * GST Act. GST joint venture has the meaning given by section 51 ‑ 5 of the * GST Act. GST law has the meaning given by section 195 ‑ 1 of the * GST Act. GST return has the same meaning as in section 195 ‑ 1 of the * GST Act. GST turnover has the meaning given by section 195 ‑ 1 of the * GST Act. guaranteed residual value for an asset that is put to a tax preferred use has the meaning given by subsection 250 ‑ 85(3). guarantee period , for an annuity provided under a * structured settlement or a * structured order, has the meaning given by subsection 54 ‑ 35(2). Guide has the meaning given by section 950 ‑ 150. head company : (a) in relation to a * consolidated group or * consolidatable group—has the meaning given by section 703 ‑ 15; and (b) of a * MEC group—has the meaning given by section 719 ‑ 75. head entity of a demerger group has the meaning given by section 125 ‑ 65. Health Minister means the Minister administering the National Health Act 1953 . Health Secretary means the Secretary of the Department administered by the * Health Minister. hedged item has the meaning given by subsections 230 ‑ 335(10) and (11). hedging financial arrangement has the meaning given by subsections 230 ‑ 335(1) to (9) and sections 230 ‑ 340 and 230 ‑ 345. hedging financial arrangement election has the meaning given by section 230 ‑ 315. held : see hold . Heritage Secretary means the Secretary of the Department administered by the Minister administering the Australian Heritage Council Act 2003 . HIH company has the meaning given by section 322 ‑ 5. HIH Trust has the meaning given by section 322 ‑ 5. hire purchase agreement means: (a) a contract for the hire of goods where: (i) the hirer has the right, obligation or contingent obligation to buy the goods; and Note: An example of a contingent obligation is a put option. (ii) the charge that is or may be made for the hire, together with any other amount payable under the contract (including an amount to buy the goods or to exercise an option to do so), exceeds the price of the goods; and (iii) title in the goods does not pass to the hirer until the option referred to in subparagraph (a)(i) is exercised; or (b) an agreement for the purchase of goods by instalments where title in the goods does not pass until the final instalment is paid. hold : (a) hold a car for the purposes of Division 28 has the meaning given by section 28 ‑ 90; and (b) hold a * depreciating asset has the meaning given by section 40 ‑ 40; and (c) hold a * registered emissions unit has the meaning given by section 420 ‑ 12. holder , of a * registered production profile, means the holder of the profile under the Future Made in Australia (Guarantee of Origin) Act 2024 . horse opening value has the meaning given by subsection 70 ‑ 65(1). horse reduction amount has the meaning given by subsection 70 ‑ 65(2). horticultural plant has the meaning given by section 40 ‑ 520. horticulture has the meaning given by section 40 ‑ 535. hotel building has the meaning given by section 43 ‑ 95. housing and welfare means: (a) residential accommodation; or (b) health, education, recreation or similar facilities, or facilities for meals; or (c) works carried out directly in connection with such accommodation or facilities, including works for providing water, light, power, access or communications. Housing Secretary means the Secretary of the Department administered by the Minister administering the National Rental Affordability Scheme Act 2008 . HPTO community benefit rules (short for “hydrogen production tax offset community benefit rules”) means the rules made under section 421 ‑ 45. hybrid financial instrument mismatch has the meaning given by section 832 ‑ 200. hybrid mismatch has the meaning given by sections 832 ‑ 215, 832 ‑ 230, 832 ‑ 310, 832 ‑ 400, 832 ‑ 475, 832 ‑ 545 and 832 ‑ 620. hybrid payer has the meaning given by section 832 ‑ 320. hybrid payer mismatch has the meaning given by section 832 ‑ 305. hydrogen production tax offset has the meaning giving by subsection 421 ‑ 5(1). hypothetical tax position has the meaning given by section 45 ‑ 615 in Schedule 1 to the Taxation Administration Act 1953 . IGIS official (short for Inspector ‑ General of Intelligence and Security official) means: (a) the Inspector ‑ General of Intelligence and Security; or (b) any other person covered by subsection 32(1) of the Inspector ‑ General of Intelligence and Security Act 1986 . immediate annuity means an * annuity that is presently payable. Immigration Department means the Department administered by the Minister administering the Migration Act 1958 . Immigration Secretary means the Secretary of the * Immigration Department. import has the meaning given by section 195 ‑ 1 of the * GST Act. import declaration has the meaning given by the Customs Act 1901 . import declaration advice has the meaning given by the Customs Act 1901 . imported hybrid mismatch has the meaning given by section 832 ‑ 615. importing payment , in relation to an * offshore hybrid mismatch, has the meaning given by section 832 ‑ 625. improvement threshold has the meaning given by section 108 ‑ 85. imputation benefit has the meaning given by subsection 204 ‑ 30(6). imputation system means the rules in Part 3 ‑ 6. IMR entity has the meaning given by section 842 ‑ 220. IMR financial arrangement has the meaning given by section 842 ‑ 225. IMR widely held entity has the meaning given by sections 842 ‑ 230 and 842 ‑ 240. in a position to affect rights has the meaning given by section 975 ‑ 150. incapacitated entity has the meaning given by section 195 ‑ 1 of the * GST Act. incidental costs has the meaning given by section 110 ‑ 35. incidental forestry scheme receipts has the meaning given by subsection 394 ‑ 30(4). incidental shipping activities has the meaning given by section 51 ‑ 115. income bond means a * life insurance policy issued by a * friendly society under which bonuses are regularly distributed. income company has the meaning given by section 170 ‑ 10. income for surcharge purposes , for a person and an income year, means the sum of the following: (a) the person’s taxable income for the income year (disregarding the person’s * assessable FHSS released amount for the income year and subsection 271 ‑ 105(1) in Schedule 2F to the Income Tax Assessment Act 1936 ); (b) the person’s * reportable fringe benefits total (if any) for the income year; (c) the person’s * reportable superannuation contributions for the income year; (d) the person’s * total net investment loss for the income year; less the amount mentioned in subsection 301 ‑ 20(3) for the person for the income year if the person is entitled to a tax offset under subsection 301 ‑ 20(2) for the income year. income tax means income tax imposed by any of these: (a) the Income Tax Act 1986 ; (b) the Income Tax (Diverted Income) Act 1981 ; (c) the Income Tax (Former Complying Superannuation Funds) Act 1994 ; (d) the Income Tax (Former Non ‑ resident Superannuation Funds) Act 1994 ; (e) the Income Tax (Fund Contributions) Act 1989 . income tax law means a provision of an Act or regulations under which is worked out the extent of liability for: (a) * tax; or (b) * Medicare levy; or (c) * franking tax; or (d) * withholding tax; or (e) * mining withholding tax; or (f) tax payable in accordance with subsection 276 ‑ 340(2), 276 ‑ 410(2), 276 ‑ 425(2) or 276 ‑ 820(6) (AMIT offset taxation). income tax liability , of an entity for an income year, is the amount assessed as being the amount of income tax that the entity owes (as mentioned in step 4 of the method statement in subsection 4 ‑ 10(3)) for the financial year applicable to the entity under subsection 4 ‑ 10(2). income tax return means a return under section 161, 162 or 163 of the Income Tax Assessment Act 1936 . income year : the basic meaning is given by subsections 4 ‑ 10(2) and 9 ‑ 5(2). Some provisions refer to a particular income year. (They may describe it in different ways: for example, as the income year ending on 30 June 1998, or the 1997 ‑ 98 income year.) For an entity that adopts an accounting period in place of the particular income year, the reference includes: (a) the adopted accounting period; or (b) if the adopted accounting period ends under section 18A of the Income Tax Assessment Act 1936 : (i) in relation to the commencing of the income year—the adopted accounting period (as ending under that section); or (ii) in relation to the ending of the income year—the accounting period ending under that section on the day on which the adopted accounting period would (but for that section) have ended. Note 1: The Commissioner can allow you to adopt an accounting period ending on a day other than 30 June. See section 18 of the Income Tax Assessment Act 1936 . Note 2: An accounting period ends, and a new accounting period starts, when a partnership becomes, or ceases to be, a VCLP, an ESVCLP, an AFOF or a VCMP. See section 18A of the Income Tax Assessment Act 1936 . in connection with : an economic benefit is * provided in connection with a * scheme if at least one of the tests in section 727 ‑ 160 is satisfied. increase time for a * direct value shift has the meaning given by section 725 ‑ 155. increasing adjustment has the meaning given by section 195 ‑ 1 of the * GST Act. independent Australian fund manager has the meaning given by section 842 ‑ 245. independent candidate has the meaning given by section 30 ‑ 244. independent member has the meaning given by section 30 ‑ 245. indexation factor : (a) for an amount mentioned in a provision listed at items 8 to 12 in section 960 ‑ 265— indexation factor has the meaning given by section 960 ‑ 285; or (aa) for the amount mentioned in the provision listed at item 14 in section 960 ‑ 265— indexation factor has the meaning given by section 960 ‑ 290; or (b) for an amount mentioned in a provision listed at another item in section 960 ‑ 265— indexation factor has the meaning given by section 960 ‑ 275. index number : (a) for an amount mentioned in a provision listed at items 8 to 12 in section 960 ‑ 265— index number has the meaning given by section 960 ‑ 285; or (b) for any other amount (other than the amount mentioned in the provision listed at item 14 in section 960 ‑ 265)— index number has the meaning given by section 960 ‑ 280. Indigenous holding entity has the meaning given by subsection 59 ‑ 50(6). Indigenous land means any estate or interest in land that, under an * Australian law relating to * Indigenous persons, is held for the use or benefit of Indigenous persons. Indigenous person means an individual who is: (a) a member of the Aboriginal race of Australia; or (b) a descendant of an Indigenous inhabitant of the Torres Strait Islands. indirect Australian real property interest has the meaning given by section 855 ‑ 25. indirect equity interests : an entity has indirect equity interests in a company if it has * shares or other interests in entities interposed between the entity and the company. indirect equity or loan interest has the meaning given by section 727 ‑ 525. indirectly : entities have the right to receive * dividends or capital of a company indirectly for their own benefit if they would receive the dividends or capital for their own benefit if: (a) the company were to pay or distribute the dividends or capital; and (b) the dividends or capital were then successively paid or distributed by each entity interposed between the company and those entities. An * ultimate owner indirectly has a beneficial interest in a * CGT asset of an entity, or in * ordinary income that may be * derived from a * CGT asset of an entity, as described in section 149 ‑ 15. indirect participation interest has the meaning given by section 960 ‑ 185. indirect primary equity interest has the meaning given by section 727 ‑ 220. indirect roll ‑ over replacement has the meaning given by section 723 ‑ 110. indirect small business participation percentage has the meaning given by section 152 ‑ 75. indirect SRWUIP payment has the meaning given by subsection 59 ‑ 67(4). indirect tax means any of the following: (a) * GST; (b) * wine tax; (c) * luxury car tax. indirect tax document means a document that: (a) was obtained by you in the course of: (i) your appointment or employment by the Commonwealth; or (ii) the performance of services by you for the Commonwealth; or (iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and (b) was made or given under, or for the purposes of, an * indirect tax law. Example: A GST return is a document made for the purposes of an indirect tax law. indirect tax information means information that: (a) was obtained by you in the course of: (i) your appointment or employment by the Commonwealth; or (ii) the performance of services by you for the Commonwealth; or (iii) the exercise of powers, or the performance of functions, by you under a delegation by the Commissioner; and (b) was disclosed or obtained under an * indirect tax law; and (c) relates to the affairs of an entity other than you. indirect tax law means any of the following: (a) the * GST law; (b) the * wine tax law; (c) the * luxury car tax law; (d) the * fuel tax law. indirect tax or excise ruling means a * public ruling or a * private ruling, to the extent that the ruling relates to: (a) an * indirect tax law (other than the * fuel tax law); or (b) an * excise law. indirect value shift has the meaning given by Subdivision 727 ‑ B. indirect voting percentage in a company has the meaning given by section 768 ‑ 555. individual means a natural person. individual asset method : (a) of working out whether a company has an unrealised net loss at a particular time, has the meaning given by section 165 ‑ 115E; and (b) of working out whether a company has an adjusted unrealised loss at a particular time, has the meaning given by section 165 ‑ 115U. individual base superannuation guarantee shortfall has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 . individual final superannuation guarantee shortfall has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 . industrial activities has the meaning given by section 43 ‑ 150. industrial instrument means: (a) an * Australian law; or (b) an award, order, determination or industrial agreement in force under an * Australian law. Industry Department means the Department administered by the Minister administering the Industry Research and Development Act 1986 . Industry Innovation and Science Australia means the board established by section 6 of the Industry Research and Development Act 1986 . Industry Secretary means the Secretary of the * Industry Department. information exchange country has the meaning given by section 12 ‑ 385 in Schedule 1 to the Taxation Administration Act 1953 . Infrastructure CEO means the Chief Executive Officer of Infrastructure Australia appointed under section 29 of the Infrastructure Australia Act 2008 . infrastructure project capital expenditure has the meaning given by subsection 415 ‑ 75(4). infrastructure project designation rules has the meaning given by section 415 ‑ 100. in ‑ house dining facility has the meaning given by section 32 ‑ 55. in ‑ house software is computer software, or a * right to use computer software, that you acquire, develop or have another entity develop: (a) that is mainly for you to use in performing the functions for which the software was developed; and (b) for which you cannot deduct amounts under a provision of this Act outside Divisions 40 and 328. initial head company instalment rate , for a * head company of a * consolidated group, or a * provisional head company of a * MEC group, is an * instalment rate worked out on the basis of: (a) for a group that comes into existence in an income year under section 703 ‑ 50 or 719 ‑ 50—the first * base assessment of a company as the head company of that group for which the * base year is that income year; and (b) for a group (the later group ) for which either of the following conditions is satisfied: (i) the later group is * created from a group (the first group ) that comes into existence under section 703 ‑ 50 or 719 ‑ 50; (ii) starting from the first group, consolidated groups or MEC groups are successively created, ending in the creation of the later group; the first base assessment of a company as the head company of the first group, the later group or any other group covered by subparagraph (ii), for which the base year is the income year in which the first group comes into existence. Note: For example, subparagraph (b)(ii) covers a consolidated group that is created from a MEC group, which was in turn created from a consolidated group that came into existence under section 703 ‑ 50. initial participant in a * forestry managed investment scheme has the meaning given by subsection 394 ‑ 15(5). initial reconciliation period , for a * registered PGO certificate, has the meaning given by section 421 ‑ 35. injected amount has the meaning given by sections 175 ‑ 10, 175 ‑ 20 and 175 ‑ 85. injured person : (a) in relation to a * structured settlement, has the meaning given by subparagraph 54 ‑ 10(1)(a)(i); and (b) in relation to a * structured order, has the meaning given by subparagraph 54 ‑ 10(1A)(a)(i). input tax credit has the meaning given by section 195 ‑ 1 of the * GST Act. input taxed has the meaning given by section 195 ‑ 1 of the * GST Act. installed ready for use means installed ready for use and held in reserve. However, a * mining, quarrying or prospecting right is not installed ready for use . instalment group has the meaning given by section 45 ‑ 145 in Schedule 1 to the Taxation Administration Act 1953 . instalment income has the meaning given by sections 45 ‑ 120, 45 ‑ 260, 45 ‑ 280, 45 ‑ 285, 45 ‑ 286 and 45 ‑ 465 in Schedule 1 to the Taxation Administration Act 1953 . instalment month has the meaning given by section 45 ‑ 65 in Schedule 1 to the Taxation Administration Act 1953 . instalment of petroleum resource rent tax is an instalment of tax payable under Division 2 of Part VIII of the Petroleum Resource Rent Tax Assessment Act 1987 . instalment quarter has the meaning given by section 45 ‑ 60 in Schedule 1 to the Taxation Administration Act 1953 . instalment trust has the meaning given by section 235 ‑ 825. instalment trust asset has the meaning given by section 235 ‑ 825. insurance business has the same meaning as in the Insurance Act 1973 . intellectual property : an item of intellectual property consists of the rights (including equitable rights) that an entity has under a * Commonwealth law as: (a) the patentee, or a licensee, of a patent; or (b) the owner, or a licensee, of a registered design; or (c) the owner, or a licensee, of a copyright; or of equivalent rights under a * foreign law. interest in membership interests has the same meaning as in section 177EA of the Income Tax Assessment Act 1936. interest realignment adjustment has the meaning given by subsection 40 ‑ 364(7). interest realignment arrangement has the meaning given by subsection 40 ‑ 363(5). interest that will or may convert into another interest has the meaning given by section 974 ‑ 165. intermediate controller has the meaning given by subsection 727 ‑ 530(2). international tax agreement means an agreement (within the meaning of the International Tax Agreements Act 1953 ) to which that Act gives the force of law. international tax sharing treaty : (a) means an agreement between Australia and another country under which Australia and the other country share tax revenues from activities undertaken in an area identified by or under the agreement; and (b) does not include an agreement within the meaning of the International Tax Agreements Act 1953 . invalidity segment , of an * employment termination payment, has the meaning given by section 82 ‑ 150. investment body for a * Part VA investment has the meaning given by section 202D of the Income Tax Assessment Act 1936 . investment commitment time has the meaning given by section 41 ‑ 25. investment registration requirement : (a) in relation to a * VCLP—has the meaning given by subsection 9 ‑ 1(2) of the Venture Capital Act 2002 ; and (ab) in relation to an * ESVCLP—has the meaning given by subsection 9 ‑ 3(2) of the Venture Capital Act 2002 ; and (b) in relation to an * AFOF—has the meaning given by subsection 9 ‑ 5(2) of the Venture Capital Act 2002 . investor for a * Part VA investment has the meaning given by section 202D of the Income Tax Assessment Act 1936 . invoice means a document notifying an obligation to make a payment. involuntary roll ‑ over superannuation benefit has the meaning given by section 306 ‑ 12. inward investing entity (ADI) has the meaning given by sections 820 ‑ 395 and 820 ‑ 609. Note: Section 820 ‑ 430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases. inward investing financial entity (non ‑ ADI) has the meaning given by section 820 ‑ 185 and 820 ‑ 583(1). inward investment vehicle (financial) has the meaning given by sections 820 ‑ 185, 820 ‑ 583, 820 ‑ 609 and 820 ‑ 610. Note: Section 820 ‑ 430 allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases. inward investor (financial) has the meaning given by section 820 ‑ 185. Note: Section 820 ‑ 430 allows an inward investor (financial) to be treated as an inward investing entity (ADI) in certain cases. irrigation water provider has the meaning given by section 40 ‑ 515. IRU is an indefeasible * right to use a telecommunications cable system. issued , in relation to a * debt interest, has the meaning given by paragraph 974 ‑ 55(1)(d). issue pool , for exploration investment made in an entity in an income year, has the meaning given by section 418 ‑ 115. IVS period has the meaning given by section 727 ‑ 150. IVS time has the meaning given by section 727 ‑ 150. joint venture operator for a * GST joint venture has the meaning given by section 195 ‑ 1 of the * GST Act. JPDA (short for Joint Petroleum Development Area) has the same meaning as it has in the Petroleum (Timor Sea Treaty) Act 2003 . KiwiSaver scheme has the meaning given by the KiwiSaver Act 2006 of New Zealand. KiwiSaver scheme provider means a provider (within the meaning of the KiwiSaver Act 2006 of New Zealand). Kyoto unit has the same meaning as in the Australian National Registry of Emissions Units Act 2011 . labour hire notional withheld amount has the meaning given by section 16 ‑ 125 in Schedule 1 to the Taxation Administration Act 1953 . labour mobility program withholding tax means income tax payable under Subdivision 840 ‑ S. Note: The tax is imposed by the Income Tax (Labour Mobility Program Withholding Tax) Act 2012 and the rate of the tax is set out in that Act. Laminaria and Corallina decommissioning levy means levy imposed by the Offshore Petroleum (Laminaria and Corallina Decommissioning Cost Recovery Levy) Act 2022 . landcare operation has the meaning given by section 40 ‑ 635. large superannuation balance threshold has the meaning given by section 296 ‑ 30. large withholder has the meaning given by section 16 ‑ 95 in Schedule 1 to the Taxation Administration Act 1953 . last retirement day means: (a) if an individual’s employment or office would have terminated when he or she reached a particular age or completed a particular period of service—the day he or she would reach the age or complete the period of service (as the case may be); or (b) in any other case—the day on which he or she would turn 65. law enforcement agency has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . legal personal representative means: (a) an executor or administrator of an estate of an individual who has died; or (b) a trustee of an estate of an individual who is under a legal disability; or (c) a person who holds a general power of attorney that was granted by another person. legal practitioner means a person who is enrolled as a barrister, a solicitor or a barrister and solicitor of: (a) a federal court; or (b) a court of a State or Territory. leisure facility has the meaning given by subsection 26 ‑ 50(2). lesser benefits : (a) under an * indirect value shift, has the meaning given by paragraph 727 ‑ 150(3)(a); and (b) under a * presumed indirect value shift, has the meaning given by paragraph 727 ‑ 855(1)(c). liability , of a * sub ‑ fund of a * CCIV, means any of the liabilities of the sub ‑ fund, ascertained in accordance with Subdivision C of Division 3 of Part 8B.5 of the Corporations Act 2001 . liability for incurred claims has the same meaning as in the * applicable insurance contracts accounting standard. Note: For how to work out the adjusted liability for incurred claims, see section 321 ‑ 20. liability for remaining coverage has the same meaning as in the * applicable insurance contracts accounting standard. Note: For how to work out the adjusted liability for remaining coverage, see section 321 ‑ 60. liable entity has the meaning given by section 832 ‑ 325. LIC capital gain has the meaning given by section 115 ‑ 285. life benefit termination payment has the meaning given by subsection 82 ‑ 130(2). life events test has the meaning given by subsection 118 ‑ 110(5). life insurance business means: (a) a business to the extent that it consists of issuing * life insurance policies; and (b) any business that relates to a business to which paragraph (a) applies. life insurance company means a company registered under section 21 of the Life Insurance Act 1995 . life insurance policy has the meaning given to the expression life policy in the Life Insurance Act 1995 but includes: (a) a contract made in the course of carrying on business that is * life insurance business because of a declaration in force under section 12A or 12B of that Act; and (b) a sinking fund policy within the meaning of that Act. life insurance premium includes consideration received or receivable in respect of the grant of, or the undertaking of liabilities in respect of, an * annuity or a * personal injury lump sum. Note: Certain other amounts are treated as life insurance premiums when the life insurance business of a life insurance company is transferred to another life insurance company: see section 320 ‑ 320. like customable goods has the same meaning as in the Customs Act 1901 . limited partner means a partner of a * limited partnership whose liability in relation to the partnership is limited. limited partnership means: (a) an association of persons (other than a company) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly, where the liability of at least one of those persons is limited; or (b) an association of persons (other than one referred to in paragraph (a)) with legal personality separate from those persons that was formed solely for the purpose of becoming a * VCLP, an * ESVCLP, an * AFOF or a * VCMP and to carry on activities that are carried on by a body of that kind. limited recourse debt has the meaning given by section 243 ‑ 20. linked assets and liabilities has the meaning given by subsection 705 ‑ 59(2). linked group has the meaning given by section 170 ‑ 260. listed country has the meaning given by section 320 of the Income Tax Assessment Act 1936 . listed investment company has the meaning given by section 115 ‑ 290. listed public company means a company * shares in which (except shares that carry a right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange. However, a company is not a listed public company if: (a) a person (who is not a company) controls, or is able to control, or up to 20 persons (none of them companies) between them control, or are able to control, 75% or more of the voting power in the company (whether directly, or indirectly through one or more interposed entities); or (b) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any * dividends that the company may pay; or (c) a person (who is not a company) has, or up to 20 persons (none of them companies) have between them, the right to receive for their own benefit (whether directly, or * indirectly through one or more interposed entities) 75% or more of any distribution of capital of the company. listed widely held trust has the meaning given by section 272 ‑ 115 in Schedule 2F to the Income Tax Assessment Act 1936 . live stock does not include animals used as beasts of burden or working beasts in a * business other than a * primary production business. local governing body means a local governing body established by or under a * State law or * Territory law. lodge electronically : a document is lodged electronically if it is transmitted to the Commissioner in an electronic format approved by the Commissioner. long service leave employment period has the meaning given by subsection 83 ‑ 90(4). long term bond rate , for a period, means: (a) the average, expressed as a decimal fraction to 4 decimal places (rounding up if the fifth decimal place is 5 or more), of the daily assessed Australian Government bond capital market yields in respect of 10 ‑ year non ‑ rebate Treasury bonds published by the Reserve Bank in relation to the period; or (b) if no such yields in respect of bonds of that kind were published by the Reserve Bank in relation to the period, the decimal fraction determined by the Minister by legislative instrument for the purposes of this definition in relation to the period. look ‑ through earnout right has the meaning given by subsection 118 ‑ 565(1) or (4). losing entity for an * indirect value shift has the meaning given by section 727 ‑ 150. loss carry back choice has the meaning given by section 160 ‑ 15. loss carry back tax offset has the meaning given by section 160 ‑ 5. loss carry back tax offset component has the meaning given by subsection 160 ‑ 10(2). loss company : (a) at a particular time, has the meaning given by section 165 ‑ 115R or 165 ‑ 115S; and (b) in relation to a transfer of a * tax loss or a * net capital loss has the meaning given by section 170 ‑ 10 or 170 ‑ 110. loss denial balance of a * loss denial pool of an entity has the meaning given by sections 715 ‑ 60, 715 ‑ 70, 715 ‑ 110, 715 ‑ 135, 715 ‑ 355 and 715 ‑ 360. loss denial pool of an entity has the meaning given by sections 715 ‑ 60, 715 ‑ 70, 715 ‑ 110, 715 ‑ 135, 715 ‑ 355 and 715 ‑ 360. loss exposure amount has the meaning given by section 830 ‑ 60. loss ‑ focussed basis has the meaning given by section 727 ‑ 780. loss year has the meaning given by sections 36 ‑ 10, 165 ‑ 70 and 175 ‑ 35. Note: The meaning of loss year in sections 36 ‑ 10, 165 ‑ 70 and 175 ‑ 35 is modified by section 36 ‑ 55 for a corporate tax entity that has an amount of excess franking offsets. low ‑ cost asset has the meaning given by section 40 ‑ 425. low rate cap amount has the meaning given by section 307 ‑ 345. low tax component has the meaning given by section 295 ‑ 545. low tax contributions has the meaning given by sections 293 ‑ 25 and 293 ‑ 105. low ‑ value asset has the meaning given by section 40 ‑ 425. luxury car : a * car is a luxury car at a time if section 40 ‑ 230 would reduce its * cost as a * depreciating asset if an entity acquired it at that time for its * market value. Note 1: Division 242 treats a lease of a luxury car as a notional sale of the car by the lessor to the lessee financed by a notional loan by the lessor to the lessee. Note 2: Section 242 ‑ 10 of the Income Tax (Transitional Provisions) Act 1997 extends this definition to cover reductions of cost under former provisions corresponding to section 40 ‑ 230. luxury car lease payment , in relation to a * car to which Division 242 (about luxury car leases) applies, means an amount that the lessee under the lease is required to pay for the rental or hire of the car, but does not include: (a) an amount in the nature of a penalty payable for failure to make a payment for rental or hire on time; or (b) a * termination amount. luxury car lease payment period means a period for which a * luxury car lease payment under the lease is allocated or expressed to be payable. Note: If a luxury car lease payment period for a lease of a luxury car would otherwise be longer than 6 months, subsection 242 ‑ 35(3) divides the original period into periods of no longer than 6 months. luxury car tax has the meaning given by section 27 ‑ 1 of the * Luxury Car Tax Act. Luxury Car Tax Act means the A New Tax System (Luxury Car Tax) Act 1999 . luxury car tax law has the meaning given by section 27 ‑ 1 of the * Luxury Car Tax Act. majority control has the meaning given by section 45 ‑ 145 in Schedule 1 to the Taxation Administration Act 1953 . majority underlying interests in a * CGT asset has the meaning given by section 149 ‑ 15. make , in relation to a * film, has the meaning given by section 376 ‑ 125. managed investment scheme means an entity, with more than 20 members, that is: (a) a managed investment scheme for the purposes of the Corporations Act 2001 ; or (b) an entity with a similar status to a managed investment scheme under a * foreign law relating to corporate regulation. managed investment trust has the meaning given by section 275 ‑ 10. managed investment trust withholding tax means income tax payable under: (a) Subdivision 840 ‑ M of this Act; or (b) Subdivision 840 ‑ M of the Income Tax (Transitional Provisions) Act 1997 . margin scheme has the same meaning as in the * GST Act. market integrity rules means rules made under section 798G of the Corporations Act 2001 . market value has a meaning affected by Subdivision 960 ‑ S. market value method of working out the * value of a * registered emissions unit has the meaning given by section 420 ‑ 54. maximum allowable debt : (a) for an * outward investing financial entity (non ‑ ADI)—has the meaning given by section 820 ‑ 90 (or that section as applied by section 820 ‑ 120); and (b) for an * inward investing financial entity (non ‑ ADI) covered by paragraph 820 ‑ 185(1A)(a) (or 820 ‑ 225(1)(a))—has the meaning given by section 820 ‑ 190 (or that section as applied by section 820 ‑ 225). maximum available release amount , for a * superannuation interest, has the meaning given by section 131 ‑ 45 in Schedule 1 to the Taxation Administration Act 1953 . maximum exempt area has the meaning given by section 118 ‑ 255. maximum exploration credit amount for an income year has the meaning given by subsection 418 ‑ 85(2). maximum franking credit for a distribution has the meaning given by subsection 202 ‑ 60(2). MBL benefit has the meaning given by section 117 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . MBL reporting day , for a * quarter, has the meaning given by subsection 115 ‑ 5(3) in Schedule 1 to the Taxation Administration Act 1953 . MDO has the meaning given by section 5 of the Medical Indemnity Act 2002 . meal allowance has the meaning given by section 900 ‑ 30. meal allowance expense has the meaning given by section 900 ‑ 30. MEC group has the meaning given by section 719 ‑ 5. Note 1: Part 3 ‑ 90 contains rules relating to the tax treatment of consolidated groups. Division 719 (of that Part) applies those rules to MEC groups with modifications (see section 719 ‑ 2). Note 2: Provisions in the Income Tax Assessment Act 1936 and in the Income Tax Assessment Act 1997 (other than in Part 3 ‑ 90) referring only to consolidated groups do not apply to MEC groups. Medicare levy has the meaning given by the Income Tax Assessment Act 1936 . Medicare levy (fringe benefits) surcharge means Medicare levy surcharge imposed by the A New Tax System (Medicare Levy Surcharge—Fringe Benefits) Act 1999 . Medicare levy surcharge means: (a) an amount (other than a nil amount) of * Medicare levy that is payable by you only because of section 8B, 8C, 8D, 8E, 8F or 8G of the Medicare Levy Act 1986 ; or (b) * Medicare levy (fringe benefits) surcharge. medium withholder has the meaning given by section 16 ‑ 100 in Schedule 1 to the Taxation Administration Act 1953 . member : (a) in relation to a * GST group—has the meaning given by section 195 ‑ 1 of the * GST Act; and (b) in relation to a * consolidated group or * consolidatable group—has the meaning given by section 703 ‑ 15; and (ba) in relation to a * MEC group—has the meaning given by section 719 ‑ 25; and (bb) in relation to a * potential MEC group—has the meaning given by section 719 ‑ 10; and (bc) in relation to a * country by country reporting group—has the meaning given by section 815 ‑ 380; and (bd) in relation to a * notional listed company group—has the meaning given by section 960 ‑ 575; and (be) in relation to a * sovereign entity group—has the meaning given by section 880 ‑ 20; and (c) in relation to an entity—has the meaning given by section 960 ‑ 130; and (d) in relation to a * copyright collecting society, means: (i) any entity that has been admitted as a member under the society’s * constitution; or (ii) any entity that has authorised the society to license the use of his or her copyright material; and (e) in relation to an * NRAS consortium—means: (i) an entity (other than in the capacity as a partner of a partnership) that is a party to the contractual * arrangement, or to one of the contractual arrangements, that established the NRAS consortium (whether or not the entity was a party to the arrangement when the NRAS consortium was established); or (ii) a partnership, if all of the partners of the partnership are parties to the contractual arrangement, or to one of the contractual arrangements, that established the NRAS consortium (whether or not the partners were parties to the arrangement when the NRAS consortium was established); and (f) in relation to a * sub ‑ fund of a * CCIV—means a person who is, under subsection 1222Q(3) of the Corporations Act 2001 , a member of the sub ‑ fund; and (g) in relation to an * obligor group—has the meaning given by section 820 ‑ 49. member component has the meaning given by section 276 ‑ 210. member of the Forces has the meaning given by section 52 ‑ 105. member of the tax preferred end user group has the meaning given by paragraph 250 ‑ 60(4)(a). member of the tax preferred sector has the meaning given by paragraph 250 ‑ 60(4)(b). membership interest in an entity has the meaning given by section 960 ‑ 135. member spouse means a member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . metering point on land has the meaning given by section 40 ‑ 655. minerals has a meaning affected by subsection 40 ‑ 730(5). minerals treatment has the meaning given by section 40 ‑ 875. minimum capital amount : (a) for an * outward investing entity (ADI)—has the meaning given by section 820 ‑ 305 (or that section as applied by section 820 ‑ 330); and (b) for an * inward investing entity (ADI)—has the meaning given by section 820 ‑ 400 (or that section as applied by section 820 ‑ 420). minimum holding period , for an * ESS interest, has the meaning given by subsection 83A ‑ 45(5). Minimum Tax Act means the Taxation (Multinational—Global and Domestic Minimum Tax) Act 2024 . minimum tax capital gain has the meaning given by section 119 ‑ 5. minimum tax gap amount has the meaning given by subsection 119 ‑ 10(2). Minimum Tax law means: (a) the * Minimum Tax Act; and (b) any Act that imposes * Australian GloBE tax; and (c) the Taxation Administration Act 1953 , so far as it relates to an Act covered by paragraph (a) or (b); and (d) any other Act, so far as it relates to an Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and (e) regulations or any legislative instrument under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered). Minimum Tax Rules means the Rules (within the meaning of the * Minimum Tax Act). minimum training expenditure amount has the meaning given by subsection 376 ‑ 27(6). mining and quarrying operations has the meaning given by section 40 ‑ 730. mining building site has the meaning given by section 40 ‑ 740. mining capital expenditure has the meaning given by section 40 ‑ 860. mining entitlement has the meaning given by subsection 124 ‑ 710(2). mining payment has the meaning given by section 128U of the Income Tax Assessment Act 1936 . mining, quarrying or prospecting information has the meaning given by subsection 40 ‑ 730(8). mining, quarrying or prospecting right is: (a) an authority, licence, permit or right under an * Australian law to mine, quarry or prospect for * minerals, * petroleum or quarry materials; or (b) a lease of land that allows the lessee to mine, quarry or prospect for minerals, petroleum or quarry materials on the land; or (c) an interest in such an authority, licence, permit, right or lease; or (d) any rights that: (i) are in respect of buildings or other improvements (including anything covered by the definition of housing and welfare ) that are on the land concerned or are used in connection with operations on it; and (ii) are acquired with such an authority, licence, permit, right, lease or interest. However, a right in respect of anything covered by the definition of housing and welfare in relation to a quarrying site is not a mining, quarrying or prospecting right . mining site rehabilitation has the meaning given by section 40 ‑ 735. mining withholding tax means income tax payable under section 128V of the Income Tax Assessment Act 1936 . MIT agricultural income has the meaning given by sections 12 ‑ 448 and 12 ‑ 449 in Schedule 1 to the Taxation Administration Act 1953 . MIT cross staple arrangement income has the meaning given by sections 12 ‑ 437 and 12 ‑ 440 in Schedule 1 to the Taxation Administration Act 1953 . MIT participation interest has the meaning given by section 275 ‑ 40. MIT residential housing income has the meaning given by sections 12 ‑ 450 and 12 ‑ 451 in Schedule 1 to the Taxation Administration Act 1953 . MIT trading trust income has the meaning given by sections 12 ‑ 446 and 12 ‑ 447 in Schedule 1 to the Taxation Administration Act 1953 . MLS lump sums has the meaning given by section 61 ‑ 590. modified market value of an entity has the meaning given by section 707 ‑ 325. money , in relation to the * consideration for a * taxable supply, has the same meaning as in the * GST Act. money equivalent means: (a) a right to receive money or something that is a * money equivalent under this definition; or (b) a * financial arrangement (within the meaning of section 230 ‑ 45). moneylending debt means a debt resulting from a loan of money in the ordinary course of a * business of lending money carried on by the creditor. monthly payer has the meaning given by section 45 ‑ 136 in Schedule 1 to the Taxation Administration Act 1953 . more than 50% of the company’s capital distributions has the meaning given by section 165 ‑ 160. more than 50% of the company’s dividends has the meaning given by section 165 ‑ 155. more than 50% of the voting power has the meaning given by section 165 ‑ 150. more than a 50% stake : (a) more than a 50% stake in a company has the meaning given by section 165 ‑ 37; and (b) more than a 50% stake in the income or capital of a trust has the meaning given by section 269 ‑ 50 in Schedule 2F to the Income Tax Assessment Act 1936 . motor vehicle means any motor ‑ powered road vehicle (including a 4 wheel drive vehicle). MPR test day has the meaning given by subsection 45 ‑ 138(4) in Schedule 1 to the Taxation Administration Act 1953 . multi ‑ rate trustee has the meaning given by section 45 ‑ 455 in Schedule 1 to the Taxation Administration Act 1953 . mutual affiliate company has the meaning given by section 121AC of the Income Tax Assessment Act 1936 . mutual insurance company has the meaning given by section 121AB of the Income Tax Assessment Act 1936 . MySuper product has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . National Rental Affordability Scheme has the same meaning as in the National Rental Affordability Scheme Act 2008 . native title has the same meaning as in the Native Title Act 1993 . native title benefit has the meaning given by subsection 59 ‑ 50(5). natural resource means * minerals or any other non ‑ living resource of the land, sea ‑ bed or sea. NDIS amount has the meaning given by the National Disability Insurance Scheme Act 2013 . net amount has the same meaning as in section 195 ‑ 1 of the * GST Act. net assessable film income for an income year is your * assessable film income for that year reduced by your * film deductions for that year. net asset amount has the meaning given by section 104 ‑ 95. net capital gain has the meaning given by sections 102 ‑ 5 and 165 ‑ 111. Note: For income years before 1998 ‑ 99, net capital gain has the meaning given by section 102 ‑ 20 of the Income Tax (Transitional Provisions) Act 1997 . net capital loss has the meaning given by sections 102 ‑ 10 and 165 ‑ 114 and affected by section 701 ‑ 30. net current termination value of a * life insurance policy means so much of the * current termination value of the policy as relates to the part of the policy that is not reinsured under a * contract of reinsurance. net debt deductions has the meaning given by section 820 ‑ 50. net exempt film income for an income year is your * exempt film income for that year reduced by: (a) any taxes payable in respect of that income in a country or place outside Australia; and (b) any expenses (not of a capital nature) so far as you incurred them during that year in deriving that income. net exempt income has the meaning given by section 36 ‑ 20. net forgiven amount , of a debt, has the meaning given by sections 245 ‑ 85 and 245 ‑ 90. net fuel amount has the meaning given by section 60 ‑ 5 of the Fuel Tax Act 2006 . net GST : Your net GST for a * supply, is: (a) the * GST payable by you on the supply; plus (b) the sum of any * increasing adjustments that you have relating to the supply; minus (c) the sum of any * decreasing adjustments that you have relating to the supply. net income : (a) of a partnership—has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 ; and (b) of a trust (other than a * public trading trust or an * AMIT)—has the same meaning as in Division 6 of Part III of that Act; and (c) of a public trading trust—has the same meaning as in Division 6C of Part III of that Act; and (d) of an AMIT—means the AMIT’s total assessable income, reduced by all deductions of the AMIT. net input tax credit : Your net input tax credit for an * acquisition or * importation is: (a) the amount of any * input tax credit to which you are entitled for the acquisition or * importation; minus (b) the sum of any * increasing adjustments that you have relating to the acquisition or * importation; plus (c) the sum of any * decreasing adjustments that you have relating to the acquisition or * importation. net investment component of ordinary life insurance policies has the meaning given by subsection 713 ‑ 515(4). net overstated amount has the meaning given by subsection 104 ‑ 525(3). net premium for a * life insurance policy means the amount of the * life insurance premium for the policy less the part (if any) of that premium that is reinsured under a * contract of reinsurance. net risk component of a * life insurance policy means so much of the policy’s risk component as: (a) is not reinsured under a * contract of reinsurance; or (b) is reinsured under a contract of reinsurance to which subsection 148(1) of the Income Tax Assessment Act 1936 applies. net small business income , of a * small business entity, has the meaning given by section 328 ‑ 365. net understated amount has the meaning given by subsection 104 ‑ 525(3). net value of an entity means the amount by which the sum of the * market values of the assets of the entity exceeds the sum of its liabilities. net value of the CGT assets of an entity has the meaning given by section 152 ‑ 20. neutralising amount : (a) for a * hybrid payer mismatch—has the meaning given by section 832 ‑ 330; and (b) for a * deducting hybrid mismatch—has the meaning given by section 832 ‑ 560. new investment threshold has the meaning given by section 41 ‑ 35. new residential dwelling : see subsection 26 ‑ 160(3). new residential premises has the same meaning as in the * GST Act. New Zealand ‑ sourced amount has the meaning given by the regulations mentioned in section 312 ‑ 5 (about trans ‑ Tasman portability of retirement savings). non ‑ ADI financial institution has the meaning given by subsection 128A(1) of the Income Tax Assessment Act 1936 . non ‑ arm’s length component has the meaning given by section 295 ‑ 545. non ‑ arm’s length income has the meaning given by sections 295 ‑ 550 and 275 ‑ 610. non ‑ arm’s length limited recourse debt has the meaning given by subsection 243 ‑ 20(7). non ‑ assessable non ‑ exempt income has the meaning given by section 6 ‑ 23. non ‑ cash benefit is property or services in any form except money. If a non ‑ cash benefit is dealt with on behalf of an entity, or is provided or dealt with as an entity directs, the benefit is taken to be provided to the entity. non ‑ complying approved deposit fund means an * approved deposit fund that is not a * complying approved deposit fund. non ‑ complying superannuation fund means a * superannuation fund that: (a) is a fund; and (b) is not a * complying superannuation fund. non ‑ compulsory , in relation to a * uniform, has the meaning given by subsection 34 ‑ 15(2). non ‑ concessional contributions has the meaning given by section 292 ‑ 90. non ‑ concessional contributions cap has the meaning given by section 292 ‑ 85. non ‑ concessional MIT income has the meaning given by section 12 ‑ 435 in Schedule 1 to the Taxation Administration Act 1953 . non ‑ debt liabilities , of an entity and at a particular time, means liabilities that the entity has at that time, other than: (a) any * debt capital of the entity; or (b) any * equity interest in the entity; or (c) if the entity is a * corporate tax entity—a provision for a * distribution of profit; or (ca) if paragraph (c) does not apply—a provision for a distribution to the entity’s * members; or (d) any liability of the entity under a securities loan arrangement if, as at that time, the entity: (i) has received amounts for the sale of securities (other than any fees associated with the sale) under the arrangement; and (ii) has not repurchased the securities under the arrangement; or (e) a liability of the entity, to the extent that it meets the conditions for being taken into account in working out the * borrowed securities amount of the entity as at that time. non ‑ entity joint venture means an arrangement that the Commissioner is satisfied is a contractual arrangement: (a) under which 2 or more parties undertake an economic activity that is subject to the joint control of the parties; and (b) that is entered into to obtain individual benefits for the parties, in the form of a share of the output of the arrangement rather than joint or collective profits for all the parties. non ‑ equity share means a * share that is not an * equity interest in the company. Note: A share will not be an equity interest if it is characterised as, or forms part of a larger interest that is characterised as, a debt interest under Subdivision 974 ‑ B. non ‑ fixed trust means a trust that is not a * fixed trust. non ‑ membership equity interest : an interest in an entity is a non ‑ membership equity interest in the entity at a time to the extent that it is not an accounting liability (within the meaning of subsection 705 ‑ 70(1)) of the entity at that time, if: (a) the interest is not a * membership interest in the entity at that time; and (b) the interest is not a * debt interest in the entity at that time. In determining the extent to which the interest is not an accounting liability at that time: (c) treat each reference in subsection 705 ‑ 70(1) to the joining entity as instead being a reference to the entity; and (d) treat the reference in that subsection to the joining time as instead being a reference to that time. non ‑ member spouse means a non ‑ member spouse within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . non ‑ portfolio interest test : an interest held by an entity in another entity passes the non ‑ portfolio interest test in the circumstances set out in section 960 ‑ 195. non ‑ primary production deductions has the meaning given by subsection 392 ‑ 85(3). non ‑ primary production shade ‑ out amount has the meaning given by subsections 392 ‑ 90(2) and (3). non ‑ profit company has the meaning given by section 3 of the Income Tax Act 1986. non ‑ profit sub ‑ entity has the meaning given by section 195 ‑ 1 of the * GST Act. non ‑ quotation withholding payment means a * withholding payment covered by Subdivision 12 ‑ E in Schedule 1 to the Taxation Administration Act 1953 . Note: Subdivision 12 ‑ E and Division 14 in that Schedule deal with collecting amounts on account of income tax payable by recipients of certain payments or non ‑ cash benefits who have not quoted their tax file number or ABN, as appropriate. non ‑ residential capital gain has the meaning given by subsection 102 ‑ 6(1). non ‑ share capital account means the account provided for by section 164 ‑ 10. non ‑ share capital return has the meaning given by section 974 ‑ 125. non ‑ share distribution has the meaning given by section 974 ‑ 115. non ‑ share dividend has the meaning given by section 974 ‑ 120. non ‑ share equity interest in a company means an * equity interest in the company that is not solely a * share. no ‑ TFN contributions income has the meaning given by section 295 ‑ 610. notional buyer has the meaning given by section 240 ‑ 17. notional depreciation for a lease period has the meaning given by section 20 ‑ 120. notional employer has the meaning given by section 28 ‑ 185. notional interest has the meaning given by section 240 ‑ 60. notional listed company group has the meaning given by section 960 ‑ 575. notional loss : (a) of a company—has the meaning given by sections 165 ‑ 50 and 165 ‑ 75; and (b) of a partnership—has the meaning given by sections 165 ‑ 80 and 165 ‑ 85. notional net capital gain has the meaning given by section 165 ‑ 108. notional net capital loss has the meaning given by section 165 ‑ 108. notional net income of a partnership has the meaning given by sections 165 ‑ 80 and 165 ‑ 85. notional seller has the meaning given by section 240 ‑ 17. notional tax has the meaning given by sections 45 ‑ 325 and 45 ‑ 475 in Schedule 1 to the Taxation Administration Act 1953 . notional taxable income has the meaning given by sections 165 ‑ 50 and 165 ‑ 75. notional taxed contributions has the meaning given by section 291 ‑ 170. notional written down value of a * depreciating asset has the meaning given by section 58 ‑ 75. NRAS approved participant (short for National Rental Affordability Scheme approved participant), of an * NRAS consortium, means a * member of the NRAS consortium who is the approved participant (within the meaning of the regulations made for the purposes of the National Rental Affordability Scheme Act 2008 ) for the NRAS consortium. NRAS certificate (short for National Rental Affordability Scheme certificate) means a certificate issued by the * Housing Secretary under the * National Rental Affordability Scheme. NRAS consortium (short for National Rental Affordability Scheme consortium) means a consortium, joint venture or * non ‑ entity joint venture: (a) established by one or more contractual * arrangements, the purpose of which are to facilitate the leasing of * NRAS dwellings; and (b) that is not a * corporate tax entity, a * superannuation fund, a trust or a partnership. NRAS dwelling (short for National Rental Affordability Scheme dwelling) means an approved rental dwelling (within the meaning of the regulations made for the purposes of the National Rental Affordability Scheme Act 2008 ). NRAS rent (short for National Rental Affordability Scheme rent) means rent * derived from a * NRAS dwelling under the * National Rental Affordability Scheme for an income year. NRAS year has the same meaning as in the National Rental Affordability Scheme Act 2008 . NZ franking choice has the meaning given by section 220 ‑ 35. NZ franking company has the meaning given by section 220 ‑ 30. NZ resident has the meaning given by section 220 ‑ 20. OB activity has the meaning given by section 121D of the Income Tax Assessment Act 1936 . obligor group has the meaning given by section 820 ‑ 49. occupation specific clothing has the meaning given by subsection 34 ‑ 20(1). officially quoted price has the meaning given by subsections 124 ‑ 784A(6) and (7). off ‑ market buy ‑ back means a purchase that is a buy ‑ back and an off ‑ market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 . off ‑ market purchase has the meaning given by section 159GZZZJ of the Income Tax Assessment Act 1936 . offset period has the meaning given by section 421 ‑ 30. offshore banking unit has the meaning given by section 128AE of the Income Tax Assessment Act 1936 . offshore document has the meaning given by section 353 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . offshore hybrid mismatch has the meaning given by sections 832 ‑ 195, 832 ‑ 300, 832 ‑ 390, 832 ‑ 465 and 832 ‑ 540. offshore information has the meaning given by section 353 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . ongoing development , in relation to a * digital game, has the meaning given by subsection 378 ‑ 25(6). on issue : (a) a * debt interest is on issue as provided in paragraph 974 ‑ 55(1)(e); and (b) an * equity interest in an entity: (i) is on issue from when it is issued until it stops being on issue because of subparagraph (ii); and (ii) stops being on issue when, for reasons other than the economic performance of the entity (or of a * connected entity of the entity), there is no longer a reasonable likelihood that a substantial * financial benefit will be provided in respect of the interest under the * scheme, or under any of the schemes, that give rise to the interest. on ‑ lent amount , of an entity and at a particular time, means the value, as at that time, of: (a) all the assets of the entity that are comprised by * debt interests issued by other entities; and (b) all the assets of the entity that are comprised by leases for the hire of goods that are not covered by paragraph (a) and in relation to which the following subparagraphs are satisfied: (i) each of the leases is for a term of 6 months or more; (ii) the leases are part of the * business of hiring goods that the entity carries on; (iii) the entity’s business of hiring goods is not carried on predominantly for the purposes of hiring goods to the entity’s * associates; and (c) all the securities that were held by the entity that: (i) have been sold by the entity under a reciprocal purchase agreement (otherwise known as a repurchase agreement), sell ‑ buyback arrangement or securities loan arrangement; but (ii) have not yet been repurchased by the entity under the agreement or arrangement; and (d) if the entity: (i) carries on a * business of dealing in securities; and (ii) does not carry on that business predominantly for the purposes of dealing in securities with, or on behalf of, the entity’s * associates; all * shares that: (iii) the entity holds at that time; and (iv) are listed at that time for quotation in the official list of an * approved stock exchange; and (v) are not shares in an * associate entity at that time of the entity. on ‑ market buy ‑ back means a purchase that is a buy ‑ back and an on ‑ market purchase for the purposes of Division 16K of Part III of the Income Tax Assessment Act 1936 . opening adjustable value of a * depreciating asset has the meaning given by section 40 ‑ 85. opening pool balance has the meaning given by section 328 ‑ 195. operating entity has the meaning given by section 12 ‑ 436 in Schedule 1 to the Taxation Administration Act 1953 . oral ruling has the meaning given by section 360 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . ordinary capital gain has the meaning given by section 124ZW of the Income Tax Assessment Act 1936 . ordinary class for a taxable income of a * life insurance company has the meaning given by section 320 ‑ 139. ordinary class for a * tax loss of a * life insurance company has the meaning given by section 320 ‑ 143. ordinary debt interest has the meaning given by section 974 ‑ 140. ordinary income has the meaning given by section 6 ‑ 5. ordinary investment policy means a * life insurance policy that is not: (a) a * complying superannuation life insurance policy; or (b) an * exempt life insurance policy; or (c) a policy that provides for * participating benefits or * discretionary benefits; or (d) a policy (other than a * funeral policy) under which amounts are to be paid only on the death or disability of a person. ordinary payment is defined as set out in this table: Ordinary payment Item Ordinary payment , in relation to this kind of a payment: has the meaning given by: 1 Payment under the ABSTUDY scheme subsection 52 ‑ 131(8) 2 Payment under the Military Rehabilitation and Compensation Act 2004 subsection 52 ‑ 114(3) 3 Social security payment subsection 52 ‑ 10(3) 4 Veterans’ affairs payment subsection 52 ‑ 65(4) original excess non ‑ concessional contributions tax assessment day has the meaning given by section 292 ‑ 305. original franking assessment day has the meaning given by subsection 214 ‑ 95(2). outstanding , within the context of * franking returns, has the meaning given by subsection 214 ‑ 45(3). outstanding foreign hybrid net capital loss amount has the meaning given by section 830 ‑ 70. outstanding foreign hybrid revenue loss amount has the meaning given by section 830 ‑ 65. outstanding tax ‑ related liability of an entity at a particular time means a * tax ‑ related liability of the entity: (a) that has arisen at or before that time (whether or not it is due and payable at that time); and (b) an amount of which has not been paid before that time. outward investing entity (ADI) has the meaning given by sections 820 ‑ 300, 820 ‑ 583 and 820 ‑ 609. Note: Section 820 ‑ 430: • allows an outward investing financial entity (non ‑ ADI) to be treated as an outward investing entity (ADI) in certain cases; and • allows an inward investment vehicle (financial) to be treated as an outward investing entity (ADI) in certain cases. outward investing financial entity (non ‑ ADI) has the meaning given by sections 820 ‑ 85, 820 ‑ 583, 820 ‑ 609 and 820 ‑ 610. Note: Section 820 ‑ 430 allows an outward investing financial entity (non ‑ ADI) to be treated as an outward investing entity (ADI) in certain cases. over , of a particular character, has the meaning given by section 276 ‑ 345. over ‑ franking tax means tax imposed under the New Business Tax System (Over ‑ franking Tax) Act 2002 . Note: The Act imposes tax where it is payable under section 203 ‑ 50 of this Act. overseas fund has the meaning given by section 74 of the Life Insurance Act 1995 . overseas permanent establishment , of an entity, means a * permanent establishment of the entity that is in a country other than Australia. owner of a * farm management deposit has the meaning given by subsection 393 ‑ 25(1). ownership interest : an ownership interest : (a) in land or a * dwelling—has the meaning given by section 118 ‑ 130; and (b) in a company or trust—has the meaning given by section 125 ‑ 60. Ownership Interest Percentage has the same meaning as in the * Minimum Tax Act. ownership period of a * dwelling has the meaning given by section 118 ‑ 125. ownership test period has the meaning given by sections 165 ‑ 12, 165 ‑ 37 and 165 ‑ 123, and affected by sections 415 ‑ 35 and 415 ‑ 40. ownership test time has the meaning given by section 166 ‑ 145. paid ‑ up share capital of a company means the amount standing to the credit of the company’s * share capital account reduced by the amount (if any) that represents amounts unpaid on shares. parent : an individual is the parent of anyone who is the individual’s * child. parental leave pay has the meaning given by the Paid Parental Leave Act 2010 . part of the * spectrum specified in a * spectrum licence has the meaning given by section 5 of the Radiocommunications Act 1992 . partial interest in a * corporate tax entity has the meaning given by subsection 208 ‑ 25(3). participant: (a) participant , in relation to a * GST joint venture, has the meaning given by section 195 ‑ 1 of the * GST Act; and (a) participant in a * forestry managed investment scheme has the meaning given by subsection 394 ‑ 15(4). participating benefit has the meaning given by section 15 of the Life Insurance Act 1995 . participating PDF has the meaning given by section 210 ‑ 40. partnership means: (a) an association of persons (other than a company or a * limited partnership) carrying on business as partners or in receipt of * ordinary income or * statutory income jointly; or (b) a limited partnership. Note 1: Division 830 treats foreign hybrid companies as partnerships. Note 2: A reference to a partnership does not include a reference to a corporate limited partnership: see section 94K of the Income Tax Assessment Act 1936 . partnership cost setting interest , in a partnership, has the meaning given by section 713 ‑ 210. partnership loss has the same meaning as in Division 5 of Part III of the Income Tax Assessment Act 1936 . partner’s proportion has the meaning given by subsection 355 ‑ 505(2). part of a distribution that is franked with an exempting credit has the meaning given by section 976 ‑ 10. part of a distribution that is franked with a venture capital credit has the meaning given by section 976 ‑ 15. Part VA investment means an investment of a kind mentioned in section 202D of the Income Tax Assessment Act 1936 . party , in relation to a * structured arrangement, has the meaning given by subsection 832 ‑ 210(3). passes : a * CGT asset passes to a beneficiary in an individual’s estate in the way described in section 128 ‑ 20. PAYG instalment means an instalment payable under Division 45 in Schedule 1 to the Taxation Administration Act 1953 . PAYG instalment period means: (a) for a * quarterly payer—an * instalment quarter in relation to which a * PAYG instalment is paid; and (b) for an * annual payer—an income year in relation to which a PAYG instalment is paid. PAYG instalment variation credit means a credit under section 45 ‑ 215 or 45 ‑ 420 in Schedule 1 to the Taxation Administration Act 1953 . PAYG payment period means: (a) for a * personal services entity that is a * small withholder—any * quarter; or (b) for any other personal services entity—any month. PAYG withholding branch has the meaning given by section 16 ‑ 142 in Schedule 1 to the Taxation Administration Act 1953 . PAYG withholding non ‑ compliance tax means the Pay as you go withholding non ‑ compliance tax imposed under the Pay As You Go Withholding Non ‑ compliance Tax Act 2012 . payment , of a * carried interest, includes the meanings given in subsection 104 ‑ 255(7). payment split means a payment split within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . payment summary has the meaning given by section 16 ‑ 170 in Schedule 1 to the Taxation Administration Act 1953 . pays a PAYG instalment has the meaning given by subsection 205 ‑ 20(1). pays Australian DMT tax has the meaning given by subsection 205 ‑ 20(3B). pays diverted profits tax has the meaning given by subsection 205 ‑ 20(3A). pays income tax has the meaning given by subsection 205 ‑ 20(3). PDF (pooled development fund) means a company that is a PDF within the meaning of the Pooled Development Funds Act 1992 . PE : see permanent establishment . pension age has the meaning given by subsection 23(1) of the Social Security Act 1991 . Note: In Subdivision 52 ‑ E, pension age has the meaning given by subsection 52 ‑ 131(9). performing artist has the meaning given by subsections 405 ‑ 25(2) and (3). periodic aggregate tax information has the meaning given by subsection 355 ‑ 47(2) in Schedule 1 to the Taxation Administration Act 1953 . period of review , for an assessment of an * assessable amount, has the meaning given by section 155 ‑ 35 in Schedule 1 to the Taxation Administration Act 1953 . Note 1: For the purposes of diverted profits tax, this definition is modified in respect of a DPT assessment (see section 145 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 ). Note 2: For the purposes of Laminaria and Corallina decommissioning levy, this definition is modified in respect of an amount of that levy (see section 125 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953) . Note 3: For the purposes of Australian IIR/UTPR tax and Australian DMT tax, this definition is modified in respect of an amount of those taxes (see section 127 ‑ 75 in Schedule 1 to the Taxation Administration Act 1953 ). period of the loan has the meaning given by subsection 25 ‑ 25(5). permanent establishment has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 . permanent establishment article has the meaning given by section 855 ‑ 16. permitted entity value has the meaning given by section 118 ‑ 440. permitted loan has the same meaning as in section 9 ‑ 10 of the Venture Capital Act 2002 . person includes a company. personal injury annuity has the meaning given by section 54 ‑ 5. personal injury lump sum has the meaning given by section 54 ‑ 5. personal services business has the meanings given by subsection 87 ‑ 15(1) and section 87 ‑ 55. personal services business determination means a determination under section 87 ‑ 60 or 87 ‑ 65. personal services business test has the meaning given by subsection 87 ‑ 15(2). personal services entity has the meaning given by subsection 86 ‑ 15(2). personal services income has the meaning given by section 84 ‑ 5. personal services payment remitter has the meaning given by section 13 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . personal use asset has the meaning given by section 108 ‑ 20. petroleum has the meaning given by subsection 40 ‑ 730(6). Petroleum Exploration Permit WA ‑ 523 ‑ P permit area has the meaning given by subsection 417 ‑ 10(2). petroleum resource rent tax means tax imposed by any of the following: (a) the Petroleum Resource Rent Tax (Imposition—General) Act 2012 ; (b) the Petroleum Resource Rent Tax (Imposition—Customs) Act 2012 ; (c) the Petroleum Resource Rent Tax (Imposition—Excise) Act 2012 ; as assessed under the Petroleum Resource Rent Tax Assessment Act 1987 . petroleum resource rent tax amount means any debt or credit that arises directly under the * petroleum resource rent tax provisions. petroleum resource rent tax law means: (a) the Petroleum Resource Rent Tax Assessment Act 1987 ; and (b) any Act that imposes * petroleum resource rent tax; and (c) the Taxation Administration Act 1953 , so far as it relates to any Act covered by paragraphs (a) and (b); and (d) any other Act, so far as it relates to any Act covered by paragraphs (a) to (c) (or to so much of that Act as is covered); and (e) regulations under an Act, so far as they relate to any Act covered by paragraphs (a) to (d) (or to so much of that Act as is covered). petroleum resource rent tax provisions means the * petroleum resource rent tax law, other than * BAS provisions. PHIIB (short for private health insurance incentive beneficiary ) has the meaning given by the Private Health Insurance Act 2007 . plant has the meaning given by section 45 ‑ 40. policy owners’ retained profits for * life insurance policies means Australian policy owners’ retained profits, or overseas policy owners’ retained profits, as defined by section 61 of the Life Insurance Act 1995 , in relation to the statutory fund (within the meaning of section 29 of that Act) to which the business of issuing the policies relates. policy termination value , in relation to a * life insurance policy at a particular time, means the amount that is, within the meaning of prudential standards made under section 230A of the Life Insurance Act 1995 , the termination value of that policy at that time. pooled development fund means a * PDF. pooled interest in an * eligible tier ‑ 1 company that is a member of a * MEC group has the meaning given by section 719 ‑ 560. pooled superannuation trust means a pooled superannuation trust within the meaning of section 48 of the Superannuation Industry (Supervision) Act 1993 . pool of construction expenditure has the meaning given by section 43 ‑ 85. ported , in relation to a * digital game, has the meaning given by subsection 378 ‑ 25(4). position to affect rights has the meaning given by section 975 ‑ 150. post ‑ 17/8/93 period has the meaning given by subsection 83 ‑ 90(3). post ‑ AMMA actual payment has the meaning given by section 12A ‑ 210 in Schedule 1 to the Taxation Administration Act 1953 . post ‑ CGT asset means a * CGT asset that is not a * pre ‑ CGT asset. post ‑ choice NZ franking company has the meaning given by section 220 ‑ 300. post, digital and visual effects production for a * film has the meaning given by section 376 ‑ 35. potential MEC group has the meaning given by section 719 ‑ 10. potential residential land has the same meaning as in the * GST Act. PPL superannuation contribution payment has the meaning given by section 307 ‑ 5. pre ‑ 16/8/78 period has the meaning given by subsection 83 ‑ 90(1). pre ‑ 18/8/93 period has the meaning given by subsection 83 ‑ 90(2). pre ‑ AMMA actual payment has the meaning given by section 12A ‑ 210 in Schedule 1 to the Taxation Administration Act 1953 . pre ‑ CGT asset has the meaning given by section 149 ‑ 10. pre ‑ CGT proportion has the meaning given by section 705 ‑ 125. precious metal has the same meaning as in the * GST Act. precluded asset has the meaning given by subsection 122 ‑ 25(3). predominant economic interest in an asset has the meaning given by sections 250 ‑ 110 to 250 ‑ 140. predominantly ‑ services indirect value shift has the meaning given by section 727 ‑ 725. pre ‑ existing audited book value of a * depreciating asset has the meaning given by section 58 ‑ 85. pre ‑ July 83 segment , of an * employment termination payment, has the meaning given by section 82 ‑ 155. pre ‑ owned has the meaning given by subsection 118 ‑ 428(2). pre ‑ school course has the same meaning as in the * GST Act. prescribed dual resident has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 . prescribed excluded STB means an * excluded STB that is prescribed by the regulations for the purposes of Division 1AB of Part III of the Income Tax Assessment Act 1936 . present value of a * financial benefit has a meaning affected by section 250 ‑ 100. preservation age has the meaning given by Part 6 of the Superannuation Industry (Supervision) Regulations 1994 . pre ‑ shift gain has the meaning given by section 725 ‑ 210. pre ‑ shift loss has the meaning given by section 725 ‑ 210. presumed indirect value shift has the meaning given by section 727 ‑ 855. previous recoupment law has the meaning given by section 20 ‑ 55. price , for a * taxable supply, has the same meaning as in the * GST Act. primary course has the same meaning as in the * GST Act. primary equity interest in an entity has the meaning given by section 727 ‑ 520. primary interest in an entity has the meaning given by section 727 ‑ 520. primary loan interest in an entity has the meaning given by section 727 ‑ 520. primary producer registered emissions unit has the meaning given by section 420 ‑ 13. primary production business : you carry on a primary production business if you carry on a * business of: (a) cultivating or propagating plants, fungi or their products or parts (including seeds, spores, bulbs and similar things), in any physical environment; or (b) maintaining animals for the purpose of selling them or their bodily produce (including natural increase); or (c) manufacturing dairy produce from raw material that you produced; or (d) conducting operations relating directly to taking or catching fish, turtles, dugong, bêche ‑ de ‑ mer, crustaceans or aquatic molluscs; or (e) conducting operations relating directly to taking or culturing pearls or pearl shell; or (f) planting or tending trees in a plantation or forest that are intended to be felled; or (g) felling trees in a plantation or forest; or (h) transporting trees, or parts of trees, that you felled in a plantation or forest to the place: (i) where they are first to be milled or processed; or (ii) from which they are to be transported to the place where they are first to be milled or processed. primary production deductions has the meaning given by subsection 392 ‑ 80(3). prime cost method has the meaning given by section 40 ‑ 75. principal beneficiary of a * special disability trust has the meaning given by: (a) for a special disability trust within the meaning of the Social Security Act 1991 —subsection 1209M(1) of that Act; or (b) for a special disability trust within the meaning of the Veterans’ Entitlements Act 1986 —subsection 52ZZZWA(1) of that Act. principal class of shares in a company means: (a) those ordinary or common shares of the company that represent the majority of the voting power and value of the company; or (b) if no single class of ordinary or common shares represents the majority of the voting power and value of the company—those classes of ordinary or common shares that represent the majority of the voting power and value of the company. private ancillary fund has the meaning given by section 426 ‑ 105 in Schedule 1 to the Taxation Administration Act 1953 . private ancillary fund guidelines has the meaning given by section 426 ‑ 110 in Schedule 1 to the Taxation Administration Act 1953 . private company means a company that is not a * public company for the income year. private ruling has the meaning given by sections 359 ‑ 5 and 362 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . private use , of a * car, has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 . privatised asset has the meaning given by section 58 ‑ 5. proceeds of crime order has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . proceeds of the disposal or death has the meaning given by subsection 385 ‑ 100(2). proceeds of the sale of 2 wool clips has the meaning given by subsection 385 ‑ 135(3). processed minerals has the meaning given by section 40 ‑ 875. production associate has the meaning given by subsection 405 ‑ 25(4). production emissions intensity has the meaning given by section 421 ‑ 20. production expenditure has the meaning given by Subdivision 376 ‑ C. production pathway has the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024 . production profile has the same meaning as in the Future Made in Australia (Guarantee of Origin) Act 2024 . production sharing contract has the meaning given by the * Timor Sea Maritime Boundaries Treaty. product ruling means a public ruling under the Taxation Administration Act 1953 that states that it is a product ruling. professional arts business has the meaning given by section 35 ‑ 10. professional year 1 has the meaning given by subsection 405 ‑ 50(3). professional year 2 has the meaning given by subsection 405 ‑ 50(4). professional year 3 has the meaning given by subsection 405 ‑ 50(4). professional year 4 has the meaning given by subsection 405 ‑ 50(4). profit on the disposal of a leased * car has the meaning given by section 20 ‑ 115. project amount has the meaning given by section 40 ‑ 840. project life has the meaning given by section 40 ‑ 845. Project Wickenby officer has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . Project Wickenby taskforce agency has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . Project Wickenby taskforce supporting agency has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . promoter has the meaning given by section 290 ‑ 60 in Schedule 1 to the Taxation Administration Act 1953 . property right or interest has the meaning given by subsection 354 ‑ 5(2) in Schedule 1 to the Taxation Administration Act 1953 . property subdivision plan has the same meaning as in the * GST Act. prospecting entitlement has the meaning given by subsection 124 ‑ 710(1). prospective gaining entity for a * scheme has the meaning given by section 727 ‑ 860. prospective losing entity for a * scheme has the meaning given by section 727 ‑ 850. protected information has the meaning given by section 355 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 . protective clothing has the meaning given by subsection 34 ‑ 20(2). provide a * fringe benefit or economic benefit includes allow, confer, give, grant or perform the benefit. Note: This is based on the definition of provide in subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 . provide affordable housing has the meaning given by section 980 ‑ 5. provided in relation to a tax preferred use of an asset , in relation to a * financial benefit, has a meaning affected by section 250 ‑ 85. provides medical indemnity cover has the meaning given by section 5 of the Medical Indemnity (Prudential Supervision and Product Standards) Act 2003 . provisional head company of a * MEC group means the company that holds an appointment in force under section 719 ‑ 60 as the provisional head company of the group. provisionally designated infrastructure project means an infrastructure project designated provisionally under section 415 ‑ 65. prudential capital deduction , for an entity and at a particular time, means the total amounts that must be deducted in calculating the following in accordance with the * prudential standards as in force at that time: (a) the eligible tier 1 capital of the entity at that time (within the meaning of those standards); (b) the sum of the eligible tier 1 and tier 2 capital of the entity at that time (within the meaning of those standards). prudential standards means the prudential standards determined by * APRA and in force under section 11AF of the Banking Act 1959 . public ancillary fund has the meaning given by section 426 ‑ 102 in Schedule 1 to the Taxation Administration Act 1953 . public ancillary fund guidelines has the meaning given by section 426 ‑ 103 in Schedule 1 to the Taxation Administration Act 1953 . public company means a company that is a public company (as defined by section 103A of the Income Tax Assessment Act 1936 ) for the income year. public financial entity has the meaning given by section 880 ‑ 130. publicly traded unit trust has the meaning given by section 149 ‑ 50. public non ‑ financial entity has the meaning given by section 880 ‑ 130. public official means an employee or official of an * Australian government agency or of a * local governing body. public ruling has the meaning given by sections 358 ‑ 5 and 362 ‑ 5 in Schedule 1 to the Taxation Administration Act 1953 . public sector superannuation scheme has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . public trading trust has the meaning given by section 102R of the Income Tax Assessment Act 1936 . purpose of producing assessable income : something is done for the purpose of producing assessable income if it is done: (a) for the purpose of gaining or producing assessable income; or (b) in carrying on a * business for the purpose of gaining or producing assessable income. Note: Sections 26 ‑ 19 (about using property in gaining or producing rebatable benefits) and 32 ‑ 15 (about using property in providing entertainment) treat use of property as not being for the purpose of producing assessable income. purposes of the Project Wickenby taskforce has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . put to a tax preferred use , in relation to an asset, has the meaning given by section 250 ‑ 60. QE day has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 . Qualified Domestic Minimum Top ‑ up Tax : (a) means Qualified Domestic Minimum Top ‑ up Tax (within the meaning of the * Minimum Tax Rules); or (b) if the expression Qualified Domestic Minimum Top ‑ up Tax is not used in the Minimum Tax Rules—has the meaning given by the regulations. qualifying Australian development expenditure has the meaning given by section 378 ‑ 40. qualifying Australian production expenditure has the meaning given by Subdivision 376 ‑ C. Qualifying Competent Authority Agreement has the meaning given by subsection 127 ‑ 20(3) in Schedule 1 to the Taxation Administration Act 1953 . qualifying forex account means an account that: (a) is denominated in a particular * foreign currency; and (c) either: (i) has the primary purpose of facilitating transactions; or (ii) is a credit card account. qualifying investor has the meaning given by section 43 ‑ 220. qualifying security has the same meaning as in Division 16E of Part III of the Income Tax Assessment Act 1936 . qualifying SME investment means an * SME investment that is made in accordance with Division 1 of Part 4 of the Pooled Development Funds Act 1997. quarter means a period of 3 months ending on 31 March, 30 June, 30 September or 31 December. quarterly instalment component has the meaning given by section 45 ‑ 610 in Schedule 1 to the Taxation Administration Act 1953 . quarterly payer means an entity that is liable to pay * PAYG instalments and is not an * annual payer or * monthly payer. quarterly payer who pays 2 instalments annually on the basis of GDP ‑ adjusted notional tax has the meaning given by section 45 ‑ 134 in Schedule 1 to the Taxation Administration Act 1953 . quarterly payer who pays 4 instalments annually on the basis of GDP ‑ adjusted notional tax has the meaning given by section 45 ‑ 132 in Schedule 1 to the Taxation Administration Act 1953 . quarterly payer who pays on the basis of GDP ‑ adjusted notional tax has the meaning given by section 45 ‑ 130 in Schedule 1 to the Taxation Administration Act 1953 . quarterly payer who pays on the basis of instalment income has the meaning given by section 45 ‑ 125 in Schedule 1 to the Taxation Administration Act 1953 . quasi ‑ ownership right over land means: (a) a lease of the land; or (b) an easement in connection with the land; or (c) any other right, power or privilege over the land, or in connection with the land. quote : (a) quote an entity’s * ABN means quote in a form and manner approved by the Commissioner; (b) quote a * tax file number in connection with a * Part VA investment: you quote your tax file number in connection with the investment if you are taken, for the purposes of Part VA of the Income Tax Assessment Act 1936 , to have quoted the number in connection with the investment; (c) quote a tax file number to a trustee: the beneficiary of a trust quotes the beneficiary’s tax file number to the trustee of the trust if: (i) Division 4B of Part VA of the Income Tax Assessment Act 1936 applies to the trustee and to the beneficiary; and (ii) the beneficiary is taken, for the purposes of that Part, to have quoted the beneficiary’s tax file number to the trustee. quoted (for superannuation purposes) has the meaning given by section 295 ‑ 615. RBA has the same meaning as in Part IIB of the Taxation Administration Act 1953 . RBA surplus has the same meaning as in Part IIB of the Taxation Administration Act 1953 . R&D activities has the meaning given by section 355 ‑ 20. R&D entity has the meaning given by section 355 ‑ 35. R&D partnership has the meaning given by subsection 355 ‑ 505(1). realisation event has the meaning given by sections 977 ‑ 5, 977 ‑ 20 and 977 ‑ 55. realisation ‑ time method means the method (for determining the effect of * indirect value shifts) for which Subdivision 727 ‑ G provides. realised for income tax purposes : (a) a gain is realised for income tax purposes as provided in sections 977 ‑ 15, 977 ‑ 35, 977 ‑ 40 and 977 ‑ 55; and (b) a loss is realised for income tax purposes as provided in sections 977 ‑ 10, 977 ‑ 25, 977 ‑ 30 and 977 ‑ 55. reasonably arguable has the meaning given by section 284 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . reasonably arguable threshold for an income year has the meaning given by subsection 284 ‑ 90(3) in Schedule 1 to the Taxation Administration Act 1953 . receives a refund of Australian DMT tax has the meaning given by subsection 205 ‑ 35(1B). receives a refund of diverted profits tax has the meaning given by subsection 205 ‑ 35(1A). receives a refund of income tax has the meaning given by section 205 ‑ 35. recognised company accounts , for a period, of a company that is a foreign resident means: (a) accounts that are prepared in relation to the company for the period in accordance with standards covered by subsection 820 ‑ 960(1C) or (1D); or (b) if there are no such accounts for the period—accounts that: (i) are prepared in relation to the company for the period in accordance with commercially accepted accounting principles; and (ii) give a true and fair view of the financial position of the company. recognised consolidated accounts , for a period, of 2 or more companies that are foreign residents means: (a) consolidated accounts that are prepared in relation to those companies for the period in accordance with standards covered by subsection 820 ‑ 960(1C) or (1D); or (b) if there are no such accounts for the period—consolidated accounts that: (i) are prepared in relation to those companies for the period in accordance with commercially accepted accounting principles; and (ii) give a true and fair view of the financial position of the companies on a consolidated basis. recognised new investment amount has the meaning given by section 41 ‑ 20. recognised tax adviser means: (a) a * registered tax agent; or (b) a registered BAS agent (within the meaning of the Tax Agent Services Act 2009 ); or (c) a qualified tax relevant provider (within the meaning of the Corporations Act 2001 ); or (d) a legal practitioner. recoupment has the meaning given by section 20 ‑ 25. recreation includes amusement, sport or similar leisure ‑ time pursuits. recreational club has the meaning given by subsection 26 ‑ 45(2). redeemable shares means: (a) * shares that are liable to be redeemed; or (b) shares that, at the option of the company that issued them, are liable to be redeemed. reduce a franking assessment has the meaning given by subsection 214 ‑ 125(2). reduced beneficiary’s share of a trust’s net income for an income year has the meaning given by section 45 ‑ 483 in Schedule 1 to the Taxation Administration Act 1953 . reduced cost base of a * CGT asset has the meaning given by Subdivision 110 ‑ B. reduced net asset amount has the meaning given by section 104 ‑ 100. reduced no beneficiary’s share of a trust’s net income for an income year has the meaning given by section 45 ‑ 483 in Schedule 1 to the Taxation Administration Act 1953 . reduction amount has the meaning given by subsections 385 ‑ 120(2) and (3). referable : a * share in a * CCIV is referable to a * sub ‑ fund of the CCIV if it is so referable under subsection 1230(1) of the Corporations Act 2001 . registered auditor , in relation to an entity, means: (a) a person registered as an auditor under a law in force in a State or a Territory; or (b) if the entity is not an Australian resident—a person registered as an auditor under a law in force in the country of which the entity is a resident. registered charity means an entity that is registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25 ‑ 5(5) of that Act. registered CMPTI processing activity has the meaning given by subsection 419 ‑ 35(1). registered emissions unit has the meaning given by section 420 ‑ 10. registered health promotion charity means an institution that is: (a) a * registered charity; and (b) registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 13 of the table in subsection 25 ‑ 5(5) of that Act. registered PGO certificate : a PGO certificate (within the meaning of the Future Made in Australia (Guarantee of Origin) Act 2024 ) is a registered PGO certificate if the Clean Energy Regulator: (a) has decided to register the certificate under section 56 of that Act; and (b) has not invalidated the certificate under section 64 of that Act. registered production profile : a * production profile is a registered production profile if: (a) the Clean Energy Regulator has decided to register the profile under section 33 of the Future Made in Australia (Guarantee of Origin) Act 2024 ); and (b) the registration of the profile has not been: (i) cancelled under section 45 of that Act; or (ii) surrendered under section 48 of that Act. registered public benevolent institution means an institution that is: (a) a * registered charity; and (b) registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 14 of the table in subsection 25 ‑ 5(5) of that Act. registered scheme has the same meaning as in the Corporations Act 2001 . registered tax agent has the meaning given by subsection 90 ‑ 1(1) of the Tax Agent Services Act 2009 . registration requirements of an AFOF has the meaning given by subsection 9 ‑ 5(1) of the Venture Capital Act 2002 . registration requirements of an ESVCLP has the meaning given by subsection 9 ‑ 3(1) of the Venture Capital Act 2002 . registration requirements of a VCLP has the meaning given by subsection 9 ‑ 1(1) of the Venture Capital Act 2002 . regulated superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . related entity has the meaning given by subsections 26 ‑ 35(2) and (3). related scheme has the meaning given by section 974 ‑ 155. related spousal interest has the meaning given by subsection 292 ‑ 102(4). relative of a person means: (a) the person’s * spouse; or (b) the * parent, grandparent, brother, sister, uncle, aunt, nephew, niece, lineal descendent or * adopted child of that person, or of that person’s spouse; or (c) the spouse of a person referred to in paragraph (b). Note: Section 960 ‑ 255 may be relevant to determining relationships for the purposes of paragraph (b) of the definition of relative . release entitlement has the meaning given by section 135 ‑ 10 in Schedule 1 to the Taxation Administration Act 1953 . relevant interest has the same meaning as in the Corporations Act 2001 . relevant superannuation earnings has the meaning given by sections 296 ‑ 65 and 296 ‑ 70. religious practitioner means: (a) a minister of religion; or (b) a student at an institution who is undertaking a course of instruction in the duties of a minister of religion; or (c) a full ‑ time member of a religious order; or (d) a student at a college conducted solely for training persons to become members of religious orders. remaining effective life of a * depreciating asset: (a) has the meaning given by section 40 ‑ 75; and (b) if the asset is a vessel to which subsection 40 ‑ 103(2) applies—includes the meaning given by that subsection. rent from land investment means rent that is derived or received from investments in Division 6C land. replacement asset period has the meaning given by section 104 ‑ 190. replacement ‑ asset roll ‑ over : a replacement ‑ asset roll ‑ over allows you to defer the making of a * capital gain or a * capital loss from one * CGT event until a later CGT event happens where your ownership of one CGT asset ends and you * acquire another one. The replacement ‑ asset roll ‑ overs are listed in section 112 ‑ 115. reportable employer superannuation contribution has the meaning given by section 16 ‑ 182 in Schedule 1 to the Taxation Administration Act 1953 . reportable fringe benefits amount for an income year in respect of an employee’s employment by an employer has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 (as it applies of its own force or because of the Fringe Benefits Tax (Application to the Commonwealth) Act 1986 ). reportable fringe benefits total has the same meaning as in the Fringe Benefits Tax Assessment Act 1986 . reportable superannuation contributions , for an individual and an income year, means the sum of: (a) the individual’s * reportable employer superannuation contributions (if any) for the income year; and (b) the individual’s deductions (if any) under Subdivision 290 ‑ C for the income year; reduced (but not below zero) by the amount of any * excess concessional contributions the individual has for the * financial year corresponding to the income year. representative of an * incapacitated entity has the meaning given by section 195 ‑ 1 of the * GST Act. representative member for a * GST group has the meaning given by section 195 ‑ 1 of the * GST Act. required to be registered has the meaning given by the * GST Act. resale royalty means resale royalty under the Resale Royalty Right for Visual Artists Act 2009 . resale royalty collecting society means the collecting society, within the meaning given by the Resale Royalty Right for Visual Artists Act 2009 . resale royalty right has the meaning given by the Resale Royalty Right for Visual Artists Act 2009 . residence article has the meaning given by subsection 815 ‑ 120(6). residency requirement : (a) for an entity making a * distribution—has the meaning given by section 202 ‑ 20 (as affected by section 220 ‑ 100, if relevant); and (b) for an income year that is one in which, or in relation to which, an event specified in a table in one of the following sections occurs: (i) section 205 ‑ 15 (general table of * franking credits); (ii) section 205 ‑ 30 (general table of * franking debits); (iii) section 208 ‑ 115 (table of * exempting credits); (iv) section 208 ‑ 120 (table of * exempting debits); (v) section 208 ‑ 130 (table of franking credits that arise because of an entity’s status as a * former exempting entity or * exempting entity); (vi) section 208 ‑ 145 (table of franking debits that arise because of an entity’s status as a former exempting entity or exempting entity); or an income year that is described in section 205 ‑ 70 or 220 ‑ 205—has the meaning given by section 205 ‑ 25; and (c) for an entity receiving a distribution—has the meaning given by section 207 ‑ 75; and (d) for the purposes of determining whether an entity is an exempt institution that is eligible for a refund at the time a * franked distribution is made—has the meaning given by section 207 ‑ 117. residential capital gain has the meaning given by subsection 102 ‑ 6(2). residential dwelling : see subsections 26 ‑ 160(1) and (2). residential dwelling asset has the meaning given by section 12 ‑ 452 in Schedule 1 to the Taxation Administration Act 1953 . residential premises has the same meaning as in the * GST Act. resident investment vehicle has the meaning given by section 118 ‑ 510. resident trust for CGT purposes : a trust is a resident trust for CGT purposes for an income year if, at any time during the income year: (a) for a trust that is not a unit trust, a trustee is an Australian resident or the central management and control of the trust is in Australia; or (b) for a unit trust, one of the requirements in column 2 and one of the requirements in column 3 of this table are satisfied. Requirements for unit trust Item One of these requirements is satisfied And also one of these 1 Any property of the trust is situated in Australia The central management and control of the trust is in Australia 2 The trust carries on a * business in Australia Australian residents held more than 50% of the beneficial interests in the income or property of the trust resident unit trust has the meaning given by section 102Q of the Income Tax Assessment Act 1936 . residual unrealised net loss for a * changeover time has the meaning given by section 165 ‑ 115BB. responsible entity , of a * registered scheme, has the same meaning as in the Corporations Act 2001 . restricted DPT evidence has the meaning given by subsection 145 ‑ 25(2) in Schedule 1 to the Taxation Administration Act 1953 . retail CCIV has the meaning given by subsection 1222J(1) of the Corporations Act 2001 . retail fuel means taxable fuel, within the meaning of the Fuel Tax Act 2006 , that is sold by retail. retained cost base asset has the meaning given by subsections 705 ‑ 25(5), 713 ‑ 515(1) and 713 ‑ 705(2). retention period has the meaning given by sections 28 ‑ 150, 900 ‑ 25, 900 ‑ 75 and 900 ‑ 90. retirement phase : (a) section 307 ‑ 80 sets out when a * superannuation income stream is in the retirement phase ; and (b) a * superannuation interest is in the retirement phase at a time if it supports a superannuation income stream that is in the retirement phase at that time. retirement phase recipient of a * superannuation income stream has the meaning given by section 294 ‑ 20. retirement phase superannuation income stream benefit (or RP superannuation income stream benefit ) has the meaning given by section 307 ‑ 75. retirement village has the same meaning as in the * GST Act. retirement village residence contract has the meaning given by paragraph 230 ‑ 475(4)(a). retirement village services contract has the meaning given by paragraph 230 ‑ 475(4)(b). return on a * debt interest or * equity interest does not include a return of an amount invested in the interest. returning New Zealand ‑ sourced amount has the meaning given by the regulations mentioned in section 312 ‑ 5 (about trans ‑ Tasman portability of retirement savings). revenue asset has the meaning given by section 977 ‑ 50. reverse hybrid has the meaning given by section 832 ‑ 410. reverse hybrid mismatch has the meaning given by section 832 ‑ 395. reviewable fuel tax decision has the meaning given by subsection 112 ‑ 50(2) in Schedule 1 to the Taxation Administration Act 1953 . reviewable GST decision has the meaning given by subsection 110 ‑ 50(2) in Schedule 1 to the Taxation Administration Act 1953 . reviewable GST transitional decision has the meaning given by subsection 110 ‑ 50(3) in Schedule 1 to the Taxation Administration Act 1953 . reviewable wine tax decision has the meaning given by subsection 111 ‑ 50(2) in Schedule 1 to the Taxation Administration Act 1953 . revive : a * 170 ‑ D deferred loss revives as mentioned in section 715 ‑ 310. right to future income has the meaning given by subsection 701 ‑ 63(5). right to use includes the right to possess. risk component : (a) the risk component of a premium for a * life insurance policy has the meaning given by subsection 26 ‑ 85(2); and (b) the risk component of a claim paid under a life insurance policy has the meaning given by section 320 ‑ 80. risk ‑ weighted assets , of an entity and at a particular time, means the sum of the entity’s risk exposures that the entity has at that time, as is determined in accordance with: (a) if the entity is an * Australian entity that is not a * foreign controlled Australian entity—the * prudential standards; or (b) in any other case—either of the following: (i) the prudential standards; (ii) the prudential standards determined by the prudential regulator in the country of which the entity, or the * foreign bank that has * TC control interests of at least 40% in the entity, is a resident. roll ‑ over cost has the meaning given by subsection 328 ‑ 455(2). roll ‑ over superannuation benefit has the meaning given by section 306 ‑ 10. rounding adjustment deficit has the meaning given by section 276 ‑ 310. rounding adjustment surplus has the meaning given by section 276 ‑ 315. rounding amount has the meaning given by section 960 ‑ 285. royalty has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 . RSA has the meaning given by the Retirement Savings Accounts Act 1997 . RSA component has the meaning given by section 295 ‑ 555. RSA payment has the meaning given by section 307 ‑ 5. RSA provider has the same meaning as in the Retirement Savings Accounts Act 1997 . rural land irrigation water provider has the meaning given by section 40 ‑ 630. safeguard mechanism credit unit has the same meaning as in the National Greenhouse and Energy Reporting Act 2007 . safe harbour capital amount : (a) for an * outward investing entity (ADI)—has the meaning given by section 820 ‑ 310; and (b) for an * inward investing entity (ADI)—has the meaning given by section 820 ‑ 405 or 820 ‑ 615. safe harbour debt amount : (d) for an * inward investment vehicle (financial)—has the meaning given by section 820 ‑ 200; and (f) for an * inward investor (financial)—has the meaning given by section 820 ‑ 210. same ‑ asset roll ‑ over : a same asset roll ‑ over allows you to disregard a * capital gain or * capital loss you make from: (a) * disposing of a * CGT asset to another entity; or (b) entering into an agreement with another entity that constitutes CGT event B1; or (c) creating a CGT asset in another entity. The same ‑ asset roll ‑ overs are listed in section 112 ‑ 150. scheme means: (a) any * arrangement; or (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. Note: The Commissioner may determine that, for the purposes of the debt and equity interest rules in Division 974, what would otherwise be a single scheme is to be treated as 2 or more separate schemes, and that the schemes are not related: see section 974 ‑ 150. scheme benefit has the meaning given by section 284 ‑ 150 in Schedule 1 to the Taxation Administration Act 1953 . scheme for a disposition , in relation to * membership interests or an * interest in membership interests, has the same meaning as in section 177EA of the Income Tax Assessment Act 1936. scheme period for a * direct value shift has the meaning given by section 725 ‑ 55. scheme shortfall amount has the meaning given by section 284 ‑ 150 in Schedule 1 to the Taxation Administration Act 1953 . scholarship plan means a * life insurance policy that: (a) is issued by a * friendly society for the sole purpose of providing benefits to help in the education of nominated beneficiaries; and (b) is not being used, and has never been used, as security for borrowing or raising money; and (c) if it is issued on or after 1 January 2003—contains a provision prohibiting use of the policy as security for borrowing or raising money. secondary course has the same meaning as in the * GST Act. secondary equity interest has the meaning given by section 727 ‑ 520. secondary interest has the meaning given by section 727 ‑ 520. secondary loan interest has the meaning given by section 727 ‑ 520. Second Commissioner means a Second Commissioner of Taxation. second continuity period has the meaning given by section 165 ‑ 120. section 124ZZB SME assessable income for a * PDF for an income year is the assessable income allocated to the PDF’s SME assessable income for the income year under section 124ZZB of the Income Tax Assessment Act 1936 . securities dealer means a person who, for the purposes of the Corporations Act 2001 or for the purposes of a law of a State or Territory that corresponds to that Act, deals in securities. securitisation vehicle has the meaning given by section 820 ‑ 942. securitised asset has the meaning given by section 820 ‑ 942. segregated current pension assets has the meaning given by section 295 ‑ 385. segregated exempt assets of a * life insurance company means assets from time to time segregated by the company under Subdivision 320 ‑ H, whether segregated at the time of the initial segregation or included at a later time. segregated non ‑ current assets has the meaning given by section 295 ‑ 395. self ‑ assessed clearance declaration advice has the meaning given by the Customs Act 1901 . self assessment means an assessment: (a) for the making of which the Commissioner wholly accepts statements of the taxpayer; or (b) that, under section 166A of the Income Tax Assessment Act 1936 or a provision of another law, is taken to have been made by the Commissioner. self ‑ assessment entity means a full self ‑ assessment taxpayer (within the meaning of subsection 6(1) of the Income Tax Assessment Act 1936 ). self managed superannuation fund has the same meaning as in the Superannuation Industry (Supervision) Act 1993 . seminar has the meaning given by subsection 32 ‑ 65(1). Senior Executive Service office means a position occupied by an SES employee or acting SES employee. serious offence has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . service period has the meaning given by section 307 ‑ 400. share : (a) in a company means a share in the capital of the company, and includes stock; and (aa) of a * capital gain has the meaning given by section 115 ‑ 227; and (b) of an * exempting credit has the meaning given by section 208 ‑ 180; and (c) of a * franked distribution has the meaning given by section 207 ‑ 55; and (d) of a * franking credit has the meaning given by section 207 ‑ 57; and (e) of * NRAS rent has the meaning given by section 380 ‑ 30. share capital account has the meaning given by section 975 ‑ 300. shareholders’ ratio for an income year of a * life insurance company has the meaning given by section 219 ‑ 50. shareholders’ share of the * income tax liability of a * life insurance company for an income year has the meaning given by section 219 ‑ 50. shareholding interest has the meaning given by section 175 ‑ 95. share of the PHII benefit (short for share of the private health insurance incentive benefit ) has the meaning given by the Private Health Insurance Act 2007 . shift proceeds has the meaning given by sections 140 ‑ 55 and 140 ‑ 90. shipping activities has the meaning given by section 51 ‑ 105. shipping cargo has the same meaning as in the Shipping Reform (Tax Incentives) Act 2012 . shipping exempt income certificate has the same meaning as in the Shipping Reform (Tax Incentives) Act 2012 . shipping passenger has the same meaning as in the Shipping Reform (Tax Incentives) Act 2012 . shortfall amount has the meaning given by section 284 ‑ 80 in Schedule 1 to the Taxation Administration Act 1953 . shortfall interest charge means the charge worked out under Division 280 in Schedule 1 to the Taxation Administration Act 1953 . short ‑ term hire agreement : a short ‑ term hire agreement is an agreement for the intermittent hire of an asset on an hourly, daily, weekly or monthly basis. However, an agreement for the hire of an asset is not a short ‑ term hire agreement if, having regard to any other agreements for the hire of the same asset to the same entity or an * associate of that entity, there is a substantial continuity of hiring so that the agreements together are for longer than a short ‑ term basis. sickness policy means a * life insurance policy issued by a * friendly society for the sole purpose of providing: (a) benefits in respect of a sickness of the insured person; or (b) benefits covered by paragraph (a) and benefits to pay for the funeral of the insured person. significant global entity has the meaning given by section 960 ‑ 555. significant individual has the meaning given by section 152 ‑ 55. significant stake has the meaning given by sections 124 ‑ 783 and 124 ‑ 783A. significant stakeholder has the meaning given by section 124 ‑ 783. single ‑ rate trustee has the meaning given by section 45 ‑ 450 in Schedule 1 to the Taxation Administration Act 1953 . SIS dependant means a dependant within the meaning of the Superannuation Industry (Supervision) Act 1993 . small business entity has the meaning given by section 328 ‑ 110. small business participation percentage has the meaning given by section 152 ‑ 65. small superannuation account means an account within the meaning of the Small Superannuation Accounts Act 1995 . small superannuation account payment has the meaning given by section 307 ‑ 5. small superannuation fund means a * complying superannuation fund with no more than 6 members. small withholder has the meaning given by section 16 ‑ 105 in Schedule 1 to the Taxation Administration Act 1953 . SME income component has the same meaning as in section 124ZU of the Income Tax Assessment Act 1936 . SME investment has the meaning given by section 124ZW of the Income Tax Assessment Act 1936 . sort of loss has the meaning given by section 701 ‑ 1. sovereign entity has the meaning given by section 880 ‑ 15. sovereign entity group has the meaning given by section 880 ‑ 20. special accrual amount means an amount that is included in assessable income, or an amount that can be deducted from assessable income, under any of the following: (a) Division 230 (about taxation of financial arrangements), other than Subdivision 230 ‑ B; (b) Subdivision 230 ‑ A if: (i) the accruals method provided for in Subdivision 230 ‑ B is applied to take account of the gain or loss concerned; and (ii) all the * financial benefits provided and received under the * financial arrangement concerned are denominated in a particular * foreign currency; (c) Division 240 (about arrangements treated as a sale and loan); (d) Division 242 (about luxury car leases); (da) Subdivision 250 ‑ E of this Act if all the financial benefits provided and received under the financial arrangement concerned are denominated in a particular foreign currency; (e) Division 16D of Part III of the Income Tax Assessment Act 1936 (about certain arrangements relating to the use of property); (f) Division 16E of Part III of the Income Tax Assessment Act 1936 (about accruals assessability in respect of certain security payments). special company means: (a) a * mutual affiliate company; or (b) a * mutual insurance company; or (c) a trade union registered under an * Australian law; or (d) a * sporting club; or (e) a company that is prescribed by the regulations. special conversion event , in relation to a * potential MEC group, has the meaning given by section 719 ‑ 40. special disability trust means: (a) a special disability trust within the meaning of the Social Security Act 1991 ; or (b) a special disability trust within the meaning of the Veterans’ Entitlements Act 1986 . specialist aged care program has the same meaning as in the Aged Care Act 2024 . specialist credit card institution has the meaning given by section 820 ‑ 588. special professional has the meaning given by subsection 405 ‑ 25(1). special value , of a * superannuation interest that supports an income stream that is, or was at any time, a * capped defined benefit income stream, has the meaning given by section 294 ‑ 135. specifically entitled : (a) specifically entitled to a * capital gain has the meaning given by section 115 ‑ 228; and Note: A trustee of a trust estate that makes a choice under section 115 ‑ 230 is taken to be specifically entitled to a capital gain. (b) specifically entitled to a * franked distribution has the meaning given by section 207 ‑ 58. specific deduction has the meaning given by section 8 ‑ 5. specified child abuse offence has the meaning given by section 139 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 . specified roll ‑ over amount of a * life insurance company means so much of an amount paid to the company as constitutes the * element untaxed in the fund of a * superannuation benefit that is a * roll ‑ over superannuation benefit because of subparagraph 306 ‑ 10(d)(ii). spectrum has the meaning given by section 5 of the Radiocommunications Act 1992 . spectrum licence has the meaning given by section 5 of the Radiocommunications Act 1992 . splittable payment means a splittable payment within the meaning of Part VIIIB or VIIIC of the Family Law Act 1975 . sporting club means a society, association or club that: (a) is established for the encouragement of sport or a game; and (b) is not carried on for profit to its members. sporting competition has the meaning given by subsection 405 ‑ 25(7). sportsperson has the meaning given by subsection 405 ‑ 25(6). spouse of an individual includes: (a) another individual (whether of the same sex or a different sex) with whom the individual is in a relationship that is registered under a * State law or * Territory law prescribed for the purposes of section 2E of the Acts Interpretation Act 1901 as a kind of relationship prescribed for the purposes of that section; and (b) another individual who, although not legally married to the individual, lives with the individual on a genuine domestic basis in a relationship as a couple. spread entity , in relation to a * consolidated group or * MEC group, means a * member of the group that is not a * stick entity in relation to the group. spreading period for an amount has the meaning given by sections 716 ‑ 15, 716 ‑ 25, 716 ‑ 70 and 716 ‑ 100. Note: Those sections deal with assessable income and deductions spread over several periods of membership or non ‑ membership of a consolidated group or MEC group. SRWUIP expenditure has the meaning given by subsections 26 ‑ 100(2) and (3). SRWUIP payment has the meaning given by subsection 59 ‑ 67(2). SRWUIP program has the meaning given by subsection 59 ‑ 67(1). stake interest has the meaning given by subsection 124 ‑ 783A(3). stake option has the meaning given by subsection 124 ‑ 783A(3). standard component has the meaning given by section 295 ‑ 555. stapled entity : (a) in relation to a * cross staple arrangement—has the meaning given by section 12 ‑ 436 in Schedule 1 to the Taxation Administration Act 1953 ; or (b) otherwise—has the meaning given by section 124 ‑ 1045. starting day has the meaning given by section 149 ‑ 60. starting instalment quarter has the meaning given by subsection 45 ‑ 125(2) in Schedule 1 to the Taxation Administration Act 1953 . start time of a * depreciating asset has the meaning given by section 40 ‑ 60. State insurer means a body that carries on State insurance (within the meaning of paragraph 51(xiv) of the Constitution). State law means a law of a State. statement worldwide assets of an entity for a period has the meaning given by subsection 820 ‑ 933(3). statement worldwide debt of an entity for a period has the meaning given by subsection 820 ‑ 933(1). statement worldwide equity of an entity for a period has the meaning given by subsection 820 ‑ 933(2). statutory accounting period has the meaning given by Part X of the Income Tax Assessment Act 1936 . statutory demand has the same meaning as in the Corporations Act 2001 . statutory income has the meaning given by section 6 ‑ 10. statutory licence has the meaning given by section 124 ‑ 140. stick entity : (a) in relation to a * consolidated group—means a * member of the group that is: (i) the * head company of the group; or (ii) a chosen transitional entity (within the meaning of Division 701 of the Income Tax (Transitional Provisions) Act 1997 ); or (iii) a transitional foreign ‑ held subsidiary (within the meaning of Division 701C of the Income Tax (Transitional Provisions) Act 1997 ); or (b) in relation to a * MEC group—means a member of the group that is: (i) the head company of the group; or (ii) a chosen transitional entity (within the meaning of Division 701 of the Income Tax (Transitional Provisions) Act 1997 ); or (iii) a transitional foreign ‑ held subsidiary (within the meaning of Division 701C of the Income Tax (Transitional Provisions) Act 1997 ); or (iv) an * eligible tier ‑ 1 company. stratum unit has the meaning given by section 124 ‑ 190. structured arrangement has the meaning given by section 832 ‑ 210. structured order has the meaning given by section 54 ‑ 10. structured settlement has the meaning given by section 54 ‑ 10. structured settlement contribution has the meaning given by section 294 ‑ 80. Student Assistance Minister means the Minister administering the Student Assistance Act 1973 . Student Assistance Secretary means the Secretary of the Department administered by the * Student Assistance Minister. Subdivision 230 ‑ G assessable gain from a * financial arrangement means an amount that is taken, as a balancing adjustment under Subdivision 230 ‑ G, to be a gain you make from the arrangement for the purposes of Division 230. Subdivision 230 ‑ G loss from a * financial arrangement means an amount that is taken, as a balancing adjustment under Subdivision 230 ‑ G, to be a loss you make from the arrangement for the purposes of Division 230. sub ‑ fund , of a * CCIV, has the meaning given by subsection 1222Q(1) of the Corporations Act 2001 . subject to Australian income tax has the meaning given by section 832 ‑ 125. subject to deemed loan treatment , in relation to a * financial benefit, has the meaning given by section 250 ‑ 160. subject to foreign income tax has the meaning given by section 832 ‑ 130. subject to foreign tax has the meaning given to the expression “subject to tax” by Part X of the Income Tax Assessment Act 1936 . subordinated debt interest means a * debt interest issued to: (a) an unsecured creditor; or (b) a secured creditor who, in the event of the liquidation of the entity issuing the interest, can only make a claim regarding that interest after the claims of other secured creditors regarding other debt interests issued by that entity have been met. subsidiary : the question whether a company is a subsidiary of another company is to be determined in the same way as the question whether a corporation is a subsidiary of another corporation is determined under the Corporations Act 2001 . Note: The expression 100% subsidiary has the meaning given by section 975 ‑ 505. subsidiary member : (a) of a * consolidated group or a * consolidatable group—has the meaning given by section 703 ‑ 15; and (b) of a * MEC group—has the meaning given by section 719 ‑ 25. substantial continuity of ownership has the meaning given by section 166 ‑ 145. substantial renovations has the same meaning as in the * GST Act. substantial shareholding : see part of a substantial shareholding . successor fund , in relation to a transfer of a * superannuation interest of: (a) a member of a * superannuation fund; or (b) a depositor with an * approved deposit fund; or (c) a holder of an * RSA; means another superannuation fund, approved deposit fund or RSA if the following conditions are met: (d) that other fund or RSA confers on that member, depositor or holder equivalent rights to the rights he or she had under the first ‑ mentioned fund or RSA in respect of the interest; (e) the conferral of these equivalent rights was agreed, before the transfer, between: (i) the * superannuation provider of that other fund or RSA; and (ii) the superannuation provider of the first ‑ mentioned fund or RSA. superannuation annuity has the meaning given by the regulations. superannuation annuity payment has the meaning given by section 307 ‑ 5. superannuation benefit has the meaning given by section 307 ‑ 5. Note: Sections 307 ‑ 10 and 307 ‑ 15 affect the meaning of superannuation benefit . superannuation co ‑ contribution benefit payment has the meaning given by section 307 ‑ 5. superannuation death benefit has the meaning given by section 307 ‑ 5. superannuation fund has the meaning given by section 10 of the Superannuation Industry (Supervision) Act 1993 . superannuation fund for foreign residents has the meaning given by section 118 ‑ 520. superannuation fund payment has the meaning given by section 307 ‑ 5. superannuation guarantee education direction means a direction given under subsection 384 ‑ 10(1) in Schedule 1 to the Taxation Administration Act 1953 . superannuation guarantee payment has the meaning given by section 307 ‑ 5. superannuation guarantee shortfall has the same meaning as in the Superannuation Guarantee (Administration) Act 1992 . superannuation income stream has the meaning given by section 307 ‑ 70. superannuation income stream benefit has the meaning given by section 307 ‑ 70. superannuation income stream provider for a * superannuation income stream means: (a) for a superannuation income stream provided by a * superannuation fund—the trustee of the fund; or (b) for a superannuation income stream that is a pension for the purposes of the Retirement Savings Accounts Act 1997 —the * RSA provider; or (c) for a superannuation income stream provided by an * approved deposit fund—the trustee of the fund; or (d) for a superannuation income stream provided by a * life insurance company — the life insurance company. superannuation interest means: (a) an interest in a * superannuation fund; or (b) an interest in an * approved deposit fund; or (c) an * RSA; or (d) an interest in a * superannuation annuity. Note: The meaning of superannuation interest may be affected by regulations made for the purposes of section 307 ‑ 200. superannuation lump sum has the meaning given by section 307 ‑ 65. superannuation member benefit has the meaning given by section 307 ‑ 5. superannuation plan means: (a) a * superannuation fund; or (b) an * approved deposit fund; or (c) an * RSA. superannuation provider , in relation to a * superannuation plan, means: (a) for a * superannuation fund—the trustee of the fund; or (b) for an * approved deposit fund—the trustee of the fund; or (c) for an * RSA—the * RSA provider. supplementary amount of a payment is defined as set out in this table: Supplementary amount of a payment Item Supplementary amount of this kind of payment: has the meaning given by: 1 Commonwealth education or training payment section 52 ‑ 140 2A Payment under the ABSTUDY scheme section 52 ‑ 132 3 Payment made because of the Veterans’ Entitlements (Transitional Provisions and Consequential Amendments) Act 1986 section 52 ‑ 105 4 Social security payment section 52 ‑ 15 5 Veterans’ affairs payment section 52 ‑ 70 supply has the meaning given by section 9 ‑ 10 of the * GST Act. supporting R&D activities has the meaning given by section 355 ‑ 30. surplus : (a) section 205 ‑ 40 sets out when a * franking account is in surplus; and (b) section 208 ‑ 125 sets out when an * exempting account is in surplus; and (c) section 210 ‑ 130 sets out when a * venture capital sub ‑ account is in surplus. tainted : for when a company’s * share capital account is tainted , see subsections 197 ‑ 50(1) and (2). tainting amount has the meaning given by subsection 197 ‑ 50(3). takeover bid means a takeover bid under Chapter 6 of the Corporations Act 2001 , or under a * foreign law relating to corporate regulation. taskforce officer of a prescribed taskforce has the meaning given by section 355 ‑ 70 in Schedule 1 to the Taxation Administration Act 1953 . tax means: (a) income tax imposed by the Income Tax Act 1986 , as assessed under this Act; or (b) income tax imposed as such by any other Act, as assessed under this Act. taxable Australian property has the meaning given by section 855 ‑ 15. taxable Australian real property has the meaning given by section 855 ‑ 20. taxable component : (a) the taxable component of an * employment termination payment has the meaning given by section 82 ‑ 145; and (b) the taxable component of a * superannuation benefit has the meaning given by section 307 ‑ 120; and (c) the taxable component of a * superannuation interest has the meaning given by section 307 ‑ 215. taxable contributions has the meaning given by section 293 ‑ 20. taxable dealing , in relation to * wine, has the meaning given by section 33 ‑ 1 of the * Wine Tax Act. taxable fuel has the meaning given by section 110 ‑ 5 of the Fuel Tax Act 2006 . taxable importation has the meaning given by section 195 ‑ 1 of the * GST Act. taxable importation of a luxury car has the meaning given by section 27 ‑ 1 of the * Luxury Car Tax Act. taxable income has the meaning given by section 4 ‑ 15. Note: For a list of cases where taxable income is worked out in a special way, see subsection 4 ‑ 15(2). taxable non ‑ primary production income has the meaning given by subsection 392 ‑ 85(1). taxable primary production income has the meaning given by subsection 392 ‑ 80(1). taxable professional income has the meaning given by subsection 405 ‑ 45(1). taxable purpose has the meaning given by section 40 ‑ 25. Note: Subsection 417 ‑ 30(1) provides that certain uses etc. of assets (connected with Timor Sea petroleum) are taken to be for a taxable purpose. taxable purpose proportion has the meaning given by section 328 ‑ 205. taxable superannuation earnings has the meaning given by section 296 ‑ 40. taxable supply has the meaning given by section 195 ‑ 1 of the * GST Act. taxable supply of a luxury car has the meaning given by section 27 ‑ 1 of the * Luxury Car Tax Act. tax accounting period has the meaning given by Part X of the Income Tax Assessment Act 1936 . tax affairs means affairs relating to * tax. taxation law means: (a) an Act of which the Commissioner has the general administration (including a part of an Act to the extent to which the Commissioner has the general administration of the Act); or (b) legislative instruments made under such an Act (including such a part of an Act); or (c) the Tax Agent Services Act 2009 or regulations made under that Act. taxation officer has the meaning given by section 355 ‑ 30 in Schedule 1 to the Taxation Administration Act 1953 . tax audit means an examination by the Commissioner of an entity’s financial affairs for the purposes of a * taxation law. tax benefit has the meaning given by section 45 ‑ 605 in Schedule 1 to the Taxation Administration Act 1953 . tax cost has the meaning given by section 830 ‑ 100. tax cost is set has the meaning given by section 701 ‑ 55 or 830 ‑ 90. tax cost setting amount has the meaning given by section 701 ‑ 60 or 830 ‑ 95. tax debt has the same meaning as in section 8AAZA of the Taxation Administration Act 1953 . tax detriment has the meaning given by section 45 ‑ 624 in Schedule 1 to the Taxation Administration Act 1953 . tax EBITDA has the meaning given by section 820 ‑ 52. tax ‑ exempt bonus share has the meaning given by subsections 204 ‑ 25(4) and (5). tax ‑ exempt foreign resident has the meaning given by subsection 118 ‑ 420(3). tax exempt vendor has the meaning given by section 58 ‑ 5. tax exploitation scheme has the meaning given by section 290 ‑ 65 in Schedule 1 to the Taxation Administration Act 1953 . tax file number means a tax file number as defined in section 202A of the Income Tax Assessment Act 1936. tax ‑ free amount of a payment is defined as set out in this table: Tax ‑ free amount of a payment Tax ‑ free amount of this kind of payment: has the meaning given by: 1 Social security payment sections 52 ‑ 20, 52 ‑ 25, 52 ‑ 30 and 52 ‑ 35 2 Payment under the ABSTUDY scheme sections 52 ‑ 133 and 52 ‑ 134 tax free component : (a) the tax free component of an * employment termination payment has the meaning given by section 82 ‑ 140; and (b) the tax free component of a * superannuation benefit has the meaning given by section 307 ‑ 120; and (c) the tax free component of a * superannuation interest has the meaning given by section 307 ‑ 210; and (d) the tax free component of an * Australian ‑ sourced amount has the meaning given by the regulations mentioned in section 312 ‑ 5 (about trans ‑ Tasman portability of retirement savings). taxing event generating a gain has the meaning given by sections 725 ‑ 245 and 725 ‑ 335. tax invoice has the meaning given by section 195 ‑ 1 of the * GST Act. tax loss means: (a) a tax loss worked out under section 36 ‑ 10, 165 ‑ 70, 175 ‑ 35 or 701 ‑ 30 of this Act (including such a tax loss as increased under section 415 ‑ 15 or reduced under section 418 ‑ 95); or Note 1: The meaning of tax loss in section 36 ‑ 10 is affected by section 268 ‑ 60 in Schedule 2F to the Income Tax Assessment Act 1936 . Note 2: The meaning of tax loss in sections 36 ‑ 10, 165 ‑ 70, 175 ‑ 35 and 701 ‑ 30 is modified by section 36 ‑ 55 for a corporate tax entity that has an amount of excess franking offsets. Note 3: A life insurance company can have a tax loss of the complying superannuation class and/or a tax loss of the ordinary class for the purposes of working out its income tax for an income year: see Subdivision 320 ‑ D. (b) a tax loss as defined by section 36 ‑ 105 (Tax losses for 1989 ‑ 90 to 1996 ‑ 97 income years) of the Income Tax (Transitional Provisions) Act 1997 ; or (c) a tax loss as defined by section 36 ‑ 110 (Tax losses for 1957 ‑ 58 to 1988 ‑ 89 income years) of the Income Tax (Transitional Provisions) Act 1997 ; or (d) a tax loss determined under section 24 of the International Tax Agreements Act 1953 (about relief from double taxation where profits are adjusted) (including such a tax loss as increased under section 415 ‑ 15 of this Act). tax offset has the meaning given by section 4 ‑ 10. tax offset refund , of yours for an income year, means a refund you can get as mentioned in item 40 of the table in subsection 63 ‑ 10(1) (refundable tax offsets) for the income year. tax period has the meaning given by section 195 ‑ 1 of the * GST Act. tax position has the meaning given by section 45 ‑ 610 in Schedule 1 to the Taxation Administration Act 1953 . tax preferred end user has the meaning given by section 250 ‑ 55. tax preferred entity means: (a) an * exempt entity; or (b) an * exempt Australian government agency; or (c) an * associated government entity of an exempt Australian government agency; or (d) a * prescribed excluded STB; or (e) an * exempt foreign government agency. tax preferred use of an asset has the meaning given by sections 250 ‑ 60(1) and (2). tax profit on the disposal or death has the meaning given by subsection 385 ‑ 105(3). tax receipt means a receipt given to you under subsection 70 ‑ 5(1) of Schedule 1 to the Taxation Administration Act 1953 . tax ‑ records education direction means a direction given under subsection 384 ‑ 12(1) in Schedule 1 to the Taxation Administration Act 1953 . tax ‑ related liability has the meaning given by section 255 ‑ 1 in Schedule 1 to the Taxation Administration Act 1953 . TC control interest has the meaning given by section 820 ‑ 815 (which is affected by sections 820 ‑ 820 to 820 ‑ 835). TC control tracing interest has the meaning given by section 820 ‑ 875. TC direct control interest : (a) for a company—has the meaning given by section 820 ‑ 855; and (b) for a trust—has the meaning given by section 820 ‑ 860; and (c) for a partnership—has the meaning given by section 820 ‑ 865. TC indirect control interest has the meaning given by section 820 ‑ 870. telecommunications site access right means a right (except an * IRU) of a carrier (as defined in the Telecommunications Act 1997 ): (a) to share a facility (as defined in section 7 of that Act); or (b) to install such a facility at a particular location or on a particular structure; or (c) to enter or cross premises for the purposes of installing or maintaining such a facility that is on the premises, or is at a location, or on a structure, that is accessible by way of the premises. telephone signature of an entity is a unique identification of the entity that can be given by telephone and that is approved by the Commissioner. temporary resident : you are a temporary resident if: (a) you hold a temporary visa granted under the Migration Act 1958 ; and (b) you are not an Australian resident within the meaning of the Social Security Act 1991 ; and (c) your * spouse is not an Australian resident within the meaning of the Social Security Act 1991 . However, you are not a temporary resident if you have been an Australian resident (within the meaning of this Act), and any of paragraphs (a), (b) and (c) are not satisfied, at any time after the commencement of this definition. Note: The tests in paragraphs (b) and (c) are applied to ensure that holders of temporary visas who nonetheless have a significant connection with Australia are not treated as temporary residents for the purposes of this Act. terminal medical condition has the meaning given by the regulations. terminating value has the meaning given by sections 705 ‑ 30, 711 ‑ 30 and 713 ‑ 575. termination amount means an amount payable because an * arrangement in relation to property ends and includes: (a) if, at the end of the arrangement, one party to the arrangement acquires the property from the other party—an amount payable for the acquisition; or (b) if, at the end of the arrangement, the property is lost or destroyed—any amounts paid to the owner of the property as a result of the loss or destruction; or (c) otherwise—the * market value of the property at the end of the arrangement. termination value has the meaning given by section 40 ‑ 300. Territory law means a law of a Territory. tertiary course has the same meaning as in the * GST Act. test day has the meaning given by section 149 ‑ 55. test period has the meaning given by sections 165 ‑ 165, 166 ‑ 5, 166 ‑ 20, 166 ‑ 40 and 166 ‑ 80, and affected by sections 415 ‑ 35 and 415 ‑ 40. test time for the purposes of applying the * business continuity test has the meaning given by sections 165 ‑ 13, 165 ‑ 15, 165 ‑ 35, 165 ‑ 40, 165 ‑ 45, 165 ‑ 115B, 165 ‑ 115BA, 165 ‑ 126, 165 ‑ 129, 166 ‑ 5, 166 ‑ 20, 166 ‑ 40, 166 ‑ 80, 707 ‑ 125, 707 ‑ 135, 709 ‑ 215, 715 ‑ 50, 715 ‑ 55, 715 ‑ 60, 715 ‑ 70, 715 ‑ 90, 715 ‑ 95, 715 ‑ 355 and 715 ‑ 360, and affected by sections 415 ‑ 35 and 415 ‑ 40. TFN declaration means a declaration made for the purposes of section 202C of the Income Tax Assessment Act 1936 on or after 1 July 2000. TFN withholding tax means tax payable in accordance with section 14 ‑ 55 in Schedule 1 to the Taxation Administration Act 1953 . Note: The tax is imposed by the Income Tax (Deferred Interest Securities) (Tax File Number Withholding Tax) Act 1991 . TFN withholding tax (ESS) means tax payable in accordance with section 14 ‑ 155 in Schedule 1 to the Taxation Administration Act 1953 . Note: ESS is short for employee share scheme. third party debt conditions has the meaning given by section 820 ‑ 427A. third party earnings limit has the meaning given by section 820 ‑ 427A. this Act includes: (a) the Income Tax Assessment Act 1936 ; and (b) Part IVC of the Taxation Administration Act 1953 , so far as that Part relates to: (i) this Act or the Income Tax Assessment Act 1936 ; or (ii) Schedule 1 to the Taxation Administration Act 1953 ; and (c) Schedule 1 to the Taxation Administration Act 1953 ; except in Division 950 (Rules for interpreting this Act). Note: Subsection (2) of this section prevents definitions in the Income Tax Assessment Act 1997 from affecting the interpretation of the Income Tax Assessment Act 1936 . tier ‑ 1 company has the meaning given by section 719 ‑ 20. tier 1 prudential capital deduction , for an entity and at a particular time, means the amounts that must be deducted in the calculation of the eligible tier 1 capital (within the meaning of the * prudential standards) of the entity at that time in accordance with the prudential standards as in force at that time. timber mill building has the meaning given by section 43 ‑ 72. timber operation has the meaning given by section 43 ‑ 72. Timor Sea Maritime Boundaries Treaty means the Treaty between Australia and the Democratic Republic of Timor ‑ Leste Establishing their Maritime Boundaries in the Timor Sea done at New York on 6 March 2018, as in force from time to time. Note: The Treaty could in 2019 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). top company has the meaning given by section 719 ‑ 20. total debt amount has the meaning given by sections 820 ‑ 100, 820 ‑ 200 and 820 ‑ 210. total film expenditure has the meaning given by section 376 ‑ 170. total forestry scheme deductions has the meaning given by subsection 394 ‑ 30(3). total net forgiven amount has the meaning given by subsection 245 ‑ 105(1). total net investment loss of an individual for an income year means the sum of: (a) the amount (if any) by which the individual’s deductions for the income year that are attributable to * financial investments exceed the individual’s gross income for that year from those investments; and (b) the amount (if any) by which the individual’s deductions for the income year that are attributable to rental property exceed the individual’s gross income for that year from rental property. total participation interest has the meaning given by section 960 ‑ 180. total release amount , in relation to an * excess non ‑ concessional contributions determination, has the meaning given by paragraph 97 ‑ 25(1)(c) in Schedule 1 to the Taxation Administration Act 1953 . total superannuation balance has the meaning given by section 307 ‑ 230. total superannuation balance value has the meaning given by section 307 ‑ 230A. total superannuation earnings has the meaning given by section 296 ‑ 55. total voting percentage in a company has the meaning given by section 768 ‑ 560. tracing rule means a rule in one of the following sections: (a) section 166 ‑ 225; (b) section 166 ‑ 230; (c) section 166 ‑ 240; (d) section 166 ‑ 245; (e) section 166 ‑ 255; (f) section 166 ‑ 260. trading in * shares in a * listed public company, or in units in a unit trust, has the meaning given by section 960 ‑ 220. trading stock has the meaning given by section 70 ‑ 10, as modified by section 70 ‑ 12 of this Act and sections 124ZO and 124ZQ of the Income Tax Assessment Act 1936 . trading stock loss has the meaning given by subsection 165 ‑ 115A(1D). traditional security has the meaning given by section 26BB of the Income Tax Assessment Act 1936 . transfer balance has the meaning given by section 294 ‑ 30. transfer balance account means an account that arises under section 294 ‑ 15. transfer balance cap has the meaning given by section 294 ‑ 35 and modified by section 294 ‑ 185. transfer balance credit has the meaning given by section 294 ‑ 25. transfer balance debit has the meaning given by section 294 ‑ 80. transferor trust has the meaning given by section 960 ‑ 75. transfer pricing benefit has the meaning given by sections 815 ‑ 15, 815 ‑ 120 and 815 ‑ 220. transfer value of an asset means the amount that could be expected to be received from the disposal of the asset in an open market after deducting any costs expected to be incurred in respect of the disposal. transitioned petroleum activitie s has the meaning given by section 417 ‑ 10. transition entity has the meaning given by section 58 ‑ 5. transition time has the meaning given by section 58 ‑ 5. transition year has the meaning given by section 58 ‑ 5. transport capital expenditure has the meaning given by section 40 ‑ 865. transport expense has the meaning given by section 25 ‑ 100. transport facility has the meaning given by section 40 ‑ 870. travel allowance has the meaning given by section 900 ‑ 30. travel allowance expense has the meaning given by section 900 ‑ 30. travel between workplaces has the meaning given by section 25 ‑ 100. travel expense has the meaning given by section 900 ‑ 95. trial year has the meaning given by section 707 ‑ 120. trust component , of a particular character, has the meaning given by sections 276 ‑ 260. trust component deficit , of a particular character, has the meaning given by sections 276 ‑ 320. trustee : (a) of a * superannuation fund, an * approved deposit fund or a * pooled superannuation trust—means: (i) if there is a trustee (within the ordinary meaning of that expression) of the fund or trust—the trustee; or (ii) in any other case—the person who manages the fund or trust; and (b) otherwise—has the meaning given by subsection 6(1) of the Income Tax Assessment Act 1936 . trust restructuring period has the meaning given by section 124 ‑ 860. trust share amount has the meaning given by subsection 207 ‑ 120(4). trust voting interest has the meaning given by section 124 ‑ 781. ultimate controller has the meaning given by section 727 ‑ 350. ultimate holding company of a * wholly ‑ owned group has the meaning given by section 124 ‑ 780. ultimate owner has the meaning given by section 149 ‑ 15. ultimate stake of a particular percentage has the meaning given by sections 727 ‑ 405, 727 ‑ 410 and 727 ‑ 415. unclaimed money payment has the meaning given by section 307 ‑ 5. unconditionally registered : a * VCLP, * ESVCLP or * AFOF is unconditionally registered if: (a) its registration under the Venture Capital Act 2002 is not based, or is no longer based, on its conditional registration under section 13 ‑ 5 of that Act; or (b) it is taken to be unconditionally registered under subsection 13 ‑ 10(2) of that Act. undeducted construction expenditure has the meaning given by section 43 ‑ 235 and 43 ‑ 240. undeducted pre ‑ existing audited book value of a * depreciating asset has the meaning given by section 58 ‑ 80. under , of a particular character, has the meaning given by section 276 ‑ 345. under ‑ assessment , in the context of a * franking assessment, has the meaning given by subsection 214 ‑ 115(2). under common ownership : 2 companies are under common ownership if, and only if: (a) they are members of the same * wholly ‑ owned group; or (b) after tracing the direct and indirect ownership of the * shares in each of the companies (through any interposed companies and trusts) to the individuals who ultimately hold it, that ownership is held by the same individuals in the same proportions. In doing the tracing, ignore * shares whose * dividends can reasonably be regarded as being equivalent to the payment of interest on a loan having regard to: (c) how the dividends are calculated; and (d) the conditions applying to the payment of the dividends; and (e) any other relevant matters. unequal share structure has the meaning given by subsection 167 ‑ 10(3). unfrankable has the meaning given by section 202 ‑ 45. unfranked part of a * distribution has the meaning given by section 976 ‑ 5. uniform has the meaning given by subsection 34 ‑ 15(1). unitary tax has the meaning given by section 770 ‑ 15. United Nations Convention on the Law of the Sea means the United Nations Convention on the Law of the Sea, done at Montego Bay on 10 December 1982. Note: The text of the United Nations Convention on the Law of the Sea is in Australian Treaty Series 1994 No. 31 ([1994] ATS 31) and could in 2014 be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au). unlisted country has the meaning given by section 320 of the Income Tax Assessment Act 1936 . unrecouped FMD deduction (short for unrecouped farm management deposit deduction) has the meaning given by subsections 393 ‑ 10(2), 393 ‑ 16(3) and 393 ‑ 55(6) and (7). untainting tax has the meaning given by subsection 197 ‑ 60(2). untaxable Commonwealth entity means an untaxable Commonwealth entity as defined by section 195 ‑ 1 of the * GST Act. untaxed plan cap amount has the meaning given in section 307 ‑ 350. unused allocation of exploration credits from an income year has the meaning given by section 418 ‑ 82. unused annual leave payment has the meaning given by section 83 ‑ 10. unused concessional contributions cap has the meaning given by section 291 ‑ 20. unused long service leave payment has the meaning given by section 83 ‑ 75. unused tax profit on the disposal or death has the meaning given by subsection 385 ‑ 110(3). unutilised means not * utilised. up interest has the meaning given by section 725 ‑ 155. utilise , a * tax loss, a * net capital loss or * net exempt income, has the meaning given by section 960 ‑ 20. valuation days , in relation to the calculation of the average value of a matter for an entity under Division 820, means the particular days at which the value of that matter is measured under Subdivision 820 ‑ G for the purposes of that calculation. Valuation Standard means any prudential standard made under section 230A of the Life Insurance Act 1995 that: (a) provides for a valuation of the policy liabilities mentioned in subsection 114(2) of the Life Insurance Act 1995 ; and (b) is in force under that Act. valuation time for a * life insurance company has the meaning given by sections 320 ‑ 175 and 320 ‑ 230. Note: This definition is affected by section 713 ‑ 525. value : (a) the value of the liabilities of a * life insurance company under the * risk components of * life insurance policies means the value worked out under section 320 ‑ 85; and (b) the value of an item of * trading stock has the meaning given by Subdivision 70 ‑ C; and (c) the value of a * registered emissions unit has the meaning given by Subdivision 420 ‑ D; and (d) the value of a * superannuation interest has the meaning given by section 307 ‑ 205. variation credit component has the meaning given by section 45 ‑ 610 in Schedule 1 to the Taxation Administration Act 1953 . variation GIC component has the meaning given by section 45 ‑ 610 in Schedule 1 to the Taxation Administration Act 1953 . VBIF (short for value of business in force) has the meaning given by section 820 ‑ 310. VCLP means a * venture capital limited partnership. VCMP means a venture capital management partnership within the meaning of subsection 94D(3) of the Income Tax Assessment Act 1936 . venture capital credit has the meaning given by section 210 ‑ 105. venture capital debit has the meaning given by section 210 ‑ 120. venture capital deficit has the meaning given by section 210 ‑ 130. venture capital deficit tax means tax imposed under the New Business Tax System (Venture Capital Deficit Tax) Act 2003 . venture capital entity has the meaning given by section 118 ‑ 515. venture capital equity has the meaning given by section 118 ‑ 525. venture capital limited partnership has the meaning given by subsection 118 ‑ 405(2). venture capital sub ‑ account means a sub ‑ account that arises under section 210 ‑ 100. venture capital sub ‑ account balance has the meaning given by section 214 ‑ 35. venture capital surplus has the meaning given by section 210 ‑ 130. very large superannuation balance earnings component has the meaning given by section 296 ‑ 45. very large superannuation balance threshold has the meaning given by section 296 ‑ 35. visiting force has the meaning given by section 5 of the Defence (Visiting Forces) Act 1963 . voting share in a company means: (a) if the company is a body corporate—a voting share as defined by section 9 of the Corporations Act 2001 ; and (b) otherwise—a share that would be a voting share as defined by that section if the company were a body corporate. voting stake has the meaning given by section 166 ‑ 235. Water Department means the Department administered by the * Water Minister. water entitlement has the meaning given by section 124 ‑ 1105. water facility has the meaning given by section 40 ‑ 520. Water Minister means the Minister administering the Water Act 2007 . Water Secretary means the Secretary of the * Water Department. whole of life policy has the meaning given by section 295 ‑ 480. wholly ‑ owned group has the meaning given by section 975 ‑ 500. wholly ‑ owned subsidiary of an entity has the meaning given by section 703 ‑ 30. widely held company means: (a) a company, * shares in which (except shares that carry a right to a fixed rate of * dividend) are listed for quotation in the official list of an * approved stock exchange; or (b) a company with more than 50 members, other than a company where at least one of the following conditions is met during an income year: (i) no more than 20 persons held, or had the right to acquire or become the holders of, shares representing at least 75% of the value of the shares in the company (other than shares that only carry a right to a fixed rate of dividend); (ii) at least 75% of the voting power in the company was capable of being exercised by no more than 20 persons; (iii) at least 75% of the amount of any dividend paid by the company during the year was paid to no more than 20 persons; (iv) if no dividend was paid by the company during the year—the Commissioner is of the opinion that, if a dividend had been paid by the company during the year, at least 75% of the amount of the dividend would have been paid to no more than 20 persons. widely held entity has the meaning given by subsection 842 ‑ 230(2). widely held foreign venture capital fund of funds has the meaning given by subsection 118 ‑ 420(6). wine has the meaning given by Subdivision 31 ‑ A of the * Wine Tax Act. wine tax has the meaning given by section 33 ‑ 1 of the * Wine Tax Act. Wine Tax Act means the A New Tax System (Wine Equalisation Tax) Act 1999 . wine tax credit has the meaning given by section 33 ‑ 1 of the * Wine Tax Act. wine tax law has the meaning given by section 33 ‑ 1 of the * Wine Tax Act. WIP amount asset has the meaning given by subsection 701 ‑ 63(6). withholder means a * large withholder, a * medium withholder or a * small withholder. withholding MIT has the meaning given by section 12 ‑ 383 in Schedule 1 to the Taxation Administration Act 1953 . withholding payment means: (a) a payment from which an amount must be withheld under Division 12 in Schedule 1 to the Taxation Administration Act 1953 (even if the amount is not withheld); or (aa) a payment that arises because of the operation of section 12A ‑ 205 in that Schedule (deemed payments) in respect of which Subdivision 12A ‑ C in that Schedule requires an amount to be paid to the Commissioner; or (b) an * alienated personal services payment in respect of which Division 13 in that Schedule requires an amount to be paid to the Commissioner; or (c) a * non ‑ cash benefit, the * capital proceeds or a * taxable supply, in respect of which Division 14 in that Schedule requires an amount to be paid to the Commissioner. Note 1: A withholding payment that consists of a non ‑ cash benefit is made when the benefit is provided. The amount of the withholding payment is taken to be the market value of the benefit at that time. Note 2: Divisions 12, 13 and 14 in Schedule 1 to the Taxation Administration Act 1953 deal with collecting amounts on account of income tax payable by the recipient of the payment, alienated personal services payment, non ‑ cash benefit or capital proceeds. withholding payment covered by a particular provision in Schedule 1 to the Taxation Administration Act 1953 means a * withholding payment consisting of: (a) a payment from which an amount must be withheld under that provision (even if the amount is not withheld); or (aa) a payment that arises because of the operation of section 12A ‑ 205 in that Schedule (deemed payments) in respect of which that provision requires an amount to be paid to the Commissioner; or (b) a * non ‑ cash benefit provided by an entity if that provision would have required the entity to withhold an amount if, instead of providing the benefit, the entity had paid the * market value of the benefit; or (c) a non ‑ cash benefit provided to an entity if that provision would have required the entity to withhold an amount if the benefit had been a payment of an amount equal to the market value of the benefit; or (d) the * capital proceeds in respect of which Subdivision 14 ‑ D in that Schedule requires an amount to be paid to the Commissioner; or (e) the * taxable supply in respect of which Subdivision 14 ‑ E in that Schedule requires an amount to be paid to the Commissioner. withholding tax means income tax payable under: (a) section 301 ‑ 175 (departing Australia superannuation payments); or (b) section 306 ‑ 15 (excess untaxed roll ‑ over amounts); or (c) Division 840 (withholding taxes); or (d) Subdivision 840 ‑ M of the Income Tax (Transitional Provisions) Act 1997 (managed investment trust amounts); or (e) section 128B of the Income Tax Assessment Act 1936 (dividends, interest and royalties). work and income support withholding payments means work and income support related withholding payments and benefits, within the meaning given by the Income Tax Assessment Act 1936 . workers’ compensation law has the meaning given by subsection 136(1) of the Fringe Benefits Tax Assessment Act 1986 . work expense has the meaning given by section 900 ‑ 30. working holiday maker has the meaning given by subsection 3A(1) of the Income Tax Rates Act 1986 . working holiday taxable income has the meaning given by subsections 3A(2) and (3) of the Income Tax Rates Act 1986 . work in progress amount has the meaning given by section 25 ‑ 95. worldwide capital amount , for an * outward investing entity (ADI), has the meaning given by section 820 ‑ 320. worldwide debt of an entity and at a particular time has the meaning given by subsection 820 ‑ 932(1). worldwide equity of an entity and at a particular time has the meaning given by subsection 820 ‑ 932(2). worldwide gearing debt amount : (a) for an * outward investing financial entity (non ‑ ADI)—has the meaning given by sections 820 ‑ 110 and 820 ‑ 111; and (c) for an inward investment vehicle (financial)—has the meaning given by section 820 ‑ 217; and (e) for an * inward investor (financial)—has the meaning given by section 820 ‑ 219. written down value of a * depreciating asset has the meaning given by section 45 ‑ 40. you has the meaning given by section 4 ‑ 5. your area has the meaning given by sections 43 ‑ 115 and 43 ‑ 120. your construction expenditure has the meaning given by sections 43 ‑ 115 and 43 ‑ 120. your earning activity has the meaning given by section 40 ‑ 755. zero ‑ capital amount has the meaning given by section 820 ‑ 942. (2) So far as a provision of the Income Tax Assessment Act 1997 gives an expression a particular meaning, the provision: (a) does not also have effect for the purposes of the Income Tax Assessment Act 1936 (the 1936 Act ), except as provided in the 1936 Act; and (b) does not also have effect for the purposes of Part IVC of the Taxation Administration Act 1953 , except as provided in that Part. Income Tax Assessment Act 1997 No. 38, 1997 Compilation No. 266 Compilation date: 1 July 2026 Includes amendments: Act No. 17, 2025, Act No. 57, 2025, Act No. 49, 2026 and Act No. 58, 2026 This compilation is in 12 volumes Volume 1: Chapter 1, Part 1-1 to Chapter 2, Part 2-5 sections 1 ‑ 1 to 36 ‑ 55 Volume 2: Chapter 2, Part 2-10 to Chapter 2, Part 2-20 sections 40 ‑ 1 to 67 ‑ 30 Volume 3: Chapter 2, Part 2-25 to Chapter 3, Part 3-1 sections 70 ‑ 1 to 121 ‑ 35 Volume 4: Chapter 3, Part 3-3 to Chapter 3, Part 3-5 sections 122 ‑ 1 to 197 ‑ 85 Volume 5: Chapter 3, Part 3-6 to Chapter 3, Part 3-10 sections 200 ‑ 1 to 253 ‑ 15 Volume 6: Chapter 3, Part 3-25 to Chapter 3, Part 3-30 sections 275 ‑ 1 to 313 ‑ 85 Volume 7: Chapter 3, Part 3-32 to Chapter 3, Part 3-50 sections 315 ‑ 1 to 421 ‑ 85 Volume 8: Chapter 3, Part 3-80 to Chapter 3, Part 3-90 sections 615 ‑ 1 to 721 ‑ 40 Volume 9: Chapter 3, Part 3-95 to Chapter 4, Part 4-5 sections 723 ‑ 1 to 880 ‑ 205 Volume 10: Chapter 5, Part 5-30 to Chapter 6, Part 6-5 sections 900 ‑ 1 to 995 ‑ 1 Volume 11: Endnotes 1 to 3 Volume 12: Endnote 4 Each volume has its own contents About this compilation This compilation This is a compilation of the Income Tax Assessment Act 1997 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 285, "First_Amended": "No 80 of 1007", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 80 of 1007 | No 154 of 1007 | No 56 of 1997 | No 95 of 1997 | No 121 of 1997 | No 147 of 1997 | No 174 of 1997 | No 179 of 1997 | No 16 of 1998 | No 17 of 1998 | No 41 of 1998 | No 46 of 1998 | No 47 of 1998 | No 63 of 1998 | No 102 of 1998 | No 108 of 1998 | No 128 of 1998 | No 11 of 1999 | No 39 of 1999 | No 44 of 1999 | No 54 of 1999 | No 60 of 1999 | No 93 of 1999 | No 94 of 1999 | No 146 of 1999 | No 156 of 1999 | No 164 of 1999 | No 165 of 1999 | No 169 of 1999 | No 176 of 1999 | No 177 of 1999 | No 179 of 1999 | No 44 of 2000 | No 58 of 2000 | No 66 of 2000 | No 79 of 2000 | No 86 of 2000 | No 89 of 2000 | No 90 of 2000 | No 91 of 2000 | No 92 of 2000 | No 114 of 2000 | No 144 of 2000 | No 173 of 2000 | No 55 of 2001 | No 72 of 2001 | No 73 of 2001 | No 77 of 2001 | No 78 of 2001 | No 89 of 2001 | No 114 of 2001 | No 162 of 2001 | No 163 of 2001 | No 167 of 2001 | No 168 of 2001 | No 169 of 2001 | No 15 of 2002 | No 27 of 2002 | No 32 of 2002 | No 48 of 2002 | No 53 of 2002 | No 57 of 2002 | No 68 of 2002 | No 90 of 2002 | No 97 of 2002 | No 117 of 2002 | No 119 of 2002 | No 136 of 2002 | No 139 of 2002 | No 12 of 2003 | No 16 of 2003 | No 66 of 2003 | No 67 of 2003 | No 86 of 2003 | No 101 of 2003 | No 107 of 2003 | No 133 of 2003 | No 141 of 2003 | No 142 of 2003 | No 150 of 2003 | No 52 of 2004 | No 83 of 2004 | No 95 of 2004 | No 96 of 2004 | No 101 of 2004 | No 23 of 2005 | No 41 of 2005 | No 45 of 2005 | No 58 of 2005 | No 64 of 2005 | No 75 of 2005 | No 77 of 2005 | No 78 of 2005 | No 147 of 2005 | No 160 of 2005 | No 161 of 2005 | No 162 of 2005 | No 32 of 2006 | No 55 of 2006 | No 58 of 2006 | No 65 of 2006 | No 73 of 2006 | No 80 of 2006 | No 100 of 2006 | No 101 of 2006 | No 168 of 2006 | No 4 of 2007 | No 9 of 2007 | No 15 of 2007 | No 32 of 2007 | No 55 of 2007 | No 56 of 2007 | No 78 of 2007 | No 79 of 2007 | No 143 of 2007 | No 164 of 2007 | No 184 of 2007 | No 32 of 2008 | No 38 of 2008 | No 45 of 2008 | No 97 of 2008 | No 130 of 2008 | No 144 of 2008 | No 14 of 2009 | No 15 of 2009 | No 27 of 2009 | No 31 of 2009 | No 42 of 2009 | No 47 of 2009 | No 75 of 2009 | No 88 of 2009 | No 114 of 2009 | No 126 of 2009 | No 133 of 2009 | No 19 of 2010 | No 20 of 2010 | No 56 of 2010 | No 74 of 2010 | No 75 of 2010 | No 79 of 2010 | No 90 of 2010 | No 105 of 2010 | No 114 of 2010 | No 117 of 2010 | No 136 of 2010 | No 145 of 2010 | No 31 of 2011 | No 41 of 2011 | No 46 of 2011 | No 61 of 2011 | No 62 of 2011 | No 93 of 2011 | No 132 of 2011 | No 147 of 2011 | No 12 of 2012 | No 14 of 2012 | No 18 of 2012 | No 23 of 2012 | No 26 of 2012 | No 37 of 2012 | No 39 of 2012 | No 57 of 2012 | No 58 of 2012 | No 71 of 2012 | No 75 of 2012 | No 99 of 2012 | No 109 of 2012 | No 115 of 2012 | No 126 of 2012 | No 136 of 2012 | No 169 of 2012 | No 181 of 2012 | No 185 of 2012 | No 44 of 2013 | No 82 of 2013 | No 84 of 2013 | No 85 of 2013 | No 88 of 2013 | No 89 of 2013 | No 96 of 2013 | No 101 of 2013 | No 118 of 2013 | No 120 of 2013 | No 124 of 2013 | No 13 of 2014 | No 34 of 2014 | No 67 of 2014 | No 77 of 2014 | No 82 of 2014 | No 83 of 2014 | No 96 of 2014 | No 101 of 2014 | No 110 of 2014 | No 133 of 2014 | No 2 of 2015 | No 20 of 2015 | No 21 of 2015 | No 36 of 2015 | No 66 of 2015 | No 67 of 2015 | No 70 of 2015 | No 105 of 2015 | No 114 of 2015 | No 130 of 2015 | No 135 of 2015 | No 150 of 2015 | No 162 of 2015 | No 169 of 2015 | No 170 of 2015 | No 10 of 2016 | No 18 of 2016 | No 23 of 2016 | No 53 of 2016 | No 54 of 2016 | No 55 of 2016 | No 63 of 2016 | No 81 of 2016 | No 89 of 2016 | No 15 of 2017 | No 27 of 2017 | No 41 of 2017 | No 55 of 2017 | No 64 of 2017 | No 94 of 2017 | No 126 of 2017 | No 132 of 2017 | No 15 of 2018 | No 23 of 2018 | No 82 of 2018 | No 84 of 2018 | No 94 of 2018 | No 116 of 2018 | No 121 of 2018 | No 7 of 2019 | No 8 of 2019 | No 15 of 2019 | No 34 of 2019 | No 37 of 2019 | No 49 of 2019 | No 59 of 2019 | No 94 of 2019 | No 95 of 2019 | No 105 of 2019 | No 107 of 2019 | No 129 of 2019 | No 21 of 2020 | No 49 of 2020 | No 64 of 2020 | No 79 of 2020 | No 92 of 2020 | No 112 of 2020 | No 151 of 2020 | No 45 of 2021 | No 47 of 2021 | No 72 of 2021 | No 101 of 2021 | No 127 of 2021 | No 8 of 2022 | No 24 of 2022 | No 75 of 2022 | No 84 of 2022 | No 4 of 2023 | No 14 of 2023 | No 28 of 2023 | No 29 of 2023 | No 40 of 2023 | No 61 of 2023 | No 69 of 2023 | No 73 of 2023 | No 76 of 2023 | No 23 of 2024 | No 38 of 2024 | No 52 of 2024 | No 67 of 2024 | No 90 of 2024 | No 134 of 2024 | No 138 of 2024 | No 9 of 2025 | No 45 of 2025 | No 57 of 2025 | No 1 of 2026 | No 8 of 2026 | No 47 of 2026 | No 49 of 2026", "History_Notes": "Amended by No 80 of 1007 | Amended by No 154 of 1007 | Amended by No 56 of 1997, effective Sch 2 (items 7–10): 1 July 1997 (s 2(4)) | Amended by No 95 of 1997, effective s 4 and Sch 3 (items 15–18): 30 June 1997 (s 2(1)) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 1, Sch 2 (items 3–17), Sch 3 (items 3–30), Sch 4 (items 5–62, Sch 5 (items 3–42), Sch 6 (items 3–67), Sch7 (items 2–4), Sch 8 (items 2–31), Sch 9 (items 3–15), Sch 10 (items 2–11), Sch 11 (items 2–36) and Sch 12 (items 1–14): 1 July 1997 (s 2(2), (3), (4) (5)) | Amended by No 147 of 1997, effective s 4 and Sch 2 (items 2–7): 14 Oct 1997 (s 2(1)) Sch 6 (items 10–13): 1 July 1997 (s 2(3)) Sch 14 (items 43–60): 1 July 1997 (s 2(7)) Sch 15 (items 7–13): 1 July 1997 (s 2(9)) | Amended by No 174 of 1997, effective Sch 6 (items 1–16, 23(1)) and Sch 9 (items 1–23, 30(1)): 21 Nov 1997 (s 2(1), (3)) | Amended by No 179 of 1997, effective Sch 2 (items 12–26) and Sch 3 (item 4): 25 Nov 1997 (s 2) | Amended by No 16 of 1998, effective s 4, Sch 3–5, Sch 10 (items 1–19) and Sch 11: 16 Apr 1998 (s 2(1)) | Amended by No 17 of 1998, effective 16 Apr 1998 | Amended by No 41 of 1998, effective s 4, Sch 3 (items 4–7), Sch 4 (items 1–3, 5): 4 June 1998 (s 2(1)) | Amended by No 46 of 1998, effective s 4, Sch 1, Sch 2 (items 4–48), Sch 3 (items 3–12), Sch 4 (items 2–11), Sch 5 (items 3–5), Sch 6 (items 2–7), Sch 7 (items 2–11), Sch 9 (items 2–6, 8) and Sch 10: 22 June 1998 (s 2(1)–(4)) | Amended by No 47 of 1998, effective Schedule 1 (items 2, 4): 1 July 1998 Remainder: Royal Assent | Amended by No 63 of 1998, effective Sch 6: 1 July 1998 (s 2(3)(a)) | Amended by No 102 of 1998, effective 30 July 1998 | Amended by No 108 of 1998, effective 7 Dec 1998 ( see s. 2) | Amended by No 128 of 1998, effective 21 Dec 1998 | Amended by No 11 of 1999, effective Sch 1 (items 277–280, 404): 1 July 1999 (s 2(3)) | Amended by No 39 of 1999, effective 31 May 1999 | Amended by No 44 of 1999, effective Sch 7 (item 105): 1 July 1999 (s 3(2)(e), (16) and gaz 1999, No S283) | Amended by No 54 of 1999, effective 5 July 1999 (s 2(1), (2)) | Amended by No 60 of 1999, effective 9 July 1999 ( see s. 2) | Amended by No 93 of 1999, effective Schedule 4 (item 24): 16 Apr 1998 Remainder: Royal Assent | Amended by No 94 of 1999, effective 16 July 1999 (s 2(1)–(3)) | Amended by No 146 of 1999, effective Sch 1 (items 532–534): 5 Dec 1999 (s 2(1), (2)) | Amended by No 156 of 1999, effective Sch 5 (items 17–21): 13 Mar 2000 (s 2(2)(b) and gaz 2000, No S114) | Amended by No 164 of 1999, effective Sch 1, Sch 2 (items 1–16, 19–23), Sch 3 (items 1–10, 14) and Sch 4–6: 10 Dec 1999 (s 2(1)) Sch 2 (items 17, 18): never commenced (s 2(2)) | Amended by No 165 of 1999, effective s 4, Sch 1 (items 1–53, 61, 62), Sch 2, Sch 3 (items 1–4, 18) and Sch 4: 10 Dec 1999 (s 2(1), (2)) | Amended by No 169 of 1999, effective Sch 5 (items 1–12): 22 Feb 1999 (s 2(2)) Sch 1 (items 1–13, 18), Sch 2 (items 1–3, 5), Sch 3 (items 1–4, 7), Sch 4 (items 1–15, 19), Sch 6, Sch 7 (item 11), Sch 8, Sch 9 (items 1–14, 23–33) and Sch 10: 10 Dec 1999 (s 2(1)) | Amended by No 176 of 1999, effective Sch 3: 1 July 2000 (s 2(9)) | Amended by No 177 of 1999, effective Sch 5: 22 Dec 1999 (s 2(1)) Sch 8 (items 1–6): 1 July 2000 (s 2(10)) | Amended by No 179 of 1999, effective Sch 7, Sch 8, Sch 16 (items 18, 19, 37) and Sch 18: 22 Dec 1999 (s 2(1), (7)(d), (e)) Sch 11 (items 80–105) and Sch 18 (items 4, 5, 17, 21, 32): 1 July 2000 (s 2(9)(b), (14)) | Amended by No 44 of 2000, effective Sch 3 (item 38), Sch 4 (items 13–16) and Sch 5: 22 Dec 1999 (s 2(1)) | Amended by No 58 of 2000, effective s 4, Sch 2 (items 2–4(2)), Sch 5, Sch 6 (items 1–13, 17, 18, 20–32, 34), Sch 9 and Sch 10 (items 12–17(3)–(6), 31–38(3)–(7)): 31 May 2000 (s 2(1)) Sch 4: 17 Dec 1999 (s 2(8)) Sch 6 (items 14–16): never commenced (s 2(10)) Sch 6 (item 19): 16 July 1999 (s 2(11)) Sch 8 (item 19): 1 July 1998 (s 2(13)) | Amended by No 66 of 2000, effective Sch 2 (items 3, 4): 7 Dec 1998 (s 2(3)) Sch 3–5: 22 June 2000 (s 2(1)) | Amended by No 79 of 2000, effective s 4: 30 June 2000 (s 2(1)) Sch 1 (items 3, 4(2)), Sch 2 (items 1–7) and Sch 6 (items 1–11, 15): 1 July 2000 (s 2(2)) | Amended by No 86 of 2000, effective Sch 1 (items 1–26): 30 June 2000 (s 2(1)) | Amended by No 89 of 2000, effective s 4, Sch 1 (items 1–17, 19–25, 30–32, 34–65, 65A, 68), Sch 2 (items 63–66, 69, 71–79, 79A, 79B, 80–83, 83A, 84), Sch 4, Sch 5 (items 1–31, 34), Sch 6 and Sch 9 (items 5, 9, 26, 43, 55–57, 62, 63, 66, 67): 30 June 2000 (s 2(1)) Sch 1 (item 18): 1 pm (A.C.T.) 11 Nov 1999 (s 2(2)) Sch 1 (items 26–29, 33): 31 May 2000 (s 2(3)) Sch 2 (items 67, 68, 70): 1 July 2001 (s 2(5)) Sch 9 (items 1–4, 6–8, 10–25, 27–42, 44–54, 58–61, 64, 65, 68–73): 1 July 2000 (s 2(11)) | Amended by No 90 of 2000, effective 30 June 2000 | Amended by No 91 of 2000, effective Sch 2 (items 49–53), Sch 4A and Sch 5: 1 July 2000 (s 3(1), (6)) | Amended by No 92 of 2000, effective Sch 7 (items 28–30): 1 July 2000 (s 2(1)) | Amended by No 114 of 2000, effective Schedule 4 (items 43, 44): 1 July 1998 Remainder: Royal Assent | Amended by No 144 of 2000, effective Sch 2 (items 7–19) and Sch 3 (items 7(3), 8): 18 Dec 2000 (s 2(2) and gaz 2000, No S634) | Amended by No 173 of 2000, effective s 4, Sch 1, Sch 3 (items 1–15, 17), Sch 4 (items 6–45, 47–49, 51–59, 65(1), (3)) and Sch 6: 21 Dec 2000 (s 2(1)) Sch 4 (items 46, 50): 1 July 1998 (s 2(3)) Sch 5: 31 May 2000 (s 2(4)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 264–275): 15 July 2001 (s 2(1), (3)) | Amended by No 72 of 2001, effective 30 June 2001 | Amended by No 73 of 2001, effective Schedule 1 (items 69–78): 23 May 2001 Schedule 2 (items 48–52): 1 Jan 2001 Schedule 3 (items 34–36): 1 Apr 2001 Remainder: Royal Assent | Amended by No 77 of 2001, effective Sch 2 (items 149–476, 488): 30 June 2001 (s 2(1)) | Amended by No 78 of 2001, effective Sch 1 and 2: 30 June 2001 (s 2(1)) | Amended by No 89 of 2001, effective 18 July 2001 | Amended by No 114 of 2001, effective Sch 1 (items 16–19, 21–24): 28 Dec 2002 (s 2) | Amended by No 162 of 2001, effective Sch 1 (items 1, 14–16) and Sch 2: 1 July 2001 (s 2(1)) Sch 1 (items 17, 19): 15 July 2001 (s 2(2)(b)) Sch 1 (item 18): 1 July 2002 (s 2(3)(b)) | Amended by No 163 of 2001, effective 1 July 2001 | Amended by No 167 of 2001, effective Sch 4 (items 8–10) and Sch 7 and 8: 1 Oct 2001 (s 2(1)) | Amended by No 168 of 2001, effective Schedule 2: 1 July 2000 Remainder: Royal Assent | Amended by No 169 of 2001, effective s 4, Sch 4, Sch 5 (items 1–9) and Sch 6 (items 1–4, 4A–4C, 5, 5A, 6–16, 16L–16N, 17, 19): 1 Oct 2001 (s 2(1), (4), (4B), (4C), (5)) | Amended by No 15 of 2002, effective 4 Apr 2002 | Amended by No 27 of 2002, effective 4 Apr 2002 | Amended by No 32 of 2002, effective 30 May 2002 | Amended by No 48 of 2002, effective 29 June 2002 | Amended by No 53 of 2002, effective Schedules 3 and 4: 1 July 2002 Remainder: Royal Assent | Amended by No 57 of 2002, effective Sch 2: 1 July 2002 (s 2(1) item 3) Sch 4 (items 3, 4): 1 July 2000 (s 2(1) item 5) Sch 4 (items 5–8), Sch 7, Sch 9 (items 9, 11, 12, 15–20, 22–40, 45), Sch 11 (items 2–5), Sch 12 (items 16–18, 20, 25, 26): 3 July 2002 (s 2(1) items 6, 7, 9, 11, 13, 15, 16, 18, 28, 30, 33) Sch 9 (items 10, 13, 14, 21) and Sch 12 (items 23, 24): 1 July 1997 (s 2(1) items 10, 12, 14, 32) Sch 12 (item 19): 30 June 1998 (s 2(1) item 29) Sch 12 (items 21, 22): 22 June 1998 (s 2(1) item 31) Sch 12 (items 27, 28): 16 Apr 1998 (s 2(1) item 34) Sch 12 (item 29): 19 Sept 1997 (s 2(1) item 35) | Amended by No 68 of 2002, effective 24 Oct 2002 ( see s. 2) | Amended by No 90 of 2002, effective s 4, Sch 1–6, 12, Sch 14 (items 1–15, 17–19), Sch 15 (items 1, 3–15, 19–89) and Sch 16 (items 1, 21–55): 24 Oct 2002 (s 2(1) items 1, 2, 4, 5) Sch 13: 29 June 2002 (s 2(1) item 3) | Amended by No 97 of 2002, effective s. 4, Schedule 1 (item 8) and Schedule 2 (items 9A, 9B, 10–12): Royal Assent | Amended by No 117 of 2002, effective s 4: 2 Dec 2002 (s 2(1) item 1) Sch 1, 2, Sch 3 (items 1–7), Sch 4, Sch 5 (items 1–12), Sch 6–8, Sch 11 (items 8–11), Sch 12 (items 1–23), Sch 13 (items 1–14) and Sch 14 (items 8–13): 24 Oct 2002 (s 2(1) items 2, 3, 5, 6, 9) Sch 17: 29 June 2002 (s 2(1) item 11) | Amended by No 119 of 2002, effective s 4, Sch 1 (items 2–5, 8), Sch 2 and Sch 3 (item 100): 2 Dec 2002 (s 2(1) items 1, 2, 10) Sch 1 (items 6, 7): ( see Sch 10 (item 242) of Act No. 41, 2005) Sch 3 (items 4–78): 30 June 2001 (s 2(1) items 3–8) | Amended by No 136 of 2002, effective Sch 1 (items 1, 5): 31 May 2000 (s 2(1) items 2, 4) Sch 1 (items 2–4, 6–27), Sch 2 (items 18–28), Sch 3 (items 2–18) and Sch 4 (items 1, 2): 19 Dec 2002 (s 2(1) items 3, 5, 6) | Amended by No 139 of 2002, effective 19 Dec 2002 | Amended by No 12 of 2003, effective Schedule 1: 29 Aug 2001 Remainder: Royal Assent | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 16 of 2003, effective s 4: 11 Apr 2003 (s 2(1) item 1) Sch 1 (items 1–6, 9–26), Sch 2, 3, Sch 4 (items 1–7), Sch 5 (items 2–5), Sch 6 (items 1–9), Sch 7 (items 1, 2, 4–29), Sch 8, Sch 9 (items 1, 2, 13–21), Sch 10 (item 2), Sch 11 (items 1–3), Sch 12, 13, Sch 14 (items 1–7), Sch 16 (items 1–3), Sch 19 (items 1–3), Sch 21, 22, Sch 23 (items 10–13) and Sch 24 (items 20–23): 24 Oct 2002 (s 2(1) items 1A, 2–11, 13, 14) Sch 7 (item 3): ( see Sch 10 (item 224) of Act No. 41, 2005) Sch 25 (items 1–10), Sch 26 (items 1–4, 8), Sch 27 (items 1–19, 21), Sch 28 (items 1–12, 19), Sch 29 (items 12, 13) and Sch 30 (items 1, 2): 29 June 2002 (s 2(1) items 15–19, 21, 23) | Amended by No 66 of 2003, effective s 4, Sch 2 (items 1–5, 17), Sch 3 (items 49–70, 71–128, 129–131, 140, 141), Sch 4, Sch 6 (items 1, 3) and Sch 7 (items 6–9): 30 June 2003 (s 2(1) items 1, 3, 6–8, 8B–12, 12B, 14, 15, 17, 18) Sch 3 (items 70A, 128A): 2 Apr 2003 (s 2(1) items 8A, 12A) | Amended by No 67 of 2003, effective Schedule 10 (items 13–16): 14 Oct 2003 ( see s. 2(1)) | Amended by No 86 of 2003, effective Sch 1 (items 4–6): 1 Jan 2004 (s 2(1) item 2) | Amended by No 101 of 2003, effective s. 4, Schedule 1 (items 2–20, 22), Schedule 2 (items 1–12), Schedule 3 (items 2–6) and Schedule 6 (items 16, 22–25, 27, 28, 30): Royal Assent s. 5: 11 Oct 2002 Sch 6 (items 17–19): 1 July 1997 (s 2(1) items 17, 18) Sch 6 (items 20, 21): 21 Dec 2000 (s 2(1) items 19, 20) Sch 6 (item 26): 10 Dec 1999 (s 2(1) item 22) Sch 6 (item 29): 30 June 2000 (s 2(1) item 25) | Amended by No 107 of 2003, effective Sch 6: 1 July 2003 (s 2(1) item 3) Sch 7 (items 6–8): 30 June 2003 (s 2(1) item 5) Sch 7 (item 15): 17 Dec 2003 (s 2(1) item 7) Remainder: 21 Oct 2003 (s 2(1) items 1, 2, 4, 6, 8) | Amended by No 133 of 2003, effective 17 Dec 2003 | Amended by No 141 of 2003, effective Schedule 3 (item 1): 18 Dec 2003 | Amended by No 142 of 2003, effective s 4, Sch 1 (items 1–15, 18–40), Sch 2 (items 1, 2, 4–29, 33–49, 52, 53), Sch 3, Sch 7 (items 1–23) and Sch 8 (items 4–17, 17A, 17B, 18–21, 24(2), (3)): 17 Dec 2003 (s 2(1) items 1–5, 10, 11, 13) | Amended by No 150 of 2003, effective Sch 2 (items 136–143): 1 Jan 2004 (s 2(1) item 16) | Amended by No 52 of 2004, effective Schedule 4 (items 10–13, 14(2), (3), 15): 1 July 2004 ( see s. 2) | Amended by No 83 of 2004, effective s 4, Sch 1 (items 116–124), Sch 2 (items 1, 2, 5–8, 10–18, 20–33, 36–50, 52–64, 67–74), Sch 3 (items 4–7), Sch 5 (items 1, 2), Sch 6, Sch 8 (items 9–11), Sch 10 (items 43, 44) and Sch 12: 25 June 2004 (s 2(1) items 1, 12–14, 16, 17, 20, 27, 29, 30) Sch 1 (items 2–79): 30 June 2000 (s 2(1) item 2) Sch 1 (items 85–94): 30 June 2001 (s 2(1) items 3–5) Sch 1 (items 95–99): 24 Oct 2002 (s 2(1) item 6) Sch 1 (item 100): 19 Dec 2002 (s 2(1) item 7) Sch 1 (items 101–104) and Sch 10 (items 23–29, 30–42): 30 June 2003 (s 2(1) items 8, 9, 24–26) Sch 1 (items 105, 106): 17 Dec 2003 (s 2(1) item 10) Sch 10 (items 3–22): 29 June 2002 (s 2(1) item 23) | Amended by No 95 of 2004, effective s. 4, Schedules 2, 3, 5 and 11: Royal Assent Schedule 7 (items 1–10, 13): 1 July 2004 Schedule 10 (items 28–39, 44, 45): 1 July 2005 | Amended by No 96 of 2004, effective 29 June 2004 | Amended by No 101 of 2004, effective s. 4, Schedule 1 (items 2–4), Schedule 9, Schedule 10 (items 7–37) and Schedule 11 (items 144–146): Royal Assent Sch 2 and Sch 7 (items 1–8): 30 June 2003 (s 2(1) items 3, 8) Sch 3: 1 July 2003 (s 2(1) item 4) Sch 11 (item 35): 30 June 2000 (s 2(1) item 13) Sch 11 (items 52–59, 88, 89): 1 July 2000 (s 2(1) item 14) Sch 11 (items 141–143): 1 July 2001 (s 2(1) item 16) | Amended by No 23 of 2005, effective s. 4, Schedule 1 (items 2–8, 11, 13–19, 21–24, 26, 27, 29–32), Schedule 2 (items 1–11, 14), Schedule 3 (items 1–13, 75–102, 111(1)–(3)), Schedules 4–6, 8, 10 and Schedule 12 (items 2–6, 11(1)): Royal Assent Schedule 12 (item 1): 1 July 2000 | Amended by No 41 of 2005, effective s. 4, Schedule 1 (items 1–11), Schedule 2 (items 1–9, 11), Schedule 3 (items 17–22), Schedule 6 (items 1–3, 5, 12–15, 17–28), Schedule 7, Schedule 10 (items 36–221, 271–273) and Schedule 11 (items 4, 5): Royal Assent Sch 10 (item 247): 28 Dec 2002 (s 2(1) item 9) Sch 10 (items 248, 259, 260): 24 Oct 2002 (s 2(1) items 10, 14, 15) Sch 10 (items 249, 250–257, 263, 264): 29 June 2002 (s 2(1) items 11, 12, 17) Sch 10 (item 258): 30 June 2000 (s 2(1) item 13) Sch 10 (items 261, 262): 1 July 2000 (s 2(1) item 16) | Amended by No 45 of 2005, effective Schedule 1 (items 66, 67) and Schedule 4: 1 July 2005 ( see s. 2(1)) | Amended by No 58 of 2005, effective Schedule 1: 27 June 2005 ( see s. 2(1)) Remainder: Royal Assent | Amended by No 64 of 2005, effective Schedule 2: 27 June 2005 Schedule 5: 29 June 2004 Remainder: Royal Assent | Amended by No 75 of 2005, effective 29 June 2005 | Amended by No 77 of 2005, effective 29 June 2005 | Amended by No 78 of 2005, effective 29 June 2005 | Amended by No 147 of 2005, effective Schedule 1 (items 4–168, 169(2), 170–176), Schedule 2 (items 1, 12–24, 26–28), Schedule 3, Schedule 4 (items 4–12), Schedule 5 (items 13, 14, 20), Schedule 6 (items 1, 2, 10(1)) and Schedule 7 (items 14–16, 20): Royal Assent | Amended by No 160 of 2005, effective Schedule 1 (items 1–10, 14(1)) and Schedule 2 (items 1–12): Royal Assent | Amended by No 161 of 2005, effective Schedule 1 (item 26) and Schedule 2 (items 6–14, 32): Royal Assent | Amended by No 162 of 2005, effective Schedule 2 (items 1–13), Schedule 3 (items 1–3, 16–19, 33) and Schedule 6 (items 28–32): Royal Assent Schedule 6 (items 1–5, 7–13): 1 July 2005 Sch 6 (items 6, 16–25): 1 July 2001 (s 2(1) items 4, 6) | Amended by No 32 of 2006, effective 6 Apr 2006 | Amended by No 55 of 2006, effective Schedules 1, 3 and 4: 1 July 2006 Remainder: Royal Assent | Amended by No 58 of 2006, effective s. 4, Schedules 1, 2, Schedule 3 (items 1–3, 7), Schedule 4, Schedule 5 (items 1–3) and Schedule 7 (items 51–113, 213–216, 257–263): Royal Assent Sch 7 (items 179–188): 1 July 2004 (s 2(1) item 15) Sch 7 (item 189): 5 July 1999 (s 2(1) item 16) Sch 7 (item 190): 30 June 2000 (s 2(1) item 17) Sch 7 (item 191): 24 Oct 2002 (s 2(1) item 18) Sch 7 (item 192): 30 June 2004 (s 2(1) item 19) Sch 7 (item 193): 22 Dec 1999 (s 2(1) item 20) | Amended by No 65 of 2006, effective Schedule 4 (items 1–10, 12): Royal Assent | Amended by No 73 of 2006, effective Schedule 5 (items 5–38, 156–159): 1 July 2006 ( see s. 2(1)) | Amended by No 80 of 2006, effective Schedule 1 (items 2–4), Schedule 2, Schedule 4 (items 1, 5–9, 14, 20, 23–30), Schedule 5, Schedule 6 (items 3–7) and Schedule 11 (items 1, 2, 4–24): Royal Assent Schedule 3 (items 2–5): 30 June 2006 (s 2(1) item 3) | Amended by No 100 of 2006, effective 14 Sept 2006 | Amended by No 101 of 2006, effective Schedules 3 and 4: 1 Jan 2008 Remainder: Royal Assent | Amended by No 168 of 2006, effective Schedule 3 (items 3–5): 13 Dec 2005 Remainder: Royal Assent | Amended by No 4 of 2007, effective Schedule 1 and Schedule 2 (items 11–16, 26): Royal Assent | Amended by No 9 of 2007, effective Schedule 1 (items 1, 2, 5–17, 24(1)), Schedule 2 (items 1, 2), Schedule 3, Schedule 5 (items 6–8, 36(1)) and Schedule 10: Royal Assent | Amended by No 15 of 2007, effective s 4, Sch 1 (items 150–236, 240, 242–260, 406(1)–(3)), Sch 3 (items 8–44, 66) and Sch 4 (items 1–8): 15 Mar 2007 (s 2(1) items 1, 2, 6, 8, 9) Sch 2: 12 Apr 2007 (s 2(1) item 3) | Amended by No 32 of 2007, effective Schedule 2 (item 52): 1 Apr 2007 ( see s. 2(1)) Schedule 3 (items 7A, 8, 9, 9A–9C): 1 July 2007 | Amended by No 55 of 2007, effective 12 Apr 2007 | Amended by No 56 of 2007, effective 12 Apr 2007 | Amended by No 78 of 2007, effective Schedule 7 (items 2–14): 1 July 2005 Schedule 8 (items 350–353): 19 Dec 2002 (s 2(1) item 7) Remainder: Royal Assent | Amended by No 79 of 2007, effective Schedule 1 (items 28, 29, 39–42, 43(1), (6)), Schedules 3, 4, Schedule 6 (items 3–8), Schedule 9 (items 14–26, 30, 34) and Schedule 10 (items 10–13, 32): Royal Assent Schedule 8 (items 2, 12–25, 26(1)–(3)): 1 July 2007 | Amended by No 143 of 2007, effective Schedule 1 (items 1, 4, 128–194, 222, 223, 225, 226), Schedule 2, Schedule 5 (items 1–16, 48(1)–(3)), Schedule 6 and Schedule 7 (items 18–68): Royal Assent Schedule 5 (items 31–46): 15 Mar 2007 (s 2(1) item 6) | Amended by No 164 of 2007, effective s. 4, Schedule 1 (items 1–24, 36–67, 71), Schedules 2–6, Schedule 7 (items 1–3, 5–12, 14), Schedule 8 (items 6–13), Schedule 9 and Schedule 10 (items 1, 7–25, 91, 92): Royal Assent Schedule 10 (items 57–88): 1 July 2010 Sch 12 (items 72–87): 27 Sept 2007 (s 2(1) item 9) | Amended by No 184 of 2007, effective Schedule 3: 1 Jan 2008 | Amended by No 32 of 2008, effective 23 June 2008 | Amended by No 38 of 2008, effective Schedule 1, Schedules 3–6, Schedule 7 (items 1–3, 5), Schedule 8 (items 1–11), Schedule 9 (items 2–4), Schedule 10, Schedule 12 and Schedule 13: 24 June 2008 Schedule 8 (items 12–21): 1 July 2012 | Amended by No 45 of 2008, effective 26 June 2008 | Amended by No 97 of 2008, effective Sch 1 (items 3–12) and Sch 3 (items 44–173, 189): 3 Oct 2008 (s 2(1) items 2, 3–5) | Amended by No 130 of 2008, effective 1 July 2008 | Amended by No 144 of 2008, effective Schedule 14 (items 59–96): 10 Dec 2008 | Amended by No 14 of 2009, effective Schedule 1, Schedule 4 (items 11–34, 52) and Schedule 5 (items 7–13): Royal Assent Schedule 5 (items 2, 3, 14): 29 Jan 2009 Schedule 5 (items 5, 6): 1 July 2011 | Amended by No 15 of 2009, effective Sch 1 (items 1–30, 52–97, 102–105): 26 Mar 2009 (s 2(1) item 2) Sch 1 (items 106–112, 114): 17 Dec 2003 (s 2(1) item 3) | Amended by No 27 of 2009, effective Schedule 2 (items 43–52) and Schedule 3 (items 6–10, 44–47, 102(1)): 27 Mar 2009 | Amended by No 31 of 2009, effective 22 May 2009 | Amended by No 42 of 2009, effective Schedule 1 (items 17–26), Schedule 2 (items 2–16, 19–39, 41–48), Schedule 4 (items 2–12), Schedule 5 (items 1–12, 15) and Schedule 8 (items 1, 2, 5): Royal Assent Sch 2 (item 1): 21 June 2007 (s 2(1) item 3) Schedule 3: 1 July 2009 Schedule 8 (items 3, 4): 1 July 2011 | Amended by No 47 of 2009, effective Schedule 2 (item 1) and Schedule 4: Royal Assent | Amended by No 75 of 2009, effective Schedule 1 (item 208): 27 Feb 2010 | Amended by No 88 of 2009, effective s. 4, Schedule 3 (items 1, 5–23), Schedule 4 (items 2–5) and Schedule 5 (items 113–204, 237, 238, 258, 282, 319–341, 344): 18 Sept 2009 Schedule 2 (items 4–15, 25–27, 30, 31): 1 Oct 2009 Schedule 2 (item 23): 1 Jan 2010 | Amended by No 114 of 2009, effective Sch 1 (items 8–12) and Sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 126 of 2009, effective Schedule 1 (items 1–17, 20): 9 June 2010 ( see s. 2(1)) | Amended by No 133 of 2009, effective Schedule 1 (items 1, 21–76, 86, 87): 14 Dec 2009 Schedule 2 (items 1–13, 15) and Schedule 3 (items 28–40, 44, 45): Royal Assent | Amended by No 19 of 2010, effective Sch 1 (items 1–13, 16–20), Sch 3 (items 11, 12), Sch 4 (items 3–6) and Sch 5 (item 6): 24 Mar 2010 (s 2(1) items 2, 9, 11, 14) Sch 2 (items 1–11): 25 Mar 2010 (s 2(1) item 3) Sch 2 (items 12–26):repealed before commencing (s 2(1) item 4) Sch 3 (items 1, 2): 30 June 2000 (s 2(1) item 5) Sch 3 (items 4–8): 15 Mar 2007 (s 2(1) item 7) Sch 4 (items 1, 2): 4 June 2009 (s 2(1) item 10) Sch 5 (items 2, 3): 25 Feb 2009 (s 2(1) item 12) Sch 5 (items 4, 5): 1 July 2011 (s 2(1) item 13) | Amended by No 20 of 2010, effective Schedule 1 (items 14, 19): Royal Assent | Amended by No 56 of 2010, effective s. 4, Schedule 3 (items 2–7, 10(1)–(4)), Schedule 4, Schedule 5 (items 1–3, 3A, 3B, 4–53, 55–72, 78–110, 112–129, 131–136, 141–146, 146A, 147, 148, 148A, 149, 150, 150A–150F, 151–188, 193–220) and Schedule 6 (items 1–11, 19–26, 56, 57, 115, 127–155): 3 June 2010 Schedule 2 (items 2, 4): 4 June 2010 Sch 5 (item 111): 26 Mar 2009 (s 2(1) item 11B) | Amended by No 74 of 2010, effective Schedule 2 (items 7–12): 1 July 2010 | Amended by No 75 of 2010, effective Sch 1 (items 34, 35) and Sch 6 (items 7–10): 29 June 2010 (s 2(1) items 2, 9) Sch 2 (item 26): 1 July 2010 (s 2(1) item 4) Sch 2 (item 27): never commenced (s 2(1) item 5) Sch 3, Sch 4 and Sch 5 (items 1, 7–9): 28 June 2010 (s 2(1) items 6, 7) Sch 5 (items 10, 11): 1 Jan 2018 (s 2(1) item 8) | Amended by No 79 of 2010, effective Sch 1 (items 3–5, 27–32), Sch 2 (items 2–8, 17–45), Sch 3 (items 2–59), Sch 4 (items 2–6, 38–46, 51) and Sch 5 (items 2, 6–13): 1 July 2010 (s 2(1) items 2–4) | Amended by No 90 of 2010, effective Sch 2, Sch 4 (items 5–8) and Sch 5 (items 1–3, 6–8): 29 June 2010 (s 2(1) item 3) | Amended by No 105 of 2010, effective Schedule 1 (item 53) and Schedule 2 (items 1, 2): 1 Oct 2010 ( see s. 2(1)) | Amended by No 114 of 2010, effective Schedule 1 (items 40–86, 93(1), 95): Royal Assent | Amended by No 117 of 2010, effective Sch 1 (items 15–20, 21(2)) and Sch 4 (items 1–17, 19–24, 26–29, 31, 32): 17 Nov 2010 (s 2(1) items 2, 6) Sch 2 (items 2, 3): 1 Dec 2010 (s 2(1) item 3) Sch 2 (item 6): 1 Jan 2017 (s 2(1) item 4) | Amended by No 136 of 2010, effective s. 4, Schedule 2, Schedule 3 (items 95, 135–149), Schedule 4, Schedule 6 (items 2–4, 6, 7) and Schedule 7 (items 1, 2, 4): Royal Assent Sch 3 (items 3–94, 96–130): 26 Mar 2009 (s 2(1) items 3, 5) Sch 3 (item 131): 1 July 2010 (s 2(1) item 6) Sch 6 (items 1, 5): 1 Apr 2010 (s 2(1) items 11, 13) | Amended by No 145 of 2010, effective Schedule 2 (items 34–51) and Schedule 3 (items 7–15): 17 Dec 2010 | Amended by No 31 of 2011, effective Schedule 1 (items 1, 2) and Schedule 2 (items 1, 2): 25 May 2011 (s 2(1) items 2, 4) Schedule 1 (item 4) and Schedule 2 (items 4, 5): 1 July 2014 (s 2(1) items 3, 5) Schedule 3 (items 32–36): 26 May 2011 (s 2(1) item 6) | Amended by No 41 of 2011, effective Schedule 1 (items 1–3): 1 Jan 2011 Schedule 1 (items 4–6) and Schedule 5 (items 25–29, 33, 36–50, 74–78, 80–145, 148–167, 173–175, 383–396, 400, 414–418): Royal Assent Schedule 5 (items 9, 18–20): 28 June 2011 Schedule 5 (items 51–54): 1 July 2011 | Amended by No 46 of 2011, effective Schedule 2 (items 693–697) and Schedule 3 (items 10, 11): 27 Dec 2011 | Amended by No 61 of 2011, effective s. 4, Schedule 1, Schedule 2 (items 1–8), Schedule 3, Schedule 4 and Schedule 7: Royal Assent | Amended by No 62 of 2011, effective Sch 1 (items 1–3, 6–12, 14), Sch 2 (items 8–27, 45–51), Sch 3 (items 1–3, 9–19) and Sch 4 (items 33, 34): 29 June 2011 (s 2(1) items 2, 3, 5, 6) Sch 3 (items 4–8): 30 June 2011 (s 2(1) item 4) | Amended by No 93 of 2011, effective Schedule 1, Schedule 3 (items 1–4, 15–42, 54–107) and Schedule 4 (items 1–9): Royal Assent | Amended by No 132 of 2011, effective Sch 2 (items 4–71): 2 Apr 2012 (s 2(1) item 5) Sch 2 (items 74–77): never commenced (s 2(1) item 6 (rep by 83, 2014, Sch 3 item 1)) | Amended by No 147 of 2011, effective s. 4, Schedule 1, Schedule 5 (items 1–9, 16–20), Schedule 6 (items 1, 6) and Schedule 9: Royal Assent Schedule 8 (items 2–9, 37, 38, 41): 1 Jan 2012 | Amended by No 12 of 2012, effective s 4, Sch 2 (items 1–23), Sch 5 and Sch 6 (items 3–6, 11–20, 25, 26, 35–67, 74–83, 94–96, 117–142, 157–178, 183, 200–203, 214–217, 235–240, 248): 21 Mar 2012 (s 2(1) items 1, 3, 5, 6, 10, 14, 18, 19, 27, 31) Sch 6 (item 7): 1 July 2007 (s 2(1) item 7) Sch 6 (item 10): 1 July 2010 (s 2(1) item 9) Sch 6 (items 106–116): 22 Mar 2012 (s 2(1) items 16, 17) Sch 6 (item 143): 22 Jan 2013 (s 2(1) item 20) Sch 6 (items 146–148): never commenced (s 2(1) item 23) Sch 6 (items 179, 181): 3 Oct 2008 (s 2(1) items 28, 30) Sch 6 (item 180): 3 June 2010 (s 2(1) item 29) | Amended by No 14 of 2012, effective Sch 2 (items 11–16): never commenced (s 2(1) item 4) Sch 3 (items 7–85, 91): 1 July 2012 (s 2(1) items 5, 7) | Amended by No 18 of 2012, effective Sch 5 (items 2–5) and Sch 6 (item 8): 1 July 2012 (s 2(1) items 11, 14) | Amended by No 23 of 2012, effective Sch 1 (items 1–6, 10), Sch 2 (items 1–64, 67–75) and Sch 3: 29 Mar 2012 (s 2(1) items 2–5) Sch 5: 1 July 2013 (s 2(1) item 7) | Amended by No 26 of 2012, effective Schedule 1 (items 3–9, 48): 1 July 2012 | Amended by No 37 of 2012, effective Sch 1 (items 11, 12): 15 Apr 2012 (s 2(1) item 3) Sch 1 (items 13, 14): 15 Apr 2012 (s 2(1) item 4) | Amended by No 39 of 2012, effective Sch 1 (items 18–28, 186, 187, 239): 1 July 2012 (s 2(1) item 2) Sch 1 (items 254, 264): 1 Jan 2017 (s 2(1) item 3) Sch 4 (items 17, 18): 15 Apr 2012 (s 2(1) item 8) | Amended by No 57 of 2012, effective Schedules 1–3: Royal Assent | Amended by No 58 of 2012, effective Schedule 1 (items 2–6): 21 June 2012 ( see s. 2(1)) Schedule 4: Royal Assent Schedule 5: 1 July 2012 | Amended by No 71 of 2012, effective Sch 1, Sch 2 and Sch 3 (items 1, 2): 27 June 2012 (s 2(1) items 2, 3) Sch 5 (items 1–3): 1 July 2012 (s 2(1) item 6) | Amended by No 75 of 2012, effective Schedule 3 and Schedule 4 (items 1–10, 20): Royal Assent | Amended by No 99 of 2012, effective s 4 and Sch 3: 29 June 2012 (s 2(1) items 1, 7–10) Sch 1 (items 10, 11, 23): 30 June 2012 (s 2(1) item 3) Sch 2 (items 1–4, 6): 26 Mar 2009 (s 2(1) item 6) | Amended by No 109 of 2012, effective Sch 1 (item 107): 1 Oct 2012 (s 2(1) item 2) | Amended by No 115 of 2012, effective Sch 1 (items 5–11): 8 Sept 2012(s 2) | Amended by No 126 of 2012, effective Sch 1 (items 1, 2, 4–15, 17): 13 Sept 2012 (s 2(1) items 2, 3, 5, 7) Sch 1 (item 3): never commenced (s 2(1) item 4) | Amended by No 136 of 2012, effective Sch 7 (items 7–9): 22 Sept 2012 (s 2(1) item 37) | Amended by No 169 of 2012, effective Sch 2 (items 4–23, 28–39, 187–189) and Sch 4 (items 4–7): 3 Dec 2012 (s. 2(1) items 3, 7, 12) Sch 4 (items 8–10, 21, 22): never commenced (s 2(1) items 13, 14) Sch 5: 4 Dec 2012 (s 2(1) item 15) | Amended by No 181 of 2012, effective Sch 1 (items 1–8, 12): 1 July 2013 (s 2(1) item 2) | Amended by No 185 of 2012, effective Sch 1 (items 1, 2): 10 Dec 2012 (s 2) | Amended by No 44 of 2013, effective Sch 3: 28 May 2013 (s 2(1) item 14) | Amended by No 82 of 2013, effective Sch 1 (item 1) and Sch 3 (items 1, 6–11, 39): 28 June 2013 (s 2) | Amended by No 84 of 2013, effective s 4, Sch 1 (items 2–9, 19–23), Sch 2, Sch 3, Sch 6 and Sch 8 (items 27–32): 28 June 2013 (s 2(1) items 1, 2, 4) | Amended by No 85 of 2013, effective s 4, Sch 1, Sch 2 (items 1–3), Sch 4 (items 1–11) and Sch 7 (items 1, 7–10): 28 June 2013 (s 2(1) items 1–3, 7, 10) Sch 2 (item 6): 1 July 2016 (s 2(1) item 4) Sch 2 (items 7–9): 1 July 2017 (s 2(1) item 5) Sch 4 (items 12, 13): 1 July 2022 (s 2(1) item 8) Sch 4 (items 14, 15): 1 July 2023 (s 2(1) item 9) Sch 8 (items 1–48, 55–64): 26 Mar 2009 (s 2(1) item 11) | Amended by No 88 of 2013, effective s 4, Sch 1 (items 1–18), Sch 3 and Sch 7 (items 200–210, 236–242): 28 June 2013 (s 2(1) items 1, 2, 5, 21, 26) Sch 1 (items 33, 34): 1 July 2013 (s 2(1) item 3) Sch 5 (items 1–5, 7–9) and Sch 6 (items 3–41, 50–65): 29 June 2013 (s 2(1) items 8, 9, 14) Sch 7 (items 1–4): 1 July 2012 (s 2(1) item 15) | Amended by No 89 of 2013, effective Sch 1 (items 1–13): 28 June 2013 (s 2(1) items 2–5) Sch 1 (items 14–25): 2 July 2019 (s 2(1) items 6–8) | Amended by No 96 of 2013, effective Sch 1 (items 23–37): 1 Jan 2014 (s 2(1) item 2) | Amended by No 101 of 2013, effective Sch 2 (items 2, 20–43, 50): 29 June 2013 (s 2(1) item 3) Sch 2 (items 55–57): 8 Sept 2012 (s 2(1) item 4) | Amended by No 118 of 2013, effective Sch 1 (items 1, 4–11, 16–26, 38–79, 88–96, 110): 29 June 2013 (s 2(1) items 2–5, 11) Sch 1 (item 97): 1 July 2013 (s 2(1) item 6) | Amended by No 120 of 2013, effective Sch 1 (items 44–46): 1 July 2014 (s 2(1) item 4) Sch 3: 29 June 2013 (s 2(1) item 8) | Amended by No 124 of 2013, effective Sch 1 (items 37–45), Sch 5 (items 7, 8(1)), Sch 7, Sch 8, Sch 10 (items 1–11, 13): 29 June 2013 (s 2(1) items 2, 10–12) Sch 2 (items 2–6, 21–42, 48): 11 July 2013 (s 2(1) item 3) Sch 2 (item 66): 11 July 2013 (s 2(1) item 5) Sch 10 (item 14): never commenced (s 2(1) item 13) Sch 11 (items 1–3): 3 Dec 2012 (s 2(1) item 15) Sch 11 (items 5, 6, 9): 28 June 2013 (s 2(1) item 16) Sch 11 (items 28, 32(1), 35–56): 30 June 2013 (s 2(1) items 18, 20, 22) | Amended by No 13 of 2014, effective Sch 2 (items 33–56): 1 July 2014 (s 2(1) item 3) Sch 2 (items 143, 144): 26 Feb 2014 (s 2(1) item 8) Sch 2 (items 147–149): 1 Oct 2014 (s 2(1) item 9) | Amended by No 34 of 2014, effective Sch 1 (items 3–11, 13(1)): 30 May 2014 (s 2(1) item 2) | Amended by No 67 of 2014, effective Sch 1 (items 1, 3(1)): 30 June 2014 (s 2) | Amended by No 77 of 2014, effective Sch 1 (items 43–99): 1 Sept 2014 (s 2(1) item 2) | Amended by No 82 of 2014, effective Sch 1 (items 5–7): 18 July 2014 (s 2(1) item 2) | Amended by No 83 of 2014, effective Sch 1 (items 156–195, 336): 1 July 2014 (s 2(1) items 2, 3) Sch 3 (items 3–7): 18 July 2014 (s 2(1) item 7) | Amended by No 96 of 2014, effective Sch 1 (items 14–45, 122–124), Sch 2 (items 1, 14–40, 42, 43) and Sch 3–5: 30 Sept 2014 (s 2(1) item 2) Sch 8 (items 15–22, 26) and Sch 9 (items 21, 22, 24): 31 Dec 2016 (s 2(1) items 7, 9) | Amended by No 101 of 2014, effective Sch 2 (items 4, 5): 10 Oct 2014 (s 2(1) item 2) | Amended by No 110 of 2014, effective Sch 1 and Sch 2 (items 2–5, 13–23): 17 Oct 2014 (s 2(1) item 2) Sch 3, Sch 4 (items 1, 3) and Sch 5 (items 16–67, 74–76, 84–91, 98–121): 16 Oct 2014 (s 2(1) items 3–5, 7) | Amended by No 133 of 2014, effective s 4, Sch 1 (items 1, 4–29, 37–40) and Sch 2 (items 1–3, 5): 12 Dec 2014 (s 2(1) items 1, 2) | Amended by No 2 of 2015, effective Sch 2 (items 1, 73, 111) and Sch 4 (items 1–8, 79): 25 Feb 2015 (s 2(1) items 3, 5, 6) Sch 2 (items 29–33): 1 July 2015 (s 2(1) item 4) | Amended by No 20 of 2015, effective Sch 1 (items 1–3, 6): 20 Mar 2015 (s 2(1) item 2) Sch 4: 19 Mar 2015 (s 2(1) item 3) | Amended by No 21 of 2015, effective s 4 and Sch 6 (items 1, 2, 16–25, 73): 19 Mar 2015 (s 2(1) items 1, 7–11, 13) Sch 1 (items 1–17, 49), Sch 3 and Sch 7 (items 13–21): 20 Mar 2015 (s 2(1) items 2, 4, 15) Sch 4 (items 1–5, 9–17): 1 July 2015 (s 2(1) item 5) Sch 6 (items 51–59, 74–79): never commences (s 2(1) items 12, 14) | Amended by No 36 of 2015, effective Sch 5 (items 40, 74–77) and Sch 7: 14 Apr 2015 (s 2) | Amended by No 66 of 2015, effective Sch 1 (items 6–29, 32): 22 June 2015 (s 2(1) items 3, 5) | Amended by No 67 of 2015, effective Sch 1 (items 1–8) and Sch 2: 22 June 2015 (s 2(1) items 2, 5) Sch 1 (items 10–14): repealed before commencing (s 2(1) items 3, 4) | Amended by No 70 of 2015, effective Sch 1 (items 65–108, 188–192, 195–205): 1 July 2015 (s 2(1) items 3, 4, 6) Sch 2 (items 17, 24–29, 34–39), Sch 6 (items 13–30, 32–38) and Sch 7 (items 1, 5–11): 25 June 2015 (s 2(1) items 7, 11, 13, 20) Sch 4 (items 1, 2) and Sch 5 (item 1): 26 June 2015 (s 2(1) items 7A, 8) Sch 4 (items 3, 4): 1 July 2025 (s 2(1) item 7B) Sch 6 (item 31): 29 June 2013 (s 2(1) item 12) The commencement date for amendments made by the Tax and Superannuation Laws Amendment (2015 Measures No. 1) Act 2015 Sch 4 (items 1, 2) was retrospectively changed from 25 June 2015 to 26 June 2015 | Amended by No 105 of 2015, effective Sch 1 (items 2–41, 44–51): 1 July 2015 (s 2) | Amended by No 114 of 2015, effective Sch 1 and 2: 26 Aug 2015 (s 2(1) item 1) | Amended by No 130 of 2015, effective s 4, Sch 1 (items 1–3, 5–21) and Sch 3 (items 1–5): 16 Sept 2015 (s 2(1) items 1, 2, 4) Sch 2: 1 July 2015 (s 2(1) item 3) Sch 4 (items 1–52, 54–58): 17 Sept 2015 (s 2(1) item 5) | Amended by No 135 of 2015, effective Sch 1: 13 Oct 2015 (s 2(1) item 2) | Amended by No 150 of 2015, effective Sch 4 (items 2, 12): 1 Dec 2015 (s 2(1) item 4) | Amended by No 162 of 2015, effective Sch 1 (items 1–3, 21–46) and Sch 4 (items 2, 27): 30 Nov 2015 (s 2(1) items 2, 3, 6) | Amended by No 169 of 2015, effective Sch 1 (items 6–10, 111): 1 Jan 2016 (s 2(1) item 2) | Amended by No 170 of 2015, effective Sch 1 (items 1–4) and Sch 4: 11 Dec 2015 (s 2(1) item 1) | Amended by No 10 of 2016, effective Sch 1 (items 1–32, 38, 39) and Sch 2 (items 3–9, 30): 26 Feb 2016 (s 2(1) items 2, 4) | Amended by No 18 of 2016, effective 1 Apr 2016 (s 2(1) item 1) | Amended by No 23 of 2016, effective Sch 1 (items 1, 14, 15): 19 Mar 2016 (s 2(1) items 2, 6) | Amended by No 53 of 2016, effective Sch 1 (item 1), Sch 2, Sch 3 (items 2–4), Sch 4 (items 1–5), Sch 5 (items 2, 29–67, 75), Sch 6 (items 21–34), Sch 8 (item 1) and Sch 9: 5 May 2016 (s 2(1) items 2, 4) | Amended by No 54 of 2016, effective Sch 1 (items 1, 12–14, 19) and Sch 2 (items 1–5, 8–14, 20–34, 44–51, 53–56, 63–74, 76): 1 July 2016 (s 2(1) items 2–5, 7) | Amended by No 55 of 2016, effective Sch 3 (items 16–19): 1 July 2017 (s 2(1) item 4) Sch 4 (items 9–13): 1 Jan 2017 (s 2(1) item 5) Sch 22 and Sch 23 (items 2, 3, 22–24): 1 Oct 2016 (s 2(1) item 25) | Amended by No 63 of 2016, effective Sch 1 (item 40): 20 Oct 2016 (s 2(1) item 1) | Amended by No 81 of 2016, effective Sch 1 (items 2–6, 26–32, 36), Sch 2 (items 1–8, 13–18, 20), Sch 3 (items 1–5, 9), Sch 5–8, Sch 9 (items 1–3, 5), Sch 10 (items 72–80, 93) and Sch 11: 1 Jan 2017 (s 2(1) items 2, 4, 6, 9) Sch 10 (items 2–27, 49–54): 1 July 2018 (s 2(1) item 5) | Amended by No 89 of 2016, effective Sch 2 (items 2, 6): 2 Dec 2016 (s 2(1) item 3) | Amended by No 15 of 2017, effective Sch 1 (item 1): 1 Mar 2017 (s 2(1) item 2) Sch 2 and Sch 4 (items 26–69, 71–83): 1 Apr 2017 (s 2(1) items 3, 8, 10) Sch 4 (item 70): 19 Mar 2015 (s 2(1) item 9) | Amended by No 27 of 2017, effective Sch 1 (items 14–43, 52) and Sch 3: 1 July 2017 (s 2(1) items 4, 5) | Amended by No 41 of 2017, effective Sch 2 (item 1), Sch 3 (items 1–21), Sch 4 (items 1–29) and Sch 5 (items 1, 2): 1 July 2016 (s 2(1) items 9, 14, 16, 18) Sch 2 (item 2) and Sch 5 (items 17, 18): repealed before commencing (s 2(1) items 10, 20) Sch 2 (item 3) and Sch 5 (items 19, 20): 1 July 2020 (s 2(1) items 11, 21) Sch 2 (item 4) and Sch 5 (items 21, 22): 1 July 2021 (s 2(1) items 12, 22) Sch 2 (item 5), Sch 3 (item 22) and Sch 4 (item 58): 19 May 2017 (s 2(1) items 13, 15, 17) Sch 5 (items 3–8): 1 July 2017 (s 2(1) item 19) | Amended by No 55 of 2017, effective Sch 1 (items 1–15, 32): 1 July 2017 (s 2(1) items 2, 7) | Amended by No 64 of 2017, effective Sch 1 (items 4–13, 23): 24 June 2017 (s 2(1) item 2) | Amended by No 94 of 2017, effective Sch 2: 1 Oct 2017 (s 2(1) item 2) | Amended by No 126 of 2017, effective Sch 1 and 2: 1 Jan 2018 (s 2(1) item 2) | Amended by No 132 of 2017, effective Sch 1 (items 6–12, 21, 27–31): 1 July 2018 (s 2(1) item 2) Sch 2 (items 1–5, 7): 1 Jan 2018 (s 2(1) item 3) | Amended by No 15 of 2018, effective Sch 1 (items 1–6A, 11–26, 65–67): 1 Apr 2018 (s 2(1) items 2, 4) Sch 1 (items 42–52, 68–73): repealed before commencing (s 2(1) items 3, 5) | Amended by No 23 of 2018, effective Sch 1 (items 12–19, 21–23, 60–62), Sch 2 (items 1, 2, 6) and Sch 5 (items 7–11, 26–28): 1 Apr 2018 (s 2(1) items 3, 5, 8, 10, 12) Sch 1 (items 75–79): 30 Mar 2018 (s 2(1) item 9) | Amended by No 82 of 2018, effective Sch 1 (items 3, 25): 25 Aug 2018 (s 2(1) item 2) | Amended by No 84 of 2018, effective Sch 1 (items 1, 8–13, 15), Sch 2 (items 1–3, 6–10), Sch 3, Sch 4 (items 2–4) and Sch 5: 1 Oct 2018 (s 2(1) item 1) | Amended by No 94 of 2018, effective Sch 2 (items 1, 2): 1 July 2017 (s 2(1) item 4) | Amended by No 116 of 2018, effective Sch 1 (items 27–32): 1 July 2019 (s 2(1) item 2B) | Amended by No 121 of 2018, effective Sch 1 (items 1, 4): 4 Oct 2018 (s 2(1) item 1) | Amended by No 7 of 2019, effective Sch 1 (items 1–13, 33–164): 1 Apr 2019 (s 2(1) item 1) | Amended by No 8 of 2019, effective Sch 3 (items 1, 10), Sch 8 (items 8, 10, 11, 13, 35–46), Sch 9 and 10: 1 Apr 2019 (s 2(1) items 3, 11, 13) Sch 11: 1 July 2019 (s 2(1) item 14) | Amended by No 15 of 2019, effective Sch 1 (items 2–17, 46): 1 Apr 2019 (s 2(1) item 2) | Amended by No 34 of 2019, effective Sch 1 (items 1–5, 12, 13, 16), Sch 2, Sch 4 (items 3–6, 8, 9) and Sch 5 (items 1, 2, 5): 1 July 2019 (s 2(1) items 2, 3) | Amended by No 37 of 2019, effective Sch 2 (items 17–22): 6 Apr 2019 (s 2(1) item 1) | Amended by No 49 of 2019, effective Sch 3 (item 1) and Sch 4 (items 71–94, 111): 1 July 2019 (s 2(1) items 10, 12) | Amended by No 59 of 2019, effective Sch 1 and Sch 2 (items 9–20): 30 Aug 2019 (s 2(1) item 2) | Amended by No 94 of 2019, effective Sch 1: 29 Oct 2019 (s 2(1) item 2) | Amended by No 95 of 2019, effective Sch 2 and 3: 1 Jan 2020 (s 2(1) item 2) Sch 5 (items 1, 4): 29 Oct 2019 (s 2(1) item 3) | Amended by No 105 of 2019, effective Sch 1 (items 5–7, 54): 1 July 2020 (s 2(1) item 2) | Amended by No 107 of 2019, effective Sch 2 (items 1, 2): 1 Jan 2020 (s 2(1) item 3) | Amended by No 129 of 2019, effective Sch 1 (items 1–31, 33–36) and Sch 2: 1 Jan 2020 (s 2(1) item 2) | Amended by No 21 of 2020, effective Sch 1 (items 1–9): 1 Apr 2020 (s 2(1) item 2) | Amended by No 49 of 2020, effective Sch 1 (items 1–17, 21) and Sch 2 (items 1, 7): 1 July 2020 (s 2(1) item 1) | Amended by No 64 of 2020, effective Sch 3 (items 72–122): 1 July 2020 (s 2(1) item 5) Sch 3 (items 228–239, 325, 326): 1 Oct 2020 (s 2(1) item 6) Sch 3 (items 327–330): 1 July 2017 (s 2(1) item 7) | Amended by No 79 of 2020, effective Sch 1, 3 and 5: 1 Oct 2020 (s 2(1) items 2, 4) | Amended by No 92 of 2020, effective Sch 1 (items 18–21, 24): 15 Oct 2020 (s 2(1) item 4) Sch 1 (items 25–27): 1 July 2022 (s 2(1) item 5) Sch 2 (items 1–3, 16–35), Sch 3 (items 25–36, 40), Sch 4 (items 1–11, 14), Sch 5 (items 11–38, 56) and Sch 7 (items 5–8, 12–25): 1 Jan 2021 (s 2(1) item 7) | Amended by No 112 of 2020, effective Sch 3 (items 39–47): 28 Sept 2022 (s 2(1) item 1) | Amended by No 151 of 2020, effective Sch 9 (items 101–106): 17 June 2021 (s 2(1) item 12) | Amended by No 45 of 2021, effective Sch 1, Sch 2 (items 1–4, 14) and Sch 3: 1 July 2021 (s 2(1) items 2, 3) | Amended by No 47 of 2021, effective Sch 1 (items 4–9): 1 July 2021 (s 2(1) item 1) | Amended by No 72 of 2021, effective Sch 2 (items 1–12, 17, 18) and Sch 3 (items 1, 2): 1 July 2021 (s 2(1) items 3, 4) | Amended by No 101 of 2021, effective Sch 1 (item 3): 11 Sept 2021 (s 2(1) item 1) | Amended by No 127 of 2021, effective Sch 1 and Sch 3 (items 42, 49–63, 65–69, 71, 72): 1 Jan 2022 (s 2(1) items 2, 5) Sch 2 (item 56) and Sch 3 (items 3–5, 33–35): 8 Dec 2021 (s 2(1) items 3, 4) | Amended by No 8 of 2022, effective sch 5 (items 1-4, 8-14): 1 July 2022 (s 2(1) item 4) sch 5 (items 15-19): repealed before commencing (s 2(1) item 5) sch 6 (items 1-22, 24), sch 7, sch 8 (items 33, 34), sch 10: 1 Apr 2022 (s 2(1) items 6-8, 10, 14) | Amended by No 24 of 2022, effective sch 1 (items 1-5, 21): 2 Apr 2022 (s 2(1) item 1) | Amended by No 75 of 2022, effective sch 4 (items 2-21, 38): 1 July 2022 (s 2(1) item 4) | Amended by No 84 of 2022, effective sch 1 (item 16), sch 3 (items 28-33), sch 5: 1 Jan 2023 (s 2(1) items 2, 4) | Amended by No 4 of 2023, effective sch 2 (item 16), sch 3 (items 1, 2): 26 Mar 2023 (s 2(1) item 1) | Amended by No 14 of 2023, effective sch 1 (items 64-66): 12 Apr 2023 (s 2(1) item 2) | Amended by No 28 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 3) sch 6: 24 June 2023 (s 2(1) item 7) | Amended by No 29 of 2023, effective sch 1, sch 2 (items 12, 13, 15): 1 July 2023 (s 2(1) item 2) sch 9 (items 5-7): 24 June 2023 (s 2(1) item 5) | Amended by No 40 of 2023, effective sch 2, sch 4 (items 14-16): 1 July 2023 (s 2(1) items 3, 5) sch 3: 1 Jan 2024 (s 2(1) item 4) | Amended by No 61 of 2023, effective sch 1 (items 132-136, 156-165): 1 Jan 2024 (s 2(1) item 1) | Amended by No 69 of 2023, effective sch 1 (item 109): 1 Jan 2024 (s 2(1) item 3) sch 4 (items 74-76): 15 Sept 2023 (s 2(1) item 5) | Amended by No 73 of 2023, effective sch 1 (item 179), sch 3 (item 2): 21 Sept 2023 (s 2(1) items 2, 5) | Amended by No 76 of 2023, effective sch 2 (items 649-659), sch 3 (item 41): 20 Oct 2023 (s 2(1) items 2, 14) sch 6 (item 32): 21 Sept 2023 (s 2(1) item 22) | Amended by No 23 of 2024, effective sch 2 (items 3 ‑ 142, 144 ‑ 146): 1 July 2024 (s 2(1) item 3) | Amended by No 38 of 2024, effective sch 1 (items 31 ‑ 37, 64): 14 Oct 2024 (s 2(1) item 2) | Amended by No 52 of 2024, effective sch 3 (items 1 ‑ 5): 29 June 2024 (s 2(1) item 3) sch 4 ‑ 7: 1 July 2024 (s 2(1) item 4) | Amended by No 67 of 2024, effective sch 1 (items 4 ‑ 7), sch 3 (items 1 ‑ 7), sch 5 (items 49 ‑ 52), sch 6: 1 Oct 2024 (s 2(1) items 3, 7, 10, 12) | Amended by No 90 of 2024, effective sch 2 (items 2 ‑ 6): 2 Oct 2024 (s 2(1) item 1) | Amended by No 134 of 2024, effective sch 1 (items 6 ‑ 29, 66): 11 Dec 2024 (s 2(1) item 1) | Amended by No 138 of 2024, effective sch 1 (items 2 ‑ 12): 1 Jan 2025 (s 2(1) item 2) sch 5 (items 1 ‑ 13): 11 Dec 2024 (s 2(1) items 6, 7) sch 5 (item 14): never commenced (s 2(1) item 8) | Amended by No 9 of 2025, effective sch 1 (items 1 ‑ 4): 1 Jan 2026 (s 2(1) item 2) sch 2 (items 1, 12 ‑ 14): 1 Apr 2025 (s 2(1) item 5) | Amended by No 45 of 2025, effective sch 3 (items 217 ‑ 223): 1 Nov 2025 (s 2(1) item 6) | Amended by No 57 of 2025, effective sch 1 (items 79 ‑ 98, 181, 183): 1 July 2026 (s 2(1) item 1) | Amended by No 1 of 2026, effective sch 2 (items 6, 7): 22 Jan 2026 (s 2(1) item 3) | Amended by No 8 of 2026, effective sch 1 (items 12 ‑ 23), sch 2 (items 1 ‑ 10), sch 3 (items 1 ‑ 4): 1 Apr 2026 (s 2(1) items 2, 3) | Amended by No 47 of 2026, effective sch 1 (items 6-11): 21 May 2026 (s 2(1) item 1) | Amended by No 49 of 2026, effective sch 1 (items 1-51, 54-59, 64-79A, 82-84), sch 3, sch 4 (items 1-17): 1 July 2026 (s 2(1) items 2-4, 6) sch 2 (items 1-5): 27 June 2026 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A05138/latest/text#s995-1"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 1", "Provision_Key": "s1", "Heading": "Short title", "Text": "This Act may be cited as the Fringe Benefits Tax Assessment Act 1986 .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s1"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 2", "Provision_Key": "s2", "Heading": "Commencement", "Text": "This Act shall come into operation on the day on which it receives the Royal Assent.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s2"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 2A", "Provision_Key": "s2a", "Heading": "Application of the Criminal Code", "Text": "Chapter 2 of the Criminal Code applies to all offences against this Act. Note: Chapter 2 of the Criminal Code sets out the general principles of criminal responsibility.", "Amendment_Count": 1, "First_Amended": "No 146 of 2001", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 146 of 2001", "History_Notes": "Inserted by No 146 of 2001, effective s 4 and Sch 4 (items 33–40): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s2A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 2B", "Provision_Key": "s2b", "Heading": "Application", "Text": "(1) This Act extends to every external Territory referred to in the definition of Australia . (2) Except so far as the contrary intention appears, this Act extends to acts, omissions, matters and things outside Australia, whether or not in a foreign country. (3) Except where otherwise expressly provided, this Act extends to matters and things whether occurring before or after the commencement of this Act. (4) This Act binds the Crown in each of its capacities.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Inserted by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s2B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 3", "Provision_Key": "s3", "Heading": "General administration of Act", "Text": "The Commissioner has the general administration of this Act. Note: An effect of this provision is that people who acquire information under this Act are subject to the confidentiality obligations and exceptions in Division 355 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 1, "First_Amended": "No 145 of 2010", "Last_Amended": "No 145 of 2010", "Amending_Acts": "No 145 of 2010", "History_Notes": "Amended by No 145 of 2010, effective Sch 2 (items 29, 30): 17 Dec 2010 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s3"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 4", "Provision_Key": "s4", "Heading": "Annual report", "Text": "(1) The Commissioner shall, as soon as practicable after 30 June in each year, prepare and furnish to the Minister a report on the working of this Act, including any breaches or evasions of this Act of which the Commissioner has notice. (2) The Minister shall cause a copy of a report furnished under subsection (1) to be laid before each House of the Parliament within 15 sitting days of that House after the day on which the Minister receives the report. (3) For the purposes of section 34C of the Acts Interpretation Act 1901 , a report that is required by subsection (1) to be furnished as soon as practicable after 30 June in a year shall be taken to be a periodic report relating to the working of this Act during the year ending on that 30 June.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s4"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 5A", "Provision_Key": "s5a", "Heading": "Simplified outline of this Division", "Text": "The following is a simplified outline of this Division: This Division explains how to work out an employer’s fringe benefits taxable amount for a year of tax. This is the amount on which the employer must pay fringe benefits tax (see section 66).", "Amendment_Count": 1, "First_Amended": "No 17 of 1999", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 17 of 1999", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s5A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 5B", "Provision_Key": "s5b", "Heading": "Working out an employer’s fringe benefits taxable amount", "Text": "Year of tax 2000 ‑ 2001 and later years (1A) Subject to subsection (1D), an employer’s fringe benefits taxable amount for the year of tax beginning on 1 April 2000 or a later year of tax is the sum of the subsection (1B) amount and the subsection (1C) amount. Note: Other provisions affect the fringe benefits taxable amount. For example, see section 124 (about assessments). Subsection (1B) amount (1B) The subsection (1B) amount is the amount worked out using the formula: Subsection (1C) amount (1C) The subsection (1C) amount is the amount worked out using the formula: Increase in fringe benefits taxable amount for year of tax 2000 ‑ 2001 and later years (1D) If any benefits provided in respect of the employment of an employee of an employer are exempt benefits under section 57A, the employer’s fringe benefits taxable amount for the year of tax beginning on 1 April 2000 or a later year of tax as worked out under subsection (1A) is increased by the employer’s aggregate non ‑ exempt amount for the year of tax concerned. How to work out aggregate non ‑ exempt amount (1E) An employer’s aggregate non ‑ exempt amount for the year of tax is worked out as follows. Method statement Step 1. For each employee, add: (a) the individual grossed ‑ up type 1 non ‑ exempt amount (see subsection (1F)) in relation to the employer for the year of tax; and (b) the individual grossed ‑ up type 2 non ‑ exempt amount (see subsection (1G)) in relation to the employer for the year of tax. The result is the individual grossed ‑ up non ‑ exempt amount for the employee. Step 2. If: (b) the employer is a government body and the duties of the employment of one or more employees are as described in paragraph 57A(2)(b) (which is about duties of employment being exclusively performed in or in connection with certain hospitals); or (c) the employer is a public hospital; or (ca) the employer provides public ambulance services or services that support those services and the employee is predominantly involved in connection with the provision of those services; or (d) the employer is a hospital described in subsection 57A(4) (which is about hospitals carried on by certain societies and associations that are exempt from income tax); subtract $17,000 from the individual grossed ‑ up non ‑ exempt amount for each employee of the employer referred to in paragraph (c), (ca) or (d), or each employee referred to in paragraph (b), for the year of tax. However, if the individual grossed ‑ up non ‑ exempt amount for such an employee is equal to or less than $17,000, the amount calculated under this step for the employee is nil. Step 3. If step 2 does not apply in respect of one or more employees of the employer, reduce the individual grossed ‑ up non ‑ exempt amount for each such employee by $30,000, but not below nil. Step 4. If the amount calculated under step 2 or 3 in respect of an employee is positive, reduce that amount (but not below nil) by the lesser of: (a) $5,000; and (b) so much of the employee’s individual grossed ‑ up non ‑ exempt amount as relates to benefits covered by subsection (1M) (about salary packaged meal entertainment and entertainment facility leasing benefits). Step 5. Add together the amounts calculated under step 4 in relation to the employees of the employer. The total amount is the employer’s aggregate non ‑ exempt amount for the year of tax. Individual grossed ‑ up type 1 non ‑ exempt amount (1F) For the purposes of step 1 in the method statement in subsection (1E), the individual grossed ‑ up type 1 non ‑ exempt amount of an employee in relation to the employer for the year of tax is: Individual grossed ‑ up type 2 non ‑ exempt amount (1G) For the purposes of step 1 in the method statement in subsection (1E), the individual grossed ‑ up type 2 non ‑ exempt amount of an employee in relation to the employer for the year of tax is: Working out the type 1 individual base non ‑ exempt amount (1H) An employee’s type 1 individual base non ‑ exempt amount in relation to the employer for the year of tax is worked out by adding the amounts worked out under step 3 of the method statement in subsection (1K) and step 3 of the method statement in subsection (1L). Working out the type 2 individual base non ‑ exempt amount (1J) An employee’s type 2 individual base non ‑ exempt amount in relation to the employer for the year of tax is worked out by adding the amounts worked out under step 4 of the method statement in subsection (1K) and step 4 of the method statement in subsection (1L). Working out the subsection (1K) amounts (1K) An employee’s subsection (1K) amounts for the year of tax are worked out as follows. Method statement Step 1. Work out under subsection 135Q(3) for each of the employer’s employees the amount that would be the employee’s individual fringe benefit amount for the year of tax in respect of the employee’s employment by the employer if subsection 135Q(1) were amended: (a) by omitting “or 58”; and (b) by omitting “one of those sections” from paragraph (b) and “those sections” from paragraph (c) and substituting in each case “that section”. Step 2. Identify the benefits taken into account in step 1 that are GST ‑ creditable benefits (see section 149A). Step 3. So much of the amount worked out under step 1 that relates to the benefits identified under step 2 is the step 3 of subsection (1K) amount for the individual. Step 4. The remainder of the amount is the step 4 of subsection (1K) amount for the individual. Working out the subsection (1L) amounts (1L) An employee’s subsection (1L) amounts for the year of tax are worked out as follows. Method statement Step 1. Work out for each employee his or her share (if any) of the amounts that, if section 57A did not apply, would be the taxable values of the excluded fringe benefits for the year of tax in respect of the employee’s employment by the employer if those benefits were not excluded fringe benefits, but disregarding benefits: (a) that constitute the provision of meal entertainment as defined in section 37AD (whether or not the employer made an election under section 37AA); or (b) that are car parking fringe benefits; or (c) whose taxable values are wholly or partly attributable to entertainment facility leasing expenses. Step 2. Identify the benefits taken into account in step 1 that are GST ‑ creditable benefits (see section 149A). Step 3. So much of the amount worked out under step 1 that relates to the benefits identified under step 2 is the step 3 of subsection (1L) amount for the individual. Step 4. The remainder of the amount is the step 4 of subsection (1L) amount for the individual. Salary packaged meal entertainment and entertainment facility leasing benefits (1M) This subsection covers a benefit that is provided under a salary packaging arrangement if: (a) the benefit is constituted by the provision of meal entertainment (as defined in section 37AD, whether or not the employer has elected that Division 9A of Part III apply to the employer); or (b) the benefit is wholly or partly attributable to entertainment facility leasing expenses. Using aggregate fringe benefits amount for most recent base year (2) This section is subject to section 135G. Note: Section 135G allows the fringe benefits taxable amount to be worked out using the employer’s aggregate fringe benefits amount from an earlier year of tax in special cases. Definitions (3) In this section: FBT rate means the rate of fringe benefits tax for the year of tax. GST rate means the rate of goods and services tax payable under the A New Tax System (Goods and Services Tax) Act 1999 for the year of tax. type 1 aggregate fringe benefits amount means the employer’s type 1 aggregate fringe benefits amount for the year of tax worked out under subsection 5C(3). type 2 aggregate fringe benefits amount means the employer’s type 2 aggregate fringe benefits amount for the year of tax worked out under subsection 5C(4).", "Amendment_Count": 7, "First_Amended": "No 17 of 1999", "Last_Amended": "No 35 of 2022", "Amending_Acts": "No 17 of 1999 | No 52 of 2000 | No 142 of 2003 | No 83 of 2004 | No 124 of 2013 | No 162 of 2015 | No 35 of 2022", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 142 of 2003, effective Sch 5: 17 Dec 2003 (s 2(1) item 7) | Amended by No 83 of 2004, effective Sch 4 and Sch 8 (items 1–3, 5–8): 25 June 2004 (s 2(1) items 1, 18) Sch 8 (item 4): 1 July 2005 (s 2(1) item 19) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2) | Amended by No 35 of 2022, effective sch 4 (items 16 ‑ 18): 1 Oct 2022 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s5B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 5C", "Provision_Key": "s5c", "Heading": "Aggregate fringe benefits amount", "Text": "(1) Work out an employer’s aggregate fringe benefits amount for a year of tax earlier than the year of tax beginning on 1 April 2000 as follows: Method statement Step 1. Work out under Division 3 for each of the employer’s employees the individual fringe benefits amount for the year of tax in respect of the employment of the employee by the employer. Step 2. Add up all the individual fringe benefits amounts worked out under Step 1. Step 3. Add up the taxable value of every excluded fringe benefit (other than an amortised fringe benefit) relating to an employee of the employer, the employer and the year of tax. Note: Subsection 5E(3) explains what is an excluded fringe benefit. Step 4. Add the total from Step 2 to the total from Step 3. Note: The result of Step 4 is the employer’s aggregate fringe benefits amount if there are no amortised fringe benefits or reducible fringe benefits in relation to the employer. Step 5. Add to the total from Step 4 the amortised amount for the year of tax of each amortised fringe benefit (if any) relating to an employee of the employer, the employer and any year of tax. Step 6. Subtract from the total from Step 5 the reduction amount for the year of tax of each reducible fringe benefit (if any) relating to an employee of the employer, the employer and the year of tax. (2) An employer’s aggregate fringe benefits amount for the year of tax beginning on 1 April 2000 or a later year of tax is the sum of the employer’s type 1 aggregate fringe benefits amount and the employer’s type 2 aggregate fringe benefits amount for the year of tax. (3) Work out an employer’s type 1 aggregate fringe benefits amount for a year of tax as follows. Method statement Step 1. Identify the fringe benefits in respect of each of the employer’s employees that are GST ‑ creditable benefits (see section 149A), and work out under Division 3 for each of those employees the individual fringe benefits amount for the year of tax in relation to those fringe benefits. Step 2. Add up all the individual fringe benefits amounts worked out under step 1. Step 3. Identify the excluded fringe benefits (other than an amortised fringe benefit) for the year of tax in respect of each of the employer’s employees that are GST ‑ creditable benefits, and add up the taxable values of all those excluded fringe benefits. Note 1: Subsection 5E(3) explains what is an excluded fringe benefit. Note 2: Section 149A explains what is a GST ‑ creditable benefit. Step 4. Add the total from step 2 to the total from step 3. Note: The result of step 4 is the employer’s type 1 aggregate fringe benefits amount if there are no amortised amounts in relation to the employer. Step 5. Add to the total from step 4 the amortised amount for the year of tax of each amortised fringe benefit (if any) relating to an employee of the employer, the employer and any year of tax that are GST ‑ creditable benefits. The total amount is the employer’s type 1 aggregate fringe benefits amount for the year of tax. Note: Section 65CA explains what is an amortised fringe benefit. (4) Work out an employer’s type 2 aggregate fringe benefits amount for a year of tax as follows. Method statement Step 1. Identify, in respect of each of the employer’s employees, the fringe benefits that are not taken into account under step 1 of the method statement in subsection (3), and work out under Division 3 for each of those employees the individual fringe benefits amount for the year of tax in relation to those fringe benefits. Step 2. Add up all the individual fringe benefits amounts worked out under step 1. Step 3. Identify, in respect of each of the employer’s employees, the excluded fringe benefits (other than an amortised fringe benefit) for the year of tax that are not taken into account under step 3 of the method statement in subsection (3), and add up the taxable values of all those excluded fringe benefits. Note: Subsection 5E(3) explains what is an excluded fringe benefit. Step 4. Add the total from step 2 to the total from step 3. Note: The result of step 4 is the employer’s type 2 aggregate fringe benefits amount if there are no amortised amounts or reducible fringe benefits in relation to the employer. Step 5. Add to the total from step 4 the amortised amount for the year of tax of each amortised fringe benefit (if any) relating to an employee of the employer, the employer and any year of tax that is not taken into account under step 5 of the method statement in subsection (3). Note 1: The result of step 5 is the employer’s type 2 aggregate fringe benefits amount if there are no reducible fringe benefits in relation to the employer. Note 2: Section 65CA explains what is an amortised fringe benefit. Step 6. Subtract from the total from step 5 the reduction amount for the year of tax of each reducible fringe benefit (if any) relating to an employee of the employer, the employer and the year of tax. The total amount is the employer’s type 2 aggregate fringe benefits amount for the year of tax. Note: Other provisions may affect the aggregate fringe benefits amount. For example, see section 67 (about arrangements to avoid or reduce tax), section 135L (about reducing the aggregate fringe benefits amount of an employer who is in business for only part of a year of tax) and section 152B (about entertainment facility leasing expenses).", "Amendment_Count": 3, "First_Amended": "No 17 of 1999", "Last_Amended": "No 14 of 2009", "Amending_Acts": "No 17 of 1999 | No 52 of 2000 | No 14 of 2009", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 14 of 2009, effective Sch 4 (items 2–5): 26 Mar 2009 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s5C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 5D", "Provision_Key": "s5d", "Heading": "Simplified outline", "Text": "The following is a simplified outline of this Division: An employee’s individual fringe benefits amount is the employee’s share of the taxable value of fringe benefits (with some exclusions) provided in respect of his or her employment.", "Amendment_Count": 1, "First_Amended": "No 17 of 1999", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 17 of 1999", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s5D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 5E", "Provision_Key": "s5e", "Heading": "Employee’s individual fringe benefits amount", "Text": "Overview (1) This section explains how to work out an employee’s individual fringe benefits amount for a year of tax in respect of the employee’s employment by an employer. General rule (2) The individual fringe benefits amount is the sum of the employee’s share of the taxable value of each fringe benefit that relates to the year of tax and is provided in respect of the employment other than an excluded fringe benefit. What is an excluded fringe benefit ? (3) An excluded fringe benefit is a fringe benefit: (a) that is: (i) constituted by the provision of meal entertainment (as defined in section 37AD, whether or not the employer has elected that Division 9A of Part III apply to the employer); and (ii) not provided under a salary packaging arrangement; or (b) that is a car parking fringe benefit (see subsection 136(1)); or (c) that is: (i) a benefit whose taxable value is wholly or partly attributable to entertainment facility leasing expenses; and (ii) not provided under a salary packaging arrangement; or (e) whose taxable value is worked out under section 59 (about remote area residential fuel); or (f) whose taxable value is reduced under section 60 (about remote area housing); or (g) that is an amortised fringe benefit (see subsection 136(1)); or (h) that is a reducible fringe benefit (see subsection 136(1)); or (i) that is a benefit prescribed by the regulations for the purposes of this paragraph; or (j) that relates to occasional travel to a major population centre in Australia provided to employees and family members resident in a location that is not in or adjacent to an eligible urban area; or (k) that relates to freight costs for foodstuffs provided to employees resident in a location that is not in or adjacent to an eligible urban area; or (l) that is provided to address a security concern: (i) relating to the personal safety of an employee, or an associate of an employee; and (ii) that arises in respect of the employee’s employment. If section 135G applies to the employer (4) If: (a) section 135G applies for working out the employer’s liability to pay tax for the year of tax; and (b) one or more fringe benefits are provided in relation to the year of tax in respect of the employee’s employment by the employer; the employee’s individual fringe benefits amount is the amount determined by the employer in writing. This subsection has effect despite subsection (2). Note: Section 135G allows use of the employer’s aggregate fringe benefits amount for an earlier year of tax in working out the employer’s liability for tax for the current year of tax. Determining individual fringe benefits amounts (5) In making a determination under subsection (4), the employer must: (a) ensure that the total of the amount or amounts determined by the employer under that subsection for the year of tax equals the aggregate fringe benefits amount used for working out the employer’s liability to pay tax for the year of tax; and (b) if that subsection applies to 2 or more of the employer’s employees for the year of tax—act reasonably, having regard to the fringe benefit or fringe benefits provided in relation to the year of tax in respect of each employee’s employment. Security concerns relating to employees or associates (6) A fringe benefit referred to in paragraph (3)(l) is an excluded fringe benefit only to the extent that its provision is consistent with a threat assessment in relation to the employee or associate made by a person who is recognised by: (a) a relevant industry body or government body; or (b) the Commissioner; as competent to make threat assessments.", "Amendment_Count": 4, "First_Amended": "No 17 of 1999", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 17 of 1999 | No 52 of 2000 | No 80 of 2006 | No 162 of 2015", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 80 of 2006, effective Sch 8 (items 1–3): 30 June 2006 (s 2(1) item 7) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s5E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 5F", "Provision_Key": "s5f", "Heading": "Working out the employee’s share", "Text": "Overview (1) This section explains how to work out an employee’s share of the taxable value of a fringe benefit relating to the employee, an employer and a year of tax. Individually ‑ valued benefit provided in respect of one employee (2) The employee’s share is 100% of the taxable value if: (a) the fringe benefit was provided in respect of the employment of the employee by the employer and was not provided in respect of the employment of anyone else; and (b) the taxable value of the fringe benefit was worked out for that particular fringe benefit (not merely as part of the total taxable value of fringe benefits in a class including that particular benefit). Individually ‑ valued benefit shared by 2 or more employees (3) The employee’s share is so much of the taxable value as is reasonably attributable to the provision of the fringe benefit in respect of the employee’s employment by the employer, taking account of any relevant matters, if: (a) the fringe benefit was provided in respect of the employment of the employee by the employer and in respect of the employment of another employee; and (b) the taxable value of the fringe benefit was worked out for that particular fringe benefit (not merely as part of the total taxable value of fringe benefits in a class including that particular benefit). Benefits valued in aggregate (4) If: (a) the fringe benefit is one of a class of fringe benefits provided in respect of the employment of one or more employees by the employer; and (b) the total taxable value of all the fringe benefits in the class is worked out by a single calculation; the employee’s share of the taxable value of the fringe benefit is so much of the total taxable value as is reasonably attributable to the provision of the fringe benefit in respect of the employee’s employment by the employer, taking account of any relevant matters. Shares of different employees must total 100% of taxable value (5) If: (a) the fringe benefit was provided in respect of the employment of 2 or more employees; and (b) each of those employees has an employee’s share of the taxable value of the fringe benefit; the sum of those shares must equal the taxable value of the fringe benefit. Single employee’s shares must equal total taxable value (6) If all the fringe benefits in a class described in subsection (4) are provided in respect of the employment of the same employee (and none of them is provided in respect of the employment of anyone else), the sum of the employee’s shares of the taxable value of the fringe benefits must equal the total taxable value of the fringe benefits.", "Amendment_Count": 1, "First_Amended": "No 17 of 1999", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 17 of 1999", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s5F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 6", "Provision_Key": "s6", "Heading": "Part not to limit generality of benefit", "Text": "The provisions of this Part do not limit the generality of the expression benefit .", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s6"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 7", "Provision_Key": "s7", "Heading": "Car benefits", "Text": "(1) Where: (a) at any time on a day, in respect of the employment of an employee, a car held by a person (in this subsection referred to as the provider ): (i) is applied to a private use by the employee or an associate of the employee; or (ii) is taken to be available for the private use of the employee or an associate of the employee; and (b) either of the following conditions is satisfied: (i) the provider is the employer, or an associate of the employer, of the employee; (ii) the car is so applied or available, as the case may be, under an arrangement between: (A) the provider or another person; and (B) the employer, or an associate of the employer, of the employee; that application or availability of the car shall be taken to constitute a benefit provided on that day by the provider to the employee or associate in respect of the employment of the employee. (2) Where, at a particular time, the following conditions are satisfied in relation to an employee of an employer: (a) a car is held by a person, being: (i) the employer; (ii) an associate of the employer; or (iii) a person (other than the employer or an associate of the employer) with whom, or in respect of whom, the employer or an associate of the employer has an arrangement relating to the use or availability of the car; (b) the car is garaged or kept at or near a place of residence of the employee or of an associate of the employee; the car shall be taken, for the purposes of this Act, to be available at that time for the private use of the employee or associate, as the case may be. (2A) Subsection (2) does not apply to a car that: (a) is used by an ambulance service, a firefighting service or a police service; and (b) is visibly marked on its exterior for that use; and (c) is fitted with: (i) a flashing warning light; and (ii) a horn, bell or alarm that can give audible warning of the approach or position of the car by making sounds with different amplitude, tones or frequencies on a regular time cycle. (3) Where, at a particular time, the following conditions are satisfied in relation to an employee of an employer: (a) a car is held by a person, being: (i) the employer; (ii) an associate of the employer; or (iii) a person (other than the employer or an associate of the employer) with whom, or in respect of whom, the employer or an associate of the employer has an arrangement relating to the use or availability of the car; (b) the car is not at business premises of: (i) the employer; (ii) an associate of the employer; or (iii) a person (other than the employer or an associate of the employer) with whom, or in respect of whom, the employer or an associate of the employer has an arrangement relating to the use or availability of the car; (c) any of the following conditions is satisfied: (i) the employee is entitled to apply the car to a private use; (ii) the employee is not performing the duties of his or her employment and has custody or control of the car; (iii) an associate of the employee is entitled to use, or has custody or control of, the car; the car shall be taken, for the purposes of this Act, to be available at that time for the private use of the employee or associate, as the case may be. (4) For the purposes of subsection (3), where a prohibition on the application of a car, or on the application of a car for a private use, by a person is not consistently enforced, the person shall be deemed to be entitled to use the car, or to apply the car to a private use, notwithstanding the prohibition. (5) For the purposes of this Act, a car shall be deemed to be applied by a person if it is applied in accordance with the directions, instructions or wishes of the person. (6) For the purposes of this Division, a car that is let on hire to a person under a hire ‑ purchase agreement shall be deemed: (a) to have been purchased by the person at the time when the person first took the car on hire; and (b) to have been owned by the person at all material times. (7) A reference in this Division to a car held by a person (in this subsection referred to as the provider ) does not include a reference to: (a) a car used for taxi travel (other than a limousine) let on hire to the provider; or (b) a car let on hire to the provider under an agreement of a kind ordinarily entered into by persons taking cars on hire intermittently as occasion requires on an hourly, daily, weekly or other short ‑ term basis unless the car has been or may reasonably be expected to be on hire under successive agreements of a kind that result in substantial continuity of the hiring of the car.", "Amendment_Count": 2, "First_Amended": "No 17 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 17 of 1999 | No 64 of 2020", "History_Notes": "Amended by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 64 of 2020, effective Sch 3 (items 63–71): 1 July 2020 (s 2(1) item 5) Sch 3 (items 202, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s7"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 8", "Provision_Key": "s8", "Heading": "Exempt car benefits", "Text": "(1) Except insofar as section 7 provides that the application or availability of a car held by a person is a benefit, the application or availability of a car held by a person is an exempt benefit. (2) A car benefit provided in a year of tax in respect of the employment of a current employee is an exempt benefit in relation to the year of tax if: (a) the car is: (i) a panel van or utility truck, designed to carry a load of less than 1 tonne; or (ia) used for taxi travel, designed to carry a load of less than 1 tonne, and not a limousine; or (ii) any other road vehicle designed to carry a load of less than 1 tonne (other than a vehicle designed for the principal purpose of carrying passengers); and (b) there was no private use of the car during the year of tax and at a time when the benefit was provided other than: (i) work ‑ related travel of the employee; and (ii) other private use by the employee or an associate of the employee, being other use that was minor, infrequent and irregular. (3) Where: (a) a car benefit relating to a particular car is provided by a particular person (in this subsection called the provider ) in a year of tax in respect of the employment of a current employee of an employer; (b) at all times during the year of tax when the car was held by the provider, the car was unregistered; and (c) during the period in the year of tax when the car was held by the provider, the car was wholly or principally used directly in connection with business operations of: (i) the employer; or (ii) if the employer is a company—the employer or a company that is related to the employer; the car benefit is an exempt benefit in relation to the year of tax. (4) A car benefit is an exempt benefit in relation to a year of tax if: (a) the car benefit is provided in the year of tax in respect of the employment of a current employee; and (b) the person providing the benefit cannot deduct an amount under the Income Tax Assessment Act 1997 for providing the benefit because of section 86 ‑ 60 of that Act. Note: Section 86 ‑ 60 of the Income Tax Assessment Act 1997 (read together with section 86 ‑ 70 of that Act) limits the extent to which personal service entities can deduct car expenses. Deductions are not allowed for more than one car for private use.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 139 of 1987 | No 145 of 1995 | No 86 of 2000 | No 64 of 2020", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 86 of 2000, effective Sch 1 (item 61): 30 June 2000 (s 2(1)) | Amended by No 64 of 2020, effective Sch 3 (items 63–71): 1 July 2020 (s 2(1) item 5) Sch 3 (items 202, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s8"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 8A", "Provision_Key": "s8a", "Heading": "Exempt car benefits: cars that are zero or low emissions vehicles", "Text": "(1) A car benefit is an exempt benefit in relation to a year of tax if: (a) the benefit is provided in the year of tax in respect of the employment of a current employee; and (b) the car is a zero or low emissions vehicle when the benefit is provided; and (c) no amount of luxury car tax (within the meaning of the A New Tax System (Luxury Car Tax) Act 1999 ) has become payable on a supply (within the meaning of that Act) or importation (within the meaning of that Act) of the car before the benefit is provided. (2) A zero or low emissions vehicle is: (a) a battery electric vehicle; or (b) a hydrogen fuel cell electric vehicle. (3) A battery electric vehicle is a motor vehicle that: (a) uses only an electric motor for propulsion; and (b) is fitted with neither a fuel cell nor an internal combustion engine. (4) A hydrogen fuel cell electric vehicle is a motor vehicle that: (a) uses an electric motor for propulsion; and (b) is equipped with a fuel cell for converting hydrogen to electricity; and (c) is not fitted with an internal combustion engine.", "Amendment_Count": 2, "First_Amended": "No 86 of 2022", "Last_Amended": "No 86 of 2022", "Amending_Acts": "No 86 of 2022", "History_Notes": "Inserted by No 86 of 2022, effective sch 1: 1 Jan 2023 (s 2(1) item 2) sch 2: 1 Apr 2025 (s 2(1) item 3) | Amended by No 86 of 2022, effective sch 1: 1 Jan 2023 (s 2(1) item 2) sch 2: 1 Apr 2025 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s8A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 9", "Provision_Key": "s9", "Heading": "Taxable value of car fringe benefits—statutory formula", "Text": "(1) Subject to this Part, where one or more car fringe benefits in relation to an employer in relation to a year of tax relate to a particular car held by a particular person (in this section referred to as the provider ), the taxable value of that fringe benefit, or the aggregate of the taxable values of those fringe benefits, as the case may be, in relation to that year of tax, is the amount calculated in accordance with the formula: (2) For the purposes of this section: (a) the base value of the car is the sum of: (i) where, at the earliest holding time, the car was owned by the provider or an associate of the provider, the amount calculated in accordance with the formula AB, where: A is the cost price of the car to the provider or associate, as the case may be; and B is: (A) in a case where the commencement of the year of tax is later than the fourth anniversary of the earliest holding time—⅔; or (B) in any other case—1; and (ii) in a case to which subparagraph (i) does not apply—the amount calculated in accordance with the formula AB, where: A is the leased car value of the car at the earliest holding time; and B is: (A) in a case where the commencement of the year of tax is later than the fourth anniversary of the earliest holding time—⅔; or (B) in any other case—1; and (iii) the cost price of each non ‑ business accessory that: (A) was fitted to the car after the earliest holding time and before the end of the year of tax; and (B) remained fitted to the car at a time during the year of tax when the car was held by the provider; (b) the earliest holding time, in relation to a car held by the provider at a particular time (in this paragraph referred to as the current time ), is the earliest time before the current time when the car was held by the provider or an associate of the provider; and (e) the amount of the recipient’s payment is the sum of: (i) in a case where expenses were incurred to the provider or employer during the holding period by recipients of the car fringe benefits by way of consideration for the provision of the car fringe benefits—the amount of those expenses paid by the recipients less any amount paid or payable to the recipients by way of reimbursement of those expenses; and (ia) in a case where car expenses in respect of fuel or oil for the car were incurred during the holding period by recipients of the car fringe benefits and: (A) the persons incurring those expenses give to the employer, before the declaration date, declarations, in a form approved by the Commissioner, in respect of those expenses; or (B) documentary evidence of those expenses is obtained by the persons incurring the expenses and given to the employer before the declaration date; the amount of those expenses paid by the recipients less any amount paid or payable to the recipients by way of reimbursement of those expenses; and (ii) in a case where: (A) car expenses in respect of the car (other than car expenses in respect of fuel or oil for the car) were incurred during the holding period by recipients of the car fringe benefits; and (B) documentary evidence of those expenses is obtained by the persons incurring the expenses and given to the employer before the declaration date; the amount of those expenses paid by the recipients less any amount paid or payable to the recipients by way of reimbursement of those expenses; and (f) the holding period is the period in the year of tax when the car was held by the provider.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 139 of 1987 | No 145 of 1995 | No 178 of 1999 | No 62 of 2011", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 62 of 2011, effective Sch 5 (items 1–9): 29 June 2011 (s 2(1) item 7) Sch 5 (items 10–12): 1 Apr 2016 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s9"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 10", "Provision_Key": "s10", "Heading": "Taxable value of car fringe benefits—cost basis", "Text": "(1) An employer may, in relation to a particular car, elect that this section apply in relation to all the car fringe benefits in relation to the employer in relation to a year of tax that relate to that car. (2) Subject to this Part, where an election is made under subsection (1), the taxable value, or the aggregate of the taxable values, as the case requires, of the car fringe benefits in relation to the employer in relation to the year of tax that relate to the car while it was held by a particular person (in this section referred to as the provider ) during a particular period (in this section referred to as the holding period ) in the year of tax is the amount calculated in accordance with the formula: where: C is the operating cost of the car during the holding period; BP is: (a) if, under section 10A or 10B, the employer is not entitled to a reduction in the operating cost of the car on account of business journeys undertaken in the car during the holding period—nil; or (c) in any other case—the business use percentage applicable to the car for the holding period; and R is the amount (if any) of the recipient’s payment. (3) For the purposes of subsection (2): (a) the operating cost of the car during the holding period is the sum of: (i) any car expenses (other than insured repair expenses or expenses in respect of registration and insurance) relating to the car incurred during the holding period (whether the expenses are incurred by the provider or by any other person), not including, in a case where the car is leased to the provider, any car expenses incurred by the lessor pursuant to the lease agreement; and (ii) so much of any expense paid or payable in respect of the registration of, or insurance in respect of, the car as is attributable to the holding period (whether the expenses are incurred by the provider or by any other person), not including: (A) in a case where the car is owned by the provider—any expense incurred before the provider became the owner of the car; or (B) in a case where the car is leased to the provider—any expense incurred by the lessor pursuant to the lease agreement; and (iii) in a case where the car is owned by the provider: (A) the amount of depreciation that is deemed to have been incurred by the provider in respect of the car in respect of the holding period; and (B) the amount of interest that is deemed to have been incurred by the provider in respect of the car in respect of the holding period; and (iv) in a case where the car is owned by the provider and a non ‑ business accessory was fitted to the car during the period when the car was owned by the provider and remained fitted to the car at a time during the holding period: (A) the amount of depreciation that would be deemed to have been incurred by the provider in respect of the accessory in respect of the holding period if the accessory were a car; and (B) the amount of interest that would be deemed to have been incurred by the provider in respect of the accessory in respect of the holding period if the accessory were a car; and (v) in a case where the car is leased to the provider: (A) where sub ‑ subparagraph (B) does not apply—so much of the charges paid or payable under the lease agreement as are attributable to the holding period; or (B) where the lessor was entitled to privileges or exemptions in relation to customs duty in respect of a transaction by which the lessor purchased the car—the amount that could reasonably be expected to have been applicable under sub ‑ subparagraph (A) if the lessor had not been entitled to those privileges or exemptions; and (vi) in a case where the car is neither owned by, nor leased to, the provider—the amount of depreciation and interest that would be deemed to have been incurred by the provider in respect of the car in respect of the holding period if the car had been purchased by the provider at the time when the provider commenced to hold the car for a consideration equal to the leased car value of the car at that time; and (c) the amount of the recipient’s payment is the sum of: (i) in a case where expenses were incurred to the provider or employer during the holding period by recipients of the car fringe benefits by way of consideration for the provision of the car fringe benefits—the amount of those expenses paid by the recipients less any amount paid or payable to the recipients by way of reimbursement of those expenses; and (ia) in a case where car expenses in respect of fuel or oil for the car were incurred during the holding period by recipients of the car fringe benefits and: (A) the persons incurring those expenses give to the employer, before the declaration date, declarations, in a form approved by the Commissioner, in respect of those expenses; or (B) documentary evidence of those expenses is obtained by the persons incurring the expenses and given to the employer before the declaration date; the amount of those expenses paid by the recipients less any amount paid or payable to the recipients by way of reimbursement of those expenses; and (ii) in a case where: (A) car expenses in respect of the car (other than car expenses in respect of fuel or oil for the car) were incurred during the holding period by recipients of the car fringe benefits; and (B) documentary evidence of those expenses is obtained by the persons incurring the expenses and given to the employer before the declaration date; the amount of those expenses paid by the recipients less any amount paid or payable to the recipients by way of reimbursement of those expenses. (3A) A reference in subparagraph (3)(a)(i) to an insured repair expense relating to a car is a reference to: (a) so much of an expense incurred in respect of repairs to the car as does not exceed an amount: (i) received by way of insurance in respect of the repairs by the person incurring the expense; (ii) paid by way of insurance in respect of the repairs in discharge of the obligation of the insured to pay the expense; (iii) received by way of compensation in respect of the repairs by the person incurring the expense from the person legally responsible for the damage to the car; or (iv) paid by way of compensation in respect of the repairs by the person legally responsible for the damage to the car in discharge of the obligation of the person incurring the expense to pay the expense; or (b) an expense incurred in respect of repairs to the car: (i) by an insurer under a contract of insurance; or (ii) by way of compensation by the person legally responsible for the damage to the car. (3B) Where, in accordance with subsection 162K(2), the identity of a car changes one or more times during the period (in this subsection called the overall holding period ) that, apart from that subsection, would be the holding period, the operating cost of the car during each period (in this subsection called a statutory holding period ) that is a holding period in relation to the car when the car had a separate identity is so much of the amount that would have been the operating cost of the car during the overall holding period (assuming that the identity of the car had not changed during the overall holding period) as is attributable to the statutory holding period. (3C) Where, in accordance with subsection 162K(2), the identity of a car changes one or more times during the period (in this subsection called the overall holding period ) that, apart from that subsection, would be the holding period, the recipient’s payment in relation to each period (in this subsection called a statutory holding period ) that is a holding period in relation to the car when the car had a separate identity is so much of the amount that would have been the recipient’s payment in relation to the overall holding period (assuming that the identity of the car had not changed during the overall holding period) as is attributable to the statutory holding period. (3D) In determining, for the purposes of this section, whether: (a) an expense is paid or payable in respect of the registration of, or insurance in respect of, a car; or (b) a charge is paid or payable under a lease agreement in respect of a car; or (c) a lessor of a car is entitled to privileges or exemptions in relation to customs duty in respect of a transaction by which the lessor purchased the car; a change, in accordance with subsection 162K(2), to the identity of the car shall be disregarded. (4) An election by an employer under subsection (1) in relation to a year of tax: (a) shall be made by notice in writing to the Commissioner; and (b) shall be lodged with the Commissioner on or before the declaration date. (5) Where: (a) an employer elects that this section apply in relation to all the car fringe benefits in relation to the employer in relation to a year of tax that relate to a particular car; and (b) the taxable value, or the aggregate of the taxable values, as the case requires, of the car fringe benefits that relate to the car ascertained under subsection (2) of this section exceeds the taxable value, or the aggregate of the taxable values, as the case requires, that would have been ascertained under section 9 if that election had not been made; this Act (other than section 162G) applies, and shall be deemed always to have applied, for the purposes of ascertaining that taxable value, or the aggregate of those taxable values, as the case requires, as if that election had not been made. (6) Nothing in section 74 prevents the amendment of an assessment for the purpose of giving effect to subsection (5).", "Amendment_Count": 6, "First_Amended": "No 139 of 1987", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 139 of 1987 | No 78 of 1988 | No 11 of 1989 | No 145 of 1995 | No 41 of 1998 | No 88 of 2009", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 78 of 1988, effective Part II (ss. 3–6), ss. 37, 39–53 and 55(15)–(25): 1 Nov 1988 ( see Gazette 1988, No. S331) s. 14(2): 1 July 1988 s. 15: 22 Dec 1986 Part VI (ss. 62–64): 22 July 1986 Part VII (ss. 65, 66): 18 Dec 1987 Remainder: Royal Assent | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent | Amended by No 88 of 2009, effective Sch 5 (items 19, 20, 288–305): (s 2(1) items 7, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s10"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 10A", "Provision_Key": "s10a", "Heading": "No reduction of operating cost in a log book year of tax unless log book records and odometer records are maintained", "Text": "Where one or more car fringe benefits in relation to an employer in relation to a year of tax relate to a car while it was held by a particular person (in this section called the provider ) during a particular period (in this section called the holding period ) in a year of tax that is a log book year of tax of the employer in relation to the car, the employer is entitled to a reduction in the operating cost of the car on account of business journeys undertaken in the car during the holding period if, and only if: (a) log book records and odometer records are maintained by or on behalf of the provider for an applicable log book period in relation to the car; and (b) odometer records are maintained by or on behalf of the provider for the holding period; and (c) if the provider is not the employer—those log book records and odometer records are given to the employer before the declaration date; and (d) the employer specifies the employer’s estimate of the number of business kilometres travelled by the car during the holding period; and (e) the employer specifies a percentage as the business use percentage applicable to the car in relation to the provider for the holding period.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 41 of 1998", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 145 of 1995 | No 41 of 1998", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s10A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 10B", "Provision_Key": "s10b", "Heading": "No reduction of operating cost in a non ‑ log book year of tax unless log book records and odometer records are maintained in log book year of tax", "Text": "Where one or more car fringe benefits in relation to an employer in relation to a year of tax relate to a car while it was held by a particular person (in this section called the provider ) during a particular period (in this section called the holding period ) in a year of tax that is not a log book year of tax of the employer in relation to the car, the employer is entitled to a reduction in the operating cost of the car on account of business journeys undertaken during the holding period in the car if, and only if: (a) odometer records are maintained by or on behalf of the provider in relation to the car for the holding period and, if the provider is not the employer, are given to the employer before the declaration date; and (b) the employer specifies the employer’s estimate of the number of business kilometres travelled by the car in the holding period; and (c) the employer specifies the business use percentage applicable to the car in relation to the provider for the holding period.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 145 of 1995", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s10B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 11", "Provision_Key": "s11", "Heading": "Calculation of depreciation and interest", "Text": "(1A) For the purposes of this Subdivision, the amount of depreciation that is deemed to have been incurred by a person in respect of a car in respect of the period (in this subsection called the holding period ) during a year of tax while the car was held by the person is the amount calculated in accordance with the formula: where: DEP is the amount of depreciation that is deemed to have been incurred by the person in respect of the car in respect of the year of tax; DHP is the number of days in the holding period during which the car was owned by the person; and DCO is the number of days in the period in the year of tax during which the car was owned by the person. (1) For the purposes of this Subdivision, the amount of depreciation that is deemed to have been incurred by a person in respect of a car in respect of a year of tax is the amount calculated in accordance with the formula: where: A is: (a) where the car was owned by the person at the beginning of the year of tax—the depreciated value of the car at that time; or (b) in any other case—the cost price of the car to the person; B is the amount worked out for the person and the car using the formula in subsection (1AA). C is the number of days in the period in the year of tax during which the car was owned by the person; and D is the number of days in the year of tax. (1AA) The formula for working out the amount of B for the person and the car for subsection (1) is: where: DV percentage is the percentage applicable in using the diminishing value method (within the meaning of the Income Tax Assessment Act 1997 ) as at the start of the year of tax. effective life of the car is the number of years in the period specified as the effective life of the car in a determination made by the Commissioner under section 40 ‑ 100 of the Income Tax Assessment Act 1997 and in effect at the most recent time (before the end of the year of tax) the person became the owner of the car. (1B) For the purposes of this Subdivision, the amount of interest that is deemed to have been incurred by a person in respect of a car in respect of the period (in this subsection called the holding period ) during a year of tax while the car was held by the person is the amount calculated in accordance with the formula: where: INT is the amount of interest that is deemed to have been incurred by the person in respect of the car in respect of the year of tax; DHP is the number of days in the holding period during which the car was owned by the person; and DCO is the number of days in the period in the year of tax during which the car was owned by the person. (2) For the purposes of this Subdivision, the amount of interest that is deemed to have been incurred by a person in respect of a car in respect of a year of tax is the amount calculated in accordance with the formula: where: A is: (a) where the car was owned by the person at the beginning of the year of tax—the depreciated value of the car at that time; or (b) in any other case—the cost price of the car to the person; B is the statutory interest rate in relation to the year of tax; C is the number of days in the period in the year of tax during which the car was owned by the person; and D is the number of days in the year of tax.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 139 of 1987 | No 178 of 1999 | No 107 of 2003 | No 143 of 2007", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 107 of 2003, effective Sch 4: 21 Oct 2003 (s 2(1) item 2) | Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s11"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 12", "Provision_Key": "s12", "Heading": "Depreciated value", "Text": "(1) In this Subdivision, the depreciated value of a car at a particular time (the relevant time ) is the amount worked out using the formula: where: A is: (a) if the car was owned by the person at the start of 1 July 1986—the depreciated value worked out under subsection (2); or (b) in any other case—the cost price of the car to the person. B is the total amount of depreciation (if any) that would have been taken to have been incurred by the person in respect of the car for the period after the start of 1 July 1986 and before the relevant time when the person owned the car, if the depreciation taken to have been incurred for that period were calculated in accordance with subsection 11(1). (2) The depreciated value of a car owned by a person at the start of 1 July 1986 is the cost price of the car to that person, reduced by the total amount of depreciation that would have been taken to have been incurred by the person in respect of the car for the period before that time when it was owned by the person if: (a) the depreciation taken to have been incurred for that period were calculated in accordance with subsection 11(1); and (b) each year starting on 1 July were a year of tax.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Repealed and substituted by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s12"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 13", "Provision_Key": "s13", "Heading": "Expenditure to be increased in certain circumstances", "Text": "(1) The following provisions apply for the purpose of determining the base value of a car for the purposes of section 9 or the operating cost of a car for the purposes of section 10. (2) Where the amount (if any) of expenditure incurred by a person under a transaction that is not an arm’s length transaction is less than the amount (in this subsection referred to as the increased amount ) of expenditure that could reasonably have been expected to have been incurred by the person under the transaction if it had been an arm’s length transaction, the person shall be deemed, under the transaction, to have incurred the increased amount of expenditure. (3) The reference in subsection (2) to expenditure does not include a reference to expenditure by a recipient of a car benefit in relation to the car by way of reimbursement of expenditure incurred by another person. (4) Where, in a case to which subsection (2) does not apply: (a) a person acquires any property, or is provided with any benefit; and (b) the person incurs no expenditure in respect of the acquisition of that property or the provision of that benefit; the person shall be deemed to have incurred, in respect of the acquisition of that property or the provision of that benefit, expenditure equal to the amount that the person could reasonably be expected to have been required to pay to purchase that property, or obtain the provision of that benefit, on the open market.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s13"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 14", "Provision_Key": "s14", "Heading": "Debt waiver benefits", "Text": "Where, at a particular time, a person (in this section referred to as the provider ) waives the obligation of another person (in this section referred to as the recipient ) to pay or repay to the provider an amount, the waiver shall be taken to constitute a benefit provided at that time by the provider to the recipient.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s14"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 15", "Provision_Key": "s15", "Heading": "Taxable value of debt waiver fringe benefits", "Text": "Subject to this Part, the taxable value in relation to a year of tax of a debt waiver fringe benefit provided in the year of tax is the amount the payment or repayment of which is waived.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s15"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 16", "Provision_Key": "s16", "Heading": "Loan benefits", "Text": "(1) Where a person (in this subsection referred to as the provider ) makes a loan to another person (in this subsection referred to as the recipient ), the making of the loan shall be taken to constitute a benefit provided by the provider to the recipient and that benefit shall be taken to be provided in respect of each year of tax during the whole or a part of which the recipient is under an obligation to repay the whole or any part of the loan. Note: A loan benefit that is taken under this subsection to be provided in respect of a year of tax may not be provided as a fringe benefit if: (a) the loan was made in that year of tax or a previous year of tax; and (b) a dividend is not taken to be paid under section 109D of the Income Tax Assessment Act 1936 in relation to the loan, because of section 109N of that Act. See paragraph (s) of the definition of fringe benefit in subsection 136(1) of this Act. (2) For the purposes of this Act, where: (a) a person (in this subsection referred to as the debtor ) is under an obligation to pay or repay an amount (in this subsection referred to as the principal amount ) to another person (in this subsection referred to as the creditor ); (b) the principal amount is not the whole or a part of the amount of a loan; and (c) after the due date for payment or repayment of the principal amount, the whole or part of the principal amount remains unpaid; the following provisions have effect: (d) the creditor shall be deemed, immediately after the due date, to have made a loan (in this subsection referred to as the deemed loan ) of the principal amount to the debtor; (e) at any time when the debtor is under an obligation to repay any part of the principal amount, the debtor shall be deemed to be under an obligation to repay that part of the deemed loan; (f) the deemed loan shall be deemed to have been made: (i) if interest accrues on so much of the principal amount as remains from time to time unpaid—at the rate of interest at which that interest accrues; or (ii) in any other case—at a nil rate of interest. (3) For the purposes of this Act, where a person (in this subsection referred to as the provider ) makes a deferred interest loan (in this subsection referred to as the principal loan ) to another person (in this subsection referred to as the recipient ): (a) the provider shall be deemed, at the end of: (i) the period of 6 months commencing on the day on which the principal loan was made; and (ii) each subsequent period of 6 months; (being in either case a period ending on or after 1 July 1986 during the whole of which the recipient is under an obligation to repay the whole or any part of the principal loan) to have made a loan (in this subsection referred to as the deemed loan ) to the recipient of an amount equal to the amount by which the interest (in this subsection referred to as the accrued interest ) that has accrued on the principal loan in respect of that period exceeds the amount (if any) paid in respect of the accrued interest before the end of that period; (b) where any part of the accrued interest becomes payable or is paid after the time when the deemed loan is deemed to have been made, the deemed loan shall be reduced accordingly; and (c) the deemed loan shall be deemed to have been made at a nil rate of interest. (4) In subsection (3), deferred interest loan means a loan in respect of which interest is payable at a rate exceeding nil, other than: (a) a loan where the whole of the interest is due for payment within 6 months after the loan is made; or (b) a loan where: (i) the interest is payable by instalments; (ii) the intervals between instalments do not exceed 6 months; and (iii) the first instalment is due for payment within 6 months after the loan is made. (5) For the purposes of this Act, where no interest is payable in respect of a loan, a nil rate of interest shall be taken to be payable in respect of the loan.", "Amendment_Count": 1, "First_Amended": "No 79 of 2007", "Last_Amended": "No 79 of 2007", "Amending_Acts": "No 79 of 2007", "History_Notes": "Amended by No 79 of 2007, effective Sch 1 (items 30–32, 43(1)–(3)): 21 June 2007 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s16"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 17", "Provision_Key": "s17", "Heading": "Exempt loan benefits", "Text": "(1) Where: (a) a loan is made by a person who carries on a business that consists of or includes making loans to members of the public; and (b) the rate of interest payable in respect of the loan: (i) is specified in a document in existence at the time the loan is made; (ii) is not less than the rate of interest in respect of a similar arm’s length loan made by the person, at or about that time, to a member of the public in the ordinary course of carrying on that business; and (iii) cannot be varied; the making of the loan is an exempt benefit. (2) Where: (a) a loan is made by a person who carries on a business that consists of or includes making loans to members of the public; and (b) the rate of interest from time to time payable in respect of the loan in respect of a year of tax is not less than the rate of interest applicable at the time concerned in respect of a similar arm’s length loan made by the person, at or about the time the loan referred to in paragraph (a) is made, to a member of the public in the ordinary course of carrying on that business; the making of the loan is an exempt benefit in relation to that year of tax. (3) Where: (a) a loan consists of an advance by an employer to a current employee of the employer in respect of his or her employment; (b) the sole purpose of the making of the loan is to enable the employee to meet expenses incurred by the employee: (i) in the course of performing the duties of that employment; and (ii) not later than 6 months after the loan is made; (c) the amount of the loan does not substantially exceed the amount of those expenses that could reasonably be expected to be incurred by the employee; and (d) the employee is required: (i) to account to the employer, not later than 6 months after the loan is made, for expenses met from the loan; and (ii) to repay (whether by set ‑ off or otherwise) any amount not so accounted for; the making of the loan is an exempt benefit. (4) Where: (a) the making of a loan consisting of an advance by an employer to an employee of the employer constitutes a benefit in respect of the employment of the employee in respect of a year of tax (in this subsection called the current year of tax ); (b) the sole purpose of the making of the loan is to enable the employee to pay any of the following amounts payable by the employee in respect of accommodation: (i) a rental bond; (ii) a security deposit in respect of electricity, gas or telephone services; (iii) any similar amount; (c) the employee is required to repay (whether by set ‑ off or otherwise) the loan not later than 12 months after the loan is made; (d) any of the following benefits is provided in, or in respect of, any year of tax to the employee in respect of that employment: (i) an expense payment benefit where the recipients expenditure is in respect of a lease or licence in respect of that accommodation; (ii) a housing benefit where the housing right is in respect of that accommodation; (iii) a residual benefit where the recipients benefit is constituted by the subsistence of a lease or licence in respect of that accommodation; and (e) either of the following subparagraphs apply: (i) by virtue of section 21 or subsection 47(5), the benefit referred to in paragraph (d) is an exempt benefit in relation to the year of tax referred to in that paragraph; (ii) the benefit referred to in paragraph (d) is a fringe benefit in relation to the year of tax referred to in that paragraph and, under section 61C, the taxable value of the fringe benefit is reduced by the extent to which that taxable value is attributable to the subsistence of a lease or licence in respect of the accommodation during a particular period in that year of tax; the making of the loan is an exempt benefit in relation to the current year of tax.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s17"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 18", "Provision_Key": "s18", "Heading": "Taxable value of loan fringe benefits", "Text": "(1) Subject to this Part, the taxable value, in relation to a year of tax, of a loan fringe benefit provided in respect of the year of tax is the amount (if any) by which the notional amount of interest in relation to the loan in respect of the year of tax exceeds the amount of interest that has accrued on the loan in respect of the year of tax.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s18"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 19", "Provision_Key": "s19", "Heading": "Reduction of taxable value— otherwise deductible rule", "Text": "(1) Where: (a) the recipient of a loan fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) if the recipient had, on the last day of the period (in this subsection called the loan period ) during the year of tax when the recipient was under an obligation to repay the whole or any part of the loan, incurred and paid unreimbursed interest (in this subsection called the gross interest ), in respect of the loan, in respect of the loan period, equal to the notional amount of interest in relation to the loan in relation to the year of tax—a once ‑ only deduction (in this subsection called the gross deduction ) would, or would if not for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of the gross interest; and (ba) the amount (in this subsection called the notional deduction ) calculated in accordance with the formula: where: GD is the gross deduction; and RD is: (i) if no interest accrued on the loan in respect of the loan period—nil; or (ii) if interest accrued on the loan in respect of the loan period—the amount (if any) that would, or that would but for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable as a once ‑ only deduction to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of that interest if that interest had been incurred and paid by the recipient on the last day of the loan period; exceeds nil; and (c) except where the fringe benefit is: (i) an employee credit loan benefit in relation to the year of tax; or (ii) an employee share loan benefit in relation to the year of tax; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the loan concerned; and (ca) where: (ii) the loan fringe benefit is a car loan benefit in respect of a car held by the recipient during a period (in this subsection also called the holding period ) in the year of tax; and (iii) the substantiation rules set out in Division 15 have been complied with in relation to the car in relation to the holding period; the following conditions are satisfied: (iv) the recipient gives to the employer, before the declaration date, a car substantiation declaration for the car for the year of tax; (v) in a case where the substantiation rules require log book records or odometer records to be maintained by or on behalf of the recipient in relation to the car—the car substantiation declaration is accompanied by a copy of those documents; and (d) if: (i) paragraph (ca) does not apply; and (ii) the loan fringe benefit is a car loan benefit in respect of a car held by the recipient during a period (the holding period ) in the year of tax; the recipient gives a declaration to the employer, before the declaration date and in a form approved by the Commissioner, that purports to set out: (iii) the holding period; and (iv) the number of whole business kilometres travelled by the car during the holding period; and (v) the number of whole kilometres travelled by the car during the holding period; the taxable value, but for Division 14, of the loan fringe benefit in relation to the year of tax is the amount calculated in accordance with the formula: where: TV is the amount that, but for this subsection and Division 14, would be the taxable value of the loan fringe benefit in relation to the year of tax; and ND is: (e) if neither paragraph (ca) nor (d) applies and paragraph (i) does not apply—the notional deduction; or (f) if paragraph (ca) applies and paragraph (i) does not apply—whichever of the following amounts is applicable: (i) if it would be concluded that the amount of interest that has accrued on the loan in respect of the loan period would have been the same even if the loan fringe benefit were not applied or used in producing assessable income of the recipient—the business use percentage of the amount that, but for this subsection and Division 14, would be the taxable value of the loan fringe benefit in relation to the year of tax; (ii) if subparagraph (i) does not apply—the business use percentage of the notional amount of interest in relation to the loan in relation to the year of tax; or (g) where: (i) paragraph (d) applies; and (iia) paragraph (i) does not apply; whichever of the following amounts is the least: (iii) the notional deduction; (iv) if it would be concluded that the amount of interest that has accrued on the loan in respect of the loan period would have been the same even if the loan fringe benefit were not applied or used in producing assessable income of the recipient—33⅓% of the amount that, but for this subsection and Division 14, would be the taxable value of the loan fringe benefit in relation to the year of tax; (v) if subparagraph (iv) does not apply—33⅓% of the notional amount of interest in relation to the loan in relation to the year of tax; or (i) if, under subsection 138(3), the loan fringe benefit is deemed to have been provided to the recipient only—the amount calculated in accordance with subsection (5). (2) Where a part of a loan to which a loan fringe benefit relates is used by an employee to: (a) purchase a particular car; or (b) pay a Division 28 car expense; subsection (1) and the definition of car loan benefit in subsection 136(1) apply as if that part of the loan had been a separate loan. (5) For the purposes of paragraph (1)(i) (which applies to a loan fringe benefit that, under subsection 138(3), is deemed to have been provided to an employee only), the amount is calculated in accordance with the formula: where: employee’s percentage of interest : (a) is the percentage of the interest held by the employee, during a period (in this subsection called the holding period ) in the year of tax, in the asset or other thing that: (i) is purchased or paid for using all or part of the loan to which the loan fringe benefit relates; and (ii) is applied or used for the purpose of producing assessable income of the employee; and (b) does not include the percentage of the interest held in that asset or other thing by the employee’s associate or associates during the holding period. unadjusted ND is the amount that would be ascertained as representing the component ND in the formula in subsection (1) if paragraph (1)(i) did not apply in relation to the loan fringe benefit.", "Amendment_Count": 12, "First_Amended": "No 139 of 1987", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 48 of 1991 | No 30 of 1995 | No 145 of 1995 | No 39 of 1997 | No 178 of 1999 | No 101 of 2006 | No 143 of 2007 | No 145 of 2008 | No 162 of 2015 | No 84 of 2022", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 48 of 1991, effective Part 2 (s 3–7): 24 Apr 1991 (s 2(1)) | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11) | Amended by No 145 of 2008, effective Sch 4 (items 1–75): 9 Dec 2008 (s 2) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2) | Amended by No 84 of 2022, effective sch 3 (items 1 ‑ 17, 33): 1 Jan 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s19"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 20", "Provision_Key": "s20", "Heading": "Expense payment benefits", "Text": "Where a person (in this section referred to as the provider ): (a) makes a payment in discharge, in whole or in part, of an obligation of another person (in this section referred to as the recipient ) to pay an amount to a third person in respect of expenditure incurred by the recipient; or (b) reimburses another person (in this section also referred to as the recipient ), in whole or in part, in respect of an amount of expenditure incurred by the recipient; the making of the payment referred to in paragraph (a), or the reimbursement referred to in paragraph (b), shall be taken to constitute the provision of a benefit by the provider to the recipient.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s20"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 20A", "Provision_Key": "s20a", "Heading": "Exemption—no ‑ private ‑ use declaration", "Text": "(1) An expense payment fringe benefit that is covered by a no ‑ private ‑ use declaration is an exempt benefit. (2) An employer may make a no ‑ private ‑ use declaration that covers all the employer’s expense payment fringe benefits for an FBT year for which the employer will only pay or reimburse so much of the expense that is the subject of the benefit as would result in the taxable value of the benefit being nil. (3) The declaration must be in a form approved in writing by the Commissioner and be made by the declaration date.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s20A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 21", "Provision_Key": "s21", "Heading": "Exempt accommodation expense payment benefits", "Text": "Where: (a) an expense payment benefit is provided in a year of tax to a current employee of an employer in respect of his or her employment; and (b) the recipients expenditure is in respect of accommodation for eligible family members; and (ba) the accommodation is not provided while the employee is undertaking travel in the course of performing the duties of that employment; and (c) the accommodation is required solely because the duties of that employment require the employee to live away from his or her normal residence; and (d) the employee satisfies: (i) sections 31C (about maintaining an Australian home) and 31D (about the first 12 months); or (ii) section 31E (about fly ‑ in fly ‑ out and drive ‑ in drive ‑ out requirements); and (e) the employee gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out: (i) if the employee satisfies sections 31C and 31D—the matters in subparagraphs 31F(1)(a)(i) to (iii); or (ii) if the employee satisfies section 31E—the matters in subparagraphs 31F(1)(b)(i) to (iii); the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 139 of 1987 | No 142 of 2012", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s21"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 22", "Provision_Key": "s22", "Heading": "Exempt car expense payment benefits", "Text": "Where: (a) an expense payment benefit provided to an employee of an employer in respect of his or her employment is constituted by the reimbursement of the employee, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the employee in relation to a car owned by, or leased to, the employee; (b) in a case where the car is leased to the employee—the recipients expenditure is not attributable to a period when the lessor is the provider of a car benefit in relation to the car in relation to the employee; (c) the benefit is not in respect of relocation transport; (ca) the benefit is not in respect of an employment interview or selection test; (cb) the benefit is not associated with: (i) a work ‑ related medical examination of the employee; (ii) work ‑ related medical screening of the employee; (iii) work ‑ related preventative health care of the employee; (iv) work ‑ related counselling of the employee or of an associate of the employee; or (v) migrant language training of the employee or of an associate of the employee; (cc) neither of the following subparagraphs applies in relation to the transport to which the benefit relates: (i) the transport was provided wholly or partly to enable the employee, or an associate of the employee, to have a holiday; (ii) the transport was provided at a time when the employee had ceased to perform the duties of that employment; and (d) the reimbursement is calculated by reference to the distance travelled by the car; the expense payment benefit is an exempt benefit.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 139 of 1987 | No 30 of 1995 | No 39 of 1997", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s22"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 22A", "Provision_Key": "s22a", "Heading": "Taxable value of in ‑ house expense payment fringe benefits", "Text": "(1) Subject to this Part, the taxable value in relation to a year of tax of an in ‑ house property expense payment fringe benefit (in this subsection called the actual fringe benefit ) provided during the year of tax is the amount that, if: (a) the provision of property to which the actual fringe benefit relates were an in ‑ house property fringe benefit (in this subsection called the notional fringe benefit ); and (b) the recipients contribution in relation to the notional fringe benefit were equal to the recipients expenditure reduced by whichever of the following amounts is applicable: (i) the amount of the payment referred to in paragraph 20(a) reduced by the amount of the recipients contribution in relation to the actual fringe benefit; (ii) the amount of the reimbursement referred to in paragraph 20(b); would have been calculated under section 42 as the taxable value, but for section 44 and Division 14, of the notional fringe benefit in relation to the year of tax. (2) Subject to this Part, the taxable value in relation to a year of tax of an in ‑ house residual expense payment fringe benefit (in this subsection called the actual fringe benefit ) provided during the year of tax is the amount that, if: (a) the provision of the residual benefit to which the actual fringe benefit relates were an in ‑ house residual fringe benefit (in this subsection called the notional fringe benefit ); and (b) the recipients contribution in relation to the notional fringe benefit were equal to the recipients expenditure reduced by whichever of the following amounts is applicable: (i) the amount of the payment referred to in paragraph 20(a) reduced by the amount of the recipients contribution in relation to the actual fringe benefit; (ii) the amount of the reimbursement referred to in paragraph 20(b); would have been calculated under whichever of sections 48 and 49 is applicable as the taxable value, but for section 52 and Division 14, of the notional fringe benefit in relation to the year of tax. (3) For the purposes of subsection (2), section 49 has effect as if: (a) “the current identical benefit in relation to” were omitted from paragraph 49(a); (b) the reference in paragraph 49(b) to the recipients current benefit were a reference to the recipients overall benefit; and (c) “insofar as it relates to the recipients current benefit” were omitted from section 49. (4) Where the recipients expenditure in relation to each of 2 or more in ‑ house expense payment fringe benefits (whether or not in relation to the same year of tax) is the same expenditure, this Act applies, and shall be deemed to have applied, as if all the payments or reimbursements to which those fringe benefits relate had been made at the time when the first of those payments or reimbursements was made and not otherwise. (5) Nothing in section 74 prevents the amendment of an assessment for the purpose of giving effect to subsection (4).", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s22A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 23", "Provision_Key": "s23", "Heading": "Taxable value of external expense payment fringe benefits", "Text": "Subject to this Part, the taxable value in relation to a year of tax of an external expense payment fringe benefit provided during the year of tax is the amount of the payment referred to in paragraph 20(a), or the reimbursement referred to in paragraph 20(b), as the case requires, reduced, in a case to which paragraph 20(a) applies, by the amount of the recipients contribution.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s23"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 24", "Provision_Key": "s24", "Heading": "Reduction of taxable value— otherwise deductible rule", "Text": "(1) Where: (a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) if the recipient had, at the time when the recipients expenditure was incurred, incurred and paid unreimbursed expenditure (in this subsection called the gross expenditure ), in respect of the same matter in respect of which the recipients expenditure was incurred, equal to: (i) in the case of an in ‑ house expense payment fringe benefit—the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; or (ii) in the case of an external expense payment fringe benefit—the amount of the recipients expenditure; a once ‑ only deduction (in this subsection called the gross deduction ) would, or would if not for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of the gross expenditure; and (ba) the amount (in this subsection called the notional deduction ) calculated in accordance with the formula: where: GD is the gross deduction; and RD is: (i) if there is no recipients portion in relation to the expense payment fringe benefit—nil; or (ii) if there is a recipients portion in relation to the expense payment fringe benefit—the amount (if any) that would, or that would but for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable as a once ‑ only deduction to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of the recipients expenditure (assuming that any payment of that expenditure by the recipient had been paid by the recipient at the time when the recipients expenditure was incurred); exceeds nil; and (c) in the case of an expense payment fringe benefit that is not an eligible incidental travel expense payment benefit or an eligible overtime meal expense payment benefit: (ia) where the recipients expenditure is in respect of fuel or oil for a motor vehicle owned by, or leased to, the recipient: (A) where the fringe benefit is an eligible small expense payment fringe benefit or an undocumentable expense payment fringe benefit—substitute documentary evidence of the recipients expenditure is maintained by or on behalf of the provider and, if the provider is not the employer, that documentary evidence, or a copy, is given to the employer before the declaration date; or (B) in any case—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; or (C) in any case—the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients expenditure; or (i) where subparagraph (ia) does not apply and the fringe benefit is an undocumentable expense payment fringe benefit or an eligible small expense payment fringe benefit: (A) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; or (B) substitute documentary evidence of the recipients expenditure is maintained by or on behalf of the provider and, if the provider is not the employer, that documentary evidence, or a copy, is given to the employer before the declaration date; or (ii) in any other case—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and (d) where the expense payment fringe benefit is an extended travel expense payment benefit (other than an international aircrew expense payment benefit)—the recipient gives to the employer, before the declaration date, a travel diary in relation to the travel undertaken by the recipient to which the fringe benefit relates; and (e) except where the expense payment fringe benefit is: (i) an exclusive employee expense payment benefit; or (ia) covered by a recurring fringe benefit declaration (see section 152A); or (ii) an eligible overtime meal expense payment benefit; or (iii) an eligible incidental travel expense payment benefit; or (iv) an extended travel expense payment benefit; or (v) a car expense payment benefit; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients expenditure; and (ea) where: (i) the expense payment fringe benefit is a car expense payment benefit in respect of a car held by the recipient during a period (in this section called the holding period ) in the year of tax; and (ii) the substantiation rules set out in Division 15 have been complied with in relation to the car in relation to the holding period; the following conditions are satisfied: (iii) the recipient gives to the employer, before the declaration date, a car substantiation declaration for the car for the year of tax; (iv) in a case where the substantiation rules require log book records or odometer records to be maintained by or on behalf of the recipient in relation to the car—the car substantiation declaration is accompanied by a copy of those documents; and (f) if: (i) paragraph (ea) does not apply; and (ii) the expense payment fringe benefit is a car expense payment benefit in respect of a car held by the recipient during a period (the holding period ) in the year of tax; the recipient gives a declaration to the employer, before the declaration date and in a form approved by the Commissioner, that purports to set out: (iii) the holding period; and (iv) the number of whole business kilometres travelled by the car during the holding period; and (v) the number of whole kilometres travelled by the car during the holding period; the taxable value, but for Division 14, of the expense payment fringe benefit in relation to the year of tax is the amount calculated in accordance with the formula: where: TV is the amount that, but for this subsection and Division 14, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; and ND is: (g) if neither paragraph (ea) nor paragraph (f) applies and paragraph (l) does not apply—the notional deduction; or (h) if paragraph (ea) applies and paragraph (l) does not apply—whichever of the following amounts is applicable: (i) if it would be concluded that the amount of the providers portion would have been the same even if the recipients expenditure were not incurred in producing assessable income of the recipient—the business use percentage of the amount that, but for this subsection and Division 14, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; (ii) if subparagraph (i) does not apply: (A) in the case of an in ‑ house expense payment fringe benefit—the business use percentage of the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; or (B) in the case of an external expense payment fringe benefit—the business use percentage of the recipients expenditure; or (j) where: (i) paragraph (f) applies; and (iia) paragraph (l) does not apply; whichever of the following amounts is the least: (iii) the notional deduction; (iv) if it would be concluded that the amount of the providers portion would have been the same even if the recipients expenditure were not incurred in producing assessable income of the recipient—33⅓% of the amount that, but for this subsection and Division 14, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; (v) if subparagraph (iv) does not apply: (A) in the case of an in ‑ house expense payment fringe benefit—33⅓% of the amount that but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the expense payment fringe benefit in relation to the year of tax; or (B) in the case of an external expense payment fringe benefit—33⅓% of the recipients expenditure; or (l) if, under subsection 138(3), the expense payment fringe benefit is deemed to have been provided to the recipient only—the amount calculated in accordance with subsection (9). (1A) Subsection (1) does not apply in relation to the recipient of an expense payment fringe benefit in relation to a year of tax if: (a) the benefit is provided to the recipient under a salary packaging arrangement; and (b) the gross deduction would be a kind of deduction mentioned in a ny of paragraphs 25 ‑ 130(2)(c) to (g) of the Income Tax Assessment Act 1997 . (2) For the purposes of the application of this section in relation to a fringe benefit, where the recipient: (a) while undertaking travel referred to in paragraph (1)(d), engages in an activity in the course of producing assessable income of the recipient; and (b) does not make, as mentioned in the definition of travel diary in subsection 136(1), an entry relating to the activity, being an entry of the kind referred to in that definition; the activity shall be deemed not to have been engaged in by the recipient in the course of producing assessable income. (3) Where the sum of: (a) the recipients expenditure in respect of a small expense payment fringe benefit in relation to an employee in relation to an employer in relation to a year of tax; and (b) the total of the recipients expenditure in respect of all other small expense payment fringe benefits in relation to the employer in relation to the employee in relation to the year of tax, being fringe benefits provided before the fringe benefit referred to in paragraph (a); does not exceed $200, the fringe benefit referred to in paragraph (a) is an eligible small expense payment fringe benefit. (3A) For the purposes of this section, where the Commissioner is satisfied, having regard to the nature of the recipients expenditure in respect of an expense payment fringe benefit, that it would be unreasonable to expect the recipient to have obtained documentary evidence of the recipients expenditure, the expense payment fringe benefit shall be deemed to be, and always to have been, an undocumentable expense payment fringe benefit. (4) For the purposes of paragraph (1)(c), the part of a petty cash book or similar document that sets out the particulars that would be set out in documentary evidence of the recipients expenditure (other than particulars of the date on which the documentary evidence was made out) is taken to be substitute documentary evidence of the recipients expenditure. The entry must be in English. (5) Where: (a) the recipients expenditure in relation to each of 2 or more expense payment fringe benefits (whether or not in relation to the same year of tax) is the same expenditure; and (b) paragraph (1)(b) applies in relation to the recipients expenditure; this Act applies, and shall be deemed always to have applied, as if all the payments or reimbursements to which those fringe benefits relate had been made at the time when the first of those payments or reimbursements was made and not otherwise, and nothing in section 74 prevents the amendment of an assessment for the purpose of giving effect to this subsection. (6) For the purposes of the application of this section to an in ‑ house expense payment fringe benefit, a reference to the recipients contribution in relation to the fringe benefit is a reference to the amount ascertained under whichever of paragraphs 22A(1)(b) or (2)(b) is applicable. (9) For the purposes of paragraph (1)(l) (which applies to an expense payment fringe benefit that, under subsection 138(3), is deemed to have been provided to an employee only), the amount is calculated in accordance with the formula: where: employee’s percentage of interest : (a) is the percentage of the interest held by the employee, during a period (in this subsection called the holding period ) in the year of tax, in the asset or other thing that: (i) relates to the matter in respect of which the expense payment fringe benefit is provided; and (ii) is applied or used for the purpose of producing assessable income of the employee; and (b) does not include the percentage of the interest held in that asset or other thing by the employee’s associate or associates during the holding period. unadjusted ND is the amount that would be ascertained as representing the component ND in the formula in subsection (1) if paragraph (1)(l) did not apply in relation to the expense payment fringe benefit.", "Amendment_Count": 14, "First_Amended": "No 139 of 1987", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 48 of 1991 | No 30 of 1995 | No 145 of 1995 | No 39 of 1997 | No 41 of 1998 | No 178 of 1999 | No 101 of 2006 | No 143 of 2007 | No 145 of 2008 | No 162 of 2015 | No 84 of 2022 | No 49 of 2026", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 48 of 1991, effective Part 2 (s 3–7): 24 Apr 1991 (s 2(1)) | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11) | Amended by No 145 of 2008, effective Sch 4 (items 1–75): 9 Dec 2008 (s 2) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2) | Amended by No 84 of 2022, effective sch 3 (items 1 ‑ 17, 33): 1 Jan 2023 (s 2(1) item 2) | Amended by No 49 of 2026, effective sch 4 (items 18 ‑ 20): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s24"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 25", "Provision_Key": "s25", "Heading": "Housing benefits", "Text": "The subsistence during the whole or a part of a year of tax of a housing right granted by a person (in this section referred to as the provider ) to another person (in this section referred to as the recipient ) shall be taken to constitute a benefit provided by the provider to the recipient in respect of the year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s25"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 26", "Provision_Key": "s26", "Heading": "Taxable value of non ‑ remote housing fringe benefits", "Text": "(1) Subject to this Part, the taxable value of a housing fringe benefit provided in respect of the employment of an employee in relation to a year of tax is: (a) where the recipients unit of accommodation is not located in a State or internal Territory—so much of the market value of the recipients current housing right as exceeds the recipients rent; (b) where: (i) paragraph (a) does not apply; (ii) the recipients unit of accommodation is a caravan or mobile home or is in a hotel, motel, hostel or guesthouse; and (iii) during the whole or a part of the tenancy period, the provider carried on a business consisting of or including the provision to outsiders, in respect of identical or similar caravans or mobile homes or in respect of identical or similar units of accommodation in the hotel, motel, hostel or guesthouse, of leases or licences that are identical or similar to the recipients overall housing right; the amount calculated in accordance with the formula AB, where: A is the market value of the recipients current housing right; and B is: (iv) in a case where, if the fringe benefit were not a housing fringe benefit, it would be an in ‑ house residual fringe benefit—0.75; and (v) in any other case—1; reduced by the recipients rent; and (c) in any other case—the amount calculated in accordance with the formula: where: A is the statutory annual value of the recipients current housing right; B is the number of whole days in the tenancy period; and C is the number of days in the year of tax; reduced by the recipients rent. (2) For the purposes of the application of subsection (1) in relation to a housing fringe benefit in relation to an employer in relation to a year of tax (in this subsection referred to as the current year of tax ), the statutory annual value of the recipients current housing right is: (a) if the current year of tax is a base year of tax in relation to the recipients current housing right—the amount calculated in accordance with the formula: where: A is the market value of the recipients current housing right; B is the number of days in the current year of tax; and C is the number of whole days in the tenancy period; and (b) in any other case—the amount ascertained in accordance with the formula AB, where: A is: (i) if the year of tax immediately preceding the current year of tax was a base year of tax for the purpose of calculating the taxable value of: (A) a housing fringe benefit in relation to the employer in respect of the recipients overall housing right or in respect of an equivalent housing right; or (B) each of 2 or more such housing fringe benefits; the statutory annual value for the purposes of calculating the taxable value of the fringe benefit referred to in sub ‑ subparagraph (A) or the weighted average of the statutory annual values for the purpose of calculating the taxable values of the housing fringe benefits referred to in sub ‑ subparagraph (B) (those statutory annual values being weighted on the basis of the lengths of the respective periods during that preceding year of tax during which the housing rights to which those housing fringe benefits relate subsisted), as the case may be; and (ii) in any other case—the statutory annual value for the purpose of calculating the taxable values of housing fringe benefits in relation to the employer in relation to the year of tax immediately preceding the current year of tax, being housing fringe benefits in respect of the recipients overall housing right or equivalent housing rights; and B is the indexation factor in respect of the current year of tax in respect of the State or Territory in which the recipients unit of accommodation is situated. (3) For the purposes of the application of subsection (2) in relation to a housing fringe benefit in relation to an employer in relation to a year of tax (in this subsection referred to as the current year of tax ), the current year of tax is a base year of tax in relation to the recipients current housing right if: (aa) the employer elects that the current year of tax be treated as a base year of tax in relation to the recipients overall housing right or an equivalent housing right; (b) there was no housing fringe benefit, in relation to the employer in relation to the year of tax immediately preceding the current year of tax, in respect of the recipients overall housing right or in respect of an equivalent housing right; or (c) the following conditions are satisfied: (i) in relation to each of the 9 years of tax immediately preceding the current year of tax there was a housing fringe benefit in relation to the employer in respect of the recipients overall housing right or an equivalent housing right; (ii) none of those 9 years of tax was a base year of tax for the purpose of calculating the taxable value of a housing fringe benefit to which subparagraph (i) applies. (4) For the purposes of this section: (a) 2 or more housing rights shall be taken to be included in the same class of housing rights if: (i) the housing rights are in respect of the same unit of accommodation; and (ii) the conditions (other than as to duration or consideration) of the housing rights are the same or substantially the same; and (b) a housing right shall be taken to be equivalent to another housing right if each of those housing rights is included in the same class of housing rights. (5) For the purposes of this section, where a material alteration to a unit of accommodation results in an increase or decrease of not less than 10% in the market value of the right to occupy or use the unit: (a) the unit of accommodation after the alteration shall be deemed to be a different unit of accommodation from the unit of accommodation before the alteration; and (b) if the alteration occurs during the subsistence of a housing right granted to a person in respect of the unit of accommodation, that housing right, as it subsists after the alteration, shall be deemed to have been granted to the person in respect of the unit of accommodation as it existed after the alteration and to have been so granted in the same circumstances as the first ‑ mentioned housing right. (6) A reference in subsection (5) to a material alteration to a unit of accommodation is a reference to: (a) additions or improvements made to, or other work carried out in relation to; (b) any damage to; or (c) the addition of facilities to, or the removal of facilities from; the unit of accommodation or any building, place or facility associated with the occupation or use of the unit of accommodation. (7) An election by an employer under paragraph (3)(aa) in relation to a year of tax: (a) shall be made by notice in writing to the Commissioner; and (b) shall be lodged with the Commissioner on or before the declaration date in relation to the year of tax.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 52 of 2000", "Amending_Acts": "No 139 of 1987 | No 178 of 1999 | No 52 of 2000", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s26"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 27", "Provision_Key": "s27", "Heading": "Determination of market value of housing right", "Text": "(1) For the purposes of determining the market value of the recipients current housing right in relation to a housing fringe benefit, where the recipient is entitled, pursuant to the housing right, to require a second person to: (a) make a payment in discharge, in whole or in part, of an obligation of the recipient to pay an amount to a third person in respect of expenditure incurred by the recipient; or (b) to reimburse the recipient, in whole or in part, in respect of an amount of expenditure incurred by the recipient; that entitlement shall be disregarded. (2) For the purposes of determining the market value of the recipients current housing right in relation to a housing fringe benefit provided in respect of the employment of an employee, any onerous conditions that are attached to the housing right and that relate to his or her employment shall be disregarded.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s27"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 28", "Provision_Key": "s28", "Heading": "Indexation factor for valuation purposes—non ‑ remote housing", "Text": "(1) For the purposes of section 26, the indexation factor in respect of a year of tax (in this subsection referred to as the current year of tax ) in respect of a State or Territory is the number (calculated to 3 decimal places) ascertained, as at the date on which the rent index number in respect of the State or Territory for the December quarter immediately preceding the current year of tax was first published, by dividing the sum of: (a) the rent index number in respect of the State or Territory in respect of the December quarter immediately preceding the current year of tax; and (b) the rent index numbers in respect of the State or Territory in respect of the 3 quarters that immediately preceded that quarter; by the sum of: (c) the rent index number in respect of the State or Territory in respect of the December quarter immediately preceding the year of tax that next preceded the current year of tax; and (d) the rent index numbers in respect of the State or Territory in respect of the 3 quarters that immediately preceded the last ‑ mentioned quarter. (2) Subject to subsection (3), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes a rent index number in respect of a State or Territory in respect of a quarter in substitution for a rent index number in respect of the State or Territory previously published in respect of that quarter, the publication of the later rent index number shall be disregarded for the purposes of this section. (3) If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the rent sub ‑ group of the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard shall be had only to the index numbers published in terms of the new index reference period. (4) Where the factor ascertained in accordance with subsection (1) in relation to a year of tax would, if it were calculated to 4 decimal places, end with a number greater than 4, the factor ascertained in accordance with that subsection in relation to that year of tax shall be taken to be the factor calculated to 3 decimal places in accordance with that subsection and increased by 0.001. (5) For the purposes of this Subdivision: (a) the Jervis Bay Territory shall be deemed to be part of the State of New South Wales; and (b) the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands shall be deemed to be part of the Northern Territory.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 145 of 2015", "Amending_Acts": "No 139 of 1987 | No 100 of 1991 | No 145 of 2015", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 145 of 2015, effective Sch 4 (items 11–15): 10 Dec 2015 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s28"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 30", "Provision_Key": "s30", "Heading": "Living ‑ away ‑ from ‑ home allowance benefits", "Text": "(1) Where: (a) at a particular time, in respect of the employment of an employee of an employer, the employer pays an allowance to the employee; and (b) it would be concluded that the whole or a part of the allowance is in the nature of compensation to the employee for: (i) additional expenses (not being deductible expenses) incurred by the employee during a period; or (ii) additional expenses (not being deductible expenses) incurred by the employee, and other additional disadvantages to which the employee is subject, during a period; by reason that the duties of that employment require the employee to live away from his or her normal residence; the payment of the whole, or of the part, as the case may be, of the allowance constitutes a benefit provided by the employer to the employee at that time. (2) If: (a) at a particular time after 10 October 1991, in respect of the employment of an employee of an employer, the employer pays an allowance to the employee; and (b) the employee’s usual place of employment is on an oil rig, or other petroleum or gas installation, at sea; and (c) the employee is provided with residential accommodation at or near that usual place of employment; and (d) the allowance is expressed to be paid as a living ‑ away ‑ from ‑ home allowance; and (e) no part of the allowance is covered by subsection (1); and (f) it would be concluded that the whole or a part of the allowance is in the nature of compensation to the employee for disadvantages to which the employee is subject, during a period, by reason that the duties of that employment require the employee to live away from his or her usual place of residence; the payment of the whole of the allowance constitutes a benefit provided by the employer to the employee at that time.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 139 of 1987 | No 216 of 1991 | No 142 of 2012", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 216 of 1991, effective s 5–8, 88, 123, 124: 24 Dec 1991 (s 2(1)) s 113, 114: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) | Amended by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s30"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31", "Provision_Key": "s31", "Heading": "Taxable value—employee maintains a home in Australia", "Text": "(1) This section applies to a living ‑ away ‑ from ‑ home allowance fringe benefit covered by subsection 30(1) in relation to a year of tax to the extent that the employee satisfies all of the following for the fringe benefit and the period to which it relates: (a) section 31C (about maintaining an Australian home); (b) section 31D (about the first 12 months); (c) section 31F (about declarations). (2) Subject to this Part, the taxable value of the fringe benefit in relation to the year of tax is the amount of the fringe benefit reduced by: (a) any exempt accommodation component; and (b) any exempt food component. (3) Paragraph (2)(b) does not apply to the extent that the fringe benefit relates to a period during which the employee resumes living at his or her normal residence. (4) Neither paragraph (2)(a) nor (b) applies to the extent that the period to which the fringe benefit relates happens while the 12 ‑ month period referred to in subsection 31D(1) is paused. Note: The employer may pause that 12 ‑ month period (see paragraph 31D(2)(a)).", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 139 of 1987 | No 216 of 1991 | No 142 of 2012", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 216 of 1991, effective s 5–8, 88, 123, 124: 24 Dec 1991 (s 2(1)) s 113, 114: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) | Repealed and substituted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31A", "Provision_Key": "s31a", "Heading": "Taxable value—fly ‑ in fly ‑ out and drive ‑ in drive ‑ out employees", "Text": "(1) This section applies to a living ‑ away ‑ from ‑ home allowance fringe benefit covered by subsection 30(1) in relation to a year of tax to the extent that the employee satisfies all of the following for the fringe benefit and the period to which it relates: (a) the requirement that the employee has residential accommodation at or near his or her usual place of employment; (b) section 31E (about extra requirements for these employees); (c) section 31F (about declarations). (2) Subject to this Part, the taxable value of the fringe benefit in relation to the year of tax is the amount of the fringe benefit reduced by: (a) any exempt accommodation component; and (b) any exempt food component.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31B", "Provision_Key": "s31b", "Heading": "Taxable value—any other case", "Text": "(1) This section applies to a living ‑ away ‑ from ‑ home allowance fringe benefit in relation to a year of tax to the extent that neither section 31 nor 31A applies to the fringe benefit and the period to which it relates. (2) Subject to this Part, the taxable value of the fringe benefit in relation to the year of tax is the amount of the fringe benefit.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31C", "Provision_Key": "s31c", "Heading": "Maintaining a home in Australia", "Text": "The employee satisfies this section if: (a) the place in Australia where the employee usually resides when in Australia: (i) is a unit of accommodation in which the employee or the employee’s spouse has an ownership interest (within the meaning of the Income Tax Assessment Act 1997 ); and (ii) continues to be available for the employee’s immediate use and enjoyment during the period that the duties of that employment require the employee to live away from it; and (b) it is reasonable to expect that the employee will resume living at that place when that period ends.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31D", "Provision_Key": "s31d", "Heading": "First 12 months employee is required to live away from home", "Text": "(1) The employee satisfies this section if the fringe benefit relates only to all or part of the first 12 months that the duties of that employment require the employee to live away from the place in Australia where he or she usually resides when in Australia. (2) Each of the following paragraphs applies for the purposes of subsection (1): (a) the employer may pause the 12 ‑ month period; (b) start a separate 12 ‑ month period if: (i) the employer later requires the employee to live at another location for the purposes of that employment; and (ii) it would be unreasonable to expect the employee to commute to that other location from an earlier location for which the employer provided a benefit of the same kind to the employee; (c) other changes in the nature of that employment are irrelevant; (d) treat as one employer any of the employee’s earlier employers that is or has been an associate of the current employer.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31E", "Provision_Key": "s31e", "Heading": "Fly ‑ in fly ‑ out and drive ‑ in drive ‑ out requirements", "Text": "The employee satisfies this section if: (a) the employee, on a regular and rotational basis: (i) works for a number of days and has a number of days off (but not the same days in consecutive weeks); and (ii) on completion of the working days, travels from his or her usual place of employment to his or her normal residence and, on completion of the days off, returns to that usual place of employment; and (b) the basis of work described in paragraph (a) is customary for employees performing similar duties in that industry; and (c) it would be unreasonable to expect the employee to travel on a daily basis on work days between: (i) his or her usual place of employment; and (ii) his or her normal residence; having regard to the location of those places; and (d) it is reasonable to expect that the employee will resume living in his or her normal residence when the duties of that employment no longer require him or her to live away from it.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31F", "Provision_Key": "s31f", "Heading": "Declarations", "Text": "(1) The employee satisfies this section if the employee gives the employer a declaration, in a form approved by the Commissioner, purporting to set out: (a) for a fringe benefit to which section 31 (about employees who maintain an Australian home) applies: (i) the address of the place in Australia where the employee usually resides when in Australia; and (ii) that section 31C is satisfied for that place; and (iii) the address of each place where the employee actually resided during the period to which the benefit relates; or (b) for a fringe benefit to which section 31A (about employees who fly ‑ in fly ‑ out or drive ‑ in drive ‑ out) applies: (i) the address of the employee’s usual place of residence; and (ii) that paragraph 31E(d) is satisfied for the employee’s normal residence; and (iii) the address of each place where the employee actually resided during the period to which the benefit relates. (2) The employee must give the employer the declaration before the declaration date for the year of tax during which the benefit was provided.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31G", "Provision_Key": "s31g", "Heading": "Substantiating related expenses", "Text": "(1) This section applies to the following expenses incurred by the employee: (a) an expense for the accommodation of eligible family members during the period to which a living ‑ away ‑ from ‑ home allowance fringe benefit relates; (b) an expense for food or drink for eligible family members during the period to which a living ‑ away ‑ from ‑ home allowance fringe benefit relates, if the total of those food or drink expenses for that period exceeds the amount the Commissioner considers reasonable. (2) The employee substantiates the expense if the employee: (a) before the declaration date for the year of tax during which the fringe benefit was provided, gives the employer: (i) documentary evidence of the expense, or a copy; or (ii) a declaration, in a form approved by the Commissioner, purporting to set out information about the expense; and (b) if the employee gives a declaration under subparagraph (a)(ii)—retains documentary evidence of the expense for a period of 5 years starting at that declaration date. Note: Substantiating expenses increases the exempt accommodation component, and exempt food component, for working out the taxable value of the relevant fringe benefit.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31G"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 31H", "Provision_Key": "s31h", "Heading": "Exempt food component", "Text": "(1) The exempt food component , in relation to a living ‑ away ‑ from ‑ home allowance fringe benefit, is so much of the result of subsection (2) as is equal to the total of the expenses that: (a) are incurred by the employee for food or drink for eligible family members during the period to which the fringe benefit relates; and (b) if section 31G applies to the expenses—are substantiated under that section. (2) Work out the result of the following: where: applicable statutory food total means the total of the statutory food amounts for eligible family members for the period to which the fringe benefit relates, reduced (but not below zero) by any amount that: (a) might reasonably be expected to be the total normal food or drink expenses for those eligible family members had they remained living in their normal residence during that period; and (b) was taken into account in working out the food component.", "Amendment_Count": 1, "First_Amended": "No 142 of 2012", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 142 of 2012", "History_Notes": "Inserted by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s31H"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 35", "Provision_Key": "s35", "Heading": "Board benefits", "Text": "Where, at a particular time, a person (in this section referred to as the provider ) provides a board meal to another person (in this section referred to as the recipient ), the provision of the meal shall be taken to constitute a benefit provided by the provider to the recipient at that time.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s35"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 36", "Provision_Key": "s36", "Heading": "Taxable value of board fringe benefits", "Text": "Subject to this Part, the taxable value of a board fringe benefit in relation to a year of tax is: (a) in a case where the recipient had attained the age of 12 years before the beginning of the year of tax—$2.00; or (b) in any other case—$1.00; reduced by the amount of the recipients contribution.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s36"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37", "Provision_Key": "s37", "Heading": "Reduction of taxable value— otherwise deductible rule", "Text": "Where: (a) the recipient of a board fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; (b) if the recipient had, at the time when the benefit was provided, incurred and paid unreimbursed expenditure (in this section called the gross expenditure ), in respect of the provision of the recipients meal, equal to the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the board fringe benefit in relation to the year of tax—a deduction (in this section called the gross deduction ) would, or would but for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the whole or a part of the gross expenditure; and (c) the amount (in this section called the notional deduction ) calculated in accordance with the formula: where: GD is the gross deduction; and RD is: (i) if there is no recipients contribution in relation to the board fringe benefit—nil; or (ii) if there is a recipients contribution in relation to the board fringe benefit equal to, or calculated by reference to, an amount of consideration paid by the recipient to the provider or to the employer in respect of the provision of the recipients meal—the amount (if any) that would, or that would but for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under section 8 ‑ 1 of the Income Tax Assessment Act 1997 in respect of the whole or a part of that consideration if that consideration had been incurred and paid by the recipient at the time when the benefit was provided; exceeds nil; the amount that, but for this section and Division 14, would be the taxable value of that fringe benefit in relation to the year of tax shall be reduced by the notional deduction.", "Amendment_Count": 7, "First_Amended": "No 139 of 1987", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 139 of 1987 | No 17 of 1993 | No 30 of 1995 | No 39 of 1997 | No 101 of 2006 | No 84 of 2022 | No 69 of 2023", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 17 of 1993, effective s 3–6: 9 June 1993 (s 2(1) | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 84 of 2022, effective sch 3 (items 1 ‑ 17, 33): 1 Jan 2023 (s 2(1) item 2) | Amended by No 69 of 2023, effective sch 4 (items 16, 42 ‑ 47): 15 Sept 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37A", "Provision_Key": "s37a", "Heading": "Key principle", "Text": "An employer may elect that this Division will apply to the employer for an FBT year. If the employer does this, the taxable value of meal entertainment fringe benefits provided to the employer’s employees and associates of those employees by the employer will either be half the expenses incurred for the FBT year by the employer in providing meal entertainment benefits or, if the employer makes a further election, an amount worked out based on a 12 week register kept by the employer.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AA", "Provision_Key": "s37aa", "Heading": "Division only applies if election made", "Text": "An employer may elect that this Division applies to the employer for an FBT year.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AB", "Provision_Key": "s37ab", "Heading": "Employee contributions to be excluded", "Text": "For the purposes of this Division any reference to expenses or expenditure in relation to meal entertainment or meal entertainment benefits excludes any contribution from an employee or an associate of an employee that is not subject to reimbursement by the employer.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AC", "Provision_Key": "s37ac", "Heading": "Meal entertainment benefits", "Text": "If, at a particular time: (a) an employer (the provider ) to whom this Division applies provides meal entertainment to another person (the recipient ); and (b) the meal entertainment is not provided under a salary packaging arrangement; the provision of the meal entertainment is a meal entertainment benefit provided by the provider to the recipient at that time.", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 145 of 1995 | No 162 of 2015", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AC"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AD", "Provision_Key": "s37ad", "Heading": "Meaning of provision of meal entertainment", "Text": "A reference to the provision of meal entertainment is a reference to the provision of: (a) entertainment by way of food or drink; or (b) accommodation or travel in connection with, or for the purpose of facilitating, entertainment to which paragraph (a) applies; or (c) the payment or reimbursement of expenses incurred in providing something covered by paragraph (a) or (b); whether or not: (d) business discussions or business transactions occur; or (e) in connection with the working of overtime or otherwise in connection with the performance of the duties of any office or employment; or (f) for the purposes of promotion or advertising; or (g) at or in connection with a seminar.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AD"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AE", "Provision_Key": "s37ae", "Heading": "Fringe benefits only arise if employer is provider", "Text": "No meal entertainment fringe benefit arises where the employer in relation to whom the benefit would otherwise arise is not the provider of the benefit.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AE"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AF", "Provision_Key": "s37af", "Heading": "No other fringe benefits arise if election made", "Text": "If a meal entertainment fringe benefit arises in respect of the provision of meal entertainment, no other fringe benefit arises in relation to any person in respect of the provision of the meal entertainment.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AF"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37AG", "Provision_Key": "s37ag", "Heading": "Some benefits still arise", "Text": "To avoid doubt, sections 37AE and 37AF do not prevent a fringe benefit in relation to an employer arising under any provision of this Act where the employer is not the provider of the benefit.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37AG"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37B", "Provision_Key": "s37b", "Heading": "Key principle", "Text": "If an employer elects that this Division applies, then (unless the employer elects that Subdivision C applies) the taxable value of meal entertainment fringe benefits provided to the employer’s employees and associates of those employees by the employer is half the expenses incurred for the FBT year by the employer in providing meal entertainment benefits.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37BA", "Provision_Key": "s37ba", "Heading": "Taxable value using 50/50 split method", "Text": "If this Division applies to an employer for an FBT year then, unless the employer elects that Subdivision C applies, the total taxable value of meal entertainment fringe benefits of the employer for the FBT year is 50% of the expenses incurred by the employer in providing meal entertainment for the FBT year. Note: This means that the employer’s aggregate fringe benefits amount (see section 5C) for the FBT year will include 50% of the total expenses incurred by the employer for the provision of meal entertainment to all persons in the FBT year.", "Amendment_Count": 3, "First_Amended": "No 145 of 1995", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 145 of 1995 | No 41 of 1998 | No 17 of 1999", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent | Amended by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37BA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37C", "Provision_Key": "s37c", "Heading": "Key principle", "Text": "If an employer elects that this Subdivision applies, the taxable value of meal entertainment fringe benefits is to be calculated by reference to a 12 week register kept by the employer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37CA", "Provision_Key": "s37ca", "Heading": "Election by employer", "Text": "An employer who elects that this Division applies may elect also that this Subdivision applies to meal entertainment provided by the employer for an FBT year if the employer has a valid meal entertainment register for that year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37CA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37CB", "Provision_Key": "s37cb", "Heading": "Taxable value using 12 week register method", "Text": "(1) If the employer elects that this Subdivision applies for an FBT year then, despite any other provision of this Act, the taxable value of meal entertainment fringe benefits for the employer for the FBT year is worked out using the formula: Note: This means that the employer’s aggregate fringe benefits amount (see section 5C) for the FBT year will include a proportion of the expenses incurred by the employer for the provision of meal entertainment for all persons in the FBT year. The proportion is worked out on the basis of the 12 week register. (2) The register percentage is the percentage worked out using the formula: where: total value of meal entertainment fringe benefits means the total value of meal entertainment fringe benefits that are provided by the employer in the 12 week period covered by the employer’s register. total value of meal entertainment means the total value of meal entertainment provided by the employer during the 12 week period covered by the register. (3) The total meal entertainment expenditure is the total of expenses incurred by the employer in providing meal entertainment for the FBT year.", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 145 of 1995 | No 17 of 1999", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37CB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37CC", "Provision_Key": "s37cc", "Heading": "Choosing the 12 week period for a register", "Text": "(1) The register must be kept for a continuous period of at least 12 weeks throughout which meal entertainment is provided by the employer. (2) The period for which the register is kept must be representative of the first FBT year for which it is valid. (3) If the register does not meet these conditions it is not valid.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37CC"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37CD", "Provision_Key": "s37cd", "Heading": "FBT years for which register is valid", "Text": "12 week period in one FBT year (1) If the 12 week period begins and ends in the same FBT year, the register is valid for that FBT year and, subject to subsection (3), for each of the 4 FBT years immediately following that year. 12 week period over 2 FBT years (2) If the 12 week period begins in one FBT year and ends in another FBT year, the register is only valid for the second FBT year and, subject to subsection (3), for each of the 4 FBT years immediately following that year. When register ceases to be valid (3) A register that is valid for an FBT year ceases to be valid at the end of that FBT year if the total of expenses incurred by the employer in providing meal entertainment for that FBT year is more than 20% higher than the corresponding total for the first FBT year for which the register was valid. A register also ceases to be valid for an FBT year if there is a later valid register for that FBT year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37CD"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37CE", "Provision_Key": "s37ce", "Heading": "Matters to be included in register", "Text": "(1) The register must include the details of the following: (a) the date the employer provided meal entertainment; (b) for each recipient of meal entertainment—whether the recipient is an employee of the employer or an associate of an employee of the employer; (c) the cost of the meal entertainment; (d) the kind of meal entertainment provided; (e) where the meal entertainment is provided; (f) if the meal entertainment is provided on the employer’s premises—whether it is provided in an in ‑ house dining facility within the meaning of section 32 ‑ 55 of the Income Tax Assessment Act 1997 . (2) A person responsible for making entries in the register must make the entry as soon as practicable after he or she knows the details required by subsection (1).", "Amendment_Count": 3, "First_Amended": "No 145 of 1995", "Last_Amended": "No 41 of 1998", "Amending_Acts": "No 145 of 1995 | No 121 of 1997 | No 41 of 1998", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 4 (items 139, 140) and Sch 10 (items 16–23): 1 July 1997 (s 2(3)) | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37CE"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 37CF", "Provision_Key": "s37cf", "Heading": "False or misleading entries invalidate register", "Text": "For the purposes of this Act, a register is not valid if the register contains an entry that is false or misleading in a material particular.", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 41 of 1998", "Amending_Acts": "No 145 of 1995 | No 41 of 1998", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s37CF"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 38", "Provision_Key": "s38", "Heading": "Tax ‑ exempt body entertainment benefits", "Text": "Where, at a particular time, a person (in this section referred to as the provider ) incurs non ‑ deductible exempt entertainment expenditure that is wholly or partly in respect of the provision, in respect of the employment of an employee, of entertainment to a person (in this section referred to as the recipient ) being the employee or an associate of the employee, the incurring of the expenditure shall be taken to constitute a benefit provided by the provider to the recipient at that time in respect of that employment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s38"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39", "Provision_Key": "s39", "Heading": "Taxable value of tax ‑ exempt body entertainment fringe benefits", "Text": "Subject to this Part, the taxable value of a tax ‑ exempt body entertainment fringe benefit in relation to an employer in relation to a year of tax is so much of the expenditure referred to in section 38 as is attributable to the provision of the entertainment referred to in that section.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39A", "Provision_Key": "s39a", "Heading": "Car parking benefits", "Text": "(1) If the following conditions are satisfied in relation to a daylight period, or a combination of daylight periods, on a particular day: (a) during the period or periods, a car is parked on one or more premises of a person (the provider ), where: (i) the premises, or each of the premises, on which the car is parked are business premises, or associated premises, of the provider; and (ii) a commercial parking station is located within a 1 km radius of the premises, or each of the premises, on which the car is parked; and (iii) the lowest fee charged by the operator of any such commercial parking station in the ordinary course of business to members of the public for all ‑ day parking on the first business day of the FBT year is more than the car parking threshold; (b) the total duration of the period or periods exceeds 4 hours; (c) any of the following applies: (i) a car benefit relating to the car is provided on that day to an employee or an associate of an employee in respect of the employment of the employee; (ii) the car is owned by, or leased to, an employee or an associate of an employee at any time during the period or periods; (iii) the car is made available to an employee or an associate of an employee at any time during the period or periods by another person, where: (A) the other person is neither the employer of the employee nor an associate of the employer of the employee; and (B) the other person did not make the car available under an arrangement to which the employer of the employee, or an associate of the employer of the employee, is a party; (d) the provision of parking facilities for the car during the period or periods is in respect of the employment of the employee; (e) on that day, the employee has a primary place of employment; (f) during the period or periods, the car is parked at, or in the vicinity of, that primary place of employment; (g) on that day, the car is used in connection with travel by the employee between: (i) the place of residence of the employee; and (ii) that primary place of employment; (h) the provision of parking facilities for the car during the period or periods is not taken, under the regulations, to be excluded from this section; (i) the day is on or after 1 July 1993; the provision of parking facilities for the car during the period or periods is taken to constitute a benefit provided by the provider to the employee or the associate of the employee in respect of the employment of the employee. (2) For the purposes of this section: (a) the carparking threshold for the FBT year beginning on 1 April 1995 is $5.00; and (b) for later years the carparking threshold is the threshold for the previous FBT year as adjusted on the first business day of the later FBT year by a factor equivalent to the movement in the preceding twelve months in the All Groups Consumer Price Index number (being the weighted average of the 8 capital cities) published by the Australian Statistician. (2A) However, the factor mentioned in paragraph (2)(b) is taken to be 1 if the movement described in that paragraph is down. (3) Subject to subsection (4), if at any time, whether before or after the commencement of this Act, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number is to be disregarded for the purposes of this section. (4) If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of the application of this section after the change, regard is to be had only to the index numbers published in terms of the new index reference period.", "Amendment_Count": 4, "First_Amended": "No 237 of 1992", "Last_Amended": "No 145 of 2015", "Amending_Acts": "No 237 of 1992 | No 145 of 1995 | No 102 of 1999 | No 145 of 2015", "History_Notes": "Inserted by No 237 of 1992, effective 24 Dec 1992 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 102 of 1999, effective Sch 1 (items 1, 2, 5): 16 July 1999 (s 2(1)) Sch 1 (items 3, 4): 12 Dec 1995 (s 2(2)) | Amended by No 145 of 2015, effective Sch 4 (items 11–15): 10 Dec 2015 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39AA", "Provision_Key": "s39aa", "Heading": "Anti ‑ avoidance—fee on first business day not representative", "Text": "For the purposes of subparagraph 39A(1)(a)(iii), any fee charged on the first business day of an FBT year that is not representative is to be disregarded.", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 102 of 1999", "Amending_Acts": "No 145 of 1995 | No 102 of 1999", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 102 of 1999, effective Sch 1 (items 1, 2, 5): 16 July 1999 (s 2(1)) Sch 1 (items 3, 4): 12 Dec 1995 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39AA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39AB", "Provision_Key": "s39ab", "Heading": "When fees are not representative", "Text": "A fee charged by an operator of a commercial parking station on a particular day is not representative if the fee is substantially greater or less than the average of the lowest fee charged by the operator in the ordinary course of business to members of the public for all ‑ day parking on each of the days in whichever of the following periods is chosen by the employer: (a) the 4 week period beginning on the day; or (b) the 4 week period ending on the day.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39AB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39B", "Provision_Key": "s39b", "Heading": "When commercial parking stations are located within a 1 km radius of business premises or associated premises", "Text": "For the purposes of this Division, a commercial parking station is taken to be located within a 1 km radius of particular business premises or particular associated premises if, and only if, a car entrance to the commercial parking station is situated less than 1 km, by the shortest practicable route, from a car entrance to those premises.", "Amendment_Count": 1, "First_Amended": "No 237 of 1992", "Last_Amended": "No 237 of 1992", "Amending_Acts": "No 237 of 1992", "History_Notes": "Inserted by No 237 of 1992, effective 24 Dec 1992", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39C", "Provision_Key": "s39c", "Heading": "Taxable value of car parking fringe benefits— commercial parking station method", "Text": "Subject to this Part, the taxable value, in relation to an FBT year, of a car parking fringe benefit provided on a day in the FBT year in connection with one or more premises is equal to: (a) if, on that day, there is only one commercial parking station located within a 1 km radius of any of those premises—the lowest fee charged by the operator of the parking station in the ordinary course of business to members of the public for all ‑ day parking on that day; or (b) if, on that day, there are 2 or more commercial parking stations located within a 1 km radius of any of those premises—the lowest fee charged by any of the operators of those parking stations in the ordinary course of business to members of the public for all ‑ day parking on that day; reduced by the amount of the recipients contribution.", "Amendment_Count": 2, "First_Amended": "No 237 of 1992", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 237 of 1992 | No 145 of 1995", "History_Notes": "Inserted by No 237 of 1992, effective 24 Dec 1992 | Amended by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39D", "Provision_Key": "s39d", "Heading": "Taxable value of car parking fringe benefits— market value basis", "Text": "Employer may choose market value basis (1) An employer may elect that this section apply in relation to any or all of the car parking fringe benefits in relation to the employer in relation to a particular FBT year. Market value basis of working out taxable value (2) Subject to this Part, if an election is made under subsection (1) in relation to a car parking fringe benefit provided on a day in an FBT year, the taxable value, in relation to the FBT year, of the fringe benefit is: (a) the amount that the recipient could reasonably be expected to have been required to pay the provider in respect of the provision of the benefit if it were assumed that the provider and the recipient were dealing with each other at arm’s length; reduced by: (b) the amount of the recipients contribution. Valuer’s report must be given to employer (3) An election purporting to be made under subsection (1) in relation to one or more car parking fringe benefits is of no effect unless: (a) a suitably qualified valuer gives to the employer, before the declaration date, a report, in a form approved by the Commissioner, about the valuation of the fringe benefits; and (b) the valuer is at arm’s length in relation to the valuation; and (c) the return of the employer of the FBT year, in so far as it relates to the taxable values of the fringe benefits, is based on the report.", "Amendment_Count": 2, "First_Amended": "No 237 of 1992", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 237 of 1992 | No 145 of 1995", "History_Notes": "Inserted by No 237 of 1992, effective 24 Dec 1992 | Amended by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39DA", "Provision_Key": "s39da", "Heading": "Taxable value of car parking fringe benefits— average cost method", "Text": "Election (1) An employer may elect that this section applies to any or all of the employer’s car parking fringe benefits for a particular FBT year. Taxable value (2) Subject to this Part, if an election covers a car parking fringe benefit, the taxable value of the fringe benefit is the average cost worked out under subsection (3) reduced by the recipients contribution. Method of working out average cost (3) The average cost is: where: A is the lowest fee charged in the ordinary course of business to members of the public for all ‑ day parking by any operator of a commercial parking station located within a 1 km radius of any of the relevant parking premises on the day on which a car parking benefit is first provided in that FBT year in relation to the employer in connection with any of those premises. B is the lowest fee charged in the ordinary course of business to members of the public for all ‑ day parking by any operator of a commercial parking station located within a 1 km radius of any of the relevant parking premises on the day on which a car parking benefit is last provided in that FBT year in relation to the employer in connection with any of those premises. relevant parking premises means the premises referred to in paragraph 39A(1)(a). Fees must be representative (4) An election is of no effect if the fees referred to in subsection (3) are not representative (see section 39AB).", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 102 of 1999", "Amending_Acts": "No 145 of 1995 | No 102 of 1999", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 102 of 1999, effective Sch 1 (items 1, 2, 5): 16 July 1999 (s 2(1)) Sch 1 (items 3, 4): 12 Dec 1995 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39DA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39E", "Provision_Key": "s39e", "Heading": "Fees charged by commercial parking stations for all ‑ day parking", "Text": "Daily rate equivalent for periodic parking arrangements (1) For the purposes of this Division, if the operator of a commercial parking station provides all ‑ day parking in the ordinary course of business to members of the public on a weekly, monthly, yearly or other periodic basis, the operator is taken to charge a fee for all ‑ day parking on a particular day during the period equal to the amount worked out using the formula: where: Total fee is the total fee charged by the operator in respect of all ‑ day parking on days in that period. Business days in period means the number of business days in that period. Anti ‑ avoidance (2) If either or both of the following apply: (a) a transaction between the operator of a commercial parking station and a customer is not at arm’s length; (b) the operator of a commercial parking station sets the level of a fee for the sole or dominant purpose of enabling one or more employers to obtain reductions in the taxable values of car parking fringe benefits; then, for the purposes of this Subdivision: (c) if only paragraph (a) applies—it is to be assumed that the fee is the fee that would have been payable if the operator and the customer had been dealing with each other at arm’s length in relation to the transaction; and (d) if only paragraph (b) applies—it is to be assumed that the fee is the fee that would have been payable if it had been set without that purpose in mind; and (e) if both paragraphs (a) and (b) apply—it is to be assumed that the fee is the fee that would have been payable if: (i) the operator and the customer had been dealing with each other at arm’s length in relation to the transaction; and (ii) it had been set without that purpose in mind.", "Amendment_Count": 2, "First_Amended": "No 237 of 1992", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 237 of 1992 | No 145 of 1995", "History_Notes": "Inserted by No 237 of 1992, effective 24 Dec 1992 | Amended by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39F", "Provision_Key": "s39f", "Heading": "The key principle", "Text": "Under this Subdivision, an employer may elect to calculate the value of certain car parking fringe benefits by using a statutory formula based on the number and value of spaces available to employees covered by the election.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39FA", "Provision_Key": "s39fa", "Heading": "Spaces method of calculating total taxable value of car parking fringe benefits", "Text": "Election (1) If a provider provides one or more car parking benefits in respect of one or more employees of an employer in a particular FBT year, the employer may elect that this Subdivision applies to the employer’s car parking fringe benefits for some or all of the employees for that FBT year. Employer must specify employees covered by election (2) The employer must specify that the election covers: (a) all the employees; or (b) all employees of a particular class; or (c) particular employees. Total value of car parking fringe benefits (3) Despite any other provision of this Act (other than section 39FB) the total taxable value of the employer’s car parking fringe benefits for employees covered by the election for the FBT year is the amount worked out using the spaces method under subsection (4). Note: Section 39FB covers the situation where the number of spaces available to employees exceeds the number of employees. Method (4) The spaces method is: Step 1 : Work out an amount using the following formula, for each space for which there is, in the FBT year, at least one car parking benefit for an employee covered by the election: Step 2 : Work out the total of all the amounts calculated under Step 1 (the total statutory benefit ). Step 3 : Subtract from the total statutory benefit the sum of all relevant recipients contributions. Note 1: Section 39FC defines daily rate amount . Note 2: Section 39FD defines availability period . Note 3: Section 39FE defines relevant recipients contribution . (5) The election is of no effect if, in working out the daily rate for a space, the fees referred to in subsection 39DA(3) are not representative (see section 39AB).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39FA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39FB", "Provision_Key": "s39fb", "Heading": "Number of spaces exceeds number of employees", "Text": "(1) This section applies if, throughout the parking period (see subsection (5)), the average number of employees covered by the election is less than the average number of spaces ( eligible spaces ) for which there is an availability period. Formula to reduce total statutory benefits (2) If this section applies, the total statutory benefit (see Step 2 in subsection 39FA(4)) is multiplied by the following fraction: (3) The average number of employees is: (4) The average number of eligible spaces is: (5) The parking period is the period: (a) beginning on the first day in the FBT year on which the parking of a car in any space referred to in subsection 39FA(4) gives rise to a car parking fringe benefit of the employer for an employee covered by the election; and (b) ending on the last day in the FBT year on which the parking of a car in any space referred to in subsection 39FA(4) gives rise to a car parking fringe benefit of the employer for an employee covered by the election. Number of employees and number of spaces must be representative (6) This section does not apply if the number of employees or the number of eligible spaces referred to in subsections (3) and (4) are not representative (see subsection (7)). Meaning of not representative (7) A number of employees, or a number of eligible spaces, as the case requires, is not representative if the number of employees, or eligible spaces, as the case requires, is substantially greater or less than the average number throughout whichever of the following periods is chosen by the employer: (a) the 4 week period ending on the first day of the parking period; or (b) the 4 week period beginning on the last day of the parking period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39FB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39FC", "Provision_Key": "s39fc", "Heading": "Meaning of daily rate amount", "Text": "The daily rate amount for a space is the amount that would be worked out using whichever of the following methods that the taxpayer chooses: (a) the commercial parking station method; (b) the market value method; (c) the average cost method; as the taxable value of the car parking fringe benefit for the space, if there were no recipients contribution.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39FC"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39FD", "Provision_Key": "s39fd", "Heading": "Meaning of availability period", "Text": "An availability period for a space begins on the first day in the FBT year on which there is a car parking benefit for the space for an employee covered by the election and ends on the last day in the FBT year on which there is a car parking benefit for the space for an employee covered by the election.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39FD"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39FE", "Provision_Key": "s39fe", "Heading": "Meaning of relevant recipients contribution", "Text": "A relevant recipients contribution is a recipients contribution in respect of any car parking fringe benefit provided in respect of the employment of an employee covered by the election for the FBT year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39FE"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39G", "Provision_Key": "s39g", "Heading": "The key principle", "Text": "Under this Subdivision, an employer may keep a 12 week register of car parking provided to employees. An employer who keeps such a register may elect that the total value of certain car parking fringe benefits for an FBT year for which the register is valid is to be determined in accordance with the register.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39G"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GA", "Provision_Key": "s39ga", "Heading": "Employer may elect to use 12 week record keeping method", "Text": "(1) An employer may elect that this Subdivision applies to the employer’s car parking fringe benefits for some or all of the employer’s employees for that FBT year if the employer has a valid register for that FBT year covering those employees. (2) The employer must specify that the election covers: (a) all the employees; or (b) all employees of a particular class; or (c) particular employees.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GB", "Provision_Key": "s39gb", "Heading": "Value of fringe benefits for year", "Text": "Despite any other provision of this Act (other than this section), the total taxable value of the employer’s car parking fringe benefits for employees covered by the election for the FBT year is the amount worked out using the formula:", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GC", "Provision_Key": "s39gc", "Heading": "Meaning of total value of car parking benefits (register)", "Text": "The total value of car parking benefits (register) , in relation to the FBT year, means the amount that would be the total taxable value of car parking fringe benefits for employees covered by the election for the 12 week period for which a register is kept, assuming that: (a) the register had been kept in that FBT year; and (b) the value of the benefits were calculated in accordance with the information in the register; and (c) the value of the benefits were calculated using whichever of the following methods that the taxpayer chooses: (i) the commercial parking station method; (ii) the market value method; (iii) the average cost method.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GC"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GD", "Provision_Key": "s39gd", "Heading": "Meaning of car parking availability period", "Text": "The car parking availability period is the period: (a) beginning on the first day in the FBT year on which there is a car parking benefit for an employee covered by the election; and (b) ending on the last day in the FBT year on which there is a car parking benefit for an employee covered by the election.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GD"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GE", "Provision_Key": "s39ge", "Heading": "Choosing the 12 week period for a register", "Text": "(1) The register must be kept for a continuous period of at least 12 weeks throughout which car parking benefits are provided to employees covered by the election. (2) The period for which the register is kept must be representative of usage for the first FBT year for which it is valid. (3) If subsection (1) or (2) is not satisfied, the register is not valid.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GE"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GF", "Provision_Key": "s39gf", "Heading": "FBT years for which register is valid", "Text": "12 week period in one FBT year (1) If the 12 week period begins and ends in the one FBT year, the register is valid for that FBT year and, subject to subsections (3) and (4), for each of the 4 FBT years immediately following that year. 12 week period over 2 FBT years (2) If the 12 week period begins in one FBT year and ends in another FBT year, the register is only valid for the second FBT year and, subject to subsections (3) and (4), for each of the 4 years immediately following that year. When register ceases to be valid—increase in benefits (3) A register that is valid for an FBT year ceases to be valid at the end of that FBT year if the number of car parking fringe benefits for the employer for employees covered by the election increases by more than 10% on any day in that FBT year. Note: This means that if the number of car parking fringe benefits increases by more than 10%, the employer will have to keep a new register in the FBT year following the year of the increase if the employer wants to use the method in this Subdivision for that following year. When a register ceases to be valid—later register (4) A register that is valid for an FBT year ceases to be valid if there is a later valid register for that FBT year that covers the same employee.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GF"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GG", "Provision_Key": "s39gg", "Heading": "Matters to be included in register", "Text": "(1) The register must include details of the following: (a) the date on which each car covered by subsection (4) was parked; (b) whether the car was parked for a total that exceeds 4 hours; (c) whether the car travelled between the place of residence of an employee covered by the election and his or her primary place of employment on that day; (d) the place where the car was parked. (2) The person responsible for making entries in the register must make the entry as soon as practicable after he or she knows the details required by subsection (1). (3) If subsection (1) or (2) is not satisfied, the register is not valid. (4) A car is covered by this subsection if: (a) a car benefit relating to the car is provided on a day during the 12 week period to an employee covered by the election in respect of the employee’s employment; or (b) the car is owned by, or leased to, an employee covered by the election at any time during the 12 week period; or (c) the car is made available by another person to an employee covered by the election at any time during the 12 week period where: (i) the other person is not the employee’s employer; and (ii) the other person did not make the car available under an arrangement to which the employee’s employer is a party.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GG"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 39GH", "Provision_Key": "s39gh", "Heading": "Fraudulent entries invalidate register", "Text": "For the purposes of this Act, a register is not valid if the register contains an entry that is false or misleading in a material particular.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s39GH"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 40", "Provision_Key": "s40", "Heading": "Property benefits", "Text": "Where, at a particular time, a person (in this section referred to as the provider ) provides property to another person (in this section referred to as the recipient ), the provision of the property shall be taken to constitute a benefit provided by the provider to the recipient at that time.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s40"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 41", "Provision_Key": "s41", "Heading": "Exempt property benefits", "Text": "(1) Where: (a) a property benefit is provided to a current employee of an employer in respect of his or her employment; and (b) the property is provided to, and consumed by, the employee on a working day and on business premises of: (i) the employer; or (ii) if the employer is a company, of the employer or of a company that is related to the employer; the benefit is an exempt benefit. (2) This section does not apply to food or drink provided to, and consumed by, an employee if the food or drink is provided under a salary packaging arrangement.", "Amendment_Count": 2, "First_Amended": "No 59 of 2008", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 59 of 2008 | No 84 of 2013", "History_Notes": "Amended by No 59 of 2008, effective Sch 1 (items 1–5): 30 June 2008 (s 2) | Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s41"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 42", "Provision_Key": "s42", "Heading": "Taxable value of in ‑ house property fringe benefits", "Text": "(1) Subject to this Part, the taxable value of an in ‑ house property fringe benefit in relation to an employer in relation to a year of tax is: (aa) if the recipient’s property was provided to the recipient under a salary packaging arrangement—an amount equal to the notional value of the recipient’s property at the provision time; or (ab) if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit—an amount equal to 75% of the stand ‑ by airline travel value of the benefit at the time the transport starts; or (a) if neither paragraph (aa) nor (ab) applies and the recipient’s property was manufactured, produced, processed or treated by the provider: (i) if identical property that was manufactured, produced, processed or treated, as the case may be, by the provider was, at or about the provision time, sold by the provider in the ordinary course of business to purchasers being manufacturers, wholesalers or retailers—an amount equal to: (A) if any of that identical property was, at or about the provision time, sold by the provider under an arm’s length transaction or arm’s length transactions—the lowest price at which it was sold under such a transaction; or (B) if sub ‑ subparagraph (A) does not apply—the lowest price at which any of that identical property could reasonably be expected to have been sold by the provider at or about the provision time under an arm’s length transaction; or (ii) if subparagraph (i) does not apply but identical property that was manufactured, produced, processed or treated, as the case may be, by the provider was, at or about the provision time, sold by the provider: (A) in the ordinary course of business to members of the public under an arm’s length transaction or arm’s length transactions; and (B) in similar circumstances and subject to identical terms and conditions (other than as to price) as those that applied in relation to the provision of the recipient’s property to the recipient; an amount equal to 75% of the lowest price at which that property was so sold to a member of the public; or (iii) in any other case—an amount equal to 75% of the notional value of the recipient’s property at the provision time; or (b) if none of the above paragraphs applies and the property was acquired by the provider—an amount equal to the lesser of: (i) the arm’s length price in respect of the acquisition of the recipient’s property by the provider; or (ii) the notional value of the recipient’s property at the provision time; or (c) in any other case—an amount equal to 75% of the notional value of the recipient’s property at the provision time; reduced by the amount of the recipient’s contribution. (2) In subsection (1), arm’s length price , in respect of the acquisition of the recipients property by the provider, means: (a) if the recipients property was acquired by the provider in the ordinary course of business under an arm’s length transaction—the cost price of the recipients property to the provider; or (b) in any other case—the amount that the provider could reasonably be expected to have been required to pay to acquire the recipients property under an arm’s length transaction in the ordinary course of business.", "Amendment_Count": 3, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 88 of 2009 | No 84 of 2013 | No 88 of 2013", "History_Notes": "Amended by No 88 of 2009, effective Sch 5 (items 19, 20, 288–305): (s 2(1) items 7, 10) | Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s42"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 43", "Provision_Key": "s43", "Heading": "Taxable value of external property fringe benefits", "Text": "Subject to this Part, the taxable value of an external property fringe benefit in relation to an employer in relation to a year of tax is: (a) where the provider was the employer or an associate of the employer and the recipients property was purchased by the provider under an arm’s length transaction at or about the provision time—the cost price of the recipients property to the provider; (b) where the provider was not the employer or an associate of the employer and the employer, or an associate of the employer, incurred expenditure to the provider under an arm’s length transaction in respect of the provision of the property—the amount of that expenditure; or (c) in any other case—the notional value of the recipients property at the provision time; reduced by the amount of the recipients contribution.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s43"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 44", "Provision_Key": "s44", "Heading": "Reduction of taxable value— otherwise deductible rule", "Text": "(1) Where: (a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) if the recipient had, at the provision time, incurred and paid unreimbursed expenditure (in this subsection called the gross expenditure ), in respect of the purchase of the recipients property, equal to the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the property fringe benefit in relation to the year of tax—a once ‑ only deduction (in this subsection called the gross deduction ) would, or would if not for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of the gross expenditure; and (ba) the amount (in this subsection called the notional deduction ) calculated in accordance with the formula: where: GD is the gross deduction; and RD is: (i) if there is no recipients contribution in relation to the property fringe benefit—nil; or (ii) if there is a recipients contribution in relation to the property fringe benefit equal to, or calculated by reference to, an amount of consideration paid by the recipient to the provider or to the employer in respect of the provision of the recipients property—the amount (if any) that would, or that would but for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable as a once ‑ only deduction to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of that consideration if that consideration had been incurred and paid by the recipient at the provision time; exceeds nil; and (c) except where the property fringe benefit is: (i) an exclusive employee property benefit; or (ia) covered by a recurring fringe benefit declaration (see section 152A); or (ii) an extended travel property benefit; or (iii) a car property benefit; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients property; and (d) where the property fringe benefit is an extended travel property benefit (other than an international aircrew property benefit)—the recipient gives to the employer, before the declaration date, a travel diary in relation to the travel undertaken by the recipient to which the fringe benefit relates; and (da) where: (i) the property fringe benefit is a car property benefit in respect of a car held by the recipient during a period (in this section called the holding period ) in the year of tax; and (ii) the substantiation rules set out in Division 15 have been complied with in relation to the car in relation to the holding period; the following conditions are satisfied: (iii) the recipient gives to the employer, before the declaration date, a car substantiation declaration for the car for the year of tax; (iv) in a case where the substantiation rules require log book records or odometer records to be maintained by or on behalf of the recipient in relation to the car—the car substantiation declaration is accompanied by a copy of those documents; and (e) if: (i) paragraph (da) does not apply; and (ii) the property fringe benefit is a car property benefit in respect of a car held by the recipient during a period (the holding period ) in the year of tax; the recipient gives a declaration to the employer, before the declaration date and in a form approved by the Commissioner, that purports to set out: (iii) the holding period; and (iv) the number of whole business kilometres travelled by the car during the holding period; and (v) the number of whole kilometres travelled by the car during the holding period; the taxable value, but for Division 14, of the property fringe benefit in relation to the year of tax is the amount calculated in accordance with the formula: where: TV is the amount that, but for this subsection and Division 14, would be the taxable value of the property fringe benefit in relation to the year of tax; and ND is: (f) if neither paragraph (da) nor paragraph (e) applies and paragraph (k) does not apply—the notional deduction; or (g) where paragraph (da) applies and paragraph (k) does not apply—whichever of the following amounts is applicable: (i) if it would be concluded that the amount of the recipients contribution would have been the same even if the property fringe benefit were not applied or used in producing assessable income of the recipient—the business use percentage of the amount that, but for this subsection and Division 14, would be the taxable value of the property fringe benefit in relation to the year of tax; (ii) if subparagraph (i) does not apply—the business use percentage of the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the property fringe benefit in relation to the year of tax; or (h) where: (i) paragraph (e) applies; and (iia) paragraph (k) does not apply; whichever of the following amounts is the least: (iii) the notional deduction; (iv) if it would be concluded that the amount of the recipients contribution would have been the same even if the property fringe benefit were not applied or used in producing assessable income of the recipient—33⅓% of the amount that, but for this subsection and Division 14, would be the taxable value of the property fringe benefit in relation to the year of tax; (v) if subparagraph (iv) does not apply—33⅓% of the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the property fringe benefit in relation to the year of tax; or (k) if, under subsection 138(3), the property fringe benefit is deemed to have been provided to the recipient only—the amount calculated in accordance with subsection (5). (2) For the purposes of the application of this section in relation to a fringe benefit, where the recipient: (a) while undertaking travel referred to in paragraph (1)(d), engages in an activity in the course of producing assessable income of the recipient; and (b) does not make, as mentioned in the definition of travel diary in subsection 136(1), an entry relating to the activity, being an entry of the kind referred to in that definition; the activity shall be deemed not to have been engaged in by the recipient in the course of producing assessable income. (5) For the purposes of paragraph (1)(k) (which applies to a property fringe benefit that, under subsection 138(3), is deemed to have been provided to an employee only), the amount is calculated in accordance with the formula: where: employee’s percentage of interest : (a) is the percentage of the interest held by the employee, during a period (in this subsection called the holding period ) in the year of tax, in the asset or other thing that: (i) is the property to which the property fringe benefit relates; and (ii) is applied or used for the purpose of producing assessable income of the employee; and (b) does not include the percentage of the interest held in that asset or other thing by the employee’s associate or associates during the holding period. unadjusted ND is the amount that would be ascertained as representing the component ND in the formula in subsection (1) if paragraph (1)(k) did not apply in relation to the property fringe benefit.", "Amendment_Count": 13, "First_Amended": "No 139 of 1987", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 139 of 1987 | No 153 of 1988 | No 48 of 1991 | No 30 of 1995 | No 145 of 1995 | No 39 of 1997 | No 41 of 1998 | No 178 of 1999 | No 101 of 2006 | No 143 of 2007 | No 145 of 2008 | No 162 of 2015 | No 84 of 2022", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 153 of 1988, effective Div. 6 of Part III (s. 43): 1 Jan 1989 Remainder: Royal Assent | Amended by No 48 of 1991, effective Part 2 (s 3–7): 24 Apr 1991 (s 2(1)) | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11) | Amended by No 145 of 2008, effective Sch 4 (items 1–75): 9 Dec 2008 (s 2) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2) | Amended by No 84 of 2022, effective sch 3 (items 1 ‑ 17, 33): 1 Jan 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s44"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 45", "Provision_Key": "s45", "Heading": "Residual benefits", "Text": "A benefit is a residual benefit for the purposes of this Act if the benefit is not a benefit by virtue of a provision of Subdivision A of Divisions 2 to 11 (inclusive).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s45"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 46", "Provision_Key": "s46", "Heading": "Year of tax in which residual benefits taxed", "Text": "(1) Subject to this section, a residual benefit that is provided during a period shall be deemed to have been provided in respect of each year of tax during which any part of that period occurred. (2) Where: (a) a residual benefit (in this subsection referred to as the eligible benefit ), not being a residual benefit constituted by a lease or licence in respect of property, is provided on the basis that, in respect of each of a number of regular periods (in this subsection referred to as a billing period ) commencing on or after 1 July 1986 (whether or not there were any such periods before that date), a payment is to be made in respect of the provision of the benefit during the billing period; and (b) identical benefits are provided to members of the public on the same basis and in the ordinary course of a business carried on by the person providing the eligible benefit; the following provisions have effect: (c) the provision of the eligible benefit during each billing period shall be taken to constitute a separate benefit; (d) each such separate residual benefit shall be deemed to have been provided at the time at which the payment in respect of the billing period concerned is due and payable, and not otherwise.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s46"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 47", "Provision_Key": "s47", "Heading": "Exempt residual benefits", "Text": "(1) Where: (a) in respect of the employment of a current employee, the employer, or an associate of the employer, provides a residual benefit to the employee that consists of transport of the employee, otherwise than in an aircraft: (i) between: (A) the place of residence of the employee; and (B) the place of employment of the employee or any other place from which or at which the employee performs duties of that employment; or (ii) in a case where the place referred to in sub ‑ subparagraph (i)(B) is in a metropolitan area—on a regular and scheduled service over a route wholly within that metropolitan area; and (b) where the provider is the employer—the employer carries on a business of providing transport to members of the public; and (c) where the provider is an associate of the employer—the employer and the associate each carries on a business of providing transport to members of the public; and (d) the transport referred to in paragraph (a) is provided in the same, or substantially the same, circumstances as transport provided to members of the public in the ordinary course of carrying on a business of providing transport to members of the public; and (e) the employee is employed in the business of providing transport to members of the public; and (f) the benefit is not provided under a salary packaging arrangement; the benefit is an exempt benefit. (1A) Where: (a) a person is an employee of a government body; and (b) the person’s duties of employment are performed in a police service; and (c) the person is provided with a residual benefit consisting of the provision of travel on public transport; and (d) the benefit is provided for the purpose of travel between: (i) the person’s place of residence; and (ii) the person’s primary place of employment; the benefit is an exempt benefit . (2) Where: (a) a residual benefit provided to a current employee in respect of his or her employment consists of: (i) the provision, or use, of a recreational facility; or (ii) the care of children of the employee in a child care facility; and (b) the recreational facility or child care facility, as the case may be, is located on business premises of: (i) the employer; or (ii) if the employer is a company, of the employer or of a company that is related to the employer; the benefit is an exempt benefit. (3) Where a residual benefit provided to a current employee in respect of his or her employment consists of the use of property (other than a motor vehicle) that is ordinarily located on business premises of, and is wholly or principally used directly in connection with business operations of: (a) the employer; or (b) if the employer is a company—the employer or a company that is related to the employer; the benefit is an exempt benefit. (4) For the purposes of subsection (3), toilets, bathroom facilities, food or drink vending machines, tea or coffee making facilities, water dispensers or other amenities (not being facilities for drinking or dining) for the use of employees of an employer shall be taken to be principally used directly in connection with business operations of the employer. (4A) For the purposes of subsection (3), a building site, construction site or any similar place where a person carries on business operations shall be taken to be business premises of the person. (5) Where: (a) a residual benefit consisting of the subsistence, during a year of tax, of a lease or licence in respect of a unit of accommodation is provided to an employee of an employer in respect of his or her employment; and (b) the unit of accommodation is for the accommodation of eligible family members and is provided solely because the duties of that employment require the employee to live away from his or her normal residence; and (ba) the employee satisfies: (i) sections 31C (about maintaining an Australian home) and 31D (about the first 12 months); or (ii) section 31E (about fly ‑ in fly ‑ out and drive ‑ in drive ‑ out requirements); and (c) the accommodation is not provided while the employee is undertaking travel in the course of performing the duties of that employment; and (d) any of the following conditions is satisfied: (i) subsection (7) applies in relation to the provision of transport for the employee in connection with travel in the period in the year of tax when the lease or licence subsisted, being travel between the employee’s usual place of residence and the employee’s usual place of employment; (ii) if the employee satisfies sections 31C and 31D—the employee gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out the matters in subparagraphs 31F(1)(a)(i) to (iii); (iii) if the employee satisfies section 31E—the employee gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out the matters in subparagraphs 31F(1)(b)(i) to (iii); the benefit is an exempt benefit in relation to the year of tax. (6) Where: (a) a residual benefit consisting of the provision or use of a motor vehicle is provided in a year of tax in respect of the employment of a current employee; (aa) the motor vehicle is not: (i) a vehicle used for taxi travel (other than a limousine) let on hire to the provider; or (ii) a car, not being: (A) a panel van or utility truck; or (B) any other road vehicle designed to carry a load of less than 1 tonne (other than a vehicle designed for the principal purpose of carrying passengers); and (b) there was no private use of the motor vehicle during the year of tax and at a time when the benefit was provided other than: (i) work ‑ related travel of the employee; and (ii) other private use of the motor vehicle by the employee or an associate of the employee, being other use that was minor, infrequent and irregular; the benefit is an exempt benefit in relation to the year of tax. (6A) Where: (a) a residual benefit consisting of the provision or use of a motor vehicle is provided by a particular person (in this subsection called the provider ) in a year of tax in respect of the employment of a current employee of an employer; (b) at all times during the year of tax when the motor vehicle was held by the provider, the motor vehicle was unregistered; and (c) during the period in the year of tax when the motor vehicle was held by the provider, the motor vehicle was wholly or principally used directly in connection with business operations of: (i) the employer; or (ii) if the employer is a company—the employer or a company that is related to the employer; the benefit is an exempt benefit in relation to the year of tax. (6B) A reference in subsection (6A) to a motor vehicle held by a provider is a reference to: (a) a motor vehicle owned by the provider; (b) a motor vehicle leased to the provider; or (c) a motor vehicle otherwise made available to the provider by another person. (7) Where, during a period of employment with an employer: (a) an employee’s usual place of employment is: (i) on an oil rig, or other installation, at sea; or (ii) at a location in a State or internal Territory but not in, or adjacent to, an eligible urban area; or (iii) at a remote location that is not in a State or internal Territory; and Note: For the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands, see section 157. (b) the employee is provided with residential accommodation, at or near that usual place of employment, by: (i) the employer; or (ii) an associate of the employer; or (iii) a person (in this subparagraph referred to as the arranger ) other than the employer or an associate of the employer under an arrangement between: (A) the employer or an associate of the employer; and (B) the arranger or another person; and (c) the employee, on a regular basis: (i) works for a number of days and has a number of days off; and (ii) on completion of the working days, travels from that usual place of employment to his or her usual place of residence and, on completion of the days off, returns from his or her usual place of residence to that usual place of employment; and (d) the employee is provided with transport on a regular basis in connection with the travel referred to in subparagraph (c)(ii) and that transport is provided by: (i) the employer; or (ii) an associate of the employer; or (iii) a person (in this subparagraph referred to as the arranger ) other than the employer or an associate of the employer under an arrangement between: (A) the employer or an associate of the employer; and (B) the arranger or another person; and (e) it would be unreasonable to expect the employee to travel on a daily basis on work days between: (i) that usual place of employment; and (ii) the location of the employee’s usual place of residence; having regard to the location of those places; the residual benefit constituted by the provision of the transport referred to in paragraph (d) is an exempt benefit. (8) If: (a) a residual benefit provided in respect of the employment of an employee arose out of priority of access, for a child or children of the employee, to: (i) a place that is an eligible child care centre for the purposes of any provision of the Child Care Act 1972 ; or (ii) family day care provided before the commencement of item 1 of Schedule 10 to the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 ; or (iii) care outside school hours provided before the commencement of item 1 of Schedule 10 to the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 ; or (iv) care in school vacations provided before the commencement of item 1 of Schedule 10 to the A New Tax System (Family Assistance) (Consequential and Related Measures) Act (No. 2) 1999 ; or (v) an approved child care service within the meaning of the A New Tax System (Family Assistance) (Administration) Act 1999 ; and (b) in order to obtain that priority of access, the employer of the employee, or an associate of the employer, made a contribution under a program administered by the Families Department; the residual benefit is an exempt benefit.", "Amendment_Count": 14, "First_Amended": "No 139 of 1987", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 139 of 1987 | No 135 of 1990 | No 18 of 1993 | No 196 of 1997 | No 83 of 1999 | No 178 of 1999 | No 138 of 2000 | No 167 of 2001 | No 88 of 2009 | No 129 of 2011 | No 142 of 2012 | No 84 of 2013 | No 22 of 2017 | No 64 of 2020", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 135 of 1990, effective Part 2 (s 3–5): 28 Dec 1990 | Amended by No 18 of 1993, effective s 3–6: 9 June 1993 (s 2(1)) | Amended by No 196 of 1997, effective Sch 1 (item 11): 9 Dec 1997 (s 2(5)) | Amended by No 83 of 1999, effective Schedule 10 (items 1–6, 68(1)): 1 July 2000 (s 2(2)) | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 138 of 2000, effective Sch 2 (items 11, 12): 1 Jan 2001 (s 2(2)(b)) | Amended by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1)) | Amended by No 88 of 2009, effective Sch 5 (items 19, 20, 288–305): (s 2(1) items 7, 10) | Amended by No 129 of 2011, effective Sch 2 (items 1–9): 3 Nov 2011 (s 2(1) item 3) Sch 2 (item 10): 27 Dec 2011 (s 2(1) item 4) | Amended by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2) | Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4) | Amended by No 22 of 2017, effective Sch 2 (item 5): 2 July 2018 (s 2(1) item 2) Sch 4: 5 Apr 2017 (s 2(1) item 5) | Amended by No 64 of 2020, effective Sch 3 (items 63–71): 1 July 2020 (s 2(1) item 5) Sch 3 (items 202, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s47"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 47A", "Provision_Key": "s47a", "Heading": "Exemption—no ‑ private ‑ use declaration", "Text": "(1) A residual fringe benefit that is covered by a no ‑ private ‑ use declaration is an exempt benefit. (2) An employer may make a no ‑ private ‑ use declaration that covers all the employer’s residual fringe benefits for an FBT year that are covered by a consistently enforced policy in relation to the use of the property that is the subject of the benefit that would result in the taxable value of the benefit being nil. (3) The declaration must be in a form approved in writing by the Commissioner and be made by the declaration date.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s47A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 48", "Provision_Key": "s48", "Heading": "Taxable value of in ‑ house non ‑ period residual fringe benefits", "Text": "Subject to this Part, the taxable value of an in ‑ house non ‑ period residual fringe benefit in relation to an employer in relation to a year of tax is: (aa) if the benefit was provided to the recipient under a salary packaging arrangement—an amount equal to the notional value of the benefit at the comparison time; or (ab) if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit—an amount equal to 75% of the stand ‑ by airline travel value of the benefit at the comparison time; or (a) if neither paragraph (aa) nor (ab) applies and, at or about the comparison time, identical benefits were provided by the provider: (i) in the ordinary course of business to members of the public under an arm’s length transaction or arm’s length transactions; and (ii) in similar circumstances and subject to identical terms and conditions (other than as to price) as those that applied in relation to the provision of the recipients benefit to the recipient; an amount equal to 75% of the lowest price at which an identical benefit was so sold to a member of the public; or (b) in any other case—an amount equal to 75% of the notional value of the benefit at the comparison time; reduced by the amount of the recipients contribution.", "Amendment_Count": 2, "First_Amended": "No 84 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 84 of 2013 | No 88 of 2013", "History_Notes": "Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s48"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 49", "Provision_Key": "s49", "Heading": "Taxable value of in ‑ house period residual fringe benefits", "Text": "Subject to this Part, the taxable value of an in ‑ house period residual fringe benefit in relation to a year of tax is: (aa) if the benefit was provided to the recipient under a salary packaging arrangement—an amount equal to the notional value of the benefit at the comparison time; or (ab) if paragraph (aa) does not apply and the benefit is an airline transport fringe benefit—an amount equal to 75% of the stand ‑ by airline travel value of the benefit at the comparison time; or (a) if neither paragraph (aa) nor (ab) applies and, at or about the comparison time, identical overall benefits were provided by the provider: (i) in the ordinary course of business to members of the public under an arm’s length transaction or arm’s length transactions; and (ii) in similar circumstances and subject to identical terms and conditions (other than as to price) as those that applied in relation to the provision of the recipients overall benefit; an amount equal to 75% of the lowest amount paid or payable by any such member of the public in respect of the current identical benefit in relation to an identical overall benefit so provided; or (b) in any other case—an amount equal to 75% of the notional value of the recipients current benefit; reduced by the amount of the recipients contribution insofar as it relates to the recipients current benefit.", "Amendment_Count": 2, "First_Amended": "No 84 of 2013", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 84 of 2013 | No 88 of 2013", "History_Notes": "Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s49"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 50", "Provision_Key": "s50", "Heading": "Taxable value of external non ‑ period residual fringe benefits", "Text": "Subject to this Part, the taxable value of an external non ‑ period residual fringe benefit in relation to an employer in relation to a year of tax is: (a) where the provider was the employer or an associate of the employer and the benefit was purchased by the provider under an arm’s length transaction—the amount paid or payable by the provider for the benefit; (b) where the provider was not the employer or an associate of the employer and the employer, or an associate of the employer, incurred expenditure to the provider under an arm’s length transaction in respect of the provision of the benefit—the amount of that expenditure; or (c) in any other case—the notional value of the benefit at the comparison time; reduced by the amount of the recipients contribution.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s50"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 51", "Provision_Key": "s51", "Heading": "Taxable value of external period residual fringe benefits", "Text": "Subject to this Part, the taxable value of an external period residual fringe benefit in relation to an employer in relation to a year of tax is: (a) where the provider was the employer or an associate of the employer and the recipients overall benefit was purchased by the provider under an arm’s length transaction—the amount paid or payable by the provider in respect of the recipients current benefit; (b) where the provider was not the employer or an associate of the employer and the employer, or an associate of the employer, incurred expenditure to the provider under an arm’s length transaction in respect of the provision of the recipients current benefit—the amount of that expenditure; or (c) in any other case—the notional value of the recipients current benefit; reduced by the amount of the recipients contribution insofar as it relates to the recipients current benefit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s51"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 52", "Provision_Key": "s52", "Heading": "Reduction of taxable value— otherwise deductible rule", "Text": "(1) Where: (a) the recipient of a residual fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) if the recipient had, at the comparison time, incurred and paid unreimbursed expenditure (in this subsection called the gross expenditure ), in respect of the provision of the recipients benefit, equal to the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the residual fringe benefit in relation to the year of tax—a once ‑ only deduction (in this subsection called the gross deduction ) would, or would if not for Divisions 28 and 900 of the Income Tax Assessment Act 1997 , have been allowable to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of the gross expenditure; and (ba) the amount (in this subsection called the notional deduction ) calculated in accordance with the formula: where: GD is the gross deduction; and RD is: (i) if there is no recipients contribution in relation to the residual fringe benefit—nil; or (ii) if there is a recipients contribution in relation to the residual fringe benefit equal to, or calculated by reference to, an amount of consideration paid by the recipient to the provider or to the employer in respect of the provision of the recipients benefit—the amount (if any) that would, or that would but for Divisions 28 and 900 of the Income Tax Assessment Act 1997 have been allowable as a once ‑ only deduction to the recipient under that Act or the Income Tax Assessment Act 1936 in respect of so much of that consideration as was taken into account for the purposes of section 4 ‑ 15 or 8 ‑ 1 of the Income Tax Assessment Act 1997 , if that consideration had been incurred and paid by the recipient at the comparison time; exceeds nil; and (c) except where the fringe benefit is: (i) an exclusive employee residual benefit; or (ia) covered by a recurring fringe benefit declaration (see section 152A); or (ii) an extended travel residual benefit; or (iii) a car residual benefit; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients benefit; and (d) where the fringe benefit is an extended travel residual benefit (other than an international aircrew residual benefit)—the recipient gives to the employer, before the declaration date, a travel diary in relation to the travel undertaken by the recipient to which the fringe benefit relates; and (da) where: (i) the fringe benefit is a car residual benefit in respect of a car held by the recipient during a period (in this section called the holding period ) in the year of tax; and (ii) the substantiation rules set out in Division 15 have been complied with in relation to the car in relation to the holding period; the following conditions are satisfied: (iii) the recipient gives to the employer, before the declaration date, a car substantiation declaration for the car for the year of tax; (iv) in a case where the substantiation rules require log book records or odometer records to be maintained by or on behalf of the recipient in relation to the car—the car substantiation declaration is accompanied by a copy of those documents; and (e) if: (i) paragraph (da) does not apply; and (ii) the fringe benefit is a car residual benefit in respect of a car held by the recipient during a period (the holding period ) in the year of tax; the recipient gives a declaration to the employer, before the declaration date and in a form approved by the Commissioner, that purports to set out: (iii) the holding period; and (iv) the number of whole business kilometres travelled by the car during the holding period; and (v) the number of whole kilometres travelled by the car during the holding period; the taxable value, but for Division 14, of the residual fringe benefit in relation to the year of tax is the amount calculated in accordance with the formula: where: TV is the amount that, but for this subsection and Division 14, would be the taxable value of the residual fringe benefit in relation to the year of tax; and ND is: (f) if neither paragraph (da) nor paragraph (e) applies and paragraph (k) does not apply—the notional deduction; or (g) where paragraph (da) applies and paragraph (k) does not apply—whichever of the following amounts is applicable: (i) if it would be concluded that the amount of the recipients contribution would have been the same even if the residual fringe benefit were not applied or used in producing assessable income of the recipient—the business use percentage of the amount that, but for this subsection and Division 14, would be the taxable value of the residual fringe benefit in relation to the year of tax; (ii) if subparagraph (i) does not apply—the business use percentage of the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the residual fringe benefit in relation to the year of tax; or (h) where: (i) paragraph (e) applies; and (iia) paragraph (k) does not apply; whichever of the following amounts is the least: (iii) the notional deduction; (iv) if it would be concluded that the amount of the recipients contribution would have been the same even if the residual fringe benefit were not applied or used in producing assessable income of the recipient—33⅓% of the amount that, but for this subsection and Division 14, would be the taxable value of the residual fringe benefit in relation to the year of tax; (v) if subparagraph (iv) does not apply—33⅓% of the amount that, but for this subsection and Division 14 and the recipients contribution, would be the taxable value of the residual fringe benefit in relation to the year of tax; or (k) if, under subsection 138(3), the residual fringe benefit is deemed to have been provided to the recipient only—the amount calculated in accordance with subsection (5). (2) For the purposes of the application of this section in relation to a fringe benefit, where the recipient: (a) while undertaking travel referred to in paragraph (1)(d), engages in an activity in the course of producing assessable income of the recipient; and (b) does not make, as mentioned in the definition of travel diary in subsection 136(1), an entry relating to the activity, being an entry of the kind referred to in that definition; the activity shall be deemed not to have been engaged in by the recipient in the course of producing assessable income. (5) For the purposes of paragraph (1)(k) (which applies to a residual fringe benefit that, under subsection 138(3), is deemed to have been provided to an employee only), the amount is calculated in accordance with the formula: where: employee’s percentage of interest : (a) is the percentage of the interest held by the employee, during a period (in this subsection called the holding period ) in the year of tax, in the asset or other thing: (i) to which the residual fringe benefit relates; and (ii) that is applied or used for the purpose of producing assessable income of the employee; and (b) does not include the percentage of the interest held in that asset or other thing by the employee’s associate or associates during the holding period. unadjusted ND is the amount that would be ascertained as representing the component ND in the formula in subsection (1) if paragraph (1)(k) did not apply in relation to the residual fringe benefit.", "Amendment_Count": 13, "First_Amended": "No 139 of 1987", "Last_Amended": "No 84 of 2022", "Amending_Acts": "No 139 of 1987 | No 153 of 1988 | No 48 of 1991 | No 30 of 1995 | No 145 of 1995 | No 39 of 1997 | No 41 of 1998 | No 178 of 1999 | No 101 of 2006 | No 143 of 2007 | No 145 of 2008 | No 162 of 2015 | No 84 of 2022", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 153 of 1988, effective Div. 6 of Part III (s. 43): 1 Jan 1989 Remainder: Royal Assent | Amended by No 48 of 1991, effective Part 2 (s 3–7): 24 Apr 1991 (s 2(1)) | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11) | Amended by No 145 of 2008, effective Sch 4 (items 1–75): 9 Dec 2008 (s 2) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2) | Amended by No 84 of 2022, effective sch 3 (items 1 ‑ 17, 33): 1 Jan 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s52"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 53", "Provision_Key": "s53", "Heading": "Motor vehicle fringe benefit fuel etc. to be exempt in certain cases", "Text": "(1) For the purposes of this Act: (a) a car expense payment benefit; (b) a car property benefit; or (c) a car residual benefit; in respect of a car, being a benefit that is attributable to a period when a car fringe benefit was provided, or would but for subsection 8(2) or section 8A have been provided, in relation to the car, is an exempt benefit. (2) Where the provision or use of a motor vehicle would, but for subsection 47(6), be a residual fringe benefit in relation to a period in a year of tax, subsection (1) applies in relation to the motor vehicle as if: (a) the motor vehicle were a car; and (b) a car fringe benefit were provided during that period in relation to the motor vehicle. (3) In this section: car expense payment benefit means an expense payment benefit where the recipients expenditure is a car expense. car property benefit means a property benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients property, that expenditure would have been a car expense. car residual benefit means a residual benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients benefit, that expenditure would have been a car expense.", "Amendment_Count": 1, "First_Amended": "No 86 of 2022", "Last_Amended": "No 86 of 2022", "Amending_Acts": "No 86 of 2022", "History_Notes": "Amended by No 86 of 2022, effective sch 1: 1 Jan 2023 (s 2(1) item 2) sch 2: 1 Apr 2025 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s53"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 54", "Provision_Key": "s54", "Heading": "Provision of food or drink to be exempt benefit in certain cases", "Text": "Where: (a) a board fringe benefit in relation to an employer is provided on a particular day; (b) on that day, the provider of the fringe benefit also provides food or drink (not being a meal) to the recipient of the fringe benefit; and (c) the food or drink: (i) is provided to, and consumed by, the recipient on that day on eligible premises of the employer; and (ii) is not provided at a party, reception or other social function; the provision of the food or drink is an exempt benefit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s54"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 55", "Provision_Key": "s55", "Heading": "Benefits provided by certain international organisations to be exempt", "Text": "A benefit provided in respect of the employment of an employee of an employer is an exempt benefit if: (a) the employer is an organisation that, but for subsections 66(2) and (3), would be exempt from a liability to pay tax in respect of the benefit by virtue of the operation of the International Organisations (Privileges and Immunities) Act 1963 ; or (b) the employer is an organisation established by an agreement to which Australia is a party and which obliges Australia to grant the employer an exemption from a liability to pay tax in respect of the benefit.", "Amendment_Count": 1, "First_Amended": "No 150 of 1997", "Last_Amended": "No 150 of 1997", "Amending_Acts": "No 150 of 1997", "History_Notes": "Amended by No 150 of 1997, effective Sch 2 (item 2): 17 Oct 1997 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s55"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 56", "Provision_Key": "s56", "Heading": "Preservation of diplomatic and consular immunities", "Text": "A benefit that, but for subsections 66(2) and (3), would be exempt from tax by virtue of the Consular Privileges and Immunities Act 1972 or the Diplomatic Privileges and Immunities Act 1967 is an exempt benefit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s56"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 57", "Provision_Key": "s57", "Heading": "Exempt benefits—employees of religious institutions", "Text": "Where: (a) the employer of an employee is a registered religious institution; and (b) the employee is a religious practitioner; and (c) a benefit is provided to, or to a spouse or a child of, the employee; and (d) the benefit is not provided principally in respect of duties of the employee other than: (i) any pastoral duties; or (ii) any other duties or activities that are directly related to the practice, study, teaching or propagation of religious beliefs; the benefit is an exempt benefit.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 139 of 1987 | No 169 of 2012", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s57"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 57A", "Provision_Key": "s57a", "Heading": "Exempt benefits—public benevolent institutions, health promotion charities, some hospitals and public ambulance services", "Text": "(1) Where the employer of an employee is a registered public benevolent institution endorsed under section 123C, a benefit provided in respect of the employment of the employee is an exempt benefit. (2) Where: (a) the employer of an employee is a government body; and (b) the duties of the employment of the employee are exclusively performed in, or in connection with: (i) a public hospital; or (ii) a hospital carried on by a society or association that is a rebatable employer; a benefit provided in respect of the employment of the employee is an exempt benefit. (3) A benefit provided in respect of the employment of an employee is an exempt benefit if: (a) the employer of the employee is a public hospital; or (b) the employer provides public ambulance services or services that support those services and the employee is predominantly involved in connection with the provision of those services. (4) A benefit provided in respect of the employment of an employee is an exempt benefit if the employer of the employee is a hospital carried on by a society or association that: (a) is exempt from income tax under Division 50 of the Income Tax Assessment Act 1997 ; and (b) is not a company referred to in paragraph 65J(5)(a) or (b); and (c) is not a registered public benevolent institution or registered health promotion charity. (5) A benefit provided in respect of the employment of an employee is an exempt benefit if: (a) the employer of the employee is a registered health promotion charity; and (b) the registered health promotion charity is endorsed under subsection 123D(1).", "Amendment_Count": 9, "First_Amended": "No 139 of 1987", "Last_Amended": "No 35 of 2022", "Amending_Acts": "No 139 of 1987 | No 52 of 2000 | No 167 of 2001 | No 142 of 2003 | No 83 of 2004 | No 95 of 2004 | No 169 of 2012 | No 124 of 2013 | No 35 of 2022", "History_Notes": "Repealed and substituted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1)) | Amended by No 142 of 2003, effective Sch 5: 17 Dec 2003 (s 2(1) item 7) | Amended by No 83 of 2004, effective Sch 4 and Sch 8 (items 1–3, 5–8): 25 June 2004 (s 2(1) items 1, 18) Sch 8 (item 4): 1 July 2005 (s 2(1) item 19) | Amended by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 35 of 2022, effective sch 4 (items 16 ‑ 18): 1 Oct 2022 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s57A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58", "Provision_Key": "s58", "Heading": "Exempt benefits—live ‑ in residential care workers", "Text": "(1) Where, during a period: (a) the employer of an employee is: (i) a government body; or (ii) a registered religious institution; or (iii) a company that is registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 and does not meet the description of the subtype of entity in column 2 of item 4 of the table in subsection 25 ‑ 5(5) of that Act; or (iv) a non ‑ profit company that is not an ACNC type of entity; whose activities consist of, or include, caring for elderly persons or disadvantaged persons; and (b) the duties of the employment of the employee consist of, or consist principally of: (i) caring for elderly persons and any children of those elderly persons who reside with those elderly persons; or (ii) caring for disadvantaged persons and any children of those disadvantaged persons who reside with those disadvantaged persons; and (c) in the performance of those duties, the employee lives, together with elderly persons or disadvantaged persons, in residential premises of the employer; and (d) the fact that the person lives in those premises is directly related to the provision, in the course of the performance of the duties of the employment of the employee, of care to the elderly persons or disadvantaged persons living in those premises; any benefit arising from the provision, during that period, of: (e) that accommodation to the employee or to the employee and a spouse or child of the employee who resides in those premises with the employee; or (f) residential fuel in connection with that accommodation for use by the employee or by the employee and a spouse or child of the employee; or (g) meals provided on those premises to the employee or to a spouse or child of the employee who resides in those premises with the employee; or (h) food or drink (other than meals) for consumption during that period by the employee or by a spouse or child of the employee who resides in those premises with the employee; is an exempt benefit. (2) In this section: residential premises means a house or hostel used exclusively for the provision of residential accommodation to: (a) elderly persons or disadvantaged persons and children of elderly persons or disadvantaged persons; (b) persons the duties of whose employment consist of, or consist principally of, caring for persons referred to in paragraph (a); and (c) spouses and children of persons referred to in paragraph (b).", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 96 of 2013", "Amending_Acts": "No 139 of 1987 | No 169 of 2012 | No 96 of 2013", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13) | Amended by No 96 of 2013, effective Sch 1 (items 15–18): 1 Jan 2014 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58A", "Provision_Key": "s58a", "Heading": "Exempt benefits—employment interviews and selection tests", "Text": "Where: (a) a car benefit, an expense payment benefit, a property benefit or a residual benefit is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; (b) the benefit is in respect of an employment interview or selection test; and (c) in the case of an expense payment benefit: (i) the benefit is not constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient, being a reimbursement calculated by reference to the distance travelled by the car; and (ii) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 139 of 1987 | No 30 of 1995 | No 39 of 1997", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58AA", "Provision_Key": "s58aa", "Heading": "Exempt benefits—engagement of relocation consultant", "Text": "(1) A benefit is an exempt benefit in relation to a year of tax if: (a) the benefit is an expense payment benefit, or a residual benefit, provided in, or in respect of, the year of tax in respect of the employment of an employee; and (b) the benefit is in respect of, or consists of, the engagement of a relocation consultant; and (c) the engagement of the relocation consultant is required solely for one or more of the following reasons: (i) the employee is required to live away from his or her usual place of residence to perform the duties of the employment mentioned in paragraph (a) (the new employment duties ); (ii) having lived away from his or her usual place of residence to perform the new employment duties, the employee is required to return there to perform them, or because the employee has ceased to perform them; (iii) the employee is required to change his or her usual place of residence to perform those duties; and (d) the relocation consultant is engaged to help a family member: (i) if subparagraph (c)(i) applies—to settle, or to remain, at or near the location where the employee performs the new employment duties while living away from his or her usual place of residence; or (ii) if subparagraph (c)(ii) applies—to settle at the location of the employee’s usual place of residence; or (iii) if subparagraph (c)(iii) applies—to settle, or to remain, at the location of the employee’s new usual place of residence; and (e) the benefit is not provided under a non ‑ arm’s length arrangement; and (f) if the benefit is an expense payment benefit—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date. (2) Without limiting subsection (1), a reference in that subsection to helping a family member to settle, or to remain, at a location includes: (a) a relocation consultant finding, or providing information to the family member about, accommodation for the family member at the location; or (b) a relocation consultant providing information to the family member about education facilities or other community amenities and services at the location; but does not include a reference to a relocation consultant paying expenses on behalf of a family member.", "Amendment_Count": 1, "First_Amended": "No 77 of 2005", "Last_Amended": "No 77 of 2005", "Amending_Acts": "No 77 of 2005", "History_Notes": "Inserted by No 77 of 2005, effective Sch 1: 29 June 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58AA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58B", "Provision_Key": "s58b", "Heading": "Exempt benefits—removals and storage of household effects as a result of relocation", "Text": "(1) Where: (a) either of the following benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee: (i) an expense payment benefit where the recipients expenditure is in respect of the removal or storage of household effects of the employee; (ii) a residual benefit where the recipients benefit consists of the removal or storage of household effects of the employee; (b) the removal or storage is required solely because: (i) the employee is required to live away from his or her usual place of residence in order to perform the duties of that employment; (ii) the employee, having lived away from his or her usual place of residence in order to perform the duties of that employment, is required to return to his or her usual place of residence: (A) in order to perform those duties; or (B) because the employee has ceased to perform those duties; or (iii) the employee is required to change his or her usual place of residence in order to perform the duties of that employment; (c) the removal or storage is required to enable a family member to: (i) if subparagraph (b)(i) applies—take up residence, or to continue to reside, at or near the place where the employee performs the duties of that employment while living away from his or her usual place of residence; (ii) if subparagraph (b)(ii) applies—take up residence at the employee’s usual place of residence; or (iii) if subparagraph (b)(iii) applies—take up residence, or to continue to reside, at the employee’s new usual place of residence; (d) if subparagraph (b)(iii) applies: (i) the removal takes place, or the storage commences to be provided, within 12 months after the day on which the employee commenced to perform the duties of that employment at the employee’s new place of employment; and (ii) the benefit is not provided under a non ‑ arm’s length arrangement; (e) if subparagraph (a)(i) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and (f) the removal or storage was not provided in connection with travel undertaken by the employee in the course of performing the duties of that employment; the benefit is an exempt benefit in relation to the year of tax. (2) For the purposes of this section: (a) a reference to the household effects of an employee is a reference to tangible property (whether or not owned by a family member) kept primarily for the personal use of family members; and (b) without limiting the generality of an expression used in subsection (1), the recipients expenditure shall be taken to be in respect of, and the recipients benefit shall be taken to consist of, the removal or storage of household effects if the expenditure or benefit is in respect of, or consists of, the transport, packing, unpacking or insurance of the household effects in connection with the removal or storage of the household effects.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58C", "Provision_Key": "s58c", "Heading": "Exempt benefits—sale or acquisition of dwelling as a result of relocation", "Text": "(1) Where: (a) during a particular period (in this subsection called the former home holding period ), an employee of an employer, or an associate of an employee of an employer, holds: (i) a prescribed interest in land on which: (A) there is a building constituting or containing a dwelling; (B) the employee or associate proposes to construct, or complete the construction of, a building constituting or containing a dwelling; (ii) a prescribed interest in a stratum unit in relation to a dwelling; or (iii) a proprietary right in respect of a dwelling, being a flat or home unit; (b) the employee or associate sells or proposes to sell, the interest or right solely because the employee is required to change his or her usual place of residence in order to perform the duties of his or her employment; (c) the employer first notifies the employee at a time (in this subsection called the notice time ) during the former home holding period that the employee is required to perform the duties of that employment at the employee’s new place of employment; and (d) at the notice time, the employee occupied, or proposed to occupy, the dwelling, or proposed to occupy the proposed dwelling, as his or her usual place of residence; the following subsections have effect. (2) Where: (a) either of the following benefits is provided in respect of that employment of the employee in, or in respect of, a year of tax: (i) an expense payment benefit where the recipients expenditure is incidental to the sale of that interest or right; (ii) a residual benefit where the recipients benefit is incidental to the sale of that interest or right; (aa) the employee or associate entered into a contract for the sale of the interest or right within 2 years after the day (the new employment day ) on which the employee commenced to perform the duties of that employment at the employee’s new place of employment; (b) if, apart from this paragraph, this subsection would apply in relation to 2 or more dwellings or proposed dwellings in relation to the change in the employee’s usual place of residence—the employer of the employee elects that this subsection apply in relation to only one of those dwellings or proposed dwellings; (c) if paragraph (b) applies—the benefit relates to the dwelling or proposed dwelling in respect of which the election is made; (d) if subparagraph (a)(i) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and (e) the benefit is not provided under a non ‑ arm’s length arrangement; the benefit is an exempt benefit in relation to the year of tax. (3) Where: (a) at a particular time, the employee or an associate of the employee acquires: (i) a prescribed interest in land on which: (A) there is a building constituting or containing another dwelling; (B) the employee or associate proposes to construct, or complete the construction of, a building constituting or containing another dwelling; (ii) a prescribed interest in a stratum unit in relation to another dwelling; or (iii) a proprietary right in respect of another dwelling, being a flat or home unit; (b) the employee or associate acquires the interest or right solely because the employee is required to change his or her usual place of residence in order to perform the duties of that employment at the employee’s new place of employment; (c) the employee or associate entered into a contract for the acquisition of the interest or right on a day (the contract day ) within 4 years after the new employment day; (ca) if, on the contract day, the employee or associate holds an interest or right in another dwelling in a situation where: (i) if that interest or right were sold within 2 years after the new employment day; and (ii) if a benefit of a kind referred to in subsection (2) were provided in relation to that interest or right; the benefit would be an exempt benefit under subsection (2)—not more than 2 years have elapsed since the new employment day; (d) immediately after the completion of the acquisition, the employee occupied the other dwelling, or proposed to occupy the other proposed dwelling, as his or her usual place of residence; (e) any of the following benefits is provided in respect of that employment of the employee in, or in respect of, a year of tax: (i) an expense payment benefit where the recipients expenditure is incidental to the acquisition of that interest or right; (ii) a residual benefit where the recipients benefit is incidental to the acquisition of that interest or right; (iii) an expense payment benefit where the recipients expenditure is in respect of the act of connecting or re ‑ connecting a telephone service to the other dwelling or proposed dwelling; (iv) a residual benefit where the recipients benefit is constituted by the act of connecting or re ‑ connecting a telephone service to the other dwelling or proposed dwelling; (v) an expense payment benefit where the recipients expenditure is in respect of the act of re ‑ connecting gas or electricity to the other dwelling or proposed dwelling; (vi) a residual benefit where the recipients benefit is constituted by the act of re ‑ connecting gas or electricity to the other dwelling or proposed dwelling; (f) if subparagraph (e)(iii) or (iv) applies—immediately before the change, a telephone service was provided to the unit of accommodation that was the employee’s usual place of residence before the change; (g) if subparagraph (e)(i), (iii) or (v) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and (h) the benefit is not provided under a non ‑ arm’s length arrangement; the benefit is an exempt benefit in relation to the year of tax. (4) An election by an employer under subsection (2) in relation to a year of tax: (a) shall be made by notice in writing to the Commissioner; and (b) shall be lodged with the Commissioner on or before the declaration date. (5) If: (a) a benefit is an exempt benefit in relation to a year of tax under subsection (3); and (b) paragraph (3)(ca) applied to the employee; and (c) the employee or associate does not enter into a contract for the sale of the interest or right in the other dwelling referred to in that paragraph within 2 years after the new employment day; this Act has effect as if: (d) a benefit equivalent to the exempt benefit were provided in respect of the employment of the employee in, or in respect of, the year of tax in which that period of 2 years expired; and (e) that equivalent benefit were not an exempt benefit.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 23 of 2005", "Amending_Acts": "No 139 of 1987 | No 23 of 2005", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 23 of 2005, effective Sch 7: 21 Mar 2005 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58D", "Provision_Key": "s58d", "Heading": "Exempt benefits—connection or re ‑ connection of certain utilities as a result of relocation", "Text": "(1) Where: (a) either of the following benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer: (i) an expense payment benefit where the recipients expenditure is in respect of the act of connecting or re ‑ connecting a telephone service to a unit of accommodation; (ii) a residual benefit where the recipients benefit is constituted by the act of connecting or re ‑ connecting a telephone service to a unit of accommodation; (b) the unit of accommodation is for the accommodation of family members; (c) the accommodation is required solely because: (i) the employee is required to live away from his or her usual place of residence in order to perform the duties of that employment; or (ii) the employee is required to change his or her usual place of residence in order to perform the duties of that employment; (d) if subparagraph (a)(i) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and (e) if subparagraph (c)(ii) applies: (i) the telephone service is connected or re ‑ connected not later than 12 months after the day on which the employee commenced to perform the duties of that employment at the employee’s new place of employment; (ii) immediately before the change, a telephone service was provided to the unit of accommodation that was the employee’s usual place of residence before the change; and (iii) the benefit was not provided under a non ‑ arm’s length arrangement; the benefit is an exempt benefit in relation to the year of tax. (2) Where: (a) either of the following benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer: (i) an expense payment benefit where the recipients expenditure is in respect of the act of re ‑ connecting gas or electricity to a unit of accommodation; (ii) a residual benefit where the recipients benefit is constituted by the act of re ‑ connecting gas or electricity to a unit of accommodation; (b) the unit of accommodation is for the accommodation of family members; (c) the accommodation is required solely because: (i) the employee is required to live away from his or her usual place of residence in order to perform the duties of that employment; or (ii) the employee is required to change his or her usual place of residence in order to perform the duties of that employment; (d) if subparagraph (a)(i) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; and (e) if subparagraph (c)(ii) applies: (i) the gas or electricity is re ‑ connected not later than 12 months after the day on which the employee commenced to perform the duties of that employment at the employee’s new place of employment; and (ii) the benefit was not provided under a non ‑ arm’s length arrangement; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58E", "Provision_Key": "s58e", "Heading": "Exempt benefits—leasing of household goods while living away from home", "Text": "Where: (a) either of the following benefits (in this section called a household goods leasing benefit ) is provided in, or in respect of, a year of tax in respect of the employment of an employee: (i) an expense payment benefit where the recipients expenditure is in respect of a lease or licence in respect of goods; (ii) a residual benefit where the recipients benefit consists of the subsistence of a lease or licence in respect of goods; (b) the goods are primarily for domestic use by, and in connection with accommodation for, family members; (c) either of the following benefits is provided in, or in respect of, the year of tax to the employee in respect of that employment: (i) an expense payment benefit where the recipients expenditure is in respect of a lease or licence in respect of that accommodation; (ii) a residual benefit where the recipients benefit is constituted by the subsistence of a lease or licence in respect of that accommodation; and (d) by virtue of section 21 or subsection 47(5), the benefit referred to in paragraph (c) is an exempt benefit in relation to the year of tax; the household goods leasing benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58F", "Provision_Key": "s58f", "Heading": "Exempt benefits—relocation transport", "Text": "Where: (a) a car benefit, an expense payment benefit, a property benefit or a residual benefit is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; (b) the benefit is in respect of relocation transport; and (c) in the case of an expense payment benefit: (i) the benefit is not constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient, being a reimbursement calculated by reference to the distance travelled by the car; and (ii) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 139 of 1987 | No 30 of 1995 | No 39 of 1997", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58G", "Provision_Key": "s58g", "Heading": "Exempt benefits—motor vehicle parking", "Text": "(1) Each of the following benefits is an exempt benefit: (a) an expense payment benefit, where: (i) the recipients expenditure is in respect of the provision of motor vehicle parking facilities; and (ii) the benefit is not an eligible car parking expense payment benefit; (b) a residual benefit where the recipients benefit consists of motor vehicle parking facilities. (2) If the employer of an employee is: (a) a scientific institution (other than an institution carried on by a company, society or association for the purposes of profit or gain to its individual shareholders or members); or (b) a registered charity; or (d) a public educational institution; the following benefits provided in respect of the employment of the employee are exempt benefits: (e) an eligible car parking expense payment benefit; (f) a car parking benefit. (3) If: (a) the employer of an employee is a government body; and (b) the employee is exclusively employed in, or in connection with, a public educational institution; the following benefits provided in respect of the employment of the employee are exempt benefits: (c) an eligible car parking expense payment benefit; (d) a car parking benefit.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 139 of 1987 | No 237 of 1992 | No 145 of 1995 | No 169 of 2012", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 237 of 1992, effective 24 Dec 1992 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58G"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58GA", "Provision_Key": "s58ga", "Heading": "Exempt benefits—small business car parking", "Text": "Exemption (1) A car parking benefit provided in an FBT year in respect of the employment of an employee is an exempt benefit if: (a) the car is not parked at a commercial parking station; and (b) the employer of the employee is not a public company (see subsection (3)), or a subsidiary of a public company (see subsection (3)), in relation to the day on which the benefit is provided; and (c) the employer is not a government body; and (d) either: (i) the sum of the employer’s ordinary income and statutory income for the year of income ending most recently before the start of the FBT year is less than $10 million; or (ii) the employer is a small business entity, or is an employer covered by subsection (1A), for the year of income ending most recently before the start of the FBT year. (1A) An employer is covered by this subsection for a year of income if: (a) the employer is not a small business entity for the year of income; and (b) the employer would be a small business entity for the year of income if: (i) each reference in Subdivision 328 ‑ C (about what is a small business entity) of the Income Tax Assessment Act 1997 to $10 million were instead a reference to $50 million; and (ii) the reference in paragraph 328 ‑ 110(5)(b) of that Act to a small business entity were instead a reference to an employer covered by this subsection. New employers (2) However, if an employer to which subparagraph (1)(d)(i) applies: (a) in the case of a tax ‑ exempt employer (see subsection (3))—did not start to carry out operations or activities; or (b) in any other case—did not start to carry out business operations; until after the start of the year of income mentioned in subparagraph (1)(d)(i), then: (c) that subparagraph does not apply; and (d) the employer must make a reasonable estimate of the amount that would be the sum of the employer’s ordinary income and statutory income for the year of income (the business start ‑ up year ) in which the employer did start those operations or activities, or those business operations; and (e) that estimate is to be made on the assumption that the employer had started the operations or activities, or the business operations, at the start of the business start ‑ up year; and (f) the benefit is an exempt benefit only if that estimate is less than $10 million. Definitions (3) In this section: ordinary income has the same meaning as in the Income Tax Assessment Act 1997 . public company means a company covered by paragraph 103A(2)(a) of the Income Tax Assessment Act 1936 , but reading the reference in that paragraph to the last day of the year of income as a reference to the day on which the benefit is provided. statutory income has the same meaning as in the Income Tax Assessment Act 1997 . subsidiary of a public company means a subsidiary of a public company within the meaning of subsection 103A(4) of the Income Tax Assessment Act 1936 , but reading: (a) a reference in section 103A of that Act to a year of income as a reference to the day on which the benefit is provided; and (b) a reference in that section to a public company as a reference to a public company within the meaning of this section. tax ‑ exempt employer means an employer all of whose income is wholly exempt from income tax.", "Amendment_Count": 4, "First_Amended": "No 16 of 1999", "Last_Amended": "No 92 of 2020", "Amending_Acts": "No 16 of 1999 | No 80 of 2007 | No 114 of 2015 | No 92 of 2020", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1)) | Amended by No 80 of 2007, effective Sch 5: 21 June 2007 (s 2) | Amended by No 114 of 2015, effective Sch 3: 26 Aug 2015 (s 2(1) item 1) | Amended by No 92 of 2020, effective Sch 3 (items 13–16, 40): 1 Jan 2021 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58GA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58H", "Provision_Key": "s58h", "Heading": "Exempt benefits—newspapers and periodicals used for business purposes", "Text": "(1) Where: (a) any of the following benefits is provided to an employee in respect of his or her employment: (i) an expense payment benefit where the recipients expenditure is in respect of a newspaper or periodical; (ii) a property benefit where the recipients property is a newspaper or periodical; (iii) a residual benefit where the recipients benefit consists of the making available of a newspaper or periodical; and (b) the newspaper or periodical was for use by the employee for the purpose, or for purposes that included the purpose, of gaining or producing salary or wages of the employee in respect of that employment; the benefit is an exempt benefit. (2) In determining for the purposes of paragraph (1)(b) whether a newspaper or periodical was for use for the purpose of gaining or producing salary or wages, no regard shall be had to a purpose that is a merely incidental purpose.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58H"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58J", "Provision_Key": "s58j", "Heading": "Exempt benefits—compensable work ‑ related trauma", "Text": "(1) Where: (a) a benefit is provided in respect of the employment of an employee for or in respect of compensable work ‑ related trauma suffered by the employee; and (b) either of the following subparagraphs applies: (i) the benefit is provided under a workers’ compensation law that applies to that employment; (ii) the benefit is not provided under a workers’ compensation law but the provision of the benefit is reasonable having regard to all relevant matters including, but without limiting the generality of the foregoing, the value of the benefit and the nature and effects of the trauma; the benefit is an exempt benefit. (2) Where: (a) a residual benefit provided in, or in respect of, a year of tax in respect of the employment of an employee is constituted by the subsistence, during the year of tax, of a contingent right (whether arising under a contract of insurance or otherwise) to a benefit for or in respect of compensable work ‑ related trauma suffered by the employee; and (b) in the case of a contingent right arising under a contract of insurance—the contract of insurance does not provide for a benefit that is not for or in respect of compensable work ‑ related trauma suffered by any employee; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58J"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58K", "Provision_Key": "s58k", "Heading": "Exempt benefits—in ‑ house health care facilities", "Text": "Where: (a) a benefit consisting of the provision of health care is provided in respect of the employment of an employee of an employer; and (b) the health care is provided: (i) in an in ‑ house health care facility of the employer; or (ii) by a member of the staff of an in ‑ house health care facility of the employer in the performance of his or her duties as such a member; the benefit is an exempt benefit.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58K"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58L", "Provision_Key": "s58l", "Heading": "Exempt benefits—certain travel to obtain medical treatment", "Text": "(1) Where: (a) a person (in this subsection called the traveller ): (i) is provided with transport by another person; or (ii) provides transport for himself or herself; (b) any of the following benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer: (i) a car benefit relating to a particular car where the application or availability of the car is in respect of the provision of the transport; (ii) an expense payment benefit where the recipients expenditure is in respect of the provision of: (A) the transport; or (B) meals or accommodation for the traveller; (iii) a property benefit where the recipients property consists of meals for the traveller; (iv) a residual benefit where the recipients benefit consists of the provision of: (A) the transport; or (B) accommodation for the traveller; (c) the transport is required solely because a person (in this subsection called the patient ) requires medical treatment; (d) the medical treatment is provided in a particular place (in this subsection called the treatment place ) at a time during a period when the employee is, or would but for that requirement to obtain treatment or any other temporary absence be, performing the duties of that employment in another place (in this subsection called the overseas employment place ), being a place in: (i) a foreign country; (ii) a part of a foreign country; or (iii) a territory, dependency or colony (however described) of a foreign country; (e) the transport is between: (i) a place at or near the overseas employment place; and (ii) a place at or near the treatment place; (f) if the patient is not the employee—the patient is a family member and lives with the employee at or near the overseas employment place; (g) if the traveller is not the patient—either of the following conditions is satisfied: (i) the traveller accompanies the patient because: (A) the patient has not attained the age of 18 years and requires the traveller as an escort; or (B) the patient requires the traveller as an escort for medical reasons; (ii) the traveller is a family member and accompanies or visits the patient where it is customary for family members to accompany or visit patients receiving medical treatment of the same nature and duration as the medical treatment required by the patient; (h) the meals or accommodation: (i) are: (A) in connection with the transport; or (B) required solely in connection with the presence of the traveller at the treatment place for purposes related to the medical treatment of the patient; and (ii) where sub ‑ subparagraph (i)(B) applies and the traveller is the patient—are not provided to the patient in a hospital, clinic or similar place in connection with the medical treatment of the patient; (j) either of the following conditions is satisfied: (i) the treatment place was the place nearest to the overseas employment place at which medical treatment suitable for the patient could be provided; (ii) the total cost associated with obtaining medical treatment at the treatment place was equal to, or less than, the lowest total cost associated with obtaining medical treatment at any of the places at which medical treatment suitable for the patient could have been provided; and (k) if subparagraph (b)(ii) applies—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; the benefit is an exempt benefit in relation to the year of tax. (2) In this section: medical expenses means payments: (a) to a legally qualified medical practitioner, nurse or chemist, or a public or private hospital, in respect of an illness or operation; or (b) to a legally qualified dentist for dental services or treatment or the supply, alteration or repair of artificial teeth; or (c) to a person registered under a law of a State or Territory as a dental mechanic in respect of charges lawfully made by that person for the supply, alteration or repair of artificial teeth; or (d) for therapeutic treatment administered by direction of a legally qualified medical practitioner; or (e) in respect of an artificial limb (or part of a limb), artificial eye or hearing aid; or (f) in respect of a medical or surgical appliance (not otherwise specified in this definition) prescribed by a legally qualified medical practitioner; or (g) for: (i) the testing of eyes or the prescribing of spectacles or contact lenses by a person legally qualified to perform those services; or (ii) the supply of spectacles or contact lenses in accordance with any such prescription; or (h) as remuneration of a person for services rendered by him or her as an attendant of a person who is blind or permanently confined to a bed or an invalid chair; or (i) for the maintenance of a dog used for the guidance or assistance of, but not social therapy for, a person with a disability, being a dog that the Commissioner is satisfied is properly trained in the guidance or assistance of persons with disabilities. medical treatment means an act or thing where a payment in respect of the act or thing: (a) is a medical expense; and (b) is not a payment: (i) to a legally qualified medical practitioner, nurse or chemist, or a public or private hospital, in respect of a cosmetic operation that is not a professional service (within the meaning of subsection 3(1) of the Health Insurance Act 1973 ) for which a medicare benefit is payable under Part II of that Act (or for which a medicare benefit would be payable under that Part if section 19AD of that Act were disregarded); or (ii) to a legally qualified dentist for dental services that are, or dental treatment that is, solely cosmetic. (3) For the purposes of the definitions of medical expenses and medical treatment in subsection (2), a payment is taken to be made to a legally qualified medical practitioner, nurse or chemist (the qualified person ) in respect of the provision of services or treatment, or the supply of goods, if: (a) the payment is made to an employer (not being a public or private hospital) of the qualified person, or a person with whom the qualified person has entered into a contract for services; and (b) the payment is made in respect of the provision of those services or that treatment, or the supply of those goods, by the qualified person. (4) For the purposes of the definitions of medical expenses and medical treatment in subsection (2), a payment is taken to be made to a legally qualified dentist in respect of the provision of dental services or treatment or the supply, alteration or repair of artificial teeth if: (a) the payment is made to an employer of the dentist, or a person with whom the dentist has entered into a contract for services; and (b) the payment is made in respect of the provision of those services or that treatment or the supply, alteration or repair of those artificial teeth, by the dentist. (5) For the purposes of the definitions of medical expenses and medical treatment in subsection (2), a payment is taken to be made to a person (a registered dental mechanic ) registered under a law of a State or Territory as a dental mechanic in respect of charges lawfully made by the registered dental mechanic for the supply, alteration or repair of artificial teeth if: (a) the payment is made to an employer of such a person, or a person with whom such a person has entered into a contract for services; and (b) the charges are made in respect of the supply, alteration or repair of artificial teeth by the dental mechanic.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 8 of 2025", "Amending_Acts": "No 139 of 1987 | No 56 of 1994 | No 11 of 2014 | No 8 of 2025", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 56 of 1994, effective s 3–12: 7 Apr 1994(s 2(1)) | Amended by No 11 of 2014, effective Sch 3 (item 2): 18 Mar 2014 (s 2(1) item 5) | Amended by No 8 of 2025, effective sch 2 (item 3): 15 Feb 2025 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58L"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58LA", "Provision_Key": "s58la", "Heading": "Exempt benefits—compassionate travel", "Text": "Where: (a) any of the following benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer, being benefits in relation to the transport of a person (in this section called the traveller ) who is the employee or a close relative of the employee: (i) a car benefit relating to a particular car where the application or availability of the car is in respect of the provision of the transport; (ii) an expense payment benefit where the recipients expenditure is in respect of the provision of: (A) the transport; or (B) meals or accommodation for the traveller in connection with the transport; (iii) a property benefit where the recipients property consists of meals for the traveller in connection with the transport; (iv) a residual benefit where the recipients benefit consists of the provision of: (A) the transport; or (B) accommodation for the traveller in connection with the transport; (b) the sole reason that the transport is required is: (i) if the traveller is the employee: (A) to enable the traveller to attend the funeral of a close relative of the traveller; or (B) to enable the traveller to visit a close relative of the traveller in connection with a serious illness of the close relative or of the traveller; or (ii) if the traveller is a close relative of the employee: (A) to enable the traveller to attend the funeral of the employee; (B) to enable the traveller to visit the employee in connection with a serious illness of the employee or of the traveller; (C) to enable the traveller to attend the funeral of another close relative of the employee; or (D) to enable the traveller to visit another close relative of the employee in connection with a serious illness of the other close relative or of the traveller; (c) the travel to which the transport relates commences during a period in respect of which any of the following conditions is satisfied (or, in a case to which sub ‑ subparagraph (b)(ii)(A) applies, would have been satisfied but for the employee’s death): (i) during that period, the employee is undertaking travel in the course of performing the duties of that employment; (ii) in a case to which subparagraph (i) does not apply—the employee is required, during that period, to live away from his or her usual place of residence in order to perform the duties of that employment; (iii) in a case to which neither subparagraph (i) nor (ii) applies—during that period, the usual place of residence of the employee is at, or the employee is performing duties of that employment at, a place that: (A) is in a State or internal Territory; and (B) is not at a location in, or adjacent to, an eligible urban area; (d) in a case to which sub ‑ subparagraph (b)(ii)(C) or (D) applies—the travel to which the transport relates commences during a period during which the traveller ordinarily resides with the employee; and (e) if subparagraph (a)(ii) applies and the recipients expenditure is incurred after 25 May 1988—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 1, "First_Amended": "No 11 of 1989", "Last_Amended": "No 11 of 1989", "Amending_Acts": "No 11 of 1989", "History_Notes": "Inserted by No 11 of 1989, effective 16 Mar 1989", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58LA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58M", "Provision_Key": "s58m", "Heading": "Exempt benefits—work ‑ related medical examinations, work ‑ related medical screening, work ‑ related preventative health care, work ‑ related counselling, migrant language training", "Text": "(1) Where any of the following benefits is provided in respect of the employment of an employee: (a) an expense payment benefit where the recipients expenditure is in respect of: (i) a work ‑ related medical examination of the employee; (ii) work ‑ related medical screening of the employee; (iii) work ‑ related preventative health care of the employee; (iv) work ‑ related counselling of the employee or of an associate of the employee; or (v) migrant language training of the employee or of an associate of the employee; (b) a property benefit where the recipients property is required solely for the purposes of: (i) a work ‑ related medical examination of the employee; (ii) work ‑ related medical screening of the employee; (iii) work ‑ related preventative health care of the employee; (iv) work ‑ related counselling of the employee or of an associate of the employee; or (v) migrant language training of the employee or of an associate of the employee; (c) a residual benefit where the recipients benefit consists of the provision of: (i) a work ‑ related medical examination of the employee; (ii) work ‑ related medical screening of the employee; (iii) work ‑ related preventative health care of the employee; (iv) work ‑ related counselling of the employee or of an associate of the employee; or (v) migrant language training of the employee or of an associate of the employee; the benefit is an exempt benefit. (2) Where: (a) a car benefit, an expense payment benefit, a property benefit or a residual benefit is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; (b) the benefit is associated with: (i) a work ‑ related medical examination of the employee; (ii) work ‑ related medical screening of the employee; (iii) work ‑ related preventative health care of the employee; (iv) work ‑ related counselling of the employee or of an associate of the employee; or (v) migrant language training of the employee or of an associate of the employee; and (c) in the case of an expense payment benefit: (i) the benefit is not constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient, being a reimbursement calculated by reference to the distance travelled by the car; and (ii) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 139 of 1987 | No 30 of 1995 | No 39 of 1997", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58M"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58N", "Provision_Key": "s58n", "Heading": "Exempt benefits—emergency assistance", "Text": "Where: (a) a benefit is provided in respect of the employment of an employee of an employer; (b) the benefit is provided solely by way of the grant of emergency assistance to the recipient; and (c) if the benefit is: (i) an expense payment benefit where the recipients expenditure is wholly or partly in respect of health care; (ii) a property benefit where the recipients property is supplied in connection with the provision of health care; (iii) a residual benefit where the recipients benefit consists of the provision of health care; or (iv) a loan benefit constituted by the making of a loan where the purpose of the making of the loan is wholly or partly to enable the recipient to meet expenses incurred by the recipient in respect of health care; the health care is provided: (v) by an employee of the employer or, if the employer is a company, of the employer or of a company that is related to the employer; (vi) on premises of the employer or, if the employer is a company, of the employer or of a company that is related to the employer; or (vii) at or adjacent to a place where employees of the employer or, if the employer is a company, of the employer or of a company that is related to the employer perform the duties of their employment; the benefit is an exempt benefit.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58N"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58P", "Provision_Key": "s58p", "Heading": "Exempt benefits—minor benefits", "Text": "(1) Where: (a) a benefit (in this section called a minor benefit ) is provided in, or in respect of, a year of tax (in this section called the current year of tax ) in respect of the employment of an employee of an employer; (c) in the case of an expense payment benefit, a property benefit or a residual benefit—if the minor benefit were an expense payment fringe benefit, a property fringe benefit or a residual fringe benefit, as the case may be, in relation to the employer, the expense payment fringe benefit, the property fringe benefit or the residual fringe benefit, as the case requires, would not be an in ‑ house fringe benefit; (d) in the case of a tax ‑ exempt body entertainment benefit where the provider incurs non ‑ deductible exempt entertainment expenditure that is wholly or partly in respect of the provision of entertainment to the employee or an associate of the employee: (i) the provision of entertainment to the employee or the associate of the employee, as the case may be: (A) is incidental to the provision of entertainment to outsiders; and (B) neither consists of, nor is provided in connection with, the provision of a meal (other than a meal consisting of light refreshments) to the employee or the associate of the employee, as the case may be; or (ii) the entertainment is provided to the employee or the associate of the employee, as the case may be: (A) on eligible premises of the employer; and (B) solely as a means of recognising the special achievements of the employee in a matter relating to the employment of the employee; (e) the notional taxable value of the minor benefit in relation to the current year of tax is less than $300; and (f) having regard to: (i) the infrequency and irregularity with which associated benefits, being benefits that are identical or similar to: (A) the minor benefit; or (B) benefits provided in connection with the provision of the minor benefit; have been or can reasonably be expected to be provided; (ii) the amount that is, or might reasonably be expected to be, the sum of the notional taxable values of the minor benefit and any associated benefits, being benefits that are identical or similar to the minor benefit, in relation to the current year of tax or any other year of tax; (iii) the amount that is, or might reasonably be expected to be, the sum of the notional taxable values of any other associated benefits in relation to the current year of tax or any other year of tax; (iv) the practical difficulty for the employer in determining the notional taxable values in relation to the current year of tax of: (A) if the minor benefit is not a car benefit—the minor benefit; and (B) if there are any associated benefits that are not car benefits—those associated benefits; and (v) the circumstances surrounding the provision of the minor benefit and any associated benefits including, but without limiting the generality of the foregoing: (A) whether the benefit concerned was provided to assist the employee to deal with an unexpected event; and (B) whether the benefit concerned was provided otherwise than wholly or principally by way of a reward for services rendered, or to be rendered, by the employee; it would be concluded that it would be unreasonable to treat the minor benefit as a fringe benefit in relation to the employer in relation to the current year of tax; the minor benefit is an exempt benefit in relation to the current year of tax. (2) For the purposes of this section, a benefit is an associated benefit in relation to a minor benefit if, and only if: (a) any of the following subparagraphs applies: (i) the benefit is identical or similar to the minor benefit; (ii) the benefit is provided in connection with the provision of the minor benefit; (iii) the benefit is identical or similar to a benefit provided in connection with the provision of the minor benefit; (b) the benefit and the minor benefit both relate to the same employment of a particular employee; and (c) the benefit is not an exempt benefit by virtue of a provision of this Act other than this section.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 139 of 1987 | No 76 of 1996 | No 110 of 2006 | No 88 of 2013", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 76 of 1996, effective Sch 5: 18 Dec 1996 (s 2(1)) | Amended by No 110 of 2006, effective Sch 1: 1 Apr 2007 (s 2(1) item 2) | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58P"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58PA", "Provision_Key": "s58pa", "Heading": "Exempt benefits—worker entitlement contributions", "Text": "If: (a) a person makes a contribution to an approved worker entitlement fund; and (b) the contribution is made under an industrial instrument; and (c) the contribution is either: (i) made for the purposes of ensuring that an obligation under the industrial instrument to make leave payments (including payments in lieu of leave) or payments when an employee ceases employment is met; or (ii) for the reasonable administrative costs of the fund; the contribution is an exempt benefit.", "Amendment_Count": 2, "First_Amended": "No 66 of 2003", "Last_Amended": "No 78 of 2005", "Amending_Acts": "No 66 of 2003 | No 78 of 2005", "History_Notes": "Inserted by No 66 of 2003, effective Sch 7 (items 1–5): 30 June 2003 (s 2(1) item 8) | Amended by No 78 of 2005, effective Sch 8: 29 June 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58PA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58PB", "Provision_Key": "s58pb", "Heading": "Meaning of approved worker entitlement funds", "Text": "(1) A fund is an approved worker entitlement fund if the fund: (a) is established by or under a law of the Commonwealth, a State or a Territory for the purpose of ensuring that long service leave is paid; and (b) is operating under that law. Endorsed funds (2) A fund is also an approved worker entitlement fund if: (a) the fund is endorsed as an approved worker entitlement fund under subsection (3); or (b) the entity that operates the fund is endorsed for the operation of the fund under subsection (3A). (3) The Commissioner must endorse a fund as an approved worker entitlement fund if: (a) the fund is entitled to be endorsed as an approved worker entitlement fund (see subsection (4)); and (b) the fund has applied for the endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . (3A) The Commissioner must endorse an entity for the operation of a fund as an approved worker entitlement fund if: (a) the entity is entitled to be endorsed for the operation of the fund as an approved worker entitlement fund (see subsection (4A)); and (b) the entity has applied for the endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . (4) A fund is entitled to be endorsed as an approved worker entitlement fund if: (a) the management of the fund (including the management of the investments of the fund) is carried out at arm’s length from the contributors to the fund and their associates; and (b) under the fund’s constituting documents: (i) no more than 5% of the total assets of the fund are to be invested in an entity controlled by a contributor or an associate of a contributor; and (ii) the assets of the fund are not to be used to provide or facilitate any form of financial assistance, including a loan, to a contributor, a person in respect of whom contributions are made or an associate of a contributor or an associate of a person in respect of whom contributions are made; and (c) under the fund’s constituting documents, payments from contributions to the fund are to be made only for the following purposes: (i) to pay worker entitlements to persons in respect of whom contributions are made, or to death benefits dependants (within the meaning of the Income Tax Assessment Act 1997 ) or legal personal representatives (within the meaning of that Act) of those persons; (ii) to make investments to generate income from the assets of the fund; (iii) to reimburse contributors who have paid entitlements directly to persons in respect of whom contributions are made; (iv) to return contributions to contributors; (v) to pay, for the benefit of a person in respect of whom contributions are made, an employment termination payment (within the meaning of the Income Tax Assessment Act 1997 ) into a complying superannuation fund (within the meaning of section 45 of the Superannuation Industry (Supervision) Act 1993 ), a complying approved deposit fund (within the meaning of section 47 of the Superannuation Industry (Supervision) Act 1993 ) or a retirement savings account (within the meaning of the Retirement Savings Accounts Act 1997 ); (vi) to transfer contributions to another approved worker entitlement fund; (vii) to pay the reasonable administrative expenses of the fund; (viii) to pay amounts to a contributor’s external administrator that would otherwise be payable as mentioned in subparagraph (iii) or (iv) to the contributor; (ix) to pay interest on, or to repay, money lent to the fund; and (d) under the fund’s constituting documents, payments from the income of the fund are to be made only for the following purposes: (i) a purpose mentioned in subparagraphs (c)(ii) to (ix); (ii) to make payments to contributors to the fund; (iii) to make payments to other persons where the payment is specified in subsection (5); and (e) under the fund’s constituting documents: (i) an account must be kept for each person in respect of whom contributions to the fund are made; and (ii) the account must be kept in a manner that enables entitlements in respect of the person to be calculated; and (f) the fund, or the entity that operates the fund, has an ABN. (4A) An entity is entitled to be endorsed for the operation of a fund as an approved worker entitlement fund if the fund is entitled to be endorsed as an approved worker entitlement fund. (5) A payment made by a fund to a person in the following circumstances is specified for the purposes of subparagraph (4)(d)(iii): (a) a contribution has been made to the fund in respect of the person; and (b) the contribution would be an exempt benefit under section 58PA if the fund were an approved worker entitlement fund; and (c) either: (i) the payment is of a worker entitlement the contribution for which would be an exempt benefit under section 58PA if the fund were an approved worker entitlement fund; or (ii) the payment is of some kind other than a worker entitlement.", "Amendment_Count": 6, "First_Amended": "No 66 of 2003", "Last_Amended": "No 41 of 2011", "Amending_Acts": "No 66 of 2003 | No 58 of 2006 | No 8 of 2007 | No 15 of 2007 | No 14 of 2009 | No 41 of 2011", "History_Notes": "Inserted by No 66 of 2003, effective Sch 7 (items 1–5): 30 June 2003 (s 2(1) item 8) | Amended by No 58 of 2006, effective Sch 7 (items 32–34, 239, 240): 22 June 2006 (s 2(6), (24)) | Amended by No 8 of 2007, effective Sch 1 (item 14): 30 June 2003 (s 2(1) item 11) Sch 4 (item 16): 15 Mar 2007 (s 2(1) item 44) | Amended by No 15 of 2007, effective Sch 1 (items 17–21, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) | Amended by No 14 of 2009, effective Sch 4 (items 2–5): 26 Mar 2009 (s 2(1) item 2) | Amended by No 41 of 2011, effective Sch 5 (items 4–8, 13): 28 June 2011 (s 2(1) item 10) Sch 5 (item 375): 27 June 2011 (s 2(1) item 23)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58PB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58Q", "Provision_Key": "s58q", "Heading": "Exempt benefits—long service awards", "Text": "(1) Where: (a) a long service award benefit (in this section called the current long service award benefit ) is provided in, or in respect of, a year of tax in respect of the employment of an employee; (b) the current long service award benefit is in recognition of a particular recognised long service period (in this section called the current recognised long service period ) of the employee; (c) if there is no other long service award benefit provided in, or in respect of, any year of tax in respect of that employment in recognition of a different recognised long service period of the employee that is shorter than the current recognised long service period—the sum of the notional taxable values of the current long service award benefit and any other long service award benefits provided in, or in respect of, any year of tax in respect of the employment of the employee in recognition of the current recognised long service period does not exceed the amount calculated in accordance with the formula: where RLS is the number of whole years in the recognised long service period of the employee that was recognised by the provision of the current long service award benefit; and (d) if paragraph (c) does not apply—the sum of the notional taxable values of the current long service award benefit and any other long service award benefits provided in, or in respect of, any year of tax in respect of the employment of the employee in recognition of the current recognised long service period does not exceed the amount calculated in accordance with the formula: where: RLS is the number of whole years in the recognised long service period of the employee that was recognised by the provision of the current long service award benefit; and ERLS is the number of whole years in the longest recognised long service period of the employee that: (i) is shorter than the current recognised long service period; and (ii) was recognised by the provision of one or more long service award benefits in, or in respect of, any year of tax, in respect of the employment of the employee; the current long service award benefit is an exempt benefit in relation to the year of tax. (2) Nothing in section 74 prevents the amendment of an assessment for the purpose of giving effect to this section.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 41 of 2005", "Amending_Acts": "No 139 of 1987 | No 41 of 2005", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 41 of 2005, effective Sch 4 and Sch 10 (items 16–18): 1 Apr 2005 (s 2(1) item 5) Sch 10 (item 246): 1 Apr 2001 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58Q"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58R", "Provision_Key": "s58r", "Heading": "Exempt benefits—safety awards", "Text": "Where: (a) one or more safety award benefits are provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; and (b) the notional taxable value of that safety award benefit, or the sum of the notional taxable values of those safety award benefits, in relation to that year of tax, does not exceed $200; the safety award benefit, or the safety award benefits, as the case may be, are exempt benefits in relation to that year of tax.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58R"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58S", "Provision_Key": "s58s", "Heading": "Exempt benefits—trainees engaged under Australian Traineeship System", "Text": "Where: (a) an employee is a trainee employed under a training agreement as part of the scheme known as the Australian Traineeship System; (b) any of the following benefits is provided in, or in respect of, a year of tax in respect of that employment of the employee: (i) an expense payment benefit where the recipients expenditure is in respect of accommodation, or food or drink, for the employee; (ii) a housing benefit where the housing right is in respect of accommodation for the employee; (iii) a board benefit in respect of a meal for the employee; (iv) a property benefit where the recipients property consists of food or drink for the employee; (v) a residual benefit where the recipients benefit consists of the subsistence of a lease or licence in respect of a unit of accommodation for the accommodation of the employee; (c) in a case where the benefit relates to food or drink—the food or drink is not provided at a party, reception or other social function; and (d) either of the following conditions are satisfied: (i) the benefit is provided pursuant to the provisions of an industrial instrument relating to the employment of the employee; (ii) it is customary for employers in the industry in which the employee is employed to provide benefits of the same kind as the benefit provided to the recipient and to provide such benefits in similar circumstances to those that applied in relation to the provision of the benefit to the recipient; the benefit is an exempt benefit in relation to the year of tax.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58S"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58T", "Provision_Key": "s58t", "Heading": "Exempt benefits—live ‑ in domestic workers employed by religious institutions or by religious practitioners", "Text": "Where, during a particular period: (a) the employer of an employee is: (i) a registered religious institution; or (ii) a religious practitioner of a registered religious institution; and (b) the duties of the employment of the employee consist of, or consist principally of, rendering domestic services or personal services, or both, for: (i) one or more religious practitioners who reside in one or more units of accommodation located on a particular parcel of land; and (ii) any relatives of that religious practitioner, or of those religious practitioners, who reside in the unit of accommodation with the religious practitioner concerned; and (c) the employee resides in a unit of accommodation located on the same parcel of land; and (d) the fact that the employee resides in the unit of accommodation is directly related to the rendering, in the course of the performance of the duties of the employment of the employee, of those domestic services or of those personal services; any benefit arising from the provision, during that period, of: (e) that accommodation to the employee or to the employee and a spouse or child of the employee who resides in that unit of accommodation with the employee; or (f) residential fuel in connection with that accommodation for use by the employee or by the employee and a spouse or child of the employee; or (g) meals provided on the parcel of land to the employee or to a spouse or child of the employee who resides in that unit of accommodation with the employee; or (h) food or drink (other than meals) for consumption, during that period, by the employee or by a spouse or child of the employee who resides in that unit of accommodation with the employee; is an exempt benefit.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 139 of 1987 | No 169 of 2012", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58T"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58U", "Provision_Key": "s58u", "Heading": "Exempt benefits—live ‑ in help for elderly and disadvantaged persons", "Text": "Where, during a particular period: (a) the employer of an employee is a natural person; (b) the duties of the employment of the employee consist of, or consist principally of: (i) caring for one or more elderly persons and any child or children of that elderly person, or those elderly persons, who reside with the elderly person concerned; or (ii) caring for one or more disadvantaged persons and any child or children of that disadvantaged person, or those disadvantaged persons, who reside with the disadvantaged person concerned; (c) in the performance of those duties, the employee resides in the same unit of accommodation as the person or persons being cared for; and (d) the fact that the employee resides in that unit of accommodation is directly related to the provision, in the course of the performance of the duties of the employment of the employee, of care to the elderly person or elderly persons or to the disadvantaged person or disadvantaged persons; any benefit arising from the provision, during that period, of: (e) that accommodation to the employee or to the employee and a spouse or child of the employee who resides in that unit of accommodation with the employee; (f) residential fuel in connection with that accommodation for use by the employee or by the employee and a spouse or child of the employee; (g) meals provided in that unit of accommodation to the employee or to a spouse or child of the employee who resides in that unit of accommodation with the employee; or (h) food or drink (other than meals) for consumption, during that period, by the employee or by a spouse or child of the employee who resides in that unit of accommodation with the employee; is an exempt benefit.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58U"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58V", "Provision_Key": "s58v", "Heading": "Exempt benefits—food and drink for non ‑ live ‑ in domestic employees", "Text": "Where: (a) the employer of an employee is: (i) a natural person; or (ii) a registered religious institution; and (b) if the employer is a natural person—the duties of the employment of the employee consist of, or consist principally of, rendering domestic services for the employer or one or more relatives of the employer at a place of residence of the employer; and (c) if the employer is a registered religious institution—the duties of the employment of the employee consist of, or consist principally of, rendering domestic services for one or more religious practitioners or one or more relatives of religious practitioners at a place of residence of the religious practitioner concerned; and (d) the employee is not provided with residential accommodation in respect of that employment; any benefit arising from the provision of food or drink consumed by the employee at that place of residence at or about the time the employee was engaged in the performance of the duties of that employment is an exempt benefit. Note: Section 960 ‑ 255 of the Income Tax Assessment Act 1997 may be relevant to determining who a person’s relatives are for the purposes of paragraphs (b) and (c).", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 139 of 1987 | No 144 of 2008 | No 169 of 2012", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 144 of 2008, effective Sch 14 (items 3–6): 10 Dec 2008 (s 2(1) item 36) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58V"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58W", "Provision_Key": "s58w", "Heading": "Exempt benefits—deposits under the Small Superannuation Accounts Act 1995", "Text": "When section applies (1) This section applies if: (a) a benefit is provided in respect of the employment of an employee; and (b) the benefit consists of the making of a deposit, or purported deposit, under the Small Superannuation Accounts Act 1995. Exempt benefit (2) The benefit is an exempt benefit. Definition (3) In this section: deposit has the same meaning as in th e Small Superannuation Accounts Act 1995 .", "Amendment_Count": 1, "First_Amended": "No 53 of 1995", "Last_Amended": "No 53 of 1995", "Amending_Acts": "No 53 of 1995", "History_Notes": "Inserted by No 53 of 1995, effective 1 July 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58W"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58X", "Provision_Key": "s58x", "Heading": "Exempt benefits—provision of certain work related items", "Text": "(1) Any of the following benefits provided by an employer to an employee of the employer in respect of the employee’s employment is an exempt benefit: (a) an expense payment benefit where the recipients expenditure is in respect of an eligible work related item; (b) a property benefit where the recipients property is an eligible work related item; (c) a residual benefit where the recipients benefit consists of the making available of an eligible work related item. (2) Each of the following is an eligible work related item if it is primarily for use in the employee’s employment and it is not provided to the employee under a salary packaging arrangement: (a) a portable electronic device; (b) an item of computer software; (c) an item of protective clothing; (d) a briefcase; (e) a tool of trade.", "Amendment_Count": 6, "First_Amended": "No 145 of 1995", "Last_Amended": "No 49 of 2026", "Amending_Acts": "No 145 of 1995 | No 77 of 2005 | No 59 of 2008 | No 114 of 2015 | No 92 of 2020 | No 49 of 2026", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 77 of 2005, effective Sch 1: 29 June 2005 (s 2) | Amended by No 59 of 2008, effective Sch 1 (items 1–5): 30 June 2008 (s 2) | Amended by No 114 of 2015, effective Sch 3: 26 Aug 2015 (s 2(1) item 1) | Amended by No 92 of 2020, effective Sch 3 (items 13–16, 40): 1 Jan 2021 (s 2(1) item 7) | Amended by No 49 of 2026, effective sch 4 (items 18 ‑ 20): 1 July 2026 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58X"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58Y", "Provision_Key": "s58y", "Heading": "Exempt benefits—membership fees and subscriptions", "Text": "(1) Either of the following benefits provided by an employer to an employee of the employer in respect of the employee’s employment is an exempt benefit: (a) an expense payment benefit where the recipients expenditure is in respect of an eligible membership or subscription; (b) a property benefit where the recipients property is an eligible membership or subscription. (2) Each of the following is an eligible membership or subscription : (a) a subscription to a trade or professional journal; (b) an entitlement to use a corporate credit card; (c) an entitlement to use an airport lounge membership.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58Y"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58Z", "Provision_Key": "s58z", "Heading": "Exempt benefits—taxi travel", "Text": "(1) Any benefit arising from taxi travel (otherwise than by limousine) by an employee is an exempt benefit if the travel is a single taxi trip beginning or ending at the employee’s place of work. (2) Any benefit arising from taxi travel (otherwise than by limousine) by an employee is an exempt benefit if the travel: (a) is as a result of sickness of, or injury to, the employee; and (b) is the whole or a part of the journey directly between any of the following: (i) the employee’s place of work; or (ii) the employee’s place of residence; or (iii) any other place that it is necessary, or appropriate, for the employee to go as a result of the sickness or injury.", "Amendment_Count": 3, "First_Amended": "No 145 of 1995", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 145 of 1995 | No 16 of 1999 | No 64 of 2020", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1)) | Amended by No 64 of 2020, effective Sch 3 (items 63–71): 1 July 2020 (s 2(1) item 5) Sch 3 (items 202, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58Z"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58ZB", "Provision_Key": "s58zb", "Heading": "Exempt benefits—approved student exchange programs", "Text": "(1) Where: (a) a benefit is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; and (b) the benefit is in respect of participation in an approved student exchange program by the employee or an associate of the employee; and (c) the employer or an associate of the employer did not select, or take part in the selection of, the employee or associate as a participant in the program; the benefit is an exempt benefit in relation to the year of tax. (2) An approved student exchange program is a student exchange program run by a body that is registered as a student exchange body with the relevant State or Territory body in accordance with the National Guidelines for Student Exchange that are published by the National Co ‑ ordinating Committee for International Secondary Student Exchange.", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58ZB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58ZC", "Provision_Key": "s58zc", "Heading": "Exempt benefits—remote area housing benefits", "Text": "Remote area housing benefit to be exempt (1) A housing benefit that is a remote area housing benefit is an exempt benefit. What constitutes remote area housing benefit (2) A housing benefit in relation to an employer for a year of tax and for a unit of accommodation, being a benefit provided to an employee of the employer in respect of the employee’s employment, is a remote area housing benefit if: (a) during the whole of the tenancy period, the unit of accommodation was located in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (b) during the whole of the tenancy period, the recipient was a current employee of the employer and the usual place of employment of the recipient was not at a location in, or adjacent to, an eligible urban area; and (d) it would be concluded that it was necessary for the employer, during the year of tax, to provide, or to arrange for the provision of, residential accommodation for employees of the employer because: (i) the nature of the employer’s business was such that employees of the employer were liable to be frequently required to change their places of residence; or (ii) there was not, at or near the place or places at which the employees of the employer were employed, sufficient suitable residential accommodation for those employees (other than residential accommodation provided by or on behalf of the employer); or (iii) it is customary for employers in the industry in which the recipient was employed during the tenancy period to provide residential accommodation for their employees free of charge or for a rent or other consideration that is less than the market value of the right to occupy or use the accommodation concerned; and (e) the recipients overall housing right was not granted to the recipient under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section. Discretion to treat accommodation or place of employment as being remote (3) For the purposes of subsection (2): (a) if a unit of accommodation: (i) is at a location in, or adjacent to, an eligible urban area; and (ii) is adjacent to, or in close proximity to, another unit of accommodation that is occupied or used and is not at a location in, or adjacent to, an eligible urban area; the Commissioner may, if the Commissioner considers that it is appropriate to do so having regard to all the circumstances, treat the first ‑ mentioned unit of accommodation as not being at a location in, or adjacent to, an eligible urban area; and (b) if the usual place of employment of a person: (i) is at a location in, or adjacent to, an eligible urban area; and (ii) is adjacent to, or in close proximity to, another location at which people are employed, being another location that is not in, or adjacent to, an eligible urban area; the Commissioner may, if the Commissioner considers that it is appropriate to do so having regard to all the circumstances, treat that place of employment of the first ‑ mentioned person as not being at a location in, or adjacent to, an eligible urban area.", "Amendment_Count": 3, "First_Amended": "No 52 of 2000", "Last_Amended": "No 77 of 2005", "Amending_Acts": "No 52 of 2000 | No 41 of 2005 | No 77 of 2005", "History_Notes": "Inserted by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 41 of 2005, effective Sch 4 and Sch 10 (items 16–18): 1 Apr 2005 (s 2(1) item 5) Sch 10 (item 246): 1 Apr 2001 (s 2(1) item 8) | Amended by No 77 of 2005, effective Sch 1: 29 June 2005 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58ZC"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58ZD", "Provision_Key": "s58zd", "Heading": "Exempt benefits—meals on working days", "Text": "If: (a) an employer is carrying on a business of primary production for the purposes of the Income Tax Assessment Act 1997 ; and (b) the business is carried on at a location in a State or internal Territory that is not in, or adjacent to, an eligible urban area; and (c) a benefit consisting of a meal that is ready for consumption is provided on a working day to a person; and (d) the benefit is not, or does not include, the provision of meal entertainment as defined in section 37AD; and (e) the benefit is: (i) a board benefit; or (ii) a property benefit; or (iii) an expense payment benefit; or (iv) a residual benefit; and (f) the person to whom the benefit is provided is: (i) an employee of the employer, being an employee who is employed in the business and is primarily so employed at a location referred to in paragraph (b); or (ii) if the benefit is a board benefit—an associate of an employee referred to in subparagraph (i); and (g) the benefit is provided in respect of the employment of an employee referred to in subparagraph (f)(i); the benefit is an exempt benefit.", "Amendment_Count": 1, "First_Amended": "No 52 of 2000", "Last_Amended": "No 52 of 2000", "Amending_Acts": "No 52 of 2000", "History_Notes": "Inserted by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58ZD"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 58ZE", "Provision_Key": "s58ze", "Heading": "Exempt benefits—provision of certain education or training", "Text": "(1) Subject to subsection (2), a benefit is an exempt benefit in relation to a year of tax if: (a) the benefit is provided in, or in respect of, the year of tax in respect of education or training undertaken by an employee of an employer; and (b) the employee is redundant; and (c) the employer has complied with any obligation under the Fair Work Act 2009 that applies in relation to the redundancy; and (d) the education or training is for the primary purpose of enabling the employee to gain or produce salary or wages in respect of any employment to which the education or training relates. (2) For the purposes of paragraph (1)(b), an employee is redundant if the employee’s employer no longer requires, or reasonably expects to no longer require, the employee’s job to be performed by anyone because of changes in the operational requirements of the employer’s business or undertaking. (3) This section does not apply to a benefit provided to an employee of an employer if: (a) the benefit is provided under a salary packaging arrangement; or (b) the benefit is a payment or other amount covered by subsection 26 ‑ 20(1) of the Income Tax Assessment Act 1997 ; or (c) the education or training in respect of which the benefit is provided is undertaken as part of a primary course (within the meaning of the A New Tax System (Goods and Services Tax) Act 1999 ) or a secondary course (within the meaning of that Act); or (d) if the employer is an individual—the employee is a relative of the employer; or (e) if the employer is a partnership—the employee is a relative of a partner in the partnership; or (f) if the employer is a company (other than a widely held company within the meaning of the Income Tax Assessment Act 1997 )—the employee is: (i) a shareholder in, or a relative of a shareholder in, the company; or (ii) a director of, or a relative of a director of, the company.", "Amendment_Count": 1, "First_Amended": "No 72 of 2021", "Last_Amended": "No 72 of 2021", "Amending_Acts": "No 72 of 2021", "History_Notes": "Inserted by No 72 of 2021, effective Sch 1: 1 July 2021 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s58ZE"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 59", "Provision_Key": "s59", "Heading": "Reduction of taxable value—remote area residential fuel", "Text": "(1) If: (a) residential fuel is for use: (i) in connection with the recipients unit of accommodation; and (ii) during the subsistence of the recipients overall housing right; in relation to a remote area housing benefit, in relation to an employer in relation to a year of tax; and (b) any of the following conditions are satisfied: (i) the recipients expenditure in relation to an expense payment fringe benefit in relation to the employer in relation to the year of tax or a subsequent year of tax is in respect of the supply of that residential fuel; (ii) the recipients property in relation to a property fringe benefit in relation to the employer in relation to the year of tax is that residential fuel; (iii) the recipients benefit in relation to a residual fringe benefit in relation to the employer in relation to the year of tax is the benefit of the consumption of that residential fuel; the amount that, apart from this subsection and section 62, would be the taxable value of the fringe benefit referred to in paragraph (b) in relation to the year of tax is reduced by 50%. (2) Where: (a) any of the following conditions are satisfied: (i) the recipients expenditure in relation to an expense payment fringe benefit in relation to an employer in relation to an employee in relation to a year of tax is in respect of the supply of residential fuel; (ii) the recipients property in relation to a property fringe benefit in relation to an employer in relation to an employee in relation to a year of tax is residential fuel; (iii) the recipients benefit in relation to a residual fringe benefit in relation to an employer in relation to an employee in relation to a year of tax is the benefit of the consumption of residential fuel; (b) the residential fuel is for use in connection with a dwelling during a period in the year of tax or, in a case to which subparagraph (a)(i) applies, a preceding year of tax, when the recipient of the fringe benefit occupied or used the dwelling as his or her usual place of residence and was under an obligation to repay the whole or a part of a remote area housing loan connected with the dwelling; and (c) the fringe benefit was not provided under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section; the amount that, but for this subsection and section 62, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%. (3) Where: (a) any of the following conditions are satisfied: (i) the recipients expenditure in relation to an expense payment fringe benefit in relation to an employer in relation to an employee in relation to a year of tax is in respect of the supply of residential fuel; (ii) the recipients property in relation to a property fringe benefit in relation to an employer in relation to an employee in relation to a year of tax is residential fuel; (iii) the recipients benefit in relation to a residual fringe benefit in relation to an employer in relation to an employee in relation to a year of tax is the benefit of the consumption of residential fuel; (b) the residential fuel is for use in connection with a unit of accommodation during a period in the year of tax or, in a case to which subparagraph (a)(i) applies, in a preceding year of tax, during which: (i) the recipient of the fringe benefit occupied or used the unit of accommodation as his or her usual place of residence; and (ii) remote area housing rent connected with the unit of accommodation accrued; and (c) the fringe benefit was not provided under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section; the amount that, but for this subsection and section 62, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 52 of 2000", "Amending_Acts": "No 139 of 1987 | No 11 of 1988 | No 147 of 1997 | No 52 of 2000", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1988, effective Part IX (ss. 49, 50): 18 Dec 1987 (c) | Amended by No 147 of 1997, effective Sch 7: 14 Oct 1997 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s59"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 60", "Provision_Key": "s60", "Heading": "Reduction of taxable value—remote area housing", "Text": "(1) Where: (a) the recipient of a loan fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; (b) the loan is a remote area housing loan connected with a dwelling; and (c) the recipient occupied or used the dwelling as his or her usual place of residence during a period in the year of tax (in this section referred to as the occupation period ) during which the recipient was under an obligation to repay the whole or a part of the loan; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50% of so much of that amount as relates to the occupation period. (2) Where: (a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; (b) the recipients expenditure is in respect of interest in respect of a remote area housing loan connected with a dwelling; (c) the recipient occupied or used the dwelling as his or her usual place of residence during a period (in this section referred to as the occupation period ) during which the interest accrued; and (d) the fringe benefit was not provided under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50% of so much of that amount as relates to the occupation period. (2A) Where: (a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; (b) the recipients expenditure is in respect of remote area housing rent connected with a unit of accommodation; (c) the recipient occupied or used the unit of accommodation as his or her usual place of residence during a period (in this subsection called the occupation period ) during which the rent accrued; and (d) the fringe benefit was not provided under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of this section; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50% of so much of the recipients expenditure as relates to the occupation period. (3) Where: (a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) the recipients property is remote area residential property; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%. (4) Where: (a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) the recipients expenditure is in respect of remote area residential property; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%. (5) Where: (a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) the recipients property is a remote area residential property option fee; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%. (6) Where: (a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) the recipients property is remote area residential property repurchase consideration; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%. (7) Where: (a) subsection (6) applies to a property fringe benefit; and (b) the amount paid by the provider of the fringe benefit by way of consideration for the purchase of the estate or interest concerned exceeds both: (i) the market value of the estate or interest at the time of the purchase; and (ii) the guideline price of the estate or interest at the time of the purchase; a reference in subsection (6) to the taxable value of the fringe benefit is a reference to so much of the taxable value as is attributable to the amount of the guideline price.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 95 of 1988", "Amending_Acts": "No 139 of 1987 | No 95 of 1988", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s60"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 60AA", "Provision_Key": "s60aa", "Heading": "Guideline price for repurchase of remote area residential property", "Text": "(1) In this section: index number , in relation to a quarter, means the All Groups Consumer Price Index number, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter. (2) Subject to subsection (3), if at any time, whether before or after the commencement of this section, the Australian Statistician has published or publishes an index number in respect of a quarter in substitution for an index number previously published by the Australian Statistician in respect of that quarter, the publication of the later index number shall be disregarded for the purposes of this section. (3) If at any time, whether before or after the commencement of this section, the Australian Statistician has changed or changes the index reference period for the Consumer Price Index, then, for the purposes of the application of this section after the change took place or takes place, regard shall be had only to index numbers published in terms of the new index reference period. (4) A reference in subsection 60(7) to the guideline price of an estate or interest in land is a reference to: (a) if the factor ascertained in accordance with subsections (5) and (6) in relation to the market value of the estate or interest as at the time the estate or interest was acquired by the employee is greater than 1—the market value as at that time multiplied by that factor; or (b) in any other case—the market value as at that time. (5) The factor to be ascertained for the purposes of subsection (4) in relation to the market value of the estate or interest in land as at the time of the acquisition of the estate or interest by the employee is the number (calculated to 3 decimal places) ascertained by dividing the index number in respect of the quarter of the year in which the employee sold the estate or interest to the provider by the index number in respect of the quarter of the year in which the estate or interest was acquired by the employee. (6) Where the factor ascertained in accordance with subsection (5) would, if it were calculated to 4 decimal places, end with a number greater than 4, that factor shall be taken to be the factor calculated to 3 decimal places in accordance with that subsection and increased by 0.001.", "Amendment_Count": 2, "First_Amended": "No 95 of 1988", "Last_Amended": "No 145 of 2015", "Amending_Acts": "No 95 of 1988 | No 145 of 2015", "History_Notes": "Inserted by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent | Amended by No 145 of 2015, effective Sch 4 (items 11–15): 10 Dec 2015 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s60AA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 60A", "Provision_Key": "s60a", "Heading": "Reduction of taxable value—remote area holiday transport fringe benefits subject to ceiling", "Text": "(1) Where one or more remote area holiday transport fringe benefits in relation to an employer in relation to a year of tax relate to a particular employee of the employer and to a particular holiday for a particular family member, the amount (in this subsection called the gross taxable value ) that, but for this subsection and section 62, would be: (a) so much of the taxable value of that fringe benefit as is attributable to transport, meals or accommodation in relation to the holiday for the family member; or (b) so much of the sum of the taxable values of those fringe benefits as is attributable to transport, meals or accommodation in relation to the holiday for the family member; as the case requires, in relation to that year of tax, shall be reduced by: (c) 50% of the gross taxable value; or (d) 50% of the benchmark travel amount in relation to that fringe benefit, or in relation to those fringe benefits, in relation to the holiday for the family member; whichever is the less. (2) Subsection (1) does not apply in relation to a remote area holiday transport fringe benefit unless: (a) subsection 143(3) applies to the fringe benefit; and (b) if the fringe benefit is an expense payment fringe benefit: (i) in the case of an expense payment fringe benefit where: (A) the expense payment fringe benefit is constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient; and (B) the reimbursement is calculated by reference to the distance travelled by the car; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients expenditure; or (ii) in the case of an expense payment fringe benefit where subparagraph (i) does not apply: (A) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; or (B) the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients expenditure. (3) Where subsection (1) applies, in relation to 2 or more years of tax, in relation to 2 or more fringe benefits relating to a particular holiday for a particular family member, subsection (1) has effect, in relation to each of those years of tax, as if the reference in paragraph (1)(d) to the benchmark travel amount in relation to that fringe benefit, or those fringe benefits, in relation to the holiday for the family member were a reference to the amount calculated in accordance with the formula: where: BTA is the amount that, but for this subsection, would be the benchmark travel amount in relation to that fringe benefit, or in relation to those fringe benefits, in relation to the holiday for the family member; TV is the amount that, but for this section and section 62, would be: (a) so much of the taxable value, in relation to the year of tax concerned, of that fringe benefit as is attributable to transport, meals or accommodation in relation to the holiday for the family member; or (b) so much of the sum of the taxable values, in relation to the year of tax concerned, of those fringe benefits as is attributable to transport, meals or accommodation in relation to the holiday for the family member; and TTV is the amount that, but for this section and section 62, would be so much of the sum of the taxable values, in relation to all of those years of tax, of all of those fringe benefits as is attributable to transport, meals or accommodation in relation to the holiday for the family member. (4) Where: (a) subparagraph (2)(b)(i) applies to an expense payment fringe benefit; and (b) the amount of the reimbursement concerned exceeds the reimbursement (in this subsection called the statutory reimbursement ) that would have been paid if it had been calculated on the basis of the sum of the following rates: (i) the basic car rate; (ii) where 2 or more family members travelled in the car when it provided the transport by virtue of which the expense payment fringe benefit is a remote area holiday transport fringe benefit—the supplementary car rate; a reference in subsection (1) or (3) of this section to the taxable value of the fringe benefit is a reference to so much of the taxable value as is attributable to the amount of the statutory reimbursement. (5) Where: (a) a remote area holiday transport fringe benefit in relation to an employee consists of the provision of an allowance to the spouse or a child of the employee; and (b) the whole or a part of the allowance has been expended by the recipient in obtaining the transport, meals or accommodation in respect of which the allowance was paid; this section applies in relation to the fringe benefit as follows: (c) the fringe benefit shall be treated as if it were an expense payment fringe benefit; (d) the amount expended as mentioned in paragraph (b) shall be treated as if it were the recipients expenditure; (e) so much of the allowance as does not exceed the recipients expenditure shall be treated as if it were a reimbursement of the recipients expenditure.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 30 of 1995 | No 39 of 1997", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s60A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61", "Provision_Key": "s61", "Heading": "Reduction of taxable value—remote area holiday transport fringe benefits not subject to ceiling", "Text": "(1A) This section does not apply in relation to a fringe benefit in respect of remote area holiday transport if subsection 143(3) applies in relation to the fringe benefit. (1) Where: (a) the recipients expenditure in relation to an expense payment fringe benefit in relation to a year of tax is in respect of remote area holiday transport; (c) in a case where: (i) the expense payment fringe benefit is constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient; and (ii) the reimbursement is calculated by reference to the distance travelled by the car; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients expenditure; and (d) if paragraph (c) does not apply: (i) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date; or (ii) the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, in respect of the recipients expenditure; the amount that, but for this subsection, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by: (e) where paragraph (c) does not apply—50%; and (f) where paragraph (c) applies—50% of so much of the amount of the reimbursement as does not exceed the reimbursement that would have been paid if it had been calculated on the basis of the sum of the following rates: (i) the basic car rate; (ii) where 2 or more family members travelled in the car when it provided the transport by virtue of which the recipients expenditure is in respect of remote area holiday transport—the supplementary car rate. (1AA) Where the recipients property in relation to a property fringe benefit in relation to a year of tax is in respect of remote area holiday transport, the amount that, but for this subsection and section 62, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by 50%. (2) Where the recipients benefit in relation to a residual fringe benefit in relation to a year of tax is in respect of remote area holiday transport, the amount that, but for this subsection and section 62, would be the taxable value of that fringe benefit in relation to the year of tax shall be reduced by 50%. (3) Where: (a) a remote area holiday transport fringe benefit in relation to an employee consists of the provision of an allowance to the spouse or a child of the employee; and (b) the whole or a part of the allowance has been expended by the recipient in obtaining the transport, meals or accommodation in respect of which the allowance was paid; this section applies in relation to the fringe benefit as follows: (c) the fringe benefit shall be treated as if it were an expense payment fringe benefit; (d) the amount expended as mentioned in paragraph (b) shall be treated as if it were the recipients expenditure; (e) so much of the allowance as does not exceed the recipients expenditure shall be treated as if it were a reimbursement of the recipients expenditure.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 39 of 1997", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 30 of 1995 | No 39 of 1997", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61A", "Provision_Key": "s61a", "Heading": "Reduction of taxable value—overseas employment holiday transport", "Text": "(1) Where one or more fringe benefits, being fringe benefits in respect of overseas employment holiday transport, in relation to an employer in relation to a year of tax relate to a particular employee of the employer, the amount (in this subsection called the gross taxable value ) that, but for this subsection and section 62, would be: (a) so much of the taxable value of that fringe benefit as is attributable to transport, meals or accommodation for a particular family member; or (b) so much of the sum of the taxable values of those fringe benefits as is attributable to transport, meals or accommodation for a particular family member; as the case requires, in relation to that year of tax, shall be reduced by: (c) 50% of the gross taxable value; or (d) 50% of the benchmark travel amount in relation to that fringe benefit in relation to the family member or 50% of the greatest benchmark travel amount in relation to those fringe benefits in relation to the family member, as the case requires; whichever is the less. (2) Subsection (1) does not apply in relation to a fringe benefit in respect of overseas employment holiday transport, being an expense payment fringe benefit, unless: (a) in the case of an expense payment fringe benefit where: (i) the expense payment fringe benefit is constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient; and (ii) the reimbursement is calculated by reference to the distance travelled by the car; the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out the number of whole kilometres travelled by the car in providing transport by virtue of which the recipients expenditure is in respect of overseas employment holiday transport; or (b) in the case of an expense payment fringe benefit where paragraph (a) does not apply—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date. (3) Where: (a) subsection (1) applies in relation to one or more fringe benefits (in this subsection called the overseas holiday transport fringe benefits ) in relation to an employer in relation to a year of tax, being fringe benefits that relate to a particular employee of the employer; (b) one or more of the overseas holiday transport fringe benefits are home country fringe benefits in relation to a particular holiday or holidays for a particular family member; (c) if the home country fringe benefit, or home country fringe benefits, referred to in paragraph (b) relate to only one holiday for the family member—the home country holiday amount in relation to the holiday in relation to the family member exceeds the benchmark travel amount, or the greatest benchmark travel amount, as the case requires, that, apart from this subsection, would be applicable under paragraph (1)(d) in relation to the overseas holiday transport fringe benefits in relation to the family member; and (d) if the home country fringe benefit, or home country fringe benefits, referred to in paragraph (b) relate to 2 or more holidays for the family member—the greatest of the home country holiday amounts in relation to the holidays in relation to the family member exceeds the benchmark travel amount, or the greatest benchmark travel amount, as the case requires, that, apart from this subsection, would be applicable under paragraph (1)(d) in relation to the overseas holiday transport fringe benefits in relation to the family member; the benchmark travel amount, or the greatest benchmark travel amount, as the case requires, that, apart from this subsection, would be applicable under paragraph (1)(d) in relation to the overseas holiday transport fringe benefits in relation to the family member shall be increased by the amount of the excess referred to in whichever of paragraph (c) or (d) of this subsection is applicable. (4) For the purposes of subsection (3), where the whole or a part (which whole or part is in this subsection called the attributable portion ) of the amount that, but for subsection (1) and section 62, would be the taxable value, or of the sum of the taxable values, in relation to the year of tax, of one or more home country fringe benefits in relation to a particular holiday for a particular family member is attributable to transport, meals or accommodation in relation to the holiday for the family member, the home country holiday amount, in relation to the holiday, in relation to the family member, is an amount equal to the attributable portion. (5) Where: (a) paragraph (2)(a) applies to an expense payment fringe benefit; and (b) the amount of the reimbursement concerned exceeds the reimbursement (in this subsection called the statutory reimbursement ) that would have been paid if it had been calculated on the basis of the sum of the following rates: (i) the basic car rate; (ii) where 2 or more family members travelled in the car when it provided the transport by virtue of which the expense payment fringe benefit is in respect of overseas employment holiday transport—the supplementary car rate; a reference in subsection (1) or (4) of this section to the taxable value of the fringe benefit is a reference to so much of the taxable value as is attributable to the amount of the statutory reimbursement.", "Amendment_Count": 7, "First_Amended": "No 139 of 1987", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 100 of 1991 | No 57 of 1993 | No 30 of 1995 | No 39 of 1997 | No 69 of 2023", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 69 of 2023, effective sch 4 (items 16, 42 ‑ 47): 15 Sept 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61B", "Provision_Key": "s61b", "Heading": "Reduction of taxable value of certain expense payment fringe benefits in respect of relocation transport", "Text": "Where: (a) an expense payment fringe benefit in respect of relocation transport is provided in a year of tax to an employee of an employer, or to an associate of the employee, in respect of the employment of the employee; and (b) the fringe benefit is constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient, being a reimbursement calculated by reference to the distance travelled by the car; and (c) the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out the number of whole kilometres travelled by the car in providing transport by virtue of which the benefit is in respect of relocation transport; the amount that, but for this section, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by so much of the amount of the reimbursement as does not exceed the reimbursement that would have been paid if it had been calculated on the basis of the sum of the following rates: (d) the basic car rate; (e) where 2 or more family members travelled in the car when it provided the transport by virtue of which the benefit is in respect of relocation transport—the supplementary car rate.", "Amendment_Count": 7, "First_Amended": "No 139 of 1987", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 100 of 1991 | No 57 of 1993 | No 30 of 1995 | No 39 of 1997 | No 69 of 2023", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 69 of 2023, effective sch 4 (items 16, 42 ‑ 47): 15 Sept 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61C", "Provision_Key": "s61c", "Heading": "Reduction of taxable value—temporary accommodation relating to relocation", "Text": "(1) Where: (a) any of the following fringe benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer: (i) an expense payment fringe benefit where the recipients expenditure is in respect of: (A) a lease or licence in respect of a unit of accommodation occupied or used for the temporary accommodation of family members; or (B) a lease or licence in respect of goods primarily for domestic use by family members, being domestic use in connection with a unit of accommodation occupied or used for the temporary accommodation of family members; (ii) a housing fringe benefit where the housing right is in respect of a unit of accommodation occupied or used for the temporary accommodation of family members; (iii) a residual fringe benefit where the recipients benefit: (A) is constituted by the subsistence of a lease or licence in respect of a unit of accommodation occupied or used for the temporary accommodation of family members; or (B) is constituted by the subsistence of a lease or licence in respect of goods primarily for domestic use by family members, being domestic use in connection with a unit of accommodation occupied or used for the temporary accommodation of family members; (b) the temporary accommodation is required solely because the employee is required to change his or her usual place of residence in order to perform the duties of that employment; (c) if the unit of accommodation is located at or near the employee’s former usual place of residence—the temporary accommodation was required because the unit of accommodation that was the employee’s former usual place of residence became unavailable, or unsuitable, for residential use by family members due to removal, storage or other arrangements relating to the change in the usual place of residence of the employee; (d) if the unit of accommodation is located at or near the employee’s new place of employment—the employee, or an associate of the employee, either before, on, or as soon as reasonably practicable after, the day (in this section called the relocation day ) on which the employee commenced to perform the duties of that employment at the employee’s new place of employment, commenced sustained reasonable efforts to acquire, or to acquire the right to occupy or use, a unit of accommodation intended by the employee or associate, as the case may be, to provide a long ‑ term place of residence for the employee; and (e) the fringe benefit is not provided under a non ‑ arm’s length arrangement; the following provisions have effect. (2) Where: (a) paragraph (1)(c) applies; and (b) a percentage (in this subsection called the attributable percentage ) of the taxable value of the fringe benefit in relation to the year of tax is attributable to the subsistence of the lease, licence or housing right referred to in paragraph (1)(a) during the whole or a part of the period of 21 days that ended on the day on which the employee commenced to perform the duties of that employment at the employee’s new place of employment; the amount that, but for this subsection and section 62, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by the attributable percentage. (3) Where: (a) paragraph (1)(d) applies; (b) any of the following subparagraphs applies: (ii) the employee, not later than 4 months after the relocation day, pursuant to a contract entered into by the employee or an associate of the employee, commences or commenced to occupy or use a unit of accommodation intended by the employee or associate, as the case may be, to provide a long ‑ term place of residence for the employee; (iii) the employee gives to the employer, before the declaration date, a declaration in a form approved by the Commissioner, in respect of the application of this section in relation to the employee; and (c) a percentage (in this subsection called the attributable percentage ) of the taxable value of the fringe benefit in relation to the year of tax is attributable to the subsistence of the lease, licence or housing right referred to in paragraph (1)(a) during the whole or a part of the period commencing 7 days before the relocation day and ending on the earlier or earliest of whichever of the following days is applicable: (i) if, during the initial accommodation search period, a contract is or was entered into by the employee or an associate of the employee for the acquisition of, or of the right to occupy or use, a unit of accommodation intended by the employee or associate to provide a long ‑ term place of residence for the employee—the day on which the employee could reasonably be or have been expected to commence, or to have commenced, to occupy or use that unit of accommodation pursuant to that contract; (ii) if the initial accommodation search period ends or ended before any contract of a kind referred to in subparagraph (i) of this paragraph is or was entered into by the employee or an associate—the day on which that period ends or ended; (iii) if: (A) the unit of accommodation that was the employee’s former usual place of residence was a dwelling in which the employee, or an associate of the employee, held a relevant proprietary interest; (B) within 6 months after the relocation day, a contract for the sale of that relevant proprietary interest is or was entered into; and (C) the efforts referred to in paragraph (1)(d), and the efforts of that kind that continue or continued to be made during the initial accommodation search period are, or were, efforts to acquire a relevant proprietary interest in a unit of accommodation, being a dwelling; the day occurring 12 months after the relocation day; (iv) except in a case where subparagraph (iii) applies—the day occurring 6 months after the relocation day; the amount that, but for this subsection and section 62, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by the attributable percentage. (4) A reference in this section to the acquisition of a unit of accommodation includes a reference to the acquisition of a relevant proprietary interest in a unit of accommodation, being a dwelling. (5) In this section: initial accommodation search period , in relation to a case to which paragraph (1)(d) applies, means the period commencing on the commencement, or the first commencement, as the case requires, of the efforts referred to in that paragraph and ending when efforts of that kind first cease or ceased to be made. relevant proprietary interest , in relation to a unit of accommodation, being a dwelling, means: (a) in any case—a prescribed interest in land on which a building constituting, or containing, the dwelling is located; (b) in any case—a prescribed interest in a stratum unit in relation to the dwelling; or (c) if the dwelling is a flat or home unit—a proprietary right in respect of the dwelling.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 139 of 1987 | No 100 of 1991 | No 57 of 1993 | No 178 of 1999", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61D", "Provision_Key": "s61d", "Heading": "Reduction of taxable value of temporary accommodation meal fringe benefits", "Text": "(1) Where: (a) either of the following fringe benefits (in this section called a temporary accommodation meal fringe benefit ) is provided in a year of tax to an employee of an employer, or to an associate of the employee, in respect of the employment of the employee: (i) an expense payment fringe benefit where the recipients expenditure is in respect of a meal; (ii) a property fringe benefit where the recipients property is a meal; and (b) the meal was for consumption by a family member at a time when the family member was accommodated in a hotel, motel, hostel or guest ‑ house; (c) any of the following fringe benefits is provided in, or in respect of, the year of tax in respect of that employment: (i) an expense payment benefit where the recipients expenditure is in respect of that accommodation; (ii) a housing benefit where the housing right is in respect of that accommodation; (iii) a residual benefit where the recipients benefit is constituted by the subsistence of a lease or licence in respect of that accommodation; (d) both of the following conditions are satisfied: (i) under section 61C, the taxable value of the fringe benefit referred to in paragraph (c) in relation to the year of tax is reduced by the extent to which that taxable value is attributable to the subsistence of a lease or licence, or a housing right, in respect of the accommodation during a particular period in the year of tax; (ii) the meal was for consumption by a family member at a time during that period; and (e) the amount that, but for this section and section 62 and the recipients contribution, would be the taxable value of the temporary accommodation meal fringe benefit exceeds: (i) in a case where the recipient had attained the age of 12 years before the beginning of the year of tax—$2.00; or (ii) in any other case—$1.00; the amount that, but for this section and section 62 and the recipients contribution, would be the taxable value of that temporary accommodation meal fringe benefit shall be reduced by the amount of the excess referred to in paragraph (e). (2) For the purposes of the application of this section to an in ‑ house property expense payment fringe benefit, a reference in this section to the recipients contribution in relation to the fringe benefit is a reference to the amount ascertained under paragraph 22A(1)(b).", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 57 of 1993", "Amending_Acts": "No 139 of 1987 | No 100 of 1991 | No 57 of 1993", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61E", "Provision_Key": "s61e", "Heading": "Reduction of taxable value of certain expense payment fringe benefits in respect of employment interviews or selection tests", "Text": "Where: (a) an expense payment fringe benefit in respect of an employment interview or selection test is provided in a year of tax to an employee of an employer in respect of the employment of the employee; (b) the fringe benefit is constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient, being a reimbursement calculated by reference to the distance travelled by the car; and (c) the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out the number of whole kilometres travelled by the car in providing transport by virtue of which the benefit is in respect of an employment interview or selection test; the amount that, but for this section, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by so much of the amount of the reimbursement as does not exceed the reimbursement that would have been paid if it had been calculated on the basis of the basic car rate.", "Amendment_Count": 7, "First_Amended": "No 139 of 1987", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 100 of 1991 | No 57 of 1993 | No 30 of 1995 | No 39 of 1997 | No 69 of 2023", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 69 of 2023, effective sch 4 (items 16, 42 ‑ 47): 15 Sept 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61F", "Provision_Key": "s61f", "Heading": "Reduction of taxable value of certain expense payment fringe benefits associated with work ‑ related medical examinations, work ‑ related medical screenings, work ‑ related preventative health care, work ‑ related counselling or migrant language training", "Text": "Where: (a) an expense payment fringe benefit associated with: (i) a work ‑ related medical examination of an employee of an employer; (ii) work ‑ related medical screening of an employee of an employer; (iii) work ‑ related preventative health care of an employee of an employer; (iv) work ‑ related counselling of an employee of an employer or of an associate of an employee of an employer; or (v) migrant language training of an employee of an employer or of an associate of an employee of an employer; is provided in a year of tax to the employee, or to an associate of the employee, in respect of the employment of the employee; (b) the fringe benefit is constituted by the reimbursement of the recipient, in whole or in part, in respect of an amount of a Division 28 car expense incurred by the recipient in relation to a car owned by, or leased to, the recipient, being a reimbursement calculated by reference to the distance travelled by the car; and (c) the recipient gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out the number of whole kilometres travelled by the car in providing transport by virtue of which the benefit is associated with: (i) a work ‑ related medical examination of the employee; or (ii) work ‑ related medical screening of the employee; or (iii) work ‑ related preventative health care of the employee; or (iv) work ‑ related counselling of the employee or of an associate of the employee; or (v) migrant language training of the employee or of an associate of the employee; the amount that, but for this section, would be the taxable value of the fringe benefit in relation to the year of tax shall be reduced by so much of the amount of the reimbursement as does not exceed the reimbursement that would have been paid if it had been calculated on the basis of the sum of the following rates: (d) the basic car rate; (e) where: (i) the benefit is associated with work ‑ related counselling of the employee or of an associate of the employee or with migrant language training of the employee or of an associate of the employee; and (ii) 2 or more family members travelled in the car when it provided the transport by virtue of which the benefit is associated with work ‑ related counselling of the employee or of an associate of the employee or with migrant language training of the employee or of an associate of the employee; the supplementary car rate.", "Amendment_Count": 7, "First_Amended": "No 139 of 1987", "Last_Amended": "No 69 of 2023", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 100 of 1991 | No 57 of 1993 | No 30 of 1995 | No 39 of 1997 | No 69 of 2023", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 69 of 2023, effective sch 4 (items 16, 42 ‑ 47): 15 Sept 2023 (s 2(1) item 5)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 61G", "Provision_Key": "s61g", "Heading": "Reduction of taxable value of fringe benefits if certain deductions relating to payments to associates are not allowed", "Text": "If: (a) a fringe benefit is provided in the year of tax in respect of the employment of a current employee; and (b) the person providing the benefit cannot deduct an amount under the Income Tax Assessment Act 1997 for providing the benefit because of section 85 ‑ 15, 85 ‑ 20 or 86 ‑ 60 of that Act; the amount that, but for this section, would be the taxable value of the fringe benefit in relation to the year of tax is reduced by the amount mentioned in paragraph (b). Note: Sections 85 ‑ 15, 85 ‑ 20 and 86 ‑ 60 of the Income Tax Assessment Act 1997 limit the extent to which a person can deduct payments to associates that relate to personal services income.", "Amendment_Count": 1, "First_Amended": "No 20 of 2004", "Last_Amended": "No 20 of 2004", "Amending_Acts": "No 20 of 2004", "History_Notes": "Inserted by No 20 of 2004, effective Sch 3 (items 1, 5): 23 Mar 2004 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s61G"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 62", "Provision_Key": "s62", "Heading": "Reduction of aggregate taxable value of in ‑ house fringe benefits", "Text": "(1) Where one or more in ‑ house fringe benefits in relation to an employer in relation to a year of tax relate to a particular employee of the employer, the taxable value of that fringe benefit, or the sum of the taxable values of those fringe benefits, as the case may be, in relation to that year shall be reduced by: (a) if the taxable value or the sum of the taxable values does not exceed $1,000—an amount equal to the taxable value or the sum of the taxable values; or (b) in any other case—$1,000. (2) Subsection (1) does not apply to an in ‑ house fringe benefit provided under a salary packaging arrangement.", "Amendment_Count": 5, "First_Amended": "No 139 of 1987", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 139 of 1987 | No 178 of 1999 | No 110 of 2006 | No 84 of 2013 | No 88 of 2013", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 110 of 2006, effective Sch 1: 1 Apr 2007 (s 2(1) item 2) | Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s62"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 63", "Provision_Key": "s63", "Heading": "Reduction of taxable value of living ‑ away ‑ from ‑ home food fringe benefits", "Text": "(1) Where: (a) a living ‑ away ‑ from ‑ home food fringe benefit, or 2 or more living ‑ away ‑ from ‑ home food fringe benefits, in relation to an employer in relation to a year of tax relates or relate to a particular employee; and (b) the fringe benefit or fringe benefits are equivalent to the food component of a living ‑ away ‑ from ‑ home allowance fringe benefit in respect of a particular period in the year of tax; and (c) that food component exceeds the sum of the statutory food amounts in respect of eligible family members in respect of that period; and (d) the employee satisfies: (i) sections 31C (about maintaining an Australian home) and 31D (about the first 12 months); or (ii) section 31E (about fly ‑ in fly ‑ out and drive ‑ in drive ‑ out requirements); and (da) the employee gives to the employer, before the declaration date, a declaration, in a form approved by the Commissioner, purporting to set out: (i) if the employee satisfies sections 31C and 31D—the matters in subparagraphs 31F(1)(a)(i) to (iii); or (ii) if the employee satisfies section 31E—the matters in subparagraphs 31F(1)(b)(i) to (iii); the following provisions apply: (e) if there is only one living ‑ away ‑ from ‑ home food fringe benefit—the amount that, but for this section and section 62, and the recipients contribution, would be the taxable value of that fringe benefit, shall be reduced by the amount of the excess referred to in paragraph (c); (f) if there are 2 or more living ‑ away ‑ from ‑ home food fringe benefits—the amounts that, but for this section and section 62, and the recipients contribution, would be the taxable values of those fringe benefits shall be reduced by amounts proportionate to those taxable values and equal in total to the amount of the excess referred to in paragraph (c). (2) For the purposes of the application of this section to an in ‑ house property expense payment fringe benefit, a reference in this section to the recipients contribution in relation to the fringe benefit is a reference to the amount ascertained under paragraph 22A(1)(b).", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 142 of 2012", "Amending_Acts": "No 139 of 1987 | No 100 of 1991 | No 57 of 1993 | No 142 of 2012", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s63"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 63A", "Provision_Key": "s63a", "Heading": "Reduction of taxable value in respect of entertainment component of certain fringe benefits", "Text": "Taxable value reduced by entertainment percentage (1) If: (a) the recipient of an expense payment fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; and (b) a percentage of the recipients expenditure is in respect of the provision of entertainment other than to the recipient or an associate of the recipient; the amount that, apart from this subsection, would be the taxable value of the expense payment fringe benefit in relation to the year of tax is reduced by that percentage. Avoidance of double reduction (2) If the taxable value of the expense payment fringe benefit has been reduced under Division 5 by reason of a particular matter or thing, the taxable value of the fringe benefit is not reduced under this section in respect of the same matter or thing.", "Amendment_Count": 2, "First_Amended": "No 82 of 1994", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 82 of 1994 | No 121 of 1997", "History_Notes": "Inserted by No 82 of 1994, effective s 3–6, 128–131: 23 June 1994 (s 2(1)) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 4 (items 139, 140) and Sch 10 (items 16–23): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s63A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65A", "Provision_Key": "s65a", "Heading": "Reduction of taxable value—education of children of overseas employees", "Text": "Where: (a) any of the following fringe benefits in relation to a year of tax is provided in respect of the employment of an employee: (i) a car fringe benefit where the application or availability of the car is in respect of the full ‑ time education of a child of the employee, not being a child who had attained the age of 25 years before the day on which the benefit was provided; (ii) an expense payment fringe benefit where the recipients expenditure is in respect of the full ‑ time education of a child of the employee, not being a child who had attained the age of 25 years before the day on which the benefit was provided; (iii) a property fringe benefit where the recipients property is required solely for the purposes of the full ‑ time education of a child of the employee, not being a child who had attained the age of 25 years before the provision time; (iv) a residual fringe benefit where the recipients benefit consists of, or is required solely for the purposes of, the full ‑ time education of a child of the employee, not being a child who had attained the age of 25 years before the comparison time; (b) the full ‑ time education is: (i) at an educational institution; or (ii) by a tutor; (c) the whole or any part of the full ‑ time education is undertaken by the child when the employee is an overseas employee; (d) either of the following conditions is satisfied: (i) the benefit is provided pursuant to the provisions of an industrial instrument relating to the employment of the employee; (ii) it is customary for employers in the industry in which the employee is employed to provide benefits of the same kind as the benefit provided to the recipient and to provide such benefits in similar circumstances to those that applied in relation to the provision of the benefit to the recipient; (e) in the case of an expense payment fringe benefit—documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer of the employee before the declaration date; and (f) a percentage (in this section called the attributable percentage ) of the taxable value, in relation to the year of tax, of the fringe benefit is attributable to the full ‑ time education of the child in the period commencing on whichever of the following days is applicable: (i) if: (A) the full ‑ time education is at an educational institution; (B) the overseas posting period is a period of not less than 28 days; and (C) the overseas posting period commenced during an academic period of the educational institution; the day on which that academic period commenced; or (ii) in any other case—the day on which the overseas posting period commenced; and ending on whichever of the following days is applicable: (iii) if: (A) the full ‑ time education is at an educational institution; (B) the overseas posting period is a period of not less than 28 days; and (C) the overseas posting period ended during an academic period of the educational institution; the day on which that academic period ended; (iv) in any other case—the day on which the overseas posting period ended; the amount that, but for this section and section 62, would be the taxable value of that fringe benefit in relation to the year of tax shall be reduced by the attributable percentage.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 57 of 1993", "Amending_Acts": "No 139 of 1987 | No 100 of 1991 | No 57 of 1993", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 57 of 1993, effective 27 Oct 1993", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65CA", "Provision_Key": "s65ca", "Heading": "Amortisation of taxable value of fringe benefits relating to remote area home ownership schemes", "Text": "(1) Where: (a) the recipient of any of the following fringe benefits in relation to an employer in relation to a year of tax (in this section called the benefit year of tax ) is an employee of the employer: (i) a property fringe benefit where the recipients property is remote area residential property; (ii) a property fringe benefit where the recipients property is a remote area residential property option fee; (iii) an expense payment fringe benefit where the recipients expenditure is in respect of remote area residential property; (b) in the case of a property fringe benefit where the recipients property is remote area residential property—at or before the provision time, the employee entered into a recognised remote area housing obligation restricting the disposal of the estate or interest concerned; (c) in the case of an expense payment fringe benefit—at or before the time when the employee acquired the estate or interest concerned, the employee entered into a recognised remote area housing obligation restricting the disposal of the estate or interest concerned; and (d) in all cases—the period (in this section called the overall amortisation period ) commencing at whichever of the following times is applicable: (i) if subparagraph (a)(i) or (ii) applies—the provision time; (ii) if subparagraph (a)(iii) applies—the time when the recipients expenditure was incurred; (which time is in this section called the benefit time ) and ending at the earliest of the following later times: (iii) the time when the employee ceases or first ceases to be subject to the recognised remote area housing obligation referred to in paragraph (b) or (c) of this subsection or in paragraph 142(2A)(e), as the case requires; (iv) the time when the employee ceases or first ceases to be employed by the employer; (v) the time when the employee ceases or first ceases to occupy or use the dwelling concerned as his or her usual place of residence; (vi) the time of the death of the employee; (vii) the end of the period of 7 years after the benefit time; commences and ends in different years of tax; the fringe benefit is an amortised fringe benefit. (2) The notional amortisation period in relation to the amortised fringe benefit is the period commencing at the benefit time and ending at the earlier of the following times: (a) the end of the period specified in the contract to which the recognised remote area housing obligation concerned relates, being the period during which the employee is to be subject to that obligation; (b) the end of the period of 7 years after the benefit time. (3) If the overall amortisation period has not come to an end before the end of a particular year of tax (in this subsection called the current year of tax ), the amortised amount, in relation to the current year of tax, of the amortised fringe benefit is the amount calculated in accordance with the formula: where: Taxable value is the taxable value, in relation to the benefit year of tax, of the fringe benefit. Current amortisation period is the whole number of months (or part months) in the current year of tax that are included in the notional amortisation period. Notional amortisation period is the whole number of months (or part months) that are included in the notional amortisation period. (4) If the overall amortisation period comes to an end during a particular year of tax (in this subsection called the current year of tax ), the amortised amount, in relation to the current year of tax, of the amortised fringe benefit is the amount calculated in accordance with the formula: where: Taxable value is the taxable value, in relation to the benefit year of tax, of the fringe benefit. Previously amortised amounts is the sum of the amortised amounts, in relation to each year of tax preceding the current year of tax, of the fringe benefit. (5) Where the recipients expenditure in relation to an expense payment fringe benefit was incurred before 1 July 1986, paragraph (1)(d) applies in relation to the fringe benefit as if the recipients expenditure had been incurred on 1 July 1986. (6) Where the following paragraphs apply in relation to a fringe benefit in relation to an employer in relation to a year of tax: (a) the fringe benefit would have been an amortised fringe benefit if the reference in subsection 142(2D) to 5 years were a reference to 7 years; (b) the benefit time occurred before 31 August 1988; the employer is eligible for extended amortisation treatment. (7) Where: (a) an employer is eligible for extended amortisation treatment; and (b) a fringe benefit in relation to the employer in relation to a year of tax would have been an amortised fringe benefit if the reference in subsection 142(2D) to a contractual obligation were a reference to a contractual obligation entered into before the end of the period of 6 months after the commencement of this subsection; the following provisions have effect: (c) a reference in subsection (3) or (4) of this section to the overall amortisation period in relation to the fringe benefit is to be read as a reference to the period that would have been the overall amortisation period in relation to the fringe benefit if the reference in subparagraph (1)(d)(vii) of this section to 7 years were a reference to 15 years; (d) for the purpose of determining the notional amortisation period in relation to the fringe benefit, the reference in paragraph (2)(b) of this section to 7 years is to be read as a reference to 15 years.", "Amendment_Count": 2, "First_Amended": "No 95 of 1988", "Last_Amended": "No 58 of 1990", "Amending_Acts": "No 95 of 1988 | No 58 of 1990", "History_Notes": "Inserted by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent | Amended by No 58 of 1990, effective s. 11: 16 June 1990 ( see s. 2(2)) s. 23: 4 Dec 1989 Part 5 (ss. 36–38): 11 May 1989 Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65CA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65CB", "Provision_Key": "s65cb", "Heading": "Amendment of assessments", "Text": "Nothing in section 74 prevents the amendment at any time of an assessment for the purposes of giving effect to this Division.", "Amendment_Count": 1, "First_Amended": "No 95 of 1988", "Last_Amended": "No 95 of 1988", "Amending_Acts": "No 95 of 1988", "History_Notes": "Inserted by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65CB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65CC", "Provision_Key": "s65cc", "Heading": "Reducible fringe benefits relating to remote area home repurchase schemes", "Text": "(1) Where: (a) the recipient of a property fringe benefit in relation to an employer in relation to a year of tax is an employee of the employer; (b) the recipients property is remote area residential property repurchase consideration; (c) the taxable value of the fringe benefit in relation to the year of tax is nil; and (d) the market value of the estate or interest purchased by the provider of the fringe benefit exceeds the amount paid by the provider by way of consideration for the purchase of the estate or interest; the fringe benefit is a reducible fringe benefit. (2) The reduction amount, in relation to the year of tax, of the reducible fringe benefit is 50% of the amount of the excess referred to in paragraph (1)(d).", "Amendment_Count": 1, "First_Amended": "No 95 of 1988", "Last_Amended": "No 95 of 1988", "Amending_Acts": "No 95 of 1988", "History_Notes": "Inserted by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65CC"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65D", "Provision_Key": "s65d", "Heading": "Car substantiation rules", "Text": "The object of this Division is to set out the substantiation rules that apply for the purposes of sections 19, 24, 44 and 52 in relation to cars held by recipients of fringe benefits.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65E", "Provision_Key": "s65e", "Heading": "No compliance with substantiation rules in log book year of tax unless log book records and odometer records are maintained", "Text": "Where a car is held by the recipient of a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit in relation to an employer during a period (in this section called the holding period ) in a year of tax that is a log book year of tax of the recipient in relation to the car, the substantiation rules shall be taken to have been complied with in relation to the car in relation to the holding period if, and only if: (a) log book records and odometer records have been maintained by or on behalf of the recipient for an applicable log book period in relation to the car; and (b) odometer records are maintained by or on behalf of the provider for the holding period; and (c) the employer specifies the employer’s estimate of the number of business kilometres travelled by the car during the holding period; and (d) the employer specifies a percentage as the business use percentage applicable to the car in relation to the recipient for the holding period.", "Amendment_Count": 4, "First_Amended": "No 139 of 1987", "Last_Amended": "No 41 of 1998", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 145 of 1995 | No 41 of 1998", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65F", "Provision_Key": "s65f", "Heading": "No compliance with substantiation rules in non ‑ log book year of tax unless log book records kept in previous log book year of tax", "Text": "Where a car is held by the recipient of a loan fringe benefit, an expense payment fringe benefit, a property fringe benefit or a residual fringe benefit during a period (in this section called the holding period ) in a year of tax that is not a log book year of tax of the recipient in relation to the car, the substantiation rules shall be taken to be complied with in relation to the car if, and only if: (a) odometer records are maintained by or on behalf of the recipient in relation to the car for the holding period; and (b) the employer specifies the employer’s estimate of the number of business kilometres travelled by the car in the holding period; and (c) the employer specifies a percentage as the business use percentage applicable to the car in relation to the recipient for the holding period.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 145 of 1995", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 65J", "Provision_Key": "s65j", "Heading": "Rebate for certain not ‑ for ‑ profit employers etc.", "Text": "Rebatable employer (1) An employer is a rebatable employer for a year of tax if the employer: (a) is exempt from income tax at any time during the year of tax under any of the provisions set out in the following table; and (b) satisfies the special conditions (if any) set out in the following table. Rebatable employer Item Column 1 Type of employer Column 2 Special conditions 1 a registered charity covered by item 1.1 of the table in section 50 ‑ 5 of the Income Tax Assessment Act 1997 The registered charity is not a rebatable employer for the year of tax if it: (a) is a registered public benevolent institution; or (b) is a registered health promotion charity; or (c) is an institution of the Commonwealth, a State or a Territory; or (d) has not been endorsed under subsection 123E(1); or (e) is not an institution. 2 a scientific institution covered by item 1.3 of the table in section 50 ‑ 5 of the Income Tax Assessment Act 1997 The institution is not an institution of the Commonwealth, a State or a Territory unless it: (a) is an institution established by a law of the Commonwealth, a State or a Territory; and (b) is not conducted by or on behalf of the Commonwealth, a State or a Territory; and (c) is engaged solely in research into the causes, prevention or cure of diseases in humans. 3 a public educational institution covered by item 1.4 of the table in section 50 ‑ 5 of the Income Tax Assessment Act 1997 The institution is not an institution established by a law of the Commonwealth, a State or a Territory unless it: (a) is not conducted by or on behalf of the Commonwealth, a State or a Territory; and (b) is a preschool or school (other than a tertiary institution). 4 a society, association or club: (a) established for the encouragement of science; and (b) covered by item 1.7 of the table in section 50 ‑ 5 of the Income Tax Assessment Act 1997 See subsection (5) of this section. 5 a society, association or club: (a) established for community service purposes (except political or lobbying purposes); and (b) covered by item 2.1 of the table in section 50 ‑ 10 of the Income Tax Assessment Act 1997 See subsection (5) of this section. 6 an employer association or an employee association covered by item 3.1 of the table in section 50 ‑ 15 of the Income Tax Assessment Act 1997 None. 7 a trade union covered by item 3.2 of the table in section 50 ‑ 15 of the Income Tax Assessment Act 1997 None. 8 a society or association: (a) established for the purpose of promoting the development of: (i) aviation; or (ii) tourism; and (b) covered by item 8.1 of the table in section 50 ‑ 40 of the Income Tax Assessment Act 1997 See subsection (5) of this section. 9 a society or association: (a) established for the purpose of promoting the development of any of the following Australian resources: (i) agricultural resources; (ii) horticultural resources; (iii) industrial resources; (iv) manufacturing resources; (v) pastoral resources; (vi) viticultural resources; (vii) aquacultural resources; (viii) fishing resources; and (b) covered by item 8.2 of the table in section 50 ‑ 40 of the Income Tax Assessment Act 1997 See subsection (5) of this section. 10 a society or association: (a) established for the purpose of promoting the development of Australian information and communications technology resources; and (b) covered by item 8.3 of the table in section 50 ‑ 40 of the Income Tax Assessment Act 1997 See subsection (5) of this section. 11 a society, association or club: (a) established for the encouragement of any of the following: (i) animal racing; (ii) art; (iii) a game or sport; (iv) literature; (v) music; and (b) covered by item 9.1 of the table in section 50 ‑ 45 of the Income Tax Assessment Act 1997 See subsection (5) of this section. 12 a society, association or club: (a) established for musical purposes; and (b) covered by item 9.2 of the table in section 50 ‑ 45 of the Income Tax Assessment Act 1997 See subsection (5) of this section. Note: Subsection (3) affects the kind of employers that may be considered to be an institution of government. Rebate for year of tax 2000 ‑ 2001 and later years (2A) If an employer is a rebatable employer for the year of tax beginning on 1 April 2000 or a later year of tax, the employer is entitled to a rebate of tax in the employer’s assessment for the year of tax concerned equal to the amount worked out using the formula: where: gross tax means the amount of tax payable on the fringe benefits taxable amount of the employer of the year of tax (assuming that this section had not been enacted). rebatable days in year means the number of whole days in the year of tax when the employer engaged in activities as an employer covered by any of the table items in subsection (1). total days in year means the number of days in the year of tax excluding the days on which the employer did not engage in activities as an employer. How to work out aggregate non ‑ rebatable amount (2B) An employer’s aggregate non ‑ rebatable amount for the year of tax is the amount worked out as follows. Method statement Step 1. For each employee, add: (a) the individual grossed ‑ up type 1 non ‑ rebatable amount (see subsection (2C)) in relation to the employer for the year of tax; and (b) the individual grossed ‑ up type 2 non ‑ rebatable amount (see subsection (2D)) in relation to the employer for the year of tax. The result is the individual grossed ‑ up non ‑ rebatable amount for the employee. Step 2. Reduce the individual grossed ‑ up non ‑ rebatable amount for each employee of the employer by $30,000, but not below zero. Step 2A. If the amount calculated under step 2 in relation to an employee is positive, reduce that amount (but not below zero) by the lesser of: (a) $5,000; and (b) so much of the employee’s individual grossed ‑ up non ‑ rebatable amount as relates to benefits covered by subsection (2J) (about salary packaged meal entertainment and entertainment facility leasing benefits). Step 3. Add up the results of step 2A for all the employer’s employees. Step 4. Multiply the sum from step 3 by the FBT rate. The result is the employer’s aggregate non ‑ rebatable amount for the year of tax. Individual grossed ‑ up type 1 non ‑ rebatable amount (2C) For the purposes of step 1 in the method statement in subsection (2B), the individual grossed ‑ up type 1 non ‑ rebatable amount of an employee in relation to the employer for the year of tax is: Individual grossed ‑ up type 2 non ‑ rebatable amount (2D) For the purposes of step 1 in the method statement in subsection (2B), the individual grossed ‑ up type 2 non ‑ rebatable amount of an employee in relation to the employer for the year of tax is: Working out the type 1 individual base non ‑ rebatable amount (2E) An employee’s type 1 individual base non ‑ rebatable amount in relation to the employer for the year of tax is worked out by adding the amounts worked out under step 3 of the method statement in subsection (2G) and step 3 of the method statement in subsection (2H). Working out the type 2 individual base non ‑ rebatable amount (2F) An employee’s type 2 individual base non ‑ rebatable amount in relation to the employer for the year of tax is worked out by adding the amounts worked out under step 4 of the method statement in subsection (2G) and step 4 of the method statement in subsection (2H). Working out the subsection (2G) amounts (2G) An employee’s subsection (2G) amounts for the year of tax are worked out as follows. Method statement Step 1. Work out under section 5E for each of the employer’s employees the employee’s individual fringe benefits amount (if any) for the year of tax in respect of the employee’s employment by the employer. Step 2. Identify the benefits taken into account in step 1 that are GST ‑ creditable benefits (see section 149A). Step 3. So much of the amount worked out under step 1 that relates to the benefits identified under step 2 is the step 3 of subsection (2G) amount for the individual. Step 4. The remainder of the amount is the step 4 of subsection (2G) amount for the individual. Working out the subsection (2H) amounts (2H) An employee’s subsection (2H) amounts for the year of tax are worked out as follows. Method statement Step 1. Work out for each employee his or her share (if any) of the taxable values of the excluded fringe benefits for the year of tax in respect of the employee’s employment by the employer, but disregarding benefits: (a) that constitute the provision of meal entertainment as defined in section 37AD (whether or not the employer made an election under section 37AA); or (b) that are car parking fringe benefits; or (c) whose taxable values are wholly or partly attributable to entertainment facility leasing expenses. Step 2. Identify the benefits taken into account in step 1 that are GST ‑ creditable benefits (see section 149A). Step 3. So much of the amount worked out under step 1 that relates to the benefits identified under step 2 is the step 3 of subsection (2H) amount for the individual. Step 4. The remainder of the amount is the step 4 of subsection (2H) amount for the individual. Salary packaged meal entertainment and entertainment facility leasing benefits (2J) This subsection covers a benefit that is provided under a salary packaging arrangement if: (a) the benefit is constituted by the provision of meal entertainment (as defined in section 37AD, whether or not the employer has elected that Division 9A of Part III apply to the employer); or (b) the benefit is wholly or partly attributable to entertainment facility leasing expenses. Extended meaning of “institution of the Commonwealth, a State or a Territory” (3) For the purposes of this section, an institution established by a law of the Commonwealth, a State or a Territory is taken to be an institution of the Commonwealth, the State or the Territory, as the case requires. Meanings of “non ‑ profit society”, “non ‑ profit association” and “non ‑ profit club” (5) A society, association or club is not covered by table item 4, 5, 8, 9, 10, 11 or 12 in subsection (1) for a year of tax if it is: (a) an incorporated company where all the stock or shares in the capital of the company is or are beneficially owned by: (i) the Commonwealth, a State or a Territory; or (ii) an authority or institution of the Commonwealth, a State or a Territory; or (b) an incorporated company where the company is limited by guarantee and the interests and rights of the members in or in relation to the company are beneficially owned by: (i) the Commonwealth, a State or a Territory; or (ii) an authority or institution of the Commonwealth, a State or a Territory. Definitions (6) In this section: FBT rate means the rate of fringe benefits tax for the year of tax. GST rate means the rate of goods and services tax payable under the A New Tax System (Goods and Services Tax) Act 1999 for the year of tax.", "Amendment_Count": 14, "First_Amended": "No 223 of 1992", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 223 of 1992 | No 118 of 1993 | No 56 of 1994 | No 145 of 1995 | No 52 of 2000 | No 167 of 2001 | No 168 of 2001 | No 95 of 2004 | No 63 of 2005 | No 54 of 2009 | No 169 of 2012 | No 124 of 2013 | No 48 of 2014 | No 162 of 2015", "History_Notes": "Inserted by No 223 of 1992, effective 1 Apr 1994 | Amended by No 118 of 1993, effective s 7–12, 176: 24 Dec 1993 (s 2(1)) s 180–182: 1 Apr 1994 (s 2(5)) | Amended by No 56 of 1994, effective s 3–12: 7 Apr 1994(s 2(1)) | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1)) | Amended by No 168 of 2001, effective Sch 1 (items 7–9) and Sch 5 (item 3): 1 Oct 2001 (s 2(1)) | Amended by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 63 of 2005, effective Sch 4: 1 July 2005 (s 2(1) item 3) | Amended by No 54 of 2009, effective Sch 18 (item 5): 1 July 2009 (s 2(1) item 41) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 48 of 2014, effective Sch 2: 25 June 2014 (s 2(1)) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s65J"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 66", "Provision_Key": "s66", "Heading": "Liability to pay tax", "Text": "(1) Subject to this Act, tax imposed in respect of the fringe benefits taxable amount of an employer of a year of tax is payable by the employer. (2) A law, or a provision of a law, passed before the commencement of this Act that purports to exempt a person from liability to pay fringe benefits tax or to pay taxes that include that tax does not exempt that person from liability to pay that tax. (3) A law, or a provision of a law, passed after the commencement of this Act that purports to exempt a person from liability to pay taxes under the laws of the Commonwealth or to pay certain taxes under those laws that include fringe benefits tax, other than a law or a provision that expressly exempts a person from liability to pay that tax, shall not be construed as exempting the person from liability to pay that tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s66"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 67", "Provision_Key": "s67", "Heading": "Arrangements to avoid or reduce fringe benefits tax", "Text": "(1) Where: (a) an employer (in this subsection referred to as the eligible employer ) has obtained or, but for this section, would obtain, a tax benefit in respect of a year of tax in connection with an arrangement under which a benefit is or was provided to a person, being an arrangement that was entered into, or commenced to be carried out, on or after 19 September 1985; and (b) it would be concluded that the person, or one of the persons, who entered into or carried out the arrangement or any part of the arrangement did so for the sole or dominant purpose of enabling the eligible employer to obtain a tax benefit in connection with the arrangement or of enabling the eligible employer and another employer or other employers each to obtain a tax benefit in connection with the arrangement (whether or not that person who entered into or carried out the arrangement or any part of the arrangement is the eligible employer or is the other employer or one of the other employers); the Commissioner: (c) may determine that the aggregate fringe benefits amount (if any) of the eligible employer of the year of tax be increased by the amount of the tax benefit; and (d) may determine that appropriate adjustments (if any) be made to the aggregate fringe benefits amount of the eligible employer in respect of another year of tax or of another employer in respect of any year of tax; and any such determination has effect accordingly. (2) A reference in this section to the obtaining by an employer of a tax benefit in respect of a year of tax in connection with an arrangement under which a benefit is provided to a person is a reference to an amount not being included in the aggregate fringe benefits amount of the employer of the year of tax in respect of that benefit where the amount would have been included, or could reasonably be expected to have been included, in that aggregate fringe benefits amount if the arrangement had not been entered into or carried out. (3) A reference in this section to the obtaining by an employer of a tax benefit in respect of a year of tax in connection with an arrangement under which a benefit is provided to a person does not include a reference to an amount not being included in the aggregate fringe benefits amount of the employer of the year of tax in respect of that benefit, being an amount that would have been included, or could reasonably be expected to have been included, in that aggregate fringe benefits amount if the arrangement had not been entered into or carried out, where the non ‑ inclusion of the amount in that aggregate fringe benefits amount is attributable to the payment or provision by a person of consideration in respect of the provision of the benefit. (4) Where, at any time, an employer considers that the Commissioner ought to make a determination under paragraph (1)(d) in relation to the employer in relation to a year of tax, the employer may post to or lodge with the Commissioner a request in writing for the making by the Commissioner of a determination under that paragraph. (5) The Commissioner shall consider the request and serve on the employer a written notice of the Commissioner’s decision on the request. (6) If the employer is dissatisfied with the Commissioner’s decision on the request, the employer may object against the decision in the manner set out in Part IVC of the Taxation Administration Act 1953 . (8) Nothing in section 74 prevents the amendment of an assessment at any time before the end of 6 years after the original assessment date if the amendment is for the purposes of giving effect to subsection (1) of this section as it applies by virtue of paragraph (1)(c). (9) Nothing in section 74 prevents the amendment of an assessment at any time if the amendment is for the purpose of giving effect to subsection (1) of this section as it applies by virtue of paragraph (1)(d). (10) In this section, a reference to an employer, in relation to an arrangement, includes a reference to a person who would be, or might reasonably be expected to be, an employer but for the arrangement. (11) A reference in this section to the carrying out of an arrangement by a person shall be read as including a reference to the carrying out of an arrangement by a person together with another person or other persons. (12) Nothing in the provisions of this Act other than this section or in the International Tax Agreements Act 1953 shall be taken to limit the operation of this section.", "Amendment_Count": 8, "First_Amended": "No 48 of 1986", "Last_Amended": "No 59 of 2019", "Amending_Acts": "No 48 of 1986 | No 37 of 1990 | No 216 of 1991 | No 223 of 1992 | No 22 of 1995 | No 25 of 2000 | No 10 of 2003 | No 59 of 2019", "History_Notes": "Amended by No 48 of 1986, effective s. 31 and Parts VII, VIII (ss. 45–56): (a) Remainder: 1 July 1986 | Amended by No 37 of 1990, effective 18 Feb 1991 ( see s. 2 and Gazette 1991, No. S47) | Amended by No 216 of 1991, effective s 5–8, 88, 123, 124: 24 Dec 1991 (s 2(1)) s 113, 114: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) | Amended by No 223 of 1992, effective 1 Apr 1994 | Amended by No 22 of 1995, effective 29 Mar 1995 | Amended by No 25 of 2000, effective s 4–6 and Sch 2 (item 33): 1:23 am (Australian Central Standard Time) 26 Oct 1999 (s 2(2), 4) | Amended by No 10 of 2003, effective Sch 1 (item 33): 20 May 2002 (s 2(1) item 2) | Amended by No 59 of 2019, effective Sch 2 (item 3): 30 Aug 2019 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s67"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 68", "Provision_Key": "s68", "Heading": "Annual returns", "Text": "Where there is a fringe benefits taxable amount of an employer of a year of tax, the employer shall, unless the employer has furnished a return or returns under section 69 in relation to the fringe benefits taxable amount of the year of tax, furnish to the Commissioner a return not later than 21 May in the next year of tax or such later date as the Commissioner allows.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s68"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 69", "Provision_Key": "s69", "Heading": "Further returns", "Text": "Where the Commissioner, by notice in writing served on a person, requires the person, whether an employer or not, to furnish to the Commissioner a return in relation to a year of tax, the person shall furnish the return in the manner and within the time specified in the notice, whether or not the person has furnished, or is or was required to furnish, a return under section 68 or this section in respect of that year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s69"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 70", "Provision_Key": "s70", "Heading": "Keeping records of indirect tax transactions", "Text": "A return under section 68 or 69 must: (a) be in the approved form; and (b) specify: (i) the fringe benefits taxable amount of the employer of the year of tax concerned; and (ii) the amount of tax payable on that amount.", "Amendment_Count": 2, "First_Amended": "No 174 of 1997", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 174 of 1997 | No 91 of 2000", "History_Notes": "Amended by No 174 of 1997, effective Sch 7 (items 19–32): 21 Nov 1997 (s 2(1)) | Repealed and substituted by No 91 of 2000, effective Sch 2 (items 8, 8A, 9–12): 1 July 2000 (s 3(1)) Sch 2 (items 148–157): 1 Apr 2001 (s 3(3))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s70"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 70D", "Provision_Key": "s70d", "Heading": "Tax agent to give taxpayer copy of notice of assessment", "Text": "(1) Where a taxpayer has given the address of a registered tax agent as the taxpayer’s address for service, the registered tax agent must give the taxpayer the original of, or a copy of, any notice of assessment in respect of that taxpayer that is delivered to that address. Penalty: 30 penalty units. (2) An offence under subsection (1) is an offence of strict liability. Note: For strict liability , see section 6.1 of the Criminal Code .", "Amendment_Count": 2, "First_Amended": "No 174 of 1997", "Last_Amended": "No 146 of 2001", "Amending_Acts": "No 174 of 1997 | No 146 of 2001", "History_Notes": "Inserted by No 174 of 1997, effective Sch 7 (items 19–32): 21 Nov 1997 (s 2(1)) | Amended by No 146 of 2001, effective s 4 and Sch 4 (items 33–40): 15 Dec 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s70D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 72", "Provision_Key": "s72", "Heading": "First return deemed to be an assessment", "Text": "Where: (a) at a particular time, a return under this Act in relation to an employer in relation to a year of tax is furnished; and (b) before that time, no return has been furnished, and no assessment has been made, in relation to the employer in relation to the year of tax; the following provisions have effect: (c) the Commissioner shall be deemed at that time to have made an assessment (in this section referred to as the deemed assessment ) of: (i) the fringe benefits taxable amount (including a nil amount) of the employer of the year of tax; and (ii) the amount (including a nil amount) of tax payable on that fringe benefits taxable amount; being those respective amounts as specified in the return referred to in paragraph (a); (d) the return referred to in paragraph (a) shall be deemed to be a notice of the deemed assessment and to be under the hand of the Commissioner; (e) the notice referred to in paragraph (d) shall be deemed to have been served at that time on the person liable to pay the tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s72"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 73", "Provision_Key": "s73", "Heading": "Default assessments", "Text": "Where: (a) an employer has not furnished a return in respect of a year of tax; and (b) the Commissioner is of the opinion that the employer is liable to pay tax in respect of that year; the Commissioner may, whether during that year or after the end of that year, make an assessment of: (c) the fringe benefits taxable amount of the employer of the year of tax; and (d) the amount of tax payable on that fringe benefits taxable amount.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s73"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 74", "Provision_Key": "s74", "Heading": "Amendment of assessments", "Text": "(1) The Commissioner may, at any time within a period of 3 years after the original assessment date in relation to an assessment, amend the assessment by making such alterations or additions to it as the Commissioner thinks necessary. (2) Subject to this section, the Commissioner may, after the end of 3 years after the original assessment date in relation to an assessment, amend the assessment by making such alterations or additions to it as the Commissioner thinks necessary. (3) Where: (a) an employer does not make a full and true disclosure of all the material facts necessary for an assessment of the tax payable by the employer; (b) the Commissioner makes an assessment; and (c) there is an avoidance of tax; the Commissioner may: (d) where the Commissioner is of the opinion that the avoidance of tax is due to fraud or evasion—at any time; and (e) in any other case—within 6 years after the original assessment date in relation to the assessment; amend the assessment by making such alterations or additions to it as the Commissioner thinks necessary. (4) No amendment effecting a reduction in the liability of an employer under an assessment shall be made after the end of 3 years after the original assessment date. (5) Where an assessment has been amended under this section in any particular, the Commissioner may, within 3 years after the date on which the amended assessment is made, make, in or in respect of that particular, such further amendment of the assessment as, in the Commissioner’s opinion, is necessary to effect such reduction in the liability of the employer liable to pay tax under the assessment as is just. (6) Where an employer: (a) applies, within 3 years after the original assessment date in relation to an assessment, for an amendment of an assessment; and (b) supplies to the Commissioner within that period all information needed by the Commissioner for the purposes of determining the application made by the employer; the Commissioner may amend the assessment, notwithstanding that that period has expired. (6A) An application for amendment must be in the approved form. (7) Nothing in this section prevents the amendment of an assessment: (a) in order to give effect to a decision on a review or appeal; or (b) by way of reduction in any particular pursuant to an objection made under this Act or pending an appeal or review.", "Amendment_Count": 3, "First_Amended": "No 174 of 1997", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 174 of 1997 | No 91 of 2000 | No 2 of 2015", "History_Notes": "Amended by No 174 of 1997, effective Sch 7 (items 19–32): 21 Nov 1997 (s 2(1)) | Amended by No 91 of 2000, effective Sch 2 (items 8, 8A, 9–12): 1 July 2000 (s 3(1)) Sch 2 (items 148–157): 1 Apr 2001 (s 3(3)) | Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s74"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 75", "Provision_Key": "s75", "Heading": "Refund of amounts overpaid", "Text": "(1) Where, by reason of an amendment of an assessment, a person’s liability to tax is reduced: (a) the amount by which the tax is so reduced shall be taken, for the purposes of section 93, never to have been payable; and (b) the Commissioner shall: (i) refund the amount of any tax overpaid; or (ii) apply the amount of any tax overpaid against any liability of the person to the Commonwealth and refund any part of the amount that is not so applied. (2) In subsection (1), unless the contrary intention appears, tax includes additional tax under section 93.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s75"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 76", "Provision_Key": "s76", "Heading": "Amended assessment to be an assessment", "Text": "Except as otherwise provided, an amended assessment is an assessment for all the purposes of this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s76"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 77", "Provision_Key": "s77", "Heading": "Notice of assessment", "Text": "As soon as practicable after an assessment is made, the Commissioner shall serve notice of the assessment in writing on the person liable to pay the tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s77"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 78", "Provision_Key": "s78", "Heading": "Validity of assessment", "Text": "The validity of any assessment is not affected by reason that any provision of this Act has not been complied with.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s78"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 78A", "Provision_Key": "s78a", "Heading": "Objections", "Text": "An employer who is dissatisfied with an assessment may object against it in the manner set out in Part IVC of the Taxation Administration Act 1953 . Fringe Benefits Tax Assessment Act 1986 No. 39, 1986 Compilation No. 97 Compilation date: 1 July 2026 Includes amendments: Act No. 49, 2026 This compilation is in 2 volumes Volume 1: Parts I to V sections 1 to 78A Volume 2: Parts VII to XII sections 90 to 167 Schedule Endnotes Each volume has its own contents About this compilation This compilation This is a compilation of the Fringe Benefits Tax Assessment Act 1986 that shows the text of the law as amended and in force on 1 July 2026 (the compilation date ). The notes at the end of this compilation (the endnotes ) include information about amending laws and the amendment history of provisions of the compiled law. Uncommenced amendments The effect of uncommenced amendments is not shown in the text of the compiled law. The details of amendments made up to, but not commenced at, the compilation date are underlined in the endnotes. Any uncommenced amendments affecting the law are accessible on the Register (www.legislation.gov.au). Application, saving and transitional provisions If the operation of a provision or amendment of the compiled law is affected by an application, saving or transitional provision that is not included in this compilation, details are included in the endnotes. Editorial changes For more information about any editorial changes made in this compilation, see the endnotes. Presentational changes The Legislation Act 2003 provides for First Parliamentary Counsel to make presentational changes to a compilation. Presentational changes are applied to give a more consistent look and feel to legislation published on the Register, and enable the user to more easily navigate those documents. Modifications If the compiled law is modified by another law, the compiled law operates as modified but the modification does not amend the text of the law. Accordingly, this compilation does not show the text of the compiled law as modified. Any modifications affecting the law are accessible on the Register. Self ‑ repealing provisions If a provision of the compiled law has been repealed in accordance with a provision of the law, details are included in the endnotes. Contents", "Amendment_Count": 1, "First_Amended": "No 216 of 1991", "Last_Amended": "No 216 of 1991", "Amending_Acts": "No 216 of 1991", "History_Notes": "Inserted by No 216 of 1991, effective s 5–8, 88, 123, 124: 24 Dec 1991 (s 2(1)) s 113, 114: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s78A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 90", "Provision_Key": "s90", "Heading": "When tax payable", "Text": "Subject to this Part, tax assessed in respect of a year of tax becomes due and payable, or shall be deemed to have become due and payable, as the case requires, on 21 May in the next year of tax. Note: For provisions about collection and recovery of tax, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 178 of 1999 | No 179 of 1999 | No 2 of 2015", "History_Notes": "Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 179 of 1999, effective Sch 2 (items 9–19, 130–136): 22 Dec 1999 (s 2(1)) | Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s90"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 93", "Provision_Key": "s93", "Heading": "Unpaid tax", "Text": "(1) If any of the tax (including additional tax) which a person is liable to pay remains unpaid after the time by which the tax is due to be paid, the person is liable to pay the general interest charge on the unpaid amount for each day in the period that: (a) started at the beginning of the day by which the tax was due to be paid; and (b) finishes at the end of the last day on which, at the end of the day, any of the following remains unpaid: (i) the tax; (ii) general interest charge on any of the tax. (2) The amount of the general interest charge is taken to be additional tax payable under this section. Note: The general interest charge is worked out under Part IIA of the Taxation Administration Act 1953 .", "Amendment_Count": 6, "First_Amended": "No 191 of 1992", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 191 of 1992 | No 181 of 1994 | No 120 of 1995 | No 11 of 1999 | No 101 of 2006 | No 2 of 2015", "History_Notes": "Amended by No 191 of 1992, effective 21 Dec 1992 | Amended by No 181 of 1994, effective Schedule 1 (items 22–85): 13 Oct 1994 Remainder: Royal Assent | Amended by No 120 of 1995, effective Sch 2 (item 5): 25 Oct 1995 (s 2(1)) | Amended by No 11 of 1999, effective Schedule 1 (items 1–11, 398, 399, 404, 405): 1 July 1999 | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s93"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 100", "Provision_Key": "s100", "Heading": "Person in receipt or control of money of non ‑ resident", "Text": "(1) A person who has authority to receive, control or dispose of money belonging to a non ‑ resident who is liable to an amount of tax shall, when required by the Commissioner by notice in writing served on the person, pay the amount of tax and, by force of this section, is, when so required: (a) authorised and required to retain from time to time any money that comes to the person on behalf of the non ‑ resident or so much of it as is sufficient to pay the amount of tax payable by the non ‑ resident; (b) made personally liable for the amount of tax after it becomes payable to the extent of any amount so retained, or which should have been so retained, under paragraph (a); and (c) indemnified for all payments that the person makes pursuant to this section. (2) For the purposes of subsection (1), a person who is liable to pay money to a non ‑ resident shall be deemed to be a person who has the control of money belonging to the non ‑ resident, and all money due by the person to the non ‑ resident shall be deemed to be money that comes to the person on behalf of the non ‑ resident. (3) Where the Commonwealth, a State or Territory, or an authority of the Commonwealth, a State or Territory has the receipt, control or disposal of money belonging to a non ‑ resident, this section (other than paragraph (1)(b)) applies to and in relation to the Commonwealth, the State or the Territory, or the authority of the Commonwealth, of the State or of the Territory, as the case may be, in the same manner as it applies to and in relation to any other person. (4) In this section, tax includes additional tax under section 93.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s100"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 101", "Provision_Key": "s101", "Heading": "Interpretation", "Text": "(1) In sections 93, 100 and 129, but not in any other section of this Act, tax includes an instalment of tax payable under this Division. (2) In sections 100 and 129, but not in any other section of this Act, tax includes additional tax payable under subsection 112(4). (3) The ascertainment of the notional tax amount, or the amount of any instalment of tax, in accordance with this Division shall not be deemed to be an assessment within the meaning of any of the provisions of this Act.", "Amendment_Count": 2, "First_Amended": "No 44 of 2000", "Last_Amended": "No 91 of 2000", "Amending_Acts": "No 44 of 2000 | No 91 of 2000", "History_Notes": "Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 91 of 2000, effective Sch 2 (items 8, 8A, 9–12): 1 July 2000 (s 3(1)) Sch 2 (items 148–157): 1 Apr 2001 (s 3(3))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s101"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 102", "Provision_Key": "s102", "Heading": "Liability to pay instalments of tax", "Text": "For the purpose of securing generally the more expeditious collection of tax, an employer is liable to pay, in accordance with this Division, 4 instalments of tax in respect of each year of tax.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s102"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 103", "Provision_Key": "s103", "Heading": "When instalment of tax payable", "Text": "(1) Subject to this Division, the 4 instalments of tax payable in respect of a year of tax are due and payable as follows: When instalments of tax are due and payable Item This instalment ... is due and payable on: 1 first instalment 21 July in that year of tax 2 second instalment 21 October in that year of tax 3 third instalment 21 January in that year of tax 4 fourth instalment 21 April in the next year of tax (2) Despite subsection (1), and subject to this Division, if an employer is a deferred BAS payer on the day specified as the day on which an instalment is due and payable under subsection (1), that instalment is instead due and payable as specified in the following table: When instalments of tax are due and payable Item If subsection (2) applies to this instalment: the instalment is due and payable on: 1 first instalment 28 July in that year of tax 2 second instalment 28 October in that year of tax 3 third instalment 28 February in that year of tax 4 fourth instalment 28 April in the next year of tax Note: For provisions about collection and recovery of instalments of fringe benefits tax, see Part 4 ‑ 15 in Schedule 1 to the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 178 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 73 of 2001", "History_Notes": "Repealed and substituted by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective Sch 3 (items 1–8): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s103"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 104", "Provision_Key": "s104", "Heading": "Notice of the amount of an instalment", "Text": "An employer must notify the Commissioner, in the approved form, of the amount of an instalment on or before the day on which the instalment is due and payable.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 139 of 1987 | No 11 of 1999 | No 178 of 1999", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1999, effective Schedule 1 (items 1–11, 398, 399, 404, 405): 1 July 1999 | Repealed and substituted by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s104"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 105", "Provision_Key": "s105", "Heading": "Credit for instalments payable", "Text": "(1) An employer is entitled to a credit when the Commissioner: (a) makes an assessment of the tax payable by the employer for a year of tax; or (b) determines that no tax is payable. Note: The employer’s first return for the year of tax is treated as an assessment: see section 72. (2) The credit is equal to: • the total of each instalment (if any) payable by the employer for the year of tax; reduced by: • the total of any credits the employer has claimed under section 112A because of one or more instalments of tax for the year of tax. Note: An employer can claim a credit under section 112A in some cases where the amount by reference to which an instalment is worked out reduces during the year of tax. (3) The making of the assessment or determination, and the resulting credit entitlement, do not affect the liability to pay an instalment. Note: How the credit is applied is set out in Division 3 of Part IIB of the Taxation Administration Act 1953 .", "Amendment_Count": 2, "First_Amended": "No 178 of 1999", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 178 of 1999 | No 44 of 2000", "History_Notes": "Repealed and substituted by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Repealed and substituted by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s105"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 109", "Provision_Key": "s109", "Heading": "Interpretation", "Text": "In this Subdivision: employer’s estimate , in relation to an employer, in relation to an instalment of tax in relation to a year of tax, means the amount shown in a statement by the employer under subsection 112(1) in relation to the instalment as the employer’s estimate of the tax that will be payable by the employer in respect of the year of tax. estimated tax , in relation to an employer in relation to a year of tax, means the amount determined, or last determined, as the case requires, under subsection 112(2) or (3) as the estimated tax of the employer in respect of the year of tax. GIC period , in relation to an instalment in relation to a year of tax, has the meaning given by the following table: GIC period Item For this instalment in that year of tax: GIC period is this period if this instalment is due and payable under subsection 103(1): GIC period is this period if this instalment is due and payable under subsection 103(2): 1 first instalment the period starting at the beginning of 21 July, and finishing at the end of 20 October, in the year of tax the period starting at the beginning of 28 July, and finishing at the end of 27 October, in the year of tax 2 second instalment the period starting at the beginning of 21 October, and finishing at the end of 20 January, in the year of tax the period starting at the beginning of 28 October, and finishing at the end of 27 February, in the year of tax 3 third instalment the period starting at the beginning of 21 January in the year of tax and finishing at the end of 20 April in the next year of tax the period starting at the beginning of 28 February in the year of tax and finishing at the end of 27 April in the next year of tax 4 fourth instalment the period starting at the beginning of 21 April, and finishing at the end of 20 May, in the next year of tax the period starting at the beginning of 28 April, and finishing at the end of 20 May, in the next year of tax relevant fraction , in relation to an instalment, means: (a) 0.25 for a first instalment; or (b) 0.50 for a second instalment; or (c) 0.75 for a third instalment; or (d) 1.00 for a fourth instalment.", "Amendment_Count": 3, "First_Amended": "No 11 of 1999", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 11 of 1999 | No 178 of 1999 | No 73 of 2001", "History_Notes": "Amended by No 11 of 1999, effective Schedule 1 (items 1–11, 398, 399, 404, 405): 1 July 1999 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective Sch 3 (items 1–8): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s109"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 110", "Provision_Key": "s110", "Heading": "Notional tax amount", "Text": "(1) An employer’s notional tax amount for a year of tax (the current year ) as at a particular time (the test time ) is worked out using the table, except as provided in subsections (3), (4) and (5). Working out an employer’s notional tax amount Item In this case: The notional tax amount is: 1 No other item applies the amount of the employer’s tax for the most recent year of tax (the base year ) for which the Commissioner has made an assessment before the test time. 2 Before the test time, the Commissioner has determined that no tax is payable by the employer for a year of tax, and there is no later year of tax for which the Commissioner has made an assessment of the employer’s tax before the test time nil 3 There is no year of tax for which the Commissioner has, before the test time, made an assessment of the employer’s tax or determined that no tax is payable by the employer nil 4 The notional tax amount would otherwise be worked out under item 1 and: (a) the rate of tax declared by the Parliament for the current year is different from the rate declared for the base year; and (b) the regulations provide for varying the notional tax amount of employers for the current year if the test time is before the prescribed day—the notional tax amount worked out under item 1; or if the test time is on and after the prescribed day—that amount as varied in accordance with the regulations. Note: The employer’s first return for the year of tax is treated as an assessment: see section 72. (3) The Commissioner may determine that the employer’s notional tax amount for the current year is such amount as the Commissioner estimates will be the tax payable by the employer for that year, if the Commissioner has reason to believe that that tax will exceed: (a) if the notional tax amount would otherwise be worked out under item 1 or 4 of the table in subsection (1)—the amount of the employer’s tax for the base year; or (b) if the notional tax amount would otherwise be worked out under item 2 or 3 of the table in subsection (1)—nil. (4) Where the Commissioner makes a determination under subsection (3): (a) the Commissioner shall cause a notice in writing to be served on the employer specifying: (i) the notional tax amount determined by the Commissioner; and (ii) the date on which the determination takes effect, being a date not less than 30 days after the date of service of the notice; and (b) subject to subsection (5), the notional tax amount of the employer in respect of the year of tax is, on and after the date specified in the notice, the amount determined by the Commissioner. (5) Where, in relation to an instalment of tax in respect of a year of tax, being an instalment that becomes due and payable after the end of a quarter, an employer has estimated pursuant to subsection 112(1) the amount of tax that will be payable in respect of that year of tax and has furnished to the Commissioner a statement in accordance with that subsection, then, on and after the last day of the quarter and until such time as there is a further application of this subsection in relation to a subsequent instalment of tax payable by the employer, the notional tax amount of the employer in respect of the year of tax is, or shall be deemed to have been, as the case requires, an amount equal to the estimated tax.", "Amendment_Count": 4, "First_Amended": "No 223 of 1992", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 223 of 1992 | No 178 of 1999 | No 44 of 2000 | No 73 of 2001", "History_Notes": "Amended by No 223 of 1992, effective 1 Apr 1994 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective Sch 3 (items 1–8): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s110"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 111", "Provision_Key": "s111", "Heading": "Amount of instalment of tax", "Text": "(1) The amount of an instalment of tax of an employer for a year of tax that becomes due and payable after the end of a quarter is the amount worked out using this formula, if the amount is positive: Otherwise, the amount of the instalment is nil. Note: If the notional tax amount is too small, the instalment may not be payable: see subsection (2). (1A) For the purposes of the formula in subsection (1): notional tax amount means the employer’s notional tax amount for the year of tax, as at the end of the last day of that quarter. previous credits means the total of any credits the employer has claimed under section 112A because of one or more instalments of tax for the same year of tax that became due and payable before that day. previous instalments means the total of any instalments of tax for the same year of tax that became due and payable by the employer before that day. (2) An instalment of tax in respect of a year of tax that would otherwise become due and payable by an employer after the end of a quarter is not payable if: (a) the instalment is calculated by reference to a notional tax amount ascertained under subsection 110(1); and (b) the notional tax amount by reference to which the instalment was calculated is less than: (i) if a determination of an amount is in force under subsection (3) in respect of the year of tax—that amount; or (ii) in any other case—$1,000; and (c) unless that quarter is the first quarter in the year of tax—because of one or more previous applications of this subsection, the instalment that would otherwise have become due and payable by the employer after the end of the previous quarter is not payable. (3) The Commissioner may, by legislative instrument, determine an amount other than $1,000 as the amount applicable for the purposes of subsection (2) in respect of a year or years of tax specified in the determination.", "Amendment_Count": 4, "First_Amended": "No 178 of 1999", "Last_Amended": "No 64 of 2020", "Amending_Acts": "No 178 of 1999 | No 44 of 2000 | No 73 of 2001 | No 64 of 2020", "History_Notes": "Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective Sch 3 (items 1–8): 30 June 2001 (s 2(1)) | Amended by No 64 of 2020, effective Sch 3 (items 63–71): 1 July 2020 (s 2(1) item 5) Sch 3 (items 202, 325, 326): 1 Oct 2020 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s111"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 112", "Provision_Key": "s112", "Heading": "Estimated tax", "Text": "(1) An employer may, not later than the date on which an instalment of tax in respect of a year of tax is due and payable or within such further period as the Commissioner allows: (a) make an estimate of the amount of the tax (if any) that will be payable by the employer in respect of that year of tax; and (b) furnish to the Commissioner a written statement, in the approved form, showing: (i) the amount so estimated; and (ii) the basis on which the estimate has been made; unless the employer has previously furnished a statement under this subsection in relation to the instalment of tax. (2) Where an employer furnishes to the Commissioner, in relation to an instalment of tax, a statement under subsection (1), the estimated tax is, subject to subsection (3), an amount equal to the employer’s estimate. (3) Where, having regard to information in returns furnished by the employer and any other information in the Commissioner’s possession, the Commissioner has reason to believe that the amount of tax that will be payable by the employer in respect of the year of tax is greater than the employer’s estimate: (a) the Commissioner may estimate the amount that, in the Commissioner’s opinion, should have been the amount estimated by the employer pursuant to subsection (1) in respect of that year of tax; and (b) the estimated tax is: (i) an amount equal to the amount of tax so estimated by the Commissioner; or (ii) the amount that would be the notional tax amount of the employer in respect of the year of tax if the employer had not furnished a statement under subsection (1); whichever is the less.", "Amendment_Count": 4, "First_Amended": "No 191 of 1992", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 191 of 1992 | No 11 of 1999 | No 178 of 1999 | No 44 of 2000", "History_Notes": "Amended by No 191 of 1992, effective 21 Dec 1992 | Amended by No 11 of 1999, effective Schedule 1 (items 1–11, 398, 399, 404, 405): 1 July 1999 | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s112"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 112A", "Provision_Key": "s112a", "Heading": "Credit in certain cases where amount of instalment is nil", "Text": "(1) If an amount worked out using the formula in subsection 111(1) is negative, the employer is entitled to claim a credit equal to that amount, expressed as a positive amount. Note: This will happen if the notional tax amount has reduced since the end of an earlier quarter because, for example: the employer has made an estimate under section 112 of its tax for the current year; or an assessment has been made for a more recent year of tax before the current year. (2) A claim for a credit must be made in the approved form after the end of the quarter. Note: How the credit is applied is set out in Division 3 of Part IIB of the Taxation Administration Act 1953 .", "Amendment_Count": 3, "First_Amended": "No 44 of 2000", "Last_Amended": "No 73 of 2001", "Amending_Acts": "No 44 of 2000 | No 73 of 2001", "History_Notes": "Inserted by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 73 of 2001, effective Sch 3 (items 1–8): 30 June 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s112A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 112B", "Provision_Key": "s112b", "Heading": "Liability to GIC on shortfall in quarterly instalment worked out on the basis of estimated tax", "Text": "(1) An employer is liable to pay the general interest charge under this section if: (a) in order to determine the amount of an instalment of tax (the underpaid instalment ) of the employer for a year of tax, an amount (whether positive, negative or nil) (the actual amount ) was worked out using the formula in subsection 111(1); and (b) because of subsection 110(5), the notional tax amount used in working out the actual amount was an estimate by the employer under subsection 112(1); and (c) that notional tax amount is less than 90% of the employer’s tax assessed for the year of tax; and (d) that assessed tax has become due and payable. Note: Paragraph (1)(b) is not satisfied if the notional tax amount used in working out the actual amount was estimated tax worked out under subsection 112(3) because the Commissioner disagrees with the employer’s estimate. (2) The employer is liable to pay the charge, for each day in the GIC period, on the amount (if any) by which the actual amount is less than the amount (whether positive, negative or nil) worked out using the formula: (3) For the purposes of the formula in subsection (2): minimum tax amount means the lesser of: (a) the amount that, apart from subsection 110(5), would have been the notional tax amount used in working out the actual amount; and (b) the employer’s tax assessed for the year of tax. previous credits means the total of any credits the employer has claimed under section 112A because of one or more instalments of tax for the same year of tax that became due and payable before that day. previous instalments means the total of any instalments of tax for the same year of tax that became due and payable by the employer before the day on which the underpaid instalment became due and payable (or would have become due and payable if the actual amount had been positive). (4) The amount of the general interest charge is taken to be additional tax payable under this section.", "Amendment_Count": 1, "First_Amended": "No 44 of 2000", "Last_Amended": "No 44 of 2000", "Amending_Acts": "No 44 of 2000", "History_Notes": "Inserted by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s112B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 113", "Provision_Key": "s113", "Heading": "Notice of alteration of amount of instalment", "Text": "Where, by reason of the operation of subsection 112(3), the amount payable by an employer as an instalment of tax is greater than the instalment that would have been payable if it had been ascertained by reference to the employer’s estimate, the Commissioner shall cause to be served on the employer a notice in writing specifying: (a) the amount of the increase in the instalment of tax that became payable by reason of subsection 112(3); and (b) a date as the due date for payment of that amount, being a date not less than 14 days after the date of service of the notice; and the amount of the increase in the instalment of tax so specified is, notwithstanding section 103, due and payable on the date so specified.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s113"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123", "Provision_Key": "s123", "Heading": "Retention of statutory evidentiary documents", "Text": "(1) For the purposes of Part III, where an employer fails to retain, for the retention period, a statutory evidentiary document given to or made by the employer, the statutory evidentiary document shall be deemed never to have been given to or made by the employer. (2) For the purposes of sections 10A and 10B, where an employer fails to retain, for the retention period, statutory evidentiary documents, being log book records or odometer records maintained by or on behalf of the employer, those documents shall be deemed never to have been maintained. (3) For the purposes of subparagraph 24(1)(c)(ia) or (i), where an employer fails to retain, for the retention period, statutory evidentiary documents, being substitute documentary evidence maintained by or on behalf of the employer, those documents shall be deemed never to have been maintained. (4) Where: (a) a statutory evidentiary document (in this subsection referred to as the original document ) in relation to an employer is lost or destroyed; and (b) the employer has a document (the substitute document ) that: (i) is a copy of the original document; or (ii) properly records all of the matters as set out in the original document and was in existence when the original document was lost or destroyed; the substitute document shall be deemed, for the purposes of this section, to be, and to have been at all times after the original document was lost or destroyed, the original document. (5) Where: (a) a statutory evidentiary document in relation to an employer is lost or destroyed; and (b) the Commissioner is satisfied that: (i) the employer took all reasonable precautions to prevent loss or destruction of the document; and (iii) subsection (4) does not apply in relation to the document; and subsection (1), (2) or (3), as the case requires, does not apply, and shall be deemed not to have applied, at any time after the document was lost or destroyed. (6) Where: (a) a provision of this Act makes provision for a person to give a statutory evidentiary document (in this subsection referred to as the original document ) to an employer; (b) the original document is lost or destroyed before it is given to the employer; and (c) the Commissioner is satisfied that: (i) the person took all reasonable precautions to prevent loss or destruction of the document; and (iii) the person does not have a document that: (A) is a copy of the original document; or (B) properly records all of the matters set out in the original document and was in existence when the original document was lost or destroyed; and that provision of this Act has effect as if the original document had been given by the person to the employer and had been retained by the employer for the retention period. (7) Nothing in section 74 prevents the amendment of an assessment for the purpose of giving effect to this section.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 41 of 1998", "Amending_Acts": "No 139 of 1987 | No 145 of 1995 | No 41 of 1998", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123AA", "Provision_Key": "s123aa", "Heading": "Alternatives to statutory evidentiary documents", "Text": "(1) For the purposes of the operation of this Act in relation to a year of tax, a person who is an employer is taken to keep and retain a statutory evidentiary document at a time if: (a) a determination under subsection (2) is in force at that time; and (b) the determination specifies the year of tax; and (c) the statutory evidentiary document is in a class of statutory evidentiary documents specified in the determination for the year of tax; and (d) the person is in a class of persons specified in the determination for that class of statutory evidentiary documents for the year of tax; and (e) the person keeps and retains, at that time, alternative documents or records of a kind specified in the determination for that class of persons for that class of statutory evidentiary documents for the year of tax. (2) The Commissioner may, by legislative instrument, make a determination that specifies all of the following: (a) one or more years of tax; (b) one or more classes of statutory evidentiary documents for a specified year of tax; (c) one or more classes of persons for a specified class of statutory evidentiary documents for a specified year of tax; (d) one or more kinds of alternative documents or records for a specified class of persons for a specified class of statutory evidentiary documents for a specified year of tax. (3) For the purposes of paragraph (2)(d), the determination may specify a kind of documents or records only if the Commissioner is reasonably satisfied that the kind of documents or records is, for the purposes of this Act, an adequate alternative to the class of statutory evidentiary documents for which it is specified.", "Amendment_Count": 1, "First_Amended": "No 29 of 2023", "Last_Amended": "No 29 of 2023", "Amending_Acts": "No 29 of 2023", "History_Notes": "Inserted by No 29 of 2023, effective sch 3: 1 July 2023 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123AA"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123A", "Provision_Key": "s123a", "Heading": "When business use percentage and estimate of business kilometres must be specified", "Text": "If a provision requires a business use percentage or an estimate of the number of business kilometres to be specified, it must be specified in writing on or before the declaration date for the FBT year.", "Amendment_Count": 2, "First_Amended": "No 11 of 1989", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 11 of 1989 | No 145 of 1995", "History_Notes": "Inserted by No 11 of 1989, effective 16 Mar 1989 | Repealed and substituted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123B", "Provision_Key": "s123b", "Heading": "Substantiation requirements not to apply in special circumstances", "Text": "(1) The substantiation rules do not apply in relation to a benefit if the nature and quality of evidence that a person has satisfies the Commissioner that the taxable value of the benefit is not greater than the amount specified in the taxpayer’s return for the FBT year as the taxable value of that benefit. (3) The Commissioner may only make a decision under subsection (1): (a) in the course of reviewing on the Commissioner’s own motion the affairs of the employer; or (b) in considering an objection against the assessment of the employer of the year of tax; or (c) in considering whether to make an amendment of the assessment of the employer of the year of tax in response to a request made by the employer before the commencement of this section. (4) This section does not apply to a declaration made for the purposes of this Act. (6) This section applies to a benefit provided before, at or after the commencement of this section.", "Amendment_Count": 3, "First_Amended": "No 35 of 1992", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 35 of 1992 | No 145 of 1995 | No 38 of 2024", "History_Notes": "Inserted by No 35 of 1992, effective 25 May 1992 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 38 of 2024, effective sch 1 (items 27, 28): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123C", "Provision_Key": "s123c", "Heading": "Endorsement by Commissioner as public benevolent institution", "Text": "(1) The Commissioner must endorse an entity as a public benevolent institution if: (a) the entity is entitled to be endorsed as a public benevolent institution (see subsection (2)); and (b) the entity has applied for that endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . (2) An entity is entitled to be endorsed as a public benevolent institution if the entity: (a) is a registered public benevolent institution; and (b) has an ABN; and (c) is not an employer in relation to which step 2 of the method statement in subsection 5B(1E) applies.", "Amendment_Count": 2, "First_Amended": "No 95 of 2004", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 95 of 2004 | No 169 of 2012", "History_Notes": "Inserted by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123D", "Provision_Key": "s123d", "Heading": "Endorsement by Commissioner as health promotion charity", "Text": "(1) The Commissioner must endorse an entity as a health promotion charity if: (a) the entity is entitled to be endorsed as a health promotion charity (see subsection (2)); and (b) the entity has applied for that endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . (2) An entity is entitled to be endorsed as a health promotion charity if the entity: (a) is a registered health promotion charity; and (b) has an ABN; and (c) is not an employer in relation to which step 2 of the method statement in subsection 5B(1E) applies.", "Amendment_Count": 2, "First_Amended": "No 95 of 2004", "Last_Amended": "No 169 of 2012", "Amending_Acts": "No 95 of 2004 | No 169 of 2012", "History_Notes": "Inserted by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 123E", "Provision_Key": "s123e", "Heading": "Endorsement by Commissioner as registered charity (other than public benevolent institution or health promotion charity)", "Text": "(1) The Commissioner must endorse an entity as a registered charity covered by table item 1 in subsection 65J(1) if: (a) the entity is entitled to be endorsed as a registered charity covered by table item 1 in subsection 65J(1) (see subsection (2)); and (b) the entity has applied for that endorsement in accordance with Division 426 in Schedule 1 to the Taxation Administration Act 1953 . (2) An entity is entitled to be endorsed as a registered charity covered by table item 1 in subsection 65J(1) if the entity: (a) is a registered charity covered by column 1 of that table item; and (aa) satisfies the special conditions set out in that table item (other than the condition relating to endorsement under subsection (1) of this section); and (b) has an ABN.", "Amendment_Count": 4, "First_Amended": "No 95 of 2004", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 95 of 2004 | No 63 of 2005 | No 169 of 2012 | No 124 of 2013", "History_Notes": "Inserted by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 63 of 2005, effective Sch 4: 1 July 2005 (s 2(1) item 3) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s123E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 124", "Provision_Key": "s124", "Heading": "Assessments", "Text": "(1) Where the Commissioner does not have sufficient information to make an assessment of the fringe benefits taxable amount of an employer of a year of tax, that fringe benefits taxable amount shall be deemed, for the purposes of making an assessment under this Act, to be such amount as, in the opinion of the Commissioner, might reasonably be expected to be that fringe benefits taxable amount. (2) In determining whether an assessment is correct, any determination, opinion or judgment of the Commissioner made, held or formed in connection with the consideration of an objection against the assessment shall be deemed to have been made, held or formed when the assessment was made.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s124"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 124A", "Provision_Key": "s124a", "Heading": "Assessment on assumption", "Text": "(1) Subject to subsection (4), where: (a) an employee of an employer has derived eligible foreign remuneration or foreign earnings during a year of tax; and (b) at the time of making an assessment of the fringe benefits taxable amount of the employer of the year of tax, it is reasonable to assume that, at a later time, circumstances will exist because of which that eligible foreign remuneration or foreign earnings, as the case may be, will be exempt income by virtue of section 23AF or 23AG of the Income Tax Assessment Act 1936 ; this Act applies as if those circumstances existed at the time of making that assessment. (2) Subject to subsection (4), where, at the time of making an assessment of the fringe benefits taxable amount of an employer of a year of tax, it is reasonable to assume that, at a later time, circumstances will exist because of which a benefit provided in respect of the employment of an employee of the employer in, or in respect of, the year of tax will be an exempt benefit by virtue of section 58B, 58C or 58D, this Act applies as if those circumstances existed at the time of making that assessment. (3) Subject to subsection (4), where: (a) a fringe benefit (in this subsection called the temporary accommodation fringe benefit ) of a kind referred to in paragraph 61C(1)(a) is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer; and (b) at the time of making an assessment of the fringe benefits taxable amount of the employer of the year of tax, it is reasonable to assume that, at a later time, circumstances will exist because of which section 61C will apply to reduce the taxable value of the temporary accommodation fringe benefit in relation to the year of tax by a particular amount; this Act applies as if those circumstances existed at the time of making that assessment. (4) Where this Act has, by virtue of subsection (1), (2) or (3), applied on the basis that a circumstance that did not exist at the time of making an assessment would exist at a later time and the Commissioner, after making the assessment, becomes satisfied that that circumstance will not exist, then, notwithstanding section 74, the Commissioner may amend the assessment at any time for the purposes of ensuring that this Act shall be taken always to have applied on the basis that that circumstance did not exist.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 100 of 1991", "Amending_Acts": "No 139 of 1987 | No 100 of 1991", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s124A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 129", "Provision_Key": "s129", "Heading": "Agents and trustees", "Text": "(1) The following provisions of this section apply in relation to a person (in this section referred to as the representative ) being: (a) a person who, as agent for an employer, provides or arranges for the provision of benefits that are fringe benefits in relation to the employer; (b) an employer in the capacity of a trustee, being an employer in relation to whom fringe benefits are provided; or (c) a trustee in respect of the affairs of an employer where the trustee, as trustee, provides or arranges for the provision of benefits that are fringe benefits in relation to the employer. (2) The representative: (a) shall furnish returns in relation to the fringe benefits; and (b) is liable to any tax payable in respect of the provision of the fringe benefits; but only in the capacity of agent or trustee, as the case requires, and each such return shall be separate and distinct from any other return furnished or lodged by the representative. (3) The representative is, by force of this section: (a) authorised and required to retain from time to time any money that comes to the representative in the capacity as agent for the other person or trustee of the trust estate, or so much of it as is sufficient to pay the amount of tax; (b) made personally liable for the amount of tax after it becomes payable to the extent of any amount that the representative is required to retain under paragraph (a); and (c) indemnified for all payments that the representative makes pursuant to this section. (4) For the purposes of ensuring payment of the amount of tax, the Commissioner has the same remedies against attachable property of any kind vested in, under the control or management of, or in the possession of, the representative as the Commissioner would have against the property of any other person in respect of an amount of tax payable by the other person. (5) In this section, unless the contrary intention appears, tax includes additional tax under section 93.", "Amendment_Count": 1, "First_Amended": "No 2 of 2015", "Last_Amended": "No 2 of 2015", "Amending_Acts": "No 2 of 2015", "History_Notes": "Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s129"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 132", "Provision_Key": "s132", "Heading": "Records to be kept and preserved", "Text": "(1) An employer shall: (a) keep records that record and explain all transactions and other acts engaged in by the employer or any other person that are relevant for the purpose of ascertaining the employer’s liability under this Act; and (b) retain those records, and any records given to the employer under paragraph (2)(b), for a period of 5 years after the completion of the transactions or acts to which they relate. Penalty: 30 penalty units. Note: There is an exemption from the requirements of this subsection in certain cases: see Part XIA (Record keeping exemption). (2) Where an associate of an employer provides, or arranges for the provision of, fringe benefits to, or to associates of, employees of the employer, the associate shall: (a) keep records that record and explain all transactions and other acts engaged in by the associate or any other person in respect of the provision of those fringe benefits, being transactions or acts that are relevant for the purpose of ascertaining the employer’s liability under this Act; (b) give to the employer a copy of the records, so far as they relate to a year of tax, not later than 21 days after the end of that year of tax; and (c) retain those records for a period of 5 years after the completion of the transactions or acts to which they relate. Penalty: 30 penalty units. (3) A person who is required by this section to keep records shall keep the records: (a) in writing in the English language or so as to enable the records to be readily accessible and convertible into writing in the English language; and (b) so as to enable the employer’s liability under this Act to be readily ascertained. Penalty: 30 penalty units. (4) Nothing in this section shall be taken to require a person (in this subsection referred to as the record keeper ) to keep a record of information relating to a transaction or act engaged in by another person if: (a) where the transaction or act was entered into or done under an arrangement to which the record keeper was a party: (i) the record keeper made all reasonable efforts: (A) to ascertain whether the transaction had been entered into or the act had been done; and (B) to obtain the information; and (ii) did not know, and could not reasonably be expected to have known, the information; or (b) in any other case—the record keeper did not know, and could not reasonably be expected to have known, the information. (5) Nothing in this section shall be taken to require a person to retain records where: (a) the Commissioner has notified the person that retention of the records is not required; or (b) the person is a company that has gone into liquidation and been finally dissolved. (6) An offence under this section is an offence of strict liability. Note 1: For strict liability, see section 6.1 of the Criminal Code . Note 2: There is an administrative penalty if you do not keep or retain records as required by this section: see section 288 ‑ 25 in Schedule 1 to the Taxation Administration Act 1953 . Note 3: See section 4AA of the Crimes Act 1914 for the current value of a penalty unit.", "Amendment_Count": 4, "First_Amended": "No 145 of 1995", "Last_Amended": "No 84 of 2013", "Amending_Acts": "No 145 of 1995 | No 16 of 1999 | No 91 of 2000 | No 84 of 2013", "History_Notes": "Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1)) | Amended by No 91 of 2000, effective Sch 2 (items 8, 8A, 9–12): 1 July 2000 (s 3(1)) Sch 2 (items 148–157): 1 Apr 2001 (s 3(3)) | Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s132"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 132A", "Provision_Key": "s132a", "Heading": "Written evidence not available when return lodged", "Text": "(1) This section applies if: (a) a provision of this Act requires documentary evidence of an expense to be given to, or obtained by, an employer before the declaration date for an employer for an FBT year; and (b) at the date of lodgment of the employer’s return of the fringe benefits taxable amount for the FBT year: (i) the employer has not been given, or has not obtained, the documentary evidence; but: (ii) the employer has good reason to expect that he or she will be given, or will obtain, that evidence within a reasonable time. (2) If this section applies: (a) the employer may complete his or her return as if the documentary evidence had been given to, or obtained by, him or her by the date of lodgment; and (b) if the evidence is given to, or obtained by, the employer within a reasonable time—this Act applies as if the documentary evidence had been given to, or obtained by, the employer before the declaration date; and (c) if the evidence is not given to, or obtained by, the employer within a reasonable time—the employer must notify the Commissioner in writing that the evidence has not been obtained.", "Amendment_Count": 1, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 145 of 1995", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s132A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 134", "Provision_Key": "s134", "Heading": "Service on partnerships and associations", "Text": "Service, whether by post or otherwise, of a notice or document on a member of a partnership or on a member of the committee of management of an unincorporated association or other body of persons shall be deemed, for the purposes of this Act, to constitute service of the notice or other document on each member of the partnership or each member of the association or other body of persons, as the case may be.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s134"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135", "Provision_Key": "s135", "Heading": "Regulations", "Text": "The Governor ‑ General may make regulations, not inconsistent with this Act, prescribing all matters: (a) required or permitted by this Act to be prescribed; or (b) necessary or convenient to be prescribed for carrying out or giving effect to this Act; and, in particular, may make regulations prescribing penalties not exceeding a fine of 5 penalty units for offences against the regulations.", "Amendment_Count": 1, "First_Amended": "No 143 of 2007", "Last_Amended": "No 143 of 2007", "Amending_Acts": "No 143 of 2007", "History_Notes": "Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135A", "Provision_Key": "s135a", "Heading": "Overview of Part", "Text": "(1) Basically, this Part provides that, if certain conditions are satisfied, an employer need not keep or retain most of the records otherwise required to be kept and retained under subsection 132(1). (2) If the conditions are satisfied, the employer’s FBT liability is generally worked out using the aggregate fringe benefits amount from a previous FBT year (the base year ) instead of the current FBT year.", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135B", "Provision_Key": "s135b", "Heading": "Conditions that must be satisfied", "Text": "(1) This section has 2 conditions that must be satisfied for Division 3 to apply to an employer for an FBT year (the current year ). First condition: base year established (2) Either of the following must be true: (a) the FBT year immediately before the current year was a base year (see section 135C) of the employer; or (b) some other FBT year before the current year was a base year of the employer and section 135G applied to the employer for every FBT year after that base year but before the current year. Second condition: no Commissioner’s notice in previous year (3) The employer must not have been given a paragraph 135E(2)(c) notice by the Commissioner during the FBT year immediately before the current year.", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135C", "Provision_Key": "s135c", "Heading": "What is a base year?", "Text": "(1) An FBT year is a base year of an employer if: (a) the employer carries on business operations throughout the FBT year; and (b) the employer lodges an FBT return for the FBT year within the time allowed for doing so under section 68; and (c) as at the declaration date for the FBT year, the employer has kept and retained all the records that are (ignoring section 135E) required to be kept and retained under subsection 132(1) in relation to the employer’s liability under this Act for the FBT year; and (d) the employer’s aggregate fringe benefits amount for the FBT year does not exceed the exemption threshold (see subsections (2) and (3)) for the year; and (e) section 135G does not apply to the employer for the FBT year (that section allows employers to work out their liability to pay tax using their aggregate fringe benefits amount from a previous base year, instead of the current FBT year). Exemption threshold for 1996 ‑ 97 FBT year (2) The exemption threshold for the FBT year beginning on 1 April 1996 is $5,000. Exemption threshold for later FBT years (3) The exemption threshold for a later FBT year is the amount worked out using the formula: where: exemption threshold is the exemption threshold for the previous FBT year. indexation factor is the number worked out, to 3 decimal places (rounding up if the fourth decimal place is 5 or more), under subsection (4) for the later FBT year. Indexation factor (4) The indexation factor for an FBT year is the greater of: (a) 1; and (b) the number worked out using the formula: (5) In subsection (4): earlier December year means the period of 12 months immediately before the most recent December year. index number , for a quarter, means the All Groups Consumer Price Index number for the quarter (being the weighted average of the 8 capital cities) first published by the Australian Statistician for the quarter. most recent December year means the period of 12 months ending on 31 December immediately before the FBT year for which the threshold is being worked out. Disregard new publications (6) If the Australian Statistician publishes an index number for a quarter in substitution for an index number previously published for that quarter, disregard the later publication. Changed index reference period (7) However, if the Australian Statistician changes the index reference period for the Consumer Price Index, take into account only the index numbers published in terms of the new index reference period. Rounding down to whole dollar amount (8) Round the subsection (3) result down to the nearest whole dollar (if the result is not already a number of whole dollars).", "Amendment_Count": 2, "First_Amended": "No 16 of 1999", "Last_Amended": "No 145 of 2015", "Amending_Acts": "No 16 of 1999 | No 145 of 2015", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1)) | Amended by No 145 of 2015, effective Sch 4 (items 11–15): 10 Dec 2015 (s 2(1) item 7)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135D", "Provision_Key": "s135d", "Heading": "Consequences", "Text": "This Division has the consequences that apply if both conditions in section 135B are satisfied in relation to an employer for an FBT year (the current year ).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135E", "Provision_Key": "s135e", "Heading": "Exemption from keeping records", "Text": "(1) Subsection 132(1) (which requires certain records to be kept and retained) does not apply to the employer in relation to the employer’s liability under this Act for the current year. Records the employer must still keep (2) However, subsection 132(1) still applies in relation to the employer’s liability under this Act for the current year so far as it relates to the following: (a) copies of records that an associate of the employer gives the employer under paragraph 132(2)(b); (b) benefits provided at a time when the employer was: (i) a government body (see subsection 136(1)); or (ii) a person all of whose income is exempt from income tax; (c) benefits provided after the Commissioner has given the employer a written notice under this paragraph, during the current year, requiring the employer to resume keeping records.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135F", "Provision_Key": "s135f", "Heading": "Keeping records for 5 years after they are last relied on", "Text": "The period in paragraph 132(1)(b) for retaining records relating to the employer’s liability under this Act in respect of the employer’s most recent base year is extended (or further extended) to 5 years after the end of the current year (if the period is not already that long).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135G", "Provision_Key": "s135g", "Heading": "Way to work out liability", "Text": "The employer’s liability to pay tax under section 66 is worked out using the employer’s aggregate fringe benefits amount for the employer’s most recent base year, instead of for the current year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135G"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135H", "Provision_Key": "s135h", "Heading": "Exception if employer chooses to use current year aggregate fringe benefits amount", "Text": "Section 135G does not apply if the employer chooses to work out his or her liability using the employer’s aggregate fringe benefits amount for the current year.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135H"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135J", "Provision_Key": "s135j", "Heading": "Exception if employer is government body or tax ‑ exempt", "Text": "Section 135G does not apply if the employer is: (a) a government body (see subsection 136(1)); or (b) a person all of whose income is exempt from income tax; at any time during the current year.", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135J"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135K", "Provision_Key": "s135k", "Heading": "Exception if aggregate fringe benefits amount increases too much", "Text": "(1) Section 135G does not apply if the employer’s aggregate fringe benefits amount for the current year is more than 20% greater than it was for the employer’s most recent base year (unless the difference is $100 or less). Example: The aggregate fringe benefits amount was $100 for the most recent base year and $180 for the current year. This is 80% greater—well over the 20% limit. But section 135G can still apply because the difference is only $80. Special rules for applying this test (2) In working out, for the purposes of subsection (1), the employer’s aggregate fringe benefits amount for the current year, apply the following rules. Section 123 disregarded (3) Disregard the effect of section 123 (which deals with failing to retain statutory evidentiary documents). Special rule for car fringe benefits—cost basis method used in earlier year (5) If: (a) for the employer’s first car benefit year (if any—see subsection (6)), the employer used the method in section 10 (cost basis) to determine the taxable value of one or more car fringe benefits relating to a particular car; and (b) the employer uses the same method for that car, or for a car provided as a replacement of that car, for the current year; and (c) the business use percentage (see subsection 136(1)) for the current year is not lower than the business use percentage for the first car benefit year by more than 20 percentage points; the employer may, in using that same method, use the business use percentage for the car from the first car benefit year, instead of from the current year. Meaning of first car benefit year (6) In subsections (4) and (5), the employer’s first car benefit year is the first FBT year (if any) in the period: (a) beginning with the employer’s most recent base year; and (b) ending with the FBT year immediately before the current year; during which one or more car fringe benefits were provided in relation to the employer.", "Amendment_Count": 2, "First_Amended": "No 16 of 1999", "Last_Amended": "No 62 of 2011", "Amending_Acts": "No 16 of 1999 | No 62 of 2011", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1)) | Amended by No 62 of 2011, effective Sch 5 (items 1–9): 29 June 2011 (s 2(1) item 7) Sch 5 (items 10–12): 1 Apr 2016 (s 2(1) item 8)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135K"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135L", "Provision_Key": "s135l", "Heading": "Employer not in business throughout current year", "Text": "(1) This section applies if the employer does not carry on business operations throughout the current year. Pro ‑ rata reduction of base year aggregate fringe benefits amount (2) For the purposes of sections 135G and 135K, the employer’s aggregate fringe benefits amount for the employer’s most recent base year is replaced by the amount worked out using the following formula:", "Amendment_Count": 1, "First_Amended": "No 16 of 1999", "Last_Amended": "No 16 of 1999", "Amending_Acts": "No 16 of 1999", "History_Notes": "Inserted by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135L"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135M", "Provision_Key": "s135m", "Heading": "Simplified outline of this Part", "Text": "The following is a simplified outline of this Part: An employee’s reportable fringe benefits total for a year of income is the sum of each of the employee’s reportable fringe benefits amounts for the year of income (see section 135N). (The total is taken into account under other Acts; for example in working out some income tax rebates, Medicare levy surcharge and superannuation surcharge and whether the employee must make a repayment of a debt under the Higher Education Support Act 2003 .) An employee’s reportable fringe benefits amount from an employer is generally the grossed ‑ up value of the employee’s individual fringe benefits amount from that employer (see section 135P). Special rules apply for working out the employee’s reportable fringe benefits amount in respect of the employee’s employment if the benefits provided in respect of the employment include exempt benefits under section 57A or 58 (about employment with public benevolent institutions, certain hospitals, public ambulance services, health promotion charities and bodies providing care for sick, elderly or disadvantaged persons) (see section 135Q).", "Amendment_Count": 5, "First_Amended": "No 17 of 1999", "Last_Amended": "No 56 of 2010", "Amending_Acts": "No 17 of 1999 | No 150 of 2003 | No 83 of 2004 | No 95 of 2004 | No 56 of 2010", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 150 of 2003, effective Sch 2 (item 103): 1 Jan 2004 (s 2(1) item 8) | Amended by No 83 of 2004, effective Sch 4 and Sch 8 (items 1–3, 5–8): 25 June 2004 (s 2(1) items 1, 18) Sch 8 (item 4): 1 July 2005 (s 2(1) item 19) | Amended by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 56 of 2010, effective Sch 6 (item 16): 3 June 2010 (s 2 (1) item 15)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135M"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135N", "Provision_Key": "s135n", "Heading": "Employee’s reportable fringe benefits total", "Text": "An employee’s reportable fringe benefits total for a year of income is the sum of each of the employee’s reportable fringe benefits amounts for the year of income in respect of the employee’s employment by an employer. Example: Sylvia employs Angela, who has a reportable fringe benefits amount of $3,000 for the 1999 ‑ 2000 year of income from her employment by Sylvia. Angela is also an employee of Geoff, and has a reportable fringe benefits amount of $4,000 for that year of income from her employment by Geoff. Angela’s reportable fringe benefits total for the 1999 ‑ 2000 year of income is $7,000.", "Amendment_Count": 1, "First_Amended": "No 17 of 1999", "Last_Amended": "No 17 of 1999", "Amending_Acts": "No 17 of 1999", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135N"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135P", "Provision_Key": "s135p", "Heading": "Employee’s reportable fringe benefits amount —general rule", "Text": "Does an employee have a reportable fringe benefits amount? (1) An employee has a reportable fringe benefits amount for a year of income in respect of the employee’s employment by an employer if the employee’s individual fringe benefits amount for the year of tax ending on 31 March in the year of income in respect of the employee’s employment by the employer is more than $2,000. Example 1: On 31 May 2007, Sylvia waives a debt of $2,545 that her employee Angela owes her, thus providing Angela with a debt waiver fringe benefit with a taxable value of $2,545 for the year of tax ending on 31 March 2008. Angela has a reportable fringe benefits amount for the year of income ending on 30 June 2008 in respect of her employment by Sylvia. Example 2: On 1 March 2008, Angela’s employer Neil waives a debt of $1,900 Angela owes him, providing Angela with a debt waiver fringe benefit with a taxable value of $1,900 for the year of tax ending on 31 March 2008. However, he does not provide any other fringe benefits for that year of tax in respect of her employment, so Angela does not have a reportable fringe benefits amount for the year of income ending on 30 June 2008 in respect of her employment by Neil. Size of the reportable fringe benefits amount (2) The reportable fringe benefits amount is the amount worked out using the formula: where: individual fringe benefits amount is the employee’s individual fringe benefits amount for the year of tax in respect of the employee’s employment by the employer. Exempt car benefits for zero or low emissions vehicles are included (3) In working out the employee’s individual fringe benefits amount for the purposes of this section, disregard section 8A (Exempt car benefits: zero or low emissions vehicles).", "Amendment_Count": 3, "First_Amended": "No 17 of 1999", "Last_Amended": "No 86 of 2022", "Amending_Acts": "No 17 of 1999 | No 110 of 2006 | No 86 of 2022", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 110 of 2006, effective Sch 1: 1 Apr 2007 (s 2(1) item 2) | Amended by No 86 of 2022, effective sch 1: 1 Jan 2023 (s 2(1) item 2) sch 2: 1 Apr 2025 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135P"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135Q", "Provision_Key": "s135q", "Heading": "Reportable fringe benefits amount for some employees of certain institutions", "Text": "Overview (1) This section explains how to work out whether an employee has a reportable fringe benefits amount for a year of income in respect of the employee’s employment by an employer described in section 57A or 58, and the size of that amount, if: (a) a benefit is provided in respect of the employee’s employment by the employer; and (b) the benefit is an exempt benefit because of one of those sections; and (c) apart from those sections and section 8A, the benefit would be a fringe benefit relating to the employee, the employer and the year of tax ending on 31 March in the employee’s year of income. Note: Section 57A deals with public benevolent institutions, certain registered charities, employers of employees connected with certain hospitals and employers of employees connected with public ambulance services. Section 58 deals with persons employed by government bodies, religious institutions and non ‑ profit companies to care for the elderly or disadvantaged. Section 8A exempts car benefits for zero or low emissions vehicles. Does an employee have a reportable fringe benefits amount? (2) The employee has a reportable fringe benefits amount (worked out under subsection (4)) for the year of income in respect of the employee’s employment by the employer if the sum of the following is more than $2,000: (a) the employee’s individual fringe benefits amount (if any) for the year of tax ending on 31 March in the year of income in respect of the employee’s employment by the employer; (b) the employee’s individual quasi ‑ fringe benefits amount for the year of tax ending on 31 March in the year of income in respect of the employee’s employment by the employer. Note: An employee of an employer described in section 57A will not have an individual fringe benefits amount from that employer, because all benefits provided in respect of employment by that employer are exempt benefits. What is the employee’s individual quasi ‑ fringe benefits amount ? (3) The employee’s individual quasi ‑ fringe benefits amount is the amount that would be the employee’s individual fringe benefits amount for the year of tax in respect of the employee’s employment by the employer if: (a) each benefit described in subsection (1) in relation to the employee, employer and year of tax were a fringe benefit; and (b) there were no other fringe benefits relating to the employee, the employer and the year of tax. Note: Section 5E explains how to work out the employee’s individual fringe benefits amount for the year of tax. Size of the reportable fringe benefits amount (4) The reportable fringe benefits amount is the amount worked out using the formula: where: individual fringe benefits amount is the employee’s individual fringe benefits amount (if any) for the year of tax in respect of the employee’s employment by the employer. individual quasi ‑ fringe benefits amount is the employee’s individual quasi ‑ fringe benefits amount for the year of tax in respect of the employee’s employment by the employer. rate of tax is the rate of tax for the year of tax. Relationship with section 135P (5) This section has effect despite section 135P.", "Amendment_Count": 7, "First_Amended": "No 17 of 1999", "Last_Amended": "No 86 of 2022", "Amending_Acts": "No 17 of 1999 | No 52 of 2000 | No 167 of 2001 | No 83 of 2004 | No 110 of 2006 | No 124 of 2013 | No 86 of 2022", "History_Notes": "Inserted by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1)) | Amended by No 83 of 2004, effective Sch 4 and Sch 8 (items 1–3, 5–8): 25 June 2004 (s 2(1) items 1, 18) Sch 8 (item 4): 1 July 2005 (s 2(1) item 19) | Amended by No 110 of 2006, effective Sch 1: 1 Apr 2007 (s 2(1) item 2) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 86 of 2022, effective sch 1: 1 Jan 2023 (s 2(1) item 2) sch 2: 1 Apr 2025 (s 2(1) item 3)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135Q"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135R", "Provision_Key": "s135r", "Heading": "Application of this Part", "Text": "This Part applies in relation to the year of tax starting on 1 April 2001 and later years of tax.", "Amendment_Count": 1, "First_Amended": "No 167 of 2001", "Last_Amended": "No 167 of 2001", "Amending_Acts": "No 167 of 2001", "History_Notes": "Inserted by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135R"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135S", "Provision_Key": "s135s", "Heading": "Nomination of eligible State or Territory bodies", "Text": "(1) The following: (a) a State; or (b) the Australian Capital Territory; or (c) the Northern Territory; may nominate an eligible State or Territory body for the purposes of this Part. Form and content etc. of nomination (2) The nomination: (a) must be in the approved form; and (b) must specify the first year of tax in relation to which the nomination is to have effect; and (c) may specify that a class or classes of employees are to be taken to have a sufficient connection with the body for the purposes of subsection 135U(3); and (d) must be given to the Commissioner on or before 21 May in the year of tax specified under paragraph (b). When nomination has effect (3) Subject to subsection (5), the nomination has effect in relation to the body in relation to the first year of tax as specified in the nomination and in relation to all later years of tax. Avoidance of doubt (4) To avoid doubt: (a) the State or Territory may nominate more than one eligible State or Territory body; and (b) the State or Territory may make nominations at different times (including in different years of tax); and (c) if the State or Territory nominates more than one eligible State or Territory body, it need not specify the same first year of tax for them. Variation or revocation of nomination (5) The nomination may be varied or revoked, but a variation or revocation: (a) must be in the approved form; and (b) must specify the first year of tax in relation to which the variation or revocation is to have effect; and (c) must be given to the Commissioner on or before 21 May in that first year of tax. Nominated State or Territory bodies (6) For each year of tax during which the nomination has effect in relation to an eligible State or Territory body, the body is a nominated State or Territory body .", "Amendment_Count": 1, "First_Amended": "No 167 of 2001", "Last_Amended": "No 167 of 2001", "Amending_Acts": "No 167 of 2001", "History_Notes": "Inserted by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135S"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135T", "Provision_Key": "s135t", "Heading": "Eligible State or Territory bodies", "Text": "(1) Each of the following is an eligible State or Territory body : (a) a Department within the meaning of subsection 3(1) of the Government Sector Employment Act 2013 (NSW); (b) a public service body within the meaning of subsection 4(1) of the Public Administration Act 2004 (Vic.); (c) a department within the meaning of section 7 of the Public Service Act 2008 (Qld); (d) a department within the meaning of section 3 of the Financial Management Act 2006 (WA) as extended by section 5 of that Act; (e) a subsidiary body as defined in paragraphs (b) and (c) of the definition of that term in subsection 60(1) of the Financial Management Act 2006 (WA); (f) an administrative unit within the meaning of subsection 3(1) of the Public Sector Act 2009 (SA); (g) a Government department within the meaning of subsection 3(1) of the State Service Act 2000 (Tas.); (h) a directorate as defined in the Dictionary of the Financial Management Act 1996 (ACT); (i) an Agency within the meaning of subsection 3(1) of the Financial Management Act 1995 (NT); (l) a department of a Parliament of a State; (m) a department of a Legislative Assembly of a Territory. (2) However, a government body that pays, or is liable to pay, salary or wages is not an eligible State or Territory body . (3) The regulations may make modifications to subsection (1).", "Amendment_Count": 4, "First_Amended": "No 167 of 2001", "Last_Amended": "No 8 of 2019", "Amending_Acts": "No 167 of 2001 | No 97 of 2008 | No 46 of 2011 | No 8 of 2019", "History_Notes": "Inserted by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1)) | Amended by No 97 of 2008, effective Sch 3 (items 2–4): 3 Oct 2008 (s 2(1) item 3) | Amended by No 46 of 2011, effective Sch 2 (items 641, 642) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 5 and 12) | Amended by No 8 of 2019, effective Sch 8 (items 24, 25): 1 Apr 2019 (s 2(1) item 11)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135T"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135U", "Provision_Key": "s135u", "Heading": "Consequences of nomination", "Text": "Change in employer (1) Subject to subsection (4), a nominated State or Territory body, instead of the governing body otherwise applicable, is taken, for the purposes of the Act, to be the employer of each employee of the State or Territory that has a sufficient connection with the body. Meaning of sufficient connection (2) An employee of the State or Territory has a sufficient connection with the body if the employee performs his or her duties of employment wholly or principally in the body. (3) An employee of the State or Territory is taken to have a sufficient connection with the body if: (a) the employee does not perform his or her duties of employment wholly or principally in any other nominated State or Territory body; and (b) the employee is of a class of employees that the State or Territory has specified under paragraph 135S(2)(c) is to be taken to have a sufficient connection with the body. Obligations etc. still fall on State or Territory (4) Any right that would be conferred, or obligation that would be imposed, on the nominated State or Territory body as a consequence of subsection (1) is instead conferred or imposed on the State or the Territory. Other consequences (5) Also, for the purposes of this Act: (a) the nominated State or Territory body is taken to be a company; and (b) the following are taken to be companies related to the nominated State or Territory body: (i) each other nominated State or Territory body of the State or Territory concerned; and (ii) the State or Territory concerned; and (iii) each authority of the State or Territory that is not a related company of the nominated State or Territory body under subparagraph (i) or (ii); and (c) the nominated State or Territory body is taken to be a government body. Where nominated State or Territory body ceases to exist (6) If the nominated State or Territory body ceases to exist during a year of tax: (a) the State or Territory is taken, from the time the body ceases to exist, to be the employer of all employees who had a sufficient connection with the body immediately before it ceased to exist; and (b) the State or Territory is taken to have revoked the nomination of the body, with effect from the start of the next year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135U"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135V", "Provision_Key": "s135v", "Heading": "Working out the notional tax amount where nominations have been made, varied or revoked", "Text": "When section applies (1) This section applies if a State or Territory does any one or more of the following under section 135S: (a) makes one or more nominations; (b) varies one or more nominations; (c) revokes one or more nominations; with effect from the start of the same year of tax (the year of the change ). State or Territory to apportion prior year’s assessed tax for instalment purposes (2) If this section applies, the State or Territory must, in accordance with this section, specify the amounts of the tax that are to be taken for the purposes of subsection 110(1) to be assessed in respect of the following in respect of the year of tax (the prior year of tax ) immediately preceding the year of the change: (a) each body that is a nominated State or Territory body of the State or Territory for the year of the change (even if that year is not the first year of tax for that body); (b) the State or Territory. (3) The sum of the amounts specified under subsection (2) must equal the sum of the tax that was assessed in respect of the following in respect of the prior year of tax: (a) the State or Territory; (b) if there were nominated State or Territory bodies of the State or Territory for the prior year of tax—those bodies. Form etc. of apportionment (4) The State or Territory must: (a) specify the amounts after it makes the last of the nominations, variations or revocations; and (b) do so in the approved form; and (c) give the approved form to the Commissioner on or before 21 May in the year of the change. Effect of apportionment (5) For the purposes of subsection 110(1), the amounts specified in the approved form have effect to replace the amounts that would otherwise be the tax assessed for the prior year of tax in respect of the nominated State or Territory bodies and the State or Territory. Consequences of failure to apportion (6) If the requirements of this section are not complied with: (a) any making, variation or revocation of a nomination to which this section applies has no effect in relation to any year of tax; and (b) all existing nominations of the State or Territory under section 135S cease to have effect at the start of the year of the change; and (c) the amount of the tax that is taken for the purposes of subsection 110(1) to have been assessed in respect of the State or Territory in respect of the prior year of tax is equal to the sum of the amounts of tax assessed in respect of that year of tax in respect of the following: (i) the State or Territory; (ii) if there were nominated State or Territory bodies for that year of tax—those bodies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135V"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135W", "Provision_Key": "s135w", "Heading": "Notional tax amount where a nominated State or Territory body ceases to exist", "Text": "If a nominated State or Territory body ceases to exist during a year of tax (other than because of subsection 135V(6)), then, for the purposes of subsection 110(1), the amount of the tax that was assessed, in respect of the immediately preceding year of tax in respect of the State or Territory that nominated the body, is taken to be an amount worked out using the following formula: where: amount actually assessed means the amount of the tax assessed in respect of the State or Territory in respect of the immediately preceding year of tax. notional tax amount of the State or Territory body means the notional tax amount of the nominated State or Territory body in respect of the year of tax, as at the end of the last day of the last quarter before the body ceased to exist. previous credits of the State or Territory body means the total of any credits claimed under section 112A in relation to one or more instalments of tax of the nominated State or Territory body for that year of tax. previous instalments by the State or Territory body means the total of any instalments of tax of the nominated State or Territory body for that year of tax that became due and payable before it ceased to exist.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135W"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135X", "Provision_Key": "s135x", "Heading": "Application of certain provisions by agreement with the Commissioner", "Text": "Object (1) The object of this section is: (a) to ensure that the calculation of the taxable value of certain fringe benefits is not affected where continuity in the fulfilment of certain record ‑ keeping provisions is broken solely because of a transitional event; and (b) to preserve the character of certain benefits where that character would otherwise be lost solely because of a transitional event. Meaning of transitional event (2) A transitional event occurs if: (a) a State or Territory makes a nomination under section 135S; or (b) a State or Territory varies a nomination under section 135S; or (c) a State or Territory revokes a nomination under section 135S; or (d) a nominated State or Territory body ceases to exist. Agreement about consequences of transitional events (3) The Commissioner may enter into a written agreement with a State or Territory about what is to happen in respect of the following when a transitional event occurs: (a) whether a register kept by the State or Territory, or a nominated State or Territory body, is to be treated as a valid register for the purposes of Subdivision D of Division 10A of Part III of the Act (which deals with the 12 week record keeping method for car parking fringe benefits) and the employees and FBT years in relation to which the register is to be treated as valid; (b) whether a benefit that would otherwise lose its character as an exempt benefit under section 58B, 58C, 58D or 58S is to be treated as an exempt benefit; (c) whether a benefit that would otherwise lose its character as an amortised fringe benefit under section 65CA is to be treated as an amortised fringe benefit; (d) whether a benefit that would not otherwise be covered by a recurring fringe benefit declaration under section 152A is to be treated as being covered by the declaration; (e) whether a year of tax is to be treated as a log book year of tax of the State or Territory, or a nominated State or Territory body, for the purposes of the application of section 10 in relation to a car fringe benefit in relation to that State or Territory, or that nominated State or Territory body, in relation to a particular car or class of cars (however described); (f) whether a year of tax that is a base year of tax for the purposes of section 26 is to continue to be treated as a base year of tax. (4) So far as the agreement is inconsistent with this Act, the agreement prevails.", "Amendment_Count": 2, "First_Amended": "No 167 of 2001", "Last_Amended": "No 83 of 2004", "Amending_Acts": "No 167 of 2001 | No 83 of 2004", "History_Notes": "Inserted by No 167 of 2001, effective Sch 1 and Sch 4 (items 1–4): 1 Oct 2001 (s 2(1)) | Amended by No 83 of 2004, effective Sch 4 and Sch 8 (items 1–3, 5–8): 25 June 2004 (s 2(1) items 1, 18) Sch 8 (item 4): 1 July 2005 (s 2(1) item 19)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135X"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 135Y", "Provision_Key": "s135y", "Heading": "Temporary budget repair levy", "Text": "Application (1) This section applies to the temporary budget repair levy years for FBT (within the meaning of section 6A of the Fringe Benefits Tax Act 1986 ). Modification for aggregate non ‑ exempt amount (2) The method statement in subsection 5B(1E) has effect as if: (a) each reference in that method statement to $17,000 was instead a reference to $17,667; and (b) the reference in that method statement to $30,000 was instead a reference to $31,177. Modified rebate for certain not ‑ for ‑ profit employers (3) The method statement in subsection 65J(2B) has effect as if the reference in that method statement to $30,000 was instead a reference to $31,177. Note: The FBT rate is increased by 2 percentage points in the temporary budget repair levy years for FBT: see section 6A of the Fringe Benefits Tax Act 1986 .", "Amendment_Count": 1, "First_Amended": "No 48 of 2014", "Last_Amended": "No 48 of 2014", "Amending_Acts": "No 48 of 2014", "History_Notes": "Inserted by No 48 of 2014, effective Sch 2: 25 June 2014 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s135Y"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 136", "Provision_Key": "s136", "Heading": "Interpretation", "Text": "(1) In this Act, unless the contrary intention appears: ABN has the meaning given by the A New Tax System (Australian Business Number) Act 1999 . academic period , in relation to an educational institution, means: (a) if the academic years of the educational institution are divided into terms but not semesters—a term of the academic year; (b) if the academic years of the educational institution are divided into semesters (whether or not they are also divided into terms)—a semester of the academic year; or (c) if the academic years of the educational institution are not divided into terms or semesters—an academic year of the institution. accommodation component , in relation to a living ‑ away ‑ from ‑ home allowance fringe benefit, means so much (if any) of the fringe benefit as might reasonably be concluded to be compensation for expenses to be incurred by the employee for the accommodation of eligible family members during the period to which the fringe benefit relates. agent includes: (a) a person who, for and on behalf of a person out of Australia, has the management or control in Australia of the whole or a part of a business of the second ‑ mentioned person; and (b) a person declared by the Commissioner, by notice in writing served on the person, to be an agent or the sole agent of a person for the purposes of this Act. agent’s certificate means a certificate under subsection 71(1). aggregate fringe benefits amount has the meaning given by section 5C. aggregate non ‑ exempt amount has the meaning given by subsection 5B(1E). aggregate non ‑ rebatable amount has the meaning given by subsection 65J(2B). airline transport fringe benefit means an in ‑ house property fringe benefit, or in ‑ house residual fringe benefit, to the extent that the benefit: (a) is the provision of transport in a passenger aircraft operated by a carrier and any incidental services on board the aircraft; and (b) is provided subject to the stand ‑ by restrictions that customarily apply in relation to the provision of airline transport to employees in the airline industry. all ‑ day parking , in relation to a particular day, means parking of a single car for a continuous period of 6 hours or more during a daylight period on that day. amortised fringe benefit has the meaning given by section 65CA. approved form has the meaning given by section 388 ‑ 50 in Schedule 1 to the Taxation Administration Act 1953 . approved worker entitlement fund has the meaning given by subsections 58PB(1) and (2). arm’s length loan means a loan where the parties to the loan are dealing with each other at arm’s length in relation to the loan. arm’s length transaction means a transaction where the parties to the transaction are dealing with each other at arm’s length in relation to the transaction. arrangement means: (a) any agreement, arrangement, understanding, promise or undertaking, whether express or implied, and whether or not enforceable, or intended to be enforceable, by legal proceedings; and (b) any scheme, plan, proposal, action, course of action or course of conduct, whether unilateral or otherwise. assessable income has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . assessment means the ascertainment of the fringe benefits taxable amount of an employer of a year of tax and of the tax payable on that amount. associate has the meaning given by section 318 of the Income Tax Assessment Act 1936 . Note: Section 159 of this Act affects the above definition. associated premises , in relation to a person, means premises, or a part of premises: (a) owned by the person; or (b) leased by the person; or (c) otherwise under the control of the person; but does not include: (d) business premises of the person; or (e) premises, or a part of premises, used as a place of residence of an employee of the person or an employee of an associate of the person. Australia , when used in a geographical sense, has the same meaning as in the Income Tax Assessment Act 1997 . Australian workers’ compensation law means a workers’ compensation law that is a law of the Commonwealth or of a State or Territory. basic car rate , for a car for a year of tax ending on 31 March in a year, means the rate determined under subsection 28 ‑ 25(4) of the Income Tax Assessment Act 1997 for the car for the year of income ending on 30 June in that year. battery electric vehicle has the meaning given by subsection 8A(3). benchmark interest rate : (a) in relation to a year of tax, means the rate of interest, known as the large bank housing lenders variable interest rate on loans for housing for owner occupation, last published by the Reserve Bank of Australia before the commencement of the year of tax; and (b) in relation to a time after 2 April 1986 and before 1 July 1986, means a rate of interest offered anywhere in Australia at that time in respect of a Commonwealth Bank housing loan. benefit includes any right (including a right in relation to, and an interest in, real or personal property), privilege, service or facility and, without limiting the generality of the foregoing, includes a right, benefit, privilege, service or facility that is, or is to be, provided under: (a) an arrangement for or in relation to: (i) the performance of work (including work of a professional nature), whether with or without the provision of property; (ii) the provision of, or of the use of facilities for, entertainment, recreation or instruction; or (iii) the conferring of rights, benefits or privileges for which remuneration is payable in the form of a royalty, tribute, levy or similar exaction; (b) a contract of insurance; or (c) an arrangement for or in relation to the lending of money. board benefit means a benefit referred to in section 35. board fringe benefit means a fringe benefit that is a board benefit. board meal means a meal provided, in respect of the employment of an employee of an employer, to a person (in this definition referred to as the recipient ), being the employee or an associate of the employee, where: (a) the meal is provided on a meal entitlement day; (b) the meal is provided by the employer or, if the employer is a company, by the employer or by a company that is related to the employer; (c) either of the following subparagraphs applies: (i) the meal is cooked or otherwise prepared on eligible premises of the employer and is provided to the recipient on eligible premises of the employer (not being a dining facility that, at any time, is open to the public); (ii) the following conditions are satisfied: (A) the duties of employment of the employee consist principally of duties to be performed in, or in connection with, an eligible dining facility of the employer or a facility for the provision of accommodation, recreation or travel of which the eligible dining facility forms part; (B) the meal is cooked or otherwise prepared in the cooking facility of the eligible dining facility; (C) the meal is provided to the recipient in the eligible dining facility; (d) the facility in which the meal is cooked or otherwise prepared is not for use wholly or principally for the cooking or other preparation of meals solely for the employee or associates of the employee or for the employee and associates of the employee; and (e) the meal is not provided at a party, reception or other social function. business journey means: (a) for the purposes of the application of Division 2 of Part III in relation to a car fringe benefit in relation to an employer in relation to a car—a journey undertaken in a car otherwise than in the application of the car to a private use, being an application that results in the provision of a fringe benefit in relation to the employer; or (b) for the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, an expense payment fringe benefit, a property fringe benefit or a residual fringe benefit, as the case requires, in relation to an employee in relation to a car—a journey undertaken in the car in the course of producing assessable income of the employee. business kilometre , in relation to a car, means a kilometre travelled by the car in the course of a business journey. business operations , in relation to a government body or a non ‑ profit company, includes any operations or activities carried out by that body or company. business premises , in relation to a person, means premises, or a part of premises, of the person used, in whole or in part, for the purposes of business operations of the person, but does not include: (a) premises, or a part of premises, used as a place of residence of an employee of the person or an employee of an associate of the person; or (b) a corporate box; or (c) boats or planes used primarily for the purpose of providing entertainment unless the boat or plane is used in the person’s business of providing entertainment; or (d) other premises used primarily for the purpose of providing entertainment unless the premises are used in the person’s business of providing entertainment. business use percentage , for a car held by a person during a period (the holding period ) in an FBT year, means the percentage worked out using the formula: car has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . car benefit means a benefit referred to in subsection 7(1). car expense , in relation to a car, means an expense incurred in respect of: (a) the registration of, or insurance in respect of, the car; (b) repairs to or maintenance of the car; or (c) fuel for the car. car expense payment benefit means an expense payment fringe benefit where the recipients expenditure is a Division 28 car expense. car fringe benefit means a fringe benefit that is a car benefit. car loan benefit means a loan fringe benefit where the loan was used by the recipient to: (a) purchase a car; or (b) pay a Division 28 car expense. car parking benefit means a benefit referred to in section 39A. car parking fringe benefit means a fringe benefit that is a car parking benefit. car property benefit means a property fringe benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients property, that expenditure would have been a Division 28 car expense. car residual benefit means a residual fringe benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients benefit, that expenditure would have been a Division 28 car expense. car substantiation declaration , in relation to a car held by a person during a period (in this definition called the holding period ) in a year of tax, means a declaration, in a form approved by the Commissioner, for the purposes of paragraphs 19(1)(ca), 24(1)(ea), 44(1)(da) and 52(1)(da), in relation to the car in relation to the holding period. child has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . child care facility means a facility at which a person receives, or is ready to receive, 2 or more children under the age of 6, not being associates of the person, for the purpose of minding, caring for or educating them for a day or part of a day without provision for residential care but does not include a facility at the place of residence of any of those children. close relative , in relation to a person, means: (a) the spouse of the person; (b) a child or parent of the person; or (c) a parent of the person’s spouse. commercial parking station , in relation to a particular day, means a permanent commercial car parking facility where any or all of the car parking spaces are available in the ordinary course of business to members of the public for all ‑ day parking on that day on payment of a fee, but does not include a parking facility on a public street, road, lane, thoroughfare or footpath paid for by inserting money in a meter or by obtaining a voucher. Commissioner means the Commissioner of Taxation. Commonwealth Bank housing loan means an arm’s length loan by the Commonwealth Bank of Australia made in the ordinary course of business to a member of the public, being a loan: (a) for housing purposes; and (b) the terms of which provide for: (i) interest to be calculated on the daily balance of the loan; and (ii) that interest to be added to the balance of the loan at monthly intervals. company includes any body or association, corporate or unincorporate, but does not include a partnership. comparison time , in relation to a residual fringe benefit, means: (a) if the fringe benefit is constituted by a benefit to which subsection 46(2) applies—the start of the billing period referred to in that subsection in relation to the benefit; or (b) if the fringe benefit is a period residual fringe benefit—the time when the recipients overall benefit started to be provided; or (c) if the fringe benefit is an airline transport fringe benefit—the time when the transport starts; or (d) otherwise—the time when the benefit is provided. compensable work ‑ related trauma means work ‑ related trauma suffered by an employee where: (a) if there is no Australian workers’ compensation law that applies to the employment of the employee—if any Australian workers’ compensation law had applied to the employment of the employee, that law would have provided for compensation or other benefits for or in respect of the trauma; or (b) in all cases—there is a workers’ compensation law that: (i) applies to the employment of the employee; and (ii) provides for compensation or other benefits for or in respect of the trauma. contract of investment insurance means a contract of life assurance insuring payment of money in the event that the life insured is alive on a specified date, whether or not the contract also insures the payment of money in any other event. cost price : (a) in relation to a car owned by a person, means: (i) where the car was manufactured by the person—the amount for which the car could reasonably have been expected to have been sold by the person by wholesale under an arm’s length transaction at or about the time when the car was applied to the person’s own use; or (ii) where neither subparagraph (i) nor (iii) applies, an amount equal to the sum of: (A) the expenditure incurred by the person (other than expenditure in respect of registration or in respect of a tax on, or on a transfer of, registration) that is directly attributable to the acquisition or delivery of the car or, if subsection 7(6) applies in relation to the car, the leased car value of the car when the person first took the car on hire; and (B) the amount of any additional expenditure incurred by the person for or in relation to the fitting of non ‑ business accessories to the car at or about the time when the car was acquired by the person, reduced by the amount of any reimbursement of the whole or a part of that expenditure paid, at or about the time when the expenditure was incurred, by a recipient of a car benefit in relation to the car; or (iii) where subparagraph (i) does not apply and the person was entitled to privileges or exemptions in relation to customs duty in respect of a transaction by which the person acquired the car or by which the person arranged for the fitting of non ‑ business accessories to the car at or about the time when the car was acquired by the person, the amount that could reasonably have been expected to have been applicable under subparagraph (ii) if the person had not been entitled to those privileges to exemptions; (b) in relation to a non ‑ business accessory fitted to a car, means: (i) where the accessory was manufactured by the person who held the car at the time of the fitting—the amount for which the accessory could reasonably have been expected to have been sold under an arm’s length transaction by the person by wholesale at or about the time when the accessory was applied to the person’s own use; and (ii) where neither subparagraph (i) nor (iii) applies—the expenditure incurred, by a person other than a recipient of a car benefit in relation to the car, for or in relation to the fitting of the accessory, reduced by the amount of any reimbursement of the whole or a part of that expenditure paid at or about that time by a recipient of a car benefit in relation to the car; and (iii) where subparagraph (i) does not apply and a person was entitled to privileges or exemptions in relation to customs duty in respect of a transaction by which the person acquired the accessory—the amount that could reasonably have been expected to have been applicable under subparagraph (ii) if the person had not been entitled to those privileges or exemptions; and (c) in relation to the recipients property in relation to a property fringe benefit—means the expenditure incurred by the provider that is directly attributable to purchasing or obtaining delivery of the property. counselling includes the giving of advice or information in a seminar. current employee means a person who receives, or is entitled to receive, salary or wages. current employer means a person (including a government body) who pays, or is liable to pay, salary or wages, and includes: (a) in the case of a partnership—each partner; and (b) in the case of any other unincorporated association or body of persons—its manager or other principal officer. current identical benefit , in relation to an identical overall benefit in relation to a year of tax, means that identical overall benefit insofar as it was provided during the year of tax. customs duty means customs duty imposed under a law of the Commonwealth or of a Territory. daily balance , in relation to a loan, means the balance of the loan at the end of a day. daylight period , in relation to a day, means so much of a period on that day as occurs: (a) after 7 a.m. on that day; and (b) before 7 p.m. on that day. debt waiver benefit means a benefit referred to in section 14. debt waiver fringe benefit means a fringe benefit that is a debt waiver benefit. December quarter means a quarter ending on 31 December. declaration date , in relation to an employer in relation to a year of tax, means the date of lodgment of the return of the fringe benefits taxable amount of the employer of the year of tax, or such later date as the Commissioner allows. deductible expenses , in relation to an allowance paid to an employee, means expenses incurred by the employee in respect of which a deduction is allowable to the employee under section 8 ‑ 1 of the Income Tax Assessment Act 1997 (ignoring Divisions 28, 32 and 900 of that Act). deferred BAS payer has the same meaning as in subsection 995 ‑ 1(1) in the Income Tax Assessment Act 1997 . Deputy Commissioner means a Deputy Commissioner of Taxation. disadvantaged person means: (a) a person who is intellectually, psychiatrically or physically handicapped; or (b) a person who is in necessitous circumstances. disease has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . Division 28 car expense means a car expense as defined in section 28 ‑ 13 of the Income Tax Assessment Act 1997 , but does not include a car expense covered by section 28 ‑ 165 of that Act. documentary evidence , in relation to an expense incurred by a person, means a document that would constitute written evidence of the expense obtained in a way described in Subdivision 900 ‑ E of the Income Tax Assessment Act 1997 if the expense were a work expense, and Division 900 of that Act applied to the person. domestic services includes: (a) child care; (b) gardening; (c) home renovations, repairs or maintenance; (d) house cleaning; (e) nursing care; and (f) preparation of meals. dwelling means a unit of accommodation constituted by, or contained in a building, being a unit that consists, in whole or in substantial part, of residential accommodation. economy air fare , in relation to a person being carried on a scheduled passenger air service operated by a carrier over a route, means: (a) in a case where paragraph (b) does not apply—the standard air fare (other than a preferential air fare) charged by the carrier in respect of the scheduled air service; or (b) in a case where the carrier charges children, students or blind persons a concessional air fare in respect of the air fare to which paragraph (a) applies and the person is eligible for such a concessional air fare—the concessional air fare concerned; being, in either case, an air fare in relation to which no special booking conditions are attached. educational institution means a school, college or university. elderly person means a person who has attained the age of 60 years. electronic signature has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . eligible car parking expense payment benefit means an expense payment benefit where: (a) the recipient is an employee or an associate of an employee; and (b) the recipients expenditure is in respect of the provision of car parking facilities for a car on one or more days; and (c) the following conditions are satisfied in relation to any of those days: (i) on that day, the employee has a primary place of employment; (ii) on that day, the car was parked for one or more daylight periods exceeding 4 hours in total at, or in the vicinity of, that primary place of employment; (iii) the whole or a part of the recipients expenditure is in respect of the provision of the parking facilities to which that parking relates; (iv) on that day, the car was used in connection with travel by the employee between the place of residence of the employee and that primary place of employment; (v) the provision of parking facilities for the car during the period or periods is not taken, under the regulations, to be excluded from this definition; (vi) the day is on or after 1 July 1993. eligible dining facility , in relation to an employer, means: (a) a canteen, dining room or similar facility; or (b) a café, restaurant or similar facility; that is located on premises of the employer or, if the employer is a company, of the employer or of a company that is related to the employer. eligible family member means: (a) in relation to an employee whose duties of employment require the employee to live away, for a period, from his or her normal residence: (i) the employee; or (ii) the spouse of the employee, or a child of the employee, being a spouse or child, as the case may be: (A) who lived with the employee during that period; and (B) whose usual place of residence during that period was the same as the usual place of residence of the employee; and (b) in relation to a living ‑ away ‑ from ‑ home allowance fringe benefit in relation to an employee, means: (i) the employee; or (ii) the spouse of the employee, or a child of the employee, being a spouse or child, as the case may be: (A) in respect of whom the fringe benefit is paid; (B) who lived with the employee during the period to which the fringe benefit relates; and (C) whose usual place of residence during that period was the same as the usual place of residence of the employee. eligible foreign remuneration has the same meaning as in section 23AF of the Income Tax Assessment Act 1936 . eligible incidental travel expense payment benefit means an expense payment fringe benefit where: (a) either: (i) the recipients expenditure: (A) is in respect of travel by the recipient away from the recipient’s usual place of residence undertaken in the course of performing the duties of his or her employment, being expenditure in respect of accommodation, the purchase of food or drink or otherwise incidental to the travel; and (B) relates solely to travel by the recipient in Australia; or (ii) the recipients expenditure: (A) is in respect of travel by the recipient away from the recipient’s usual place of residence undertaken in the course of performing the duties of his or her employment, being expenditure in respect of the purchase of food or drink or otherwise incidental to the travel (except in respect of accommodation); and (B) relates solely or principally to travel by the recipient outside Australia; and (b) the payment or reimbursement, as the case may be, that constitutes the fringe benefit is in the nature of compensation to the recipient for the expenses that the recipient might reasonably be expected to have incurred in respect of the matters specified in sub ‑ subparagraph (a)(i)(A) or (a)(ii)(A), as the case requires. eligible overtime meal expense payment benefit means an expense payment fringe benefit where: (a) the recipients expenditure is incurred in respect of the purchase of food or drink in connection with overtime worked by the recipient; and (b) the payment or reimbursement, as the case may be, that constitutes the fringe benefit is in the nature of compensation to the recipient for the expenses that the recipient might reasonably be expected to have incurred in respect of the purchase of food or drink in connection with that overtime. eligible pre ‑ commencement loan means a loan made before 1 July 1986 at a rate of interest that: (a) is specified in a document in existence at the time when the loan was made; and (b) cannot be varied. eligible premises , in relation to entertainment, a meal, or food or drink, provided in respect of the employment of an employee of an employer, means: (a) if the employer is a company—premises of the employer or of a company that is related to the employer; or (b) in any other case—premises of the employer; and includes, in either case, a location at or adjacent to a site at which the employee performs duties of that employment. emergency means an emergency involving any of the following matters: (a) a natural disaster; (b) a conflict involving an armed force; (c) a civil disturbance; (d) an accident; (e) a serious illness; (f) any similar matter. emergency assistance , in relation to a person, means assistance granted to the person where: (a) the person is, or is at immediate risk of becoming, the victim of an emergency; (b) the assistance is granted to the person solely in order to provide immediate relief; (c) the assistance is in respect of all or any of the following matters: (i) first aid or other emergency health care; (ii) emergency meals or food supplies; (iii) emergency clothing; (iv) emergency transport; (v) emergency accommodation; (vi) emergency use of household goods; (vii) temporary repairs; (viii) any similar matter. employee means: (a) a current employee; (b) a future employee; or (c) a former employee. employee credit loan benefit , in relation to a year of tax, means a loan fringe benefit in relation to an employee in relation to the year of tax where: (a) the loan consists of the provision of credit to the employee in respect of: (i) property sold; or (ii) other benefits provided; to the employee by the provider of the fringe benefit; and (b) if the employee had, on the last day of the period during the year of tax when the employee was under an obligation to repay the whole or any part of the loan, incurred interest in respect of the loan in respect of that period, that interest would have been exclusively incurred in gaining or producing salary or wages of the employee in respect of the employment to which the fringe benefit relates. employee share loan benefit , in relation to a year of tax, means a loan fringe benefit in relation to an employee in relation to an employer in relation to the year of tax where: (a) the sole purpose of the making of the loan is to enable the employee to acquire shares, or rights to acquire shares, in a company, being: (i) the employer; or (ii) an associate of the employer; and (b) the shares or rights were beneficially owned by the employee at all times during the period during the year of tax when the employee was under an obligation to repay the whole or any part of the loan. employee’s share of the taxable value of a fringe benefit has the meaning given by section 5F. employer means: (a) a current employer; (b) a future employer; or (c) a former employer; but does not include: (d) the Commonwealth; or (e) an authority of the Commonwealth that cannot, by a law of the Commonwealth, be made liable to taxation by the Commonwealth. employment , in relation to a person, means the holding of any office or appointment, the performance of any functions or duties, the engaging in of any work, or the doing of any acts or things that results, will result or has resulted in the person being treated as an employee. entertainment has the meaning given by section 32 ‑ 10 of the Income Tax Assessment Act 1997 . entertainment facility leasing expenses , for a person, means expenses incurred by the person in hiring or leasing: (a) a corporate box; or (b) boats, or planes, for the purpose of the provision of entertainment; or (c) other premises, or facilities, for the purpose of the provision of entertainment; but does not include so much of any of such expenses that: (d) is attributable to the provision of food or drink; or (e) is attributable to advertising and is an allowable deduction for the person under the Income Tax Assessment Act 1936 or the Income Tax Assessment Act 1997 . entity has the meaning given by section 960 ‑ 100 of the Income Tax Assessment Act 1997 . excluded fringe benefit , in relation to an employee, employer and year of tax, has the meaning given by subsection 5E(3). exclusive employee expense payment benefit means an expense payment fringe benefit where the recipients expenditure is exclusively incurred in gaining or producing salary or wages of the recipient in respect of the employment to which the fringe benefit relates and is not expenditure in respect of interest. exclusive employee property benefit means a property fringe benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients property, that expenditure would have been exclusively incurred in gaining or producing salary or wages of the recipient in respect of the employment to which the fringe benefit relates. exclusive employee residual benefit means a residual fringe benefit where, if the recipient had incurred expenditure in respect of the provision of the recipients benefit, that expenditure would have been exclusively incurred in gaining or producing salary or wages of the recipient in respect of the employment to which the fringe benefit relates. exempt accommodation component , in relation to a living ‑ away ‑ from ‑ home allowance fringe benefit, means so much of the accommodation component as is equal to the total of the expenses that: (a) are incurred by the employee for that accommodation; and (b) are substantiated under section 31G. exempt food component has the meaning given by section 31H. expense payment benefit means a benefit referred to in section 20. expense payment fringe benefit means a fringe benefit that is an expense payment benefit. extended travel expense payment benefit means an expense payment fringe benefit where: (a) the recipient’s expenditure is in respect of travel outside Australia and involves the recipient being away from the recipient’s usual place of residence for a continuous period including more than 5 nights; or (b) the following conditions are satisfied: (i) the recipients expenditure is in respect of travel by the recipient within Australia that involves the recipient being away from the recipient’s usual place of residence for a continuous period including more than 5 nights; (ii) the travel was not undertaken exclusively in gaining or producing salary or wages of the recipient in respect of the employment to which the fringe benefit relates; but does not include a car expense payment benefit. extended travel property benefit means a property fringe benefit where: (a) the recipients property is in respect of travel outside Australia and involves the recipient being away from the recipient’s usual place of residence for a continuous period including more than 5 nights; or (b) the following conditions are satisfied: (i) the recipients property is provided in respect of travel by the recipient within Australia that involves the recipient being away from the recipient’s usual place of residence for a continuous period including more than 5 nights; (ii) the travel was not undertaken exclusively in gaining or producing salary or wages of the recipient in respect of the employment to which the fringe benefit relates; but does not include a car property benefit. extended travel residual benefit means a residual fringe benefit where: (a) the recipients benefit is in respect of travel outside Australia and involves the recipient being away from the recipient’s usual place of residence for a continuous period including more than 5 nights; or (b) the following conditions are satisfied: (i) the recipients benefit consists of, or is in respect of, travel by the recipient within Australia that involves the recipient being away from the recipient’s usual place of residence for a continuous period including more than 5 nights; (ii) the travel was not undertaken exclusively in gaining or producing salary or wages of the recipient in respect of the employment to which the fringe benefit relates; but does not include a car residual benefit. external administrator has the same meaning as in the Payment Systems and Netting Act 1998. external expense payment fringe benefit means an expense payment fringe benefit other than an in ‑ house expense payment fringe benefit. external non ‑ period residual fringe benefit means a non ‑ period residual fringe benefit other than an in ‑ house residual fringe benefit. external period residual fringe benefit means a period residual fringe benefit other than an in ‑ house residual fringe benefit. external property fringe benefit , in relation to an employer, means a property fringe benefit in relation to the employer other than an in ‑ house property fringe benefit. Families Department has the meaning given by the Income Tax Assessment Act 1997 . family member , in relation to a benefit provided to an employee, or to an associate of an employee, in respect of the employment of the employee, means: (a) the employee; (b) the spouse of the employee; or (c) a child of the employee. FBT year means a year beginning on 1 April. fitting , in relation to a non ‑ business accessory, includes the acquisition of the accessory. food component , in relation to a living ‑ away ‑ from ‑ home allowance fringe benefit, means so much (if any) of the fringe benefit as might reasonably be concluded to be compensation for expenses to be incurred by the employee for food or drink for eligible family members during the period to which the fringe benefit relates. foreign earnings has the same meaning as in section 23AG of the Income Tax Assessment Act 1936 . former employee means a person who has been a current employee. former employer means a person who has been a current employer. fringe benefit , in relation to an employee, in relation to the employer of the employee, in relation to a year of tax, means a benefit: (a) provided at any time during the year of tax; or (b) provided in respect of the year of tax; being a benefit provided to the employee or to an associate of the employee by: (c) the employer; or (d) an associate of the employer; or (e) a person (in this paragraph referred to as the arranger ) other than the employer or an associate of the employer under an arrangement covered by paragraph (a) of the definition of arrangement between: (i) the employer or an associate of the employer; and (ii) the arranger or another person; or (ea) a person other than the employer or an associate of the employer, if the employer or an associate of the employer: (i) participates in or facilitates the provision or receipt of the benefit; or (ii) participates in, facilitates or promotes a scheme or plan involving the provision of the benefit; and the employer or associate knows, or ought reasonably to know, that the employer or associate is doing so; in respect of the employment of the employee, but does not include: (f) a payment of salary or wages or a payment that would be salary or wages if salary or wages included exempt income for the purposes of the Income Tax Assessment Act 1936 ; or (g) a benefit that is an exempt benefit in relation to the year of tax; or (h) a benefit constituted by the acquisition of an ESS interest under an employee share scheme (within the meaning of the Income Tax Assessment Act 1997 ) to which Subdivision 83A ‑ B or 83A ‑ C of that Act applies; or (ha) a benefit constituted by the acquisition of money or property by an employee share trust (within the meaning of the Income Tax Assessment Act 1997 ); or (j) a benefit constituted by: (i) the making of a contribution to a superannuation fund (as defined by the Income Tax Assessment Act 1997 ) that the person making the contribution had reasonable grounds for believing was a complying superannuation fund (as defined by that Act) for the purpose of making provision for superannuation benefits for the employee (whether or not the benefits are payable to a dependant of the employee if the employee dies before or after becoming entitled to receive the benefits); or (ii) the making of a contribution to a foreign superannuation fund (within the meaning of the Income Tax Assessment Act 1997 ) where: (A) the contribution is for the purpose of making provision for superannuation benefits for the employee (whether or not the benefits are payable to a dependant of the employee if the employee dies before or after becoming entitled to receive the benefits); and (B) the employee is a temporary resident (within the meaning of the Income Tax Assessment Act 1997 ) when the contribution is made; or (iii) the making of a payment of money to an RSA (within the meaning of the Retirement Savings Accounts Act 1997 ) that is held by the employee; or (k) a superannuation benefit (within the meaning of the Income Tax Assessment Act 1997 ); or (l) a payment covered by section 26AF or 26AFA of the Income Tax Assessment Act 1936 ; or (la) an early retirement scheme payment (within the meaning of the Income Tax Assessment Act 1997 ); or (lb) a genuine redundancy payment (within the meaning of the Income Tax Assessment Act 1997 ); or (lc) an employment termination payment (within the meaning of the Income Tax Assessment Act 1997 ); or (ld) a payment that would be an employment termination payment (within the meaning of the Income Tax Assessment Act 1997 ) apart from paragraph 82 ‑ 130(1)(b) of that Act; or (le) any of the following payments, if they would be employment termination payments (within the meaning of the Income Tax Assessment Act 1997 ) apart from paragraph 82 ‑ 130(1)(b) and section 82 ‑ 135 of that Act: (i) an unused annual leave payment (within the meaning of that Act); (ii) an unused long service leave payment (within the meaning of that Act); (iii) a payment covered by Subdivision 83 ‑ D (Foreign termination payments) of that Act; (iv) a payment covered by paragraph 82 ‑ 135(g) of that Act; (v) a payment of an annuity, or a supplement, covered by section 27H of the Income Tax Assessment Act 1936 ; or (m) consideration of a capital nature for, or in respect of: (i) a legally enforceable contract in restraint of trade by a person; or (ii) personal injury to a person; or (ma) a payment, within the meaning of subsection 104 ‑ 255(7) of the Income Tax Assessment Act 1997 , of a carried interest of a kind referred to in subsection 104 ‑ 255(1) of that Act; or (mb) a grant or acquisition of such a carried interest, or of an entitlement to such a payment; or (n) a payment of an amount that, under any provision of the Income Tax Assessment Act 1936 , is deemed to be a dividend paid to the recipient; or (p) a payment made, or liability incurred, to a person to the extent that the payment or liability is non ‑ assessable non ‑ exempt income (within the meaning of the Income Tax Assessment Act 1997 ) of the person because of subsection 26 ‑ 35(4) of that Act; or (q) a benefit constituted by the conferral of a present entitlement to, or a distribution of, income or capital to the extent that subsection 271 ‑ 105(1) in Schedule 2F to the Income Tax Assessment Act 1936 would prevent the inclusion of the amount or value of the income or capital in assessable income, assuming that it would otherwise be so included; or (r) anything done in relation to a shareholder in a private company (as those terms are defined in section 6 of the Income Tax Assessment Act 1936 ), or an associate of such a shareholder, that causes (or will cause) the private company to be taken under Division 7A of Part III of that Act to pay the shareholder or associate a dividend; or (s) a loan (within the meaning of section 109D of the Income Tax Assessment Act 1936 ), if: (i) a dividend is not taken to be paid under that section in relation to the loan, but would be if section 109N of that Act were disregarded; or (ii) an amount is not included, as if it were a dividend, in the assessable income of an entity under section 109XB of that Act in relation to the loan, but would be if section 109N of that Act were disregarded. fringe benefits tax or tax means tax imposed by the Fringe Benefits Tax Act 1986 . fringe benefits taxable amount has the meaning given by section 5B. future employee means a person who will become a current employee. future employer means a person who will become a current employer. general interest charge means the charge worked out under Part IIA of the Taxation Administration Act 1953 . government body means the Commonwealth, a State, a Territory or an authority of the Commonwealth or of a State or Territory. GST ‑ creditable benefit has the meaning given by section 149A. health care means any examination, test or form of care (whether therapeutic, preventative or rehabilitative) that is related to the physiological or psychological health of a person and, without limiting the generality of the foregoing, includes: (a) the supply, maintenance or repair of: (i) an artificial limb or other artificial substitute; or (ii) a medical, surgical or similar aid or appliance used by a person; and (b) the supply of drugs or other property in connection with such an examination, test or form of care. housing benefit means a benefit referred to in section 25. housing fringe benefit means a fringe benefit that is a housing benefit. housing right , in relation to a person, means a lease or licence granted to the person to occupy or use a unit of accommodation, insofar as that lease or licence subsists at a time when the unit of accommodation is the person’s usual place of residence. hydrogen fuel cell electric vehicle has the meaning given by subsection 8A(4). identical benefit , in relation to the recipients benefit in relation to a residual fringe benefit, means another benefit that is the same in all respects, except for differences (if any) that are minimal or insignificant and do not affect the value of the other benefit. identical overall benefit , in relation to the recipients overall benefit in relation to a period residual fringe benefit, means a benefit that is the same in all respects as the recipients overall benefit (except for any differences that are minimal or insignificant and do not affect the value of the benefit). identical property , in relation to the recipients property in relation to a property fringe benefit, means other property that is the same in all respects, including physical characteristics, quality and reputation, except for differences (if any) that are minimal or insignificant and do not affect the value of the property. incorporated company means a company being a body corporate. individual fringe benefits amount for a year of tax in respect of the employment of an employee by an employer has the meaning given by section 5E. individual quasi ‑ fringe benefits amount for a year of tax in respect of the employment of an employee by an employer has the meaning given by subsection 135Q(3). industrial instrument means a law of the Commonwealth or of a State or Territory or an award, order, determination or industrial agreement in force under any such law. in ‑ house expense payment fringe benefit means: (a) an in ‑ house property expense payment fringe benefit; or (b) an in ‑ house residual expense payment fringe benefit. in ‑ house fringe benefit means: (a) an in ‑ house expense payment fringe benefit; (b) an in ‑ house property fringe benefit; or (c) an in ‑ house residual fringe benefit. in ‑ house health care facility , in relation to an employer, means a clinic, surgery, first ‑ aid station or similar facility that is: (a) operated wholly or principally for providing health care in respect of compensable work ‑ related trauma suffered: (i) in any case—by employees of the employer; or (ii) if the employer is a company—by employees of the employer or by employees of a company that is related to the employer; and (b) located: (i) on premises of the employer or, if the employer is a company, of the employer or of a company that is related to the employer; or (ii) at or adjacent to a place where employees of the employer or, if the employer is a company, of the employer or of a company that is related to the employer (other than members of the staff of the facility) perform the duties of their employment. in ‑ house non ‑ period residual fringe benefit means an in ‑ house residual fringe benefit that is not provided during a period. in ‑ house period residual fringe benefit means an in ‑ house residual fringe benefit that is provided during a period. in ‑ house property expense payment fringe benefit , in relation to an employer, means an expense payment fringe benefit in relation to the employer where: (a) the recipients expenditure was incurred in respect of the provision of tangible property by a person (in this definition called the property provider ); (b) the provision of the property is a property benefit; (c) if the property provider is the employer or an associate of the employer—at or about the provision time, the property provider carried on a business that consisted of or included the provision of identical or similar property principally to outsiders; (d) if the property provider is not the employer or an associate of the employer: (i) the property was acquired by the property provider from the employer or an associate of the employer (which employer or associate is in this definition called the seller ); and (ii) at or about the provision time, both the property provider and the seller carried on a business that consisted of or included the provision of identical or similar property principally to outsiders; and (e) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date. in ‑ house property fringe benefit , in relation to an employer, means a property fringe benefit in relation to the employer in respect of tangible property: (a) where both of the following conditions are satisfied: (i) the provider is the employer or an associate of the employer; and (ii) at or about the provision time, the provider carried on a business that consisted of or included the provision of identical or similar property principally to outsiders; or (b) where all of the following conditions are satisfied: (i) the provider is not the employer or an associate of the employer; (ii) the property was acquired by the provider from the employer or an associate of the employer (which employer or associate is in this definition called the seller ); and (iii) at or about the provision time, both the provider and the seller carried on a business that consisted of or included the provision of identical or similar property principally to outsiders. in ‑ house residual expense payment fringe benefit , in relation to an employer, means an expense payment fringe benefit in relation to the employer where: (a) the recipients expenditure was incurred in respect of the provision of a residual benefit (other than a benefit provided under a contract of investment insurance) by a person (in this definition called the residual benefit provider ); (b) if the residual benefit provider is the employer or an associate of the employer—at or about the time that, if the residual benefit had been a residual fringe benefit, would have been the comparison time, the residual benefit provider carried on a business that consisted of or included the provision of identical or similar benefits principally to outsiders; (c) if the residual benefit provider is not the employer or an associate of the employer: (i) the residual benefit provider purchased the benefit from the employer or an associate of the employer (which employer or associate is in this definition called the seller ); and (ii) at or about the time that, if the residual benefit had been a residual fringe benefit, would have been the comparison time, both the residual benefit provider and the seller carried on a business that consisted of or included the provision of identical or similar benefits principally to outsiders; and (d) documentary evidence of the recipients expenditure is obtained by the recipient and that documentary evidence, or a copy, is given to the employer before the declaration date. in ‑ house residual fringe benefit , in relation to an employer, means a residual fringe benefit in relation to the employer: (a) where both of the following conditions are satisfied: (i) the provider is the employer or an associate of the employer; (ii) at or about the comparison time, the provider carried on a business that consisted of or included the provision of identical or similar benefits principally to outsiders; or (b) where all of the following conditions are satisfied: (i) the provider is not the employer or an associate of the employer; (ii) the provider purchased the benefit from the employer or an associate of the employer (which employer or associate is in this definition called the seller ); (iii) at or about the comparison time, both the provider and the seller carried on a business that consisted of or included the provision of identical or similar benefits principally to outsiders; but does not include a benefit provided under a contract of investment insurance. injury means any physical or mental injury. in respect of , in relation to the employment of an employee, includes by reason of, by virtue of, or for or in relation directly or indirectly to, that employment. intangible property means: (a) real property; (b) a chose in action; and (c) any other kind of property other than tangible property; but does not include: (d) a right arising under a contract of insurance; or (e) a lease or licence in respect of real property or tangible property. interest , in relation to a loan, includes a payment in the nature of interest. internal Territory has a meaning affected by subsection 157(1). Note: See also section 2B of the Acts Interpretation Act 1901 . international aircrew expense payment benefit means an expense payment fringe benefit where the recipients expenditure: (a) is in respect of travel by the recipient in the course of performing the duties of the recipient’s employment as the pilot, flight engineer, flight attendant, or other member of the crew, of an aircraft, being expenditure in respect of accommodation, the purchase of food or drink or otherwise incidental to the travel; and (b) relates to travel by the recipient outside Australia. international aircrew property benefit means a property fringe benefit where the recipients property: (a) is in respect of travel by the recipient in the course of performing the duties of the recipient’s employment as the pilot, flight engineer, flight attendant or other member of the crew, of an aircraft, being property that is: (i) food or drink; (ii) in respect of accommodation; or (iii) otherwise incidental to the travel; and (b) relates to travel by the recipient outside Australia. international aircrew residual benefit means a residual fringe benefit where the recipients benefit: (a) is in respect of travel by the recipient in the course of performing the duties of the recipient’s employment as the pilot, flight engineer, flight attendant or other member of the crew of an aircraft, being a benefit that is in respect of accommodation or a benefit that is otherwise incidental to the travel; and (b) relates to travel by the recipient outside Australia. law , in relation to a foreign country, means a law of that country, or of any part of, or place in, that country. lease includes sub ‑ lease. leased means let on hire (including a letting on hire that is described in the relevant agreement as a lease) under an agreement other than a hire ‑ purchase agreement. leased car value , in relation to a car held but not owned by a person at a particular time, means: (a) in a case to which paragraph (b) does not apply—the amount that the person could reasonably be expected to have been required to pay to purchase the car from the owner at that time under an arm’s length transaction; or (b) if the person commenced to lease the car at that time from a lessor who purchased the car at or about that time—the cost price of the car to the lessor. liability to the Commonwealth means a liability to the Commonwealth arising under, or by virtue of, an Act of which the Commissioner has the general administration. liquidator , in relation to a company, means a person who, whether or not appointed as liquidator, is required by law to carry out the winding up of the company. living ‑ away ‑ from ‑ home allowance benefit means a benefit referred to in section 30. living ‑ away ‑ from ‑ home allowance fringe benefit means a fringe benefit that is living ‑ away ‑ from ‑ home allowance benefit. living ‑ away ‑ from ‑ home food fringe benefit means: (a) an expense payment fringe benefit provided in respect of the employment of an employee where: (i) the recipients expenditure was incurred in respect of food or drink; and (ii) the food or drink was not for consumption while the employee was undertaking travel in the course of performing the duties of that employment; and (iii) the food or drink was for consumption by eligible family members at a time when the duties of that employment required the employee to live away from his or her normal residence; or (b) a property fringe benefit provided in respect of the employment of an employee where: (i) the recipients property is food or drink; and (ii) the food or drink was not for consumption while the employee was undertaking travel in the course of performing the duties of that employment; and (iii) the food or drink was for consumption by eligible family members at a time when the duties of that employment required the employee to live away from his or her normal residence. loan includes: (a) an advance of money; (b) the provision of credit or any other form of financial accommodation; (c) the payment of an amount for, on account of, on behalf of or at the request of a person where there is an obligation (whether expressed or implied) to repay the amount; and (d) a transaction (whatever its terms or form) which in substance effects a loan of money. loan benefit means a benefit referred to in subsection 16(1). loan fringe benefit means a fringe benefit that is a loan benefit. log book records , in relation to a car held by a person (in this definition called the holder ), in relation to a period, means a daily log book or similar document in which, in respect of each business journey: (a) that is undertaken in the car during the period; and (b) that the holder, or a person acting on behalf of the holder, chooses to record in the document for the purpose of demonstrating the pattern of use of the car during the period; an entry setting out particulars of: (c) the date on which the journey began and the date on which it ended; and (d) the respective odometer readings of the car at the beginning and end of the journey; and (e) the number of kilometres travelled by the car in the course of the journey; and (f) the purpose or purposes of the journey; is made in the English language at, or as soon as reasonably practicable after, the end of the journey. long service award benefit , in relation to an employee of an employer, means a benefit provided to the employee, in respect of the employment of the employee, in, or in respect of, a year of tax solely by way of an award in recognition of the existence of a recognised long service period in relation to the employee that is not less than 15 years, but does not include: (a) a payment of salary or wages or a payment that would be salary or wages if salary or wages included exempt income for the purposes of the Income Tax Assessment Act 1936 ; (b) a benefit provided under a non ‑ arm’s length arrangement; or (c) a benefit provided under an arrangement where, having regard to: (i) the form and substance of the arrangement; (ii) the matters taken into account in determining the period of recognised long service leave recognised by the award; and (iii) the eligibility of other employees of the employer to be awarded benefits in recognition of the existence of recognised long service periods; it would be concluded that the arrangement, or any part of the arrangement, was entered into by any of the parties to the arrangement for the sole or dominant purpose of enabling the employer to obtain the benefit of the application of section 58Q. long service leave means: (a) long service leave; (b) long leave; (c) furlough; (d) extended leave; or (e) leave of a similar kind (however described). meal entertainment benefit means a benefit that is a meal entertainment benefit because of section 37AC. meal entertainment fringe benefit means a fringe benefit that is a meal entertainment benefit. meal entitlement day , in relation to a meal provided in a year of tax, in respect of the employment of an employee, to a person (in this definition referred to as the recipient ) being the employee or an associate of the employee, means a day in respect of which: (a) in respect of the employment of the employee, the recipient was entitled to be provided (whether without charge or otherwise) with residential accommodation; and (b) either of the following subparagraphs applies: (i) the recipient was entitled, pursuant to the provisions of an industrial instrument in respect of the employment of the employee, to be provided (whether without charge or otherwise) with not fewer than 2 meals on that day; (ii) the following conditions are satisfied: (A) under an arrangement that was in force during the whole or a part of the year of tax (which whole or part is in this subparagraph referred to as the arrangement period ) in respect of the employment of the employee, the recipient was entitled to be provided (whether without charge or otherwise) with not fewer than 2 meals on that day; (B) during the arrangement period, the recipient was also entitled under the arrangement to be provided (whether without charge or otherwise) with not fewer than 2 meals on each day during the arrangement period that was a working day in relation to the employee; (C) pursuant to the arrangement, the recipient was ordinarily provided (whether without charge or otherwise) with not fewer than 2 meals on the days referred to in sub ‑ subparagraph (B). migrant language training , in relation to a person, means a course attended by the person where: (a) at the time of attending the course, the person is, or intends to become, an immigrant to Australia; and (b) the course is designed to: (i) teach the English language; or (ii) impart an understanding of the rights and duties of an Australian citizen and of the way of living of the Australian people; to persons whose first language is not English. motor vehicle has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . natural person does not include a natural person in the capacity of trustee. non ‑ arm’s length arrangement means an arrangement other than an arm’s length arrangement. non ‑ business accessory , in relation to a car, means an accessory fitted to the car, whether at the factory where the car was assembled or at some other place, other than an accessory required to meet the special needs of any business operations in relation to which the car is used. non ‑ deductible entertainment expenditure means a loss or outgoing to the extent to which: (a) section 32 ‑ 5 of the Income Tax Assessment Act 1997 applies to it, or would apply if it were incurred in producing assessable income; and (b) apart from that section, it would be deductible under section 8 ‑ 1 of that Act, or would be if it were incurred in producing assessable income; (on the assumption that section 32 ‑ 20 of the Income Tax Assessment Act 1997 had not been enacted). non ‑ deductible exempt entertainment expenditure means non ‑ deductible entertainment expenditure to the extent to which it is not incurred in producing assessable income. non ‑ profit company means a company that is not carried on for the purposes of profit or gain to its individual members and is, by the terms of the company’s constituent document, prohibited from making any distribution, whether in money, property or otherwise, to its members. normal residence , in relation to an employee, means: (a) if the employee’s usual place of residence is in Australia—the employee’s usual place of residence; or (b) otherwise—either: (i) the employee’s usual place of residence; or (ii) the place in Australia where the employee usually resides when in Australia. notional amount of interest , in relation to a loan in relation to a year of tax, means the amount of interest that would have accrued on the loan in respect of the year of tax if the interest were calculated on the daily balance of the loan at: (a) where the loan is an eligible pre ‑ commencement loan: (i) the statutory interest rate in relation to the time when the loan was made; or (ii) the statutory interest rate in relation to the year of tax; whichever is the less; (b) where the loan is not an eligible pre ‑ commencement loan, was made before 3 April 1986 and is a housing loan relating to a dwelling: (i) the statutory interest rate in relation to the year of tax; or (ii) 13.5% per annum; whichever is the less; or (c) in any other case—the statutory interest rate in relation to the year of tax. notional taxable value , in relation to a benefit provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer, means the amount that, if it were assumed that: (a) in the case of a car benefit—the car benefit was a residual benefit; and (b) in all cases—the benefit was a fringe benefit in relation to the employer in relation to the year of tax; would be the taxable value of the fringe benefit in relation to the year of tax. notional tax amount has the meaning given by section 110. notional value , in relation to the provision of property or another benefit to a person, means the amount that the person could reasonably be expected to have been required to pay to obtain the property or other benefit from the provider under an arm’s length transaction. obligation , in relation to the payment or repayment of an amount, includes an obligation that is not enforceable by legal proceedings. odometer records , in relation to a car, in relation to a period, means a document in which particulars of: (a) the odometer reading of the car at the commencement of the period; and (b) the odometer reading of the car at the end of the period; and (c) if paragraph 162K(2)(b) or 162L(2)(b) applies with effect from a particular date—the odometer readings of both the replacement car and of the original car referred to in that paragraph, as at that date; are entered in the English language, at, or as soon as reasonably practicable after, the respective times to which those odometer readings relate. offence against this Act includes an offence against: (a) the Crimes Act 1914 ; or (b) the Taxation Administration Act 1953 ; relating to this Act. officer means a person appointed or engaged under the Public Service Act 1999 . once ‑ only deduction , in relation to expenditure, means a deduction in a year of income in respect of a percentage of the expenditure where no deduction is allowable in respect of a percentage of the expenditure in any other year of income. original assessment date means: (a) in relation to an assessment other than an amended assessment—the day on which the assessment was made; and (b) in relation to an assessment being the first or a subsequent amendment of an assessment to which paragraph (a) applies—the day on which the original assessment was made. outsider , in relation to the employment of an employee of an employer, means a person not being: (a) an employee of the employer; (b) an employee of an associate of the employer; (c) an employee of a person (in this definition referred to as the provider ) other than the employer or an associate of the employer who provides benefits to, or to associates of, employees of the employer or an associate of the employer under an arrangement between: (i) the employer or an associate of the employer; and (ii) the provider or another person; or (d) an associate of an employee to whom any of the preceding paragraphs apply. parent has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . period residual fringe benefit means a residual fringe benefit that is provided during a period. person includes: (a) a body politic; (b) a body corporate; (c) a partnership; (d) any other unincorporated association or body of persons; and (e) a person in the capacity of trustee. personal services includes services as a personal secretary or chauffeur. place of residence , in relation to a person, means: (a) a place at which the person resides; or (b) a place at which the person has sleeping accommodation; whether on a permanent or temporary basis and whether or not on a shared basis. preferential air fare means an air fare charged by a person in respect of travel over a route, being an air fare the payment of which entitles the person travelling to benefits to which some of the other passengers on the same flight are not entitled. primary place of employment , in relation to an employee in relation to a day, means business premises, or associated premises, of the employer of the employee, or of an associate of the employer, where: (a) if the employee performed duties of his or her employment on that day—on that day; or (b) in any other case—on the most recent day before that day on which the employee performed duties of his or her employment; those premises are or were: (c) the sole or primary place of employment of the employee; or (d) otherwise the sole or primary place from which or at which the employee performs duties of his or her employment. private use , in relation to a motor vehicle, in relation to an employee or an associate of an employee, means any use of the motor vehicle by the employee or associate, as the case may be, that is not exclusively in the course of producing assessable income of the employee. producing assessable income includes: (a) gaining assessable income; or (b) carrying on a business for the purpose of gaining or producing assessable income. property means: (a) intangible property; and (b) tangible property. property benefit means a benefit referred to in section 40, but does not include a benefit that is a benefit by virtue of a provision of Subdivision A of Divisions 2 to 10 (inclusive) of Part III. property fringe benefit means a fringe benefit that is a property benefit. provide : (a) in relation to a benefit—includes allow, confer, give, grant or perform; and (b) in relation to property—means dispose of (whether by sale, gift, declaration of trust or otherwise): (i) if the property is a beneficial interest in property but does not include legal ownership—the beneficial interest; or (ii) in any other case—the legal ownership of the property. provider , in relation to a benefit, means the person who provides the benefit. providers portion , in relation to an expense payment fringe benefit, means whichever of the following amounts is applicable: (a) the amount of the payment referred to in paragraph 20(a) reduced by the amount of the recipients contribution; (b) the amount of the reimbursement referred to in paragraph 20(b). provision time , in relation to the provision of property, means the time when the property is provided. quarter means a period of 3 calendar months commencing on 1 January, 1 April, 1 July or 1 October. rebatable employer has the meaning given by section 65J. recipient , in relation to a benefit, means the person to whom the benefit is provided. recipients benefit , in relation to a residual benefit, means the benefit to which the residual benefit relates. recipients contribution : (a) in relation to a car parking fringe benefit, a property fringe benefit, a residual fringe benefit or a board fringe benefit, being a fringe benefit provided in respect of the employment of an employee of an employer, means the amount of any consideration paid to the provider or to the employer by the recipient or by the employee in respect of the provision of the recipients parking, the recipients property, the recipients benefit or the recipients meal, as the case may be, reduced by the amount of any reimbursement paid to the recipient in respect of that consideration; and (b) in relation to an expense payment fringe benefit provided in respect of the employment of an employee of an employer, being a fringe benefit to which paragraph 20(a) applies—the amount paid to the provider or to the employer by the recipient or by the employee in respect of the provision of the fringe benefit. recipients current benefit , in relation to a period residual fringe benefit in relation to a year of tax, means the benefit to which the fringe benefit relates, insofar as that benefit was provided during the year of tax. recipients current housing right , in relation to a housing fringe benefit in relation to a year of tax, means the housing right to which the fringe benefit relates, insofar as that housing right subsisted during the year of tax. recipients expenditure , in relation to an expense payment benefit, means the expenditure incurred by the recipient as mentioned in paragraph 20(a) or (b), as the case requires. recipients meal , in relation to a board fringe benefit, means the meal to which the fringe benefit relates. recipients overall benefit , in relation to a period residual fringe benefit in relation to a year of tax, means the benefit to which the fringe benefit relates, including that benefit as it was or will be provided at any time outside the year of tax. recipients overall housing right , in relation to a housing fringe benefit in relation to a year of tax, means the housing right to which the fringe benefit relates, including that housing right as it subsisted, or will subsist, outside the year of tax. recipients parking , in relation to a car parking fringe benefit, means the provision of the parking facilities to which the benefit relates. recipients portion , in relation to an expense payment fringe benefit, means the recipients expenditure reduced by whichever of the following amounts is applicable: (a) the amount of the payment referred to in paragraph 20(a) reduced by the amount of the recipients contribution; (b) the amount of the reimbursement referred to in paragraph 20(b). recipients property , in relation to a property benefit, means the property to which the benefit relates. recipients rent , in relation to a housing fringe benefit in relation to an employee of an employer in relation to a year of tax, means the amount of any rent or other consideration paid to the provider or to the employer by the recipient or the employee in respect of the subsistence, during the year of tax, of the recipients housing right reduced by the amount of any reimbursement paid to the recipient in respect of that consideration. recipients unit of accommodation , in relation to a housing fringe benefit, means the unit of accommodation to which the fringe benefit relates. recognised long service period , in relation to an employee of an employer, means: (a) if the employee has an entitlement to long service leave under: (i) a law of the Commonwealth, a State, a Territory or a foreign country; (ii) an award, order, determination or industrial agreement in force under any such law; (iii) a scheme or arrangement by reason of the existence and nature of which the employer has secured an exemption from obligations to comply with any such law relating to long service leave; (iv) a contract of employment; or (v) the terms of appointment to an office; the period by reference to which that long service leave is determined; (b) if: (i) long service leave may be made available to the employee as a privilege; and (ii) the availability of that leave is determined by reference to matters similar to matters by reference to which an entitlement of the kind referred to in paragraph (a) is ordinarily determined; the period by reference to which that long service leave is determined; or (c) in any other case: (i) the period for which the employee has been employed by the employer; or (ii) such longer period of employment (whether with that employer or any other employer) as might reasonably be expected to be taken into account in determining long service leave if the employee had an entitlement to long service leave. recreation includes: (a) amusement; (b) sport or similar leisure ‑ time pursuits; and (c) recreation or amusement provided on, or by means of, a vehicle, ship, vessel or aircraft. recreational facility means a facility for recreation, but does not include a facility for accommodation or a facility for drinking or dining. reducible fringe benefit has the meaning given by section 65CC. registered charity means an entity that is registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the type of entity mentioned in column 1 of item 1 of the table in subsection 25 ‑ 5(5) of that Act. registered health promotion charity means an institution that is: (a) a registered charity; and (b) registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 13 of the table in subsection 25 ‑ 5(5) of that Act. registered public benevolent institution means an entity that is: (a) a registered charity; and (b) registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 14 of the table in subsection 25 ‑ 5(5) of that Act. registered religious institution means an institution that is: (a) a registered charity; and (b) registered under the Australian Charities and Not ‑ for ‑ profits Commission Act 2012 as the subtype of entity mentioned in column 2 of item 4 of the table in subsection 25 ‑ 5(5) of that Act. registered tax agent has the meaning given by subsection 90 ‑ 1(1) of the Tax Agent Services Act 2009 . reimburse includes any act having the effect or result, direct or indirect, of a reimbursement. relative has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . religious practitioner has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . remote area housing benefit has the meaning given by subsection 58ZC(2). rent index number (a) in relation to a quarter in relation to a State or Territory—means the index number for the rent sub ‑ group of the Consumer Price Index published by the Australian Statistician in respect of that quarter for the capital city of that State or Territory; or (b) in relation to a quarter in relation to Australia—means the index number for the rent sub ‑ group of the Consumer Price Index, being the weighted average of the 8 capital cities, published by the Australian Statistician in respect of that quarter. reportable fringe benefits amount for a year of income in respect of the employment of an employee by an employer has the meaning given by section 135P or 135Q (as appropriate). reportable fringe benefits total of an employee for a year of income has the meaning given by section 135N. residential fuel means any form of fuel (including electricity) for use for domestic purposes. residual benefit means a benefit that is a residual benefit by virtue of section 45. residual fringe benefit means a fringe benefit that is a residual benefit. retention period , in relation to a statutory evidentiary document in relation to an employer in relation to a year of tax, means the period that: (a) commences on: (i) where the statutory evidentiary document is maintained by or on behalf of the employer—the day on which the document commences to be maintained; or (ii) in any other case—the day on which the statutory evidentiary document is given to the employer; and (b) ends: (i) in a case to which subparagraph (ii) does not apply—at the end of the period of 5 years commencing on the original assessment date in relation to an assessment of the fringe benefits taxable amount of the employer of the year of tax; or (ii) if, at the end of that period of 5 years, an objection, or a request for amendment of an assessment (not being an objection) relating to a matter, or matters including a matter, to which the statutory evidentiary document is relevant, or a review or appeal arising out of such an objection, has not been determined or otherwise finally disposed of—on the day on which the objection (and any review or appeal arising out of it), the request, or review or appeal (and any appeal or further appeal arising out of it), as the case may be, is determined or so disposed of. safety award benefit , in relation to an employee of an employer, means a benefit provided to the employee, in respect of the employment of the employee, solely by way of an award in recognition of the special achievements of the employee, or of the employee and another person or persons, in occupational health matters, or in occupational safety matters, relating to the employment of the employee, or of the employee and that other person or persons, but does not include: (a) a payment of salary or wages or a payment that would be salary or wages if salary or wages included exempt income for the purposes of the Income Tax Assessment Act 1936 ; (b) a benefit provided under a non ‑ arm’s length arrangement; or (c) a benefit provided under an arrangement where, having regard to: (i) the form and substance of the arrangement; (ii) the achievements recognised by the award; and (iii) the eligibility of other employees of the employer to be awarded benefits in recognition of their special achievements in occupational health matters or in occupational safety matters; it would be concluded that the arrangement, or any part of the arrangement, was entered into by any of the parties to the arrangement for the sole or dominant purpose of enabling the employer to obtain the benefit of the application of section 58R. salary or wages means: (a) a payment from which an amount must be withheld (even if the amount is not withheld) under a provision in Schedule 1 to the Taxation Administration Act 1953 listed in the table, to the extent that the payment is assessable income; and (aa) a payment from which an amount must be withheld (even if the amount is not withheld) under paragraph 12 ‑ 110(1)(ca) (about parental leave pay) in Schedule 1 to the Taxation Administration Act 1953 , other than a payment under Part 3 ‑ 3 of the Paid Parental Leave Act 2010 (Payment of instalments by Secretary); and (b) a payment from which an amount must be withheld (even if the amount is not withheld) under section 12 ‑ 47 in Schedule 1 to the Taxation Administration Act 1953 where: (i) the payment is made to a religious practitioner by a religious institution; and (ii) the activity, or series of activities, for which the payment is made is done by the religious practitioner as a member of the religious institution. Withholding payments covered Item Provision Subject matter 1 Section 12 ‑ 35 Payment to employee 2 Section 12 ‑ 40 Payment to company director 3 Section 12 ‑ 45 Payment to office holder 4 Section 12 ‑ 115 Commonwealth education or training payment 5 Section 12 ‑ 120 Compensation, sickness or accident payment salary packaging arrangement means an arrangement under which a benefit is provided to an employee, or an associate of an employee, if: (a) the benefit is provided in return for the employee agreeing to a reduction in the employee’s salary or wages that would not have happened apart from the arrangement; or (b) the arrangement is part of the employee’s remuneration package, and the benefit is provided in circumstances where it is reasonable to conclude that the employee’s salary or wages would be greater if the benefit were not provided. Second Commissioner means a Second Commissioner of Taxation. small business entity has the same meaning as in the Income Tax Assessment Act 1997 . small expense payment fringe benefit means an expense payment fringe benefit where the recipients expenditure does not exceed $10. spouse has the meaning given by subsection 995 ‑ 1(1) of the Income Tax Assessment Act 1997 . stand ‑ by airline travel value , in relation to an airline transport fringe benefit, means: (a) if the transport is over a domestic route—50% of the carrier’s lowest standard single economy air fare: (i) for that route; and (ii) as publicly advertised during the year of tax; or (b) if the transport is over an international route—50% of the lowest of any carrier’s standard single economy air fare: (i) for that route; and (ii) as publicly advertised during the year of tax. statutory evidentiary document , in relation to an employer in relation to a year of tax (in this definition called the current year of tax ), means: (a) a declaration or other document that is: (i) given to the employer pursuant to a provision of Part III or of a definition in this subsection that is relevant to that Part; and (ii) relevant for the purposes of determining: (A) the taxable value of a fringe benefit provided in, or in respect of, the current year of tax in respect of the employment of an employee of the employer; (AA) the notional taxable value of a benefit provided in, or in respect of, the current year of tax in respect of the employment of an employee of the employer; or (B) whether a benefit provided in, or in respect of, the current year of tax in respect of the employment of an employee of the employer is an exempt benefit; and (aa) records of a nomination under section 162K or 162L that: (i) are maintained by the employer in relation to the current year of tax; or (ii) were maintained by the employer in relation to an earlier year of tax but are relevant to the employer’s liability under this Act in respect of the current year of tax; (ab) a record of the business use percentage specified by the employer for the current year of tax; and (b) a document maintained by the employer in relation to the current year of tax as mentioned in section 10A or paragraph 10B(a) or sub ‑ subparagraph 24(1)(c)(ia)(A) or 24(1)(c)(i)(B); and (c) log book records or odometer records maintained in relation to a particular car where any of the following subparagraphs apply: (i) both of the following conditions are satisfied: (A) the current year of tax is not a log book year of tax of the employer in relation to the car; (B) section 10A required the records to be maintained by or on behalf of the provider of a car fringe benefit in relation to the employer as a condition of the employer being entitled, in respect of the year of tax that was the last log book year of tax of the employer in relation to the car before the current year of tax, to a reduction in the operating cost of the car on account of business journeys undertaken in the car during that last log book year of tax; (ii) both of the following conditions are satisfied: (A) the current year of tax is not a log book year of tax of the recipient of a loan fringe benefit, an expense payment fringe benefit, a property fringe benefit or a residual fringe benefit in relation to the car while it was held by the recipient during a period in the current year of tax; (B) section 65E required the records to be maintained by or on behalf of the recipient as a condition of the employer being entitled, in relation to the year of tax that was the last log book year of tax of the recipient before the current year of tax, to a reduction of the taxable value of a fringe benefit on account of business journeys undertaken in the car in that last log book year of tax; and (d) a no ‑ private ‑ use declaration or a recurring fringe benefit declaration that covers benefits provided in the current year of tax. statutory food amount , in relation to a person, in relation to a period in relation to a year of tax, means the amount calculated in respect of that period: (a) in a case where the person had attained the age of 12 years before the beginning of the year of tax—at the rate of $42 per week; and (b) in any other case—at the rate of $21 per week. statutory interest rate : (a) in relation to a year of tax, means the benchmark interest rate in relation to the year of tax; or (b) in relation to a time (in this paragraph referred to as the loan time ) before 1 July 1986, means: (i) if the loan time occurred after 2 April 1986: (A) if there is only 1 benchmark interest rate in relation to the loan time—that rate; (B) if there are 2 or more benchmark interest rates in relation to the loan time—the lower or lowest of those rates; or (C) if there is no benchmark interest rate in relation to the loan time—such rate as is prescribed; (ii) if the loan time occurred during a period specified in the Schedule—the rate specified in the Schedule in relation to that period; and (iii) if the loan time occurred before 1 January 1946—3.875% per annum. stratum unit , in relation to a dwelling, means a unit on a unit plan registered under a law of a State or Territory that provides for the registration of titles of a kind known as unit titles or strata titles, being a unit that comprises: (a) a part of a building containing the dwelling, being a part consisting of a flat or home unit; or (b) a part of a parcel of land, being a part on which the building containing the dwelling is constructed. supplementary car rate , in relation to a year of tax, means the rate prescribed for the purposes of this definition in relation to the year of tax. tangible property means goods and includes: (a) animals, including fish; and (b) gas and electricity. tax ‑ exempt body entertainment benefit means a benefit referred to in section 38. tax ‑ exempt body entertainment fringe benefit means a fringe benefit that is a tax ‑ exempt body entertainment benefit. taxi travel has the meaning given by the A New Tax System (Goods and Services Tax) Act 1999 . tenancy period , in relation to a housing benefit in relation to a year of tax, means the period during the year of tax when the housing right to which the benefit relates subsisted. this Act includes: (a) the regulations; and (b) Part IVC of the Taxation Administration Act 1953 , insofar as that Part relates to this Act. travel diary , in relation to particular travel undertaken by the recipient of an expense payment fringe benefit, a property fringe benefit or a residual fringe benefit, means a diary or similar document, in the English language, in which, in relation to each activity engaged in by the recipient: (a) while undertaking that travel; and (b) in the course of producing assessable income of the recipient; the recipient has made, before, at the time of, or as soon as reasonably practicable after, the conclusion of the activity, an entry setting out particulars of: (d) the place where the activity was undertaken; (e) the date and approximate time when the activity commenced; (f) the duration of the activity; and (g) the nature of the activity; and includes a copy of such a diary or document. trustee includes: (a) a person appointed or constituted trustee by act of parties, by order or declaration of a court, or by operation of law; or (b) an executor, administrator or other personal representative of a deceased person; or (c) a guardian or committee; or (d) a receiver or receiver and manager; or (e) a liquidator of a company; or (ea) an administrator, within the meaning of the Corporations Act 2001 , of a company; or (eb) an administrator of a deed of company arrangement executed by a company under Part 5.3A of that Act; or (f) a person: (i) having or taking upon himself or herself the administration or control of any real or personal property affected by any express or implied trust; (ii) acting in any fiduciary capacity; or (iii) having the possession, control or management of any real or personal property of a person under any legal or other disability. unincorporated company means a company being an unincorporated association or other unincorporated body of persons. unit of accommodation includes: (a) a house, flat or home unit; (aa) accommodation in a house, flat or home unit; (b) accommodation in a hotel, hostel, motel or guesthouse; (c) accommodation in a bunkhouse or any living quarters; (d) accommodation in a ship, vessel or floating structure; and (e) a caravan or other mobile home. unreimbursed expenditure means expenditure no part of which has been reimbursed. unreimbursed interest means interest no part of which has been reimbursed. waive includes release. workers’ compensation law means a law of the Commonwealth, a State, a Territory or a foreign country that provides for compensation or other benefits for or in respect of work ‑ related trauma suffered by employees without requiring proof of any breach by, or by persons associated with, employers. work ‑ related counselling : (a) in relation to an employee of an employer, means counselling attended by the employee; and (b) in relation to an associate of an employee of an employer, means counselling attended by the associate where the associate is accompanied by the employee; where all of the following conditions are satisfied: (c) the attendance of: (i) if paragraph (a) applies—the employee; and (ii) if paragraph (b) applies—both the employee and the associate; at the counselling gives effect to an objective, purpose, plan or policy devised, adopted or required to be followed, by the employer to: (iii) improve or maintain the quality of the performance of employees’ duties; or (iv) prepare employees for retirement; (d) the counselling relates to any of the following matters: (i) safety; (ii) health; (iii) fitness; (iv) stress management; (v) personal relationships; (vi) retirement problems; (vii) drug or alcohol abuse; (viii) rehabilitation or prevention of work ‑ related trauma or of other disease or injury; (ix) first aid; (x) any similar matter; (e) there is no benefit that: (i) is provided in respect of the employment of the employee; (ii) consists of the provision of, or relates to, the counselling; and (iii) is provided wholly or principally as a reward for services rendered or to be rendered by the employee. work ‑ related medical examination , in relation to a benefit provided in respect of the employment of an employee, means an examination or test carried out by, or on behalf of, an audiometrist or a legally qualified medical practitioner, nurse, dentist or optometrist wholly or principally in order to ascertain the physiological or psychological condition of the employee for any or all of the following purposes: (a) the commencement of the employment of the employee; (b) the confirmation of probationary employment of the employee; (c) a change in the duties or location of the employment of the employee; (d) the employee becoming a member of a superannuation fund. work ‑ related medical screening , in relation to an employee of an employer, means an examination or test carried out by, or on behalf of, an audiometrist or a legally qualified medical practitioner, nurse, dentist or optometrist wholly or principally in order to ascertain whether the employee has suffered, is suffering or is at risk of suffering, from work ‑ related trauma, but does not include an examination or test that is not made available generally to all employees of the employer: (a) who are likely to have suffered, be suffering or be at risk of suffering, from similar work ‑ related trauma; (b) who perform the duties of their employment at or near the place where the employee performs the duties of his or her employment; and (c) whose duties of employment are similar to those of the employee. work ‑ related preventative health care , in relation to an employee of an employer, means any form of care provided by, or on behalf of, a legally qualified medical practitioner, nurse, dentist or optometrist wholly or principally in order to prevent the employee suffering from work ‑ related trauma, but does not include a form of care that is not made available generally to all employees of the employer: (a) who are likely to be at risk of suffering from similar work ‑ related trauma; (b) who perform the duties of their employment at or near the place where the employee performs the duties of his or her employment; and (c) whose duties of employment are similar to those of the employee. work ‑ related trauma , in relation to an employee, means: (a) the injury of the employee (including the aggravation, acceleration or recurrence of an injury of the employee); (b) the contraction, aggravation, acceleration or recurrence of a disease of the employee; (c) the loss or destruction of, or damage to: (i) an artificial limb or other artificial substitute; (ii) a medical, surgical or similar aid or appliance used by the employee; or (iii) clothing worn by the employee; or (d) the coming into existence, the aggravation, acceleration or recurrence of any other physiological or psychological condition in relation to the employee that is or may be harmful or disadvantageous to, or result in harm or disadvantage to, the employee; that is related to any employment of the employee. work ‑ related travel , in relation to an employee, means: (a) travel by the employee between: (i) the place of residence of the employee; and (ii) the place of employment of the employee or any other place from which or at which the employee performs duties of his or her employment; or (b) travel by the employee that is incidental to travel in the course of performing the duties of his or her employment. year of income means an income year (within the meaning of the Income Tax Assessment Act 1997 ). year of tax means the year starting on 1 April 1987, and each later year starting on 1 April. zero or low emissions vehicle has the meaning given by subsection 8A(2). (2) In the definition of business premises in subsection (1), premises includes a ship, vessel, floating structure, aircraft or train.", "Amendment_Count": 81, "First_Amended": "No 48 of 1986", "Last_Amended": "No 38 of 2024", "Amending_Acts": "No 48 of 1986 | No 139 of 1987 | No 6 of 1988 | No 95 of 1988 | No 153 of 1988 | No 11 of 1989 | No 97 of 1989 | No 48 of 1991 | No 216 of 1991 | No 210 of 1992 | No 223 of 1992 | No 237 of 1992 | No 17 of 1993 | No 57 of 1993 | No 118 of 1993 | No 56 of 1994 | No 82 of 1994 | No 181 of 1994 | No 30 of 1995 | No 145 of 1995 | No 169 of 1995 | No 43 of 1996 | No 39 of 1997 | No 62 of 1997 | No 121 of 1997 | No 174 of 1997 | No 17 of 1998 | No 41 of 1998 | No 47 of 1998 | No 11 of 1999 | No 16 of 1999 | No 17 of 1999 | No 146 of 1999 | No 178 of 1999 | No 44 of 2000 | No 52 of 2000 | No 91 of 2000 | No 55 of 2001 | No 73 of 2001 | No 89 of 2001 | No 168 of 2001 | No 57 of 2002 | No 136 of 2002 | No 66 of 2003 | No 101 of 2003 | No 95 of 2004 | No 41 of 2005 | No 64 of 2005 | No 32 of 2006 | No 58 of 2006 | No 101 of 2006 | No 8 of 2007 | No 9 of 2007 | No 15 of 2007 | No 56 of 2007 | No 79 of 2007 | No 143 of 2007 | No 92 of 2008 | No 144 of 2008 | No 88 of 2009 | No 114 of 2009 | No 133 of 2009 | No 105 of 2010 | No 32 of 2011 | No 41 of 2011 | No 46 of 2011 | No 62 of 2011 | No 129 of 2011 | No 142 of 2012 | No 169 of 2012 | No 84 of 2013 | No 88 of 2013 | No 96 of 2013 | No 124 of 2013 | No 2 of 2015 | No 70 of 2015 | No 114 of 2015 | No 162 of 2015 | No 64 of 2020 | No 86 of 2022 | No 38 of 2024", "History_Notes": "Amended by No 48 of 1986, effective s. 31 and Parts VII, VIII (ss. 45–56): (a) Remainder: 1 July 1986 | Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 6 of 1988, effective s. 69(1): Royal Assent (d) | Amended by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent | Amended by No 153 of 1988, effective Div. 6 of Part III (s. 43): 1 Jan 1989 Remainder: Royal Assent | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 97 of 1989, effective 30 June 1989 | Amended by No 48 of 1991, effective Part 2 (s 3–7): 24 Apr 1991 (s 2(1)) | Amended by No 216 of 1991, effective s 5–8, 88, 123, 124: 24 Dec 1991 (s 2(1)) s 113, 114: 1 Mar 1992 (s 2(10) and gaz 1992, No GN7) | Amended by No 210 of 1992, effective Part 1 (ss. 1–3): Royal Assent ss. 26(2) and 28(1): 1 Feb 1994 ss. 29–173 and 177: 23 June 1993 ( see Gazette 1993, No. S186) Remainder: 1 Feb 1993 ( see Gazette 1993, No. S25) | Amended by No 223 of 1992, effective 1 Apr 1994 | Amended by No 237 of 1992, effective 24 Dec 1992 | Amended by No 17 of 1993, effective s 3–6: 9 June 1993 (s 2(1) | Amended by No 57 of 1993, effective 27 Oct 1993 | Amended by No 118 of 1993, effective s 7–12, 176: 24 Dec 1993 (s 2(1)) s 180–182: 1 Apr 1994 (s 2(5)) | Amended by No 56 of 1994, effective s 3–12: 7 Apr 1994(s 2(1)) | Amended by No 82 of 1994, effective s 3–6, 128–131: 23 June 1994 (s 2(1)) | Amended by No 181 of 1994, effective Schedule 1 (items 22–85): 13 Oct 1994 Remainder: Royal Assent | Amended by No 30 of 1995, effective 7 Apr 1995 | Amended by No 145 of 1995, effective 12 Dec 1995 | Amended by No 169 of 1995, effective Sch 2 (item 9): 16 Dec 1995 (s 2(1)) | Amended by No 43 of 1996, effective Sch 2 (item 58): 18 Dec 1987 (s 2(2)) Sch 2 (item 59): 24 June 1986 (s 2(2)) | Amended by No 39 of 1997, effective 1 July 1997 | Amended by No 62 of 1997, effective 2 June 1997 ( see s. 2 and Gazette 1997, No. S202) | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 4 (items 139, 140) and Sch 10 (items 16–23): 1 July 1997 (s 2(3)) | Amended by No 174 of 1997, effective Sch 7 (items 19–32): 21 Nov 1997 (s 2(1)) | Amended by No 17 of 1998, effective 16 Apr 1998 | Amended by No 41 of 1998, effective Schedule 5 (items 1–15, 20): Royal Assent | Amended by No 47 of 1998, effective Schedule 8 (items 11, 12): 23 June 1998 (s 2(1)) | Amended by No 11 of 1999, effective Schedule 1 (items 1–11, 398, 399, 404, 405): 1 July 1999 | Amended by No 16 of 1999, effective Schedule 2, Schedule 3 (items 1–7, 12) and Schedule 12: 9 Apr 1999 (s 2(1)) | Amended by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 146 of 1999, effective Sch 1 (item 495): 5 Dec 1999 (s 2(1)) | Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1)) | Amended by No 44 of 2000, effective Sch 2 (items 1, 3, 4, 6–8, 11(1)): 1 Apr 2000 (s 2(2)) Sch 2 (items 2, 5, 9, 10, 11(2)): 1 Apr 2001 (s 2(3)) Sch 3 (items 7–10): 22 Dec 1999 (s 2(1)) | Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 91 of 2000, effective Sch 2 (items 8, 8A, 9–12): 1 July 2000 (s 3(1)) Sch 2 (items 148–157): 1 Apr 2001 (s 3(3)) | Amended by No 55 of 2001, effective s 4–14 and Sch 3 (items 207–209): 15 July 2001 (s 2(3) and gaz 2001, No S285) | Amended by No 73 of 2001, effective Sch 3 (items 1–8): 30 June 2001 (s 2(1)) | Amended by No 89 of 2001, effective Sch 1 (items 8–10, 11(2)): 18 July 2001 (s 2) | Amended by No 168 of 2001, effective Sch 1 (items 7–9) and Sch 5 (item 3): 1 Oct 2001 (s 2(1)) | Amended by No 57 of 2002, effective Sch 12 (items 2, 3): 23 June 1998 (s 2(1) item 20) | Amended by No 136 of 2002, effective Sch 3 (item 1): 19 Dec 2002 (s 2(1) item 6) | Amended by No 66 of 2003, effective Sch 7 (items 1–5): 30 June 2003 (s 2(1) item 8) | Amended by No 101 of 2003, effective Sch 2 (items 17, 18): 14 Oct 2003 (s 2(1) item 4) | Amended by No 95 of 2004, effective Sch 10 (items 18–27, 43, 44(3)): 1 July 2005 (s 2 (1) item 8) | Amended by No 41 of 2005, effective Sch 4 and Sch 10 (items 16–18): 1 Apr 2005 (s 2(1) item 5) Sch 10 (item 246): 1 Apr 2001 (s 2(1) item 8) | Amended by No 64 of 2005, effective Sch 4 (items 1, 37): 26 June 2005 (s 2(1) item 4) | Amended by No 32 of 2006, effective Sch 1 (item 3): 6 Apr 2006 (s 2) | Amended by No 58 of 2006, effective Sch 7 (items 32–34, 239, 240): 22 June 2006 (s 2(6), (24)) | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4) | Amended by No 8 of 2007, effective Sch 1 (item 14): 30 June 2003 (s 2(1) item 11) Sch 4 (item 16): 15 Mar 2007 (s 2(1) item 44) | Amended by No 9 of 2007, effective Sch 5 (items 1–5, 36): 15 Mar 2007 (s 2(1) items 6, 8) | Amended by No 15 of 2007, effective Sch 1 (items 17–21, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2) | Amended by No 56 of 2007, effective Sch 3 (items 11–13, 39): 12 Apr 2007 (s 2) | Amended by No 79 of 2007, effective Sch 1 (items 30–32, 43(1)–(3)): 21 June 2007 (s 2(1) item 2) | Amended by No 143 of 2007, effective Sch 1 (items 9–17, 222, 225, 226) and Sch 7 (items 7, 8, 104(1)): 24 Sept 2007 (s 2(1) items 2, 11) | Amended by No 92 of 2008, effective Sch 1 (items 4, 26): 1 Oct 2008 (s 2(1) item 2) | Amended by No 144 of 2008, effective Sch 14 (items 3–6): 10 Dec 2008 (s 2(1) item 36) | Amended by No 88 of 2009, effective Sch 5 (items 19, 20, 288–305): (s 2(1) items 7, 10) | Amended by No 114 of 2009, effective Sch 1 (items 3, 4) and Sch 2: 1 Mar 2010 (s 2(1) items 2, 4) | Amended by No 133 of 2009, effective Sch 1 (items 8, 86, 87): 14 Dec 2009 (s 2(1) item 2) | Amended by No 105 of 2010, effective Sch 1 (item 36) and Sch 2 (items 1, 2): 1 Oct 2010 (s 2(1) items 9, 14) | Amended by No 32 of 2011, effective Sch 4 (item 115): 1 July 2011 (s 2(1) item 3) | Amended by No 41 of 2011, effective Sch 5 (items 4–8, 13): 28 June 2011 (s 2(1) item 10) Sch 5 (item 375): 27 June 2011 (s 2(1) item 23) | Amended by No 46 of 2011, effective Sch 2 (items 641, 642) and Sch 3 (items 10, 11): 27 Dec 2011 (s 2(1) items 5 and 12) | Amended by No 62 of 2011, effective Sch 5 (items 1–9): 29 June 2011 (s 2(1) item 7) Sch 5 (items 10–12): 1 Apr 2016 (s 2(1) item 8) | Amended by No 129 of 2011, effective Sch 2 (items 1–9): 3 Nov 2011 (s 2(1) item 3) Sch 2 (item 10): 27 Dec 2011 (s 2(1) item 4) | Amended by No 142 of 2012, effective Sch 1: 28 Sept 2012 (s 2(1) item 2) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13) | Amended by No 84 of 2013, effective Sch 7 and Sch 8 (items 20–26): 28 June 2013 (s 2(1) items 2, 4) | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21) | Amended by No 96 of 2013, effective Sch 1 (items 15–18): 1 Jan 2014 (s 2(1)) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17) | Amended by No 2 of 2015, effective Sch 2 (item 22): 1 July 2015 (s 2(1) item 4) Sch 2 (items 73, 76–87, 95–99) and Sch 4 (items 67–69, 79): 25 Feb 2015 (s 2(1) items 5, 6) | Amended by No 70 of 2015, effective Sch 1 (item 45, 195–205): 1 July 2015 (s 2(1) items 3, 6) Sch 6 (item 4): 25 June 2015 (s 2(1) item 11) | Amended by No 114 of 2015, effective Sch 3: 26 Aug 2015 (s 2(1) item 1) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2) | Amended by No 64 of 2020, effective Sch 3 (items 63–71): 1 July 2020 (s 2(1) item 5) Sch 3 (items 202, 325, 326): 1 Oct 2020 (s 2(1) item 6) | Amended by No 86 of 2022, effective sch 1: 1 Jan 2023 (s 2(1) item 2) sch 2: 1 Apr 2025 (s 2(1) item 3) | Amended by No 38 of 2024, effective sch 1 (items 27, 28): 14 Oct 2024 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s136"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 136AB", "Provision_Key": "s136ab", "Heading": "What constitutes reasonable belief that a superannuation fund is a complying superannuation fund", "Text": "(1) Subject to subsection (2), if a person makes a payment to a superannuation fund, the person is taken, for the purposes of paragraph (j) of the definition of fringe benefit in subsection 136(1), to have reasonable grounds for believing that the fund is a complying superannuation fund (as defined by the Income Tax Assessment Act 1997 ) if, at or before the time when the payment is made, the person has obtained a written statement, provided by or on behalf of the trustee of the fund, that the fund: (a) is a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 ; and (b) is not subject to a direction under section 63 of that Act. (2) A person who makes a payment to a superannuation fund is taken not to have reasonable grounds for believing that the fund is a complying superannuation fund if, when the payment is made: (a) the person: (i) is the trustee or the manager of the fund; or (ii) is an associate of the trustee or the manager of the fund; and (b) the person has reasonable grounds for believing that the fund is not a resident regulated superannuation fund within the meaning of the Superannuation Industry (Supervision) Act 1993 or is operating in contravention of a regulatory provision, as defined in section 38A of that Act. (3) Section 39 of the Superannuation Industry (Supervision) Act 1993 applies for the purposes of subsection (2) of this section in a corresponding way to the way in which it applies for the purposes of Division 2 of Part 5 of that Act.", "Amendment_Count": 3, "First_Amended": "No 181 of 1994", "Last_Amended": "No 15 of 2007", "Amending_Acts": "No 181 of 1994 | No 123 of 2001 | No 15 of 2007", "History_Notes": "Inserted by No 181 of 1994, effective Schedule 1 (items 22–85): 13 Oct 1994 Remainder: Royal Assent | Amended by No 123 of 2001, effective Sch 1 (item 237): 11 Mar 2002 (s 2(1), (6) and gaz 2001, No GN42) | Amended by No 15 of 2007, effective Sch 1 (items 17–21, 406(1)–(3)): 15 Mar 2007 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s136AB"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 136A", "Provision_Key": "s136a", "Heading": "Reimbursement etc. of tax not to be regarded as consideration in respect of benefit etc.", "Text": "For the purposes of this Act, an amount paid (including an amount deemed by section 145 to have been paid) in respect of fringe benefits tax shall not be regarded as also being consideration for or in respect of: (a) the provision of a benefit; or (b) any other matter.", "Amendment_Count": 1, "First_Amended": "No 11 of 1989", "Last_Amended": "No 11 of 1989", "Amending_Acts": "No 11 of 1989", "History_Notes": "Inserted by No 11 of 1989, effective 16 Mar 1989", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s136A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 137", "Provision_Key": "s137", "Heading": "Salary or wages", "Text": "(1) For the purpose only of ascertaining whether a person is an employee or an employer within the meaning of this Act, where: (a) a benefit is provided by a person (in this subsection referred to as the first person ) to, or to an associate of, another person (in this subsection referred to as the second person ); (b) but for this subsection, the benefit would not be regarded as having been provided in respect of the employment of the second person; and (c) either of the following conditions is satisfied: (i) if the benefit were provided by the first person by way of a cash payment to the second person, the payment would constitute salary or wages paid by the first person to the second person; (ii) all of the following conditions are satisfied: (A) subparagraph (i) does not apply in relation to the benefit; (B) the first person is an associate of a third person or the benefit is provided under an arrangement between the first person and a third person; (C) if the benefit were provided by the third person by way of a cash payment to the second person, the payment would constitute salary or wages paid by the third person to the second person; a definition in subsection 136(1) applies as if the benefit were salary or wages paid to the second person by: (d) in a case to which subparagraph (c)(i) applies—the first person; or (e) in a case to which subparagraph (c)(ii) applies—the third person.", "Amendment_Count": 1, "First_Amended": "No 178 of 1999", "Last_Amended": "No 178 of 1999", "Amending_Acts": "No 178 of 1999", "History_Notes": "Amended by No 178 of 1999, effective Sch 1 (items 79–84) and Sch 2 (items 94–140): 22 Dec 1999 (s 2(1))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s137"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 138", "Provision_Key": "s138", "Heading": "Double counting of fringe benefits", "Text": "(1) Where: (a) a person (in this subsection referred to as the employee ) is both: (i) an employee of an employer (in this section referred to as the first employer ); and (ii) an employee of one or more associates of the first employer; (b) a benefit is provided to, or to an associate of, the employee by the first employer; and (c) the benefit is a fringe benefit in relation to the first employer; the benefit is not a fringe benefit in relation to an employer who is an associate of the first employer. (2) For the purposes of this Act, where, in a case to which subsection (1) does not apply, a benefit provided to, or to an associate of, an employee would, but for this subsection, be a fringe benefit in relation to 2 or more employers, the benefit shall be taken to be a fringe benefit in relation to such one of those employers as the Commissioner determines and not in relation to any other of those employers. (3) For the purposes of this Act, where a benefit in respect of the employment of an employee is provided jointly to the employee and one or more associates of the employee, the benefit shall be deemed to have been provided to the employee only. (4) For the purposes of this Act, where a benefit in respect of the employment of an employee is provided jointly to 2 or more associates of the employee but not to the employee, the benefit shall be taken to have been provided to such one of those associates as the Commissioner determines and not to any other of those associates.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s138"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 138A", "Provision_Key": "s138a", "Heading": "Benefit provided in respect of a year of tax", "Text": "A reference in this Act to a benefit provided in respect of a year of tax is a reference to a benefit that is deemed to be provided in respect of the year of tax.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s138A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 138B", "Provision_Key": "s138b", "Heading": "Benefit provided in respect of the employment of an employee", "Text": "A reference in this Act to a benefit provided in respect of the employment of an employee is a reference to a benefit provided, or originally provided, as the case may be, in respect of that employment.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s138B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 138C", "Provision_Key": "s138c", "Heading": "Application or use of benefit", "Text": "A reference in this Act to the application or use of a benefit is a reference to the application or use of: (b) in the case of a board benefit—the recipients meal; (c) in the case of a loan benefit—the loan to which the benefit relates; (d) in the case of a property benefit—the recipients property; or (e) in the case of a residual benefit—the recipients benefit.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 88 of 2013", "Amending_Acts": "No 139 of 1987 | No 88 of 2013", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 88 of 2013, effective Sch 2 and Sch 7 (item 197): 28 June 2013 (s 2(1) items 4, 21)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s138C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 139", "Provision_Key": "s139", "Heading": "Date on which return furnished", "Text": "Where an employer furnishes, on different dates, 2 or more returns to the Commissioner under this Act relating to a year of tax, a reference in this Act to the day on which the return relating to that year was furnished is a reference to the earliest of those dates.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s139"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 140", "Provision_Key": "s140", "Heading": "Eligible urban areas", "Text": "(1) In this Act: (a) a reference to an eligible urban area is a reference to: (i) an area that: (A) is situated in an area described in Schedule 2 to the Income Tax Assessment Act 1936 ; and (B) is an urban centre with a census population of not less than 28,000; and (ii) an area that: (A) is not situated in an area described in Schedule 2 to the Income Tax Assessment Act 1936 ; and (B) is an urban centre with a census population of not less than 14,000; and (b) a reference to a location that is adjacent to an eligible urban area is a reference to a location that, as at the date of commencement of this section: (i) was situated less than 40 kilometres, by the shortest practicable surface route, from the centre point of an eligible urban area with a census population of less than 130,000; or (ii) was situated less than 100 kilometres, by the shortest practicable surface route, from the centre point of an eligible urban area with a census population of not less than 130,000. (1A) However, this Act operates in relation to a housing benefit provided in respect of the employment of an employee of an employer described in subsection (1B) or in respect of the employment of an employee described in subsection (1C), (1CA) or (1D) as if: (a) a reference in this Act (except in paragraph (1)(a), this paragraph and subsection 140(4)) to an eligible urban area were a reference to an eligible urban area that is an urban centre with a census population of not less than 130,000; and (b) subparagraph (1)(b)(i) were omitted. (1B) Subsection (1A) applies in relation to each of the following employers: (a) a public hospital; (c) a hospital carried on by a society or association that is a rebatable employer; (d) an employer that is a registered charity. (1C) Subsection (1A) also applies in relation to an employee: (a) whose employer is a government body; and (b) whose duties of employment are exclusively performed in, or in connection with: (i) a public hospital; or (ii) a hospital carried on by a society or association that is a rebatable employer. (1CA) Subsection (1A) also applies in relation to an employee: (a) whose employer provides public ambulance services or services that support those services; and (b) who is predominantly involved in connection with the provision of those services. (1D) Subsection (1A) also applies in relation to an employee: (a) whose employer is a government body; and (b) whose duties of employment are performed in a police service. (2) For the purposes of this section, the distance, by the shortest practicable surface route, between a location (in this subsection referred to as the tested location ) and the centre point of an eligible urban area is: (a) where there is only one location within the eligible urban area from which distances between the eligible urban area and other places are usually measured—the distance, by the shortest practicable surface route, between the tested location and that location; and (b) where there are 2 or more locations within the eligible urban area from which distances between parts of the eligible urban area and other places are usually measured—the distance, by the shortest practicable surface route, between the tested location and the one of those locations that is in the principal one of those parts. (2A) In applying subsection (2), if the shortest practicable surface route between the tested location and the location mentioned in that subsection includes a route by water, the distance between those locations is taken to be the amount worked out using the following formula: (3) In this section: census population , in relation to an urban centre, means the census count on an actual location basis of the population of that urban centre specified in the results of the Census of Population and Housing taken by the Australian Statistician on 30 June 1981, being the results published by the Australian Statistician in the document entitled “Persons and Dwellings in Local Government Areas and Urban Centres”. surface route means a route other than an air route. urban centre means an area that is described as an urban centre or bounded locality in the results of the Census of Population and Housing taken by the Australian Statistician on 30 June 1981, being the results published by the Australian Statistician in the document entitled “Persons and Dwellings in Local Government Areas and Urban Centres”. (4) If, but for this subsection, the whole or any part of a provision of this Act or of the Fringe Benefits Tax Act 1986 would be invalid by reason of the enactment of paragraph (1)(a) of this section, this Act has effect as if that paragraph were omitted and the following paragraph were substituted: “(a) a reference to an eligible urban area is a reference to an area that is an urban centre with a census population of not less than 14,000; and”.", "Amendment_Count": 6, "First_Amended": "No 52 of 2000", "Last_Amended": "No 124 of 2013", "Amending_Acts": "No 52 of 2000 | No 142 of 2003 | No 83 of 2004 | No 110 of 2006 | No 169 of 2012 | No 124 of 2013", "History_Notes": "Amended by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2) | Amended by No 142 of 2003, effective Sch 5: 17 Dec 2003 (s 2(1) item 7) | Amended by No 83 of 2004, effective Sch 4 and Sch 8 (items 1–3, 5–8): 25 June 2004 (s 2(1) items 1, 18) Sch 8 (item 4): 1 July 2005 (s 2(1) item 19) | Amended by No 110 of 2006, effective Sch 1: 1 Apr 2007 (s 2(1) item 2) | Amended by No 169 of 2012, effective Sch 2 (items 42–58, 60–67) and Sch 4 (items 1–3): 3 Dec 2012 (s 2(1) items 3, 12) Sch 4 (items 16–20): never commenced (s 2(1) item 13) | Amended by No 124 of 2013, effective Sch 11 (items 10–25, 27): 30 June 2013 (s 2(1) item 17)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s140"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 141", "Provision_Key": "s141", "Heading": "Housing loans, prescribed interests in land or stratum units and proprietary rights in respect of dwellings", "Text": "(1) For the purposes of this Act, where: (a) a loan is made to, and used by, a person (whether in his or her own right or jointly with his or her spouse) wholly: (i) to enable the person to acquire a prescribed interest in land on which a building constituting or containing a dwelling was subsequently to be constructed or to acquire a prescribed interest in land and construct, or complete the construction of, such a building on the land; (ii) to enable the person to construct, or complete the construction of, a building constituting or containing a dwelling on land in which the taxpayer held a prescribed interest; (iii) to enable the person to acquire a prescribed interest in land on which there was a building constituting or containing a dwelling; (iv) to enable the person to acquire a prescribed interest in a stratum unit in relation to a dwelling; (v) to enable the person to extend a building constituting or containing a dwelling, being a building constructed on land in which the taxpayer held a prescribed interest, by adding a room or part of a room to the building or the part of the building containing the dwelling, as the case may be; (vi) in a case where the person held a prescribed interest in a stratum unit in relation to a dwelling—to enable the person to extend the dwelling by adding a room or part of a room to the dwelling; (vii) to enable the person to acquire a proprietary right in respect of a dwelling, being a flat or a home unit; or (viii) to enable the person to repay a loan that was made to, and used by, the person wholly for a purpose mentioned in a preceding subparagraph of this paragraph; and (b) at the time the loan was made, the dwelling was used or proposed to be used as the person’s usual place of residence; the loan shall be taken to be a housing loan relating to the dwelling. (2) For the purposes of this Act: (a) where: (i) a person acquires, holds or held an estate in fee simple in land or in a stratum unit or 2 or more persons acquire, hold or held such an estate in land or in a stratum unit as joint tenants or tenants in common; (ii) a person acquires, holds or held an interest in land or in a stratum unit as lessee or licensee, or 2 or more persons acquire, hold or held jointly an interest in land or in a stratum unit as lessees or licensees, under a lease or licence, and the Commissioner is satisfied that the lease or licence gives or gave reasonable security of tenure to the lessee or licensee, or to the lessees or licensees, for a period of, or for periods aggregating, not less than 10 years; (iii) a person acquires, holds or held an interest in land or in a stratum unit as purchaser of an estate in fee simple in the land or in the stratum unit, or 2 or more persons acquired, hold or held an interest in land or in a stratum unit as purchasers of such an estate in the land or in the stratum unit as joint tenants or tenants in common, under an agreement that provides or provided for payment of the purchase price, or a part of the purchase price, to be made at a future time or by instalments; or (iv) a person acquires, holds or held an interest in land or in a stratum unit as purchaser, or 2 or more persons acquire, hold or held jointly an interest in land or in a stratum unit as purchasers, of the right to be granted a lease of the land or of the stratum unit under an agreement that provides or provided for payment of the purchase price, or a part of the purchase price, for the lease to be made at a future time or by instalments and the Commissioner is satisfied that the lease will give or gave reasonable security of tenure, to the lessee or lessees for a period of, or for periods aggregating, not less than 10 years; that person or those persons shall be taken to acquire or hold, or to have held, as the case may be, a prescribed interest in that land or in that stratum unit, as the case requires; and (b) where a person acquires, holds or held, or 2 or more persons acquire, hold or held jointly, a right of occupancy of a dwelling, being a flat or a home unit, arising by virtue of the acquiring or holding of shares, or by virtue of a contract to purchase shares, in a company that owns or owned the building that contains the flat or home unit, that person, or those persons, as the case requires, shall be taken to acquire or hold, or to have held, as the case may be, a proprietary right in respect of the dwelling; (c) where: (i) a loan that but for this paragraph would be a housing loan relating to a dwelling is made by a person (in this paragraph referred to as the lender ) to another person (in this paragraph referred to as the borrower ); (ii) the lender does not maintain an account in relation to the loan that is separate and apart: (A) from any account kept by the lender in relation to any moneys deposited with the lender or applied by the lender on behalf of the borrower otherwise than for the purpose of repaying the loan, in whole or in part, or of paying, in whole or in part, interest that has accrued or will accrue in respect of the loan; and (B) from any account kept by the lender in relation to any other loan made by the lender to the borrower; the loan referred to in subparagraph (i) is not a housing loan relating to a dwelling. (3) For the purposes of this Act, a loan shall not be taken to be a housing loan relating to a dwelling except as provided in this section.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s141"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 141A", "Provision_Key": "s141a", "Heading": "Benefits incidental to acquisition or sale of prescribed interests in land or stratum units and proprietary rights in respect of dwellings", "Text": "(1) For the purposes of this Act, recipients expenditure shall be taken to be incidental to the acquisition or sale of a prescribed interest in land or a stratum unit or of a proprietary right in respect of a dwelling if, and only if: (a) in the case of an acquisition of a prescribed interest in land on which the employee or associate concerned proposes to construct, or complete the construction of, a building constituting or containing a dwelling—the recipients expenditure is in respect of any of the following matters: (i) stamp duty; (ii) legal services; (iii) agent’s services; (iv) discharge of a mortgage; (v) expenses of borrowing; (vi) any similar matter; being a matter of a capital nature that is incidental to the construction, or the completion of the construction, of that building; (b) in all cases—the recipients expenditure is in respect of any of the following matters: (i) stamp duty; (ii) advertising; (iii) legal services; (iv) agent’s services; (v) discharge of a mortgage; (vi) expenses of borrowing; (vii) any similar matter; being a matter of a capital nature that is incidental to the acquisition or sale of the interest or right; and (c) in all cases—the recipients expenditure is not in respect of: (i) interest; (ii) repayments of principal; (iii) loan service fees; (iv) the discharge of a mortgage, or expenses of borrowing, where the money borrowed was not applied wholly in respect of the land, stratum unit or proprietary right or in respect of a building on the land; (v) insurance; or (vi) rates. (2) For the purposes of this Act, a recipients benefit shall be taken to be incidental to the acquisition or sale of a prescribed interest in land or a stratum unit or of a proprietary right in respect of a dwelling if, and only if: (a) the recipients benefit consists of any of the following matters: (i) advertising; (ii) legal services; (iii) agent’s services; (iv) services related to borrowing; (v) any similar matter; being a matter of a capital nature that is incidental to the acquisition or sale of the interest or right; and (b) the recipients benefit does not consist of or relate to: (i) insurance; or (ii) services related to borrowing where the money borrowed was not applied wholly in respect of the land, stratum unit or proprietary right or in respect of a building on the land.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s141A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 142", "Provision_Key": "s142", "Heading": "Remote area housing", "Text": "(1) In this Act, a reference, in relation to a year of tax in relation to an employee of an employer, to a remote area housing loan connected with a dwelling is a reference to a housing loan relating to the dwelling where: (a) during the whole of the period (in this subsection referred to as the occupation period ) in the year of tax when the employee occupied or used the dwelling as his or her usual place of residence: (i) the dwelling was situated in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (ii) the employee was a current employee of the employer and the usual place of employment of the employee was not at a location in, or adjacent to, an eligible urban area; (b) the common conditions set out in subsection (2E) are satisfied in relation to the occupation period; and (d) the loan was not made to the employee pursuant to: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of section 60. (1A) In this Act, a reference, in relation to a year of tax in relation to an employee of an employer, to remote area housing rent connected with a unit of accommodation is a reference to rent or other consideration payable in respect of the subsistence of a lease or licence in respect of the unit of accommodation where: (a) during the whole of the period (in this subsection referred to as the occupation period ) in the year of tax when the employee occupied or used the unit of accommodation as his or her usual place of residence: (i) the unit of accommodation was situated in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (ii) the employee was a current employee of the employer and the usual place of employment of the employee was not at a location in, or adjacent to, an eligible urban area; (b) the common conditions set out in subsection (2E) are satisfied in relation to the occupation period; and (d) the lease or licence was not granted under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of section 60. (2) In this Act, a reference, in relation to a property fringe benefit in relation to a year of tax in relation to an employee of an employer, to remote area residential property is a reference to property that consists of an estate or interest in land: (aa) on which is situated a dwelling occupied or used by the employee immediately after the provision time as his or her usual place of residence; or (ab) on which the employee proposes, as at the provision time, to construct, or complete the construction of, a dwelling to be occupied or used by the employee as his or her usual place of residence; where: (ac) if paragraph (ab) applies—the Commissioner is satisfied that the employee has pursued sustained reasonable efforts to: (i) commence the construction, or commence the completion of the construction, of the dwelling within 6 months after the provision time; and (ii) occupy or use the dwelling as his or her usual place of residence within 18 months after the provision time; (a) at the provision time: (i) the land was situated in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (ii) the employee was a current employee of the employer and the usual place of employment of the employee was not at a location in, or adjacent to, an eligible urban area; (b) the common conditions set out in subsection (2E) are satisfied in relation to the provision time; and (d) the property was not provided to the employee pursuant to: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of section 60 or Division 14A of Part III. (2A) In this Act, a reference, in relation to a property fringe benefit in relation to a year of tax in relation to an employee of an employer, to a remote area residential property option fee is a reference to property that consists of a fee paid to the employee by way of consideration in respect of the grant of an option to purchase an estate or interest in land: (a) held by the employee; and (b) on which: (i) there is a dwelling occupied or used by the employee immediately after the provision time as his or her usual place of residence; or (ii) the employee proposes, as at the provision time, to construct, or complete the construction of, a dwelling to be occupied or used by the employee as his or her usual place of residence; where: (c) if subparagraph (b)(ii) applies—the Commissioner is satisfied that the employee has pursued sustained reasonable efforts to: (i) commence the construction, or commence the completion of the construction, of the dwelling within 6 months after the provision time; and (ii) occupy or use the dwelling as his or her usual place of residence within 18 months after the provision time; (d) at the provision time: (i) the land was situated in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (ii) the employee was a current employee of the employer and the usual place of employment of the employee was not at a location in, or adjacent to, an eligible urban area; (e) the option was granted at or before the time the employee acquired the estate or interest and constituted a recognised remote area housing obligation restricting the disposal of the estate or interest concerned; (f) the common conditions set out in subsection (2E) are satisfied in relation to the provision time; and (g) the property was not provided to the employee under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of section 60 or Division 14A of Part III. (2B) In this Act, a reference, in relation to a property fringe benefit in relation to a year of tax in relation to an employee of an employer, to remote area residential property repurchase consideration is a reference to property that consists of an amount paid to the employee by way of consideration for the purchase of an estate or interest in land: (a) held by the employee; and (b) on which: (i) there is a dwelling occupied or used by the employee immediately before the provision time as his or her usual place of residence; or (ii) the employee proposed, as at the time the employee acquired the estate or interest, to construct, or complete the construction of, a dwelling to be occupied or used by the employee as his or her usual place of residence; where: (c) if subparagraph (b)(ii) applies—the Commissioner is satisfied that the employee has pursued sustained reasonable efforts to: (i) commence the construction, or commence the completion of the construction, of the dwelling within 6 months after the time the employee acquired the estate or interest; and (ii) occupy or use the dwelling as his or her usual place of residence within 18 months after the time the employee acquired the estate or interest; (d) at the provision time: (i) the land was situated in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (ii) the employee was a current employee of the employer and the usual place of employment of the employee was not at a location in, or adjacent to, an eligible urban area; (e) at or before the time the employee acquired the estate or interest, the employee entered into a recognised remote area housing obligation restricting the disposal of the estate or interest concerned; (f) the purchase by the provider of the fringe benefit of the estate or interest is in accordance with that obligation; (g) the common conditions set out in subsection (2E) are satisfied in relation to the provision time; and (h) the property was not provided to the employee under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of section 60 or Division 14B of Part III. (2C) In this Act, a reference, in relation to an expense payment fringe benefit in relation to a year of tax in relation to an employee of an employer, to recipients expenditure in respect of remote area residential property is a reference to recipients expenditure that is incurred wholly: (a) to enable the employee to acquire an estate or interest in land on which a dwelling was subsequently to be constructed or to acquire an estate or interest in land and construct, or complete the construction of, a dwelling on the land; (b) to enable the employee to construct, or complete the construction of, a dwelling on land in which the employee holds an estate or interest; (c) to enable the employee to acquire an estate or interest in land on which there is a dwelling; or (d) to enable the employee to extend a dwelling, being a dwelling constructed on land in which the employee holds an estate or interest, by adding a room or part of a room to the dwelling, as the case may be; where: (e) if paragraph (a) or (b) applies: (i) at the time the recipients expenditure was incurred, the employee proposed to occupy or use the dwelling as his or her usual place of residence; and (ii) the Commissioner is satisfied that the employee has pursued sustained reasonable efforts to: (A) commence the construction, or commence the completion of the construction, of the building constituting or containing the dwelling within 6 months after the time the recipients expenditure was incurred; and (B) occupy or use the dwelling concerned as his or her usual place of residence within 18 months after the time the recipients expenditure was incurred; (f) if paragraph (c) or (d) applies—as soon as reasonably practicable after the time the recipients expenditure was incurred, the dwelling concerned was occupied or used by the employee as his or her usual place of residence; (g) at the time the recipients expenditure was incurred: (i) the land was situated in a State or internal Territory and was not at a location in, or adjacent to, an eligible urban area; and (ii) the employee was a current employee of the employer and the usual place of employment of the employee was not at a location in, or adjacent to, an eligible urban area; (h) the common conditions set out in subsection (2E) are satisfied in relation to the time the recipients expenditure was incurred; and (j) the fringe benefit was not provided to the employee under: (i) a non ‑ arm’s length arrangement; or (ii) an arrangement that was entered into by any of the parties to the arrangement for the purpose, or for purposes that included the purpose, of enabling the employer to obtain the benefit of the application of section 60 or Division 14A of Part III. (2D) In this Act, a reference, in relation to a property fringe benefit or an expense payment fringe benefit in relation to a year of tax in relation to an employee of an employer, to a recognised remote area housing obligation restricting the disposal of an estate or interest in land is a reference to a contractual obligation entered into by the employee with the employer or an associate of the employer not to dispose of the estate or interest concerned except: (a) to the employer or an associate of the employer; and (b) for a price specified in, or ascertained in accordance with, the contract concerned; at any time during a period specified in the contract concerned, being a period that ends not earlier than 5 years after: (c) in the case of a property fringe benefit where the recipients property is remote area residential property repurchase consideration—the time the employee acquired the estate or interest concerned; (d) in the case of any other property fringe benefit—the provision time; or (e) in the case of an expense payment fringe benefit—the time the recipients expenditure was incurred. (2E) For the purposes of the application of this section to a fringe benefit in relation to a year of tax in relation to an employee of an employer, the common conditions in relation to a particular period or in relation to a particular time are as follows: (a) it is customary for employers in the industry in which the employee was employed during that period or at that time, as the case may be, to provide housing assistance for their employees; (b) it would be concluded that it was necessary for the employer, during the year of tax, to provide or arrange for the provision of housing assistance for employees of the employer because: (i) the nature of the employer’s business was such that employees of the employer were liable to be frequently required to change their places of residence; (ii) there was not, at or near the place or places at which the employees of the employer were employed, sufficient suitable residential accommodation for those employees (other than residential accommodation provided by or on behalf of the employer); or (iii) it is customary for employers in the industry in which the employee was employed during that period or at that time, as the case may be, to provide housing assistance for their employees. (3) A reference in this section to housing assistance is a reference to: (a) the provision of residential accommodation without charge or for a rent or other consideration that is less than the market value of the right to occupy or use the accommodation concerned; (aa) the making of payments in discharge or reimbursement of rent or other consideration incurred by a person in respect of the subsistence of a lease or licence in respect of a unit of accommodation; (b) the making of a housing loan relating to a dwelling, being a loan in respect of which the rate of interest payable is less than the market rate of interest in respect of the loan concerned; (c) the making of payments in discharge or reimbursement of expenditure incurred by a person in respect of interest incurred in respect of a housing loan relating to a dwelling; (d) the provision of residential property without charge or for consideration that is less than the market value of the property at the provision time; (e) the making of payments in discharge or reimbursement of expenditure incurred by a person in acquiring or constructing residential property; or (f) the provision of a residential property ownership scheme involving: (i) the granting by employees of options to purchase employees’ residential property; or (ii) the purchase of employees’ residential property. (4) Nothing in section 74 prevents the amendment of an assessment at any time for the purpose of giving effect to paragraph (2)(ac), (2A)(c), (2B)(c) or (2C)(e).", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 107 of 1989", "Amending_Acts": "No 139 of 1987 | No 95 of 1988 | No 107 of 1989", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 95 of 1988, effective ss. 44(a) and 54(11): (e) Remainder: Royal Assent | Amended by No 107 of 1989, effective Part 6 (ss. 29, 30): (g) Remainder: Royal Assent", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s142"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 142A", "Provision_Key": "s142a", "Heading": "Benefits relating to transport", "Text": "(1) For the purposes of this Act, recipients expenditure that is in respect of, or a recipients benefit that consists of: (a) accident insurance, airport or departure tax, passenger movement charge, a passport, a visa or a vaccination; or (b) any similar matter or thing; in connection with transport shall be taken to be in respect of the provision of, or to consist of, transport. (2) For the purposes of this Act, where: (a) transport is between a particular place and another place; (b) the transport is provided in consecutive stages; and (c) apart from this subsection, a particular matter or thing would be in respect of only one, or only some, of those stages; the matter or thing shall be taken to be in respect of the provision of that transport.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 159 of 1994", "Amending_Acts": "No 139 of 1987 | No 159 of 1994", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 159 of 1994, effective 16 Dec 1994", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s142A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 142B", "Provision_Key": "s142b", "Heading": "Employee’s new place of employment", "Text": "Where a provision of this Act refers to an employee who is required to change his or her usual place of residence in order to perform the duties of his or her employment, a reference in the provision to the employee’s new place of employment shall not be taken as implying that the employee was employed when he or she resided at his or her former usual place of residence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s142B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 142C", "Provision_Key": "s142c", "Heading": "Eligible shared accommodation in a house, flat or home unit", "Text": "For the purposes of this Act, where: (a) the recipients unit of accommodation (in this section called the shared unit of accommodation ) in relation to a housing fringe benefit in relation to an employee in relation to a year of tax consists of accommodation in a house, flat or home unit; and (b) throughout the tenancy period, there ordinarily subsisted 3 or more other housing fringe benefits, where each of those other housing fringe benefits was a housing fringe benefit: (i) where the recipients unit of accommodation consisted of accommodation in the house, flat or home unit; and (ii) in relation to a different employee; the shared unit of accommodation shall be taken to be eligible shared accommodation in the house, flat or home unit in relation to the year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s142C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 142D", "Provision_Key": "s142d", "Heading": "Eligible accommodation in an employees hostel", "Text": "For the purposes of this Act, where: (a) the recipients unit of accommodation in relation to a housing fringe benefit in relation to an employee in relation to an employer in relation to a year of tax consists of accommodation in a hostel or a similar building that is operated wholly or principally for the purpose of providing accommodation for employees of: (i) the employer; or (ii) if the employer is a company—the employer or a company that is related to the employer; and (b) the recipient is not entitled to exclusive use of: (i) cooking facilities in the hostel or building; or (ii) more than one bedroom in the hostel or building; the recipients unit of accommodation shall be taken to be eligible accommodation in an employees hostel in relation to the year of tax.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s142D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 143", "Provision_Key": "s143", "Heading": "Remote area holiday transport", "Text": "(1) For the purposes of this Act: (a) the recipients expenditure in relation to an expense payment fringe benefit; (aa) the recipients property in relation to a property fringe benefit; or (b) the recipients benefit in relation to a residual fringe benefit; in relation to an employer, in relation to an employee, in relation to a year of tax shall be taken to be in respect of remote area holiday transport if: (c) in the case of an expense payment fringe benefit—the recipients expenditure is in respect of the provision of transport, or meals or accommodation in connection with transport; (ca) in the case of a property benefit—the recipients property consists of meals in connection with transport; (d) in the case of a residual fringe benefit—the recipients benefit consists of: (i) the provision of transport or accommodation in connection with transport; or (ii) the receipt of an allowance in respect of the cost of obtaining transport, or of obtaining meals or accommodation in connection with transport; (e) the transport, accommodation or meals is for a family member; (f) apart from temporary absences, the employee performs the duties of his or her employment at a place in a State or internal Territory but not at a location in, or adjacent to, an eligible urban area; (g) the transport is provided wholly or principally to enable the family member to have a holiday for a period of not less than 3 days; (h) if the transport is for the employee: (i) the transport is provided while the employee is on recreation leave, being recreation leave of not less than 3 working days; and (ii) at the completion of that recreation leave, the employee resumes the duties of that employment at the place referred to in paragraph (f); (j) either of the following subparagraphs applies: (i) the transport is between: (A) a place at or near the place referred to in paragraph (f); and (B) another place; (ii) the transport is for the spouse, or a child, of the employee, being a spouse or a child of the employee who does not live with the employee at or near the place referred to in paragraph (f), and the transport is between: (A) a place where the spouse or child, as the case may be, meets the employee; and (B) another place; (ja) if the transport is for the spouse, or a child, of the employee—the transport is not provided to enable the spouse or child to accompany the employee: (i) while the employee is undertaking travel in the course of performing the duties of his or her employment; and (ii) where the circumstances referred to in subsection 26 ‑ 30(2) of the Income Tax Assessment Act 1997 do not apply; and (k) either of the following conditions is satisfied: (i) the benefit is provided pursuant to the provisions of an industrial instrument relating to the employment of the employee; (ii) it is customary for employers in the industry in which the employee is employed to provide benefits of the same kind as the benefit provided to the recipient and to provide such benefits in similar circumstances to those that applied in relation to the provision of the benefit to the recipient. (2) For the purposes of this Act, where: (a) the recipients expenditure in relation to an expense payment fringe benefit; (b) the recipients property in relation to a property fringe benefit; or (c) the recipients benefit in relation to a residual fringe benefit; is in respect of remote area holiday transport, the fringe benefit shall be taken to be a remote area holiday transport fringe benefit. (3) Where: (a) one or more remote area holiday transport fringe benefits in relation to a particular employee in relation to a year of tax relate to a holiday for a particular family member; and (b) the transport to which that fringe benefit or those fringe benefits relates does not consist wholly of transport, by the most direct practicable route, between: (i) a place at or near the place referred to in paragraph (1)(f); and (ii) a place in a State or internal Territory, being: (A) a place at or near the place that was the employee’s usual place of residence immediately before the employee began employment at the place referred to in paragraph (1)(f); or (B) the capital city of the State or Territory in which the place referred to in paragraph (1)(f) is located; the benchmark travel amount in relation to that fringe benefit or those fringe benefits in relation to that holiday for that family member is: (c) if either of the following subparagraphs apply: (i) the employee was entitled to be provided with capital city holiday transport assistance pursuant to the provisions of an industrial instrument relating to the employment of the employee; (ii) there was a custom in the industry in which the employee was employed such that the employee could have been provided with capital city holiday transport assistance by the employer; the sum of: (iii) the return economy air fare in respect of the air service, or the total of the return economy air fares in respect of the air services, to which that capital city holiday transport assistance relates; and (iv) the expenses that could reasonably be expected to have been incurred in respect of the family member (whether by way of airport transfer, meals, accommodation, accident insurance, airport or departure tax, passenger movement charge, or any similar matter or thing) in accordance with the entitlement or custom to which that capital city holiday transport assistance relates and in connection with travelling on that return service or those return services; (d) if paragraph (c) does not apply but the following conditions are satisfied in respect of one or more return scheduled passenger air services: (A) the service was operated, at or about the time the holiday commenced, between eligible places; (B) the nature of the service is such that it would not be unreasonable for the family member to travel on the service; the lowest of the return economy air fares for those services; (e) if neither paragraph (c) nor (d) applies but the following conditions are satisfied in respect of one or more combinations of return scheduled passenger air services: (A) the combination was operated at or about the time the holiday commenced and would have enabled a person to travel between eligible places; (B) the nature of the combination, and of the services in the combination, is such that it would not be unreasonable for the family member to travel on the services; the total of the return economy air fares for the combination that has the lowest total of economy return air fares; or (f) in any other case—an amount equal to the lowest return fare, or combination of return fares, in respect of travel services in respect of which the following conditions are satisfied: (A) the service, or combination of services, was operated at or about the time the holiday commenced and would have enabled a person to travel between eligible places; (B) the nature of the service, or the nature of the combination and of the services included in the combination, is such that it would not be unreasonable for the family member to travel on the service or services. (4) For the purposes of the application of this section in relation to a benefit provided in respect of the employment of an employee: (a) a reference in this section to travel, or to the operation of a service or services, between eligible places is a reference to travel, or the operation of a service or services, between: (i) a place at or near the place referred to in paragraph (1)(f); and (ii) the capital city of the State or Territory in which the place referred to in paragraph (1)(f) is located; (b) a reference in this section to the provision of capital city holiday transport assistance to the employee is a reference to: (i) the making of payments in discharge or reimbursement of expenditure incurred by a person in respect of a return scheduled passenger air service or combination of return scheduled passenger air services operated by a carrier or carriers between eligible places; or (ii) the provision of transport on such a service or services; (c) Adelaide shall be treated as the capital city of the Northern Territory; and (d) Perth shall be treated as the capital city of the Territory of Christmas Island and the Territory of Cocos (Keeling) Islands.", "Amendment_Count": 5, "First_Amended": "No 139 of 1987", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 139 of 1987 | No 11 of 1989 | No 100 of 1991 | No 159 of 1994 | No 121 of 1997", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 11 of 1989, effective 16 Mar 1989 | Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2)) | Amended by No 159 of 1994, effective 16 Dec 1994 | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 4 (items 139, 140) and Sch 10 (items 16–23): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s143"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 143A", "Provision_Key": "s143a", "Heading": "Relocation transport", "Text": "For the purposes of this Act, where: (a) any of the following benefits is provided in, or in respect of, a year of tax to an employee, or to an associate of the employee, in respect of the employment of the employee: (i) a car benefit relating to a particular car where the application or availability of the car is in respect of the provision of transport; (ii) an expense payment benefit where the recipients expenditure is in respect of the provision of transport, or meals or accommodation in connection with transport; (iii) a property benefit where the recipients property consists of meals in connection with transport; (iv) a residual benefit where the recipients benefit consists of the provision of transport or accommodation in connection with transport; (b) the transport, meals or accommodation is for a family member; (c) the transport is required solely because: (i) the employee is required to live away from his or her usual place of residence in order to perform the duties of that employment; (ii) the employee, having lived away from his or her usual place of residence in order to perform the duties of that employment, is required to return to his or her usual place of residence: (A) in order to perform those duties; or (B) because the employee has ceased to perform those duties; or (iii) the employee is required to change his or her usual place of residence in order to perform the duties of that employment; (d) the transport is provided to enable a family member to: (i) if subparagraph (c)(i) applies—take up residence at or near the place where the employee performs the duties of that employment while living away from his or her usual place of residence; (ii) if subparagraph (c)(ii) applies—take up residence at the employee’s usual place of residence; or (iii) if subparagraph (c)(iii) applies—take up residence at the employee’s new usual place of residence; (e) if the transport is for the spouse, or a child, of the employee—the transport is not provided to enable the spouse or child to accompany the employee: (i) while the employee is undertaking travel in the course of performing the duties of that employment; and (ii) where the circumstances referred to in subsection 26 ‑ 30(2) of the Income Tax Assessment Act 1997 do not apply; and (f) if the transport is for the employee—the transport is not provided while the employee is undertaking travel in the course of performing the duties of that employment; and (g) if subparagraph (c)(iii) applies—the benefit is not provided under a non ‑ arm’s length arrangement; the benefit shall be taken to be in respect of relocation transport.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 139 of 1987 | No 121 of 1997", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 4 (items 139, 140) and Sch 10 (items 16–23): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s143A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 143B", "Provision_Key": "s143b", "Heading": "Overseas employees", "Text": "For the purposes of this Act, where: (a) an employee’s usual place of residence is in a particular country (in this section called the home country ); (b) apart from temporary absences, the employee performs the duties of his or her employment at: (i) a place outside the home country; or (ii) 2 or more places outside the home country; and (c) the employee is required to live outside the home country in order to perform the duties of his or her employment at the place or places referred to in paragraph (b); the following provisions have effect: (d) the period commencing when the employee commences to perform the duties of his or her employment at: (i) if subparagraph (b)(i) applies—the place referred to in that subparagraph; or (ii) if subparagraph (b)(ii) applies—the first place referred to in that subparagraph at which the employee performs those duties; and ending when the employee ceases, apart from any temporary absences, to perform those duties at: (iii) if subparagraph (b)(i) applies—the place referred to in that subparagraph; or (iv) if subparagraph (b)(ii) applies—the last place referred to in that subparagraph at which the employee performs those duties; shall be taken to be the overseas posting period of the employee; (e) the employee shall be taken to be an overseas employee during the overseas posting period; (f) the place, or each of the places, referred to in paragraph (b) shall be taken to be an overseas employment place.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s143B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 143C", "Provision_Key": "s143c", "Heading": "Overseas employment holiday transport", "Text": "(1) For the purposes of this Act, where: (a) any of the following fringe benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee of an employer: (i) an expense payment fringe benefit where the recipients expenditure is in respect of the provision of transport, or meals or accommodation in connection with transport; (ii) a property fringe benefit where the recipients property consists of meals in connection with transport; (iii) a residual fringe benefit where the recipients benefit consists of the provision of transport or accommodation in connection with transport; (b) the transport, accommodation or meals is for a family member; (c) the transport is provided wholly or principally to enable the family member to have a holiday for a period of not less than 3 days; (d) at the time (in this section called the outbound travel time ) immediately before the commencement of travel undertaken by the family member in connection with that holiday: (i) the employee was an overseas employee; and (ii) disregarding days of recreation leave, the employee’s overseas posting period was a period of not less than 28 days; (e) if the transport is for the employee: (i) the transport is provided while the employee is on recreation leave, being recreation leave of not less than 3 working days; and (ii) at the completion of that recreation leave, the employee resumes the duties of that employment at the place that was the employee’s overseas employment place at the outbound travel time; (f) either of the following subparagraphs applies: (i) the transport is between: (A) a place at or near the place that was the employee’s overseas employment place at the outbound travel time; and (B) another place; (ii) the transport is for the spouse, or a child, of the employee, being a spouse or a child of the employee who does not live with the employee at the place that was the employee’s overseas employment place at the outbound travel time, and the transport is between: (A) a place where the spouse or child, as the case may be, meets the employee; and (B) another place; (g) in the case of an expense payment fringe benefit—the recipients expenditure is not in respect of remote area holiday transport; (h) in the case of a property fringe benefit—the recipients property is not in respect of remote area holiday transport; (j) in the case of a residual fringe benefit—the recipients benefit is not in respect of remote area holiday transport; (k) if the transport is for the spouse, or a child, of the employee—the transport is not provided to enable the spouse or child to accompany the employee: (i) while the employee is undertaking travel in the course of performing the duties of his or her employment; and (ii) where the circumstances referred to in subsection 26 ‑ 30(2) of the Income Tax Assessment Act 1997 do not apply; and (m) either of the following conditions is satisfied: (i) the benefit is provided pursuant to the provisions of an industrial instrument relating to the employment of the employee; (ii) it is customary for employers in the industry in which the employee is employed to provide benefits of the same kind as the benefit provided to the recipient and to provide such benefits in similar circumstances to those that applied in relation to the provision of the benefit to the recipient; the following provisions have effect: (n) the fringe benefit shall be taken to be in respect of overseas employment holiday transport; (p) the benchmark travel amount in relation to the family member in relation to the fringe benefit is: (i) if either of the following sub ‑ subparagraphs apply: (A) the employee was entitled to be provided with home country holiday transport assistance pursuant to the provisions of an industrial instrument relating to the employment of the employee; (B) there was a custom in the industry in which the employee was employed such that the employee could have been provided with home country holiday transport assistance by the employer; the sum of: (C) the return economy air fare in respect of the air service, or the total of the return economy air fares in respect of the air services, to which that home country holiday transport assistance relates; and (D) the expenses that could reasonably be expected to have been incurred in respect of the family member (whether by way of airport transfer, meals, accommodation, accident insurance, airport or departure tax, passenger movement charge, or any similar matter or thing) in accordance with the entitlement or custom to which that home country holiday transport assistance relates and in connection with travelling on that return service or those return services; (ii) if subparagraph (i) does not apply but the following conditions are satisfied in respect of one or more return scheduled passenger air services: (A) the service was operated, at or about the outbound travel time, between eligible places; (B) the nature of the service is such that it would not be unreasonable for the family member to travel on the service; the lowest of the return economy air fares for those services; (iii) if neither subparagraph (i) nor (ii) applies but the following conditions are satisfied in respect of one or more combinations of return scheduled passenger air services: (A) the combination was operated at or about the outbound travel time and would have enabled a person to travel between eligible places; (B) the nature of the combination, and of the services in the combination, is such that it would not be unreasonable for the family member to travel on the services; the total of the economy return air fares for the combination that has the lowest total of economy return air fares; or (iv) in any other case—an amount equal to the lowest return fare, or combination of return fares, in respect of travel services in respect of which the following conditions are satisfied: (A) the service, or combination of services, was operated at or about the outbound travel time and would have enabled a person to travel between eligible places; (B) the nature of the service, or the nature of the combination and of the services included in the combination, is such that it would not be unreasonable for the family member to travel on the service or services; (q) if the transport for a particular family member consists wholly of transport: (i) in respect of a holiday taken by the family member; and (ii) by the most direct practicable route between: (A) a place at or near the place that was the employee’s overseas employment place at the outbound travel time; and (B) a place in the country in which the employee’s usual place of residence during the overseas posting period was located; the fringe benefit shall be taken to be a home country fringe benefit in relation to the holiday for the family member. (2) For the purposes of the application of this section in relation to a benefit provided in respect of the employment of an employee: (a) a reference in this section to travel, or to the operation of a service or services, between eligible places is a reference to travel, or the operation of a service or services, between: (i) a place at or near the place that was the employee’s overseas employment place at the outbound travel time; and (ii) a place at or near the usual place of residence of the employee during the overseas posting period; and (b) a reference in this section to the provision of home country holiday transport assistance to the employee is a reference to: (i) the making of payments in discharge or reimbursement of expenditure incurred by a person in respect of a return scheduled passenger air service, or combination of return scheduled passenger air services, operated by a carrier or carriers between eligible places; or (ii) the provision of transport on such a service or services.", "Amendment_Count": 3, "First_Amended": "No 139 of 1987", "Last_Amended": "No 121 of 1997", "Amending_Acts": "No 139 of 1987 | No 159 of 1994 | No 121 of 1997", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 159 of 1994, effective 16 Dec 1994 | Amended by No 121 of 1997, effective s 4: 8 July 1997 (s 2(1)) Sch 4 (items 139, 140) and Sch 10 (items 16–23): 1 July 1997 (s 2(3))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s143C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 143D", "Provision_Key": "s143d", "Heading": "Employment interviews and selection tests", "Text": "For the purposes of this Act, where: (a) any of the following benefits is provided in, or in respect of, a year of tax to an employee of an employer in respect of his or her employment: (i) a car benefit relating to a particular car where the application or availability of the car is in respect of the provision of transport; (ii) an expense payment benefit where the recipients expenditure is in respect of the provision of transport, or meals or accommodation in connection with transport; (iii) a property benefit where the recipients property consists of meals in connection with transport; (iv) a residual benefit where the recipients benefit consists of the provision of transport or accommodation in connection with transport; (b) the transport, meals or accommodation is for the employee; (c) the transport is required solely because the employee is required to attend an interview or selection test in connection with an application by the employee for: (i) employment; (ii) promotion; or (iii) job transfer; and (d) the benefit is not provided under a non ‑ arm’s length arrangement; the benefit shall be taken to be in respect of an employment interview or selection test.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s143D"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 143E", "Provision_Key": "s143e", "Heading": "Work ‑ related medical examinations, work ‑ related medical screening, work ‑ related preventative health care, work ‑ related counselling, migrant language training", "Text": "For the purposes of this Act, where: (a) any of the following benefits is provided in, or in respect of, a year of tax in respect of the employment of an employee: (i) a car benefit relating to a particular car where the application or availability of the car is in respect of the provision of transport; (ii) an expense payment benefit where the recipients expenditure is in respect of the provision of transport, or meals or accommodation in connection with transport; (iii) a property benefit where the recipients property consists of meals in connection with transport; (iv) a residual benefit where the recipients benefit consists of the provision of transport or accommodation in connection with transport; (b) the transport is required solely because: (i) the employee attends: (A) a work ‑ related medical examination of the employee; (B) work ‑ related medical screening of the employee; (C) work ‑ related preventative health care of the employee; (D) work ‑ related counselling of the employee; or (E) migrant language training of the employee; or (ii) an associate of the employee attends: (A) work ‑ related counselling of the associate; or (B) migrant language training of the associate; (c) if subparagraph (b)(i) applies—the transport, meals or accommodation is for the employee; and (d) if subparagraph (b)(ii) applies—the transport, meals or accommodation is for the associate of the employee; the benefit shall be taken to be associated with: (e) a work ‑ related medical examination of the employee; (f) work ‑ related medical screening of the employee; (g) work ‑ related preventative health care of the employee; (h) work ‑ related counselling of the employee or of the associate of the employee; or (j) migrant language training of the employee or of the associate of the employee; as the case requires.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s143E"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 144", "Provision_Key": "s144", "Heading": "Deemed payment", "Text": "For the purposes of Part III, any conduct by a person that effects or results in a discharge or extinction of an obligation of another person to pay an amount to a third person shall be taken to constitute the payment of the amount by the first ‑ mentioned person.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s144"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 145", "Provision_Key": "s145", "Heading": "Consideration not in cash", "Text": "(1) For the purposes of this Act, where, upon any transaction, any consideration is given by way of the provision of property (other than money), the money value of that consideration shall be deemed to have been paid or given. (2) Subsection (1) does not apply for the purpose of determining whether an act or thing constitutes the provision of a benefit to which a particular provision of this Act applies.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s145"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 146", "Provision_Key": "s146", "Heading": "Amounts to be expressed in Australian currency", "Text": "For the purposes of this Act, all amounts and values shall be expressed in terms of Australian currency.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s146"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 147", "Provision_Key": "s147", "Heading": "Obligation to pay or repay an amount", "Text": "For the purposes of this Act, a person shall be deemed to be under an obligation to pay or repay an amount notwithstanding that the amount is not due for payment or repayment.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s147"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 148", "Provision_Key": "s148", "Heading": "Provision of benefits", "Text": "(1) A reference in this Act to the provision of a benefit to a person in respect of the employment of an employee is a reference to the provision of such a benefit: (a) whether or not the benefit is also provided in respect of, by reason of, by virtue of, or for or in relation directly or indirectly to, any other matter or thing; (b) whether the employment will occur, is occurring, or has occurred; (c) whether or not the benefit is surplus to the needs or wants of the recipient; (d) whether or not the benefit is also provided to another person; (e) whether or not the benefit is, to any extent, offset by any inconvenience or disadvantage; (f) whether or not the benefit is provided or used, or required to be provided or used, in connection with that employment; (g) whether or not the provision of the benefit is, or is in the nature of, income; and (h) whether or not the benefit is provided as a reward for services rendered, or to be rendered, by the employee. (2) Where, in respect of the employment of an employee, a benefit is provided by a person (in this subsection referred to as the provider ) to a person other than: (a) the employee; or (b) a person who, but for this subsection, is an associate of the employee; under an arrangement between: (c) the provider, the employer or an associate of the employer; and (d) the employee or a person who, but for this subsection, is an associate of the employee; the recipient of the benefit shall be deemed to be an associate of the employee for the purposes of the application of this Act in relation to the provision of that benefit. (2A) Subsection (2) does not apply if the employee would be entitled to a deduction under Division 30 (Gifts or contributions) of the Income Tax Assessment Act 1997 if the employee, rather than the provider, provided the benefit to the recipient. (3) Where: (a) but for the prohibition on the doing of an act or thing, the doing of the act or thing would result in the provision of a benefit in respect of the employment of a person by another person (in this subsection referred to as the provider ); and (b) the prohibition is not consistently enforced; the provider shall be deemed, for the purposes of this Act, to have provided that benefit in respect of that employment. (4) For the purposes of this Act, a benefit that is received or obtained by an employee, or by an associate of an employee, in respect of the employment of the employee shall be deemed to have been provided by the provider in respect of that employment. (5) A provision of this Act that deems a benefit to have been provided in particular circumstances shall not, by implication, limit the meaning of the expression provide when used in relation to the provision of a benefit in other circumstances.", "Amendment_Count": 1, "First_Amended": "No 88 of 2009", "Last_Amended": "No 88 of 2009", "Amending_Acts": "No 88 of 2009", "History_Notes": "Amended by No 88 of 2009, effective Sch 5 (items 19, 20, 288–305): (s 2(1) items 7, 10)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s148"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 149", "Provision_Key": "s149", "Heading": "Provision of benefit during a period", "Text": "(1) For the purposes of this Act, a benefit shall be taken to be provided during a period if, and only if, the benefit: (a) is provided, or subsists, during a period of more than 1 day; and (b) is not deemed by a provision of this Act to be provided at a particular time or on a particular day. (2) For the purposes of subsection (1), but without limiting the generality of that subsection, a benefit constituted by the subsistence of a lease or licence in respect of property, or a benefit in respect of a loan, shall be taken to be provided during the period when the lease or licence subsists or while a person is under an obligation to repay the whole or any part of the loan, as the case may be.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s149"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 149A", "Provision_Key": "s149a", "Heading": "What is a GST ‑ creditable benefit ?", "Text": "(1) A benefit provided in respect of the employment of an employee is a GST ‑ creditable benefit if either of the following is or was entitled to an input tax credit under Division 111 of the A New Tax System (Goods and Services Tax) Act 1999 because of the provision of the benefit: (a) the person who provided the benefit; (b) a person who is or was a member of the same GST group (as defined in that Act) as the person who provided the benefit. (2) A benefit provided in respect of the employment of an employee is also a GST ‑ creditable benefit if: (a) the benefit consists of: (i) a thing (as defined in the A New Tax System (Goods and Services Tax) Act 1999 ); or (ii) an interest in such a thing; or (iii) a right over such a thing; or (iv) a personal right to call for or be granted any interest in or right over such a thing; or (v) a licence to use such a thing; or (vi) any other contractual right exercisable over or in relation to such a thing; and (b) the thing was acquired (within the meaning of that Act) or imported (within the meaning of that Act) and either of the following is or was entitled to an input tax credit under that Act because of the acquisition or importation: (i) the person who provided the benefit; (ii) a person who is or was a member of the same GST group (as defined in that Act) as the person who provided the benefit.", "Amendment_Count": 1, "First_Amended": "No 52 of 2000", "Last_Amended": "No 52 of 2000", "Amending_Acts": "No 52 of 2000", "History_Notes": "Inserted by No 52 of 2000, effective Sch 1: 30 May 2000 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s149A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 150", "Provision_Key": "s150", "Heading": "Credit cards", "Text": "For the purposes of this Act, where, in respect of the employment of an employee of an employer, the employee or an associate of the employee uses a credit card issued by a third person to, or to an associate of, the employer to obtain the provision of a benefit on credit from a fourth person, the following provisions have effect: (a) the fourth person shall be taken to have provided the benefit, in respect of that employment, under an arrangement between: (i) the employer or the associate of the employer, as the case requires; and (ii) the fourth person; (b) where the employer or the associate of the employer, as the case may be, incurred expenditure to the third person under an arm’s length transaction in respect of the provision of the benefit—the employer or the associate of the employer, as the case requires, shall be taken to have incurred that expenditure to the fourth person under an arm’s length transaction.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s150"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 151", "Provision_Key": "s151", "Heading": "Employee performing services for person other than employer", "Text": "Where the employer of an employee contracts with another person (in this section referred to as the purchaser ) for the employee to perform services for the purchaser, the following provisions have effect for the purposes of the application of section 54 and the definition of board meal in subsection 136(1) in relation to the provision of a meal, or food or drink, to the employee in respect of, by reason of, by virtue of, or for or in relation directly or indirectly to, the performance of those services: (a) premises of the purchaser shall be taken to be eligible premises of the employer; (b) a meal, or food or drink, provided by the purchaser to the employee shall be taken to have been provided by the employer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s151"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 152A", "Provision_Key": "s152a", "Heading": "Recurring fringe benefit declaration", "Text": "Recipient may make recurring fringe benefit declaration (1) If a person is provided with a benefit (the declaration benefit ), the person may make a recurring fringe benefit declaration in relation to the declaration benefit. Expense payment fringe benefits covered by declaration (2) If the recurring fringe benefit declaration covers another benefit (the later benefit ) that is an expense payment fringe benefit: (a) the recurring fringe benefit declaration is taken to have been made under paragraph 24(1)(e) in respect of the recipients expenditure for that benefit; and (b) the gross deduction in paragraph 24(1)(b) in relation to the later benefit is taken to be the amount worked out using the formula: where: Gross expenditure (later benefit) is the gross expenditure mentioned in paragraph 24(1)(b) in relation to the later benefit. Deductible proportion of declaration benefit is the deductible proportion of the declaration benefit as worked out under subsection (9). Note: The gross deduction is used as component GD in the formula in paragraph 24(1)(ba). Property fringe benefits covered by declaration (3) If the recurring fringe benefit declaration covers another benefit (the later benefit ) that is a property fringe benefit: (a) the recurring fringe benefit declaration is taken to have been made under paragraph 44(1)(c) in respect of the recipients property for that benefit; and (b) the gross deduction in paragraph 44(1)(b) in relation to the later benefit is taken to be the amount worked out using the formula: where: Gross expenditure (later benefit) is the gross expenditure mentioned in paragraph 44(1)(b) in relation to the later benefit. Deductible proportion of declaration benefit is the deductible proportion of the declaration as worked out under subsection (9). Note: The gross deduction is used as component GD in the formula in paragraph 44(1)(ba). Residual fringe benefits covered by declaration (4) If the recurring fringe benefit declaration covers another benefit (the later benefit ) that is a residual fringe benefit: (a) the recurring fringe benefit declaration is taken to have been made under paragraph 52(1)(c) in respect of the recipients benefit for that benefit; and (b) the gross deduction in paragraph 52(1)(b) in relation to the later benefit is taken to be the amount worked out using the formula: where: Gross expenditure (later benefit) is the gross expenditure mentioned in paragraph 52(1)(b) in relation to the later benefit. Deductible proportion of declaration benefit is the deductible proportion of the declaration benefit as worked out under subsection (9). Note: The gross deduction is used as component GD in the formula in paragraph 52(1)(ba). (5) The declaration must be in a form approved in writing by the Commissioner and be made, and given to the employer, by the declaration date for the employer for the FBT year in which the declaration benefit is provided. What benefit declaration covers (6) The declaration covers all benefits that are identical to the declaration benefit received by the person before the earlier of: (a) the time when the person revokes the declaration; and (b) the end of 5 years starting when the declaration is made. (7) The declaration does not cover a benefit if the deductible proportion of the benefit is more than 10 percentage points less than the deductible proportion of the declaration benefit. (8) If a taxpayer makes a declaration for a benefit that is an identical benefit to a benefit covered by an earlier declaration, the earlier declaration is revoked. Meaning of deductible proportion (9) The deductible proportion of a benefit is the percentage worked out using the formula: where: gross deduction means the gross deduction mentioned in whichever of paragraph 24(1)(b), 44(1)(b) or 52(1)(b) applied to the benefit. gross expenditure means the gross expenditure mentioned in whichever of paragraph 24(1)(b), 44(1)(b) or 52(1)(b) applied to the benefit. Meaning of identical (10) A benefit is identical to another benefit if the benefits are the same in all respects except for any differences: (a) that are minimal or insignificant; or (b) that relate to the value of the benefits; or (c) in the deductible proportion of the benefits.", "Amendment_Count": 2, "First_Amended": "No 145 of 1995", "Last_Amended": "No 145 of 2008", "Amending_Acts": "No 145 of 1995 | No 145 of 2008", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 145 of 2008, effective Sch 4 (items 1–75): 9 Dec 2008 (s 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s152A"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 152B", "Provision_Key": "s152b", "Heading": "Employer may elect 50/50 split method for entertainment facility leasing costs", "Text": "(1) If: (a) the taxable value of one or more fringe benefits of an employer for an FBT year is attributable, in whole or in part, to entertainment facility leasing expenses incurred by the employer in the FBT year; and (b) the employer elects that this section applies for the FBT year; then: (c) the aggregate fringe benefit amount for the employer for the FBT year is to be reduced by so much of the total taxable value of all fringe benefits as is attributable to entertainment facility leasing expenses; and (d) the aggregate fringe benefit amount for the employer for the FBT year is to then be increased by 50% of the total of entertainment facility leasing expenses incurred by the employer in the FBT year (including expenses not taken into account under paragraph (a)). Note: The effect of this is that the employer’s aggregate fringe benefits amount (see section 5C) for the FBT year will include 50% of the entertainment facility leasing expenses incurred by the employer for the FBT year. (2) This section does not apply to a fringe benefit provided under a salary packaging arrangement.", "Amendment_Count": 3, "First_Amended": "No 145 of 1995", "Last_Amended": "No 162 of 2015", "Amending_Acts": "No 145 of 1995 | No 17 of 1999 | No 162 of 2015", "History_Notes": "Inserted by No 145 of 1995, effective 12 Dec 1995 | Amended by No 17 of 1999, effective Schedule 1 (items 1–16): 19 Apr 1999 (s 2(1)) | Amended by No 162 of 2015, effective Sch 1 (items 4–20) and Sch 3: 30 Nov 2015 (s 2(1) item 2)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s152B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 153", "Provision_Key": "s153", "Heading": "Residual benefits to include provision of property in certain circumstances", "Text": "For the purposes of this Act, where: (a) a person carries on a business that consists of, or includes, the entering into of contracts for the provision of property together with the provision of residual benefits; (b) the person provides property (other than food or drink) and residual benefits to another person; (c) but for this section, the provision would constitute a property benefit and a residual benefit; and (d) the provision is made in the same, or substantially the same, circumstances as a provision of the kind mentioned in paragraph (a); the provision of the residual benefit shall be taken to include the provision of the property and the provision of the property shall not be taken to constitute a property benefit.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s153"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 154", "Provision_Key": "s154", "Heading": "Creation of property", "Text": "For the purposes of this Act, where a person does anything that results in the creation of property in another person, the first ‑ mentioned person shall be deemed to have provided that property to the other person at the time when the property comes into existence.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s154"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 155", "Provision_Key": "s155", "Heading": "Use of property before title passes", "Text": "(1) Subject to subsection (2), where, under a transaction, the use of property is obtained by a person for a period at the end of which the title to the property will or may pass to the person, the property shall be deemed, for the purposes of this Act, to have been provided to the person at the time when the use of the property was obtained by the person. (2) Property shall not be taken to have been provided to a person by virtue of subsection (1) if the period for which the person has the use of the property terminates without the title to the property passing to the person, and nothing in section 74 prevents the amendment of an assessment for the purpose of giving effect to this subsection.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s155"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 156", "Provision_Key": "s156", "Heading": "Supply of electricity or gas through reticulation system", "Text": "For the purposes of this Act, the supply of electricity or gas through a reticulation system shall be deemed not to constitute the provision of property.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s156"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 157", "Provision_Key": "s157", "Heading": "Christmas Island and Cocos (Keeling) Islands", "Text": "(1) A reference in this Act to an internal Territory includes a reference to the Territory of Christmas Island and to the Territory of Cocos (Keeling) Islands. (2) For the purposes of this Act, a location in the Territory of Christmas Island or the Territory of Cocos (Keeling) Islands shall be taken not to be situated in, or adjacent to, an eligible urban area.", "Amendment_Count": 1, "First_Amended": "No 100 of 1991", "Last_Amended": "No 100 of 1991", "Amending_Acts": "No 100 of 1991", "History_Notes": "Amended by No 100 of 1991, effective s 3, 5, 7, 10, 12, 13, sch 1: 27 June 1991 (s 2(1)) s 4, 6, 8, 9, 11: 28 June 1991 (s 2(2))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s157"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 158", "Provision_Key": "s158", "Heading": "Related companies", "Text": "(1) For the purposes of this Act, a company shall be taken to be related to another company if: (a) one of the companies is a subsidiary of the other company; or (b) each of the companies is a subsidiary of the same company. (2) For the purposes of this section, a company (in this subsection referred to as the subsidiary company ) shall be taken to be the subsidiary of another company (in this subsection referred to as the holding company ) if: (a) all the shares in the subsidiary company are beneficially owned by: (i) the holding company; (ii) a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; or (iii) the holding company and a company that is, or 2 or more companies each of which is, a subsidiary of the holding company; and (b) there is no agreement in force by virtue of which any person is in a position to affect rights of the holding company or of a subsidiary of the holding company in relation to the subsidiary company. (3) For the purposes of this section, where a company is a subsidiary of another company (including a company that is such a subsidiary by virtue of another application or other applications of this subsection), every company that is a subsidiary of the first ‑ mentioned company shall be taken to be a subsidiary of that other company. (4) For the purposes of subsection (2), a person shall be taken to be in a position to affect any rights of a company in relation to another company if that person has a right, power or option (whether by virtue of any provision in the constituent document of either of those companies or by virtue of any agreement or instrument or otherwise) to acquire those rights or do an act or thing that would prevent the first ‑ mentioned company from exercising those rights for its own benefit or receiving any benefits accruing by reason of those rights.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s158"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 159", "Provision_Key": "s159", "Heading": "Associates and relatives", "Text": "(2) For the purposes of this Act, but without limiting the generality of the expression associate : (a) a company that is related to another company shall be deemed to be an associate of that other company; (b) the Commonwealth shall be deemed to be an associate of each authority of the Commonwealth; (c) an authority of the Commonwealth shall be deemed an associate of each other authority of the Commonwealth; (d) a State shall be deemed to be an associate of each authority of the State; (e) an authority of a State shall be deemed to be an associate of each other authority of the State; (f) a Territory shall be deemed to be an associate of each authority of the Territory; and (g) an authority of a Territory shall be deemed to be an associate of each other authority of the Territory. (3) Where a person is an associate of another person by virtue of paragraph (2)(b), (c), (d), (e), (f) or (g), Part III has effect as if those persons were companies and were related to each other. (4) For the purposes of this Act, section 318 of the Income Tax Assessment Act 1936 has effect as if “a partnership in which the primary entity is a partner” were omitted from paragraphs (1)(b) and (2)(a) of that section and “a partnership in which the primary entity is or was a partner (whether or not the partnership still exists)” were substituted.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 101 of 2006", "Amending_Acts": "No 139 of 1987 | No 101 of 2006", "History_Notes": "Amended by No 139 of 1987, effective 18 Dec 1987 | Amended by No 101 of 2006, effective Sch 1 (items 1, 4), Sch 2 (items 81–112, 1017, 1020, 1021), Sch 5 (items 119–123) and Sch 6 (items 1, 5–11): 14 Sept 2006 (s 2(1) items 2, 4)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s159"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 160", "Provision_Key": "s160", "Heading": "Continuity of employment where business disposed of etc.", "Text": "(1) Where: (a) a person (in this subsection referred to as the former employer ) disposes of the whole or a part of a business or undertaking to another person (in this subsection referred to as the new employer ); and (b) an arrangement relating to the disposal provides for the new employer or an associate of the new employer to provide or to continue to provide, or to arrange for the provision or continued provision of, benefits in respect of the employment of a person (in this subsection referred to as the former employee ) by the former employer; the following provisions have effect: (c) this Act applies, in relation to any benefit so provided or continued to be provided, as if the employment of the former employee by the former employer were, instead, employment by the new employer; (d) where the arrangement provides for the new employer or an associate of the new employer to assume, or arrange for the assumption of, the rights of: (i) a lender under a loan; (ii) a lessor under a lease; or (iii) a licensor under a licence; being a loan, lease or licence, as the case may be, granted in respect of the employment of the former employee by the former employer, this Act has effect, after the assumption of those rights, as if the employment of the former employee by the former employer were, instead, employment by the new employer and the loan, lease or licence had been granted in respect of that employment by the person who assumed the rights. (2) Where, for any reason, including: (a) the formation or dissolution of a partnership; or (b) a variation in the constitution of a partnership, or in the interests of the partners; a change has occurred in the ownership of, or in the interests of persons in, property constituting the whole or a part of the assets of a business and the person, or one or more of the persons, who owned the property before the change has or have an interest in the property after the change, this Act has effect as if the persons who owned the property before the change had, on the day on which the change occurred: (c) disposed of the whole of that business to the person, or all of the persons, by whom the property is owned after the change; and (d) disposed of the whole of the property to the person, or all of the persons, by whom the property is owned after the change for an amount equal to the notional value of the property. (3) For the purposes of this Act, the trustee or trustees from time to time of a trust, being an employer or employers, shall be deemed to be one employer.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s160"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 161", "Provision_Key": "s161", "Heading": "Business journeys in car", "Text": "(1) For the purposes of this Act, where: (a) during a particular period during a day, 2 or more journeys are undertaken in a car; and (b) each of the journeys in the car during that period is a business journey; the journeys referred to in paragraph (b) shall be deemed to constitute a single journey.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s161"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162", "Provision_Key": "s162", "Heading": "Holding of car", "Text": "(1) In this Act, unless the contrary intention appears, a reference to a car held by a person is a reference to: (a) a car owned by the person; (b) a car leased to the person; or (c) a car otherwise made available to the person by another person. (2) For the purposes of the application of section 10 in relation to car fringe benefits in relation to an employer in relation to a particular car, the car shall be taken to be held by a particular person if, and only if, the car is held by the person for use in providing those fringe benefits (whether or not the car was used for any other purpose while it was so held). (3) For the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, as the case requires, a car shall be taken to be held by the recipient of the fringe benefit if, and only if, the car is owned or leased by the recipient for use in the course of producing assessable income of the recipient (whether or not the car was used for any other purpose while it was so owned or leased). (4) A reference in this Act to a period during which a car was held by a person is a reference to a period during which the car was continuously held by the person.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162B", "Provision_Key": "s162b", "Heading": "When car used for the purpose of producing assessable income", "Text": "For the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, as the case requires, the question whether a car is used by a person for the purposes of producing assessable income shall be determined in the same manner as the question whether property is used by a taxpayer for the purpose of producing assessable income is determined under the Income Tax Assessment Act 1997 .", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 58 of 2006", "Amending_Acts": "No 139 of 1987 | No 58 of 2006", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 58 of 2006, effective Sch 7 (items 32–34, 239, 240): 22 June 2006 (s 2(6), (24))", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162B"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162C", "Provision_Key": "s162c", "Heading": "Holding period of car", "Text": "Unless the contrary intention appears, a reference in this Act to a period in a year of tax during which a person held a car is a reference to the period that: (a) commences on whichever of the following times is applicable: (i) if the person held the car at the time of commencement of the year of tax—that time; (ii) in any other case—the time in the year of tax when the person commenced to hold the car; and (b) ends at whichever of the following times is applicable: (i) if the person continued to hold the car until the time of the end of the year of tax—that time; (ii) in any other case—the time in the year of tax when the person ceased to hold the car.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162C"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162F", "Provision_Key": "s162f", "Heading": "Reasonable estimate of number of business kilometres", "Text": "For the purposes of this Act, the number of kilometres that represents a reasonable estimate of the number of business kilometres applicable to a car held by a person during a period in a year of tax shall be determined having regard to all relevant matters including, but without limiting the generality of the foregoing: (a) any log book records, odometer records or other records maintained by or on behalf of the person; and (b) any variations in the pattern of use of the car.", "Amendment_Count": 2, "First_Amended": "No 139 of 1987", "Last_Amended": "No 145 of 1995", "Amending_Acts": "No 139 of 1987 | No 145 of 1995", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987 | Amended by No 145 of 1995, effective 12 Dec 1995", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162F"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162G", "Provision_Key": "s162g", "Heading": "Log book year of tax", "Text": "(1) For the purposes of the application of section 10 in relation to a car fringe benefit in relation to an employer in relation to a particular car while it was held by a particular person (in this subsection called the provider ) during a particular period (in this subsection called the holding period ) in a year of tax (in this subsection called the current year of tax ), the current year of tax is a log book year of tax of the employer in relation to the car if, and only if: (a) none of the previous 4 years was a log book year of tax of the employer in relation to the car; Note: This paragraph will apply if it is the first year that the employer uses the cost basis method. (b) the employer elects that the current year of tax be treated as a log book year of tax of the employer in relation to the car; or (h) the Commissioner causes a notice in writing to be served on the employer before the commencement of the current year of tax requiring the employer to treat the current year of tax as a log book year of tax of the employer in relation to the car. (2) For the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, as the case requires, in relation to an employer in relation to a particular car held by the recipient of the fringe benefit during a particular period (in this subsection called the holding period ) in a year of tax (in this subsection called the current year of tax ), the current year of tax is a log book year of tax of the recipient in relation to the car if, and only if: (a) none of the previous 4 years was a log book year of tax of the employer in relation to the car; (b) the employer elects that the current year of tax be treated as a log book year of tax of the recipient in relation to the car; or (h) the Commissioner causes a notice in writing to be served on the employer before the commencement of the current year of tax requiring the employer to treat the current year of tax as a log book year of tax of the recipient in relation to the car. (3) An election under this section is to be in writing.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162G"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162H", "Provision_Key": "s162h", "Heading": "Applicable log book period", "Text": "(1) For the purposes of the application of section 10 in relation to a car fringe benefit in relation to an employer in relation to a car while it was held by a particular person during a particular period (in this subsection called the holding period ) starting or ending in a year of tax, a reference to the applicable log book period is a reference to: (a) if the holding period is a period of less than 12 weeks—the holding period; or (b) in any other case—a continuous period of not less than 12 weeks that begins and ends during the holding period. (2) For the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, as the case requires, in relation to an employer in relation to a car held by the recipient of the fringe benefit during a particular period (in this subsection called the holding period ) starting or ending in a year of tax, a reference to the applicable log book period is a reference to: (a) if the holding period is a period of less than 12 weeks—the holding period; or (b) in any other case—a continuous period of not less than 12 weeks that begins and ends during the holding period. (3) The applicable log book period must be specified in the log book records for the period at, or as soon as possible after, the end of the period.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162H"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162K", "Provision_Key": "s162k", "Heading": "Replacement cars—car fringe benefits", "Text": "(1) This section has effect for the purposes of the application of section 10 in relation to car fringe benefits in relation to an employer in relation to a year of tax (in this section called the current year of tax ) or a subsequent year of tax. (2) Where the employer nominates a particular car (in this section called the replacement car ) as having replaced another car (in this section called the original car ) with effect from a specified date in the current year of tax: (a) the original car shall be treated, with effect from that date, as a different car; and (b) the replacement car shall be treated, with effect from that date, as the same car as the original car. (2A) A nomination shall be made in writing on or before the declaration date for the current year of tax. (3) A nomination shall specify the make, model and registration number (if any) of the original car and of the replacement car. (4) This section does not apply for the purposes of the application of subsection 10(5) or section 11 or 12.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162K"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162L", "Provision_Key": "s162l", "Heading": "Replacement cars—otherwise deductible provisions", "Text": "(1) This section has effect for the purposes of the application of sections 19, 24, 44 and 52 in relation to a loan fringe benefit, expense payment fringe benefit, property fringe benefit or residual fringe benefit, in relation to an employer in relation to a year of tax (in this section called the current year of tax ) or a subsequent year of tax. (2) Where the employer nominates a particular car (in this section called the replacement car ) as having replaced another car (in this section called the original car ) with effect from a specified date in the current year of tax: (a) the original car shall be treated, with effect from that date, as a different car; and (b) the replacement car shall be treated, with effect from that date, as the same car as the original car. (2A) A nomination shall be made in writing on or before the declaration date for the current year of tax. (3) A nomination shall specify the make, model and registration number (if any) of the original car and of the replacement car.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162L"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 162N", "Provision_Key": "s162n", "Heading": "Registration of motor vehicle", "Text": "For the purposes of this Act, a motor vehicle shall be taken to be registered in a particular place if it may be driven on a public road in that place without contravening the law in force in that place.", "Amendment_Count": 1, "First_Amended": "No 139 of 1987", "Last_Amended": "No 139 of 1987", "Amending_Acts": "No 139 of 1987", "History_Notes": "Inserted by No 139 of 1987, effective 18 Dec 1987", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s162N"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 164", "Provision_Key": "s164", "Heading": "Residence", "Text": "(1) For the purposes of this Act, a person shall be taken to have been a non ‑ resident at a particular time if the person was not a resident of Australia at that time. (2) For the purposes of this Act, a person shall be taken to have been a resident of Australia at a particular time if: (a) in the case of a natural person: (i) the person resided in Australia at that time; or (ii) except in the case where the Commissioner is satisfied that that person’s permanent place of residence at that time was outside Australia—the person was domiciled in Australia at that time; (b) in the case of an incorporated company: (i) the company was incorporated in Australia at that time; or (ii) at that time the company carried on business in Australia and: (A) had its central management and control in Australia; or (B) had its voting power controlled by shareholders who were residents of Australia; or (c) in the case of a partnership or an unincorporated company—any member of the partnership or company was a resident of Australia at that time by virtue of paragraph (a) or (b).", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s164"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 165", "Provision_Key": "s165", "Heading": "Partnerships", "Text": "(1) Subject to this section, this Act applies to a partnership as if the partnership were a person. (2) Where, but for this subsection, an obligation would be imposed on a partnership by virtue of the operation of subsection (1), the obligation is imposed on each partner, but may be discharged by any of the partners. (3) Where, by virtue of the operation of subsection (1), an amount is payable under this Act by a partnership, the partners are jointly and severally liable to pay that amount. (4) Where, by virtue of the operation of subsection (1), an offence against this Act is deemed to have been committed by a partnership, that offence shall be deemed to have been committed by each of the partners. (5) In a prosecution of a person for an offence by virtue of this section, it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission by virtue of which the offence is deemed to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission by virtue of which the offence is deemed to have been committed. (6) A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s165"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 166", "Provision_Key": "s166", "Heading": "Unincorporated companies", "Text": "(1) Subject to this section, this Act applies to an unincorporated company as if the company were a person. (2) Where, but for this subsection, an obligation would be imposed on an unincorporated company by virtue of the operation of subsection (1), the obligation is imposed on each member of the committee of management of the company, but may be discharged by any of those members. (3) Where, by virtue of the operation of subsection (1), an offence against this Act is deemed to have been committed by an unincorporated company, that offence shall be deemed to have been committed by each member of the committee of management of the association. (4) In a prosecution of a person for an offence by virtue of this section, it is a defence if the person proves that the person: (a) did not aid, abet, counsel or procure the act or omission by virtue of which the offence is deemed to have been committed; and (b) was not in any way, by act or omission, directly or indirectly, knowingly concerned in, or party to, the act or omission by virtue of which the offence is deemed to have been committed. (5) A reference in this section to this Act includes a reference to Part III of the Taxation Administration Act 1953 to the extent to which that Part of that Act relates to this Act.", "Amendment_Count": 0, "First_Amended": "", "Last_Amended": "", "Amending_Acts": "", "History_Notes": "", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s166"}
{"Act_Short_Name": "FBTAA", "Act_Title": "Fringe Benefits Tax Assessment Act 1986", "Act_Year": "1986", "Act_FRL_Id": "C2004A03280", "Provision": "s 167", "Provision_Key": "s167", "Heading": "Offences by government bodies", "Text": "Notwithstanding anything in this Act or any other Act, a government body shall not be taken to have committed an offence against this Act.", "Amendment_Count": 1, "First_Amended": "No 4 of 2016", "Last_Amended": "No 4 of 2016", "Amending_Acts": "No 4 of 2016", "History_Notes": "Amended by No 4 of 2016, effective Sch 4 (item 391): 10 Mar 2016 (s 2(1) item 6)", "Source_URL": "https://www.legislation.gov.au/C2004A03280/latest/text#s167"}